549300EFP3TNG7JGVE492023-01-012023-12-31iso4217:EUR549300EFP3TNG7JGVE492023-01-012023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300EFP3TNG7JGVE492023-01-012023-12-31ifrs-full:OtherReservesMember549300EFP3TNG7JGVE492023-01-012023-12-31ifrs-full:NoncontrollingInterestsMember549300EFP3TNG7JGVE492024-01-012024-12-31549300EFP3TNG7JGVE492024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300EFP3TNG7JGVE492024-01-012024-12-31ifrs-full:OtherReservesMember549300EFP3TNG7JGVE492024-01-012024-12-31ifrs-full:NoncontrollingInterestsMember549300EFP3TNG7JGVE492023-01-012023-12-31ifrs-full:RetainedEarningsMember549300EFP3TNG7JGVE492024-01-012024-12-31ifrs-full:RetainedEarningsMemberiso4217:EURxbrli:shares549300EFP3TNG7JGVE492024-12-31549300EFP3TNG7JGVE492023-12-31549300EFP3TNG7JGVE492022-12-31ifrs-full:IssuedCapitalMember549300EFP3TNG7JGVE492022-12-31ifrs-full:SharePremiumMember549300EFP3TNG7JGVE492022-12-31cocacolahbcag:GroupReorganisationReserveMember549300EFP3TNG7JGVE492022-12-31ifrs-full:TreasurySharesMember549300EFP3TNG7JGVE492022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300EFP3TNG7JGVE492022-12-31ifrs-full:OtherReservesMember549300EFP3TNG7JGVE492022-12-31ifrs-full:RetainedEarningsMember549300EFP3TNG7JGVE492022-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300EFP3TNG7JGVE492022-12-31ifrs-full:NoncontrollingInterestsMember549300EFP3TNG7JGVE492022-12-31549300EFP3TNG7JGVE492023-01-012023-12-31ifrs-full:IssuedCapitalMember549300EFP3TNG7JGVE492023-01-012023-12-31ifrs-full:SharePremiumMember549300EFP3TNG7JGVE492023-01-012023-12-31cocacolahbcag:GroupReorganisationReserveMember549300EFP3TNG7JGVE492023-01-012023-12-31ifrs-full:TreasurySharesMember549300EFP3TNG7JGVE492023-01-012023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300EFP3TNG7JGVE492023-12-31ifrs-full:IssuedCapitalMember549300EFP3TNG7JGVE492023-12-31ifrs-full:SharePremiumMember549300EFP3TNG7JGVE492023-12-31cocacolahbcag:GroupReorganisationReserveMember549300EFP3TNG7JGVE492023-12-31ifrs-full:TreasurySharesMember549300EFP3TNG7JGVE492023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300EFP3TNG7JGVE492023-12-31ifrs-full:OtherReservesMember549300EFP3TNG7JGVE492023-12-31ifrs-full:RetainedEarningsMember549300EFP3TNG7JGVE492023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300EFP3TNG7JGVE492023-12-31ifrs-full:NoncontrollingInterestsMember549300EFP3TNG7JGVE492024-01-012024-12-31ifrs-full:IssuedCapitalMember549300EFP3TNG7JGVE492024-01-012024-12-31ifrs-full:SharePremiumMember549300EFP3TNG7JGVE492024-01-012024-12-31cocacolahbcag:GroupReorganisationReserveMember549300EFP3TNG7JGVE492024-01-012024-12-31ifrs-full:TreasurySharesMember549300EFP3TNG7JGVE492024-01-012024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300EFP3TNG7JGVE492024-12-31ifrs-full:IssuedCapitalMember549300EFP3TNG7JGVE492024-12-31ifrs-full:SharePremiumMember549300EFP3TNG7JGVE492024-12-31cocacolahbcag:GroupReorganisationReserveMember549300EFP3TNG7JGVE492024-12-31ifrs-full:TreasurySharesMember549300EFP3TNG7JGVE492024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300EFP3TNG7JGVE492024-12-31ifrs-full:OtherReservesMember549300EFP3TNG7JGVE492024-12-31ifrs-full:RetainedEarningsMember549300EFP3TNG7JGVE492024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300EFP3TNG7JGVE492024-12-31ifrs-full:NoncontrollingInterestsMember

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

Future ready

innovating,

growing,

refreshing.

Coca-Cola HBC

Integrated Annual Report 2024

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

Reporting on a purposeful year

Please click here to view our

Integrated annual report online:

www.coca-colahellenic.com/en/

investor-relations/2024-integrated-

annual-report

Welcome to our 2024 Integrated Annual Report. Here, we share progress

on a year in which we embedded our purpose, Open up moments that

refresh us all, and delivered another year of strong financial results while

continuing to be leaders in sustainability. We are focused on innovating,

growing, refreshing and developing, ready to embrace the opportunities

and challenges that lie ahead.

We have restructured this year’s annual report, to provide a more concise communication of key

performance and strategic highlights. Wehave also added a new Sustainability Statement on pages 41

to 172 toalign with the Corporate Sustainability Reporting Directive (CSRD) requirements. This ensures

greater transparency and compliance regarding our sustainability initiatives and performance.

Volume

2,914.5

million unit cases

2023: 2,835.5 million unit cases

Comparable EBIT

1

€1,192.1m

2023: €1,083.8m

Profit before tax

€1,128.0m

2023: €910.3m

Comparable EPS

1

€2.275

2023: €2.078

Free cash flow

€712.6m

2023: €711.8m

Net sales revenue

€10,754.4m

2023: €10,184.0m

Comparable EBIT

1

margin

11.1%

2023: 10.6%

Net profit

2

€820.6m

2023: €636.5m

Primary packaging collected

forrecycling (equivalent)

3

58%

2023: 56%

Energy-efficient coolers

3

60%

2023: 55%

1.  For details of APMs, refer to ‘Definitions and reconciliations of alternative performance measures (APMs)’ on

pages 345 to 351

2.  Refers to net profit after tax attributable to owners of the parent

3.  Excluding Egypt

Strategic Report

2024 highlights  IC

Chair’s letter  1

Business overview  2

Market trends  4

Business model  6

Chief Executive Officer’s letter  8

Stakeholder engagement  10

Chief Operating Officer’s letter  12

Segment operational highlights  13

Growth pillar 1:

Leverage our unique

24/7 portfolio  14

Growth pillar 2:

Win in the marketplace  16

Growth pillar 3:

Fuel growth through

competitiveness

and investment  18

Growth pillar 4:

Cultivate the potential

of our people  20

Growth pillar 5:

Earn our licence to operate  24

Tracking our progress  30

Chief Financial Officer’s letter  35

Double materiality assessment

(DMA)  37

Sustainability Statement  41

EU Taxonomy  75

Task Force on Climate-related

Financial Disclosures (TCFD)  173

Non-Financial Reporting under

Swiss statutory law  174

SASB index  175

Business Resilience  178

Principal risks and

opportunities  181

Viability statement  190

Corporate Governance

Corporate Governance Report  191

Letter from the Chair

of the Board  192

Directors’ remuneration report  222

Statement of Directors’

responsibilities  248

Financial Statements

Independent auditor’s limited

assurance report on Coca-Cola HBC

AG’s Sustainability Statement  249

Independent auditor’s report

tothe General Meeting of

Coca-Cola HBC AG  251

Consolidated financial

statements  259

Notes to the consolidated

financial statements  263

Swiss Statutory Reporting

Report on the audit of the consolidated

financial statements  318

Report on the audit of the financial

statements 322

Swiss statutory reporting  324

Report of the statutory auditor to the

General Meeting on the statutory

remuneration report 2024  334

Statutory Remuneration Report  335

Supplementary Information

Alternative performance

measures 345

Independent Auditor’s Limited

Assurance Report  352

Shareholder information  357

Glossary of terms  358

Forward-looking statements  361

2024 highlights

Coca-Cola HBC Integrated Annual Report 2024

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Chair’s letter

Leadership for long‑term success

Another successful year

I’m pleased that 2024 was another successful

year,with Zoran and the Executive Leadership

Team (ELT) delivering continued strong financial

performance as well as making ongoing strategic

progress and maintaining our leadership in

sustainability. Despite a mixed macro-economic

environment across our markets, we remain on

track to meet the medium-term targets we set

out at our Investor Day in 2023. Our Growth

Storycontinues to drive revenue growth,

marginimprovements and sustained strong

cashgeneration.

I would like to thank our people for their

commitment and dedication in delivering

theseresults despite sometimes challenging

circumstances. This year was marked by some

increased consumer sensitivity to pricing as well

as continued inflation in some markets. We also

faced flooding in parts of Eastern Europe and

Nigeria. I would like to take this opportunity to

thank the Board for its counsel and guidance

in2024, and especially for supporting the ELT

andme.

Leading with purpose and responsibility

Our unique culture, heritage and values are a

fundamental part of delivering sustainable value

to all stakeholders. Monitoring and assessing the

Company’s culture, and its ongoing evolution,

continues to be a Board priority. It was wonderful

to see our culture in action at the company’s most

recent Leadership Conference in Prague, with

several inspiring breakout sessions presented

bycolleagues.

Our refreshed purpose, which was formally

launched in 2023, continues to be successfully

embedded throughout the organisation. It has

been a privilege to see colleagues thrive and

growas they have embraced this purpose.

Our considered, sustainable growth

strategy has laid strong foundations

and enabled us to be future ready.

Together, we have faced uncertainties

and made bold, ambitious choices,

opening up moments that refresh

usall – our people, our customers,

ourpartners, our shareholders and

our wider stakeholders.”

The Board continues to be proactive in

representing the interests of stakeholders on

adiverse range ofissues. In 2024, it focused

onoverseeing overall strategic execution,

theprogress of the sustainability agenda,

theFinlandia Vodka integration and reviewing

keyinsights on employee engagement.

Protecting our people and communities

We are cognisant of the ongoing situation in

Ukraine. First and foremost, we have focused

onprotecting our employees and ensuring,

asfaras possible, their health and safety.

The Coca-Cola HBC Foundation is dedicated to

supporting the communities where we operate.

This year, the Foundation approved grants for

flood relief efforts in Nigeria, Greece, Romania,

Poland, Hungary and Bosnia & Herzegovina.

Corporate Governance Report on p.198

Dividend growth and capital returns

For 2024, the Board is proposing a dividend of

€1.03per share, an 11% increase on the dividend

per share versus the prior year and is continuing

itscommitment to a progressive dividend. The

dividend represents a 45% payout ratio, within

ourtargeted range of 40% to 50% of comparable

earnings per share. Our progressive dividend

istestament to our confidence in the strong

fundamentals of the Company, as well as our

commitment to shareholders.

The Group’s capital allocation framework follows

clear priorities: organic investment in the business

todrive delivery of our medium-term financial

targets; payment of a progressive dividend;

strategic M&A; and additional capital returns.

In2023, the Board approved a share buyback

programme and by the end of 2024, €226 million

had been returned to shareholders. The share

buyback programme has been a compelling

opportunity to enhance shareholder value,

whilecontinuing to invest in the business.

Looking ahead

We continue to face uncertain markets, but as I

look ahead to 2025 and beyond, I have great

optimism, knowing we have built strong

foundations through thoughtful investment,

anadaptable culture and continued sustainability

leadership. I am confident we are future ready.

We will continue to make courageous choices

andlive our purpose: Open up moments that

refresh us all – our people, customers, partners

and wider stakeholders.

Anastassis G. David

Chair of the Board

Section 172

Section 172 of the UK Companies Act 2006

requires directors to promote the success of

theircompany for the benefit of the members

asawhole, having regard to the interests of

stakeholders in their decision making. Engaging

with stakeholders is an indispensable part of

howCoca-Cola HBC does business. The Board

considers the interests of the our employees

andother stakeholders in its decision making as

amatter of good governance, and understands

the importance, and value, of taking into account

their views, as well as considering the impact

ofour activities on the community, environment

and the Group’s reputation. TheBoard also

considers what is most likely topromote

thesuccess of the Coca-Cola HBC for

itsshareholders in the long term. Although

Coca-Cola HBC is Swiss incorporated and,

assuch, the UK Companies Act 2006 has no

legaleffect, this approach is in accordance with

the UK Corporate Governance Code2018.

How we ensure business resilience and manage

double materiality

Read more on p.37 and 178

How we engage with key stakeholders

Read more on p.200

Coca-Cola HBC Integrated Annual Report 20241

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

We are a growth-focused consumer packaged goods business and strategic

bottling partner of The Coca-Cola Company. Our 24/7 portfolio is one of the

strongest and broadest in the beverage industry, with products that cater

toagrowing range of tastes, witha wide choice of healthier options.

Our portfolio addresses both affordability and premiumisation, combined with sustainable packaging,

enabling us to open up moments that refresh our consumers 24/7. Our performance is underpinned

by investment in our bespoke capabilities, delivered by exceptional people.

Share of Coca-Cola HBC

Group FY2024 revenue

Our portfolio includes some of the world’s best-known beverages

We produce and sell an unparalleled portfolio of beverage brands relevant to every customer, consumer

and occasion. Our route to market includes a wide range of consumer channels – from supermarkets,

convenience stores and vending machines to Hotels, Restaurants and Cafés (HoReCa) – and

encompasses more customers than any competitor. Customer centricity is critical for our business,

andwe are devoted to helping our customers grow their businesses, which in turn grows ours.

Our 24/7 portfolio has considerable growth potential, driven by our strategic priority categories,

Sparkling, Energy and Coffee, supported by locally relevant portfolios in Stills (Tea, Juices, Hydration),

Premium Spirits and Snacks.

Our journey

Our roots date back to 1951 when A.G. Leventis founded the Nigerian

Bottling Company in Lagos. Since then, the business hasexpanded,

now covering a wide territory from Armenia to Austria, Egypt to

Estonia, and Serbia to Switzerland, giving us a unique geographic

footprint across Western, Central and Eastern Europe, and Africa.

Wenow serve 750 million consumers across 29 countries and have

proven routes to market and leading market positions.

A responsible business

Sustainability is embedded in every aspect of our business as we

lookto create and share value with all our stakeholders. We make

astrong contribution to developing the communities in which

weoperate through employment and our wider supply chain,

aswellas through supporting community projects. Our progress

isrecognised by the most important ESG benchmarks.

Business overview

The leading 24/7 beverage partner

29

countries

750m

consumers

33,000

employees

Established

markets

Developing

markets

Emerging

markets

33%

of Group revenue

22%

of Group revenue

45%

of Group revenue

11.1%

Comparable

EBITmargin

9.5%

Comparable

EBITmargin

11.8%

Comparable

EBITmargin

Snacks

c. 1%

Premium Spirits

c. 4%

Tea

c. 2%

Juice

c. 8%

Coffee

c. 1%

Sparkling

c. 70%

Energy

c. 8%

Hydration

c. 7%

Coca-Cola HBC Integrated Annual Report 20242

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAQVBj8DASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArA8a6bd6t4SvrGxi825l8vYm4LnEik8kgdAa36KUldWNKNV0qkakd00/uPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uiuf6rDuz3f9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4nofgLxNZ+INNurjTdkMN1FJI3nxnChwScBs9BXtlFFa06apqyPMx2YVcbJSqJK3b/h2U54JHmZlXIPvUf2ab+5+orQorQ4TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RVi1jePfvGM4xzViigBsgLRsB1IIqj9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UVcgUpCqsMEVJRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUx5UjHzNj2qI3idlagCxRVb7Yn91qPtif3WoAs0VW+2J/daj7Yn91qALNFVvtif3Wo+2J/dagCzRVb7Yn91qPtif3WoAs0VW+2J/daj7Yn91qALNFVvtif3Wo+2J/dagCzRVb7Yn91qPtif3WoAs0VW+2J/daj7Yn91qALNFVvtif3Wo+2J/dagCzRVb7Yn91qPtif3WoAs0VW+2J/daj7Yn91qALNFVvtif3Wo+2J/dagCzRVb7Yn91qPtif3WoAs0VW+2J/daj7Yn91qALNFVvtif3Wo+2J/dagCzRVb7Yn91qPtif3WoAs0VW+2J/daj7Yn91qALNFVvtif3Wo+2J/dagCzRVb7Yn91qPtif3WoAs0Vxb/E7RUbb9mvyfaNP/AIuqp+Lmg72QWepkqcHEUf8A8XU88e5fs59jvqK88f4x+H432Gx1XPtFH/8AF0+H4vaDPN5SWGqlsZ/1UeP/AEOjnj3Dkl2PQKK5e18d6ZdJvW2vUX1dF/8Aiqtf8JZYYz5Vzj/dX/GpdWC6jVGb2RvUVjx+JLOWLzFjn2/7o/xp/wDb9qGA8ubJGfuj/GtOlyHFrc1aKzTrdsBny5fyH+NQt4ks16xz/wDfI/xrmqYyhTdpySKVOT2RsUVjjxLZN0Sf/vkf407/AISK0H/LOf8A75H+NYvM8ItHUQ/Y1OxrUVhzeKrGEZaK4P0Vf8azJfiLpML7TaX7H/ZjT/4qtqeMoVfglcTpTXQ6+isOy8U2d+geO3ulB/vqo/k1WjrdqpwwkH1A/wAa6VrsS00aVFZg120JwBIfwH+NJNr1rCuWjmP0A/xp2CzZqUVxl58TNGsZxDLaagWJxlY0x/6HWtY+LNP1BA8UdwoIzh1UfyNILM3aKwrvxXYWSFpYrjA9FX/GspviVo6nm1v/AMI0/wDiqCW7bnZUVx//AAsjR/LL/Zr/AB/1zT/4qoYPiloU8xi8i+Q+rxoB/wChUm7DWux21Fcq/wAQNGRdxW5x/ur/APFVn3HxX8P25wYL9z/sRp/8XS5kU4tbndUVwSfFrQpFLCy1PH/XKP8A+Lq1D8StKnTelhqRX18tP/i6dyOZHZ0VxUvxP0aFir2eojH/AEzT/wCLqzpHxC0nWtUg0+2tr1JZiQrSIgUYBPOGPpTuHMjrKKKp6tqUOj6NfapcK7QWdvJcSLGAWKopYgZIGcD1oGXKK8h/4aM8If8AQO1z/vxF/wDHaP8AhovwgP8AmG65/wB+Iv8A47QC1PXqK8g/4aN8H/8AQO1z/vxF/wDHaX/ho3wh/wBA7XP+/EX/AMdoA9eoryH/AIaM8If9A3XP+/EX/wAdo/4aM8If9A7XP+/EX/x2iwHr1FeQ/wDDRnhD/oHa5/34i/8AjtH/AA0Z4Q/6Buuf9+Iv/jtAWPXqK8h/4aM8I/8AQN13/vxD/wDHaB+0Z4RP/MM13/vxD/8AHadgPXqK8g/4aN8If9A3XP8AvxD/APHaX/hozwhnH9n63/34i/8AjtID16ivIf8Ahozwh/0Dtb/78Rf/AB2gftGeDz/zD9bH/bCL/wCO0AevUV5F/wANF+EO2na2f+2EX/x2j/hovwh307W/+/EX/wAdoA9doryH/hovwj/0Ddc/78Rf/HaUftFeET/zDdcH1gi/+O0Aeu0V5H/w0T4Q/wCgfrf/AH4i/wDjlH/DRPhD/oH63/34i/8AjlAHrlFeSD9ojwgf+XDWv+/MX/xyl/4aH8JdtO1s/SCL/wCOUAetUV5L/wANDeE/+gbrn/fiL/47Th+0H4Tb/mHa3/35i/8AjlAHrFFeVD4/+Ej1stXX6wxf/HKevx88JN0ttU/79R//ABygD1KivMl+OnhVultqn/fqP/4unj43+Fz0tdU/79R//F0AelUV5uPjX4bPSx1Y/wDbKP8A+OVs+G/iNpHijVf7OsrW/jl8tpN08aBcDHoxPf0p2A6+iiq2oX0em2Et5MrtHEMsEAJPOOM0gLNFcqPH2lkZ+z3v/fC//FUDx9pR/wCXe9/74X/4qq5WLmR1VFct/wAJ7pf/AD73n/fC/wDxVH/CeaX/AM+95/3wv/xVHKw5kdTRXL/8J5pf/Pvef98L/wDFUf8ACeaX/wA+95/3wv8A8VRysOZHUUVzA8d6Wf8Alhef98L/APFUf8J1pn/PC8/74X/4qjlYcyOnormP+E60z/nhef8AfC//ABVJ/wAJ3pf/AD73n/fC/wDxVHKw5kdRRXL/APCd6X/z73n/AHwv/wAVR/wnel/8+95/3wv/AMVS5WHMjqKK5j/hOtM/54Xn/fC//FUf8J1pn/PC8/74X/4qjlYcyOnormP+E60z/nhef98L/wDFUf8ACdaZ/wA8Lz/vhf8A4qizDmR09Fcx/wAJ1pn/ADwvP++F/wDiqP8AhOtM/wCeF5/3wv8A8VRysOZHT0VzP/Cc6Z/zwvP++F/+KpP+E60z/nhef98L/wDFUWYXR09Fcx/wnWmf88Lz/vhf/iqP+E70vOPIux/wBf8A4qizC6Onormh4300/wDLvd/98L/8VWVqfxZ8N6Vn7Qt4WH8KIhP6sKT0GtdjuqK8tPx88Jgf8eerf9+Y/wD45UsHx08LXDhFtdVBP96KP/45S5kVyS7HptFcjbfEXRrqMPFFdnPbYuf/AEKpj470wHBt7z/vhf8A4qmtdiXpozqKK5NviDpS/wDLrff98J/8VWjofiiy1+aeK1huEaFQzeaqgHPpgn0p2A26KKZLIIonkIJCKWIHU4pAPory0fHrwt9qNubDWBIDg5hi/wDjlWbj42+GraDzXstVK+ixR5/9GUPQdmek0V5nZfHHwzf3SW8Nlqwdzgboo8f+jK3p/iJpNt/rLW/HGeI0/wDiqOlw5Xex11FcBJ8XvD8Uoja11LJ7iNMf+h1DB8aPDU9x5K2uphumTFHj/wBDpJpjcWj0WiuJk+KOhRweabe/K+0acf8Aj9bGl+L9K1eESWrvk/wMBu/nTFZm9RXIXvxH0bTrs211DeRyZxyi4P8A49Ux8f6QsQlMd1tPfYv/AMVQFmdTRXJH4i6GFLEXIH+6v/xVVG+K3hxTg/av++F/+KpXQjuKK4+4+JWhWtus8y3So3T5F/8Aiqqx/Fnw1KCUN0cf7C//ABVMDuqK87m+NHhaE4Zb7rjiNP8A4ui5+M/he1VC6X7bum2NP/i6PMD0SiuBsvi74dv0Z4bfUML1zGn/AMXW7o3jHT9ctDc20N0iD/nqqg/oxoA6GisoeILRn2iObP8Auj/Glj121lZlVJsr6gf40S91c0tg62NSiuV13x9pfh+Dzbq2vZB6QohP6sKx7X4xaBdRl10/VkA/vxRj/wBqVlGvTmrxZbpyW6PQqK84T40+HHd1Fjq3y9T5UeP/AEZRF8avDc0ojWz1TcTjmKP/AOLrRSUtiWmj0eivONR+NPhzTJhHNZaq5PeOKMj9XFV0+O3hiQZFhrH4wxf/AByi4WbPT6K86j+M3h2TbtsdV5/6ZR//ABdaL/E3RkhErWuoYIzjy0z/AOh0XQcrO0orl/D3jzS/Et09vZQXiOmc+cigdM9mNbdlqcN/PdQxpIrWzhH3gAEn05pisXaKK5/xZ4w0/wAG2VvdajFcyRzyeWot1ViDjPOWHHFDdhpNuyOgorzj/hdfhrYG+yang/8ATKP/AOLpjfG7wwgJa01QAf8ATKP/AOLqeePcr2U+x6VRXm0fxu8MyrlbTVMf9co//i6k/wCFzeHMZ+yan/36j/8Ai6XPHuHs59j0WivOj8aPDQx/o2pc/wDTKP8A+Lqpd/HfwtZ/fstXb/dhj/8AjlPni+oezn2PUKK8k/4aH8Jf9A7W/wDvxF/8cpD+0T4RH/MO1v8A78Rf/Had0TZnrlFeWW3x88K3Q+Sw1kf70MX/AMcp9x8dvDNsAW03WiD/AHYYv/jlF0PlZ6hRXk0v7QnhSEAvput8+kEX/wAcrU0/4zaBqVu08Om6uEHUvDGP5SUnOMVdscacpOyR6LRXn0fxh8OS5222o5Hby0z/AOh1Zh+KeiznC2WpD3Maf/F1PtYdy1h6rdlE7iiuNHxL0csQbW/HuY0/+LqsPivoZkdVstTbZ1Iijx/6HQqsHqmN4arHeJ3dFcRbfFPQrmNnFvfxhTjDxoCfyeqyfGDw9JcGEWupBgcZMUeP/Q6ftIPqZunJdD0CivOr34z+HrFwj2OquT/cijP85Khtfjf4cu2ZY9O1jcvUGGL/AOOVTkkriUJPRI9LoryyT49eGYpvKk0vW1OcZMEWP/RlX7j4yeH7azFy9hqxjPI2xR5/9GUuZByS7HolFeZ2vxv8PXkbPFpWt4XrmGL/AOOVRm/aG8KQOyPpmuAjr+4i/wDjtCkm7IbhJK7R61RXkH/DRvhD/oG65/34i/8AjtdFoXxc8P8AiCCSW1ttRjCDJE0aAn8nNNtLcSi3sd7RXmN/8dfDGnSOk1jq5KnB2wxf/HKqL+0J4TcZGna1+MMX/wAco5kHKz1mivKB+0D4UP8AzD9a/wC/MX/xyu78J+KrHxjov9qadFcRwea0W24VVbIxnoSMc+tO4mmtzcqOaTyoy3foKkqpeHlB9aBFZmLEknJNJRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHzn9uJVkJ59aZayKilzyW4qjOpA2Lxt+8adaFpGWQ/cUbQK4mehcvSRgvgLlmroNC0oJ88g5I61U0qz8w+bN8qjuavX2uQ20f2e1ILHjPWsnK5SiaL3WLpLa3GUXqRW5bv5nB6CsXw/bqbczNzI/JzV++kktof3SFjjoKwktTqhHQv2msxLNLasuFTPNP/ALWjduCOOBXKwWV7dWdxcn5X3cDHPSsm1ubiKUxyNhgcYNelSqJwscNanaVz0xL1ZEwGFMlQsu4Guasp5MKc1v29wGUKTXg5lhZt86KhKw+CGTdnmnXJaNCTxgVo2mx1qDUolkgZR161z08JGcLyRTmcbd6wyyMjdKzI7kG7V25UnFSajEBI4brWWrmNsMeO1exhKNOKsjKU2eq6QIzbI0eMGl1lGWAtHnIHauZ8O62I9sLsMV2RmhngIODkV6UHZGbVzgbfXJ7e82yA7c966OTVoprfcSOlYmuWceXZBjHpXMpqckRMe7pT5gRP4knjmdWQfMDWzol+0FksjcYHFcg0kl5fKBgrnmt+7uorSxWNMZ70XMakrFrVdVNwC8jYUdq5aXVDNKVjHy9KrzXD3ExJbj0pttHmQsfXtTOaUrmkzSNAMtVcwLIc7iCOc5qcDJ5zTiAq4xwOTQxJsovBLu5mO36mmwwrPOFTnb1zUs8nGc/SpLVGVckYJ9KmyKcm1uWhHHEhXHUVbtruWK1aMKAOxxVRzuwtSs2yEKO9BKRVdnYlnIOTW74EG3xvpnuz/wDotqxgoTB6855rb8Gf8j5pfpuf/wBFtQUtz3GsDx1/yT7xL/2Crr/0U1b9ZHiqBbrwhrdu5wkthOjH0BjYVWxuld2R8N4waliYE4IzXq1n8LtPvo18icsx9GNSH4SW0bf6/Djtk1n7amdH1apF2seSsoR+VqNyC3AxXf614AazVSLpMk4HBp1l8Lri6jDC/hJPYKaaqw7jeFq78p57iivT2+D92sJc30S/VTXG614an0m5EPmLMScfKDT9rHuL6vUauomFSqAQcnFbtr4N1y9iMsOnzMmOuKlfwNrqDmzkz/d280+aPcj2VRdDn0UN/FSFQrZ3VfuNHv8AT5FW4tJIiezDrT10LVpk3x2MhQ9DgVSmJ059UZmTzgZrWsPDmpajbme2t2cDrgVG2gaqoIaxlH4VctNXudLtTaFJUk784rOcnb3Rwp6+8ipLoOpREiS0k49qrNZTIdr20gNXTqOpkFvmOemeaibUr2N8sFBHUlacW7aiktSk8YjOxo2U/WmlUUdD+dTTXLTvvkKk/wCyMVEZFOePxp6kPsIu1+nFKSBxkVe0142+U7Q3qRU98qblCKD7gUXZSijJx33CgOo68/StpraNYVJTk1UktVLrtXA703IlwKOVPY0owPX86059NijtzIAc/Wsj5lXd2pJg1YnB+tO3HscVV3NjINKGJx2p3sLYtCVh3X8qcJS3dfyqluOBRuOeuKbswt1NDzBjkn8DQLhVPV/++qzgzE4zRz680ugWNVbsD+J/++q9N+BV2JfiJsDN/wAecpwTnutePhWOQOor1P4ABh8S+Qf+PKXn8Vov0G9EfU1ZfiOMy+HrxB3QfzFalZ+t/wDIGuv93+ooJPKzbMnGM01oSOq4rUKMWyMflSvCSORVqZDgZG32p2zNW5IMGmCPiruQ0V/LpRHU+ylCU7hYr7KNtTlKaUI5ouIhIpMVLt5HbjNTW1hcXj4iQlOhbtQ3YErlXFJit7/hFbwplXVj6BaoXWk3lnnzIWx64pKaZTg0UdtLtpehwRT1HqMfWmxbke2jbUuAe4owewzUh1I9tG2pSpUZPFIVoGR7aTbUm2lAoAi20oA4UjvxUmKUKSf5fWlcfQxPEWqf2VpsmOJWB215ReTPdyNNMxZj716p4p0S41OFZQdqx8kkcGvM7qxlkLpBC0hUkErXNOetjqpU3y3RgvuMnA+UVZt7pYGDYrPleQyvGAQVPNRAgMctwB0p8t0Pnaep6N4e19FlVWbr716FBItxEHTkEV4Lp9y8E6uvPPAr0/wxqlxcqsbnZj1FQpOLsXOKmrnWGPIIPFdV8O49l7qHuifzNcyMN/ED9K63wEu27vv9xf5mui90c1rHc0ybHkyZ6bTn8qfTXwY2z0waQj4p1aRbfxHdSxEEea2B+JqzdI95pzzbuFXOBVrWvstv4ovWnjIi3nA/E1a0y+s7i2ntlChWHf60pazOiUeWCZg+HZpf+EgskUgAyYyRXonxGuptJltgkm4Mik7f92vPNBt45PFNtFKxVTMcEHHrXafEh1tNThjyXVYkI3HOeKtK8WjFv3zndLupNQvVgbdlumaydYe40zV3iGQRg1pWepql9BMkYXB9KPG3l3F9HNFjcyjP5VmlZFt6jEv7ltGOWc5z3qbwzqerafqUMlvJJs3c5JIqvZRyPpIG2p1ee1RWQAKOvFDTuiVJWZteONXudQ1KJ5AUIA5HGeKrRG7m09FM7/N0+Y1U8U6sLm2gZUAIHPHJ4qDTtQklt1UjCiiS7ERbNaTTLn7Lkzv0/vGsqx0q4bVIl8x2JccbjXQwy+bAAGzUUCy22oRzqM7TnFZp66mrs0dJ8UtPWy0mwhRthK88+wrg9FtiswXeSpHXNdf4pml8RtAZchUHSs+2sYrLGD06k1s2mzKMWomHd6YZb0IDxmpdasoY5IIi3QetS3t+sV3lFz71Rv7j7YQ+eRU62KW+pseGooxcPGrcEeteweCbYQaE6g9TXh2lmWGTehyT6V7h4OWRfDql87zQrsmUdbo20j+c0+CERq8jMB9aSBWO4mqWowXdzbPDBkMe4orwcoco4aO7Kd9Fp+pjZcOpANY+uW2j2Wly+Qq7sdqiPhrUomBdnPr1p9x4TubyDaWYZ9c149LB1Ieh3e0i1c8zARbOYop3Mao6RZMdUtw5IDNg5+telWvw9mMnlMePxrZg+GUaSKzydDkEEjFerCLVkc0pJ3OK+IPhqGwgt543DGRf61x9lpxjYbjkGvetS8CRajbolxKzBBgfMao6f8O7G2n3yEuB0Ga0luZRkzy6S2NuI2ABFWL2+MsCovBxXtY8K6dsAMAI96jn8I6W8e0xIM+1DiU5Hlnw++2WGryzq3ysrfyr1bwJJczXeuS3A4edCvHsaltNBsrFFEUQyBjNb2lwRwxybFC7iM4HWq5bK5N3saFeQ/tBPt8M6Vg4JvD/AOgGvXq8i/aBi3+FNNf+5eE/+OGolsOHxHgVqZ2O0k4q5PBLNsTBFYcOpMk2RwvpWxFe3F4yi3jJI46VlNW2OqM9C41q1tCqrnNKHd4tuDkVX1I32nqpmQncPTpWfHq5j5asnBvU1U0i+0c4kHBxVTV4mChj3q6l/wDaETaBzVXWJMxqpYZoUWmOUk0YZ5XFRuwGBipDxxTTk5GK39TkZqaVE8kgC9K2NTspDFFtYZ4qr4YCtLh+tdw+kxXEQIOD15oala6KThszFTwU91paXbN0Ge9dRotrHaaWIAowwwTinz3KafovlySgKBXn2o+K5xIEtW/dqfzrmcXUVkdMHGm7mxrVo2lXYmjyUY5NbGnarpssCF5wjjqN1clfeI11OxjiI2yKOSe9VbOze4kXaWOewNZQpyS986XNOS5DuNV1uO8eKy00bnOAWHNdjoGgra6cDcJveQfN9axPCHhpIcXMq5PUZrp9W8TadoVuzTTJwPuZ5zU8sr2iaSkl70jK8R6fY6XpksrkRnBKjOK8bXV2F60itwG4q94r8X3PiK5YIxFuDwBXLkjAABFdVOlbc82vWU3ZHaJdteqJMqSPUVd0KBBfSPKMZFcCk0kZ+R2A9M1q6drs9hcRyv8AMgPI9q3lFyVjmheDuztrn+y3SVDH+/ycc0/V7QP4dGGAIHT8K6XQLzwz4gjhYbUueMpu5J/Kt4aVYXE5syvB6VrDCya3B1ot7Hj+jagllA8bbeeOlY+o2UV1M7J1Y5r3LUvBukWdszsFHGa8d1q4t7S+kSBd4zgYq3hlD3myHiHL3TIttCjkuooy3U813dp4euNLQNZsSrKMgZri9Ka5bWIi/CswxxXs2k2c5jRj8ygZ6VwVnrY7aK5tTx3XLW4F632lCBWM6hR8tek+N4kaVtqAH6V51JGUjZm9TVRlciSsyIMAlfTXwFO74cZ/6fZf5LXy7I2CAOc19QfAL/km3/b7L/Ja3iYTZ6jVS8+8n0q3VS8+8n0qjMq0UUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB8zXw2gRJ95uWNXNNt921APkTr71JFpTzfM2Szc/SrVwY9MtTHuAbpmuB6o9ONjcmvEs9MPkKgLDq4zXJNFLdzC4xkg4JUYFaFi4ktwl1JlT05q/HBbWmBC4ZWOSM5rF6G8UmamjStFbjccYFb1teRlCXAJ6c1hworgBcgU9y8bYH3axa1OiNlobf22G0BcgFGOSoriNf1W2k1PzYY9i5xW0btFJEoJULXA+IbnzrwsgwM9q68NE48W0jtNN1GN0XJFaY1ONG+8BXmVlqUkRAzxVm41k5A3Yrok+aNmjhUtT1rTdWjLgbxWlc3UeC24YIrxe01+aOUMG4Fb/wDwlfmQYY9BXJKnyrQ2UkWfENyiTFlYVx15q21uDUWravJdSMAeKyhC8oy2adGHI7siWux3GgziZBLvwR711UOvmNCrNjAryyw1F7FtueKnvfELMhC8Gu5SUthXsjq9Y8ULh1Vga5xNRS4y24A5zXNG4luGYnPNQuZI14JGTTRnc77R3UzNJkHFPvp0mV8HJHasLw3KRE+5ifrVhpwtzIM8MKrQ5qrbYROWU4rSto9qAnvVGxjDZU9zWmo2kL+VBkTjFRSP8wHY9aczBRlj9Kq3T7I9ucu/FJgRKpmu8fwLWihGT9MVUhUQwY/iNShsLu70tASJ4uZMmnStmQKKIyAuT1qEMS5ancLkjvzj0rY8DyBvHWlj/ak/9FtXOSTEE+tbPw/Yt4+0v03Sf+i2pFJ6nv1ZfiVtnhXWGxnFjMf/ABw1qVneIITc+G9UgXrJZyoPxQiiXws66LtUi33R4XY+KH0uJGgjBPuAakj8dX0lwW+zq27jAQVau/CNpHFbxtcqJX42ZOScVct9LsPDSKJds1w/X/ZHUcGvI9lLufa1MRhZu6jdnJ6zcXcsbXVxbSBeoxwBRpHiV7aI+WhJX15rf1a+fUYri1jSPyigwQg4rN0/wtDHpMlxczqoBJJ5GeaTpytdG0MTTUbTSL0vjS9u4hAkCknjAUZrmvEFi4hjvbm2deScmu6tNJs/D9uly6+bLIPkHp+dYHjXUJ7rTnCKhiUZLKvH0peze8mZU69PmtSilEj8P6va2tmJHJK/3Q1b7+MNIkyVspdwHXeK8+0+6iawdtuCgoTUYNhl2HjpRzTjojoqYShN8xc8Rta3k8d1jaM/dJrodF1PT4LSI3HlvH6KAMVw2sySyQRSNwM9hWhZzxHTFZvu01Odr3D6vQmuWx20ut6BLHJ5EHz44JYH+lcTJa2o1zzmeD5z90pQL+3FtuC8Z4rKu7gtqCvKcZx04pc9RsUcFh4dLnpcA0MWoF6LZCBx8gH9KoalDot3ZGK2W2y/Vtg/wrmr+7VBGiHMmOM81FDHdSpJIHVQBwMUOtUXUx/s/Dcz0Ou8NeFvCzqUvZI/MHvj+ldDJ4Z8DKpVrm2wPfn+VeR6ZdyGdwC5Pc5rRhmV0DSzlSx4yTWrxFSETjeTUaktJWOiuvAHhzUNYBtrpRbn+6xH9Kuz/CHw/gD7Ww9CZGriNQuTG0KwXDDPUhjU5u5FUvJeTFQOcSGmsVPluyHkdPpI2NU+FVkjIltekg/7TGoT8HwqBjeZz05aqel6hcSTj5pmC/xFya62HUnuI0MBkYnvuziuWVfFOVoI5q2CoUdJM4m5+Gl0bwQC6+T3zV9fg1K0I/0xMd+DXW3Au/tUYAMjEZ+XtStqQiG2R5Ac4A3Up1sdB25bmLoYaSTUjzi9+Fl3DciGKZSD3wamX4P6kuC0ykdvlNd7c3csbxuzhTjOG6mrVre3l4w2Z21SxGNf2SJ0MNvc8qn+G1/Fcm3DAn/dNRj4e30MhWRdxAzwK7/Wr2+stRSaPBK8OxGRmqr6veSsZWdMkY4Wu2nXqcvvrU+UzDMHhqzhFaHEP4Ivp7UtBCSynn5ahj8FasgyLRnPfC9K77T9Q1K2t5WjjHlZAYsuals9WuPteSVKk5xtp1MTKnHmMsPmcqlWNOStc4NPBGrCRpZLKRVwT92u3+C2n3Nv8QfMe1eONbSVS5HGcrXZx6jNcW43RpgjH3BWl4HdB4gkiWNVxG3IA9q8/D5v7Wuqdt2fYVMDy0HN9EejVn67/wAgW6/3f6itCs7Xv+QJdZ/uj+Yr6A8U4RHAPNT+ajKapYLEhRnHcUDd9KQmx0mC1RlPSpB70cVauhNEJSjZU2KTFO5NiErTCCCP7verG2msvYkfSi4iAx75ePu9K6Kz2W9rGYCDgjePesi0hL3ajHyjk1ox2Xmag0sZZYtpGM96yrVNDWlDW7OhtpfNHmDK8dKh1CeKezlifAAUncao2MrwytG53Y6Yqvd3UL+ckjgKcjAOCK5Pacup2KlzHNBVQtg7h2NOCkqM1J5cMYAhkEint6U4Jjr36V3wlzRucVSNpWGheMKuaJNiL+8O1fWor65azs3dVyx4FeVald6vrGotbrI6ndjC5GBQ5qK1FGDk9D1oRZTcPmT1FN2+lZPhrRtV0uwVru7WWIjPQ8fnW3gNyvINKM1LYqdOUNyEpSbamK03b3qiLEe2lCBgQTj0p2Oaeq9iOPWlqD0MTTtNv7m9uhcuxtwCQOfWs6/Gn2cMtvbR7ZmyDu5NdakbCV5N+1CuK5CK1hv9XnkMytsOMD6159XmUj2MJyumeT67p7W907AYLHJrJ2kx+meK9A8S3elx+ZA/72YkgbDjFR6p4Vgk8OR3duCsijc3PbFb0pvZmc8Mql3HocRaA+coX7wNeleFrqaEqsqrn/drzqCJwfUg44r1fwlZlbaP5kcHnJGTSn8RlBWi0dZA6yR54zXX+BRi7vf9xf5muXMO1ANuPpXVeBhi6vP9xf5mt47HI9ztajnbZbyv/dQn9KkqK5/49Zs9Nh/lTBbnyx4r00ak0t3HERKSTgVzmn2EmGDqUYenFe+WOm6ZeW5R9vNT23gvSVfd8pzUUpJu56uOgo+6keKaTorQX0d0YmJRtwNaXi2O41meCTyT8oA6egr26Lw5YRJtCIR9Kc/h3SiwZguV5ArfQ8hp3ufPo0GX7OMQsGHtVn/hC9Q1JhIUbCgdq98OlaSowVQVKo022wEaMD0rN2SNEpNnkmn+A7tdN2CM5+lMf4eatMNnl4Tudtez201tIhWPafpUglCsQRgUc1zOzTseNH4UXN3BtlYDHsahh+FVzA20SfL7Zr28T2+CAw3elZr6gFlZRHgDualySKUXJ2R59p/w5kt8F2JH41tr4HgYDI5rpW1FthYLxVGXWZAflQgVm3F9TaOHqS2RStvBtuh/eDIq/D4P0xeXXOexrR0y6e4i3PipproxzBQASKuO1yJRcPdMe48D6RJCw+zrk98Cuf8A+FcaSJSxJB9M12U1xIbd2ORWNbvNKWZ3+XNDlZlww/Or3M+28E6TauCSPzrqrS2traxVIcbRWY0AchzJx9a0oI1jswM5qoy1CpSUEPXavSrVvLEoyQM1RH6UpXJGDirkYKzJ72+ijxlQaqNq8KLny6zdV1CKBwrYJFYt5rKvGURRmuWdS2x6VDCqaOrstZhurgoqgGr73gjc5NcZ4Ydnui7jaPeukuCpn5YYrSnJtXOfFUoQnZF2TUMQMarWV28oYsOKo39/bQQ43jP1pml6nbSIQHA4pu9zJRXLc0mv5A20Diobu7YlVzg5qjJrNjBMVeVd3pmqY1OG+1BViYAe9U30JjbqdC0jCJcMc1q6LuMUpY9xXD6x4qtdKlWGbr65rpPBmtwa1b3bwHIiZQfxBo5lsL2cmnPodRXkvx/z/wAIlp4He7x/46a9arxz9oiYxeF9IwcZvuf++DSkroIuzPF9F0SG5BMi9s1YtLpdM1RoIod2HwOBUOleILe2jO5hnBFWdH1nTv7SM05U5OaxV76msWjT8YtJJpUcrxbcj0rzQnPWvSfGevWd/YJFCy4HpXnfl7+B0zTi+5pK3Q09NZfL+9z2qDUd5cZNLbQYlRUbI7mptSjC4wwOKV9R9DNIwBTDnO7PSntnAphxg9qsysjtPBWlyXm64x8q1p634kgsc28TZkXg4NZmh6+uk+H5IkXMjjAI7cVydxK9xO0rnLMcmnGT26A4rfqW77Vbq8Y+bMTGe2aoDAyF5FB5wR1pRgc45qlFLYlyctxm3adwbn0rY07xBcWIGxFJHqoNZOBnNByaGk3qOM5LVHUTePdXeLy1ZYx7LisG71C5vpN9zM0mecZNVckdP1pcnHakopPQcpylux2QSMDC0YGeOlA+UcfrQeKrQjcTFAwOpyfSnY4zUeVLZY5I6YosF7FywvZdPvFniZkYc9a9s07UmvtNtb6B8yKAG/KvCgzdxmux8F61Pb30dq7/ALpm+6a3w9TldmRVTtc9E8QXt3qQWzRirSKBWLp/heKS7C3CZYdSa6y809mureaMYY4INV9aMuhFby5QiIjlulYY2UlPTYnCyp1Hp0MrWdAt7Ga2aKMA5Hb2rstMG2wUADpXL212vizU7e3smyEwxbqK9OtfDbW1oqmVcgehryailKXunsKcIqz0PJfEunte3LrGuSOteVa6629wbdfoa9p8dXUPh+0nYupmYHbXz/dXD3Vw8rnLFia6cLdrU58S0tiPOCc19S/AHn4a/wDb7L/Ja+V+e5r6n+AH/JNf+32X+S12o4W2z1Kql595PpVuql595PpTEVaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA+cJL7UbMGSIo0bKSuRmsOyXUdX1UG53FCd3HSuu09Un0+BXC7SnfrXV6R4chECTJHk47VwTkoanpQptu5lxaTC8CKykECoxp6QSbsk47E11EtuiHAHTtVK7hDxFlGCPWueUtTsW2hmrKI24OKf9rR8jIzXP6jfiB2BPIrKGsuz4QE89q1jC8bkudjtrmDzNIllA+YD+lebXUMjgu5xXa2Oo3lxamF0ARh6Vz2u2620BCnnPStKLs7HNiPe1OZVyrn5qrT3Db+ua1bTTTMC570y60kJ82DxXR7WK9043FlWCWTaAB1rdsrGaWLLg4NYsBAmVW45ru9NEa26k9MVwY/EezjoVBGE2lbRkimi1CqeK6K4KuhCgVmvHtjYkdq8ynipTdmb8ph/ZlknwKs/2bGzAMKjilCXJ+tXkuYzKCTXtYeeljKcSsdNRHwq9aqX2niNM4ro4dkzg1S1gDbtrrMmtDP0QBNwqLUGaNy49asaHGZrtkB4pdVtWQsB0zTRyz3LmizLJBuP3ga1It0jEqpZuwFchpd4be48tjgZrtNK1A2U4mEauO4IzTJsbnh7wzLrN0wnyigZGaxdU0SbTdUlWc/IpwtdJF4vby90VuVAPJjGKw/FGvHU2jIjK4AyaVi+VWMlnDsR+VOTkKh65qlBL50nAPy9alE2bgkdhSsQaDuFTGaglkCKOetVJLrdIEB+tMeXzJtvYCiwrXElkOc10Xw8kH/Ce6UD1LSY/79tXLu2R074re8ArJ/wsjQinKeZLu9v3T0WLjE+jaq6lg6Xd7vu+S+f++TVqs/Xt3/CO6nsYK32SXDHoDsPNOWzOimrzS8zzrTbuLVdUkcR4W2AIJ59qf5UeoXLRmMlycMx9O1c7ai9tD9phuofMI+b5OD+FMtLvUpbl51uIlcf7HFeX7VaH1UsFO7cTobizgt9KuDDAWwCCR9ayLPUIpXtbFrZ9ryEHJHNZOuajqNhpsgW6jPmZ3fLVDRQbuPzJtQiB9gQRR7RGsMHO15Hpd2QbpIGiBi2gbiOBxWB4ws4R4bu4oAqsqZ5HWqDXImnRZ9QQpH02kg1m+I5oW0yVoLlpGIw3zE1EqybFTwNROxx9mJGtXjUrzweKjnRo5YrbgLnJOKm0lEEUnysSevNaEkEUrBmibK9OaiVRI9JYZ21Zka07/ZIl3Dj2p9rul0ry42GRV3Vo0+zK3lHI9afYQJ/ZwZYmyPej2q5RvDybutjPljeFoYONpPPFVdRZjqCB8ALjtW8bcSlWeJ8r05qhqsAGoRt5TZOKUKquXOg7WQ5nMgS64yo6YpPtkrKW6Iw4wK1ZbVI412wtyPWnW9hCYdhiYBQcZNKVWLd2Zwo1FHU5jTI5DdnYCVbOcUSxtC0yFJCcjbzXQ+H9Dkub2YRZCg8Zq5e+GXYNlW3Keua0dVGMkl1OPv0mS3t1KMGNOdG3Rw/Ngcvk1u6ro0ojtjg5XpTjo0hlExU7sfhSVRcpnK72ZJoWrW9mWe42LEeORXWabr2jaXY3LPNFJExHA6j8a5eDw7E1v5l0rMrHopxVy2+H7XUxmkmK2p5CZNehhMxwlCLVZnhZrhK1WXPA2rfXrCZzJBOrREEbc5YfjT31TSI7GCGWZEnyGG85OAaqv4YsbOSOJUkMbDna2DUd34YsLxTBbJNHL2eR91a088wPM272OKeVYhwUkXNU8Q6Re6nbkTR7Yhg46Gk1bxXpBVPs8gjaEhTg4yDWXe/D+MWEcMMx+0ZGXycdamt/h/aRKiyu8ty3Uhjj8q0WeZbFN6nPLLcU0jVtbq31u6RIlElkELSOOpI6c1pL4d0xoYb/AMuSOHHRnrNvzF4W0+KwhUKzYIJ6nBqg/iS8eJ42ZcMcgBeBXD9Yp1m6kep4WZzpUpqE9WdL9jkkuUihSP7BIhZsJzx05qGbw9Yi2N1bBsjqN2azdK8T+VZXAnI81TtTHHBFR2viC5ZjHIyeTgkALilVUZR5GZUMTQhWi7XZqwRv5Cjy2AxWx4JUr4olypH7tuv4VQsNU+0wIXh+THBAAra8KXCjxIYdo3PEz/TGK8/D5QqVaNW/U+0q5g50XC26O+rO13H9iXWTgbOp+orRrL8R2jX3h69tVJBlj2gg89RXvt2Vzx0ruxwEbxO+BMrZHReKkAzxg8VlW2g2/hqFJJZpWc8HfIT1+tbEKiaPzI/mU859azpV4yNJ0nFe4N20baeFyODSlcD1rZO+pjZke2jbUgHGaXy2J4XNHMhWZFtpCoPUVYFvJ3Uio2DA4xx3oUg5RI5zawTOo3NggCk07W7goI3URvjO1hyauWNn5khlJAhU5LHoaZd6xYveCO1WNmTgkAflWU43O/DUpTWxZcvNsuFUgr96sbVr+G31OMEgLInIPrXT2DwXkLeWNkvoTWRq1t5lwqXEaFkHBC4rndLmdi3P2T1M9I1X7mCG54p4Axj3xTgm3GwH2qTAyNwwPXtmuxKySPNm+aTkYniSBpNLaSInMfJxXMaRptzb2E9/HAZZHUkcZxXeXaE2VwEAcFD8uOtcTquoaroWjC4SAhmO0IVHSsa7bZ1YZK3mVxq2qakiWJbyAPvZH+FdjpVq9rYqjSeYeu6vI7HU0vNQaa9ZlkkGAqNtwa9q0mONNKgHPKA5Y5qKKaZWJSauMxk00rg4qzPGqLvLALUKKzrv2kDt71rUrqG5hCi5PQaEpwUgEk8elSBfXilZACOc1UKqlEmVNwdmQTlILeS4kVjFGu4gGvMdc1mGXSrmaxikhXcwL7u/4V6J4iUroN6QSB5RrzfUo4ToE9tHggQ+Ycdcmm4qSudGHbu0jkNFsFvdQSaaXcu7JLEmvT5litfLjbDWjIA49BXlWizPGJF5GzkV7LHHFqejJc5Vv3IRlXrwKwrvkSkj0MvmrtM8e1e3fTdXlTGEPzqPY9K9Q8DtFfaaGRgHXqK5HxzZiS2ttQUbcP5TewUVe+Ft0p1C4hdjhkG0Z96vRpM5MSvZ1Gj1BlbcBngCul8FJturz/cX+Zrn3GCQPSuk8G/8fF3/ALi/zNUn0ODqddUN3/x5z/8AXNv5VNUN3/x5z/8AXNv5VT2Lj8SPCormWDlXIH1rSh1G4ZNwlbI96xVP5VOlwUXAAxXlRqSifolbCwktjTt9bu+Q0hwD61r2l0ZjuknPPvXJhv3Z+dVPvVy0Wa5X9w4JHpXRTnOR4mKwlOGr0OuCwtyZWP8AwKq921uqEBjn61ys9/LbSbJJgG9M1mX3iO2tz+9uP/Hq0mpvoealST+I9H8PyhkcBiav3xZGRlY15lofj2xt3Kq2T9a0bv4mQK+PIY478VpC6jqjz8TKDn7p6DDGu4SHJNULu7txOQzge1eZX3xfe1chIPl+grEi8fTatcltuM9x2puNwoSjF3Z69d6hbraFY2y31rCudQKhcGvOpPE135pIBK1gav4r1OGbrhT04rJ4ds7I42nDofQWganD5JEsgXHvVyfULITCX7SpA96+d9O8S6hLbljNjPoa2rRtUuIAd0jbumCa25VFWucdScasnJI9h1DxLpq2zqLhN2PWuUfxRFHCwWYYJ9a8j1Ow8RR3zlre68oHr2qeBzhIpZGV+4JpOKZdKpKCskeoN4uSO3z5oOPeu00jVheaJDMG+8K8Wg0eW+t5I7di5GDkV6d4ctntfC1rG4O4Zz+da0lEyr15S0OlS63K3PSuK8WfEAaBKqAZJrqYyBC/Y471438R7KW9vIzHGxIzxV1bJGdNSlsNu/iWb+4zsNOtvFU11cqiIefavPm0+4glG6Mg/St7Q2kjvIwV5zXLJI2c5xVm7Hqlu1+1ssscvl1ZmfUn052ScmQehNVpoJ7jTohASuQKurY3Vjo7yZLvtrNuSOeUpN6nNadJeXk7rdTtwfU11ui2iJcKFlLZ4xmuc8PWst0ZWdSCTXXaVp0kUy4PINL2juVLm5bIpeKNHNlILzJ29azvDuprNfKRGRg4ya67xXazz2ccOQfWsrQNIihmjUKN3ehyfMCpycLk3j7RIL3Skukx5nHT61b+Dts9tp+qBxjMsePyNaniGDFqkZGV44/GtLwbbpb2tyEAG5lPH0Nc6xSeLjS9fyOlQccM7nTV4v8AtHgnwro+Bn/TT/6Aa9oryb4+QCfwvpq4zi7J/wDHDXpydlc5YK7sfLuD780oyv3cg1unTUIGRzSjTV3EetYqqjp+rtGG7yOBuJNCmTPH0roJNIUR5BGaiGnbsKikuaPaIXspFfT7e7uN6W0TMYwWYgelV55ZHfLgj2r2/wCG+jWNlot3cXMQklIKsO/IrzTxtpZsdSkmigZLeVt0fsKxhWjOVkbzw0ox5jljzTMBpQp6U8q6xh2QhT0JpYE86dR+tdGxyq9yeZtkYjU8VXzUt0AJio7CoAcLzTitCZS1H5opgOaduGOopolMWigc9BRTGFKKSgNQMfSjk0g5pSQAaOodAbkYFRkntj8qltozNPHGD8ztgCupvfBq29iZy5DhNxXJqXOzsUqbkro5JS3erNtcPb3CXEZw6HIqvgJIV3fT3pwOc46jmrulqjK101I7h/iReJBEm3LoABwKn1z4mTa3oa2E1sVKjqQOeK8/lwyZ4DgdKLWN55FRAWkbjAqK/wC9ScugYPDQotqC3Ow8JeM5PD2qrNBAZi4A2LjP617ND4u1CfR3vdQH2aPBZQwx/KuB8IeCINOtP7W1UYKjcqniud8a+MZdTmNjbHy7dflwO/5Vw+zU5e4eo0qavIy/Gnid9c1FgrllU4HPWuT+tPbknPbvTMV3xgoKyPOqTcnqFfU3wA/5Jr/2+y/yWvljNfU37P8A/wAk0/7fpf5LVIzZ6nVS8+8n0q3VS8+8n0piKtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAfOUuv22nyx27J8qjBIrv/C/jDR7i3W3NyqSY4DNXkJ0q+uy0pQLGxyGkFR/2Y8cg8udBIveM104jB06h781bRHv12AyebFtaM/xCsp9pDAcgjFeaab4p1jS1EJYzRjs3NbcHj633Bby3eLPU4wK8apg5xd0tCFK3QxPEyG2unz3qhoKG4uBx371N4q1q21TUI0tDuVhk4+tTaFEbeTGO/WtFCSgcc5PnO7ht0htQ2B0rh/EMwku9uPlzXVXN20dntB7VwN/M0t0cknmooxle5VSSa0NWzRRbjDAVU1KZIkPINUpbiSGEbWNY9xdSzHLmtlS1uzmlLSxDJckXAYetdPZ6uVt1XPauQdW38CrKSSIVHbNYYnDqogg7bnoNhMZlyamvAot2NZGlXYW3GeuKmvr8NAVB5rwpUpKpZGykmYshxIxFNt2Z5hz3qJpM7jS2b4kzXuYaDSIlJHX2EWIwfasvWm27qv2t5thHIrH1ifzonwRmu4h7FrwhbF5JpyeOal1U/My+9WPBtpI2mykH5uaq6xDcJIdyd+wqedHLKnJu5y8h23W4djXVWFyktorBwMda5acMPMyhBNO0yWWOPbkkFulWtrkOLPT4Ta2ukFVlTfLxknpVOdNMsdPlW4mEkzrlMHvVTSYrW/sGN00gMeT8pxiui0qz0GZ0VwXKc5kINaqnJq4762OIt3WGJ3XPzE9aZJMI0Zu/WtrxuLezuF+yqgQgcKK5ONzcBEUkgnms7EMu2ykI879+lTaPcwNeSxzEbmGFz9ajvpBDDHAKyBbOL9Z0Zs8UrlRsdDJYyh2IYbSTiuj+Hdm0XjzS5C4PzScf9s2rlV83aC0jfnXQfDuR/wDhYukLvJBeTPP/AEzei5rzI+i6yPFWf+EQ1vGQfsE/T/rm1a9Y/iz/AJE7XP8AsHz/APotqU/hZrQ/ix9V+Z88GSX7LGA7jHX5jUAkk2kiRxn/AGjTyM2kftSEfJnvXzknqfp/JFaEepbxpeS5cc9TmqeiEmRgHIJHrV7U0xpZ61S0QZYn0rVfBczVuayNyMEBiWyaju0L6dKPanAndj1p0wDWU30rBbm2zMrRWCrIu0HFa3UEkAfhWNpRC+Z65rVUg7hzV1NyUkV9YI+xDkVLppH9m1Dq+Dp4PenaYc6fxSt7oR0VkXBgL0NZmskfbITjvWjz07Vmazn7RCfelBalpGzIcxJwegoQ9ecDFQ+Zm3Q45xUsXzPhuhpNJuxDjcz9GuJV1CfynI+laDXU5LKS3PqazbFFj1e5WLIAx3q/n94R6VpNWOeFKE9bFTVpZPLh+Y/nTo5pjHnd8uOc1Fq4HlxGiLBgHJqeZpGjoU7bGvppkmCLvyldbAGEAUMSvtXLaOOU6V1cPCD0rw8e256nBiYxWiRFduHuIFXjAPWpQuJScDA7imtbGa6TacYB4qZhtO0jkVzT54wV9mcilHZMrzlo1BUkg1JBuiO/cSx5Ge1Q3fRGPSpU+b8ajVJFON4nO+Mrlri6sww5VDk/jWdYGM3CiUgDaetbHiCS3SWJZkOSODmqqpZJESHBO096+pwMm6KZ+W59RSxsrGTI6G9n8sgpu7VHdTCO1chsEkEEVc0q7hiSdWi3FmHPFN1yS1XSm2FdxYYHeu6Ta1Rw5XSjPFx5jQ0bxNHHYW0bAfIADXTeBtUW9+IsixnKNbyMPb7tecaZZXL26P5DFexArtPhpbSw/EVi6FVNrJjP1WnSrznUUWfrWKy2hTw05x3UT3CoL3H2OTJwMVPVe+/48pc+lenP4WfHR3Rzl1ZxXtpLC8YYMPlbFeHaprGqeFfE01uJC0KSYCnniveIuSQeB1Fef/Ejw+by2Go28QMsY+Y46+tebFcrO11HCPuo09C1az1+wS4gkUSgfOlbcdrC5GWyTzXz/pfiWfSLtGtwUGcSIa9f0jxbaajaqY2CyhckE1o5yiY0f3nxKzOlXTYTJhmx+NPbSGDZjfism28Q28nyysA2cda1ob/zD8jbvTFCrdzWVKxWlguYSdw+X6VWRPPlCgdTtNb8VzFMTE+C2KozRR2Xm3ORtCE4963hO5n7O7scz4m1ZLZRpNnKBJjDYrP0exMCh87nIyxPNZVrAdQvLu6aGV5pJ8qwPCiu+0/S4RYrvb97t5wa050e9SnChTS6mX9tks5UmjP8QBFdBqKfabKK6A+ZgM1xmqM8F8sEWS27OD3ruLPe+nQxTrgugx7Vnza6HHmMIq0l1MdQF+bFPmhWG1N1MD5YGfxqRLaT7YYSpwGxn2pdWmt7mI2LEqU6jPWtHLTmZ5EYNvlM+x1KF1a5nAS3HHNZvi6a21fRWt7ALK56BRmo7SJHuPsTZEBfHJrrLTTLex+WNFyB1YZzXPCv7ZM6alKWHaucH4J8AWtqq3epQO0pOQCelejvaQOFjUAAcDHYUm3YRtwCfyqREJOM4c961TsZTlzbmJq2jTySrsJEA6mosbUCf3Rit6Gd2eS2mHFZF1B5dwRggdq48Vds3w7IduADinMcIPk4JxmpV5AAQ1maxLcRvDHHKijdkqV5rGNVU3eT0LqR51Yp+LHEXhi63dWQivO720kW2TYpxNCq/pXoHjSLd4QlcuNwQn68dK5FLkXmgwlAN0aD+VerQqqS8jKjTszyyYmwuWAPRzkV6N4G1Vr+1+zxtyrEsvtXB63BHLK7xna4J3Ke9aHgC8/s/WHkd9se0bs/WlXjzQsaYf8Ad1jofGEm7TrmBRlUBb6GuY8GagbLxHZvnCM4Vqta/rcEwvI42DB8jOfeubtnMbLKjcrzkdqqCtBXFj5KVTQ+m1AdEkHRgDXR+EBi4uv91f5muR0O4+2aJaSrz8gB/IV2PhP/AI+Lr/dX+ZpL4jhaOpqG7/48p/8Arm38qmqG8/48rj/rm38q0ewQ+JHz8jcUGUA9ahDYWqks21uteIfqCTLspWRMA1v+E7qGGSSOQdutcnBOC6/Wuk8PlWnl4GWXiuijNxepwZhQVSlZmB4gmgn1OWSOUBV9TXH65bTX8A+xwvKw6lRmtrUNEvdU1h7aIlAXOW6DGa9T8N6Lp+kWSQGJZHx8zMM12SxEVufG1MFJS0PDvCdj5OoSfb4XjIAxvqWe6t3vJVkYAA8YNfRE2kaRqMJR7WFC3G5FANcVffBfSbu6aVLmZc84D1Ua0ZI5nh5Rlc8V1iBXsfNRgRk1J4TaAvIj/exxXtlt8IdIgh8uaWZ1HYtmug03wToGlp+5tEZh3dQaftlEn2EpHh2k6TrGqai0dtZyCLd99l4r0U/Ce0voIZNQkO8dQhxXoIS0sBiGBIx7DFUru6kZWCnYvqa5amJd7I66WCVk2Yll4E8NaVCAqNJj1INM1XX9G8NwHzbeJVA+Vdoyaxte8UWuiQP/AKQs0rdI1OTmuX0rw7qPjG8W/wBWLR2wOUjPBIopxnN3ZpVnSorTVm1B8WtIknMV3p/yMcAlRisDxHHYavrsM+lbBFIfmC9q7m88FaRdWIt3tUTAwHVQDXA6v8PNY0N/tWkytPGpzsUkmuh02tjlhiby95aHdaHpFrohMnmFy4GVzmuha6iFpHEny47V5No/jtrV/seqwMko4JYdK6+HXIbxN1s6yLjqOcVySrVaT1PcoYXC4jWO507SbLZpQ2eOlYIurXUJjvjQuvHIpbG7muXMRBKH0rF1G1NnqDNEzbSecGirWnOnc6aGEoUarhJ7l680axmclokB9hWA3hlI9SWaJvkB6CtETSMAd5I+tOWd4yXB5HY1yRqyTsduJy6E6T02O10yzU2iIRnAq3dxlNPlDDAA71ymneKjGQhXpVjxF4mMunGONdpbvXdBOSuz42VoycS74fhiAbGOTXR29q5u12j5eua8m0vVru1Q5YnntXY6T4mujGXcHAU1Sp6ilKxv+ItVggvEt3YVLpBtZJ1kWVeB615bqt9NqWqvK7nAJwM11vhO2ZrOWV5iMDjn2qnBXuJtpWR0usXX2q/WONgVFdH4bj8uCf3IrjbCEeY8rNuwa7Dw1JvhuPZhXk4Zc2OUu1/yOuvph7G7Xl3xwbb4e0wnp9rOf++DXqNeV/HTJ8N6aB3uz/6Aa9+fws86n8SPFh5DLu44psUP2tz5Q6VFHAVhLHJFVbTU2s5pEUd65Yo7ZT0NcxxRrskI3VNp0cDXeOMhTWPbTC9uiXPNaumRKupv82QFIwKzq6Js3pe9ojsfA2oLDf3tncNxMTtH4YrV1LRrectBfw7o+it0xXDTmWyK3ducSLWvpPi+7vbiOK7KbWIByvNclm1dHp6R0ZzHjDQ4tN06URLmPzQFPtXI6dCPmY9q9r8X6fbX+gzLEQWHIryrTtFvLlDDDExYDk4roo1rws2ebiaaVTTYwJj+/c1ERwa37vwfrEIMv2Z3X2FYk0UkLlJYyjDqDXfTkpLQ82pFxd2QjoaduztHFMA5Iro7LQreeKJzuBYA5zxmm2orUmKvsYTEAAZpB0q1qdstnfGFecd6q5DHA5pgFGKMfNj2zSjnoKEr7AhaCSxwCOOabn+dLk9MjA7gULQN9ixpcU1xqdvHEMzFwFxXVaoNYtlnW5BKiPB46Cr3hDQLQeHp9Wl3Nd7isCg4IPY1Zk8L65cXUSXEmYroAHKngGuWU4uR1RhLlVjzlYnKFwhKk/K3vU1tZXNzMkUULCRjjJr1i98Pw2D29hbwq6xgM77c5PelsrNbnVowIUjVSBnaKSxWtkiHT97c522+Gdw9n588oV2XgYNdb4L+H1vpp+03ih3Byua9CuNCg/s6CQS5I5OCfSqV3dJbRBE6gVjWqytud1CjBq6Rh+OZXbQpIrYbcKQAtfPU6lZnMhO/J619CXbC4Rg/O6vIPFmiNa3TTRr8hOeBV4aSSsycXSuro5VsEjNIcUncg00mu5LQ8p7inFfUv7P/APyTX/t+l/ktfK5avqb9n7/kmn/b9L/JaaFc9UqpefeT6VbqpefeT6UxFWiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPngQXdyvIZYx0WopLaWBCRDHgd9vNdE+R04qu43HkV7/ACWPsPZqxzT3rRAl7Xp3C1V+3aZcyYuEK9sHpW3fW6D5gT9KyvsUE7HdEv5VhJHNUi9jPfTreK9S4tZEaPODz0rqrGFCylTkHrWGuiLv+RpAuc4B4resnWBRGRgjvXFWpNq6RxV6N1oixq77IMe1ceI/MnJNdBrN6kiEKelc9by/OTXFa2h5r7D7mEeXis37IGbmtC4nGOtU/OxzSJ3I2tVDUNbgEcUC4UvzU/nKwFTa4yaCbykxRLJ5gwDVaWZTxUls6FgM1Dox3sNSsK1uQmaqZMTZrbcoY6xLx9rHFVT0JkyzHqJUYJpHuBKME9axXkOc0+Kdx2rR6iuem+C2KwOAeKuatKpc5QH8KzvAUUlxA56Zro9Q0GZ8kHivNqSamepQUXA821WVfmwgGfasnS2c3TKT9M11Gs6JcIWCoT+FP8CeGDf6tK96pWJBx+ddFKdlc5q9O7skO0tprfTr3cyguhC5rmbm71VM+VIQScZU17ZfeDdMvIRHaT7JAOhPWuH1XwlqGmlm8rzIweqivXws4VFZyPFxUKtPVRucVE+oyc3kjOMcbjmtbSYRHHJcSY2joPerdkLU3G27DKnQ57UeInsLK0jjsZg25uRnmsMTGNOpyoeH56tPnMiac3FyzHoOlXbVNwBNZtsu8ZFbdvHiLJ4xWNiohM2Fxmtz4bDPxG0o5/ik/wDRb1zd03oea6T4Yj/i4GlMT1aT/wBFtSLW59H1j+LP+RO1z/sHz/8Aotq2Kx/Fn/Im65/2D5//AEW1E/hZ1UP4sfVfmfOef9FSjP7sUmR9kTmkBXYMngV8846H6g9yTVMf2SfpWdoXJatDUyP7GdieMcVQ8PAMx28+1Xb93oc/OlUNjo4+tS43Wsg9qPs1w8mEharJsbmKGQyRMiY6msFF32NHXp30ZzOnMFkkB9f61qLIoBOaoadYTT3UixqXye1baeHr4qf9FlxWs4vsUq9NaSaMzUmDabmjTnVNPbJqXW7J7DTQJ1ZSegNaOg+Hru+0zfFGSpHcZquSXKQ8RTim20UFnQjOaoazIDJAR612C+ELvby6J9VrmfEdsltqNvZl1aUHkjtRCnK5m8XTeiZL5/8Ao0Y21ZtnzKuehrZh8LNJYxSG5iAxn7pp50GG3jaZruNtg+6M5o9jqKWPpJWRy9tga1cY74q22AxI61d8I+HpNbvp51yADjJrp5fAwjbG4kn0J4qpYeb2OOOaUKa5WefauM2sRpbdR5AzXa3ngw3FxDaiKQL/AHs8Vor4EgtoxG0bk+uan2MnGxUs3oJLQ5bS9oKYBrp4twQMFJpj6D9hvokR1jj77xmtYoYQFWWI++2vFxdCHP7zOKti/aSvBGcij+0o234JB+Wp5o5TO2EJzWdLZn/hIxO1yrL/AAhcgV0E80T42zxhgORiqqTpTpKnL7Jye9TlzpbmJewOAiMpBNTpaTIoGxvrTdQWGSWG4kclR2Vsd6uyTQPtMe4+27muVQoW95s3lWqcqsjk/EtjPPcQxohZwOg+tZ8ml3qRM7xMi47it7VdSs9P1GOQwyzsynO1/u/nWZPqiTBztkMRU/Lu5FfSYGEYUVbY/NM+cJYyUpblHTdFuZoPPi+43tS6l4fmeFYWYKzsCMirVjrTppK2axnaPTr+dT2mozqV3x7lJGCwzW9eXLTckYZWqbxkbEll4SvIYFQ3iAAdMGt/wBo81t40luXk3LHC8ffvipReSSgOdo/CtHwfcM/ieRMrjy2JwPpXk4XHuriowS6n6bialT6vNPseh1XvRmzlHtVioL3/AI85Occf1r6ufws+VjujEyoXk47VBcRR3EDQuu5GGKZqNtNcwqLeQIQQSSKcqPHEiyAlsdfWvO1ex2rzPEde8E3knix7WwiISTJztzXQ2Xw8u9CszdT3Y3gcryK6XxoL2wtP7StNqyKu3JXPWuR0nQfEniux+1T35jzyo+YAj8DWTc5aMSjrcw9ZmuLJDKrMO4Oar6P45vrBklkkDqOoxXWeIdDm07Soba7UOyrgtjrXNaLo3mSPHHECjN1YZxVwnFR1Nppz2PUdA8Q22uRR3ETASEcjNdRMpkgUFRgjDAjrXMaDo9vpscYIAbHbgV0zurRlVYZxUqd9iZKxh3oSxPlQIihufuirVko+xSu7fwk5zUFzamSRFwXb1HSo9YuZLTTTaqVMjDoBWlO7ZtCDqNWMzQ4U1PXJLt13LDmOu0nRV2D06AelcVo91JpqhFTbvG5sjqat3OuzyTDBCYH8QrpadjoxGGqVZ+SNm0uIpru4lkcL5eVAJrg9bN7d+JFmtUfy1G1mHTrXSaleWtrp4vJW2KRljnAzXJy+Iom/fxoTCeN4PBrnq1mk4nPHDRUrvc6K1UW6xtKA3zgkgVvtqduMIOp5GT2rlEvYtUthHaOCPL+Y9cGsi3M9jeb7lnKDgMTwaWFg0mTjXzyVztr/AFiO3s55U5kRSQKqeCvEVzrdvN9pj2OjkLkDpWTrE6PZI8EyOJBggDpT/Ceqw2++FEGQecd66JTaZhChzJm5eaylt4jW3kIClBzV+9khnZTDMh46VwPiiaDXb4/Yi0NxHwwLc/pXJJq93pE7Rm4feOMuxIrKbU1Y0hScFzHsi7kbJXj1rntdktVuFeaXEg7ZxxXnem/ELXdQvzZmaFIw2N5j61t+MLo6Zp9vd3c6StKAAyDA6Vzyoa8rGndXZb8UCfWPCzx2TkiEl278V5hpfihtKha3miZyGIOCK3rDXdVurGeOxspXhdSGfgjFcZeaLqoLztaSKpYkkiu6hCysY1akabvF6kmqalb3s5eCIqT1yaoQXHlmTa4GR2q1Do11NjaQPU4roLX4d3l3YC5TIBJBODWzaW5CjUkuc4xpEJ5PU8mn28TySCO3Bd3OMCu8h+G8kbQi4kHztjbg5r1PR/CekaVaJstVMu0csAefypy2Mb3erHeG7Wa18N20LqQ5UEj8BXa+Esedc4BHyr1+prA9+mBgAcCug8J/6+6/3V/maiO4S2OoqC8/48bj/rm38qnqC8/48bj/AK5t/KtXsTD4kfOTPhay7qcAnmrkr4U1iXT5YivJjE/U0Tw3ZDAg966zw9eJFcBnbFcCJSnArQsb1hOoJODVNdTKqlOLR6daSQCZ5AgyT1xWqysI9ynhq4/T7o7QScit+3vz5O0/hmsm29z57EQs9CsviIWGrfZJXIB6Emup07W0uiEjcHHevKPGrqxEkR23A7il8DXtw0p3ykt9aesdjnlTjNaHtonVxgkVnvdbZig5qkLjbEJC46dc1mDWIId89xIqxj+ImrlJytYwVNR1ex0Ln91JI/3VGcnpXmfjDxgVi+xWGZblyVAj5rO1zxvqniS9/srQY28ona8gH9a6Twp4OttLCz3g868POX5wa6aWHvrI4K+JsuWBg+FvAzSzrqWt75GblUbtXpVtbbE8sIiIPu7RirHlKAMDOO1TInHHX3rqtynnuXNuQCEp8hXcppz2jKMRMMHqKtImDnNAADn7xJ9Kq9wujlNe8DaPr8RW5gENwejxADn3ry7WPBHiLwlM01izT2ynICZPHvX0D5a45GWoa3DqVlAZT/CaLRkrNDjVlD3oM8Y8K/ELT0UWeqw+TcDjcBj8669ls9TtZpYHSUHkMnOKf4l+Gmka5GzwxC3nP8SjGTXmN5ovirwLdM0HmXFr7ZK4965quHc42ibQxM3VjUk9jpRF5eVBOQe9OJ4IYVzum+Lre8by7seTMOu7gVvQyibLowdfUV53sZQlqfbfX6VXDuz1sRwQjzgQD1qfWBiNFxUkDATKOOvSptYAk2ADmvRj8J8bPWRlRR7YxxW5Zkx2LNt4xWXtO0AcYresAJtPdCvanBmcou5yhbF4zdia6rTLl4rIhDgGuce3IuWUjvXSWMDrZYx6VMnZNlrdG/pZb7KSeprsfC0ZS3uCf4mH9a4/TQfKVMV3WhJstnHuK83Bc31m9u504pp0rGrXlfx0x/wjem5/5+//AGU16pXnfxctorrSNMSX7ous/wDjpr25bHmx3PATve2Mcf3sVzuyWGRjIDuzzXot3aWlnqDbCGUg8CsaWzt3d3fAXOayUTaWpzcCTQ/vxkCuh8Mb7iWeZj3x+lUdTvbM2BjgxuXipvCN7FDBJFOwjZ2BUnvWVePuM6sFZVFdnUMisNjDiktNNtUvEkAbdvBPNSnaSMnGeh9akRtv3iB6V5ak0fSezUlc0b5g7TxfNsKnvWboOntCWkRwAT3pl5qUVpEzltzbTkZrN0zVzcRsUbbk5207NK55mNlCEkt2en6dCvkfvAjoevFct4x8J2WqW7yWcYWQc8Vr2eoiLSVdAW4+YZ6UWczSMZh86HsK2hVaehHs4SjqjwW50S+s5ZEkt5Nqn71dHYXbx6bao20ESKvI5xXsE0NvdptNvG2eo2DIrgfFT2duwS3tCoifJIxziuv2vPZHJPDezXMmcF4ib/ibN0OfSs1EDyqg+XJwSa1NZV7uRb5ImEX3SfesxNpnj56sK6kvdPPa940p9LiikjAnUs6+9bf/AAr3VJLFb2AFoiueFNdxpPh+ymtLSVo9zlAcmvRbe0WK1S3AURFORiuKpiJLRHXCij5j1PTJdMKRuPmbrxVArkEDsK7r4pQRWuuqkfTZniuCZiFGO9dlJuUbs5qloOx7R8PbVJ9BDSn7hyB6mu1t2hjRiw3MvIJPSuQ8FQNF4XhlaQIS2efpW7FNJcTqhwsJOHfHauCpBpnrUbOkSedcCOWJYVd5SSH2g4BpNI0aeSd3nXao6kDFSM0unjzEXzYS+0MKWbW2s7SRtv3gacvdic/I3Is3F6trE0azFlB9a5u61PfL9/jNZN/rxkRsEYJ5Fc9NqTB85NYxg3qzrlJRVkdmbsEday9SjS8gaORRk9KyItT4ySabLqO4Elq1UbbEOaa1OJ1nTTZ3DbRwTWK2RXYatPHOpHf1rmJo+uDmu6nJ21PLrQSehUzX1V+z7/yTP/t+l/ktfK5QjrxX1R+z7/yTP/t+l/ktbHMeqVUvPvJ9Kt1UvPvJ9KAKtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAeJyOKrySADNJKxBqnPIQpr3nI+xk7DLmTfxUEMG56ZuJOasRsQARWb1MW7jpZXVRHGvNSeU7KuRg9zSlwSGwM1OHXjJPNJq6sHJdGFrFk+PNTOB1rnROQSRxjiu+uo/MgKEdRXC6vZSWM5IU7Sa8+tQtqjyMXh3B8yGxZnfFaiaaGj5rI0+WRpP3cTSn0QZIregv1X93JgP3X0rikcKaMqbTtjEgVA0RSuhyk2T27VQvrcKvPBPNEQvcwZWwetMS5MbcGkn4c81UY85q15iNlb1mAGarzh3NR2zKcZq+MEcAUJK4jMWBj1FWYrbjgVZVAxxirCQlcYo2YJHdeBZUt7VlJANd0lwsilSc8V5Rol0baTAY11sOtADJIyK8+vB810elQkuWxr63c2lnp0kzRgkD0qHwvexnTzIYAFZic47Vy3ifVRd6U8SP8xz3ra8JXUkWgx7o1cDgjrQvhKv7xtyz2Elz+7umR/QNVlJE27Xu0kU8bWbNYV1Lod3I3nF7aX1XArMksbTDtBqRJAyNz1pTg3s9RVZKK1WhT8S6JPZ2tzeIiMhyVwK8xgMlzdNvJyD0ruL7UL2Wzkhe7LjcVChuK56y0rZOXkfGeetenVi1BOW54MakVUahsaNjahEGavyOFTaKVEhjiHz8iqU86hvlOa59iupXly8mK674ajb8QNIH+1J/6LauTixJLmut+HZH/AAsXSAP70n/ot6Q1ufRdZPigbvCWsqe9jOP/ACG1a1ZfiXd/wiur7F3P9im2r6nYaJfCzpo/xI+qPHtN0Cxu9PVnVjtGThqnXStGVNoictnB+esW18TXGnWxUQ4JGNpA61UfxBdSNtCAOTn7orwnUsrWPvI4au5353Yf45jhg08RWsLBccnNV/AEJE6l4wwY4HFTX5u9Z0qVvlAReTtrM0pZ9PmEazDcORjtVqT5L2D2Ku4uWp6teX505gBaxkYHOwVja7fS6josqR+WrMCOExiuOe9ubiZnMzt2HzHrWjotpNqYkBdhEo+bmpc5t6GawdOkuaT1Kvgp7ezvXW6uEznv9a6m41a3ilJW7jKjtXm0TQWupTxGYYDHBz71oyXcUUWd4JP3c96VSc72Nvq1Gb5rmp4ue21CxSYvkKexxWh4Z1eys7EDe+3GD89chqLzS6UXY4Wq+n3M01g0cOF2/eJHX6U1z8u43SotctjvpNcgdyyGTAPA31zfia5txqtvdeU25uuTWcLYvD5rylcdOTVLWmlX7O7OG5ohzt7gqdOlsjv4fEzLp6KkJxjqcVVTxCpdgQuSOQRXK+fJdCOMPhAO3FW7eKCLeHb58etDg31C1NaxRraD4svbG/kW38oIT0CCta68faiC3mywxg9MpXm1pem3uZpFcZz8uat27LOPMmfLMckdqbUkrXMnTw8nfkVzpta8W6hNDDILpFX1UYqpB4lvZ8J9qkb33GsLWWSaCDyQQgznmqkMlwsKsiY98VSheNkxSjSjZ8p30E17cLG8RllYHkls10lskkrtHNdx+aBwmCDXCaP4ii0O0M0p+ZiCm45HvV9/HtpPqSXotmPBB2kAMe1ergsppVabnUij5rNMdKFa1PRG5dvMt1bYU55GfWr8tnNao9zeq0ahlVQeN2a5e68VXMZt5rqzbyG5BAAI59ag1Hx7dah51tDbs8DOrJwCRitMLlGF1k7WOHFY2vaMdTsb2xRA7JHL5a9CW4qulteotqN6rHMMlyv3eelYLatrOpaa7rbSYLLkAUy/1/xBp0KBrX/RzwgKDI/GnDA4F1HF8o51sV7NSVzpNY8OxTXFvHLdIj7Tg8/NUNr4VWB3knuEQYOxGB+bjtWHZa7eWtzHdalC7SuDtHYD6VrXHij7RIkgiI8tCAOK5qkaUJNR28j5fGzpyqudT4ia18PWNvseeXbLMdygk1p6nZxNZqiIpMJCqVGM1y0HiWaW4iuZUDbFIUYHGaur4hlkQs+3JccYrCrGFWHLsPL8TShiFyI2I4nWFQRj61seDhC3iSRllXesbAr37Vn2t5JLDIZkG4HC4GOKoeCS/wDwtKf5jsNvJxnj+GvPw+VRw9aM79T7lYl4qhPS1kew1meIbj7JoF5OP4Ez+orTqlq0C3OlXELjKuuD+de/P4WeJH4kec6T4rS5DLI23B711NlcJew5EinFcpqfhWKK0L2x2tkVueGLZ7WzVW545zXl3ktDtlZ7FzV7EajpUsDjIYZXFcV4N1x7DUrjRLmMxrCSqMe4Ar0dSzEggbR04rk9fNjo12L+SNcyHBwADk1bskODvoY3jbxhpUKNa7kkuV6DNYegeKNNlgV7l4oHXgggDP5VV8c+F5tQMGrafiTzsfKozjJqnY/C7V57ZZnfYWHIKmlywtqClKJ3a+M9BA5vYsj/AGqRfH2gQO0jXStxwA1cS3wn1Ncnzxz7GrVj8J7hpR9ruAEHbBGaShGItWbV78Q7aeeNbIghu4xTINQkuLlpppM5OQDWJqXhKDSLzFu25kjJC5JqLSotUv7hITH5anuVrenboergakIp850rXiPc+Y7bVUY61Tm1D7TdLHbESHPauisvCdpHGPtUrPIfRiK1IdP07TR5qWxDDj5sHNaSkzSpjVHSCMW1t3u4ZLG8AZHU4GOlNS1stMtDZ3sSpED8jMBya6Oxto5L43OQCVyqVk6zpct9qey/O2xUeZlRtIP1qLJq7R5VWblK/UPDtvZxW08tsFeQuRsHpVbxBBfXFmzyRJHGnbYAcfWuXvPEMWiamV0wnapwdx3A10MPi+w1W12XriB2GDuPBrWk0kctRTvdnnV9PeQ5W2DkseATmtjw/Z+JGVJo4MDdyfLrt9MXw5M37uWKR16DOf6V08E9okYUyQog54XFKfvaoqM3HQ8qk8P+JI7yW5WMLJIe8dXbbwlLqMZXVFVVxyQu05+td3qOs6eQEEyOwPG04rntR8S2dgvB3OedmeTXNKlO9zaOIuuVHIa74M0/QLAXFjv3FuWZia6XR7W21XQ4HvDHKIjn5lz2rltVu9V8RHykTy4SflBWrOn6JrthEIlcqHGBkHBqJwlvc66UKbjaUrGh401a10HRvLs4oR5gx8iAYrl9FhXxHZmPzPmI+Zh0FSa/4Zu5CJtQiuFC87mY7fyqfRbV7axk+xTRocYYlc4FdtGpGnTtfU5p4GdWfu6ovReG9I04FDMTJj7xY4zVjQbua01FvtV3A9sflSNVxXHavqEunyedKzSnsVOATUVrrjBVuZyGkByqrxj61SUqruZV5KiuQ7vXdUluNQE0NuyJCAQeMGur0+5F9YxzAgnGDj1rgtI8UC7QRXCxgk91HSuji1B7KFWWPMROfl4xW1SNo2RwU5c1S3c3244re8KDE9zz/Cv8zXBTeLdPjUF8nPo1dx4MuIrrz5oTlGRa56bTlodlbD1KcbyR1tQXv/Hjcf8AXJv5VPUF5/x43H/XNv5Vu9jmh8SPmK5faprDuZPmJrWv2wDXPzyckV5kXofqFSSjEaZMmrNuxEiH3qkoJNadnAWKmlcwpttM6jTZWCqSeK6BZ1EWc4xXLWhYYGMCr00kpj2Jk59Kyb1PHxMWpGNq8putQ3Zyg4pukebpupxnkRyHFWBaOJfnHB7mq2t6va2cQjHzTD7u31rRe9pE5IzjSu5HpeuXkGl+F3u5mOCuR715bZw6x441E29v5kVjnk8jIrs9MjuvGOgwQXsTRW6ddwxkV2ml6daaVbrDaRLGoGMgYJrupULas8XE4puTjHYqeHvCVn4fs1S3QGXHzORWyYvzHerUUylfLIGD1PemtENww3HpXRI4etyNFYDpVmJcj3p6J8uMU7aB060tyrXQhAb5e9V9Qu00uwkupASqDtVpQM980txax3du0E6h426g0ntoRbTQ4Cz8fXVxqiQrbq8UhwCoyRXoQ/1a5zjHOeorL0/wrpmnT+dDENw5GR0rXkJIOQMmop80VqZ0YSXxDCuByCVqOW3iuIWSSNJEPG1xmnowtoWa5mVF7FjxRDPBcpujkRx6qc1XNqXzKMrHnnij4UaXqqvNYZguTzxwM15feaZ4l8GXBSWJ5oAfvAErX0sVBqtd2FtfQtFdRrIh6hhmqcb7o0jVcNmeFaJ4psb91WciKUHvxXZz2DahbrLAN4H8S1X8U/CS0vA1xpR8mbqAOBXE2eu+J/AV2sF5E09uhwSQSKh09ClV6nbDSpydojbI9RXRaNpMzQlGQgn2o8M+PfD3iGKMOy29yRyr4HNd3EYFUGMKR2I70oU0OdXm2OIbwc0k289c1t2Xh3y4djjiugX5jwCKeNxPHStFSRlzszYNFjjHFbljCIYyB3piI22rUYwKSpRi7obnJ6MfXmvxmfZoOnNnGLo/+gmvSq82+Muw6Bp4c4H2k/8AoJolsOHxHiTzh5NxYnPvVGdJ3kaJMncOBWwJ7RbYDADA9an0SazuNdiG5T65rK5va5wV3oWpQ7pWhfZnJqg9xMrLjIKdMV9FeIrexTRJ8CMnacYHtXgk5hDy8A5P5VpBKTsyZJw1Rp6N4jkkZYJzk9Aa3NQ1FtPs/OkyST8vPWuEgeOK6iKcZYZrc8T3y3K2kCZAWPn35rGrg4e0ujvo5nUVPkZ2PhiZdV0S6uZogWMm1cgdxWc9nFY3jPICi9MZxWh4Bfb4dnDLn98MflWN4tuWimmweS2KznTXNyojm5lztmlBr8GnyjybgSRufmUnOK7rSZ7S5g82ynXey7ih55r58SeRW3Buc966G018wpGI2dJFHUNgVDw/LsaUsT0Z6f4g1ieIRRRoYpiwDn2rC13UoLOzJZVlWSPazY6H8azLPXZdclitZcNMxC5ArVvvC+pLKtmYzLE/O3bz+dOEeV6m0oSmrxMWxkt5PB93G20ksWU46cVw0GUnjXgfMOTXqGp+CtR0nw7PcY2QAEkMvtXl8RPmqcg4NdUNUzy6q5ZWZ79oX2Q6TaedJk+WPunFbS6vYWcyxifeWHA3ZIrkdHvLYaLbiZwG8sdDio49WsLa/G8gkdyc1xzjfodkZKyucR8S7n7R4k3qw27OlcVIB6/NXTeNb1L7XGmi27cYrmGb5tx5xXbBWikcFRXlc938CeINOh8PRWd0m6QDI5FN1bX9K8qd7e9j8+LJ8kHnHpXkth4meyZSkZyFx2qtPqi3EjvKrbnJb5TipdPm3No1nFWiexaDrH9q6e01sGdUJ3xk5IPrWZrWrn7LIjKV68GuZ8KW+q6Wo1W2J8nOWRhkEV0XijVdM1bR/Pt08ucDDrnv3rllKD91HRCUt2cT9vbzTluM02e7zyDWS7ndgGmGVu9XGBEqljSN+wGAahfUXxjdWeX96ZuON3bNa8iMXUZPJcO55NVySTkdKGPPAqbzI47Q8fMauKMnK+5TkfJxX1L+z7/yTP8A7fpf5LXytnJr6q/Z+GPhp/2/S/yWtEZM9TqpefeT6VbqpefeT6UxFWiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPBpXyTWfO/WpJJsVTlk3Gvbkz62UgU1MjcVWBp+8qOKkzuTvcKoAJp4uFO3mubvdR/0rylIwDirkEhbAB/OkpaiUr7HSRXA4U8mq2rWS3tjIuPnAyDTLUBfmLZJrQQhkIpzgmi6kFONma/w3g02y0iUTWKyXZOGdk7Y5rP8AH3g+H7KNY0z5CT+8UcVnR63Jok7Y3GNz0rQuvEklxYlXGYmGAteY8NJy0PmsZKnh5WbOFtrzyk/eZHaoL6/LphWz6V1semW15Ys00aRZ6djXE3emyW148eSUzwamph509WctLFQq6QMqUysScE1XzJ3U11cWlDylLDINL/YoZwAvGayOizObtxMWGFNa0UFyy8Ka7HS/CRkCsFFdXa+EI0QFl5oHys8qiSZG+ZD+VWGmCLluK9IvfDMSIcJ+lcLq+lNDIwAOKBNMp2t8itwasyXcoyVbgisJomjbHTFTLMy/xE8VMoJlxk0i3JPI8nzE4q1Y+J73RmEaKXRj0NZ0cm8VsQaW17EJAq5FSoIbrSiros6hrdrqsStJH5b9yBXPX16sK/uJn4961JtMMeVI5rOk0JmBOcg9quMUjGVfm3Mm21SbOG5G7PNXWu5p3GGwPakk0lYSNx59BV+2slCbyuAO5rSU3LRnMoKOoRbwnzOaCOpzSSt5rbIRwKkWFgoDVm2i7qw6FvLQtXRfDOZpPidpA7bpP/RT1zjD5Nua6T4YxBfiRo7Ds0n/AKKekC3PpiqergnRb4L1NvJjP+6auVR1tzFoOoyDqtrK35KactmdFP416njA8IGeKVZZl88ksBzxmnyeDbS0s42uJ/3xJAwSK6ayJaZrv7PI7NGoODxVVdXiutbh08wMoDZO4g9a8906dj6d4qvzct9EUtWsYdH8OSW9vCz71yWHvzWfoen2uIZzA0jzNtIz0xW/4luANEvElwpCYU1yfg7W7JFWKe4VGjcsCxpLkWhMHVcXLU7CfSbTT7GRktcueVBAPNE2nvHpeyGNYmIy3y9c1g6lrSnUIGW+jktg+SBmtaTXLaSSV4WMw8sDarfd4ovC4uWu2mzx1rSUarOrjKBjk496BIJZ2A+ZI+gFTxzibVbl87cseD9anW2giMm3J3dcGuapON2ezChOysV9WuXl0VPl2jmq2lO0GmyS5Fa2oW0a6ENqnjPU1FYRn+yGUxhgfan7RcpcaE3LmuUZp5PLXzHwCego1gb47cjLA9MVtRRJIEZ4xkdOKh8SxBXtFVQoz2FTGohujK+rKUdtJFYIwVtxqe2tZ2uVkKsRg5H4Vc8lvKjGeMVd05Nsxzzwf5VHtnexX1Wy3OQgs3luGYDARjkYq21nJLOojcAewrT0i5SK8uC8YO485Fai38KElYFOT6Cr9rrqc84Ti9EYN3ot39jtjg457davRaHcyWuPLIX6Ve8T6nJLaWShQg5+6MVTgvLgQD5zUe0vuVSp1uXZFyPwlbyQ2/2wP5a5x82K6ax8Lac7xJHbnyk6E85rMtWZ47cMxOPeujt5Xg2lD09a8zE5jiIT5FNqJwYnL4SfNJalHU9Ng/tOO1mQeUAcD0qzFp2mxEW1vAo9WYA029maXVldsbiDUoPb9e9cdTGVY6Rk7EvDRlBcy1HaxYxWkFukXC4+bbxVezhiJPmoXj6gNzijUGkcRAkkCpIsgADpWNSvJ6o1hT5aXKzm/FLj7dbYTAKnAA96l0WyhnjuXnONiHbz14pmv26zarAWJGFOOaYIY7W3kO59xGM7uK+iy+railJXPzDOaSWOlIk8GrZG9P20gRDON1N8ZLDDcm5siDAJV+79az4HgisgA+Xx/CcU7WN7+H4ECsWkKn9a7uZqNkjTIYwq42MGjXsvFERl2Oh2ketaHw8u1uvibcMgOBBJ/wCy1x9tpV5ujDRMFAyTiuo+F8JT4iXDD7nkSY/8dpUqk51Fc/S6+Do0cLUdPsz3Kq98wSylYnAA/rViszxFHJLoF4kLbZCnyn8RXpz+FnxsfiRl3LpJBsx170mnQ/ZkI6g81yEUmsRqilCy+uK27a6uo9vmjjHpXmqSudrhodE0ybS5ICr1rzjxfdQeIL+HTLa4QMDuPfoa2PE+reVosogk+Y8cVxvgTTZbnU3vLpXBUHDMaUpDirDtB1m6sPF/9gXpV4UyFJX0r1ogKNoHA6Yrw/VCq/FCJo2yS/JH1Fe4htyjJH5VpyqwpMa4G2oX+7wcAcmpZWG045wcVh6/qK2GmSNn9642IM9zUSsCMG4i/tC7v7lekQaMVxlrJrVvfb4lBVDjGyvRdFsZE8Phph+9nG5hjkGuWF1aR6jLCZVWRH24J61dFXdj0sE4NNSLD+JNUWNQ9k5f1AFaela1qN1GwuINg7BlFNjdWUb9pB6HFTofLPykAdeldFtdTslh6aWxZtJrprlpZSECjjjFYPiLxHLNILO3bLMdpx61N4i1hbW1SGFw0rjqvauPsmUapA85LEyAk5rKUtbHiVbKehqW/wAPtSvZftF3KsULDdkqa1bPwlYxOUjlExX+IE4rrNR1Kyt9KWV2bYqdA1cNP4hs3kUwTeUSeYy3JraPK0YSlN7nWaVp6afMWZI1U8crXPfEXXEsFgtbSVTJIQWK9ga6PTb7T3hjd5sHaOGbNeNeO9TN/wCIJiGGyP5Vx7VVKKlLQxmpWNGPXo7OIvI5dtvr3qUOv2f7dcfPK/KJ7dq5bRtPkvpjkMYo13NnvV2Q3UlwditsX5VHtUVqnRHbh6Nl5l2W8u3IlWUIvZQMU9r7VPNWYXeCoHBycimWtq0iFTE6S9ixyPyq/E93Gpgu4FeA8blQAj8a4vaXZ2exctEjo9E8SxX8X9kXsZdphjLYzzWXfac2jXzW0YZoZD+7mB+Xcf4T64rl9Str7TLhLu3bzIc5DIOV+pr0LS9Vs/EmixWExXP98cFT6561alHcxvUo1LnE+Jiv2ELKEC/TnNcNazj7SYwSeeOa9O8R6a93C8RX99bjAwOGQcA4ryqWB4r4lGCsp5Brsw01EWOjCrBVYrU3EuGiYOuQVNekaLqkl5pSqY9xxgjFeVxSsy/MQCe1dPoesNYXcBY/IxAIrsvc8OV079Tfnt7ZFd52CAEnBr0v4ZalDepdRRYzEi5x6ZNcF4jtVmtEuYl3RsMkL9K7H4RRMYLy4MRjDAIM98E1ytctSx6nO54VuTPTqgvf+PG4/wCuTfyqeoL3/jxuP+uTfyrR7HFD4kfLN+CUJrnZR85rrLyLdEcVzM0e2Qg15cT9MrxuhbWLzGArorW1Cx1kacB5gzXRxYwPSpkVBWgTWNtNPKEC/L610kWlLDHk8tVHT5xHgKB9a2FlZvvHArncnc8TE3cjlPEc5tIGCrzjtXlN1dTLqS3DjftbO017PrdrHcQtuwTXnF/pLiRnEYIBrrw81B3PMxVF1Ynpvg3xxp2sWkNjLsguEGAi8Ka7cg71x9018032iX2k+Xf2yTRjqHAxivQvBHxPVmj0/WSN3RZj1/E16UZqS0PBnSlB2keuwxZbrVsQ7WDZqvaSwzwrNE4ZG6EGrW8Mcc0zNaDwwpfLJ5qNVLNgGp0J6UguOVQRjvTsbeKQ/KMinKRjcxoEmKKXHoB+NVba/iu7iSGMMGTrkVLLcQwYEzhM9Axxmqk0yb6nC/EC01i4eL7H5jQD7yJzS+A9K1S0klmvXdYWxtjb/Cu9U5+Yc5/KkCg5yeR2rH2S5r3MvYLn5riEDtTNyZwDk+lOY8YqARBJd4J3Vq2zd2JX9uKydW0mw1K3eO8hRwfUZ5rVJxkMORXK+L/Fdn4b055JijSsPlQdc1a1WpKep4/8QfCtr4aZb2wutkrHIRW5HNel/CTW72/8Nn7e7OY8BZGPJFeVW1lqPjbVv7R1AlLQNkJ/hXrnhq3W0mSzijMUAGAoGKiL96xfwo7h9atIxgyAEe9Ni12K4mCRGuT8SWi29ypQnDVoeHIoxaSOw+cd/wAKlzalYzb0NnUfEv8AZ52AbjWl4e1OTU7eWSRdu0jFefajI019Ju6A8V2fgt91hMv90qP51EJtysEXqdPXl/xtYL4f00k4/wBKP/oBr1CvIvj+2PDWk84zeH/0A1pP4TenbmVzxibDrtDVlql9a3Zmtic544oZ5EYEq2PXNXrHT9RvpQttbSuD3FcvMzr5U9iO81vXZoTHM52njpWXY+HdW1WbZbW0jlj1Ar1XQvh5PKyy6i4C/wBzBBr0bTdGtdOgVLaFRt6EgE1SqNFfVk0fO918PPEVi8ZewmbvwtU9e0y8sfJa6geNtuPm7V9Iandxof3jLv7ZFcT41sxqWhM7LGSnIYLjij2rbNHhVGDaOd+HqN/YE4JGTMCPyrn/ABtu82UY5WTBrt/AS2CeE5y4bzlkB+97Vyeu7Z550ZN299wNTf37mcV7ljgY1DOATitZIIyy7SDjrRNbxI2dh/OtDT1jX7+Ap9auU7kRpu5o+E7YN4ntzChYqwJA+tez3Nv5GofbXgm+7gfNxXmvgRYIvE4ZWVweOO1e3y2Mczgtkow7GlujspV3TaTPNfEGrzT+GtShmVgnzFQfpXhUO3zEwpz9a+iPH2mxWPhy5dMAuSOfpXgUNmS6NvGc8Gqpu0THHSjOpeJ6Daaqtpp9vGYS8hQYHFZl5fie9CsoViOmOlbsDRLZWhVohKiDllzVaCzN/qb7ni3dQQtJ2SuYq7djz/WMreMOoNZTHtXR+INNuhqsibdwB6gVjPp04blT+VbRknYxnFrQpDilznrVwaZOR0/SkOnzq+3YelU5IzUXsztPDOm6rqOlsI7pVt1HI2mtVPCCJayRG9RpWywXnvT/AIaXv2O3ntrpcI4Iyau6xoNzaRT6ol1twSyISeR2rlk1F6HpYaMWtTzbU9PuNOuXimXAzw2KzywHXmu1XWoNSj+z30IEg6NgCoZdPsIDmWM4PIOapSsROhd3RyK5f7qGrENjJNKisNqE8muiLaYikxbSR2zVNnaZwsa/LntSdRmccPfcyruwe2nzGN6Y5xWbMWzjtXZx2Ur2sgVcnHcZrmLy3kgVlliKtk8mtac0zOrSaKUag9a+qfgF/wAk24/5/Zf5LXysh+YCvqn4Bf8AJNv+32X+S1qcp6jVS8+8n0q3VS8+8n0oAq0UUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB81STHNQ7yajd8tRmvYZ9O5XJg1Esm2Jj7UwUyZ8RN9KL6A9jmcbrp3LY+aty0KbctL+Gayltonk3NIOTnrVpTbxPgEH6Vlrcwp+6zoIZkAGHzV2O7AABPArnI7lFHHSmS3xz8rGtebQ29pobeoTxPtd2UqW4Gat20yIg3Rq64yoNY1tYSajErYOM5qzcadewKMyGOIdWzU0MXBNpnyWdYWeIneBNeamxPkRgSSvwqLztrPVZbCX7Nqa7/NG9HHOD6VpaZHY2VwJkcPIw5d6r+JfEVgnkxeWk0qSBiQM8VhiqrqOxjgsPGhG/UiFyIcqR8o6ZpIb9GmBJwKpalcC+VLmFDGhHKgVRSM/e3HFcMouO56EKikro9S0XVoFjUGQD8a6Rdbt1XiQH8a8QRrmIbkkbFWo9TuRwXbFSzVSPV7zWYpEOGBrkdTP2vO0d6yLW9kbhmJrYgYMg9alsVzkdRtXjJbFZJm2nBFdxqkCNEScZrjruFQTgd6IvuDIkmA6V2OhTObXiuHSF3mRF/iNd1ZW8llZqM4BHU07HNUlY0XjRlJkArIurhVby7YEueD7VYYzn5hIpTuM1NapZyE87ZMcmmznVynZ6Ugbz7t8jrjNQX4M0nlwLtjFbTaVLNwkwZfc1NHoEwADFQPY0dDRNdTmILbyjgLz60+VdnWuqudNhtrckum7HrXJXsiByN4wD60rBoVnOTXVfDMf8XD0g/7Un/ot65Azxk8OPzrrPhjPGfiLpCbuS0mP+/T0WKT1PpWsjxWSPB+tkHB+wT8+n7tq16xvFvPgzXf+wfcf+i2pS+FnVQ/ix9UeLWM88Vgvk6pGrMMfNk04ojTpPJqkImQ5yoIzXJIzfYF+Y8E96erMYwSTn614jqtH6F9Rje50+tXMP/CPXBlnaVyDghjXNeG9TFmCGgDqSecDNW9T48Pn8awNI/13ehSbjccKMYvlWx2P/CQRBSVtVP1UVYstWaWCeREVcryNornOsn0rRsDiznPtWLlK5rLDwSOdtHD30rPjJY9vetjKY+7WFaPi7f8A3jW3HyhIp1FqaxXu6E2rEDQ+BVfTHH9mEetTauw/sMZ96raYf+JaSOgoSvEmLsywMZXnvUPibJltQKmibEsZOME1c8cxJENOKAAt1/KinHW5lWqKM4x7lXJEcfParemBnuCo5JBrPY7UjDHkitDQ2/0/PoDSV1I1rO0dDHtI2i1G4Rx3q1uPCgDrTSGl1e7bIGDSBh1Bzg84qprUVOd43ZP4ktSNKs5Nw71St2/coM5rS8SK39hWQbqQax7dwIlB+92qqiVkZ4d8yaZ1lq2PIFdEh+UVzGnhpZI+OFrovMCLuZgAPWvCxlGcp3SOTETgnZsbcH/iZp9DUwOGrFn12x/tVFM6luRwa0/tCsVMalwwzxQ8DWmlZHCsRTirNlqfayr7CoY3yBzVbOpXN2qwW7LF0YkZrZh0O8LHC4TtkV1/2VXqQSSOf69She7OF8RrNJqiNCSQoPSqbySpbusjY3EcGvQf7LhinaSeaLjqCtRQwaNe36WrPGzNyAtfQYXAyp0lGR8RmODjicQ6t9zirbSbmW0WSGJn47VaSwvtQ8qzMTRhB3Felxx6fZ3DWkUDAocDJ4q9HPAt0IykK5U/wDJrqVCBWBwKwtVVovVHmaeENRaQCGdy5HIya7PwF4Xm0fWWubhwZGjYAYIPOKo6ZeTS+Oru1ziJd+PyrrtCES6w6h2LbTwWz6VUaMIu6PdrZhWqQcG9GdTWT4mv00zw5e3kn3IlBP4sB/WtasXxdaG+8KajbAZ3x9PoQf6Vc/hZ58PiR5jqHiqFQht5VKN+lQjxRbw7GmuVxnBBNeZ6tcSaVqEkQJeInjH8NNsbKbU3DNISjcr15rzOS2rPR5uiPQtQ1GLxTq9tYWDgQodzt1Bwa7G9WLRdIfy9o2LjcB1rz3TbC60ZVkVcMRjkcmrustrU+jvPNxAq9NvOKTs9hPTc5zw6sms+OTcZJ2MT/Kve42C43HjpXiPw2s7ptRlvUibyjn5se1evLfQqoV23N6A96qTsTa5fndYw7Z+RQWJrzZbmbxd4tMcZIs7RufQsDmug8Xa0tpo5ijz51wQijPIJ4q34O0JNJ0eNpV/0iUB5D3zS8wukbLAhURF7dPavIvF2iI/iJ5IJGSViSPmOPyr2Qnksowc/pXm3juIW+opcgHDCujDW59TGtKSjeIzRGvoYFiuHSQD0XmtiSdYdiyqVDsBk1ymm35bbgnP1rd1dZJvD7snDqdwJrulTVgp5lWWjehi6rpF6dQd4oZJo2OVIpmm6BdPdB5oJFCnvXV+D9U+2aMocp5kR2tuGSa3XMTnKlV9eO9ePVladjoUuf3jhfETTR6PsckL5m0Z9K5/w60cl+0UsBlxyGGOBXTeOZfI0kE4YF+gFYHgZVub6R2Uk7cDBolJ8l0bRsy34lSGxj85JXQ7eFDGvLby5M9wTu5ZsnNehePJFefyASu1cnJ/SvOEVpLwKuOPUV24ODjT5mctWSlUUTsNPu4LLQWMfMrEg4Pam29xazW7SKzLKo3HLcVlyWsvkApKqrjlSOtY90zwo2wsCRgjNChGcrHb7ZUk21c6lbu5vVzFIpKnGFHNDJfJKodJQ56AnrWT4cMs15DHbhiSRnPNemRyStH9lurMrJ/C+0UsW40LKKuc+FlKqm5uxyQW4JKyRvuYfdPT8qx5f7Q8P3DXNsHELn5gexr0UtJtFneWmxT9yTAB/OopNPe7D2Vxb87fl4HTsa41ie8Tq9ipJ3kcVpfjhr3xBAblcLJiJwcdBVfx3ojWFz9rgB8uQbgR055rn9fsDperlUUqytmvRdLmj8V+Emt5RieJSBnqe1dqtZSickJNNwZ5taXGYwSMn1q4Jcrjd83aqwhNjdzW7LkAkD86d8oUkZ3Dmu2LurnnVYuMmmeoeDtZj1XT206Yguo4zXoPw0i8rWNVAc48tBszwOTzXz54f1J9O1RJVyMnBr6L+HJSa8vbpB/rIY8/rWdWLclJGlGoo05QfU9CqC9/48Lj/AK5N/I1PUF9/yD7n/rk38jQ9iIfEj5pfDQmucvF/emtiSbbH1rHnbc5NeZFH6jJJoLUlZBXQwv8Au8msC2Hzit+1AJUN071MtwekTe8IaZNryzDzPKKdMnHeuhl8N6jAMeZG+08HdVLw7KLdtsQCqepHWutFz8h5bHvW6o03G58fja1VVnbY5s+FZ7nH2icID2VqtS+DdOs9PeaWRn2jJzitWSddwPb3rQlSPUNMktzkKwwSKPZ02tDklXqXV9jGfTdOvdK+yvEssZGBxnFebeKvhM0du15p5GeSEFeo6RYrpIcNIZcno3an6hedxkAdu1KnWjBbk117R6I8N8OePNU8JXQstSV5IFOPnzkfSvb9B8SWGuWiTW8i/MPug81x/inwdZa/ZtKI1SYjhgOa8qSTWvAmpgrvEant0I966qVaM9Ezz6lGUHqfUSsisOMZqTPzYHQ1wfg7x9Y+IrNI5JAlyByG4zXaCZYoTI7ZUc8VoYstquAMmqmoW0t9EFhlaI5+8pxVOK6nv7mO4tT/AKMpIbPBq/dXS28RWJlaT+4DyaGPl5tiaK2it422oDLjhgOp96zo7Ke9lL6nGjbD+72c/nV+zuJpoUldBG390VN5mxsnIz1pq24K690YGYEJt2IOlPHUkLx609MSn5jn0q4EBTlcfSo51fQfsmkZhXLUj4xgdakuVMZJHSuY8WeK7PwzpjTzSAykfKgOTmtY6ozkrMj8WeK7Twvprzzyhp8YVAckmvE7W31Tx7rRv77ettu3KnY/SowdQ8b6z9tvy4td3yj19hXuHg/w5HZ28UrwqqqMRx44UVjOpbRG8KOl2c3p9nHYMI2iCKnAjx0rrtHELTBgQzHnNUPFVkILxZEyN3Vu5qfw7BsEsma0jB25kZ1GthfEhE1woHYVY8MIZFljPT/61RXMDXF0WAyBW3oFi8QdiMZNcybdTUws2c9qFlsu5OO9dR4PhMVnPnuy/wBabdWMclydw5Jra062W2g2qOvWnTg1UbHFNMuV45+0NKYfDmiOMcX/ADn/AHDXsdeLftH/APIraP8A9fx/9ANdD2NouzHeGNP0/VvDlpcSWsWSgJOwV0VrptrBgQQIgHfaK4nwFqqWPhO0ilbDFB1rqV122J5kH4GuKSVz2KdnE3kRE54Jpk0mQR0rHbW7YrgSj86x9T8WWtmhHmgkds0ror1NTVvI2AzqSvqDiub1VrOXTpYreQglDgM2awL3x9GG3Ihkx2JBqqnjzzG3LaAnPK7VpRLvFqzZDo97Np+l3FqyjmTqB7VmSyCW6IbrWhe63c6gWc2qwxH/AGAP5VjLMhuM5qm9DmUbS0KV5b5k4Hep4bVlT5RuzViYKzDBFW4VVY8Dk1CehbWuhHp6m28x0Yxy4ODmrdzq+qx6eGimuGkz1DnH86i+RSSPvGqywSs7Hf8AKe1aJ6CkupRvNR1i8snS8uHKddrE1hQJIZkGeM10F5p0ixs5k49Ky7eBxcJ9apPQwcdbHQsZB5QycBRTrBnTUdwLfnVkxEQoTjOKl0+2L3qZHBNZyl7jNYR95GF4incXfyZyaxBcylwCP0ro/EkCrfuo4IHeueKhXXPPNXSfukVl71jYtELxgkD8qe8XOdo/KtPT7RTZiQkdOlQ3cezoMChydtCVFXLthA32fMYwT6Vs2GuWUCiDUC0jZwFLVV0a4gFoQ8qKw9awb9PO1AvEN+3kFelYQleWp1x/dx0I/Emnz3mpPc21m8UG3IIx/SsmC/tISVuxI7LxjfW5qurapBBGhVfLIAzs6Vza26SzGVhyTk1vB6amdSfYrTzLNcGS3jZU9zmtHSJVeULkZzzWppllFcSCIoCD2AqrrmiT6PciaNSqHml7RXsZ8st0dvpdhE6Aggk1Z1jwfBqenSPGoEirxgVxmj+JUtYwshZj6g12Vh4riKg4JU9eal3T0NuaM42Z4xfWb2N5LBIpDqTivqD4Af8AJNP+32X+S14X47t4ZbsXcIA3da90/Z//AOSaf9vsv8lrshK6PLqw5WepVUvPvJ9Kt1UvPvJ9KsyKtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAfLbffp2aRj89KelewfS9R4biq94R9nbLYqVTkVS1Mt9lIVckmlLYU5aGUtqGYEHNSmHy8nKj6GqaNcKcYYAegqwu1hmQSZP8As1imc909hn2hhkbqfbmS6nVFGRnmnrY28oyrS/itbGl2vlfLGqDj77HBq9XoOMZNnp/hLRbeTTYzgbsDNdDqnhe0u7B4SoztOOO9cDoPiUaGAsrs65xnriuol8dWs0WYn7fjXnVLwnoebWXvcp45r2n3+nak9kFO3PykVV0/w9K83nXbcA/jXdeItVhupFnMIz/eA5q/4d8NTawEnmzHbnkNXdT9ml7SozyMXSrxl7OlHc5k2q+V5YU7QMAYrBnWSyuCsysoPI4r3NdP8P6H/wAfIWcj+8AaxfEZ0LW7N4bTSW83b8siwmsMTiadX4UVhMJVw6vNnlcU6AZ8zKn3p5dM/KBVfUNDv9Lz9otniRm+XKkVSEkin7x9K5Nzv8zft7gKR0rUjvsLgECuPW5dDnNPN/Jjg0mhnQ3uo5UjdmucurkMTk1E9w7Hk1VmOQCeaSE2aWjgz6kirzjFduLrB8mdMp0Fcf4RUf2n5sjAAdK7C7bc5KruBPWqOeepDIkaN8ucHsBUcl9bwAKtszN67aI7gxy4aMn8Kt+ckh4hHTkkUGRnSa3ParujjI9qpt4m1OVsB3Uexq1dXtnBLiRXk9tuRTf7a0lFGbPn/cNSOxnT3N9dD57qT6ZqqbCV/wDWSnHuauXWpxTNiG3jQevQ1UMm84aV8enamNEE1rbwLxIS1dR8J7Vz8T9HmLfKrS/+inrnpTahPulm+ldP8JpM/ErS1+bBMmAR/wBM3plpan1DWP4t/wCRM13/ALB9x/6Latisbxd/yJeu/wDYOuP/AEW1TL4WdND+LH1R80of+JePqaki5iFRxbRpyFu7HNPjP7s7enavn5pn6itC/qn/ACAD+Nc/pB/f1u6rJ/xI9uOuawdH/wCPgDHetIL3Dnf8RXNYH94a0LJsWNx9KyyxWZgeAKtQTYsZgDnI7VnZ3N5rQw7XH21v941rxSrsIzWbp9rLLdMfJcjPWtM6TdKxIiYr2rWUJPoYwq00tZEmruDoqLn1qLTmDaNKo6gVHfpIbUQspGPWr2i6Y8sJiVh89XCjPl2OWWOoQlqypDLuaME4w1afjqWOVdOEbglev5Vfk8HTAHZICe2AagfwbrM9xvZlIGMBkJrWnh5p2OLF4+hzRmnsY11IzrDIpBAFS6ffrazPLIcbRxXc6f4PvDbCOe2Le4XFXz8Pop0/eoV/StPqbb1ZnPO6fLZI8w02dr7UZ2RTh6sf2fc78eU2M5r0G38OaNpzE7trr/tVbNzotsvLo2OnNbPARe7OP+2pbJHn32e81F44JbSUxx8DFatr4TeaJQttIhPcmukfxRpkYKRwqT/s4qrJ4pnJ/wBGtjj6Ct1haS3RxPNK13Z2M208CXSymRrooPTJrej8NWyRhbm5JI/2jWRNrGqTj7wjX3WqrSTT58y9Ge4BIq3h4N3SOKeKnOWrubM1v4e0o+ZK0bN6n/8AVW7pz6Z/ZBv4Y/MGRjBrzXVLTfErRxTOo6ktmvQ/DqBfBsP7otkD5R161coRSsYKbuaa6pFIqCKFUz1JAqza3izeevmL8iHkduKzYSqQGSaPyVHd6zLrxPoukWt2V1K3knkU7UXqDio5bCfc5a9eaa6l/fF1J4CkimeGbd4fFEQeKVQc/fOc/SvPb3XfEF+8gVo1jB4Kx4OPrWdZPrkF+t4k8qyLypYkj8s1pzKxFrn0xfb11KURWkhGeX4xVK41PSrC5S5u9QiRo1IKMTnNeIzeIPE19IXkvRz12Aj+tY1y+qPM7TmWQ56knFYybtoNO256HL4+trHxxcX6p5tq+4AoQOoFegeA/Fdvr3iFkgt3jBiZssQfSvnOSdVUGVSGFep/BW7im8ZoqHB+ySEjPutZLn5lcqTVj6GrE8XmUeFNQ8htspjCqfTLAVt1keKBnw3eADPyrwP94VrU+BkU/jR5ZD4Ks20dre8IkuJV3b/fFeeiOfwhrRtLxSLdTmNz0wK9bmhmuIQFJXHT1rK1PwxFrVkYrzHT5X7j8a8iFRt2Z6Ml2OZj8RTa5dpBHsWJTw+3rV3xrrH2Hw/Fp8UqtNKQCB+VcJrXh/U/CV5vBdrTPyuM/wA6XQluPE+uwEsTHHzubkdc1vya8y2Jclsz0TwnaXFrocMEXy5UFziursLFLVZLy5kzEoLcmprO0ihhSNcEAckd65TxXrE9/fRaBpmQznEhHOBnBFZR96Wo20kLYW7+MPFbXi5/s+1YhfRiOQa9KI2Lx09qztA0iHQ9Jt7SPAcIA7eprTcDYQBx2rVoxfcjX7hNcD8SocWMUwPcCu9Pypjqa4L4pTCDRIXKkjeOlVSdpiqK8DjdMmVYl45zXXXN2kPh95HIIK4rgtKuTOgYD5a6jVsN4RkK5GP8K9Vv3TzUtS74BsZGtri4Yny3ckV2MlorKAjc9awPArg+GYh06ZrpFYA8HnNeLWt7Rnr0V7iPOPiCJVltrXqJCDWL4Yvo9Av5TcAnaCcZro/GCPd+JIVA+7GCB+Nchr8D21/GWH31GRTjaWhqtDO8S6lPreoyPbxME+9n2qnY2gtk+0ToT7DrVi1jla6wzrFFnlmHaruo3mlW6LDa3KS3J44OR+VdspKMFBGEIP2jlIdDZfb4/NhBRR2bmrcfh/T72BzcTCGYDGWJx+VJZaFe3un+c10ik9EQEVkNp98ZHjDOWVsYBPNcifM2lI7rJJNwudFpGi2UTeXbTKZlPDgnFdAouZ1Mct1EsicCQrx9K4i00+8ZCFWVJF9Gqa3e8ldoVEhZeozzUTo87+MqNRRVuQ7APNOhjnuI1ZPuyMvBqWGPUDC7K6vIgzuC9R2rzzVJb+3hYx+ZnuCeRW14E1aZFmF4JGjZcbi3TmsatB01o7kyxCUrOJV8a6ZNeMk/kYfABIHesnwjqP8AY+rC3dvlOOD613OgPNrGuNbyqJLRHzkDtmuH8a6XJpfiFpYkMcYOVNdVGTS5Wc9ZRb54on8c6T9l1CK9gGYZsHI/vYya5UHnIrv9PuY/EfhuSzbm4QHyyfWuDuImgkeMjDIxBFd9Btqxw4ndMjLFZUK9jX0F8Er5rpL+NjkpGn8zXzyTuIbpXufwBYm61dScgRRn9TXQ17pyLc9xqvf/APIOuf8Ark/8jViq+of8g26/64v/ACNZM2h8SPlGaX5KpNyakdwRiozXmn6k0TW33627c4UVi24+atm36CspDex0eg3B/taCM/dYgV6LqcAg2bB95R/KvL9McR3sMn91q9RupftEMMg5+UfypKpJRsfLZrS5aya2ZkXWWjGODW/oYzp7huTismWEMh9a2NCZfJaNqzpylKVjzaqXJoZc4PmtyetQajFttlJHB61v3dpbpJuNUNTEclr8o+X3FQsJKF5NlU6sW0kinb2hkswyjkdqztU8M2mu2kkd5EqkjAYiun07C22SBjFZuszymAvEoO3t61pCjyWmmOTUpcjR4jr/AMPNa8LT/wBo6bI7Qqchojlh+VdX4F+JkV239ma4AjH5Qx/i+ua9E0zVLe8tmgfDKRhkavPvHXwthuoX1TRPkmX5igwAa9GnWvucGIwjg79D1ezFslsDb7PKbkbD1pFsIjeLdYxIOgx1rwPwd8Rr3w5ejT9YDSRKduXzkV7vpWr2mrW63NpOsqMM4yMiulK5w3cWX3ysO8tgL71hSa19pk8qIkkGtuWMSxvGTjIrO03QY7Vy7KNxPFc+I5npE7cJyr3pmpp2XjBbrWmuQMCqsUYjGBUzSALjOKiCcVqFR80tDH8T3503Sp7xU3NGvSvnIm/8ba293fFhao3Cev4V9NX0EN9avbzKGRxzmue0zwZplhIXWBMZ4XFa+1toiPZJ6swvBvhiERxzTW4SJf8AVxY6fhXoixrGuAKI4FhTCgD3FNmlWKIsxwAKztdlc1l5HO+K/KNumSN9VdCyto/vzWXq159svW5JUGr2l3AS3dTnpXpU4ONM8yvUTnoadnIS7cZ5rqLAgWpOMcVwNtqywSFW65rqLfWY3sDszuxivPV3Jl8ySJmnSa7wDzmtyAER4NeemS8W6LoD1rtNFuJbi2YzDBGBV0k+oRld2NOvF/2j2KeFtGYDOL4/+gGvaK8V/aS/5FTR/wDr+P8A6Aa2NDwdfFN/HbxwxOqqgwOKY/ibU36z/lWPzngVIE4yQahpGqnLYvHWtQY5Ny/4MamTxDfhQpdWA/vLk1lcZpST0xS5UWpNdTcTxLcLw8UR/wC2YqzD4p2Hm3T8FFcyDj/69P3FsZHHtUunEpVWjs18XQyRbZrRiv8As4FRjV9LfDfZ5Vz/ALYrkOffFLvx61Dopl+2Z1323S5XBLMv1eraX+noMLOPxNcVG/PQ04yc1HsVc0VZndWt3pwk3SXkYHvW6lzojIpF5Fk+9eUeZngmnK52/fb8DT9m0txe1PSdZitLixP2a5QnHauastJn+0RsWyK5wzyLGR5r4/3jUC3dwh+WaQf8CNNUm1uS6yueqy2soWMBCas6dFLHfRF4/lDjtXlI1i+XGLh+Pc1Zj8SajGVKzcj1qJYdtWuXGukzrPGhP9sMyIcY7Vy4BDDJHXpTv+Ep1Bm3SeU590Bp3/CTTEfNDFn2jFOFOUY2JnVTlc7CxYLpynrxTJV3r82DXPxeMmSII0AI9gBT28YxMB/ozD8ql05s0jVgtzetTaRzKsqvjvhsVKTbLqccdq4RXPJfmuWPiqA5Jt3z7EVFL4kt5SrCJ1Ze+6rjTaWxE60W9z0qWzstTnSxup4tpA+ZRisvxH4IstBCSRXQkDAEDca4qTxDG+0q7q477qSXXjcsDcXDuBwAXNR7OakN1YNaHQ6O4hvAykYHrXT300dxp7pcIHJHBArhdP1a1ibJkXH1rSvPEcAtikTAkj61lUpScro0hVSic7qFgIJXdM4z0qGDUZLYbTmmT6hJMxJI5qFm34yOa6YxdtTn5lzXRdvtU+12LI4y2OK+iPgB/wAk1/7fZf5LXzVIuYsAV9K/AH/kmx/6/pf5LW0FYxrSuepVUvPvJ9Kt1UvPvJ9K0MCrRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHy0336XtTymWpGFewfStEfSqOpT7AF3FT7Vo7SF3HGPrWHqEgkusKGIHtUtozqbCx3MZIBll/AVPJLDtwksu4/3hgVFZwMzhvJJPuKvPaTztj7Mv45qUiYxdimsN1jMc42+7Vbhe4VfLKo59zUkGlynIMQFWYrKSMEbfxqlE0hGS3IZnuntCvkxAZ6hqr2ri3J8xjn0FS3cdxGu0McVSyV69fWsnS9/mZi6Kc+aRNe6hMyj5z5YbOPavc/Ck8GpeFLby5dirGASPWvA5ArKc85GMV1HgbxFLZSnTJJttu5yGJxg1y42m5LmRFVWkeqtp2ixu8l7L57dQJAKrP4x0zSonjsrHcydNiEgVWubbSxJHNeXZkU87RgiqWpeLfDOjW0sVvZRmRlIDBTn+dcFOXSRyVYXdzh/Ffi+78QzFbhiqK3C5rlmQdeAKg1G9FzfzTqNqsxIFQLdEjk5ro0eyOW72bLTqAKrOcHinGXK1XZuaQrkinJqZYfMGMdajgjMjVoJC8YBxSC1yO0tpLadSjkZNdFHr32ZxHKm5QOtYTT7HHHNNknDZ3AHjvTJcUdfHrGnXK8nYfYU9hDOuILwgn1IFcGjpvxirsc4QfKeaCOQ6tNCdj5jSLIPcipxp1on+tgVvwrlF1W6hGFupAPTNS2mrXrysJpcpjgk1IuRm1Pp2nlvlhwfZagGnwhjhQBWHN4juhdGNFVlHfNN/t+6J5jX8zTSFyM3/sEA6oDXS/Di3SP4haUVjA+aTn/ALZtXnT+ILrGBEn511vwq1i5ufiXo0MigKzS5wf+mT0xqLPqGsbxdz4L17/sHXH/AKLatms7xBbPeeG9UtY/vzWcsa/UoQP50nqjanLlmn5nzFap5lhsPUZNNSOSPA6CvRLH4cSiJfOYgnr1rTl8HWGkwiW5YFTxya876m5M+0ee0jyzUZ2lsDGOTiquhWFzPcKFQjB9K9U8rQoCSIQw+o/wp/8AbOm2Y/c28Qx/sj/CumGBSVmebic5nKV4HMx+E7u5JKgZI9Knj8BajJEUyFH+6a1p/G8MQJVolPoFFZ83jwsvytz7VpHBxTOaeb1pK1y7pngeWx+aS4jB9CprpUs7SOFUnaI47hcV55L4p1O5z5FvKffNVnuNcuFJbegPqK6PYxWljz3ipvdnoU8OhI25/LOP8+lVptd0O0X5I0yOmMf4VwcdtO/+vv0z/d5ptzYoYTjfIR3VqtQikZOs2z2LSp7KfSPtqxbienNSf2lJwUhVR7qKp+HAtv4OiVkIHPWhZFY4jBYntWVTcSk2y3JdzsNxdQPQDFWrF98Fwx3cL1JrPe1uZY8LEw96ebyDSNMuGubhEbacKe9QtQkeaXQ+0ahMTd5G4/KCaEswOTbzvj+LdxXF6n45vhPLHaRwr8xwxjB71hXXiXVbgkPcY/3OKtVF1Goya0PT5Li2tx880MXs681nXPibSbXh7uKQnshxXlc1xdStlppDn1Y0ttB5sy+a+B6HvR7RGU210O2u/iFZQuVt7Odm7MXBFYtx8QNUuCfJjjXHT92OKxZ9CvZJyYYXaM9CKdbaVPaXafaUKo3XIq09BXdyO917U71h51ww9oyVrbsviD4jstKj0+2lXy1GAWTJ/OpDpWnEFxbSyZGdyvxTrKBpgsMVtthzyzKCfzpOzGvMittT1bWZhFcz3Ks/PyyED8s1ZOjvBIxmkcKvVnYmr2saNNDFG6zxrGn90EH86lsI7W7jaJ4551UfM6Sfd+tQ3rYEZEs8LRDyJlbscVa0q/tLZHS5IbjC806COKO5Nvawbue+DU2paRqEgRvJRYk4JCY/Ok+wXKU98hwLWJmJPY05jdyDLR+X/vCtiw0eC8jAimQOo+YVl3el3DXxtY5sgn3pDJ4/DslzaefNNFt9AuK7n4P2Nha+Mcw7vP8As0gzu4xxmsa00K/ttNKEllA9K6P4VxbPGgyh3C1kBbt1FCG9j3CszxF/yAbv/dH/AKEK06yfEpx4dvCP7o/9CFKp8D9BU/jXqcWZwr4yKQzqzBWPA9KpAq4BJOfrUylcnHX3rwU2exyW1KXiqzXUvD9yjBW2g7RjnpXi/hnVJtCvWZQPkbaykdq96EccoZXBwwIPPFeZa94YsLTVpV89QZySqgnjtW9KrZcrIVD2k9DqZfGEc+kqdNUveSLwuc/pWj4J8Py2YfVdSG6/uTuKkfdz7VxHhrZpmtQ2MxRkA+VsV64JAmGz24xWystUTiIKLt1NZfkBVvmPX6U8D5M54IyKqW82+Pg8nrmreMR8An2qmczKisWuCD0rnfHstomgSLdJuBOF+tdGpVS8jHCL95uwrgdSkk8ZeJo7G0UmxtmzI/UEg0ouzHa6PP8ASA0ecrtXtmug1e9hPhJ0jkBbfg/lVTxlbtpepTRQAbASAAOlco8sh01lLnBbJBPevUi1KB58otS1PXvBXyeGIWHPSuhxuGc4PauU+H0pk8PAN0VsD8q6pjkDjoa8WvpUZ6lL4EZ2sxxoiziHdcD5c+1eX+LJWa/jDOqtwSMV6R4kuJksGaN0QgcFhmvGtSkkvLtzLMrFRy46VdFdUaN2HQQ3WoeZFEpYdMrVX+wZ9Ku1nuoJBHn7zVt+HYLpTm0lRiOT8uc1a1d9SvWCSoMA427etbupfQ2VJyakjY8L3SbWkRwYwM4PNZM93cS6488MO5Vb7qikso4LiFrSKcWtwB/ETz+AqqsWp6XdhZl+Qn/WbeGrhjTUZttnXUc3ZRR1URvbyMXEXlNtPMaJginCOWUi4ihCyKcONo6VjRXWoWk6sR+5c/wjFXy2o2M6zoRJFJyVC9BUycVpcS9qGrXFnLbuTDtZF+YnFU/Cl/FJDJCYR5ZY84FaOqrLPaO5RTHImCFXBBrB0fTLiwvAScwufvDoPaoai4aPUmcareqPRLaK00WxuLxcIhTOfesnVLOz8T6b82N/Y1q6zZwv4aWGSTaXHHPtXGafdS2Ilt5wyAD5GPQ1rR5+XmZhJxb5bnHQC68L+IM8+WG6HuKb4qjQagtzCP3cqAnHrjJrd8bQsYoLsRntn34rm9QZ5dIjf7wQ5J/pXqYer1Z52IpvYyTgD617v8BYhG+qN3MUf8zXhtsgldVIznv6V7x8DiBeaqg6CGP+Zrscro4VGzPZqrah/wAg26/64v8AyNWaraj/AMgy7/64v/6CahmkfiR8h7qAeaiDg1IvWvMR+mKdy5bjkVrQngVl21aETZ6VnI3eqNW2yu1h616Pptx9osY8nPGK81tydoBrsPD94PJWMnkHmsbXPMzOjzU7rc6OQ4U1Po10iSkE1UmcCInPasayvdl9jJxmslLklc+c5Lpo6q/ud8xC9Kp390EsNpPNIZkcZ9ayNVWRkG08Cs/bzlNpvQIQStbc17O7LWuAaGfaCz8isvTZCIcHOauSM0iFR3rKU5XWpexy0zPp+pNLESVY5wK6jRtaEyFXYYxggmscWrG7KyKCDUd1pctpJ51qeOpWuiNexqpRnHlkcz8SfBdvcodSs1AY8sBXCeE/EeseG9WSG2MkkZYAx8/0r1l7w3f7mZmUAYKkcVW0HwlB/bn21olwDkYr0aWJdjir4OL1R6TpN5JqFnFPLFsdlyRW3GoK81RtItiADgDoKvDhB61sm3qccklohX4FVZWOMVOzcVA5FEthwQxWJOKtRrgZNUVJD1ZEuByamDXUuab2Ji45rnNbu5HVoY881qS3Kg7QeTTY7BJT5jgZreiru5z1tI2OHFjcbidpJNbOl6bIYzvU4NdILeBDgqDU6lFICLxXf7S+h5nsdbnOL4XSWQueK2rHRordME8VoLll4GKmVDgAjrWHKk7miinuQJZQqfuA1ft0VFIUYpqhUHJFSxsGzgikti0lcfXm3xktra50LTluU3KLkkfXaa9JrzD42SeX4f00563R/wDQDWGJv7KVjehb2iuePNoWkt0jI/4FSjwxpUi/dYH/AHqqLeFejVKl8396vE5qy2Z6iVPqiOTwVYO3yzbfqxqtN4Hj/wCWd0nt1rSF2TzuqVbzHen9YxC6h7Kk3sYL+Bbgp8k6H/gJqo/grUVzg7votdgt8QPvUfbznqfzqlja6E6FNnDv4V1NP+WDn6CoDoOooSDZycd8V6AL4k4zViK7GBkKfwqlmFRboX1WHRnmjaddxfet3H1FMNrIB80ZBr1NriFhzEn/AHyKiYWx5aKPn/ZFNZi+sR/VY9zytosdVIpoAAxkV6sLTT3GWt1/IVXl0fSnyfIIz6GtFmMXuiPq1jzB/uGq/FekzeG9LkBAVx/wKqv/AAhVjIMpIR9WNbxx9K2plPCzvocD83ZaTB613T+A0PKXSD65qq/ga6BwlxGw7fKa0WNoPqZvC1Dj+aK6qTwPqSDKjf8ARazZPDeoxuVNu/HtWkMTSlsyZUJJamMaac1oSaTexkg27/lVV7SdScxsK2U4vqZyi0QUc04oy9RTSCKtMyaYUEmjFFAChiO5p3mN/eP50zjvRmgLsdvY9TSiZx0NM70UguyU3MmOtfU37PxJ+GmT/wA/0v8AJa+VVGTzX1X8ABj4a4/6fZf5LQDZ6lVS8+8n0q3VS8+8n0piKtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAeS/8Kc8Q5/4/NL/7+yf/ABFNPwb8RdrzS/8Av7J/8RXuNFb/AFqodv16seDn4KeJWb5r/S9noJZP/jdW0+C+qogAm0sv6mST/wCIr22il9ZmH16qeNr8JdcjI2T6WAP+msn/AMRT2+FfiAtkXWmD/trJ/wDEV7DRVfW6hX9oVvL7jxxPhT4hVyTd6Zj/AK6yf/EUp+FOvE/8fWm/9/JP/iK9iop/W6gf2jX8jxe4+EOuzKQLrTM+8kn/AMRWNP8AAzxPI+VvtIA95pf/AI3X0DRUvE1GQ8bVZ8/L8DPEwGGvtIP/AG2k/wDjdRTfAXxM4ymoaQjDkESyf/G6+hqKiVaUlZkSxNSW54XY/CTxnb25huLzRJx0DGeXI/8AIdZtz8CvFdxKXN9o2M5AM0v/AMbr6GorHlRm6smfNsv7P3i2Q5/tHRQPTzpf/jdN/wCGfPF3/QQ0T/v/AC//ABuvpSimRdnzZ/wz74u/6COif9/5f/jdIP2e/F2cnUdE/wC/8v8A8br6UooFc+fLL4EeJbdgZb7SD/uyyf8AxutY/BnWjHj7Vpuf+ukn/wARXttFBXMzwGb4F+IJH3Le6UPrLJ/8RVWb4C+KH4S/0cD3ml/+N19EUUCufN4/Z/8AFYbP9oaN/wB/pf8A43Uo+AnisYxqGjf9/pf/AI3X0XRQFz5yk+AfiyQ/8hHRh/22l/8AjdA+AnjADb/aWikf9d5f/jdfRtFAXPneP4A+Ikwxv9J39/3sn/xupJPgL4ifpqGlD/trJ/8AG6+hKKAufPH/AAoHxH/0EdK/7+yf/G63/BPwf1vwz4w0/WLq90+SC2Lllikcscoy8ZQDqfWvaKKAuFR3CNLbSxoQHZCqk9MkVJRQI56LRtRWUM80BUHoGP8AhUfiXw/eavpP2a0kgSbHDSsQP0BrpaKFoPmZ4tL8KvFkgx/aGlgf9dZP/iKRfg9rr/6+/sT/ALs8n/xFe1UVXOwuzyCL4P3kfJuLRj7zOf8A2Wpm+GGsouIZtLH+8W/+Ir1mihTaC7PJU+GWvk4kutMC/wCw7j/2SrkXwvuQP3txCT7TPj/0GvTqKbm2FzzVvh5qkIP2WWwB7eYzH/2WsXUPhz46uPlt7/QUXP8AEZB/KOvZKKXMxHJ6NoGs2Ogx2d1PZPcL1ZNxX9VqnfaJ4zIYWF1oqA9PMVv6JXcUVL1KUmjyC88D/Eq93CTWdFUH+5JKv/slc9d/Bfxzdg79b0xifW6mx/6Lr6AopJWG5tnzgP2fvFRKl9R0c464nl/+N04/s/8Aifjbf6P+M0v/AMbr6NoqXBMuNacdj5yPwA8Uf8/+jf8Af6X/AON0N8APFJA/4mGjAj/ptL/8br6Noo9mhOtJnz5b/A3xYjKJdS0koOyzy5/9F1eb4G6rI4L3liV7/v5P/iK91oqrEObZ41bfCbX7RWijudK8gjADO5b/ANArMj+CfiTzyXv9LEROcJNID/6BXvFFMk8Mvvgprs42w39iFyOHuJP/AIitXSvhLqem4AuLAg/f/eOc/wDjlevUUBc8b1X4Sa1c3QlsbnTYlzzukcH9Eq3J8KdSbT/KW7tfOYfMWmfbn/vmvWaKTVwWh5X4c+GOq6THMt1PYOX+6Udzjj3UUXHwrvGka4gmtBcZ4LSPt/8AQa9UooUUNs82sfAGslNupXVk47eTI4/9lFbnhzwg+hao11uhKlCvysSeceoFdbRRYOZhVHWbKTUNIuLSFkWSRQFLnA6g9qvUUNXVmCdndHAL4I1Vetxaf99t/wDE1KPBeo5yZ7X/AL7b/wCJruqK5vqdI6PrdQ4pfB+oAAGe3/77b/4msPW/hZdaq4mWe3Ey/dJlcDH4LXqNFH1SkCxdVHgs/wAFfFQvlubXUtLVl6b55f8A43XZ6H4R8XWahdQvtLlA6eWzn+aCvR6K19jDYzdabfMzAt9Fu0/1rwH/AHSf8Ks/2XNs2706+p/wrWopewgL2kjg/EvhXxJqsP2awvLCK3Y/NvZ1Yj6hTV/w/wCDv7B04QRGLzmH7x9xbJ+pGa62ij2EB+2keQaz8LNf1S/up/tmnbJSdgaR8j6/JWE/wR8TNa+UL7Sd3vNJj/0XXvlFaxXKrIzlJy3PPPC/gPU9D0cWlxPZtLnJMbsR+qitk+Gbw/8ALWD/AL6P+FdVRWEsLTk7s1VeaVkcHrvgnUdT0xreGe1WQ93dgP0WuBX4H+IPNJe90soeoE0mf/Rde9UVUKEIKyD2873PLNM+GGo6Xa7IZrHzMYyXYj/0GqV58LvElyxcXmlhv+ujj/2SvYKKFQgjVY2qtjwGT4I+KWuhcJqOlBwc/wCvl/8AjddA3wy8Sy2kcMt5pTFO+9//AIivXqKJYeEtwjjq0XdM8b0/4XeKYtTWW8vdJe0XoiPJu/VK6XVvA2oXdiI7SWzSYcZdmAx+C139FZSwVFu9hvHVn1PJ1+HXihYDELzSiCOcs5/9kqay+HviKJ1Fzc6W0QOcIz5/9Ar1Kij6lSK/tGva1zz7WfAmpaltWO4tVRUAALsOfwWsS4+Fmsz6d5BurDzgSVbzHx+eyvXKK0WHglZHO683LmPD9Q+EXiy/sRA1/pBYcDMsmP8A0XVOD4IeJE0+W1lvdJIYfLiWTg/9+698oqlRgtglXnLc+e7X4D+Jbdhm+0jGe00n/wAbr0P4deBdT8IXl/Nfz2ki3EaKggdmIIJJzlR616DRWpiFQ3cTT2c8KkBpI2UE9MkYqaigE7Hz6vwL8Tj/AJf9I/7/AEv/AMbqVfgh4mHW+0n/AL+yf/G699orH2ED1453i47NfceFRfBfxGnW90r/AL+yf/EVah+EHiGNgWvNMx7Syf8AxFe10Unh4M0/1gxvdfceQp8K9cU83Wnf9/H/APiKu2Xw61y1k3farDHtI/8A8RXqNFT9VpkTz3FzVm19xxZ8Jai1uUaa23Y/vNj/ANBrMh8AatHOXa4s8Z7O3/xNej0VDwNFnF9dq3ucinhW9VAPNt8j/ab/AApJ/Ct7NEV8y3z7s3+FdfRU/wBnUL31F9cqnGW3hC9hUhpbY/Rm/wAKmHhe9H/LW3/76b/CutopPLaD7/eH1yqcU/hC/MwcS23/AH03/wATU/8Awi9//wA9bY/8Cb/CuuooeW0H3+8PrlU4K/8AAVzdENHLbI/fLN/hV/S/Ct5YxhXltz67Wb/CuuoraGEpwVkN46q1YzI9OlQYLJ+Z/wAKlNlLj7yfmavUVqqUUYutJmebGU/xJ+Z/wqJtMnP8cf5n/CtWih0osarzRjf2Tc5zvi/M/wCFI+k3bDAki/M/4VtUVLoQY/rEznoNCukkLSyQkdsE/wCFXhp846PHj6n/AArTorSMVFWRlKbk7syv7Mn3ZLx/mf8ACniwnUZVo8+5P+FaVFXckzBa3w6NB/30f8KfJDqBixG0Af1LH/CtCik9RWRz8emaw0hae4t8dtrsf/Za09PtZ7YSCd1bcRjaau0ULRWCyCuI+Jng7UvGWk2Vpps9rFJBOZGNwzKCNpHG1TzzXb0UpRUlZlRk4u6Pnv8A4UX4q/6CGj/9/pf/AI3Th8DfFQ/5iGkf9/pf/jdfQVFY/VqZr7eZ4CvwR8Uj/l/0j/v9L/8AG6cPgn4o/wCf/Sf+/wBJ/wDG698oqfqtMf1moeDr8FvE4/5f9J/7+yf/ABul/wCFLeJs/wDH9pX/AH9k/wDjde70UvqdIf1moeEr8F/EwP8Ax/aV/wB/ZP8A43Uy/B3xIP8Al+0v/v7J/wDEV7hRSeCpPoP61UPEv+FQeJP+f3S/+/sn/wARS/8ACofEf/P7pn/f2T/4ivbKKn6hR7D+t1TxYfCPxGBj7bpn/f2T/wCIpP8AhUfiT/n90vH/AF1k/wDiK9qoo/s+h2D65VPFf+FQ+Iu97pn/AH9k/wDiKenwl8RL/wAvumf9/ZP/AIivZ6KX9n0OwfXKp44PhT4hxj7bpv8A39k/+Ip0fwq8QKebzTvwlk/+Ir2Gil/ZtDsH1yqeSf8ACsNf6fbNP/7+v/8AEVUb4S+IDKW+2abj3kk/+Ir2aimsvora/wB4PF1GeMH4SeICf+PnST9Xf/4imt8H9acfNNpP/fT/APxFe00VX1Gl5/eL61UPDn+CequeZtK/77f/AOIqCT4E6m4/1+mf9/X/APiK94oq44WC2v8AeJ4mb7Hz4/7PmpOc/adO/wC/8n/xFVJP2dtbOdl5pY+s8v8A8br6OorZU0upm6rZ80Sfs6eJz9y/0YfWeX/43Vc/s4+L+2paH/3/AJf/AI1X0/RVJWIbufMH/DOPi/8A6CWh/wDf+X/41R/wzj4v/wCglof/AH/m/wDjVfT9FMR8wr+zl4vBz/aWh/8Af+X/AONV7X8MPCN/4K8I/wBk6lNbS3H2h5d1szMuGAxyyg549K7OigAqpefeT6VbqpefeT6UAVaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA1aKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqpefeT6VbqpefeT6UAVaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA1aKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqpefeT6VbqpefeT6UAVaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA1aKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqpefeT6VbqpefeT6UAVaKKTNMQUoyxwoJPoKztV1i10iASXDFpGGY4VPzP7+w9/wCdcJqfiHUNVJSSTyoD/wAsYuF/HufxrjxONp0NN32O7C4CpiPe2Xc7641nTLQ7Z7+BW7hW3kfULnFUj4r0fcALhz7+Ua86Ap4FeVPNqt9Ej1I5RRS1bZ6XBrulXJAjv4gx7SZT9WAH61oZ+UN1VhkEcg/Q15OBWhp+p3mmvutpmVT95DyrfUdKqnnLTtUj9xjVymNv3cvvPSM07NY+k65BqgEZUQ3WP9Xnh/8Ad/w/nWqrZr2qNaFaPPB3R49WlOlLlmrMfRSUtamYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGrRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFVLz7yfSrdU737yfSgCqTVHVNSi0qwku5RuI+WNP77HoPp3NXGNcB4tvzd6wbZT+6tf3YH+3/Efz4/AVy4zEewpXW72OvA4b29Xley1ZjXd3Pf3UlzcuXlc5JP8h6CogKAKeBXy8pNu7Pq0klZABTwKAKkArFslsAKeBQBTwKylIlsVCyMGUlWByCDgg12+j6p/aNqfMx9pix5n+0P73+P/ANeuKAq9pt21hfRTjJUHDr/eU8EflXRgca8NVT+y9/68jixlBVqduq2O7Vs0/NQAhXIByOx9R2NTK2a+2PmR1FFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBq0UUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVK9+8n0q7VG/8AvL9KAKLyrEGlYZWMFz9AMn+VeUMzSSM7HLMSSfU16hec2V2PW3l/9ANeYAV4ecSd4r1PdydLlm/QAKeBQBUgFeG2eu2AFPAoAp4FZSkS2AFPAoAqQCsZSIbACngUAVIBWMpEtnW2Mpk0+0cnkx7T/wABJX+QFX0NZOm/Lplt/wACx/31WnGa/QMFJyw1OT7L8j5fEJKrJLuywKWmrTq6jEKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKANWiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKoX/3k+lX6oX/3k+lAGcdu8CQZQnDfQ9a81nt3trmWCQfPG5RvqDivSJehrlfE1kROl+g+WXCSezgf1Az9Qa8nOKTlSVRdP1PUyqso1HB9f0MACngUAU8CvmJSPebACngUAVIBWMpENgBTwKAKkArGUiWwAqQCgCr2m2onud0g/cxDfJ7j0/E8UqcJVaipw3ZlOahFyfQ2Il8mG3h7xxDP1PzH/wBCxVyPtVNXaWVpG+8xyauxiv0elTVOEYLZK33HzE5OUnJ9SytOpq06tCQooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA1aKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqlffeX6Vdqle/eX6UAZsgqlKkckckMyloZBh1HX2I9x1rRdaqSp7USipKz2BNp3Rxl/psunz7W+eJuY5QOHH9D6jtVYCuxcKY2iljWWFjlkb+Y9D71kz6JuO6ylEgP/LKQhXH9G/Dn2r5XHZVUpNyoq8fxR72GzCFRctTR/gZAFPAqSS3mt32TRPG3o6kGgCvBm2nZnde+qACpAKWONnYKiliegAya0ItKkX5rphbr6Ny5+i9fzxRSoVa8uWlFsyqVYQV5OxVt7eS4lEcS7mP6e59BWwFjhiFtCcqDl3/AL7ev0Hb/wCvTQyJGYbdDHGfvEnLP9T/AEqSKP2r6/KspWE/eVNZv8DxMVi3V92OxPCtXYxUESYq0i17RxEq9KWkFLQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAatFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVTvfvJ9KuVUvPvJ9KAKTCoJEq1TGGaYjOkiqrJFWq0ftVd4s9qAKImnRNiyvs/uk5H5dKb50n/PO3/8AAdP8KtND7Uww+1RKEZfErlKTWzIftFztKiUop6qnyg/gKjEeatCH2qRYfaqSSVkJu5BHFVuOOnJF7VOkdMQIlTKKFGKfQAgpaKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDVooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACql595PpVuql595PpQBVooopiGlajKVNRigCsY6b5ftVnFG0elAFby/anCOp9o9KMUAMVKeBTqKADFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAatFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVUvPvJ9Kt1UvPvJ9KAKtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAatFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVUvPvJ9Kt1UvPvJ9KAKtFFJmmIKQsFRnYhUXqzHAH1NZWta9baPFtYebdMMpCD092PYfqf1rgtR1a91WXddTEqDlY14RfoP69a4cTj4UfdWrPQwuXVK65npE7258TaRbHabvzWHUQqW/XgfrVX/AITPSf8Anne/9+k/+KrgQKeBXlTzWvfSyPVWVYdLW7PQoPFOkznBnkh/66xkf+g5rWjmSaLzIZElj/vxsGH5ivKgKtWl3cWMwltpnif1U9fYjuPaqp5zOL/eK68jCrlNNr927PzPTc0uawtH8QR6gVguAsV0eFI4WQ/0Pt0P6VthucHrXt0K9OvDnpu6PGrUZ0Zcs0PopKWtjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDVooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACql595PpVuqd795PpQBVNZus6qmkae1wQGlY7IUP8Tep9h3/Ad60GNeeeKr43utSRq2Yrb90n1H3j+efwArkxuI9jSut3sdmAwyr1bS2WrMeaaW6neeZy8rnczHqTSAUAU8Cvl5Svqz6rbRABTwKAKeBWTZLYAU8CgCngVjKRLYAV2mh6o1/bGKY5uYRyT1dfX6jv/wDrrjwKt2Fy1leRXCc7DyPUdx+IrfBYx4aspdHv6HHi6CrU3Hr0O8Vs1JVcMof5TlTyp9QeQfyqZWr7dO+qPmB9FFFMAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA1aKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqle/eX6Vdqjf/eT6UAUJJvJV5iARGrSEH/ZGf6V5SSXYsxySck16hd82d0O5t5QP++DXmIFeHnEnzRXqe7k6XLN+gAU8CgCngV4bZ67YAU8CgCngVjKRLYAVIBQBTwKylIhsAKkAoAp4FYykQ2dZp8pfTrRicny9p/AkD9AK0EasnTgV0y2z33Ef99H/CtKM1+gYGTlhqbfZfkfMYhJVZW7ssilpq06uoxCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDVooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACqF/95fpV+qN995PpQBm5USKXGVz8w9R3rze6tmtLya3f70TlD74NejS9DXM+JbEsU1BB1xHN7MB8p/EDH1HvXlZvRc6SqL7P5Hp5XWUKjg+v5nOAU8CgCngV8tKR77YAVIBQBTwKylIhsAKkAoAp4FYykQ2AFSAUAVoaZbCSczSDMMPzNnuey/if0zSpU5Vqipw3ZlUqKEXJ9DXRPJSGDvFGAfqeT+pNW4+gqlGzO5djlmOSfer0dfpFOCpwUFslY+ZlJyk5PqWVp1NWnVZIUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAatFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVSvvvL9Ku1SvfvL9KAM2QVTkCkOkiB4nG10P8QrQdaqypQ0mrME2ndHH6lpb2Em5CZLZz8kmP0PoapgV2JJQMpVXjcYdGGVYe9Zc+jQSktaSiJv+eUx4/Bv8cfU18xjsoqQbnQV126r/ADPcw2YxkuWro+5igVIBVmXTru2GZbeRV7NjKn6EcGoQK+fqKUHaSszvUlJXTACpAKlgtLic/uYJJP8AdUmr0emLFzdzBf8ApnGQzH8eg/zxVUcJXxDtSi3+X3mNSvTpr3mVbW1kupdkYHHLMeAo9Sa1v3aRrbw58pDnJ4Lt/eNN35jEMSCKEc7Ac5PqT3NSxR19dleVRwi556zf4eh4uKxbrOy0RNCtXYxUMSYq0i17Bxki9KWkFLQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAatFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVTvfvJ9DVyql595PpQBTZagdKs0wimIz5IqqyRVqtHUDRZoAzlMkRzHI6H1UkU43d5/z9TfXeastD7Uww+1AFaSSeb/WzSP/ALzE0ixVaEPtUiw0AQRxVajjp6R1MiUACJUwFIBT6AEFLRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAatFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVUvPvJ9Kt1UvPvJ9KAKtFFFMQ0rTClS0UAVzHTfLqzijFAFfy6UJU+KMUAMCU4CnUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAatFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVUvPvJ9Kt1UvPvJ9KAKtFFFMQUUUUAFFFGaACijNFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBq0UUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVS8+8n0q3VS8+8n0oAq0UUhNMQGo5poreEzTypFEP43YAf/rrG13xHDpIMEQWa9I+4fux+7e/t/k8JeX11qM5mu5mlc9z0A9AOgHsK8/FZhCi+WOrPTwmWzrLnnovxO5ufGGlQkrGZrgjoY0wp/E4P6VU/4TiDPGnS4/67j/4muLAp4FeTPM8Q3o7fI9SOWYaK1V/md1B4w06TiWK4hJ9g4H45B/Stm2vLe9QvazxzKOTsPI+oPIry8CpoZJIJVlidkkU5VlOCKqnnFWL99XX3GNXKqUl7jsz1EGlzXOaR4kFyRb35VJjwswGFb2b0Pv0/nXQAkMQRgjqK93D4mniI81NniVqE6MuWaJKKQGlrcxCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA1aKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqpefeT6Vbqne/eT6UAVTWRr2rjSNPMiYNzKSsKkdD3b8P54rUYknA615z4mvjfa3NhsxQfuY/oOp/E5P41x47EOjS03Z3Zfh1Xq+9stTJd3lkaSRi7sSWZjkknvSgUAU8CvmJSPqAAp4FAFPArKUiWwAp4FAFSAVjKRLYAV1+gam13AbWZszwrlGPVkHb6j+X0rkwKs2c72l1FcR/ejYH6+1bYPFyw1ZTW3X0OTFUVWpuL36HfK2akFVg6lgyH5GAZT7EZH6Gp1avuE01dHzDVtB9FFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAatFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVSvvvL9Ku1Rv8A7yfSgChLMYI5JhyYkaT/AL5BP9K8o5JJJyT1Neo3eWtLpRyWgkAHuUNeYgV4ecSfNFep7uT25Zv0ACngUAU8CvDlI9dsAKeBQBUgFYykS2AFPAoAqQCspSIbACngUAVIBWMpENnU6dJu020J6hCp/BiB+mK0UasrTwU0y1z33Ef99Ef0rSjNfoGBbeGpt9l+R8xiP4srd2WRS01adXUYhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBq0UUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVC/+8n0q/VG++8n0oAzSwSRWIyAeR6ivOb20ayv57Zv+WblQfUdj+I5r0WUcGub8SWJmjS/jXLIBHNj06K39PwHrXl5tRc6Smvs/kellddQquD+1+ZzIFPAoAqQCvlZSPoGwAp4FAFSAVlKRDYAU8CgCpAKxlIhsAKeq0AVp6Xbgym5kGY4eQD/ABN2H9T7CijSlXqxpQ3ZlVqKnFyfQ1Ank+VB/wA8UCH69T+pNW4+gqlFlmLE5JOSavR1+j04KEFBbLQ+YlJybbLKU6mrTqsQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAatFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVSvvvL9Ku1SvfvJ9KAM6QVTf5ScqGVgVZW6MD1BrQdaqypmhq+jEnY5LU9INmxnt90lox4Y9UP8Adb/HvWeBXZEtExK4wRggjIYehHcVnXGl2lwS0LfZZD/CctGf6j9a+bx2TzTc8Pqu3+R7eGzJNctXfuYQFPAq82jXyn5IDMPWEh/5dPxqMWdyGCm3lDHtsNfP1KVWDtKLXyO9VYS1TIQKeBVuPS71gCbaRFP8Ug2D8zgVajsLeHm4m81v+ecPT8W/wzVUcBia7tCD9XojGpiaUFqytZ2b3TnkJEvLyHoo/wAfatTchVIoVKwp90HqfUn3NMZ2kCoFVIl+7GgwB/8AX9zU0UdfXZblcMGuZ6zfX9EeNicVKs7bImhXmrsYqGNMVZQV6pyEg6UtIKWgAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA1aKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqpe/eT6VbqpefeT6UAUytQulWKaRTEUJIqqyRVqMlQNFQBlmPFLulAIEjgHtuNXjDTPJoAo7CxySSfenrF7VbENSLDQBBHFVmOPFPWOp0SgBESpQKAKdQAlLRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAatFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVUvPvJ9Kt1UvPvJ9KAKtFFFMQhFMKVJRQBAY6Ty6nxRigCDy6cEqXFGKAGhKcBilooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA1aKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqpefeT6VbqpefeT6UAVaKKKYgooooAKKKM0AFFJmloAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKANWiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKqXn3k+lW6qXn3k+lAFWiik70xBmq95fWthGJLy4SFT03dW+gHJrE8QeJ101mtLPbJdjh3IysR9Pdv0H8uGmnmupmmnleWVjlnc5JrzcVmMaT5Yav8D1cJlkqq56jsvxO1uPG1khxb2k03+07CMf1/pVI+N7gk4sYQPdmNcqBTwK8meY4h/aserHLsNFfDc7ODxrAxAuLGRB3aOQN+hA/nW5ZarZaiMWtwrv8A882G1/yPX8M15mBUi5UggkEdCKdPN60H7+qMKuWUJL3NGep5pc1yuj+JGJW31F9w6LcHqPZvUe/WunBKtg9a97DYqniY80PuPDxGHnQlyyJKKTOaWukwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA1aKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqpefeT6Vbqne/eT6UAVTWJ4j1k6VYYhbF3PlY8HlB3b+g9/pWwSSQB1PFebeIb46hrc7hsxRnyov8AdX/E5P41xY/EOjS03Z35dh1Wq3lstTL5JyTkmnAUAU8CvmGz6dsAKeBQBTwKybJbACpAKAKeBWUpENgBXV+HNSaaL7DM2XQZhJ7qOq/h1H4+1cuBVi2le2uI54zh42DD6itMLi5Yaqqi26+hzYmiq1NxZ3ytmpQarLIrEPH9x1Dr9CMj+dTK1fdJpq6Pl2rOzJKKBRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGrRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFUr77y/SrtUb/wC8n0oAz55jDDLMvWKN5B/wFSf6V5SBXqN0C9rcoOWaCRR9ShFeYgV4ecN80fme7k9uWfyACngUAU8CvCbPXbACpAKAKeBWUpENgBTwKAKkArGUiWwAp4FAFSAVlKRDZ1OmybtMtD3ClT+DH+mK0UasrTxs021B/iDN/wCPEf0rSjNff4Ft4Wm32X5HzGI/iyt3ZZFLTVp1dZiFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGrRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFUL/7yfSr9Ub/AO8n0oAzS/lyK+M4OcV53qNmbHUri27I5Cn1XqD+IxXoUo4Nc/4hsDc263sYzJCNkoHdOzfh0/KvMzWg6lHnjvH8j0csrqnV5XtL8zlgKkAoAp4FfKSkfQNgBTwKAKkArGUiWwAp4FAFSAVlKRDYAVIqkkADJNIBWppcG1jeOPliP7sH+J+35dfy9aeHoyxFWNKG7MatVU4OTNTaImSAYxCgTj1HX9c1ai7VShBzk1ejr9HhBQiorZHzMm5O7LK9KdTVp1UIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKANWiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKpX33k+lXapXv3k+lAGdIKpsSj7gAexBGQR3B9q0HXiqkqZpiOY1PRxFuubJWa36unUxf4r7/n75QFdi2+Jw6MVYdCKpXFjZ3RLMpt5T1aJcqfqvb8Pyr53HZPJtzw/3f5HsYbMtOWr9/wDmc+BTwK0W0W4B/cyQTD1WQA/k2DSDSb//AJ85iPUIcfnXz9TC4iDtKD+49BV6cldSRTAp4FXU0m56yeXEPWSQA/l1/SrMdraW/Lsblx2AKp+fU/pV0csxdd2jBpd3oY1MXShu/uK9nYmfMkh8u3U/NIR39B6mtIuJCqomyJBhE9B/jTGeScjeRhRhVAwFHoB2qaKOvrMuyyng433k93+iPGxGJlWfZE0S1djFQxpVlBXpnMSLS0UUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGrRXP/AGzxh/0AtD/8HM3/AMi0fbPGH/QC0P8A8HM3/wAi0hnQUVz/ANs8Yf8AQC0P/wAHM3/yLR9s8Yf9ALQ//BzN/wDItAHQUVz/ANs8Yf8AQC0P/wAHM3/yLR9s8Yf9ALQ//BzN/wDItAHQUVz/ANs8Yf8AQC0P/wAHM3/yLR9s8Yf9ALQ//BzN/wDItAHQUVz/ANs8Yf8AQC0P/wAHM3/yLR9s8Yf9ALQ//BzN/wDItAHQUVz/ANs8Yf8AQC0P/wAHM3/yLR9s8Yf9ALQ//BzN/wDItAHQUVz/ANs8Yf8AQC0P/wAHM3/yLR9s8Yf9ALQ//BzN/wDItAHQUVz/ANs8Yf8AQC0P/wAHM3/yLR9s8Yf9ALQ//BzN/wDItAHQUVz/ANs8Yf8AQC0P/wAHM3/yLR9s8Yf9ALQ//BzN/wDItAHQUVz/ANs8Yf8AQC0P/wAHM3/yLR9s8Yf9ALQ//BzN/wDItAHQUVz/ANs8Yf8AQC0P/wAHM3/yLR9s8Yf9ALQ//BzN/wDItAHQUVz/ANs8Yf8AQC0P/wAHM3/yLR9s8Yf9ALQ//BzN/wDItAHQUVz/ANs8Yf8AQC0P/wAHM3/yLR9s8Yf9ALQ//BzN/wDItAHQUVz/ANs8Yf8AQC0P/wAHM3/yLR9s8Yf9ALQ//BzN/wDItAHQUVz/ANs8Yf8AQC0P/wAHM3/yLVixufEkl5Gt/pWlQWpzvkg1OSV14OMKYFB5x/EPXnpQBsUUVHOZlt5Wt445JwhMaSOUVmxwCwBIGe+Dj0NAElFc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLQB0FFc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLQB0FFc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLQB0FFc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLQB0FFc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLQB0FFc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLQB0FFc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLQB0FFc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLQB0FFc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLQB0FFc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLQB0FFc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLQB0FFc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLQB0FFc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLQB0FFc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLQB0FFc/wDbPGH/AEAtD/8ABzN/8i1c02fXpbhl1TTdNtoNhKva6g87Fsjgq0KADGec9hxzwAalFFV757yOzkawggnuhjZHPMYkbkZywViOM/wn0460AWKK5/7Z4w/6AWh/+Dmb/wCRaPtnjD/oBaH/AODmb/5FoA6Ciuf+2eMP+gFof/g5m/8AkWj7Z4w/6AWh/wDg5m/+RaAOgorn/tnjD/oBaH/4OZv/AJFo+2eMP+gFof8A4OZv/kWgDoKK5/7Z4w/6AWh/+Dmb/wCRaPtnjD/oBaH/AODmb/5FoA6Ciuf+2eMP+gFof/g5m/8AkWj7Z4w/6AWh/wDg5m/+RaAOgorn/tnjD/oBaH/4OZv/AJFo+2eMP+gFof8A4OZv/kWgDoKK5/7Z4w/6AWh/+Dmb/wCRaPtnjD/oBaH/AODmb/5FoA6Ciuf+2eMP+gFof/g5m/8AkWj7Z4w/6AWh/wDg5m/+RaAOgorn/tnjD/oBaH/4OZv/AJFo+2eMP+gFof8A4OZv/kWgDoKK5/7Z4w/6AWh/+Dmb/wCRaPtnjD/oBaH/AODmb/5FoA6Ciuf+2eMP+gFof/g5m/8AkWj7Z4w/6AWh/wDg5m/+RaAOgorn/tnjD/oBaH/4OZv/AJFo+2eMP+gFof8A4OZv/kWgDoKK5/7Z4w/6AWh/+Dmb/wCRaPtnjD/oBaH/AODmb/5FoA6Ciuf+2eMP+gFof/g5m/8AkWj7Z4w/6AWh/wDg5m/+RaAOgorn/tnjD/oBaH/4OZv/AJFrQ0ybWJfN/taxsbXGPL+yXj3G7rnO6JMdumc5PTHIBoUUVT1KTUordW0u0tLmfeAyXVy0ChcHkMsbknOOMdzzxyAXKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5FrQ0ybWJfN/taxsbXGPL+yXj3G7rnO6JMdumc5PTHIBoUUVT1KTUordW0u0tLmffhkurpoFC4PIZY3JOccY/H1ALlFc/9s8Yf9ALQ/8Awczf/ItH2zxh/wBALQ//AAczf/ItAHQUVz/2zxh/0AtD/wDBzN/8i0fbPGH/AEAtD/8ABzN/8i0AdBRXP/bPGH/QC0P/AMHM3/yLR9s8Yf8AQC0P/wAHM3/yLQB0FFc/9s8Yf9ALQ/8Awczf/ItH2zxh/wBALQ//AAczf/ItAHQUVz/2zxh/0AtD/wDBzN/8i0fbPGH/AEAtD/8ABzN/8i0AdBRXP/bPGH/QC0P/AMHM3/yLR9s8Yf8AQC0P/wAHM3/yLQB0FFc/9s8Yf9ALQ/8Awczf/ItH2zxh/wBALQ//AAczf/ItAHQUVz/2zxh/0AtD/wDBzN/8i0fbPGH/AEAtD/8ABzN/8i0AdBRXP/bPGH/QC0P/AMHM3/yLR9s8Yf8AQC0P/wAHM3/yLQB0FFc/9s8Yf9ALQ/8Awczf/ItH2zxh/wBALQ//AAczf/ItAHQUVz/2zxh/0AtD/wDBzN/8i0fbPGH/AEAtD/8ABzN/8i0AdBRXP/bPGH/QC0P/AMHM3/yLR9s8Yf8AQC0P/wAHM3/yLQB0FFc/9s8Yf9ALQ/8Awczf/ItH2zxh/wBALQ//AAczf/ItAHQUVz/2zxh/0AtD/wDBzN/8i0fbPGH/AEAtD/8ABzN/8i0AdBRXP/bPGH/QC0P/AMHM3/yLWppsmpS27NqlpaW0+8hUtblp1K4HJZo0IOc8Y7DnngAuVUvfvJ9Kt1UvPvJ9KAKbLULpVjFMIpiKMkdVXirUaOoGioAy2i9qYYq0jDTDD7UAUBFUixe1WxDUiw0AV44varUceKkWOplSgBEWpRQBTsUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBq0UUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVS8+8n0q3VS8+8n0oAq0UUUxDSKaUqSigCEx03y6nxRigCDy6cEqXFGKAGhKdilooAQUtFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAatFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVUvPvJ9Kt1UvPvJ9KAKtFFFMQUUUUAFFFJmgBaKTNLQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAatFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVUvPvJ9Kt1UvPvJ9KAKtFFJ1OB1piAmqOoavYaWMXdwFk6iJBuc/h2/HFYXiHxSbZ2s9NkBlHEk452n0X39/yriyWdy7sWZjkknJJrysVmSpvlp6vuevhMrdRc9XRdup2Fz445xaWIwP4p3zn8BjH51UPjTUi4PkWgH90I2P/Qs1zYFPAryp4/EN35j1Y4HDxVlE6uDxrNu/0ixiZf8ApkxU/rmtyw17T9QISOYxSnpHN8pJ9j0P8/avPAKeBTp5rXpvV3XmYVctoTXuqz8j1PODg8EdjSg1xujeIZLfbbXrNJb9Fk6tH/iPb8vSuuVuhBBBGQQcgj1Fe9hMZTxMbw36o8LEYadCVpbdyWimg5p1dZzhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAatFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVUvPvJ9Kt1TvfvJ9KAKprn/ABTrDabYiCBsXNyCAR1ROhP1PQfjW6cswUdScCvM9dvf7Q1m5nBzGG2R/wC4OB/j+NcOYV3SpWW7PQy3DqrWvLZGcBTgKAKeBXzLZ9M2AFSAUAU8CsmyWwAp4FAFPArKUiGwArpvDeoEj+z5W9WhJ7HqV/Hr9frXOgVNC7wzJLGdrowZT6EVeGxUsPVVSP8ASOfEUlWpuDO/Rs1KDVVZVk2yoMLIocD0BGcf0qdTX3cWpJNHyzVnZklFIKWmIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKANWiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKpX33l+lXao3/3k+lAGbcStFBPKp+aOJ3H1Ck/0rysCvUblTJb3EajLPDIg+pUivMQK8POG+aPzPdye3LP5ABUgFAFPArwmz12wAp4FAFPArKUiGwAqQCgCngVjKRLYAVIBQBTwKxlIhs6jTXzplpnsrL/48f8AGtKNqy7Bdmm2o/vBm/8AHiP6VoRmv0DAX+q07/yr8j5jEfxZW7stClpq06usxCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDVooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACqF/wDeT6Vfqjf/AHl+lAGYXMbq46qQa8/1Sz+w6pcQAfIrZQ+qnlf0Irv5Rwaw9esDeWguIxma3XDD+9H1/Q5/A+1ebmtB1aPNHeP5dT0MtrqlV5XszkwKeBQBTwK+TlI+hbACpAKAKeBWMpEtgBUgFAFPArGUiGwAqWONndUUEsxwAO5pAK1dMg8oG9cfdOIQe7ev4fzxV4ahLE1o0o9fyMK1VU4OTNIqI5BCpBWJRHkdDgcn8Tk1ai7VShFXoxX6NGKjFRWyPmm23dllelOpq06qEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGrRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFUr77yfSrtU737yfSgDNkFU33I4ZeCOlaDiqsqZpiOc1LRhIWubFPeSBeq+6+o9u30rGArsXVlbcpIYHII7VVuILa7Ja5iKyHrNFwT9R0P6H3rwMdk/O3Oh93+R62GzLlXLV+85sCpAK0m0bvBdwuM8B8o368frSDR7v0gP/bxH/wDFV8/UwOKi7Om/kr/kegsVRkrqSKIFSAVfTSmH+tubeP6PvP8A47mrEcVpb8xxmd/70owo/wCAjr+J/Cro5Ri6z+HlXd6f8ExqY2jBb39CC0sN6Ce4Jjg7f3n9l/x6Cr5cyuMKERRhUXoo9KYTJM++Rize9WIo6+sy/LqWDjaOsnu/66Hj4jESrPXYliWrkYqKNKsqK9A5x4FLRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAatFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVUvPvJ9Kt1UvPvJ9KAKZGaidKnppFMRRkjzVZ4vatNkqFoqAMtovamGL2rSMNMMNAFARe1SLF7VbEFSLDQBXji9qtJHinrHUypQAiLipBQBTsUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBq0UUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVS8+8n0q3VS8+8n0oAq0UUUxCEU0pT6KAIilN8v2qbFGKAIfL9qcEqTFGKAGhadilooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA1aKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqpefeT6VbqpefeT6UAVaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA1aKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqpefeT6VbqpefeT6UAVaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA1aKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqpefeT6VbqpefeT6UAVaKKa7rGjO5wqgkn0FMRj+I/FWleF7MT6jPh2B8qFOZJCPQf1PFeZ3XxuvGc/ZNGgRM8ebMWJH4AVwHibX7jxLr1zqU5IDnbEh/5Zxj7q/4+5JrIrRRXUzcn0PT/APhdmr/9Aux/N/8AGj/hdmr/APQLsfzf/GvMKKrlRPMz0/8A4XZq/wD0C7H83/xo/wCF2av/ANAux/N/8a8woo5UHMz0/wD4XZq//QLsfzf/ABo/4XZq/wD0C7H83/xrzCijlQczPT/+F2av/wBAux/N/wDGj/hdmr/9Aux/N/8AGvMKKOVBzM9P/wCF2av/ANAux/N/8aP+F2av/wBAux/N/wDGvMKKOVBzM9P/AOF2av8A9Aux/N/8aP8Ahdmr/wDQLsfzf/GvMKKOVBzM9P8A+F2av/0C7H83/wAaP+F2av8A9Aux/N/8a8woo5UHMz0//hdmr/8AQLsfzf8Axo/4XZq//QLsfzf/ABrzCijlQczPT/8Ahdmr/wDQLsfzf/Gj/hdmr/8AQLsfzf8AxrzCijlQczPT/wDhdmr/APQLsfzf/Gj/AIXZq/8A0C7H83/xrzCijlQczPT/APhdmr/9Aux/N/8AGt7QvjLY3t0tvq9kbFWOBOj70H+8MAge/NeJUUuVD5mfXMUsdxCk0MiSROoZHQ5VgehBHUU+vJ/g14imniutAuH3LAnn2+eqrnDL9MkEfU16xWbVmaJ3QUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAatFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVUvPvJ9Kt1UvPvJ9KAKtQ3UJuLOeEHBkjZM5xjIxU1FMR8jTQyW88kMyFJY2KOrDBUg4INMr2z4h/DWbWLuTWdFCfamXM9sfl80j+JT03Y6jvjPXr47eaZf6e5S9srm2YdRNEyfzFbJ3MWrFWiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKUAswVQSScADvXQaF4J17xBcpHbWEsUR+9cToUjUfUjn6DJoA6r4LWcsnia+vAv7mG0MbN/tMykD8lb8q9xrE8K+GrXwroken2x8x875piuDK56nHb0A9BW3WMndm0VZBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQBq0UUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVS8HKH61bqKePzY8DqORQBn0UEYODRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGrRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEckCSckYPqKgNng/f/SiigBPsn+3+lH2T/b/AEoooAPsn+3+lH2T/b/SiigA+yf7f6UfZP8Ab/SiigA+yf7f6UfZP9v9KKKAD7J/t/pR9k/2/wBKKKAD7J/t/pR9k/2/0oooAPsn+3+lH2T/AG/0oooAPsn+3+lH2T/b/SiigA+yf7f6UfZP9v8ASiigA+yf7f6UfZP9v9KKKAD7J/t/pR9k/wBv9KKKAD7J/t/pR9k/2/0oooAPsn+3+lH2T/b/AEoooAPsn+3+lH2T/b/SiigA+yf7f6UfZP8Ab/SiigA+yf7f6UfZP9v9KKKAD7J/t/pR9k/2/wBKKKAD7J/t/pR9k/2/0oooAPsn+3+lH2T/AG/0oooA/9k=)

Read more on p.14 to 34

Business overview continued

We are well positioned for sustainable and profitable growth

Leader in thegrowing

non-alcoholic

ready-to-drink category

We are a leader in the growing

anddynamic non-alcoholic

ready-to-drink (NARTD) category.

The CAGR of NARTD value

between 2024 and 2028 is

expected to be4% to 6%

1

.

We are number one in the

sparkling category in 20 out

ofour 21 measured markets. We

also have opportunities in other

high-potential categories, to

continue to drive our growth.

A clear vision,

strategyand targets

The beverage category continues

to expand, and we see strong

growth opportunities within our

evolving brand portfolio and the

markets in which we operate.

Our growth strategy reflects

ourvision to be the leading 24/7

beverage partner and deliver

best-in-class financial returns.

Itis built on five key pillars

ofgrowth, each of which

isacorestrength or

competitiveadvantage.

We invest todrive growth,

with a relentless focus

oncost and efficiency

We continue to invest

toenableour growth

opportunities, including

inproduction capacity,

energy-efficient coolers,

ongoing automation in our

supply chain as well as digital

anddata solutions.

We have a strong track record

ofdriving cost efficiencies, and

this remains an important part

of our strategy.

A diverse, balanced

country portfolio

with strong exposure

toattractive

growthmarkets

Our geographic footprint

creates a diverse balance.

Wehave exposure to fast-

growing Emerging and

Developing markets as

wellasastrong foundation

inEstablished markets.

We also benefit from the

portfolio effect of exposure

todifferent economic cycles,

and we are proven operators

inmanaging risk in a variety

ofsocio-economic conditions.

The strongest,

broadestportfolio

ofbrands, anchored

around an exceptional

partnership with The

Coca-Cola Company

We have high-growth

opportunities across

high-value occasions and

categories. Our flexible portfolio

caters to a growing range of

tastes and preferences, with a

wider choice of both affordable

and premium products, and a

wide range of healthier options.

Our portfolio has evolved with

the proliferation of low- and

no-sugar variants, single-serve

packs and broader innovation

inflavours.

+4-6%

NARTD value

CAGR2024-2028

+16 markets

Monster Energy Green Zero

Sugar launched in 2024

+13.8%

FY2024 organic NSRgrowth

18.3% ROIC

FY2024

+12.2%

FY2024 organic

EBITgrowth

A clear strategy

frames our actions,

with five growth

pillars underpinning

our decision making

and focus.

1.  Source: internal system projections excluding Russia and Ukraine

Leverage

our unique

24/7 portfolio

1

Win in the

marketplace

2

Fuel growth

through

competitiveness

and investment

3

Cultivate the

potential of

ourpeople

4

Earn our

licence

to operate

5

Coca-Cola HBC Integrated Annual Report 20243

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Market trends

Trends

In 2024, our categories grew, driven by both volume and

revenue per unit case. In Europe, category volume improved

compared to 2023, with different dynamics in each market,

while revenue per unit case growth was lower compared to

2023, reflecting a de-escalation of inflation.

The sparkling category grew overall, and Sports drinks saw

good growth as the best performing category within NARTD.

InAfrica, category volume continued to be volatile, coupled

with high revenue per unit case growth following inflationary

pressure. The impact of private label in our categories

remained modest.

How we are responding

We sustained our focus on improving our single-serve mix and

continued driving the shift from multi-serve packs to single-

serve packs across all markets, and in both the At-home and

Out-of-home channels.

We continued to invest in our bespoke capabilities, particularly

on embedding digital tools and our data insights & analytics

capability to ensure we provided retail customers with relevant

insights to maximise their value-added. This contributed to an

improved Net Promoter Score, further improvements to pack

mix, and value and volume share gains in key channels and

mostmajor markets.

Growth pillars

1

Leverage our unique 24/7 portfolio

2

Win in the marketplace

+100bps

We improved single-serve mix by 100bps across

theGroup in 2024

Trends

Consumer confidence remains low as high living costs pressure

disposable incomes. Consumers have shown sensitivity to

price increases, adopting price-driven shopping, downtrading

and budgeting behaviours.

NARTD and the sparkling category have continued to gain

traction, being perceived as affordable treats. Despite ongoing

budget constraints, opportunities continue to exist for

premiumisation, as shoppers prioritise quality and indulge

insmall treats, considering healthy and sustainable options

asworth paying for.

How we are responding

We continued adapting our portfolio to deliver both affordable

offerings as well as premium products presented in appropriate

pack sizes and combinations, as well as promotions, to

capitalise on the summer with music and sport, offering

consumers attractive choice.

To support category growth, we have focused on a wider

rangeof single-serve offerings and multipacks of single

serves,as well as affordable multi-serve options. This allows

usto compete effectively at attractive price points for the

consumer and to penetrate smaller baskets in a more

effectiveway.

Growth pillars

1

Leverage our unique 24/7 portfolio

2

Win in the marketplace

+150bps

We gained or maintained share in the majority

ofour markets in NARTD, gaining 150bps of value

shareinNARTD

Retail Consumer

While there are significant geopolitical and

economic trends that can influence overall market

growth, we focus on the following five areas: retail,

consumer, digital, sustainability andregulatory.

These areas are where we react dynamically and

create long-term value for our customers,

consumers and shareholders.

Coca-Cola HBC Integrated Annual Report 20244

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Market trends continued

Trends

The sustainability landscape was impacted by significant

political shifts and regulatory changes in 2024 and we saw

companies retreating on ESG goals. The rise of mandatory

sustainability reporting required considerable resources

andtime fromcompanies.

2024 saw extreme weather events and was the warmest

1

yearon record, which presents a critical need for companies,

governments and individuals alike to take steps on climate,

environmental and societal actions as never before.

How we are responding

We are on track to deliver our 2025 sustainability targets and

making good progress towards our long-term goal of achieving

NetZeroby40. We cannot solve the global challenges alone, but

through collaboration and collective actions, innovation and

investment, we can lead the implementation of much-needed

new business solutions. These new solutions create value for

us, our customers, our suppliers and our communities, opening

up a more sustainable future. We will continue to report our

progress transparently and in line with the best practices and

mandatory regulations.

Growth pillars

1

Leverage our unique 24/7 portfolio

2

Win in the marketplace

3

Fuel growth through competitiveness and investment

4

Cultivate the potential of our people

5

Earn our licence to operate

-18%

We have reduced absolute carbon emissions in all

three scopes by 18% in 2024 compared with 2017

1.  Copernicus Climate Change Service/ European Centre for Medium-Range

WeatherForecasts

Trends

Policymakers keep considering measures to protect

publichealth, address budget deficits and counter inflation.

Theseinclude discriminatory taxes, price caps, and marketing

restrictions in specific product categories. The European Union

has adopted the Packaging and Packaging Waste Regulation

(PPWR), followed by discussion on the Green Claims Directive.

Several European countries have already implemented deposit

return schemes (DRS) and others are preparing to start them.

Leading health authorities maintained their focus on nutrition,

with no current proposed changes in safety approvals for

non-sugar sweeteners from food safety authorities.

How we are responding

We remain committed to working with regulators,

governments and industry partners to address emerging

trends. We are supporting the launch of DRS across more

European countries, with experience of this in several of our

markets already. In addition we continue to make progress

towards more sustainable packaging. We are expanding our

low- and no-sugar variants to meet consumer demands,

andwe remain dedicated to providing transparent nutrition

information for our products, in line with local regulations,

tohelp consumers make informed decisions. Our Mission

2025goals guide us as we actively support new EU Commission

priorities through industry associations.

Growth pillars

1

Leverage our unique 24/7 portfolio

2

Win in the marketplace

3

Fuel growth through competitiveness and investment

5

Earn our licence to operate

9 markets

DRS are now active in 9 of our markets, with two more

expected to launch in 2025

Trends

Consumers havebecome much more comfortable and familiar

with e-commerce. Convenience and ease-of-use of online

shopping have improved. Companies continue to invest in

digital tools to improve efficiency of operations, customer

service and the effectiveness of their marketing spend.

Artificial Intelligence (AI) has exploded in 2024, with companies

embracing AI tools within their day-to-day operations.

How we are responding

We continue to invest in building and upskilling our

talentedin-house teams, as well as working with leading

technologypartners.

We remain focused on developing our leading data, insights and

analytics (DIA) capabilities which leverages statistics, machine

learning and AI to turn data into actionable insights and a

customised product and service offering to each outlet.

Growth pillars

1

Leverage our unique 24/7 portfolio

2

Win in the marketplace

3

Fuel growth through competitiveness and investment

11.5%

Customer orders made through our e-business-to-

business platform, Customer Portal, up from 10% in2023

Sustainability RegulatoryDigital

Coca-Cola HBC Integrated Annual Report 20245

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Business model

Delivering value for our stakeholders

1

3

4 2

How we do it

What we do

Partnering with our customers

We grow by supporting our customers’ growth,

leveraging our 24/7 portfolio, focusing on areas of

high-value opportunity and executing with excellence.

Producing

beverages

efficiently and

sustainably

Using concentrate

fromThe Coca-Cola

Company along with

other ingredients,

weprepare, package

anddeliver products

withan optimised

manufacturing

infrastructure and

logistics network.

Serving our

consumers and

communities

Our 24/7 product

portfolio caters to

arange of tastes and

preferences and we

continually innovate

tolead thesector.

Working with suppliers

We work with our suppliers to procure high-quality

ingredients, sustainably sourced raw materials, and

equipment and services required to produce beverages.

Human

Our success is dependent on the passion and

customer focus of our talented people – our secret

ingredient. We empower them to pursue growth

opportunities, both for themselves and our Company.

Natural

To create our products, we use natural resources

including water, agricultural ingredients and paper.

Wesource theseusing sustainable practices and

seekto usethemefficiently.

Social and relationships

Maintaining the trust of stakeholders is essential to

ourbusiness. Our most valuable human connections

and relationships are with The Coca-Cola Company,

our people and the communities we operate in, and our

customers, suppliers, governments and regulators.

Financial

Our business activities require financial capital, which

we allocate efficiently. This capital is provided by our

equity and debt holders, as well as cash flow earned

from our operations.

Intellectual

Innovation is embedded in our culture. The intellectual

property from innovation includes new packaging

know-how, new products, and improvements in

manufacturing, logistics and sales execution.

Manufacturing

Investing in our plant and logistics assets allows us

toefficiently prepare, package and deliver our products

tomeet the needs of customers and consumers.

We are a strategic bottling partner of

The Coca-ColaCompany (TCCC)

We have rights from TCCC in the Coca-Cola HBC

marketswhere the Group produces, sells and distributes

TCCC’s trademarked beverages. We also partner with

other beverage businesses such as Monster Energy,

Brown-Forman and Edrington to sell their products

inourmarkets.

How our partnership works

TCCC owns and develops its brands while we are

responsible for producing, distributing and selling these

beverages, using concentrate we buy from TCCC under

an incidence-based pricing model. We work together

toensure we have the right portfolio for our customers

and consumers in each market and to ensure excellent,

efficient execution. We also share marketing costs and

responsibilities: TCCC markets to consumers, while we

take responsibility for trade marketing to our customers.

Our capital resources

Coca-Cola HBC Integrated Annual Report 20246

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Business model continued

•  In 2024 we employed 33,018 FTEs, as we operate in

29countries

•  Median basic salary ratio women/men: 1.37

•  We increased the frequency of our customer

engagement, providing customers with better support

•  In the marketplace, we achieved a total number of 60%

1

energy-efficient coolers

•  In 2024, we trained 174,902 young people

1

through our

#YouthEmpowered programme to boost employability

•  We invested €8.4 million in local community initiatives

•  We delivered strong financial performance in 2024, with

organic revenue up 13.8% and reported revenue up 5.6%.

Inrecognition of our business strength and future

opportunities, the Board proposed a dividend of €1.03 per

share, an 11% increase compared with last year

•  Our business activities generate revenue for our suppliers

and contractors and their extended value chain

•  We provide high-quality beverages and healthy options,

reducing calories per 100ml of sparkling soft drinks by

18% in 2024 compared to our 2015 baseline

•  We spent €7.14 billion

2

with suppliers and contractors

•  We are working with our suppliers to support their

sustainable practices and emissions reduction plans

We believe that the only way

tocreate long-term value for

allour stakeholders is through

sustainable growth.

We create socio-economic

valuefor the societies in which

weoperate by creating jobs,

training people, building physical

infrastructure, procuring raw

materials, transferring

technology, paying taxes,

expanding access to products

and services, and creating

growth opportunities for

ourcustomers, distributors,

retailers and suppliers.

Measuring and managing

thesecontributions through

thesustainable growth of our

business is an important part

ofour purpose. Since 2010 we

have conducted socioeconomic

impact studies in our markets

tobetter understand the range

and extent of the value we

create in our ecosystem.

659,000

training hours

for our people

€1, 297.4m

total employee

costs

43.5%

women in

managerial

positions

1.8m

customers

served

1 job ->

13 jobs

1 job in our

system supports

13 in the

community

501,982

indirect jobs

across the

valuechain

1,119,850

cumulative

2017-2024

number of young

people trained in

our communities

€679.3m

Capex spend

Comparable EPS grew by 9.5%

to€2.28, supported by strong

EBIT delivery

€5.3b

paid in taxes across

ourvalue chain

€14.4b

supported inadded

value across our

value chain

750m potential

consumersrefreshed

over 14,000

suppliers operating

across our value chain

€7.14b

spent with suppliers,

ofwhich 97.7% were local

2

Value created Our impactSocio-economic contribution

To read the methodology

behind our socio-economic

impact numbers

Read more on p.360

Our investors

Our consumers

Our suppliers

Our customers

Our people

Our wider stakeholders

Our communities

1.  Excluding Egypt

2.  EU countries supplies are considered local for CCHBC EU based BUs.

Coca-Cola HBC Integrated Annual Report 20247

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Chief Executive Officer’s letter

Opening up moments together

Seizing the opportunities ahead

2024 has been another extraordinary year.

Theexternal environment continued to be

challenging across our markets. Along with

othersin our industry, we navigated normalised

inflation in Europe and high inflation in Nigeria

andEgypt, aswell as geopolitical tensions,

adynamic macroeconomic backdrop and

someuncertaintyinthe consumer environment.

In true Hellenic spirit, we reflect and learn from

these challenges so we are prepared and can

takebolder decisions to drive growth and win

inthe market… in every challenge we search

forthe opportunity.

The consistent strategic choices we have made,

along with our bespoke capabilities, put us in a

strong position to go after many opportunities.

We have solid foundations, ambitious plans and

hardworking, cohesive, resilient teams who are

equipped and ready to adapt as needed. All of this

is underpinned by our vision of being the leading

24/7 beverage partner and by our commitment

tobe the first-choice partner for our customers.

The importance of our teams

It has been over a year since we launched our

renewed purpose: to open up moments that

refresh us all, which has been very well embraced

with positivity by our teams across our business

units. Along with our vision and values, our

purpose serves as the anchor for each of us

everyday, to continuously grow and succeed.

Ourstrong employee engagement results this

year area testament to the strong culture we are

embedding and maintaining across our business.

I would like to thank all our colleagues for their

extraordinary efforts over the past year, as well as

The Coca-Cola Company (TCCC), our customers

and our partners for their valued partnership and

trust, which continues to push us to go the extra

mile. Together, we are creating value for all that

weserve.

Strong partnerships, a 24/7 portfolio

and unrivalled market execution

With our valued partners, including TCCC,

Monster, other brand partners, and our

customersand suppliers, we are developing

impactful promotional activation plans and

best-in-class market execution, with a clear

focuson building the future together.

We continue building and strengthening our

24/7portfolio, which is suited to offer consumers

avariety of brands and products for all drinking

moments throughout the whole 24 hours.

Sparkling, Energy and Coffee continue to be

ourstrategic priority categories within our 24/7

portfolio. Sparkling is the most important driver

ofour growth. Working closely with TCCC, we

have developed targeted marketing campaigns

andactivations for world-leading events including

Euro2024 and the Olympic Games. Coca-Cola

has continued to drive our volume growth over

thelast several years. Adult Sparkling has been

apositive contributor to volume and revenue-per-

case expansion, and we have benefitted from

innovations in Schweppes and Kinley, as well as

thelaunch ofThree Cents into more markets.

Our energy category continued to grow in 2024,

with increases in share and volume. This year was

the ninth consecutive year of strong double-digit

volume growth. During the year, we introduced

Monster Energy Green Zero Sugar to open up

newopportunities for incremental expansion

within the category through a no-sugar option.

Our multi-brand portfolio in Energy provides

atargeted offering to different markets,

demographics and affordability needs.

Our coffee portfolio also delivered strong results.

Caffè Vergnano has expanded across our markets

in premium Hotel, Restaurant and Café (HoReCa)

outlets, while Costa has seen impressive growth

inour focus area of the Out-of-home channel.

Among several other consumer relevant

categories like Tea, Water and Juices I would single

out the very inspiring and growing opportunity

with the sports drink category where we have

been achieving excellent results with Powerade.

Following our acquisition of Finlandia Vodka in

2023, I’m pleased with its smooth integration into

our business and the expansion of distribution into

our markets. I look forward to seeing exciting plans

come to life that will elevate Finlandia in 2025 and

beyond. We continue our strong partnership with

Premium Spirits brand owners, including Brown-

Forman, Edrington and Bacardi.

Investing for growth

In 2024, we made further significant progress

inourdigital transformation journey. We continue

to invest in data, insights, analytics and advanced

digital tools so we can better support our

customers in driving joint growth and

identifyingnew opportunities.

We have also started establishing a new Digital

Hub inCairo to complement our Digital Hubs in

Sofia and Athens, empowering our teams across

the whole company with more in-house resources

and digital tools to fuel innovation. The new Digital

Hub will create roles in critical areas such as data

engineering, AI engineering and data visualisation

by the end of 2026.

Our industry-leading, comprehensive learning

curriculum supports and upskills our teams to

bebest-in-class, and to be able to adapt and thrive

in fast-changing environments. Our prioritised

capabilities differentiate us in the eyes of our

customers across all channels. Our bespoke

programmes, such as the Sales Academy, Data,

Insights & Analytics Academy and Supply Chain

Academy are equipping our teams to be the best

in the industry.

We continue to prioritise a Make It Simple

mindset,with each of us playing a conscious

roleinsimplifying all that we do. Since 2023,

ourefforts have released more than one million

hours of employee time, boosting employee

engagement, proactive collaboration and

customer satisfaction.

In 2024, we achieved another strong

year of growth in a range of market

conditions, while continuing to evolve

our culture across our markets. Our

passionate teams executed with

excellence, further strengthening

relationships with our partners

and creating joint value with our

customers. We look forward to

opening up more opportunities

forgrowth for all we serve in 2025.”

Coca-Cola HBC Integrated Annual Report 20248

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Chief Executive Officer’s letter continued

Sustainability remains a core focus

This year, we were ranked – for the eighth time –

asthe world’s most sustainable beverage company

in the Dow Jones Best-in-Class Indices. Retaining

our leadership position is a real achievement and

comes from our clear and ambitious sustainability

strategy and our consistent approach to

investment, innovation and partnerships.

We feel proud to be leaders in sustainability and

areon target to meet our objective of achieving

netzero by 2040. 2025 will be the final year of our

Mission 2025 goals and we have already reached

9out of our 18 targets, ahead of the target year.

For the fourth consecutive year, we are reducing

our absolute greenhouse gas emissions (scope 1, 2

and 3) and performing in line with our NetZeroby40

roadmap, while growing our business.

Packaging circularity remains a critical priority.

Ourfirst Coca-Cola System-owned and operated

packaging collection hub in Nigeria which we

Linking our vision, purpose,

growth pillars and targets

We have five strategic growth pillars

1

Leverage our unique

24/7 portfolio

2

Win in the

marketplace

3

Fuel growth through

competitiveness and investment

4

Cultivate the potential

of ourpeople

5

Earn our licence

to operate

Read more about our growth pillars on

p.14 to 29

Our targets and how we measure our

progress (KPIs)

Financial

Our medium-term targets include organic

revenue growth of 6% to 7% per year on

average and 20-40bps of organic comparable

EBIT margin expansion per year on average.

Sustainability

Our sustainability targets include Mission 2025

and NetZeroby40.

Please see Tracking our progress for details.

Tracking our progress p.30 to 34

Our strategy and targets link directly to

executive remuneration.

Please see our Directors’ remuneration report

for details.

Read more on p.222

launched at the beginning of 2025 is a great

example: we see empty bottles as a valuable

resource that can be given another life, help to

decrease our costs, and achieve our collection

targets. Nine of our markets have Deposit Return

Schemes (DRS) with the most recent schemes

launched in Romania, Hungary, Ireland and Austria.

Early results are encouraging – for example, in

Romania, the average return rate reached 77%

ofcontainers sold in the market inthelast three

months of 2024.

The communities where we operate have

alwaysbeen important to us. We exceeded our

#YouthEmpowered target of training one million

young people in 2024 – a year early. The Coca-Cola

HBC Foundation made donations to flood-relief

initiatives: rebuilding houses and community

centres; providing food and emergency supplies;

and replacing damaged medical equipment in

hospitals in Greece, Nigeria, Poland, Romania,

Hungary and Bosnia & Herzegovina.

Strong financial performance

I am proud that we have delivered yet another year

of double-digit growth, with a 13.8% increase in

organic revenues. Growth was high quality, with

volume expansion in each of our segments and

across our three strategic priority categories, and

with continued share gains. This growth is driving

real benefits for our customers. In 2024, we were

once again the number one contributor to retail

customers’ absolute revenue growth within

fast-moving consumer goods (FMCG) in Europe,

according to Nielsen.

The resilience of our business is supported by

thediversity and growth potential of the market

weoperate in. In 2024, we navigated a range

ofmacroeconomic conditions to achieve

anexpansion in organic EBIT of 12.2% and

a9.5%improvement in Comparable EPS.

Throughout the year, we continued to invest in

developing our 24/7 portfolio, our markets and our

capabilities, all in service of our vision to be the leading

24/7 beverage partner. These investments are also

generating strong returns and, in 2024, our ROIC

expanded by 190bps to 18.3%, testament to the

value we are creating for investors.

Looking ahead

We have a culture where the growth mindset of our

people is the driving force of our development and

progress. We have built our resilience and agility to

make sure we are able to overcome challenges and

grow. Our sustainability strategy is central to those

efforts, as we believe that achieving strong results

goes hand in hand with doing that in a good way.

Ourvalued partnerships, our unrivalled 24/7

portfolio, our bespoke capabilities and, of course,

ourpassionate and committed team, are key

components in our success. At the same time, we

continue to listen to our customers and consumers,

to understand and respond to their needs and

market trends. I am excited by the abundance

ofopportunities that we have in our industry.

Together, as One Team, I look forward to

continuing to shape the future and create shared

value; acting on our purpose to open up moments

that refresh us all.

Zoran Bogdanovic

Chief Executive Officer

Nigeria’s first-ever

Coca-Cola System-owned

and operatedpackaging

collection hub

Our Purpose

Open up moments that refresh us all

Our Vision

The leading 24/7 beverage partner

Our Values

•  Customer first

•  We over I

•  Make it simple

•  Deliver sustainably

Coca-Cola HBC Integrated Annual Report 20249

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Stakeholder engagement

Material issues and topics of interest

•  E1 – Climate change mitigation

•  E3 – Water consumption

•  S3 – Water and sanitation

•  E5 – Resource outflows related to products

andservices

•  S3 – Training and skills development

•  S3 – #YouthEmpowered

Growth pillars

3

5

Key challenges

•  Climate change

•  Waste from our packaging

•  Water conservation

•  Empowering young people and women

How we engage

•  We engage with customers and partners

tounderstand what skills and training young

adults need in specific markets

•  Via our #YouthEmpowered sessions, we

increase the employability of young people

•  We participate actively to support the set-

up and implementation of new packaging

collectionschemes

•  Addressing water challenges in water

prioritylocations

Outcomes of engagement

•  Our support of new collection schemes is

translating into increased collection rates

forpackaging waste in many markets

•  We have committed to NetZeroby40 across

theentire value chain

•  Water stewardship community projects in

waterpriority locations

Relevant KPIs

•  Number of young people trained in our

communities through #YouthEmpowered

•  Percentage of absolute emissions reduction

•  Number of water stewardship projects in water

priority locations

•  Percentage of primary packaging collected

•  Number of volunteering hours

•  Number of, and investments in,

communityprojects

Principal risks

•  Geopolitical and security environment

•  Cost and availability of sustainable packaging

•  Managing our carbon footprint

•  The impact of climate change on the cost

andavailability of water

•  Suppliers and sustainable sourcing

Material issues and topics of interest

•  E5 – Resource outflows related to products

andservices

•  S4 – Consumers’ health and safety

•  S4 – Responsible marketing practices

Growth pillars

1

5

Key challenges

•  Ensuring product safety and supply

•  Continuously evolving our products to meet

consumers’ needs for healthy hydration, quality,

taste, innovation and convenience

How we engage

•  Together with TCCC, we understand consumers’

needs and preferences through our access to

consumer insights

•  Consumers also provide feedback on social

media and via consumer hotlines

Outcomes of engagement

•   We continued to evolve our portfolio to address

changing consumer occasions and invested

further in digital and e-commerce to meet

newshopper needs

Relevant KPIs

•  Percentage reduction of calories per 100ml

Sparkling Soft Drinks (SSD) vs 2015

•  Number of consumer complaints

Principal risks

•  Product quality and food safety

•  Omni-channel evolution

•  Product category acceptability

•  Business interruption

Material issues and topics of interest

•  E1 – Climate change mitigation

•  E5 – Resource outflows related to products and

services

•  S3 – Training and skills development

Growth pillars

1

2

Key challenges

•  Opportunities for growth and value creation

•  Offering a 24/7 beverage portfolio that meets

thechanging preferences of consumers

andcustomers

•  Managing supply and delivery challenges

How we engage

•  Key account managers engage with our

customers at a strategic level

•  Our Business Developers visit outlets with

digitaltools and insights to add value

•  Partnering to reduce food loss and waste

•  Introducing new packaging types and supporting

packaging collection

Outcomes of engagement

•  We increased direct engagement via our

customer teams and via customer surveys

•  Programmes to reduce food loss and waste

Relevant KPIs

•  Volume and organic revenue growth

•  Customer feedback from surveys

•  Cooler coverage of high-potential outlets

Principal risks

•  Omni-channel evolution

•  Product quality and food safety

•  Business interruption

Material issues and topics of interest

•  S1 – Health and safety

•  S1 – Secure employment

•  S1 – Training and skills development

•  S1 – Adequate wages

•  S1 – Gender equality and equal pay

forworkofequal value

•  S1 – Diversity

Growth pillars

4

5

Key challenges

•  Building the best teams in the industry

•  Engagement as hybrid working continues

•  Mental wellbeing

•  Protecting our people in a more volatile

securityenvironment

How we engage

•  Focused and continuous conversations,

plusregular employee surveys to understand

and act on needs and wellbeing

•  Employee Assistance Programme

•  Offering personalised experiences

and opportunities for personal and

professionalgrowth

•  Ongoing dialogue with employee

representative bodies

Outcomes of engagement

•  Maintaining high engagement levels

•  Higher levels of engagement were reported

aswe focused on simplification, collaboration

and retention

Relevant KPIs

•  Employee engagement score

•  Percentage of managers who are women

•  Lost Time Accident Rate per 100 FTE

Principal risks

•  Health and safety

•  People attraction and retention

•  Geopolitical and securityenvironment

Our people

Our customers

Our consumers

Our communities

1

Leverage our unique

24/7 portfolio

2

Win in the marketplace

3

Fuel growth through

competitiveness andinvestment

4

Cultivate the potential

of our people

5

Earn our licence tooperate

This year we are reporting under the CSRD for the first time, using the European Sustainability Reporting

Standard (ESRS) framework and methodology. Our material issues and topic of interest are now

categorised under the ESRS, for example, ESRS E1, ESRS S1 and ESRS S2 etc. Please see Annex 1 of the

Commission Delegated Regulation (EU) 2023/2772 for the full set of reporting standards.

Coca-Cola HBC Integrated Annual Report 202410

Strategic Report Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate Governance

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCASnBpQDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD2qiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA888eeJtY0XXILbT7zyYmtlkK+WjZYswzkg9gK5f/hPfE3/AEEv/IEf/wATXtdFc8qMm7qVj28PmmGpUowlh4ya66a/+Snin/Ce+Jv+gl/5Aj/+Jo/4T3xN/wBBL/yBH/8AE17XRS9hP+d/18zb+2cJ/wBAsfw/+RPFP+E98Tf9BL/yBH/8TR/wnvib/oJf+QI//ia9roo9hP8Anf8AXzD+2cJ/0Cx/D/5E8U/4T3xN/wBBL/yBH/8AE0f8J74m/wCgl/5Aj/8Aia9roo9hP+d/18w/tnCf9Asfw/8AkTxT/hPfE3/QS/8AIEf/AMTR/wAJ74m/6CX/AJAj/wDia9roo9hP+d/18w/tnCf9Asfw/wDkTxT/AIT3xN/0Ev8AyBH/APE0f8J74m/6CX/kCP8A+Jr2uij2E/53/XzD+2cJ/wBAsfw/+RPFP+E98Tf9BL/yBH/8TR/wnvib/oJf+QI//ia9roo9hP8Anf8AXzD+2cJ/0Cx/D/5E8U/4T3xN/wBBL/yBH/8AE0f8J74m/wCgl/5Aj/8Aia9roo9hP+d/18w/tnCf9Asfw/8AkTxT/hPfE3/QS/8AIEf/AMTR/wAJ74m/6CX/AJAj/wDia9roo9hP+d/18w/tnCf9Asfw/wDkTxT/AIT3xN/0Ev8AyBH/APE12vw+1/U9c/tH+0bnzvJ8ry/3arjO7P3QPQV21FVClKMruVznxeZYetRdOGHUW+qtpr6IdGA0ig9CQKvfZof7n6ms+itzxjQ+zQ/3P1NH2aH+5+prPooA0Ps0P9z9TR9mh/ufqaz6KAND7ND/AHP1NH2aH+5+prPooA0Ps0P9z9TR9mh/ufqaz6KAND7ND/c/U0fZof7n6ms+igDQ+zQ/3P1NH2aH+5+prPooA0Ps0P8Ac/U0fZof7n6ms+igDQ+zQ/3P1NH2aH+5+prPooA0Ps0P9z9TR9mh/ufqaz6KAHSALIwHQEiprWNJN+8ZxjHNV6KAND7ND/c/U0fZof7n6ms+igDQ+zQ/3P1NH2aH+5+prPooA0Ps0P8Ac/U0fZof7n6ms+igDQ+zQ/3P1NH2aH+5+prPooA0Ps0P9z9TR9mh/ufqaz6KAND7ND/c/U0fZof7n6ms+igDQ+zQ/wBz9TR9mh/ufqaz6KAND7ND/c/U0fZof7n6ms+igDQ+zQ/3P1NH2aH+5+prPooAtXMKRxgquDnHWqtFFAF6O3iaNSV5IB6mnfZof7n6ms+igDQ+zQ/3P1NH2aH+5+prPooA0Ps0P9z9TR9mh/ufqaz6KAND7ND/AHP1NH2aH+5+prPooA0Ps0P9z9TR9mh/ufqaz6KAND7ND/c/U0fZof7n6ms+igDQ+zQ/3P1NH2aH+5+prPooA0Ps0P8Ac/U0fZof7n6ms+igDQ+zQ/3P1NH2aH+5+prPooA0Ps0P9z9TVOdQkzKowBUdFAE1siySEMMjGatfZof7n6ms+igDQ+zQ/wBz9TR9mh/ufqaz6KAND7ND/c/U0fZof7n6ms+igDQ+zQ/3P1NH2aH+5+prPooA0Ps0P9z9TR9mh/ufqaz6KAND7ND/AHP1NH2aH+5+prPooA0Ps0P9z9TR9mh/ufqaz6KAND7ND/c/U0fZof7n6ms+igDQ+zQ/3P1NH2aH+5+prPooA0Ps0P8Ac/U02S3iWNiF5AJ6mqNFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUZxUazxOxVJUZh1AYEilcdiSiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoopD0oAxfEGvrpEaxxKslzIMqpPCj1NczF4n1cy72mRl/uGMY/x/Wn+KYnbWg7cqYxt/Ws6KKvmMxx9WFZxjK1j6LB4Wh7BScU2zvdJ1VNSt923ZIvDLnOPetKuT8PK0c8hHQgA11a/dFe1l2IliMPGpPc8bF0406zjHYWiiiu05gooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoopD0oAwvEHiEaSFggRZLlxnnog9TXOw+J9W83e0yMv9wxjH6c/rTfEsTnXpWfkMqlfpjH8wapxRV8vj8fWjWlGMrWPo8LhaCoRbim2jvtL1NNRthIBtccMuc4NaFcr4eVo3kPY4/rXUr90V7mAryr4eNSe7/zseJiqcadWUY7C0UUV2HOFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFIelLTX+6aAOH8V6tPNfNp8TskEYG8A/fJGefasOBGRlZSVYHIIOCK2NfsXj1WSfHyS4IPocYIqpDD7V8bmVaaryU+j/DofU4Vwjh48nb8ep2Gg6jJd2m2Y5kjOC3qOxrZrntCgMSsxGN5H5V0I6V9NgJVJYaEqm9v+G/A+dxKiq0uTYKKKK7DAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACkPSlooAx9V05LxAHHI5Vh1FYyaMyNjfkfSuwZQw5qPyFz0rjr4DD4iXNUjd/P9DeniatOPLF6Gdp9mIVAAxWqOBSKgXoKdXVCEYRUYqyRi227sKKKKoQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUh6UtFAGNq2mR3qjePmX7rDqKx00dkbBbI+ldgyhhzUfkLnpXHXwGHry56kbv5/odFPFVaceWMtDOsLTylAAwK1RwKRUC9BTq6oxUUoxVkjBtt3YUUUVQgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApCMilooAo3dmsykMoIPY1nppMaNkRgVvYzSbRWcqUJtOUU2ilOSVkytbW4jFWqKK0JCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKQ9KAM3WNag0e3DyAvI+QkYPJ/wFc7H4zu2ly1rD5f90E5/P/61VfFYeTWxu6CJQv0yf65rNii9q+cx+ZVYVXGDskfQYTBUHRUpq7Z6Jp+pQ6jbiWLI7FT1Bq7XJeHN0U8gH3Soz9a6wdBXr4DEvE4eNSW54+KpKlVcI7C0UUV2HOFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFB6UAVr2/ttPgM1zKI06DPUn0A71kReMNOkl2FJ0X++yDH6HNc94rnkudbaJidkKhVHbkZJ/z6VmxRV4OMzWdKo4wtZHuYfLaUqSnUerPT4Zo541kicOjDIIOQakrl/DUzoskJJ2AgqPT1rpxyK9XCYhYijGqup5Nel7Ko4dhaKKK6TEKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApD0paKAMHWdLW9AbpIv3W/pWLHpUyNg7frmu2dAw5qH7KuelcGJy3D4mXPNa+R1UsZVpR5IvQzdMs/IHA57mtkcCmpGE6Cn12U6cKUFCCskc8pOT5pbhRRRVkhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABSHpS0UAcp4g0lricXUQy+MMvrWRFaSZwY2B9xXeywhxVQ2K56V5OLyiliKnPzNX3O+jmFSnDktexn6TamEZI5PWt9fuioYYBGOlT16NGjCjTVOC0RxznKcnKW7CiiitSAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKTNUrvWNOsX2Xd/bQOeQskqqT+BNJu25UYSk7RVy9RWKfFugAkHVrTj/AKaCj/hLtA/6C1r/AN90uePc1+q1/wCR/czaorF/4S3w/wD9Be1/7+Uv/CW+H/8AoL2n/fyjnj3D6rX/AJH9zNmisb/hLfD/AP0F7T/v5R/wlvh//oL2n/fyjnj3D6tX/kf3M2aKxf8AhLvD/wD0F7T/AL+Uf8Jd4e/6C9p/38o5o9w+rV/5H9zNqisX/hLvD3/QYtP+/lH/AAl3h7/oMWn/AH8o5o9w+rVv5H9zNqisX/hLvD3/AEGLT/v5R/wl/h7/AKDFp/38o5o9xfVq38j+5m1RWL/wl/h7/oMWn/fyk/4S/wAO/wDQYtP+/lHNHuH1at/I/uZt0Vif8Jf4d/6DFp/38o/4TDw7/wBBi0/7+Uc0e4fV638j+5m3RWJ/wmHh3/oMWn/fwUf8Jh4d/wCgzaf9/KOZdw+r1v5H9zNuisT/AITDw7/0GbT/AL+Uf8Jh4d/6DNn/AN/BRzLuH1et/I/uZt0Vif8ACYeHf+gzZ/8AfwUf8Jj4c/6DNn/38FPmXcPq9b+R/czborD/AOEx8Of9Bmz/AO/lH/CY+HP+gzZ/9/KOZdw+r1v5X9zNyisP/hMfDn/QZs/+/lH/AAmXhz/oM2f/AH8o5l3D6vV/lf3M3KKw/wDhMvDn/QZs/wDv5R/wmXhz/oM2f/fyjmXcPYVf5X9zNyisP/hMvDf/AEGrP/v4Kli8VeH5sBNasMnoDcKD+po5l3E6FVbxf3GvRSKyugZGDKRkEHINLTMgooooAKKKKACijNV7q+tbKPzLq5hgT+9K4UfrQNRcnZFiisZ/FegocHV7P8JQf5Un/CXaB/0FrX/vup549zb6rX/kf3M2qKxf+Et8P/8AQWtf+/lL/wAJb4f/AOgvaf8Afyjnj3D6rX/kf3M2aKxv+Et8P/8AQXtP+/lH/CW+H/8AoL2n/fyjnj3D6rX/AJH9zNmisX/hLfD/AP0F7T/v5R/wl3h//oL2n/fyjmj3D6tX/kf3M2qKxf8AhLvD3/QYtP8Av5R/wl3h7/oMWn/fyjmj3D6tW/kf3M2qKxf+Eu8Pf9Bi0/7+Uf8ACX+Hv+gxaf8Afyjmj3D6tW/kf3M2qKxf+Ev8Pf8AQYtP+/lJ/wAJf4d/6DFp/wB/KOaPcX1at/I/uZt0Vif8Jf4d/wCgxaf9/KP+Ew8O/wDQYtP+/lHNHuH1at/I/uZt0Vif8Jh4d/6DFp/38o/4TDw7/wBBm0/7+Ucy7h9XrfyP7mbdFYn/AAmHh3/oM2n/AH8o/wCEw8O/9Bmz/wC/go5l3D6vW/kf3M26KxP+Ew8O/wDQZs/+/go/4THw5/0GbP8A7+CjmXcPq9b+R/czborE/wCEx8Of9Bmz/wC/lJ/wmPhz/oM2f/fynzLuH1et/K/uZuUVh/8ACY+HP+gzZ/8Afyj/AITLw5/0GbP/AL+Ucy7h9Xq/yv7mblFYf/CZeHP+gzZ/9/KP+Ey8Of8AQZs/+/lHMu4fV6v8r+5m5RWH/wAJl4b/AOg1Z/8AfwU5PF/h2QnGtWIx/emUfzo5l3F7Cr/K/uNqioba8tr2LzbS4hnj/vxOGH5ipqZm01owooooEFFFFABRRTHkSNC7sFUckscAUBuPorJk8T6HFndq9lx1AmU/yNR/8JdoH/QWtf8Avup549zdYWu9oP7mbVFYv/CW+H/+gta/9/KP+Et8P/8AQXtP+/lHPHuH1Wv/ACP7mbVFY3/CW+H/APoL2n/fyj/hLfD/AP0F7T/v5Rzx7h9Vr/yP7mbNFYv/AAlvh/8A6C9p/wB/KP8AhLvD/wD0F7T/AL+Uc0e4fVq/8j+5m1RWL/wl3h7/AKC9p/38o/4S7w9/0GLT/v5RzR7h9WrfyP7mbVFYv/CXeHv+gxaf9/KP+Eu8Pf8AQYtP+/lHNHuH1at/I/uZtUVi/wDCX+Hv+gxaf9/KT/hL/Dv/AEGLT/v5RzR7i+rVv5H9zNuisT/hL/Dv/QYtP+/lH/CX+Hf+gxaf9/KOaPcPq1b+R/czborE/wCEw8O/9Bi0/wC/lH/CYeHf+gxaf9/BRzR7h9XrfyP7mbdFYn/CYeHf+gzaf9/KP+Ew8O/9Bmz/AO/lHMu4fV638j+5m3RWJ/wmHh3/AKDNn/38FH/CYeHP+gzZ/wDfwUcy7h9XrfyP7mbdFYn/AAmPhz/oM2f/AH8pP+Ex8Of9Bmz/AO/lPmXcPq9b+V/czcorD/4THw5/0GbP/v5R/wAJl4c/6DNn/wB/KOZdw+r1f5X9zNyisP8A4TLw5/0GbP8A7+Uf8Jl4c/6DNn/38o5l3D6vV/lf3M3KKw/+Ey8N/wDQas/+/gpR4x8OEgDWrLJ9ZQKOZdxewq/yv7mbdFUrPWNM1FitlqFrcsOqxTKxH4A1dpmbi4uzQUUUUCCiiigAoopCaAForNuNf0i1kMc+p2cbjqrTKCPwzVb/AIS7QP8AoLWv/fdTzR7myw1aSuoP7mbdFYv/AAl2gf8AQWtf+/lH/CW+H/8AoL2n/fyjnj3H9Vr/AMj+5m1RWN/wlvh//oL2n/fyj/hLfD//AEF7T/v5Rzx7h9Vr/wAj+5mzRWN/wlvh/wD6C9p/38pP+Eu8P/8AQXtP+/lHPHuH1av/ACP7mbVFYv8Awl3h7/oL2n/fyj/hLvD3/QYtP+/lHNHuH1at/I/uZtUVi/8ACXeHv+gxaf8Afyj/AIS7w9/0GLT/AL+Uc0e4fVq38j+5m1RWL/wl/h7/AKDFp/38o/4S/wAPf9Bi0/7+Uc0e4vq1b+R/czaorE/4S/w7/wBBi0/7+Uf8Jf4d/wCgxaf9/KOaPcPq1b+R/czborE/4TDw7/0GLT/v5R/wmHh3/oMWn/fwUc0e4fV638j+5m3RWJ/wmHh3/oM2n/fyj/hMPDv/AEGbT/v5RzLuH1et/I/uZt0Vif8ACYeHf+gzZ/8AfwUf8Jh4d/6DNn/38FHMu4fV638j+5m3RWJ/wmPhz/oM2f8A38pP+Ex8Of8AQZs/+/lPmXcPq9b+V/czcorD/wCEx8Of9Bmz/wC/lH/CZeHP+gzZ/wDfyjmXcPq9X+V/czcorD/4TLw5/wBBmz/7+Uf8Jl4c/wCgzZ/9/KOZdw+r1f5X9zNyisP/AITLw5/0GrP/AL+Cj/hMvDf/AEGrP/v4KOZdxewq/wAr+5m5RWZb+I9EupFjg1exkkboi3Ckn6DNadF7kSjKOklYKKKKZIUUUUAFFFGaACimlwoySAPeoje2ykg3EQI7FxQNRb2J6Kr/AG61/wCfmH/vsUv221/5+Yf++xSuh8kuxPRUH2y1/wCfmH/vsUfbLX/n5h/77FFw5JdieioPtlr/AM/MP/fYo+2Wv/PzD/38FFw5ZdieioPttr/z8w/9/BR9ttf+fmH/AL+Ci4csuxPRUH221/5+Yf8Av4KPttr/AM/MP/fwUXDll2J6Kg+22v8Az8w/9/BR9ttf+fmH/v4KLhyy7E9FQfbbX/n5h/7+Cj7ba/8APzD/AN/BTuHLLsT0VB9ttf8An5h/7+Cj7ba/8/MP/fwUXDll2J6Kg+22n/P1D/38FH220/5+of8Av4KLhyy7E9FQfbbT/n6h/wC/go+22n/P1D/38FFw5X2J6Kg+22n/AD9Q/wDfwUfbbT/n6h/7+CgOV9ieioPt1p/z9Qf9/BR9utP+fqD/AL+CgOV9ieioPt1p/wA/UH/fwUfbrT/n6g/7+CgOV9ieioPt1p/z9Qf9/BR9utP+fqD/AL+CgOV9ieio454Zf9XLG/8AusDUlBNrBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVDVtXs9FsWu72XZGOAByzn0A7mrrsqIzswVVGST0Ari9Bsf+E58Qza1fDfpFjIY7SBh8sjdckfkT65A6ConJrRbs7MJh41OapVdoR38+yXmwtbPxR42C3DznRtHflAmfNlX19cH14Hsa27P4ZeGbWPE1rLdydTJPM2fyUgfpXYYwMCipVNby1ZpPMKvw0fcj2jp973ZzEvw88KzAg6SinGMpK64/Jq5DXfhFsiabQrtncc/Z7kj5vowA/Ij8a76LUtSJll/s9Li2WWSNfs8w835XK8q2B2z978K07adLq1huIs+XKgdcjBwRkcUnThLoaQx+Nw75udv1d1/wD5furWeyupLa6ieGeM7XRxgg1FXvPj7wfH4j0trm3jA1K2UtGwHMoHOw+vt6H6mvBe9cVSm4Ox9fl+PjjKXMtGt0FBooNQdwlIaWkNMkSkNLSGglhSUtJTJYhpKU0lAgpKWkpksKaadTTTEFJS0lMlhSUtJQJhTTTqaaYgpKWkoJCg0UGmISkpaSgRo6Vr2qaHOJdPvZYcHJQNlG+q9DXsHg34g23iIrZXypbal/Cq/cl/3c9D7fl7eGmnRyPDKksTskiMGVlOCpHQg1pGbicOLwVLER1Vn3Pqaiua8D+Jf+El0BJpWX7bAfLuAO57Nj0I/XPpXS11J3V0fI1acqc3CW6CmSyxwxPLK6pGgLMzHAAHUk081xWvPceKPEsPhaylMdsg82/lXsBzt/l+JHpUzlyo2wuH9vOzdktW+yX9feI2t634tu5LPwwggs0O2XUJVx/3z/wDqz9K07L4YaQr+fq1xdapckfO0shVSfwOfzJrsLCxttMsYrOzhWKCJdqIv+eT71LJNFE0aySojSNtQMwBc4JwPU4BP4VCp31nqdMsdKPuYVckfL4n5t7/doc4fh94VKbP7Ijx/10fP57s1hax8JNKuUd9LuJrOb+FHPmR/Tn5h9cmu5m1Owt0V5r22jR3Mas8qgFwcFRk9QQRj1pz39nFdR2sl1AlxIMpE0gDsPYdTTdOm+hNPHY2m+aM5fO7/ADPnDXfD+o+Hb77LqMGwnlJFOUkHqp/yazK+mdc0Sz8QaXLYXse6NxlWH3o27Mp9RXznrOlXGiaxc6dc/wCsgfbuA4YdQw9iMGuOrS5HdbH1mV5msZFxlpNfj5lE0UUVkeqxKKKKZLG0Gig0EsSkNLSGmJhTTTqaaCQpKWkpiCkNLSGmSJSUtJTJYUhpaQ0CCkNLSGmISkNLSGgkKKKKYhKSlpKBE1teXNjMJrS4lglHR4nKn8xXpfhP4pSGZLLxCylG4W8VcEH/AGwO3uPx9a8upKuMnHY5sRhaVeNpr59T6nVldFdGDKwyCDkEUteX/CvxTJMG0C8l3FF3WjMecDqnvjqPbPoK9QrqjLmVz5DE4eWHqOnIKM0Vzvi/XJNH0tUtBu1C6cQ26AZOT1IHfH8yKJSUVdk0KMq1RU4bsg1zxVLDfro+iW327VnONg5WL/e//Xx3plt8OrnVWFz4p1ae5lJ3C3gbbGnt0/kB9aveGrLTPCFjMlwZZtQwJL+5SB5AhI3bSwBwAOfxyeorsgQwBBBB5BFZKPPrP7j0amI+q+5hlZfzW1fp2XaxzUfw98KxLgaRGfdpHb+bVRv/AIW+GruPEEE1m/ZoZSc/UNn9MV1V5qNnYBftVwkRf7ik/M/+6o5P4VVXxFpJYBrxYsnAM6tECfTLADNU4U9mkYwxWO+OMpP5tnivinwBqnhpGuQRd2AP+vjGCn+8vb68j3rk819R3NzaQw/6XNAkUny/vXAVvbnrXhnxB8KR+H9SS7sedNvMtFjkRt1K59O49vpmuWtRUdYn0mVZtLEP2Vf4uj7/APBOPpKKKwPdYlFFFBLGmig0UxCUUUUyRKSlpKCRKSlpKYmFIaWkNMkSkNLSGmIKDRQaCRKQ0tIaYhKDRQaCRKKKKYhKSlpKBCglSCCQRyCO1dh4c+I+saLIkV3I1/Z55SZsuo/2W6/gcj6Vx1JVJtbGNajTqx5Zq6PpnR9Ystd05L6wmEkTcEdGRu6sOxq/Xz74I8USeG9bRnc/YJyEuU7Adm+o/lmvoEEMAQQQeQRXVCfMj5PHYR4apZbPYWiiqWq6jDpOmXF9Of3cKFsZ5Y9gPcnAqm7as5IRc5KMd2UPEXia00CFQ4M13L/qbZPvOen4DP8A9bNZNt4T8Q+KALjxHqEljaOMrY23DYP97sPxyfpVvwNoU15IfFesfvL665t0YcQx9iPTI6e31Nd5WSTqay27Hp1KscE/Z0bOa3lvr2j2t33Zylt8OPC1vGqnTjMyjl5ZnJb6jOP0pLr4beFrmNlGntAx/jimcEfQEkfpW9qDz+ZZwwzGETTFHdVBYAIzcZBA5Udjxn6g06aZ2vIZnMn2efy1kYAMw2K2TgAdWI4HQCnyQ2sY/W8Xbn9q/vfex5N4k+Fd9p0b3OkSm9gUZMLDEoHtjhvwwfavPOQSCMEdq+qq8s+KPg+PyH8Q2EQV1I+1oo4YH+P6+v5+tc9agkuaJ7uV51OpNUcR12f6M8opKM0VzH0ohooNFAmIaSlNJTJEooopkiUlLSUEiUhpaQ0xMKDRQaZLG0Gig0CEooopksSkNLSGmISiiigQlFFFMkQ0hpTSGgQVu6F4x1rw/Iv2S7Z4BwbeYloyPYdvwxWFSU02tjOpTjUjyzV0fQ/hXxfYeKbQtD+6u4wDNbseV9we49/zroa+ZNK1S70bUob+yk2TRHI9GHcEdwa+jdG1WDW9IttRtj+7nTdjup6FT7g5H4V1U582jPl8xwP1eXND4X+BeoopDWh5hHc3MNpbvPcSLHFGMs7HAArjhrmv+K7h4PDNsLezVtr6hOMD8AR+mCenSmzRTeO/FMmlpIU0TTmBuWU8zP0x+hA9gT6V6Ra2sFlbR21tEkMMY2oiDAArG7m9NEeny08HFOceao9bPaK6XXV+WyOFT4Xw3g8zW9b1C+m6gqwVV9QA27+lSS/CXw664WW/jPqsqn+amu7op+yh2I/tTF9Jtemi+5HjOt/CbUbKNptKuVvkHJiYbJPw5wf0+leeyxSQTPFNG0ciEqyOMFSOoI7V9KjX7H7fbWT+fFcXJYQpLbum/AycEj0rnfH3gqLxBYPfWUSrqkK5BA/16j+E+/ofw+mFSgmrwPawOdVYzVPFrR7Pb+l5nhVJR0OD1orlPqANJS0lBIhpKU0lMkQ0UGimJiGkNKaQ0EsSiiimSxKKKKYhpooNFBIlFFFMTEooopkjTRQaKBMSiiigkKSlpKYhK6DSPG2v6K6fZ7+SWJf+WNwTIhHpzyPwIrn6Q002tjOpThUVpq6Pe/CXjyw8TAW8gFrqAHMDNkP6lD3+nX69a62vlqGaW3njnhdo5Y2DI6nBUjkEV9A+CfEw8TaEs0pUXkJ8u4VfXs2PQj9c+ldNOpzaM+azHL1Q/eU/h/I6SiiitTyQooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA5vx1fGx8J3hU4eYCEf8C6/pmuk8NaaukeG9PsQuGjhUv/vnlv1JrivicpPhuBtuVW7Qt9Nrj+tekqwZQykFSMgjoayWtRno1PdwNNL7UpN/JJL8xazm1XzLh4LG2kumjJWSQELEjehY9T7KDjvirGoQXFzp88FrcC3mkXasu3OzPUgZHOM496wbK71OK0SKAafFFFbGREWF8AKSNv3/AG61UnZ2MKNJSi5dewiadLaK80+nSwyvNJK9xpk5LfMxbLrhd+AcdG6dK3tNNt/ZlsLOXzrdY1SN85yAMc+/FYo1TWDbzS77H93JDHjyX58wJz9/tv8A0q7o9vMl3eXJuIHimchoooWQCVSVZuWPXAB/3QfXMx30Na6coNzf5/11Nevnfx/pq6X411CKMYjlYTpxj74yce2cj8K+iK8N+Lbxt4zQIMMlogf3O5j/ACIrPEr3Lnfw/NrFOK2aOFpTSClNcR9mJSGlpDTJEpDS0hoJYUlLSUyWIaSlNJQIKSlpKZLCmmnU00xBSUtJTJYUlLSUCYU006mmmIKSlpKCQoNFBpiEpKWkoEIaKDRTEd38KNSNr4qeyJOy8hZcf7S/MD+Qb869tr5/+HYJ8eaYB6yH/wAhtX0BXTR+E+XziKWITXVf5kc8qwQySucKilj9BXO/DC3M2m6hrUw/0i/umJP+yP8A65b8hWvrSPJol+kZIdraQKR2JU4qt8NWRvAliFHKtKG47+Yx/kRRLWojKl7uBqSW7lFfLV/mjraxNdtbbVDaxNdQxmCYyb94DRMEYKwz3DEGrGpXl7DcwW1lCjySxu+6TkAqVG3GR13E9eing9KxrXT7zU9JEkVpYQR3EovIpJSZHO6TzcMABjk/3jTk76GeHpuNqrlb+miC2s7uC2Msk9i91NHcJIqTriMvM0gK7lIIO7BB9BUy2c22aGW50+T7TNbzvP5wBjMaxhgFA9YyV6D5u2OZNSngtWtI9Q0xYn+1R7ZIIDLHIM4GCq5B5HBH0z1qdp9IvNdtbeNbYG3jkuJAyBGXjaAVIB6M59sVFlsdTnN+/be7vbtrv6/8E345Y5V3RurrnGVORXlPxk01Vk03VFADMGt5D64+Zf5t+lejaJGv2ae6SIRJeTGZVAx8uAqnHbKqpx71x/xidR4Vs4yfma9UgewR8/zFFXWm7iytulj4KPp+B4tS00dKd2rgPu2JRRRTJY2g0UGgliUhpaQ0xMKaadTTQSFJS0lMQUhpaQ0yRKSlpKZLCkNLSGgQUhpaQ0xCUhpaQ0EhRRRTEJSUtJQIKSlpKYi/ouotpGt2WoKT+4mV2A6lc/MPxGR+NfTIIIyORXyvX1JAGW3iVzlggBPvit6PU+fzuKvCXXX9B56VyECDWfiwkcnMOk23mBTyC5xg/X5x/wB81156VynhbEfxN8QxsuHaFGHPb5P8RVVPsrzOLAaRrTW6i/xaX5M1rq9jt4/FUTRXDM0hIMcDMo/0WIckDApZdG0Oz0208rw/YXF5cKqQxmBPmbbkliRwAMkn+ZwKsSf8eviz/rq3/pLFUiT6XqnhqO5mjklitkBYKGWWF1GGxjDKwGenOD6Gla7/AK7mnO4xi43tpe3+FW7fmV7C00/wyxgt7P7Tqlz+9mSyhRDj1xkKiDGACefc5rdtbq31K0E0J3xNlWVlIIIOCrA8gg8EGsOOCOGSXT7NktTchbiwvI3Z/OKgEiQkkufYnlDx0JpLW++z3Taj5ZhimkEGo25P/HvOMASfQ/KCe4KN6007aGdWm6t5Xbl37/1srbNW6ozNd0220/UUitb1LNXiLJHMxKIMncE4OwZ2NgcHbjjJqDUdPj1j4VXoUq/kyXNxC+MABJpCMDt8oIA9DXUXlhDfa6izPcKFtsjyLmSE/e77GGfxrNtVSDwBqinc0cYvx87FiQJZepPJ/GpcdX2OiOIfs6bTfMpR/U+fBTqaKcK88+4YlFFFMljTRQaKYhKKKKZIlJS0lBIlJS0lMTCkNLSGmSJSGlpDTEFBooNBIlIaWkNMQlBooNBIlFFFMQlJS0lAgpKWkpiCvoTwFqLal4M0+V/vxJ5Dc5+4do/QA18917j8KlI8GAkEA3MhHv0rWj8R5GcxToJ9mdvXF+Ot1/daJoakhb26HmEHooIH/sxP4V2lcdruE+IPhiSTlGdlAx/Fx/iK0rfDY8jK9MRzdlJr1Sdj0SONIo1jjUKigKqgYAA6CnUUVocBn8z67g58u1gDAdi7kj8wF/8AH6IsW2uTRDbtu4vPA7702ox/Ixj8DS2O7+0dT3Zx5yYz6eWn9c1JNt/tW1zjf5cmPXHy5/pU+Z0N68vS36X/ADLdR3EEd1bS28yhopUKOp7qRgipKKowTs7o+W7+0fT9TurKQgvbzPExHcqSP6VXFa/ixlbxjrJUYH22Ude+45rIFeU1Z2P0ylJypxk+qQGig0UFMQ0lKaSmSJRRRTJEpKWkoJEpDS0hpiYUGig0yWNoNFBoEJRRRTJYlIaWkNMQlFFFAhKKKKZIhpDSmkNAgpKWkpiCvXfg/qLSafqOnMeIZFlTnswII/8AHR+deRV6X8HUc6pqcgPyLCikZ7ljj+Rq6fxI8/M4p4WV+n+Z67WT4k1E6X4evrxTtdIiEPox+Vf1IrWrlPiJu/4RC5xnHmR5x/vCuio7QbR83gqaqYmnCWza/M2fAGlLpfg+zyoEtyv2mQ+pbkf+O7RXT1S0bZ/Yen+X9z7NHt+m0YpbyPUXZfsNzawr/F59u0h/DDrRFWikhV5urXlKTtdsuVl3Gr75ntNMjF3dqdrkHEUJ/wBtux/2RlvbHNULlM3j22oXmoXrJGsrwWyeXEAxYDO35jna3BYjiltJTd3Bi0u5Nnp6afb3ECQwoAfMMvYqccIvHHek5dDSNBRXM9fvt/n+C9Qa2sbK/gkvL8SamrCeWRkJZkw6hVA+4mScD2OcnJrfhmjuYI54XDxSKHR16MpGQRXOeHrqW91JLucgzT6NZSOQMZZjKT+prS8M/wDIqaP/ANeMP/oAog+w8TBq/M9VZfem9PQ8S+I2krpHjK6EShYbkC4QD/a+9/48GrlK9F+Me3/hI7DH3/snP03tj+tedVwVVabR9tl1R1MJTlLewppKU0lQdghpKU0lMkQ0UGimJiGkNKaQ0EsSiiimSxKKKKYhpooNFBIlFFFMTEooopkjTRQaKBMSiiigkKSlpKYhKQ0tIaYgrtvhdqbWPi5LUk+VextGRnjcBuU/oR/wKuJre8F5/wCEz0nGf+PhelOLtJHPioKdCcX2Z9FUUUV2nxIUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZHifS21fw1qFqilpfK8yMKMkspDAD64x+NWvA+sLrPhOym3ZmhQQTeoZRjn6jB/GtS1GZW/3a4W/W4+H/iaTVreJpNC1B/8ASo1HMLk9R+JJHbkjjg1jP3Zc3Q9PCr6xQeG+1e8fN9V8+nmjuNU1P+z440hjWe7mdUigLld2XVSxIBwBuyTisiGw1+JCv2PTTmBof+P2TuSc/wCp9600W01uO21Ow1CQIY2VJbcrhlJBIIYHnKj0IqT+zZ/+gtff+Qv/AIiqabdzGE4048tlfre/6GONP18W80X2TTf3ksMmftsnHlhOP9T32frVrT7u6025FpqkNtAtxJJJFLFOzqWaQYQ5RcHLgD1q9/Zs/wD0Fr7/AMhf/EUx9HM3lifULyaNJEl2OUALIwZc4UHqBSs1sU60JLlna3le5pMwVSzEBQMkk8AV82eLNXGu+Kb/AFBDmJ5NsR9UUbVP4gZ/GvQviP48iFvLoWkzB5Hyl1Oh4Ve6A9ye/p069PJAK5sRUUnyo+hyHAypRdeorN6L0/4ItKaSlNc59CJSGlpDTJEpDS0hoJYUlLSUyWIaSlNJQIKSlpKZLCmmnU00xBSUtJTJYUlLSUCYU006mmmIKSlpKCQoNFBpiEpKWkoEIaKDV7SNIvNc1OHT7CIyTynA9FHdiewHrTJlJRV3sd78H9HafUr/AFd0PlW0QhjJHV2Izj6KP/HhXrtQaFoFv4Z8NQ6Zbnd5Y3SSYwZHJ5Y/56ADtU9dcI8qsfG43Ee3rOa26AFDuqsMgnBB71yvw+l/snU9Z8Lzkq9vOZoA3V4zgZ/Laf8AgVdZGMyp/vCub8aaJepd2/iXRR/xMrEfMgGfNj7jHc4J47g/SpqJq0l0NcDKM1PDzdlPZ9mtv8vmdNq+YktbwKzfZrhXYL/dbKMT7AOW/wCA1Q02bULe3kaGBbqxWaQRIqmOXYWJBXdwwGdoHy8LnJqbw14nsPE2nrcWrhZlA863J+aNv6j0Pf65FbVNWl7yZlNyo3o1I6rv/X4+ZzVwmjXSPPFq7aePNWSeMSLGN4YMN6OPlYnBOACe+arDStOu/NBtdS1cyzea7Tny4ixGAedqsoAAGA2AOK60qCQSASOlLRyX3GsVKK92/wB/6pJ/iZ2kWU9lDOJ2UeZLvjhWRnWFdqjaGbk8gt0HLEV5V8XtYS61m10qJ8raIXlx/fbHB+gA/wC+q73xl4ztPC9iyK6S6lIv7mDrj/ab0H8+3cjwC5uJry6lubiQyTSuXdz1YnkmuevNJciPcyTBzqVfrdRadPPoRil7UlLXKfUsSiiimSxtBooNBLEpDS0hpiYU006mmgkKSlpKYgpDS0hpkiUlLSUyWFIaWkNAgpDS0hpiEpDS0hoJCiiimISkpaSgQUlLQAWYKoJJOAB3piN3wboza74t0+y2b4jKJJuMjy15bP1Ax+Ir6Krl/hl4Lbw3pr398mNSvFGUI5hj6hfqeCfoB2rqK6qUbI+TzTEqtWtHZCHpXI6q48OfEfS9Xf8Ad2eow/Zrh+27AAyew/1f5Guvqv4j0GLxF4fewkIRmUNFJjOxx0P9PoTRUi2tNzHA1o06tqnwyTT9H/luW7zQbC+mklmWcGUYlSO5kjSUYx8yqwDcccjpxUV/aS2dz/amnxF5AoW5t1/5boO47b1HQ9xwexHP+EPFUqzf8I5r7eTq1ufLjZ+k69sHuf58H1rt6I8sldDrxrYepyVHddOzXl5P+tUcS95YstxYWTzXlqVNzbGyjMktlMDwpA+7knIB/wBoH5a0Bomo6q8kupyrYNLbLBOthKG8/rncWTjGSBjkZPzV0oUAkgAE9TjrS0cncJYt/YVn3ev/AAPw89zGbSLu1vPtdheb5GjMci3peQEZyCuCNvfgDnj0rmvHF2vhrwDLp5uA13fO6AqNu7e5eQgZPy4Yjv1Fdjqmq2Wi2D3t/OsMCdz1Y+gHc+1fPvizxNceKdZa7kBS3QbLeL+4nv7nqf8A6wrKtJQVluz0cpw9XFVVKfwRad+7Wy/rp8jBFOFJS1wn2bEooopksaaKDRTEJRRRTJEpKWkoJEpKWkpiYUhpaQ0yRKQ0tIaYgoNFBoJEpDS0hpiEoNFBoJEooopiEpKWkoEFJS0lMQYycCvpHwvpB0Pwzp9g6lZUhDSqeodvmYfgSRXm3wt8Ey6rqMWu30ZWwtX3Qhv+W0g6Y/2VPPuePWvZbn/j4b8P5VvRjbU+czjEqbVGPTf1Iq5Px9azJpFlrVqubjTLoSg+inH9QtdZUwtoruwmt50DxSgo6noQRgitJx5otHm4Sv7CtGpvb8uv4E9hewalYQXts++CdA6H2Pr71YrzXRdSl8Aaw2g6tIx0idi9ldsOEyeQf6+h56GvSVZXRXRgysMhgcgilCfMtdy8XhvYTvHWD1T7r/PuUrf5tXvWU/IEiQ/7/wAxP6MtNmB/4SCzYg4+yzAH0O6I4/T9DSy2dyl3JPZXEMXnYMqSwlwzAYDDDDBxgHrwo6UsFncG7W5vLiOV40KxrFGUVc4yTljk8deOM+tPXYi8b81+lvwsXqpavqcOj6RdajcECO3jLkE43HsPqTgfjVqWWOGJ5ZXWONAWZ3OAoHUk9q8Q+IfjceIZ107TnP8AZsLbi+Mec/r/ALo7fn6YmrUUI3N8uwM8XWUUvdW78jh5ppLm4knlYtJK5d2Pck5JpooApRXnH6Da2iENFBooExDSUppKZIlFFFMkSkpaSgkSkNLSGmJhQaKDTJY2g0UGgQlFFFMliUhpaQ0xCUUUUCEooopkiGkNKaQ0CCkpaSmIK9t+E2jtZeFJ9SkTa99ONhPeNAQP/Hi36V5p4O8J3Xi3WVtYtyWseGuZwOEX0H+0ew/wNfRzW0Nlp0FrboI4IQscaDoqgYAralHW54ecYlKHsY7vcr1leI9NOr6BfWSgl3iLIB3dfmUfmBWrUkAzOv4/yreSurHg0qjpzU47p3MrwBqq6r4OsjuBlt1+zyAdivA/8d2n8anlgW88SalHNJPshs4GRUndApLTZOFI67R+VcrdtL4A8WSakse7QtTcCdVH+pf1/Un6EjsK7KHStNvmfUbe5uJPtSjMsV5Jh1BJAGGxgbm496xi21yvdHpYmEac5V4X5Z6pro7ptfLVFPRnaS8ld2LO2kWRZicknM/NVvC3+pi/7AVh/wC1q1ovDlhCSY3vEJjWLIu5PuLnav3ug3H86bB4a0+2AELXcYESQjbdyD5FztX73Qbj+dUoy0Mp16LU0m9bdO3zMvwl/rrX/sBWH/tWtjwz/wAipo//AF4w/wDoAqODw1p9qVMDXcZWJYRtu5BhFztX73QZP51zXi7xNZ+CtE/snS5Ga+dNkUbSl/s6YADck4wOg/Gl8CvIuSWMqOFG7cmunZPzPO/iTqq6r40uvLcNFaqLZCP9nJb/AMeLVylHJOT1orgk+Ztn3FCiqNKNOOyVhTSUppKRoIaSlNJTJENFBopiYhpDSmkNBLEooopksSiiimIaaKDRQSJRRRTExKKKKZI00UGigTEooooJCkpaSmISkNLSGmIK7n4U6U1/4wF0QfKsYHmJxwWI2qP/AB4n/gNcTDDLcTJDDG0ksjBURBksT0AHc19G+BfCn/CKeGTDMFN9cfvblhzg44UHuAP1J9aunG8jzszxCpUHHrLT/M2KKKK6z5IKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALFn/AK0/7tTXFvHcQvFNGskbgqyMMhh6EVDZ/wCuP+7Vwikxptao89n8Hat4fu3vPCWoGFXbc9jOcxt9M/1596UePPEWnDy9X8JTtIOslqxKfyYf+PV35QGozEPSsvZ2+F2PS+vqov8AaIKfns/vW/zODn+J9wo/ceFtRc/9NMr/ACU1yGveLvGOuxNALO4s7ZuGjtoHBYe7Hn8sD2r2nyR6U4QiplTnLRyNqOOw1F80KCv5tv8AM+Zxo2qf9A28/wC/Df4U7+xdU/6Bt5/34b/CvppUxT6j6qu53PiSf/PtfefMX9i6r/0DLz/vw3+FJ/Yuq/8AQMvP+/Df4V9PUUfVl3F/rHP/AJ9r7z5h/sXVf+gZef8Afhv8KQ6Lqv8A0DLz/vw3+FfT9FP6su4v9Yp/8+1958v/ANi6r/0DLz/vw3+FJ/Yuq/8AQMvf+/Df4V9Q0UfVl3F/rFP/AJ9r7z5e/sXVf+gZe/8Afhv8KT+xdV/6Bl7/AN+G/wAK+oqKPq67i/1hn/z7X3ny6dF1X/oGXv8A34b/AApP7E1X/oGXv/gO3+FfUdFH1ddw/wBYJ/yL7z5b/sTVv+gZe/8AgO3+FJ/Ymrf9Ay9/8B3/AMK+paKf1ddxf6wT/kX3ny1/Ymrf9Ay9/wDAd/8ACkOiat/0DL3/AMB3/wAK+pqKPq67i/t+f8i+8+WP7E1b/oF3v/gO/wDhR/Ymrf8AQLvf/Ad/8K+p6KfsF3F/b0/5PxPlj+xNW/6Bd7/4Dv8A4Un9iat/0C73/wAB3/wr6ooo9gu4f27P+T8T5X/sTVv+gXe/+A7/AOFNOh6t/wBAu9/8B3/wr6qoo9gu4v7dn/J+J8q/2Hq3/QLvf/Ad/wDCk/sPVv8AoF3v/gO/+FfVdFHsF3F/bk/5PxPlT+w9W/6Bd7/4Dv8A4Uf2Hq3/AEC73/wHf/Cvquij2K7h/bkv5PxPlP8AsPV/+gXe/wDgO/8AhTo/D2tSttj0fUHb0W2cn+VfVVFP2K7i/tuf8n4ngGifCTxDqUitfKmm2/UtKQzkeyg/zIr2Pwz4T0vwpZGCwiJkf/W3EmDJJ9T6ew4rcoq4wUdjgxOPrYjSTsuyIrn/AI92/D+dZ9aFz/x7t+H86z60OEfF/rk/3hWgwzWfF/rk/wB4VpGkNHFa74HW5vm1XRbuTTNT5JkiOEkP+0B69z37g1RXxR400QCPVfD66ig4E9mcFvchQf8A0EV6CVzUbRA1m6et4ux6EMc3FQrRU0u+69GtThG+J0wj48L6mZP7pBA/Pb/SsHV/iH4rvkeLT9GlsEbjeIWkkH0JGB+VermEelAhHpUuE39o1p4vCU3zKgn6ts+bJ9N1q6nee4s7+aZzlpJInZmPuSOaZ/Yuqf8AQNvP+/Df4V9NLHingYrP6qu56P8ArHJaKmvv/wCAfMf9i6r/ANAy8/78N/hR/Y2q/wDQMvP+/Df4V9O0UfVl3F/rHP8A59r7z5h/sXVf+gZef9+G/wAKP7G1X/oGXn/fhv8ACvp6in9WXcX+sU/+fa+8+X/7F1X/AKBl5/34b/Cj+xdV/wCgZef9+G/wr6goo+rLuL/WKf8Az7X3ny9/Yuq/9Ay9/wC/Df4UHRdV/wCgZe/9+G/wr6hoo+rruL/WGf8Az7X3ny7/AGLqv/QMvf8Avw3+FIdF1X/oGXv/AIDt/hX1HRR9XXcP9YJ/yL7z5b/sTVf+gZe/+A7f4Un9iat/0DL3/wAB3/wr6lop/V13F/rBP+RfefLX9iat/wBAy9/8B3/wpDomrf8AQMvf/Ad/8K+pqKPq67i/t+f8i+8+WP7E1b/oGXv/AIDv/hR/Ymrf9Au9/wDAd/8ACvqein7Bdw/t6f8AJ+J8sf2Jq3/QLvf/AAHf/Ck/sTVv+gXe/wDgO/8AhX1RRR7Bdxf29P8Ak/E+V/7E1b/oF3v/AIDv/hSf2Hq3/QLvf/Ad/wDCvqmij2C7i/t2f8n4nyr/AGHq3/QLvf8AwHf/AApP7D1b/oF3v/gO/wDhX1XRR7Bdw/tyf8n4nyp/Yerf9Au9/wDAd/8ACj+w9W/6Bd7/AOA7/wCFfVdFHsV3F/bkv5PxPlP+w9X/AOgXe/8AgO/+FA0LVyQBpV8SegFu/wDhX1ZRT9iu4v7bl/J+J826V8OPFGrFSmmPbRE4Ml3+6A/A/MR9Aa9b8H/DXTPDEi3k7/bdRA4ldcJEf9hfX3PPpjmu3oqo00jjxGZVq65dl5BWVWrWVWh54VooMwp/uis6tKL/AFKf7ooAwfEfhXT/ABHbql0jJMnMc8fDp+Pce1c3HJ468MfulWLXbFOjMcShfTrnP/fVeibc1G0YNZyppu60Z20cbKEPZzSlHs/06r5HCL8S7pARc+FNTikxwoBPP4qKz7/4m628e3T/AAxNE/8AfnV3/QAfzr0gwj0oEI9KThP+Y3jicJF39gv/AAJnzxq8nibXrr7RqUN/Ow+6phYKnsqgYFUBouqf9A28/wC/Df4V9MrFipAMVl9Wvq2ehHiFwiowpJJef/APmP8AsXVf+gZef9+G/wAKP7G1X/oGXn/fhv8ACvp2ij6su4/9Y5/8+1958w/2Lqv/AEDLz/vw3+FH9jar/wBAy8/78N/hX09RT+rLuL/WOf8Az7X3ny+dF1X/AKBl5/34b/Cj+xdV/wCgZef9+G/wr6goo+rLuL/WKf8Az7X3ny9/Yuq/9Ay9/wC/Df4Uf2Lqv/QMvf8Avw3+FfUNFH1ddw/1hn/z7X3ny7/Yuq/9Ay9/78N/hSf2Lqv/AEDL3/vw3+FfUdFH1ddxf6wT/wCfa+8+W/7E1X/oGXv/AIDt/hR/Ymrf9Ay9/wDAd/8ACvqSin9XXcX+sE/5F958tf2Jq3/QMvf/AAHf/Cj+xNW/6Bl7/wCA7/4V9S0UfV13F/b8/wCRfefLH9iat/0DL3/wHf8AwoOiat/0C73/AMB3/wAK+p6KfsF3D+3p/wAn4nyx/Ymrf9Au9/8AAd/8KT+xNW/6Bd7/AOA7/wCFfVFFHsF3F/b0/wCT8T5X/sTVv+gXe/8AgO/+FIdE1b/oF3v/AIDv/hX1TRR7Bdxf27P+T8T5V/sPVv8AoF3v/gO/+FH9h6t/0C73/wAB3/wr6qoo9gu4f25P+T8T5U/sPVv+gXe/+A7/AOFH9h6t/wBAu9/8B3/wr6roo9iu4v7cl/J+J8p/2Hq//QLvf/Ad/wDCk/sPV/8AoF3v/gO/+FfVtFP2K7i/tuX8n4nzBYeDPEmpSBLbRbzn+KSMxr/302BXovhj4OJFIl14inWUqci0gJ2n/ebqfoPzr1qiqVJI56+bV6itH3fTcZFFHBEkUMaxxoAqogwFA6ADsKpXP/Hw34fyrQrPuf8Aj4b8P5VoeWyKrtp/qT/vVSq7Z/6k/wC9TEVtV0mz1ixe0vYFlhbseoPqD2PvXEpoXivwk5Hh68XUNP7Wd2eU+hyB+RH0r0bFMaMGs5QT16nZQxk6UXDRxfR6r+vQ4JfiLqlsRHqPhK/jccM0WSD9Mr/U1Bd/E/UNjCz8LXpb+Fpt2B9QF5/OvQTCPSm+SPSp5Z/zHQsThL3dFf8AgTPCNf1rxb4k+S9t7tLfORbwwOsf4jqfxJrBGi6p/wBA28/78N/hX0wIgKkC4rJ4e7u2ehTz9Uo8lOkkvJ/8A+ZP7G1T/oG3n/fhv8KP7F1X/oGXn/fhv8K+naKPqy7lf6yT/wCfa+8+Yf7F1X/oGXn/AH4b/Cj+xtV/6Bl5/wB+G/wr6eop/Vl3F/rHP/n2vvPmA6Lqv/QMvP8Avw3+FJ/Yuq/9Ay8/78N/hX1BRR9WXcX+sU/+fa+8+Xv7F1X/AKBl7/34b/Cj+xdV/wCgZe/9+G/wr6hoo+rLuH+sM/8An2vvPl3+xdV/6Bl7/wB+G/wpP7F1X/oGXv8A34b/AAr6joo+rruL/WCf/PtfefLf9iar/wBAy9/8B2/woOiat/0DL3/wHf8Awr6kop/V13F/rBP+RfefLX9iat/0DL3/AMB3/wAKP7E1b/oGXv8A4Dt/hX1LRR9XXcX9vz/kX3nyz/Ymrf8AQMvf/Ad/8KT+xNW/6Bd7/wCA7/4V9T0UewXcP7en/J+J8sf2Jq3/AEC73/wHf/Cj+xNW/wCgXe/+A7/4V9T0U/YLuL+3p/yfifK/9iat/wBAu9/8B3/wpDomrf8AQLvf/Ad/8K+qaKPYLuL+3Z/yfifKv9h6t/0C73/wHf8Awo/sPVv+gXe/+A7/AOFfVVFHsF3D+3Z/yfifKn9h6t/0C73/AMB3/wAKP7D1b/oF3v8A4Dv/AIV9V0UexXcX9uS/k/E+U/7D1f8A6Bd7/wCA7/4UHQ9X/wCgXe/+A7/4V9WUU/YruL+25fyfifLFt4Y167kCQaNfuScf8e7AD6nGB+Ndv4f+Dmp3cqy65MtlB3iiYPK34jKj68/SvcKKapJbmVXOK01aCSKOk6RY6Hp8djp1usMCdh1Y+pPc+9TXn+pH+9Viq95/qR/vVqeTJuTu9ylUtt/x8L+P8qiqW2/4+F/H+VMkmvbOC+tZLa5iSWGQYZHGQRXBNoHiLwhPJN4ZuBd6ez720+ft/uk/0IPTrXoxGaayZrOUFLXqdmHxc6Kcd4vdPVP+u5wcfxStbVvJ1rRtQ0+4/u7AwI9edp/SpZfiz4bjUFReykjOEhHH5kV2ElskilXUMp7EZFV/7MtP+fWH/v2Km1Tv+Bv7XBPV0mvSWn4q/wCJ5brnxcv7uJ4NItBZKcjz5G3vj2GMKfzrzqaWW5neeeR5ZZGLO7tlmJ6kk9a+mV0y0/59Yf8Av2KlXTrQf8usP/fsVlKhKfxSPRw+cYbDRtRo2+ev32Pl+ivqMWFoP+XWD/v2KPsNp/z6wf8AfsUvqvmb/wCskf8An3+P/APlykr6k+w2n/PrB/37FH2G0/59YP8Av2KPq3mL/WOP/Pv8f+AfLRpK+pvsNn/z6wf9+xR9hs/+fWD/AL9in9W8xf6xR/59/j/wD5YNFfU/2Gz/AOfWD/v2KPsNn/z6wf8AfsUfVvMX+sUf+ff4/wDAPlc0hr6p+w2f/PrB/wB+xR9gs/8An0g/79ij6v5h/rDH/n3+P/APlWivqr7BZ/8APpB/37FH2Cz/AOfSD/v2Kf1fzF/rBH/n3+P/AAD5Uor6r+wWf/PpB/37FH2Cz/59IP8Av2KPq/mL/WCP/Pv8f+AfKRor6t+wWf8Az6Qf9+xR9gs/+fSD/v2KPYeYv7fj/wA+/wAf+AfKNFfV32Cz/wCfSD/v2KPsFn/z6Qf9+xT9h5i/t5f8+/x/4B8oUV9X/YLP/n0g/wC/Yo+wWf8Az6Qf9+xR7DzF/by/59/j/wAA+TjRX1j9gs/+fSD/AL9ij7BZ/wDPpB/37H+FHsPMP7dX8n4/8A+TaK+svsFn/wA+kH/fsf4UfYLP/n0g/wC/Y/wo9h5i/txfyfj/AMA+TaSvrP7BZ/8APpB/37H+FH2Cz/59IP8Av2P8KfsfMX9uL+T8f+AfJddDovgfxDrzp9k06VIW/wCW86mOMD1yev4Zr6VSztom3R20KMO6oAampqj3ZnUzuTVoQt6s4vwX8OrDwqBdTst5qRH+uK4WP1CD+vU+3Suxl/1L/wC6afTJf9S/+6a1SS0R49WrOrLnm7szaKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCxZ/64/7tXapWf+uP+7V2kMKKKKADFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEVz/wAe7fh/Os+tC5/492/D+dZ9MQ+L/XJ/vCtKs2L/AFyf7wrSpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKyq1ayqACtKL/Up/uis2tKL/Up/uigQ+iiigYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZ9z/AMfDfh/KtCs+5/4+G/D+VAEVXbP/AFJ/3qpVds/9Sf8AepiLFFFFIYUYoooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKr3n+pH+9Viq95/qR/vUAUqltv8Aj4X8f5VFUtt/x8L+P8qYjQooopDDFJilooAMUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUyX/AFL/AO6afTJf9S/+6aAM2iiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALFn/rj/u1dqlZ/wCuP+7V2kMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCK5/wCPdvw/nWfWhc/8e7fh/Os+mIfF/rk/3hWlWbF/rk/3hWlSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVlVq1lUAFaUX+pT/AHRWbWlF/qU/3RQIfRRRQMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACs+5/4+G/D+VaFZ9z/wAfDfh/KgCKrtn/AKk/71Uqu2f+pP8AvUxFiiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACq95/qR/vVYqvef6kf71AFKpbb/j4X8f5VFUtt/x8L+P8qYjQooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApkv8AqX/3TT6ZL/qX/wB00AZtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAWLP/XH/dq7VKz/ANcf92rtIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEVz/AMe7fh/Os+tC5/492/D+dZ9MQ+L/AFyf7wrSrNi/1yf7wrSpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKyq1ayqACtKL/Up/uis2tKL/AFKf7ooEPooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWfc/8fDfh/KtCs+5/wCPhvw/lQBFV2z/ANSf96qVXbP/AFJ/3qYixRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVe8/1I/3qsVXvP8AUj/eoApVLbf8fC/j/Koqltv+Phfx/lTEaFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFMl/1L/7pp9Ml/1L/wC6aAM2iiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALFn/rj/u1dqlZ/64/7tXaQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAIrn/j3b8P51n1oXP/AB7t+H86z6Yh8X+uT/eFaVZsX+uT/eFaVIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWVWrWVQAVpRf6lP90Vm1pRf6lP90UCH0UUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArPuf+Phvw/lWhWfc/wDHw34fyoAiq7Z/6k/71Uqu2f8AqT/vUxFiiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACq95/qR/vVYqvef6kf71AFKpbb/j4X8f5VFUtt/wAfC/j/ACpiNCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACmS/6l/900+mS/6l/wDdNAGbRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFiz/1x/wB2rtUrP/XH/dq7SGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBFc/8e7fh/Os+tC5/wCPdvw/nWfTEPi/1yf7wrSrNi/1yf7wrSpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKyq1ayqACtKL/AFKf7orNrSi/1Kf7ooEPooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWfc/8fDfh/KtCs+5/4+G/D+VAEVXbP/Un/eqlV2z/ANSf96mIsUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVXvP9SP96rFV7z/Uj/eoApVLbf8AHwv4/wAqiqW2/wCPhfx/lTEaFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFMl/1L/7pp9Ml/wBS/wDumgDNooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCxZ/64/wC7V2qVn/rj/u1dpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAiuf+Pdvw/nWfWhc/wDHu34fzrPpiHxf65P94VpVmxf65P8AeFaVIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWVWrWVQAVpRf6lP90Vm1pRf6lP90UCH0UUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArPuf+Phvw/lWhWfc/8fDfh/KgCKrtn/qT/vVSq7Z/6k/71MRYooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqvef6kf71WKr3n+pH+9QBSqW2/wCPhfx/lUVS23/Hwv4/ypiNCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACmS/6l/8AdNPpkv8AqX/3TQBm0UUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBYs/8AXH/dq7VKz/1x/wB2rtIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEVz/x7t+H86z60Ln/j3b8P51n0xD4v9cn+8K0qzYv9cn+8K0qQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsqtWsqgArSi/1Kf7orNrSi/1Kf7ooEPooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWfc/8AHw34fyrQrPuf+Phvw/lQBFV2z/1J/wB6qVXbP/Un/epiLFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFV7z/Uj/AHqsVXvP9SP96gClUtt/x8L+P8qiqW2/4+F/H+VMRoUUUyWKOeJ4po1kjdSro4yGB6gg9RSGh9FZf/CM6B/0A9N/8BI/8KP+EZ0D/oB6b/4CR/4VOpry0v5n9y/zNSisv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACjUOWl/M/uX+ZqUVl/8ACM6B/wBAPTf/AAEj/wAKP+EZ0D/oB6b/AOAkf+FGoctL+Z/cv8zUorL/AOEZ0D/oB6b/AOAkf+FH/CM6B/0A9N/8BI/8KNQ5aX8z+5f5mpRWX/wjOgf9APTf/ASP/Cj/AIRnQP8AoB6b/wCAkf8AhRqHLS/mf3L/ADNSisv/AIRnQP8AoB6b/wCAkf8AhR/wjOgf9APTf/ASP/CjUOWl/M/uX+ZqUVl/8IzoH/QD03/wEj/wo/4RnQP+gHpv/gJH/hRqHLS/mf3L/M1KKy/+EZ0D/oB6b/4CR/4Uf8IzoH/QD03/AMBI/wDCjUOWl/M/uX+ZqUVl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hRqHLS/mf3L/M1KKy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAKNQ5aX8z+5f5mpRWX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4Uahy0v5n9y/zNSisv8A4RnQP+gHpv8A4CR/4Uf8IzoH/QD03/wEj/wo1DlpfzP7l/malFZf/CM6B/0A9N/8BI/8KP8AhGdA/wCgHpv/AICR/wCFGoctL+Z/cv8AM1KKy/8AhGdA/wCgHpv/AICR/wCFH/CM6B/0A9N/8BI/8KNQ5aX8z+5f5mpRWX/wjOgf9APTf/ASP/Cj/hGdA/6Aem/+Akf+FGoctL+Z/cv8zUorL/4RnQP+gHpv/gJH/hUttoekWdwtxa6VYwTJnbJFborDIwcEDPQ09QapW0b+7/gl+mS/6l/900+mS/6l/wDdNMyM2iiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALFn/rj/u1dqlZ/wCuP+7V2kMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCK5/wCPdvw/nWfWhc/8e7fh/Os+mIfF/rk/3hWlWbF/rk/3hWlSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVlVq1lUAFaUX+pT/AHRWbWlF/qU/3RQIfRRRQMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACs+5/4+G/D+VaFZ9z/wAfDfh/KgCKrtn/AKk/71Uqu2f+pP8AvUxFiiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACq95/qR/vVYqvef6kf71AFKpbb/j4X8f5VFUtt/x8L+P8qYjQooopDCims6ou52Cj1JxSq6uAVYEHoQaAFoopjSxowVnUE9AT1oAfRRmigAopiyxsxVXUkdQD0p9ABRSMyopZmAA6kmkV1cAqwIPcGgB1FFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUyX/Uv/umn0yX/AFL/AO6aAM2iiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALFn/rj/ALtXapWf+uP+7V2kMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCK5/492/D+dZ9aFz/AMe7fh/Os+mIfF/rk/3hWlWbF/rk/wB4VpUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZVatZVABWlF/qU/3RWbWlF/qU/3RQIfRRRQMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACs+5/4+G/D+VaFZ9z/x8N+H8qAIqu2f+pP+9VKrtn/qT/vUxFiiiqt5Hfvs+w3NtDjO/wA+3aXPpjDrjv60iopN2bsWqKy/s+v/APQS03/wXyf/AB6j7Pr/AP0EtN/8F8n/AMeqbvsaezj/ADr8f8jUorL+z6//ANBLTf8AwXyf/HqPs+v/APQS03/wXyf/AB6i77B7OP8AOvx/yNSisv7Pr/8A0EtN/wDBfJ/8eo+z6/8A9BLTf/BfJ/8AHqLvsHs4/wA6/H/I1KKy/s+v/wDQS03/AMF8n/x6j7Pr/wD0EtN/8F8n/wAeou+wezj/ADr8f8jUorL+z6//ANBLTf8AwXyf/HqPs+v/APQS03/wXyf/AB6i77B7OP8AOvx/yNSisv7Pr/8A0EtN/wDBfJ/8eo+z6/8A9BLTf/BfJ/8AHqLvsHs4/wA6/H/I1KKy/s+v/wDQS03/AMF8n/x6j7Pr/wD0EtN/8F8n/wAeou+wezj/ADr8f8jUorL+z6//ANBLTf8AwXyf/HqPs+v/APQS03/wXyf/AB6i77B7OP8AOvx/yNSisv7Pr/8A0EtN/wDBfJ/8eo+z6/8A9BLTf/BfJ/8AHqLvsHs4/wA6/H/I1KKy/s+v/wDQS03/AMF8n/x6j7Pr/wD0EtN/8F8n/wAeou+wezj/ADr8f8jUorL+z6//ANBLTf8AwXyf/HqPs+v/APQS03/wXyf/AB6i77B7OP8AOvx/yNSisv7Pr/8A0EtN/wDBfJ/8eo+z6/8A9BLTf/BfJ/8AHqLvsHs4/wA6/H/I1KKy/s+v/wDQS03/AMF8n/x6j7Pr/wD0EtN/8F8n/wAeou+wezj/ADr8f8jUorL+z6//ANBLTf8AwXyf/HqPs+v/APQS03/wXyf/AB6i77B7OP8AOvx/yNSisv7Pr/8A0EtN/wDBfJ/8eo+z6/8A9BLTf/BfJ/8AHqLvsHs4/wA6/H/I1KKy/s+v/wDQS03/AMF8n/x6rVnHfpv+3XNtNnGzyLdoseucu2e3pTv5ClCKV1JP7/8AItVXvP8AUj/eqxVe8/1I/wB6mZlKpbb/AI+F/H+VRVLbf8fC/j/KmI0Kr3t0tlZz3LglYkZyB3wM1YrP1i3N3ptxbggGSNlBPYkcVEr8rtuXC3MubY8p1DUbvWLxri6kLEk7Uz8qD0Aq7o2oXOlXKywO2wkb488OP896qfZXhlaKRSrqcEHtV62tmlkVEXLE4FfEVcTUVS8W+a/zufVz9n7Plt7v4HX+J/EElhosb2jYmuSAj/3RjJP+fWvOAHmkMkjM7scszHJJ9zXZ+JNMebSLZ41LG1GMf7OAD/IVy8UVejm1aoqiU+y/4P4nJl3s40bx3vqdN4S1e4huFsZpGeFhiPcfuEDPHtVbxnr1zPfPpkEjR28YAk2n/WEgHn2Hp9aXRLVmvUlA+WPkn3qn4isJItXe4K/u5sEH3xginSr13l/M72vb5f5XIgqP12/W34/8MY1sHikWSNmR1OQynBBr0jQ9dafR5JrtsvbgmRv7wAzmuDhh9q6nSbAnTLmNxj7QhX8MEf1NZZVWqvE8sNrO/wCn4jzH2coJy7nIanql3rV409zIxXJ8uPPyoPQf41Y0m9utMuVmt5CvI3Jnhx6Gq5s5LedoZVKuhwRVy3t2d1RVyxOAK4q2JqKpdN81/nc7Zez9nypLl/A9QtLlbq2jmXo6hhn3FWKztJjMNpFF/cUCtGvt4cziubc+Tla7tsFFFFUIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKZL/AKl/900+mS/6l/8AdNAGbRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFiz/1x/3au1Ss/wDXH/dq7SGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBFc/wDHu34fzrPrQuf+Pdvw/nWfTEPi/wBcn+8K0qzYv9cn+8K0qQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsqtWsqgArSi/1Kf7orNrSi/wBSn+6KBD6KKKBhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVn3P/Hw34fyrQrPuf8Aj4b8P5UARVds/wDUn/eqlV2z/wBSf96mIsUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVXvP9SP96rFV7z/AFI/3qAKVS23/Hwv4/yqKpbb/j4X8f5UxGhTJE3qRT6ZLFHPC8U0ayRupV0cZDA9QQeopDRh32jw3D7niVj0z3/Oiz0mOBvkjC1a/wCEY0D/AKAem/8AgJH/AIUn/CL6AP8AmCab/wCAkf8AhWPsoc/Pyq/fr+R0c0LcvO7en/BLTWoMWKxZtCt2l3+Quc544rR/4RnQP+gHpv8A4CR/4Un/AAi+gf8AQE03/wABI/8ACnOnGorTin6/8MKLhH4ZNfL/AII2008RAAKAB2AqS809J4yjoGU9iM0g8MaAP+YJpv8A4CR/4UHwxoB/5gem/wDgJH/hVW05bKwv3d78z+7/AIJmx6HBHJuWEA5+tbEFmFTGKg/4RfQP+gJpv/gJH/hSjwxoA/5gem/+Akf+FTCnGmrQil6f8MOThL4pN/L/AIJWvtIiuWzJErEdDjmmWmkRwN8kYX3q4fDGgH/mB6b/AOAkf+FJ/wAIvoH/AEBNN/8AASP/AAo9lDn5+VX79fyHzQty87t6f8E0IIvLUCpqyv8AhGdA/wCgHpv/AICR/wCFL/wjOgf9APTf/ASP/Cr1I5aX8z+5f5mpRWX/AMIzoH/QD03/AMBI/wDCj/hGdA/6Aem/+Akf+FGoctL+Z/cv8zUorL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AAo1DlpfzP7l/malFZf/AAjOgf8AQD03/wABI/8ACj/hGdA/6Aem/wDgJH/hRqHLS/mf3L/M1KKy/wDhGdA/6Aem/wDgJH/hR/wjOgf9APTf/ASP/CjUOWl/M/uX+ZqUVl/8IzoH/QD03/wEj/wo/wCEZ0D/AKAem/8AgJH/AIUahy0v5n9y/wAzUorL/wCEZ0D/AKAem/8AgJH/AIUf8IzoH/QD03/wEj/wo1DlpfzP7l/malFZf/CM6B/0A9N/8BI/8KP+EZ0D/oB6b/4CR/4Uahy0v5n9y/zNSisv/hGdA/6Aem/+Akf+FH/CM6B/0A9N/wDASP8Awo1DlpfzP7l/malFZf8AwjOgf9APTf8AwEj/AMKP+EZ0D/oB6b/4CR/4Uahy0v5n9y/zNSisv/hGdA/6Aem/+Akf+FS22h6RZ3C3FrpVjBMmdskVuisMjBwQM9DT1BqlbRv7v+CX6ZL/AKl/900+mS/6l/8AdNMyM2iiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALFn/AK4/7tXapWf+uP8Au1dpDCiorm4S1t2mkWVkXGRFE0jcnHCqCT+Aqh/wkFl/zx1L/wAFlz/8bpNpblxpTmrxi2alFZf/AAkFl/zx1L/wWXP/AMbo/wCEgsv+eOpf+Cy5/wDjdLmXcr6vV/lf3M1KKy/+Egsv+eOpf+Cy5/8AjdH/AAkFl/zx1L/wWXP/AMbo5l3D6vV/lf3M1KKy/wDhILL/AJ46l/4LLn/43R/wkFl/zx1L/wAFlz/8bo5l3D6vV/lf3M1KKy/+Egsv+eOpf+Cy5/8AjdH/AAkFl/zx1L/wWXP/AMbo5l3D6vV/lf3M1KKy/wDhILL/AJ46l/4LLn/43R/wkFl/zx1L/wAFlz/8bo5l3D6vV/lf3M1KKy/+Egsv+eOpf+Cy5/8AjdH/AAkFl/zx1L/wWXP/AMbo5l3D6vV/lf3M1KKy/wDhILL/AJ46l/4LLn/43R/wkFl/zx1L/wAFlz/8bo5l3D6vV/lf3M1KKy/+Egsv+eOpf+Cy5/8AjdH/AAkFl/zx1L/wWXP/AMbo5l3D6vV/lf3M1KKy/wDhILL/AJ46l/4LLn/43R/wkFl/zx1L/wAFlz/8bo5l3D6vV/lf3M1KKy/+Egsv+eOpf+Cy5/8AjdH/AAkFl/zx1L/wWXP/AMbo5l3D6vV/lf3M1KKy/wDhILL/AJ46l/4LLn/43R/wkFl/zx1L/wAFlz/8bo5l3D6vV/lf3M1KKy/+Egsv+eOpf+Cy5/8AjdH/AAkFl/zx1L/wWXP/AMbo5l3D6vV/lf3M1KKy/wDhILL/AJ46l/4LLn/43R/wkFl/zx1L/wAFlz/8bo5l3D6vV/lf3M1KKy/+Egsv+eOpf+Cy5/8AjdH/AAkFl/zx1L/wWXP/AMbo5l3D6vV/lf3M1KKy/wDhILL/AJ46l/4LLn/43R/wkFl/zx1L/wAFlz/8bo5l3D6vV/lf3M1KKpWmqW97KYoo7tWC7szWcsQx9XUDPPTrV2qTvsRKMou0lYiuf+Pdvw/nWfWhc/8AHu34fzrPpkD4v9cn+8K0qzYv9cn+8K0qQwoorL/4SCy/546l/wCCy5/+N0m0ty405z+FXNSisv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G6XMu5X1er/ACv7malFZf8AwkFl/wA8dS/8Flz/APG6P+Egsv8AnjqX/gsuf/jdHMu4fV6v8r+5mpRWX/wkFl/zx1L/AMFlz/8AG6P+Egsv+eOpf+Cy5/8AjdHMu4fV6v8AK/uZqUVl/wDCQWX/ADx1L/wWXP8A8bo/4SCy/wCeOpf+Cy5/+N0cy7h9Xq/yv7malFZf/CQWX/PHUv8AwWXP/wAbo/4SCy/546l/4LLn/wCN0cy7h9Xq/wAr+5mpRWX/AMJBZf8APHUv/BZc/wDxuj/hILL/AJ46l/4LLn/43RzLuH1er/K/uZqUVl/8JBZf88dS/wDBZc//ABuj/hILL/njqX/gsuf/AI3RzLuH1er/ACv7malFZf8AwkFl/wA8dS/8Flz/APG6P+Egsv8AnjqX/gsuf/jdHMu4fV6v8r+5mpRWX/wkFl/zx1L/AMFlz/8AG6P+Egsv+eOpf+Cy5/8AjdHMu4fV6v8AK/uZqUVl/wDCQWX/ADx1L/wWXP8A8bo/4SCy/wCeOpf+Cy5/+N0cy7h9Xq/yv7malFZf/CQWX/PHUv8AwWXP/wAbo/4SCy/546l/4LLn/wCN0cy7h9Xq/wAr+5mpRWX/AMJBZf8APHUv/BZc/wDxuj/hILL/AJ46l/4LLn/43RzLuH1er/K/uZqUVl/8JBZf88dS/wDBZc//ABuj/hILL/njqX/gsuf/AI3RzLuH1er/ACv7malFZf8AwkFl/wA8dS/8Flz/APG6P+Egsv8AnjqX/gsuf/jdHMu4fV6v8r+5mpRWX/wkFl/zx1L/AMFlz/8AG6P+Egsv+eOpf+Cy5/8AjdHMu4fV6v8AK/uZqUVmxa5aTSpEsOoBnYKC+nXCjJ9SUwB7nitKmmnsRKEofErBWVWrWVTJCtKL/Up/uis2tKL/AFKf7ooEPooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWfc/8fDfh/KtCs+5/wCPhvw/lQBFV2z/ANSf96qVXbP/AFJ/3qYixVTUtRg0uwlu7gkIg6Dqx7Ae9W647x8HfTbcD7gnyfrtOP61hiKjpUpTXQ6MNTVWrGEtmZMvj3VJZiYILeKLPyqyljj3Of8ACuk8P+KBqp8i4jWK5AyNv3X+mf5V5zFFW1oqOmp27JwQ/wCnf9K+ao5pWVeKbum7W9T28Tg6Hsnyq1jr/EfieLQ41ijQTXcgyqE8KPU/55xXMQeO9WMoaSK2ZM8qFI49jn/GqHihZJPEMzydCq7Ppgf1zVGKL2rXHZjVhVcYu1hYbB0PYxcldtHqularDqtmtxECvZkPVT6Vy+t+OXgvHtdMijcRkq80gJBP+yAf1pnhwyxW94Izgso2/wC9g1xkUXtW1XMqjwtOa0cr/g7GOGwdJ1p82qVrfM7LS/HF0Z1TUIY2iPBeIEFffGea6+71K2stPkvZnHkou7I5z6AfWvLIYa3dcMzeErOPnCuu76YOP6VOAzKrKNRS15VcWKwlJ1YKOl3ZkU/j7UpZybaCCKHPyhgWbHuc10Ph7xV/akgtruNYrgglSn3W/Poa88iirY0iNl1K2ZOokU/rzXLTzStGtG7um9jpxGDoezajG1j1HrRTIjuQGn19YfOBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVXvP9SP96rFV7z/AFI/3qAKVS23/Hwv4/yqKpbb/j4X8f5UxGhRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABTJf9S/+6afTJf9S/8AumgDNooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCxZ/64/7tXapWf+uP+7V2kMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCK5/492/D+dZ9aFz/wAe7fh/Os+mIfF/rk/3hWlWbF/rk/3hWlSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVlVq1lUAFaUX+pT/dFZtaUX+pT/dFAh9FFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKz7n/j4b8P5VoVn3P8Ax8N+H8qAIqu2f+pP+9VKrtn/AKk/71MRYrO1OzS9tXhlXcjDBFaNVL6K/lCCyubaHGd/n27S59MYdcd/Wpkk1Zq5cPiWtjh38NyxS4jkBXP8Q5rY0rSRbtuPzOeM4q+2na2Tn+0dN/8ABe//AMepyWOuJ01HTf8AwXv/APHq4KWXYalU9pGGvrt+J2VK9SpHllUVvn/kUtZ0SO/RWbKyp91wP0NYkXh+ZXwzrt9QOa6t7PXXHOpab/4L5P8A49UP9m63n/kI6b/4L3/+PU8Rl+HxEuepHX1/4IU686ceWNRW+f8AkJp9gIIQiDj+dY2p+HFe5eaA7GY5ZSOCa6BLTXVHGpab/wCC+T/49THsdcfrqOm/+C9//j1a1cLSq01SlHRbeRFOcqcueNRXfr/kc9Z6EwkBmIIHZe9dBLp6z2bQyICjDBFIuna4pz/aOm/+C9//AI9Uv2XXduP7S03/AMF8n/x6lh8JRw8XGnHffzCpOVSXNKotPX/I5OTw3JFKRFICmeNw5FbGk6QLeQO3zP646VfbTtbJz/aOm/8Agvf/AOPU5LHXE6ajpv8A4L5P/j1ZU8tw1Op7WMNfy/EupXqVI8sqit8/8jXiXagFPrK+z6//ANBLTf8AwXyf/HqX7Pr/AP0EtN/8F8n/AMeruu+xzezj/Ovx/wAjUorL+z6//wBBLTf/AAXyf/HqPs+v/wDQS03/AMF8n/x6i77B7OP86/H/ACNSisv7Pr//AEEtN/8ABfJ/8eo+z6//ANBLTf8AwXyf/HqLvsHs4/zr8f8AI1KKy/s+v/8AQS03/wAF8n/x6j7Pr/8A0EtN/wDBfJ/8eou+wezj/Ovx/wAjUorL+z6//wBBLTf/AAXyf/HqPs+v/wDQS03/AMF8n/x6i77B7OP86/H/ACNSisv7Pr//AEEtN/8ABfJ/8eo+z6//ANBLTf8AwXyf/HqLvsHs4/zr8f8AI1KKy/s+v/8AQS03/wAF8n/x6j7Pr/8A0EtN/wDBfJ/8eou+wezj/Ovx/wAjUorL+z6//wBBLTf/AAXyf/HqPs+v/wDQS03/AMF8n/x6i77B7OP86/H/ACNSisv7Pr//AEEtN/8ABfJ/8eo+z6//ANBLTf8AwXyf/HqLvsHs4/zr8f8AI1KKy/s+v/8AQS03/wAF8n/x6j7Pr/8A0EtN/wDBfJ/8eou+wezj/Ovx/wAjUorL+z6//wBBLTf/AAXyf/HqtWcd+m/7dc202cbPIt2ix65y7Z7elO/kKUIpXUk/v/yLVV7z/Uj/AHqsVXvP9SP96mZlKpbb/j4X8f5VFUtt/wAfC/j/ACpiNCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACmS/6l/900+mS/6l/wDdNAGbRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFiz/1x/wB2rtUrP/XH/dq7SGFZGoeJtJ02cwXF0POHVEUsR9cdKf4hvpNO0O7uYjiRUwhxnBJAB/WvJEQsxZiSxOST3rzcfjnh7RitWelgcFGunOb0R6/p2tafqgb7JcB2XqpBUj8DV55EijaSR1VFGWZjgAV5JYPLZ3MdxCdsiHINb/jfUpZba0tI2IilzJIP72MYH8/0rHDZqqlKc5LWP67FVcvSrRpwej/Q328ZaGsuwXZbBwWWNiP5Vs211BdwrNbyrJG3RlOa8ZiirrPCF1JbagYNx8qYHK+45z/OssPm8p1lTmlZ6GmKy6nTpuVNu67noFFIpyM0te6eOFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEVz/x7t+H86z60Ln/j3b8P51n0xD4v9cn+8K0qzYv9cn+8K0qQwqjqOr2GlRq97cLFu+6MEk/QDmrrHAzXjeqXcuqatcXUrE7nIUH+FR0H5VxY3F/VoJpas7cDhFiJvmdkj02y8UaRfzCGG6xI3RXUrn8TxWwDmvGYoq9N8O3sl1pUJmYtIuVJPfH/ANaubL8yeJm6c1ruaY7BRoJSg9DZooor1jzgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsqtWsqgArSi/1Kf7orNrSi/1Kf7ooEPooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWfc/wDHw34fyrQrPuf+Phvw/lQBFV2z/wBSf96qVXbP/Un/AHqYixRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVe8/wBSP96rFV7z/Uj/AHqAKVS23/Hwv4/yqKpbb/j4X8f5UxGhRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABTJf8AUv8A7pp9Ml/1L/7poAzaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf+uP+7V2qVn/AK4/7tXaQyjqtqt7YTWz/dkUrn0968zm0u4spTHNGeD94dD+Nep3c0dvbPNKsjIuMiKJpG5OOFUEn8BWDNqVi5z5Gpf+Cy4/+N15+OwMMUleVmjvwdetST5I3TOasNNknkXcpCZ5JFa2v6Q9/aRPGMyw5wvqD1H6CrsWo2KtnyNS/wDBZcf/ABurT6vYlMeRqX/gsuf/AI3WeHy2hRoypXvzbv8AL7ip1cTKoqii1byZwMdrIr7WjYN6Ec10/h/T3in8+RSDjCg1ba/si2fI1L/wWXH/AMbqzb6rYxf8sNS/8Flz/wDG6xw2UUqNZVZTvbY0r4jEVY8vI195vR/cFOrKHiCyA/1Gpf8Agsuf/jdL/wAJBZf88dS/8Flz/wDG69jmXc8/6vV/lf3M1KKy/wDhILL/AJ46l/4LLn/43R/wkFl/zx1L/wAFlz/8bo5l3D6vV/lf3M1KKy/+Egsv+eOpf+Cy5/8AjdH/AAkFl/zx1L/wWXP/AMbo5l3D6vV/lf3M1KKy/wDhILL/AJ46l/4LLn/43R/wkFl/zx1L/wAFlz/8bo5l3D6vV/lf3M1KKy/+Egsv+eOpf+Cy5/8AjdH/AAkFl/zx1L/wWXP/AMbo5l3D6vV/lf3M1KKy/wDhILL/AJ46l/4LLn/43R/wkFl/zx1L/wAFlz/8bo5l3D6vV/lf3M1KKy/+Egsv+eOpf+Cy5/8AjdH/AAkFl/zx1L/wWXP/AMbo5l3D6vV/lf3M1KKy/wDhILL/AJ46l/4LLn/43R/wkFl/zx1L/wAFlz/8bo5l3D6vV/lf3M1KKy/+Egsv+eOpf+Cy5/8AjdH/AAkFl/zx1L/wWXP/AMbo5l3D6vV/lf3M1KKy/wDhILL/AJ46l/4LLn/43R/wkFl/zx1L/wAFlz/8bo5l3D6vV/lf3M1KKy/+Egsv+eOpf+Cy5/8AjdH/AAkFl/zx1L/wWXP/AMbo5l3D6vV/lf3M1KKy/wDhILL/AJ46l/4LLn/43R/wkFl/zx1L/wAFlz/8bo5l3D6vV/lf3M1KKy/+Egsv+eOpf+Cy5/8AjdH/AAkFl/zx1L/wWXP/AMbo5l3D6vV/lf3M1KKpWmqW97KYoo7tWC7szWcsQx9XUDPPTrV2qTvsRKMou0lYiuf+Pdvw/nWfWhc/8e7fh/Os+mQPi/1yf7wrSrNi/wBcn+8K0qQxkv3DXmutaJLa6hLLGheCRiwIGduecGvTCM1z9xqtjJ/yw1L/AMFlx/8AG65MZhYYmHLJ27M68JVq0pOVNX7nGWtnJMwVEJ/Diu70W2+zWqRdcd/es9b+yDZ8jUv/AAWXH/xur8Ot2Ma48jUv/BZc/wDxuubAZdSwjc+a8ma4mpXr6cjS9GbVFZf/AAkFl/zx1L/wWXP/AMbo/wCEgsv+eOpf+Cy5/wDjdelzLucn1er/ACv7malFZf8AwkFl/wA8dS/8Flz/APG6P+Egsv8AnjqX/gsuf/jdHMu4fV6v8r+5mpRWX/wkFl/zx1L/AMFlz/8AG6P+Egsv+eOpf+Cy5/8AjdHMu4fV6v8AK/uZqUVl/wDCQWX/ADx1L/wWXP8A8bo/4SCy/wCeOpf+Cy5/+N0cy7h9Xq/yv7malFZf/CQWX/PHUv8AwWXP/wAbo/4SCy/546l/4LLn/wCN0cy7h9Xq/wAr+5mpRWX/AMJBZf8APHUv/BZc/wDxuj/hILL/AJ46l/4LLn/43RzLuH1er/K/uZqUVl/8JBZf88dS/wDBZc//ABuj/hILL/njqX/gsuf/AI3RzLuH1er/ACv7malFZf8AwkFl/wA8dS/8Flz/APG6P+Egsv8AnjqX/gsuf/jdHMu4fV6v8r+5mpRWX/wkFl/zx1L/AMFlz/8AG6P+Egsv+eOpf+Cy5/8AjdHMu4fV6v8AK/uZqUVl/wDCQWX/ADx1L/wWXP8A8bo/4SCy/wCeOpf+Cy5/+N0cy7h9Xq/yv7malFZf/CQWX/PHUv8AwWXP/wAbo/4SCy/546l/4LLn/wCN0cy7h9Xq/wAr+5mpRWX/AMJBZf8APHUv/BZc/wDxuj/hILL/AJ46l/4LLn/43RzLuH1er/K/uZqUVl/8JBZf88dS/wDBZc//ABuj/hILL/njqX/gsuf/AI3RzLuH1er/ACv7malFZf8AwkFl/wA8dS/8Flz/APG6P+Egsv8AnjqX/gsuf/jdHMu4fV6v8r+5mpRWbFrlpNKkSw6gGdgoL6dcKMn1JTAHueK0qaaexEoSh8SsFZVatZVMkK0ov9Sn+6Kza0ov9Sn+6KBD6oXOj2t1cNNJLfK7YyIr6aNeBjhVcAfgKv0Umk9y4zlB3i7GX/wj9l/z21L/AMGdz/8AHKP+Efsv+e2pf+DO5/8AjlalFLlXYv6xV/mf3sy/+Efsv+e2pf8Agzuf/jlH/CP2X/PbUv8AwZ3P/wAcrUoo5V2D6xV/mf3sy/8AhH7L/ntqX/gzuf8A45R/wj9l/wA9tS/8Gdz/APHK1KKOVdg+sVf5n97Mv/hH7L/ntqX/AIM7n/45R/wj9l/z21L/AMGdz/8AHK1KKOVdg+sVf5n97Mv/AIR+y/57al/4M7n/AOOUf8I/Zf8APbUv/Bnc/wDxytSijlXYPrFX+Z/ezL/4R+y/57al/wCDO5/+OUf8I/Zf89tS/wDBnc//ABytSijlXYPrFX+Z/ezL/wCEfsv+e2pf+DO5/wDjlH/CP2X/AD21L/wZ3P8A8crUoo5V2D6xV/mf3sy/+Efsv+e2pf8Agzuf/jlH/CP2X/PbUv8AwZ3P/wAcrUoo5V2D6xV/mf3sy/8AhH7L/ntqX/gzuf8A45R/wj9l/wA9tS/8Gdz/APHK1KKOVdg+sVf5n97Mv/hH7L/ntqX/AIM7n/45R/wj9l/z21L/AMGdz/8AHK1KKOVdg+sVf5n97Mv/AIR+y/57al/4M7n/AOOUf8I/Zf8APbUv/Bnc/wDxytSijlXYPrFX+Z/ezL/4R+y/57al/wCDO5/+OUf8I/Zf89tS/wDBnc//ABytSijlXYPrFX+Z/ezL/wCEfsv+e2pf+DO5/wDjlH/CP2X/AD21L/wZ3P8A8crUoo5V2D6xV/mf3sy/+Efsv+e2pf8Agzuf/jlH/CP2X/PbUv8AwZ3P/wAcrUoo5V2D6xV/mf3sy/8AhH7L/ntqX/gzuf8A45R/wj9l/wA9tS/8Gdz/APHK1KKOVdg+sVf5n97Mv/hH7L/ntqX/AIM7n/45WjFGsMSRKWKooUF2LHA9SeSfc80+imklsTKpOfxNsKz7n/j4b8P5VoVn3P8Ax8N+H8qZBFV2z/1J/wB6qVXbP/Un/epiLFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFV7z/Uj/AHqsVXvP9SP96gClUtt/x8L+P8qiqW2/4+F/H+VMRoUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUyX/Uv/ALpp9Ml/1L/7poAzaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf8Arj/u1dqlZ/64/wC7V2kMKKKKADAooooAMCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAIrn/j3b8P51n1oXP/Hu34fzrPpiHxf65P8AeFaVZsX+uT/eFaVIYUUUUAGBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVlVq1lUAFaUX+pT/dFZtaUX+pT/AHRQIfRRXIeMfEk+mlLCybZPIu55McqvQAe5wayrVo0YOctjahRlWmoR3Ovorx2HUtSWQSC/ut/qZmOf1r0Lw3rkmpWrJc4+0RY3EDAYdjXHhsypV6ns7WZ1YnAToR5r3R0FFeYa/wCKr3UL2SKzuJILRGwnlkqX9yRz+FVtM1vU7GZZEupXUdY5HLKR9DWdTNqMJ8ttO5pHK6rhzNpPsesUVWsbxL60iuI8hZFzg9varNepGSklJbM81pp2YUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWfc/8fDfh/KtCs+5/4+G/D+VAEVXbP/Un/eqlV2z/ANSf96mIsUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVXvP9SP96rFV7z/Uj/eoApVLbf8AHwv4/wAqiqW2/wCPhfx/lTEaFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFMl/1L/7pp9Ml/wBS/wDumgDNooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCxZ/64/wC7V2qVn/rj/u1dpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAiuf+Pdvw/nWfWhc/wDHu34fzrPpiHxf65P94VpVmxf65P8AeFaVIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWVWrWVQAVpRf6lP90Vm1pRf6lP90UCHHpXnHjO0kGtC4IJjlQAH3Hb+VejnkVm6lYR3cRSVA6nsa5cZh3iKTgnZnVhcR7CpznmMMNdP4dhaMzS8gMu0e9WV8OwpJkK+PQmtu0sRHGFCgADgCvIwGU1aVdVarWm1jsxePjVhyQ6nl72b21w8Ei4dGwasww+1d1qWiw3T7nj+YdGHBqvaaFFDIDtLEdC3NY18lryqWhJcvc3/ALUg4arU0vD0TW+mwxNwQCSPTJz/AFrZqvbReWgqxX0dKmqcIwWyVvuPFnJyk5PqFFFFaEhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWfc/8fDfh/KtCs+5/4+G/D+VAEVXbP/Un/eqlV2z/ANSf96mIsUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVXvP9SP96rFV7z/Uj/eoApVLbf8AHwv4/wAqiqW2/wCPhfx/lTEaFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFMl/1L/7pp9Ml/wBS/wDumgDNooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCxZ/64/wC7V2qVn/rj/u1dpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAiuf+Pdvw/nWfWhc/wDHu34fzrPpiHxf65P94VpVmxf65P8AeFaVIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWVWrWVQAVpRf6lP90Vm1pRf6lP90UCH1n3WjWt3O00st6GbGRFfTRr0xwquAPwFaFFJpPcuM5Qd4uxkf8I3Y/8APbUf/Blcf/F0o8O2Q/5bal/4M7n/AOOVrUUcq7F+3q/zP72ZJ8OWJ6zal/4M7j/45SDw3Yj/AJbaj/4Mrj/4uteijlXYPb1f5n97Mr/hHrL/AJ7al/4M7n/45S/8I/Zf89tS/wDBnc//ABytSilyrsH1ir/M/vZl/wDCP2X/AD21L/wZ3P8A8co/4R+y/wCe2pf+DO5/+OVqUUcq7B9Yq/zP72Zf/CP2X/PbUv8AwZ3P/wAco/4R+y/57al/4M7n/wCOVqUUcq7B9Yq/zP72Zf8Awj9l/wA9tS/8Gdz/APHKP+Efsv8AntqX/gzuf/jlalFHKuwfWKv8z+9mX/wj9l/z21L/AMGdz/8AHKP+Efsv+e2pf+DO5/8AjlalFHKuwfWKv8z+9mX/AMI/Zf8APbUv/Bnc/wDxyj/hH7L/AJ7al/4M7n/45WpRRyrsH1ir/M/vZl/8I/Zf89tS/wDBnc//AByj/hH7L/ntqX/gzuf/AI5WpRRyrsH1ir/M/vZl/wDCP2X/AD21L/wZ3P8A8co/4R+y/wCe2pf+DO5/+OVqUUcq7B9Yq/zP72Zf/CP2X/PbUv8AwZ3P/wAco/4R+y/57al/4M7n/wCOVqUUcq7B9Yq/zP72Zf8Awj9l/wA9tS/8Gdz/APHKP+Efsv8AntqX/gzuf/jlalFHKuwfWKv8z+9mX/wj9l/z21L/AMGdz/8AHKP+Efsv+e2pf+DO5/8AjlalFHKuwfWKv8z+9mX/AMI/Zf8APbUv/Bnc/wDxyj/hH7L/AJ7al/4M7n/45WpRRyrsH1ir/M/vZl/8I/Zf89tS/wDBnc//AByj/hH7L/ntqX/gzuf/AI5WpRRyrsH1ir/M/vZl/wDCP2X/AD21L/wZ3P8A8crRijWGJIlLFUUKC7FjgepPJPueafRTSS2JlUnP4m2FZ9z/AMfDfh/KtCs+5/4+G/D+VMgiq7Z/6k/71Uqu2f8AqT/vUxFiiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACq95/qR/vVYqvef6kf71AFKpbb/j4X8f5VFUtt/wAfC/j/ACpiNCmSyLDE8rBiqKWIRSxwPQDJJ9hT6KQ0Zf8AwkFl/wA8dS/8Flz/APG6P+Egsv8AnjqX/gsuf/jdalFTqa81L+V/ev8AIy/+Egsv+eOpf+Cy5/8AjdH/AAkFl/zx1L/wWXP/AMbrUoo1Dmpfyv71/kZf/CQWX/PHUv8AwWXP/wAbo/4SCy/546l/4LLn/wCN1qUUahzUv5X96/yMv/hILL/njqX/AILLn/43R/wkFl/zx1L/AMFlz/8AG61KKNQ5qX8r+9f5GX/wkFl/zx1L/wAFlz/8bo/4SCy/546l/wCCy5/+N1qUUahzUv5X96/yMv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G61KKNQ5qX8r+9f5GX/AMJBZf8APHUv/BZc/wDxuj/hILL/AJ46l/4LLn/43WpRRqHNS/lf3r/Iy/8AhILL/njqX/gsuf8A43R/wkFl/wA8dS/8Flz/APG61KKNQ5qX8r+9f5GX/wAJBZf88dS/8Flz/wDG6P8AhILL/njqX/gsuf8A43WpRRqHNS/lf3r/ACMv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG61KKNQ5qX8r+9f5GX/wkFl/zx1L/AMFlz/8AG6P+Egsv+eOpf+Cy5/8AjdalFGoc1L+V/ev8jL/4SCy/546l/wCCy5/+N0f8JBZf88dS/wDBZc//AButSijUOal/K/vX+Rl/8JBZf88dS/8ABZc//G6P+Egsv+eOpf8Agsuf/jdalFGoc1L+V/ev8jL/AOEgsv8AnjqX/gsuf/jdH/CQWX/PHUv/AAWXP/xutSijUOal/K/vX+Rl/wDCQWX/ADx1L/wWXP8A8bo/4SCy/wCeOpf+Cy5/+N1qUUahzUv5X96/yMv/AISCy/546l/4LLn/AON1Lbaxa3VwsMcV8rtnBlsZo14GeWZAB+Jq/RT1BulbRP7/APgBTJf9S/8Aumn0yX/Uv/ummZGbRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFiz/1x/wB2rtUrP/XH/dq7SGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBFc/8e7fh/Os+tC5/wCPdvw/nWfTEPi/1yf7wrSrNi/1yf7wrSpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKyq1ayqACtKL/AFKf7orNrSi/1Kf7ooEPooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWfc/8fDfh/KtCs+5/4+G/D+VAEVXbP/Un/eqlV2z/ANSf96mIsUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVXvP9SP96rFV7z/Uj/eoApVLbf8AHwv4/wAqiqW2/wCPhfx/lTEaFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFMl/1L/7pp9Ml/wBS/wDumgDNooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCxZ/64/wC7V2qVn/rj/u1dpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAiuf+Pdvw/nWfWhc/wDHu34fzrPpiHxf65P94VpVmxf65P8AeFaVIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWVWrWVQAVpRf6lP90Vm1pRf6lP90UCH0UUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArPuf+Phvw/lWhWfc/8fDfh/KgCKrtn/qT/vVSq7Z/6k/71MRYooqreafDf7POe5XZnHkXMkPX12MM9O9IqNr+9sWqKy/+Efsv+e2pf+DO5/8AjlH/AAj9l/z21L/wZ3P/AMcqdTTlpfzP7l/malFZf/CP2X/PbUv/AAZ3P/xyj/hH7L/ntqX/AIM7n/45RqHLS/mf3L/M1KKy/wDhH7L/AJ7al/4M7n/45R/wj9l/z21L/wAGdz/8co1DlpfzP7l/malFZf8Awj9l/wA9tS/8Gdz/APHKP+Efsv8AntqX/gzuf/jlGoctL+Z/cv8AM1KKy/8AhH7L/ntqX/gzuf8A45R/wj9l/wA9tS/8Gdz/APHKNQ5aX8z+5f5mpRWX/wAI/Zf89tS/8Gdz/wDHKP8AhH7L/ntqX/gzuf8A45RqHLS/mf3L/M1KKy/+Efsv+e2pf+DO5/8AjlH/AAj9l/z21L/wZ3P/AMco1DlpfzP7l/malFZf/CP2X/PbUv8AwZ3P/wAco/4R+y/57al/4M7n/wCOUahy0v5n9y/zNSisv/hH7L/ntqX/AIM7n/45R/wj9l/z21L/AMGdz/8AHKNQ5aX8z+5f5mpRWX/wj9l/z21L/wAGdz/8co/4R+y/57al/wCDO5/+OUahy0v5n9y/zNSisv8A4R+y/wCe2pf+DO5/+OUf8I/Zf89tS/8ABnc//HKNQ5aX8z+5f5mpRWX/AMI/Zf8APbUv/Bnc/wDxyj/hH7L/AJ7al/4M7n/45RqHLS/mf3L/ADNSisv/AIR+y/57al/4M7n/AOOUf8I/Zf8APbUv/Bnc/wDxyjUOWl/M/uX+ZqUVl/8ACP2X/PbUv/Bnc/8Axyj/AIR+y/57al/4M7n/AOOUahy0v5n9y/zNSisv/hH7L/ntqX/gzuf/AI5R/wAI/Zf89tS/8Gdz/wDHKNQ5aX8z+5f5mpRWX/wj9l/z21L/AMGdz/8AHKtWenw2G/yXuW34z59zJN09N7HHXtT1FJU7e63f0/4Jaqvef6kf71WKr3n+pH+9TMylUtt/x8L+P8qiqW2/4+F/H+VMRoUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUyX/Uv/ALpp9Ml/1L/7poAzaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf8Arj/u1dqlZ/64/wC7V2kMKKiuVuGt2W1liimONryxl1HPOVDKTx7iqH2fX/8AoJab/wCC+T/49SbLjBNayS+/9EalFZf2fX/+glpv/gvk/wDj1H2fX/8AoJab/wCC+T/49Su+xXs4/wA6/H/I1KKy/s+v/wDQS03/AMF8n/x6j7Pr/wD0EtN/8F8n/wAeou+wezj/ADr8f8jUorL+z6//ANBLTf8AwXyf/HqPs+v/APQS03/wXyf/AB6i77B7OP8AOvx/yNSisv7Pr/8A0EtN/wDBfJ/8eo+z6/8A9BLTf/BfJ/8AHqLvsHs4/wA6/H/I1KKy/s+v/wDQS03/AMF8n/x6j7Pr/wD0EtN/8F8n/wAeou+wezj/ADr8f8jUorL+z6//ANBLTf8AwXyf/HqPs+v/APQS03/wXyf/AB6i77B7OP8AOvx/yNSisv7Pr/8A0EtN/wDBfJ/8eo+z6/8A9BLTf/BfJ/8AHqLvsHs4/wA6/H/I1KKy/s+v/wDQS03/AMF8n/x6j7Pr/wD0EtN/8F8n/wAeou+wezj/ADr8f8jUorL+z6//ANBLTf8AwXyf/HqPs+v/APQS03/wXyf/AB6i77B7OP8AOvx/yNSisv7Pr/8A0EtN/wDBfJ/8eo+z6/8A9BLTf/BfJ/8AHqLvsHs4/wA6/H/I1KKy/s+v/wDQS03/AMF8n/x6j7Pr/wD0EtN/8F8n/wAeou+wezj/ADr8f8jUorL+z6//ANBLTf8AwXyf/HqPs+v/APQS03/wXyf/AB6i77B7OP8AOvx/yNSisv7Pr/8A0EtN/wDBfJ/8eo+z6/8A9BLTf/BfJ/8AHqLvsHs4/wA6/H/I1KKy/s+v/wDQS03/AMF8n/x6j7Pr/wD0EtN/8F8n/wAeou+wezj/ADr8f8jUorL+z6//ANBLTf8AwXyf/HqPs+v/APQS03/wXyf/AB6i77B7OP8AOvx/yNSiqVpFqaSk3t5aTR7eFhtWjIPrkyNx14x+NXapESSTsnciuf8Aj3b8P51n1oXP/Hu34fzrPpkD4v8AXJ/vCtKs2L/XJ/vCtKkMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArKrVrKoAK0ov9Sn+6Kza0ov8AUp/uigQ+iiigYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZ9z/x8N+H8q0Kz7n/AI+G/D+VAEVXbP8A1J/3qpVds/8AUn/epiLFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFV7z/Uj/eqxVe8/wBSP96gClUtt/x8L+P8qiqW2/4+F/H+VMRoUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUyX/Uv/umn0yX/Uv/ALpoAzaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf+uP+7V2qVn/rj/u1dpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAiuf+Pdvw/nWfWhc/8AHu34fzrPpiHxf65P94VpVmxf65P94VpUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZVatZVABWlF/qU/3RWbWlF/qU/3RQIfRRRQMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACs+5/4+G/D+VaFZ9z/AMfDfh/KgCKrtn/qT/vVSq7Z/wCpP+9TEWKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKr3n+pH+9Viq95/qR/vUAUqltv+Phfx/lUVS23/AB8L+P8AKmI0KKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKZL/qX/3TT6ZL/qX/AN00AZtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAWLP/XH/AHau1Ss/9cf92rtIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEVz/x7t+H86z60Ln/AI92/D+dZ9MQ+L/XJ/vCtKs2L/XJ/vCtKkMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArKrVrKoAK0ov8AUp/uis2tKL/Up/uigQ+iiigYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZ9z/x8N+H8q0Kz7n/j4b8P5UARVds/9Sf96qVXbP8A1J/3qYixRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVe8/1I/3qsVXvP9SP96gClUtt/wAfC/j/ACqKpbb/AI+F/H+VMRoUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUyX/Uv/umn0yX/AFL/AO6aAM2iiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALFn/rj/ALtXapWf+uP+7V2kMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCK5/492/D+dZ9aFz/AMe7fh/Os+mIfF/rk/3hWlWbF/rk/wB4VpUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZVatZVABWlF/qU/3RWbWlF/qU/3RQIfRRRQMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACs+5/4+G/D+VaFZ9z/x8N+H8qAIqu2f+pP+9VKrtn/qT/vUxFiiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACq95/qR/vVYqvef6kf71AFKpbb/AI+F/H+VRVLbf8fC/j/KmI0KKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKZL/qX/wB00+mS/wCpf/dNAGbRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFiz/wBcf92rtUrP/XH/AHau0hhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUARXP/Hu34fzrPrQuf+Pdvw/nWfTEPi/1yf7wrSrNi/1yf7wrSpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKyq1ayqACtKL/Up/uis2tKL/Up/uigQ+iiigYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZ9z/wAfDfh/KtCs+5/4+G/D+VAEVXbP/Un/AHqpVds/9Sf96mIsUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVXvP9SP8AeqxVe8/1I/3qAKVS23/Hwv4/yqKpbb/j4X8f5UxGhRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABTJf9S/8Aumn0yX/Uv/umgDNooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCxZ/wCuP+7V2qVn/rj/ALtXaQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAIrn/j3b8P51n1oXP/Hu34fzrPpiHxf65P8AeFaVZsX+uT/eFaVIYVl/8I/Zf89tS/8ABnc//HK1KKTSe5cak4fC7GX/AMI/Zf8APbUv/Bnc/wDxyj/hH7L/AJ7al/4M7n/45WpRS5V2K+sVf5n97Mv/AIR+y/57al/4M7n/AOOUf8I/Zf8APbUv/Bnc/wDxytSijlXYPrFX+Z/ezL/4R+y/57al/wCDO5/+OUf8I/Zf89tS/wDBnc//ABytSijlXYPrFX+Z/ezL/wCEfsv+e2pf+DO5/wDjlH/CP2X/AD21L/wZ3P8A8crUoo5V2D6xV/mf3sy/+Efsv+e2pf8Agzuf/jlH/CP2X/PbUv8AwZ3P/wAcrUoo5V2D6xV/mf3sy/8AhH7L/ntqX/gzuf8A45R/wj9l/wA9tS/8Gdz/APHK1KKOVdg+sVf5n97Mv/hH7L/ntqX/AIM7n/45R/wj9l/z21L/AMGdz/8AHK1KKOVdg+sVf5n97Mv/AIR+y/57al/4M7n/AOOUf8I/Zf8APbUv/Bnc/wDxytSijlXYPrFX+Z/ezL/4R+y/57al/wCDO5/+OUf8I/Zf89tS/wDBnc//ABytSijlXYPrFX+Z/ezL/wCEfsv+e2pf+DO5/wDjlH/CP2X/AD21L/wZ3P8A8crUoo5V2D6xV/mf3sy/+Efsv+e2pf8Agzuf/jlH/CP2X/PbUv8AwZ3P/wAcrUoo5V2D6xV/mf3sy/8AhH7L/ntqX/gzuf8A45R/wj9l/wA9tS/8Gdz/APHK1KKOVdg+sVf5n97Mv/hH7L/ntqX/AIM7n/45R/wj9l/z21L/AMGdz/8AHK1KKOVdg+sVf5n97Mv/AIR+y/57al/4M7n/AOOUf8I/Zf8APbUv/Bnc/wDxytSijlXYPrFX+Z/ezL/4R+y/57al/wCDO5/+OUf8I/Zf89tS/wDBnc//ABytSijlXYPrFX+Z/ezNi0O0hlSVZtQLIwYB9RuGGR6gvgj2PFaVFFNJLYiU5T+J3CsqtWsqmSFaUX+pT/dFZtaUX+pT/dFAh9FFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKz7n/j4b8P5VoVn3P/Hw34fyoAiq7Z/6k/71Uqu2f+pP+9TEWKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKr3n+pH+9Viq95/qR/vUAUqltv8Aj4X8f5VFUtt/x8L+P8qYjQooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApkv+pf/AHTT6ZL/AKl/900AZtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAWLP/AFx/3au1Ss/9cf8Adq7SGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBFc/8e7fh/Os+tC5/492/D+dZ9MQ+L/XJ/vCtKs2L/XJ/vCtKkMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArKrVrKoAK0ov9Sn+6Kza0ov9Sn+6KBD6KKKBhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVn3P/AB8N+H8q0Kz7n/j4b8P5UARVds/9Sf8AeqlV2z/1J/3qYixVW81Ow07Z9uvra18zOzz5VTdjrjJ56j86tUUio2v72xl/8JNoH/Qc03/wLj/xo/4SbQP+g5pv/gXH/jWpRU6mnNS/lf3r/Iy/+Em0D/oOab/4Fx/40f8ACTaB/wBBzTf/AALj/wAa1KKNQ5qX8r+9f5GX/wAJNoH/AEHNN/8AAuP/ABo/4SbQP+g5pv8A4Fx/41qUUahzUv5X96/yMv8A4SbQP+g5pv8A4Fx/40f8JNoH/Qc03/wLj/xrUoo1Dmpfyv71/kZf/CTaB/0HNN/8C4/8aP8AhJtA/wCg5pv/AIFx/wCNalFGoc1L+V/ev8jL/wCEm0D/AKDmm/8AgXH/AI0f8JNoH/Qc03/wLj/xrUoo1Dmpfyv71/kZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/41qUUahzUv5X96/wAjL/4SbQP+g5pv/gXH/jR/wk2gf9BzTf8AwLj/AMa1KKNQ5qX8r+9f5GX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NalFGoc1L+V/ev8jL/4SbQP+g5pv/gXH/jR/wAJNoH/AEHNN/8AAuP/ABrUoo1Dmpfyv71/kZf/AAk2gf8AQc03/wAC4/8AGj/hJtA/6Dmm/wDgXH/jWpRRqHNS/lf3r/Iy/wDhJtA/6Dmm/wDgXH/jR/wk2gf9BzTf/AuP/GtSijUOal/K/vX+Rl/8JNoH/Qc03/wLj/xo/wCEm0D/AKDmm/8AgXH/AI1qUUahzUv5X96/yMv/AISbQP8AoOab/wCBcf8AjR/wk2gf9BzTf/AuP/GtSijUOal/K/vX+Rl/8JNoH/Qc03/wLj/xo/4SbQP+g5pv/gXH/jWpRRqHNS/lf3r/ACMv/hJtA/6Dmm/+Bcf+NWrPU7DUd/2G+trry8b/ACJVfbnpnB46H8qtUU9RSdO3up39f+AFV7z/AFI/3qsVXvP9SP8AepmZSqW2/wCPhfx/lUVS23/Hwv4/ypiNCmSyxwRPLNIscaKWd3OAoHUknoKfRSGjL/4SbQP+g5pv/gXH/jR/wk2gf9BzTf8AwLj/AMa1KKnU15qX8r+9f5GX/wAJNoH/AEHNN/8AAuP/ABo/4SbQP+g5pv8A4Fx/41qUUahzUv5X96/yMv8A4SbQP+g5pv8A4Fx/40f8JNoH/Qc03/wLj/xrUoo1Dmpfyv71/kZf/CTaB/0HNN/8C4/8aP8AhJtA/wCg5pv/AIFx/wCNalFGoc1L+V/ev8jL/wCEm0D/AKDmm/8AgXH/AI0f8JNoH/Qc03/wLj/xrUoo1Dmpfyv71/kZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/41qUUahzUv5X96/wAjL/4SbQP+g5pv/gXH/jR/wk2gf9BzTf8AwLj/AMa1KKNQ5qX8r+9f5GX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NalFGoc1L+V/ev8jL/4SbQP+g5pv/gXH/jR/wAJNoH/AEHNN/8AAuP/ABrUoo1Dmpfyv71/kZf/AAk2gf8AQc03/wAC4/8AGj/hJtA/6Dmm/wDgXH/jWpRRqHNS/lf3r/Iy/wDhJtA/6Dmm/wDgXH/jR/wk2gf9BzTf/AuP/GtSijUOal/K/vX+Rl/8JNoH/Qc03/wLj/xo/wCEm0D/AKDmm/8AgXH/AI1qUUahzUv5X96/yMv/AISbQP8AoOab/wCBcf8AjR/wk2gf9BzTf/AuP/GtSijUOal/K/vX+Rl/8JNoH/Qc03/wLj/xo/4SbQP+g5pv/gXH/jWpRRqHNS/lf3r/ACMv/hJtA/6Dmm/+Bcf+NH/CTaB/0HNN/wDAuP8AxrUoo1Dmpfyv71/kZf8Awk2gf9BzTf8AwLj/AMalttc0i8uFt7XVbGeZ87Y4rhGY4GTgA56Cr9FPUG6VtE/v/wCAFMl/1L/7pp9Ml/1L/wC6aZkZtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAWLP8A1x/3au1Ss/8AXH/dq7SGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBFc/8AHu34fzrPrQuf+Pdvw/nWfTEPi/1yf7wrSrNi/wBcn+8K0qQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsqtWsqgArSi/1Kf7orNrSi/1Kf7ooEPqhczautwy2tjYywjG15bx0Y8c5URMBz7mr9FJlxkk9Vf8AryMv7Rr/AP0DdN/8GEn/AMZo+0a//wBA3Tf/AAYSf/Ga1KKVn3L9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNaMRkMSGVVWQqN6o24A9wDgZHvgfSn0U0iZSUtopff+rYVn3P/Hw34fyrQrPuf+Phvw/lTIIqu2f+pP8AvVSq7Z/6k/71MRYooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqvef6kf71WKr3n+pH+9QBSqW2/4+F/H+VRVLbf8fC/j/KmI0KKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKZL/qX/AN00+mS/6l/900AZtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAWLP8A1x/3au1Ss/8AXH/dq7SGFFRXMTz27Rx3Etu5xiWIKWXntuBHtyKof2Ve/wDQw6l/37tv/jVJsuME1rJL7/0RqUVl/wBlXv8A0MOpf9+7b/41R/ZV7/0MOpf9+7b/AONUrvsV7OP86/H/ACNSisv+yr3/AKGHUv8Av3bf/GqP7Kvf+hh1L/v3bf8Axqi77B7OP86/H/I1KKy/7Kvf+hh1L/v3bf8Axqj+yr3/AKGHUv8Av3bf/GqLvsHs4/zr8f8AI1KKy/7Kvf8AoYdS/wC/dt/8ao/sq9/6GHUv+/dt/wDGqLvsHs4/zr8f8jUorL/sq9/6GHUv+/dt/wDGqP7Kvf8AoYdS/wC/dt/8aou+wezj/Ovx/wAjUorL/sq9/wChh1L/AL923/xqj+yr3/oYdS/7923/AMaou+wezj/Ovx/yNSisv+yr3/oYdS/7923/AMao/sq9/wChh1L/AL923/xqi77B7OP86/H/ACNSisv+yr3/AKGHUv8Av3bf/GqP7Kvf+hh1L/v3bf8Axqi77B7OP86/H/I1KKy/7Kvf+hh1L/v3bf8Axqj+yr3/AKGHUv8Av3bf/GqLvsHs4/zr8f8AI1KKy/7Kvf8AoYdS/wC/dt/8ao/sq9/6GHUv+/dt/wDGqLvsHs4/zr8f8jUorL/sq9/6GHUv+/dt/wDGqP7Kvf8AoYdS/wC/dt/8aou+wezj/Ovx/wAjUorL/sq9/wChh1L/AL923/xqj+yr3/oYdS/7923/AMaou+wezj/Ovx/yNSisv+yr3/oYdS/7923/AMao/sq9/wChh1L/AL923/xqi77B7OP86/H/ACNSisv+yr3/AKGHUv8Av3bf/GqP7Kvf+hh1L/v3bf8Axqi77B7OP86/H/I1KKy/7Kvf+hh1L/v3bf8Axqj+yr3/AKGHUv8Av3bf/GqLvsHs4/zr8f8AI1KKpWllcW0peXVLu7UrjZMsQAPr8iKc/jjmrtUiJJJ2TuRXP/Hu34fzrPrQuf8Aj3b8P51n0yB8X+uT/eFaVZsX+uT/AHhWlSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVlVq1lUAFaUX+pT/dFZtaUX+pT/dFAh9FFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKz7n/j4b8P5VoVn3P/Hw34fyoAiq7Z/6k/71Uqu2f+pP+9TEWKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKr3n+pH+9Viq95/qR/vUAUqltv8Aj4X8f5VFUtt/x8L+P8qYjQooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApkv+pf/AHTT6ZL/AKl/900AZtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAWLP/AFx/3au1Ss/9cf8Adq7SGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBFc/8e7fh/Os+tC5/492/D+dZ9MQ+L/XJ/vCtKs2L/XJ/vCtKkMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArKrVrKoAK0ov9Sn+6Kza0ov9Sn+6KBD6KKKBhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVn3P/AB8N+H8q0Kz7n/j4b8P5UARVds/9Sf8AeqlV2z/1J/3qYixRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVe8/1I/wB6rFV7z/Uj/eoApVLbf8fC/j/Koqltv+Phfx/lTEaFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFMl/1L/wC6afTJf9S/+6aAM2iiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALFn/AK4/7tXapWf+uP8Au1dpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAiuf+Pdvw/nWfWhc/8e7fh/Os+mIfF/rk/wB4VpVmxf65P94VpUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZVatZVABWlF/qU/3RWbWlF/qU/wB0UCH0UUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArPuf8Aj4b8P5VoVn3P/Hw34fyoAiq7Z/6k/wC9VKrtn/qT/vUxFiiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACq95/qR/vVYqvef6kf71AFKpbb/j4X8f5VFUtt/x8L+P8qYjQooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApkv+pf8A3TT6ZL/qX/3TQBm0UUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBYs/wDXH/dq7VKz/wBcf92rtIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEVz/wAe7fh/Os+tC5/492/D+dZ9MQ+L/XJ/vCtKs2L/AFyf7wrSpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKyq1ayqACtKL/Up/uis2tKL/Up/uigQ+iiigYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZ9z/AMfDfh/KtCs+5/4+G/D+VAEVXbP/AFJ/3qpVds/9Sf8AepiLFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFV7z/AFI/3qsVXvP9SP8AeoApVLbf8fC/j/Koqltv+Phfx/lTEaFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFMl/wBS/wDumn0yX/Uv/umgDNooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCxZ/64/7tXapWf8Arj/u1dpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAiuf8Aj3b8P51n1oXP/Hu34fzrPpiHxf65P94VpVmxf65P94VpUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZVatZVABWlF/qU/wB0Vm1pRf6lP90UCH0UUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArPuf+Phvw/lWhWfc/8AHw34fyoAiq7Z/wCpP+9VKrtn/qT/AL1MRYooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqvef6kf71WKr3n+pH+9QBSqW2/4+F/H+VRVLbf8fC/j/KmI0KKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKZL/AKl/900+mS/6l/8AdNAGbRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFiz/1x/3au1Ss/wDXH/dq7SGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBFc/wDHu34fzrPrQuf+Pdvw/nWfTEPi/wBcn+8K0qzYv9cn+8K0qQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsqtWsqgArSi/1Kf7orNrSi/wBSn+6KBD6KKKBhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVn3P/Hw34fyrQrPuf8Aj4b8P5UARVds/wDUn/eqlV2z/wBSf96mIsUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVXvP9SP96rFV7z/AFI/3qAKVS23/Hwv4/yqKpbb/j4X8f5UxGhRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABTJf9S/+6afTJf9S/8AumgDNooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCxZ/64/7tXapWf+uP+7V2kMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCK5/492/D+dZ9aFz/wAe7fh/Os+mIfF/rk/3hWlWbF/rk/3hWlSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVlVq1lUAFaUX+pT/dFZtaUX+pT/dFAh9FFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKz7n/j4b8P5VoVn3P8Ax8N+H8qAIqu2f+pP+9VKrtn/AKk/71MRYooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqvef6kf71WKr3n+pH+9QBSqW2/4+F/H+VRVLbf8AHwv4/wAqYjQooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApkv+pf/dNPpkv+pf8A3TQBm0UUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBYs/9cf8Adq7VKz/1x/3au0hhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUARXP/Hu34fzrPrQuf8Aj3b8P51n0xD4v9cn+8K0qzYv9cn+8K0qQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsqtWsqgArSi/wBSn+6Kza0ov9Sn+6KBD6KKKBhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVn3P/Hw34fyrQrPuf+Phvw/lQBFV2z/1J/3qpVds/wDUn/epiLFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFV7z/Uj/eqxVe8/1I/3qAKVS23/AB8L+P8AKoqltv8Aj4X8f5UxGhTJZY4InlmkWONFLO7nAUDqST0FPopDRl/8JNoH/Qc03/wLj/xo/wCEm0D/AKDmm/8AgXH/AI1qUVOprzUv5X96/wAjL/4SbQP+g5pv/gXH/jR/wk2gf9BzTf8AwLj/AMa1KKNQ5qX8r+9f5GX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NalFGoc1L+V/ev8jL/4SbQP+g5pv/gXH/jR/wAJNoH/AEHNN/8AAuP/ABrUoo1Dmpfyv71/kZf/AAk2gf8AQc03/wAC4/8AGj/hJtA/6Dmm/wDgXH/jWpRRqHNS/lf3r/Iy/wDhJtA/6Dmm/wDgXH/jR/wk2gf9BzTf/AuP/GtSijUOal/K/vX+Rl/8JNoH/Qc03/wLj/xo/wCEm0D/AKDmm/8AgXH/AI1qUUahzUv5X96/yMv/AISbQP8AoOab/wCBcf8AjR/wk2gf9BzTf/AuP/GtSijUOal/K/vX+Rl/8JNoH/Qc03/wLj/xo/4SbQP+g5pv/gXH/jWpRRqHNS/lf3r/ACMv/hJtA/6Dmm/+Bcf+NH/CTaB/0HNN/wDAuP8AxrUoo1Dmpfyv71/kZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/41qUUahzUv5X96/yMv/hJtA/6Dmm/+Bcf+NH/AAk2gf8AQc03/wAC4/8AGtSijUOal/K/vX+Rl/8ACTaB/wBBzTf/AALj/wAaP+Em0D/oOab/AOBcf+NalFGoc1L+V/ev8jL/AOEm0D/oOab/AOBcf+NH/CTaB/0HNN/8C4/8a1KKNQ5qX8r+9f5GX/wk2gf9BzTf/AuP/Gj/AISbQP8AoOab/wCBcf8AjWpRRqHNS/lf3r/Iy/8AhJtA/wCg5pv/AIFx/wCNS22uaReXC29rqtjPM+dscVwjMcDJwAc9BV+inqDdK2if3/8AACmS/wCpf/dNPpkv+pf/AHTTMjNooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCxZ/wCuP+7V2qVn/rj/ALtXaQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAIrn/j3b8P51n1oXP/Hu34fzrPpiHxf65P8AeFaVZsX+uT/eFaVIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWVWrWVQAVpRf6lP90Vm1pRf6lP8AdFAh9ULmbV1uGW1sbGWEY2vLeOjHjnKiJgOfc1fopMuMknqr/wBeRl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNalFKz7l+0j/ACL8f8zL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmtSiiz7h7SP8AIvx/zMv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/Ga1KKLPuHtI/wAi/H/My/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8ZrUoos+4e0j/ACL8f8zL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmtSiiz7h7SP8AIvx/zMv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/Ga1KKLPuHtI/wAi/H/My/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8ZrUoos+4e0j/ACL8f8zL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmtSiiz7h7SP8AIvx/zMv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/Ga1KKLPuHtI/wAi/H/My/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8ZrUoos+4e0j/ACL8f8zL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmtSiiz7h7SP8AIvx/zMv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/Ga1KKLPuHtI/wAi/H/My/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8ZrUoos+4e0j/ACL8f8zL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmtSiiz7h7SP8AIvx/zMv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/Ga1KKLPuHtI/wAi/H/My/tGv/8AQN03/wAGEn/xmtGIyGJDKqrIVG9UbcAe4BwMj3wPpT6KaRMpKW0Uvv8A1bCs+5/4+G/D+VaFZ9z/AMfDfh/KmQRVds/9Sf8AeqlV2z/1J/3qYixRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVe8/1I/wB6rFV7z/Uj/eoApVLbf8fC/j/Koqltv+Phfx/lTEaFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFMl/1L/wC6afTJf9S/+6aAM2iiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALFn/AK4/7tXapWf+uP8Au1dpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAiuf+Pdvw/nWfWhc/8e7fh/Os+mIfF/rk/wB4VpVmxf65P94VpUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZVatZVABWlF/qU/3RWbWlF/qU/wB0UCH0UUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArPuf8Aj4b8P5VoVn3P/Hw34fyoAiq7Z/6k/wC9VKrtn/qT/vUxFiiiqt5aTXWzydQubTbnPkLGd313o3T2x1pFRSbs3YtUVl/2Ve/9DDqX/fu2/wDjVH9lXv8A0MOpf9+7b/41U3fY09nH+dfj/kalFZf9lXv/AEMOpf8Afu2/+NUf2Ve/9DDqX/fu2/8AjVF32D2cf51+P+RqUVl/2Ve/9DDqX/fu2/8AjVH9lXv/AEMOpf8Afu2/+NUXfYPZx/nX4/5GpRWX/ZV7/wBDDqX/AH7tv/jVH9lXv/Qw6l/37tv/AI1Rd9g9nH+dfj/kalFZf9lXv/Qw6l/37tv/AI1R/ZV7/wBDDqX/AH7tv/jVF32D2cf51+P+RqUVl/2Ve/8AQw6l/wB+7b/41R/ZV7/0MOpf9+7b/wCNUXfYPZx/nX4/5GpRWX/ZV7/0MOpf9+7b/wCNUf2Ve/8AQw6l/wB+7b/41Rd9g9nH+dfj/kalFZf9lXv/AEMOpf8Afu2/+NUf2Ve/9DDqX/fu2/8AjVF32D2cf51+P+RqUVl/2Ve/9DDqX/fu2/8AjVH9lXv/AEMOpf8Afu2/+NUXfYPZx/nX4/5GpRWX/ZV7/wBDDqX/AH7tv/jVH9lXv/Qw6l/37tv/AI1Rd9g9nH+dfj/kalFZf9lXv/Qw6l/37tv/AI1R/ZV7/wBDDqX/AH7tv/jVF32D2cf51+P+RqUVl/2Ve/8AQw6l/wB+7b/41R/ZV7/0MOpf9+7b/wCNUXfYPZx/nX4/5GpRWX/ZV7/0MOpf9+7b/wCNUf2Ve/8AQw6l/wB+7b/41Rd9g9nH+dfj/kalFZf9lXv/AEMOpf8Afu2/+NUf2Ve/9DDqX/fu2/8AjVF32D2cf51+P+RqUVl/2Ve/9DDqX/fu2/8AjVH9lXv/AEMOpf8Afu2/+NUXfYPZx/nX4/5GpRWX/ZV7/wBDDqX/AH7tv/jVWrO0mtd/nahc3e7GPPWMbfpsRevvnpTv5ClCKV1JP7/8i1Ve8/1I/wB6rFV7z/Uj/epmZSqW2/4+F/H+VRVLbf8AHwv4/wAqYjQooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApkv+pf/dNPpkv+pf8A3TQBm0UUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBYs/9cf8Adq7VKz/1x/3au0hhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUARXP/Hu34fzrPrQuf8Aj3b8P51n0xD4v9cn+8K0qzYv9cn+8K0qQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsqtWsqgArSi/wBSn+6Kza0ov9Sn+6KBD6KKKBhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVn3P/Hw34fyrQrPuf+Phvw/lQBFV2z/1J/3qpVds/wDUn/epiLFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFV7z/Uj/eqxVe8/1I/3qAKVS23/AB8L+P8AKoqltv8Aj4X8f5UxGhRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABTJf9S/+6afTJf8AUv8A7poAzaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf+uP8Au1dqlZ/64/7tXaQwoqK5leC3aSO3luHGMRRFQzc9txA9+TVD+1b3/oXtS/7+W3/x2k3YuNNyV1b70vzNSisv+1b3/oXtS/7+W3/x2j+1b3/oXtS/7+W3/wAdpcyK9jLuvvX+ZqUVl/2re/8AQval/wB/Lb/47R/at7/0L2pf9/Lb/wCO0cyD2Mu6+9f5mpRWX/at7/0L2pf9/Lb/AOO0f2re/wDQval/38tv/jtHMg9jLuvvX+ZqUVl/2re/9C9qX/fy2/8AjtH9q3v/AEL2pf8Afy2/+O0cyD2Mu6+9f5mpRWX/AGre/wDQval/38tv/jtH9q3v/Qval/38tv8A47RzIPYy7r71/malFZf9q3v/AEL2pf8Afy2/+O0f2re/9C9qX/fy2/8AjtHMg9jLuvvX+ZqUVl/2re/9C9qX/fy2/wDjtH9q3v8A0L2pf9/Lb/47RzIPYy7r71/malFZf9q3v/Qval/38tv/AI7R/at7/wBC9qX/AH8tv/jtHMg9jLuvvX+ZqUVl/wBq3v8A0L2pf9/Lb/47R/at7/0L2pf9/Lb/AOO0cyD2Mu6+9f5mpRWX/at7/wBC9qX/AH8tv/jtH9q3v/Qval/38tv/AI7RzIPYy7r71/malFZf9q3v/Qval/38tv8A47R/at7/ANC9qX/fy2/+O0cyD2Mu6+9f5mpRWX/at7/0L2pf9/Lb/wCO0f2re/8AQval/wB/Lb/47RzIPYy7r71/malFZf8Aat7/ANC9qX/fy2/+O0f2re/9C9qX/fy2/wDjtHMg9jLuvvX+ZqUVl/2re/8AQval/wB/Lb/47R/at7/0L2pf9/Lb/wCO0cyD2Mu6+9f5mpRWX/at7/0L2pf9/Lb/AOO0f2re/wDQval/38tv/jtHMg9jLuvvX+ZqUVStL24uZSkul3dooXO+ZoiCfT5HY5/DHFXapO5EouLs/wDMiuf+Pdvw/nWfWhc/8e7fh/Os+mQPi/1yf7wrSrNi/wBcn+8K0qQwoorL/wCEfsv+e2pf+DO5/wDjlJ36FxUH8Tt8r/qjUorL/wCEfsv+e2pf+DO5/wDjlH/CP2X/AD21L/wZ3P8A8cpalctL+Z/cv8zUorL/AOEfsv8AntqX/gzuf/jlH/CP2X/PbUv/AAZ3P/xyjUOWl/M/uX+ZqUVl/wDCP2X/AD21L/wZ3P8A8co/4R+y/wCe2pf+DO5/+OUahy0v5n9y/wAzUorL/wCEfsv+e2pf+DO5/wDjlH/CP2X/AD21L/wZ3P8A8co1DlpfzP7l/malFZf/AAj9l/z21L/wZ3P/AMco/wCEfsv+e2pf+DO5/wDjlGoctL+Z/cv8zUorL/4R+y/57al/4M7n/wCOUf8ACP2X/PbUv/Bnc/8AxyjUOWl/M/uX+ZqUVl/8I/Zf89tS/wDBnc//AByj/hH7L/ntqX/gzuf/AI5RqHLS/mf3L/M1KKy/+Efsv+e2pf8Agzuf/jlH/CP2X/PbUv8AwZ3P/wAco1DlpfzP7l/malFZf/CP2X/PbUv/AAZ3P/xyj/hH7L/ntqX/AIM7n/45RqHLS/mf3L/M1KKy/wDhH7L/AJ7al/4M7n/45R/wj9l/z21L/wAGdz/8co1DlpfzP7l/malFZf8Awj9l/wA9tS/8Gdz/APHKP+Efsv8AntqX/gzuf/jlGoctL+Z/cv8AM1KKy/8AhH7L/ntqX/gzuf8A45R/wj9l/wA9tS/8Gdz/APHKNQ5aX8z+5f5mpRWX/wAI/Zf89tS/8Gdz/wDHKP8AhH7L/ntqX/gzuf8A45RqHLS/mf3L/M1KKy/+Efsv+e2pf+DO5/8AjlH/AAj9l/z21L/wZ3P/AMco1DlpfzP7l/malFZf/CP2X/PbUv8AwZ3P/wAco/4R+y/57al/4M7n/wCOUahy0v5n9y/zNSis2LQ7SGVJVm1AsjBgH1G4YZHqC+CPY8VpU1fqRJRXwu/yt+rCsqtWsqmSFaUX+pT/AHRWbWlF/qU/3RQIfRRRQMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACs+5/4+G/D+VaFZ9z/wAfDfh/KgCKrtn/AKk/71Uqu2f+pP8AvUxFiiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACq95/qR/vVYqvef6kf71AFKpbb/j4X8f5VFUtt/x8L+P8qYjQooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApkv8AqX/3TT6ZL/qX/wB00AZtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAWLP/XH/dq7VKz/ANcf92rtIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEVz/AMe7fh/Os+tC5/492/D+dZ9MQ+L/AFyf7wrSrNi/1yf7wrSpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKyq1ayqACtKL/Up/uis2tKL/AFKf7ooEPooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWfc/8fDfh/KtCs+5/wCPhvw/lQBFV2z/ANSf96qVXbP/AFJ/3qYixRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVe8/1I/3qsVXvP8AUj/eoApVLbf8fC/j/Koqltv+Phfx/lTEaFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFMl/1L/7pp9Ml/1L/wC6aAM2iiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALFn/rj/u1dqlZ/64/7tXaQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAIrn/j3b8P51n1oXP/AB7t+H86z6Yh8X+uT/eFaVZsX+uT/eFaVIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWVWrWVQAVpRf6lP90Vm1pRf6lP90UCH0UUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArPuf+Phvw/lWhWfc/wDHw34fyoAiq7Z/6k/71Uqu2f8AqT/vUxFiqt5Jfps+w21tNnO/z7hosemMI2e/pVqikVFpO7VzL+0a/wD9A3Tf/BhJ/wDGaPtGv/8AQN03/wAGEn/xmtSips+5p7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKLPuHtI/yL8f8zL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmtSiiz7h7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKLPuHtI/yL8f8zL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmtSiiz7h7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKLPuHtI/yL8f8zL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmtSiiz7h7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKLPuHtI/yL8f8zL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmtSiiz7h7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKLPuHtI/yL8f8zL+0a/8A9A3Tf/BhJ/8AGatWcl++/wC3W1tDjGzyLhpc+ucouO3rVqinbzFKcWrKKX3/AOYVXvP9SP8AeqxVe8/1I/3qZmUqltv+Phfx/lUVS23/AB8L+P8AKmI0KKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKZL/qX/3TT6ZL/qX/AN00AZtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAWLP/XH/AHau1Ss/9cf92rtIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEVz/x7t+H86z60Ln/AI92/D+dZ9MQ+L/XJ/vCtKs2L/XJ/vCtKkMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArKrVrKoAK0ov8AUp/uis2tKL/Up/uigQ+iiigYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZ9z/x8N+H8q0Kz7n/j4b8P5UARVds/9Sf96qVXbP8A1J/3qYixRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVe8/1I/3qsVXvP9SP96gClUtt/wAfC/j/ACqKpbb/AI+F/H+VMRoUyV2jid1jaVlUkImMsfQZIGfqRT6KQ0Zf9q3v/Qval/38tv8A47R/at7/ANC9qX/fy2/+O1qUVNn3NfaR/kX4/wCZl/2re/8AQval/wB/Lb/47R/at7/0L2pf9/Lb/wCO1qUUWfcPaR/kX4/5mX/at7/0L2pf9/Lb/wCO0f2re/8AQval/wB/Lb/47WpRRZ9w9pH+Rfj/AJmX/at7/wBC9qX/AH8tv/jtH9q3v/Qval/38tv/AI7WpRRZ9w9pH+Rfj/mZf9q3v/Qval/38tv/AI7R/at7/wBC9qX/AH8tv/jtalFFn3D2kf5F+P8AmZf9q3v/AEL2pf8Afy2/+O0f2re/9C9qX/fy2/8AjtalFFn3D2kf5F+P+Zl/2re/9C9qX/fy2/8AjtH9q3v/AEL2pf8Afy2/+O1qUUWfcPaR/kX4/wCZl/2re/8AQval/wB/Lb/47R/at7/0L2pf9/Lb/wCO1qUUWfcPaR/kX4/5mX/at7/0L2pf9/Lb/wCO0f2re/8AQval/wB/Lb/47WpRRZ9w9pH+Rfj/AJmX/at7/wBC9qX/AH8tv/jtH9q3v/Qval/38tv/AI7WpRRZ9w9pH+Rfj/mZf9q3v/Qval/38tv/AI7R/at7/wBC9qX/AH8tv/jtalFFn3D2kf5F+P8AmZf9q3v/AEL2pf8Afy2/+O0f2re/9C9qX/fy2/8AjtalFFn3D2kf5F+P+Zl/2re/9C9qX/fy2/8AjtH9q3v/AEL2pf8Afy2/+O1qUUWfcPaR/kX4/wCZl/2re/8AQval/wB/Lb/47R/at7/0L2pf9/Lb/wCO1qUUWfcPaR/kX4/5mX/at7/0L2pf9/Lb/wCO0f2re/8AQval/wB/Lb/47WpRRZ9w9pH+Rfj/AJmX/at7/wBC9qX/AH8tv/jtS22oXU9wscmj31uhzmWV4Sq8d9shPtwKv0U7PuDqRa+Ffj/mFMl/1L/7pp9Ml/1L/wC6aZkZtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAWLP8A1x/3au1Ss/8AXH/dq7SGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBFc/8AHu34fzrPrQuf+Pdvw/nWfTEPi/1yf7wrSrNi/wBcn+8K0qQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsqtWsqgArSi/1Kf7orNrSi/1Kf7ooEPooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWfc/wDHw34fyrQrPuf+Phvw/lQBFV2z/wBSf96qVXbP/Un/AHqYixRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVe8/wBSP96rFV7z/Uj/AHqAKVS23/Hwv4/yqKpbb/j4X8f5UxGhRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABTJf8AUv8A7pp9Ml/1L/7poAzaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf+uP+7V2qVn/AK4/7tXaQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAIrn/AI92/D+dZ9aFz/x7t+H86z6Yh8X+uT/eFaVZsX+uT/eFaVIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWVWrWVQAVpRf6lP8AdFZtaUX+pT/dFAh9FFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKz7n/j4b8P5VoVn3P/AB8N+H8qAIqu2f8AqT/vVSq7Z/6k/wC9TEWKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKr3n+pH+9Viq95/qR/vUAUqltv+Phfx/lUVS23/Hwv4/ypiNCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACmS/wCpf/dNPpkv+pf/AHTQBm0UUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBYs/9cf92rtUrP8A1x/3au0hhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUARXP8Ax7t+H86z60Ln/j3b8P51n0xD4v8AXJ/vCtKs2L/XJ/vCtKkMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArKrVrKoAK0ov9Sn+6Kza0ov8AUp/uigQ+qFzqF1BcNHHo99cIMYlieEK3HbdID7cir9FJlxkk9Vf+vIy/7Vvf+he1L/v5bf8Ax2j+1b3/AKF7Uv8Av5bf/Ha1KKVn3L9pH+Rfj/mZf9q3v/Qval/38tv/AI7R/at7/wBC9qX/AH8tv/jtalFFn3D2kf5F+P8AmZf9q3v/AEL2pf8Afy2/+O0f2re/9C9qX/fy2/8AjtalFFn3D2kf5F+P+Zl/2re/9C9qX/fy2/8AjtH9q3v/AEL2pf8Afy2/+O1qUUWfcPaR/kX4/wCZl/2re/8AQval/wB/Lb/47R/at7/0L2pf9/Lb/wCO1qUUWfcPaR/kX4/5mX/at7/0L2pf9/Lb/wCO0f2re/8AQval/wB/Lb/47WpRRZ9w9pH+Rfj/AJmX/at7/wBC9qX/AH8tv/jtH9q3v/Qval/38tv/AI7WpRRZ9w9pH+Rfj/mZf9q3v/Qval/38tv/AI7R/at7/wBC9qX/AH8tv/jtalFFn3D2kf5F+P8AmZf9q3v/AEL2pf8Afy2/+O0f2re/9C9qX/fy2/8AjtalFFn3D2kf5F+P+Zl/2re/9C9qX/fy2/8AjtH9q3v/AEL2pf8Afy2/+O1qUUWfcPaR/kX4/wCZl/2re/8AQval/wB/Lb/47R/at7/0L2pf9/Lb/wCO1qUUWfcPaR/kX4/5mX/at7/0L2pf9/Lb/wCO0f2re/8AQval/wB/Lb/47WpRRZ9w9pH+Rfj/AJmX/at7/wBC9qX/AH8tv/jtH9q3v/Qval/38tv/AI7WpRRZ9w9pH+Rfj/mZf9q3v/Qval/38tv/AI7R/at7/wBC9qX/AH8tv/jtalFFn3D2kf5F+P8AmZf9q3v/AEL2pf8Afy2/+O0f2re/9C9qX/fy2/8AjtalFFn3D2kf5F+P+Zl/2re/9C9qX/fy2/8AjtaMTtJEjtG0bMoJR8ZU+hwSMj2JFPoppEykpbRS+/8AVsKz7n/j4b8P5VoVn3P/AB8N+H8qZBFV2z/1J/3qpVds/wDUn/epiLFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFV7z/Uj/eqxVe8/1I/3qAKVS23/AB8L+P8AKoqltv8Aj4X8f5UxGhRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABTJf9S/+6afTJf8AUv8A7poAzaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf+uP8Au1dqlZ/64/7tXaQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAIrn/j3b8P51n1oXP8Ax7t+H86z6Yh8X+uT/eFaVZsX+uT/AHhWlSGFZf8AwkFl/wA8dS/8Flz/APG61KKTv0Li4L4lf52/RmX/AMJBZf8APHUv/BZc/wDxuj/hILL/AJ46l/4LLn/43WpRS1K5qX8r+9f5GX/wkFl/zx1L/wAFlz/8bo/4SCy/546l/wCCy5/+N1qUUahzUv5X96/yMv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G61KKNQ5qX8r+9f5GX/AMJBZf8APHUv/BZc/wDxuj/hILL/AJ46l/4LLn/43WpRRqHNS/lf3r/Iy/8AhILL/njqX/gsuf8A43R/wkFl/wA8dS/8Flz/APG61KKNQ5qX8r+9f5GX/wAJBZf88dS/8Flz/wDG6P8AhILL/njqX/gsuf8A43WpRRqHNS/lf3r/ACMv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG61KKNQ5qX8r+9f5GX/wkFl/zx1L/AMFlz/8AG6P+Egsv+eOpf+Cy5/8AjdalFGoc1L+V/ev8jL/4SCy/546l/wCCy5/+N0f8JBZf88dS/wDBZc//AButSijUOal/K/vX+Rl/8JBZf88dS/8ABZc//G6P+Egsv+eOpf8Agsuf/jdalFGoc1L+V/ev8jL/AOEgsv8AnjqX/gsuf/jdH/CQWX/PHUv/AAWXP/xutSijUOal/K/vX+Rl/wDCQWX/ADx1L/wWXP8A8bo/4SCy/wCeOpf+Cy5/+N1qUUahzUv5X96/yMv/AISCy/546l/4LLn/AON0f8JBZf8APHUv/BZc/wDxutSijUOal/K/vX+Rl/8ACQWX/PHUv/BZc/8Axuj/AISCy/546l/4LLn/AON1qUUahzUv5X96/wAjL/4SCy/546l/4LLn/wCN0f8ACQWX/PHUv/BZc/8AxutSijUOal/K/vX+Rmxa5aTSpEsOoBnYKC+nXCjJ9SUwB7nitKiimr9SJOL+FW+d/wBEFZVatZVMkK0ov9Sn+6Kza0ov9Sn+6KBD6KKKBhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVn3P/AB8N+H8q0Kz7n/j4b8P5UARVds/9Sf8AeqlV2z/1J/3qYixRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVe8/1I/wB6rFV7z/Uj/eoApVLbf8fC/j/Koqltv+Phfx/lTEaFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFMl/1L/wC6afTJf9S/+6aAM2iiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALFn/AK4/7tXapWf+uP8Au1dpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAiuf+Pdvw/nWfWhc/8e7fh/Os+mIfF/rk/wB4VpVmxf65P94VpUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZVatZVABWlF/qU/3RWbWlF/qU/wB0UCH0UUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArPuf8Aj4b8P5VoVn3P/Hw34fyoAiq7Z/6k/wC9VKrtn/qT/vUxFiiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACq95/qR/vVYqvef6kf71AFKpbb/j4X8f5VFUtt/x8L+P8qYjQooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApkv+pf8A3TT6ZL/qX/3TQBm0UUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBYs/wDXH/dq7VKz/wBcf92rtIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEVz/wAe7fh/Os+tC5/492/D+dZ9MQ+L/XJ/vCtKs2L/AFyf7wrSpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKyq1ayqACtKL/Up/uis2tKL/Up/uigQ+iiigYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZ9z/AMfDfh/KtCs+5/4+G/D+VAEVXbP/AFJ/3qpVds/9Sf8AepiLFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFV7z/AFI/3qsVXvP9SP8AeoApVLbf8fC/j/Koqltv+Phfx/lTEaFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFMl/wBS/wDumn0yX/Uv/umgDNooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCxZ/64/7tXapWf8Arj/u1dpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAiuf8Aj3b8P51n1oXP/Hu34fzrPpiHxf65P94VpVmxf65P94VpUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZVatZVABWlF/qU/wB0Vm1pRf6lP90UCH0UUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArPuf+Phvw/lWhWfc/8AHw34fyoAiq7Z/wCpP+9VKrtn/qT/AL1MRYooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqvef6kf71WKr3n+pH+9QBSqW2/4+F/H+VRVLbf8fC/j/KmI0KKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKZL/AKl/900+mS/6l/8AdNAGbRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFiz/1x/3au1Ss/wDXH/dq7SGRXNtb3lu1vdQRTwvjdHKgZTg5GQeOoqh/wjOgf9APTf8AwEj/AMK1KKTSe5cas4K0ZNGX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUuVdivrFX+Z/ezL/AOEZ0D/oB6b/AOAkf+FH/CM6B/0A9N/8BI/8K1KKOVdg+sVf5n97Mv8A4RnQP+gHpv8A4CR/4Uf8IzoH/QD03/wEj/wrUoo5V2D6xV/mf3sy/wDhGdA/6Aem/wDgJH/hR/wjOgf9APTf/ASP/CtSijlXYPrFX+Z/ezL/AOEZ0D/oB6b/AOAkf+FH/CM6B/0A9N/8BI/8K1KKOVdg+sVf5n97Mv8A4RnQP+gHpv8A4CR/4Uf8IzoH/QD03/wEj/wrUoo5V2D6xV/mf3sy/wDhGdA/6Aem/wDgJH/hR/wjOgf9APTf/ASP/CtSijlXYPrFX+Z/ezL/AOEZ0D/oB6b/AOAkf+FH/CM6B/0A9N/8BI/8K1KKOVdg+sVf5n97Mv8A4RnQP+gHpv8A4CR/4Uf8IzoH/QD03/wEj/wrUoo5V2D6xV/mf3sy/wDhGdA/6Aem/wDgJH/hR/wjOgf9APTf/ASP/CtSijlXYPrFX+Z/ezL/AOEZ0D/oB6b/AOAkf+FH/CM6B/0A9N/8BI/8K1KKOVdg+sVf5n97Mv8A4RnQP+gHpv8A4CR/4Uf8IzoH/QD03/wEj/wrUoo5V2D6xV/mf3sy/wDhGdA/6Aem/wDgJH/hR/wjOgf9APTf/ASP/CtSijlXYPrFX+Z/ezL/AOEZ0D/oB6b/AOAkf+FH/CM6B/0A9N/8BI/8K1KKOVdg+sVf5n97Mv8A4RnQP+gHpv8A4CR/4Uf8IzoH/QD03/wEj/wrUoo5V2D6xV/mf3spWmj6Zp8plstOtLaQrtLwwKhI64yB04H5VdooqkrbESlKTvJ3Irn/AI92/D+dZ9aFz/x7t+H86z6ZA+L/AFyf7wrSrNi/1yf7wrSpDCsv/hGdA/6Aem/+Akf+FalFJpPcuNScPhdjL/4RnQP+gHpv/gJH/hR/wjOgf9APTf8AwEj/AMK1KKXKuxX1ir/M/vZl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hWpRRyrsH1ir/M/vZl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hWpRRyrsH1ir/M/vZl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hWpRRyrsH1ir/M/vZl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hWpRRyrsH1ir/M/vZl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hWpRRyrsH1ir/M/vZl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hWpRRyrsH1ir/M/vZl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hWpRRyrsH1ir/M/vZl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hWpRRyrsH1ir/M/vZl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hWpRRyrsH1ir/M/vZl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hWpRRyrsH1ir/M/vZl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hWpRRyrsH1ir/M/vZl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hWpRRyrsH1ir/M/vZl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hWpRRyrsH1ir/M/vZl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hWpRRyrsH1ir/M/vZmxeHtEglSWLR9PjkRgyOlsgKkcgg44NaVFFNJLYiU5T+J3CsqtWsqmSFaUX+pT/dFZtaUX+pT/dFAh9FFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKz7n/j4b8P5VoVn3P/Hw34fyoAiq7Z/6k/71Uqu2f+pP+9TEWKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKr3n+pH+9Viq95/qR/vUAUqltv8Aj4X8f5VFUtt/x8L+P8qYjQooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApkv+pf/AHTT6ZL/AKl/900AZtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAWLP/AFx/3au1Ss/9cf8Adq7SGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBFc/8e7fh/Os+tC5/492/D+dZ9MQ+L/XJ/vCtKs2L/XJ/vCtKkMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArKrVrKoAK0ov9Sn+6Kza0ov9Sn+6KBD6oXOj2t1cNNJLfK7YyIr6aNeBjhVcAfgKv0Umk9y4zlB3i7GX/wj9l/z21L/AMGdz/8AHKP+Efsv+e2pf+DO5/8AjlalFLlXYv6xV/mf3sy/+Efsv+e2pf8Agzuf/jlH/CP2X/PbUv8AwZ3P/wAcrUoo5V2D6xV/mf3sy/8AhH7L/ntqX/gzuf8A45R/wj9l/wA9tS/8Gdz/APHK1KKOVdg+sVf5n97Mv/hH7L/ntqX/AIM7n/45R/wj9l/z21L/AMGdz/8AHK1KKOVdg+sVf5n97Mv/AIR+y/57al/4M7n/AOOUf8I/Zf8APbUv/Bnc/wDxytSijlXYPrFX+Z/ezL/4R+y/57al/wCDO5/+OUf8I/Zf89tS/wDBnc//ABytSijlXYPrFX+Z/ezL/wCEfsv+e2pf+DO5/wDjlH/CP2X/AD21L/wZ3P8A8crUoo5V2D6xV/mf3sy/+Efsv+e2pf8Agzuf/jlH/CP2X/PbUv8AwZ3P/wAcrUoo5V2D6xV/mf3sy/8AhH7L/ntqX/gzuf8A45R/wj9l/wA9tS/8Gdz/APHK1KKOVdg+sVf5n97Mv/hH7L/ntqX/AIM7n/45R/wj9l/z21L/AMGdz/8AHK1KKOVdg+sVf5n97Mv/AIR+y/57al/4M7n/AOOUf8I/Zf8APbUv/Bnc/wDxytSijlXYPrFX+Z/ezL/4R+y/57al/wCDO5/+OUf8I/Zf89tS/wDBnc//ABytSijlXYPrFX+Z/ezL/wCEfsv+e2pf+DO5/wDjlH/CP2X/AD21L/wZ3P8A8crUoo5V2D6xV/mf3sy/+Efsv+e2pf8Agzuf/jlH/CP2X/PbUv8AwZ3P/wAcrUoo5V2D6xV/mf3sy/8AhH7L/ntqX/gzuf8A45R/wj9l/wA9tS/8Gdz/APHK1KKOVdg+sVf5n97Mv/hH7L/ntqX/AIM7n/45WjFGsMSRKWKooUF2LHA9SeSfc80+imklsTKpOfxNsKz7n/j4b8P5VoVn3P8Ax8N+H8qZBFV2z/1J/wB6qVXbP/Un/epiLFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFV7z/Uj/AHqsVXvP9SP96gClUtt/x8L+P8qiqW2/4+F/H+VMRoUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUyX/Uv/ALpp9Ml/1L/7poAzaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf8Arj/u1dqlZ/64/wC7V2kMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCK5/492/D+dZ9aFz/x7t+H86z6Yh8X+uT/AHhWlWbF/rk/3hWlSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVlVq1lUAFaUX+pT/dFZtaUX+pT/AHRQIfRRRQMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACs+5/wCPhvw/lWhWfc/8fDfh/KgCKrtn/qT/AL1Uqu2f+pP+9TEWKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKr3n+pH+9Viq95/qR/vUAUqltv+Phfx/lUVS23/Hwv4/ypiNCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACmS/6l/wDdNPpkv+pf/dNAGbRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFiz/ANcf92rtUrP/AFx/3au0hhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUARXP/AB7t+H86z60Ln/j3b8P51n0xD4v9cn+8K0qzYv8AXJ/vCtKkMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArKrVrKoAK0ov9Sn+6Kza0ov9Sn+6KBD6KKKBhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVn3P8Ax8N+H8q0Kz7n/j4b8P5UARVds/8AUn/eqlV2z/1J/wB6mIsUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVXvP8AUj/eqxVe8/1I/wB6gClUtt/x8L+P8qiqW2/4+F/H+VMRoUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUyX/AFL/AO6afTJf9S/+6aAM2iiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALFn/rj/u1dqlZ/wCuP+7V2kMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCK5/wCPdvw/nWfWhc/8e7fh/Os+mIfF/rk/3hWlWbF/rk/3hWlSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVlVq1lUAFaUX+pT/AHRWbWlF/qU/3RQIfRRRQMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACs+5/4+G/D+VaFZ9z/wAfDfh/KgCKrtn/AKk/71Uqu2f+pP8AvUxFiiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACq95/qR/vVYqvef6kf71AFKpbb/j4X8f5VFUtt/x8L+P8qYjQooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApkv8AqX/3TT6ZL/qX/wB00AZtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAWLP/XH/dq7VKz/ANcf92rtIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEVz/AMe7fh/Os+tC5/492/D+dZ9MQ+L/AFyf7wrSrNi/1yf7wrSpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKyq1ayqACtKL/Up/uis2tKL/AFKf7ooEPooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWfc/8fDfh/KtCs+5/wCPhvw/lQBFV2z/ANSf96qVXbP/AFJ/3qYixRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVe8/1I/3qsVXvP8AUj/eoApVLbf8fC/j/Koqltv+Phfx/lTEaFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFMl/1L/7pp9Ml/1L/wC6aAM2iiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALFn/rj/u1dqlZ/64/7tXaQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAIrn/j3b8P51n1oXP/AB7t+H86z6Yh8X+uT/eFaVZsX+uT/eFaVIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWVWrWVQAVpRf6lP90Vm1pRf6lP90UCH0UUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArPuf+Phvw/lWhWfc/wDHw34fyoAiq7Z/6k/71Uqu2f8AqT/vUxFiiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACq95/qR/vVYqvef6kf71AFKpbb/j4X8f5VFUtt/wAfC/j/ACpiNCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACmS/6l/900+mS/6l/wDdNAGbRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFiz/1x/wB2rtUrP/XH/dq7SGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBFc/8e7fh/Os+tC5/wCPdvw/nWfTEPi/1yf7wrSrNi/1yf7wrSpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKyq1ayqACtKL/AFKf7orNrSi/1Kf7ooEPooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWfc/8fDfh/KtCs+5/4+G/D+VAEVXbP/Un/eqlV2z/ANSf96mIsUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVXvP9SP96rFV7z/Uj/eoApVLbf8AHwv4/wAqiqW2/wCPhfx/lTEaFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFMl/1L/7pp9Ml/wBS/wDumgDNooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCxZ/64/wC7V2qVn/rj/u1dpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAiuf+Pdvw/nWfWhc/wDHu34fzrPpiHxf65P94VpVmxf65P8AeFaVIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWVWrWVQAVpRf6lP90Vm1pRf6lP90UCH0UUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArPuf+Phvw/lWhWfc/8fDfh/KgCKrtn/qT/vVSq7Z/6k/71MRYooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqvef6kf71WKr3n+pH+9QBSqW2/wCPhfx/lUVS23/Hwv4/ypiNCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACmS/6l/8AdNPpkv8AqX/3TQBm0UUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBYs/8AXH/dq7VKz/1x/wB2rtIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEVz/x7t+H86z60Ln/j3b8P51n0xD4v9cn+8K0qzYv9cn+8K0qQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsqtWsqgArSi/1Kf7orNrSi/1Kf7ooEPooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWfc/8AHw34fyrQrPuf+Phvw/lQBFV2z/1J/wB6qVXbP/Un/epiLFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFV7z/Uj/AHqsVXvP9SP96gClUtt/x8L+P8qiqW2/4+F/H+VMRoUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUyX/Uv/ALpp9Ml/1L/7poAzaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf8Arj/u1dqlZ/64/wC7V2kMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCK5/492/D+dZ9aFz/x7t+H86z6Yh8X+uT/AHhWlWbF/rk/3hWlSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVlVq1lUAFaUX+pT/dFZtaUX+pT/AHRQIfRRRQMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACs+5/wCPhvw/lWhWfc/8fDfh/KgCKrtn/qT/AL1Uqu2f+pP+9TEWKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKr3n+pH+9Viq95/qR/vUAUqltv+Phfx/lUVS23/Hwv4/ypiNCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACmS/6l/wDdNPpkv+pf/dNAGbRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFiz/ANcf92rtFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEVz/x7t+H86z6KKYh8X+uT/eFaVFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWVRRQAVpRf6lP90UUUCH0UUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArPuf+Phvw/lRRQBFV2z/1J/3qKKYixRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVe8/1I/3qKKAKVS23/Hwv4/yoopiNCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACmS/6l/900UUAZtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFAH/2Q==)

Stakeholder engagement continued

Material issues and topics of

interest

•  E1 – Climate change mitigation

•  E3 – Water consumption

•  E5 – Resource inflows,

includingresources

•  E5 – Resource outflows related

toproducts and services

•  S3 – Water and sanitation

•  S4 – Consumers’ health and safety

Growth pillars

3

5

Key challenges

•  Industry and/or product specific

policies, such as taxes, restrictions

orregulations

•  Environmental policies

How we engage

•  Much of our engagement with

governments is conducted at an

industry level through trade associations

•  We partner with local governments to

tackle waste collection challenges and

water availability

Outcomes of engagement

•  In response to regulations and levies

on certain types of plastic packaging,

we have lightweighted packages and

used more sustainable materials

•  To address health and nutrition

concerns, we continue to add low-

or no-sugar drink options in every

market and provide transparent

nutritional information

Relevant KPIs

•  Percentage of absolute

emissionsreduction

•  Percentage reduction of calories

per100ml SSD vs 2015

•  Percentage of primary

packagingcollected

•  Number of water stewardship

projects in water priority locations

Principal risks

•  Product-related taxes and

regulatory changes

•  Ethics and compliance

•  Product quality and food safety

•  Marketplace economic conditions

Material issues and topics of

interest

•  E1 – Climate change mitigation

•  E3 – Water consumption

•  E4 – Land-ecosystem use change

•  E5 – Resource outflows related

toproducts and services

•  S3 – Water and sanitation

•  S3 – Training and skills development

•  S3 – #YouthEmpowered

Growth pillars

5

Key challenges

•  Climate change mitigation and

adaptation, move towards net zero

emissions and water and energy use

•  Packaging waste

•  Sustainable sourcing

•  Partnerships with communities

andgrassroots organisations

•  Diversity and human rights

How we engage

•  We include NGOs and community

partners in our leadership

development programmes, offering

online training for managing virtual

teams and leading in times of crisis

•  We partner with specific NGOs

fortargeted environmental and

social projects

•  We engage through our annual

Group Stakeholder Forum and our

annual materiality assessment, as

well as through adhoc meetings

Outcomes of engagement

•  Percentage of participants from NGOs

in our first-time manager programmes

•  Increased number of community

projects for waste reduction, water

stewardship and carbon removal

Relevant KPIs

•  Number of, and investments

in,community projects

Principal risks

•  Cost and availability of

sustainablepackaging

•  Managing our carbon footprint

•  Suppliers and sustainable sourcing

•  The impact of climate change on

thecost and availability of water

•  Ethics and compliance

Governments NGOs

Material issues and topics of

interest

•  E1 – Climate change mitigation

•  E5 – Resource outflows related

toproducts and services

•  S4 – Consumers’ health and safety

Growth pillars

1

2

3

5

Key challenges

•  Increasing focus on ESG reporting,

such as CSRD

•  Maintaining focus on long-term

potential of the Group while

navigating short-term volatility

How we engage

•  Ongoing dialogue with

analystsandinvestors, including

communication of our financial

results, as well as during our AGMs

and investor roadshows.

•  In 2024 we launched our firstbitesize

investor event

Outcomes of engagement

•  Consistent two-way dialogue

between the Company and

investors, ensuring both good

understanding of long-term

Company strategy in the markets

and that investor concerns, are

considered in decision making

Relevant KPIs

•  Management access for investors

and analysts

•  Fair and positive investor

perceptions of company

fundamentals and strategy

Principal risks

•  Cost and availability of

sustainablepackaging

•  The impact of climate change on

thecost and availability of water

•  Product-related taxes and

regulatory changes

•  Foreign exchange fluctuations

•  Managing our carbon footprint

•  Geopolitical and security environment

•  Suppliers and sustainable sourcing

Material issues and topics of

interest

•  S4 – Consumers’ health and safety

•  S4 – Responsible marketing practices

•  S3 – Training and skills development

•  S3 – Water and sanitation

•  E5 – Resource inflows,

includingresources

Growth pillars

1

2

4

5

Key challenges

•  Support for consumers, customers

and communities

•  Profitable growth opportunities

•  Value share in our markets

•  Sustainable sourcing

How we engage

•  Day-to-day interaction as business

partners, joint projects, joint

business planning, functional groups

on strategic issues and ‘top-to-top’

senior management forums

Outcomes of engagement

•  Our partnership added to the

strength and depth of our 24/7

portfolio

•  Ongoing partnership within

sustainability, with a particular

example being the launch of the

first Coca-Cola System-owned and

operated packaging collection hub

in Nigeria

Relevant KPIs

•  Revenue

•  Value share

Principal risks

•  Cost and availability of

sustainablepackaging

•  Suppliers and sustainable sourcing

•  Product-related regulatorychanges

and taxes

Material issues and topics of

interest

•  E1 – Climate change mitigation

•  E2 – Pollution of soil

•  E3 – Water withdrawals

•  E4 – Land-ecosystem use change

•  E5 – Resource inflows,

includingresources

•  S2 – Training and skills development

•  S2 – Secure employment

•  S2 – Gender equality and equal pay

for work of equal value

Growth pillars

3

5

Key challenges

•  Rising costs of ingredients, labour,

packaging materials, energy and water

•  Minimising the environmental

impactof water, energy resources,

and emissions

•  Traceability in the whole value chain,

including Tier 2 and 3 suppliers for

human rights risk and biodiversity

How we engage

•  Feedback received through our

annual Group Stakeholder Forum

•  Regular meetings with suppliers

•  Regular, ongoing interaction with

the Coca-Cola System’s central

procurement group and our

technology and commodity suppliers

Outcomes of engagement

•  Our long-term work with partners

to reduce our water and energy use

has also brought efficiencies. This

is particularly important given our

NetZeroby40 commitment

•  Activities related to sustainable

sourcing and certifications

Relevant KPIs

•  Percentage of key agricultural

ingredients sustainably certified

•  Percentage of our suppliers adopting

our Supplier Guiding Principles

Principal risks

•  Cost and availability of

sustainablepackaging

•  The impact of climate change on

thecost and availability of water

•  Ethics and compliance

•  Managing our carbon footprint

•  Suppliers and sustainable sourcing

The Coca-Cola

Company

Our investors

Our suppliers

1

Leverage our unique

24/7 portfolio

2

Win in the marketplace

3

Fuel growth through

competitiveness andinvestment

4

Cultivate the potential

of our people

5

Earn our licence tooperate

Coca-Cola HBC Integrated Annual Report 202411

Strategic Report Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate Governance

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

Chief Operating Officer’s letter

Growing across our markets through operational excellence and our bespoke capabilities

Playing to win

2024 has been a year marked by strong growth in

acompetitive environment. We have focused on

both the ‘what’ and the ‘how’ to win in the market.

Our intentional choices and strategic initiatives

have positioned us well for continued success,

helping us create our own opportunities.

24/7 portfolio driving growth

Our 24/7 portfolio has continuously delivered

inarange of market conditions, and 2024 was

noexception. Growth was led by our three priority

categories – Sparkling, Energy and Coffee.

Sparkling remains the most important engine of

growth for our company, and we continued to gain

share and strengthen our leadership this year by

focusing on key occasions.

Energy performed well, with strong performances

from Monster, Predator, Fury and our premium

brand, Burn. We also saw growth in Coffee

volumes for Costa Coffee and Caffè Vergnano.

Bespoke capabilities as a key enabler

Our bespoke capabilities remain a differentiating

factor that sets us apart in the eyes of our

customers across all channels. These capabilities

are critical for us to better understand the real and

changing needs of our customers and consumers,

drive profitable revenue growth, and anticipate

orreact to new challenges faster and smarter.

Byaccelerating our bespoke capabilities, we drive

ourgrowth algorithm. It is one of the reasons

thatwehave delivered strong results, even

inchallenging markets.

In 2024, we made significant progress in

revenuegrowth management (RGM), route

tomarket (RTM), digital commerce, customer

management, data, insights & analytics (DIA)

andtalent development.

RGM continues to drive profitable growth through

smart affordability and premiumisation solutions.

We deployed various RGM initiatives throughout

the year to maximise opportunities, for example

focusing on premium glass bottles in HoReCa.

When it comes to focusing on affordability, we

wereagile with promotions and launched relevant

affordable pack propositions across all our

markets. In Nigeria and Egypt, we saw strong

results from our returnable glass bottles (RGBs),

our key affordable pack in these markets.

Our omni-channel RTM further fuels our growth

journey, adapting to customer needs, with physical

and digital touchpoints.

In October, I had the privilege of participating in

our first bitesize investor event, showcasing our

DIA capabilities. This event highlighted how we

turn data into actionable insights, acting as a

connector and accelerator of our key capabilities.

Putting customers first

We are committed to putting our customers

firstand our capabilities have allowed us to

servethem even more effectively through

atailor-made approach.

We are pleased that our efforts have led to

positive Net Promoter Score results, which is

ourcustomer value creation metric. We are

committed to closing the loop, with 24/7 support

available through our sales portal and a promise

torespond to customer queries within 48 hours.

In June, we were proud to hold our largest-ever

Market Impact Team (MIT) activation across the

organisation, where more than 7,000 colleagues

and our brand partners came together to support

more than 50,000 customers before the start of

the busy summer period. The dedication displayed

by teams across our markets was genuinely

remarkable and I am proud of the huge effort

made to create value for our customers.

Looking ahead

With our strong 24/7 portfolio, bespoke

capabilities and opportunities across our diverse

markets, weare positive about our ability to drive

growth with our partners.

As we look ahead to 2025, I would like to thank

ourpassionate, dedicated and resilient team.

Asan organisation, we put our people at the

heartof our success, and our growth is

atestament to their commitment and

can-doattitude.

I am confident that 2025 will be another great year

in which we will continue to play to win together.

Naya Kalogeraki

Chief Operating Officer

At Coca-Cola HBC, we play to win.

This mindset is part of who we are,

and we channel it every single day

— not only in what we do, but in

how we do it, with our customers

at the heart of everything.”

Coca-Cola HBC Integrated Annual Report 202412

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Segment operational highlights

Our three business segments create a unique and diverse balance of markets which allows us to capture

growth opportunities.

2024 2023

% change

reported

Population (million)

1

91  91

3

–

GDP per capita (thousands US$)

2

43.8  43.5 0.7%

Bottling plants (number) 15  15 –

Employees (number) 7,135 6,809 4.8%

2024 2023

% change

reported

Population (million)

1

77 77 –

GDP per capita (thousands US$)

2

19.5 19.0 2.4%

Bottling plants (number) 9 9 –

Employees (number) 4,338 4,227 2.6%

2024 2023

% change

reported

Population (million)

1

582 576 1.0%

GDP per capita (thousands US$)

2

5.9 5.8 2.3%

Bottling plants (number) 38 38 –

Employees (number) 21,545 21,712 -0.8%

Italy  39%

Greece

Austria

20%

13%

Others 28%

Volume breakdown

per country (%)

Poland  45%

Hungary

Czech Republic

21%

12%

Others 22%

Volume breakdown

per country (%)

Nigeria  24%

Russia

Egypt

22%

17%

Others 37%

Volume breakdown

per country (%)

1.  Data source: UN. Population excludes

NorthMacedonia.

2.   Data source: IHS Dec 2024 release.

GDP refers to ‘GDP, real, harmonised’

in US Dollars.

3.   Restated number as per data source.

Established markets

We were pleased to see organic

volume and revenue expansion

in2024 despite a more sensitive

consumer environment in some

markets. Growth was fuelled by

strong execution supported by

our bespoke capabilities. We saw

growth from low- and no-sugar

offerings, particularly Coke Zero,

as well as Adult Sparkling and an

ongoing strong performance

from Energy.

Developing markets

The segment showed ongoing

good momentum with broad-

based volume growth across

most categories and markets.

Sparkling grew well, supported

bygrowth from Coke Zero

andSprite, while Energy also

expanded. Revenue per case

expansion benefitted from

continued revenue growth

management actions, and also

therollout of Finlandia distribution.

Emerging markets

Volume growth was driven by most

categories, with strong double-

digit growth of Energy and Coffee.

Our DIA and RGM capabilities

allowed us to swiftly react to

macroeconomic challenges

andtake pricing actions through

the year. Our affordable offers

continue to unlock further

per-capita consumption,

whileother premiumisation

initiatives remain.

Net sales revenue (NSR)

€3,501.3 m

NSR growth (organic)

+3.3%

NSR per case growth (organic)

+3.0%

Volume (million unit cases)

631.3

Volume growth (organic)

+0.3%

Net sales revenue (NSR)

€2,385.2 m

NSR growth (organic)

+12.7%

NSR per case growth (organic)

+10.0%

Volume (million unit cases)

482.6

Volume growth (organic)

+2.5%

Net sales revenue (NSR)

€4,867.9 m

NSR growth (organic)

+23.3%

NSR per case growth (organic)

+18.9%

Volume (million unit cases)

1,800.6

Volume growth (organic)

+3.7%

Coca-Cola HBC Integrated Annual Report 202413

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAR1BpQDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDzL4i+E9b13xBBdabZefClqsbN5qLhg7nGGIPQiuR/4Vz4r/wCgV/5MRf8AxVe90VhLDxk7s9vD59iaFKNKMY2Xk/8AM8E/4Vz4r/6BX/kxF/8AFUf8K58V/wDQK/8AJiL/AOKr3uip+qw7s2/1kxf8sfuf+Z4J/wAK58V/9Ar/AMmIv/iqP+Fc+K/+gV/5MRf/ABVe90UfVYd2H+smL/lj9z/zPBP+Fc+K/wDoFf8AkxF/8VR/wrnxX/0Cv/JiL/4qve6KPqsO7D/WTF/yx+5/5ngn/CufFf8A0Cv/ACYi/wDiqP8AhXPiv/oFf+TEX/xVe90UfVYd2H+smL/lj9z/AMzwT/hXPiv/AKBX/kxF/wDFUf8ACufFf/QK/wDJiL/4qve6KPqsO7D/AFkxf8sfuf8AmeCf8K58V/8AQK/8mIv/AIqj/hXPiv8A6BX/AJMRf/FV73RR9Vh3Yf6yYv8Alj9z/wAzwT/hXPiv/oFf+TEX/wAVR/wrnxX/ANAr/wAmIv8A4qve6KPqsO7D/WTF/wAsfuf+Z4J/wrnxX/0Cv/JiL/4qj/hXPiv/AKBX/kxF/wDFV73RR9Vh3Yf6yYv+WP3P/M8E/wCFc+K/+gV/5MRf/FV33w18Oat4f/tT+1LTyPP8ry/3iNu278/dJ9RXe0VUMPGEuZHPis7xGKoujNKz7X737jZAWjYDqQRVH7NN/c/UVoUVueMZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUANjBWNQeoAFQ3UbybNgzjOeasUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAVbaF45CWXAxjrVqiigCjJbytIxC8Ek9RTfs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKuQKUhVWGCKkooAhuUaSMBRk5zVX7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKdHbyrIpK8Ag9RV6igAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoopCaAFprOqKWZgFHJJOMVk67r9todsJJQXlfIjiU4LH+g968x1PW7/WJN11OSmcrEvCL+H9TXFicdChpuzvwuAqYhc20e56bceKdGtn2vfxsf+meX/wDQQaSHxXos8mxL5AT3dWQfmQK8mVakVa8t5vVT2R6P9k0bfE/wPa45klRXjZWVhkMpyDTwa8h0/UbzTJfMtZmTP3l6q31Feh6Hr8WrxEEeXcoMvH/Ue38q9DCZlTrvkekjzsVgJ0FzLVG5RTVbIp1eicAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUF1cR2tvLPIcRxqXY+gAyamPSuX8b3TQ+H3Rf+W0ixk+g5b/2Ws61T2dNz7GtCn7SpGHdnn2qajNq2oy3cxPzHCKTnYvYCqyrQq1Iq18hUqOTbe59ekopRWyBVqRVoValVa55SE2CrVq0nltLmO4hbbIhyDUKrUqrWDqOLujOVmrM9PsLxLy0iuE+7IuQPT1H4HIq6DxXJ+FZybKSE/wDLN8j6Ef8A1j+ddTG3Ffc4Ov7ehGp3X49T5avT9nUcCSiiiukxCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigBrniuR8cAvoqYB+W4Un6bWH9RXWvWPrFoL7T57XODIuFJ/vDkfqBWGJg6lGUVu0b4aoqdaMn0Z5Wq1Iq04xtG7I6lWU4IPUGnqtfFykfWNgq1Iq0KtSqtc8pGbYKtSqtCrUqrXPKRm2dB4ZUpHO+OGZQD9Af8a6uE5ArC0y3NraxxEYf7zj/aP/ANbA/CtyHpX3uW0XRwsIS3t+ep83ipqdWUkWaKBRXcYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA1hVO4TIq8ahkTNAHE69ohuJGu7VMy/8tIx/F7j39fWuZVa9Mnh61j3umW10xaWMrIf+WkfBP17H+fvXhY/KXVk6lHfsephcw5I8lTbucgq1Kq1rtoBD4juo9vrIpU/pmnLohVhvuoivcxqxP6gV4Mstxl7ezZ3vGUbX5jLVa2tN08oVuJ156xoe/ufb+f0qzbWFvAQUj3v/AHpOcfQdP51oxRMzEk5J5JNetl+RuE1VxPTZf5nn4nHcy5af3k1shzk1pxDiq8EWAKuKMCvpTzB1FFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRUP2qL1P5UfaovU/lQBNRUP2qL1P5UfaovU/lQBNRUP2qL1P5UfaovU/lQBNRUP2qL1P5UfaovU/lQBNSEVF9qi9T+VH2qL1P5UAI8e6qctvntVz7TF6n8qa08R7n8qAM1rX2pgtfatIywnufypvmQ+p/KgCqlt7VbjgA7Uomh9T+VSC4i9T+VAEiqAKkqH7TF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqH7VF6n8qPtUXqfyoAmoqIXMRP3sfUVKCCMg5FABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGVRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVJDM0Teq9xUdFAGoCCAR0NLUNqcwD2OKmpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAyqKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigC9af6n8anqC0/1P41PSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBlUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAF60/1P41PUFp/qfxqekMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDKooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAL1p/qfxqeoLT/U/jU9IYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGVRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAXrT/U/jU9QWn+p/Gp6QwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMqiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAvWn+p/Gp6gtP9T+NT0hhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZVFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBetP9T+NT1Baf6n8anpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAyqKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigC9af6n8anqC0/wBT+NT0hhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZVFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBetP8AU/jU9QWn+p/Gp6QwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMqiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAvWn+p/Gp6gtP9T+NT0hhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZVFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBetP9T+NT1Baf6n8anpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAyqKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigC9af6n8anqC0/1P41PSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBlUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAF60/1P41PUFp/qfxqekMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDKooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAL1p/qfxqeoLT/U/jU9IYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGVRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAXrT/U/jU9QWn+p/Gp6QwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMqiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAvWn+p/Gp6gtP8AU/jU9IYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGVRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAXrT/AFP41PUFp/qfxqekMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDKooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAL1p/qfxqeoLT/U/jU9IYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGVRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAXrT/U/jU9QWn+p/Gp6QwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMqiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAvWn+p/Gp6gtP9T+NT0hhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZVFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBetP9T+NT1Baf6n8anpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAyqKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigC9af6n8anqC0/1P41PSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBlUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAF60/1P41PUFp/qfxqekMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDKooopiCiiigAooooAKKKKACiiigAoqC6u47OISSrMyk7cRQvKfyUE4461U/ty0/546h/wCC6f8A+IpNpbmkaVSSvGLfyNKis3+3LT/njqH/AILp/wD4ij+3LT/njqH/AILp/wD4ilzR7lfV6v8AK/uZpUVm/wBuWn/PHUP/AAXT/wDxFH9uWn/PHUP/AAXT/wDxFHNHuH1er/K/uZpUVm/25af88dQ/8F0//wARR/blp/zx1D/wXT//ABFHNHuH1er/ACv7maVFZv8Ablp/zx1D/wAF0/8A8RR/blp/zx1D/wAF0/8A8RRzR7h9Xq/yv7maVFZv9uWn/PHUP/BdP/8AEUf25af88dQ/8F0//wARRzR7h9Xq/wAr+5mlRWb/AG5af88dQ/8ABdP/APEUf25af88dQ/8ABdP/APEUc0e4fV6v8r+5mlRWb/blp/zx1D/wXT//ABFH9uWn/PHUP/BdP/8AEUc0e4fV6v8AK/uZpUVm/wBuWn/PHUP/AAXT/wDxFH9uWn/PHUP/AAXT/wDxFHNHuH1er/K/uZpUVm/25af88dQ/8F0//wARR/blp/zx1D/wXT//ABFHNHuH1er/ACv7maVFZv8Ablp/zx1D/wAF0/8A8RR/blp/zx1D/wAF0/8A8RRzR7h9Xq/yv7maVFZv9uWn/PHUP/BdP/8AEUf25af88dQ/8F0//wARRzR7h9Xq/wAr+5mlRWb/AG5af88dQ/8ABdP/APEUf25af88dQ/8ABdP/APEUc0e4fV6v8r+5mlRWb/blp/zx1D/wXT//ABFH9uWn/PHUP/BdP/8AEUc0e4fV6v8AK/uZpUVm/wBuWn/PHUP/AAXT/wDxFH9uWn/PHUP/AAXT/wDxFHNHuH1er/K/uZpUVm/25af88dQ/8F0//wARR/blp/zx1D/wXT//ABFHNHuH1er/ACv7maVFZv8Ablp/zx1D/wAF0/8A8RR/blp/zx1D/wAF0/8A8RRzR7h9Xq/yv7maVFZv9uWn/PHUP/BdP/8AEUf25af88dQ/8F0//wARRzR7h9Xq/wAr+5mlRWb/AG5af88dQ/8ABdP/APEUf25af88dQ/8ABdP/APEUc0e4fV6v8r+5mlRWb/blp/zx1D/wXT//ABFH9uWn/PHUP/BdP/8AEUc0e4fV6v8AK/uZpUVm/wBuWn/PHUP/AAXT/wDxFH9uWn/PHUP/AAXT/wDxFHNHuH1er/K/uZpUVm/25af88dQ/8F0//wARR/blp/zx1D/wXT//ABFHNHuH1er/ACv7maVFR286XMCzRiQK2cCSNo2645VgCPyqSqMmmnZl60/1P41PUFp/qfxqekAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGVRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAXrT/AFP41PUFp/qfxqekMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDKooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAL1p/qfxqeoLT/U/jU9IYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGVRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAXrT/U/jU9QWn+p/Gp6QwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMqiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAvWn+p/Gp6gtP9T+NT0hhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZVFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBetP9T+NT1Baf6n8anpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAyqKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigC9af6n8anqC0/1P41PSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBlUUUUxBRRRQAUUUUAFFFFABRRRQBBdQSXEQSK7mtmBzviCEn2+ZWGPw7VU/sy7/6Dmof98Qf/Gq0qKTVzSNSUVZW+5P9DN/sy7/6Dmof98Qf/GqP7Mu/+g5qH/fEH/xqtKilyor20uy+5f5Gb/Zl3/0HNQ/74g/+NUf2Zd/9BzUP++IP/jVaVFHKg9tLsvuX+Rm/2Zd/9BzUP++IP/jVH9mXf/Qc1D/viD/41WlRRyoPbS7L7l/kZv8AZl3/ANBzUP8AviD/AONUf2Zd/wDQc1D/AL4g/wDjVaVFHKg9tLsvuX+Rm/2Zd/8AQc1D/viD/wCNUf2Zd/8AQc1D/viD/wCNVpUUcqD20uy+5f5Gb/Zl3/0HNQ/74g/+NUf2Zd/9BzUP++IP/jVaVFHKg9tLsvuX+Rm/2Zd/9BzUP++IP/jVH9mXf/Qc1D/viD/41WlRRyoPbS7L7l/kZv8AZl3/ANBzUP8AviD/AONUf2Zd/wDQc1D/AL4g/wDjVaVFHKg9tLsvuX+Rm/2Zd/8AQc1D/viD/wCNUf2Zd/8AQc1D/viD/wCNVpUUcqD20uy+5f5Gb/Zl3/0HNQ/74g/+NUf2Zd/9BzUP++IP/jVaVFHKg9tLsvuX+Rm/2Zd/9BzUP++IP/jVH9mXf/Qc1D/viD/41WlRRyoPbS7L7l/kZv8AZl3/ANBzUP8AviD/AONUf2Zd/wDQc1D/AL4g/wDjVaVFHKg9tLsvuX+Rm/2Zd/8AQc1D/viD/wCNUf2Zd/8AQc1D/viD/wCNVpUUcqD20uy+5f5Gb/Zl3/0HNQ/74g/+NUf2Zd/9BzUP++IP/jVaVFHKg9tLsvuX+Rm/2Zd/9BzUP++IP/jVH9mXf/Qc1D/viD/41WlRRyoPbS7L7l/kZv8AZl3/ANBzUP8AviD/AONUf2Zd/wDQc1D/AL4g/wDjVaVFHKg9tLsvuX+Rm/2Zd/8AQc1D/viD/wCNUf2Zd/8AQc1D/viD/wCNVpUUcqD20uy+5f5Gb/Zl3/0HNQ/74g/+NUf2Zd/9BzUP++IP/jVaVFHKg9tLsvuX+Rm/2Zd/9BzUP++IP/jVH9mXf/Qc1D/viD/41WlRRyoPbS7L7l/kZv8AZl3/ANBzUP8AviD/AONUf2Zd/wDQc1D/AL4g/wDjVaVFHKg9tLsvuX+Rm/2Zd/8AQc1D/viD/wCNUf2Zd/8AQc1D/viD/wCNVpUUcqD20uy+5f5EdvE8MCxyTyTsM5kkChjz32gD9KkooqjJu7uXrT/U/jU9QWn+p/Gp6QBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZVFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBetP9T+NT1Baf6n8anpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACigkAZJwKqy6jbRfx7z6JzQBaorIl1hzxFEB7sc1UkvbmX70rAei8fyp2Fc33ljjHzuq/U4qu+pWqf8tCx/2RWB1NFFgua76wg+5Ex/3jioW1iY/djQfXJrOoosFy42p3TdHC/RRUZvrpuszfhxVeimIl+0zn/lvJ/wB9mkM8x6yuf+BGo6KAH+dL/wA9X/76NKLiYdJpP++jUdFAEwurgdJ5P++jTxqF0vSY/iAarUUAXV1W5XqUb6rUy6y4+/Cp+hxWZRSGbKavCfvI6/rVhL+1k6TKP97j+dc9RRYLnUqwYZUgj1Bpa5ZXZDlWKn1BxVqPUrmP+PcPRhmiwXN+isyLWFPEsRHupzV2K7gm4SVSfQ8GkMmooooAKKKKAMqiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAvWn+p/Gp6gtP9T+NT0hhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUVVuL+C3yC25/7q1lz6lPNkKfLX0Xr+dAGxNdw2/wDrHAP90cms6bV2PEKBR6tyazOpop2FcklnlmOZJGb2J4qOiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCxDe3EGNshI/utyK0IdXRsCZCp9V5FY9FIZ0yTxSLuSRSPrRXM0UWC5q0UUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAXrT/U/jU9QWn+p/Gp6QwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACimvIkSF3YKo7msm61VnykHyr/ePU0AaNxeQ2w+dst2UdayLnUZp8qD5aeg/wAaqEkkkkknqTSU7CuFFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRT0hkk+5GzfQZoAZRVxNMun6oF/3jU6aM5+/Mo+gzSGZlFbS6RAPvO5/IVKNMtR/wAsyfqxouFjAoroxZWy9IU/EZpwtoAciGMH/dFFwsc1RXTiGIHIjT/vkUvlp/cX8qLhY5eium8iL/nkn/fIpv2W3P8Aywj/AO+RRcLHN0V0LWFq3WFfw4qNtLtW6Ky/Rv8AGi4WMKith9HjP3JWH1GagfR5h9yRG+vFFwsZ1FWXsLqPrESP9nmq7KyHDAg+hFMQlFFFAGrRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAXrT/AFP41PUFp/qfxqekMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACqt3fR2ox96Tso/rVW81PGY7c893/wrJJJJJOSe9Owrks9zLcvukbPoB0FRUUUxBRRRQAUUUUAFFFFABRRRQAUUVPBZz3H3EO3+8eBQBBSgFiAAST2Fa8OkIuDM5Y+i8Cr0UMUIxGir9BSuOxiRabcy4OzYPVuKuxaPGOZZGb2XitKkZgoyxAHqaLhYhjs7eL7sS59Tyf1qeqsmo20f/LTcfRRmqsmsj/lnCfqxpDNSisF9Uun6Mqf7o/xqB7md/vSufbdTsK50bOifeZV+pxUTXlsvWdPwOa5yiiwXN86naD/AJaE/RTTDq1sOgc/QVh0UWC5tf2xB/ck/If40f2xB/ck/If41i0UWC5tf2xB/ck/If40o1a2PUSD6isSiiwXN8anaH/loR9VNSLe2zdJk/E4rnKKLBc6hZEf7jq30OadXK1IlxMn3ZXHsGNFgudNSMiuMMoYehGawk1O6Tq4YejCrMesdpIvxU/0osFy42n2rHJhH4Eiio11S1IyWZfYrRSAr0UUUwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAL1p/qfxqeoLT/U/jU9IYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRTJZUhjLucKKAFd1jQu5AUdSaxb3UGuCUjysX6tUV5ePdP/djHRarU7CuFFFFMQUUUUAFFFFABRRRQAUUVYt7Ka5OUXC/3j0oAr1at9PnuMHGxP7zVq22nw2+GI3v/AHm/oKt0rjsU4NNghwSPMb1b/CrlRTXEVuMyOB7dzWbPq7HiBNo/vN1/KkM1mZUUszAAdyapTapbx5CZkPt0/OsaSaSZsyOWPuaZTsK5el1W4fhNsY9uTVN5HkOXdmPuc02imIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKANWiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAvWn+p/Gp6gtP8AU/jU9IYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFNkkSKMu5wo6mgBJpkgjMkhwB+tc/dXT3Um5uFH3V9KW7u3upMnhB91fSq9MQUUUUxBRRRQAUUUUAFFFFABTo43lcJGpZj2FWbSwkuTuPyR/3j3+lbUFvHbptjXHqe5pXHYpWulImHnwzf3ew/xrSAAGAMCmu6RoWdgqjuay7nVicrbjA/vn+gpDNGe5it1zI4HoO5rKuNVkkysI2L696oMzOxZmJJ6kmkp2FcUsWJLEknqTSUVnX2vaVppIu76GNx1Tdlv++RzVJN6IlyUVdmjRXFX/xK023LLaWs9y46EkRqfx5P6VhXHxJ1eckW9taW6noWJdh+OQP0reOFqy6HNLGUY9bnqVFeNzeKtcuImMmqyg+kWE/9BArd8CzXF5aX8lxdSysVYAzSEnp71UsLKO7FDGRm7JHobTwoCWlRcdcsBUQ1CzbO26ibHXa4NctZ20qwv5mOnABzTrGxYwSt05rBwsdSd1c6Q6pZKpYzrgegNPTULWSIyJLlB32n/CuYe2YwEKe1XbWN4tKyT1qGWka66rZPIEE43HoCpH9Ktb1IzuGK5SKENcxsRzkV0TjEWFHNHoNRV9Sx50WceYn/AH0KcrK33WB+hrDnQhSWOO1YMmmMlybiMn73UVz16zpq8Vc6KWHU3Zux3dFckbi5Cr5VzKrf75x+VaX9o3NpaCWeQP8AVR/SuenmEJbpop4GfRm3RWbZast1CZWTao/iqVdX09n2C7iDehbFdsZxkro5pUpx3RdopFZXUMrBlPQg5FLVmYUUUUAFFFFABRRRQBq0UUUhhRRRQAUUUUAFFFFABRRRQAUUV5v4u+LFpo08ljo8KXt5GSskj5EUbDtxyx+mB700ribsekUV4E3xh8UFiQLFR6CE8f8Aj1J/wuDxR/05f9+D/jT5GLnR79RXgP8AwuDxR/05f9+D/jR/wuDxR/05f9+D/jRyMOdHv1FeA/8AC4PFH/Tl/wB+D/jR/wALg8Uf9OX/AH4P+NHIw50e/UV4D/wuDxR/05f9+D/jR/wuDxR/05f9+D/jRyMOdHv1FeA/8Lg8Uf8ATl/34P8AjR/wuDxR/wBOX/fg/wCNHIw50e/UV4D/AMLg8Uf9OX/fg/40f8Lg8Uf9OX/fg/40cjDnR79RXgP/AAuDxR/05f8Afg/40f8AC4PFH/Tl/wB+D/jRyMOdHv1FeA/8Lg8Uf9OX/fg/40f8Lg8Uf9OX/fg/40cjDnR79RXgP/C4PFH/AE5f9+D/AI0f8Lg8Uf8ATl/34P8AjRyMOdHv1FeA/wDC4PFH/Tl/34P+NH/C4PFH/Tl/34P+NHIw50e/UV4D/wALg8Uf9OX/AH4P+NH/AAuDxR/05f8Afg/40cjDnR79RXgP/C4PFH/Tl/34P+NH/C4PFH/Tl/34P+NHIw50e/UV4/4f+M8rXSw6/ZxLCxx9otVIKe5Uk5H0/I161a3UF7aRXVtKssEqh0dTwwPQ0mmhppk1FFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAF60/1P41PUFp/qfxqekMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKa8ixruY+w9z6UoyRyMH0oAGYKpZiAAMkmsG+vDdSYXIiXoPX3qbUr3zGMEZ+QfePqazqaEwooopiCiiigAooooAKKKciNI4RFLMegFADQCTgcmtWz0zpJcD6J/jViy09bYB3w0vr2H0q4zKilmIAHUmlcdhQABgDAqnd6hHbZUfPJ6Dt9ap3mps+Y4CVXu/c/Ss33NFguSz3Etw+6Rs+g7CoqpTapbRy+UreZJ6L0H1NZGtaw8VmxSVoz/s/wCNUotiOieREUlj061WjvBOxWMEe7CsPT7kz2UZMrsX9RWxaWcoy33R71XLYDivGfiG70ydYlkLg84ztH5CvOrm8lvLhpm+UnsK6v4kx41BMHPy1w6SEHFenhopQTPGxcm5tD9zbutOJNIT6UqEtxXWrHCyxZkhj3GKspf3lrk2ly8IPVVPBqtEpjcIV+9UzQ7YHOOhrKokyqbkpaHX+EdXvZiRcO0xLbfmPQV21y5SzdUUKc9BXnngi4hScrLJtIfdg+lelytaXFpLJDPCzegcZryaukme/h23BXMuHcIfm6kVqQmGTTQjAgj0FYDXUhABwMcZzWjBdqtqdrAkDnmszpRPaS2T3G1WbcnUba202n5guQa890u/M2q3GOzkV6NamBbGN3mXcFyRkUaIpb2OS8VzPDKojYqMZIFZ2ja0GBguFGD3NaXiSJtScvb7Tt461zMWm3Y+VosEdxXm15SjN8ux7GGhTnTSludHLaTi4ElvtdG569KlvrWWa1VZX2RDljmqekSX9vKI2Vip9al8Txatd2621koUN1O7FRGnF+8lqYvmU+W+hm3+txRwJp9m52BfmYd64uZkWeQ7iGD4DAda7HSvB135ZWYoH2kE7u9cv4l0+XQZFVlVyzA5zWkVJyudFT2ap8q3O68NtcLawnzGI2V0LXksLIGwwI53cGuK0XxRFp2n25ngBDgcgE4ror3VLHUYo5IppEOOm3Arri2eRNGwupWxba77DnHPSrYIIyDke1cJd39pZupmk6nitezvGktHnt5GDMMrWhDguh0tFYml61LPGReRhXBxuQcH8K2VdXXKkEUrkOLW46iiimSatFFFIYUUUUAFFFFABRRRQAUUUUAcn8R9dm0Dwdcz20hjuZ2W3icdVLZyR77Q2D618319CfFjTJdR8DyvErM1nMlyVUZyoBU/gAxP4V891pDYznuFFFFWQFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV7F8F9dmlS90OZ90cK/aLcHqoJw4+mSp+pPrXjteq/BPTZG1PUtVKsIkhFurY4ZmIYgfTaPzFTLYqO57PRRRWRqFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBetP9T+NT1Baf6n8anpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKiuLiO2j3ufoO5ptzcpaxbm5J+6vrWbaxyahcmaflF7dvpQBetUkmb7TP1P+rTso/wAaj1K88lPKQ/vGHJ9BVm5nW2gaRuvQD1Nc7JI0sjO5yzHJpiG0UUUxBRRRQAUUUUAFFFSQwvPII4xkn9KAEhheeQJGuWP6VvWlmlqnHLn7zU61tUtY9q8sfvN60l1dx2qZblj91fWkMknnjt4y8jYHYdzWFd3sl03PyoOiiqOq6xBaobm/uFjUnCg9/YDvXlXizx1e3++z02R7W3xglOJH/HsPYfnWtOlKexjVrxprU7fxL4z0zw1bGSYtPNnaIouSD7nt/P2rjpPiVY62Fgbz7cHqqqcH6nvXm+rajNLYx2xH3W655qPR1827QMTx6itXSUTKFZz1PUZ9cSzSN7VTKx6kjoKuai5vdGEg4LjPNZGm2wxtdQFZcVoeIVaDQ0jt5cN7GpjJHQi1Ffto2mR3BUOY0DYPQ1jS/E3VNQuEhgiSJScHaxq/qdusfg1ZZJAzmLnJ9q80sZVjmDrxzW9KEZJ3OLE1ZRmrM6TxNcS3c0ZmcuSASaw47ZHJP7zAHULWjdzC4Rfm/GtHTNTe2sZYP7MtJsg/vJGINdMW4xsjimuedznfKQH7x4p9usPnDLNn6UsyqJmZmVSxztB4FOtrYSygo4z9a0jMw5LOzNXyVM0ZVGJx2HFRaos0CbPLwG5zWnbw3USqA5B9jUGsyy+X++Yk4rNzOhU7aox9Jkigmna4IGYyBVrw/cSrNOY5WALHbXOXCvNMdpIXFdF4chIUHvXFVhd3PUw91FXN6WS6vIHT7RIrAcEVe0EXENjI11ucDoeuRQkISGRu5Ga19Hv7drX7P5YLlMcjvWMUdL8jK0kwTS3MlrE6tvOcrinW19ctqzRSTMFwV2itO2mGjQzrPGoMrZUiufiSR9Re4icH5u5rnxOmx24Pld1I69oVhhUxyEE8nNSQFwAfOH51li4lI/eoHOOO9OhZmU5t2/BTXJOtY6Y0LvRmwzSmRSsw/OrU7MkSFpsE981hJOqt/qmUgf3arSXV3dyqiQysgPdTikqq7FPDvozq4jEsLZl3EDORXk3j3UluL5FAOE44HvXokKXZt5IxbpHkH5iSK861/TZIpmabEpJ6jmtqWruZVIqEdWZFtqb3At7QphFI59ea7hYGMEeAAvHSuMsrZFu4iR379q9GtoA1srFhtHvXS4Xdzi5rowL+zjudRgtZI1wwzu79a7C305LPS3hgn+4MA5FYV9bibUI3jxlUPNaWipLJFP5vzA/4VS03Eye0t2TSy8kxZ+o5otdQZY1/ekMOnNNuA1pCirGSjLk4FUo5rORAHRlb/drmrXvdHVh5QaakdEmssq4kt1dv7yy7c/hg0VgF7UE/vHH4UVn7SfcPZ0T0miiius88KKKKACiiigAooooAKKKKAEZVdGR1DKwwQRkEV4p4t+Ed7bXD3fh5ftNs7Em2ZgHi74BPDD9enXrXtlFNOwmrny43hLxIjFToGqZBxxaSEfmBTf8AhFPEf/Qv6r/4Byf4V9S0VXOTyHy1/wAIp4j/AOhf1X/wDk/wo/4RTxH/ANC/qv8A4Byf4V9S0Uc4ch8tf8Ip4j/6F/Vf/AOT/Cj/AIRTxH/0L+q/+Acn+FfUtFHOHIfLX/CKeI/+hf1X/wAA5P8ACj/hFPEf/Qv6r/4Byf4V9S0Uc4ch8tf8Ip4j/wChf1X/AMA5P8KP+EU8R/8AQv6r/wCAcn+FfUtFHOHIfLX/AAiniP8A6F/Vf/AOT/Cj/hFPEf8A0L+q/wDgHJ/hX1LRRzhyHy1/winiP/oX9V/8A5P8KP8AhFPEf/Qv6r/4Byf4V9S0Uc4ch8tf8Ip4j/6F/Vf/AADk/wAKP+EU8R/9C/qv/gHJ/hX1LRRzhyHy1/winiP/AKF/Vf8AwDk/wo/4RTxH/wBC/qv/AIByf4V9S0Uc4ch8tf8ACKeI/wDoX9V/8A5P8KP+EU8R/wDQv6r/AOAcn+FfUtFHOHIfLX/CKeI/+hf1X/wDk/wo/wCEU8R/9C/qv/gHJ/hX1LRRzhyHy1/winiP/oX9V/8AAOT/AAo/4RTxH/0L+q/+Acn+FfUtFHOHIfPXh/4W+INXuUN7btp1p1eWcfP9Amc5+uBXuui6NaaBpEGm2KFYYVxlvvMe7H3JrQoqXJspRSCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigC9af6n8anqC0/1P41PSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUNzcpbRF3/Aepp00yQRGRzgD9a5+5uHuZS7/AID0FACky310MnLMcD0ArfhiWCFY16KOvrVPS7XyovOYfO449hRql15UXkqfncc+wpiM+/uvtM/yn92vC+/vVWiimIKKKKACiiigAoopVUuwVQSTwAKAHRRPNIEQZY1v2lqlrFtHLH7zetNsrMWseTzI33j/AEovbxbSPsZD90f1NIYXl4tqnYyH7q/1NcB4g8XwWUkkcTLcXn8Qz8sf1/wH6VxHj/4m3EV7LpmnrNCc4luWUhm9l9B79fp357wlZz+IZGjilwR2JraEFa8jnqVXfliWNe1ma7ka4nlaWX36D2A7CuYjuZHn3lD1r1UfDxpsLKBxV20+HNupwyDj2rZYqMdDleHqSep4xeWEsrGbnHXFT6OF+2pGcq2e9ezaj4Cha3/cKN446VxGpeB7y3vY5YgQV6gUnWjNHTCjyGqHiEHlgjcEqe3gFwY0mQMv51mWUFw10YJYDvC4yQa7TSdOfaFeI5A44rJI3OP8RW07q1rESsRXhRXENpc8JO6NgB6CvYdQsXbUQxjJULjkVYXQobmHPlD8q0VfkVjkrYb2h4uC6gKUbg9xVq4vWt7FjEhL46Yr1xfA9pOQ7xD8qtr4C0tRh4QQf9miWLVrERwckfMx1B3nJlLDnp6V0elJcb45Y/mjPXbziu98Z/CAykXejBQejJwPxqPwX4M1bR7sJe20Uls33juzipjii6mF5tUJbSSSoBsf67ann0ae9hx5BbPqK9UttCsFRSkCgfSr66fAi4RFFZ/WtS44V9T59vvC1zbxk+Wy59BTNKeSwu4oJImwcckV9AzaXb3C7JY1Pesi+8IWM7CdYVDL7VUa/NudChY89F4rzmOJQxzg7u1aehWayzyEDlXxWivg1l1L7QgwhPIrotP0e306Ugnl2yacmuhdzmdb0/z1RX6BxjNZbeGLqNjNby4DHOAa7zUrO2mypzkNxxUunaekqmMscCuepHmQ0zg49N1ZWCjnAznNa1rDrCQ/cAP1ruYtMWHODmrAtVCD1Fc3s7mvtLdTwnxPq2t6RfZljm2noY1JGK67wTq11q9kBuZW9W4rvr7SbbUIzHNEjA+tU7Pw7Bpjf6LEF+gpOmP2r7iNpU06lZpjg9hzUEnhLT2i2mME+pFb6xui4PU04I1aRTRndvVnm2r+Ac5ey4brjpVCTS9StbARYJYYzXrLJx71DLZRyr0G6t4yYXPMtNs7mSKQGEmQAjJHtXR6Fp72tkRMpywz0rpVs47SNmVR83U1HA5lzGo4ArS6ZLZlx2YmdIyu5dvepT4YtX4MSj3xWitk8UqyK/QcjNX4nEindyaxnG4k2mc4fCFqxJ2jmiunGMcCio5EXzsoUUUVqZhRRRQAUUUUAFFFFABRRRQBBdQSXEQSK7mtmBzviCEn2+ZWGPw7VU/sy7/6Dmof98Qf/Gq0qKTVzSNSUVZW+5P9DN/sy7/6Dmof98Qf/GqP7Mu/+g5qH/fEH/xqtKilyor20uy+5f5Gb/Zl3/0HNQ/74g/+NUf2Zd/9BzUP++IP/jVaVFHKg9tLsvuX+Rm/2Zd/9BzUP++IP/jVH9mXf/Qc1D/viD/41WlRRyoPbS7L7l/kZv8AZl3/ANBzUP8AviD/AONUf2Zd/wDQc1D/AL4g/wDjVaVFHKg9tLsvuX+Rm/2Zd/8AQc1D/viD/wCNUf2Zd/8AQc1D/viD/wCNVpUUcqD20uy+5f5Gb/Zl3/0HNQ/74g/+NUf2Zd/9BzUP++IP/jVaVFHKg9tLsvuX+Rm/2Zd/9BzUP++IP/jVH9mXf/Qc1D/viD/41WlRRyoPbS7L7l/kZv8AZl3/ANBzUP8AviD/AONUf2Zd/wDQc1D/AL4g/wDjVaVFHKg9tLsvuX+Rm/2Zd/8AQc1D/viD/wCNUf2Zd/8AQc1D/viD/wCNVpUUcqD20uy+5f5Gb/Zl3/0HNQ/74g/+NUf2Zd/9BzUP++IP/jVaVFHKg9tLsvuX+Rm/2Zd/9BzUP++IP/jVH9mXf/Qc1D/viD/41WlRRyoPbS7L7l/kZv8AZl3/ANBzUP8AviD/AONUf2Zd/wDQc1D/AL4g/wDjVaVFHKg9tLsvuX+Rm/2Zd/8AQc1D/viD/wCNUf2Zd/8AQc1D/viD/wCNVpUUcqD20uy+5f5Gb/Zl3/0HNQ/74g/+NUf2Zd/9BzUP++IP/jVaVFHKg9tLsvuX+Rm/2Zd/9BzUP++IP/jVH9mXf/Qc1D/viD/41WlRRyoPbS7L7l/kZv8AZl3/ANBzUP8AviD/AONUf2Zd/wDQc1D/AL4g/wDjVaVFHKg9tLsvuX+Rm/2Zd/8AQc1D/viD/wCNUf2Zd/8AQc1D/viD/wCNVpUUcqD20uy+5f5Gb/Zl3/0HNQ/74g/+NUf2Zd/9BzUP++IP/jVaVFHKg9tLsvuX+Rm/2Zd/9BzUP++IP/jVH9mXf/Qc1D/viD/41WlRRyoPbS7L7l/kZv8AZl3/ANBzUP8AviD/AONUf2Zd/wDQc1D/AL4g/wDjVaVFHKg9tLsvuX+Rm/2Zd/8AQc1D/viD/wCNUf2Zd/8AQc1D/viD/wCNVpUUcqD20uy+5f5EdvE8MCxyTyTsM5kkChjz32gD9KkooqjJu7uXrT/U/jU9QWn+p/Gp6QBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABSMwRSzHAAyTS1janeeYxgjPyKfmPqaAK97dtdS8ZEa/dH9aLG2+03ABHyLy3+FVq6Cwtvs9sAR87ct/hTEWHdYo2duFUZNc3PM08zSN1J6elaWr3HCwKevzN/SsmhAwooopiCiiigAooooAK2tNsvKUTSD94RwD2FVdNs/NfzpB8ingeprZZgqkmk2NEVzcCBM43O3Cr6mszyWdzJIS0h5z6Vb3IWaRzljxn0HoKb9qgBxuArNu+hSRymteBNI1m5F1c2yGXuSvWm6T4J07RbjzrKIRseoUV1jXMBPLg/jTTdwdnP4U7PuKyuRiJhgYqQRsBwKYb637lifpTTqMPbd+VTyMq5KsZUHPGaZNZQTJlo1z60JdpKPb3qRbiM8ZHFJPlYWuYk2iW8cpuWUbhRaylpSEUAAYyK2ZmgukKEgdqpiC0s0P7w5PoK2jURPKZU8M8krD5dvqTzWrpdspgO7BxQDZzJksfT5hUsU1taIQjrz71M6iZSiy6sCKOBgU7y024PJql/a0Cnlx+FRPqKyH921ZKVx6miIlAweM8VH9ljQHHTPT1qiLqTOC/60vnytks+FXnrWmhNjQ8pFxz+FO8sDGDWV9q3dZgB161F9raQlo58gHHBpcqA2tqn5QeakwoGDiuee8aHLlmP1qE+IBnnORUt22Q+XQ6KSPAOAOe1ZJtrh7j5kXYDnOapjxIAeQaR/EfmJsQHJrSM3YTiar20THkKSKfaoY5WBQKvqKyRNKQr726ZxTDqd2X2quR70OTZSWh04lXIxTWkVTnNc6Ly9PYL9DUkc12x+duPrSjcnY2/tcefu80fbEAGS30xWYGfr7VJu2wmRuwzVMLl77YhJAB/KmtdbBuI49qyra/+1RPJtwicGm2OoJevLEnO1sc0agav2/eBjAFSrdxkclQfrWXKoU7SOlVmjBPUilZiNwzQlNpKkd+ajElvE5aIgE9hWQIRggORQsOw5Dk01FgbKzhidygCpVmhVeOKyo3z17VYUKRTaYrl77UnqaKp7M9qKXKF0PooopgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAXrT/U/jU9QWn+p/Gp6QwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiio5pVgiaR+gH50AVdRu/Ii8tD+8cfkPWsOnzStNK0jnkmmUxFzTrfz7oEj5E+Y/0rckdY42djwoyaradB5FquR8z/ADGoNXn2xrCDy3LfT/P8qAMqWRppWkbqxzTKKKYgooooAKKKKACprW3a5nEY4HVj6CoeprfsrZbS2y+AxGXJ7UhkskkNlal3YRwxryfQVx194onnmJhhZYgflBHJ9zWpqN6t6+wf6lTwD3PrWcwjHIValq5aRWTWb2TrCAp9c1cWbeoZo1zVf7RH0O3ij7VB3kH51KgkMuI6lseUuepqtfalDp7RBo1LTNsQe9M+2QhgwlXAPzZPaqWpfYtQ8smZFeFvMQ5HWh3HZFu81SW0tmka1HTIwDVq3lM9rHMU2lxnFYl/cLdWixtqKrjggOKtw63YQQRwveRttAHLilqFkW7pZ2XEcm36Gqgiv8fLKc/WnDXdNaTi4jJ9mFI2u2MTcTL+dKy6lrYTy78EHzP1qeCK584GVyR71Rm8UaZAN0k6jHPWoI/HGl3BxE7Pj0GaaihM3rm28xRtJX6VEumAjLSk49aypfGOnoBgSD/gNVz41sTIEVZWY/7FOyA3v7Oi4yaljgSLpXJXvj63soWklt3+X1U1gP8AGPT+QLdv++DQkJtHqB5YDNR6g0h06dY8+ZtOMV5ZJ8Y7UKSlsTgd1NV/+FzSsu6O0U8YwQaOVhzI9Ms4wdJUzqTMV6kdKk0W3aGCUuOC+RmvMovihf3OAtrGoPuasHx9qTjaEjVev3jRysOZHqUyBhkgEVWa1gPO0V5kvjjUpLhY8ptP+1Wm3iW6IX98B9Gp8jDmR3Btbbb90daFtbZZAwK8VwUnimWKB902T2yeK1dDsb3VrcXc9+8cZGQsbA5quVpCckdiXTBCuB+NAniVQu9QR3zXMXiSo20TOu0YHv71Xt7OedizXT4+tJIm51/2uBRlpk+pam/2lZgndeQgdvnFea+MZ47HSnEF1IZPUdq8qg1K9cqJLqQ89zV2JZ9QjVbBB/x9wnI/vilOs6cIyrXMZBGPvCvnmC92YLzk/jWgusQKmC2adhXPbI9Z0a1jKC5XaeoyOahg8RaBZu/lSAM5ycAV4nLq0T/dQVmyX7iXeoxRYZ9ER6/ZXLbkLEeoFOfXLJHK/Nj1xXh2meNnsEZHj3Z+tSz/ABA8wcRYP0NWo6E3PY7jxFYxqMZLE4AAq7aSvPGJGQoD03DFeEaHrd94i8U29vBlQDux9CK9pk1wWchtbxTuT5RgZpcqC5qvdKgZQmWBpFnmxvjUFe9Z9xcLFpn9pHeY8hdoHrVqBzcaJ9styUTZuIPFLQlla48VG3uHi2RnaccmivINX8SKNXusDPz9aKNAsfQVFFFQWFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAXrT/U/jU9QWn+p/Gp6QwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTU7rzZvKU/InX3NaN/c/ZrckH524X/GufpoTCp7OD7RdIhHy9W+lQVsaRDtiaYjljgfT/P8qANKubupvPuXk7E4H0ra1CbybN8H5m+UfjXP0IGFFFFMQUUUUAFFFOjjaWRUUZZjgUAXtLtfMl85h8qdPc1yvjnxVeRzfYNM8vyoz+/kL8s390ew7+/056DxNrA0HRmitiPOCZzn7q92+p7f/Wrx648zUdEutZR3EURbIHfFFrlIuJrGtTKMSouT3fFUdQ8QajaxOpuiZcdFbIrH0G4m167XTldkZzw3TrR4xsE8Ny/ZDN5twygkk561SQORhS+M9YMrAXLjnH3qhPijV2Oftkv51jHklj1JzSg0+VMm7Zpt4h1Z8f6dMOex61C2s6owwb6brnrVTFNIo5bD5iw2pag/Ju5MfWojeXLZ3TyEnvURFHH980tB6mnpmrG0m/fSMR71q/8ACSwlzuziuUkAZfU+tRou7ikkrhzM6NtVju76KMpujdsNkdq9f0XRtFsLFPs9ujySRhiXGCM14hoOxteslkAK+aNwPpXu+sz2Gm6YrjKPKm1No6US02HGTvqZV/DEI5FW2VsEtuA6VFZH9151vaQTSoPujk1s6LGknhK+nZzIcNyetYXgu6t7XXWCGRzIuCGHANZGjucn4vv5/s7i6j8lmOQvtXniEEkkcHvXbfEj+0rzxPK0lu5gTKrtBIxmuLMbR8kED0NWmjNpiDk47ZqdMowOBj0qFiODgD6U9CzdKu6JsaC6iyDhQKlGpyOmAecYqiihuGHNWYrRfWgLDkublm+VsY75qVrm9U585/zqWKyyww2BVz+zjjhgaQWMuN7q4u4opJpCjsAR2r3GKxk8P6DZywytIjQg4b1rym004iZXJ5U5r0DUNcTUvDUFikxiliwNy9cCndhY2tBnn11bp7qARiJGKEd8Cs7wre3d14guLK9SBIMkIVbLH8Ki8OeJLTQ9OuLa4uJJpJFIDNzjiua0/VbfT/ELal5zsob7hqR2M74rXyafrLaban5GyzE9Qc1wFsrkgsxP1rrfGlxbeINal1FRtLE8Vz0cMYGN1PViJ0gdgMEH61Yis5S3K8Uy3jYchuK1IJ2UgEZppCEisD/dNElgxOADWxbTqV+Zeala4hUHcBVWA55NP3Nt25NSnw9K4ZkTk1pR39uspOBVv/hII4+FAoAh8A6dNofiuK7uAwjAIzj6V6V4k1ISaok9tFE8TNli55615x/wkoY4xj6U6TWppI8claliPWNW12wh8MokckPmsVOwtxWba+MLGDwxdxXFzEJNhCqrA9jXkt8000W7qB2Nc/cAEAEHJ6imkBHcXbT3DyBmwxzRSi3fHC8dqKLAfXtFFFZlBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAF60/1P41PUFp/qfxqekMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiqepXHkWxAPzvwP60AZV9cfaLkkH5F4X/ABqtRRVEigFiABkngV00MYhhSMfwjFYemxebepkcJ8x/z9a3+lJjRjavLunWIHhBk/U1nVJPL507yf3jkfSo6YgooooAKKKKACpmv7TQtLn1e/cJFH8qZPLMeAB7k8fnUccbSyrGvVjgV4t8XvFw1jV/7Hs5D/Z2lkrlT/rJhwzfh0H4nvQBofELxdJfP5FrLGwmQF2VvUdPwqvpWq2MXw9u7Sa4RJmDYQMOeleNyXsxJ2yMQD0NSG5ZwFwcHrWcm0CO28L6hHY6/DLPOsce4fMrc1n+LtaGreIZZRIZEA2hvpXIvM+7lfu9MVHvfAK5BzzS1Y2jTkuUUdDUaXi5+bpVIO7DJBJ96mhsbi8nSG3iZ3Y44FCbXUSizSikWUfKfzq7Z6bd6hMsVtA8jE4yq5Fd74L+EU0ypeatIUQ87B1x9K9d0vQtJ0eMR2lqikfxheacq9kbQotnm3hf4S+aiTau23PO1eeK7H/hWPhtl8s2wH+1tGa6hm4wJB+dMFyc7Tj61z+3udHsdDiLn4NaLMxMdxKg9FArJuPgbbZJgvpB9SBXqi3IC/eoE4J6iqVclUTxuT4JX0Uiy2l4PMU5BLityTwH4k1FYYb+WHy4lCgiTJ4716aswHTFTLMp6nNP2rZDpWZy+i+D/wCzNPa0lupGV/vAEEVp2PhnS9PIaK3TzM5345rX3KecYp3BFFyrFGfRtNus+dZQyZHJYVzmpfDTw9fhj9lSMn+4tdgHAOKkGCKLXE0eTXvwU0+RCbWeRT2BAFcrffBnV7YlraSN17ZavoI8jGcUwDb3J+tVdojlPmG5+H/iC0J32pbH90E1SOg6pCf3tpOuP9g19V5Vhg4qKSyt5R+8gjYU+dhynyytrcxNh0dfqKjnnmgOVLEe9fTM3hzSJ877CIn1K1nz+B9CmBBs4xn0Wn7YPZnzkurzkcHmp01ORhgHDYxxXuM/wv0JzlI9mfRRVBvhJprPuSZ1+gFHtg9meQW8N1cNl5No9Sanm0wgZEpPfg16zJ8LbcphLmTj1xVdvhi0S/u7jcfcimqyE6R47LZSs5G1sfSof7InLAjgV7FJ4FvIkwVU/Sqj+GGt4yZITx7VakmQ4NHmQi+yqA3WrluUlYbMGvRvDXg631rVi9xEGgQFSCO9b2q/CWylJl02RoXH8PAFVzEHkxlaJvuHjuRWfe3uTtA59q7HXfB2uaarKYPNRe6ZNcNLBIJCk0bRMD0YYquYBqQu5B3cH0NWksGzwSabBbuOF4zXU6NYqcGZhimBz40tgQw3fTFXIIJFwuxiPpXci105VyxXimi40tG2qqk1LEcqtm0i4MZ/KlTw4kj5aPr7V1M15YxqOFUnpVOXVETmNhVJ6AZP9govy+X09qKstrLFjnFFFwPdKKKKyKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAL1p/qfxqeoLT/U/jU9IYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYGoT+fdNg/Knyite9m8i1dwcN0X61ztNCYUUUUxGvo8eIpJT/EcD8Kt30nlWcjdyMD8eKLKPyrOJe+Mn8eaqaxJiOOP1Ofy//XSGZFFFFMQUUUUAFFFFAHOeOfE3/CL+GZZYJNuoXmbe1weU4+dx/ugj8WFfNuoXHloUH8QxXZeO/EZ8R+JpZYpN1lbjybYA8bQeW/4Ecn6YHavO9SkLXBHpVbIFuVQSCTnk1Isz4IzUW6lXk1Fkyiysvy8gUwznd8o/KkGM4NTwxKrbjyKiVoiJtPs7zUbuO2ghy8rbRxX0P4F8AWfh+zjubtRLdNyQ44FcB8LLWO91ppSoxAAw+ua9i1C/8iFmL5bGBXJUqHZQpc2poy3axH5Tx0+lZ8+sJDnnFcNfeNYo5jCwbePQcVHZz3fiGbZbyRgH+82K4atd20OpOENzpp/ESDdtYDHvUMHiJXBO/JHvXNa74c1HS7VpnngKEdn5rz+S/wBQtJWaOUsueRnisqbnPqRLE072PbV8QRt0erSayCAd1eGweI7gHB4PtWjD4ouAQMtWkozRSqwPa01VSRhuPersWogjjFeL2/i91kCyEhfWuosPEIljBikBHuaSqzjuUuSZ6Wt7vXORU8VySOSK4KDW8DJf9a0rbWlkYAP+tdMawSoJ7HXiapElrEhv0IBLVcS6Rhwa6I1EYSp2NYSK3PGacSCKzo5h61aSQHvWikYtEoVcdBSd6QOO1LmqWpLYp5FN24oLU0vUMaHgA9RRtA7VH5mKDIMVI7D8DqB+FREfNkCnI+RQWFMpEbk8CmPFFIpWRFYH1qUuuCT6VBu811Vex5pN3dkTtqy1pdhBaI5iiWMscnaK0NvABJNIgwgFOzXVFWRzSd3ca6K6lXG4Hsa5vWPA2i6yrGS2SOT+8q810pJHIpOWGelUI8c1j4VXVorS6bKZFH8LmuTl03VNPylxBKpHcKcV9ILnPJNV7jT7a7UrcQxtn1qlILHzaxvCuCx57Z5pkUF0sgZlOM17dqfgKxucvbARuPbFc+/hG5syRKgkA6Ec0XCxw8tqk8Kli4IHpWXLBMr7VBK121/p7xjG0Ae9VLXS3nbqMU7iOS+x3B5CNj6UV6GmkAKBu6UUXEelUUUVBQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBetP9T+NT1Baf6n8anpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiikJCgknAHJoAyNXm3SpCDwoyfr/n+dZtSTSGaZ5D/ABHNR1RIU+JPMlRP7zAUyrempvvk9FyTQBvjgYrD1V915t/uKB/X+tblc3dP5l1K3qxxSQ2Q0UUUxBRRRQAVwvxV8THQPCjW8Em281AmCPB5VMfO35ED6sK7qvmr4oeI113xhdKj7ray/wBGix0O0/MfxbPPoBUyegGDYO02VPQd6ytSTbcmrGlXYjusMflNGt7ftWV6ECn0EtzKp6tim4pSMUiywk0fllWX5uxFNE5U4HSokHU+nNXLG0kuLuNCnyucVMuXqJLoe2/CjSGstIfUJBgy5HPpVjxbrxt0kVTwOhFaq3UOk+GbeJcKnlDgeuK8m8S6rNeTGJAdhPU1yNKTPVo/u6dx2m6vaXjywXpClidsp/xruPC+kLbRtcWt/wCY+eFVgeK8pk0uV4AkShw3THXNdN4WttStY2EU0sbAc5OKxq4F1F7jPNqVLyZ3up6RqGqf624cJ/dJ4rhtW8JawlxtRJDF2KDOaNQ8b6zaSGAsH2nBbJzUMPxM1gDOzcqfWuKOFxlKV0kyNtTJuNEv4pdsdvc+5Kd6qGx1eBywikI9wa3JPiXduTmFcnk5zTP+FgTEjfaIQe5Brpi8X1ggu2ZWNRZRvtZDnjhTVvT4daVzJGkyRqeQwIrag8bxqmfsse49OKyL7xjez3GV/dwg/Mq961UKr3iXByXU9H0/w/qN5paTI37xhnBNQrDqOmMftCMMHr2rmk8Z6jZQQSxXDiI4wM1qD4j299bG3v1+bs2K0VGyO6FblWp0Nr4iwwV+nrW9aawrjKsK8+hkh1GNnte1FteXNtNtZWwDWUoWOqLUlc9bi1ECMEkZNW4tSXjJrgLTVyygNkDHetS1vvMfknFQpNEuCZ3MV2pHBqyLhSOtcjFqBzhc4rQiuiw4NaxqMxdFG60w9ab5orMSYnqal83A61XtCfZ2LhlXPJpDKCOtUGmGc5qA3WCeannKVM0kuwrFTTnuRjrWA93h81FNqBC9aSqMr2aNlrwEHnpV/SY2JaY9D0rjIrpprhIEOSx5rurZvs8Ecf8AdFXRu5XMa9krF8ScYPXvTgwqusqt83rUgYGu65xWJc0vUYqLOKcDQA/p3pePQU3NGaYC0EKRgjIoFLRYDE1jw/bahAdgCSdsVyDeFdYtsrDs29jnmvSSQOTQMN0Y/Si4rHlp0LXs9P1or1LJ/u0UXFYz6KKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAF60/wBT+NT1Baf6n8anpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACqmpS+VZPjq/yj/P0q3WRrEmZI4h2G4/jQBmUUUVRIVpaOmZpH9Fx+f/6qza2NHXEEjerY/If/AF6TGjQdtiMx7AmuXro71ttlMf8AZI/OucoQMKKKKYgooooAxfFuqvovhi+vIji4EZSH/ro3Cn8M5/CvlybS5ohkLvPfNe2/FbU3eey0qLJCAzy46ZPC/jjd+Yrz2MBR86159fFOFSy6EOdmcJMphYZUqwonnacAt1AxXTeILSAWYnUAMSRXJ49a6qVX2kblx1AcHFSMMiox1qR+gxV2KZbt7X9z5hGRnFasFyIlV0Ugr7VmWN6sKCOYHbmuls10y8jEZmWMt6kCuOvJp6ohtpmvo3iSbXr+20y4/wBXuAJHpWd49eGx1IWlrgAKDnvW74e8LwafqMN3FdRP82cbq5LxpIJvEsmcZA7VdPlnsdntG6WpFoN9cx3cW0b9jbsHvXp8N1FaaJNLJCvmyAnJHSvMvDiFLkk8kciuk1fUrmS2EJXC12Rgt0cpVtxaTSXUt4yYKnaPemXVlYpo3mIwV3YgBfSuXuLz5nU9elW5L+0Gmqu+UyenYVnUV9ig1LRorZrbZMredjJz0zVu30BJNQW0muF2+WGDBq52SaSRl/eMRnIyelTLLKHDCdicY3ZqeWXRk63NJrI21y8bj92rkBx6Uk6QxzJgb4yeTU0d9JcWjQGPcAPvY5NRw2rMm0nb3wa0vpZlLVk8d1FLayR7QViJZQa5+4uRPdbwoAHatSeIx7xF124NYjAliuMY60kl1KkzsvBermPVPJZvkYYxmvZNO02zuVy6ht3PFfPug6dfX+oxR6fG5fI5Ar6Y8L6LLYabCLslrjaMiuStHXQ7sPN8uon/AAjdvKRhNqj0FWf7HggQKi598VuiFivHFOWAAZasOQ059Tn/ALGsYwFxTkh2nqa2ZUjPPFUJdqnily23KUrke4qOtBmJGKjLbmwKayENQlcG0hSxJ61EwbPFWFXOKeIiTwK0VMydQpNCdufWsDW7wWqhVPzd6665CwWjyPxgcV5leSSanqnlrk7mqvZoUah2Hgy3e6ke8k6Lwua7VHyWyelYml2v2DT4oouPl5rQjkIQ561vCNloc1WV2X1kI68VOkvvWasuRyelSrKPWquyLI1EkBHWpA4rMSYetTLKPWquTYvhvSlDGqqTAd6mVs07iJgcfSjfUe/HFDMAvvTTJHPIF4piuCfSoRmRifSj7jc0DsXc0VCHGBRQOxVoooqiAooooAKKKKACiiigAooooAKKK838XfFi00aeSx0eFL28jJWSR8iKNh245Y/TA96aVxN2PSKK8Cb4w+KCxIFio9BCeP8Ax6k/4XB4o/6cv+/B/wAafIxc6PfqK8B/4XB4o/6cv+/B/wAaP+FweKP+nL/vwf8AGjkYc6PfqK8B/wCFweKP+nL/AL8H/Gj/AIXB4o/6cv8Avwf8aORhzo9+orwH/hcHij/py/78H/Gj/hcHij/py/78H/GjkYc6PfqK8B/4XB4o/wCnL/vwf8aP+FweKP8Apy/78H/GjkYc6PfqK8B/4XB4o/6cv+/B/wAaP+FweKP+nL/vwf8AGjkYc6PfqK8B/wCFweKP+nL/AL8H/Gj/AIXB4o/6cv8Avwf8aORhzo9+orwH/hcHij/py/78H/Gj/hcHij/py/78H/GjkYc6PfqK8B/4XB4o/wCnL/vwf8aP+FweKP8Apy/78H/GjkYc6PfqK8B/4XB4o/6cv+/B/wAaP+FweKP+nL/vwf8AGjkYc6PfqK8B/wCFweKP+nL/AL8H/Gj/AIXB4o/6cv8Avwf8aORhzo9+orwH/hcHij/py/78H/Gt7w/8Z5Gukh1+ziWFjj7Rag5T3KknI+n5GjlYcyPYKKitrmG8tYrm2lWWCVQ6OpyGB6EVLUlBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAF60/1P41PUFp/qfxqekMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK529k828lbtnA/DiugkcRxO56KCa5cnJyaaEwooopiCt3S1xYqfUk1hV0OnrtsYh7E/rSY0M1M4sHHqQP1rBrb1c4tFHq4/kaxKEDCiiimIKKKw/GOqNo/hDU72MkTLCUiI7SN8q/qRQB5/rU1vf69dXUk0O2STCktxtHA/QCsDU7vQ9PRmacSy46IQRXnT3WoShy8smF689Kdaae95I6M6ltuck15EcvcpuU5XuQoX3Hazq7ahIVRQkQ6AVk9OTV/wAtArow/eKSKpYL5HpXp04KC5UaRViM1KGwoJqI0/70f0qrXGyxJslKovDVNaW3mXUcXcnqKoAkY9u9a2jOy3it1xzmizSFY9G8N6DdG7jYudqgNjNcn4g0TULvXZpYoWZFJGQPeus0vxObCZFkOFfCk07wfrbX3ie7tW2yRMSRn3NcmJqVKMeeKKlK0NDk9BgkivTFIhVunIrb1lSI1ABP0rvZ9G0uG9FxKmwFucCtn+wtGvLTfbqrkdcgUo49Kh7RoxhLmR80Xistwx24Oe9RBeRk/nXr3ifwlZyh1ijVH65Ary28sHs7swTK3B4IqqGMhiI3iFOpfQrBMNxmml9pxgCtyy8PahfQGZI9sY4DGs+80u5spv3se4Z61qqsG7J6mil0JLG4fcsYOMntXSQCKFS9wNx28YqDwv4XvNXuFW2hJYnO4j5RXsuifCm1jRZNSlLv3RTkU5VEdEIWR4kkUs00xiheXcCAEGa0vDfww1nX7ndLC8EBPJcYOK+jLDwtoemf6iyiDY6la2EMMSqqrt9l6VDqaD5OpyvhjwFp3hq0SOKMNMOshHNdOIFHJ5PqakeYKecfhUTXK+tZWW5rFu1hHOwVRnnYZ5qWabecLWdcFgcVDu9i1ZbjXmZjwai8tnPORU9nblpdzCtRbRRmSXCqKFTb3B1UtjMgsDguxwBTJFBJI5UUX9+9xL9ntEO0dWxU9vauEGefUVooJaGTqN6kcUJZgcEgjjFXYokiRpJmCoozk027vLTS7Uz3cqQxqM5Jx+FeIePPiddaxdf2fpJMNsDguON1bxiYymzqPHPj21hP2S0O8g4YjpTPA1p/aEjajKpC/wAORXmUVhJeT2sWS0kjAEmvf9D0j+zNFgt1wDgE4quQXPYvgkH+lO3d6ZsOTkUo4pWsTzXYoPfNODH1ptA60WKuShiKmSQ+tV84FG/FSMvrIc8VPHclTg4rMjlO6pzICOtFwsawlRhkHmoHly+BWerFG3A8VJbymSfpxVJiaNaIYFQz439acJAnGetQSNuencLEy5wKKVfuiii4WGUUUVZkFFFFABRRRQAUUUUAFFFFAHJ/EfXZtA8HXM9tIY7mdlt4nHVS2cke+0Ng+tfN9fQnxY0yXUfA8rxKzNZzJclVGcqAVP4AMT+FfPdaQ2M57hRRRVkBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAeyfBfXZ54b3RJn3RwKJ7cHqoJww+mSD+Jr1ivGvgnpsjX+p6qUIjSIWysRwxJDED6bV/MV7LWUtzWOwUUUVJQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAF60/wBT+NT1Baf6n8anpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAKuovssZMdTgVz9bGsPiGNPVs/l/wDrrHpoTCiiimIK6S0GLOH/AHBXN10tr/x6Q/7i/wAqTGinrB/0eMf7f9Kxq2NY/wBRH/vf0rHoQMKKKKYgrzr4s61Bp1no9nMx23F35jgfxIi8g/iyn8K9Fr5/+NuoNceMbe0TDJaWi5U9nYkn9NtJq6sNHN6nqVnb3t0lrErxTRDqOhPNc0bpomLxsytntUXmOGpHO484qIpIposC5KylwoYsOc1V3kyFumaAaaOtUtxCe9PT7lNxmndBTYDQeuelaejP/pqr2PFZnOPatHSopnvovKjJ5HQUK1tWJnUanaAWgZSc+9V/AkksfimPyzglgD+ddDNpl5d6QdkJG0ZJxWb8O7Jn8Rzsy8xcn8658VOLpNbmUm7M7TV9Uln1L7EF+Uck1ueEmkAmUk7ADXMXMy3PiN/LGNo5re8N7xf3Hz4QL0z71yVYWwOiCnojK8Z6kbBXkJPtiuO0jW9GubjzNQiLNnjcK3viREDBu3968thwZdpwR7VzZfQjPD9iaUVzNnt2n3en6jbmOw2iMdVFUb7w4NdvYrS3GBuG8iuf8AsLe0upeecgV6v4PgWKEzyD53bg1hSoOniXZ6I7KMFOZt+HdFsPDlgkEe3fj5mPXNbX2xCflI+tRtbWzoC2SepqlcbInHlggV6t29TtfKXZrxSDj71RNdhkXJIIrLvBJGyup5NV086SPqSS2Kh3vqWkkjYadnBIJJpkRklbAxTjPbWVsGvZo4VCZJJxXOxfEDR579rGwdZJR0atVTsrmMqiR18cCwpvlOPrWTqGr6PasWub+BMdt4zXlnivxJrdxdywLdtEgJACNiuClt5GufM1C7kkU9d7UQnF6Lc4pV9T3Y/Ejw5BOIYpWkbPVMEVNd+MrKZVZhP5R6bRXl3hmz0SdiLaNXfPJYc139lBZRuiyIvlr13dK5vradb2VjGVeS2R0dlqNtJaCa1jfBOTkc1yviv4jTaFL5cFr8zLwWWu/f8As230mJoPKUOABtrxP4nSINRhjyGOM/rXU5WqqJXtZORyuueLdW8Qb/tc5EZ5EanisTTrcTSqGyRnipRtcyFgF4OMUzTHkW/SONSRurq0Nd0eueBvDH2u9S7kX93EvBPrXqbxERjBrzrSPGlt4dit7O4iwJQCWxXoGn63puqRqbeUfQmhbEsUxsFHQ1XYPnpWyY0A4xg1E8C9cUWEjMGe4p3Aqy8YB6UhRdmcUWKuVzhu9RkMG9qVgSSR2pyHj5qlopMkQIFwDyajeNw2c8dqXGSSKZE0jON5+VamwcxYZWWFV/jbtVlALW3DvgGqEd4JLt2/hTgVS1HUJLibyUPGaCka0d8ZpPl6CrYk3NWZZ25hhXPUjmrULEyYoGzTB4opgOBRTJH0UUVoZBRRRQAUUUUAFFFFABRRRQAjKroyOoZWGCCMgivFPFvwjvba4e78PL9qtnYsbZmAeLvgE8MP16dete2UU07CaufLjeEvEiMVOgapkHHFpIR+YFN/4RTxH/0L+q/+Acn+FfUtFVzk8h8tf8Ip4j/6F/Vf/AOT/Cj/AIRTxH/0L+q/+Acn+FfUtFHOHIfLX/CKeI/+hf1X/wAA5P8ACj/hFPEf/Qv6r/4Byf4V9S0Uc4ch8tf8Ip4j/wChf1X/AMA5P8KP+EU8R/8AQv6r/wCAcn+FfUtFHOHIfLX/AAiniP8A6F/Vf/AOT/Cj/hFPEf8A0L+q/wDgHJ/hX1LRRzhyHy1/winiP/oX9V/8A5P8KP8AhFPEf/Qv6r/4Byf4V9S0Uc4ch8tf8Ip4j/6F/Vf/AADk/wAKP+EU8R/9C/qv/gHJ/hX1LRRzhyHy1/winiP/AKF/Vf8AwDk/wo/4RTxH/wBC/qv/AIByf4V9S0Uc4ch8tf8ACKeI/wDoX9V/8A5P8KP+EU8R/wDQv6r/AOAcn+FfUtFHOHIfLX/CKeI/+hf1X/wDk/wo/wCEU8R/9C/qv/gHJ/hX1LRRzhyHy1/winiP/oX9V/8AAOT/AAo/4RTxH/0L+q/+Acn+FfUtFHOHIfLX/CKeI/8AoX9V/wDAOT/Cuh8P/C3xBq9yhvbdtNtOrSzj5/oE65+uBX0JRRzsORFDRdHtNB0mDTbFCsEK4BPJY92J9Seav0UVBYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBetP9T+NT1Baf6n8anpDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMfWGzNGnoufz/8A1Vm1d1Vs3pH91QKpUxBRRRTEFdLa/wDHpD/1zX+Vc1XSWn/HpD/uD+VJjRT1j/UR/wC9/SsetnWB/oyH/b/oaxqEDCiiimIK+WPH97/aPxC1uZScC4MP18sBP/Za+piQASegr5vtfDkt3d3N/fKBJPI0pHuxz/WsK1aNJXkF7K5wByGOc4pAARzXUazpCRozIu3HauWYFSVopVY1FdChPmAY5NCctilxxihBhlI9a3RZZFo+5M9GOKhnhaGTY3WtlpFMEfHzJzVW9UXEZlH3lFNoDMHpXQeHNfbSbyMtbRSLn+IZrAOTwBx60+E7ZkGe9Q4KWjEfR9jqlrqvhS5uYIljIjO4AYrzL4f3LDxXfRA/6wkD861vDV9LFol7ACNjQVzngEn/AITViOgfP61wVaPs6c2yGtDrVh2+IJgwxz1/Gtrw3LGurXKEkvs4HbrTNRW3OtOY+oGT9aPDMaNq91MfvBOB+NKrLmwOnYUdImL8RHt3sih4lzwK8ni4cADkHmu9+I0krXi8EDdXBxL+/P0qMsjy4ZCpdWelaLbR23hlpYSdzEkluld14Q1ZbzRQFcNJE+GwfSuH0e7t5/CchJ4izlR3rktG8VXWg6lJJb5Nu7nchqMNTcqk79zowtRQqu59S2KtcxqR028mpblIPK8tMM+eteT6T8W2umhsoLfZvwCcV2niS+ubbSo5YcK7RhiR1r06dFqJpVrK+hf1S/06wtgb66iiwOhbBrznxD8XNN02BrbSYxLKD99hkVwXjy9u5xE080jK2OprhvlJxjA9TVezV9SVWbN7W/GOsa7Mz3N1Iqn+BW4pnhe5e11YTg4ZRn61hjOQADtJrftYobby5FPLCnykOVzq7q/F+HuP4t2Ca5PVb0y3BhbkAda6KKLyrEtj7x3VyN/KpvX47VyUUlUlYyW50vw7lRNVkDSY4OFzXf8AiueWLSS0Jdc9SK8t8EyiLXQxGeK9K8QSNeWSw7gFY4wK5KsLYyLXUzqI7a3lWTwZo2OX2oWPevIviBe+f4lKqeFQj9a9QUfZtJ0y1jJO2Fc59a8d8VDHiG5Zz824ivUkk6quOK95GOm5id33egNdH4ThgGoKZypOeMVW0eKzmQrLycdK0NNNpp1xLvQ5JO01tKndHSnY0fGfl/brfCgjAI+mav6LPLHEDC7J/umsLULr7ddwlhnauBXQaQFyI8ckZpKNlYmTO90nX7qKIRynePU9a6a11m1nAVmw1cZaQkRr8ueKdIhjk3AlTTsQmd4FD9Oc9COlDINrKBnB7Vwc/iS+0m285QXiVhuHWug0jxppuqwoyuI5GHIPHNFh3L7wFSSOlNWP1FWt7SYIxt7Ed6dtBGMc1LQ0yoYz26VVunMVu237xrVERQEnpWPdyeZc7APlFS0O4kEYt7DceXfmqtnF5l35jVek5QIegHFPgiVFJFQy0y3JKETtSW8imQYPNZs8rbtoNWtPQmQE0iza3GioGlwxHpRTJLlFFFaGQUUUUAFFFFABRRRQAUUUUAQXS3TxAWk0MUmeWliMgx6YDLz05zVTyNb/AOghp/8A4Av/APHq0qKTVzSNSUVZW+5P9DN8jW/+ghp//gC//wAeo8jW/wDoIaf/AOAL/wDx6tKilyor20uy+5f5Gb5Gt/8AQQ0//wAAX/8Aj1Hka3/0ENP/APAF/wD49WlRRyoPbS7L7l/kZvka3/0ENP8A/AF//j1Hka3/ANBDT/8AwBf/AOPVpUUcqD20uy+5f5Gb5Gt/9BDT/wDwBf8A+PUeRrf/AEENP/8AAF//AI9WlRRyoPbS7L7l/kZvka3/ANBDT/8AwBf/AOPUeRrf/QQ0/wD8AX/+PVpUUcqD20uy+5f5Gb5Gt/8AQQ0//wAAX/8Aj1Hka3/0ENP/APAF/wD49WlRRyoPbS7L7l/kZvka3/0ENP8A/AF//j1Hka3/ANBDT/8AwBf/AOPVpUUcqD20uy+5f5Gb5Gt/9BDT/wDwBf8A+PUeRrf/AEENP/8AAF//AI9WlRRyoPbS7L7l/kZvka3/ANBDT/8AwBf/AOPUeRrf/QQ0/wD8AX/+PVpUUcqD20uy+5f5Gb5Gt/8AQQ0//wAAX/8Aj1Hka3/0ENP/APAF/wD49WlRRyoPbS7L7l/kZvka3/0ENP8A/AF//j1Hka3/ANBDT/8AwBf/AOPVpUUcqD20uy+5f5Gb5Gt/9BDT/wDwBf8A+PUeRrf/AEENP/8AAF//AI9WlRRyoPbS7L7l/kZvka3/ANBDT/8AwBf/AOPUeRrf/QQ0/wD8AX/+PVpUUcqD20uy+5f5Gb5Gt/8AQQ0//wAAX/8Aj1Hka3/0ENP/APAF/wD49WlRRyoPbS7L7l/kZvka3/0ENP8A/AF//j1Hka3/ANBDT/8AwBf/AOPVpUUcqD20uy+5f5Gb5Gt/9BDT/wDwBf8A+PUeRrf/AEENP/8AAF//AI9WlRRyoPbS7L7l/kZvka3/ANBDT/8AwBf/AOPUeRrf/QQ0/wD8AX/+PVpUUcqD20uy+5f5Gb5Gt/8AQQ0//wAAX/8Aj1Hka3/0ENP/APAF/wD49WlRRyoPbS7L7l/kZvka3/0ENP8A/AF//j1Hka3/ANBDT/8AwBf/AOPVpUUcqD20uy+5f5Gb5Gt/9BDT/wDwBf8A+PUeRrf/AEENP/8AAF//AI9WlRRyoPbS7L7l/kZvka3/ANBDT/8AwBf/AOPUeRrf/QQ0/wD8AX/+PVpUUcqD20uy+5f5Edus6wKLmSOSXnc0cZRTz2BJxx71JRRVGTd3cvWn+p/Gp6gtP9T+NT0gCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOf1E5v5fqP5CqtT3pzezc/xGoKokKKKKACuisTmyiP8As4rna39MObBPYn+dJjQzVlzZg+jg1h1v6kM2Entg/rWBQgYUUUUxGb4huzYeGtVvF+9BZyyj6qhI/lXzZpXiS+uNSgglYFXIBr6B+IE3kfD/AFx84zaOnT+98v8AWvmnw7EZdYtz3DCufEwhKD5kDWh0niS4WNWz3WuFLb3Y9zXSeKp283ym7VgWiA3A3dKywULU7ozpKyK5BHGOTU8EZDAnpUtwV84gL2pNrLHXZ1Ni0rHdj24q1Ja+ThmdWDqPlHWnaKInvYjMu5M4IrrnsLKLU4rloyYcD5SKZVjzd4WWUqQVyeAaEjInUAd66XxNZKtwLmNQiZ4Fc8offvDLQJo9A0QtDo1+znH+j/L9azvhy7HxaSoBJPf61XkvHXSSEk+ZkwQDWt8L4rcajdXcrYeFd361yYl/u2RLY60xOutzs45yePxqTw8sp165Zf8AV7O31qCyuze3l1cnldxA/OugsbZdH0e5v3GWcEisa9o4RR7mfQ4D4j3Nq58lT++HNed22Wc+oFXtb1B9R1W4uGJwCQBWdC+1y3qKvCUXRpKLLgrI9J8JWkNx4enjH3mY7vpXn2pwLb6rLChOAx4rs/DU8tj4Zu7leT8wFcNLMbi7ed/vFianCJ+2n6kw+NnR+EYvO8QWaD/nqM1774s+TSlXuIQteIfD+Df4nsmxnMor27xkwFi3sMV64PVniHjbY6QKCSQgOK4YY5z+tet61ollf6QLoS/6Qo27c9q8t1C0a3mwRxmspR1uWitF/rACa6hrP/iXRTx8gYyTXOQKC+CMYrsQ8aeEioYb/M/pST6MC7aMbvTOMEqMYrjtUhaG6Yleorq/CwLo6lsjGaw/FEirdFQK82lLlxDRK+Ip+GmcazH5frzXqEy+fdWiDdtEig15ToMzQatEVGdzAV7XaNbJDE743LhjSrf71HQmerOs1XT9j2DQnB8scGvGfFlgV8Xukh4fLH65r1zW9akjfTZIoy8bIoyBXkvjC+87xS8pXBUH+dd01aqmEdJIz7CRbHUJF2Bhkgcc1rW9k17fKDhQTnDVi6GXvNd3qhcZzjFel22jmS5Es8ZiJHy4GK3hK5pJkGreF7e2soLqzfc4A3gnvSaTBulSUduCBXTxWEdpbOJZfM3ds5wKoWNvaRTubeTcxblc9K0aEdHp8XToRnik1KFRLgfpT7UuOoxgZqX7P9qLNu6VncDnr1FewnVum09fpXn2mO0crxoSCJAFIr0jUbUmOaMHA2mvOdNTy9RkT7xWUYpgz2PQbm4isYo5m3HHeuotoxOpbHSuR09yLeJn6sAMV22mL5drtPUjNSwiVL1JBbgIPmNYTwPk5ABrotVMosn8kfvMcVi6NDcXFtIbvh88VJRGsZ8sEimO4VMDOavzI0UYUjpVJkDc4qGikyrGjPJ04rYs4hGciqDMI8YFXLab5DSsVcWV8yN9aKgYEuT70UWC5u0UUVZmFFFFABRRRQAUUUUAFFFFABRRRQAUUhbFJuFADqKQGloAKKKKACikJpNwoAdRSBgaWgAooooAKKM0m4UALRTdwp2aACiiigAoopCcUALRTdwpQc0ALRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAXrT/U/jU9QWn+p/Gp6QwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDmrr/j7m/66N/Ooqluv+Pub/ro386iqiQooooAK2tIbNqw9H/oKxa1NGbmZfoaTGjQul3Wkw/2DXN11JGQQehrl2BVip6g4oQMSiiimI474qSNH8NdYZTg7Yx+BlQH9DXzx4bkjTWYS7bfmFfQfxaJHw11XHcxf+jVr5rtm/fROp2sGrKrHmi0D2N7xZEBMGJGTz+FYEbbfmA5FdT4gsxLYxz5LEIOfwrmoQrKIxgEnGTWeFaULdiKWwNKZXX5VzS3CskgU+gNSvafZp0y4boeKL6QCZW7bRXQzUvaDOsMyEoWbdxXcWMBvrtA5K9Dg9K4zw4BLq1pFsyGk5r03UNMezvYhHwrKDkUQKRm+KtEh/seSLBM6qWUjpXl/kgwMv8Ay0QnivZtSie4SJRIqjgEv0ryrWdIu7TUJSkbOpOcxjiqkDIrUO0Dr1G2um+HSBptTQkDdCRz9a5nT/m3o25Wx3ra8IS+RqF8uSMxdfxrCvHmjYznsdroiiO3ulA6E/zrpNTnb/hDppHxwhAFYGjKDYzt1JzzVvxDM0PgeU54OR+lYY2H7uK80Zo8Sk+aa4k7FjUaoZDxxxxTkG6Jzngk1JYxmaZUBxziupu0XfoarY7mIHS/BDBhlpMnn6VwCkPKWxjNei+JonsvClvGSDuUfyrzqEHjjvXNgve5pGUN2z0L4YRmTxRaZHCuDXqnjeTFrKpPJkIFedfCSNm8Rq2OFAP613PjFy8pQnO6U16Q3ucbZWcrRSGWRcYPB9K5jXNHiltZJLeVXkUnIzXVyWT2shldnKsMYB4rFk8pDcgYDbScU3sWjgYreWPIkRlOO9Tw3Ejj7NvIXrya67w9YSa7qyWJiQqerEc4rs9d+G2m6VoF1fknz4gcAGsGgOG8IhhePEuSCME1leMYUh1AgHNdF4Qu4/skuIx5vPOK47xFO8uqS+bngkV5dJN4pvsT9om8K2hn1NJSMqhzXerem6nuoFyFVDyK5LwPIftTx4G3BOTXVaDtbXLqNl3q2RgV0QXNiby6Ey3PRDEv/CK6TgiRwEJ7mvN9V8O32r+KJWiiPlM5UnFeis3myWkFvFKkMcYDZH8VO0VHi1KVG7z5GfSuiWtRB1RB4Y8F2+j3Ucbw5cjcXI6V0N59lXU0hYrjdtFXb+4khueMbScEis66igllWR8gqcg1vstCyHV9JjsZnufMYhgflJ4rL0e1tluWkPDuC1dNdaeNTtkZ5WJC5ABqpoGkwzzzK5YNESozV82gGhptk147pnAweakutNGk228SEux6E1s2dqLQAKOSKbqojlgUSDOKyYHm3iGaeOwuJIiC+DXFeF4BcahGz8sx3N9a73WYxJHdInQq2Pyrh/CMbpq7RnqlUgZ6isYynOMODiuvhmdVjbA5WuSiAIUk8lhXX2oDRxj/AGKUgiMv5C9qWXjCn86q6TvfT9z8Gr3lhmMbfdNZs0jRX620XCAUhvcuSqskYVh2qgbNlBKjir7sBH0qxAUa2OcUmhpmBJa5Xd6UyEuDtOMVszxJsxjk1mPEYWyQcUhj9goqwqAqDjrRQO5eooooJCiiigAooooAKKKKACiiigBCcVLBbtN8zHanr3NRonmzKnY9abr9xHFaQWZcxrdyCFmUH5Y8Ev05GVBUHsWFJuyNKcHOSijSW2hUcRg/XmhreFhgxr+AxXETjQ5VuJkjhRW1CCKLbEeI0kQOOnciQH1GKWc6HGmoSCGAC1vEkX90eYtqFx06YL8ewNZ+0O1YK/V/d6efmdVcWjQgvGSyDqD1FQK+4UzRLm3W7vNOt23QRkTw/KQFR85Xn0YMfYMo7U+5QW92VH3W+YD0q07nJUpuMuVj6EV5X2oMn+VNz8mauJaLLZNGzSL5o5aNyjD6EcimZpLqPjs41HzDeffpUvkxf88k/wC+RWNYz3GlNc2d1Hf3EazFreXY0xaMgHBbk5B3DnnAFW/7Yj/587//AMBX/wAKnmRrKjNP3dUTS2KMMxHY36GqOWRyjjDDqKll123giaWW2vkjQbmY2j4UdzwKlv0WS3W5jIOMHI7qaaa6EunJfEiEc0hOKZG2RVmzj8yYseQn86ozsPhs9wDS5H+z/jUsn2S2QGUwxqeAXIGfxNWKosPM1yIrz5Ns+/23su3/ANFt+VSy4q71J3tYZB9wD3XiqM8L2zc/Mh6NU+jDZo9rD/FDGIX/AN5Plb9QauSIskbIw4IxQtgkuWTiZanNKagXKSNG3VTg1LgsyqOrHFUS1ZkkMLznjhR1NXUtYUH3Ax9W5qREEaBV6CnUhEZghYYMaflVSeyKgtDk/wCyf6Ump3car9jjWSa6lGVhhkKMBn7xYfcXjr+AyeDHodne2MFxFe3Mlw5m3o7sWAUovC552htwGeaV9bGqp2hzN/LuRI+akpb+MQ3CuOBJ1HvTFORTM2uo6iiimSFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAXrT/U/jU9QWn+p/Gp6QwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDm7sYvJh/tk1DVm/GL6X6/0qtVEhRRRQAVd0p9t6B/eUj+v9KpVLav5d1E/owz9KAOlrnb1PLvZV/2s/nzXRVi6um25V+zL+o/yKSGzPooopiON+Kqhvhtque3kn/yKlfMigc44Oa+pPiPCJ/h9rCFSwESvgf7Lqf6V8t5yWA4qZD+ydJfXUo8PRoeckjPtiucU4QAfXNdDqWYtCijIyeufwrAXCxjjLHoKxoW19SKXUI2kmkCAksTgVuwaDPeyosqNFGMbmfjiquj6bd/2paym1cpvyfl7V60bmC3kAa1Eq+WuVC5xW+5sYXhmPSbS+jtLUCWQHl25x9K6jUop9SjVIGKMrY3N6VSs4dFkvFnhgkhfPJGAM1ozQyxXEYRz5bHrmktBlfUrGCPQ8tc5nTOQGrhNRu5bLVERTvjaNThuRXcSwGW+Fm6ErJ/F9awtW0eCG4knlcERrgDPpWnQQzVLiwfw4pSzhSZiQXVcHpXJaDIItRnQ5+dMZ/GtzWZkOiQmIYUuR+lcvaSSLqQKdCAKi1yJHqukRGPS5PfOKseIoo5PBMglbCjJ4+lQWGRoJIPO3NYmv38v/CGyLI33pGUVlioOUUkZM8v6RuF6BjirWnKXuolHHzc4qpnEAPfNSWkxhmDjtVTjdGvQ6jxlqzSxW1iGyixjnvnFcpbqfU4FPv5nuZRIx56UkLY4qqFNQjZEJWR678HY86tM3pFn9a6rXUEuqpFnOZM81ifBuID7XKR/yyNa2uShfEcJXOAAxrpJ6hJ4cOohsSsvlnOAaz9C8K22qvfGTPmR7k/Ku40iOKa3klDbVOcmq/hhbJL6+MMuSWbIz1qWy0N0DwrYeHpUIjJlkXcG9KueI4oZ9Fnik5Vic1sX0ojmjYqMLECM1z+tJJ/Ydxcsww5IUVIzyQCx0vV/JtxgNHn8a8/8QSGTVJuBjca6/wAQPHaa5ZncCWUE1xmtODqMxA+85IrkULVboEjT8HsV1JvmwNvSuw8Ks6+KZyFO4EkA9DXGeEWVdWG8gZHeuz0+5MGqXFwi8qxHFEF++uZy3PcYIPM0VZ3jjV9wLYFVLe1he3ub4DDRE4xWa+qyweEInYkGXDDP0q94flNz4duSBkspBHviulxu7l2Kemzzagssshyu7ipbogR4OTg1Z0WzddOkJXbg9KbeIu1Vxz1pgamlqi2YeR8DFP0WS3+2XBj5yxqbTrWOfTwHzwtXtOsLa3DbE+Y80NjLygBS/tWPq8ojgDHoa1s5DIBgYrmfEUhWERH0zSA5aWQPNMOoJwPpXKaDGsPi27U5By2K6IOVyR1qraaaBq5vOhIINCYM6y2RiV7jNdfChFujr/drlbAjZ+Fdbp8m6ziU9cCmxIhXcpVm6k81DJb7tUMnbkA1cvAFUkevFEQ3Rxk9SM1IyO5ULCR3BqvaZJ2EnFWbxgSwHrVa1IVif9oCmBqLEuEyAeKZdW0cyfdAx6VKzqGVfapDSKMnyXT5dvAorY2qewopXAzKKKKBBRRRQAUUUUAFFFFABRRRQBJZ4+1HP904qDXbZrmTTVjuZraT7VgTQkBgPLckcggg46EGlSTyLhJD0B5+lP1eeKCTTZppUjiF1y7sAB+7fvUy2N6F1NNef5GFBZ6NcW9usV3rItJ5FmhJEqoZXORJvK5ySc4J25OcU42OmTR3G+51yeK5yLsiOTbc445wnA4x8m0EcHIostU09fB+hRtfWwkRLLcpmXK4KZyM9quRXEcEBgh8RaYIhu27kUkAknr5gz19KyVj0ZOcW9Xu/wDh9F6fPUm0a18jV71vtlzdhreAxvcMCUUl+BgD0HJ5PcmrOrECWDHXBz+lR6VLbyapdi2uI5447eBN8bBhkeZ6VFeTC4vjt5RPlB9fWtI7HFWu6t32X5Idn93W0MbRjpjisbb8laVnMJbcf3l+U1RzMy57220jXrqa8uljiuoIjGnLMWUuGO0ZOMFOak/4SnRv+fz/AMhP/hWR4xFyt9YPaaU907KytJH5qsRuX93ujI28Fjlvl4NbH/CM6Z6Xn/gdP/8AF1neV2kd7hQ9nCpVvdrpbpoU9T1m21fTptN0yV5bq6Hk/LE48tWOGcnGBhST9QB1NbdwiRafJGqhUSMhQOgwOBXNeCnvZDfG80+a0xs2+Y8567sr+9JyV4+ZeDmt3VpwluIQfnkP5CnF3XMzPEwVOfsY7L57pdijAflrT0/HlP67v6VmwL8tW7KUR3Bjbo/T61ZzS3ZpVTtCWvNQLDlZlRf93y1P8y1XKqW53X14cEbWRcHv8oO79cf8BpMI7S9P1QlixNzqCk/KlwAo9MxoT+pP51cqpYsDJeLg5S4ILf3sqp/TOPwqzJIsUbSOcKoyTQgqfF935GNckf2jLjpkfyFTW5H2qLPr/SqUbGaZ5WHLEmrJJjZXHVTmmhyWtjVmLrCxjKB8cb/u/jWRdy34ljhe5kk8wMypYQqrbVwDlnY/3h0waXxDKkmkwYjklV7q2bakTP8AKsyM2QAegB/Kqltf2sOr71guUhCzAYs5QOTFj+Hvtb8qiT1sdFCm+TnSvv07Ijiu5LVHuNPECWhurVCrxM0kolMQLM5bJbEnU56CrGj2tvDeWMsUESSSW1xvdUALfvI+p71kQXAXSBCbe8En2mwfb9kl+6hg3n7vba35VqaTdobrT08q5UrDMh320igFnQjJK4HANQmr/wBdzqqwkoOy/rl6/M1NWwLeP13/ANDVaI5WjVJxLcpCvIj6/U0RDArZHmNWiiSiiimZhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAF60/1P41PUFp/qfxqekMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwdUXF859QD+lU60dYXFyjeqY/Ws6mIKKKKYgooooA6aCTzbeOT+8oJ+tU9Xj3WyvjlG/Q/5FLpMm+0Kd0bH4Hn/GrVzF51tJH3K8fXtUlHNUUUVRJieMIvP8F60mMn7FKQPcIT/Svk9F3SYyBk4r7EvbcXVjcW56SxMh/EYr46IUycHGDUy2KWx1Gvx+VpECjByOv4Vz1k227hIAYBuhq7rN8ZIIoFbKqo5/CqunQlp4QvVm61nQi4xdyIKx63b31szQW/kBHMa8qMdqm1yeKywIiN7qM0lxpMun6hYybd6tEhLAe1VfEcSicucklBgVskaXJ9KdpdP5RSdxO4Cupt0cJHuVWAAIyK5vQbeaDT/nGVYnFdjY3EDQopHzA80WC5kSpI2oKyrgA9a5XxKkssTqCM7jmuyublP7RRV/hOSKwPEs9vPas0SbSCQTQxo4i7tbi5sIVRSY1bnFYUUEkeqKHVkGeM16b4cWONkhKrJ5xx83IFRap4Vj1fWIZrRhFI0nklG6ZHpTSIkaFlhdAP8Au1534q1NpdNW0UhUWQt716vHocsOkXVvL+7e3jLHPevF/EQaSQ/IThyOKp26kJXZiZ2xJnuaISNzcH2pWbavI5A6UkLDePeo3L6D7ohWQe2cUsJwQSKbdELKDkHin2yFpgiAuzjgCqW4nse7/CJPL0m8mI42EVemaK816YAZ2w5o+GlpNY+ELlp4ihbIGRVXTXA1i9c84iNamZ1lhYBtG3BmXL4IBq54e8O2tpdSSKX3PycmjS3EmjKwOBurV0mQNM3PSoZaDVIhtZAM/LtrlfEmpJY+GyJImwjdxXY3GXviAMgLmuI+IeW8HXR2gN5hA49qhsD5+8Q6m17qq3JAAX7oHpWHdz+fPvYc1YvEkQKZVIyOM1ScknkcCp+0Wti/ozbL9HLAAc5rs9DuBPNcN13SEe1eeIWUkgkcZFejeALN7q34A3mXjPemo+9czaPQPH12kPhHS0hlCusa5ANaXw4uppbFEkbKtzWbrfhzUtUSNLqHZGuEXjHHrW94U0tdEnS3ZyQE6g9Ku4zsSiR20+3pvxWBOwecBfStu5kSKwlOfvNwTXOwrunUk96VgOs0sqtn83pV60ZSpYYwKybAg2lxz0ziptHld45AegNIZppyXPbNcn4pJMyhUb7ldRExCOMd65vxBMId0rYO1DQBwwZmkIHGD3rTtRtHI68k+9csNbP9oktF+5IJJxW0utRR+XvX5JBuBoQM62xXv2xXR2BfywQOAK5PR7pLhi8TZT0rrtNlEkZUjAAoYkNvXlfYAOtTRTKQFBGVGKRJEkuNnYKaowK0V3OxPHOKQyfJllYHpTYgu7AP8QqDzGKlh3o06N5JmyehpgaUpZrxQp4FX8cAVRNq5utwPFXQccGkUOwaKbvopAZ9FFFAgooooAKKKKACiiigAooooAY67hRBeG3HlTLvi7dyKfTHQNSKi+5oRzWkoyjRH24B/Kh5LSMEu0I/KsZ7YHtTBajPSkXZdy1d6kJFMNou1Twz4xn6VDBDtAp0cAHarCqAKEglJJWQmOMVGJJLaXzI/wAQehFTUjKCKohOxbh1C3lGC4jb+6/H61YM0QGTImPXcKxHgB7VCbUZ6VOpVos1bnVYIgRGfNfsF6fnWUPMuJjLKcsf0p6WwHarKIFosO6itARdoFNkTIyOtS0YqjO+tx9vqQACXPB/vgcH61PJDYXbiWRLeVwMByATj0z6VQeINVdrYHtUs0TW6djXFxY2MIjjMUca5xHEBx9AKy7u8kvmCKCkIOcdz9ajW1A7VYSILRYd4rXdiQx7RUrDIpwGKKoybu7kcF09oxBG6I9R3H0rSivbeUZWVQfRjg1nMgaq724PakWrPc3GnhQZaVF+rCs671YYMdr8zH+MjgfSqH2UZ6VKkAHalqO0UMgiPVuSeSTVwDFIqgCnU0RKV2FFFFMkKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAvWn+p/Gp6gtP9T+NT0hhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGXrKfJE/oSP8AP5Vk1u6om6yJ/usD/T+tYVNCYUUUUxBRRRQBf0mXZcmM9HH6j/JrbrmIpDFMkg6qc10ykMoYHIIyKTGjnbyLybuRO2cj6GoK1dYi/wBXMP8AdP8AT+tZVAgr5H8U2n2DxTq9sF2iK8lUfTecfpX1xXzV8XbE2XxBvnxhLmOOdePVQp/VTTGjg2Zn5JzWtZRM9gsqnBVjzWRkjpXRaLC0tih/g3ncPahAz0e6u5bLwzp2oyXHm+Y/lbc5IwK6SMWE2n+dLEzzGMMueRXI+MLYXdtp0GjRSvCiKXXqAdvNd54ds/MtEE8eEWJQ2R0piILmHZPZgKEifGQBjtWtLZQWsW6MHJGaseJLWKG1s2QjIbI+mKguJv3Ck9NgoGc8q7tQc47cmsDVF3aZcrkcMxFdORCl2Wd8b1AAzXPX6psniHIOTSeg1cwLW7ntbyyaNhsRgWrcs/E8F94hWOEqiQYkJ7lu9Y+oBba0fdGRG6YD+hrL0/RfKZb63m3qDl8GpU/esZt6ntEt/HqPhXULnH79Y2BP+yK4C01vR54oLFrSA35kx86ggitS4a7tfDbvEjiN1+Y9se9cl/wk+h2TR6hNZFtRh4TYBtOOmRWk2loVGwzxZbadoOp/6RbpJJNGCEiA4zTNUs9E0ZbCZ7ZybhVYrxkZGa43V9bn1fWTqE7bjuyB2A9Ku654gXXZLYlChgjVR+FZxvsi9DstD0TRrzS7rUzGAQ7KnmYxWn4Xh0e98RhYrNCsEYZ32jbxXF6X4ytbLQZNJubeQozFtyYzk1c0/wAcpZBoNNtVjDptZpFG4/jWiaW5mz6Fke3l8Nv9jCbNxX5RXnFg5S+viR/yzIrrvC07jwWHZeZG3HPuK4qASMb+Yf32XiriyT0DQ4PtGj4DEADOKXw3cyST3SsrDY5UE+lU9Bke00dZ5A20jGKueHJ2nmuQ0RVWYkHFK4zdE2Lps9SnH1rn/EkKXmktbFdw8zcwrXlmWC/w/AEeRmuf1a8aO0eRed8mKVijzHxzoFrOkMUCLE6RBumK4RfCxlszJHcKZc/dz1rsPiB4lSG5jiiAMhh2tiuDudW/0eIwM6SqQTzWfUq6saU+lwKlpbXS+QTgOx4r2vwNpujWWihreRHCNxITnmvC7jWYNVe2S+DAKAGZTivRtN1e1t/DSWOlhzG0oLSE5x+NWmrakNntN7e27aMkzsrbSACKzkKtoFzdqqiQk4JHtWJqO628K2nmSDynUNurQ0RkvfC8kUMnmNnsc9qV09ESmMuLlxoduGfLtgmqKNIW4POauT2MiWMAkyNpAxUAQJOBnvTvYs6bToGj0qRgSXb1q5o0U0drIZABz6VJYqF0xffFXYzthAHQ0txESygLx1JxXL+KE8+CWMcEggV1M1qDtdWwfSuA8S3N2uq+UoJXPahDOE0/R7+W+ktpQpj5wcdq6u10Py5YQyq0UabDuGavMDFCkkUX7w9eKuWjSzcFCAOvFCXUCzoukx20ztCflY5ArqjCFths4c9cVhadHJCZHbgbuPpXQQsPLVic5ptCKMJ8mfDHtSzowV3Heor5lN0F3YJYVNfTpFZOQQe1CQyqWUQKcgcVb0rDSEg9a56aWR7ZCDitnRCVAyecUNAb2AXJyc0AbjzVSGVjeOp6ZqxLcJCME81CGUZ55EndQeAcUVmXd0TdSEetFaWFc1aKKKzGFFFFABRRRQAUUUUAFFFFABRRXJeKfiFo3hdjbyM11e/8+8BGV/3j0X+ftRa4N2OswKMCvID8cZM8eH1A97v/AOwpP+F4Sf8AQAT/AMCz/wDEVXKyedHsOKK8e/4XhJ/0AE/8Cz/8RR/wvCT/AKACf+BZ/wDiKOVhzI9horx7/heEn/QAT/wLP/xFH/C8JP8AoAJ/4Fn/AOIo5WHMj2HFJgV4/wD8Lwk/6ACf+BZ/+Io/4XhJ/wBABP8AwLP/AMRRysOZHsGBS149/wALwk/6ACf+BZ/+Io/4XhJ/0AE/8Cz/APEUcrDmR7DRXj3/AAvCT/oAJ/4Fn/4ij/heEn/QAT/wLP8A8RRysOZHsNJgV4//AMLwk/6ACf8AgWf/AIij/heEn/QAT/wLP/xFHKw5kewYFLivHv8AheEn/QAT/wACz/8AEUf8Lwk/6ACf+BZ/+Io5WHMj2GivHv8AheEn/QAT/wACz/8AEUf8Lwk/6ACf+BZ/+Io5WHMj2GjArx7/AIXjJnnw+v8A4F//AGFdN4a+Kmi69cJa3KNp10/CrM4MbH0D8c/UClysakjusClwKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAL1p/qfxqeoLT/AFP41PSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUARXCeZbSJ3KnFc1XVVzVxH5VzImMAMcfSmhMiooopiCiiigArd0ybzbQKT8yHb+HasKrulzeVdbCflk4/HtSY0a93D59s8fcjI+tc3XVVz+oQeTdtgfK/zChAyrXi/wAc9GmnvdI1G3t3kLxvbyFR0wQyj/x5vyr2isDxhZLd6EzsM/Z5Fl/Dof0JpgfLI0q+bYPs0gLttHHevRfCfheW30uaW6uIYnjBcJJ35ri4L6QeIgskxESzseTxjJr0oXtrNptyst/brb+UOAfnz9aEDPRb3T7aTTrWaCNFBjUMUGAeKJQuj6V57ElZsoBWVLqu3w7YNa7niJ2kjngCptcvBL4VtCVOVmY/pTEXvE5+Syf5tjKp/SmmETWYIBxjFUtXvHuLGyZh8oAA/Kt7RV862VSBgigDlNSts31sgU7cjJrG1W2aI3DAcbOK7W8tWN6x29OlVJNN823kadeCKHqrFJnK6Ra2+p6NNHcDeqg5HcVkweDr21k8yxmMtu7f6sEkin6lPP4cu3lgBMRHzL6iuj8MeMNN1cIM/ZZUPRjgE15s4Vac7rVGTWpNrd3JaeFTZz27qQnYe1eRxSWMd7I16BhlwAa+nLy0trnS/wB5HHKpTOcZryXVvD2l32pmKa0dB6rgVFfGJRtJWGkeU6wlm2oxfZCPKYDp61qJpmmiGSTzAWSLdjPeuim8H6MXyGlHz7AN3Sq7eEtOjkZRPNwORv7VmsdSdrN6A2cfpX2CS9kS+yIzypBxUqCCfUPLgXCK2FJ7iu8TwHoVssMk7zMZcHAfoK7nRPBeiafcwi3tJJw4By2GxW1LMKVSaSuTc3dOYWXgOFSMN5YIz9K4zSlefSrl1PLXDZrvPGpS10ZIYlCjZjA7cVxWkQm30Jmzy0pNet5otHeaZGBoMSMASD0NaOlIqTMyhQuOQKx9MufL0QO3JB6Va0C/SWWVuq5IqWhCajBPqFySjqNrYx7VxvjKW80rRZJTtwrccV28TBpZXVsfvDXMeLhHc2xtZGVlY5xUzlZFI+e3uYtRuJJrx/nZjjnoKo3Mdut7Gsbgx8ZOa9Cm8PW7XRVrYhOmQKz20K0W6KCBsBsc1wSxKi9RHJ38NsFX7O4Pciu88P3ss/h5LOzsS0jEAsFq9BoGnQwForcPIR0YZrsPD5tNNs089raElh8uMGsli3Je4hWKq6Bq11pcEWp3BS3QDEYJDV0/hi3Fo4hjbZGB371zfjHx3bW1ubW2BaTbw3Wsvwt4slttImvb4FyD8oH0rahGq5c0gUdT1DxPcrDZxYZAxI6Vziu8k0bZ4PPFYz+KYPEUcJXcoGOCavy3sVsIypzivS02L5T0G2utulZAztFW7O4e4sw4HFZukSrdeHpJAOq/0q3pchj0ct/dGahkovtcxrGA5G4Vw+pyLPqzsezcVNcas1xdsUcbQcGoBiS5ZiMknNRctIvRoDtwoIqvNdy295sWE7T6CrsahguAQasOo4JQMfpUqQ7CWjT3JKONozxx2rcgtwnBJO33rOtGVXBYYNS3+otBDJ5Qyx4rRNEM5bxHqsdvrnEoARG4z3rN0/xDPqEUi3GNm8YIrF1WwuZtTkuLnd82SPpU+ioom8hhhfWtYom51E9zClkpZuO2K1/DE32ps56DiuWvBE0gtlJILCuy0C3gtAFRvm2miS0C5qIwN8+OSM5xWPql8Fu9gbGKs21yF1K4ycDJx+Vc7q+n3FzfvJG5wTWTdh3LbNvYsSOaKzF0y9CgeYaKjnA7WiiiqKCiiigAooooAKKKKACiiigDnvG3iBvDXha61CIKbjiOAN03twD+Ayce1fM8ssk8zyyuzyOxZ3Y5LE8kk+te9fGG0kufBAlT7ttdRyv9MMn83FeBVpDYznuFFFFWQFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAfQPwr8Sy694ba1unL3WnlYi5OS6EfIT78EfhXd15L8ELWVbfWbsgiJ3ijU+rKGJ/Rl/OvWqxlubR2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAL1p/qfxqeoLT/U/jU9IYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAViatHtug4HDr+o/yK26oarFvtQ46oc/hQgZiUUUVRIUUUUAFKCQQQcEdKSigDpbaYT26SDuOfrVbVIPNtt4HzR8/h3qrpE+2RoCeG5X6/5/lWwRkYPSpKOVqC9tUvrG4tJM+XPG0bY9CMf1q7dwG3uGj7dV+lQ1RJ8e6jpd5p91NHdKVkilaJj/ALSnBrU0qz83SrmaS4DAJyM+9dp8U/D14viyVrdV+zXaidRt6N0YfXIz/wACrM0bwSTiG6uwgkHKAkVyTxEaekmFzOs/EV7Z2whR2eMdEznFexaDOmteGYlkQ/IS3PrXLHQ7PT4Giht94Vf9YwzXQ+Bbu3k0+5jR1DKWGPxq6VfnKRo+KoRFYWaQkBQfm/KtDRrtUWBYySvGazfG8zpZWyIBuJ549qraIzRxxFietdXKDR1twUVyXHPXFTXixvo5kxhec1S8QBraxhulzluD9MVdltnn8PrubaGXP6UMRwfi7QJdV0xzarmQJnAHJrzPRNPubHVVS6ieDa3V+M163qniSz8PoqTSiSZxtCA84rjZ/E8FtrCve26PbSAHO0ZH41NxWNHXNYvrSxXyLl0wvALHFef3vjrWIb0YMTbQDkrmvUpNK0TxZahLPUERmHRn6e1cdrPwd1RZC9pcRyjHYE1nOnTn8SCxza+O7kOJJIEYg7uF4zU3/CfGRmka1XcRjhRion+GviSJiotWf3CVEvw78SkEfYJB/wAArD6lRfQOVF7/AIWVdlQBawnaMAsgOBWjpnxJ126v7eJPJjjLBeFwayrP4UeI7luYvL/3lNdjpHw1tfDckepa7qEf7r5hErEE1rDC0YO6RLSR33iuaS50az+YGV4lZvyrmbNwlgY5H24bPNZXiTx4+pEWenQbIIxtV2AJx9ayLP7ZcWzvmRznkg8V0vyHE9f8LPDqGnzop3KoINSeEIQn9oK2NolYDNZ3w4R7fR7p3HOCaveEL1ZX1MMuMStQr9Q6nN+L/GdnoCSw2255yxzg5ArzHxB4lnvrSO4W52yE52g810HiTTDc69dOo3kucA81jnR0lYrNByOyjFRO2zLSMax16+ePDSjjkbqzbzU9S+0M3mdTkYrsYPD2nsxBSVTjPWqeuW2l6SI/MSQ5Getc/JBvYdjBsr7VBLvkmYAjsTW3bPfXVzFInmyFSDjORWp4Qk0rU7jyhEWPbODXpsGjQRooigRfcLTjyxeiA80utAvtVmEtzB5YA6bcZqo+lTwBrYkiInpXskekAcE5zVLVPDEc0RZB81bRmrhY860GyEVysQ69q6iWwcyrCzqSTVcaHPYzmQA8DrU1tFLJI1w7Hco4BNbJoltnpGnItn4YkjBAITj64pljOT4acM4EjLjH4VnaZO1xpIWRvvVX8zZMYFY7AMdamSEji5rLU4buRomYqWzWjZ3WpxN80ZP4V1CQo3GBV+1sUzkoD+Fckm0zWJyGq+INT07S2uEtmbbxwtYPhfx3earqggljZATzuFeuNp1tcRNDNEpRlIxjvXEy+C3sdSeS0iUBmyDtqbgzs4ImdQSc+4qyLQdxnPrVfSVljtgk3314rU3VSZNjJ1HR4rmH7gz9K5d9Be3kJXiu/YqRzUEltFKOetb052IcTiLaxKS7phnnNbOhTF9UmJzsXIH5VoPp4BLY4FJZwxwtKQNpY10OSaFYZMwe5coO9XIoQUDEc1XQR72HcGr0Bzx2rCSBCeQvpRVvZRWVhkFFFFaDCiiigAooooAKKKKACiiigCG7tYL60mtbmNZIJkKSI3RgeCK+e/Fvw61bw5cSTQQveacWJSaJSxQejgdPr0/lX0VRTTsJq58h0V9dGKMnJRSfpSeTH/zzT/vkVfOTyHyNRX1z5Mf/ADzT/vkUeTH/AM80/wC+RRzi5D5Gor658mP/AJ5p/wB8ijyY/wDnmn/fIo5w5D5Gor658mP/AJ5p/wB8ijyY/wDnmn/fIo5w5D5Gor658mP/AJ5p/wB8ijyY/wDnmn/fIo5w5D5Gor658mP/AJ5p/wB8ijyY/wDnmn/fIo5w5D5Gor658mP/AJ5p/wB8ijyY/wDnmn/fIo5w5D5Gor658mP/AJ5p/wB8ijyY/wDnmn/fIo5w5D5Gor658mP/AJ5p/wB8ijyY/wDnmn/fIo5w5D5Gro/DXgnWfFE6i1t2itc/PdSgiMD2/vH2H6V9LeTH/wA80/75FPpc4+QztC0W18P6NbaZZr+6hXBY9Xbux9ya0aKKgsKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigC9af6n8anqC0/wBT+NT0hhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABTZUEsTRnowIp1FAHLMpRipGCDg0lXdUh8u73gfK4z+PeqVUSFFFFABRRRQA5HaN1dThlORXSQSrPCsi9GH5VzNaOlXOyQwMflflfrSY0WtUt/Ng81R80fP1FYldV1GDXO3tt9muCo+4eV+lCBnDfEawim0FNRkDZsZN7FTzsbg/rtP4V583iiytoBLb27vIFwGbBFe2XVtFe2k1rOgeGZGjdT3UjBFeGS+B72G8uLe7njjjhcqDgjcAeD+I5rnq0IOXPJAlcxdQ8R32pxuDMsQ7KvBNaPhZrhdJnjLPE5LHdnGea2rXw3YQYSNDcSgZOORXQ2nhuTZkRYU9gOlWuRKyRSiZs+p3X2ZEmAkRFGCwyasWuo+fbqIgRg81MNAdlkEjnAzxmoNKjjs55IGQknpW8VoUzu/ETr/AMIjAZJFX5ep+lSarKy+BgYGLuIsqy/QVj+Lbtb7w1HZQIxlVc4H0rQs7qEeGobKb5X2AEH6VTWhn1PLZNLmvyLi4VpCD17iqd1o1lPLtnWdeMfM3Ar0+306NQRt461XudIt5MkqD+Fc7ZaR5pbaDaWz7rfUJIiTxiQjmtF9dvNDt/NGomRAcfM5PNdW/h21dfu4KnNYviDwlDcaRcJCTvVCw570JpiaM2w+LV2lwsbmJwxwPlrpR4+1O5TEVqq98lO1eGJpN3b3ZJU5jb0r2rw2i3GmRFlXcVCninewE7a3rk+C0iKDyNoxWZf2d1fKzXEruT2JJFdOlsrcYxjin/YVYEUvaakHmE2nG3Zhg5q/b3c9lYGKBR8x5yM11WoaEGfzFGcVkvaeXxsrog7ieh0HhnWprfSXRSoZ+DkVLa3cmhxzMWU/aXLH8az9KtZEgXaucv0xVrWoZ1MRkjO0Y7VdhJmV/r7yRyCCzZrQhslkU4QEnviqumW7XF6VHPNdpYaYVGGWuOrKzN4oxINLTA3Rr6dOazPFvgtdY0zzI4/3kY4AFeiw2CqN2zJFWfs0eB2z2rJSLsjwXwp4cv8AS9QWVLWQEHByOK9osoma3RnUh+9XmsEDfKqD8KnjhKgA4qXuFkQxwYGcdam8kY5FTEdOKOTVq6BlCXS4plPHNYl5onlsxUYGMcV1ijB5qK5QSI/FbwkZSiYFlaCGz2K+D71VkgMM4bGc1clSVgUiU5x1qGG2uVOZ+lbX0FYvWVuJRuxW1DCEHSoNPgUQgpyD1rSCe1csldlIj2gDGKVkDLirAjXGTTSAOlNQByKwj2npTiKlIGaay1SgLmI8jqaUfMeKhlV/4amtcqPmp8o+Yc6lh06VQlgkklJxj6VrLjdTwik9KtOxD1ML7Jtkyc7jWlawsvJFWTArPuPapeAMChu4hnliipaKiwGZRRRVDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAL1p/qfxqeoLT/U/jU9IYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAUtTh820LAfMnzfh3rCrqiARg9DXNXMJt7h4+wPH0poTIqKKKYgooooAKUEqQQcEcg0lFAHR2dwLm3D/wAQ4Ye9Nvrb7TbkAfOvK/4Vj2N19mnBP3G4b/GuhBBGRyKQzlehrn9a8PpqF8l0GYZTa6g9SOh/z6V2OqWux/PQfKx+b2NZpGRilJcysNOzMi00S3iH+rAYjBIrbhtkSIKq9KckYUDHNWIwRXKjVoyLnTFaRmC43DBxXLalo5t7xZkU4716LgE4I4qvf2kclsflya6abJaOGtBFLcyZPziMcGpSYzfhByNoq+bOOCZ5wnLDbSwW8UrF8Yc8Vs02Z9SSJFI+XOalFkWQkip7GwcTZ6jNbZtxsxiuaaNEzkHtWV8npQlqrowK/eOK6C5sGYHaKrfZWTjbWHK7gzz+88FW73jSqjYbmtXSNEFlGY1B25zzXWPb5GaRYggzitEmJszo9PBy3SlWzIJ44rROzbycU5Fj/vihpoWhmfZAxORweKybnSlE5BX5TXWG25yD70v9nC4Rs8HHFa052IcThWC2rgM+AG4ApZdQaaVUkQtH2roE8NXLXpZgGjHqKvLY26S+U8ceegOK3dRMSVjH0PSVa786MfKe1dckCqcY5qPT9Ja0JYOCrHIxWnhFXnrXNOPMaqViFISeg4pxhCgAiphIAvFVnkdn6cUQpoTmKYxnIBJpmMnpilYtGpcnAxiq5nTBbeOBmr9mhcxMVZc+lRCUh8Y4p0aG4jDq/BGaaYQh++M0ciHz6FxSCAcD8adtVgQQOapqH6A1MisOpqlBInmbAWMIViudxqGGybeQ/K+9WgxzwamDMByKoB0axxAKqjAp7Fc8CmfL13CglVGS4pWQ1dit83AOD6U0Jn1zVebUrO3UtNMi49TXO3fxG8N6dIyyX0ZYdt9FhqEjpTKiybTk/ShLiKSTYvWvPLz4weGYGLpukP8AsuKxn+OWnmbFtYvn1O2nYapyZ7CwCDtUec9BXla/FaS5wVgxkegpj/ES+nlEcMRBPtVcpo6Ekj11V24J496BPCG2hgW9q8zS68Tatb4iV1XPJxXWeHtLuLC3D30jPKfU0miXS5Ve50LOF5ZgBSfaowODmqkvzSDrtpYwoJAXNKxnYsfbYqKrMo3H5KKLC5QoooqQCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAL1p/qfxqeoLT/U/jU9IYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZurW+6JZgOU4P0rSpHUOjIwyrDBoA5aipLiEwTtGex4PqKjqiQooooAKKKKACtfS7vcv2dzyPuH1HpWRSqxRgynBByDQB07osiMjjKkYIrnbm3a2mMbcjqD6ityzuluoQ3RxwwovLUXUO3o45U0hmLbEE7SMntVwKQPums354pOQQynpVtLznmsp09bouMtLFoLvG0jGKa4ZY25HTvTRdJ1zSG4icEMaUYsHIw5rJrlyQSOeo6U1dJ8giQS7yDnArbU26RlUPzE9zTIVmRyz7Cn0re7sQP05gYNxjKnOOau8E5qr9pUcKuBSG4Y9BWbi2O5bJRFJJGcd6zrm6TkjbnpUodmJBximNGm0kqPyqlALmZJcL0wT9KiNwWyqxs+OeK0ZlRY2ZAu8DuK5SC71F5F2ICpnKthf4aqyJbNZ1mkHETY/lVVbC7WXzDJhewNWNO3iSYkSbcngmr7sHjGflAPeqshD4XAjGckgdc1YEyoBznPpVR2igUNJIAp6Uya7tYYvOe4jVBzzQqYuZI1ku2B6cdMUipH5m9o/mPrXNL4v0xpAlvIssmcYU1uC9xaC4aNuRnFHIHNc0CHx7egppDEcAj61zp8St5u1IXz05qc6lfCEzFAF68imoDc1y3N1ccDvS5AbkCuMTxBqNzKUijHXH3a6CCxu57cSSyEMewyKpwUdTCNdS2RavyJbfYHCc5yawpLnTbRWFxqcCkjBBJqn4ojktdOkcSyZA6hjXzf4iu7l79yLqbGem803TVrhCs5VOVn0u3jjw1p8KxnU4PlGMbuazP+Fn+GpLjYLlWPqHr5iMjHBeVif8AabNLG22QMDWcWjtUEfUk/wAQ9KRA0LB/oRWXd/FCJo9lpAzSk4A4NeL6PqSxHa7AgjHNeneCfCZ1S4+2SqBH94cVo7ByKJ2/hm41nV/9JvNsEPZSuCa2rqaQP5SSg4qaJ0SIRRp8sXy/LUcph8t5sEEVBlJ3I4I5pH+eQhfrVlbIzq4EjcHjmqum3QukcggbBWRJ4reyupUG0gNjpQEZWJdcsYrXT5GkZicdzXzb4pRP7Xd0YkZPevbfE3iN9RsJEUjJ6YrwPWkuY75zKDgnqap7HfCpBxKTMATwKZD9/I4NRs/Jp0B+aoTF6GzY6lJbvy2ee9e1/Dvw/wD2rAt/cp8nVa8CDbXDYzX0P8PvEUQ8L21ohCyKgBqrlVptR0PUYBb20QVNiqBiqdxcOGMkfzLWNJen7KRkk1Sh1oCJopA31zS5WedzX1Z09rI8sEjsMYptg7SSOSRgVg2mqTtDJDbIzbjyTzilWS+sRlhgt7UWHzDdQ16eC/miAGFbA4orNuIHnuHlYcscmiqsTzM7eiiisSwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigC9af6n8anqC0/1P41PSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBnarbeZEJlHzJ19xWNXVEAggjINc7eWxtrgr/AeVPtTQmV6KKKYgooooAKKKKAJra4e2mEi/iPUV0MUqTRrIhyprmKt2N4bWTByY2+8PT3pMaL+o2XnL50Y/eDqB/EKx1PODXTqwZQykEHkEVlalY7SZ4hx1cenvQmBnEKM5PXpilC8gEHNcR498Z3vhGKCY2jTWsx2rKoHyv/dP4cj8fSuNtPiZrGtTxwWUH7yQ4Hyg1cVdkTmo6ntilBgZB56d6mMoCncdqgd65jQ9LvI2jutUuCJSAdgJH6UzWLtpVdY3YICRkGqUUxKd0dJ/aFmhw0yfWopdZsYUZ3mQKPeuN0603S+bI7sh4xuq74hg8yyjtoo8F+hxVKCuROo4LmOgt9esbmTbHKpJ9DUV7q7wPtjtZHX1GKpeHvDY02Bbm8OWAyKdrPiCFY3SGIYHGcChWuYKpVqK6VjmvE/xFm0RCI7Qk4zkgGvPZvjFq8oZIIIYwTn/AFYra1ayh1uciUsM+9ZEngG2UHymOT7miVjWnGa+IwLr4neJJmOJYlH+ymKyZvGWvXBy1849gxH9auav4Pu7KRpIwWjHtXNyJ5ZKuCrCo6Ftm+/jjXZ4EjkujtXgdc1Vk8T6tdZjku5NvpuNYbOSMD1pyvzVKWoOOh9JfDXRLZ9Bj1R1MlxnGDyK7a8E92o2LtHcAVwvwuuDN4TAEmNrYxXdWTCdysSvuHUk5FTfUcVZGTFbRLc7GI8zNS63cJZ2IV2Ic9OeKju7jGpKiqNwfk4rH+IJdY4GRwRtBOKbkFlaw3T9cS0kDYVueeK7Cw8V2E8RMkixkDoTXhkFzJJMQpbj3qee5nI+RiCOvNF21qJRSXuo6vxz4ztZoJreI5GDgg14LqE/mTs/qa76623sRWRf3oH5157qiGK8aIjGDVykuUmELVLlTdnI7U5DyBUeadGfmFYp66HcjVscfbrdWPyFxmvqDSr+30rw1aeTt+ZADjrXzFp9s1xMpH8POa9I0TxI8EaWl0xZF4Ga1FUi2tD2q11K1htTJJKqs4zzVW41jTzYSAXMbP2ANcL5xuVBWUlT0ANV5bYhxt3/AJ0KJzX5VqdZpfiCG2MokjJ3KQAvGaw7tWnmkcxlA7ZAPWnaZMtpMrOquB6jNWru6N9clxFhR0CjFNRE3oc7dWsibiqnaPWuV8S6Ul1pD3OAHXuK9Th0Oe/jAKlEI5yKxvGGhRQeHpbaA5kxzin5G9CnKb90+ecgqPUdadEcNTp4WtpWicYZTg1Gp5rBqzOmXuuxsafbi4nXjIzzXbWN0+lOhtiR6g81xWi3PkXQLdK7mC3/ALQw8RH0rRWsd1Jc8NUdtYeKI3iX7ScHv2rYivLG8X91IuT7156sMsUTI8RIz1FR28hhlwkrKfTNVc5p4KEtmerWDrbSb0NX5Hkv5QVOceleZpeXcW1jPlfxrvvC0NxeWfmK3BxyaTaMpYLljzNmsNHlcbty8+1FbcdpiNQznIHPNFTzHPyRIqKKKyICiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAL1p/qfxqeoLT/AFP41PSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVWvbYXMBUffXlTVmigDliCCQRgjqKStTVLTB+0IOD98f1rLqiQooooAKKKKACiiigC9p98bdvLkP7o/8AjtbYIYZGCDXLVoWF/wCSRFKf3fY/3f8A61JjRR8U+GbTWNKubK5i8yzuFw6jqh7MPoeRXgXhrSrrwb8R49Mv1DYcGGTbxKmThh/nggivqThl7FSPzrkPFPhG31JrW8VQJ7OXzYZMcoe6n/ZP+B7VUJWJnG5maz4gs7NwrBixGcBqp3o36ILmNSWYkgVxfjPxMlvrElt5sKvHGA6snINPn+I+iDw3FAJw90pOVVvatWkY3u3Y6zw1L9pmlEyN8i5Arbh+zwTm7unG1fuqxryXQ/iNa2OoGTyXKyDafmFbmteIl1B45bcsIiAWGalplKSa1Oy1rxrbC3aK3GTjrkYrzq71Z7x2GSMnsao3FwtwSVJH40lpJDCG8xSxPvSQ1ewgd1kxuOfXNTR3kyv8smfrU9tYfb4HZTsAJ61TdFjJiXlgetVa44tIlk1F2JWZQVPciuY8SaNDNatdwjpycV0jwiSMDG4njAovdNks/D9x5yk7wdooUSZVIxV2eP7Srcgj609Mu4Hc0T5ilZT60+zTfcr6ZpJajb0ueqeA/EkmlaW1gV5ZtwNdUnivVIHOxkAPcLXA6XZ+d5aQ58z2rbnu7jTMJc2zlcfe4rd0VucUcUnKzNK41nUZ5mdpFHOeBilS5mvWX7VIzAccntWImpWTyZLlS3YtVyG5t+1wgB9azcGdSq07bnSXllo1vp6/ZgTO3J+asFYUyU/iPardubOYjzLpdo9Ca6TRrSwadfstu8z/AN4nIpqEupLxFNaXOe07wvLcXAupVKwgYwe5rzfx3okmn6pJMq/ujnFfTEOjXEqGS62xqOiquOK8p+JdnDkxqu6jkUk7Equ4taHhfofWnAkMMU+5hMErKRjnio15IrCKsegnfU6jQpFCkEjJrW8vbNk5we9c1ps5ilXjIrsRqdu8KR+Xye9anXDVD0uLuEBoJTtA781ag8S3kJCygMfpU6abFJaB0mAJ7ZqhJYFJwcg0rlKlCXxI6Ox8QGdtphJ57YrstIluJtrJZOR64GKzvA3g83covJiNgP3SOteqAWVlFsHlpgelTzsyqSow0SMtYmaxYzMI2xwAMVyt5Ek4kjY7sgitXWtSzkQnI9q5+KeYyZ2HNVF9TKji/Zt2R474q8G6k2pyy2lu7xkk5ArkJrC6s223ELKR619MJKQ5MkIIPqBVHVdL0vVImV4YwxHYAGplqyZVXKfMz54t8r8y8gV0mi681k480/L6Vq+IfA02mq11Zqxi6kda5JVWRvnG1x2p7HqYad1oelp4rspLQqUG8/SqVuWu5TIuAPpXBtHIjg7sDtWxp15Oq7Q9B1JR3Oxt4mutUt7cydWHA9M17tpkEGlWMcCDBx3r5p026nttXhudxbaw/nXt9jrX9p26SBsOO1D1POxqnZNbHai6U9qK5oauy/KV5FFLlPN9ojcooorMAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigC9af6n8anqC0/wBT+NT0hhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFACMoZSrDIIwRXP3tqbWbHVG5U10NRXECXMJjf8D6GgDmqKfNE8ErRuMEfrTKokKKKKACiiigAooooAv2N+YCI5MmI9/7tbQKuoIIKkfnXLVbs757Vtpy0Z6r6fSlYdzivir8MB4msjqekIE1SBfuZwJl/un39D+HTp8zyRvFM0csZjlRirIy4KkdQR2NfdMUqTIHjYMpryv4p/CaHxLFJrWiRrFrCLmSIcLdAdvZ/Q9+h9RUZdGTKPVHhGgad9rcn8q3omudOkaOVGeM8VjaJLNYXhgmRomRyro64ZWB5BB6GvUbKyg1CxywXOO4rqikjgmm/ejucvFPb3GFWRUb+6etTPZnbkNn3FaA8MPPK4iGDnjiqs3hbUEcqPMHuSaThG+4oYqptKIyD7THmON+D6Vr2elO8e64mjhU9S4rLtvDl9DKDJKTzwea6jTNJdpU+3yExjoASKOWK6lutUfwxNTR9Ls4Ri0hNzLj/WZyo/A1pXHh5TA8t2oJYfdxwPwroNFlsIovJhVYyB/FXP8AjXxHaaZZuiShpSOxpRabsiaqtFTqHzh4205bDXpVTG1iSMDpWFavtmFbPinUBfXhm7k1hQ9c1EvdkdNOXPTuz0XwveLHMshYcetejQJbapHiQK2a8OsLp4cYbFdLpvimexYckitpe8tGcS92VmtDutX8LWmzdGApA6Vg6Z4auL/UBBCGwDjNJdeMnvIVRAd2OtekeCo4tP0xdQuMFpOlTzOCH7OnVlaOhLpfw0jtkWS4k3N14JxWq0cWi/6mSIbf9mr934ije1JTj2riL7VHuZyiIxJNZe0nLqdccLSi7pamxdeLZWJj8+PHcYrEu7e01Zt00qk1c0vSJppCZowuRn5lqhfwhLloIvvg/wANZptPQ3cIvdHH698OIb0vNakh+wya821Xw/faJMRcxNs7HGK92jt7qBgWc5x0qfUdLtta0po5418zHBxSd7mkT53jmMeMnryK17e8LRgZFUte046VqstuegY4+lU42cDg1dzaFWx0ttqk8D8OSvpmtlNXlmRCqe5JFcPC0rscNXR6Os8ilG6fSmbwmqj0Pobwxqkf/CJ25iZRKVAb61Jd3TrCWZt2RXmHh3U5dMKxMxaEdRmvQoJF1K3EsLDae1I46tOSk2U7dxNcDzT8melbCW9r9pOAfLwe9U0sNkmWOO9XZQv2cKjDcaGzNW6kdvJbedKrIWUH5ahuFhnDDyCvoRxTBYlPn80ZzyKvpFLcBY448++KAvcwnthL/o8g3K46V4h4rsV0zxJdQAYG87QO1fT9nogg3T3PLdAK8L+K3huaz1WTUly0cjZ+maI6noYJu9zz5XO4A8muj0y3DQb8c1y6A5BPfmuo0qQpbUz0XK7RvaRYLPMWbAANdZpW+HUtlu/yDrnmuW0O7VnaNuMnrXb2EESwkx/6w980PY9CpRTp2aOh+1Wv8YO7vzRXLSwXvmN160VN2ed/Z9Psep0UUVB4AUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBetP9T+NT0UUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBT1G3Sa3aQ8OgyD/SsGiimhMKKKKYgooooAKKKKACiiigCa3uZLZ9yHjup6GuhifzIkfGNwBxRRSY0eYfFPwDp2oQnxJbv9kv4mVZiqZWcEhRuGR8wz19OD2xzGgaVNLdxRNefIMZAjxn9aKK2pyfKcWIiudHqtnolra2gKjJxnJrn9WRlLeWyr9VzRRWb3Oqmkc01vdPJzdLj/rl/9erlvDdo4/0pCPQxf/XooqGaSL6CYg5m59VXH9awfEHhtNUiPm3TA46hf/r0UVpTdjKcIyWqPK9R8Ff6Qy/2hwDx+5/+yqongvaf+Qh/5B/+yoopybbGkuWxbh8IEH/j/wD/ACD/APZVaHhM4x9u/wDIP/2VFFaJs55RVy1a+FSGwb3I/wCuX/169T0yzk/sCK2M+VTGDt/+vRRROTsFCKUtCZbFxFjz8/8AAf8A69EWjLI4Yy8+y/8A16KKyTOpbmsNKJty/wBpYMBtGBjj86bDoNvbQ/aFdmlbqW5ooqVuUUZdOy7N53JP93/69Rwaa5ukX7R8p7bP/r0UU3uJHl3jvwis+vvILzZyePKz/WufXwbhD/p//kH/AOyooplR2JbfwftBP27n/rj/APZV0mh+Gihybvd/2y/+vRRTubYZ2lodha+HIVTmXJbr8v8A9eugsdIWyizDMw9iOP50UUrnXN3Wpaa/uYjsLRsP9ynfanfHCj8KKKm5jOKtsaVpaxS/vHBJrbtFRMBUAooqnsZNKxNdpuhODg1wfjfRItR8PSJJJggcNtz/AFoooiaYeTWx4bH4QxtH27P/AGx/+yrdsvC+yDH2zP8A2y/+vRRRc6FOV0bOkeG1jkB+055/55//AF69Ig0iJNMQh/mA67aKKdz0K1epyxVzIltZvMb/AEgdf+ef/wBeiiioNVVnbc//2Q==)

Leverage our unique 24/7 portfolio

Growth pillars

2024 highlights

•  Focused delivery of our strategic priority

categories ofSparkling, Energy and Coffee

•  Continued close partnership with The Coca-

Cola Company to drive growth across our

unique 24/7 portfolio

•  Expanded our low- and no-sugar ranges,

including launching Monster Energy Green

Zero Sugar in 16 markets

•  Drove Coffee growth with an increasing focus

on the Out-of-home channel, in line with

ourplans

•  Integrated Finlandia Vodka into our business and

expanded distribution to a further 19 markets

•  Continued to focus on driving mixability

opportunities through Adult Sparkling and

Premium Spirits

KPIs

•  Organic revenue growth

•  Organic revenue per case growth

•  Volume growth

Principal risks and opportunities

•  Marketplace economic conditions

•  Product-related regulatory changes

andtaxes

•  Product quality and food safety

Read more on p.181 to 189

Material issues and topics of interest

•  E5 – Resource outflows related to products

and services

•  S4 – Consumers’ health and safety

•  S4 – Responsible marketing practices

Read more on p.83 to 172

Stakeholders

Read more p.10 to 11

1

Innovating in a mixed

consumer environment

Our 24/7 portfolio meets consumer

needs for every occasion throughout the

day. Our advantaged categories, locally

relevant brands, andconstant innovation

in collaboration with our partners keeps

us at the forefront of consumer choice

and customer preferences. With our

24/7 portfolio, we operate in a targeted,

locally relevant way, increasing value

forus and our customers.

Organic volume grew by 2.8% in 2024 (2023: 1.7%),

with all of our strategic priority categories of

Sparkling, Energy and Coffee, delivering growth,

Key to our growth is understanding our

consumers, and our partnership with TCCC

focuses on consumer loyalty, innovation and

marketing. We also workclosely with our other

brand partners, innovating andexpanding

ourofferings.

Sparkling is our growth driver

Sparkling is one of our key growth drivers,

comprising c. 70% of our business. In 2024,

organic volume grew 1.5% (2023: 2.5%),

Trademark Coke grew by low-single digits,

whileCoke Zero grew by mid-single digits.

Withinthe flavoured sparkling portfolio, both

FantaandSprite declined by low-single digits.

Our partnership with TCCC enables us to build

relevant consumption moments for consumers.

In2024, we capitalised on the summer with music

and sport, activated across our At-home and

Out-of-home channels, and successfully

executed our Christmas campaign.

Innovation remains critical to attract new

consumers. We have introduced new, improved

formulas of Fanta and Sprite, as well as zero-sugar

versions. We have launched Coke Creations

flavours and Fanta Beetlejuice, and are benefitting

from on-pack Coca-Cola Marvel activations in

targeted markets.

Our low- and no-sugar propositions in Coca-Cola,

Fanta and Sprite are growing in our Established,

Developing and Emerging segments, driven by

consumer demand, innovation andexecution.

In 2025 we will continue to create demand

foroursparkling portfolio through consumer

marketing programmes, product innovation

andbest-in classshopper activations.

Adult Sparkling continues to grow,

ahead of Sparkling

Adult Sparkling delivered high single-digit

organicvolume growth in 2024 and above average

revenue per case. We focused on driving mixability

and premiumisation, innovating with Schweppes

and Kinley, as we leverage our 24/7 portfolio and

expand into premium non-alcoholic sparkling

drinks and alcohol-free cocktails.

Our super-premium categories continue to grow

and we launched Three Cents in 11 new markets,

bringing the total to 19 markets. The brand has great

potential from mixability trends in social occasions.

Our enhanced capabilities in data, insights &

analytics are helping us to target high-end Hotel,

Restaurant and Café (HoReCa) outlets, and we

continue to expect good growth inthis category.

Energy continues its growth momentum

Energy is one of our fastest-growing segments

withinNARTD, growing 30.2% and contributing

c.8% of Group revenue in 2024 (2023: c. 7%).

Ongoing innovations include thelaunch of

Monster Energy Green Zero Sugar, whichhave

been successful inour Established andDeveloping

markets. InEmerging, continued strong growth of

our affordable brands, Predator inNigeria and Fury

inEgypt, was driven by football campaigns and

local influencers.

We have navigated new regulatory measures

inPoland and Romania, which restrict sales

ofenergy drinks to minors. We are positive

aboutthemid-term potential of Energy and

areattracting new consumers through disruptive

marketing anda wide range of flavours.

Coffee growth driven

byOut-of-home channel

We saw 23.9% organic volume growth in Coffee in

2024 (2023: 31.5%) and we expanded distribution

across our markets, adding another 4.300 new

outlets in the year.

We are focused on driving growth in the Out-of-

home channel with both Costa Coffee and

CaffèVergnano, while premium HoReCa customers

remain our priority for CaffèVergnano.

Our Coffee Academy trained an additional

2,000colleagues in 2024, enhancing our future

growth capabilities.

Coca-Cola HBC Integrated Annual Report 202414

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Quality and consumer feedback

We are committed to ensuring the safety and

quality of all the products we manufacture

and distribute. Food loss and waste, and

product quality are both material topics

forour business. In 2024, consumer

complaints were broadly similar to previous

years. There was one product quality incident

in 2024, resulting in a product recall in Austria.

We marked World Food Safety Day

andWorldQuality Week with targeted

campaignson our journey from compliance

toperformance. Read more about our

approach to food loss and waste and how

weare mitigating agriculture’s social and

economic impacts on our website Policies |

Coca-Cola HBC.

Premium Spirits expand with roll-out

ofFinlandia

Premium Spirits delivered organic volume growth

of31.8% in 2024. A large driver of this was the

expansion of Finlandia Vodka, which we acquired

from Brown-Forman in November 2023. In 2024,

we expanded into 19 new markets where we didn’t

have distribution rights prior to the acquisition.

Finlandia Vodka enhances our premium spirits

credentials and opens up mixability opportunities

with our NARTD portfolio.

Partnerships are key to growth in Premium Spirits.

In2024, we grew our partnership with Bacardi,

rolling out distribution into an additional nine

markets after starting with the Czech Republic

and Hungary in 2022. Along with Bacardi, we

continued our successful partnership with

Brown-Forman, expanding our portfolio with

super-premium Gin Mare, and with Edrington,

celebrating the 200th anniversary of

TheMacallan.

We launched the ready-to-drink Jack Daniel’s &

Coca-Cola canin a further 15 markets, following

Poland, Hungary and the Island of Ireland launches

in2023.

Still brands powered by summer of sport

Sport drinks remain one of the fastest-growing

categories in NARTD and our leading brand,

Powerade, was launched in three new markets

in2024 and delivered strong mid-teens volume

growth. Powerade played a prominent role

inmajor local running events and marathons,

suchas the Vienna City Marathon and the Athens

Classic Marathon, as well as other local sporting

events, including tennis and padel tournaments.

Additionally, Powerade was the official sports

drinkof the Paris 2024 Olympic Games, creating

opportunities for consumer engagement

activations across our territories. By aligning with

high-profile athletic events, Powerade reinforced

itsbrand presence and deepened its connection

with active consumers.

Ready-to-drink tea delivered mid-single digit

volume growth in2024 (2023: low-single digit

growth) despite challenging conditions. We

prioritised profitable revenue growth in Water,

witha focus on profitable packs and brands. Juice

volume declined low-single digits (2023: low-single

digit decline), impacted by market dynamics.

Sustainable packaging

Sustainable packaging

is one of our material

topics, and you can

read more about this

inEarn our licence

tooperate.

Priorities in 2025

•  Continue to deliver growth across our

unique 24/7 portfolio, led by our strategic

priorities of Sparkling, Energy and Coffee

•  Continued strong Sparkling growth,

supported by our partnership with TCCC

•  Drive growth and premiumisation with

AdultSparkling

•  Continue to grow in Energy, supported by

the roll-out of Monster Green Energy Zero

Sugar and affordable offers in Africa

•  Increased prioritisation of the Out-of-home

channel in Coffee

•  Accelerate Stills, particularly focused on

Powerade and FUZETEA

•  Drive profitable growth and value share

inclose partnership with TCCC through

keyoccasions

•  Increase marketing of low- and

no-sugar drinks

•  Ensure product quality, safety and integrity

remain key

UN Sustainable

Development Goals

We serve our consumers with a

broadrange of high-quality products.

Indoing so, we create value by

contributing to the Sustainable

Development Goals for good health

andwellbeing, innovation, responsible

production and consumption, as well

aspartnerships.

Giving consumers choices for their

diet and lifestyle

We are committed to satisfying great taste

andpromoting healthy and balanced diets,

supporting recommendations by leading

healthauthorities and prioritising responsible

marketing, which is one of our material topics.

Inline with our business strategy, we are focused

on giving consumers broader choices to meet

current and future preferences. We produce

new innovative low- and no-sugar drinks, offer

small packs for portion control, and promote

low- and no-sugar beverages. Read more

onour approach to nutrition on our website,

Nutrition | Coca-Cola HBC, in our GRI Content

Index and in the Sustainability Statement,

including our commitments, nutritional labelling

and responsible marketing practices.

See our World Food Safety

Day video:

www.coca-colahellenic.com/

en/

Watch our Finlandia Vodka showcase

videoatthe Athens Bar Show

Growth pillars continued

Leverage our unique 24/7 portfolio continued

1

Read more on p.24 to 29

Coca-Cola HBC Integrated Annual Report 202415

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Revenue growth

management

RGM enables us to drive

premiumisation and smart

affordability solutions

Data, insights

&analytics

Data driven insights, allow

micro-segmentation of

ourcustomers

Route to market

Cost optimised, value creating

outlet coverage, that is both

physical and digital.

Talent

development

Investing in our

peopleand their

development remains

our‘lighthouse’capability

Customer management

Joint value creation is at the

heart of customer partnership.

Digital commerce

Route-to-customer through

eB2BRoute-to-consumer

throughe-retail and

delivery apps

Our bespoke capabilities enable us to target execution

excellence for every outlet

Execution

Excellence

for every

outlet

Win in the marketplace

2024 highlights

•  Strong revenue expansion and continued

profit growth

•  The leading contributor to revenue growth

inFMCG across our retail customers

•  Rolled out our next-generation CRM system

to a further five markets, bringing the total to

23 markets

•  Used our data, insights & analytics (DIA) tools

to develop leads and opportunities for the

HoReCa channel

KPIs

•  Organic revenue growth

•  Organic revenue-per-case growth

•  Volume growth

Principal risks and opportunities

•  Foreign exchange fluctuations

•  Marketplace economic conditions

•  Business interruption

•  Product quality and food safety

•  Geopolitical and security environment

•  Cost and availability of sustainable packaging

•  Suppliers and sustainable sourcing

•  Cyber incidents

Read more on p.181 to 189

Material issues and topics of interest

•  E1 – Climate change mitigation

•  E5 – Resource outflows related to products

and services

•  S3 – Training and skills development

Read more on p.83 to 172

Stakeholders

Read more on p.10 to 11

2

Bespoke capabilities with

exceptional people

To win in the marketplace, we develop

and deploy our bespoke capabilities,

which are critical for understanding the

changing needs of both our customers

and consumers. We also rely on our

talented salespeople, or Business

Developers, who develop long-lasting,

winning partnerships with customers.

Our customers range from global supermarket

brands and independent convenience stores

torestaurants and e-retailers. Understanding

their needs and consumer relationships is critical

toourcontinued success.

In 2024, our winning customer partnerships

resulted in strong revenue-per-case expansion

and profit growth, driving 150bps

1

of value share

expansion in NARTD

2

in 2024, and a 20bps

improvement in value share expansion

inSparkling

2

.

Targeting personalised execution for every

outlet – using our bespoke capabilities

Our goal is personalised execution for every outlet.

This requires continuous development ofour

bespoke capabilities, including DIA, revenuegrowth

management (RGM) and route tomarket (RTM).

Customer management

In 2024, we were once again the leading

contributor to revenue growth in FMCG

acrossourretail customers

2

.

Our approach to joint value creation lies at the

heart of our successful customer partnerships.

In2024, werolled out our next-generation CRM

system to five more markets, bringing the total to

23 markets, and westrengthened our customer

managementcapabilities.

1.  Basis points

2.  According to market researcher Nielsen

3.  Excluding Russia

CustomerGauge ‘voice of customer’ software,

which enables instant feedback from customers,

isnow rolled out in all markets and our Net Promoter

Score has increased from 59 to 65, in part a

reflection of increasing the number of resolved

customer cases within 48 hours to 93% (2023: 83%).

Digital commerce

In 2024, we continued investing in digitalising our

route to market, both route to customer and route

to consumer.

We have continued to collaborate with Food

Service Aggregators (FSAs), plus e-retailers

andfood delivery platforms, for omnichannel

consumption. Our focus on digital shelf execution

and data-driven shopper activation led to strong

double-digit revenue growth online, together with

online market share expansion. On food delivery

platforms, we aimto sell a drink with a meal, and

this ‘beverage attachment’ rate grew to 27%

from26%3 in 2023.

Our Customer Portal e-business-to-business

(eB2B) platform has continued to grow and is our

main order-taking channel, representing 11% of

ordersmade in 2024.

Growth pillars continued

Coca-Cola HBC Integrated Annual Report 202416

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Watch our highlights video from INNOvember

Watch our DIA capability webinar

Refreshing more consumers and customers than ever before

through our physical and digital routes to market

2024 in numbers4

12,200

Business Developers

1.8 million

Customers

70%

of stores visited directly

1.3 million

Cooler doors

>90%

Cold drink equipment

(CDE)coverage in

high-potential outlets

Meanwhile, we have scaled our business-to-

business digital marketing capabilities, launching

automated customer engagement journeys, and

piloting generative AI marketing campaigns, with

promising first results on customer engagement.

Sirvis, our 24/7 multi-category, eB2B aggregator

ordering platform, was rolled out in three new

countries in 2024. The platform connects

Out-of-home outlets to wholesale suppliers

ofgoods and services providers, and provides

anadditional growing revenue stream for us.

Data, insights & analytics – translating

data into actionable insights

DIA is vital in understanding our customers and

consumers so we can serve them better and

achieve personalised execution in every outlet.

In October we hosted our first bitesize investor

event: a deep dive into our DIA capability, sharing

how we turn data into actionable insights, leveraging

statistics, machine learning and AI.Wediscussed

how we use AI algorithms toscan external sources

and prioritise outlets, pinpointing leads and

opportunities, to expand our 24/7 portfolio.

We also shared powerful case studies. For example,

in Egypt we have used data to prioritise investment

in Cairo and Giza, to drive higher visibility of our

brands, improving execution and driving sales.

Weidentified 11,000 kiosks and grocery stores to

activate and place our coolers in, resulting in a 33%

increase in sales compared with benchmark outlets

that were not activated in this way. We are looking

to scale this approach to more outlets in 2025.

We have focused on using more data, for example,

image recognition, cooler door openings and DIA

insights, to continue to improve our in-store

execution. We have upgraded our physical RTM

toadapt to our digital transformation and we now

have around 200,000 active digital customers

through all our B2B platforms.

Talent development is our

lighthousecapability

We are building capabilities by offering world-class

training for colleagues in our Sales Academy, and

our recently launched DIA and Digital Commerce

Academies. We are on track to upskill more than

6,000 Business Developers by the end of 2025.

Our learning culture is embedded throughout our

Company as we make learning accessible through

technology-enabled solutions. One example of

this in practice was in November, when we held a

month-long celebration of learning and innovation,

INNOvember, inspiring colleagues to embrace

technology in their everyday work, in particular AI.

You can read more about talent development in

Cultivate the potential of our people on p.20 to 23.

4  Data excluding Russia

Priorities in 2025

•  Strive towards personalised execution for every

outlet, leveraging our bespoke capabilities

•  Accelerate digital commerce with Customer

Portal and Sirvis, our eB2B aggregator

ordering platform

•  Build analytics for Customer Portal,

with intelligent and personalised digital

marketing, and improve our current

algorithms with generative AI solutions

•  Continue to enhance our competitive

advantage from segmented execution

insights, particularly in our HoReCa channel,

and leverage insights from promotion analytics

•  Upskill more than 6,000 Business Developers

inDIA and digital commerce by the end of 2025

UN Sustainable

Development Goals

As we build our business by helping our

customers to grow and thrive, we contribute

toachieving Sustainable Development

Goalsrelated to ending poverty, decent

work, sustainable communities, responsible

production and partnership.

In 2025, we will also focus on building analytics

forour Customer Portal with intelligent and

personalised digital marketing, and using

generative AI to improve our current algorithms.

We will increase the variety of external data sets

we use in the model, such as using outlet images,

customer reviews, comments and feedback

tofurther increase the intelligence of the model

and improve our targeting ability.

The bitesize DIA investor event was hosted by our

COO, Naya Kalogeraki, and led by our Head of DIA,

Ruchika Sachdeva. Follow the link from the QR

code to watch it.

Revenue growth management

We are using our RGM framework to meet

consumer demand for affordability and

premiumisation. We benefit from the breadth

ofour 24/7 portfolio, with different price points,

aswell as our ability to adapt package formats

fordifferent occasions and affordability needs.

Using our RGM capabilities, we implemented

priceincreases where required in 2024, aswell

asdrove mix increases, balancing premiumisation

and affordability to meet local needs.

Our affordably priced, returnable glass bottles

(RGB) in Nigeria and Egypt continued to deliver

astrong performance, and we increased sales

ofpremium small glass bottles in HoReCa in

ourEstablished segment through the summer.

Route to market

Each day, our Business Developers serve

almosttwo million customers across our markets.

In2024, we deployed our dynamic routing tool

in18 countries with an estimated 15%reduction

intravel time for our Business Developers,

freeingup more time for them to meet face

toface with customers.

We also added 57,000 more cooler doors, which

helps to drive single-serve mix and revenue

growth. We now have over 90% coverage of

coolers inhigh-potential outlets.

Growth pillars continued

Win in the marketplace continued

2

Coca-Cola HBC Integrated Annual Report 202417

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Growth pillars continued

Sustainability investment – a consistent

focus across all our investments

Our approach to sustainability is doing what

isright, while creating value for the business

andstrengthening resilience. Sustainability

investment cuts across all our investment

categories and underpins every investment

decision we make. In 2024, we achieved

thefollowing:

Energy-efficiency

•  Increased the number of new energy- efficient

coolers in customers’ premises, bringing the

total to 60%

1

(2023: 55%), supporting our

revenue growth management strategy and

sustainability goals.

•  Installed a further 1MW of solar generation

in Nigeria, increasing the total of on-site

renewable capacity to 13MW, improving

the security of supply and reducing

carbonemissions.

•  Increased on-site photovoltaic (PV) capacity

inEurope by 1MW, completing installation

inthe Czech Republic and Greece,

bringing total installed PV

capacity across all

our countries

to24MW.

Fuel growth through competitiveness and investment

2024 highlights

•  Added a new Monster canning line in Italy

•  Ramped up our €11 million rPET unit in

Romania to full production

•  Reached 60%

1

energy-efficient, connected

coolers across our markets

•  Rolled out ‘Digital Twin’ in three

additionalplants

•  Integrated Finlandia Vodka into our supply

chain, driving growth in Premium Spirits

KPIs

•  Organic EBIT growth

•  Comparable EBIT

•  Comparable EBIT margin

•  Capex as % of NSR

•  ROIC

Principal risks and opportunities

•  Marketplace economic conditions

•  Product quality and food safety

•  Suppliers and sustainable sourcing

•  Cyber incidents

•  Cost and availability of sustainable packaging

•  The impact of climate change on the cost and

availability of water

•  Managing our carbon footprint

Read more p.181 to 189

Material issues and topics of interest

•  E1 – Climate change mitigation

•  E3 – Water consumption

•  E5 – Resource inflows, including resources

•  E5 – Resource outflows related to products

and services

•  S3 – Water and sanitation

Read more p.83 to 172

Stakeholders

Read more p.10 to 11

3

Investing to refresh and

grow,sustainably

We continue to invest to support

our growth ambitions and have a

broad footprint of 62 production

plants, including five mega-plants,

across29countries.

Our investment falls into four broad

categories, all of which integrates

sustainability investment.

Investing in renewal and refreshment

ofEuropean capacity

We are investing in renewing capacity in Europe,

replacing older lines and implementing new

technologies. Every new line:

•  enables innovation of the product and

packagefor consumer attractiveness;

•  improves our environmental footprint

(water and energy); and

•  improves productivity and reduces our

cost-per-unit case of production.

Investing in growth

We invest to enable our growth ambitions

andtargets.

In our Emerging segment, we are seizing the

growth opportunities from both a young and

fast-growing population, and the opportunity

toincrease per-capita consumption of

NARTDbeverages.

For example, in Egypt, we installed an additional

PET line in 2024 to meet increasing demand. This

line has also allowed us to expand our production

ofEnergy drinks, a category that we launched inthe

market in 2023 and which has seen rapid growth.

We are also investing in growth in our Established

segment. For example, in January 2024, we

commissioned a Monster canning line in Italy.

Thisis now fully operational, bringing our total

number of Monster producing canning lines to

seven across six countries. We continue to invest

in our partnership with Monster Energy, with

Energy being one of the fastest-growing

categories in NARTD beverages.

Investing in digital, data and technology

Fuelling our growth requires investment behind

digital technology and new business models,

blended with our continuous focus on

productivityand efficiency improvement.

In 2024, we continued to focus on embedding digital

ways of working throughout the Group todeliver

prioritised business outcomes. We consider three

critical categories when investing in digital, data and

technology: consumer and customer centricity (read

more in ‘Win in the marketplace’ on pages 16 to 17);

employee experience (read more in ‘Cultivate the

potential of our people’ on pages 20 to 23); and

operational productivity.

We were able to achieve an improvement in

production overheads as a percentage of NSR

in2024, supported by the ongoing end-to-end

understanding of our manufacturing and logistics

network, enabled by technology and digital

solutions. One example is the roll-out of ‘Digital Twin’

in three markets in 2024. Digital Twin creates adigital

replica of a plant enabling optimised resource use and

efficiency savings, We plan toexpand this into two

additional plants in 2025, In2024 we also finished

thetechnical roll out of our advanced demand

andsupply planning system Blue Yonder, finalising

the replacement of our oldsystems.

Investing in logistics, including

automated warehouses

Our logistics strategy targets unparalleled service

and being a reliable, trusted and preferred partner

for our customers. In 2024 we started further

improvements and digital investments into our

end-to-end order process and real time tracking

ofour delivery services.

We also continue expanding our automated

warehouse capacity which allows us to support

ourgrowth ambitions while continuously

improvingproductivity.

1.  Excluding Egypt

Coca-Cola HBC Integrated Annual Report 202418

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Growth pillars continued

Sustainable packaging

•  Ramped up our €11 million rPET unit in Romania

to full production, enabling the production

of 100% rPET bottles and capitalising on the

new nationwide DRS. This investment brings

all three elements of packaging circularity,

(meaning beverage container collection, rPET

production and 100%rPET bottles), to fruition

inthe business unit.

•  Reached full production capacity on our new

reusable glass bottle (RGB) line in Austria.

The line is also filling our new ‘universal’

reusable glass bottle. Premium RGB beverage

production continues to increase, reaching

16% of total Austrian volume in 2024, up c.2%

on the prior year, while volumes packaged in

glass increased by 9% overall. Our recovery rate

of RGBs in Austria is >85% and is an important

element ofour circular packaging strategy.

•  Following the successful transition to tethered

closures across all our EU markets, we continue

tofocus on further optimisation opportunities.

We will roll out a new PET bottle neck finish

across all our geographies starting with

Nigeria in2025. This initiative further reduces

the weight of the PET bottle and closure.

Full roll-out savings are estimated at 12,000

tonnes of plastic material and13,900 tonnes

ofCO

2

annually.

•  In Italy, we introduced a lightweighted carton

forour 150ml can multipack. This is a further

evolution of our initial step of substituting

plastic shrink film with a more circular-friendly

carton packaging solution. This successful

pilot willbe rolled out in other geographies

whereapplicable.

Our new RGB line in Austria

•  In 2024, we have continued to reduce the

amount of material used in our labels across

most of our markets. We expect to complete

this project inallour markets by the end of 2025,

delivering approximately 550 tonnes of plastic

and 1,000 tonnes of CO

2

reduction respectively.

Strengthening our supplier partnerships

and supply chain effectiveness

We consider our suppliers as critical partners,

contributing to the ongoing and sustainable

success of our business. Under a unified

procurement framework, we divide our supply

baseuniverse of around 15,000 parent level

supplier organisations into direct and indirect

spend suppliers, and segment according to

theirimportance.

Click here to read more

Monitoring supply chain effectiveness

Our robust, collaborative approach to monitoring

our supply chain is crucial for reducing our scope 3

emissions and ensuring compliance with our

Supplier Guiding Principles. We monitor the

performance of our key suppliers through annual

internal assessments and third-party compliance

audits, the EcoVadis IQ Plus Tool and EcoVadis Risk

Assessment platform. EcoVadis helps us monitor,

assess and benchmark risks using 21 criteria and is

our common ESG assessment platform across

the Coca-Cola System, where we exchange

information on supplier ESG performance.

We recognise supplier certifications (including

ISO9001, ISO 14001, ISO 50001, FSSC 22000

andISO 45001). For agricultural commodities,

werecognise international certifications such

asthe Rainforest Alliance, Fairtrade, Bonsucro,

theSustainable Agriculture Initiative (SAI),

Platform Farm Sustainability Assessment (FSA),

VIVE1 and Global GAP+GRASP2. All long-term

contractors and contracted services on site are

assessed on human rights through workplace

audits every three years.

We are investigating how to extend risk

assessment in our supply base, leveraging AI

andcustomised alerts, giving our strategic

procurement team fasteraccess to critical events,

and information, affecting our supply chain.

We are also supporting our suppliers in improving

their ESG performance. In 2024, we initiated ESG

performance debrief sessions with specialists

from sustainability intelligence platform EcoVadis

and our vendor teams. We are committed to

ourannual capability-building programmes.

Theserange from training by in-house teams

andpartners like EcoVadis, VIVE and Bonsucro,

torunning higher-level academy sessions

targeting critical topics suchas reducing GHG

emissions insupport of our scope3 targets.

Youcan read more on this in Earn our licence

tooperate on pages 24 to29.

Fuel growth through competitiveness and investment continued3

Priorities in 2025

•  Enable profitable business growth through

securing product availability, innovation

and cost management

•  Continue to improve the environmental

impact of our operations and packaging

•  Install additional lines to meet demand and

execute automated warehouse projects

•  Achieve unparalleled customer experience

with continued logistics and planning focus

as well as expansion of digital tools

•  Roll out Digital Twin to two further plants

UN Sustainable

Development Goals

Our sustained efforts to reduce our

costs and improve our impact have

generated significant results for our

business, our communities, society

andthe environment. These results

correspond to contributions to the

Sustainable Development Goals for

clean water and sanitation, clean energy,

economic growth, industry innovation,

sustainable communities, responsible

production, climate action, life below

water and life onland.

1.  VIVE is a sustainable supply programme

2.  Certification and benchmarking for responsible farmingpractices

Coca-Cola HBC Integrated Annual Report 202419

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Transforming the digital

employeeexperience

In 2024, we continued our digital transformation

journey, helping to shape a future-ready, engaging

and innovative workplace. Our new Helo and

Refresh platforms digitalise processes and foster

an inclusive and productive employee experience.

•  Helo, on the Workday platform, streamlines

workforce administration by empowering

employees with self-service tools and equipping

managers with resources to better support their

teams. This frees up time for employees and

simplifies ways of working across the organisation.

•  Refresh, on Microsoft Viva and SharePoint,

is our enhanced employee experience and

intranet platform, replacing fragmented

intranet pages across our markets. It centralises

tools and resources, enhancing productivity,

enabling smarter working, strengthening

connections and cultivating a truly global

workplace culture.

We have also introduced a digitalised end-to-end

onboarding journey for external candidates and

internally promoted employees, which covers

pre-onboarding orientation, hiring administration

and a comprehensive learning journey. Our new

approach provides newcomers with 360-degree

support from managers, colleagues and buddies.

Our rewards process is also being digitalised

toimprove transparency and provide a better

experience for line managers, employees and

People & Culture teams. In 2024, we started to roll

out the digital merit increase and annual bonus

processes for managers, and have received positive

feedback on the new digitalised experience.

Cultivate the potential of our people

2024 highlights

•  Continued to build high-performing sales

teams and strengthened our commercial

talent pipeline with internal successors

•  Improved our engagement score to 88%,

staying resilient and connected with our

teams through continuous listening

•  Embedded our growth mindset-driven

culture through leadership role-modelling

behaviours, focusing on driving simplicity

andproactive collaboration

•  Strengthened workforce diversity by

increasing share of female leaders, while

building an inclusive workplace

KPIs

•  Employee engagement

•  Percentage of managers who are women

•  Lost Time Accident Rate

Principal risks and opportunities

•  Geopolitical and security environment

•  Health and safety

•  Business interruption

•  People attraction and retention

Read more on p.181 to 189

Material issues and topics of interest

•  S1 – Health & Safety

•  S1 – Secure employment

•  S1 – Training and skills development

•   S1 – Diversity

•   S1 – Gender equality and equal pay

Read more on p.83 to 172

Stakeholders

Read more on p.10

4

Strengthening our culture

We believe that it is only with the strength,

competence and engagement of our

people that we will achieve our vision and

ambitious growth plans. Our colleagues

across all our markets have truly

embraced our purpose, Open up moments

that refresh us all. This purpose is our

North Star as we aim to drive impact,

operating with agrowth mindset and a

belief in creating abetter shared future.

Over the past two years, we’ve embedded

ourculture manifesto across Coca-Cola HBC,

including our purpose, vision, leadership model,

values and behaviours. In 2024, we focused on

building understanding, integration and helping

leaders to bring our values to life.

To ensure that we live our behaviours day by day,

they are integrated into employee performance

reviews. Three key behaviours (collaboration with

a customer-centric mindset, growing ourselves

and others, and make it simple) encapsulate our

Growth pillars continued

People & Culture –

Purpose and Vision

Building on global trends and reflecting on the

insights from our employees, line managers and

our Executive Leadership Team, we involved our

People & Culture community to co-create our

People & Culture Purpose and Vision.

Our People & Culture purpose unites us:

Together, we open up the potential of all our

people. At the core of our vision is a dedication

to growing the best teams to deliver our growth

strategy, through nurturing our unique culture,

cultivating the talent of our people, enhancing

our employee experience and driving

continuous growth.

core expectations and we have developed

measures to evaluate them, ensuring maximum

impact on both personal growth and our business.

To bring our culture to life and support teams

across our markets, we have introduced our

LineManagers & Employee Handbook. Our

purpose and values awareness campaign in 2024

showcased what it means for us to live our values

and behaviours. Sharing stories from our diverse

and talented people across our markets continues

to be a platform for recognising our culture

ambassadors and promoting the behaviours

wewould like everyone to live at Coca-Cola HBC.

Itensures colleagues feel seen, heard, valued

andconnected to each other and to our culture.

Together, we open up the potential

of all our People.

Grow the best Teams to deliver our

Growthstrategy

People

Focused

Business

Relevant

Simple &

Sustainable

Manifesting our values

Redtalks – the power of storytelling

Coca-Cola HBC Integrated Annual Report 202420

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Engagement and collaboration

We believe employee engagement drives

motivation, productivity and organisational success.

We measure engagement through six key metrics:

teamwork, energy, resources, strategy belief, pride

and advocacy. To track focus areas and overall

engagement, we conducted two employee

surveys in 2024, achieving a 90% participation

rate(88% in 2023). Our focus in 2024 included

simplification (+2 percentage points (pp) from 2023),

collaboration (+2pp from 2023), retention (+1pp from

2023) and overall engagement. These efforts led to

an all-time high sustainable engagement index score

of 88% (+2pp from 2023). Our Business Developer

and newcomer engagement scores were also up

3pp compared with last year. Our engagement

score exceeded thePerceptyx GlobalTop Decile

Norm by 2 pp, reaffirming our performanceagainst

top-tier companies.

88%

sustainable engagement index score

89%

belief in our strategic priorities

93%

feel proud to be part of Coca-Cola HBC

89%

would recommend working at Coca-Cola HBC

Our cross-functional collaboration has also

significantly improved, as measured through

ourinternal Collaborating for Impact survey.

OurNet Promoter Score from our country

teamslanded at 28 (+3pp from 2023). Through

systematic cross-functional action plans, we

aimto elevate both customer and employee

experience, leading to a more collaborative

andcustomer-centric organisation.

We have updated our feedback loops, including

colleague feedback and upward feedback, to occur

twice a year, aligned with our performance reviews.

We are aiming to increase the number of employees

covered by our feedback cycles and are gaining more

valuable insights, with 70% coverage rate in colleague

feedback (67% in 2023) and 80% in upward feedback

(82% in 2023). We have streamlined performance

reviews, reducing the number of formal steps and

allowing for more meaningful dialogues.

Employee turnover has continued to fall, landing

at10.5% compared with 11.4% in 2023. Retention

remains a key priority, through attractive

remuneration and benefits, as well as our focus

onemployee wellbeing and engagement.

Wellbeing and rewards

We strive to ensure everyone feels valued,

recognised and supported in their pursuit of

professional development and wellbeing through

ourpolicies, comprehensive benefits and innovative

wellbeing initiatives. Our Wellbeing Framework

focuses on physical, mental, financial and

socialhealth.

In 2024, we reinforced our commitment to

employee wellbeing through dedicated sessions

across our regions, highlighting our Employee

Assistance Programme (EAP), which is available to

more than 26,600 employees. As a result of these

sessions, we have increased EAP utilisation and

improved the engagement with the EAP app.

OurWellbeing Hub features a wealth of resources,

including stress management booklets and other

wellbeing-focused materials. Our commitment to

employee wellbeing earned ushigh commendation

in the European Wellbeing Excellence category

ofthe TELUS Health 2024 Wellbeing Awards.

Health and safety

We are committed to driving an occupational

health and safety culture to provide a safe place

ofwork for all our employees, contractors, visitors

and individuals under our supervision, targeting

zero accidents across all our operations and sites.

We are continually improving our systems and

initiatives, and expanding our behaviour-based

safety (BBS) programme to broaden the reach

ofour safety culture.

In 2024, we launched the BBS programme

intheroute-to-market (RTM) area in several

countries, including some external distribution

centres. We have continued quarterly compliance

assessments, adhering to TCCC’s Life Saving

Rules in all our facilities

1

, with an implementation

rate of 86.8%. Each assessment is followed by

dedicated corrective actions to address any

critical gaps.

We are proud to report zero on-site fatalities this

year. However, we regret to report two fatalities

among contractors and employees due to road

accidents (five in 2023). Whilst our Lost Time

Accidents (LTAs) among employees since 2017

have reduced by 2.4 times, unfortunately they

increased last year (100 in 2024; 89 in 2023).

Thankfully no severe injuries were recorded across

the organisation. Ona positive note, we report a

reduction in contractors’ LTAs compared with the

previous year, underscoring our relentless efforts

toensurea safer working environment for

everyoneinvolved.

We launched a new interactive health &safety

e-learning course, which is mandatory forall

employees. Our Sales Academy was also enhanced

with new health & safety-related e-learning courses,

which have already been completed by more than

3,200 learners, ensuring thatsafety is a priority

across all functions.

In 2024, we introduced monthly Safety

AwarenessDays and strengthened our health &

safety culture and engagement through increased

communication from our senior leaders. For the

first time, a dedicated health & safety update was

included in our Leadership Conference as a key

topic, highlighting our commitment to integrating

safety into all aspects of our operations.

Supporting our people

inUkraine

During the third year of the war in Ukraine,

ourpeople, with the support of the whole

Coca-Cola System, continued to demonstrate

resilience, mutual support and collaboration.

Their safetyremains our number one priority,

while adaptation and winning in the new reality

became our motto for 2024. This year, we

continued with stress management and

resilience webinars, and town halls with our

General Manager and the local leadership team.

Based on these discussions, we implemented

several initiatives, including the upgrade of the

basement of our premises into a fully operating

shelter with comfortable working conditions.

We also launched an internship programme,

covering all functions and enriching our

organisation with 15 young talents.

We continue supporting our Diversity, equity

&inclusion (DEI) agenda, having started a

cooperation with the ‘Zhyttelyub’ foundation,

which helps the more senior population of

Ukraine in reskilling and employment. We are

developing our ‘Women in Sales’ community

to support female employees in their

careerdevelopment. We continue living our

corporate values, driving internal volunteering

and helping the wider community of Ukraine.

Growth pillars continued

Cultivate the potential of our people continued

4

1.  Excluding Russia

Coca-Cola HBC Integrated Annual Report 202421

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

We received nine diversity-related awards in

2024 in recognition of our efforts to increase

gender diversity.

In Greece, we received the Gold award for

Accelerating Female Professionals.

In Austria, our four awards include the Seal of

Quality of In-house advancement of Women.

The Women

of CCHBC

International

Women’s Day

Women in

Leadership

Growth pillars continued

Cultivate the potential of our people continued

4

Diversity and inclusion

Diversity, equity & inclusion (DEI) is key for

diversity ofthinking and fostering psychological

safety throughout our organisation, so everyone

feels they are respected and belong. During 2024,

we continued to uphold our DEI commitments by

increasing the number of our female leaders.

Weare closely monitoring our progress across

recruitment, talent development and retention,

and embedding inclusive leadership in our

leadership development programmes.

43.5%

female leaders

56%

external female managerial hirings

45%

internal female managerial appointments

As we strive to build a gender-balanced

organisation, our focus is on increasing the

representation of women throughout Coca-Cola

HBC. We have improved our gender balance at all

levels, with 43.5% of management positions now

held by women, a 1.7pp increase since last year.

We held Women Network sessions in Austria,

Ireland, Egypt and Nigeria, and virtual talkswith

our women in the DTPS and Finance functions

toincrease visibility and knowledge sharing.

Over the past year, 69 of our female leaders

participated in our Women in Leadership

programme, which aims to build engaged and

capable female leaders, support their transition

into new roles and challenge cultural factors

thatmay hold them back. Since the start of the

programme in 2022, 56% of participants who

completed the first programme, and 50% of

participants who completed the second

programme, have been promoted.

We also held female community talks, featuring

our COO, Naya Kalogeraki, and our CPCO, Ebru

Ozgen, who joined our female leaders in a panel

discussion. In Nigeria, we have developed a female

development programme, helping women to build

self-belief and self-confidence.

Further highlights include the following:

•  Our CEO continuing to be a judge at the WeQual

awards for female leaders

•  Participating in the LEAD conference in

Hungary, as a TCCC partner and beverage

sponsor – the largest diversity and inclusion

event for the European FMCG and retail industry

•  Supporting The Boardroom in Greece and

Switzerland to develop women for board roles

To ensure we adhere to all applicable laws and

regulations and demonstrate best practice

around DEI, we regularly review our Human Rights

Policy, our Code of Business Conduct and other

internal standards. Read more on pages 131 to

132 and on our website.

Talent development:

Our lighthouse capability

Our commitment to people development is

supported by our evolving Talent Review Framework,

which enables us to identify successors for senior

leadership roles. In 2024, we identified 64 successors

to country function head roles and 18 have taken

over. We have a broader, gender-balanced pool with

more than 300 future successors and early talents,

and we will tailor their development and accelerate

their growth. To enhance talent visibility across

business units and functional areas, we worked

with 17 cross-country talent pools, enabling more

internal moves across our countries and functions.

This contributed to 84 appointments transitioning

into senior leadership roles, with 77% of the

managerial roles filled internally.

We are focused on bespoke capabilities to identify

where we need to invest in external hires or internal

capability development. More than 300 employees

took part in our acceleration programmes in

2024,which continue to drive our internal

succession plans.

We have evolved our definition of potential, to help

our employees learn and develop in a way that is

fair and transparent. Our starting point is that

everyone has potential, and our talent strategy

aims to release it. We have introduced three

levelsof potential that will enable us to have

moreholistic conversations, and create more

long-term, strategic talent and development

plans to support our people so they can thrive.

Helping our people realise their potential

As a learning organisation, we actively reinforce

continuous learning and upskilling, while giving

people opportunities for personal growth. By

making learning accessible to all, we delivered over

659,000 hours of learning in 2024. Over 29,000

ofour employees participated in some form of

training, of which 25% was in personal skills, 25%

was compliance related and 50% was in functional

skills. Most of our employees learned online,

with69% of the learning activity self-paced

andself-initiated. Initsfifth consecutive year,

ourvirtual LearnFest drew in more than 8,000

attendees across 10 sessions running throughout

themonth of November.

659,000

hours of learning

69%

of learning done online

8,000

participants in LearnFest

We provide access to coaching and mentoring

through technology-enabled solutions. After

asuccessful campaign to inspire and encourage

internal coaching, in 2024, we incorporated it into

other learning and talent initiatives, and have

continued to grow our pool of internal coaches.

Developing critical sales and supply

chain capabilities

To help our customers and our people adapt to the

changing external environment, we are building high-

performing sales teams with a focus on upskilling

and building critical capabilities. Under the flagship

ofthe Sales Academy, our suite of academies

supports professional development for new joiners

and existing colleagues, including Sales, Premium

Spirits,Coffee and Digital Commerce.

Coca-Cola HBC Integrated Annual Report 202422

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Growth pillars continued

We’ve had another year of strong uptake in

professional development in 2024, with more than

1,300 new Business Developers becoming certified

inLicence to Start and Licence to Sell and 89% of

existing Business Developers achieving certification.

In addition, more than 500 commercial employees

embraced learning paths from the Data, Insights

&Analytics Academy.

1,300

new Business Developers certified

89%

of existing Business Developers achieved

certification

Our Supply Chain (SC) Academy covers 115

different groups of roles in manufacturing, logistics,

quality, planning and procurement across Coca-

Cola HBC, and is now also available in Egypt. Our

SC Academy incorporates the latest innovative

technology tools in logistics and planning. In 2024,

83% of our SC workforce has participated in the SC

Academy and, out of those, 42% have already been

fully certified. Under SC Academy alone, our

employees completed over 175,000 hours of

learning, indicatingour commitment to growing

capabilities and achieving operational excellence.

83%

of our SC workforce has participated in the

SCAcademy

175,000

hours of learning under the SCAcademy

Finding and developing our

futureleaders

We develop leaders at all levels, with our leadership

programmes for first-time leaders, middle managers

and senior leaders available to everyone who is

promoted to next-level leadership. We believe all

our leaders should develop their people, building

the most capable and most engaged teams.

Our International Leadership Trainee flagship

programme continues to challenge and develop

GenZ graduates to become our next generation

ofleaders. Our first group in 2024 experienced

international assignments, a leadership development

programme with HULT business school in London,

mentoring and reverse mentoring with our senior

leaders. They alsoparticipated in global events

around sustainability and other topics.

Our employer branding campaign to attract

futuretalent, called ‘Bring your own magic’,

achieved more than 16 million views and 14,000

applications. Through an intense recruitment

process, we’ve since welcomed 15 new trainees

across 12 countries, including – for the first time

– four trainees in Africa.

Recognised as an employer

of choice

Our attractiveness as an employer in the

Universum 2024 rankings increased to 7th

place overall and 5th place for Business

Developers, from 12th place in both

categories last year. In Greece, Cyprus,

Ukraine, Armenia, Moldova, Poland & Baltics,

and in our Adria business unit, we are now a

1st FMCG employer. This has been a result

oftargeted campaigns, presence on social

media and engagements at local universities.

Additionally, we won 51 external awards

including three Gold awards for Best

Marketing Strategy, as well as the Top

Employer certification for Greece, Bulgaria

and Italy by the Top Employers Institute.

Priorities in 2025

•  Elevate our bespoke capabilities andevolve

our learning experiences to accelerate

performance and development

•  Stay resilient and connected with our

teams through continuous listening, while

rebooting our rewards strategy to boost

our attractiveness and maximise retention

•  Cultivate our growth mindset-

driven culture through simplicity

andproactivecollaboration

•  Enable our people and teams to drive higher

impact, through gender-balanced teams

and more productive ways of working

UN Sustainable

Development Goals

Efforts to foster an engaging workplace

andan inclusive environment, nurture

anddevelop the capabilities of our

people, increase gender balance in our

management ranks, and reduce stress

and support employee wellbeing all

contribute toward global goals for

development. The specific Sustainable

Development Goals we support include

good health and wellbeing; gender

equality; decent work and economic

growth; reducing inequalities; and peace,

justice and strong institutions.

Coca-Cola HBC Sales

Academy

Coca-Cola HBC Key

Accounts Sales

Academy

Our International

Leadership Trainee

programme

Inside the Coca-Cola

HBC International

Leadership Trainee

experience

Cultivate the potential of our people continued4

Coca-Cola HBC Integrated Annual Report 202423

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Earn our licence to operate

2024 highlights

•  Continued our decarbonisation in line

withourNetZeroby40 roadmap

•  Updated NetZeroby40 roadmap,

incorporatingFLAG emissions and Egypt

•  Focused on packaging decarbonisation using

ahigher percentage of recycled materials

•  Supported roll-out of DRS in EU markets

•  Promoted EPR policies and launched new

packaging collection systems

•  Expanded our partnerships in water

andwastereduction

•  Continued our focus on #YouthEmpowered

•  Ongoing support to communities in need.

•  Activated the Coca-Cola HBC Foundation

KPIs

•  Absolute greenhouse gas emissions inscope1,2

and 3

•  Water usage in water risk areas

•  Young people trained through #YouthEmpowered

•  % primary packaging collected

Principal risks and opportunities

•  Cost and availability of sustainable packaging

•  The impact of climate change on the cost and

availability of water

•  People attraction and retention

•  Health and safety

•  Suppliers and sustainable sourcing

•  Managing our carbon footprint

•  Product quality and food safety

•  Complying with international sanctions

Read more on p.181 to 189

Material issues and topics of interest

•  E1 – Climate change mitigation, E1 – Energy

•  E3 – Water consumption, E3 – Water withdrawal

•  E4 – Land-ecosystem use change

•  E5 – Resource inflows, including resources,

E5– Resource outflows related to products

andservices

•  S2, S3 – Training and skills development

•  S3 – Water and sanitation, S3 –

#YouthEmpowered (company-specific)

•  S4 – Consumer’s health and safety,

S4 – Responsible marketing practices

Read more on p.83 to 172

Stakeholders

Read more on p. 10 to 11

5

Growth pillars continued

Consistent progress across our markets

•  Making progress on circular packaging:

Empty bottles are a valuable resource, and

recycling them can help to decrease our costs

and achieve our collection targets. Nine of our

markets now have Deposit Return Schemes

(DRS). Four successful DRS have been launched

between December 2023 and January 2025

in Romania, Hungary, the Republic of Ireland

and Austria. DRS help to consistently deliver

high packaging collection rates. For example, in

Romania (launched December 2023) results are

encouraging, with an average return rate of 77%

of containers sold in the market in the last three

months of 2024. In 2025, we expect to achieve, on

average, above 60% recycled material in our PET

packaging in all our EU countries and Switzerland.

•  Driving progress through innovative business

models: In Nigeria, our innovative approach

to collection and recycling is creating value for

us and local communities. In 2024, we built the

country’s first-ever Coca-Cola System-owned

and operated packaging collection hub, allowing

us to collect plastic bottles for recycling.

•  Expanding reusable packaging: We continue

to grow our transactions sold in Returnable Glass

Bottles (RGB) with a 1pp increase compared with

last year, including Africa. We are testing new

business models such as a circular packaging

campus with a leading university in Italy and we

expect to expand this model across our territories.

•  Partnering with local stakeholders: We

started to collaborate on a project in Nogara,

Italy, that will add up to 1.5 million m

3

of water

every year to the local aquifer near our production

plant. We will help to create a network of canals,

trees and shrubs to revitalise fresh water for

agriculture and community use.

•  Investing for sustainable growth: We received

a $130 million loan from the EBRD to finance

capex and working capital requirements in Egypt.

This loan recognises our long-term commitment

to Egypt and allows us to invest in energy-efficient

coolers and sustainable packaging innovation

and continue to fund our #YouthEmpowered

and ‘She Leads’ programmes.

Introduction

We are proud to remain global industry leaders

insustainability this year, with leading scores

andrankings in ten of the most-recognised

ESGratings. We were ranked as the world’s most

sustainable beverage company in the 2024 Dow

Jones Best-in-Class Indices for the eighth time.

We believe our success comes from continuously

evolving our business model to deliver growth and

taking a strategic approach to sustainability. This

approach allows us to both grow and make our

business more resilient.

In 2024, we made good progress towards our

ambitious and measurable 2025 sustainability

objectives by focusing on areas where we can have

the greatest impact: climate, packaging and water.

We have reduced emissions for the past four

years, in line with our NetZeroby40 roadmap.

In early 2025, the Science Based Targets initiative

(SBTi) approved our NetZeroby40 target which,

forthe first time, includes Egypt. We also published

our first Sustainability Statement as part of the

Corporate Sustainability Reporting Directive

(CSRD)requirements.

Read more on p.41 to 172

Packaging

collection

hubinNigeria

•  Supporting communities: We awarded grants

totalling €1.55 million from the Coca-Cola HBC

Foundation to help rebuild communities in

Europe and Nigeria impacted by severe floods.

We have also collaborated with governments

and NGOs to assist impacted communities,

delivering almost 400,000 litres of beverages

through local charities and municipalities.

•  Adding value for our customers: Sustainability

initiatives are increasingly important for our

customers and consumers. Our customers tell

us they value our sustainability expertise and

that joint sustainability initiatives help grow their

business, which, in turn helps make our own

business stronger.

This year, we continued to build our capabilities,

collaborate and learn from our experience to build

a strong and resilient business that is opening up a

more sustainable future.

Coca-Cola HBC Integrated Annual Report 202424

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

4,400

4,991

3,684

3,485

1,637

930

563

391

255

19

2017

2

010

2024

2030

2040

2

024 Actual: -31%  vs 2010

2

024 Actual: -18%  vs 2017 (SBTi base year)

From 2024 to 2039:

Beyond value chain mitigation

2

Neutralisation of residual

emissions as of 2040

#NetZeroby4

0

goal

2019

5,920¹

4,075

1

4,963

1

Scope 1+2

1

Scope 3

1

Carbon Removal Projects Scope 1+2+3 emissions

#NetZeroby40 roadmap for scope 1, 2 and 3

Scope 1, 2 and 3 incl. Egypt; FLAG and non-FLAG emissions;

newly established science-based target for scope 3 based

on Well-Below-2-Degrees (WB2D) scenario by 2030 and

then 1.5°Cpathway until 2040; changed baseline year from

2017to 2019.

.

S1+2: -46.2% in 2030 vs 2019

S3: -28% in 2030 vs 2019

Overall

reduction

S1+2+3 in 2040

vs 2019: 88%

1.   Scope 1+2+3: all numbers exclude Egypt.

2.  As defined based on Science Based Targets initiative.

Updated SBTi roadmap applicable since 2025

Growth pillars continued

Climate

On the pathway to net zero emissions

We were among the first companies to adopt

science-based reduction targets by the Science

Based Targets initiative (SBTi). Our aim is to

achieve net zero emissions across our entire value

chain by 2040. Each year we make steady progress

towards this target.

We have decreased our absolute direct emissions

by 58% and reduced our absolute total value chain

emissions in scope 1, 2 and 3 by a third from 2010

to the end of 2024, despite a global increase

inemissions.

In 2024, we made important changes to our net zero

roadmap after the SBTi validated and approved:

•  Renewed climate targets for 2030 and

NetZeroby40, including Egyptian operations

forthe first time.

•  Targets for Forest, Land and Agriculture (FLAG)

that apply to commodities from forestry, land

and agricultural sectors. These are covered

in our scope 3 emissions, for example,

in packaging, wood and paper pulp, and

ingredients such as sugar and fruit juices.

These changes are now reflected in our climate

transition plan with a clear set of actions on how

toachieve these targets. We will report on these

from 2025:

•  In scope 1 and 2 we will follow the 1.5°C pathway

for 2030 and 2040.

•  In scope 3, we will split our targets into two

categories: energy and FLAG. Our energy-

related targets will follow the Well-Below-2-

Degrees (WB2D) scenario until 2030 and then

the 1.5°C pathway until 2040, our net zero year.

Scope 1 and 2

In 2024, our core initiatives to reduce carbon

emissions included:

•  Manufacturing: we spent €26 million in 2024

on our Top 20 energy savers programme, which

covers technical solutions to reduce energy

consumption and improve energy efficiency. We

have initiatives across our markets, for example, in

Belgrade we have installed a new heat pump that

captures heat from external sources and heats

it up using electricity from renewable sources.

•  Removing CO

2

from our manufacturing

processes by using sterile air or nitrogen

instead of CO

2

for all processes except

carbonating our drinks.

Scope 3: Reducing indirect emissions from our

value chain

Packaging, ingredients and coolers were our main

focus in scope 3, where over 90% of our carbon

emissions come from. So the work we do with

suppliers is vital to our success.

•  Evolving our pack mix towards lower carbon

intensive packaging by increasing recycled

content, expanding reuse with sustained

growth in refillable packaging in our portfolio

(+1pp in transactions compared with last year),

leveraging packageless in relevant sub-channels

and eliminating unnecessary packaging. For

moredetail, see packaging onpage 27.

•  Exceeded our Mission 2025 target of 50% energy-

efficient coolers in shops and outlets – now at

60%. This means we reduced CO

2

e emissions by

100,829 tonnes compared with our 2017 baseline.

To continue on our emissions reduction journey,

the decarbonisation efforts of our suppliers are

critical. By the end of 2024, it was clear that our

engagement with suppliers had accelerated:

•  187 of our significant suppliers disclose

theiremissions through CDP.

•  119 have already set, or have committed toset,

science-based targets.

•  These 187 suppliers buy – on average – 19%

of their energy from renewable sources and

generate over 3% from their own renewables.

Earn our licence to operate continued5

Coca-Cola HBC Integrated Annual Report 202425

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Going greener:

We’re powering our work in sales and

distribution in Switzerland using electricity.

Withover 177 branded electric cars, our

salesfleet is fully electric, and we expect 700

tonnes ofCO

2

emissions reduction annually.

Weare also investing in our infrastructure for

charging stations for cars during the day and

trucks overnight across our facilities. We’ve

launched partnerships with transport suppliers

and thefirst e-trucks are on the road using

locally produced electricity in Austria and

Switzerland. We expect tosave about 95

tonnesof CO

2

emissions per e-truck in 2025.

Wehave introduced alternative fuels, HVO

andBioLNGinItaly, with the goal to expand

theusage of this solution in other BUs.

Absolute scope 1 and 2 CO

2

e emissions

2

(’000 tonnes)

0

100

200

300

400

500

600

2.

Excluding Egypt.

563

538

481

432

426

443

-55%

2030 vs 2017

357

391

255

-4%

-14%

-23%

-24%

-21%

-36%

-55%

2017 2018 2019 2020 2021 2022 2023 2024

2030

goal

-31%

0

1000

2000

3000

4000

5000

Absolute scope 3 CO

2

e emissions

3

(’000 tonnes)

0

1,000

2,000

3,000

4,000

5,000

2017\* 2018 2019

4,400

4,359

4,195

2020

3,902

2021

4,046

2022

3,775

2023 2024

-21%

2030 vs 2017

3.

Emissions are recalculated due to conversion factors change and exclude Egypt.

3,684

3,791

2030

goal

3,485

-1%

-5%

-11%

-8%

-14% -14%

-16%

-21%

Renewable and clean

4

electricity in the

European Union and Switzerland

(%)

0

20

40

60

80

100

2017 2018 2019

78 87 89

2020

97

2021

99

2022

99

2023 2024

100% in 2025

100

2025

goal

100

4.  Clean source means CHP using natural gas.

100

Growth pillars continued

Decarbonising our value chain

Our 2025 objective is for 50% of our manufacturing

plants to use renewable or clean energy. In 2024,

weachieved 53%

1

. This is the second year we have

exceeded this Mission 2025 goal, and all our EU

andSwiss manufacturing facilities continued to

use100% renewable and clean electricity sources.

Significant step forward on our green fleet

In 2024, we reduced our own fleet’s carbon footprint

by 42%, a reduction of about 42,465 tonnes of CO

2

compared with our baseline of 2017.

Our green fleet now comprises 47 % of our own

light fleet.

Emissions from our third party logistics providers

have increased by 4,6% (equivalent to 8,002

tonnes) compared with our baseline, while our

volume growth was 24,2 % over the same period.

Earn our licence to operate continued5

Watch here: Green fleet in Switzerland

1.  Excludes Egypt

Coca-Cola HBC Integrated Annual Report 202426

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Growth pillars continued

Packaging

Towards a circular economy

Our objective is to create packaging for our drinks that

can be recycled or reused, so that it can be collected

and transformed into new recycled packaging, such

as an rPET bottle. This circular packaging approach

reduces our carbon emissions and helps to lower

packaging waste in the environment. We are making

progress towards this by:

•  increasing recycled content with a focus on our

primary packaging

•  building our in-house rPET production

infrastructure

•  expanding reusable formats such as reusable

glass bottles

•  supporting effective collection models in our

markets, including Deposit Return Schemes

in Europe and other types of locally relevant

Extended Producer Responsibility schemes.

Collecting and recycling

In 2024, we continued to focus our efforts on

increasing packaging collection rates across

ourterritories.

•  From December 2023 to January 2025, new

DRS went live in Romania, the Republic of

Ireland, Hungary and Austria. DRS help to

consistently deliver high packaging collection

rates. For example, in Romania (launched

December 2023), results are encouraging with

an average return rate of 77% of containers sold

in the market in the last three months of 2024.

•  In Nigeria, we built our first Coca-Cola System-

owned and operated packaging collection hub

in 2024. It opened in January 2025, and we

expect the hub to collect and process up to

13,000 metric tonnes of PET bottles once it is

fully operational. We continued to support the

work of the Food and Beverage Recycling

Alliance (FBRA) and other packaging collection

projects in the country.

•  Our overall packaging collection rate in 2024

was 58%

1

. We expect this figure to increase

significantly in 2025 when the full benefit from

recent system launches in several countries

isrealised.

rPET

We make our packaging more sustainable by

investing in recycled content and producing our

own recycled PET (rPET). This gives us a high-

quality, steady supply of foodgrade rPET in selected

markets, and reduces supplier and transport costs.

Our Mission 2025 objective is for 35% of the PET

that we use acrossmarkets to be rPET. In 2024, we

made significant progress, increasing to 24% rPET

compared with 16% in 2023. We have committed to

achieving 50% rPET in plastic bottles across our

portfolio in EU markets and Switzerland by 2025. In

these markets, the rPET we use increased to 46% by

December 2024. In 2025, we expect to achieve over

60%, whichexceeds our target.

Expanding reusable packaging

We keep our focus on delivering programmes that

will increase reusable packaging – both refillable glass

bottles and drinks dispensers, such as fountains or

freestyle machines that use reusable vessels.

•  In 2024, across all our territories, 13% of the

drinks sold were in returnable containers and

4% were through dispensers

2

. This implies an

increase of 1pp in transactions in returnable

containers compared with the previous year,

with Africa leading the growth supporting both

waste reduction and affordability. Dispensers,

which are mostly used in sub-channels such as

quick service restaurants, cinemas and leisure,

are flat overall. This increase is in line with our

Pack Mix of the Future vision where reusable

packaging isexpected to play abigger role.

•  We continued to help our customers and

consumers adopt new reuse models. In 2024,

we worked with a leading university in Italy to

deploy the first circular packaging campus.

Thisallows students to enjoy our products

while minimising the amount of packaging.

Wehave installed new dispensers to offer

great-tasting ‘packageless’ drinks to be

consumed with reusable vessels. We also

implemented a full bottle-to-bottle process

by offering a wide range of drinks in 100%

rPET bottles that can becollected through

a reverse vending machine. The empties are

then sent for recycling, and the flakes are used

in our rPET production facility. We plan to offer

similar schemes in2025 across our territories

oncethebusiness model isvalidated.

Eliminating unnecessary packaging

•  In 2024, we trialled a water-based adhesive

that secures the layers of pallets together and

eliminates layer pads in Poland, Serbia, Croatia,

Romania and Nigeria. This has saved almost 2,000

tonnes of corrugated cardboard packaging.

•  We’ve completed testing a new, high-

performing stretch film in Ireland and Austria

that uses 30% less material and we will include

itin our sparkling range in 2025.

Increasing recycled material in secondary

packaging

•  We rolled out 100% post-consumer recycled

shrink film for secondary packaging in Italy,

Poland and Switzerland after a successful pilot.

Water

We use water in every part of our business: itisthe

main component of our drinks, is needed to grow

core ingredients such as sugar and fruit, and helps

usto clean, wash and sanitise our production

equipment. We recognise the need to protect

thisvaluable resource, especially in areas of our

operations where water is scarce or at risk. In

2024, we invested €5.2 million in water saving

andwater efficiency programmes.

Customer collaboration

We partnered with Carrefour Italy and

developed a three-year sustainability-driven

strategic roadmap with the objective to increase

the share of beverages sold in rPET bottles

byputting various initiatives in place. ‘Let’s

recycle together’ was the first initiative that

was deployed in co-operation with Marevivo,

alocalNGO protecting sea and environment.

Dedicated in-store activations aimed to

educate consumers on how to properly recycle

beverage packaging and demonstrate the role

that our 100% rPET portfolio plays in circular

packaging. This joint initiative generated

incremental sales and showed better results

than previous activations, creating value for

both us and Carrefour.

Supporting DRS in Europe

DRS are fast becoming the system of choice

inEurope.

They consistently deliver high rates of

collection, typically over 90%, with an

exceptional quality of foodgrade feedstock for

recycling. This in turn supports higher recycling

yields for bottle-to-bottle and can-to-can

recycling compared with a co-mingled

collection approach.

Nine of our Coca-Cola HBC markets now have

DRS in place, with two more expected in2025

and up to 10 more anticipated in 2026-2028.

Earn our licence to operate continued5

1.  Excludes Egypt.

2.  Numbers refer to transactions and include Egypt.

Coca-Cola HBC Integrated Annual Report 202427

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Growth pillars continued

watershed in Bulgaria, and improve land and water

use in the context of supply chain, agricultural

practices and natural water retention in Bulgaria,

Romania and Hungary.

People and communities

We focus on making a positive impact in different

ways in the local communities where we operate,

such as through financial support, volunteering

and training for young people.

Flood support for communities impacted by

devastating flooding

In 2024, the Coca-Cola HBC Foundation donated

€1.55 million to communities impacted by

devastating floods in Europe and Nigeria. These

grants will support projects that target local needs,

for example, rebuilding houses and community

centres, providing food and emergency supplies,

andreplacing damaged medical equipment. Founded

in 2023, the Coca-Cola HBC Foundation continues

our tradition of giving back to our communities.

Support for Ukraine

Since the beginning of the conflict in Ukraine, the

Coca-Cola System and The Coca-Cola Foundation

have committed to donating US$40 million. In 2024,

we helped in the followingways:

•  Donated €5 million for 60 mobile boilers to

provide heating and support to communities, in

collaboration with the Ukrainian Red Cross Society.

This brought the total number of boilers donated

to 105. In partnership with governmental bodies,

the Ukrainian Red Cross ensures the boilers are

distributed to themost vulnerable communities.

•  In 2024, we started rebuilding a kindergarten

that was completely destroyed in Bohdanivka,

in the Kyiv region. This initiative was supported

by the Coca-Cola System. In 2023, The Coca-

Cola Company contributed US$1.2 million, and

Coca-Cola HBC donated US$1.8 million. We

expect construction to be completed in 2025.

•  At the end of 2024, we continued the tradition

ofspreading joy and supporting Ukrainians during

the winter holidays season, starting with the

donation of 1.5 million specially produced Coca-

Cola bottles to the most vulnerable Ukrainians.

Watch here: The Living Danube Partnership

Training young bartenders

In Greece, we collaborated with top HoReCa

customers and our recognised Brand

Ambassadors to offer free masterclasses

to570 bartenders and baristas, levelling

uptheir capabilities on modern mixology,

spirits, and coffee trends and techniques.

This initiative equipped participants with

advanced skills and industry connections,

and offered globally recognised scholarships

incoffee and spirits. In Romania, we have

launched the Barmasters Academy to offer

specialised bartending and barista training

for aspiring HoReCa professionals.

Partnering with HoReCa customers, this

programme offers practical, high-quality

learning experiences for young people.

Watch here: Red Cross support

Water reduction in our operations

Our Mission 2025 objective is to reduce the

waterwe use in our production plants located

inwater-risk areas by 20%, compared with our

2017 baseline

1

.

In 2024, we took an important step forward and

started to certify our 60 beverage production

plants in all markets with a new water efficiency

management standard ISO 46001. This focuses

on water efficiency and sets targets to improve

water consumption and means all our plants will

beaudited and meet the same standard. So far,

42% of our plants have been certified and we

willcomplete the rest by the end of 2025.

We used new and innovative approaches to

optimise water use in our production processes.

For example, zero-liquid discharge equipment

inPoland recycles water instead of discharging

itinto the nearby river. We then use this water

inprocesses that do not come into contact

withproducts or packaging.

Working with our suppliers

We measure the water consumption of our

criticalsuppliers to assess their basin and

operational water risks using the Water Risk

Filtermethodology. We then work with suppliers

operating in high-risk areas to develop plans so

they can reduce their water use.

Water stewardship community projects

In 2024, we started new projects in four more water

priority locations and we now report at least one

water stewardship project in 16 out of our 19 water

priority locations. In Italy, we are partnering with the

municipality to restore and maintain Rionero city

fountains. In Bulgaria, we have started a long-term

project to increase the water supply capacity in

twomunicipalities, which will help add more than

1.0 million m

3

of water each year.

Forest Infiltration Area, Italy

In Nogara, Italy, we launched a joint project that will

add up to 1.5 million m

3

of water every year to the

local aquifer near our production plant. The Forest

Infiltration Area – a joint project between Coca-Cola

HBC Italy and the Consorzio di Bonifica Veronese –

will be a new network of canals, trees and shrubs that

will revitalise fresh water. Water extracted from the

River Adige will continuously flow into the network of

canals to refresh the groundwater acquifer. From this

aquifer, hundreds of local wells will be used to extract

water for agriculture and community use.

Living Danube Partnership

This year, we joined the Living Danube Partnership

2.0 (LDP), the continuation of LDP 1.0, which

started 10 years ago between WWF-CEE and The

International Commission for the Protection of the

Danube River (ICPDR). Funded by The Coca-Cola

Foundation it helps to restore the vital wetlands and

floodplains along the Danube river.

In addition to the support of The Coca-Cola

Foundation and Coca-Cola Europe, we are

supporting LDP 2.0 to demonstrate and promote

good water stewardship and explore additional

opportunities for collective action on the Iskar

Earn our licence to operate continued5

#YouthEmpowered

By the end of 2024, we had trained 1,119,850

young people since the programme started in

2017, exceeding our Mission 2025 target one

yearearly. #YouthEmpowered focuses on young

people who arenot in employment, education

ortraining (NEET) or at risk of becoming NEET.

Weoffer skills, guidance and support to young

adults between 18 and 30, along with a network

connecting young people to future employment

and development opportunities.

Volunteering

3,793

employees have volunteered

acrossallourmarkets

1.  We have 19 water priority locations, including Armenia, Bulgaria,

Cyprus, Greece, Italy and Nigeria and excluding Egypt.

Coca-Cola HBC Integrated Annual Report 202428

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAQVBfsDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKoa5bS3nh/UrW3TfNNayxxrkDLFCAMnjqav0UmrqxUJOElJdDwT/hXPiv/oFf+TEX/wAVR/wrnxX/ANAr/wAmIv8A4qve6K5/qsO7Pf8A9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4J/wrnxX/ANAr/wAmIv8A4qj/AIVz4r/6BX/kxF/8VXvdFH1WHdh/rJi/5Y/c/wDM8E/4Vz4r/wCgV/5MRf8AxVH/AArnxX/0Cv8AyYi/+Kr3uij6rDuw/wBZMX/LH7n/AJngn/CufFf/AECv/JiL/wCKo/4Vz4r/AOgV/wCTEX/xVe90UfVYd2H+smL/AJY/c/8AM8E/4Vz4r/6BX/kxF/8AFUf8K58V/wDQK/8AJiL/AOKr3uij6rDuw/1kxf8ALH7n/meCf8K58V/9Ar/yYi/+Ko/4Vz4r/wCgV/5MRf8AxVe90UfVYd2H+smL/lj9z/zPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uij6rDuw/1kxf8sfuf+Z4J/wAK58V/9Ar/AMmIv/iq97oorSnSVO9jzsfmVXHcvtEly32v1t5vsVbmF5JAVXIxjrUP2ab+5+orQorU88z/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FTW0LxyEsuBjHWrVFABWf8AZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAGxgrGoPUACo7lGkjAUZOc1NRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAFOCCRJlZlwB71coooAoyW8rSMQvBJPUU37NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUZorF8Ra9Hodj5mA9xJkRIe59T7CpnOMIuUtkXTpyqSUIrVmpc3dvZxebczxwpnG52AH61jt4y0NWK/bM49I2I/lXmN7f3WpXJnu5mkc9MnhR6AdhUSrXiVc2kn+7Wnme3TyiCX7yTv5HsNlrenahgW13G7H+DOG/I81oA5rxWMFWDKSCDkEdq7fw14llkkSxvX3M3EcrHkn0PqfetcLm0aklCqrN9ehy4rLXTjzU3dHZ0U1W3CnV7B5YUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADWOBXk3iq+a/8QXHJMcJ8pB6Y6/rmvVpjhTXj+qIRrN9nOftD9f9415ObTcacV3Z62URXtJSfRFNVqZVoVamVa+anM91sFWpkBBBHBHQihVqZVrlnMybPRtKvDd2EExOWZRu4xz0P65rTHSud0DK6ZbqfQ/+hGugX7tffYWbnQhOW7S/I+VrJRqSS7sdRRRW5mFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEM4+WvPfFWnNHffbUBKS4D+zAf1H8jXorjIrKvrVZY3R0DIwwynoRXLjMMsRScOvQ6MLiHQqc/TqeZKtTKtbN34feNy1q29f7jEBh+PQ1UXTrwf8ALpP/AN+zXxuIw9elLlnFn0McTTqK8WV1WrdrbNcTpEvBY8n0HrU8GlXLkb08odzJwfy61uWVmkClIwTn7zkct/gPatMFldbEzTmrQ6t/ocuIxkKatF3ZpWSBVVVztUBRn0HArXT7tUraLaBV4DAr7dJRVkeC3d3YtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAIRmopItwqaigDJltM5qobM56VvlAajMAoAxlsznpV6G1xVwQgU8KBQAiJtFPoooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooqhq+tafoVot1qVx5ELuI1bYzZYgnGFBPQGk2lqyoQlOSjFXbL9Fct/wsbwp/0Ff/ACXl/wDiaP8AhY3hT/oK/wDkvL/8TU+0h3R0/UMX/wA+pf8AgL/yOporlv8AhY3hT/oK/wDkvL/8TR/wsbwp/wBBX/yXl/8AiaPaQ7oPqGL/AOfUv/AX/kdTRXLf8LG8Kf8AQV/8l5f/AImj/hY3hT/oK/8AkvL/APE0e0h3QfUMX/z6l/4C/wDI6miuW/4WN4U/6Cv/AJLy/wDxNH/CxvCn/QV/8l5f/iaPaQ7oPqGL/wCfUv8AwF/5HU0Vy3/CxvCn/QV/8l5f/iaP+FjeE/8AoK/+S8v/AMTR7SHdB9Qxf/PqX/gL/wAjqaK5b/hY3hP/AKCv/kvL/wDE0f8ACxvCf/QV/wDJeX/4mj2kO6D6hi/+fUv/AAF/5HU0Vy3/AAsbwn/0Ff8AyXl/+Jo/4WN4T/6Cv/kvL/8AE0e0h3QfUMX/AM+pf+Av/I6miuW/4WN4T/6Cv/kvL/8AE0f8LG8J/wDQV/8AJeX/AOJo9pDug+oYv/n1L/wF/wCR1NFct/wsbwn/ANBX/wAl5f8A4mj/AIWN4T/6Cv8A5Ly//E0e0h3QfUMV/wA+pf8AgL/yOporlv8AhY3hP/oK/wDkvL/8TR/wsfwn/wBBX/yXl/8AiaPaQ7oPqGK/59S/8Bf+R1NFct/wsfwn/wBBX/yXl/8AiaP+Fj+E/wDoK/8AkvL/APE0e0h3QfUMV/z6l/4C/wDI6miuW/4WP4T/AOgr/wCS8v8A8TR/wsfwn/0Ff/JeX/4mj2kO6D6hiv8An1L/AMBf+R1NFct/wsfwn/0Ff/JeX/4mj/hY/hP/AKCv/kvL/wDE0e0h3QfUMV/z6l/4C/8AI6miuV/4WP4T/wCgr/5Ly/8AxNH/AAsfwn/0Ff8AyXl/+Jo9pDug+oYr/n1L7n/kdVRXK/8ACx/Cf/QV/wDJeX/4mj/hY/hP/oK/+S8v/wATR7SHdB9QxX/PqX3P/I6qiuV/4WP4T/6Cv/kvL/8AE0f8LH8J/wDQV/8AJeX/AOJo9pDug+oYr/n1L7n/AJHVUVyv/Cx/Cf8A0Ff/ACXl/wDiaP8AhY/hP/oK/wDkvL/8TR7SHdB9QxX/AD6l9z/yOqorlf8AhY/hP/oK/wDkvL/8TR/wsfwn/wBBX/yXl/8AiaPaQ7oX1HFf8+pfc/8AI6qiuV/4WR4T/wCgt/5Ly/8AxNH/AAsjwn/0Fv8AyXl/+Jo9pDug+o4r/n1L7n/kdVRXK/8ACyPCf/QW/wDJeX/4mj/hZHhP/oLf+S8v/wATR7SHdB9RxX/PqX3P/I6qiuV/4WR4T/6C3/kvL/8AE0f8LI8J/wDQW/8AJeX/AOJo9pDug+o4r/n1L7n/AJHVUVyv/CyPCf8A0Fv/ACXl/wDiaP8AhZHhP/oLf+S8v/xNHtId0H1HFf8APqX3P/I6qiuV/wCFkeE/+gt/5Ly//E1Mnj/wtIgYavEAf7yOD+RFHtIdweCxK3py+5nSUUUVZyhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFcF8XP+RUtf+v5P/QJK72uC+Ln/ACKlr/1/J/6BJWVb+Gz0Mp/32n6njFFFFeYfo4UUUUAFFFJmgBaM0lFABRRRQIKKKKACiiigAooozTEFFJRQAUUUUAFFFFABRRmkoAXNJRRQAUUUUCCiiimAUUUUAFFFJQAtJRRQAUUUUCCiiigAooooAKKKTNAC0ZpKKBH1TRRRXrH5aFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVwXxc/5FS1/6/k/9Akrva4L4uf8AIqWv/X8n/oElZVv4bPQyn/fafqeMUUUleYfo4tJmiigAooooEFFFFABRRRQAUUUmaYhaTNFFABRRRQAUUUUAFFJmigAzRRRQAUUUUCCiiimAUUUUAFFGaSgBc0lFFABRRRQIKKKKACiiigAoopKBC0maKKACiiigAooooA+qaKKK9Y/LQooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuB+Ln/IqWv8A1/J/6BJXfVwPxc/5FS1/6/k/9AkrKt/DZ6GVf77T9TxiiiivMP0YKKKKACiiimAUUUlAhaSiigAooooAKKKKACikooAKKKKACiiigQUUUUwCiiigAopM0UAGaKKKBBRRRQAUUUUAFFFFABRRmkoELSUUUAFFFFABRRRQAUUUUCCiijNAH1TRRRXrH5cFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVwPxc/5FS1/wCv5P8A0CSu+rgfi5/yKlr/ANfyf+gSVnW/hs9DKv8AfafqeMUUUV5h+jBRRmkoELmkoooAKKKKACiikzQAtGaSigAooooEFFFFMAooooAKKKKACikooAKKKKBBRRRQAUUUUAFFFFABRSZooELmkoooAKKKKACiiigAooooEFFFJQAtJmiigAooopgfVVFFFeqflwUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXA/Fz/kVLX/AK/k/wDQJK76uB+Lv/IqWv8A1/J/6BJWdb4GehlX++0/U8XzRRRXmH6KFFFFABRRSZoAWkzRRQAUUUUCCiiimAUUUUAFFFGaACjNJRQAUUUUCCiiigAooooAKKKKACikooEGaKKKACiiigAooooAKKKKBBRRmkoAXNJRRQAUUUUwCiijNABRSUUCPquiiivVPy8KKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArgfi7/AMipa/8AX8n/AKBJXfVwPxd/5FS1/wCv5P8A0CSs63wM9DKv99p+p4vRRmkrzD9FFpKKKACiiigQUUUUwCiiigAoopM0ALSZoooAKKKKBBRRRQAUUUUAFFFGaACikooEFFFFABRRRQAUUUUAFFFFAgopM0UAGaKKKYBRRRQAUUUmaAFozSUUCCiiigAooooA+q6KKK9U/LwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuA+Lv/ACKdr/1/J/6BJXf1wHxd/wCRTtf+v5P/AECSs63wM9DKv98p+p4vRRRXmH6IFFFFMAooooAKKKSgBaSiigAooooEFFFFABRRRQAUUUmaAFozSUUCCiiigAooooAKKKKBBRRRQAUUlFABRRRTAKKKKACiikoAWkzRRQIKKKKACiiigAooooAKKKKBH1XRRRXqn5gFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVwHxd/5FO1/wCv5P8A0CSu/rgPi7/yKdr/ANfyf+gSVnW+BnoZV/vlP1PF6KKK80/RAopM0UALmkoooEFFFFABRRRQAUUUUAFFFJQIWkzRRQAUUUUAFFFFABRRRQIKKKM0AFGaSigAooopgFFFFABRRmkoAWkoooEFFFFABRRRQAUUUUAFFFJmgQtGaSigAooopgfVlFFFeofmAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXAfF3/kU7X/r+T/0CSu/rgPi9/yKdr/1/J/6LkrOt8DPQyr/AHyn6ni2aKKK80/QwooooAKKKKACiiigAoozSUCFpKKKACiiigAooooAKKKKBBRRSZoAWkzRRQAUUUUwCiiigAopM0UALmkoooEFFFFABRRRQAUUUUAFFFJmgQtJmiigAooopgFFFFAgooooA+rKKKK9Q/MQooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuA+L3/Ip2v/X8n/ouSu/rgPi9/wAina/9fyf+i5KzrfAzvyv/AHyn6ni1FFFeafogUUUUAFFJmigQZooooAKKKKACiiigAooooEFFFJQAtJRRQAUUUUwCiiigAopKKADNFFFAgooooAKKKKACiiigQUUZpKAFpKKKACiiimAUUUUCCiiigAooooAKKKKAPqyiiivUPzEKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArgPi9/yKdr/wBfyf8AouSu/rgPi9/yKdr/ANfyf+i5KzrfAzvyv/fKfqeLUUlFeafoYUUUUAFFFFABRRRQAUUUUCCijNJQAuaSiigAooopgFFFGaACikooEFFFFABRRRQAUUUUAFFFFAgopM0UALmkoooAKKKKYBRRRQIKKKKACiiigAooooAKKKSgQtJmiigD6tooor1D8yCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK4D4vf8ina/9fyf+i5K7+uA+L3/ACKdr/1/J/6LkrOt8DO/K/8AfKfqeK0UUV5p+hhRRRQAUUUUCCikzRQAZooopgFFFFABRRSZoAWkzRRQIKKKKACiiigAooooAKKKKBBRSUUAGaKKKACiiimAUUUUCCiiigAooooAKKKKACijNJQIWkoooAKKTNFABmiiigD6uooor1D8yCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK4D4vf8AIp2v/X8n/ouSu/rgPi9/yKdr/wBfyf8AouSs63wM78r/AN8p+p4rRRRXmn6EFFJRQAUUUUwCiiigAoopKAFpM0UUCCiiigAooooAKKKKACiijNAgopKKACiiigAooopgFFFFAgooooAKKKKACiiigAopM0UCDNFFFABRSUUAGaKKKACiiigAooooEfV1FFFeofmYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXn/xf/wCRTtf+v5P/AEXJXoFef/F//kU7X/r+T/0XJWdX4Gd+V/75T9TxWiiivOP0IKKKKACijNJQAuaSiigQUUUUAFFFFABRRRQAUUUmaBC0ZpKKACiiimAUUUUAFFFFAgooooAKKKKACiiigQUUlFABRRRmgAozSUUAFFFFABRRRQAUUUUCCiiigAoozSUAfV9FFFeofmYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXn/wAX/wDkU7X/AK/k/wDRclegV5/8X/8AkUrX/r+T/wBFyVnV+Bnflf8AvlP1PFaKTNFecfoQZooooEFFFFABRRRQAUUUUCCiikoAWkzRRQAUUUUwCiiigQUUUUAFFFFABRRRQAUUUZoEFGaSigAoopM0ALSZoooAKKKKACiiigAooooEFFFFABRSZooAXNJRRQAUUUUAfV9FFFeofmYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXn/wAX/wDkUrX/AK/k/wDRclegV5/8X/8AkUrX/r+T/wBFyVnV+Bnflf8AvlP1PFKKKK84/QQooooAKKKKBBRRmkoAWkoooAKKKKYBRRRQIKKKKACiiigAooooAKKKTNAhaTNFFABRRSUALSUUUAFFFFABRRRQAUUUUCCiiigAopKKADNFFFABRRRQAUUUUxBRRRQB9X0UUV6Z+aBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFef/F//AJFK1/6/k/8ARclegV5/8X/+RStf+v5P/RclZ1fgZ35X/vlP1PFKKKK84/QAopM0UALmkoooAKKKKYBRRRQIKKKKACiiigAooooAKKKSgQtJRRQAUUZpKAFzSUUUAFFFFABRRRQAUUUUCCiijNABRSUUAFFFFABRRRQAUUUUxBRRRQAUUUUAFFFFAH1fRRRXpn5oFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV5/8AGD/kUrX/AK/k/wDRclegV5/8YP8AkUrX/r+T/wBFyVnV+Bnfln++U/U8TzRRRXnH6AFFFFMAooooEFFFFABRRRQAUUUUAFFGaSgQuaSiigAopM0UAGaKKKACiiigAooooAKKKKBBRRSZoAWjNJRQAUUUUAFFFFABRRRTEFFFFABRRRQAUUUUAFFJmigQuaSiigD6wooor0z81CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK8/+MH/IpWv/AF/J/wCi5K9Arz/4wf8AIpWv/X8n/ouSs6vwM78s/wB8p+p4nRRRXnn34UUUUAFFFFABRRRQAUUmaKBBmiiigAopKKACiiigAooooAKKKKBBRRRQAUUUlAC0maKKACiiigAooooAKKKKYgooooAKKKKACiiigAopKKBBmiiigAooooAKKKKAPrCiiivTPzUKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArz/wCMH/IpWv8A1/J/6Lkr0CvP/jB/yKVr/wBfyf8AouSs6vwM78s/3yn6nidFFFeeffhRRRQIKKSigAooozQAUZpKKACiiigAooooAKKKKBBRRRQAUUZpKAFpKKKACiiigAooooAKKKKYgooooAKKKKACiijNABRSUUCCiiigAooooAKKKKACiikzQIWjNJRQB9Y0UUV6Z+bBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFef/GD/kUrX/r+T/0XJXoFeffGD/kUrT/r+T/0XJWdX4Gd2Wf73T9TxSjNJRXnn34UUUmaAFpM0UUAFFFFABRRRQAUUUUCCiiigAopM0UAGaKKKACiiigAooopiCiiigAooooAKKKKACiikzQAtGaSigQUUUUAFFFFABRRRQAUUUlAhaSiigAooooAKKM0lAH1lRRRXpn5sFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV598Yf8AkUrT/r+T/wBFyV6DXn3xh/5FK0/6/k/9FyVnV+Bndln+90/U8TpKKK88+/CiiigAooooAKKKKBBRRRQAUUlFABRRRQAUUUUAFFFFMQUUUUAFFFFABRRRQAUUUlAhaTNFFABRRRQAUUUUAFFFFABRSZooELmkoooAKKKKACikzRQAuaSiigAooopgfWVFFFekfmwUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXn3xh/5FK0/wCv9P8A0XJXoNeffGH/AJFK0/6/0/8ARclZ1fgZ3ZZ/vdP1PEqKKK88+/CiiigQUUUZoAKM0lFABRRRQAUUUUAFFFFMQUUUUAFFFFABRRRQAUUZpKBC0lFFABRRRQAUUUUAFFFFAgopM0UAGaKKKACiiigAopKKADNFFFABRRRTEFFFFABRRRQB9ZUUUV6R+bhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFeffGH/AJFK0/6/0/8ARcleg1598Yf+RStP+v8AT/0XJWdX4Gd2Wf73T9TxKiikzXnn3wtJmiigAooooAKKKKACiiimIKKKKACiiigAooooAKKTNFAgzRRRQAUUUUAFFFFABRRRmgQUUlFABRRRQAUUUZoAKM0lFABRRRQAUUUUxBRRRQAUUUUAFFFJmgBaM0lFAj6zooor0j84CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK89+MX/Io2n/X+n/ouSvQq89+MX/Io2n/AF/p/wCi5Kzq/Azuyz/e6fqeJUUUV5598FFFFABRRRTEFFFFABRRRQAUUUUAFFJRQIKKKKACiiigAooooAKKKTNAhaM0lFABRRRQAUUUmaAFpM0UUAFFFFMAooooEFFFFABRRRQAUUUlAC0maKKBBRRRQAUUUUAfWdFFFekfnAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXnvxi/5FG0/6/0/9FyV6FXnvxi/5FG0/wCv9P8A0XJWdX4Gd2Wf73T9TxKiiiuA+9CiiigAooooAKKKM0AFGaSigQUUUUAFFFFABRRRQAUUUlAhaTNFFABRRRQAUUUlAC0lFFABRRRTAKKKKBBRRRQAUUUUAFFGaSgBaSiigQUUUUAFFFFABRRRQAUUUUCPrOiiivSPzkKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArz34xf8ijaf9f6f+i5K9Crz34xf8ijaf9f6f+i5Kzq/Azuy3/e6fqeJVreGtF/4SLxBa6V9o+z+fv8A3uzft2oW6ZGemOtZNdZ8NP8AkoOl/wDbX/0U9cUVeSTPtsVOUKE5x3Sb/A6z/hSv/Uwf+Sf/ANso/wCFK/8AUwf+Sf8A9sr1eiuz2MOx8d/bGN/n/Bf5HlH/AApX/qYP/JP/AO2Un/Clf+pg/wDJP/7ZXrFFHsYdg/tjG/z/AIL/ACPJ/wDhSv8A1MH/AJJ//bKP+FK/9TB/5J//AGyvWKKPYw7C/tjG/wA/4L/I8n/4Ur/1MH/kn/8AbKP+FK/9TB/5J/8A2yvWKKPYw7B/bGN/n/Bf5Hk//Clf+pg/8k//ALZR/wAKV/6mD/yT/wDtlesUUexh2D+2Mb/P+C/yPJ/+FK/9TB/5J/8A2yj/AIUr/wBTB/5J/wD2yvWKKPYw7B/bGN/n/Bf5Hk//AApX/qYP/JP/AO2Uf8KU/wCpg/8AJL/7ZXrFFHsYdg/tfG/z/gv8jyf/AIUp/wBTB/5Jf/bKP+FKf9TB/wCSX/2yvWKKPYw7B/bGN/n/AAX+R5P/AMKU/wCpg/8AJL/7ZR/wpT/qYP8AyS/+2V6xRR7GHYP7Xxv8/wCC/wAjyb/hSn/Uwf8Akl/9so/4Up/1MH/kl/8AbK9Zoo9jDsH9r43+f8F/keTf8KT/AOpg/wDJL/7ZR/wpP/qYP/JL/wC2V6zRR7GHYP7Xxv8AP+C/yPJv+FJ/9TB/5Jf/AGyj/hSf/Uwf+SX/ANsr1mij2MOwf2vjf5/wX+R5N/wpP/qYP/JL/wC2Uf8ACk/+pg/8kv8A7ZXrNFP2MOwf2vjP5/wX+R5N/wAKT/6mD/yS/wDtlH/Ck/8AqYP/ACS/+2V6zRR7GHYP7Xxn8/4L/I8m/wCFJ/8AUwf+SX/2yj/hSf8A1MH/AJJf/bK9Zoo9jDsH9r4z+f8ABf5Hk3/Ck/8AqYP/ACS/+2Uf8KT/AOph/wDJL/7ZXrNFHsYdg/tfGfz/AIL/ACPJv+FJ/wDUw/8Akl/9so/4Un/1MP8A5Jf/AGyvWaKPYw7B/a+M/n/Bf5Hk3/Ck/wDqYf8AyS/+2Uf8KT/6mH/yS/8Atles0Uexh2D+18Z/P+C/yPJv+FJ/9TD/AOSX/wBso/4Un/1MP/kl/wDbK9Zoo9jDsH9r4z+f8F/keTf8KT/6mH/yS/8AtlH/AApP/qYf/JL/AO2V6zRR7GHYP7Xxn8/4L/I8m/4Un/1MP/kl/wDbK878TaJ/wjniG60r7R9o8jZ+92bN25A3TJx1x1r6dr55+Jn/ACULVP8Atl/6KSsqtOMY3R6eU47EYis4VZXVr7LuuyOSooornPoT6zooor0T85CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK89+MX/ACKNp/1/p/6Lkr0KvPfjF/yKNp/1/p/6LkrOr8DO7Lf97p+p4lXV/DT/AJKDpf8A21/9FPXJ11nw0/5KDpf/AG1/9FPXHD4kfZ43/dqn+F/kfQlFFFegfnwUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFfPPxN/5KFqn/bL/ANFJX0NXzx8Tf+Sh6p/2y/8ARSVjX+E9rIv95l/hf5o5KiiiuQ+rPrSiiivRPzoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArz34xf8ijaf9f6f+i5K9Crz34xf8ijaf8AX+n/AKLkrOr8DO7Lf97p+p4jXWfDT/koOl/9tf8A0U9cnXWfDT/koOl/9tf/AEU9ccPiR9njf92qf4X+R9CUUUV6B+fBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV88fE3/AJKFqn/bL/0UlfQ9fO/xN/5KHqn/AGy/9FJWNf4T2si/3mX+F/mjk80lFFch9WfWtFFFeifnQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBFc3MFnbSXN1NHDBGNzySMFVR6knpXBX3xn8I2jlYpby8x3ggwD/AN9la8q+J3jWfxPr8trbzONKtHMcUYPyyMODIR3z29B9TXC1oodzNz7H0H/wvXwx/wA+Gr/9+Yv/AI5R/wAL18Mf8+Gr/wDfmL/45Xz5RVciJ52fQf8AwvXwx/z4av8A9+Yv/jlH/C9fDH/Phq//AH5i/wDjlfPlFHIg52fQf/C9fDH/AD4av/35i/8AjlH/AAvXwx/z4av/AN+Yv/jlfPlFHIg52fQf/C9fDH/Phq//AH5i/wDjlH/C9fDH/Phq/wD35i/+OV8+UUciDnZ9B/8AC9fDH/Phq/8A35i/+OUf8L18Mf8APhq//fmL/wCOV8+UUciDnZ9B/wDC9fDH/Phq/wD35i/+OUf8L18Mf8+Gr/8AfmL/AOOV8+UUciDnZ9B/8L18Mf8APhq//fmL/wCOUf8AC9fDH/Phq/8A35i/+OV8+UUciDnZ9B/8L18Mf8+Gr/8AfmL/AOOUD46eGM/8eOrj/tjH/wDHK+fKKXIg52fUWh/Ezwtr92lpbX5huZDhIrlDGWPoD93PtnNdfXxdXvfwc8azavay6BqMry3dqnmQSuSS8WQCpJ7qSMex9qmULaouM76M9WoooqCwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArz34xf8AIo2n/X+n/ouSvQq89+Mf/Io2n/X+n/ouSs6vwM7st/3un6niNdZ8NP8AkoOl/wDbX/0U9clXWfDP/koOl/8AbX/0U9ccPiR9ljf92qf4X+R9C0UUV6B+fhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV87/E3/koeqf9sv8A0UlfRFfO/wATf+Sh6p/2y/8ARSVjX+E9rIv95l/hf5o5KiiiuQ+rPrWiiivRPzoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApkwZoXCHDlSFPvT6KAPi9lKsVYEEHBB7UlepfFT4e3enatca7pVq8unXBMs6xjJgc8sSOu09c9BkjjivLa3TuYNWCiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACu++DaSv8RLZo87UglaTjPy7cfhyVrhre3nu7iO3toZJppG2pHGpZmPoAOtfRPwr8CyeFdMlvtRjC6rdjDLkHyY88LkdyeT+A7VMnZFRV2eh0UUVibBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXnvxj/5FG0/6/wBP/RclehV578Y/+RRtP+v9P/RclZ1fgZ3Zb/vdP1PEK6z4Z/8AJQdL/wC2v/op65Ous+Gf/JQtL/7a/wDop644fEj7LG/7tU/wv8j6Fooor0D8/CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAr53+Jv/JQ9U/7Zf8AopK+iK+d/ib/AMlD1T/tl/6KSsa/wntZF/vEv8L/ADRyVFFGa5T6o+taKKK9A/OwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArnbzwF4UvpDJPoNjvJySkezJ99uK6KigDlP+FaeDf+gDb/8AfT/40f8ACtPBv/QBt/8Avp/8a6uindisjlP+FaeDf+gDb/8AfT/40f8ACtPBv/QBt/8Avp/8a6uii7CyOU/4Vp4N/wCgDb/99P8A40f8K08G/wDQBt/++n/xrq6KLsLI5T/hWng3/oA2/wD30/8AjR/wrTwb/wBAG3/76f8Axrq6KLsLI5T/AIVp4N/6ANv/AN9P/jR/wrTwb/0Abf8A76f/ABrq6KLsLI5T/hWng3/oA2//AH0/+NH/AArTwb/0Abf/AL6f/GuroouwsjlP+FaeDf8AoA2//fT/AONH/CtPBv8A0Abf/vp/8a6uii7CyOU/4Vp4N/6ANv8A99P/AI0f8K08G/8AQBt/++n/AMa6uii7CyMrS/DWiaI+/TdKtLWTGPMjiAcj03da1aKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK88+Mf/Io2n/X+n/ouSvQ688+Mf8AyKFp/wBf6f8AouSs6vwM7st/3un6niFdZ8M/+ShaX/21/wDRT1yddZ8M/wDkoWl/9tf/AEU9ccPiR9ljf92qf4X+R9DUUUV6B+fhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV87/E7/AJKHqn/bL/0UlfRFfO3xO/5KHqn/AGy/9FJWNf4T2si/3iX+F/mjkqKKK5T6o+tqKKK9A/OwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACvPPjH/wAihaf9f6f+i5K9Drzz4x/8ihaf9f6f+i5Kip8DO3Lf97p+p4hXWfDP/koWl/8AbX/0U9cnXWfDP/koWl/9tf8A0U9cUPiR9ljP92qf4X+R9DUUUV6B8AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXzt8Tv8Akoeqf9sv/RSV9E187fE7/koeqf8AbL/0UlY1/hPZyP8A3iX+H9UclRRRXKfVn1tRRRXoH52FFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV558Y/+RQtP+v9P/Rcleh1558ZP+RQtP8Ar/T/ANFyVFT4GduW/wC9w9TxCus+Gf8AyULS/wDtr/6KeuSrrfhn/wAlC0v/ALa/+inrih8SPssZ/u1T/C/yPoaiiivQPgAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK+dvid/yUPVP+2X/AKKSvomvnb4nf8lD1T/tl/6KSsa/wns5H/vEv8P6o5KiiiuU+qPraiiivQPzwKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArzz4yf8AIoWn/X+n/ouSvQ688+Mn/IoWn/X+n/ouSoqfAzty3/e4ep4fXW/DP/koWl/9tf8A0U9clXW/DP8A5KFpf/bX/wBFPXFD4kfY4z/dqn+F/kfQ1FFFegfAhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV87fE7/koeqf8AbL/0UlfRNfO3xO/5KHqn/bL/ANFJWNf4T2cj/wB4l/h/VHJUUUma5T6o+t6KKK9A/PAooqu92inCgt/KgCxRVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbT/c/WgC3RVT7af7n60fbfVP1oAt0VHHOkvAOD6GpKACvPPjJ/yKFp/wBf6f8AouSvQ688+Mn/ACKFp/1/p/6LkqKnwM7cu/3qHqeH11vwz/5KFpf/AG1/9FPXJV1vwz/5KFpf/bX/ANFPXFD4kfY4z/dqn+F/kfQ1FFFegfAhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV87fE7/AJKHqv8A2y/9FJX0TXzt8Tv+Siar/wBsf/RSVjX+E9nI/wDeJf4f1RyNFFFcp9SfW9FFFegfnpUu5Tnyx071Vp8pzM/+8aZTEFFFc3r/AI60Dw45ivLzfcgZ+zwLvf8AHsPxIpNpbg3Y6SivN2+NGgjkWGpFex2x/wDxdTn4v6EIPN+x3+PTYmf/AEKp9pDuTzx7noNFear8atCZCy6bqhGcf6tP/i6st8W9JW3Ex0vU9h9EQn/0Kl7WHcfMj0GiuBk+LOjJZrc/YdQKnHy7Ezz7bqnt/ibptzEsiabqAQ9yqcf+PUOrBbsLo7eiuGb4paQlwYWsr4EfxbUx/wChUtx8UdGgCH7Jeyb+BsVTj/x6j20O4XR3FFc7beMLO6jDpbXIz2YLx+tXBr9sekUv6f401Ug+pai2a1FY58RW4faYJwT7D/Gnrr9sxI8qUEew/wAaPaQ7j5JdjVorNXW7ZjgJJ+n+NDa1Av8ABIfpj/Gk6sF1D2cuxpUVkN4gt1/5YTH6Af41CfFFqDj7Nc/kv+NJ1qa6ktNG7RWH/wAJRa/8+9x+S/40N4ntFTcYJ/pgf41DxVFbyE9DcorAj8WWcn/LC4H1C/403/hL7HcV8m4JHsv+NH1qj/MLmR0NFc//AMJdZH/l3uPyX/GlHi2yxnyLgfgP8aPrVH+YXMjfornz4v08D/Vz/kP8aUeLbI9ILj8l/wAaf1mj/MHPHub9Fc+3i6xQZMFx+Q/xpV8W2TDIguPyH+NL61R/mDmRv0VgnxZYjH7qf8h/jQfFliBnyp/yH+NH1qj/ADDujeornx4vsSceTcfkP8amTxNZuM7JR9QP8aaxNF7SC6NqisU+JbQEjy5vyH+NOXxHaN0im/If40fWaX8wXRsUVkf8JDag48ub8h/jU0Ws20xwA4+oFVGtTlsxmjRUAu426ZpftC+hrTmQE1FQG5x/yyc/TFQS6okIy0Ev4Af41LqRW7AvUVinxNahseTOT7Af40N4ktlPMFx/3yP8ah4ikuoG1RWJ/wAJPa/88Lj8h/jTv+EjtsZ8iY/gP8an61R/mA2aKwz4otFHME/5D/GmjxXZk/6i4/If40/rVH+YDeorBPiuyyR5M/5D/GhPFdm+f3FwMeoH+NCxNJ/aA3qKxo/ElpKCRHMMeoH+NMXxRZtL5Yinz9B/jVe2p9x2ZuUVh3Pii0tRl4Lg/wC6B/jWbL8Q9MhGWtbz/vlf/iqn6zSvbmE9NzrqK4uL4l6TMxC2l7n/AHU/+KqVPiHpztt+xXoPuq//ABVX7WHcV0dfRWFB4ptZwCLa4XP94L/jT5fEttEeYJz9AP8AGl7en3GbVFYQ8U2hUnyJxj2X/GmDxbaM4UW1zz3wv+NHt6fcFrsdBRWKfEtoFyYpvyH+NM/4SqzzjyZ/yH+NHt6fcbVjdorBj8V2crFRBPkeoH+NPPie0XrDP+Q/xpfWKXcm6NuiufXxfZMzL5FwMdyo/wAac3iyxXH7qfkZ6D/GpeKoreQ7m9RXOjxjZH/l3uPyX/GpF8V2bqCILgZ9Qv8AjS+t0P5hXRvUViHxPaAA+TNz7Dj9ajPi2yDlfIuM/Qf40fW6H8wXRv0Vgt4qtFTd9nuD7AL/AI1H/wAJhZ7dxtbkD6L/AI0fW6H8wXR0VFc5/wAJppxVj5Vx8vXhf8ajTxzp0ikrb3RA/wBlf8aPrdD+YLo6eiuaXxrYMQPs1yMjPRf8aRfG+nu5Vbe6JHX5V/xp/W6P8wXR01Fc23jSxUgfZro57gL/AI1asfE1rf38dnHBOrvnDMBjgE+vtTWIpSdlIdzaooorcAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigABIOR1rRhk82ME9ehrOq3ZH74+lAFqvPPjJ/wAihaf9f6f+i5K9Drzz4yf8ihaf9f6f+i5KzqfAzuy7/eoep4fXW/DP/koWl/8AbX/0U9clXW/DP/koWl/9tf8A0U9ccPiR9hjP92qf4X+R9DUUUV3nwQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFfO3xO/5KJqv/AGx/9FJX0TXzt8Tv+Siar/2x/wDRSVjW+E9nI/8AeJen6o5GiiiuY+pPreiiiu8/PTNl/wBc/wDvGmU+X/XP/vGmUxHA/E3xqfDNjBYWj7b+8BIcdYox1b6noPx9K8La9gubxuMM2csepJrsfi7DPf8Ajxk3YWGFI0we20N/NjXDy6dJZMjyINp6kHmuOo056sxk7sjlRlm2LlgOpqcSqq7dx+lamnPbIZJXiMikcblPpWVMsc97JIg8tcnCgcVimm7E2LthdJKREYs44HFdYqCC0idQHBGShrnbG3W0sPthJBBGfarSaws7lonb0AxUy0Grly7ngvZPJhtkQqctjPOKbDqcsTyW4kMUfYCpLeFhG906bG7+9ZWqX1tcw/u41SZSAGHWs7N7jbY27uCZNzOWyOMcmuh8KaZHdQyM0hdwpKLIMc4rmdJiL3LOy73z/FXarc29jp+8Q7Z8fwgnFWmkVBpPU1dFlvY5Hju4kUHuGzWikoW5+WZhz0rjk1e5lijcXEjNkZB/lWut7sZJnTJcfcHOM96tSsb+0utDorm4l+1iTO6NFOeam0/UYL35o1wT6jFZFnHc79yOZEfhgx5/Gtq10+O3DskYVc8AdqiN27msW2WfsxLE561HJayLzup4k2nAY4FTo+4YY5roVrG25S8xlGCKCVYfdq3LCuNwA5quVx7UnFDtcgMRB3KetNkg8wZ3c+lTg8YXFRlWR87aylRjLoS4we5RmtnyAopEsCgLHrWj5xBJKZqE3RMmNmKyeFi9jOVCL2M4o8bdOtQzOwO0jGa22iWXaRjNQz2iuwJUE1m8M0c8sK3sYv2N2fdnip2VoosVpiLaNu3pTGgDA7jWVSEzH6tJGdbM0wKsOlShGyQOlXI4URPlUfWm7toPy1zqDvdj9k0ZswEPzu3WmQv5sgIPy0zVop7lAI1Ix6VJp9pJFbAPndWja6k6oulIyw46UreWGGOKArRpyMk96IbV5Xy2celSp2+ELgxaVgsdWlhaPAY81etbeK2TeyAnFULq6LzEgcDpXRCm3qzSJb3RooB60R8tlTispZJJZySx25rSRgFGKq6g9C3YuCaaPoePrUq30p4B/WqEky+Xndn2qvazus2SPl7UvrM4sDdj1GVWIbtU819FJbktiseaQvwp259KxNQvpYG8jcee9b/XW1qBtWUlu185YAgnNbi29pdDhB+Veexag1iS8h3D1zXQ6Jr6XURKEcGtVWpW95CujoZdDgdflYCqkmiMi4Rs1NHqSPycZq5DeIwzuqo08PVWg9DAl02ZRgpnFV3s8DDIR+FdakyP1APvSPFDIeVFTLARfwsL3OPFouOnFPazAjG3qa6eXTIXHyqBmqcmlyIPlP0rCWCnEpRRhpbmNNuOaiFpsYyDrWu0EyE7lz71BIhx0IrCUZxeoWsZt3NGsGZQCcVxGt3SvkRocewrs9R097hRtOKzV0NdwEgBHvUKSTv1MZqTOW0axubsqyZUD8K3fIaO8WNh0/irbW2isYdsaAY9KrSIZjuK1sq7WrGlbc14Gj8qNQckDrVh4QwGRWdbARiMBQABVk32HYHpW8JRnqdKtJFZ7aRrsqPukE06OPy9ykcgU1bm4klJQkY4BqdQ4yzjLHvWkYQuCikZLySmbYOg61IY5ZAGQcDrU8skcTn5RuPetDSkzbOWq5RXQmSuU4LRkUyE8nmmk4ySM1buZFRTziooCHgORknvXBU91mViiXEmUVeSakMMa7FYfMFqw0SQHcB81UGvD9oJcdO9cU58zIlINkRZjnBTtTQ0twUKcKopiwtNO7AlVY5+tWsmACNVz70pEXIprtF4/j706GVJADjnGaheBMuxALmkt0IBz2qktAuTSztu2ryDVea8IAiYYqztRUL8dOKpQhZZ2ab5sdM0rW3C5UkjdBJtP3zmi3WWOD7vFaTxqy5VRSRBihQjii6WwXMcTzNdHYDyDVuwSeJ5GmHDGry2qrghAMd6e0sajB61skrFDokUpgitbw9tXXYFA5y3/oJrB/tFFcqUzjvWp4auBL4ktcZGd/8A6A1a0V+8j6oaPQ6KKK+gLCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACrVl1f8Kq1asur/AIUAW688+Mn/ACKFp/1/p/6Lkr0OvPPjJ/yKFp/1/p/6LkrOp8DO7Lv96h6nh+a6z4Zf8lD0v/tr/wCinrkq634Zf8lD0v8A7a/+inrjh8SPsMZ/u1T/AAv8j6HooorvPggooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK+dvid/yUTVf+2P/AKKSvomvnb4nf8lE1X/tj/6KSsa3wns5H/vEvT9UcjRRmkrmPqT64ooorvPz0zZf9c/+8aZT5f8AXP8A7xplMR4V8Rd8fxCuXjjViVTOT/sLWFfQRyQrJMct/d61r/FKZo/HM6wv+8KpkZ/2FrjxeSQ3IN0xdB/D1rzK0W5to5pJ3Zen1CB7TyI4fLZBjIB5rnxNi4AZiDmtCXUI7vzAqsoB+XjoKpKi3MpARcj+I06a5dWCNQGa8iFssh8pmBatgaVb2cICouFIwx71i6c72aus6Ap2Yc5PrVs6k97D9jGQFIOT6Conq9ClI1r6ZmsctcMFP8K8isU6ZbyrHMJXBIzyMUomF1cCKEtsjB3DHGaa2oxkNDKudpwPaqe1gk2aVu8UEisMAgdR3qS81FnY+VIQT1zxis2S2821WWOYqFHC1lPdMWKtkep9aSiZtM1o5pY5R5cylyNzfMOtbNvqc0cAu5C/m5CgY45rltKslur1fLyF3elel3en2kOkRI23dgdaVSSjob07mh4Yus73lcvI5yR1xxXS/a1GUAyCa5XRIoLS1EittY+netvzY1USM+Sw6U4SS3O+FkjQkhRk3J3qnuljbvRb3Hy7Q2QKc7M7cNWikmaXLNtcbuJKLpP4l6VnmQxz7WNXvtClNh5qgRTIKkNu61I0hIGDUdxAdqkHioTkAAHFHoGha8wgY25NIqBzllxUSymMcnNKbkt7CkBajt1yTvx7UPCRkh6qxgu3DdanaF9uA9AyH7XsypTOO9M89JAcjFOYbBtIzTo4UfsBUcpIsbps2ilERcHC0ptljJI5pyTPH0GBUuK6IXKh0cH7vDJTTbgkcYFW4rlcfOc57VY8qKccHFZzoKS0M5UkyituhcKRx2plyEgnVV4FXpYfLAwc4qhfASbSF+b1rB4Zx2MpUiG8kkxtTpVABmOGFaqwsYwdxJpq2+7LtyR2NKTlFGUoNFNYPLXPrT0zjb61I7EuARx6U6VAuCoxWcWm7sUbrcqzKIcZ70/7QhVUXgio7qN5cHcarhArjjms56sUnYvBy7HJ6dKytXZFBduo71oDOcZ49Kx/ETg24j6E960glsgexz8+oLIrq2GGeKu6JOYcqiBQa5tNOmN3gSHBNdFErWQVX+Ymt3FNamV3c6KC5lzjNacNy+3k1mWTr9mVivUVaEgZRjisHL2fwmkbs2Le/YKB6VbW/wAnk1zqSFHOX47U4XaBsZya2p42cdy0dUl6TtwafLqDIwBrm478wsCw+Ud6W61ZGGQw9q61mELalNnUJeQyL8+KqzS2bvtXBNcwt87wv8/P1rPs9TaK92uSxzTliIz2RHMdi2mmTLqeD0FUptPlV84yKt2upSOMbcAVoLc+YAGA+tafU4TXMWpnNzQ5BDL0qJo4TEFUgGuh1BYIoHkYL7e9cwY5JBvCBcnIrgrYeUHpqOUkx5iaNR6VAYWJLY61aEkhUIwAA96cXVcAk4rmbey0KXkVFWRPuH9anEjeWd3Wn7EzuXnNPEJIzt4quaa2Jk2ZUtvJPKDjgGtm22wwFDxxUX3BgcVHM+IyD94963hWa3CL7mZqNwWO1D/EBV9MQ20QPUis1LcmZmY5AOcVanmL7OMBelW5RlqzRJD70s7BV4PrVQWnlvulORV5ZBMQSOg61ScSyTsm4n0rnnSW6MJ09QecN8qLhV6GgTmQYHbvSCF2BTpUkUKxoV6t3NYunbcy5WQbmMmcZpzZwecZqQMq7hnGKhDeY2HXI7Gp5ruyFYrSLLuEYJxUyWojBLHBNTkbOhzjpTC3mcPVtPqBn3F1PHJ5cSEgcZrRtd7RAyDBpvyoygdKLiZvug5p6dB8os7soIBqkI2Z8t0qwqlYiznJPTNU7nUBbrjvRFNlpFl4ItoOOa1PC5jHiG1VV5+f/wBAauft7prkjBIrc8MOR4otEI/v8/8AAGroopqpH1QbM9Jooor3iwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq1ZdX/AAqrVqy6v+FAFuvPPjJ/yKFp/wBf6f8AouSvQ687+Mv/ACKFp/1/p/6LkrOp8DO7Lv8Aeoep4fXW/DL/AJKHpf8A21/9FPXI11vwy/5KHpf/AG1/9FPXHD4kfYYz/dqn+F/kfRFFFFd58EFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXzr8T/8Akomq/wDbH/0UlfRVfOvxP/5KJqv/AGx/9FJWNb4T2cj/AN4l6fqjkaKKM1zH1J9cUUUV3n56Zsv+uf8A3jTKfL/rn/3jTKYjwr4l6LJd+O5rpZFRfLXncM/cX/CvP57eUXkkQkLlc85rvPildzr45kgjUFdiAkn/AGFrnrfS4oWaWWUZYZOCDXmVJWm7nO92c3buTclHdhgEGtSyij2uNik56mlvrS3jIlgxtNQNdJDAFVAGPU1XNzIRLPM+3YBlR0HaptOhuHk81o/l749KyxfguIwOpwK1H1C905BGuwBhyQ3OKz5GOxrxT2VjHOUjX5s4456VyqTLLeOQuMnPNPlujcHcpYHuMVDAMyMWA3ds1pGPcNyw0s4lcK3y56A1Pa6e+oTqmMKepp1nA0u5QFDDk81qafM8MmVQBcYxQ9AcrG5ZaTFp8H7vBMfGaj1G7kurcfe49KgWe7TKH/lqcjnpV4OthZ7JlDu3friuNtuZXNdFzRLhE0zzJcl1HyqasW009zH57kjJ4Ws/SmiVGkbMhbkAj7tW4tQWK9VGU7T3x0qW7PU3i7HQ2oYRqcYOOlWY2YvWVJfrGZDHLJIWPGRwKvWcjLBG7PuLDk100pI6qckS3UZLZHWooZSMqx+arNy/AYfnWep3OX7iuk0L0UzuNjdqjlcKTVaO4PnDB69annZVOSKLCFjZXAJqSTaVwOKpxyBSDU7SBxlVpWGIjuhIXtUyXUm/BqKOePOCoBpGPzZXmiwFieXjOKbGWZcqaZtacYJCge9KC9uMg5A96VxDmumhOGGaebsSpxxTWkS6iBCAN3qEwFVJFFwFaVlAIGamg1Fh8pBFMgYBQG6VKLMTNlcCncZcS/X5Qx4qyDDPyMVmyWixKNxyRVi02xoT0qXqS0TswjI2rnPWoZjyCpx7VPFMhJBA5qO4hAG5TyawqU20RKFyNUVxk9aZMR0qHdLG3JIFW/s/mweYhBNcbotHPKFiiFJYjsKryRHzM1dXIJBGDTHTc3XNYy3M5q5Sdypz2rH1pTcqpTrW3dQttwvHrVSOyLMCeRWlNO4JWRk2mnBI0lk+9irDJHNIN3arOokQYQD73SqKITIBk5PetJSZmzRjdVPljoKnGApxVZLYK2WYk08hw+FPFY7lxFDFwSTilht1kbeGzinyCFYgC2096SKRILdiuPrWUpW0G3YS5lDoYycYrm9SuxbnasvI96m1PUQIWKcSZwDWELU/8fF4+QwzjOaqnHqzGU2a0WsGO3V2f7wqS11SPz1mxmuI1S6MkgjtjtjU4GK0dIn+zoPtEh2mu6NNxXMTzHrFjq0NxHv3Bc9qt/2sAmFOR615tDdxrMWimLoT909BWtJqAVMq4UDsDWn1qotEXGR0moar9oVYmAwpzn1xSpqiXWyNEUBBg1ztvcreZBPGDg+lVVuGs5yquzLnk1pGpK95D5jv4oorlDwoI96y54ZknK87PWobHUIPI81JeR2rUsdSgv38t8LmnUp057GkZlDzPLYAHIFa1pdRyIFanXejKELpjJ9KypYJIMYBFczpzoO71RsrM07iAEl1+7WZMu5s+lWY7t/LKMSQKR9hi4UAms6rhPVCkimsYBZ/XrUc7KVG0cVKEOGweDTI7dsncflrnbktBXZX88jKqKZbXBMrv1IyKtm2QMSDgVXaERZ8oAE9cU4YjldhJ9xtq0rzuX4UnirhaOIHu7dKrEv5QwPm71EHbzFLLkjvXWpRmtSnYkWzZ5cvwW5xTpQVYwhener8DeZIzv8AMccZ7VDIoVJJGOWPShYdLVCULmWZMPszk0TsVx2piRnzy7A9aLuQuwXYQPXFQ4PqZzhYr3F7HGAufmFLazl1Z25rMktxPflD2PWtUxeSoiVOvenyJGSTEnuwbcEdQK5+IzX96Sw+RTW4bB0BLtkHtRBbraqzbcBquGhanqQxR+VLlK3fCzFvFFrkc/P/AOgNWTGC3KjFbPhdceJbTPX5/wD0BqcXerH1Q3LU9Iooor2iwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq1ZdX/CqtWrLq/4UAW687+Mv/IoWn/X+n/ouSvRK87+Mv8AyKFp/wBf6f8AouSs6nwM7su/3qHqeHV1vwy/5KHpf/bX/wBFPXJV1vwy/wCSh6X/ANtf/RT1xw+JH2GM/wB2qf4X+R9EUUUV3nwQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFfOnxP/AOSiar/2x/8ARSV9F186fE//AJKJqv8A2x/9FJWNb4T2Mk/3h+n6o5GiiiuY+pPrmiiiu8/PjNl/1z/7xplPl/1z/wC8aZTEeA/FNynjq4AbqqHjt8i1xs8skbhhKSCMcmus+Ls8EPjecgkS7E3YH+wtcD58Ux2yMwH0rz5wvNtmDWrLTTsYmjJyQeOaYZ0MOH+9jFRRNGGbYNyjgE0xbZjLlmDDOcE1SSET28GIw+1Sy9STUjzx3l0GJOQCMY4qtcyOQwj+XnnbVeEyAAAnPvT5SmbUMYhOG27m6c1HLbqZtzEh+wqbTLJ7ycbjyqnn0q7bReVdstyiysG+V3NZylbYS0KVpFd3E7LCGUjr9K6CxRzNHF5ZIA+Zsd6tQalY2UjBkUStwdvOKRNaSydlTLh+mR0rNS5gSvuJqAnW9ijQ49Dn3pl7HdQyhZMyBvxqxeTF7aO4ADSZA5+tWdPs9SvtQRpCPLCk/eqXFXNbRegaYRbIVkUgsM4x0pDMCzryzE8cU7VEuI7zh8D60Wi+VIshGeMmsJpMVtbFm1uZbaMRvGG3Dj1re0pjt2uDkjjNVI0SZPOEWXJ7jpU/25IZAhUlunStqdNROmnC25qzY8lV74qgEKsU9acJzI68nA7VHcTsrkpjd25rqckkb3SRHIn2d0z1yBV69UfZ949RWLJLMXBnYt8w4NaM0xdUjLcEg4qk7gmKiLgZPWrKsiR7R1qGRAgbAGB0qpHM7uTyAKRRc8tW46N3poYxHHWoGkYMWwRnvTftPOeT+FMCzJKWIC5HrU5mj8raCSappISdw7jmpY0UIWHDVHKJ6D438o56bqteYNuD3qhO7EDg5p9u/mEI7kn3ptWAmdCR8tLBcyxNiiVjAdu4nFNw0i7l60WTGXftCyH943JqKaQpwh4rMkLpKC9Wo5lfg9KaSAkFwy4JPSpo55JGDZJUVBLC0iKy/dqaKQQRYI60tALYAuMgnHpU0Sm1QrvyKzUmTaTk5+lIkk80gUKcetZyV9iZRuanlCRN3rVOQeU3FX41aOLDHoOlUX2ysTuxXFWpqOrOecbEEkokYKe9Qzy/Z2CjvTmXEhPX0NMlhEjBmHIrBTtsc1yrPZteSrIx4FSJaxRuS3WrO9VTaOvrUZiZhzya00YmQTbQMinRIDHuzUhhGMOc0jQhYW5wKzm7AjM1Ao0ZJbBrNe8MNsFZvlPeotSlKPtZiVPas+dvOj8vJ29gaUIKe45O5YQR3srfMCidKqSWst3cSochADtzVbzE0+HbGR5jEZIqWTW/swiErbyR1rZQktjKxhXGj3qSYHTPHNT/AGaRo1inBAHeuoTUrS4iHdwOpFUJ7O4vZflYBPY1o60rWYrGRcOlhYt9lUs+QM4qbRvtFzFIbhm3HoD9K2hpKLaiMMNykZPrUjJDa4AVfM/vUKtHoUtCtp801kTvUlSD+FVpry4VnaNgVY9M1pyXA8tkfr6+tY+oWqwwefFKfXbWkJt6EsbHqksMwiclCf1ro9N1DdcRKz7Dkc1w1zJNfRRS+WFKdGzya1rW6+0RRK4AdcfNWrglqgTse5WVwhjRWk38dfWrctrDcocAcV57oGrsieTKBheFYmuzsdQzAxHze9dSqwkrSN1MyrpGguWjA4BqNnPQ05L4XWueWeU54rcuNIilG6MBSR2rz54V1G5QNIy7mAHQJwfmpynepBpLrTZIGYjNV4mcNtbNc/I4S99F6Mik80SsuDtB4NKqsehq2zgnaegprBB9wc1jOEXK8SZR7Dc+Wo3DqKrTypGpkx0qaUO6EHOR0qhdQvLb7A3Pes3z3Jk7EcGrMdzJyCauJcrMPmPI5xWXa2ZiUgLjFRssnmEqSK7IVWtBwkzVinSSZ8gbQeKkeRZz5aqPrWMI5z9zgH3q3a+bGyhjznnmuyPv7m2jLkOjp529yAetPnj2SbFGTVu5nWONPpVWxu45Lh2kOdvY10OjG2guRMbDayTPtfrVmbSQ4VewqNL8S6ifLOBzxVuTUwrMp6+tEaUbah7NGXPZmJyqDgVo+G4NuuWzHqN3/oJqncXjPxGAMdTR4ZvJX8VWsTHg7+/+w1crSVWNu6MppXPSaKKK9YQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVasur/hVWrVl1f8KALded/GX/AJFC0/6/0/8ARcleiV538Zf+RQtP+v8AT/0XJWdT4Wd2Xf71D1PDq634Zf8AJQ9L/wC2v/op65Kut+GX/JQ9L/7a/wDop65IfEj6/Gf7vU/wv8j6IoooruPgwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK+dPif/wAlE1X/ALY/+ikr6Lr50+J//JRNV/7Y/wDopKyrfCexkn+8P0/VHI0UUVzH1J9c0UUV3H58Zsv+uf8A3jTKfL/rn/3jTKYj5u+Mf/I/3O1Tu2x8/wDbNa4eGNnkxIDiu/8Aiy7j4i3A2ll2Jx/2zSuUQoyOzrsYdM1ySauzB7haPZ28UimIM/0qJPLuC7Iuw9BVOKQmY9FYHk+tTvIzMxT5cHtWbixE9nC0G4yorAdcmiRRcThoo1VR15qxbTLJB845PWoblHUH7Oo2Y5pOV9BtmpbXUFkGEbnzWHPHANZz3EtzOyu+NpyDmqdmS8gUg5PB4rWlsItPVZpwZA/TI6UrWYm9CvDdxRzN50ZdmOc4q/FcQyTKuzaPXFZ6qstyXQkj+EU94ZnYBjtIP6UrolJnSvIFXbu3R9iK1NMu7q2BkSViccKT2rnopVhijXaCp/StCK52yqIySSOuKym7bGkZWYy6vri81Jtz7epxmtOwM6wZLAgerVUW1t0uZJJCSxz2pltMUkaMgmPB6ispRTL2ldnV2GpwpEY3bD1A11FJJJ1Mm7g4rBt0FzIx+4E6EVcgnVCzHa2GHJNHNroae1vob1ussRQyt99SeTVa7jkEnmKxIB7U24u2uo4mRAdnGQe1ajqpsI5EAGQMitk9Ls2My8cNEpH3iQTSF5JlSQdAQKhu5UM4jB2kccd60ViUWfB245x611RqR5blRd9SypZlC9fWoXG2UKgp9jOphYsxZzyPaobudbdfOLFfpWUqySuipz5dSWSVR+7OMjjrRuWNN20GstbmK43OCWZjnJFXlkjRApO4kd6xpVZVHcUKnMP88EBlH1FPx84dD7kVQeTy5MDo1XYAUI53Z7V18tzbRl63mSfcCnNVJYngnL7SKlSUwTn5ce1Onv8AzCdwziixJAbrzMhl5pYZ5FkwOlQxSoXctnB6cdKch2nO/dk96dguWnQTS80vkxq2M1FLIUIZeMdcUxJkkYlup70WC5ows4Tyww29uabcZAwSOPeq0EbM7Yl5HTmq9wZ1lK5zn3qWgNS1ETqWbGaWTVJInEcMY+tZELSxvtbgVeyqYapsBdMtxIVLHg9eaiu3RHVQevWop53aHMbnpxVO0fz5wk3JHc1M4c6syZRuaUYyBxxT5ArLgdauSRxR2g2Yz61nCQLklQa82VDlkcso2ECDgY6d6eF3sMHGKWGTzIiScetU57xbcnBHNTJxgzOKJ5UVZMs1VLq8gVGQNzUbTGePOcnFc/e29zLMQg2+9ck6vPKwT0K2oGMyblcFvQmsueScKdxA9MGl1DTprdtxnJZj3I4qMxKYT5sxLDpnvXZThy2dzDUyJ5zkhjyec1lzSyPOg3b1zXQtp8V4QCQoA6Cm2+mW8Nx5aRBj7jFd/tIJBcpNeMihBhcd81c0vX3iuBCzFs0XOgTTXTFkCKTximL4bngnEoYgL3qVKnJasDS1TU2hfKSY3HOM1Tl1QS7P3nzZHeqGrW000i7VJwOuPvVhrFdrOS8ZXaeDThRh0A7Z7orIRLyMcVbtxbX1uFfhtvArmre7llQCU7mHAJ7VHcXNzDeRMjlUUdj1pqk+bQVjd/s0zRNGsxUr0Xiqttp19FKflzjpk1PbagJGM33WbkAVah1Sd38sLuYnqe1PVCsXIUvvLRm+UDqAa6mw1Z009oujEday7fMaIJZNxYcjNaMcEKqd3Q9OKwm9NDaK0DQrjbq+ZjzzzXoiSBo1dW4xXmNrbSLq6bDuUnvXo0KiOFVxtGOgrsy/mUXcpbkzpFMDurDvbHEh8oVNe3Mkc4SI4+hq1byYx5nJ9a3qQhW0KjLU594XU4bg96YR5bA10N3YCfLq3JrGu4DApBXJ9a8ythZU9jW42SdGhyF5qisbsdxOAacsxzgrx396DcqW2BBgdqwU4y0kh6S3EkUxrgDPrVMqWOQKvNINpz3HSs83XlrgjGTSkop+6RKy2GmVo5AMHFT7180Zz+VOQK5BboelNuVEfzDJNZqrOMgimQ3d8qfMx+UcVQEj+Z50R+Rqi1G2mulVUyozyKsRKbe2SEjOK76ddpXbNIzsy4oS3j88H5j1qL7cJXJNRXZJhVVGMDmsfzmjkJJOBXXCopI0TRsT322BmXOad4JujP4zscscnzOP+2bVzV1q22NkA4J4rR+Hzl/HmmncefN4/wC2T1MaXvpnNPc91ooorvEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFWrLq/wCFVatWXV/woAt1538Zf+RQtP8Ar/T/ANFyV6JXnfxm/wCRPtP+v9P/AEXJWdT4Wd2Xf71D1PDa634Y/wDJQ9L/AO2v/op65Kut+GP/ACUPS/8Atr/6KeuSHxI+vxn+71P8L/I+iaKKK7j4MKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACvnT4n/wDJRNV/7Y/+ikr6Lr50+J//ACUTVf8Atj/6KSsa3wnsZJ/vD9P1RyNFFFcx9QfXNFFFd5+fmbL/AK5/940yny/65/8AeNMpiPnv4sPIvj64K/LtROR/uLXGzgyRiaRw/wDssa7P4oPF/wALEuxLyoROP+2aVwtzLFI8mxcqD8oIxiuGSbmzCW5BPbtL+9iATH8IpkaSSAMTgkVJb3iorJIg5PUVZljjeFDbk7x2ApttaWAfabgPJckZFWGf7FGY2LMrd8VD8yQrI3EoIBB4q3LMWtRGQjSNz16Vm463JvcbaJHC6uhBU+pq3d3T3A8t1Vk7c1VtbdUjYyICSc1M2JPLijjC9M0m/eFfoFtAgUHbhloXzLi8aVj8ig1fuY2hVI1jBx1NEfkthEUD+8azluNPoUWBW3kl3ZGenpVnRLn7TKw8xlwDzVG9hZb9ooCfKY/NWjFYHSoBIhWRZe5PTPFacia0NIxu7l6SWAMN9wxYEDJA5q0Y5JN5hcbQDyTiud1BI12Rh8seeOama7urSxBAUxnhmLc/lXO1rqKT11NCK4FrE2+Ysccgc4qqt+kmxU/iI4rJtHee6k8t/kbJAzWjYRwfaEEiHK98VSpxTuyYptnc6SI7a1MspyuOnpUQ1gEPBghWPy8VXjk8wPEm4oeRkcVSCyrfReaVZADxmsnfm02OlyZDfyTxXcbsDwevrzXSw3Xmaf5ki44rB1m/WWVYVQbkPX1ok1OVrMQgHco6VU29LGfO0bGn3WH3HAUjiquq6giy+VJEXXOeATWFa6i4uQkgxgH5T61dlnuC4chSp/2qzkpt26BKoX7GeB5gFAjjbkA8Yq1d3ltacBdw/vAVzl2hDrIZWDegq5BMksG2UnG37p71F3B2RMalnobcKw31qHhfLCpkSS2hDl8sO2aytCSK0WWRm2AnhR24rYLW89v5glbcOxGK66NV3szspTbHRXRnOXHzd6bMw2tiq1vcoJyGTHuKfNI7g+VFkZ6mu02IIrsqpV1HXANWlkiiw8ucdelZc8Fz565wF9M1ZZ2MXlygMe2TTsBomSOaB3RuG5ArPAmCggHilslCPsPar0wZF+RsD0pdbAQLcPCwfnnrWpbst2oYZzWThyVLtuUjoTVuxnMExVAAKTQy5JHuZt5xiqjXI5QcinzzmWYhuneoFtyysUbA9qlrS4EyllUMpyvpSqcMXxgmiAFUCkDNWHjyijHNRKWlxNkC304cx87RUdxeShDgU6eVLM5fBJrLvNRd2HkjgdRXn1qybsjkqTVy7HeXPkOo4z05ptuEePFzndVOCeecl9u3FSLcGRyWTGO9ckrtGVyxI8UKsUfAHQVz1z4hlFwYwOPWn6oJJnbyZCoJ7ViXOnzNFvSRty9c96VGgm7yM5PuW5XW9mYSSEAnJNQ3UVo4SNCTj+LHWs4M6KqzZywzgc1taLDDdsY3hKIn8W012NKCEhtjpEokE4AKuc4NdPHpUHlLIURX9jT4xapbARsxHbiopct91uMd64Z1ZSdkXZGfqbSWk6EbnUdgM0huLm8j/dwDB9cirtvMXVxKAdp796cdVhgjztVSKpSlayDQZbabGbRDcQhSgxVe50O21BSF2oastrK3oVFYn1XsKz9T1EWZKqoHPUVUHVvYV0ZUnhYxv5cUmc8k5FUpPD873/ku3yJnnNa9vqZJAXOW5zWgJY5SZHc5Axg10+1qR0FdGRDoJjjkn6hDhR61Vhtb03G+NCu79K6y2vIfszQgKzAgVZEQSNX7Y6Vk8RNPUasYtlpt4HLzS7ueMmtxJAqKsgBxVKWdhIcDaPQdqo3N62/ap6daiNWcpFrQ6NW8y4jeEqmB1zitl9TkW3CibL5AyDXC212ZCfmPy8Y9K1dNurbzMS449a9KlWadib6nW2tlLcOJZZclueSK14bdUzv5NZlld20qLscccD3rRe5jidQWyWHAr06fKlctEmMHKn8KWS3hnTDgZpm4IexPemmQq2SMg1q0pbjZn3mjKMupworIW0hkdhG4JHWtDxFr1tpemyCSUCRuFUGuGs/Fun2lzZkvkvGRKCOpJ61wV8LGT906IU5ONzpmtShyeQKiltI54wcd60RcWt3a+dbTK6njGRVErIoKpyoPJryp050pbEcttWMMaQgB3AA6c0hCTDcjgge9LLo9xdMLh1JtSpHPqehrlRdS6DrTWVycwzN+7PoOldEaF4czNFblub8syqwAHNNCb33MOlWPsSKpk3BsVR+2SNdNEI8LzzXJK7ehla+pJcKrRkjvWHdW21frWvcBmhKKxD+orPe3na1AZy75HJq6c5QepLbMyDRftMxLt8oBNbXgi0jg8d2Oz+EyD/yG1R29pMiszOcntWz4PtBH4otJNgz8+T/wBq7qeIUpJeYOSZ6nRRRXqiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACrVl1f8Kq1asur/hQBbrzv4zf8ifaf9f6f+i5K9Erzv4zf8ifaf9f6f+i5KzqfCzuy7/eoep4bXW/DH/koel/9tf8A0U9clXW/DH/koel/9tf/AEU9ckPiR9djP93qf4X+R9E0UUV3HwgUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFfOnxP8A+Siar/2x/wDRSV9F185/E/8A5KLqv/bH/wBFJWNb4T2Mk/3h+n6o5GiiiuY+oPrqiiiu8/PzNl/1z/7xplPl/wBc/wDvGmUxHgPxYFsvjO5LIBKyplgOfuLXnDgojYJPPfivTfipHB/wmk0s20ARrznknYteeRxNezPGo+Rjwx4rhlL32YPco740TcyjJ9KmtZPImSVZGAPbFTSaP5Nx9nL7ie9TTWsdtEscgBK9DTdVPRCLV1bm/wD3pcAAZ68mobJAMssRd/XHakSSM4VkChuQav29wkUTxQylHxjjvUMQG6jx93hetL9sjBDpjIrIlmkJESAbv4snGaURhCqsxDHsOlOKCxqPqNzPIcOQo4PvWhptuHJmaQqO4rBXzTMIwDgHrW9FbSPCqCQis52jqSOvJIEkPlgYPU+tVnl86yYF2CjpVqSxjLxpI2dowx9aLu1tYlwJmK9lIqOZx1KUmYkEEszrLECdgIOeKSWWVyI52ZUyMrjiuo0+yibTnlDlMEc461l399Y3EggijRpBxuPFJVE3sC1KzW0QeNrOPYSvXGK3tJhEcam8UDd/F1rMsd00nkO53R8cdKvyX+6X7JIhVUON2KmpMu9jUlmaCbbFJ+66Lz2qGRPLlXzCSTzzQsUDoGR8lTxmnCGe7uQ8jbkUdM1lGquV3L5tDOvNqaiJNp59qLiYxyNOGAI6AmruoLvbaigbehrndQV5JcNg4681dCXtHqJi28janqQkZymM7sdM1sFvIeQSS7owcDJrmbOWQXJjj+VB96rF3ILmMpC7HaeQRjNVVim9DJySZdv7hpFXyckr0x3qzYGadA9xuR1IAHrVWwimeGPrG6YHpXSzCP7LG8u3zQM8HOTWOiLjHW5Qv5nsAsjoBv5681qaWDqMKuHK+x4rnrma51i4Nv5TFlcAMQeBXTJp01hbQKsx3YG4Aj1qalT2cly7lwcovQvosUW5WT94o61EuoyJbuhUDngg1N5scoCyqVx3xVedYwdsY3D1xXfh5Nq8zsg29WRBpJEDlzmkkTMiqSdxq1aRFmwygpnip7q2CSLMvb0qvbLm5SlIqKjxkjbyKlh8ycFScVoQyQSZeQkZHPFVzNbwMWC5XPpWFTEe9oNuwn2VViyzHIot48KzAEmrSGO4TeG+U8gVLEyqNqoK2o1ucqLuURbu6licEmrUMTw4TGc1OEAcFhkHnFWlnRJA2wcdK0ndolvUdb6O0pV2bGecU69s/s6FlOdtTrqG8ZHFVb2+DxlAOvWuatpTIk9Dlr1heSEtniqkUUcLk5yDVq5uRDMU8kFemfWq4tpp5t64EfZc15PK27nFLVmjbzRhNgwBTLpgYWSFOT3FV5oGiiJX73fFSW0jRwAO5DmtKce47mTcW14kKCFAXPXJqNLW5uNsbPtYfeCnNbVxc7WO3OcdaxUuZbS7eUMTu6mrd29CJ2ubVroFo+15Y1cr0z1q1PFFbERwQhVbrgVR0/Uy6O+49etaVvP58mSc/Ws5qd9So2BbRIosiMbccVRaASEkkqM1rSXaMpjZgu3gc9aoNmVWCEAD361lO0WW7FZ44YYXGeQfzrLl0/7dFvBIrajSJrcmVA59+1KqrHEGRto9KuL0uiHEx7bSGs080ucE8j0qG+sftcwMabwTzmt/z4iDvHDdfeoBGYQzxyERn+GiNWS3J5SmLG3toSFjAlXg8Vk6nm3iE+cq3Yc1rTXhaMqBlicc02HThLgTIpjBztJrWE2tWS1cwdOFzPMGTKg8+ldC2sC3jEMo+YcZp948Num6CHYAOqAmuZuZLjUp9kEIbnljkGrVqjJ1idNa3Ud3KwxnHGaz9QtmV3eOpbK1n0+1BMeXxzU+JbmAlhsqXG09BpsydJm8suspG5vetjT7SzlmIuJdpbp0rF+yqLohQzPu5OK2k0neytt3Njv2rbnSldFI6O002GEjyrlii9OlaV5iKwluQ7GRFOwY9qy9Lt5I49so2qp4NdHZ2sV9byy78RxnBHrXtYdxlGxcUcB4U8XalcavLFqSMqO3yFs+lejs2VODx2rjtaS2k1OP7PGiKqllbOOlb9tKx0AzySZbyiwOfY10crRpexyWv+Exql/NdTXrMgViE4IU46V5zpmkQ6lrM1k2E8hWBc8ZIGa0F8YapZ6ldpIvnR3LFlVyeBjHFSy6fPPpn22z2xzM6iUg88//AFqzjTlzN3Or6w4xTsR+Gbq+sPEMtipLwR54ByDgV6ro7/b4WfBTLglcdq4OK0fQo7O7VVaWcAkk8sCcHNdnaeJLW01G2hMQR5RwoB45xU1KPNqcVTHx0jJatnfvNbx6Q8YjxEiEcjGDjivI9VfSUhnu9SlEzg/uVGGK/l713XirXUttKmt4yqs/JOe1eCahPFPqkQDYSQ5IHTrWtOkuWzRNWbTsj0XQr4XmmoRnAA6itVUQ/wAIBx1qlpdnHZadG6AYYZ4q00pZQV4r5mvBxqO3c6U2ooTy4hkN1A61Alu4jZx0zxTpBvYEcCpFn8vEbE7apVIyVmFlLcj2sYlyvzEc1d8Ls6+JrVCOPn/9AaoZJMcqSQO9WvDbb/Etq2P7/wD6A1VS0qxt3RDjbY9Eooor6AQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVasur/hVWrVl1f8KALded/Gb/AJE+0/6/0/8ARcleiV538Zv+RPtP+v8AT/0XJWdT4Wd2Xf71D1PDa634Y/8AJQ9L/wC2v/op65Kut+GP/JQ9L/7a/wDop65IfEj67Gf7vU/wv8j6JoooruPhAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK+c/if/wAlF1X/ALY/+ikr6Mr5z+J//JRdV/7Y/wDopKyrfCexkn+8P0/VHI0UUVzH059dUUUV3HwBmy/65/8AeNMp8v8Arn/3jTKYj51+LQN74/urJAocLGQScf8ALNawbbRry0EYnmVYxwdrg113xMsYP+E+uLp3KuUTGP8AcUf0ri5764laWFI1dVPDE151aTcmomLWpqNpCSXhYXIMZBIORmsq/syZXVZd208Ekc1SiuJXVsSbHzyM8U7zyXEbqCfXNSqclqTcEXKjz2AdegzUM4OfMTIcdasSWe5vMZwWHTmr0WlSTw75W2A/xCri1cTMyEi4wzAh+5ArRi06dsSkhkHqeasx2dvY2rEOJDn7x60sF4CAIz8o+9TlJW0HfQsQRJ5ZcjGOlTW96gVh1YUy7vYUgiEEKtuHzVUjgMZNxtAUnoD0rGeu5mjQiWScu5YAsc8mo5dPllw0jrtHoc04ukjK4+VB+tRarfKohjtlKhhyQPeoSvozWKLNxdi2shbSufJI+XHNczcafiZZoGGxmHfmrsthfXZk8ti6xngE8VHb2dwY90x8sqR8oNVGPLqDhJa2NkxQwwRmF3E2Ru+WtC6tBLZoykGU43E1VsWBIadVII4Ynk1pCe2jU7l3ZPGBmuSq9bkXuU47SWNAvmHaD2NW/tkdkNoZycf3ajkm/eZhTC55zxTLy5hcKNoLHqaykrhewglOoybYyVOOtZl1aCymYzSliTVx7l7QosUarn+JTzRJpzancR7mOO7VvTvAqN2c6ZGlvjAihFwcMvU/WrthbOZwjgmQMNpI4P41rT+HoLPUPMiuHJAOeBVyB4EOxiHZTkVVar7uiK5bblu809oY0eQIJXGWCnODVG5uYLaEHAkcevatO9uIU0ySdj+9fnJ7Vwn2qQOzFtwPY1nhKcqmsj3sswKqe/UWh0uneI4rWV2lh+ZumATW5aXLXim5Yuu77oIxXAWEk93qkKJH8oYEhecjNer3CKbaIrbeVGoxwDXTXw8UufsXj6NGmvcRkSTXMT4lUMp6c1pWRga3dpEAbHTFUpVCSNLJISueM1K0sZt/MQn6gVxxnNrc8NSaJ47qBIccg/SrEUwaHnBHvXLT35dztTgHHPGa2dPV5bcSSsFU9FBq7tPmKjU1LtzGkkOFwD7VnwzId8DgHb3q5O8carGACcdaox2264L9B396wvzNsqU7j7NJWlxGf3fatxSsEOW+9VKKSOLZHCqpx2qG/uyrbCa6sNV5S6U7bl6KYzEntTp5SsXA5qtYkLD5isWDDJHpUscxdXbaWUeo6V0LEal86bFFwY4VJ6kc0wuZhletQSymWDcq4APA9aRLhLeMMzYJHT0rGpV51ZEzmnoMuLcuQJMCpVhiSHAY8egqlc3aT5YTdO9UoNUbayE8Z+8O9Y+ya1OW9tTUWSIKQDk9eay7qVXuN4OMcYpJHWMiUSYLDJFZDTtLNM4JCh6tU3uzNyd7mpLe5iKEAdt1c7cvdi42o2+Nj61JqF4zQMvGAeOetVrF5njUABR65qoUurIavqbdvdR2kCxN97gVoyXn2WAPG3UVgQRme7fzQrqhxgmtGVP3Z3qCh+6PSipFJlJND9Omk1a8JkYhUP51t3TxW8TbWPArC04m1UhDjA5qtd6qJ5RCGYHvgVySg5TugcjWg1FGgwOT3p88oaFcPg+lZVmkUJLSOQp9RRIimQSLMXTPArf2aWo7s04X80iJx071ZlkCDylGcVTE42DykG/1PFSqxihaWYgPkc5rnkk5CuwEUIUyyDbz6U6ObdI5ViyU24ljntlDMSpxxVq1gS3tiVRQCODVcrasNCeaohEQCncOQxxipYNPgtYy0JAlb0rF8l5roln2jP3jV03MUPyLKZCPXpWnJKMdCnZlmR7iOJw/zEd89arRpPcREH5RS/a55YdqFRj/AGqYLq4VArDIHXBzThHT3gdkrluEwWNsdsIkk7tiobXU5XuTtAA+tN855EIi+RT1ArLmvILG6MLONxz82eauEG2Te+x1ovpRbNuOc8DmrelXdwls1tCpbfywrmrO5LQo29mjI4zXSeGNRFlemWRd+VOM10UZSjWSKi2Zuo6NqF7fxrDC0ca9T04zWzPbSnSxYRMAFwobParN14ylku5LYQhFyVzyM1mXYnudsdrKU4zkHpXuzbijWK5nYnbwJpEllC8sCteRQkBgucn615pqE83h2O8imJ8yaUGNBz7V6f4Uu9QTUp7K9uFk2K2xi4JwBXnHiW0vNb8auqxfuoJMEnoeQalSilcbUk+U3tBt5tYs9Pk1BVVo0wAT15rqdQ8NW32y3vzGN0YxwPeublklikUJsKwkBRurodN8QzajHNBNEFEbYPX0qIVOfQ87E4GccTGaucZ8QZJJbuPyrllDjkceteeWum3F34hSxgHmEPkNnsCK9M8T6QmsTbklZDH8uFHWsnwzo50jUbi4kfdMFby8/SqacEerVwslFSkju7S2SG2itJSN0a4NWH09dp2dK4fT77V7rXQ0yuI3ycc4Fd0l0Yx5efmI61x1qMasdNyG7JGNO0UU3kvMAx7ZFKVydjYIHeuJ8T2t8uuPIJGGWyr10mi3EktmBOwdxwWzya86phHBEs2EMYi8s9TWp4diRNat8dfm/wDQTXPudsmQeO1bPhyRm8QWuRwd/P8AwE1lRTVWPqhpnoFFFFe+IKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKtWXV/wqrVqy6v+FAFuvO/jN/yJ9p/1/p/6Lkr0SvO/jN/yJ9p/1/p/6LkrOp8LO3L/APeoep4bXW/DH/koel/9tf8A0U9clXW/DH/koelf9tf/AEU9ckPiR9djP93qf4X+R9E0UUV3HwoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFfOfxP8A+Si6r/2x/wDRSV9GV85/E/8A5KLqv/bH/wBFJWVb4T2Ml/3h+n6o5GiiiuY+nPrqiiiu4+AM2X/XP/vGmU+X/XP/ALxplMR4J8TkE/j25idjjahAx/0zWsBbRUtXkhjRtpw2TW18TLp4viPcoqBvkQZJ6fu0rnGmkgjmw21HOSFOa86rH32Zt6mRfpbmN3WIq2f4FziorFY5SGlf5QOnemzXz24cRHKP0zVaGInbNv8AnI5FbQj7pNjTMkCT/KWKfw5FST6jezssMR/cr1GagUBod7RguDjmpbeOcuzqFQHtmoskHLoVpLlvtHlnIQdfer8Zg8vdESq9xirJt7eOxaa7VS5I2jrWenlTMNp2qB93HBpaMVtC3uI2BDhPStWKNbq1wr7cEZB4rFihnll3qAFXtmryyyM2AijHXmlKKsRbUuM8UEgWTHljirE0li9qoCAMR8pxWTcEzusYUEnrV1rBgsWSCEXoTWU4ptM0WjOg0nSLuXRSUO12wc56isddNlk1XyZGOFBzn1q/aa1qsdkVgVAkbBMl8ce1Jq924s0khQJcsQWYdeta/ErHtckZ00rGFq4kt7oW7fKqnGav2kq/LGp3YFZepyy37QxAh5V5dmPPBqaHEE4eJhgAqRnuayrUPdueNWgoTsi/eXY3iNH2lgSeazI2keXYvzAHlqe9qZrnDjhgTv8ASrlikMe+3VsAHlx3rCMNNDGxaMlrHtEj7scH2qylxHHGZIJAVPbNZjW1nIziNtxbqDU9rpSQREFsk8hattcuprBWJZbnKFi5YsM4NU0iSJGvGYr/ALvNS38AIhWFWVwvzgDiq9+Xt9LzIoWPj8aIqLSR2YOnCpV5Zmdf6tLejylciNehPGax3u3ZPKRST0yKZc3sDL90L6Ypmm3iyXqxLtRM8nNdsIJL3UfR1sRChDki9DvPAVm0E7XM5BIB2hj7V1Wq67dKPJl27ScgBs9K4zV7pNP0eNrKcCc45QjNYWk6vezavB9umefIx83alUg5xaZ5sn7ZNtnoIuEv4SHDJ6cU+HzIIDGMlD61nXWsQ2eoi3IBUg7QadJqzyDy14H1rzZUZQaXQ8dpKTRakt4vK8yQ4CjnFVrXVI2LbSQq9MiqL3zGN45GbbjtUViomt2VE6Hq3FVy+7qZt9jUg1Q3Ekgb72eK047gm3GeCOtc/bvbw3HKneRwQOK1QkstnKQCpPQ1i1EUW1uW45I5ZFeJ84q59miucvJn8qw9IiFtGoaQ7z1FbRlMWQxwpFS12LU7EC3otJhDF91eCK1Xul+yl4wF45HrXNLp81zdvcJN8gOeo5okNxIzDewUVpCNldj57F+S/Y25ZVwFOMVmzO98wKN1HI9Klt2dY/3mWjxg1d+y20Vir2xxK5GT0NEVd6GlGi6zsjIn06T7N5MTEHu1Q21tLAywyfMq9/WukuJILGwwNkkh5OT0rHi1KG4O0AFh+QroakkXXwrpK7IL2ASTRuhwG4x+NVtRhSybym43fMabeSzJPttwZJGYH2WrWraTfX1jDLKwEwTk7qSk3ozkeqOVuJFuJigfCg1MY3MYSCUgDvVSXRL6GNpGyqg4AXnNdDpOgt/ZDySyFZGxtB61t7kUhRVkUbBZ2uPLHIz8zetaep6hHpcIErE+gxVzSdMe3iYSEs2cAmsLxVY3ct7FEsSuuOcn3qYpVKluhcVzvQTTfEcOoXJhCFGPGSCM1elhFndsxiDc9a5s6fcWl3CsakSDliOg5rp0uZJR+9bep981VXDRhL3SalNxKt5d/bVaCOPDKcZAqzYwiCNUl6gd6s2tmiymSNjyelaE1i20TsBj3NZ6W1ITKLThnxHwF64pdQuopNPK5IcEckU1lRXeRcovt0NU3b7TCRIq7AQTg8msOVSnewNhZXflxBZWLgEY71rHVGZAFUFFHSuaEmyeQwgiFM7Vp1vqDffJIz1Wuh0+qRXQ0p5bq8kwvyQnoAegpjW9xBlIGDA9Tnmo7e7fzAsZbYetdPpnhPUtQsLnUIyIokRmGWwTxnvRGlObsgWpwcupXNtcvD5mNrYJzXY6G0baf5s0xYkfWuRfSbm9t/Nkh3SD77DnJq5oTXUk0llFG2Y/4QD2FdlfD3pe6jWUVZHe2emveWbS2yAKSFZjxya5/wAReC/sc8crGR5pBnhc9/Wut0q/ltbK1sZIf9bh2GDng1099PFIhYxqyxggFuoFXhsNFw13NbqlujzqysTFp0SMp+UY5FX7MbZVA6AgVoXBSexmkjGMMNv0rEN6bZfOdQqJyT61w1aXs8QrGTvuVvE8OoS6m72sgjjiz0bGa3/ATJrmlXVvPJsvI2AB9eM1xN14lGp6q5VhHBk9D96l0/W107UJJ7K58ts84OM16rqNvlZr7sVdHqFj4ZjtZ5Lp5SLgZGeOc1m3j2WjvcT3OHaXPB9cYqvoPjeLVrtbS4IRwMb/AFNZfjONZLly7FkjbHAz+NRiFyx0NaC9pUvuY1pdpPqjfMUV2yqelbkrT2sk+0bBK24GsLS4bM3iXRYuAMDeMGtfUbmW8mSMNkIMdayw6VrnfWs6qk1sUGub2G5RAvmb+vNdLZ6XA8aXF2iiYkcGquiQETySPGjBemTVvUnOPOkfaM8Cuqc21dnNicS6lRR6GveR2sDQeRGoLL1H1qnPaGKcvu4JqiupwGGJQxJTjOK0fMW4h37uMZ5rCMk9TmqxSehy3i94n8u2P+sxlSO4zWZoZAl8tSxC8Nkd62tUtlup4nMYZ0G0N7U+GyhgjykYUtyxHc1FS0kSkSzRqSADWt4aBXXbUZ/vf+gmsxI0Zc1peG9v/CQ2wzz8/wD6Aa44wXtF6g0egUUUV6pAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVasur/hVWrVl1f8ACgC3XnXxm/5E+0/6/wBP/Rclei1518Zv+RPtP+v9P/RclZ1PhZ25f/vUPU8Nrrvhj/yUTSv+23/op65Guu+GP/JRNK/7bf8Aop65IfEj67Gf7vU9H+R9E0UUV3HwoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFfOfxP/wCSi6r/ANsf/RSV9GV85/E//kouq/8AbH/0UlZVvhPYyX/eH6fqjkaKKK5j6c+uqKKK7j4AzZf9c/8AvGmU+X/XP/vGmUxHhPxKjjHj24dolYtGvPf7i1yiLE6ONh2n2rtfiDH/AMV1cnZu3ImM/wC4tZVvpbC3ZnwAf4a8ypL94zBpuRwVzpUtzKRbnCA+tOtdNk80xdXU4rsYrKJbjZHHtGOcCrlpo8SSvNjB3DmrdZJWLszk2szbqRIPmzzWnDZQXFsjsWVgucAV0V3psEzsyorHPeqvlxw5j2YcAgVHtU1cq+hx18ryyCEBiueMjpVVgYJCrLnA6jnFdQtjLO8i5KuAawZ4JIpTFghj1PrVwldXM29CKG5lRf3bnBrTtYi8ZZnIJqqtp5MY+XrVrbsCkcL3FE5aaE3QRfurncGZgParlxfRR20kzHJHGDTojFsAVRg9qw/ExEVoRGNoLDOKUEpySKRKvi2NYFheLCcHcAcirEfiBLneRIJlAO3zTtIrhBLkBTkqOKeY1HPX0rtdCL2O2ni5xjys1pL+cXEsySFXz82D1qO11JnvkBkKoTzVDeWhCsMn1qDOyUDritXC8eVnNJ8zueqF1j0/Kjf5nQ+lUoIVVME9eTUfhe6a/wBNaJj80ZAGe9aMloY/nI6np6V5clyT5WZ2RTS2SO4Dxcbjmt8lQEkA5xUMVpGY1fGcDirsUYkUIAMVz1HGTsSpa2CCSJdxmTJbocVQ1q2/tHRZItm3y+QTxnHNdFHBEwWNl5UVBq3lvZSJjgRtnj2rFK0lY1hNwd0eKmAyFmYA46gc4qqsJac+VuDegFW4p2h1CdF4Q54/CtnwsbczSzTxqXRSRn1xXuxfJHmO1S9vJIzYrS/jIlkSR1A+6QeKt6TcbdYincYUtgqe3NdWddgisYplj3vMQHQg/Lk4rlNelgi1aRrcCMFtwVegrOlU9pKzOjEwdKHLAv8Ai67QeIonhJ2LkDH1rp9OtzcW8dwQcMPSvNru4kuZonLEnbnNer+CrlNR0BF43RYVqnGR9zQ8ibd9CP7F85YJuCnkHvVuKFLucYTyExgqO/510MVvAsx+QcjrVa6tYlnEgYgA14tSU9kHQhGlQSKqrEB5QwrHgmq6XLx3bW8i/KM4rXlyFVxKxU9B6VTlgVWN0x3EetYwi18QnqReRCd0mzac5HFUvt3nXptpPu8ipLu9eaBGUFFI7VixGRdU8xgzLzziuuMLxuS03sbwjEBMUTFRnrjApt3HcLGoVgVPXBqaJ1uCVblR0zUZcQSmNhlSDgVnJTSBx0Io47iKMgSfu26ZPSs2P7dBcTl3Zod2Fwc1fCXNy4gRWIHP4CrvmJa4jSNZcA7oz0zXXhaU37zRvg6rjUOD1S41aG6c7JGhkBKnB6Vp+E7OSa3lknBG49+vSt6+1V5bdVW2jUquMAmotFurWSFofM2zkglR2rqnCUlaJ3YqXu+8WPsSWsZ8vdvzwcVeJLabvYkyrgEGp4YiM+axY9t1R3drJJEQjhc9cGuCpSaWp5UtFoZlmWvdRWE4KjllJ44q3qaQi+Hl5QIDwBxT9N08WUzyMoZ26NT7q385zk0+W0NQitNSnFePNIMqAB3FQ6lPDZyLPenaswyhNW47UQRO4yVAOK4rxXrA12wSyQZktGCZ/HNbYeD5jehGzubDXlrcbggBIjYbu/SuU0++ktb8xMxdQ4HNENx9k04ITslxjI6mq0MyAb3AViQS3cmvT5UdFS0j0mMRsymNUBIz8p5qU3JndLd4yygc7ga4DSNZmj14nzTtbO0E9a7j7ZcTSMSAp7YNeRjITjK0Tz6q5SPUrWS5C29lHGuB83zYqnFo88aEDDP0IJ4q7YzP9rkyAjcgnNOZriK6Cq+Vbk81kpSikQnYpyaOYrRpHKiXuoNcxJBPHdttjJXPIrq9Qu4FuMtcFTnlRipIFtZYZHVvmY9cc10wnU5btGzTtexzyq0NtJOkpOwcKxxt+lGjfF7UdNtZ9PvE+0QSKVUsSSvGO1WNchgsdIlkwGZuhPWvLQGaXd0U12YXV3FA9i8GeJ9JNndx31y4LSAoCvbFUn8Xw+G/GE1/bRmW0dXGcHqRgdK8xTZHIoHQd66eG8srrR5IXTJGMHHSu6cny2RolZ3PQrbxjJdXlnqUcYxKh+Q57mtbWPGcUStC1u6S/wAQ2nmvHoNVube3to4Sf3ONsnpg5rYufFU+oRtLMPNuegB6nPeqhyxjqeth50MRF+0WqR6toE41HQZZRHjdggY6cVx/jqaSw0JGVuCyhh+NaHw+8QznSJ7S5hKyggZIPHFYnxIuB9iitVXmUgg/jXjNc2IucFa2yPPFn87e8TlVBwBTQZM7vNIPsalvdKlsIrdInYyOuXU9M5rZ8HeHINT12NNQmYQpksAAQcc4r2la17HO07pGn4E8L6z4klluLS4ljW2cHnABwM966TXbm+s7to9QDRu2cH1rubXxh4f8PuNK0SwIl3AECJgCfrVnxb4ZuPFumJeXNvHDLEhICNnjr3rmqrmid+ArKhU95bnlVrLG+IUdixcc4611UVottI8snzBuea5vQ4IodZNq4LNHkFCOFNdpeW0k8S+UTx1ArnpQZ0ZnNqSSKSapHbSZQEKeoxVe7vP7QlaPOI+1ag0sPajMShu9Z97pn2dBJ0UDoK0akeTpuzNSGeNxGjAoPetyC4cW4T064rK00o9yd33T0zW5bwpHI+CCD2rncWik7jC+M1H9o28MKWbhiaaAGXJqb2K5hI5QWb5eK0PDUgPie1XHPz/+gNWQJ9rsoAzWr4WBbxJasQP4/wD0Bqzi/wB4vULnpFFFFeoIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKtWXV/wqrVqy6v8AhQBbrzr4zf8AIn2n/X+n/ouSvRa86+M3/In2n/X+n/ouSs6nws7cv/3qHqeG113wx/5KJpX/AG2/9FPXI113wx/5KJpX/bb/ANFPXLD4kfXYv/d6no/yPomiiiu0+FCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAr5z+J/8AyUXVf+2P/opK+jK+c/ih/wAlF1X/ALY/+ikrKt8J6+S/7w/T9UcjRSUVzH059d0UUV3HwJmy/wCuf/eNMp8v+uf/AHjTKYjyDx+23xbKVX5gq8/8BWsaK4k3DecjHStv4gSeX4nm6ZKr/wCgrXNwMzybjjGD3rxq1/aP1MHK0jTjWNsSqoG6pAjEOgI5PrVFZGyuAMD3qUXXznAArKTbL57slRHW5CA4I6027gBmBC/N60wys0gcNzUpmLhVDHOetRz2VibjYLcpeBmX+E5NUZ9ME+pb/K+TPXFbeWiZAXzkVJLKIxsz1pwnpYFsczdachvmjQfKAcVB/ZUjocjgECuqjgg3rIVG7aQTTnSExFAxBJz0rX2jasHImjjZLbyJWQfw1y3iWRmgUN3/AMa9Jm0xZJHYYGed3fFc1r3hSe6sZLyFvMjj/gJHFdOHkuYIRd9DjbWyT+wbi5ePOJFAOPasfzTknHFdbcSeT4Ljg+6zlSR+dcqhVGXegYY5zXfT1uzS1txqyswAxT44WkkVQMsxwKkkKELtUDPJ9qnsFZ71DGR8hzuJrTUSfvHU+Gra60+8MNwroCpKHHBroWuvLZvNKtz0JrY1JXvvBVhfwIXuYQqM4HOCTmuVu4km2ytuBI+bjvXLWpe098qdPXQ6G2uoZIyMAfSrlsF+8prlbBmHyr9xfWtq2ukUhSRzXj1qbUtGcz0Nl5miO8Y596q6pdrFo88rYyVI6+1DoX2jJK+1cj4w1KVE+zKjxxdyQRmqw1OVSaS2NIptHCJuuL47fvMeKvQ291aXkgWUKQcEbhWl4f0V53OouuLeIcZ796ytWmFxq080Y2qzdq9pXb5UbUZKMkzbiYmEg+UoIzuD85rAvo4t7yPM0kpPcUGRVhCrGgOOTnmq+0MdzDmqhR5Xc7cRiVOIeZiNQB8w/lXafD7Ujb38lsTiOU5/SsDQ9NTUrt4flDbGbcxx0FS2ZOm6gBG3zwuFJqqlLmizznqe0kSKTtJ4FZkktwZCGDEZ9K0tKvhfWMUithmXJIqK4t7sszRz5Udgwrw5rWw2tBEuCAqMhx24q0ltvhYnoe1ZYvGiG2cMXxwWHSr1ndyPbFWJJ9a5n8WpmVo7eKZ2t2BXHTipRYCOBlHUdCaijmkjvWBYvjOM1ow754yWbnuCa259LIb02MtLfYud/wA2RmrM32eOEzSYJQU1okjkeR9ypnHA4zVW6tm1K1mtLaQmTaWyOpwK0o+9WipMyd27Isafrtt9kmnQqDjC89sVkaFdJP4gdpX+WfIz6Z4rjrSZrW8+xzqVKggritSKQ2dwHjU7RyAB0r6+NGEqfLEzjJ0ql2dzq3h7+y1nu5Zv3MYKpyOcivPNGVzrZuF6yPkfStfVPEGqa5aQ2c7MtvGOefvc5yayxdfYcOiY2cAnis6GG9nubYrEuroj0O/vYI7qCFzyVOSOe9PngBi3W7sTmvOZdUu9SuYpbeN3ZBg8HArutMvZmsIhKuJcDINeXmkIQ95E0uZLUuRGZI/3p5AqSBfNVi469KXz1ZsSqBntUzFVUbeErwk1N7m0Y8xka5drp2jTNuP3SP0ryTT7gvNJNtBL8vn1r07xhC1zocxTO0EHI615joKQJdj7VKyxOcEAZ5PrXr4L4Hc0tZpIZf3BLA4zjoBU+mafLqMweU7Y/St++0qytJwYkS4hz98//Wq0klrHtEcahexrWdRx6HfToKXUy08JXo1P7XGALdW+U56Cu3tIWVlHmJI2P7wNRx61a2mmxx3zlUkkVVQDOQTipbSG1PjD7PaKkcEkUhVM4GexpSovEU7rc4sVTjCVhtxYSCaQhsMzZ4pJIJIoiwYmQIcVX1XWLjw9f+RqEe+Posoy3/1q0tJnj19h/Z58xzwQeMCvLlhqtOWqOWKtK55rdNcJdM86biTnmr2jXt1Nqcca5EXUgV3fiXwa+mslw6GQSDJAGe/tVrwt4SScPOtuEcg7S4xjivRkpOlZI7qlnHQ4fxzG0wtreI4WZlz+eK5bXfDx0tkjR93HPIr0nxl4YvYZrYuCdjAZXnvXHeLYpbXUIiWYh0OQR71GF0XI9zmjE4gnZ8oXJHFdL4bto7nTrtGA3rzz7CsN5RkoVCMD1Heuz8E2drcx3klxuUHIyF/2a9B2irszqxeiLGjaBHqfg+6J+WcOpQ+owayPCmlzt4qiiuozmNG4I612mm3MFnapa2sLukI5yhG7FaejSW2p6o93HbrDKgK7uh5HvU11ek+U87CVcSq7jJaGnFawwTO8UYHmHJwK5rxXol3qV/ZvChaKIgMfxzXaKqhcFs+1LHLIuY1JCE8iuHC4eVN80j3LJnlviXQ79bozQIGVQQBntWl8L7e3udUlstTAgkYHa/qce9dXq2Ec46kHHtWL4b0BtS1eSfzSGibI6cd691U1Knc4PauM7HeyeD10q8W7gxJIXG4tx3rsJLxbexLyPk7DuSuL1TxDqFr5dptLsOkhJyeafaXM815HcXsjOm05U1xzTWh1QlrzM5DS447jxhqV39mKRySEoxUjIxXW237hm+TOelaepTaW0QNtBtfHIC1Rs7uNVYXCtgdMDNRGLR0V6vtGmNhYEOXzk84rI1OR5LdlGMdK24XiuknZWKqv3cjBPFZtvHFemSNuNp796U0c9jnbC2YzEFcBeM1stDtj3I/NTraohdVOMVRlLxhlXmuGpKxSsiMybk2n7w61A0xVSBSFtnzEZJ60yMCRmY/gK53Mm5ULN5pO7rXReEw48R2eTx8//oDVzstu5mBHAzXReFWx4ntUz/fx/wB8NVU2udeo0z0uiiivUGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFWrLq/4VVq1ZdX/CgC3XnXxm/5E+0/6/0/9FyV6LXnXxm/5E+0/wCv9P8A0XJWdT4WduX/AO9Q9Tw2uu+GP/JRNK/7bf8Aop65Gut+GP8AyUTSv+23/op65YfEj67F/wC71PR/kfRVFFFdp8KeUav4x1+21q+t4b/bFFcSIi+TGcAMQBytVH8a+Jo3KvfsrDqGt4wf/QaZLfy6Z44vryG3W4liu5iqMCRkswzx9av+NGaTT9EkacXhaJyb0DAl5Hy46/L7+v1ryHKbUpcz0PKcptSfM9Cp/wAJp4nxn7c2MZz9nj6ev3aU+M/FAIBvXBJ2j/R4+vp92rNlr9zFBbrFo9xIxjjRSGYhyI2jXA29DhjgdSvtQdcumkhC6TdE21xDKwYkn9ym3B+XgnOSaOaVvjf4j5nb43+JW/4TLxSACbx8Hofsyc/+O0Hxn4oC7jeuF9Tbx/8AxNXJPEssJjkn0aVRFD9nfd8oGWLD+Hj5l6f7J96rPe3xs3s10e7+dCoLISQP37Z+76Sn8EP4HNLpN/iHNLpN/iQf8Jz4j/6CP/kCP/4mrukeMtfutasLea/3RS3EaOvkxjKlgCOFrmJbO6giEs1tNHGSAGdCAcjI5+nNWtA/5GPS/wDr7i/9DFZxq1OZJyZnGpU5km2aPjjxx4j0fxjf2FhqPk20Xl7E8iNsZjUnkqT1JrAb4j+MlRXbU2CN91jaxYP0+SrHjqxl1P4qXVjBjzbiWCNSegJjQZPtW38RrSVPCumRQ2MsNpYXElupZCPkXCqx/wB7BIPfNeg+a8nfY/R6McNGFCEqcW5JX0Xb9Wc6nxF8aOAU1J2BOARaRHJ/749xR/wsbxkSB/abZYgAfZYuc9P4KseG/EF3pekQhNGvLqOKRZi6A7CkbuxIODj5nAPXgDpRca1ezC3mTw9eRmGFrIMobDMYXiGfl+8FZTj/AGffhXdtzZ0qSm4+wjZf4SvJ8RvGcRxJqboenzWsQ/8AZKZ/wsvxd/0F/wDyWi/+JqvrTa3rCwB9Kvkih86VQYWPDv5hbOOysgz6Y7YrnpoZbeQxzRPG4AJV1IPPsalykup0UsNhprWnG/omdT/wsvxd/wBBf/yWi/8AiaP+Fl+Lv+gv/wCS0X/xNcnRS55dzT6lhv8An3H7ke/eLdd1LTNVihs7ny42gDkbFPO5h3HsKwj4r14KGN4dp6HyUwf/AB2rnjz/AJDkH/Xsv/oTVqeIYpVsL21tbqNoIIYhJalDlFB4YHpn19hX0tP2cYQTinc/FsQ6861ZxqNKPRPyb7rt0OfHivXmBK3hIHUiFOP/AB2l/wCEp8QAZ+1N0z/qE6f98+xqtpl48FrPGttPKrEZMbEAd+eDnhTj6e1acGp3NpJHF/Y87SsMKrqcsVj2dNvOAWJ+tbShBNpQX4HJTq1ZJN1pL/wIqjxT4gPS6b0/1Cf/ABNL/wAJP4iIBFy+D0/cJ/8AE1Ys9au4Y2jTS5JN03ng7Tn5mBQdOm7H1yKSLU7m1kVhpU4EMjSBWB4AXGDxxgMD+Ipcsf8An2vwLVSej9vL/wAmKv8Awl2uf8/3/kJP/iaP+Eu1z/n+/wDISf8AxNZs9ldxM7TWs8fOT5kZGM568ex/I1WrZUaT2ivuRxyxWKi7OcvvZpeMfGev6VoOgXNlf+VNd/aPObyY23bWULwVOMAnpXIj4leNDEZRqjGMHBf7JFgH0zsrQ+IP/Ir+Fv8At7/9DSut0TaPhnbwHInfSLvbp4YYnBb/AFv1/wDijivBrK1WSXdn6jlsqccuoVJwUnJK7e5wSfEnxrKCY9TdwCAdtpEcZ6fwU4/EXxyAxOoS4XqfscXH/jnsag8F6zd6R5z22k3V/wD6TbynyCQAVEgCthT13nHuvetmPxRqNrbpAfDV4ZG8oIsikoTHGyDCbOMjJOOuD2rI9SpThGTSpRf3Ga3xF8co21tQlDYzg2cQOP8Avig/EbxwBk6jIBwc/Y4u/T+Cr9r4m1W08UXWqHw5dStJFKn2eRGO0NM0jH7vZS6/mfanW3ifVYA9unhy8kmgWJJQ4Zij+YHUEbeAem0+3NBLhD/n1H8DNHxI8bFto1Nyc7cfZIuvp9z3FNf4l+NI22yaqyt1w1rED/6BWvpXiTUdIdivhS8lMl/LdIZQ5bJYb1zt5I2qM9iucdq5rxVd3up3Nvc3Gl3VmkUHljzlb5suz5yQP+egA9sUFwp05T5XSil8j2L4Za7qXiHw3cXeqXP2idLxolbYqYUIhxhQB1JrtK86+DH/ACJ93/1/v/6Ljr0WqR8/jYqNeSirK4UUUUHKFFFFABXzn8UP+Si6r/2x/wDRKV9GV85/FD/kouq/9sf/AESlZVvhPXyX/eH6fqjkKKKK5j6c+u6KKK7j4EzZf9c/+8aZT5f9c/8AvGmUxHjfxETf4tlxn7i/+grXOROFjKnINdP4/cx+MJSRkFVx/wB8rXOkptcyDZzxXi4i/tGc01qVzOwIRSasQyKoIYHcfaqJbbKGRs1bRmZwwz+NZK7LhG5pWcAaFmZvwpd0cTberdqoyvMCWViqjqBUdv5srCQsSw5zSlTTKkrGmrSSOCzcjtT2lJYlhnFQrKXZXVeSOTT2fI45OeTWTjYz6DobpySCOCeKsGWMyhiB0qouwyMuCMd8VXBYyOEbOOgNWk7ApdDQEx+0jJygBG2rthc2cQmS5CJBKjYVjjJxxWPa+bkO6jPrmsTxJcNLf28Ozdzx7c1vh9ZGlKfK7lTxbp8MWnI8KBU4wB25rgZIielesazp7TeHmE7ENGOAOc9a8wVWZAzIAAMYr1cNK6aG5XdygAN+CTjvW1ouj3N/PmINHEO/TNM0jS/7Q1SKIK3l7hv4969lstKtFdbO1iCJH1YDGcV1xg5Hk5jmSw65Y7ieGGfT7A2MrM8Dr0I4BxxXM30sY1e6s1AOH4z6V2U7hZjbwIFVAQSO5rj5tHb+2Jr2Vzkk8etTiHGnT1ODLcwq16zUmRoEhDLtXk0+G2jLK7YAFT2+kT6jc4iTbHn6YFbN54aigCIZ35HO0A15uGwbr1Ly2O7EZjSpO0mQJqsOnuk5CSwg8rmrHiGXSPGVrC8NmkCpjOARnnPeuZ1LQjaajGkUhaFwWYNxmtSMhLdYUVUVf7p61345YXDx9nR3OzC4j2sOZbDdStks/DUlvbKEiUcY/GvJTcDGSK9X1eZjosgkYhSQo/GvNZtGZF+VwQOxIrnwPNKNzpv3M4bXYsSQT2xT96g4HNK0M0TEEKSfepYbB5CDkknsOa7bO9it0S6fI8d7Hscxl/lyPQ10zeHBFqcTz3Dm2lOXIAPesf7NJbpHvgTPGHJ5FdLa6kksCW1zhFRly4PUCnJNKwLVnY2qW2m4trKRmgAwjONuRVm3uUtrk7yQzdxWndWulal4bs3sAqyKgK4/iGeTWNLb7okL/Lx2rxMXTUZcyNZxtuT3l1bSSn7Qo46N61HazxRwt5Y6njIrOuoTLGOWIHQEdKZFJMsapjIHrXFBau5g1ZmmN0UwlZSc9a0UMbLuViCVPFQQ3KNYqkijfxSeU0JR2AK4punZXQ7NMhlluZ4jbu7GIDIB6cVd8P2ElrvvnXaApAI75FX9N0mbVZhtTEIPfuK6m/sra101YFVFVR0FdGGoylLnZpQgubmZ4Trxik8TSTFQCxJNTC9gVRjaSKseL9Hm82W8hBGW4I9K4RLbUpZPlO36nFfVYeTjA48QlKbO0a+hZBuYD0FZGrTLPEVVgAB0BrDmsdTQgu4yPRutVhHdlmMjHP1q3VbVrERhrc9o+G1tazeGWk+zKZAAC5HXirN1a4uzt4x6U34YMT4aEOc/dDD8K1tXhNrehVGN3Oa+dzG7Wux6s4x9mmjEMMisHkJIPSpJHcIDn5fSrrR7hnOfSmeQWU14/Mlsc6jpdGc8yNCysuVPG09MVxeoeCZ5LqXULIBLNm+cMdoGfT1rubi0Ew2Z2nrn6VS8Y67FpPgqO0jb95K6OPoCc114Cb9qkEYrU4a+voNP0+S3gIZYCEweC1csmt3X2gSbAI+y5rtPDnhzSfEiS31/etCCfuRgMc49KtX/AMOtLXbJaapO+f7yKMV9DOnzO4RqSitzhp9Tn1CeJ7liUj5VeoHOa665vpbRtG1RW+/blWIPQs2KtL8MUktWkg1PLgfddlGa56JJg0uh3rgSQSDYQc8DmtIrlJlJyep0sGtQ6/Ne6HqeGYEmCRuwA/xNZfg7Ur/wZ4yNvuzHuKn5uo4Fc7dyNZ66kwYnZIA3r1Fd5qOk2+oyWms2zkDyyWGMck05OMlqCjKT0PdXu7bV7ONwFJcZFRqq2kB3kAL2JrG8ERQy6HFdSSFn2jGe1WdaDXCt82AQePWsUO1tGP1BodU0p2UbtpBGK8O+IEqLd26vlTtPb3r1KLVDoumrEqBzJgYP8PavNvinam40+C92jcMA456muedNKpzIuMXy3R53dweXPFNIMxspIPrXrXgfS7R/D63Dqp3gHFecatEr+GNMmzjagXA75NepeBbXb4btpHBRSgKgCtpLmVmC8zYW1twjLbqYsjBAGKr2Oji3MirK25znIraEG5d2QQeeafGFVsBRmjRKwjMjsni+XzWJFWVtJjz5hFXhbEvuCgZqRopAcf1pqz3E79DmtZsym2XezEKd3FO8CeXFd3UzsMFu59q1tZt5BpcmxRuxnOa5rwyIzBL5i4OefyrqhL3bI55xXPdnV3LpeakTGAVTI4qUxsVGAM+lZulyxxXkiRs2OeMcVpM7Lufk+gFc873N4KwKCFyVApskiovPOfWo3kmkRSqsM+1KLKa4xubj0NS27lWuCNG5wPlUdcd6rSeXBMWiHWtNNPjRCGbPPT0qC5jhj+VY1zisau25RlzSEOTjGar3DAQ5U/NT52bcQx6VXklULgICa8qrPXQymmUD5rDAGS1Njt5lJODkdquRbtxf7p9PSkkldSTvINZO4tilK8rDOOe9bHhD5vElix6kP/6A1UHb9xu3ZJq54SYnxZZDjaPM/wDQGp0n+8j6opM9Tooor2ywooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq1ZdX/CqtWrLq/4UAW686+M//In2n/X+n/ouSvRa86+M/wDyJ9p/1/p/6LkrOp8LO3L/APeoep4ZXXfDD/komlf9tv8A0U9cjXXfDD/komlf9tv/AEU9csPiR9di/wDd6no/yPoqiiiu0+FPF7nU59H8a319bhTJFeTYDjggswIP4Gq+s62+rLbxC2itre2DCKKLOBuOSeaj1/8A5GPVP+vuX/0M1nV4UpyV49DxZSeseh0lp4vltIIYo7KLEQhGSx5EeT+BLEnPvioLbxPPaR3kcMCBLnYCC2SqqpXGfcYyfasKij2s+4e1n3Nm41yO4tnhayzvkWQ7pPlO1nOCABwfMYHBHbGKujxg32qOdrFcxqVUBwMkq4yfl/2z0x059a5mul1bRLWDQoJLbP221SM3yn0kG5T+GQv4iqjKo7tPYqMpu7T2KeseIZNZh2z26LKWQmRSeiqRjHuSTVfQP+Rj0v8A6+4v/QxWdWjoH/Ix6X/19xf+hipUnKabJUnKabKPxHkkh+IupSROyOphKspwQfKToazL7xNe6h4etNIneRlgkeRpWlLGTPQEH07Vo/Ev/koOqf8AbL/0UlcoAWIA6niu+Takz9YwlOEsPSclqkvyN7T/ABM2n2KW62qu6QSQq5YAfO27OMZOPTOPpzm/H46eG+jvItNjE0MskkWZmIG9cHI788g9v1rNvvCGtWFlJeyWhkt4pXilkiO4RsjFTux0GR16e9YdF5Iao4eteS136/edZH43eK1W3XT02qOP3p6iCOEduwjJ993tzia7rEuvatLqM8aJLKqhgnQkKBn8cZ/GqtpZ3N/cpbWkEk87nCxxqWJq/q3hvUdEVjfRohSRYnVXBKsUDgH8D29DSbk0VCnh6VRWspfjYyaK2PEejw6Le28EE88qy2yTEzW7QkMcggBgMjI4PTn2rHpNW0N4TU4qUdme2+PP+Q5B/wBey/8AoTVRufElzdaa1o0EKu6LHJMAdzqvT+v51e8ef8hyD/r2X/0Jq5evrcPCMqUG1sfgWOrTp4qqou19zT0zWZNMhlSOFHZyGDMeVI6H9T+dWLjxHJPfQ3P2ZB5byOV3Eht4AI+mAKzLGBLnULeCViqSyKjMOwJxmpyNNDFfKvcjgjev+FaShDmu1qY061b2aipWX+WpoR+KJEVE+yx7F8oYDEEiNwy8/QYqpLrJlsfs32dQOTu3c5Iwf0C/lUGdL/553n/fa/4U8w2MtlcSwi5V4guN7KQSSBjgemfypKEFrylOtWmrc6en/B7F/UPFEt9Hdxi2SNbkjd82SMAjjj6fkfWsCiitIU4wVoo56tepWfNUd2U/iD/yK/hb/t7/APQ0rKs/Ht5Z6HHYLY2r3EVtJaQ3jbvMjifkjrjPTB7Y+tavxB/5Ffwt/wBvf/oaV59Xz1f+LL1Z+wZJShUyygpK+iNjRtdGlWd3ataieO5ZGb5wpAVZFI6HqJDyMHgdRkHok+J19F5fl6dbAowYFnZuQqqOTk9ETnJJ55544Wisj1J4elN3krncJ8SrtGQLp0AjjQqi7jnPltGpJxzgNkjjPPTPGVbeKxZy3DQafGA5jMYkkL+XtVR1YHOdo44HUYxgDnK7PwN4btbwz61r0Ma6Bao3mSSuybn7BdpBJz/PHWgzqUqFGDk1/wAEWD4iXVteS3UNhCskhkLZcsBvdDwD6KpX/gX4VkX/AImmvtIGnNbokYEQ3A5OUjjjHOM8iPOPemeLJdLl8SXZ0WNE05dqwhAQCAoyeeeTk81i0FUqNOymo2Z7n8GP+RPu/wDr/f8A9Fx16LXnXwY/5E+7/wCv9/8A0XHXotUj5nHf7zP1Ciiig5AooooAK+c/ih/yUXVf+2P/AKJSvoyvnL4of8lF1X/tj/6JSsq3wnr5L/vD9P1RyNFJRXMfTn15RRRXcfAmbL/rn/3jTKfL/rn/AN40ymI8k+IERfxPI/8AdVcf98iuceNbuJRINp25rq/HELP4llIY9F4/4CK5O6kbeEVPmXjNeRUknUa8yNLlMWRtkMoO4Z6elW0uIpLYFV2vSNuVRjPI+Ye9ZymTzyGUhc1MrWJbtsXGndwYvzNTQyeQoI9MVBLIEZfLAzjrUUbzOSDgDPrWaYue+5p2s+1WGM5oMrQsQBkGoYHRNyEjcTSyM0m5FOCD1rOeopbFiCfCHIBzTY4MyE8rupkASHDN261PNciRlZDhfSlbQSRcSLyoAOGIqhdWIvp0dflkSpEnZWc7jyeKmicgl+4PWopycZGiQ24jeSFoZDufBHNeZTadcHXZLCJC7l+3avTZSbi5Mgbaq8cd6w7XUrLSfFEzzqPMlJ2uRyO1etganvamWKqOlSc4K7Og0Hw5aaJYATopunwWJ7GtQztArRIoy38QNU5Lh7gqzfvVPR/X3rY0uwjdd8xyQMAGvcjZ7H59XlOtVc5vUzQWgiLHlzT4dLa7xLNx3xWu+nQxsZJyMZyBS3F0GQGKPCAYzRUpwnZSMqdadHm5XqR29ukK7ECoPXNRSuiOEQb2J+8aiYyTttBNXLe3xPGi9AMtVQSjokYKUqslzvU5TxDA8F+hlPyspPHasu22O20E7R0JFdZ4stkmG4dV4FczDEBAPQV4GYNRq2Pucmd6FuxU8QwzT6Q4X7odTj6Vyar5yHCL+JrvSwltZUYDaQePwrz67nFtPJGgzg4ArpwNSLjynrMgmgto0LSyYb0HNW9FntuSiZI7kYrDuUMzbn79vSug0mxzp6H1Fd6WpVyzqh821OSCxII56Vz00szxEHG1R61q6on2e1O09+K5rzJGD4Y7fSibHE9F8A6808kKTyBY7aJoUTPUGu3kkDrtA46814l4fLQ6lA6k8kfzr2RDI8ZGDnrXi5hZMudRyiWSY2jy/BPYUq28BUElvyqkSxcAjg96cl3KlyLdFLg+vavMSlP4TGcopc0tEaD2QEYZDkNyK29OtbaOzWS8Bfp8uM1Fa2qxW/m3Em044Wo/Ommj3ROy7Two717GFwUmuaZ49bPKdGfKtTZu/FFtptukNlFsJQ8YIxXLTa7e35IYn5mAq7JAl2DJcxeXLj7yjJNZU1zDpsDzlS4jYEgiivTqRajsmddHNYYn4Ds20G31TwssLoFnVOpHU8141q1jeaXcyW8tnIwGdrKhNel6f8VNGkto1kidDj/nmflrdg1zTNbiR7dftBOPmkGMV7FGUqcbM0k09T59ad9hW4jkQj7u5SOKba2dzqEogtImkLfebB4r2/xOnhiymjTU9Mhd5BhWCls849ag020stPieTTbO3tImPLhtrEfQ1s6ikiea2wvw50YaPaG1lbc/VvwFXvEbI+pKicgAg0/RryyfU2S3nVnYHOCKrawv/E0YRgEAnOa8XHxclaJ6lB81LUzQBHkE8dqYjybiR92pLiA7lKZx6UkkMohURPtJ7ZryI4So1qR5AttJcTAjkHt7Vz/jLSdOvLHbLkGIYHy12NrjS7YzzMGYjnJ6V5d458TrLL9nhyuQcn1rowlBxlc9BUoU4XluYXhM2tlrcy8tbKrE8egrpJPEuhMzOtxOpZwdoj4ArlvDELSxXbr12N+Hy1zk7GOTp7GveTaR4cZ89aSPSLzxF4fhk+0x3k7MP4PL4zXF3d1Pq2tSaraKFQPzzgkfSsUrGc8YzV/Rbr7NeiE/cc0Sk3G50wSTsWNRvLeTVoZPLGH+aQEdTmvTvDN3Z6jarbLEoiVegry7xLbLFffJgA5Ix2rrvhjLLmbcu/BwCe3FclbmceZHbhGlPlZ7DpLQWeniO2kRF4wjELik1LW9LsD5t/eoSqn5I2Dn+deZ+NLia0lR0vJYlI+ZVHGc1x0NuLhzcSs0rkHDOK6aL5onPiYctRnsEepWevI9zaofJY7kLLg4+lUNZ0eXXNLnsbeMNITlc8dKTwPbMNEjJ/iK9PSu6keHRVWS1jSWZl78Y/KoktS4NKNjwXU/DGp2mmW+nSRCSVCuQDnGDXpXh2G4t9CtLaU4ZEAx6VqQzBb+e7urZJXkJJByQKVpR5jTRxBQeiCrMixbwtu3M5wavRxwKcnn8KzBfMkQLRAHHTmki1dDwyEfgaTA2HkjQ5GcfSq81yinOTVF78SYABx9KaQZyBvYCpZSRauL6OWExjJJUjpXN6dB5Lzo2FBbPP0rp7XT1MiICCSOp7Vsw+FdP2ubiWN3b1I4relVUNzCrTctjn9IihCNIFVie4rSQojZVQSexpgs7XS2eGFl2qccEVDLcRpGXD5NZ1Jpu9zSKsrFvz2bqij2zUE+oxW/ytwfpWONUZ5DhjUNzIZMu/OPWuCvi3tE0SLcmq4d9rNg9BVZLmWcFmH5ms8zq4BA59at27ny+TmuNSm37zFYe9szjJbBPvVSS2kg+YHNTSzliFU4agM5QqzEkVMo21REkU42ZnJbvU72iyxkg01hgA4py3AC7RwacYtrUTjdFJrYr8nOBWn4Stinii0fnA3/APoDVFbzneRIoYDpmtrw80Z1232qAfm6f7ppQS9pH1RFmmd1RRRXsmwUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVasur/hVWrVl1f8KALdedfGf/AJE+0/6/0/8ARclei1518Z/+RPtP+v8AT/0XJWdT4WduX/71D1PC6674Yf8AJRNK/wC23/op65Guu+GH/JRNK/7bf+inrlh8SPrcX/u9T0f5H0XRRRXafDHhev8A/Ix6p/19y/8AoZrOrR1//kY9U/6+5f8A0M0mn3WmQRMt7pj3blsqy3JjwPTABrwZK8nqeI1eTKtpbS3t3DawjMsrhFHuTWv4i0aGy1mC000NNHNEhj28l25UkfVlNOi1zTLIvNp+jNBd7GWOZ7sv5ZIxkDaOcE1q2l9b6b4c07Wtwe+hR7SCM84O8sW/BWx/wKtIQg01fzNIxi01c5zRtP8At2u2tlKNqmX96DxhV5b9Aa1In1nUr3VtWsbF7m3uPMilBXcNrdAB1JA2njpgVbvIBpmoeJr7Cjkwwcd5jnI+iZ/Or3gDxJb2qf2RdER+ZIWhkPQk4+U/0/L0q4QSkoSdt/8AJfqXCCUlCTt/Vjj77R9R0yOKS9tJIElGULjr7ex9jT9A/wCRj0v/AK+4v/QxXSePfElvqckem2ZEkMD75JR0Z8YwPYZPPf8ACub0D/kY9L/6+4v/AEMVnKMY1bRd0ZyjGNS0Xcz/AIl/8lB1T/tl/wCikrlov9cn+8K6n4l/8lB1T/tl/wCikrlov9cn+8K7J/Ez9Zwf+60/8K/I+kvDH/HrqH/YSuv/AEa1cv4y8A6JcSWt5BE1nLPeQwSiDAVg7hSdvQHnt+Oa6jwx/wAeuof9hK6/9GtR4n/49dP/AOwla/8Ao1a62k46nx1OtUpYq8HbUm0Tw7pfh618jTbVYsj55Dy7/Vup+nSvL/id9/UP+wjF/wCky17LXjXxO+/qH/YRi/8ASZaVVWhodGUzlPF80nd/8FGd8VP+Q9pf/YLi/wDQnrha7r4qf8h7S/8AsFxf+hPXC1zVPiZ9Nl/+6w9D23x5/wAhyD/r2X/0Jq5euo8ef8hyD/r2X/0Jq5evrsL/AAYn4RmP+9T9RyOY3V1OGUgivZLcQ+QrwIqJIA42gDOea8Zr1DTTLf8Ag+JYW2yvamJW9CAV/pXLmEbqLPRyKpaVSNr6X+7/AIcbZvoWtXdyqWdtJLA/LNGuX/2vcZz/AJNZnjjybbSrW2iiSMPLuwigcKD/APFVT8K6LqdprizzwSQRRqwctwGyMAe/OD+FJ4+nLX9pB2SIv/30cf8AstZwgliYxjK6OitWlLL51KkOWTdtrdTkaKKK9U+ZKfxB/wCRX8Lf9vf/AKGlefV6D8Qf+RX8Lf8Ab3/6GlefV83iP4svVn7TkH/Iso/4Q616HpXg7RNJ06KbxldNa3OojZa26khoAf8Alo/p24PAzz7YXga8trLXg7aU+o35XbYRBgFE2eC2ew657Y/EegeLPCy2nhabUdWkF9rN1cwCecj5YwXA2R/3VAOPU/pWSN8VXamqV7X7bv8AyXf7jmbb4ay2GqXM2v3McGhWYEj3at/r1PQJ3yen8s5Fd9o+h/8ACTC1vtRsxbaFbgHTNKI+UjtLKO5I6L0we+Tmlrfgb7NoOqG61O4utKsLOaXTrJ2P7l9jEFm6sF/hz0H69xof/IA03/r1i/8AQBTPKxOKlOCkpXe3a3/BfX7kfLEgAlcDgbjTafL/AK5/940ypPpEe5/Bj/kT7v8A6/3/APRcdei1518GP+RPu/8Ar/f/ANFx16LVo+Rx3+8z9QooooOQKKKKACvnL4of8lF1X/tj/wCiUr6Nr5y+KH/JRdV/7Y/+iUrKt8J6+S/7w/T9UchRRRXOfTH15RRRXafBGbL/AK5/940yny/65/8AeNMpiPMfGm7/AISOUgcBV/8AQRXMyR/ekxyTXXeLix8QTDHy7V/9BFcxO4VSvvXg1ZWqy9WSlqVEgdEMzEYPbNQzgTDjAP1rS8kSRMrHCnoKovphB3CU49K0U421NbRW5SW1GQd+WqGWKVJsKTWstnHCA4dixPTFPnAHzmNelYznG17mM+XoZu1EhTIJlYZ6U52xCoAIfGTxVuALJtkIHA49qV4FkYuHx64qFNGV7lCOTzxsHrV0WysiqrYx1p0cEVtGzKFORxVRLhopBwH3dR6UnPUlSNJrbbHuU5xUkLAowbuagS5IiKCpITlMuMVk3rY0UhlwhicBTlc8iuD8dBftcMiLsbGQce9d5I+4kqcksK5P4gQg28TkDcMY/Ou7CStUVyk0S+D/ABRL5aWly+4IPlya7u01aS5uzGDtycjmvB7OZ7e63ofmAJBHaus0zxVPLNEoBMyfxc5NfQRqcp85mOVOcnOmtz3O2057iYNcvuQjpnNLqEKBltLdQAOuKzPDOqSX9ssjuyyY5Q+tdJaWTeY91NgsegJroUlueBHD/wDLtLXqZb26WcWSPmIqTSom+eZ+6nH5VqGzS7fdKgKjsakmtFhhcpwgU4AqlUVrFxwTi3J7I4zXAJouOveuf+xMVABwK6G6IkVsfw9RWYJkdSg+UivDzem7qaPdyGqnFw6meto0bSqTkE4FcDq9t9n1idGXHzHFepQxqwHzZb1rk/G9gIpI7o9W+8fU5rly+ryzsz6BqxwtzGMDnnNdNYLs06IA/wANc3evCFUhuTVmG9ljt1xM2AOBX0EWkwaLGpurI6MegrlEkJcqvQ12vhuzGu3s0Usauu1hk9jitqP4d2sdhgSHziR82BkVxV8XCE7MpI4jSWSC8ty/98fzr2WO43IJFX5SMVzlh4Bs7KRJbmVpyORuUV10NqPJ2RqNg6CvKxtRVn7pSg1sVxGUYEjIP6Vbt/JgYskYL+uKQJhTz81OjUx8v3711ZVRvLnkj5niTEzhTUIsdK0k7AysSD0HpWnaIqLtxzjg1nrhpQByD0q+uUO0nmvoErs+Optyd5E91G5thLv6DBya5XVkX7BPIc5J6Y4rb1W5ItUt4/4cZxWZqQa40OWMDDKv9DXDiKbnOLvsz7HJYwkm4nnEkZNuWRAOPmr074f2m/w+k0QxhQTivK4lufIMbSs3GK9k+FBV9Bmt2f54iFx+Fd9S3Ies4J6GB8Q7yMXWivIPlDKG9T89db4gtbG/8PTPZoEZIySwHPQ1xHxbthaXFq7nCCVDnuBurQvNcsx4MkNhqQ81kwylgCeD2rnS0GkeaeDtcudF8RC5LvKgVtwP/wBavU7HWF8RSTahHmJQ3K9Ov1rxjSJ5IhJLCoZj1zxjjpXpnglnn0yaRlAQuPw4qJQid1NvlsjpLm4mSLMSKVPTmpdPjEy+dcMq7OcZrK1HV7PT8x+aZH6BQM/niuNOralqOvrbWs7iE5EkaHI/zispQurI1pzipXZ2Wp3E2sXZhtX22yN8xB61518QtM+zXUM0abYwpG715r1K30+O0txFE2APvY71zXj6xe+8PbI1yYmXHsM5qadJRXmOvWc3pscR4Pu47ayvZJcZYED8Vrlp5d8rgjgnIrQgjlhtsY2huTjvVKa3Zmygra+ljip0UpufcgGxgQ3B7Va08RvexhzgA9aoSxSq3IPFLD5nmAlfzqZO6sbpdTb8SoXuoWDfuzwD+NdV4LnGluLeNs+aQc/pWJfWazaRp7OQAQufzreh0OWxe1vImYx5HGPeplH93Y1jNRqJmj8QLOSdIIojlzg/rXLHdbQeTISGUY4r0TxDa3FwlpdLDhAh/nXn+ozKbmcyIEJfApYXSLNMY7yTXU9Q8Dlo/DUb5zkDGa2nBAMrzfM3YHpWD4bjeLw5Z4PWMZPrWrsQryvzHqa03MnsONxGF8vOT3Y96CwKgr1FRyWZK5VPpVy0sv3Q8zv1oZKK3mmXIC5NSwWTvyUUfU1prDbQIAiDI9qUTxnjkVD2ArRRRR/K8QyO+Kkb7Oq7gmPwouZtkR21mLcO5IZzisJ1lE0tcvJcB2PlZU+tV7hZ5GK/aGBPeljOxcg8GmMPOBG7Fcs8SJFWW0njAAnLnucjmnJbOI/nOT6VYgg2Hl84qSS4VTgKM+tc1SrKTEZot0hl3N1btSsvmMUPQ1PO6NGzsAWB4NMiIYKT6Uc9iVURVa0WNcDtSwLxirVyoKbl49aggZcHJwaHPUhzZTl/d3ee1T78vn1plwm5+uTUkcWQB0qZu5MmxHAEeO4qlMPLZT61deNkZt7ZB6VHJEJIhkZOeDU87SsVBtjQc5IArX8MvnXrZf8Af/8AQDWQsW1iM1t+G0Ua7bc8/N/6Cailf2sb90T9o72iiivfNgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq1ZdX/AAqrVqy6v+FAFuvOvjP/AMifaf8AX+n/AKLkr0WvOvjP/wAifaf9f6f+i5KzqfCzty//AHqHqeF113ww/wCSiaV/22/9FPXI113ww/5KJpX/AG2/9FPXND4kfW4v/d6no/yPouiiiuw+GPC9f/5GPVP+vuX/ANDNZ1aOv/8AIx6p/wBfcv8A6Gazq8CfxM8OXxMKKKKkR03iTVre70bSbe3YFzEst1g5zIFCDPoQFP51zNFFVObm7sqcnJ3YVo6B/wAjHpf/AF9xf+his6tHQP8AkY9L/wCvuL/0MUQ+JBD4kZ/xL/5KDqn/AGy/9FJXKI211b0Oa6v4l/8AJQdU/wC2X/opK5OvQn8TP1zBf7tT/wAK/I9V0n4i20E05gu0gjnnedre/t2KqzsSQsseTjJ7oa6K78SnW7O1+z2DztDeQzubKeO4TYjhj0IYcD+JRXhFFWqr2OOplFGUueOj/r0/E911T4jWtnuUSWkDD+Fn+0S/TZGdo/GQV5n4q8VQa8jxwQz5kuBPJPMyguQgQAIowowPVj71y1FKVRyNcNllDDvmjub/AIt15fEGoWdwoAENjDAcDGWAy3/jzMPwrAooqG7u5206cacFCOyPbfHn/Icg/wCvZf8A0Jq5euo8ef8AIcg/69l/9CauXr7DC/wYn8/5j/vU/UK6PQvEmpWqW+m20MMq78KGUluTk45+tc5SqxVgykgg5BHatKlOM42kjChXnRnzQdj1XxBqF1pelm6tIkkdXAbeDhV554I9vzrzbVNUn1e8+1XARX2hQEBAAH1JqXUddv8AVLeGC5lykQ6DjcfU+prNrnwuG9kry3O3Mce8TO0G+Xt5hRRRXWeYU/iD/wAiv4W/7e//AENK8+r0H4g/8iv4W/7e/wD0NK8+r5vEfxZerP2nIP8AkWUf8J03w9/5H3SP+up/9BNeyfEj/kU/+3uD/wBDFfPVtcz2dwlxazSQzxnKSRsVZT7EVeuvEet30Pk3er308W4NsknZhkcg4JrK5viMHKrXjVT2Po7xX/yJ+t/9eE//AKLarGh/8gDTf+vWL/0AV82TeKdfuIJIJta1CSKRSjo1w5DKeCCM8inR+K/EMMSRx65qKIgCqq3LgADoBzTucP8AZNTk5eZbmVL/AK5/940ygkk5PJoqT3j3P4Mf8ifd/wDX+/8A6Ljr0WvOvgx/yJ93/wBf7/8AouOvRatHyGO/3mfqFFFFByBRRRQAV85fFD/kouq/9sf/AESlfRtfOXxQ/wCSi6r/ANsf/RKVlW+E9fJf94fp+qOQooornPpj68ooortPgjNl/wBc/wDvGmU+X/XP/vGmUxHmvjWVo9ck9ML/AOgiuVk3GQHGa6nxqwOuyqVDYVf/AEEVzSu25eMV8/X/AIsvVkNEu3zFPapUVEiAYZNQkSNcbkb5cfNnvT/ODlgq4x61nLVEu7IpW/dybEGQaqQ3DSllnB2gVqKolQbFcn+IIucmlGkXbgyLbSiP02GiNP3dEDi7GOIUI/dyMFPQYq7DbbICDg59TUstjNGqgWkyrjr5Z4pkKStuRug7twamUGkQolU2ZzuLdeiisuUNY3b/AClsnHTpW1OzZjEfBUYNQvBI7mR8sW60RfclxKwm5j8sZOOamMzzSFCMAdaSK1a3dpiPlPYdqmt1jldpNzHP8JFNxjuhcrKn7xZH8rkA1l+I7BtVsFYvhgOma6Q7YgRHGF3dcd6oSJGysrRknPHFa0WudSNLHmy6PJbTwnOVdSW9q2fDOmIfEROAUQE10N5pasFEcZXPoKba2EmmyNJFHhj3r1qlePJZM0vodXBdGC78yHCLnnnFdnp91LdRh2uRt7DcK82ge4Zf3kZKtyc9qu291JakLG5wOx7VWArN+7I+ZzSgqEvax6nrVqQyYY8nml1BVjtHAPY1xOneKHhQJL87dATW9Fqn2+Fw+ASD1Negk+a5xfXITpOPU5xYZHWRlTI71itCzSthcc12CyrZWxi4YsOtYWT5z54z39a58ypSnTTiaZCksRJeRRghlQEjPoKzfE9k11okol+8nNdIvzQsF4bOQazNas55tEuS0rMwU5/I15NDDVFUTZ9i4o8OMseQrc470+SdgoCjiq7RMHVduKtmFo2AbkEV7dmiGdf8OZXju52yuM9M+1embluACo2Y7CvMvh/aKdQkd/f+VellkUqQTge1c08NGU7tDiWSEwFbPHtShxtZVZl/CoX82SVZAwCNzgmnmCRyzKwA9AafsKa6F3tsCKvkt83zDuahjJKHzGzUEcNw8jq0hC54Gahnn+ySLEe/eumhywTR8vxDhnOKqo17Eb7hBU2qO0NxIR0U1BpOXn35yADUmpzqVlLjJY966ou6PlFTXs7+Zmx3RuLnPXmr0qeZBNFjBZT/ACrJ0wH7QfTNbwVWkwWwQCCfeueWjufX5BBKm7HlEsbW2oT25HKNiuu+G2smw8S+TNMqwyK24Fv4scVyniO4+y+Ibpd5bDHmsvSC1zr0JByS2SPXmuqck6Z66hqdx8dNQWS+tLcbCpUkMhznDd68kRMfNgDPTFd/8ULchrW6RNoVdpx7muBhI3oSeMc1ypXNlFI9C8M+EP7S0lbhZPLMhDN0Ga37vVIPCMlvp0NsJo3Qlzg8kHHarXhkk+GLTyO0YBFWF0aLWmPnExTRMACB26nrWM27m8FGxys15HrNxOmnaWiXEjZLsGXHrg1t+FvDD6OstzJJm5mOXORxxg10cdhFZtiNVyBgN3p7fJ0xmqWxLSuMEQIIRyee9Yvim/XTtJdHGTJ0/lWvzCS/BJ5rgPHGpNeXsdtn5UByM9800JnI+axHzjj0qCYq4xGdpqSUlASfm9ay7mUDDDgnsKGJEc7zxvtMjECmee/GOat2kT3Lsrq5Re+KZN5UW4eWPSobKVzdXfPodqSSSJEGPxr0g/aho1pFHGM5XqfeuH8MWbajYxxg52yIRk+9etz23lQwwlRlR+uacNdDjx9RUqMp+QQXsksD2N7GF8uNtp9cCvF9UR7zxC9uoyFlHH4ivd7y2W80obsicRnbIBzj0ryzS7GKPxFM80R85GPVevvVKCp3OPLcwq4h8k9rHoml2rRaZaw4xhMY9KsStHbvhhUaXuLaORiA+OlQG6e5c74EI/vE1CPaehbTUI2fYu724oK3ksh2SlV+tVlREcMvGB0FSHUBJ8ikg561E6ihuTcuqzRIAWDv3OaHdCN2QG9M1SkkSFGIyW9aptcZXdtJP0rjq4tbIC/LIzrgmokj2qSRTbaVZMFl6+tXGHGB0rhb5mVBkcTApS7QQecU1l2DIFQNcEcbcUJhJ6jpGMf3WzUbTfL83WovPHm4xVe6mCzAZwKzm+pnJ2QXNyPJIz3FS21wCEXPaqN1btMu+I4HUgd6bbliwGMY7073syI6m0yPJuA+7UAtPMb5T93rRFcy8oGNWfMSNAq/Kx+8fWq31NLaFSVQkhwc0b269KbMP3xw3HYUxmYLtJyaL3G0Out8kSle1TR7TbqP4sUxtyRKvr1qvJceUwUdTSe5K0FIJdueav8Ahkt/wk9oM8fP/wCgNVQMgG5sZPWtLw4Ym8Q2pUDPz/8AoBqqf8SPqjO/vI9Aooor2zoCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACrVl1f8Kq1asur/hQBbrzr4z/APIn2n/X+n/ouSvRa86+M/8AyJ9p/wBf6f8AouSs6nws7cv/AN5h6nhddd8MP+SiaV/22/8ART1yNdd8MP8Akomlf9tv/RT1yx+JH1mL/wB3qej/ACPouiiiu0+HOD1C+t01K6VtG0qQiZwXe1BZuTyT3NV/7Qtv+gHo/wD4CD/GtLT/AC28XXEUkKSB5pR84ztxuPH5Uy48l/Dcrrbxxul1s3KOW4zkn8a+Uc8RKMqiqbc2npb/ADPdVDDJqLprpr6/8MUP7Qtv+gHo/wD4CD/Gj+0Lb/oB6P8A+Ag/xqzbajZxWcKPCWljbJ/dKVP3vfPcflUg1TTtrh7dnyjBSY14bLYP5MPyrONao0r1rFvDUU/4JS/tC2/6Aej/APgIP8aP7Qtv+gHo/wD4CD/GtEarpeJSbVlLDgBFOM7cjr/s8fWoH1GxN3HIsbBBvz+7Xjc5YcZweDim6tRbV0JYai/+XJV/tC2/6Aej/wDgIP8AGrGn31u+pWqro2lRkzIA6WoDLyOQexqX+1bHZNtt8MceXmJcKPMZsdf7pUfhVS3kjl8QwSRAiNrlCoIAP3h6UvrFWMo2q3u0P6rQaleklYyPGfiJLDxZe2x0HQ7op5f766s98jZRTy2eeuPoBWF/wlsf/Qr+Gv8AwX//AGVaPii4jtfihcSy2sV0geIeVMMqcxKOR3xnNdCzWUfj280i30yx86aeFnknRdogESbkRcfePPTrn2r6V3bevU+W9vXu0qjSvY5JfF9mFG/wl4fLdyLMAUv/AAmFj/0KOgf+Ai/4VTaex07xjeSGB0tElnRIzECY8hlU7Wx0JBwfStZfEPhxXLNpzuxxj9wi7cRxL2POCjnH+37mpTfclYqv1qP7yr/wmFj/ANCjoH/gIv8AhR/wmFj/ANCjoH/gIv8AhU2oeItGn0y7tbO1kiMiFYiYVG3HlBeQcjISTPu/fmuPpOTXUUsZiFtUb+Z1X/CYWP8A0KOgf+Ai/wCFH/CYWP8A0KOgf+Ai/wCFcrRS52T9dxH87+89C+Ifji70LW7KCHS9KuRNYpOXu7cuwJZxgEMOOP1Ncj/wtPUP+gB4e/8AANv/AIurvxUmjt/GGizSwLcRx6dAzQuSA4Ej/Kcc4NbWoTPH4/8ADtjp2nafHDqdhavcRC0RgqhpC23I4+XP5D0r24O0ETOClNv9DmP+Fp6h/wBADw9/4Bt/8XR/wtPUP+gB4e/8A2/+LrL1XUbCP4lTX5t4/wCz4NSDGKJBtaNHAOF6chenvWvB4w8Ppo5Q6SseomGRTIlujIHO5lPJzkM2Mn0B7YrV+hmoR8vuGf8AC09Q/wCgB4e/8A2/+Lo/4WnqH/QA8Pf+Abf/ABdSy+L/AA9IsDLprRzRzs8jiFf3qeYrAHB64DL6YxVW78UaDPbSKunEORcBFECKE35KHIOSwzgk8cDA7lfIOSPl9xL/AMLT1D/oAeHv/ANv/i6P+Fp6h/0APD3/AIBt/wDF1B4j8UaJqh1eOw0xbSCZIFtNlsisNuNwbkhR1+71wOeueLqoq61RMlFPS33H0p4UFl4u8G6ZqGq6Rpju3m7YhbKY4/3jKdobOM7QT6mtb/hFPDv/AEANL/8AAOP/AArG+Fv/ACTjSf8Att/6Oeuwrzqnxs9alUmoJJ9DI/4RTw7/ANADS/8AwDj/AMKP+EU8O/8AQA0v/wAA4/8ACteipNPa1P5n95kf8Ip4d/6AGl/+Acf+FH/CKeHf+gBpf/gHH/hWvRQHtan8z+8yP+EU8O/9ADS//AOP/Cj/AIRTw7/0ANL/APAOP/CteigPa1P5n95WstPstNhMNjZ29rEzbikEQRS3TOAOvA/KrNFFBDbbuwooooEFFFFABXzl8UP+Si6r/wBsf/RKV9G185fFD/kouq/9sf8A0SlZVvhPXyX/AHh+n6o5CikzRXOfTH17RRRXafBGbL/rn/3jTKfL/rn/AN40ymI8v8auyeJJjjjav/oIrAMyOi8YrqfGMavrcu70X/0EVy89nuGYzgD0r5zEP97L1ZGoKx6tkr0AHOa6PRvClzqB+1TkQWnU5OM/gaTwfon2+czTj9zDySfbmtzVdRu9anksNLAW2iO04OM1pGCUeaQ4xfURtX0DQVMFjarLMvBcqQCfqKqv46upTsigVMdgTVKXw7eWyxRtEhZxgZanjwtextIDGgKckhvSm51HG0Y2NGjStvGUkpMV3axtGOvJNSNZ6B4lDLZr9muF9V25P41lTaEy6Yl+k6rvI+RWGefalOh31va/2ipK7Pm684qqblb30JRMHVNEvNOvmjmjAUH7wPWpCfkEQBB9a7iyurXxXoyxzqPtCLkM3X1rlZovstzLBIu3Y2B70pUeZ3QuUoJaMdyE7t3rS/2UIR2z6A1bQq7FQMEfdNOVAq72mw+cYJAqlhikkURYOx3HAX0zUn2aFGUlA3Gas3PmIoG5WZuo3dKhaGQBdr898Gl9Um5abCcUxhEc5yqYx2pWgDBT5anjuaV0ZOIztyD0qJXlhVRIWb8K6oYK7vIFCJdEMRjB2gYHIFcjrtw1vdbok2IDz2roC12/zRKFXPBzio9Ssob62VbkkP6gZrtoYZUnc4cdhFXS8jBsNYieRd4GcV0lrqKTLtjcKfrXLXHhILJvt7qQDtwBUlvod9bsCkxP1IrsjJo+bxGSTbvA6+JpWk8tm3D1zUZkzctG44XofWsy0bUIZMOwIH+1WgzPLywAPrmtZzUkGW4KvhsReaGCW4a5LLxGD60s7zSpNFuG1we/tRuKgpvPJ5qRUjXaD361z2R9izxbVoPsupXEWPuSYFQSSN8pYdq3vHFkbTXZWiwVmYuOelZCBXt1WUfPjINVuZvc6bwFG8l5Jg4GD39q9E8sIg6GuB+HaCS/nVsjr0+lekLax8KJD+PFNq5SRRe4TONpAHtUkUsjcxYx9a0vsluV2sFNPS0toQdgUDPQVOoN66GaUmkkXsB6GqWswOY/MVc7e9bzMBJtSMbQKbJE1zaugQLkGmYYmkq1NwZn+FrlXjw552n+VT675S28bA8kVgaSslnq8ltMxXOdp9RVjxLM0NtGz/KowMDvzXQttD4StQcKvsmRWdwPtexG75roDGZVZu7HNcx4btXudTN08ZS3CkAkfe967BXjTbwSAMYxWMlc+synDulS1PHfF8Bi1+4wcksSag8KssfiKBm7qeK0PHA8vXmkwB5uSKxNGkEWsW0nQggfrWz+Gx3q7kekeOYBe+HZcx/NGwP9a8YjlDADbXvWuD7Ro04AAUxk/Xg14J8yvtAxt4JrGLszSWp654BuZrnRTHG+3ymUDntXXSSGGbzCBn+IiuB+HB820uFViCrj+Vdq8rM7RFeB1NE7FRVi29ysmSuOenNRLNt5dAarIkakfLj0NSB8krjce27ip0HYHkEkhPIHpXl3ic5165POFYivW7eGN4mDbRIAeM968x1bR9RvdbvP3YCmTg5qJSUdWUoOWiOSuJikYAOSTWt4N8NPr+tu0y/6Oqtj644qPUPDt3p5FxdRjys7QfXNep+C7KLTNBjnAwZQD0pc6ewnBxdmcjqOmR6BFeRFQQX+T6YriYJdPOps18reTg8bM16J4wuoV1hWlJKEH5SODXm+s3EVxcOscEcag8EHmoTsy5rTQ9A8Ey6dNdMLJWCK2QNuK9LulNyysjY4ryT4WFWvZgmR83OO/FevMhM7IBhe1dFKN3zHy+e12oezRY09pFIglO5ccH0qlrWj2VvJ9vTAuWOMY9aumaHT7bc0gZ/T0rnb29lurgFnJHanU1Z4+GxTw0brcruXjZ3ZPMOalWa4kjXCbV9KljdkBwTtx0pq3e9SoPIPFedi6kqTVj6vL8xhi4eZM8jxoo28kVUjLbiSQCT61NI8rOobpjrVUhQ5LHPPevPrVXPqd7epqBSeGwfxqS3hLORtBFQRAvEWB+ntUto0gP3iKyWskVbQstAicgYp8fvSyfdz1xVZZyT1rZRSNIRuiWVsZwKgC+YeRSs5Y5zxU0eJPu1OlyetilLbqsoNQXlvESCTWrLAJOM8is2a0Mku3OamcdLE1VbQqZZGCJytWprYrCGVcE09rU2y7s9Kcl75qbDzUxWlhQVkQWfDjcOgqG5mC3Z54q6NsaE4wT3rNu4A+H3801oh7EzcgMDUUjsJAR0FLE6mMLmh8YJqUyHLUct7vyD+FUpZGMhYj6UH5TkcZNNnPzjJ4xSb1M3LUHlLoOea1PCLn/hKbNc/3/8A0BqxOWlyB8vetrwnCR4us3B+UeZx/wAAarpfxI+qEtZI9Tooor3TqCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACrVl1f8Kq1asur/AIUAW686+M//ACJ9p/1/p/6Lkr0WvOfjR/yJ1p/2EE/9FyVnU+Fnbl/+8w9TwvNdf8MP+Si6V/22/wDRT1yFdd8MP+Si6V/22/8ART1yw+JH1mL/AN3qej/I+jKKKK7T4c4IXi2Hiee5dSypPLkL153D+tQtqCHSJbPY297jzg3bGMYqHU/+Qtef9d3/APQjVWvhZ15xcoLa7/Hf8j6yFKMlGT3svwNuy1q3tIbZPs7M0XDNkcjJPHvkn8KZFq8cZP8Arwd7HcpGWyqrk+/BP/Ajz60LC1+230VsX2eYcbsZxXRf8Iav/P8AH/v1/wDXrrw6xteCdJXS9Ec9b6rRlao7N+pUXxBbeUqNaEkDrnvgAH8gKP7fhy2IXGWkdWGNwLA8fmf0rn6K5/7Qr9/wNvqdLt+JtT6zHKsg2ynfCYzk4+baoz19RWfpn/IWs/8Arun/AKEKq1a0z/kLWf8A13T/ANCFZqvOrVi59/1K9lGnTko9jmPHcgi+IN7IRkI8LED2jStGTxvpU+r3V3c6TJIpuYrq3cMqyI6Iq4Jx90lfXv0rL+IX/I86j/2y/wDRSVzFfXyk1J2PgJTcZu3c27XXkTxY2uXFtvDTSTeSrdCc7RkjsSO3atqx8aWtjPA3l3csMSoBE5XGFhlTaB/dJdT+B9q4qrlppOpX67rPT7q4UdWihZgPxAqVJ9BRnJbG34k8T22t6fbWsNq0Zh25lfG6TG/JP/fWfqWrmK1H8N65GpZ9HvwoGSfs78fpWYysjFWUqw6gjBFEm3qyZuTd5CUUUVJJtfF//kZNL/7BUX/oclIvj+wTxJYaytlOZLHSBZQqSv8ArhuG4/7OGPvS/F//AJGTS/8AsFRf+hyV59X0FOKlTVzecnGbsX9Gv103XtP1GVWkW2uo53UdWCsGI+vFdndfES0u/Ctzpb2Eq3FxEqNKGyqlY9uOTkgkbuc8ux6gE+e1s+H/AA/Jrks7vcx2dhap5l1dyglYlzgcDqx7DvVyjF6siEpLRHQR+OoTZyQzQ3DTPCIzcElnz5Jj/vDjJz61JZ+OtNisLa3uLG5kEa26yIGG11ijKbeegJJk6cNjjPzVTi8OeFtSm+xaZ4nkF6xCQ/a7MxxTsegDAkr+Irlby0uLC8mtLqJoriFykiN1UipUYPQpymtTqdU8W2d9YapBFb3CG/VSVyqqjiZ5O33h+8I7dOnQjj6KK0UUtjOUm9z6R+Fv/JONJ/7bf+jnrsK4/wCFv/JONJ/7bf8Ao567CvNqfG/U9On8C9AoooqCwooooAKKKKACiiigAooooAKKKKACvnH4o/8AJRtV/wC2P/olK+jq+cfij/yUbVf+2P8A6JSsq3wnr5N/Hfp+qOQooornPpT69ooortPgzNl/1z/7xplPl/1z/wC8aZTEcB4sVG1mTPUAf+gisOOKMqFLY3ECtTxdN5XiV1bJVlHH/ARWRHEsl3EuOC4x+deFVpN1X6sdzsr6ZND8KwW9uSstwBuYDqOhrN8MWU7agBbXjJGvMgyBk1Z8X7o7XT4EQHEfU9uayLHStZ/4+bB2iVhy2cZzW8qUlNO2ganZar9sfXLd2Mf2ZeA2/k81oq6yz6hCkyeYxIUbh6VwcGn6/e3jWs91JmMFhvOBxzULQ6rBPJcRs4lDbTIvOc13KldXKOp/sIW2jwJK8Ym8xCx3DnmtmaS0lD2BucsI2+XjHSuBkt9YmdBe3Mxzyo65q5o9i82pTefNN9ojJVjt68c1SoKwFO2k/s/VP3LbRG4VgDWt4xtI5WtryHAWRCSR3OaxtatWttSlUL5Ss+4HoWFdFqcQm8I2UrsFAVcc+9NUIIk5EpJtVgxAjXB96qXDRXkQXaVkUjnFW7mVsMqN8p6GqayGFFLMGYjua1UIoLieTIsqnd161PGDayM7TMynt1qsbkbsEMSevFTRAZI557Vd/ILkhuWcB1Ubc8E02W7Znwo6elEkDYVVJC+gpoWOJiSSD9KegCS3U6gdcH0qaF45AC4fPutQibEqkbmHuKsveHOAgA9zTIHvGrZYE4PalSNnX5VQ/Vqgluh5QBOPXFV0vLVRh5CD9KA1L/lRKPmxv7gdKY9u7j5APzqomo2Sy4MxIAqxFqtiQw89x6YFO4Kz3HLaygrlVz35pJYjnc7IoH+1VeXUFZiIpCQO/esnVLkS2zJG7mQ+1Fg3djmfFojvNRJhf5kBBbtn61zNsk1zN5EjD938oOa17611Jrfy47UnP8WDzUuneHLtLPc8X78sDz1qOYrlSNbwjnSdRKljlweteh7DMA5K4PvXCw2sm5DIIVkj4Pz810EGqpAER13fTnFUpCN5I1XgvSxxbpAS/wAprNGrWe4qwz6HFSR6lDvZRnbnjjpTJNUttJCHIBxTknKqwzg9Kx5b7ystEd2Oo9aVdVt2jSSQlWPJAFAE09nHcXqysF82NTjnrWa1lcare7r1V+zR9AT1q211BJKJkbtgMetNa824QtuUdR71XNZHFPBUp1OdrU1EEXkJFAFSJOgB7U5potzHgDHFYqzqXbblQewFTKglwOSo6A1NzsjFrY4fx7ayyXkFx5aEbSM5965C2E0epW/ygDzF6H3r0bxnp91d2KC2ABQgdfeuHj0+9t7u3adHP7xe3HWt4SXJqZSkublR61MwksGjeJWBjIz+FeG6rbiLU5xGQqq+MCvdYVMtvsIC71rybxDoBXXp1RiA8nUCsY7s0k+VHS/Dq1MlrcSRuV+cZ/Ku8S3ZJMtIWBrL8HaANL0QAsSXALHHWujito2QYkIx2pSdy1sV5LdSY1jQkgckira2UY+aSJM/WlMpjAVWPB4+lJLcqVLMalqy1C4GztmBlVQpU+nWoI7aGScsUXJ5pjaipCw7flHXHel0+VZb2RAW6/LkdK5q6Tjozow87SM7xZYRXVlBbsuQXVsY6YNS2sfkRxwqAIYxtAq5qqbbuIMe1V7iJXUFZCM8kVhSqKC1KxUrzOX8beHJtZt1ms32SIOmQM968mv9Lv7KT/TIGbtuwSK9+JSRFV3OFrB8YJbzaQqRkkqw7e9bfWoPY5Y3m7M534VxCC7laSPAGT09q9B1PWW84LCvXvXK+C2S2WUFAQeB7cVr3c6wzoB1xnFdMZ+7ofJZpTlPEOAS+dc3O13OTyRSysfNAA6cVTivHOovIV45q3v3fMT1qqbbdmePiKXs4eZoWyh8Rt6VHLa+Q+5Oear/AGoRDdnkfrSQ6lJcvgptA70sW6XJ724stjXjWvSLp8wnc3THSqsqowGBgk1YllKgHPWqk8hZ1APFfLVW+bQ/Qad3FX3NS1iZYWwc0Ql2kxU9mf3OM9qckf7zg10xjojpUdC04CwhT1IrPdRExHrVuVwPvHOKz7ibdIMDNbdC4qyHSZSP61NZbo4ixpY9ssS7hmppQohCpWa3IS94rtKzMSD1qxFECm89aqZEI+YDmnNd4iIXjNEtAmrsZdys5KnpRa2qIhc1CpL/AHjk1YdtsQXdiptcy2ZXvHBUkdBWRuZ35PymtS6UeXtGMVAttH5GSBntQORXWMRZOeKeJo2BBNN3oYyrckd6reSrfc4rNbnNNsiumKyfK3FV2uixAxmpnt280hulSR2GXBHSlLQkj85kwu3rW94RfPiezU9fn/8AQGrHu4irD1Fa3hBP+KpsmPX5/wD0BqKLvVj6oqPxI9Sooor6E6wooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq1ZdX/CqtWrLq/wCFAFuvOfjR/wAidaf9hBP/AEXJXo1ec/Gj/kTrT/sIJ/6LkrOp8LO3L/8AeYep4XXXfDD/AJKLpX/bb/0U9cjXXfDD/koulf8Abb/0U9csPiR9Xi/93n6P8j6MooortPiDzbU/+Qtef9d3/wDQjVWrWp/8ha8/67v/AOhGm2VnLf3aW8I+ZjyewHcmvgKkXKs4x3b/AFPr4SUaab2sWdB/5Ddr/v8A9DXS2f8AZu3TvJ+0Y8x/J3evfNYdhZS6f4mt7eYch8g9mGDgiurhbUyLfzktgSzedtzwO23mvdyuk1BqS1T7X/l/r8eh5WPqJyTi9Gu9u/8AX4dTz+2t5LqdYYgNzdz0A7k+1W9Vt7a3e2FqS0bQBi5/iO5gT+laun28llbYiidnntzJJMuMgEZVVz+tVtUsru7ktTFBNIVtl3ZGSPmbrivP+q8tB6Xk/L8v1/4B2fWOaqtbRRh1a0z/AJC1n/13T/0IUT6be20RkmtpI0HBZhgUaZ/yFrP/AK7p/wChCuOnCUKsVJW1R0zlGVNuLvocr8Qv+R51H/tl/wCikrH0jR73XNQSzsYt8jcsx4VF/vMewrY+IX/I86j/ANsv/RSV0Pww13T7XztKnSOC6nfdHOf+WvH3CexHbscnv1+ysnNpn59yqVVp9zp9A8AaRoyJJPEt7djkyzLlQf8AZXoPqcmovE3jKw0wPZO0wZsqzW0gEiDpke/U/QdecV2FeGarZeIYNUtdN1j7XcRzT5gSWUsJMtj5SM4PPT3HFbz9xWidVV+zjaCIdP8AG3iDT7kSrqM1woPMdyxkVh+PI/AivV7ZNG8caFBeXNlHIHUqQ334mHUBhyOfzGKxtY+H2gx2d3evNJbFbfl3I2owx85AHJOMEDjk4GcV0PhdNPXRkOlgixJxFmLZuwAC3PJyQeTShGSdpCpQnF8s3dHmHi7wJceH1N5aO1xp+eSR88X+9jqPf+XGeOr6E8Q61YaHpUs9/tdXBRYDgmU4+7j09a+fZWV5XdUEasxIQEkKPTmsqsVF6HPXhGEvdNj4v/8AIyaX/wBgqL/0OSvPq9B+L/8AyMml/wDYKi/9Dkrz6vdo/wANE1fjZ0nhvTNO+wXuu60jy2FkyRpbI+w3MzchM9hgEk9cdK66LxJY3HgBZ7jwzpz6aNQMN5bWgaJk+QGOQEHOfvDJ64xxXP8Aha3HiTw7e+FY7iOG+e6S9sxKcLIwUq6k+u05H0NdTpkM3hTVbjRNA8LXuqTyBYby7vA6QyjvhMbQmc4Y54z1HWJvXXc0gtNNjHuNB8O+GLZNcuUfV7bUCDpNmXKErgFjKR3UkLgdT2540vF+v6RP4httO8RaHbBntIPt1zbDZcW8zKCcNzuVQV+U5rsb+axtrSX/AIRnRrHUNV0NvLa1yW+zB/mby+OTkY4weCO2K4WXwonjU3eoRafdaFqUUwe9W9LmFlP33DsBtYckqT06VEZJ6yLlFrSJwviDR5dA1270yV1kMD4WRejqQCrfiCDWbW54w1S21jxRd3Vlk2g2RQFhyURQgP47c/jWHXTG9lc5ZWu7H0j8Lf8AknGk/wDbb/0c9dhXH/C3/knGk/8Abb/0c9dhXm1PjfqenT+BegUUUVBYUUUUAFFFFABRRRQAUUUUAFFFFABXzj8Uf+Sjar/2x/8ARKV9HV84/FH/AJKNqv8A2x/9EpWVb4T18m/jv0/VHIUUUVzn0p9e0UUV2nwZmy/65/8AeNMp8v8Arn/3jTKYjz/xYkTa45cNuAHb/ZFY1tvS7RwgwGHWt3xS+3XGJOVCD5ffArC8yb5TtGCM9aXso3uXc6/xTD9r0ayvCxXCgHbzjJrX063eTw7YqLmReFOVAOeawtIvotR0O5sL5gmz/VjrnArLs9X1SwtUtlll8pPlTjiq5Sbs664SafX2iM5TbE4GCMmooILiz0aZZmJPnJgt1rlje6it79pLzef0L4qS91TVrhRHLLMy5z0p2Hc7tDaXP2ZZGBnVMqPxqlawrb32pXjzbHabjkcZFcQl3qFvdLO0k5cAhW28gUl1f3kpJdrgiTlxsPJpWYXNnxram4Gn3EbmTgKzDnOWo8UxmPQ7CyDFdqDK/Q1V0aYTzRQ3k0qWsQyqMuACORSeIbw6jqTPG2UQ7VHtTUSLmCY2eMr0UcColtAjYdFY571rCMAgMM01olEuSua0UUFymYVgO5U5Pb0pLdXeUs0Yz71eklVfm28moYVlcs+8igLiYkJYkADPTPSkezEqbjilQM5bc24k96e7JFGFLNu9MUrBcgNr5ag+ZwO2ajmjR9vGaspAHHzKST6ipVtSSAsajFFguZ4tQWKlPlqvPocEpzjH4V0cMeSQyjinfZlLdcUyTlR4WiK7/U+lWo/DFtDtZi3P+zXRCIKwTfnPOPSiTez+XnhaQGSNAtIgJAx555FPFrp6cLAC/qRWjt80AYBApGs9xBCgAU7h6FFYxG/KApngUya3ilu1kBZFIPAFagt07Ng+lIY4iu0kcdDSsPU5m58MWdzdS3Id0kJzkL1p9roKxDcJGlz2YdK6F8JDtDA++elRQyBEYJ8x7mnZCsZv9hQtjcqjjinRWMUYKlR061dwzDcXYL2FQlQ7YVz+PFK47EEenxLG7g/N2FZ50SdiJeGDDpnpWjPI8G1QpYjjpU8QutpkTgemaLhYxv7GuMFY88HOBUf9k34ZiVJBOa6aN7lRuCqhPcGp47m5OFYEgcZouDVzlYReRuytBkA9eavx3jQxkm2JPsprbLOGbqeemKcEYqOCAfanfQNTzfU/GRivZYJbR9itxhGNQT+KPtz20cen/uwwydrZ616LPothM5klt0Zj1JFVVtdKt5Si2iZB4wOlS5e6JQinfqVX1mIWjlLU71UhflPpXm8msX5vZWnsM5fIJDV6tJ5MiN5cI3g+nWqiaT9pkzMgwe3pRzdQ6alXRPEyf2fCssTKxTlQDxWrb6pb/NKQ2D220JoMFpGzMq7f4TSfY02rsUbKXOkMjm1QvIxjjJUdODVX7VJP+7YEZ5q5NJHbkhVwM46VXcbpBL2xxXl4nHpPlRL0IZX8pCynkHvWhos7y3yAqMsCeDWPdXFrFLHHPJs3/rXWaPp1rBb/AGuKWPco+X5hmpo89TXoVTk4u5U1xli1JFk44NZU14kblRyKuapIL+7FxI2/YCD9axpfLRt7Zw3QY6VNePLobVaiqO5eiYyoDjhu1UNYt0ewlVVG4GpUlIA8skAUydJbnzBuPJrkUdbmMdJXOd0ad7AZb5izDiuivisgW4xtJGB+NUbfQZTIGzgKwJ963buzF00cXRMZr1FXtFHk4nCe1m5R3MhIjHBufq3Q1XluzFmMDJFaV7AySxwg7kUYqo2nt9oaUnPpmqlinFaHFLKvaW5iCyEk0xec/L2FbKRxtgqwXHaqdrBiOQyfezwadFbs7goxZh3rzJVJVH7x7GHw1OivdRpyRb4lIqSPTyyK2KvWNszqPNAOOxqxK20+WigAelXGidltSOGEJHjvSKuGPNSohwxY1CpG41pZXN9kEyApnPNZ5GMmr0xATrUcEKyKSaLhe6EhfMVKZNmDmnTqscQC4GKp78ioW5C0Yy9leWUBRxmpRA/lqxFN8wAjK1pvzY7ge1OSuE3d6GKZCtwF6A1adAzDJrJmucXAzyQetWGmZsEE1LdkRUVlcmucBgN3FNfBixVCfe064JxVksykDtUX0J6ELQYUk8A09IAkW5TmpJHV4yp61VklMKBPWs1LUwlYkZhIPenJJ5a8VGvMO4daVV3IoAwT1qJO5Nhs7+aAe5rY8KQlfEVo3b5//QGrKaILKAeldD4aXGu22Onzf+gmnQdqsV5oqK1R31FFFfRnSFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFWrLq/4VVq1ZdX/AAoAt15z8aP+ROtP+wgn/ouSvRq85+NH/InWn/YQT/0XJWdT4WduX/7zD1PC6674Yf8AJRdK/wC23/op65Guu+GH/JRdK/7bf+inrmj8SPq8X/u8/R/kfRlFFFdh8Qeban/yFrz/AK7v/wChGt/wygh064u/MhiAfazyITgAA9cj1rA1P/kLXn/Xd/8A0I1LBqkkGlTWCxoUlbcWPUdP8K+Kw9aFHEyqS6Xt6n1FalKrQjCPl9x1twonuNOuvMhlHnYV0Qjgq3fJ9Kgszpm3TfJM+DJJ5O7175rBg1+aG2tYPJQrbvuBycnr/jV//hMZv+fNP++zXqQx+Gk+aTs9Ojfb/L8ux58sJXS5Urr1S7/5iqbcCPf9k3/YVz5iybsbB1xxj6c1KZ0trNJopoIx5USggyhPvSdAPm7d6qW3iuW2tYYBaowjQIDvPOBihfFcq3LzfZUy6KuN54wSf/ZqyjicMrPn1/wvT8dTSVCu9OX8UP1a4MtrdxGeNxGVwqtKSOR13HH5Vi6Z/wAhaz/67p/6EK0dS8RSajZtbNbqgJB3Bs9KztM/5C1n/wBd0/8AQhXFiasKmJi4O606W6nVQhKFCSkrfj0OU+IJB8cakR/0zH/kNa5muk8ff8jvqX+8n/ota5uvpZ/Ez4Sp8b9Tt/D/AMSdR0uNbbUE+3W68KxbEij6/wAX4/nXXDx14V1IxXE0xgurfcYDc27NsYjGcLkH868aoqlVktC415xVtz2D/hKdGe1kttZ8Q2eoQPyUSwdSwBzg8sPTtn3qhqHxQsrS1W20PT2OxdiNMAiIB0woOSPyry6im6sug3iJ9C5qeq3usXjXV/cNNKRjJ4Cj0A6AVToorIwbvqza+L//ACMml/8AYKi/9Dkrz6vQfi//AMjJpf8A2Cov/Q5K8+r6Kj/DRrV+Nm94K1SDRvGGnX1y2yBZCkj5I2K6lC3HPAbP4Vp6hqHirwv4htrbU9Q1GaC1uEliV53aOdFYEFcnBBx/SuOrf0rxr4j0W1FtYatNHABhY2CyKo/2QwOPwpyjd3QoysrM7bxBYz+HNO8T62Lh/L12aM6e0eQSrv5rMw6rgfKM85rL0LUdej0jUde1zU9QbT0tJbe2S5ndhcTSKVUKpPzAZJJ7YrnoPHPii3vWu49cvfNY5O+Tep/4Ccr+lZ2qa3qetzrNqd9NdOowvmNkKPYdB+FSqbtZluor3RQooorUxPpH4W/8k40n/tt/6Oeuwrj/AIW/8k40n/tt/wCjnrsK8yp8b9T1KfwL0CiiioLCiiigAooooAKKKKACiiigAooooAK+cfij/wAlG1X/ALY/+iUr6Or5x+KP/JRtV/7Y/wDolKyrfCevk38d+n6o5Ciiiuc+lPr2iiiu0+DM2X/XP/vGmU+X/XP/ALxplMR554ucQeIG3qcSIrLx2wB/SspZlmYBSQF4ruPFGinU7ZLiFN1xADgDqy9x9f8A69cTbxpGCHQg55BHerWwyXAjZWGCRxVttVn+zrE0Ybawxg5qt5MchJGADUkTra5IINUBotqd5KilYxj681Zs7q8urho0jBZAeprKGrKsZwCGJ4IqJNeubSZpYDywOeetFhXN03l442vCu5ODzTGu7sgnZGAv+1XPjXL11ZyBuY5IzR/aE86lXAUHrg0WC5s3TvcWwMoiCkg5D5NUGnt4zuWMbwcYqkhj2bGkPHJ+tBaESbs7m7GnYkuTyFtrIxXPYVBvkLEFzTBcoq5cHj2qeK6tJgCw2n6VPMAghkbBLEg9KGjlXKqmRUst9AikKxwvAGKhbVkUKQTz7VQERaVVRViVSOpzV9RG6IWX5/WoXuRNtIT5TQ1yVJVYhweKALTqyNuBGPrTRJ1LHGaom72N+9UnPbFTNNEbfOCD24oEWo5sZA/OmsXYEg1UW4TauGIJHpU6XKtkAnj2oAkjOzDN97tU8jCUDacN3rPk1FVODDuxwDg01L0LktGct3waQFxt0eNrcUrTv5eVas+OV5mMe4ripBvtw6O2Rng0AK8twRlNpz/tU1RLIh3KM/WmxNEAVzlj3qP7UYpdgZqBjljfON+0LwRmlaYwAmMcHt609hHM24lge5xU6wQldxl6etFwKEU8swbDOvP3ccCpo4XypkbrVxNhVtqryevrUiRIYgWBJHtSGG3I2LGCAetWIrR2DEttGelOhT5QyyEZGanjdVU+Y+TnvSAge3Zvl9O/rUqQSomA+B65p0t1EgwzgLjisa61napjXL89TRewrmsTHbqXkcMT71Sn1XpsQEVjgyXMgLu2z+72FXikAQKuRj2qJVUguB1F/nL4AY8c1RiYNPIxIJJ4qaaGN5FGSw9DTXSFLgBI+fTFcdSq5PQLl6NliVXZRnHQd6bcTybfMhBy3b0qC5nAKgLtZOKsW15HIGDYXjpWf1tp8oWGpJLtAnfcMfdznFKJw2xFGBjpUIYKWfj5uhqJCom+Z+3HtWE8VN7DSJpysgEYjyR3xVK4mIjEYXBFSm9aGbZknAxn1qKSdJPm/iz1rlqxpy957jckjL1LSF1LyXkCgxj+tJFaX8LfJOREP4QRWqqjJ3HO7kUqDYGB+b09quNWUVZMylJMrRLcCJgDweetRbXdwJANuDiriMy5B61DPIrKn8LKOlS5yerM+ewyJMAIOo61Y3rhtnVTzVJ3dEaVSVLHPFOtJg4YfxMOTUxEpu5b+1OY8g4GcVohT9kic9hgmsGM4cox4z0rodzHTMDpwatNtm9Fu7KZEccvznd6VTvpjLJtjXaKRt7OrYHTk1PJhlUIis2OTmqSbBu7IYECR/vWzmrNlJDAWI4J6VUaIlSpxkdOaltbN5WXcSa0jBJhexqwXMpJw361YV9wJLfNUEtt9li3ZxmqcUjMSQa0lKwc15IuvcOMjNNic7smqrSHdimS3DRGsXMty0LspDvgmnswijwprEkvWL5DGpkuzIQC1TzExmTz3DeWQT0qGzl3k5qG5ky20NxS2u1HA9ahSbY1K7LM+TjHarMdzvtfLJ7UrIuwkgYPSqD/ACEkcCt0zUimt1B3d6CyrHmoJ52IJzxVYzkxkVEiZu6LEcoeUn0q/a7ZpCKwFuNgPrVzTp3BL7iKFqjO+hfukSK461RvTvlG3tS3kjO5fcSaiik3Kc8n1rBrUwmi3aMGGGqSV1ibjtVZZFhi3HrVK5neUZUkVnF+9YlFu4ujneO9b3hK5Mmv2a+u/wD9AauSyzBVPIrqPCEW3xFZnGMb/wD0Bq6Kcf3sX5o0juenUUUV75uFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFWrLq/wCFVatWXV/woAt15z8aP+ROtP8AsIJ/6Lkr0avOfjR/yJ1p/wBhBP8A0XJWdT4WduA/3mHqeF113ww/5KLpX/bb/wBFPXI113ww/wCSi6V/22/9FPXNH4kfV4v/AHefo/yPoyiiiuw+IM2XQNMmleWS2y7sWY+Y3JPXvTP+Ec0n/n0/8iP/AI1q0VzvCYdu7pr7kbLEVlopv72ZX/COaT/z6f8AkR/8aP8AhHNJ/wCfT/yI/wDjWrRS+p4f/n3H7kH1mt/O/vZlf8I5pP8Az6f+RH/xo/4RzSf+fT/yI/8AjWrRR9Tw/wDz7j9yD6zW/nf3syv+Ec0n/n0/8iP/AI0+LQNMhlSWO2w6MGU+Y3BHTvWlRTWEw6d1TX3IHiKz0c397Me98K6HqN3Jd3enRSzyY3uScnAx6+gqv/whHhr/AKBMP/fTf410FFb8q7HPyR7HP/8ACEeGv+gTD/303+NH/CEeGv8AoEw/99N/jXQUUuWPYOSPY5//AIQjw1/0CYf++m/xo/4Qjw1/0CYf++m/xroKKOWPYOSPY5//AIQjw1/0CYf++m/xo/4Qjw1/0CYf++m/xroKKOWPYOSPY5/WPBPh7X7qK51PT/PliiEKN50iYQEkDCsB1JrP/wCFW+DP+gN/5NTf/F12FFaKclomDhF7o4//AIVb4M/6A3/k1N/8XR/wq3wZ/wBAb/yam/8Ai67Cin7Sfdi9nDsjj/8AhVvgz/oDf+TU3/xdH/CrfBn/AEBv/Jqb/wCLrsKKPaT7sPZw7I4//hVvgz/oDf8Ak1N/8XR/wq3wZ/0Bv/Jqb/4uuwoo9pPuw9nDsinpWlWWi6bFp+nw+Taw52R7i2MkseSSepNXKKKjctKwUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV84/FH/ko2q/9sf/AESlfR1fOPxR/wCSjar/ANsf/RKVlW+E9bJv479P1RyFFFbNjoP22zjuPtOzfn5fLzjBI9fauex9JKSirs+pKKKK7T4UzZRiZ/qaZVq7iOfMHTvVWmIKz77RbHUCWmixIf40OD/9f8a0KKAOeHhCxH/La4/Er/hQfCFgRzLP+Y/wroaKd2Bzw8H2A48yY/Uj/CmN4K09v+W1wPoV/wAK6Sii7A5r/hCrAdLi5H0K/wCFNPgiyJz9svP++l/+Jrp6KLsDlT4E089bu8/76X/4mpF8EaaoH724OO5K/wCFdNRRdgc83g+wYAGWfA7ZH+FMbwVpzHPm3A+hX/CukopXA5w+C9PKkGa4591/wph8D6cQB51xx7r/AIV01FPmYGCvhOzRQonnwPcf4Up8LWhz+/n59x/hW7RRzMDBfwnZyABp7jj3H+FMfwhZuMG5uQPYr/hXQ0UczFZHOjwdYgD9/cHHuv8AhUqeFbJM4mn59x/hW7RRzMLIwT4VsyAPPuOPcf4UN4UtGAzcXHHuv+Fb1FF2FkYDeErIkHz7gH1BX/CiXwnaSrta4uPzX/Ct+ii7CyOaj8F2Mb7hc3RPuy/4U/8A4Q6x3lzPckn3X/Cuiooux2ML/hFrTZt+0XGPqv8AhTD4QsGGDLP+Y/wroKKLsDBTwpZx/duLgD0yv+FWo9Ct41wJZT9SP8K1KKLsDLGhWwJO+Tn3H+FRv4dtnOfOmH0I/wAK2KKLsDnLjwbZ3LAveXYA7Blx/Knf8Ifp+wKJJxjvkZ/lXQ0Ugsc+nhGzQYFzc/mv+FNHg+0Bz9ruv++l/wAK6KiodOL3QWMBvCdmwXFxcAjuCvP6Uo8KWYOfPn3euR/hW9RU+xgugWOefwfZSSb2uLkt9V/wqL/hCbEvu+1XWfqv+FdNRR7Cn2A53/hD7PaF+03OB7r/AIU1vBdg2M3Fzn1yv+FdJRS9hT7BY5s+DLA9bi5/Nf8ACmf8IPYf8/N1+a/4V09FL6tS/lE4pnOHwZYkgm4ueBjqv+FC+DbFf+Xi5P4r/hXR0UvqtH+UXJE50+DrEvuNxc5+q/4VDJ4E06WXzGuLrP8AvL/hXUUVX1el/KLkj2OafwTp7x7DPcgexX/CoovAemwvuW4us+7L/hXVUUvq1L+UfJHscufAunFy/wBousk56r/hV9PDdpHb+SJZivqSM/yrZopqhTXQpabHNnwXYkMPtNzz7r/hUcHgaxgJK3l4c+rL/wDE11FFP2NPsBzJ8E2Bcsbm6yf9pf8ACrUHhe0t2yk85+pH+FblFP2UOwrIx7nw7bXQw884+hH+FVk8IWMa4E9x+a/4V0NFJ0Kb3Qcq3OdHg+yDbvtNz+a/4US+DbGUfNcXI+hX/CuiopfV6X8oWRyn/CBadkn7Td8/7S/4Uo8B6eDn7Vd/99L/AIV1VFL6vS/lDlRyx8CaeTn7Vd/99L/hTl8D2CtuF1df99L/AIV09FCw9JfZBJIwW8KWbIF+0XGB7j/CmHwfYldpnuPzX/CuhoqvYU+wzl28C6cy4Nzdfmv+FQ/8K903/n7vP++l/wDia66il7Cn2A4//hXOlnrdXn/fS/8AxNTJ4C02NNi3N0B67l/wrqqKPYU+wrI5P/hANOIwbq7/AO+l/wDiaI/AGmxni5uz9WX/AOJrrKKPq9L+UHFM5SXwDpsowbq7H0Zf/iaRPh/pirj7Tdn6sv8AhXWUVP1Wj/KLkj2OU/4QDTAQRc3XH+0v+FaGn+GLTTbyO5imnZo84DEY5BHp71t0VSoU07pD5UFFFFbDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACrdkPvn6VVAJOAMmtCGPyowO/U0ASV5z8aP+ROtP+wgn/ouSvRq85+NH/InWn/YQT/0XJWdT4WduA/3mHqeF1o6DrVz4e1q31W0SJ54N21ZQSp3KVOcEHoT3rNzRXJsfYyipJxezPRv+F0eI/wDny0r/AL9Sf/F0f8Lo8R/8+Wlf9+pP/i685oqvaS7nL9Qw38iPRv8AhdHiP/ny0r/v1J/8XR/wujxH/wA+Wlf9+pP/AIuvOaKPaS7i+oYb+RHo3/C6PEf/AD5aV/36k/8Ai6P+F0eI/wDny0r/AL9Sf/F15zRR7SXcPqGG/kR6N/wujxH/AM+Wlf8AfqT/AOLo/wCF0eI/+fLSv+/Un/xdec0lPnl3D6hhv5Eej/8AC6fEf/PlpX/fqT/4uj/hdPiP/ny0r/v1J/8AF15xRRzy7h9Qw38iPR/+F0+I/wDny0r/AL9Sf/F0f8Lp8R/8+Wlf9+pP/i684oo55dw+oYb+RHo//C6fEf8Az5aV/wB+pP8A4uj/AIXT4j/58tK/79Sf/F15xRRzy7h9Qw38iPR/+F0+I/8Any0r/v1J/wDF0f8AC6fEf/PlpX/fqT/4uvOKKOeXcPqGG/kR6P8A8Lp8R/8APlpX/fqT/wCLo/4XT4j/AOfLSv8Av1J/8XXnFFHPLuH1DDfyI9H/AOF0+I/+fLSv+/Un/wAXR/wunxH/AM+Wlf8AfqT/AOLrziijnl3D6hhv5Eej/wDC6fEf/PlpX/fqT/4uk/4XT4j/AOfLSv8Av1J/8XXnOaSjnl3D6hhv5Eej/wDC6fEf/PlpX/fqT/4uj/hdPiP/AJ8tK/79Sf8AxdecUUc8u4vqGG/kR6P/AMLp8R/8+Wlf9+pP/i6P+F0+I/8Any0r/v1J/wDF15xRRzy7h9Qw38iPR/8AhdPiP/ny0r/v1J/8XR/wunxH/wA+Wlf9+pP/AIuvOKKOeXcPqGG/kR6P/wALp8R/8+Wlf9+pP/i6P+F0+I/+fLSv+/Un/wAXXnFFHPLuH1DDfyI9H/4XT4j/AOfLSv8Av1J/8XR/wunxH/z5aV/36k/+Lrziijnl3D6hhv5Eej/8Lp8R/wDPlpX/AH6k/wDi6P8AhdPiP/ny0r/v1J/8XXnFFHPLuH1DDfyI9H/4XT4j/wCfLSv+/Un/AMXR/wALp8R/8+Wlf9+pP/i684oo55dw+oYb+RHo/wDwunxH/wA+Wlf9+pP/AIuj/hdPiP8A58tK/wC/Un/xdecUUc8u4vqGG/kR6P8A8Lp8R/8APlpX/fqT/wCLo/4XT4j/AOfLSv8Av1J/8XXnFFHPLuH1DDfyI9H/AOF0+I/+fLSv+/Un/wAXXFa9rVz4i1q41W7SJJ59u5YQQo2qFGAST0A71m0UnJvc1pYajSfNCNmFdjof/IHg/wCBf+hGuOrsdD/5A8H/AAL/ANCNEdxYn4D6MooorsPiwqu9ojHKkr/KiigCP7J/t/pR9k/2/wBKKKAD7J/t/pR9k/2/0oooAPsn+3+lH2T/AG/0oooAPsn+3+lH2T/b/SiigA+yf7f6UfZP9v8ASiigA+yf7f6UfZP9v9KKKAD7J/t/pR9k/wBv9KKKAD7J/t/pR9k/2/0oooAPsn+3+lH2T/b/AEoooAPsn+3+lH2T/b/SiigA+yf7f6UfZP8Ab/SiigA+yf7f6UfZP9v9KKKAD7J/t/pR9k/2/wBKKKAD7J/t/pR9k/2/0oooAPsn+3+lH2T/AG/0oooAPsn+3+lH2T/b/SiigA+yf7f6UfZP9v8ASiigA+yf7f6UfZP9v9KKKAD7J/t/pR9k/wBv9KKKAD7J/t/pR9k/2/0oooAPsn+3+lH2T/b/AEoooAPsn+3+lH2T/b/SiigA+yf7f6UfZP8Ab/SiigA+yf7f6UfZP9v9KKKAD7J/t/pR9k/2/wBKKKAD7J/t/pR9k/2/0oooAPsn+3+lH2T/AG/0oooAPsn+3+lH2T/b/SiigA+yf7f6UfZP9v8ASiigA+yf7f6UfZP9v9KKKAD7J/t/pR9k/wBv9KKKAD7J/t/pR9k/2/0oooAPsn+3+lH2T/b/AEoooAPsn+3+lH2T/b/SiigA+yf7f6UfZP8Ab/SiigA+yf7f6UfZP9v9KKKAD7J/t/pR9k/2/wBKKKAD7J/t/pR9k/2/0oooAPsn+3+lH2T/AG/0oooAPsn+3+lH2T/b/SiigA+yf7f6UfZP9v8ASiigA+yf7f6UfZP9v9KKKAD7J/t/pR9k/wBv9KKKAD7J/t/pR9k/2/0oooAPsn+3+lH2T/b/AEoooAPsn+3+lH2T/b/SiigA+yf7f6UfZP8Ab/SiigA+yf7f6UfZP9v9KKKAD7J/t/pR9k/2/wBKKKAD7J/t/pR9k/2/0oooAPsn+3+lH2T/AG/0oooAPsn+3+lH2T/b/SiigA+yf7f6UfZP9v8ASiigA+yf7f6UfZP9v9KKKAD7J/t/pR9k/wBv9KKKAD7J/t/pR9k/2/0oooAPsn+3+lH2T/b/AEoooAPsn+3+lH2T/b/SiigA+yf7f6UfZP8Ab/SiigA+yf7f6UfZP9v9KKKAD7J/t/pR9k/2/wBKKKAD7J/t/pR9k/2/0oooAPsn+3+lH2T/AG/0oooAPsn+3+lH2T/b/SiigA+yf7f6UfZP9v8ASiigA+yf7f6UfZP9v9KKKAD7J/t/pR9k/wBv9KKKAD7J/t/pR9k/2/0oooAPsn+3+lKLPJ+/+lFFAE8cKRdBk+pqSiigArzn40f8idaf9hBP/RclFFRU+FnZgP8AeYep4VRRRXIfZBRRRQAUUUUCCkoooGFFFFMAooooEFFFFABRRRQAUUUUAFFFFABSUUUAFFFFAgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK7HQ/+QPB/wAC/wDQjRRTjuc+J+A//9k=)

Growth pillars continued

Sustainable sourcing, nutrition

andbiodiversity

Sustainable sourcing

This year, we sourced 96% of our key ingredients

from sustainable sources, in line with The

Coca-Cola Company’s Principles for Sustainable

Agriculture. We aim to protect forests, natural

habitats, biodiversity and ecosystems, and

manage soil and agrochemicals in a sustainable

way. Upholding human and workplace rights,

ensuring animal health and welfare, and helping

build thriving communities are key parts of our

principles.

Nutrition

We want to continue delivering great-tasting

softdrinks that support balanced diets. We

dothisthrough:

•  Less sugar, more choices: we are committed

to reducing calories per 100ml of sparkling soft

drinks by 25% between 2015 and 2025 across

all our markets and have achieved a reduction

of 18% so far. Zero formulations, such as Fanta

Zero, were introduced in Czech Republic,

Slovakia, Switzerland, Serbia and Bulgaria.

•  New and different drinks: we are responding to

changing consumer preferences by innovating

our recipes and pack sizes, offering more

choice. In 2024, we launched Powerade Zero

in Italy, Austria and Greece, Cappy Lemonade

Pineapple Zero in Bulgaria and Serbia, as well as

Coca-Cola K-Wave and Coca-Cola Oreo limited

editions in select markets.

•  Informed decisions: we are providing clear and

transparent nutrition information about what’s

inside our drinks, such as the Guideline Daily

Amount and traffic-light labels on our core

sparkling drinks.

•  Responsible marketing: we are committed

to not marketing any of our drinks directly to

children under 13, and do not offer any soft

drinks in primary schools.

•  Promoting low- and no-sugar choices:

weareencouraging more people to choose

low- and zero-sugar drinks through marketing

campaigns that promote low/no sugar

alternatives and often showcase different

variants.

Read more on p.15

A good day on Romania’s

ViaTransilvanica

In 2024, the largest clean-up on Via Transilvanica in Romania

mobilised more than 3,400 volunteers from 84 schools.

They joined educational workshops and a large-scale clean-up

with more than 7,800 kilograms of waste being collected from

nature, covering over 1,000 km. The initiative also included

developing five drinking water sources along the route.

Good Day on Via Transilvanica is one of the largest projects of the

Tășuleasa Social Association in partnership with Coca-Cola HBC

Romania, through our local sustainability platform After Us.

Priorities in 2025

•  Continue delivering on our Net Zero

Transition Plan

•  Support the roll-out of new DRS and other

packaging collection schemes

•  Further drive our packaging circularity,

focusing on the % of recycled content and

reusable packaging formats

•  Accelerate joint sustainability programmes

with our customers

•  Continue with social initiatives, focusing on

#YouthEmpowered

•  Support our communities through the

Coca-Cola HBC Foundation

•  Secure compliance with the EU’s

Deforestation Regulation

•  Develop a new set of our sustainability

targets beyond 2025

UN Sustainable

Development Goals

Our initiatives in communities help advance

theglobal objectives of good health and

wellbeing, and sustainable cities and

communities. Our initiatives to empower

youthandwomen contribute to the

goals forquality education, decent work

and economic growth, sustainable cities

and communities, and partnerships. Our

initiatives regarding water stewardship, CO

2

emissions reduction and waste reduction aid

global progress towards the SDGs for clean

water and sanitation, andclimateaction.

Earn our licence to operate continued5

Biodiversity

We aim to achieve a net positive impact on

biodiversity in critical areas in our supply chain

by2040 and eliminate deforestation in our supply

chain by 2025. This is a critical priority as we

develop our sustainability strategy and

businessmodel.

Our main focus is avoiding deforestation from

agricultural commodities, by focusing on how we

source wood for our paper packaging materials.

The Principles for Sustainable Agriculture

(PSA)target eliminating deforestation for ourmain

ingredients by 2025 and are aligned with

recommendations by the Science Based Target

initiative for companies with Forest, Land and

Agricultural (FLAG) activities.

We are also working cross-functionally to meet

the EU Deforestation Regulation by the end of

2025. We voluntarily report on sites next to legally

protected areas. It has been externally confirmed

that these sites have no negative impact on all

thewater sources we use in direct operations.

Coca-Cola HBC Integrated Annual Report 202429

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

-2

-1

0

1

2

3

14

Organic

1

volume growth (%)

2021

2022

2023

14.0

-1.5

1.7

2024

2.8

0

5

10

15

20

Organic

1

revenue per case growth (%)

2021 2022 2023

5.8

15.9

2024

10.7

15.0

0

5

10

15

25

20

Organic

1

revenue growth (%)

2021 2022 2023

20.6

14.2

2024

13.8

16.9

Tracking our progress

Key performance indicators

We measure performance against

our strategic objectives using

specific key performance indicators

(KPIs). These KPIs allow us, and our

stakeholders, to track our progress

indelivering on our targets.

How we measure our progress

Volume is measured in unit cases, where

oneunit case represents 5.678 litres. We grow

volume as we expand per-capita consumption

of our products and expand into new markets or

categories. Since the start of 2022 we measure

volume growth on an organic basis

1

.

What happened in the year

Volumes increased by 2.8% on an organic basis,

with all our strategic priority categories driving

growth, Sparkling +1.5%, Energy +30.2% and

Coffee +23.9%.

Link to remuneration

Revenue (weighting 40%) is used to assess

business performance for the purpose of

theannual Management Incentive Plan (MIP)

bonusaward, and volume growth drives

revenueperformance.

Full description of the MIP p.228

How we measure our progress

We measure revenue per case and revenue

onan organic basis to allow better focus on

theunderlying performance of the business.

Wegrow organic revenue per case through

pricing and improving mix.

What happened in the year

Organic revenue per case grew by 10.7%,

drivenby targeted revenue growth management

(RGM) initiatives. Organic revenue grew by

13.8%, driven by focused execution of our

strategic priorities.

Link to remuneration

Revenue is a performance measure used in

thecalculation of the annual Management

Incentive Plan (MIP) award as described above.

Full description of the MIP p.228

1.   For details of APMs, refer to ‘Definitions and reconciliations of alternative performance measures (APMs)’ on pages 345 to 351.

Growth pillars

1

Leverage our unique

24/7 portfolio

2

Win in the marketplace

Organic

1

volume growth (%)

Organic

1

revenue per case growth (%) Organic

1

revenue growth (%)

Coca-Cola HBC Integrated Annual Report 202430

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

0

2

6

4

8

12

10

Comparable EBIT margin (%)

2021 2022 2023

11.6 10.1

2024

11.1

10.6

0

200

600

400

800

1,200

1,000

Comparable EBIT (£m)

2021 2022 2023

831.0

929.7

2024

1,192.1

1,083.8

0

1

2

3

5

4

6

8

7

Capex

1

as a percentage of NSR (%)

2021 2022 2023

7.5

6.4

2024

6.3

6.6

0

5

10

15

20

ROIC

1

(%)

2021 2022 2023

14.8

14.1

2024

18.3

16.4

Comparable EBIT

1

margin (%)

ROIC

1

(%)

Comparable EBIT

1

(£m)

Capex

1

as a percentage of NSR (%)

Tracking our progress continued

Key performance indicators continued

Growth pillars

3

Fuel growth through

competitiveness

andinvestment

How we measure our progress

Using comparable EBIT and comparable EBIT

margin allows us to adjust for one-off items that

impact comparability of performance year on

year. We generate positive operational leverage

as we grow revenues on our efficient cost base.

What happened in the year

Comparable EBIT grew by 10.0% on a reported

basis and by 12.2% on an organic basis.

Comparable EBIT margin improved 40 basis

points on a reported basis to 11.1%, down

20basis points on an organic basis.

Link to remuneration

Comparable EBIT (weighting 40%) is used to

assess business performance for the purpose

of our MIP award.

Full description of the MIP p228

How we measure our progress

We measure capital expenditure (Capex) as

apercentage of net sales revenue (NSR), and

return on invested capital (ROIC), to ensure

prudent capital allocation and efficient working

capital management. Disciplined investment

supports our growth.

What happened in the year

Capex as a percentage of revenue was 6.3%,

slightly below our target range of 6.5% to 7.5%,

impacted by low levels of investment in Russia.

ROIC expanded by 190 basis points to 18.3%,

driven by higher profit and lower capital employed.

Link to remuneration

ROIC is given a 42.5% weighting in the

assessment of performance used to determine

long-term Performance Share Plan (PSP) awards.

Full description of the PSP p.228

1.   For details of APMs, refer to ‘Definitions and reconciliations of alternative performance measures (APMs)’ on pages 345 to 351.

Coca-Cola HBC Integrated Annual Report 202431

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Tracking our progress continued

Key performance indicators continued

Employee engagement score

0%

20%

60%

40%

80%

100%

Global top

decile norm

1

2023

86%

2024

88%

86%

Percentage of managers who are women

0%

10%

30%

20%

40%

50%

2025

target

2023

50%

2024

43.5%

41.8%

Employee engagement score Percentage of managers who are women

Growth pillars

4

Cultivate the

potential of

ourpeople

How we measure our progress

We conduct an engagement survey with

anindependent third party and measure

ourresults against the norm for companies

which perform highly on this metric.

What happened in the year

Our employee engagement score increased,

outperforming the global top-decile norm

bytwopercentage points.

Link to remuneration

Maintaining our high engagement score

isoneofthe CEO’s individual performance

metrics.These are used along with business

performancemeasures to determine the

CEO’sannual MIP bonus award.

Full description of the MIP p.228

How we measure our progress

One of our Mission 2025 commitments is to

haveat least 50% of management positions

heldby women by 2025.

What happened in the year

In 2024 women held 43.5% of management

roles,compared with 41.8% in 2023. Our efforts

tocreate a more diverse work environment

were recognised externally in 2024 with nine

diversity-related awards.

Read more in Cultivate the potential

ofourpeople p.20

1.   Perceptyx Global Top Decile Norm.

Coca-Cola HBC Integrated Annual Report 202432

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Tracking our progress continued

Key performance indicators continued

Growth pillars

5

Earn our licence

tooperate

How we measure our progress

Progress on Mission 2025 as well as progress

towards our NetZeroby40 ambition.

What happened in the year

We made progress against most areas of our

commitments; however, we need to accelerate

our improvement in water reduction and health

andsafety.

Link to remuneration

Our efforts and ambitions are long term and

cumulative, therefore greenhouse gas reduction

isused to determine long-term PSP awards.

Greenhouse gas reductions have a 15%weighting

inPSP determinations.

The benefit of this KPI is that it is quantifiable,

andseveral of our Mission 2025 commitments

feed into its progress.

Read more on p.240 to 241

Mission 2025 – our sustainabilitycommitments

Sustainability is integrated into many aspects

ofourbusiness. It is fundamental to our business

strategy, which aims to create and share value

withall of ourstakeholders.

Our Mission 2025 approach is based on our

stakeholder materiality matrix and is fully aligned

with the United Nations Sustainable Development

Goals (SDGs) and their targets. Our six key focus

areas reflect our value chain: reducing emissions;

water reduction and stewardship; packaging;

ingredient sourcing; nutrition; and our people

andcommunities.

The table provides data on the progress

ofeachofthe six sustainability pillars.

Key to performance status

Each of the Mission 2025 commitments is

broken down into a series of annual targets that

need to be met in order to be fully on track with

our 2025 goal. The colour coding below reflects

the current status in relation to the desired

position atthis point in time on the trajectory

towards 2025 andour agreed action plans, i.e.:

on track

progress made but acceleration required

no significant progress

Sustainability areas and

materialissues and topic of interest

UN’s Sustainable Development Goals (SDGs)

andtheir targets

2025

commitments

1

2024

performance Status

Climate and

renewable energy

•  E1 – Climate change

mitigation

•  E1 – Energy

7.2

7.3

9.4 11.6

30%

reduction in carbon ratio in

directoperations

42%

12.2 13.1

50%

increase in energy-efficient coolers

tohalfof our coolers in the market

60%

50%

of our total energy from renewable

andclean

2

sources

53%

100%

total electricity used in the EU

andSwitzerland from renewable

andclean

2

sources

100%

Water reduction

andstewardship

•  E3 – Water consumption

•  E3 – Water withdrawal

•  E2 – Pollution of water

•  S3 – Water and sanitation

6.1

6.4

6.5

6.6

9.4 11.6

20%

water reduction in plants

locatedinwater-risk areas

(waterpriority locations)

7%

Impact from Russian operations. Further

implementation of successful practices and

innovations for those locations is planned.

12.1

12.2

12.4

15.1 17.17

100%

help secure water availability for all

ourcommunities in water-risk areas

(water priority locations)

84%

Coca-Cola HBC Integrated Annual Report 202433

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Tracking our progress continued

Key performance indicators continued

Sustainability areas and

materialissues and topic of interest

UN’s Sustainable Development Goals (SDGs)

andtheir targets

2025

commitments

1

2024

performance Status

Packaging and Waste

management

•  E5 – Resource inflows,

including resources

•  E5 – Resource outflows

related to products

andservices

•  E2 – Pollution of soil

8.4 9.4 11.6

75%

help collect the equivalent of 75% of our

primary packaging

58%

12.1

12.2

12.5

14.1 17.17

35%

of total PET used from recycled PET

and/or PET from renewable material

24%

Significant progress from 16% last year.

100%

of consumer packaging to be recyclable

3

100%

Ingredient sourcing

•  E1 – Climate change

mitigation

•  E4 – Land-ecosystem use

change

•  S2 – Secure employment

•  S2 – Adequate wages

•  S2 – Training and skills

development

8.3

8.8

13.1

9.4 12.1

12.2

12.4

12.6

12.7

100%

of our key agricultural ingredients

sourcedin line with sustainable

agricultural principles

96%

Nutrition

•  S4 – Consumer’s

healthand safety

•  S4 – Responsible

marketing practices

3.4 12.8

25%

reduce calories per 100ml ofsparkling

soft drinks (allCCHBCcountries)

4

18%

Our people and

communities

•  S1– Health & Safety

•  S1,S2– Secure

employment

•  S1,S2, S3– Training

andskills development

•  S1– Diversity

•  S1 – Gender equality

andequal pay for work

ofequal value

•  S3 – #YouthEmpowered

(company-specific)

3.4

3.6

4.3

4.4

5.5

10%

community participants

infirst-time managers’

development programmes

10%

8.5

8.6

8.8

10.2

10.4

11.6

1M

train one million young people through

#YouthEmpowered

1,119,850

Cumulative number 2017-2024;

2024-only number is 174,902.

12.2

12.4

16.7 17.16

17.17

20

engage in 20 zero-waste partnerships

(city and/ or coast)

20

5

10%

of employees take part in volunteering

initiatives

13%

ZERO

target zero fatalities among

ourworkforce

ZERO

Egypt is excluded from Mission 2025 however

we report one employee fatality there.

50%

reduced lost time accident rate

per100FTE

20%

The main causes: falls / slips / trips, road

accidents and contact with machinery and tools.

50%

of managers are women

43.5%

Female retention, capability building, balanced

external hiring, country specific targets and

plans, see page22.

Note: The 17 SDGs are an urgent call for action by all countries – developed and developing – in a global partnership.

Each of the 17 goals has very specific targets and in the number references above we disclose the SDG targets

relevant for our business, where we contribute positively to the UN SDG agenda, for example, 3. 4, 8.5.

1.  Baseline 2017. Egypt is excluded as it was not foreseen in the baseline year nor in the target year.

2.  Clean source means CHP using natural gas.

3.  Technical recyclability by design.

4.  Baseline 2015.

5.  Supported by The Coca-Cola Foundation

Coca-Cola HBC Integrated Annual Report 202434

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Chief Financial Officer’s letter

Disciplined execution powers another year of strong growth

I am very proud of our achievements,

not only in delivering another year

of strong financial performance and

disciplined capital allocation, but

also in developing our talent and

capabilities to be truly future ready.”

Strong execution drives continued

profitable growth

As I reflect on my first year as CFO, I am very proud

of the strong financial performance of the business

in 2024, while we continued to navigate through

geopolitical and macro-economic challenges.

In 2024, organic revenue growth was 13.8%

(up5.6% on a reported basis), and we saw good

organic volume growth of 2.8%. This volume

growth was broad-based, with growth in each

segment, and driven by our strategic priority

categories of Sparkling, Energy and Coffee.

Organic revenue per case increased by 10.7%,

driven by targeted revenue growth management

actions. Pricing remained the most important

driver of revenue per case as we took action to

mitigate ongoing inflation, currency devaluation,

regulation and taxation in specific markets.

Comparable gross profit grew by 8.9%, and

grossprofit margin expanded by 110 basis points

to36.1%. We benefitted from strong top line

growth,combined with the easing rate of inflation

in our key commodities, with Comparable COGS

per unitcase up 1.0%. Comparable operating

expenses asapercentage of revenue increased by

70 basis points to 25.1% in 2024, impacted by the

non-cash foreign currency remeasurement of an

intercompany loanin Egypt in the first half of 2024,

as well as continued investment in the business.

Comparable EBIT increased by 10.0% on

areported basis to €1,192.1 million, driven

bygrowth across our markets, only partially

offsetby negative foreign currency movements.

Our comparable EBIT margin was 11.1%, up 40

basis points on a reported basis, benefitting

fromoperational leverage. On an organic basis,

comparable EBIT increased by 12.2%, and margins

contracted 20 basis points, mainly due to negative

foreign currency movements.

Comparable basic EPS grew 9.5% in 2024 to

€2.275, supported by strong profit delivery

andeffective management of financial costs.

ROIC remains an important KPI and in 2024 ROIC

expanded by 190 basis points to 18.3%, driven

byhigher profit and lower capital employed.

Capital allocation discipline

Our priorities for capital allocation remain

unchanged and are set in service of our strategy

and vision to be the leading 24/7 beverage partner.

We continue to invest in the business organically.

Capital expenditure was €679.3 million in 2024,

or6.3% of revenue, as we invested in growth

initiatives such as production capacity, ongoing

automation in supply chain, digital and data

solutions, and energy-efficient coolers.

The Group has a progressive dividend policy, with

atarget payout ratio of 40% to 50%. The Board

ofDirectors has proposed an ordinary dividend

of€1.03 per share for 2024, an increase of 11%

from €0.93 per share paid in 2023. The dividend

payment will be subject to shareholders’ approval

at our Annual General Meeting.

We also look to make value accretive acquisitions

that further enhance our portfolio or our capabilities.

In 2024 we focused on integrating our most recent

acquisition, Finlandia Vodka, into our business.

Our capital discipline has also allowed us to drive

higher returns to shareholders, while maintaining

astrong balance sheet. We have progressed

wellwith our share buyback programme, having

returned €226 million to shareholders, since its

launch in November 2023. At the close of the

yearnet debt to comparable EBITDA was 1.0x.

Overall, I’m really pleased that we’re successfully

achieving a combination of investment in the

business, strong improvements in ROIC and

increased shareholder returns.

Please click here to view our 2024 full year results:

https://www.coca-colahellenic.com/en/investor-relations/results-reports-

presentations

Accelerating digitalisation and

enhancing our strong talent pipeline

We are accelerating the digitalisation of the

finance function with the development of new

tools and capabilities. For example, we are

enhancing our End-to-End planning capabilities by

implementing new systems and tools while

connecting different parts of the organisation in

an integrated streamlined process.

We are also leveraging our digital platforms and

technologies for automation, reporting, insights, and

analytics, that will allow our people to focus on value

creation and growth generative business partnering.

Finally, through our dedicated processes and

programs on talent development we are building

astrong talent pipeline of future ready leaders.

Looking ahead

Overall, we have delivered a strong performance in

2024, in a challenging business environment. In2025,

we expect the macroeconomic and geopolitical

backdrop to remain challenging, but we have

highconfidence in our 24/7 portfolio, bespoke

capabilities, our people and the opportunities

forgrowth in our diverse markets.

At our FY 2024 results on 13 February 2025, we

shared that we expect to achieve organic revenue

growth in the range of 6% to 8% and to deliver

organic EBIT growth in the range of 7% to 11%

in2025. We expect to also make continued

progress towards our medium-term growth

targets in 2025 and beyond.

Anastasis Stamoulis

Chief Financial Officer

Coca-Cola HBC Integrated Annual Report 202435

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

QR code

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

Segment financial highlights

Established

Developing

Emerging

Volume breakdown

22%

16%

62%

Net sales revenue

breakdown

Established  33%

Developing

Emerging

22%

45%

Comparable EBIT

breakdown

Established  33%

Developing

Emerging

19%

48%

Total Tax by category

Corporate Income Tax

56.8%

Withholding Tax

Payroll Taxes

3.6%

31.2%

VAT (cost)

3.1%

Other taxes

5.3%

2024 borrowing structure

Bonds   €3,372.3m

Commercial paper

Leases

€215.0m

€254.0m

Other  €139.3m

Chief Financial Officer’s letter continued

Established markets

Net sales revenue (NSR) grew by 3.3% and 4.3% on

anorganic and reported basis respectively. Volume

increased by 0.3% on an organic basis. Organic

growth in net sales revenue per case was 3.0%,

benefitting from pricing actions and package mix,

with a 110bps improvement in single-serve mix.

Comparable EBIT increased by 1.8%, broadly

unchanged on an organic basis. Comparable EBIT

margin was 11.1%, down 40bps on an organic basis,

due to a step up in investment to drive growth.

2024 2023

% change

reported

% organic

change

Volume (m unit cases) 631.3 628.7 0.4% 0.3%

Net sales revenue (€ million) 3,501.3  3,358.5 4.3% 3.3%

Operating profit (EBIT) (€ million) 385.8  379.2 1.7%

Comparable EBIT (€ million) 388.0  381.1 1.8% -0.1%

Comparable EBIT margin (%) 11.1 11.3 -30bps -40bps

Total taxes (€ million)

1

194.1 163.8 18.5%

2024 2023

% change

reported

% organic

change

Volume (million unit cases) 482.6  471.0 2.5% 2.5%

Net sales revenue (€ million) 2,385.2  2,088.6 14.2% 12.7%

Operating profit (EBIT) (€ million) 223.6  152.6 46.5%

Comparable EBIT (€ million) 227.4  153.8 47.9% 39.6%

Comparable EBIT margin (%) 9.5 7.4 220bps 180bps

Total taxes (€ million)

1

101.6 73.4 38.3%

2024 2023

% change

reported

% organic

change

Volume (million unit cases) 1,800.6  1,735.8 3.7% 3.7%

Net sales revenue (€ million) 4,867.9  4,736.9 2.8% 23.3%

Operating profit (EBIT) (€ million) 576.0  421.8 36.6%

Comparable EBIT (€ million) 576.7  548.9 5.1% 13.0%

Comparable EBIT margin (%) 11.8 11.6 30bps -110bps

Total taxes (€ million)

1

220.0 243.0 -9.5%

Developing markets

NSR grew by 12.7% on an organic basis, or by 14.2%

on a reported basis. Volume grew by 2.5% organically.

Net sales revenue per case grew 10.0% organically,

benefitting from pricing actions, as well as favourable

category mix and the rollout of Finlandia distribution.

Comparable EBIT increased by 39.6% and 47.9% on an

organic and reported basis respectively. Comparable

EBIT margin was 9.5%, up 180bps on an organic basis,

as operational leverage and cost control more than

offset COGS inflation.

Emerging markets

NSR grew by 23.3% on an organic basis, or by 2.8%

ona reported basis, impacted by currency headwinds

from the Nigerian Naira, Egyptian Pound and Russian

Rouble. Volume grew by 3.7% organically. NSR per

case grew 18.9% organically, primarily due to pricing

actions taken to manage the impact of currency

devaluation, regulation and cost inflation. Comparable

EBIT grew by 13.0% on an organic basis and 5.1% on

areported basis. Comparable EBIT margin was 11.8%,

down 110bps on an organic basis, impacted by foreign

currency remeasurement of balance sheet items in H1.

1.  Total taxes include corporate income tax, withholding tax and deferred tax, aswell as social

security costs and other taxes that are reflected as operatingexpenses; as per IFRS accounts.

Taxes we contribute to

our communities

Coca-Cola HBC stands firmly

behind the principle of paying

relevant taxes in the countries

where value is created and

ensuring that we are fully

compliant, not only with the letter

of tax laws and regulations, across

all jurisdictions we operate in, but

with the spirit as well. In addition,

we commit to being open and

transparent with tax authorities

about the Group’s tax affairs and

to disclose relevant information to

enable tax authorities to carry out

their reviews effectively, efficiently

andwithout unwarranted delays.

Coca-Cola HBC Integrated Annual Report 202436

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

DMA process followed in 2024

Coca-Cola HBC has performed rigorous

materiality assessments for many years.

We assess our impacts on people and the

environment as part of our daily activities,

engaging with relevant stakeholders

and experts, and considering emerging

sustainability trends. This approach

allows us to actively identify and

manage our evolving impacts, risks and

opportunities (IROs) as the business

develops. Our robust risk management

process integrates risks and opportunities

(ROs) deriving from sustainability issues.

We conduct our formal materiality analysis

annually. For 2024, we undertook a double

materiality analysis (DMA) as per the European

Sustainability Reporting Standards (ESRS)

requirements, and this is our first year of

reporting on this basis.

We included all main business activities (core

andsecondary); main business model inputs

(rawand packaging materials and other supplies);

main business model outputs (main products and

services from all business segments); and main

externalities (i.e. greenhouse gas emissions and

waste). We followed a top-down approach, at Group

level, for IRO identification, assessment and

prioritisation involving our internal Group experts.

In the final assessment of the impact, we took

allour subsidiaries into consideration, using

specific local data for our manufacturing plants

and Tier 1 suppliers.

Impact

materiality

Financial

materiality

Double materiality

•  Map the value chain activities

•  Identify the affected

stakeholders

•  Define the impact universe

•  Define the time horizons

•  Define the criteria for

impactassessment

•  Assess the impact

•  On the environment and

onthepeople

•   Positive or negative

•   Actual and potential for

threetime horizons

•   Separated for each part of the

value chain

•  Link the impact to ESRS topics

•  Define the sources and

methodology for RO identification

•  Define the time horizons

•  Assess the magnitude of the

financial effect (quantitative

orqualitative)

•  Assess the likelihood of RO

occurrence

•  Link ROs to ESRS topics

•  Define the financial

materialitythreshold

•  Create a list with the

financiallymaterial ROs

•  Define the impact materiality

quantitative threshold

•  Recognise the material

impacts,based on the

materiality threshold

Create DMA table and

link it to the

ESRStopics

Finalise DMA

methodology

document

Approval by

management and

Board committees

External verification

by a third-party

assurance provider

Publish DMA table

Focusing on the impact

As ESRS topics include both impacts (i.e. pollution

and climate change) and causes of impacts (i.e.

waste and energy), our approach was to keep the

impact analysis on the ‘impact’ level, and then to

link the prioritised impacts to the respective ESRS

topics/sub-topics for reporting purposes.

Environmental impacts

We leveraged the impact drivers of nature change

under the Taskforce on Nature-related Financial

Disclosures (TNFD), to identify a suitable impact

level universe under a commonly established

impact taxonomy.

We developed specific quantitative criteria, based

on scientific tools and reports (such as the WWF

Biodiversity Risk Filter, the WWF Water Risk Filter

and the SBTN Unified Water Availability Dataset),

relevant legislative frameworks, standards and

guidelines, compliance management systems

andvarious ISO audit reports.

People impacts

For a commonly established impact taxonomy for

social and socio-economic impacts, we leveraged

the United Nations Environment Programme

(UNEP) Impact Radar

1

.

We use generic qualitative criteria, including

assessment reports of impacts on people,

information from legal reviews, compliance

management systems, the GRI Content Index,

theUN Global Compact Communication on

Progress and various internal reports.

Identify and assess the

actual and

potentialimpacts

Set thresholds

andprioritise the

impacts

Identify and assess

therisks and

opportunities

Set thresholds and

prioritise risks and

opportunities

1 .    Impacts to the environment under the UNEPFI were not used,

aswe used the TNFD categorisation of impact drivers instead.

Double materiality assessment (DMA)

Resulted in topics being material from either an impact perspective or financial perspective or both

Coca-Cola HBC Integrated Annual Report 202437

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Methodology

We assessed the positive and negative impacts

onnature and people, considering 2024 actual and

potential impacts in three different time horizons

(short – 2025, medium term – 2030 and long term

– 2030+). Each part of our value chain (upstream,

direct (own) operations and downstream) was also

assessed separately.

We assessed the severity (negative impact)

andsignificance (positive impact) of each impact,

andlikelihood of occurrence of potential impact.

•  Negative impact: scale (how grave the impact

is), scope (how widespread the impact is)

and irremediability (how easy the impact

canberesolved).

•  Positive impact: scale (how beneficial theimpact is)

and scope (how widespread theimpact is).

Quantitative thresholds range from 1 to 5,

where1is low severity/significance/likelihood,

while 5 is high severity/significance/likelihood.

After applying a specific formula, this creates

afive-step scale for each impact: critical, major,

moderate, minor and insignificant. The ‘major’

and‘critical’ impacts are material.

Experts’ view and stakeholder

involvement

In the initial assessment, we considered the

internalexperts’ views from different departments.

We then engaged with external subject matter

experts and impacted stakeholders in 26 dedicated

interviews (including investors, shareholders,

customers, suppliers, industry associations,

NGOsand IGOs, community participants and

international institutions), which were performed

byan independent organisation.

This created a solid evidence base to inform the

DMA, including: a) the perspective of affected

stakeholders to understand the level of impact

materiality and manage the total level of disclosure

required; and b) better understanding the nature

ofthe impacts, to guide any disclosure, in line with

the needs of users of sustainability statements.

The secondary objective was to understand the

strategic implications to guide ongoing development

and execution of our sustainability strategy,

programmes and stakeholder engagement.

The output of the interviews confirmed that

thetopics of greatest interest to our external

stakeholders are packaging (in-flow and out-flow),

climate change mitigation, water and consumers’

health concerns.

Financial materiality

For the identification of ROs, linked to either

principal or emerging risk categories, we leveraged

our risk universe and our Business Resilience

Framework, which is described in detail in the

‘Business resilience’ section of this Integrated

Annual Report (IAR). We also identified ROs arising

from negative and positive impacts, as well as

from dependencies across the value chain, using

external tools such as Encore. We then mapped

each RO to the relevant stage ofour value chain –

upstream, own operations or downstream – as

well as to the time horizons set inthe impact

assessment, indicating when it is most likely to

occur. As a last step of this process, we ensured

aclear link between ROs and the corresponding

ESRS topics and sub-topics.

To assess the ROs, we evaluated both the

likelihood of their occurrence and the magnitude

of their financial effect on CCHBC. The financial

effect was determined either quantitatively or

qualitatively, depending on data availability,

considering effects on the financial position,

financial performance, cash flows, cost of capital

and access to finance. Where possible, we used

the percentage of comparable EBIT as a

quantitative metric to measure magnitude.

Finally, we prioritised ROs based on their inherent

risklevel, derived from the combination of financial

magnitude and likelihood. The inherent risk heatmap

used follows a 1 to 5 scale, similar to the one used

forimpact materiality. Setting the threshold to

aboveaverage, all ‘high’ and ‘critical’ ROs were

deemed material.

Double materiality approval

Having assessed both impact materiality and

financial materiality, we created our materiality

table disclosing each material topic from

eitherperspective (impact or financial)

orbothperspectives.

Our DMA was then approved by CCHBC

management (including the ELT-level members),

endorsed by the Social Responsibility Committee

and the Audit and Risk Committee of the Board

ofDirectors. Our DMA was assured by a

third-party organisation.

Please see 2024 Materiality table on pages 39 to40.

More information is available in the Sustainability

Statement on pages 41 to 172.

Stakeholder Forum – hearing from our

stakeholders on what matters most

Stakeholder engagement is essential to grow

ourbusiness and fulfil our purpose. Engaging and

collaborating with various stakeholders facilitates

better business decisions and alignment with

commitments. Our key internal and external

stakeholders include investors, employees,

customers, consumers, suppliers, governments

and regulators, The Coca-Cola Company and

localcommunities. We also engage with other

businesses through trade associations

anduniversities.

Every year, we hold a Stakeholder Forum, to

discuss our material topics with a group of

experts. In 2024, our theme was ‘Harnessing the

Circular Economy for Packaging – driving change

through innovation and collaboration’, a topic of

significant importance both to us and to many

ofour key stakeholders.

During the event, we welcomed 160 participants,

including customers, suppliers, NGO partners,

academics, policymakers, investors and other

interested parties, from more than 30 countries.

Discussions covered four key topics:

•  Empowering consumers to adopt circular

packaging solutions

•  The future of recycling and the role of

innovation and technology

•  Reusable packaging systems and how to

successfully scale these models

•  Creating value through strategic partnerships.

The Forum’s central message was the importance of

aligning business growth with sustainability

toensure long-term resilience and success.

Ourstakeholders shared valuable insights

andrecommendations, including:

•  Sustainability has evolved beyond an

environmental imperative; it is now a social

asset that shapes consumer identity and

brandengagement

•  Progress depends on collaboration – partnering

with our suppliers and stakeholders will accelerate

innovation in sustainable packaging, from new

materials to advanced recycling technologies

•  Sustainable choices must be made more

attractive, accessible, and convenient

foreveryone

•  Achieving sustainability goals requires building

networks, sharing ideas and collaborating on

common solutions

•  Profit and purpose can,and must,

co-existeffectively.

These insights have been reviewed by the Social

Responsibility Committee and we will work to

implement the Forum’s recommendations.

Wewillalso engage with our stakeholders, sharing

theactions we are taking, throughout the year.

Double materiality assessment (DMA) continued

Coca-Cola HBC Integrated Annual Report 202438

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

MATERIAL impacts, risks and opportunities (IROs) and the respective value chain segments

Material ESRS topics

IMPACT

Actual

Impact

Potential impact

RISK

Current

financial

effect

Anticipated financial effect

Topic  Sub–Topic

Sub–Sub–

topic 2025 2030 >2030 2025 2030 >2030

E1 – Climate

Change

Climate Change

Mitigation

Energy

–

Negative impact to the state of nature

through contribution to Climate Change

Upstream

Downstream

Across Value

Chain

Across Value

Chain

–

Managing our carbon

footprint

– –

Own

Operations

Downstream

Own

Operations

Downstream

E2 – Pollution and

E5 – Circular

Economy

Pollution

Resource

Outflows

Pollution

ofSoil

Negative impact to the state of nature

through Soil Pollution

Downstream

Upstream

Downstream

Upstream –

The cost and availability

of sustainable packaging

(outflows – E5)

– – Downstream  Downstream

E2 – Pollution Pollution

Pollution

ofWater

Negative impact to the state of nature

through Water Pollution

Downstream  Downstream  – – – – – – –

Pollution

ofWater

Positive impact to the state of nature

through Water Pollution Removal

– – Downstream  Downstream  – – – – –

E3 – Water and

marine resources

Water and Marine

Resources

Water

consumption

Water

withdrawals

Negative impact to the state of nature

through Water Use

Upstream

Own

Operations

Upstream

Own

Operations

Upstream Upstream – – – – –

Positive impact to the state of nature

through Water Replenishment

Own

Operations

Downstream

Own

Operations

Downstream

Own

Operations

Downstream

Own

Operations

Downstream

– – – – –

E4 – Biodiversity

and Ecosystems

Biodiversity and

Ecosystems

Land

ecosystem

usechange

Negative impact to the state of nature

through Land Ecosystem Use Change

– – Upstream – – – – – –

E5 – Circular

Economy

Resource Inflows – – – – – –

The cost and availability

of sustainable packaging

(inflows)

– – Upstream Upstream

Key:

Negative Impact

Positive Impact

Risk

Double materiality assessment (DMA) continued

Coca-Cola HBC Integrated Annual Report 202439

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

MATERIAL impacts, risks and opportunities (IROs) and the respective value chain segments

Material ESRS topics

IMPACT

Actual

Impact

Potential impact

RISK

Current

financial

effect

Anticipated financial effect

Topic  Sub–Topic

Sub–Sub–

topic 2025 2030 >2030 2025 2030 >2030

S1 – Own

Workforce and

S2 – Workers in

the value chain

Equal treatment

and opportunities

for all

Diversity

Contribution to Diversity and Gender

Equality of own workforce

Own

Operations

Own

Operations

– – – – – – –

Gender

equality

andequal

payforwork

ofequal value

Training & Skills

development

Improved Access to Education

forownworkforce

Own

Operations

Own

Operations

Own

Operations

Own

Operations

– – – – –

Working

Conditions

Health &safety

Contribution to the Health & Safety

ofownworkforce and workers of suppliers

Own

Operations

– – – – – – – –

Negative Impact to Health & Safety

through loss of life, injuries and

occupational diseases

Upstream

Own

Operations

Upstream

Own

Operations

– – – – – – –

Secure

Employment

Contribution to Employment across

thevalue chain

Across Value

Chain

Across Value

Chain

Across Value

Chain

Across Value

Chain

– – – – –

Provision of Social Protection and Social

Security for own workforce and workers

of suppliers

–

Upstream

Own

Operations

Upstream Upstream – – – – –

Adequate

wages

Accessibility to a Living Wage for own

workforce and workers of suppliers

Own

Operations

Upstream

Own

Operations

Upstream

Own

Operations

Upstream

Own

Operations

– – – – –

S3 – Affected

Stakeholders

Communities’

economic, social

and cultural rights

Water &

Sanitation

Availability, Accessibility,

Affordabilityand Quality of Water

forlocalcommunities

Across Value

Chain

Across Value

Chain

Across Value

Chain

Across Value

Chain

– – – – –

Company-specific IRO  #YouthEmpowered: Access to Education Downstream  Downstream  Downstream  Downstream  – – – – –

Topic of interest of specific stakeholders’ groups

S4 – Consumers

and End Users

Personal safety

ofconsumers

and/or end-users

Consumers’

health and

safety

Social inclusion

ofconsumers

and/or end-users

Responsible

marketing

practices

Social inclusion

ofconsumers

and/or end-users

Access

to(quality)

information

Access to

products

andservices

Double materiality assessment (DMA) continued

Key:

Negative Impact

Positive Impact

Risk

Coca-Cola HBC Integrated Annual Report 202440

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability

Statement

Sustainability Statement

General Disclosures

Basis for preparation

BP-1 General basis for preparation of

sustainability statement

BP-1\_01,02

The Sustainability Statement has been prepared

on a consolidated basis, with the scope of

consolidation being the same with that of the

financial statements, and in addition, including

relevant upstream and downstream elements of

the value chain where applicable. Joint Ventures,

where we have operational control are also

reported as part of our own operations. Mission

2025 sustainability commitments exclude

Egyptian operations, as they were not foreseen in

the baseline year nor in the target year.

BP-1\_03

All subsidiaries are included in the consolidated

report.

BP-1\_04

The statement covers all our value chain

segments, as it includes information identified

asmaterial in the double materiality assessment

of impacts, risks and opportunities (IROs).

Themapping of our value chain was initially

categorised in three segments (upstream – own

operations – downstream).

For own operations, we mapped out our core and

secondary activities, including a mapping of Group

entities that are linked to each business activity

and each respective product category.

For upstream activities, the analysis of business

relationships was limited to Tier 1 suppliers, and

for downstream, to main business partners and

main customers, including product-use phase

andend of life, and the local communities

wherewe operate.

Coca-Cola HBC Integrated Annual Report 202441

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Value chain

Consumers & Community

Value shared

Packaging materials

Ingredients

Resources

SalesDistribution ConsumersBottling operations Customers

PET, glass,

aluminium,

carton

Water, CO

2

,

sweeteners, juice,

concentrate

Water, energy,

fuel

Bottles, cans,

cartons

Coca-Cola HBC

countries

Sales

people

Warehouses and

distribution

centres

Sales cars

andvans

Customers

Consumers

Consumer

marketing with

TheCoca-Cola

Company

Recycling and

recovery

Packaging

compliance

schemes

Community programmes

Water stewardship,

#YouthEmpowered,

packaging and waste

management programmes,

disaster relief

Outlets

Drink

equipment

Owned and

leasedtrucks

Trade marketing

and activation

tools

Product

manufacture

Sparkling

beverages, juice,

water and other

still beverages

Product portfolio

Coca-Cola HBC

Bottling and

Distribution

Value created

Sales & Customer relationships

Value added

Cash distribution

to shareholders

Direct and indirect

employment

Taxes

and fees

Payments to

suppliers

Skills and

knowledge

transfer

Community

investment

programmes

Financial capital

Human capital

Manufacturing

capital

Plants,

warehouses,

distribution

centres

Natural capital

Water, biodiversity,

eco-system health

Intellectual

capital

Brands, standards,

processes,

manufacturing,

reputation

Shared and

relationship

capital

Suppliers,

customers,

government

agencies,

communities

Capital Community

Coca-Cola HBC Integrated Annual Report 202442

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAN+BeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArA8a6bd6t4SvrGxi825l8vYm4LnEik8kgdAa36KUldWNKNV0qkakd00/uPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uiuf6rDuz3f9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4nofgLxNZ+INNurjTdkMN1FJI3nxnChwScBs9BXtlFFa06apqyPMx2YVcbJSqJK3b/h2U54JHmZlXIPvUf2ab+5+orQorQ4TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RVi1jePfvGM4xzViigBsgLRsB1IIqj9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigBGZUUszBVAySTgAVjy+K9FhkKG9DEddiMw/MDFcj4s12W+v5LOF2W1hOwgHG9geSfbPT6Zrmq0UO5wVcY1K0Een/wDCYaJ/z9t/36f/AAo/4TDRP+ftv+/T/wCFeYUVXs0ZfXanZHp//CYaJ/z9t/36f/Cj/hMNE/5+2/79P/hXmFFHs0H12p2R6f8A8Jhon/P23/fp/wDCj/hMNE/5+2/79P8A4V5hRR7NB9dqdken/wDCYaJ/z9t/36f/AAqxa+JNIvJRFDepvPQOCmfpkCvKKKXs0CxtTqke2UVxfgzXZJnOmXUjO2N0LMcnA6r/AFH412lZtWdj0KVRVI8yCiiikaBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUU13WONnchVUEknsKAGzTxW0TSzyJHGvVnOAKyG8XaIrFftmcekTkfyrgtc1qfWb13ZmFup/dRE8KPXHrWXWqp9zzqmNd7QWh6f/wAJhon/AD9t/wB+n/wo/wCEw0T/AJ+2/wC/T/4V5hRT9miPrtTsj0//AITDRP8An7b/AL9P/hR/wmGif8/bf9+n/wAK8woo9mg+u1OyPT/+Ew0T/n7b/v0/+FH/AAmGif8AP23/AH6f/CvMKKPZoPrtTsj0/wD4TDRP+ftv+/T/AOFWrPxDpV/KIoLxDITgKwKk/TIGa8mopezQLGzvqke2UVyfg3XZb1HsLp2eaNd8bscll7g+4/z0rrKzas7Ho06iqR5kFFFFIsKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPFpVdJnWTO8MQ2fXvTK7LxZ4am+1PqNjEXjf5pY1HKt3IHcGuNroTujw6tN05WYUUUUzMKKKKACiiigAoopyI8jqkas7scBVGSTQBreFgzeJbLbnO4nj02nNeqVy/hPw7JpiteXiBblxtRM52L/ia6isZu7PXwtNwp69QoooqDpCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqhrYZtCvwvX7O/8A6Cav0EAggjIPUUCkrqx4nRXQeI/Dc+l3Mk8ETNYscqw52ex/xrn66E7nhTg4PlkFFFFMkKKKKACiiigAoop8UUk8qxRI0kjHCqoyTQBt+DldvEtuVzhVct9NpH8yK9OrnfCvh9tJt3nuVH2uUYIBzsX0+vr+FdFWE3dnsYWm4U7MKKKKk6AooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKqTaXp9w5eaxtpHPVmiUk/jirdFAmk9yh/Yelf8AQNtf+/S/4Uf2HpX/AEDbX/v0v+FX6Kd2Lkj2KH9h6V/0DbX/AL9L/hR/Yelf9A21/wC/S/4Vfoouw5I9ih/Yelf9A21/79L/AIUf2HpX/QNtf+/S/wCFX6KLsOSPYof2HpX/AEDbX/v0v+FT29hZ2hJtrWCEnqY4wpP5VYoouCjFbIKKKKRQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAEZGD0qk+j6ZIxZ9PtWY8kmFcn9Ku0UCaT3KH9h6V/wBA21/79L/hR/Yelf8AQNtf+/S/4Vfop3YuSPYof2HpX/QNtf8Av0v+FH9h6V/0DbX/AL9L/hV+ii7Dkj2KH9h6V/0DbX/v0v8AhR/Yelf9A21/79L/AIVfoouw5I9ih/Yelf8AQNtf+/S/4VYt7K1tM/ZraGHPXy4wufyqeilcFGK2QUUUUFBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFYuseJ7DSGMTEzXHeKM/d+p7fzrCPxBbPGmj/v/wD/AGNUotmM8RTg7Nnb0Vw//CwX/wCgav8A3+/+xo/4WC//AEDV/wC/3/2NHIyfrVLudxRXD/8ACwX/AOgav/f7/wCxo/4WC/8A0DV/7/f/AGNHIw+tUu53FFcP/wALBf8A6Bq/9/v/ALGj/hYL/wDQNX/v9/8AY0cjD61S7ncUVw//AAsF/wDoGr/3+/8AsaP+Fgv/ANA1f+/3/wBjRyMPrVLudxRXD/8ACwX/AOgav/f7/wCxo/4WC/8A0DV/7/f/AGNHIw+tUu53FFcP/wALBf8A6Bq/9/v/ALGj/hYL/wDQNX/v9/8AY0cjD61S7ncUVxA+ILZ500f9/wD/AOxrd0jxPYauwiUmC47RSH730Pf+dDi0VDEU5uyZtUUUVJsFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWdruoNpej3F0gBkUBUz/eJwD/WtGsLxfbtceHJ9gJMZWTA9Aef0JNNbkVW1BtHmTu0js7sWdiSzE5JPrTaKK6DwgooooAKKKKACiiigAooooAKKKKACiiigApyO0bq6MVZTkMDgg02igD1vQtQbVNHt7pwBIwKvj+8Dgn+taNYXg+3a38OQFwQZWaTB9CeP0ANbtc73PdpNuCbCiiikWFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFIQGUqwBB4IPelooA4DW/BdxDK0+mjzoWOfKz8yfT1H61zx0jUgcHTrsf8AbFv8K9goq1NnHPBwk7p2PH/7J1L/AKB91/35b/Cj+ydS/wCgfdf9+W/wr2Cin7Qn6jHueP8A9k6l/wBA+6/78t/hR/ZOpf8AQPuv+/Lf4V7BRR7QPqMe54//AGTqX/QPuv8Avy3+FH9k6l/0D7r/AL8t/hXsFFHtA+ox7nj/APZOpf8AQPuv+/Lf4Uf2TqX/AED7r/vy3+FewUUe0D6jHueP/wBk6l/0D7r/AL8t/hR/ZOpf9A+6/wC/Lf4V7BRR7QPqMe54/wD2TqX/AED7r/vy3+FH9k6l/wBA+6/78t/hXsFFHtA+ox7nj40jUicDTrs/9sW/wrodF8GXE8qzakPJhU58rOWf6+g/Wu/opObKhg4Rd27iABVCqAAOAB2paKKg7AooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiisrxBq40fS2nAzM52RDtuI6n2FCVyZSUVdlm+1Wx01Qby5SLPIU8k/gOazv+Ew0T/n7b/v0/8AhXmk88tzM008jSSMcszHJNR1qqaPOljp391Hp/8AwmGif8/bf9+n/wAKP+Ew0T/n7b/v0/8AhXmFFP2aF9dqdken/wDCYaJ/z9t/36f/AAo/4TDRP+ftv+/T/wCFeYUUezQfXanZHp//AAmGif8AP23/AH6f/Cj/AITDRP8An7b/AL9P/hXmFFHs0H12p2R6gPF+hkgfbCPrE/8AhWvb3UF3CJreZJYz/EhyK8Yq/pOrXGkXqTwsdmR5keeHHoaTp9i4Y1399aHrtFRW88d1bRXERzHIodT7GpayPR3CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArjPiArmCwcf6sM4P1IGP5GuzqhrGmRavp0lrJwT8yP/AHW7GnF2dzKtBzpuKPIqKtX+m3emXBhu4ijdj2YeoPeqtdB4rTTswooooEFFFFABRRRQAUUVtaD4eudYuEcoyWYb55Txkei+p/lSbsVGLk7RO78Lq6+GrISfe2Ej6Fjj9MVr02ONIYkijUKiKFVR0AHQU6sHue5CPLFIKKKKRQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAMmhiuIzHNEkiHqrqCD+BqmdE0on/kG2n/AH5X/Cr9FFxOKe6KH9h6V/0DbX/v0v8AhR/Yelf9A21/79L/AIVfop3YuSPYof2HpX/QNtf+/S/4Uf2HpX/QNtf+/S/4Vfoouw5I9ih/Yelf9A21/wC/S/4Uf2HpX/QNtf8Av0v+FX6KLsOSPYoroulqcjTrTP8A1xX/AAq6AAAAAAOwpaKQ1FLYKKKKBhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRSFgOpA+tAC0U3en95fzo3p/eX86AHUU3en95fzo3p/eX86AHUU3en95fzo3p/eX86AHUU3en95fzpQQRkEGgBaKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA4/xT4oltJm0+wcCQD97KOSp9B7+9cLJJJNIXldnc9WY5Jp08rz3Ek0n35GLN9Scmo66ErI8SrVlUldhRRRTMgooooAKKKKACpra7uLOUS20zxOO6Nj/APXUNFAJ22PSvC/iI6xE8FztW7jGflGA6+v19a6KvKfDMjx+I7IpnJfacehBBr1asJqzPXwtRzhr0CiiipOkKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPL/ABRo76XqbyKpNtOxeNscAnqv4fyrDr2ieCK5haGeNZI2GCrDINc7N4G0qRyyPcxA/wAKuCB+YJ/WtYz7nnVcHJyvA85or0L/AIQLTf8An5uv++l/wo/4QLTf+fm6/wC+l/wp86MvqdU89or0L/hAtN/5+br/AL6X/Cj/AIQLTf8An5uv++l/wo50H1Oqee0V6F/wgWm/8/N1/wB9L/hR/wAIFpv/AD83X/fS/wCFHOg+p1Tz2ivQv+EC03/n5uv++l/wqxa+CtJtpA7ia4I6LKwx+QA/WjnQLB1TD8E6O8t3/acqlYosiLI+8xGCfoP5/Su+pFVUUKqhVAwABgAUtZSd2ejRpKnHlQUUUUjUKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiimSypDE8sjBY0BZmPQAUAPorgdV8cXMkpTTVEMQ/5aOoLN+B4H61lf8JXrf8Az/N/37T/AAq1BnJLGU07bnqdFeWf8JXrf/P83/ftP8KP+Er1v/n+b/v2n+FHs2L67T7M9Toryz/hK9b/AOf5v+/af4Uf8JXrf/P83/ftP8KPZsPrtPsz1OivLP8AhK9b/wCf5v8Av2n+FH/CV63/AM/zf9+0/wAKPZsPrtPsz1OivLP+Er1v/n+b/v2n+FH/AAlet/8AP83/AH7T/Cj2bD67T7M9Toryz/hK9b/5/m/79p/hTk8W62jA/bdwHZo1wf0o9mw+u0+zPUaK5vw94rj1WRbW5QRXZHG37r49PQ+1dJUtW3OmE4zV4hRRRSLCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK5Px5ePDp1vaoxAnclsdwuOPzI/KusrmPG2nSXelJcRLua2Ysw/wBgjk/oKqO5jiL+ydjzqiiitzxQooooAKKKKACiiigAooooAKKKKAHxSvDKksbFXQhlYdQRXsVlcfa7G3ucY82JZMemRmvILS1lvbuK2gXdLI21RXsNtAttaw26fdiRUH0AxWdQ9DA317EtFFFZHoBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFIQGBBAIPBBpaKAOQ1XwNFPI0unSrATyYnyVz7HqP1rJPgTVc/620/77b/4mvRaKpTZzSwtKTvY86/4QXVf+etr/wB9t/8AE0f8ILqv/PW1/wC+2/8Aia9Fop87F9TpHnX/AAguq/8APW1/77b/AOJo/wCEF1X/AJ62v/fbf/E16LRRzsPqdI86/wCEF1X/AJ62v/fbf/E0f8ILqv8Az1tf++2/+Jr0WijnYfU6R51/wguq/wDPW1/77b/4mj/hBdV/562v/fbf/E16LRRzsPqdI86/4QXVf+etr/323/xNOj8B6kzjzLi1Vc8kMxP5Yr0OijnYfU6Rj6L4ctNFXemZbkjDTMP0A7CtiiiobudEYqKtEKKKKCgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAKmoalaaXbme7lCL2Hdj6Ad65aX4gIHIh05mTsXlwT+ABrm/EGqPqurSylsxISkQHQKD/XrWXWqgup5lXFzcrQ0R2n/CwX/6Bq/9/v8A7Gj/AIWC/wD0DV/7/f8A2NcXRVciMvrVXudp/wALBf8A6Bq/9/v/ALGj/hYL/wDQNX/v9/8AY1xdFHIg+tVe52n/AAsF/wDoGr/3+/8AsaP+Fgv/ANA1f+/3/wBjXF0UciD61V7naf8ACwX/AOgav/f7/wCxqa38fwtIFubF40P8SSbiPwwK4WijkQLFVe57LaXlvfW6z20qyxt0ZT+h9DU9eZ+ENUex1iO3LfuLkhGHo38J/Pj8a9MrKUbM9KhV9rG4UUUVJsFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHjN3bPZ3k1tICHicqfwqGvSPEnhcau32q2ZY7oLghukg7Z9D71w82harA5R9PucjusZYfmMit4yTPGq0JQltoZ9FXP7J1L/oH3X/flv8ACj+ydS/6B91/35b/AAp3MuWXYp0Vc/snUv8AoH3X/flv8KP7J1L/AKB91/35b/Ci4csuxToq5/ZOpf8AQPuv+/Lf4Uf2TqX/AED7r/vy3+FFw5ZdinRVz+ydS/6B91/35b/Cp7bw/q11IESwnXP8UiFB+ZougUJPZB4et3udfskQfdlWQ+wU5P8AKvWaw/Dvh2PRInd3Et1IAHcDhR6D2/nW5WM3dnq4ak6cNd2FFFFSdIUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFIXUHBYfnQAtFN3p/eX86N6f3l/OgB1FN3p/eX86N6f3l/OgB1FN3p/eX86N6f3l/OgB1FN3qf4h+dOoAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApksscELyysFjRSzMewFPrA8ZSOnhuYLnDuqtj0zn+lNK7InLli5djj9b8UXmqSskUjQWgPyopwWH+0e/wBOlYVFFbpWPEnOU3eTCiiimSFFFFABRRRQAVr6R4ivtJkUJIZYON0LnIx7elZFFJq5UZOLvFnstndxX1pFcwNujkXIP9PrU9ct4DkdtGmRslUnO38QOP8APrXU1g1Z2PapT54KQUUUUjQKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKpatp66ppk9mzbfMX5W9CDkH8xV2igTSaszxi5tprS4kt50KSocMpqKvXtS0ex1ZAt3AGK/dcHDD8f6VhnwFpueLm7/76X/4mtlNdTzJ4Kafu6o89or0L/hAtN/5+br/vpf8ACj/hAtN/5+br/vpf8KOdE/U6p57RXoX/AAgWm/8APzdf99L/AIUf8IFpv/Pzdf8AfS/4Uc6D6nVPPaK9C/4QLTf+fm6/76X/AAo/4QLTf+fm6/76X/CjnQfU6p57To43lkWONGd2OFVRkk16APAWm55ubvH+8v8A8TWxpmg6fpOTbQ/vCMGVzlj+Pb8KHNFRwU2/e0G+H9K/sjSY7djmVjvlI/vHt+GAPwrUoorFu56UYqKSQUUUUFBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFNd1jjZ3IVVBJJ7CgBs08VtE0s8iRxr1ZzgCshvF2iKxX7ZnHpE5H8q4LXNan1m9d2Zhbqf3URPCj1x61l1qqfc86pjXe0Foen/8ACYaJ/wA/bf8Afp/8KP8AhMNE/wCftv8Av0/+FeYUU/Zoj67U7I9P/wCEw0T/AJ+2/wC/T/4Uf8Jhon/P23/fp/8ACvMKKPZoPrtTsj0//hMNE/5+2/79P/hR/wAJhon/AD9t/wB+n/wrzCij2aD67U7I9P8A+Ew0T/n7b/v0/wDhR/wmGif8/bf9+n/wrzCij2aD67U7I9P/AOEw0T/n7b/v0/8AhR/wmGif8/bf9+n/AMK8woo9mg+u1OyPWrLX9L1CURW14jSHojAqT9M4zWlXiYJBBBwR3r0PwdrsmoQPZXTl7iEbldjkunv7j+tRKFtUdFDFc75ZbnU0UUVB2BRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFUNbDNoV+F6/Z3/9BNX6CAQQRkHqKBSV1Y8ToroPEfhufS7mSeCJmsWOVYc7PY/41z9dCdzwpwcHyyCiiimSFFFFABRRRQAUUUUAFFFFABXR+CVc+IVK9BExb6cf1xWBDBLcTLFDG0kjHCqoyTXpPhfQTo9o0lwB9rm+/g52L2XP8/8A61TN2R04am5VE1sjfooorA9cKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKK57xhqkmnaSI4W2y3BKbu4XHJHv0H400ruxM5qEXJjdV8Y2GnymGBTdSjrsbCj23f4Vlf8LBf/AKBq/wDf7/7GuLorVQR5UsXVb0djtP8AhYL/APQNX/v9/wDY0f8ACwX/AOgav/f7/wCxri6KfIhfWqvc7T/hYL/9A1f+/wB/9jR/wsF/+gav/f7/AOxri6KORB9aq9ztP+Fgv/0DV/7/AH/2NH/CwX/6Bq/9/v8A7GuLoo5EH1qr3O0/4WC3/QNH/f7/AOxrZ0jxZY6o4hYG2uD0Rzwx9Ae/6V5lQDg5HWk4IqOLqJ6u57ZRWN4Y1N9U0VJJTmaJjE5/vEdD+RFbNZNWPUhJSipIKKKKRQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUABGRg9KpPo+mSMWfT7VmPJJhXJ/SrtFAmk9yh/Yelf9A21/wC/S/4Uf2HpX/QNtf8Av0v+FX6Kd2Lkj2KH9h6V/wBA21/79L/hR/Yelf8AQNtf+/S/4Vfoouw5I9ih/Yelf9A21/79L/hR/Yelf9A21/79L/hV+ii7Dkj2KH9h6V/0DbX/AL9L/hR/Yelf9A21/wC/S/4Vfoouw5I9ih/Yelf9A21/79L/AIUf2HpX/QNtf+/S/wCFX6KLsOSPYgt7O1tARbW0MIPXy0C5/Kp6KKRSVtgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK5Dx9bM9laXIBKxOytjtuA/+J/WuvqK6tory2kt513RSLtYU07O5nVhzwcTxiiui1XwfqFjIzWqNdQdQUHzD2K/4VknSdSBwdPu/+/Lf4VummeNKlOLs0U6Kuf2TqX/QPuv+/Lf4Uf2TqX/QPuv+/Lf4UXFyy7FOirn9k6l/0D7r/vy3+FH9k6l/0D7r/vy3+FFw5ZdinRVz+ydS/wCgfdf9+W/wo/snUv8AoH3X/flv8KLhyy7FOirg0jUicDT7sn/ri3+FbekeDb27lWS+U21uOSD99vYDt+NDaRUaU5OyRv8Aga3eLQnkcYEsxZfcAAfzBrpqZFEkMSRRqFjQBVUdABT6wbu7ns04ckVEKKKKRYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRWL4ru3s/D1w0bbXkxGCPc8/pmmlcmcuWLk+hi6342MUrW+mKrbThp3GQf90f1NYJ8Wa4T/wAfx/79p/hWLRWyikePPEVJO9zZ/wCEr1v/AJ/m/wC/af4Uf8JXrf8Az/N/37T/AArGop2RPtan8z+82f8AhK9b/wCf5v8Av2n+FH/CV63/AM/zf9+0/wAKxqKLIPa1P5n95s/8JXrf/P8AN/37T/Cj/hK9b/5/m/79p/hWNRRZB7Wp/M/vNn/hK9b/AOf5v+/af4Uf8JXrf/P83/ftP8KxqKLIPa1P5n95s/8ACV63/wA/zf8AftP8Kcvi3W1YH7bn2MaYP6ViUUWQe1qfzP7z0Xw/4tj1OVLS7QRXTfdZfuP7ex/z7V09eKo7RuroxVlOQwOCDXsGm3JvNMtblsbpYlZsepHNZTjbY9HC13UTjLdFqiiioOsKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArK8R2Emo6HcQQjMuA6D1IOcflmtWihaEyipJxZ4mRg4PWivR9a8H2upSNcWz/ZrhjluMq59SOx9651/BGpI2DPaf8Afbf/ABNbqSZ5FTDzg7HNUV0f/CF6l/z3tf8Avtv/AImj/hC9S/572v8A323/AMTTujP2cuxzlFdH/wAIXqX/AD3tf++2/wDiaP8AhC9S/wCe9r/323/xNF0Hs5djnKK6P/hC9S/572v/AH23/wATR/whepf897X/AL7b/wCJoug9nLsc5RXR/wDCF6l/z3tf++2/+Jo/4QvUv+e9r/323/xNF0Hs5djnKK6P/hC9S/572v8A323/AMTUkXgbUZG5uLUKOpDMT/6DRdD9lPsc5b28t1cRwQoXkkYKqjua9hsbb7HYW9sDu8qNUz64GKy9E8M2mjYlyZrrGDKwxj6DtW3WU5XPSw1B01eW7CiiioOoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA/9k=)

Sustainability Statement continued

BP-1\_05

We have not used the option to omit any specific

piece of information corresponding to intellectual

property, know-how, or the results of innovation

as per ESRS 1 section 7.7 ‘Classified and sensitive

information and information on intellectual

property, know-how, or results of innovation’.

BP-1\_0 6

For the year 2024, no exemption from disclosure

of impending developments or matters in the

course of negotiation, as provided for in articles

19a(3) and 29a(3) of Directive 2013/34/EU, has

been used.

BP-2 Disclosures in relation to specific

circumstances

Value chain estimation

BP-2\_03

Some metrics presented across the statement,

especially for upstream and downstream value

chain segments, have been estimated using

indirect sources. The respective estimations

andDatapoints are:

•  E1: The calculation of scope 3 greenhouse

gas (GHG) emissions categories for both

the upstream and downstream value chain

segments, specifically the CO

2

e factor used

(Datapoints: E1-6\_04-05 & 26\_27\_29).

•  E5: Data related to percentage recycled

aluminium and percentage recycled glass

materials is coming from our suppliers where

sometimes industry-average figures are used

(Datapoints E5-4\_02, E5-4\_03, E5-4\_04, E5-

4\_05).

BP-2\_04

The basis for preparation for the metrics

estimated using indirect sources is as follows:

•  E1: For the calculation of scope 3 GHG

emissions’ categories, a range of different

methods were deployed, such as average

dataset method (e.g., average CO2e factor for

paper, PET, aluminium, PE materials; average

factors for ingredients, electricity grid factors

as per the IEA), distance-based method and

spend-based method. In terms of emission

factors used, these were either market-

based or taken from existing datasets, such

as the GHG Protocol, Ecoinvent Database

or calculated for the Coca-Cola System by a

specialised company and provided to bottling

companies. The quantity for each scope 3

category (e.g. quantity of purchased materials,

electricity consumption of drink equipment)

was available as actual primary data, and no

estimation was performed. More details on

the calculation methodology for each scope 3

category can be found in Table 15 of ESRS E1

Climate Change.

•  E5: Percentage of recycled aluminium and

percentage of recycled glass materials are

coming from our suppliers where sometimes

industry-average figures are used, however

the quantities of those purchased materials

areprimary data with no estimation.

BP-2\_05,06

The use of estimates and external data from

credible sources is explained in the section of the

relevant metrics throughout the report, indicating,

for example, whether or not external data is used.

We are planning to start using supplier-specific

emissions factors, where possible, as a basis for

the sustainability report in the future and

therefore data quality and accuracy is expected to

improve over time.

Sources of estimation and outcome

uncertainty

BP-2\_07,08,09

As a result of the rigorous reporting process

thathas been in place for over a decade, capturing

primary and actual data for environmental and

social KPIs in all value chain steps (upstream,

ownoperations, downstream), our disclosure of

actual performance hasno data where high level

of measurement uncertainty exists.

The monetary amounts disclosed across the

sustainability statement are subject to low/

moderate levels of uncertainty. All current

financial data presented in the statement stems

from our financial statements. Regarding the

monetary amounts that correspond to our

anticipated financial effects, they are subject to

moderate uncertainty because they depend on

the outcomes of future events and regulatory

changes. When quantifying these amounts, it is

assumed that the uncertainty increases across

longer time horizons.

Changes in preparation or presentation of

sustainability information

BP-2\_10

Using the clause of paragraph 10.3 of ESRS 1,

wewill not disclose any comparative information

required by section. Therefore, no comparative

figure will be presented in the sustainability

statement. Data from any prior year is available in

our GRI Content Index; specifically, 2022 and 2023

data are in the 2024 GRI Content Index, published

on our website.

BP-2\_11,12

As for the comparative information and figures for

prior years, no recalculation done in 2024.

Similarly, no differences neither in baseline nor in

2023 have been made.

Disclosures stemming from other

legislationorgenerally accepted

sustainabilityreporting pronouncements

BP-2\_16

We disclose as per the Task Force on Climate-

related Financial Disclosure (TCFD) requirements.

No other framework or reporting standard was

applied for the sustainability statement.

However, due to stakeholders’ interest, we have

included in the sustainability statement a chapter

related to ‘S4 Consumers and end-users’, even

ifitwas not deemed as material during the

doublemateriality analysis. Further information is

available in ESRS S4 – Consumers and end-users.

BP-2\_18,19

Furthermore, we rely on European Standards

torecognise our suppliers. The European

Standardisation System we use comprises ISO

9001, ISO 14001, ISO 50001 and ISO 45001. We

maintain ISO/IEC 27001 certification (Information

Security Management Systems), providing us

robustness to mitigate any cyber incident. In 2024,

100% of our manufacturing plants were certified

with ISO 9001, ISO 14001, FSSC 22001 and ISO

45001. Our two main centres for IT function in

Bulgaria and Greece maintain their ISO/IEC 27001

certification.

Incorporation by reference

BP-2\_ 20

Our aim is to provide our stakeholders with a clear

view of our operations, ambitions, goals, impacts,

and achievements. Thus, we have complied with

and provided information according to ESRS

requirements. However, in cases where pieces of

information were mentioned in previous sections

of the IAR, we used the option of incorporation by

reference. The respective Disclosure Points (DP)

and Disclosure Requirements (DR) are:

Coca-Cola HBC Integrated Annual Report 202443

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Table 1: Incorporation by reference

Incorporation by Reference

Disclosure Requirements  Datapoints Respective Reference

GOV-1 The role of the

administrative, management

and supervisory bodies

GOV-1\_01,02,05,06,07 ‘Governance at a glance’, Corporate

Governance Section

‘The Executive Leadership Team’,

Corporate Governance Section

GOV-1\_ 08 Corporate Governance Section

GOV-1\_ 04 Corporate Governance Section

GOV-1\_16 Corporate Governance Section

GOV-2 Information provided to,

and sustainability matters

addressed by CCHBC’s

administrative, management

and supervisory bodies

GOV-2\_03 ‘Double materiality Assessment’,

Strategic Report

SBM-1 Strategy, business model

and value chain

SBM-1\_01  ‘Growth pillars’, Strategic Report

SBM-1\_02 ‘Growth pillars’, Strategic Report

SBM-1\_03,04 ‘Cultivate the potential of our people’,

Strategic Report

SBM-1\_21 ‘Earn our Licence to operate’,

StrategicReport

‘Tracking our progress’,

StrategicReport

SBM-1\_23 ‘Earn our License to operate’,

StrategicReport

‘Cultivate the potential of our people

section’, Strategic Report

SBM-1\_25 ‘Value Chain’, Strategic Report

SBM-1\_26 ‘Value Chain’, Strategic Report

SBM-1\_27  ‘Socio-economic contribution’,

Strategic Report

Incorporation by Reference

Disclosure Requirements  Datapoints Respective Reference

SBM-2 Interests and views of

stakeholders

SBM-2\_02  Strategy Section

SBM-2\_03,04 Strategy Section

SBM-2\_08,09 ‘Market trends’, Strategic Report

‘Chief Executive Officer’s letter’,

Strategic Report

SBM-2\_10 ‘Chair’s letter’, Strategic Report

‘Chief Executive Officer’s letter’,

Strategic Report

SBM-3 Material impacts, risks

and opportunities and their

interaction with strategy and

business model

SBM-3\_01,06,07  ‘Double materiality Assessment’,

Strategic Report

SBM-3\_03,10 ‘Business Resilience’, Strategic Report

SMB-3\_08,09,10 ‘Principal risks & opportunities’,

Strategic Report

SBM-3\_12 ‘Double materiality Assessment’,

Strategic Report

IRO-1 Description of the process

to identify and assess material

impacts, risks and opportunities

IRO -1\_ 01 ‘Double materiality Assessment’,

Strategic Report

IRO -1\_11 ‘Business Resilience’, Strategic Report

E3.IRO-1\_02 & E2.

IRO-1\_02 & E4.IRO-1\_05&

E5.IRO-1\_02 & IRO-1\_05

‘Stakeholder Forum – hearing from our

stakeholders on what matters most’,

Strategic Report

Topical Standards E1. M D R-T\_ 0 8  ‘Licence to operate’, Strategic Report

E5.MDR-A\_06,07,09,10 Financial Statements

E5.MDR-A\_11,12 Financial Statements

S1-2\_01,02,04 ‘Engaging with our stakeholders’,

Governance section

S1-6\_17 ‘Note 8’, Financial Statements

S4-2\_04 ‘Market trends’ , Strategic Report

‘Leverage our unique 24/7 portfolio’,

Strategic Report ‘

Coca-Cola HBC Integrated Annual Report 202444

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Governance

GOV-1 The role of the administrative,

management and supervisory bodies

GOV-1\_01,02,05,06,07

Board structure and diversity: please refer to

‘Corporate Governance Report’, part ‘Governance

at a glance’ on page 191. ELT information: please

refer to ‘Corporate Governance Report’, part ‘The

Executive Leadership Team’ on pages 207-209.

GOV-1\_ 03

Our administrative, management and

supervisorybodies are in accordance with

regulatory requirements. The representation of

workers in those bodies is based on local law, and

countries adhere to that. For example, in Austria

there is representation of the local works council

in the supervisory board based on local law.

GOV-1\_ 08

Responsible for oversight of impacts, risks

andopportunities are, at Board level, the Social

Responsibility Committee and the Audit and Risk

Committee of the Board of Directors.

The Social Responsibility Committee of the

Boardof Directors establishes principles

governing social and environmental management

and oversees the performance management

toachieve our sustainability goals (social and

environmental). It establishes and operates

acouncil responsible for developing and

implementing policies and strategies to

achievethe Company’s social responsibility and

environmental goals (in all environmental, social

and governance pillars, such as climate change,

water stewardship, packaging and waste,

sustainable sourcing, health and nutrition, our

people and communities, and biodiversity). It

ensures Group-wide capabilities to execute

thesepolicies and strategies, and approves our

sustainability strategy, commitments, targets

andpolicies.

The function of the Audit and Risk Committee

isto serve as an independent and objective body

with oversight of the Group’s accounting policies,

financial reporting, and disclosure controls and

procedures; the Group’s approach to internal

control and risk management; the quality,

adequacy, and scope of internal and external

auditfunctions; and the Group’s compliance

withlegal, regulatory and financial reporting

requirements. In addition, the external

auditorreports directly to the Committee.

Further information regarding the responsibilities

of the Committees is available in the Governance

section of the report, ‘Social Responsibility

Committee’ and ‘Audit and Risk Committee’ parts.

GOV-1\_ 09

Our CEO and the ELT are ultimately accountable

for performance against our sustainability goals

and for the execution of our sustainability agenda.

The Sustainability Steering Committee

(‘Sustainability SteerCo’), led by the CEO and

including members from various functions such

asSupply Chain, Procurement, Corporate Affairs

&Sustainability, Finance and Commercial, meets

regularly. During these meetings, they discuss

performance, approve new strategic initiatives and

allocate resources. Sustainability SteerCo, through

its respective ELT members, is responsible for:

•  setting corporate sustainability targets;

•  measuring progress towards environmental

andsocial corporate targets;

•  conducting environmental scenario analysis;

•  managing public policy engagement related to

environmental and social issues;

•  implementing business strategies related to

sustainability (environmental and social) issues;

•  managing acquisitions, mergers and

divestitures related to environmental and

socialissues;

•  overseeing major capital and/or operational

expenditures related to environmental and

social issues;

•  assessing the results of environmental

dependencies, impacts, risks and opportunities;

•  providing employee incentives related to

sustainability performance;

•  implementing a climate transition plan;

•  managing sustainability reporting, audit and

verification processes; and

•  measuring progress towards science-based

environmental targets and social targets.

GOV-1\_10 ,11

The Sustainability SteerCo receives regular

information and updates on sustainability issues

from various departments, who own the

respective agenda, such as the:

•  Corporate Sustainability team, which monitors

and reports on the Company’s Mission 2025

commitments (our environmental and social

targets), sustainability projects, stakeholders’

engagement and external ESG trends;

•  Business Resilience team, which facilitates,

in collaboration with various Group and BU

functions, the identification, assessment and

development and monitoring of management

plans for all principal risks and opportunities,

including those relating to climate change;

•  Quality, Safety and Environment (QSE) and

Engineering teams, which explore and evaluate

new technologies and partnerships that

can enhance the Company’s environmental

performance and competitiveness;

•  People and Culture team, which monitors and

reports on some of the social targets and KPIs,

projects and diversity, equity & inclusion (DEI)

agenda; and

•  Procurement team, which monitors sustainable

sourcing and suppliers’ engagement.

At the local/market (business unit) level, our

business unit General Managers (GMs) have

frontline responsibility for: monitoring the local

business unit sustainability performance regularly;

localising sustainability strategy for their market/

business unit; and prioritising the local initiatives.

Together with the local leadership teams, our GMs

are responsible for the execution of sustainability

goals at market/business unit level.

GOV-1\_12

The reporting lines for the governance structure

on sustainability extend from the Board level, and

further downwards to the ELT, and the Group level

to the BU and country level. This vertical and

horizontal interaction ensures a robust interface

among committees, teams and leadership,

facilitating the sharing of responsibilities for

various aspects of sustainability.

GOV-1\_13,14

We have dedicated controls and procedures

inplace to manage our impacts, risks and

opportunities. Each function is responsible

foritsrespective area, such as:

•  QSE, for emissions, energy, water usage ratio,

waste;

•  Procurement, for ensuring sustainability at

supplier level and sustainable sourcing;

•  People and Culture, for overseeing people-

related KPIs, human rights and employee

engagement;

•  Corporate Affairs and Sustainability, for

packaging collection, recycled PET, community

social programmes, volunteering, water

stewardship at community level;

•  Business Resilience for overall risk management

and scenario analysis; and

•  Legal, for compliance, corporate governance

agenda, Code of Business Conduct.

All functions conduct regular performance

reviews, at least quarterly and often monthly,

where sustainability-related KPIs and

performance are presented and discussed, and

action plans are agreed upon. These reviews start

at local plant, warehouse, country and BU levels on

a monthly basis and continue up to the Group

functions. Group functions, along with their

respective heads and ELT-responsible members,

monitor the targets monthly.

Coca-Cola HBC Integrated Annual Report 202445

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

We also develop short- and long-term sustainability

targets (e.g., targets set for 2025 in 2018, as well

as targets for 2030 and 2040) that address the

most material impacts across all three segments

of the value chain.

Every set of sustainability targets is aligned

withthe respective responsible function, before

being presented and endorsed by the ELT and

subsequently by the Social Responsibility

Committee of the Board of Directors. This

process has been followed for all Mission 2025

sustainability targets, science-based targets

related to carbon emissions, the NetZeroby40

target, biodiversity and others.

We also apply very rigorous quality, food safety,

health and safety and environmental standards

ofThe Coca-Cola Company (TCCC), so-called

KORE standards, mandated for each of our

manufacturing sites, warehouse and distribution

centres, where the control is under the local

plant-level management and it is assured via

regular cross-border internal audits, external ISO

audits, external audits by TCCC, and external

Workplace Accountability audits.

GOV-1\_ 04

Our Board and ELT comprises of experienced

individuals from diverse backgrounds, countries

and industries. Their biographies, found on

pages195 to 197 and 207 to 209 of the ’Corporate

Governance’ section highlight their

extensiveexperience.

GOV-1\_15

We are proud of the diverse skills and experiences

of our Board. 10 out of 13 Board members

possess the appropriate skills and experience

insustainability matters.

For example, in relation to ESG matters, we have

members who are familiar with environmental

matters, such as climate, water stewardship,

biodiversity and packaging, and with social and

governance, such as Anastasios Leventis,

Evguenia Stoitchkova, Charlotte Boyle and

ZoranBogdanovic.

GOV-1\_16

We ensure that the Board members and each

Committee receives a satisfactory ongoing

training and education programme as necessary

to deliver on the Group’s strategy, including the

sustainability-related trainings. That is a

responsibility of our Nomination Committee.

Further details can be found on page 211 in the

‘Corporate Governance’ section of thereport.

GOV-1\_17

We ensure our Board’s competency on both

environmental and social issues and impacts, and

on risks and opportunities. Our Board includes

members who hold significant positions (co-

founder, CEOs) andare members of various

organisations and institutions, such as the

European Council of the Nature Conservancy, the

WWF Hellas (Greek branch of WWF), the Overseers

of the Gennadius Library in Athens, the UK for UN

High Commission for Refugees (UNHCR). These

roles provide our Board members with deep

insights into environmental conservation, social

responsibility and risk management, which are

directly relevant to our Company’s material

impacts, risks and opportunities. More

information is available in the ‘Corporate

Governance’ section, paragraph ‘2024 actions

based on 2023 Board evaluation findings and

previous experience’, page 214.

GOV-2 Information provided to,

andsustainability matters addressed

by,CCHBC’sadministrative, management

andsupervisory bodies

GOV-2\_04

The Board reviews and approves strategy,

monitors performance towards strategic

objectives, oversees implementation by the ELT

and approves matters reserved for Board decision

by the Articles of Association. The governance

process of the Board is outlined in our Articles of

Association and the Organisational Regulations.

For further details, please consult our website.

GOV-2\_02

In 2024, we developed our Business Resilience

(BR) Framework, which replaces our Enterprise

Risk Management Programme. The BR Framework

maintains all key aspects of effective risk

management but also incorporates other

BRelements – security, business continuity,

insurance and crisis management.

The Board retains overall accountability and

responsibility for the Group’s business resilience,

risk management and internal control systems.

Itprovides direction to the business on the level

ofacceptable risk through the Risk Appetite

Statement and receives regular reports from

theCRO (Chief Risk Officer) on the extent to

which that statement in applied throughout the

business. In 2024, the Board reviewed the Risk

Appetite Statement and that was applied through

the setting of risk tolerance levels for every risk

that business units and Group functions assessed.

The Board also reviews the Principal and

EmergingRisks and key resilience management

plans, includingour Group and Local insurance

programmes annually and, through the work of

theAudit and Risk Committee, receives quarterly

updates on the effectiveness of the business

resilience and risk management program. Insights

from our assessment of principal and emerging

risks and opportunities are taken into account

bythe Board as part of their continuous review

ofthe relevance and effectiveness of our

businessstrategy.

For more information on our Business Resilience

Programme, see section ‘Business Resilience’

inthe strategic part of this IAR.

GOV-2\_01

Additionally, to ensure the effectiveness of our

policies and actions, the Social Responsibility

Committee reviews Group policies on

environmental issues, human rights and other

topics as theyrelate to social responsibility.

Further information regarding the responsibilities

of the Social Responsibility Committee can be

found on the pages 215 to 216 of the report, while

for details on our policies, please visit our website.

During 2024, the Social Responsibility

Committeemet four times, as noted in the

Governance section, Social Responsibility

Committee, part of the report. In every meeting,

sustainability-related topics, such as climate, water

stewardship, packaging, public policies and others,

are discussed, and the Committee stays informed

about material sustainability matters that

emerged during the reporting year.

Coca-Cola HBC Integrated Annual Report 202446

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

GOV-2\_03

The results of our materiality assessment were

reviewed and approved by CCHBC management

and endorsed by the Social Responsibility and

Audit and Risk Committees of the Board of

Directors. The lists of the reviewed material topics

are presented in our Table on pages 39-40 in the

‘Double Materiality Assessment’ of the Strategic

Report.

GOV-3 Integration of sustainability-related

performance in incentive schemes

GOV-3\_01

In Coca-Cola HBC, we provide both monetary

andnon-monetary incentives for achieving

oursustainability goals across all organisational

leadership layers, not only on Group & C-suite

levels, but also on country and plant-management

levels down to production shop floor. We believe

each employee plays an important role in the final

achievement of our sustainability targets and has

these goals embedded into their work culture

andethics, therefore all employees can receive

recognition for their performance in minimising

our impact on climate and environment and

improving our social performance. Substantiated

violations of our Company’s Code of Business

Conduct result in disciplinary measures, which

include loss of bonus, unpaid suspension,

formalwritten reprimand and termination.

GOV-3\_06

The Remuneration Committee’s role includes

incentivising strong business performance and

appropriately rewarding contributions to the

Company’s long-term success. The Committee

has reviewed the policy-based outcomes under

the performance share plan (PSP).

GOV-3\_04

The CEO’s individual performance is measured

inkey strategic areas and taken into account for

MIP. Please refer to the Corporate Governance

section, ‘Directors’ remuneration report’, the

content and table under the paragraph ‘2024 MIP

performance outcome’ on pages 223 to 224.

E1.GOV-3\_01

Coca-Cola HBC has introduced GHG emission

reduction targets as one of the elements in its

long-term management incentive plan (LTIP) and

also PSP. This was selected to directly align with

and incentivise delivery of the Company’s ESG

objectives, particularly our ambitious goal to achieve

net zero emissions across our entire value chain

by2040.

GOV-3\_02,04 & E1.GOV-3\_01,03

Since 2021, the reduction in GHG emissions metric

was selected as part of the LTIP to directly align

with and incentivise delivery of the Company’s ESG

objectives. This includes our ambitious goal to

achieve net zero emissions across our entire value

chain by 2040, covering all scopes of emissions

(scope 1, 2, 3) in all territories where we operate

1

,

and our approved by the Science Based Targets

initiative (SBTi) targets (2030 target year). The CO

2

emissions target in the PSP implicitly captures

reduction in plastics. Also, it indirectly captures

water as linked to climate risk scenarios (both

physical and transition).

E1.GOV-3\_03

Since its inclusion in the LTIP in 2021 until 2024,

wehave achieved our annual roadmap for absolute

emissions reduction, and we are progressing as

per the net zero transition plan to reach our

science-based absolute emissions reduction

by2030 and further to net zero by 2040.

Our Mission 2025 sustainability commitments

related to the percentage energy-efficient

coolers are up to 60% in 2024 versus 55% in 2023,

meaning that in both years we exceeded our 2025

target (2025 target is 50%); also, we continue

using 100% renewable and clean electricity in

ouroperations in EU and Switzerland (2025 target

is100%) and we overachieved our 2025 target

ontotal renewable and clean energy in direct

operations reaching 53% (2025 target is 50%).

GOV-3\_02

Aligned with science and 1.5-degree Celsius

scenarios and approved by the SBTi, our PSP

hassome specific characteristics, as presented

inthe ‘Directors’ remuneration report’ section

ofthe report.

GOV-3\_03

The vesting schedule for PSP performance

conditions is a straight line between the threshold

and maximum performance levels. For the first

time the emissions reduction was introduced in

the LTIP in 2021. Additionally, Mission 2025

commitments performance is part of the annual

individual performance metrics measured, and the

achievement of the goals of helping communities

in water risks areas by implementing water

stewardship projects, #YouthEmpowered,

%women in management, % energy-efficient

coolers, progress made towards packaging goals,

and CO

2

emissions ratio are included.

E1.GOV-3\_02

CO

2

emissions are part of the LTIP (15% weight)

and PSP of all people eligible, including all C-suite

and senior management members.

E1.GOV-3\_01

LTIP awards are cascaded down to select

members of middle and senior management.

Specifically, for CEO- and Director-level

remuneration arrangements, annual variable

compensation includes sustainability objectives

such as employee engagement and sustainability

commitments from Mission 2025 as disclosed in

the Corporate Governance section, ‘Directors’

remuneration report’ on page 222 to 247.

GOV-3\_04

Please refer to the Corporate Governance

section, ‘Directors’ remuneration report’, the

content and table under the paragraph ‘2024 MIP

performance outcome’ on pages 240 to 241.

GOV-3\_03

The CEO’s individual performance metrics were

measured versus the following priorities in 2024:

•  Business performance

•  Employee engagement

•  Sustainability commitments

The Remuneration Committee took into account

additional achievements during 2024, among

them: the leading score in beverage industry at

S&P Global Corporate Sustainability Assessment

(DJSI), achieved top scores in S&P Global

Sustainability Yearbook, double A from CDP,

GOV-3\_05

The proportion of variable remuneration

dependent on sustainability-related targets

and/or impacts is up to 15%.

1.  In the last two years, due to the geopolitical situation and inability to influence some factors outside of our control, Russia and Ukraine are excluded from the GHG emissions data in the LTIP and PSP.

Coca-Cola HBC Integrated Annual Report 202447

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

GOV-4 Statement on due diligence

GOV-4\_01

Our due diligence work is conducted in accordance with the OECD Guidelines for Multinational Enterprises and implemented by our members from various functions, such as Supply Chain, Procurement,

Corporate Affairs & Sustainability, Finance, Risk and Commercial, and then presented to the Social Responsibility Committee, which reports to the Board of Directors.

Table 2: Elements of due diligence within the sustainability statement

Core elements

of due diligence

Paragraphs in the

sustainability statement Pages in the sustainability statement

Embedding duediligence

ingovernance, strategy

and business model

GOV-2 Information provided to and

sustainability matters addressed

CCHBC’s administrative, management

and supervisory bodies

Read more p.46

GOV-3 Integration of sustainability-

related performance in

incentive schemes

Read more p.47

SBM-3 Material impacts, risks and

opportunities and their interaction

with strategy and business model

Read more p.55, 85

Engaging withaffected

stakeholders inall key

steps ofthe due diligence

GOV-2 Information provided to

andsustainability matters addressed by

CCHBC’s administrative, management

and supervisory bodies

Read more p.46

SBM-2 Interests and views of

stakeholders

Read more p.52 to 54

IRO-1 Description of the process to

identify and assess material impacts,

risks and opportunities

Read more p.59, 65

MDR Policies

Read more p.85, 100, 103,

104, 114, 116, 118, 119, 127,

131, 148,156

Topical ESRS

Read more p.116, 135, 157

Core elements

of due diligence

Paragraphs in the

sustainability statement Pages in the sustainability statement

Identifying andassessing

adverse impacts

IRO Description of the process to

identify and assess material impacts,

risks and opportunities

Read more p.59, 65

SBM-3 Material impacts, risks and

opportunities and their interaction

with strategy and business model

Read more p.55, 85, 130,

146, 155

MDR Policies

Read more p.85, 100, 104, 116,

119, 131, 148, 156

Topical ESRS

Read more p.101, 104, 114, 116

Taking actions toaddress

those adverse impacts

MDR Actions

Read more p.87, 102, 106, 117,

120, 131, 151

Topical ESRS

Read more p.102, 106, 137, 149

Tracking the

effectiveness ofthese

effortsand

communicating

MDR Targets

Read more p.91, 103, 112, 118,

125, 141, 158, 160

Topical ESRS

Read more p.114, 118, 125,

126, 142

Coca-Cola HBC Integrated Annual Report 202448

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

GOV-5 Risk management and internal controls

over sustainability reporting

GOV-5\_02

Sustainability is embedded as a core element

ofour management practices and a key element

of our Business Resilience Framework. We take

the same approach to identifying risks and

opportunities, developing management plans to

reduce negative impact or leverage opportunity,

and reporting of sustainability-related risks as we

do with all risks and opportunities.

Our Risk Management programme is a five-step

process that is linked to our strategies and can

beapplied across all business activities (e.g.,

business risk, project risk, new product

development). Itinvolves:

1. Risk identification.

2. Analysing the inherent risk by evaluating

potential impact and likelihood.

3. Assigning current risk ownership, mitigation

activities and internal controls, and analysing

residualrisk.

4. Preparing appropriate action plans to manage

the risk and achieve our risk objective.

5. Monitoring, reviewing and auditing and

reporting.

GOV-5\_01

Governance of all risks, including sustainability-related

risks, is the responsibility of the Board. During the year,

the Board reviews our principal and emerging risks and

opportunities, including those associated with climate

change, water management and health & safety.

Additionally, the Social Responsibility Committee

ofthe Board takes a particular interest in risks

associated with climate change.

Reporting of our sustainability-related risks,

including climate-related risks, are integrated

intoour Risk Management programme. Prior to

external disclosure, all risk assessments and

management plans, including sustainability-

related risks and opportunities are subject to

rigorous review by the Group Business Resilience

Team, the Group Risk and Compliance

Committee, the ELT, the Audit and Risk

Committee of the Board and the full Board; and

are subject to internal audit.

Our approach to ESG data management

supported by the Finance function continues to

evolve by applying financial reporting principles

toour non-financial data and through the

development of a robust control environment,

alongside policies, to progress our ESG objectives.

We have internal sustainability process guidelines,

which establish the minimum requirements for

environmental management and provide

frameworks, templates and tools to ensure a

unified approach across all CCH markets. All CCH

entities are required to adhere to these guidelines.

This year, we have reviewed the data governance

interaction model we follow. This was undertaken

to clarify roles and responsibilities and to provide

updated documentation and training for Data

Stewards at the business unit level.

We continue to update the process in the business

units for data gathering of formal evidence (e.g.,

photos of water meters, email communication,

reports) for all water usage for the year to ensure

traceability and accuracy. We have put a process

inplace to ensure that all strategic goals related

toNetZeroby40 and other sustainability

commitments are clearly set out and

monitoredproperly.

Our health and safety rules are communicated to

our employees. In addition, we have established

processes and procedures to ensure that regular

training is provided to employees in accordance

with their roles and responsibilities and any

relevant regulatory requirements. Finally, local

health and safety regulations are properly

monitored to ensure continuous compliance.

Wehave set a process in place to ensure that any

health and safety issues are followed up in a timely

way and remediated through reporting channels.

We comply with the local QSE requirements, and

we monitor closely any legislation changes.

GOV-5\_04

Sustainability-related risks are integrated into

ourRisk Management Programme, as detailed

inthe IAR section ‘Business Resilience: Proactive

management of risks and opportunities’. As part of

our Risk Management programme, sustainability-

related risks and opportunities are discussed,

monitored and prioritised, relative to other risks,

during the principal risk assessment process. The

outcomes of engagement with business units

andcross-functional teams are integrated into a

principal risk report, which is reviewed by the Group

Risk and Compliance Committee (GRCC). The

Committee ensures that principal risks, as detailed

in the IAR section Principal Risks and Opportunities,

are reviewed with a broader, cross-functional

perspective, integrating findings into the principal

risk report submitted to the ELT and quarterly to

the Audit and Risk Committee of the Board.

Once a risk is identified and assessed, risk owners,

accountable managers and risk mitigation plan

owners are assigned for monitoring, developing

and implementing mitigating actions and to

ensure clear accountabilities at all stages of the

process. The outcomes of these assessments

and the monitoring of the effectiveness of the

management plans and internal controls

associated with them are reviewed by the Group

Business Resilience Team in collaboration with

Group risk owners, the Regional Management

Teams, the Group Risk and Compliance

Committee, and are subject to internal audit.

GOV-5\_05

Our internal audit department conducts

independent cross-regional sustainability audits,

assessing the processes that support sustainability

reporting and data-collection standardisation

across a sample of business units and Group

functions, aiming to identify opportunities to

enhance the overall effectiveness and efficiency of

processes and controls. The audits are conducted

in conformance with the International Standards

for the Professional Practice of Internal Auditing.

The findings are submitted to the Audit and Risk

Committee. The Board and its Committees

conduct annual reviews of the effectiveness

ofour internal controls.

Our local compliance with QSE regulations is

reviewed quarterly, either internally or externally,

within the context of ISO Audits for Quality,

FoodSafety, Occupational Health and Safety,

andEnvironment. On a quarterly basis, the results

ofsuch reviews and inspections are presented

tothe Board’s Audit and Risk Committee.

GOV-5\_03

Variations in data collection practices present

challenges to a company’s sustainability reporting

process. Some metrics presented across the

statement, especially for upstream and downstream

value chain segments, are estimated using indirect

sources. For example, the calculation of scope 3

greenhouse gas (GHG) emissions and data related to

the percentage of recycled materials. The timing and

availability of data across the value chain are crucial

for effective decision-making and operational

efficiency. Ensuring data synchronization across

different stages of the value chain is essential for

providing appropriate accuracy. While these factors

introduce some risks, they are manageable with

careful planning and attention.

Strategy

SBM-1 Strategy, business model and value chain:

SB M-1\_ 01

Our growth strategy reflects our vision to be

theleading 24/7 beverage company. It is built on

five key pillars of growth, each of which is a core

strength or competitive advantage, while at the

same time, they reflect on different sustainability

aspects. Our five strategic growth pillars include:

•  Leverage our unique 24/7 portfolio.

•  Win in the marketplace.

•  Fuel growth through competitiveness

andinvestment.

•  Cultivate the potential of our people.

•  Earn our Licence to operate.

Coca-Cola HBC Integrated Annual Report 202449

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

For more information, please visit the ‘Strategic

Report – Growth pillars’ section of the IAR.

Our portfolio includes some of the world’s best-

known beverages. We produce and sell an

unparalleled portfolio of beverage brands relevant

toevery customer, consumer and occasion. Our

portfolio is one of the strongest, broadest and most

flexible in the beverage industry, offering consumer-

leading brands in the Sparkling, Juice, Water, Sport,

Energy, Ready-to-drink Tea, Coffee, Adult Sparkling,

Snacks and Premium Spirits categories.

We have high-growth opportunities across

high-value occasions and categories. Our flexible

portfolio caters to a growing range of tastes and

preferences, with a wider choice of both affordable

and premium products, and a wide range of

healthier options. Our Sparkling portfolio has

evolved with the proliferation of zero-sugar and

light variants, single-serve packs and broader

innovation in flavours, and it is the most significant

group of products as it represents the main source

of revenue. Our 24/7 portfolio has considerable

growth potential, driven by our strategic priority

categories, Sparkling, Energy and Coffee.

SB M-1\_ 02

We operate in markets with different profiles,

aspresented in the ‘Strategic Report – Growth

pillars’. Every market we serve holds significant

importance to us, contributing substantially to

ouroverall revenue and growth. Our ‘Emerging’

markets contribute to the 45% of our revenues,

followed by the ‘Established’ markets with 33%

and the ‘Developing’ markets with 22%. Further

details are available on pages 2-3.

Our route to market includes a wide range

ofconsumer channels – from supermarkets,

convenience stores and vending machines,

to‘Hotels, Restaurants and Cafés’ (HoReCa).

Our roots date back to 1951 when A.G. Leventis

founded the Nigerian Bottling Company in Lagos.

Since then, the business has expanded, now

covering Armenia to Austria, Egypt to Estonia

andSerbia to Switzerland. We serve 750 million

potential consumers across 29 countries and have

proven routes to market and leading market

positions in aunique geographic footprint across

Western, Central and Eastern Europe, and Africa.

SBM-1\_03,04

We are approximately 33,000 passionate, diverse

and committed professionals. The geographical

distribution of our employees (FTEs) is as follows:

Table 3: Geographical distribution of

employees

2024

Geographical area Permanent Temporary

Region 1 5,914 98

Region 2 7,829 679

Region 3 12,368 2,595

Italy 1,991 20

Corporate Centre 1,508 18

Subtotal 29,609 3,409

Total 33,018

•  Region 1 includes the following countries:

Austria, Czech Republic, Slovakia, Hungary,

Republic of Ireland, Northern Ireland, Poland,

Estonia, Lithuania, Latvia and Switzerland.

•  Region 2 includes the following countries:

Bosnia and Herzegovina, Slovenia, Croatia,

Bulgaria, Greece, Cyprus, Romania, Serbia

(including the Republic of Kosovo), Montenegro,

Ukraine, Moldova andArmenia.

•  Region 3 includes the following countries:

Russia, Nigeria, Egypt and Belarus.

Further information about our employees is

available in the ‘Cultivate thepotential of our

people’ section of the IAR.

SBM-1\_05,06

None of our products are banned in the markets

where we operate, and we comply with all local

legal requirements for the sale and marketing of

those products. Wherever there is stakeholder

concern expressed relating to beverage industry

ingredients, we address those concerns through

our industry associations and other alliances. As

presented in the Financial Statements, our annual

revenue reached €10,754 million.

SB M-1\_ 21

Sustainability is embedded in every aspect of

ourbusiness as we look to create and share value

with all our stakeholders. We make a strong

contribution to developing the societies in which

we operate through employment and our wider

supply chain, as well as through supporting

community projects.

We have established strong targets to embrace

sustainability. Our Mission 2025 commitments

onclimate, packaging, water, ingredients, nutrition,

people and communities set measurable targets.

Further details and data related to ‘Our Mission 2025’

sustainability-related goals and the relationships

with stakeholders are available inthe Strategic

Report, ‘Earn our Licence to operate’ and ‘Tracking

our progress’ sections of the report.

Our Company announced our commitment to

achieving net zero emissions across its entire

value chain by 2040, and we are firm in our target

to reduce our emissions footprint across scope 1,

2 and 3. This commitment is approved by the SBTi.

Together with the Coca-Cola System, we have

started to actively engage with our significant

suppliers that represent over 70% of our scope 3

emissions, on how to measure GHG and prompt

them to actively disclose in the CDP and develop

their own science-based target commitments.

In 2023, we joined the engagement programme

ofthe Science Based Targets Network (SBTN),

and we are committed to follow their guidelines

and methodology for setting science-based

targets for nature. Our target is to make a net

positive impact on biodiversity in critical areas

ofour operations and supply chain by 2040 and

eliminate deforestation in our supply chain by

2025, and we focus our efforts on the relevant

actions so both nature and business can thrive.

We strive to minimise food loss andfood waste in

our operations as this helps us preserve water and

other natural resources, avoid carbon emissions

and mitigate the social and economic impacts of

agriculture. Our target to tackle food waste and

loss across our activities and operations is to

decrease our absolute food losses (in dry matter)

by 30% by 2025 compared toour 2019 baseline,

and further reduce by 40% by 2030 versus 2019.

We also strive to reach 100% recycled waste and

have zero waste to landfill from manufacturing.

SB M-1\_ 22

When setting our sustainability goals, we consider

our main activities and their impact, and the goals

cover all our business units, not only the largest

ones. We require each of our operations to

followour sustainability standards, with each

sustainability target set first at the overall

Grouplevel, and then we disaggregate for

eachofouroperations.

The disaggregation leads to an individual country/

business unit annual roadmap, and we conduct

performance reviews based on those annual

roadmaps. In some areas, such as water,

wherechallenges and risks are very local (e.g.,

watershed-specific challenges and risks), we set

our Group target for those risky areas, but the

individual plant target considers the local issue

and specifics.

For suppliers, our overall ESG requirements apply to

every supplier or partner (e.g., our Supplier Guiding

Principles). However, for some specific goals,

suchas sustainable certification of agricultural

ingredients, we consider only the main and most

impactful agricultural ingredients representing

asignificant part of our procurement spend.

In our Mission 2025, as set in 2017 and endorsed

in2018, when the Egyptian operations were not

yet part of CCH, the actual and target data

excludes Egypt. Our updated 2030 emissions

target, and in our long-term commitments, such

as NetZeroby40 and a positive impact on

biodiversity by 2040, Egypt is included.

Coca-Cola HBC Integrated Annual Report 202450

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

SB M-1\_ 23

Our boldest sustainability commitment,

NetZeroby40, requires significant decarbonisation

of each part of the value chain and decoupling the

emissions from the business growth. In some

cases, for example to reduce emissions from

packaging materials and increase packaging

circularity, we will use more reusable bottles

(returnable glass bottles), which lead to more

waterconsumption in our manufacturing sites for

cleaning of the bottles and also more kilometres

driven for reverse logistics (transportation of

theempty bottles back to the plants). Using more

natural ingredients and providing more beverages

with no preservatives to respond to the health

andnutrition expectations of our consumers lead

to increased requirements of our suppliers and

highercost of sourcing the ingredients.

For more information on our actions, please

seethe ‘Licence to operate’ and ‘Cultivate the

potential of our people’ sections of this report.

SB M-1\_ 25

Our business model describes the essence

ofwhat we do: how we create value for all our

stakeholders from the resources and relationships

we need to operate the business. Analytical

description of our business model is available

inthe Value Chain graphic on page 42.

SB M-1\_ 26

For further details regarding the inputs and our

approaches to gather, develop and secure those

inputs, please see the Value Chain graphic on page

42and ‘Business model’ section on pages 6-7.

SB M-1\_ 27

We believe that the only way to create long-term

value for all our stakeholders is through sustainable

growth. Our stakeholders and the wider communities

where we operate benefit inmultiple ways. Each

stakeholder group has different benefits

depending on their position inthe value chain.

Forour stakeholders’ benefits, please consult

the‘Business model’ section on page 7.

We have a strong socio-economic impact. As a

strategic bottling partner of TCCC, we are aware

that our impact on society is significant.

We create value for the societies we operate in by

creating jobs, training workers and as community

participants, building physical infrastructure,

procuring raw materials locally, transferring

technology, paying taxes, expanding access

toproducts and services, and creating growth

opportunities for our customers, distributors,

retailers and suppliers.

Through the Socio-Economic Impact Study, which

we perform in each of our markets together with

TCCC, we understand how our activities benefit

economies and societies and what our total

contribution is to the domestic economy, local

communities and employment. Further details

regarding the metrics of our socio-economic impact

are available in the Strategic Report, ‘Socio-

economic contribution’ paragraph on page7.

SB M-1\_ 28

Our upstream value chain segment incorporates

all the activities that supply us with the key

sustainably produced raw materials and resources,

equipment and services to produce our products.

For that purpose, we partner with our suppliers.

We transform these resources into products

through anoptimised manufacturing

infrastructure, creating valuefor our employees,

investors and governments in thecountries where

we operate. We are an exclusive partner of TCCC

in 28 markets. TCCC owns, develops and

marketsits brands with the end-consumer.

Weareresponsible for producing, distributing

andselling these beverages. We work together

toensure thatwe have the right portfolio

forourmarkets andto ensure excellent, efficient

execution. We buy concentrate from TCCC

underanincidence-based pricing model. We

alsoshare marketing costs and responsibilities;

TCCC undertakes marketing to consumers

whilewe take responsibility for trade marketing

toourcustomers.

In the downstream value chain segment, we

deliver our products through a robust channel

network andpartner with our customers for the

products’ delivery to the end-users (consumers).

Data & Insights

Portfolio Strategy

Investments in

Revenue Growth

Capabilities Plans

Talent Exchange

Making Our

Packaging Circular

Brand

Ownership

Portfolio

Development

Consumer

Marketing

Concentrate

Supply

Production

of Beverages

Portfolio Sales &

route to market

Customer Marketing,

Execution & Management

Bottling Capex

Investments

Coca-Cola HBC Integrated Annual Report 202451

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

N

G

O

s

G

o

v

e

r

n

m

e

n

t

s

O

u

r

p

e

o

p

l

e

T

h

e

C

o

c

a

-

C

o

l

a

C

o

m

p

a

n

y

S

h

a

r

e

h

o

l

d

e

r

s

P

a

r

t

n

e

r

s

i

n

e

ffi

c

i

e

n

c

y

O

u

r

c

o

n

s

u

m

e

r

s

O

u

r

c

o

m

m

u

n

i

t

i

e

s

O

u

r

c

u

s

t

o

m

e

r

s

Our

stakeholders

SBM-2 Interests and views of stakeholders

SBM-2\_01,03

We partner and we engage with stakeholders that share our commitment to a sustainable future and

have a stake in our business. Engaging with our stakeholders strengthens our relationships and helps

usmake better business decisions and deliver on our commitments.

SBM-2\_02

Except for our people (employees), our key stakeholders include a) investors (shareholders and

analysts), b) customers, c) consumers, d) suppliers, e) governments and regulatory authorities,

f)NGOsand IGOs, g) communities and h) TCCC. Further information is available in the‘Stakeholder

engagement’section on pages 10-11.

SBM-2\_03,04

We strive for long-term partnerships with non-governmental organisations, customers, suppliers,

academia and other stakeholders to maximise the impact of community programmes.

We have organised various types of engagement tailored to each stakeholder’s nature, their

relationship with our value chain, and their specific needs.

Our people •  Focused and continuous conversations

•  Employee Assistance Programme

•  Regular employee surveys to understand and act on needs and wellbeing

•  Offering personalised experiences and opportunities for personal and

professionalgrowth

•  Ongoing dialogue with employee representative bodies

Our customers •  Key account managers engage with our customers at a strategic level

•  Our business developers visit outlets with digital tools and insights to add value

•  Partnering to reduce food loss and waste

•  Introduce new packaging types and support packaging collection

•  We regularly search for feedback, measure and analyse customer engagement

Our consumers •  Together with TCCC, we understand consumers’ needs and preferences

through our access to consumer insights

•  Consumers also provide feedback on social media and via consumer hotlines

Our communities •  We engage with customers and partners to understand what skills and training

young adults need in specific markets

•  Via our #YouthEmpowered sessions, we increase the employability of

youngpeople

•  We participate actively to support the set-up and implementation of new

packaging collection schemes

•  Addressing water challenges in water priority locations

•  We participate in different volunteering initiatives

•  We launched the Coca-Cola HBC Foundation to support communities where

we operate

•  We provide disaster relief in every business unit where we operate

Governments  •  Much of our engagement with governments is conducted at an industry level

through trade associations

•  We partner with local governments to tackle waste-collection challenges and

water availability

NGOs •  We include NGOs and community partners in our leadership development

programmes, offering online training for managing virtual teams and leading in

times of crisis

•  We partner with specific NGOs for targeted environmental and social projects,

and for disaster relief

•  We engage through our Group Annual Stakeholder Forum and our annual

materiality assessment, as well as through ad hoc meetings

Coca-Cola HBC Integrated Annual Report 202452

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Our suppliers •  Feedback received through our Group Annual Stakeholder Forum

•  Regular, ongoing interaction with the Coca-Cola System’s central

procurementgroup and our technology and commodity suppliers

•  Sustainability workshops organised with main suppliers

•  Specific meetings for sustainability discussions with critical suppliers

•  Training opportunities provided via SLoCT, EcoVadis IQ, etc.

The Coca-Cola

Company (TCCC)

•  Day-to-day interaction as business partners, joint projects, joint business

planning, functional groups on strategic issues and ‘top-to-top’ senior

management forums

Our investors •  Communication during our Annual General Meetings, investor roadshows,

press releases and results briefings, and ongoing dialogue with analysts

andinvestors

•  Monitoring and implementing the emerging trends and investors’ expectations

via participation in the ESG benchmarks and ESG raters

Further information related to our stakeholder engagement is available in the ‘Stakeholder

engagement’ section of the report, and details about our types of engagement can be found on our

website.

SBM-2\_05

Our Annual Stakeholder Forum brings together stakeholders from each stakeholder group to address

their concerns, discuss impacts and risks and propose improvement opportunities.

List of the last six Stakeholder Forums:

1.  2019 Stakeholder Forum: Water efficiency and use, water stewardship in communities,

watereducation.

2. 2020 Stakeholder Forum: Climate action in the new normal.

3. 2021 Stakeholder Forum: Winning ESG partnerships: When one plus one exceeds two.

4.  2022 Stakeholder Forum: Bridging the social and the economic: How can companies invest to deliver

value both for business and society?

5.  2023 Stakeholder Forum: Water regeneration – partnering to strengthen communities’ resilience

anddrive economic growth.

6. 2024 Stakeholder Forum: Harnessing the circular economy for packaging.

SBM-2\_07

Besides the annual stakeholder forum, we actively seek out our stakeholders’ opinions and insights by:

•  interviewing key internal decision makers and external partners;

•  conducting 26 in-depth interviews for our impact materiality with global stakeholders representing

the main stakeholder groups: investors, shareholders, customers, industry associations, NGOs,

local communities, suppliers and international institutions such as the UN Global Compact and

theInternational Organisation of Employers;

•  engaging with external stakeholders on an ongoing basis;

•  surveying the local external stakeholders during the materiality surveys for the local business

unitsustainability reports;

•  considering the material issues list of TCCC and other bottlers as well as other food and

beveragecompanies;

•  regular Employee Engagement surveys for our own employees;

•  reviewing the feedback received via our ‘SpeakUp!’ line, consumer link, social media, company’s

contacts/emails and customers’ surveys;

•  joint sustainability events with peer companies and customers at local business unit level;

•  interviews for specific topics done by external auditors during the ISO audits, workplace

accountability and suppliers audits; and

•  listening to feedback from our Group Risk and Compliance committee and all risk registers of

ourmarkets.

Hearing from our stakeholders on what matters most is essential for us. Every year, we bring together

(in virtual format) a group of diverse stakeholders to formally review our sustainability performance

andto understand their expectations for the future.

SBM-2\_05,06

We aim to strengthen our relationships with our stakeholders that would help us make better business

decisions and deliver on our commitments.

When introducing new packages or products, developing strategies or setting targets to manage the

social and environmental impacts of our operations, we consider what is meaningful and valuable to our

stakeholders. This requires understanding our stakeholders’ priorities and expectations. For instance,

to build trust by operating responsibly and sustainably, and addressing issues that are material for our

communities, we engage directly with people in the markets in which we operate, particularly those

living in the areas around our bottling operations, and through third-party partnerships.

We identify and select all types of stakeholders that can have an impact on or are affected by our

business now and in the future. This process is done both at the Group and country levels, and the

overall input is consolidated and used for our materiality surveys. Specifically, for our thematic Annual

Stakeholder Forum, we aim for at least 50% of our invited stakeholders to be directly relevant to the

issues discussed each year, with the other 50% being from all other categories. Stakeholders’ maps

areupdated regularly by the countries and Group.

Coca-Cola HBC Integrated Annual Report 202453

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

SBM-2\_12

We seek our stakeholders’ feedback and

recommendations because they are of paramount

importance. We take their insights seriously.

Wealso conduct regular customer satisfaction

surveys and consider any feedback from our

customers. Employee engagement surveys

arealso performed regularly, ensuring thevoice

ofouremployees is heard and resulting inclear

actions to improve.

The Social Responsibility Committee formally

reviews this feedback, looking forward to

accelerating our sustainability-related impacts.

Results of our annual materiality surveys have been

presented to our ELT and Social Responsibility

Committee of the Board every year.

SBM-2\_08,09

Please see the Strategic Report, ‘Market trends’

section and specifically paragraphs ‘How we are

responding’ and in the ‘Chief Executive Officer’s

letter’ section on page 9.

In Q4 2024, we opened a new Digital Hub in Egypt

to complement our existing Digital Hubs in Sofia,

Bulgaria, and Athens, Greece. This initiative is part

of the Digital Technology Platforms’ (DTPs’) new

sourcing strategy, which aims to ensure we remain

competitive, agile and future-ready. By bringing

450 more technology roles in-house and investing

in software and customised development, we are

positioning ourselves to better meet the evolving

needs of our stakeholders.

We have continued to leverage our revenue growth

management (RGM) framework to enhance our

customer offerings. This includes initiatives focused

on affordability and premiumisation, ensuring that

we cater to a broad spectrum of consumer needs.

Our leading data, insights and analytics (DIA)

capabilities are integral to this process, enabling

ustoperform micro-segmentation of customers.

This allows us to address specific consumer needs

more effectively and personalise our execution.

By investing in digital capabilities and refining our

customer offerings, we are not only enhancing

ourcompetitive edge but also ensuring that

weremain responsive to the demands and

expectations of our diverse stakeholder base.

SBM-2\_10

We are committed to continuing the development

of our 24/7 portfolio, ensuring a consistent range

of choices and strengthening our organisational

capabilities. Our goal is to be recognised as the

best partner by our customers through

distinctiveness and excellence.

Sustainability remains at the top of our

agenda.Building on our strong track record,

wewillcraft the journey to net zero and continue

raising thebar with packaging, collection and

recycling,waterusage, our #YouthEmpowered

programme,gender diversity and other

keysustainability commitments.

Please see the Strategic Report, ‘Chair’s letter’

and ‘Chief Executive Officer’s letter’, paragraphs

‘Looking ahead’.

SBM-2\_11

Engaging with stakeholders is a fundamental

aspect of our business operations. We prioritise

theinterests of the Group’s employees and other

stakeholders in our decision-making process,

recognising the importance and value of their

perspectives. This includes considering the impact

of the Company’s activities on the community,

theenvironment and the Group’s reputation.

Overall, these strategic steps are expected

tofoster stronger relationships with our

stakeholders, as they align with their interests

anddemonstrate our commitment to continuous

improvement and innovation.

S1.SBM-2\_01

We have organised various types of engagement

forour employees, which enable us to comprehend

their interests and views, as presented previously.

Respect for human rights remains a cornerstone of

our operations. Our updated Human Right Policy

aligns with current global trends in human rights,

positioning us at the forefront in this vital area across

all aspects of our business. To ensure everyone fully

understands our human rights commitments, we

introduced a Humans Rights Manager Guide and

mandatory training for all employees, which must

becompleted every three years.

S2.SBM-2\_01

Regarding the value chain workers, we engage with

them through regular audits, and we understand

their concerns via the ‘SpeakUp!’ line which are then

considered in our decision-making processes. We

are dedicated to upholding the human rights of all

value chain workers. Our Supplier Guiding Principles

apply to our suppliers and are aligned with the

expectations and commitments of our Human

Rights Policy. All long-term contractors and

contracted services on site are assessed on human

rights through workplace audits, which have a

three-year cycle.

S3.SBM-2\_01

We follow international human rights standards

and ensure our operations respect the rights

ofaffected communities, considering them

inourdecision-making processes. This includes

honouring the rights of indigenous peoples, where

applicable, and recognising their unique cultural,

social and economic contributions.

S4.SBM-2\_01

At Coca-Cola HBC, we prioritise the interests,

views and rights of our consumers and end-users

as essential to our strategy and business model.

We continuously assess these impacts and

engage with our consumers through various

mechanisms, including regularly collecting

andanalysing feedback from them, to understand

their needs, preferences and concerns.

We are committed to ensuring that our operations

respect the human rights of consumers and

end-users. Our stringent quality control measures

ensure the safety and reliability of our products,

reflecting our dedication to consumer protection.

To effectively address the evolving needs and

expectations of our consumers and end-users,

Coca-Cola HBC adapts its business model and

strategy by developing new products and services,

such as low- and zero-sugar products, products

with natural ingredients, etc. Furthermore, we

maintain open and transparent communication

with consumers about our practices, products

andany potential risks.

Coca-Cola HBC Integrated Annual Report 202454

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAH6BeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArA8a6bd6t4SvrGxi825l8vYm4LnEik8kgdAa36KUldWNKNV0qkakd00/uPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uiuf6rDuz3f9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4nofgLxNZ+INNurjTdkMN1FJI3nxnChwScBs9BXtlFFa06apqyPMx2YVcbJSqJK3b/h2U54JHmZlXIPvUf2ab+5+orQorQ4TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RVi1jePfvGM4xzViigBsgLRsB1IIqj9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiq2oXsenWE13LykS5wO56AficUCbSV2Ld3trYRebdTpEnQFjjP09ayz4w0MH/j8J/7ZP8A4V5zqGoXOp3b3FzIWZjwM8KPQDsKq1qqa6nnTxsr+6tD0/8A4TDRP+ftv+/T/wCFH/CYaJ/z9t/36f8AwrzCin7NE/XanZHp/wDwmGif8/bf9+n/AMKP+Ew0T/n7b/v0/wDhXmFFHs0H12p2R6f/AMJhon/P23/fp/8ACj/hMNE/5+2/79P/AIV5hRR7NB9dqdken/8ACYaJ/wA/bf8Afp/8KP8AhMNE/wCftv8Av0/+FeYUUezQfXanZHqA8YaGT/x+Ef8AbJ/8K1bS9tr6HzbWdJU9VOcfX0rxqren6jc6ZdrcW0hVgeRnhh6EelJ010KhjZX95aHsNFVrC9i1Gwhu4c7JVzg9j3H4HirNZHoppq6CiiigYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXP8AjNWPhuUr0DoW+mf8cV0FQ3VtFeWsltOu6ORdrCmnZkVI80HHueM0Vp6xod3o85WZC0BbEcwHysP6H2rMrdO54couLswooopiCiiigAooooAKKKKACiitPR9Du9YuFWJCsAbEkx6KO/1PtSbsOMXJ2R3XgwMPDcJboXcr9M/45rfqK2t4rS2jt4V2xxqFUe1S1g3dnuU48sVHsFFFFIsKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooARkV1KuoZT1BGQaonRNKJydNtP+/K/4VfooE4p7oof2HpX/QNtf+/S/wCFH9h6V/0DbX/v0v8AhV+indi5I9ih/Yelf9A21/79L/hR/Yelf9A21/79L/hV+ii7Dkj2KH9h6V/0DbX/AL9L/hR/Yelf9A21/wC/S/4Vfoouw5I9ih/Yelf9A21/79L/AIUf2HpX/QNtf+/S/wCFX6KLsOSPYojRdKU5Gm2n/flf8KuqiooVFCqOgAwBS0UhqKWyCiiigYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUhYDqQPrQAtFN3p/eX86N6f3l/OgB1FN3p/eX86N6f3l/OgB1FN3p/eX86N6f3l/OgB1FN3p/eX86N6f3l/OgB1FN3p/eX86N6f3l/OgB1FN3p/eX86N6/3h+dADqKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOP8U+KJbSZtPsHAkA/eyjkqfQe/vXCySSTSF5XZ3PVmOSadPK89xJNJ9+RizfUnJqOuhKyPEq1ZVJXYUUUUzIKKKKACiiigAooooAKKKKACiiigDW0nxDfaRIPLkMkHeFzlce3p+Fen2V3Df2cV1A26ORcj29j7141XoPgKRm0m4QnKrNx7ZArOa0ud2Dqy5uR7HV0UUVkekFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB5f4o0d9L1N5FUm2nYvG2OAT1X8P5Vh17RPBFcwtDPGskbDBVhkGudm8DaVI5ZHuYgf4VcED8wT+taxn3POq4OTleB5zRXoX/AAgWm/8APzdf99L/AIUf8IFpv/Pzdf8AfS/4U+dGX1Oqee0V6F/wgWm/8/N1/wB9L/hR/wAIFpv/AD83X/fS/wCFHOg+p1Tz2ivQv+EC03/n5uv++l/wo/4QLTf+fm6/76X/AAo50H1Oqee0V6F/wgWm/wDPzdf99L/hR/wgWm/8/N1/30v+FHOg+p1Tz2ivQv8AhAtN/wCfm6/76X/Cj/hAtN/5+br/AL6X/CjnQfU6p57RXoX/AAgWm/8APzdf99L/AIUDwFpuebm7x/vL/wDE0c6D6nVPP443lkWONSzscKqjJJr1Xw9pR0jSUgc5mc+ZJ/vHt+GAKdpmgafpJLW0P70jBkc7m/8ArfhWnUSlc68PhvZ+9LcKKKKg6wooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiq93e2thF5t1OkSdAWOM/T1rLPjDQwf+Pwn/tk/+FOzZEqkI6Nm5RWF/wAJhon/AD9t/wB+n/wo/wCEw0T/AJ+2/wC/T/4UcrF7an/MjdorC/4TDRP+ftv+/T/4Uf8ACYaJ/wA/bf8Afp/8KOVh7an/ADI3aKwv+Ew0T/n7b/v0/wDhR/wmGif8/bf9+n/wo5WHtqf8yN2isL/hMNE/5+2/79P/AIUf8Jhon/P23/fp/wDCjlYe2p/zI3aKwv8AhMNE/wCftv8Av0/+FH/CYaJ/z9t/36f/AAo5WHtqf8yN2isL/hMNE/5+2/79P/hR/wAJhon/AD9t/wB+n/wo5WHtqf8AMjdorC/4TDRP+ftv+/T/AOFH/CYaJ/z9t/36f/CjlYe2p/zI3aKxE8XaI7BftmCe7RsB/KtiGaK4iWWGRZI26MhyDQ00VGcZfC7j6KKKRQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVW1C9j06wmu5eUiXOB3PQD8TirNc/4zVj4blK9A6Fvpn/HFNK7IqScYNo891DULnU7t7i5kLMx4GeFHoB2FVaKK6Dw223dhRRRQIKKKKACiiigAooooAKKKKACiiigAooooAK19A1ybR75TvY2rn97H2x6georIopNXKjJxd0e1qwdQynKkZBHcUtU9IV00axWQEOLeMEH12irlc57qd1cKKKKBhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFQ3VtFeWsltOu6ORdrCpqKAavoeTaxod3o85WZC0BbEcwHysP6H2rMr2tkV1KuoZT1BGQayptI00SYGnWg4/54r/AIVrGdzzK2FUXozymivUv7J03/oH2v8A35X/AAo/snTf+gfa/wDflf8ACq5jH2PmeW0V6l/ZOm/9A+1/78r/AIUf2Tpv/QPtf+/K/wCFHMHsfM8tor1L+ydN/wCgfa/9+V/wo/snTf8AoH2v/flf8KOYPY+Z5bRXqX9k6b/0D7X/AL8r/hR/ZOm/9A+1/wC/K/4Ucwex8zy2ivUv7J03/oH2v/flf8KP7J03/oH2v/flf8KOYPY+Z5bRXqX9k6b/ANA+1/78r/hR/ZOm/wDQPtf+/K/4Ucwex8zy2ivUv7J03/oH2v8A35X/AAo/snTf+gfa/wDflf8ACjmD2PmeW10fhvw3NqVzHc3MRWyU7iW48z2Ht7129rpWnKS62FqGB4IhXI/StKplM6KGFTfNJh0ooorI9EKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAP/9k=)

Sustainability Statement continued

SBM-3 Material impacts, risks and

opportunities and their interaction with

strategy and business model

SBM-3\_03,10

Our Business Resilience (BR) programme is

designed to embed the capability, processes and

mindset that enable us to proactively manage

risks – and embrace opportunities – so that we

grow sustainably and meet our short-, medium-

and long-term objectives.

The Group-wide programme includes appropriate

mitigation and response systems that can be

deployed when and where required. Our

integrated and holistic approach has been

particularly important in recent years of

geopolitical, economic and environmental

change.We continue to embed the key principles

ofBusiness Resilience and Risk Management

throughout our business, providing managers

atall levels with the processes and tools they

needto proactively identify and assess risks,

makewell-thought-out decisions and take

appropriate and timely actions.

We measure the extent to which the BR principles

and processes are embedded in our business

through key performance indicators, including

theoutcomes of our annual resilience maturity

survey involving over 350 senior managers

acrossall areas, designed to measure our risk

andresilience culture.

For more information, please see the Business

resilience section of the IAR, page 178.

Working in close collaboration with risk-owners

across our business units, Group functions and

the ELT, the CRO is tasked with maintaining a

wide-angled view of all business streams and

identifying emerging risks and opportunities.

Through regular reporting, the CRO ensures

visibility and provides decision support to the

ELTand our Board.

Our process recognises that, the earlier we

identify, assess and manage risk, the higher the

likelihood is of preventing or reducing negative

impacts and taking advantage of opportunities.

For those events that we cannot prevent or that

are unforeseeable, we have well-established

processes to reduce impact on the business.

These include tested contingency plans, a

business continuity programme, our Incident

Management and Crisis Resolution (IMCR)

programme and an insurance programme.

In 2024, we focused on further embedding our

integrated approach across our business units.

This included piloting a new risk management

toolto improve visibility of key risks and enhance

best-practice sharing and analysis. It also involved

optimising assessment of business interruption

risks and embedding the outcomes in our

insurance and business continuity programmes.

Within the double materiality assessment

process, we have reassessed risks and

opportunities facing our business, the

environment and society. One ofthe most

significant risks to our resilience over the longer

term is climate change. By proactively preparing

for and managing climate risk throughour

business strategy and capital investments,

however, we can harness significant

opportunities. Climate risk is fully integrated

intoour risk management programme, and

ourCRO facilitates more frequent discussions

witha cross-functional team that includes

representatives from Business Resilience,

Finance, QSE, and Corporate Affairs and

Sustainability functions.

SBM-3\_02

Following the DMA process, we identified two

material risks across our value chain. The first,

‘Managing our carbon footprint’, refers to our own

operations and to the downstream value chain

and is directly tied to our progress towards

achieving our NetZeroby40 commitment.

The second material risk, ‘Cost and availability of

sustainable packaging’, emerged as material in

both the upstream and downstream segments of

our value chain. In the upstream value chain, this

risk relates to sourcing of sustainable packaging

materials for our products. In the downstream

segment, it relates to reducing packaging waste

and supporting the availability of sustainable

solutions inthe post-consumption phase.

SBM-3\_08,09,10

The financial effect for 2024 of the material risk

‘Managing our carbon footprint’ is primarily driven

by the €131.1 million of Capex invested on projects

aimed at reducing emissions, mainly related to

energy efficiency, the expansion of our green fleet

programme and energy-efficient coolers. For the

risk related to ‘Cost and availability of sustainable

packaging’, the current financial effect amounts

to€68.6 million Capex, reflecting investments

made during the year, particularly in returnable

containers and packaging-related projects,

and€30 million, reflecting the increased cost

ofrecycled PET used to bottle our beverages.

Forthe next reporting period, we do not foresee

significant riskof material adjustment to the

carrying amounts of assets and liabilities

reportedinthe financial statements as the

resultof the material risks identified.

The capital and operating expenditure mentioned

above are reflected in our financial statements,

aspart of the overall amounts reported in the

cashflow and income statement respectively.

Ouraccounting system does not separately

classify sustainability-related investments

orcosts, as both are reported in accordance

withthe general financial reporting principles.

ForCapex, however, we apply an internal process

to identify expenditures associated with growth

initiatives with sustainability benefits and we

arethus able to identify the above-mentioned

amounts. For details on Capital expenditure,

please refer to p.350.

As we move forward with our transition plan,

weanticipate that Capex investments that

support it, will gradually increase to 37% oftotal

Capex in 2030. After that, we expect to continue

the 2025-2030 trajectory of investments, for both

Capex and Opex/Cogs, to helpus meet our

NetZeroby40 commitment.

We are confident that we will be able to fund

theaction plan linked to the two material risks

mentioned above. Our sustainable finance

approach underpins the Group’s ability to

alignfunding strategies with sustainability

commitments while supporting the UN

Sustainable Development Goalsand EU

Environmental Objectives. Financing mechanisms

include a diverse range of instruments,

ensuringflexibility in meeting both current and

future financial requirements for action plans.

In 2024, we updated our quantitative assessment

ofthese two material risks. While their inherent

financial effect is material, we have undertaken

considerable planning to ensure that they will

nothave animpact on our business strategy,

therefore reducing their residual effect to our

business. Weconfirmed the resilience of our

strategy through the assessment of these

risksover theshort (2025), medium (2030)

andlong term (>2030) and under different

climatescenarios.

For the ‘Managing our carbon footprint’ risk,

weupdated our comprehensive quantitative

assessment in line with our continuing refinement

ofour NetZeroby40 transition plan and carbon

reduction glidepath. We estimated the future cost

ofcarbon under multiple climate scenarios,

including RCP1.9 (Paris Ambition) and RCP4.5

Coca-Cola HBC Integrated Annual Report 202455

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

(stated policy) as well as several transition

scenarios, including theNGFS and IEA transition

scenarios. We have identified several initiatives to

reduce our scope 1 and 2 emissions, including a

decrease in our overall use of energy and the

increase in the use of renewable energy. In

addition, 90% of our emissions are scope 3 thus,

we are dependent on our suppliers and customers

to reduce those emissions. As a result, our climate

transition plan ensures that we are able to

maintain and grow our business, through effective

management of the carbon risks.

For scope 1 emissions, we used projected carbon

pricing for the soft drinks industry, and for scope 2

we used projected carbon pricing for utilities. We

used these projections to estimate the impact of

climate change on future annual operating costs

for generating carbon and applied that to our

projected carbon emissions to 2040 as set out

inour NetZeroby40 roadmap.

Based on the Paris Ambition (RCP1.9) scenario,

wehave estimated that the additional direct

annual carbon cost, associated with scope 1 and 2,

will peakat €25.5 million by 2030, reducing to

€9.3 million by 2040. Under a Stated Policy

(RCP4.5) scenario, wehave estimated that the

additional direct annualcarbon cost for scope 1

and 2, will reach €10.8 million by 2030, reducing

to€2.8 million by 2040. We also performed

apreliminary assessment of the carbon cost

associated with scope 3 emissions (excluding

packaging and ingredients that are covered

underseparate risks). Due to the indirect nature

ofthese potential costs and the uncertainty

around the extent of their residual financial

effectto our business, we will continue to

refineour methodology and update our

assessment next year.

The second material risk, ‘Cost and availability of

sustainable packaging’ is closely linked to the

‘Managing our carbon footprint’ risk, as packaging

represents more than 30% of our emissions. Our

Package Mix of the Future strategy, established in

2023, prepares us well to maintain and grow our

business over the longer term through effective

management of the ‘Cost and availability of

sustainable packaging’ risk. Initiatives such as

increasing the use of recycled and refillable

packaging along with advancing decarbonisation

in the packaging industry contribute significantly

to our journey towards NetZeroby40.

Based on the updated quantification assessment

that we performed in 2024, which was based on

the future cost of carbon related to packaging, we

estimate that the annual cost of packaging under

a Paris Ambition (RCP1.9) scenario will increase

by13.2% by 2030 and by 2.2% by 2040. Under a

Stated Policy (RCP 4.5) scenario, we estimate that

the annual cost of packaging will increase by 4.2%

by 2030 and by 0.4% by 2040.

For the medium and long term, both material risks

are included within our viability statement.

Following a thorough and robust assessment of

the Group’s risks that could threaten our business

model, future performance, solvency or liquidity,

the Board has concluded that the Group is well

positioned to effectively manage its financial,

operational and strategic risks.

For the likelihood assessment of risks linked

toclimate change please see IRO-1\_09.

For more details on the material risks, please

seesection ‘Principal risks and opportunities’

ofthis IAR.

SBM-3\_01,06,07

In addition to these material risks, we have also

identified material impacts across our value chain.

To describe what the material impacts are,

wefollowed a holistic process as described in

theStrategic Report, ‘Materiality assessment’

section. We identified 16 material positive

andnegative impacts, with at least one impact

identified in each value chain segment

(upstream,own operations and downstream).

Material impacts that are associated with own

operations in any of the horizons, correspond to

those arising from our own activities, while those

connected to upstream or downstream segments

correspond to those arising from business

relationships and activities.

In the upstream value chain, we identified

impactson both the environment and people.

Theenvironmental impacts were negative,

whereas the impacts on people were mostly

positive. The impacts in upstream segment

stemfrom our suppliers’ agricultural activities,

manufacturing ofraw materials, capital goods,

utilities and transportation.

In our own operations we observe negative and

positive impacts on environment and people,

coming from activities related to products’

production and packaging, warehousing,

andowndistribution.

In the downstream value chain segment, we

identified both material negative and positive

impacts to environment, while the material

impacts to people were allpositive. These impacts

come from our third-party distribution, product

use phase andproducts’ end-of-life.

We have conducted our evaluation across four

time-horizons. While not all our impacts and risks

are confined to a single time-horizon, there are

instances where an impact or risk is material

across multiple time-horizons.

For further details please refer to Materiality

tablein ‘Double Materiality Assessment’

onpages39 to40.

SBM-3\_04,05

Our assessment highlights the varying nature of

our impacts across different segments. We have

recognised the impact we create to environment

and to people through our business model and

value chain activities, as well as our business

relationships with our stakeholders.

Coca-Cola HBC Integrated Annual Report 202456

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Table 4: List of impacts

Impact Impact nature Impact time Effect

•  Climate change Negative Actual/

Potential

GHGs are an externality of our business model and value chain. Therefore, we take targeted actions across thevalue

chain to reduce them and to contribute to climate change mitigation. Our largest emissions come from packaging

and ingredients suppliers (upstream) and from the electricity used for our drink equipment (downstream). At our

own operations, we strive to minimise scope 1 and 2 emissions, through decarbonisation actions focusing on

composition of energy sources. For scope 3, we work with our suppliers and partners todecarbonise.

•  Soil pollution  Negative Potential Upstream: We recognise that the excessive use of nitrogen and phosphorus fertilisers in agriculture can pollute

the soil (our Tier 2 and Tier 3 suppliers).

•  Soil pollution

•  Water pollution

Negative Actual/

Potential

Downstream: Indirect impact from post-consumer waste, in countries where effective collection programmes

and schemes are lacking, can lead to pollution in soil and water.

•  Water pollution removal Positive Potential Downstream: We have also identified indirect positive impact through our packaging initiatives, the execution of

SBTN actions and water/nature replenishing programmes.

•  Water use Negative Actual/

Potential

Own operations: The food and beverage (F&B) sector can significantly impact water resources through various

activities associated with food and beverage production. These include using water as a fundamental ingredient,

as well as for essential processes such as cleaning equipment, mixing ingredients and washing. We acknowledge

the extent of our influence on water resources, particularly through the abstraction and consumption of

waterinwater-stressed or high-risk areas, often referred to as priority locations, as part of our production

operations.

Upstream: Water is used by our agricultural suppliers (Tier 2 and Tier 3) for growing the agricultural ingredients. The

agricultural sector requires a steady and safe supply in large amounts of water to ensure the health and wellbeing of

crops, as well as for the processing of these as ingredients in our products. Therefore, our impact is considered to

be material taking into account the current and projected quantity of products.

•  Water replenishment Positive Actual/

Potential

Own operations and Downstream: We have identified significant positive impact on nature, particularly with our

water stewardship and replenishment projects. We have expanded water stewardship efforts by increasing the

number of community projects in water risk areas from 12 in 2023 to 16 in 2024, as well as by replenishing water

back to communities and nature through various water projects outside the manufacturing plant boundaries,

resulting in a net positive water balance.

•  Land-ecosystem

usechange

Negative Potential  Upstream: We have recognised land-use change as a negative impact due to potential deforestation coming

mainly from Tier 2 and 3 suppliers. Agricultural suppliers cannot quickly and sustainably reduce their impact

regardless of our efforts.

•  Health and Safety  Negative Actual/

Potential

Health and safety of our employees are of paramount importance. Employees can be affected by any types of

accidents in any activity (manufacturing, warehousing, administration, marketplace activities by commercial

team, etc.) at own operations. We keep metrics to track our progress, and we have set specific goals. Similarly,

‘Health and safety’ remains critical for our contractors and workers in the value chain performing work at our

premises and in 3PL distribution, as any accidents can cause serious injuries or even death.

•  Health and Safety Positive Actual Furthermore, as part of our internal health and safety management system, all employees (100%) receive

mandatory safety training. Health and safety trainings are developed also as Group e-learning programmes.

Coca-Cola HBC Integrated Annual Report 202457

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Impact Impact nature Impact time Effect

•  Contribution to

employment

Positive Actual/

Potential

Additionally, we provide an Employee Assistance Programme (EAP), health insurance to employees and training

on financial wellbeing. For our suppliers and workers in the value chain, we contribute to their employment, by

offering a living wage, and social security through fair practices and long-term contracts. We have in place the

Principles of Sustainable Agriculture and Suppliers Guiding Principles ensuring that all our suppliers treat their

co-workers and the environment with respect.

•  Provision of social

protection and social

security

Positive Potential

•  Gender equality Positive Actual/

Potential

Related to gender equality in our operations, we have established special programmes for women, ‘Women

Leaders Network’, to enhance female equality.

•  Accessibility of living wage Positive Actual/

Potential

Due to our size, we employ hundreds of employees, positively affecting their employment status with a

corresponding wage, offering our employees the financial incentives and stability they deserve.

•  Access to education Positive Actual/

Potential

Besides training related to health and safety to our employees, we offer numerous training materials and

education to all our employees, enhancing their background to key issues.

Additionally to our employees and workers, we provide training and capacity-building to our communities, under

the umbrella of #YouthEmpowered, through which we are equipping them with the skills, experience and

confidence they need to secure a brighter future. Additionally, 10% of community participants join our internal

management programmes which enable skills and knowledge development to different community members.

•  Availability, accessibility,

affordability and quality

ofwater

Positive Actual/

Potential

We positively impact our communities, particularly in the availability, accessibility, affordability and quality of water.

We have implemented community WASH programmes in priority locations to strengthen their water, sanitation

and hygiene (WASH) systems. Furthermore, we have provided 7.2 million litres of beverage to Red Cross and other

NGOs for disaster relief and for other community supporting activities. Overall, we have created 501,982

indirect jobs across the value chain, and 1job in our system corresponds to 13 in the community.

•  Access to (quality)

information

•  Health and safety

•  Access to products

andservices

•  Responsible marketing

practices

\*No impact identified

Disclosed due to stakeholders’interest

We ensure that our products are compliant with regulatory frameworks for food safety, while we provide the

respective information to consumers regarding the quality and nutritional value of our extended portfolio.

Themarketing practices used follow the appropriate legislation, and no misleading content is incorporated.

SBM-3\_11

During the previous reporting period, ‘Coca-Cola HBC AG 2023 Integrated Annual Report’ had been prepared in accordance with the Global Reporting Initiative Standards (GRI Universal Standards 2021), where

we have considered impact but also the interest and concerns of our stakeholders, as well as the importance of the topic to the business.

Following the ESRS requirements, we updated our materiality analysis in 2024 to consider impact materiality, risks and opportunities. While no new material areas were identified that had not been previously

considered in our materiality analysis and strategy, we now align our topics with the ESRS standards.

SBM-3\_12

All of our impacts and risks are linked to ESRS topics, sub-topics and sub-sub-topics, as presented in our ‘Materiality Table’. We identified positive impact to communities, referred as ‘Access to Education

(#YouthEmpowered)’, which has been covered within ESRS S3 by providing entity-specific metric. The rest of our impacts and risks are covered by the topical ESRS Disclosure Standards.

For further details please refer to Materiality table in ‘Double Materiality Assessment’ on pages 39-40.

Coca-Cola HBC Integrated Annual Report 202458

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

IRO-1 Description of the process to identify

and assess material impacts, risks and

opportunities

IRO-1\_01

In 2024, we conducted a double materiality

analysis based on the European Sustainability

Standards (ESRS) requirements. We regularly

assess our impacts on people and the

environment as part of our day-to-day activities,

engaging with relevant stakeholders and experts.

These ongoing steps allow us to actively identify

and manage our impacts, risks and opportunities

as we evolve, and as new ones arise. At the

sametime, we have developed a robust risk

management process that integrates risks and

opportunities deriving from sustainability issues

(see also ‘Double Materiality Assessment’ of the

IAR).

We followed a top-down approach at the Group level

for identifying, assessing and prioritising Impacts,

Risks and Opportunities (IROs). Regarding impacts,

we decided to keep the analysis at the ‘impact’ level

to identify impacts on the environment and people.

Specifically, for impacts to the environment, in

orderto identify suitable impact level universe to be

utilised for identifying impacts under a commonly

established impact taxonomy, we leveraged the

impact drivers of nature change under the Taskforce

on Nature-related Financial Disclosures (TNFD).

Respectively, to identify impacts on people under

a suitable impact level universe with a commonly

established impact taxonomy (for social and

socio-economic impacts – which are missing from

the ESRS), we leveraged the UNEP Impact Radar

(impacts to the environment under the UNEPFI

were not utilised as the TNFD categorisation of

impact drivers was used).

Yet, it should be clarified that all actions have

beentaken to alleviate any possible negative

impact, are not considered positive impact,

butmitigation actions. Therefore, their mapping

isconsidered supplementary to the negative

impacts’ identification and aims to facilitate

theIROs’ prioritisation, based on the existing

sustainability targets.

In assessing the materiality of both actual and

potential impacts, we categorise the severity

ofcurrent impacts into three dimensions: scale,

scope and remediability. For potential impacts,

weassess them in terms of severity and likelihood.

Current impacts are identified by considering the

interface of activities with nature. Potential

impacts are identified using the ENCORE

platform, which provides us with scientifically

rigorous information about the impacts of

pollution of our sector and our value chain.

Furthermore, within the framework of the

Science-Based Targets for Nature (SBTN) to

which we are aligned, we take into account all five

key environmental pressures (Land, water, sea use

change, Resource exploitation, Climate change,

Pollution, Invasive species) in the context of

identifying and assessing impacts to nature.

IRO-1\_04

Impacts’ identification and assessment were

conducted across the value chain (upstream, own

operations, downstream). Specifically, for those

identified in our own operation, we assessed them

based on the specific quantitative criteria set.

Quantitative criteria were used for some of the

impacts on nature in upstream activities,

specifically for Tier 1 suppliers.

IRO-1\_06

Actual negative impacts on people and the

environment were assessed based on the severity

of the impacts in terms of scale, scope and

irremediability, following the guidelines of ESRS 1.

Actual positive impacts to environment and to

people were assessed based on the significance

of the impacts in terms of scale and scope.

Regarding the potential negative and positive

impacts to environment, we also considered

thelikelihood of the impacts. Regarding the

assessment of potential impacts to people,

theirseverity takes precedence over the

likelihood, as determined by ESRS 1

1&2

.

IRO-1\_02

The process encompassed all the segments ofour

value chain, including upstream, own operations and

downstream. To enable impact identification and

assessment, both internal and external sources were

utilised to understand the causes generating various

impacts. The impacts were assessed on a scale of 1

to5 based on quantitative and qualitative criteria and

categorised according to the impact topic they affect.

IRO-1\_14

Internal sources (e.g., 2023 IAR, CDP

assessments, GRI Index file, etc.), and external

sources (e.g., Encore database, TCFD, TNFD,

WWF Water Risk Filter, WWF Biodiversity Risk

Filter, external literature review) were used to

identify impacts

3

. To construct the assessment

criteria, an external scientific literature review was

also conducted.

To facilitate the impacts’ assessment,

existingassessment reports of impacts on the

environment and people, information from legal

reviews, anti-corruption compliance management

systems, occupational health and safety policies,

ISO audit reports, enterprise risk management

systems and performance KPIs already monitored

were also considered.

IRO-1\_15

During the previous reporting period, ‘Coca-Cola

HBC AG 2023 IAR’ was prepared in accordance

with the Global Reporting Initiative Standards

(GRIUniversal Standards 2021). Currently,

bothESRS Standards and the GRI Universal

Standards are used.

IRO-1\_03

The business model aspects under the analysis,

atGroup level, included:

a.  Main business model activities, including

manufacturing of non-alcoholic, ready-to-drink

beverages, manufacturing of packaging

materials (inhouse rPET), manufacturing of

snacks, distribution of alcoholic (sparkling and

premium) and coffee drinks, as well as

secondary activities as marketing, warehousing,

and transportation and distribution.

b.  Main business model inputs (including

rawmaterials (ingredients, packaging)

andothersupplies).

c.  Main business model outputs (including

mainproducts and services from all

businesssegments).

d.  Main externalities (i.e., GHG emissions,

waste,etc.).

1.  ESRS 1, chapter 3.4, paragraph 45.

2.  ESRS 1, Application Requirement AR. 11.

3.  ESRS 1, Application Requirement AR. 9(b).

Coca-Cola HBC Integrated Annual Report 202459

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

IRO-1\_01

Identifying risks and opportunities is crucial for comprehensive sustainability reporting. The process

ofidentifying the risks and opportunities is aligned with the requirements of the ESRS and ensures a

comprehensive assessment of financial effects. More specifically, Coca-Cola HBC’s risk universe

includes 20 risk categories aligned with the growth pillars.

Table 5: Risk universe – Categories

Leverage 24/7

Beverage

Portfolio

Win in the

Marketplace

Fuel Growth

Through

Competitiveness

&Investment

Cultivate the

Potential of

OurPeople

Earn our Licence

toOperate

Product Category

Acceptability

Commercial New Business

Initiatives

Health and Safety Sustainability

Stakeholder

Relationships

Product Quality

andFood Safety

Financial

Management

People Environmental

Impact

Competing in the

Digital Marketplace

Cyber – IT

Resilienceand

DataPrivacy

Tax Geopolitical

andSecurity

Environment

Legal and Regulator

Fraud Macroeconomic

Environment

Business

Transformation

Business

Interruption

In addition to the already identified sustainability-related risks and opportunities, the following sources

are also examined in order to ensure the completeness of the list:

•  risks and opportunities arising from negative and positive impacts identified during the impact

materiality; and

•  dependencies in the value chain (ENCORE tool).

Each risk category is assessed considering all value chain segments (upstream, own operations and

downstream). The identified risks are categorised as either environmental, social or governance risks

based on their nature.

IRO-1\_07

To ensure effective management and

communication of these risks, we have

established regular updates and discussions.

Twice a year, the Business Resilience team hosts

aconference where all risk sponsors, risk and

insurance coordinators, and Business Resilience

Managers are updated on key trends and

emergingrisks across the business. The CRO

alsofacilitates discussion with the regional

management teams twice a year to discuss risk

and resilience issues and trends, and to calibrate

and benchmark risks across the business. At least

every two years, each business unit participates

inan IMCR validation exercise led by a cross-

functional Group team. This includes training

andparticipation in crisis simulation based on a

relevant business risk.

IRO-1\_08,12

We carry out an analysis of the main current and

emerging ESG trends in the beverage industry

byusing desktop research, benchmarking with

peer companies, output from different ESG

ratersand indices, reports and articles on global

trends and beverage industry trends, regulatory

developments and standards (such as CSRD,

ESRS, ISSB, SASB, ENCORE and the GRI Standards),

and by listening to the concerns of ourstakeholders

at both local and Group level.

IRO-1\_08

Our materiality assessment is integrated into

ourrisk management programme, and we

evaluate the risks and opportunities associated

with priority topics.

IRO-1\_12

Over the years (including in January 2024), we have

performed annual materiality surveys where we

consulted with more than 500 internal and external

stakeholders, including customers, wider consumers,

employees, suppliers, community representatives,

governments, non-governmental organisations,

investors, trade associations and academics. Their

feedback is considered in our sustainability strategy.

IRO-1\_13

Opportunities are identified by using the same

process as risks. Both risks and opportunities are

evaluated by measuring likelihood and consequence.

Potential risks and opportunities are identified and

documented in the Risk Universe, which is reviewed

and updated annually.

IRO-1\_10

Within the ESG materiality assessment process we

have assessed a long list of risks and opportunities.

Among these, climate change stands out as one

of the most significant risks to our long-term

resilience. However, by proactively preparing for

and managing climate risk through our business

strategy and capital investments, we can turn

challenges into opportunities. Climate risk is fully

integrated into our BR programme, and our CRO

facilitates frequent discussions with a cross-

functional team that includes representatives

fromBusiness Resilience, Finance, QSE, and

Corporate Affairs and Sustainability.

Another critical sustainability-related risk is

linkedto the cost and availability of sustainable

packaging, which aligns with our commitments

tocircular economy. This issue represents a key

focus within our broader sustainability strategy.

Coca-Cola HBC Integrated Annual Report 202460

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAKuBe8DASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArA8a6bd6t4SvrGxi825l8vYm4LnEik8kgdAa36KUldWNKNV0qkakd00/uPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uiuf6rDuz3f9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4nofgLxNZ+INNurjTdkMN1FJI3nxnChwScBs9BXtlFFa06apqyPMx2YVcbJSqJK3b/h2U54JHmZlXIPvUf2ab+5+orQorQ4TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RVi1jePfvGM4xzViigBsgLRsB1IIqj9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UVcgUpCqsMEVJRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRTXdY42dyFVQSSewoAbNPFbRNLPIkca9Wc4ArIbxdoisV+2Zx6ROR/KuC1zWp9ZvXdmYW6n91ETwo9cetZdaqn3POqY13tBaHp/8AwmGif8/bf9+n/wAKP+Ew0T/n7b/v0/8AhXmFFP2aI+u1OyPT/wDhMNE/5+2/79P/AIUf8Jhon/P23/fp/wDCvMKKPZoPrtTsj0//AITDRP8An7b/AL9P/hR/wmGif8/bf9+n/wAK8woo9mg+u1OyPT/+Ew0T/n7b/v0/+FH/AAmGif8AP23/AH6f/CvMKKPZoPrtTsj1mz8Q6VfyiK3vEMh4CsCpP0yBmtOvE69A8G67JexvYXTs80Y3I7HJZfQn1H+elTKFtUb0MVzvlludZRRRWZ2hRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVDWwzaFfhev2d/8A0E1foIBBBGQeooFJXVjxOiug8R+G59LuZJ4ImaxY5Vhzs9j/AI1z9dCdzwpwcHyyCiiimSFFFFABRRRQAUUUUAFb3g1XbxLAU+6quX+m0j+ZFYkUUk8qxRI0kjHCqoyTXo/hXw+2k27T3Kj7XKMEZzsX0/x/Cpm7I6MNTc6ia2R0VFFFYHsBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAEZGD0qk+j6ZIxZ9PtWY8kmFcn9Ku0UCaT3KH9h6V/0DbX/v0v8AhR/Yelf9A21/79L/AIVfop3YuSPYof2HpX/QNtf+/S/4Uf2HpX/QNtf+/S/4Vfoouw5I9ih/Yelf9A21/wC/S/4Uf2HpX/QNtf8Av0v+FX6KLsOSPYof2HpX/QNtf+/S/wCFH9h6V/0DbX/v0v8AhV+ii7Dkj2ILeytbTP2a2hhz18tAufyqeiikNJLYKKKKBhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRSMyopZmCqBkknAArHl8V6LDIUN6GI67EZh+YGKaTZMpxj8TsbNFYX/CYaJ/z9t/36f/Cj/hMNE/5+2/79P/hRysn21P8AmRu0Vhf8Jhon/P23/fp/8KP+Ew0T/n7b/v0/+FHKw9tT/mRu0Vhf8Jhon/P23/fp/wDCj/hMNE/5+2/79P8A4UcrD21P+ZG7RWF/wmGif8/bf9+n/wAKP+Ew0T/n7b/v0/8AhRysPbU/5kbtFZ1jr2majJ5dtdo0h6IwKk/QHGa0aVi1JSV0wooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHnHizXZb6/ks4XZbWE7CAcb2B5J9s9Ppmuap8qukzrJneGIbPr3pldCVkeFUm5ycmFFFFMgKKKKACiiigAooooAUEqwIJBHII7V6L4Q119StntLly1zAMhyeXX1PuP8K85rpvAysdecr0EDbvzFTNaHRhpuNRJdT0aiiisD2AooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA4XxZ4am+1PqNjEXjf5pY1HKt3IHcGuNr2yqk2l6fcOXmsbaRz1ZolJP44rRTtucVXBqUuaLsePUV67/AGHpX/QNtf8Av0v+FH9h6V/0DbX/AL9L/hT9ojL6jLueRUV67/Yelf8AQNtf+/S/4Uf2HpX/AEDbX/v0v+FHtEH1GXc8ior13+w9K/6Btr/36X/Cj+w9K/6Btr/36X/Cj2iD6jLueRUV67/Yelf9A21/79L/AIUf2HpX/QNtf+/S/wCFHtEH1GXc8mt7ea6nWGCNpJGOAqjJNel+GNC/sayLTAG7m5kwc7R2UVr29pbWgIt7eKEHqI0C5/KpqmU7nRQwqpvmbuwoooqDqCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKr3d7a2EXm3U6RJ0BY4z9PWss+MNDB/4/Cf+2T/AOFOzZEqkI6Nm5RWF/wmGif8/bf9+n/wo/4TDRP+ftv+/T/4UcrF7an/ADI3aKwv+Ew0T/n7b/v0/wDhR/wmGif8/bf9+n/wo5WHtqf8yN2isL/hMNE/5+2/79P/AIUf8Jhon/P23/fp/wDCjlYe2p/zI3aKwv8AhMNE/wCftv8Av0/+FH/CYaJ/z9t/36f/AAo5WHtqf8yN2isL/hMNE/5+2/79P/hR/wAJhon/AD9t/wB+n/wo5WHtqf8AMjdorC/4TDQ/+fs/9+n/AMK07LUrPUYy9pcJKB1API+oPIos0ONSEnZMtUUUUiwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKp32q2OmqDeXKRZ5Cnkn8BzWd/wmGif8/bf9+n/AMKdmQ6kIuzZu0Vhf8Jhon/P23/fp/8ACj/hMNE/5+2/79P/AIUcrF7an/MjdorC/wCEw0T/AJ+2/wC/T/4Uf8Jhon/P23/fp/8ACjlYe2p/zI3aKwv+Ew0T/n7b/v0/+FH/AAmGif8AP23/AH6f/CjlYe2p/wAyN2isL/hMNE/5+2/79P8A4Uf8Jhon/P23/fp/8KOVh7an/MjdorC/4TDRP+ftv+/T/wCFH/CYaJ/z9t/36f8Awo5WHtqf8yN2isL/AITDRP8An7b/AL9P/hR/wmGif8/bf9+n/wAKOVh7an/MjdorC/4TDRP+ftv+/T/4Uf8ACYaJ/wA/bf8Afp/8KOVh7an/ADI3aKwv+Ew0T/n7b/v0/wDhR/wmGif8/bf9+n/wo5WHtqf8yN2isL/hMNE/5+2/79P/AIUf8Jhon/P23/fp/wDCjlYe2p/zI3aKwv8AhMNE/wCftv8Av0/+FH/CYaJ/z9t/36f/AAo5WHtqf8yN2isL/hMNE/5+2/79P/hR/wAJhon/AD9t/wB+n/wo5WHtqf8AMjdorC/4TDRP+ftv+/T/AOFH/CYaJ/z9t/36f/CjlYe2p/zI3aKwv+Ew0T/n7b/v0/8AhR/wmGif8/bf9+n/AMKOVh7an/MjdorC/wCEw0T/AJ+2/wC/T/4Uf8Jhon/P23/fp/8ACjlYe2p/zI3aKwv+Ew0T/n7b/v0/+FH/AAmGif8AP23/AH6f/CjlYe2p/wAyN2isL/hMNE/5+2/79P8A4Uf8Jhon/P23/fp/8KOVh7an/MjdorC/4TDRP+ftv+/T/wCFH/CYaJ/z9t/36f8Awo5WHtqf8yN2isL/AITDRP8An7b/AL9P/hR/wmGif8/bf9+n/wAKOVh7an/MjdorC/4TDRP+ftv+/T/4Uf8ACYaJ/wA/bf8Afp/8KOVh7an/ADI3aKwv+Ew0T/n7b/v0/wDhR/wmGif8/bf9+n/wo5WHtqf8yN2isL/hMNE/5+2/79P/AIUf8Jhon/P23/fp/wDCjlYe2p/zI3aKybbxNo93KI4r1A54AdSmfxIrWpWsVGUZaxdwooooKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqtqF7Hp1hNdy8pEucDuegH4nFWa5/xmrHw3KV6B0LfTP+OKaV2RUk4wbR57qGoXOp3b3FzIWZjwM8KPQDsKq0UV0Hhttu7CiiigQUUUUAFFFFABRRRQAUUUUAFTWt1PZXCz28rRyL0ZTUNFAJ21R65ouqJq+mR3Sjax+WRf7rDr/j+NaFcp4CVhpFwx+6Z+P++RmurrnkrM9yjJygpMKKKKRoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVleINXGj6W04GZnOyIdtxHU+wrVrjPiArmCwcf6sM4P1IGP5GnFXZlXk4U3JHFTzy3MzTTyNJIxyzMck1HRRXQeIFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFdr4M16V5v7MupGcEEwsxyRgcr9MdPpXFVe0dJZNVhSHPmHdjH+6amSujWjNwmmj16iiisD2wooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKhuraK8tZLadd0ci7WFTUUA1fQ8m1jQ7vR5ysyFoC2I5gPlYf0PtWZXtbIrqVdQynqCMg1ROiaUT/yDbT/vyv8AhWiqdzz54HX3WeRUV67/AGHpX/QNtf8Av0v+FH9h6V/0DbX/AL9L/hT9oifqMu55FRXrv9h6V/0DbX/v0v8AhR/Yelf9A21/79L/AIUe0QfUZdzyKivXf7D0r/oG2v8A36X/AAo/sPSv+gba/wDfpf8ACj2iD6jLueRUV67/AGHpX/QNtf8Av0v+FH9h6V/0DbX/AL9L/hR7RB9Rl3PIqK9d/sPSv+gba/8Afpf8KP7D0r/oG2v/AH6X/Cj2iD6jLueRVd03SrzVrjyrWItj7znhVHua9QGiaUDn+zbT/vyv+FXI4o4YxHFGqIOiqMAfhQ6nYqOB195lfTbCHTLCK0h+6g5Pdj3Jq3RRWR3pJKyCiiigYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVDWNMi1fTpLWTgn5kf8Aut2NX6KBNKSszx2/0270y4MN3EUbsezD1B71Vr2maGK4jMc0SSIequoIP4GqZ0TSif8AkG2n/flf8K1VTuefLAu/us8ior13+w9K/wCgba/9+l/wo/sPSv8AoG2v/fpf8KPaIX1GXc8ior13+w9K/wCgba/9+l/wo/sPSv8AoG2v/fpf8KPaIPqMu55FRXrv9h6V/wBA21/79L/hR/Yelf8AQNtf+/S/4Ue0QfUZdzyKivXf7D0r/oG2v/fpf8KP7D0r/oG2v/fpf8KPaIPqMu55FRXrv9h6V/0DbX/v0v8AhR/Yelf9A21/79L/AIUe0QfUZdzyKivXf7D0r/oG2v8A36X/AAo/sPSv+gba/wDfpf8ACj2iD6jLueRUV67/AGHpX/QNtf8Av0v+FH9h6V/0DbX/AL9L/hR7RB9Rl3PIqK9d/sPSv+gba/8Afpf8KP7D0r/oG2v/AH6X/Cj2iD6jLueRUV67/Yelf9A21/79L/hR/Yelf9A21/79L/hR7RB9Rl3PIqK9d/sPSv8AoG2v/fpf8KP7D0r/AKBtr/36X/Cj2iD6jLueRUV67/Yelf8AQNtf+/S/4Uf2HpX/AEDbX/v0v+FHtEH1GXc8ior13+w9K/6Btr/36X/Cj+w9K/6Btr/36X/Cj2iD6jLueRUV67/Yelf9A21/79L/AIUf2HpX/QNtf+/S/wCFHtEH1GXc8ior13+w9K/6Btr/AN+l/wAKP7D0r/oG2v8A36X/AAo9og+oy7nkVFeu/wBh6V/0DbX/AL9L/hR/Yelf9A21/wC/S/4Ue0QfUZdzyKivXf7D0r/oG2v/AH6X/Cj+w9K/6Btr/wB+l/wo9og+oy7nkVFeu/2HpX/QNtf+/S/4Uf2HpX/QNtf+/S/4Ue0QfUZdzyKivXf7D0r/AKBtr/36X/Cj+w9K/wCgba/9+l/wo9og+oy7nkVFeu/2HpX/AEDbX/v0v+FH9h6V/wBA21/79L/hR7RB9Rl3PIqK9d/sPSv+gba/9+l/wo/sPSv+gba/9+l/wo9og+oy7nkVFeu/2HpX/QNtf+/S/wCFH9h6V/0DbX/v0v8AhR7RB9Rl3PI1RncIilmY4AAySa9A8JeHJNPLX16m24YYjQ9UHcn3P+etdHb6fZ2jFre0ghY8ExxhSfyqxUynfQ2o4RQfNJ3YUUUVB2BRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBia/4jg0VBGF826dcqnQAepri5fF+tSuWF0sY/upGuB+YJrL1G8fUNQnunJJkckZ7DsPwGBVatlFI8iriZzlo7I2f+Er1v/n+b/v2n+FH/CV63/z/ADf9+0/wrGoqrIy9rU/mf3mz/wAJXrf/AD/N/wB+0/wo/wCEr1v/AJ/m/wC/af4VjUUWQe1qfzP7zZ/4SvW/+f5v+/af4Uf8JXrf/P8AN/37T/CsaiiyD2tT+Z/ebP8Awlet/wDP83/ftP8ACj/hK9b/AOf5v+/af4VjUUWQe1qfzP7zZ/4SvW/+f5v+/af4Uf8ACV63/wA/zf8AftP8KxqKLIPa1P5n95s/8JXrf/P83/ftP8KsWvjPV4JQ00qXCd0dAPyIArnqKOVAq1RfaZ63o+sW2s2hmgyrKcPG3VT/AIe9aNeYeEbx7XxBAitiObMbjseOP1xXp9YyVmerh6rqQu9woooqTcKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDyLWdOfS9UmtnUhQxMZ9UPQ1Qr1vV9Es9ZgCXCkOv3JF4Zf8R7Vx1x4Ev42PlXVs8fYtuU/lg/zraM0zya2GlB3jscrRXR/8IXqX/Pe1/wC+2/8AiaP+EL1L/nva/wDfbf8AxNVdGHs5djnKK6P/AIQvUv8Anva/99t/8TR/whepf897X/vtv/iaLoPZy7HOUV0f/CF6l/z3tf8Avtv/AImj/hC9S/572v8A323/AMTRdB7OXY5yiuj/AOEL1L/nva/99t/8TR/whepf897X/vtv/iaLoPZy7HOUV0f/AAhepf8APe1/77b/AOJo/wCEL1L/AJ72v/fbf/E0XQezl2Ocoro/+EL1L/nva/8Afbf/ABNXLTwFcvIpu7uFYuCfKyxI/EDH60cyKVGcnZIpeDdPkutbS5A/c22WZvcggD+v4V6VVWw0+20y1FvaxhIxye5Y+pPc1arGTuz1aFL2ULBRRRUmwUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAH/9k=)

Sustainability Statement continued

Sustainability-related risks are included in our Risk

Management programme and are prioritised in

the same way as other risks. The prioritisation of

risks is based first on the assessed level of residual

risk, followed by inherent risk.

IRO-1\_11

The Board retains overall accountability and

responsibility for the Group’s risk management

and internal control systems. For more details,

please refer to the ‘Business Resilience’ section.

Our internal audit department conducts an annual

independent audit of the Business Resilience

programme and its implementation, assessing the

Company’s risk management, business continuity

and crisis management processes, and their

application against business best practices and

the International Accounting Standards. The Head

of Corporate Audit makes recommendations to

improve the programme, where required, and

thefindings are submitted to the Audit and Risk

Committee. The Board and its Committees

conduct annual reviews of the effectiveness

ofour internal controls including sustainability-

related controls.

E1.IRO-1\_05

The time horizons that are considered for the

assessment of the risks and opportunities are

aligned with the ESRS requirements and can be

linked to our strategic and financial planning. These

time horizons for the 2024 reporting yearare:

•  Current: 2024

•  Short-term: 2025 (equal to the horizon of

thebusiness planning process and targets)

•  Medium-term: 2030 (equal to the horizon

ofourlong-range plan process)

•  Long-term horizon: >2030

IRO-1\_09

The magnitude of the financial effect is calculated

either quantitatively or qualitatively for all the risks

and opportunities identified, taking into account

whether and to what extent they affect one or

more of the following financial metrics for

Coca-Cola HBC; financial position, financial

performance, cash flow, cost of capital and access

to finance.

Where possible, the quantitative metric of

percentage of comparable EBIT (cEBIT) is used

toassess the financial effect of each risk and

opportunity, considering a five-step scale.

For those risks and opportunities where the

quantitative metric could not be calculated,

aqualitative magnitude is provided using

thesamefive-step scale.

For the current (2024) financial effect, their

magnitude is solely used along with a suitable

threshold to address materiality. Specifically, the

materiality threshold is set such that all risks and

opportunities that have a potential impact on the

business assessed as ‘Critical’ or ‘Major’ are

considered material, while those that have a

potential impact assessed as ‘Moderate’, ‘Minor’

or‘Insignificant’ are deemed non-material.

Regarding the anticipated risks and opportunities,

the likelihood of occurrence needs also to be

clarified for each corresponding time horizon. To

evaluate the likelihood of occurrence for each risk

or opportunity, the scoring considered is: ‘Almost

certain’, ‘Likely’, ‘Possible’, ‘Unlikely’ and ‘Rare’.

Considering the combination of the financial

effect magnitude and the likelihood scoring

asdefined above, a scale for the inherent risk

emerges: ‘Critical’, ‘High’, ‘Moderate’, ‘Low’ and

‘Very low’.

For the anticipated (short-, medium- and

long-term) risks and opportunities, the above

scale is used along with a suitable threshold

toaddress their materiality. Specifically, the

materiality threshold is set such that all risks

andopportunities labelled as ‘Critical’ or ‘High’

areconsidered material while those categorised

as‘Moderate’, ‘Low’ or ‘Very low’ are deemed

non-material.

E1.IRO-1\_01

Through our annual carbon accounting process,

we calculate the GHG emissions across our entire

value chain, encompassing our own operations

aswell as upstream and downstream activities.

The impact on climate change is directly

correlated with the severity of both direct

andindirect GHG emissions.

Our screening process for activities impacting

climate change is closely linked to the significance

level established in our carbon footprint

assessment, which aligns with SBTi criteria.

Accordingly, we estimate and report emissions

that constitute a material portion of our total

carbon footprint, totaling to >95% of our

overallcarbon footprint inventory.

To identify potential future sources of GHG

emissions and assure that we report every activity,

entity or emission’s sub-category as per our

materiality threshold, we periodically conduct

acomprehensive carbon footprint assessment

across our entire value chain. This process

includes evaluating prospective investments,

enabling the business to project our carbon

footprint inventory over the coming years in

alignment with our business plan.

Scale is measured by our annual progress

inalignment with our roadmap for achieving

ourvalidated by the SBTi goals. Scope is

predetermined, due to the impact of GHG

emissions, to be global in reach. Remediability

refers to the ability of natural systems to restore

the climate to its prior state, and is set exceeding

30years, reflecting the extended timeframe

required for significant environmental restoration.

E1.IRO-1\_02,03,04,06,07,08,09,10,11,12,13,15,16

Following our assessment, we have identified

three risks that have been linked to ESRS E1 –

Climate Change:

•  Managing our carbon footprint

•  Impact of extreme weather on our production

and distribution and,

•  Impact of climate change on the cost and

availability of key ingredients

Out of the above three risks, only ‘Managing

ourcarbon footprint’ has been deemed

financiallymaterial.

As part of the ‘Managing our carbon footprint’

riskassessment, for scope 1 emissions, we used

projected carbon pricing for the soft drinks

industry, and for scope 2 we used projected

carbon pricing for utilities. For further details

regarding the scenarios and time horizons

usedplease refer to SBM-3\_08,09,10.

Coca-Cola HBC Integrated Annual Report 202461

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Global warming has intensified extreme weather

events, such as droughts and storms, increasing

risk to our operations. In assessing the ‘Impact

ofextreme weather on our production and

distribution’ risk, we used different climate

scenarios, including RCP8.5, to assess the

sensitivity of 62 locations to flood risk, likelihood

of wildfires, precipitation and drought. As a result,

we identified 20 plants at higher risk. While all 20

plants have mitigation plans for business

interruption, only five require additional Capex

directly due to climate change. One-off

investments to strengthen resilience are

estimated at €28 million by 2030, of which

€6.9 million are specifically linked to climate

change.

Rising insurance premiums reflect also increased

climate-related risks. The SwissRe Institute

projects rate increases of 40% for fire and 25%

forflood and precipitation. If applied to the higher

risk facilities, we have estimated potential annual

increases in insurance premiums as a direct result

of climate change to be approximately €2.0 million

per annum by 2040.

During 2024, we enhanced our assessment of the

potential for business interruption in our plants,

for any reason, including climate change and

estimate that climate change will only minimally

contribute to the increase of this risk. As a result

ofthis assessment, we are updating our business

continuity plans to enhance our ability to continue

to supply our customers at acceptable levels and

within our risk tolerance if reasonably foreseeable

disruptive events occur.

Finally, when it comes to the ‘Impact of climate

change on the cost and availability of key

ingredients’ risk, we have considered the physical

risk related to the changing productive capacity of

key agricultural regions supplying our ingredients.

Some of the main sugar producing regions are

projected to face productivity declines under

most scenarios, while other growing regions may

benefit. If alternative sources compensate, our

overall sugar supply risk remains neutral. Most

suppliers are conducting contingency planning,

including diversifying sourcing. While physical risks

to our ingredient supply are a concern, their longer

timeframe allows for proactive measures and

resilience-building.

While all ingredients and materials remain subject

to market dynamics, the application of carbon

pricing mechanisms due to regulatory pressures,

are expected to have the greatest impact on costs

and supply stability. Regulatory measures

targeting agricultural emissions and shifts

inclimate-related policies may drive higher

production costs for key ingredients, leading to

increased input cost for us. Emissions-related

costs are expected to drive annual cost rises of

9.2% by 2030 and 1.3% by 2040 under an RCP1.9

scenario and 4.4% by 2030 and 0.5% by 2040

under an RCP4.5 scenario. To mitigate this risk,

weare working closely with our suppliers to

monitor and support potential changes in crop

yields, diversify our supplier base and identify

alternative growing regions where necessary.

It is important to note that we have identified one

material risk ‘Cost and availability of sustainable

packaging’ that is partly driven by transition risk,

aswe expect higher cost of sustainable packaging

materials due to the future cost of carbon.

However, this risk has been linked to the E5

‘Circular economy’ standard, for the purposes

ofthis sustainability statement. For more details,

please see below, section E5.IRO-1\_01.

Finally, we recognize the opportunity for our

business in meeting or exceeding stakeholder

expectations in managing our carbon footprint.

Asnoted in our assessment of the impact of our

sustainability performance on our reputation

(see‘Emerging Risk: The impact of consumer

perceptions of our environmental performance’

inthe ‘Risk’ section of the IAR), an increase in

perceptions of our environmental performance

has a direct link to an increase in consumers’

intentto purchase and therefore sales.

E1.IRO-1\_10

Given climate-related risks impact Coca-Cola

bottlers globally in similar ways, we have taken

aCoca-Cola System approach to the

identification ofrisks. We have identified and

assessed four transition risks: managing our

carbon footprint, the cost and availability of

sustainable packaging, the impact of consumer

perceptions of our environmental performance on

our reputation and the effect of increasing

government regulation on the cost and availability

of water. Ofthese risks, we have assessed

managing our carbon footprint and the cost and

availability ofsustainable packaging as material

and the outcome of the assessment of those risks

is detailed in section SBM-3\_08,09,10 of the

Sustainability Statement, and the ‘Principal risks

and opportunities’section of the IAR.

E1.IRO-1\_14

As part of the cross-functional work on our

climate transition plan, we have assessed the

potential of locked-in GHG emissions by 2030

and2040. This has been incorporated into the

emissions glidepath that we use as the basis for

the calculation of our transition risks. For more

details on the locked-in GHG emissions, please

refer to section E1-1\_07 of this document.

E2.IRO-1\_01

We employ a robust and systematic process

toidentify and assess material impacts, risks

andopportunities related to pollution. To identify

the material impacts, risks and opportunities, we

follow the ‘LEAP’ approach as proposed by ESRS

guidelines. This approach encompasses all value

chain segments and is divided into the following:

•  Locate: We apply a screening process to

identify sites with significant environmental

interfaces. Specifically, we focus on locations

where pollution impacts water excluding

GHG emissions. Our assessment criteria

encompass both qualitative and quantitative

indicators, evaluating factors such as pollutant

types, discharge volumes and concentrations,

proximity to vulnerable ecosystems, and

regulatory compliance.

•  Evaluate: We assess scale using the WWF

Biodiversity Risk Filter in conjunction with the

received notices of violation, which highlight

the level of significance. Scope is assessed

using the level of geographical occurrence

of facilities with relevant impact, and for

remediability, we estimate the anticipated time

required for natural restoration. The likelihood

of potential impacts is assessed by considering

best practices, the business model and the

mitigation measures we implement.

Coca-Cola HBC Integrated Annual Report 202462

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

•  Assess: We have assessed the financial

effect of transitional risks due to regulation

and impact on our reputation. We have also

assessed the risk related to disruption in our

production process due to unavailability of key

raw ingredients due to soil pollution, as part of

theupstream value chain. None of these risks

was deemed financially material.

E2.IRO-1\_03

To avoid pollution from own operations, we adhere

to the strict environmental standards of TCCC

(KORE standards), which in many cases are more

stringent than the local legislation. We also treat all

of our wastewater to the levels that support aquatic

life. All our manufacturing sites are certified under

the ISO 14001 Environmental Management

System. Upstream pollution may come from soil

pollution at farmers’ level, which are our Tier 2 and

Tier 3 suppliers if they do not follow our Principles

for Sustainable Agriculture (PSA). Downstream

pollution is linked to leakages in soil and water

fromimproperly collected post-consumer waste

(packaging waste from our beverages), mostly in

emerging countries such as Egypt and Nigeria.

E3.IRO-1\_01

We employ a robust and systematic process

toidentify and assess material impacts, risks

andopportunities related to water and marine

resources, applying the 4 Phase approach

asindicated in the ESRS. This approach

encompasses all value chain segments

andisdivided into the following:

•  Locate: We apply a screening process to

identify plants located in areas at water risk,

including areas of high-water stress which

are considered to be priority locations. As

per our rigorous risk assessment, in 2024,

we had 19 plants located in water risk areas,

that interface with surface and groundwater

resources through withdrawal, consumption

and discharge. The risk would include water

stress but also some water quality risk or

WASH risk for communities (lack of clean

water and sanitation). Additionally, Coca-

Cola HBC considers where the interface with

marine resources takes place. Using the S&P

Global definition coming from the biodiversity

criterion of the Corporate Sustainability

Assessment, sites that interface with marine

resources as those located either within or

adjacent to a distance of 0 to 2 kilometres

from marine resources. For the year 2024,

these sites include only the Aeghion plant in

Greece and the Vladivostok plant in Russia.

Additionally, we consider the Heraklion plant in

Greece (situated at 2.5 kilometres from marine

resources) as relevant due to its proximity within

municipalities or geographical areas adjacent to

the seashore.

None of these plants had directly interfaced with

marine resources, for example via abstraction of

seawater and/or discharge of treated wastewater

in marine water bodies. The screening process

isextended to the upstream and downstream

value chain, following the same process as in own

operations, for major suppliers and communities.

The related activities of the whole value chain

that occur in priority locations proceed to the

‘Evaluate’ step.

•  Evaluate: Ιn order to assess the severity,

we use the SBTN indicators related to water

availability and consumption to assess how

grave our impact is (scale); we estimate the

scope which assesses the level of geographical

occurrence of facilities with impact to water

resources, and remediability which assesses the

anticipated time required for natural restoration

of water bodies, taking into account the impact

caused. The likelihood of potential impacts

assesses theprobability of an impact to occur

considering best practices and based on the

business model and the mitigation measures

that we implement.

•  Assess: Risks in own operations identified

are the insufficiency of water to service our

needs (throughout the production process),

which is a physical chronic risk; the increased

water costs, which is a transition market risk;

and the potential damage to our reputation

due to the use of significant amounts of water

from the local watershed that could reduce the

availability of water for local communities, which

is a transition reputational risk. Regarding the

identified water-related opportunities, water

recovery from sewage treatment emerged,

which is a resource efficiency opportunity. None

of these risks and opportunities was deemed

financially material.

Furthermore, on a plant level, a tailored risk

assessment framework exists. Based on this

framework, the most relevant dependency-

related water risks considered are:

•  watershed baseline water stress;

•  ecological status and qualitative risks

ofwaterresources;

•  communities’ access rights to clean water

resources;

•  hygiene and sanitation services;

•  regulatory framework; and

•  biodiversity and important water-related

areas surrounding our manufacturing sites.

For further information related to the water risk

assessment that is carried out on our plants,

please visit Water Stewardship and Water Risk

Management Programmes.

•  Methodologies, assumptions and tools

utilised: Coca-Cola HBC applies the WWF

Water Risk Filter, which provides detailed

information regarding water risk on water

availability, quantity, quality and other risks in

different locations worldwide. The indicators

monitored are: water use/water withdrawal per

source, water reused or recycled, clean unused

water and quantity of wastewater discharged.

Moreover, location-based assessments are

carried out in each plant in order to evaluate

the vulnerability of the associated water

resources. In Alliance for Water Stewardship

(AWS) certifications or ISO 46001 certifications,

verified by a third party, the impact of water

withdrawal is assessed on both site level and

watershed scale. This assessment includes

important water-related areas, the value chain,

local communities and indigenous people,

and biodiversity value. The risk assessment

is conducted taking into consideration the

severity of impacts and the frequency for

two separate categories (frequent and

non-frequent physical risks). Also, to identify

potential impacts, the ENCORE platform

isutilised.

Water risk management programmes are

organised in all our bottling operations. They

allowus to implement successive risk assessment

steps, create appropriate mitigation measures

and actively follow-up the results of the mitigation

plan and effectiveness in reducing the water

risklevels. By implementing the water risk

management programme, we aim to do

thefollowing:

•  Assess specific location-based water risks and

vulnerabilities relevant to each plant.

•  Identify the water priority locations for which

external goals are raised.

•  Implement appropriate mitigation measures for

the identified water risks and vulnerabilities.

We evaluate the water risks and vulnerabilities

foreach plant based on a common risk scoring

methodology that captures strategic, operational

and reputational risks.

We extend the scope of water risk assessments

from the plant level to the watershed and

communities. Our evaluation comprises several

water risk aspects, such as supply reliability, water

efficiency, compliance, water economics, product

quality and food safety, water sustainability, and

local and social aspects. For all these water risk

aspects, we are considering: 1) the dependencies

of our manufacturing sites to the overall

organisational context, and 2) the impact of

operations to the environment, watershed and

local communities. Most relevant dependency-

related water risks considered in our assessment

are: watershed baseline water stress, ecological

status and qualitative risks of water resources,

communities’ access rights to clean water

Coca-Cola HBC Integrated Annual Report 202463

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAOiBGwDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA8E/4Vz4r/AOgV/wCTEX/xVH/CufFf/QK/8mIv/iq97orm+qw7s+h/1kxf8sfuf+Z4J/wrnxX/ANAr/wAmIv8A4qj/AIVz4r/6BX/kxF/8VXvdFH1WHdh/rJi/5Y/c/wDM8E/4Vz4r/wCgV/5MRf8AxVH/AArnxX/0Cv8AyYi/+Kr3uij6rDuw/wBZMX/LH7n/AJngn/CufFf/AECv/JiL/wCKo/4Vz4r/AOgV/wCTEX/xVe90UfVYd2H+smL/AJY/c/8AM8E/4Vz4r/6BX/kxF/8AFUf8K58V/wDQK/8AJiL/AOKr3uij6rDuw/1kxf8ALH7n/meCf8K58V/9Ar/yYi/+Ko/4Vz4r/wCgV/5MRf8AxVe90UfVYd2H+smL/lj9z/zPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uij6rDuw/1kxf8sfuf+Z4J/wAK58V/9Ar/AMmIv/iqP+Fc+K/+gV/5MRf/ABVe90UfVYd2H+smL/lj9z/zPBP+Fc+K/wDoFf8AkxF/8VR/wrnxX/0Cv/JiL/4qve6KPqsO7D/WTF/yx+5/5ngn/CufFf8A0Cv/ACYi/wDiq9s0O2ls/D+m2twmyaG1ijkXIOGCAEZHHUVforSnRjTd0cGOzWtjYqNRJW7X/wA2V7qN5NmwZxnPNV/s039z9RWhRWp5pn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oqSCCRJlZlwB71cooAKoyW8rSMQvBJPUVeooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigCOBSkKqwwRROpeFlUZJqSigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAKMdvKsikrwCD1FXqKKAKc8EjzMyrkH3qP7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAdKx5/FGjW0hje+VmHXYrMPzAxXM+Mddllu2022kZYY+JSpxvb0+g/nmuRrSMLq7OGtjHGXLBHp/wDwmGif8/bf9+n/AMKP+Ew0T/n7b/v0/wDhXmFFV7NGP12p2R6f/wAJhon/AD9t/wB+n/wo/wCEw0T/AJ+2/wC/T/4V5hRR7NB9dqdken/8Jhon/P23/fp/8KP+Ew0T/n7b/v0/+FeYUUezQfXanZHp/wDwmGif8/bf9+n/AMKP+Ew0T/n7b/v0/wDhXmFFHs0H12p2R6f/AMJhon/P23/fp/8ACj/hMNE/5+2/79P/AIV5hRR7NB9dqdken/8ACYaJ/wA/bf8Afp/8KP8AhMNE/wCftv8Av0/+FeYUUezQfXanZHp//CYaJ/z9t/36f/Cj/hMNE/5+2/79P/hXmFFHs0H12p2R6f8A8Jhon/P23/fp/wDCj/hMNE/5+2/79P8A4V5hRR7NB9dqdken/wDCYaJ/z9t/36f/AAo/4TDRP+ftv+/T/wCFeYUUezQfXanZHp//AAmGif8AP23/AH6f/Cj/AITDRP8An7b/AL9P/hXmFFHs0H12p2R6zZ+INKv5RFb3iGQ8BWBUn6ZAzWnXideg+Dtdkv4nsbpy88Q3I7cll9z6j/PSolC2qN6GK53yy3OroooqDtCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooqK5uI7S1luJTiOJC7Y9AKAegXN1BZwma4mSKMfxOcCsg+L9DBI+2E/SJ/8K8+1bVrjV7155mOzJ8uPPCD0FUK1VPuedPGu/uLQ9P8A+Ew0T/n7b/v0/wDhR/wmGif8/bf9+n/wrzCin7NEfXanZHp//CYaJ/z9t/36f/Cj/hMNE/5+2/79P/hXmFFHs0H12p2R6f8A8Jhon/P23/fp/wDCj/hMNE/5+2/79P8A4V5hRR7NB9dqdken/wDCYaJ/z9t/36f/AAo/4TDRP+ftv+/T/wCFeYUUezQfXanZHp//AAmGif8AP23/AH6f/Cj/AITDRP8An7b/AL9P/hXmFFHs0H12p2R6f/wmGif8/bf9+n/wq9Y61p2pMVtLpJH67DlW/I815FTkd43V42ZHU5DKcEGl7NDWNnfVI9qorB8K60dX04pMc3MGFkP94Hof0/St6s2raHowmpxUkFFFFIoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDx/Vwy6zfBvvfaJM/8AfRqnXdeLvDc1zN/aNjEXcj99GvU46MB3rhSCCQRgjtW8XdHiVqbhNphRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV0HgxXPiSIp91Ucv9Mf44rChhkuJVihjaSRjhVUZJr0jwroDaRbNNcqPtcvDAHOxfT/ABqZuyOjDU3KomtkdDRRRWB7AUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFY/ilXfw1eiP720E/QMCf0zWxTZY0mieKRQyOpVlPQg9RTW5M480Wu54rRWzr3h650e4dgjPZlvklHOB6H0P8AOsat07nhyi4uzCiiimSFFFFABRRRQAUUUUAFFFFABRRU9pZ3F9cLBbRNJK3QD+Z9BQNJvRHUeAFc394wB2CIA/XPH8jXe1k+HtGXRtOERw1xJ80rjufT6D/GtasJO7PZw8HCmkwoooqTYKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqrPptjdPvuLO3lb+88YJ/OrVFAmk9yh/Yelf9A21/wC/S/4Uf2HpX/QNtf8Av0v+FX6Kd2Lkj2KH9h6V/wBA21/79L/hR/Yelf8AQNtf+/S/4Vfoouw5I9ih/Yelf9A21/79L/hR/Yelf9A21/79L/hV+ii7Dkj2KH9h6V/0DbX/AL9L/hR/Yelf9A21/wC/S/4Vfoouw5I9ih/Yelf9A21/79L/AIUf2HpX/QNtf+/S/wCFX6KLsOSPYof2HpX/AEDbX/v0v+FH9h6V/wBA21/79L/hV+ii7Dkj2KH9h6V/0DbX/v0v+FH9h6V/0DbX/v0v+FX6KLsOSPYof2HpX/QNtf8Av0v+FH9h6V/0DbX/AL9L/hV+ii7Dkj2KH9h6V/0DbX/v0v8AhR/Yelf9A21/79L/AIVfoouw5I9ih/Yelf8AQNtf+/S/4Uf2HpX/AEDbX/v0v+FX6KLsOSPYgt7K1tM/ZraGHPXy0C5/Kp6KKQ0ktgooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAhAIIIBB7GqTaLpbHJ060z/ANcV/wAKvUUCcU9yh/Yelf8AQNtf+/S/4Uf2HpX/AEDbX/v0v+FX6Kd2Lkj2KH9h6V/0DbX/AL9L/hR/Yelf9A21/wC/S/4Vfoouw5I9ih/Yelf9A21/79L/AIUf2HpX/QNtf+/S/wCFX6KLsOSPYof2HpX/AEDbX/v0v+FH9h6V/wBA21/79L/hV+ii7Dkj2KH9h6V/0DbX/v0v+FH9h6V/0DbX/v0v+FX6KLsOSPYof2HpX/QNtP8Avyv+FWoLaC1TZbwRxL/djQKP0qWilcFFLZBRRRQUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFZn9qXn/QB1H/v5b/8Ax2j+1Lz/AKAOo/8Afy3/APjtaezfl96Fc06KzP7UvP8AoA6j/wB/Lf8A+O0f2pef9AHUf+/lv/8AHaPZvy+9Bc06KzP7UvP+gDqP/fy3/wDjtH9qXn/QB1H/AL+W/wD8do9m/L70FzTorM/tS8/6AOo/9/Lf/wCO0f2pef8AQB1H/v5b/wDx2j2b8vvQXNOisz+1Lz/oA6j/AN/Lf/47R/al5/0AdR/7+W//AMdo9m/L70FzTorM/tS8/wCgDqP/AH8t/wD47R/al5/0AdR/7+W//wAdo9m/L70FzTorM/tS8/6AOo/9/Lf/AOO0f2pef9AHUf8Av5b/APx2j2b8vvQXNOisz+1Lz/oA6j/38t//AI7R/al5/wBAHUf+/lv/APHaPZvy+9Bc06KzP7UvP+gDqP8A38t//jtH9qXn/QB1H/v5b/8Ax2j2b8vvQXNOisz+1Lz/AKAOo/8Afy3/APjtH9qXn/QB1H/v5b//AB2j2b8vvQXNOisz+1Lz/oA6j/38t/8A47R/al5/0AdR/wC/lv8A/HaPZvy+9Bc06KzP7UvP+gDqP/fy3/8AjtH9qXn/AEAdR/7+W/8A8do9m/L70FzTorM/tS8/6AOo/wDfy3/+O0f2pef9AHUf+/lv/wDHaPZvy+9Bc06KzP7UvP8AoA6j/wB/Lf8A+O0f2pef9AHUf+/lv/8AHaPZvy+9Bc06KzP7UvP+gDqP/fy3/wDjtH9qXn/QB1H/AL+W/wD8do9m/L70FzTorM/tS8/6AOo/9/Lf/wCO0f2pef8AQB1H/v5b/wDx2j2b8vvQXNOisz+1Lz/oA6j/AN/Lf/47R/al5/0AdR/7+W//AMdo9m/L70FzTorM/tS8/wCgDqP/AH8t/wD47R/al5/0AdR/7+W//wAdo9m/L70FzTorM/tS8/6AOo/9/Lf/AOO1et5XmgWSS3kt2OcxyFSy899pI9+DUuDW/wCaC5LRRRUjCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAorktf8Yiyme0sEWSZDteRuVU+gHc/55rmj4s1wkn7cR7CNP8KtQbOaeLpwdtz1KivLP+Er1v8A5/m/79p/hR/wlet/8/zf9+0/wo9myPrtPsz1OivLP+Er1v8A5/m/79p/hR/wlet/8/zf9+0/wo9mw+u0+zPU6K8s/wCEr1v/AJ/m/wC/af4Uf8JXrf8Az/N/37T/AAo9mw+u0+zPU6K8s/4SvW/+f5v+/af4Uf8ACV63/wA/zf8AftP8KPZsPrtPsz1OivLP+Er1v/n+b/v2n+FH/CV63/z/ADf9+0/wo9mw+u0+zPU6K8s/4SvW/wDn+b/v2n+FXbDxtqVvKPtZS5izyCoVgPYj+tHs2NY2m31PRqKrWF/b6lZpdWzbo39eCD3B96s1B1Jpq6CiiigYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZuv3j2OhXdxGSHVMKR2JIAP61pVR1iyOo6RdWq43SJ8uem4cj9QKa3JnfldtzyEnJyetFOkjeKRo5FKuhKsp6gjtTa6DwQooooAKKKKACiiigAooooAKKKKACiiigDrfAd5ImoT2Zb91JH5gX0YED+R/QV39cN4D0+Tz59QcER7fKTP8RyCfyx+tdzWE9z18Jf2SuFFFFSdIUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGBrfhW01ZzPG32e6PVwMhvqP61zTeBNUB4mtCPXe3/xNeiUVSm0YTw1Obu0edf8ACC6r/wA9bX/vtv8A4mj/AIQXVf8Anra/99t/8TXotFPnZH1Okedf8ILqv/PW1/77b/4mj/hBdV/562v/AH23/wATXotFHOw+p0jzr/hBdV/562v/AH23/wATR/wguq/89bX/AL7b/wCJr0WijnYfU6R51/wguq/89bX/AL7b/wCJo/4QXVf+etr/AN9t/wDE16LRRzsPqdI86/4QXVf+etr/AN9t/wDE0f8ACC6r/wA9bX/vtv8A4mvRaKOdh9TpHnX/AAguq/8APW1/77b/AOJq9YeAnEobULlCgPMcOfm/E4x+VdvRRzsawlJO9iO3t4rWBIII1jiQYVV6CpKKKg6dgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiue8Q+KItHY20KCa7Izg/dT0z/hXISeLtbdywvAgPRVjXA/SqUGznqYqnB2ep6hRXln/AAlet/8AP83/AH7T/Cj/AISvW/8An+b/AL9p/hT9mzP67T7M9Toryz/hK9b/AOf5v+/af4Uf8JXrf/P83/ftP8KPZsPrtPsz1OivLP8AhK9b/wCf5v8Av2n+FH/CV63/AM/zf9+0/wAKPZsPrtPsz1OivLP+Er1v/n+b/v2n+FH/AAlet/8AP83/AH7T/Cj2bD67T7M9Toryz/hK9b/5/m/79p/hR/wlet/8/wA3/ftP8KPZsPrtPsz1OivLP+Er1v8A5/m/79p/hU9r4z1iCUNLMlwmeUdAP1AFHs2CxtPsz0yis7RtZttatTNBlXU4kjbqp/w960ajY64yUldBRRRQMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACmTSCGCSU9EUsfwFPproJI2RvusCDQDPGbieS6uJJ5mLSSMWY+5qOrF9ZTafey2s4xJG2PqOxH1qvXSeA731CiiigQUUUUAFFFFABRRRQAUUUUAFFFFAG54TvHtfEFuqsQkxMbj1yOP1xXqFeaeDtPku9bjuNv7m2+dz74OB+fP4V6XWNTc9TBX9nqFFFFQdgUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGTrXh+z1qMGUGOdRhJl6j2PqK5OXwHqSuRHcWrp2JLA/lj+tehUVSk0Y1MPTm7tHnX/AAguq/8APW1/77b/AOJo/wCEF1X/AJ62v/fbf/E16LRT52Z/U6R51/wguq/89bX/AL7b/wCJo/4QXVf+etr/AN9t/wDE16LRRzsPqdI86/4QXVf+etr/AN9t/wDE0f8ACC6r/wA9bX/vtv8A4mvRaKOdh9TpHnX/AAguq/8APW1/77b/AOJo/wCEF1X/AJ62v/fbf/E16LRRzsPqdI86/wCEF1X/AJ62v/fbf/E0f8ILqv8Az1tf++2/+Jr0WijnYfU6R51/wguq/wDPW1/77b/4mrFr4CumkH2u7hSPv5WWJ/MDH613tFHOwWDpIq6fp1tplqLe1j2IOT3LH1J9atUUVB0pJKyCiiigYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUVRuL+5hnaOPSL24UYxJG8IVuO26QH25FRf2pef9AHUf+/lv/8AHatU2+33oVzTorM/tS8/6AOo/wDfy3/+O0f2pef9AHUf+/lv/wDHafs35feguadFZn9qXn/QB1H/AL+W/wD8do/tS8/6AOo/9/Lf/wCO0ezfl96C5p0Vmf2pef8AQB1H/v5b/wDx2j+1Lz/oA6j/AN/Lf/47R7N+X3oLmnRWZ/al5/0AdR/7+W//AMdo/tS8/wCgDqP/AH8t/wD47R7N+X3oLmnRWZ/al5/0AdR/7+W//wAdo/tS8/6AOo/9/Lf/AOO0ezfl96C5p0Vmf2pef9AHUf8Av5b/APx2j+1Lz/oA6j/38t//AI7R7N+X3oLmnRWZ/al5/wBAHUf+/lv/APHaP7UvP+gDqP8A38t//jtHs35feguadFZn9qXn/QB1H/v5b/8Ax2j+1Lz/AKAOo/8Afy3/APjtHs35feguadFZn9qXn/QB1H/v5b//AB2j+1Lz/oA6j/38t/8A47R7N+X3oLmnRWZ/al5/0AdR/wC/lv8A/HaP7UvP+gDqP/fy3/8AjtHs35feguadFZn9qXn/AEAdR/7+W/8A8do/tS8/6AOo/wDfy3/+O0ezfl96C5p0Vmf2pef9AHUf+/lv/wDHaP7UvP8AoA6j/wB/Lf8A+O0ezfl96C5p0UUVmMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKztfkkh8OapLE7JIlpKyupwVIQ4IPY0UVUfiQM8K/4SPXf+g1qP/gU/wDjR/wkeu/9BrUf/Ap/8aKK9owD/hI9d/6DWo/+BT/40f8ACR67/wBBrUf/AAKf/GiigA/4SPXf+g1qP/gU/wDjR/wkeu/9BrUf/Ap/8aKKAD/hI9d/6DWo/wDgU/8AjR/wkeu/9BrUf/Ap/wDGiigA/wCEj13/AKDWo/8AgU/+NH/CR67/ANBrUf8AwKf/ABoooAP+Ej13/oNaj/4FP/jXqnw0vbu/8OXEt5dTXEgu2UPNIXIGxOMntyaKK5sV/DKhudlRRRXmGoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAf/9k=)

Sustainability Statement continued

resources, hygiene and sanitation services,

regulatory framework, biodiversity and important

water-related areas surrounding our

manufacturing sites. The most significant

impact-related water risks considered in our

assessment are: the impact of our water use on

the naturally renewable water resources, the

impact of our wastewater operations and

discharge to the natural environment, and the

impact of our community projects on the

watersheds health status. During the mid-term

and long-term water risk assessment processes,

we evaluate the future trends that might impact

the current water risks. The starting point for the

climate change impact on water resources is

related to water availability. We use the publicly

available information from recognised platforms

such as Aqueduct (WRI) and Water Risk Filter

(WWF) to evaluate the change in baseline water

stress of the areas in which our plants are located.

We also factor in the current source water

utilisation rate (calculated as water use volume

divided by available water at source). This allows

usto calculate the future source water utilisation

rate. If this value exceeds 100%, it means we need

to optimise and expand our water infrastructure

toensure future available water volumes for our

production needs. We also quantify the climate

change impact on water resources availability

asfinancial risk. We specifically quantify the

additional operational and capital expenditure we

need to increase water availability for the climate

scenarios of 2030 and 2040, under two different

climate scenarios. We actively monitor the

regulatory changes that may potentially impact

water resources so we can proactively upgrade

plants’ water supply and water treatment

infrastructures. The reputational issues are

considered in our stakeholders’ engagement

process, and we agree common actions

toaddress shared, current and future

waterchallenges.

E4.IRO-1\_01,02,03,04

We apply the LEAP approach, specifically the Locate,

Evaluate and Assess steps as indicated inESRS.

These steps can be further analysed asfollows:

•  Locate: We develop a list of the locations of our

assets and identify the biomes and ecosystems

our assets interface with. Consequently,

we identify the integrity and importance of

biodiversity in these areas and carry out a

mapping of the biodiversity-sensitive areas.

Finally, we identify our activities as well as those

in our upstream and downstream value chain.

In 2024, 7 plants were in close proximity to

legally protected areas. Out of them, 5 plants

are in proximity from zero to 2 kilometres as

per the definition of the S&P Global Corporate

Sustainability Assessment biodiversity criterion.

•  Evaluate: Regarding the identification of current

impacts, we consider the direct impact of the

interface of our activities with the biodiversity

in the material locations. Moreover, we indicate

the size, scale, frequency of occurrence and

timeframe of the impacts on biodiversity and

ecosystems in these areas. We estimate the

percentage of our procurement spent from

major suppliers with facilities located in risk-

prone areas (with threatened species on the

IUCN Red List of Species, the Birds and Habitats

Directive or national list of threatened species,

or in officially recognised Protected Areas,

the Natura 2000 network of protected areas

and Key Biodiversity Areas). Furthermore, we

indicate the size and scale of the dependencies

on biodiversity and ecosystems, including on

raw materials, natural resources and ecosystem

services. Regarding the identification of potential

impacts, we use the ENCORE platform that

provides us with scientific rigorous information

about the impacts on water resources of

the sector and our value chain. After the

identification process, we assess the severity

and likelihood (for potential impacts) of the

positive and negative impacts. Specifically, to

assess the severity of our impact, we assess:

the scale through the WWF Biodiversity Risk

Filter, the scope which assesses the level of

geographical occurrence of facilities with impact

to biodiversity and the remediability which is

determined by the anticipated time required

for natural restoration of ecosystems. Also,

likelihood of potential impacts assesses the

probability of an impact to occur considering

best practices and based on the business model

and the mitigation measures that we implement.

At a site level, we have conducted biodiversity

impact and risk assessment throughout our

value chain which can be found in our 2022

Biodiversity Impact and Risk Assessment.

Additionally, on a five-year basis, we conduct

aSource Vulnerability Assessment, which

includes impact assessment related to

biodiversity within our own operations.

•  Assess: Physical and transition risks (including

systemic risks) and dependencies in relation to

nature are considered during the ‘assess’ step.

Based on the assessment process, the risks

for further consideration are three transition

risks. In the upstream value chain, difficulties in

accessing ingredients and/or potential increase

in their cost driven by climate change, and low

quality or quantity of agricultural ingredients

used in our production triggered by invasive

species in our supply chain are assessed as

transition market risks. In the downstream

value chain, the impact on our reputation if we

do not meet our deforestation commitment, is

assessed as a transition reputational risk. None

of these risks was deemed financially material.

E4.IRO-1\_06

Please read our Biodiversity Impact and Risk

Assessment for detailed insights regarding our

sites: within our seven manufacturing sites in

close proximity to legally protected areas up to

30kilometres, there is no site with negative

impact on biodiversity.

E4.IRO-1\_07

For calibration of our material impact, we

haveapproached representatives from the

localcommunities in Europe and Africa, and we

have captured their feedback. In every Annual

Stakeholder Forum, there are representatives

from local communities who discuss the relevant

sustainability topic and suggest actions

forimprovement.

Within the WASH projects, we provide clean water

access and sanitation to communities in need, and

we work together with NGOs, local municipalities

and local representatives. In other water

stewardship projects, e.g., for providing water

forirrigation, we work with affected farmers.

E4.IRO-1\_08

Negative impacts on ecosystem services are

avoided by implementing replenishment projects

in our plants in countries we operate. Our negative

impact assessed in direct operations is related

only to water use, however, we address water

across the entire value chain by:

•  undertaking Source Vulnerability Assessments

in 100% of our manufacturing sites, which

serves as a basis for our Source Water

Protection Plan;

•  actively reducing the amount of water used in

the production of our beverages and treating

wastewater at levels that support aquatic life;

•  partnering with suppliers to minimise our water

footprint across the entire value chain;

•  investing in community water conservation

projects designed to replenish the water we use

through innovative sustainable technologies;

and

•  delivering Alliance for Water Stewardship or ISO

46001 Water efficiency management systems

certification at all our manufacturing sites.

Coca-Cola HBC Integrated Annual Report 202464

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E4.IRO-1\_14

As of 2024, we have one site overlapping with a

legally protected biodiversity area (Natura 2000,

Category IV-VI) and six sites located near other

legally protected areas up to 30 kilometres.

E4.IRO-1\_15

Even though we have activities near legally

protected areas, we do not negatively affect these

areas by any means of deterioration of habitats

and/or species. This is confirmed in our Source

Vulnerability Assessment (SVA), an assessment

done regularly for each manufacturing site by an

external independent expert and documented in

the SVA.

E4.IRO-1\_16

We fully comply with all local biodiversity

regulations and, on top, we have voluntarily

certified our sites in ISO 14001 and Water

stewardship certifications (AWS or ISO 46001).

Asno negative impact has been identified, our

measures are rather for addressing the positive

impact, such as replenish water.

E5.IRO-1\_01

Resource inflows, outflows and mostly waste were

used as drivers of impacts which affect soil and

water bodies. Furthermore, TNFD does not have

aspecific impact topic related to circular

economy, soto be compliant with TNFD, we

incorporated them as drivers of impacts to soil

and water pollution. To determine the latter, all

activities of our value chain (upstream, own

operation and downstream) were screened, and

according to their location in the value chain,

different assumptions were made.

The ROs identification process included a thorough

review to capture the full scope of ROs, incorporating

the ERM, Impact Universe, SASB sectoral analyses

and ENCORE dependency assessments.

The identified and evaluated risks were grouped

under the broader risk ‘Cost and availability of

sustainable packaging’, that was deemed financially

material. This risk includes risks related to regulatory

targets on collection, waste management and

specific packaging types, increased cost of

packaging materials due to climate change-related

regulation and Capex costs associated with

changing packaging mix. We have also identified a

few opportunities, such as the opportunity

associated with the launch of innovative packaging

solutions, which were not deemed financially

material. For the risks’ identification and assessment,

please refer to section ‘IRO-1\_09’.

E3.IRO-1\_02 & E2.IRO-1\_02 & E4.IRO-1\_05&

E5.IRO-1\_02 & IRO-1\_05

We conduct consultations with affected

stakeholders, including communities, and we

ensure that their feedback is taken into account.

Every year we carry out an Annual Stakeholder

Forum, the aim of which is to supplement the

process of material IROs identification and

assessment and to take insights regarding our

impacts on both people and nature. The theme

ofthis forum changes each year aswell.

In 2023, we focused on ‘Water Regeneration –

partnering to strengthen communities’

resilienceand drive economic growth’. Over

130representatives, from customers, industry

associations and academia, to NGOs,

policymakers and peer companies – and 25

countries – came together to our Annual Forum.

The theme was covered in the context of climate

resilience, economic growth and the wellbeing of

people. Further information regarding our Annual

Stakeholder Forum is available in our website.

In 2024, we welcomed over 160 (167) stakeholders

to our Annual Stakeholder Forum, themed

‘Harnessing the Circular Economy for Packaging’.

Further insights regarding our 2024 Annual

Stakeholder Forum are available on page 38 ofthe

Strategic Report, paragraph ‘Stakeholder Forum

– hearing from our stakeholders on what matters

most’.

In addition to our Annual Stakeholder Forum,

weregularly organise supplier sustainability

events(especially with our main sugar and

sweeteners suppliers) and meetings where

wediscuss different ESG aspects, including

biodiversity, deforestation and soil practices

thatprevent pollution.

During the annual innovation day with suppliers,

we also discuss with packaging suppliers solutions

for alternative packaging, lightweighting and

recyclability to minimise packaging waste and

increase circularity and thus reduce further soil

and water pollution.

Furthermore, in the context of environmental

permitting process and updates regarding the

performance towards the licensing environmental

authorities, we consult various stakeholders such

as NGOs, environmental and subject-matter

(pollution, water and biodiversity-related) experts

and affected communities.

Lastly, we engaged with subject-matter experts

and impacted stakeholders through dedicated

interviews as an additional source for identifying

impacts and understanding how our business

activities, including those across the value chain,

affect the environment and people.

In particular, an independent organisation

conducted 26 interviews with various external

stakeholders and experts, representing a diverse

range of our stakeholders, including investors,

shareholders, customers, suppliers, industry

associations, NGOs, IGOs, community

participants, and international institutions such

asthe UNGC and the International Organisation

ofEmployers. Interviews’ objectives were to hear

the perspective of affected stakeholders to

understand the level of impact materiality, to

support decisions on setting the materiality

thresholds and manage the total level of disclosure

required, as well as to understand the nature of the

impacts, to guide any disclosure, in line with the

needs of users of sustainability statements.

Coca-Cola HBC Integrated Annual Report 202465

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

IRO-2 Disclosure Requirements in ESRS covered by CCHBC’s sustainability statement

IRO-2\_01

Table 6: Datapoints from list of the Disclosure Requirements

Disclosure Requirement

Location in the sustainability

statement(page/paragraph)

BP-1 General basis for preparation of sustainability statements

p.41

BP-2 Disclosures in relation to specific circumstances

p.43

GOV-1 The role of the administrative, management and supervisory bodies

p.45

GOV-2 Information provided to and sustainability matters addressed

byCCHBC’s administrative, management and supervisory bodies

p.46

GOV-3 Integration of sustainability-related performance in incentive schemes

p.47

GOV-4 Statement on due diligence

p.48

GOV-5 Risk management and internal controls over sustainability reporting

p.49

SBM-1 Strategy, business model and value chain

p.50

SBM-2 Interests and views of stakeholders

p.52

SBM-3 Material impacts, risks and opportunities and their interaction with

strategy and business model

p.55

IRO-1 Description of the process to identify and assess material impacts,

risks and opportunities

p.59

IRO-2 Disclosure Requirements in ESRS covered by CCHBC’s

sustainabilitystatement

p.66

E1-1 Transition plan for climate change mitigation

p.83

E1.SBM-3 Material impacts, risks and opportunities and their interaction

with strategy and business model

p.84

E1-2 Policies related to climate change mitigation and adaptation

p.85

E1-3 Actions and resources in relation to climate change policies

p.87

E1-4 Targets related to climate change mitigation and adaptation

p.90

E1-5 Energy consumption and mix

p.92

E1-6 Gross scopes 1, 2, 3 and Total GHG emissions

p.93

E1-7 GHG removals and GHG mitigation projects financed through carbon credits

p.98

Disclosure Requirement

Location in the sustainability

statement(page/paragraph)

E1-8 Internal carbon pricing

p.99

E1-9 Anticipated financial effects from material physical and transition risks

and potential climate-related opportunities

-----

Ε2-1 Policies related to pollution

p.100

Ε2-2 Actions and resources related to pollution

p.102

Ε2-3 Targets related to pollution

p.103

Ε2-4 Pollution of air, water and soil

------

Ε2-5 Substances of concern and substances of very high concern

------

Ε2-6 Anticipated financial effects from material pollution-related risks and

opportunities

------

E3-1 Policies related to water and marine resources

p.104

E3-2 Actions and resources related to water and marine resources

p.106

E3-3 Targets related to water and marine resources

p.112

E3-4 Water consumption

p.114

E4.SBM-3 Material impacts, risks and opportunities and their interaction

with strategy and business model

p.115

E4-1 Transition plan and consideration of biodiversity and ecosystems in

strategy and business model

p.115

E4-2 Policies related to biodiversity and ecosystems

p.116

E4-3 Actions and resources related to biodiversity and ecosystems

p.117

E4-4 Targets related to biodiversity and ecosystems

p.118

E4-5 Impact metrics related to biodiversity and ecosystems change

p.118

E4-6 Anticipated financial effects from material biodiversity and

ecosystem-related risks and opportunities

------

E5-1 Policies related to resource use and circular economy

p.119

E5-2 Actions and resources related to resource use and circular economy

p.120

E5-3 Targets related to resource use and circular economy

p.125

Coca-Cola HBC Integrated Annual Report 202466

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAQUBe0DASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArA8a6bd6t4SvrGxi825l8vYm4LnEik8kgdAa36KUldWNKNV0qkakd00/uPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uiuf6rDuz3f9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4nofgLxNZ+INNurjTdkMN1FJI3nxnChwScBs9BXtlFFa06apqyPMx2YVcbJSqJK3b/h2U54JHmZlXIPvUf2ab+5+orQorQ4TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RVi1jePfvGM4xzViigBsgLRsB1IIqj9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UVcgUpCqsMEVJRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVdBRQBz/wDwnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVc94s+Lei+HLlrK0jOp3qEiRInCxxkdmfnn2APviuPb493hY7dAgC9gbgk/+g1Si2S5JHqP/Cd+D/8Aoa9D/wDBjD/8VR/wnfg//oa9D/8ABjD/APFV5b/wvu+/6ANv/wCBDf4Uf8L7vv8AoA2//gQ3+FHIw50epf8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVeW/8L7vv+gDb/wDgQ3+FOT493gYb9AgK9wLkg/8AoNHIw50eof8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVYvhD4qaL4pmWzkB0/UGwEgmcFZD6I/GT7EA+ma7qk1Yadzn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKQzn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+KrQ0zXdH1vzf7J1Wxv8AyceZ9kuEl2ZzjO0nGcHr6GtCigAooooAw5/GnhW1uJbe48TaNDPE5SSOS/iVkYHBBBbIIPGKj/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iqyvF/xO0Twm7WuTfagOttAw+T/AH26L9OT7Vwj/Hu7LfJoEAX0a5JP/oIqlFslySPUP+E78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKry3/AIX3ff8AQBt//Ahv8KP+F933/QBt/wDwIb/CjkYc6PUv+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qvLf+F933/QBt//AAIb/ClX493m4btAgI7gXBH/ALLRyMOdHqP/AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VXN+Ffi/oviC5Wzvojpd2/CebIGjc+gfAwfqB9a9EpNNbjTT2Of/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKQzn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuL+KPiS48NeDZZrNil1dSC2ikHWPcCS31wpx7kV2leafG7TprzwXDdQoWFpdK8mP4UKlc/mVpx3FLY+eaKKK3MAooooAKKKKAFR2jdXRirKchgcEH1r6n+HniKXxP4NtL+5IN2paGcgYy6nr+Iwfqa+V6+kfg3pkun+AIpJVZTeXD3IDDHynCg/iEz+NRPYuG56BRRRWRqFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFc94419/DPhC/1SEA3EahIQem9iFB/DOfwroa4v4rafNqHw81FYFLvDsnKjuqsC35DJ/CmtxPY+ZZpZLiaSaaRpJZGLu7HJYnkknuaZRRW5gFFFFABRRRQAV9L/CfxLceIvB6i8YvdWMn2dnPV1ABVj74OPwz3r5or3/4GadLbeFb2+kQqt3c4jz/ABKgxkfiWH4VE9i4bnqVFFFZGoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FRXNvDd20ttcRrLBKhSRGGQykYIP4Vif8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHjni34N6vplw0+gq2o2TZIjyBLF7EH731HPtXGN4N8UKxU+HNWyDjiykI/MCvoy/sJdKt/P1Dx/qlpDnAecWCAn0ybfrWN/bujf9FTvfysf/kerU2Q4I8L/wCEP8T/APQuav8A+AMv/wATR/wh/if/AKFzV/8AwBl/+Jr3T+3dG/6Kne/lY/8AyPR/bujf9FTvfysf/kenzvsLkXc8L/4Q/wAT/wDQuav/AOAMv/xNOTwZ4okcKPDmrAn+9ZyAfmRXuX9u6N/0VO9/Kx/+R6P7d0b/AKKne/lY/wDyPRzvsHIu5w3g74Naje3SXXiNTZ2aEN9nDAyS+xx90fr7DrXvUcaQxJFEipGihVVRgKB0AFcxZadPqduLiw8fardQk48yBbB1z6ZFvVn/AIR7VP8Aoc9c/wC/Nl/8j1Dbe5aSWx0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0hnQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/ketDTNOurDzftOs32pb8bftaQL5eM5x5Uadc989BjHOQDQooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApCAQQQCD1BpaKAPC/GvwavYbuS98MqLi3kcs1mWCvFnnCk4DL7dRx16159J4L8UROUbw7qpI/u2cjD8wMV9a0VamyHBHyR/wh/if/oXNX/8AAGX/AOJo/wCEP8T/APQuav8A+AMv/wATX1vRT5xch8kf8If4n/6FzV//AABl/wDiaVfBvihmCjw5q2Scc2Ug/pX1tRS52HIfPHhT4Oa1qt0suto2m2IwSCQZZPYD+H6n8jX0BZWdvp9lBZ2kSxW8CCONF6KoGAKnoqXJstRSCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArH8T+Ibbwv4futVuhuWJcJGDzI54VfxP5DJrYry347GT/hEdPx/qzfDd9fLfH9aaV2JuyPE9d8Qan4k1Fr7VLp55T90HhYx6KOgFZlFFbmAUUUUAFFFFAGv4e8S6p4X1Fb3S7lom4EkZ5SUejDuP1HbFfU/h7XLXxJoNpq1pkRXCZKnqjDhlP0IIr5Br6F+Bpl/4Qe637tn299mc9NkfT2zn8c1E1pcuD1semUUUVkahRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUVhz6FqM1xLKnizWYEdyyxRxWZVAT90boCcDpySfUmo/8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXLX2nT6Xatc3/j3VrWBTgyTLYoufTJt+tc8fFOggkf8LQ1Tj0gtP/kWnYLnpVFeaf8ACVaD/wBFQ1T/AMB7T/5Fo/4SrQf+ioap/wCA9p/8i0WYro9LorzT/hKtB/6Khqn/AID2n/yLR/wlWg/9FQ1T/wAB7T/5Foswuj0uiuP0qIa3E0ml/EPVLtVxu8lbFiuemR9nyPxrQ/4R7VP+hz1z/vzZf/I9IZ0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8JDqn/Qma5/3+sv/AJIo/wCEh1T/AKEzXP8Av9Zf/JFAHQUVz/8AwkOqf9CZrn/f6y/+SKP+Eh1T/oTNc/7/AFl/8kUAdBRXP/8ACQ6p/wBCZrn/AH+sv/kij/hIdU/6EzXP+/1l/wDJFAHQUVz/APwkOqf9CZrn/f6y/wDkij/hIdU/6EzXP+/1l/8AJFAHQUVz/wDwkOqf9CZrn/f6y/8Akij/AISHVP8AoTNc/wC/1l/8kUAdBRXP/wDCQ6p/0Jmuf9/rL/5Io/4SHVP+hM1z/v8AWX/yRQB0FFc//wAJDqn/AEJmuf8Af6y/+SKP+Eh1T/oTNc/7/WX/AMkUAdBRXP8A/CQ6p/0Jmuf9/rL/AOSKP+Eh1T/oTNc/7/WX/wAkUAdBRXP/APCQ6p/0Jmuf9/rL/wCSKP8AhIdU/wChM1z/AL/WX/yRQB0FFc//AMJDqn/Qma5/3+sv/kij/hIdU/6EzXP+/wBZf/JFAHQUVz//AAkOqf8AQma5/wB/rL/5Io/4SHVP+hM1z/v9Zf8AyRQB0FFc/wD8JDqn/Qma5/3+sv8A5Io/4SHVP+hM1z/v9Zf/ACRQB0FFc/8A8JDqn/Qma5/3+sv/AJIo/wCEh1T/AKEzXP8Av9Zf/JFAHQUVz/8AwkOqf9CZrn/f6y/+SKP+Eh1T/oTNc/7/AFl/8kUAdBRXP/8ACQ6p/wBCZrn/AH+sv/kij/hIdU/6EzXP+/1l/wDJFAHQUVz/APwkOqf9CZrn/f6y/wDkij/hIdU/6EzXP+/1l/8AJFAHQUVz/wDwkOqf9CZrn/f6y/8Akij/AISHVP8AoTNc/wC/1l/8kUAdBRXP/wDCQ6p/0Jmuf9/rL/5Io/4SHVP+hM1z/v8AWX/yRQB0FFc//wAJDqn/AEJmuf8Af6y/+SKP+Eh1T/oTNc/7/WX/AMkUAdBRXP8A/CQ6p/0Jmuf9/rL/AOSKP+Eh1T/oTNc/7/WX/wAkUAdBRXP/APCQ6p/0Jmuf9/rL/wCSKP8AhIdU/wChM1z/AL/WX/yRQB0FFc//AMJDqn/Qma5/3+sv/kij/hIdU/6EzXP+/wBZf/JFAHQUVz//AAkOqf8AQma5/wB/rL/5Io/4SHVP+hM1z/v9Zf8AyRQB0FFc/wD8JDqn/Qma5/3+sv8A5Io/4SHVP+hM1z/v9Zf/ACRQB0FFc/8A8JDqn/Qma5/3+sv/AJIo/wCEh1T/AKEzXP8Av9Zf/JFAHQUVz/8AwkOqf9CZrn/f6y/+SKP+Eh1T/oTNc/7/AFl/8kUAdBRXP/8ACQ6p/wBCZrn/AH+sv/kij/hIdU/6EzXP+/1l/wDJFAHQUVz/APwkOqf9CZrn/f6y/wDkij/hIdU/6EzXP+/1l/8AJFAHQUVz/wDwkOqf9CZrn/f6y/8Akij/AISHVP8AoTNc/wC/1l/8kUAdBRXP/wDCQ6p/0Jmuf9/rL/5Io/4SHVP+hM1z/v8AWX/yRQB0FFc//wAJDqn/AEJmuf8Af6y/+SKP+Eh1T/oTNc/7/WX/AMkUAdBRXP8A/CQ6p/0Jmuf9/rL/AOSKP+Eh1T/oTNc/7/WX/wAkUAdBRXP/APCQ6p/0Jmuf9/rL/wCSKP8AhIdU/wChM1z/AL/WX/yRQB0FFc//AMJDqn/Qma5/3+sv/kij/hIdU/6EzXP+/wBZf/JFAHQUVz//AAkOqf8AQma5/wB/rL/5Io/4SHVP+hM1z/v9Zf8AyRQB0FY3irw9b+KfDt1pVw2zzVzHJ/cccq359fbNQf8ACQ6p/wBCZrn/AH+sv/kij/hIdU/6EzXP+/1l/wDJFAHy/rWhal4e1B7HVLV7eZem4fK49VPQj3FZ1fUupXb6xbiDUvh/ql3EDkLM1i2D6jNxwawD4W0En/kl+qf+BFp/8lVopmbgfPNFfQ3/AAiug/8ARL9U/wDAi0/+SqP+EV0H/ol+qf8AgRaf/JVPnQuRnzzRX0N/wiug/wDRL9U/8CLT/wCSqUeFtBBB/wCFX6px6z2n/wAlUc6DkZ4ZoPh7U/EupJY6ZbPNISN7Y+WNf7zHsP8AI5r6p8OaFbeGtAtNJtcmOBMFz1djyzH6kk1kafeyaTb/AGfTvAGq2kOclIGsEBPqcXHJ96t/8JDqn/Qma5/3+sv/AJIqJSuXGNjoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKko6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFaGmajdX/AJv2nRr7TdmNv2t4G8zOc48qR+mO+OoxnnABoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVR1jVbbQ9HutTvGIt7aMu2Op9APcnAH1q9XB/GESH4cXuzO0Sxb8em8f1xTWrE9EeCeJvFOp+K9Ue81Cd2XcfJg3fJCp/hUflz1OOaxaKK3MAooooAKKKKALml6tf6Lfx32m3Ultcp0dD29COhHseK+o/BPimLxd4ag1JQEnB8q5jA4SUAZx7HII9jXyhXuXwEWYaXrTN/qDPGE4P3tp3foVqJrS5cHrY9fooorI1CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKjnnitbeW4nkWOGJC7uxwFUDJJqSvNvjbqU1l4KitYXK/bLpY5Md0ALEfmFppXYm7I4rxZ8aNUv7loPD2bCzU485lVpZffnIUew59+1cgfH/i0kn/hIL/n0lNc3RWyikYttnR/8J/4t/wChgv8A/v6aP+E/8W/9DBf/APf01zlFFkF2dH/wn/i3/oYL/wD7+mlHj/xaCD/wkF/x6ymuboosguz1Xwl8aNSsrlbfxGfttoxA+0KgWWL3wAAw/X3PSveYZo7iCOaGRZIpFDo6nIYHkEH0r4xr6L+C2pT33gZoZ3LfY7p4YyTn5NqsB+BY/hionHqXCXQ9GooorM0CiiigAooooAKKKKACiiigAooooAKKKKACiiigAorDn13UYbiWJPCeszojlVljlswrgH7w3Tg4PXkA+oFR/wDCQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKp6rpltrOlXOm3ib7e5jMbgdee49x1H0rL/4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAPm3xX4Q1TwjqTW99AxgZiILkD5JV7YPY+o6isCvqu61a7vrdre78CavcQN96OZ7F1P1BuMVhtoejsxJ+Fl5k+n2Ef+3FaKfczcOx84UV9Hf2Fo3/RLL387H/5Io/sLRv+iWXv52P/AMkU+dC5GfONFfR39haN/wBEsvfzsf8A5Io/sLRv+iWXv52P/wAkUc6DkZ4Do+ialr+oLY6XaSXM7c4UcKPVj0A9zX1H4O8MW/hLw5b6ZCQ8g/eXEo/5aSHGT9OAB7AVS0+9k0qEw6d8P9UtIyclYDYICfU4uOat/wDCQ6p/0Jmuf9/rL/5IqJSuXGNjoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKko6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArifip4cuPEfgyWOzQyXVpILmONer4BDKPU4JIHcgV21FNOwmrnxdRX0X4t+EGj+ILlr3T5f7Lu3OZPLj3RyH1K5GD7g/gTXGv8AAbVg5EesWTL2LI4P5c1qpoycGeTUV6x/wofWf+gvYfk/+FH/AAofWf8AoL2H5P8A4UcyDlZ5PRXrH/Ch9Z/6C9h+T/4U6P4DasXAk1myVfVUcn8uKOZBys8lr6e+F/hufw14Mhhu1KXd1IbmVD1QsAAv12qM++az/CXwi0bw7cJe3sh1O9Q7o2kj2xxnsQmTk+5J9gK9DqJSvoi4xtqwoooqCwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApGYKpZiAoGSSeAKWuL+K9/Np/w81FoGKvNsgLDsrMA35jI/GmtRN2PPfGnxlvri6lsfDTC2to2Km8KhnlxxlQeFX9enTpXAP4z8UO5Y+I9WyTni8kA/IGsOitkkjFts2v+Ew8T/wDQx6v/AOB0v/xVH/CYeJ/+hj1f/wADpf8A4qsWinYVza/4TDxP/wBDHq//AIHS/wDxVH/CYeJ/+hj1f/wOl/8AiqxaKLBc9A8NfF3xFo10g1CdtUs+jxzn5x7q+M5+uRX0Ho2r2mvaRbanYvvt7hNy56j1B9wcg/Svjyva/gLqErRazpruTChjnjX+6TkN+eF/KonFWuaQk72PZqKKKyNAooooAKKKKACiiigAooooAKKKKACiiigAorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qtDTNd0fW/N/snVbG/8AJx5n2S4SXZnOM7ScZwevoaANCiiigAorDn8aeFbW4lt7jxNo0M8TlJI5L+JWRgcEEFsgg8YqP/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoK5/xt4fbxP4Rv9LiYLPIoeEnpvUhgD7HGPxo/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KoA+UZoZbaeSCaNo5Y2KOjDBVgcEEeuaZXv3i/Tvhp4sc3LeKdEstQPW5gv4fn/313Yb68HjrXByfD7wyG/d/Evw6y+rTxqf/RhrZTRi4M89orv/APhX/h3/AKKT4a/8CY//AIuj/hX/AId/6KT4a/8AAmP/AOLo5kHKzgKK7/8A4V/4d/6KT4a/8CY//i6UfD/w5uG74k+GwM8kXMZ/9qUcyDlZ5/X0H8FvDdxpPh241W6Uo+plGiQ9olztb8dxP0x61g+GvCXw30e6W61PxnomqyocpG95CkQPuu87vxOPavSx468HKoVfFWhAAYAGoQ8f+PVEpX0RUY21Z0NFc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVUGh0FFc//AMJ34P8A+hr0P/wYw/8AxVH/AAnfg/8A6GvQ/wDwYw//ABVAHQUVz/8Awnfg/wD6GvQ//BjD/wDFUf8ACd+D/wDoa9D/APBjD/8AFUAdBRXP/wDCd+D/APoa9D/8GMP/AMVR/wAJ34P/AOhr0P8A8GMP/wAVQB0FFc//AMJ34P8A+hr0P/wYw/8AxVH/AAnfg/8A6GvQ/wDwYw//ABVAHQUVz/8Awnfg/wD6GvQ//BjD/wDFUf8ACd+D/wDoa9D/APBjD/8AFUAdBRXP/wDCd+D/APoa9D/8GMP/AMVR/wAJ34P/AOhr0P8A8GMP/wAVQB0FFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVx3xN8TT+F/B0txaHbd3Li2hf+4WBJb6gA498UJXBuxV8WfFXQ/DE7WcYbUL5ch4oGAWMjsz9j7AEjviuPPx9kzx4bUD3vf/ALCvGScnJ60VsoIxc2ey/wDC/Zf+hcT/AMDD/wDEUf8AC/Zf+hcT/wADD/8AEV41RRyIOdnsv/C/Zf8AoXE/8DD/APEUo+PsmefDiY/6/f8A7CvGaKORBzs+k/CnxZ0LxJcJZzq2m3r4CxzsCjn0V+OfqBntXfV8XV9N/CzxPP4m8II94xe7s5DbyOesgABVj74OD7gmolG2qLjK+jO2oooqCwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoorA8a+IG8MeEr/VY1DTxoFhU9N7EKCfUAnP0FAGd4t+JGheEm+zzyNdX3/PrbkFl93PRf589K4Q/H2TPy+G1A973P/sleOzzy3VxLcTyNJNK5d3Y5LMTkk++ajrVQRk5s9l/4X7L/ANC4n/gYf/iKP+F+y/8AQuJ/4GH/AOIrxqinyIXOz2X/AIX7L/0Lif8AgYf/AIilHx9kzz4cTH/X7/8AYV4zRRyIOdn0p4U+LGheJZ0s5g2nXz4CxzsCjk9lfufYgZzxmu9r4uBwcjrX098MPE0/ifwfHNdktd2rm2lc9ZMAEN9SCM+4NRKNtUXGV9GdnRRRUFhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFeZ/HCwmufBlvcxIWW1u1eTH8KspXP5lR+NemVDdWsF9aTWlzEssEyGORG6MpGCKadmJq6PjSivSPFnwf1rR7h5tGjfU7E5ICAedGPQr/F9V6+grjj4U8Rg4OgaqD6Gzk/wrZNMxaaMiitf/hFfEX/QA1T/AMA5P8KP+EV8Rf8AQA1T/wAA5P8ACncVjIorX/4RXxF/0ANU/wDAOT/CgeFPEZOBoGqkn/pzk/wouFjIr6A+BlhLb+E728kVlS5uj5eejKqgZH45H4VwnhT4Q65rVykurRSaXYDBYyDErj0Vex926eh6V9C2Vlb6dYwWVpEsVvAgSNF6KBWc5LY0hHqT0UUVmaBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXE/Fixmvvh1qIgUs0JSYqP7qsNx/AZP4V21Iyq6lWUMrDBBGQRTWgmrnxfRXq/jT4OahZ3ct74cT7XZyMW+y5AkhzzgZ+8vp36cHrXAN4T8SKcN4f1UH0NnJ/hWyaZi00Y9Fa/wDwiviL/oAap/4Byf4Uf8Ir4i/6AGqf+Acn+FO4rGRRWv8A8Ir4i/6AGqf+Acn+FA8KeIycDQNVJ9BZyf4UXCxkV9B/A6wmtvB1zdSoVW6u2aLP8SqoXP5hh+FcF4T+EGt6zcJNq8T6ZYDBbzB+9cegX+H6tjGehr6Fs7S3sLOG0tYlit4UEcaL0VQMAVnOXQ0hHqTUUUVmaBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9dBRQBz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPXQUUAc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj10FFAHP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj10FFAHP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPXQUUAc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j10FFAHP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9dBRQBz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9dBRQBz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j10FFAHP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9dBRQBz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPXQUUAc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPXQUUAc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9dBRQBz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPXQUUAc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj10FFAHP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj10FFAHP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPXQUUAc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j10FFAHP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9dBRQBz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9dBRQBz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j10FFAHP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9dBRQBz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPXQUUAc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPXQUUAc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9dBRQBz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPXQUUAc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj10FFAHP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj10FFAHP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPXQUUAc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j10FFAHP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9dBRQBz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9dBRQBz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j10FFAHP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9dBRQBz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPXQUUAc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPXQVj+KPENv4X8PXWq3I3iJcRxg4MjnhV/P8hk0AZuoWMulW/2jUPH+q2kOcb51sEBPpzb9awH8T6FG5VvijqZI/uw2bD8xbV4VrviDU/EmotfapdPPKfug8LGPRR0ArMrRQ7mbn2Pob/hKtB/6Khqn/gPaf8AyLR/wlWg/wDRUNU/8B7T/wCRa+eaKfIhc7Pob/hKtB/6Khqn/gPaf/ItPj8S6HK+1fijqQP+1FZqPzNtXztRRyIOdn1VZ6Xc6hbLc2XjzVrmBukkK2LqfxFvU/8Awj2qf9Dnrn/fmy/+R6+avC/izVPCepLdafO4jLDzrcn5JlHYj19+or6n0bVrXXdHtdTsmLW9ygdc9R6g+4OQfpUSjYuMrmb/AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j10FFSUc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9dBRQBz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPXQUUAc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj10FFAHP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj10FFAHP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPXQUUAc//AMI9qn/Q565/35sv/ketDTNOurDzftOs32pb8bftaQL5eM5x5Uadc989BjHOdCigAooooAw59C1Ga4llTxZrMCO5ZYo4rMqgJ+6N0BOB05JPqTUf/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKp6tqlroulXOpXrlbe3Qu5AyfoPcnj8aAMS70q50+3a4vPHmrW0C9ZJlsUUfibfFc9J4l0OJ9rfFHUif9mKzYfmLavFPFXi3U/FupvdX0zeSrHyLcH5IVPYD16ZPU1g1oodzNz7H0N/wlWg/9FQ1T/wAB7T/5Fo/4SrQf+ioap/4D2n/yLXzzRT5ELnZ9Df8ACVaD/wBFQ1T/AMB7T/5FpyeJ9Cdwo+KOpgn+9DaAfmbavneijkQc7PqbT7GXVrf7Rp3j/VbuHON8C2DgH0OLfg1b/wCEe1T/AKHPXP8AvzZf/I9fMGh6/qfhzUVvtLunglH3gD8rj0YdCK+pfCviK38VeHbbVbcbTINssef9XIPvL/h7EVEo2LjK5D/wj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j10FFSUc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPXQUUAc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9dBRQBz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPXQUUAc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj10FFAHP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj10FFAHP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPXQUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV5Z8dvM/4RHT8f6v7eN318t8f1r1OsbxV4et/FPh260q4bZ5q5jk/uOOVb8+vtmmnZiauj5HorR1rQtS8Pag9jqlq9vMvTcPlceqnoR7is6tzAKKKKACiiigAr6S+DZl/wCFd23mfc8+Xy/93d/jurwfw14X1TxVqaWenW7ONw82Yj5IVJ+8x/PjqccV9UaLpFroOjWml2akQW0YRc9T3JPuSST9aib6GkF1L9FFFZGgUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVwfxh8z/AIVxe7M7fNi349N4/riu8qlrGlWuuaRdaZeKWt7mMo+Oo9CPcHBHuKa0Ynqj47orc8UeFNT8J6o9pqEDiMsfJuAvyTKD1B/LjqM1h1uYBRRRQAUUUUAFe+/AjzP+EU1EHPlfbjt+uxc/0rxLRtD1LxBqCWOl2r3E7c4Xoo9WPQD3NfU3hPw5B4V8OWulQHe0Y3SyYx5kh+83+HsBUTeli4LW5t0UUVkahRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHP8A/CQ6p/0Jmuf9/rL/AOSKP+Eh1T/oTNc/7/WX/wAkV0FFAHP/APCQ6p/0Jmuf9/rL/wCSKP8AhIdU/wChM1z/AL/WX/yRXQUUAc//AMJDqn/Qma5/3+sv/kij/hIdU/6EzXP+/wBZf/JFdBRQBz//AAkOqf8AQma5/wB/rL/5Io/4SHVP+hM1z/v9Zf8AyRXQUUAc/wD8JDqn/Qma5/3+sv8A5Io/4SHVP+hM1z/v9Zf/ACRXQUUAc/8A8JDqn/Qma5/3+sv/AJIo/wCEh1T/AKEzXP8Av9Zf/JFdBRQBz/8AwkOqf9CZrn/f6y/+SKP+Eh1T/oTNc/7/AFl/8kV0FFAHP/8ACQ6p/wBCZrn/AH+sv/kij/hIdU/6EzXP+/1l/wDJFdBRQBz/APwkOqf9CZrn/f6y/wDkij/hIdU/6EzXP+/1l/8AJFdBRQBz/wDwkOqf9CZrn/f6y/8Akij/AISHVP8AoTNc/wC/1l/8kV0FFAHP/wDCQ6p/0Jmuf9/rL/5Io/4SHVP+hM1z/v8AWX/yRXQUUAc//wAJDqn/AEJmuf8Af6y/+SKP+Eh1T/oTNc/7/WX/AMkV0FFAHP8A/CQ6p/0Jmuf9/rL/AOSKP+Eh1T/oTNc/7/WX/wAkV0FFAHP/APCQ6p/0Jmuf9/rL/wCSKP8AhIdU/wChM1z/AL/WX/yRXQUUAc//AMJDqn/Qma5/3+sv/kij/hIdU/6EzXP+/wBZf/JFdBRQBz//AAkOqf8AQma5/wB/rL/5Io/4SHVP+hM1z/v9Zf8AyRXQUUAc/wD8JDqn/Qma5/3+sv8A5Io/4SHVP+hM1z/v9Zf/ACRXQUUAc/8A8JDqn/Qma5/3+sv/AJIo/wCEh1T/AKEzXP8Av9Zf/JFdBRQBz/8AwkOqf9CZrn/f6y/+SKP+Eh1T/oTNc/7/AFl/8kV0FFAHP/8ACQ6p/wBCZrn/AH+sv/kij/hIdU/6EzXP+/1l/wDJFdBRQBz/APwkOqf9CZrn/f6y/wDkij/hIdU/6EzXP+/1l/8AJFdBRQBz/wDwkOqf9CZrn/f6y/8Akij/AISHVP8AoTNc/wC/1l/8kV0FFAHP/wDCQ6p/0Jmuf9/rL/5Io/4SHVP+hM1z/v8AWX/yRXQUUAc//wAJDqn/AEJmuf8Af6y/+SKP+Eh1T/oTNc/7/WX/AMkV0FFAHP8A/CQ6p/0Jmuf9/rL/AOSKP+Eh1T/oTNc/7/WX/wAkV0FFAHP/APCQ6p/0Jmuf9/rL/wCSKP8AhIdU/wChM1z/AL/WX/yRXQUUAc//AMJDqn/Qma5/3+sv/kij/hIdU/6EzXP+/wBZf/JFdBRQBz//AAkOqf8AQma5/wB/rL/5Io/4SHVP+hM1z/v9Zf8AyRXQUUAc/wD8JDqn/Qma5/3+sv8A5Io/4SHVP+hM1z/v9Zf/ACRXQUUAc/8A8JDqn/Qma5/3+sv/AJIo/wCEh1T/AKEzXP8Av9Zf/JFdBRQBz/8AwkOqf9CZrn/f6y/+SKP+Eh1T/oTNc/7/AFl/8kV0FFAHP/8ACQ6p/wBCZrn/AH+sv/kij/hIdU/6EzXP+/1l/wDJFdBRQBz/APwkOqf9CZrn/f6y/wDkij/hIdU/6EzXP+/1l/8AJFdBRQBz/wDwkOqf9CZrn/f6y/8Akij/AISHVP8AoTNc/wC/1l/8kV0FFAHP/wDCQ6p/0Jmuf9/rL/5Io/4SHVP+hM1z/v8AWX/yRXQUUAc//wAJDqn/AEJmuf8Af6y/+SKP+Eh1T/oTNc/7/WX/AMkV0FRzzxWtvLcTyLHDEhd3Y4CqBkk0AcvqN2+rwCDUvh/ql3EDkLO1g4U+ozccH3FYJ8LaCST/AMKv1Tn0ntP/AJKri/Fnxn1S/uWg8PZsLNTjzmUNLL785Cj2HPv2rkD4/wDFpP8AyMF//wB/TVqLIckexf8ACK6D/wBEv1T/AMCLT/5Ko/4RXQf+iX6p/wCBFp/8lV45/wAJ/wCLf+hgv/8Av6aP+E/8W/8AQwX/AP39NPlfcXMux7H/AMIroP8A0S/VP/Ai0/8AkqlXwvoSMGHwu1PI55ntCPyNzXjf/Cf+Lf8AoYL/AP7+mlHj/wAWgg/8JBf8espo5X3DmXY+hLHUZ9MthbWHgLVrWAHIjhawRc+uBcdas/8ACQ6p/wBCZrn/AH+sv/kivI/CXxo1KyuVt/EZ+22jED7QqBZYvfAADD9fc9K95hmjuII5oZFkikUOjqchgeQQfSoaa3LTT2ML/hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CikM5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IroKKAOf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRWhpmo3V/5v2nRr7TdmNv2t4G8zOc48qR+mO+OoxnnGhRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAV72ws9Stmtr61huYG6xzIHU/ga51/ht4Odix0G2yfQsB+QNdVRRcLHKf8K08G/9AG3/AO+n/wAaP+FaeDf+gDb/APfT/wCNdXRTuxWRyn/CtPBv/QBt/wDvp/8AGgfDXwcCD/YNtx6s3+NdXRRdhZFLTdI07R4DBptjb2kZOWWGMLuPqcdfxq7RRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFebfG3UprLwVFawuV+2XSxyY7oAWI/MLXpNcV8U/Ddx4k8GSx2al7q0kFzHGOr4BBUe+Cce4FOO4pbHzHRRRW5gFFFFABRRRQAV9GfBbUp7/wKYZ2LfY7p4IyTn5MKwH4FiPpivnMDJwOtfUHwx8NzeGfBkFvdKUu7lzczIf4CwAC/UKq5981E9i4bnY0UUVkahRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHnXiz4QaN4huWvbCU6XducyeXHujc+pTIwfcH8DXJf8KEvv+g9b/wDgO3+Ne5UVSkyXFHhv/ChL7/oPW/8A4Dt/jR/woS+/6D1v/wCA7f417lRRzsORHhv/AAoS+/6D1v8A+A7f40f8KEvv+g9b/wDgO3+Ne5UUc7DkR574R+EmjeG7hb28k/tO9Q5jeWMLHGR0ITJ59yT04xXoVFFJu40kgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAorDn8J6dc3Es73Osh5HLsI9avEUEnPCrKAo9gAB2qP8A4Q3S/wDn61z/AMHt7/8AHqAOgorn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6gDoKK5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6gDoKK5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eoA6Ciuf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeoA6Ciuf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHqAOgorn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHqAOgorn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6gDoKK5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6gDoKK5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eoA6Ciuf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeoA6Ciuf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHqAOgorn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHqAOgorn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6gDoKK5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6gDoKK5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eoA6Ciuf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeoA6Ciuf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHqAOgorn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHqAOgorn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6gDoKK5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6gDoKK5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eoA6Ciuf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeoA6Ciuf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHqAOgorn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHqAOgorn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6gDoKK5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6gDoKK5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eoA6Ciuf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeoA6Ciuf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHqAOgorn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHqAOgorn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6gDoKK5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6gDoKK5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eoA6Ciuf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeoA6Ciuf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHqAOgorhfEMPhHwtAkmravrUJk/wBXENdvmd/oolzj36VxjfEHwIrEBPGbAHG4axc4P53NNJsTaR7bRXiP/Cw/An/PPxp/4OLn/wCSaP8AhYfgT/nn40/8HFz/APJNPlYuZHt1FeI/8LD8Cf8APPxp/wCDi5/+SaP+Fh+BP+efjT/wcXP/AMk0crDmR7dRXnHhy/8ABPiib7PYavrq3WM/Z59bvkc/T99hvwJrp/8AhDdL/wCfrXP/AAe3v/x6ptYq9zoKK5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6gDoKK5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eoA6Ciuf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeoA6Ciuf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//HqAOgorn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHqAOgorn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6gDoKK5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6gA/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KroKKAOf/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KrD8W/FbQ/DFw1nErajfLndFAwCxkdmfnB9gCR3xXIH4+yZ48OJj/r9/+wqlFslySPS/+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qvM/wDhfsv/AELif+Bh/wDiKP8Ahfsv/QuJ/wCBh/8AiKORhzo9M/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qvM/+F+y/wDQuJ/4GH/4ilHx9kzz4cTH/X7/APYUcjDnR6X/AMJ34P8A+hr0P/wYw/8AxVH/AAnfg/8A6GvQ/wDwYw//ABVYnhL4q6H4nnSzlDadftgLDOwKyE9lfjJ9iAT2ru6TVhp3Of8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugopDOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qtDTNd0fW/N/snVbG/wDJx5n2S4SXZnOM7ScZwevoa0KKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsnxNrsXhvw5e6vMu8W8eVT+8xICj8SRWtXC/F+CSb4c3xjBPlyROwHpvA/rTW4nsfOmqapeazqU+oX87TXMzFmZj+g9AOw7VToorcwCiiigAooooAcjvFIskbsjqQyspwQR0INfTfwy8WyeK/CyvdNm/s2EFw39/j5X/EfqDXzFXt3wDtpVtNduipEMjwxq3qyhyR+AdfzqJrQuD1PY6KKKyNQooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuN+Jviafwv4OluLQ7bu5cW0L/ANwsCS31ABx74rsq8z+OFhLc+C7e5iUstrdq0mP4VZWXP5lR+NOO4pbHz0Tk5PWiiitzAKKKKACiiigABwcjrX1B8MvEs/ifwdDcXbbru2c20z/3yoBDfUgjPvmvl+vob4IWEtr4KnuZVKrd3bPHnuoCrn8ww/ConsXDc9LooorI1CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACorm2hvLWW1uY1lgmQpIjDIZSMEGpaKAPmbxr8M9X8L3UtxbQSXmlFiY54gWaNewkA6Y9eh9ulcPX2jTDFGTkxoT/uirUyHA+MaK+zvJi/55p/3yKPJi/55p/3yKftBezPjGivs7yYv+eaf98ijyYv+eaf98ij2gezPlPwx4J1vxZcqmn2rLb5+e6lBWJB9e59hk19M+G9AtPDOhW2lWY+SJfnfGDI5+8x9yf6DtWtjAwKKmUrlRjYKKKKkoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqG6tYL60mtLmJZYJkMciN0ZSMEVNRQB87eLPg/rWj3DzaNG+p2ByQEx50Y9Cv8X1Xr6CuPPhPxGpwfD+qg+hs5P8K+uaKtTZDgj5F/4RXxF/0ANU/wDAOT/Cj/hFfEX/AEANU/8AAOT/AAr66op+0F7M+Rf+EV8Rf9ADVP8AwDk/wpR4T8RscDw/qpPoLOT/AAr65oo9oHsz548JfB/WdXuEn1qN9NsBglXx50nsF/h+rfka+grW2gsrWK1tolighQJGijAVQMACpaKhybLUUgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAorDntfFTXErW+s6NHAXJjSTSZXZVzwCwuQCcd8DPoKj+x+MP+g7of8A4Jpv/kqgDoKK5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KoA6Ciuf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+SqAOgorn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqgDoKK5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KoA6Ciuf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+SqAOgorn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqgDoKK5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KoA6Ciuf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+SqAOgorn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqgDoKK5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KoA6Ciuf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+SqAOgorn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqgDoKK5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KoA6Ciuf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+SqAOgorn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqgDoKK5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KoA6Ciuf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+SqAOgorn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqgDoKK5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KoA6Ciuf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+SqAOgorn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqgDoKK5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KoA6Ciuf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+SqAOgorn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqgDoKK5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KoA6Ciuf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+SqAOgorn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqgDoKK5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KoA6Ciuf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+SqAOgorn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqgDoKK5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KoA6Ciuf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+SqAOgorn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqgDoKK5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KoA6Ciuf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+SqAOgorn/sfjD/oO6H/4Jpv/AJKquz+JEYq/ifw4rDqDpUgP/pVQB1FFct5viL/oafDX/grk/wDkqjzfEX/Q0+Gv/BXJ/wDJVAHU0Vy3m+Iv+hp8Nf8Agrk/+SqPN8RH/mafDf8A4K5P/kqgDqaK58Wni8jI13QiPUaNL/8AJVH2Pxh/0HdD/wDBNN/8lUAdBRXP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVQB0FFc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVAHQUVz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lUAdBRXP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVQB0FFc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVAHQUVz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lUAdBRXP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFcpqFjLpNv8AaNR8f6raQ5xvnWwQE+gzb8msF/E+hI5U/FHUyR/dhtCPzFtTswuek0V5p/wlWg/9FQ1T/wAB7T/5Fo/4SrQf+ioap/4D2n/yLRZiuj0uivNP+Eq0H/oqGqf+A9p/8i05PE+hSOFX4o6mCf70Nmo/M21FmF0ek0Vy1hp82qWwudP8fardQnjzIVsHGfTIt+tWf+Ee1T/oc9c/782X/wAj0hnQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R60NM066sPN+06zfalvxt+1pAvl4znHlRp1z3z0GMc5ANCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACobq6gsbSa7uZVighQySO3RVAyTU1cJ8X5pIfhzfBCQJJIkbHpvB/pTSuxN2R4741+I+reK7uWGKaS10oMRHbIdu9fWTHUn06D9TxdFFbpWMG7hRRRQAUUUUAb/AIY8Y6z4TvBNp1yfKJ/eW0hJik+q+vuMGvpvwz4htPFGg22q2hwsow8ecmNx95T9D+Ywe9fIte3fAO4laz122J/cxyQyKP8AaYOD+irUTWly4PWx7HRRRWRqFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVj+KPENv4X8PXWq3I3iJcRxg4MjnhV/P8hk1sV5Z8dvM/4RHT8f6v7eN318t8f1ppXYm7I8U1zX9T8R6i19ql088x4UHhUHoo6AVmUUVuYBRRRQAUUUUAa3h7xJqnhjUVvdLuWifI8yPqkoH8LDuP1HbFfU/hzXbbxLoFpq1rkRzpkoeqMOGU/QgivkKvoT4GGU+CLreTsF++zOemyPOPbOfxzUTWly4PWx6bRRRWRqFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZPiXQ4fEnhy90iZyi3CYVwM7GBBU++CBxWtRQB8darpV7oupT6ffwNDcQsVZWHX3HqD2PeqdfXOv+F9G8T26w6tYpcBPuPkq6fRhgj6dK4yX4HeFpHLLdapEP7qTJj9UJrVTXUycH0PnmivoP/hRXhj/n/wBX/wC/0X/xuj/hRXhj/n/1f/v9F/8AG6fOhcjPnyivoP8A4UV4Y/5/9X/7/Rf/ABulX4GeF1YE3urMAc7TNHg/lHS50HIz5+iiknlSKKNpJHIVUQZLE9AB3r6c+GvhJ/CfhZYbn/j+um8+4H9wkABPwH6k1e8O+A/DvheXz9NsR9pIx9olYu+PYnp+GK6SplK5cY2CiiioLCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxvFPh238U+HrrSrhiglGY5AMmNxyrfn29M1s0UAfIGt6DqXh3UnsNTtXgmXpkfK4/vKehFZtfYuo6Vp+r2/kajY293EOQs0YcA+oz0NYJ+Gvg5mJOg22TzwWH9a0UzNwPliivqb/hWng3/oA2//AH0/+NH/AArTwb/0Abf/AL6f/GnzoXIz5Zor6m/4Vp4N/wCgDb/99P8A40q/DbwcrBhoNtkHPJYj8s0c6DkZ826B4d1PxNqSWOmWzSyEje/RI1/vMew/yM19UeHNCtvDWgWmk2uTHAmC56ux5Zj9SSas6fplhpNv9n0+zgtIc52QRhAT6nHU+9W6iUrlxjYKKKKkoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACisOfxZp1tcSwPbayXjcoxj0W8dSQccMsRDD3BIPao/wDhMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoorkviXrFxofgPUbm0kMdw4WGN1OCu5gCR74zj3oWoPQ5Pxp8ZYtLupNO8PQxXVxExSW5mBMakcEKARu+vT6159L8XfGsjll1ZIh/dS1ix+qk1xFFbKKRi5Nnaf8LZ8b/8AQb/8lYf/AIij/hbPjf8A6Df/AJKw/wDxFcXRTshXZ2n/AAtnxv8A9Bv/AMlYf/iKVfi143DAnWgQD0NrDz/45XFUUWQXZ6/4Z+OF5HdLB4jto5bZsD7RbJtdPcrnDD6YP16V7bbXMN5axXVtKssEyB43U5DKRkEV8Z17z8DNanvND1DSpmLJYyI8JPZZN2V+gKk/8CqJx6ouMnsz1iiiiszQKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArlviJolx4g8D6hY2il7kBZYkH8RRg20e5AIHuRXU0UIHqfFxGDg9aK+gvGnwfs9eupdR0adLG+lYvLHJkxSsec8cqSeuMj2rg2+CfixWIDaew9ROcH81rZSRi4s85or0X/hSni3/pw/7/AJ/wo/4Up4t/6cP+/wCf8KfMhcrPOqK9F/4Up4t/6cP+/wCf8KP+FKeLf+nD/v8An/CjmQcrPOq99+B+hT2GgXuqzoyDUJFEQbuiZ+b8Sx/Ks3w18DvKuluPEd5FNGpyLa1LYf8A3nIBx7AfjXsUEMVtBHBBGscMShERRgKoGAAPTFRKV9EXGNtWSUUUVmaBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0Fcz488Uf8Il4VuNQRQ1y5ENsrdPMYHBPsACffFC1Aw/Ec3gzwqVj1PV9bW4Yblt4tcvnkI9cCXge5xXJ/wDCw/An/PPxp/4OLn/5JryG4uJru4kuLiV5ZpGLPI7ZZiepJqKtVBGTmz2P/hYfgT/nn40/8HFz/wDJNH/Cw/An/PPxp/4OLn/5JrxyinyIXOz2P/hYfgT/AJ5+NP8AwcXP/wAk0qfEHwGzqpXxkgJwWbWLrA/K5zXjdFLkQ+dn05oNj4V8S2ZutJ1fWbhFOHUa7fK6H/aUy5H9a1f+EN0v/n61z/we3v8A8er5g0HXL3w7rNvqdhIUmhYErniRe6t6g19Y6PqkOtaNZ6nbgiK6hWVVPVcjofcHj8KiUbFxlczf+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CipKOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//Hq0NM0a10jzfs0t9J5uN32u/nucYzjHmu23r2xnjPQVoUUAFFFFAGHP4T065uJZ3udZDyOXYR61eIoJOeFWUBR7AADtUf8Awhul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQUUAc/wD8Ibpf/P1rn/g9vf8A49R/whul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQUUAc/wD8Ibpf/P1rn/g9vf8A49R/whul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQUUAc/wD8Ibpf/P1rn/g9vf8A49R/whul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQUUAc/wD8Ibpf/P1rn/g9vf8A49R/whul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQUUAc/wD8Ibpf/P1rn/g9vf8A49R/whul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQUUAc/wD8Ibpf/P1rn/g9vf8A49R/whul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQUUAc/wD8Ibpf/P1rn/g9vf8A49R/whul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQUUAc/wD8Ibpf/P1rn/g9vf8A49R/whul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQUUAc/wD8Ibpf/P1rn/g9vf8A49R/whul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQUUAc/wD8Ibpf/P1rn/g9vf8A49R/whul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQUUAc/wD8Ibpf/P1rn/g9vf8A49R/whul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQUUAc/wD8Ibpf/P1rn/g9vf8A49R/whul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQUUAc/wD8Ibpf/P1rn/g9vf8A49R/whul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQUUAc/wD8Ibpf/P1rn/g9vf8A49R/whul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQUUAc/wD8Ibpf/P1rn/g9vf8A49R/whul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQUUAc/wD8Ibpf/P1rn/g9vf8A49R/whul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQUUAc/wD8Ibpf/P1rn/g9vf8A49R/whul/wDP1rn/AIPb3/49XQUUAc//AMIbpf8Az9a5/wCD29/+PUf8Ibpf/P1rn/g9vf8A49XQVk+Jtdi8N+HL3V5l3i3jyqf3mJAUfiSKAOb8Qw+EfC0Cy6tq+tQs/wDq4l12+aR/oolzj36VxjfELwIGICeMyAeo1i55/wDJmvJtT1O71jUp9QvpmmuZ3LOzH9B6AdAO1VK1UF1MnN9D2P8A4WH4E/55+NP/AAcXP/yTR/wsPwJ/zz8af+Di5/8AkmvHKKfIhc7PY/8AhYfgT/nn40/8HFz/APJNH/Cw/An/ADz8af8Ag4uf/kmvHKKORBzs+ivDd94K8VSeRp+ra6t1jP2afW75H/D99hvwJrp/+EN0v/n61z/we3v/AMer5QjkeKRZI3ZJEIZWU4KkdCDX078M/Fknivwqkt0c31o3kXDf3yACH/EfqDUSjYuMrml/whul/wDP1rn/AIPb3/49R/whul/8/Wuf+D29/wDj1dBRUFnP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPV0FFAHP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PV0FFAHP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPV0FFAHP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PV0FFAHP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPV0FFAHP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PV0FFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFeX/HSCWTwfZyoGMcV6pcAcDKMAT+PH416hVLV9KtNb0m502+j329whRx3HoR7g4I9xTTsxNXR8d0V1fi34fa34TuHM8DXFjklLuFSUx/tf3T7H8Ca5St07mDVgooooAKKKAMnA60AFfUvwytprT4c6LHPne0TSDP8Add2Zf/HWFeP+BPhbqevXsF7qtu9ppKOGcSgq84H8KjqAfXj2zX0VHGkUaxxqqIoCqqjAAHQAVnN9DSC6jqKKKzNAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArhvi9BJP8Ob8xqW8t4nYD+7vAP8AOu5qK5toby1ltbmNZYJkKSIwyGUjBBpp2Ymro+M6K7nxr8M9X8MXcs9rBJeaUzExzRKWaNfSQDoR69D7ZxXDVsncxasFFFFMQUUUUAFe4fAS1lTT9buznyZZYol/3lDFv0da8y8L+B9b8V3KpY2rJbfx3UoKxKPr3PsM19NeHdBtPDWhW2lWS/u4V+ZyOZGP3mPuT/h2qJvSxcFrc1KKKKyNQooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApnkxf8APNP++RT6KAGeTF/zzT/vkUeTF/zzT/vkU+igBnkxf880/wC+RQIo1OQig+oFPooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAw57XxU1xK1vrOjRwFyY0k0mV2Vc8AsLkAnHfAz6Co/sfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugqK5uYbO1lubiVYoIkLySMcBVAySaAMT7H4w/wCg7of/AIJpv/kqoms/FAY7tc8Pbu+dGlz/AOlVeHeNfidq/iW7lt7OeSy0oMRHFExVpV9XI65HboPfrXCVagQ5n1X9j8Tf9B3w7/4JpP8A5Ko+x+Jv+g74d/8ABNJ/8lV8qUU/Zi9ofVf2PxN/0HfDv/gmk/8Akqj7H4m/6Dvh3/wTSf8AyVXypRR7MPaH1j9j8X/9B3Qv/BNL/wDJVH2Pxh/0HdD/APBNN/8AJVfN/hnxprfhS5WTT7tjAPvWspLROP8Ad7H3GDX0v4W8R2nirQLfVLTC7xtli3ZMUg+8p/zyCD3qZRsVGVyD7H4w/wCg7of/AIJpv/kqj7H4w/6Duh/+Cab/AOSq6CipKOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKAOf+x+MP+g7of/gmm/8Akqj7H4w/6Duh/wDgmm/+Sq6CigDn/sfjD/oO6H/4Jpv/AJKo+x+MP+g7of8A4Jpv/kqugooA5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKoa1q9poOj3Op3z7Le3Tc2OrHso9ycAfWgDONp4vAydd0IAf8AUGl/+SqrGTxGCQfFHhsEdQdLk/8Akqvn3xX471rxddM13OYrMH93aRMRGo7Z/vH3P4Y6VzNaKBm5n1R5viL/AKGnw1/4K5P/AJKo83xF/wBDT4a/8Fcn/wAlV8r0UezD2h9Ueb4i/wChp8Nf+CuT/wCSqVX8RuwVfFHhtmPQDSpCf/Sqvlaij2Ye0PrH7H4w/wCg7of/AIJpv/kqj7H4w/6Duh/+Cab/AOSq8B8FfEXVvCd3FE8z3OlFgJLaQ7tq9ymfun26HvX0vZXlvqNlBeWkqy286CSN16MpGRUyjYqMrmN9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRUlHP8A2Pxh/wBB3Q//AATTf/JVH2Pxh/0HdD/8E03/AMlV0FFAHP8A2Pxh/wBB3Q//AATTf/JVH2Pxh/0HdD/8E03/AMlV0FFAHP8A2Pxh/wBB3Q//AATTf/JVH2Pxh/0HdD/8E03/AMlV0FFAHP8A2Pxh/wBB3Q//AATTf/JVH2Pxh/0HdD/8E03/AMlV0FFAHP8A2Pxh/wBB3Q//AATTf/JVH2Pxh/0HdD/8E03/AMlV0FFAHP8A2Pxh/wBB3Q//AATTf/JVaGmQ6xF5v9rX1jdZx5f2Sze329c53Svnt0xjB6540KKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuF+L1xJB8Ob4RkjzZIo2IP8O8E/yxXdVkeKNCj8S+G77SJH2faI8I+M7HBBU/mBTW4nsfItFW9T0y70fUp9PvoWhuYHKurD9R6g9Qe9VK3MAooooAKKKKACvaPgHcSn+3LYkmEeTIB2DHeD+YA/KvGFUswVQSScADvX0p8KvCMnhjw0ZrxCl/flZZUIwY1A+RD7jJJ9zjtUz2KgtTvKKKKxNgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACvLvjpPLH4QsokLCOS9XeQeDhGIB/n+Feo1zXjvwuPFvhW405WC3KkTWzN0Eig4z7EEj8aa3E9UfKdFTXVpcWN1Ja3cEkE8R2vHIpVlPuDUNbmAUUUUAFFFFABX0p8HZpZfh1aLJnbFNKkZJzld2f5k1876VpV7rWpQafYQNNcTMFVVHT3PoB3Pavq7wxoMXhnw3ZaRC+8W6YZ/77klmP5k/hUTehcFqa9FFFZGoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYniLwjonimFE1ayWV0+5KpKyJ7Bhzj2PFcU3wK8NlsrqGqgehkjP/sleoUU02hNJnlv/CifDv8A0EdU/wC+4/8A4ij/AIUT4d/6COqf99x//EV6lRT5mLlR5b/wonw7/wBBHVP++4//AIilHwJ8OZ51HVcf78f/AMRXqNFHMw5Ucl4b+G/hvwvOtzZ2rz3a/duLpt7r9OAAfcDNdbRRUt3KtYKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKQkAEkgAdSaAOC8Rf8Id4pVf7V0fWpJUGEnTQ75JFHpuEXI9jkVyL/D7wG7llPjJAf4V0i6wPztiat+LPjalrctaeGreK42Eh7u4B2E/7Cggn6n8u9cc/wAZPGLMSLq2UH+EWy4H51aUiG4nSf8ACvPAn/PTxp/4J7n/AORqP+FeeBP+enjT/wAE9z/8jVzP/C4/GX/P5b/+Ayf4Uf8AC4/GX/P5b/8AgMn+FO0hXidN/wAK88Cf89PGn/gnuf8A5Gp8XgDwFG4Zv+ExlH919IusfpbA1y3/AAuPxl/z+W//AIDJ/hT4/jL4wRwzXNrIP7rW64P5YNFpBeJ61oF14S8MW7Q6To+s24f77/2FfM7/AFYxEn6dK1/+Ey0v/n11z/wRXv8A8ZrjfBXxhtdbuY9O1yGOzvZWCRSxZ8qQnoDkkqfzH0r1Koaa3LTT2Of/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CikM5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGa0NM1m11fzfs0V9H5WN32uwnts5zjHmou7p2zjjPUVoUUAFFFFAGHP4s062uJYHttZLxuUYx6LeOpIOOGWIhh7gkHtUf/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM10FFAHP8A/CZaX/z665/4Ir3/AOM0f8Jlpf8Az665/wCCK9/+M10FFAHP/wDCZaX/AM+uuf8Agivf/jNH/CZaX/z665/4Ir3/AOM1xnjT4x22jXUunaFAl5dxMUlmlz5SMDggAYLH8h7muBk+MvjB3JW5tUH91bdcfrmqUGyXNI9x/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZrwv8A4XH4y/5/Lf8A8Bk/wo/4XH4y/wCfy3/8Bk/wp8jFzo90/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZrwv8A4XH4y/5/Lf8A8Bk/wpR8Y/GIIP2y2PsbZaORhzo9z/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZrzLw18cZzdrB4jtIvs7HH2m1Qgp7spJyPpz7GvaLa5hvLWK6tpVlgmQPG6nIZSMgipaaKTTMT/hMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugopDOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK8++Metz6R4IMNs5SS/mFszA4IjKktj64x9Ca9Brz74x6JPq/ggzWyF5LCYXLKBkmMKQ2PpnP0Bpx3FLY+b6KKK3MAooooAKKKKAAHByOtfVHw61qfXvAum3t2++52tFK56sUYrk+5ABPua+VwMnA619UfDrRZ9B8C6bZXabLna0sqHqpdi2D7gEA+4qJ7Fw3OpooorI1CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuU+JGtXGg+BdQvLRzHcsFhjcdVLMASPcAnHviurrlPiRotxr3gXULS0QvcqFmjQdWKsCQPcgHHvTW4nsfLNFFFbmAUUUUAFFFFABXvHwM1u4vNH1DSJ2LR2To8BJ+6r7sr9AVz/wACNeD17v8AAvRZ7XR9R1eZSsd66xwgj7ypuyw9stj/AICamexUNz1qiiisTYKKKKACiiigAooooAKKKKACiiigAooooAKK5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eoA6Ciuf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeoA6Ciuf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHqAOgorn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHqAOgorn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6gDoKK5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6gDoKK5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eoA6Ciuf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeoA6Ciuf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHqAOgorn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHqAOgorn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6gDoKK5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6gDoKK5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eoA6Ciuf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeoA6Ciuf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHqAOgorn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHqAOgorn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6gDoKK5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6gDoKK5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eoA6Ciuf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeoA6Ciuf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHqAOgorn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHqAOgorn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6gDoKK5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6gDoKK5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eoA6Ciuf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeoA6Ciuf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHqAOgorn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHqAOgorn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6gDoKK5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6gDoKK5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eoA6Ciuf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeoA6Ciuf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHqAOgorn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHqAOgorn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6gDoKQgEEEAg9QawP+EN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHqAPPfFvwTS6uWu/DU8VvvJL2k5IQH/YYA4+h/PtXHN8G/GIYgWlswB6i5XBr1bxD/AMIb4XCDVdZ1qKVxlIV1y+d2HrtEvA9zgVy//Cc/D/8A5+vFf/g2vf8A4/VpyIaich/wpzxl/wA+dv8A+BKf40f8Kc8Zf8+dv/4Ep/jXX/8ACc/D/wD5+vFf/g2vf/j9H/Cc/D//AJ+vFf8A4Nr3/wCP07y7CtHuch/wpzxl/wA+dv8A+BKf405Pg14wdwrW1qgP8TXC4H5Zrrf+E5+H/wDz9eK//Bte/wDx+j/hOfh//wA/Xiv/AMG17/8AH6LyC0TS8FfB220W7i1HXJ0vLyJg8UMWfKRhyCSQCx/IfWvU68jsfF/w8vLhYW1XxJbbiAHn1e+C5+omOPqeK7mLwlo88SSxX2tSRuAyumv3pDA9CD53IqHfqWrdDo6K5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8epDOgorn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHqAOgorn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6gDoKK5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6gDoKK5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eoA6Ciuf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeoA6Ciuf8A+EN0v/n61z/we3v/AMerQ0zRrXSPN+zS30nm43fa7+e5xjOMea7bevbGeM9BQBoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAeV+Nfg5b6zdSajoU0dndyuXlhmJ8pyTkkEAlT7cj6VwL/BrxgjlVtrVwP4luFwfzxX0lRVKbRLgmfNf/AApzxl/z52//AIEp/jR/wpzxl/z52/8A4Ep/jX0pRT52LkR81/8ACnPGX/Pnb/8AgSn+NL/wpzxjn/jzt/8AwJX/ABr6Too52HIjxHw38Drn7Ws3iO7hFuvP2e1cln9ixAwPpk/Svaba2hs7WK1tolighQJGijAVQMACpaKltspJIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACub8c+KF8JeFrjUgoe4YiG3RuhkbOM+wAJ/Cukry746QSyeELKVAxjjvV3gDgZRgCf5fjTW4nojwW7u7i/u5bq7mknuJW3PJI2WY+5qGiitzAKKKKACiiigAr0/4P8AjKfS9cj0C6kZ7C9bbCGP+pl7Y9m6EepB9c+YVt+DYZbjxtoccKln+3Qtx2AcEn8ACfwpNXQ07M+tqKKKwNwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKoa1pFpr2j3OmXyb7e4Ta2Oqnsw9wcEfSs77Z4w/6AWh/wDg5m/+RaPtnjD/AKAWh/8Ag5m/+RaAPnTxZ4F1rwjcsLyAy2hOI7uIExsO2f7p9j+GetczX1ibvxeRg6FoRB/6jMv/AMi1W8rxEf8AmVvDf/g0k/8AkWtFMzcD5Xor6o8rxF/0K3hr/wAGkn/yLR5XiL/oVvDX/g0k/wDkWj2gezPleivqjyvEX/QreGv/AAaSf/ItHleIv+hW8Nf+DST/AORaPaB7M+XLe2nvJ0gtoJJ5nOFjiQszH2A5Ne9fCz4b3Hh6Vta1qNFv2Xbbwg7jCp6k9tx6cdBn1462J/FMGfJ8OeH489dmryjP5WtS/bPGH/QC0P8A8HM3/wAi0nO41Cx0FFc/9s8Yf9ALQ/8Awczf/ItH2zxh/wBALQ//AAczf/ItQWdBRXP/AGzxh/0AtD/8HM3/AMi0fbPGH/QC0P8A8HM3/wAi0AdBRXP/AGzxh/0AtD/8HM3/AMi0fbPGH/QC0P8A8HM3/wAi0AdBRXP/AGzxh/0AtD/8HM3/AMi0fbPGH/QC0P8A8HM3/wAi0AdBRXP/AGzxh/0AtD/8HM3/AMi0fbPGH/QC0P8A8HM3/wAi0AdBRXP/AGzxh/0AtD/8HM3/AMi0fbPGH/QC0P8A8HM3/wAi0AdBRXP/AGzxh/0AtD/8HM3/AMi1oaZNrEvm/wBrWNja4x5f2S8e43dc53RJjt0znJ6Y5ANCiiigAorDn13UYbiWJPCeszojlVljlswrgH7w3Tg4PXkA+oFR/wDCQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqpqmpWuj6ZcajeyiO2t0Lux9PQepPQDuTVuvMPjncyxeDrSBCwSa9USY6EBWIB/HB/CmldibsjzDxZ8S9e8T3DKtxJY2IJCW1u5XI/wBsjlj+ntXGkkkkkknqTSUVulYwbuFFFFABSqxVgykgg5BHakooA7rwd8T9Z8NXSRXc8t/prEB4ZnLMg9UJ6fTp/OvpCyvLfULKC8tJVlt50Ekbr0ZSMg18a19F/BO7luPAJikzttrySKP/AHSFf+bms5rqaQfQ9GooorM0CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACkZgqlmICgZJJ4Apa4r4r381h8O9RaBijzFISw6hWYBvzGR+NNaibseeeNfjJf3N3LY+G3+y2sbFTd4BebHGVzwq/r06dK4E+MfE5JJ8R6vz6Xsn/wAVWJRWySRi22bX/CYeJ/8AoY9X/wDA6X/4qj/hMPE//Qx6v/4HS/8AxVYtFOwrm1/wmHif/oY9X/8AA6X/AOKo/wCEw8T/APQx6v8A+B0v/wAVWLRRYLnofhb4u69otwkeqTSapY8Blmb96o9VfqT7NnPt1r6E03UbXV9Nt9QspRLbXCB42HofX0I6EdjXxxXu3wH1KWfRtV052Zo7WZJUyc48wHIHtlM/iaznHS5pCWtj1uiiiszQKKKKACiiigAooooAKKKKACiiigAooooAKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgrlviD4Xbxb4TnsISBdxsJ7ct0Lrnj8QSPxqz/wmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNC0B6nyjNDJbzPDNG0csbFXRhgqR1BFMr6J8T2PgzxY3m3+ma9HdAY+02+h3qSY9/3JDfiDXIv8OfCBY7LvxaF7A6DdE/+iK1U0ZODPJKK9a/4Vz4S/wCf3xX/AOCC6/8AjFH/AArnwl/z++K//BBdf/GKfOhcjPJaK9a/4Vz4S/5/fFf/AIILr/4xSp8OvB4b57vxay+i6DdD/wBoGjnQcjPKrW1nvruK1tYnmnlYJHGgyWJ6AV9V+C/Dg8K+FbPSyyvMgLzuvRpGOTj2HQewFc34Yt/BvhIFtN0vXTcMu1rmbQ715CPTPk4A9gBXSf8ACZaX/wA+uuf+CK9/+M1EpXLjGx0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zUFnQUVz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNAHQUVz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNAHQUVz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNAHQUVz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNAHQUVz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNAHQUVz/APwmWl/8+uuf+CK9/wDjNaGmaza6v5v2aK+j8rG77XYT22c5xjzUXd07ZxxnqKANCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuf8baA3ibwjf6XEQs8iBoSem9SGA+hxj8a6CigD4xmhltp5IJo2jljYo6MMFWBwQR65plfT/i74baJ4tY3EitZ3/wDz8wAZf/fHRv5+9cMfgFJnjxIpHvZf/Z1qpoycGeM0V7L/AMKCl/6GNP8AwDP/AMXR/wAKCl/6GNP/AADP/wAXT50LkZ41RXsv/Cgpf+hjT/wDP/xdH/Cgpf8AoY0/8Az/APF0c6DkZ41X0h8IfDNx4f8ACjXF6hjutQcTbD1SPGEB9+p/EDtUfhf4P6JoFyt3eytqlynKebGFiU+uzJyfqTXotRKV9EXGNtWFFFFQWFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVwfxc1+40LwU62jlJ76UW28dVUgliPwGPxppXE3YxvFvxosdLuHs9Bgj1CZMh7h2IhU+gxy/1BA9Ca48/HLxSTn7LpQ9hC/wD8XXmdFaqKMnJnpf8AwvHxT/z7aX/35f8A+Lo/4Xj4p/59tL/78v8A/F15pRT5ULmZ6X/wvHxT/wA+2l/9+X/+LpR8cvFIOTa6UfYwv/8AF15nRRyoOZn0H4O+MVhrt1HYaxAun3chCxyq2YpG9OeVPpnI969Or4ur6g+GGvz+IfBFrPdSeZdW7NbSuTyxXGCffaVz6ms5RtqjSMr6M7GiiioLCiiigAooooAKKKKACiiigAooooAKKKKACiiigAorDn8aeFbW4lt7jxNo0M8TlJI5L+JWRgcEEFsgg8YqP/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKK5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iqAOgorn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KoA6Ciuf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qgDoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArzr40aRPqXglbi3jLtY3AnkAGSI8FWP4ZBPsDXotNkjSWNo5FV0YFWVhkEHqCKadmJq6PjCivYvFnwSuFuHuvDEqPC2SbOd8Mh9FY8EfXGPU1x5+FXjYHH9ht+FxF/wDFVspJmLizjaK7H/hVfjX/AKAb/wDf+L/4qj/hVfjX/oBv/wB/4v8A4qi6CzOOorsf+FV+Nf8AoBv/AN/4v/iqUfCrxsxwNDb8biIf+z0XQWZxtfS/wj0eXSPAVuZ0aOS8la6Kt1AYAL+aqp/GuS8HfBV4rlL3xPJGyoQyWULbgx/229PYdfXtXs4AAwBgConK+iLhG2rCiiiszQKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKK53xzr8nhrwff6nAAbhFCQ57OxCg/hnP4UAZXjD4oaL4Uka0XN/qI628LABP99udv05PtXCt8e7zcdugQAdgbgn/ANlryKWWSeV5ZXZ5HYszsclieSSaZWygjFzZ6/8A8L7vv+gDb/8AgQ3+FH/C+77/AKANv/4EN/hXkFFHKg5mev8A/C+77/oA2/8A4EN/hSj493uRnQbcjvi4b/4mvH6KOVBzM+k/CPxX0XxNOtncIdNv3ICRSuGSQnsr8c+xA68Zrvq+L1YqwZSQQcgjtX1H8N/Ek3ifwbbXl0we7hY287D+Jlxgn3KlSfcmolG2qLjK+jOtoooqCwooooAKKKKACiiigAooooAKKKKACiiigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6Cuf8Z+JovCfhm51N1DyjEcEZ/jkPQfTqT7A0AZWt2XhLw5Asur61q9qG+6ra9fFm+iiUk/gK5h/F/w5ViBrPiNh6jVNQwfzlrxXUtTvdXv5b3ULmS4uZDlnkOT9B6D2qpWqgjJzZ7p/wAJj8Ov+gt4l/8ABrqH/wAdo/4TH4df9BbxL/4NdQ/+O14XRRyIOdnun/CY/Dr/AKC3iX/wa6h/8dpU8X/DlmwdZ8RoPVtU1HH6S14VRRyIOdn0/o2m+FfENsbjSdZ1a6jXG7Zr99uXPTcplyPxFaX/AAhul/8AP1rn/g9vf/j1fLmkaxf6FqUWoadcPBcRnIKnhhn7pHcHuK+rPDGvweJvDtnq0ClFnT5oyc7HBwy/gQee4xUSjYuMrlb/AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugoqSjn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMerQ0zRrXSPN+zS30nm43fa7+e5xjOMea7bevbGeM9BWhRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVxnxV06fUvh7qKW6lpIdk+0d1VgW/IZP4V2dBAIwRkGhaA1c+LqK9g8a/Bm8S6lv/DIWeGRizWTMEaPP9wnAK+xwR71wZ8AeLQSP+Efv+PSI1upJmDi0c3RXR/8IB4t/wChfv8A/v0aP+EA8W/9C/f/APfo0XQWZzlFdH/wgHi3/oX7/wD79Gj/AIQDxb/0L9//AN+jRdBZnOV9IfBrTJtO8ApJMCv225e5RSMEKQqj89mfoRXDeEPgxqN3dJdeJB9jtEYH7MrBpJfYkEhR+vsOte8RxpDEkUSKkaKFVVGAoHQAVE5dEXCPUdRRRWZoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV5b8dUkbwjYOufLW+G4Y7lHwf5/nXqVZniDQ7XxHod1pV4D5U6Y3DqjDkMPcHBpp2Ymro+QaK3PE3hLV/Cd99n1O2KoxPlTpzHKP9k/0PNYdbmAUUUUAFFFFABX0T8EYpo/AcjS52SXsjRf7u1B/6EGrxnwn4K1fxffLHZQFbVWAmunGEjHfnufYf/Xr6h0jSrTQ9JttMsY/LtrdNiDufUn3JyT7mom+hpBdS7RRRWRoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQUUAc/wDbPGH/AEAtD/8ABzN/8i0fbPGH/QC0P/wczf8AyLXQVXvr2302wnvbuURW8CGSRz2AoAxJpvFdxE0U3h7QJI2GGR9XlIP1BtayT4buSST4A8GEnqTeH/5ErybxZ8Wdd1+4aPTppdLsAfkSBysjj1Zxz+AwPr1rkf8AhINaP/MXv/8AwJf/ABq1Bmbmj6G/4Rq5/wCif+C//As//IlH/CNXP/RP/Bf/AIFn/wCRK+ef7f1n/oL3/wD4Ev8A40f2/rP/AEF7/wD8CX/xp8j7hzrsfQ3/AAjVz/0T/wAF/wDgWf8A5EpV8O3SMGXwD4MVgcgi8IIP/gJXzx/b+s/9Be//APAl/wDGj+39Z/6C9/8A+BL/AONHI+4c67H09HP4shjWOLw/oCIowFXWJQB+H2WnfbPGH/QC0P8A8HM3/wAi180WXi/xHp1ws9rrd+jg5wZ2ZT9VOQfxFe8fDj4jL4wilsr6OODVIFDEIflmXuyjsRxke+fpLi0UpJm/9s8Yf9ALQ/8Awczf/ItH2zxh/wBALQ//AAczf/ItdBRUlHP/AGzxh/0AtD/8HM3/AMi0fbPGH/QC0P8A8HM3/wAi10FFAHP/AGzxh/0AtD/8HM3/AMi0fbPGH/QC0P8A8HM3/wAi10FFAHP/AGzxh/0AtD/8HM3/AMi0fbPGH/QC0P8A8HM3/wAi10FFAHP/AGzxh/0AtD/8HM3/AMi0fbPGH/QC0P8A8HM3/wAi10FFAHP/AGzxh/0AtD/8HM3/AMi0fbPGH/QC0P8A8HM3/wAi10FFAHP/AGzxh/0AtD/8HM3/AMi1oaZNrEvm/wBrWNja4x5f2S8e43dc53RJjt0znJ6Y50KKACiiigDDn0LUZriWVPFmswI7llijisyqAn7o3QE4HTkk+pNR/wDCPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CqGtava6Do13ql4xEFtGXbHU9gB7kkAfWgDE1Cxl0m2+06h4/1W1hzjfMtigJ9Obfr7Vy8njTw7E5RvidrRI/u2Nuw/MWmK8Z8SeJ9T8U6pJe6jOzDcfKhz8kKk/dUflz1PesatFDuZufY99/4Tjw5/wBFN1z/AMF8H/yJR/wnHhz/AKKbrn/gvg/+RK8Cop8iFzs99/4Tjw5/0U3XP/BfB/8AIlKvjfw4zBR8TtcyTjnT4B/7aV4DRRyIOdn1DpUQ1yEzaX8QtUu0XG7yksSVz0yPs+R+NaH/AAj2qf8AQ565/wB+bL/5Hr5b0rVr/RL+O+026ktrlOjoeo9COhHseK+pfBvieHxb4bt9TjASX/V3EY/gkGMj6cgj2IqJRsXGVxP+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugoqSjn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkeugooA5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHroKKAOf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/keugooA5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R66CigDn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkeugooA5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHroKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK8y+ON7Lb+DLa2jYqlzeKsmOhVVZsH8QD+Fem1yXxI8MSeKvCE1pbc3cDi4t1/vMoI2/iCR9cU47ilsfLdFKysjFWUqwOCCMEGkrcwCiiigAooooAK3/BF7NYeONEngbaxvI4z7q7BWH4gmsCvQPhL4Vn1zxXDqTpix02RZnc/wAUg5RR75AJ9h7ik9hrc+kaKKKwNwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArg/jCJD8OL0pnaJYi+PTeP64rvKqapptrrOl3OnXqb7e4jMbjvg9x7jqPcU1oxPVHxzRXQ+LPB2q+EdReC9gY2zORBdKPklHbnscfwnkfrXPVuYBRRRQAUUUUAFe8/AcTf8I7qrN/qTdgJ/vbBu/TbXjOheH9U8Sagtlpdq88p5YjhUHqx6AV9SeFPDlt4V8PW2l23zFBulkx/rJD95v8AD2AqJvSxcFrc2qKKKyNQooooAKKKKACiiigAooooAKKKKACiiigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDy3xVpvww8VTm6m8T6PaXp+9PbajApk/3wSQfrwfeuS/4V/4C/wCik6X/AOBMH/xddv4t+MOk6BdNZabD/ad0mRIySbYoz6bsHcfYce9cc3x41gsduj2IXPALOTj86tcxD5SH/hX/AIC/6KTpf/gTB/8AF0f8K/8AAX/RSdL/APAmD/4upv8AhfGs/wDQIsPzf/Gj/hfGs/8AQIsPzf8Axp++L3CH/hX/AIC/6KTpf/gTB/8AF0f8K/8AAX/RSdL/APAmD/4upv8AhfGs/wDQIsPzf/GlT486uGG/R7Er3AdwfzzR74e4OsfAnw2huA954/0+5jBB8tL+CPPsTuJx9MV6Zp3inwHpNjHZWHiLw/b20Ywscd/CAP8Ax7k+9Y/hD4t6P4kuEsryP+zb5yFjSR90cpPQK2Bz7EDrxmvQql36lRt0Of8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugoqSjn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKrQ0zXdH1vzf7J1Wxv/Jx5n2S4SXZnOM7ScZwevoa0KKACiiigDDnuvFS3Eq2+jaNJAHIjeTVpUZlzwSotiAcdsnHqaj+2eMP+gFof/g5m/8AkWugooA5/wC2eMP+gFof/g5m/wDkWj7Z4w/6AWh/+Dmb/wCRa6CigDn/ALZ4w/6AWh/+Dmb/AORaPtnjD/oBaH/4OZv/AJFroKKAOf8AtnjD/oBaH/4OZv8A5Fo+2eMP+gFof/g5m/8AkWugooA5/wC2eMP+gFof/g5m/wDkWj7Z4w/6AWh/+Dmb/wCRa6CigDn/ALZ4w/6AWh/+Dmb/AORaPtnjD/oBaH/4OZv/AJFroKKAOf8AtnjD/oBaH/4OZv8A5Fo+2eMP+gFof/g5m/8AkWugooA5/wC2eMP+gFof/g5m/wDkWj7Z4w/6AWh/+Dmb/wCRa6CigDn/ALZ4w/6AWh/+Dmb/AORaPtnjD/oBaH/4OZv/AJFroKKAOf8AtnjD/oBaH/4OZv8A5Fo+2eMP+gFof/g5m/8AkWugooA5/wC2eMP+gFof/g5m/wDkWj7Z4w/6AWh/+Dmb/wCRa6CigDn/ALZ4w/6AWh/+Dmb/AORaPtnjD/oBaH/4OZv/AJFroKKAOf8AtnjD/oBaH/4OZv8A5Fo+2eMP+gFof/g5m/8AkWugooA5/wC2eMP+gFof/g5m/wDkWj7Z4w/6AWh/+Dmb/wCRa6CigDn/ALZ4w/6AWh/+Dmb/AORaPtnjD/oBaH/4OZv/AJFroKKAOf8AtnjD/oBaH/4OZv8A5Fo+2eMP+gFof/g5m/8AkWugooA5/wC2eMP+gFof/g5m/wDkWj7Z4w/6AWh/+Dmb/wCRa6CigDn/ALZ4w/6AWh/+Dmb/AORaPtnjD/oBaH/4OZv/AJFroKKAOf8AtnjD/oBaH/4OZv8A5Fo+2eMP+gFof/g5m/8AkWugooA5/wC2eMP+gFof/g5m/wDkWj7Z4w/6AWh/+Dmb/wCRa6CigDn/ALZ4w/6AWh/+Dmb/AORaPtnjD/oBaH/4OZv/AJFroKKAOf8AtnjD/oBaH/4OZv8A5Fo+2eMP+gFof/g5m/8AkWugooA5/wC2eMP+gFof/g5m/wDkWj7Z4w/6AWh/+Dmb/wCRa6CigDn/ALZ4w/6AWh/+Dmb/AORaPtnjD/oBaH/4OZv/AJFroKKAOf8AtnjD/oBaH/4OZv8A5Fo+2eMP+gFof/g5m/8AkWugooA5/wC2eMP+gFof/g5m/wDkWj7Z4w/6AWh/+Dmb/wCRa6CigDn/ALZ4w/6AWh/+Dmb/AORaPtnjD/oBaH/4OZv/AJFroKKAOf8AtnjD/oBaH/4OZv8A5Fo+2eMP+gFof/g5m/8AkWugooA5/wC2eMP+gFof/g5m/wDkWj7Z4w/6AWh/+Dmb/wCRa6CigDn/ALZ4w/6AWh/+Dmb/AORaPtnjD/oBaH/4OZv/AJFroKKAOf8AtnjD/oBaH/4OZv8A5Fo+2eMP+gFof/g5m/8AkWugooA5/wC2eMP+gFof/g5m/wDkWj7Z4w/6AWh/+Dmb/wCRa6CigDn/ALZ4w/6AWh/+Dmb/AORaPtnjD/oBaH/4OZv/AJFroKKAOf8AtnjD/oBaH/4OZv8A5Fo+2eMP+gFof/g5m/8AkWugooA5/wC2eMP+gFof/g5m/wDkWj7Z4w/6AWh/+Dmb/wCRa6CigDn/ALZ4w/6AWh/+Dmb/AORaPtnjD/oBaH/4OZv/AJFroKRmCqWYgKBkkngCgDm7hvFF5A0Fz4c8PTwuMNHLq0rK31BtcVhP4Pkdtx8BeEgf9nUpAPyFrXE+NfjHf3V5JY+G5PstpG5U3eAXmxxlc/dX9enTpXnzeLfEjtlvEGqk+95J/jVqDIc0e7f8IY//AEIXhT/waS//ACLR/wAIY/8A0IXhT/waS/8AyLXhH/CVeIv+g/qn/gZJ/jR/wlXiL/oP6p/4GSf40+R9xc67Hu//AAhj/wDQheFP/BpL/wDItKvg11YEeAvCeR66nIf/AG1rwf8A4SrxF/0H9U/8DJP8aUeLPEanI8QaqD6i8k/xo5H3DnXY+kLGLxFpkHkWHhfw3aw9dkGqyIv5C1qz9s8Yf9ALQ/8Awczf/IteKeFPi/rei3CRavJJqlhwGEhHnIPUN/EfZuvqK+g7G9t9SsIL20lEtvOgkjcdwahpopNMx/tnjD/oBaH/AODmb/5Fo+2eMP8AoBaH/wCDmb/5FroKKRRz/wBs8Yf9ALQ//BzN/wDItH2zxh/0AtD/APBzN/8AItdBRQBz/wBs8Yf9ALQ//BzN/wDItH2zxh/0AtD/APBzN/8AItdBRQBz/wBs8Yf9ALQ//BzN/wDItH2zxh/0AtD/APBzN/8AItdBRQBz/wBs8Yf9ALQ//BzN/wDItH2zxh/0AtD/APBzN/8AItdBRQBz/wBs8Yf9ALQ//BzN/wDItH2zxh/0AtD/APBzN/8AItdBRQBz/wBs8Yf9ALQ//BzN/wDItH2zxh/0AtD/APBzN/8AItdBRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXEfFXxHceHPBkj2bFLm8kFski9UBBLMPQ4BAPYkV29ebfGzTJr7wVFdQIX+x3KySY7IQVJ/MrTjuKWx870UUVuYBRRRQAUUUUAKCQQQSCOhFfUnw38RTeJfBdreXTh7uItBOw/iZehPuVKk+5r5ar6T+Duly6b4AhkmVka9ne5CsMHaQFU/QhAfxqJ7Fw3O+ooorI1CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuK+LF9NY/DvUTAxVpikBYf3WYBvzGR+NdrXP+NtAbxN4Rv9LiIWeRA0JPA3qQwB9AcY/GmtxPY+TqKkngltbiW3njaOaJyjowwVYHBB981HW5gFFFFABRRRQAV798C9QkuPC19ZSOzLa3OY89FVxnA/EMfxrwGvpn4U+Grjw54PQXilLq9k+0vGRgxggBVPvgZPoTjtUT2LhudxRRRWRqFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FRzwxXMEkE8ayQyqUdGGQykYII9MVh/8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHkniz4LanZ3LXHhz/TbRiT5DuFlj9snAYfr7HrXHP8PvFyMVPh++yPSPI/MV79qludEtxPqfxB1W0jPCmZbFdx9APs+SfYVzb+NfDsblG+J2tkj+7Y27D8xaYq1JkOKPI/8AhAPFv/Qv3/8A36NH/CAeLf8AoX7/AP79GvWv+E48Of8ARTdc/wDBfB/8iUf8Jx4c/wCim65/4L4P/kSnzS7C5Y9zyX/hAPFv/Qv3/wD36NOT4e+LpHCr4fvQT/eTaPzNesf8Jx4c/wCim65/4L4P/kSnR+NPDsrhF+J2tAn+9Y26j8zaYo5pdg5Y9znfB3wXvZrmO88TYt4EYEWaOGeTH94jIA+nP0r3NEWNFRFCqowFAwAPSuU06zk1i2+0ab8QNVu4c4LwrYsAeuDi34Psauf8I9qn/Q565/35sv8A5HqG29y0ktjoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHpDOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPWhpmnXVh5v2nWb7Ut+Nv2tIF8vGc48qNOue+egxjnIBoUUUUAYc/jTwra3EtvceJtGhnicpJHJfxKyMDgggtkEHjFR/wDCd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAc/8A8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXQUUAeXeLrH4aeLWNzL4o0W0v8f8AHzBqEOW/3xuw38/euFPw98J54+J+gEe8kX/x2vWPF/xL0Twk5tpC15f97aAj5P8Afbov05PtXDn4+yZ48OJj/r9/+wq1zdCHy9Tnv+Fe+FP+inaB/wB/Iv8A47R/wr3wp/0U7QP+/kX/AMdroP8Ahfsv/QuJ/wCBh/8AiKP+F+y/9C4n/gYf/iKfvi9w5/8A4V74U/6KdoH/AH8i/wDjtL/wr3wp/wBFO0D/AL+Rf/Ha3/8Ahfsv/QuJ/wCBh/8AiKP+F+y/9C4n/gYf/iKPfD3C54V8PfDPw7cJeXXi3RdTvEwUae+hEaH1VNx5+pOO2K9A/wCE78H/APQ16H/4MYf/AIquc8LfF/RPEF0lneRNpl25wglcNG59A+Bg/UCvQ6h36lq3Q5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugopDOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPFniODwr4cutVnG9oxtijzjzJD91f8fYGtuvLfjsJD4R08j/Vi+G76+W+P600rsTdkeH6zrWo6/qL3+p3T3Fw/GW6KPRR0A9hVCiitzAKKKKACiiigDU0DxDqXhrU47/TLlopFI3pn5JV/usO4/wAjBr6p8O65beJNBtNWtARFcJna3VGBwyn6EEV8hV9E/BETjwHIZc7DeyGLP93av/s26omtLlwetj0iiiisjUKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK5/wAba+3hnwjf6pEA08aBYQem9iFB+gzn8K6CuL+K9hNqHw81FYFLPDsnKjuqsC35DJ/CmtxPY+ZZppbmeSeaRpJZGLu7HJZickk+uaZRRW5gFFFFABRRRQAV9KfCXxNP4h8I+VePvurB/s7OTkumAVY++Mj32571811738CtPmt/DeoX0issd1cBY8g/MEHJHtliPwNRPYuG56tRRRWRqFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFc/wD8JDqn/Qma5/3+sv8A5Io/4SHVP+hM1z/v9Zf/ACRQB0FFc/8A8JDqn/Qma5/3+sv/AJIo/wCEh1T/AKEzXP8Av9Zf/JFAHQUVz/8AwkOqf9CZrn/f6y/+SKP+Eh1T/oTNc/7/AFl/8kUAdBRXP/8ACQ6p/wBCZrn/AH+sv/kij/hIdU/6EzXP+/1l/wDJFAHQUVz/APwkOqf9CZrn/f6y/wDkij/hIdU/6EzXP+/1l/8AJFAHQUVz/wDwkOqf9CZrn/f6y/8Akij/AISHVP8AoTNc/wC/1l/8kUAdBRXP/wDCQ6p/0Jmuf9/rL/5Io/4SHVP+hM1z/v8AWX/yRQB0FFc//wAJDqn/AEJmuf8Af6y/+SKP+Eh1T/oTNc/7/WX/AMkUAdBRXP8A/CQ6p/0Jmuf9/rL/AOSKP+Eh1T/oTNc/7/WX/wAkUAdBRXP/APCQ6p/0Jmuf9/rL/wCSKP8AhIdU/wChM1z/AL/WX/yRQB0FFc//AMJDqn/Qma5/3+sv/kij/hIdU/6EzXP+/wBZf/JFAHQUVz//AAkOqf8AQma5/wB/rL/5Io/4SHVP+hM1z/v9Zf8AyRQB0FFc/wD8JDqn/Qma5/3+sv8A5Io/4SHVP+hM1z/v9Zf/ACRQB0FFc/8A8JDqn/Qma5/3+sv/AJIo/wCEh1T/AKEzXP8Av9Zf/JFAHQUVz/8AwkOqf9CZrn/f6y/+SKP+Eh1T/oTNc/7/AFl/8kUAdBRXP/8ACQ6p/wBCZrn/AH+sv/kij/hIdU/6EzXP+/1l/wDJFAHQUVz/APwkOqf9CZrn/f6y/wDkij/hIdU/6EzXP+/1l/8AJFAHQUVz/wDwkOqf9CZrn/f6y/8Akij/AISHVP8AoTNc/wC/1l/8kUAdBRXP/wDCQ6p/0Jmuf9/rL/5Io/4SHVP+hM1z/v8AWX/yRQB0FFc//wAJDqn/AEJmuf8Af6y/+SKP+Eh1T/oTNc/7/WX/AMkUAdBRXP8A/CQ6p/0Jmuf9/rL/AOSKP+Eh1T/oTNc/7/WX/wAkUAdBRXP/APCQ6p/0Jmuf9/rL/wCSKP8AhIdU/wChM1z/AL/WX/yRQB0FFc//AMJDqn/Qma5/3+sv/kij/hIdU/6EzXP+/wBZf/JFAHQUVz//AAkOqf8AQma5/wB/rL/5Io/4SHVP+hM1z/v9Zf8AyRQB0FFc/wD8JDqn/Qma5/3+sv8A5Io/4SHVP+hM1z/v9Zf/ACRQB0FFc/8A8JDqn/Qma5/3+sv/AJIo/wCEh1T/AKEzXP8Av9Zf/JFAHQUVz/8AwkOqf9CZrn/f6y/+SKP+Eh1T/oTNc/7/AFl/8kUAdBRXP/8ACQ6p/wBCZrn/AH+sv/kij/hIdU/6EzXP+/1l/wDJFAHQUVz/APwkOqf9CZrn/f6y/wDkij/hIdU/6EzXP+/1l/8AJFAHQUVz/wDwkOqf9CZrn/f6y/8Akij/AISHVP8AoTNc/wC/1l/8kUAdBRXP/wDCQ6p/0Jmuf9/rL/5Io/4SHVP+hM1z/v8AWX/yRQB0FFc//wAJDqn/AEJmuf8Af6y/+SKP+Eh1T/oTNc/7/WX/AMkUAdBRXP8A/CQ6p/0Jmuf9/rL/AOSKP+Eh1T/oTNc/7/WX/wAkUAdBRXP/APCQ6p/0Jmuf9/rL/wCSKP8AhIdU/wChM1z/AL/WX/yRQB0FFc//AMJDqn/Qma5/3+sv/kij/hIdU/6EzXP+/wBZf/JFAHQVk+JvD9r4n0C60q6JVJl+Rx1jccqw+h/PpVX/AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA+Y9f8Oap4Z1FrLVLVoZATsfqkg/vK3cfy74NZVfVF7qM+pW5t77wDqt1CesczWDr+RuKxToWjEkn4WXvPp9h/wDkitFMzcD5xor6O/sLRv8Aoll7+dj/APJFH9haN/0Sy9/Ox/8AkinzoXIz5xor6O/sLRv+iWXv52P/AMkUq6Ho6sCPhZeZHr9hP/txRzoORnhXhrwrqvivUVtNNt2ZQR5sxGEiB7sf6dTjivqfQ9GtfD+i2ulWSkQW6bQT1Y9Sx9yST+NZFpqlzp9utvZ+A9WtoV6RwtYoo/AXFT/8JDqn/Qma5/3+sv8A5IqJSuXGNjoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IqSjoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kVoaZqN1f+b9p0a+03Zjb9reBvMznOPKkfpjvjqMZ5wAaFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFIyhlKsAVIwQRwRS0UAeD+Nfg3f213LfeG0+1WsjFjaZAeHPOFzwy/r069a4FvBvihWKnw5q2QccWUh/pX1tRVqbIcEfJH/AAh/if8A6FzV/wDwBl/+Jo/4Q/xP/wBC5q//AIAy/wDxNfW9FPnFyHyR/wAIf4n/AOhc1f8A8AZf/iaP+EP8T/8AQuav/wCAMv8A8TX1vRRzhyHzn4W+D+u6xcrJq0b6XYjljIB5r+yr2+rY+hr6D0+wttL0+Cxs4hFbQII40HYD+f1qzRUOTZaikFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUVzcw2drLdXMixQQoXkdjgKoGSTUteafG/UJrXwXBbROVF3dqkmO6BWbH5hfyppXYm7I4TxX8Y9Z1S6eHQ3bTbFSQGABlk9yf4foPzNcd/wmHif/oY9X/8Dpf/AIqsWitkkjFts2v+Ew8T/wDQx6v/AOB0v/xVH/CYeJ/+hj1f/wADpf8A4qsWinYVza/4TDxP/wBDHq//AIHS/wDxVH/CYeJ/+hj1f/wOl/8AiqxaKLBc6Ww+IHizTrgTRa9fSHutxKZlP4Pn9K92+H3xCt/GltLDNCttqduoaWJWyrr03LnnGeo7ZHJr5krofAmoTab450aaBipa7jibB6o7BWH5E1MopoqMmmfWFFFFYmwUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFYc+hajNcSyp4s1mBHcssUcVmVQE/dG6AnA6ckn1JqP/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFcve6ZcabbNc33j3VraBeDJMtiij8Tb1zz+J9CRyp+KOpkj+7DaEfmLaiwXPSaK80/4SrQf+ioap/wCA9p/8i0f8JVoP/RUNU/8AAe0/+RadmK6PS6K80/4SrQf+ioap/wCA9p/8i0o8UaEzAD4o6pk8cwWg/wDbWizC6PSqK5PTbRtYgM2m/EHVLuMHDNAtg+0+hxb8H61c/wCEe1T/AKHPXP8AvzZf/I9IZ0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQVxvxP8NT+JvBs0Fopa7tnFzCg/jKggr9SCce+K0v+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qhOwNXPk4jBwetFe5+LNC+GniW4e8g8W6Jpt8/LyQ30JRz6sm4ZPuCM981yP/CvfCn/AEU7QP8Av5F/8drZTRi4M86or0X/AIV74U/6KdoH/fyL/wCO0f8ACvfCn/RTtA/7+Rf/AB2jnQcjPOqK9F/4V74U/wCinaB/38i/+O0f8K98Kf8ARTtA/wC/kX/x2jnQcjPOq7r4U+GJ9e8YW12VxZ6a63Er/wC0DlFHuSM/QGtWx+H/AIHS4DX/AMSNHmhHWOG5hjY/8CMhx+VeqaR4i+H+g6eljpniDw/bW687U1CLJPqTuyT7mlKatoOMH1Ouorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKrI1Ogorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iq0NM13R9b83+ydVsb/wAnHmfZLhJdmc4ztJxnB6+hoA0KKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKpavqtromkXWp3rlbe2jLuR1PoB7k4A+tXa4P4w+Z/wAK4vdmdvmxb8em8f1xTWrE9EeDeKPFep+LNUe71CdzGGPk24b5IVJ6Aflz1OKw6KK3MAooooAKKKKANDRtb1Lw/qCX2mXUlvOvGVPDD0YdCPY19TeEvElv4r8O22qQDYzjbNHnPlyD7y/1HsRXyTXvfwI8z/hGNTzny/tny+mdi5/pUTWly4PWx6tRRRWRqFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVxvxO8Sz+GfB0s9oxS7uZBbQuOqFgSW+oAOPfFCVwbsVfFnxX0PwzcPZwhtRvkyHigYBIyOzP2PsAcY5xXIH4+yZ48OJj/AK/T/wDEV4yTk5PWitlBGLmz2X/hfsv/AELif+Bh/wDiKP8Ahfsv/QuJ/wCBh/8AiK8aoo5EHOz2X/hfsv8A0Lif+Bh/+IpR8fZM8+G1I9r3H/sleM0UciDnZ9Q+EfiRofi1hbwu1pf/APPrOQC3+4ejfz46V2FfGdvcTWlzFc28jRTROHjdTgqwOQRX1d4M15vE3hLT9VkULNKhWUKMDepKtj2JGfxqJRsXGVzeoooqCwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqlq+lWut6RdaZeoWt7mMo4HUehHuDgj6VdooA+S/FHhPVPCepvaX8DeUWPk3AX5Jl9QfX1HUVhV9lXljaahbNbXttDcwN1jmQOp/A1z0nw48HyvubQLUH/AGcqPyBrRT7mbh2Plaivqb/hWng3/oA2/wD30/8AjR/wrTwb/wBAG3/76f8Axp86FyM+WaK+pv8AhWng3/oA2/8A30/+NKnw28HIwYaDbZHqWI/ImjnQcjPmnRdC1LxDqC2Wl2klxO3JCjhR6segHua+pfCXhu38KeHbbS4DvZBumkxjzJD95v6D2Aq/p2lafpEBg06xt7SInJWCMICfU46mrlRKVy4xsFFFFSUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV5n8cLCW58F29zEpZbW7VpMfwqysufzKj8a9MqG6tYL60mtLmJZYJkMciN0ZSMEU07MTV0fGlFek+Lfg9rOj3DT6Kkmp2ByQFx50fsV/i+q/kK44+E/EanB8P6qD6Gzk/wrZNMxaaMeitf/hFfEX/QA1T/AMA5P8KP+EV8Rf8AQA1T/wAA5P8ACncVjIorX/4RXxF/0ANU/wDAOT/ClXwl4kdsL4f1Un2s5P8ACi4WMevp74VWEth8O9MWdSry75tp/usxK/mMH8a878E/By/ubuK+8SILa1jcMLTIZ5sc4bHCr+vXp1r3ZVCqFUAKBgADgCs5yvoaQjbUWiiiszQKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugrJ8S6/a+GNAutVu+UhX5UHWRzwqj6n8utAGbeaZcadbm4vfHurW0I6yTLYIo/E29Yra5o6sVPxTvMj0+wkf+k9eDeIPEmq+J9Qa91S6aZ8nYg4SMHsq9h+p75rJrRQM3M+jv7d0b/oqd7+Vj/wDI9H9u6N/0VO9/Kx/+R6+caKfIhc7Po7+3dG/6Kne/lY//ACPTk1rR5G2r8U7wH/aNgB+Zt6+b6KORBzs+rLfR7y8gSe28c6xPC4yskSWLKw9iLfBqX/hHtU/6HPXP+/Nl/wDI9fOPhHxnqvhDUUms5ma0Zwbi1Y/JKO/0bHQjn8OK+pNN1G21bTLbULN99vcRiSNvY+voaiUbFxlcyf8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkeugoqSjn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9aGmaddWHm/adZvtS342/a0gXy8Zzjyo065756DGOc6FFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFeW/HYyDwjp4H+rN8N318t8f1r1KsTxZ4cg8VeHLrSpzsaQbopMZ8uQfdb/H2Jpp2Ymro+SaKv6xouo6DqD2Op2slvcJ2YcMPVT0I9xVCtzAKKKKACiiigAr6X+EBkPw30/f90STbPp5jf1zXgXhnwxqXirVY7LT4HZSw82bb8kKnqzH8+Op7V9U6PpVtoekWumWalbe2jCLnqfUn3JyT9azm+hpBdS9RRRWZoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGHP4L8K3VxLcXHhnRpp5XLySSWETM7E5JJK5JJ5zUf/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBWR4o16Pwz4avtXlTf9nTKJ/fckKo+mSPwoA5rxFZfDTwrCsmq6DoMTv/q4V02JpH+ihc49zx71xbeOvhWGwvgSAj1OlWo/rXlGpald6vqM9/fTNNczuXd29fb0HYDtVWtVBdTJzZ7B/wAJ38Lf+hDt/wDwV23+NH/Cd/C3/oQ7f/wV23+NeP0U+RC52ewf8J38Lf8AoQ7f/wAFdt/jQPHfwszz4DgA9tLtT/WvH6KORBzs+jvDS/DHxXlNN0DQ/tCjc1vNpsSSAeuNvI9xmuj/AOEE8H/9Cpof/guh/wDia+Ure4mtLiO4t5XimjYMkiHDKR3Br6o8B+J/+Es8KW+ouFW5UmG4VegkXGSPTIIOO2aiUbFxlcl/4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImugoqCzn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKAOf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kiugooA5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SK6CigDn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkiugooA5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IroKKAOf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SK6CigDn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IroKKAOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKAOf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kiugooA5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SK6CigDn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkiugooA5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IroKKAOf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SK6CigDn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IroKKAOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKAOf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kiugooA5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SK6CigDn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkiugooA5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IroKKAOf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SK6CigDn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IroKKAOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDkNVn/ty3EGqfD7VbuMZ2iV7Elc9wftGQfpXNt4J8OMxY/DHW8k54v4APyF3XqdFO7FZHlf/AAg/hz/omWuf+DCD/wCS6P8AhB/Dn/RMtc/8GEH/AMl16pRRdhZHlf8Awg/hz/omWuf+DCD/AOS6dH4L8OxOHX4Y60SP719bsPyN3ivUqKLsLI5Wwv5tKtRbaf4B1W1gBz5cLWKDPrgXHX3q1/wkOqf9CZrn/f6y/wDkiugopDOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKAOf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kiugooA5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SK6CigDn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkiugooA5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFaGmajdX/m/adGvtN2Y2/a3gbzM5zjypH6Y746jGecaFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXC/F63kn+HN8YwT5UkUjAD+HeAf55ruqiubeG7tpba4jWWCVCkiMMhlIwQfwpp2Ymro+M6K7vxp8MdX8NXcs9nBJe6WzExyxKWaNewcDkY9eh9ulcJWydzFqwUUUUxBRRRQAV9B/A23li8F3UrqVSa+do8/xAIgJH4gj8K8q8JfDrW/FdyjJA9pYZBe7mUhcf7A/iP049SK+mNL0210fTLfTrKIR21ugRFHp6n1J6k9yazm+hpBdS3RRRWZoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFNMUbHJRSfUinUUAM8mL/AJ5p/wB8ijyYv+eaf98in0UAM8mL/nmn/fIoEUYORGgI9qfRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHzn4k+PvirR/FOr6Xb6fozQWd7NbxtJDKWKo5UE4kAzgegrM/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAD/ho7xh/wBA3Q/+/E3/AMdo/wCGjvGH/QN0P/vxN/8AHaKKAP/Z)

Sustainability Statement continued

Disclosure Requirement

Location in the sustainability

statement(page/paragraph)

E5-4 Resource inflows

p.127

E5-5 Resource outflows

p.128

E5-6 Anticipated financial effects from material resource use and circular

economy-related risks and opportunities

p.129

S1. SBM-3 Material impacts, risks and opportunities and their interaction

with strategy and business model

p.130

S1-1 Policies related to own workforce

p.131

S1-2 Processes for engaging with own workers and workers’ representatives

about impacts

p.135

S1-3 Processes to remediate negative impacts and channels for own

workers to raise concerns

p.136

S1-4 Taking action on material impacts on own workforce, and approaches

to mitigating material risks and pursuing material opportunities related to

own workforce, and effectiveness of those actions

p.137

S1-5 Targets related to managing material negative impacts, advancing

positive impacts, and managing material risks and opportunities

p.141

S1-6 Characteristics of CCHBC’s employees

p.142

S1-7 Characteristics of non-employee workers in CCHBC’s own workforce

p.143

S1-8 Collective bargaining coverage and social dialogue

------

S1-9 Diversity metrics

p.144

S1-10 Adequate wages

p.144

S1-11 Social protection

p.144

S1-12 Persons with disabilities

------

S1-13 Training and skills development metrics

p.144

S1-14 Health and safety metrics

p.144

S1-15 Work-life balance metrics

------

S1-16 Compensation metrics (pay gap and total compensation)

p.145

S1-17 Incidents, complaints, and severe human rights impacts

p.145

Disclosure Requirement

Location in the sustainability

statement(page/paragraph)

ESRS 2 SBM-3 Material impacts, risks and opportunities and their

interaction with strategy and business model

p.146

S2-1 Policies related to value chain workers

p.148

S2-2 Processes for engaging with value chain workers about impacts

p.150

S2-3 Processes to remediate negative impacts and channels for value chain

workers to raise concerns

p.151

S2-4 Taking action on material impacts on value chain workers, and

approaches to managing material risks and pursuing material opportunities

related to value chain workers, and effectiveness of those actions

p.151

S2-5 Targets related to managing material negative impacts, advancing

positive impacts, and managing material risks and opportunities

p.153

ESRS 2 SBM-3 Material impacts, risks and opportunities and their

interaction with strategy and business model

p.155

S3-1 Policies related to affected communities

p.156

S3-2 Processes for engaging with affected communities about impacts

p.157

S3-3 Processes to remediate negative impacts and channels for affected

communities to raise concerns

p.158

S3-4 Taking action on material impacts on affected communities, and

approaches to managing material risks and pursuing material opportunities

related to affected communities, and effectiveness of those actions

p.158

S3-5 Targets related to managing material negative impacts, advancing

positive impacts, and managing material risks and opportunities

p.159

ESRS 2 SBM-3 Impacts, risks and opportunities and their interaction with

strategy and business model

p.161

S4-1 Policies related to consumers and end-users

p.162

S4-2 Processes for engaging with consumers and end-users about impacts

p.165

S4-3 Processes to remediate negative impacts and channels for consumers

and end-users to raise concerns

p.166

S4-4 Taking action on material impacts on consumers and end-users, and

approaches to managing material risks and pursuing material opportunities

related to consumers and end-users, and effectiveness of those actions

p.167

S4-5 Targets related to managing material negative impacts, advancing

positive impacts, and managing material risks and opportunities

p.172

Coca-Cola HBC Integrated Annual Report 202467

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

IRO-2\_02

Table 7: Datapoints from other EU legislation

Disclosure Requirement

and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference

Benchmark Regulation

( 25 ) reference

EU

Climate Law

( 26 ) reference

Location in the

sustainability

statement

Materiality of

information

(Group level)

ESRS 2 GOV-1

Board’s gender diversity

paragraph 21(d)

Indicator number 13 of Table

#1 of Annex 1

Commission Delegated

Regulation (EU) 2020/1816 ( 27 ),

Annex II

p.45 Material for Group

Level

ESRS 2 GOV-1

Percentage of board members who

areindependent paragraph 21 (e)

Delegated Regulation (EU)

2020/1816, Annex II

p.45 Material for Group

Level

ESRS 2 GOV-4

Statement on due diligence

paragraph30

Indicator number 10 Table

#3 of Annex 1

p.48 Material for Group

Level

ESRS 2 SBM-1

Involvement in activities related to

fossil fuel activities paragraph 40 (d) i

Indicators number 4 Table

#1 of Annex 1

Article 449a Regulation (EU) No

575/2013;

Commission Implementing

Regulation (EU) 2022/2453 (28)

Table 1: Qualitative information

onEnvironmental risk and Table 2:

Qualitative information on

Socialrisk

Delegated Regulation (EU)

2020/1816, Annex II

– Not Material

ESRS 2 SBM-1

Involvement in activities related to

chemical production paragraph 40 (d) ii

Indicator number 9 Table #2

of Annex 1

Delegated Regulation (EU)

2020/1816, Annex II

– Not Material

ESRS 2 SBM-1

Involvement in activities related to

controversial weapons paragraph 40

(d) iii

Indicator number 14 Table

#1 of Annex 1

Delegated Regulation (EU)

2020/1818 (29) , Article 12(1)

Delegated Regulation (EU)

2020/1816, Annex II

– Not Material

ESRS 2 SBM-1

Involvement in activities related to

cultivation and production of tobacco

paragraph 40 (d) iv

Delegated Regulation (EU)

2020/1818, Article 12(1)

Delegated Regulation (EU)

2020/1816, Annex II

– Not Material

ESRS E1-1

Transition plan to reach climate

neutrality by 2050 paragraph 14

Regulation (EU) 2021/1119,

Article 2(1)

p.83 Material for Group

Level

Coca-Cola HBC Integrated Annual Report 202468

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAQhBesDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArA8a6bd6t4SvrGxi825l8vYm4LnEik8kgdAa36KUldWNKNV0qkakd00/uPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uiuf6rDuz3f9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4nofgLxNZ+INNurjTdkMN1FJI3nxnChwScBs9BXtlFFa06apqyPMx2YVcbJSqJK3b/h2U54JHmZlXIPvUf2ab+5+orQorQ4TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RVi1jePfvGM4xzViigBsgLRsB1IIqj9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UVcgUpCqsMEVJRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM1zPxE+J8fhSVtL06JbjVSgZmc/JAD0yO7Y5xx1B9q8cuPiN4vuZjK+vXase0ZCL+SgCqUGyXNI+if+Ey0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa+cf+E/8AFv8A0MF//wB/TR/wn/i3/oYL/wD7+mnyMXOj6O/4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8Zr5x/wCE/wDFv/QwX/8A39NX9L+KXi7TLlZTqr3cYOWhugHVh6Z6j8CKORhzo9//AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGai8FeM7LxppLXVvGYLiFglxbs2ShI4IPdTzg8dDXS1GxZz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNdBRQBz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNdBRQBz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNdBRQBz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNdBRQBz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNdBRQBz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNdBRQBz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNdBRQBz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNdBRQBz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNdBRQBz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNdBRQBz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNdBRQBz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNdBRQBz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNdBRQBz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNdBRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFMlcRRPIeiqWP4U+kIDAg8g8GgD43v76fUtQuL66ffPcSNJI3qSc1Xrc8W+HLjwt4kutMnU7VbfA/aSIn5W/ofcGsOug52FFFFABRRRQB3Pwj1Kaw+IVjEjkRXavDKvZhtJH/jwFfTFfPnwW8OT3/if+3GUraaeGAb+/KykbR9AST+HrX0HWU9zWGwUUUVBYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheJ/COkeLbIW+p2+XQHyp04kiJ9D/Q5HtXl8/wDnErfZ9fjMeePMtiCPybmvbaKak0JxTPDf+FCX3/Qet//AAHb/Gj/AIUJff8AQet//Adv8a9yop87FyI8N/4UJff9B63/APAdv8av6V8B4IrpJNV1lp4FOTDBDsLf8CJOB+H4ivY6KOdhyIqabpllo9hHY6fbR21tGMLHGMD6n1PueTVuiipKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKQkAEk4AoA4jxHa+FvC2nm71TU9bjBB8uJddvTJKR2VfO57ew7kV5jc/ErSBOwtdI154QflaXxReqxHuA5x+ZrkvGPiW48V+JbnUpifKJ2W6dkiB+Uf1PuTWDWqgupk5voei/8LLsP+gNrP8A4VV9/wDFUf8ACy7D/oDaz/4VV9/8VXnVFPkQudnov/Cy7D/oDaz/AOFVff8AxVbOg+PfCuo3aW+qx+INN3nCzDxFeyxj/ePmAj8jXkNFHIg52fV0XhLR54klivtakjcBldNfvSGB6EHzuRT/APhDdL/5+tc/8Ht7/wDHq89+B3iaa4iu/Dlw+9bdPtFsT1VdwDr9MsCPqa9irJqzsap3Vzn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugopDOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKZKglheM8BlK/nT6KAPjW9s59Pvp7O5QpPBI0cinswODUFfQvxH+F58T3DaxpMkcWpbAJIX4WfHQ57Njjng4HTrXjF14J8UWUzRTeH9S3LxmO3Z1/BlBB/OtlJMxcWjBorX/4RXxF/0ANU/wDAOT/Cj/hFfEX/AEANU/8AAOT/AAqrk2Miitf/AIRTxF/0ANU/8A5P8K3dA+FvijW7pFk0+XT7fPzz3iGPaPZD8xP4Y9xSuh2Z0PwJsJpPE2oagFPkQ2nlFv8AadlIH5Ka98rG8L+GrLwpocOmWQJVfmklYYaVz1Y/oPYACtmsZO7NoqyCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qs/xv8QtN8GQrFIpudRlTdFbKccdNzHsOD7n9a8iuvjV4tnk3RNZW654WODP/AKETVKLZLkke2/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVeF/8Lj8Zf8/lv/4DJ/hR/wALj8Zf8/lv/wCAyf4U+Ri50e6f8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVXhf8AwuPxl/z+W/8A4DJ/hW1onxy1aC6Rdas7e6tScO1uuyRfcc7T9OPqKORhzo9a/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+KrS0fWLHXtLh1HTpxNbTDKtjByDggg9CDV6oLOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKAOf/AOE78H/9DXof/gxh/wDiqP8AhO/B/wD0Neh/+DGH/wCKroKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApruI42djhVBJ+lOproJI2RhlWBB+lAHyBrusXOv63d6pduWluJC2Cc7R2UewGB+FZ9aGu6Pc6Brd3pd2hWW3kK5IxuHZh7EYP41n10HOFFFFABRRRQB618DNbuItbvdEZybWaE3CKf4ZFKg4+oPP+6K93rwj4GaJcS63e62yEWsMJt0Y/xSMVJx9AOf8AeFe71jPc2hsFFFFSUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAcf43+Hum+M4VlkY22oxJtiuVGeOu1h3HJ9x+leRXXwV8WwSbYlsrhc8NHPj/wBCAr6NoqlJolxTPmv/AIU54y/587f/AMCU/wAaP+FOeMv+fO3/APAlP8a+lKKfOxciPmv/AIU54y/587f/AMCU/wAa2tE+BurT3SNrV5b2tqDl1t23yN7DjaPrz9DXvVFHOw5EUdH0ex0HS4dO06AQ20Iwq5yck5JJPUk1eooqCwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmuT+I/xQPhi4bR9Jjjl1LYDJM/KwZ6DHdsc88DI69K8YuvG3ii9maWbxBqW5ucR3DIv4KpAH5VSg2S5pH0n/wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNfMv/CVeIv+g/qn/gZJ/jR/wlXiL/oP6p/4GSf41XsyfaH01/wmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNfMv8AwlXiL/oP6p/4GSf41taF8T/FOiXSO2pTX8GcvBeOZAw/3j8w/A/nS5GPnR9Af8Jlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zT/AAl4psvF2hx6lZgoc7JoWOWicdQfX1B7g/hW7UFnP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABTJXEULyHkKpb8qfSEAggjINAHxte3k+oX095cuXnnkaSRj3YnJqCt7xj4auPCniW502YHygd9u/Z4iflP9D7g1g10HOFFFFABRRRQB6f8Db+aHxfdWQc+RcWjMydtysMH8iw/GvoKvFvgd4anSS68STqVieM21tn+PkF2+gKgf8AfXpXtNYz3NobBRRRUlBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGN4j8L6T4q082mqWwkAz5cq8SRE91bt9OhxyDXmNx8A0MzG28QssRPyrLabmH1IYZ/IV7PRTUmhOKZ4n/woKX/AKGNP/AM/wDxdH/Cgpf+hjT/AMAz/wDF17ZRT52LkR4n/wAKCl/6GNP/AADP/wAXWvofwO0qxuln1bUJdRVTkQrH5SH/AHuST+BFeq0UczDlRHBBFbQRwQRJFDGoVI0UKqgdAAOgqSiipKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6CiuC8T2Xw48JWQuNT8OaGHcHyoE06EySkeg2/qcD3ry+f4g+FjK32f4a+HxHnjzLeIk/lHxTUWxOSR9G0V82/8LA8O/wDRNvDX/gNH/wDEUf8ACwPDv/RNvDX/AIDR/wDxFPkYudH0lRXzb/wsDw7/ANE28Nf+A0f/AMRWvonjnwDdXSw6x4B0WyjY4+0RWUUqr9V2AgfTP0o5WHMj3uiuatfB3gi9to7m18N+H54JBuSSOwhZWHqCFqX/AIQTwf8A9Cpof/guh/8Aiako6Ciuf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mgDoKK5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/iaAOgorn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JoA6Ciuf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mgDoKK5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/iaAOgorn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JoA6Ciuf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mgDoKK5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/iaAOgorn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JoA6Ciuf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mgDoKK5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/iaAOgorn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JoA6Ciuf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mgDoKK5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/iaAOgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKQkKCTwByaWmSoJYnjPRlKn8aAPk3xb4juPFPiS61OdjtZtkCdo4gflX+p9yaw6sX9jPpuoXFjdJsnt5GjkX0IOKr10HOwooooAKKKKAPZfgb4knNxd+HJ3LQCM3Nvk/cOQGUexyDj2PrXtlfP8A8DdOmm8WXd+Eb7Pb2pRn7b2YYH5Bj+FfQFYz3NobBRRRUlBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHnPxE+GEfiuVtU06VbfVQgVlcfJOB0yezY4zz0A968cuPhz4vtpjE+g3bMO8YDr+akivqmiqU2iXBM+Uf+EA8W/wDQv3//AH6NH/CAeLf+hfv/APv0a+rqKfOxciPlH/hAPFv/AEL9/wD9+jWtonwm8VatdolxZHT7Yn557kgbR7LncT+nuK+mKKOdhyIxvC/hqx8KaJHplgGKKS8kj43SOerHH4D6AVs0UVBYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBz/2Pxh/0HdD/APBNN/8AJVH2Pxh/0HdD/wDBNN/8lV0FFAHP/Y/GH/Qd0P8A8E03/wAlUfY/GH/Qd0P/AME03/yVXQUUAc/9j8Yf9B3Q/wDwTTf/ACVR9j8Yf9B3Q/8AwTTf/JVdBRQBzslv4tijaSTX9BRFBZmbR5QAB1JP2quVu/iCllL5cvjrw4zesOh3Mo/NLgivPfih48uvEGtXGl2VxJHpFs3l7FOBO4PLN6jPQewPU155Wih3M3Pse+/8LOt/+h40P/wnLz/4/R/ws63/AOh40P8A8Jy8/wDj9eBUU+RC52e+/wDCzrf/AKHjQ/8AwnLz/wCP1taP4jv9fkEemeM/DVxKRkRDSJlcj/da5B/SvminxTSW8yTQyPHKjBkdGIZSOhBHQ0ciDnZ9XfY/GH/Qd0P/AME03/yVR9j8Yf8AQd0P/wAE03/yVXPfCrxtJ4o0aSzv5C+p2WA7n/lrGfut9ex/A969BrNqxonc5/7H4w/6Duh/+Cab/wCSqPsfjD/oO6H/AOCab/5KroKKQzn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApk28wSCP7+07c+uOKfRQB8XkEEgggjqDSV6j8Uvh3d6bqtzrmlWrS6bOTLMsYyYHP3sjrtPXPQZxxxXl1bp3MGrBRRRTEFFFT2dlc6hdx2lnbyT3EhwkcalmY/SgD0X4Gq58cXJXO0WD7v++0r6Frhvhl4IbwjojyXqr/al3hp8EHy1H3UBH5nHc+wruaxk7s2irIKKKKkoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKwrnwZ4ZvJWln0HTnkY5Zvs6gk+5A5rdooA5z/hAPCX/Qv2H/foUf8ACAeEv+hfsP8Av0K6OindisjnP+EA8Jf9C/Yf9+hWpp2h6TpG7+zdNtLQsMMYIVQt9SBzV+ilcdgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiimTP5UMkmCdqlsAZzgUAeYfEn4oyeHbp9G0VY31AKDNcN8wgz0AHdsYPPA44Pbxi58V+IbyRpLjXNRcsc4+0uAD7AHA/Cs27upr68mu7hy800jSSMe7E5JqGt1FIwcmzR/t/Wf+gvf/APgS/wDjR/b+s/8AQXv/APwJf/Gs6imI0f7f1n/oL3//AIEv/jWro/xB8UaLdLNBq9zOoIzDdSNLGw9ME8fhg1zNFKyHdn1X4H8ZWvjTRjdxIILqFtlxb7s7D2I9j2PsR2rpq+bvg1qEtp8Qbe2Uny7yGSJx24UuD/45+tfSNZSVmaxd0FFFFSUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUEAggjINFFAHyf418MT+E/E1zp8in7OSZLZ+zxE8fiOh9xXPV9e694d0rxLp5s9VtEnj/gbo8Z9VbqD/k15ld/AO0eYmz1+eGLss1sJG/MMv8AKtVNdTJwfQ8Por2n/hQP/Uzf+SH/ANso/wCFA/8AUzf+SH/2ynzoXIzxaivaf+FA/wDUzf8Akh/9srW0b4HaLY3CTanfXGo7Dnyggijb6gEnH4ijnQcjMH4IeGJ3vp/Ek67bdEaC3yPvucbmHsBx9SfSvcKjgghtYEgt4kihjG1I41Cqo9AB0qSsm7s1SsgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD4AooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAP/2Q==)

Sustainability Statement continued

Disclosure Requirement

and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference

Benchmark Regulation

( 25 ) reference

EU

Climate Law

( 26 ) reference

Location in the

sustainability

statement

Materiality of

information

(Group level)

ESRS E1-1

Exclusion from Paris-aligned

Benchmarks paragraph 16 (g)

Article 449a

Regulation (EU) No 575/2013;

Commission Implementing

Regulation (EU) 2022/2453

Template 1: Banking book – Climate

change transition risk: Credit quality

of exposures bysector, emissions

and residual maturity

Delegated Regulation (EU)

2020/1818, Article12.1 (d) to (g),

and Article 12.2

p.83 Material for Group

Level

ESRS E1-4

GHG emission reduction targets

paragraph 34

Indicator number 4 Table #2

of Annex 1

Article 449a

Regulation (EU) No 575/2013;

Commission Implementing

Regulation (EU) 2022/2453

Template 3: Banking book –

Climate change transition risk:

Alignment metrics

Delegated Regulation (EU)

2020/1818, Article 6

p.91 Material for Group

Level

ESRS E1-5

Energy consumption from fossil

sources disaggregated by sources

(only high climate impact sectors)

paragraph 38

Indicator number 5 Table #1

and Indicator n. 5 Table #2 of

Annex 1

p.92 Material for Group

Level

ESRS E1-5 Energy consumption

andmix paragraph 37

Indicator number 5 Table #1

of Annex 1

p.92 Material for Group

Level

ESRS E1-5

Energy intensity associated with

activities in high climate impact

sectors paragraphs 40 to 43

Indicator number 6 Table #1

of Annex 1

p.92 Material for Group

Level

ESRS E1-6

Gross scope 1, 2, 3 and Total GHG

emissions paragraph 44

Indicators number 1 and 2

Table #1 of Annex 1

Article 449a; Regulation (EU)

No575/2013; Commission

Implementing Regulation (EU)

2022/2453 Template 1: Banking

book – Climate change transition

risk: Credit quality of exposures

bysector, emissions and

residualmaturity

Delegated Regulation (EU)

2020/1818, Article 5(1), 6 and 8(1)

p.93 Material for Group

Level

ESRS E1-6

Gross GHG emissions intensity

paragraphs 53 to 55

Indicators number 3 Table

#1 of Annex 1

Article 449a Regulation (EU) No

575/2013; Commission

Implementing Regulation (EU)

2022/2453 Template 3: Banking

book – Climate change transition

risk: Alignment metrics

Delegated Regulation (EU)

2020/1818, Article 8(1)

p.98 Material for Group

Level

Coca-Cola HBC Integrated Annual Report 202469

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Disclosure Requirement

and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference

Benchmark Regulation

( 25 ) reference

EU

Climate Law

( 26 ) reference

Location in the

sustainability

statement

Materiality of

information

(Group level)

ESRS E1-7

GHG removals and carbon

creditsparagraph 56

Regulation (EU) 2021/1119,

Article 2(1)

p.98 Material for Group

Level

ESRS E1-9

Exposure of the benchmark portfolio

to climate-related physical risks

paragraph 66

Delegated Regulation (EU)

2020/1818, Annex II Delegated

Regulation (EU) 2020/1816,

Annex II

– Material for the

Group

(use of phased-in

option)

ESRS E1-9

Disaggregation of monetary amounts

by acute and chronic physical risk

paragraph 66 (a)

Article 449a Regulation (EU) No

575/2013; Commission

Implementing Regulation (EU)

2022/2453 paragraphs 46 and 47;

Template 5: Banking book –

Climate change physical risk:

Exposures subject to physical risk.

– Material for the

Group

(use of phased-in

option)

ESRS E1-9

Location of significant assets at

material physical risk paragraph 66 (c)

– Material for the

Group

(use of phased-in

option)

ESRS E1-9 Breakdown of the carrying

value of its real estate assets by

energy-efficiency classes paragraph

67 (c)

Article 449a Regulation (EU)

No575/2013; Commission

Implementing Regulation (EU)

2022/2453 paragraph 34;

Template 2:Banking book –

Climate change transition risk:

Loans collateralised by immovable

property –Energy efficiency of

thecollateral

– Material for the

Group

(use of phased-in

option)

ESRS E1-9

Degree of exposure of the portfolio

toclimate-related opportunities

paragraph 69

Delegated Regulation (EU)

2020/1818, Annex II

– Material for the

Group

(use of phased-in

option)

ESRS E2-4

Amount of each pollutant listed in

Annex II of the E-PRTR Regulation

(European Pollutant Release and

Transfer Register) emitted to air,

water and soil, paragraph 28

Indicator number 8 Table #1

of Annex 1 Indicator number

2 Table #2 of Annex 1

Indicator number 1 Table #2

of Annex 1 Indicator number

3 Table #2 of Annex 1

– Not Material

ESRS E3-1

Water and marine resources

paragraph 9

Indicator number 7 Table #2

of Annex 1

p.104 Material for Group

Level

Coca-Cola HBC Integrated Annual Report 202470

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Disclosure Requirement

and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference

Benchmark Regulation

( 25 ) reference

EU

Climate Law

( 26 ) reference

Location in the

sustainability

statement

Materiality of

information

(Group level)

ESRS E3-1

Dedicated policy paragraph 13

Indicator number 8 Table 2

of Annex 1

– Not Material

ESRS E3-1

Sustainable oceans and seas

paragraph 14

Indicator number 12 Table

#2 of Annex 1

– Not Material

ESRS E3-4

Total water recycled and reused

paragraph 28 (c)

Indicator number 6.2 Table

#2 of Annex 1

p.114 Material for Group

Level

ESRS E3-4

Total water consumption in m3 per net

revenue on own operations

paragraph 29

Indicator number 6.1 Table

#2 of Annex 1

p.114 Material for Group

Level

ESRS 2- SBM 3 – E4 paragraph 16 (a) i Indicator number 7 Table #1

of Annex 1

– Not Material

ESRS 2- SBM 3 – E4 paragraph 16 (b) Indicator number 10 Table

#2 of Annex 1

– Not Material

ESRS 2- SBM 3 – E4 paragraph 16 (c) Indicator number 14 Table

#2 of Annex 1

– Not Material

ESRS E4-2

Sustainable land / agriculture

practices or policies paragraph 24 (b)

Indicator number 11 Table

#2 of Annex 1

p.116 Material for Group

Level

ESRS E4-2

Sustainable oceans / seas practices

or policies paragraph 24 (c)

Indicator number 12 Table

#2 of Annex 1

– Not Material

ESRS E4-2

Policies to address deforestation

paragraph 24 (d)

Indicator number 15 Table

#2 of Annex 1

p.116 Material for Group

Level

ESRS E5-5

Non-recycled waste paragraph 37 (d)

Indicator number 13 Table

#2 of Annex 1

– Not Material

ESRS E5-5

Hazardous waste and radioactive

waste paragraph 39

Indicator number 9 Table #1

of Annex 1

– Not Material

ESRS 2- SBM3 – S1

Risk of incidents of forced

labour paragraph 14 (f)

Indicator number 13 Table

#3 of Annex I

– Not Material

Coca-Cola HBC Integrated Annual Report 202471

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Disclosure Requirement

and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference

Benchmark Regulation

( 25 ) reference

EU

Climate Law

( 26 ) reference

Location in the

sustainability

statement

Materiality of

information

(Group level)

ESRS 2- SBM3 – S1

Risk of incidents of child

labour paragraph 14 (g)

Indicator number 12 Table

#3 of Annex I

– Not Material

ESRS S1-1

Human rights policy

commitments paragraph 20

Indicator number 9 Table #3

and Indicator number 11

Table #1 of Annex I

p.134 Material for Group

Level

ESRS S1-1

Due diligence policies on issues

addressed by the fundamental

International Labour Organization

Conventions 1 to 8, paragraph 21

Delegated Regulation (EU)

2020/1816, Annex II

p.134 Material for Group

Level

ESRS S1-1

processes and measures for

preventing trafficking in human

beings paragraph 22

Indicator number 11 Table

#3 of Annex I

– Not Material

ESRS S1-1

workplace accident prevention policy

or management system paragraph 23

Indicator number 1 Table #3

of Annex I

p.131 Material for Group

Level

ESRS S1-3

grievance/complaints handling

mechanisms paragraph 32 (c)

Indicator number 5 Table #3

of Annex I

p.136 Material for Group

Level

ESRS S1-14

Number of fatalities and number

and rate of work-related accidents

paragraph 88 (b) and (c)

Indicator number 2 Table #3

of Annex I

Delegated Regulation (EU)

2020/1816, Annex II

p.145 Material for Group

Level

ESRS S1-14

Number of days lost to injuries,

accidents, fatalities or illness

paragraph 88 (e)

Indicator number 3 Table #3

of Annex I

p.145 Material for Group

Level

ESRS S1-16

Unadjusted gender pay gap

paragraph 97 (a)

Indicator number 12 Table

#1 of Annex I

Delegated Regulation (EU)

2020/1816, Annex II

p.145 Material for Group

Level

ESRS S1-16

Excessive CEO pay ratio

paragraph 97 (b)

Indicator number 8 Table #3

of Annex I

p.145 Material for Group

Level

Coca-Cola HBC Integrated Annual Report 202472

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Disclosure Requirement

and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference

Benchmark Regulation

( 25 ) reference

EU

Climate Law

( 26 ) reference

Location in the

sustainability

statement

Materiality of

information

(Group level)

ESRS S1-17

Incidents of discrimination

paragraph 103 (a)

Indicator number 7 Table #3

of Annex I

p.145 Material for Group

Level

ESRS S1-17 Non-respect of UNGPs

onBusiness and Human Rights and

OECD Guidelines paragraph 104 (a)

Indicator number 10 Table

#1 and Indicator n. 14 Table

#3 of Annex I

Delegated Regulation (EU)

2020/1816, Annex II Delegated

Regulation (EU) 2020/1818

Art 12 (1)

p.145 Material for Group

Level

ESRS 2- SBM3 – S2

Significant risk of child labour or

forcedlabour in the value chain

paragraph 11 (b)

Indicators number 12 and n.

13 Table #3 of Annex I

– Not Material

ESRS S2-1

Human rights policy

commitments paragraph 17

Indicator number 9 Table #3

and Indicator n. 11 Table #1

of Annex 1

p.149 Material for Group

Level

ESRS S2-1

Policies related to value

chain workers paragraph 18

Indicator number 11 and n. 4

Table #3 of Annex 1

p.148 Material for Group

Level

ESRS S2-1

Non-respect of UNGPs on Business

and Human Rights principles and

OECD guidelines paragraph 19

Indicator number 10

Table#1 of Annex 1

Delegated Regulation (EU)

2020/1816, Annex II Delegated

Regulation (EU) 2020/1818,

Art 12 (1)

p.149 Material for Group

Level

ESRS S2-1

Due diligence policies on issues

addressed by the fundamental

International Labor Organisation

Conventions 1 to8, paragraph 19

Delegated Regulation (EU)

2020/1816, Annex II

p.149 Material for Group

Level

ESRS S2-4

Human rights issues and incidents

connected to its upstream and

downstream value chain paragraph 36

Indicator number 14

Table#3 of Annex 1

p.149 Material for Group

Level

ESRS S3-1

Human rights policy

commitments paragraph 16

Indicator number 9 Table

#3of Annex 1 and Indicator

number 11 Table #1 of

Annex 1

p.157 Material for Group

Level

Coca-Cola HBC Integrated Annual Report 202473

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Disclosure Requirement

and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference

Benchmark Regulation

( 25 ) reference

EU

Climate Law

( 26 ) reference

Location in the

sustainability

statement

Materiality of

information

(Group level)

ESRS S3-1

non-respect of UNGPs on Business

and Human Rights, ILO principles or

OECD guidelines paragraph 17

Indicator number

10Table#1 Annex 1

Delegated Regulation (EU)

2020/1816, Annex II Delegated

Regulation (EU) 2020/1818,

Art 12 (1)

p.157 Material for

Group Level

ESRS S3-4

Human rights issues and

incidents paragraph 36

Indicator number 14

Table#3 of Annex 1

p.157 Material for

Group Level

ESRS S4-1 Policies related to

consumers and end-users

paragraph 16

Indicator number 9

Table#3and Indicator

number 11 Table #1 of

Annex 1

p.162 Not Material\*

(\*disclosed due

to stakeholders’

interests)

ESRS S4-1

Non-respect of UNGPs on Business

and Human Rights and OECD

guidelines paragraph 17

Indicator number

10Table#1 of Annex 1

Delegated Regulation (EU)

2020/1816, Annex II Delegated

Regulation (EU) 2020/1818,

Art 12 (1)

p.165 Not Material\*

(\*disclosed due

to stakeholders’

interests)

ESRS S4-4

Human rights issues and

incidentsparagraph 35

Indicator number

14Table#3 of Annex 1

p.165 Not Material\*

(\*disclosed due

to stakeholders’

interests)

ESRS G1-1

United Nations Convention against

Corruption paragraph 10 (b)

Indicator number

15Table#3 of Annex 1

– Not Material

ESRS G1-1

Protection of whistle-blowers

paragraph 10 (d)

Indicator number 6

Table#3of Annex 1

– Not Material

ESRS G1-4

Fines for violation of anti-corruption

and anti-bribery laws paragraph 24 (a)

Indicator number 17

Table#3 of Annex 1

Delegated Regulation (EU)

2020/1816, Annex II)

– Not Material

ESRS G1-4

Standards of anti- corruption and

anti- bribery paragraph 24 (b)

Indicator number 16

Table#3 of Annex 1

– Not Material

IRO-2\_13

The material information to be disclosed regarding impacts, risks and opportunities is determined based on specific and/or generic criteria established during the double materiality assessment process across

all ESRS topics. Consequently, each general and topical ESRS provides further elaboration on the utilised materiality assessment criteria.

Coca-Cola HBC Integrated Annual Report 202474

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

As part of the EU’s plan to direct investments towards a more sustainable economy aligned with the European Green Deal, the European Commission defined

aclassification system of sustainable activities under the Taxonomy Regulation in 2020. The EU Taxonomy Regulation establishes a common definition of

environmentallysustainable economic activities for investors, corporates, policymakers and other stakeholders.

The Climate Delegated Act

1

introduced two environmental objectives – climate change mitigation and climate change adaptation – which have applied since 2022. In June2023,

the Environmental Delegated Act

2

brought into effect the remaining four objectives: sustainable use and protection of water and marineresources; transition to a circular economy; pollution

prevention and control; and protection andrestoration of biodiversity and ecosystems.

We believe the EU Taxonomy is a valuable tool for guiding our sustainability strategy, including decarbonisation, the circular economy and sustainable product development. However, itis important to recognise

two key factors:

1.  According to the EU Taxonomy Delegated Acts, our main economic activity of ‘Food and beverage manufacturing’ is not considered eligible.

2.  EU Taxonomy is still evolving and is open to interpretation, potentially leading to adjustments in the future.

Taxonomy eligibility and alignment assessment

An economic activity is considered Taxonomy-eligible if it is described in the relevant Delegated Acts for one of the six environmental objectives, irrespective of whether it meets the technical screening criteria

(TSC).

For an eligible economic activity to be considered aligned with the EU Taxonomy, it must:

a) substantially contribute to at least one environmental objective;

b) meet the TSC defined for each activity;

c) do no significant harm (DNSH) to any of the remaining objectives; and

d) comply with minimum social safeguards.

Substantial contribution

Economic activity makes

substantial contribution to at

least one of the environmental

objectives

Economic activity complies with

the applicable TSC

Economic activity does not

cause significant harm to the

other environmental objectives

Company establishes minimum

safeguarding procedures for

human rights, bribery and

corruption, taxation and

faircompetition

Do no significant harm

(DNSH)

Technical screening

criteria (TSC)

Minimum safeguards

Economic

activity is

taxonomy-

aligned

+ + =+

1.   Commission Delegated Regulation (EU) 2021/2139, CommissionDelegated Regulation (EU) 2023/2485

2.  Commission Delegated Regulation (EU) 2023/2486

Sustainability Statement continued

EU Taxonomy

Coca-Cola HBC Integrated Annual Report 202475

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAQIBeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArA8a6bd6t4SvrGxi825l8vYm4LnEik8kgdAa36KUldWNKNV0qkakd00/uPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uiuf6rDuz3f9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4nofgLxNZ+INNurjTdkMN1FJI3nxnChwScBs9BXtlFFa06apqyPMx2YVcbJSqJK3b/h2U54JHmZlXIPvUf2ab+5+orQorQ4TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RVi1jePfvGM4xzViigBsgLRsB1IIqj9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOd/4Tvwx/wBBeH/vlv8ACj/hO/DH/QXh/wC+W/wr59org+tS7H2v+rWG/nl+H+R9Bf8ACd+GP+gvD/3y3+FH/Cd+GP8AoLw/98t/hXz7RR9al2D/AFaw388vw/yPoL/hO/DH/QXh/wC+W/wo/wCE78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/AKC8P/fLf4Uf8J34Y/6C8P8A3y3+FfPtFH1qXYP9WsN/PL8P8j6C/wCE78Mf9BeH/vlv8KP+E78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/oLw/wDfLf4Uf8J34Y/6C8P/AHy3+FfPtFH1qXYP9WsN/PL8P8j6C/4Tvwx/0F4f++W/wo/4Tvwx/wBBeH/vlv8ACvn2ij61LsH+rWG/nl+H+R9Bf8J34Y/6C8P/AHy3+FH/AAnfhj/oLw/98t/hXz7RR9al2D/VrDfzy/D/ACPoL/hO/DH/AEF4f++W/wAKP+E78Mf9BeH/AL5b/Cvn2ij61LsH+rWG/nl+H+R9Bf8ACd+GP+gvD/3y3+FH/Cd+GP8AoLw/98t/hXz7RR9al2D/AFaw388vw/yPoL/hO/DH/QXh/wC+W/wo/wCE78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/AKC8P/fLf4Uf8J34Y/6C8P8A3y3+FfPtFH1qXYP9WsN/PL8P8j6C/wCE78Mf9BeH/vlv8KP+E78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/oLw/wDfLf4Uf8J34Y/6C8P/AHy3+FfPtFH1qXYP9WsN/PL8P8j6C/4Tvwx/0F4f++W/wo/4Tvwx/wBBeH/vlv8ACvn2ij61LsH+rWG/nl+H+R9Bf8J34Y/6C8P/AHy3+FH/AAnfhj/oLw/98t/hXz7RR9al2D/VrDfzy/D/ACPoL/hO/DH/AEF4f++W/wAKP+E78Mf9BeH/AL5b/Cvn2ij61LsH+rWG/nl+H+R9Bf8ACd+GP+gvD/3y3+FH/Cd+GP8AoLw/98t/hXz7RR9al2D/AFaw388vw/yPoL/hO/DH/QXh/wC+W/wo/wCE78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/AKC8P/fLf4Uf8J34Y/6C8P8A3y3+FfPtFH1qXYP9WsN/PL8P8j6C/wCE78Mf9BeH/vlv8KP+E78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/oLw/wDfLf4Uf8J34Y/6C8P/AHy3+FfPtFH1qXYP9WsN/PL8P8j6C/4Tvwx/0F4f++W/wo/4Tvwx/wBBeH/vlv8ACvn2ij61LsH+rWG/nl+H+R9Bf8J34Y/6C8P/AHy3+FH/AAnfhj/oLw/98t/hXz7RR9al2D/VrDfzy/D/ACPoL/hO/DH/AEF4f++W/wAKP+E78Mf9BeH/AL5b/Cvn2ij61LsH+rWG/nl+H+R9Bf8ACd+GP+gvD/3y3+FH/Cd+GP8AoLw/98t/hXz7RR9al2D/AFaw388vw/yPoL/hO/DH/QXh/wC+W/wo/wCE78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/AKC8P/fLf4Uf8J34Y/6C8P8A3y3+FfPtFH1qXYP9WsN/PL8P8j6C/wCE78Mf9BeH/vlv8KP+E78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/oLw/wDfLf4Uf8J34Y/6C8P/AHy3+FfPtFH1qXYP9WsN/PL8P8j6C/4Tvwx/0F4f++W/wo/4Tvwx/wBBeH/vlv8ACvn2ij61LsH+rWG/nl+H+R9Bf8J34Y/6C8P/AHy3+FH/AAnfhj/oLw/98t/hXz7RR9al2D/VrDfzy/D/ACPoL/hO/DH/AEF4f++W/wAKP+E78Mf9BeH/AL5b/Cvn2ij61LsH+rWG/nl+H+R9Bf8ACd+GP+gvD/3y3+FH/Cd+GP8AoLw/98t/hXz7RR9al2D/AFaw388vw/yPoL/hO/DH/QXh/wC+W/wo/wCE78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/AKC8P/fLf4Uf8J34Y/6C8P8A3y3+FfPtFH1qXYP9WsN/PL8P8j6C/wCE78Mf9BeH/vlv8KP+E78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/oLw/wDfLf4Uf8J34Y/6C8P/AHy3+FfPtFH1qXYP9WsN/PL8P8j6C/4Tvwx/0F4f++W/wo/4Tvwx/wBBeH/vlv8ACvn2ij61LsH+rWG/nl+H+R9Bf8J34Y/6C8P/AHy3+FH/AAnfhj/oLw/98t/hXz7RR9al2D/VrDfzy/D/ACPoL/hO/DH/AEF4f++W/wAKP+E78Mf9BeH/AL5b/Cvn2ij61LsH+rWG/nl+H+R9Bf8ACd+GP+gvD/3y3+FH/Cd+GP8AoLw/98t/hXz7RR9al2D/AFaw388vw/yPoL/hO/DH/QXh/wC+W/wo/wCE78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/AKC8P/fLf4Uf8J34Y/6C8P8A3y3+FfPtFH1qXYP9WsN/PL8P8j6C/wCE78Mf9BeH/vlv8KP+E78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/oLw/wDfLf4Uf8J34Y/6C8P/AHy3+FfPtFH1qXYP9WsN/PL8P8j6C/4Tvwx/0F4f++W/wo/4Tvwx/wBBeH/vlv8ACvn2ij61LsH+rWG/nl+H+R9Bf8J34Y/6C8P/AHy3+FH/AAnfhj/oLw/98t/hXz7RR9al2D/VrDfzy/D/ACPoL/hO/DH/AEF4f++W/wAKP+E78Mf9BeH/AL5b/Cvn2ij61LsH+rWG/nl+H+R9Bf8ACd+GP+gvD/3y3+FH/Cd+GP8AoLw/98t/hXz7RR9al2D/AFaw388vw/yPoL/hO/DH/QXh/wC+W/wo/wCE78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/AKC8P/fLf4Uf8J34Y/6C8P8A3y3+FfPtFH1qXYP9WsN/PL8P8j6C/wCE78Mf9BeH/vlv8KP+E78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/oLw/wDfLf4Uf8J34Y/6C8P/AHy3+FfPtFH1qXYP9WsN/PL8P8j6C/4Tvwx/0F4f++W/wo/4Tvwx/wBBeH/vlv8ACvn2ij61LsH+rWG/nl+H+R9Bf8J34Y/6C8P/AHy3+FH/AAnfhj/oLw/98t/hXz7RR9al2D/VrDfzy/D/ACPoL/hO/DH/AEF4f++W/wAKP+E78Mf9BeH/AL5b/Cvn2ij61LsH+rWG/nl+H+R9Bf8ACd+GP+gvD/3y3+FH/Cd+GP8AoLw/98t/hXz7RR9al2D/AFaw388vw/yPoL/hO/DH/QXh/wC+W/wo/wCE78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/AKC8P/fLf4Uf8J34Y/6C8P8A3y3+FfPtFH1qXYP9WsN/PL8P8j6C/wCE78Mf9BeH/vlv8KP+E78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/oLw/wDfLf4Uf8J34Y/6C8P/AHy3+FfPtFH1qXYP9WsN/PL8P8j6C/4Tvwx/0F4f++W/wo/4Tvwx/wBBeH/vlv8ACvn2ij61LsH+rWG/nl+H+R9Bf8J34Y/6C8P/AHy3+FH/AAnfhj/oLw/98t/hXz7RR9al2D/VrDfzy/D/ACPoL/hO/DH/AEF4f++W/wAKP+E78Mf9BeH/AL5b/Cvn2ij61LsH+rWG/nl+H+R9Bf8ACd+GP+gvD/3y3+FH/Cd+GP8AoLw/98t/hXz7RR9al2D/AFaw388vw/yPoL/hO/DH/QXh/wC+W/wo/wCE78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/AKC8P/fLf4Uf8J34Y/6C8P8A3y3+FfPtFH1qXYP9WsN/PL8P8j6C/wCE78Mf9BeH/vlv8KP+E78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/oLw/wDfLf4Uf8J34Y/6C8P/AHy3+FfPtFH1qXYP9WsN/PL8P8j6C/4Tvwx/0F4f++W/wo/4Tvwx/wBBeH/vlv8ACvn2ij61LsH+rWG/nl+H+R9Bf8J34Y/6C8P/AHy3+FH/AAnfhj/oLw/98t/hXz7RR9al2D/VrDfzy/D/ACPoL/hO/DH/AEF4f++W/wAKP+E78Mf9BeH/AL5b/Cvn2ij61LsH+rWG/nl+H+R9Bf8ACd+GP+gvD/3y3+FH/Cd+GP8AoLw/98t/hXz7RR9al2D/AFaw388vw/yPoL/hO/DH/QXh/wC+W/wo/wCE78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/AKC8P/fLf4Uf8J34Y/6C8P8A3y3+FfPtFH1qXYP9WsN/PL8P8j6C/wCE78Mf9BeH/vlv8KP+E78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/oLw/wDfLf4Uf8J34Y/6C8P/AHy3+FfPtFH1qXYP9WsN/PL8P8j6C/4Tvwx/0F4f++W/wo/4Tvwx/wBBeH/vlv8ACvn2ij61LsH+rWG/nl+H+R9Bf8J34Y/6C8P/AHy3+FH/AAnfhj/oLw/98t/hXz7RR9al2D/VrDfzy/D/ACPoL/hO/DH/AEF4f++W/wAKP+E78Mf9BeH/AL5b/Cvn2ij61LsH+rWG/nl+H+R9Bf8ACd+GP+gvD/3y3+FH/Cd+GP8AoLw/98t/hXz7RR9al2D/AFaw388vw/yPoL/hO/DH/QXh/wC+W/wo/wCE78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/AKC8P/fLf4Uf8J34Y/6C8P8A3y3+FfPtFH1qXYP9WsN/PL8P8j6C/wCE78Mf9BeH/vlv8KP+E78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/oLw/wDfLf4Uf8J34Y/6C8P/AHy3+FfPtFH1qXYP9WsN/PL8P8j6C/4Tvwx/0F4f++W/wo/4Tvwx/wBBeH/vlv8ACvn2ij61LsH+rWG/nl+H+R9Bf8J34Y/6C8P/AHy3+FH/AAnfhj/oLw/98t/hXz7RR9al2D/VrDfzy/D/ACPoL/hO/DH/AEF4f++W/wAKP+E78Mf9BeH/AL5b/Cvn2ij61LsH+rWG/nl+H+R9Bf8ACd+GP+gvD/3y3+FH/Cd+GP8AoLw/98t/hXz7RR9al2D/AFaw388vw/yPoL/hO/DH/QXh/wC+W/wo/wCE78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/AKC8P/fLf4Uf8J34Y/6C8P8A3y3+FfPtFH1qXYP9WsN/PL8P8j6C/wCE78Mf9BeH/vlv8KP+E78Mf9BeH/vlv8K+faKPrUuwf6tYb+eX4f5H0F/wnfhj/oLw/wDfLf4Uf8J34Y/6C8P/AHy3+FfPtFH1qXYP9WsN/PL8P8j6C/4Tvwx/0F4f++W/wq2ninRJEV11CMqwyDg8j8q+cq7Ky/48Lf8A65L/ACFXHEyfQ5sRkFCkk1J/h/kcbRRRXGfVhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXZWX/Hhb/8AXJf5CuNrsrL/AI8Lf/rkv8hVw3OHHfCjn/8AhHtb/wCgPqH/AIDP/hR/wj2t/wDQH1D/AMBn/wAK99orr+qR7nzn+s1X/n2vvZ4F/wAI9rf/AEB9Q/8AAZ/8KP8AhHtb/wCgPqH/AIDP/hXvtJuGcZFH1SPcP9Zq3/PtfezwP/hHtb/6A+of+Az/AOFH/CPa3/0B9Q/8Bn/wr32ij6pHuH+s1X/n2vvZ4F/wj2t/9AfUP/AZ/wDCj/hHtb/6A+of+Az/AOFe+0UfVI9w/wBZqv8Az7X3s8C/4R7W/wDoD6h/4DP/AIUf8I9rf/QH1D/wGf8Awr32ij6pHuH+s1X/AJ9r72eBf8I9rf8A0B9Q/wDAZ/8ACj/hHtb/AOgPqH/gM/8AhXvtFH1SPcP9Zqv/AD7X3s8C/wCEe1v/AKA+of8AgM/+FH/CPa3/ANAfUP8AwGf/AAr32ij6pHuH+s1X/n2vvZ4F/wAI9rf/AEB9Q/8AAZ/8KP8AhHtb/wCgPqH/AIDP/hXvtFH1SPcP9Zqv/PtfezwL/hHtb/6A+of+Az/4Uf8ACPa3/wBAfUP/AAGf/CvfaKPqke4f6zVf+fa+9ngX/CPa3/0B9Q/8Bn/wo/4R7W/+gPqH/gM/+Fe+0UfVI9w/1mq/8+197PAv+Ee1v/oD6h/4DP8A4Uf8I9rf/QH1D/wGf/CvfaKPqke4f6zVf+fa+9ngX/CPa3/0B9Q/8Bn/AMKP+Ee1v/oD6h/4DP8A4V77RR9Uj3D/AFmq/wDPtfezwL/hHtb/AOgPqH/gM/8AhR/wj2t/9AfUP/AZ/wDCvfaKPqke4f6zVf8An2vvZ4F/wj2t/wDQH1D/AMBn/wAKP+Ee1v8A6A+of+Az/wCFe+0UfVI9w/1mq/8APtfezwL/AIR7W/8AoD6h/wCAz/4Uf8I9rf8A0B9Q/wDAZ/8ACvfaKPqke4f6zVf+fa+9ngX/AAj2t/8AQH1D/wABn/wo/wCEe1v/AKA+of8AgM/+Fe+0UfVI9w/1mq/8+197PAv+Ee1v/oD6h/4DP/hR/wAI9rf/AEB9Q/8AAZ/8K99oo+qR7h/rNV/59r72eBf8I9rf/QH1D/wGf/Cj/hHtb/6A+of+Az/4V77RR9Uj3D/War/z7X3s8C/4R7W/+gPqH/gM/wDhR/wj2t/9AfUP/AZ/8K99oo+qR7h/rNV/59r72eBf8I9rf/QH1D/wGf8Awo/4R7W/+gPqH/gM/wDhXvtFH1SPcP8AWar/AM+197PAv+Ee1v8A6A+of+Az/wCFH/CPa3/0B9Q/8Bn/AMK99oo+qR7h/rNV/wCfa+9ngX/CPa3/ANAfUP8AwGf/AAo/4R7W/wDoD6h/4DP/AIV77RR9Uj3D/War/wA+197PAv8AhHtb/wCgPqH/AIDP/hR/wj2t/wDQH1D/AMBn/wAK99oo+qR7h/rNV/59r72eBf8ACPa3/wBAfUP/AAGf/Cj/AIR7W/8AoD6h/wCAz/4V77RR9Uj3D/War/z7X3s8C/4R7W/+gPqH/gM/+FH/AAj2t/8AQH1D/wABn/wr32ij6pHuH+s1X/n2vvZ4F/wj2t/9AfUP/AZ/8KP+Ee1v/oD6h/4DP/hXvtFH1SPcP9Zqv/PtfezwL/hHtb/6A+of+Az/AOFH/CPa3/0B9Q/8Bn/wr32ij6pHuH+s1X/n2vvZ4F/wj2t/9AfUP/AZ/wDCj/hHtb/6A+of+Az/AOFe+0UfVI9w/wBZqv8Az7X3s8C/4R7W/wDoD6h/4DP/AIUf8I9rf/QH1D/wGf8Awr32ij6pHuH+s1X/AJ9r72eBf8I9rf8A0B9Q/wDAZ/8ACj/hHtb/AOgPqH/gM/8AhXvtFH1SPcP9Zqv/AD7X3s8C/wCEe1v/AKA+of8AgM/+FH/CPa3/ANAfUP8AwGf/AAr32ij6pHuH+s1X/n2vvZ4F/wAI9rf/AEB9Q/8AAZ/8KP8AhHtb/wCgPqH/AIDP/hXvtFH1SPcP9Zqv/PtfezwL/hHtb/6A+of+Az/4Uf8ACPa3/wBAfUP/AAGf/CvfaKPqke4f6zVf+fa+9ngX/CPa3/0B9Q/8Bn/wo/4R7W/+gPqH/gM/+Fe+0UfVI9w/1mq/8+197PAv+Ee1v/oD6h/4DP8A4Uf8I9rf/QH1D/wGf/CvfaKPqke4f6zVf+fa+9ngX/CPa3/0B9Q/8Bn/AMKP+Ee1v/oD6h/4DP8A4V77RR9Uj3D/AFmq/wDPtfezwL/hHtb/AOgPqH/gM/8AhR/wj2t/9AfUP/AZ/wDCvfaKPqke4f6zVf8An2vvZ4F/wj2t/wDQH1D/AMBn/wAKP+Ee1v8A6A+of+Az/wCFe+0UfVI9w/1mq/8APtfezwL/AIR7W/8AoD6h/wCAz/4Uf8I9rf8A0B9Q/wDAZ/8ACvfaKPqke4f6zVf+fa+9ngX/AAj2t/8AQH1D/wABn/wo/wCEe1v/AKA+of8AgM/+Fe+0UfVI9w/1mq/8+197PAv+Ee1v/oD6h/4DP/hR/wAI9rf/AEB9Q/8AAZ/8K99oo+qR7h/rNV/59r72eBf8I9rf/QH1D/wGf/Cj/hHtb/6A+of+Az/4V77RR9Uj3D/War/z7X3s8C/4R7W/+gPqH/gM/wDhR/wj2t/9AfUP/AZ/8K99oo+qR7h/rNV/59r72eBf8I9rf/QH1D/wGf8Awo/4R7W/+gPqH/gM/wDhXvtFH1SPcP8AWar/AM+197PAv+Ee1v8A6A+of+Az/wCFH/CPa3/0B9Q/8Bn/AMK99oo+qR7h/rNV/wCfa+9ngX/CPa3/ANAfUP8AwGf/AAo/4R7W/wDoD6h/4DP/AIV77RR9Uj3D/War/wA+197PAv8AhHtb/wCgPqH/AIDP/hR/wj2t/wDQH1D/AMBn/wAK99oo+qR7h/rNV/59r72eBf8ACPa3/wBAfUP/AAGf/Cj/AIR7W/8AoD6h/wCAz/4V77RR9Uj3D/War/z7X3s8C/4R7W/+gPqH/gM/+FH/AAj2t/8AQH1D/wABn/wr32ij6pHuH+s1X/n2vvZ4F/wj2t/9AfUP/AZ/8KP+Ee1v/oD6h/4DP/hXvtFH1SPcP9Zqv/PtfezwL/hHtb/6A+of+Az/AOFH/CPa3/0B9Q/8Bn/wr32ij6pHuH+s1X/n2vvZ4F/wj2t/9AfUP/AZ/wDCj/hHtb/6A+of+Az/AOFe+0UfVI9w/wBZqv8Az7X3s8C/4R7W/wDoD6h/4DP/AIUf8I9rf/QH1D/wGf8Awr32ij6pHuH+s1X/AJ9r72eBf8I9rf8A0B9Q/wDAZ/8ACj/hHtb/AOgPqH/gM/8AhXvtFH1SPcP9Zqv/AD7X3s8C/wCEe1v/AKA+of8AgM/+FH/CPa3/ANAfUP8AwGf/AAr32ij6pHuH+s1X/n2vvZ4F/wAI9rf/AEB9Q/8AAZ/8KP8AhHtb/wCgPqH/AIDP/hXvtFH1SPcP9Zqv/PtfezwL/hHtb/6A+of+Az/4Uf8ACPa3/wBAfUP/AAGf/CvfaKPqke4f6zVf+fa+9ngX/CPa3/0B9Q/8Bn/wo/4R7W/+gPqH/gM/+Fe+0UfVI9w/1mq/8+197PAv+Ee1v/oD6h/4DP8A4Uf8I9rf/QH1D/wGf/CvfaKPqke4f6zVf+fa+9ngX/CPa3/0B9Q/8Bn/AMKP+Ee1v/oD6h/4DP8A4V77RR9Uj3D/AFmq/wDPtfezwL/hHtb/AOgPqH/gM/8AhR/wj2t/9AfUP/AZ/wDCvfaKPqke4f6zVf8An2vvZ4F/wj2t/wDQH1D/AMBn/wAKP+Ee1v8A6A+of+Az/wCFe+0UfVI9w/1mq/8APtfezwL/AIR7W/8AoD6h/wCAz/4Uf8I9rf8A0B9Q/wDAZ/8ACvfaKPqke4f6zVf+fa+9ngX/AAj2t/8AQH1D/wABn/wo/wCEe1v/AKA+of8AgM/+Fe+0UfVI9w/1mq/8+197PAv+Ee1v/oD6h/4DP/hR/wAI9rf/AEB9Q/8AAZ/8K99oo+qR7h/rNV/59r72eBf8I9rf/QH1D/wGf/Cj/hHtb/6A+of+Az/4V77RR9Uj3D/War/z7X3s8C/4R7W/+gPqH/gM/wDhR/wj2t/9AfUP/AZ/8K99oo+qR7h/rNV/59r72eBf8I9rf/QH1D/wGf8Awo/4R7W/+gPqH/gM/wDhXvtFH1SPcP8AWar/AM+197PAv+Ee1v8A6A+of+Az/wCFH/CPa3/0B9Q/8Bn/AMK99oo+qR7h/rNV/wCfa+9ngX/CPa3/ANAfUP8AwGf/AAo/4R7W/wDoD6h/4DP/AIV77RR9Uj3D/War/wA+197PAv8AhHtb/wCgPqH/AIDP/hR/wj2t/wDQH1D/AMBn/wAK99oo+qR7h/rNV/59r72eBf8ACPa3/wBAfUP/AAGf/Cj/AIR7W/8AoD6h/wCAz/4V77RR9Uj3D/War/z7X3s8C/4R7W/+gPqH/gM/+FH/AAj2t/8AQH1D/wABn/wr32ij6pHuH+s1X/n2vvZ4F/wj2t/9AfUP/AZ/8KP+Ee1v/oD6h/4DP/hXvtFH1SPcP9Zqv/PtfezwL/hHtb/6A+of+Az/AOFH/CPa3/0B9Q/8Bn/wr32ij6pHuH+s1X/n2vvZ4F/wj2t/9AfUP/AZ/wDCj/hHtb/6A+of+Az/AOFe+0UfVI9w/wBZqv8Az7X3s8C/4R7W/wDoD6h/4DP/AIUf8I9rf/QH1D/wGf8Awr32ij6pHuH+s1X/AJ9r72eBf8I9rf8A0B9Q/wDAZ/8ACj/hHtb/AOgPqH/gM/8AhXvtFH1SPcP9Zqv/AD7X3s8C/wCEe1v/AKA+of8AgM/+FH/CPa3/ANAfUP8AwGf/AAr32ij6pHuH+s1X/n2vvZ4F/wAI9rf/AEB9Q/8AAZ/8KP8AhHtb/wCgPqH/AIDP/hXvtFH1SPcP9Zqv/PtfezwL/hHtb/6A+of+Az/4Uf8ACPa3/wBAfUP/AAGf/CvfaKPqke4f6zVf+fa+9ngX/CPa3/0B9Q/8Bn/wo/4R7W/+gPqH/gM/+Fe+0UfVI9w/1mq/8+197PAv+Ee1v/oD6h/4DP8A4Uf8I9rf/QH1D/wGf/CvfaKPqke4f6zVf+fa+9ngX/CPa3/0B9Q/8Bn/AMKP+Ee1v/oD6h/4DP8A4V77RR9Uj3D/AFmq/wDPtfezwL/hHtb/AOgPqH/gM/8AhR/wj2t/9AfUP/AZ/wDCvfaKPqke4f6zVf8An2vvZ4F/wj2t/wDQH1D/AMBn/wAKP+Ee1v8A6A+of+Az/wCFe+0UfVI9w/1mq/8APtfezwL/AIR7W/8AoD6h/wCAz/4Uf8I9rf8A0B9Q/wDAZ/8ACvfaKPqke4f6zVf+fa+9ngX/AAj2t/8AQH1D/wABn/wo/wCEe1v/AKA+of8AgM/+Fe+0UfVI9w/1mq/8+197PAv+Ee1v/oD6h/4DP/hR/wAI9rf/AEB9Q/8AAZ/8K99oo+qR7h/rNV/59r72eBf8I9rf/QH1D/wGf/Cj/hHtb/6A+of+Az/4V77RR9Uj3D/War/z7X3s8C/4R7W/+gPqH/gM/wDhR/wj2t/9AfUP/AZ/8K99oo+qR7h/rNV/59r72eBf8I9rf/QH1D/wGf8Awo/4R7W/+gPqH/gM/wDhXvtFH1SPcP8AWar/AM+197PAv+Ee1v8A6A+of+Az/wCFH/CPa3/0B9Q/8Bn/AMK99oo+qR7h/rNV/wCfa+9ngX/CPa3/ANAfUP8AwGf/AAo/4R7W/wDoD6h/4DP/AIV77RR9Uj3D/War/wA+197PAv8AhHtb/wCgPqH/AIDP/hXWWek6ktlArafdgiNQQYW44+leo1Mv3R9KccMl1Ma3EFSqknBENJ8xYIg3O3QUtWrGP5WlPVjgewH/ANeuo+fQR2EYw037xvT+Efh/jVFtU0VZTGyp5YbYZ/IPkhv7pfG3P49eOtaV5DLcWcsMM5gkkXaJVGSme49/T3pptIItNNmlur26xeWIOMMuMbeeOnHNS79DWDhb3vw0IZtNXBa1bypPQ8qfw7fhVSKUuWjkUpKhwyntS6HBqULSLemQQoixQJIwLkBmO5iCcnaUXOedpPen6ynktBerwVYRye6npn6HH50k9LlTguZwvfzFoooqznCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpl+6PpUNTL90fSgCGrtl/x6J9SP1NUqksphFM0DniQ7kPv3H9fzpMpalOzW+uNcnuoLpvsMUpgaGRs7iASzL6YbaoHoG9RWteXcVjavcTbti4GFGSxJwAB3JJAH1qidMvbaeZ9Nv4oY5nMjxXFuZVDHqVIZSM+hJ9sVX1iWSGwsYb0tPK93G7va2r4xG4kztBYj7oHU5JqNUmdTjGrUjZ6aaLe33bla+v9Sgu7G8uLCGPYs7mGKcvIUERYj7oGdwQcEjJ61oa86yaE7IwIdoip9fnWq08c+rXLPa209uskXkNdT5jZIycsI0PzBjwCTjoDzjFNvnjuby3062UC3tMF9vQMBhVH0FJX1Lly+47Wa3/AD8/TuWowRGAetOoorU4AooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqZfuj6VDUy/dH0oAhpkkayptb8CO1TeVJ/zzb8qPKk/55t+VA1oRJfXdqAskX2mMdGU4cD3zwf0p39ux4/48rzPpsX/ABp/lSf882/Kk8hs58o/980rFqa6oqT3uo3ymOGP7HGerscuR7elOtbSK0j2RjHck9TVrypP+ebflR5Un/PNvyoSFKbastEMop/lSf8APNvyo8qT/nm35UyBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlTL90fSmeVJ/zzb8qlCPtHyN09KALtFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dHmx/wDPRfzoAfRTPNj/AOei/nR5sf8Az0X86AH0UzzY/wDnov50ebH/AM9F/OgB9FM82P8A56L+dLvT++v50AZlFFHzMwRBuY9BTEFJuGcZGakufsWm24udQlATcF3MDtBPsO3uaswLY3UKywC3mibo8e1lP4ilcvkduboU6Knm05cF7ZvKk646qfw7fhVOKUszRyLslQ4ZfSi4uXS6JaKKKZIUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVMv3R9KhqZfuj6UAQ1asY/kaU9WOB9B/9fNVau2R/0RPYn+ZpDWxDq0E81lutQGuIXWaNScBypztz2yMjPbOaxGmkg1621CG0a2tpZFguw8LRsCwIXd/DJ8+0bhyM9SDxqNr9nLK0Gnk6hcKcMlsQwT/ebO1fxOfQGsLWb0r58mrzQtaxYd7GLUEU8YPTYrMe+C2D6VlNrc9DDQn8Elv9+vl+XS5Z0+3vtQvrG8uUv4pEJmnM0hRF+UgRJGDjqcliP4epzxp6ynkmC9XqrCN/Qqen64/Os2HV1sIzcW8uo32lom5mkhB8scYKyMVLj6ByfXtWp4hP/EklA6l4wP8AvtacbWJrKTqRurLb/gfiJRTYwQgz1p1anAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFTL90fSoamX7o+lAENPs5Vjme2k+7KSyZ6Z7j+v50ymSRrKm1h/wDWpMqLtuR30N3a6rbtpECiSZPKn3ofJRB91zjGSvICg5Ib2BEx06/Zt73VgZO7/Yec+v36al9eWgCyR/ao+zKcOB/I/pTv7eQf8uF7n02L/wDFVFkdPPNpctvXT9SSLRYDKs15JLfTqdytcEFUPYqgAUEeuM+9UdTuBqGpRWcXzRWzb5WHTf2X8Oc//WonvdSvwY4o/sUR6uTmQj27CpLW0itItkS4Hf3ppdiXNrWTu+nl+n3E9FFFWcwUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVMv3R9KhqZfuj6UAN8mT+435UeTJ/cb8q0aKQzN8mT+4fyo+zv/zzP5VpUUAZvkyf3D+VL5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435UeTJ/cb8q0aKAM7yZP7jflR5Mn9xvyrRooAzvJk/uN+VHkyf3G/KtGigDO8mT+435VKI32j5TVyigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++350edJ/fb86ANGis7zpP77fnR50n99vzoA0aKzvOk/vt+dHnSf32/OgDRorO86T++351KJH2j5jQBWpGYKMmlqaziEjmVhwhwo9+5pgkJHaTSYZ28tfTGW/8ArVIdPU/8t5vzH+FO1KaW3sJJYX2SLjDfZnuMcj+BCGP4dOvauah1KYaRFejVne/e5ZFtmAQTnzSoj8tgWTj3yMZPANQ5WZ00qEqkeZd7bP8AyNqa1ubcF0P2hB1UDDD/ABpkUqTIHQ5Bqf8AtVoZkjvbOa2WRlRJch4yzHAUkHIJOByAORzVfUU+xXkdwgxFO2yQej44P4807mbpvZrUkoooqjEKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKmX7o+lQ1Mv3R9KAIau2X/Hon1P8AM1SqewlyJIGOGUll91P/ANfP6UmUtiGTUbm6lki0yGNkjYpJdznESkdQoHLkHg9B1GcgisuRokups65Kt2sRl8u0it0EvX7hdTk5xwW7jPBqAXV3pUEWmXt9b6clpaKIpnw4uyMqfvc9lJUfNluD63Y7ydrJJW8JXPnGMMVH2fG7HTmTOM+2fasr3PSVP2e1rfLX5v8ATbrZmfc6nJf2i2FlfLqa3yiLIQLPaE/8tHC4AC46EKQV79t7xCduiyt3Dxkf99rWHa319cqlnpd7a3D3VuzzPEixiyf5RnAGe7YVucr1wDjV12bzXttOQku7CWQf7C+v1OPyNEdUya0eWcUlZK7/AOH0VtuxIhLICadQBgUVseaFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFTL90fSoamX7o+lAENRyK+5ZIm2yp90/0PtUlFA07akkeqw8LdjyHHdvun3B7fjU/9pWO3d9ttsevmr/jVNlVhhgCPcVCbO3LZ8pM/wC6KVmWnB7klxrkWGj0+M3Mx/iUYQH1J7/hVe0tXjkknnfzLiU5Z8foParKoqDCqB9BTqLdwc1bligooopmYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVMv3R9KhqZfuj6UAXPKj/55r+VHlR/881/Kn0UhjPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lR5Uf/ADzX8qfRQAzyo/8Anmv5UeVH/wA81/Kn0UAM8qP/AJ5r+VHlR/8APNfyp9FADPKj/wCea/lS7E/uL+VOooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigDn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKroKKAOf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqugooA5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSq6CigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KPtEv8Af/SgDQorP+0S/wB/9KlE0mB836UAVaQkAZJ4pamtIhLIXblUOAPemCGx280uDwi+rdfyqQ2Lf89uf9z/AOvRqtnNqGnSW0F09rIzIRKu7IwwJHyspwQCDgg4NebpqV02nzXP2q7DR2Ed4FEWokFmDnaW87AUbR8/3Tk46Gspz5WduFwnt4tp7eV99j0CaKe3Bd1EkY6sg5H1FIrq6hlIIPcVa0qzmsNOjtp7prqRSxMrbsnLEgfMzHABAGSTgdap3kYsrtHUYgnOCP7r9f15/KrT7nNKKbajr+o+iiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqZfuj6VDUy/dH0oAhq9Zf8eqH1JP6mqNWdPlykkJ4aNifqDyD/AD/KkUtiGbxBosEzwzavp8cqEqyPcorKR2IJ4rzVYtmg358+ycR6PFG/l+IJGKsocH5FyDyyjYfkyQATuNdJ4uuZ4LvXEik2JLo6Bx9iln3DM/8AEhAj6nlsj8jUN5eXLeF/E8pmzJLO6O39mzLuX7LHxsJ3R9Pvtkd+hFc83d69D3cHBUopxv73L38uy8/P8zoINfmuPEX9lxR6dKFEjSNDfF3jVGVfmTZ8rfMPlz2PPHNrxAdujyPj5keMg+nzgfyJrPt7mefxtGksm9IrW6CD7FLBtHmQ/wATkiToOVwPzFWvEE29LewQ5eaQMw/2FOf54/WtU20zzpwjGpDlVtLvfu+49G3IDTqQDAwKWtDhCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpl+6PpUNTL90fSgCGopBIkizwECVOOejDuDUtFA07O5nnT9E1Gadrs3UVxcLsmje+mQOvPygBwCvzNwOOTwM1bbwtpTRzo/24pPnzgdQuMScBTu+fngAc9hilmginXbKisPcVTOi2Gf+PaPHpio5F2OpYmdvjkvn/wRk40bT7uK4tnvLy+jBWNRfzSgZxkNlyAMgZB9BxxUlpbTNcSXt4Q1zJ6dFHoParMNrBbjEUSp9BU1NRsRUruStdvzYUUUVRzhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQBb+zxf3BR9ni/uCpKKQyP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFH2eL+4KkooAj+zxf3BR9ni/uCpKKAI/s8X9wUfZ4v7gqSigCP7PF/cFL5Uf90U+igAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAq/bf+mf60fbf+mf61UopiLf23/pn+tH23/pn+tU1JdtsaM577e3408w3H/PA/99D/ABpDsyz9t/6Z/rR9t/6Z/rVEybH2SK0bdt4xn6HvT6Aaa3Lf23/pn+tH23/pn+tVKKYi39t/6Z/rR9t/6Z/rVSigC39t/wCmf60fbf8Apn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/AKZ/rR9t/wCmf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf8Apn+tH23/AKZ/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/wCmf60fbf8Apn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/AKZ/rR9t/wCmf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf8Apn+tH23/AKZ/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/wCmf60fbf8Apn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/AKZ/rR9t/wCmf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf8Apn+tH23/AKZ/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/wCmf60fbf8Apn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/AKZ/rR9t/wCmf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf8Apn+tH23/AKZ/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/wCmf60fbf8Apn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/AKZ/rR9t/wCmf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf8Apn+tH23/AKZ/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/wCmf60fbf8Apn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/AKZ/rR9t/wCmf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf8Apn+tH23/AKZ/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/wCmf60fbf8Apn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/AKZ/rR9t/wCmf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf8Apn+tH23/AKZ/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/wCmf60fbf8Apn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/AKZ/rR9t/wCmf61UooAt/bf+mf608XOQDs/WqNTL90fSgZDTooTPJtyQg5Yj+VNq5YqBbbgOWYk/nj+QFIF3KcWqC4027fTYUlubZ5YhbGQA7kdl59M7SRmsyx8Sale6xPpyaYTJayRrc5ZVEauM5zuOcDJxj2rLO2Ka2lBu4vMvtRjklsoS8u3zWIHCscZA7Uljpmj6bcRz2b+IYZUUrvTS2UsCMfMRBlvXnPPNYczdj2FhqUVLS9720b621t6fj5HdSxRzxmOVAyHqDWOytZ3QtnYsjjdEx7juD7in6bez/aoreW5F3BcW/n21x5WxmAI3B8cZ+ZSMAd+OKk18BdNE/wDFDKjD8SFP6Gtb6XPN9m4y5H1EopFO5QaWrMAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqZfuj6VDUy/dH0oAhq3p7hrYqOqOyn88/yIqpTFmazn84KWjYYkUdfYikyo66Eul6NDpzzTFQ9zLNM5kyThXkZ8DPTqM46kVoSx+bC8e5k3qV3IcEZ7g+tEUsc8YkicOh6EU+kkkrIqc5SlzSepxuh6Vp0etqtvNcLJabtj7NqzgHY4BzyA2AeBzjtW34icf2atv1aeVFH4EMT+n61BBp39kfZ5ry/h+x2SMluBEVfB4+Ztx3nA7AZPPWoI3k1XUPt0qNHDGCsEbdQO7H3NRFWVjsrVOeoqnNdL+v+Cy+q7VAHaloorU88KKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKmX7o+lQ1Mv3R9KAIaKt/Yx/fP5UfYx/fP5UAZj2uHMlvK8DnqYzjP1HQ00jVM4/tJ8evkx5/lWr9jH98/lR9jH98/lSsjRVJIxl01HlEt1LJcyDoZTnH0HarwGBgVb+xj++fyo+xj++fyoSSJlKUt2VKKt/Yx/fP5UfYx/fP5UySpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpRVv7GP75/Kj7GP75/KgCpUy/dH0qX7GP75/Kni2AGNx/KgZPRRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SK6CigDn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkiugooA5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IroKKAOf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SK6CigDn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IroKKAOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKAOf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kiugooA5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SK6CigDn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkiugooA5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IroKKAOf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SK6CigDn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IroKKAOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKAOf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kiugooA5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SK6CigDn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkiugooA5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IroKKAOf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SK6CigDn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IroKKAOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKAOf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kiugooA5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SK6CigDn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkiugooA5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IroKKAOf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SK6CigDn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IroKKAOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKAOf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kiugooA5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SK6CigDn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkiugooA5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IroKKAOf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SK6CigDn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IroKKAOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKAOf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kiugooA5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SK6CigDn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkiugooA5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IroKKAOf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SK6CigDn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IroKKAOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKAOf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kiugooA5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SK6CigDn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkiugooA5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IroKKAOf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SK6CigDn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IroKKAOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKAOf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kiugooA5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SK6CigDn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkiugooA5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IroKKAOf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SK6CigDn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IroKKAOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigD//2Q==)

Taxonomy Eligibility Assessment

Since our core economic activity of ‘Food and beverage manufacturing’ does not qualify, we instead focus on investments and operating expenses linked to eligible activities either directly under our control,

such as water treatment initiatives at our facilities, or through the procurement of Taxonomy-eligible assets or services from business partners. Such an example is our investment in our vehicle fleet (see below,

section ‘Transportation-related activities’).Following an assessment of our economic activities across all territories, we have identified the following activities that meet the EU Taxonomy eligibility criteria. The

table below groups these activities according to our business areas, including recycling, energy, transportation, real-estate and water.

Economic activity Code Environmental objective Relevance to Coca-Cola HBC

Recycling-related activities

Manufacture of plastic

packaging goods

1.1 Transition to a circular

economy (CE)

Our Gaglianico plant in Italy produces 100% rPET preforms

Energy-related activities

Production of heat/

cool using waste heat

4.25 Climate change

mitigation (CCM)

Heat sourced from existing processes within our

plant in Serbia, reducing reliance on natural gas

Transportation-related activities

Transport by motorbikes, passenger

cars and light commercial vehicles

6.5 Climate change

mitigation (CCM)

Use of passenger cars, including conventional, hybrid and electric

vehicles, for management and business development teams

Installation, maintenance and repair

of charging stations for electric vehicles

inbuildings

7.4 Climate change

mitigation (CCM)

Charging stations to support hybrid plug-in and electric cars

Real estate-related activities

Acquisition and ownership of buildings 7.7 Climate change

mitigation (CCM)

Relevant to non-production buildings (e.g. offices)

leased for Coca-Cola HBC use

Water-related activities

Construction, extension and operation

of water collection, treatment and

supply systems

5.1 Climate change

mitigation (CCM)

Capacity expansion projects related to water supply and treatment, improving

water-use ratio

Renewal of water collection,

treatment and supply systems

5.2 Climate change

mitigation (CCM)

Upgrade projects related to water supply and treatment

Urban waste water treatment 2.2 Sustainable use and protection

of water and marine resources (WTR)

Projects related to wastewater treatment

Sustainability Statement continued

Coca-Cola HBC Integrated Annual Report 202476

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Taxonomy non-eligible activities

We regularly monitor relevant updates in the EU

Taxonomy regulation across all areas of interest

for the Group. As part of our eligibility assessment

this year, we reviewed several investments with

sustainability benefits that are currently not

considered eligible. For example, our investment

in energy-efficient coolers, which play a crucial

role in reducing our scope 3 emissions. By the end

of 2024, 60% of our coolers in markets outside

Egypt were energy efficient, versus 55% in 2023.

We continue to monitor such investments, to

bebetter prepared to assess alignment should

relevant activities become eligible in the future.

Taxonomy alignment assessment –

Substantial contribution

To ensure an accurate interpretation of the

EUTaxonomy regulation and its TSC, we have

formed working groups of internal and external

industry and environmental experts and have

adopted a prudent approach for assessing

Taxonomy alignment.

Recycling-related activities

According to EU Taxonomy,the Gaglianico plant

fits the criteria of eligibility under the CE1.1

economic activity, significantly contributing to the

‘transition to a circular economy’ environmental

objective. To enable thetransition of our Italian

business to 100% rPET

1

, we have converted our

Gaglianico plant into aninnovative hub, which can

transform up to 30,000 tonnes ofpost-consumer

PET per year into new 100% recycled PET

preforms, covering our beverage bottling needs

inthe country. In addition, the plant’s use of 100%

renewable electricity reduces CO

2

emissions per

preform byup to 70%, compared to virgin plastic.

Using circular feedstock as its primary input and

surpassing theminimum required percentage

ofrecycled post-consumer material, the plant

meets this specific requirement and fully satisfies

the remaining TSC.

Energy-related activities

At our Belgrade facility in Serbia and in line

witheconomic activity CCM4.25 we have installed

aheat pump that recovers waste heat from existing

processes and repurposes it in subsequent

production processes, fully meeting the TSC.

Byreducing our reliance on natural gas, this initiative

lowers our direct scope 1 emissions and supports

our goal of achieving net zero emissions by 2040.

Transportation-related activities

Our continuous investment in our fleet is considered

eligible under the economic activity CCM6.5. This

includes investments in both conventional and

alternative fuel vehicles used by management

andbusiness development teams. In 2024, we

have reduced our own fleet’s carbon footprint by

42%, a reduction of about 42,465 tonnes of CO

2

compared to our 2017 baseline2.

As we procure our vehicles from a select

groupofleasing companies, our ability to claim

alignment with the EU Taxonomy depends on their

compliance with its criteria. Original Equipment

Manufacturers (OEMs) provide most of the

required information, leading to a significant

partof our fleet meeting the TSC. However, due

to challenges with the DNSH criteria, as described

in the ‘Pollution prevention and control’ section

below, we will claim zero alignment to CCM6.5 in

2024. We will review alignment again in 2025, as

regulatory developments and suppliers’

progressmay allow for a reassessment

ofcompliance with Taxonomy criteria.

To support the expansion of our electric andhybrid

fleet, we are investing in charging infrastructure in

line with economic activity CCM7.4. By engaging

qualified contractors, we are installing charging

points at our offices and facilities, ensuring

convenient access and encouraging further

adoption of low-emission vehicles.

Real estate-related activities

Eligible buildings associated with economic

activity CCM7.7 include non-production-related

properties, such as office premises or standalone

warehouses, which we lease for administrative and

support functions. Due to limited availability of

data per property and challenges related to DNSH

criteria, we will not claim alignment in 2024.

Water-related activities

Climate change affects both water availability and

quality. We are committed to protecting this valuable

resource, particularly in areas facing scarcity or

heightened risk. Our Mission 2025 sets specific

targets for water, including reducing water used per

litre of beverage by 20% compared with our 2017

baseline, in plants located in water risk areas. We also

recycle wastewater from our manufacturing sites,

returning it safely to the environment.

With our growing presence in Egypt, we continue to

improve our water management and wastewater

treatment efforts in the country. At our Alexandria

plant, we are replacing and expanding the water

treatment infrastructure in line with activity

CCM5.1, meeting the relevant TSC. At our Sadat

plant, we are introducing a new wastewater

treatment facility under activity WTR2.2. Due to

the complexity of data collection relevant to this

project, we cannot conclude with the Taxonomy

assessment. For more details on initiatives

concerning Egypt, including the loan awarded

bythe European Bank for Reconstruction and

Development and the Global Environment Facility

grant, see ‘E3 Water and Marine Resources’

section of the Sustainability Statement.

In addition, we are undertaking water loss

prevention projects in countries such as Italy and

Nigeria, linked to activity CCM5.2. The TSC require

closing the gap between current leakage levels

and the prior three-year average by at least 20%.

These projects are designed to meet this

requirement, further strengthening our approach

to sustainable water management.

Taxonomy alignment assessment –

DoNo Significant Harm

For all economic activities that demonstrate

substantial contribution to at least one EU

Taxonomy environmental objective, we have

conducted an assessment against the DNSH

criteria. Where we have direct oversight – such

asin our own facilities – we have carried out a

detailed evaluation based on available data from

localoperations. If the activity fallsoutside our

direct control, as is the case for our vehicle leasing

under activity CCM6.5, we rely on suppliers to

provide the necessary DNSH-related information.

Climate change mitigation

For activity CE1.1, the process relies entirely

onmechanical recycling, without the use

ofchemically recycled or sustainable

bio-wastefeedstock.

Climate change adaptation

For economic activities CE1.1, CCM4.25, CCM5.1,

CCM5.2 and CCM7.4, the EU Taxonomy requires a

robust climate risk and vulnerability assessment.

In accordance with the DNSH criteria, we

conducted such analyses at our relevant sites,

assessing potential physical climate-related risk

factors based on material climate risks as defined

in Appendix A3 of the Regulation. We have

considered Intergovernmental Panel on Climate

Change scenarios and multiple time horizons.

Where we identified exposure to physical risks in

certain asset locations, we performed a second-

level assessment to review asset readiness and

local regulations and then analysed potential

adaptation measures as needed.

1. Excluding Water

2. Excluding Egypt

3. Delegated Act (EU) 2021/2178.

Sustainability Statement continued

Coca-Cola HBC Integrated Annual Report 202477

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainable use and protection of water

andmarine resources

For activity CE1.1, which involves producing

preforms, the dry production process does not

materially impact water resources and the plant

operates under a valid environmental permit. For

activities CCM5.1 and CCM5.2, we review source

vulnerability assessments that inform our water

management protection plans, which are

periodically updated.

Transition to a circular economy

For activity CCM4.25, the EU Taxonomy requires

using equipment and components that are

durable, recyclable and easy to dismantle and

refurbish, where feasible. It is confirmed by

oursupplier that the equipment used meet

thesecriteria.

Pollution prevention and control

For pollution prevention and control, the

Taxonomy Regulation emphasises avoiding the

manufacture, placement in the market or use of

restricted and reportable substances as defined

by European legislation on chemicals. In the case

of activity CE1.1, where we produce preforms

forbeverage bottles, we follow all applicable

regulations and no harmful substances are used.

For activity CCM4.25, it has been confirmed by

oursupplier that the heat pump meets Ecodesign

and Energy Labelling requirements

1

, aligns with

thetop energy class standards

2

and represents

thebest available technology.

For activity CCM6.5, certain DNSH requirements

remain an industry-wide challenge, such as the

one requiring vehicle tyres to comply with strict

noise and rolling resistance standards. Given the

current limitations in verifying full alignment

across all required criteria, we are following a

prudent approach and will not claim alignment for

activity CCM6.5 in 2024. Despite this, we remain

committed to fleet electrification as part of our

long-term transition strategy.

Protection and restoration of biodiversity

andecosystems

For activity CE1.1, a biodiversity impact screening

was conducted when granting the environmental

permit for the Gaglianico plant, in line with local

legislation. For activity CCM4.25, environmental

impact assessments are mandatory for facilities

with a capacity of ≥ 50MW. However given our

0.8MW heat pump falls below this threshold,

nostudies are required as confirmed by the

relevant environmental authority. In addition,

environmental impact assessments are

availablefor the key sites relevant to activities

CCM5.1 and CCM5.2.

Taxonomy alignment assessment –

Minimum safeguards

For an economic activity to be considered aligned

with the Taxonomy, Coca-Cola HBC must comply

with the minimum social safeguards defined in

Article 18 of the Regulation

3

.

Unlike the TSC and DNSH criteria, which apply at

the activity level, compliance with the minimum

safeguards is assessed

4

at Group level. The EU

Taxonomy identifies four key pillars ofthese

safeguards – human and labour rights, anti-bribery

and anti-corruption, fair competition andtaxation.

We have reviewed each pillar and have concluded

that we apply the necessary procedures and

policies to meet the EU Taxonomy standards.

Human and labour rights

We are committed to upholding internationally

recognised human rights and labour standards as

outlined in the United Nations Universal

Declaration of Human Rights, the International

Labour Organization’s fundamental conventions,

the United Nations Global Compact and the

United Nations Guiding Principles on Business and

Human Rights and OECD Guidelines. This

commitment is embedded in our Human Rights

Policy and enforced through our Code of Business

Conduct (‘Code’) and Supplier Guiding Principles.

All our employees, managers and Directors, as

well as business partners such as suppliers,

distributors and contractors, are expected to

follow these principles. To prevent potential

issues, we identify and assess adverse impacts

and conduct independent third-party audits of

both our plants and key suppliers of ingredients

and packaging materials. Ifbreaches occur,

employees and third parties can report them

through the Ethics and Compliance helpline –

ourwhistleblower ‘SpeakUp!’ hotline – that allows

anonymous submissions. We also provide

regularmandatory training on the Code to

ensureongoing compliance and understanding.

As of 2024, Coca-Cola HBC has not been found

liable for anyhuman rights or labour violations,

norhas itbeen involved in related litigation.

Anti-bribery and anti-corruption

We maintain a zero-tolerance approach to

briberyand corruption. As part of our Group

riskassessment, we regularly review the risk

ofinadvertent non-compliance with anti-bribery

and anti-corruption laws to maintain the

higheststandards of ethical business conduct.

Our Anti-bribery Policy applies to all employees,

subsidiaries and joint ventures under our control

worldwide. For joint ventures where we do not

have control, we actively encourage our partners

to adopt similar standards. The Policy also extends

to third parties acting on our behalf, such as

suppliers, distributors, agents, consultants and

contractors, and includes any subcontractors

theyengage. These expectations are reinforced

through our Supplier Guiding Principles, which

include a specific section on Anti-bribery

andrelevant procedures and align with our

commitment to ethical and transparent business

practices. Our Suppliers Guiding Principles are

regularly communicated to all our suppliers as

partof their selection process, as well as during

physical audits where applicable. We have also

established an anti-bribery due diligence process

on third parties representing us with government

authorities. To support compliance, weconduct

mandatory training for all employees on our Code

and our Anti-bribery Policy every three years.

Inaddition, for employees in higher-risk roles,

including senior management, the legal

department provides targeted annual training

toaddress specific regional and functional risks.

We have established grievance mechanisms,

including an independently operated

whistleblower ‘SpeakUp!’ line, available in all

Coca-Cola HBC countries in local languages.

1.  Directive 2009/125/EC

2.  Regulation (EU) 2017/1369

3.  Regulation EU (ΕΕ) 2020/852

4.  Assessment based on the ‘Final Report on Minimum Safeguards’ published by the Platform on Sustainable Finance (PSF) in October 2022, in the absence of further guidance from the European Commission

Sustainability Statement continued

Coca-Cola HBC Integrated Annual Report 202478

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

In 2024, we identified four confirmed cases

ofcorruption involving employees. All were

thoroughly investigated in accordance with

internal guidelines, resulting in appropriate

actions, including the dismissal of four individuals

– one of whom had already left the company

before the violation was discovered. Of the

fourincidents, three resulted in employee

dismissal or disciplinary action, while one

involveda supplier, leading to the non-renewal

oftheir business contract. No public legal

caseswere brought against Coca-Cola HBC

during the reporting period.

Fair competition

We are committed to promoting awareness

andensuring full compliance with applicable

competition laws and regulations across all our

operations. Mandatory annual trainings on

competition law for employees, including senior

management, are implemented across all

countries. In 2024, there were no decisions with

findings of anti-competitive behaviour on the

partof our company.

Taxation

We are committed to complying with both the

spirit and letter of all applicable tax laws, rules and

regulations in every jurisdiction where we operate.

Our Tax Policy outlines governance procedures

and risk management best practices to ensure

robust tax compliance and reporting across the

Group. We publish a Tax Transparency Report that

reflects our commitment to openness and

accountability. Additionally, we closely monitor

developments in the fast-evolving tax reporting

landscape to prepare for upcoming regulatory

changes. In this regard, we collaborate with

trusted tax advisers and statutory auditors to

ensure our approach remains compliant and

aligned with best practices.

Explanation of key performance indicators

In accordance with Annex I to the Delegated Act

under Article 8 of the EU Taxonomy Regulation,

the following KPIs are used to determine the

proportion of eligible and aligned activities. By

relying on our detailed financial statements,

clearly distinguishing activity definitions and

allocating appropriately expenses, we ensure that

double counting is avoided.

Turnover

Turnover corresponds to the net sales figure

presented in the consolidated income statement

under IFRS 15, as detailed in Note 7 to the

consolidated financial statements. No eligible or

aligned turnover is recognised, as the ‘Food and

beverage manufacturing’ economic activity is not

in scope of the EU Taxonomy Regulation.

Capital expenditure (Capex)

Taxonomy-relevant Capex is determined as

follows:

•  Capex denominator: This includes the total

additions of property, plant and equipment, and

intangible assets as well as the addition of right-

of-use assets for leases recognised under IFRS

16. These relate to Notes 13, 14 and 16 of the

consolidated financial statements. In 2024, the

Capex additions amounted to €795.2 million.

•  Capex numerator: For eligibility, capital

expenditure has been allocated to assets

associated with the Taxonomy-eligible activities

listed above. For alignment, the eligible assets

have been thoroughly assessed against the

respective TSC and DNSH criteria. As a result,

we identified €5.3 million in EU Taxonomy-

aligned investments linked to activities CE1.1,

CCM4.25, CCM5.1, CCM5.2 and CCM7.4.

Operating expenditure (Opex)

•  Opex denominator: This refers to direct

non-capitalised costs related to research and

development, building renovation measures,

short-term leases, maintenance and repair

and other direct expenses necessary for

the continued and effective functioning of

property, plant and equipment. The cost of

goods sold is excluded from the definition,

meaning the installation of solar panels through

Power Purchase Agreements and the cost of

sustainable packaging materials, such as rPET,

are considered out of scope. For Coca-Cola

HBC, we considered expenditures related to

repair & maintenance, day-to-day servicing of

assets and short-term leases.

•  Opex numerator: This captures Opex

associated with activities deemed eligible and

aligned. In 2024, while activities CE1.1, CCM6.5

and CCM7.7 were all identified as having eligible

Opex, only activity CE1.1 contributed to the

€1.0 million of aligned Opex.

Our operations do not include activities related

tonatural gas or nuclear energy, as per the

following table:

Nuclear energy related activities

1.

CCHBC carries out, funds or has exposures

to research, development, demonstration

and deployment of innovative electricity

generation facilities that produce energy from

nuclear processes with minimal waste from

the fuel cycle.

No

2.

CCHBC carries out, funds or has exposures

to construction and safe operation of new

nuclear installations to produce electricity or

process heat, including for the purposes of

district heating or industrial processes such

as hydrogen production, as well as their safety

upgrades, using best available technologies.

No

3.

CCHBC carries out, funds or has exposures to

safe operation of existing nuclear installations

that produce electricity or process heat,

including for the purposes of district heating

or industrial processes such as hydrogen

production from nuclear energy, as well as

their safety upgrades.

No

Fossil gas related activities

4.

CCHBC carries out, funds or has exposures

to construction or operation of electricity

generation facilities that produce electricity

using fossil gaseous fuels.

No

5.

CCHBC carries out, funds or has exposures to

construction, refurbishment, and operation

of combined heat/cool and power generation

facilities using fossil gaseous fuels.

No

6.

CCHBC carries out, funds or has exposures to

construction, refurbishment and operation of

heat generation facilities that produce heat/

cool using fossil gaseousfuels

1

.

No

1.  With most CHP facilities operated by third parties, the most

relevant expenditures fall under Opex, specifically utilities, which

represent insignificant amounts. Moreover, utilities are not

recognized as part of the EU Taxonomy denominator.

Sustainability Statement continued

Coca-Cola HBC Integrated Annual Report 202479

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Tables of EU Taxonomy KPIs

Turnover

Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)

Economic Activities Code

1

Absolute Revenue

Proportion of

Revenue

Climate Change

Mitigation

Climate Change

Adaptation Water Pollution

Circular

Economy

Biodiversity and

ecosystems

Climate Change

Mitigation

Climate Change

Adaptation Water Pollution

Circular

Economy Biodiversity

Minimum

Safeguards

Taxonomy

aligned (A.1.) or

eligible (A.2)

proportion of

Revenue (2023)

Enabling

3

activities

category

Transitional

4

activities

category

€ million % Y, N, EL, N/EL2 Y, N, EL, N/EL Y, N, EL, N/EL Y, N, EL, N/EL Y, N, EL, N/EL Y, N, EL, N/EL Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N % E T

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Turnover from environmentally sustainable activities (Taxonomy-aligned)

Turnover from environmentally

sustainable activities

(Taxonomy-aligned) (A.1)

0.0 0.00%

Of which enabling (E) 0.0 0.00%

Of which transitional (T) 0.0 0.00%

A.2 Taxonomy-Eligible Turnover (not Taxonomy-aligned)

Turnover from Taxonomy-

eligible but not

environmentally sustainable

activities (activities that are

not Taxonomy-aligned) (A.2)

0.0 0.00%

A. Turnover from Taxonomy-eligible

activities (A.1+A.2)

0.0 0.00%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Turnover from activities that

are not Taxonomy-eligible

10,754.4 100.00%

Total (A+B) 10,754.4 100.00%

1.  The Code abbreviations of the relevant environmental objective to which the economic activity is eligible to make a substantial contribution: CCM = climate change mitigation; CCA = climate change adaptation; WTR = water and marine resources; PPC = pollution, prevention and control;

CE = circular economy; BIO = biodiversity and ecosystems.

2.  Meaning of abbreviations: Y = Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective; N = No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective; EL = Eligible, Taxonomy-eligible activity for the relevant

objective; N/EL = Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective; n/a = Not applicable, the criterion does not apply when assessing the DNSH of the specific activity.

3.  Enabling Activities: An economic activity qualifies if it directly supports other activities in achieving a substantial contribution to one or more environmental objectives. To be classified as enabling, the activity must not result in a lock-in of assets that undermine long-term environmental

goals, considering the economic lifetime of those assets and have a substantial positive environmental impact based on life-cycle considerations.

4.  Transitional activities: These are activities for which no technologically and economically feasible low-carbon alternatives currently exist but that support the transition to a climate-neutral economy. They must align with a pathway that limits the global temperature increase to 1.5 degrees

Celsius above pre-industrial levels.

Sustainability Statement continued

Coca-Cola HBC Integrated Annual Report 202480

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Tables of EU Taxonomy KPIs continued

Capex

Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)

Economic Activities Code

1

Absolute Capex

Proportion of

Capex

Climate Change

Mitigation

Climate Change

Adaptation Water Pollution

Circular

Economy

Biodiversity and

ecosystems

Climate Change

Mitigation

Climate Change

Adaptation Water Pollution

Circular

Economy Biodiversity

Minimum

Safeguards

Taxonomy

aligned (A.1.)

or eligible (A.2)

proportion of

Capex (2023)

Enabling

3

activities

category

Transitional

4

activities

category

€ million %

Y, N, EL,

N/EL2

Y, N, EL,

N/EL

Y, N, EL,

N/EL

Y, N, EL,

N/EL Y, N, EL, N/EL

Y, N, EL,

N/EL Y/N/n /a Y/N/n /a Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N % E T

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Capex from environmentally sustainable activities (Taxonomy-aligned)

Manufacture of plastic

packaging goods

CE 1.1 0.5 0.06% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y n/a Y Y

Production of heat/cool using

waste heat

CCM 4.25 0.8 0.10% Y N N/EL N/EL N/EL N/EL n/a Y n /a Y Y Y Y

Construction, extension and

operation of water collection,

treatment and supply systems

CCM 5.1 1.0 0.12% Y N N/EL N/EL N/EL N/EL n/a Y Y n/a n/a Y Y

Renewal of water collection,

treatment and supply systems

CCM 5.2 2.7 0.34% Y N N/EL N/EL N/EL N/EL n/a Y Y n/a n/a Y Y

Installation, maintenance and repair

of charging stations for electric

vehicles in buildings (and parking

spaces attached to buildings)

CCM 7.4 0.4 0.05% Y N N/EL N/EL N/EL N/EL n/a Y n/a n/a n/a n/a Y  E

Capex from environmentally sustainable

activities (Taxonomy-aligned) (A.1)

5.3 0.67% 0.61% 0.00% 0.00% 0.00% 0.06% 0.00% Y Y Y Y Y Y Y

Of which enabling (E) 0.4 0.05% 0.05% 0.00% 0.00% 0.00% 0.00% 0.00%  E

Of which transitional (T) 0.0 0.00% 0.00% T

A.2 Taxonomy-Eligible CapEx (not Taxonomy-aligned)

Urban waste water treatment WTR 2.2 1.2 0.15% N/EL N/EL EL N/EL N/EL N/EL

Construction, extension and

operation of water collection,

treatment and supply systems

CCM 5.1 0.4 0.06% EL N N/EL N/EL N/EL N/EL

Renewal of water collection,

treatment and supply systems

CCM 5.2 1.7 0.21% EL N N/EL N/EL N/EL N/EL

Transport by motorbikes,

passenger cars and light

commercial vehicles

CCM 6.5 48.7 6.12% EL N N/EL N/EL N/EL N/EL

Installation, maintenance and

repair of charging stations for

electric vehicles in buildings

CCM 7.4 0.4 0.05% EL N N/EL N/EL N/EL N/EL

Acquisition and ownership of

buildings

CCM 7.7 33.9 4.26% EL N N/EL N/EL N/EL N/EL

Capex from Taxonomy-eligible but not

environmentally sustainable activities

(activities that are not Taxonomy-aligned) (A.2)

86.3 10.85% 10.70% 0.00% 0.15% 0.00% 0.00% 0.00%

A. Capex from Taxonomy-eligible

activities (A.1+A.2)

91.6 11.52% 11.30% 0.00% 0.15% 0.00% 0.06% 0.00%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Capex from activities that are not

Taxonomy-eligible

703.6 88.48%

Total (A+B) 795.2 100.00%

1.  The Code abbreviations of the relevant environmental objective to which the economic activity is eligible to make a substantial contribution: CCM = climate change mitigation; CCA = climate change adaptation; WTR = water and marine resources; PPC = pollution, prevention and control;

CE = circular economy; BIO = biodiversity and ecosystems.

2.  Meaning of abbreviations: Y = Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective; N = No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective; EL = Eligible, Taxonomy-eligible activity for the relevant

objective; N/EL = Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective; n/a = Not applicable, the criterion does not apply when assessing the DNSH of the specific activity.

3.  Enabling Activities: An economic activity qualifies if it directly supports other activities in achieving a substantial contribution to one or more environmental objectives. To be classified as enabling, the activity must not result in a lock-in of assets that undermine long-term environmental

goals, considering the economic lifetime of those assets and have a substantial positive environmental impact based on life-cycle considerations.

4.  Transitional activities: These are activities for which no technologically and economically feasible low-carbon alternatives currently exist but that support the transition to a climate-neutral economy. They must align with a pathway that limits the global temperature increase to 1.5 degrees

Celsius above pre-industrial levels.

Sustainability Statement continued

Coca-Cola HBC Integrated Annual Report 202481

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Tables of EU Taxonomy KPIs continued

Opex

Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)

Economic Activities Code

1

Absolute Opex

Proportion of

Opex

Climate Change

Mitigation

Climate Change

Adaptation Water Pollution

Circular

Economy

Biodiversity and

ecosystems

Climate Change

Mitigation

Climate Change

Adaptation Water Pollution

Circular

Economy Biodiversity

Minimum

Safeguards

Taxonomy

aligned (A.1.) or

eligible (A.2)

proportion of

Opex (2023)

Enabling

3

activities

category

Transitional

4

activities

category

€ million %

Y, N, EL,

N/EL2

Y, N, EL,

N/EL

Y, N, EL,

N/EL

Y, N, EL,

N/EL Y, N, EL, N/EL

Y, N, EL,

N/EL Y/N/n /a Y/N/n /a Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N % E T

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Opex from environmentally

sustainable activities (Taxonomy-aligned)

Manufacture of plastic

packaging goods

CE 1.1 1.0 0.26% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y n/a Y Y

Opex from environmentally sustainable

activities (Taxonomy-aligned) (A.1)

1.0 0.26% 0.00% 0.00% 0.00% 0.00% 0.26% 0.00% Y Y Y Y n/a Y Y

Of which enabling (E) 0.0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% E

Of which transitional (T) 0.0 0.00% 0.00% T

A.2 Taxonomy-Eligible Opex (not Taxonomy-aligned)

Transport by motorbikes,

passenger cars and light

commercial vehicles

CCM 6.5 32.8 8.45% EL N N/EL N/EL N/EL N/EL

Acquisition and ownership of

buildings

CCM 7.7 31.0 7.99% EL N N/EL N/EL N/EL N/EL

Opex from Taxonomy-eligible but not

environmentally sustainable activities

(activities that are not Taxonomy-aligned)

(A.2)

63.8 16.45% 16.45% 0.00% 0.00% 0.00% 0.00% 0.00%

A. Opex from Taxonomy-eligible activities

(A.1+A.2)

64.8 16.71% 16.45% 0.00% 0.00% 0.00% 0.26% 0.00%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Opex from activities that are not

Taxonomy-eligible

323.0 83.29%

Total (A+B) 387.8 100.00%

1.  The Code abbreviations of the relevant environmental objective to which the economic activity is eligible to make a substantial contribution: CCM = climate change mitigation; CCA = climate change adaptation; WTR = water and marine resources; PPC = pollution, prevention and control;

CE = circular economy; BIO = biodiversity and ecosystems.

2.  Meaning of abbreviations: Y = Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective; N = No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective; EL = Eligible, Taxonomy-eligible activity for the relevant

objective; N/EL = Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective; n/a = Not applicable, the criterion does not apply when assessing the DNSH of the specific activity.

3.  Enabling Activities: An economic activity qualifies if it directly supports other activities in achieving a substantial contribution to one or more environmental objectives. To be classified as enabling, the activity must not result in a lock-in of assets that undermine long-term environmental

goals, considering the economic lifetime of those assets and have a substantial positive environmental impact based on life-cycle considerations.

4.  Transitional activities: These are activities for which no technologically and economically feasible low-carbon alternatives currently exist but that support the transition to a climate-neutral economy. They must align with a pathway that limits the global temperature increase to 1.5 degrees

Celsius above pre-industrial levels.

Sustainability Statement continued

Coca-Cola HBC Integrated Annual Report 202482

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

ESRS E1 – Climate

change

Strategy

E1-1 Transition plan for climate

changemitigation

E1-1\_01,02,03,05,06,12,13,14,15,

E1.MDR-A\_06,07,09,10,11,12 & E1-3\_05,06,

E1-4 \_ 23

Our focus on clear targets and robust action plans

around climate change is evident in our climate

transition plan. We have committed to our

NetZeroby40 journey since 2021, and the healthy

liquidity position of the Group ensures proper

funding of relevant initiatives every year.

Our climate transition plan, first developed in

2021, covers the full value chain (scope 1, 2 and 3)

and it is as per the 1.5 degree scenario, approved

by the SBTi.

Developed by a cross-functional team of experts,

the plan was approved by the ELT (through

Sustainability SteerCo) and endorsed by the

SocialResponsibility Committee of the BoD.

Coca-Cola HBC considers five main levers and

those arethe main actions for each lever:

1. Manufacturing (includes scope 1 fuels used,

scope 1 losses of CO

2

used for beverage

carbonation, scope 2 electricity/heat/steam/

hot water purchased)

•  Continue implementing and accelerating

the energy-efficient projects in our plants

(deployment of energy saving projects, old

equipment modernization, and installation

ofheat pumps & electrification).

•  Improving the CO₂ yield in the plants.

•  Accelerating usage of renewable and/

or cleaner energy to replace fossil fuel

inscope1or electricity/heat/steam/

hotwater in scope 2.

2. Transportation (includes scope 1 fuels used

forown transport, both light and heavy,

andscope 3 fuels used for outsourced

logisticsand transportation)

•  Optimising the routes of light and heavy fleet,

increasing logistics efficiency and increasing

heavy trucks utilization.

•  Shifting the existing fleet to innovative

technologies and renewable

oralternativefuels.

•  Enhancing the strategic partnerships

withour third-party logistics providers

andjoint investments (accelerate shifting

toalternative fuels, route to market evolution,

shifting of more volume to trains and applying

industry innovations).

3. Packaging (includes scope 3 from all primary,

secondary and tertiary packaging used for

ourproducts)

•  Implementing our Packaging Mix of the

Future strategy (increasing recycled PET,

moving from non-reusable one-way glass

bottles to reusable glass bottles and

providing more packageless solutions).

•  Implementing decarbonisation of our

primary and secondary packaging materials

(aluminium cans, PET bottles, glass bottles,

plastic labels, closures, stretch films etc.).

4. Ingredients (includes scope 3 from all

ingredients used for manufacturing of our

beverages)

•  Decarbonisation initiatives with our suppliers

(engagement of farmers through co-

development of farming pilots with suppliers,

using regenerative agricultural practices).

•  Continue reformulation of our products and

moving to more lights and zero products in

our beverage portfolio.

5. Drink Equipment (includes scope 3 of electricity

used by our customers for the drink equipment

we provide, scope 1 for refrigerant losses from

cold drink equipment)

•  Accelerate the process of providing energy

efficient drink equipment to our customers

and finding innovative solutions for further

energy efficiency of our drink equipment.

•  Greening the electricity grid mainly in Europe

and with slower pace in Africa.

Coca-Cola HBC Integrated Annual Report 202483

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAFQAywDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwCT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uiub6rDuz6H/WTF/yx+5/5ngn/CufFf8A0Cv/ACYi/wDiqP8AhXPiv/oFf+TEX/xVe90UfVYd2H+smL/lj9z/AMzwT/hXPiv/AKBX/kxF/wDFUf8ACufFf/QK/wDJiL/4qve6KPqsO7D/AFkxf8sfuf8AmeCf8K58V/8AQK/8mIv/AIqj/hXPiv8A6BX/AJMRf/FV73RR9Vh3Yf6yYv8Alj9z/wAzwT/hXPiv/oFf+TEX/wAVR/wrnxX/ANAr/wAmIv8A4qve6KPqsO7D/WTF/wAsfuf+Z4J/wrnxX/0Cv/JiL/4qj/hXPiv/AKBX/kxF/wDFV73RR9Vh3Yf6yYv+WP3P/M8E/wCFc+K/+gV/5MRf/FUf8K58V/8AQK/8mIv/AIqve6KPqsO7D/WTF/yx+5/5ngn/AArnxX/0Cv8AyYi/+Ko/4Vz4r/6BX/kxF/8AFV73RR9Vh3Yf6yYv+WP3P/M8E/4Vz4r/AOgV/wCTEX/xVH/CufFf/QK/8mIv/iq97oo+qw7sP9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKr2zQ7aWz8P6ba3CbJobWKORcg4YIARkcdRV+itKdGNN3RwY7Na2Nio1Elbtf/ADZXuo3k2bBnGc81X+zTf3P1FaFFanmmf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ipIIJEmVmXAHvVyigAqjJbytIxC8Ek9RV6igDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAI4FKQqrDBFE6l4WVRkmpKKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAox28qyKSvAIPUVeoooApzwSPMzKuQfeo/s039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUhZQcFgD9aAFopu9P7y/nRvT+8v50AOopu9P7y/nRvT+8v50AOopu9P7y/nRvT+8v50AOopu9P7y/nRvT+8v50AOopu9P7y/nRvT+8v50AOopu9P7y/nRvT+8v50AOopu9P7y/nRvT+8v50AOopAyk4DAn60tABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFIzBFLMQFAySegFLWR4oleHw3etHnJQL+BYA/oTQtSZS5Yt9jj9f8V3N/PJBZymG0U4BThpPcn09vzrmicnJ60UV0JWPEnOU3eQUUUUyAooooAKKKKACiiigAooooAKKKKACiiigArpNB8V3VhOkF3K01oxwS+Sye4Pp7VzdFJq5cJyg7xPa1YOoZSCpGQR0Ipax/CsrzeGrJnOSFZfwDED9AK2Kweh7cJc0VLuFFFFIoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKgvbVL6ymtZDhZUKkjtnvU9FAmrqzPHL+xn029ktbhcOh69mHYj2NVq9h1DTLPVIRHdwLIB909Cv0I5rBbwHphOVuLsD03L/8AE1qqi6nmzwU0/d2PPKK9C/4QLTf+fm6/76X/AAo/4QLTf+fm6/76X/Cnzoj6nVPPaK9C/wCEC03/AJ+br/vpf8KP+EC03/n5uv8Avpf8KOdB9TqnntFehf8ACBab/wA/N1/30v8AhR/wgWm/8/N1/wB9L/hRzoPqdU89or0L/hAtN/5+br/vpf8ACj/hAtN/5+br/vpf8KOdB9TqnntFehf8IFpv/Pzdf99L/hR/wgWm/wDPzdf99L/hRzoPqdU89or0L/hAtN/5+br/AL6X/Cj/AIQLTf8An5uv++l/wo50H1Oqee0V6F/wgWm/8/N1/wB9L/hR/wAIFpv/AD83X/fS/wCFHOg+p1Tz2rNhYz6jeR2tuu53PXso7k+1d0vgPTActcXZHpuX/wCJrd0/S7PS4THaQiMHlj1LfUmk6i6FwwU2/e2JLK0SxsYbWPlIkCgnv71YoorI9JKysgooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFIzBFLMcADJoApanq9npEHmXUuCfuxryzfQVzEnxAG8iPTiV7FpsE/hiuV1XUZdV1GW6lJ+Y4Rf7q9hVKtlBdTy6mMm37miO0/4WC//AEDV/wC/3/2NH/CwX/6Bq/8Af7/7GuLop8iM/rVXudp/wsF/+gav/f7/AOxo/wCFgv8A9A1f+/3/ANjXF0UciD61V7naf8LBf/oGr/3+/wDsaP8AhYL/APQNX/v9/wDY1xdFHIg+tVe52n/CwW/6Bo/7/f8A2NbOkeLLHVHELA21weiOeGPoD3/SvMqKTgio4uqnq7ntlFY3hjU31TRUklOZomMTn+8R0P5EVs1k1Y9SElKKkgooopFBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVHPH51vLFnG9Cv5ipKKAPFZEaKRo3Uq6kqynqCKbXoXiTwodRla9smVbgj54zwH9wex/T6VxkuiapC5R9OusjjIiJH5jit1JM8WrQnB2sUKKuf2TqX/AED7r/vy3+FH9k6l/wBA+6/78t/hTuZ8suxToq5/ZOpf9A+6/wC/Lf4Uf2TqX/QPuv8Avy3+FFw5ZdinRVz+ydS/6B91/wB+W/wo/snUv+gfdf8Aflv8KLhyy7FOirg0jUicDT7sn/ri3+FbekeDb27lWS+U21uOSD99vYDt+NDaRUaU5OyRv+Brd4tCeRxgSzFl9wAB/MGumpkUSQxJFGoWNAFVR0AFPrBu7uezThyRUQooopFhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB//Z)

Sustainability Statement continued

For more details on emissions reduction per lever,

please see Table 9: Mitigation actions per

decarbonisation lever.

Coca-Cola HBC is not excluded from the EU

Paris-aligned benchmarks. NetZeroby40 roadmap

is presented in the Strategic Report, section ‘Earn

our Licence to operate’ on page 25.

In 2024, we invested €200 million of capital

expenditure (Capex) on projects supporting the

implementation of our climate transition plan,

representing 29.4% of total Capex. We also

invested €30 million driven by the higher cost of

recycled PET compared to virgin PET, as we

pursue our strategic objective to reach 35% rPET

by 2025, positively influencing both the reduction

of our scope 3 emissions and the transition to a

circular economy.

Our accounting system does not separately

classify sustainability-related investments or

costs, as both are reported in accordance with the

general financial reporting principles. For Capex,

however, we apply an internal process to identify

expenditures fully aligned with the levers of the

transition plan. This allows us to track and

monitorinvestments that directly support our

commitment to emissions’ reduction but does

notnecessarily consider larger investments that

have multiple objectives, even when sustainability

is one of them. The Capex and cost of packaging

materials mentioned above are reflected in

ourfinancial statements, as part of the overall

amounts reported in the cash flow statement

andthe income statement, reinforcing our

climatechange mitigation actions.

In 2025, we plan to follow a similar approach,

investing 30% of total Capex on projects

supporting the implementation of our climate

transition plan. We also expect that the higher

spend for recycled PET compared to virgin PET

willincrease further in 2025 to approximately

€60 million, as we accelerate our performance

against our Mission 2025 target but also due to

the EU requirement for a 25% minimum recycled

content on PET beverage bottles.

In the medium term, for the period 2026-2030,

Capex investments that support our transition

plan will gradually increase to reach 37% of Capex

in 2030. Main drivers are the acceleration of

investments to improve energy efficiency of our

manufacturing plants and using more renewable

fuel alternatives, the switch to coolers with even

better energy profile and the increase in the

contribution of returnable glass bottles to our

package portfolio. As far as investments in Opex/

Cogs are concerned, we expect that they will also

gradually increase, as we will use more packaging

materials with recycled content and purchase

more ingredients that are sustainably sourced.

For the period after 2030, we expect to continue

on the 2025-2030 trajectory of investments,

bothCapex and Opex/Cogs to support the

fasterreduction of emissions so that we can

meetour NetZeroby40 commitment.

Given the fast-paced nature of our business,

beinga consumer goods company, the rapid

technological advancements, and the uncertainty

in the regulatory environment, an attempt to

assign investment amounts per decarbonisation

action could result in misleading information.

Hence, we maintain the approach we have

followed in the past few years and report the

percentage of total Capex that is related to

projects that support the implementation

ofourtransition plan.

Our sustainable finance approach underpins the

Group’s ability to align funding strategies with

sustainability commitments, while supporting

theUN Sustainable Development Goals and EU

Environmental Objectives. Financing mechanisms

include a diverse range of instruments, ensuring

flexibility in meeting both current and future

financial requirements for action plans.

The Group’s €500 million green bond, issued

inSeptember 2022 under the Green Finance

Framework, was fully allocated to eligible projects

by September 2023, as detailed in our Green

Finance Report. Our sustainability-linked revolving

credit facility of €800 million remains available until

April 2026, although not specifically earmarked for

funding the transition plan.

These initiatives complement the Group’s

broaderaccess to diversified financial resources.

Further details on financial instruments and

resource allocation are available in Note 25, p.306.

E1-1\_ 07

By 2030, the only assets from scope 1 and 2

inmanufacturing that could potentially lead

tosignificant locked-in GHG emissions are the

CHPplants outside Europe and boilers used in

manufacturing facilities, as they will still operate

with fossil fuels (natural gas mainly), and it will be

difficult to switch to alternative or renewable fuels.

We will run an innovation project in two of the

manufacturing sites to use biomass for the boilers

and based on the results we are planning to

implement across all plants by 2040. In logistics,

we will have around 2,000 own trucks (scope 1) by

2030 using fossil fuel. In light fleet, which is leased

and changed every four years, we don’t expect

significant locked-in emissions.

As per our NetZeroby40 commitment, by 2050

wewill not have main assets with significant

locked-in emissions: CHP in operations will be

either decommissioned or replaced by renewable

fuel, and boilers’ fuel will be replaced by alternative

systems. By 2050, we don’t expect any of our own

trucks to run on fossil fuel.

Cumulatively, by 2030 those locked-in emissions

would be around 256,000 tonnes of CO

2

e or 6.9%

of our scope 1, 2, 3 emissions. Those locked-in

emissions are not likely to affect our NetZeroby40

commitment, as they will be effectively managed

and minimised before 2040 as shared above.

Aswe sell beverages, we don’t expect significant

locked-in emissions in scope 3 category ‘Use

ofsold products’, neither by 2030 nor by 2040

or2050.

ESRS 2 SBM-3 Material impacts, risks and

opportunities and their interaction with

strategy and business model

E1.SBM-3\_01,05

Climate change – caused by greenhouse gas

(GHG) emissions, emitted from every business

and activity – is leading to global temperature

increase and extreme weather conditions around

the world. Global warming impacts environment

and society across our entire value chain: from

suppliers, to customers and consumers.

Managing our carbon footprint is our major

transition risk related to climate change in the mid

and long term, as emerged from the 2024 Double

Materiality Assessment. The time horizons

applied in the analysis and their business

scenariosalignment are:

•  Short-term horizon: 2025

Annual business planning cycle which

includesconsideration of short-term

risksandopportunities that affect

annualperformanceobjectives.

•  Medium-term horizon: 2030

Long-range planning that includes

consideration of risks and opportunities that

may affect medium-term objectives, financial

viability assurance and allocation of capital

formedium-term investments.

•  Long-term horizon: >2030

Long-term strategic planning including capital

investments, mergers and acquisitions, impact

of climate change, including meeting our

NetZeroby40 commitments.

Further details on the DMA process can be found

in the ‘Materiality’ section of the IAR on pages

37to 40 and on page 59 of this document.

Coca-Cola HBC Integrated Annual Report 202484

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E1.SBM-3\_02

We have a thoroughly designed Business

Resilience programme that enables us to

proactively manage risks – and embrace

opportunities – so that we grow sustainably

andmeet our short-, medium- and long-term

objectives. One of the most significant risks

toourresilience over the longer term is climate

change. By proactively preparing for and managing

climate risk through our business strategy and

capital investments, however, we can harness

significant opportunities.

E1.SBM-3\_03,04

In our resilience analysis conducted in 2024,

weused a variety of climate scenarios in our

assessment of the potential impact of climate

change on our business, including: RCP1.9, in

order to be consistent with our Science Based

Targets initiative (SBTi) commitment and as

representation of a best-case scenario from

aclimate action point of view; RCP4.5, as it

represents the stated policy position and provides

a midpoint scenario, and; RCP8.5, as the ‘worst-

case’ or ‘extreme’ scenario, particularly for

physical risks. This enabled us to consider

abroadrange of drivers and their impact.

In considering the cost of carbon emissions,

themore ambitious scenarios assume a greater

amount of government use of regulation, taxes

and levies and hence the higher costs of carbon.

However, we also assumed that government

intervention would not be consistent across all our

markets given our diverse operating territories,

and therefore countries were grouped into

leaders, followers and laggards in evaluating

potential increases in taxes and levies.

As around 90% of our carbon emissions are scope

3, we are dependent on suppliers and customers

reducing their carbon emissions. In estimating the

reduction in overall carbon emissions and our

ability to meet our NetZeroby40 targets, we used

NGFS data toestimate industry decarbonisation

rates which are assumptions built into our internal

plans for meeting our NetZeroby40 target.

Included in our assessment of the impact

ofclimate change on our production and

distribution, we used external data used by the

insurance industry which we consider to be robust.

However, we note that climate-related data can

project general changes under different climate

scenarios, but cannot predict the timing and

severity of extreme events, which our facilities

aremost at risk from. We used assumptions on

projected increases in insurance premiums from

statements made by the insurance industry on

the impact of climate change, however, we note

that the impact that those projections are based

on may not apply to us as they do not take into

account the actions we are taking to adapt to and

mitigate the impact of environmental changes.

We used a number of internal assumptions about

production volume increases to 2040 in order to

estimate carbon emissions and resource usage,

but we recognise that a considerable number of

variables, such as domestic growth rates in each

of our operating countries, changes in consumer

demand and preferences, weather, industry

actions and competition and government

regulations, mayaffect those estimates.

E1.SBM-3\_06

As a result of our resilience analysis, we continued

to improve our assessment of the effects of

climate change, with a focus on clear targets

androbust action plans. This enables us to

deliveron our commitments, mitigate risks

andtake advantage of the opportunities

inherentin change.

E1.SBM-3\_07

We are keenly aware of the importance of

delivering on our plans and the potential to adjust

our strategy to respond to emerging needs and

priorities. We continue to decarbonise our value

chain, while updating our net zero transition plan

and developing long-term climate scenarios.

Weare also working towards our bold

commitment to achieving a net-positive

impactonbiodiversity by 2040 in critical areas

ofour value chain, implementing the guidelines

ofthe Science Based Targets Network, and we

shifted our deforestation-free commitment

from2030 to 2025. We continue to expand

ourpartnerships and seek new collaborations,

asour ambitious goals and commitments can

onlybe achieved through collective action.

With prudent financial risk management, the

Group maintains a healthy liquidity position

andaccess to various funding sources. As of

31 December 2024, the Group had €1.6 billion

available under €5.0 billion Euro medium term

note programme, €0.8 billion available under

€1.0 billion Euro-commercial paper programme,

undrawn revolving credit facility of €0.8 billion and

several bilateral bank loan facilities.

None of the Group’s debt facilities are subject to

financial covenants that could impact liquidity

oraccess to capital. For further details,

refertoNote 25, p.306.

Strong treasury governance ensures a consistent

supply of committed funding at both central and

operational levels, optimising liquidity and funding

risk management to secure the most efficient

financing solutions.

This diversified funding strategy supports both

operational and strategic needs, enabling the

Group to allocate resources effectively to the net

zero transition plan as necessary.

Impact, risk and opportunity management

E1-2 Policies related to climate change

mitigation and adaptation

E1.MDR-P\_01, E1-2\_01

Our NetZeroby40 commitment is fully aligned

with our philosophy to support the socio-

economic development of our communities and

to make a more positive environmental impact.

Inaccordance with the Climate Change Policy

andour overall Environmental Policy, we will:

•  strive to reduce all our emissions across

thevalue chain as much as possible by:

•  advancing the reduction of the energy

usedinour operations;

•  expanding our use of renewable energy

technologies;

•  deploying more energy-efficient coolers

inthe marketplace;

•  accelerating our sustainable packaging

agenda and ourgreen fleet;

•  engaging with relevant stakeholders

tocombat climate change;

•  working with suppliers to reduce their

carbonfootprint and to minimise their

climate impacts; and

•  setting roadmaps for emissions reduction

forall our operations and the main steps in

the value chain.

•  keep CO

2

emission reduction targets as one of

the elements of our long-term management

incentive plans;

•  work with other partners (industries, academia,

non-governmental organisations (NGOs),

governments, etc.) on climate change

mitigationand climate change adaptation;

•  consider all climate risks and opportunities

andintegrate them in our business strategy;

•  investigate the opportunities for finding

solutions for our residual emissions, such

asbiological and/or technological removals;

•  monitor, report and audit our GHG emissions,

targets, results and activities, and publish

transparently our progress in our public files.

Coca-Cola HBC Integrated Annual Report 202485

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAGkBeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArA8a6bd6t4SvrGxi825l8vYm4LnEik8kgdAa36KUldWNKNV0qkakd00/uPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uiuf6rDuz3f9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4nofgLxNZ+INNurjTdkMN1FJI3nxnChwScBs9BXtlFFa06apqyPMx2YVcbJSqJK3b/h2U54JHmZlXIPvUf2ab+5+orQorQ4TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RVi1jePfvGM4xzViigBsgLRsB1IIqj9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigBGZUUszBVAySTgAVjy+K9FhkKG9DEddiMw/MDFcj4s12W+v5LOF2W1hOwgHG9geSfbPT6Zrmq0UO5wVcY1K0Een/wDCYaJ/z9t/36f/AAo/4TDRP+ftv+/T/wCFeYUVXs0ZfXanZHp//CYaJ/z9t/36f/Cj/hMNE/5+2/79P/hXmFFHs0H12p2R6f8A8Jhon/P23/fp/wDCj/hMNE/5+2/79P8A4V5hRR7NB9dqdken/wDCYaJ/z9t/36f/AAo/4TDRP+ftv+/T/wCFeYUUezQfXanZHp//AAmGif8AP23/AH6f/Cj/AITDRP8An7b/AL9P/hXmFFHs0H12p2R6f/wmGif8/bf9+n/wo/4TDRP+ftv+/T/4V5hRR7NB9dqdken/APCYaJ/z9t/36f8Awo/4TDRP+ftv+/T/AOFeYUUezQfXanZHp/8AwmGif8/bf9+n/wAKuWOu6ZqL+Xa3aPJ/cIKk/QHGa8kpVYqwZSQwOQQeQaXs0NY2d9Uj2uiub8Ia4+p2j21y5a5g/iPV17H6jp+VdJWbVnY9CE1OKkgooopFhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRTXdY42dyFVQSSewoAbNPFbRNLPIkca9Wc4ArIbxdoisV+2Zx6ROR/KuC1zWp9ZvXdmYW6n91ETwo9cetZdaqn3POqY13tBaHp/wDwmGif8/bf9+n/AMKP+Ew0T/n7b/v0/wDhXmFFP2aI+u1OyPT/APhMNE/5+2/79P8A4Uf8Jhon/P23/fp/8K8woo9mg+u1OyPT/wDhMNE/5+2/79P/AIUf8Jhon/P23/fp/wDCvMKKPZoPrtTsj0//AITDRP8An7b/AL9P/hR/wmGif8/bf9+n/wAK8woo9mg+u1OyPT/+Ew0T/n7b/v0/+FH/AAmGif8AP23/AH6f/CvMKKPZoPrtTsj0/wD4TDRP+ftv+/T/AOFH/CYaJ/z9t/36f/CvMKKPZoPrtTsj0/8A4TDRP+ftv+/T/wCFH/CYaJ/z9t/36f8AwrzCij2aD67U7I9P/wCEw0T/AJ+2/wC/T/4VfsdZ07UiVtLpJHHOzlW/I815DTo5HikWSN2R1OQynBB+tL2aHHGzvqj2qisPwvrR1fTiJT/pMGFkP970b8cfpW5WbVj0YSU4qSCiiikUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFVtQvY9OsJruXlIlzgdz0A/E4oE2krsW7vbWwi826nSJOgLHGfp61lnxhoYP8Ax+E/9sn/AMK851DULnU7t7i5kLMx4GeFHoB2FVa1VNdTzp42V/dWh6f/AMJhon/P23/fp/8ACj/hMNE/5+2/79P/AIV5hRT9mifrtTsj0/8A4TDRP+ftv+/T/wCFH/CYaJ/z9t/36f8AwrzCij2aD67U7I9P/wCEw0T/AJ+2/wC/T/4Uf8Jhon/P23/fp/8ACvMKKPZoPrtTsj0//hMNE/5+2/79P/hR/wAJhon/AD9t/wB+n/wrzCij2aD67U7I9P8A+Ew0T/n7b/v0/wDhR/wmGif8/bf9+n/wrzCij2aD67U7I9P/AOEw0T/n7b/v0/8AhR/wmGif8/Z/79P/AIV5hRR7NB9dqdkew2OqWOpKWs7lJcdQOCPqDzVuvF7e4mtZ1mgkaORTkMpwRXqmgasNY0pLggCVTslA/vD09j1qJRsdWHxPtdHualFFFQdQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHi0qukzrJneGIbPr3pldl4s8NTfan1GxiLxv8ANLGo5Vu5A7g1xtdCd0eHVpunKzCiiimZhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRUtvbTXc6w28TSSMcBVGTQG50XgQMddlI6C3bP/fS16LWH4Z0P+xrE+aAbqXmQg5x6KK3Kwk7s9nDQcKaTCiiipNwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqhrYZtCvwvX7O/wD6Cav0EAggjIPUUCkrqx4nRXQeI/Dc+l3Mk8ETNYscqw52ex/xrn66E7nhTg4PlkFFFFMkKKKKACiiigAooooAKKKKACiiigAooooAKKKns7K5v7gQWsLSyHsvb3J7CgaTeiOq8AK32q9YfcCKD9cnH8jXd1laBo6aNpyw8NO/zSuO7eg9hWrWEndns0IOFNRYUUUVJsFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFc/wCM1Y+G5SvQOhb6Z/xxXQVDdW0V5ayW067o5F2sKadmRUjzQce54zRWnrGh3ejzlZkLQFsRzAfKw/ofasyt07nhyi4uzCiiimIKKKKACiiigAooooAKKKKACiiigArvPACuLO9Y/cMigfXBz/MVx2n6bd6pcCG0iLt/EegUepPavU9J02LSdOjtYuccu395j1NZzeljswdNufP0ReooorI9QKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqpNpen3Dl5rG2kc9WaJST+OKt0UCaT3KH9h6V/0DbX/v0v8AhR/Yelf9A21/79L/AIVfop3YuSPYof2HpX/QNtf+/S/4Uf2HpX/QNtf+/S/4Vfoouw5I9ih/Yelf9A21/wC/S/4Uf2HpX/QNtf8Av0v+FX6KLsOSPYof2HpX/QNtf+/S/wCFH9h6V/0DbX/v0v8AhV+ii7Dkj2KH9h6V/wBA21/79L/hR/Yelf8AQNtf+/S/4Vfoouw5I9ih/Yelf9A21/79L/hR/Yelf9A21/79L/hV+ii7Dkj2KH9h6V/0DbX/AL9L/hR/Yelf9A21/wC/S/4Vfoouw5I9ih/Yelf9A21/79L/AIVZgtLa1Urb28UIPURoF/lU1FK4KMVsgooooKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooACMjB6VSfR9MkYs+n2rMeSTCuT+lXaKBNJ7lD+w9K/6Btr/36X/Cj+w9K/6Btr/36X/Cr9FO7FyR7FD+w9K/6Btr/wB+l/wo/sPSv+gba/8Afpf8Kv0UXYckexQ/sPSv+gba/wDfpf8ACj+w9K/6Btr/AN+l/wAKv0UXYckexQ/sPSv+gba/9+l/wo/sPSv+gba/9+l/wq/RRdhyR7FD+w9K/wCgba/9+l/wo/sPSv8AoG2v/fpf8Kv0UXYckexQ/sPSv+gba/8Afpf8KP7D0r/oG2v/AH6X/Cr9FF2HJHsUP7D0r/oG2v8A36X/AAo/sPSv+gba/wDfpf8ACr9FF2HJHsUP7D0r/oG2n/flf8KtQW0FsmyCGOJP7sahR+lS0UrjUUtkFFFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAEZFdSrqGU9QRkGqJ0TSicnTbT/vyv+FX6KBOKe6KH9h6V/0DbX/v0v8AhR/Yelf9A21/79L/AIVfop3YuSPYof2HpX/QNtf+/S/4Uf2HpX/QNtf+/S/4Vfoouw5I9ih/Yelf9A21/wC/S/4Uf2HpX/QNtf8Av0v+FX6KLsOSPYof2HpX/QNtf+/S/wCFH9h6V/0DbX/v0v8AhV+ii7Dkj2KH9h6V/wBA21/79L/hR/Yelf8AQNtf+/S/4Vfoouw5I9ih/Yelf9A21/79L/hQNE0oH/kG2n/flf8ACr9FF2HJHsMihigjEcMaRoOiooAH4Cn0UUigooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiikLqDgsPzoAWim70/vL+dG9P7y/nQA6im70/vL+dG9P7y/nQA6im70/vL+dG9P7y/nQA6im70/vL+dG9P7y/nQA6im70/vL+dG9P7y/nQA6im70/vL+dG9P7y/nQA6im70/vL+dG9P7y/nQA6im71P8AEPzp1ABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUyWWOCF5ZWCxopZmPYCn1geMpHTw3MFzh3VWx6Zz/SmldkTlyxcuxx+t+KLzVJWSKRoLQH5UU4LD/aPf6dKwqKK3SseJOcpu8mFFFFMkKKKKACiiigAooooAKKKKACiiigAooooAK2NI8R32kSKFcy2/QwucjHt6Vj0UmrlRk4u8WezWl1Fe2kVzA26KRdyn/Pepq5bwJIzaLMjZKpOdvtwD/n611NYNWdj26U+eCkFFFFIsKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqlq2nrqmmT2bNt8xflb0IOQfzFXaKBNJqzPGLm2mtLiS3nQpKhwymoq9e1LR7HVkC3cAYr91wcMPx/pWGfAWm54ubv/vpf/ia2U11PMngpp+7qjz2ivQv+EC03/n5uv8Avpf8KP8AhAtN/wCfm6/76X/CjnRP1Oqee0V6F/wgWm/8/N1/30v+FH/CBab/AM/N1/30v+FHOg+p1Tz2ivQv+EC03/n5uv8Avpf8KP8AhAtN/wCfm6/76X/CjnQfU6p57RXoX/CBab/z83X/AH0v+FH/AAgWm/8APzdf99L/AIUc6D6nVPPaK9C/4QLTf+fm6/76X/Cj/hAtN/5+br/vpf8ACjnQfU6p57RXoX/CBab/AM/N1/30v+FH/CBab/z83X/fS/4Uc6D6nVPPaK9C/wCEC03/AJ+br/vpf8KP+EC03/n5uv8Avpf8KOdB9TqnntOjjeaRY40Z3Y4VVGSTXoA8Babnm5u8f7y//E1saZoWn6TlrWH94RgyOct+fb8KHNFRwU2/e0E0DS/7I0mO2Ygyk75SP7x/w4H4Vp0UVi3c9OMVFWQUUUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDM8jXf+gjp3/gA//wAeo8jXf+gjp3/gA/8A8erTorT2j8vuQrGZ5Gu/9BHTv/AB/wD49R5Gu/8AQR07/wAAH/8Aj1adFHtH5fcgsZnka7/0EdO/8AH/APj1Hka7/wBBHTv/AAAf/wCPVp0Ue0fl9yCxmeRrv/QR07/wAf8A+PVoxiQRIJWVpAo3Mq7QT3IGTge2TTqKmUm9wsFFFFSMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPK9W+Jes2Gs31nFbWBjt7iSJS0b5IViBn5uvFU/+Fq67/z6ad/37f8A+Loor140oWWiMW2H/C1dd/59NO/79v8A/F0f8LV13/n007/v2/8A8XRRVeyh/Kguw/4Wrrv/AD6ad/37f/4uj/hauu/8+mnf9+3/APi6KKPZQ/lQXYf8LV13/n007/v2/wD8XXpHhbVZ9b8OWmo3KRpNNv3LGCFGHZRjJPYUUVy4qEYwTS6lQbubFFFFcBoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB//2Q==)

Sustainability Statement continued

E1.MDR-P\_01,02

More specifically, our climate change

commitments and our climate change policy

cover our entire Company, allscopes 1, 2 and 3,

and allthree value chain segments (i.e., upstream,

own operations, downstream). We aim to reach

net zero emissions across the entire value chain

by 2040 as per the 1.5 degree scenario, and our

intermediate emission reduction target by 2030 is

approved by theSBTi. There is no greater threat to

our collective future than climate change, and we

believe that industry has a key role to play in

finding sustainable solutions to today’s climate

challenges. We were one of the first companies

tocommit to and deliver science-based carbon

reduction targets (SBTs) back in 2016, immediately

after the UN COP21 in Paris and, after reaching

those first SBTs, we published our NetZeroby40

commitment across the entire value chain.

Moreover, in our Environmental Policy, we also

cover:production operations and business

facilities; products and services; distribution and

logistics; environmental due-diligence in each

step of the value chain, including mergers and

acquisitions, divestments and investments;

management of waste; suppliers, service

providers and contractors; and other key

businesspartners (including co-packers,

jointventures, etc.).

The monitoring process for our policies’

objectives – including the assessment of

associated impacts, risks and opportunities –

isdynamic and rigorously conducted through

ourSustainability Committees and the

DMAprocedure.

E1.MDR-P\_02,05

Our engagement strategy also focuses on gaining

insights from the different types of relevant

stakeholders that influence our policies, which are

indicatively the following:

•  We engage with different stakeholders,

such asNGOs, suppliers, peer companies,

regulators, investors, academia, communities,

etc., through our Group Annual Stakeholder

Forums and our annual materiality assessment,

as well as through ad hoc meetings.

•  We participate actively to support the set-

up and implementation of new packaging

collection schemes at local business unit-

level by engaging with peer companies,

municipalities, regulators, customers, etc.

•  We partner with specific NGOs for targeted

environmental and social projects.

•  We have regular calls with investors and

financialinstitutions.

•  We proactively monitor different environmental,

social and governance (ESG) raters/frameworks

in order to understand and adapt to the external

emerging trends and expectations.

•  We are part of UNESDA, the Brussels-based

trade association representing the non-

alcoholic beverages sector.

•  We engage with academia, suppliers and

start-ups for innovative solutions to tackle

theESGchallenges.

•  We engage with our customers through different

value creation activities in sustainability.

•  We engage with our employees through regular

meetings, surveys, ‘Tone of the Top’ messages,

awareness campaigns, townhall meetings, etc.

•  Our local business units actively engage with

the local stakeholders.

E1.MDR-P\_04

Through our Environmental Policy, we are

committed to implement environmental

management systems, such as ISO 14001.

Moreover, through our Climate Change Policy, we

are committed to be aligned with SBTi for our

targets.

E1.MDR-P\_03,06

All policies are publicly available at our website

(Policies | Coca-Cola HBC) where affected

stakeholders can easily have access to them.

Moreover, the net zero transition plan is publicly

available on our website.

The CEO is overall responsible for the

implementation of our sustainability policies.

Coca-Cola HBC Integrated Annual Report 202486

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E1-3 Actions and resources in relation to climate change policies

E1.MDR-A\_01,02,03

We have in place a number of existing and planned actions in order to deliver our climate change policies and achieve our targets and commitments, as presented in the following table.

Table 8: Key actions (existing and planned) in relation to climate change policies

Time horizon  Scope of Action

List of

actions Current Planned

Expected

outcome

Relation to policy objectives/ targets(where

relevant) Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Top 20 energy savers

programme

Yes Continuous Scope 1 carbon emissions

reduction and cost savings

In accordance with the Climate

Change Policy and our overall

Environmental Policy, we strive to

reduce allour emissions across

thevalue chain as muchaspossible

by advancing thereduction of the

energy usedin our operations.

Reduction of energy consumption

by improving efficiency of main

energy consumers such as high-

pressure compressors, boilers,

bottle blowing processes and

introducing heat pumps

Own

operations

All markets Employees,

Suppliers

Increase of renewable

energyconsumption

throughthe installation

ofsolarPV

Yes Continuous Scope 1 & 2 (market-based)

emissions savings and climate

resilience

Expanding our use ofrenewable

energy technologies

Current installations of roof-top PVs

owned by Coca-Cola HBC and also

owned by third-party providers

Own

operations

Egypt, Nigeria,

Switzerland, Italy,

Austria, Czech

Republic, Greece,

Romania, Croatia

Employees,

Suppliers

CO

2

Yield improvement Yes Continuous Scope 1 carbon emissions

reduction

Advancing the reduction ofthe

energy used in ouroperations

CO

2

yield improvement by replacing

sterile air and nitrogen

Own

operations

All markets Employees,

Suppliers

Heat pumps and

electrification

of energy

Yes Continuous Scope 1 & 2 carbon emissions

reduction

Advancing the reduction ofthe

energy used in our operations;

Expanding ouruseof renewable

energytechnologies

Energy recovery from existing

manufacturing processes and

thermal energy electrification

Own

operations

EU countries Employees,

Suppliers

Alternative and low-carbon

fuelsintroduction

Continuous Scope 1 carbon emissions

reduction

Advancing the reduction ofthe

energy used in our operations;

Expanding ouruseof renewable

energytechnologies

Introduction of biomass, biogas and

other developing solutions

Own

operations

N. Ireland,

Austria, Italy,

Greece

Employees

Modernisation of

manufacturingequipment

Continuous Scope 1 & 2 carbon emissions

reduction

Advancing the reduction ofthe

energy used in our operations;

Expanding theuseof renewable

energytechnologies

Replacement of depreciated own

production lines and installation of

new ones withhighenergy efficiency

Own

operations

Selective

markets as per

transition plan

Employees,

Suppliers

Green Fleet Programme Yes Continuous Scope 1 carbon emissions

reduction

Accelerating our green fleet Increase the number of electric and

hybrid fleet (own and leasedfleet)

Own

operations

EU countries Employees,

Suppliers

Low carbon alternative

fleetintroduction of

transportation solutions

Yes Continuous Scope 3 carbon emissions

reduction

Working with suppliers to reduce

their carbon footprint and to

minimise their climate impacts;

Expanding our use of renewable

energy technologies.

Distribution fleet electrification in

Austria, Switzerland and low carbon

fuel (HVO) in Italy

Upstream Austria,

Switzerland,

Italy

Third party

logistics

providers,

Customers

Coca-Cola HBC Integrated Annual Report 202487

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAMABeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArA8a6bd6t4SvrGxi825l8vYm4LnEik8kgdAa36KUldWNKNV0qkakd00/uPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uiuf6rDuz3f9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4nofgLxNZ+INNurjTdkMN1FJI3nxnChwScBs9BXtlFFa06apqyPMx2YVcbJSqJK3b/h2U54JHmZlXIPvUf2ab+5+orQorQ4TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RVi1jePfvGM4xzViigBsgLRsB1IIqj9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAorL1KfXorhV0vTdNuYNgLPdag8DBsngKsLgjGOc9zxxzT+2eMP+gFof/g5m/8AkWgDoKK5/wC2eMP+gFof/g5m/wDkWj7Z4w/6AWh/+Dmb/wCRaAOgorn/ALZ4w/6AWh/+Dmb/AORaPtnjD/oBaH/4OZv/AJFoA6Ciuf8AtnjD/oBaH/4OZv8A5Fo+2eMP+gFof/g5m/8AkWgDoKK5/wC2eMP+gFof/g5m/wDkWj7Z4w/6AWh/+Dmb/wCRaAOgorn/ALZ4w/6AWh/+Dmb/AORaPtnjD/oBaH/4OZv/AJFoA6Ciuf8AtnjD/oBaH/4OZv8A5Fo+2eMP+gFof/g5m/8AkWgDoKK5/wC2eMP+gFof/g5m/wDkWj7Z4w/6AWh/+Dmb/wCRaAOgorn/ALZ4w/6AWh/+Dmb/AORaPtnjD/oBaH/4OZv/AJFoA6Ciuf8AtnjD/oBaH/4OZv8A5Fo+2eMP+gFof/g5m/8AkWgDoKKw4LrxU1xEtxo2jRwFwJHj1aV2Vc8kKbYAnHbIz6itygAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACisOe68VLcSrb6No0kAciN5NWlRmXPBKi2IBx2ycepqP7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooA5//hO/B/8A0Neh/wDgxh/+Ko/4Tvwf/wBDXof/AIMYf/iq6CigDn/+E78H/wDQ16H/AODGH/4qj/hO/B//AENeh/8Agxh/+KroKKAOf/4Tvwf/ANDXof8A4MYf/iqP+E78H/8AQ16H/wCDGH/4qugooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMvWddtNFhBnJeVhlIl6t/gK5Cbx3qTufKht407AqWI/HP9Kw9X1B9T1Oe6diQzEIPRR0H5VSraMF1PKq4qcpe67I6T/hN9X/6d/wDv3/8AXo/4TfV/+nf/AL9//Xrm6KfKjH29T+Y6T/hN9X/6d/8Av3/9ej/hN9X/AOnf/v3/APXrm6KOVB7ep/MdJ/wm+r/9O/8A37/+vR/wm+r/APTv/wB+/wD69c3RRyoPb1P5jpP+E31f/p3/AO/f/wBej/hN9X/6d/8Av3/9euboo5UHt6n8x0n/AAm+r/8ATv8A9+//AK9H/Cb6v/07/wDfv/69c3RRyoPb1P5jpP8AhN9X/wCnf/v3/wDXo/4TfV/+nf8A79//AF65uijlQe3qfzHTJ451ZTylsw9Ch/oa6bQ/FVrqzLBIvkXR6ITkN9D/AErzOnRyPDKksbFXQhlYdQRScEzSniqkXq7o9qoqppd2b7S7a6bG6SMM2Omcc/rVusT1k7q6CiiigYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAePalZPp2oz2rqR5bkDPdex/EVUr1PXfDtvraByxiuUGEkAzx6EdxXFzeDdaifakEcw/vJKoH64NbKaZ5FXDTjL3VdGBRW3/wiOu/8+P8A5FT/AOKo/wCER13/AJ8f/Iqf/FVXMjL2NT+V/cYlFbf/AAiOu/8APj/5FT/4qj/hEdd/58f/ACKn/wAVRzIPY1P5X9xiUVt/8Ijrv/Pj/wCRU/8AiqP+ER13/nx/8ip/8VRzIPY1P5X9xiUVt/8ACI67/wA+P/kVP/iqP+ER13/nx/8AIqf/ABVHMg9jU/lf3GJRW3/wiOu/8+P/AJFT/wCKo/4RHXf+fH/yKn/xVHMg9jU/lf3GJRW3/wAIjrv/AD4/+RU/+Ko/4RHXf+fH/wAip/8AFUcyD2NT+V/cYlKqs7BVBZicAAZJNbieD9bZgDaKg/vNKmB+RrqNA8Ix6bKl3eOJrlTlVX7iH19zScki6eGqSdrWNrSLVrHSLS2cYeOMBh/td/1q7RRWB7CVlZBRRRQMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAIrm6gs4GnuJViiXqzHFc5N4701HKxw3EoH8QUAH8zmuV8Tau+qarIAT9nhJSNc8HHVvx/wrFrWMF1POq4yXNaGx3/8Awn1l/wA+dx+a/wCNH/CfWX/Pncfmv+NcBRT5EY/W6vc7/wD4T6y/587j81/xo/4T6y/587j81/xrgKKORB9bq9zv/wDhPrL/AJ87j81/xo/4T6y/587j81/xrgKKORB9bq9zv/8AhPrL/nzuPzX/ABo/4T6y/wCfO4/Nf8a4CijkQfW6vc7/AP4T6y/587j81/xo/wCE+sv+fO4/Nf8AGuAoo5EH1ur3O/8A+E+sv+fO4/Nf8aP+E+sv+fO4/Nf8a4CijkQfW6vc9BTx7p5OHtblR6gKf61v6fqlnqkPm2kwcD7y9GX6ivH6tadfzaZfRXUBw6HkdmHcGk4LoaU8ZNP39j2KiorW4S7tIbmP7kqBxn0IzUtZHpp3CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA8Xnha3uJYH+/G5RvqDio677xR4Xkv5jf2AUzEfvIum/Hce9cLNbzW77J4ZIm/uupU/rW6lc8SrSlTlZ7EdFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFORHkYKiszHoFGTXU+HvCVxcTx3WoReVbqciJx8z/Udh9aTaRdOnKbtE7DQImh0CxR87vJUkHqM81o0UVznuRVkkFFFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA//Z)

Sustainability Statement continued

Time horizon  Scope of Action

List of

actions Current Planned

Expected

outcome

Relation to policy objectives/ targets(where

relevant) Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Increase the number of

energy-efficient coolers

inthemarketplace

Yes Continuous Scope 3 carbon emissions

reduction

Deploying more energy-efficient

coolers at the marketplace; Engaging

with relevant stakeholders to

combat climatechange

Continue purchasing energy

efficient new coolers from

oursuppliers and replacing

oldcoolers with energy-efficient

ones

Downstream All markets Customers,

Suppliers

For packaging initiatives

contributing to scope 3, please

refer to ESRS E5 on pages

121to 124

Yes Continuous Scope 3 carbon emissions

reduction

Accelerating our packaging

andpackaging waste agenda;

Engaging with relevant

stakeholders to combat

climatechange

Using more recycled content and

reusable/refillable packaging

solutions, decarbonisation at

supplier level; all initiatives for

packaging collection that increase %

collected and recovered packaging

Downstream All markets Customers,

Consumers,

Suppliers

Use of ISO standard for

commodities and supplier

specific LCA development for

keydirect supplies of raw and

packaging materials

Yes Continuous Scope 3 carbon emissions

reduction

Working with suppliers to reduce

their carbon footprint and to

minimise their climate impacts

Using supplier-specific emission

factors,providing guiding suppliers

to work on decarbonisation plans

and renewable energy, providing

supplier Carbon emission

development programme (Supplier

Leadership on Climate – SLoC).

Upstream Global Suppliers

E1.MDR-A\_04

As per UNESDA statement “Beverage sector acknowledges its responsibility in playing its part in the fight against climate change and we are committed to help the European Union become a climate neutral

continent by 2050 by driving decarbonisation throughout our value chain – from responsible sourcing of our ingredients to production and distribution of the final products. We know our competitiveness and

long-term success depend on the sustainability of our operations and the resilience of our value chain”. We have not identified direct harm to any stakeholders’ group from our actual impact. All actions we take

are towards decarbonisation by following the applicable regulatory, industry and international standards.

E1.MDR-A\_05

In 2024, we made progress on our climate-related actions and plans and for the fourth consecutive year we reached our annual roadmap:

•  continued our decarbonisation journey in all five levers in alignment with our NetZeroby40 roadmap;

•  focused on packaging decarbonisation using a higher percentage of recycled materials and improving percentage packaging collection;

•  supported further roll-out of Deposit Return Schemes in our EU markets;

•  promoted Extended Producer Responsibility (EPR) policies and the launch of new packaging collection systems in priority markets;

•  cooperated with eight other industry players and three organisations to publish CSR Europe Biodiversity Alliance White Paper “How Companies in Europe Address Biodiversity’;

•  expanded our partnerships in water and waste reduction.

In 2021, we committed to achieve net zero emissions across the entire value chain by 2040. This is our most ambitious, complex and forward-looking commitment. We were among the first companies to adopt

science-based reduction targets. In our existing net zero roadmap, our starting point is 2017, the baseline for our science-based targets. We have reduced our absolute total value chain emissions in scopes 1, 2

and 3 by 31% (excluding Egypt) from 2010 to the end of 2024, our absolute value chain reduction in 2024 versus 2017 is 18% (excluding Egypt). These results come from our sustained investment and focus, and

highlight our consistent approach to decarbonisation. Reducing carbon emissions is the non-negotiable goal for our business. We continued to work across our value chain to reduce emissions, with a particular

focus on energy efficiency and renewal, packaging, coolers and ingredients. We do this because we will make the biggest progress by delivering sustainable solutions in these parts of our value chain.

Coca-Cola HBC Integrated Annual Report 202488

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

In 2024, we updated our net zero roadmap with three important changes. We integrated our Egyptian operations into our 2030 and NetZeroby40 climate targets, we added new Forest, Land and Agriculture

(FLAG) targets, and we updated our mid-term emissions goal to follow the Well-Below-2-Degrees (WB2D) pathway until 2030 and then the 1.5 degrees pathway until 2040. Due to the FLAG targets

requirements, we are moving our baseline year for the mid-term 2030 emissions reduction targets from 2017 to 2019. With all those changes, our NetZeroby40 target was formally validated by the SBTi. As the

validation came in December 2024, in 2025 we will work to update the roadmap with all those changes and communicate transparently on our website.

E1-3\_01,03,04

Table 9: Mitigation actions per decarbonisation lever (action, GHG reductions)

The actions per lever consider our updated net zero roadmap as approved by the SBTi in late December 2024. It includes Egypt acquisition, scope 3 accelerated climate scenario (well below 2 degree Celsius),

and a new baseline year of 2019 (instead of 2017) as per the SBTi Net Zero guideline and the SBTi requirements for FLAG emissions, where 2017 cannot be used as a baseline year. We are going to perform

carbon boundary review and recalculation of our emissions to include FLAG factors in 2025 and will update the roadmap accordingly.

GHG emissions reduction

Achieved

(2024 vs. 2019)

tCO

2

e

Expected

(2030 vs. 2019)

tCO

2

e

Time horizon for

completing the action

Year

Relevant target

(link to E1-4)

Manufacturing (includes scope 1 fuels used, scope 1 losses of CO

2

used for beverage carbonation, scope 2 electricity/heat/steam/hot

water purchased, scope 3 CO

2

in product (carbonation) and scope 3 CO

2

produced in CHPs):

•  continue implementing and accelerating the energy-efficient projects in our plants (deployment of energy-saving projects, old

equipment modernisation, and installation of heat pumps and electrification);

•  improving the CO₂ yield in the plants;

•  accelerating usage of renewable and/or cleaner energy to replace fossil fuel in scope 1 or electricity/heat/steam/hot water in scope 2.

+1kt

+0.2%

-198kt

-46%

2030 Scope 1 and 2 decrease by

2030 vs. 2019 as per the 1.5

degree climate scenario

(SBT)

Transportation (includes scope 1 fuels used for own transport, both light and heavy, and scope 3 fuels usedfor outsourced logistics and

transportation):

•  optimising the routes of light and heavy fleet, increasing logistics efficiency and increasing heavy trucksutilization;

•  shifting the existing fleet to innovative technologies and renewable or alternative fuels;

•  enhancing the strategic partnerships with our third-party logistics providers and joint investments (accelerate shifting to alternative

fuels, route to market evolution, shifting of more volume to trains andapplying industry innovations).

+6kt

+2%

-8kt

-3%

2030 Scope 1 and 2 decrease by

2030 vs. 2019 as per the 1.5

degree climate scenario (SBT);

Scope 3 decrease by 2030 vs.

2019 as per the well below 2

degree climate scenario

Packaging (includes scope 3 from all primary, secondary and tertiary packaging used for our products):

•  implementing our Pack Mix of the Future strategy (increasing recycled PET, moving from non-reusable one-way glass bottles to

reusable glass bottles and providing more packageless solutions);

•  implementing decarbonisation of our primary and secondary packaging materials (aluminium cans, PETbottles, glass bottles, plastic

labels, closures, stretch films, etc.).

+271kt

+21%

-309kt

-21%

2030 Scope 3 decrease by 2030

vs. 2019asper the well below

2 degree climate scenario

Ingredients (includes scope 3 from all ingredients used for manufacturing of our beverages):

•  decarbonisation initiatives with our suppliers (engagement of farmers through co-development offarming pilots with suppliers, using

regenerative agricultural practices);

•  continue reformulation of our products and moving to more lights and zero products in our beverageportfolio.

+135kt

+10%

-243kt

-17%

2030 Scope 3 decrease by 2030

vs. 2019asper the well below

2 degree climate scenario

Drink equipment (includes scope 3 of electricity used by our customers for the drink equipment weprovide,scope 1 for refrigerants’

losses from cold drink equipment):

•  accelerate the process of providing energy-efficient drink equipment to our customers andfinding innovative solutions for further

energy efficiency of our drink equipment;

•  greening the electricity grid mainly in Europe and with slower pace in Africa.

-500kt

-38%

-929kt

-63%

2030 Scope 3 decrease by 2030

vs. 2019asper the well below

2 degree climate scenario

Coca-Cola HBC Integrated Annual Report 202489

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E1-3\_07,08, E1-1\_04,06,08

As detailed in the EU Taxonomy section of this

sustainability statement, our core economic activity

is not yet included in the published Delegated Acts

and is therefore not considered Taxonomy-eligible

at this stage. However, we have assessed secondary

activities that contribute toclimate change

mitigation. In 2024,0.67% of total Capex was

Taxonomy-aligned, also driven by activities

connected to our climate transition plan. Specifically,

CCM4.25 ‘Production of heat/cool using waste heat’ ,

CCM7.4 ‘Installation, maintenance, and repair of

charging stations for electric vehicles in buildings’

and CE1.1 ‘Manufacture of plastic packaging

goods’ contributed to aligned Capex.

We have also assessed CCM6.5 ‘Transport by

motorbikes, passenger cars, and light commercial

vehicles’, which relates to the electrification of our

fleet. Although a significant part of our fleet meets

the TSC, due to challenges with the DNSH criteria,

we will claim zero alignment to EU Taxonomy in 2024.

Looking ahead, we expect to maintain or increase

EU Taxonomy alignment as we continue to

evaluate investment plans and operational

expenditures in areas that could become eligible

with the introduction of regulatory updates.

Metrics and targets

E1-4 Targets related to climate change

mitigation and adaptation

E1.MDR-T\_01,02,03,05,06,07, E1-4\_01,24

NetZeroby40

Multiple climate scenarios have been taken into

consideration, as outlined in SBM-3\_08\_09\_10,

helping assess external drivers, including policy

developments and market shifts.

In October 2021, we announced our NetZeroby40

transition plan, as part of our commitment to

reach net zero absolute emissions across all

scopes by 2040. This target is fully aligned with

the1.5 degree pathway, and it was approved

bythe SBTi in December 2024 (link to the SBTi

website). NetZeroby40 is a carbon emissions

roadmap including our base-year results,

year-on-year emissions targets, 2030 near-term

and our 2040 net zero targets. The plan’s main

targets are:

Overall net-zero target:

•  Coca-Cola HBC AG commits to reach net zero

greenhouse gas emissions across the value

chain by 2040.

Near-term targets:

•  Energy & Industry: Coca-Cola HBC AG commits

to reduce absolute scope 1 and 2 GHG emissions

by 46.2% by 2030 from a 2019 base year. Coca-

Cola HBC AG also commits to reduce absolute

scope 3 GHG emissions by 27.5% within the same

timeframe.

•  FLAG: Coca-Cola HBC AG commits to reduce

absolute scope 3 FLAG GHG emissions by

33.3% by 2030 from a 2019 base year.\* Coca-

Cola HBC AG commits to no deforestation

across itsprimary deforestation-linked

commodities, with a target date of December

31, 2025.

\*  The target includes FLAG emissions and removals.

Long-term targets:

•  Energy & Industry: Coca-Cola HBC AG commits

to reduce absolute scope 1 and 2 GHG emissions

by 90% by 2040 from a 2019 base year. Coca-

Cola HBC AG also commits to reduce absolute

scope 3 GHG emissions by 90% within the same

timeframe.

•  FLAG: Coca-Cola HBC AG commits to reduce

absolute scope 3 FLAG GHG emissions by 72%

by 2040 from a 2019 base year.\*

\*  This target includes FLAG emissions and removals.

Science-based targets: please see above.

Mission 2025

Developed in 2018, Mission 2025 is a set of

sustainability commitments based on our stakeholder

materiality matrix and aligned with the UN Sustainable

Development Goals (SDGs) and their targets. It spans

across six key focus areas to cover our entire value

chain, including emissions reduction, with the

following commitments:

•  Reduce direct carbon emissions ratio by 30%

vs 2017.

•  50% of our refrigerators in customer outlets

willbe energy efficient.

•  50% of total energy used in our plants will be

from renewable and clean sources.

•  100% of the total electricity used in our plants

inEU and Switzerland will be from renewable

and clean source.

E1. MDR-T\_ 0 4

Our recently approved by the SBTi targets for

reducing scope 1 and 2 and scope 3 emissions have

organisation-wide coverage. We are covering 100%

of our operational activities.E1. MDR-T\_10

As previously mentioned, our climate change

commitments cover our entire Company, all scope

1, 2, 3, and we aim to reach net zero emissions

across the entire value chain by 2040 as per the 1.5

degree scenario, as well as our intermediate

emissions reduction target by 2030 is approved by

the SBTi.

E1. MDR-T\_ 0 8

The Group’s annual roadmap of net zero target by

2040 is shown in the net zero chart in the strategic

part of the IAR, section ‘License to operate’,

page25.

Mission 2025 targets related to climate and energy

are disclosed in the Strategic Report, ‘Key

performance indicators’ section on pages 33 to 34.

Those targets don’t have interim targets, but only

annual roadmaps at Group level disaggregated

further down per BU.

E1.MDR-T\_09, E1-4\_22

At the end of 2020, we set and received approval by

the SBTi of our Science-Based Targets by 2030, as

our previous SBT period-closing was end of 2020.

Those targets are reported in the 2024 IAR (as an

oldroadmap): Reduction of absolute scope 1, 2

emissions by 55% by  2030 vs 2017 baseline following

the 1.5 degree global warming scenario and

reduction of scope 3 emissions by 21% by 2030 vs.

2017. So far, we have achieved 31% reduction of

ouroperational emissions vs 2017 (excluding Egypt).

Those approved by the SBTi targets are without

the integrated new acquisition, Coca-Cola HBC

Egypt operations, asits integration happened in

2022, after targets submission and approval in

2021.For the newest targets, approved by the

SBTi in December 2024, please refer to previous

page (Net Zero targets and FLAG targets). We report

as per the GHG Protocol Corporate Accounting and

Reporting Standard. We are covering 100% of our

operational activities. We account and report all

seven GHG emissions and report those as

equivalent to CO

2

. Under scope 2 emissions, we are

reporting market-based GHG emissions and

separately the location-based scope 2 emissions.

Our climate targets are also aligned with the UN SDG

Target 13.1, i.e. strengthen resilience and adaptive

capacity to climate-related hazards and natural

disasters in all countries, as well as Targets 7.2 and 7.3

on increased renewable energy and energy

efficiency. We do notuse any carbon removal nor

neutralisation or off-setting/insetting

methodologies to achieve our GHG internal

annual roadmap targets as per the SBTi

guidelines.

E1.MDR-T\_11

The Group sets measurable, outcome-oriented

andtime-bound targets on material sustainability

matters through a structured and inclusive process.

Stakeholder engagement plays a pivotal role in this

process, particularly through our Annual Stakeholder

Forums, where key discussions are taken, and the

insights gathered are integrated into the formulation

of our targets.

Additionally, the Group takes into account the

requirements of ESG raters, including those of our

investors, ensuring that our targets are aligned with

their evolving expectations. The UN SDGs also

form a crucial foundation for the Group’s target-

setting process, guiding our efforts in addressing

global sustainability challenges. Through this

comprehensive approach, the Group ensures that

its targets are relevant, ambitious and responsive

to both stakeholder input and global standards.

Coca-Cola HBC Integrated Annual Report 202490

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E1.MDR-T\_12

As per the GHG Protocol, the recalculation policyfor base-year emissions and previous years’ emissions is applicable in case of the following changes: 1) significant change in calculation methodology, 2) significant

change in emissions conversion factors (LCAs), 3) investment, divestment, mergers and acquisitions with significant impact to business financials and emissions (>3% of the volume), 4) significant change in the

business growth rate or activity, and5) mistake or calculation gap found which is bigger than 3%.

In 2024, we have not recalculated our emissions. Emission factors are provided to us by the Institute of Energy and Environment (IFEU) assigned by TheCoca-Cola Company (TCCC) and used as the emissions factors

data source to TCCC and their bottling system for regular updates (update as of January 2024).

E1.MDR-T\_13

In 2024, we reached 18% reduction of our absolute value chain emissions versus 2017 which is the fourth year of meeting our annual roadmap (please see the Mission 2025 performance table inthe strategic

part of the IAR: we overachieved our target on percentage energy-efficient coolers, we continued with 100% renewable and clean electricity in our EU and Swiss plants, and we overachieved our percentage

renewable and clean energy across Coca-Cola HBC plants.)

As part of our performance review, each target is monitored regularly (monthly or quarterly). We report the progress in a specific dashboard. There the status versus the target is colour-coded and disclosed as

difference (absolute and in %). Performance review includes setting corrective measures and follow up.

E1-4 \_01-17

Table 10: GHG emission reduction targets

Scope

Baseline

year

Baseline

GHG

emissions

Current

Reporting Year

Value Target year

Target

reduction:

% of baseline

GHG emissions

Target % of scope 1, 2 and 3

Scope 2 location /

market-based Coverage of GHG (Year) (tCO

2

e) (tCO

2

e) (Year) (%)

Old SBT target (by 2024):

reduce GHG emissions from direct operations 55% by 2030 vs 2017 (CCH excl. Egypt)

100% scope 1

and2

Scope 2

market-based

Scope 1 and 2

combined 2017 562,608 390,622 2030 55%

Old SBT target (by 2024):

reduce scope 3 GHG emissions 21% by 2030 vs 2017 (CCH excl. Egypt) 100% scope 3 n/a Scope 3 only 2017 4,399,075 3,684,002 2030 21%

Revised target (from 2025)

Energy and Industry:

reduce absolute scope 1 and 2 GHG emissions 46.2% by 2030 from a 2019 base year

100% scope 1

and2

Scope 2

market-based

Scope 1 and 2

combined

(scope 2

market-based) 2019

545,386 (to be

adjusted in 2025

after fullcarbon

inventory

completion)

Will be

reported in

2025 2030 46.2%

Revised target (from 2025):

reduce absolute scope 3 GHG emissions 27.5% by 2030 from a 2019 base year 100% scope 3 n/a Scope 3 only 2019

4,622,844 (to be

adjusted in 2025

after fullcarbon

inventory

completion)

Will be

reported in

2025 2030 27.5%

Revised target (from 2025) FLAG:

reduce absolute scope 3 FLAG GHG emissions 33.3% by 2030 from a 2019 base year

100% FLAG part

ofscope 3 n/a

FLAG

scope 3 only 2019

536,389 (to be

adjusted in 2025)

Will be

reported in

2025 2030 33.3%

Our targets refer to all GHG types according to the SBTi methodology (e.g., CO

2

, CH4, N2O, etc.) and they correspond to gross emissions.

Our old roadmap and targets are based on the approved SBT in 2021 when FLAG targets and Net Zero Guidelines were not available.

Coca-Cola HBC Integrated Annual Report 202491

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Our revised roadmap and targets are based on the

formally approved by the SBTi in December 2024

net zero target by 2040 and SBT including FLAG

by 2030.

E1-4 \_18

Within our recently approved NetZeroby40

targets, we have included all relevant emissions

from all our entities from our financial reporting,

following the materiality threshold as per the GHG

Protocol Standard. We also report 100% of

emissions from our joint ventures as there we

have operational control. Our NetZeroby40 target

was formally approved by the SBTi in December

2024. In 2024 we report as per the old science-

based target by 2030, also approved by the SBTi

where Egyptian operations are excluded as they

were acquired in 2022, after setting the target.

E1-4\_19

We have decreased our absolute direct emissions

by 58% and reduced our absolute total value chain

emissions in scopes 1, 2 and 3 by 31% from 2010

to the end of 2024. All our emissions in those years

have been assured by an external organisation,

and the assurance statement is available in each

of our Integrated Annual Reports published on

thewebsite.

E1-4 \_ 20

Our baseline values are with primary data, assured

externally. 2017 was selected as we developed our

Mission 2025 in 2018. Now 2019 is selected as per

the FLAG requirements and considering the most

credible data for our Egyptian operations which

were acquired in 2022. We follow GHGP, and we

have a recalculation policy to recalculate baseline

year as required by the GHG Protocol.

E1-4 \_ 21

The only occasion where we have slightly modified

our baseline year was regarding the development

of our FLAG targets. To meet the new SBTi

recommendation for FLAG targets, that baseline

year should not be older than 2018, we had to

change our original 2017 baseline to 2019 for

compliance purposes. Furthermore, there were

no credible emissions data for our Egyptian

operations related to the years prior to 2019.

E1-5 Energy consumption and mix

E1-5\_ 01-15

Table 11: Energy Consumption and mix

Energy consumption and mix 2024

(1)  Fuel consumption from coal and coal products (million \MWh) 0

(2)  Fuel consumption from crude oil and petroleum products (million MWh) 0.47

(3)  Fuel consumption from natural gas (million MWh) 1.11

(4)  Fuel consumption from other fossil sources (million MWh) 0

(5)   Consumption of purchased or acquired electricity, heat, steam and cooling from

fossil sources (million MWh) 0.36

(6)  Total fossil energy consumption (million MWh) (calculated as the sum of lines 1 to 5) 1.94

Share of fossil sources in total energy consumption (%) 76%

(7)   Consumption from nuclear sources (million MWh) 0

Share of consumption from nuclear sources in total energy consumption (%) 0

(8)   Fuel consumption from renewable sources, including biomass (also comprising

industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)

(million MWh) 0

(9)   Consumption of purchased or acquired electricity, heat, steam and cooling from

renewable sources (million MWh) 0.62

(10) The consumption of self-generated non-fuel renewable energy (million MWh) 0

(11)  Total renewable energy consumption (million MWh) (calculated as the sum of lines

8 to 10) 0.62

Share of renewable sources in total energy consumption (%) 24%

Total energy consumption (million MWh) (calculated as the sum of lines 6, 7 and 11) 2.56

Energy intensity per revenue: 0.2379 kWh/€ revenue.

Coca-Cola HBC Integrated Annual Report 202492

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E1-6 Gross scopes 1, 2, 3 and Total GHG emissions

E1-6\_01-07,08,09,10,11,12,13,17,18,19,20,21,22,24,25,28

Table 12: Gross scopes 1, 2, 3 and Total GHG emissions

Gross emissions 2024

Scope 1

Gross scope 1 GHG emissions (in metric tonnes of CO

2

e) 342,742

% of scope 1 GHG emissions from regulated emission trading schemes 0

Biogenic emissions of CO

2

from the combustion or bio-degradation of biomass

(include emissions of other types of GHG (in particular CH

4

and N

2

O))

0

Scope 2

Gross scope 2 GHG location-based emissions (in metric tonnes of CO

2

e) 342,047

% of gross scope 2 GHG location-based emissions 7.1%

Gross scope 2 GHG market-based emissions (in metric tonnes of CO

2

e) 111,670

% of gross scope 2 GHG market-based emissions 2.4%

% of contractual instruments used for sale and purchase of energy bundled with

attributes about energy generation in relation to scope 2 GHG emissions

42.8%

% of contractual instruments used for sale and purchase of unbundled energy

attribute claims in relation to scope 2 GHG emissions

57.2%

Biogenic emissions of CO

2

carbon from the combustion or biodegradation of

biomass (include emissions of other types of GHG (in particular CH

4

and N

2

O))

0

Scope 3

Gross scope 3 GHG emissions for each significant category (in metric tonnes

ofCO

2

eq)

4,135,467

% of emissions calculated using primary data obtained from suppliers or other

value chain partners

100%

Biogenic emissions of CO

2

carbon from the combustion or biodegradation

ofbiomass that occur in upstream value chain (include emissions of other

typesof GHG (in particular CH

4

and N

2

O))

0

Gross emissions 2024

Biogenic emissions of CO

2

carbon from the combustion or biodegradation

ofbiomass that occur in downstream value chain (include emissions of other

types of GHG (in particular CH

4

and N

2

O))

0

Emissions of CO

2

that occur in the lifecycle of biomass other than from

combustion or biodegradation (such as GHG emissions from processing or

transporting biomass)

0

Totals

Total GHG emissions with location-based scope 2 4,820,256

Total GHG emissions with market-based scope 2 4,589,879

E1-6\_02

Table 13: Gross emissions percentages

Gross emissions percentages 2024

Gross scope 1 emissions from the consolidated accounting group (parent and

subsidiaries)

100%

Gross scope 2 emissions from the consolidated accounting group (parent and

subsidiaries)

100%

Gross scope 1 emissions from investees\* 0%

Gross scope 2 emissions from investees\* 0%

\*  Associates, joint ventures or unconsolidated subsidiaries that are not fully consolidated in the financial statements of the consolidated

accounting group, as well as contractual arrangements that are joint arrangements not structured through an entity (i.e., jointly controlled

operations and assets), for which it has operational control.

Coca-Cola HBC Integrated Annual Report 202493

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E1-6\_03

Table 14: Gross emissions absolutes

Emissions category

Gross emissions

(tCO

2

e)

2024

Greenhouse gas emissions from operations (Total scope 1) 342,742

CO

2

e from energy used in plants (scope 1) 196,244

CO

2

e from fuel used in Company vehicles 84,800

Coolant emissions from Cold Drink Equipment (CO

2

e ) 4,352

CO

2

e for product carbonation (CO

2

losses) 50,582

CO

2

e from remote properties’ fuel consumption 6,764

Energy indirect GHG emissions (scope 2 market-based) 111,670

CO

2

e from electricity used in plants (scope 2 market-based) 73,258

CO

2

e from electricity used in plants (scope 2 location-based) 301,897

CO

2

e from supplied heating and cooling (scope 2) 34,142

CO

2

e from electricity consumption in remote properties, market-based 4,270

CO

2

e from electricity consumption in remote properties, location-based 6,007

Total emissions scope 2 market-based 111,670

Total emissions scope 2 location-based 342,047

Total emissions (scope 1 and 2 market-based) 454,413

Emissions category

Gross emissions

(tCO

2

e)

2024

Total emissions (scope 1 and 2 location-based) 684,789

Other indirect GHG emissions (scope 3) 4,135,467

CO

2

e from electricity use of cold drink equipment 806,639

CO

2

e embedded in packaging (Cradle-to-Gate) 1,549,287

CO

2

e from sugar and Juice concentrates 1,457,043

CO

2

e from third-party transports 193,241

CO

2

e from flights 2,595

CO

2

e from product carbonation 102,799

CO

2

e from Remote Properties fuel consumption 5,922

CO

2

e from electricity consumption in rented and outsourced Remote Properties

market-based 6,315

CO

2

e from CO

2

production in CHPs 11,626

GHG emissions absolute and intensity (scope 1, 2 and 3

– scope 2 market-based) 4,589,879

GHG emissions absolute and intensity (scope 1, 2 and 3

– scope 2 location-based) 4,820,256

Coca-Cola HBC Integrated Annual Report 202494

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E1-6\_04,05,26,27,29

Table 15: Scope 3 categories (numbers don’t include any FLAG emissions, as we are planning to introduce their reporting from 2025 onwards).

Significant categories

of scope 3 emissions

Criterion for significance (Magnitude,

financialspend, influence, related

transitionrisks, stakeholder views, other

Scope 3 emissions

magnitude (tCO

2

e)

Relevance as per materiality threshold

(Y/N)

(E1-6\_26, 27)

Reporting boundaries considered, calculation methods

for estimating GHG emissions, calculation tools applied

(E1-6 \_29)

1. Purchased goods and

services

Magnitude/ Materiality to

Corporate Carbon emissions

inventory

3,017,955 Y Average data method.

For emission quantification, we multiply the quantities of purchased

materials by the respective ingredients/packaging GHG emissions

factors. We use Ecoinvent, World Food Database and IFEU LCA

assigned by TCCC among others as the source of emission factors.

In the near future, we expect this category emission accounting to

move from current method to a hybrid data method and use supplier-

specific emissions factor where available and reliable.

In 2024, we used specific emission factor for our own in-house

produced rPET. The factor was developed based on the LCA prepared

by IFEU independent experts.

In addition, for our main primary packaging materials, as PET,

aluminum for cans, glass for returnable and one-way bottles, we are

including in the calculation recycling content of materials used

(recycled content comes from our suppliers).

In 2024 we enhanced our reporting capability by automating the

report of the raw and packaging materials used in production. During

this automation process we improved data accuracy.

We are looking in the future to split category 3.1. Ingredients and

packaging emissions based on respective LCA to three main parts:

materials upstream activity, materials transport to Coca-Cola HBC

facility and materials End-of-Life.

2. Capital goods Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N Not reported in Scope 3 as this category is below materiality

threshold, based on The Coca-Cola Company Materiality Analysis

done in 2023 based on biggest bottlers’ input data (including CCHBC)

3.  Fuel-and-energy-related

activities (not included in

scope 1 or 2)

Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N Referring to latest Materiality Assessment done by TCCC

4.  Upstream transportation

and distribution

Magnitude/ Materiality to

Corporate Carbon emissions

inventory

193,241 Y Distance-based method.

Under this category, we quantify emissions captured from mileage

driven by third-party fleet, including product Haulage and Distribution,

multiplying by the GHG factor (emissions based on distance from the

calculation tool of WRI-WBCSD GHG Protocol). GHG emission factors

include Tank-To-Wheel emissions.

Coca-Cola HBC Integrated Annual Report 202495

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Significant categories

of scope 3 emissions

Criterion for significance (Magnitude,

financialspend, influence, related

transitionrisks, stakeholder views, other

Scope 3 emissions

magnitude (tCO

2

e)

Relevance as per materiality threshold

(Y/N)

(E1-6\_26, 27)

Reporting boundaries considered, calculation methods

for estimating GHG emissions, calculation tools applied

(E1-6 \_29)

5.  Waste generated in

operations

Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N Not reported in Scope 3 as this category is below materiality

threshold, based on The Coca-Cola Company Materiality Analysis

done in 2023 based on biggest bottlers’ input data (including CCHBC).

6. Business travel Magnitude/ Materiality to

Corporate Carbon emissions

inventory

2,595 Y Distance-based method.

Since 2018, we report GHG emissions from flights related to all

Company employees. We receive emission data from the travel

agencies, they use GHG factors based on the distance travelled and

the travel class (from GHG Protocol). GHG factors used include

Tank-To-Wheel emissions.

7.  Employee commuting Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N We have company owned and leased fleet, including management and

functional cars in addition to the company owned and leased heavy

fleet (trucks, vans, etc.) used for the product transportation to

customers and reported under Scope 1 (mobile combustion).

Management and functional cars are used by employees also to

commute between home and office. Fuels and energy used for this

activity is reported as part of Scope 1 (mobile combustion) and that’s

why not included here (to avoid double reporting). Rest of the

employee commuting is below materiality threshold, based on The

Coca-Cola Company Materiality Analysis done in 2023.

8. Upstream leased assets Magnitude/ Materiality to

Corporate Carbon emissions

inventory

12,237 Y Average data method.

The emissions captured under this category are emissions from

electricity and fuel used in rented and outsourced Remote Properties.

We use location-based emission factors for electricity used in rented

and outsourced Remote Properties.

9.  Downstream transportation

and distribution

Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N These emissions are moved to category 3.4 as 3rd party

transportation and distribution services (as they are contracted and

paid by the company).

10.  Processing of sold

products

Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N We sell Ready-to-Drink products, no processing required by

consumers.

Coca-Cola HBC Integrated Annual Report 202496

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Significant categories

of scope 3 emissions

Criterion for significance (Magnitude,

financialspend, influence, related

transitionrisks, stakeholder views, other

Scope 3 emissions

magnitude (tCO

2

e)

Relevance as per materiality threshold

(Y/N)

(E1-6\_26, 27)

Reporting boundaries considered, calculation methods

for estimating GHG emissions, calculation tools applied

(E1-6 \_29)

11.  Use of sold products Magnitude/ Materiality to

Corporate Carbon emissions

inventory

102,799 Y Primary data method.

In this category we include carbon dioxide used for our product

carbonation. We quantify carbon dioxide based on the product

formulations and multiply by the GHG factor. In case of carbon dioxide,

the GHG emission factor is equal to 1.

12.   End-of-life treatment of

sold products

Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N End of life treatment is included in the CO

2

emission factor of

packaging materials and therefore reported in category 3.1.

13.  Downstream leased

assets

Magnitude/ Materiality to

Corporate Carbon emissions

inventory

806,639 Y Average data method.

In this category we include emissions from electricity consumption

related to downstream leased assets, which are drink equipment

placed in the customers’ outlets in all our markets. We receive the

information on electricity consumption by type of equipment from

producers. We know number and type of the units in each market and

multiply electricity consumption by the number of units for each type.

Subsequently, the total electricity consumption is multiplied by the

country (location-based) grid factor taken from the IEA database. In

essence, electricity consumption is with primary data and the grid

factor is country average location-based.

14.  Franchises Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N We do not operate any franchises.

15.  Investments Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N We do not operate with investments

Other upstream Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N No other upstream activities are operated by the company.

Other downstream Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N No other downstream activities are operated by the company.

In the above table all CCH subsidiaries and parent companies are considered.

Coca-Cola HBC Integrated Annual Report 202497

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E1-6\_06

Scope 1 (Direct emissions in direct operations): 7.5%

Scope 2 (Indirect emissions in direct operations (purchased)): 2.4%

Scope 3 (Indirect emissions up/downstream): 90.1%

E1-6\_14

There were no significant changes in the definition of our upstream and downstream value chain

related to emissions reporting.

E1-6\_15

The methodologies and significant assumptions for calculation GHG emissions were as follows:

Scope 1: in our GHG emission factors are included: CO

2

, CH

4

, N

2

O, HFCs, PFCs, SF

6

, NF

3

. We use

Greenhouse Gas Protocol Corporate Accounting and Reporting Standard. CO

2

e factors: mobile

stationary combustion: GHGP tool; Refrigerants: IPCC 2021.

Scope 2 includes the activities under our operational control, described in our Environmental

Whitebook. In our GHG emissions factor are included: CO

2

, CH

4

, N

2

O, HFCs, PFCs, SF

6

, NF

3

.

Scope 3: in our GHG emissions factors are included: CO

2

, CH

4

, N

2

O, HFCs, PFCs, SF

6

, NF

3

. We use

Greenhouse Gas Protocol Corporate Accounting and Reporting Standard. CO

2

e factors: mobile and

stationary combustion: GHG tool; electricity: from IEA location-based; Ingredients/Pack materials: LCA

studies made by TCCC.

We are working also with the Coca-Cola System team on the Supplier Specific Emission Factors in

collaboration with key commodities suppliers, which will enable us to define value chain emissions

brought to the business in a much more accurate way in the future. This will create clear visibility of the

common interest projects and initiatives with suppliers and partners to decarbonise the business and

reach our long-term climate goal – NetZeroby40.

E1-6\_23

Coca-Cola HBC is using a range of contractual instruments for sale and purchase of energy across the

countries in which it operates. Sourcing methods employed include purchasing from an on-site installation

(on-site PPA), and unbundled procurement of energy attribute certificates (EACs), while the main tracking

instruments used are Guarantees of Origins (GOs) or contracts. For more information on the contractual

instruments per country of operation, you may refer to the 2024 CDP Corporate Questionnaire.

E1-6\_30, 31

Table 16: GHG emissions intensity (total GHG emissions per net revenue)

GHG emissions intensity (total GHG emissions per net revenue)

Scope 1, 2 (Location-based) and Scope 3 Scope 1, 2 (Market-based) and Scope 3

2024 2024

448.2 g CO

2

e/EUR 426.8 g CO

2

e/EUR

E1-6\_32,35

Table 17: Net revenue amounts for GHG intensity

Net revenue used to calculate GHG intensity €10,754.4 million

Net revenue (other)   €0.0 million

Total net revenue (infinancial statements) €10,754.4 million

Emissions intensity is calculated in grammes CO

2

e per litre of produced beverage and in 2024 it is

287.32g/lpb (all 29 countries included).

E1-7 GHG removals and GHG mitigation projects financed through carbon credits

E1-7\_01

Coca-Cola HBC is not currently using any carbon removal or neutralisation or off-setting/insetting

methodologies to meet our GHG roadmap targets. As per the SBTi guidelines, carbon removal

measures are not permitted at this stage. We commenced the purchase of a small amount of carbon

removals in 2023 and 2024, we accumulate them but we don’t use them in our carbon inventory as per

the SBTi guidelines. At present, we are still gaining knowledge on carbon removals, and we plan to

develop a comprehensive removal strategy once the formal guidelines on removals are finalised.

E1-7\_02

We plan to purchase and cancel carbon credits for neutralisation at the end of our net zero target (2040).

E1-7\_ 20

We intend to neutralise any residual emissions with permanent carbon removals at the end of the target.

E1-7\_ 21

No public claims on GHG neutrality involving use of carbon credits were made in 2024.

Coca-Cola HBC Integrated Annual Report 202498

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E1-8 Internal carbon pricing

E1-8\_01,04,06,08

Table 18: Internal carbon pricing (ICP) schemes

Types of internal

carbon price scheme

Volume

at stake (tCO

2

e)

% of gross scope emissions

(percentage

of the respective scopes

that are covered by

ICP schemes)

Perimeter description/

Scope of application

Shadow price

applied for risk

assessment

(evolutionary,

updated on

ayearlybasis)

Scope 1:

342,742

Scope 2:

111,670

Scope 3:

4,135,467

Scope 1: 100%

Scope 2: 100%

Scope 3: 100%

Applicable across all

geographies and entities,

forthe inclusion of climate-

related considerations in risk

assessment of production and

operational activities. Across

scope 1, 2 and 3 emissions.

E1-8 \_05

We employ an internal price on carbon (ICP) mechanism, to incentivise consideration of climate-related

issues in risk assessment. Specifically, since 2022, we work with an external provider to analyse various

publications and assimilate the results in terms of Euros per tCO₂e extending to the year 2050.

Thisprocess involves a top-down assessment of the required global average carbon price per tonne

toencourage the level emissions reduction consistent with the emissions pathways we assessed.

Thedata was collected from various sources including the International Monetary Fund (IMF), the

International Energy Agency (IEA), the Inevitable Policy Response (IPR), the High-level Commission

onCarbon Pricing (CPLC), and the Network of Central Banks and Supervisors for Greening the

FinancialSystem (NGFS).

Carbon prices were differentiated for scope 1, 2 and 3 emissions based on sector-specific data and

were calculated as a weighted average based on each country’s contribution to total Group emissions.

For scope 1 emissions, we used projected carbon pricing from the soft drinks industry. For scope 2,

weapplied projections from the utilities sector. For scope 3, we assigned different rates for ingredients,

packaging and other key drivers.

We assessed different climate scenarios, including Paris Ambition (RCP1.9) and Stated Policies

(RCP4.5). The maximum projected prices used in our analysis were:

•  Scope 1: Carbon price is expected to reach €81.8/tCO₂e in 2030 and €155.1/tCO₂e in 2040 under

the Paris Ambition scenario, and €38.4/tCO₂e in 2030 and €53.8/tCO₂e in 2040 under the RCP4.5

scenario.

•  Scope 2: Carbon price is expected to reach €93.1/tCO₂e in 2030 and €189.9/tCO₂e in 2040 under

the Paris Ambition scenario, and €35.1/tCO₂e in 2030 and €48.6/tCO₂e in 2040 under the RCP4.5

scenario.

•  Scope 3: Carbon price is expected to reach €227.4/tCO₂e in 2030 and €466.3/tCO₂e in 2040 under

the Paris Ambition scenario, and €72.5/tCO₂e in 2030 and €80.3/tCO₂e in 2040 under the RCP4.5

scenario.

Using the ICP for climate risk quantification has allowed us to fully comply with TCFD guidance and has

provided management with valuable information for assessing and managing climate-related risks and

opportunities. Additionally, we have a well-established strategic business planning process that forms

the basis of the Board’s quantitative assessment of the Group’s viability. This plan reflects our current

strategy over a rolling five-year period and includes the impact of climate change under multiple

scenarios. The annual operating costs of scope 1 and 2 carbon emissions, calculated using the ICP

methodology, are integrated into the financial forecasts used for the viability assessment.

E1-8 \_09

For goodwill and indefinite-lived intangible assets, impairment testing is conducted annually using

forward-looking projections which cover a five-year period, based on current operational and market

conditions. The assumptions used in the impairment test are then reviewed at the Group level to

determine whether an impairment loss should be recorded. This process also takes into consideration

the potential adverse impact to future cash flows arising from climate change risk. Such potential

impacts include the increased capital expenditure required to mitigate climate-related risks and

focuson the impact from disruptions to production and distribution due to extreme weather and the

increased cost of water, as well as managing the Group’s carbon footprint in line with our NetZeroby40

commitments. For more details, please refer to Note 13 of the consolidated financial statements.

Coca-Cola HBC Integrated Annual Report 202499

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAR1Bj8DASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDzL4i+E9b13xBBdabZefClqsbN5qLhg7nGGIPQiuR/4Vz4r/wCgV/5MRf8AxVe90VhLDxk7s9vD59iaFKNKMY2Xk/8AM8E/4Vz4r/6BX/kxF/8AFUf8K58V/wDQK/8AJiL/AOKr3uip+qw7s2/1kxf8sfuf+Z4J/wAK58V/9Ar/AMmIv/iqP+Fc+K/+gV/5MRf/ABVe90UfVYd2H+smL/lj9z/zPBP+Fc+K/wDoFf8AkxF/8VR/wrnxX/0Cv/JiL/4qve6KPqsO7D/WTF/yx+5/5ngn/CufFf8A0Cv/ACYi/wDiqP8AhXPiv/oFf+TEX/xVe90UfVYd2H+smL/lj9z/AMzwT/hXPiv/AKBX/kxF/wDFUf8ACufFf/QK/wDJiL/4qve6KPqsO7D/AFkxf8sfuf8AmeCf8K58V/8AQK/8mIv/AIqj/hXPiv8A6BX/AJMRf/FV73RR9Vh3Yf6yYv8Alj9z/wAzwT/hXPiv/oFf+TEX/wAVR/wrnxX/ANAr/wAmIv8A4qve6KPqsO7D/WTF/wAsfuf+Z4J/wrnxX/0Cv/JiL/4qj/hXPiv/AKBX/kxF/wDFV73RR9Vh3Yf6yYv+WP3P/M8E/wCFc+K/+gV/5MRf/FV33w18Oat4f/tT+1LTyPP8ry/3iNu278/dJ9RXe0VUMPGEuZHPis7xGKoujNKz7X737jZAWjYDqQRVH7NN/c/UVoUVueMZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUANjBWNQeoAFQ3UbybNgzjOeasUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAVbaF45CWXAxjrVqiigCjJbytIxC8Ek9RTfs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKuQKUhVWGCKkooAhuUaSMBRk5zVX7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUVhf8Jhon/P23/fp/8ACj/hMNE/5+2/79P/AIU+Vmftqf8AMjdorC/4TDRP+ftv+/T/AOFH/CYaJ/z9t/36f/CjlYe2p/zI3aKwv+Ew0T/n7b/v0/8AhR/wmGif8/bf9+n/AMKOVh7an/MjdorC/wCEw0T/AJ+2/wC/T/4Uf8Jhon/P23/fp/8ACjlYe2p/zI3aKwv+Ew0T/n7b/v0/+FH/AAmGif8AP23/AH6f/CjlYe2p/wAyN2isL/hMNE/5+2/79P8A4Uf8Jhon/P23/fp/8KOVh7an/MjdorC/4TDRP+ftv+/T/wCFH/CYaJ/z9t/36f8Awo5WHtqf8yN2isL/AITDRP8An7b/AL9P/hR/wmGif8/bf9+n/wAKOVh7an/MjdorC/4TDRP+ftv+/T/4Uf8ACYaJ/wA/bf8Afp/8KOVh7an/ADI3aKwv+Ew0T/n7b/v0/wDhR/wmGif8/bf9+n/wo5WHtqf8yN2isL/hMNE/5+2/79P/AIUf8Jhon/P23/fp/wDCjlYe2p/zI3aKwv8AhMNE/wCftv8Av0/+FH/CYaJ/z9t/36f/AAo5WHtqf8yN2isL/hMNE/5+2/79P/hR/wAJhon/AD9t/wB+n/wo5WHtqf8AMjdorC/4TDRP+ftv+/T/AOFH/CYaJ/z9t/36f/CjlYe2p/zI3aKwv+Ew0T/n7b/v0/8AhR/wmGif8/bf9+n/AMKOVh7an/MjdorC/wCEw0T/AJ+2/wC/T/4Uf8Jhon/P23/fp/8ACjlYe2p/zI3aKwv+Ew0T/n7b/v0/+FH/AAmGif8AP23/AH6f/CjlYe2p/wAyN2isL/hMNE/5+2/79P8A4Uf8Jhon/P23/fp/8KOVh7an/MjdorC/4TDRP+ftv+/T/wCFH/CYaJ/z9t/36f8Awo5WHtqf8yN2isL/AITDRP8An7b/AL9P/hR/wmGif8/bf9+n/wAKOVh7an/MjdorC/4TDRP+ftv+/T/4Uf8ACYaJ/wA/bf8Afp/8KOVh7an/ADI3aKwv+Ew0T/n7b/v0/wDhR/wmGif8/bf9+n/wo5WHtqf8yN2isL/hMNE/5+2/79P/AIUf8Jhon/P23/fp/wDCjlYe2p/zI3aKwv8AhMNE/wCftv8Av0/+FH/CYaJ/z9t/36f/AAo5WHtqf8yN2isL/hMNE/5+2/79P/hR/wAJhon/AD9t/wB+n/wo5WHtqf8AMjdorC/4TDRP+ftv+/T/AOFH/CYaJ/z9t/36f/CjlYe2p/zI3aKwv+Ew0T/n7b/v0/8AhR/wmGif8/bf9+n/AMKOVh7an/MjdorC/wCEw0T/AJ+2/wC/T/4Uf8Jhon/P23/fp/8ACjlYe2p/zI3aKwv+Ew0T/n7b/v0/+FH/AAmGif8AP23/AH6f/CjlYe2p/wAyN2isL/hMNE/5+2/79P8A4Uf8Jhon/P23/fp/8KOVh7an/MjdorC/4TDRP+ftv+/T/wCFH/CYaJ/z9t/36f8Awo5WHtqf8yN2isL/AITDRP8An7b/AL9P/hR/wmGif8/bf9+n/wAKOVh7an/MjdorC/4TDRP+ftv+/T/4Uf8ACYaJ/wA/bf8Afp/8KOVh7an/ADI3aKwv+Ew0T/n7b/v0/wDhR/wmGif8/bf9+n/wo5WHtqf8yN2isL/hMNE/5+2/79P/AIUf8Jhon/P23/fp/wDCjlYe2p/zI3aKwv8AhMNE/wCftv8Av0/+FH/CYaJ/z9t/36f/AAo5WHtqf8yN2isL/hMNE/5+2/79P/hR/wAJhon/AD9t/wB+n/wo5WHtqf8AMjdorC/4TDRP+ftv+/T/AOFH/CYaJ/z9t/36f/CjlYe2p/zI3aKwv+Ew0T/n7b/v0/8AhR/wmGif8/bf9+n/AMKOVh7an/MjdorC/wCEw0T/AJ+2/wC/T/4Uf8Jhon/P23/fp/8ACjlYe2p/zI3aKwv+Ew0T/n7b/v0/+FH/AAmGif8AP23/AH6f/CjlYe2p/wAyN2isL/hMNE/5+2/79P8A4Uf8Jhon/P23/fp/8KOVh7an/MjdorC/4TDRP+ftv+/T/wCFH/CYaJ/z9t/36f8Awo5WHtqf8yN2iseDxTo1xIES+RWP/PRSg/MjFa4IYAggg9CKGrFRnGXwu4tFFFIoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPE6KSiuk+fFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFroPDfiKXSrlIJ3LWTnDKT/q8/wAQ/qK56ik7MuE5QfNE9tBBGQcg0Vl+HLg3Ph6xkJyfL2Z/3Tt/pWpXOz3IvmSYUUUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPEqKSiuk+fFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAPU/CH/Ir2f/AAP/ANDatusTwh/yK1n/AMD/APQ2rbrnlue5S/hx9EFFFFI0CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPEaKM0ZroPACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaACijNGaAPU/CH/IrWf8AwP8A9DatusPwh/yK1n/wP/0Nq3Kwe57dL+HH0QUUUUjQKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA8QoooroPACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD1Pwh/yK1l/wAD/wDQ2rcrD8If8itZf8D/APQ2rcrB7nt0v4cfRBRRRSNAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDw/NGaKK6TwAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigD1Twf/wAitZf8D/8AQ2rcrD8H/wDIrWX/AAP/ANDatyud7nt0v4cfRBRRRSNAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKhurqCytnuLiQRxIMsxri77x7MZSthaxiMHhpskn8ARj9aai3sZVK0KfxM7qivOv8AhOtV/wCeVr/3w3/xVH/Cdar/AM8rX/vhv/iqrkZl9cpHotFedf8ACdar/wA8rX/vhv8A4qj/AITrVf8Anla/98N/8VRyMPrlI9Forzr/AITrVf8Anla/98N/8VR/wnWq/wDPK1/74b/4qjkYfXKR6LRXnX/Cdar/AM8rX/vhv/iqP+E61X/nla/98N/8VRyMPrlI9Forzr/hOtV/55Wv/fDf/FUf8J1qv/PK1/74b/4qjkYfXKR6LRXnX/Cdar/zytf++G/+Ko/4TrVf+eVr/wB8N/8AFUcjD65SPRaK87Tx5qYYF4LVl7jaw/rXVaJ4ktNZHlgGG5AyYmOc+4Pek4tF08RTm7Jm1RRRUm4UUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHh1FGaM10nghRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNABRRmjNAHqvg/8A5FWy/wCB/wDobVuVh+D/APkVbL/gf/obVuVzy3Papfw4+iCiiikaBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBwPju/ke+hsFbEUaCRh6sc/yH8zXI11XjqzePVYrvafKljC7v8AaHb8sVytbx2PGxF/au4UUUVRgFFFFABRRRQAUUUUAFFFFABRRRQAVNa3MtndR3MDbZY23Kahp8UUk8yRRKWkdgqqO5NA1e+h7JazrdWkNwv3ZUVx9CM1LUFnb/ZLG3ts58qNY8+uBip65j3le2oUUUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDw2ikoroPBFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAPV/B3/Iq2X/AAP/ANDatysLwd/yKll/wP8A9Dat2sHue1S/hx9EFFFFI0CiiigAooooAKKKKACiiigAooooAKKKKACiiigCrqGn2+qWb2typaNuQRwVPqD61wd/4J1KCU/ZNlzETwQwVgPcHj8jXo1FUpNGNWhCp8R5Z/wimt/8+Lf9/E/xo/4RTW/+fFv+/if416nRT9ozH6lT7s8s/wCEU1v/AJ8W/wC/if40f8Iprf8Az4t/38T/ABr1Oij2jD6lT7s8s/4RTW/+fFv+/if40f8ACKa3/wA+Lf8AfxP8a9Too9ow+pU+7PLP+EU1v/nxb/v4n+NH/CKa3/z4t/38T/GvU6KPaMPqVPuzyz/hFNb/AOfFv+/if40f8Iprf/Pi3/fxP8a9Too9ow+pU+7PLP8AhFNb/wCfFv8Av4n+NH/CKa3/AM+Lf9/E/wAa9Too9ow+pU+7PL4/CGtu4BswgPVmkXA/Wut8P+FYtJdbm4cTXeOCPup9PU+9dHRSc2y6eFpwd9woooqTpCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA8LzRmiiug8EM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooAM0ZoooA9X8Hf8ipZf8AA/8A0Nq3awvBv/IqWX/A/wD0Nq3awe57VL+HH0QUUUUjQKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA8LopKK6TwhaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigD1jwb/yKll/wP/0Nq3awvBv/ACKll/20/wDQ2rdrne57NL+HH0QUUUUjQKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA8KzRmkorpPCFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooA9Z8G/8ipZf9tP/AENq3awfBv8AyKdl/wBtP/Q2rerne57NL+HH0QUUUUjQKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA8IopKK6TwhaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigD1rwZ/wAinZf9tP8A0Y1b1YPgz/kU7L/tp/6Mat6ud7ns0v4cfRBRRRSNAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDwbNGaKK6DwgzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigAzRmiigD1vwX/yKVj/20/8ARjVvVg+C/wDkUrH/ALaf+jGrerB7ns0v4cfRBRRRSNAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDwWiiiug8MKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPXPBf8AyKVj/wBtP/RjVvVg+C/+RSsf+2n/AKMat6sHuexS+CPogooopGgUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB4JRRmjNdJ4YUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQB654L/AORSsf8Atp/6Mat+sDwV/wAijY/9tP8A0Y1b9c73PYpfBH0CiiikaBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHgeaM0lFdJ4YuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAHr3gr/AJFGx/7af+jGrfrA8Ff8ijY/9tP/AEY1b9c73PZpfBH0CiiikWFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAeA0UlFdB4YtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQB7B4J/5FCx/7af+jGrfrn/BP/IoWP8A20/9GNXQVg9z2aXwR9AooopFhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHgFFJmjNdB4gtFJmjNAC0UmaM0ALRSZozQAtFJmjNAC0UmaM0ALRSZozQAtFJmjNAC0UmaM0ALRSZozQAtFJmjNAC0UmaM0ALRSZozQAtFJmjNAC0UmaM0ALRSZozQAtFJmjNAC0UmaM0ALRSZozQAtFJmjNAC0UmaM0ALRSZozQAtFJmjNAC0UmaM0ALRSZozQAtFJmjNAC0UmaM0ALRSZozQAtFJmjNAC0UmaM0ALRSZozQAtFJmjNAC0UmaM0ALRSZozQAtFJmjNAC0UmaM0ALRSZozQAtFJmjNAC0UmaM0ALRSZozQAtFJmjNAC0UmaM0ALRSZozQAtFJmjNAHsHgn/kULH/ALaf+jGroK5/wR/yKFj/ANtP/RjV0FYPc9il8C9AooopFhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHz/AJozSUV0HiC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUALmjNJRQAuaM0lFAC5ozSUUAew+CP+RQsf8Atp/6Maugrn/BH/In2H/bT/0Y1dBWD3PYpfAvQKKKKRYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB8+0UlFdB4otFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFJRQAtFRS3EMClpZo41AyS7AAVW/tjS/+glZ/wDf9f8AGi4+V9i9RVA6zpY/5iNp/wB/l/xqxaXdtfybLO5hnf8AuxyBj+lFx+zl2J6KkNrOOsMn/fJqLvii4nFrcWikooELRSUUALRSUUALRSUUAex+B/8AkT7D/tp/6MaugrnvA/8AyJ9h/wBtP/RjV0NYPc9el8C9AooopFhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHz3RRRXQeKFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUU4IeNxCg9zUqrEME5b68CuSvjaFH4pa9j0MLleKxOsIad3ov69CDknAqpf6pZaYuby4WI5xt5LfkOavXTYiwpwMYIHGfr615t4rk8zUlTPWuSjmft58tOOnmerUyBUKfPWnd9l/m/wDI3n8b2jT+Va2s0pB5ZyEGPUdf6UjeJLyVW2RxRg9Dgkj+n6VyGmxbnZ8Vpu5VcCvRuzzfYU1si7c63fSKA1264/uYT+WKzpL83RKT3DyHtvYn+dZF9eEMUB5qhbl2uByc5pGyiktC3cRGOYj+E1HVq8zhaq0DCu18AJdRTyXVtCWzxuOa4oEd+leueA9RtYtJ+xxkK79GqJy5TSnG7NwW99I0xeXaSOBmvIte8PXUGpTtI465+8K9jubnyriMBt6tnJNebeKpy2qShjxVp3RnJWkcxHPq0SeXFqNygHZZ2H9a1bbxBr0TqWvFlUfwui4P1IGf1rNVo9xwOTTivl9SPzoTIcIvdHTQ+L7xOLiyhkJPBjcpj8812VhG+oWK3cSlVboj8H/D9a8rtN91drBEAXJ7nAr1HSdYGn2kNhMq70wGwc0+Zon6tTl0JZraeD/WxMo9ccfnUVX/ABdJI+mQmIlDkEFTgjmvPNZ8R6lo90gR0kQg5SRc598jB/WqU+5zTwjXws7SiuT0/wAe6fcfLeRSWrf3vvp+Y5/Sunt7mC6iEtvNHLGejRsGH5iqTTOadOUPiR7R4H/5E6w/7af+jGroa57wP/yJ1h/20/8ARjV0NYvc9Sn8C9AooopFhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUhIHUgfWgBaKbvT+8v50b0/vL+dADqKbvT+8v50b0/vL+dADqKbvT+8v50b0/vL+dADqKbvT+8v50b0/vL+dADqKbvT+8v50b0/vL+dADqKbvT+8v50b0/vL+dADqKQMD0IP0paACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPnqikzRmug8UWikzRmgBaKTNGaAFopM0ZoAWikzRmgBaKTNGaAFopM0ZoAWikzRmgBaKTNGaAFopM0ZoAWikzRmgBaKTNGaAFopM0ZoAWikzRmgBaKTNGaAFopM0ZoAWikzRmgBaKTNGaAFopM0ZoAWikzRmgBaKTNGaAFopM0ZoAWikzRmgBaKTNGaAFopM0ZoAWikzRmgBaKTNGaAFopM0ZoAWikzRmgBaKTNGaAFopM0ZoAWirNrYzXQ3gBIh1kbgfh611mh6VZxIZFVZZhz5jc4+np/Ok3Y6KOHnU8kc9Z6BfXah/L8qM9C/BP0FSzeH72Nf3aqMdw2TXZE5PJqvcXUduhLsif7zYrCtRdVWcml5Hr4WFLDu/Ld92cEdOvImOYc0145FHzIwx7V2ttqEMxLB1YexzRdC3uImGwAkcV5FXKoxTcWe9RzVydpHCuQ8Z4GR615h4jJbXWH92vT5o1WWQAd68+16z26uzkcPjFc2XJQrOJ0Zm+ehcq2SeTCpx1qpf3/lqQOtTXN0IIyM9uK56eczvk9K+iTPlLDXYyMXJrS0y2LjeRVG0t2uJQoBxXTW0AiTaBjijqIpXybY81nngVpaiflxWWcnAFAxyqXcIOSa9P8ABXhqeaCGWVTGRk815pbyLFcpIeinNel6b4t1WWGGSFCLdeCQTWVRpbmlO/Nobmto1n5EYIzzzmvLvEV6Tq0gY16R4guDPBZTMMsQSa8n8QMG1WQ54qoyViai94pm5Jbintc7upqlkLikZt2MVZKNKz1F7S4Eqfe6CutgsdZ3Wuou5MMrAnDZ715+pw49MivZbCVpvCVgqyFMf3frSbNIm14pnWPRbdwcEgfe4ryjxPMlxcIRLnFdn47upP7Os7cnd8p615ZfPunPHIoTIluMZQN3epbO8urCXzbS4khf1RsZ+vqKqbm6g8Uu5sU7iPa/Afx0n0Wzg0rXNOFxaxkhbm2O2Rckk5U8NyexX8a970LxHpHiWyF3pN9Hcx/xBeGQ+jKeR+NfDKu4PWtHTdb1PSruO6sL6e2nj+7JE21h/wDW9qlglbQ+6aK8m+HvxWl1PRIP+EiGZxhTdRRYDe7KOPy/KvVbe4huoFmt5UlicZV0OQaAJKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOb8UeJG0lVtrQqbtxkkjPlj1x6155cXM93KZbiZ5XP8Ttk1d8QSvN4gv2kzkTMvPoDgfoBWbW8VZHjV6spzd9goooqjAKKKKACiiigAooooAKKKKACiiigB0ckkMgeJ2Rx0ZTgiu58LeKJbudbC/cNIR+6lPBY+h9/euEp8MrwTxzRnDxsGU+4OaTV0a0qsqcro9pooornPbCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA+ec0ZpKK6Dxhc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkooAXNGaSigBc0ZpKKAFzRmkpyIXPHA7k0pSjFc0nZFQpyqSUYK7YIjyuqRqzOxwFUZJNdLp/hwRYlvxucciEHgfU9/p/Oq+iNHbX8e0ck43Hqa6qWQKCd2W965qGKhXvybHsPK5YdJ1t+3Y8/1xdYu737PCTHAOFC8ACtDwrLqdm0lvPllHfNb8rowMmAWHaoNNvGd5U2DnpXQWan26BoiZOJFHAriL2C4124ZpZGEYJGK6wWKXN35j8Z6DtVO6tUsVZY9uevWkwsc2un3ekDdbudtb+nXZ1CzDsMMODWWby/uJ/KeH9161oWjC3XZt2g1L2LgnzIwr4MLp4wK47xPEABM3G2uy1Ek6i/YVyfim2a4sXVTXzVP3MWfS11z4U86vJ2nfagJHtRbaZLM43DArXjggsgu4AvVpLlB93FfRRZ8nLdhbWcdsgwozU0g7DrSiZSOOtQmQEsSeaoncoX5x8uCaz8sFAAY/hXovhnw9aa1ZyO+C69eK1n8D2wbO0fTFAzy6wsJb+8WCHCknkk4r0O3YaBY/2S+yWQ4+YHP8qnbwclu/mxfI3qKzZNLlguwxzNLuHLVjVhzI3oz5WWPEt3Pa2Vqj4xg45rzLUpTLeuxr1HxZbrItvFcIRIV4GMivLtUj8u9dMYNUo2SFNptlLOcU4Ckxhfehc8+1WzO2gpHNeu+GoZLvw5p0cL/MASfzryJTl1z0Jr2PwdcwyacttboA8KnkVLHB2ZU8aFbmaK3wd8an5sV5Xck/anB9a9RvL1r83CsmHjOC3evNtVgMV/LgcA0IJPUz8npRupSpBFGKZIm41IDll+Y5J5qPvTiMjIBOaaA9W0HU4E0m2063CliuWb6VpReP9T8LXYXTrgsuctFKuUf6j+owa8u0HVhpVwXdc5GBWpe3ovNtxwoY8VEnqXFaH1B4M+I2keL41hB+x6lj5rSVuW90P8Q/Ueneuxr4svzd2McFyGaMAhkliY5Ug8EEdDXr3w4+OMU3laR4quMPwkWosMA+gl/+K/PuauxB7rRSKyuiujBlYZBByCKWkAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHnvjTR5Le+OoxKTBOfnwPuN0/X+ea5WvanRZEZHUMjDBVhkEVz114J0m4kLp50Gf4Y3GP1BrSM9LM8+vhHKXNA82or0L/hAtN/5+br/vpf8ACj/hAtN/5+br/vpf8KrnRj9TqnntFehf8IFpv/Pzdf8AfS/4Uf8ACBab/wA/N1/30v8AhRzoPqdU89or0L/hAtN/5+br/vpf8KP+EC03/n5uv++l/wAKOdB9TqnntFehf8IFpv8Az83X/fS/4Uf8IFpv/Pzdf99L/hRzoPqdU89or0L/AIQLTf8An5uv++l/wo/4QLTf+fm6/wC+l/wo50H1Oqee0V6F/wAIFpv/AD83X/fS/wCFH/CBab/z83X/AH0v+FHOg+p1Tz2tzwvo76pqaSMpFtAweRscEjov4/yrqofA2lRuGd7mUD+FnAB/IA/rXRQQRW0KwwRrHGowFUYApOfY1pYOSleZJRRRWR6IUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHzvRSUV0HjC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlSxw5QyNwo6e9Z1asKUHObska0KFSvUVOmrtleadLdAz9/uqOrVJayNIAWwO+B0FZV8d94K1LMcCvmMdjZ4jTaPY+9yvK6eDjfeb3f+XkaVpMY7uFveu0Fv5qK5PzEVwg+VkY9jXeRTf6LGRySo5rtyeXxI585WsWYV3eWyagLbJWQ9yOK0NOht0nLyEc1BqWlWmonzM+XKP4gOa59NK1tL3ZFdK0HYlwK9w8M3NW1hLVlggyzseMCufv8AVbi31BYbqPCEA7q37HS4bJhc30vmTLzjrUeqppWqqUlLKw6MFpNhewy01i18nc5UAVLb6npmpXghVgr9sVyF5oojJWC9O3sDgVPoGk29lc/aJZt8meO9LccZO6L3iK3ntb3cV3xnoa47V5Ge0lODwK9C1m78yxViBgVxviBrdNKkbgEivnMTFwxWh9LhpKeG1PJrq8kkdhnoabDcOJAASaRbV7iVyg4zzWva6WkZDHrXvLY+Vn8TJoWZowTSyvtUH1qZkCjAqncthSB1FUlYhbHWfDXVCt9Pbu3BxivTHvEArwjw1emy1mNwcDPzV67LOGiVgw5GetMbLl7fIIzWJaytPqUWwsQx7imXVwNuCwzTLK5MJLq+Cv3afQS3DxReNPqDWzrl0wAa8z8QWE0V8zyLxXZavqDteNcsd0prLnuTfsfOUGpKZxiwM+AopZLZ0Geea7a10OKbEgAAHWq0ltb/ANoNDtB2daYkceIi5AwePaun8N+IZvDgl2xmQPx3qxqFtBaWTyLCuRisRtVAjCCEAHvSY76m0uvSyzTSJAf3hycA1m3Mq3YkzAQxPoa19H1BLa3dnt1kZumafPfRkealmgbPQE0gOUkghhIDRuD/ALhqBjbBurflXX3d+b2HmxjXjqCa5S6TZLzEo/GgCMG1z1b/AL5pQUVcLTQwPHlr+dWraxWc4Dc+lK40ivhH+8OaUyOsezP7s9BWjFZGO48oqNxH8fFVrm2Nu+5ipHoDQ0O5uaJqEN9aHSr3GzGFY+vasbUdFm0u5KOC0XZhzVETfNuUlWByMV1Om60l7aC11AbkIwH6mqbJsdL8Mvi3eeEbhNK1RpLvQScL3ktvdPVfVfxHcH6dsL+01OxhvbG4juLaZd0csbZVhXxhqHh+WEGW02vB14PP5V03w9+IWp+Ar1UlEtzosz5uLY9VJ/jTPRh6dD0PYhAfWNFVNL1Sy1rTINR064S4tJ13RyIeCP6EdCDyDVugAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD51oooroPGCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKcq5yT90damc4wi5SdkjSlTnVmoQV2zO1fUxpdn5uzfI52xr2z6n2FalkztpCPIxZ2GSTWD4ki+0Wu4gZToB0Fb8Q26XEv+wP5V8zmGL+sQTW1z7jKsvWDlJPV21ZhzNuvq2bQfKKxkG+9Y+lbVtwK86p0PaiTyHCiu304b7CIj0rhpjha6vRLxH05QZAGXPU16WVz5ZM8vNqfNFMW/dLXJkBx7CqFrdWk93tWNh/wE1tSPbXAHmFGA9WqaCysoxvXyw3bBr6DnjsfPqOmxVeK3TlkJH0rOu5rKCXyjagg98GuieOLySZHQD61mTCzdvmdD75FJTje1y4rXY5K/jsJZtrRbQe+DTLLTolnXybtj7ECt28tLa5OxAh981HFo8dvh1QA+1WnfqQ+XsUNbSSKwCs24fWuG8TybdLbB4xXfeII9unDK5Nec+Lm26aAOhrxcR72KR7OG93CNnMaUMwtgc5rTVDWfpS7bfPc1pbxXro+dluxkiVk3pKoTWpI5PSse/YnimJlS3kaGQSDrmu3j1qaS1XaTwK4VOB81dT4caO4i8pj8wpiJ5tVnJ5zTY9VnAxzWtLpsbrlQOKYulLn7ooAyJZZJzk5p0QMbZrWksAo4FTWemLMwGOvSgCnDqLQIVwcYqvots1/eSyhOWPWuh1LRlttKkm28qOTWh4H0ojSUuSM7s4oAjm8GSanp7RhsMcVx2t+DJNJZRJukP0r2BdTgscrKQKx9T1WzvSyKA52nk0AeUEeXDgOEI7ZqjPqrxPtDbhVfWTnVpwD8ueBVEKS2cc0hmsNdYDaUqo9yt5PkrgVVKEnrinICCecGpaKTNG30iW+fFumceldPpvhY2vlXc52v1K1W8DXpivGDHPHf6V0WpalvYjr6ZoSBnH+KZfMv8A5ONvHFYJ3EfMxNa2sqZLkODgnqBWaQBxRYEyswPatfQ7UXcU0anD9V/Ks4xZqxpN61jqHmDoOCKpAye01a90u5eIuWCnBU10Mep2eoWTCS1BB74NZGtQQXTfbbUABuX7Vo+G9gs9jj5fU0xG34C8fTeAdaZMyS6HcP8A6TagfcPTzEz0YcZ9QMehH1HYX9rqlhBfWU6T2s6CSKROjKa+U7nS7WcMfLUg12Pww8Wnwle/2VdSE6NO/f8A5YOf4h7HuPx9cywPoOikVgyhlIKkZBHeloAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD50opKK6DxhaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBJJFijaSRtqKMk+grNtdeFzIYzGUjz8uev1NRapfxM5tdx2qfn9z6fh/P6Vi3GoxAlUAHGARXLiaSrR5Hsetl8nhpe16nS36me2KpyD3rYl/d2UY/2R/KuO0rVQziB36nvXY6gQLdMf3R/Kvl8XRlSah0PtsLiYV48y3MK3/4+ZDWvacjmsm2H7x2rZtV44rmqs6oiS8tg1XklkjXbGxAq5OmBmqcucUU5OOqYTipKzKT3dyh2iRqkg1a8QYMrGopkwMg81DjHWur28+5h7GmuhuSapcTW2PNNZbzTM3ErClTJTFMdfep9tPuP2NPsTW11cRP/rjWn/bF8uB5zEViRJ82cZq8rEj1o+sVY7SJVCm3ZpEt5qd1dp5bPxXHeMW/0FRXTyIDyRzXL+LlJsAfSt8LOU6ycmc+KgoUJKJg2BxbLVsN61QsDm3WrbHjivpkfJS3Elf0rIvWO6tF2x1qhdRmT5lGRSQinn5a0NJuXtLtcHg1nc9Mc1Ztkkchgp4piO9W7yF561biuFPeubtpmaAE9RVhbll70AdAWRqv6dLGsg6cVygvD61LFqLRvnJoA7vWWSXw5cYxuwKr+ENXht/C4VyAUz/OudbWGks5IixIYVz9hcyxxTW28gZ6UAdDresC8mIiesm3uninJLE8GqeFjlznn3pjyl/9WMmgDA1YFr+RveqwX/ZO31xW3/Zct3cOxjbHb5autpUrWvliFR7k0Ac0VBHtTOM5FbJ0K+/1flLt7HdUZ8P6h08lfwakxor6e88Um+A4Naf9ryyfu7hT9aZp+nXdtMRImK0pLFHXbIoz6ikgZk3kivBuT86oi2lmj8zGRWtPpruwRcCMH1q80EEdqYo2waYHLoSDt6UjBFc+prai0yBiWkbJ+lDabbNkhcGgZkJMSPKLHbWhZ3xtk8pc4Heom0pnbMbn8BViPSbpUySAB6nFMDZsdTSQeXISAO9SPf28EpZpARmsB1dF2bvyqBbGeeTZHbu3uQalge8fCb4lx3eof8IvqMv3v+QfM3f1iJ/Vfy9BXtFfGdr4a1SOSOZG8l0YMro+GUjkEHsa+pPAniVvEOgR/anB1G3VUucYG444cAeuPzzQI6iiiigYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAfOWaM0maM10Hji5ozSZozQAuaM0maM0ALmjNJmjNAC5ozSZozQAuaM0maM0ALmjNJmjNAC5ozSZozQAuaM0maM0ALmjNJmjNAC5ozSZozQAuaM0maM0ALmjNJmjNAC5ozSZozQAuaM0maM0ALmjNJmjNAC5ozSZozQAuaM0maM0ALmjNJmjNAC5ozSZozQAuaM0maM0ALmjNJmjNAC5ozSZozQAuaM0maM0ALmjNJmjNAC5ozSZozQAuapane/Y7X5CBK/Ce3qfwq27rGjO5CqoJYnoAO9cJf6q19evNyE6ID2Xt/n3qZOyN6FPmld7IlNsz/xVBLpcpGRzSJcMe9WobqbfknK1md5lNa3Fq4kVTkV2mi642oaebeYfvVGOazFkMyEYBpLTba3O8DGetcmLoKrC/Y7sBiHRqeTN21/1h9Aea3LcYWsC0mj3HB+91ret3VlABr5irSlfY+up1Iv3iWVSy1TmX2rTygX5mH51SnMRP31/Os4wn2G6sF1M6RMjpVGQENitWSSBRywqhOUL5DDH1rdQn2M/aw7kkKnbRKOKsw+WIQSw/OopmiA+8KSpzvsDqw7ldeDVuMg1nPMM8EfnVi3mUnrTdGfYFVh3LUi1yni3/kHtiuuyrDqK5zxXErac5FaYJONZXRhjGpUnZnJadEfsqk1JM23pUsP7u22jriq0hz1r6nzPjnu0QSSE0kFxEhw/SmysvTNQbIz1NULobEVpY3HzcA/Srq28UY+RRWPa7V71pw3H5UAO3BiYwMGmncKlhi8y63L0q41sAM460AZmWpdz5wORV823GcCtHS/Dd1qkhMabIx1Y8UAYImdThc59qms9K1C9vlNrA5LdSQQPzr0Gy8JaXp8f2i6k346gjmunsL6yewkt7GJYgBw2OaAPM38Iyo+7UJxHjshDU4W1na/u7e2EhH8bZFdSlrE00jXT4APLnrUFzbQyoZIo98I/jbg0Ac2091nYp2r6CowJHOGy7emK249Ma6lVLUmTPtwK0byCHw7aBlthd3z8Ant+VAHOrZvHD50zCNfQmolnmmYiwtmkC/8ALRgVFb2n+G5r5v7Q8QSExnlYOoFbE9zDHp0ttbwrFBjiMUMDzC5ubk3LJPKd2eg5H51C85jGEOakvFxcsAuxSelQLCblzHHjI61JSG7mbktQYznGc+9NMEltyfmHfmtDS9OudXuhb20ZwTy3agGU0Q79qhm9gM1rw6Iwg8+8k+zxf3RyT+Fdwun6X4Y0gqYFuNQ2/wAXQH61wqW+peJtVEYd+vJxwKaJIJr63t28rT4Nx6b8HJ/Crll4V1rWEE05MUR/vcGu+0LwdpGi3KS3BF1P3DDoa63WbZGt1dFCx47UwueW2/hWxsgFdPtEn+0MVbuIJbSFfLgMS9wFrfWW3gkM05BjXke9Zuoa7famxMEYihPRQaAMSVt2GVcHua0fDevT+H9ahvossg+WaP8Avoeo/qPcCq0qt9kaSaMIRxkHrWYGKctQB9P2t1De2kV1buHhlQOjDuDU1eW/CvxMCz6BcP1zJak/my/zb869SqSgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA+cM0ZooroPHDNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKOByTgDkn0oCxz/iq+MVqlmhw0vzP/uj/E/yrllQDGa3L+0kvbuSdh948DPQdh+VZ76XID98fnWTd2enThyRsVwyrT/te1cRj8BUiaeo+/JVu2NpZjLQrI3qaRZHavcyDKRFD61qLZOmGuZQo68EGqU2sSEYjARfQVQkvJHPX9aLDvZaG41zBA2I3Ln3GKVNbuS3DcD3rnPObdkmpBOE6Vn7GD1sbLEVErczOtTUGuFwSc1FIWPRjXPwag0ZyDWjDqKtwzYNHsodiXWqN7k7+Ye5qDcTOFJNWd4YZD8VThDSXOc96apw7FqrPuaZztCgmqszN0yavlNqjB5qrNu70/Zx6IXtZPqVFP1q3bbietQL1q5boOop8keqGqs11CaWVBwTWDreoymyKPXQzJkVxviKQgbc1Do097D9vUta5RfU0CY74qk1+zcVTzzS8GqZz9SVpix600yH1puyk21VxtEqTOOjVdivmUDmszpTgTigR1On6golGTWyLld52c56n1rgopmWQEGu/wDBb2d7cYuTl0+6nY0COl8O+G/thFzfDbF1SP1rr7y5t7e1FrFCqhR8u01nm98iMtjMo4VOy1XVgW8xhlj1NAFK5+0XMwedjx93FTW0jQEBT15qwxB4C/L6VWZBkleG7UAYura/FcXZgjGDH973ptleal4gl8iCQx2o+8ewqjeeH7i41xXt+Y2P7wniumRYLWEWGnjyU/jZf4qANjTGhsytjaAAfxyD+KtGaazhZUKiQ+prEXyLSFUg/wBdjk02LcevPvQB0MkYnAJPyY4FYl5CV3LjjFXbaRgAGYkVbvIllgJVcmkwPJtatDFKW96x7cubplRtpHU12niWzLW7FR8wNc3o2iT6ze7V+QRn52NSykaWmaFJq3DHagPLH0rudHSx0wfYbNVJ6eb3rFu5EtLZbK0fCKMM46mmaSJkl805EXoaaBnXajoqXNpmRxuP8dLp2mWum2vl26AuR96se41SaRvKVz5Y/hrQ0u+H+rZuaohkUzSW1zwxJrdgvX1LSmts/OB1qKXTxcoWA+fFZFrNJpl5g5weDQI42eaWDVrqxmc4SQAZ9K2WhSS2Q202Ng5qh47sntbtdWgXMcn3j7muZtdZkT5C5UPQNGtqWoPgx+bkAioNxZAayplzOSshZScnNaMb/uFagZoWF1PY3sF3bvtmhcSI3oQc19IaHq0OuaNa6jBwsyZK5ztboy/gcivmaN8EZr0v4TeIBDqNxocz/JcAywA/3wPmH4qM/wDAaTGj16iiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA+b80ZooroPIDNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNGaKKADNZWvah9jtViU4eU/ko6/0/WtWvPNe1A3msTMp/dxny0+g/wDr5P41M3ZG1CHNK/YtHUm9ahN5u/irJ833qRXBrJHci+Zgf4qYrsc5qupz2qygzimMTDOcUGFhVkAIOOtG8GgCoUIqN1cVobFNJ5O88CgDP3MopUaQnOSK1TYqy9BSixBHIxQMqx3UiDGc1qWM6vIM8VUFjg1MIRGcjigLnRLtcDBzVaZetU7a88s8nirnmLMuVNA0yttwau2wwlVCctgVchOEo16F+o6QZU1wfiYhZytd6eRXn/ig5viMdKbsQ7mRDZyTLuWrKadjl2pbaSRYCF61HLJMfvE1C1E9BZIo4+nNQEA9qTzGz0Jp6xyv0Q1QCpbq/U0slhKg3LyKVYZ+ymrkLzxnDLkUBcyQMNh+DW1oGoNp+pxSA/Kx5plzZiddyLzWdETFIM9jxQB7ZHP9qCy54Iq1GDiuc0W4abToTnjHNbMFw3Q0CLyjBqNtzSbVHWnI4ZgM8mqd3frBvEZy/Q0APvbr7Ogt4gN56tUcBWOLcT89Zi75HLO3XnNXrdPMXec4oYE9vMzycitOMriqcUSjlauogAqRMljbBrXtZ49qhu4rIRacH2MBnpQNIh1+zW7ZkjX5T1rnLy4g0i2SxtSBKfvsK3dX1NbW2bDfORxXnMssl1dcEtI5podjcsS97dbc5jU5JroJ7xJI1tkULEveqOn2q6dZrCf9Y4yTTZjgbR0HSmDZcwjkf3RRG8kcwZe1VLd23fMOfStKNd3IoJOr0fUkljCOfmpNZsEl2yx9xmuahl+zPuU810VheC8iCMeQKAOf1a2N9pEkDjOzpXnj2CBxnjFet3cAVnCjKsDXn+p2EsU74ifGeMKaTKRgtGqMe9XtMt5b6UwRIWYUJaXU7BIoCT0OeK7Hw3p8ujkymMGQ+tMGZUvha+t4RLIvPpUmmadqNjqUF9bnbNbyLIn1Bzg+1ddNezz8uck/w1EEbkg4oEew2d0l7ZQ3Uf3JUDgHtkdKnrk/At+ZtPmsnbLQNuXP91v/AK+fzrrKkoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA+bqKSiug8gWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAqarefYdLuLkHDIny8Z+Y8D9SK8uJIrtfGVyBbW9qCMuxc88gDgfnn9K4tgfSspvU78PC0L9xASasRHHWq65B5qyg3DipRsWoWXNW0XFZ8abTzVpZ6YFkg00hvSmrNmp1kDUANjjLdauhVUCoAQO9OLjsaAJS57U4Oar+aB1qYEEcUASB6jaQd6Qq3pTChPY0AL97pTlldTkDAqPDr0Bp0W4n7lALubdhLbXWFlO0/StdLCELlJAa5qNOOflqzFd/ZxneTXFXo1HrTZ6GHxVNaVImtJakE4avOPFcBh1Nge9dxHrELthm5rk/GS7rmOUchq58M60alqh14hYeVJypblPSrYGBncdavtZWzdQKyLS8dIQo6d6m8yWXoxr1euh4r1NAWdmn8INSItupwqA1Xt7WWTnJq95EVsMueaBMd5cJGdgFNaGA9hVC51EBtqVnSX0x6A0CN3yoR0IrF1WyVT58I4Paq4vpR94kVZt7sSAq/wAwPrQM7Twavm6SFYjj3roGzFjPeuX8KsUtJIY4N3PXPSuiUswIc/MO1AEkl0sEDSE8jgVloJGxPJ93BJpmoXALCPt3qO5vz9h8pfvNigDS0aCS8Dvjgniukt9Kct8ozWRolwtrYrxwK2o9RNzsjgbap6tSYB9kVHIG0SfWmMpQ8c1Dq91p1lKEjnaWf+L5aS0uvNUHrnpSHYtb+PSql9dx21uzE/NT5Xwx3HpXL6jcm5vxCxwvei47GbqmotdMfn4FWfD1mgSS9mHyj7uaW80OFQrLIOSKs3bi3to7KIYC/exTQ7aD2ummk3Z47U4ThmCk8etbmiaHaXGn/a7iUJEPXrUU66NJK0MLk+h20zNlIMCAVbirCTbR1rLnRoJTH/yz7GkNztwCaBmwJQx5NWra7a3kDKflPQVzwuirAZ5NdX4d0t2xfXgxCOQDQI6PSrd7lhLdrth6jNXNWW3ltitpCv1qlcat9qAhiG2JemKjS828HpQBmwWiwNkxguTV1oNw6YqTcrvuUYzVyK238k0mUjL+yhTmmtGc8itSZVU7QM1zmp69aaPqEVtdcLIcA/jihAzofDd99g8QW+RhJj5LH/e6frivTa5CytNHhsEu3ZCSu8HPSunsbuK/sYbqFt0cqhgaGCLFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHzZRSUV0HkC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAC0UlFAzzrxXe+d4glUEFYVWMEfmf1JFZKShuKddu11dzXDLgyyM5A7ZOarldvSsHvc9WKcYpFornpQJClQpKR1qXKtSDclE5NKJuah2+lJmgC2s9W4pulZWanST3poDXEuRTlfNUUlGOtPWZfWmIukg0sc2DVQzr600zL60AbKTpjmpRdRntWGso/vU5rtU70AbRnjPam/aUXsKwJNS29DVN9UY5waAOlkvU9aiaUSj73Fcx9rnkPyqTT1lvCQNpwaANto3J/dnJqjq7zG1AkBytX9OEqEbxyavTRRXKbJQDmolG5cZuOhzOn2hliVzzk9K3LezCjJHFWLeyht0AQgY7US3AX5B1qk7E6PUc8qJHhBzVJ7eWdvmPFS54yASaa88gGdpA+lFhaka6UobJOamGnKB2NVxdylvlBP4VMiXrjckZx9aLBYrz6Qj9FFV/7FmTGzpWzHZ3rruYbRVn7NIIt6yliO2KaQWK2lanc6PBIkS5ZhitLSdTZw/nH5jWG8lw77fJIPrVm3t50YO6kZ9KLBYu3Eu+Ymm20f2q/CA/KKmeFRCWP3jU+jxLFPhj87dKLBsdJaWqG3Mee1ULm4+wWc3lkFk961kjCJlT25rg9cjuLbUZQshEbnpUSdilqamna9ZSI0tx/rfcVc0XVVurqQDgE/KK42OLdkHtW1pEotbpZAOOhqE7jeh2JIJbP3VBJNeeX+pM2pSyA8E8V3eqXC2WgTH+OXGDXlVwSC3PIPFUNLQ6KzvJL2dNznanWtiNRcXIYt93r71zehZEZJ79a2HlcKQjYIFVEcrWSN2VjcwokblUHGAetOC/ZcB4xn1rH0bUI2k8q4+8OlW9R1XdlHXA9aq5nYt3M8UsWGABx1zWFJID36VQnv2lfYCQuetKu6V0RclmPSgGdL4b0t9Qug8n3FOea66+vSj/ZIThB6VmWTf2RpK5+WVhTLYtOQ5OWPWgRqWziNOetSmXJ61UZvLqH7RzxQBuW86jG6rz3mEJBwK5+J/lyxxVW41ImYW6N8vrQB0NtfGWRlx9DXH6voMt5rvn6s++FTlFFa0t79ktwAR9c1UTUI5AXn+8v8RNAF54pZ7ZYVYrbrwi5r0nwKksHh1baUY8qRtn+6fm/mTXn2hY1KXzXO2Je5r0jQLuDzDaREHCZB9cf/rpMaN+iiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD5qoooroPJCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKq6lII9MumLFf3TAEepGB+tWqo6wR/ZkqEZ3kKPzz/Ss6suWDZ0YSn7SvCHdo89eD0FV3jZeorclh29qhMQk4Irz6dfufT1MAt0YhTNIpINac1jjkVUaHHaulVYyPOqYecXsNDcU44pgUilPBxVmFhCppQ2KQk9KMg0xMkExFKJ8VDimmi4rFrz80zzWJqFasRoRyaYgBk96cYZHHWpA4AqZHXI5oArR2DyHk1dh0q3jOWG6neeiDg81XlvyAdh5oA0GWC3X5Nq06KXPzlRjtXPNM9w+GbNa9sxKDcP3Y70bgaIdhGT0btUe+VgWK8jpUZnBXcBwKnsbxNzhmyF56UXsBF/pUy/vF2v8AwiprfT7ll/0j71TQzfbNSSZW/wBX1XFaMMhnumct8i9arQbQ+3tY4IhlQTT7mJGtsyIDUktxb+WB5gDHpTPOh2hfMzSsMhtLWDGUQA1aEfljf2HbFIikSjA+WrJbClnwBRYCpJdxFSA2D6YqKKMiy+UncT6Uj28fmeapBHpmie78nHIAoAlSF41HIz9KfFlskAYFVotRhmbb5g3DtVPULlrVRLDJwe1MC3eRnYZFPPpUGn3IEjM8nzrWa2rNOuOhxzVGKVRdglsF+goFY76y1lGYRyd6g1+GG5VZ0Gcelc0zyDBVsEV0Phq8hmu/s2oJ8rfdyalq49jGWHJyqn8qUDyCGcNjI6jFepJYabC4SOyV/fNV9bsbSSwbNorbeTg4qeWwORxXiW5R9EtdjfeXmuFm+Zq6DxHeQzBYbVdiJwK51WBdR3oNI2N7Sk2Q1oOhZAR1qraYWJauhxgUEy3KMkDRSB4zh+tRXM9zO371qu3AAO5TVFgD2yaBEARk5HNbPhu2lvNQDIMqnNZj5CccVteFrl7VpWXgAdfwpoTNrWL92uPIbjaKNLuGxyax5Zzc3jysc5NaVt+7FMk2ZJS3emrhVqskuRzTHmKHA5oAty3BCEZxWZGWjdnkbkVT1G9ZWCqfm9Kz5r12hJZuTQOxYuNTaaYqXO0GltJZdUvEgjOI4/vH1xzWBJKVUnu3FbmkSfYrPC/62TGTQI7W1vFjgMcfyRx8E+tXfCGvE+NbKPzP3cjNGR65BA/XFcXe6hstltUbAIyze9O8OXSWGrWd67/6qdHOfZgf6Uh2PpqiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD5popKK6DyRaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBapaoQbRUJGTICPyP+NXKztWGEgPqWH8q5cY7UJW/rU9LKI82MgvX8mY00O4VUaLbzWixyKrSrkdK8SE31PtZRZmzP2qBAHOCKnlicMSRxSonoK61JJHO4rqN+xKwqnNZsgLVrqhxTLgblIxRGvK9jnq4SnKJhjB470wqwpI8m929s1svpwZQVPau6VZR3PJhg5VLuPQxxmhlBrUi0aaeTZGMtVk+F79f+WP61nLEU49RLCVuxzxUjvUiyMK0rnQr23GXhIFZzIyHBBB960hUjLWLuZToTh8SAyGkaYr3qN93pTRGW61o2zJRQ/wC0E96bvJpjQ4pUQ9e1NO24ktR8EW+XrityKZQQmdp9KxrYKZPvYq3I21cyj5uzCi1gLVxIqtiPiSmrHLDavM3GajtE3nc7bl9asTzGeMwL90UItR6svaI6q7yE9RQ09x5rbeEY1l2lw1tkfwipxqanKsmPQ1V0JonuQx2tz8vvU0V02wP3FZz3oDBexoF0YVKYBB75o1FaxtHWLtV3FgEFNjvZ9TOFfbXOyXJZSpPHpRHqDxDcp2N6U9QOkkjji+WS6O70xT5rAz25CXGSB0Ncul7I0/mM+5vStYXkQj3yTkyEcDFICnawS21y5dthB65zmjVNRe5K44UVBJI91cct8o61XuX3sAOFoAu28wbkjtUUgyqtHy65ojGIgp4qzpWxdRiEoyjA0AS6XfpJ+7mOHHrWjJefZgsg4KuAD+NY89qP7TnaEYCmlkux9kKSA5yDSGe42Mpk02KZSCSo5qO6uf3biQ/KymvOtO8T3p0xIlyqKODSS+Ir+4BjeU46dKVybGLrTK15KIzwDWPER5wq7qAIbcTknrWarYlFIZ0sUu2IYqYXHaqELZiBNOBzJQBfeXcuKpNLg07JJqvIDmgaY+SckYrd0yRLfSnf+Jq5wqa1om/4lpB49KAbLdnN8wY9DWv9pHauct8+WozyK04pgoBbpVIhmrHMTSzOACc9KrJcKVytU57o5kGaYGbd3TSXjc9KdCvm5DVm+cPPdie9ON4yMNppMsdPGftXl9gc1fjnJkyDwtZS3Ba7Yt6GpIrjarc8ZpIhrU05XZsyMeKdbXQd1jBrMmvR5QTPGKNNJ+1qSeKTKbsj7Ds5fPsrebOfMjVs/UZqasvw0/meFtJfJJNnFknv8grUoAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD5nopKK6DyhaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSigBaKSrtrpGoXmDDayFT0YjaPzNZ1KtOlHmqSSXm7FRhKbtFXKdFdLbeDbl+bm5jjHogLH+latv4T02HBkEsx/22wP0xXj1+IsBS0UuZ+S/4ZHbTyzET6W9ThasQ2V3ccw200g9VQkV6NBp1lbYMNrChHRggz+fWrNeTW4t6UqX3v9F/mdkMm/nn9yPPovDeqygH7NsB7u4H6ZzVyPwdfHHmTwKPYkkfpXa0V51TifHS+Gy9F/m2dUcpw63uzlU8FjjffE+oWL/69WE8HWQHz3Fwx9iB/SuiorjnnuYT3qv7kvyRssvwy+z+ZgjwlpoHLTn6uP8ACpf+EW0v/nlJ/wB/DWzRWLzbHP8A5ey+80WDw6+wvuMkeGdJAANqT7mRv8aYfC+lEk+S49vMNbNFSszxq/5ey/8AAmP6pQ/kX3Iw28KaYTwJl9g9Rt4P08jia5B/3l/wroKKuOb45bVX95LwWHf2Ecu/gyI/cvXX/eQH+oqtL4NuQf3V3Ew/2wV/xrsaK6YcQ5jH/l5f1S/yMpZbhn9n8WcFL4V1SM4WOOX3SQf1xWHrWkalHFFusLghSxZljLAZx3Fes0V0S4lxU4clSKf3r9SsNgaWHqqrC+h4KflJDAgjqDTJF717vcWltdrtubeKZfSRAw/WsW78F6Hdg/6IYWP8ULlcfh0/SnTzqm/ji1+P+R63t090eOlFfrUBh2nivSbz4aDJax1A+yTp/wCzD/CuevvBet2ZJNmZ0B+9Ad+fw6/pXp0cww9XSM189PzDng+pzC0xhuOKszxPA5SRGRhwVYYIqvuAfJ6V3wepM5x5TnANmo4/2q6dPuL9K5mUgalntmugV8RL9K6MT0OPL5ayLEUrW84YV19ldi5gBBBIFcVv3EZrU0u8MMoU9DXm4ilzK56tObTOocCSPDoDWRqGgWN6OI9jeorWiPmAHtUhwv3TtrhhXnTejNp0adRe8jgb3whdx/8AHu3mL6dKy5dGvrcfvICMV6muG6Dn1pXjBB6Y+ld9PNJrRo86rlNKesTx10ZDhoz+VCxO4yikj6V6pLpOnznNxGrZ/Cnrp+m2qbRbDHrmuxZnBrY4Xk0r7nkrJzggqaQySJERuzXY69ptm7FoPlPpiuWn0+bOxUODXbRxEZq7OGrgalGVlqUI7iXONx+grUCSxKJSjYPtV7SdEEbh7hM966KeVJoREYQFHHSs6mMjGVkdFHLpzhzSOMcnIA4zTJw7INrcitK9tY/tygrhKux2FqVJIGMetdVOamrnBWpOnKxzanzPlJ+YVFIsm/lq2Lqxt4svG/zelZlztUg7uK1UjMh8pifvUoiIHJq1aQ+ewCnJrQOmqo+anzCMZVbzRitCcKY0HcUSQLE+R0qJjv8Ar6Um7gRxS+XvXuahkGQCT0qVUCv/ALRq1LpzfZBKwwaAIw7G3BIqzpoka9j8s4c9BUKvvgC4wB3rW8K2y3ur7Tzt6GgDpbHw6LuUyufnYc1ZTwFJM5MvzD1xXZ6HpixwAbOf4jWhJqAWTyLGDzG7jNQxI8v1nRv7Et8McpXPm5TzSAK7X4jyTHTx5sPlNkZwc9685i3ndLg7fWp1LJ71hJEWArJUfvBWtHmSF1xzWZtIk57GqJNiL/UClBw1OhUmFeKURkt0oD1FUkmo5Ac1bhQE0kkX7zbjmgTZTweK2YogdODDoBWe0fHStLT5A9q8RPQUAinCxBz2q9uzHiqUJVZWRzgZq+oUj5TmmhMlhYhKguFLEkd6ehIbHaphHvYgUwOXvIjbyZJ4JqMtkKa6HU9LW4t/lI8wdqx5LOS3iUyLiky7lIkicn2NOhyY2570rj94D2PFW4bRssAKBdSgwLMoq7ZRSx3CsUO2mSW5SUMO1aAuHSIHI/KkxtJo+qPBz+Z4N0hv+nVB+QxW3XPeBG3+BNFb1tEP6V0NAgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPmWiiiug8oKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoopURpHCIpZicAAZJobtqwsJRW9YeFL26w9wRbRn+9yx/D/ABrprHw9p1jgiHzZB/HL836dBXh4ziDB4b3Yvnl2X+e35nfQy2vV1asvM4my0e/v8GC3Yof42+VfzPWugs/BqjDXlySf7kQwPzP+FdXRXy+K4lxlbSnaC8tX97/Sx61HK6MNZe8ylaaRYWWDBaxhh0cjc35mrtFFeDUq1KsuapJt+ep6MYRgrRVgoooqCgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooArXmn2eoR7Lu1inUdPMQHH09K5bU/hxpV2rGzkktHPQffT8jz+tdlRXRQxlfDu9KTX5fdsS4pqzPANb+GniPTr3zo7UXttn79sdxH1X735A1X+yugCspVhwQRgivoeqOoaNp2qri8tI5T2fGGH/AhzXv0OI27RxML+a/y/4YyjRdNt02eC+SRQpZXDDtXo2rfDp1DSaXc7/wDpjNwfwYcfmB9a4a90290u58m8tZIW7bxwfoeh/CvosLiMHjF+6ld9uv3GU8TXp7o2bK932wUHmpmuj6Vg2k3lS8n5a2xllzXQ8vo7kvMq3QlS+C9qc+pNg8VUYc8VGUOTVLAUexDzGsMn1WT7dHH2NWDduASeax5wVvFY9Qavtkp+FaRwVHsR9fqvqZOq37g8LTdOJukDECqWrkknBqxo7bYgB1qlQgtEiPb1G73N2IMGAwKmlxtzsFMjAKg96dOcJjdzQ8PT3sWsVVS3OR11mSfI4rMW9mCY3GtTXVLP71mRQZ+8KpRUdEcs5OTuyI3DvwxqpISz7Sas3UBiO7+GqoBZ1A5JNUkQze0eMJHvIrQclutV7fENsqkYJp7SYXJqiWI0Kv1p0GmxB8nmiE7zxV1SsIyetBJG2nW+/dgU2UgoU420y5vRziqOZZhgGgCrcW7hzsPy1o+HJn0vVIZW6OeaYlnM3DVFdwzREMucqaBo9fu/En9nwRRAYSUfeqo2uvpcLLA486Xue1cf9sbVtBhtif3y9/xpl3p806QNNdFHT260DOglJvHH22TzUPLA1lalZWohKwgDNSWoU3UcYuM7uCMVPrlh9iukUOCtJgcpDZvFcMSPlNZl1CY7hhjjNdc7oSqBRnFY2pW5yGx9allDrMbrQHuKvQWhlYLnAFZ1iT5ZWrwutjKo4z1NCFPVnXaH4Qivj500wSIDqam1DwtbIxFtdK/vis0ahLJZpawyFU7kGtG1toxGpDsB65pkWOQ1aB7G5MDrnHeqlnKwlYDvWz4mKtqRCPuX1rFj3KylRz3oGitcb47ok9DVu0nY8Gp7m2FyoZOWA5qpEpRhxQBpZPUVYt3YN8xqqjFgKsqwAGF5oERX0OZFcMeDmrd5El3pgdQMgVFIPMjIJwcVXtrpoVa3Y8UAYcqjGMcip4bjYoJ6mrMsOHPydaqmELJ83C9qAJpsNgiomYvHtxVoR4jDdqlWBW5A4oA+nvBKeX4F0FduP9AhOPqgNb1UNCtxaeH9NtgMCG1ij6+iAVfoKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA+ZKKSiug8oWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWikooAWnIjSOERSzMcBVGSa2dL8MXd+FlmzbwHnLD5mHsP6muy0/SbPTUxbxANjmRuWP414OYcQYbC3hD35dlsvVno4bLqtb3paI5XTvCNzcYkvG8iP+4OXP9B/niursdLs9OTbbQqp7ueWP41cor4rHZvisY7VJWj2Wi/4PzPcoYOjQ+Fa9wooorzTrCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKje4hiz5k0aY/vMBTUXJ2Qm0tySiqx1KxU4N7bg+hlX/Gm/2rp3/P8A2v8A3+X/ABrRYes9oP7mT7SHdFuiqn9q6d/z/wBr/wB/l/xpV1Kwc4W9tmPoJVP9abw9ZfYf3MFUg9mi1RUAvbQ4xdQnPTEgqZWV1DKwZT0IOaycZLdFi0UUUgCiiigAooooAKhubW3vITDcwxzRHqrqCKmoppuLuhHC6v8ADuGTdLpMvlN18mUkr+B6j8c1zb2l7p032e+t3hftuHDfQ9D+FevVFcW0F3CYbiJJYz1VhmvoMDxFiKFo1vfj+P39fn95y1cLGWsdGeSMnOaQjiuy1TwfhWk05s/9MXP8j/j+dcnPBJA5iljZJFPKsMEV9lg8fh8ZHmoy+XVfI8+pSnTdpGLeJ+/Bq1n91n2pl6MYpEbdAK7bN7mVjnNXOM07SX4FJrQw+KZpRA4paDszqIH+WnTHIBqGHhM0SNlMd6foUjD1hcuDVJwFUYq9qudoNZ8oIwT0pNoyknfQjuITNDgVWs7FxcB3HArWtwCADT54mizsGRUpCv0IJpVWUegqRWEi9KoeYckMtPt7gq21hiqA1oSkSZIqtdXikFQeaguLsbNqnmshmllmG3JoEakEDytuY8VqRxIo6c1Ws0PlDdwa0IJrZZVErYz0oECQuR8qmo2VmIRgW9eKt6h4gt7EBIUDMayh4tdcgQAE9aaQ0aNlHJZzkAYDdBWpviM3lvESR71zcOvtcnfKuCvSrLakrZkB+f0p2GdDA9lFKHePG33qtq2rabLPmPLEe9c9NetKTzgms6dSjlicUmBqS6qrz5VMAe9OivkvYpE/iPSufVyuSec02xuWhvVcfcBwaloa3NmzufKm8thyODV2VWjYsRnniqF7HtuFnQfK/Oa0Ek8+FGHpzSF0Nu2jMdolwFzkcitFNSt4rfO7tXMx31xAhVJNw7DFNkvZ5UKEDH0oEOuLj7Zfs4Py0nlndxUduhU5Iq7twcjpQJjrY7Dhu9RX9m9uRNGNyN+lPIJ5FXLS9jMTW83J9+1A0ZsRxhQevNWkNQTWsluzOoJjJ+9RHIOuaAZc4xVaZAJBIop4lUjrTgwxtIoEaMNlFf2uUxvAzWLPAVkMUi4NX7S4azkDKeCelbkljBq8JmjwJfSgDkYZPs8myQZQ8Vq2+mPdTRCyIPmOEA+pxVa+sZbVis0RFX/AttLc+ONHt4ZCEN0jsp5+VTuP6KaBn1CqhVCjoBgUtFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPmKikoroPLFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopKKAFopK6PRvC015tnvd0MHUJ0Zv8BXNi8ZRwlP2laVl+foa0aE60uWCuZFhpt1qU3l20ZbH3mPCr9TXbaT4atdO2yy4nuBzuYcKfYf1rWt7aG0hWGCNY416KoqWvgsyz+vi7wp+7D8X6v9PzPocLl1Oj70tZBRRRXgHohRRRQAUUUUAFFFFABRRRQAUUUUAFFFV7q+tbJd1zcRxcZAZuT9B1NVCEpvlirsTkoq7ZYorm7vxlZREi2iknPqfkX9ef0rEuvFupz5EbRwL/sLk/mc17OH4ex1bVx5V56fhv8AgcNTMsPDrf0O+JCgliAB1JrPuNd0y2/1l7ET6Id5/TNecz3dzdHM88sp/wBtiahr2qHCcFrWqN+it+Lv+Rw1M4l9iP3ncz+M7FMiGCaU++FH+fwrPm8a3TH9zaQoP9slv5YrlqK9alw9l9P7F/Vv/hjjnmOIl9q3obUvinVpM4uFQHssY/qKpyavqUud19cc9QJCB+lUgCTgAk1Zi02+mGY7O4ceojJFdqwuCoK/JGPySMPa16n2m/vIXmlkOXkdj/tMTTK04/DmryjK2bj/AHmC/wAzVhPCerN1ijT/AHpB/Sk8xwVPR1Yr5oFhq8vsv7mYlFdCvgzUiATNbD2Lt/hT/wDhC7//AJ+Lb82/wrJ5zgF/y9Rf1HEfyM5upbdxHcxO2dquCfpnmug/4Qq92/8AHzb59Pm/wpP+ELv/APn4tvzb/Cpec5fJNe1X4lRwWJi01Eo3IWVG+UVyF9C0E52Ej6V6M/hjUNrHzbd2PJwxGT37VkX/AIO1WUExwxufaQD+dfN0cfTjK3tEfcyVCpFN2OOi1bU7ZsQ391GP9iZh/WtG28Za7BwuoSt2/eAP/MGluPCOvwNltNlb/cZX/kTVGXSNRthun0+6jHq8LAfyrt9ph62/LL7mc6o076HRW/xE1aIASx203uyEH9Dj9K17b4kQtgXOnuvq0cgP6ED+dednPTFAHNZSwGEn8VNfLT8hew7M9Tj+I/hksEuL17VycATRN/MZH610NlqVjqMfmWV5BcpjOYpA38q+adfGJlzWpobMtkjKxBBOCO1Y1uHqDhz05teuv+RyRlN1XTPoyivGrTxVrdgQI7+V1/uy/OMfj0/CujsfiRKCF1CxRh3eBsEfgev5ivGrZPXhrG0v68zq9lI9CorDsPF+i6hgJeLDIf4J/kP5nj9a2wQQCCCD0IrzalKdN2mrENNbi1S1DSrTU4tlzECR91xwy/Q1doop1J0pKcHZrsS0mrM8y8QeFr2w3SRjz7b++o5X6jt9axILKXyjlele0Vyuv+FDcxvPpTLFcYyYTwj/AE9D+n0r6jB8SVGlCv8Af/mYLB0m9dDx3WbaXzT8lM0m2lf+Cte5tp1umtbyJ4rhThkcYIrZsNJjihwD1r3ZZg1E3hl0JdTOVfJTnk/WqT3HzGrmqaTPBmSPLCsVXBJyadPFykrobwNOLFu/3sf41Feqnlrt9KmfBiqpNnaBXVQrSk7SPPx2HjSV4j7UfMAa0XUBcHms+1GXFajr8mTXZayPLluYt5ApOVGKzH3K26tu4HJz0rOlwxKkYoEijLKCM55qxpw3S5xkVV+z7psOcLWvaWaxRBo23UmUW7i5FpAXIploNts1/J0xwPSsq9ne4ulgY4QGtCS4VLNoSeMcCmmBjSytLMzMc5PFMwM5pxQ7jgcUpUAAd6q4Do5Ai4pVlfeOaruMuMdKlRcAN2ptgaqgiMNUd9IViXfyTWrY2sc9mGJ6CsnVGRpVQDAFZ9QILazkuz+7OF71bks4LO2ZS+WPTir2ieVHbOZOvaq1/IZmZQPlXoasCLT7kXVubWQ/OvQ1oWQKs0bnFc1HOEvUdDjB5rqQFvIFnhOXH3gKhiZIVxlcfjQEzUqFZYQV6jrT1GOtIQiLirkeClQ7e1WYU+XBpoBNoxVO5hwwdDgmtHy8jioZUDL0ximNElpqCwxiKddwPrVXUoI9xltjlfQUxsMMntUO8wybgcj+7SYyj55R8jOfSrMd2zHkUStFcPu27OcGpk0+PH7uYMaQD/ODDmrFpqk1jIrxElR1rPkt54j0yKrtK6DGMUAehx61pmr2RW4CrIFqx8JrKC6+I7TRglbO2klB7ZOE/kx/KvMVLEbkY5PavcfgTphj0zVtUdfmmlSBc/7ALH/0MflQB65RRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHzBRRmjNdB5YUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAUUZozQAVJBBLczLDBG0kjHAVRU+nabc6pciG3TP95z91R6mvQtJ0a20mHbEN0rD55SOW/wAB7V42a5zSwEeVazey/V/1qd2EwU8Q77R7/wCRn6J4YhsNtxd7ZbnqB1VP8T710NFFfnmKxdbFVHUrO7/L0PpKNGFGPLBWCiiiuY1CiiigAooooAKKKKACiiigAoqC6vLeyiMtzMkSerHr9PWuY1DxoBlNPhz/ANNZf6D/AB/Ku7B5bicY/wBzG679PvOetiqVFe+zrJJEhQvI6og6sxwBWDfeLrC2ytuGuXH93hfzP9BXE3eoXV/Jvup3kPYE8D6DoKr5r6vB8LUoe9iZcz7LRffv+R5FbNpvSkrG1e+KdTu8qkot0PaLg/n1rGZmdizMWY9STkmhVZ2CqpZj0AGSa2LPwvql3hmhECHvMcH8ute7/sWXw+zBfdf9Wef+/wATLrJmNRXcWnguziwbqeSc/wB1fkX/AB/Wty102yssfZ7WKMj+IL8359a8jE8UYWnpSTk/uX46/gdtLKasvjaX4nndtompXeDDZy7T0ZhtH5mta38F3kmDcXEUQPZcsR/IfrXcUV4lfijGT0ppR/F/jp+B3U8qox+K7Obg8GWEYBmmmlbvghR/j+taUOgaVb/csoj/AL+X/nmtKivJq5njK3x1X99vwR2QwtCHwxQyKGKBdsUSRj0RQKfRRXE227s3StsFFFFIYUUUUAFFFFABRRRQAUUUUAQz2ltdDFxbxSj0kQN/Osu48J6Fckl9OiUnvESn/oJFbVFaQq1IfDJr5jTa2PPtZ+E2l6mA1vfXVs46bgJF/Lg/rWVH8MNU023aO3u7e6UE4zmNj+ByP1r1aiu+GcYyEeXmuvP+rkRilPnW54rfaBq1gS1zYTqq9XC7lH4jIrNxXvlZ97oel6jk3VjDIx6vt2t/30Oa66WddKkfu/r9TpVbujxLFXLHWNT0og2N7LEoOdmcof8AgJ4rvL/4dWcuWsbqSFuuyQb1+nYj9a5fUPBus6fkm2+0Rj+O3O/9Ov6V6NPHYWuuVtejNFOE9GbGmfEmVdseqWYcd5bfg/ip/wARXaaZr2mauubK7SR8ZMZ+Vx+B5rxVkKkgqQR1BoiYwyrIpKsDkEVhXymhUV4e6/wF7GL2Pe6K4LSvFV5Fbr5jfaFHUOfm/P8AxzXR6d4o0zUWEfneROTgRy8ZPseh/nXhVsDWpX0uvIynRlDcm1nQLLW4Qtwm2ZP9XMv3k/xHtXA6nb3mgXAgu0zG3+rmX7r/AOB9q9SqC7s7e/tntrqFZYXGGVh/nB96vCY6VH3Zax7f5BTquDPPraSK4h/eYINc5r+hxgGe3YDvgVseJdA1Hw9me0Lz6ef4v4ovZvb3rkmuriXJaQ49K+nwlp/vKUtDplUjUWxQiaQMVYdKjn61bKfNuJ5qpc9a9jDy5p2PLx0V7O5JZcvWvKv7qsix/wBZW0/+rr0UeA1rcgt7IT53VnalbJByKty3xtRxxWJeag1y/PSmCIpIC8e9etS2dwwgaNuCKbC/YninOAVyow3pSZRj3DN5zMDzmprecvxIcmmXUDo+7HWqoypzSA1iMcgcUz5cbjUMF4MbXq0yqy7gflpoB32YNb7xUIUswTFXclLUCnWsYlnUAc1VwNCx3RoI/UVnasvlyAYrfECCVcHBrO1pDHIMkH8KhAZFrcSxRttBNRXV3cFDnjPtW5psyQwuWQN+FZmpXXmO/wAoCHocVoBjxDMoJ71q6bevZTrtO6M9RWdasDcjcOK0IIQ1yWUdf4ahiZ1IaNZFubflG+8tTsFC+bD80bfpWJbytavheVPUVrwgMoeFvl7p6UhE8cRJC54PNWwuBxVXGxgynIParkDB+M00A6MdaTyi+doqXaAamt8F9o6d6YI5zUH+ykqTg1kPfFiCTmvSv+ERsb5Ptd1cBYxz9fauI1u1txeyLbQmOP8AhOaTKKUMi3HAOKlMDpyshrOgR7aTLcjNanmBkyOlICJpZhwWJqrJLLk5q6BkZxxVWVAcmgBkckpUkV9V/DnSzpHgLSYHGJZIfPkyMHLndg/QED8K+a/CmjHXfEmnaUAStxOqvg8hOrH8FBNfXigKoVQAAMADtQAtFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAfL9FJRXQeYLRSUUALRSUUALRSUUALRSUUALRSUUALRSUUALWno+i3Grz4T5IVPzykcD2Hqadoehy6vcZOUtkPzyf0Hv8Ayr0W2tobO3SC3jCRoMBRXzmdZ5HCJ0aOtT8v+D5feelgcA63vz+H8yOxsbfTrZYLZNqDqe7H1J9as0UV+fznKcnKbu2fRRioqy2CiiipKCiiigAooooAKKKKACignAya5vVvFttaborILcTf3s/Iv+P4fnXThcHXxc+SjG7/AC9TKtWp0Y803Y37i5htYTLPKscY6sxxXKan4y+9Fpqe3nSD+Q/x/KuYvdQutQm826maRuwPQfQdqrV9rl/DVGjaeJ9+Xbp/wf60PDxGaTn7tLRfiTXFzPdymW4leRz3Y5qKtHTtCv8AU8NBFti/56vwv/1/wrrtO8I2Nph7nNzKP7wwg/Dv+NehjM4weBXI3drov6sjmo4KtXfNbTuzjLLS73UWxbW7uO7dFH4niumsfBSLh764Ln/nnFwPzP8A9ausVVRQqqFUDAAGAKWvk8ZxLiq3u0vcXlv9/wDlY9ejldGGs/ef4Fa006zsF22tvHH2yByfqepqzRRXz85yqS5pu78z0YxUVaKsFFFFSUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAUdQ0bTtUXF5aRyN034ww/4EOa5DVPh3kF9MuvpFP8A0Yf4fjXe0V00MZWofBLTt0KjOUdjyMWF/pUnk3ts8R6AkZU/Qjg1FNaJNIfQivX5I0lQpIiuh6qwyDXPah4QtLhvNtHNvIP4eqH8O3+eK9SjmsW/3is/wOmNdNWkee2XjLWPDN0LeRjdWnQRTHoP9luo/Ue1eiaB4z0jXwscU3k3R628pwxP+yejfhz7VxviTwzctbkzwYdfuuvKt+P+NecyJJby7WBVgeK9OWAwuOhzw0l3X6mc4dUfTDosiMjqGVhgqRkEV5d4y8Eyaf5mpaTGz2v3pYF5MXqw9V/l9OmX4c+JOo6WUttSDX1qONxP71B7E/e+h/OvV9J1rT9btPtGn3KzJ/EBwyH0YdRXkOli8qqc9rx/B/5MxTaPBEk3iq91wa9K8ZeB1i8zVNIiwvLT2yjp6so/mPyrzW76Z7V9Vl2Kp4i06f8Awxli3zUWOsOZK3nX90KwdO5krfY/uhXtxPn2YOqCsEnBrpNSXIrnHGCabEiRJKlRsMOaqg1LEpLUkNmiY0lTkVQl0+PsauxEjipRCDyRTEZA04E9a0bawEgCA9TVkQjsK0dNiUNkjpUVJcsblwV2Z+o6f5RVFPQU7TokVSdp3irlzIJpn4zg4qSKNolG5MZ70U3eNwm9Sm7SLlpGxzxTtTDXFsj4ySK347SySFLmX95H37Umpy6bNbotmm3A55zVC6HCmSSJ2j3bQaz5vMZsE8Vt3tuyTBjzms6+jEKqe5qluBWt3WOQFhXQWawyOrYxmudtlElyqnoTXY/Zlht4WXg4qZ36DTXUnSztw2SaeLOOJmlScbc9Kgdm8tiOlUVklU7t+RnpWHLK5V4nQxXEG0AsM1YRAU3Rnisu2QSsre3SgzvFccNhB2rVXW5MrPY2YpPz71etgGfcBwawW1BARv8AkB7+tatjdJIAAwIFO5FjVV5mbyADs+tY+u2wB3ADii9v5IJyyA7eec1mXF01zbtmbLelFx2MO7VR371NBzEAaYbfewzzU6xlO1O4WFxhcVWlX5asmo5FyKQz1P4F6F52qX2typlLaPyISR/G3LEe4UY/4HXutc14B8P/APCN+DbGxdNlyy+dcevmNyQfoML/AMBrpaACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPl2ikoroPMFopKKAFopKKAFopKKAFopKKAFopKKAFrW0LQ5dYuOSUtkP7yT+g9/5VFo2kTaxeCJMrEvMkn90f4mvSrW1hsrZLeBAkaDAH9frXzueZysHH2NF/vH+H/B7feelgMF7Z88/h/MW3t4rS3SCBAkaDCqKloor89lJyblJ3bPo0klZBRRRSGFFFFABRRRQAUUUUAFUtR1S00uDzLmTBP3UHLN9BWRrniqGxLW9ntmuBwW6qn+Jrhri5mu52muJGkkbqzGvpMq4eqYm1Wv7sPxf+SPLxeYxpe5T1f4I1dX8SXeqExg+Tbf8APNT97/ePf+VY1OiiknlWKJGeRjgKoyTXX6R4NA2zam2T1ECn/wBCP9B+dfW1sRgsqoqOkV0S3f8AXdnkQp18XO+/mc3p2k3mqSbbaIlQcM54Vfqa7PS/CVnZ7ZLrFzN6MPkH4d/xreiijhjWOJFRF4CqMAU+vjcw4hxOKvCn7kfLf5v/ACPaw+XUqWstWIAAAAMAdAKWiopbiGEfvJFX2zz+VeDGMpO0VdnopN6IlorOm1iFB+7RpP0FUm1q4L8Iir7DJr0KWVYqp9m3r/VzojhaslexvUx5oo/vyIueOTisqWcXdvw7BvQGst9yLjupFehHIWlepP7ka08G5bs6remcFgOM8mjeDB5yEMmM8HrXOtdma2Yvkt0H0qrBfz2rCNHJgUY25rqjk+Ej8V38xrAyZqy6+qOVW3Jx3LY/pUJ8QSH7sKfiSax538+RpFGAxzimxqQeaP7OwqekfxZ3xwVFRV4m1/bd1szshH4H/Gon8QXKjhYv++T/AI1nOfkxmoFj3Yyar6lh/wCRFxwtHrE1P+EhvS2AkJ/4Cf8AGrkOsXTDLxxY9gf8axlRVOR1qcy4Tnij6jh39hCnhqL2iah10ocNEpPs1PTXY2+9CR9GzXOSvlic0qltuRUvLcK/s/iyXgaNtjql1e2IBO9QfUVLHqNpKCVnXA67uP51zIc/Z19cUy2Yr5ikZzWcsmoS2bRzPBQabVzr4p4pgTFKkgHXYwNSV4zqNrdwanNqNiGjkhf5scbh3rsPDHik6rbg+a3mDhkY5wfxqJ8OTa5qU0/VW/zPF9raq6bR21Fcnq/i250hifskVwgPI8zyzj68/wAqhsvid4cuCEuJ5bNycYljJXP1XI/PFebVyjGU1fkuvLX/AIJbqRi+Vs7Kiq9nf2eoQ+dZXUNzF/fhkDD9KsV5zTi7MoKKKKQwooooAKKKKACiiigAooooAKKKKAEZQylWAIPBB71yHiTwBY6yjSWhFrc9Rx8h/Dt+H5V2FFbUMRVoS5qbsxqTWx8/an4S1fTJjDcwFR/C45Vvoao2txqGg3izW80lvOvR1P6H1Hsa+i5oIriIxTRrIh6qwyK4fxR4DF5C8ungMwGfKJ5/A96+kwudwq/u8Qkr/cV7sl5jfC/xKtNSZLPV9lrd9FmHEUh9/wC6frx7jpWf8QPBX7iXWNKj+UfNcQIO3d1H8x+NebzWE1rePbTRsjqcEMMEV13h7x5e+HPLtbsNdWAwNhPzxj/ZP9Dx9K6Xl88PVWIwPzj0a8jnr8qg1I5bTjiQVvnmIVq69oFhcR/8JH4dkSXT5TmeJOPJb6dhzyO30PGYMeUK+jwmJhiKfPH5p7p9meFVg4SszK1AcVgSxjmt/U2wK515Bk5NdDIRDtwasRYUZquzUCQ0IbL1vLulwa1Mrs61gRSbXyDVxbhipGelMRpKRitPTbV51bb9wd656OYkDnqcV6BoVl9j05Z5OVYZxWNZc0bGtPcfDpEK2gDYye+Kl/sqJNj+WWz2zUn9v2EancucdFzWtp09vqSCWJgNvUVqvd2M3uVRaWz2HlSWpAPvWQ/h+KJiRCwRveu1eNzbghQfwqndO03yMAoXpxQhnE3HhhZ4W8lSZB05rjtd0a7sRiVD8tezxBIYfM28965bxHYw6pbTFTl15xVLcDynTkLX8YI713t1Cot4h6Cue0/ToUvEIyea7G+tx5a7fSpmBhTDbAw9azk5bHvWnfYjXB4rOjHz++agDXg/dKuPSoWKv5meCDUqZwufSoZVHlOScMe1JsaGFQ9rluaqxvPaDfA5x6Gp7dv3exulRzrhc5+gpXHYlOumRAtwvPrQrwXLZEoPsOKzHXcDuXGKgFqJRvVip9AaaYNHSfu1XCioztrnRc3lu21ScD1qT+15x1iNVcVjZIFdf8MvDreIPGVuZVzaWX+kzZHBwflX8Wxx6A15wNYfvGa+pPhX4cbQfB8E1xFsvr8C4mBHKgj5FP0HOOxJoA7eiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA+W6KSiug8wWikooAWikooAWikooAWikq4lkUs/tlxlIm4iXvKfb2Hc/hUTqRha/UqMXLYqVa06wn1O8S2gGWbkk9FHcmq8UUk0qRRKWdyFVR1Jr0zQdGTR7IKcNcScyv7+g9hXl5xmkcBRutZvZfr6I68FhHiJ6/Cty1p2nwaZZJbQDgcs3dj3Jq3RRX5nUqSqSc5u7Z9PGKilGOwUUUVJQUUUUAFFFFABRRVe9vbfT7Zri5kCRr+ZPoPU1UISnJRirtibUVdkssscMTSSuqIoyzMcACuG17xXJd7rawLR2/RpOjP8AT0FZ+t+ILjWJdvMdqp+SIHr7n1NZABYgAEk8ACvuso4fjQtWxSvLoui/zf4I8DGZi6nuUtF37hWto+gXeruGQeXbg/NKw4/D1NbOh+EC2251MEL1WDuf97/CuyRFjRURQqqMBVGABU5rxHGlelhdZd+i9O/5eo8Jlrn79XRdilpmj2mkxbbeP5yPmkblm/H+lX6q3eo2tiv7+UBuyDlj+FYlx4gmnytqgiX+8eW/wFfKQw2Kxs3Uet+r/r8j6TD4OcopU42X4HRSzRQLulkVB6scVl3GvQpkQIZD6ngVgOs0zbpHZ2PUsc1LDbD+I17FDJaUdar5n9yPRhgacNZu5Ym1e4m6ylR/dQY/+vVbzwepP5VrWtvp3HmqCe/FXZINI28IM/SvapYanBWgkinXhTfLGJz2/jKkn8KQEk/cb8BXTWlhp8n3dorR+yW0EZICN+Nbqj5mM8ck7WOPjZ05G4A+1WXCSwFgo396uXUsJnO5Aq5qvKkcY8yI/KazatoaqpzWdipZcLJlcf8A6qz2G2ZiOK1UZCcDqRWbMpW4YVz1tlY6KTbk7jFbPJp2RTCMU3NYXOpK45jmm9F4oNOC/LRcbQxGbfkmpZJRt5qAghjSNyKdxKOo9AHYelaKRxhANorNhB3itEOBgGqTM61+glwAkPyjHIpqL8wI4yOaWdg8RA7GmJJ8gq0zNX5TKv8AWILa6+yyxj51K5/SuLNxJ4a8TLJGT9muDkgdOwre8SQ/6fC+3PyE/rVC/wBLa70kXkvIXG2vTou0bHyOOvGuy147Mlzp0F1budrADI9Ca4AWw8pgepOa9B0mdNQ8OTWso3tDgAenBNYENjGgkkkHH92tIT5HYjE+9aRzVrdXFlqCz2kkkMq9HjYq35ivXPCXjG/njI1O5Rox0LqN3T14/XNcx4Z8OWup3zyTxhUHQYrZ1rQ7OJhbQkRkH6VzYulQxCtUimTDD1IQ9onY7208TafdPIpcxCM43vjaffP+NasUsc0ayRSLJGwyrIcgj2NeCapdXOlRm1imyrccGuy+Eu4i8Te20tkrnjO3rXh1+HYT1oSt5Pb/AD/MuGKktJq56ZRVkWMrwCSIbzjlcgH8M8VT81PPaAttmUbjG3DYzjODzj36V89icBiMM/3sdO/T7zrhVhPZj6KKK4zQKKKKACiiigAooooAKKKKACiiigDE1/wtp/iCL9+nl3KjCXCD5h9fUex/SvF/F3hjUtAux9qjLWzHEdwgyje3sfY/rX0HUVzbQXlvJb3MSSwyDDo65DD3Ferl2bVcHJJ+9Ht/kY1qXtI8tz578LaveaRfGS1l+VxtkjYZSQejDvXSXq2rgXFmvlxP96EnJiPpnuvofz997UvhxBYTtdaWGaA8mEnLJ9D3H6/WsK6txGuO4r7rCVsPiv8AaKD16/5Nfl+Gh41WM6fuTOe1YArXLSqd1dje27SDgZrFk0xyc7TXczJGKVOKj2MBW1/Zrf3aX+zWI+6aEMxUJBqzESCTng1oLo7E9DViPRWUYwadhFazTz7uOJfWu5N1NHbNCeFQAVzlnZrYziaTgDua05TLJZSzg5RsYNJjRQvtjIm1vmNdx4JiYaezt/FivP8AIM6A84r03wqipo0eDyRQgZ0jTJFAARWPcXEUm4hSMGtcxK8SMemKwr2SJGMaJhj2zVCuXLUqzIhxgiqGt7bWCR1RdzqeKs20jG3yo+YVyPiNZIpGmZ2A7AmlewLU4+yuJJNZETLj5uld9fRBQo9q4LTz5viOJxwCeRXpF5FulFSyji9YUK+D3rMiH7wVueJINjowHBrEj++D2pRGaJkwRVeeTIxRI3zDFRyAk57UuoCRHFLcDIT6UqDjill5VfpSkNFKQcGmRcCpJ+hpkCkrnFCFIDGGbJp3lxN1FP6U+C3kuLiOCCNpJpWCIijJZicAD8apCudd8MPBcfifxVG88IbT7Iia4yMhjn5U/Ejn2Br6frmvAvhWPwj4ZgsPla6f97dSD+KQ9R9BwB9M966WqEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHy1RSUV0Hmi0UlFAC0UlFAC0Uldj4b8L7tl9qCfL96OFh192/wrjx2Oo4Kl7Sq/RdWbUKE68+WBT0jQY47RtV1YGO0jG5YzwZPT8D2Hf+ePqeoyaneNO4CqPljjHRFHQCtTxVrf8AaN39mgfNrCeCDw7ev09P/r0zwvov9qXvnTLm1hOWz/G3Zf8AH/69efRqSpUpZhjdHbRfyrol5vr9x0zipzWHobdX3ff0Ru+EdD+zxDUblP3sg/dA/wAKnv8AU/y+tdVRRXwGNxlTGVnWqdfwXY+goUY0YKEQooorlNgooooAKKKKACiiqWp6nb6VaG4uG9kQdXPoKunTnVmoQV2yZSUU5SegupanbaXame5fA6Ko6sfQV5tq2r3Gr3XmznCDhIx0Uf4+9R6nqdxqt21xcN7Kg6IPQUabptzql0ILZMnqzHoo9TX6FleU0ctpe3rtc9tX0Xp/mfO4vFzxMvZw2/Mhtraa8uFgt42kkboor0HQvDUGlATzbZrvH3uyf7v+NWtM0qz0KzOGXdjMs74BP+A9qydT8VgZi08fWZh/If414uYZpiMyk6GEVqfV7X9ey8j18tyiTfM1eX4I6C91C1sI99xKF9F6k/QVzF/4nuLjKWo8iP8AvfxH/CuflnknlaSV2d26sxyaaGqcNldKlrP3n+B9bQy+nT1lqyyZM/MxJY8knqafHOV6GqeSaeqmvSR3KKNm2nMmAOtaKxMwrBtXaI5rWga6nI8s/rWiZy1ly6l5bZiOcUotufSrdpp9wVDSP196uiw9W5rVI8yddIy1gaM5DkVIPNxgSEVqCwQD5jS/Y4R3FOzMvbRe6MCWGRifMYsue9TmOH7HjgcVrSWMTIfmFYF9E0DEA/LWctEbU6iqNJENrtEvPPvUN0MXMh96dbndKAKS6Ui4cH1rnk7xO2KSqFVj8uaiDZNWCo6UxlUdKzOpSIzx3pVYmneWCM55qNmMfSge489ealjiU9QKoiUs2auwMSKaCSaRJsVDwMUxn5qaQfJmqZPNUjOC5idWyppikhgB0psZ60E4YU0yuXoUdZnt4ioljGTwGrD1PVBFFHYxrmFq3dYt47qJd4zg1yepwiK5jCtlRXp4bVHyObLlrDfC94LPxHd2rcpIWOD34pLy7R9duYgipHGThOx4rJln+x+I7eZTgNkE+uTXT3ujW+pXbzBjFKwJBx1reaXNqcSalRt1TNXwncRzyqQqoxGSoPAqn48cpfxFDglTnB96Z4R0rULLVWM4UwnO0lucUnj+IDUoNp25U/zrnaSnY9FSvhTiLhjJIC7ZI6Zr0z4Sji8Pq3/stebNCjTEFskV6d8KFCLdgf3v6V1XPF5rnsNh/wAeyfSi/wBOs9UsmhvbdJkU7l3DlDjqpHKn3GDSWPFuv0qzn9w9Yy1KR55rsWr+E4YruzuDqdg4y1rdHEsf+7L3H++Cfel0fxdpOsgJHMYLjoYZ/lYH0HY1u+KwraRbq/3WABz9a89i8N6Obl4slp5jnjgj8a8XG5Vhqt2lyvuv8tj1aWlJSbPQ6K4W7Ov+Dh5i3Av9PXqknLIP5/iOPatnRfGWk6zsjWYQXLf8sZD1P+yeh/n7V81iMtr0VzJc0e6/U0Uov4WdDRRRXnjCiiigAooooAKKKKACiiigArmfEfhVNTVrmzIiuhyV6LJ/gff/APXXTUV0YXFVcLUVSk7P8/UzqU41I8skeL3Fu9vI0M8bRyocMrDBFRmKPb0r1PXvD1trcGTiO6Ufu5QP0PqK81vrK4026a2uoyki/kw9Qe4r9AyzNaWOjbaa3X6ryPHr4eVF+RSWGPPSpfIXH3aFPeneYAMFhXrI52Rqiqfu1IzDghKiZuetKHxgZpiFnsGvbZivGKyJbsW9sLYtwK2GldIWETZJ7VjXKLJaySSIVdTSY0Z4nU3DEHpXTadr91bxRxROFjHqK5WOBHlXDfeq41kq4HzYPvSQzrb3X72O1R47gNzyAKLjxCk1rHIyEynqQa5+SQQeVCI2A9zmn6hM8IURgAemKZNtTp7LXgIMOpP41leINSfUQIAvOcU0Ar4cN4oCucdaxbK82yCWRgx64qZG9JK+pNZ2DWviK1THLZJr0K5TM6g9xXBafeNqfiuJgNoXOK9AvFP2pMDtR0FNJM5jxTFiJD6VygbBArtfE6E2e7HHrXCqfmGetCILr9iKRzhafGu7GaSddmM8VL3GNj4WpHXMQpFX5Kf/AMsRmlIaM6cfNSw8LipJFAbmmL9/ApxFIe64Ga9j+DXgrdJ/wlF/F8q5SxRu56NJ/MD8T6VxvgbwZL4w1mOJgyafAQ91KP7v90e5xj25Pavpi3t4bS2it7eNYoYkCRogwFUDAAqiSSiiimAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAfLFFJRXQeaLRSUUALRSV1Xhbw59sZb+8TNup/dxkf6w+p9v51y43GUsHRdWq9F+L7I2o0ZVpqESx4W8NbymoX0fy9YYmHX/aPt6VoeLta+w2f2KBsXE4+Yj+FP8AE9Pzrdvr2LT7KW6mOEjXOPU9h+Jryi9vJb+8lupzmSRsn0HoB7Cvk8tp1c3xjxeI+CGy6X6L5bs9bFSjg6Psae7CztJb68itoFzJI2B7e59q9V06wi02xjtYR8qDk92PcmsDwbo/2W0OoTL++nGIwf4U/wDr/wAsV1NcnEWZfWK3sKb92P4v/gbfebZbhvZw9pLd/kFFFFfNnphRRRQAUUUUAFFFQXd3DY2slxcOEjQZJ/oPenGLlJRirtibSV2R6jqNvpdm1zcNhRwqjqx9BXmOp6ncardtcXDeyoOiD0FP1nWJtYvTNJlY14jjzwo/x9aTSNIuNYuxDCNqLzJIRwg/x9q/QsqyylllF4jENc1tX2XZf1rsfO4vFTxU/Z09vzF0jSLjWLsQwjag5kkI4Qf4+1dy9xpnhawW3jG6XGdg+859WPb/ADis6fV7PRrZdO0kA4+/Mecn19z79K5ydWlkZncs7HcWY5Jrz8VOrmU71LxpLZdX5v8Ar/M+myrJVSSnV3Za1LVbvU5MzPiMH5Y1+6P8aoYo3jtRvFbwhGEeWCsj6qEYwjyxVkGDmnbSehpoLMcAcVYjj9a0HzCxQ5AzVjaiDkVHkrwKPmbrSsTe4/eueK0rLUjb9BWesa7QAOakVCO1BE4wnozeGvyEcCmNrs46HH41QtrYSZOahuYgkmM0+ZnNHD0ea1jXg1a4nfBc1ZkvXUgZOah0a0DIHxnIqW8hxNwKtNnLNU+dxSHrfk5B61UurkyKQaVUw3TrUF2pTnFKWqLp04xkV7V9lwPWpL2TN0ffNV4z+8z71JdYMoPtWD0idHKlUuVWkNCyLnmkZRURGKzOqyaLRKYyo5pjjI5qBWINSh88UBy2GGMcYFWIjtIqMnFRmX5wKaBptF+WQeXxVHJ3dKe8xAxQpyucVRMY8qEUnJpTyacB8uaaPvU0it2Z+uyyW+lPJGedwrjQZ7pRMTlfrXcanAlxYyQscBuc1zUFhHb6aVjk3jjNehhpWR8rnMP3tzmNciKfZplH3SDn8a6efUWTSrC9ILAINxHPeszVIFm0V+OYyAKveFEbVvD72IwzoQACfauubTV2eZhtW49zX8KX93qmtSTGU/ZudiHtxVb4iKXv7dc87D/Otfw34cudLuXd8cnOM1L4p8PXOs3sMlvtAVSDz71y80ea6PVVCaw/JbU8pME8crNjC4PNeofCHdJHdOWz839KryeDJJLRIpCNwGGIIrqvA3h1dBimCtncf6VsqqZ5dXBzgrs9FshmBT6irDcW74qvZE/Z0+lWsA275pT1OaK11OV8Yhm8PW21cnAJP415ta6paRan82fOz94DoK9M8XQyzaFAkUpTKgH8685tPCa205mlnDv0ySKwqR1OyFKrOl7pZ17URqRjtI5yCw4PcVw+q+EhcziKyuNlyqnexPys3vjp9a7QeGI1uHuBcfP+HFOsPDnkTzyzXIzK2RyPSsoNw1iEcHV6nD6R478TeDLtdP1aJru1XpHM3zBfVJOcj8xxjivXPDvizSPE9vv0+4/eqMvbyfLIn1Hce4yK53UfC9nq1t9lvJRJEv8Aq3yNyfQ9q8x17wpqPhO9W8tLl5LdWzFdwNtZD/tY6H36H9K5cTlWGxq5orkn5bP5f18wft8PrLWJ9GUV5N4T+LBGyz8RjI6LeRr/AOhqP5j8u9eqwXEN1Ak9vKksMg3JJGwZWHqCK+SxmAr4OfLVXo+jOmlWhUV4skooorjNQooooAKKKKACiiigArN1nRbXW7MwTja4z5coHzIf6j2rSoq6VWdKanTdmiZRUlZnheuW99oF41pex7T1Rx9119QawJtaKnrXv+v6BZeItMeyvF945V+9G3qP8O9fOnifw7qHh3V3sbxMn70ci/dkXsRX6DlGbwxseSek107+aPGxOGdJ3WxdTWC461L/AGm2etc9CrKBnIq4p5r2zlNmHUW39a10uY54Cs0e8N/d4rl7fmQYro7YFohkYwKAGvZWe8OgMZHqc1BcSRRkbp1wvtVxgTt6e/FYOrDCkigaJJdTtJJQzXC5WrM15DfbGQ5+lcVgebj3rq9FhLBTx9KAZvy3vnaGlikJzishNKmQZwcAV0kUSDDBealmIETgL2oKTOX8NnZ4mQd+a9XkQNOM9cV5NoWV8UqR1ya9Yibzbo+o7UmEmYXiSE/2ewPavOip84fWvT/EQ32co9K83CkzDI70uhKLkfy4omCyqODxU6w8gUx4mViBWJoQAYHensP3YpXWRYulKynyxmmBnXBIcVoeHtDv/EWsw6bp8W+aU8k/dRe7MewFRwadc6pqMFjZQtNczNsjjUck/wCHv2r6W8A+B7bwZpGwlJtRnANzOBwT2Vf9kfr19hURM1fDPh2z8L6HDplmMhPmklIwZXPVj/ngADtWxRRVkhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEN1d29lbtPcyrFEvVmP+cmuTufH8KSFbaxeRB/E8m3P4YNY/jDVJL3V3tQ37i2O1QO7dyf5fhXO1rGCtqebXxclLlh0O0/4WC//AEDV/wC/3/2NH/CwX/6Bq/8Af7/7GuLoquRGP1qr3O0/4WC//QNX/v8Af/Y0f8LBf/oGr/3+/wDsa4uijkQfWqvc7T/hYL/9A1f+/wB/9jR/wsF/+gav/f7/AOxri6KORB9aq9ztP+Fgv/0DV/7/AH/2NH/CwX/6Bq/9/v8A7GuLoo5EH1qr3O0/4WC//QNX/v8Af/Y0f8LBf/oGr/3+/wDsa4uijkQfWqvc7T/hYL/9A1f+/wB/9jR/wsF/+gav/f7/AOxri6KORB9aq9zuIviApkAm04qncpLkj8CB/Oup0/UrTVLcT2kodf4h0Kn0I7V49WpoGqPpWrRTBsROQkoPQqT1/DrUuC6GtLFzUrT1R6xRRRWR6YUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHytRSUV0HnC0UlaGj6VNrF+tvHwg5kfsq/41nVqwpQdSbsluVCEpyUY7sv8AhrQDq1z504Is4j8x/vn+6P616SqqiBEUKqjAAGABUVpaw2VrHbQJtijGAKo6/qg0nSpJwR5zfJEP9o9/w61+bY/G1s1xSjDa9or9f8z6XD0YYSk2/mzk/GWr/ar0WETfubc/Pj+J/wD63T86zPD+lHVtVSJgfJT55T/sjt+PSspmLMWYkknJJ716d4X0r+y9JXeuLifDyZ6j0H4D9Sa+rx1WGUZcqVL4novXq/68jyaEJYzEOc9t/wDJGyAFAAAAHAA7UtFFfnh9GFFFFABRRRQAUUUUANd1jRndgqqMkk4AFea+JNebV7vy4iRaRH5F6bj/AHj/AErT8Ya/5rtplq/7tT++Ydz/AHfoO9clFE00gRcDPUnoPevueH8pVGH1uutXt5Lv6v8AI8PH4qVWXsKWv6vsWdO0+XUbnykIRFG6SRuiL6mtq81FIbQabpmYrVfvv0aU9yf8P/1VWRhHALaDIjHLert6n+g7fmTRYlWf2NdeKm8RO8vhWy/V+fbt6n0uT5PHCpVKus3+A7b8vPXNSOGZQQeR1pitkip4iAWU96yPoLEPlZ5HAo8rHWpCTGSvpUbSE9KmxepIGCgAU8MT3quoJNXIY80wsSxqSoqXbx0qaKIbRVgRoBzTM3KxVijOQanKZOMkVINinpxSl9zDamaDNyZatISq9eKguYFeQndVmMXBQALgU5bBpeXcD8aGYc6T5mzQ0grFAAXHSkvJk8w4YVVhs0jOPOqOe3RXyXJpt6HKopzchpn+bjtSTSCQYODTXgjJG0057ZAvXmjodC5bmbtK3BHbNWLuMhVYVWlJW6x71dlJkhxWbWhvLdGfJweKiIJNSvwvPaoywAU1gdEG0hpQh/anKpD4qVhyKaoPmUFOV0SbAQSaqOmJMg1JM+0kc1AeRnBoHFMlbOM5qeA7o6r7S0QxUlsrDiqQpFjhVwagZsPxUs+VC+9V3+8KpMmFtyLUBus5Oedp/lXH6e7Lp06x8Orj8sV2tyFMDDH8Jrj9PhKXV3F2IJ/Su7DdT57OoXs0Qxobq0uFPAznHqcVV8GXb2eq3MIOGGSB+FT2auRIu7GDWTA5s/E6zZwrkj88V3OOjR4FFuFSLOuTxVq0l/Lbx7yyk1Wn8WatbSmORmjbHQmuksrVIdRF2rLllJ21xXjOYz6yzlQuM8Vx00nKx6ladT2fOn1NC18R6/qLFLV2cjqAa7zwFcapdJcjUAVdHxz9K8t8Ha9JomriUjKPnIPavbPD9/b6l9puYsDc+SB9K0vyzskeVLEzlo2djaE/ZUI9KtBh5bL7VWtCPsi46YqYIdrH2NOWrsTHU434iPdx+GYPsmQeM4+teEX3iDWrcuv2pxg8jNfRniVFfRolbkED+dfOniaFF1i9RT91zx+FKKTnY77yhhrxfUqHxXrHlZ+1yDPatzSrvWdQ057kXEh2j+lcGXcDafWvX/AkIfw5ICAQV/oausoxjsXgJzqyakzze48TaxDNJD9rkGD0p669qE9sY3uCwIwQ3INVdfhCa9eALwshFZ8cb5JBIBreMIctziqVqkajjc1U0G+urF722hMqLy6oMkD1Aq34Y8Yar4WuM2snmWrNmS2kPyN7j+6fcfjmvQ/hhC40iVigOCMH8KzfGvggTu+paXEEnbLS26jh/dff27/XrjP2daLpVldM1q4SUUqlHc9B8M+LtL8UWu+0k2XCjMttIcOn+I9x+nSt6vlq1uLnT7tLm1lkguImyrocFTXsngz4kwav5en6wyQX5+VJeiTH/wBlb26Ht6V8jmmQTw96uH1j26r/ADRVDFqfuz0Z6DRRRXzh2hRRRQAUUUUAFFFFABWP4k8N2XibTGtLtQHXJhmA+aNvUe3qO/5VsUVdKrOlNTg7NEyipKzPmzWtGudC1GSxvI9sqdCOQw7MD3BrOVua+gvGHhS38U6WYiRHeRAm3mP8J9D7H/69eAXVpcadfTWd3E0VxCxV0bqD/nvX6NlOaRx1LXSa3X6ry/I8XEYd0peRNaf6yuntf9VXMWZzJXT23+qr1jmHN0rB1hcRmt081l6jatMhA5oGjjFI83n1ruPDxiONxArmG0mQPnaetaVqskK9SuKAPSYVtio+YGpp7SH7MxUjpXn0WqTQkfOSK1odf3RlWfGRQBn6WCniwADua9Lgl8jUBn+KvMdLYt4mRs9ScV6K7D7XESenWkAviQZgkA4zzXmz8Tj616N4lkGCVPykda88Zd1wAOuc0ugI1U5fmo5D+84p3Ik4qtNLtmFYs0LYVSm1qntNNuNRuobS0haaeVtqIo5Jo0rTr3WtSis7GB5p5Dwqjp7n0HvX0D4M8E2vhW0EjlZ9SkXEs/Zf9lPQfz/QNK4myv4E8B2vhO0NxMqS6rMuJZhyEH9xfQevqfwrsqKK1SsSFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHk/iO2a18QXqsD88pkBPcNz/WsuvUvEPh+PW4FKuIrmPOxyOCPQ+38q4C68PataSFHsJmx/FGpcH8RW0ZJo8ivQlCTaWhmUVc/snUv+gfdf9+W/wo/snUv+gfdf9+W/wqrmHLLsU6Kuf2TqX/QPuv8Avy3+FH9k6l/0D7r/AL8t/hRcOWXYp0Vc/snUv+gfdf8Aflv8KP7J1L/oH3X/AH5b/Ci4csuxToq5/ZOpf9A+6/78t/hR/ZOpf9A+6/78t/hRcOWXYp0Vc/snUv8AoH3X/flv8KP7J1L/AKB91/35b/Ci4csuxToq5/ZOpf8AQPuv+/Lf4Uf2TqX/AED7r/vy3+FFw5ZdinU1pbPeXkNtGCXlcKPxq1DoWqzuETT7nJ7tGVH5nAruPDfhcaQ32q5ZZLorgBekY749T70nJI1pUJTltodJRRRWB7IUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHypmjNFFdB5xJDFJcTpDEheR2Cqo7k16noekR6Pp6wrhpm+aV/7zf4CsTwbofkQjU7hf3sg/cg/wr6/j/L6111fBcRZr7ep9WpP3Y7+b/yX5nv5dhOSPtZbvb0CvNPFuq/2jqxijbMFtlF9C38R/p+Fdt4i1P8AsrR5ZlOJn/dxf7x7/gMn8K8qzmujhbA3lLFzW2i/V/p95nmteyVJerN3wrpf9paujOuYIMSP6E9h+f6A16bWJ4V0wado0ZZcTT/vH/HoPy/ma268jPcd9bxb5X7sdF+r+b/Cx2YCh7Kir7vUKKKK8Y7QooooAKKKKACsDxTrn9lWXkwN/pcw+XH8C92/w/8ArVrX97Dp1lLdTnCRjPuT2A+teU3l3catqL3EnzSyngDoo7Aewr6DIMsWKq+2qr3I/i+3+f8AwTz8diXTiqdP4pFdEeaTaoJY1o21sREdpwe5p5SOxhCqcu33mqZtwtwVHBr67E4n2j5Y7HtZNlEcLH2tXWb/AA/4PmMtwfPCk545qC4GJ5R/tVZsxmcfQ1WuuLuUf7VcTPfiveI1zkVIWIcEGo1+9T2+9UlMlkO9QR17mo+D0p8ZHIPejySCcd6BqQitzV6AkjpUEcIUAnrV2GGSThFosTOSJ1kwME4xSo7yttVT9aswaUzDfNwKfLPDZ/LGATQczq30iWbSwQLuuGGPeia8tbV8RoG96x572W4baWIWo1jMkgQdfWgj2LesmaUusPJkIMCqct/KcAueatNZiCDLcnvWfGoluAMZ5qXuaxVO2iNSwWWU5wcdjU8yuHwa2rC0VLMEDHFZc0bNO3PGa05dDjjVU5tLoQxgk8nmpJAwHWhFCvyamYKw60W0KctTDmUi53E9TWlJF+6R4+ARzVK9UibAq1aSMYQrdAKjoazezRSli3BsHk9qreS4UZGas3iNFLuU8GqzTSk46Vzvc6YNyRZBQLljz6VC10it8q81XwzMcmlWLnNI09murJmuoyPnQGlS7tzx5YpnlofvU1o4x0oQcqLQmtyMYx7U9Xtx0OKzVxvIxTH+9xVIPZJ9TVcRyj72cdKqMoabbu4qqS6EEN1p8gJTcDzVKSBUrPRlq4j+XapzkVgWukXX9o3LOqhGyA2emRWrBL5cLl2JY9K5LUda1IajJZxykLknrXXhk22eRmqjGC5+5et9JW21YW80+5WByeKw/GFlbWN9btauG2sCSPrSiefz3MkhZwDg1nXwMtmWJLOOua9GKfU+WqVYWskd9okf26W1uFbhoyW9zVfUdHsdQ8QPHdTiNRuweOKj+Hs63FksZb5kG2sfxqPJ1iRd5U88iuXkaqWR6tZxlhFY6FPB2kvFLHa3ay3KoSDxk4FbXwwhmjt76KfKvFIFOfpXlXh/VZNK1A3SyMxQ4we4717T4KvYtSgur+JQPOcMwH0rRRkpWZ4cbHolmM2q8596tA/u3+hqrZY+yLjpVlf9W/0NOS1sVexia+AdGiOOQBXzP4tmaPxHeEdS5zX01rw/4ksf0FfOHiaFH8RXW7++amGkzslK2FXqci5MhLdOa9l+H6bvDZA4yvP5GvLbrTtyBoBn1r1nwCpi8PAMMYXn8qeIacTTLL+0b8jhfEOjXkV9dXBi/dPJlT7VkW4giidbiME9vau08Ya9CbWS1ST50YDGK4JLlZon3sdwq4X5Tkq2536np3g26uLXw3I9oNxyCfyrSh1m81OVYzB5Yj6nPWqvw9Ibw24HIIyfyNQw63Ml1d20NuMq+AxOO1czWrPepW5YmN4u8Px31213b7YZ2P7zjhvfjv8Azrgr2zn0+4aC5jMcgAPqCD0II4IPYivTr+eTyN02BIR82DnmsWGXTdYjOj6w3lRsx+y3oHNs57H1QnqPXnjqLWJnTV2rpff8u/p93Z8GOwUX78NGWPBHxPfTjHpmvSPJafdiujy0Xs3cr79R7jp7NHIk0SSRurxuAyspyGB6EH0r5i13w9f+HdTay1CLa3WOReUkX+8p7j+VdT4G8dXHh6VbK7LTaYx+71MJPUr7eo/yfGzTJaeJh9Zwe71stn6ef5+pw0MW4P2dU92oqG0u7e/tIrq1mWaCVdyOpyCKmr41pp2e56e4UUUUhhRRRQAUUUUAFcP8QvBg1+y/tCxjH9p269AP9cg/h+o7fl9O4orfC4mphqqq03qv6sRUpxqR5ZHzBYkibBBBBwQa6u3/ANTXQ/EHwettdnXrCPEUjf6VGo+6x/jHse/vz3rn7f8A1NfpuCxlPGUVVp/PyfY8GrSdOXKwpjyIo+annrUkWnm7OBXWZmVNcwZ6VW85G6Cutj8IK4y2asL4SiQ0AcK8ZboKj8uQMBtPFeh/8I3Cvao20GAI5wM4oA4/RF3eIYSewNdxqT+Zbb1ba4rj7BBb+KVT0DV1sjAW7ORuFAFC8ncachcljisS3QSXIb0Brbv5El04ADBHaszTYw0knqB/SkwQpcb8Vf0Dwlqni3VxbafFiJCDNcOPkiHue59AOT+ZrrfB/wALb7WpI7/Vt9np/VUIxLMPYH7o9z+A5zXt2nabZ6TZR2dhbpBbxj5UQfqfU+55rPluWZXhXwjpvhPT/s9mm+dwPOuXHzyH+g9B/M5Nb9FFWIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPlOtrwzo39r6kPMB+zQ4aU+vov4/yzWNFG80qRRqWkdgqqOpJ6CvWdE0pNI0yO2XBk+9Iw/iY9f8AD8K8vPsy+p4flg/flovLu/8ALzJwGG9tUvLZGgAFAAAAHAApaKqapfLpumXF22D5aZAPdugH54r84hCVSahHVvQ+jlJRTb2RwfjTUvtmri1RsxWo2/Vz1/oPwNZ/h3Tv7U1qCBhmJT5kn+6P8TgfjWY8jSyNI7FnYlmJ7k13/gbT/I02S9dfnuGwv+6P/r5/IV+jY2ccryzkhulZer3f5s+coxeKxXNLbf5f1odXRRRX5ufShRRRQAUUUUAFFFYfinWP7J0siNsXM+Ujx1Hq34fzIrbDYeeIqxo092Z1KkacHOWyOW8Ya19vv/sUDZt7dsHH8b9z+HT86wklW2T5f9YepqEoUAJ4JqTyCcHrX6A1DDUY4aj8K/FnfkuWO/1zEr3nsuy/zEa4d2BZicmuhADachA7VhfZSo3Ed63dwGmLj0rGMrnvTd7JENqm2dQOSarX8JivJNx5J6VY02Qi5DHml1BfPu5JO4PSrZH/AC8M1chuac33hTmzwT1NIexqWagTtYGtGNTLGpHWqBUMo9av2snlhc0rhPRaF6GyDEbzWzD9mtIshRmskyZ5zgU15sjG7NF7HHKLm9S7e6kXQqrcVkbi7EmpCu7rSLHzgVN7mkIKOiERADkjNaVlCHO7FVooS5xW1bQiKGnYmtOysVL4EjbUFlbATjFXXtprqTCjir1vYxW6hpCM1SRzSrKMLI0gwhshz2rn5ZWLMQSKvXupQxw7QwOKwpNVj5G3NDkZ4ahLWTRaUse2fepMMO9ZR1JsfIMCo/t0zHrUcx2+wle5cvnIKHHPSrttGHiz0rJluC8SL1bIrbij2WSs3GcU1qjGreLUSrdw5HrtrLYZY1usVaNhnNY0y+W596xmdFCXQjGADTBJyaazYBqLnGayR1qNyxuDUwAlulRwthuauIyseaoUlYqEbZSKSaMghh0qW6AVsrSj95FzQNPQgfBQEU6XiJfel2/Jj0pLjhEogNCeWPLPHeuNvYseKM44YNmu0LjAWuX1ZBHrUUnqD/Ou3CysePnKvSXqZ1xGsV/JtGOorPYtmRM8EHita+X/AEhn9TWYRi4Ye+K9WOp8ZOOpe+H119n1aS3boW4H4Vc8f25OtswOAQTWDpU39n+KEPQM3+Fb3ju48zUoWB4dG/nWUlaomd9OV8K4s4aKRkkcg46ivafhG7f2JcZOfnX+VeKuu3IFe0fCBSNEnz/fX+Vaz1PPSPXrLP2celXFA8t/oar2i4thVlf9W/0Nc1yjE10Y0aM9RgcV88+ILKWTxFdsUO1nJX6V9D678ujxHtgZ/OvIvENxbm4aVVHyfK1ZSbUzrk/9mXqefs01kjN5Z2Zr0/wXKLjw9vxgGPOPwNcBrOsWv2EwogLV3fgUA+FQw4Pl/wBDVTu4GuWX536HlfiNydevf7okPFZKPgZI6ir/AIhL/wBuXmByZKzVLZ2sMYNdcPhOOt/EZ7T8Nhjw42emBn34p0sUJuLjOEUvk07wAyJ4b3dgvP5GuZ13XhNqz20IwpJyRXE9Wz3KfwxLesywiMiOTI7Vx8p3ScVdvJAPlDZrPhJeRuelaU1oTip62O10K9sPEWmr4Y8QYI6WVyfvRN2UH+Xr09K5DWvCuo+HNRa1vE3RnJhnUfLKvqPQ+o7fkaqXDso4P0Neo+E9btPG2hPoWtfNexL8shPzSAdHB/vDv6++TXn1pVMBL29NXpv4l2/vL9TzZ041XZ7nIeEPFN54YutjFptPkbMsHof7y+h/Q/kR7bZXtvqFnFd2kqywSjKuvf8A+v7V4F4k0W98N6o9pcqWRsmGYDCyL6j39R2qz4S8ZXXhq+CuGl0+Vv30Pp/tL7/z/IjHNMqp4+l9aw3xf+lf8H/hmYUMQ6MvZz2/I97oqCzvLe/tIru0mWWCVdyOp4IqeviGmnZ7nqp3CiiikMKKKKACiiigBksSTRPFKoeN1KspHBB6ivKfEGhtoV80S5NtJloWPp6fUf4V6zWdrmkx6zpklq+A/wB6Jz/C3b8O1etk+ZPBV/e+CW/+fyObE0Paw03R44eWqe31BbI5Y0yaJ7a5kgmUpJGxVlPYiszUCpU/NX6Qmmro8Q6UeL41XAqrJ4xJHFcQzYbg1dtbF7ggLzTEbsni2Yniq7eKJzxnrUkPheWRclTVqPwdJtztJoAztLmM+upMw5Ksf0roXlM1k2w9DWfoXh7Ur3xN9i0+0luJEU7wi8Jkcbj0H41694W+Ei2sZl1+5ExY5+ywEhR7M3U/hj6mgZwWi6BqHiKMW+n2rStkB5Dwif7zdvp1r1fwj8NNM8OMLu6IvdQPO9h8kZ/2V/qf0rsbSztrC2S2tII4IEGFjjUKB+Aqek2CQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAeBeB9H82ZtUmX5I8pDnu3c/h0/H2rvKgsrSKxs4rWEYjiUKPf3qevzHM8dLG4mVV7bL0/rU9vDUFRpqHXr6hXF+PdQ2x22nqeW/eyfToP6/kK7SvItdv/7S1q6uQ2UL7U/3RwP5Z/GvS4awntsZ7R7QV/n0/wA/kc2Z1eSjyrdlO3ge6uYoIhmSRwij3JxXsdrbJZ2kNtEPkiQIPwFee+CLH7VrRuGGUtk3dONx4H9T+FekV08VYrnrxw62irv1f/A/MzyqlaDqPqFFFFfKnqhRRRQAUUUUAIzKiM7EKqjJJ6AV5Jr2uLqWsvcsCYl+WJT2UdPz6/jXYePNaGn6V9kib99cDkA8hO/59Pzrx2S7uicgkZPpX2HD+D9nSeJlvLRenV/MyjD2tVNq8Y6+r/4B0r38FxKuQV9eK0YZInHyPnHauH+3zow8xcjua1rXUIwFZOM9a9mpRuj6Cljr6TOhlmZhj0q8G/4lq9ulVraFbrTZbhTkqwzU8jhdIiyOWxXOo8p1uSaVh2n7I/MkP3QCB9cVXgleV2ZzknrUkalbJk7lgaZGoQNjuapij8TYy4HTFR84x3qSVsHJpg6g1LNUN+bOKsxMSACaYTgZxTUOWzU6Dau7mzAn2i32Kf3gpqxbJBG2VYdfeoLNZJp0Fsvzjr713tv4bGo2Ku/yTgcmtoUXPY8/EYmFF+8cbtLNwMVOIkXGetb03hO+hYlMMvY5qJdHnhcedGfyodGcehmsbTavFlSytjI/yjj1rW8qOFcSEYqCadrNSI4Dgd8GsG9v553O4MoqHpuSnKu9zcudXgtYykONw4rAudXuLhjyQKpONxyG5o+6vztUSkdlLDQjuKzs/LEk03nstMN0q/Kq9KYbpz0FRudUY20RMI2Zs4xUojAHLVU+0SkUgkdvvVD0NLablvIXG087xW1qNyTZxRoe3Nc6qMTkHgGrplZiueRirUrROapSUqifYmjuZFAGTgVFcuXOaUyKg5600ukg2njNZN3NFGzvYibDCmlQF61MYCFChhgUnlMq+tKxSZXC4wRUjsQODTiOORzSFdy0F3uIfnj5NEBJBGeKYnG4ZpkbtHKV9aBtFg8cYqO6OEB9xTmmYHDLTLtgYQR/eFNIlbjeshPoK5rxCxN3buOOOfzrpUdfMHqRzXOeKR+8hK9AQP1rpoK0jzc1V6DIL1NsCOf4hmsVyfPHqWFdPqtuo0W1cHnaP51zDZ+0qR6161N3ifG4iPK0xusxfZb20uenr+dde2kxa7ZJeuQ/lxnC/rXI67K06JlR8hAHPvV7wxrk1vqEUMg/cE4IzSq05cvMY061ly9zJv1t2j8mK28qdTgnnmvWfhMrf2PcKVxh1/lWH4+0mxWGG806MB3XL49c10vwsiddDmLdSwJ/Ksqc7odj1OywLZeSx9MdKtBSqNxnINV7Ri1muDhQMmvM/FXxdbRNYuNMs7QTOhKk7iKajcVzudeUjRVGO1fOHiDVJYtT1G3LEJ5vA/Curvfirrd/brCbFQuP79cXdX0c99JcXeno5c5Pz1UaT5rm0qy9koHPMxcZ+8SeSeMV7R4HXHhVSD0j6+vBrj9O0rQfEMZjTFpeKPlTHB/E13/h/T5NL0draU5kWM9OnSpxCslY6stl77PJp4P7R8YXERARQ5Le+MVVuYYP+EluLcqogDFRz+VT6s5XWruSA7ZA+M+tZaxOLkvL8xY7s5rWL0OKr/Ffqet6Ki6Z4UmRHzwAD+BrgTCxvmnLZJzmuysCB4ID9Sduf1rglmd7yb5uA2MVzwV2z34fYRLcsDz0NQW/IY96dcZIplr91qpKxz4le+QXL4QLmjTr2402+hu7aQxzxMGRh2NR3AJlHtUcf7y62jtWlk42exwP4j3mBtN+IPhULOgWQjDActBJ6j/PI4ryLVPDlzouqyWF4h3LyjjpIvZh7Vt+EtZk8P332gkm3chZkH8S+v1HUf8A169R13RbTxPpCbXTft8y2uBzjI4/A96+bhWlk+J5Ja0Z7eX9fl5lVqPtocy+JfieeeC9cm8Oz/Z5Sz6fK2XXr5bf3h/UV65HIksayRurowyrKcgj1rwW8N9pl1LaXMBSWM7WBH+eK6jwP4waxuV0zUWItJW/dSMeImPY/wCyf0P41tnmUrEQ+tYfV7u3Vd15/mY4TEOD9nPY9Uooor4k9UKKKKACiiigAooooA8++JGjMluNctUyUwlyB3HQN+HQ/h6V5TcXwlFfSc8EVzbyQTIHikUo6N0YHgivCtc8GyaRrM1pvAgyWhkc/eQ9Onft06g19xw5mHtaf1Wb1jt6f8D8vQ8nHUlB+0WzOTL81saVfLA4LGrMegW45lldjjouFwfrzkflWhBaW9qcwQohzkMOSOMdTzX1KizzHVitjfs9ZVYgWjKjHVuO3p1qSfxHJsKW0YXP8bjJ/Af/AK6wqKpRRlKrJ7H0J8Nzv8CWEzAeZI0rOwGNx81hk/gAPwrq65P4af8AJPtL/wC2v/o166ysnudMPhQUUUUigooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDz6iiivyI+jMvxFe/wBn6DdzA4cpsTB53NwPyzn8K8krufiBe4jtLJT1JlcfoP8A2auHRGkkWNBlmIAHqTX6Hw1h1RwXtXvJ3+S0/wAz53M6nPW5V0PSfBFkLbQ/tBHz3Lls/wCyOB/U/jXS1DZ2y2dlBbJ92KNUB9cDFTV8NjcQ8TiJ1u7/AA6fge7Qp+zpxh2CiiiuU1CiiigApskiRRtJIwVEBZmJwAB1NOrh/iLr32TTxpMEm2e5GZSOqx+n4nj6A+tdGEw8sTWjSj1/IunTdSSijjtV1ltd1q6uiD5XKxKeyDp/j+NZsaB9u6obJtrH3BqzbjeRX6DGKhFQjstD3KOHjTSikV761Ek5SNc9TxUFrb+QDvBK/wAq7DQbKGe+ZcBnZT1+lGr+Hby3glIiyg5yKuMm1qcuM9nz8q0Zg6bqr2TNCZP3Uh5X3rqXHm2tsgOQVz+tebpn7UQ3GOn1r0Lw+stzZKZQdyjA+lTOKaDD1rx5X0LMiMFB9qiVR2q9cKFTb6VTB21k4nZGTIXj3EgrnFRMuDjoKttcIBg9aYfLfmsmbxkRFlKBfSmBacQgJ5oBQ9DUWdy0bfhlXGqRsB8o4r2C2VVQEDGR2rxbTL9bOVWY8Zr03SfEVlcWyKJQGHrXo4aUVuz53N6U5yTijoiq4x6VG0anqAfwoiuYpfuyKc+9P4LcnNd6szwdUQtZxSr80akVm3Wh6ZMD5kAzWzuVM+lQzSQhSWFTKEX0NIVaifutnIXXhLTJc+XJ5Z+lZFz4HJB8i6D+xwK37/UYjK8cUeWBxWHcNqOSyIyj61xVI0+x7FCpiNHzfeZj+FL63B3RqwHcHNUJLCWJtrQsPwrXOrapbHAc8djTh4kuWGJ4g9cvJT9D0ozxK1dmYjW2B93FQMu0810g1awmH7+0Az1OaRrfSbrmJth+lQ6S6M3hipL4oswY1DRZBx61LGyE7c9B6Vfk0j5sW8wIJ9qkn8PXaIHXDcdjUypytoV9ZpuWrtcxXO+Vuc4NIwGevNWRYzxE7om/KoXjZXywI/CudwktzqjUjLRMjYOedxpUmZeCc04jPNNxjtU3aNLInEiSJgfepibxkMvHrUB+/wDLwamS6ZPlcZHrRclrsRN8svy85oIInVs/hVmRElAMRwaakeHG4c+tVFXDn0HMvnOQx2jPSor2JUhQKM8jJpZGdJWJ5GeKs28b3cbBRnHatrdCH7tmyNrSBYElU/Oy81heIrHFlHKW3cZ/GtZZQrtE4+YdvSqOsEvprk/wDpWsH76OLHwboSMh5Xm8PRmTJ2gCs21s/PO8EcDNalnKLnwmTt6FefzrFtJZElCo3y7TXpUmfHYuNrehT1dMpg+tUrRGDI+eQcitDUDvjOear2xBiFdG+h5+51t7c3R8NJMGMgwM8dK7H4U3Bk0aZ27sP5Vz/hbF/od1YlQzHpn6V2XgLRZdI0ySOQjlgcfhXNy8rOyNNunznoG8QaPNIT8qwsf0NfL91Ot5r+oXzg4eX5Wx2Ir6M8RXS2Xgy6lJx8hX8wa8HtZrdtBhVohvcAk046HPN2RiXFwF+VDx64qi2SwOa075IlyFHIrJkzng4raLIRKkzRXEckbFXBAyK9c8NXr3OkT723MEIBP0NeO7guGxkgivT/BMvmWrIxwJEP8AKoqq8DswUuWaXc8y1Y/8Ta66531DbgucMTXot18Pzd3s04uMB2zjApkXw7dDxc/oK5vbJKx0TwVRzuXdLi3+CxHjqV59ua4u/s4bW6kaNt2TzXpDWK6L4aeCWQN0AP515fPkTyjqGbINZ027tntUoapPoRTHMPHUdaSAYUntil2YibPcipXXyoB7it0zHEx95szJWO8mptPhBkMhHWmhCx2461sWdsgVVPWrucVCg61WyJIomdSO2a9E8Ba0UB0e4bgZa3J7eq/1H4+1cYFWOMYp1vO8F2sqMVdDuVh2IrhxuFjiqLpS+Xkz0qmG5NEemeKfDsWsW32iOFHvIl+UNkbx/dJBH4f/AF68vNrb+YwlgYYOCqtjH55r2DQ9Vj1jS47pMB/uyKP4WHX/AB/GuW8aeH9pbVbVOD/r1HY/3v8AH/8AXXk5DmMqFT6jie9l5Pt8+n/BPn8ww0re1huty74P8QpdRLpk7MJY1xCztkuo7E46j+X0rra8SileCVJYmKSIQysOoIr1bw9raa1p4kOFuI/lmQdj6j2Nc/EOU+wl9Zor3Xuuz/yf5jy/F+0Xs5vVfia9FFFfLnqBRRRQAUUUUAFc74w0gajpJuI1zcWwLjHdf4h/X8PeuiorfC4meGrRrQ3T/pfMzq01Vg4S6niFFbHibSv7J1mSNFxBL+8i9AD2/A8flWPmv1ihXhXpRqw2aufJ1IOnJwlugoozRmtiD6E+Gn/JPtL/AO2v/o166yuT+Gn/ACT7S/8Atr/6NeusrB7ndD4UFFFFIoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA8+ooqOeZbe3kmf7kaF2+gGa/Ikm3ZH0Tdjy3xbefa/Ed0QcrEREvtt6/rmk8KWv2vxHaAj5Y2Mp9tvI/XFY8srTTPK5y7sWY+pNdl8PbbdcXt2R91FjH4nJ/kK/Tcc1gsrlFdI2+/Q+aofv8Um+rv+p3tFFFfmR9MFFFFABRRRQBXvryHT7Ge8uG2xQoXY/TsPevCNT1CbVtTnvrg/vJWzjso7AfQYFdz8Stby0OjQN0xLcYP/AHyv9fyrz3kdq+vyPCeype2lvL8v+D/kevgaHLHnfUsW3Uk+hoglKOee9NgJyfpUadSfevdPSW6Ov8Iy+br6Jjgg16rNaxx21wkoBDKcflXkfgpyNfjx6GvZbvbNaHd97Fa0/hPms3vHEqSPnjXbJbPVJWU5AfJGOldJoOtQPEsSzgSYxg8Vm+N4zFfTgcfNXFwFkcMCVPqDWkYJnNUxEqdpRPaTpl/cIJY496EZ+U5qpJpd2hO6N/yqL4beKbu1EkEshljBwoYdBivTF8QwuuZLSNs+9DoQYRzat2PKZtOugf8AVt+VJ9knVOVIr1g6rpEvD2q5700jw9MPmhA/Cs3hIvqdMM5mt4nkDQS55U0iwyqckHFeutpHhuYfLhSfaoJfC2jTDEdyF/Cs5YN9GbxzuOzR5YePXNOEroMqWBr0h/AUDrmO/Ug9BgVVk+H8xHySq34ipWGmtjojm9CS99HI2Wu31uQsc7DFdDZeLdSXG6UtTn8AX4ztjU++4VCPCeq2z/8AHtn/AIFQqdZESxOCqdjaj8a3CcSxZHrmrSeMLO5G2WLFc5Lpd+i7WtyCO1VGsbhOWhcf8BNU6laJj7HCSd72OvS80p38yNtpPbFXRqNrJEUG0+hzXHW4Cw7JlcZ6fKaqTQyJKDDI230qPaT6of1elLaRt6jETIWU5UntWPcxlRlRxWtbFpLcb2HTpmq8hZGKlQRWNT3juoz5dDCZj1H5VInzj5hj8avyxxN95cVEtohH7smsOVo7PaJogO5MFWOBWxa6ldfYH8uQhlP6VmtbyIpGKW0keN2DDCMDVRb7mVWnCcb2Lia/cYAlw4+lPOqWcw/eWwJrHeRUlYDoDSiZPSodV3BYWDV46Gky6dNkhfLJqtLpyNzDPn2qHzEbrSjA+7x+NRzJ7lqnOOzK8tlOhO5cgVFsboUI/CtA3ciLgHp3qP7czffQP+lJ2NozqW2KTI8QDLzmnRXTB9stXgbaZcOmw+lQNYKzZjfmnFMaqJ6SRXuHHmHH3TV7w3uN66g8EH+VU7iwuOCPmxXQeGNMlCSTMm3Cnn8K3p025GWKqwjRepz1+uNcnA4O+qOshjazrn+E5/Krl25OvynPV6h1VD506f3sirhpMxrJyoNeRiaHIr+EZ4hyVIz+RrDtEALPnPymuq0PRprfSrwEfLJ8w/KsOO0+z6TcyMRvVwAPwrvpPU+QxVKSWpkTDNvz6VWtwBGPpU7sWtAW6kc1Vgb92PpXWjzDr/BN40WoTRg8tGxA98cV6R4IvLq5jvEuyS0cgUZ+leNaBdm31qBgcA8H86910C3WJriaMgrLIG4+lZ1Fd3N6c2vd6EfxLuTb+BBHH9+WWMY+pIrxwwGG2SCQ7SgxivSPjHdNHounxQnBLoxH0avOHvY5ZZDOMls4rFamVR2ZRujGRtUZI71kTf6xl9DWpIgALjpWKCz3UpPQmt4IhailiqHJwMjA9a7nRLx4tJSWIlZFjOAK4SY5UjHCnk16D4O0681DSiYYt1sIjl/wpSV4s2pStNM5yTxhriM374g56VPaeMdWeQB7hvesrULeGG+nRHJVGx0qrG4XDDvXO6afQ7FianNudhfaxc39pDE8pbcRkfjWPfJ5VwYx/DkGrVhD5ksGegXd+VVNSk83UZ2XoWyKxWjse9g7yV2RQRGQBT60t+NrJEvJAq1p8eQWbsOKjGDctI/PPFVFjxEb6dWQxW4WMOw+apYnPmM4+6KW7lCrkcZpludtuPVuaps7MPRjSSitzQEwMY3HGKpy3zGbavA9aUttQlhn0qskJkk3ZwtBM4uTbOy8Ga9/ZerxwTP/AKLc4jbPRW/hb+n4+1eruiyIyOoZGBDKRkEelfP3A4HQV7H4O1oazoUZd83MH7qbnk46N+I/XNfL5/g7NYmHo/0f6fcebOk0uY4jxLojaLqRVATbS5aFvQd1+o/wqtourS6NqSXMeSn3ZE/vL3FeoazpUWsabJayYDH5o3/usOh/z2ryK4gltbiSCZCkkbFWU9iK97J8dDMsK6NfWSVn5rv/AF1PmMZQeGqqcNuh7Rb3EV3bR3EDh4pFDKw7ipa8/wDA+ueRP/Zdw/7uQ5hJP3W7r+P8/rXoFfE5lgZYLEOlLbo+6Paw1dV6amvmFFFFcB0BRRRQAUUUUAc/4w0v+0NFeVFzPbZkX3H8Q/Ln8BXl2a9xIyMHpXkPiDTf7K1qe2AxETvi/wB09Py6fhX2vC2NvGWFk9tV+q/X5s8TNKFmqq9GZmaM0maM19geQfQ/wz/5J7pf/bX/ANGvXWVyXwz/AOSe6X/21/8ARr11tYPc7YfCgooopFBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHn1Yni25+y+GrshsNIBGPfccH9M1t1x3xCuNmnWlt/z0lL/wDfIx/7NX5llNH22NpQ87/dr+h7WLnyUJPyPPc16d4GtvJ8OrIRzPKz/gPl/wDZa8wzXsmh2/2XQrGLGCIVJHuRk/qa+u4qq8uFjTX2n+S/4Y8nKoXquXZGhRRRXwJ74UUUUAFV7+8i0+wnvJjiOFC598dh7npViuB+JWreXbW+kxN80p82X/dB+Uficn/gNdODw7xFeNNdd/Tqa0KTq1FE8+vryXUdQnvJzmSZy7e3sPYdKgOKcFpStfoUUopJbI+mULKyCM4BIpo708DC03aSM0x2sdN4HZF8RxE8/I3FezuY2gLMuBivFPBLhPEMZxzsavYbi6b7CxYcZAram9D5fOE/b38jxvx8Qb6c9VJJFcBAcrnvXd+OvmvJMdOa4OPgKo61rCx5uIT5Ed74LhleGZozg7hz+FdYIr1SAspII5Fc/wCALoWKyG5jHlscgk+1d6upaRK2charlucsVJLYw1k1BOB0FSLfXafeQmtwPpLji4Az7U4WtjJ925H5UuSRpdmINRuM52Gnrqcg6ofzrZ/syNuVmUjt0ph0hj93Yf8AgQpcsidDOXVz6sD+NWE1yQDiZhU50iQDHlr/AN9CoH0du8Y/OizH7pZj8STpgC4ORVtPFN0v/LbP4VkHSAB9zmozpOeoYfhRaQvd7HRp4qnIG7a35VYXxSpGHtkauWGl7RwGo+wSDpmk2wujqTr+nyHMtkmfrSfbNAmbc9sAfxrlxaXI78UGC4XoaTkUpdmdT5Hh+XmNthPsaa2j6dP/AKu92/8AAa5cNcIeVJo86cHOw/nU2XYv2s4/aZ0UnhgEZjvVcds4FRf8I7eJ90Kw/wB4VjreyL95GHvmrUWpv/DK4/Ck1B9DaGLrW3FvtOvbZTuhGPUHNc/NrFpAwtpSRKeOVxW7qPiU6XbCea4IHAyRnrXE6vqFrrNys8dwJG3A4C471k6UH0Oqnj6l1FmhODG+eoNKjjgkUxrmMqquMEdqVZIs+1ebNWkz62k26abLO+MpytR5AwQcU1l3rlDx2pHQiIVkxpK49iD/ABUkSgk5quN24CpVQhvvYoUirWRLgl8L2qcA5G7moF3Lgg5qRbny3G8cVomjGV2tC8PPiTeDgHpS/wDCTXcEbWyDAIIzUialbPDsYc44rLZVIkc8elbqT6HLGEajtUiZ4J+2LI/c5NLqcm65LDuaa4ziorr5vLx1pLc65wuZdx4gvLW5ktUYlACoGKwWmeWGeNmPLbj9RW5rKC0Avkj3HG1vxrlmn3blX/lod2a9Wik0j4fMFKnUcWOkINsv+7zVKL/VEjtV5sC0HriqNohkHljuRW7PLSb1LmkQi41OGIn73I9q948K2s1rHJBI5Ygjbn0xXmui6TbWUKXBTNwuCK6tfEV4rBk+QmpkbRg09Sj8Z5C02lQjODHkgDPO6vOpY5WcKqMAvfFekX98dUaN71BIYhhSar+ZHtyIFwetZqNiZ03JnDywMLLeEc7hn7prHggld2xA/X+6a9S89Qu1UUJ2GKasoj5VF/Ktbk+yaPNjYny3acPtH8O017N8L50h8JyIkW7cypgjHBGDXPvKrk741ZT1GK63wlf2wt2sxGEGcj8KljUOXVnnnxK0K30vWle2hEKTAsyg55ziuBkQYCY/iGK9R+LzkXFo3ohGfxrzeBRNIh/2hWTujSLvJI6jSIflH+zEw/SsbaWn6ZJ610ULpa20xJwWBA/KqGm2TFxI46jiuW+p9lgoL2abEePyLPIGDWZGS7H0Fausv5QWLuRWSp8qNs1cSIpSr36IgunLvjqM1dtFJjUsOFGAKq28Zll6cVpgYICj5R1qjuowbbqMZLKqggLjNV1Q4JY8VLKVZzxwKgYl3x2oJmrQdh4GB7V0fgnWf7J1+NHbFvdYik9AT90/gf0JrmZGCkKKUD5hUV6Ea9KVOWzOWEOdOLPoeuK8daLvjGrQL8yYWcDuOzfh0/L0rd8L6r/a+gwTs2ZkHly/7w7/AIjB/GtaSNJonikUMjqVZT0IPUV8HhcRVy7F83WLs13XU8TFYf2kXSkeIK7I4ZSVZTkEHBBr1rw5rK6zpSTMR9oT5JgP73r9D1rzTXdKfR9VltTkx/eiY/xIen+H4VY8MaydH1dHdsW0vySj0HY/h/LNfb5vg4Zlg1VpatK8fPy+f5ng4Ss8NW5Z7bM9aooBBGRyKK/OD6MKKKKACiiigArkfHum+fp0V+i/Pbttfjqh/wADj8zXXVDd20d5ZzW0o+SVCjfiK68BinhcTCsuj19Ov4GNekqtNw7niWaM1JcwSWtzLbyjEkTlGHuDios1+spqSuj5Nq2jPoj4Zf8AJPdL/wC2v/o1662uS+GX/JPNL/7a/wDo1662sXudsPhQUUUUigooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDz6vOviFOW1a1gzkRw7sZ6Ek/4CvRa8p8Zy+b4ouhnIQIo/75H9Sa+D4Yp8+O5v5U3+S/U9LM5WoW7sxIYzNPHEOrsFH4mvcFAVQoGABgCvHvD0Rl8Raeo7Tq35HP8ASvYq7eLal6tKHZN/f/wxjlMfdlIKKKK+RPXCiiigBGYKpZiAAMkntXhmvakdX1y6vcnY74jB7IOF/SvUvG2pjTfDcyq2Jbk+Qn4g7v0BrxzvX1HD+HtGVd9dF+p6+WU1Zz+Q8Zp2D6UzI9acCD3r6M9mLDHXNTwwCSMtvwKg4z7UwvtbA6UXJmb3hI/8VCigZAVq9WmcnTpEwc7h2ryfwW0g8UIIhn5G616xO1+EZSi7Tz1FdFO1j5HNpNVjyfxi2bhww5z1rC0nR7a9BLPtbtW/4vV2u5WbrnkVkaKxChgvcVnKTR20aEKkUn2Lj6TcW/yR3ZAHtSeVfQjAvCPwrWkbLnNVZsM2M1HtZI6FgIFIXOooeLgtj2qVdT1RexP/AAKrttYyXUmxFP1ro7Pwqu0NOaPrE0ZTwlGO5yi6/qcZwYmIH+1ViPxTqA48h/zNdmnh/Tkxkjip10/SoR9xTVrFSOSWGovochF4wvVwGhcYq9H40nUfMGH4V0Bg0gnAgXdUFzY2ZTMcK1osVLsYvBU3sjPj8dEYDFh77atp46hx80p/74qqbK3I5jA/ChdPtv8Anmpp/WPIP7O7GlF43sm++5P/AAGrUXi3T5Bk4NYb6fatxsGPSqsllpqPteIn6Zp/WF2IeWs6xNf02U8hefep01LTWP3k/OuMm0qwEPmRxHkZHzGsSWOFJSAjf99Gj21MI5VJ7Hqn2nT5OjJj61IBZSD5ZVFed6dZQ3C/694j+Jq5/Zk6MfJ1Zz7eXR7amYTwFSLO5+xwN91lNPXT1/hVa4VI9VjbC37n/gNWY5NfU5ScsPelz0zN4SoXvGvh+51DRxFbwhnLKeD71wlr4dudIkV7mEpyO9dmLzxPvAXAH97INQ6lp+r38atdTbuQcYFL2kRxwk4yUmZM4ywbsaeCNnWuttfC9vc6dCzvtkK8jHSqs3gyZXzHL8v0rzZ0ZNto+tw+YUVBReljn4pSBgVMbrjaVxWnJ4Vvl/1Yz70x/DeoRx5KbjXO6c0dP1qg/tIymlJPy0jM2Msa1rfwrqEwD52E849KW98Najbx5xvp8k+w/rlC/LzIyVkYqNjZxTvOZh+8Smi2ntw3mwsD34qNZAMggj6ips0aqUJP3WWre6gWVTjGODVzWIR5MdxHxG3pWG52vkDg10drLHeaMbZ8b1HFb09TCvFwkpIwdxOc9u9QO2GBPOKka1uow4KkgGqxSaRcBCDVLc3c4tXuTS7Lm3liZAUYHj3xXBXFoba5MDcY5FduFmhT5qyta08XEAnUfvQea7aFTl0PnM4wntKftFuc7IDLHtU4AHWm6RA73KgA4Q8nHWtjRLCG+vo7Unh2ANeyWng3RNLtwksKlvUnrXa3ZXPmKUJOR5+p3bWweB6VMCSc7T+Veippuh7xGka7j2zVxdB09Tt8gVkpXOqcJrc8wPJ5VvypMH+635V6mNIsBwLcYpw0qw/591qmzJxbZ5Thv7jflS7HPRG/KvVRpdjk/wCjrUkOl2JfHkLSuJwe55GQ0QO5Wwx9K0dCkaPU1jAx8pOa9OvdAsLy1lg8hVO0kN7gV5pY25s9de3bOYyQD7UyJSvoZfxTD3FlbuFZmGBkDOOa87soJVmiCpIRkZ+Q19H6XYWepO63cIkUHgEdK1V8PaOkhK2KBQCc1jUlqEFrdHgklsZ5kVyVUDJB71qWflGRVBCogqbxaYG8Szw2wCpG5HFY1zMqLtQ4IBzXM0fdYWg/q6bM3WZ1udWl2n5I2wKoTHOT2PQU3cZJ2PbPJrQs7Dz28yXiMdKtbGWHotprqGnW5KBj8oIq3cSxQqUQcnvT7iRBGI4+AvFUJR8pzVo9Rw5KXKQEkkgU3BX6UDge9Luz1qrHJJXjYaVBOcVKgz1puMCnLVJEUYWR23w81Q2+ry6fI3yXS5Qejrz+oz+Qr06vA7K5lsr+C7i4eJw6/UGvd7a4ju7WG5iOY5UDr9CM18bxFhuSsqy2l+a/4B52Pp2mprqYHjPR/wC0dINxGubi1y49Sv8AEP6/h715fXuleSeKNJ/sjWpI0XFvL+8i9ge34HI/KvU4Xx908JN7ar9V+v3ny2aULNVV8ztfBWsf2hpP2WV8z2uF56lP4T/T8B6101eO+H9VOj6xDdZPlZ2Sgd0PX8uv4V7CCGUMpBBGQR3rx+IMB9VxXPFe7PVevVf13OvL6/taVnuhaKKK8I7wooooAKKKKAPNPHdh9l1tbpRhLpN3/Ahwf6H8a5avT/HNj9q8PtMoG+2cP77TwR+oP4V5fX6XkGK9vgY33jp9234WPmsfS9nXfnqfRPwy/wCSeaX/ANtf/Rr11tcl8Mf+SeaX/wBtf/Rr11tem9wh8KCiiikUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAefV41r8nm+INQbOf9IcfkSP6V7LXh11J5t3NJ/fkZvzNfH8JQvVqy7Jfj/wx25s/dijb8Fpv8U2p/uhz/wCOkf1r1avM/h+m/wAQSMc/Jbsf/HlH9a9Mrk4onzY5LtFfq/1NcsVqHzCiiivnT0QoopGYIpZiAoGST2oA8l+Jmr/aPEtvp0bZWziy/wDvvz/6CF/OuSEnIpl9etq3iG9v3J/fys4B7L2H4DAqdYlJXPpX6JhqH1ehCl2X49fxPby+MvZ6dxu8YqNp9o4qdoRzg1WlhO04Fbo7ainFaEsU4cD6Upb5eKitISG+bpip2QBSR602Km5yh7xq+EWK+I0+bBCmvTZppFdyHJABrzXwfCZvEiKP7rV6nLpziCVtwrelsfKZuv3p5v4j/wBJlVF++7AE/jSXOlR6QlvGvO9dzfXNT6qnlXig9RIBn8afqpb7THvORtOKxqHrYP4oehEmZCgUZJFaNnoLzzb5ThKXQNikvIoIXpWvcaiX+WNcLXMdtebjKyLsENpZRKoAyo61Fc6nn5Yzms3du5kk4qRHt1+6eaDmdPm1YoNzMclyoNTx2G45kctUaGSd9qkBe1aMUXlL8zAmkkTLTYatjAoBC/rTZyqJgCrAdT3qpcsOlaImKbKE74jJ/KqMExcnLVoyReYmKrJpu0kg1VzojZLUWEt5v3sitExRnDFQTVaO1KEc1cB24FS2S1roVL7AhOBiuZmGbjHauj1B/lNc8o825/GpOqnpE63w5aRm13snJFbghRVyFGfpVTSIvJsYx/s1oKeKR5VZtzG+SjDlRR9libqtSLzThTMiuLBFBZDgk0PaERsxbkCrIIAP1pJiPIf6GgZRhN80KbZMKBx71Y+232PLC8/3qdYqDaRbv7tWtvoOKethtx6orLcXpQITyO9KGvh/y0/SrGQOBSAgdTSs7E6diqWvtxbzf0pw1G4i4lG8VbXB5HSmsgY8gUW8wTi90Q/2hbScSwj8qZJaaReD5ogKseSmOgpjWUT/AMP60XfYFaL0bRlXfhK0nTNtKFzyBWUNAutMu1d5sx10v2R42JjkIA7VyvjC5uYYMkscelEVFs3jXrcrXNcs6hN5cyrbqpDMNxz71FcRiK5LSYEJBxxXG2msSIgLE7iM89q3bK9m1C28t2zxnNdU6EeW6OGhmU+fkkiF1a5uJEjOUByD61VmVkLo/VuDWrF9kjjKJcASjhhiq09gWRpBIHPWsfZSirnqLGUajcJPQz9GtIrLV4SPulxj869hvrGO+jXcT7V5Vo+H1GESJyrD+dewBwUxtxiuuM+aNmeJiaHsKl47MyLfw5DDdC4MhLVPdX8sNw6LyAcVoqDkEisHUc/bJMHHNa04q5xYirJonGqS/dximtqNwGqgWwAd3NR+cd/Jrq9nFo89VpXOmt5DJArt1I5qaA/vaq2ZzaRn2qxAf3lcT0Z6N7wuaSEZb6GuC1xETxFCyqAWRiffmu6i5d/oa4PXj/xUVsP+mbfzpo5p7nReHZUhml38gn+laGvanb2OizzA4+QgfXBrm7TVl0uRnMe/J6VgeO/FQv8ATRaJF5bOwb8AawqPU7Mvw7rVox6HBNcPPLJdSHMjnOaoXchIPckVY3bV29qfY2f2mQsw+UGs2fosqajTUEUdJ0xrpi0nEY5PvWrcFdot0XEa9DVq7lisofJTA+lZEly23A6U0jCnSVNEbqVYrnIHeoZGGMU55R2qs7E1okFSppYa3XikooqjjHLyCKcnXmmA4Ip7NxxQNEikk8/dFeseA7/7XoJt2OWtnKjn+E8j+o/CvJozmJvXNdh8P9R+za4tqx+W5jKgf7Q+YfoD+deVnVD22El3jr92/wCFzDF0+ag/LU9SrnPGmlf2jojTIMzWuZFx3X+Iflz+FdHQQCCCMg9Qa+IwuIlhq0a0N4v+vvPnqtNVIOD6nhNeo+CdV+36KLeRszWpCHPdf4T/AE/CuA8QaYdJ1q4tQCI87oie6Hkf4fhVrwlqf9ma9CWbEM/7qT056H8Dj9a/Qs2w8cwwHPT1duZf15r8T5/CVHh69pejPWqKKK/Nj6QKKKKACiiigCK5gS6tZreT7kqFG+hGK8Smie3nkhkGHjYow9CDg17lXk/jOz+x+JbggYScCZfx6/qDX1nCmI5a06D6q/3f8P8AgeTmtO8Iz7Htfwx/5J3pX/bb/wBGvXXVyPww/wCSd6V/22/9GvXXV9k9zgj8KCiiikUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAeeO4jjZ26KCTivCepr3C/cx6dcuOqxOf0NeHV8twlH3ar9P1OrNnrBev6HZfDtc6xdN6W+P8Ax4f4V6PXnnw4UG+vm7iNQPxP/wBavQ68jiN3zCXovyOvLl/s6+YUUUV4R3BWD4zvTYeEtQlU/M8flL/wI7f5En8K3q4T4oXO3Rre2H8cm8/hwP5n8q7Mvpe1xUI+f5amlGHNNI8msQGu2B9DWogG6szTlJuzxng1rKnP3a+/qPU+hy6L9l8x4RD3pTHHj71KAAPufrQcf3P1qL2PWsrbETKq9KhYjGKsMuR939ahMeT92hMwqJ9Ea/gpgPFEQzgbGzXrd0IDBOvmkc15J4OTHiZOcYVuK9WulX7JMwPOa66Wx8PnD/f2PN9eASfAbI8wYb8aXUsHyDnOV5/Ol1+FpUwB824VR2yp5Qlz04zWNU9XBS96PobumQH7JuAxmodQmkt0wprd0aEPYICO1ZuqxRidlOOM1zHep81Q5uO8uZWzvIA61q6fb3N7ICkhCDrxWU3yzbUHDGu10YQWenZYfMRVpFV5qK0RLFYJBHuZs/jVO6u0jB2tz9agvtUAyA2BWHLeq7/ezT5TkjTk3dlq61q5hB8tqzv+Ej1Bz1P5UsoyC3UVU+2LG2Cgp2OiMUuhoRa1qb4AUmtW1u798GUYFY9tqsJIV0AA71fk1i0jj+U5NKxFRNvRGyb3YoLGqsuvxo+0LuNc/JqMl0xVBgZ4rofDvht75vOk5FUokTapxuxyi41QEohQetSW/hqWOQSGXIzkjFdI1n9jOxANtIgwSAaOQ5Hi3siWEeXEqDsMVKGx2qEPtGPSnCX2pchyyqO9yVZMcYp/me1MRgecU/Ix0pcoucUOSPbNFw+23c/hSrjb9ar3zhbdU7swFHKNTJ7LH2SI+q1OSPWnwWyJbopHIFKYI/Sk0yuZMYCDRlucrgetWrPTvOnDZwi1c1QQi1AiAyCAa1UPdMZV0p8plDigjJ600xSA8Hij5h1FY3NtHsSAEAHPApRlue1RCQg4x1qWFHnnWNeB3qlcmT5VdhgqMkdagutPt71Ns8Yb610621skQRyMqQKztXhFvMhT7rCtJUmldHNDE80uVHjPinQ1g1yOC2QxrMeCOcc4rqrLwoNK0p2WQyTkcce1dXPpNtNGlzMoaQfdyOlPZWQYP5UXlbU6XKnK1lqjw+7W7sb6dZlZdzZBPpWpod3LdXCqAxj6Gu28a6QNR0tTFGDIrqOB2zVrw1odppumQZgCylckn1rT22lmcdTCwa9omLBpGlZikjTZOCNx9811RwAF+8fWs9oEYggDO4c1e4HG3milrqTWk3FJserYJDdRWZeac9zMWSTGavbs8Yp2VFbqVjmcLmKdEuAf9d+lL/YkucmX9K2ct26UZPeq9oyPYxIreMwQJGTkqME1YtwPMqIn5qktz+8NZ9TV6RL8Rw7e4NcDr+R4jtieB5bfzrv4QNxPsa4vxSq/23Z9iYz/ADqkc0y9pUEdzK4lUMorzbxzMv8AwkLxRrhYSVxXp2gjbcSg9ACf0ryXxZL9o8T35jGQZq5qm59Bw7C9dswZpBt44rSsJ/JsC3SkGiTyw+bIdqDkVVlEQTYr/d7VPKfXSneRXubh55C7HjtVcuc1I7KOKh4JrVIxnLWwhNN4pXpmaZhKVmKetJRmkzTMx2RgcUZzQBml4FAySPgH0p1lqL2Gq2tymT5Eqvgd8HOKp3F2EXYvWqazEtnvUTipJxezOerXi/dR9MKwdQynKkZB9aWsPwdff2j4T06c53CLy2yecodv9M/jW5X5nVpunUlTfRtHiSVnY4z4g6b51hDqKL88DbJCB/Cen5H/ANCrzqvcL60jv7Ce0l+5MhQnGcZ7/hXiU8L288kEq7ZI2KMPQg4NfdcL4v2mHdCW8Pyf/BueBmdLlqKa6nsPh3Uv7V0O2uScy7dkn+8OD+fX8a1K88+Hmo+Xd3OnO3yyr5qAn+IcH8xj8q9Dr5PN8J9Vxk6a23Xo/wDLY9XCVfa0VLqFFFFeadIUUUUAFcJ8RrT5bG8C9C0TH9R/7NXd1z3jW1+0+GLhgMtCyyj8Dg/oTXp5NW9jjqcu7t9+hy4yHPQkv60O0+GH/JO9K/7bf+jXrrq5H4Yf8k60r/tt/wCjXrrq/S3ueJH4UFFFFIoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA801L/AJBV5/1wf/0E14fXuGp/8gq8/wCuD/8AoJrw+vmOEv4dX1X6nTmvxR+Z3Hw3/wCPu/8A+uafzNehV518OHxqF6mOsSnP0P8A9evRa8XiNf8AChP5fkjsy/8A3dfP8wooorwzuCvMPiTP5ty6A8RKq/j1/rXp9eQeM5jcS3kmcgzED6A4H6V7WRQviHLsjvwEOZzl2RxenNi7P0NbIIrG04f6WeexrXH1r7Gpuezlcn7J+o/cDxj8aYW5xQxwB836Um0swCnJ+lZo9CUxd2Kkgge4k2ohJNbukeE7zVEDlSqDuRXYWHhyDTI1YgM471tGnc8bG5vDDrlWrMfwtoMWmzG+uyS79Fx93NddLJA9uSqkhuajmukiCIYgd/NPa7jAESqBXWo2R8XicQ61Ryl1OP19UgKkLjLD+dZmqEM9rjjK5/WtDxbMuQc9HH86y7+RXhtXXsn9a5Kux9Dl924nZ6TGf7Oi5wStUtR0kSvvDcnrUOhagZYEjz0FaUsgZip7Vzo7J80Js5l9PjtbxA5ylWL+8NtAdn3e1Wb2B5kyo5HSs6S1mlj8t4Sce9UjVO+rOaub2WZ2JNQI7Bs1qT6PcF2KREDtVb+zLpDzGadzrTg0Ohulztkq5HZ2t2eMA1ROmXLciM81at9J1DGVQj8aBSUejL0Ohxhj82RUF7ojfeiXitbTbW7jGJlNaQhJBVqdzlnNpnGW8T2zYYV3fhzVGS38pTjNY95poIyorPie4spwVOAKOYmrD2sTv3aWRskZxSgc+nrWPp2veYBG0W5+5zWut1Jji36+9PmPOlQcR209hxThG3pTPtFxjHkfrR59x/zx/WjmM+RlhQQAKkGO5qoJ7r+4BUgkuD1Ao5kT7NlkKCOtUrgCfUIov4F5I9wasJJIG5IqGFz9ukdscZApc5apM1ssWyOmKEDSPtXrmqYvI4wd0ozWtoLRXMjuCCE5/SiHvSM6ilTg5MtyN9kt0hQ/vn/l3qlckpiIcd2pv2+G51uQmQDywwAqnNO8twzBw2TWs5LZHNSoz5uaXqWFbd0FPKmqTTyocKmRQt3IfvRn86ybR1uDvdFzC/eI6cVfs7dYY2mfqx+X2rPsm+0XKxleOp/Cr13cqZGiAwqHFaRtY5a978oy6ZiAQ3zFgTVrUYHubSFlP3cZ/Osma8jEwXuDzW1HIs9miqcZFXDVnPVg4WaM+YufkA+RKoNdK0zEjpWldSx20YiyCx61mSvCinjnvWc1Y6aV3qHmRyj5unpUo27QB0HSsuWQdUpYJpM9axuVKOhq7skA1bB+WsyOQlxnrWkPuCuqjsclVNMQZB+tNkJCOw42g0p9fSmXCsYJFXqwNbqJn6HMS+IL4MyxpvAPWtrR7yS+tfNl4I6iucWw1G3ZykZIOa3tBheCxZZ0IkJBptAa3HBPGakt1PmtkYXBwapXlz9it2m27sdvSsmz8WQ3TYWJt2cYqbo0VKUo6HU2LN9oYNJvXB7VzHi5ANWsWzzsP862f7VgsbZrp0wW7ZrktW1y3v7yKbH3Bj9aTkKOAq1FeKOh0txHFeOGG4Rtx/wGvKLjY11PdsfnLZI9629UvNQe7Nxb3XkwBSpXHXNcpqNyfJwp5bkmsZan0WS4SeHTnIrXWsXBZ1D4TPSs5rhnPNKyFhwcioShU0RPUnOW6Hbs0bsUzNJmrMuYezE03NJSZoJbuPU880/ANMGOKfkKM0yovTUNuPpVe4lCfKvJonu+Ci1XRTnJ5zQc9Wtd8sSIhmYluc1Iic1MY8gYpVTFSYRo6nqvwtu/M0W8tCcmGcOB6Bh/iprvK8r+F9wY9aurb+GWDd+KsMfoxr1Svgs6p+zxs/Oz/r5nFiY8tRhXlnjvT/sevmdFxHdIJPbcOG/ofxr1OuU8fWP2nQVuVA320gbP+y3B/Xb+VbZBivYY6N9pafft+Njy8fS56D8tTz3Sb5tN1a1vATiKQFsd16EflmvbFYMoZSCCMgjvXg1ev+Eb77f4btWJBeIeS/8AwHgfpg/jXucV4a8IYhdNH+a/X7ziyuprKm/U26KKK+JPaCiiigAqtqNubvTbq2AyZYXQfUgirNFVCThJSW6E1dWZpfC//knWlf8Abb/0c9dfXN+A4Ba+ELa3HSOe5UfQTyYrpK/WozU0pLqfOJWVmFFFFMYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB51cKXtpUUZLIQB68V4Rmve68FkXZK6EYKkivleEZfxl/h/U681XwP1/Q7D4cv/wATq6T1tyfyZf8AGvSq8s+H8vl+JSv/AD0gdf1B/pXqdeZxNG2Pb7pHTlr/AHHzCiiivnzvGSyCKF5D0RSx/CvFtcZn05mY5JYc169rUnl6Let/0xYfmMf1ryDWf+Qa3+8K+jyGNuaXmj1sBH9xUkczY5F4cccGtcbscr+NZmnpvviACTzxXbaH4WutTcNICsX0r6motTrwVaFGi5TfUw7aymu5ljijLknHHavQdC8GQ2Q+1agwwBnaa27LS7LQrcCKMPJ0LUy6lN2Sk0pUMOmKqEO55GPzpy9ylsQ3WuiGMQWkXl244DgZzV2wY3WnuwJfkYrMW3NrbeUl6qqvAzHmta0kaLSjtcO2R8wGK6otI+dqSbd27lSdBbqjuCzY6elZhnk+1O/lkKa2pbi82x4QMSPQVRkfUTKxKKB6YFX0Ml8RxPieZXDA9M5ArEs7p7i0Csc7eBVnxZPINQkWTgknIrL0o/u2xXFWWh9llyV0dX4dm8ufb05xXWSrtk3AZDCvPrV5EYspwTzXa6NcG6sv3jZda5kd2MhrzEjLz05pQcnJqQrnmon4qkcqelg8tT6VE9mknUCpFOe9K2QOtMauRx6dCOtWkgjQYzWdLfvC+0pwO9SJqSuwBFBTjI0NikUu0elRrIGAI6GnhqLGbXcqXwYIStc3OxZyGrrpFDoQa5/ULMqxZRUM6qMlsO0mJdwO/BFdJB++kCmbH4VyNlcGCdQxwO9dXbwmYrJE3FTcyxMUjRmiWJBnJ981SdGJyrkCrd3cKkKqTlgKzDNMx44Wg5YQuh+GyR5hppV8/wCtNN80g9jTJbhlGdtK5uqZJIkgAKyH61EiFp3zISTzVZtV2ja68A0xdTiFwCq8kVNzRU/IgvhIjnO7H1rs/ALH+zrx2JJAP/oNcbd3kEzsrcNXY+ANn2C9A5HP/oNaYZfvDnzRWwxx9/cTf21MYGZWLbTz1zSNcX+m3IjZ2Vm6Zq/Bbpc+K2QYwsm4j6YrS8Wi3uNTjkjAHlSqhx7mqVO6cvMPbxi40+XoUJ9R1WwjheYZSX7px6nFapGrpbRzNCWVh1qz4l8maxs4dnKMvT/erfWffp8VuAMeUW/KtlRRxVMVaKkorczvDtxcGeQXEW1hGzKT3wKqnWhI7706Nzz1Na1htaS1YEEG2ccVyHK395CUziYYpyjyxRhRSq1ZNouPrUf2xkMWDuwa6Y6zZWVrCsjBS0ZYV5pf3Rj1edCMbZMV0d4pnt9PkPT7K/8AOsqc2mzsxWDjyw8yzJrWm3M5lafJJqVLizuD+7lBzXm8ylJXyx69BVuwjuZVzDHIfxrNzcmdEsBTjC6Z6ILaMj5cH8aPIQHG3Brk7XStelZWiZol9Sc119lG1tbhL6cO+OwxVHmVqajs7iJERIMdq0M5AAFZk1xiYLCpK561oox2L611UdjirLuYnifxA+gWyyR2rXG4ZIU9K4Cb4v3ay4TS5MDrzXqt15SwvLOEaNPvbhXknjDxvpUfmWum2kfmHgsAK3Vzmcjb0v4jX2rOFh0w+/zDmus07Xbm9nENxYGH/a3Zr51tvEOo2k2+NwpzyAK7rw/8RZlKxS4Eh7mh3Lp8j6nqGq6o1jdiCVN0T9zWVqeqHyltdGtlNwecgCsrU9cl1WCMPyV6EDrUQ1ZdNhjmjGHK4LGsHueth6LqK0dzJuZ/EEt88GoSFV3fMuOlJcXlvZLjdvcdKg1PxF5zMch5W+8a5q4mkZyznrUt6n0NCEaMLPctX+r3N23zyfKOgHFUJLqSVgXbOOlQs2ehqOmtTKpVd9NiczHJ5pjPuqM0Zq7WMnUb0Y8GjNNzRmkCY+im5pc0DuP4xUF1N5a4zzTnkAU+tZ8hMj81RzYmtZWiPhDO2T3q4qAVFbJwKtFSKB4en7t2AwKcFBpnenqaR1RsdF4HmNv4vsjuwrlkPvlTj9cV7RXg2hSmHxBp8oONtzGT9NwzXvNfHcRwtXhPuvyf/BPOzBe+n5BVe+tVvrC4tXxtmjZMkdMjGasUV8/GTjJSW6PPaTVmeCurRyMjghlJBHoa7r4cXv7y9sSTggTKPTHDfzWuf8X2f2LxPeKAdsrecp9d3J/XNJ4QvPsfieyYk7ZG8oj13DA/XFfpmPisdlkpLrHmX5/8A+coP2OJSfR2/Q9hooor8yPpAooooAKKKKAOt8PIkeiwonTc7H6lyT/OtSsjw45bTWU/wyED8ga16/T8snz4OlL+6jwa6tUkvMKKKK7jIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA8+rw7V4hBrV9COiXEijjHRjXuNeNeLYfs/irUE9ZA//AH0Af618bwnO2IqQ7q/3P/gnfmi/dxfmT+CpRH4sssnAbep/FDj9cV69XiOgy+T4g06QnAFwmT7bgDXt1TxXC2JhPvH8m/8AMeVy/dteYUUUV8semY/ihivh65wcFto/8eFeW6khmszEOpkUCvS/GD7dDxnG+VR9ep/pXnVz8rQ4/wCeqZ/Ovqcjjalfz/yPawnuYKcvX9C/4I8P26a7MLxd20NwfpXptpJBEpiiUBR6CuK0Ft/iy7XdjJbj8K7CKMRPw4ya+oktT5eVadS8b6EzRhl471C8WOdo/KrqMm07uSKSRYmUfITn3p3OflM+aNzGpCr09KYqlbVs+tXZoIxExwRg4xmq7oPs2ApOfeqi9SHGyuYt3czDGxulZkt3MbraSefetmfTZpVUouM981Tm0iRLkM8ig4rpMkeb+K97X7ZPTNU9J+4wrS8XAQ37qTkgnmszST8jGuOtsfYZa9YmvEwU4J5x0rV0xb9SfswIFVLSCORo3LDjrXY2M1tCi7CpzXCetiZ26GYL+/hO2WEtjvTv7VLcNAwNdCZIGHKqTVSURn7qr+VUjh9onujEe9mJJiQiovt2oL1iyK0J8R5OB+VYN9fMpIFM6IWlsi3Nqb7R50HT3qFNVs2b5kKn61iSTs+SSeaiDDPWg6FRT3O6sr6KVFwwxjirok545Feex3EyH5H4rRt9TuYsZbNFzGeHfQ7TeGyMVG8SSqQRk1hWuuBpNsnWtuOZHAKkHNBi4OD0MO+szFIWA4ra8NXTuTFu+XFF5F5sDDHNUPD7GLUdnoDUsuf7yDZtXhJuCshwBVBLebUrkwwuY44wQ596frL/AL/dn+KtDSSPslw6DO+QA/lSRyzfJC6KqaIEwPtnT2NS/wBlZGPtY/75rcWFIowoGQKAFz0FVY5lXlfcwToYbG65UL67aiu9JWGISRSiRgwHAxXS7FY9MVTvoh9lyOfmFFkUq8r7mMdFklXcyAE11/g7TGsrC7Dtjd0/KqNvGhgUkHOPWul0dMadIcY4/pWtCNpXObH4iU6XKzk9I8PrF4okumnzuDcY6cVLd6KJdQud04INyrbcelbmkoDfSSY5wT+lWUtxNePMF6tmt4LQ462Ikp3v0KV5YpK7gMMhuOKkjtSJkUvyIHHSnXE5GoMncvyKvYAu5PVUYfpQZOb5bM57w1YvBqUm+53JtYKuPujFRx2Vnb67dtLJuDsWx74rY0QL9plIIyQc/lVK5VftkhGC2etZu/Lqb05t1Gr7ow7rRNNutQediSXbdjmuhNhaiytlCFgsZA57VWRAcnAJX2rWJH2SA46pU047muIqytFX2ObOnWAc7bXcfrVmCMwjbDbrH9QDVwwOg3bMA96YOuTzWbjYftHJasiaKd+Gk49hikSzQHLAsfrVjgnI49qOe1PoYsREVD8oAqYHPWo6XNdFHY5arb3OF+J2uPYaYtrAxV5Rk4+uK8Iml25J+Zic5r1f4tBlvLV93yGMjp715UttLJOyRxl66kcdRNuxEXAGSevIogkxMrq21l/WtOz8NaneTLEloxYng56V0N14EGkwJNe3qed3iC80SkkaUMLWrT5Yo3vDWu/8S8eeoJ24BIqDV75Z12hgBWGboRRiKJdqjgVWeVnPJrlk7s+zwNCGEp23ZNJ3xVY7uh6Uvm80x5BSRpUqJ6iE4ppNML03fVI5JTTJc00mm7qOtUTzdh4JpwNRbsUokX1pDU0iXIqN5R0XrTHkzwtIqEnNFyZTb+EDlj81M2ZerATNOSLBzSBUXLVjoEK1aC7kJNRDirEJDfKaaO+nBJWKhGKUGnXCFJSO1IQMDFS2TazLdgCZ1YdVORXv4OQD614BbExYYV7zZSebYW8mMbolb8wK+Y4kjpTl6/ocOYLSL9SeiiivljzDzz4k2u24sbwZyyNE3tg5H/oRrh45GilSRDhkYMD6EV6n4+tvP8MPIOsEqSf+y/8As1eUZr9H4dre1wEYv7La/X8mfO5hDlrt99T3q3nW5tYrhPuSoHX6EZqWsLwddfavC1kxbLRqYz7bSQP0xW7X59iaXsa06X8ra+5nv0588FLuFFFFYlhRRRQB0nhls286ejA/mP8A61btc94YPN0P93+tdDX6PkUubL6fz/NniYtWrMKKKK9Y5wooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDz6vK/iFB5XiUSD/ltArn6jK/0FeqV598S7f5tPuQDyHjY/kR/Wvz/huryY+K/mTX4X/Q9XMI3oN9jg0co6uvVSCK96hlWeGOVPuuoYfQjNeBV7T4XuftXhjTpPSEJ/3z8v9K9riylelTqdm19//DHHlcvelE16KKK+IPaOb8aHGkQ/9dx/6C1efTsTLEP+mi/zrv8AxucaRD/13H/oJrz08yxk/wDPRf519dki/cx9We3RX/CdJ+p0mhSbPFl2zf7X8q7KJw2Cx+auF06Mv4mucH+M/wAq7qO3TepJOAMV9FU0Z8lTV7lk3EaKf1qtPq0MKqccD3pLiBdjhUJP1rBv7eUW5/dtUJlqJ1cOo/a7cFIxsYZFRu6/ZzkYIrF0SJltIt24Hb0zV6YlbdiPWilK8xVIWiULlLd3G692E9V54qjNFp6XGTelm+pqC9OZQe5rOMTfbR3Fegzj6nKeMdp1B9jblB4NZ2jklGHatHxcuL2QehrO0PlHrirbH1mXv34o3YZCkRUDg1EtzLEcK5AHvUtvEZ/lziryaMhXLNXEe7OUU9UUV1W5U5Eprd0jUJrhf3hzVJNIhQ5JzWhAiWyYQVSOapySWiLdyNyn1rnr62c5IrVmnYiqrTLj56ZFNOLOfZWQ4PamHmteaWE5+UGqTSwA8xE/jQdkZX3KyZGeOlPVyfap1uYARhMD0qzbWDXswKDCUA5curIbe3eZWkAIC1u2LSJaRyDPOKlihiilW0AHHBPvWvLYG2iRNn7srwaDCdSN9RYn82HOcnHNZ9kBb6wTjGc0+2kMTSjPQ1HZt9s1gAds0mZv3UzV1RVaIuVzt4qDw3cgTyW7Pjcd20+wrpPIiYeWyArjk1my6HbvcLd27bJFPShI851k4uLNY5KnKkVAXCHk4q/sPkjJyaw9YcwKKZyQd5Gh5gXlWqtqL5smK/3hWEmqMvBzTrvU99gyk4JI7UG/JqdBZuXsoXHXbXU2f7vSSw4yK8/0rUFW0iiY5IwK7iS4WLQlP94CtqL3OLGRacV5kelY/fv2CkD8qbpl1ICVJ+U0zTn2aTLJ/e/wqPTXXavrsJrWMtEcdRXux+PN1ojtnNaZINzctnoSD+IrL0pln1GaXPAyf0q4rDybiTP35AaFpqEn76XkP0uMIZT3CnP5VHFbobSeVurHKn2xT7I5t7mQHgnA/Ko3bZaW8WeWTmla8QXx3QWUKCwZmHLdKsyKRbQL6AD8M1AwMcdtEO68/nVqVgbhI/7qk/lRHQmcm2N1BlSzKqOVIArHBxV/UHH2ZWJ++QazGbnIrOpozpw6vAlpRTN/FKrVn0LZIeKCCR0pjHuKcCxXlgK6aOxx1DkPH2iPrGjM8afvIenv3ryHRGFvJKsoEc6tyGHWvoW5Quu0kFcc+9cD4g8EW+oytc22I5jzgVuQor4jK0W8hM7SzMFIRsL744rndTu7i5vpmkc5zwD6VqadpGoaTctLeruROFGOtReI4lmijv0ARm6qB6msppnt4GvFKzOdL55pPMAqN8gnniqzzBTy1RGNztqYlQV2WWbPA6momYLwetaekeG9V16NpbOAvEhwWBApLzw3fWl4LQfPMf4B1q+Q4J42F9zL3Y70hPCn2rQ1HQtS0y1826hMaEjrWSJBkBeaLCVZMnBFKXAqEbjT40Jbmk2bRk3sBYnpQsbNVrylxjFKEAqTaNBvciSHFTogFPAGKcFoOunSUdhoTJzUgWlAwKWhHQopIjY4JxQjlTkHmn7M0wxkVRDTTuWSRcoB/EO9VthV9ppBvQ5FWYZY34kHPrUWEtyRcBdvXFe36Gxbw/prMck2sRJP+4K8aXTWkj3wvnPavZdDQx6BpqN1W1iB/wC+RXzvEf8ACh6s48x+CJfooor5I8kz9ctxdaDfw4yWgfaPcDI/XFeIV7+QCMEZFeC3cBtrye3YEGKRkIPscV9pwlV92rT9H+f/AADxs1jrGR6N8N7nfpN3bd4pg/4MP/sTXaV5t8NZyupX1vnh4Q//AHycf+zV6TXh5/S9nmFTzs/vX+Z24GXNQiFFFFeOdgUUUUAb3hn/AF1x/uiujrmfDX/H3N/uf1rpq/Q+H3fAR9X+Z42M/jMKKKK9o5QooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDz6uW+IFsZ/DDSAf6iVJD9D8v/ALNXU1R1q0+36Je2oXc0kLBR/tY4/XFfluArexxVOp2a+7qe9Xhz05R8jwyvUvh1dedoEtuWy0ExwPRSAR+u6vLK7b4bXnlardWhICzRBwPVlP8Agx/Kvv8AiGj7XATtvGz/AK+VzwsBPlrrz0PTKKKK/NT6I5jxyP8AiTQn/p4H/oLV55I23yz/ANNV/nXo3jdN2gqf7s6n9CP615tMcrH/ANdV/nX1uRv9wvVnt0X/AMJ0vmdj4YAk8VXAdNy/Mf0r0O2EL7gYu/rXnnhED/hK7jOejfyr0SBUO7AIr6dxufHRla5aSCJmwU4Jou9NtpBtKjGaYHRcAg5HvRJJC4BOfzqZQvsCm0ys9hBACI14HFZmorEkOB8oPWtkMjRkc47GsbUysceMbqKcLO5U6l1YxLiPTEjRppMkjtmqckmkLIpRWZ/XJqa81W3tViRrQuxHPIqr/bcbTbFtQue+BXUc6epwXjFg1/MVGAW4rM0PIjetLxg++/kb1PaqGiriNvrXJW2PqsuV5xZ0umL1NawJGKoWC7Y81c3cA1wnsVldkjLknJqN+BQzMwwoqKWOVVyeKpGKWtitdXXl8KeazpLl5DyeKfdHJ5PNVTxVHTGKQrMR3qM/N1oY8mkFBohRGSwArcs9RS0URrxlT+dZtmiiRnc8EHFI0XRvXpUSZXKp+70Ne1ug04mkORvGa7fV9XsT4eiETAzYAWuCggYxgDofmNQ3V4BMqISdg45pwZzVsLGo1Z7G6kgitWllYb26in+Gh52pPKOnNcpJdT3B+dsZ7V2Xg6I+UzH8/wAKDLErkps64nHApVamkYFNB5po8MtwnccHpWbrlu0iptHG4D9avRNt5qW5TzIs46EVRm3Z6FSGxto4URoxkCqesW9qtiGSMAmRR+taTnBVj02msjWmHkQxg8tIp/WtFHQpTlfct2um2i+ViM7iR3rpdT2x2MUIAAx0rKsYw91GPSrmsS7rhIx24/WrUbROWtOUqiv0JBbbdHULxuIzUFtaKnnMOiqVH5VoSMI9NXJ4Aqpp+XikJPBOavk1Rze1auM0az8qCVwDvbvn2qzNZvFp33sEjipbOUJFIRjarACmapchkjiB5P8AjVOOhMZtzuRWdtPDogDP+8d1ycU2e2ka8SMNwvFXmdUt4UbsuajtHWR5bhunOPyqXpY0UmrsWe3d7iLYf9WMGogJnu7iTPCttX6EVYs7g4lc9CCR+VNRz5KY6vhjTsQpMytUS4ZYYk6KOfzqiYLoMQOn0rdu5E80nPeq+4dT3rnmrs7ac3GGxllpUHzKTSLdYPKGtbauOQDTGijb+ECs3oinURRWdWYc4zVXX5Xt9LmmhbDqpIP4Vcnto13EH5u1YmtlxoFwXPbj8jV027kOKkmeTyeNNeVji6H/AHzVRvGmun/l5H/fNUpI+uetVmjGa9BI8qbknY1R401ZVw8qufdBRb6+9/J5d4Rz7YrHMYJ4HIpPKyd54I9KLIqnVkupa1i3MMoMLfIwzWIyOSS5NacjSSqu48DgVVdD5wXsaIpXCpXlLRsv6Rr2o2FnJa2s5SJzkjv0rc8IzSy68jyuzuQeWOa5yCARufSuh8LfLrsX0NVJWMOp1PxHx/Z8Ufbj+deaKgBH0r0j4isCkC+39a8921zyPfwVO9O4IoB4okJRQw9acvHXvSyLuQpUI9Bq0dCxERJGpHpzTynFVbMsnymrqng5qTuoPngriKowKcOKMUUG6XKFLikpaaK3DkGpI2X+KkxlabtNUOxY+zpIcjvQ1ie1RxsynrV2Mu8RNJhZC2DPaS5LcV7RpT+Zo9k4/it4z/46K8UUkDnrXtunqU021QjBWFBj8BXzPEb/AHdNebPNzL4Yos0UUV8oeSFeLeKYDb+KNRQjGZi//fXzf1r2mvI/HsXl+K52/wCekaN/47j+lfTcKzti5R7x/VHm5mr0k/Md4BmMXiqFASBLG6H343f+y161Xi3hSYweKdOcHGZdnX+8Cv8AWvaaOKoWxcZd4/qwyx3pNeYUUUV8yekFFFFAG74ZA+0TnuFA/WukrnfDA/eXJ9Av9a6Kv0TIFbAQ+f5s8XGfxmFFFFeycwUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB59RRRX5EfRnhuvWX9n69fWoXaqStsB/unlf0IqXwze/YPElhOSAvmhGJ7BvlP6Gt34kWPka1BeKuFuIsE+rLwf0K1xfQ5FfqmDmsbgIuX2o2f3WZ8zVTo13boz6Eoqjot8NS0WzvM5MsQLf73Rv1Bq9X5bUg6c3CW60PpItSSaMPxem7w3cH+6yH/x4D+teWzHbs/66L/OvXPEEQm0C9UjOIi35c/0ryK5HzJ/10X+dfT5BK9Nrz/RHs4eX+wVF/WyOw8KyP8A8JHMykBjuHT2r0aNgEx5gDY54715p4Xfb4jkAYdGP6V6HbJLKxf+FzkV9ekfGydiyrMwOZF9jio5ZlgiLSyqAO+KlZeMMv5VRu7CO6QpMj7D6NilsSncs2V4txHmJ1ZR0OOtZuvOdo6fgK0tPt7TTrPyowQqjC5OayNYcFNw5FUhXOM1QSPcKqoWz0x2qKKzuPtACxNnua62KScWymG2Dv0BIBp8w1CG1ErRJvbqAoqwtqeReLFK3rqRgg9Kq6OuISe+aueMFkOqOZB8zNzUWnwtHApx1xXJW2Z9bl+jidFa58tVA571p29jJORxxTdHtfP28V10NqlrDuYAVwnoYiraVkZUWnCFMuOAK5/W7tVJjjIFa2s60qRskZ56VxU8rTOXY81SKpU5S1ZGxLD5jzTTSbuaBVHVsNapbWFriYRL1PzD6DrUZ4U/WtjTIhDYTXbjDfdT6EUxXKFztR2jXopwKVGYqmT06VAWLtzz71Zhj82VEFZNXOqNoxL8DAq2T/Cax2+ZiD0rVkQwTyRnsCKy8fNVJWMo2u2Kq4YHvXeeFHCW+D3rhkHziuv0NykYAoOPGPmhY7DOeh4phOGqpHdADac5FDToT1xVI8NrWxoo3y1aRi0RFZ8MqsgwatQsaZhNWY26UhEA9Kx7mJrnUoYTztUn8RXQlQ5XPaqFrGsutTTD7qZX8xXRFaGXPZl/SIn+0O7/AMOar3cxk1Jjn5Q1bdlEEgkkPAasO+jjWTKHluaqWyRlCXPNk+p33mKsETfKBzUUN+IrLywPm6ZqgoBOT1Aqa2tZbk7VU4z1qVJtjcYRXvFpLtkt/KGcEg1JA7Xd5Hv5K1HPp89thm+7VzSYs3pPsaV5XsVLl5HJFi/lzOIk+8Bj8KkCmHTto6kjH0qsw3anK5/hyKuzqfsUL9ttUtbmUlpEZGClsQOpYAfSpgmw4X7qAqKktohJbwuemKmuYtkEhXqeatp2uYuXv2MGXc0hyeM0hmCjBINRMj5O5sU3Cjqc1yNu56Sh7pKbsE/KpJpjPK/X5RTkUkf6vC+tMlPl/dG78aliUExPLyMucnPFY3ieLzdKmjU4UKTWg0s7kYIQe4zWbrULnSLmR5Q/ynoMdjVQ+JA/dTPEXQqSp7VCyjNWSvHQiomWvSWx483dkO2kCgHNS7aNtBnYhZd3WodoN4F7bTVvbVeMZu3PpkUbInqSIwLbCOcHFa/hUn+3IQ3VQQ31rJIwwYD7tavh11TX4JmOEcHP17VrbmhcG7M3/iC+by3jz0U5/OuMA44rpvGkvna2y5yFyK5scJXFI+swULUkJszinBTnPenjkUVmmd6poaowc96sDkZ71COtSrTNaasKDS4pdtOpG8Y33GgUClJpKaHsOU808Nk1FTouWqkLmJByTirljKC3lkVWC+XJk96soFWQMvBpMZblsGBygznpXs6KEjVR0UAV5Tphaa/tYjyGlRfzIr1ivlOJJe9Tj6/oeVmb1ivUKKKK+ZPLCvLviUuNftn7G1A/Jm/xr1GvNfiagGoWD85MTD8j/wDXr3eG5WzCK7p/kcOYK9B/I5XQ5BFr+nSE8Lcxk/TcK90rwKzYpfW7A4IkUg/jXvtejxbH95Sl5P8AQwyt+7JBRRRXyJ6oUUUUAdF4YXCXLepUfz/xrfrF8NLiwlb1lx+grar9JyWPLgKa8n+LbPExTvWkFFFFeoc4UUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB59RRRX5EfRnK/ECw+1+GmnUDfayCT32ngj9QfwrySvoC6t47u0mtpRmOVCjfQjBrwS7t5LO8mtpRiSFyjfUHFfdcK4nmoToPeLuvR/8AB/M8XM6dpqa6npXw21Dz9JuLBj81vJuXJ/hb0/EH867avHPA+pf2f4ntwzYjuAYG/H7v/jwFex14XEWF9hjZSW0tf8/xO3AVOeil20IbuH7RZzwnpJGyfmMV4zcj/Vn/AKar/OvbK8d1qH7PqU0IGAl1tA9t3Fa8Pz9+UfQ9zDS/2erHyNzw26R+Kpi4+XDD9K9LhaPyY1RtoAwPpXl2hxvL4mnVOSST+lelwQXIhjAiPAr7Y+TnuXGmWIfeBAqlc6okaluMCnzQ3W0gxGs6e3meBkMRyakSRftruC/jXLgEjOKZqVtG0GT8qAdTVHSLK4gu0KRsxCEMPSpdaE8qCIgqWPSmkUrGX9onZEgtWB4xkDrWtpuiSWtrLfalc7QBkI2fSktotP8AD9mLm7kHm7chSelee+K/HE2qzPFG5SMcAA4puWh04bCTrz02Oc8ZXi3mtyvHgoZcLj0q0bc29tbjoXAP61y9xO7yqzHOHB/WuvnuI7mKyK9AAD+dctR6H01CHJVUTtPDtrstkc9xTPEmrfZo/KjYbu9X7Rha6QJM4wvFef6leNd3juxyM8VzHVTh7Sq29kQSzNK5LHOagIpw5GaXGaVz1IxSKzLhjSCpnXk1FirTMp6MVFLzpGvO6tPVZhDbR2cZx5Q2uPemaZCqiW6fogO38qoSSNcSGZushyaTYQjzSuJHnAFWrI+Xc727VW5DgCrar8pNSb1drFq4czySzetZWcv0rQEqizKDrVJFO5VUZZqd7nOnbcmt4ZLidIo1Jdzkewr0HTdIisLVXuXDNjkdMVl6XaW+jWJuboYuZvmiQ9SOnFNmeS8bzdRkZY/4Y1O0iuinS5tz57MswSlyxZ0P9p6VGwTz0qXybe8jLQsPY1yv2zT0TaRuA4xnkfjUtpeQRSh7eUgn+EnNbOhFHkwxblK7NEPdW1z5f3l7HFa9jeCSQxMcMKLK4juxmVRvHFPnsQkvnxDk9cVy1ItM73NTRelk2QM46hTWZpc7LDNIF5dwTVwqJbd03c7TxWbYW6i3dMnIYd6pTsiIUk73Oqyx0jfv25HNc+ZItqkHcRxXS6WqXOmmAj7owKx2spI7hoo4D161rUu0nE56DhCTUtyG1hN3NtRDtHWuntII4VCIAKziDY2wjUhZXHzcdDVS3mntLkGWcMpPpRCaS1MqtN1byRu3tp59oylskdMVk6Rugvykh9RWhfassCx+WQyuKyLiQG4S5jB9wDSqSV1YKEJODgzZ1C1itoZZ1OGdwTmkmlU6CjKQcYqlqF3JfWSxopB4qtHHOlp5Bb5eKJTs9DSFJ8q5nszUtb9BpUYXhgyj8KS71ZAJFHY4X6VktFDBGRJJgZ9aiN7YxruWQM3fmj2k5KxXsqSlzMSQTXMhKnap6U9baWIdefU1Uk1lUH7uEg9m7VkXV/qNzcBTKBH6BcVKot6sueMhHQ6J1KrmW4Vapy31hEcNOHPsTWWLNWcmR3b/AIEaspbwoPlj/PmtPYpHM8ZfYmOrggrbWjkdmJzmsrWrvUZdImWQqkeOm32rWSM9Qv5VS1xc6JPn0/oauMYo5515yPGSMcZz70wqDUmOKQitzC5EVFJipcU0rQAzH8qrWwBmmJ/vVbYYUmq1sMCQ/wC1QK1yYKMEk8Zwajjdrabbzw4Zce1TEBvl9eaQwPI4K8kCtKbtoRNX1RLe6g+oXTTOfn71VB4xTHHlvuH8XWnHqCK5K8eWVj6vAVlUop9h4JxUnao15NSViepF6AKeDimUoplrQl8zjFAfNMApwAFBomx2M9KTkdaCfSkznrVDY7OQKfEQrimqMihVOaBIuOoJ3U6MAyDNMRwFUNVpVU4K0ize8MwiTxFZjtvLfkCf6V6lXn/geHfqzORxHCTn3JA/xr0Cvi8/qc2KUeyPEzCV6tuyCiiivDOEK88+KA50o9/3v/sleh1558Uf+YV/22/9kr2eHv8AkZU/n/6Szjx/+7y+X5o8/j/1i/UV9B18+Rn94v1FfQdezxdvR/7e/Q5Mr+38v1CiiivjT1wooooA67QU26TGf7zMf1x/StOsLwdP9o8NxSZBH2i5UEdwJ5AP5Vu1+p4Gn7PDU4dor8jwKsuabfmFFFFdRmFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAefUUUV+RH0YV5R8RNN+ya8t4i4ju0yf99eD+m0/ia9Xrm/HGl/2l4bmZFzNbfvk+g+8Pyz+Qr18jxf1bGxb2lo/n/wbHJjKXtKLXVanjyOyOrqSGU5BHY17vo2orquj2t8uMyxgsB2bow/MGvBc16N8M9V3JdaVIeV/fRfTgMP5H8TX1XE2E9thVWW8Pye/wCh5uXVeSpyvqehV5d44h8jxAW7SvG4/l/MGvUa4L4j23OnXYHWQRsfxBH9a+VyOpy4yK76fr+h9FSnyqS7pj/Bm3/hMps4OFf+VeoregKF2j8q8o8HkR+MJmYHBDd/avUPMjUqRGTx61+hWPnZ7l37YCPuj8qPlZd5jFUxcRdShz9akEwZDkEL9aTViVeWw57k2/zwxhi33sDpXNeIPEFrawb5iokXoKZ4p8QwaZp7xpKFdhxXiWoardX0zB5Syk1m6lj18Hlk5+9PY0/Efiu41KZsOcZrlZJ2diSeanuY8RoByccmqwRVGW61mm2e17H2K5I6DWyYt2e9dLpDGSGBScgMuPzrmpDmIKvciuq0S2eI2oYfewf1qai90dF2q6ne6zdfZ9EVQcZArhQS3PrXb63YSXNnGqZOFrjJomiYxsMEcVyHp4VqzGYpwpoHOKkUVLZ2xTIyBnmomXIG0d6tqoLHjmgRFiAOOaakRUXUs3qrZ6PCoPMoBYe9ZsKcc9DzVvUY3VkVjuU9B6VXkIhi4OSapsqiuVEGSLgVe6q1Zqn5gT1q+D+6z60+gVCFMiNj79K2tCs0Zmv7j/j3j4H+92FZkERlZI1GSxx+Fb2xRtskOLW34mI7uORW1CnzM8bMsWqNJpbk1xciRjfTdwfLU9FBrn7u+kuMgMcE5NWNSuTcXGxDhB0AqkVCkgCvQaS0Pi5ScnzMcmNlXrYn5TVKMfLV2DhRWTQKx0VhdGOROeT1rtLJlkhGOc9a8/tmGVOea7LRZtyAVjNXOyjUvoXmsfLLSA4BBrBgWVL2aJW4JJxiuvyDA2cda5+WVU1JpGKhMGsvZ3O2lWtuWtIkmtbgMzZVuorpZ7iHyzJgZ7VxE+u6bbqwN0hYH7o7VQuPFiCMfZ4JJvo1aw546HPWjTlPnbOkuHe5lZi3B7VGsKxnLE/ia4+bxDrFxkRRC3Q9A6gkVV3X1wc3V5u9lyKfsG3dkSxUI6I7qW/s4IwJpkAUY5rPk8TWUeUgHneymuaS1gBzmRm93Jq2iKo+4F/CrVBbmcsZp7poyeI72XIt7UxA9C2DUH27UJMmaYHPZRiowVA9fpTCfmyMj61oqcTGeKm9h+9mYhmc892py46etRiRcnNNMg3dapOK6GLnJlkNgn2qGViZVbvR5qgdaiD+Yxx2olLsK3c2E+aNT609RTLYZto8+lSnisWmaJaCgYJwTzWfra40Wfr0/oa0QeKoa2f+JLP9P6GhILnjYHFIRTu1NNbrYzbGnrSU7FGKAIm+6w9qgtRmM+5yasSDCN9DUVmP3GaBO/QkYCpYZTE5ZcZII596YeTTSMVM5cp1YWCnUimV2B811PXqv0ojIaLJ+8ODRPkOj+nFNfC3GB9xgTTn+8hc9Wn/ALJiXT6MkBwakBzUXOPelDYrkvdntRlYlxQKQHIp1DN0OFLimin5oNEKOlIaWkqhskiOMg96sxRrnafvGqZyMH0qxHJkbu4oBE0lqw6nkVLbAp940KWmQNnk0CN165pGlj0XwHBi1u7ns7qg/AZP8xXX1ieErY23hq0BGGkBkP4nj9MVt1+eZlV9ri6kvO33aHzmKnzVpMKKKK4jAK88+KP/ADCv+23/ALJXodea/FB832npnkRucemSP8K9rh5XzGn8/wAmceP/AN3l8vzOGgUvPGo6swH619B14DpiebqtnHgnfOi4HU5YV79XrcWv36S9f0OXK1pJ+gUUUV8eesFMmlWCCSZ/uRqWb6AZp9Yvi26+x+FdRkHVovLH/Ajt/rWuHpOrVjTXVpfeyJy5YuXY6v4XSNL8OtLkb7zNOx+pmeuwrjfhT/yTXSP+23/o567Kv1lqzsfPLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDz6iiivyI+jCkIBBBAIPUGlooA8L8R6UdG125s8ERht0RPdDyP8PwqHRdTfSNYtr5MkRPlgP4lPDD8ia9C+JGj/adNi1SJcyWx2SY7xnv+B/ma8tr9PyzExzDApz105Zfr9+/zPnMRTdCtp6o+h4pUmiSWJg0bqGVh0IPINYPjWyN54blKjLwSJMv4Hn9Cazvh3rP27R20+V8z2nC5PJjPT8un5V108KXFvJDIMpIpRh6gjFfAVKc8vxvLL7D+9f8FHvUaiqQU11PM9Edx4odo22kBs5r0q0nnmjQockcE4rz7QbLd4ulgkO0pvVvqK7S+8QWGgWxiR1Zx71+je0Vro82FCpWnaCNuWaG1hMlw6rt65rhPEXj+NQ0Fk4GOM9a5nxB4tutSLosmEJ4xXB3PnmQ9SD3rKU3I97DYGGHtKors3b3UJb93mmn3luSM8VnRFGfrzVaBPkKsTmpEj2yLg1k9D2oVHK3u2RNccECo5Ui8sE9anuPvDiopSNgG2qSb2KqWs7lNQDKgHdxj869GtrX/SdPQDjyyT+dee4AuICP74/nXqmmANdW7MOFjNE1aOp5abjUOmDItu5YdBgVw+pW32mWR0XqeMV107+bZOqHJNYVtBMpIZCea5GzroS5HzXOVMbwnEinI608ZIyvSu4l0qC8t8FMORXLX+mPp8pXPFQ0z06OJjU0KsTHdwnWrq6fNIA2MCqALKRz0q0t9OE2hhihG1RNIbexhE3YJZeDmsWVgXOOhrprWIXVpcbuWGT+lcvIuCParQqck9GJkgjn61ejbNruPSqIIJ9SavxIZYkUcKCM1erHVaUTQs2W0smu2Hzv8iD68U+aU2lise798w+cnvUDOs17HGDmCBCD7nqKqXkxubnYD1Oc16FBcsT4LNMQ6tay2Q62Qkhmz81SXBSFC8jAKO1OGEiMrnaiCuJ1vWHvLhljbEeccVe55bZryeJbZZDHEM88c1PbeIQHCyjC+tcOQzD5Rjb39auWkwlTYxywq0kQ2eq2Fwk6LJGcqRmuitdVbToPMELSg9Aprynw/q0un3qwytuibgD0r0eH95ZvgEgjIrKUbG1Odti7Pe63q6fJILWFugZefzFZV7ppsRF5s0sm4fOwcgZrT0q6MtqI2OWXggdqZrYV7FgD8wYECiDRcpy6MzYUgg+6N3u3NSmbJ4Cj6CstJtyhs8GplmHrWqMW29y95hPJNHmqtVPPFRvMD3p3FZGjHcAnAFWPNwOtYa3oQ7QOlTi4aQVAGmZsjJPFM+1KOM1m723EE8VICKALTXRwcGmwtLK2WPFQBd3NWoHCrjvU2KuTHJO30FPt28s+5NQl8Nn1FJAxadQemaQXOmg4iUe1SGmL8oApxNKw90JnFUdb/wCQJP8AT+hq6aoa22NDn+n9DRHcGtDyAdBTTSqcoDQa2JEpKd2pppgRzH92fpTLQYtV9aW4OIjRBxCg9qQk2P70daU0YrKq1Y9nJ6XPV1WxE6b8r3qqFJBQ/fSrrAj5u9VZjsnEg6NwaeGmk+V9T0c1oe77SO6JEZZVyOtJs5OetVw3kXDAfdzxU5kzyKxqQ5JG2FxEa1JMcuQ2KlqANzmpVbioOyEkP6U4HNMBzTxjtQbocFJpOQacCaQDJpoqwueMUsbbW9qCuCaXb3qiki5EcSKc8GtO1j+1XKW+Ms7BVHueBWGkjBlz0Wuv8F2wvtfhk6pAplb8OB+pFYYmqqNKVR9FcmpU5IOXY9OghS3t44YxhI1CKPQAYFSUUV+aNtu7PmXqFFFFABXlnxNcnXrVM8C1B/Nm/wAK9Trx/wCIc3meLJUz/qokT9M/1r6HhmPNjr9k/wDL9TgzF2o/MyvDaGTxNpg/6eoz+TA17rXi3geLzvGFgDnCl249kJH64r2mujiud8TCPaP5t/5EZYv3bfmFFFFfLHpBXEfEy88rRbW1Bw0824+6qOf1Irt68n+JN75/iKO1UnbbQgEejNyf0217XD9D2uPh2jd/d/wbHHjp8tB+eh7P8Kf+SaaR/wBtv/Rz12VcZ8KP+SaaR/22/wDRz12dfoj3PHjsgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPPqKKK/Ij6MKKKKAI7iCO6tpbeZd0UqFHX1BGDXg2sabLpGrXFjLyYnwG/vL1B/EYr32uF+I+h/abCPVoU/e2/yy46lCeD+B/mfSvouHMf9XxPsZv3Z6fPp/l9xwY+jz0+Zbr8jhfDesNoetwXg5izslX1Q9f8fqK9yR1kRXRgyMAVYHgivnavV/h3rv2/S202Z8z2g+TP8Ufb8jx9MV63FGA54LFQWsdH6dH8v1OXLq1pOm+uxjeMbmTQfFn2iLKi6h3hscZ6EfoD+Ncbc3897P5jyMxY+tenfEfSP7Q0BLtFzLZvuzjnY3DD89p/CvKY0aMqMVeVYj2+Ej3jp9234WPrcvS5XZFvb8x4qKZEHWrAZj2qld55r0E7np3hyt21ITjdxT4xmSq0WS2KnjJEtPYypz5rXJJ928DFMnU7FwKfOzZprszRjNNNlzS1RWl/dGFzwAwJ/OvQtJ1SOeAzRsCEUgV57egGFe5PUVueH7hYtOeJnCEkdaucW4nmNxVf3mejaFcGeEyPyTWwgUDO0ZPtXF2Guw2NuIUXzWUY+U9anPiG+lGIbV0Hq2DWSpSfQzq16UW9TslKg9APeuR8UbHlyHGapy3+qXGfNu441PbbgiqbW8btuluDKfYmrWGbMKeZUqT5iluXGCwp3mgcCrfl2ytwpH1NTJKi/dVPxFNYQqpxA38CILO8nt1kWO3crJ1PrWfcWFwWLJCyqfWtr7QSei49hUM8xZcZwK1jhonDLO8Q3sYKwSQ8s6g+hFEl2UiZFlXn2qS8Yh+vFZ6IZLpI/etFSimctTMq818Rq2IaDTt0hy8g3E1DagySlvU81Z1NgkSovBXgfSooHS2geVum0n8cVbVtEcDk5at6md4q1PyYhbRNg9GxXHLggiptQumvbt5WPU5quSAeKLGbYqn1pysVbI4qM8MTTuopiNAHbGkgJz1/GvTPCeo/bdNRd2XAw1eXWjbomQnpXVeB73yb+SAnhjkflRNXRUHqdtA5tdSmiBwC3FXLmYSW798KaztR/c6pHJ2ZTVpsfY5j6qT+lYxjY1bOYW7CLt7im/bGJ4qmpySamjHzdK1ILgnfaOafuZ1oii3AZqfaq8UXAZbxszc1oiPYvNVUkCdOtSmcsMUgGty1TxqMZqvu+apw2FoAeGwTSxyDfiod/wCtPgUb9xoC5aPL1ParuuFHvVZmHm8Vc0/5rg+1JoLm/kg9OKUnPRhUQfn5Tk+lRTTRwjdIwHtRbQafRFwnbHkjOelY3iS5SDRZA5Clh3p5vp7sNHZRlzn615z4vOorq6w3ExAGcpyO9THc09lJRuzKQjYMHIpaB7DA9KWtjK42kpT1ooC5XvDiD33AVIi7UXHYVBetjYvqR/OrQOBQtQvdjWz2pQDikJxQm5zgCuepG59Pk8qcKd29RCzKfu5yKqS5KsDwKtuFUnnJHUelNaKORN+ayi2tT0q8FVi1cznG+AHPK9akifKA9jStEFlxn5GBpsEW12jJ4B4rrqrnipI8LCqVCs6T6ku045pwOB1pxjbGRTACDyK4z27NEgJPSnhwOO9M47U4KCM55oNYtk6Pkc05fvcVCo9KkDY4po6YvQnOG6daBwMUisMYpjZU5qi7llY0ePAHzHrXo/w501rbTLm8cczybU/3V/8Ark/lXm9qWllWNFJdiFUDuTXuOmWS6dplvaLj90gUkdz3P4nNeBxDiOTDqkt5P8F/wbHDmNVKmorqW6KKK+MPECiiigArxDxhcfafFupP6S7P++QF/pXt9fPuo3P2zU7q5P8Ay2meT8yTX1nCdO9epU7JL73/AMA8zM5e5GPmdT8NYBL4lkkI/wBVbswPuSo/kTXrNec/C23H/EyuSvP7uNT+ZP8ASvRq4OI6nPmEl2SX4X/U2wEbUF5hRRRXhHaBIAyTgCvA9Zvv7T1q8vMkiWVmXPZc8D8sV7D4u1D+zfDF7MGAkdPKT6txx9ASfwrw+vteE8NaNSu+ui/N/oeRmdTWMPmfTPwo/wCSaaR/22/9HPXZ1xnwo/5JppH/AG2/9HPXZ19S9zijsgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPPqKKK/Ij6MKKKKACmSxRzwvDKoeORSrKehB4Ip9FCdtUI8I8R6M+ha1NZtkx53wsf4kPQ/0PuDUOjarLo2rQX0OSY2+Zf7y9x+Veq+OPD/8AbWjmWBM3lqC8YA5cd1/qPce9eNZr9MyrGwzHCWqavaS/rufP4mi6FX3dt0fQcclrq+lh0IktbqL81YV4xfWv9napJazoS0LlCemeev49a6X4ceIvKlOiXL/I5L25J6N1K/j1+ufWpPiNphgvLfVI1AWb91Jx/EOh/Ef+g189g6U8vx0sJLaWq8+36r1PqsnxkZLXr+Zz0r2YT5FIPuazLmKOYcNzUbu5BqBTIG5Ne/yM+gWIpJcrJYraOLlzSFI9+VoZXfgVZtrMnlqrkkL21GPuooznLECmDJXGDWubaFZCGI61OkNooySKvlZzVK8E27nMz5jwzDjPFbekXcZyCg6elUNSkjubxYIFyFOCRWnHbLbwhlGD3rqgtD5bMKqlP3WaQucnhVH4U43D/wB6sxZualEvHWtDzLt7l3zvl65NAmI9KqLJzyaHkGKAuWTKDzTRLz1qv5ihBzUfm88Uh3NBZD60PIcYzVATNS+axpBchuyWY+1O0eLzr5pMZCg0ydsIxPer+joLfT5Z2/i6flQQV72QzXh9FOBWX4gufs+mrAhwWxmr0ZLszHvzXK69dG41AqD8q5FAGbjNM4zinM20UiLuOaCR5GRzQvFPK8UzvQBJbkpPjsa2NFmNvrMTA4OcVibsOp9DiraS+XexSDs4/nVIl6HrGtfPbwyjqCB+tTqQdPkY9kP8qqzv5+hwyfQ/rR5p/slz6jFR1L6HMw/Moq3FwearWy4UVYJpgXPNAHFN3knNQDoM1KhFNIVyxCjO1TujJ1psMyogPeoZ7oucClYbeg/cd3tUodiMCq0TZPNTs6qOKdhJjjwoyamib5M1UMqgZJ60q3oVNioSTTem40pN2SLfm7GDH7uKt2N/DC7ux3egBrPttMv9QIwhWMn07V1uneH7S1gVpPmk7jNYyqxR2U8HOWstDMF3qF98trCUU/xEZrRsvDuD5t7MS3pkitlVEYARFVe3FKVDDJJP41HtG0dcMNCnvqEaQW8RWIKAB1AryPXsah4mu3ySkRYZ98Zr0jWtQisLCRtwDlSAK8knvQlrcPn99PIG/DpVU03uZYqVo2RV59aMmkUYUZpa6DzQ9c03eu4L+dOJzj2FZtxKYpyc8Uxo0pbSKaaJi2EHXmpbm3VWzFIClc/JcSuCNxAzxTra6dXWMMWz6mkTfU1TzVvTo/MvREB1qo2cjFX9GbGrQt7/ANalouM2tUz1Dwh4VsLp5I7+2LZBORx2rbufhf4cuAdsUqE/9NDUvhok374OBzxXXN90bawaszojXq3upHlWs/B+zSymuLW4wI0LbSSTkDNeL3QMDZLbmj+V8etfXTKHiljYja6EEfhXy94w0/8As/xVqNsRhDISv4CuijquUyq16kZqbepjR36E88D0q0txFIOMViFfmI6Gmkun3TSlh10PRo53OPxq50IMXHPNS+SrDKmuZFxKpHNaFtdyFetYewl0PSpZ5Ql8SNcKVHBFN2MTmqovQBhutOXUEFHspI9CGYYaX2i4Y3CglT9aFVyv3TimQ6rEw2MRgVMl7A/AYYo5Wuh0RxFF7SR0fgLTDf8AiNJnXMNqPNbI/i6KPz5/CvXq5vwTpY0/QEmZcS3X70/7v8I/Ln8a6Svz7OcV9YxUrbR0Xy3/ABPIxdX2lR22QUUUV5ZzBRRRQBR1m5+xaJfXIbaYoHZT74OP1rwGvY/iDdi28Izp/FO6RD89x/RTXjea+84UpcuGnU7v8l/wTxcyleoo9kev/Di1MHhYSkD/AEid5AfYYX/2U111Znh20+w+HNPt9u0rApYf7RGT+pNadfHZhW9tiqlTu3/wD1aEeSnGPkFFFBIAyTgCuQ1PN/ihqWZLLTEY/KDPIO3PC/8As35153Wl4i1P+19fvL0ElHkIj/3Bwv6AVmZr9VyvC/VcJCk97a+r1Z81iantKrkfTfwn/wCSZ6R/22/9HPXZ1xfwn/5JnpH/AG2/9HPXaV0vccdgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPPqKKK/Ij6MKKKKACiiigAry/xV4PgXXJJbefyUnHmmMR5Ckk5xz0yM/jRRX0PDNSUcbyp6NO5w4+KdK7MePww8MqSxagUkRgysseCCOhHzV6PqdqNd8FTJdMPMaAv5ir0deQwH1HT3xRRXu8SLlhSqr4lJWf8AXocuXNqbS7Hj/wDYsh/5fD/3x/8AXqObSZIoy/2snHbZ/wDXoorWliKkqiTfU73Vmk3chitpEbPnn/vn/wCvVkxznpcY/wCA/wD16KK9jlRj9YqPqAtZ363X/jn/ANenjTppFwbv/wAc/wDr0UU+VGM61TubGiaJBEDI7F3PUkVb1KySO1YoSCTRRWiSsccpNvUxUtiAP3n6VL5LAff/AEoopWC7G+U//PT/AMdo8lz/AMtP/HaKKVguKLUkcyfpTha/7f6UUUrCux4tf9v9Kf8AZv8Ab/SiiiwXZBcWpYAb+MjtWnPB5ekpCjYHHaiiiwXZnG38u2dlf5gpAOK46XTmkdpDP8zHn5P/AK9FFFhXZF/ZJc4afj/c/wDr1aTSAoAE3/jv/wBeiiiwXA6Vzjz/APx3/wCvTTpP/Tf/AMc/+vRRRYLjf7J/6b98/c/+vUraX8ynzv4gfu//AF6KKpITZ6RaKW0CKNznCjmmEH+ytm7rjnFFFTbUd3YzEtgqcN+lKbfvv/SiinYLsd5Jx9/9Kf5Hyg7v0ooppCuPWHj736Uph77v0oopJCbFEZB+9+lNlVt2A2PwooptFRepYtdOWeRTI5PsK6mx0yzhKsYtxHqaKK5Zns03ypNGyJ0RcJCFHtViOeMLjyieP73/ANaiiiEEKpWm+ofaItgAhOf9/wD+tVDUtT+zRfuocN6ls/piiitOVGMakr7nn/iOe4vSrPLtJ64HFchLZNJcoWm4UYA2/wD16KKuKVjlrzk5al9bH5R+8/8AHaX7F/00/wDHaKKtGF2IbLA4k6/7NUrzSlkXJlII/wBn/wCvRRTFdlL+y8D/AF3/AI7/APXqxaaUu/cZcn/d/wDr0UUrCuaIscf8tP8Ax2rWl2fl6lEd+cHpiiilYd2eu6DeeReMwjzkHvXRnVsf8sf/AB//AOtRRWckrlRbFXV+P9R3/v8A/wBavH/ipZxXWtW92g8qRlJbvnmiirpK0gm7x1PP7jSlM24S4zyfl/8Ar1H/AGUCD++/8d/+vRRXVIwiQSaQCf8AXf8Ajv8A9ep7TTMEgzZ/4D/9eiipKZe/sxSP9Z/47UbaWo6Sf+O//XoopiGHSgf+Wv8A47/9etbQfC0V5q9lFLct5Ukg3rt6jPIzmiivOzOrOlQcoOz1/I6MM25pM94VQqhVAAAwAO1LRRX5Ue+FFFFABRRRQBx3j/T31K3sYBP5SB3cjbuyQAB3HqfzrjLTwgsl7BG95lWkUEeV2J+tFFfouSvlyqLjvaX5s8LFq+Jd/L9D2Siiivzo90Ky/ERk/sC8SKTy3kTy9+M4DHB/QmiiuvL4qWLpRezkvzMq7tSk12Z5T/wif/T7/wCQv/r0f8In/wBPv/kL/wCvRRX6xc+bsj6A+G1p9h8AaZbb9+zzfmxjOZXPT8a6uiisnuarYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD/2Q==)

Sustainability Statement continued

ESRS E2 –

Pollution

Impact, risk and opportunity

management

E2-1 Policies related to pollution

E2 .MDR- P\_ 01

We recognise pollution as a material topic in our

upstream and downstream value chain segments.

In this context we have in place the following

policies that address the protection of

environment from pollution from different

business activities:

•  Principles for Sustainable Agriculture

•  Environment Policy

•  Supplier Guiding Principles Policy

•  Water Stewardship Policy.

According to ‘Principles for Sustainable Agriculture’,

our approach to agriculture and livestock

production emphasises resilience, environmental

sustainability and minimal environmental impact,

striving to restore and enhance the surrounding

ecosystems. This includes:

•  monitoring water quality in irrigated crops; and

•  minimising water quality impacts from

wastewater discharges, erosion and nutrient/

agrochemical runoff.

Moreover, according to our Environment Policy,

inorder to fulfill our long-term environmental

commitments, we:

•  Adhere to all applicable legislative requirements.

•  Optimise resource efficiency, prevent pollution

and reduce emissions.

•  Conserve watersheds through water

savings,wastewater treatment and water

stewardship initiatives.

Furthermore, we have in place the Supplier

Guiding Principles Policy, which mandates that

oursuppliers are expected to:

•  embrace pollution prevention and waste

management practices; and

•  enhance resource efficiency throughout the

product lifecycle.

According to the Water Stewardship Policy, we

actively invest in educational, volunteer and

community-based initiatives to mitigate

packaging pollution in seas, oceans and rivers.

For the monitoring process, please refer to ESRS

E1.MDR-P\_01, as it constitutes a standard

procedure for all policies apart from their topic.

E2 .MDR- P\_ 02

The Principles of Sustainable Agriculture (PSA)

Policy and the Supplier Guiding Principles Policy

pertain specifically to the upstream value chain

andpossess global applicability, aligning seamlessly

with Coca-Cola HBC’s operational framework.

ThePSA Policy predominantly influences suppliers

operating within the agricultural supply chain,

whereas the Supplier Guiding Principles Policy

encompasses the entirety of suppliers engaging

with Coca-Cola HBC.

Finally, the Water Stewardship Policy is

directeddownstream as well, focusing on local

communities, and is similarly characterised by

itsglobal applicability.

E2 .MDR- P\_ 03

For more information regarding the highest in our

corporate hierarchy responsible for implementing

the relevant policy, please refer to ESRS E1.

MDR-P\_ 03.

Coca-Cola HBC Integrated Annual Report 2024100

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E2.MDR-P\_04

For more information regarding the third party

standards and initiatives used in the context of the

relevant policy, please refer to ESRS E1 Climate

change section.

E2.MDR-P\_05

Coca-Cola HBC, as an integral part of the

Coca-Cola System, has formally adopted specific

policies aligned with the priorities of TCCC.

As of April 2021, the Principles for Sustainable

Agriculture (PSA) have been recognised as the

prevailing supplier guidance framework. During

2021, the engagement of the supply base was

successfully completed to incorporate the

updated elements introduced in the PSA, which

expand upon the Supplier Guiding Principles

(SGPs) by providing targeted directives to

suppliers of agricultural ingredients. These

principles serve as a cornerstone for articulating

our commitment to sustainable sourcing and are

seamlessly integrated into internal governance

frameworks and procurement processes.

In addition, Annual Stakeholder Engagement

Forums are conducted, providing a platform for

feedback and recommendations that may

influence policy updates. Coca-Cola HBC actively

collaborates with suppliers to enhance overall

performance and foster the development of a

responsible and sustainable supply chain. This

collaboration is further strengthened through

joint value creation initiatives, sustainability

events, participation in industry associations,

workshops on sustainable supply practices, annual

supply chain innovation workshops, materiality

surveys, and the utilisation of a CSR platform for

ethical and sustainable supply chain management.

E2 .MDR- P\_ 06

For stakeholder access to the relevant policies,

please refer to ESRS E1 Climate change section.

E2-1\_01

According to PSA Policy, Coca-Cola HBC’s

suppliers are committed to adhere to the following:

•  Environment and Ecosystems: Agriculture

and livestock production should be resilient,

environmentally sustainable, cause minimal

damage and, where possible, be restorative

tothe surrounding environment in all areas

andactivities on the farm.

•  Soil Management: Maintain and improve

soils and prevent degradation, minimise

GHG emissions, protect soil biodiversity

and enhance soil structure. Implement

aNutrient Management Plan based on an

integrated Nutrient Management approach

and incorporate the ‘Four Rs of nutrient

stewardship’ to maintain and enhance soil

quality and minimise impacts on air, water

andbiodiversity.

•  Agrochemical Management: Follow national

and/or local regulations and label requirements

for safe and proper use of all agrochemicals,

in accordance with label directions, to

ensure proper protection of farm personnel

and the environment. Do not use or store

agrochemicals that are banned in the country of

operation or are prohibited under international

treaty. All agrochemicals are managed in a

manner that respects Maximum Residue Limits

(MRLs) of the countries where agricultural

materials are grown and – when possible – of

the countries where they are being used as

ingredients to help prevent negative impacts

on human health. All products used to protect

crops from pest pressures, including, but

not limited to, insects, weeds and diseases,

are clearly documented and are part of an

Integrated Pest Management System.

E2-1\_03

We have implemented a comprehensive set of

policies and procedures to proactively prevent,

manage and mitigate the risks of incidents and

emergency situations across our value chain, with

a focus on minimising impacts on both people and

the environment.

In Coca-Cola HBC, we have local emergency

preparedness procedures available and regularly

tested in each site and business unit, e.g., the spill

prevention is tested annually. The Group Business

Resilience team is leading emergency preparedness

assessment of all our operating business units.

Thisassessment includes response in

emergencysituations.

Upstream value chain

•  Supplier engagement and risk assessments

Coca-Cola HBC actively collaborates with its

significant suppliers to apply robust standards for

environmental and social responsibility. An annual

risk assessment exercise is conducted to identify

potential vulnerabilities across the entire supply

base, and the depth increases as the exposure and

importance of each supplier starting from Platform

enabled tools on ESG Risk Identification, all the way

to full ESG assessments and physical audits. In this

way Coca-Cola HBC isable to proactively identify

supply disruptions or unsafe practices and

prioritise corrective actions. The Supplier Guiding

Principles mandate compliance with

environmental standards to avoid incidents such

as spills, contamination orresource overuse.

•  Incident prevention measures

Suppliers are required to implement and maintain

safety management systems, including

contingency plans for environmental

emergencies. Monitoring tools are in place to

track compliance with sustainable sourcing

policies, especially concerning water stewardship

and raw material procurement.

•  Emergency response

In case of upstream incidents, we collaborate with

suppliers to contain and remediate impacts by

means of tracking supplier activities through the

development of corrective actions and following

through to completion.

Downstream value chain

•  Distribution and logistics

We incorporate sustainable logistics practices,

including optimised route planning to reduce the

environmental footprint and minimise the risk of

transport-related incidents. Emergency

preparedness protocols, such as proper driver

training, are standard across fleet operations.

•  Customer and consumer safety

We ensure that products adhere to the highest

food safety and quality standards, with stringent

testing procedures. Emergency response

mechanisms are in place to address recalls or

product withdrawals.

•  Partnerships and collaboration

Collaboration with retailers and distributors

includes training and sharing best practices for

product handling and waste management to avoid

downstream incidents.

Coca-Cola HBC Integrated Annual Report 2024101

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E2-2 Actions and resources related to pollution

E2.MDR-A\_01, 02, 03, 05 & E2-2\_02

Table 19: List of actions in relation to pollution

Time – reference Scope of action

Progress of actions/

action plans disclosed

in prior periods

List of actions Current Planned

Time horizon of

actioncompletion Expected outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

PSA certification of

our key agricultural

ingredients

2024 2025 2025 100% Sustainable Agriculture –

PSAcompliance

100% by 2025 PSA

compliance

Recruitment of

Suppliers for Sugar

& Juices under PSA

Upstream Global Suppliers 96% (excluding

Multon Partners

Juices)

More actions preventing pollution downstream are disclosed in section ESRS E5 Resource use and circular economy, pages 121 to 124.

Pollution is an important environmental matter for us. We implement actions that focus on the prevention of pollution either in soil or water. We have the PSA certification of our key agricultural ingredients

through which we plan to achieve 100% Sustainable Agriculture by 2025. To achieve our goal, we have collaborated with sugar and juice suppliers of the countries from which we are sourcing our ingredients.

E2.MDR-A\_04

Coca-Cola HBC has implemented comprehensive mitigation measures and monitoring processes across all facilities to minimise the environmental impact of our operations on water resources. Additionally, a

robust monthly monitoring and tracking system is in place to identify and address any environmental non-compliances, violations, or fines. This data is systematically reviewed and communicated to senior

management on a quarterly basis to ensure continuous oversight and accountability. In 2024, we did not report any significant non-compliance with environmental laws and regulations. We recorded 18

environmental notices of violation, amounting to a total of €254.

For details on operational and capital expenditures required to support our action plan related to pollution, please refer to E5.MDR-A\_06.

E2.MDR-A\_ 06, 07, 09, 10, 11, 12

As part of our continuous engagement with suppliers, we actively promote responsible environmental practices. The development and implementation of pollution prevention initiatives require though

investments from them. As a result, there is no significant Opex or Capex to disclose related to this standard’s action plan. Nevertheless, our Group’s treasury strategy ensures the availability of financial

resources to support related initiatives, if and when required. By leveraging a diversified range of financing mechanisms, we can effectively address both current and future priorities.

Coca-Cola HBC Integrated Annual Report 2024102

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Metrics and targets

E2-3 Targets related to pollution

E2.MDR-T\_01-13 & E2-3\_02, 03

Table 20: List of targets’ progress

Target s Type of target Target duration

Baseline/

Baseline

number Target to be achieved

Value chain and

geographical boundaries 2024 status

Alignment with

international initiative Stakeholders Involvement

Planning to

achieve the

target

Sustainable sourcing of our key

agricultural ingredients

Relative in % 2018-2025

(8years)

2017/

33%

100% of our key agricultural

ingredients sourced in line with

sustainable agricultural principles

Upstream/ Global In 2024, we achieved

compliance rate of96%

(excluding Multon

Partners Juices)

Sustainable

Development Goal

Suppliers 2025

All targets have a designated target year of 2025, with no intermediate milestones. Instead, we adopt a disaggregated approach, setting annual roadmaps that outline the trajectory towards our objectives.

Noassumptions were made in the definition of these targets.

The calculations and methodologies employed are meticulously documented in our internal guidebooks, providing a clear and consistent framework. In establishing these targets, we have incorporated

feedback from NGOs, the UN SDGs, industry benchmarks, ISO standards and ESG rating agencies, ensuring alignment with globally recognised standards.

Since their initial establishment, our targets have remained unchanged, reflecting our commitment to consistency and long-term strategic planning. As part of our performance review process, each target

issubject to regular monitoring, conducted either on a monthly or quarterly basis, depending on its nature and criticality.

Progress is systematically reported through a dedicated dashboard, where performance is colour-coded to visually represent the status relative to the target. The dashboard discloses the absolute and

percentage difference between actual performance and the predefined goal, enabling a precise assessment of progress. Corrective measures are promptly identified and implemented when necessary

toensure alignment with the annual roadmap and overarching objectives.

E2-3\_09

The targets we have established in this context are voluntary. In alignment with our Environmental Policy, we ensure that all operations are conducted in full compliance with applicable legislative requirements.

Consequently, if any mandatory targets are introduced within our territories, we adhere to them fully and without exception.

Coca-Cola HBC Integrated Annual Report 2024103

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

ESRS E3 – Water

and marine

resources

Impact, risk and opportunity

management

E3-1 Policies related to water and marine

resources

E3.MDR-P\_01 & E3-1\_01, 02, 06, 11, 12

We firmly believe that environmental protection

isacornerstone of long-term success, and we are

embedding this principle in our corporate strategy

and policies. Water, as a critical ingredient, central

to our manufacturing processes, and essential

forour agricultural supply chains, is at the core of

these efforts. Ensuring access to safe, clean water

in sufficient quantities and adequate sanitation is

fundamental to sustaining ecosystems, supporting

communities and fostering economic growth.

To this extent, we implement an internal water

stewardship programme across all production

facilities, in order to mitigate business risks related

towater and promote sustainable development.

Themain objectives of the programme are to ensure

good quality safe water, in sufficient quantities, as

well as access to clean water and sanitation which

are essential to the health of people and ecosystems

and vital for sustaining communities and supporting

economic growth. Moreover, the Group is

committed to constantly reduce the amount

ofwater use in priority locations, and after

implementing the conventional water efficiency

practices, the next big opportunity resides in the

circular water use for utilities, ensured by wastewater

recovery. Recognising the importance of local

contexts, we tailor our initiatives to address specific

challenges in water-risk areas. By 2030, climate

change is expected to exacerbate risks to water

availability and quality for our operations and supply

chains, making sustainable water management

abusiness priority.

Through comprehensive risk assessments,

usingglobally accredited tools like the WWF

WaterRisk Filter, WRI Aqueduct, and TCCC’s

Facility Water Vulnerability Assessment (FAWVA),

we have identified 19 bottling plants in water-risk

regions, including Nigeria, Armenia, Bulgaria,

Cyprus, Greece and Italy. In Nigeria, the focus

isonwater access and sanitation (WASH),

whileinother locations, efforts centre on water

replenishment, nature-based solutions and water

quality improvements.

To this end, our Principles for Sustainable

Agriculture Policy ensures the long-term

sustainability of water resources at supplier

levelby measuring water use in irrigated crop

production, optimising efficiency and minimising

impacts on water quality.

Our Water Stewardship Policy focuses on:

•  Reducing water consumption and

improvingefficiency.

•  Fully treating wastewater to sustain

aquaticecosystems.

•  Educating communities and reducing

packagingpollution in water bodies.

•  Assessing water availability and mitigating

related risks.

•  Ensuring continued access to fresh drinking

water and improving community water systems.

•  Working with suppliers to optimise water use in

agricultural and raw material sourcing.

•  Working with suppliers to understand the

water footprint of our agricultural ingredients

and other raw material, as well as promoting

and helping them implement efficient water

management solutions.

•  Continuously decreasing the amount of water

use in own operations and assessing the future

availability of water in relevant catchment areas,

to ensure access to fresh drinking water for local

communities.

•  Partnering with stakeholders to promote water

conservation awareness.

•  Establishing collaborations with organisations

such as the UN, different NGOs and peer

companies.

•  Promoting water stewardship practices and

transparency in reporting progress.

Coca-Cola HBC Integrated Annual Report 2024104

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

As part of our ISO 14001 certification, which

mandates rigorous monitoring practices and in

line with the strict requirements of TCCC KORE

requirements which are in many cases stricter

than the local requirements, we consistently

conduct comprehensive assessments of all water

parameters, such as raw water quality parameters,

wastewater quality parameters, water withdrawal

quantity, water discharge quantity, etc.

For the monitoring process, please refer to ESRS

E1, as it constitutes the standard procedure

applicable to all relevant topics.

E3.MDR-P\_02-05

We engage with a broad range of stakeholder

groups for water resources, including our

communities, governments, NGOs, investors and

suppliers, taking into account their

recommendations in the process of setting water

resources-related policy.

We have linked our material issues to specific

Sustainable Development Goals (SDGs),

established by the UN to achieve long-term

growth and development by 2030 (SDG 6, 14, 15).

The stakeholder groups impacted by our

water-related policies include:

•  Our Customers

•  Our People

•  Our Consumers

•  Our Communities

•  Governments

•  NGOs

•  Our Suppliers

•  The Coca-Cola Company

•  Our Investors

For more information on how we engage with each

group, please refer to E1 section.

E3.MDR-P\_ 03

For further details on the highest level of our

corporate hierarchy responsible for the

implementation and approval of the relevant

policy, please refer to E1 section.

E3.MDR-P\_04

We actively participate in and align with various

third-party standards and initiatives that reinforce

our commitment to sustainable practices, such as

the following:

CEO Water Mandate

We adhere to the objectives of this initiative,

furthering our commitment to sustainable water

management as part of our broader

environmental strategy.

Alliance for Water Stewardship (AWS)

orWaterEfficiency Management

ISO46001certification

In 2024, 25 out of our 60 beverage plants were

certified, while the rest, 35, are under preparation

process and will be certified in the next years

confirming compliance with the global benchmark

for responsible water stewardship.

For more information on the initiatives where we

participate, please refer to E1 section.

E3.MDR-P\_ 06

For the relevant policies’ access path to relevant

stakeholders please refer to E1 section.

E3-1 \_ 03, 10

As a beverage producer, we uphold stringent

quality standards to ensure sustainable

watersourcing. Our water treatment process

begins with treating raw water entering our

manufacturing facilities in compliance with

TCCCKORE standards, which often exceed local

regulatory requirements. Additionally, wastewater

discharged from our operations undergoes strict

monitoring to align with TCCC’s high-quality

standards and assure the treated water is

suitablefor aquatic life.

To reinforce our commitment to sustainable water

stewardship, we implement comprehensive water

risk management practices, including mandatory

Source Vulnerability Assessments (SVAs) and

source water protection programmes across

allmanufacturing plants. These measures

underscore our dedication to environmental

responsibility and sustainable practices.

E3-1 \_ 04, 05

We actively contribute to improving water

resources through investments in educational

initiatives, volunteering and community-based

projects aimed at reducing packaging pollution

inseas, oceans and rivers. Additionally, we

collaborate with governments and industries to

develop legal frameworks that promote economic

progress and landfill diversion. This includes

conducting packaging collection modeling studies

to identify the most effective solutions for each

market. We also support and advocate for public

policy interventions and technological innovations

that enable a circular economy for packaging – a

key concept in pollution prevention. In line with our

Packaging Waste Management Policy, we aim to

collect 75% of our primary packaging materials at

marketplace by 2025, which reduces potential

pollution events in soil and water.

Coca-Cola HBC Integrated Annual Report 2024105

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E3-2 Actions and resources related to water and marine resources

E3.MDR-A\_01, 02, 03, 05 & E3-2\_03

Table 21: List of actions in relation to water management

Time – reference Scope of action

Progress of actions/

action plans disclosed

in prior periods

List of actions Current Planned

Duration until objective is

expected to be reached Expected outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

Source Vulnerability

Assessment (SVA)

2024 2024

(regularly)

All plants have

performed SVA

audits according to

the renewal calendar

(with five-year

frequency), with

reports and

mitigation plans

validated by CCH

and TCCC.

Comprehensive water risks

assessment performed by external

consultant, used to define strategic

priorities in water resource protection

and development, according to

ourbusiness needs, and local

environmental and society

waterchallenges.

Ensure sustainable

water supply for our

bottling operations.

Site audits by

external consultant

Own

operations

Europe, Asia,

Africa

Communities,

other water

users

All plants (100% or

60 bottling plants)

have undergone

the assessment.

Theassessment

isrepeated

everyfive years

onaverage.

Facility Water

Vulnerability

Assessment

(FAWVA)

2024 2024

(regularly)

All plants have

performed the

FAWVA renewal

in2024.

Internal classification of all plants

according to water risk categories

(Leadership Locations, Advance

Efficiency Locations, Contributing

Locations), for which external

commitments are raised. This is

aninternal (TCCC+CCH) water risks

assessment process, with 3-year

frequency. The outcome will be used

forthe new external water goals (after

the completion of Mission 2025).

Prioritise plants

bywater risks

categories, and

subsequently

defineexternal

commitments for

each risk category.

Internal rigorous

water risk

evaluation, through

own developed

methodology,

including external

sources such as

WRI Aqueduct and

internal assessment

and data.

Own

operations

Europe, Asia,

Africa

Communities,

other water

users

All plants (100% or

60 bottling plants)

have undergone

the assessment.

The assessment is

repeated every 3

years on average.

Water Risk

Register

2024 2024 All plants have

performed the

yearly update of the

Water Risk Register

in 2024.

The Water Risk Register is the central

repository of all active and strategic

risks, to serve for better prioritisation of

the associated mitigation plans. During

the yearly update of the Water Risk

Register, all risks identified in SVA and/

FAWVA are re-evaluated for their current

status, and the risk level is updated.

Enable timely

implementation

ofwater mitigation

plans.

Internal risk

evaluation process,

targeting the

current and

strategic water

risk,focused on

business priorities.

Own

operations

Europe, Asia,

Africa

Communities,

other water

users

All plants (100% or

60 bottling plants)

have undergone

the assessment.

Theassessment

isrepeated on a

yearly basis.

Coca-Cola HBC Integrated Annual Report 2024106

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCANsBesDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArA8a6bd6t4SvrGxi825l8vYm4LnEik8kgdAa36KUldWNKNV0qkakd00/uPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uiuf6rDuz3f9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4nofgLxNZ+INNurjTdkMN1FJI3nxnChwScBs9BXtlFFa06apqyPMx2YVcbJSqJK3b/h2U54JHmZlXIPvUf2ab+5+orQorQ4TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RVi1jePfvGM4xzViigBsgLRsB1IIqj9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UVcgUpCqsMEVJRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWHP4s062uJYHttZLxuUYx6LeOpIOOGWIhh7gkHtW5RQBz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNdBRQBz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNdBRQBz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNdBRQBz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNdBRQBz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNdBRQBz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNdBRQBz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNdBRQBz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNdBRQBz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNdBRQBz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNdBRQBz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNdBRQBz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNdBRQBz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNdBRQBz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNdBRQBz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNdBRQBz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNdBRQBz/APwmWl/8+uuf+CK9/wDjNH/CZaX/AM+uuf8Agivf/jNdBRQBz/8AwmWl/wDPrrn/AIIr3/4zR/wmWl/8+uuf+CK9/wDjNdBRQBj2PiWw1C8jtYbfVUkfODPpN1CgwCeXeMKOnc89OtbFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWXqWv2elXCwXEOpO7IHBtdNuLhcZI5aNGAPHTOenqK1KKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAor5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAPp+ivmD/ho7xh/0DdD/AO/E3/x2j/ho7xh/0DdD/wC/E3/x2gD6for5g/4aO8Yf9A3Q/wDvxN/8do/4aO8Yf9A3Q/8AvxN/8doA+n6K+YP+GjvGH/QN0P8A78Tf/HaP+GjvGH/QN0P/AL8Tf/HaAP/Z)

Sustainability Statement continued

Time – reference Scope of action

Progress of actions/

action plans disclosed

in prior periods

List of actions Current Planned

Duration until objective is

expected to be reached Expected outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

Certification of

plants according to

the AWS (Alliance for

Water Stewardship)

or ISO 46001

standard

2024 2025 The external AWS

certification was

achieved for all

plants(except newly

acquisition Lurisia,

Neresnica and

Egyptian plants) by

2023. In 2024, we

have started the

shiftfrom AWS to

ISO46001.

External recognition of our water

stewardship programme.

Reduction of water

consumption,

stakeholders

engagement and

improved reputation.

Site audits by an

external

independent body

Own

operations

Europe, Asia,

Africa

Communities,

other water

users

The external AWS

certification was

achieved for all

plants (except newly

acquisition Lurisia,

Neresnica and

Egyptian plants)

by2023. In 2024

westarted the shift

from AWS to

ISO46001. 25

plants certified in

2024, 35 plants

planned in

2025-2026.

True Cost of Water

(TCoW)

2024 2024 All plants are

expected to

calculate and

updateyearly

theTrue Cost

ofWater.

Convert the operational aspects of

water use such as water fees, utilities

and discharge costs and inherited

water risks of the local watershed, for

example the local economic value of

water, into the True Cost of Water.

Reduction of water

consumption, by

providing proper value

of water use into the

payback calculations

Calculation

oftheTCoW,

basedonown

methodology,

updated on

yearlybasis

Own

operations

Europe, Asia,

Africa

Communities,

other water

users

Fully implemented.

100% of the plants

(60 bottling plants)

with implemented

true cost of water

and used for

decision making

Water Usage Ratio

(WUR) Targeting

Tool

2024 2024 All plants are

expected to

calculatethe WUR

target according

tothis tool, based

onthe specific

manufacturing

complexity of

eachplant.

Forecast the expected WUR for each

plant depending on the water-risk

category of the location and the

manufacturing complexity.

Reduction of water

consumption

Calculation

oftheWUR

TargetingTool,

based on own

methodology,

updated on

yearlybasis

Own

operations

Europe, Asia,

Africa

Communities,

other water

users

Fully implemented

(100% or 60

plants).

Coca-Cola HBC Integrated Annual Report 2024107

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Time – reference Scope of action

Progress of actions/

action plans disclosed

in prior periods

List of actions Current Planned

Duration until objective is

expected to be reached Expected outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

Water Maturity

Self-Assessment

Tool

2024 2025 All plants are

expectedto perform

the Water Maturity

Self-Assessment,

inorderto identify

theimprovement

opportunities in terms

of capabilities and

water- efficiency

practices. The tool is

used in conjunction

with the TCoW

andTargeting

Tool,toprovide

acomprehensive

system of water

saving opportunities.

Assess water stewardship capabilities

at plant level and the implementation

status of water efficiency practices.

Reduction of water

consumption

Calculation of the

Water Maturity

Self-Assessment,

based on own

methodology,

updated on

yearlybasis

Own

operations

Europe, Asia,

Africa

Communities,

other water

users

Updated in 38

plants in 2024. The

rest of plants have

initiated the

update and the

process will be

finalised in 2025

Water use

optimisation for

cooling towers

2024 2025 Implemented in

2024

Reducing the water use for utilities. Reduction of water

consumption

In-line monitoring

of flowrate and

chemical

parameters ofwater

use for cooling

towers.

Predictive

maintenance.

Own

operations

Africa Communities,

other water

users

Fully implemented

in Ikeja plant

(Nigeria). Planned

for deployment in

all five plants in

Egypt in 2025

Commission of a

new water treatment

in the Sadat plant in

Egypt to increase

capacity and

improve water

efficiency

2024 2024 Implemented in

2024

Improved water treatment

conditions,setting the basis for

highercapacity and water reuse.

Reduction of water

consumption

Replacement

oftheold water

treatment plant

with a new unit.

Own

operations

Africa Communities,

other water

users

Project completed

Coca-Cola HBC Integrated Annual Report 2024108

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Time – reference Scope of action

Progress of actions/

action plans disclosed

in prior periods

List of actions Current Planned

Duration until objective is

expected to be reached Expected outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

Integrating new

flowmeters and

updating water

mapsfor all plants

inEgypt

2024 2024 Implemented in

2024

Improved and accurate

flowratemonitoring.

Reduction of water

consumption

Accurate mapping of

the water

infrastructure.

Installation of

newflowmeters.

Setting up a

monitoring system

with improved

database.

Own

operations

Africa Communities,

other water

users

Project completed

in all five plants, 67

flowmeters

installed

Water treatment

overhaul in Tanta

plant (Egypt)

2024 2024 Implemented in

2024

Improved reliability of water

treatmentprocesses.

Reduction of water

consumption

Replacement of

sand and activated

carbon filtration

media.

Replacement of

reverse osmosis

membranes.

Own

operations

Africa Communities,

other water

users

Project

completed.

Replacement of

reverse osmosis

membranes,

decreasing the

reverse osmosis

reject flow and

pressure, replacing

the sand carbon

filtration materials

Water treatment

upgrade in Oricola

plant, Italy

2024 2024 Implemented in

2024

Increased capacity of water treatment. Secure water use for

plant operations

Extended the water

treatment capacity

with additional

equipment

Own

operations

Europe Communities,

other water

users

Project

completed. Water

treatment

capacity increase

by 50 m3/h

Raw water

treatmentupgrade

inAsejire plant,

Nigeria

2024 2024 Implemented in

2024

Improved water treatment conditions,

setting the basis for higher capacity

and water reuse.

Reduction of water

consumption

Replacement of

traditional sand

filtration with

ultrafiltration

membrane system

Own

operations

Africa Communities,

other water

users

The chemical

coagulation/

floculation plant

replaced by

submerged

membrane

filtration

Wastewater

treatment plant

upgrade in

Knockmore Hill

2024 2024 Implemented in

2024

Improved reliability of wastewater

treatment operations.

Maintain wastewater

compliance

Replacement

ofworn-out

equipment

Own

operations

Europe Communities,

other water

users

Project

completed.

Installation of new

aeration

membranes,

aspirating mixers

and monitoring

instrumentation

Coca-Cola HBC Integrated Annual Report 2024109

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Time – reference Scope of action

Progress of actions/

action plans disclosed

in prior periods

List of actions Current Planned

Duration until objective is

expected to be reached Expected outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

Implementation of

community water

projects to help local

communities

2024 2025 All 19 projects are

expected to be

completed by 2025

as part of Mission

2025 goals

Secure water availability, increase

water resilience

Help secure water

availability in all

areaswith water

risk;engaging with

communities and

otherstakeholders to

increase the awareness

of water protection

measures; access to

fresh drinking water

forlocal communities;

establishing water

stewardship

partnerships with

localand international

organisations.

Implemented water

stewardship

projects in Italy,

Bulgaria, Multon

Downstream Europe, Asia,

Africa

Local

Communities,

NGOs,

municipalities

Roadmap 2024

implemented and

16 water

stewardship

projects in

communities

executed. More

projects planned

in 2025

Engagement with

WWF on Living

Danube partnership

2024 2030 2024-2030 Enhanced climate resilience through

improved watershed health in the

Danube River, delivering benefits for

nature and people.

Establishing

waterstewardship

partnerships with

localand international

organisations;

engaging with

communities and

other stakeholders

toincrease the

awareness of water

protection measures.

River, floodplain and

wetland restoration;

collective actions on

watershed; improved

land and water use

atsuppliers/farmers

level; awareness

raising and

communications

Upstream and

downstream

Europe NGOs,

suppliers, peer

companies,

municipalities,

communities

Kick-off of three

innovative

interventions in

Hungary, Romania

and Bulgaria;

agreed roadmap

for each of them

Perform an update

of the Risk

Assessment for

Group Critical Tier 1

suppliers by using

WWF Water Risk

Filter

2024 2024 Implemented in

2024

Update of the suppliers with sites in

water risk

Engagement in the

value chain

Perform an

updateof the Risk

Assessment for

Group Critical Tier 1

suppliers by using

WWF Water Risk

Filter

Upstream Global Suppliers Fully implemented.

100% of the Group

critical suppliers

are with updated

information on

WWF WRF

Coca-Cola HBC Integrated Annual Report 2024110

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E3.MDR-A \_04

We have implemented comprehensive mitigation

actions and monitoring processes across all our

plants to minimise potential impacts on water

resources resulting from our operations.

Additionally, a robust monthly monitoring and

tracking system is in place to identify and record

any environmental non-compliances, violations

orfines across all facilities. This information is

systematically reported to senior management

ona quarterly basis. In 2024, we reported four

minor notices of violations related to wastewater

or water (three in Egypt and one in Northern

Ireland), all of those with zero fine (€0).

E3.MDR-A \_07

We allocate funds every year to implement our

action plan related to water management, both

Capex and Opex. In 2024, we invested €5.2 million

of Capex for projects related to water optimization

and wastewater treatment upgrades, with the

largest projects in Egypt, Italy and Ireland. We also

allocated around €0.5 million on Opex to cover

theISO 46001 certification of 20 production sites,

to perform Source Vulnerability Assessments

(SVAs) and to support water stewardship and

water community projects.

While our accounting practices do not separately

classify sustainability-related investments or

costs, we apply an internal process to identify

Capex directly linked to relevant initiatives.

Thisapproach enables us to track investments

inpriority areas, such as water efficiency

initiatives, primarily for monitoring and

strategicplanning purposes.

The Capex and operating expenditure mentioned

above are reflected in our financial statements, as

part of the overall amounts reported in the cash

flow and income statement respectively.

Moving ahead, we will continue to support our

action plan on water management as required.

Tosupport our actions, financial resources

mustbe secured through targeted allocation.

Oursustainable finance approach underpins the

Group’s ability to align funding strategies with

sustainability commitments, while supporting the

UN SDGs and the EU Environmental Objectives.

Financing mechanisms include a diverse range

ofinstruments, ensuring flexibility in meeting

bothcurrent and future financial requirements

foraction plans.

In particular, Coca-Cola HBC Egypt has been

awarded, in July 2024, a $130 million loan

bytheEuropean Bank for Reconstruction

andDevelopment (EBRD) to finance capital

expenditures and working capital requirements.

This loan will also support the Group’s investment

in people development and sustainable business

practices in Egypt. A $0.75 million complementary

grant from the Global Environment Facility (GEF)

has been secured to promote the implementation

of advanced wastewater treatment technologies

and water management systems in Egypt. These

future investments are designed to meet EU and

local discharge standards and further the Group’s

long-term environmental goals.

Further details on financial instruments are

available in Note 25, p.306.

E3. MDR-A\_09, 12

Target 1: Achieve a 20% reduction in water

usagein plants located in water-risk areas

by2025vs 2017.

Actions: In 2024, water usage reduction plans

were implemented across operations, water

stewardship programmes were deployed in

water-priority locations to mitigate shared water

risks, and source vulnerability assessments were

updated for all plants. Plans were refined, including

the identification of additional capital investments

required for infrastructure enhancement.

Environmental KPIs monitoring and reporting

mechanisms are integrated across all facilities. In

2025, further innovations will be implemented to

reduce water usage, particularly in water-priority

locations, including additional improvements in

Egyptianplants.

•  Capital Expenditure: In 2024, €5.2 million were

invested in water sustainability initiatives.

Target 2: Ensure water availability for all

communities in water-risk areas, with a target

completion year of 2025.

•  Action: By 2024, we executed 16 water

community projects in our water priority

locations. In 2025, we plan to perform new

projects in Nigeria and Greece, and continue

having community benefits from the

currentprojects.

Target 3 (rolling target): Constantly assure that

our wastewater meets either the local regulatory

standard or TCCC KORE standards, whatever is

more stringent.

•  Action: Constant monitoring of the

parameters, upgrade and expansion of the

wastewater facilities, building a new facility

inSadat plant in Egypt.

Target 4 (rolling target): Assure water

stewardship/water management certification in

each plant (either Alliance for Water Stewardship

(AWS) or ISO 46001).

•  Action: Recertification every three years.

Target 5 (annual target): Decrease water usage

ratio per litre of produced beverage by at least 1%

in 2024 vs 2023.

•  Action: Deploying water successful practices,

according to the TCCC Water Maturity Self-

Assessment tool, which is an integral part of

our water stewardship programme, requested

to be fulfilled and updated on a yearly basis by

every bottling plant. The TCCC Water Maturity

Self-Assessment tool contains a list of 48

water-saving practices, with a proper library

of details and implementation tips, which

has to be assessed by every plant. Examples

of recommended water-saving practices

are: reuse of package rinsing water, reuse

of sand filters and carbon filters backwash,

water recovery from in-line instruments, dry

lubrication of conveyor belts, cooling towers

blow-down frequency, etc.

Coca-Cola HBC Integrated Annual Report 2024111

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Metrics and targets

E3-3 Targets related to water and marine resources

E3.MDR-T\_01-07, 09, 13 & E3-3\_03, 09

For all bottling operations, we have implemented the ISO 14001 Environmental Management System, which encompasses comprehensive risk assessments, well-defined operational procedures, and a

commitment to continuous improvement. One of our core objectives is to maintain ISO 14001 certification across all production facilities, as this serves as a testament to the effective and responsible

environmental management of our operations. In 2024, 100% of production volume is certified against ISO 14001. Further targets related to water can be found in the table below.

Table 22: List of targets’ progress

Target s Type of target

Target

duration Baseline

Target to be

achieved 2024 status

Alignment with

international initiative Description of target Planning to achieve the target

Reduction in water

usage (withdrawals)

per unit ofproduction

in water priority areas

Relative 2017-2025

(9 years)

1.97 20%

reduction

(1.57)

1.84

Water Resilience

Coalition

Our target is to decrease water usage per

production unit (litre of beverage produced)

in water priority areas by 20% by2025 vs

2017. The measurement is litreofwater

usage (withdrawal) per litre of

beverageproduced.

In order to achieve the objective for the target year, we

haveimplemented a solid investment and optimisation plan,

with progressive improvement for 2024 and final efficiency

improvement in 2025. This is mainly covering the big

production sites, such as the bottling facilities in Greece,

Bulgaria and Nigeria. For each critical location, we have

introduced site-specific end-to-end water assessments,

which resulted in identification of water-saving opportunities

and subsequent Capex/Opex allocation plan.

Number of

implemented

waterstewardship

projects inwater

riskcommunities

(helpsecure

wateravailability)

Absolute 2017-2025

(9 years)

2 19 water risk

locations

16

Water Resilience

Coalition

Our target is to help secure water availability

inall water risk (water priority) locations.

Those are 19 locations across 7 of our

countries (e.g., in Greece, Cyprus, Bulgaria,

Nigeria, Armenia, Italy). We count the water

stewardship projects there which tackle the

specific local context (local risk). Those 19

locations are defined after detailed risk

assessment by using the WRI Aqueduct

Water Risk Atlas and WWF Water Risk

Filterdata.

We have executed projects in 16 of water priority locations

sofar out of 19. Examples of those projects: In Nigeria, in

collaboration with the Kano State Water Board and local

communities, we have invested in new water wells and

installed new pipes to transport water from the Challawa

River– this provides clean water to one million people; In2023,

we built sanitation and water facilities in Benin, Kano, Lagos,

Maiduguri and Owerri. In Greece, sinceQ4 2022, two projects

started: in Heraklion (Zero Drop with GWP-Med) to facilitate

the useoftreated wastewater for irrigation in collaboration

with the municipality and in Schimatari for water reuse in

collaboration with NGO. In2024 we started a project for water

supply capacity increase in Bulgaria.

Coca-Cola HBC Integrated Annual Report 2024112

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Target s Type of target

Target

duration Baseline

Target to be

achieved 2024 status

Alignment with

international initiative Description of target Planning to achieve the target

Constantly assure that

our wastewater meets

the local regulatory

standard or TCCC KORE

standards, whatever is

the stringent

Absolute Yearly 2009 Continuous 100%

Water Resilience

Coalition

Assure that every manufacturing plant

meets the criteria for wastewater

treatment and treat the wastewater to

thelevels supporting aquatic life either via

investment in own wastewater treatment

facility or by joining municipality (or private)

treatment facility.

Constant monitoring of the parameters, upgrade and

expansion of the wastewater facilities, building a new facility

in Egypt.

Assure water

stewardship/water

management

certification in each

plant (either Alliance

for Water Stewardship

(AWS) or ISO 46001)

Absolute Yearly 2015 Achieve

100% of

plants to be

certified and

maintain

continuously

25 plants

out of 60

beverage

plants; the

remaining

35 are in a

preparation

process

Water Resilience

Coalition

Assure water stewardship/water

management certification in each plant

(either Alliance for Water Stewardship

(AWS) or ISO 46001)

2026 and recertification every 3 years

Decrease water usage

ratio per litre of

produced beverage

Relative Yearly 2023

(prior

year as it

is rolling

target)

At least 1%

reduction vs

2023

1.78

Water Resilience

Coalition

Decrease water usage ratio per litre of

produced beverage by at least 1% in 2024

vs 2023

Deploying water successful practices, according to the TCCC

Water Maturity Self-Assessment tool, which is an integral part

of our water stewardship programme, requested to be fulfilled

and updated on a yearly basis by every bottling plant. TCCC

Water Maturity Self-Assessment tool contains a list of 48

water-saving practices, with a proper library of details and

implementation tips, which has to be assessed by every plant.

Continuous process of water savings implementation.

Coca-Cola HBC Integrated Annual Report 2024113

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E3.MDR-T\_10, 11 & E3-3\_01

We set measurable, outcome-oriented and

time-bound targets for water stewardship,

grounded in the TNFD framework and aligned

withthe UN SDGs. All of the targets are voluntary.

We follow a three-step process to ensure our

targets are scientifically sound and relevant.

These targets are developed through a

structured, inclusive and scientifically sound

process. The approach begins with identifying

keyareas where our operations depend on or

impact water resources, with a focus on high-risk

geographies identified through comprehensive

risk assessments. These water-risk, or water-

priority locations face specific challenges such

aswater scarcity, limited access to water and

sanitation services for local communities,

anddeclining water quality within watersheds.

Evidence-based evaluations of water-related

risksand opportunities guide our actions to

ensure they are beneficial to local ecosystems.

Lastly, we have initiated our engagement with

theSBTN. Notably, SBTN has recently updated its

methodology, and as a result, we plan to establish

our freshwater targets in alignment with their

framework in the next years.

Stakeholder engagement is pivotal to this

process,particularly through Annual Stakeholder

Forums and frequent meetings with local

communities, farmers, municipalities, NGOs and

primary sugar and sweetener suppliers to address

critical environmental topics, including water

footprint, water usage, emissions reduction and

deforestation. The insights gathered from these

engagements, along with the expectations of ESG

raters and investors, inform the formulation of

ambitious, data-driven targets, such as reducing

water usage and replenishing water resources

inhigh-risk locations. Additionally, the Group

prioritises initiatives such as water-replenishment

activities, nature-based solutions, wetland

restorations, and improvements to water

qualityinthese regions. Collaborating closely

withstakeholders and local communities,

westriveto ensure access to safe, clean water,

whileaddressing water-related challenges

throughsustainable water management

acrossour operations.

E3-4 Water consumption

E3-4 \_ 01-07, 11

Table 23: Water consumption performance

Parameters Unit

Performance

(2024)

Water withdrawal m

3

30,894,756

Total water consumption m

3

18,239,702

Total water consumption in areas at water risk, including all areas of

high-water stress m

3

9,415,396

Total water consumption only in areas of high-water stress m

3

6,470,879

Total water recycled and reused m

3

1,680,670

Total water stored and changes in storage m

3

0

Changes in storage m

3

0

Water withdrawal is measured using flowmeters installed in any of the water source we use, while water

consumption is calculated as the difference between withdrawal and discharged wastewater. Primary

data on water extraction, categorised by source, is collected on a monthly basis. Progress towards

water usage targets is monitored regularly using specialised software, ensuring accurate and timely

tracking of performance. Monthly reviews with the management at local plant, country and Group

levelare performed to monitor performance and actions.

Following the ESRS definition on water risk, we have 29 plants located in areas with certain waterrisk (lack

of clean water and sanitation (WASH) for communities, water quality, reputational risk, high-water stress).

Out of them, 20 plants are situated in watersheds with high-water stress as per thelatest version of the

WRI Aqueduct tool. For example, one of those watersheds is the Asopos River basin in Greece where

weimplement water replenishment activities in collaboration with the local municipality and NGOs.

As per our internal evaluation, considering the local site-specific context, done for our Mission 2025

commitments, 19 of our plants are designated as priority plants, located in areas facing challenges

related to basin water quantity, water quality or WASH (water, sanitation and hygiene) for communities.

E3-4\_08, 10

Table 24: Water intensity index

Intensities

Total water

consumption

(m3)

Net revenue

(million EUR)

Production

(million litres)

Performance

(2024)

Water intensity per net revenue 18,239,702 10,754.4 – 1.696 l/EUR

Water intensity per units of production 18,239,702 – 15,974.9 1.142 l/lpb

Coca-Cola HBC Integrated Annual Report 2024114

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

ESRS E4 –

Biodiversity

andecosystem

SBM-3 Material impacts, risks and

opportunities and their interaction with

strategy and business model

E4.SBM-3\_05

Through our double materiality assessment, we

have identified a material impact within our

upstream value chain specifically related to land use

change. However, no material impact has been

identified in relation to soil degradation,

desertification, or soil sealing.

E4-1 Transition plan and consideration of

biodiversity and ecosystems in strategy and

business model

E4-1\_01

Protection of biodiversity and ecosystems is one of

our main sustainability priorities. Our biggest impact

on the biodiversity landscape occurs in the upstream

segment of our value chain, and it is related to the

potential deforestation (land use change) from some

agricultural commodities, mostly wood (used for

ourpaper packaging materials). We are committed

to eliminate deforestation of our main ingredients

by 2025, and it is aligned with the

recommendations by the Science Based Targets

initiative (SBTi) for companies with Forest, Land

andAgricultural Activities (FLAG). Due to FLAG

recommendations we have updated our net zero

plan as stated in ESRS E1.

Also, in our Principles for Sustainable Agriculture

(PSA), we have requirements related to

deforestation, and our target is to achieve 100%

sustainable sourcing by2025. We voluntarily report

the sites which are adjacent to legally protected

areas, and for all of them we have a confirmed ‘no

negative impact’ by anexternal expert which

performs so-called Source Vulnerability Assessment

for all the water sources we use in direct operations.

In 2022, we published our biodiversity statement

where we set a goal to achieve a net positive impact

on biodiversity in critical areas in our operations and

supply chain by2040 and eliminate deforestation in

our supply chain by 2025.

The time horizons we use are defined as follows:

short-term (2024), medium-term (2025-2030),

and long-term (2031-2050).

E4-1\_02

Environmental risks at supplier level, including

deforestation risk, are mitigated through our robust

programme at procurement level. We annually review

the risks and performance of all our suppliers against

our SGPs, PSA principles for agricultural ingredients,

Water Risk Assessment, as well as other equally

important aspects that impact our business, such

assupply risk and financial stability. Overall, it is

important to point out that sustainability is one of

thekey criteria in supplier selection under strategic

sourcing, as well as a criterion for the Annual Supplier

Review process that we conduct cross-functionally

across our supply base.

In more detail, to ensure that suppliers demonstrate

ESGrequirements’ compliance we rely on multiple

screening and assessment practices that offer us

aholistic view of their performance. This means we

collect primary and secondary data that we combine

together and analyse to identify priority areas for

critical to our operations suppliers. The Sustainable

Agriculture programme secures ESG monitoring

through PSA certification process of the Coca-Cola

System across our main agricultural commodities.

For the remaining supply base, we have designed a

robust assessment journey leveraging ESG physical

audits, as well as a number of globally recognised

screening and assessment tools such as EcoVadis IQ

Plus, EcoVadis Assessments, SEDEX, WWF Water

Risk Filter Assessment, Resilience Event Watch,

Exiger and Moody’s Analytics. Additionally, annual

Supply Base Assessments are carried out by

specialist consultants for Group Critical suppliers.

These assessments evaluate Tier 1 and Tier 2

suppliers on various criteria, including water risk,

climate change, forced labour, child labour, labour

rights, biodiversity, and financial risk.

In case of any risk identified, the supplier is asked to

provide an action plan which is monitored regularly.

For deforestation, we have a specific project in place

where we perform readiness assessment for all our

supplier under therequirements of EUDR and we

are currently organising our internal process to

ensure we are ableto assess risks and take

necessary actions on anon-going basis from the

moment that EUDR is formally introduced as of 1st

of January 2026. While EUDR is covering specific

Coca-Cola HBC Integrated Annual Report 2024115

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

commodities, we are proactively collecting

deforestation information fromall agricultural

ingredients suppliers across all our countries in

order to have a holistic view of the exposure and

potential risk. By the end of 2025, we will have a

programme in place to cover any identified gaps.

Last but not least, we are in process of implementing

a deforestation tracking platform on top of any other

activities already in motion, which will also be ready

before the end of 2025.

E4-1\_03, 04, 05

The Intergovernmental Science-Policy Platform

onBiodiversity and Ecosystem Services (IPBES) has

identified five pressures on nature: 1) land/water/sea

use change, 2) resource exploitation, 3) climate

change, 4) pollution and 5) invasive species. In

2023,we undertook the mapping and materiality

assessment on biodiversity across our value chain

and we assessed those pressures following the

SBTN guideline step 1 and 2. We have collected all

our activity data, covering: 1) upstream activities

(volumes sourced and origin of raw materials), 2)

direct operations (consumption of water and

energyof all sites), and 3) downstream (packaging

distribution by country). Then we translated the

activity data into pressures on nature across five

metrics. These pressures on nature were weighted

by local nature vulnerability indicators assessing

thestate of nature in the locations where the

activityoccurs. Time horizons used in the analysis

are as described in E4-1\_01. We considered in the

assumptions the tighter environmental regulations

(e.g., EUDR), carbon pricing policies which would

include land conversion activities, deforestation-free

commitments from suppliers, and climate risks (e.g.,

water scarcity, extreme weather events).

The result shows that the biggest impact we

haveis in upstream activities, mainly agricultural

suppliers and their impact on land-use change

ordeforestation. Our procurement strategy to

purchase certified raw materials that meet our

PSA and our goal of achieving deforestation-free

supply chain, support mitigation of the impact

andalso reduce any potential risk that may occur.

E4-1\_0 6

Relevance to stakeholder engagement is

described in E4.MDR-T\_11.

E4-2 Policies related to biodiversity and

ecosystems

E4.MDR-P\_01 & E4-2\_01, 20

We have adopted policies that address

deforestation and sustainable land practices. Our

overarching goal for biodiversity is to achieve a net

positive impact on biodiversity in critical areas in

supply chain by 2040 and eliminate deforestation in

our supply chain by 2025.

Besides, we have set our Environmental Policy,

themain objective of which is to minimise the

environmental impact of the Group, and the

Biodiversity Statement, the objective of which

isto enhance biodiversity by reducing emissions

and water use, by preserving and reinstating water

priority areas, and by sourcing agricultural

ingredients sustainably.

Moreover, through the Biodiversity Statement,

CCHBC is committed to promoting sustainable

forest management and helping protect

woodlands from deforestation and illegal

harvesting.

For the monitoring process, please refer to

ESRSE1 section, as it constitutes the standard

procedure applicable to all relevant topics.

Our policies support biodiversity conservation,

sustainable land management, and responsible

sourcing. We are committed to achieving a net

positive impact on biodiversity in critical areas

by2040 and eliminating deforestation in our

supplychain by 2025. Thus, our policies address

ecosystem protection, sustainable forest

management, and mitigation of environmental

impacts. We recognise the importance of

biodiversity for long-term resilience, as our Natural

Capital Impact Study and Source Vulnerability

Assessments (SVA) help identify key dependencies

and risks, while sustainable sourcing practices

mitigate transition risks. We implement traceability

mechanisms through certifications, verification

schemes, and supplier requirements aligned with

The Coca-Cola Company’s Principles for

Sustainable Agriculture and EcoVadis assessments.

Moreover, our policies prioritise collaboration with

NGOs, communities, and industry stakeholders

toensure sustainable supply chains that respect

human rights, promote responsible land use,

andprotect natural ecosystems.

E4.MDR-P\_02

The policies are applicable across all geographies

where Coca-Cola HBC operates. Among the

affected stakeholder groups, farmers, other

suppliers and local communities associated with

the Group’s upstream value chain, are most

significantly impacted.

E4.MDR-P\_03

Policies/statements related to environment

(including biodiversity) are approved and endorsed

by the Social Responsibility Committee of the

Board of Directors, and they apply to all Coca-Cola

HBC employees, regardless oflevel and function.

E4.MDR-P\_04 & E4-2\_02

In June 2022, we joined the SBTN Corporate

Engagement Program. We will continue working to

implement the SBTN’s guidance, in order to map

and assess the material impacts on biodiversity

ofour critical commodities and suppliers and

thenset science-based targets in priority areas.

E4.MDR-P\_05

We engage with a broad range of stakeholder

groups for biodiversity, including our communities,

governments, NGOs, investors and suppliers,

taking into account their recommendations in

theprocess of setting biodiversity-related policy.

For more information, please refer to E1 section.

E4.MDR-P\_06

The Environmental Policy and the Biodiversity

Statement are publicly available at our site

(Policies | Coca-Cola HBC), which affected

stakeholders can easily access.

E4-2\_03

The critical areas in our supply chain are defined

based on the material dependencies that we

havein relation to biodiversity, for example the

provision of water, agricultural raw materials

andwood.

E4-2\_04

We started mapping all our operations and critical

commodities/suppliers. For our sustainability

assessment, we use the risk-based approach

withthe support of our partners (EcoVadis).

Transparency and traceability of material supply

chains is established through certifications/

verification schemes or by ensuring suppliers

haverobust traceability of supply that meets our

expectations (please see ‘Supplier Engagement,

Verification and Assurance’ from TCCC Principles

for Sustainable Agriculture). Also, we regularly

measure and report on the progress made against

our Mission 2025 commitments, and all other

commitments, including those related to

biodiversity and deforestation. The annual

performance is disclosed in our Annual Report and

the GRI Content Index, verified by an independent

auditor, and published on our website.

E4-2\_05, 06, 07, 18

We are committed to sourcing 100% of our

keyingredients in line with the Principles for

Sustainable Agriculture as set out by TCCC. These

principles protect and support biodiversity and

ecosystems, uphold human and workplace rights,

ensure animal health and welfare, and help build

thriving communities. They apply to primary

production, i.e., at farm level, and form the basis

forour continued engagement with Tier 1

suppliers to ensure sustainable long-term supply

at a lower environmental impact. This extends in

particular to the sections Conservation of Forests,

Conservation of Natural Habitats, Biodiversity

andEcosystems, Soil Management and

Agrochemical Management.

Coca-Cola HBC Integrated Annual Report 2024116

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Metrics and targets

E4-3 Actions and resources related to biodiversity and ecosystems

E4.MDR-A\_01, 02, 05 & E4-3\_01

Table 25: List of key actions and resources in relation to biodiversity

Time – reference Scope of action

Progress of actions/

action plans disclosed in

prior periods

List of actions Current Planned  Expected outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Application of

mitigation

hierarchy

Quantitative and qualitative

information

Biodiversity impact

and risk assessment

Yes Yes, it

continues

in 2025

Identify CCH’s most material

impactson nature and where

theyoccur in the value chain

Prioritise a shortlist of key

contributors by location for

targetsetting

Net positive impact

on biodiversity in

critical areas inour

operations and

supply chain

by 2040

Use of the SBTN methodology.

Assessment of the three steps

ofthevalue chain.

Set targets for water replenishment.

Entire value

chain

Global Suppliers,

NGOs,

communities,

own

employees,

regulators

Avoidance Completed step 1

and 2 of the SBTN

methodology

Collaborate with

suppliers to develop

plans to address land

conversion risks and

develop an appropriate

monitoring system

tomeasure

deforestation

atsupplier level

Yes Yes, it

continues

in

2025-

2026

The amount and % of our

maincommodities which

aredeforestation-free

Eliminate

deforestation in

oursupply chain

by2025

Continue collaboration with main

agricultural suppliers; cross-functional

work for assuring compliance with the

EU DR

Upstream Global Suppliers,

NGOs,

regulators

Avoidance,

Minimisation

Meetings with

mainsugar suppliers

performed in 2024;

meetings with

software provider

forgeo-satellite

monitoring and

deforestation

monitoring done

Biodiversity action

near our Tylicz plant

in Poland

Yes Yes, it

continues

in the next

three

years

Minimise negative impact and

enhance river’s biodiversity

Net positive impact

on biodiversity in

critical areas inour

operations and

supply chain by 2040

Fish stocking of the Muszynka River near

our Tylicz plant in Poland; two clean-up

activities near plant and onriverbanks

Own

operations,

downstream

Poland Nature,

communities,

local

municipality

Reducing,

restoring

3,000 common trout

released in three

river locations;

400kg waste

collected

Issue Biodiversity

Whitepaper

Yes 2025 Publish CSR Europe Alliance

Biodiversity Whitepaper

Build awareness

andcollaborate with

industries andother

stakeholders

Work with other industry players from

CSR Europe, NGOs and otherpartners

to publish ‘How companies in Europe

address biodiversity: Learning from

disclosure’ Whitepaper

Downstream Europe Other

industry

players,

NGOs,

regulators

Transform Whitepaper

published in

February 2025

At this stage, we have not utilised biodiversity offsets or incorporated specific indigenous knowledge into our actions. Our approach is grounded in best practices, scientific knowledge and in the collaboration with our suppliers.

For water stewardship projects that also impact biodiversity, please see ‘Table 21: List of actions in relation to water management’ on page 106.

E4.MDR-A\_03

Our biodiversity journey started in 2022. Our actions are work in progress as we follow the SBTN guidelines, and they are also in dynamic development phase. Our water replenishment activities will continue at least until

2030. Deforestation actions will continue beyond 2025.

E4.MDR-A\_04

Every site adjacent to legally protected areas has Source Vulnerability Assessment, which shows no negative impact on biodiversity.

Coca-Cola HBC Integrated Annual Report 2024117

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E4.MDR-T\_01-07, 09, 13 & E4-4\_06, 07, 09

E4-4 Targets related to biodiversity and ecosystems

While the action plan described above is essential to our sustainability strategy, there are no significant Capex or Opex to disclose for the related initiatives. Our Group’s treasury strategy ensures the availability

of financial resources to support related initiatives. By leveraging a diversified range of financing mechanisms, we can effectively address both current and future priorities.E4.MDR-T\_01, 02, 03, 04, 05, 06, 07,

09, 13 & E4-4\_06, 07, 09

Table 26: List of targets’ progress

Target s Type of target

Target

duration Baseline

Target to

be

achieved 2024 status

Alignment with

internationalinitiative Geographical scope Description of target Mitigation hierarchy

Relation of target to

identified material impacts Planning to achieve the target

Eliminate

deforestation

in our supply

chain

Absolute 2025 2020

(cut-off

year)

100% Sugar/juices

are 96%

(certified)

Regulation on

Deforestation-free

Products (EU DR).

Global Biodiversity

Framework’s ‘30x30’

conservation target.

Main

commodities

(sugar/juices), and

critical for

biodiversity ones,

global scope

Eliminate

deforestation in our

supply chain

Avoidance,

minimisation,

restoration

Land use ecosystem

change

100% certification for

sugar/juices in 2025; In the

EU we focus on full EU DR

compliance (coffee and

paper/wood) in 2025

100%

sustainable

sourcing

Absolute 2025 2017 100% 96%

(excluding

Multon

Partners

Juices)

FAO Good

Agricultural

Practices; ILO

Main

commodities

weuse, global

scope

Achieve 100%

adherence to the

PSA in main

agricultural

commodities

Avoidance,

minimisation,

restoration and

rehabilitation,

compensation or

offsets

Land use ecosystem

change

In 2024, we have 100%

sustainable sourcing for

our main agricultural

ingredients in Europe.

Plan to achieve 100% in

Africa in 2025.

No assumptions are used to define targets. We have considered the critical areas and commodities based on the risk assessment. We took into consideration the best global practices and guidelines such as the

SBTN, FAO Good Agricultural Practices, ILO and EU regulations. Targets are monitored quarterly by obtaining information from suppliers for their sustainable certifications. The amount of procured quantity of

raw materials certified is divided by the total procured volume for the raw materials in scope. Current status is as per the initial plans. Targets are set for the upstream part of the value chain due to the biggest

impact there.

E4.MDR-T\_10 & E4-4\_05

The targets set are in line with the Kunming-Montreal Global Biodiversity Framework and its mission to halt and reverse biodiversity loss to put nature on a path to recovery, and they are aligned with EU 2030

Biodiversity Strategy, where the goal for protecting 30% of land in the EU is stated as well as with the EU Regulation on Deforestation-free Products (EU DR).

E4 . MDR-T\_11

Stakeholder engagement plays a pivotal role in this process, particularly through our Annual Stakeholder Forums, where key discussions take place, and the insights gathered are integrated into the formulation

of our targets. Also, during the supplier sustainability events we organise regularly, we discuss different ESG aspects, including biodiversity and deforestation. Additionally, the Group takes into account the

requirements of ESG raters, including those of our investors, ensuring that our targets are aligned with their evolving expectations. Moreover, we have conducted several meetings with our main sugar and

sweeteners suppliers where we discussed environmental topics, among them the deforestation issue.

E4-5 Impact metrics related to biodiversity and ecosystems change

E4-5\_04

Our operations are primarily based in cities, so we do not have a direct impact on biodiversity and ecosystem change. The impact is linked to Tier 2 and 3 suppliers in the upstream part of the value chain, specifically

concerning agricultural ingredients and primarily paper/ wooden materials.

Coca-Cola HBC Integrated Annual Report 2024118

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

ESRS E5 –

Resource use

and circular

economy

Impact, risk and opportunity management

E5-1 Policies related to resource use and

circular economy

E5.MDR-P\_ 01

Packaging plays a vital role in keeping our products

fresh and safe. Sustainable packaging and waste

management are important to our business, given

the amount of packaging we use, the variety of

pack materials we use and the need to recover

andrecycle them after consumption.

E5-1\_03 & E5-1\_04

Beverage packaging has value and life beyond itsinitial

use, and we believe that it should be collected and

recycled into a new package as part of a circular

economy. To deliver this vision, we own, invest in and

take responsibility for collected packaging material

asmembers of authorised recovery organisations.

Our commitments

E5.MDR-P\_01 & E5.MDR-P\_04

We are committed to continually improving

ourenvironmental performance in the areas of

packaging and packaging waste. Since packaging

remains critical for us, as already stated through

ourDMA, and thus we have adopted the ‘Packaging

Waste Management Policy’. This policy includes

objectives relevant both to packaging materials

andpackaging waste, and as all our environmental

policies, it considers the ISO 14001 Environmental

Management System and the GRIStandards.

E5-1\_01 & E5.MDR-P\_01

Our Packaging Waste Management Policy commits

to collect the equivalent of 75% of our packaging for

recycling or reuse by 2025, use 35% recycled PET

(rPET) by 2025 in our PET bottles, and in the EU

countries, our objective is to reach 50% rPET by 2025.

We also are committed to have 100% recyclable

by design primary packaging materials and

toinvest in recycling infrastructure and new

technologies that enable increased usage

ofrecycled content in our packaging, where

technically and economically feasible.

E5-1\_03 & E5-1\_04

Additionally, for our engagements regarding

recyclability and recycled packaging, we have

included targets relevant to:

•  Collection: Recover 75% of our primary

packaging for recycling or reuse by 2025.

•  Eliminate Unnecessary Packaging: Building

on the extensive light-weighting programme

delivered over the past decade, we will continue

to light-weight our primary packaging towards

‘best-in-class‘ bottles and cans in each

market, while innovating to remove shrink

filmfrommultipacks.

•  Expand Reusable Packaging: Deliver

programmes to increase reusable packaging

from 12% of transactions sold in ‘returnable’,

and4% in ‘dispensed,’ formats.

•  Reduce Virgin Plastic: Through the increased

useof circular PET (rPET), light-weighting,

removal of plastic film and expansion of reusable

packaging formats.

•  Innovation: Deliver new sustainable packaging

solutions through partnerships and R&D.

•  Inspire and Engage Consumers: Use the power

ofour brands to encourage consumersto recycle.

E5-1\_02 & E5.MDR-P\_02

Furthermore, under the umbrella of our Biodiversity

Statement, as already mentioned inthe ESRS E4 –

Biodiversity and ecosystem, sustainable sourcing

of packaging is also taken into account. We aim

tosource all our paper-based primary packaging

materials from sustainable forest sources. All our

paper bricks we use are FSC-certified.

The scope of our commitments is to improve

thecircularity of our packaging and to avoid

packaging waste, which in turn contributes to better

environmental performance. Among thekey areas

we focus on, and relevant to the materiality analysis,

is the circular economy. We take action to improve

packaging sustainability, including its recycling into

new packages and measuring, evaluating and

sharing progress across regions and stakeholders,

providing therespective transparency.

Coca-Cola HBC Integrated Annual Report 2024119

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Sustainable packaging

E5.MDR-P\_02 & E5.MDR-P\_01

We seek to minimise the overall amount ofpackaging

that we use. Together with our suppliers and partners,

we are working to design more sustainable packaging

and take action toensure that our packaging doesn’t

end up aswaste.

The big amount of packaging we use for our finished

products, if not collected and recycled properly,

would end up in the soil, in the rivers and then in the

seas and the oceans, which could have a negative

impact on ecosystems, human health (toxicity)

andsociety.

Packaging waste and climate change are

interconnected global challenges, and an area

offocus for businesses and communities. 34%

ofour value chain emissions come from packaging

materials, and to achieve our NetZeroby40

emissions goal we invest in sustainable packaging

solutions. When we light-weight our packaging,

incorporate more recycled and bio-based

material, invest in local recycling programmes and

increase our use of reusable packaging, we reduce

both waste and our GHG emissions.

Transparency

E5.MDR-P\_ 06

All our policies and commitments are publicly

available via our website. By having the policies

publicly available, we inform all our stakeholders

ofour goals and, where needed, we ensure their

involvement, as happens with the ‘Packaging Waste

Management Policy’, which applies to all Coca-Cola

HBC employees, regardless of level and function. All

our policies are translated in the local language of our

countries and available on their local websites as well.

E5.MDR-P\_05

Additionally, every year, we perform an annual

materiality survey, and we ask more than 500

stakeholders from different stakeholder groups

across all our 29 markets and beyond to help us gauge

our sustainability agenda and priorities. During our

Annual Stakeholder Forums, we discuss the most

important ESG areas for our business, and we set

actions to improve both our stakeholder engagement

and our performance. With suppliers, we have

sustainable supply events where we gain their views

on how to collaborate in the area of sustainability.

Throughout the year, we proactively monitor and take

into consideration the requirements by different

ESR raters and frameworks; also we perform

regular calls with sustainability experts of investors,

banks and other financial institutions.

E5.MDR-P\_ 03

The Corporate Social Responsibility Committee

of the Board of Directors is responsible for

establishing the principles governing the

Group’spolicies on social responsibility and

theenvironment (including packaging waste)

toguide management’s decisions and actions.

All our policies, such as our Packaging Waste

Management Policy, are owned and endorsed

bythe Corporate Social Responsibility Committee

of the Board of Directors. Sustainability SteerCo

atELT level is responsible for developing and

implementing policies and executing the strategies

to achieve the Company’s social responsibility and

environmental goals.

Further details regarding our sustainability

governance are available in GOV-1 ‘The role of

theadministrative, management and supervisory

bodies’ and on our website.

E5-2 Actions and resources related to resource

use and circular economy

E5.MDR-A\_01, 02, 03, 05 & E5-2\_08

The objectives from the Packaging Waste

Management Policy require continuous

improvement and progress. Therefore, each yearwe

strive to improve our performance by establishing

new actions and working on the existing ones.

Packaging can only be circular if it is recyclable.

Since 2022, 100% of our primary packaging – PET,

glass, aluminium and aseptic cartons – has been

recyclable by design. We achieved this milestone

three years ahead of our 2025 target. We are also

leading industry efforts to introduce effective

andefficient collection systems in all our markets.

These include Deposit Return Schemes (DRS)

inmost of our EU markets. Therefore, we work

with governments and industry to create a legal

framework in which economic progress and

diversion of material from landfill can be achieved.

For the reporting year, we focused on different

pillars, and we worked with specific focus on each

of them. These pillars include:

•  Recyclability

•  Recycled packaging

•  Eliminate unnecessary packaging

•  Expand reusable (returnable) packaging

•  Packaging collection

Stakeholder engagement

E5-2\_07 & E5-2\_09

For the implementation of all actions, the

contribution of our stakeholders was of utmost

importance. Collective actions are important when

systemic changes are required and we have

established strong relationships with our main

stakeholders.

In December 2024, we welcomed 167

stakeholders, including our suppliers, to our

Annual Stakeholder Forum, themed ‘Harnessing

aCircular Economy for Packaging’, to explore what

actions are needed to help deliver this objective.

Additionally, together with our suppliers and

partners, we are working to design more

sustainable packaging and take action to ensure

that our packaging doesn’t end up as waste.

Each year, we host a supplier innovation day where we

engage with key partners and potential new suppliers

in the area of sustainable packaging. Previous to

thereporting year, we have piloted and then scaled

technologies that now allow us to replace plastic

filmon multipacks with carton solutions, such as the

KeelClip™ roll-out, the cardboard holder for cans

multipacks, and process non-food grade ‘hot washed’

PET flakes to produce high-quality food-grade rPET.

Furthermore, since 2022, we started an ongoing

collaboration with the University of Portsmouth,

to investigate the potential commercialisation

oftechnologies and processes for the enzymatic

recycling of PET. This co-funded research project

is exploring new applications for bio-recycling

enzymes that could have the potential to promote

packaging circularity at industrial scale.

As already stated, in countries where effective

collection systems do not exist, we are working

together with peers and governments to design

and implement new systems. Such cases are our

alliance with the Food and Beverage Recycling

Alliance (FBRA) inNigeria and our partnership

withthe recycler BariQ inEgypt.

A new approach to promotional displays has been

piloted with our customer Żabka, a large chain of

convenience stores in Poland. This new system

only requires the customer to change the

branding of our products in stores – not the

display units themselves. This means that our

customer retains a high-quality display, and we

save money on transport and production costs.

This collaborative initiative created commercial

value for us and for our customers while reducing

waste and cutting down on CO

2

emissions.

Lastly, we are members of the European

Organisation for Packaging and the Environment

– EUROPEN and UNESDA Soft Drinks Europe.

EUROPEN is the voice of the packaging supply

chain industry in Europe on topics related to

packaging and the environment. This membership

provides us the opportunity to understand the

challenges of the wider packaging supply chain

(from producers of packaging all the way to

recyclers) and to work with governments and the

European Commission around issues. The role of

EUROPEN within the circular economy is to:

a)  continuously improve the environmental

performance of packaging and packaged

products all along the supply chain;

b) promote the role, functionalities and benefits

ofpackaging within all relevant EU policies; and

c)  achieve a harmonised policy framework and a

functioning EU internal market for packaging

and packaged products.

Coca-Cola HBC Integrated Annual Report 2024120

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

UNESDA Soft Drinks Europe enables us to talk with one voice and discuss with governments and the EU as a whole matters relating specifically to the soft drinks sector. With UNESDA, we also have set

commitments for circular packaging which the corporate members have committed to achieving, thus enabling improved overall sectoral approach to circular packaging, including recycled content targets,

collection and recyclability ahead of legal requirements.

Table 27: List of key actions and resources in relation to circular economy

Time – reference Scope of action

Progress of actions/

action plans disclosed in

prior periods

List of actions Current Planned

Time

horizon of

action

completion

Expected

outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

Recyclability – 100% of our primary packaging and using alternative packaging materials

Maintained KeelClip™ as a

carton-based solution that

removes plastic shrink film

previously used to hold

canmulti-packs together,

in23 countries, helping

ustoreduce our plastic

packagingfootprint

2024 – Ongoing To reduce

environmental

impact (water

and soil) and

reduce waste

(Avoid 2,300

tonnes of

plastic shrink

annually)

Supports the delivery of our

packaging waste

management policy

objectives:

•  Innovate to minimize the

amount of packaging that

we use, while ensuring

that the packaging

that we do use is as

sustainable as possible

•  Provide sustainable

packaging options

meeting consumers’

needs

Production and packaging:

Maintain solutions and

continueinnovate

Own

operations &

Downstream

Europe

(23 countries)

Consumers,

Customers,

Communities

Progress as per

theplan

Maintained QFlex carton-

based solution that removes

plastic shrink film previously

used to hold large multi-

packs cans together in

Ireland and Northern Ireland,

helping us to reduce our

plastic packaging footprint

2024 – Ongoing Ireland,

Northern

Ireland

Lite Pac launch & expansion

in other markets

2024 – Ongoing Removal of

135 tonnes of

plastic from

our supply

chain annually

Austria

Coca-Cola HBC Integrated Annual Report 2024121

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Time – reference Scope of action

Progress of actions/

action plans disclosed in

prior periods

List of actions Current Planned

Time

horizon of

action

completion

Expected

outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

Recycled Packaging

In-house rPET production

and transitioning to 100%

rPET locally produced

portfolio

2024 - Ongoing To reduce

virgin and

increased

recycled

plastic

content in our

packaging

Supports the delivery

ofourpackaging waste

management policy

objective:

•  Continue to increase

recycled content in

our primary beverage

packaging, with an

emphasis on PET

beverage bottles

•  accomplishment of the

Mission Target 2025 to

35% rPET usage

Production & Packaging Own

operations

&

Downstream

Switzerland

Italy

Austria

Romania

Republic

ofIreland

Northern

Ireland

Consumers,

Customers,

Communities

23.8% compared

to 16.1% (in 2023);

45.9% in EU

countries and

Switzerland

Eliminate unnecessary packaging

Light-weight our primary

packaging

(Aluminum Cans)

2024 - 2024 To reduce

weight of

materials used

(decrease

emissions)

Reduction of waste,

NetZeroby40

Design optimisation to reduce the

weight of Cans bodies and ends

Upstream,

Downstream

Ireland,

Czech

Republic,

Egypt,

Greece,

Serbia

Customers,

Consumers,

Suppliers

Can body:-1.9%

average reduction;

Can end: – 9.8%

average reduction

in material

Light-weight our primary

packaging (Preforms) and

Test in 5 new markets before

introducing it to our 2025

portfolio

2024 - 2024 To reduce

weight of

materials used

(decrease

emissions)

Reduction of waste,

NetZeroby40

Design optimisation to reduce weight

of preform

Upstream,

Downstream

Bulgaria,

Czech

Republic,

Poland and

Baltics

Customers,

Consumers,

Suppliers

Average reduction

in material is under

calculation

2025 2025

Replacement of tethered

closures with lighter option

2024 - 2024 To reduce

weight of

HDPE used by

300 tonnes

and

to decrease

CO

2

emissions

by 600 tonnes

Reduction of waste,

NetZeroby40

Design optimisation to reduce weight Upstream,

Downstream

Ireland, Italy,

Bulgaria,

Austria,

Hungary,

Romania,

Bosnia,

Czech,

Lithuania,

Poland,

Serbia,

Cyprus

Customers,

Consumers,

Suppliers

0.3% reduction in

closure weight

Coca-Cola HBC Integrated Annual Report 2024122

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Time – reference Scope of action

Progress of actions/

action plans disclosed in

prior periods

List of actions Current Planned

Time

horizon of

action

completion

Expected

outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

Label height reductions 2024 2025 2025 To reduce

weight of

plastic used by

200 tonnes

Reduction of waste,

NetZeroby40

Design optimisation to reduce weight Upstream,

Downstream

Greece,

Cyprus,

Poland & Italy

Customers,

Consumers,

Suppliers

Progress made as

per the planned

activities

Expand Reusable (Returnable) Packaging

Usage of returnable and

refillable glass, and

dispensers such as fountains

or freestyle machines

2024 - Ongoing To reduce

environmental

impact (water

and soil) and

reduce waste;

Decrease

emissions in

scope 3 and

help achieving

our net zero

emissions goal

Expand Reusable

Packaging:

•  Deliver programmes

to increase reusable

packaging (returnable

and dispensed) formats

•  Reduce packaging

amount in absolute

terms.

Continue the implementation of Pack

Mix of the Future initiatives, focused

on expanding RGB across markets

setting our vision for profitable

growth while reducing CO

2

footprint

Activated Packageless pilot in leading

university in Italy. Replicable

programme envisioning packageless

campus

Downstream Europe and

Africa

Consumers,

Customers,

Communities

Refillables 12.7% in

2024 from 11.7% in

2023\*

Packageless stable

at 4.3%\*

\*Transactions in

NARTD excluding

N. Macedonia

Increase packaging collection

Continue to actively engage

with governments and peer

companies to establish and

ensure that effective

operation of Extended

Producer Responsibility (EPR)

Organizations, including

Packaging Recovery

Organizations (PRO) and

Deposit Return Schemes

(DRS).

2024 - Ongoing To reduce

environmental

impact (water

and soil) and

decrease

plastic waste

Supports the delivery of our

packaging waste

management policy

objectives:

•  Work through cross-

sector packaging

associations to develop

and support effective

waste management and

packaging collection

solutions

•  Enhance the efficiency

and effectiveness

of established post-

consumer packaging

waste management

organisations

Participated in the supervisory board

of EPR organizations in 16 of our

countries, providing strategic

direction and support

Downstream Bosnia,

Bulgaria,

Czech,

Estonia,

Italy,Latvia,

Lithuania,

Moldova,

North

Macedonia,

Poland,

Ireland,

Romania,

Serbia,

Slovakia,

Slovenia,

Switzerland

Communities,

Governments,

Customers,

Peer

Companies

Progress made in

line with roadmap

plans to achieve

our75% collection

target by 2025. We

ensured ongoing

implementation of

our policy objective

to ensure effective

packaging waste

management

activities are in

place across our

markets.

Coca-Cola HBC Integrated Annual Report 2024123

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Time – reference Scope of action

Progress of actions/

action plans disclosed in

prior periods

List of actions Current Planned

Time

horizon of

action

completion

Expected

outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

We support well-designed

deposit return schemes

(DRS)in our European

markets, wherever an

effective alternative

doesn’talready exist.

Asof2024, eightof our

marketsnow haveDRS in

place to assist inthe design

and implementation

ofnewnational DRS in

eachofthesecountries.

2024 2028 By 2028 To reduce

environmental

impact (water

and soil) &

Decrease

plastic waste

Fulfill our Mission 2025

target of 75% collection of

primary packaging by 2025

Deliver EU collection

targets of 90% separate

collection for PET and

beverage cans by 2029

Played a critical role in the successful

launch of new DRS in Romania,

Ireland and Hungary

Established a new DRS operator

inPoland (Kaucja.pl) with CCHBC

asashareholder to support the

successful launch of DRS in Poland

in2025

Made preparations for the successful

Jan 2025 launch of DRS in Austria

Actively participated in a cross-

industry coalition that offered

adviceand strategic input to the

Greek government on DRS, while

developing a business plan for the

application for a DRS operator licence

Downstream Croatia,

Estonia,

Hungary,

Latvia,

Lithuania,

Republic of

Ireland,

Romania and

Slovakia. We

are engaging

proactively in

Austria,

Bulgaria,

Cyprus,

Czech

Republic,

Greece,

Moldova,

Northern

Ireland,

Poland,

Serbia and

Slovenia

Communities,

Governments,

Customers,

Peer

Companies

2024 roadmap and

plans implemented

(including launches

in Ireland, Romania

and Hungary)

A clear action plan

for 2025 aligned

and approved by

senior

management

(including DRS

launches in Austria,

Poland and Greece)

Development of EPR

schemes in countries where

it is not mandatory in order to

reduce the downstream

pollution

2024 2028 2028 To reduce

environmental

impact (water

and soil) and

reduce waste,

increase

packaging

collection

Fulfill our Mission 2025

target of 75% collection of

primary packaging by 2025

We continued to support the

workofthe Food and Beverage

Recycling Alliance (FBRA) and other

packaging collection projects

Open the first-ever Coca-Cola

System-owned and operated

packaging collection hub

Downstream Nigeria Consumers,

Customers,

Communities,

Peer

companies

Progress made in

Egypt and Nigeria

as per the plan

Continue working with BariQ in Egypt Egypt

Coca-Cola HBC Integrated Annual Report 2024124

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E5.MDR-A\_04

As seen, we have established a comprehensive

action plan and implemented several actions

related to circular economy and packaging. By

those actions, we demonstrate our support to

nature and to people independently on whether

they are harmed or not. In 2024, no negative

incident related to circular economy has

beenrecorded.

Financial Resources

E5.MDR-A\_06, 07, 09, 11

Specifically, to support our actions related to

theexpansion of reusable/refillable packaging,

wemake investments every year for the renewal

or increase of the returnable containers fleet. In

2024, this investment reached €59 million. We also

invested €9.5 million in production infrastructure,

mainly for new returnable glass production lines

inItaly and Nigeria.

In addition, we invest significant amounts to

support our action plan around the increase

ofrecycled content in our packaging, specifically

byexpanding the use of recycled PET. Building

onthe significant in-house rPET production

infrastructure investments we have made in the

past few years inItaly, Poland and Romania, we

allocated €30 million in 2024 to support the higher

costofrecycled PET compared with virgin PET.

The Capex and cost of packaging materials

mentioned above are reflected in our ‘Financial

Statements’, in the cash flow statement and the

income statement, respectively.

Moving ahead, we will continue to support

ourcircular economy action plan as required.

Specifically for 2025, we plan to continue our

investments in production infrastructure in Italy

tosupport the RGB expansion inthe market, and

we will allocate significant Capex onreturnable

containers across our markets.

We alsoexpect thatthe higher spend for recycled

PET compared with virgin PET will increase further

to approximately €60 million, as we accelerate our

performance against our Mission 2025 target, but

alsodue to the EU requirement for a 25% minimum

recycled content on PET beverage bottles.

To support our actions, financial resources

mustbesecured through targeted allocation.

Oursustainable finance approach underpins the

Group’s ability to align funding strategies with

sustainability commitments, while supporting the

UN SDGs and the EU Environmental Objectives.

Financing mechanisms include a diverse range of

instruments, ensuring flexibility in meeting both

current and future financial requirements for

action plans.

Metrics and targets

E5-3 Targets related to resource use and

circular economy

E5-3\_01

We have set voluntary targets that promote circular

economy, and they are designed to address both

resource inflows and outflows, and the lifecycle

ofproducts and materials.

E5-3\_02

Our objective is to keep our primary packaging

100% recyclable by design. Therefore, we have

established a target related to circular product

design, which isalready achieved. We have made

our primary packaging 100% fully recyclable three

years ahead of the expected timeline and 2025

target. For us, recyclability is calculated as

technical recyclability by design, and here we

consider all beverage packaging which is made of

glass, aluminium/steel, PET and aseptic cartons.

All of those are able to be recycled fully. We

consider as technical recyclability by design any

reuse or recycle option for those materials. In the

definition, we do not take into consideration the

packaging collection rates in every country.

E5-3\_03 & E5-3\_04

Our resource inflows targets focus on the

continuous improvement of recycled material use.

They have a double role, since by increasing their

recycled content, the rates of primary raw materials

decline. The targets refer to the recycled PET used

for plastic bottles. Furthermore, we aim to remove

an additional 2,800 tonnes of our light-weight

packaging by 2025 compared with 2023 data.

E5-3\_05 & E5-3\_09

As already stated, we aim to source all our paper-

based primary packaging materials from sustainable

forest sources. Now, 100% of our paper bricks

(aseptic carton) we use are FSC

®

-certified. Driven by

the materiality results, and focusing on the material

topics, our targets address the prevention layer

(including the reduction) of the waste hierarchy

pyramid, as well as recycling and recovering.

Returnable glass bottles address reuse layer

ofthewaste hierarchy.

E5.MDR-T\_01

The majority of those targets are connected

withthe Packaging Waste Management Policy

andreflect total Group targets. To track our

performance and our contribution to the final

target, every year we set a yearly target as an

annual milestone.

E5.MDR-T\_12

For our targets we use actual data to report the

progress, e.g., for recyclability we use the technical by

design data of our primary packaging materials (glass,

PET, aluminium/steel can, paper, aseptic paper).

Our time horizons could be an annual goal aligned

with the Business Planning process (BP), mid-term

targets aligned with our long-range plan (LRP) and

business objectives, or long-term targets such as

NetZeroby40 aligned with the external trends.

All those targets, however, are disaggregated to

annual roadmaps, and our regular performance

review is two-pronged:

a) versus the annual roadmap; and

b) versus the direction of the target year.

On this way, we are able to set actions and correct

course if needed.

E5-3\_01 & E5-3\_09 & E5.MDR-T\_02 –

E5.MDR-T\_0 8

Table 28 below provides further details oneach

target, including their characteristics (targets’

level, their units, their time-boundaries, the

progress made over the baseline measurements),

illustrating how they contribute to our overall

sustainability goals and circular economy

principles. Targets are voluntary.

Coca-Cola HBC Integrated Annual Report 2024125

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Table 28: List of targets

Targets Type of target

Target

duration

Baseline

and

Baseline

number Target to be achieved

Value chain and

geographical boundaries 2024 status

Alignment with

international initiative

Stakeholders

Involvement

Planning to

achieve the target

Relation to waste

hierarchy

Recyclability by

design

Relative in % 2018-2025

(8years)

2017

(99%)

100% of consumer packaging to

berecyclable

Upstream/Global Percentage of recyclable by

design materials from main

packaging used in 2024: 100%

Sustainable

Development Goal

8, 9, 11, 12, 14 & 17

Suppliers 2025 Recycling

Light-weight

Packaging

Absolute in

tonnes

2023-2025 2023 Remove 2,800 tonnes of

packagingthrough light-weighting

our packaging

Own operations/

Global

Continue implementing best in

class packaging weight

Suppliers,

Customers

Prevention

(Reduce)

PET used from

recycled PET

and/or PET

from renewable

material

Relative in % 2018-2025

(8years)

2017

(9%)

35% of PET used from

recycledPETand/or PET from

renewable material

Upstream & Own

Operations/Global

23.8% rPET (placed on the

market in 2024)

Suppliers,

Customers

2025 Recycling

50% of PET used from

recycledPETand/or PET from

renewable material

Upstream & Own

Operations/EU

countries and

Switzerland

45.9% rPET (placed on the

market in 2024)

Suppliers,

Customers

2025

Zero Waste

partnerships (city

and/or coast)

Absolute 2018-2025

(8years)

2017

(0)

Engage in 20 zero waste

partnerships (city and/or coast)

Downstream/Global 20 out of 20 zero waste projects NGOs, Communities,

Local municipalities

2025 –

Collection rate

of our primary

packaging placed

on the market

Relative in % 2018-2025

(8years)

2017

(41%)

Help collect the equivalent of 75%

of our primary packaging

Downstream/Global 57% оf primary packaging placed

on the market in 2024 (including

Egypt);

Excluding Egypt, the amount is

58%

Government

and Regulators,

Peer companies,

Customers,

Suppliers, NGOs

2025 Recycling

Coca-Cola

System-owned

& operated

packaging

collection facility

Absolute in

tonnes

2025 2024 Collect 1,000 metric tonnes of

packaging materials

Downstream/Nigeria In 2024, together with TCCC,

the Coca-Cola system-owned

packaging collection facility was

completed

NGOs, Communities,

Local municipalities.

Government and

Regulators, Peer

companies

>2025 Recycling

Paper Bricks  Absolute in % Continue

(rolling

target)

n/a Source all our paper-based

primary packaging materials from

sustainable forest sources

Upstream/Global  100% of our paper bricks (aseptic

carton) used are FSC-certified

Suppliers >2030 –

Coca-Cola HBC Integrated Annual Report 2024126

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E5.MDR-T\_12 & E5-3\_13 & E5.MDR-T\_01

We have not changed any of our targets, as

forusany sustainability target means to deliver,

toexecute – an opposite of an aspirational target.

The Single Use Plastics Directive, which was

introduced after our 2025 commitments, applies

only to EU Member States. However, we have

voluntarily extended these commitments to

include our other markets, ensuring they

reflectour entire value chain.

E5-3\_13 & E5.MDR-T\_09

The Single Use Plastics Directive imposed in 2019

a77% separate collection target of PET beverage

bottles by 2025 and a recycled content target of

25% in PET beverage bottles. For our collection

targets, these were set in 2018, following a previous

commitment of 40% total packaging collected by

2020, which we had already overachieved in 2018.

For 2025, we have setambitious targets as an

average for all ourmarkets.

Not all markets are in the EU, therefore the 75% on

average was much more ambitious than the Single

Use Plastic Directive or any other local targets.

The Single Use Plastic Directive also only defines

collection for PET bottles whereas we are going

beyond this, including all our primary packaging

(such as glass bottles and aluminium cans). For

recycled content, this is also above Single Use

Plastic Directive targets for 2025.

E5.MDR-T\_13

We have specialised software to monitor and review

for each of our ESG goals/targets, and we report

monthly the actual performance and status (if we

areon track, lagging behind or partly on track) to the

members of the ELT who are accountable for the

respective KPIs. The actuals are easily available in our

EDGE dashboards. Quarterly, the performance and

the related actions to achieve the annual goals are

reported to the Social Responsibility Committee

of the Board of Directors.

E5.MDR-T\_10 & E5.MDR-T\_11

We have also involved our stakeholders in the

process of target-setting. We use the industry

best practices for setting the targets and clearly

describe the calculations and methods used in our

internal guidebooks. Feedback by NGOs, industry

associations such as UNESDA, and suppliers,

butalso strategic initiatives such astheUN SDGs,

are considered.

Stakeholder engagement is pivotal, particularly

through Annual Stakeholder Forums and frequent

meetings with all relevant stakeholders (NGOs, peer

companies, customers, municipalities). The insights

gathered from these engagements, along with the

expectations of ESG raters and investors, inform

the setting of ambitious, data-driven targets.

E5-3\_08

We strive to minimise food loss and food waste in our

operations. Our target to tackle food waste and loss

across our activities and operations is: to decrease

our absolute food losses (in dry matter) by 30%

by2025 compared to our 2019 baseline despite

volume growth, an increase in portfolio/beverage

categories, and expansion to emerging markets,

andfurther reduce by 40% by 2030 vs2019.

Food loss and waste at our manufacturing sites

are part of the overall waste management

process. Westrive to reach 100% recycled waste

and zero waste to landfill in manufacturing. We

have reduced the percentage of manufacturing

waste going to landfill significantly: in 2024, only

1.6% of our manufacturing waste went to landfill,

while in 2015 it was 10.1%. This means in 2024

98.4% of total manufacturing waste was recycled

or used for alternative usage..

E5-4 Resource inflows

E5-4\_01

Resource inflows, relevant to upstream activities and reported within this chapter, take into account the

results of the materiality analysis. This analysis has identified packaging inflows as a material topic.

Our packaging inflows include different streams of packaging, such as:

•  Plastic, which is used for plastic bottles, closures, HDPE/LDPE bottles, labels and stretch/shrink films;

•  Glass, which is used for glass bottles;

•  Metal, which are used for aluminium cans and metal crowns; and

•  Paper, which is used for paper labels, composite aseptic carton, cardboard and wood pallets).

All data relevant to our packaging inflows quantities that we used during the reporting period is

disclosed in the following table.

E5-4\_02 – E5-4\_05

Table 29: Material Inflows Indicators

Parameters Unit  2024

The overall total weight of products (beverage+packaging)  Tonnes 20,382,929

The overall total weight of technical materials used

(ingredients+ packaging materials) Tonnes 2,143,227

Total Plastic  Tonnes 427,749

PET (bottles) Tonnes 346,143

Plant-Pet Tonnes 0

Plastic (closures + HDPE/LDPE bottles) Tonnes 30,268

PE (labels and stretch/shrink films) Tonnes 51,338

Total Glass Tonnes 193,285

Glass (Bottles) Tonnes 193,285

Total Metal Tonnes 80,508

Aluminium (cans) Tonnes 73,608

Metal (crowns) Tonnes 6,900

Tot al Paper Tonnes 153,133

Paper (labels) Tonnes 1,318

Composite carton (Tetra Pak, bricks) Tonnes 26,232

Cardboard  Tonnes 72,788

Wood (pallets) Tonnes 52,795

Coca-Cola HBC Integrated Annual Report 2024127

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

1.  Excluding water.

Parameters Unit  2024

The weight of secondary reused or recycled components

usedto manufacture CCHBC’s products and services

(includingpackaging) Tonnes 199,648

The weight of secondary reused or recycled components

usedto manufacture CCHBC’s products and services

(includingpackaging) Percentage

23% out of total

packaging materials

The weight of secondary intermediary products

usedtomanufacture CCHBC’s products and services

(includingpackaging) Tonnes 0

The weight of secondary intermediary products

usedtomanufacture CCHBC’s products and services

(includingpackaging) Percentage 0

The weight of secondary materials used to manufacture

CCHBC’s products and services (including packaging) Tonnes 0

The weight of secondary materials used to manufacture

CCHBC’s products and services (including packaging) Percentage 0

Data Methodology

E5-4\_06

The data derives from direct measurements, detailing each material that enters our operations. The

data is based on the purchased volume we use either for the manufacturing of our packaging (only in

the in-house rPET plants) or for the packaging which is being supplied from external suppliers. The data

relevant to recycled content for the packaging is based on our suppliers’ data, and then we calculate the

weighted average based on the amount purchased by each of those suppliers.

E5-4\_08

We ensure that there is no overlap or double

counting between the categories of reused and

recycledmaterials.

Reusable glass bottles are reported only with

thenew number of bottles purchased in the

respective year. We have invoices and number

ofpurchasing orders with the respective amount

purchased for all materials that are entering in

ourplants.

In our systems, we have master data of each

material which is part of the product recipe,

meaning that for each of our produced products,

weknow how much material we have used.

Thesame for resource outflows – we know

theexact amount of every ingredient and

packaging material used in any sold products.

Reusable packaging is not reported to the

Packaging Recovery Organisations (PROs) for the

floating volumes (i.e., all the bottles in circulation).

We report only the new quantities of bottles

purchased each year. This approach assumes

thatnew bottle purchases are not solely due to

increased volume but also because some reusable

bottles were not collected and ended up in the

recycling stream. Additionally, once reusable

bottles reach the end of their lifespan, they will

eventually become waste and be recycled.

So, we avoid double counting by only reporting

tothe PROs the new quantities purchased each

year, and not the whole floating (or in circulation)

volume related to reusable/refillable glass bottles.

E5-5 Resource outflows

Outflows

Resource outflows are another material topic for us.

E5-5\_01

We are committed to incorporate more circular

principles in our production processes, and for that

purpose we have implemented key actions and

innovations. Now, five of our water brands are sold in

100% rPET bottles: Romerquelle (Austria, Czech

Republic, Slovakia, Serbia, Croatia and Slovenia),

Deep RiverRock (Republic of Ireland and Northern

Ireland), Valser (Switzerland), Dorna (Romania)

andNatura (Czech Republic and Slovakia).

Switzerland was also our first country to move

itsentire locally produced PET portfolio to 100%

rPET. This was followed by Italy

1

and Austria,

andin2023, Romania, the Republic of Ireland and

Northern Ireland also transitioned to 100% rPET

for the locally produced PET portfolio. In addition,

since 2023, Romania successfully combined a

100% rPET local bottle portfolio, an in-house rPET

facility and a Deposit Return Scheme, helping us

close the loop for plastic packaging circularity.

We continue our use of recycled shrink film

inIreland, where our Deep RiverRock water

multipacks arepackaged in Reborn®, a fully

recycled plastic film made from post-industrial

and post-consumer waste. We are exploring

opportunities to launch Reborn® in other

markets. Our corrugated cardboard packaging in

Europe contains >80% recycled content, while our

composite paper carton packs, KeelClip™,

Qflexand LitePac Top, are 100% FSC-certified.

Our wooden pallets are 100% reusable.

Coca-Cola HBC Integrated Annual Report 2024128

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

E5-5\_04

As mentioned, we ensure that our packaging

includes recyclable content. For 2024, the overall

recyclable content rate of our packaging is 100%.

We do not engage in the production or

commercialisation of durable plastic goods and/or

components, including those made from mixed

materials. Additionally, we do not produce goods

with an expected usage period exceeding three

years. Our beverages, in particular, have a

significantly shorter expected usage period,

defined by their shelf life which is between four

and 12 months.

Extended Producer’s Responsibility

E5-5\_18

We make strong efforts to ensure that our products,

especially their packaging materials, will not end up

as waste. We prove our engagement in product

end-of-life waste management, since, as mentioned

earlier, we support the foundation of effective and

efficient collection systems in all our markets.

We are leading industry efforts to introduce DRS

across the majority of our EU countries. In 2024,

weplayed a pivotal role in the successful go-live

ofnew DRS in Romania, Ireland and Hungary.

Well-designed DRS have a proven track record of

delivering very high collection rates, typically over

90%, once the schemes reach maturity. We are

encouraged by the results from year 1 in Romania,

where the scheme was delivering an average return

rate of 76% for all in-scope containers across the

last three months of the year. Additionally, our

teams in Austria, Poland and Greece have been

making intensive preparations to support

successful DRS launches in 2025. These extensive

preparations include the development of DRS

business plans, the establishment of a new DRS

administrator company in Poland, as well as the

extensive internal planning to ensure that

DRS-compliant packaging is available to the

consumer on shelf in time.

Coca-Cola HBC is also heavily involved in EPR

systems in 25 of our countries, and members of

the supervisory board in 16 of these countries.

Extended producer responsibility is a policy

approach that holds producers accountable for

their products throughout the entire lifecycle,

including the post-consumer stage. Further

information is available at Ε5-2 ‘Actions and

resources related to resource use and

circulareconomy’.

Data methodology

E5-5\_06

The relevant data used is sourced mainly from

direct measurements, which are taken from our

production and operational records. Products are

classified as designed along circular principles if

they are recyclable by design. This means that the

packaging is compatible with waste management

and processing, including collection, sorting,

recycling and the use of recycled materials to

replace primary raw materials.

We know the exact amount of every ingredient and

packaging material used in any sold products. For

packaging collection data, we have a calculation

methodology document which details step by

stephow the data is collected. We report to our

collection systems the amounts of packaging per

type of material placed on the market. They then

report back to us via emails and reports how much

equivalent packaging was collected for recycling

– this is validated following the Packaging Recovery

Organisation’s (PRO’s) own external auditing

processes. This is done per material type, both

forprimary and for secondary/tertiary packaging.

If packaging materials contain the amount of

thesame material coming from post-consumer

waste, they are with recycled content. The

percentage of recycled content in our products

and packaging is determined based on actual data

from our suppliers and on what we have been

using inour production.

E5-6 Anticipated financial effects from

material resource use and circular economy-

related risks and opportunities

E5-6\_02, 03, 04

Given the potential impact that significant changes

to our packaging mix could have to longer-term

capital investment in production and distribution,

and the influence that packaging has on our ability to

meet our NetZeroby40 commitments – packaging

represents over 30% of our emissions – managing

the risk and opportunity associated with sustainable

packaging directly impacts and is impacted by our

future business strategy. It is closely linked with

the ‘Managing our carbon footprint’ risk, which is

covered in detail under ESRS E1 ‘Climate change’.

During 2024, we continued building on our Pack

Mixof the Future vision. The development of

aprofitable packaging strategy aims to reduce

ourenvironmental impact, address escalating

stakeholder concerns relating to packaging waste

and takes into account new EU regulations such as

the EU Directive on packaging and packaging waste.

Initiatives such as increasing the use of recycled

andrefillable packaging and decarbonisation in the

packaging industry contribute significantly to our

journey towards NetZeroby40.

Based on the 2024 quantification of this risk we

expect higher cost of packaging materials, mainly

rPET, aluminium and glass. The quantification was

performed by applying the projected carbon price

per packaging material under different climate

scenarios to the corresponding packaging

emissions as per our glidepath to 2040.

These financial effects are anticipated to arise

inthe mid to long term. While the timing remains

uncertain, we are aligning our strategy with the

evolving market conditions.

Failing to respond to consumers’ concerns about

packaging could also impact our reputation and

consumer base, potentially leading to revenue

losses for products that do not meet sustainability

standards. Other challenges associated with

packaging relate to dependencies on sourcing

sustainable materials from suppliers, and to the

increasing regulatory focus on impacts to natural

ecosystems caused by packaging waste.

E5-6\_05 & E5-6\_06

Our assessment shows we do not have any

product at risk in the short-, medium- or long-

term horizon. For the assessment of products

atrisk, the same time horizons as those used in

the Double Materiality Assessment were applied,

as presented in the E1.IRO-1\_05.

Coca-Cola HBC Integrated Annual Report 2024129

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Strategy

SBM-3 Material impacts, risks and

opportunities and their interaction

withstrategy and business model

S1. SBM-3\_01, 02, 03, 04, 06, 11

At Coca-Cola HBC, all employees and non-

employees within our workforce who could

bematerially impacted by our operations are

included in the scope of the disclosures under

ESRS 2. This includes addressing impacts

arisingfrom our ownoperations, our value

chain,our products and services, and our

businessrelationships.

Αctual impacts on our workforce, such as secure

employment, adequate wages, health and safety,

gender equality, training, and diversity guide our

strategic decisions by enabling us to implement

targeted initiatives, ensuring that we create a

supportive work environment that meets the

needs of our employees, who are the most

important asset and support us in achieving

ourbusiness objectives.

While non-employees are considered in the

materiality assessment, they are not included in all

social KPIs (e.g., basic salary male/female, gender

equality KPIs). Number of non-employees is minor

compared to all employees.

Types of employees and non-employees

We provide the following information regarding

the types of employees and non-employees in

ourown workforce subject to material impacts

byour operations:

Types of employees

Permanent employees are individuals who have

an indefinite employment contract with Coca-

Cola HBC. This means there is no end date

specified in their contract. These employees are

paid through the Company’s payroll and enjoy the

stability and benefits associated with long-term

employment. They are integral to our operations

and contribute to the continuity and growth of

ourbusiness.

Temporary employees, on the other hand,

haveadefinite employment contract with Coca-Cola

HBC. Their contracts specify an end date, indicating

thetemporary nature of their employment. Like

permanent employees, temporary employees are

also paid through the Company’s payroll. They play

a crucial role in supporting our operations during

peak periods, special projects or when specific

expertise is required for a limited time.

Types of non-employees

Non-employees at Coca-Cola HBC are individuals

who work for the Company but are not directly

employed by us. They do not receive compensation

through the Company’s payroll and do not have

adirect contract with Coca-Cola HBC. These

non-employees can either be self-employed or

employed through a third-party agency. Despite

notbeing on the Company’s payroll, they actively

participate and contribute to Coca-Cola HBC’s

processes, and they follow all our standards,

whichare also part of their contract.

Non-employees are considered part of our own

workforce in general:

•  They are provided by a third party (e.g., an

employment agency) but work under our

directcontrol, following our instructions,

schedules and operational guidelines.

•  They are self-employed individuals

contractedto work directly for us and

areintegral to our operations.

Our negative impact

We strive to achieve zero occupational health

andsafety incidents, and potentially every

accident affects individually the person injured.

In2024, we reported 1 fatality in Egypt and 0.30

Lost Time Accidents per 100 full-time employees

(FTEs) in our workforce. All health and safety-

related incidents are being investigated locally by

cross-functional teams of experts from different

departments. Steps taken for the investigations

are based on 14 internal investigation principles

which are published in our Incident Management

Investigation document. The investigation teams

use a Structured Problem-Solving methodology,

including Fishbone analysis and five WHY principles.

ESRS S1 – Own

workforce

Social information

Coca-Cola HBC Integrated Annual Report 2024130

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

After the incident investigation, a one-page

lessons learned document is created and shared

locally with all respective teams. It serves as a

toolfor learning and prevention of similar incidents

in the future. This document is published on a

special internal platform for knowledge sharing,

accessible for all.

Brief description of the activities that result

inthe positive impacts

Contribution to employment

In 2024, we employed 33,018 FTEs in 29 countries.

In 2019, for the first time, we developed our Group

socio-economic impact study (SEIS) by aggregation

of the data from all local SEIS reports, which is

regularly updated. Together with TCCC, in all our

territories we support more than 501,982 indirect

jobs throughout our value chain. Thismeans that

with every job in our system, wecreate an

additional 13 jobs in the value chain, and we

contribute approximately €14.4

1

billion in value

added annually.

Accessibility to a living wage

In every country, all employees earn at least the

minimum wage. People and Culture function

monitors wage levels to ensure they are

competitive relative to the industry and local labour

market. This includes the lowest paid employee

categories, such as junior line operators and

entry-level merchandisers. We regard our external

reporting segments as key operational areas, which

also form the basis of financial consolidation. On

average, junior line operators and merchandisers

earn approximately 1.2 times the local minimum

wagein our Established markets, approximately 1.9

times in our Developing markets and approximately

2.2 times the local minimum wage in our Emerging

markets. The range of ratios is similar for both male

and female employees.

Improved health, safety and wellbeing

The health, safety and wellness of our employees

is one of our top priorities. That is why we looked

for new approaches to wellbeing and employee

support which was easily accessible to our employees

in our plants, offices or when working remotely.

Two of the initiatives, which focused on the mental

wellbeing of our employees, were the introduction

of the Employee Assistance Programme (EAP),

with the organisation of a session focused on

resilience and stress management led by a

professional counsellor from this programme

andthe launch of a dedicated mental-wellbeing

platform, a wellbeing framework, centred around

physical, mental, financial and social wellbeing,

toprovide our people with the resources needed.

We also continue to provide our framework for

health and dependent care and offer a range

offlexible working arrangements.

As part of our internal health and safety

management system, all employees (100%)

receive mandatory safety training. No employee

isallowed to start working for CCHBC without

completing this mandatory safety training.

Access to education

All our employees are part of the numerous training

materials and education programmes. We provide

learning and development opportunities for all

ouremployees (in all our activities), reflecting a key

pillar of our people strategy, which is democratised

learning. In 2024, our learning programmes covered

leadership, functional training and general business

training, and we report 659,353 training hours

across all management layers. Average training

hours per FTE: 20.1.

Gender equality

One of our key efforts is the Women in Leadership

programme, which supports the growth and

development of women in leadership roles. In 2024,

69 female leaders participated in this six-month

programme, enhancing their leadership skills and

fostering a network of women leaders within the

organisation. Additionally, our local business units

continue to design regionally targeted campaigns

to empower and uplift women, tailored to the

specific needs of each market.

We are also focused on creating equal opportunities

in hiring and career advancement. The gender

balance in our workforce reflects this commitment.

45% of internal appointments were made

towomen, and 39% of our external hires were

female. Notably, among our external hires for

management positions, women represented 53%,

showcasing our dedication to promoting women

into leadership roles. Among our sales-based

external hires, women made up 42% ofthetotal.

To further support women in the fields traditionally

employing males, we created a Women in Sales

community specifically for our female Ukrainian

sales teams. This initiative aims to amplify learning

and development opportunities for women in sales

and create a supportive environment, where

female employees can thrive and grow.

Moreover, the ratio of the basic salary between

women and men is 1.37, underscoring our ongoing

efforts to ensure equitable pay across genders.

Net zero transition plan

Within our net zero transition plan, we do not

expect any negative impact on our employees.

Onthe contrary, we expect more ‘green’ roles

tobe included, such as people responsible for

decarbonisation, ESG reporting, internal audit

forESG data, etc.

Own workforce and occupational health and

safety risk assessment

For every workplace, we conduct on a regular

(annual, or in case of significant change more

frequently) basis, a risk assessment process

wherewe assess any potential health and safety

risk. Based on this, a mandatory corrective action

and mitigation plan is developed at manufacturing

site level. The process is documented.

Own workforce involved in occupational activities

who have a high incidence or high risk of specific

diseases, refers to 2,867 employees who operate in

Nigeria, where the risk of exposure to communicable

diseases (such as malaria, HIV, etc.) is generally higher

than the average for our Group employees. There is a

higher exposure risk for 22 CCH employees who work

at our wastewater treatment facilities, where both

production wastewater and communal wastewater

are treated. Those two groups of employees have

been assessed based on our detailed Occupational

Health and Safety (OHS) risk assessment and hazard

prevention programmes.

In general, during our detailed OHS risk assessment

we evaluate the OHS risks and hazards in each

working place (each job). This is a documented

process done at country and plant level, and

mitigation plans and specific requirements are

issued for each high risk. It is also audited during

the ISO 45001 audits.

Impacts, risks and opportunities

management

S1-1 Policies related to own workforce.

S1.MDR-P\_01, 02, 03, 04, 05, 06 & S1-1\_01, 02,

09, 10, 11, 12, 13, 14, 16, 17, 21

The relevant policies adopted to manage material

sustainability matters are Code of Business

Conduct, Whistleblowing Policy, Human Rights

Policy, Inclusion and Diversity and Anti-Harassment

Policy, HIV/AIDS Policy, Fleet Safety Policy, and

Occupational Health and Safety Policy. These

policies cover all our own workforce that was

mentioned in the previous section.

Code of Business Conduct

Key contents of the Code

The Code of Business Conduct (the ‘Code’) is

Coca-Cola HBC’s essential overarching policy.

Allour employees are responsible for upholding

our commitment to the highest standards of

business conduct. The Code is composed of

several chapters whose contents include:

•  Our Commitment

•  How to Use This Code

•  Human Rights, Diversity and Inclusion

•   Reasonable Use of Coca-Cola HBC Assets

•   Protection of Information and

OperationalAssets

•   Dealing with Customers and Suppliers

•   Conflicts of Interest

•   Anti-Bribery

•   Environment, Health and Safety

•   Competing Honestly in the Marketplace

andComplying with Competition Laws

1.  Numbers presented are aggregated based on the local SEIS reports from CCHBC territories in the period 2018-2024. All KPIs represent annual impact.

Coca-Cola HBC Integrated Annual Report 2024131

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

•   Privacy and Protection of Personal Data

•   Dealing in Company Securities

•   Training

•   Investigations.

Training on the Code is conducted on a regular

basis. It is the responsibility of every employee

toundergo mandatory training and to do so in

aresponsible and engaged manner.

Objective

The Code provides what is expected of everyone

working for Coca-Cola HBC worldwide regardless

of location, role or level of seniority. This includes

all employees, managers and members of the ELT.

Our suppliers, distributors, agents, consultants

and contractors are also subject to many of the

principles of our Code through our Supplier Guiding

Principles. Failure to comply with the Code by any

employee is treated very seriously and may result

in disciplinary action, up to and including dismissal.

Process for monitoring

We encourage our employees to speak up and

look for guidance where needed, and to make

surethat they have all necessary approvals for

keydecisions. This minimises the risk of deviation

from, or violation of, the guidelines set out in the

Code of Business Conduct.

The Code sets accountable officers in each

business unit, the Ethics and Compliance Officers,

as well as implementation of remediation plans. It

also clarifies how grievances should be reported

and escalated.

The Internal Control team runs periodic testing on

key controls related to the Code. The corporate Audit

team runs periodic risk-based compliance audits.

The Audit and Risk Committee reviews the results

of the internal audit reports during each meeting,

focusing on the key observations of any reports

where processes and controls require improvement.

The Audit and Risk Committee is also provided

with updates on the remediation status of

management actions of internal audit findings

andon the internal audit quality assurance and

improvement programme at each meeting.

Scope

The Code applies to all employees of Coca-Cola

HBC worldwide regardless of location, role or level

of seniority. This includes all employees,

managers, members of the ELT and Directors of

Coca-Cola HBC.

Most senior level accountable for

theimplementation of the ‘Code’

Coca-Cola HBC’s Board of Directors and the Head

of Corporate Audit approve the Code, and it has

been adopted with the full support of our ELT.

Commitment to respect third-party standards

The Code refers to specific policies per area.

These policies may define requirements as

pertheinternationally recognised third-party

standards such as the UNGC, ILO, etc.

Consideration given to the interests of

keystakeholders in setting the policy

Whenever the Code is updated, inputs from

Corporate Audit team, based on investigated

cases and relevant management actions, and

country teams are considered.

Policy available to potentially affected stakeholders

The Code of Business Conduct is publicly available

on our website. We share the Code with all employees

upon joining the Company. Additionally, we share

the Code in our internal communication platforms,

so employees can easily access it. The Code is

also translated into our local languages to ensure

that all employees can fully understand it. We

regularly train our employees on the Code through

mandatory e-learning and other training sessions

that are part of our mandatory training programme.

If an employee has a question about the rules of

the Code and how they apply to real-life situations,

there are colleagues, our Ethics and Compliance

Officers, available to offer guidance. The Ethics

and Compliance Officer that an employee should

contact depends on his/her role:

•  Country Employees: Country Legal Manager

•  Group Functions Employees: Head of

LegalCompliance

•  General Managers, ELT members, Board

members: General Counsel

•  CEO: Chair of the Audit and Risk Committee

The Ethics and Compliance Officers are available

to receive requests of clarifications on the Code’s

provisions from our Company’s employees. This

may happen from time to time. Such requests for

clarifications are aimed at making sure that the

Code is complied with and no violation occurs by

the requesting employees.

Human Rights Policy

Key contents of the policy

The key contents of the policy include:

•   Respect for Human Rights

•   Community and Stakeholder Engagement

•   Valuing Diversity

•   Freedom of Association and Collective Bargaining

•  Safe and Healthy Workplace

•  Workplace Security

•  Slavery, Forced Labor and Human Trafficking

•  Child Labour

•  Work Hours, Wages and Benefits

•   Guidance and Reporting for Employees

The process to monitor material sustainability

matters, related to human rights, follows the

stepsbelow:

When a conflict arises between the language of

the policy and the laws, customs and practices of

the place where an employee works, or questions

arise about this policy or in case an employee

would like to report a potential violation of this

policy, those questions and concerns can be

raised through existing processes, which make

every effort to maintain confidentiality. For more

information, please see the Human Rights Policy.

The updated policy is communicated to our

Top300 senior managers by the ELT responsible

(Chief People and Culture Officer), and then it is

cascaded to all employees locally by the local

People and Culture business unit directors.

We have developed an e-learning course related

to human rights, automatically communicated

toall employees via email, and we follow the

completion rate regularly. All policies are part of

the onboarding programme for every new CCH

manager/supervisor and every new employee.

In the core leadership programmes, such as

Passion to Lead and LEAP, we also cover the

DEIand human rights areas.

Objective

Coca-Cola HBC respects human rights, and we

are committed to identifying, preventing and

mitigating any adverse human rights impacts in

relation to our business activities through human

rights due diligence and preventive compliance

processes. We are committed to respecting

human rights of all individuals regardless of race,

sex, gender identity, colour, national or social

origin, religion, age, disability, sexual orientation

orpolitical opinion, who may be at heightened risk

of becoming vulnerable or marginalised, including

but not limited to migrants, indigenous people,

refugees and minorities.

Process for monitoring

Regular reviews ensure that we adhere to

allapplicable laws and regulations, our Code

ofBusiness Conduct and internal standards.

Certification on a regular basis confirms that

weare in legal compliance, processes are well

implemented, targets are set and reached, and

reporting is timely and accurate. In addition,

wehave a well-publicised whistleblower system

inplace, with all cases investigated. Our due

diligence compliance model is driven through an

external audit process. Workplace Accountability

Audits are conducted with a minimum cycle of

every three years in each of the Coca-Cola HBC’s

plants by an independent external provider.

Scope

Our Human Rights Policy applies to Coca-Cola

HBC, the entities that we own, the entities in

whichwe hold a majority interest, and the facilities

that we manage.

Most senior level accountable for the

implementation of the policy

This policy has been approved by the Coca-Cola

HBC ELTand signed by the CEO. Accountable for

the implementation of the policy is Chief People

and Culture Officer at Group level and at local

business unit level is the business unit’s People

and Culture Director. All employees are

responsible for committing to the policy.

Coca-Cola HBC Integrated Annual Report 2024132

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Consideration given to the interests of

keystakeholders in setting the policy

Our Human Rights Policy is guided by international

human rights principles, encompassed in the

United Nations Universal Declaration of Human

Rights, the International Labour Organisation’s

Declaration on Fundamental Principles and Rights

at Work, the United Nations Global Compact and

the United Nations Guiding Principles on Business

and Human Rights.

Via our Employee Engagement surveys done

regularly, we capture the view and feedback

ofouremployees. The surveys are in the local

language. With regular dialogue with the

employees’ representatives in the Work

Councils,we also take feedback from

employeesand act upon suggestions.

Policy available to potentially

affectedstakeholders

The Human Rights Policy covers all employees

inown workforce and is publicly available on our

website. We share this policy with all employees

through regular training sessions and have

included it in our mandatory e-learning courses.

Additionally, we share the policy in our internal

communication platforms, so employees can

access it easily. The policy is also translated into

local languages to ensure that all employees can

fully understand it. E-learning courses also are

available in local languages and accessible to

everyemployee via our training portal.

Inclusion and Diversity and

Anti-Harassment Policy

Key contents of the policy

At Coca-Cola HBC, we benefit greatly from the

skills, experience and commitment of the diverse

range of people who work with us. We recognise

that diversity is essential to serving our customers

effectively, and we strive to ensure that no one is

treated inappropriately or disrespectfully in our

workplace. This is aligned with our Values to act

with integrity and care for our people. Inclusion

and Diversity and Anti-Harassment Policy sets out

our approach to inclusion, diversity, anti-harassment

and the avoidance of discrimination at work.

Inclusion and diversity for the purposes of this

policy means the creation of a respectful work

environment in which people neither discriminate

nor are discriminated against in any context based

on the following characteristics:

1) age

2) disability

3)  gender or gender reassignment

4)  sex or sexual orientation

5)  marital or civil partnership status

6)   family status including pregnancy, maternity,

paternity or other carer status

7)   race including ethnic origin, nationality or colour

8)  religious, political or other beliefs

9)  full-time or part-time status

10)   any other characteristic in respect of which

legal protection is afforded by local law

Incidents of non-compliance with this policy or

ofany other conduct that affects inclusion and

diversity should ordinarily be reported to line

managers in the first instance. Such incidents

mayalternatively be reported to a line manager’s

line manager or to a member of the People and

Culture department, or to the ‘SpeakUp!’ line.

Likeevery policy, Inclusion and Diversity and

Anti-Harassment Policy is published on the website,

and it is cascaded to all employees by the local

business unit senior managers. Communication is

mandatory to every new employee as part of the

onboarding process. There are a few e-learnings

courses related to Inclusion, Diversity and

Anti-Harassment available on our intranet training

platform in local languages. It is also part of the

regular updates done to all local senior leaders

responsible for the implementation of the policy.

We are committed to dealing promptly and

thoroughly (and with as much confidentiality

andsensitivity as possible) with any such

complaints. We do not tolerate any form of

victimisation relating to any complaint made

ingood faith. Victimisation includes not only

conduct directed at the complainant but also

conduct directed at any other person involved in

any related investigation. We may commence

disciplinary or other applicable proceedings under

our Code of Business Conduct against any person

who we consider may have breached this policy.

Such proceedings may lead to the imposition of

appropriate disciplinary sanctions up to and

including dismissal. We reserve the right to

reviewand amend this policy from time to time

toensure that we are adequately promoting

inclusion and diversity and anti-harassment.

Formore information, please visit our Inclusion

and Diversity and Anti-Harassment Policy.

Training on non-discrimination:

We support all people who work for us to comply

with this policy, including, where appropriate,

training, guidance and support from the People

and Culture Department.

There are a few e-learning courses related to

Inclusion, Diversity and Anti-Harassment available

on our intranet training platform. It is also part of

the regular updates sent to all local senior leaders

responsible for the implementation of the policy.

In the core leadership programmes, such as Passion

to Lead and LEAP, designed for our middle and top

managers and future leaders, we also cover the

DEI and human rights areas.

Specific policy commitments related to

inclusion or positive action for people from

groups at particular risk of vulnerability in

ownworkforce

Our women’s networks, in our Corporate Service

Centre and in several of our business units,

connect and empower women across our

business. Members come together to share

experiences and learning, helping to foster

individual professional development, as well

asshape our organisation’s culture.

Objective

Coca-Cola HBC is committed to fostering an

inclusive and diverse workplace through our

Inclusion and Diversity and Anti-Harassment

Policy, same as mentioned above for our

HumanRights Policy.

Process for monitoring

To ensure compliance with our Inclusion and

Diversity and Anti-Harassment Policy, we have

established several key processes. All employees

undergo regular training to understand and uphold

these values. We provide clear channels for reporting

any incidents of harassment or discrimination,

ensuring anonymity and protection against

retaliation. Our Ethics and Compliance Officers

thoroughly investigate all reported cases. Regular

internal and external audits are conducted to

assess compliance, with results reviewed by the

Audit and Risk Committee. Remediation plans are

implemented as needed to address any issues.

These measures help us maintain a respectful,

inclusive and diverse workplace.

Scope

This policy applies to all people who work for us

(including our employees, contractors, consultants,

advisers and agency workers) and applies throughout

the course of their dealings with us, including

when they apply to work for us and after they

cease working for us. It covers all aspects of

employment with us, including recruitment, pay

and conditions, training, appraisal, promotion,

conduct at work, disciplinary and grievance

procedures, and termination of employment.

The policy creates both rights to be enjoyed by

people who work for us and responsibilities for

those same people to behave in a similar manner

to ensure that others enjoy those same rights.

Leaders and managers within our business should

assume responsibility to give effect to inclusion and

diversity and anti-harassment, and robustly and

promptly address any conduct that breaches this

policy of which they become aware. All employees

are responsible for adhering to the policy.

Coca-Cola HBC Integrated Annual Report 2024133

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Most senior level accountable for

theimplementation of the policy

Inclusion and Diversity and Anti-Harassment

Policy has been approved by the CEO. Accountable

at Group level is Chief People and Culture Officer.

At country level, accountability is within the

business unit People and Culture Director.

We assign responsibility at senior management

level for equal treatment and opportunities in

employment. Clear Company-wide policies

andprocedures guide our equal employment

practices, and we link advancement to desired

performance in this area.

Commitment to respect third-party standards

When we developed the policy, we considered the

best industry standards and practices in DEI, such

as ISO 30415:2021 Human resource management

— Diversity and inclusion.

Consideration given to the interests of

keystakeholders in setting the policy

We have been collecting the feedback by our

employees as part of the regular employee

meetings handled in each of our business units and

at Group level, Townhall meetings and Coke breaks.

Via our Employee Engagement surveys done

regularly, we capture the view and feedback of

ouremployees. The surveys are in the local

language. With regular dialogue with the

employees’ representatives in the Work

Councils,we also take feedback from

employeesand act upon their suggestions.

Policy available to potentially

affectedstakeholders

The Inclusion and Diversity and Anti-Harassment

Policy is publicly available on our website. We share

this policy with all employees through regular

training sessions and have included it in our

mandatory e-learning courses. Additionally, we

share the policy in our internal communication

platforms, so employees can access it easily. The

policy is also translated into local languages to

ensure that all employees can fully understand it.

In the core leadership programmes such as

Passion to Lead and LEAP, we also cover the DEI

and human rights areas. The training sessions

ande-learning courses are translated into local

languages to ensure that all employees can fully

understand it.

Occupational Health and Safety Policy

Key contents of the policy

The Occupational Health and Safety Policy

supports the implementation of the occupational

health and safety management system ISO

45001, as well as the following health and

safetyprinciples:

•   Provide an environment where work-related

health and safety risks are controlled to prevent

injuries and occupational ill health.

•  Comply with all legal and other applicable OH&S

requirements from, e.g., TCCC in all Coca-Cola

HBC territories and conform with relevant

international standards by implementing

continuous improvement programmes.

•   Implement an effective OH&S management

programme integral to ongoing business activities.

Objective

Through this policy, we aim to provide and

maintain a healthy and safe working environment

by eliminating hazards, reducing health and safety

risks and raising awareness among employees,

contractors, visitors and others who may be

affected by business-related activities, thus

addressing health and safety material topic.

Process for monitoring

Compliance to the Group OH&S Policy is being

monitored through ISO 45001 certification,

LifeSaving Rules (LSR) implementation and

compliance, internal x-boarder audits, and

TCCCGlobal Audit Organisation (GAO) audit

results. We mandate every employee to go

regularly through our health and safety annual

training and we monitor participation rate.

Scope

This policy applies to Coca-Cola HBC’s:

•   production operations and business facilities

•   products and services

•   distribution and logistics

•   suppliers, service providers and contractors

•   other key business partners (including

co-parkers, joint ventures, etc.)

Most senior level accountable for the

implementation of the policy

The CEO is committed to ourOH&S policy,

whichisowned and endorsed bythe Risk and Audit

Committee of the Board of Directors and the Health

and Safety Committee of the ELT. The CEO is

determined to provide the leadership and resources

required to ensure this policy is fully implemented.

That said, every Coca-Cola HBC employee at every

level and at every function in the organisation is

responsible for thesuccessful implementation

ofthis policy andthe related programmes.

Commitment to respect third-party standards

We commit to respect occupational health and

safety management system ISO 45001, which is

implemented in the context of our OH&S policy

and programme.

Consideration given to the interests of key

stakeholders in setting the policy

When setting the policies, we took all regulatory

requirements, the international standards such as

ISO 45001 and best industry practices in OH&S,

such as safety risk identification and management,

also the requirements by investors and ESG

raters, such as S&P Global, MSCI ESG, and also

consultations with the employees Work Councils.

Policy available to potentially affected stakeholders

OH&S Policy is publicly available on our website.

We share this policy with all employees – we have

included it in our new OH&S e-learning course

where it is translated in every local language,

anditis mandatory for all CCH employees.

Thepolicy is also uploaded on the internal Group

QSE SharePoints. In every manufacturing site,

theOH&S Policy is printed and disclosed as well.

Furthermore, we ensure that the OH&S Policy is

communicated to all relevant individuals, groups

or entities who are expected to implement it or

have a direct interest in its implementation.

S1-1\_03, 04, 05, 06, 07 & S1.MDR-P\_04

Human Rights Policy commitments

Commitments and respect for the human

rights, including labour rights, of people

inownworkforce and alignment with

international instruments

Please see

S1.MDR-P\_01, 02, 03, 04, 05, 06 & S1-1\_01, 02,

09, 10, 11, 12, 13, 14, 16, 17, 21

We respect human rights, thus we are committed

to identify and prevent any adverse human rights

impacts in relation to our business activities

through human rights due diligence and

preventive compliance processes.

Regular reviews ensure that we adhere to

allapplicable laws and regulations, and our

humanrights policy. In addition, we have a

well-publicised whistleblower system in place,

withall cases investigated. Our due diligence

compliance model is driven through an external

audit process. Compliance is monitored through

certifications, and Workplace Accountability

Audits are conducted with a minimum cycle of

every three years in each of the Coca-Cola

HBC’splants by an independent external provider.

Atlocal business unit level, during the regular

dialogue with the employees’ representatives

ofthe Work Council, we consider and act upon

anyconcern and feedback.

We compensate employees competitively relative

to the industry and local labour market. We operate

in full compliance with applicable wage, work

hours, overtime and benefits laws.

Coca-Cola HBC Integrated Annual Report 2024134

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

As a Group, we have a zero-tolerance approach to

modern slavery of any kind within our operations

and supply chains, and we are taking steps to

ensure that our employees and contractors

understand the Group’s commitment to human

rights, and their own rights and responsibilities.

We comply with all local laws on the minimum age

of employment, as provided in the ILO Convention

138. We prohibit the hiring of individuals that are

under 18 years of age for positions in which

hazardous work is required, as provided for

inILOConvention 182.

Engagement with people in own workforce

Where appropriate, we are committed to engaging

in dialogue with stakeholders on human rights

issues related to our business. We are committed

to creating workplaces in which open and honest

communications among all employees are valued

and respected. Our policy is to follow all applicable

labour and employment laws wherever we operate.

Regular reviews ensure that we adhere to all

applicable laws and regulations, and our policies. In

addition, we have a well-publicised whistleblower

system in place, with all cases investigated. Our

due diligence compliance model is driven through

an external audit process. Workplace Accountability

Audits are conducted with a minimum cycle of

every three years in each of the Coca-Cola HBC’s

plants by an independent external provider. At

local business unit level, during the regular dialogue

with the employees’ representatives of the Work

Council, we consider and act upon any concern

and feedback. Via our Employee Engagement

surveys done regularly, we capture the view and

feedback of our employees. The surveys are in the

local language. The results and actions to improve

engagement are reported to the Board of Directors.

Measures to provide and/or enable

remedyforhuman rights impacts

Our due diligence compliance model is driven

through an external audit process.

Workplace Accountability Audits (Supplier Guiding

Principles audits in our manufacturing operations)

are conducted with a minimum cycle of every three

years in our plants. Workplace Accountability

Audits are conducted through an internationally

recognised and accredited audit organisation. The

audits cover our own processes and employees,

contractors and others who are not employees

such as staff of third-party service providers,

(e.g.,for security or canteens). Identified risks and

mitigation plans are reviewed by senior management

1

.

The concerns raised via the ‘SpeakUp!’ line are

addressed and actions are implemented.

Based on internal human rights due diligence

process we have not identified any sites as high

risk. A medium risk finding was raised in one

manufacturing site in Russia and in one in Nigeria.

In both cases, findings have been addressed

through a corrective action plan. Every human

rights case which comes from either external

audits or internal audits is discussed and

addressed. We follow the corrective action

plansimmediately and re-audit to confirm the

case is closed and lessons are learned. The

summary of all ‘Notices of Violation’ we have

received is also reported to the Board of Directors

with the respective actions taken.

S1-2 Processes for engaging with own workers

and workers’ representatives aboutimpacts

S1-2\_01, 02, 04

At Coca-Cola HBC, we have established

processes to ensure that the perspectives of our

workforce areconsistently considered in our

decision-making processes.

The Director, who is responsible for Workforce

Engagement, attends the Work Councils’ meetings

to gather insights from representatives across the

Company. For example, during 2024, these meetings

included discussion on workforce concerns about

inflation and its impact. The Company’s decision

to provide one-off bonuses provided at the end

of2023, to help alleviate the higher cost of living,

was well received by the workforce. As in previous

years, Charlotte Boyle, the Chair of the Remuneration

Committee, interacts directly with the representatives

to get their wider insights, which she takes back to

the Committee for discussion and to share with

the Board, and their perspectives are considered

in our decision-making processes.

Our local business units regularly capture

feedback at local level and address any concerns.

Please see the Governance section of the IAR,

‘Engaging with our stakeholders’ on pages 200

to201.

Besides, the Chief People and Culture Officer

atGroup level and business unit People and

Culture Directors have operational responsibility

for engagement with employees. The results of

employee engagement surveys are sent to all

countries and all functions, and the Function

Heads are responsible for analysing the results

and setting improvement actions.

S1-2\_03

The stage(s) at which engagement occurs,

thetype of engagement and frequency of the

engagement are detailed in the table below:

Type of engagement Stages Frequency

Sustainable engagement

and values index surveys

Evaluating the

effectiveness

Annually

CEO management calls Determining

theapproach

Quarterly

Leadership conferences Evaluating the

effectiveness

Annually

Employee communication

channels such as intranet

and internal social media

Evaluating the

effectiveness

Regularly

Individual development

plans

Determining

theapproach

Bi-annually

Internal communication

campaigns

Evaluating the

effectiveness

Regularly

Community and active

lifestyle projects

Evaluating the

effectiveness

Regularly

Volunteerism Evaluating the

effectiveness

Regularly

Employee Works Council Evaluating the

effectiveness

Regularly

Whistleblower hotline

(‘SpeakUp!’ line)

Evaluating the

effectiveness

Regularly

Focused and continuous

conversations

Evaluating the

effectiveness

Regularly

Employee Assistance

Programme

Evaluating the

effectiveness

Regularly

Regular employee

surveys to understand

and act on needs and

wellbeing

Evaluating the

effectiveness

Annually

Ongoing dialogue

withemployee

representative bodies

Evaluating the

effectiveness

Regularly

1.  As senior management, we consider our top 300 business leaders, which includes country function heads, Group sub-function heads and the ELT, including the CEO.

Coca-Cola HBC Integrated Annual Report 2024135

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

S1-2\_05

Global Framework Agreement and

engagementwith workers’ representatives

We regularly discuss with our local workers’

representatives and in European Work Council

(EWC). These discussions are guided by our

commitment to respect humanrights as

outlinedin our Global Framework Agreement.

Thisagreement ensures that we engage with

workers’ representatives on matters related

tohuman rights, allowing us to gain valuable

insights into the perspectives of our workforce.

The agreement facilitates open dialogue and

collaboration, ensuring that the views and

concerns of our employees are heard and

addressed in our decision-making processes.

Once per year, we hold our Culture and Engagement

or Pulse survey to understand the perspectives of

our employees on human rights and other topics

and turn their insights into concrete action plans

that are shared and discussed in our business

units, our functions, and as well with our ELT.

S1-2\_06

Assessing the effectiveness of engagement

We assess the effectiveness of our engagement

with our own workforce through various methods,

including employee engagement surveys. We

have a continued high employee engagement

score and in 2024 it was 88%, 2 percentage points

higher than 2023. This high engagement score

indicates that our employees feel heard and

valued, and it reflects the effectiveness of our

engagement processes. Additionally, we review

the outcomes of our engagements, such as the

implementation of one-off bonuses to alleviate

the higher cost of living and monitor the feedback

from our workforce to ensure that our actions are

meeting their needs and expectations.

S1-2\_07

Steps it takes to gain insight into the

perspectives of people in Coca-Cola HBC’s

own workforce who may be particularly

vulnerable to impacts and/or marginalised.

For people in Coca-Cola HBC’s own workforce

who maybeparticularly vulnerable to impacts

and/ormarginalised (for example, women,

migrants, people with disabilities), the same steps

are taken: e.g., grievance mechanism, surveys

(please check S1-1\_03 to 07 & S1.MDR-P\_04 ,

S1-3\_01, 02, 05, 06, 07, 08, 09 & S1-1\_21).

S1-3 – Processes to remediate

negativeimpacts and channels for

ownworkers to raise concerns

S1-3\_01, 02, 05, 06, 07, 08, 09 & S1-1\_21

Channels to raise concerns and general

approach and processes for providing or

contributing to remedy

Workplace Accountability Audits are conducted

through an internationally recognised and accredited

auditing organisation. The audits cover our own

processes and employees, our non-employees and

also contractors and others who are value chain

workers, such as staff of third-party service providers

(e.g., for security or canteens) working at our

territories in manufacturing plants and warehouses

and in third-party logistics. Identified risks and

mitigation plans are reviewed regularly by senior

management. Workplace accountability audits cover:

•  Laws and regulations

•  Human trafficking

•  Abuse of labour

•  Wages and benefits

•  Equal pay commitment

•  Working hours and overtime

•  Business integrity

•  Work environment

•  Health and safety

•  Demonstration of compliance

We have established grievance mechanisms.

Grievance mechanisms cover a wide range of

social, economic and environmental issues

including impacts on society and communities,

human rights, child and forced labour, wages and

hours, health, safety and wellbeing, preventing

harassment and discrimination, environmental

impact, as well as multiple others. We have the

following Group policies in place to remediate

negative impact on people in our own workforce:

1. Code of Business Conduct

2. Human Rights Policy

3.  Inclusion and Diversity and

Anti-Harassment Policy

4. Occupational Health and Safety Policy

5. Fleet Safety Policy

6. Whistleblowing Policy

These policies set accountable officers as well as

implementation of remediation plans. They clarify

how grievances should be reported and escalated.

The effectiveness of our grievance mechanisms is

reviewed by the Internal Audit department, which

evaluates whether mitigation has been effective

and whether grievances have been addressed.

We also operate an independent whistleblower

‘SpeakUp!’ line, which can be used by our internal

and external stakeholders to report negative

impacts and non-compliances (violations). The

‘SpeakUp!’ line is managed by a third party and is

available to all employees. It can be accessed at

any time via phone or internet, and it is available

in26 languages. Specifically, the Audit and Risk

Committee reviews the results of the internal

audit reports during each meeting, focusing

onthe key observations of any reports where

processes and controls require improvement.

TheAudit and Risk Committee is provided with

updates on the remediation status of management

actions of internal audit findings and on the

internal audit quality assurance and improvement

programme at each meeting.

All communications received through the

‘SpeakUp!’ line are kept confidential and, where

requested, anonymous. The Head of Corporate

Audit liaises regularly with the General Counsel

and communicates all significant allegations to

the Chair of the Audit and Risk Committee. All

matters received via the ‘SpeakUp!’ line or any

other reporting mechanism are thoroughly

investigated. The Audit and Risk Committee

receives summary reports of escalated incidents

and instances of whistleblowing together with the

status of investigations and, where appropriate,

management actions to remedy issues identified.

The Committee reports to the Board on such

matters, which reviews and considers those

reports at least bi-annually as appropriate.

In addition to the ‘SpeakUp!’ line, European Works

Councils are organised with the participation of

elected employee representatives from our

businesses in EU countries, where various

concerns and matters are raised by them.

Charlotte Boyle, our designated non-Executive

Director, has the mandate for engagement

withour people. Employee engagement survey

annual results are shared with and reviewed by the

Nomination Committee and the Board. The CEO

held engagement sessions with employees during

the year, including Q&As. The results and actions

of the employee engagement surveys are addressed

by each Function Head and local senior managers

with their respective teams.

Tracking and monitoring issues raised

andensuring effectiveness of channels

Allegations received related to issues not covered

under the Code of Business Conduct are routed

tothe appropriate department for appropriate

handling. All allegations involving potential Code

ofBusiness Conduct violations are investigated

inaccordance with the Group Code of Business

Conduct Handling Guidelines. Importantly, we

make sure that the learnings from both the Code

of Business Conduct violations and allegations

reported through the whistleblower hotline are

drawn and result in relevant decision-making and

Coca-Cola HBC Integrated Annual Report 2024136

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

procedural changes, for example, the re-evaluation

of our procedures in connection with incidents

and the review, adjustment or update of related

policies. We also undertake measures to improve

our systems and use them to prevent as many of

these violations as possible from happening,

learning from our experience and that of others.

We assess the effectiveness of our ‘SpeakUp!’

linethrough feedback surveys conducted with our

employees as well as regular testing of key controls

conducted by our Internal Controls Department.

During the communication campaign on the

‘SpeakUp!’ line, we also ran a survey in 2024.

To ensure the effectiveness of the ‘SpeakUp!’

line,we involve stakeholders who are intended

users by:

1.  Legitimacy and Accountability: Ensuring

appropriate accountability for the fair conduct

ofthe line and building stakeholder trust.

2.  Accessibility: Making the line known and

accessible to stakeholders.

3. Clear Procedures: Establishing clear and known

procedures with indicative timeframes.

4. Access to Information: Ensuring reasonable

access for stakeholders to sources of

information, advice and expertise.

5.  Transparency: Providing sufficient information

both to complainants and, whereapplicable, to

meet any public interest.

6.  Human Rights Compliance: Ensuring

thatoutcomes achieved accord with

internationally recognised human rights.

7.  Continuous  Learning: Identifying insights

fromthe line that support continuous learning

in both improving the line and preventing

futureimpacts.

8. Dialogue: Focusing on dialogue with

complainants as the means to reach

agreedsolutions, rather than seeking

tounilaterally determine the outcome.

Assessing awareness and trust in structures

orprocesses as way to raise concerns

To ensure that our own workforce is aware of and

trusts our processes to raise concerns and the

‘SpeakUp!’ line, we conduct regular communication

campaigns, surveys and feedback sessions with

our employees. These surveys assess the levels of

awareness, accessibility and trust in the ‘SpeakUp!’

line. We gather relevant and reliable data about the

effectiveness of this line from the perspective of

the people concerned.

Protection against retaliation

We have in place a Whistleblowing Policy,

thepurpose of which is to:

•   encourage the reporting of any form of

inappropriate behaviour;

•   provide guidance on how to raise concerns; and

•   confirm that confidentiality will be maintained

and that genuine concerns reported honestly

can be raised without fear of retaliation, even if

they turn out to be mistaken.

In addition, in accordance with the ‘SpeakUp!’

linesetup, all submitted reports are strictly

confidential and visible to the Corporate Audit

office only. The Company runs annual Ethics and

Compliance awareness campaigns highlighting

confidentiality of ‘SpeakUp!’ line reports, as well

asthe ‘no retaliation’ principle.

S1-4 Taking action on material impacts

on own workforce, and approaches to

mitigating material risks and pursuing

material opportunities related to

ownworkforce, and effectiveness

ofthose actions

S1.MDR-A\_01, 02, 04, 05 & S1-4\_01, 02, 03

A summarised description of the action plans and

resources to manage our material impacts related

to own workforce in relation to material sustainability

matters we have identified, is presented below:

Human rights, social protection

andsocialsecurity

Key actions taken

In 2024, we refreshed our Human Rights Policy,

strengthening commitment behind equal pay and

behind vulnerable individuals and communities.

In 2024, we refreshed our Human Rights Training

(mandatory for all employees) to further strengthen

awareness and knowledge about this vitally

important area. Additionally, in 2024, we reinforced

our commitment to employee wellbeing by

hosting dedicated sessions in local languages

across our regions, highlighting the support

available through our EAP, which is available

tomore than 26,600 employees. Since these

sessions, we increased EAP utilisation to 1.37%

(1.01% in 2023) and improved engagement with

the EAP app. Our Wellbeing Hub features a wealth

of resources, including our mental health policy,

stress management booklets for managers

andemployees, and other wellbeing-focused

materials. This commitment earned us high

commendation in the European Wellbeing

Excellence category of the TELUS Health 2024

Wellbeing Awards.

Please see also S1. SBM-3\_01-04, 06, 11

according to ESRS S1 par. 14c (brief description of

activities that result in positive impacts with

regards to accessibility to a living wage, access to

education, gender equality)

Expected outcomes

Expected outcomes include increased awareness

and understanding of human rights among

employees, improved compliance with human

rights standards, and enhanced protection for

vulnerable groups.

How their implementation contributes to the

achievement of policy objectives and targets

The implementation of actions and the expected

outcomes further contribute to our zerotolerance

for discrimination and harassment, as this is

defined in our respective policy, ensuring a safe

and fair working environment for all employees,

which is confirmed by the fact of zero incidents

ofdiscrimination.

Scope of the key actions

The actions described above apply to all our

activities, the entities that we own, the entitiesin

which we hold a majority interest, andthe facilities

that we manage, in accordance with the Human

Rights Policy.

Gender equality

Key actions taken

Championing women in leadership:

During 2024, we continued to proudly uphold

ourcommitment to Diversity and Inclusion

byincreasing the share of female leaders.

Weareclosely monitoring our progress across

recruitment, talent development and retention,

and embedding inclusive leadership in our

Leadership Development programmes.

Wehaveimproved our gender balance at all

levels,with 43.5% of management positions

nowheld by women, a 1.7 percentage point

increase since last year.

As we strive to build a gender-balanced organisation,

we have a number of activities in place focused

specifically on women. For example, we held

several Women Network sessions in Austria,

Ireland and Northern Ireland, Egypt and Nigeria,

and virtual talks with our women in the DTPS

andFinance functions to increase visibility and

knowledge sharing. During the last year, 69 of

ourfemale leaders participated in our Women

inLeadership programme, which aims to build

engaged and capable female leaders, support

their transition into new roles and change cultural

factors that may hold them back. Since the start

of the programme in 2022, 56% of participants

who completed ‘Women in Leadership 1’ and 50%

of participants who completed ‘Women in

Leadership 2’ have already been promoted. We

held several female community talks, with one

ofthe highlights being our COO, Naya Kalogeraki,

and our CPCO, Ebru Ozgen, joining our female

leaders in a panel discussion. In Nigeria, we developed

a specific female development programme, with

the focus on developing women in their self-belief

and self-confidence.

Coca-Cola HBC Integrated Annual Report 2024137

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Expected outcomes

We were proud to receive nine diversity-related

awards. In Greece, we received the Gold award for

Accelerating Female Professionals. In Austria, our

four awards include the Seal of Quality of In-house

Advancement of Women. Further highlights

included the following:

•  Increased visibility and recognition of female

leaders within the organisation and the industry.

•   Enhanced Company reputation as a champion

of gender diversity.

•   Strengthened partnerships within the fast-

moving consumer goods (FMCG) and retail

industry, resulting in collaborative initiatives

that promote diversity and inclusion.

•   Development of a pipeline of qualified female

candidates for managerial positions.

•   Enhanced the organisation’s influence in

promoting gender diversity at the managerial

level,contributing to a broader cultural

shiftincorporate governance.

Further highlights included the following:

•   Ten women senior managers joined WeQual,

an initiative that brings together global

organisations to drive gender equality. Our CEO

continues to be a judge at the WeQual awards

for female leaders.

•   Participating in the LEAD conference, as a

TCCC partner – the largest Diversity and

Inclusion event for the European FMCG and

retail industry.

•   Support The Boardroom in Greece to develop

women for Board positions.

How their implementation contributes to the

achievement of policy objectives and targets

•  The implementation of our Women in Leadership

programmes increases the representation of

women in senior roles by providing targeted

leadership development, directly addressing

gender imbalances. Our Women Leader

Stories Video Series inspires and motivates

other women by sharing success stories,

enhancing the visibility of female role models and

supporting career growth. Regionally targeted

campaigns empower women in various roles

and industries, breaking down stereotypes and

promoting gender equality. Participation in the

WeQual initiative and the LEAD conference

highlights our commitment to gender equality,

supports the development of female talent,

and promotes collaboration and knowledge

sharing. Additionally, supporting The Boardroom

in Greece enhances governance and decision-

making by increasing the representation of

women at the highest levels of leadership.

Scope of the key actions

The actions described above apply to all our

organisation activities.

•   Women in Leadership programmes:

Targetedat female leaders within the

organisation, focusing on professional

development and leadership skills.

•   Women Leader Stories Video Series:

Aimedat a broad audience to inspire and

shareexperiences related to work-life balance,

career growth and leadership.

•   Regional  campaigns:  Regionally targeted

initiatives to empower women, addressing

specific cultural and industry-related challenges.

•   WeQual  Initiative: Participation of senior

women managers and CEO involvement

todrive gender equality.

•   LEAD conference participation: Engagement

with industry leaders and partners to promote

Diversity and Inclusion.

•   Support for The Boardroom in Greece: Focus

on developing women for board positions,

enhancing governance and decision-making.

Progress of actions or action plans

disclosedinprior periods

Regarding Mission 2025 commitment ‘50% of

manager positions to be held by women by 2025’,

wemonitor our progress using as a KPI the rate of

manager positions held by women. By the end of 2024,

43.5% of management positions are now held by

women, a 1.7 percentage point increase since last year.

Please see

S1.MDR-T\_01, 02, 03, 04, 05, 06, 07, 08, 09,

11, 12, 13

Training and development

Key actions taken

As a learning organisation, we actively reinforce

continuous learning and upskilling, while giving

people opportunities for personal growth. By

making learning accessible to all, we delivered over

640,000 hours of learning in 2024, of which 25%

was in personal skills, 25% was compliance related

and 50% was in functional skills. Most of our

employees learned ‘online’, with 67% of the learning

activity self-paced and self-initiated. In its fifth

consecutive year, our virtual LearnFest drew

inover 8,000 attendees across 100 sessions

running throughout the month of November.

By ensuring our employees also learn from each

other, we provide access to coaching and mentoring

through technology-enabled solutions. After a

successful campaign to inspire and encourage

internal coaching, in 2024 we incorporated it into

other learning and talent initiatives and continued

to grow our pool of internal coaches.

Please see Access to education on p.131

Expected outcomes

With the education programmes we expect to

enhance employee skills, improve leadership

capabilities and increase overall business

knowledge. By investing in our employees’

development, we aim to foster a culture

ofcontinuous learning and professional

growth,ultimately leading to higher employee

satisfactionand retention and thus to better

Company performance and reputational gains.

How their implementation contributes to the

achievement of policy objectives and targets

The implementation of actions and the expected

outcomes contribute to our objective for

continuous education and awareness, promoting

understanding and respect for human rights

throughout the organisation.

Scope of the key actions

Please see Access to education on p.131

Progress of actions or action plans

disclosedinprior periods

Building on the success of our previous learning

initiatives, we have expanded our programmes in

2024 to include even more participations and a

broader range of topics. This demonstrates our

ongoing commitment to employee development

and our dedication to continuously improving our

training offerings based on feedback and evolving

business needs.

Occupational Health and Safety

Key actions taken

We are monitoring other relevant OH&S indicators,

such as Near miss, Severe near miss, Medical

treatment cases, First aid, Behaviour Based Safety

(BBS) observations conducted, Safety barrier

removal rate, BBS observers trained, and Accidents

per million km driven (APMK).

•  OH&S programmes and initiatives

Our fleet safety training programmes aim to

improve safety for all drivers within the Group.

Theblend of classroom and on-the-road training

elements is adjusted for different groups, reflecting

their relative risk classification. To reduce the number

of road accidents, we have continued increasing

safety features installation in fleet vehicles.

In 2024, we also continued our Behaviour Based

Safety (BBS) programme with the inclusion of HOP

(Human and Operational Principles) philosophy

implemented across manufacturing and non-

manufacturing locations.

We continued quarterly LSR (Life Saving Rules)

assessments of all manufacturing and non-

manufacturing facilities. Based on these

assessments, each country has developed

specific corrective actions to address critical

gapsand achieve full compliance.

Coca-Cola HBC Integrated Annual Report 2024138

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Regular health and safety awareness training

courses are completed by all our employees. In

2024, we have developed a new health and safety

e-learning course, which is mandatory for all CCH

employees. Moreover, we deployed monthly

safety awareness days (awareness campaigns),

where we engage with employees across the

markets in different health and safety topics.

OH&S management system

We have implemented our occupational health

and safety (OH&S) management system based on

both national standards in the country where we

operate and based on TCCC KORE requirements,

which are either equal or in many cases stricter

than the local regulations/requirements.

For our actions related to health and safety please

see also S1. SBM-3\_01-04, 06, 11 according to

ESRS S1 par. 14c (brief description of activities

that result in positive impacts with regards to

improved health, safety and wellbeing).

Key actions taken to provide remedy and support

Unfortunately, in 2024 we had one employee’s

fatality reported (in Egypt) and one contractor’s

fatality reported, both coming from road accidents.

The proper root cause analysis has been

conducted for all, and corrective actions were

addressed via specific Toolbox talks developed,

and lessons learned were shared across all CCH

countries. Road safety remains our top priority so

the actions we took are: update of Fleet Safety

guidelines and communication to all relevant

people; continue with the regular routines to

reduce road incidents in the most critical business

units such as fleet safety trainings, communication

campaigns, lessons learned sessions.

Expected outcomes

The expected outcomes of our OH&S initiatives

include a reduction in fatalities and injuries among

employees and contractors, particularly through

improved road safety measures. By conducting

thorough root cause analyses and implementing

corrective actions, we aim to prevent future

incidents and ensure that lessons learned are

shared across all CCH countries. The focus on

updating the Fleet Safety guidelines and

establishing regular safety routines is anticipated

to decrease road incidents in critical business

units. Overall, these efforts are expected to foster

a safer working environment, enhance compliance

with safety regulations, and build a strong culture

of safety that improves employee wellbeing and

productivity.

Workplace-related accidents reduction

Through the actions described above, we aim to

provide and maintain a healthy and safe working

environment by eliminating hazards, reducing

health and safety risks and raising awareness

among our employees who may be affected by

business-related activities.

How their implementation contributes to the

achievement of policy objectives and targets

•   Fleet safety guideline compliance to address

reduction of road accidents (drivers’ trainings,

increase of safety features in the vehicles).

•   BBS programme driving safety observations

and conversations with employees, capturing

at-risk behaviour and addressing elimination

of barriers to safe behaviour, increasing health

andsafety culture and awareness.

•  LSR compliance and health and safety

management systems implementation

addressing workplace safety and elimination

hazards coming from work environment.

•   Safety awareness training and regular

campaigns to increase safety awareness,

understanding of hazards and eliminate

humanerrors.

Scope of the key actions

Ιn accordance with the Occupational Health and

Safety Policy, the actions described above apply

toCoca-Cola HBC’s:

•   production operations and business facilities

•   distribution and logistics

•   suppliers, service providers and contractors

working in our premises

•   other key business partners (including co-

parkers, joint ventures, etc.)

Progress of actions or action plans

disclosedinprior periods

Regarding Mission 2025 commitments ‘0 fatalities’

and ‘Reduce (lost time) accident rate by50% vs

2017’, we monitor our progress using as a KPI the

number of fatalities with our employees and lost

time accidents per 100 FTEs.

Please see

S1.MDR-T\_01, 02, 03, 04, 05, 06, 07, 08, 09,

11, 12, 13

Emergency preparedness

In Coca-Cola HBC, we have local emergency

preparedness procedures available and annually

tested in each site. Testing is primarily done for

fire safety at manufacturing locations. It is also

conducted for the emergency spill preparedness

throughout working shifts. This testing includes

assurance ofemployees’ safety, and people

evacuation, and is conducted in collaboration with

local medical and fire protection emergency

services. Based onsafety risk assessment for high

complexity manufacturing sites, we have trained

dedicated fire emergency response teams. The

Group Business Resilience team is leading

emergency preparedness assessment of all our

operating business units. This assessment

includes OH&S response in emergency situations.

S1.MDR-A\_03

Time horizons for key actions

Please see

E5.MDR-T\_12 & E5-3\_13 & E5.MDR-T\_01

S1-4\_04

Tracking and assessing the effectiveness

ofactions and initiatives

The Audit and Risk Committee reviews the

resultsof the internal audit reports during each

meeting, focusing on the key observations of

anyreports where processes and controls require

improvement. The Audit and Risk Committee is

also provided with updates on the remediation

status of management actions of internal

auditfindings and on the internal audit quality

assurance and improvement programme at

eachmeeting. Detailed information on a

numberof findings can be found in the

CorporateGovernance section of the IAR.

For health and safety incidents, we have a regular

(monthly) performance review at business unit

level, Group level and Function level. During those

meetings, not only results and targets are discussed,

but also actions and their status in order to improve

performance. We use a special dashboard where the

performance of each country and plant is monitored.

S1-4\_05

Processes to identify needed actions

inresponse to negative impacts

All health and safety-related incidents are

investigated locally by cross-functional teams

ofexperts from different departments. Steps

taken for the investigation are conducted as

perthe ‘Incident Investigation training material/

curriculum’ included in our Supply Chain Academy.

The investigation teams also use structured

Problem-solving methodology, including

Fishboneanalysis, and ‘The 5 Whys’ principles.

The analysis of incidents is performed in steps:

1. Interviews

2. Incident preservation procedure

3. Root cause analysis

4. Corrective/preventive action plan

All business units are regularly conducting risk and

hazard identification with respective corrective

actions defined. Risk hazard assessment is in line

with legal requirements and follows the internal

OH&S management system processes.

After the incident investigation, a one-page

lesson learned document is created and shared

locally with all respective teams. It serves as a tool

for learning and prevention of similar incidents in

the future. Selected one-pager lessons learned

are published on a special internal platform for

knowledge sharing, accessible for all.

Coca-Cola HBC Integrated Annual Report 2024139

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

S1-4\_08

Ensuring practices do not cause

orcontributeto negative impacts

Work-related health and safety risks analysis with

corrective actions is performed for each employee

position. Across all our operations, we have

implemented an effective OH&S management

programme integral to ongoing business activities.

In case of moving the business to a region, where

there are lower OH&S standards, we always

conduct risk assessment and gap analysis and

weare obliged to follow Group and TCCC OH&S

requirements (e.g., local safety regulation or KORE

requirements). So, the gap analysis is always being

conducted and then a Corrective Action Plan

(CAP) must be developed and followed.

Additionally, we ensure that human rights and

gender diversity considerations are included in

ourrisk assessments and corrective action plans.

This means that when moving operations, we

assess negative impacts on human rights and

gender diversity, and we take necessary actions

tomitigate these impacts. Our commitment to

respecting human rights and promoting gender

diversity remains steadfast, regardless of the

region in which we operate.

S1-4\_09

The resources allocated to managing our material

impacts include internal functions responsible

foraddressing these impacts, as well as various

actions taken to mitigate negative effects and

promote positive outcomes, as outlined below.

Internal functions involved:

•  People and Culture (P&C) Department:

Responsible for managing secure employment,

adequate wages, gender equality, equal pay

for work of equal value, training and skills

development, and diversity and inclusion.

•   Health and Safety (H&S) Department: Focuses

on ensuring the health, safety and wellbeing

of employees, including mandatory safety

training and implementing health and safety

management systems.

•   Ethics and Compliance Officers: Oversee

adherence to the Code of Business Conduct,

Human Rights Policy, and Inclusion and Diversity

and Anti-Harassment Policy.

•   Internal Audit Department: Evaluates the

effectiveness of grievance mechanisms and

monitors compliance with policies and procedures.

•   Corporate Audit Department (CAD): Receives

reports that are submitted through the

‘SpeakUp!’ line and ensures confidentiality

andprotection against retaliation.

Types of actions taken

Secure employment and adequate wages:

•   In every country, all employees earn at least

the minimum wage. People and Culture

function monitors wage levels to ensure they

are competitive relative to the industry and

local labour market. This includes the lowest

paid employee categories, such as junior line

operators and entry-level merchandisers.

We regard our external reporting segments

as key operational areas, which also form the

basis of financial consolidation. On average,

junior line operators and merchandisers earn

approximately 1.2 times the local minimum

wage in our Established markets, approximately

1.9 times in our Developing markets and

approximately 2.2 times the local minimum wage

in our Emerging markets. The range of ratios is

similar for both male and female employees.

Health and safety:

•   The H&S Department implements an

occupational health and safety management

system based on ISO 45001 standards.

•   Regular safety training for all employees,

including mandatory safety training before

starting work.

•   Implementation of fleet safety training

programs and collision avoidance technology

infleet vehicles.

•   Development and execution of all OH&S

programmes such as Life Saving Rules,

Behavioural Based Safety, etc.

Training and skills development:

•   Provision of learning and development

opportunities for all employees, including

leadership, functional training and general

business training.

•   Launch of various academies (e.g., Supply

Chain Academy, Sales Academy, Corporate

Affairs and Sustainability Academy) to support

professional development.

Diversity:

•   Promotion of a culture of respect and

inclusionthrough regular training and

awareness programmes.

•   Monitoring and reporting on progress

inDiversity and Inclusion initiatives.

Grievance mechanisms:

•   Operating the ‘SpeakUp!’ line for

employeestoreport concerns

confidentiallyand anonymously.

•   Providing regular reviews of the

effectivenessofgrievance mechanisms

bytheInternal Audit department.

•   Ensuring no retaliation against employees

whoreport concerns in good faith.

S1.MDR-A\_06, 07, 09, 10, 11, 12

S1.MDR-A\_06

The Group’s treasury strategy ensures the

availability of financial resources to support

sustainability-related actions across all key areas.

By leveraging a diversified range of financing

mechanisms, we can address both current and

future priorities effectively.

Our approach to workforce development and

policy implementation primarily relies on internal

resources and existing digital tools. This allows us

to effectively support continuous learning and the

advancement of key HR initiatives while promoting

efficiency and accessibility for our employees.

Similarly, our commitment to Health and Safety is

underpinned by significant investments to ensure

the effective implementation of associated

programmes and initiatives. In 2024, the Group

has allocated approximately €16 million in capital

expenditures and more than €3 million in operational

expenditures to support compliance with health

and safety standards, training and route-to-

market programmes. These investments reflect

our focus on safeguarding employees while

meeting regulatory requirements, implementing

preventative actions coming from lessons learned

and improving the working areas for our

employees across all operational sites. Looking

ahead, similar levels of spending are projected to

ensure continuity in our efforts to uphold health

and safety standards.

S1.MDR-A\_07

The Capex and Opex mentioned above are

reflected in our financial statements, specifically

inthe cash flow statement and the income

statement, confirming our commitment to

employee health and safety.

Our accounting system does not separately

classify sustainability-related investments or

costs, as both are reported in accordance with the

general financial reporting principles. For Capex,

however, we apply an internal process to identify

expenditures associated with health and safety

initiatives. This allows us to track and monitor

investments that support our commitment to

workplace well-being.

Coca-Cola HBC Integrated Annual Report 2024140

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Metrics & Targets

S1-5 Targets related to managing material

negative impacts, advancing positive impacts,

and managing material risks and opportunities.

S1.MDR-T\_01, 02, 03, 04, 05, 06, 07, 08,

09, 11, 12, 13

A summarised description of the targets to

manage our material impacts related to our

ownworkforce is presented below.

Occupational Health and Safety Policy

We have set two targets, in connection with our

OH&S Policy which aims to provide and maintain

ahealthy and safe working environment by

eliminating hazards, reducing health and safety

risks, and raising awareness among employees,

contractors, visitors and others who may be

affected by business-related activities.

We have annual rolling targets related to

Accidents per million kilometres driven, Near

Misses reported, Behavioural Based Safety

observations. Those rolling targets are set only

atlocal business unit level and the actuals are

reported and monitored at local and Group level

via a specialised reporting software.

Human Rights Policy (equal opportunities)

We have set a target, in connection with our

Human Rights Policy, which aims to advancing

equal opportunities and equal remuneration.

The year to which targets apply is 2025,

Ourtargets are intrinsic and they are not

compared to any baseline. 2017 is the year we

setthe targets. The only exception is the target

oflost time accidents rate which is not intrinsic

and the base year from which progress is

measured for the targets is 2017, with the baseline

value being 0%. Targets cover our employees.

Every sustainability commitment has its annual

roadmap for all the years until the target year is

reached, and we follow it for our business planning

purposes for each respective year.

Table 30: Annual targets for employee engagement (2024 target = Top Decile Norm).

Name of the target

Description of the

relationship between

target and policy Performance

Target Application period Scope of target

Level

Absolute/

Relative Unit Time – period

Milestones/

Interim targets Activities

Value chain

segment

Geographical

boundaries

MDR-T\_ 01 MD R-T\_13 M D R-T\_02 M D R-T\_ 03 MD R-T\_ 03 MDR-T\_ 07 MDR-T\_ 0 8 MDR-T\_ 0 4

Work-related

fatalities with

our employees

Occupational

Health and

SafetyPolicy  1  0  Absolute  #  2025   n/a

Own

operations

Own

operations  All Group

Reduce lost time

accident rate

(per 100 FTEs)

vs2017

Occupational

Health and

SafetyPolicy  20  50  Relative  %  2025  n/a

Own

operations

Own

operations  All Group

Manager

positions will be

held by women

Human Rights

Policy  43.5  50  Absolute  %  2025  n/a

Own

operations

Own

operations  All Group

S1.MDR-T\_11

Stakeholders have been involved

in target-setting

Please see

E1. MDR-T\_11

S1. MDR-T\_09

Contextual information

We believe that related to OH&S targets, only zero

is acceptable as a target which is in line with the

best practices globally. In terms of employee

engagement annual target, we compare ourselves

with the global top decile norm. On gender

diversity target, 50% is the desired global level.

The 2025 sustainability commitments, comprising

17 goals established in 2018, are based on our

stakeholder materiality matrix and aligned with

theUnited Nations SDGs and their targets. These

commitments focus on six key areas within our

value chain: reducing emissions, water reduction

and stewardship, packaging, ingredient sourcing,

nutrition, and our people and communities.

Wereport actual numbers for each of the

commitments. No assumptions are used

fortargets related to the own employees.

Localbusiness unit/country data are

aggregatedat Group level.

S1. MDR-T\_12

Contextual information

We have not changed any of our commitments as

for us any sustainability target means to deliver, to

execute – an opposite of an aspirational target. For

our targets, we use actual data to report progress.

Our time horizons could be an annual goal aligned

with the Business Planning (BP) process, mid-term

targets aligned with our long-range plan (LRP) and

business objectives, or long-term targets such as

NetZeroby40 aligned with the external trends.

Please see E5.MDR-T\_12 & E5-3\_13 & E5.

MD R-T\_ 01.

No changes in reporting in 2024 vs prior year. We

have used as sources of data various local files,

templates from our NGO partners, specialised

software where monthly our business units

reportthe progress and actual data.

Coca-Cola HBC Integrated Annual Report 2024141

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

S1. MDR-T\_13

How targets are monitored and reviewed

We have specialised software for each of our ESG

goals/targets, and we report monthly the actual

performance and status (if we are on track, lagging

or partly on track) to the members of the ELT who

are accountable for the respective KPIs. The actuals

are easily available in our EDGE dashboards.

Quarterly, the performance is reported to the

Social Responsibility Committee of the Board

ofDirectors. At local business unit level, those

targets are also reviewed monthly.

For each of the targets, we have the same

process: setting annual targets for each year

bythe target year (so-called annual roadmaps),

monthly reporting of actuals, monthly performance

review and actions set by each owner, quarterly

report to the Social Responsibility Committee,

annual disclosure in the IAR and on the website.

S1-5\_01, 02, 03

S1-5\_01

Setting a target of zero fatalities and aiming for

zero occupational health and safety incidents

aligns with the expectations of both employees

and external stakeholders, as even a single incident

is one too many. Similarly, the goal of having 50%

women in leadership positions and striving to

achieve a top decile global norm in employee

engagement are fully aligned with our employees’

expectations. These targets reflect our commitment

to creating a safe and inclusive workplace.

S1-5\_02

Tracking CCHBC’s performance

We conduct regular performance reviews for

eachof the KPIs used, including the ones for

people. During those performance reviews,

different levels of the organisation are included.

Workers’ representatives are being involved in

DEIreviews in local discussions.

Group OH&S results are being communicated to

all CCH countries via regular Group meetings and

routines established with the business units; country

results are being communicated via country

meetings across the organisation (shift review

meetings, plant management and all employees’

meetings, etc.) and are also displayed in specific

communication boards across our plants.

S1-5\_03

Lessons learned or improvements

asaresultofCCHBC’s performance

We have introduced bi-monthly OH&S Lessons

learned meetings, where we present selected SIF

(Severe Injuries and Fatalities) and SIFp (events,

that have potential to become severe injury or

fatality – can be LTA or Severe Near Miss). Every

second month, we choose a few relevant SIF/SIFp

events and they are presented to all our countries.

Then each business unit should take proactive

action to avoid similar accidents from happening.

All documents are then uploaded on an internal

platform and shared again with all countries. Also,

we perform lessons learned from the major audit

findings where the respective country is required

to share their actions to improve.

We maintain strong collaboration with worker

representatives, both at the local level and

through the European Works Council (EWC),

whichholds two select committee meetings and

one plenary meeting each year. No issues have

been reported in these engagements in 2024.

S1-6 – Characteristics

ofCCHBC’semployees

S1-6\_01-06 & S1-1\_ 20

Records on recruitment, training and promotion:

We use specialised software integrated with our

business systems to keep up-to-date and detailed

records on recruitment, training and promotion.

Every employee is able to see their performance

review and data in the system. All new positions

are published transparently internally and externally.

Table 31: Total employee FTE by gender

Gender

2024

Number of employees (FTE)

Male 23,999

Female 9,019

Other 0

Not reported 0

Total employees 33,018

All data in the tables presents FTE (full-time

equivalent) calculation, and it is based on

International Financial Reporting Standards (IFRS).

We report full-year FTEs as the average number

ofactual active employees occupying a position

either on permanent or temporary contract within

the reported period, converted into full-time

equivalents. Yearly reporting cycle is applied

(1 Jan2024 – 31 Dec 2024).

Table 32: Total employee FTE in countries

whereCCHBC has at least 50 employees

representing at least 10% of its total number

ofemployees

Country

2024

Number of employees (FTE)

Armenia 344

Austria 868

Belarus 1,132

Bosnia and Herzegovina 286

Bulgaria 1,576

Croatia 498

Cyprus 256

Czech Republic 798

Egypt 5,466

Estonia 65

Country

2024

Number of employees (FTE)

Finland 19

Greece 2,116

Hungary 960

Italy 2,074

Kosovo 112

North Macedonia (only

corporate office

employees) 3

Latvia 88

Lithuania 116

Moldova 136

Montenegro 23

The Netherlands 59

Nigeria 2,874

Northern Ireland 535

Poland 1,701

Republic of Ireland 289

Romania 1,504

Russia 5,522

Serbia 1,546

Slovakia 148

Slovenia 82

Switzerland 687

Ukraine 1,135

Τot al

33,018

(33,068 based on

Headcount)

Coca-Cola HBC Integrated Annual Report 2024142

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

S1-6\_07

Table 33: Information on employees by contract type, broken down by gender (head count or FTE)

FTE Female Male Other Not disclosed Total

Reporting year 2024

Total number of employees  9,019 23,999 0 0 33,018

Number of permanent employees 8,383 21,226 0 0 29,609

Number of temporary employees 636 2,773 0 0 3,409

Number of non-guaranteed hours employees N/A N/A N/A N/A N/A

Number of full-time employees 8,920 23,974 0 0 32,894

Number of part-time employees 99 25 0 0 124

S1-6\_11-12

Turnover is being calculated as the sum of voluntary and involuntary permanent leavers in the total

reporting period, divided by the average number of permanent active employees over the total

reporting period, multiplied by 100.

Table 34: Number of employees who left the Group and turnover rate

Reporting year 2024

Number of employees who left the Group 3,340

Employee turnover rate 10.53%

Number of employees who left the Group voluntarily 2,374

Employee voluntary turnover rate 7.48%

Number of employees who left the Group involuntarily 966

Employee involuntary turnover rate 3.05%

S1-6\_13-15

All materially impacted FTEs are included in the disclosure.

All data presents FTE (full-time equivalent) calculation, and it is based on IFRS (International Financial

Reporting Standards).

Yearly reporting cycle is applied (1 Jan 2024 – 31 Dec 2024).

S1-6\_16

The percentage of seasonal employees vs Total Group FTE: 1%, i.e., not significant variation

(mostlyduring the high season which is the summer season).

Region 1 includes the following countries: Austria, Czech Republic, Slovakia, Hungary, Republic

ofIreland, Northern Ireland, Poland, Estonia, Lithuania, Latvia, Switzerland. Region 2 includes the

followingcountries: Bosnia and Herzegovina, Slovenia, Croatia, Bulgaria, Greece, Cyprus, North

Macedonia, Romania, Serbia (including the Republic of Kosovo), Montenegro, Ukraine, Moldova,

Armenia. Region 3 includes the following countries: Russia, Nigeria, Egypt, Belarus.

S1-6\_17

Employee-related costs are included in the Group’s consolidated income statement and are split

between cost of goods sold and operating expenses. For more information, please refer to Note 8,

page 268 ofthe ‘Financial Statements’.

S1-7 – Characteristics of non-employee workers in CCHBC’s own workforce

S1-7\_01-03 According to ESRS S1-7 par. 55 (a) – PH (1)

Table 35: Number of non-employees in CCHBC’s own workforce (FTEs)

Number of non-employees in CCHBC’s own workforce  2024

Number of people with contracts with CCHBC’s to supply labour

(self-employed people) 19

Number of people provided by CCHBC’s primarily engaged in ‘employment activities’

(NACEcode N78) 5,822

S1-7\_06-08

Here we apply the same method as to our regular employees and that is reporting FTEs for the full year

as an average at the end of the reporting period.

S1-7\_09

There is no significant fluctuation (less than 1%) between 2023 reporting period and 2024

reportingperiod.

Coca-Cola HBC Integrated Annual Report 2024143

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

S1-10 – Adequate wages

S1-10\_01

Please see

S1. SBM-3\_01-04, 06, 11 (Access to a living

wagepart).

S1-11 – Social protection

S1-11\_01-05

In all Established, Developing and Emerging

markets, basic benefits may be provided to

bothfull-time and temporary employees, in

particular inrelation to labour rights and safety.

Stock ownership plans, where these are offered,

do not apply to temporary employees due to the

vesting periods (one year or more).

Benefit packages are provided according to

in-country guidelines and are available per

country. We do not disclose this information for a

single statement currently due to confidentiality.

S1-13 – Training and skills

developmentmetrics

S1-13\_01-04 & S1-1\_22

Programmes to promote access

toskillsdevelopment

We provide learning and development

opportunities for all our employees reflecting

akey pillar of our people strategy which is

democratised learning. In 2024, our learning

programmes covering leadership, functional

training, general business training and compliance

included 552,479 participations, across all

management layers.

S1-9 – Diversity metrics

S1-9\_01-02

Table 36: Gender distribution in number and percentage at senior management level (our top

300/top 40 business leaders, including country function heads, Group sub-function heads and

the ELT, including the CEO)

Gender distribution in number and percentage at top management level

2024

(Headcount)

2024

(%)

Female 149 41%

Male 210 59%

S1-9\_03-05

Table 37: Distribution of employees by age group

Distribution of employees by age group

2024

(%)

< 30 years old 16.4%

30 to 50 years old 67.0%

> 50 years old 16.6%

Our commitment to people development is

supported by our constantly evolving Talent

Review framework, which enables us to identify

successors for senior leadership roles.

We continued to optimise development tools,

such as STAY and career conversations, and

individual development plan guides. Talent

Builders was launched as a programme to support

all new people leaders on an end-to-end journey

dedicated to the essentials of recruiting,

developing and retaining people. We have

alsofocused on our critical growth capabilities,

introducing ‘x-ray’ reviews to proactively identify

where we need to invest in external hires or

internal capability development, which are

vitalforsustainable business performance

andgrowth.

We offer a suite of academies that support

professional development of key sales roles.

Alongside new Premium Spirits and Coffee

Academies, we launched a Digital Commerce

Academy and relaunched our Sales Academy for

Key Accounts. We also launched MYcroLearnings

across all our markets as five-minute bitesize

online sessions offered every two weeks to our

entire sales force to reinforce foundational and

critical elements of sales capabilities.

When it comes to investing in our supply chain

talent, we launched the Supply Chain Academy

toapproximately 95% of all supply chain

personnel across manufacturing, logistics,

quality, planning and procurement.

In 2023, we launched our Corporate Affairs and

Sustainability Academy, partnering with credible

European academia. The programme is long

term, continuing in 2024 and 2025.

Table 38: Percentage of employees who

participated in regular performance and career

development review by gender and average

number of training hours per employee

bygender.

Reporting year

Females Males

2024

Percentage of employees

that participated in regular

performance and career

development review 76.8% 50.5%

Average number of

training hours per FTE 19.9 20.2

S1-14 – Health and safety metrics

S1-14\_01 & S1-1\_18

Our Mission is to provide a safe place of work

forallour employees, contractors, visitors and

individuals under our supervision, with a target of

zero accidents across all our operations and sites.

For this reason, the following policy is applicable

toCoca-Cola HBC employees, contractors,

visitors and individuals across all our operations

and sites (i.e.,100% of CCH people working in

ourpremises are covered, including contractors

working in our premises). We deliver our OH&S

policy programme through a structured

implementation of the occupational health

andsafety management system ISO 45001.

Adjustments for disabilities: in every office

and manufacturing plant we have facilities

adjusted forpeople with disabilities, such as

ramps, lifts andtoilets.

We have established several Healthy working

environment initiatives focusing on ergonomic

workplace, illumination, noise, indoor air quality

and humidity. For each of these, specific design

requirements are described in our Engineering

Specifications, and regular trainings are offered

tothe employees (e.g., via specific Toolbox Talks).

Coca-Cola HBC Integrated Annual Report 2024144

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAMnBeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArA8a6bd6t4SvrGxi825l8vYm4LnEik8kgdAa36KUldWNKNV0qkakd00/uPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uiuf6rDuz3f9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4nofgLxNZ+INNurjTdkMN1FJI3nxnChwScBs9BXtlFFa06apqyPMx2YVcbJSqJK3b/h2U54JHmZlXIPvUf2ab+5+orQorQ4TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RVi1jePfvGM4xzViigBsgLRsB1IIqj9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigBGZUUszBVAySTgAVjy+K9FhkKG9DEddiMw/MDFcj4s12W+v5LOF2W1hOwgHG9geSfbPT6Zrmq0UO5wVcY1K0Een/wDCYaJ/z9t/36f/AAo/4TDRP+ftv+/T/wCFeYUVXs0ZfXanZHp//CYaJ/z9t/36f/Cj/hMNE/5+2/79P/hXmFFHs0H12p2R6f8A8Jhon/P23/fp/wDCj/hMNE/5+2/79P8A4V5hRR7NB9dqdken/wDCYaJ/z9t/36f/AAo/4TDRP+ftv+/T/wCFeYUUezQfXanZHp//AAmGif8AP23/AH6f/Cj/AITDRP8An7b/AL9P/hXmFFHs0H12p2R6f/wmGif8/bf9+n/wqSHxXos0gRb5VJ/voyj8yMV5ZRR7NB9dqdke1ghlDKQQeQR3pa868Ja9LZ30djPIzW0xCICc7GPTHsf/AK9ei1lJWZ30aqqxugooopGoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRTXdY42dyFVQSSewoAbNPFbRNLPIkca9Wc4ArIbxdoisV+2Zx6ROR/KuC1zWp9ZvXdmYW6n91ETwo9cetZdaqn3POqY13tBaHp//AAmGif8AP23/AH6f/Cj/AITDRP8An7b/AL9P/hXmFFP2aI+u1OyPT/8AhMNE/wCftv8Av0/+FH/CYaJ/z9t/36f/AArzCij2aD67U7I9P/4TDRP+ftv+/T/4Uf8ACYaJ/wA/bf8Afp/8K8woo9mg+u1OyPT/APhMNE/5+2/79P8A4Uf8Jhon/P23/fp/8K8woo9mg+u1OyPT/wDhMNE/5+2/79P/AIUf8Jhon/P23/fp/wDCvMKKPZoPrtTsj0//AITDRP8An7b/AL9P/hWhY6xp+pZFpdJIwGSvIbH0PNeQU+KWSGRZInZHU5VlOCDS9mhxx076o9porF8M6ydY0wNIf9IhISX39D+P+NbVZtWPRhJSipIKKKKRQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRWV4g1caPpbTgZmc7Ih23EdT7ChK5MpKKuyzfarY6aoN5cpFnkKeSfwHNZ3/CYaJ/z9t/36f/CvNJ55bmZpp5GkkY5ZmOSajrVU0edLHTv7qPT/APhMNE/5+2/79P8A4Uf8Jhon/P23/fp/8K8wop+zQvrtTsj0/wD4TDRP+ftv+/T/AOFH/CYaJ/z9t/36f/CvMKKPZoPrtTsj0/8A4TDRP+ftv+/T/wCFH/CYaJ/z9t/36f8AwrzCij2aD67U7I9P/wCEw0T/AJ+2/wC/T/4Uf8Jhon/P23/fp/8ACvMKKPZoPrtTsj0//hMNE/5+2/79P/hR/wAJhon/AD9t/wB+n/wrzCij2aD67U7I9P8A+Ew0T/n7b/v0/wDhR/wmGif8/bf9+n/wrzCij2aD67U7I9P/AOEw0T/n7b/v0/8AhR/wmGif8/bf9+n/AMK8woo9mg+u1OyPT/8AhMNE/wCftv8Av0/+FH/CYaJ/z9t/36f/AArzCij2aD67U7I9P/4TDRP+ftv+/T/4Uf8ACYaJ/wA/bf8Afp/8K8woo9mg+u1OyPT/APhMNE/5+2/79P8A4Uf8Jhon/P23/fp/8K8woo9mg+u1OyPT/wDhMNE/5+2/79P/AIVbste0vUZPLtrtGkPRGBUn6A4z+FeS0oJUggkEcgil7NDWNnfVI9rormPB+uPqNs9ncuXuYRkO3V09/cdPxFdPWbVnY9CnNTipIKKKKRYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB4tKrpM6yZ3hiGz696ZXZeLPDU32p9RsYi8b/NLGo5Vu5A7g1xtdCd0eHVpunKzCiiimZhRRRQAUUUUAFFFFABRRRQAUUUUAS2qu13Csf3zIoXjvnivZ64bwn4amW5TUb6Ioqcwxt1J/vEdsdq7msZu7PUwdNxi2+oUUUVB2BRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFUNbDNoV+F6/Z3/APQTV+ggEEEZB6igUldWPE6K6DxH4bn0u5kngiZrFjlWHOz2P+Nc/XQnc8KcHB8sgooopkhRRRQAUUUUAFFFFABRRRQAUUVYsrG51C4EFrE0kh7DoB6k9hQNJt2R1nw/Debft/BtQH6813FZmhaQmjaaluMNK3zSuO7f4DpWnWEndns0IOFNRYUUUVJsFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVxnxAVzBYOP8AVhnB+pAx/I12dUNY0yLV9OktZOCfmR/7rdjTi7O5lWg503FHkVFWr/TbvTLgw3cRRux7MPUHvVWug8Vpp2YUUUUCCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiipLe3mup1hgjaSRjgKoyTQG50PgYMdfYjOBA2fpkV6PWF4Y0I6NZM0wH2qbl8HO0dlrdrCTuz2cNTcKaTCiiipNwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqpNpen3Dl5rG2kc9WaJST+OKt0UCaT3KH9h6V/0DbX/v0v+FH9h6V/0DbX/v0v+FX6Kd2Lkj2KH9h6V/0DbX/v0v8AhR/Yelf9A21/79L/AIVfoouw5I9ih/Yelf8AQNtf+/S/4Uf2HpX/AEDbX/v0v+FX6KLsOSPYof2HpX/QNtf+/S/4Uf2HpX/QNtf+/S/4Vfoouw5I9ih/Yelf9A21/wC/S/4Uf2HpX/QNtf8Av0v+FX6KLsOSPYof2HpX/QNtf+/S/wCFSQ6ZYWzh4LK2jcdGSJQfzxVuii7DkiugUUUUigooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooACMjB6VSfR9MkYs+n2rMeSTCuT+lXaKBNJ7lD+w9K/6Btr/wB+l/wo/sPSv+gba/8Afpf8Kv0U7sXJHsUP7D0r/oG2v/fpf8KP7D0r/oG2v/fpf8Kv0UXYckexQ/sPSv8AoG2v/fpf8KP7D0r/AKBtr/36X/Cr9FF2HJHsUP7D0r/oG2v/AH6X/Cj+w9K/6Btr/wB+l/wq/RRdhyR7FD+w9K/6Btr/AN+l/wAKP7D0r/oG2v8A36X/AAq/RRdhyR7FD+xNK/6Btp/35X/CrcFvDbR7IIY4k/uxqFH6VJRSuNRS2QUUUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigBk0MVxGY5okkQ9VdQQfwNUzomlE/8g20/wC/K/4VfoouJxT3RQ/sPSv+gba/9+l/wo/sPSv+gba/9+l/wq/RTuxckexQ/sPSv+gba/8Afpf8KP7D0r/oG2v/AH6X/Cr9FF2HJHsUP7D0r/oG2v8A36X/AAo/sPSv+gba/wDfpf8ACr9FF2HJHsUP7D0r/oG2v/fpf8KP7D0r/oG2v/fpf8Kv0UXYckexQ/sPSv8AoG2v/fpf8KP7D0r/AKBtr/36X/Cr9FF2HJHsUP7D0r/oG2v/AH6X/Cj+w9K/6Btr/wB+l/wq/RRdhyR7FD+w9K/6Btr/AN+l/wAKP7D0r/oG2v8A36X/AAq/RRdhyR7FD+w9K/6Btr/36X/Cj+w9K/6Btr/36X/Cr9FF2HJHsUP7D0r/AKBtr/36X/Cj+w9K/wCgba/9+l/wq/RRdhyR7FD+w9K/6Btr/wB+l/wo/sPSv+gba/8Afpf8Kv0UXYckexQ/sPSv+gba/wDfpf8ACrNvaW1oCLe3ihB6iNAufyqailcFGK2QUUUUFBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFZPiS/k07QrieI7ZThEPoScZ/LNC1JlJRTkzP1rxjb6dK1taILidThyThEPp7n/OawD471Un/VWg/4A3/xVcxRW6gkeTPFVJO6djp/+E61X/nla/8AfDf/ABVH/Cdar/zytf8Avhv/AIquYoo5UT9Yq/zHT/8ACdar/wA8rX/vhv8A4qj/AITrVf8Anla/98N/8VXMUUcqD6xV/mOn/wCE61X/AJ5Wv/fDf/FUf8J1qv8Azytf++G/+KrmKKOVB9Yq/wAx0/8AwnWq/wDPK1/74b/4qj/hOtV/55Wv/fDf/FVzFFHKg+sVf5jp/wDhOtV/55Wv/fDf/FUf8J1qv/PK1/74b/4quYoo5UH1ir/MdP8A8J1qv/PK1/74b/4qj/hOtV/55Wv/AHw3/wAVXMUUcqD6xV/mOn/4TrVf+eVr/wB8N/8AFUf8J1qv/PK1/wC+G/8Aiq5iijlQfWKv8x0//Cdar/zytf8Avhv/AIqj/hOtV/55Wv8A3w3/AMVXMUUcqD6xV/mOn/4TrVf+eVr/AN8N/wDFUf8ACdar/wA8rX/vhv8A4quYoo5UH1ir/MdP/wAJ1qv/ADytf++G/wDiqP8AhOtV/wCeVr/3w3/xVcxRRyoPrFX+Y6f/AITrVf8Anla/98N/8VR/wnWq/wDPK1/74b/4quYoo5UH1ir/ADHT/wDCdar/AM8rX/vhv/iqP+E61X/nla/98N/8VXMUUcqD6xV/mOn/AOE61X/nla/98N/8VR/wnWq/88rX/vhv/iq5iijlQfWKv8x0/wDwnWq/88rX/vhv/iqP+E61X/nla/8AfDf/ABVcxRRyoPrFX+Y6f/hOtV/55Wv/AHw3/wAVR/wnWq/88rX/AL4b/wCKrmKKOVB9Yq/zHT/8J1qv/PK1/wC+G/8AiqP+E61X/nla/wDfDf8AxVcxRRyoPrFX+Y6f/hOtV/55Wv8A3w3/AMVR/wAJ1qv/ADytf++G/wDiq5iijlQfWKv8x0//AAnWq/8APK1/74b/AOKo/wCE61X/AJ5Wv/fDf/FVzFFHKg+sVf5jp/8AhOtV/wCeVr/3w3/xVH/Cdar/AM8rX/vhv/iq5iijlQfWKv8AMdP/AMJ1qv8Azytf++G/+Ko/4TrVf+eVr/3w3/xVcxRRyoPrFX+Y6f8A4TrVf+eVr/3w3/xVH/Cdar/zytf++G/+KrmKKOVB9Yq/zHUL471QMC0NqR3Gxh/7NXT6H4otdYYQsvkXXaMnIb6H+leYU+GaS3mSaJykiMGVh2IpOCZdPFVIvV3R7TRVbT7r7bp1tckAGWNXIHYkc1ZrE9ZO6ugooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFY3iqze98P3CRKWkTEgA6nB5/TNbNFNOxM480XF9TxOiu61vwUJ5WuNMZUZjloXOF/4Ce30rnz4T1wH/AI8T/wB/E/xrZSTPHnh6kXaxi0Vs/wDCKa3/AM+Lf9/E/wAaP+EU1v8A58W/7+J/jTuifZVP5X9xjUVs/wDCKa3/AM+Lf9/E/wAaP+EU1v8A58W/7+J/jRdB7Kp/K/uMaitn/hFNb/58W/7+J/jR/wAIprf/AD4t/wB/E/xoug9lU/lf3GNRWz/wimt/8+Lf9/E/xo/4RTW/+fFv+/if40XQeyqfyv7jGorZ/wCEU1v/AJ8W/wC/if40f8Iprf8Az4t/38T/ABoug9lU/lf3GNRWz/wimt/8+Lf9/E/xo/4RTW/+fFv+/if40XQeyqfyv7jGorZ/4RTW/wDnxb/v4n+NH/CKa3/z4t/38T/Gi6D2VT+V/cY1FbP/AAimt/8APi3/AH8T/Gj/AIRTW/8Anxb/AL+J/jRdB7Kp/K/uMaitn/hFNb/58W/7+J/jR/wimt/8+Lf9/E/xoug9lU/lf3GNRWz/AMIprf8Az4t/38T/ABo/4RTW/wDnxb/v4n+NF0Hsqn8r+4xqK2f+EU1v/nxb/v4n+NH/AAimt/8APi3/AH8T/Gi6D2VT+V/cY1FbP/CKa3/z4t/38T/Gj/hFNb/58W/7+J/jRdB7Kp/K/uMaitn/AIRTW/8Anxb/AL+J/jR/wimt/wDPi3/fxP8AGi6D2VT+V/cY1FbP/CKa3/z4t/38T/Gj/hFNb/58W/7+J/jRdB7Kp/K/uMaitn/hFNb/AOfFv+/if40f8Iprf/Pi3/fxP8aLoPZVP5X9xjUVs/8ACKa3/wA+Lf8AfxP8aP8AhFNb/wCfFv8Av4n+NF0Hsqn8r+4xqK2f+EU1v/nxb/v4n+NH/CKa3/z4t/38T/Gi6D2VT+V/cY1FbP8Awimt/wDPi3/fxP8AGj/hFNb/AOfFv+/if40XQeyqfyv7jGorZ/4RTW/+fFv+/if40f8ACKa3/wA+Lf8AfxP8aLoPZVP5X9xjUVs/8Iprf/Pi3/fxP8aP+EU1v/nxb/v4n+NF0Hsqn8r+4xqK2f8AhFNb/wCfFv8Av4n+NH/CKa3/AM+Lf9/E/wAaLoPZVP5X9xjUqKzuqIpZmOAB1JraTwjrbsB9i2j1aRMD9a6rQPCMemypd3biW5XlVX7ie/uaTkkXTw9SbtaxuaXbNZ6Va2z/AH44lVvrjmrdFFYHsJWVgooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNWLHwn4b0y8jvLDw/pVpdR52TQWUcbrkEHDAZGQSPxrYooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqsWNt4kjvI2v9V0qe1Gd8cGmSRO3BxhjOwHOP4T6cdaANiiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKK5zVfGNhp8phgU3Uo67Gwo9t3+FZX/CwX/6Bq/8Af7/7GqUWzCWJpRdmzuKK4f8A4WC//QNX/v8Af/Y0f8LBf/oGr/3+/wDsaORi+tUu53FFcP8A8LBf/oGr/wB/v/saP+Fgv/0DV/7/AH/2NHIw+tUu53FFcP8A8LBf/oGr/wB/v/saP+Fgv/0DV/7/AH/2NHIw+tUu53FFcP8A8LBf/oGr/wB/v/saP+Fgv/0DV/7/AH/2NHIw+tUu53FFcP8A8LBf/oGr/wB/v/saP+Fgv/0DV/7/AH/2NHIw+tUu53FFc1pfjSxvpRFcIbSRuhZsof8AgXGPxFdLSaa3NYVIzV4sKKKKRYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXPeMNUk07SRHC22W4JTd3C45I9+g/GuhrkPH1sz2VpcgErE7K2O24D/AOJ/WqjuY4htUm0cFRRRW54oUUUUAFFFFABRRRQAUUUUAFFFFABXo3gvVJL7TXtpjuktSFDHuh6flgj8q85rufAFu6xXtwRhGKop9SMk/wAxUT2OnCNqqkjs6KKKxPXCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKiuraK8tpLedd0Ui7WFS0UA1c811XwfqFjIzWqNdQdQUHzD2K/4VknSdSBwdPu/wDvy3+FewUVaqM4pYKDd07Hj/8AZOpf9A+6/wC/Lf4Uf2TqX/QPuv8Avy3+FewUU/aC+ox7nj/9k6l/0D7r/vy3+FH9k6l/0D7r/vy3+FewUUe0D6jHueP/ANk6l/0D7r/vy3+FH9k6l/0D7r/vy3+FewUUe0D6jHueP/2TqX/QPuv+/Lf4Uf2TqX/QPuv+/Lf4V7BRR7QPqMe54/8A2TqX/QPuv+/Lf4Uf2TqR/wCYfd/9+W/wr2Cij2gfUY9zzPS/COpX0qmeJrWD+JpBhvwXrn616LZWcNhZxWsC7Y4xge/ufep6KmUmzopUI0ttwoooqTYKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqnqWk6brNutvqmn2l9Arh1juoVlUNgjIDAjOCRn3NXKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+JqxY+E/DemXkd5YeH9KtLqPOyaCyjjdcgg4YDIyCR+NbFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNWLHxLYaheR2sNvqqSPnBn0m6hQYBPLvGFHTueenWtiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJo/wCEE8H/APQqaH/4Lof/AImgDoKK5/8A4QTwf/0Kmh/+C6H/AOJqxY+E/DemXkd5YeH9KtLqPOyaCyjjdcgg4YDIyCR+NAGxRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFY/iTTtZ1PTo4dD17+xbpZQ7XH2NLncmCCm1zgZJBz7e9AGxRXn/APwiXxD/AOin/wDlAt/8aP8AhEviH/0U/wD8oFv/AI0AegUV5/8A8Il8Q/8Aop//AJQLf/Gj/hEviH/0U/8A8oFv/jQB6BRXn/8AwiXxD/6Kf/5QLf8Axo/4RL4h/wDRT/8AygW/+NAHoFFef/8ACJfEP/op/wD5QLf/ABo/4RL4h/8ART//ACgW/wDjQB6BRXn/APwiXxD/AOin/wDlAt/8aP8AhEviH/0U/wD8oFv/AI0AegUV5/8A8Il8Q/8Aop//AJQLf/Gj/hEviH/0U/8A8oFv/jQB6BRXn/8AwiXxD/6Kf/5QLf8Axo/4RL4h/wDRT/8AygW/+NAHoFFef/8ACJfEP/op/wD5QLf/ABo/4RL4h/8ART//ACgW/wDjQB6BRXn/APwiXxD/AOin/wDlAt/8aP8AhEviH/0U/wD8oFv/AI0AegUV5/8A8Il8Q/8Aop//AJQLf/Gj/hEviH/0U/8A8oFv/jQB6BRXn/8AwiXxD/6Kf/5QLf8Axo/4RL4h/wDRT/8AygW/+NAHoFFef/8ACJfEP/op/wD5QLf/ABo/4RL4h/8ART//ACgW/wDjQB6BRXn/APwiXxD/AOin/wDlAt/8aP8AhEviH/0U/wD8oFv/AI0AegUV5/8A8Il8Q/8Aop//AJQLf/Gj/hEviH/0U/8A8oFv/jQB6BRXn/8AwiXxD/6Kf/5QLf8Axo/4RL4h/wDRT/8AygW/+NAHoFFef/8ACJfEP/op/wD5QLf/ABo/4RL4h/8ART//ACgW/wDjQB6BRXn/APwiXxD/AOin/wDlAt/8aP8AhEviH/0U/wD8oFv/AI0AegUV5/8A8Il8Q/8Aop//AJQLf/Gj/hEviH/0U/8A8oFv/jQB6BRXn/8AwiXxD/6Kf/5QLf8Axo/4RL4h/wDRT/8AygW/+NAHoFFef/8ACJfEP/op/wD5QLf/ABo/4RL4h/8ART//ACgW/wDjQB6BRXn/APwiXxD/AOin/wDlAt/8aP8AhEviH/0U/wD8oFv/AI0AegUV5/8A8Il8Q/8Aop//AJQLf/Gj/hEviH/0U/8A8oFv/jQB6BRXn/8AwiXxD/6Kf/5QLf8AxrQ0Tw74ysdYgudW8d/2pYpu8yz/ALIhg8zKkD51ORgkHjrjHegDsKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5KqxY23iSO8ja/1XSp7UZ3xwaZJE7cHGGM7Ac4/hPpx1oA2KKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKRmCKWYgKBkk9AKWsLxhO8HhycISDIyoSPQnn9Bj8aaV2TOXLFy7HNa34yurmV4dPYwQKSPMH339/YfrWD/a2pf8AQQu/+/zf41TordJI8WdWc3dsuf2tqX/QQuv+/wA3+NH9ral/0ELr/v8AN/jVOiixPNLuXP7W1L/oIXX/AH+b/Gj+1tS/6CF1/wB/m/xqnRRYOaXcuf2tqX/QQuv+/wA3+NH9ral/0ELr/v8AN/jVOiiwc0u5c/tbUv8AoIXX/f5v8aP7W1L/AKCF1/3+b/GqdFFg5pdy5/a2pf8AQQuv+/zf40f2tqX/AEELr/v83+NU6KLBzS7lz+1tS/6CF1/3+b/Gj+1tS/6CF1/3+b/GqdFFg5pdy5/a2pf9BC6/7/N/jR/a2pf9BC6/7/N/jVOiiwc0u5q2fiPVbKUOt5LIM8pMxdT+f9K9E0TWYdasvOjXZIp2yR5ztP8AhXk1dH4JuHi8QLECds0bKw7cDP8AT9amcVa504avKM1FvRnpNFFFYnqhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWfrennVNIuLRSA7DKE/3gcj/AArQooFJKSszxWSN4pGjkUq6EqynqCO1Nr1TV/DdhrB8yRTFP/z1j4J+vrWEfh8MnGpkDtmD/wCyrZTR5U8HUT93U4iiu2/4V9/1FP8AyX/+yo/4V9/1FP8AyX/+yp88Sfqtbt+RxNFdt/wr7/qKf+S//wBlR/wr7/qKf+S//wBlRzxD6rW7fkcTRXbf8K+/6in/AJL/AP2VH/Cvv+op/wCS/wD9lRzxD6rW7fkcTRXbf8K+/wCop/5L/wD2VH/Cvv8AqKf+S/8A9lRzxD6rW7fkcTRXbf8ACvv+op/5L/8A2VH/AAr7/qKf+S//ANlRzxD6rW7fkcTRXbf8K+/6in/kv/8AZUf8K+/6in/kv/8AZUc8Q+q1u35HE0V23/Cvv+op/wCS/wD9lR/wr7/qKf8Akv8A/ZUc8Q+q1u35HE12XgbSpDO+pyDEYUxx5/iPc/QdP/1VfsvAtlBIr3VxJc4OdoXYp+vU/rXUxxpFGscaKiKMBVGABUSndWR0YfCyjLmmOooorM9AKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAorN1bXLLR483MmZCPliTlm/DsPc1zbfEE7js035e2Zuf/AEGmotmU69ODtJnbUVw//CwX/wCgav8A3+/+xo/4WC//AEDV/wC/3/2NPkZH1ql3O4orh/8AhYL/APQNX/v9/wDY0f8ACwX/AOgav/f7/wCxo5GH1ql3O4orh/8AhYL/APQNX/v9/wDY0f8ACwX/AOgav/f7/wCxo5GH1ql3O4orh/8AhYL/APQNX/v9/wDY0f8ACwX/AOgaP+/3/wBjRyMPrVLudxRXPaT4wsdSlEMqm1mP3Q7Aqx9AfX610NJprc2hOM1eLCiiikUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFRXVwtpaTXD52RIXOPQDNS1U1WB7nSbyCMZeSFlUepxxQhSuk7Hkt7eTX95LdTtmSRsn0HoB7CoKCMHB60V0ngttu7CiiigQUUUUAFFFFABRRRQAV6d4S1OTUtHAmbdNA3lk92GOCf5fhXmNegeA7d49LuJ2BCyy4XPcAdfzP6VE9jrwbaqWR1lFFFYnqhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBxviLwhJczyXunbS7nc8B4ye5B/oa5N9G1SNiraddZHpExH54r16irU2jkqYSE3daHj/wDZOpf9A+6/78t/hR/ZOpf9A+6/78t/hXsFFP2hH1GPc8f/ALJ1L/oH3X/flv8ACj+ydS/6B91/35b/AAr2Cij2gfUY9zx/+ydS/wCgfdf9+W/wo/snUv8AoH3X/flv8K9goo9oH1GPc8f/ALJ1L/oH3X/flv8ACgaTqROBp93/AN+W/wAK9goo9oH1GPc830nwdf3sivdq1rB1JYfOfYDt+NeiW9vFa28cEKBI41Cqo7CpKKlybOilRjSWgUUUVJsFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1WLHw1YafeR3UNxqryJnAn1a6mQ5BHKPIVPXuOOvWgDYooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqnqWpwaVbrPcR3bozhALW0luGzgnlY1YgcdcY6eoq5RQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzR/wAJlpf/AD665/4Ir3/4zXQUUAc//wAJlpf/AD665/4Ir3/4zR/wmWl/8+uuf+CK9/8AjNdBRQBz/wDwmWl/8+uuf+CK9/8AjNH/AAmWl/8APrrn/givf/jNdBRQBz//AAmWl/8APrrn/givf/jNH/CZaX/z665/4Ir3/wCM10FFAHP/APCZaX/z665/4Ir3/wCM0f8ACZaX/wA+uuf+CK9/+M10FFAHP/8ACZaX/wA+uuf+CK9/+M0f8Jlpf/Prrn/givf/AIzXQUUAc/8A8Jlpf/Prrn/givf/AIzXQUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRUdxAlzbywSGQJIhRjHI0bAEY4ZSCp9wQRQBJRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1H/CG6X/z9a5/4Pb3/AOPUAdBRXP8A/CG6X/z9a5/4Pb3/AOPUf8Ibpf8Az9a5/wCD29/+PUAdBRXP/wDCG6X/AM/Wuf8Ag9vf/j1aGmaNa6R5v2aW+k83G77Xfz3OMZxjzXbb17YzxnoKANCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooqO4t4bu3lt7mGOaCVCkkUihldSMEEHggjtQBJRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE0AdBRXP8A/CCeD/8AoVND/wDBdD/8TWhpmhaPonm/2TpVjYedjzPslukW/GcZ2gZxk9fU0AaFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFef/APF3/wDqRv8Aybo/4u//ANSN/wCTdAHoFFef/wDF3/8AqRv/ACbo/wCLv/8AUjf+TdAHoFFef/8AF3/+pG/8m6P+Lv8A/Ujf+TdAHoFFef8A/F3/APqRv/Juj/i7/wD1I3/k3QB6BRXn/wDxd/8A6kb/AMm6P+Lv/wDUjf8Ak3QB6BRXn/8Axd//AKkb/wAm6P8Ai7//AFI3/k3QB6BRXn//ABd//qRv/Juj/i7/AP1I3/k3QB6BRXn/APxd/wD6kb/ybo/4u/8A9SN/5N0AegUV5/8A8Xf/AOpG/wDJuj/i7/8A1I3/AJN0AegUV5//AMXf/wCpG/8AJuj/AIu//wBSN/5N0AegUV5//wAXf/6kb/ybo/4u/wD9SN/5N0AegUV5/wD8Xf8A+pG/8m6P+Lv/APUjf+TdAHoFFef/APF3/wDqRv8Aybo/4u//ANSN/wCTdAHoFFef/wDF3/8AqRv/ACbo/wCLv/8AUjf+TdAHoFFef/8AF3/+pG/8m6P+Lv8A/Ujf+TdAHoFFef8A/F3/APqRv/Juj/i7/wD1I3/k3QB6BRXn/wDxd/8A6kb/AMm6P+Lv/wDUjf8Ak3QB6BRXn/8Axd//AKkb/wAm6P8Ai7//AFI3/k3QB6BRXn//ABd//qRv/Juj/i7/AP1I3/k3QB6BRXn/APxd/wD6kb/ybo/4u/8A9SN/5N0AegUV5/8A8Xf/AOpG/wDJuj/i7/8A1I3/AJN0AegUV5//AMXf/wCpG/8AJuj/AIu//wBSN/5N0AegUV5//wAXf/6kb/ybrQ0T/hY/9sQf2/8A8Ip/Znzed9g+0ed907du/wCX723Oe2aAOwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACq9/fW2madc395J5draxNNM+0ttRQSxwMk4APSrFFAHn/wDwu34ef9DD/wCSVx/8bo/4Xb8PP+hh/wDJK4/+N16BRQB5/wD8Lt+Hn/Qw/wDklcf/ABuj/hdvw8/6GH/ySuP/AI3XoFFAHn//AAu34ef9DD/5JXH/AMbo/wCF2/Dz/oYf/JK4/wDjdegUUAef/wDC7fh5/wBDD/5JXH/xuj/hdvw8/wChh/8AJK4/+N16BRQB5/8A8Lt+Hn/Qw/8Aklcf/G6P+F2/Dz/oYf8AySuP/jdegUUAef8A/C7fh5/0MP8A5JXH/wAbo/4Xb8PP+hh/8krj/wCN16BRQB5//wALt+Hn/Qw/+SVx/wDG6P8Ahdvw8/6GH/ySuP8A43XoFFAHn/8Awu34ef8AQw/+SVx/8bo/4Xb8PP8AoYf/ACSuP/jdegUUAef/APC7fh5/0MP/AJJXH/xuj/hdvw8/6GH/AMkrj/43XoFFAHn/APwu34ef9DD/AOSVx/8AG6P+F2/Dz/oYf/JK4/8AjdegUUAef/8AC7fh5/0MP/klcf8Axuj/AIXb8PP+hh/8krj/AON16BRQB5//AMLt+Hn/AEMP/klcf/G6P+F2/Dz/AKGH/wAkrj/43XoFFAHn/wDwu34ef9DD/wCSVx/8bo/4Xb8PP+hh/wDJK4/+N16BRQB5/wD8Lt+Hn/Qw/wDklcf/ABuj/hdvw8/6GH/ySuP/AI3XoFFAHn//AAu34ef9DD/5JXH/AMbo/wCF2/Dz/oYf/JK4/wDjdegUUAef/wDC7fh5/wBDD/5JXH/xuj/hdvw8/wChh/8AJK4/+N16BRQB5/8A8Lt+Hn/Qw/8Aklcf/G6P+F2/Dz/oYf8AySuP/jdegUUAef8A/C7fh5/0MP8A5JXH/wAbo/4Xb8PP+hh/8krj/wCN16BRQB5//wALt+Hn/Qw/+SVx/wDG6P8Ahdvw8/6GH/ySuP8A43XoFFAHn/8Awu34ef8AQw/+SVx/8bo/4Xb8PP8AoYf/ACSuP/jdegUUAef/APC7fh5/0MP/AJJXH/xuj/hdvw8/6GH/AMkrj/43XoFFAHn/APwu34ef9DD/AOSVx/8AG6P+F2/Dz/oYf/JK4/8AjdegUUAef/8AC7fh5/0MP/klcf8Axuug8MeNvDvjH7V/YGofbPsuzzv3Mke3dnb99RnO1unpXQUUAFU9S0yDVbdYLiS7RFcODa3ctu2cEctGykjnpnHT0FXKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eroKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiqOpatZ6TB5l1KFz91ByzfQVzr+P7UMdljMV7FnAP9aai2ZTrQg7SZ2FFcd/wsCD/nwk/wC/g/wo/wCFgQf8+En/AH8H+FPkZP1ml3Oxorjv+FgQf8+En/fwf4Uf8LAg/wCfCT/v4P8ACjkYfWaXc7GiuO/4WBB/z4Sf9/B/hR/wsCD/AJ8JP+/g/wAKORh9ZpdzsaK47/hYEH/PhJ/38H+FH/CwIP8Anwk/7+D/AAo5GH1ml3Oxorjv+FgQf8+En/fwf4Uf8LAg/wCfCT/v4P8ACjkYfWaXc7GiuO/4WBB/z4Sf9/B/hVi08dafNIEnhmgycbzhlH1xz+lHKwWJpPqdTRTY5EmjWSN1dGGVZTkEU6pNwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACoridLW2lnkPyRIXb6AZqWqerQvcaPeQxjLvC4UepxQhSbSbR5TqN/NqV9Ldzn53PA7KOwFVaKK6TwW23dhRRRQIKKKKACiiigAooooAKKKKACiiigDrvBGrPFeHTZDmKXLR5/hYDJ/MD9K76vL/CMLy+JLYqDiMM7EdhtI/mRXqFYz3PVwcm6eoUUUVB1hRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAcP4j8IzPcSXumqHDnc8A4IPcr6/SuTksbuI4ktZ0Po0ZFeyUVam0cdTBxk7p2PGPs0//ADxk/wC+TR9mn/54yf8AfJr2ein7Qj6iv5jxj7NP/wA8ZP8Avk0fZp/+eMn/AHya9noo9oH1FfzHjH2af/njJ/3yaPs0/wDzxk/75Nez0Ue0D6iv5jxj7NP/AM8ZP++TR9mn/wCeMn/fJr2eij2gfUV/MeMfZp/+eMn/AHyaPs0//PGT/vk17PRR7QPqK/mPGPs0/wDzxk/75NWrTRdSvZFSGzmOf4mQqo+pPFeu0Ue0BYFdWY3h7QU0S1YMwkuJMGRwOB7D2rZooqG7nbGKiuVBRRRSKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqnqWrabo1utxqmoWljAzhFkupliUtgnALEDOATj2NXKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iq6CiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKjuLeG7t5be5hjmglQpJFIoZXUjBBB4II7UASUVz/8Awgng/wD6FTQ//BdD/wDE0f8ACCeD/wDoVND/APBdD/8AE0AdBRXP/wDCCeD/APoVND/8F0P/AMTR/wAIJ4P/AOhU0P8A8F0P/wATQB0FFc//AMIJ4P8A+hU0P/wXQ/8AxNH/AAgng/8A6FTQ/wDwXQ//ABNAHQUVz/8Awgng/wD6FTQ//BdD/wDE0f8ACCeD/wDoVND/APBdD/8AE0AdBRXP/wDCCeD/APoVND/8F0P/AMTR/wAIJ4P/AOhU0P8A8F0P/wATQB0FFc//AMIJ4P8A+hU0P/wXQ/8AxNH/AAgng/8A6FTQ/wDwXQ//ABNAHQUVz/8Awgng/wD6FTQ//BdD/wDE0f8ACCeD/wDoVND/APBdD/8AE0AdBRXP/wDCCeD/APoVND/8F0P/AMTR/wAIJ4P/AOhU0P8A8F0P/wATQB0FFc//AMIJ4P8A+hU0P/wXQ/8AxNH/AAgng/8A6FTQ/wDwXQ//ABNAHQUVz/8Awgng/wD6FTQ//BdD/wDE0f8ACCeD/wDoVND/APBdD/8AE0AdBRXP/wDCCeD/APoVND/8F0P/AMTR/wAIJ4P/AOhU0P8A8F0P/wATQB0FFc//AMIJ4P8A+hU0P/wXQ/8AxNH/AAgng/8A6FTQ/wDwXQ//ABNAHQUVz/8Awgng/wD6FTQ//BdD/wDE0f8ACCeD/wDoVND/APBdD/8AE0AdBRXP/wDCCeD/APoVND/8F0P/AMTR/wAIJ4P/AOhU0P8A8F0P/wATQB0FFc//AMIJ4P8A+hU0P/wXQ/8AxNH/AAgng/8A6FTQ/wDwXQ//ABNAHQUVz/8Awgng/wD6FTQ//BdD/wDE0f8ACCeD/wDoVND/APBdD/8AE0AdBRXP/wDCCeD/APoVND/8F0P/AMTR/wAIJ4P/AOhU0P8A8F0P/wATQB0FFc//AMIJ4P8A+hU0P/wXQ/8AxNH/AAgng/8A6FTQ/wDwXQ//ABNAHQUVz/8Awgng/wD6FTQ//BdD/wDE0f8ACCeD/wDoVND/APBdD/8AE0AdBRXP/wDCCeD/APoVND/8F0P/AMTR/wAIJ4P/AOhU0P8A8F0P/wATQB0FFc//AMIJ4P8A+hU0P/wXQ/8AxNH/AAgng/8A6FTQ/wDwXQ//ABNAHQUVz/8Awgng/wD6FTQ//BdD/wDE0f8ACCeD/wDoVND/APBdD/8AE0AdBRXP/wDCCeD/APoVND/8F0P/AMTWxY2FnplnHZ2FpBaWsedkMEYjRckk4UcDJJP40AWKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACq9/fW2l6dc6heSeVa2sTTTPtLbUUEk4GSeAelFFAHD/APC7fh5/0MP/AJJXH/xuj/hdvw8/6GH/AMkrj/43RRQAf8Lt+Hn/AEMP/klcf/G6P+F2/Dz/AKGH/wAkrj/43RRQAf8AC7fh5/0MP/klcf8Axuj/AIXb8PP+hh/8krj/AON0UUAH/C7fh5/0MP8A5JXH/wAbo/4Xb8PP+hh/8krj/wCN0UUAH/C7fh5/0MP/AJJXH/xuj/hdvw8/6GH/AMkrj/43RRQAf8Lt+Hn/AEMP/klcf/G6P+F2/Dz/AKGH/wAkrj/43RRQAf8AC7fh5/0MP/klcf8Axuj/AIXb8PP+hh/8krj/AON0UUAH/C7fh5/0MP8A5JXH/wAbo/4Xb8PP+hh/8krj/wCN0UUAH/C7fh5/0MP/AJJXH/xuj/hdvw8/6GH/AMkrj/43RRQAf8Lt+Hn/AEMP/klcf/G6P+F2/Dz/AKGH/wAkrj/43RRQAf8AC7fh5/0MP/klcf8Axuj/AIXb8PP+hh/8krj/AON0UUAH/C7fh5/0MP8A5JXH/wAbo/4Xb8PP+hh/8krj/wCN0UUAH/C7fh5/0MP/AJJXH/xuj/hdvw8/6GH/AMkrj/43RRQAf8Lt+Hn/AEMP/klcf/G6P+F2/Dz/AKGH/wAkrj/43RRQAf8AC7fh5/0MP/klcf8Axuj/AIXb8PP+hh/8krj/AON0UUAH/C7fh5/0MP8A5JXH/wAbo/4Xb8PP+hh/8krj/wCN0UUAH/C7fh5/0MP/AJJXH/xuj/hdvw8/6GH/AMkrj/43RRQAf8Lt+Hn/AEMP/klcf/G6P+F2/Dz/AKGH/wAkrj/43RRQAf8AC7fh5/0MP/klcf8Axuj/AIXb8PP+hh/8krj/AON0UUAH/C7fh5/0MP8A5JXH/wAbo/4Xb8PP+hh/8krj/wCN0UUAH/C7fh5/0MP/AJJXH/xuj/hdvw8/6GH/AMkrj/43RRQAf8Lt+Hn/AEMP/klcf/G6P+F2/Dz/AKGH/wAkrj/43RRQAf8AC7fh5/0MP/klcf8Axuuw0TW9O8R6PBq2k3H2ixn3eXLsZN21ip4YAjkEciiigDQooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD/2Q==)

Sustainability Statement continued

S1-14\_02-09

Table 39: Health and Safety KPIs

Type of own workforce Employees

Non-

employees

Reporting year 2024

Number of fatalities as

aresult of work-related

injuries and work-related

ill-health 1 0

Number of recordable

work-related accidents 100 0

Rate of recordable

work-related accidents 1.52 0

Number of cases of

recordable work-related

ill-health, subject to legal

restrictions on the

collection of data 0 0

Number of days lost

towork-related injuries

and fatalities from

work-related accidents,

work-related ill-health and

fatalities from ill- health. 2,009 0

S1-14\_10, 11

We implement an occupational health and safety

management system. 100% of our manufacturing

sites are certified in ISO 45001, and 100% of our

direct operations are covered by the internal

Health and Safety audit process, to assure full

compliance with the local health and safety

standards and our internal requirements.

All our business units are covered by the

internalhealth and safety management system,

including manufacturing plants, offices, sales

offices, our own distribution centres and

warehouses, the contractors working in

ourpremises or third-party contractors.

S1-16 – Compensation metrics (pay gap

and total compensation)

S1-16\_01

Table 40: Gender pay gap includes base salary,

short- and long-term cash incentives;

excludesbenefit in kind

Reporting year 2024

Gender pay gap (%) based on average -38.8%

Gender pay gap (%) based on median -38.6%

S1-16\_02, 03

Table 41: Annual total remuneration ratio

Reporting year 2024

Annual total remuneration ratio (%) 5700

Since CCHBC operates across diverse markets including emerging

ones, the calculation is based on total remuneration compared

against workforce based in Switzerland.

More information is available in the ‘Corporate

Governance’ section, ‘Directors’ remuneration

report’, ‘CEO pay ratio’, on page 245.

S1-17 – Incidents, complaints and severe

human rights impacts

S1-17\_01-02 According to ESRS S1-17 par. 103 (a)

Table 42: Total number of incidents of

discrimination, including harassment

reportedinthe reporting period

Reporting year 2024

Total number of incidents of

discrimination, including

harassment reported in the

reporting period

6

(20 reported, 6

confirmed and 14

unsubstantiated)

S1-17\_03-05, 07

Table 43: Number of complaints\* filed through

channels for employees to raise concerns

(including grievance mechanisms) and number

ofcomplaints filed to National Contact Points

forOECD Multinational Enterprises

Reporting year 2024

Number of complaints filed through

channels for employees to raise

concerns (including grievance

mechanisms) 580\*\*

Number of complaints filed to

National Contact Points for OECD

Multinational Enterprises 0

\*  Please note that in some countries in which CCH operates,

thereare different complaint processes and people may

needtoapproach other authorities to file a complaint,

sosomecomplaints may not be included above.

\*\*  580 is the total number of complaints (all issue types)

excludingthe20 reported as harassment/discrimination.

S1-17\_08-12 & S1-17\_14

In 2024, there were no findings of human rights

violations related to our employees, and no severe

human rights incidents occurred during the

reporting period. As a result, no remediation

actions or fines were required.

S1-17\_13- V

We received 20 cases of alleged discrimination:

sixofthe matters were investigated in accordance

with Company policies and procedures and were

found to be substantiated. The Company took

immediate action, and the matters have been

resolved; the other 14 of the matters were

investigated in accordance with Company

policiesand procedures and were found to be

unsubstantiated. The matters have been resolved,

and no further action is required. Initiatives to

promote an inclusive workplace with appropriate

leadership behaviours include inclusive leadership

modules available in several of our local languages.

Coca-Cola HBC Integrated Annual Report 2024145

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Strategy

SBM-3 Material impacts, risks and

opportunities and their interaction

withstrategy and business model

S2.SBM-3\_01, 02, 03, 05, 06

At CCHBC, all value chain workers who may be

materially impacted by our operations are included

inthe scope of disclosures under ESRS 2. This

encompasses addressing impacts linked to our

own operations and value chain, including those

arising from our products, services and business

relationships. We specifically report on key areas

such as secure employment, adequate wages,

health and safety, gender equality, equal pay for

work of equal value, and training and skills development.

Types of value chain workers

We consider value chain workers, workers working

on our sites, but who are not part of own workforce,

i.e., who are not self-employed workers or workers

provided by third-party undertakings primarily

engaged in employment activities. In essence:

•  They are outsourced to a separate company

that manages its own staff;

•   Coca-Cola HBC does not directly control the

workers; instead, it has a business relationship

with the service provider;

•   The responsibility for managing and

employingthe workers lies with the service

provider, even if the work is performed

atCCHBC’s premises;

•   The external service provide retains

responsibility for hiring, managing and

supervising, and CCHBC has a business

relationship with the service provider,

nottheindividual workers.

Examples include pickers and forklift drivers in our

warehouses, workers sorting our empty reusable

bottles at our plant facilities, cleaning services

workers and workers working at our wastewater

treatment facilities in the plants and drivers of

thedelivery trucks by our outsourced logistics.

We also consider value chain workers, a variety

ofworkers in the supply base that execute various

activities either in an office context or within the

agricultural sector and industrial sectors. Our

supply base focus is Tier 1 suppliers and aspire to

cover for the Tier 2 or below suppliers through the

Supplier’s commitment on SGPs or PSA in the

case of agricultural ingredients. In Coca-Cola HBC,

100% of vendors must acknowledge acceptance

of CCH SGPs before they can proceed to work

with us across sectors and sourcing categories

and are monitored on compliance through various

tools depending on complexity and criticality of

their operations. Specifically, the Strategic Group

Suppliers, we actively ask them to confirm ESG

compliance including social and human rights

attributes, for their critical supply base, i.e. T2 layer

or below for CCH. This equally includes white and

blue collar works across industries. Specifically for

agricultural suppliers, we aspire to cover 100% of

our supply base through PSA certifications provided

by third-party specialists, which are specifically

covering through audits, the practices of farmers

and their positioning towards workers of the land

such as SAI FSA, ISCC Plus, BONSUCRO, REDcert2,

Rainforest Alliance, FairTrade International, Global

GAP+GRASP, Global GAP+FSA Add-On, UNILEVER

SAC, etc.

Our negative effect

We have no widespread or systemic material

negative impacts on value chain workers in

contexts where we operate. Regardless of the

high occupational health and safety standards we

require by our contractors and service providers,

we still report lost time accidents which is the

reason to consider negative impact there. Any

occupational health and safety incidents are

individual. One value chain worker’s fatality

wasreported in 2024. The contractor lost-time

incidents frequency rate (LTIFR) in 2024 is

decreasing to 1.31 compared to 1.72 in 2023.

ESRS S2 – Workers

inthe value chain

Coca-Cola HBC Integrated Annual Report 2024146

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Brief description of the activities that

resultinthe positive impacts

In general

People who are considered as value chain workers,

such as staff of third-party service providers,

(e.g.,for security or canteens), who work at our

facilities are part of our OH&S, Food Safety,

including WASH (clean water and sanitation)

access, and Environmental programmes. In

addition, they are included in all our Workplace

Accountability audits, which are conducted

through an internationally recognised and

accredited auditing organisation. The audits

specifically cover third-party contracted labour

inour premises. Third-party logistics workers

(warehouse, transport and distribution) are also

mandated to follow our quality, health and safety

and environmental standards.

At CCHBC, we have a robust programme in

placeto annually review every year the risks

andperformance of all our suppliers against

ourSupplier Guiding Principles (SGPs), Principles

forSustainable Agriculture (PSA), Water Risk

Assessment, as well as other equally important

aspects with impact on our business, such as

supply risk and financial stability. Sustainability is

akey criterion in supplier selection under strategic

sourcing, as well as a criterion for the Annual

Supplier Review process that we conduct

cross-functionally for critical supply base.

To ensure that suppliers demonstrate ESG

requirements compliance, we rely in multiple

screening and assessment practices that offer us

a holistic view of their performance, leveraging

multiple tools depending on Supplier categorisation,

criticality and impact to our business. The Sustainable

Agriculture programme secures ESG monitoring

through PSA certification process of the Coca-

Cola System across all agricultural commodities.

For the remaining supply base, we have designed

arobust assessment journey leveraging ESG

physical audits, as well as a number of globally

recognised screening and assessment tools,

suchas EcoVadis IQ Plus, EcoVadis Assessments,

SEDEX, Supply Based Assessment executed by

specialist consultants for Group Critical suppliers,

WWF Water Risk Filter Assessment, Resilinc Event

Watch, Exiger and Moody’s Analytics.

One of our Mission 2025 commitments is to ensure

that 100% of our key agricultural ingredients (sugar,

high fructose starch syrup (HFSS) and Juices fruit

crops) are certified by third-party organisations that

specialise in agricultural practices providing trainings

and implementing audit to secure appropriate

implementation of our standards. Forfull compliance

with our PSA, we require our agricultural suppliers to be

assessed and certified inaccordance with third-party

standards, depending on the relevant ingredient.

For a comprehensive list of standards, please refer

at the text above ‘Types of value chain workers’.

Furthermore, ingredient and packaging suppliers

must meet GFSI recognised standards, and Tier 1

suppliers are prompted to comply with ISO 9001,

ISO 14001 and ISO 45000 as applicable depending

on their industry specifics, as well as impact and

criticality to our business.

Finally, we target over 95% of our procurement

addressable spending to be on local suppliers

inourcountries of operation (local sourcing). In

2024, we had 97.7% sourced locally representing

around €5.3 billion (excluding concentrate supplies)

of procurement addressable spend. Supply within

European Union we define as local toEU countries.

Through our socio-economic impact studies (SEIS),

we evaluate the direct, indirect and inducedimpact

we have from suppliers to ourtrade partners and

our contribution is significant, especially in

emerging markets. Thelatest SEIS shows that

every direct job in oursystem leads to 13 jobs in the

value chain, andin many of the countries where we

operate, our contribution to the beverage industry

is significant.

For the supplier workforce, we secure equal

access employment, adequate wages, health

andsafety, gender equality and equal pay for

workof equal value, training and skills development

through the application and compliance tracking

of the supplier SGPs and PSAs.

Workers in the value chain are supported with

training and capability building programmes

offered by supplier organisations and Coca-Cola

HBC to develop understanding of the sustainability

elements and positive impacts and are supported

to operate in a new innovative manner that secures

smooth transition to climate-neutral operations

without the loss of jobs. This is a journey of

transition that takes time, but we work with our

most significant suppliers to support and record

improvement. Gradually jobs are transformed to

support the new models and secured at a minimum,

while in many cases we detect the creation of new

positions and opportunities by supplier organisations

to support the climate transition.

Access to education

Since 2023, we have established annual trainings

delivered both to our buyers and our significant

suppliers on various topics, including ESG

requirements, actions to improve ESG scoring,

the importance of sustainability, the EcoVadis

Assessments, deforestation, modern slavery

andGHG emissions.

For strategic suppliers, we aim to recruit them all

under the EcoVadis Assessment Platform to track

ESG overall performance and, with the support

ofthe EcoVadis team, we promote the use of the

EcoVadis Academy to help vendors build better

knowledge of important ESG elements.

We place specific focus on developing GHG

performance tracking for our supply base,

startingwith a pilot programme for the

developmentof supplier-specific emission

factors(SSEFs) with our most sustainably

maturesuppliers that is now planned to be

expanded within 2025 to a much broader supply

base. For less mature suppliers, since 2022 we

have been working with Guidehouse on capacity

building programmes, offering training through

the Supplier Leadership on Climate Transition

(SLoCT) programme annually. This initiative helps

our less mature suppliers build a strong foundation

to start reducing GHG emissions.

In November 2023, we held our second Virtual

Supplier Sustainability Event, ‘Opening up a more

sustainable future together’, where we invited all

our Group critical suppliers to discuss emissions

reduction, biodiversity and deforestation. Over

400 participants from nearly 200 suppliers,

Coca-Cola System colleagues, and trade partners

attended our virtual Supplier Day conference.

Ourpartners, CDP and the World Economic

Forum, provided expert guidance, tools and

tipsfor suppliers on climate action. Additionally,

our suppliers Nordzucker, Ball Corporation and

Graphic Packaging International shared their

sustainability progress. In 2024, we expanded

upon this initiative, engaging with our key suppliers

on GHG performance. Through this engagement

we have begun developing emissions glidepaths

to enhance supplier emissions performance,

aiming to meet our scope 3 targets.

For more information about Annual stakeholder

forum please refer to SBM-2\_05, 06.

Read more

Contribution to employment

Please see

S1. SBM-3\_01-04, 06, 11 (Contribution to

Employment

Accessibility to a living wage

We expect our suppliers to compensate their

employees fairly and competitively within their

industry, fully complying with applicable local

andnational wage and hour laws. Additionally, we

encourage our suppliers to provide opportunities

for employees to develop their skills and capabilities,

and to adhere to the principle of equal remuneration

for men and women workers for work of equal value.

Coca-Cola HBC Integrated Annual Report 2024147

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

We aspire to secure correct practices towards

supplier workers through the SGPs and PSA

implementation. In Coca-Cola HBC, 100% of our

suppliers are obliged to acknowledge and agree to

the SGPs before obtaining the right to do business

with us, while we apply different monitoring

toolsto track compliance depending on supplier

category and impact to our business ranging

fromESG performance tracking by means of tools

such as EcoVadis IQ Plus all the way to full scale

assessments such as EcoVadis Assessment,

SEDEX and SGP physical audits. On agricultural

level, we leverage our third-party specialists to

conduct audits against the PSA principles, that

arecovering in an extensive manner all rules

andrequirements to secure farmer workers.

Provision of social protection and social security

Contractors who work on our premises are

included in our programmes and workplace

accountability audits, conducted within a

three-year audit cycle. During these audits, they

are assessed on human rights, and compliance

with local minimum wage laws is verified by an

external company. The workplace accountability

audits cover various areas, including laws and

regulations, wages and benefits, working hours

and overtime, business Integrity, work environment,

health and safety, environmental practices and

demonstration of compliance.

Occupational Health and Safety

In the context of our implementation of

Occupational Health and Safety Management

System (ISO 45001), we take actions which have

inscope value chain workers.

We implement health and safety programmes,

including Behavioural Based Safety and Life

SavingRules:

•  We enhanced our behaviour-based safety

programme by embedding more human and

operational principles across manufacturing

and non-manufacturing locations.

•  We ensured Life Saving Rules are in place and

incorporated in our cross-country verification

programme. We conducted quarterly

assessments of all manufacturing and non-

manufacturing facilities. Based on these

assessments, each country has developed its

own corrective actions to address critical gaps

and achieve full compliance.

Value chain workers in greater risk of harm

The service provided workers performing a job

atour premises are part of the same rigorous

hazardous analysis related to the occupational

health and safety, as our employees, e.g., confined

space work, work at height, electrical work, etc.

Based on those analysis and based on the external

occupational health and safety guidelines, we

know the jobs that potentially can lead to severe

OH&S incidents and thus we set up specific

measures to mitigate the potential risks and

avoidthe incident to happen.

Impact, risk and opportunity management

S2-1 Policies related to value chain workers

S2.MDR-P\_01-06 & S2-1\_06

The relevant policies adopted to manage material

sustainability matters include our Occupational

Health and Safety Policy and Principles for

Sustainable Agriculture (PSA), as well as our

Supplier Guiding Principles, which have been

adopted as part of ongoing effort to develop

andstrengthen our relationships with our direct

suppliers. These policies cover all types of value

chain workers mentioned in the previous section.

Occupational Health and Safety Policy

Please see

S1.MDR-P\_01-06 & S1-1\_01, 02, 09, 10, 11, 12, 13,

14, 16, 17, 21

Supplier Guiding Principles

Key contents of the policy

The ‘Supplier Guiding Principles’ includes

expectations regarding CCHBC’s suppliers to:

•  judge their employees and contractors based

upon their ability to do their jobs and not upon

their physical and/or personal characteristics

or beliefs, affirming the principle of no

discrimination based on race, colour, gender,

age, religion, political opinion, national origin

orsexual orientation;

•   provide a safe workplace with policies and

practices in place to minimise the risk of

accidents, injury and exposure to health risks;

•   compensate their employees fairly and

competitively relative to their industry, in full

compliance with applicable local and national

wage and hour laws, and to offer opportunities

for employees to develop their skills and

capabilities, and to follow the principle of equal

remuneration for men and women workers for

work of equal value.

Objective

Through this policy, we seek to develop

relationships with suppliers that share similar

values and conduct business in an ethical manner.

Process for monitoring

Regarding the process for monitoring this policy,

in Coca-Cola HBC 100% of our supplier are

obliged to acknowledge and agree to the SGPs

before obtaining the right to do business with us,

while we apply different monitoring tools to track

compliance depending on supplier category and

impact to our business. To this purpose we use

various tools, ranging from EcoVadis IQ Plus all the

way to full scale assessments such SGP physical

audits, SEDEX and EcoVadis Assessment. We

collaborate with TCCC, which routinely utilises

independent third parties to assess suppliers’

compliance with the Supplier Guiding Principles.

The assessments include confidential interviews

with employees and on-site contract workers.

Scope

As part of ongoing efforts to develop and

strengthen our relationships with suppliers, we

have adopted these Supplier Guiding Principles

foruse with our direct suppliers.

Most senior level accountable for the

implementation of the policy

Each sustainability policy is approved by the CEO

and the ELT and endorsed by the Social Responsibility

Committee of the Board. The Chief Supply Chain

Officer and Chief Procurement Officer are

accountable for the implementation of the policy.

Commitment to respect third-party standards

We commit through the implementation

ofSupplier Guiding Principles to respect

applicablelaws and standards with respect

totheiroperations (e.g., ILO Standards, etc.)

Consideration given to the interests of key

stakeholders in setting the policy

In developing the SGP, we have considered

international standards such as ISO 14001,

ISO45000, the ILO and the UN Principles.

Wehavealso considered the requirements of

investors and ESG raters such as S&P Global,

MSCIESG and CDP as well as the practices

ofpeercompanies who are part of UNESDA

andBIER(Beverage Industry Environmental

Roundtable). Additionally, we have incorporated

good practices recommended by NGOs such

asWWF, and input from our suppliers.

Policy available to potentially

affectedstakeholders

All policies are available on our website.

Atbusiness unit level, they are translated and,

additionally, suppliers are mandated to sign our

SGP, which is included as part of our contracts.

Coca-Cola HBC Integrated Annual Report 2024148

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Principles for Sustainable Agriculture

Key contents of the policy

The Principles for Sustainable Agriculture (PSA)

describe the Company’s principles for sustainable

agriculture based on environmental, social and

economic criteria. The Human and Workplace

Rights principles apply to all workers on the farm,

industrial processes associated or transport

services. All direct suppliers, intermediary

processors, producing farms and labour agencies

are expected to respect human rights and the

below principles in line with international human

rights principles and TCCC Supplier Guiding

Principles. This policy covers topics, such as ‘Work

Hours and Livelihoods’, ‘Eliminate Discrimination’

and ‘Health and Safety’, among others. For more

information, please visit the Principles for

Sustainable Agriculture (PSA).

Objective

Through ‘Principles for Sustainable Agriculture

(PSA)’ we aim at primary production – that is,

farm-level – and form the basis of our continued

engagement with suppliers to achieve productivity,

compliance, transparency, resiliency and continuous

improvement of their farm base against these

principles. On an agricultural level we leverage our

third-party specialists, such as SAI/FSA, VIVE,

Bonsucro, etc., to conduct audits against the PSA

principles, that are covering in an extensive

manner all rules and requirements to secure

farmer workers. The results are represented

tousby means of certifications obtained, that

otherwise would not be awarded to our suppliers

when discrepancies occur. We collect these

certifications on an annual basis.

Process for monitoring

We monitor compliance through EcoVadis

assessment and action plans, TCCC audit

processand sustainable certification schemes.

Scope

The PSA, as a set of global principles, applies to all

agricultural ingredients and plant-based packaging

used in TCCC products.

For our significant suppliers with substantial

potential environmental impact, we also prompt

and request that they embrace CDP for Climate,

Forest and Water for disclosure of more detailed

information and that they also build their own

SBTi/SBTN commitments. So far, we have

recruited 187 significant suppliers under CDP

ofwhich 119 have approved or committed to

theSBTi and continue to build on this further

byactively engaging, discussing and tracking

progress with the support of TCCC.

Most senior level accountable for the

implementation of the policy

Each sustainability policy is approved by the

CEOand endorsed by the Social Responsibility

Committee of the Board. The Chief Supply

ChainOfficer and Chief Procurement Officer are

accountable for the implementation of the policy.

Commitment to respect third-party standards

The Company has approved a limited set of global

third-party Sustainable Agriculture Standards as

aligned with the expectations outlined in the PSA,

among them is the ILO recommendations.

Consideration given to the interests of key

stakeholders in setting the policy

Having a secure, sustainable supply of agricultural

ingredients is imperative to meeting the expectations

of our consumers, customers and other stakeholders

– and to enabling the continued growth of our

Company. In this context, the PSA reflects the

most recent science and external stakeholder

perspectives, covers new product categories

andsimplifies language, where possible.

Policy available to potentially affected stakeholders

All policies are available on our website. At BU

level, they are translated and available at the

localwebsite.

S2-1\_01-04, 08, 09 & S2-4\_11

Human Rights Policy commitments

Commitments

Please see

S1.MDR-P\_01-06 & S1-1\_01, 02, 09-14, 16, 17, 21

Our ‘Supplier Guiding Principles’ apply to our

suppliers and are aligned with the expectations

andcommitments of the Human Rights Policy.

TheSupplier Guiding Principles are aligned with

internationally recognised instruments. If the

eightCore Conventions of the International Labour

Organisation establish higher standards than local

law, the supplier shall meet the ILO standards.

These minimum requirements are partof all

agreements between CCHBC and ourdirect

suppliers. For more information, pleasevisit Human

Rights Policy and Supplier Guiding Principles.

With regards to ‘Principles for Sustainable

Agriculture (PSA)’, human rights are based on

thesame guiding instruments too. We require

compliance with those principles.

Processes for monitoring compliance

withinternational instruments

Our Human Rights Policy is applicable to our

suppliers, partners, contractors and 3PL logistics

partners. Compliance is monitored through

certifications and Workplace Accountability

Audits. We monitor the performance of our

significant suppliers through our annual internal

supply base assessments, third-party audits of

compliance, the EcoVadis IQ Plus Tool and

EcoVadis Risk Assessment platform. EcoVadis

helps us monitor, assess and benchmark a range

of risks using 21 criteria from international

standard setters, including the UN Global

Compact, ISO 26000, the Global Reporting

Initiative (GRI), and the International Labour

Organisation (ILO). Based on the findings of

theaudits, wherever human rights issues were

identified, we engaged with our suppliers to

prepare corrective action plans. We monitor

theprogress and conduct audit within the year

tosecure no recurrence. In 2021, we revisited

ourProcurement Assessment guidelines to

implement stricter rules over Human Rights,

Ethics and Compliance practices expected from

our suppliers and re-trained our entire Buyers’

community to the Sustainability Risk Assessment

tools available for supplier selection and governance.

We expect our suppliers to develop and implement

appropriate internal business processes to ensure

compliance with the Supplier Guiding Principles.

Suppliers are 100% obliged to acknowledge

acceptance and adherence to the SGPs before

commencing any collaboration with Coca-Cola

HBC across all our business units. We track

adherence to SGPs by leveraging third-party tools

such as EcoVadis IQ Plus to full scale audit tools

like EcoVadis Assessments, SEDEX and collaborate

with TCCC, which routinely utilises independent

third parties to assess suppliers’ compliance with

the Supplier Guiding Principles by means of

physical audits, depending on the criticality

oftheir business to our operations. All these

activities are repeated by the Procurement

teamon annual basis. We apply the principle of

three-year audit cycle for compliant suppliers,

while for those suppliers with audit recommendations,

any findings are addressed within maximum

12 months. Our Procurement teams across

business units are trained on annual basis to

assess risks, recruit suppliers under appropriate

risk assessment mechanisms and ensure action

plans are in place as needed. We track supplier

performance and follow KBIs that indicate our

progress on annual basis.

Respect for the human rights, including

labourrights of workers

We are committed to identifying and preventing

any adverse human rights impacts in relation to

our business activities through human rights due

diligence and preventive compliance processes.

Moreover, regarding labour rights of our value

chain workers, we are committed to supporting

fair workplace practices, ensuring a fair work

environment, and providing fair wages and benefits.

Cases of non-respect to international instruments

There are minor findings identified under the UN

Guiding Principles on Business and Human Rights,

the ILO Declaration on Fundamental Principles

and Rights at Work or the OECD Guidelines for

Multinational Enterprises that involve value chain

workers have been reported in our upstream and

downstream value chain as follows.

Coca-Cola HBC Integrated Annual Report 2024149

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

For details you may also refer to sections 407.1,

408-1, 409-1, 414-1 and 414-2 of the 2024 GRI

report. Summary of findings for which we have

also mobilised correction actions plans.

Findings identified by third-party audit to

Supplier Guiding Principles

•  Health and safety: a) Nigeria: lack of personal

protective equipment (PPE) and safeguards on

machines and vehicles; inadequate number of

restrooms on premises; improper ventilation

andlighting, b) Czech Republic: missing elements

in risk assessments for welding operators; fire

equipment access blocked; chemical storage eye

washer not properly drained, c) France: lack of

dust measurements in production area; lack of fire

permit certificate and drills not duly conducted,

d) Germany: lack of fire safety; unproperly marked

emergency exits; inadequate number of first aid

supplies; improper labeling; lack or handrails or

protective guards; improper temperature, noise,

ventilation, e) Poland: blocked emergency exits;

improper storage and labeling; missing elements

of occupational risk assessment for electricians,

f) Serbia: fire alarm not fully operable; improper

emergency lines; missing inspection records, g)

Spain: missing inspection records; inadequate

lighting levels for emergency evacuations; blocked

evacuation exits; missing first aid kits; missing fire

safety certification, h) Switzerland: emergency

exits finding; lack of evacuation plans and machine

safeguards; lack of fire certifications; improper

storage and labeling, i) United Kingdom:

missingfire certification; gaps in occupational

riskassessments.

•  Wages and benefits: a) Nigeria: overtime

compensation violation; mandated maternity

leave not provided; missing pay slips, b) Germany:

not providing or not paying changing time for

workers; unintentional payroll calculation errors

in some cases.

•  Discrimination: a) Spain: difference in wages

between people performing same work;

preferential religious accommodations.

•  Laws and regulations: a) Spain: policies regarding

wages and benefits not properly communicated,

b) Nigeria: workers age documents not available;

labor contracts missing in some cases; some

terms not available in local language, c) Czech

Republic: working contracts only in local

language, including foreign workers, d) France:

missing GDPR clause in contracts; missing

grievance policy, e) Switzerland: missing

operating license for some buildings in the

samecampus.

•  Working hours and overtime: a) Switzerland:

insufficient break time, b) United Kingdom:

incorrect calculation of holiday pay by contractor;

logistics contractors employment contracts do

not respect overtime and working hours legal

standards, c) Nigeria: insufficient break time for

workers; rest-day violations, d) France: missing

calculation method for compliance on obligatory

breaks for on-call employees, e) Germany:

violation of working hours for night-shifts, youth

workers and women, f) Spain: some people don’t

not have a record of start-end time.

•  Forced labor: a) Nigeria: a supplier’ s workers

incurred a requirement to pay placement fee.

Findings identified by EcoVadis

Types of findings which include both freedom of

association and other social elements such as:

health & safety incidents, wages & benefits,

working hours and overtime, labor contracts,

missing actions regarding diversity, equity &

inclusion, lack of supporting documentation

against declared practices and polices etc.

All findings have been addressed, and an action

plan is already in place. Suppliers need to close

allactions before the next audit and no later

than12 months, otherwise their contracts

maybesuspended.

The number of human rights violations resulting

inlitigation against the Company was zero in 2024.

S2-2 Processes for engaging with value chain

workers about impacts

Through our ‘SpeakUp!’ line, available for both our

employees and externally to everyone, we are able

to see any comment or concern. The contacts of

our company are easily available on the website and

on the labels of our finished products. Through

regular meetings with suppliers, through interviews

by the external auditors they do with contractors

during the ISO and Workplace accountability audits,

and via the Work Councils we are also ableto take

into consideration the value chain workers’ view.

The engagement as described above is done with

the value chain workers directly during the ISO

andWorkplace Accountability audits’ interviews,

and in case of any signal on ‘SpeakUp!’ line, or

through credible proxies that have insight into

their situation such as NGOs or Work Councils.

We engage with our suppliers through the feedback

received from our Group Annual Stakeholder

Forum, as well as through the regular, ongoing

interaction with the Coca-Cola System’s central

procurement group and our technology and

commodity suppliers.

For contractor workers and health and safety,

wehave implemented standardised contractual

clauses including health and safety requirements.

All contractors working for CCH must have a

health and safety induction training, specific

forour premises. There are regular routines

established with all contractors at the local

business unit level, addressing not only OH&S

topics. We do also an annual vendor evaluation

where all contractors working at our premises

areassessed based on different criteria including

health and safety ones. After each external or

internal audit, we address any improvement

opportunity via an action discussed and agreed

with contractors. Each severe OH&S incident

orfatality is followed by a lesson learned session

with the respective contractor/service provider.

Most senior role that has operational

responsibility for ensuring that engagement

with value chain workers happens

For suppliers, the Chief Procurement Officer

hasthe most senior role with operational

responsibility for ensuring that engagement

withvalue chain workers happens. Under this

role,at the operational level, this includes all

Strategic Procurement Managers and the local

Procurement Managers in every business unit.

Forcontractors and 3PL Logistics contractors,

the Chief Supply Chain Officer has operational

responsibility for ensuring that this engagement

happens. Under this role, the responsibility lies

with the Head of Logistics, Head of QSE, Head

ofHealth and Safety, and at local business unit

level, with the country/business unit.

S2-2\_05

We respect workers’ rights (in the value chain)

toform, join or not join a labour union without

fearof reprisal, intimidation or harassment, where

they are represented by a legally recognised union,

establish a constructive dialogue with their freely

chosen representatives and bargain in good faith

with such representatives. We do not control this

engagement, and we do not interview someone

directly. In case suppliers do not follow this

approach, CCHBC can cancel the contract.

S2-2\_06

We assess indirectly the effectiveness of our

engagement with workers in the value chain,

inthree ways, through audit results, score

onquestions related to suppliers from ESG

ratersandthe number of grievances from

the‘SpeakUp!’line.

Coca-Cola HBC Integrated Annual Report 2024150

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAQGBeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArA8a6bd6t4SvrGxi825l8vYm4LnEik8kgdAa36KUldWNKNV0qkakd00/uPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uiuf6rDuz3f9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4nofgLxNZ+INNurjTdkMN1FJI3nxnChwScBs9BXtlFFa06apqyPMx2YVcbJSqJK3b/h2U54JHmZlXIPvUf2ab+5+orQorQ4TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RVi1jePfvGM4xzViigBsgLRsB1IIqj9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigBGZUUszBVAySTgAVjy+K9FhkKG9DEddiMw/MDFcj4s12W+v5LOF2W1hOwgHG9geSfbPT6Zrmq0UO5wVcY1K0Een/wDCYaJ/z9t/36f/AAo/4TDRP+ftv+/T/wCFeYUVXs0ZfXanZHp//CYaJ/z9t/36f/Cj/hMNE/5+2/79P/hXmFFHs0H12p2R6f8A8Jhon/P23/fp/wDCj/hMNE/5+2/79P8A4V5hRR7NB9dqdken/wDCYaJ/z9t/36f/AAq5Za9peoyeXbXaNIeiMCpP0BxmvJKUEqwIJBHII7UvZoaxs76pHtdFcz4P1yTUrZ7S5cvcwjIc9XX39x/hXTVm1Z2PQpzU4qSCiiikWFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHi0qukzrJneGIbPr3pldl4s8NTfan1GxiLxv8ANLGo5Vu5A7g1xtdCd0eHVpunKzCiiimZhRRRQAUUUUAFFFSW9vNdTrDBG0kjHAVRkmgNzovAwY6+5HQQNn6ZFejVheGNCOjWTNMB9qm5fBztHZa3awk7s9nDQcKaTCiiipNwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKqTaXp9w5eaxtpHPVmiUk/jirdFAmk9yh/Yelf9A21/79L/AIUf2HpX/QNtf+/S/wCFX6Kd2Lkj2KH9h6V/0DbX/v0v+FH9h6V/0DbX/v0v+FX6KLsOSPYof2HpX/QNtf8Av0v+FH9h6V/0DbX/AL9L/hV+ii7Dkj2KH9h6V/0DbX/v0v8AhVm3tLa0BFvbxQg9RGgXP5VNRSuCjFbIKKKKCgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKr3d7a2EXm3U6RJ0BY4z9PWss+MNDB/4/Cf+2T/4U7NkSqQjo2blFYX/AAmGif8AP23/AH6f/Cj/AITDRP8An7b/AL9P/hRysXtqf8yN2isL/hMNE/5+2/79P/hR/wAJhon/AD9t/wB+n/wo5WHtqf8AMjdorC/4TDRP+ftv+/T/AOFH/CYaJ/z9t/36f/CjlYe2p/zI3aKwv+Ew0T/n7b/v0/8AhR/wmGif8/bf9+n/AMKOVh7an/MjdorC/wCEw0T/AJ+2/wC/T/4Uf8Jhon/P23/fp/8ACjlYe2p/zI3aKwv+Ew0T/n7b/v0/+FH/AAmGif8AP23/AH6f/CjlYe2p/wAyN2isL/hMNE/5+2/79P8A4Uf8Jhon/P23/fp/8KOVh7an/MjdoqhY61p2pMVtLpJH67DlW/I81fpFqSkroKKKKBhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVbUL2PTrCa7l5SJc4Hc9APxOKs1z/AIzVj4blK9A6Fvpn/HFNK7IqScYNo891DULnU7t7i5kLMx4GeFHoB2FVaKK6Dw223dhRRRQIKKKKACiiigAooooAKKKKACiiigAooooAcjvG6vGzI6nIZTgg16Z4V1o6vpxWY5uYMLIf7wPQ/p+leY11/gBW+3XjDOwRAH0znj+tRNaHThJuNRJdTvaKKKxPXCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACobq2ivLWS2nXdHIu1hU1FANX0PJtY0O70ecrMhaAtiOYD5WH9D7VmV7WyK6lXUMp6gjINUTomlE/8AINtP+/K/4Voqnc8+eB191nkVFeu/2HpX/QNtf+/S/wCFH9h6V/0DbX/v0v8AhT9oifqMu55FRXrv9h6V/wBA21/79L/hR/Yelf8AQNtf+/S/4Ue0QfUZdzyKivXf7D0r/oG2v/fpf8KP7D0r/oG2v/fpf8KPaIPqMu55FRXrv9h6V/0DbX/v0v8AhR/Yelf9A21/79L/AIUe0QfUZdzyKivXf7D0r/oG2v8A36X/AAo/sPSv+gba/wDfpf8ACj2iD6jLueRUV67/AGHpX/QNtf8Av0v+FH9h6V/0DbX/AL9L/hR7RB9Rl3PIqK9d/sPSv+gba/8Afpf8KP7D0r/oG2n/AH5X/Cj2iD6jLueU2lncX9wsFrE0sh7L29z6CvT/AA/oy6NpwiOGnf5pWHc+g9hWjBbQWqbLeGOJP7saBR+lS1Mp3OmhhlSd3qwoooqDpCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKa7rHGzuQqqCST2FADZp4raJpZ5EjjXqznAFZDeLtEViv2zOPSJyP5VwWua1PrN67szC3U/uoieFHrj1rLrVU+551TGu9oLQ9P/wCEw0T/AJ+2/wC/T/4Uf8Jhon/P23/fp/8ACvMKKfs0R9dqdken/wDCYaJ/z9t/36f/AAo/4TDRP+ftv+/T/wCFeYUUezQfXanZHp//AAmGif8AP23/AH6f/Cj/AITDRP8An7b/AL9P/hXmFFHs0H12p2R6f/wmGif8/bf9+n/wo/4TDRP+ftv+/T/4V5hRR7NB9dqdken/APCYaJ/z9t/36f8Awo/4TDRP+ftv+/T/AOFeYUUezQfXanZHp/8AwmGif8/bf9+n/wAKP+Ew0T/n7b/v0/8AhXmFFHs0H12p2R6f/wAJhon/AD9t/wB+n/wo/wCEw0T/AJ+2/wC/T/4V5hRR7NB9dqdken/8Jhon/P23/fp/8KP+Ew0T/n7b/v0/+FeYUUezQfXanZHp/wDwmGif8/bf9+n/AMKP+Ew0T/n7b/v0/wDhXmFFHs0H12p2R6f/AMJhon/P23/fp/8ACj/hMNE/5+2/79P/AIV5hRR7NB9dqdken/8ACYaJ/wA/bf8Afp/8KP8AhMNE/wCftv8Av0/+FeYUUezQfXanZHp//CYaJ/z9t/36f/Cj/hMNE/5+2/79P/hXmFFHs0H12p2R6f8A8Jhon/P23/fp/wDCj/hMNE/5+2/79P8A4V5hRR7NB9dqdken/wDCYaJ/z9t/36f/AAo/4TDRP+ftv+/T/wCFeYUUezQfXanZHp//AAmGif8AP23/AH6f/Cj/AITDRP8An7b/AL9P/hXmFFHs0H12p2R6f/wmGif8/bf9+n/wo/4TDRP+ftv+/T/4V5hRR7NB9dqdket2Ou6ZqMnl2t2jydkIKsfoDjNaNeKKxVgykhgcgg8g16N4R1x9TtHtrly1zAPvHq6+v1HT8qiULao6KGK9o+WW50tFFFQdgUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVQ1sM2hX4Xr9nf/ANBNX6CAQQRkHqKBSV1Y8ToroPEfhufS7mSeCJmsWOVYc7PY/wCNc/XQnc8KcHB8sgooopkhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXT+BAx12QjoLds/mtc7b2013OsNvE0kjHAVRk16X4Z0P+xrE+aAbqXmQg5x6KKibsjpwtNyqJ9EblFFFYnrhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAEZGD0qk+j6ZIxZ9PtWY8kmFcn9Ku0UCaT3KH9h6V/0DbX/v0v8AhR/Yelf9A21/79L/AIVfop3YuSPYof2HpX/QNtf+/S/4Uf2HpX/QNtf+/S/4Vfoouw5I9ih/Yelf9A21/wC/S/4Uf2HpX/QNtf8Av0v+FX6KLsOSPYof2HpX/QNtf+/S/wCFH9h6V/0DbX/v0v8AhV+ii7Dkj2KH9h6V/wBA21/79L/hR/Yelf8AQNtf+/S/4Vfoouw5I9ih/Yelf9A21/79L/hR/Yelf9A21/79L/hV+ii7Dkj2KH9h6V/0DbX/AL9L/hR/Yelf9A21/wC/S/4Vfoouw5I9ih/Yelf9A21/79L/AIUf2HpX/QNtf+/S/wCFX6KLsOSPYof2HpX/AEDbX/v0v+FH9h6V/wBA21/79L/hV+ii7Dkj2KH9h6V/0DbX/v0v+FH9h6V/0DbX/v0v+FX6KLsOSPYof2HpX/QNtf8Av0v+FH9h6V/0DbX/AL9L/hV+ii7Dkj2KH9h6V/0DbX/v0v8AhR/Yelf9A21/79L/AIVfoouw5I9ih/Yelf8AQNtf+/S/4Uf2HpX/AEDbX/v0v+FX6KLsOSPYof2HpX/QNtf+/S/4Uf2HpX/QNtf+/S/4Vfoouw5I9ih/Yelf9A21/wC/S/4Uf2HpX/QNtf8Av0v+FX6KLsOSPYof2HpX/QNtf+/S/wCFH9h6V/0DbX/v0v8AhV+ii7Dkj2IYLS2tQRb28UIPURoFz+VTUUUikrbBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVn6nrNrpHlfaYr6Tzc7fslhPc4xjOfKRtvXvjPOOhoA0KK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgoqpqGpWml25nu5Qi9h3Y+gHeuWl+ICiQiHTiydi8uCfwAP8AOmot7GU60IaSZ2lFcP8A8LBf/oGr/wB/v/saP+Fgv/0DV/7/AH/2NPkZH1ql3O4orh/+Fgv/ANA1f+/3/wBjR/wsF/8AoGr/AN/v/saORh9apdzuKK4f/hYL/wDQNX/v9/8AY0f8LBf/AKBq/wDf7/7GjkYfWqXc7iiuH/4WC/8A0DV/7/f/AGNH/CwX/wCgav8A3+/+xo5GH1ql3O4orh/+Fgv/ANA1f+/3/wBjR/wsF/8AoGr/AN/v/saORh9apdzuKK4f/hYL/wDQNX/v9/8AY0f8LBf/AKBq/wDf7/7GjkYfWqXc7iiuH/4WC/8A0DV/7/f/AGNH/CwX/wCgav8A3+/+xo5GH1ql3O4orh/+Fgv/ANA1f+/3/wBjR/wsF/8AoGr/AN/v/saORh9apdzuKK4f/hYL/wDQNX/v9/8AY0f8LBf/AKBq/wDf7/7GjkYfWqXc7iiuH/4WC/8A0DV/7/f/AGNH/CwX/wCgav8A3+/+xo5GH1ql3O4orh/+Fgv/ANA1f+/3/wBjR/wsF/8AoGr/AN/v/saORh9apdzuKK4f/hYL/wDQNX/v9/8AY0f8LBf/AKBq/wDf7/7GjkYfWqXc7iiuH/4WC/8A0DV/7/f/AGNH/CwX/wCgav8A3+/+xo5GH1ql3O4orh/+Fgv/ANA1f+/3/wBjR/wsF/8AoGr/AN/v/saORh9apdzuKK4f/hYL/wDQNX/v9/8AY0f8LBf/AKBq/wDf7/7GjkYfWqXc7iiuLh+ICGQCbT2VO5SXJH4ED+ddVYaja6lbie0mWRO+Oqn0I7UnFrcuFaE/hZaooopGoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHk/iDVH1XVpZS2YkJSIDoFB/r1rLqa7tns7ya2kBDxOVP4VDXQjwZtuTb3CiiimSFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVr+G9Uk0vV4mB/cysI5VPTBPX8OtZFWdOt3utStoIwSzyKOO3PWk9ioNqSa3PY6KKK5z3gooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOb8SeFxq7farZljuguCG6SDtn0PvXDzaFqsDlH0+5yO6xlh+YyK9coq1No5quFhUfNszx/+ydS/wCgfdf9+W/wo/snUv8AoH3X/flv8K9gop+0MvqMe54//ZOpf9A+6/78t/hR/ZOpf9A+6/78t/hXsFFHtA+ox7nj/wDZOpf9A+6/78t/hR/ZOpf9A+6/78t/hXsFFHtA+ox7nj/9k6l/0D7r/vy3+FH9k6l/0D7r/vy3+FewUUe0D6jHueP/ANk6l/0D7r/vy3+FH9k6l/0D7r/vy3+FewUUe0D6jHueP/2TqX/QPuv+/Lf4Uf2TqX/QPuv+/Lf4V7BRR7QPqMe54/8A2TqX/QPuv+/Lf4Uf2TqX/QPuv+/Lf4V7BRR7QPqMe54//ZOpf9A+6/78t/hR/ZOpf9A+6/78t/hXsFFHtA+ox7nj/wDZOpf9A+6/78t/hR/ZOpf9A+6/78t/hXsFFHtA+ox7nj/9k6l/0D7r/vy3+FH9k6l/0D7r/vy3+FewUUe0D6jHueP/ANk6l/0D7r/vy3+FH9k6l/0D7r/vy3+FewUUe0D6jHueP/2TqX/QPuv+/Lf4Uf2TqX/QPuv+/Lf4V7BRR7QPqMe54/8A2TqX/QPuv+/Lf4Uf2TqX/QPuv+/Lf4V7BRR7QPqMe54//ZOpf9A+6/78t/hR/ZOpf9A+6/78t/hXsFFHtA+ox7nj/wDZOpf9A+6/78t/hR/ZOpf9A+6/78t/hXsFFHtA+ox7nkkOg6tcOEj0+4ye7xlR+ZwK7nw34ZXR83FwyyXbLjjog9B6n3roqKTm2a0sLCm+bdhRRRUHSFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBla/4j0vwzp5vdUulhj6IvV5D6KvUn/Jry+6+PkSzkWnh93iHRproKx/AKcfma868e+Jp/FHiu6umkzawuYbVR0EYJwfqep+vsK5itVBdTJzfQ9l/4X7L/wBC4n/gYf8A4ij/AIX7L/0Lif8AgYf/AIivGqKfIhc7PZf+F+y/9C4n/gYf/iKP+F+y/wDQuJ/4GH/4ivGqKORBzs9l/wCF+y/9C4n/AIGH/wCIo/4X7L/0Lif+Bh/+IrxqijkQc7PZf+F+y/8AQuJ/4GH/AOIo/wCF+y/9C4n/AIGH/wCIrxqijkQc7PZf+F+y/wDQuJ/4GH/4iuk8M/GXRNbuVtdQhbSp34VpZA8RPpvwMH6gD3r52oo5EHOz7RzkZFFeafBjxNPrPhybTLpt8umFERz1MTA7QfptI+mK9LrJqzsap3VwooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPjrVtOm0jV7vTrhSJbaZomyMZwcZ+h6/jVOvoz4jfDJPFkn9p6dLHBqiIFZXGEnA6ZI6MOmeew9x4leeB/FNjO0U/h/USy9TFA0i/8AfS5B/OtlJMxcWjAorX/4RXxF/wBADVP/AADk/wAKP+EV8Rf9ADVP/AOT/CquTYyKK1/+EV8Rf9ADVP8AwDk/wo/4RXxF/wBADVP/AADk/wAKLhYyKK1/+EV8Rf8AQA1T/wAA5P8ACj/hFfEX/QA1T/wDk/wouFjIorX/AOEV8Rf9ADVP/AOT/Cj/AIRXxF/0ANU/8A5P8KLhYyKK1x4U8Rk4GgaqSf8Apzk/wrpvDPwm8Ra5cob22k0uy6vLcph/oqHnP1wKV0OzOw+AthMlvrOoMpEMjRwxt/eZdxb8ty/nXslUNG0i00HR7bTLFNlvbptXPUnuT7k5J+tX6xbu7myVlYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArP1PUbqw8r7No19qW/O77I8C+XjGM+bInXPbPQ5xxnQooA5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IroKKAOf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SK6CigDn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IroKKAOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKAOf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kiugooA5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SK6CigDn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkiugooA5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IroKKAOf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SK6CigDn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IroKKAOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKAOf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kiugooA5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SK6CigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArP1PXdH0Tyv7W1WxsPOz5f2u4SLfjGcbiM4yOnqK0Kz9T0LR9b8r+1tKsb/yc+X9rt0l2ZxnG4HGcDp6CgDP/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+Ko/4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAD/AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qj/hBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoAP8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iqP+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgA/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+Ko/4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAD/AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qj/hBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoAP8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iqP+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgA/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+Ko/4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAD/AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qj/hBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoAP8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iqP+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgA/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+Ko/4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAD/AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qj/hBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoAP8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iqP+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgA/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+Ko/4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAD/AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qj/hBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoAP8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iqP+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgA/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+Ko/4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAD/AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qj/hBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoAP8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iqP+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgA/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+Ko/4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAD/AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qj/hBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoAP8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iqP+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgA/wCE78H/APQ16H/4MYf/AIqj/hO/B/8A0Neh/wDgxh/+Ko/4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAD/AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qj/hBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiimTTR28Ek8zhIo1Lux6KAMk0AR3l7a6davdXtxFb28Yy8srhVH4muRk+LPgqORk/tgsQcErbSkfnt5rwrxv4zvfF+tSzvLKmno+LW2J+VFHAJHTcepPvjpXMVoodzNz7H01/wt3wV/0Fn/8AAWX/AOJo/wCFu+Cv+gs//gLL/wDE18y0U+RC52fTX/C3fBX/AEFn/wDAWX/4mj/hbvgr/oLP/wCAsv8A8TXzLRRyIOdn01/wt3wV/wBBZ/8AwFl/+Jo/4W74K/6Cz/8AgLL/APE18y0UciDnZ9Nf8Ld8Ff8AQWf/AMBZf/iaP+Fu+Cv+gs//AICy/wDxNfMtFHIg52fTQ+Lngon/AJCzj3+yy/8AxNdNo+vaVr9sbjSr+G6jGN3ltyuf7wPI/EV8f1f0fWb/AEHUor/Tbl4J4z1U8MP7rDuD6UOC6ApvqfYVFZHhjX4PE/h201a3UoJ1+eMnOxwcMv4EHnuMVr1kahRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA2SRIYmlldUjQFmZjgKB1JNchdfFPwZaTmJ9aR2HUwwySL/wB9KpB/A15N8VfHNzrmuXGj2c0kel2bmJkU4E0in5mPqARgD2z3rzitFDuZufY+mv8Ahbvgr/oLP/4Cy/8AxNH/AAt3wV/0Fn/8BZf/AImvmWinyIXOz6a/4W74K/6Cz/8AgLL/APE0f8Ld8Ff9BZ//AAFl/wDia+ZaKORBzs+mv+Fu+Cv+gs//AICy/wDxNH/C3fBX/QWf/wABZf8A4mvmWijkQc7Ppr/hbvgr/oLP/wCAsv8A8TR/wt3wV/0Fn/8AAWX/AOJr5loo5EHOz6a/4W74K/6Cz/8AgLL/APE1vaH4s0HxJuGk6nDcuoyYxlXA9drAHHvivkeprW6uLG6jubWeSCeM7kkjYqyn2Io5EHOz7Lorj/hv4vPi7w0stwf+JhakRXPGNxxw4x6j9Qe1dhWTVjVO4UUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYfjNJJPBGurEMubCbAxnPyHNblIyh1KsAVIwQehFAHxfRXe/EP4dXvhnUbi+sbZ5dFdt0cifN5Gf4W7gA8AnjpzmuCrdO5g1YKKKKYgooooAKKKKACiiigAooroPCvg7VvF18INPgYQKwE1y4xHEPc9z7DmgD2f4HxzJ4EmaUMEe+kaLPQrsQce24N+telVR0bSLTQdHtdLsk229umxc9T3JPuTkn3NXqwbuzdKyCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA+M7qOaK7mjuAwnR2WQN13A85/Goq9g+Knw3vBqc/iDRLVpoJv3l1BEMsj93A7g9TjkHJ6dPH63TuYNWCiiimIKKKKACiiigAooooAKKK0dF0LUvEOoLZaXaSXE7ckKOFHqx6Ae5oA9V+ASSebrz/wDLLbADx1Pz/wCfxr2uuc8E+FYfCHhuHT0Ie4b95cyj+OQjnHsOAPYV0dYSd2bxVkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAIQCCCAQeoNY83hHw3cSNJNoGlvIxyzG0TJPucc1s0UAYX/CFeFv+hd0v/wET/Cj/hCvC3/Qu6X/AOAif4Vu0U7sVkYX/CFeFv8AoXdL/wDARP8ACj/hCvC3/Qu6X/4CJ/hW7RRdhZGF/wAIV4W/6F3S/wDwET/Cj/hCvC3/AELul/8AgIn+FbtFF2FkYX/CFeFv+hd0v/wET/Cj/hCvC3/Qu6X/AOAif4Vu0UXYWRhr4L8Lqcjw7pX42cZ/pWxDBFbQrDBEkUSjCoihQB7AVJRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVlXnhjQdQnae80XTriZusktsjMfxIzWrRQBhf8IV4W/6F3S//ARP8KP+EK8Lf9C7pf8A4CJ/hW7RTuxWRhf8IV4W/wChd0v/AMBE/wAKP+EK8Lf9C7pf/gIn+FbtFF2FkYX/AAhXhb/oXdL/APARP8KP+EK8Lf8AQu6X/wCAif4Vu0UXYWRhf8IV4W/6F3S//ARP8KP+EK8Lf9C7pf8A4CJ/hW7RRdhZGEPBXhYHP/CO6V/4CJ/hWrZ2Fnp0Hk2NpBaxf3IIwi/kBViilcYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVn6no1rq/lfaZb6Pys7fsl/PbZzjOfKdd3TvnHOOprQooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigDn/APhDdL/5+tc/8Ht7/wDHqP8AhDdL/wCfrXP/AAe3v/x6ugooA5//AIQ3S/8An61z/wAHt7/8eo/4Q3S/+frXP/B7e/8Ax6ugooA5/wD4Q3S/+frXP/B7e/8Ax6j/AIQ3S/8An61z/wAHt7/8eroKKAOf/wCEN0v/AJ+tc/8AB7e//HqP+EN0v/n61z/we3v/AMeroKKAOf8A+EN0v/n61z/we3v/AMeo/wCEN0v/AJ+tc/8AB7e//Hq6CigDn/8AhDdL/wCfrXP/AAe3v/x6j/hDdL/5+tc/8Ht7/wDHq6CigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArP1OHWJfK/sm+sbXGfM+12b3G7pjG2VMd+uc5HTHOhRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQBz/wBj8Yf9B3Q//BNN/wDJVH2Pxh/0HdD/APBNN/8AJVdBRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVn6nrNrpHlfaYr6Tzc7fslhPc4xjOfKRtvXvjPOOhrQooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigDn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmugooA5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmugooA5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZroKKAOf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZroKKAOf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//Ga6CigDn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGa6CigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAorivHnxFsvBkS26xfatTlTfHBnCqOgZz6cHgcnHbrXjd18XPGdzOZE1RLdT0jht49o/wC+gT+ZqlFslySPpmivl/8A4Wp41/6Dj/8AfiL/AOJo/wCFqeNf+g4//fiL/wCJp8jFzo+oKK+X/wDhanjX/oOP/wB+Iv8A4mj/AIWp41/6Dj/9+Iv/AImjkYc6PqCivl//AIWp41/6Dj/9+Iv/AImj/hanjX/oOP8A9+Iv/iaORhzo+oKK+X/+FqeNf+g4/wD34i/+Jo/4Wp41/wCg4/8A34i/+Jo5GHOj6gor5f8A+FqeNf8AoOP/AN+Iv/ia6Twz8bNWtLlYvEKLfWrfemijVJU98DCke2B9aORhzo98oqvYX1tqdhBfWcyzW06B43XuD/L6VYqCwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA+QPEGrza94gvtUnZma4mZxuP3V/hX8BgfhWbW54w8Pz+GPE97psqFY1cvA3Z4iTtI/Dg+4IrDroRzsKKKKACiiigAooooAKKKKACiiigD3L4EatPPp2qaVLIWitnSWEE527924D2yoP1J9a9fryv4IeH7jT9CvNXuVKDUGQQqw5KJn5vxLH8s969UrGW5tHYKKKKkoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA57xZ4L0nxhZLDqETLNGD5NzGcPH/AIj2P/168gv/AIG65bysbbU9Omg6BpS8bH/gIVgPzooq4tkSSKf/AApnxF/z+6X/AN/ZP/iKP+FM+Iv+f3S/+/sn/wARRRVXZNkH/CmfEX/P7pf/AH9k/wDiKP8AhTPiL/n90v8A7+yf/EUUUXYWQf8ACmfEX/P7pf8A39k/+Io/4Uz4i/5/dL/7+yf/ABFFFF2FkH/CmfEX/P7pf/f2T/4ij/hTPiL/AJ/dL/7+yf8AxFFFF2FkKvwX8Ru4UXulZJx/rZP/AIiur8M/A+G1uUufEV7HdBORa224Ix/2mOCR7AD60UUpN2HFI9dhijt4UhhjWOKNQqIowFA4AA7Cn0UVmaBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB/9k=)

Sustainability Statement continued

S2-2\_07

For CCHBC’s workers in the value chainwho

maybeparticularly vulnerable to impacts and/or

marginalised (for example, womenworkers, migrant

workers, workers with disabilities), we use our

grievance mechanism togain insights and we review

the results of the audits. OH&S risks and hazards

areassessed foreach worker as required by our

standards andISO 45001, and there the specifics

ofthe vulnerable groups of people is considered.

S2-3 Processes to remediate negative

impactsand channels for value chain

workerstoraise concerns

S2-3\_01-06 & S2-1\_03 & S2-4\_04

Please see

S1-3\_01, 02, 05-09 & S1-1\_21

Tracking and monitoring of issues raised and

addressed and ensuring the effectiveness of

thechannels

Please see

S1-3\_01, 02, 05-09 & S1-1\_21

Protection of individuals against retaliation

Suppliers who believe that an employee of CCHBC,

oranyone acting on behalf of CCHBC, has engaged

inillegal or otherwise improper conduct, should

report the matter to the Company. We would also

encourage all our suppliers to freely raise any

issuesof compliance or ethics you come across in our

company and feelconfident that your concerns will

be taken seriously and handled appropriately

byCCHBC. Concerns should be raised initially

withtheemployee’s manager in CCHBC or

withCCHBC Head of Legal Compliance at

compliance@cchellenic.com, or our ‘SpeakUp!’ line

can be used at www.cocacolahellenic.ethicspoint.

com. We do not tolerate a reprisal by any of our

employees against suppliers for reporting a concern

in good faith or assisting with an investigation.

Please see

S1-3\_01, 02, 05-09 & S1-1\_21

To assess that value chain workers are aware of

and trust these structures or processes to raise

their concerns or needs and have them addressed,

we monitor the responses in our ‘SpeakUp!’ line

and audit reports.

S2-4 Taking action on material impacts

onvalue chain workers, and approaches to

managing material risks and pursuing material

opportunities related to value chain workers,

and effectiveness of those actions

S2.MDR-A\_01-05 & S2-4\_01-07, 10

A summarised description of the action plans

andresources to manage our material impacts

related to value chain workers in relation to

material sustainability matters we have

identified,is presented below:

Occupational Health and Safety Policy

Key actions taken

For our actions related to health and safety,

Please see

S2.SBM-3\_01-03, 05, 06

Expected outcomes

Through these actions, we aim to provide and maintain

a healthy and safe working environment by eliminating

hazards, reducing health and safety risks and raising

awareness among suppliers and their workers who

may be affected by business-related activities.

How their implementation contributes to the

achievement of policy objectives and targets

The implementation of the actions contributes

tothe achievement of Occupational Health and

Safety Policy objectives to provide and maintain

ahealthy and safe working environment.

Scope of the key actions

The scope of key actions taken includes:

•   distribution and logistics

•   suppliers, service providers and contractors

•   other key business partners (including co-

parkers, joint ventures, etc.)

Time horizons under which CCHBC intends

tocomplete each key action

Time horizons for key actions that we presented

inpeople in our own workforce are the same for

workers in the value chain (please refer to S1).

S2-4\_05\_06\_07

As the negative impact is solely related to the lost

time accidents we have with contractors, the

actions to reduce and eliminate any potential

health and safety incidents include establishing

the same requirements for safety rules for our

contractors as for our own employees. We have

implemented standardised contractual clauses

including health and safety requirements to our

contracting companies, so our health and safety

requirements are incorporated in the specific

types of contracts. We require in the contract

allour contracts to meet our safety standards.

Health and safety requirements are communicated

to contractors during the RFP process (vendor

selection). There is a specific TCCC KORE

requirement document in place for all business

units, and they need to comply with it (subject to

GAO audit). Contractors are included in our key

health and safety programmes and initiatives,

including BBS and LSR assessment.

Our Behavioral Based Safety programme is

implemented for contractors working within

ourpremises, plus in some high-priority business units

we have established BBS programme in RTMarea,

withthe regular performance monitoring and tracking.

We are continuously searching for innovations and

technologies to support health and safety in dedicated

working areas, preventing LTAs of contractors, too.

Our LSR (Life Saving Rules) programme has a

dedicated section for Contractors management

(requirements) and every facility conducts

quarterly self-assessment of the compliance,

followed by dedicated Corrective Action Plan. All

contractors working for CCH must have health and

safety induction training specific to our premises.

Overall, we have in place regular tracking of

healthand safety performance of our contractors,

including leading and lagging indicators. We mainly

take actions to avoid causing or contributing to

avoidance of workplace injuries and fatalities and

when this is not possible to provide or enable

remedy in the event of these injuries and fatalities.

Table 44: Quantitative and qualitative

information regarding the progress of

keyactions or actionplans disclosed

inpriorperiods

Health andsafety

programme KPI 2023 2024\*

Behavioural

Based Safety

programme

Elimination

ofbarriers

tosafety 80.3% 86.1%

Compliance with

Life Saving Rules\*\*

Compliance with

Life SavingRules 84.7% 86.8%

\*  The numbers disclosed for 2024 are for all employees and

contractors together.

\*\*   LSR implementation score includes the total for all 14 areas in the

questionnaire, not just contractors.

KPI 2023 2024

Number of Contractors trainedas

BBS Observers 740 1,251

Total Contractors trained asBBS

Observers cumulatively since 2019 1,969 3,220

This improvement reflects our ongoing

commitment to enforcing critical safety protocols

and underscores the effectiveness of our training

and awareness initiatives. The reduction in safety

incidents and the improvement is leading

indicators highlights the programme’s impact

oncreating a safer working environment.

Additional actions with the primary

purposeofdelivering positive impacts

forvalue chain workers

All actions we take are key actions aiming to avoid

any OH&S incidents to happen, so there are no

additional/secondary actions that are taken for

value chain workers.

Coca-Cola HBC Integrated Annual Report 2024151

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Supplier Guiding Principles

Key actions taken

100% of our suppliers are obliged to

acknowledgeand agree to comply with

theSGPsbefore commencing any work with

Coca-Cola HBC. From that point onwards

wemonitor supplier compliance to the SGPs

leveraging different tools from EcoVadis IQ Plus risk

monitoring system to full scale assessments such

asEcoVadis Assessment, SEDEX, PSA Certifications

and physical audits on SGPs in supplier premises,

depending on the supplier criticality, complexity and

impact to our business. The Supplier Assessment

exercise is repeated onan annual basis and the

results are disclosed. Our buyers are trained on

annual basis how to assess supplier risks, recruit

under EcoVadis platform and ensure action plans

exists and are duly tackled as necessary.

Expected outcomes

We aim to achieve full compliance with these principles.

How their implementation contributes to the

achievement of policy objectives and targets

The implementation of these principles contributes

to our objective to have all our business operations

and activities respecting human rights and

tomanaging our business withaconsistent set

ofvalues that represent thehighest standards

ofquality, integrity, transparency and excellence.

Scope of the key actions

As part of our ongoing effort to develop and

strengthen our relationships with suppliers, we

have adopted these Supplier Guiding Principles

foruse with our direct suppliers (upstream).

Time horizons under which CCHBC intends

tocomplete each key action

Compliance with SGPs is a rolling target, so the

actions that are taken to achieve it are ongoing.

Quantitative and qualitative information

regarding the progress of key actions or action

plans disclosed in prior periods

100% of our suppliers acknowledge our SGPs

andagree to comply with the SGPs before

commencing any work with Coca-Cola HBC

eachyear since 2017, where data was available.

2024 number is 100%.

Principles for Sustainable Agriculture (PSA)

Key actions taken

We, working with our supply partners, may

supportsustainable agriculture initiatives, such

astraining and extension services to farmers

toimplement more sustainable practices to

enhance quality, productivity and farmer incomes.

This includes providing tools for self-assessment to

track progress and continuous improvement ofbest

practices, contributing to shared learning platforms

through participation in seminars andwebinars

(e.g., SAI Platform), and engaging inpre-competitive

collaborative initiatives to address broad-scale

systemic changes (e.g., worker safety).

Expected outcomes

We believe that by implementing practices aligned

with the PSA expectations, we can achieve improved

farm incomes (higher yields, reduced costs, better

management and accounting), better product

quality and a more stable, long-term supply.

Key actions planned for the future

In advancing our sustainable agriculture programme,

the Company recognises the need and value of

industry collaboration, including with other buyers and

supply chain partners through recognised industry

collaboration platforms. We seek to partner with

others to help address and drive systemic change

atscale in a transparent and precompetitive manner.

Expected outcomes

By working with other companies through

organisations, such as SAI Platform or Bonsucro,

we seek to align expectations, combine resources

and bring greater efficiency to the interventions.

As an example, Bonsucro reports:

•  Certified mills reduce water consumption by an

average of 42% after five years of certification.

•  On average certified farms reduce land-

management GHG emissions by 14% within

fiveyears.

•  180,900 workers worldwide are covered by

the human rights measures detailed in the

Production Standard.

•  Certified producers reduce the rate of accidents

by 17% in mills and 21% in farms over 5 years

ofcertification.

•  Currently, on average, Bonsucro certified farms

pay 13% above the national minimum wage.

•  120,000 farm workers received essential

personal protective equipment from

theiremployers.

•  Bonsucro certified farms reduce their

fertiliseruse by an average of 11% over

fiveyears of certification.

This framework for sustainable sourcing

isintegrated into internal governance and

procurement processes. Our 2025 target

foringredient sourcing is to achieve 100%

certification of our key agricultural ingredients

against the Sustainable Agriculture

GuidingPrinciples.

In 2024, 96% of the key commodities we purchased

for use as ingredients were certified, significantly

higher from 79% in 2023. Specifically, in 2024 we

achieved the following PSA certifications:

•  95% in Sugar and 100% in HFCS

(or96%forSugar and HFCS together)

•  100% for Juices (Fruit crops)

Our work to certify our key agricultural ingredients

will continue to expand in 2025, with close cooperation

with our Suppliers and the Coca-Cola System.

How their implementation contributes to the

achievement of policy objectives and targets

The PSA are aimed at primary production – that is,

farm-level – and form the basis of our continued

engagement with suppliers to achieve productivity,

compliance, transparency, resiliency and continuous

improvement of their farm base against these

principles. Through the implementation of

practices that align with the PSA we can manage

supply chain risks, reduce reputational risks and

deliver value for all: workers, farmers, suppliers,

customers, our brands and our business.

Scope of the key actions

The PSA and the actions included, as a set

ofglobal principles, apply to all agricultural

ingredients and plant-based packaging used

inTCCC products.

Time horizons under which CCHBC intends

tocomplete each key action

Each key action related to PSA has a time horizon

year 2025 in the context of ‘Mission 2025 Initiative’.

Tracking and assessing the effectiveness of

actions and initiatives in delivering intended

outcomes for value chain workers

The effectiveness of the actions is tracked via

external ISO and Workplace Accountability audits

and their results. Also, via the result we have on

the top 10 most recognised ESR raters where

ourresults are with a leading score among the

beverage peer companies.

The effectiveness of our grievance mechanisms

isreviewed by the Internal Audit department, where

they evaluate whether mitigation has been effective

and whether grievances have been addressed.

In 2024, we have reduced the number of the LTA

and fatalities at contractors. We have decreased

the LTA by 10 (or 15.4%) versus 2023 and we

report four less fatalities versus 2023.

S2.MDR-A\_06-12

As part of our commitment to sustainability,

wework with supply chain partners to promote

responsible practices. While we provide guidance

and resources to support suppliers, the development

and implementation of specific initiatives also

require investments in their self-development.

Wefocus on fostering partnerships that empower

suppliers to take ownership of their progress,

ensuring a sustainable and resilient value chain.

With regard to health and safety, our approach aligns

closely with the standards and measures weapply

toour own workforce. We require contractors

toadhere to the same safety protocols and

frameworks that govern our operations. As aresult,

actions related to health and safety donotrequire

additional capital or operational expenditures

beyond those already accounted forunder S1.

MDR-A\_06. This expenditure covers all workers,

including those in our supply chain, as our policies

and compliance structures are designed to ensure

aconsistent approach across our entire value chain.

Coca-Cola HBC Integrated Annual Report 2024152

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

S2-4\_12

In OH&S, we have assigned responsible people starting from manufacturing sites and countries to the Group level: there is OH&S responsible in every plant and in every country. The Head of Health and Safety

isresponsible at Group level. Every year, Capex and Opex for meeting our safety priorities, targets and policies are allocated as part of the business plan process, for each business unit and at Group level.

For suppliers: the responsibility is with local Procurement teams and business unit Procurement Director and going to the Group level with Strategic Procurement Managers, Heads of Procurement and Chief

Procurement Officer. Every year, Capex and Opex for meeting our sustainable sourcing priorities and agenda are allocated as part of the business plan process to each business unit and at Group level.

Metrics and targets

S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

S2 . MDR-T\_01-13

S2 . MDR-T\_01- 0 8, 13

We have annual rolling targets related to suppliers, which apply also indirectly to CCHBC value chain workers. Those rolling targets are set at local business unit level and at Group level, and the actuals are

reported and monitored via a specialised reporting software. Also, we have target for 100% sustainable sourcing by 2025, part of our Mission 2025 goals.

All those targets contribute to our policies and their objectives related to suppliers, such as workplace practices, health and safety, child labour, forced labour, wages and benefit, environmental practices,

biodiversity, deforestation and land conservation, bribery and corruption, etc. We are committed to managing our business with a consistent set of values that represent the highest standards of quality,

integrity, transparency and excellence. We respect the unique customs and cultures in communities where we operate. In pursuing this policy, we seek to develop relationships with suppliers that share similar

values and conduct business in an ethical manner.

Actual numbers of the first three targets are for 12 month rolling period from December 2023 to November 2024, the actual data of the last three targets are for 12 month rolling period from December 2022 to

November 2023.

Table 45: List of targets

Performance

Target Scope of target

Level

Absolute/

Relative  Unit  Activities

Value chain

segment Geographical boundaries

MD R-T\_13 MD R-T\_ 02 MDR-T\_ 03 M D R-T\_ 03 M D R-T\_ 03 M D R-T\_ 03 M D R-T\_ 04

Key agricultural ingredients to be compliant with our sustainable

agricultural guiding principles by 2025

96% 100 Absolute % Procurement Upstream Countries of sourcing/purchasing

Proportion of spend on local suppliers at significant locations of operation 97.7% >95% Absolute % Procurement Upstream Countries of operation

Suppliers to accept our Supplier Guiding Principles (SGP) 100% 100% Absolute % Procurement Upstream Countries of operation, countries

of sourcing/purchasing

Supplier Performance Screening for T1 suppliers: the Annual Screening of

our suppliers to cover min 95% of total Procurement Spend.

Reported everyMay

Last value 100%

min 95% Absolute % Procurement Upstream Countries of sourcing

Supplier performance assessment T1 & T2 suppliers\*: Assess in ESG on an

annual basis at least 80% of our significant T1 and T2 suppliers

Reported everyMay

Last value 97.7%

80% Relative % Procurement Upstream Countries of sourcing

Promoting supplier improvement (significant suppliers T1& T2): On

annual basis we aim to have 80% of our significant suppliers (including T1

and T2) to be under corrective action support

Reported everyMay

Last value 88.8%

80% Relative % Procurement Upstream Countries of sourcing

\*  Tier 1 suppliers are directly assessed by Coca-Cola HBC, while Tier 2 suppliers are managed by the respective Tier 1 and the results are reported back to us.

Coca-Cola HBC Integrated Annual Report 2024153

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

S2.MDR-T\_11

Contextual information

Please see

S1.MDR-T\_11 according to ESRS2 par. 80.

S2 . MDR-T\_0 9

Contextual information

To define our sustainability targets, we utilise

certification by third-party organisations, ensuring

compliance with recognised standards such as SAI

FSA, ISCC Plus,BONSUCRO and others.

Significant assumptions involve the accuracy and

completeness of supplier-provided information,

supported by third-party assessments and

certifications. Data sources include annual

supplier reports and external reports. Our targets

align with national, EU, and international policy

goals, ensuring that our practices support

broadersustainability objectives and consider

thelocal contexts of our operations.

Please also see

S1.MDR-T\_09 (2nd paragraph) methodologies

that include independent S2. MDR-T\_12

Contextual information

Please see

S1. M D R-T\_12

S2.MDR-T\_13

How targets are monitored and reviewed

Please see

S1. M D R-T\_13

S2-5\_01-03

S2-5\_01

In setting our targets for secure employment,

adequate wages, health and safety, gender

equality, equal pay for work of equal value,

andtraining and skills development, we engage

with workers in the value chain through direct

consultations and discussions with their legitimate

representatives. This engagement ensures that

our targets are aligned with the actual needs and

expectations of the workers. We also consider the

best practices in the industry and globally.

We conduct regular performance reviews for

eachof the KPIs related to our engagement with

workers in the value chain. These reviews include

input from various levels of our organisation, as

well as feedback from the suppliers. We ensure that

this feedback is incorporated into our performance

tracking processes. For instance, we communicate

our training and skills development targets and

results to them through internal meetings and

feedback sessions.

S2-5\_03

In identifying lessons or improvements as a result

of our performance, we engage indirectly with

workers in the value chain through their legitimate

representatives and credible proxies who have

insight into their situation. For example, each severe

OHS incident or fatality is followed by a ‘lessons

learned’ session with the respective contractor or

service provider. These sessions involve discussions

with workers and their representatives to review

the incident, understand the root causes and

identify actionable improvements. This collaborative

approach ensures that the insights and feedback

from those directly affected are incorporated into

our performance tracking and target-setting

processes, leading to continuous improvement

inhealth and safety practices.

Coca-Cola HBC Integrated Annual Report 2024154

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Strategy

SBM-3 Material impacts, risks and

opportunities and their interaction

withstrategy and business model

S3.SBM-3\_01, 02, 03, 05, 07

At CCHBC, we ensure that all affected communities

who could be materially impacted by our operations

are included in the scope of disclosure under ESRS 2.

This includes addressing impacts that are connected

with our own operations and value chain, including

through our products or services, as well as through

our business relationships. Specifically, we report

onkey areas such as water and sanitation

andcommunity programmes (i.e.,

#YouthEmpoweredprogramme).

Types of affected communities

Affected communities are communities living

orworking around our operating sites, factories,

facilities (such as warehouses), or other physical

operations. Additionally, more distant communities

impacted by activities at these locations, including

those experiencing downstream water pollution

and scarcity, are also considered. Furthermore,

wesupport the broader community in the

countries in which we operate through our

variouscommunity programmes.

In our operations, we have identified 19 water

priority locations, including Armenia, Bulgaria,

Cyprus, Greece, Italy, and Nigeria. These areas

face specific stress factors, such as water scarcity,

lack of access to water and sanitation services,

and deteriorating water quality in the watersheds.

With our actions on water stewardship, we

consider not only the communities near our

operations (plants, warehouses) but also those

sharing a common watershed, such as farmers

and other water consumers.

Affected communities in greater risk of harm

Our comprehensive Source Water Vulnerability

Assessment done by an independent expert, and

the detailed Water Risk Assessment, took into

account the water as an end-to-end process

where all affected users upstream and downstream

are considered. Besides, within the Alliance for

Water Stewardship and ISO 46001 certifications,

we also assess the impact on our stakeholders

and implement stakeholder engagement activities.

No negative impact has been identified.

Brief description of the activities that

resultinthe positive impacts

Water and sanitation

In line with our Mission 2025, we are committed to

help secure water availability for the communities

and environment specifically in those areas.

We protect the water resources supplying our

facilities, reduce the amount of water we use to

produce our soft drinks and treat wastewater to

levels that support aquatic life. We also partner

with suppliers to minimise our water footprint

across the value chain.

Addressing the water availability, we focus on

either water access initiatives or on replenishment

activities. For all these, we are partnering within

the Coca-Cola System, with other companies

operating in the relevant watershed area and

international organisations.

In 2024, we witnessed a number of severe weather

events globally, including in our territories. Expected

to be the hottest year on record, recent floods in

Nigeria and Central and Eastern Europe highlighted

the need for us to be ready to support our communities

when they need us most.

ESRS S3 – Affected

communities

Coca-Cola HBC Integrated Annual Report 2024155

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

In 2024, through the Coca-Cola HBC Foundation,

we donated €1.55 million to communities impacted

by the recent devastating floods in Europe and

Nigeria. These grants supported a variety of

projects, targeting specific local needs in each

country, including:

•   Rebuilding houses and community centres

inthe village of Thessaly, Greece

•   Providing food and emergency supplies

inMaiduguri, Nigeria

•   Replacing damaged medical equipment

inhospitals in Poland

•   Funding repair works for homes and other

assistance projects in Romania, Hungary

andBosnia and Herzegovina

Access to education (#YouthEmpowered)

1

We remain focused on making a positive impact

on the local communities where we operate.

Through our flagship community programme,

#YouthEmpowered, we have supported young

people by equipping them with the skills, experience

and confidence necessary for success.

By the end of 2024, we had trained 1,119,850

(excluding Egypt) young people since the

programme’s inception in 2017, surpassing

ourMission 2025 target of training one million

young people.

Here are just some of our 2024

#YouthEmpowered activities:

In Greece, we collaborate with top HoReCa

customers across the country and recognised

Brand Ambassadors to offer free Masterclasses

to570 aspiring Bartenders and Barista, levelling

uptheir capabilities, on modern mixology, spirits,

and coffee trends and techniques. This initiative

equipped participants with advanced skills, industry

connections, and offered globally recognised

scholarships in coffee and spirits.

In Nigeria, we have trained 15,585 young people

in83 cities, providing them with essential skills for

personal and professional growth. The program

focuses on entrepreneurship, employability,

financial literacy, and life skills to prepare

participants for a dynamic world.

In Romania, we launched the Barmasters

Academy to offer specialised bartending and

barista training for aspiring HoReCa professionals.

Partnering with prestigious HoReCa customers,

this program provided practical training for young

people and access to employment opportunities.

In Poland, Estonia, Latvia, and Lithuania,

theSkills4Future Platform was created by

Mentors4Starters Foundation with financial

support from The Coca-Cola Foundation. This

modern educational platform aimed at young

people who are at the threshold of entering the

labor market or have already gained some work

experience offer young people the opportunity

tobenefit from engaging learning materials and

webinars providing core knowledge in a number of

practical areas, such as applications of AI in life and

at work or creating an attractive CV. An important

element of the platform is certification, confirming

the completion of the course and the skills

acquired. Skills4Future is a solution that can

complement the #YouthEmpowered programme

dedicated to teaching in schools, as well as a

sourceof practical knowledge for young people.

Impact, risk and opportunity management

S3-1 Policies related to affected communities

S3. M D R- P\_01-0 6

The relevant policy adopted to manage material

sustainability matters (water and sanitation) is the

Water Stewardship Policy. This policy covers all

types of value chain workers that were mentioned

in the previous section. For more information on

Water Stewardship Policy, please see E3-1 Policies

related to water and marine resources

Besides we have published Donations Policy.

Donations Policy

Key contents of the policy

We are determined to create value for all stakeholders

by supporting the socio-economic development

ofthe societies in which the business operates. As

a subset of our community engagement strategy,

donations are an integral part of thatvalue creation.

Over the years, our donations and other

community investments have evolved from

standalone philanthropic initiatives to long-term,

group-wide programmes closely linked to business

priorities and material issues. Wehave prioritised

the following programme areas that areof critical

importance across our markets, i.e.:

•  Community resilience, including disaster relief

and recovery.

•  Sustainable access to safe water for our

communities.

•  Economic empowerment for young people

andwomen.

•  Circular economy projects and initiatives.

This policy has been established to reflect scope,

processes and controls that are to be employed

toensure charitable actions are carried out with

fairness and due diligence and are reflective of

ourcore values and community approach.

Objective

We recognise the diversity of people, culture,

andsocial needs. With donations, we aim at

inspiring a better quality of life by means of

long-term, sustainable support for chosen

beneficiaries. Moreover, we support the

involvement of our employees in donations

andcommunity engagement.

Process for monitoring

We ensure applicants (continue to) comply

withthe terms and objectives of our Donations

Policy. We maintain a regular dialogue with

therecipient organisations to evaluate the

effectiveness and impact of our donations,

toimprove the management of existing projects

andto identify future opportunities.

We will review this policy at least once a year

tointegrate latest developments, stakeholder

feedback or other lessons learned.

This policy in reviewed by the SRC Committee

andLegal team.

Scope

This policy establishes principles and requirements

for making donations in the prioritised programme

areas above and applies to all CCHBC business

units and employees. The term ‘donations’, as

usedin this policy, refers to monetary or in kind

(including our product) charitable contributions.

Any charitable contribution must comply with the

CCHBC Code of Business Conduct, Anti-Bribery

Policy, TCCC’s Responsible Marketing Policy and

with all other applicable rules and regulations. For

more information, please See Donations Policy.

Most senior level accountable for the

implementation of the policy

The Community Contributions Policy is

signedbythe Chief Corporate Affairs and

Sustainability Officer.

For more information, please see Donations

Policy.

Read more

1.  As mentioned in ESRS 2, par. 48h, not all our impacts are linked to ESRS topics, sub-topics and sub-sub-topics. We identified a positive impact, referred as ‘Access to Education (#YouthEmpowered)’, which has been covered within this standard by providing entity-specific disclosures wherever relevant.

Coca-Cola HBC Integrated Annual Report 2024156

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Commitment to respect third-party standards

Any donation must comply with the CCHBC Code

of Business Conduct, Anti-Bribery Policy, TCCC’s

Responsible Marketing Policy and with all other

applicable rules and regulations.

CCHBC will not make donations toorganisations

that do not fully respect humansas per the UN

Guiding Principles on Business and Human Rights

and the resolutions ofILO Conventions.

Consideration given to the interests of

keystakeholders in setting the policy

When setting the policy, we have considered

theinterests of affected communities, the

diversity of people, culture, and their social

needs,to create value for all stakeholders by

supporting their socio-economic development

insocieties we operate.

Policy available to potentially

affectedstakeholders

The Donations Policy is publicly available on

ourwebsite.

S3-1\_02-07 & S3-4\_11

Human Rights Policy commitments

Commitments

Please see

S1.MDR-P\_01-06 & S1-1\_01, 02, 09-14, 16, 17, 21

We recognise our impact on the communities in

which we operate. We are committed to engaging

with stakeholders in those communities to ensure

that we listen to, learn from and take into account

their views as we conduct our business. Where

appropriate, we are committed to engaging in

dialogue with stakeholders on human rights

issuesrelated to our business. We believe that

local issues are most appropriately addressed at

the local level. We are also committed to creating

economic opportunity and fostering goodwill in

the communities in which we operate through

locally relevant initiatives. For more information,

please visit Human Rights Policy.

We are committed to ensuring minimal impact

onthe environment, particularly avoiding impacts

that may also result in increased risk to human

rights, such as access to water, sanitation and

clean environments. As a major buyer of several

agricultural commodities, we source our ingredients

via third parties and we are committed to buy

sustainably certified crops, thus supporting

andpromoting the protection of the land rights

oflocal farmers and communities.

Processes for monitoring compliance

withinternational instruments

The compliance monitoring process encompasses

a comprehensive mechanism designed to ensure

adherence to international instruments. The

establishment of policies, regular reporting and

documentation, internal audits and assessments,

external monitoring and verification, and continuous

training are components that ensure compliance

with these instruments.

Engagement with affected communities

Where appropriate, we are committed to engaging

in dialogue with stakeholders on human rights

issues related to our business.

We have a number of routines in place to capture

the feedback, input, improvement suggestions

from internal and external stakeholders. We have

been performing annual materiality assessment

for sustainability issues for more than a decade,

where we do engage a large number of external

stakeholders. Additionally, we host an Annual

Stakeholder Forum and Suppliers Sustainability

Day, where we engage in open dialogue with our

suppliers and other collaboration partners,

capturing all their feedback and input. We also

holdregular quarterly meetings with investors

andanalysts, during which we share critical

business results and topics, including

sustainability, and gather their input.

Cases of non-respect to international

instruments and measures to provide and/

orenable remedy for human rights impacts

There is no significant negative impact on local

communities. When we have any restructuring

initiatives that can have an impact on local

communities (e.g., involving closing or consolidation

of facilities), we take actions to minimise the

impact, for example by providing those people

affected with other employment opportunities

within the organisation, relocation support, or

voluntary exit packages and professional support

to facilitate employment elsewhere.

Besides, we have an internal due diligence

procedure for any investment/divestment,

mergers and/or acquisitions, where all social and

environmental aspects and impacts are

considered, evaluated and corrective actions are

taken prior to any investment/divestment, mergers

and/or acquisitions.

S3-2 Processes for engaging with affected

communities about impacts

S3-2\_01-04

We are committed to engaging with stakeholders

in the communities we operate to ensure that

welisten to, learn from and take into account

theirviews as we conduct our business. We

haveanumber of routines in place to capture

thefeedback, input, and improvement

suggestions fromthem. The insights gained

contribute to theBoard’s decisions and activities

aimed at managing actual and potential impacts

on communities and ensuring the appropriate

support and resources for them.

Each of our local operations and Business Units

has specific community engagement process

andprogrammes. We don’t disclose separately

per country. At local level engagement occurs

both with affected communities or with their

legitimate representatives.

Local business units have an annual engagement

plan and organise sustainability events to gather

feedback from stakeholders regarding the approach

and effectiveness of our approach as well.

Business units also publish local sustainability

reports, conduct open plant visits for community

members, and offer numerous volunteering

initiatives that involve various stakeholders.

At local business unit level, the person responsible

for stakeholders’ engagement is the BU Corporate

Affairs and Sustainability Director, while at Group

level, it is the Chief Corporate Affairs and

Sustainability Officer.

S3-2\_05

We have established grievance mechanisms that

allow community members to raise or report on

any concerns and complaints they might have with

regards to social, economic and environmental

issues including impacts on society and communities.

We also report and develop corrective actions

toall Notices of Violations (NoVs) issued by local

authorities during their visits at our premises.

Those visits sometimes could be triggered by

local community’s concerns.

S3-2\_06

Steps to gain insight into the perspectives of

affected communities that may be particularly

vulnerable to impacts and/or marginalised.

We take steps to gain insight into the perspectives

of affected communities that may be particularly

vulnerable to impacts and/or marginalised through

our local engagement with specific NGOsand their

participation in our engagement process, as well

as through our voluntary programmes.

Coca-Cola HBC Integrated Annual Report 2024157

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

S3-3 Processes to remediate negative

impactsand channels for affected

communities to raise concerns

S3-3\_11-15

Please see

S1-3\_01, 02, 05-09 & S1-1\_21

Additionally, through our consumer lines and

thecontacts published on our website and on

thelocal website of our business units, every

community member can approach us. The

consumer line is available on the labels of each

ofour products.

Tracking and monitoring of issues raised and

addressed and ensuring the effectiveness of

the channels

Please see

S1-3\_01, 02, 05-09 & S1-1\_21.

With regards to the consumer line, all signals and

feedback provided to this and via our website are

monitored. We utilise advanced monitoring tools

to track mentions and comments in real-time and

assign dedicated team members to handle feedback

ensuring timely and professional responses. In

addition, we analyse feedback to identify trends

and common issues that allow continuous

improvement, while engaging with consumers

andimplementing changes based on their input

demonstrates a commitment to customer

satisfaction and fosters positive relationships.

Assessing awareness and trust in structures

orprocesses as way to raise concerns

Communication channels are easily available on

our website and on the label of our products.

Protection of individuals against retaliation

Please see

S1-3\_01, 02, 05-09 & S1-1\_21.

S3-4 Taking action on material impacts on

affected communities, and approaches to

managing material risks and pursuing material

opportunities related to affected communities,

and effectiveness of those actions

S3.MDR-A\_01-05 & S3-4\_03, 04

A summarised description of the action plans and

resources to manage our material impacts related

to affected communities in relation to material

sustainability matters we have identified, is

presented below:

Water Stewardship Policy

Key actions taken

Please see

S3.SBM-3\_01, 02, 03, 05, 07.

Expected outcomes

The expected outcome of these actions is to

ensure good quality safe water in sufficient

quantities, as well as access to clean water

andsanitation which are essential to the health

ofpeopleandecosystems and vital for sustaining

communities and supporting economic growth.

How their implementation contributes to the

achievement of policy objectives and targets

The implementation of actions described

above,contributes to the achievement of

policyobjectives to promote sustainable water

management by ensuring CCHBC’s water usage

aligns with the needs of local communities, while

supporting access to safe, high-quality water

andadequate sanitation.

Scope of the key actions

We implemented Community WASH programmes

in water priority locations including the following

countries: Armenia, Bulgaria, Cyprus, Greece,

Italyand Nigeria.

Time horizons under which CCHBC intends

tocomplete each key action

Each water stewardship project is specifically

designed for the local water challenge and its

duration is minimum 10 years.

Quantitative and qualitative information

regarding the progress of key actions or

actionplans disclosed in prior periods

Regarding out Mission 2025 commitment

‘Helpsecure water availability for all our

communities inwater risk locations’, we

monitorour progress using as a KPI the

numberofwater risk locations, in which we

securewater availability for all our communities.

Please see

S3.MDR-T\_01-09, 11, 12, 13.

Additional actions with the primary

purposeofdelivering positive impacts

foraffected communities

In Nogara, Italy, a joint project by Coca-Cola HBC

Italy and the Consorzio di Bonifica Veronese will

add up to 1.5 million m³ of water annually to the

local aquifer.

The Forest Infiltration Area, featuring canals, trees,

and shrubs, will help refresh the groundwater

aquifer with water from the River Adige. This

aquifer will support local wells for agriculture

andcommunity use, becoming more resilient

toweather fluctuations.

This project is one of the ways in which we’re

expanding our knowledge on how to manage

water programmes that bring benefits to local

communities. These include the Living Danube

Partnership that runs in seven countries that

weoperate in.

Tracking and assessing the effectiveness of

actions and initiatives in delivering intended

outcomes for affected communities

Water stewardship projects’ benefits are lasting

atleast 10 years, and we measure the cubic

meters of water saved, the number of community

members who are benefitting, the number

offacilities for clean water or sanitation built,

etc.Within the local stakeholder’s engagement,

we receive feedback on the effectiveness of the

community project.

Donations Policy

Key actions taken

Please see

S3.SBM-3\_01-03, 05, 07.

Expected outcomes

The expected outcomes of these actions are to

enhance access to water, sanitation and hygiene,

support education initiatives and create opportunities

to empower young people, drive job creation, and

advance corporate social responsibility (CSR) efforts.

How their implementation contributes to the

achievement of policy objectives and targets

The implementation of actions described

abovecontributes to the achievement of

policyobjectives to foster healthier, more

resilientand sustainable communities.

Coca-Cola HBC Integrated Annual Report 2024158

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Scope of the key actions

All recipients of CCHBC donations must be

aregistered non-profit organisation, certified

school, hospital, or other academic or social

institution. We prefer organisations which:

•  have long-term goals and objectives that are

publicly communicated;

•   are committed to sustainable development;

•   are renowned experts in the area for which

thecharitable contribution is made;

•   encourage stakeholder engagement and

volunteerism; and

•   are transparent about their activities and

reporton those publicly.

CCHBC will not make donations to:

•   individuals, religious, political or legislative

organisations;

•  organisations that discriminate on the basis

ofrace, colour, ethnicity, creed, religion, gender,

gender identity and/or expression, national

origin, citizenship, ancestry, sexual orientation,

age, pregnancy, disability or political affiliation;

•   organisations that do not fully respect human

as per the UN Guiding Principles on Business

and Human Rights and the resolutions of

ILOConventions;

•  organisations that are directly involved in gambling,

armaments, tobacco and recreational or illegal

drugs, with the exception of those organisations

specifically dedicated to tackling addiction or

drug abuse;

•   professional local sports, family reunions,

beauty contests or commercial shows;

•   organisations that conflict with CCHBC’s business

principles and Code of Business Conduct;

•   projects with a detrimental effect of

environment or biodiversity;

•   entities without good standing and a clean

record with authorities;

•   projects which create the appearance of a bribe,

kickback, other corrupt practice or projects which

require any confidentiality about the contribution.

All donations are made at the discretion of

CCHBC. CCHBC reserves the righttodeny any

request for support.

Time horizons under which CCHBC intends

tocomplete each key action

All of the targets we set are disaggregated into

annual roadmaps and our regular performance

review is two-fold: a) vs the annual roadmap, and

b)vs the direction of the target year. In this way,

wecan set actions and correct course if needed.

Quantitative and qualitative information

regarding the progress of key actions or

actionplans disclosed in prior periods

Regarding mission 2025 commitment

‘#YouthEmpowered – train one million young

people cumulatively’, we monitor our progress

using as a KPI the number of young people

trainedcumulatively.

Please see

S3.MDR-T\_01-09, 11-13.

Tracking and assessing the effectiveness of

actions and initiatives in delivering intended

outcomes for affected communities

For #YouthEmpowered, we track the number

ofpeople trained. In 2024, we conducted a Social

Return on Investment (SROI) study (based on

2022 data) to assess the impact of our initiatives

across selected markets. Our Youth Empowerment

Programme in the Adria Business Unit – comprising

Bosnia and Herzegovina, Croatia and Slovenia

– generated a Total Economic Value (TEV) of

€0.99 million. The programme’s key benefits

included enhanced future income potential and

reduced skill development costs, reflecting our

positive contribution to local communities.

Croatia delivered the highest impact, with

€0.41 million TEV, driven by the largest participant

base of 1,043 individuals, 19% of whom secured

employment. Slovenia achieved the highest SROI

value, at €18.75 per Euro invested, demonstrating

exceptional efficiency. In Bosnia and Herzegovina,

despite a smaller participant group of 391, 26%

employment placement highlighted the

programme’s meaningful influence.

S3.MDR-A\_06-12 & S3-4\_12

As part of our commitment to sustainability,

weremain focused on making a positive impact

onthe local communities where we operate.

Ourmarkets allocate their community budgets

forlocally relevant initiatives that reflect our

programme priorities and the needs of the

community. Community investments reached

€8.4 million in 2024 (excluding the Ukrainian

Solidarity Fund and Coca-Cola HBC Foundation),

More than €1.4 million of the above-mentioned

amount was directly attributed to our

#YouthEmpowered Programme.

For the water and sanitation programme,

investment is primarily driven through the

Coca-Cola HBC Foundation, providing strategic

support tailored to meet critical needs.

The Group’s treasury strategy ensures the

availability of financial resources to support

sustainability-related actions across all key areas.

By leveraging a diversified range of financing

mechanisms, we can address both current and

future priorities effectively.

Our accounting system does not separately

classify sustainability-related costs, as these are

reported in accordance with the general financial

reporting principles. The Opex mentioned above

is reflected in our financial statements, as part

ofthe overall amounts reported in the income

statement, confirming our commitment to the

Youth Empowerment Programme.

Metrics and targets

S3-5 Targets related to managing material

negative impacts, advancing positive impacts,

and managing material risks and opportunities

S3.MDR-T\_01-09, 11-13

A summarised description of the targets

tomanage our material impacts related to

affected communities is presented below:

Water and sanitation

We have set the target of helping secure water

availability for our communities in water risk areas

we operate (19 water priority locations, including

Armenia, Bulgaria, Cyprus, Greece, Italy and

Nigeria)by 2025 to meet our policy objective. This

objective isto ensure good quality safe water in

sufficient quantities, as well as access to clean

water and sanitation, as these are essential to

thehealth of people and ecosystems and vital

forsustaining communities and supporting

economicgrowth.

Access to education (#YouthEmpowered)

We have set a target to train young people,

inconnection with our Donations Policy,

whichaimsto create value for youth people by

supporting their socio-economic development.

Theyeartowhich all targets apply is 2025 and the

target is cumulative, 2017-2025. Our targets are

intrinsic and they are not compared to any

baseline. 2017 is the year we set the targets.

Every sustainability commitment has its annual

roadmap for all the years until the target year is

reached and we follow it for our business planning

purposes for each respective year.

Coca-Cola HBC Integrated Annual Report 2024159

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Table 46: List of targets

Description of

therelationship

between target

and policy Performance

Target Application period Scope of target

Level

Absolute/

Relative  Unit  Time – Period

Milestones/

Interim Targets Activities

Value Chain

Segment

Geographical

boundaries

MD R-T\_ 01 M D R-T\_13 M D R-T\_ 02 M D R-T\_ 03 M D R-T\_ 03 M D R-T\_ 07 M DR-T\_ 0 8 MDR-T\_ 0 4

Help secure water

availability for all our

communities in water

risk locations

Water

Stewardship

Policy 16 19 Absolute # 2025  n/a n/a All value chain

All Group

(except Egypt)

1#YouthEmpowered

– train one million

young people

cumulatively

Donations

Policy 1,119,850 1 million Absolute # 2025 n/a n/a All value chain

All Group

(except Egypt)

S3.MDR-T\_11

Stakeholders have been involved

in target-setting

Please see

S1.MDR-T\_11.

S3. M DR-T\_09

Contextual information

Please also see

S2. M D R-T\_ 09.

S3.MDR-T\_12

Contextual information

Please see

S1. M D R-T\_12.

S3.MDR-T\_13

Performance against disclosed targets

Specifically, to #YouthEmpowered, the number

ofyoung people through #YouthEmpowered

ismeasured, monitored and reported monthly

atalocal/market (business unit) level. Water

stewardship projects are reported quarterly.

How targets are monitored and reviewed

Please see

S1. M D R-T\_13

S3-5\_01-03

S3-5\_01

Affected communities engaged directly

insetting targets

In setting our targets, we actively engage

withaffected communities through direct

consultations and discussions with their

representatives, who have deep insights

intothesituations of these communities.

Thisengagement ensures that our targets, in

areasuch as water replenishment and providing

trainings to youth and community members, are

aligned with the actual needs and expectations

ofthe affected communities. For example, for our

water stewardship projects in Greece and Italy,

weengaged with farmers in order to set the

intervention that would help in their water agenda.

For water and waste projects in Cyprus, we

engaged with hotels’ owners to understand how

best to contribute to their environmental goals.

S3-5\_02

Affected communities engaged directly in

tracking performance against targets

We conduct regular performance reviews for

eachof the KPIs related to our engagement with

affected communities. These reviews include

input from various levels of our organisation as

well as feedback from the affected communities.

We ensure that community feedback is

incorporated into our performance tracking

processes. For example, we communicate our

#YouthEmpowered targets and results to

community members through local meetings

andpublic forums. This transparency allows

ustomaintain accountability and continuously

improve our performance in collaboration with

thecommunities we impact.

S3-5\_03

Affected communities directly in identifying

any lessons or improvements as a result of

CCHBC’s performance

We have established regular ‘Lessons learned’

sessions that include input from affected

communities. During these sessions, we review

significant projects, discussing the outcomes and

areas for improvement with community members.

This collaborative approach ensures that the

lessons learned are relevant and actionable for

both our organisation and the communities.

Coca-Cola HBC Integrated Annual Report 2024160

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Strategy

SBM-3 Impacts, risks and opportunities

andtheir interaction with strategy and

business model

S4.SBM-3\_01-05

At CCHBC, we are committed to ensuring that all

consumers and/or end users who may be impacted

by our operations, value chain, products and services,

and business relationships are included in the scope

of our disclosures under ESRS 2. While access to

products and services, health and safety, responsible

marketing practices, and access to quality information

were not identified as material, we recognise the

importance of transparency and accountability

inall aspects of our business. In the process of

stakeholder engagement and as an output of our

stakeholders’ interviews, the topic of health and

nutrition has been deemed as area of interest.

Investors and ESG raters also consider health

andnutrition as one of the main future risks for

soft drinks industry. In relation to the nutrition

andconsumers’ health and safety, we voluntarily

disclosed responsible marketing practices, access

to (quality) information, and access to products

and services as those are indirectly linked to the

consumers’ health and safety.

Types of consumers and end-users

The types of consumers

1

and/or end users include

persons who drink Coca-Cola HBC products.

As a part of the Coca-Cola System, we have long

believed inthe importance of providing people

with clear, simple and meaningful front-of-pack

information that can help support healthier and

more informed food choices, in line with national

regulatory requirements in the markets where we

sell ourproducts.

We support the recommendation of leading health

authorities that individuals should consume no

more than 10% of their total daily calories from

added sugar. We have committed to reduce

calories per 100ml of sparkling soft drinks by 25%

between 2015 and 2025 across all our markets.

The printed packs and labels of our drinks have

calorie information and back-of-pack nutrition

information with Guideline Daily Amounts (GDA)

inthe EU (as required by law). We also voluntarily

add front-of-pack traffic-light labels on our core

sparkling drinks in 22 markets, that outline whether

a food has high, medium or low amounts of fat,

saturated fat, sugars and salt per 100ml through

acolour scheme of red, amber and green. It also

includes the number of calories and kilojoules

perproduct.

We fully comply with the labelling regulations of the

country in which we operate. Labelling regulations

require a full list of ingredients, including additives

and allergenic ingredients to be labelled for

consumer safety and transparency.

In Europe we fully comply with the Food Information

to Consumers Regulation (1169/2011) that sets

out a uniform set of rules as to how the list of

ingredients must be presented on the packaging.

In markets where relevant regulations do not exist,

nutrition information is provided in line with the

Codex Guidelines on Nutrition Labelling. Nutrition

information is displayed on most of our product

labels, except for certain returnable bottles,

fountain beverages, alcohol ready-to-drink

beverages, and unsweetened, unflavoured waters.

We are committed to not marketing any of our

drinks directly to children under 13, with a 30%

audience threshold, in any channel or communication,

and to not offering any soft drinks in primary schools.

In UNESDA markets, we sell only no- and low-calorie

soft drinks, in non-branded vending machines.

ESRS S4 –

Consumers

and end-users

1.  Consumer: Person who drinks Coca-Cola HBC products.

Customer: Retail outlet, restaurant or other operation that sellsorserves Coca-Cola HBC products directly to consumers.

Coca-Cola HBC Integrated Annual Report 2024161

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

To help people better manage their sugar intake

from our drinks, we are taking actions. These

include reducing sugar in our beverages, launching

new low- and no-sugar drinks, offering small packs

for portion control and promoting our low- and

no-sugar beverage choices.

Our impact

We have no widespread or systemic material

negative impacts on consumers and/or end-users

in contexts where we operate.

There was one product quality incidents resulting

in product recall in 2024 in Austria. We reported

14 minor notices of violations related to quality,

with the total amount of €3.79k fines paid.

In 2024, we recorded full compliance with our

Responsible Marketing Policies across all our

business units.

Brief description of the activities that result

inthe positive impacts

Health and food safety: At CCHBC, we have

implemented several initiatives to ensure the

health and safety of our consumers. We have

acontinuous process to evaluate and assess

product- and process-related food safety risks,

ensuring food safety through relevant prerequisite

programs such as HACCP and allergen management.

This process applies to all our products and services.

Additionally, all (100%) of our manufacturing bottling

sites, representing 100% of our production

volume, are certified according to the Food Safety

System Certification (FSSC) 22000 scheme,

recognised under the Global Food Safety Initiative

framework. Also, 100% of all our direct operations

are covered by the internal Quality and Food

Safety audit process to assure full compliance

withthe local health and safety, and food safety

standards and our stringent internal requirements.

All (100%) of our business units are covered by the

internal quality and food safety management

system, including manufacturing plants, offices,

sales offices, our own distribution centres and

warehouses, the contractors working in our

premises and third-party contractors.

We are committed to meeting evolving consumer

needs and preferences by offering more of the

products they want, including low- and no-sugar

options, across various categories and in more

packages. We focus on innovation, expanding

ourrange of zero-calorie drinks, and reducing

thecalorie content of many of our products

inourportfolio.

Access to (quality) information: At Coca-Cola

HBC, we are committed to providing clear and

transparent information to help consumers make

informed decisions about their diet. We ensure

that key nutritional information is available and

visible on the front-of-pack labels of our bottles

and cans. These labels include the Guideline

DailyAmount (GDA) information, which provides

at-a-glance details on calories, sugar, fat, saturated

fatand salt content. Additionally, we have introduced

traffic-light labels, as previously mentioned,

promoting informed choices.

In 2024, as required by law in the EU, the printed

packs and labels of our drinks included calorie

information along with back-of-pack nutrition

information with GDA details. This legal

requirement complements our own voluntary

initiatives to provide transparent and accessible

nutritional information to our consumers.

Furthermore, we provide product storage

instructions and freshness rules to customers,

aswell as best before-dates to consumers. This

helps ensure that our products are consumed at

their best quality. We also offer different serving

sizes for our products to fit the needs of consumers,

allowing them to manage their intake more effectively.

As mentioned earlier, in markets without specific

regulations, we follow the Codex Guidelines on

Nutrition Labelling. Most product labels include

nutrition information, excluding certain returnable

bottles, fountain beverages, alcohol-ready-to-drink

beverages, FINLANDIA Vodka, and unsweetened,

unflavoured waters.

Access to products and services: At Coca-Cola

HBC, we are dedicated to ensuring that our products

are accessible to a wide range of consumers with

diverse tastes and preferences. Our 24/7 product

portfolio caters to these varying preferences, and

we continually innovate, especially in low- and

no-sugar variants, to lead the sector and provide

choices that meet the needs of our consumers.

We are committed to evolving our portfolio to

address changing consumer moments and have

invested further in digital and e-commerce

platforms to meet new shopper needs.

To accommodate different consumer needs,

weprovide different serving sizes for our

products, allowing consumers to manage

theirintake more effectively. Additionally, we

collaborate with customers, NGOs, and peers

using alternative channels, such as food banks

ormarkets, to redirect surplus products to

support people in need.

Responsible marketing practices: At Coca-Cola

HBC, we are committed to responsible marketing

practices that promote healthier choices and

protect vulnerable populations. We take proactive

actions to help people better manage their sugar

intake from our drinks by reducing sugar in our

beverages, innovating new low- and no-sugar

drinks, offering small packs for portion control,

and promoting our low- and no-sugar beverage

choices. For more information, please refer to

pages 14 to 15 of the Strategic Report, ‘Leverage

our unique 24/7 portfolio’ section.

We adhere to TCCC’s Global Responsible

Marketing Policy, which includes its Global

SchoolBeverage Policy and Global Responsible

Alcohol Marketing Policy.

Furthermore, we are committed to implementing

the Union of European Soft Drinks Associations

(UNESDA) responsible marketing and school sales

pledges. This commitment reinforces our dedication

to responsible marketing practices and ensures

that our marketing efforts are conducted in a manner

that is ethical and respectful of all consumers.

S4.SBM-3\_07

Consumers and/or end-users in greater

riskofharm

Our portfolio is one of the strongest, broadest and

most flexible in the beverage industry, offering

consumer-leading brands in the sparkling, juice,

water, sport, energy, ready-to-drink tea, coffee,

adult sparkling, snacks and premium spirits

categories. Our products cater to a growing range

of tastes with a wider choice of options, premium

products and increasingly sustainable packaging.

As a company we are continuously evolving

ourportfolio to help create a healthier food

environment. We are already reformulating

manyof our drinks to contain less sugar and

fewercalories. To give consumers more options,

we are also offering more diet, light and zero-

calorie drinks in our portfolio.

Impact, risk and opportunity

management

S4-1 Policies related to consumers

andend-users

S4.MDR-P\_01-04, 06 & S4-1\_01

The relevant policies adopted to manage

sustainability matters are Health & Wellness

Policy, Quality & Food Safety Policy and

Responsible Marketing Policy. These policies

cover all our consumers and/or end-users

thatwere mentioned in the previous section.

Health & Wellness Policy

Key contents of the policy

Coca-Cola HBC cares about the health of its

consumers. The Company offers an increasingly

wide range of drinks, from traditional sparkling

beverages, including regular, low and no-calorie,

to juices, waters and other still drinks. All of these

can be enjoyed as part of a healthy diet.

Coca-Cola HBC Integrated Annual Report 2024162

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Coca-Cola HBC is committed to responsible

communication about its products and to promoting

clear, user-friendly front-of-pack nutritional labelling,

together with nutrition programmes and supporting

materials, to help consumers make well-informed

choices. Coca-Cola HBC is a founding signatory of

the UNESDA Commitments, a set of voluntary

industry obligations that address consumer

information and education, healthy lifestyles

andphysical activity, advertising, beverage

choiceand research in the European Union.

Our range of drinks is suitable for a wide variety

ofdrinking occasions from morning until night.

Inaddition, the Company supports activities

promoting fitness and physical exercise.

Coca-Cola HBC is committed to satisfying

consumer demand for:

•  A Broad Choice of Beverages

•  Increased Consumer Information

•  Responsible Sales and Marketing

•  Comprehensive Lifestyle Programmes

•  Promoting Sports and Physical Activity

Objective

The Health & Wellness Policy aims to enhance

consumer well-being by ensuring that a wide

variety of beverage options are available,

supporting informed decision-making through

effective communication and labelling practices.

Process for monitoring

Monitoring is done via quarterly internal school

sales compliance reporting and annual written

confirmation of compliance from all General

Managers in our markets. The results are used to

confirm annual compliance to The Coca-Cola

Company on behalf of Coca-Cola HBC Group

(global annual bottler compliance confirmation

process). UNESDA also performs third-party

audits for its progress reports against its

commitments to the EU Code of Conduct on

Responsible Food Business and Marketing

Practices. On top, all relevant employees

participate in a dedicated annual responsible

marketing training.

Scope

The policy applies to all markets and geographies

where we operate, distribute and sell products. It

applies to our entire value chain including both our

own operations and downstream activities. The

affected stakeholder groups include consumers,

employees, communities, customers and investors,

ensuring that we address the sustainability

concerns of all relevant parties.

Most senior level accountable for the

implementation of the policy

The Health & Wellness Policy of Coca-Cola HBC

isowned and endorsed by the Corporate Social

Responsibility Committee of the Board of Directors.

Responsibility for the successful implementation

of the programme is with the Chief Customer and

Commercial Officer down to the business units.

Commitment to respect third-party standards

Coca-Cola HBC adheres to the Coca-Cola

Company Global Responsible Marketing Policy

andis a signatory to the European Soft Drinks

Association’s (UNESDA) advertising and

marketing practices. The Company is also

afounding signatory of the UNESDA Commitments,

which support the EU strategies to deliver sustainable

food and drinks production and consumption.

Policy available to potentially

affectedstakeholders

The policy is made available to consumers through

our website and covers all consumers who drink or

would drink our beverages and use our products.

To facilitate informed decision-making, we utilise

back-of-pack labelling to provide detailed

information about calories, sugar, fat, saturated

fat and salt content per serving, and a proportion

of a healthy diet. Additional information is provided

in Company publications, our website, customer

lines and consumer response services. The policy

is also translated into local languages to ensure

that all employees can fully understand it.

We place a specific emphasis on protecting

children under the age of 13, as we are committed

to not marketing any of our products to this age

group, regardless of nutritional profile.

While Coca-Cola HBC is responsible for customer

marketing and execution at the point of sale,

TCCC is responsible for all consumer marketing.

For more information, please refer to the full

policyavailable here: Coca-Cola HBC Health

&Wellness Policy.

Quality & Food Safety Policy

Key contents of the policy

The following quality and food safety principles are

the foundation of Coca-Cola HBC’s commitment

to quality and food safety:

•  Manufacture and deliver products that meet

the highest quality and food safety standards.

•  Meet all statutory, regulatory and mutually

agreed customer requirements.

•  Ensure a sustainable quality and food safety

culture through effective management systems

compliant with ISO 9001, FSSC 22000 and Coca-

Cola System requirements and standards (KORE).

•  Validate the effectiveness of our management

systems through recognised internal and

external audits.

•  Apply a risk assessment methodology to

achieve and continually improve our objectives.

•  Build a quality and food safety capability, mindset

and culture through structured programmes.

•  Continually review policies, standards and

procedures to manage food safety risks.

•  Include quality and food safety strategies

intheannual business planning process.

•  Set annual measurable objectives for continuous

improvement and compliance with all standards.

•  Ensure suppliers and contractors embrace the

same commitments and monitor their compliance.

•  Communicate requirements to all relevant

parties and establish specifications for

ingredients, packaging, storage, distribution

and consumer guidelines.

•  Communicate quality and food safety aspects,

strategies and performance to all stakeholders.

Objective

The Quality & Food Safety Policy aims to uphold

the highest standards in product quality and

safety, ensuring that all operations align with

regulatory requirements and foster a culture

ofcontinuous improvement.

Process for monitoring

It is monitored though the results of the ISO 9001

and FSSC 22001 audits, via the number of notices

of violations issued by different regulatory bodies,

via the results of the internal cross-boarder quality

audits and TCCC GAO audits, as well as by

monitoring and reporting of consumer

complaints.

Scope

The policy applies to all markets and geographies

where we operate, distribute and sell products.

Itapplies to our entire value chain including

upstream, own operations and downstream

activities. The affected stakeholder groups

include consumers, employees, communities,

suppliers, customers and investors, ensuring

thatwe address the sustainability concerns

ofallrelevant parties.

Most senior level accountable for the

implementation of the policy

The Quality & Food Safety Policy of Coca-Cola HBC

is owned and endorsed by the Board of Directors.

The management responsibility is within the Head

of Quality, Safety and Environment (QSE) who

reports to the Chief Supply Chain Officer. Each

CCH employee is responsible for meeting our

quality and food safety standards within their

leveland specific work.

Commitment to respect third-party standards

Ensure a sustainable quality and food safety

culture through the implementation, certification,

and continuous improvement of effective quality

and food safety management systems compliant

with ISO 9001, FSSC 22000, together with

Coca-Cola System requirements and standards

(KORE) in all operations and where applicable.

Coca-Cola HBC Integrated Annual Report 2024163

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

Policy available to potentially

affectedstakeholders

Communicate quality and food safety

requirements to consumers, and other relevant

interested parties by establishing specifications

for ingredients andpackaging materials,

productstorage and distribution, and consumer

guidelines. Communicate quality and food

safetyaspects, strategies, andperformance

toconsumers that have an impact on or are

affected by Coca-Cola HBC’s food safety and

quality management systems. The policy is also

translated into local languages to ensure that all

employees can fully understand it.

For more information, please refer to the full policy

available here: Quality & Food Safety Policy.

Read more

Responsible marketing policy

foralcoholicbeverages

1

Key contents of the policy

The Responsible Marketing Policy for Alcoholic

Beverages of Coca-Cola HBC includes the

following key objectives:

•  Promoting responsible consumption.

•   Preventing underage drinking and reducing

harmful use of alcohol.

•   Providing clear guidance for responsible

marketing and promotion.

•   Ensuring compliance with laws and

industryguidelines.

Objective

The Responsible Marketing Policy for Alcoholic

Beverages aims to promote responsible

consumption and prevent underage drinking

whileensuring that all marketing practices

complywith relevant laws and industry guidelines.

1.   Please note, we are not focusing on the policy from an alcoholic perspective, as it pertains to specific stakeholders.

Process for monitoring

Monitoring is done via annual written confirmation

of compliance from all General Managers in

ourmarkets for both the Global Responsible

Alcohol Policy of TCCC, and the Coca-Cola HBC

Responsible Marketing Policy for Alcoholic

Beverages. On top, all relevant employees

participate in a dedicated annual responsible

marketing training.

Scope

The policy applies to our downstream activities.

The affected stakeholder groups include

consumers, communities and customers,

ensuring that we address the sustainability

concerns of all relevant parties.

The policy also applies to all marketing activities,

including but not limited to:

•  selling activities

•   merchandising

•   sales and brand advertising

•   on-and off-premises promotional activities

andrelated materials

•   brand innovation activities

•   experiential marketing

•   consumer planning and market research

•   relationship  marketing

•   consumer public relations

•   the development and content of brand web

sites, electronic communications and digital

media, product placements and sponsorships,

and

•   labelling and packaging

Most senior level accountable for the

implementation of the policy

The policy is to be strictly adhered to in the

samemanner as the codes, policies and

commitments on Coca-Cola HBC operations

andactivities in respect of the non-alcoholic

beverages we produce and distribute, in order to

reflect the company’s high standards, core values

and social responsibility commitments. The

implementation of this policy is under the

responsibility of the Chief Operating Officer.

Commitment to respect third-party standards

In November 2023, Coca-Cola HBC joined the

Global Standards Coalition. This initiative aims

toprevent underage drinking and reduce harmful

use of alcohol through stakeholder engagement,

training tools and best practices. The Global

Standards Coalition is driven by the International

Alliance of Responsible Drinking (IARD).

Policy available to potentially

affectedstakeholders

The Responsible Marketing Policy for alcoholic

beverages of Coca-Cola HBC is made available

toconsumers through Company publications,

itswebsite, and consumer response services.

Thepolicy is also translated into local languages to

ensure that all employees can fully understand it.

For more information, please refer to the full policy

available here: Responsible marketing policy for

alcoholic beverages.

Read more

All CCHBC policies are available on our website

and are cascaded to our local business units.

Quality and Food Safety Policy is also printed

anddisclosed in every manufacturing plant.

Quality and Food Safety training are mandatory

for each employee. Regularly we perform quality

and food safety campaigns to raise awareness

andunderstanding on the importance of quality

and food safety. Health & Wellness Policy

iscommunicated to all relevant groups

ofemployees, such as marketing and

commercialdepartments.

S4.MDR-P\_05

Consideration given to the interests of

keystakeholders in setting the policies

inprevious section

In setting these policies, we have considered

theinterests of key stakeholders, including

consumers, nutrition experts, suppliers, and

industry partners to ensure that our offerings

andpractices align with their expectations and

promote overall wellbeing. We ensure compliance

with statutory and regulatory requirements,

promote a sustainable quality and food safety

culture, and communicate our standards and

performance to all relevant parties, to ensure

ourpractices align with their expectations and

promote responsible marketing.

Coca-Cola HBC Integrated Annual Report 2024164

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

S4-1\_02 – S4-1\_07

Alignment with Internationally Recognised

Instruments and Human Rights Policy

Commitments Relevant to Consumers

andEnd-Users

Coca-Cola HBC adheres to The Coca-Cola Company

Global Responsible Marketing Policy andis a signatory

to the European Soft Drinks Association’s (UNESDA)

advertising and marketing practices, which reflect

our commitment to responsible marketing and

consumer protection. Additionally, as a founding

signatory of the UNESDA Commitments, we

support the EU strategies to deliver sustainable

food and drinks production and consumption.

Currently, Coca-Cola HBC does not have specific

human rights policy commitments that are directly

relevant to consumers and/or end-users published

on our website. Our focus has been on ensuring

compliance with statutory and regulatory

requirements, promoting a sustainable quality

andfood safety culture, and communicating our

standards and performance to all relevant parties.

Cases of non-respect to

internationalinstruments

In 2024, we recorded full compliance with our

Responsible Marketing policies across all

ourbusiness units.

S4-2 Processes for engaging with

consumersand end-users about impacts

S4-2\_01 & S4-2\_03

At Coca-Cola HBC, we prioritise several key topics

that are important to our consumers, including:

•  Health and nutrition

•   Product quality

•   Responsible marketing

How we engage:

At Coca-Cola HBC, it is essential to clarify that

every new product or packaging is developed

byTCCC. TCCC owns, develops and markets

itsbrands with the end consumers. Our role as

Coca-Cola HBC is to produce, distribute, and sell

these beverages, ensuring that we have the right

portfolio for the Hellenic markets and to ensure

executing our operations efficiently.

While we are responsible for the production and

distribution, consumer insights, research, and

testing are primarily conducted by TCCC. This

process is integral to our operations, but it is

managed by TCCC, allowing us to focus on

delivering quality products to our consumers.

To understand consumer needs and preferences,

we mostly cooperate with TCCC but also we

leverage various channels, including:

•   feedback from social media and consumer hotlines

•   local  websites

•   research  initiatives

•   surveys

•   customers’ feedback via direct interactions

orthrough customer surveys

The stage(s) at which engagement occurs,

thetype of engagement and frequency of the

engagement are detailed below:

•  Stage(s) of Engagement: Engagement occurs

at various stages, regular business updates,

andongoing feedback mechanisms.

•  Type of Engagement: The types of

engagement include consumer insights,

social media feedback, consumer hotlines,

local websites, research, surveys, global/

local trends, focus groups or shopper needs

expressed indirectly via our customers, etc. The

engagement of consumers and/or end-users

from Coca-Cola HBC side is mainly through our

in-store/online presence of our products and

via customer media targeted to their shoppers.

•  Frequency of Engagement: Engagement occurs

regularly or is always-on via in-store presence of

our products and the options via hotline, social

media or other channels. Customer insights are

gathered through research and surveys. Special

activations or promotional support is based on

activities agreed between TCCC and Coca-Cola

HBC based on the yearly business plan.

Outcomes of engagement:

Through our engagement efforts, we

continuously adapt our portfolio to meet changing

consumer preferences. Additionally, we have

made significant investments in digital and

e-commerce to meet new shopper needs.

S4-2\_02

Engagement with stakeholders with

affectedconsumers and/or end-users

ortheirrepresentatives

We work closely with customers – ranging from

grocery stores, restaurants to street vendors,

convenience stores, movie theatres and

amusement parks, among many others –

toexecute localised strategies developed in

partnership with TCCC. Customers then sell

ourproducts to consumers.

While we collect direct feedback from consumers

through hotlines and surveys, TCCC has a more

extensive reach in obtaining direct consumer

feedback, as they own the brands and have

directinteractions with end-users.

This multi-faceted engagement ensures that

weare responsive to consumer needs and

preferences, allowing us to adapt our offerings

and marketing strategies effectively.

S4-2\_04

Most senior role that has operational

responsibility for ensuring that engagement

with consumers and/or end-users happens is

Chief Operational Officer.

For more information on consumer trends, please

refer to Strategic Report, ‘Market trends’ section

on pages 4 to 5 and ‘Leverage our unique 24/7

portfolio’ section on pages 14 to 15.

Read more

As part of the Coca-Cola System, we are

committed to delivering both great taste,

healthyand balanced diets, aligning with

whatourconsumers desire.

Our actions across the system fall within five pillars:

1. Less Sugar, More Choices.

2. New and Different Drinks.

3. Informed Decisions.

4. No Marketing Targeting Children.

5. Promoting Low- and No-Sugar Choices.

S4-2\_05

The effectiveness of our engagement with

consumers and/or end-users, and relevant

outcomes that result from such engagement

We assess the effectiveness of our

engagementwith consumers and end-users

through feedbackmechanisms and surveys.

Wemonitorconsumer satisfaction and track

feedback from various channels.

We review the outcomes of our engagements

toensure our actions meet consumer needs. For

example, based on feedback, we have added low

and no-calorie options and improved our digital

and e-commerce platforms.

This process helps us ensure our engagement

with consumers and end-users is effective and

responsive to their needs.

S4-2\_06

The steps we take to gain insight into

theperspectives of our consumers and/or

end-users that may be particularly vulnerable

to impacts and/or marginalised (for example,

people with disabilities, children, etc.)

For CCHBC’s consumers and/or end-users who

may be particularly vulnerable to impacts and/or

marginalised, such as people with disabilities,

andchildren, we employ the same engagement

steps including surveys and feedback collection,

to ensure their perspectives are considered in

ourdecision-making processes.

Coca-Cola HBC Integrated Annual Report 2024165

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

S4-3 Processes to remediate negative impacts

and channels for consumers and end-users to

raise concerns

S4-3\_01

Channels to raise concerns and general

approach and processes for providing or

contributing to remedy

Coca-Cola HBC has established dedicated

hotlines for consumer complaints, available in

each country where we operate and available

onthe labels of each of our products.

These hotlines allow consumers to provide

feedback and report issues directly. In some of

ourmarkets, CCHBC was the first company to

launch such a line. Our website contains the

contact information and consumers may

approach us via social media as well.

In case of any food safety incident with

consumers, as part of our quality and food

safety,and risk procedures we provide the

neededsupport to the consumer.

The effectiveness of our grievance mechanisms is

reviewed by the Internal Audit department, which

assesses whether mitigation has been effective

and whether grievances have been addressed.

Additionally, the effectiveness of our grievance

mechanisms and the outcomes of Food safety

audits are evaluated to ensure compliance and

continuous improvement in our processes.

S4-3\_02

Consumer perspectives and engagement

indecision-making

Please see also S4.SBM-3\_01-05, S4-2\_01 &

S4-2\_03, S4-2\_02 and S4-3\_01

While Coca-Cola HBC collects consumer

complaints, it is important to note that any

changes regarding products are managed by

TCCC. We facilitate thecollection of feedback,

butTCCC is responsible for addressing,

e.g.,product-related issues. Furthermore,

weactively monitor feedback through our

websiteand social media channels, ensuring

thatconsumer needs are addressed promptly.

S4-3\_03

Support for feedback channels

inbusinessrelationships

Coca-Cola HBC encourages the establishment of

effective feedback channels among our suppliers

and partners. We provide guidelines to help them

develop mechanisms that allow consumers to

raise concerns.

S4-3\_04

Tracking and monitoring issues raised

andensuring effectiveness of channels

At Coca-Cola HBC, we have fostered a culture

that prioritises Quality and Food Safety, while

always focusing on our consumers. We monitor

and report every consumer complaint received

through every available channel. Following this,

weperform root cause analysis and take all

necessary measures to ensure product safety,

prevent quality incidents and eliminate defects

through robust analytical governance and

strongcapabilities.

Regarding the consumer line, all signals and

feedback provided through this and via our

website are monitored. We utilise advanced

monitoring tools to track mentions and

comments in real-time and assign dedicated team

members to handle feedback ensuring timely and

professional responses. In addition, we analyse

feedback toidentify trends and common issues,

allowing forcontinuous improvement.

All consumer complaints or queries through

oursocial media are directed to the appropriate

point of contact in the specific region. Our

socialmedia accounts are monitored Monday

toFriday, and we have clearly sign posted contact

information on our website to support those who

want to get in touch. You can find the list here:

https://www.coca-colahellenic.com/en/contact-us.

Engaging with consumers and implementing

changes based on their input, demonstrates a

commitment to customer satisfaction and

fosterspositive relationships.

S4-3\_05 & S4-3\_06

Assessing awareness and trust in structures

orprocesses as way to raise concerns &

Protection against retaliation for feedback

External challenges of consumer sensitivity

remained on high level, increasing our still low

baseof consumer complaints from 0.14 to 0.16

per million bottles sold in 2024 compared to

2023.This increase is partially due to changes

inpackaging from sustainability initiatives, as well

asthe fluctuating natural colour range of orange

juice concentrate.

In Austria, we had an incident connected to 0.5L

PET carbonated soft drinks from one production

line. We informed authorities and initiated a

precautionary public recall, as it could not be ruled

out that some products might have been effected

by a technical incident in the production process.

When a consumer complaint is received,

weperform thorough root cause analysis, we

resolveit promptly and fairly, giving feedback

toconsumer and often providing a replacement

product. This approach ensures consumers feel

heard and trust our processes, with no retaliation

for raising concerns. Only 33% of reported

complaints were justified after investigation.

We continue to improve and modernise

ourmanufacturing processes, focusing

onproduct quality, safety and integrity,

tomaintain consumer trust.

Coca-Cola HBC Integrated Annual Report 2024166

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

S4-4 Taking action on impacts on consumers and end-users, and approaches to managing risks and pursuing opportunities related to consumers and end-users, and effectiveness ofthose actions

S4.MDR-A\_01-05 & S4-4\_01, 06, 07

A summarised description of the action plans andresources to manage our impacts related toconsumers and end-users in relation to sustainability matters we have identified, ispresented below:

S4.MDR-A\_01

Key actions and future plans for policy implementation: Health & Wellness Policy, Quality & Food Safety Policy, and Responsible Marketing Policy for Alcoholic Beverages

Table 47: Key actions (existing and planned) in relation to consumers and end-users

List of actions

Time horizon

(MDR-A\_03)

Expected outcome

Relation to policy objectives /

targets (where relevant)

Scope of action

(MDR-A\_02)

Current  Planned  Activities  Value chain segment

Geographical

boundaries  Affected stakeholders

Continuous

evaluation/

assessment of

product- and

process-related

food safety risks

Yes  Continuous Ensure food safety

and eliminate any

potential food

safety risk

Assure consumers and

customers food safety

through relevant

prerequisite programmes

(e.g., HACCP, allergen

management); Manufacture

and deliver products that

meet the highest quality

and food safety standards,

assuring product and

process integrity

62 out of 62 manufacturing

sites (both beverages and

snacks), representing 100% of

production volume, are

certified according to Food

Safety System Certification

(FSSC) 22000 scheme which is

recognised under Global Food

Safety Initiative framework

Own operations;

Upstream

(suppliers);

Downstream

(customers)

(suppliers)

Global  Consumers;

customers;

suppliers; own

employees

Clear and

transparent

nutrition

information

Yes  Continuous Increased

consumer trust;

help consumers

make well-

informedchoices

Coca-Cola HBC is

committed to responsible

communication about its

products and to promoting

clear, user-friendly front-of-

pack nutritional labelling,

together with nutrition

programmes and

supporting materials, to

help consumers make

well-informed choices;

Provide clear and transparent

nutrition information about

what’s inside our drinks, such as

the Guideline Daily Amount

(GDA) and traffic-light labels on

our core sparkling drinks in

22 markets; Support the

recommendation of leading

health authorities that

individuals should consume no

more than 10% of their total

daily calories from added sugar

Downstream;

Marketing and

labelling

22 markets  Consumers

Consumer

feedback

mechanisms

Yes  Continuous Better consumer

engagement

Collect and address

consumer feedback

Consumers provide feedback

on social media, via consumer

hotlines and indirectly via

customers

Customer Service  Global  Consumers;

customers

Coca-Cola HBC Integrated Annual Report 2024167

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

List of actions

Time horizon

(MDR-A\_03)

Expected outcome

Relation to policy objectives /

targets (where relevant)

Scope of action

(MDR-A\_02)

Current  Planned  Activities  Value chain segment

Geographical

boundaries  Affected stakeholders

Evolve product

portfolio

Yes  Continuous  Address the

emerging

consumers; trends

Provide a broad choice

ofbeverages and help

consumers to manage

theircalories intake;

Address changing

consumer moments

Provide low and no- calorie

beverages, reformulation of our

existing beverages, expand

portfolio to more natural and

with functional benefits drinks;

Reduce sugar in our beverages,

innovate for new low- and

no-sugar drinks, offer small

packs for portion control and

promote low-and no-sugar

beverage choices

Downstream

– Product

development

Global  Consumers;

communities

Provide

appropriate

portion sizes

Yes  Continuous  Help consumers

manage their intake

of calories;

Consumer choice

and customer

preference

Provide an appropriate

choice of portion sizes

soas to help consumers

manage their intake

ofcalories

Provide appropriate

portionsizes to manage

calorie intake

Product

development

Global  Consumers

Responsible

marketing policies,

including school

beverage policy

and responsible

marketing policy

for alcoholic

beverages

Yes  – Increased

consumer trust

The effective marketing of

our brands is a core driver

for our business, and we

take steps to ensure that

our marketing is not only

effective but responsible

and reasonable.

Adhere to responsible marketing

policies; We don’t do marketing

for any of our drinks directly to

children under 13, with a 30%

audience threshold, in any

channel or communication. We

alsodo not offer any soft drinks

inprimary schools

Marketing and Sales   Global

Adhere to

theEuropean

SoftDrinks

Association

(UNESDA)

commitments

topromoting

balance diet

Yes Continuous Improved

consumer trust;

contribution to the

EU objectives for a

more sustainable

food system

Coca-Cola HBC is a founding

signatory of the UNESDA

Commitments, a set of

voluntary industry obligations

that address consumer

information and education,

healthy lifestyles and physical

activity, advertising, beverage

choice and research in the

European Union;

We will continue to promote

low and no calorie beverages.

Responsible advertising: not

tomarket or advertise any soft

drinks to children across all

media; Do not sell any soft drinks

in primary schools (through

direct distribution), the only soft

drinks we sell in EU secondary

schools are low- and no-calorie

(through direct distribution) and

only in non-branded (no logo)

vending machines

Downstream  UNESDA

markets

Consumers,

communities

Coca-Cola HBC Integrated Annual Report 2024168

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

List of actions

Time horizon

(MDR-A\_03)

Expected outcome

Relation to policy objectives /

targets (where relevant)

Scope of action

(MDR-A\_02)

Current  Planned  Activities  Value chain segment

Geographical

boundaries  Affected stakeholders

Implement

statistical process

control on the

main quality

parameters in

manufacturing

sites

2024 Continuous Ensure product

quality and food

safety; proactive

prevention of any

deviation from

quality parameters

Manufacture and deliver

products that meet the

highest quality and food

safety standards, assuring

product and process

integrity.

Investing in technologies that

monitor, record and analyse

specific manufacturing

parameters that are important

for product quality; training of

the employees in the plants to

use this statistical control

Own operations –

Manufacturing

All countries

where we

operate

Own employees,

customers,

consumers

Capability

building;

implement

training

programmes

across different

layers and

functions in the

organisation

2024 Continuous  Make sure every

person in the

organisation

understand and

follow high quality

standards so to

assure product

quality and safety

and thus consumer

preference

Ensure a sustainable quality

and food safety culture;

Build a quality and food

safety capability, mindset

and culture

Develop and perform different

quality training across

organisations based on the

specific roles: advanced

microbiological training,

SupplyChain Academy with

many modules on quality/food

safety, internal x-boarder

auditors for FSSC training

Own operations All countries of

operation

Own employees

Conduct

internalaudits

Yes Continuous Ensure continuous

improvement and

compliance with all

requirements and

our internal quality

standards

Validate the effectiveness

of the quality and food

safety management

systems

Perform validation and

continuously improve the

effectiveness of the quality and

food safety management

systems through internal audit

processes: (x-boarder with

internal experts; Global Audit

Organisation by TCCC audits;

Corporate Audit Organisation

(CAD) department audits,

Engineering audits for

equipment and facilities for

internal standards’ compliance).

Own operations  All countries of

operation

Own employees,

consumers

Apply risk

assessment

methodology

across our plants

and suppliers

Yes Continuous Manage effectively

food safety risks

Apply a risk assessment

methodology

Conduct risk assessments

andimplement risk

mitigationstrategies

Manufacturing;

suppliers

Global  Consumers,

Employees,

Suppliers

Coca-Cola HBC Integrated Annual Report 2024169

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

List of actions

Time horizon

(MDR-A\_03)

Expected outcome

Relation to policy objectives /

targets (where relevant)

Scope of action

(MDR-A\_02)

Current  Planned  Activities  Value chain segment

Geographical

boundaries  Affected stakeholders

Review quality

andfood

safetypolicies

Yes – Ensure continuous

improvement and

compliance with

allrequirements

Continually review quality

and food safety policies,

standards and procedures

and implement

improvements

Monitor the external trends

andCCHBC performance

andregularly review and

updatepolicies, standards,

andprocedures

Own operation,

Upstream

(suppliers),

Downstream

Global  Consumers,

Employees,

Suppliers

Integrate quality

and food safety in

business planning

Yes – Ensure continuous

improvement and

compliance with all

requirements

Include quality and

foodsafety strategies

intheannual business

planning process

Integrate quality and food

safety strategies into business

planning to ensure that food

safety and quality remains an

integral part of operations.

Own operations  Global  Consumers,

Employees

Set annual quality

and food safety

objectives

Yes – Ensure continuous

improvement and

compliance with all

requirements

Set annual measurable

quality and food safety

objectives and targets,

monitor their progress and

perform corrective actions

in case of deviation

Establish and monitor quality

and food safety objectives

Own operations All countries of

operation

Consumers,

Employees

Perform annual

quality and food

safety awareness

campaigns for

employees

Yes Continuous Increase employees

understanding,

knowledge and

awareness and thus

improve quality

Build a quality and food

safetycapability, mindset and

culture through structured

programmes that develop

employees’ competencies

and technical skills, increase

awareness, manage risk

anddrive increasing levels

ofexcellence across

theorganisation

Regularly perform quality

andfood safety awareness

campaign focusing on different

topics and by using different

communication channels

Own operations  All countries

ofoperation

Employees

Coca-Cola HBC Integrated Annual Report 2024170

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAN2BeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArA8a6bd6t4SvrGxi825l8vYm4LnEik8kgdAa36KUldWNKNV0qkakd00/uPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uiuf6rDuz3f9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4nofgLxNZ+INNurjTdkMN1FJI3nxnChwScBs9BXtlFFa06apqyPMx2YVcbJSqJK3b/h2U54JHmZlXIPvUf2ab+5+orQorQ4TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RVi1jePfvGM4xzViigBsgLRsB1IIqj9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigBGZUUszBVAySTgAVjy+K9FhkKG9DEddiMw/MDFcj4s12W+v5LOF2W1hOwgHG9geSfbPT6Zrmq0UO5wVcY1K0Een/wDCYaJ/z9t/36f/AAo/4TDRP+ftv+/T/wCFeYUVXs0ZfXanZHp//CYaJ/z9t/36f/Cj/hMNE/5+2/79P/hXmFFHs0H12p2R6f8A8Jhon/P23/fp/wDCj/hMNE/5+2/79P8A4V5hRR7NB9dqdken/wDCYaJ/z9t/36f/AAo/4TDRP+ftv+/T/wCFeYUUezQfXanZHp//AAmGif8AP23/AH6f/Cj/AITDRP8An7b/AL9P/hXmFFHs0H12p2R6f/wmGif8/bf9+n/wo/4TDRP+ftv+/T/4V5hRR7NB9dqdkeoDxhoZP/H4R/2yf/CtW1vLa+i821nSVOmUOcfX0rxqrenalc6XdrcW0hUg/MueHHoaTproVDGyv7y0PYaKr2N5HqFjDdxfclXcAe3qPwPFWKyPRTTV0FFFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKrahex6dYTXcvKRLnA7noB+JxQJtJXYt3e2thF5t1OkSdAWOM/T1rLPjDQwf8Aj8J/7ZP/AIV5zqGoXOp3b3FzIWZjwM8KPQDsKq1qqa6nnTxsr+6tD0//AITDRP8An7b/AL9P/hR/wmGif8/bf9+n/wAK8wop+zRP12p2R6f/AMJhon/P23/fp/8ACj/hMNE/5+2/79P/AIV5hRR7NB9dqdken/8ACYaJ/wA/bf8Afp/8KP8AhMNE/wCftv8Av0/+FeYUUezQfXanZHp//CYaJ/z9t/36f/Cr9jrGn6kSLS6SRh/DyG/I815DTo5HhkWSJ2R1OVZTgg0vZoccdO+qPaqKw/C+snV9N/enNzDhZP8Aa9G/H+YNblZtWPRhJTipIKKKKRQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFZXiDVxo+ltOBmZzsiHbcR1PsKErkykoq7LN9qtjpqg3lykWeQp5J/Ac1nf8Jhon/P23/fp/8ACvNJ55bmZpp5GkkY5ZmOSajrVU0edLHTv7qPT/8AhMNE/wCftv8Av0/+FH/CYaJ/z9t/36f/AArzCin7NC+u1OyPT/8AhMNE/wCftv8Av0/+FH/CYaJ/z9t/36f/AArzCij2aD67U7I9P/4TDRP+ftv+/T/4Uf8ACYaJ/wA/bf8Afp/8K8woo9mg+u1OyPT/APhMNE/5+z/36f8AwrSsdUstSUtZ3KS45IHBH1B5rx6pbe5mtJ1mt5WjkU5DKcGk6aHHHSv7yPZ6KzdC1VdY0tLnAWQHZIo6Bh/kH8a0qyeh6UZKSugooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHi0qukzrJneGIbPr3pldl4s8NTfan1GxiLxv80sajlW7kDuDXG10J3R4dWm6crMKKKKZmFFFFABRRRQAUUUUAFFFFABRRRQAUUVq6NoV3rNwojQrbhsSTEcAd8ep9qTdioxcnZHc+Dgw8NW+7oWcj6bjW9UVvbx2ttHbwrtjjUKo9hUtYN3Z7cI8sVHsFFFFIsKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuf8Zqx8NylegdC30z/jiugqG6tory1ktp13RyLtYU07MipHmg49zxmitPWNDu9HnKzIWgLYjmA+Vh/Q+1Zlbp3PDlFxdmFFFFMQUUUUAFFFFABRRU9nZXN/cCC1haWQ9l7e5PYUDSb0R1fw/DfaL4j7oRAfrk4/rXdVl6Do6aNpqwZDTMd0rju3t7CtSsJO7PZoQcKaiwoooqTYKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuM+ICuYLBx/qwzg/UgY/ka7OqGsaZFq+nSWsnBPzI/91uxpxdncyrQc6bijyKirV/pt3plwYbuIo3Y9mHqD3qrXQeK007MKKKKBBRRRQAUUUUAFFFXNO0u71S4ENpEXP8AEx4VR6k0DSbdkdj4AV/sF2x+4ZQB9cc/0rr6paVpsWladHaRc7Rlmx95u5q7XPJ3dz26MHCCiwooopGgUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFVJtL0+4cvNY20jnqzRKSfxxVuigTSe5Q/sPSv+gba/9+l/wo/sPSv+gba/9+l/wq/RTuxckexQ/sPSv+gba/8Afpf8KP7D0r/oG2v/AH6X/Cr9FF2HJHsUP7D0r/oG2v8A36X/AAo/sPSv+gba/wDfpf8ACr9FF2HJHsUP7D0r/oG2v/fpf8KP7D0r/oG2v/fpf8Kv0UXYckexQ/sPSv8AoG2v/fpf8KP7D0r/AKBtr/36X/Cr9FF2HJHsUP7D0r/oG2v/AH6X/Cj+w9K/6Btr/wB+l/wq/RRdhyR7FEaLpSnI020/78r/AIVdVVRQqqFUdABgClopDUUtkFFFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigBGRXUq6hlPUEZBqidE0onJ020/78r/AIUarrWmaHa/adUvobSEnAaVsbj6AdSfYVy5+LngkHA1dj7i1l/+Jpq/QlqL3Oo/sPSv+gba/wDfpf8ACj+w9K/6Btr/AN+l/wAK5f8A4W74K/6Cz/8AgLL/APE0f8Ld8Ff9BZ//AAFl/wDiadpC5YdkdR/Yelf9A21/79L/AIUf2HpX/QNtf+/S/wCFcv8A8Ld8Ff8AQWf/AMBZf/iaP+Fu+Cv+gs//AICy/wDxNFpByw7I6j+w9K/6Btr/AN+l/wAKP7D0r/oG2v8A36X/AArl/wDhbvgr/oLP/wCAsv8A8TR/wt3wV/0Fn/8AAWX/AOJotIOWHZHUf2JpX/QNtP8Avyv+FW4LeC2TZBDHEn92NQo/SuM/4W74K/6Cz/8AgLL/APE0f8Ld8Ff9BZ//AAFl/wDiaVmCUVsdvRXEp8WvBTuF/tgrnjLW0oH/AKDXW2Go2eqWaXdhdRXNu/3ZInDA+3Hf2osyrplmiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigBk0MVxGY5okkQ9VdQQfwNUzomlE/8g20/78r/AIVfoouJxT3RQ/sPSv8AoG2v/fpf8KP7D0r/AKBtr/36X/Cr9FO7FyR7FD+w9K/6Btr/AN+l/wAKP7D0r/oG2v8A36X/AAq/RRdhyR7FD+w9K/6Btr/36X/Cj+w9K/6Btr/36X/Cr9FF2HJHsUBomlA/8g20/wC/K/4VcihigjEcMaRoOiooAH4Cn0UrjUUtkFFFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKzfEGtW/h3QbzVroExW0e7aOrHOFUfUkD8a0q4H4xpK/w6ujH91JojJx/Dux/MimtxPRHz/r2v6j4k1WXUNSnaWVydq5O2NeyqOwH+eazKKK3MAooooAKKKKACiiigAooooAK6Hwf4uv/COtRXdtJI1qWH2m23fLKnfjpuHY9j7ZrnqKAPsqyu4NQsbe8tn3wXEayxtjGVYZB/I1PXNfD1JU+H+hib7/ANlUj/dPK/piulrnZ0IKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKqanptrrGmXOnXsYktrhCjr7HuPQjqD61booA+U/F/gjVvCF86XcLSWTORBdqPkkHbP8AdbHY++Mjmuar7OlijniaOWNZI2GGVxkEe4rGbwX4XY5Ph3Svws4x/StFPuZuHY+SqK+tP+EK8Lf9C7pf/gIn+FH/AAhXhb/oXdL/APARP8KfOhcjPkuivrT/AIQrwt/0Lul/+Aif4Uf8IV4W/wChd0v/AMBE/wAKOdByM+S6K+tP+EK8Lf8AQu6X/wCAif4Uf8IV4W/6F3S//ARP8KOdByM+S6K+tP8AhCvC3/Qu6X/4CJ/hR/whXhb/AKF3S/8AwET/AAo50HIz5LrtvAPw9v8AxXqMFxPA8WjI+Zp2+XzAP4U9SemR0+vB+gYvB/hmFw8fh7S1cEEN9kjyD6jitkKFUKoAA4AHak59hqHcbFFHBCkMSKkcahURRgKBwAKfRRWZoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADZJEhiaWV1SNAWZmOAoHUk1yF18VPBlpO0L60jspwTFDI6/gwUg/ga8m+Kvjm51zXLjR7OaSPS7NzEyKcCaRT8zH1AIwB7Z715xWih3M3PsfTX/C3fBX/QWf8A8BZf/iaP+Fu+Cv8AoLP/AOAsv/xNfMtFPkQudn01/wALd8Ff9BZ//AWX/wCJo/4W74K/6Cz/APgLL/8AE18y0UciDnZ9Nf8AC3fBX/QWf/wFl/8AiaP+Fu+Cv+gs/wD4Cy//ABNfMtFHIg52fTX/AAt3wV/0Fn/8BZf/AImj/hbvgr/oLP8A+Asv/wATXzLRRyIOdn01/wALd8Ff9BZ//AWX/wCJre0PxZoPiTcNJ1OG5dRkxjKuB67WAOPfFfI9TWt1cWN1Hc2s8kE8Z3JJGxVlPsRRyIOdn2XRXH/DfxefF3hpZbg/8TC1IiueMbjjhxj1H6g9q7CsmrGqdwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA+M7qOaK7mjuAwnR2WQN13A85/Goq9g+Knw3vBqc/iDRLVpoJv3l1BEMsj93A7g9TjkHJ6dPH63TuYNWCiiimIKKKKACiiigAooooAKKK0dF0LUvEOoLZaXaSXE7ckKOFHqx6Ae5oA9V+ASSebrz/8stsAPHU/P/n8a9rrnPBPhWHwh4bh09CHuG/eXMo/jkI5x7DgD2FdHWEndm8VZBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZV54Y0HUJ2nvNF064mbrJLbIzH8SM1q0UAYX/CFeFv8AoXdL/wDARP8ACj/hCvC3/Qu6X/4CJ/hW7RTuxWRhf8IV4W/6F3S//ARP8KP+EK8Lf9C7pf8A4CJ/hW7RRdhZGF/whXhb/oXdL/8AARP8KP8AhCvC3/Qu6X/4CJ/hW7RRdhZGF/whXhb/AKF3S/8AwET/AAo/4Qrwt/0Lul/+Aif4Vu0UXYWRhDwV4WBz/wAI7pX/AICJ/hWrZ2Fnp0Hk2NpBaxf3IIwi/kBViilcYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRWdruoNpej3F0gBkUBUz/eJwD/WgUpKKbZW1jxPYaQxiYma47xRn7v1Pb+dYR+ILZ400f8Af/8A+xrjHdpHZ3Ys7ElmJySfWm1soI8qeLqN6aHaf8LBf/oGr/3+/wDsaP8AhYL/APQNX/v9/wDY1xdFPkRP1qr3O0/4WC//AEDV/wC/3/2NH/CwX/6Bq/8Af7/7GuLoo5EH1qr3O0/4WC//AEDV/wC/3/2NH/CwX/6Bq/8Af7/7GuLoo5EH1qr3O0/4WC//AEDV/wC/3/2NX9O8cWV1KsV1C1qWOA5bcn4nAx+VeeUUuRDWLqp6s9rVgyhlIIIyCO9LXI+BtUkuLWWwlbd5ADRk9dp6j8D/ADrrqyas7HqU6iqRUkFFFFIsKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKwvF9u1x4cn2AkxlZMD0B5/Qk1u0hAZSrAEHgg96admTOPNFx7nilFdbrfgu4hlafTR50LHPlZ+ZPp6j9a546RqQODp12P8Ati3+FbppnizpTg7NFOirn9k6l/0D7r/vy3+FH9k6l/0D7r/vy3+FFyeWXYp0Vc/snUv+gfdf9+W/wo/snUv+gfdf9+W/wouHLLsU6Kuf2TqX/QPuv+/Lf4Uf2TqX/QPuv+/Lf4UXDll2KdFXP7J1L/oH3f8A35b/AArQ03wpql/KBJA1rF/FJMuCPovU0XQ405ydkjU8A2zG8u7rB2LGI89iSc/0/Wu8qppunwaXYx2tuPlXqT1Y9yat1hJ3dz2KFP2cFFhRRRSNQooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKqahqVppduZ7uUIvYd2PoB3rlpfiAgciHTmZOxeXBP4AGmot7GU60IaSZ2lFcP/wsF/8AoGr/AN/v/saP+Fgv/wBA1f8Av9/9jT5GR9apdzuKK4f/AIWC/wD0DV/7/f8A2NH/AAsF/wDoGr/3+/8AsaORh9apdzuKK4f/AIWC/wD0DV/7/f8A2NH/AAsF/wDoGr/3+/8AsaORh9apdzuKK4f/AIWC/wD0DV/7/f8A2NH/AAsF/wDoGr/3+/8AsaORh9apdzuKK4f/AIWC/wD0DV/7/f8A2NH/AAsF/wDoGr/3+/8AsaORh9apdzuKK4f/AIWC/wD0DV/7/f8A2NH/AAsF/wDoGr/3+/8AsaORh9apdzuKK4gfEFs86aP+/wD/APY1vaP4lsNXPloxhuP+eUnU/Q9/50OLRUMRTm7JmzRRRUmwUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUVxni74maH4TkNq7NeX4620BGU/326L9OTz0rhz8fZM8eG1A973/AOwqlFslySPa6K8T/wCF+y/9C4n/AIGH/wCIo/4X7L/0Lif+Bh/+Io5GHOj2yivE/wDhfsv/AELif+Bh/wDiKP8Ahfsv/QuJ/wCBh/8AiKORhzo9sorxP/hfsv8A0Lif+Bh/+Io/4X7L/wBC4n/gYf8A4ijkYc6PbKK8T/4X7L/0Lif+Bh/+Io/4X7L/ANC4n/gYf/iKORhzo9sorxVPj628eZ4cG3vtvOf/AECvQ/Cfj3RPF8WLKYxXajL2k2BIB6j+8Pcfjik4tDUkzp6KKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiuc1XxjYafKYYFN1KOuxsKPbd/hWV/wALBf8A6Bq/9/v/ALGqUWzCWJpRdmzuKK4f/hYL/wDQNX/v9/8AY0f8LBf/AKBq/wDf7/7GjkYvrVLudxRXD/8ACwX/AOgav/f7/wCxo/4WC/8A0DV/7/f/AGNHIw+tUu53FFcP/wALBf8A6Bq/9/v/ALGj/hYL/wDQNX/v9/8AY0cjD61S7ncUVw//AAsF/wDoGj/v9/8AY1q6V4xsNQlEMym1lPTe2VJ9N3+OKHFoccTSk7JnR0UUVJuFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB5P4g1R9V1aWUtmJCUiA6BQf69ay6mu7Z7O8mtpAQ8TlT+FQ10I8Gbbk29wooopkhRRRQAUUUUAFFFFABRRRQAUUUUAFOjkeGVJY2KuhDKw6gim0UAeu6LqB1TSLe7YAO64cD+8Dg/yq/WL4Tt3t/DlqHBDPufB9CTj9MVtVzvc92m24JsKKKKRYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFc9448QP4Z8IX+pwgG4RQkII43sQoP4Zz+FdDXD/Fuwlv/AIeXxhRna3dJyq/3Q2GP4Ak/hTW4nsfNM00lxPJNNI0ksjF3dzksxOSSe5plFFbmAUUUUAFFFFABRRRQAUUUUAFW9M1K60fU7fUbKUx3Nu4dGHr6H1B6EdwaqUUAfYOh6omtaDYamibBdQJLsznaSMkZ9jxWhWB4I0+XS/BGj2c6skyWyl0YYKs3zEH6ZxW/XOzoQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFc94w1STTtJEcLbZbglN3cLjkj36D8a6GuQ8fWzPZWlyASsTsrY7bgP/if1qo7mOIbVJtHBUUUVueKFFFFABRRRQAUUUUAFFFFAHpfg/U5NR0jZMd0tu3llj1ZccE/y/CuhrkPANs0djd3JBAldVXPfaD/APFV19YS3Paw7bppsKKKKk2CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDm/Enhcau32q2ZY7oLghukg7Z9D71w82harA5R9PucjusZYfmMivXKKtTaOarhYVHzbM8f8A7J1L/oH3X/flv8KP7J1L/oH3X/flv8K9gop+0MvqMe54/wD2TqX/AED7r/vy3+FH9k6l/wBA+6/78t/hXsFFHtA+ox7nj/8AZOpf9A+6/wC/Lf4Uf2TqX/QPuv8Avy3+FewUUe0D6jHueP8A9k6l/wBA+6/78t/hR/ZOpf8AQPuv+/Lf4V7BRR7QPqMe54//AGTqX/QPuv8Avy3+FH9k6l/0D7r/AL8t/hXsFFHtA+ox7nj/APZOpf8AQPuv+/Lf4Uf2TqX/AED7r/vy3+FewUUe0D6jHueQDSNTY4GnXZP/AFxb/Cui0PwZcSTJPqa+VEpBEOcs/wBfQfr9K72ik5sqGDhF3eoAYGB0oooqDsCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKR0WRGR1DKwwVIyCPSlooA8F8Z/BvULK6lvfDifa7N2LfZcgSQ55wM/eX9enXrXAN4T8SKcN4f1UH0NlJ/hX1zRVqbIcEfIv/CK+Iv+gBqn/gHJ/hR/wiviL/oAap/4Byf4V9dUU/aC9mfIv/CK+Iv+gBqn/gHJ/hR/wiviL/oAap/4Byf4V9dUUe0D2Z8i/wDCK+Iv+gBqn/gHJ/hR/wAIr4i/6AGqf+Acn+FfXVFHtA9mfIv/AAiviL/oAap/4Byf4Uf8Ir4i/wCgBqn/AIByf4V9dUUe0D2Z8kReEPEszhE8P6oSSB/x6SAD6nHFeoeAPhDc2t/b6v4jCxmFg8VkCGJYdC5HGAecDPv6H2eik5tjUEgoooqCwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKiuraK8tpLedd0Ui7WFS0UA1c811XwfqFjIzWqNdQdQUHzD2K/4VknSdSBwdPu/wDvy3+FewUVaqM4pYKDd07Hj/8AZOpf9A+6/wC/Lf4Uf2TqX/QPuv8Avy3+FewUU/aC+ox7nj/9k6l/0D7r/vy3+FH9k6l/0D7r/vy3+FewUUe0D6jHueP/ANk6l/0D7r/vy3+FH9k6l/0D7r/vy3+FewUUe0D6jHuePjSdSJwNPu/+/Lf4VraT4Pv76RWuka1g6kuPmPsF7fjXpVFJ1GOOCgndu5Fa20VnbR28C7Yo12qKlooqDtSsFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRXn3xd8Tz+H/Cq29m/l3WoOYQ46pGB85HvyB/wKmldibsM8UfGDQ9AuWtLKNtUuk4fyZAsan0L4OT9Aa5f/hfsv8A0Lif+Bh/+IrxqiteRGXOz2X/AIX7L/0Lif8AgYf/AIij/hfsv/QuJ/4GH/4ivGqKORBzs9l/4X7L/wBC4n/gYf8A4ij/AIX7L/0Lif8AgYf/AIivGqKORBzs9l/4X7L/ANC4n/gYf/iKP+F+y/8AQuJ/4GH/AOIrxqijkQc7PZf+F+y/9C4n/gYf/iKP+F+y/wDQuJ/4GH/4ivGqKORBzs9rtvj4hnUXXh5kiJ+ZorrcwHsCoz+Yr03w54p0nxVYfa9LuRIBjzIm4kiJ7Mvb69Djgmvket7wf4luPCniS21KEkxg7LiP/npET8w/qPcCk4LoNTfU+s6KQEMARyDyKWsjUKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK8k+PGnSz6NpOooGKW0zxPgdPMAIJ/FMfjXrdVdS0611fTbjT72IS21whSRT6H09COoPY007O4mrqx8cUV6F4p+EWv6JcPJpsL6pY9VeFcyqPRk6k+65/DpXKHwp4jBwdA1UH0NnJ/hW10zGzRkUVr/APCK+Iv+gBqn/gHJ/hR/wiviL/oAap/4Byf4U7isZFFa/wDwiviL/oAap/4Byf4Uf8Ir4i/6AGqf+Acn+FFwsZFFa/8AwiviL/oAap/4Byf4Uf8ACK+Iv+gBqn/gHJ/hRcLGRRWv/wAIr4i/6AGqf+Acn+FH/CK+Iv8AoAap/wCAcn+FFwsZFTWdpNf3sFnbpvnnkWONR3YnAH61sWvgnxReTLFD4f1Lcxxl7dkX8WYAD869n+HHwvPhi4XWNWkjl1LYRHCnKwZ6nPdscccDJ69alySKUWz0mGMQwRxAkhFC5PsKfRRWJsFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFYviu7ez8PXDRtteTEYI9zz+maaVyZy5YuT6GLrfjYxStb6YqttOGncZB/3R/U1gnxZrhP8Ax/H/AL9p/hWLRWyikePPEVJO9zZ/4SvW/wDn+b/v2n+FH/CV63/z/N/37T/CsainZE+1qfzP7zZ/4SvW/wDn+b/v2n+FH/CV63/z/N/37T/CsaiiyD2tT+Z/ebP/AAlet/8AP83/AH7T/Cj/AISvW/8An+b/AL9p/hWNRRZB7Wp/M/vNn/hK9b/5/m/79p/hV/TvG9/BKovgtzCT8xChXH0xx/nrXL0UcqGq1RO/Mz2W0u4b61jubd98UgypqeuH8A3j+bdWTMSm0Sqvoc4P8x+VdxWElZ2PWo1PaQUgooopGoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVHcQJc28sEhkCSIUYxyNGwBGOGUgqfcEEVJRQBz/8Awhul/wDP1rn/AIPb3/49R/whul/8/Wuf+D29/wDj1dBRQBz/APwhul/8/Wuf+D29/wDj1H/CG6X/AM/Wuf8Ag9vf/j1dBRQBz/8Awhul/wDP1rn/AIPb3/49R/whul/8/Wuf+D29/wDj1dBRQBz/APwhul/8/Wuf+D29/wDj1H/CG6X/AM/Wuf8Ag9vf/j1dBRQBz/8Awhul/wDP1rn/AIPb3/49R/whul/8/Wuf+D29/wDj1dBRQBz/APwhul/8/Wuf+D29/wDj1H/CG6X/AM/Wuf8Ag9vf/j1dBRQBz/8Awhul/wDP1rn/AIPb3/49R/whul/8/Wuf+D29/wDj1dBRQBz/APwhul/8/Wuf+D29/wDj1H/CG6X/AM/Wuf8Ag9vf/j1dBRQBz/8Awhul/wDP1rn/AIPb3/49R/whul/8/Wuf+D29/wDj1dBRQBz/APwhul/8/Wuf+D29/wDj1H/CG6X/AM/Wuf8Ag9vf/j1dBRQBz/8Awhul/wDP1rn/AIPb3/49R/whul/8/Wuf+D29/wDj1dBRQBz/APwhul/8/Wuf+D29/wDj1H/CG6X/AM/Wuf8Ag9vf/j1dBRQBz/8Awhul/wDP1rn/AIPb3/49R/whul/8/Wuf+D29/wDj1dBRQBz/APwhul/8/Wuf+D29/wDj1H/CG6X/AM/Wuf8Ag9vf/j1dBRQBz/8Awhul/wDP1rn/AIPb3/49R/whul/8/Wuf+D29/wDj1dBRQBz/APwhul/8/Wuf+D29/wDj1H/CG6X/AM/Wuf8Ag9vf/j1dBRQBz/8Awhul/wDP1rn/AIPb3/49R/whul/8/Wuf+D29/wDj1dBRQBz/APwhul/8/Wuf+D29/wDj1H/CG6X/AM/Wuf8Ag9vf/j1dBRQBz/8Awhul/wDP1rn/AIPb3/49R/whul/8/Wuf+D29/wDj1dBRQBz/APwhul/8/Wuf+D29/wDj1H/CG6X/AM/Wuf8Ag9vf/j1dBRQBz/8Awhul/wDP1rn/AIPb3/49R/whul/8/Wuf+D29/wDj1dBRQBz/APwhul/8/Wuf+D29/wDj1H/CG6X/AM/Wuf8Ag9vf/j1dBRQBz/8Awhul/wDP1rn/AIPb3/49WhpmjWukeb9mlvpPNxu+1389zjGcY81229e2M8Z6CtCigArK8R2Emo6HcQQjMuA6D1IOcflmtWihaEyipJxZ4mRg4PWivR9a8H2upSNcWz/ZrhjluMq59SOx9658+BNVB/11of8Agbf/ABNbqaZ5M8LUi7JXOYorp/8AhBdV/wCetr/323/xNH/CC6r/AM9bX/vtv/iaOZE/V6v8pzFFdP8A8ILqv/PW1/77b/4mj/hBdV/562v/AH23/wATRzIPq9X+U5iiun/4QXVf+etr/wB9t/8AE0f8ILqv/PW1/wC+2/8AiaOZB9Xq/wApzFFdP/wgmq/89bT/AL7b/wCJrQ03wHslD6jcK6j/AJZQ5wfqxwf0/GjmQ44aq3aw7wHp8kcdxfyLhZAI4/cA8n6Zx+Rrs6ZFFHBEkUSBI0GFVRgAU+sW7u56tKn7OCiFFFFI0CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiimSypDE8sjBY0BZmPQAUAPorgdV8cXMkpTTVEMQ/5aOoLN+B4H61lf8JXrf8Az/N/37T/AAq1BnJLGU07bnqdFeWf8JXrf/P83/ftP8KP+Er1v/n+b/v2n+FHs2L67T7M9Toryz/hK9b/AOf5v+/af4Uf8JXrf/P83/ftP8KPZsPrtPsz1OivLP8AhK9b/wCf5v8Av2n+FH/CV63/AM/zf9+0/wAKPZsPrtPsz1OivLP+Es1z/n+P/ftP8K2tI8cSCRYtUUMh485FwR9R3/ChwZUcZTk7bHc0UisHUMpBUjII6EUtQdQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFcn48vHh063tUYgTuS2O4XHH5kflXWVzHjbTpLvSkuIl3NbMWYf7BHJ/QVUdzHEX9k7HnVFFFbnihRRRQAUUUUAFFFFABRRRQB6T4KvJLnQvLkbJgkMaknnbgEfzx+FdHWD4R0+TT9DXzgVkncylT1UEAD9Bn8a3q55bnt0b+zVwooopGoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUhAYEEAg8EGlooA5DVfA0U8jS6dKsBPJifJXPseo/Wsk+BNVz/AK20/wC+2/8Aia9FoqlNnNLC0pO9jzr/AIQXVf8Anra/99t/8TR/wguq/wDPW1/77b/4mvRaKfOxfU6R51/wguq/89bX/vtv/iaP+EF1X/nra/8Afbf/ABNei0Uc7D6nSPOv+EF1X/nra/8Afbf/ABNH/CC6r/z1tf8Avtv/AImvRaKOdh9TpHnQ8CaqT/rbQf8AA2/+Jra0jwVb2cgmvpBcyDlYwMID7+tdXRSc2yo4WlF3sFFFFSdAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRVTUNStNLtzPdyhF7Dux9AO9ctL8QEDkQ6czJ2Ly4J/AA01FvYynWhDSTO0orh/8AhYL/APQNX/v9/wDY0f8ACwX/AOgav/f7/wCxp8jI+tUu53FFcP8A8LBf/oGr/wB/v/saP+Fgv/0DV/7/AH/2NHIw+tUu53FFcP8A8LBf/oGr/wB/v/saP+Fgv/0DV/7/AH/2NHIw+tUu53FFcP8A8LBf/oGr/wB/v/saP+Fgv/0DV/7/AH/2NHIw+tUu53FFcP8A8LBf/oGr/wB/v/saP+Fgv/0DV/7/AH/2NHIw+tUu53FFcP8A8LBf/oGr/wB/v/saP+Fgv/0DV/7/AH/2NHIw+tUu53FFcP8A8LBf/oGr/wB/v/saP+Fgv/0DV/7/AH/2NHIw+tUu53FFcP8A8LBf/oGr/wB/v/saP+Fgv/0DV/7/AH/2NHIw+tUu53FFcP8A8LBf/oGr/wB/v/saP+Fgv/0DV/7/AH/2NHIw+tUu53FFcP8A8LBf/oGr/wB/v/saP+Fgv/0DV/7/AH/2NHIw+tUu53FFcP8A8LBf/oGr/wB/v/saP+Fgv/0DV/7/AH/2NHIw+tUu53FFcP8A8LBf/oGr/wB/v/sa0tM8a2N7KIrmM2jnozNuT8+MfiKOVjjiaUnZM6aigHIyOlFSbhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUVzcw2drLdXMixQQoXkdjgKoGSTUteU/HPV5rPw/p+mROyLfTM0mD95YwPlPtllP4U0ruwm7K5zvij426jc3LQeG41tLZeBcTRh5H9wpyqj2OT9Olcv/wtTxr/ANBx/wDvxF/8TXHUVtyox5mdj/wtTxr/ANBx/wDvxF/8TR/wtTxr/wBBx/8AvxF/8TXHUUWQXZ2P/C1PGv8A0HH/AO/EX/xNH/C1PGv/AEHH/wC/EX/xNcdRRZBdnY/8LU8a/wDQcf8A78Rf/E0f8LU8a/8AQcf/AL8Rf/E1x1FFkF2dj/wtTxr/ANBx/wDvxF/8TR/wtTxr/wBBx/8AvxF/8TXHUUWQXZ21t8W/GlvOsjaqs6g8xy28e1vrhQfyIr2DwD8SrTxiDZXEQtNVRNzRA5SUDqUP/sp59zzXzTVzStTudG1W11GzcpPbyCRCDjOOx9iOD7Gk4pjUmj7FopkUiyxJIv3XUMPoafWJsFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHk/iDVH1XVpZS2YkJSIDoFB/r1rLqa7tns7ya2kBDxOVP4VDXQjwZtuTb3CiiimSFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB6J4J1SS806S0mOXtsBWPdTnA/DH8q6iuK8AW7gXtwQQh2op9TyT/MfnXa1hLc9nDNukmwoooqTcKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArzT40+H59W8LQahbR+ZJpsjSSAdREw+Yj6EKfoCe1el0jKrqVZQysMEEZBFNOzuJq6sfF9Fe7eKfgla31w914euksmbk2swJiz/ssMlR7YPtiuVPwN8Ug4+1aUfcTP/8AEVrzIy5WeZ0V6X/wo7xT/wA/Ol/9/n/+Io/4Ud4p/wCfnS/+/wA//wART5kLlZ5pRXpf/CjvFP8Az86X/wB/n/8AiKP+FHeKf+fnS/8Av8//AMRRzIOVnmlFel/8KO8U/wDPzpf/AH+f/wCIo/4Ud4p/5+dL/wC/z/8AxFHMg5WeaUV6X/wo7xT/AM/Ol/8Af5//AIij/hR3in/n50v/AL/P/wDEUcyDlZ5pWr4b0K68Sa/aaXaoxaZxvYdI0/iY+wH+Heu9tfgV4gkmUXWo6bDFn5mRndh9BtAP516x4Q8C6R4NtSLNGlu5F2zXcn3374H91c9h7ZzUua6FKD6nTKoRFVRhVGAKWiisjUKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOb8SeFxq7farZljuguCG6SDtn0PvXDzaFqsDlH0+5yO6xlh+YyK9coq1No5quFhUfNszx/wDsnUv+gfdf9+W/wo/snUv+gfdf9+W/wr2Cin7Qy+ox7nj/APZOpf8AQPuv+/Lf4Uf2TqX/AED7r/vy3+FewUUe0D6jHueP/wBk6l/0D7r/AL8t/hR/ZOpf9A+6/wC/Lf4V7BRR7QPqMe54/wD2TqX/AED7r/vy3+FH9k6l/wBA+6/78t/hXsFFHtA+ox7nj/8AZOpf9A+6/wC/Lf4Uf2TqX/QPuv8Avy3+FewUUe0D6jHueP8A9k6l/wBA+6/78t/hR/ZOpf8AQPuv+/Lf4V7BRR7QPqMe54//AGTqX/QPuv8Avy3+FH9k6l/0D7r/AL8t/hXsFFHtA+ox7nj/APZOpf8AQPuv+/Lf4Uf2TqX/AED7r/vy3+FewUUe0D6jHueP/wBk6l/0D7r/AL8t/hR/ZOpf9A+6/wC/Lf4V7BRR7QPqMe54/wD2TqX/AED7r/vy3+FH9k6l/wBA+6/78t/hXsFFHtA+ox7nj/8AZOpf9A+6/wC/Lf4Uf2TqX/QPuv8Avy3+FewUUe0D6jHueP8A9k6kf+Yfd/8Aflv8K09M8I6lfygzRNaw93lGD+C9a9NoodRjjgoJ6sr2NlDp9lFawLiOMYGep9Sfc1YoorM7EklZBRRRQMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooqO4uIbS3luLmaOGCJC8ksjBVRQMkkngADvQBJRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUAdBRXP/APCd+D/+hr0P/wAGMP8A8VWhpmu6Prfm/wBk6rY3/k48z7JcJLsznGdpOM4PX0NAGhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFRzwQ3VvLb3EUc0EqFJI5FDK6kYIIPBBHGKkooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+JrQ0zQtH0Tzf7J0qxsPOx5n2S3SLfjOM7QM4yevqa0KKACiiigAoqC7vbWxi826nSFOxc4z9PWso+MNDB/4/Cf+2T/4U7NkSqQjo2blFYX/AAmGif8AP23/AH6f/Cj/AITDRP8An7b/AL9P/hRysXtqf8yN2isL/hMNE/5+2/79P/hR/wAJhon/AD9t/wB+n/wo5WHtqf8AMjdorC/4TDRP+ftv+/T/AOFH/CYaJ/z9t/36f/CjlYe2p/zI3aKwv+Ew0T/n7b/v0/8AhV2x1vTdSfZa3aO/9wgq35HrRZjVWDdk0aFFFFIsKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiimySLFG0jnCKCzH0AoAbPPDbQtLPKkca9Wc4ArHbxfoisR9sJx3ET/wCFcHrmtTazfPIzMIFOIoieFHrj1NZdaqn3POqY13tBaHp//CYaJ/z9t/36f/Cj/hMNE/5+2/79P/hXmFFP2aI+u1OyPT/+Ew0T/n7b/v0/+FH/AAmGif8AP23/AH6f/CvMKKPZoPrtTsj0/wD4TDRP+ftv+/T/AOFH/CYaJ/z9t/36f/CvMKKPZoPrtTsj0/8A4TDRP+ftv+/T/wCFH/CYaJ/z9t/36f8AwrzCij2aD67U7I9P/wCEw0T/AJ+2/wC/T/4Uf8Jhon/P23/fp/8ACvMKKPZoPrtTsj0//hMNE/5+2/79P/hR/wAJhon/AD9t/wB+n/wrzCij2aD67U7I9P8A+Ew0T/n7b/v0/wDhR/wmGif8/bf9+n/wrzCij2aD67U7I9P/AOEw0T/n7b/v0/8AhTl8XaI7BftmM9zGwH8q8uoo9mg+u1OyPaYZoriJZYZFkjYZVlOQafXlfh/XJdHvlLMzWrnEseeMf3gPUV6oCCAQcg1nKNjtoVlVjfqFFFFSbhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVbUL2PTrCa7l5SJc4Hc9APxOKs1z/jNWPhuUr0DoW+mf8AHFNK7IqScYNo891DULjU7t7i5kLMx4GeFHoPQVVooroPDbbd2FFFFAgooooAKKKKAClV2Rw6MVZTkEHBBpKKAPS/Cetvqti0Nwxa5gwGY/xqeh+tdDXnvgJWOs3DAHYLcgn33Lj+tehVhNWZ7OGm5002FFFFSbhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVV1G/h0yxlupz8qDgd2PYCgTaSuy1Td6f3l/OvKNV16/1aUmeUrF2hQ4Uf4/jWZWipnDLHJPRHtW9P7y/nRvT+8v514rRT9n5i+vf3fxPat6f3l/Ojen95fzrxWij2fmH17+7+J7VvT+8v50b0/vL+deK0Uez8w+vf3fxPaw6k4DD86WvE639D8UXmmTJHNI09oSAyOclR6qf6dKTp9ioY2LdpKx6bRTY5EmiSWNgyOAysOhB706szuCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqjrSs+h36oCWNu+AO/wApq9QQCCCMg9RQKSurHidFdD4j8Nz6ZcSXFvGXsmOQV58v2Pt71z1dCdzwpwcHyyCiiimSFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXsenK6aZaJL/rFhQN9dozXB+GfDM19cxXd3EVs1O4Bush7celei1lUfQ9LBU3FOT6hRRRWZ3BRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUN1bRXlrJbTrujkXawqaigGr6Hk2saHd6POVmQtAWxHMB8rD+h9qzK9rZFdSrqGU9QRkGqJ0TSif+Qbaf9+V/wrRVO5588Dr7rPIqK9d/sPSv+gba/wDfpf8ACj+w9K/6Btr/AN+l/wAKftET9Rl3PIqK9d/sPSv+gba/9+l/wo/sPSv+gba/9+l/wo9og+oy7nkVFeu/2HpX/QNtf+/S/wCFH9h6V/0DbX/v0v8AhR7RB9Rl3PIqmtrWe8nWC2iaWVuiqK9X/sPSv+gbaf8Aflf8KtQWtvaqVt4IoVPURoFH6Ue0GsC76sy/DeiDRtP2yYNzL80pHb0A+n+NbNFFZt3O+MVFcqCiiikUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXG/ECVxbWMQzsZ3Y/UAAfzNdlWL4n0htW0kpF/r4j5kY/vccj8f54qouzMa8XKm0jy2ilZSrFWBDA4II5BpK3PFCiiigAooooAKKKKACiiprW1mvbmO3gQvI5wAP8APSgEr6I9J8HyNJ4at9xztLKPpuNbtVNLsE0zTYLNDkRrgt6k8k/mat1zvc92mnGCTCiiikWFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVN9K06Vy8mn2rserNCpJ/SrlFAmk9yl/Y2l/wDQNs/+/C/4Uf2Npf8A0DbP/vwv+FXaKd2Lkj2KX9jaX/0DbP8A78L/AIUf2Npf/QNs/wDvwv8AhV2ii7Dkj2KX9jaX/wBA2z/78L/hR/Y2l/8AQNs/+/C/4Vdoouw5I9il/Y2l/wDQNs/+/C/4Uf2Npf8A0DbP/vwv+FXaKLsOSPYpf2Npf/QNs/8Avwv+FH9jaX/0DbP/AL8L/hV2ii7Dkj2KX9jaX/0DbP8A78L/AIUf2Npf/QNs/wDvwv8AhV2ii7Dkj2KX9jaX/wBA2z/78L/hR/Y2l/8AQNs/+/C/4Vdoouw5I9il/Y2l/wDQNs/+/C/4U6PS9PhcPHYWqMOjLCoP8qt0UXDkj2CiiikUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBlan4d07Vm8yeErNjHmxna349j+NZR8Babni5u/wDvpf8A4muqopqTRlKjTk7tHK/8IFpv/Pzdf99L/hR/wgWm/wDPzdf99L/hXVUU+Zi+r0v5Tlf+EC03/n5uv++l/wAKP+EC03/n5uv++l/wrqqKOZh9XpfynK/8IFpv/Pzdf99L/hR/wgWm/wDPzdf99L/hXVUUczD6vS/lOWHgLTM83F2R/vL/APE1t6dpFjpUZW0gCFvvMeWb6mr1FJybKjShF3igooopGgUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRTJZUhieWRgsaAszHoAKAH0VwOq+OLmSUppqiGIf8ALR1BZvwPA/Wsr/hK9b/5/m/79p/hVqDOSWMpp23PU6K8s/4SvW/+f5v+/af4Uf8ACV63/wA/zf8AftP8KPZsX12n2Z6nRXln/CV63/z/ADf9+0/wo/4SvW/+f5v+/af4UezYfXafZnqdFeWf8JXrf/P83/ftP8KP+Er1v/n+b/v2n+FHs2H12n2Z6nRXlo8Wa4Dn7cfxjT/Cul0HxkLyZLTUEVJnO1JU4Vj2BHY0ODRcMXTm7bHW0UUVB0hRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVyfjy8eHTre1RiBO5LY7hccfmR+VdZXMeNtPe70pLmJdzWzFmA/uEcn9BVR3McRf2TsedUUUVueKFFFFABRRRQAUUUUAFFFORGkkWNFLOxAVR1JPagD1jw/ePf6FaXEpJkZNrE9SQSufxxWlVHRrE6do9raN9+NPm5z8xOT+pNXq53ue9C/Kr7hRRRSKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACkIDAggEHgg0UUAcjqvgaKeRpdOlWAnkxPkrn2PUfrWM3gnUlYgz2nH+23/xNFFaRkzgr0YKWiE/4QvUv+e9r/323/xNH/CF6l/z3tf++2/+Jooqrsw9nHsH/CF6l/z3tf8Avtv/AImj/hC9S/572v8A323/AMTRRRdh7OPYP+EL1L/nva/99t/8TR/whepf897X/vtv/iaKKLsPZx7D4/A+pSNjz7QDv8zf/E102ieFLXSXE8jfaLodHIwE+g/rRRUybOnD0oXvY6CiiisztCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA/9k=)

Sustainability Statement continued

S4.MDR-A\_02

Disclosure requirements for policy

implementation and key actions

Please see

S4.MDR-P\_01-04, 06 & S4-1\_01.

S4.MDR-A\_03

Time horizons for key actions

Majority of the actions are ongoing and continuous

in order to improve our performance every year and

reach our rolling targets.

Please see E5.MDR-T\_12

S4.MDR-A\_04 & S4-4\_02

Key actions and results for

supportingremedies

In the event of any complaints, each one is treated

with the utmost seriousness. While we currently

donot have any significant complaints, we are

fullyprepared to handle them effectively should

they arise.

Each complaint is investigated thoroughly, and we

implement necessary actions to resolve the issue.

Ifneeded, we provide remedies such as replacement

products to ensure consumer satisfaction.

We continuously review our complaint

managementprocesses to improve their

effectiveness and ensure they meet our quality

standards. Our focus on consumer feedback

demonstrates our commitment to addressing

concerns and supporting those affected by

anyissues.

Quantitative and qualitative information

regarding the progress of actions or action

plans disclosed in prior periods

Regarding our ultimate goal to assure high-quality

products and continuously improve our quality

results, we monitor our progress using KPIs, such

asthe number of consumer complaints per million

bottles sold.

Table 48: Number of consumer complaints

KPI 2023 2024 status 2025 target

Number

consumer

complaints

permillion

bottlessold 0.14 0.16 0.13

S4.MDR-A\_06,07

As part of our ongoing commitment to

sustainability and consumer satisfaction, we

continuously invest in enhancing the quality and

safety of our products. Although there are no

significant Opex and/or Capex to disclose, we focus

on allocating resources to ensure our products

meet the highest standards. This includes efforts

inquality control systems and customer service.

Our efforts are supported by our Group’s treasury

strategy, which ensures the availability of financial

resources to support these initiatives. By leveraging

a diversified range of financing mechanisms, we

canaddress both current and future priorities

effectively, ensuring that our products continue

tomeet the evolving needs and expectations of

ourconsumers.

S4-4\_01

Please see

S4.MDR-A\_01-05 & S4-4\_01, 06, 07

S4-4\_02

Please see

S4.MDR-A\_04

S4-4\_03

Additional actions with the primary purpose

ofdelivering positive impacts for consumers

and/or end-users

No additional actions.

S4-4\_04

To track and assess the effectiveness of our

actionsand initiatives in delivering intended

outcomes for consumers and/or end-users,

weemploy several methods:

•   We monitor the results, findings and actions

from all different audits on quality and food

safety performed in our manufacturing sites

and distribution centres: by an independent

auditor (ISO 9001, FSSC 22001); by TCCC

Global Audit; by the internal x-boarder.

•   We monitor the results from school sales

reports provided by our commercial function

per country on a quarterly basis. On top, once

every year, all business units provide written

statements of compliance through the

business unit General Manager.

•   We monitor our ESG score at the top 10 ESG

raters such as S&P Global (DJSI), CDP, MSCI

ESG, ISS etc. and our 2024 score is leading

among the beverage industry peers.

•   We also have specific reputational metrics

where we survey how different E, S and G topics

are perceived by our consumers and we use

customer satisfaction survey where questions

on our sustainability approach are also asked.

S4-4\_05

Processes to identify needed actions

inresponse to negative impacts

We identify the actions based on the risk analysis

on quality and food safety (HACCP), based on the

findings from all audits performed.

S4-4\_06

Please see

S4.MDR-A\_01-05 & S4-4\_01, 06, 07.

S4-4\_07

Please see

S4.MDR-A\_01-05 & S4-4\_01, 06, 07.

S4-4\_10

Our approach when tensions arise between

theprevention or mitigation of negative

impacts and other business pressures

As a beverage producer, consumers’ safety

andproviding high-quality products is our main

priority. We take all measures across the entire

value chain, starting from requirements for

suppliers, through requirements and standards

inmanufacturing, storage, transportation,

distribution, to the end-point of selling. If any

tensions arise between preventing negative

impacts and other business pressures, we

prioritise consumer safety and product integrity.

We maintain rigorous quality and food safety

standards and procedures and follow our strict

responsible marketing practices.

S4-4\_11

Severe human rights issues and incidents

connected to its consumers and/or end-users

No human rights incidents are reported in 2024

related to consumers and end-users.

Coca-Cola HBC Integrated Annual Report 2024171

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Sustainability Statement continued

S4-4\_12

Resources allocated to the management of our

impacts with information that enables users to

gain an understanding of how these impacts

were managed

In every manufacturing site and in every business

unit, we have a dedicated Quality and Food Safety

Manager, who is part of the Supply Chain function,

in QSE department. At Group level, the Head of

Quality reports to the Head of QSE. Each Business

Plan allocates Capex and Opex for quality and food

safety in each business unit.

Responsible marketing is managed by our

Commercial team, with support from the

Corporate Affairs and Sustainability function

through the Market Regulation Manager. This

structure ensures that we have the necessary

resources and expertise to effectively manage

ourimpacts on quality, food safety and

responsible marketing.

Metrics and targets

S4-5 Targets related to managing negative

impacts, advancing positive impacts, and

managing risks and opportunities

S4.MDR-T\_ 01-13

A summarised description of the targets

tomanage our impacts related to consumers and

end-users is presented below.

S4.MDR-T\_ 01- 0 8

As part of our Mission 2025 goals, we have a target

related to calories decrease.

We have also set annual rolling targets related to

consumers and end-users. Those rolling targets

are set at Group level and at local business unit

level, and the actuals are reported and monitored

via a specialised reporting software.

Table 49: List of targets

Name of the

target

Description of

the relationship

between target

and policy

Target Baseline data Application period Scope of target

Level

Absolute/

Relative 2024 value Baseline value Baseline year Time – period

Milestones/

Interim targets Activities

Value chain

segment

Geographical

boundaries

MD R-T\_ 01 MD R-T\_ 02 MDR-T\_ 03 M DR-T\_ 03 M DR-T\_ 05 M D R-T\_ 06 M D R-T\_ 07 M D R-T\_ 0 8 MDR-T\_ 0 4

Reduce

calories in

sparkling

soft drinks

Health &

Wellness

Policy

25%

reduction

Relative  18%

reduction

0%  2015  2025   n/a   n/a  Downstream  All Group

S4.MDR-T\_ 0 9

Methodologies and assumptions for

definingtargets

Please see

S1. M D R-T\_ 09.

No assumptions are used for targets related to

the consumers and end-users.

S4.MDR-T\_11

Stakeholders who are involved in target setting

We are gathering insights from consumer groups,

from investors through regular calls, analysing

emerging trends from ESG benchmarks, and

incorporating feedback and proposed actions

from our Annual Stakeholder Forums and

materiality surveys. Additionally, we consider input

from local business unit engagements to ensure a

comprehensive understanding of stakeholder

perspectives.

S4.MDR-T\_12

Contextual information

Please see

S1. M D R-T\_12.

S4.MDR-T\_13

Performance against disclosed targets

To reach our commitment, we focus on growing

zero formulations such as Coca-Cola Zero Sugar

Zero Caffeine and new flavour creations within the

Fanta and Schweppes brands.

How targets are monitored and reviewed

Please see

S1. M D R-T\_13

S4-5\_01-03

S4-5\_01

Target-setting process and engagement

withconsumers and end-users

In setting our targets for access to products and

services, consumers’ safety, responsible marketing

practices, and access to quality information, we

engage with consumers and end-users through

their legitimate representatives. This engagement

ensures that our targets are aligned with the

actual needs and expectations of the consumers

and end-users. We also consider best practices

inthe industry and globally via our membership

inindustry associations.

S4-5\_02

Tracking CCHBC’s performance

We prioritise effective performance tracking to

enhance our engagement with consumers and

end-users. Our approach involves setting clear

key performance indicators (KPIs) and regularly

assessing our progress (e.g., consumer complaints).

We gather insights from various teams within our

organization and actively seek consumer feedback.

This information helps us refine our strategies and

communicate our nutrition and product quality

initiatives effectively through channels like

surveys and social media.

S4-5\_03

Lessons learned or improvements

asaresultofCCHBC’s performance

In identifying lessons or improvements as a result

of our performance, we engage indirectly with

consumers and end-users through their legitimate

representatives and credible proxies who have insight

into their situation. For example, each significant

consumer complaint or incident is followed by

a‘Lessons learned’ session with the respective

stakeholders. These sessions involve discussions with

consumers and their representatives to review the

incident, understand the root causes, and identify

actionable improvements. This collaborative

approach ensures that the insights and feedback

fromthose directly affected are incorporated into our

performance tracking and target-setting processes,

leading to continuous improvement in our practices.

Coca-Cola HBC Integrated Annual Report 2024172

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Task Force on Climate-related Financial Disclosures (TCFD)

Climate change is having and will continue to have

asignificant impact on our business. As with all risks,

in order for our business to be truly resilient, we need

toidentify the potential changes, the potential impact

they may have on our business and ensure the business

is prepared via mitigation or adaptation over the

longerterm.

Our primary disclosures relating to climate change can be found in

ourSustainability Statement on pages 41 to 172 and the Principal and

emerging risk section on pages 188 to 189. These sections along with

additional information on our website, include disclosures consistent with

the guidelines provided by the TCFD, however for convenience, we provide

the following to guide the reader on where those disclosures can be found:

Disclosure Reference Consistency status

1. Governance: Disclose the Company’s governance around climate-related risks and opportunities

a) Describe the Board’s oversight of climate-related risks and opportunities The role of the Board, Audit & Risk Committee and the Social Responsibility Committee are described on pages 45 to

46 of the Sustainability Statement, and on pages 178 to 180 of the business resilience section.

Fully consistent

b) Describe management’s role in identifying, assessing and managing

climate-related risks and opportunities

Management’s role in identifying, assessing and managing all risks and opportunities, including climate-related risks and

opportunities can be found on page 178 to 180 of the business resilience section with more detail found on our website.

Fully consistent

2. Strategy: Disclose the actual and potential impacts of climate-related risks and opportunities on the Company’s business, strategy and

financial planning where material

a) Describe the climate-related risks and opportunities that the organisation

has identified over the short, medium and long term

Climate-related risks and opportunities and relevant time horizons have been described on pages 186 to 187 of the

principal risks and opportunities section with further details available on our website.

Fully consistent

b) Describe management’s role in identifying, assessing and managing

climate-related risks and opportunities

Management’s role in identifying, assessing and managing all risks and opportunities, including climate-related risks and

opportunities can be found on pages 186 to 187 of the principal risks and opportunities section with more detail found

on our website.

Fully consistent

c) Describe the resilience of the organisation’s strategy considering different

climate-related scenarios, including a 2-degree or lower scenario

Pages 186 to 187 of the principal risks and opportunities section and pages 55 to 56 of the Sustainability Statement

describe our assessment ofclimate-related risks and opportunities and how we are managing those risks to ensure the

Company can continue to meet its strategy and objectives. More detail can also be found in the Principal and Emerging

Risk Section of our website.

Fully consistent

3. Risk Management: Disclose how the Company identifies, assesses and manages climate-related risks and opportunities.

a) Describe the Company’s process for identifying and assessing climate-

related risks and opportunities

The Company’s process for identifying and assessing all risks and opportunities including those related to climate

change can be found in the principal risks and opportunities section of the integrated annual report and our website.

Fully consistent

b) Describe the Company’s process for managing climate-related risks

andopportunities

The Company’s process for managing all risks and opportunities including those related to climate change can be

found in the principal risks and opportunities section of the integrated annual report and the principal and emerging

risk section ofourwebsite.

Fully consistent

c) Describe how these processes are integrated into the overall risk

management programme

The Company’s process for identifying, assessing and managing climate-related risks and opportunities are fully integrated

into our risks management programme and details can be found in the business resilience section of ourwebsite.

Fully consistent

4. Metrics and targets: Disclose the metrics and targets used to assess and manage climate-related risks and opportunities

a) Disclose the metrics used by the organisation to assess climate-related risks

and opportunities in line with its strategy and risk management process

Pages 186 to 187 of the principal risks and opportunities section, and pages 59 to 65 of the Sustainability Statement

disclose the metrics we use to assess climate-related risks and opportunities. Further details can also be found on

the Principal and emerging risk section our website.

Fully consistent

b) Disclose Scope 1, Scope 2 and, if appropriate Scope 3 greenhouse gas

emissions, and the related risks

Page 187 of the principal risks and opportunities section and pages 84 to 93 of the Sustainability Statement disclose

our Scope 1, 2 and 3 emissions and related risks.

Fully consistent

c) Describe the targets used by the organisation to manage climate-related

risks and opportunities and performance against targets

Page 187 of the principal risks and opportunities section relating to the Principal Risk: Managing our carbon footprint, and

pages 90 to 92 of the Sustainability Statement describe the targets used to measure performance again our targets.

Fully consistent

Coca-Cola HBC Integrated Annual Report 2024173

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAQbAywDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwCT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uiub6rDuz6H/WTF/yx+5/5ngn/CufFf8A0Cv/ACYi/wDiqP8AhXPiv/oFf+TEX/xVe90UfVYd2H+smL/lj9z/AMzwT/hXPiv/AKBX/kxF/wDFUf8ACufFf/QK/wDJiL/4qve6KPqsO7D/AFkxf8sfuf8AmeCf8K58V/8AQK/8mIv/AIqj/hXPiv8A6BX/AJMRf/FV73RR9Vh3Yf6yYv8Alj9z/wAzwT/hXPiv/oFf+TEX/wAVR/wrnxX/ANAr/wAmIv8A4qve6KPqsO7D/WTF/wAsfuf+Z4J/wrnxX/0Cv/JiL/4qj/hXPiv/AKBX/kxF/wDFV73RR9Vh3Yf6yYv+WP3P/M8E/wCFc+K/+gV/5MRf/FUf8K58V/8AQK/8mIv/AIqve6KPqsO7D/WTF/yx+5/5ngn/AArnxX/0Cv8AyYi/+Ko/4Vz4r/6BX/kxF/8AFV73RR9Vh3Yf6yYv+WP3P/M8E/4Vz4r/AOgV/wCTEX/xVH/CufFf/QK/8mIv/iq97oo+qw7sP9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKr2zQ7aWz8P6ba3CbJobWKORcg4YIARkcdRV+itKdGNN3RwY7Na2Nio1Elbtf/ADZXuo3k2bBnGc81X+zTf3P1FaFFanmmf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ipIIJEmVmXAHvVyigAqjJbytIxC8Ek9RV6igDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAI4FKQqrDBFE6l4WVRkmpKKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAox28qyKSvAIPUVeoooApzwSPMzKuQfeo/s039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRQSAMmkBBGQcigBaKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoorl/GPi6LwvBFvUl5iFU9gScc0AdRRXm0Hjq603UY7e8KXyzqWBthjaegHNbv9o+I9Qci0thaIf+fhMmgDrKqT6nZW3+uuY0+prnl8Mahdtu1DUHz38hytXYfCNhEctJcSf9dHzQAt/4k0d7SaJdQi3shA2tznFc74b8a28VrJp8u6aW1IjBDctxnNdjFounRDAtIm92QGububG00zxrbOtvEIbiJ2f5R97OBQBd/wCEvz/q9Kun+hFNPim+cfutAvvrxXRrbwr92JB9BUgUL0AFAHKNrmuSf6vSp0/3lFXdJudbmvP9NjVIMHjZg5rfooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqC6u4LOEy3EqxoO7GsvWvEUWmkQQqZ7tuFjTkj3I9K881ddZu9agmvJwyK372BSdo57igDs5/Et3qEhg0a2Zu3nsMpXEeMdFmOvaV/atx5ryEEop+XO4dq9X01bcWMb2sSxxuMgKMV538Q2LeNdBiU9Uyf++xQBveKtLs7LTLZ7e3jR1uIgGC8/err0O5AT3rl/GEhlezsl5Z5Ukx7Bq6oDAxQAUUUUAFcr4s+W7sZB98Oo/DdWzqWoTWksMcNu8u8jLKMgc1x3ivXYIvFVlAQZIolIlC/wtkYoA9CoqG1uUvLWO4j+5IMipqACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK5/xBrrWZWxsl829l4CjnaOhJrR1nUU0vTZLhzz91fdj0/Wsnwvpb7Dq18N15c/P83/LPPBAoAm0XQF09GvL1vOvnG53bnb6ge1c+qC6PiC5PO25Gw+22u5vG2WVw3pGx/SuN0xP+KTu7g9bj5/0NAHR+Gn8zw5Yse8VcH4oP2v4oaVF1EcL/APoQrufCoI8L6cD/AM8h/OvO7m9Q/FS7nkPy2sU0S/7xAIoA68H+1fHAYDMVkjxP/vHBFdbXPeFLRoNMe/uOJ7vEsuexxiotS8UfvjZ6XEbi4JxvAyg+pFAHSO6xjLsAPU1Suda0+1QtJdRZH8O7k1zh0W7lBn1nVntyedkcny/rVCZ9FtJfLt4JNSm6Kdu9QffFAE93r9zdXLXuXt7GMFEU8NIx+6R6jNTaV4Ti1CEalqG9bq4YSOvofSptL0C5v5473Vgqxp/qrZPuD8PUGuuAwMCgBkMKW8KxRqFRRgAdqfRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHJeMT5s9jayHbC0iOSemQ3FdYoAUBenas/WNIg1i08mX5WBDK4HKkdKwksfFNh+7tpI7uMdHnlwTQBv6zMINIunP/PNv5GvOE1vUJfBtnDZ2e2P5EdpgVzk9q1fEk3ipdHPn29oitIq5SXJ5rI1XTtbOjadYyXRjDOhCo+eA1AHfaFcW9to1tbPMgkijwwJ6V5JbXFvqHxT1pJbhEtorkuzlhgkAGvRIvAgXfI+qXLSODuyBya52z+EiQ6reTyTlormTexOM9MYoAs634w/tO7j0zR47hrbGZJoUJHB6A+hFX9Ng1cW/laZYwQRt96V8q7e5rqtH0Ow0OzS2sbdIkUYyoxmtGgDlYvCUlyQ+pahPMe8TEFa3bHSLDTRi0to4j3KjGau0UAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBBdWkN5EIp4w6Bg2D6jpVG80SK71O1u2YhYEKhAODzmtWigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD/9k=)

Non-Financial Reporting under Swiss statutory law

This report is prepared in compliance

with the Swiss Code of Obligations

(CO) and comprises the report on non-

financial matters in accordance with

Art. 964a et seqq. CO as well as the due

diligence and transparency requirements

according to Art. 964j-I CO in relations

to the minerals and metals from conflict-

affected areas and child labour.

Report on non-financial matters as

perArt.964a et seqq. CO

The report on non-financial matters must, according to

Swiss law contain information on the following topics:

environment matters, in particular the CO

2

goals, social

issues, employee-related issues, respect for human

rights and combating corruption.

The sustainability aspects of this Integrated Annual

Report (IAR) comply with the requirements of the

Corporate Social Responsibility Directive (CSRD),

which mandates reporting in line with the European

Sustainability Reporting Standards (ESRS).

This IAR has been prepared inaccordance with the GRI

Standards (2021).

The following sections give information on the topics as

required under Art. 964b CO. The vote on the non-financial

report under Swiss statutory law at theannualgeneral

meeting is limited to the content ofthese sections:

General information required to

understand our business

•  Section ‘Business overview’ on pages 2 to 3 of the

2024IAR

Description of the business model

•  Section ‘Our business model’ on pages 6 to 7

and‘Stakeholder engagement’ on pages 10 to 11

ofthe 2024 IAR

Environmental matters (incl. CO

2

goals)

•  Environmental policies on our website

•  Biodiversity statement

•  Climate change policy

•  Environmental policy

•  Food loss and waste policy

•  Packaging and waste management policy

•  Principles for sustainable agriculture

•  Water stewardship policy

•  Section ‘Earn our licence to operate’ on pages 24 to 29,

section ‘Non-financial reporting’ on page 174 of the

2024 IAR

•  Section ‘Task Force on Climate-related Financial

Disclosures (TCFD) on page 173 of the 2024 IAR

•  Environmental table of the 2024 GRI Content Index

(pages 51 to 55); sections 201-2 Financial implications

and other risks and opportunities due to climate

change, 301-3 Reclaimed products and their packaging

materials, all sections GRI 302 Energy, GRI 303 Water

and Effluents, GRI 304 Biodiversity, GRI 305 Emissions,

GRI 306 Waste, and GRI 308 Supplier environmental

assessment of the 2024 GRI Content Index

•  Section ‘Principal risks and opportunities’ on

pages186 to 188

•  Sections in Sustainability Statement of the 2024

IAR related to ESRS E1 Climate change, E2 Pollution,

E3 Water and marine resources, E4 Biodiversity

and ecosystems, and E5 Resource use and circular

economy pages 81 to 129

•   With our reporting on climate matters in section

‘Task Force on Climate-related Financial Disclosures

(TCFD)’ on page 173 of the 2024 IAR and ‘ESRS E1 –

Climate change’ section on page 83 of the 2024 IAR,

we comply with the climate reporting obligations in

accordance with Art. 964b para. 1 CO with regard to

climate issues

Social issues

•  Social policies on our website

•  Community contributions policy (Donation policy)

•  Health and wellness policy

•  Occupational health and safety policy

•  Responsible marketing policy for alcoholic beverages

•  Quality and food safety policy

•  HIV and aids policy

•  Supplier guiding principles

•  Principles for sustainable agriculture

•  Section ‘Earn our licence to operate’ on pages 24

to29, section ‘Non-financial reporting’ on page 174,

section ‘Cultivate the potential of our people’ on

pages 20 to 23 of the 2024 IAR

•  Social table of the 2024 GRI Content Index (pages 56

to 57); all sections GRI 413 Local communities, GRI

414 Supplier social assessment, GRI 416 Customer

health and safety, GRI 417 Marketing and labelling, GRI

418 Customer privacy of the 2024 GRI Content Index

•  ‘Section ‘Principal risks and opportunities’ on pages 181

to 189 of the 2024 IAR

•  Sections in Sustainability Statement of the 2024 IAR

related to ESRS S1 Own workforce, S2 Employees

in the value chain, S3 Affected communities, and S4

Consumers and end-Users, pages 130 to 172

Employee-related issues

•  Policies on our website

•  Occupational health and safety policy

•  Inclusion and diversity policy

•  Whistleblowing policy

•  Quality and food safety policy

•  Section ‘Non-financial reporting’ on page 174 of the

2024 IAR

•  Section ‘Cultivate the potential of our people’ on

pages 20 to 23 of the 2024 IAR

•  Social table of the 2024 GRI Content Index (pages 56 to

57); sections 2-7 Employees, 2-19 Remuneration policies,

2-21 Annual total Compensation ratio, 2-30 Collective

bargaining agreements, all sections GRI 401 Employment,

GRI 402 Labour/Management relations, GRI 403

Occupational health and safety, GRI404 Training and

education, GRI 405 Divers4ty and equal opportunity, GRI

406 Non-discrimination, GRI 407 Freedom of association

and collective bargaining of the 2023 GRI Content Index

•  Section ‘Principal risks and opportunities’ on pages

181 to 189 of the 2024 IAR

•  Sections in Sustainability Statement of the 2024 IAR

related to S1 Own workforce, pages 130 to 145

Respect for human rights

•  Human rights policies on our website

•  Human rights policy

•  Human rights policy managers guide

•  Slavery and human trafficking statement

•  Inclusion and diversity policy

•  Whistleblowing policy

•  Section ‘Non-financial reporting’ on page 174 of the

2024 IAR

•  Social table of the 2024 GRI Content Index (pages 56);

sections 2-26 Mechanisms for seeking advice and

raising concerns, all sections GRI 408 Child Labor, GRI

409 Forced or compulsory labour, GRI 414 Supplier

social assessment of the 2024 GRI Content Index

•  Section ‘Principal risks and opportunities’ on pages

181 to 189 of the 2024 IAR

•  Sections in Sustainability Statement of the 2024 IAR

related to ESRS S1 Own workforce, S2 Employees in the

value chain, S3 Affected communities, pages 130 to 160

Combating corruption

•  Policy on our website

•  Antibribery policy

•  Code of business conduct

•  Supplier guiding principles

•  Community contributions policy

•  Whistleblowing policy

•  Section ‘Non-financial reporting’ on page 174 of the

2024 IAR

•  Sections 2-27 Compliance with Laws and Regulations,

3-3 Management of material topics (Anti-corruption) on

page 18, 205-1 Operations assessed for risks related to

corruption, 205-2 Communication and training about

anticorruption policies and procedures, 205-3 Confirmed

incidents of corruption and actions taken, 206-1 Legal

actions for anti-competitive behaviour, anti-trust, and

monopoly practices of the 2024 GRI Content Index

Main performance indicators

•  Section ‘Mission 2025’ on page 33, ‘Earn our licence to

operate’ on pages 24 to 29, ‘Cultivate the potential of

our people’ on pages 20 to 23 of the 2024 IAR

•  Section ‘Tracking our progress’ on pages 30 to 34,

‘Business conduct, anti-bribery and anti-money

laundering’ and ‘Whistleblowing’ on page 221 of the

2024 IAR

•  Tables in Sustainability Statement of the 2024 IAR,

pages 93, 94, 114, 127, 128, 142 to 145

References to national, European or

international regulations

•  Section ‘About our report’ on page 361, SASB Index on

pages 175 to 177 of the 2024 IAR

•  Sustainability Statement of the 2024 IAR on pages

44to 172

Reporting on compliance with

duediligence and transparency

requirements in relation to conflict

minerals and child labour

We have determined that we are out of scope from

the duediligence and reporting obligations in relation

tominerals and metals from conflict-affected areas as

wedo not place in free circulation or process any minerals

or metals as defined in Art. 964j CO.

Concerning the due diligence and reporting obligations

inrelation to child labour under Swiss law (Art. 964j et seqq.

CO), we comply and adhere with the ILO Conventions Nos

138 and 182 as well as the ILO-IOE Child Labour Guidance

Tool for Business of 15 December 2015 as well as the UN

Guiding Principles on Business and Human Rights, as noted

in our Human Rights Policy available on our website and

therefore we conclude, that we are exempt from reporting

in accordance with the Swiss law regulations in respect

ofchild labour according to Art. 964j CO.

Anastassis G. David

Chair of the Board

Coca-Cola HBC Integrated Annual Report 2024174

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

SASB index

The majority of the information required by the Sustainability Accounting Standards Board (SASB) framework is included in the 2024 IAR and the 2024 GRI Content Index. Part of the information refers to our

public website https://www.coca-colahellenic.com/

All the numbers refer to total CCHBC markets including Egypt unless otherwise stated. Currently, we do not track all metrics included in the Non-Alcoholic Beverages Standards and will work towards including

more data in the future.

Table 1. Sustainability disclosure topics and accounting metrics

Topic Accounting metric Category Unit of measure Code Response

Fleet fuel

management

Fleet fuel consumed

Quantitative

Gigajoules (GJ)

FB-NB-110a.1

1,250,797

Percentage renewable Percentage (%) 0%

Energy management

Operational energy consumed

Quantitative

Gigajoules (GJ)

FB-NB-130a.1

7,958,638

Percentage grid electricity Percentage (%) 30%

Percentage renewable Percentage (%) 28%

Water management

Total water withdrawn

Quantitative

Thousand cubic

metres (m³)

FB-NB-140a.1

30,895

Total water consumed

Thousand cubic

metres (m³)

18,240

and percentage of each in regions with High or

Extremely High Baseline Water Stress

Percentage (%)

35% water withdrawal in regions with High and Extremely High

Baseline Water Stress, 35% water consumed in regions with High

and Extremely High Baseline Water Stress.

26% water withdrawal in regions with High and Extremely High

Baseline Water Stress (without Egypt), 26% water consumed

inregions with High and Extremely High Baseline Water Stress

(without Egypt).

Description of water management risks and

discussion of strategies and practices to mitigate

those risks

Discussion

and analysis

n/a FB-NB-140a.2

2024 IAR, Water section, Business resilience, and TCFD sections.

2024 GRI Content Index (GRI 303: Water and Effluents).

Our water management practices don’t result in tradeoffs

inlanduse, energy production, and greenhouse gas

(GHG)emissions.

CCHBC website – Water stewardship (https://www.coca-

colahellenic.com/en/a-more-sustainable-future/mission-2025/

water-reduction-and-stewardship)

Health and nutrition

Revenue from: zero- and low-calorie beverages

Quantitative

EUR

FB-NB-260a.1

€1,686 million only from SSD portfolio, 23% oftotalSSDrevenue

No added sugar beverages EUR

Not reported; we report towards our Mission 2025 commitment

forcalorie reduction per 100ml SSD by 25% (2025 vs 2015): in 2024

wereduced the calories in our SSD by 18% vs 2015.

Artificially sweetened beverages EUR

CCHBC website – Sustainability section – Nutrition (https://www.

coca-colahellenic.com/en/a-more-sustainable-future/

mission-2025/nutrition)

Not reported

Coca-Cola HBC Integrated Annual Report 2024175

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

SASB index continued

Table 1. Sustainability disclosure topics and accounting metrics continued

Topic Accounting metric Category Unit of measure Code Response

Product labelling

andmarketing

Percentage of advertising impressions (1) made on

children and (2) made on children promoting

products that meet dietary guidelines

Quantitative Percentage (%) FB-NB-270a.1

Not reported. As a member of both the Coca-Cola System and

UNESDA, we abide by the respective responsible marketing

guidelines. In addition, we have a responsible marketing policy for

alcoholic beverages, while our strategic approach towards

marketing to children is covered by our health and wellness policy.

•  https://www.unesda.eu/advertising-marketing-practices/

•  Health and Wellness Policy (https://www.coca-colahellenic.com/

en/about-us/corporate-governance/policies/health-wellness-

policy)

•  Responsible Marketing Policy for Alcoholic Beverages (https://

www.coca-colahellenic.com/en/about-us/corporate-

governance/policies/responsible-marketing-policy-for-

alcoholic-beverages)

Revenue from products labelled as (1) containing

genetically modified organisms (GMOs) and

(2)non-GMO

Quantitative

Reporting

currency

FB-NB-270a.2

(1) None – we don’t produce/sell GMO products.

(2) Non-GMO: €10,754.4 million (100% of the portfolio).

CCHBC website – GMO Policy (https://www.coca-colahellenic.

com/en/about-us/corporate-governance/policies/genetically-

modified-organism-position-statement)

Number of incidents of non-compliance with industry

or regulatory labelling and/or marketing codes

Quantitative Number FB-NB-270a.3

One minor incident of non-compliance with regulatory labelling and

zero incidents with industry marketing codes in 2024.

Refer to the 2024 GRI Content Index (417-2 and 417-3).

Total amount of monetary losses as a result of legal

proceedings associated with marketing and/or

labelling practices

Quantitative

Reporting

currency

FB-NB-270a.4

Total amount of monetary losses: €0 in 2024.

Refer to the 2024 GRI Content Index (417-2 and 417-3).

Packaging lifecycle

management

Total weight of packaging Metric tonnes (t) 854,675

(2) Percentage made from recycled and/or

renewablematerials

Quantitative Percentage (%)

FB-NB-410a.1

23.8% rPET (placed on the market); 35.8% glass; 51.7% aluminium

(3) Percentage that is recyclable, reusable,

and/or compostable

Percentage (%)

100% of primary packaging (recyclable by design)

Discussion of strategies to reduce the environmental

impact of packaging throughout its lifecycle

Discussion

and analysis

n/a FB-NB-410a.2

CCHBC website – Sustainability section – World without waste

(https://www.coca-colahellenic.com/

en/a-more-sustainable-future/mission-2025/world-without-

waste)

Coca-Cola HBC Integrated Annual Report 2024176

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Topic Accounting metric Category Unit of measure Code Response

Environmental and

social impacts of

ingredient

supplychain

Suppliers’ social and environmental responsibility

audit: non-conformance rate and associated

corrective action rate for (a) major and (b) minor

non-conformances

Quantitative Rate FB-NB-430a.1

2024 GRI Content Index (2-6, 308-1, 308-2, 407-1, 408-1, 409-1, 414-1,

414-2).

CCHBC website – Sustainable sourcing and Our suppliers sections

(https://www.coca-colahellenic.com/en/about-us/what-we-do/

supply-chain)

CCHBC website – Sustainability section – Sourcing

(https://www.coca-colahellenic.com/

en/a-more-sustainable-future/mission-2025/sourcing)

CCHBC website – Supplier Guiding Principles (https://www.

coca-colahellenic.com/en/about-us/corporate-governance/

policies/supplier-guiding-principles)

Ingredient sourcing

Percentage of beverage ingredients sourced from

regions with High or Extremely High Baseline

WaterStress

Quantitative

Percentage (%)

bycost

FB-NB-440a.1

https://www.coca-colahellenic.com/content/dam/cch/us/

documents/about-us/what-we-do/supply-chain/sustainability-

monitoring-program.pdf.downloadasset.pdf

List of priority beverage ingredients and

descriptionofsourcing risks due to environmental

andsocial considerations

Discussion

andAnalysis

n/a FB-NB-440a.2

CCHBC website – Sustainability section – Sourcing

(https://www.coca-colahellenic.com/

en/a-more-sustainable-future/mission-2025/sourcing)

2024 GRI Content Index (2-6, 308-1, 308-2, 407-1, 408-1, 409-1,

414-1, 414-2).

CCHBC website – Sustainable sourcing and Our suppliers sections

(https://www.coca-colahellenic.com/en/about-us/what-we-do/

supply-chain)

Table 2. Activity Metrics

Topic Accounting metric Category Unit of measure Code Response

Volume of

productssold Quantitative

Millions of

hectolitres (Mhl) FB-NB-000.A 16,710

Number of

production facilities Quantitative Number FB-NB-000.B 60 production facilities for non-alcoholic beverages

Total fleet road

miles travelled Quantitative Kilometres FB-NB-000.C 409,504,573

SASB index continued

Table 1. Sustainability disclosure topics and accounting metrics continued

Coca-Cola HBC Integrated Annual Report 2024177

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Our Business Resilience Framework

All functions and

business units

Identification & assessment of

current & emerging risks

&opportunities

Effective management

programs to reduce risk/

leverage opportunities

Effective response

to incidents

• Executive

Leadership Team

• Board and

Committees

Internal &

External Auditors

Inc. Business Continuity &

Crisis Management

Inc. Security & Insurance

G

r

o

u

p

B

u

s

i

n

e

s

s

R

e

s

i

l

i

e

n

c

e

T

e

a

m

E

x

t

e

r

n

a

l

m

o

n

i

t

o

r

i

n

g

R

e

p

o

r

t

i

n

g

,

A

s

s

u

r

a

n

c

e

G

o

v

e

r

n

a

n

c

e

F

a

c

i

l

i

t

a

t

i

o

n

T

r

a

i

n

i

n

g

&

c

a

p

a

b

i

l

i

t

y

d

e

v

e

l

o

p

m

e

n

t

Business Resilience

Proactive management of risks and opportunities

In a volatile operating environment,

every business is presented with a similar

set of challenges whether it be economic

upheavals, pandemics, geopolitical crises

or regulatory changes. What sets those

companies that struggle apart from

those companies that not only survive

but thrive is the ability to identify

challenges and develop plans to

managethrough them; or if they can’t

beprevented or predicted, the agility and

responsiveness to reduce the impact and

even take advantage of the opportunity

inherent in change. This is what we call

Business Resilience.

After endorsement by the Audit and Risk Committee

and the Board, we conducted workshops with the

senior leadership teams ofevery business unit (BU)

in 2024 to get feedback and toprepare them for full

implementation in 2025. We also conducted a series

of pilots to refine ourapproach, including more

robust business interruption risk assessments

whichintegrated thework we are doing to better

understand thepotential impact of climate risk,

enhanced engagement with, and input from,

supply chain, risk engineering and IT; and

revalidation of propertydamage and business

interruption insurance coverage.

Our integrated and holistic approach to business

resilience has been particularly important in

recent years of geopolitical, economic and

environmental change. In 2024, we continued

toexperience volatility in the global geopolitical

and macroeconomic environment and, ultimately,

this did have an impact on our business. However,

maintaining our resilience mindset enabled the

business to adapt and respond to those

uncertainties and achieve good results.

Our Business Resilience programme

•  Our Business Resilience (BR) programme

embeds the capabilities, processes and mindset

to enable the business to anticipate and

respond to change, support sustainable growth

and ensure we continue to meet our short-,

medium- and long-term objectives.

•  The foundation of our BR programme is the

robust identification and assessment of current

and emerging risks and opportunities, and the

development of effective management plans

to proactively manage those risks and leverage

opportunities. We have a structured process, built

on the principles of the International Standard

for Risk Management which engages managers

from all functions, ensuring we have broad

perspectives, and we leverage the knowledge

andexperience of subject matter experts.

•  Our BR programme also integrates key

management programmes – security, business

continuity, insurance and crisis management

toensure key functions are aligned

Our Business Resilience Framework

In 2024, we developed our Business Resilience (BR)

Framework, which replaces our Enterprise Risk

Management Framework. The BR Framework

maintains all key aspects of effective risk

management but also incorporates other

BRelements – security, business continuity,

insurance and crisis management.

The BR Framework provides more structure and

simplifies our processes to enable us to focus on

core BR principles:

•  Proactivity – a more structured approach

to emerging risks and opportunities enables

us to be more forward-looking and put more

emphasis on leveraging opportunities

•  Cross-functional – we operate under the

principle that no risk exists in isolation nor can

it be managed in a functional silo. Every aspect

of our BR programme requires strong cross-

functional engagement

•  Capability and mindset – we have placed strong

emphasis on building capabilities – and encouraging

the right mindset, to ensure the programme is

embedded in core management practice

Coca-Cola HBC Integrated Annual Report 2024178

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAAGAywDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwDmqKKK8c/VwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACvpDwz/yKmj/9eMP/AKAKKK6sL8TPmeJv4VP1f5Fq9/g/GqlFFd58aFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVLbf8fC/j/KiigDQrNl/1z/7xoopDGUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAaFt/x7r+P86Ln/AI92/D+dFFIZn0UUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAPi/1yf7wrSoopDM+5/4+G/D+VRUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAH/9k=)

Business Resilience continued

Proactive management of risks and opportunities continued

We are embedding the key principles of BR

throughout CCHBC, providing managers with

theprocesses and tools they need to proactively

identify and assess risks, take advantage of

opportunities, make well-thought-out decisions

and take appropriate and timely action.

We measure the extent to which BR principles

andprocesses are embedded in our business

through key performance indicators, including the

outcomes of our annual resilience maturity survey

involving over 350 senior managers across all areas,

designed to measure our risk and resilience culture.

At least every two years, every business unit goes

through a BR validation. Led by the Group BR team

and supported by senior managers from Group

Corporate Affairs and Sustainability; Group

Quality, Safety and Environment as well as other

Group functions depending on the key risks

assessed in the BU; validations are structured

onsite reviews of the risk management, security,

business continuity and crisis management

programmes, and include training and simulation

exercises. BU teams receive detailed feedback

along with a report highlighting elements

implemented well and areas for improvement.

Outside these reviews, the Group BR team

participates in BU senior leadership team risk

reviews, as well as maintaining regular contact

with key senior managers to support effective

implementation and training to build BR capability.

Our approach to risk

As the foundation of our BR programme, we

continue to improve our robust risk management

process. We capture all current and emerging risks

within the process including our sustainability-

related risks. We have a top-down, bottom-up

approach, facilitated by the Group BR team, but

driven also by risk owners at all levels.

Noted below is the role of the Board in setting our

risk appetite which provides top-down guidance to

Group functions and BUs on the type and level of

risk the Company is prepared to accept in

achieving our objectives. The Board, Audit and

Risk Committee and the Executive Leadership

Team (ELT) play an active role in reviewing the

outcomes of the risk management process which

starts with business units and Group functions.

We follow a 3 lines model in risk management.

1.  The first line centres on Business Units where

functional managers acting as risk owners, in

aprocess facilitated by the Business Unit Risk

Coordinator, ensure risks are identified, assessed

and effectively managed. Risk assessments and

progress on managing current and emerging

risks and opportunities are formally discussed at

monthly BU senior leadership team risk reviews.

The Risk Coordinators ensure the outcomes

ofthose reviews are reflected in regular updates

tothe BU risk register. Likewise, Group functions

heads, acting as risk owners, are responsible for

identifying, assessing and managing risks and

opportunities across the Group relating to

theirfunction.

2.  The second line focuses on the facilitation and

assurance role of the Group BR team. The team

develops and updates the Risk Management

Guidelines, which set out the process for how

risks are identified, assessed and managed. The

Group BR team reviews all BU risk registers and

facilitates the monitoring and calibration of BU

assessments through engagement with Group

functions who act as subject matter experts on

how risks are being managed consistently across

the Group. The Group BR team also facilitates

Regional and Group reviews and the assessment

of principal and emerging risks and opportunities

which are reported to and discussed with the

Group Risk and Compliance Committee (GRCC),

ELT, Audit and Risk Committee, and the Board.

3.  The third line focuses on the activities of the

internal and external auditors. The internal audit

team is responsible for auditing the Business

Resilience programme, including the risk

management programme annually. It has full

visibility of Principal and Emerging Risk register as

well as the BU risk registers and conducts its

audit of the process at Group and BU level. The

external auditors participate in the Group Risk

and Compliance Committee meetings quarterly

when the outcomes of the BU and Group level

risk assessments are reviewed.

How we govern risk and resilience

•  The Board retains overall accountability and

responsibility for the Group’s business resilience,

risk management and internal controlsystems.

•  The Board provides direction to the business

on the level of acceptable risk through the

Risk Appetite Statement and receives regular

reports from the Chief Risk Officer (CRO) on

the extent to which that statement is applied

throughout the business. In 2024, the Board

reviewed the RiskAppetite Statement and

that was applied through the setting of risk

tolerance levels for every risk that business

units and Group functions assessed.

•  The Board reviews the principal and emerging

risks and opportunities and key resilience

management plans, including our Group and

local insurance programmes annually and,

through the work of the Audit and Risk

Committee, receives quarterly updates on the

effectiveness of the business resilience and

risk management programmes.

•  In 2024, our CRO conducted a risk management

workshop with the Board to refresh their

understanding of business resilience and risk

management principles, and how they are

applied within the business. This is part of our

regular business resilience and risk management

education programme at all levels throughout

the business.

•  The ELT reviews the principal and emerging

risks and opportunities and the effectiveness

of mitigation and management plans. The CRO

ensures that members of the ELT individually

and collectively are continually updated on

the implementation of business resilience

programmes throughout the year.

•  The GRCC, co-chaired by the CRO, meets

quarterly to update our Principal and Emerging

Risk Register and review the effectiveness

of business resilience across the Group. The

GRCC is our risk and compliance ‘think tank’

ensuring assessed risks and opportunities

receive broad input and critical review.

•  Our internal audit department conducts an

annual independent audit of our BR programme

and its implementation, assessing our risk

management, business continuity and crisis

management processes, and their application

against business best practices and the

International Accounting Standard.

•  The Head of Corporate Audit submits their

findings and recommendations to the Audit and

Risk Committee. The Board and its committees

conduct annual reviews of the effectiveness of

our internal controls. Details of the 2024 review

are in the Audit and Risk Committee report on

pages 217 to 221.

•  Our external auditors participate in our

quarterly GRCC meetings as well as one-on-

one discussions with the CRO at least once per

year to ensure the business resilience program

has been implemented effectively and that the

principal and emerging risks and opportunities

disclosed publicly are an accurate reflection of

the material risks to the business.

Coca-Cola HBC Integrated Annual Report 2024179

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Assessing, reporting and reviewing risks and opportunities

Risk and Resilience Processes in BUs and Group Functions

Monthly reviews of the risk assessments and management plans across the BUs and at least biannually with Group functions

Overlaying of external trend analysis and business intelligence

Trend analysis, emerging risk and scenario analysis

Produces biannual risk summaries for COO and Regional Director review

Biannual

reviews

Risk information is

aggregated, and the insights

are elevated for strategic

evaluation

Feedback from all stages

of evaluation and informed

insights feedback to the

business units and functions

Risk Summary

Region 1

BusinessUnits

Risk Summary

Region 2

BusinessUnits

Risk Summary

Region 3

BusinessUnits

Board and Committees

(Audit and Risk Committee)

ELT

Sponsor: General Counsel

Group Risk and Compliance Committee

Co-Chair: Chief Risk Officer

Regional Director

Region 2

Risk Summary

Italy

County General

Manager

Group Function

Heads

Risk Summary

Group Functions

Regional Director

Region 1

Regional Director

Region 3

Sustainability risks

Sustainability is embedded as a core element ofour

management practices and a key element of our

business resilience framework. We take thesame

approach to identifying risks and opportunities and

developing management plans to reduce negative

impact or leverage opportunity with sustainability-

related risks as we do with all risks and opportunities.

On pages 186 to 187 we have summarised a

number ofprincipal risks and opportunities

associated withthe long term sustainability of our

business. On pages 188 to 189, we have also

provided a summary ofa number of emerging

risks and opportunities associated with the longer

term sustainability ofour business.

One of the most significant risks to our

resilienceover the longer term is climate change.

By proactively assessing the impact of climate

change and preparing for and managing climate

risk through our business strategy and capital

investments, however, we can harness significant

opportunities – as shown on pages 186 to 189,

below. Climate-related risk is fully integrated into

our risk management programme and our CRO

facilitates frequent discussions with a cross-

functional teamthat includes representatives

from BusinessResilience, Finance, Quality, Safety

andEnvironment, and Corporate Affairs

andSustainability.

We also remain committed to following guidelines

provided by the Taskforce for Climate-related

Financial Disclosures (TCFD). Disclosures related

to TCFD are summarised in the table on page 173;

and are embedded in our Sustainability Statement

on page 43 and also in our risk management

section on pages 181 to 189.

Principal and emerging risks and

opportunities

We define principal risks and opportunities

asthose that are, or could be, material to our

business and have the most potential to impact

our strategic objectives. We define emerging

risks and opportunities as those that may have

asignificant impact on our business in the future

– both positive and negative, but around which

greater uncertainty exists, and a number of

variables could change the nature of the risk

overtime.

We have summarised our principal risks and

opportunities within four key groups to emphasise

the interrelated nature of many of our risks:

•  Group A: Responding to changes in the

geopolitical and macroeconomic environment

•  Group B: Maintaining operational excellence in

volatile markets

•  Group C: Protecting, supporting and developing

our people

•  Group D: Enhancing the sustainability of

ourbusiness

On pages 188 and 189, we have also summarised

our emerging risks and opportunities as Group E.

For further information on our Business Resilience

programme and our principal and emerging risks

and opportunities, see our website.

Business Resilience continued

Proactive management of risks and opportunities continued

Coca-Cola HBC Integrated Annual Report 2024180

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Principal risks and opportunities

Group A. Responding to changes in the geopolitical and macroeconomic environment

Description: The risk of FX volatility and ratesfluctuations.

Key Drivers: Consequences Key Mitigation Actions:

•  Geopolitical tensions

•  Macroeconomic conditions

•  Government responses to domestic

andinternational conditions

•   Financial losses and increased costs

•  Asset impairment

•  Limits on cash repatriation

•  Maintain target, where feasible, of hedging

25-80% of rolling 12-month foreign

currency exposures

•  Use derivative instruments and hard currency

deposits to reduce exposures

•  Close engagement with Financial Risk

Management Committee and Audit and

RiskCommittee of the Board

Trend:  Outlook

Increasing

•  Global growth for 2025 is expected at similar levels to 2024 with increased geopolitical

volatility. The new US administration is expected to introduce further import tariffs on Chinese

and European products, which are expected to drive inflation higher, and to be less predictable

in its engagement with other countries, which may increase market volatility. Weexpect

continuing FX volatility in key emerging markets, particularly Nigeria and Egypt.

A1. Foreign exchange

fluctuations

Included in viability

statement?

Y

Risk owner:

Head of Treasury

Timeframe:

Short-medium

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

N

Risk tolerance:

Group Treasury is required to continually monitor foreign

exchange risk and ensure to the extent possible, there are

effective mitigation plans inplace. While recognising

many external factors are largely out of our control,

residual risk is to remain at or below our ‘moderate’ rating.

A2. Marketplace economic

conditions

Included in viability

statement?

Y

Risk owner:

Head of Strategic Finance

Timeframe:

Short-medium

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

N

Risk tolerance:

Group Finance is required to continually monitor

economic conditions in collaboration with our business

units and ensure that effective mitigation plans are in

place. To the extent possible, residual risk should

remain at or below our ‘moderate’rating.

Description: The risk of adverse changes to consumer confidence and purchasing power.

Key Drivers: Consequences Key Mitigation Actions:

•  Challenging economic conditions

•  Government responses, particularly

taxesand interest rates

•  Continuing geopolitical and

macroeconomicvolatility.

•  Volume and revenue decline.

•  Reduced profitability.

•  Increased commodity costs

•  Pricing and targeted actions to drive mix to

manage cost inflation.

•  Carefully managed operational expense and

cost controls.

•  Developed coordinated and targeted plans

with TCCC and other business partners on

promotions and marketing initiatives.

Trend:  Outlook

Increasing

•  The new US administration is expected to introduce further import tariffs to Chinese and

European products, which is expected to drive inflation up. Equally, the new administration is

less predictable on the geopolitical-front and this may increase further market volatility.

Coca-Cola HBC Integrated Annual Report 2024181

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Principal risks and opportunities continued

Group A. Responding to changes in the geopolitical and macroeconomic environment continued

A3. Suppliers and sustainable

sourcing

Included in viability

statement?

Y

Risk owner:

Chief Procurement

Officer

Timeframe:

Short-medium

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

Y

Risk tolerance:

We only deal with suppliers that demonstrate a

capability for consistently delivering high-quality

products that meet our guiding principles. Residual

riskshould remain at or below our ‘low’ rating.

Description: The risk of being unable to secure supply of key ingredients, packaging and services at a reasonable cost.

Key Drivers: Consequences Key Mitigation Actions:

•  Geopolitical and macroeconomic conditions

•  Financial speculation on global commodities

markets

•  Hard currency liquidity issues in emerging

markets

•  Increased input costs

•  Inability to supply customers as a result of

business interruption

•  Expanded our supplier base and introduced

new and alternative suppliers

•  Detailed business continuity plans (BCP’s) in

place per market and material

•  Contracted volumes of key ingredients and

packaging materials

•  Contracted prices with focus on local

currency wherever feasible

Trend:  Outlook

Increasing

•  We expect continuing pressure on commodity prices, energy prices and freight rates from Asia

related to geopolitical conditions, exacerbated by US threats to impose additional tariffs. Over

the longer term, we expect climate change and related regulations to affect the supply side

and cost of ingredients.

A4. Complying with international

sanctions

Included in viability

statement?

Y

Risk owner:

Head of Legal Compliance

Timeframe:

Short-medium term

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

N

Risk tolerance:

We have no tolerance for knowingly breaching legal and

regulatory requirements, our Code of Business Conduct,

Anti-bribery Policy, and other Group and BUs ethics and

compliance policies and international sanctions. Residual

risk should remain at or below our ‘low’ rating.

Description: The risk of inadvertent non-compliance with applicable international Sanctions.

Key Drivers: Consequences Key Mitigation Actions:

•  The Russia/Ukraine crisis and the

international response.

•  Potential for broadening of sanctions.

•  Tougher economic conditions that increase

the risk of non-compliance.

•  Significant financial and criminal fines.

•  Litigation costs.

•  Costs of remedies imposed by authorities in

negative ruling.

•  Training on sanctions for targeted employees

•  Sanctions Policy and Recusal Policy

•  Russia and Belarus IT systems separation to

address impact of EU sanctions

•  Internal investigation process led by the audit

department

•  Enhanced third party screening

Trend:  Outlook

Stable

•  Given the current geopolitical environment and the territories we operate within, we expect

this risk to remain significant for the foreseeable future. We expect the international sanctions

environment to remain complex in the short to medium term.

Coca-Cola HBC Integrated Annual Report 2024182

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Principal risks and opportunities continued

Group B. Maintaining operational excellence in volatile markets

Description: The risk of network intrusion, service availability and breach of data confidentiality and integrity.

Key Drivers: Consequences Key Mitigation Actions:

•  Increasing use of cloud-based IT solutions

and working from home

•  Increasing sophistication of malware and

ransomware actors, use of AI

•  Complex third-party ecosystem

•  Operational disruptions and financial losses

•  Damage to corporate reputation

•  Data breaches and privacy violations

•  Regulatory and legal costs

•  Maintained ISO/IEC 27001 certification

(Information Security Management

Systems);

•  Continue to strengthen our protection

capabilities to secure applications, data,

cloud, endpoints, identities and network

•  Enhanced cyber threat detection and

incident response capabilities

•  Simulated hacker attacks and vulnerability

assessments, remediation of findings

Trend:  Outlook

Increasing

•  The number and sophistication of cyber incidents is expected to increase in the short to

medium term. Stakeholder concerns about data privacy and requirements to protect it will

continue to increase. Government agencies will continue to improve their capabilities to

investigate and respond to cybercrime.

B1. IT resilience and data privacy

– Cyberincidents

Included in viability

statement?

N

Risk owner:

Chief Information Security

Officer

Timeframe:

Short-medium

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

Y

Risk tolerance:

We are committed to establishing and maintaining

strong internal controls related to cyber security

across our business. Residual risk should remain

atorbelow our ‘low’ rating.

B2. Business interruption

Included in viability

statement?

N

Risk owner:

Chief Supply Chain Officer

Timeframe:

Short-medium term

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

N

Risk tolerance:

We have low tolerance for being unprepared for

disruptive incidents. All business units are required

toconduct risk assessments for business interruption

for every plant and use those assessments to develop

their business continuity plans. The residual risk should

remain at or below our ‘Low’ rating.

Description: The risk of being unable to supply our customers with product for an extended period in the event of a

major disruption.

Key Drivers: Consequences Key Mitigation Actions:

•  Geopolitical instability

•  Increasing frequency and severity of

extreme weather events resulting from

climate change

•  Increasing risk of cyber attacks

•  Impact on ability to deliver profitable growth

•  Safety risk to employees

•  Relationship with key customers in the event

of inability to supply

•  Requirement that all plants have BCPs

consistent with new requirements by 2025

•  Revision of Business Interruption insurance

cover to ensure we mitigate financial risk

•  Business continuity plans based on robust

Business Interruption Risk Assessment in

every business unit for every plant

•  Strengthen cyber security controls and

response in plants

Trend:  Outlook

Increasing

•  We expect continuing volatility in ingredients and raw material supply (short to medium). We

will see an increase in the number and severity of extreme weather events as a result of climate

change (medium to long term).

Coca-Cola HBC Integrated Annual Report 2024183

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Principal risks and opportunities continued

Group B. Maintaining operational excellence in volatile markets continued

B3. Product quality and food

safety – Quality incidents

Included in viability

statement?

N

Risk owner:

Chief Supply Chain Officer

Timeframe:

Short-medium term

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

Y

Risk tolerance:

Business units are required to maintain compliance with

Legal, CCH and TCC System Kore requirements. We haveno

tolerance for products that may pose a health or safety risk

for consumers and these should be classified as an incident

or elevated incident within the meaning ofthe IMCR program.

Residual risk should remain at orbelow our ‘Low’ rating.

Description: The risk of serious product quality incidents or contamination of our products

Key Drivers: Consequences Key Mitigation Actions:

•  Changes to suppliers and their processes

•  Potential for human error

•  Equipment or system failure.

•  Intentional acts

•  Illness to consumer

•  Adverse financial impact of events such as

product withdrawals and recalls

•  Reputational damage

•  QFS capabilities through Quality Academy

basic and advanced level implementation as

part of Maturity Matrix programme

•  Full implementation of CCH QFS prevention

programmes

•  QFS management system certification

•  Elevated and risk-based supplier quality

management.

•  Updated and tested product withdrawal and

recall plans

Trend:  Outlook

Stable

•  We have continued to reduce the number of quality-related incidents over time however, we

remain vigilant given the impact they can have on our business.

Group C. Protecting, supporting and developing our people

Description: The risk to the safety and security of our people and potential interruption of our business as a result of

geopolitical instability and volatile security environment.

Key Drivers: Consequences Key Mitigation Actions:

•  Russia/Ukraine crisis

•  Israel/Palestinian conflict and the potential

for expansion

•  New US government policies and

approaches to its international relationships

•  Safety of our people

•  Financial impact of sanctions

•  Supply chain instability

•  Enhanced security risk assessments to

better inform management plans

•  Improvement of emergency and

contingency plans for affected markets

•  Continuing IMCR development and training

Trend:  Outlook

Increasing

•  Continuing volatility over the medium to long term. Although we may see a cease-fire in 2025,

we do not expect a lasting resolution of the Russia/Ukraine crisis in the short term. The Israel/

Palestine conflict is likely to continue in 2025, with a potential for anti-US sentiment and impact

on supply chains and oil prices. Increasing influence of far right sentiment in Europe may have

an impact on social cohesion.

C1. Geopolitical and security

environment

Included in viability

statement?

Y

Risk owner:

Chief Risk Officer

Timeframe:

Short-medium

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

N

Risk tolerance:

We have no appetite for knowingly exposing our employees

to potentially dangerous situations without having effective

plans in place to reduce the risk to acceptable levels.

These plans are reviewed and tested regularly. Residual

riskshould remain at or below our ‘Low’ rating.

Coca-Cola HBC Integrated Annual Report 2024184

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Principal risks and opportunities continued

C2. Health and Safety

Included in viability

statement?

N

Risk owner:

Head of Quality, Safety

and Environment

Timeframe:

Short-medium term

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

Y

Risk tolerance:

We have no tolerance for failing to comply with workplace

health and safety policies. Residual risk should remain at

or below our ‘low’ rating.

Description: The risk of health and safety and occupational workplace incidents involving our employees,

contractorsor 3PLs

Key Drivers: Consequences Key Mitigation Actions:

•  Traffic conditions in selected countries

•  Non-compliance with or breaches of health

and safety (H&S) requirements

•  Inadequate contractual provisions and/or

behaviours of contractors

•  Fatalities and/or serious injuries

•  Damage to our reputation as a caring,

responsible employer if not handled properly

•  Financial losses

•  Continued implementation of our Behaviour

Based Safety (BBS) programme, including

human and organisational principles (HOP),

across the organisation

•  Compliance with LSR (Life Saving Rules)

requirements

•  Involved leaders on all levels in H&S

observations and H&S conversations

Trend:  Outlook

Stable

•  We remain optimistic that our training and awareness programmes will continue to reduce

fatalities and injuries.

Group C. Protecting, supporting and developing our people continued

C3. People attraction and

retention

Included in viability

statement?

N

Risk owner:

Head of People

Operations

Timeframe:

Short-medium term

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

N

Risk tolerance:

We will strive to remain an employer of choice, provide

effective career development programmes and maintain

high levels of employee engagement. Residual risk should

remain at or below our ‘low’ rating.

Description: The risk of failing to attract and retain the highest calibre people to take advantage of opportunities in

thefuture.

Key Drivers: Consequences Key Mitigation Actions:

•  Expectations for flexible working

arrangements

•  Industry value proposition as an employer

of choice

•  Development of technology and online tools

to enhance team engagement

•  Failure to meet our goals

•  High turnover in critical positions resulting in

knowledge and productivity loss

•  Potential imbalance between male and

female employees

•  Continuous listening to measure culture

andengagement and address findings

•  Improved people management skills

to enhance engagement and energise

employees sustainably, including how

tomanage remote teams

•  Maintained our leadership development

programme and continued to foster our

coaching and mentoring culture

Trend:  Outlook

Stable

•  Talent retention will be an ongoing challenge over the short to medium term as adjustments

are made to new ways of working. However, highly engaged and talented people are critical

forour resilience and our investment in our workforce presents a significant opportunity for

our business.

Coca-Cola HBC Integrated Annual Report 2024185

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Principal risks and opportunities continued

Group D. Enhancing the sustainability of our business

Description: The risk that health and environmental concerns and budgetary pressures will impact brand perceptions

and increase governments use of discriminatory taxes and regulations

Key Drivers: Consequences Key Mitigation Actions:

•  Consumer concerns around health,

environmental and social issues

•  Government responses to health issues

andbudgetary pressures.

•  International initiatives/organisations

promoting discriminatory measures

•  Financial impact

•  Forced changes in product formulations

andportfolio mix.

•  Impact on reputation and product

affordability and acceptability

•  Monitor developments from leading

health/political organisations

•  Constructive engagement with key

stakeholders to navigate possible tax/

regulatory changes

•  Continue product innovation and

expansionof 24/7 portfolio to respond

toconsumer needs, including expansion

ofno/low caloriebeverages

Trend:  Outlook

Increasing

•  Heightening concerns around health into the medium to longer term. Increasingly demanding

regulatory environment in the EU. Increasing budgetary pressures and policies to address

consumer health concerns increase the risk of additional sugar/beverage taxes and regulations

in the short term.

D1. Product-related regulatory

changes and taxes

Included in viability

statement?

Y

Risk owner:

Head of Public & Regulatory

Affairs

Timeframe:

Medium

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

Y

Risk tolerance:

All business units are required to continually monitor

regulatory and tax developments, fiscal pressures and

consumer concerns, and identify triggers that can translate

into regulatory changes and potential new taxes. Residual

risk should remain at or below our ‘moderate’ rating.

D2. Cost & availability of

sustainable packaging

Included in viability

statement?

Y

Risk owner:

Head of Sustainability

Timeframe:

Medium-long term

Strategic Growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

Y

Risk tolerance:

All business units are required to establish a process for

monitoring and reporting potential regulatory changes

relating to packaging. Residual risk should remain at or

below our ‘moderate’ rating.

Description: The risks and opportunities associated with designing and implementing a profitable future pack mix to

meet regulatory requirements and our sustainability targets.

Key Drivers: Potential Consequences Key Mitigation Actions:

•  Price dynamics of recycle-friendly raw

materials such as rPET and aluminium

•  Collection rates in high plastic volume

markets

•  Access to quality feedstock

•  New EU regulations on plastics and

packaging waste

•  Impact on reputation

•  Estimated increase in annual cost of packaging

of 13.2% by 2030 and 2.2% by 2040 under a

Paris Ambition (RCP1.9) climate scenario

•  Estimated increase in annual cost of packaging

of 4.2% by 2030 and 0.4% by 2040 under

astated policy (RCP4.5) climate scenario

•  Increase in sales and profits by developing

a profitable pack mix that resonates

withconsumers

•  Continued implementing strategic

initiativesto drive circularity

•  Increasing percentage of recycled

materialsand reusable packs

•  Partnering with regulatory authorities,

industry peers, start-ups and NGOs to

develop effective package recovery systems

•  Identifying new technologies and innovation,

focusing on new and alternative packaging

solutions such as packageless and refillables,

recycling to improve packaging carbon

footprint and reduce waste

Trend:  Outlook

Increasing

•  We will continue to see heightened stakeholder concerns over the medium term and increased

regulation across EU markets. The price of good quality recycled material will continue to rise

over the medium term as industries focus on increasing recycled content.

Coca-Cola HBC Integrated Annual Report 2024186

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCARNBeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArA8a6bd6t4SvrGxi825l8vYm4LnEik8kgdAa36KUldWNKNV0qkakd00/uPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uiuf6rDuz3f9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4nofgLxNZ+INNurjTdkMN1FJI3nxnChwScBs9BXtlFFa06apqyPMx2YVcbJSqJK3b/h2U54JHmZlXIPvUf2ab+5+orQorQ4TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RVi1jePfvGM4xzViigBsgLRsB1IIqj9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAorE/4S7Qv+f7/yE/8A8TR/wl2hf8/3/kJ//iafKzP21P8AmX3m3RWJ/wAJdoX/AD/f+Qn/APiaP+Eu0L/n+/8AIT//ABNHKw9tT/mX3m3RWJ/wl2hf8/3/AJCf/wCJo/4S7Qv+f7/yE/8A8TRysPbU/wCZfebdFYn/AAl2hf8AP9/5Cf8A+Jo/4S7Qv+f7/wAhP/8AE0crD21P+ZfebdFYn/CXaF/z/f8AkJ//AImj/hLtC/5/v/IT/wDxNHKw9tT/AJl95t0Vif8ACXaF/wA/3/kJ/wD4mj/hLtC/5/v/ACE//wATRysPbU/5l95t0Vif8JdoX/P9/wCQn/8AiaP+Eu0L/n+/8hP/APE0crD21P8AmX3m3RWJ/wAJdoX/AD/f+Qn/APiaP+Eu0L/n+/8AIT//ABNHKw9tT/mX3m3RWJ/wl2hf8/3/AJCf/wCJo/4S7Qv+f7/yE/8A8TRysPbU/wCZfebdFYn/AAl2hf8AP9/5Cf8A+Jo/4S7Qv+f7/wAhP/8AE0crD21P+ZfebdFYn/CXaF/z/f8AkJ//AImj/hLtC/5/v/IT/wDxNHKw9tT/AJl95t0Vif8ACXaF/wA/3/kJ/wD4mj/hLtC/5/v/ACE//wATRysPbU/5l95t0Vif8JdoX/P9/wCQn/8AiaP+Eu0L/n+/8hP/APE0crD21P8AmX3m3RWJ/wAJdoX/AD/f+Qn/APiaP+Eu0L/n+/8AIT//ABNHKw9tT/mX3m3RWJ/wl2hf8/3/AJCf/wCJo/4S7Qv+f7/yE/8A8TRysPbU/wCZfebdFYn/AAl2hf8AP9/5Cf8A+Jo/4S7Qv+f7/wAhP/8AE0crD21P+ZfebdFYn/CXaF/z/f8AkJ//AImj/hLtC/5/v/IT/wDxNHKw9tT/AJl95t0Vif8ACXaF/wA/3/kJ/wD4mj/hLtC/5/v/ACE//wATRysPbU/5l95t0Vif8JdoX/P9/wCQn/8AiaP+Eu0L/n+/8hP/APE0crD21P8AmX3m3RWJ/wAJdoX/AD/f+Qn/APiaP+Eu0L/n+/8AIT//ABNHKw9tT/mX3m3RWJ/wl2hf8/3/AJCf/wCJo/4S7Qv+f7/yE/8A8TRysPbU/wCZfebdFYn/AAl2hf8AP9/5Cf8A+Jo/4S7Qv+f7/wAhP/8AE0crD21P+ZfebdFYn/CXaF/z/f8AkJ//AImj/hLtC/5/v/IT/wDxNHKw9tT/AJl95t0Vif8ACXaF/wA/3/kJ/wD4mj/hLtC/5/v/ACE//wATRysPbU/5l95t0Vif8JdoX/P9/wCQn/8AiaP+Eu0L/n+/8hP/APE0crD21P8AmX3m3RWJ/wAJdoX/AD/f+Qn/APiaP+Eu0L/n+/8AIT//ABNHKw9tT/mX3m3RWJ/wl2hf8/3/AJCf/wCJo/4S7Qv+f7/yE/8A8TRysPbU/wCZfebdFYn/AAl2hf8AP9/5Cf8A+Jo/4S7Qv+f7/wAhP/8AE0crD21P+ZfebdFYn/CXaF/z/f8AkJ//AImj/hLtC/5/v/IT/wDxNHKw9tT/AJl95t0Vif8ACXaF/wA/3/kJ/wD4mj/hLtC/5/v/ACE//wATRysPbU/5l95t0Vif8JdoX/P9/wCQn/8AiaP+Eu0L/n+/8hP/APE0crD21P8AmX3m3RWJ/wAJdoX/AD/f+Qn/APiaP+Eu0L/n+/8AIT//ABNHKw9tT/mX3m3RWJ/wl2hf8/3/AJCf/wCJo/4S7Qv+f7/yE/8A8TRysPbU/wCZfebdFYn/AAl2hf8AP9/5Cf8A+Jo/4S7Qv+f7/wAhP/8AE0crD21P+ZfebdFYn/CXaF/z/f8AkJ//AImj/hLtC/5/v/IT/wDxNHKw9tT/AJl95t0Vif8ACXaF/wA/3/kJ/wD4mj/hLtC/5/v/ACE//wATRysPbU/5l95t0Vif8JdoX/P9/wCQn/8AiaP+Eu0L/n+/8hP/APE0crD21P8AmX3m3RWJ/wAJdoX/AD/f+Qn/APiaP+Eu0L/n+/8AIT//ABNHKw9tT/mX3m3RWJ/wl2hf8/3/AJCf/wCJo/4S7Qv+f7/yE/8A8TRysPbU/wCZfebdFYn/AAl2hf8AP9/5Cf8A+Jo/4S7Qv+f7/wAhP/8AE0crD21P+ZfebdFYn/CXaF/z/f8AkJ//AImj/hLtC/5/v/IT/wDxNHKw9tT/AJl95t0Vif8ACXaF/wA/3/kJ/wD4mj/hLtC/5/v/ACE//wATRysPbU/5l95t0Vif8JdoX/P9/wCQn/8AiaP+Eu0L/n+/8hP/APE0crD21P8AmX3m3RWJ/wAJdoX/AD/f+Qn/APiaP+Eu0L/n+/8AIT//ABNHKw9tT/mX3m3RWJ/wl2hf8/3/AJCf/wCJo/4S7Qv+f7/yE/8A8TRysPbU/wCZfebdFYn/AAl2hf8AP9/5Cf8A+Jo/4S7Qv+f7/wAhP/8AE0crD21P+ZfebdFYn/CXaF/z/f8AkJ//AImj/hLtC/5/v/IT/wDxNHKw9tT/AJl95t0Vif8ACXaF/wA/3/kJ/wD4mj/hLtC/5/v/ACE//wATRysPbU/5l95t0Vif8JdoX/P9/wCQn/8AiaP+Eu0L/n+/8hP/APE0crD21P8AmX3m3RWJ/wAJdoX/AD/f+Qn/APiaP+Eu0L/n+/8AIT//ABNHKw9tT/mX3m3RWJ/wl2hf8/3/AJCf/wCJo/4S7Qv+f7/yE/8A8TRysPbU/wCZfebdFYn/AAl2hf8AP9/5Cf8A+Jo/4S7Qv+f7/wAhP/8AE0crD21P+ZfebdFYn/CXaF/z/f8AkJ//AImj/hLtC/5/v/IT/wDxNHKw9tT/AJl95t0Vif8ACXaF/wA/3/kJ/wD4mj/hLtC/5/v/ACE//wATRysPbU/5l95t0Vif8JdoX/P9/wCQn/8AiaP+Eu0L/n+/8hP/APE0crD21P8AmX3m3RWJ/wAJdoX/AD/f+Qn/APiaP+Eu0L/n+/8AIT//ABNHKw9tT/mX3m3RWJ/wl2hf8/3/AJCf/wCJo/4S7Qv+f7/yE/8A8TRysPbU/wCZfebdFYn/AAl2hf8AP9/5Cf8A+Jo/4S7Qv+f7/wAhP/8AE0crD21P+ZfebdFYn/CXaF/z/f8AkJ//AImj/hLtC/5/v/IT/wDxNHKw9tT/AJl95t0Vif8ACXaF/wA/3/kJ/wD4mj/hLtC/5/v/ACE//wATRysPbU/5l95t0Vif8JdoX/P9/wCQn/8AiaP+Eu0L/n+/8hP/APE0crD21P8AmX3m3RWJ/wAJdoX/AD/f+Qn/APiaP+Eu0L/n+/8AIT//ABNHKw9tT/mX3m3RWJ/wl2hf8/3/AJCf/wCJo/4S7Qv+f7/yE/8A8TRysPbU/wCZfebdFYn/AAl2hf8AP9/5Cf8A+Jo/4S7Qv+f7/wAhP/8AE0crD21P+ZfebdFYn/CXaF/z/f8AkJ//AImj/hLtC/5/v/IT/wDxNHKw9tT/AJl95t0Vif8ACXaF/wA/3/kJ/wD4mj/hLtC/5/v/ACE//wATRysPbU/5l95t0Vif8JdoX/P9/wCQn/8AiaP+Eu0L/n+/8hP/APE0crD21P8AmX3m3RWJ/wAJdoX/AD/f+Qn/APiaP+Eu0L/n+/8AIT//ABNHKw9tT/mX3m3RWJ/wl2hf8/3/AJCf/wCJo/4S7Qv+f7/yE/8A8TRysPbU/wCZfebdFYn/AAl2hf8AP9/5Cf8A+Jo/4S7Qv+f7/wAhP/8AE0crD21P+ZfebdFYn/CXaF/z/f8AkJ//AImj/hLtC/5/v/IT/wDxNHKw9tT/AJl95t0Vif8ACXaF/wA/3/kJ/wD4mj/hLtC/5/v/ACE//wATRysPbU/5l95t0Vif8JdoX/P9/wCQn/8AiaP+Eu0L/n+/8hP/APE0crD21P8AmX3m3RWJ/wAJdoX/AD/f+Qn/APiaP+Eu0L/n+/8AIT//ABNHKw9tT/mX3m3RWJ/wl2hf8/3/AJCf/wCJo/4S7Qv+f7/yE/8A8TRysPbU/wCZfebdFYn/AAl2hf8AP9/5Cf8A+Jo/4S7Qv+f7/wAhP/8AE0crD21P+ZfebdFYn/CXaF/z/f8AkJ//AImj/hLtC/5/v/IT/wDxNHKw9tT/AJl95t0Vif8ACXaF/wA/3/kJ/wD4mj/hLtC/5/v/ACE//wATRysPbU/5l95t0Vif8JdoX/P9/wCQn/8AiaP+Eu0L/n+/8hP/APE0crD21P8AmX3m3RWJ/wAJdoX/AD/f+Qn/APiaP+Eu0L/n+/8AIT//ABNHKw9tT/mX3m3RWJ/wl2hf8/3/AJCf/wCJo/4S7Qv+f7/yE/8A8TRysPbU/wCZfebdFYn/AAl2hf8AP9/5Cf8A+Jo/4S7Qv+f7/wAhP/8AE0crD21P+ZfebdFYn/CXaF/z/f8AkJ//AImj/hLtC/5/v/IT/wDxNHKw9tT/AJl95t0Vif8ACXaF/wA/3/kJ/wD4mj/hLtC/5/v/ACE//wATRysPbU/5l95t0Vif8JdoX/P9/wCQn/8AiaP+Eu0L/n+/8hP/APE0crD21P8AmX3m3RWJ/wAJdoX/AD/f+Qn/APiaP+Eu0L/n+/8AIT//ABNHKw9tT/mX3m3RWJ/wl2hf8/3/AJCf/wCJo/4S7Qv+f7/yE/8A8TRysPbU/wCZfebdFYn/AAl2hf8AP9/5Cf8A+Jo/4S7Qv+f7/wAhP/8AE0crD21P+ZfebdFYn/CXaF/z/f8AkJ//AImj/hLtC/5/v/IT/wDxNHKw9tT/AJl95t0Vif8ACXaF/wA/3/kJ/wD4mj/hLtC/5/v/ACE//wATRysPbU/5l95t0Vif8JdoX/P9/wCQn/8AiaP+Eu0L/n+/8hP/APE0crD21P8AmX3m3RWJ/wAJdoX/AD/f+Qn/APiaP+Eu0L/n+/8AIT//ABNHKw9tT/mX3m3RWJ/wl2hf8/3/AJCf/wCJo/4S7Qv+f7/yE/8A8TRysPbU/wCZfebdFYn/AAl2hf8AP9/5Cf8A+Jo/4S7Qv+f7/wAhP/8AE0crD21P+ZfebdFYn/CXaF/z/f8AkJ//AImj/hLtC/5/v/IT/wDxNHKw9tT/AJl955dRRRXQeGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFdt/wh2n/APPa6/76X/4mj/hDtP8A+e11/wB9L/8AE1HOjq+p1TiaK7b/AIQ7T/8Antdf99L/APE0f8Idp/8Az2uv++l/+Jo50H1OqcTRXbf8Idp//Pa6/wC+l/8AiaP+EO0//ntdf99L/wDE0c6D6nVOJortv+EO0/8A57XX/fS//E0f8Idp/wDz2uv++l/+Jo50H1OqcTRXbf8ACHaf/wA9rr/vpf8A4mj/AIQ7T/8Antdf99L/APE0c6D6nVOJortv+EO0/wD57XX/AH0v/wATR/wh2n/89rr/AL6X/wCJo50H1OqcTRXbf8Idp/8Az2uv++l/+Jo/4Q7T/wDntdf99L/8TRzoPqdU4miu2/4Q7T/+e11/30v/AMTR/wAIdp//AD2uv++l/wDiaOdB9TqnE0V23/CHaf8A89rr/vpf/iaP+EO0/wD57XX/AH0v/wATRzoPqdU4miu2/wCEO0//AJ7XX/fS/wDxNH/CHaf/AM9rr/vpf/iaOdB9TqnE0V23/CHaf/z2uv8Avpf/AImj/hDtP/57XX/fS/8AxNHOg+p1TiaK7b/hDtP/AOe11/30v/xNH/CHaf8A89rr/vpf/iaOdB9TqnE0V23/AAh2n/8APa6/76X/AOJo/wCEO0//AJ7XX/fS/wDxNHOg+p1TiaK7b/hDtP8A+e11/wB9L/8AE0f8Idp//Pa6/wC+l/8AiaOdB9TqnE0V23/CHaf/AM9rr/vpf/iaP+EO0/8A57XX/fS//E0c6D6nVOJortv+EO0//ntdf99L/wDE0f8ACHaf/wA9rr/vpf8A4mjnQfU6pxNFdt/wh2n/APPa6/76X/4mj/hDtP8A+e11/wB9L/8AE0c6D6nVOJortv8AhDtP/wCe11/30v8A8TR/wh2n/wDPa6/76X/4mjnQfU6pxNFdt/wh2n/89rr/AL6X/wCJo/4Q7T/+e11/30v/AMTRzoPqdU4miu2/4Q7T/wDntdf99L/8TR/wh2n/APPa6/76X/4mjnQfU6pxNFdt/wAIdp//AD2uv++l/wDiaP8AhDtP/wCe11/30v8A8TRzoPqdU4miu2/4Q7T/APntdf8AfS//ABNH/CHaf/z2uv8Avpf/AImjnQfU6pxNFdt/wh2n/wDPa6/76X/4mj/hDtP/AOe11/30v/xNHOg+p1TiaK7b/hDtP/57XX/fS/8AxNH/AAh2n/8APa6/76X/AOJo50H1OqcTRXbf8Idp/wDz2uv++l/+Jo/4Q7T/APntdf8AfS//ABNHOg+p1TiaK7b/AIQ7T/8Antdf99L/APE0f8Idp/8Az2uv++l/+Jo50H1OqcTRXdQ+DNOklCma6wfR1/8Aiaa/g3TldlE11gEj7y//ABNHOg+p1Th6K7b/AIQ7T/8Antdf99L/APE0f8Idp/8Az2uv++l/+Jo50H1OqcTRXbf8Idp//Pa6/wC+l/8AiaP+EO0//ntdf99L/wDE0c6D6nVOJortv+EO0/8A57XX/fS//E0f8Idp/wDz2uv++l/+Jo50H1OqcTRXbf8ACHaf/wA9rr/vpf8A4mj/AIQ7T/8Antdf99L/APE0c6D6nVOJortv+EO0/wD57XX/AH0v/wATR/wh2n/89rr/AL6X/wCJo50H1OqcTRXbf8Idp/8Az2uv++l/+Jo/4Q7T/wDntdf99L/8TRzoPqdU4miu2/4Q7T/+e11/30v/AMTR/wAIdp//AD2uv++l/wDiaOdB9TqnE0V23/CHaf8A89rr/vpf/iaP+EO0/wD57XX/AH0v/wATRzoPqdU4miu2/wCEO0//AJ7XX/fS/wDxNH/CHaf/AM9rr/vpf/iaOdB9TqnE0V23/CHaf/z2uv8Avpf/AImj/hDtP/57XX/fS/8AxNHOg+p1TiaK7b/hDtP/AOe11/30v/xNH/CHaf8A89rr/vpf/iaOdB9TqnE0V23/AAh2n/8APa6/76X/AOJo/wCEO0//AJ7XX/fS/wDxNHOg+p1TiaK7b/hDtP8A+e11/wB9L/8AE0f8Idp//Pa6/wC+l/8AiaOdB9TqnE0V23/CHaf/AM9rr/vpf/iaP+EO0/8A57XX/fS//E0c6D6nVOJortv+EO0//ntdf99L/wDE0f8ACHaf/wA9rr/vpf8A4mjnQfU6pxNFdt/wh2n/APPa6/76X/4mj/hDtP8A+e11/wB9L/8AE0c6D6nVOJortv8AhDtP/wCe11/30v8A8TR/wh2n/wDPa6/76X/4mjnQfU6pxNFdt/wh2n/89rr/AL6X/wCJo/4Q7T/+e11/30v/AMTRzoPqdU4miu2/4Q7T/wDntdf99L/8TR/wh2n/APPa6/76X/4mjnQfU6pxNFdt/wAIdp//AD2uv++l/wDiaP8AhDtP/wCe11/30v8A8TRzoPqdU4miu2/4Q7T/APntdf8AfS//ABNH/CHaf/z2uv8Avpf/AImjnQfU6pxNFdt/wh2n/wDPa6/76X/4mj/hDtP/AOe11/30v/xNHOg+p1TiaK7b/hDtP/57XX/fS/8AxNH/AAh2n/8APa6/76X/AOJo50H1OqcTRXbf8Idp/wDz2uv++l/+Jo/4Q7T/APntdf8AfS//ABNHOg+p1TiaK7b/AIQ7T/8Antdf99L/APE0f8Idp/8Az2uv++l/+Jo50H1OqcTRXbf8Idp//Pa6/wC+l/8AiaP+EO0//ntdf99L/wDE0c6D6nVOJortv+EO0/8A57XX/fS//E0f8Idp/wDz2uv++l/+Jo50H1OqcTRXbf8ACHaf/wA9rr/vpf8A4mj/AIQ7T/8Antdf99L/APE0c6D6nVOJortv+EO0/wD57XX/AH0v/wATR/wh2n/89rr/AL6X/wCJo50H1OqcTRXbf8Idp/8Az2uv++l/+Jo/4Q7T/wDntdf99L/8TRzoPqdU4miu2/4Q7T/+e11/30v/AMTR/wAIdp//AD2uv++l/wDiaOdB9TqnE0V23/CHaf8A89rr/vpf/iaP+EO0/wD57XX/AH0v/wATRzoPqdU4miu2/wCEO0//AJ7XX/fS/wDxNH/CHaf/AM9rr/vpf/iaOdB9TqnE0V23/CHaf/z2uv8Avpf/AImj/hDtP/57XX/fS/8AxNHOg+p1TiaK7b/hDtP/AOe11/30v/xNH/CHaf8A89rr/vpf/iaOdB9TqnE0V23/AAh2n/8APa6/76X/AOJo/wCEO0//AJ7XX/fS/wDxNHOg+p1TiaK7b/hDtP8A+e11/wB9L/8AE0f8Idp//Pa6/wC+l/8AiaOdB9TqnE0V23/CHaf/AM9rr/vpf/iaP+EO0/8A57XX/fS//E0c6D6nVOJortv+EO0//ntdf99L/wDE0f8ACHaf/wA9rr/vpf8A4mjnQfU6pxNFdt/wh2n/APPa6/76X/4mj/hDtP8A+e11/wB9L/8AE0c6D6nVOJortv8AhDtP/wCe11/30v8A8TR/wh2n/wDPa6/76X/4mjnQfU6pxNFdt/wh2n/89rr/AL6X/wCJo/4Q7T/+e11/30v/AMTRzoPqdU4miu2/4Q7T/wDntdf99L/8TR/wh2n/APPa6/76X/4mjnQfU6pxNFdt/wAIdp//AD2uv++l/wDiaP8AhDtP/wCe11/30v8A8TRzoPqdU4miu2/4Q7T/APntdf8AfS//ABNH/CHaf/z2uv8Avpf/AImjnQfU6pxNFdt/wh2n/wDPa6/76X/4mj/hDtP/AOe11/30v/xNHOg+p1TiaK7b/hDtP/57XX/fS/8AxNH/AAh2n/8APa6/76X/AOJo50H1OqcTRXbf8Idp/wDz2uv++l/+Jo/4Q7T/APntdf8AfS//ABNHOg+p1TiaK7b/AIQ7T/8Antdf99L/APE0f8Idp/8Az2uv++l/+Jo50H1OqcTRXbf8Idp//Pa6/wC+l/8AiaP+EO0//ntdf99L/wDE0c6D6nVOJortv+EO0/8A57XX/fS//E0f8Idp/wDz2uv++l/+Jo50H1OqcTRXbf8ACHaf/wA9rr/vpf8A4mj/AIQ7T/8Antdf99L/APE0c6D6nVOJortv+EO0/wD57XX/AH0v/wATR/wh2n/89rr/AL6X/wCJo50H1OqcTRXbf8Idp/8Az2uv++l/+Jo/4Q7T/wDntdf99L/8TRzoPqdU4miu2/4Q7T/+e11/30v/AMTR/wAIdp//AD2uv++l/wDiaOdB9TqnE0V23/CHaf8A89rr/vpf/iaP+EO0/wD57XX/AH0v/wATRzoPqdU4miu2/wCEO0//AJ7XX/fS/wDxNH/CHaf/AM9rr/vpf/iaOdB9TqnE0V23/CHaf/z2uv8Avpf/AImj/hDtP/57XX/fS/8AxNHOg+p1TiaK7b/hDtP/AOe11/30v/xNH/CHaf8A89rr/vpf/iaOdB9TqnE0V23/AAh2n/8APa6/76X/AOJo/wCEO0//AJ7XX/fS/wDxNHOg+p1TiaK7b/hDtP8A+e11/wB9L/8AE0f8Idp//Pa6/wC+l/8AiaOdB9TqnE0V23/CHaf/AM9rr/vpf/iaP+EO0/8A57XX/fS//E0c6D6nVOJortv+EO0//ntdf99L/wDE0f8ACHaf/wA9rr/vpf8A4mjnQfU6pxNFdt/wh2n/APPa6/76X/4mj/hDtP8A+e11/wB9L/8AE0c6D6nVOJortv8AhDtP/wCe11/30v8A8TR/wh2n/wDPa6/76X/4mjnQfU6pxNFdt/wh2n/89rr/AL6X/wCJo/4Q7T/+e11/30v/AMTRzoPqdU4miu2/4Q7T/wDntdf99L/8TR/wh2n/APPa6/76X/4mjnQfU6pxNFdt/wAIdp//AD2uv++l/wDiakHgvTiAfOuv++1/+Jo50H1OqbtFFFZHqhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBLbf8AHwv4/wAqbL/rn/3jTrb/AI+F/H+VNl/1z/7xoAZRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVMv3R9KhqZfuj6UAQ0UUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEtt/x8L+P8qbL/rn/AN4062/4+F/H+VNl/wBc/wDvGgBlFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQBDRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS23/AB8L+P8AKmy/65/94062/wCPhfx/lXE6l4j1GDVbyFJECRzuq5QdAxFFgOxorhP+Eo1T/npH/wB8Cj/hKNU/56R/98CnYVzu6K4T/hKNU/56R/8AfAo/4SjVP+ekf/fAosFzu6K4T/hKNU/56R/98Cj/AISjVP8AnpH/AN8CiwXO7orhP+Eo1T/npH/3wKP+Eo1T/npH/wB8CiwXO7orhP8AhKNU/wCekf8A3wKP+Eo1T/npH/3wKLBc7uiuE/4SjVP+ekf/AHwKP+Eo1T/npH/3wKLBc7uiuE/4SjVP+ekf/fAo/wCEo1T/AJ6R/wDfAosFzu6K4T/hKNU/56R/98Cj/hKNU/56R/8AfAosFzu6K4T/AISjVP8AnpH/AN8Cj/hKNU/56R/98CiwXO7orhP+Eo1T/npH/wB8Cj/hKNU/56R/98CiwXO7orhP+Eo1T/npH/3wKP8AhKNU/wCekf8A3wKLBc7uiuE/4SjVP+ekf/fAo/4SjVP+ekf/AHwKLBc7uiuE/wCEo1T/AJ6R/wDfAo/4SjVP+ekf/fAosFzu6K4T/hKNU/56R/8AfAo/4SjVP+ekf/fAosFzu6K4T/hKNU/56R/98Cj/AISjVP8AnpH/AN8CiwXO7orhP+Eo1T/npH/3wKP+Eo1T/npH/wB8CiwXO7orhP8AhKNU/wCekf8A3wKP+Eo1T/npH/3wKLBc7uiuE/4SjVP+ekf/AHwKP+Eo1T/npH/3wKLBc7uiuE/4SjVP+ekf/fAo/wCEo1T/AJ6R/wDfAosFzu6K4T/hKNU/56R/98Cj/hKNU/56R/8AfAosFzu6K4T/AISjVP8AnpH/AN8Cj/hKNU/56R/98CiwXO7orhP+Eo1T/npH/wB8Cj/hKNU/56R/98CiwXO7orl/7cvf+EY+3bk8/wC2eTnbxt2Z6fWsz/hKNU/56R/98CiwXO7orhP+Eo1T/npH/wB8Cj/hKNU/56R/98CiwXO7orhP+Eo1T/npH/3wKP8AhKNU/wCekf8A3wKLBc7uiuE/4SjVP+ekf/fAo/4SjVP+ekf/AHwKLBc7uiuE/wCEo1T/AJ6R/wDfAo/4SjVP+ekf/fAosFzu6K4T/hKNU/56R/8AfAo/4SjVP+ekf/fAosFzu6K4T/hKNU/56R/98Cj/AISjVP8AnpH/AN8CiwXO7orhP+Eo1T/npH/3wKP+Eo1T/npH/wB8CiwXO7orhP8AhKNU/wCekf8A3wKP+Eo1T/npH/3wKLBc7uiuE/4SjVP+ekf/AHwKP+Eo1T/npH/3wKLBc7uiuE/4SjVP+ekf/fAo/wCEo1T/AJ6R/wDfAosFzu6K4T/hKNU/56R/98Cj/hKNU/56R/8AfAosFzu6K4T/AISjVP8AnpH/AN8Cj/hKNU/56R/98CiwXO7orhP+Eo1T/npH/wB8Cj/hKNU/56R/98CiwXO7orhP+Eo1T/npH/3wKP8AhKNU/wCekf8A3wKLBc7uiuE/4SjVP+ekf/fAo/4SjVP+ekf/AHwKLBc7uiuE/wCEo1T/AJ6R/wDfAo/4SjVP+ekf/fAosFzu6K4T/hKNU/56R/8AfAo/4SjVP+ekf/fAosFzu6K4T/hKNU/56R/98Cj/AISjVP8AnpH/AN8CiwXO7orhP+Eo1T/npH/3wKP+Eo1T/npH/wB8CiwXO7orhP8AhKNU/wCekf8A3wKP+Eo1T/npH/3wKLBc7uiuE/4SjVP+ekf/AHwKP+Eo1T/npH/3wKLBc7uiuE/4SjVP+ekf/fArT8P65e6hrlva3DI0T7twC46KT/SiwXOoorhP+Eo1T/npH/3wKP8AhKNU/wCekf8A3wKLBc7uiuE/4SjVP+ekf/fAo/4SjVP+ekf/AHwKLBc7uiuE/wCEo1T/AJ6R/wDfAo/4SjVP+ekf/fAosFzu6K4T/hKNU/56R/8AfAo/4SjVP+ekf/fAosFzu6K4T/hKNU/56R/98Cj/AISjVP8AnpH/AN8CiwXO7orhP+Eo1T/npH/3wKP+Eo1T/npH/wB8CiwXO7orhP8AhKNU/wCekf8A3wKP+Eo1T/npH/3wKLBc7uiuE/4SjVP+ekf/AHwKP+Eo1T/npH/3wKLBc7uiuE/4SjVP+ekf/fAo/wCEo1T/AJ6R/wDfAosFzu6K4T/hKNU/56R/98Cj/hKNU/56R/8AfAosFzu6K4T/AISjVP8AnpH/AN8Cj/hKNU/56R/98CiwXO7orhP+Eo1T/npH/wB8Cj/hKNU/56R/98CiwXO7orhP+Eo1T/npH/3wKP8AhKNU/wCekf8A3wKLBc7uiuE/4SjVP+ekf/fAo/4SjVP+ekf/AHwKLBc7uiuE/wCEo1T/AJ6R/wDfAo/4SjVP+ekf/fAosFzu6K4T/hKNU/56R/8AfAo/4SjVP+ekf/fAosFzu6K4T/hKNU/56R/98Cj/AISjVP8AnpH/AN8CiwXO7orhP+Eo1T/npH/3wKP+Eo1T/npH/wB8CiwXO7orhP8AhKNU/wCekf8A3wKP+Eo1T/npH/3wKLBc7uiuE/4SjVP+ekf/AHwKP+Eo1T/npH/3wKLBc7uiuE/4SjVP+ekf/fAo/wCEo1T/AJ6R/wDfAosFzu6K4T/hKNU/56R/98Cj/hKNU/56R/8AfAosFzu6mX7o+leff8JRqn/PSP8A74FbMOuXzwRsXXJUE/KPSiw7nRUUUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCW2/4+F/H+VeZ6x/yG7/AP6+ZP8A0I16Zbf8fC/j/KvM9Y/5Dd//ANfMn/oRpoTKVFFFUSFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAbX/Mkf9xL/ANp1i1tf8yR/3Ev/AGnWLSGFFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABW14S/wCRns/+B/8AoDVi1teEv+Rns/8Agf8A6A1JjRi0UUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXQW3/HrF/uD+Vc/XQW3/HrF/uD+VIZ2lFFVLrStOvpRLd2FrcSAbQ8sKuQPTJHTk1D8jSPLf3n/AF+BborN/wCEe0T/AKA+n/8AgMn+FH/CPaJ/0B9P/wDAZP8ACl7xpy0v5n9y/wAzSorN/wCEe0T/AKA+n/8AgMn+FH/CPaJ/0B9P/wDAZP8ACj3g5aX8z+5f5mlRWb/wj2if9AfT/wDwGT/Cj/hHtE/6A+n/APgMn+FHvBy0v5n9y/zNKis3/hHtE/6A+n/+Ayf4Uf8ACPaJ/wBAfT//AAGT/Cj3g5aX8z+5f5mlRWb/AMI9on/QH0//AMBk/wAKP+Ee0T/oD6f/AOAyf4Ue8HLS/mf3L/M0qKzf+Ee0T/oD6f8A+Ayf4Uf8I9on/QH0/wD8Bk/wo94OWl/M/uX+ZpUVm/8ACPaJ/wBAfT//AAGT/Cj/AIR7RP8AoD6f/wCAyf4Ue8HLS/mf3L/M0qKzf+Ee0T/oD6f/AOAyf4Uf8I9on/QH0/8A8Bk/wo94OWl/M/uX+ZpUVm/8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBy0v5n9y/wAzSorN/wCEe0T/AKA+n/8AgMn+FH/CPaJ/0B9P/wDAZP8ACj3g5aX8z+5f5mlRWb/wj2if9AfT/wDwGT/Cj/hHtE/6A+n/APgMn+FHvBy0v5n9y/zNKis3/hHtE/6A+n/+Ayf4VZtNOsrDf9js7e3343eTEqbsdM4HPU01cmSp291u/p/wSzRRUF1Z2t9EIru2huIwdwSWMOAfXB78mmQrX1J6Kzf+Ee0T/oD6f/4DJ/hR/wAI9on/AEB9P/8AAZP8Kn3jXlpfzP7l/maVFZv/AAj2if8AQH0//wABk/wo/wCEe0T/AKA+n/8AgMn+FHvBy0v5n9y/zNKis3/hHtE/6A+n/wDgMn+FH/CPaJ/0B9P/APAZP8KPeDlpfzP7l/maVFZv/CPaJ/0B9P8A/AZP8KP+Ee0T/oD6f/4DJ/hR7wctL+Z/cv8AM0qKzf8AhHtE/wCgPp//AIDJ/hR/wj2if9AfT/8AwGT/AAo94OWl/M/uX+ZpUVm/8I9on/QH0/8A8Bk/wo/4R7RP+gPp/wD4DJ/hR7wctL+Z/cv8zSorN/4R7RP+gPp//gMn+FH/AAj2if8AQH0//wABk/wo94OWl/M/uX+ZpUVm/wDCPaJ/0B9P/wDAZP8ACj/hHtE/6A+n/wDgMn+FHvBy0v5n9y/zNKis3/hHtE/6A+n/APgMn+FH/CPaJ/0B9P8A/AZP8KPeDlpfzP7l/maVFZv/AAj2if8AQH0//wABk/wo/wCEe0T/AKA+n/8AgMn+FHvBy0v5n9y/zNKis3/hHtE/6A+n/wDgMn+FH/CPaJ/0B9P/APAZP8KPeDlpfzP7l/maVFZv/CPaJ/0B9P8A/AZP8Klt9G0u0nWe202zhlXO2SOBVYZGOCB6U9RNUraN/d/wTStv+Phfx/lXmesf8hu//wCvmT/0I16Zbf8AHwv4/wAq5PUPCF9c6ldXCXNmFlmdwGkbIBJPPy1SMWclRXS/8ITqH/P3Y/8Afxv/AImj/hCdQ/5+7H/v43/xNO4rHNUV0v8AwhOof8/dj/38b/4mj/hCdQ/5+7H/AL+N/wDE0XCxzVFdL/whOof8/dj/AN/G/wDiaP8AhCdQ/wCfux/7+N/8TRcLHNUV0v8AwhOof8/dj/38b/4mj/hCdQ/5+7H/AL+N/wDE0XCxzVFdL/whOof8/dj/AN/G/wDiaP8AhCdQ/wCfux/7+N/8TRcLHNUV0v8AwhOof8/dj/38b/4mj/hCdQ/5+7H/AL+N/wDE0XCxzVFdL/whOof8/dj/AN/G/wDiaP8AhCdQ/wCfux/7+N/8TRcLHNUV0v8AwhOof8/dj/38b/4mj/hCdQ/5+7H/AL+N/wDE0XCxzVFdL/whOof8/dj/AN/G/wDiaP8AhCdQ/wCfux/7+N/8TRcLHNUV0v8AwhOof8/dj/38b/4mj/hCdQ/5+7H/AL+N/wDE0XCxzVFdL/whOof8/dj/AN/G/wDiaP8AhCdQ/wCfux/7+N/8TRcLHNUV0v8AwhOof8/dj/38b/4mj/hCdQ/5+7H/AL+N/wDE0XCxzVFdL/whOof8/dj/AN/G/wDiaP8AhCdQ/wCfux/7+N/8TRcLHNUV0v8AwhOof8/dj/38b/4mj/hCdQ/5+7H/AL+N/wDE0XCxzVFdL/whOof8/dj/AN/G/wDiaP8AhCdQ/wCfux/7+N/8TRcLHNUV0v8AwhOof8/dj/38b/4mj/hCdQ/5+7H/AL+N/wDE0XCxzVFdL/whOof8/dj/AN/G/wDiaP8AhCdQ/wCfux/7+N/8TRcLHNUV0v8AwhOof8/dj/38b/4mj/hCdQ/5+7H/AL+N/wDE0XCxzVFdL/whOof8/dj/AN/G/wDiaP8AhCdQ/wCfux/7+N/8TRcLHNUV0v8AwhOof8/dj/38b/4mj/hCdQ/5+7H/AL+N/wDE0XCxzVFdL/whOof8/dj/AN/G/wDiaP8AhCdQ/wCfux/7+N/8TRcLHNUV0v8AwhOof8/dj/38b/4mj/hCdQ/5+7H/AL+N/wDE0XCxU/5kj/uJf+06xa7b/hF7z/hG/sH2i08z7X527eduNmMZx1rO/wCEJ1D/AJ+7H/v43/xNFwsc1RXS/wDCE6h/z92P/fxv/iaP+EJ1D/n7sf8Av43/AMTRcLHNUV0v/CE6h/z92P8A38b/AOJo/wCEJ1D/AJ+7H/v43/xNFwsc1RXS/wDCE6h/z92P/fxv/iaP+EJ1D/n7sf8Av43/AMTRcLHNUV0v/CE6h/z92P8A38b/AOJo/wCEJ1D/AJ+7H/v43/xNFwsc1RXS/wDCE6h/z92P/fxv/iaP+EJ1D/n7sf8Av43/AMTRcLHNUV0v/CE6h/z92P8A38b/AOJo/wCEJ1D/AJ+7H/v43/xNFwsc1RXS/wDCE6h/z92P/fxv/iaP+EJ1D/n7sf8Av43/AMTRcLHNUV0v/CE6h/z92P8A38b/AOJo/wCEJ1D/AJ+7H/v43/xNFwsc1RXS/wDCE6h/z92P/fxv/iaP+EJ1D/n7sf8Av43/AMTRcLHNUV0v/CE6h/z92P8A38b/AOJo/wCEJ1D/AJ+7H/v43/xNFwsc1RXS/wDCE6h/z92P/fxv/iaP+EJ1D/n7sf8Av43/AMTRcLHNUV0v/CE6h/z92P8A38b/AOJo/wCEJ1D/AJ+7H/v43/xNFwsc1RXS/wDCE6h/z92P/fxv/iaP+EJ1D/n7sf8Av43/AMTRcLHNUV0v/CE6h/z92P8A38b/AOJo/wCEJ1D/AJ+7H/v43/xNFwsc1RXS/wDCE6h/z92P/fxv/iaP+EJ1D/n7sf8Av43/AMTRcLHNUV0v/CE6h/z92P8A38b/AOJo/wCEJ1D/AJ+7H/v43/xNFwsc1RXS/wDCE6h/z92P/fxv/iaP+EJ1D/n7sf8Av43/AMTRcLHNUV0v/CE6h/z92P8A38b/AOJo/wCEJ1D/AJ+7H/v43/xNFwsc1RXS/wDCE6h/z92P/fxv/iaP+EJ1D/n7sf8Av43/AMTRcLHNUV0v/CE6h/z92P8A38b/AOJo/wCEJ1D/AJ+7H/v43/xNFwsc1RXS/wDCE6h/z92P/fxv/iaP+EJ1D/n7sf8Av43/AMTRcLHNVteEv+Rns/8Agf8A6A1W/wDhCdQ/5+7H/v43/wATWjoXhe807Wbe7luLR0j3ZWNyWOVI4496GwSOJorpf+EJ1D/n7sf+/jf/ABNH/CE6h/z92P8A38b/AOJouFjmqK6X/hCdQ/5+7H/v43/xNH/CE6h/z92P/fxv/iaLhY5qiul/4QnUP+fux/7+N/8AE0f8ITqH/P3Y/wDfxv8A4mi4WOaorpf+EJ1D/n7sf+/jf/E0f8ITqH/P3Y/9/G/+JouFjmqK6X/hCdQ/5+7H/v43/wATR/whOof8/dj/AN/G/wDiaLhY5qiul/4QnUP+fux/7+N/8TR/whOof8/dj/38b/4mi4WOaorpf+EJ1D/n7sf+/jf/ABNH/CE6h/z92P8A38b/AOJouFjmqK6X/hCdQ/5+7H/v43/xNH/CE6h/z92P/fxv/iaLhY5qiul/4QnUP+fux/7+N/8AE0f8ITqH/P3Y/wDfxv8A4mi4WOaorpf+EJ1D/n7sf+/jf/E0f8ITqH/P3Y/9/G/+JouFjmqK6X/hCdQ/5+7H/v43/wATR/whOof8/dj/AN/G/wDiaLhY5qiul/4QnUP+fux/7+N/8TR/whOof8/dj/38b/4mi4WOaorpf+EJ1D/n7sf+/jf/ABNH/CE6h/z92P8A38b/AOJouFjmqK6X/hCdQ/5+7H/v43/xNH/CE6h/z92P/fxv/iaLhY5qiul/4QnUP+fux/7+N/8AE0f8ITqH/P3Y/wDfxv8A4mi4WOaorpf+EJ1D/n7sf+/jf/E0f8ITqH/P3Y/9/G/+JouFjmqK6X/hCdQ/5+7H/v43/wATR/whOof8/dj/AN/G/wDiaLhY5qiul/4QnUP+fux/7+N/8TR/whOof8/dj/38b/4mi4WOaorpf+EJ1D/n7sf+/jf/ABNH/CE6h/z92P8A38b/AOJouFjmqK6X/hCdQ/5+7H/v43/xNH/CE6h/z92P/fxv/iaLhY5qiul/4QnUP+fux/7+N/8AE0f8ITqH/P3Y/wDfxv8A4mi4WOaorpf+EJ1D/n7sf+/jf/E0f8ITqH/P3Y/9/G/+JouFjmq6C2/49Yv9wfyqX/hCdQ/5+7H/AL+N/wDE1qw+GrtIY0NxakqoHDn0+lFwsbVFFFSUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEtt/wAfC/j/ACpsv+uf/eNOtv8Aj4X8f5U2X/XP/vGgBlFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEv/Lp/20/pUVS/8un/AG0/pUVABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUtt/wAfC/j/ACqKpbb/AI+F/H+VAEVFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQBDRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS23/Hwv4/ypsv+uf/AHjTrb/j4X8f5U2X/XP/ALxoAZRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBL/wAun/bT+lRVL/y6f9tP6VFQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVLbf8fC/j/Koqltv+Phfx/lQBFRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVMv3R9KhqZfuj6UAQ0UV4x8XNb1bTfFdrDYape2sTWKOUguHRS2+QZwD14H5U0ribsez0V8tf8JX4j/6GDVf/AyT/Gj/AISvxH/0MGq/+Bkn+NVyE859S0V8tf8ACV+I/wDoYNV/8DJP8a+palxsUpXCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKguruOziEkqzMpO3EULyn8lBOOOtA0nJ2RPRWb/blp/zx1D/wXT//ABFH9uWn/PHUP/BdP/8AEVPNHua/V6v8r+5mlRWb/blp/wA8dQ/8F0//AMRR/blp/wA8dQ/8F0//AMRRzR7h9Xq/yv7maVFZv9uWn/PHUP8AwXT/APxFH9uWn/PHUP8AwXT/APxFHNHuH1er/K/uZpUVm/25af8APHUP/BdP/wDEUf25af8APHUP/BdP/wDEUc0e4fV6v8r+5mlRWb/blp/zx1D/AMF0/wD8RR/blp/zx1D/AMF0/wD8RRzR7h9Xq/yv7maVFZv9uWn/ADx1D/wXT/8AxFH9uWn/ADx1D/wXT/8AxFHNHuH1er/K/uZpUVm/25af88dQ/wDBdP8A/EUf25af88dQ/wDBdP8A/EUc0e4fV6v8r+5mlRWb/blp/wA8dQ/8F0//AMRR/blp/wA8dQ/8F0//AMRRzR7h9Xq/yv7maVFZv9uWn/PHUP8AwXT/APxFH9uWn/PHUP8AwXT/APxFHNHuH1er/K/uZpUVm/25af8APHUP/BdP/wDEUf25af8APHUP/BdP/wDEUc0e4fV6v8r+5mlRWb/blp/zx1D/AMF0/wD8RR/blp/zx1D/AMF0/wD8RRzR7h9Xq/yv7maVFZv9uWn/ADx1D/wXT/8AxFS2+q29zOsMcd4GbODJZzRr0zyzKAPzp8y7idCqldxf3Glbf8fC/j/Kmy/65/8AeNOtv+Phfx/lTZf9c/8AvGmZDKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAJf+XT/ALaf0qKpf+XT/tp/SoqACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpbb/j4X8f5VFUtt/wAfC/j/ACoAiooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKmX7o+lQ1Mv3R9KAIa8J+NP/I42n/YPT/0ZJXu1eE/Gn/kcbT/ALB6f+jJKqG5M9jzmiiitTIK+vK+Q6+vKzmaQCiiioLCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCW2/4+F/H+VNl/1z/wC8adbf8fC/j/Kmy/65/wDeNADKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAJf8Al0/7af0qKpf+XT/tp/SoqACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpbb/j4X8f5VFUtt/x8L+P8qAIqKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpl+6PpUNTL90fSgCGvNviF8PdW8Wa/Bf2FxZRxR2qwkTu4bcGc9lPHzCvSaKadhNXPCf8AhS3iP/n90r/v7J/8RR/wpbxH/wA/ulf9/ZP/AIivdqKfOxciPCf+FLeI/wDn90r/AL+yf/EV7tRRSbbGkkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS23/Hwv4/ypsv8Arn/3jTrb/j4X8f5U2X/XP/vGgBlFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEv/Lp/wBtP6VFUv8Ay6f9tP6VFQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVLbf8fC/j/Koqltv+Phfx/lQBFRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVMv3R9KhqZfuj6UAQ0UUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEtt/wAfC/j/ACpsv+uf/eNOtv8Aj4X8f5U2X/XP/vGgBlFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEv/Lp/20/pUVS/8un/AG0/pUVABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUtt/wAfC/j/ACqKpbb/AI+F/H+VAEVFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQBDVS6k1FJQLS1tZY8ctLctGc+mAjcdOc1bopMqLSd2rmb5+t/9A/T/wDwOf8A+M0efrf/AED9P/8AA5//AIzWlRSs+5p7SP8AIvx/zM3z9b/6B+n/APgc/wD8Zo8/W/8AoH6f/wCBz/8AxmtKiiz7h7SP8i/H/MzfP1v/AKB+n/8Agc//AMZo8/W/+gfp/wD4HP8A/Ga0qKLPuHtI/wAi/H/MzfP1v/oH6f8A+Bz/APxmjz9b/wCgfp//AIHP/wDGa0qKLPuHtI/yL8f8zN8/W/8AoH6f/wCBz/8Axmjz9b/6B+n/APgc/wD8ZrSoos+4e0j/ACL8f8zN8/W/+gfp/wD4HP8A/GaPP1v/AKB+n/8Agc//AMZrSoos+4e0j/Ivx/zM3z9b/wCgfp//AIHP/wDGaPP1v/oH6f8A+Bz/APxmtKiiz7h7SP8AIvx/zM3z9b/6B+n/APgc/wD8Zo8/W/8AoH6f/wCBz/8AxmtKiiz7h7SP8i/H/MzfP1v/AKB+n/8Agc//AMZo8/W/+gfp/wD4HP8A/Ga0qKLPuHtI/wAi/H/MzfP1v/oH6f8A+Bz/APxmjz9b/wCgfp//AIHP/wDGa0qKLPuHtI/yL8f8zN8/W/8AoH6f/wCBz/8Axmjz9b/6B+n/APgc/wD8ZrSoos+4e0j/ACL8f8zN8/W/+gfp/wD4HP8A/Gas2j3r7/tlvbw4xt8mdpM+ucouO3rVmiml5kynFqyil9/+YVBdNdJEDaQwyyZ5WWUxjHrkK3PTjFT0UyE7O7VzN8/W/wDoH6f/AOBz/wDxmjz9b/6B+n/+Bz//ABmtKips+5r7SP8AIvx/zM3z9b/6B+n/APgc/wD8Zo8/W/8AoH6f/wCBz/8AxmtKiiz7h7SP8i/H/MzfP1v/AKB+n/8Agc//AMZo8/W/+gfp/wD4HP8A/Ga0qKLPuHtI/wAi/H/MzfP1v/oH6f8A+Bz/APxmjz9b/wCgfp//AIHP/wDGa0qKLPuHtI/yL8f8zN8/W/8AoH6f/wCBz/8Axmjz9b/6B+n/APgc/wD8ZrSoos+4e0j/ACL8f8zN8/W/+gfp/wD4HP8A/GaPP1v/AKB+n/8Agc//AMZrSoos+4e0j/Ivx/zM3z9b/wCgfp//AIHP/wDGaPP1v/oH6f8A+Bz/APxmtKiiz7h7SP8AIvx/zM3z9b/6B+n/APgc/wD8Zo8/W/8AoH6f/wCBz/8AxmtKiiz7h7SP8i/H/MzfP1v/AKB+n/8Agc//AMZo8/W/+gfp/wD4HP8A/Ga0qKLPuHtI/wAi/H/MzfP1v/oH6f8A+Bz/APxmjz9b/wCgfp//AIHP/wDGa0qKLPuHtI/yL8f8zN8/W/8AoH6f/wCBz/8Axmjz9b/6B+n/APgc/wD8ZrSoos+4e0j/ACL8f8zN8/W/+gfp/wD4HP8A/Galt5dUadRc2dnHFzuaO7Z2HHYGMZ596u0U7PuJ1ItfAvx/zJbb/j4X8f5U2X/XP/vGnW3/AB8L+P8AKmy/65/940zIZRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBL/AMun/bT+lRVL/wAun/bT+lRUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFS23/Hwv4/yqKpbb/j4X8f5UARUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFTL90fSoamX7o+lAENFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBLbf8fC/j/Kmy/wCuf/eNOtv+Phfx/lTZf9c/+8aAGUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS/8un/AG0/pUVS/wDLp/20/pUVABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUtt/x8L+P8qiqW2/4+F/H+VAEVFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQBDRRT4ozLIF7dzQAiIznCqTUn2WXHQfnV5VCLtUYFLSGZjxvH95SKbWoQGBBGQaoTxeU/H3T0piIqckbyH5VJp8EXmvg/dHWr4AUAAYAoAo/ZZcdB+dRujIcMpFadIyh1KsMg0hmXRUk0flSFe3Y1marfG0gCx/61+h9B61liMRDD0nVqbIqnBzkox3JbrULWy/18wU/3RyfyFUP+En00NhnkUepTiuYuGLMWYksTkk96z5q+aWe1qkrwikvvPZp5ZSa95u56Ta3lvexeZbTJIvcqen19Knrym3vrjTrpbi2kKOv5MPQjuK9K0vUI9U0+K6jGNwwy5+6w6ivcwWNWIVmrM4sbgXh7STvFlynpDJJyq8etS20IkO5vujt61drvOAoG1lA6A/jUTKVOGBB961KZJGsi4YfQ+lIZm0U51KOVPUVi6zqDwj7PCxViMsw6j2rmxeLp4Wk6tT/AIdl0qUqs+WJbutWsrNissw3DqqjJFVE8T6YzYaR4/dkP9K5Sas+bvXz0c8rzldJJHtQyyk1q2eoQzRXEQkhkWRD0ZTkU+vL9M1i40i7EsRLRE/vI88MP8fevTIJo7mCOeJt0cihlPqDXv4PFrERvs0edjMHLDSXVMkooorsOIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAltv+Phfx/lTZf9c/8AvGnW3/Hwv4/ypsv+uf8A3jQAyiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCX/AJdP+2n9KiqX/l0/7af0qKgAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqW2/4+F/H+VRVLbf8fC/j/KgCKiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqZfuj6VDUy/dH0oAhq3Zjhz+FVKs2b4dkPfpQBcooopDCq92MxA+hqxVW8cYVO/WgB1mP3RPcmrFVbN+GT8RVqgAooooAq3g+VT71yOtOWvWB/hAA/LP9a6y8cFlQduTXL67CVmWYD5XGCfcV4XEMJSwd49Gm/TX9bHZgWlW1OemrPmrQmrPmr5bDn0MCjL3rrvAUzGK+hJ+RWRx9TkH+QrkZe9dx4KsGttLkuZF2tcPlfdR0/Umvo8rTdZNGOZyisM0+tjtrcYgX86lqC1cNFt7rU9fRnzAUUUUAUrwYlB9RXFaixe7mJ/vn+ddncvvmOOg4rkdXhMN5Jxw/zA/WvnOJYSdGElsnr92h35e17RoxJqz5u9aE1Z83evnqB78CjLXoXg6VpPD0at/yzdlH0zn+teey16b4dsX0/Q7eGQYkILuPQk5x+HAr6bKU/aN+Rx5vJKgk97mpXJ/ELxPe+E9Agv7CK3klkulhInViu0q57Ec/KK6yvOfjT/yJ1p/2EE/9FyV9Atz5t7HH/wDC6fEf/PlpX/fqT/4uj/hdPiP/AJ8tK/79Sf8Axdec0Vryoy5mejf8Lp8R/wDPlpX/AH6k/wDi69n0S9k1LQNOv5lRZbm1imcICFDMoJxntzXylX1L4U/5E7Q/+wfB/wCi1qJpIuDbNeiiioLCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAJbb/j4X8f5U2X/XP/ALxp1t/x8L+P8qbL/rn/AN40AMooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAl/wCXT/tp/Soql/5dP+2n9KioAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKltv+Phfx/lUVS23/Hwv4/yoAiooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKmX7o+lQ1Mv3R9KAIaUEggjgikooAuxXSsMPwfXtU3mJ/fX86zKKAL0l0ijC/Mf0qkzFmLMck0lFACqxVgwOCKux3SMMN8p/SqNFAGn5if31/OoZLpVGE+Y+vaqVFACkkkknJNQ3EEdzC0Ugyp/SpaKmUYzi4yV0xptO6OR1DQ7uEkxIZo+xTr+VY0mn3rttW0nJ9PLNej0V4ryKgpXhJpdj0qeZ1IqzSZxWl+EZppVl1EeXEDnygfmb646D9fpXaKqogRFCqowABgAUtFeph8NToR5YHJiMTUryvMdHI0bblq6lzG45O0+hqhRXQc5pGWMD76/nUE10MFY/zqpRQAVWvbKO9h2Pww+6w6g1ZorOrShVg4TV0yoycXzR3OLvtHvYGOIWkXs0Y3f/AF6yzpl/M+2OznJPH3CB+dekUV46yKjGV4ydj0oZpUitYq5yuieFDBMl3qG0upykI5APqT3rqqKK9ahQhRjywRw18ROvLmmwrzn40/8AInWn/YQT/wBFyV6NXA/FzT73UvClrDYWdxdSrfI5SCJnYLskGcAdOR+dbx3MJbHgNFa//CKeI/8AoX9V/wDAOT/Cj/hFPEf/AEL+q/8AgHJ/hW1zGxkV9S+FP+RO0P8A7B8H/ota+cf+EU8R/wDQv6r/AOAcn+FfSHhmKS38KaPDNG8csdjCjo6kMrBACCD0NRMuBq0UUVmaBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEtt/x8L+P8qbL/rn/wB4062/4+F/H+VNl/1z/wC8aAGUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS/8ALp/20/pUVS/8un/bT+lRUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFS23/Hwv4/yqKpbb/j4X8f5UARUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFTL90fSoamX7o+lAENFFVLqTUUlAtLW1ljxy0ty0Zz6YCNx05zSbsVGLk7L/It0Vm+frf8A0D9P/wDA5/8A4zR5+t/9A/T/APwOf/4zS5kaexl3X3r/ADNKis3z9b/6B+n/APgc/wD8Zo8/W/8AoH6f/wCBz/8AxmjmQexl3X3r/M0qKzfP1v8A6B+n/wDgc/8A8Zo8/W/+gfp//gc//wAZo5kHsZd196/zNKis3z9b/wCgfp//AIHP/wDGaPP1v/oH6f8A+Bz/APxmjmQexl3X3r/M0qKzfP1v/oH6f/4HP/8AGaPP1v8A6B+n/wDgc/8A8Zo5kHsZd196/wAzSorN8/W/+gfp/wD4HP8A/GaPP1v/AKB+n/8Agc//AMZo5kHsZd196/zNKis3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGaOZB7GXdfev8zSorN8/W/8AoH6f/wCBz/8Axmjz9b/6B+n/APgc/wD8Zo5kHsZd196/zNKis3z9b/6B+n/+Bz//ABmjz9b/AOgfp/8A4HP/APGaOZB7GXdfev8AM0qKzfP1v/oH6f8A+Bz/APxmjz9b/wCgfp//AIHP/wDGaOZB7GXdfev8zSorN8/W/wDoH6f/AOBz/wDxmjz9b/6B+n/+Bz//ABmjmQexl3X3r/M0qKzfP1v/AKB+n/8Agc//AMZo8/W/+gfp/wD4HP8A/GaOZB7GXdfev8zSorN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmjmQexl3X3r/ADNKis3z9b/6B+n/APgc/wD8Zo8/W/8AoH6f/wCBz/8AxmjmQexl3X3r/M0qKzfP1v8A6B+n/wDgc/8A8Zo8/W/+gfp//gc//wAZo5kHsZd196/zNKis3z9b/wCgfp//AIHP/wDGaPP1v/oH6f8A+Bz/APxmjmQexl3X3r/M0qKzfP1v/oH6f/4HP/8AGaPP1v8A6B+n/wDgc/8A8Zo5kHsZd196/wAzSorN8/W/+gfp/wD4HP8A/GaPP1v/AKB+n/8Agc//AMZo5kHsZd196/zNKis3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGaOZB7GXdfev8zSorN8/W/8AoH6f/wCBz/8Axmjz9b/6B+n/APgc/wD8Zo5kHsZd196/zNKis3z9b/6B+n/+Bz//ABmjz9b/AOgfp/8A4HP/APGaOZB7GXdfev8AM0qKzfP1v/oH6f8A+Bz/APxmjz9b/wCgfp//AIHP/wDGaOZB7GXdfev8zSorN8/W/wDoH6f/AOBz/wDxmjz9b/6B+n/+Bz//ABmjmQexl3X3r/M0qKzfP1v/AKB+n/8Agc//AMZo8/W/+gfp/wD4HP8A/GaOZB7GXdfev8zSorN8/W/+gfp//gc//wAZq3atdPETdwwxSZ4WKUyDHrkqvPXjFNO5Mqcoq7t96f6ly2/4+F/H+VNl/wBc/wDvGnW3/Hwv4/ypsv8Arn/3jTMxlFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEv/AC6f9tP6VFUv/Lp/20/pUVABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUtt/x8L+P8qiqW2/4+F/H+VAEVFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQBDRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS23/Hwv4/ypsv+uf8A3jTrb/j4X8f5U2X/AFz/AO8aAGUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS/wDLp/20/pUVS/8ALp/20/pUVABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUtt/x8L+P8qiqW2/4+F/H+VAEVFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQBDRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS23/Hwv4/yrGu/FOlW95PBJFeF45GRiqrjIODjmtm2/4+F/H+VeZ6x/yG7/AP6+ZP8A0I0IGdb/AMJfo/8Azxvv++U/+Ko/4S/R/wDnjff98p/8VXC0VVibndf8Jfo//PG+/wC+U/8AiqP+Ev0f/njff98p/wDFVwtFFgud1/wl+j/88b7/AL5T/wCKo/4S/R/+eN9/3yn/AMVXC0UWC53X/CX6P/zxvv8AvlP/AIqj/hL9H/5433/fKf8AxVcLRRYLndf8Jfo//PG+/wC+U/8AiqP+Ev0f/njff98p/wDFVwtFFgud1/wl+j/88b7/AL5T/wCKo/4S/R/+eN9/3yn/AMVXC0UWC53X/CX6P/zxvv8AvlP/AIqj/hL9H/5433/fKf8AxVcLRRYLndf8Jfo//PG+/wC+U/8AiqP+Ev0f/njff98p/wDFVwtFFgud1/wl+j/88b7/AL5T/wCKo/4S/R/+eN9/3yn/AMVXC0UWC53X/CX6P/zxvv8AvlP/AIqj/hL9H/5433/fKf8AxVcLRRYLndf8Jfo//PG+/wC+U/8AiqP+Ev0f/njff98p/wDFVwtFFgud1/wl+j/88b7/AL5T/wCKo/4S/R/+eN9/3yn/AMVXC0UWC53X/CX6P/zxvv8AvlP/AIqj/hL9H/5433/fKf8AxVcLRRYLndf8Jfo//PG+/wC+U/8AiqP+Ev0f/njff98p/wDFVwtFFgud1/wl+j/88b7/AL5T/wCKo/4S/R/+eN9/3yn/AMVXC0UWC53X/CX6P/zxvv8AvlP/AIqj/hL9H/5433/fKf8AxVcLRRYLndf8Jfo//PG+/wC+U/8AiqP+Ev0f/njff98p/wDFVwtFFgud1/wl+j/88b7/AL5T/wCKo/4S/R/+eN9/3yn/AMVXC0UWC53X/CX6P/zxvv8AvlP/AIqj/hL9H/5433/fKf8AxVcLRRYLndf8Jfo//PG+/wC+U/8AiqP+Ev0f/njff98p/wDFVwtFFgud1/wl+j/88b7/AL5T/wCKo/4S/R/+eN9/3yn/AMVXC0UWC53X/CX6P/zxvv8AvlP/AIqj/hL9H/5433/fKf8AxVcLRRYLno3/AAkem/2N9t8u78j7R5WNq7t23PrjGKp/8Jfo/wDzxvv++U/+Krn/APmSP+4l/wC06xaVh3O6/wCEv0f/AJ433/fKf/FUf8Jfo/8Azxvv++U/+KrhaKdhXO6/4S/R/wDnjff98p/8VR/wl+j/APPG+/75T/4quFoosFzuv+Ev0f8A5433/fKf/FUf8Jfo/wDzxvv++U/+KrhaKLBc7r/hL9H/AOeN9/3yn/xVH/CX6P8A88b7/vlP/iq4WiiwXO6/4S/R/wDnjff98p/8VR/wl+j/APPG+/75T/4quFoosFzuv+Ev0f8A5433/fKf/FUf8Jfo/wDzxvv++U/+KrhaKLBc7r/hL9H/AOeN9/3yn/xVH/CX6P8A88b7/vlP/iq4WiiwXO6/4S/R/wDnjff98p/8VR/wl+j/APPG+/75T/4quFoosFzuv+Ev0f8A5433/fKf/FUf8Jfo/wDzxvv++U/+KrhaKLBc7r/hL9H/AOeN9/3yn/xVH/CX6P8A88b7/vlP/iq4WiiwXO6/4S/R/wDnjff98p/8VR/wl+j/APPG+/75T/4quFoosFzuv+Ev0f8A5433/fKf/FUf8Jfo/wDzxvv++U/+KrhaKLBc7r/hL9H/AOeN9/3yn/xVH/CX6P8A88b7/vlP/iq4WiiwXO6/4S/R/wDnjff98p/8VR/wl+j/APPG+/75T/4quFoosFzuv+Ev0f8A5433/fKf/FUf8Jfo/wDzxvv++U/+KrhaKLBc7r/hL9H/AOeN9/3yn/xVH/CX6P8A88b7/vlP/iq4WiiwXO6/4S/R/wDnjff98p/8VR/wl+j/APPG+/75T/4quFoosFzuv+Ev0f8A5433/fKf/FUf8Jfo/wDzxvv++U/+KrhaKLBc7r/hL9H/AOeN9/3yn/xVH/CX6P8A88b7/vlP/iq4WiiwXO6/4S/R/wDnjff98p/8VR/wl+j/APPG+/75T/4quFoosFzuv+Ev0f8A5433/fKf/FUf8Jfo/wDzxvv++U/+KrhaKLBc7r/hL9H/AOeN9/3yn/xVOTxlpEbhhDe5Hqqf/FVwdFFgud1/wl+j/wDPG+/75T/4qj/hL9H/AOeN9/3yn/xVcLRRYLndf8Jfo/8Azxvv++U/+Ko/4S/R/wDnjff98p/8VXC0UWC53X/CX6P/AM8b7/vlP/iqP+Ev0f8A5433/fKf/FVwtFFgud1/wl+j/wDPG+/75T/4qj/hL9H/AOeN9/3yn/xVcLRRYLndf8Jfo/8Azxvv++U/+Ko/4S/R/wDnjff98p/8VXC0UWC53X/CX6P/AM8b7/vlP/iqP+Ev0f8A5433/fKf/FVwtFFgud1/wl+j/wDPG+/75T/4qj/hL9H/AOeN9/3yn/xVcLRRYLndf8Jfo/8Azxvv++U/+Ko/4S/R/wDnjff98p/8VXC0UWC53X/CX6P/AM8b7/vlP/iqP+Ev0f8A5433/fKf/FVwtFFgud1/wl+j/wDPG+/75T/4qj/hL9H/AOeN9/3yn/xVcLRRYLndf8Jfo/8Azxvv++U/+Ko/4S/R/wDnjff98p/8VXC0UWC53X/CX6P/AM8b7/vlP/iqP+Ev0f8A5433/fKf/FVwtFFgud1/wl+j/wDPG+/75T/4qj/hL9H/AOeN9/3yn/xVcLRRYLndf8Jfo/8Azxvv++U/+Ko/4S/R/wDnjff98p/8VXC0UWC53X/CX6P/AM8b7/vlP/iqP+Ev0f8A5433/fKf/FVwtFFgud1/wl+j/wDPG+/75T/4qj/hL9H/AOeN9/3yn/xVcLRRYLndf8Jfo/8Azxvv++U/+Ko/4S/R/wDnjff98p/8VXC0UWC53X/CX6P/AM8b7/vlP/iqP+Ev0f8A5433/fKf/FVwtFFgud1/wl+j/wDPG+/75T/4qj/hL9H/AOeN9/3yn/xVcLRRYLndf8Jfo/8Azxvv++U/+Ko/4S/R/wDnjff98p/8VXC0UWC53X/CX6P/AM8b7/vlP/iqP+Ev0f8A5433/fKf/FVwtFFgud1/wl+j/wDPG+/75T/4qj/hL9H/AOeN9/3yn/xVcLRRYLndf8Jfo/8Azxvv++U/+Kq9H4g0941YR3WCARlV/wAa83roLb/j1i/3B/KlYdztKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAltv8Aj4X8f5V5nrH/ACG7/wD6+ZP/AEI16Zbf8fC/j/KvM9Y/5Dd//wBfMn/oRpoTKVFFFUSFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAbX/Mkf9xL/wBp1i1tf8yR/wBxL/2nWLSGFFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFdBbf8esX+4P5Vz9dBbf8esX+4P5UhnaUUUVJQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS23/Hwv4/yrz/VdK1GTWL50sLpka4kKssLEEbjyOK9Atv+Phfx/lRJI4lcB2xuPei4Hmf9j6p/0Dbz/vw3+FH9j6p/0Dbz/vw3+FelebJ/z0b86PNk/wCejfnTuKx5r/Y+qf8AQNvP+/Df4Uf2Pqn/AEDbz/vw3+FelebJ/wA9G/OjzZP+ejfnRcLHmv8AY+qf9A28/wC/Df4Uf2Pqn/QNvP8Avw3+FelebJ/z0b86PNk/56N+dFwsea/2Pqn/AEDbz/vw3+FH9j6p/wBA28/78N/hXpXmyf8APRvzo82T/no350XCx5r/AGPqn/QNvP8Avw3+FH9j6p/0Dbz/AL8N/hXpXmyf89G/OjzZP+ejfnRcLHmv9j6p/wBA28/78N/hR/Y+qf8AQNvP+/Df4V6V5sn/AD0b86PNk/56N+dFwsea/wBj6p/0Dbz/AL8N/hR/Y+qf9A28/wC/Df4V6V5sn/PRvzo82T/no350XCx5r/Y+qf8AQNvP+/Df4Uf2Pqn/AEDbz/vw3+FelebJ/wA9G/OjzZP+ejfnRcLHmv8AY+qf9A28/wC/Df4Uf2Pqn/QNvP8Avw3+FelebJ/z0b86PNk/56N+dFwsea/2Pqn/AEDbz/vw3+FH9j6p/wBA28/78N/hXpXmyf8APRvzo82T/no350XCx5r/AGPqn/QNvP8Avw3+FH9j6p/0Dbz/AL8N/hXpXmyf89G/OjzZP+ejfnRcLHmv9j6p/wBA28/78N/hR/Y+qf8AQNvP+/Df4V6V5sn/AD0b86PNk/56N+dFwsea/wBj6p/0Dbz/AL8N/hR/Y+qf9A28/wC/Df4V6V5sn/PRvzo82T/no350XCx5r/Y+qf8AQNvP+/Df4Uf2Pqn/AEDbz/vw3+FelebJ/wA9G/OjzZP+ejfnRcLHmv8AY+qf9A28/wC/Df4Uf2Pqn/QNvP8Avw3+FelebJ/z0b86PNk/56N+dFwsea/2Pqn/AEDbz/vw3+FH9j6p/wBA28/78N/hXpXmyf8APRvzo82T/no350XCx5r/AGPqn/QNvP8Avw3+FH9j6p/0Dbz/AL8N/hXpXmyf89G/OjzZP+ejfnRcLHmv9j6p/wBA28/78N/hR/Y+qf8AQNvP+/Df4V6V5sn/AD0b86PNk/56N+dFwsea/wBj6p/0Dbz/AL8N/hR/Y+qf9A28/wC/Df4V6V5sn/PRvzo82T/no350XCx5r/Y+qf8AQNvP+/Df4Uf2Pqn/AEDbz/vw3+FelebJ/wA9G/OjzZP+ejfnRcLHmv8AY+qf9A28/wC/Df4Uf2Pqn/QNvP8Avw3+FelebJ/z0b86PNk/56N+dFwsea/2Pqn/AEDbz/vw3+FH9j6p/wBA28/78N/hXpXmyf8APRvzo82T/no350XCxxn9m3//AAh/kfYrnzvt+/y/Kbdt8vGcY6Z71kf2Pqn/AEDbz/vw3+FeneY/2XO9s78Zz7VH5sn/AD0b86LhY81/sfVP+gbef9+G/wAKP7H1T/oG3n/fhv8ACvSvNk/56N+dHmyf89G/Oi4WPNf7H1T/AKBt5/34b/Cj+x9U/wCgbef9+G/wr0rzZP8Ano350ebJ/wA9G/Oi4WPNf7H1T/oG3n/fhv8ACj+x9U/6Bt5/34b/AAr0rzZP+ejfnR5sn/PRvzouFjzX+x9U/wCgbef9+G/wo/sfVP8AoG3n/fhv8K9K82T/AJ6N+dHmyf8APRvzouFjzX+x9U/6Bt5/34b/AAo/sfVP+gbef9+G/wAK9K82T/no350ebJ/z0b86LhY81/sfVP8AoG3n/fhv8KP7H1T/AKBt5/34b/CvSvNk/wCejfnR5sn/AD0b86LhY81/sfVP+gbef9+G/wAKP7H1T/oG3n/fhv8ACvSvNk/56N+dHmyf89G/Oi4WPNf7H1T/AKBt5/34b/Cj+x9U/wCgbef9+G/wr0rzZP8Ano350ebJ/wA9G/Oi4WPNf7H1T/oG3n/fhv8ACj+x9U/6Bt5/34b/AAr0rzZP+ejfnR5sn/PRvzouFjzX+x9U/wCgbef9+G/wo/sfVP8AoG3n/fhv8K9K82T/AJ6N+dHmyf8APRvzouFjzX+x9U/6Bt5/34b/AAo/sfVP+gbef9+G/wAK9K82T/no350ebJ/z0b86LhY81/sfVP8AoG3n/fhv8KP7H1T/AKBt5/34b/CvSvNk/wCejfnR5sn/AD0b86LhY81/sfVP+gbef9+G/wAKP7H1T/oG3n/fhv8ACvSvNk/56N+dHmyf89G/Oi4WPNf7H1T/AKBt5/34b/Cj+x9U/wCgbef9+G/wr0rzZP8Ano350ebJ/wA9G/Oi4WPNf7H1T/oG3n/fhv8ACj+x9U/6Bt5/34b/AAr0rzZP+ejfnR5sn/PRvzouFjzX+x9U/wCgbef9+G/wo/sfVP8AoG3n/fhv8K9K82T/AJ6N+dHmyf8APRvzouFjzX+x9U/6Bt5/34b/AAo/sfVP+gbef9+G/wAK9K82T/no350ebJ/z0b86LhY81/sfVP8AoG3n/fhv8KP7H1T/AKBt5/34b/CvSvNk/wCejfnR5sn/AD0b86LhY81/sfVP+gbef9+G/wAKP7H1T/oG3n/fhv8ACvSvNk/56N+dHmyf89G/Oi4WPNf7H1T/AKBt5/34b/Cj+x9U/wCgbef9+G/wr0rzZP8Ano350ebJ/wA9G/Oi4WPNf7H1T/oG3n/fhv8ACj+x9U/6Bt5/34b/AAr0rzZP+ejfnR5sn/PRvzouFjzX+x9U/wCgbef9+G/wo/sfVP8AoG3n/fhv8K9K82T/AJ6N+dHmyf8APRvzouFjzX+x9U/6Bt5/34b/AAo/sfVP+gbef9+G/wAK9K82T/no350ebJ/z0b86LhY81/sfVP8AoG3n/fhv8KP7H1T/AKBt5/34b/CvSvNk/wCejfnR5sn/AD0b86LhY81/sfVP+gbef9+G/wAKP7H1T/oG3n/fhv8ACvSvNk/56N+dHmyf89G/Oi4WPNf7H1T/AKBt5/34b/Cj+x9U/wCgbef9+G/wr0rzZP8Ano350ebJ/wA9G/Oi4WPNf7H1T/oG3n/fhv8ACj+x9U/6Bt5/34b/AAr0rzZP+ejfnR5sn/PRvzouFjzX+x9U/wCgbef9+G/wo/sfVP8AoG3n/fhv8K9K82T/AJ6N+dHmyf8APRvzouFjzX+x9U/6Bt5/34b/AAo/sfVP+gbef9+G/wAK9K82T/no350ebJ/z0b86LhY81/sfVP8AoG3n/fhv8KP7H1T/AKBt5/34b/CvSvNk/wCejfnR5sn/AD0b86LhY81/sfVP+gbef9+G/wAKP7H1T/oG3n/fhv8ACvSvNk/56N+dHmyf89G/Oi4WPNf7H1T/AKBt5/34b/Cj+x9U/wCgbef9+G/wr0rzZP8Ano350ebJ/wA9G/Oi4WPNf7H1T/oG3n/fhv8ACj+x9U/6Bt5/34b/AAr0rzZP+ejfnR5sn/PRvzouFjzX+x9U/wCgbef9+G/wo/sfVP8AoG3n/fhv8K9K82T/AJ6N+dHmyf8APRvzouFjzX+x9U/6Bt5/34b/AAo/sfVP+gbef9+G/wAK9K82T/no350ebJ/z0b86LhY81/sfVP8AoG3n/fhv8KP7H1T/AKBt5/34b/CvSvNk/wCejfnR5sn/AD0b86LhY81/sfVP+gbef9+G/wAKP7H1T/oG3n/fhv8ACvSvNk/56N+dHmyf89G/Oi4WPNf7H1T/AKBt5/34b/Cj+x9U/wCgbef9+G/wr0rzZP8Ano350ebJ/wA9G/Oi4WPNf7H1T/oG3n/fhv8ACj+x9U/6Bt5/34b/AAr0rzZP+ejfnR5sn/PRvzouFjzX+x9U/wCgbef9+G/wo/sfVP8AoG3n/fhv8K9K82T/AJ6N+dHmyf8APRvzouFjzX+x9U/6Bt5/34b/AAo/sfVP+gbef9+G/wAK9K82T/no350ebJ/z0b86LhY81/sfVP8AoG3n/fhv8KP7H1T/AKBt5/34b/CvSvNk/wCejfnR5sn/AD0b86LhY81/sfVP+gbef9+G/wAKP7H1T/oG3n/fhv8ACvSvNk/56N+dHmyf89G/Oi4WPNf7H1T/AKBt5/34b/Cj+x9U/wCgbef9+G/wr0rzZP8Ano350ebJ/wA9G/Oi4WPNf7H1T/oG3n/fhv8ACtyDTr4W8QNncAhBkGJvT6V13myf89G/OpQ77R87dPWi4WK9FFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS23/Hwv4/ypsv+uf8A3jTrb/j4X8f5U2X/AFz/AO8aAGUUVzuv+LItJu4tLsbWXUtZn/1VlB1A/vOeir/npzQB0VFcpB4Y8aasBNq/iSPS1bn7JpsIJUe8jc5/MVK/gTXrZd+neN9REoycXcSTKfbB6U9BanTUVxo8Tax4avIrPxjZRR28r7ItVtSTAx7Bx1Q+5/LAzXYqyugdGDKwyCDkEUrDuLRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBL/wAun/bT+lRVL/y6f9tP6VFQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQBDRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS23/Hwv4/ypsv+uf/AHjTrb/j4X8f5U2X/XP/ALxoAxvE2tp4d8PXmpuu9oU/dp/ecnCj8yPwzS+B/DDaHprXuoEza3f/AL69nflgx5CD0C9MDv8AhjF8coLm88L2T48qbWYTID0ZVySD9a9EoewLcrX1/a6ZZvd3s6QW8eN8j/dXtye1c/J8SPB8blW161J/2dzD8wK3tTurGy0y5uNSkiSySM+cZRldvQgjvnpjvnFfM/iLwndGzuPE+laVPbeHppj9nWVsuicYcjqEJzjr25PBLik9xSbWx9Kyxaf4g0XZIkd3p97CGAYfK6MMg/yI7iuH8KNcaBrl/wCDryV5UtUFzp0shBL2xONp91PH59gK7HwxF5HhLRoQciOxgXPriNRXLeLVFv8AEzwfcRjEk6XcMhH8SBAQD7AsTQuwPudTRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS/8un/bT+lRVL/y6f8AbT+lRUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVMv3R9KhqZfuj6UAQ0UUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEtt/wAfC/j/ACpsv+uf/eNOtv8Aj4X8f5U2X/XP/vGgDjviJDMugW+q26GSXSL2G/EYH3gh5/AA5/CuzOt6cuhrrT3UaacYRP57cDYRkfjz0654qCSNJYnjkQOjgqysMgg9Qa8p1HRP+EY1ayt9dkvLvwPDM00MSZdYJGIwJR1KA5x16+5Ba1FsdRZWV38SNQi1bVoZLfwzA++xsH4N2R0lkH930Hf6ZLehPDFJA0EkaNCylGjZQVK4xgj0qvpupWGqWaXGm3UFzbkfK0LhgPbjp9KtMwVSzEADkk9qTGkNhhjt4I4YkCRxqERR0AAwBXAX8w134tW0UXzW+gWjtI46CaYY2n/gPP1Bqz4g8eq1y2ieFVXU9akBUvGcw2vq7t0OPT14PobXhjw9H4d0swmVri8ncz3dy3Jllbqfp6f4k01oJ6m1RRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS/8un/bT+lRVL/y6f8AbT+lRUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVMv3R9KhqZfuj6UAQ0UUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEtt/wAfC/j/ACpsv+uf/eNOtv8Aj4X8f5U2X/XP/vGgBlIyq6lWAZSMEEZBFLRQByl38O/D09ybm1hn06duslhMYs+2BwPwFRH4c6ZcDbqOp61qUecmO8vmZT6DjFdhRTuxWRT0zSdP0a1Ftp1pFbQ9Ssa4yfUnqT7mrlFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS/wDLp/20/pUVS/8ALp/20/pUVABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFTL90fSoamX7o+lAENFW/sX/TT9KPsX/TT9KAKlFW/sX/TT9KPsX/TT9KAKlFW/sX/TT9KPsX/TT9KAKlFW/sX/AE0/Sj7F/wBNP0oAqUVb+xf9NP0o+xf9NP0oAqUVb+xf9NP0o+xf9NP0oAqUVb+xf9NP0o+xf9NP0oAqUVb+xf8ATT9KPsX/AE0/SgCpRVv7F/00/Sj7F/00/SgCpRVv7F/00/Sj7F/00/SgCpRVv7F/00/Sj7F/00/SgCpRVv7F/wBNP0o+xf8ATT9KAKlFW/sX/TT9KPsX/TT9KAKlFW/sX/TT9KPsX/TT9KAKlFW/sX/TT9KPsX/TT9KAKlFW/sX/AE0/Sj7F/wBNP0oAqUVb+xf9NP0o+xf9NP0oAqUVb+xf9NP0o+xf9NP0oAqUVb+xf9NP0o+xf9NP0oAqUVb+xf8ATT9KPsX/AE0/SgCpRVv7F/00/Sj7F/00/SgCpRVv7F/00/Sj7F/00/SgCpRVv7F/00/Sj7F/00/SgCpRVv7F/wBNP0o+xf8ATT9KAKlFW/sX/TT9KPsX/TT9KAKlFW/sX/TT9KPsX/TT9KAIbb/j4X8f5VbNtGzEkHJOetMjtfLkD7847YqxSGQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUARfZ49mzB25zjNJ9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nR9li9D+dTUUAQ/ZYvQ/nTvIjA6H86kooAzfNk/wCejfnR5sn/AD0b86ZRTEP82T/no350ebJ/z0b86ZRQA/zZP+ejfnR5sn/PRvzplFAD/Nk/56N+dHmyf89G/OmUUAP82T/no350ebJ/z0b86ZRQA/zZP+ejfnR5sn/PRvzplFAD/Nk/56N+dHmyf89G/OmUUAP82T/no350ebJ/z0b86ZRQA/zZP+ejfnR5sn/PRvzplFAD/Nk/56N+dHmyf89G/OmUUAP82T/no350ebJ/z0b86ZRQA/zZP+ejfnR5sn/PRvzplFAD/Nk/56N+dHmyf89G/OmUUAP82T/no350ebJ/z0b86ZRQA/zZP+ejfnR5sn/PRvzplFAD/Nk/56N+dHmyf89G/OmUUAP82T/no350ebJ/z0b86ZRQA/zZP+ejfnR5sn/PRvzplFAD/Nk/56N+dHmyf89G/OmUUAP82T/no350ebJ/z0b86ZRQA/zZP+ejfnR5sn/PRvzplFAD/Nk/56N+dHmyf89G/OmUUAP82T/no350ebJ/z0b86ZRQA/zZP+ejfnR5sn/PRvzplFAD/Nk/56N+dHmyf89G/OmUUAP82T/no350ebJ/z0b86ZRQBPbyO06guxHPBPtTZJHErgO33j3otv8Aj4X8f5U2X/XP/vGgBPMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++350eY/99vzptFADvMf++351MHbaPmPT1qvUy/dH0oAhooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAJbb/j4X8f5U2X/XP/ALxp1t/x8L+P8qbL/rn/AN40AMooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKmX7o+lQ1Mv3R9KAIaKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCW2/4+F/H+VNl/1z/7xp1t/wAfC/j/ACpsv+uf/eNADKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpl+6PpUNTL90fSgCGiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAltv+Phfx/lTZf9c/8AvGnW3/Hwv4/ypsv+uf8A3jQAyiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqZfuj6VDUy/dH0oAhooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAJbb/j4X8f5VnXOtadFdTRvdoro5Vgc8EGtG2/4+F/H+VeZ6x/yG7/8A6+ZP/QjQkDO2/t3S/wDn8j/Wj+3dL/5/I/1rzyiqsTc9D/t3S/8An8j/AFo/t3S/+fyP9a88oosFz0P+3dL/AOfyP9aP7d0v/n8j/WvPKKLBc9D/ALd0v/n8j/Wj+3dL/wCfyP8AWvPKKLBc9D/t3S/+fyP9aP7d0v8A5/I/1rzyiiwXPQ/7d0v/AJ/I/wBaP7d0v/n8j/WvPKKLBc9D/t3S/wDn8j/Wj+3dL/5/I/1rzyiiwXPQ/wC3dL/5/I/1o/t3S/8An8j/AFrzyiiwXPQ/7d0v/n8j/Wj+3dL/AOfyP9a88oosFz0P+3dL/wCfyP8AWj+3dL/5/I/1rzyiiwXPQ/7d0v8A5/I/1o/t3S/+fyP9a88oosFz0P8At3S/+fyP9aP7d0v/AJ/I/wBa88oosFz0P+3dL/5/I/1o/t3S/wDn8j/WvPKKLBc9D/t3S/8An8j/AFo/t3S/+fyP9a88oosFz0P+3dL/AOfyP9aP7d0v/n8j/WvPKKLBc9D/ALd0v/n8j/Wj+3dL/wCfyP8AWvPKKLBc9D/t3S/+fyP9aP7d0v8A5/I/1rzyiiwXPQ/7d0v/AJ/I/wBaP7d0v/n8j/WvPKKLBc9D/t3S/wDn8j/Wj+3dL/5/I/1rzyiiwXPQ/wC3dL/5/I/1o/t3S/8An8j/AFrzyiiwXPQ/7d0v/n8j/Wj+3dL/AOfyP9a88oosFz0P+3dL/wCfyP8AWj+3dL/5/I/1rzyiiwXPSf7Usvsf2v7QnkeZ5e/tuxnH5VD/AG7pf/P5H+tct/zJH/cS/wDadYtKw7nof9u6X/z+R/rR/bul/wDP5H+teeUU7Cueh/27pf8Az+R/rR/bul/8/kf6155RRYLnof8Abul/8/kf60f27pf/AD+R/rXnlFFgueh/27pf/P5H+tH9u6X/AM/kf6155RRYLnof9u6X/wA/kf60f27pf/P5H+teeUUWC56H/bul/wDP5H+tH9u6X/z+R/rXnlFFgueh/wBu6X/z+R/rR/bul/8AP5H+teeUUWC56H/bul/8/kf60f27pf8Az+R/rXnlFFgueh/27pf/AD+R/rR/bul/8/kf6155RRYLnof9u6X/AM/kf60f27pf/P5H+teeUUWC56H/AG7pf/P5H+tH9u6X/wA/kf6155RRYLnof9u6X/z+R/rR/bul/wDP5H+teeUUWC56H/bul/8AP5H+tH9u6X/z+R/rXnlFFgueh/27pf8Az+R/rR/bul/8/kf6155RRYLnof8Abul/8/kf60f27pf/AD+R/rXnlFFgueh/27pf/P5H+tH9u6X/AM/kf6155RRYLnof9u6X/wA/kf60f27pf/P5H+teeUUWC56H/bul/wDP5H+tH9u6X/z+R/rXnlFFgueh/wBu6X/z+R/rR/bul/8AP5H+teeUUWC56H/bul/8/kf60f27pf8Az+R/rXnlFFgueh/27pf/AD+R/rR/bul/8/kf6155RRYLnof9u6X/AM/kf61NbapZXlwtvb3CSSvnao74Gf6V5tW14S/5Gez/AOB/+gNSsO51P9u6X/z+R/rR/bul/wDP5H+teeUU7Cueh/27pf8Az+R/rR/bul/8/kf6155RRYLnof8Abul/8/kf60f27pf/AD+R/rXnlFFgueh/27pf/P5H+tH9u6X/AM/kf6155RRYLnof9u6X/wA/kf60f27pf/P5H+teeUUWC56H/bul/wDP5H+tH9u6X/z+R/rXnlFFgueh/wBu6X/z+R/rR/bul/8AP5H+teeUUWC56H/bul/8/kf60f27pf8Az+R/rXnlFFgueh/27pf/AD+R/rR/bul/8/kf6155RRYLnof9u6X/AM/kf60f27pf/P5H+teeUUWC56H/AG7pf/P5H+tH9u6X/wA/kf6155RRYLnof9u6X/z+R/rR/bul/wDP5H+teeUUWC56H/bul/8AP5H+tH9u6X/z+R/rXnlFFgueh/27pf8Az+R/rR/bul/8/kf6155RRYLnof8Abul/8/kf60f27pf/AD+R/rXnlFFgueh/27pf/P5H+tH9u6X/AM/kf6155RRYLnof9u6X/wA/kf60f27pf/P5H+teeUUWC56H/bul/wDP5H+tH9u6X/z+R/rXnlFFgueh/wBu6X/z+R/rR/bul/8AP5H+teeUUWC56H/bul/8/kf60f27pf8Az+R/rXnlFFgueh/27pf/AD+R/rR/bul/8/kf6155RRYLnof9u6X/AM/kf60f27pf/P5H+teeUUWC56H/AG7pf/P5H+tW01SxZFIuFIIBHWvMa6C2/wCPWL/cH8qVh3O0ooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCW2/4+F/H+VeZ6x/yG7/8A6+ZP/QjXplt/x8L+P8q8z1j/AJDd/wD9fMn/AKEaaEylRRRVEhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAG1/zJH/AHEv/adYtbX/ADJH/cS/9p1i0hhRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVteEv+Rns/wDgf/oDVi1teEv+Rns/+B/+gNSY0YtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV0Ft/wAesX+4P5Vz9dBbf8esX+4P5UhnaUUVUupNRSUC0tbWWPHLS3LRnPpgI3HTnNQ3Y0jFydl/kW6KzfP1v/oH6f8A+Bz/APxmjz9b/wCgfp//AIHP/wDGaXMjT2Mu6+9f5mlRWb5+t/8AQP0//wADn/8AjNHn63/0D9P/APA5/wD4zRzIPYy7r71/maVFZvn63/0D9P8A/A5//jNHn63/ANA/T/8AwOf/AOM0cyD2Mu6+9f5mlRWb5+t/9A/T/wDwOf8A+M0efrf/AED9P/8AA5//AIzRzIPYy7r71/maVFZvn63/ANA/T/8AwOf/AOM0efrf/QP0/wD8Dn/+M0cyD2Mu6+9f5mlRWb5+t/8AQP0//wADn/8AjNHn63/0D9P/APA5/wD4zRzIPYy7r71/maVFZvn63/0D9P8A/A5//jNHn63/ANA/T/8AwOf/AOM0cyD2Mu6+9f5mlRWb5+t/9A/T/wDwOf8A+M0efrf/AED9P/8AA5//AIzRzIPYy7r71/maVFZvn63/ANA/T/8AwOf/AOM0efrf/QP0/wD8Dn/+M0cyD2Mu6+9f5mlRWb5+t/8AQP0//wADn/8AjNHn63/0D9P/APA5/wD4zRzIPYy7r71/maVFZvn63/0D9P8A/A5//jNHn63/ANA/T/8AwOf/AOM0cyD2Mu6+9f5mlRWb5+t/9A/T/wDwOf8A+M1ZtHvX3/bLe3hxjb5M7SZ9c5RcdvWmmTKlKKu7fev8yzRRUF010kQNpDDLJnlZZTGMeuQrc9OMUyEruyJ6KzfP1v8A6B+n/wDgc/8A8Zo8/W/+gfp//gc//wAZqeZGvsZd196/zNKis3z9b/6B+n/+Bz//ABmjz9b/AOgfp/8A4HP/APGaOZB7GXdfev8AM0qKzfP1v/oH6f8A+Bz/APxmjz9b/wCgfp//AIHP/wDGaOZB7GXdfev8zSorN8/W/wDoH6f/AOBz/wDxmjz9b/6B+n/+Bz//ABmjmQexl3X3r/M0qKzfP1v/AKB+n/8Agc//AMZo8/W/+gfp/wD4HP8A/GaOZB7GXdfev8zSorN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmjmQexl3X3r/ADNKis3z9b/6B+n/APgc/wD8Zo8/W/8AoH6f/wCBz/8AxmjmQexl3X3r/M0qKzfP1v8A6B+n/wDgc/8A8Zo8/W/+gfp//gc//wAZo5kHsZd196/zNKis3z9b/wCgfp//AIHP/wDGaPP1v/oH6f8A+Bz/APxmjmQexl3X3r/M0qKzfP1v/oH6f/4HP/8AGaPP1v8A6B+n/wDgc/8A8Zo5kHsZd196/wAzSorN8/W/+gfp/wD4HP8A/GaPP1v/AKB+n/8Agc//AMZo5kHsZd196/zNKis3z9b/AOgfp/8A4HP/APGalt5dUadRc2dnHFzuaO7Z2HHYGMZ596fMhOjJK+n3r/M0rb/j4X8f5V5nrH/Ibv8A/r5k/wDQjXplt/x8L+P8qgmtLFp5GfTrN2LElmgUknPUmmmZNHltFen/AGLT/wDoGWP/AH4Wj7Fp/wD0DLH/AL8LTuKx5hRXp/2LT/8AoGWP/fhaPsWn/wDQMsf+/C0XCx5hRXp/2LT/APoGWP8A34Wj7Fp//QMsf+/C0XCx5hRXp/2LT/8AoGWP/fhaPsWn/wDQMsf+/C0XCx5hRXp/2LT/APoGWP8A34Wj7Fp//QMsf+/C0XCx5hRXp/2LT/8AoGWP/fhaPsWn/wDQMsf+/C0XCx5hRXp/2LT/APoGWP8A34Wj7Fp//QMsf+/C0XCx5hRXp/2LT/8AoGWP/fhaPsWn/wDQMsf+/C0XCx5hRXp/2LT/APoGWP8A34Wj7Fp//QMsf+/C0XCx5hRXp/2LT/8AoGWP/fhaPsWn/wDQMsf+/C0XCx5hRXp/2LT/APoGWP8A34Wj7Fp//QMsf+/C0XCx5hRXp/2LT/8AoGWP/fhaPsWn/wDQMsf+/C0XCx5hRXp/2LT/APoGWP8A34Wj7Fp//QMsf+/C0XCx5hRXp/2LT/8AoGWP/fhaPsWn/wDQMsf+/C0XCx5hRXp/2LT/APoGWP8A34Wj7Fp//QMsf+/C0XCx5hRXp/2LT/8AoGWP/fhaPsWn/wDQMsf+/C0XCx5hRXp/2LT/APoGWP8A34Wj7Fp//QMsf+/C0XCx5hRXp/2LT/8AoGWP/fhaPsWn/wDQMsf+/C0XCx5hRXp/2LT/APoGWP8A34Wj7Fp//QMsf+/C0XCx5hRXp/2LT/8AoGWP/fhaPsWn/wDQMsf+/C0XCx5hRXp/2LT/APoGWP8A34Wj7Fp//QMsf+/C0XCx5hRXp/2LT/8AoGWP/fhaPsWn/wDQMsf+/C0XCxxX/Mkf9xL/ANp1i16r9ms/sPl/YbTy/Mz5fkjbnHXHr71D9i0//oGWP/fhaLhY8wor0/7Fp/8A0DLH/vwtH2LT/wDoGWP/AH4Wi4WPMKK9P+xaf/0DLH/vwtH2LT/+gZY/9+FouFjzCivT/sWn/wDQMsf+/C0fYtP/AOgZY/8AfhaLhY8wor0/7Fp//QMsf+/C0fYtP/6Blj/34Wi4WPMKK9P+xaf/ANAyx/78LR9i0/8A6Blj/wB+FouFjzCivT/sWn/9Ayx/78LR9i0//oGWP/fhaLhY8wor0/7Fp/8A0DLH/vwtH2LT/wDoGWP/AH4Wi4WPMKK9P+xaf/0DLH/vwtH2LT/+gZY/9+FouFjzCivT/sWn/wDQMsf+/C0fYtP/AOgZY/8AfhaLhY8wor0/7Fp//QMsf+/C0fYtP/6Blj/34Wi4WPMKK9P+xaf/ANAyx/78LR9i0/8A6Blj/wB+FouFjzCivT/sWn/9Ayx/78LR9i0//oGWP/fhaLhY8wor0/7Fp/8A0DLH/vwtH2LT/wDoGWP/AH4Wi4WPMKK9P+xaf/0DLH/vwtH2LT/+gZY/9+FouFjzCivT/sWn/wDQMsf+/C0fYtP/AOgZY/8AfhaLhY8wor0/7Fp//QMsf+/C0fYtP/6Blj/34Wi4WPMKK9P+xaf/ANAyx/78LR9i0/8A6Blj/wB+FouFjzCivT/sWn/9Ayx/78LR9i0//oGWP/fhaLhY8wor0/7Fp/8A0DLH/vwtH2LT/wDoGWP/AH4Wi4WPMKK9P+xaf/0DLH/vwtH2LT/+gZY/9+FouFjzCivT/sWn/wDQMsf+/C0fYtP/AOgZY/8AfhaLhY8wra8Jf8jPZ/8AA/8A0Bq7X7Fp/wD0DLH/AL8LU1pbWcd0jRWNpE4zh44QrDjsaLhY8qor0/7Fp/8A0DLH/vwtH2LT/wDoGWP/AH4Wi4WPMKK9P+xaf/0DLH/vwtH2LT/+gZY/9+FouFjzCivT/sWn/wDQMsf+/C0fYtP/AOgZY/8AfhaLhY8wor0/7Fp//QMsf+/C0fYtP/6Blj/34Wi4WPMKK9P+xaf/ANAyx/78LR9i0/8A6Blj/wB+FouFjzCivT/sWn/9Ayx/78LR9i0//oGWP/fhaLhY8wor0/7Fp/8A0DLH/vwtH2LT/wDoGWP/AH4Wi4WPMKK9P+xaf/0DLH/vwtH2LT/+gZY/9+FouFjzCivT/sWn/wDQMsf+/C0fYtP/AOgZY/8AfhaLhY8wor0/7Fp//QMsf+/C0fYtP/6Blj/34Wi4WPMKK9P+xaf/ANAyx/78LR9i0/8A6Blj/wB+FouFjzCivT/sWn/9Ayx/78LR9i0//oGWP/fhaLhY8wor0/7Fp/8A0DLH/vwtH2LT/wDoGWP/AH4Wi4WPMKK9P+xaf/0DLH/vwtH2LT/+gZY/9+FouFjzCivT/sWn/wDQMsf+/C0fYtP/AOgZY/8AfhaLhY8wor0/7Fp//QMsf+/C0fYtP/6Blj/34Wi4WPMKK9P+xaf/ANAyx/78LR9i0/8A6Blj/wB+FouFjzCivT/sWn/9Ayx/78LR9i0//oGWP/fhaLhY8wor0/7Fp/8A0DLH/vwtH2LT/wDoGWP/AH4Wi4WPMKK9P+xaf/0DLH/vwtH2LT/+gZY/9+FouFjzCivT/sWn/wDQMsf+/C0fYtP/AOgZY/8AfhaLhY8wor0/7Fp//QMsf+/C0fYtP/6Blj/34Wi4WPMK6C2/49Yv9wfyrr/sWn/9Ayx/78LVhbe0CgCytQMdBEKLhYZRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEtt/wAfC/j/ACpsv+uf/eNOtv8Aj4X8f5U2X/XP/vGgBlFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEv/Lp/20/pUVS/8un/AG0/pUVABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUtt/wAfC/j/ACqKpbb/AI+F/H+VAEVFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQBDRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS23/Hwv4/ypsv+uf/AHjTrb/j4X8f5U2X/XP/ALxoAZRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBL/wAun/bT+lRVL/y6f9tP6VFQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVLbf8fC/j/Koqltv+Phfx/lQBFRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVMv3R9KhqZfuj6UAQ0UVyfif4haT4T1KOwv7e9klkhEwMCIV2ksO7Dn5TRa4N2Osorzn/hdPhz/ny1X/AL9R/wDxdH/C6fDn/Plqv/fqP/4unysXMj0aivOf+F0+HP8Any1X/v1H/wDF16NQ00CaYUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBLbf8fC/j/Kmy/wCuf/eNOtv+Phfx/lTZf9c/+8aAGUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS/8un/AG0/pUVS/wDLp/20/pUVABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUtt/x8L+P8qiqW2/4+F/H+VAEVFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQBDXhPxp/5HG0/wCwen/oySvdq8J+NP8AyONp/wBg9P8A0ZJVQ3Jnsec0UUVqZBX15XyHX15WczSAUUUVBYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVBdQSXEQSK7mtmBzviCEn2+ZWGPw7VPRQNOzujN/sy7/6Dmof98Qf/ABqj+zLv/oOah/3xB/8AGq0qKnlRr7aXZfcv8jN/sy7/AOg5qH/fEH/xqj+zLv8A6Dmof98Qf/Gq0qKOVB7aXZfcv8jN/sy7/wCg5qH/AHxB/wDGqP7Mu/8AoOah/wB8Qf8AxqtKijlQe2l2X3L/ACM3+zLv/oOah/3xB/8AGqP7Mu/+g5qH/fEH/wAarSoo5UHtpdl9y/yM3+zLv/oOah/3xB/8ao/sy7/6Dmof98Qf/Gq0qKOVB7aXZfcv8jN/sy7/AOg5qH/fEH/xqj+zLv8A6Dmof98Qf/Gq0qKOVB7aXZfcv8jN/sy7/wCg5qH/AHxB/wDGqP7Mu/8AoOah/wB8Qf8AxqtKijlQe2l2X3L/ACM3+zLv/oOah/3xB/8AGqP7Mu/+g5qH/fEH/wAarSoo5UHtpdl9y/yM3+zLv/oOah/3xB/8ao/sy7/6Dmof98Qf/Gq0qKOVB7aXZfcv8jN/sy7/AOg5qH/fEH/xqj+zLv8A6Dmof98Qf/Gq0qKOVB7aXZfcv8jN/sy7/wCg5qH/AHxB/wDGqP7Mu/8AoOah/wB8Qf8AxqtKijlQe2l2X3L/ACM3+zLv/oOah/3xB/8AGqlt7G4hnWSTVbydRnMciwhTx32xg/rV2inyoTrSatp9y/yJbb/j4X8f5U2X/XP/ALxp1t/x8L+P8qbL/rn/AN40zIZRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBL/y6f9tP6VFUv/Lp/wBtP6VFQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVLbf8AHwv4/wAqiqW2/wCPhfx/lQBFRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVMv3R9KhqZfuj6UAQ14T8af+RxtP+wen/oySvdqwta8G6B4ivEu9VsPtE6RiJX86RMKCTjCsB1JpxdmKSuj5gor6N/4Vf4N/wCgP/5Mzf8AxdH/AAq/wb/0B/8AyZm/+Lq+dEcjPnKvryuQ/wCFX+Df+gP/AOTM3/xddfUydyoqwUUUVJQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS23/AB8L+P8AKmy/65/94062/wCPhfx/lTZf9c/+8aAGUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS/8un/bT+lRVL/y6f8AbT+lRUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFS23/AB8L+P8AKoqltv8Aj4X8f5UARUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFTL90fSoamX7o+lAENFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBLbf8fC/j/Kmy/65/8AeNOtv+Phfx/lTZf9c/8AvGgBlFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEv/AC6f9tP6VFUv/Lp/20/pUVABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUtt/x8L+P8qiqW2/4+F/H+VAEVFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQBDRRVS602C8lEksl0rAbcRXUsQ/JWAzz1pPyKjy395/wBfgW6Kzf7DtP8AntqH/gxn/wDi6P7DtP8AntqH/gxn/wDi6XvGnLS/mf3L/M0qKzf7DtP+e2of+DGf/wCLo/sO0/57ah/4MZ//AIuj3g5aX8z+5f5mlRWb/Ydp/wA9tQ/8GM//AMXR/Ydp/wA9tQ/8GM//AMXR7wctL+Z/cv8AM0qKzf7DtP8AntqH/gxn/wDi6P7DtP8AntqH/gxn/wDi6PeDlpfzP7l/maVFZv8AYdp/z21D/wAGM/8A8XR/Ydp/z21D/wAGM/8A8XR7wctL+Z/cv8zSorN/sO0/57ah/wCDGf8A+Lo/sO0/57ah/wCDGf8A+Lo94OWl/M/uX+ZpUVm/2Haf89tQ/wDBjP8A/F0f2Haf89tQ/wDBjP8A/F0e8HLS/mf3L/M0qKzf7DtP+e2of+DGf/4uj+w7T/ntqH/gxn/+Lo94OWl/M/uX+ZpUVm/2Haf89tQ/8GM//wAXR/Ydp/z21D/wYz//ABdHvBy0v5n9y/zNKis3+w7T/ntqH/gxn/8Ai6P7DtP+e2of+DGf/wCLo94OWl/M/uX+ZpUVm/2Haf8APbUP/BjP/wDF0f2Haf8APbUP/BjP/wDF0e8HLS/mf3L/ADNKis3+w7T/AJ7ah/4MZ/8A4urNpYw2W/ynuG34z51xJL09N7HHXtTVyZKnb3W7+n/BLNFFQXVpHeRCOVplUHdmKZ4j+akHHPSmQrX1J6Kzf7DtP+e2of8Agxn/APi6P7DtP+e2of8Agxn/APi6n3jXlpfzP7l/maVFZv8AYdp/z21D/wAGM/8A8XR/Ydp/z21D/wAGM/8A8XR7wctL+Z/cv8zSorN/sO0/57ah/wCDGf8A+Lo/sO0/57ah/wCDGf8A+Lo94OWl/M/uX+ZpUVm/2Haf89tQ/wDBjP8A/F0f2Haf89tQ/wDBjP8A/F0e8HLS/mf3L/M0qKzf7DtP+e2of+DGf/4uj+w7T/ntqH/gxn/+Lo94OWl/M/uX+ZpUVm/2Haf89tQ/8GM//wAXR/Ydp/z21D/wYz//ABdHvBy0v5n9y/zNKis3+w7T/ntqH/gxn/8Ai6P7DtP+e2of+DGf/wCLo94OWl/M/uX+ZpUVm/2Haf8APbUP/BjP/wDF0f2Haf8APbUP/BjP/wDF0e8HLS/mf3L/ADNKis3+w7T/AJ7ah/4MZ/8A4uj+w7T/AJ7ah/4MZ/8A4uj3g5aX8z+5f5mlRWb/AGHaf89tQ/8ABjP/APF0f2Haf89tQ/8ABjP/APF0e8HLS/mf3L/M0qKzf7DtP+e2of8Agxn/APi6P7DtP+e2of8Agxn/APi6PeDlpfzP7l/maVFZv9h2n/PbUP8AwYz/APxdS2+lW9tOs0cl4WXOBJeTSL0xyrMQfyp6iapW0b+7/gmlbf8AHwv4/wAqbL/rn/3jTrb/AI+F/H+VNl/1z/7xpmQyiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCX/l0/7af0qKpf8Al0/7af0qKgAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqW2/4+F/H+VRVLbf8fC/j/KgCKiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqZfuj6VDUy/dH0oAhooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAJbb/j4X8f5U2X/XP/vGnW3/AB8L+P8AKmy/65/940AMooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAl/5dP8Atp/Soql/5dP+2n9KioAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKltv+Phfx/lUVS23/AB8L+P8AKgCKiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqZfuj6VDUy/dH0oAhooooAKKtRWmRmQkewqb7PF/c/U0AZ9FW5LQYzGefQ1UIIOCMGgAooAJOByatx2gxmQ8+goAqUVofZ4v7n6moZLTAzGfwNAFWiimySJFG0kjBVUZJNJtJXY0r6IdRXM3/iKfJW1URr/AHmGT/hWQ/iDVEbcLo/QouP5V5Es7w3Nyxu/NHfTy2tNX0R3tFctpfi9JZVg1BVjJOBKvC/iO31rqa9KhXp1o80GctbD1KMuWaCilVS7BVGTVxLRAPnO4/pWxiUqK0DbREfd/Wq81sUG5DkencUAV6KKhubmK0hMspwB0Hcn0FTOcYRcpOyQ0nJ2RNRXJ3viG7diINsK9sDJ/Ws3/hI9Uhfd9o3gfwsgIP6V5P8AbeGcrRu/Ox6EcsrSV9DvqKwNF8Tw6jIttcKIbk/dwflf6eh9q369SlWhVjzQd0cdWjOjLlmrMKKKK0MgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCW2/4+F/H+VNl/wBc/wDvGnW3/Hwv4/ypsv8Arn/3jQAyiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCX/l0/7af0qKpf8Al0/7af0qKgAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqW2/4+F/H+VRVLbf8fC/j/KgCKiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqZfuj6VDUy/dH0oAhqxaIGkLH+H+dV6t2Z+Vx70AWqKKKQwqpeIBhx34NW6r3f+pH1oAZZoCS57cCrdV7M/uj9asUAFFFFAFK7QK4Yfxda5vXbgllgB+UDcfc11F4flUe9cfrKkXzk9wCPyrw+Ias4YO0erSfpq/0OvAxTra9DDmrPmrQmrPmr5XDn0UCjL3rvvCGotfaQYpWzJbtsz3K44/qPwrgZe9dZ4CRgt/Jg7CUUH1I3Z/mK+kyuTVZJdTDM4Rlhm3urHf2iBY9/dv5VYqOA5gT6VJX0R8yFFFFAGfcJ5cpA6HkVyms3BmumXPyx/KB/OuuvP9aPpXFagCLqYHrvP86+c4kqSjQhBbN6/I78vinUb7GTNWfN3rQmrPm7189QPfgUnZkYMpKsDkEHBBr1DRL86lo9vct/rGXD/wC8Dg/yz+NeXS16D4MRl8PIW6NIxX6Zx/MGvpspk1UceljjzeEXQUuqZ0FVr3ULLTYRNf3lvaxM2wPPKqKW5OMk9eD+VWa85+NP/InWn/YQT/0XJX0CV2fNt2R1/wDwlfhz/oYNK/8AAyP/ABo/4Svw5/0MGlf+Bkf+NfLVFXyEc59S/wDCV+HP+hg0r/wMj/xrUiljuIUmhkSSKRQ6OjAqynkEEdRXyNX1L4U/5E7Q/wDsHwf+i1qZRsVGVzXoooqSgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCW2/4+F/H+VNl/1z/wC8adbf8fC/j/Kmy/65/wDeNADKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAJf8Al0/7af0qKpf+XT/tp/SoqACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpbb/j4X8f5VFUtt/x8L+P8qAIqKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpl+6PpUNTL90fSgCGpYJfKkyeh4NRUUAaoIIyDkUVnRzPH908ehqX7Y2PuCkMuVQuZRI+B90U2Sd5OCcD0FR0xE1vL5b4P3T1q/WVUkc7x8A5HoaANGgkAZJwKp/bGx9wZqKSZ5PvHj0FIYs8vmyZH3RwKx9YsmuIRLGMug5A6kVp0VhisNDE0nSnsy6dR05qSPP5qz5q7+90W0vWLMpjc9WTjP1rNPhC3ZvmupdvoFANfMLJMTTlZWa7nt0sxo2vLQ4dYJbmdYYULyOcKo6mvStE0waTpkdtkGQnfIw7sf8gfhT9P0iy00H7PEA54Mjcsfxq9XvYHBfV1zS1ZxY7H+3XJDSP5lm1lC/u2PB6VcrKqZLmRBjIYe9egeaX6RmCKWY4AqobxscKKheR5DljmgYkjmSQse9YGuWTZNzGMqR8+O3vW7QRkYNcmOwcMXRdKfyfZmlGs6U+ZHnk1Z83eu9u/D9ncsWXdCT/c6flVJfCFqWzLcysPRQB/jXzkMlxUJWsmu9z3KeY0LXZxdnp8+p3i21uuWbq3ZR6mvULO1jsrOK2iHyRqFHv702zsLXT4vLtYVjB6kdW+p71Zr6HBYP6vHXVs83G414hpLSKCvOfjT/yJ1p/2EE/9FyV6NXnPxp/5E60/7CCf+i5K747nny2PCaKKK2MQr6l8Kf8AInaH/wBg+D/0WtfLVfUvhT/kTtD/AOwfB/6LWomXA16KKKzNAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCW2/4+F/H+VNl/1z/wC8adbf8fC/j/Kmy/65/wDeNADKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAJf8Al0/7af0qKpf+XT/tp/SoqACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpbb/j4X8f5VFUtt/x8L+P8qAIqKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpl+6PpUNTL90fSgCGiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArnPGnhT/AITDRodP+2/ZPLuFn8zyvMzhWXGMj+9+ldHRQB5D/wAKN/6mL/yS/wDtlH/Cjf8AqYv/ACS/+2V69RVczJ5UeQ/8KN/6mL/yS/8AtlepaTY/2Xo1jp/meb9lt44PM27d21Qucc4zirlFJtvcaSWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEtt/wAfC/j/ACpsv+uf/eNOtv8Aj4X8f5U2X/XP/vGgBlFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEv/Lp/20/pUVS/8un/AG0/pUVABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUtt/wAfC/j/ACqKpbb/AI+F/H+VAEVFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQBDVS602C8lEksl0rAbcRXUsQ/JWAzz1q3RSavuVGUou8XYzf7DtP+e2of+DGf/wCLo/sO0/57ah/4MZ//AIutKilyx7Gn1ir/ADP72Zv9h2n/AD21D/wYz/8AxdH9h2n/AD21D/wYz/8AxdaVFHLHsH1ir/M/vZm/2Haf89tQ/wDBjP8A/F0f2Haf89tQ/wDBjP8A/F1pUUcsewfWKv8AM/vZm/2Haf8APbUP/BjP/wDF0f2Haf8APbUP/BjP/wDF1pUUcsewfWKv8z+9mb/Ydp/z21D/AMGM/wD8XR/Ydp/z21D/AMGM/wD8XWlRRyx7B9Yq/wAz+9mb/Ydp/wA9tQ/8GM//AMXR/Ydp/wA9tQ/8GM//AMXWlRRyx7B9Yq/zP72Zv9h2n/PbUP8AwYz/APxdH9h2n/PbUP8AwYz/APxdaVFHLHsH1ir/ADP72Zv9h2n/AD21D/wYz/8AxdH9h2n/AD21D/wYz/8AxdaVFHLHsH1ir/M/vZm/2Haf89tQ/wDBjP8A/F0f2Haf89tQ/wDBjP8A/F1pUUcsewfWKv8AM/vZm/2Haf8APbUP/BjP/wDF0f2Haf8APbUP/BjP/wDF1pUUcsewfWKv8z+9mb/Ydp/z21D/AMGM/wD8XR/Ydp/z21D/AMGM/wD8XWlRRyx7B9Yq/wAz+9mb/Ydp/wA9tQ/8GM//AMXR/Ydp/wA9tQ/8GM//AMXWlRRyx7B9Yq/zP72Zv9h2n/PbUP8AwYz/APxdH9h2n/PbUP8AwYz/APxdaVFHLHsH1ir/ADP72Zv9h2n/AD21D/wYz/8AxdH9h2n/AD21D/wYz/8AxdaVFHLHsH1ir/M/vZm/2Haf89tQ/wDBjP8A/F0f2Haf89tQ/wDBjP8A/F1pUUcsewfWKv8AM/vZm/2Haf8APbUP/BjP/wDF0f2Haf8APbUP/BjP/wDF1pUUcsewfWKv8z+9mb/Ydp/z21D/AMGM/wD8XR/Ydp/z21D/AMGM/wD8XWlRRyx7B9Yq/wAz+9mb/Ydp/wA9tQ/8GM//AMXR/Ydp/wA9tQ/8GM//AMXWlRRyx7B9Yq/zP72Zv9h2n/PbUP8AwYz/APxdH9h2n/PbUP8AwYz/APxdaVFHLHsH1ir/ADP72Zv9h2n/AD21D/wYz/8AxdH9h2n/AD21D/wYz/8AxdaVFHLHsH1ir/M/vZm/2Haf89tQ/wDBjP8A/F0f2Haf89tQ/wDBjP8A/F1pUUcsewfWKv8AM/vZm/2Haf8APbUP/BjP/wDF0f2Haf8APbUP/BjP/wDF1pUUcsewfWKv8z+9mb/Ydp/z21D/AMGM/wD8XR/Ydp/z21D/AMGM/wD8XWlRRyx7B9Yq/wAz+9mb/Ydp/wA9tQ/8GM//AMXR/Ydp/wA9tQ/8GM//AMXWlRRyx7B9Yq/zP72Zv9h2n/PbUP8AwYz/APxdW7W0js4jHE0zKTuzLM8p/NiTjjpU9FNJLYmVWpJWlJv5ktt/x8L+P8qbL/rn/wB4062/4+F/H+VNl/1z/wC8aZmMooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAl/5dP8Atp/Soql/5dP+2n9KioAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKltv+Phfx/lUVS23/AB8L+P8AKgCKiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqZfuj6VDUy/dH0oAhooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAJbb/AI+F/H+VNl/1z/7xp1t/x8L+P8qbL/rn/wB40AMooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAl/5dP+2n9KiqX/l0/wC2n9KioAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKltv8Aj4X8f5VFUtt/x8L+P8qAIqKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpl+6PpUNTL90fSgCGiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAltv+Phfx/lTZf9c/8AvGnW3/Hwv4/ypsv+uf8A3jQAyiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCX/AJdP+2n9KiqX/l0/7af0qKgAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqW2/4+F/H+VRVLbf8fC/j/KgCKiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqZfuj6VDUy/dH0oAhooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAJbb/j4X8f5U2X/AFz/AO8adbf8fC/j/Kmy/wCuf/eNADKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAJf+XT/tp/Soql/wCXT/tp/SoqACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpbb/j4X8f5VFUtt/x8L+P8qAIqKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpl+6PpUNTL90fSgCGiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAltv+Phfx/lTZf9c/+8adbf8AHwv4/wAqbL/rn/3jQAyiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCX/l0/wC2n9KiqX/l0/7af0qKgAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqW2/4+F/H+VRVLbf8AHwv4/wAqAIqKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpl+6PpUNTL90fSgCGiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAltv8Aj4X8f5U2X/XP/vGnW3/Hwv4/yokjcyuQjY3HtQBFRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgB3/AC6f9tP6VFU/lv8AZcbGzvzjHtUflSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlFP8qT/nm35UeVJ/zzb8qAGUU/ypP+ebflR5Un/PNvyoAZRT/Kk/55t+VHlSf882/KgBlS23/Hwv4/ypvlSf8APNvyqS3jdZ1JRgOeSPagCCin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAyin+VJ/zzb8qPKk/wCebflQAypl+6PpTPKk/wCebflUoR9o+RunpQBXooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAJbb/j4X8f5V5/quq6jHrF8iX90qLcSBVWZgANx4HNegW3/AB8L+P8AKvM9Y/5Dd/8A9fMn/oRpoTD+2NU/6CV5/wB/2/xo/tjVP+glef8Af9v8apUUxF3+2NU/6CV5/wB/2/xo/tjVP+glef8Af9v8apUUAXf7Y1T/AKCV5/3/AG/xo/tjVP8AoJXn/f8Ab/GqVFAF3+2NU/6CV5/3/b/Gj+2NU/6CV5/3/b/GqVFAF3+2NU/6CV5/3/b/ABo/tjVP+glef9/2/wAapUUAXf7Y1T/oJXn/AH/b/Gj+2NU/6CV5/wB/2/xqlRQBd/tjVP8AoJXn/f8Ab/Gj+2NU/wCglef9/wBv8apUUAXf7Y1T/oJXn/f9v8aP7Y1T/oJXn/f9v8apUUAXf7Y1T/oJXn/f9v8AGj+2NU/6CV5/3/b/ABqlRQBd/tjVP+glef8Af9v8aP7Y1T/oJXn/AH/b/GqVFAF3+2NU/wCglef9/wBv8aP7Y1T/AKCV5/3/AG/xqlRQBd/tjVP+glef9/2/xo/tjVP+glef9/2/xqlRQBd/tjVP+glef9/2/wAaP7Y1T/oJXn/f9v8AGqVFAF3+2NU/6CV5/wB/2/xo/tjVP+glef8Af9v8apUUAXf7Y1T/AKCV5/3/AG/xo/tjVP8AoJXn/f8Ab/GqVFAF3+2NU/6CV5/3/b/Gj+2NU/6CV5/3/b/GqVFAF3+2NU/6CV5/3/b/ABo/tjVP+glef9/2/wAapUUAXf7Y1T/oJXn/AH/b/Gj+2NU/6CV5/wB/2/xqlRQBd/tjVP8AoJXn/f8Ab/Gj+2NU/wCglef9/wBv8apUUAXf7Y1T/oJXn/f9v8aP7Y1T/oJXn/f9v8apUUAXf7Y1T/oJXn/f9v8AGj+2NU/6CV5/3/b/ABqlRQBd/tjVP+glef8Af9v8aP7Y1T/oJXn/AH/b/GqVFAHSf2lf/wDCH+f9tufO+37PM81t23y84znpntWR/bGqf9BK8/7/ALf41d/5kj/uJf8AtOsWgC7/AGxqn/QSvP8Av+3+NH9sap/0Erz/AL/t/jVKigC7/bGqf9BK8/7/ALf40f2xqn/QSvP+/wC3+NUqKALv9sap/wBBK8/7/t/jR/bGqf8AQSvP+/7f41SooAu/2xqn/QSvP+/7f40f2xqn/QSvP+/7f41SooAu/wBsap/0Erz/AL/t/jR/bGqf9BK8/wC/7f41SooAu/2xqn/QSvP+/wC3+NH9sap/0Erz/v8At/jVKigC7/bGqf8AQSvP+/7f40f2xqn/AEErz/v+3+NUqKALv9sap/0Erz/v+3+NH9sap/0Erz/v+3+NUqKALv8AbGqf9BK8/wC/7f40f2xqn/QSvP8Av+3+NUqKALv9sap/0Erz/v8At/jR/bGqf9BK8/7/ALf41SooAu/2xqn/AEErz/v+3+NH9sap/wBBK8/7/t/jVKigC7/bGqf9BK8/7/t/jR/bGqf9BK8/7/t/jVKigC7/AGxqn/QSvP8Av+3+NH9sap/0Erz/AL/t/jVKigC7/bGqf9BK8/7/ALf40f2xqn/QSvP+/wC3+NUqKALv9sap/wBBK8/7/t/jR/bGqf8AQSvP+/7f41SooAu/2xqn/QSvP+/7f40f2xqn/QSvP+/7f41SooAu/wBsap/0Erz/AL/t/jR/bGqf9BK8/wC/7f41SooAu/2xqn/QSvP+/wC3+NH9sap/0Erz/v8At/jVKigC7/bGqf8AQSvP+/7f40f2xqn/AEErz/v+3+NUqKALv9sap/0Erz/v+3+NH9sap/0Erz/v+3+NUqKALv8AbGqf9BK8/wC/7f40f2xqn/QSvP8Av+3+NUqKALv9sap/0Erz/v8At/jR/bGqf9BK8/7/ALf41SooAu/2xqn/AEErz/v+3+NH9sap/wBBK8/7/t/jVKigC7/bGqf9BK8/7/t/jR/bGqf9BK8/7/t/jVKigC7/AGxqn/QSvP8Av+3+NH9sap/0Erz/AL/t/jVKigC7/bGqf9BK8/7/ALf40f2xqn/QSvP+/wC3+NUqKALv9sap/wBBK8/7/t/jR/bGqf8AQSvP+/7f41SooAu/2xqn/QSvP+/7f40f2xqn/QSvP+/7f41SooAu/wBsap/0Erz/AL/t/jR/bGqf9BK8/wC/7f41SooAu/2xqn/QSvP+/wC3+NH9sap/0Erz/v8At/jVKigC7/bGqf8AQSvP+/7f40f2xqn/AEErz/v+3+NUqKALv9sap/0Erz/v+3+NH9sap/0Erz/v+3+NUqKALv8AbGqf9BK8/wC/7f40f2xqn/QSvP8Av+3+NUqKALv9sap/0Erz/v8At/jR/bGqf9BK8/7/ALf41SooAu/2xqn/AEErz/v+3+NH9sap/wBBK8/7/t/jVKigC7/bGqf9BK8/7/t/jR/bGqf9BK8/7/t/jVKigC7/AGxqn/QSvP8Av+3+NH9sap/0Erz/AL/t/jVKigC7/bGqf9BK8/7/ALf40f2xqn/QSvP+/wC3+NUqKALv9sap/wBBK8/7/t/jR/bGqf8AQSvP+/7f41SooAu/2xqn/QSvP+/7f40f2xqn/QSvP+/7f41SooAu/wBsap/0Erz/AL/t/jR/bGqf9BK8/wC/7f41SooAu/2xqn/QSvP+/wC3+NH9sap/0Erz/v8At/jVKigC7/bGqf8AQSvP+/7f40f2xqn/AEErz/v+3+NUqKALv9sap/0Erz/v+3+NH9sap/0Erz/v+3+NUqKALv8AbGqf9BK8/wC/7f41uQajfG3iJvLgkoMkyt6fWuWroLb/AI9Yv9wfyoA7SiiipKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCW2/4+F/H+VeZ6x/yG7//AK+ZP/QjXplt/wAfC/j/ACrzPWP+Q3f/APXzJ/6EaaEylRRRVEhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAG1/wAyR/3Ev/adYtbX/Mkf9xL/ANp1i0hhRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXQW3/AB6xf7g/lXP10Ft/x6xf7g/lSGdpRRRUlBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBLbf8AHwv4/wAqxrvwtpVxeTzyS3geSRnYKy4yTk44rZtv+Phfx/lTZf8AXP8A7xoAwv8AhENH/wCe19/30n/xNH/CIaP/AM9r7/vpP/ia2qKLhYxf+EQ0f/ntff8AfSf/ABNH/CIaP/z2vv8AvpP/AImtaaeG3TfNKka+rsAP1qK31Gxuji3vLeY9MRyq38jRqGhnf8Iho/8Az2vv++k/+Jo/4RDR/wDntff99J/8TW1RRcLGL/wiGj/89r7/AL6T/wCJo/4RDR/+e19/30n/AMTW1RRcLGL/AMIho/8Az2vv++k/+Jo/4RDR/wDntff99J/8TW1RRcLGL/wiGj/89r7/AL6T/wCJo/4RDR/+e19/30n/AMTW1RRcLGL/AMIho/8Az2vv++k/+Jo/4RDR/wDntff99J/8TW1RRcLGL/wiGj/89r7/AL6T/wCJo/4RDR/+e19/30n/AMTW1RRcLGL/AMIho/8Az2vv++k/+Jo/4RDR/wDntff99J/8TW1RRcLGL/wiGj/89r7/AL6T/wCJo/4RDR/+e19/30n/AMTW1RRcLGL/AMIho/8Az2vv++k/+Jo/4RDR/wDntff99J/8TW1RRcLGL/wiGj/89r7/AL6T/wCJo/4RDR/+e19/30n/AMTW1RRcLGL/AMIho/8Az2vv++k/+Jo/4RDR/wDntff99J/8TW1RRcLGL/wiGj/89r7/AL6T/wCJo/4RDR/+e19/30n/AMTW1RRcLGL/AMIho/8Az2vv++k/+Jo/4RDR/wDntff99J/8TW1RRcLGL/wiGj/89r7/AL6T/wCJo/4RDR/+e19/30n/AMTW1RRcLGL/AMIho/8Az2vv++k/+Jo/4RDR/wDntff99J/8TW1RRcLGL/wiGj/89r7/AL6T/wCJo/4RDR/+e19/30n/AMTW1RRcLGL/AMIho/8Az2vv++k/+Jo/4RDR/wDntff99J/8TW1RRcLGL/wiGj/89r7/AL6T/wCJo/4RDR/+e19/30n/AMTW1RRcLGL/AMIho/8Az2vv++k/+Jo/4RDR/wDntff99J/8TW1RRcLGL/wiGj/89r7/AL6T/wCJo/4RDR/+e19/30n/AMTW1RRcLFH/AIRzTf7G+xeZd+R9o83O5d27bj0xjFU/+EQ0f/ntff8AfSf/ABNb/wDy6f8AbT+lRUAYv/CIaP8A89r7/vpP/iaP+EQ0f/ntff8AfSf/ABNbVFFwsYv/AAiGj/8APa+/76T/AOJo/wCEQ0f/AJ7X3/fSf/E1tUUXCxi/8Iho/wDz2vv++k/+Jo/4RDR/+e19/wB9J/8AE1tUUXCxi/8ACIaP/wA9r7/vpP8A4mj/AIRDR/8Antff99J/8TW1RRcLGL/wiGj/APPa+/76T/4mj/hENH/57X3/AH0n/wATW1RRcLGL/wAIho//AD2vv++k/wDiaP8AhENH/wCe19/30n/xNbVFFwsYv/CIaP8A89r7/vpP/iaP+EQ0f/ntff8AfSf/ABNbVFFwsYv/AAiGj/8APa+/76T/AOJo/wCEQ0f/AJ7X3/fSf/E1tUUXCxi/8Iho/wDz2vv++k/+Jo/4RDR/+e19/wB9J/8AE1tUUXCxi/8ACIaP/wA9r7/vpP8A4mj/AIRDR/8Antff99J/8TW1RRcLGL/wiGj/APPa+/76T/4mj/hENH/57X3/AH0n/wATW1RRcLGL/wAIho//AD2vv++k/wDiaP8AhENH/wCe19/30n/xNbVFFwsYv/CIaP8A89r7/vpP/iaP+EQ0f/ntff8AfSf/ABNbVFFwsYv/AAiGj/8APa+/76T/AOJo/wCEQ0f/AJ7X3/fSf/E1tUUXCxi/8Iho/wDz2vv++k/+Jo/4RDR/+e19/wB9J/8AE1tUUXCxi/8ACIaP/wA9r7/vpP8A4mj/AIRDR/8Antff99J/8TW1RRcLGL/wiGj/APPa+/76T/4mj/hENH/57X3/AH0n/wATW1RRcLGL/wAIho//AD2vv++k/wDiaP8AhENH/wCe19/30n/xNbVFFwsYv/CIaP8A89r7/vpP/iaP+EQ0f/ntff8AfSf/ABNbVFFwsYv/AAiGj/8APa+/76T/AOJo/wCEQ0f/AJ7X3/fSf/E1tUUXCxi/8Iho/wDz2vv++k/+Jo/4RDR/+e19/wB9J/8AE1tUUXCxi/8ACIaP/wA9r7/vpP8A4mj/AIRDR/8Antff99J/8TW1RRcLGL/wiGj/APPa+/76T/4mj/hENH/57X3/AH0n/wATW1RRcLGL/wAIho//AD2vv++k/wDiaP8AhENH/wCe19/30n/xNbVFFwsYv/CIaP8A89r7/vpP/iaP+EQ0f/ntff8AfSf/ABNbVFFwsYv/AAiGj/8APa+/76T/AOJo/wCEQ0f/AJ7X3/fSf/E1tUUXCxi/8Iho/wDz2vv++k/+Jo/4RDR/+e19/wB9J/8AE1tUUXCxi/8ACIaP/wA9r7/vpP8A4mj/AIRDR/8Antff99J/8TW1RRcLGL/wiGj/APPa+/76T/4mj/hENH/57X3/AH0n/wATW1RRcLGL/wAIho//AD2vv++k/wDiaP8AhENH/wCe19/30n/xNbVFFwsYv/CIaP8A89r7/vpP/iaP+EQ0f/ntff8AfSf/ABNbVFFwsYv/AAiGj/8APa+/76T/AOJo/wCEQ0f/AJ7X3/fSf/E1tUUXCxi/8Iho/wDz2vv++k/+Jo/4RDR/+e19/wB9J/8AE1tUUXCxi/8ACIaP/wA9r7/vpP8A4mj/AIRDR/8Antff99J/8TW1RRcLGL/wiGj/APPa+/76T/4mj/hENH/57X3/AH0n/wATW1RRcLGL/wAIho//AD2vv++k/wDiaP8AhENH/wCe19/30n/xNbVFFwsYv/CIaP8A89r7/vpP/iaP+EQ0f/ntff8AfSf/ABNbVFFwsYv/AAiGj/8APa+/76T/AOJo/wCEQ0f/AJ7X3/fSf/E1tUUXCxi/8Iho/wDz2vv++k/+Jo/4RDR/+e19/wB9J/8AE1tUUXCxi/8ACIaP/wA9r7/vpP8A4mj/AIRDR/8Antff99J/8TW1RRcLGL/wiGj/APPa+/76T/4mj/hENH/57X3/AH0n/wATW1RRcLGL/wAIho//AD2vv++k/wDiaP8AhENH/wCe19/30n/xNbVFFwsYv/CIaP8A89r7/vpP/iaP+EQ0f/ntff8AfSf/ABNbVFFwsYv/AAiGj/8APa+/76T/AOJo/wCEQ0f/AJ7X3/fSf/E1tUUXCxi/8Iho/wDz2vv++k/+Jq9H4f09I1USXWAABll/wq5Uy/dH0oCxDRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS23/Hwv4/ypsv+uf/AHjTrb/j4X8f5U2X/XP/ALxoAZXH32u6tr+tTaB4U8tGtyBfanIoaO3/ANlR/E/Xj2PuRe8b6vcaP4Yney/4/wC5ZbW1APJkc4GPcDJH0rf8L+H7bwx4ftdMtwpMa5lkAwZZD95j9T+mB2p7ai30MC0+Fug5E+stda1ekfNPeTt174UEAD2OcVavPhn4QvEwdGihb+F7dmjZT6jBrodVvZdO0ye8hspr14l3eRBje474z1OO3U9q8xl+POlqP3ei3rNnkPIq/wCNC5nsD5VuaF7p3iLwEpvLO6uNc0BMme2nO65t0xyyt/EB6dh26kdXp2o2urafBfWUyy28y7kcfyPoR0I7Vp6Tfrq2i2OorGY1u7eOcITnaHUNj9a4PS7ceFPiFfaBFhNM1OI39mnQRyA4kRfyJx2AFG4bHZ0UUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEv/Lp/wBtP6VFUv8Ay6f9tP6VFQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQBDRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAS23/Hwv4/ypsv8Arn/3jTrb/j4X8f5U2X/XP/vGgDjvGu06p4SEv+q/tuDOP73O39a9DrhvHWlXGq+GZDYjN/ZyJd22Ou9Dnj3xkD3IqzJ8RNJj8H2murulluxsgsozmWSboYwPY9T9PUZe6FszV8T+J7LwvpoubkNNcSt5dtax8yTyHoqj8snt+QPkfiX4Xa9qWlXHiWRYf7Ynka4uNNt4wAiEdFx95x1Prk8k/e9E8MeGL2XUj4n8TlZdalXEEA5jsYz/AAJ/tep+vuT2dCdtgavuZnhyNYfC+kxIu1UsoVA9AEFcr4x4+I3gnb9/N7n6eWv/ANeu9rzixuB4q+I93rMJD6ZpEJsbaTOVkmJy7r9AdvuMGku432OyooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAl/5dP8Atp/Soql/5dP+2n9KioAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqZfuj6VDUy/dH0oAhooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAJbb/j4X8f5U2X/XP/vGnW3/AB8L+P8AKmy/65/940AMrgdR8JXHh/xSvivw7YQXjDcZ9PkwvJ+88R/hb/6/XOK76imnYGrmHp3xO8NXjGG8uX0q8XiS21CMxMh9yeP1q5efELwlZQmWXX7JwO0Mnmt+S5NT3en2WoIEvbS3uUHRZow4/UVXtfD+jWMoltNIsIJB/HFbIp/MCjQNTnL3XNd8dKbHRLa40rRJOJ9SnG2WZO6xL1AP97+XQ9RpWl2mi6ZBp9jEI7eFcKO59SfUk8mrlFK4BRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBL/AMun/bT+lRVL/wAun/bT+lRUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVMv3R9KhqZfuj6UAQ0UUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEtt/x8L+P8qtNbRsxY5yTnrVW2/4+F/H+VaFIZB9kj/2vzo+yR/7X51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/ANr86Pskf+1+dT0UAQfZI/8Aa/Oj7JH/ALX51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/ANr86Pskf+1+dT0UAQfZI/8Aa/Oj7JH/ALX51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/ANr86Pskf+1+dT0UAQfZI/8Aa/Oj7JH/ALX51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/ANr86Pskf+1+dT0UAQfZI/8Aa/Oj7JH/ALX51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/ANr86Pskf+1+dT0UAQfZI/8Aa/Oj7JH/ALX51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/2vzo+yR/7X51PRQBF9nTy9nOM56037JH/ALX51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/ANr86Pskf+1+dT0UAQfZI/8Aa/Oj7JH/ALX51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/ANr86Pskf+1+dT0UAQfZI/8Aa/Oj7JH/ALX51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/ANr86Pskf+1+dT0UAQfZI/8Aa/Oj7JH/ALX51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/ANr86Pskf+1+dT0UAQfZI/8Aa/Oj7JH/ALX51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/ANr86Pskf+1+dT0UAQfZI/8Aa/Oj7JH/ALX51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/ANr86Pskf+1+dT0UAQfZI/8Aa/Oj7JH/ALX51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/ANr86Pskf+1+dT0UAQfZI/8Aa/Oj7JH/ALX51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/ANr86Pskf+1+dT0UAQfZI/8Aa/Oj7JH/ALX51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/ANr86Pskf+1+dT0UAQfZI/8Aa/Oj7JH/ALX51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/ANr86Pskf+1+dT0UAQfZI/8Aa/Oj7JH/ALX51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/2vzo+yR/7X51PRQBB9kj/ANr86Pskf+1+dT0UAQfZI/8Aa/Oj7JH/ALX51PRQBB9kj/2vzpwt0Axz+dS0UAf/2Q==)

Principal risks and opportunities continued

Group D. Enhancing the sustainability of our business continued

D3. Managing our carbon

footprint

Included in viability

statement?

Y

Risk owner:

Head of QSE

Timeframe:

Medium-long term

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

Y

Risk tolerance:

We have a low tolerance for conducting activities that

are not optimising our overall carbon emissions over

the medium to long term. Residual risk should remain

at or below our ‘Low’ rating.

Description: The risks and opportunities associated with decarbonisation of our value chain.

Key Drivers: Potential Consequences Key Mitigation Actions:

•  Increasing pressure to reduce emissions

andtransparency on our actions and targets

•  Complexity of managing business growth

while reducing emissions

•  Legal requirements linking sustainability

with financial reporting and investments

•  Increasing use of carbon taxes and trading

schemes to reduce carbon emissions

•  Impact on the environment and our

reputation

•  Estimated annual costs of scope 1 and 2

emissions of €25.5m by 2030 reducing to

€9.3m by 2040 under an RCP1.9 scenario,

and €10.8m by 2030 reducing to €2.8m by

2040 under an RCP4.5 scenario

•  Significant capital expenditure over the longer

term to fund carbon reduction initiatives

•  Implemented actions guided by

NetZeroby40transition plans, including

mitigation and adaptation plans

•  Stress tested adaptation plans against

multiple climate scenarios

•  Embedded climate change response

intoallbusiness continuity plans

•  Enhanced public transparency and

communication of climate change

risksandadaptation plans

Trend:  Outlook

Increasing

•  We expect that consumer, customer and regulatory pressure will continue to increase and apply

pressure on all companies to reduce their carbon footprint. We expect there will be increased

scrutiny on our sustainability initiatives from regulators and non-government organisations.

D4. The impact of climate change

on the cost and availability of

water

Included in viability

statement?

Y

Risk owner:

Head of QSE

Timeframe:

Long term

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

Y

Risk tolerance:

We have a low tolerance for conducting activities that

do not optimise our use of water. Residual risk should

remain at or below our ‘Low’ rating.

Description: The risks related to the impact of climate change on water availability, water stress and water quality in

our areas of operation.

Key Drivers: Consequences Key Mitigation Actions:

•  Increased water stress in eight countries

due to climate change under multiple

climate scenarios

•  Local community needs for clean water,

particularly in areas of water stress

•  Increased regulatory pressure, including

imposition of taxes and levies

•  Climate change may increase the level of

water stress on 29 plants, with estimated

significant impact on 20 plants under an

RCP4.5 climate scenario and 17 plants under

an RCP8.5 climate scenario

•  Climate change is unlikely to materially

increase the annual cost of water; however,

we estimate that we will need to invest up

to an additional €68.4m in Capex by 2030

and up to another additional €99.3m in the

period 2031-2040 in water infrastructure to

ensure sufficient availability for production

and to support local community needs

•  Damage to our reputation

•  Water usage reduction plans across

ouroperations

•  Water stewardship programmes in water

priority locations to mitigate shared water risks

•  Updated source vulnerability assessments for

all plants and enhanced our plans, including

identification of additional capital expenditure

required for enhancing infrastructure

•  Focus on water treatment innovative

technologies for water priority locations

•  Integrated environmental KPIs monitoring

and reporting for all plants

•  Investment in enhancing water infrastructure

Trend:  Outlook

Increasing

•  Water stress in our water priority locations is likely to increase as a result of climate change. The extent

of that increase will depend both on our actions and on the global response to climate change.

Coca-Cola HBC Integrated Annual Report 2024187

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Principal risks and opportunities continued

Group E. Emerging risks

Although we are constantly monitoring our operating environment for potential new risks and opportunities, the following

emerging risks and opportunities are subject to additional assessment as at December 2024:

Description: The property damage and business interruption risk associated with increasing frequency and severity of

extreme weather.

Key Drivers: Potential Consequences: Key Indicators:

•  Changing weather patterns

•  Government and other organisation’s

responses to climate change

•  Disruption to our production and distribution,

and inability to supply our customers

•  Increased insurance premiums (estimated

at additional €2.05m annually by 2050 under

an RCP4.5 climate scenario)

•  Inability to insure higher-risk properties

•  Additional Capex of €6.8m to mitigate the

impact and/or implement adaptation plans

as a direct result of climate change

•  Estimates of weather pattern changes over

the medium to long term

•  International organisation and

governmentresponses to indicate most

likely climate scenarios

•  Insurance industry outlook

•  National government responses to

climatechange

Key Mitigation/Adaptations:

•  Planned Capex to reduce risk of extreme weather events, enhancement of our business continuity programme.

Description: The impact of climate change on the cost and availability of key ingredients such as sugar, coffee and fruit

juices over the longer term, reducing crop yields in some areas but potentially improving growing conditions in others.

Key Drivers: Potential Consequences: Key Indicators:

•  Changing weather patterns

•  Government and other organisations’

responses to climate change

•  Disruption to our production capabilities

ifwe cannot obtain sufficient quantities

ofkey ingredients

•  Estimated increased annual costs of key

ingredients by 9.2% by 2030 and 1.3% by

2040 under an RCP1.9 climate scenario

•  Estimated increased annual costs of key

ingredients by 4.4% by 2030 and 0.5% by

2040 under an RCP4.5 climate scenario

•  Estimates of weather pattern changes over

the medium to long term

•  International organisation and government

responses to indicate most likely

climatescenarios

•  National government responses to

climatechange

Key Mitigation/Adaptations:

•  Close collaboration with our suppliers to understand and, where appropriate, assist with potential changes in crop yields, broadening of supplier

base and identification of suppliers/growing regions that may be positively impacted.

E1. Impact of extreme weather

onour production and

distribution

Included in viability

statement?

Y

Risk owner:

Chief Supply Chain Officer

Timeframe:

Medium-long term

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

Y

E2. Impact of climate change on

the cost and availability of key

ingredients

Included in viability

statement?

N

Risk owner:

Chief Procurement

Officer

Timeframe:

Long term

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

Y

Coca-Cola HBC Integrated Annual Report 2024188

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Principal risks and opportunities continued

Group E. Emerging Risks continued

Description: The risks associated with increasing incidents of misinformation and disinformation, particularly through

the use of Artificial Intelligence.

Key Drivers: Potential Consequences: Key Indicators:

•  Technological development, particularly in AI

•  Level and effectiveness of government

regulations and guard rails

•  Reputation damage

•  Management effort and potential legal costs

•  Privacy and data security concerns

•  Technological development in AI

•  Investment levels

•  Governments/international organisations

moves to impose regulation

Key Mitigation/Adaptations:

•  Development of internal policies, standards and guidelines on use of AI. Development of governance model overseen by cross-functional team

and training for employees on safe and secure use of AI.

Description: The risks and opportunities associated with rapid changes in the retail environment particularly in the

development of omni-channel strategies by large retail customers.

Key Drivers: Potential Consequences: Key Indicators:

•  Consumer demand for convenience

•  Technological advances in e-commerce

anddata analytics

•  Risk to market share and revenue if we don’t

adapt quickly enough to providing real-time

data and support for multiple sales channels

•  Opportunity associated with building an

effective omni-channel strategy

•  Retail customers’ focus on their

omni-channel strategy

•  Consumer responses to different

retailstrategies

•  Growth of online only vs multi-channel retailers

Key Mitigation/Adaptations:

•  Enhance analysis to monitor change and identify gaps in capability, International key account strategies to have omni-channel focus,

Engagement with retail customers and use of data to leverage opportunities for our customers and ourselves.

E3. Impact of misinformation and

disinformation

Included in viability

statement?

N

Risk owner:

Chief Information Security

Officer

Timeframe:

Medium-long term

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

N

E4. Omni-channel evolution

Included in viability

statement?

N

Risk owner:

Head of International Key

Accounts

Timeframe:

Medium-long term

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

N

Description: The risks and opportunities associated with how consumers perceive our performance on a range of

environmental issues including reducing carbon emissions, packaging and water usage.

Key Drivers: Potential Consequences: Key Indicators:

•  Consumer concerns about

environmentalissues

•  Greater scrutiny of our environmental

performance

•  Positive or negative impact on our

reputation, which leads to actual increase/

decrease in sales

•  Changes to our ‘e-score’ relative to other

companies in the food and beverage industry

•  Translation of ‘e-score’ to sales

Key Mitigation/Adaptations:

•  Close monitoring of consumer perceptions, adjustment of sustainability strategy where appropriate.

E5. The impact of consumer

perceptions of our

environmental performance

Included in viability

statement?

N

Risk owner:

Head of Sustainability

Timeframe:

Medium-long term

Strategic growth pillar:

1  2 3 4 5

Considered in double

materiality assessment?

Y

Coca-Cola HBC Integrated Annual Report 2024189

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Viability statement

Business model and prospects

Our business model and strategy, outlined on

page 6 of this report, documents the key factors

that underpin the evaluation of our prospects.

These factors include our:

•  attractive geographic diversity;

•  strong sales and execution capabilities;

•  ability to innovate;

•  market leadership;

•  global brands; and

•  diverse beverage portfolio.

The ongoing Russia/Ukraine conflict and

MiddleEast tensions as well as the prospect

ofheightened geopolitical instability as result

ofchanges in the US and its relationships with

other countries, could continue to impact

globalsupply chains and exacerbate economic

challenges in our markets, in combination with

persisting inflation and FX volatility particularly

inEgypt and Nigeria.

While the Board considers that our markets will

continue to face changes over the medium to

longer term it believes that our diverse geographic

footprint, including a balance of well-established

markets and exposure to emerging markets that

have low per capita consumption and therefore

greater opportunity for growth, and a proven

strategy in combination with our leading market

position, offer significant opportunities for

futuregrowth.

Our Board has historically applied and continues

to apply a prudent approach to the Group’s

decisions relating to major projects and

investments. From 2020 to 2024, we generated

free cash flow of €634 million per year on average.

Key assumptions of the business plan

and related viability period

The Group maintains a well-established strategic

business planning process which has formed the

basis of the Board’s quantitative assessment of

the Group’s viability, with the plan reflecting our

current strategy over a rolling five-year period.

The financial forecasts in the plan are based on

assumptions for the following:

•  key macroeconomic data that could impact

ourconsumers’ disposable income and

consequently our sales volume and revenues;

•  various scenarios relating to the ability

ofgovernments in key markets to manage

theeconomic conditions in their countries;

•  key raw material and other input costs;

•  the impact of climate change, particularly

associated with the transition to a lower carbon

economy and the costs of carbon under

multiple climate scenarios (see also pages 186

to 187 for more information on our quantitative

assessments of the impact of climate change.

In addition to 2030 and 2040, we also included

interim calculations to 2029 for the purpose of

our viability assessment);

•  the impact of ongoing conflicts such as the

Russia-Ukraine crisis and ongoing instability in

the Middle East, including calls for boycotts of

US brands in some of our markets;

•  foreign exchange rates; including the economic

conditions affecting the Egyptian pound, the

Nigerian Naira and the impact of the Russia-

Ukraine conflict on the Russian rouble;

•  spending for production overhead and

operating expenses;

•  working capital levels; and

•  capital expenditure.

The Board has assessed that a viability period of

five years remains the most appropriate. This is

due to its alignment with the Group’s strategic

business planning cycle, consistency with the

evaluated potential impacts of our principal risks

as disclosed on pages 181 to 187 and our

impairment review process, where goodwill and

indefinite-lived intangible assets are tested based

on our five-year forecasts.

Assessment of viability

Qualitatively and quantitatively, we analysed the

output of our robust enterprise risk management,

internal business planning and liquidity

management processes, to ensure that the

risksto the Group’s viability are understood

andare being effectively managed.

The Board has concluded that the Group’s

well-established processes across multiple

streams continues to provide a comprehensive

framework that effectively supports the

operational and strategic objectives of the Group.

It also provides a robust basis for assessment and

confirmation of the Group’s ability to continue

operations and meet its obligations as they fall

due over the period of assessment.

Supporting the qualitative assessment was

aquantitative analysis performed as part of

strategic business planning. This assessment

included, but was not limited to, the Group’s ability

to generate cash.

We have continued to stress test the plan against

several severe but plausible downside scenarios

linked to certain principal risks as follows:

Scenario 1:

The impact of changes to foreign exchange rates

was considered, particularly the depreciation of

foreign currencies including the Egyptian pound,

Nigerian Naira and Russian Rouble, also

considering effects from the Russia-Ukraine

conflict and other geopolitical developments.

Principal risks: Foreign exchange fluctuations,

Marketplace economic conditions and

Geopolitical and security environment.

Scenario 2:

Lower estimates for sales volumes for various

reasons including the continuing difficult

economic conditions in our markets and the ability

of governments to manage these, including the

impact of the continued Russia-Ukraine conflict.

Principal risks: Marketplace economic conditions,

and Geopolitical and security environment.

Scenario 3:

Continued stakeholder focus on issues relating to

sugar and packaging resulting in the potential for

discriminatory taxation. Principal risks: Product-

related regulatory changes and taxes, and Cost

and availability of sustainable packaging.

Scenario 4:

Higher input costs including raw materials and energy

costs. Principal risks: Suppliers and sustainable

sourcing, and Marketplace economic conditions.

Scenario 5:

Lower sales volumes driven by climate change

including higher costs of water, the projected

costs of carbon emissions and the impact of

extreme weather on our production and

distribution under multiple climate scenarios.

Principal risks: The impact of climate change on

the cost and availability of water, Managing our

carbon footprint, Impact of extreme weather on

our production and distribution (Emerging risk).

The above scenarios were tested both in isolation

and in combination. The stress testing showed that

due to the stable cash generation of our business,

the Group would be able to withstand the impact

ofthese scenarios occurring over the period of

thefinancial forecasts. This could be conducted

bymaking adjustments, if required, to our operating

plans within the normal course of business, including

but not limited to adjustments to our operations and

temporary reductions in discretionary spending.

Following a thorough and robust assessment of

the Group’s risks that could threaten our business

model, future performance, solvency or liquidity,

the Board has concluded that the Group is well

positioned to effectively manage its financial,

operational and strategic risks.

Viability Statement

Based on our assessment of the Group’s prospects,

business model and viability as outlined above, the

Directors can confirm that they have a reasonable

expectation that the Group will be able to continue

operating and meet its liabilities as they fall due over

the five-year period ending 31 December 2029.

Coca-Cola HBC Integrated Annual Report 2024190

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Headings

Governance at a glance

Corporate Governance Compliance statement

As a Swiss corporation listed on the London Stock Exchange (LSE) with a secondary listing on the Athens Exchange,

we aim to ensure that our corporate governance systems remain in line with international best practices. Our

corporate governance standards and procedures are continuously reviewed in light of current developments and

rulemaking processes in the UK, Switzerland and also the EU. Find out more on pages 193 to 194.

Nationalities

American 2 15%

American/Brazilian 1 8%

British 4 30%

British/Cypriot 1  8%

Bulgarian 1  8%

Croatian 1 8%

Greek 1 8%

Nigerian 1  8%

Swiss 1 8%

Corporate

Governance

Report

Compliance with the UK Corporate Governance Code 2018

BoardleadershipandCompanypurpose

A   Effective and entrepreneurial Board to promote the long-term sustainable success

oftheCompany, generating value for shareholders and contributing towider society.

B.  Purpose, values and strategy with alignment to culture.

C.   Resources for the Company to meet its objectives and measure performance.

Controlsframeworkfor management and assessment of risks.

D. Effective engagement with shareholders and stakeholders.

E.   Consistency of workforce policies and practices to support long-term sustainable success:

•  Letter from the Chair of the Board

•  Board leadership and Company purpose

•  Strategic Report

•  Engaging with our key stakeholders

•  Culture in action

•  Overseeing strategic delivery

•  Audit and Risk Committee

•  Conflicts of interest

192

1, 198 to 199, 203

1 to 198

200 to 201

204

202

217

194

Division of responsibilities

F.  Leadership of Board by Chair.

G. Board composition and responsibilities.

H.  Role of NEDs.

I.  Company’s policies, processes, information, time and resources:

•  Board composition

•  Key roles and responsibilities

•  Division of responsibilities for the Board

•  Support and training for the Board

•  Board appointments and succession planning

193

195 to 197, 205

205 to 206

212 to 213

213

Composition,successionandevaluation

J.   Board appointments and succession plans for Board and senior management andpromotion ofdiversity.

K. Skills, experience and knowledge of Board and length of service of Board as awhole.

L.   Annual evaluation of Board, committees and Directors and demonstration ofwhether

each Director continues to contribute effectively:

•  Board composition

•  Application of Coca-Cola HBC’s corporate governance practices

•  Diversity, tenure, skills and experience

•  Board performance review

•  Nomination Committee

193

193

194, 195 to 197, 213

214

211

Audit,riskandinternalcontrols

M. Independence and effectiveness of internal and external audit functions andintegrity of

financial and narrative statements.

N.  Fair, balanced and understandable assessment of the Company’s position andprospects.

O.  Risk management and internal control framework and principal risks the Company is willing to take

toachieveitslong‑term objectives:

•  Audit and Risk Committee  217

•  Strategic Report (Business Resilience)  178 to 180

•  Fair, balanced and understandable Annual Report  217, 218 and 248

•  Going concern basis of accounting  248

•  Viability statement  190

Remuneration

P.   Remuneration policies and practices to support strategy and promote long-term sustainable

success with executive remuneration aligned to Company purpose and values.

Q. Procedure for Executive Director and senior management remuneration.

R. Authorisation of remuneration outcomes:

•  Remuneration Committee report 222 to 247

Independent NEDs  6

46%

NEDs

Executive directors

6

46%

1   8%

Board independence

(number and %)

TCCC

21

Kar-Tess Holding

Free �oat

23

56

Shareholder structure

(%)

Men  8

62%

Women  5

38%

Board gender diversity

(number and %)

18–19

3

2

1

1

1

2

2

1

23%

15%

8%

8%

8%

15%

15%

8%

Tenure (years)

0–1

1–2

3–4

5– 6

6–7

8–9

10–11

Coca-Cola HBC Integrated Annual Report 2024191

Corporate Governance SupplementaryInformationSwissStatutoryReportingFinancial StatementsStrategic Report

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

Letter from the Chair of the Board

The governance imperative in times of change

DearStakeholder,

On behalf of the Board, I am pleased to share the

Corporate Governance Report for the financial

year ended 31 December 2024. The Board is

responsible for the effective leadership of the

Group and promoting the highest standards

ofcorporate governance, while also ensuring

ourgovernance standards and systems operate

inlinewith international best practices.

Ensuringtherightculture

The Board plays a critical role in shaping and

strengthening the culture of the Group by

promoting growth-focused and values-based

conduct with a focus on driving impact for our

people and our business. Over the past two years,

we have embedded our Culture Manifesto and

wecontinue focusing on bring our values to life.

Directors lead by example cascading good

behaviour throughout the Group. The Board

monitors and assesses our culture through

internal and external metrics. Our strong

employee engagement results this year are a

testament of our confidence that we have the

rightculture in place to achieve our purpose.

Stead fast governance for

complextimes

We aim to ensure best-practice governance

through robust processes and frameworks.

Ourconsidered, strategic and sustainable

approach has laid strong foundations and enabled

usto be future ready. Together, we have faced

uncertainties and made bold, ambitious choices,

opening up moments that refresh us all – our

people, our customers, our partners and our

widerstakeholders.

Throughout 2024, the Board has heard from

arange of speakers presenting on a variety

oftopics – from the financial markets to the

Corporate Sustainability Reporting Directive

(CSRD). External speakers enhance our

collectiveinsight and diversity of thought.

This, combined with each Board member’s

extensive knowledge and experience, ensures

wecontinue to be best placed to make bold and

informed strategic decisions, and to challenge

andsupport the ELT to reach better outcomes.

Leadership in action

2024 was another year of strong growth in

arangeof market conditions. I am reassured

bythe Board’s contribution in decision making

representing effectively the interests of all

stakeholders in a diverse range of issues, from

engaging with our communities and shareholders

to addressing the impact from the Bambi plant

fireand improving customer experience

andcollaboration.

Board composition and diversity

During the year, the Board’s composition,

skills,experience and broader aspects of diversity

were reviewed to ensure the Board continues to

function effectively. We believe that a diverse

Board fosters both innovation and resilience.

TheBoard is cognisant of the Financial Conduct

Authority’s (FCA) UK Listing Rules on targets for

gender and ethnic diversity (see the Nomination

Committee report on page 213). We continue to

attach great importance to all aspects of diversity

in our nomination processes for Board members

and the ELT, but continue to appoint candidates

for continued growth and performance within our

highly specialized sector. As at the date of this

report, female Directors comprised more than

38% of our Board – just below the FCA gender

target of 40%.

Coca-Cola HBC welcomed three new Board

members in 2024, Zulikat Wuraola Abiola, Elizabeth

Bastoni and Glykeria Tsernou, who bring a wealth

ofexperience and are already making significant

contributions. We are extremely grateful and would

like to thank Olusola (Sola) David-Borha, Alexandra

Papalexopoulou and Anna Diamantopoulou, who

retired from the Board and left Coca-Cola HBC

in2024, for their valuable contributions to the

Group over the years.

Board review and effectiveness

In accordance with the UK Corporate Governance

Code 2018 and the Board’s commitment to adhere

to best corporate governance practices, an

externally facilitated Board effectiveness review

was undertaken in the second half of 2024. Key

outcomes are included on page 214 of the

Nomination Committee report. The Board

concluded that it remains effective, as well as

fostering a positive culture, and maintains a strong

sense of accountability to its stakeholders. A review

will be undertaken in 2025 to apply the learnings.

Governancewithafuture-readylens

Despite the challenging markets, our resilience

isconfirmed by our continued revenue growth,

profit expansion and sustained strong cash

generation. Our people and culture are at the

heart of everything we do. As we continue to

focus on our sustainable growth and robust

governance, I would like to extend my gratitude

tomy Board colleagues and members of the ELT,

as well as offering my thanks to all Coca-Cola HBC

colleagues, customers, consumers and partners.

Their dedication, loyalty and hard work throughout

the year position the Company to remain on track

with our targets for sustainable, profitable growth.

Anastassis G. David

Chair of the Board

Our unique culture, heritage and

values are a fundamental part of

delivering sustainable value to all our

stakeholders. Our robust governance

practices are a strong foundation for

making our business future ready.”

Coca-Cola HBC Integrated Annual Report 2024192

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

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

Compliance with the UK Corporate

Governance Code 2018

As a Swiss corporation listed on the LSE with a

secondary listing on the Athens Exchange, we aim

toensure that our corporate governance systems

remain in line with international best practices.

Wecontinuously review our corporate governance

standards and procedures considering current

developments and rulemaking processes in the UK,

Switzerland and the EU. Further details are available

on our website. Pursuant to our obligations under the

UK Listing Rules, we apply the principles and comply

with the provisions of the UK Corporate Governance

Code or explain any instances of non-compliance

inour Integrated Annual Report. For the year ended

31 December 2024, Coca-Cola HBC was subject

tothe UK Corporate Governance Code 2018 (UK

Corporate Governance Code). Our Board confirms

that Coca-Cola HBC applied the principles, as far as

possible and in accordance with and as permitted

by Swiss law, and complied with the provisions of

the UK Corporate Governance Code throughout

2024, except for the following provisions:

1.  The Chair was not independent on appointment

(provision 9) and has been a Board member for more

than nine years (provision 19). Anastassis David was

originally appointed as a non-Executive Director

(NED) in 2006 at the request of Kar-Tess Holding and

was not, at the time of his appointment as Chair, in

2016, independent as defined by the UK Corporate

Governance Code. Further details are set out in

thesection on independence on page 194.

2.  Provision 38 requires alignment of Executive

Director pension contributions with the wider

workforce. Our difficulties in compliance with this

provision due to existing contractual obligations

were outlined in the Annual Report published

in2021 and are explained on page 229 of

theDirectors’ remuneration report. On the

appointment of any new Executive Director,

weintend that their pension contributions

willbealigned with the pension scheme for

thewider workforce. For more information

onappointment of Directors and compliance

with the UK Corporate Governance Code

seepage 212 and 213.

Swisscorporaterules

There is no mandatory corporate governance

codeunder Swiss law applicable to Coca‑Cola HBC.

Themain source of law for Swiss governance rules

is thecompany law contained in article 620 et seqq.

oftheSwiss Code of Obligations. Swiss company

law includes provisions regarding the compensation

in listed companies and further limits the authority

of the Remuneration Committee and the Board to

determine compensation. The effective limitations

include an AGM approval requirement for the total

amount for the Board and the amount attributable

to each member, as well as the total amount for the

ELT and the highest amount attributable to an ELT

member. Other limitations include a requirement

that certain compensation elements be authorised

in the articles of association (Articles) and a

prohibition of certain forms of compensation, such

as severance payments and financial or monetary

incentives for M&A transactions. We are in

compliance with the requirements of Swiss

company law and the specific provisions therein

regarding the compensation in listed companies.

UK’sCityCodeonTakeoversandMergers

The UK’s City Code on Takeovers and Mergers

(the ‘City Code’) does not apply to Coca-Cola HBC

as it does not have its registered office in the

United Kingdom, the Channel Islands or the

IsleofMan. The Articles include specific provisions

designed to prevent any personacquiring shares

carrying 30% or more of thevoting rights (taken

together with any interest inshares held or

acquiredby the acquirer or persons acting in

concert with the acquirer), except if (subject to

certain exceptions) such acquisition would not

have been prohibited by theCity Code or if such

acquisition is made through an offer conducted in

accordance withthe City Code. For further details,

read ourArticles on our website.

Amending the Articles of Association

The Articles may only be amended by a resolution

of the shareholders passed by a majority of at least

two-thirds of the voting rights represented and an

absolute majority of the nominal value of the shares

represented. The Articles were amended at the

AGM on 21 May 2024 to incorporate changes

required by Swiss corporate law, including

enhanced protection of minority shareholders.

Sharecapitalstructure

Coca-Cola HBC has ordinary shares in issue with

anominal value of CHF 6.70 each. Rights attaching

to each share are identical and each share carries

one vote. Coca-Cola HBC’s Articles also allow,

subject to shareholder approval, for the conversion

of registered shares into bearer shares and bearer

shares into registered shares. Details of the

movement in ordinary share capital during the

year can be found on page 311. There are no

persons holding shares that carry special rights

regarding the control of Coca-Cola HBC.

PowersofDirectorstoissueandbuy

backshares

Subject to the provisions of the relevant laws and

the Articles, the Board acting collectively has the

ultimate responsibility for running Coca-Cola HBC

and the supervision and control of its executive

management. The Directors may take decisions

on all matters that are not expressly reserved to

the shareholders by the Articles. Pursuant to the

provisions of the Articles, the Directors require

shareholder authority to issue shares. Also,

inaccordance with the FCA’s UK Listing Rules,

theDirectors require shareholder authority to

repurchase shares. At the AGM on 21 May 2024,

the shareholders authorised the Directors to

repurchase ordinary shares of CHF 6.70 each in

the capital of Coca-Cola HBC up to a maximum

aggregate number of 15,000,000 representing

less than 10% of Coca-Cola HBC issued share

capital as of 10 April 2024.

The authority will expire at the conclusion

oftheAGM on 23 May 2025 or at midnight on

30 June 2025, whichever is earlier. Coca-Cola HBC

commenced a share buyback programme on

21 November 2023 and it is expected to run until

the end of December 2025. As at 31 December

2024, Coca-Cola HBC reported that 7,567,772

ordinary shares had been purchased at an average

price of 2,538.6033 pence per ordinary share and

are held in treasury. Shares held in treasury as at

10 March 2025 total 10,850,676, out of which

7,420,541 are held by CCHBC AG (including the

purchased shares) and 3,430,135shares are held

by its subsidiary, CCHBCServices MEPE.

Board composition

On 31 December 2024, our Board comprised

13directors: the Chair, one Senior Independent

Director, 10 NEDs and one Executive Director.

TheNEDs are experienced individuals from a

range of backgrounds, countries and industries,

asshown by their biographies on pages 195 to

197.Zulikat Wuraola Abiola and Glykeria Tsernou

were appointed to the Board at the 2024 AGM and

atthe conclusion of the AGM, Olusola (Sola)

David-Bohra and Alexandra Papalexopoulou

retired from the Board. Both Zulikat Wuraola

Abiola and Glykeria Tsernou were also elected

asmembers of the Audit and Risk Committee.

Elizabeth Bastoni was appointed to the Board

atanExtraordinary General Meeting held on

16 September 2024 and at the conclusion of

thatmeeting Anna Diamantopoulou retired

fromthe Board. Elizabeth Bastoni was also elected

as member of the Nomination Committee and

theRemuneration Committee. Read pages 211

to214 ofthe Nomination Committee report.

Corporate Governance Report

Application of Coca-Cola HBC’s corporate governance practices

Coca-Cola HBC Integrated Annual Report 2024193

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

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

External appointments

Coca-Cola HBC’s Articles (article 36) set limits on

the maximum number of external appointments

that members of our Board and executive

management may hold. In addition, if a

Boardmember wishes to take up an external

appointment, he or she must obtain prior Board

approval. The Board will assess all requests on

acase‑by‑case basis, including whether the

appointment could negatively impact Coca-Cola

HBC or the performance of the Director’s duties

to the Group, taking into account external

guidance and proxy voting guidelines to ensure

the principles of major investors in respect of

‘overboarding’ are considered. The nature of the

appointment and the expected time commitment

are assessed to ensure that the effectiveness of

the Board would not be compromised. Read about

our Directors’ external appointments in their

biographies on pages 195 to 197.

Our Chair is active in the international community.

With regard to his external appointments, the

Board considers that fewer than four of the

positions held by the Chair are significant. Several

of our other Directors also have other external

roles, but the Board is satisfied that any additionally

disclosed positions are not significant. Having

considered the scope of the external appointments

of all Directors, including the Chair, our Board is

satisfied that they do not compromise the

effectiveness of the Board. Each Director has

sufficient time to devote as necessary for the

performance of their duties and according to the

terms of appointment to the Board. This includes

attending approximately 10 Board meetings per

year, plus AGMs and other meetings (see the table

of attendance of Board and Board Committee

meetings on page 206). Each Director was able to

devote the time required to discharge their duties

and the Board has determined that each Board

member commits sufficient time and energy to the

role, and continues to make a valuable contribution

to the Board and its committees.

Independence

The Board’s independence is of utmost importance,

as NEDs play a crucial role in overseeing management

performance and ensuring individual Executive

Directors are held accountable against established

performance objectives.

Our Board has concluded that Zulikat Wuraola

Abiola, Elizabeth Bastoni, Charlotte J. Boyle,

William W. (Bill) Douglas III, Reto Francioni and

Glykeria Tsernou are deemed independent,

representing half of the Board, excluding the

Chair,in accordance with the criteria set out in

theUK Corporate Governance Code, with such

individuals being independent in both character

and judgement. The other NEDs, including the

Chair were appointed following nomination by the

two major shareholders (see details below) and

they are therefore not considered by the Board to

be independent, as defined by the UK Corporate

Governance Code.

Anastassis G. David was appointed as Chair

on27 January 2016.The Board believes that

Anastassis David embodies Coca-Cola HBC’s

core values, heritage and culture. These

attributes,together with his strong identification

with Coca-Cola HBC and its shareholders’

interests, and his deep knowledge and experience

of the Coca-Cola System, ensure an effective and

appropriately balanced leadership of the Board

and Coca-Cola HBC. Anastassis David was first

appointed as a member of the Board in 2006

before being appointed Chair in 2016. Prior to his

appointment as Chair, major shareholders were

consulted, and an external search consultancy

engaged to find suitable candidates.

The consensus was that Anastassis David was

theappropriate candidate to become Chair and

that he continues to be effective in his leadership

ofthe Board. In accordance with the established

policy of appointing all Directors on an annual basis,

the Board continues to keep all positions under

regular review and subject to annual election by

shareholders at the AGM. The Board continues

tobelieve that the proven leadership ofour Chair

andhis deep knowledge of the Coca‑Cola System

position him as unique to steer the Group at the

current time. Accordingly, Anastassis David has

thecontinuing support of the Board and major

shareholders to remain as Chair.

Shareholder nominees

As described on page 357, since the main listing

ofCoca‑Cola HBC on the Official List of the London

Stock Exchange in 2013, Kar-Tess Holding, TCCC

and their respective affiliates have no special rights

in relation to the appointment or re-election of

nominee Directors. Those Directors originally

nominated for appointment by TCCC or Kar-Tess

Holding will be required to stand for re-election on an

annual basis in the same wayas the other Directors.

The Nomination Committee is responsible for

identifying and recommending candidates for

subsequent nomination by the Board for election

as Directors bythe shareholders on an annual basis.

As our Board currently comprises 13 Directors,

neither Kar-Tess Holding nor TCCC is able to

control (positively or negatively) decisions of the

Board that are subject to simple majority approval.

However, decisions of the Board subject to the

special quorum provisions and supermajority

requirements contained in the Articles, in practice,

require the support of Directors nominated at the

request of at least one of eitherTCCC or Kar‑Tess

Holding to be approved.

In addition, based on their current shareholdings,

neither Kar-Tess Holding nor TCCC is able to

control a decision of the shareholders (positively

or negatively), except to block a resolution to wind

up or dissolve Coca-Cola HBC, or to amend the

supermajority voting requirements. The latter

requires the approval of 80% of the total number

ofshareholders being represented and voting.

Depending on the attendance levels at AGMs,

Kar-Tess Holding or TCCC may also be able to

control other matters requiring supermajority

shareholder approval.

Anastassis G. David, Anastasios I. Leventis,

Christo Leventis, and George Pavlos Leventis

were nominated for appointment by Kar-Tess

Holding. Henrique Braun and Evguenia Stoitchkova

were nominated for appointment by TCCC.

Conflicts of interest

In accordance with Coca-Cola HBC’s Organisational

Regulations, Directors are required to arrange their

personal and business affairs to avoid a conflict of

interest with the Group. Each Director must disclose

to the Chair the nature and extent of any conflict of

interest arising generally or in relation to any matter

to be discussed at a Board meeting as soon as the

Director becomes aware of its existence. In the

event that the Chair becomes aware of a Director’s

conflict of interest, the Chair is required to contact

that Director promptly and discuss the nature and

extent of such a conflict of interest. Subject to

exceptional circumstances in which Coca-Cola

HBC’s best interests dictate otherwise, the Director

affected by a conflict of interest will not be permitted

to participate in discussions and decision-making

involving the interest at stake.

Corporate Governance Report continued

ApplicationofCoca-ColaHBC’scorporategovernancepracticescontinued

Coca-Cola HBC Integrated Annual Report 2024194

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

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

Anastassis G.

David

Non-ExecutiveChair

Appointed: January 2016. Anastassis joined

the Board of Coca-Cola HBC as a NED in

2006 and was appointed Vice Chair in 2014.

Relevantskillsandcontribution:

Anastassis brings more than 20 years’

experience, globally, as an investor and non-

executive director in the beverage industry

with proven leadership qualities as well as a

deep understanding and knowledge of the

Coca-Cola System.

Experience: Anastassis is also a former

chair of Navios Corporation. He holds a BA

inHistory from Tufts University.

External appointments: Anastassis is

active in the international community. He

serves as vice chair of Aegean Airlines S.A.,

vice chair of the executive committee of

Cyprus Union of Shipowners, chair of the

board of Sea Trade Holdings Inc., chair of

the board of Nephele Navigation Inc., and

member of Adcom Advisory Ltd. He is also

a board member of Kar-Tess Holding. Also,

he is a member of the board of trustees

of College Year in Athens, and director of

George and Kaity David Foundation.

Nationality: British-Cypriot

Anastassis David has a shared directorship with

Anastasios Leventis, both being directors in Nephele

Navigation Inc. and Kar-Tess Holding and has a shared

directorship with Anastasios I. Leventis, Christo

Leventis and George Pavlos Leventis, all being

directors of Adcom Advisory Ltd.

Zoran

Bogdanovic

ChiefExecutiveOfficer,

ExecutiveDirector

Appointed: June 2018.

Relevantskillsandcontribution: Zoran has

wide-ranging experience of working across

Coca-Cola HBC’s operations and markets

and a track record of delivering results

across our territories and demonstrating our

Company’s values which are the foundation

of our Company’s culture.

Experience: Zoran was previously the

Coca-Cola HBC’s Regional Director

responsible for operations in 12 countries

and has been a member of the ELT since

2013. He joined Coca-Cola HBC in 1996

and has held a number of senior leadership

positions, including as General Manager of

the Coca-Cola HBC’s operations in Croatia,

Switzerland and Greece. Before joining

the Coca-Cola HBC, Zoran was an auditor

with auditing and consulting firm Arthur

Andersen. He holds a bachelor’s degree in

economics from the Faculty of Economics

in Zagreb.

External appointments: None

Nationality: Croatian

ZulikatWuraola

Abiola

Independent

non-ExecutiveDirector

A

Appointed: May 2024.

Relevantskillsandcontribution: Wuraola

brings over 25 years of experience, acquired

in her current and previous roles, of

strategy, business development, leadership,

governance, organisational development,

risk management and public sector policy in

Nigeria and throughout Africa.

Experience: Wuraola is the Managing

Director of Management Transformation

Ltd, a management consulting firm. Prior to

her current role, she worked at McKinsey &

Co, in New York and London, primarily in the

areas of strategy and organisation. Wuraola

lectures on Organisational Development

at the University of Lagos, as well as on

Strategy and Corporate Policy at the

University of Lagos Business School (ULBS).

She holds a bachelor’s degree in accounting

from the University of San Francisco and

a Ph.D. in Organisational Behaviour from

Imperial College in London.

External appointments: Wuraola is Managing

Director of Management Transformation

Ltd. She is also a non-executive senior

independent director and vice chair of

Frigoglass S.A.I.C. and chair of the board of

Appzone Mauritius Ltd. She is also a director

on the boards of Lekoil Nigeria Limited and

Summit Oil International Ltd (Nigeria). Until

April 2024, she was also a member of the

board of Beta Glass Nigeria PLC.

Nationality: Nigerian

Elizabeth Bastoni

Independent

non-ExecutiveDirector

N R

Appointed: September 2024.

Relevantskillsandcontribution: Elizabeth

brings experience of advising boards of

global companies on governance, executive

compensation, strategy development and

execution, and people development and

succession planning.

Experience: Elizabeth has developed her

expertise having held both executive and

non-executive director roles. She held

C-suite roles in HR and communications at

Cascade Asset Management Co (formerly

BMGI), Carlson, The Coca-Cola Company

(2005 to 2011) and Thales. Elizabeth

began her career with KPMG in Europe in

the International Tax practice. Elizabeth

obtained a BA in accounting from Providence

College in the, USA.

External appointments: Elizabeth is

currently an independt director and chair

ofthe board of Qorium B.V., an independent

director and audit committee member

with Jerónimo Martins, Audit Committee

independent director and chair of the

nomination and compensation committee

with Euroapi, and an independent director

with CNH Industrial, where she chairs the

human capital & compensation committee.

Nationality: American

Board committees

A

Committee Chair

N

Nomination Committee

R

Remuneration Committee

A

Audit and Risk Committee

S Social Responsibility Committee

Skillsandexperiencekey

Corporate governance

FMCG knowledge/experience

Risk oversight & management

Finance, investments &accounting

International exposure

Sustainability &community

engagement

The Board considers

thateachoftheDirectors

continuestocontribute

effectivelytotheworkand

deliberations of the Board.

Corporate Governance Report

Board of Directors

Coca-Cola HBC Integrated Annual Report 2024195

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

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

Charlotte

J. Boyle

Independent

non-ExecutiveDirector

R N S

Appointed: Ju ne 2017.

Relevantskillsandcontribution: Charlotte

brings extensive advisory experience, especially

of advising boards on succession planning,

remuneration and ESG governance across

arange of sectors.

Experience: After 14 years with The Zygos

Partnership, an international executive search

and board advisory firm, including nine years

as a partner, she retired from her position in

July 2017. Prior to that, Charlotte worked at

Goldman Sachs International and at Egon

Zehnder International, an international

executive search and management

assessment firm. Charlotte obtained an

MBAfrom the London Business School

andanMA from Oxford University and

wasaBahrain British Foundation Scholar.

External appointments: Charlotte serves

aschair of UK for the UN High Commission

forRefugees (UNHCR), an non‑executive

director of Thatchers Cider Company Ltd,

anon‑executive director of Knight Frank LLP,

and an advisory board member of Worcester

College, Oxford University.

Nationality: British

HenriqueBraun

Non-ExecutiveDirector

Appointed: June 2021.

Relevantskillsandcontribution: Henrique has

vast experience in corporate functions as well as

regional and business unit operations in TCCC

worldwide, including expertise in supply chain, new

business development, marketing, innovation,

general management and bottling operations.

Experience: Henrique joined TCCC in 1996

in Atlanta and progressed with increased

responsibilities in North America, Europe and Latin

America. From 2020 to 2022, Henrique served

as President of the Latin America operating unit,

from 2016 to 2020, he served as the President

ofthe Brazil business unit and from 2013 to 2016,

he was the President for Greater China and

Korea. His other roles in TCCC in the past include

Vice President of Innovation and Operations

in Brazil and Director for Still Beverages (non-

carbonated beverages) in Europe. He first joined

TCCC as a trainee in Global Engineering in the US.

Henrique holds a bachelor’s degree in agricultural

engineering from the University Federal of Rio

de Janeiro, a master’s in industrial engineering

from Michigan State University and an MBA

from Georgia State University.

External appointments: Effective January

2025, Henrique serves as Executive Vice

President (EVP) and Chief Operating Officer for

TCCC with responsibility for all TCCC’s operating

units worldwide. Since 2022 Henrique served

as EVP, International Development for TCCC,

overseeing the company’s operating units for

Latin America, Japan and South Korea, ASEAN

and South Pacific, Greater China and Mongolia,

Africa, India and Southwest Asia and Eurasia and

Middle East. As Chief Operating Officer the role

includes oversight of North America and Europe.

Nationality: American and Brazilian

WilliamW.(Bill)

DouglasIII

Independentnon-Executive

Director

A

Appointed: June 2016.

Relevantskillsandcontribution: Bill brings

a wealth of financial, commercial, risk and

compliance expertise, including IT and cyber

issues and broad experience of working within

the Coca-Cola System until his retirement.

Experience: Bill is a former Vice President

of Coca-Cola Enterprises (July 2004 to

June2016). From 2000 until 2004, Bill served

as Chief Financial Officer (CFO) of Coca‑Cola

HBC. Bill has held various positions within

the Coca-Cola System since 1985. Before

joining TCCC, Bill was associated with Ernst

&Whinney, an international accounting firm.

He received his undergraduate degree from

the J.M. Tull School of Accounting at the

University of Georgia.

External appointments: Bill is the lead director

and chair of the audit committee of SiteOne

Landscape Supply, Inc. He is a non-executive

chair of the board of directors of The North

Highland Esop Holdings Inc. He is also a

non-executive director of Monster Beverage

Corporation and a non-executive director

ofDollar Tree, Inc.

Nationality: American

Reto

Francioni

SeniorIndependent

non-ExecutiveDirector

N R

Appointed: June 2016.

Relevantskillsandcontribution: Reto

brings extensive knowledge and experience

of capital markets, governance, financial

sector and risk management having worked

for several stock exchanges. He is the author

of several books on capital markets.

Experience: Reto has been Professor

ofApplied Capital Markets Theory at the

University of Basel since 2006. From 2005

until 2015, Reto was CEO of Deutsche Börse

AG and from 2002 until 2005, he served as

chair of the supervisory board and president

of the SWX Group, which owns the Swiss

Stock Exchange and has holdings in other

exchanges. Between 2000 and 2002, Reto

was co-CEO and spokesman for the board

of directors of Consors AG. Between 1993

and 2000, he held various management

positions at Deutsche Börse AG, including

that of deputy CEO. He earned his Doctorate

of Lawat the University of Zurich.

External appointments: Reto serves as

chair of the supervisory board of UBS Europe

SE and as the chair of the supervisory board

of Swiss International Airlines. Reto is also

a vice chair at the board of directors of

Medtech Innovation Partners AG, Basel.

Nationality: Swiss

AnastasiosI.Leventis

Non-ExecutiveDirector

S

Appointed: June 2014.

Relevantskillsandcontribution: Anastasios

brings experience from across the financial

services sector and extensive knowledge

on environmental, sustainability and social

responsibility issues.

Experience: Anastasios began his career

asa banking analyst at Credit Suisse and then

American Express Bank. He has previously served

on the boards of the Cyprus Development

Bank and Papoutsanis SA. He holds a BA in

Classics from the University of Exeter and an

MBA from New York University’s Leonard Stern

School of Business.

External appointments: Anastasios is a

board member of A.G. Leventis (Nigeria) Ltd,

vice chair of the board of Nephele Navigation

Inc, a board member of Maxenta Invest Corp.,

of Middle East Finance Sarl and ofAdcom

Advisory Ltd. He is a board member of Kar-

Tess Holding. Furthermore, Anastasios is a

member of the European Council of the Nature

Conservancy, a board member of WWF Hellas

(Greek branch of WWF), a member of the

board of Overseers of the Gennadius Library in

Athens, a member of the University of Exeter

Global Advancement Board, co-founder of the

Cyclades Preservation Fund. Member of the

board of trustees of A.G. Leventis Foundation,

and Director of Leventis Foundation Nigeria.

Nationality: British

Anastasios Leventis has a shared directorship with

Anastassis David, Christo Leventis and George Pavlos

Leventis, all being directors of Adcom Advisory Ltd. He

also has shared directorship with Anastassis David, both

being directors of Nephele Navigation Inc, and Kar-Tess

Holding and a shared directorship with Christo Leventis,

both being directors in Middle East Finance Sarl.

Corporate Governance Report continued

Board of Directors continued

Coca-Cola HBC Integrated Annual Report 2024196

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

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

Christo

Leventis

Non-ExecutiveDirector

Appointed: June 2014.

Relevantskillsandcontribution: Christo

brings over 30 years of expertise in finance

and investment.

Experience: Christo worked as an investment

analyst with Credit Suisse Asset Management

from 1994 to 1999 and as an equity research

analyst at J.P. Morgan Securities from 2000

to 2002, focusing on European beverage

companies. He founded Alpheus Capital, a

family office private equity investor. Christo

holds a BA in Classics from University College

London and an MBA from the Kellogg School

of Management, Northwestern University.

External appointments: Christo is a

chairman and a board member of Alpheus

Capital Ltd., a board member of Adcom

Advisory Ltd, a board member of Middle

East Finance Sarl and holds the following

positions within the Kar-Tess group of

companies: a board member of Kar-Tess

Holding and a board member of Torval

Investment Corp. He is also a trustee of the

Anastasios G. Leventis Foundation (Cyprus).

Nationality: British

Christo Leventis has a shared directorship with

Anastassis David, Anastasios Leventis and George

Pavlos Leventis, all being directors of Adcom Advisory

Ltd. He also has a shared directorship with Anastasios

Leventis, both being directors in Middle East Finance

Sarl and with George Pavlos Leventis, both being

Directors in Torval Investment Corp.

George Pavlos

Leventis

Non-ExecutiveDirector

Appointed: May 2023.

Relevantskillsandcontribution: George

brings management, investment and

governance experience and knowledge

from roles across a range of sectors as

well as expertise on environmental and

sustainability issues.

Experience: George was a non-executive

director and vice chair of the board of

Frigoglass S.A.I.C. from 2014 until May 2023.

George previously worked as an analyst in

fund management and holds an Investment

Management Certificate from the CFA

Society. He graduated with a bachelor’s degree

in modern history from Oxford University and

holds a postgraduate law degree from City

University in the, UK.

External appointments: George is a board

member of Adcom Advisory Ltd, of Chalet

Alpette Sarl and of 8 Kensington Park Road

Ltd. He is also a board member of Torval

Investment Corp., a company within the Kar-

Tess group of companies. Furthermore, he is

a director of the Terra Cypria Foundation, a

charitable non-governmental organisation,

which promotes environmental awareness

and sustainability.

Nationality: British

George Pavlos Leventis has a shared directorship with

Anastassis David, Christo Leventis and Anastasios

Leventis, all being directors of Adcom Advisory Ltd. He

also has a shared directorship with Christo Leventis,

both being directors in Torval Investment Corp.

Evguenia

Stoitchkova

Non-ExecutiveDirector

S

Appointed: May 2023.

Relevantskillsandcontribution: Evguenia

brings extensive knowledge and experience

of acquisitions, marketing, franchise

operations and brand management

acrossthe beverage industry for TCCC.

Experience: Evguenia is currently the

President of Global Ventures for TCCC. Prior to

her current role, Evguenia served as President

of the company’s Eurasia & Middle East

operating unit. From 2017 to 2020, Evguenia

was President of the Turkey, Caucasus and

Central Asia business unit. From 2013 to

2017, Evguenia served as Franchise General

Manager for Italy and Albania. From 2010 to

2013, she was Franchise Operations Director

for Romania, Bulgaria, Moldova and Albania.

Evguenia joined Coca-Cola Bulgaria in 2004

as Franchise Country Manager. In 2007, she

became Marketing Manager for sparkling soft

drinks in the Adriatic and Balkans business

unit and became Area Marketing Manager in

Romania, Bulgaria, Moldova and Macedonia in

2008 before becoming Brand Director for still

beverages for Southeastern Europe in 2009.

Evguenia started her career at Danone Group

in 1994 and led Danone marketing in Bulgaria

from 2000 to 2004.

External appointments: President of

Global Ventures at TCCC.

Nationality: Bulgarian

Glykeria

Tsernou

Independent

non-ExecutiveDirector

A

Appointed: May 2024.

Relevantskillsandcontribution: Glykeria

brings extensive knowledge of financial

advisory, investments and business

development, and management consulting

experience across a range of sectors.

Experience: Since 2013 Glykeria has been

an executive in the family office for Th.

Vassilakis Group in Greece (ATHEX listed

Aegean Airlines S.A., Autohellas S.A. and

holdings in logistics and hospitality) focusing

on portfolio companies, new investments,

and business development. Previously, she

worked in private equity, financial advisory,

aswell asinindustry (aluminium). Glykeria

hadalsoworked in management consulting

at Marakon Associates in London and as

financial analyst at Morgan Stanley in New

York. Glykeria studied Business Economics and

International Relations at Brown University

(Magna Cum Laude, ΦΒΚ) and obtained

anMBA from the London Business School.

External appointments: Glykeria is a non-

executive director of Attica Department

Stores S.A., Goldair Handling S.A. and Phaea

S.A., an independent non-executive director

of Resolute Cepal Greece S.A. and Reinvest

Greece S.A and chair of Elecion Energy S.A..

Glykeria also serves on the board of trustees

of Anatolia College.

Nationality: Greek

Corporate Governance Report continued

Board of Directors continued

Coca-Cola HBC Integrated Annual Report 2024197

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

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

Corporate Governance Report

Board leadership and Coca-Cola HBC’s purpose

The Board has ultimate responsibility for our

long-term success and for delivering sustainable

shareholder value, as well as contributing to wider

society. It is responsible for setting our purpose,

values and strategy and ensuring alignment with

culture. This includes ensuring that workforce

policies and practices are consistent with Coca-Cola

HBC’s values and long-term sustainable vision.

Key Board activities in 2024

The Board recognises the value of maintaining

close relationships with its stakeholders,

understanding their views and the importance

of these relationships in delivering our strategy.

The Group’s key stakeholders and their differing

perspectives are considered as part of the Board’s

discussions. Read more in our statement on

section 172 of the Companies Act 2006 on page 1.

Discussions at Board meetings are structured

using a carefully tailored agenda that is agreed

in advance by the Chair in conjunction with the

Chief Executive Officer (CEO) and the Company

Secretary. A typical Board meeting will comprise:

•  committee reports from the Chairs of our

Boardcommittees;

•  business and financial performance

reviewswithsenior management; and

•  deep-dive reviews into areas of

strategicimportance.

Actions Outcomes Page reference Linktostakeholders Linktostrategy

Cultureandvalues

Ourpeople

Reviewed the employee engagement and

collaboration surveys and feedback from the

designated NED on workforce issues surfacing

from engagement.

Monitored health and safety KPIs and progress

against keyactions.

Improved our employee engagement score

to 88%. Insight on the views of employees

enabled the Board to focus on addressing

areas where improvement required.

Health and safety trends improved with

additional actions executed.

See p.21, 202

See p.21, 203

1

2

3

4

5

Monitored talent development and succession

planning forBoard and senior management.

Overseen cultural and Coca-Cola HBC values’

elements in engagement surveys and business

reviews.

Informed of the succession planning

activities for senior management talent

pipeline; smooth onboarding and transition

of three new Board members.

Concluded that culture is aligned

withCoca‑Cola HBC’s purpose,

valuesandstrategy.

See p.202, 213

See p.202, 204

1

2

3

4

5

Stakeholderengagementinitiatives

Regularly reviewed progress on sustainability and

community initiatives; continued engagement

with TCCC.

Ranked among leaders in 10 major ESG

benchmarks; strong progress in packaging

circularity with four new DRS launches

between December 2023 and January 2025;

the Coca-Cola HBC Foundation approved

donations of €1.55 million for flood relief in

six markets.

See p.201, 202

1

2

3

4

5

Performanceonourgrowthstrategy

Businessandfinancialperformance

Deep-dived and reviewed regions,

strategicpriorities and key functions,

includingdigital commerce.

Fully apprised of business plan progress

focusing on addressing specific priorities

and local challenges, such as currency

devaluations in Nigeria and Egypt; approved

investments supporting delivery of our

growth strategy.

See p.202

1

2

3

4

5

Prioritised capabilities

Monitored the performance of our prioritised

bespoke capabilities to drive joint value creation

and customer satisfaction.

Approved investments in digital and

technology to further strengthen our

capabilities; approved the insourcing

oftechnology capabilities.

See p.202

1

2

3

4

5

Newacquisitions

Ourconsumers

Stakeholders

Ourinvestors

TheCoca-ColaCompany

Ourcustomers

Ourpeople

Ourcommunities

Governments

NGOs

Oursuppliers

1

Leverageourunique24/7portfolio

2

Wininthemarketplace

3

Fuelgrowththroughcompetitivenessandinvestment

4

Cultivatethepotentialofourpeople

5

Earnourlicencetooperate

Strategic pillars

Coca-Cola HBC Integrated Annual Report 2024198

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

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

Corporate Governance Report continued

Board leadership and Coca-Cola HBC’s purpose continued

Actions Outcomes Page reference Linktostakeholders Linktostrategy

Overseen Finlandia Vodka business integration

into ourbusiness.

Apprised on transition process; expansion

of distribution to a further 19 markets and

incremental growth opportunities.

See p.15

1

2

3

4

5

Riskmanagement,internalcontrolsandgovernance

Reviewed and debated on the principal

andemerging risks of the Group, mitigation

plans (including on cyber security and AI)

andriskappetite.

Endorsed the nature and the management

of principal risks and were satisfied that

the approach to risk appetite and risk

management framework were fit for purpose.

See p.181

1

2

3

4

5

Reviewed Coca-Cola HBC’s risk management

systems, including financial, operational and

compliance controls andthe effectiveness

ofourinternal controls framework.

Concluded that the risk management and

internal control frameworks were effective.

See p.178 to 180

1

2

3

4

5

Kept apprised on regulatory developments,

including onsustainability reporting and

governance and approved the Group’s

firstSustainability Statement.

Kept apprised on regulatory developments,

including on sustainability reporting and

governance and approved the Group’s first

Sustainability Statementt.

See p.41

1

2

3

4

5

Finance

Reviewed treasury updates on the liquidity,

financing status and commodity exposure

oftheGroup.

Approved the Group’s funding requirements,

including investments required for Bambi

following the fire incident in June, and

potential sources of funding and endorsed

approach inmanaging exposure to

marketrisk.

See p.217

1

2

3

4

5

Reviewed management’s proposed going

concern and long-term viability statements.

Approved the going concern and long-term

viability statements for the financial year

ended 31 December 2023. Reviewed going

concern statement for half year financial

results to 30 June 2024.

See p.190 and 248

1

2

3

4

5

Cost optimisation and investment

Continuously reviewed the Group’s cost

optimisation and investment programmes.

Approved cost optimisation initiatives

and material capital expenditure

projects, including technology / digital-

related, net zero and other sustainability

orientedprojects.

See p.18 and 24

1

2

3

4

5

Stakeholders

Ourinvestors

TheCoca-ColaCompany

OurconsumersOurcustomers

Ourpeople

Ourcommunities

Governments

NGOs

Oursuppliers

Strategic pillars

1

Leverageourunique24/7portfolio

2

Wininthemarketplace

3

Fuelgrowththroughcompetitivenessandinvestment

4

Cultivatethepotentialofourpeople

5

Earnourlicencetooperate

Coca-Cola HBC Integrated Annual Report 2024199

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

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

Corporate Governance Report continued

Engaging with our stakeholders

The Board regularly reviews stakeholder

engagement activities undertaken, by

bothitandthe Group as whole, and is satisfied

thattheactivities outlined on pages 200 to 202

and10 to 11 remain effective for the mutual

benefit of Coca-Cola HBC and its stakeholders.

The focus on our people, customers, consumers,

suppliers, investors, governments, NGOs,

communities and partners will remain high

ontheBoard’s agenda.

Shareholders

Shareholders can engage with the Board during

the AGM. The Chair, Senior Independent Director

and Chair of the Audit and Risk Committee will be

available at the 2025 AGM to answer questions

from shareholders. Pursuant to Swiss law and

theArticles, shareholders annually elect an

independent proxy and have the possibility

toauthorise and give voting instructions to the

independent proxy in writing orelectronically for

our general meetings. TheBoardencourages

shareholders to attend.

The Chair meets and maintains a dialogue

withCoca‑Cola HBC’s major shareholders

tounderstand their views on the Company’s

strategy and performance.

In 2024, the Remuneration Committee Chair

initiated an engagement process with our top 50

shareholders and with proxy advisers to consult

and obtain feedback on our proposal for certain

updates to our remuneration policy. We received

largely positive feedback which we considered

when wefinalised changes to the policy. Read

more inthe remuneration report on page 222.

More broadly, through our investor relations team,

Coca-Cola HBC and the Board maintain a dialogue

with institutional investors and financial analysts

onour strategy, finances and sustainability

performance. We engaged with the investment

community and our shareholders throughout

theyear, and launched our bitesize investor events

series during the year. The Board regularly considers

feedback from our investors and, where necessary,

takes appropriate action to further engage.

Please read more on our bitesize investor

events on p.17.

Ourpeople

The Board recognises that our people are core to

our strategy – our success depends on our ability

to attract, retain and develop the best talent. The

safety of our workforce continued to be a focus

throughout 2024, ensuring appropriate measures

are in place so that people can continue in their

roles and that we are supporting a healthy working

environment, particularly for colleagues and their

families based in or around Ukraine.

The Nomination Committee and the Board closely

monitor and review the results of the employee

engagement surveys. They also review talent

development initiatives designed to support

long-term success. The CEO held engagement

sessions with employees during 2024, including

Q&As. Charlotte J. Boyle, our designated NED for

workforce engagement, attended meetings with

our European Works Council and heard from

elected employee representatives about their

experiences and inputs. Charlotte also frequently

interacted with our Head of Labour Relations to

better understand our activities for a more diverse

and inclusive workplace (see page 135). All insights

gained contribute to the Board’s decisions to

ensure the appropriate support and resources

forour people.

Investorrelationshighlights

February

•   EU management roadshow (Paris, Frankfurt,

Geneva, Zurich)

•  UK management roadshow

(London,Edinburgh)

March

•   US management roadshow (New York,

Boston, Montreal, Toronto)

May

•  US management roadshow

(Chicago,LosAngeles, San Francisco)

•  Goldman Sachs European Staples forum

(London)

•  AGM (Steinhausen)

June

•   dbAccess, Deutsche Bank, Global

ConsumerConference (Paris)

•  Evercore ISI Consumer and Retail

Conference(virtual)

September

•  Investor relations roadshow (Toronto)

•  Barclays Global Consumer Staples

Conference 2024 (Boston)

•  Bernstein Pan European Annual Strategic

Decisions Conference (London)

October

•  Bitesize investor event

November

•  UK management roadshow (London)

•  UBS European Conference (London)

•  Jefferies Consumer Conference (Miami)

•  Bank of America Consumer and Retail

Conference (Paris)

•  Investec South African CEO Conference (London)

•  Governance roadshow (London & virtual)

December

•  Morgan Stanley and Athens Exchange Greek

Investment Conference (London)

•  Citi’s Global Consumer Conference (London)

Otherstakeholders

The Board carefully considered stakeholder

interests and matters in its decisions, such as

inapproving plans to address the impact from

theBambi plant fire and in approving investments

intechnology, digital and capital expenditures,

such as cyber security for our plants, DIA platform

enhancements and automated warehouses.

Stakeholder interests were also assessed in the

rolling out our DRS systems in Ireland and Hungary

in 2024 and customer relationship management

tools enhancement.

We considered the interests of our communities

affected by floods during the year and we granted

donations through the Coca-Cola HBC

Foundation to support relief efforts.

We assessed joint value creation with our

customers and improving our customers’

experience and collaboration when reviewing

market execution plans, customer satisfaction

reports and plans to elevate our bespoke

capabilities, as well as during market visits.

We considered the interests of our consumers in

endorsing innovation programmes with TCCC and

in expanding our ‘zero’ ranges, including launching

Monster Energy Green Zero Sugar in 16 markets,

as well as the integration of Finlandia Vodka, and

expanding distribution to 19 new markets.

Coca-Cola HBC Integrated Annual Report 2024200

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

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

Stakeholdergroup HowtheBoardengageswithstakeholders Read more

Ourpeople

To monitor engagement, collaboration, feedback from colleagues and how we embed our culture and align with our strategic

prioritiesthe Companyconducted two all‑employee surveys in 2024. Survey results are presented to the Nomination Committee and

theBoard. Charlotte J. Boyle is the designated NED for workforce engagement. The Board regularly reviewed talent plans for senior

positions. TheCEO held employee engagement sessions during the year, including several calls with Q&A sessions. The Board approved

investments empowering our people withdigital tools.

See p.10, 20, 200

Ourcustomers

Regular business updates on performance and market execution, market visits, reviews of joint business planning and joint value-

creation initiatives, monitoring customer satisfaction surveys. Development of digital commerce and approving investments in

toolstoimprove customer experience and collaboration.

See p.10, 16

Ourconsumers

Regular business updates on performance and market execution, consumer trends and insights, product innovations,

consumerengagement programmes. Leveraging DIA to offer products and personalised experiences tailored to

consumerneedsandexpectations.

See p.10, 14

Governments

CEO meetings with numerous senior government officials from our markets during the 2024 World Economic Forum. Engagements

throughout the year of local senior management with governmental authorities. Regulatory updates on issues and developments

relevant to Coca‑Cola HBC’s business, such as the new 2024 UK Corporate Governance Code and new UK Listing Rules, CSRD andother

sustainability-related regulations, DRS initiatives, taxation matters, and Chambers of Commerce.

See p.11, 24

Ourcommunities

Supporting our communities in many ways, such as community initiatives to educate or employ young people (#YouthEmpowered

programme), water and other infrastructure initiatives, and support for communities in need, including during floods and wildfires

inEurope, the Bambi fire and ongoing conflict in Ukraine. Community meetings and partnerships on common issues.

See p.10, 24

NGOs

Dialogue, policy work, partnerships on common issues, membership in business and industry associations.

See p.11

TheCoca-Cola

Company

Regular engagement with the Chair on performance against strategy and governance matters, day-to-day interaction as business

partners, joint projects, including sports and music summer activities, joint business planning, functional groups on strategic issues,

and‘top‑to‑top’ senior management meetings.

See p.11

Ourinvestors

AGM, investor roadshows and results briefings, webcasts, bite size investor sessions, engagement of Chair with major shareholders,

engagement of committee Chairs on significant matters pertaining to their areas of responsibility. Insights from internal and external

partieson investor expectations and focus areas. Ongoing dialogue with analysts and investors. In 2024, engagement with top 50

shareholders on a remuneration policy review.

See p.11, 200

Oursuppliers

Engagement with our suppliers, consultants and counterparts in related industries.

See p.11

Corporate Governance Report continued

Engaging with our stakeholders continued

Coca-Cola HBC Integrated Annual Report 2024201

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

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

Corporate Governance Report continued

Overseeing strategic delivery

Ourgrowthpillars WhatdidtheBoardconsider? WhatdidtheBoarddiscussanddecide? Whatwerethematerialstakeholderconsiderations?

•  Business and financial performance and market

implementation including on our strategic priority

categories Sparkling, Energy and Coffee

•  Assessing business development opportunities

•  Roll out of Finlandia Vodka in 19 new markets

andsetting up international partnerships

•  Roll out of Monster Energy Green Zero Sugar

•  Deep dive session with President, Europe

Operating Unit for TCCC, Nikos Koumetis on

strategy, and market insights

•  2024 business plan review and Capex

requirementapprovals

•  Acquisition of BDS Vending in Ireland

•  Consumer needs and trends, including

qualityand freshness of products, health

and nutrition, affordability, innovation and

sustainablepackaging

•  Prioritising opportunities to create long-term

value for our shareholders, customers and

otherstakeholders

•  DIA, customer satisfaction and consumer

surveys

•  Updates on market execution initiatives

andperformance

•  Digital commerce progress and initiatives,

including customer portals and digital marketing

•  Approved digital tools enhancements to improve

customer and consumer experience and service

•  Approved coolers and other Capex requirements

to support winning in the marketplace

•  Expansion of Sirvis digital platform to

moremarkets

•  Consumer needs and trends

•  Adding value to customers

•  Marketplace economic conditions

•  Shareholder value creation

•  Regular updates on financial performance, insights

and trends, FX matters and devaluation challenges

in Nigeria and Egypt

•  Capex required and timelines for investments

•  Accelerating use of digital tools and AI to

empower our people, cyber security plans,

supplychain and sales capabilities

•  Business development and other

investmentopportunities

•  Considered and approved the half- and full-

yearresults and dividend payment

•  Approved operational and process simplification

projects and organisational structures

•  Partnership with Microsoft on in-house

generativeAI productivity and other tools

•  Approved Capex to fuel business growth

•  Approved treasury related projects, such as

bondbuy‑back, two bond issues and $130 million

EBRD loanfor Egypt

•  Monitored initiatives driving efficiency

andsimplification

•  Investments driving sustainable returns and

benefits for all stakeholders

•  Digitaliise and innovate our business to ensure

weare fit for the future

•  People, talent, succession plans, employee

engagement drivers

•  Review of progress and activities in embedding

our culture and living our values and purpose

•  Progress against our gender diversity KPIs

•  Reviewed and endorsed development and

succession plans for senior positions

•  Discussed and approved digital programmes

toempower our people with digital tools

•  Insourcing technology capabilities with a new hub

inEgypt

•  Monitored employee engagement survey outputs

and relevant actions plans

•  Monitored diversity, equity & inclusion (D&I)

programme progress and Women inLeadership

positions improvement

•  Our people and how to engage, retain and

develop them

•  Develop an inclusive growth culture

aroundourempowered people and an

agilelearning organsation

•  Building the best teams with critical capabilities

tocreate value for our customers, consumers,

our investors and our communities

•  Delivery against our ambitious ESG targets

•  Corporate governance as a critical enabler for

ourlicense to operate

•  Regulatory developments

•  Engaging our communities behind water and

waste initiatives; empowering youth together

with our partners

•  Regular updates and discussion on sustainability

projects and ESG benchmarks

•  Reviewed and endorsed health and safety plans

•  Support of our communities in need from natural

disasters through the Coca-Cola HBC Foundation

•  Continued focus on corporate governance,

confirming the effectiveness of our internal

controls and risk management processes

•  Endorsed our compliance plans, including the

designof a new AI Policy, digitaliising processes

and training waves

•  Progress against our sustainability targets,

within Mission 2025, NetZeroby40 roadmap

andbiodiversity goals to meet broad

stakeholderexpectations

•  Support our communities in need and at times of

crisis, prioritising natural disaster relief, packaging

and waste management, corporate citizenship

and empowering youth and women

Leverage

ourunique

24/7portfolio

1

Wininthe

marketplace

2

Fuelgrowth

through

competitiveness

and investment

3

Cultivatethe

potential of

ourpeople

4

Earnour

licence

to operate

5

Coca-Cola HBC Integrated Annual Report 2024202

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

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

Corporate Governance Report continued

Overseeing strategic delivery continued

The outcomes of the Board’s decisions

Enhancedvolumeandrevenuegrowth

TheBoard’sfocusondefiningandoverseeing

deliveryofthestrategytoexpandour24/7

portfolioandstrengtheningmarketexecution

drovemarketsharegainsandledtoastrong

organicvolumeandrevenuegrowthin2024.

In 2024, the Board continued to closely oversee delivery

ofour 24/7 portfolio growth strategy regularly reviewing

business plans’ progress, talent development and building

prioritised capabilities, approving investments to support

strategy delivery, such as digital and technology related

investments, keeping appraised on customer engagement

and satisfaction, consumer and market trends and

mitigating risks, such as currency devaluations.

As a result, we continued to deliver on its growth strategy

in2024 in a range of market conditions, with 13.8% organic

revenue growth, 2.8% volume growth and 12.2% organic

EBIT growth.

Read more p.2 to 3

Strengthenedourpeople

engagement and potential

TheBoardisfosteringacultureofemployee

engagementandpersonalgrowth.Thisfocusled

toinitiativesaroundouremployees’safetyand

wellbeing, critical capabilities’ enhancement,

improvingourDEItargetsandlivingourvalues

withthefirsteverCompany-wideMITin2024.

Investing in our people to cultivate their potential, develop

critical capabilities and strengthen their engagement

isfundamental to our sustainable growth. In 2024, we

reinforcedcontinuous learning and upskilling delivering over

640,000 hours of learning and developing critical capabilities

ofour people. In the year, we also progressed our digital

transformation journey to enhance our employee experience

and deployed initiatives for our people well-being and safety.

We continued to uphold our DEI commitments and further

increased the number of our female leaders. Our largest ever

Market Impact Team (MIT) activation across the organization,

with over 7,000 colleagues supporting over 50,000 customers

is a testament of living our “We over I” and “Customer First”

values we are proud of. Our emphasis on fostering a culture

ofemployee engagement and personal growth and staying

connected to and listening our employees, resulted in an

improved engagement score of 88%.

Read more p.20

TheBoard’sdecisionstomakesustainability-

orientedinvestmentsisboostingourprogress

towardsoursustainabilitycommitmentsand

underpinningourapproachtodowhatisright,

whilecreatingvalueforthebusinessand

strengthening resilience.

Throughout 2024, the Board considered and approved

avariety of sustainability‑oriented investments, such as

energy efficient coolers, supporting our revenue growth

management strategy and sustainability goals, expansion

ofreusable packaging projects such as new rPET and

returnable glass bottle lines capitalizing on DRS roll outs

andincreasing popularity of reusable bottles, launch of

DRSin two more markets, Republic of Ireland and Hungary,

translating to increase collection rates and increase of

recycling rates, increased supply chain efficiency projects,

supporting local community projects and communities

inneed through the Coca‑Cola HBC Foundation. These

investments underpin our commitment in achieving our

sustainability goal to do what is right.

Read more p.24

FY24Organicrevenuegrowth

+13.8%

FY24OrganicEBITgrowth

+12.2%

+1.7% female leaders

43.5%

sustainableengagement

index score

88%

Ranked

1

st

as the world’s

mostsustainable

beverage company

by Dow Jones

Best-in-Class

indices 2024

Demonstrating the

valueofsustainability-

driven investments

Coca-Cola HBC Integrated Annual Report 2024203

Corporate Governance SupplementaryInformationSwissStatutoryReportingFinancial StatementsStrategic Report

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

Corporate Governance Report continued

Culture in action

Cultureshapesthewaywethink,

behaveandact.Tosuccessfullyachieve

Coca-ColaHBC’spurpose,itisessential

tohavetherightcultureinplace.The

Board is responsible for monitoring

andassessingourculture.TheChair

ensuresthattheBoardisoperating

appropriately and sets the Board’s

values,whichinturnsetsthestandard

forCoca-ColaHBC’sculture.

The CEO, supported by members of the ELT,

isresponsible for ensuring the embedding of

theculture throughout the business and its

operations and inall our dealings with our

stakeholders. The Board measures the culture

ofthe Group using internal and external metrics,

which also enable it to identify further actions

toensure the culture remains appropriate. The

Boardalso assesses thealignment of the Group’s

policies, practices and behaviours throughout the

business with Coca-Cola HBC’s purpose, values

and strategy, and, if dissatisfied, seeks assurance

that management is taking corrective action.

TheBoard also monitors the Group’s performance

against its peer group within the same sector.

What defines our culture is who we are, our

purpose, our vision, our values, how we need

toevolve and the behaviours we commit to

eachother. The Board monitors progress through

regular updates from the management team, and

culture and engagement surveys – see page 20.

Doing the right thing

•  Continued to prioritise the safety and

wellbeing of our people, including our people

in Ukraine, which continues to be impacted

bythe conflict – see page 21.

•  Continued supporting our communities in

need, including through the Coca-Cola HBC

Foundation, which approved grants for flood

relief in six of our markets – see pages 24 and 28.

•  Further strengthened our compliance

processes and training our employees, and kept

focus on sanctions compliance. We designed

a new AI Policy and trained our people to

ensure we deploy AI technologies in an ethical,

trustworthy and robust way – see page 221.

•  Invested to further transform, innovate and

digitalise our business including by investing

in further automating and streamlining our

supply chain, compliance and customer

processes and controls to ensure we are

fitfor the future – see page 18.

Investinginourpeople

•  Deployed initiatives strengthening talent

attraction and promoting our preferred

employer profile – see page 20.

•  Empowered our people with digital tools

to simplify and make their day-to-day work

easier – see page 20.

•  Ran bi-annual culture and engagement surveys,

and one collaboration for impact survey

during the year – see page 21.

•  Actively reinforced our people continuous

learning and upskilling, delivering over

659,000 hours of learning in 2024

–seepage22.

•  Launched a Digital Hub in Egypt to

complement Sofia and Athens in‑sourcing

digital skills and capabilities within the

organisation – see page 54.

•  Continued to strengthen workforce diversity

through our DEI programme: 43.5% of

management positions (1.7% increase)

arenowheld by women – see page 22.

Openingupopportunitiesforour

consumers,customersandpartners

•  Continued creating joint value with our

customers, with both premiumisation and

affordable offers and focusing on personalised

execution both physical and e-route to market

(RTM), driving market share gain – see page 16.

•  Continued measuring and continuously

improving customer experience using the

NPS

®

metric applied through CustomerGauge

‘voice of customer’ software, which enables

instant feedback from customers – see page

16.

•  Continued to invest in our bespoke capabilities

which make the difference, with DIA remaining

in focus and closely interconnected with

ourrevenue growth management (RGM)

andRTM capabilities – see page 17.

•  Integrated Finlandia Vodka into our business

– see page 15.

Sustainability

•  Accelerated progress towards our long-

term goal of achieving NetZeroby40,

GHGemissions.

•  Achieved our #YouthEmpowered target

ayear ahead of schedule – see page 28.

•  Continued to prioritise a circular approach to

packaging resulted in increasing % of recycled

content and % of returnable packaging –

seepages 24 and 27.

•  Launched DRS in Hungary and Ireland, while

we continued to work on alternative types

ofcollection models in Nigeria and Egypt

–see pages 24 and 27.

•  Accelerated progress towards NetZeroby40

through progress towards packaging

circularity, decarbonising our operations,

further shift to energy‑efficient coolers

andgreen fleet and others.

Key highlights

43.5%

of management positions held

bywomen

+6%

in our customer NPS

®

from 59 to 65

659,000

hours of learning for our people

€1.55m

grants approved by the Coca-Cola HBC

Foundation for flood-relief initiatives

58%

overall packaging collection rate\*

\* excluding Egypt

Coca-Cola HBC Integrated Annual Report 2024204

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAPBBeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqOdS8LKoyTUlFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAFGO3lWRSV4BB6ir1FFAHkfjXwV4g1bxbfX1jp/m20vl7H86Nc4jUHgsD1BrA/4Vz4r/AOgV/wCTEX/xVe90Vzyw0G7nu0eIMTSpxpxjGySWz6fM8E/4Vz4r/wCgV/5MRf8AxVH/AArnxX/0Cv8AyYi/+Kr3uil9Vh3Zp/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4J/wrnxX/ANAr/wAmIv8A4qj/AIVz4r/6BX/kxF/8VXvdFH1WHdh/rJi/5Y/c/wDM8E/4Vz4r/wCgV/5MRf8AxVH/AArnxX/0Cv8AyYi/+Kr3uij6rDuw/wBZMX/LH7n/AJngn/CufFf/AECv/JiL/wCKo/4Vz4r/AOgV/wCTEX/xVe90UfVYd2H+smL/AJY/c/8AM8E/4Vz4r/6BX/kxF/8AFUf8K58V/wDQK/8AJiL/AOKr3uij6rDuw/1kxf8ALH7n/meCf8K58V/9Ar/yYi/+Krvvhr4c1bw//an9qWnkef5Xl/vEbdt35+6T6iu9oqoYeMJcyOfFZ3iMVRdGaVn2v3v3GyAtGwHUgiqP2ab+5+orQorc8Yz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoqL7TD/f/AENH2mH+/wDoaAJaKi+0w/3/ANDR9ph/v/oaAJaKi+0w/wB/9DR9ph/v/oaAJaKi+0w/3/0NH2mH+/8AoaAJaKi+0w/3/wBDR9ph/v8A6GgCWiovtMP9/wDQ0faYf7/6GgCWiovtMP8Af/Q0faYf7/6GgCWiovtMP9/9DR9ph/v/AKGgCWiovtMP9/8AQ0faYf7/AOhoAloqL7TD/f8A0NH2mH+/+hoAloqL7TD/AH/0NH2mH+/+hoAloqL7TD/f/Q0faYf7/wChoAloqL7TD/f/AENH2mH+/wDoaAJaKi+0w/3/ANDR9ph/v/oaAJaKi+0w/wB/9DR9ph/v/oaAJaKi+0w/3/0NH2mH+/8AoaAJaKi+0w/3/wBDR9ph/v8A6GgCWiovtMP9/wDQ0faYf7/6GgCWiovtMP8Af/Q0faYf7/6GgCWiovtMP9/9DR9ph/v/AKGgCWiovtMP9/8AQ0faYf7/AOhoAloqL7TD/f8A0NH2mH+/+hoAloqL7TD/AH/0NH2mH+/+hoAloqL7TD/f/Q0faYf7/wChoAloqL7TD/f/AENH2mH+/wDoaAJaKi+0w/3/ANDR9ph/v/oaAJaKi+0w/wB/9DR9ph/v/oaAJaKi+0w/3/0NH2mH+/8AoaAJaKi+0w/3/wBDR9ph/v8A6GgCWiovtMP9/wDQ0faYf7/6GgCWiovtMP8Af/Q0faYf7/6GgCWiovtMP9/9DR9ph/v/AKGgCWiovtMP9/8AQ0faYf7/AOhoAloqL7TD/f8A0NH2mH+/+hoAloqL7TD/AH/0NH2mH+/+hoAloqL7TD/f/Q0faYf7/wChoAloqL7TD/f/AENH2mH+/wDoaAJaKi+0w/3/ANDR9ph/v/oaAJaKi+0w/wB/9DR9ph/v/oaAJaKi+0w/3/0NH2mH+/8AoaAJaKi+0w/3/wBDR9ph/v8A6GgCWiovtMP9/wDQ0faYf7/6GgCWiovtMP8Af/Q0faYf7/6GgCWiovtMP9/9DR9ph/v/AKGgCWiovtMP9/8AQ0faYf7/AOhoAloqL7TD/f8A0NH2mH+/+hoAloqL7TD/AH/0NH2mH+/+hoAloqL7TD/f/Q0faYf7/wChoAloqL7TD/f/AENH2mH+/wDoaAJaKi+0w/3/ANDR9ph/v/oaAJaKi+0w/wB/9DR9ph/v/oaAJaKi+0w/3/0NH2mH+/8AoaAJaKi+0w/3/wBDR9ph/v8A6GgCWiovtMP9/wDQ0faYf7/6GgCWiovtMP8Af/Q0faYf7/6GgCWiovtMP9/9DR9ph/v/AKGgCWiovtMP9/8AQ0faYf7/AOhoAloqL7TD/f8A0NH2mH+/+hoAloqL7TD/AH/0NH2mH+/+hoAloqL7TD/f/Q0faYf7/wChoAloqL7TD/f/AENH2mH+/wDoaAJaKi+0w/3/ANDR9ph/v/oaAJaKi+0w/wB/9DR9ph/v/oaAJaKi+0w/3/0NH2mH+/8AoaAJaKi+0w/3/wBDR9ph/v8A6GgCWiovtMP9/wDQ0faYf7/6GgCWiovtMP8Af/Q0faYf7/6GgCWiovtMP9/9DR9ph/v/AKGgCWiovtMP9/8AQ0faYf7/AOhoAloqL7TD/f8A0NH2mH+/+hoAloqL7TD/AH/0NH2mH+/+hoAloqL7TD/f/Q0faYf7/wChoAloqL7TD/f/AENH2mH+/wDoaAJaKi+0w/3/ANDR9ph/v/oaAJaKi+0w/wB/9DR9ph/v/oaAJaKi+0w/3/0NH2mH+/8AoaAJaKi+0w/3/wBDR9ph/v8A6GgCWiovtMP9/wDQ0faYf7/6GgCWiovtMP8Af/Q0faYf7/6GgCWiovtMP9/9DR9ph/v/AKGgCWiovtMP9/8AQ0faYf7/AOhoAloqL7TD/f8A0NH2mH+/+hoAloqL7TD/AH/0NH2mH+/+hoAloqL7TD/f/Q0faYf7/wChoAloqL7TD/f/AENH2mH+/wDoaAJaKi+0w/3/ANDR9ph/v/oaAJaKi+0w/wB/9DR9ph/v/oaAJaKi+0w/3/0NH2mH+/8AoaAJaKi+0w/3/wBDR9ph/v8A6GgCWiovtMP9/wDQ0faYf7/6GgCWiovtMP8Af/Q0faYf7/6GgCWiovtMP9/9DR9ph/v/AKGgCWiovtMP9/8AQ0faYf7/AOhoAloqL7TD/f8A0NH2mH+/+hoAloqL7TD/AH/0NH2mH+/+hoAz6KKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALv2OP1b86Pscfq351YopDK/2OP1b86Pscfq351YooAr/AGOP1b86Pscfq351YooAr/Y4/Vvzo+xx+rfnViigCv8AY4/Vvzo+xx+rfnViigCv9jj9W/Oj7HH6t+dWKKAK/wBjj9W/Oj7HH6t+dWKKAK/2OP1b86Pscfq351YooAr/AGOP1b86Pscfq351YooAr/Y4/Vvzo+xx+rfnViigCv8AY4/Vvzo+xx+rfnViigCv9jj9W/Oj7HH6t+dWKKAK/wBjj9W/Oj7HH6t+dWKKAK/2OP1b86Pscfq351YooAr/AGOP1b86Pscfq351YooAr/Y4/Vvzo+xx+rfnViigCv8AY4/Vvzo+xx+rfnViigCv9jj9W/Oj7HH6t+dWKKAK/wBjj9W/Oj7HH6t+dWKKAK/2OP1b86Pscfq351YooAr/AGOP1b86Pscfq351YooAr/Y4/Vvzo+xx+rfnViigCv8AY4/Vvzo+xx+rfnViigCv9jj9W/Oj7HH6t+dWKKAK/wBjj9W/Oj7HH6t+dWKKAK/2OP1b86Pscfq351YooAr/AGOP1b86Pscfq351YooAr/Y4/Vvzo+xx+rfnViigCv8AY4/Vvzo+xx+rfnViigCv9jj9W/Oj7HH6t+dWKKAK/wBjj9W/Oj7HH6t+dWKKAK/2OP1b86Pscfq351YooAr/AGOP1b86Pscfq351YooAr/Y4/Vvzo+xx+rfnViigCv8AY4/Vvzo+xx+rfnViigCv9jj9W/Oj7HH6t+dWKKAK/wBjj9W/Oj7HH6t+dWKKAK/2OP1b86Pscfq351YooAr/AGOP1b86Pscfq351YooAr/Y4/Vvzo+xx+rfnViigCv8AY4/Vvzo+xx+rfnViigCv9jj9W/Oj7HH6t+dWKKAK/wBjj9W/Oj7HH6t+dWKKAK/2OP1b86Pscfq351YooAr/AGOP1b86Pscfq351YooAr/Y4/Vvzo+xx+rfnViigCv8AY4/Vvzo+xx+rfnViigCv9jj9W/Oj7HH6t+dWKKAK/wBjj9W/Oj7HH6t+dWKKAK/2OP1b86Pscfq351YooAr/AGOP1b86Pscfq351YooAr/Y4/Vvzo+xx+rfnViigCv8AY4/Vvzo+xx+rfnViigCv9jj9W/Oj7HH6t+dWKKAK/wBjj9W/Oj7HH6t+dWKKAK/2OP1b86Pscfq351YooAr/AGOP1b86Pscfq351YooAr/Y4/Vvzo+xx+rfnViigCv8AY4/Vvzo+xx+rfnViigCv9jj9W/Oj7HH6t+dWKKAK/wBjj9W/Oj7HH6t+dWKKAK/2OP1b86Pscfq351YooAr/AGOP1b86Pscfq351YooAr/Y4/Vvzo+xx+rfnViigCv8AY4/Vvzo+xx+rfnViigCv9jj9W/Oj7HH6t+dWKKAK/wBjj9W/Oj7HH6t+dWKKAK/2OP1b86Pscfq351YooAr/AGOP1b86Pscfq351YooAr/Y4/Vvzo+xx+rfnViigCv8AY4/Vvzo+xx+rfnViigCv9jj9W/Oj7HH6t+dWKKAK/wBjj9W/Oj7HH6t+dWKKAK/2OP1b86Pscfq351YooAr/AGOP1b86Pscfq351YooAr/Y4/Vvzo+xx+rfnViigCv8AY4/Vvzo+xx+rfnViigCv9jj9W/Oj7HH6t+dWKKAK/wBjj9W/Oj7HH6t+dWKKAK/2OP1b86Pscfq351YooAr/AGOP1b86Pscfq351YooAr/Y4/Vvzo+xx+rfnViigCv8AY4/Vvzo+xx+rfnViigCv9jj9W/Oj7HH6t+dWKKAK/wBjj9W/Oj7HH6t+dWKKAK/2OP1b86Pscfq351YooAr/AGOP1b86Pscfq351YooAr/Y4/Vvzo+xx+rfnViigCv8AY4/Vvzo+xx+rfnViigCv9jj9W/Oj7HH6t+dWKKAK/wBjj9W/Oj7HH6t+dWKKAK/2OP1b86Pscfq351YooAr/AGOP1b86Pscfq351YooAr/Y4/Vvzo+xx+rfnViigCv8AY4/Vvzo+xx+rfnViigCr9t/6Z/rR9t/6Z/rVSimIt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf8Apn+tH23/AKZ/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/wCmf60fbf8Apn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/AKZ/rR9t/wCmf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf8Apn+tH23/AKZ/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigDUVtyK3TIzS0yL/Up/uin0hleS68uQpszjvmm/bf+mf61Dc/8fDfh/KoqYi39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/wCmf60fbf8Apn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/AKZ/rR9t/wCmf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf8Apn+tH23/AKZ/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/wCmf60fbf8Apn+tVKKALf23/pn+tH23/pn+tVKKANGGXzULYxzjrUlV7P8A1J/3qsUhkU03k7flzn3qL7b/ANM/1ovf4PxqpTEW/tv/AEz/AFo+2/8ATP8AWqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/ANM/1o+2/wDTP9aqUUAW/tv/AEz/AFo+2/8ATP8AWqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/ANM/1o+2/wDTP9aqUUAW/tv/AEz/AFo+2/8ATP8AWqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/ANM/1o+2/wDTP9aqUUAW/tv/AEz/AFo+2/8ATP8AWqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/ANM/1o+2/wDTP9aqUUAW/tv/AEz/AFo+2/8ATP8AWqlFAF6G481yu3HGetT1Ss/9cf8Adq7SGMkfy4y+M47VB9t/6Z/rUtz/AMe7fh/Os+gC39t/6Z/rR9t/6Z/rVSimIt/bf+mf60fbf+mf61UooAt/bf8Apn+tH23/AKZ/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/wCmf60fbf8Apn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/AKZ/rR9t/wCmf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf8Apn+tH23/AKZ/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rVqsqtWkMKrNd7XZdmcHHWrNZsv8Arn/3jQBY+2/9M/1o+2/9M/1qpRTEW/tv/TP9aPtv/TP9aqUUAW/tv/TP9aPtv/TP9aqUUAW/tv8A0z/Wj7b/ANM/1qpRQBb+2/8ATP8AWj7b/wBM/wBaqUUAW/tv/TP9aPtv/TP9aqUUAW/tv/TP9aPtv/TP9aqUUAW/tv8A0z/Wj7b/ANM/1qpRQBb+2/8ATP8AWj7b/wBM/wBaqUUAW/tv/TP9aPtv/TP9aqUUAW/tv/TP9aPtv/TP9aqUUAW/tv8A0z/Wj7b/ANM/1qpRQBb+2/8ATP8AWj7b/wBM/wBaqUUAW/tv/TP9aPtv/TP9aqUUAW/tv/TP9aPtv/TP9aqUUAW/tv8A0z/Wj7b/ANM/1qpRQBb+2/8ATP8AWj7b/wBM/wBaqUUAW/tv/TP9aPtv/TP9aqUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAaUX+pT/AHRT6ZF/qU/3RT6QzPuf+Phvw/lUVS3P/Hw34fyqKmIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigC7Z/wCpP+9Viq9n/qT/AL1WKQyre/wfjVSrd7/B+NVKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALFn/AK4/7tXapWf+uP8Au1dpDIrn/j3b8P51n1oXP/Hu34fzrPpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK1ayq1aQwrNl/1z/7xrSrNl/1z/7xoAZRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBpRf6lP90U+mRf6lP90U+kMz7n/j4b8P5VFUtz/wAfDfh/KoqYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALtn/qT/vVYqvZ/wCpP+9VikMq3v8AB+NVKt3v8H41UpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf+uP+7V2qVn/AK4/7tXaQyK5/wCPdvw/nWfWhc/8e7fh/Os+mIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArVrKrVpDCs2X/XP/vGtKs2X/XP/ALxoAZRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBpRf6lP90U+mRf6lP8AdFPpDM+5/wCPhvw/lUVS3P8Ax8N+H8qipiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAu2f+pP+9Viq9n/qT/vVYpDKt7/B+NVKt3v8H41UpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf+uP+7V2qVn/rj/u1dpDIrn/j3b8P51n1oXP/AB7t+H86z6YgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACtWsqtWkMKzZf9c/8AvGtKs2X/AFz/AO8aAGUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAaUX+pT/dFPpkX+pT/dFPpDM+5/4+G/D+VRVLc/8fDfh/KoqYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALtn/qT/AL1WKr2f+pP+9VikMq3v8H41Uq3e/wAH41UpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf+uP8Au1dqlZ/64/7tXaQyK5/492/D+dZ9aFz/AMe7fh/Os+mIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArVrKrVpDCs2X/AFz/AO8a0qzZf9c/+8aAGUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAaUX+pT/AHRT6ZF/qU/3RT6QzPuf+Phvw/lUVS3P/Hw34fyqKmIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigC7Z/wCpP+9Viq9n/qT/AL1WKQyre/wfjVSrd7/B+NVKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALFn/AK4/7tXapWf+uP8Au1dpDIrn/j3b8P51n1oXP/Hu34fzrPpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK1ayq1aQwrNl/1z/7xrSrNl/1z/7xoAZRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBpRf6lP90U+mRf6lP90U+kMz7n/j4b8P5VFUtz/wAfDfh/KoqYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALtn/qT/vVYqvZ/wCpP+9VikMq3v8AB+NVKt3v8H41UpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf+uP+7V2qVn/AK4/7tXaQyK5/wCPdvw/nWfWhc/8e7fh/Os+mIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArVrKrVpDCs2X/XP/vGtKs2X/XP/ALxoAZRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBpRf6lP90U+mRf6lP8AdFPpDM+5/wCPhvw/lUVS3P8Ax8N+H8qipiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAu2f+pP+9Viq9n/qT/vVYpDKt7/B+NVKt3v8H41UpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf+uP+7V2qVn/rj/u1dpDIrn/j3b8P51n1oXP/AB7t+H86z6YgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACtWsqtWkMKzZf9c/8AvGtKs2X/AFz/AO8aAGUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAaUX+pT/dFPpkX+pT/dFPpDM+5/4+G/D+VRVLc/8fDfh/KoqYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALtn/qT/AL1WKr2f+pP+9VikMq3v8H41Uq3e/wAH41UpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf+uP8Au1dqlZ/64/7tXaQyK5/492/D+dZ9aFz/AMe7fh/Os+mIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArVrKrVpDCs2X/AFz/AO8a0qzZf9c/+8aAGUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAaUX+pT/AHRT6ZF/qU/3RT6QzPuf+Phvw/lUVS3P/Hw34fyqKmIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigC7Z/wCpP+9Viq9n/qT/AL1WKQyre/wfjVSrd7/B+NVKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALFn/AK4/7tXapWf+uP8Au1dpDIrn/j3b8P51n1oXP/Hu34fzrPpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK1ayq1aQwrNl/1z/7xrSrNl/1z/7xoAZRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBpRf6lP90U+mRf6lP90U+kMz7n/j4b8P5VFUtz/wAfDfh/KoqYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALtn/qT/vVYqvZ/wCpP+9VikMq3v8AB+NVKt3v8H41UpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf+uP+7V2qVn/AK4/7tXaQyK5/wCPdvw/nWfWhc/8e7fh/Os+mIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArVrKrVpDCs2X/XP/vGtKs2X/XP/ALxoAZRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBpRf6lP90U+mRf6lP8AdFPpDM+5/wCPhvw/lUVS3P8Ax8N+H8qipiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAu2f+pP+9Viq9n/qT/vVYpDKt7/B+NVKt3v8H41UpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf+uP+7V2qVn/rj/u1dpDIrn/j3b8P51n1oXP/AB7t+H86z6YgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACtWsqtWkMKzZf9c/8AvGtKs2X/AFz/AO8aAGUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAaUX+pT/dFPpkX+pT/dFPpDM+5/4+G/D+VRVLc/8fDfh/KoqYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALtn/qT/AL1WKr2f+pP+9VikMq3v8H41Uq3e/wAH41UpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf+uP8Au1dqlZ/64/7tXaQyK5/492/D+dZ9aFz/AMe7fh/Os+mIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArVrKrVpDCs2X/AFz/AO8a0qzZf9c/+8aAGUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAaUX+pT/AHRT6ZF/qU/3RT6QzPuf+Phvw/lUVS3P/Hw34fyqKmIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigC7Z/wCpP+9Viq9n/qT/AL1WKQyre/wfjVSrd7/B+NVKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALFn/AK4/7tXapWf+uP8Au1dpDIrn/j3b8P51n1oXP/Hu34fzrPpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK1ayq1aQwrNl/1z/7xrSrNl/1z/7xoAZRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBpRf6lP90U+mRf6lP90U+kMz7n/j4b8P5VFUtz/wAfDfh/KoqYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALtn/qT/vVYqvZ/wCpP+9VikMq3v8AB+NVKt3v8H41UpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf+uP+7V2qVn/AK4/7tXaQyK5/wCPdvw/nWfWhc/8e7fh/Os+mIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArVrKrVpDCs2X/XP/vGtKs2X/XP/ALxoAZRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBpRf6lP90U+mRf6lP8AdFPpDM+5/wCPhvw/lUVS3P8Ax8N+H8qipiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAu2f+pP+9Viq9n/qT/vVYpDKt7/B+NVKt3v8H41UpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsWf+uP+7V2qVn/rj/u1dpDIrn/j3b8P51n1oXP/AB7t+H86z6YgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACtWsqtWkMKzZf9c/8AvGtKs2X/AFz/AO8aAGUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFWPscnqv50fY5PVfzoAr0VY+xyeq/nR9jk9V/OgCvRVj7HJ6r+dH2OT1X86AK9FWPscnqv50fY5PVfzoAr0VY+xyeq/nR9jk9V/OgCvRVj7HJ6r+dH2OT1X86AK9FWPscnqv50fY5PVfzoAr0VY+xyeq/nR9jk9V/OgCvRVj7HJ6r+dH2OT1X86AK9FWPscnqv50fY5PVfzoAr0VY+xyeq/nR9jk9V/OgCvRVj7HJ6r+dH2OT1X86AK9FWPscnqv50fY5PVfzoAr0VY+xyeq/nR9jk9V/OgCvRVj7HJ6r+dH2OT1X86AK9FWPscnqv50fY5PVfzoAr0VY+xyeq/nR9jk9V/OgCvRVj7HJ6r+dH2OT1X86ALUX+pT/AHRT6ag2oqnqABTqQzPuf+Phvw/lUVW5rZ5JSwK4PrTPscnqv50xFeirH2OT1X86Pscnqv50AV6KsfY5PVfzo+xyeq/nQBXoqx9jk9V/Oj7HJ6r+dAFeirH2OT1X86Pscnqv50AV6KsfY5PVfzo+xyeq/nQBXoqx9jk9V/Oj7HJ6r+dAFeirH2OT1X86Pscnqv50AV6KsfY5PVfzo+xyeq/nQBXoqx9jk9V/Oj7HJ6r+dAFeirH2OT1X86Pscnqv50AV6KsfY5PVfzo+xyeq/nQBXoqx9jk9V/Oj7HJ6r+dAFeirH2OT1X86Pscnqv50AV6KsfY5PVfzo+xyeq/nQBXoqx9jk9V/Oj7HJ6r+dAFeirH2OT1X86Pscnqv50AV6KsfY5PVfzo+xyeq/nQBLZ/6k/71WKigjMSFWIznPFS0hlW9/g/GqlXriFpdu0gYz1qH7HJ6r+dMRXoqx9jk9V/Oj7HJ6r+dAFeirH2OT1X86Pscnqv50AV6KsfY5PVfzo+xyeq/nQBXoqx9jk9V/Oj7HJ6r+dAFeirH2OT1X86Pscnqv50AV6KsfY5PVfzo+xyeq/nQBXoqx9jk9V/Oj7HJ6r+dAFeirH2OT1X86Pscnqv50AV6KsfY5PVfzo+xyeq/nQBXoqx9jk9V/Oj7HJ6r+dAFeirH2OT1X86Pscnqv50AV6KsfY5PVfzo+xyeq/nQBXoqx9jk9V/Oj7HJ6r+dAFeirH2OT1X86Pscnqv50AV6KsfY5PVfzo+xyeq/nQBXoqx9jk9V/Oj7HJ6r+dAFeirH2OT1X86Pscnqv50AFn/rj/u1dqvBA0TlmIxjHFWKQyK5/wCPdvw/nWfWlMhkiKjGT61V+xyeq/nQBXoqx9jk9V/Oj7HJ6r+dMRXoqx9jk9V/Oj7HJ6r+dAFeirH2OT1X86Pscnqv50AV6KsfY5PVfzo+xyeq/nQBXoqx9jk9V/Oj7HJ6r+dAFeirH2OT1X86Pscnqv50AV6KsfY5PVfzo+xyeq/nQBXoqx9jk9V/Oj7HJ6r+dAFeirH2OT1X86Pscnqv50AV6KsfY5PVfzo+xyeq/nQBXoqx9jk9V/Oj7HJ6r+dAFeirH2OT1X86Pscnqv50AV6KsfY5PVfzo+xyeq/nQBXoqx9jk9V/Oj7HJ6r+dAFeirH2OT1X86Pscnqv50AV6KsfY5PVfzo+xyeq/nQBXoqx9jk9V/Oj7HJ6r+dAFetWqX2OT1X86u0hhWbL/rn/AN41pVUe1dnZgVwST1oAq0VY+xyeq/nR9jk9V/OmIr0VY+xyeq/nR9jk9V/OgCvRVj7HJ6r+dH2OT1X86AK9FWPscnqv50fY5PVfzoAr0VY+xyeq/nR9jk9V/OgCvRVj7HJ6r+dH2OT1X86AK9FWPscnqv50fY5PVfzoAr0VY+xyeq/nR9jk9V/OgCvRVj7HJ6r+dH2OT1X86AK9FWPscnqv50fY5PVfzoAr0VY+xyeq/nR9jk9V/OgCvRVj7HJ6r+dH2OT1X86AK9FWPscnqv50fY5PVfzoAr0VY+xyeq/nR9jk9V/OgCvRVj7HJ6r+dH2OT1X86AK9FWPscnqv50fY5PVfzoAr0VY+xyeq/nR9jk9V/OgCvRVj7HJ6r+dH2OT1X86ALtFRfaYf7/6Gj7TD/f8A0NIZLRUX2mH+/wDoaPtMP9/9DQBLRUX2mH+/+ho+0w/3/wBDQBLRUX2mH+/+ho+0w/3/ANDQBLRUX2mH+/8AoaPtMP8Af/Q0AS0VF9ph/v8A6Gj7TD/f/Q0AS0VF9ph/v/oaPtMP9/8AQ0AS0VF9ph/v/oaPtMP9/wDQ0AS0VF9ph/v/AKGj7TD/AH/0NAEtFRfaYf7/AOho+0w/3/0NAEtFRfaYf7/6Gj7TD/f/AENAEtFRfaYf7/6Gj7TD/f8A0NAEtFRfaYf7/wCho+0w/wB/9DQBLRUX2mH+/wDoaPtMP9/9DQBLRUX2mH+/+ho+0w/3/wBDQBLRUX2mH+/+ho+0w/3/ANDQBLRUX2mH+/8AoaPtMP8Af/Q0AS0VF9ph/v8A6Gj7TD/f/Q0AS0VF9ph/v/oaPtMP9/8AQ0AS0VF9ph/v/oaPtMP9/wDQ0AS0VF9ph/v/AKGj7TD/AH/0NAEtFRfaYf7/AOho+0w/3/0NAEtFRfaYf7/6Gj7TD/f/AENAEtFRfaYf7/6Gj7TD/f8A0NAEtFRfaYf7/wCho+0w/wB/9DQBLRUX2mH+/wDoaPtMP9/9DQBLRUX2mH+/+ho+0w/3/wBDQBLRUX2mH+/+ho+0w/3/ANDQBLRUX2mH+/8AoaPtMP8Af/Q0AS0VF9ph/v8A6Gj7TD/f/Q0AS0VF9ph/v/oaPtMP9/8AQ0AS0VF9ph/v/oaPtMP9/wDQ0AS0VF9ph/v/AKGj7TD/AH/0NAEtFRfaYf7/AOho+0w/3/0NAEtFRfaYf7/6Gj7TD/f/AENAEtFRfaYf7/6Gj7TD/f8A0NAEtFRfaYf7/wCho+0w/wB/9DQBLRUX2mH+/wDoaPtMP9/9DQBLRUX2mH+/+ho+0w/3/wBDQBLRUX2mH+/+ho+0w/3/ANDQBLRUX2mH+/8AoaPtMP8Af/Q0AS0VF9ph/v8A6Gj7TD/f/Q0AS0VF9ph/v/oaPtMP9/8AQ0AS0VF9ph/v/oaPtMP9/wDQ0AS0VF9ph/v/AKGj7TD/AH/0NAEtFRfaYf7/AOho+0w/3/0NAEtFRfaYf7/6Gj7TD/f/AENAEtFRfaYf7/6Gj7TD/f8A0NAEtFRfaYf7/wCho+0w/wB/9DQBLRUX2mH+/wDoaPtMP9/9DQBLRUX2mH+/+ho+0w/3/wBDQBLRUX2mH+/+ho+0w/3/ANDQBLRUX2mH+/8AoaPtMP8Af/Q0AS0VF9ph/v8A6Gj7TD/f/Q0AS0VF9ph/v/oaPtMP9/8AQ0AS0VF9ph/v/oaPtMP9/wDQ0AS0VF9ph/v/AKGj7TD/AH/0NAEtFRfaYf7/AOho+0w/3/0NAEtFRfaYf7/6Gj7TD/f/AENAEtFRfaYf7/6Gj7TD/f8A0NAEtFRfaYf7/wCho+0w/wB/9DQBLRUX2mH+/wDoaPtMP9/9DQBLRUX2mH+/+ho+0w/3/wBDQBLRUX2mH+/+ho+0w/3/ANDQBLRUX2mH+/8AoaPtMP8Af/Q0AS0VF9ph/v8A6Gj7TD/f/Q0AS0VF9ph/v/oaPtMP9/8AQ0AS0VF9ph/v/oaPtMP9/wDQ0AS0VF9ph/v/AKGj7TD/AH/0NAEtFRfaYf7/AOho+0w/3/0NAEtFRfaYf7/6Gj7TD/f/AENAEtFRfaYf7/6Gj7TD/f8A0NAEtFRfaYf7/wCho+0w/wB/9DQBLRUX2mH+/wDoaPtMP9/9DQBLRUX2mH+/+ho+0w/3/wBDQBLRUX2mH+/+ho+0w/3/ANDQBLRUX2mH+/8AoaPtMP8Af/Q0AS0VF9ph/v8A6Gj7TD/f/Q0AS0VF9ph/v/oaPtMP9/8AQ0AS0VF9ph/v/oaPtMP9/wDQ0AS0VF9ph/v/AKGj7TD/AH/0NAEtFRfaYf7/AOho+0w/3/0NAEtFRfaYf7/6Gj7TD/f/AENAEtFRfaYf7/6Gj7TD/f8A0NAEtFRfaYf7/wCho+0w/wB/9DQBLRUX2mH+/wDoaPtMP9/9DQBLRUX2mH+/+ho+0w/3/wBDQBLRUX2mH+/+ho+0w/3/ANDQBLRUX2mH+/8AoaPtMP8Af/Q0AS0VF9ph/v8A6Gj7TD/f/Q0AS0VF9ph/v/oaPtMP9/8AQ0AS0VF9ph/v/oaPtMP9/wDQ0AS0VF9ph/v/AKGj7TD/AH/0NAEtFRfaYf7/AOho+0w/3/0NAEtFRfaYf7/6Gj7TD/f/AENAGfRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBd+xx+rfnR9jj9W/OrFFIZX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFf7HH6t+dH2OP1b86sUUAV/scfq350fY4/VvzqxRQBX+xx+rfnR9jj9W/OrFFAFX7b/0z/Wj7b/0z/WqlFMRb+2/9M/1o+2/9M/1qpRQBb+2/9M/1o+2/9M/1qpRQBb+2/wDTP9aPtv8A0z/WqlFAFv7b/wBM/wBaPtv/AEz/AFqpRQBb+2/9M/1o+2/9M/1qpRQBb+2/9M/1o+2/9M/1qpRQBb+2/wDTP9aPtv8A0z/WqlFAFv7b/wBM/wBaPtv/AEz/AFqpRQBb+2/9M/1o+2/9M/1qpRQBb+2/9M/1o+2/9M/1qpRQBb+2/wDTP9aPtv8A0z/WqlFAFv7b/wBM/wBaPtv/AEz/AFqpRQBb+2/9M/1o+2/9M/1qpRQBb+2/9M/1o+2/9M/1qpRQBb+2/wDTP9aPtv8A0z/WqlFAFv7b/wBM/wBaPtv/AEz/AFqpRQBb+2/9M/1o+2/9M/1qpRQBb+2/9M/1o+2/9M/1qpRQBb+2/wDTP9aPtv8A0z/WqlFAFv7b/wBM/wBaPtv/AEz/AFqpRQBb+2/9M/1o+2/9M/1qpRQBb+2/9M/1p0d15kgTZjPfNUqltv8Aj4X8f5UAaFIzbUZuuBmlpkv+pf8A3TSGQfbf+mf60fbf+mf61UopiLf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/AKZ/rR9t/wCmf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf8Apn+tH23/AKZ/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/wCmf60fbf8Apn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/AKZ/rR9t/wCmf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf8Apn+tH23/AKZ/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rUsM3nbvlxj3rPq3Zfx/hQBaqOaXykDYzzjrUlV7z/Uj/AHqQxv23/pn+tH23/pn+tVKKYi39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/wCmf60fbf8Apn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/AKZ/rR9t/wCmf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf60fbf+mf61UooAt/bf8Apn+tH23/AKZ/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/6Z/rR9t/6Z/rVSigC39t/wCmf60fbf8Apn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/pn+tH23/pn+tVKKALf23/AKZ/rR9t/wCmf61UooAt/bf+mf60fbf+mf61UooAt/bf+mf61NDL5qFsY5x1rOq7Z/6k/wC9QMsVFNN5O35c596lqre/wfjSAPtv/TP9aPtv/TP9aqUUxFv7b/0z/Wj7b/0z/WqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/ANM/1o+2/wDTP9aqUUAW/tv/AEz/AFo+2/8ATP8AWqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/ANM/1o+2/wDTP9aqUUAW/tv/AEz/AFo+2/8ATP8AWqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/ANM/1o+2/wDTP9aqUUAW/tv/AEz/AFo+2/8ATP8AWqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/ANM/1o+2/wDTP9aqUUAW/tv/AEz/AFo+2/8ATP8AWqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/ANM/1o+2/wDTP9aqUUAW/tv/AEz/AFo+2/8ATP8AWqlFAFv7b/0z/Wj7b/0z/WqlFAFv7b/0z/Wj7b/0z/WqlFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVLbf8fC/j/Koqltv+Phfx/lQBoUyX/Uv/umn0yX/Uv/ALppDM2iiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKt2X8f4VUq3Zfx/hQBaqvef6kf71WKr3n+pH+9SGUqKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq7Z/6k/71Uqu2f+pP+9QBYqre/wAH41aqre/wfjSGVKKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpbb/j4X8f5VFUtt/x8L+P8qANCmS/6l/8AdNPpkv8AqX/3TSGZtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbsv4/wqpVuy/j/CgC1Ve8/wBSP96rFV7z/Uj/AHqQylRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFXbP/AFJ/3qpVds/9Sf8AeoAsVVvf4Pxq1VW9/g/GkMqUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFS23/AB8L+P8AKoqltv8Aj4X8f5UAaFMl/wBS/wDumn0yX/Uv/umkMzaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq3Zfx/hVSrdl/H+FAFqq95/qR/vVYqvef6kf71IZSooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACrtn/qT/vVSq7Z/wCpP+9QBYqre/wfjVqqt7/B+NIZUooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKltv+Phfx/lUVS23/Hwv4/yoA0KZL/qX/3TT6ZL/qX/AN00hmbRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFW7L+P8ACqlW7L+P8KALVV7z/Uj/AHqsVXvP9SP96kMpUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABV2z/1J/wB6qVXbP/Un/eoAsVVvf4Pxq1VW9/g/GkMqUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFS23/Hwv4/yqKpbb/j4X8f5UAaFMl/1L/wC6afTJf9S/+6aQzNooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACrdl/H+FVKt2X8f4UAWqr3n+pH+9Viq95/qR/vUhlKiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKu2f8AqT/vVSq7Z/6k/wC9QBYqre/wfjVqqt7/AAfjSGVKKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpbb/AI+F/H+VRVLbf8fC/j/KgDQpkv8AqX/3TT6ZL/qX/wB00hmbRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFW7L+P8KqVbsv4/woAtVXvP9SP96rFV7z/Uj/epDKVFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVds/9Sf96qVXbP8A1J/3qALFVb3+D8atVVvf4PxpDKlFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUtt/x8L+P8qiqW2/4+F/H+VAGhTJf9S/+6afTJf8AUv8A7ppDM2iiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKt2X8f4VUq3Zfx/hQBaqvef6kf71WKr3n+pH+9SGUqKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq7Z/6k/wC9VKrtn/qT/vUAWKq3v8H41aqre/wfjSGVKKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpbb/j4X8f5VFUtt/wAfC/j/ACoA0KZL/qX/AN00+mS/6l/900hmbRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFW7L+P8KqVbsv4/wAKALVV7z/Uj/eqxVe8/wBSP96kMpUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABV2z/ANSf96qVXbP/AFJ/3qALFVb3+D8atVVvf4PxpDKlFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUtt/x8L+P8qiqW2/4+F/H+VAGhTJf9S/+6afTJf9S/8AumkMzaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq3Zfx/hVSrdl/H+FAFqq95/qR/vVYqvef6kf71IZSooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACrtn/qT/vVSq7Z/6k/71AFiqt7/AAfjVqqt7/B+NIZUooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKltv+Phfx/lUVS23/Hwv4/yoA0KZL/qX/wB00+mS/wCpf/dNIZm0UUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVuy/j/CqlW7L+P8KALVV7z/AFI/3qsVXvP9SP8AepDKVFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVds/8AUn/eqlV2z/1J/wB6gCxVW9/g/GrVVb3+D8aQypRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVLbf8AHwv4/wAqiqW2/wCPhfx/lQBoUyX/AFL/AO6afTJf9S/+6aQzNooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACrdl/H+FVKt2X8f4UAWqr3n+pH+9Viq95/qR/vUhlKiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKu2f+pP+9VKrtn/AKk/71AFiqt7/B+NWqq3v8H40hlSiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqW2/4+F/H+VRVLbf8fC/j/KgDQpkv+pf/dNPpkv+pf8A3TSGZtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbsv4/wAKqVbsv4/woAtVXvP9SP8AeqxVe8/1I/3qQylRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFXbP/Un/AHqpVds/9Sf96gCxVW9/g/GrVVb3+D8aQypRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVLbf8fC/j/Koqltv+Phfx/lQBoUyX/Uv/ALpp9Ml/1L/7ppDM2iiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKt2X8f4VUq3Zfx/hQBaqvef6kf71WKr3n+pH+9SGUqKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq7Z/wCpP+9VKrtn/qT/AL1AFiqt7/B+NWqq3v8AB+NIZUooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKltv8Aj4X8f5VFUtt/x8L+P8qANCmS/wCpf/dNPpkv+pf/AHTSGZtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbsv4/wqpVuy/j/CgC1Ve8/1I/3qsVXvP9SP96kMpUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABV2z/1J/3qpVds/wDUn/eoAsVVvf4Pxq1VW9/g/GkMqUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFS23/Hwv4/yqKpbb/j4X8f5UAaFMl/1L/7pp9Ml/wBS/wDumkMzaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq3Zfx/hVSrdl/H+FAFqq95/qR/vVYqvef6kf71IZSooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACrtn/qT/AL1Uqu2f+pP+9QBYqre/wfjVqqt7/B+NIZUooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKltv+Phfx/lUVS23/AB8L+P8AKgDQpkv+pf8A3TT6ZL/qX/3TSGZtFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbsv4/wqpVuy/j/AAoAtVXvP9SP96rFV7z/AFI/3qQylRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFXbP8A1J/3qpVds/8AUn/eoAsVVvf4Pxq1VW9/g/GkMqUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFS23/Hwv4/yqKpbb/j4X8f5UAaFMl/1L/7pp9Ml/1L/wC6aQzNooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACrdl/H+FVKt2X8f4UAWqr3n+pH+9Viq95/qR/vUhlKiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKu2f+pP+9VKrtn/qT/vUAWKq3v8AB+NWqq3v8H40hlSiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqW2/4+F/H+VRVLbf8fC/j/KgDQpkv+pf/AHTT6ZL/AKl/900hmbRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFW7L+P8KqVbsv4/woAtVXvP8AUj/eqxVe8/1I/wB6kMpUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABV2z/wBSf96qVXbP/Un/AHqALFVb3+D8atVVvf4PxpDKlFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUtt/wAfC/j/ACqKpbb/AI+F/H+VAGhTJf8AUv8A7pp9Ml/1L/7ppDM2iiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKt2X8f4VUq3Zfx/hQBaqvef6kf71WKr3n+pH+9SGUqKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq7Z/6k/71Uqu2f8AqT/vUAWKq3v8H41aqre/wfjSGVKKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpbb/j4X8f5UUUAaFMl/1L/wC6aKKQzNooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACrdl/H+FFFAFqq95/qR/vUUUhlKiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKu2f+pP8AvUUUAWKq3v8AB+NFFIZUooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD/2Q==)

Corporate Governance Report continued

Division of responsibilities and meeting attendance

Chair

•  Leads the Board, sets the agenda

and promotes a culture of

openness and debate.

•  Ensures the highest standards of

corporate governance.

•  Is the main point of contact

between the Board and

management.

•  Ensures effective communication

with stakeholders, together with

the CEO.

ChiefExecutiveOfficer

(CEO)

•  Leads the business, implements

strategy and chairs the ELT.

•  Is responsible for overall

effectiveness in leading Coca‑

Cola HBC and setting the culture.

•  Communicates with the Board,

shareholders, employees,

government authorities, other

stakeholders and the public.

SeniorIndependentDirector

(SID)

•  Acts as a sounding board for

the Chair and appraises his

performance.

•  Leads the independent NEDs

on matters that benefit from an

independent review.

•  Is available to shareholders if they

have concerns that have not been

resolved through the normal

channels of communication.

Non-ExecutiveDirectors

•  Contribute to developing Group

strategy.

•  Scrutinise and constructively

challenge the performance of

management in the execution of

the Group’s strategy.

•  Oversee succession planning,

including the appointment of

Executive Directors.

Company Secretary

•  Ensures that correct Board

procedures are followed and

that the Board has full and timely

access to all relevant information.

•  Facilitates induction and training

programmes and assists

with theBoard’s professional

development requirements.

•  Advises the Board on

governancematters.

Board of Directors

Board committees

Nomination Committee

•  Identifies and nominates new Board

members, including recommending

Directors to be members of each

Boardcommittee.

•  Ensures adequate Board training;

supportsthe Board and each Committee

inconducting a self‑assessment.

•  Oversees the talent

developmentframework.

•  Oversees effective succession planning

forthe CEO, in consultation with the

Chair, and for members of the ELT,

inconsultation with the CEO.

Social Responsibility Committee

•   Supports the Board in its responsibilities

to safeguard the Group’s reputation for

responsible and sustainable operations.

•  Oversees engagement with stakeholders

to assess their expectations and

the possible consequences of these

expectations for the Group.

•  Establishes principles governing ESG and

oversees development of performance

management to achieve ESG goals.

AuditandRiskCommittee

•   Oversees accounting policies, financial

reporting and disclosure controls;

approach to internal controls and risk

management; information / cyber security

and AI matters; and the quality, adequacy

and scope of internal and external

auditfunctions.

•  Oversees compliance with legal, regulatory

and financial reporting requirements and

the internal audit function.

•  Receives external auditor reports.

•  Responsible for ESG reporting.

RemunerationCommittee

•  Establishes the remuneration strategy;

determines and agrees with the Board

theremuneration of Group Executives

andapproves remuneration for the

Chairand the CEO.

•  Makes recommendations to the Board

regarding remuneration matters to be

approved at the AGM.

•  Recommends to the Board the

implementation or modification

ofemployee coverage for any benefit

planresulting in an increased annual

costof€5 million or more.

Biographies of the Chairs of the Board committees and the other members of the Board, the Audit and Risk Committee, the Nomination

Committee, the Remuneration Committee and the Social Responsibility Committee are on pages 195 to 197.

The Board receives and reviews reports from each committee Chair on its activities and discussions following each committee meeting.

The Board reviews and approves strategy, monitors performance towards strategic objectives, oversees implementation

bythe ELT and approves matters reserved by the Articles for decision by the Board. The governance process of the Board

isset out in our Articles and the Organisational Regulations and can be found at https://www.coca‑colahellenic.com/en/

about-us/corporate-governance.

Coca-Cola HBC Integrated Annual Report 2024205

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

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

Corporate Governance Report continued

Division of responsibilities and meeting attendance continued

Separation of roles

There is a clear separation of the roles of the

Chairand the CEO. The Chair is responsible for

theoperation of the Board and for ensuring that

allDirectors are properly informed and consulted

on all relevant matters. The Chair, in the context

ofthe Board meetings and as a matter of practice,

also meets separately with the NEDs without the

presence of the CEO. The Chair promotes a culture

of openness and debate within the Board sessions

as well as outside the formal sessions. The Chair is

also actively involved in the work of the Nomination

Committee concerning succession planning and

the selection of key people. The CEO, Zoran

Bogdanovic, is responsible for the day-to-day

management and performance of the Company

and for the implementation of the strategy

approved by theBoard and for leading the ELT.

Board

Director

Monthand

year appointed

Board meeting

attended/total

Nomination

Committee

Social

Responsibility

Committee

Auditand

RiskCommittee

Remuneration

Committee

Anastassis G. David January 2016 6/6

Zoran Bogdanovic June 2018 6/6

Zulikat Wuraola Abiola

1

May 2024 4/4 5/5

Elizabeth Bastoni

2

September 2024 2/2 2/2 2/2

Charlotte J. Boyle June 2017 6/6 5/5 2/2 4/4

Henrique Braun

3

June 2021 5/6

Anna Diamantopoulou

4

June 2020 3/4 3/3 2/2 2/2

Olusola (Sola) David-Borha

5

June 2015 2/2 3/3

William W. (Bill) Douglas III June 2016 6/6 8/8

Reto Francioni

6

June 2016 6/6 4/5 3/4

Anastasios I. Leventis June 2014 6/6 4/4

Christo Leventis June 2014 6/6

George Pavlos Leventis  May 2023 6/6

Alexandra Papalexopoulou

7

June 2015 2/2 3/3

Evguenia (Jeny) Stoitchkova May 2023 6/6 4/4

Glykeria Tsernou

8

May 2024 4/4 5/5

1.  Zulikat Wuraola Abiola was appointed to the Board at the AGM on 21 May 2024.

2.  Elizabeth Bastoni was appointed to the Board at an Extraordinary General Meeting on 16 September 2024.

3.  Henique Braun was unable to attend one Board meeting due to a pre-agreed prior commitment.

4.  Anna Diamantopoulou retired from the Board, the Nomination Committee, the Remuneration Committee and the Social Responsibility Committee at the end of an Extraordinary General Meeting held on

16 September 2024.

5.  Olusola (Sola) Borha-David retired from the Board and the Audit and Risk Committee at the end of the AGM on 21 May 2024.

6.  Reto Francioni was unable to attend one Nomination Committee meeting and one Remuneration Committee meeting due to a pre-agreed commitment.

7.  Alexandra Papalexopoulou retired from the Board and the Audit and Risk Committee at the end of the AGM on 21 May 2024.

8.  Glykeria Tsernou was appointed to the Board at the AGM on 21 May 2024.

Coca-Cola HBC Integrated Annual Report 2024206

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

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

Corporate Governance Report continued

The Executive Leadership Team

Zoran Bogdanovic

(52)ChiefExecutiveOfficer,

ExecutiveDirector

Seniormanagementtenure:

AppointedJune 2013, appointed CEO

December 2017

PreviousGrouproles:Zoran was previously

Coca-Cola HBC’s Region Director responsible

for operations in 12 countries. He joined

Coca-Cola HBC in 1996 and has held a

number of senior leadership positions,

including as General Manager of Coca-Cola

HBC’s operations in Croatia, Switzerland

andGreece

Previousrelevantexperience:

Prior to joining Coca-Cola HBC in 1996,

Zoran was an auditor with auditing and

consulting firm Arthur Andersen.

External appointments: None

Nationality: Croatian

NayaKalogeraki

(54)ChiefOperatingOfficer

Seniormanagementtenure:

Appointed July 2016, appointed COO

September 2020

PreviousGrouproles:Naya held the role of

Chief Customer and Commercial Officer from

2016 to 2020. Since joining Coca-Cola HBC

in 1998, has progressed her career assuming

various roles with increasing responsibility,

including Marketing Director, Trade Marketing

Director, Sales Director, Country Commercial

Director and General Manager. She has been

actively involved in strategic projects and

task forces within Coca-Cola HBC Group,

addressing critical business imperatives.

Previousrelevantexperience:

Naya joined Coca-Cola HBC in 1998 after

holding various marketing roles with The

Coca-Cola Company, the most senior one

being that of Marketing Manager.

External appointments:

Naya serves as a board member of Casa del

Caffè Vergnano S.p.A., where the Group

holds a30% equity stake.

Nationality: Greek

AnastasisStamoulis

(50)ChiefFinancialOfficer

Seniormanagementtenure:

AppointedMay 2024

PreviousGrouproles:Anastasis joined

Coca-Cola HBC in 2008 as Commercial

Controller for our Operation in Greece.

Since2011 he has held various senior

financial roles, including CFO in Baltics

(2011-2014), CFO Bulgaria (2014-2015) and

CFO Italy (2015-2018). In 2018, he assumed

the role of Group Financial Controller, from

2021 and until 2023, he held the role of

Head of Finance Operations and from 2023

until April 2024 he led the Group Strategic

Finance and Financial Planning & Analysis.

Previousrelevantexperience:

Before joining Coca-Cola HBC, Anastasis

worked in senior financial positions with

FordMotor Company Greece and UK and

Volvo Cars in Greece as finance manager.

External appointments:

None

Nationality: Greek

Ben Almanzar stepped down as CFO at the end of

April2024 when Anastasis Stamoulis was appointed

CFO with effect from 1 May 2024.

JanGustavsson

(59)GeneralCounsel

Secretary and Chief Corporate

DevelopmentOfficer

Seniormanagementtenure:

Appointed August 2001

PreviousGrouproles:Jan served as Deputy

General Counsel for Coca-Cola Beverages

plc from 1999 to 2001.

Previousrelevantexperience:

Jan started his career in 1993 with the law

firm White & Case in Stockholm, Sweden.

In1995, he joined TCCC as Assistant Division

Counsel in the Nordic and Northern Eurasia

Division. From 1997 to 1999, Jan was Senior

Associate in White & Case’s New York office,

practising securities law and M&A.

External appointments:

Jan is a board member of Casa del Caffè

Vergnano S.p.A., in which the Group holds

a30% equity stake.

Nationality: Swedish

EbruOzgen

(55)ChiefPeople

andCultureOfficer

Seniormanagementtenure:

Appointed September 2023

PreviousGrouproles:None

Previousrelevantexperience:

Before joining Coca-Cola HBC, Ebru worked

with Coca-Cola Icecek (CCI) from 1997,

where she progressed through leadership

roles in finance until she was appointed

as the CFO of the Turkey operation. In

2017, she assumed the Chief Human

Resources Officer role of CCI and became

an Executive Committee member, where

she led the People and Culture agenda and

transformation in business strategy for the

Turkey, Middle East, Pakistan and Central

Asia operations, bringing a multi-disciplinary

approach and a holistic business partnering

mindset to the People and Culture function.

Ebru started her career in 1992 in Arthur

Andersen & Co, as an auditor before moving

to the FMCG sector.

External appointments:

None

Nationality: Turkish

Coca-Cola HBC Integrated Annual Report 2024207

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

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

IvoBjelis

(57)ChiefSupplyChainOfficer

Seniormanagementtenure: Appointed

January 2022

PreviousGrouproles:Ivo joined the Group

in 1996 as Plant Manager in Croatia. In 2002,

he took over the position of Country Supply

Chain Manager. Since 2006 Ivo built his

career assuming roles of increased scale and

scope, including Strategic Initiative Leader for

Customer Centric Supply Chain, Group Supply

Chain Processes and Capabilities Director,

Regional Supply Chain Director, Group

Supply Chain Services Director and Group

Supply Chain Operations Director, leading

the development and the transformation

oftheSupply Chain strategy over the years.

External appointments: None

Nationality: Croatian

MarcelMartin

(66)ChiefCorporateAffairs

andSustainabilityOfficer

Seniormanagementtenure:Appointed

Chief Supply Chain Officer January 2015,

appointed Chief Corporate Affairs &

Sustainability Officer January 2022

PreviousGrouproles:Marcel joined

the Group in 1993, holding positions with

increasing responsibility in the supply chain

and commercial functions. Since 1995, he

hasheld general management assignments

in several of our markets, including as General

Manager for Eastern Romania, Regional

Manager Russia, Country General Manager

Ukraine and General Manager Nigeria.

He became General Manager of our Irish

operations in 2010, Supply Chain Director

in2015 and is now our Chief Corporate

Affairsand Sustainability Officer.

External appointments:

None

Nationality: Romanian

MouradAjarti

(48)ChiefDigitaland

TechnologyOfficer

Seniormanagementtenure:Appointed

October 2019

PreviousGrouproles:None.

Previousrelevantexperience:

Mourad has 20 years’ experience with

twofast‑moving consumer goods industry

leaders, Procter & Gamble and L’Oréal. Mourad

started with Procter & Gamble leading SAP

implementation in Morocco, Saudi Arabia and

Europe, and later was CIO for different lines

of business. From 2014 to 2019, Mourad

was CIO for the Asia and Pacific region for

L’Oréal, leading consumer and customer

journey transformation and enabling the

useof big data and advanced analytics.

External appointments:

None

Nationality: British and Moroccan

SpyrosMello

(50)Strategyand

Transformation Director

Seniormanagementtenure:Appointed

November 2021

PreviousGrouproles:Spyros served

as Deputy General Counsel and Chief

Compliance Officer from 2010 to 2021.

Hewas Deputy General Counsel from

2007to 2009 and Senior Corporate

Counselfrom 2005 to 2007.

Previousrelevantexperience:

Spyros was an associate with the law

firmofSullivan & Cromwell LLP practising

securities law and M&A first in New York from

1999 to 2001 and then in London from 2001

to 2004.

External appointments:

None

Nationality: Greek

MinasAgelidis

(55)RegionDirector:Austria,

CzechRepublic,Estonia,

Hungary,islandofIreland,

Latvia,Lithuania,Poland,

Slovakia,Switzerland

Seniormanagementtenure:Appointed

April 2019

PreviousGrouproles:Minas joined the

Group in 1999, holding positions with

increasing responsibility in the commercial

function in Greece (National Account

Manager, Athens Region Sales Manager,

National Wholesale Managerand Country

Sales Director). Since 2008, Minas has held

general management assignments in several

of our markets, including those of Country

General Manager Cyprus, Country General

Manager Bulgaria and Country General

Manager Hungary.

Previousrelevantexperience:

Prior to joining the Group, Minas spent

sevenyears at Unilever Greece in managerial

positions in sales and marketing.

External appointments:

None

Nationality: Greek

Corporate Governance Report continued

The Executive Leadership Team continued

Coca-Cola HBC Integrated Annual Report 2024208

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

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

FrankO’Donnell

(57)RegionDirector:

Armenia, Bosnia &

Herzegovina,Bulgaria,

Croatia,Cyprus,Greece,

Moldova,Montenegro,

NorthMacedonia,

Romania, Serbia,

Slovenia,Ukraine

Seniormanagementtenure:

Appointed June 2023

PreviousGrouproles:Frank joined

the Group in 1992 holding positions

with increasing responsibility in

the commercial function in Ireland,

becoming Sales Director in 2003.

From 2010, Frank was Commercial

Director of our Czech/Slovak

business unit. Since 2014, Frank

has held general management

assignments in several of our

markets, including those of Country

General Manager Ireland, Country

General Manager Austria and

CountryGeneral ManagerItaly.

External appointments: None

Nationality: Irish

AleksandarRuzevic

9

(54)RegionDirector:

Nigeria,Egypt,Belarus,

andRussia

Seniormanagementtenure:

Appointed June 2023

PreviousGrouproles:Aleksandar

joined the Group in 1998 as a

sales representative. He was then

appointed Commercial Director

for Serbia and Montenegro. In 2010

Aleksandar joined the Ukrainian team

in the role of Commercial Director,

which he successfully led for four

years. In 2014, Aleksandar took the

position of General Manager in North

Macedonia. In 2016 he became

Country General Manager in Serbia

and Montenegro and from 2018

heledthe Russia business unit.

External appointments:

None

Nationality: Serbian

VladimirKosijer

10

(46)ActingRegion

Director: Nigeria,

Egypt,Belarus,Russia

Seniormanagementtenure:

Appointed February 2024

PreviousGrouproles:Vladimir

joined the Group in 2002 as a sales

representative. He joined the

Ukrainian team in 2013 in the role

ofCapability Development Director,

then held the Sales Director role

for four years while expanding

responsibility over Moldova. In 2018

Vladimir took the position of General

Manager in North Macedonia. In 2019

he was appointed business unit Sales

Director of Russia and in 2023 he led

Multon Partners as General Manager.

External appointments:

None

Nationality: Serbian

Barbara Tönz

(54)ChiefCustomerand

CommercialOfficer

Seniormanagementtenure:

Appointed May 2021

PreviousGrouproles:Barbara

joined the Group in 1998, building

her career first in Switzerland as

Trade Marketing Director, Sales

Director and Commercial Director,

and then in Austria from 2012 as

Commercial Director and Interim

General Manager.

Previousrelevantexperience:

In 2016 Barbara enriched her

experience within the Cola-Cola

System as Country Director Sweden

for TCCC, with responsibility

expanded to Norway and Iceland in

2019 before she assumed the role

of Commercial Execution Director

Europe. Prior to joining the Group in

1998, she held positions in brand and

customer development at Unilever.

External appointments:

None

Nationality: Swiss

VitaliyNovikov

(45)DigitalCommerce

BusinessDevelopment

Director

Seniormanagementtenure:

Appointed September 2020

PreviousGrouproles:Vitaliy

joined the Group in 2011 as General

Manager of the Baltics business unit

and then held General Manager roles

in Poland and Italy.

Previousrelevantexperience:

Prior to joining the Group, Vitaliy

spent four years at Johnson &

Johnson as Managing Director of

the Ukrainian operation and prior to

this he spent seven years at Henkel

in managerial positions of growing

responsibility in Austria and Ukraine.

External appointments:

None

Nationality: Ukrainian

JaakMikkel

(50)NewBusinesses

Director

Seniormanagementtenure:

Appointed February 2023

PreviousGrouproles:Jaak

joined the Group in 2008 as Sales

Director for Baltics and then held

roles of General Management for

Pivara Skopje in North Macedonia

and Romania. His latest role was

as General Manager for Poland

&Baltics.

Previousrelevantexperience:

Prior to joining the Group, Jaak

spent 10 years at Shell, managing

Convenience Retail businesses in

the Baltics, Central Eastern Europe

and in the Nordics.

External appointments:

None

Nationality: Estonian

Corporate Governance Report continued

The Executive Leadership Team continued

9.  Currently on medical leave

10. During the absence of Aleksandar Ruzevic, Vladimir Kosijer has been appointed Acting Region Director.

Coca-Cola HBC Integrated Annual Report 2024209

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

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

Corporate Governance Report continued

Responsibilities of the ELT

Executive Leadership

gender diversity

(number and %)

80

%

3 20

%

12\* Men

Women

During the absence of Aleksandar Ruzevic, Region Director, Vladimir Kosijer

has been appointed Acting Region Director.

\*

0–1

1–2

2–3

3– 4

4–5

5–6

10–11

11–12

2

2

1

1

1

1

1

3

3

8–9

23–24 1

Executive Leadership Team tenure

(years)

Key activities and

decisionsin2024

TheELTmet10timesin2024todiscuss:

Long-termdirectionsetting

•   Reviewing strategic projects and initiatives

complementing our Growth Story framework.

•   Overseeing the strategic evolution of Supply

Chain, People and Culture, Commercial,

Finance, Digital & Technology Platform

Services, Strategy & Transformation, and

Corporate Affairs & Sustainability functions.

•   Sponsoring the further redesign of Company

culture and corporate identity.

•   Assessing, approving and reviewing key

initiatives related to simplification and

collaboration processes and projects.

•   Evaluating and evolving our 24/7 portfolio

strategy together with our brand partners.

•   Review of company-wide talent strategy

andprocesses.

•   Review of rewards strategy, policy

andprocesses.

•   Assessing our sustainability priorities and

progress of initiatives on the way to deliver

2025commitments.

•   Setting long-term capability building priorities

and programmes.

•   Approving and reviewing deployment of major

automation and digitalisation initiatives.

Businessplanning

•  Aligning key priorities and investment strategy

with TCCC.

•   Aligning key priorities with strategic partners.

•   Reviewing and approving annual business

plansfor 2025 for all operations and

centralfunctions.

•   Reviewing and approving capital

expenditureproposals.

•   Reviewing and approving progress of selected

key project and initiatives.

•   Approving Group and country talent, capabilities

development and succession plans.

Risk,safetyandbusinessresilience

•   Evaluating the Group’s business

resiliencestrategies.

•   Evaluating and strengthening the Group’s

Incident Management and Crisis Resolution

incidents andcapabilities.

•  Reviewing the Group’s health & safety

performance, policies, projects and

materialincidents.

•   Reviewing the corporate audit plan.

Priorityinitiativesandprojects

•  Processes’ and projects’ simplification

andoptimisation strategic projects.

•  Employee engagement, collaboration

andcustomer satisfaction initiatives,

basedonconsolidated insights.

•  Implementing Talent 2.0 strategic project

andprioritised initiatives for attracting,

developing and retaining talent.

•  Workforce reward review project.

•  Diversity, Equality and Inclusion initiatives.

•  Setting targets and measuring and

drivingprogress on our Sustainability

strategicprojects.

•  Priority strategic digital commerce

projectsandmonitoring performance.

•  Data, insights & analytics (DIA)

prioritisedinitiatives.

•  Cyber security and AI projects.

•  Logistics Best-in-Class Project.

Responsibilities of the ELT

•  Executive management of the Group and its

businesses, including all matters not reserved

for the Board or other bodies.

•  Development of Group strategies and

implementation of the strategies approved

bythe Board.

•  Providing adequate head‑office support for

each of the Group’s countries and functions.

•  Working closely with the country General

Managers, as set out in the Group’s operating

framework, to capture benefits of scale,

ensuring appropriate governance and

compliance, and managing the performance

oftheGroup.

•  Leading the Group’s talent and capability

development programmes.

Coca-Cola HBC Integrated Annual Report 2024210

SwissStatutoryReportingFinancial StatementsCorporate GovernanceStrategic Report SupplementaryInformation

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

Dear Stakeholder

The work of the Nomination Committee focuses

onthe proper composition and effective operation

ofthe Board, Board and senior management

succession planning, the oversight of the talent

management framework, as well as employee

engagement and diversity initiatives.

In 2024, the Nomination Committee continued to

review the balance of skills, experience and diversity

of the Board, and the overall length of service of the

Board, both as a whole and as part of its succession

planning and considered the need to refresh Board

membership. Our Group’s Nomination Policy for the

Recruitment of Board members is our compass for

the recruitment of new Board members. This year,

following the retirement ofthree Board members,

two new members were appointed to the Board at

the 2024 AGM and one at theExtraordinary General

Meeting in September 2024. As every year, this

yearthe Nomination Committee continued to

coordinate the evaluation of the Board andthe

Boardcommittees’ effectiveness through

anexternally facilitated assessment.

On the employee side in 2024, the Nomination

Committee had regular updates on engagement

results, external benchmarking results on our

Employer Brand, the evolution of our bespoke

International Leadership Trainee programme.

andprogress on our DEI initiatives. The Nomination

Committee received input on the Company’s new

program Talent 2.0 and how wewill evolve from good

to great when it comes to attracting, developing, and

retaining great people through 11 key initiatives.

Reto Francioni

Committee Chair

Overview

All members of the Nomination Committee are independent NEDs. At the AGM in May 2024,

Reto Francioni, Charlotte J. Boyle and Anna Diamantopoulou were re-elected for aone-year

term by the shareholders. In September 2024, Anna Diamantopoulou retired from the Board

andthe Nomination Committee and Elizabeth Bastoni was appointed following her election

tothe Board by shareholders. The Chair of the Nomination Committee attended our AGM

inMay 2024 and regularly interacts with representatives of our shareholders.

Members

Reto Francioni

(Chair)

Member since 2016,

Chairsince 2016

Charlotte J. Boyle

Member since 2017

Anna

Diamantopoulou

Member from 2020

until September 2024

Elizabeth Bastoni

Member since

September2024

Highlights 2024

•   Succession planning and talent review

•  Appointment of three new NEDs

•  Engagement and pulse/culture surveys

•  Board and committee performance

assessments and follow up actions

Gender representation at Board and ELT level

Number

of Board

members

%

of the

Board

Number

of senior

positions

on Board

(CEO,CFO,

SID and

Chair)

1

Number

in ELT

% of

ELT

Men 8 62% 3 12 80%

Women 5 38% 0 3 20%

Ethnicity representation at Board and ELT level

Number

of Board

members

%

of the

Board

Number

of senior

positions

on Board

(CEO,CFO,

SID and

Chair)

2

Number

in ELT

% of

ELT

White British

or other White

(including

minority-white

groups) 12 92% 3 15 10 0%

Mixed/multiple

ethnic groups

Asian/Asian

British

Black/African/

Caribbean/

Black British 1 8%

Other ethnic

group

Not specified/

prefer not to say

3

1.  CEO is a senior position on the Board but CFO is not.

2.  Board and ELT diversity data is collected directly from each Director and

ELTmember using a questionnaire and given on a self-identifying basis.

3.  This includes, as permitted by UK Listing Rules 6.6.13R, those persons in respect

of whom data protection laws in relevant jurisdictions prevent the collection

or publication of some or all the personal data required to be disclosed.

Corporate Governance Report continued

Nomination Committee

Board composition, succession and evaluation

These appointments bring diverse

expertise to the Board, enhancing

Coca-Cola HBC’s strategic direction

andgovernance.

Elizabeth brings experience of advising boards

ofglobal companies on governance, executive

compensation, strategy development and

execution and people development and

succession planning.

Wuraola brings over 20 years of experience,

acquired in her current and previous roles, of

strategy, business development, leadership,

governance, organisational development, risk

management and public sector policy in Nigeria

and throughout Africa.

Glykeria brings extensive knowledge of financial

advisory, investment, business development and

management consulting experience across a

range of sectors.

Elizabeth Bastoni

Elected at an EGM on

September 16, 2024,

and also joined the

Remuneration

Committee and

theNomination

Committee.

Zulikat Wuraola

Abiola

Elected at the AGM

on May 21, 2024, and

also joined the Audit

and Risk Committee.

Glykeria Tsernou

Also elected at

theAGM on May 21,

2024, and also joined

the Audit and Risk

Committee.

Welcome to our new Board members

Coca-Cola HBC Integrated Annual Report 2024211

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Corporate Governance Report continued

Nomination Committee continued

Role and responsibilities

The function of the Nomination Committee is

toestablish and maintain a process for appointing

new Board members, to manage effective

succession planning for the CEO, in consultation

with the Chair, andfor the members of the ELT, in

consultation with the CEO, to oversee the

development of adiverse pipeline for succession,

and to support the Board in fulfilling its duty to

conduct aBoardself-assessment. The formal role

of the Nomination Committee is set out in the

charter for the committees of the Board of

Directors inAnnex C of Coca-Cola HBC’s

Organisational Regulations. Read more:

www.coca-colahellenic.com/en/about-us/

corporate-governance.

Key elements of the Nomination Committee’s

roleare:

•  reviewing the size and composition of

theBoard;

•  identifying candidates and nominating new

members to the Board;

•  planning and managing, in consultation with the

Chair, a Board membership succession plan;

•  ensuring, together with the Chair, the operation

of a satisfactory induction programme for

new members of the Board and a satisfactory

ongoing training and education programme

for existing members of the Board and its

committees as necessary to deliver on the

Group’s strategy;

•  setting the criteria for, and overseeing, the

annual assessment of the performance and

effectiveness of each member of the Board

andeach Board committee;

•  conducting an annual assessment of the

performance and effectiveness of the

Board, and reporting conclusions and

recommendations based on the assessment

tothe Board; and

•  overseeing the employee and management

talent development and succession plans of

theGroup.

Work and activities

The Nomination Committee met five times during

2024 and discharged the responsibilities defined

under Annex C of Coca-Cola HBC’s Organisational

Regulations. The CEO and the Chief People and

Culture Officer regularly attend meetings of the

Nomination Committee. In addition, the Chair is

actively involved in the work of the Nomination

Committee concerning succession planning and

the selection of key people. In 2024, the General

Counsel also met with the Nomination Committee

on several occasions. During 2024, it considered:

•  succession planning and development of plans

for the recruitment of new Board members and

certain members of the ELT;

•  recruitment and onboarding of three new

Boardmembers;

•  appointment of new CEO;

•  composition of the Board, including the

appropriate balance of skills, knowledge,

experience and diversity;

•  review of the talent pipeline and talent

management framework and initiatives;

•  oversight of engagement survey results and

focus areas;

•  monitoring of the Group’s flagship International

TraineeLeadership Programme;

•  monitoring of activities focused on building

understanding and bringing our values and

bringing our values to life;

•  external benchmarking and review of our

employee value proposition and other activities

to strengthen our employerbranding position

and promote our preferredemployer status;

•  coordination of the performance evaluation

and annual assessments of the Board and

itscommittees;

•  presentation of the Board and committees’

assessment and alignment on follow-up actions

arising from these evaluations; and

•  review of the Director induction process

andtraining programmes.

The Nomination Committee takes into

consideration Coca-Cola HBC’s Inclusion and

Diversity and Anti-Harassment Policy, the Board

Nomination Policy, as well as Coca-Cola HBC’s

commitment to such policies, to ensure they are

embedded into the Group’s activities,

programmes and initiatives.

Board Nomination Policy

Our Board Nomination Policy requires that

eachDirector be recognised as a person of the

highest integrity and standing, both personally

andprofessionally. Each Director must be ready

todevote the time necessary to fulfil his or her

responsibilities to Coca-Cola HBC according

totheterms and conditions of his or her letter

ofappointment. Each Director should have

demonstrable experience, skills and knowledge that

enhance Board effectiveness and will complement

those of the other members of the Board to

ensurean overall balance of experience, skills and

knowledge on the Board. In addition, each Director

must demonstrate familiarity with and respect for

good corporate governance practices, sustainability

and responsible approaches to social issues.

We are proud of the diverse skills and experiences

ofour Board. For example, in relation to ESG

matters, the expertise of a number of our Board

members who sit on the boards of other multi-

nationals that face similar challenges and have

similar concerns on the ESG agenda, helped us

identify the commitments that we want to make

inthis area and set the relevant targets. Until her

retirement from the Board in September 2024,

Anna Diamantopoulou’s familiarity with the

socialprotection and welfare state at the EU

Commission High-Level Group, also supported

our decision making in connection with ESG.

In addition, connected to ESG, Anastasios I.

Leventis, the Chair of the Social Responsibility

Committee of the Board, is a member of the

European Council of The Nature Conservancy

(TNC), a global environmental non-profit

organisation working to create a world where

people and nature can thrive, and he is a board

member of WWF Hellas (the Greek branch of

WWF). Those experiences support in driving

theenvironmental agenda and in endorsing

Coca-Cola HBC’s bold sustainability

commitments related to climate, water

stewardship, biodiversity and packaging.

In relation to risk oversight and management,

weare proud that the vast majority of our Board

members possess strong risk management

expertise, developed over time as a result of their

extensive experience in senior leadership positions

in large organisations, as executives and/or as

board members. The deep understanding of

material risks and their potential impact, the

implementation of mitigation and contingency

plans and the setting of appropriate internal

controls, processes and policies to apply effective

risk management is paramount to successfully

perform in such senior roles.

Support and training for the Board

The practices and procedures adopted by our

Boardensure that the Directors are provided

onatimely basis with comprehensive information

onthe Company’s business development and

financial position, the form and content of which

isexpected to enable the Directors to discharge

their duties. AllDirectors have access to our

General Counsel, as well as independent

professional advice at theCompany’s expense.

They have full access tothe CEO and senior

management, as well astheexternal auditor

andinternal audit team.

Coca-Cola HBC Integrated Annual Report 2024212

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCARLBGwDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FXowVjUHqABTqKAOC+JXhzVvEH9l/2Xaef5Hm+Z+8Rdu7Zj7xHoa4H/hXPiv/AKBX/kxF/wDFV73RWE8PGcuZns4XO8RhaKowSsu9+9+54J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFT9Vh3Z0f6yYv8Alj9z/wAzwT/hXPiv/oFf+TEX/wAVR/wrnxX/ANAr/wAmIv8A4qve6KPqsO7D/WTF/wAsfuf+Z4J/wrnxX/0Cv/JiL/4qj/hXPiv/AKBX/kxF/wDFV73RR9Vh3Yf6yYv+WP3P/M8E/wCFc+K/+gV/5MRf/FUf8K58V/8AQK/8mIv/AIqve6KPqsO7D/WTF/yx+5/5ngn/AArnxX/0Cv8AyYi/+Ko/4Vz4r/6BX/kxF/8AFV73RR9Vh3Yf6yYv+WP3P/M8E/4Vz4r/AOgV/wCTEX/xVH/CufFf/QK/8mIv/iq97oo+qw7sP9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8Aiq3/AAV4K8QaT4tsb6+0/wAq2i8ze/nRtjMbAcBiepFeuUU44aCdzOtxBiatOVOUY2aa2fX5hVGS3laRiF4JJ6ir1FdB4Rn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBHApSFVYYIonUvCyqMk1JRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBRjt5VkUleAQeoq9RRQBTngkeZmVcg+9R/Zpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACis2XXLSKV42h1AsjFSV064YZHoQmCPcU3/hILL/njqX/AILLn/43S5l3NfYVX9l/calFZf8AwkFl/wA8dS/8Flz/APG6P+Egsv8AnjqX/gsuf/jdLmXcPq9X+V/czUorL/4SCy/546l/4LLn/wCN0f8ACQWX/PHUv/BZc/8AxujmXcPq9X+V/czUorL/AOEgsv8AnjqX/gsuf/jdH/CQWX/PHUv/AAWXP/xujmXcPq9X+V/czUorL/4SCy/546l/4LLn/wCN0f8ACQWX/PHUv/BZc/8AxujmXcPq9X+V/czUorL/AOEgsv8AnjqX/gsuf/jdH/CQWX/PHUv/AAWXP/xujmXcPq9X+V/czUorL/4SCy/546l/4LLn/wCN0f8ACQWX/PHUv/BZc/8AxujmXcPq9X+V/czUorL/AOEgsv8AnjqX/gsuf/jdH/CQWX/PHUv/AAWXP/xujmXcPq9X+V/czUorL/4SCy/546l/4LLn/wCN0f8ACQWX/PHUv/BZc/8AxujmXcPq9X+V/czUorL/AOEgsv8AnjqX/gsuf/jdH/CQWX/PHUv/AAWXP/xujmXcPq9X+V/czUorL/4SCy/546l/4LLn/wCN0f8ACQWX/PHUv/BZc/8AxujmXcPq9X+V/czUorL/AOEgsv8AnjqX/gsuf/jdH/CQWX/PHUv/AAWXP/xujmXcPq9X+V/czUorL/4SCy/546l/4LLn/wCN0f8ACQWX/PHUv/BZc/8AxujmXcPq9X+V/czUorL/AOEgsv8AnjqX/gsuf/jdH/CQWX/PHUv/AAWXP/xujmXcPq9X+V/czUorL/4SCy/546l/4LLn/wCN0f8ACQWX/PHUv/BZc/8AxujmXcPq9X+V/czUorL/AOEgsv8AnjqX/gsuf/jdH/CQWX/PHUv/AAWXP/xujmXcPq9X+V/czUorL/4SCy/546l/4LLn/wCN0f8ACQWX/PHUv/BZc/8AxujmXcPq9X+V/czUorL/AOEgsv8AnjqX/gsuf/jdH/CQWX/PHUv/AAWXP/xujmXcPq9X+V/czUorL/4SCy/546l/4LLn/wCN0f8ACQWX/PHUv/BZc/8AxujmXcPq9X+V/czUorL/AOEgsv8AnjqX/gsuf/jdH/CQWX/PHUv/AAWXP/xujmXcPq9X+V/czUorL/4SCy/546l/4LLn/wCN0f8ACQWX/PHUv/BZc/8AxujmXcPq9X+V/czUorL/AOEgsv8AnjqX/gsuf/jdH/CQWX/PHUv/AAWXP/xujmXcPq9X+V/czUorL/4SCy/546l/4LLn/wCN1Lbaxa3VwsMcV8rtnBlsZo14GeWZAB+Jp8y7g6FVK7i/uL9FFFMyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAornr/xx4b06Xyp9ViMgyCsQaTGPUqCBVT/AIWT4V/6CLf+A8n/AMTUOpBdTqjgcVJXjTk16M6yiuT/AOFk+Ff+gi3/AIDyf/E0f8LK8K/9BFv/AAHk/wDiaPaQ7j/s/F/8+pfczrKK5P8A4WV4V/6CLf8AgPJ/8TR/wsrwr/0EW/8AAeT/AOJo9pDuH9n4v/n1L7mdZRXJ/wDCyvCv/QRb/wAB5P8A4mj/AIWV4V/6CLf+A8n/AMTR7SHcPqGL/wCfUvuZ1lFcn/wsrwp/0EW/8B5P/iaT/hZfhT/oIt/4Dyf/ABNHtIdw+oYr/n1L7mdbRXJf8LL8Kf8AQRb/AMB5P/iaP+Fl+FP+gi3/AIDyf/E0e0h3D6hiv+fcvuZ1tFcl/wALL8Kf9BJv/AeT/wCJo/4WX4U/6CTf+A8n/wATR7SHcPqGK/59y+5nW0VyX/Cy/Cn/AEEm/wDAeT/4mj/hZfhT/oJN/wCA8n/xNHtIdw+oYr/n3L7mdbRXJf8ACy/Cn/QSb/wHk/8AiaP+FmeFP+gk3/gPJ/8AE0e0h3D6hiv+fcvuZ1tFcl/wszwn/wBBJv8AwHk/+Jo/4WZ4T/6CTf8AgPJ/8TR7SHcPqGK/59y+5nW0VyX/AAszwn/0Em/8B5P/AImk/wCFmeE/+gk3/gPJ/wDE0e0h3D6jiv8An3L7mddRXI/8LM8J/wDQSb/wHk/+Jo/4WZ4T/wCgk3/gPJ/8TR7SHcX1HFf8+5fczrqK5H/hZnhP/oJN/wCA8n/xNH/CzPCf/QSb/wAB5P8A4mj2kO4fUcV/z7l9zOuorkf+Fm+E/wDoJN/4Dyf/ABNH/CzfCf8A0Em/8B5P/iaPaQ7h9RxX/PuX3M66iuR/4Wb4T/6CTf8AgPJ/8TR/ws3wn/0Em/8AAeT/AOJo9pHuH1HFf8+5fczrqK5H/hZvhP8A6CTf+A8n/wATR/ws7wn/ANBJv/AeT/4mj2ke4fUcV/z7l9zOuorkf+FneE/+gk3/AIDyf/E1o6X4z8PazKIbLVIWmJwscgMbMfQBgM/hTU4vZkywmIguaUGl6M3aKKKo5wooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK8c+IXjae+vptH0+Zo7KFikzocGZh1Gf7o6e/5V6rrV21hoWoXiffgtpJF+oUkV80dTk1y4mbSUUfScO4OFWcq01fl29e4UUUlcJ9kFFFFMQUlFFABRRSUxBRRRQIKSiigQUUUUCCkoooAKSiimIKKKSgAooooEFFFFMQUlFJQIKKKKACiikoEFFFFMQUUUUAesfDPxxcT3SaDqsxl3D/AEWZz82R/AT346fl6Y9Xr5Vs7qSyvYLuE4lgkWRD7qcj+VfVKkMoI6EZrsoTbVn0Pj87wsKNVVIKyl+aFooorc8QKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAyvE6GTwpq6qMk2cuAO/yGvm+vqN0WSNo3UMrAgg9wa+cfEmhz+HdbnsJgSqndE5/5aIeh/x9wa48VF6M+r4arRSnSe+5k0UUVyH1QUlFFABRRSUxBRRRQIKSgkUm4etBLaFopNw9aNw9aLC5kLSUm4etG4etOwXQtJSbh6ijcPWgXMhaKTcPWjcPUUWDmQUUm4etG4etMXMhaKTcPWjcPWgV0LSUm4etG4etFhXQUUm4etLkGmF0FFFJSAKKKKYgooooAKSiigQV9XRgrGoPUACvnrwD4em1/wAT2/yH7Jaus07kcYByF+pIx9M+lfQ9deHWjZ8txBVjKcKa3V/xt/kFFFFdB88FFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZHiDw3p3iSyFtfxnK8xypw8Z9j/TpWvRSaTVmXTqSpyU4OzR43ffCPV4pT9hvbW4i7GTMbflgj9ap/8ACqvEn/Tn/wB/j/hXuFFY/VoHsR4gxiVm0/keH/8ACqvEn/Tn/wB/j/hR/wAKq8Sf9Of/AH+P+Fe4UUfVoD/1hxnl93/BPD/+FU+JP+nP/v8AH/Cj/hVPiT/pz/7/AB/wr3Cij6tAP9YMZ5fd/wAE8P8A+FU+JP8Apz/7/H/Ck/4VT4k/6c/+/wAf8K9xoo+rQD/WDF+X3f8ABPDv+FUeJP8Apz/7/H/Co2+EfiJun2QH2mP+Fe60ULDwWxEs9xUlaSX3f8E+f7n4S+LIYy8SWs5H8CTgMfzwP1rj9T0vU9Gm8rUraS0c9BMpUN9CRg/hX1hUc9vDdQNBcQxzROMNHIoZWHuDWqhFbo45ZjiG7p2PkXzv+m8f/fVHnf8ATeP/AL6r6A1r4QeFdW3SW9vJp0x53WrYXP8AuHIx9MV5xrfwT8Q2G6TTJrfUoh0VT5Un/fLHH/j1WqdNkPMMUvtHDed/02i/76o87/ptF/31VfUdL1DSLn7PqNlcWk39yaMqSPUZ6j3FVKr2MCP7SxP8xp+b/wBN4v8Avqjzf+m8X/fVZlFHsYB/aWJ/mNPzf+m8X/fVHm/9Nov++qzK0NK0LVdbm8rTNPubts4JijJC/U9B+NHsYB/aWJ/mHeb/ANNov++qPN/6bxf99V6FonwN1m72yavewWEZwTHH+9k9wcYUfUE16Ronwp8KaMFY2H26cf8ALS8Pmf8Ajv3f0qXTpopY/EvqeE6RoGs68+3S7OS6GcF0B2KfdjwPxNdXB8IfFciBpRZxE/wmfJH5DFe/RxpFGscaKiKMKqjAA9hTqhwi9jSOYV4u7dzwhfhF4jX/AJ8z9Zj/AIU//hU3iX/py/7/AB/wr3Sis3QizrjneJirJL7jwr/hUviX/py/7/H/AAo/4VL4l/6cv+/x/wAK91opfV4D/t3F+X3HhX/CpfEv/Tl/3+P+FH/CpfEv/Tl/3+P+Fe60U/YQD+3cV5fceFf8Kl8S/wDTl/3+P+FJ/wAKl8Tf9OX/AH+P+Fe7UUewgH9u4ry+48J/4VL4m/6cv+/x/wAK0tL+DmoSTK2qX8EEORlbfLuR6ZIAH617JRQqECZZ3i5KyaXyM/RtE0/QNPWy06ARRDlj1Zz6se5rQoorZK2x5UpSm3KTu2FFFFBIUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUV5P8QfHtwt5LoukTNEkRKXE6HDM3dVPYDueueOnWJzUFdnXgsHUxdX2dP5vsei33iLRtNkMd5qdrDIOsbSjcPw61n/APCeeF/+gxB/3y3+FfPZJJJJyTSVyvFS6I+ljw3RS96bv8v+CfQv/CeeF/8AoMQf98t/hR/wnnhf/oMQf98t/hXz1RR9Zl2K/wBXMP8AzS/D/I+hf+E88L/9BiD/AL5b/Cj/AIT3wv8A9BiD/vlv8K+eaKPrMuwv9XMP/NL8P8j6G/4T3wv/ANBiD/vlv8KP+E98L/8AQYg/75b/AAr55oo+sy7B/q7h/wCaX4f5H0N/wnvhf/oMQf8AfLf4Uf8ACe+F/wDoMQf98t/hXzxRR9Zl2D/V3D/zS/D/ACPof/hPfC//AEGIP++W/wAKP+E98Lf9BiD/AL5b/Cvneij6zLsL/V3D/wAz/D/I+iP+E98Lf9BiD/vlv8KP+E98Lf8AQYg/75b/AAr53pKPrMuwf6u4f+Z/h/kfQV34x8GX9u1veX9lcQt96OaIup/ArXBa54Y+GGqbpLLVhpk5ycwbmjJ90YfoCK86oprFTQnw7hn9p/h/kJrPhOPT2LafrVjqcWcDyyY3A9SrDH5E1Pong+1vir6r4gsdNi7rhpZPyX5f/Hqhoqvrk+xH+reG/ml+H+R6bomgfCzSCsk1+mozLzvu9zLn/cAC4+oNdxD448I20KwwapaxRIMKiRsqqPYAV880lT9Zmylw7h19p/h/kfRX/CfeFv8AoMwf98t/hR/wn3hb/oMwf98t/hXzrRR9Yl2D/V7D/wAz/D/I+iv+E+8Lf9BmD/vlv8KP+E+8Lf8AQZg/75b/AAr51pKPrEuwf6v4f+Z/h/kfRf8Awn/hb/oMwf8AfLf4Uf8ACf8Ahb/oMwf98t/hXzpRR9Yl2F/q/h/5n+H+R9F/8J/4W/6DMH/fLf4Uf8J/4W/6DMH/AHy3+FfOlFP6xLsH+r+H/mf4f5H0X/wn/hX/AKDMH/fLf4Uf8J/4V/6DMH/fLf4V850UfWJdg/sDD/zP8P8AI+jP+E/8K/8AQZg/75b/AAo/4T/wr/0GYP8Avlv8K+c6Sj6xLsL+wKH8z/D/ACPo3/hP/Cv/AEGYP++W/wAK1NP13SdVYrYala3LjkpHKCw/DrXy9SxyPDIskTskinKspwQfUGhYh9UTPIKVvdm7/L/gH1hRXmnw38ezatIuiatJvuwubec9ZQByrf7QHOe+Dnnr6XXTGSkro+dxOGnhqjpz3CiiiqOcKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAp6teHT9Gvr1Rlre3klA9Sqk/0r5ld2d2d2LMxySTkk19H+KQT4S1gD/nymP/AI4a+bq48Vuj67hqK9nUl1ugooorlPpQpKKKBBRRRQIKSiigApKKKYgoopKACiiigQUUUUxBSUUlAgooooAKKKSgQUUUUxBRRRQAUlFFAgoopKBBRRSUAFFFFMRZ069l03Ura+g/1tvKsq+5BzivqgEEAjoa+Ta+sYwREgPUAV04fqfNcQJXpv1/QdRRRXSfOBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADJoknhkhkXdHIpVh6gjBr5q1zSLjQtYuNPuQd8TYVsYDr2YfUV9MVz/AIo8I6f4ptQtxmK6jGIrhBll9iO49v5VjWpc603PXyjMVg6jU/hlv5eZ870ldrqHwu8SWkxW2hhvY+cPFKqnHuGI5+mapf8ACu/Ff/QIb/v9H/8AFVxOnNdD7COPwsldVI/ejl6K6j/hXfiv/oEN/wB/o/8A4qk/4V34r/6BDf8Af6P/AOKpezn2H9dw3/PyP3o5ikrqP+Fd+K/+gQ3/AH+j/wDiqP8AhXfiv/oEN/3+j/8Aiqfs5dhfXcN/z8j96OXpK6j/AIV14s/6BDf9/o//AIqj/hXXiz/oEN/3+j/+Ko5Jdg+u4b/n5H70cvmjI9a6g/DnxWeukN/3+j/+KqNvhr4rP3dKcf8AbaP/AOKpqnLqiJ46gtpxf/byOazRW1cfDvxjbxtIdGldRyfLkRj+QbJ/CuauYryznaC6geCZfvRy/Kw+oNarDyexxSzmhF2b/Et5oyPWs/zJfb/vof40eZL7f99D/Gn9WmT/AG3h+5oZHrSZqh5kv+z/AN9j/Gk3y/7P/fY/xo+rTF/beH7l/NGRVDfL/s/99D/GjfL/ALP/AH0P8aPq0w/tvD9y/ketGRVDfL/s/wDfQo3y/wCz/wB9D/Gj6tMP7bw/cvZozVHfL/s/99D/ABo3y/7P/fQ/xp/Vpi/trD9y9ketGR61DZ2eoajcC3srWW5mPIjhG9vyFdJF8NvGUihjo7qDz800YP5bqToSW5Uc4oSdk/xMDIorpl+GniwddIc/9to//iqf/wAK48W/9Adv+/0f/wAVWbhLsdUcbQe84r5o5aiup/4Vx4t/6A7f9/o//iqP+FceLf8AoDt/3+j/APiqXJLsV9cw/wDz8j96OVorqf8AhXHi3/oDt/3+j/8AiqP+Fb+Lf+gO3/f6P/4qnyS7C+uYf/n5H70crRXVf8K38W/9Adv+/wBH/wDFUf8ACt/Fv/QHb/v9H/8AFUckuwfXMP8A8/I/ejlaSuq/4Vv4u/6A7f8Af6P/AOKrT0r4S+IbyVft3kWEOfmLuJHx7BSQfxIpqEn0InjsNFXdRfeYngnQJPEPii0twm63icTXBIyAinJB+vT8a+kax/DnhrT/AAxp32SwQ5bmWV+XkPqf8K2K66UORHyeZY361VvH4Vt/mFFFFaHnBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUVXur+zshm7u4LcYzmWQJx+NUv+En8P/8AQd0z/wAC4/8AGldI0jSnJXjFs1aKyv8AhJ/D/wD0HdM/8C4/8aP+En8P/wDQd0z/AMC4/wDGjmXcfsKv8r+41aKyv+Eo8P8A/Qd0z/wLj/xo/wCEo8P/APQd0z/wLj/xo5l3D2FX+V/catFZX/CUeH/+g7pn/gXH/jR/wlHh/wD6Dumf+Bcf+NHMu4ewq/yv7jVorK/4Sjw//wBB3TP/AALj/wAaP+Eo8P8A/Qd0z/wLj/xo5l3D2FX+V/catUtT0fTdZt/I1Kxt7uMdBNGG2+4z0P0qv/wlHh//AKDumf8AgXH/AI0n/CUeH/8AoO6Z/wCBcf8AjRzLuHsKv8r+44bW/ghoN6Gk0q5uNOlPRCfNj/I/N/49Xm+t/CTxXo4aSK0TUIFyd9m25sf7hw2foDX0D/wlHh//AKDumf8AgXH/AI0f8JR4f/6Dumf+Bcf+NUqlupLw1R/Zf3HyPNDLbzNDNG8cqHDI6kFT6EGmV9VardeCNci8rVLzQ7tQMAy3ERZfoc5H4V53rfw18D3RaTR/FdnYOeRFJdxyx/QZYMPqSatVYkPC1f5X9x4zRW/rXhO70ZmIvdMvoR0ksrxJM/8AAc7v0qfRPBV1q+159U0jToDg7ru+jDY/3ASc/XFVzx7k/V638r+45mprWzub64W3s7ea4mb7scKF2P0A5r2jRPh18PrHa+qeJLPUpR1U3scUf5K2f/Hq9B07U/B2kW4t9O1DRLWL+7DcRKD7nB5PvUurHoUsLV6xf3HiWh/BzxPqu2S8SLTIDzm4bLkeyD+RIr0fQ/gv4b03bJqDT6nMMZ8w+XHn2VefwJNdl/wlHh7/AKDumf8AgXH/AI0f8JT4e/6D2l/+Bkf+NQ6l+paw019l/cXbHTrLTLcW9haQWsI6JDGEH5CrNZP/AAlPh7/oPaX/AOBkf+NH/CU+Hv8AoPaX/wCBkf8AjU8y7lexqfyv7jWorJ/4Snw9/wBB7S//AAMj/wAaP+Ep8Pf9B7S//AyP/GjmXcPY1P5X9xrUVk/8JT4e/wCg9pf/AIGR/wCNH/CU+Hv+g9pf/gZH/jRzLuHsan8r+41qKyf+Ep8Pf9B7S/8AwMj/AMaP+Ep8Pf8AQe0v/wADI/8AGjmQexqfyv7jWorJ/wCEp8Pf9B7S/wDwMj/xo/4Snw9/0HtL/wDAyP8Axo5kL2NT+V/ca1FZP/CU+Hv+g9pf/gZH/jWhbXdteIXtbiKdRwWicMP0ouhSpzjrJNE1FFFMgKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACvM/H/AMQJtOuZNH0aQLOnFxcjkof7q+/qe316ehaneDT9KvL0jIt4Hlx67VJ/pXzHNLJPM80rl5JGLOx6knkk1z4io4qy6nvZFgYV5yqVFdR6eYTTy3EzTTyvLK5yzuxZifcmo6KK4j7JK2iCkoooAKKKSgAooooEFFFFMQUlFJQIKKKKACiikoEFFFFMQUUUUAFJRRQIKKKSgQUUUlABRRRTEFJRRQAUUUUCCp7O9utPuVubO4lt5l+7JGxUj8qgopktJqzPc/h74+PiEf2ZqZUaki5SQDAnUdeOzDqR+PavQK+WNI1GXSNXtNQhJ328qyYBxkA8j6EZH419TggjI5BrsozclqfIZvhI4eqpQ0UgooorU8kKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAyPFQJ8I6xj/nymP8A44a+bK+pbm3ju7Wa3lGY5UaNx6gjBr5m1XTZ9H1S50+5GJoHKH0PoR7EYP41yYlapn1XDlSPLOn10ZTpKKK5T6YKKKSgAooooEFFFFMQUlFJQIKKKKACiikoEFFFFMQUUUUAFJRRQIKKKSgQUUUlABRRRTEFJRRQAUUUUCCiiimIKSikoEFfWUQxEgPXaK+aPCWiP4g8TWVgqboi4ef0EanLfpwPcivpqumgtGz5rPppyhBbq/42/wAgoooroPnwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArlfGPgiz8VRLKH+z38a7UmAyGH91h3H8v0rqqKUoqSszWjWqUZqpTdmj561D4f8AibT5GVtMknQZw9sfMDfQDn8wKzv+EX8Qf9ALU/8AwEk/wr6WorneGj3PcjxFXStKCf3nzT/wjHiD/oBan/4CSf4Un/CL+IP+gFqf/gJJ/hX0vRR9WXcr/WKr/Ij5o/4RfxB/0AtT/wDAST/Cj/hF/EH/AEAtT/8AAST/AAr6Xoo+rLuL/WKr/Ij5o/4RfxB/0AtT/wDAST/Cj/hF/EH/AEAtT/8AAST/AAr6Xoo+rLuH+sVX+RHzOfC3iA/8wLU//AST/Co28J+Iv4dE1QfWzk/wr6coprDpdSJZ9OW8F97PlqXw14lhUu+g6mEAyW+ySYH6VkGWUEgxuCOoKmvrysXWvCOgeIATqelwTSEY80DZJ/32uD+taqlHqccs1rt+6fLvnS/3H/I0nmy/3H/75Neua58C4JN0uhaq8J5IguxuXP8AvryB+BrzjXPh94p8P7nu9MmkgX/lvbfvUx6nHKj6gVSo02ZvNsSjK82X+4//AHyaPNl/uP8AkazNzep/Ojc3qfzqvq8Cf7YxHc0/Nl/uP+Ro82X+4/5Gszc3qfzo3N6n86Pq8A/tfEdzT82X+4/5GjzZf7j/AJGszc3qfzpV3swVdxJOAB3o+rwD+18R3NHzZf8Anm//AHyaPNl/55v/AN8mt7RPhl4t1wq0enPaQn/lteExAfgfmP4A16RonwN063KyazqU94wOTFAPKT6E8sfw20nRpoazXEs8bQzyOqJDKzscBVUkk1rp4X8TyAEaBqgB7m0k/wAK+kdI8OaNoUezS9Nt7bjBdE+cj3Y8n8TWpUOnHoaQzSsn72p8wL4S8RfxaHqh/wC3OT/Cnf8ACK+IR00HVP8AwDk/wr6dorN0E+p1xz2cdoL72fMX/CLeIf8AoA6p/wCAcn+FH/CLeIf+gDqn/gHJ/hX07RS+rruV/b9T+RHzF/wi3iH/AKAOqf8AgHJ/hR/wi3iH/oA6p/4Byf4V9O0UfV13D+36n8iPmL/hFvEX/QB1T/wDk/wpP+EV8Rf9AHVP/AOT/Cvp6in7Bdxf29U/kR8w/wDCK+Iv+gDqn/gHJ/hWxpfw08T6lMFex+xxZ+aW5YKB+HU/lX0NRQqESZ57WatGKRz3hPwhYeE7Aw25MtzJgz3DDBcjsB2Ht/OuhoorZJJWR41SpKpJzm7thRRRTICiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiivPvHnxBOhSNpel7W1DGZJSARDnoMd2x68DjrUykoq7N8NhqmJqKnTWp6ASAMk4HvTfNj/56L+dfMN/ql/qkxmv7ye5fJIMrlsZ9B2HsKqVz/WfI9+PDjt71TX0/4J9U+bH/AM9F/OjzY/8Anov518rUUfWfIf8Aq4v+fn4f8E+qfNj/AOei/nR5sf8Az0X86+VaSj6z5B/q4v8An5+H/BPqvzY/+ei/nR5sf/PRfzr5Uoo+s+Qf6uL/AJ+fh/wT6r82P/nov50ebH/z0X86+VKSj6z5B/q6v+fn4f8ABPqzzY/+ei/nR5sf/PRfzr5Too+s+Qv9XV/z8/D/AIJ9WebH/wA9F/OjzY/+ei/nXynRR9Y8g/1dX/Pz8P8Agn0brfg7wx4hDNqOnWrzN1nj+STP+8uCfxzXm+t/A2E7pNC1lQe0N7j/ANDX/wCJrzmiqWKa6EvhyL/5efh/wRNa8E+ItALNfaZL5S5/fQ4kjx6llzj8cVY0T4e+Jdd2tb6e0EJ/5bXTeUv155I+gNQUlV9cfYn/AFbX/Pz8P+Cen6H8D9PiCya5qxnfgmG1IRPoWPJH4CvR9F8M+HfDyj+y9Ptbd8Y80fNIR6Fzlv1r5ppKl4pvoUuHUv8Al5+H/BPq/wA2P/nov50ebH/z0X86+UKKX1jyH/q+v+fn4f8ABPq/zY/+ei/nR5sf/PRfzr5Poo+seQv9X1/z8/D/AIJ9YebH/wA9F/OjzY/+ei/nXyfRR9Y8g/1fX/Pz8P8Agn1h5sf/AD0T/voUebH/AM9E/wC+hXyfRR9Y8g/1fX/Pz8P+CfWHmx/89E/76FHmx/8APRP++hXydSUfWPIX9gL/AJ+fh/wT6y82P/non/fQo82P/non/fQr5Nop/WPIP7AX/Pz8P+CfWXmx/wDPRP8AvoU/rXyVWhpWvarokyy6dfz25ByVR/lb6r0P4ihV/ImWQu3u1NfT/gn1LRXFeA/HkXiqFrS7VIdTiXcyr92Vf7y+nuP8jta3TTV0eHWozozcJqzQUUUUzIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAr6hdpp+m3V7IMpbwvKw9lBP9K+YLm5mvLqW5uHLzSuXdj3JOSa+kPFef8AhENZx/z5Tf8AoBr5qrkxL1SPquHYLknLrdIKKKK5j6QKSikoEFFFFABRRSUCCiiimIKKKKACkoooEFFFJQIKKKSgAooopiCkoooAKKKKBBRRRTEFJRSUCCiiigAoopKYBRRRQI0dB1WTRNdstSiZgYJQzberL0YfiMj8a+pa+Sa+s4v9Sn+6K6KD3Pm8+irwl11/QfRRRXQfPhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEF5ape2NxaS/wCrnjaNvowwf518xX1lPp1/PZXK7ZoJDG49we3tX1JXE+N/AMXiX/TrJ0g1JRglvuTD0bHQjsfw9MYVqbkro9nJsfHDVHCp8MvwZ4TSVs6h4U17TJjHdaTdDH8SRl1P/AlyKzfsN3/z6z/9+zXHZrc+xjVhNXjJNFeirH2G7/59Z/8Av2aPsN3/AM+s/wD37NFh88e5Xoqx9hu/+fWf/v2aT7Def8+s/wD37NFhc8e5Xoqx9hvP+fWf/v2aPsN3/wA+s/8A37NFg5o9yvRU5sLs/wDLrP8A9+zUbadffw205+sZppESqKOu4ykqOaG9t13S2s6L/eZDj86r/aG9G/KtFRk9jjlmVGLtLQuUVT+0P6N+VJ57+jflT9jIn+08P3LlFU/Pf0b8qPPf0b8qPYyF/aeH7luiqnnv6H8qTz3/ALrflR7GQf2nh+5cpKqee/o35Uee/o35UexkL+08P3LdFVPPf0b8qPPf0b8qPYyD+06Hct0VU89/RvyqxFbX0yho7SdlPRhGcUOlJbjjmFGTtHUfSVKunX38VtP+EZ/wp32C8/59J/8Av2aho6o1E99CvRVj7Bef8+k//fs0fYLz/n0n/wC/ZosVzR7leirH2G8/59J/+/ZpPsF5/wA+k/8A37NFhcy7leirH2C8/wCfSf8A79mj7Bef8+k//fs0C5l3K9FWBYXhIAtJyT28s/4Vr6X4J8RavMEt9KuEUnBlnQxoPfLdfwyaaTexM6sIK8pJFXw1o7694istNRSVlkHmEfwoOWP5A19Q1yfgnwRa+ErRnZhPqMygTT44A/ur6D+f5AdZXXShyrU+SzTGRxNVcnwoKKKK0PMCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAEIBBBGQeoNcvrXw78M64GabTxbzNn99aN5TZ9cD5SfqDXU0UXCx4drXwP1OEtJomrpcp1ENzmNwPTcMgn8BXnOs+HfEPh9yuq6fd2yg48xhmMn2cZU/ga+t6RlV1KsAykYIIyDVqbIcEfGXnSf89G/OjzpP8Ano3519Oa38LvCmubnbTxZzn/AJa2R8o/9842n64zXm+ufAzVbXdJot/DfJyfKmHlSewB5U/UkVammQ4NHlfnSf8APRvzo86T/no351oav4d1jQZNmqabc2vOA0iHax9m6H8DU2i+E9e8QsBpel3Fwh/5a7dsY/4GcL+tVcmxk+dJ/wA9G/OjzpP+ejfnXruifAm7lKya5qkcCZyYbUb2I9NxwAfwNej6J8OfC2g7XttLjmnXH7+5/evkdxngH6AVDmi1BnzzovhHxP4g2tpum3UsTciZvkj/AO+mwD+FekaJ8Dbhgsmu60U9YbMZP/fbf/EmvaKKlzZSgjntF8D+HdBCmz02Npl586f94+fUFs4/DFdDRRUFhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVxXjfx/D4YAsrREuNSZd21vuRD1bHUnsPx9M9deXUdlY3F3KcRwRtI/wBFGT/KvmC/vp9S1Ce9un3zzuXc+59Pb0rGtUcVZHs5PgI4mo51Phj+LNK/8XeINSlMlzq93z/DHIY1H/AVwKp/21qv/QTvf+/7f41RpK4+Zn16o04q0YpfIvf21qv/AEE73/v+3+NH9tar/wBBO9/7/t/jVGildh7OHZF7+2tV/wCgne/9/wBv8aP7a1X/AKCd7/3/AG/xqjRTuw9nDsi9/beq/wDQTvf+/wC3+NJ/bWq/9BO9/wC/7f41Roouxezh2Re/trVf+gne/wDf9v8AGj+29V/6Cd7/AN/2/wAao0lF2L2cOyL39tar/wBBO9/7/t/jR/beq/8AQTvf+/7f41RpKLsPZw7Ivf23qv8A0E73/wACG/xo/tvVf+gne/8AgQ3+NUaKd2L2cOyL39t6r/0E73/wIb/Gj+29V/6Cd7/4EN/jVCii7D2cOyLr6xqciFH1G7ZT1Vp2IP60o1rVQABqd4AOgE7f41Roouxezh2Re/tvVv8AoJ3v/gQ/+NH9t6t/0E73/wACH/xqjRRdi9nDsi9/berf9BS9/wDAh/8AGk/tvVv+gpe/+BD/AONUaSndh7OHZF/+29W/6Cl7/wCBD/40f23q3/QUvf8AwIf/ABqhRRdi9nDsi/8A23q3/QUvf/Ah/wDGk/tvVv8AoKXv/gQ/+NUaSi7D2cOyL/8Aberf9BS9/wDAh/8AGj+29W/6Cl7/AOBD/wCNUKKd2L2cOxf/ALb1b/oKXv8A4EP/AI0f23q3/QUvf/Ah/wDGqFFF2Hs4di//AG3q3/QUvf8AwIf/ABpP7c1b/oKXv/gQ/wDjVCii7F7OHYv/ANt6t/0FL3/wIf8AxrS0vxx4j0iZXg1W4kUHmK4cyoR6Ybp+GK56imm0TKjTkrSireh9GeCvG9r4us2UoINQhAM0GeCP7y+q/wAvyJ6uvl7wzrMmgeIrLUUdlSKQeaB/FGeGH5Z/SvqGuqnPmWp8nmeDWGqrk+FhRRRWh5oUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBj+K8/8IhrOP8Anym/9ANfNNfUuoWi6hpt1ZOcJcQvEx9mBH9a+Xrm3ls7qa2nQpNC5R1PZgcEVyYlapn1PD01yTj1uiKiiiuc+iCiiigApKKKBBRRSUCCiikoAKKKKYgpKKKACiiigQUUUUxBSUUlAgooooAKKKSmAUUUUCCiiigQUlFFABRRRTEFJRRQAV9axf6lP90V8taDpUut67ZabErEzyqrFf4V/ib8Bk/hX1RXRQ6nzmeyTcI9df0CiiitzwAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArzzx98PDrsrappIRb/H72JjgTY6EHs3bng+1eh0VMoqSszfDYmph6iqU3qfLV9pt9pk/k31pNbSc4WVCucemeo+lVa+riAwwQCPQ03yo/+ea/lWH1fzPejxE7e9T19f8AgHynSV9W+VH/AM81/Kjyo/8Anmv5Uvq/mP8A1hX/AD7/AB/4B8pUV9W+VH/zzX8qPKj/AOea/lR9X8xf6wr/AJ9/j/wD5Ror6u8qP/nmv5UeVH/zzX8qPq/mH+sK/wCff4/8A+TyM96YwkHTmvrPyo/+ea/lR5Uf/PNfyqlQt1Ilnyl/y7t8/wDgHyM07IcMCPrSfavevraaztbmJop7aGWNuqOgYH8DXHa38KvDuqhntlm06c87rZ/lz7ocjH0xWiox6nJLOa1/d/M+evtVH2r3rvtb+D3inTw0mm3cOpxDoqnypP8AvluP/Hq8+v7fVtKuPI1C3urWXrsnjKEj1GRyKpYeDM3ndddB32r3o+1e9Uvtdx/z1aj7Xcf89Wp/Voi/tuuXftXvR9p96pfa7j/nq1H2u4/56tR9WiH9t1i79p96T7T71T+13H/PVqPtdx/z1an9WiH9t1i59p96PtPvUmlabrutzeVplpdXbZwTFGSF+p6D8a9E0P4NeIbwLJrGoxafGcExp+9k+hwdo+uTSdCCGs6rvoeb/afelWZn+6Ca+jdF+GXhvR9rtbvfzD/lpeNvH/fOAv6V1qW8EaBEhjVQMBVUACodKPQuOcVr+9+Z8lAOepxT6+s/Kj/55p/3yKPKj/55p/3yKh0PM6o54l/y7/H/AIB8mUlfWnlR/wDPNP8AvkUeVH/zzT/vkUvYeZX9vf8ATv8AH/gHyXRX1p5Uf/PNP++RR5Uf/PNP++RR7DzD+3v+nf4/8A+S6SvrXyo/+eaf98ijyo/+eaf98ij2HmL+3v8Ap3+P/APkqr+l6HqmtziHTbGe5bOCUX5V+rdB+Jr6m8qP/nmn/fIp4AAwBgU/YeYpZ67e7DX1/wCAcR4A8Ax+FYWvLxkm1OZdpK/diX+6vqfU/h9e3oorZJJWR4latOtNzm7thRRRTMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoorlPGPjiy8KQrFsFxqEgzHADgAf3mPYfz/Wk2krs0o0Z1pqFNXbOror551D4i+KNQlZjqTW6E8R2yhAv49fzJrL/AOEp8Q/9B7VP/AyT/GsHiI9j2o5BWa96SR9NUV8y/wDCU+If+g9qn/gZJ/jSf8JT4h/6D2qf+Bkn+NH1hdiv9X6n86PpuivmT/hKfEP/AEHtU/8AAyT/ABpP+Ep8Q/8AQe1T/wADJP8AGj6wuwf6v1P50fTlFfMf/CU+If8AoPap/wCBkn+NH/CU+If+g9qn/gZJ/jR9YXYP7Aqfzo+nKK+Y/wDhKvEP/Qe1T/wMk/xpP+Ep8Q/9B7VP/AyT/Gj6wuwv7Aqfzo+naK+Yv+Ep8Q/9B7VP/AyT/Gj/AISnxD/0HtU/8DJP8aPrC7B/YFT+dH07UF3ZWt/btb3ltDcQt96OZA6n8DXzT/wlPiH/AKD2qf8AgZJ/jR/wlXiH/oPap/4GSf40/rC7B/YFT+dHrOt/Bnwzqe6SyE+mzHJBhbcmfdW/kCK831v4MeJtNLPY+TqcAPBhbZJj3Vv5Ams3/hKvEX/Qe1T/AMDJP8aP+Eq8Rf8AQe1T/wADJP8AGqWKt0IfD039tHKXtheadcG3vrWa2nAyY5oyjfkak07StQ1efyNOsbi7l4ysMZfGe5x0Hua3b7WdU1OHyb/Ury6iznZPOzrn6E1Ja6/rNjbrb2mrX9vCvCxxXLoo+gBxVfW12J/1dqfzo6HRfgj4gvtsmqXFvpsZ6qT5sn5Kcf8Aj1ej6J8IvCukbXntX1Gcc77tsrn/AHBhcfUGvHP+Eq8Rf9B7VP8AwMk/xo/4SrxF/wBB/VP/AAMk/wAal4m5S4fmvto+m4LeG1gWC3hjhiQYWONQqqPYCpK+YP8AhKvEX/Qf1T/wMk/xo/4SrxF/0H9U/wDAyT/Gp9uuxX9g1P50fT9FfMH/AAlXiL/oP6p/4GSf40f8JV4i/wCg/qn/AIGSf40e3XYX9hVP50fT9FfL/wDwlXiL/oP6p/4GSf40f8JV4i/6D+qf+Bkn+NHt12D+wqn86PqCivl//hKvEX/Qf1T/AMDJP8aP+Eq8Rf8AQf1T/wADJP8AGj267B/YVT+dH1BRXy9/wlfiL/oP6p/4GSf40f8ACV+Iv+g/qn/gZJ/jR7ddg/sKp/Oj6hor5d/4SvxH/wBB/Vf/AAMk/wAaP+Er8R/9B/Vf/AyT/Gj2y7C/sOp/Oj6ior5eHizxGCD/AG/qnHreSf41s6V8T/E+mzKZL37bCD80VyobI/3uo/On7ZEzySsleMkz6IornvCXi+w8W6eZ7YGK4iwJ7djkxk+h7jrg/wAq6GtU01dHkVKcqcnCas0FFFFMgKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAiubiO1tZriU4jiQu59ABk18w6tqdxrOq3OoXLZlncuRnhR2A9gMD8K+i/FhI8H6yR/z5TD/AMcNfM9cuIeyPp+H6a5Z1OuwUUUlcx9EFFFJQAUUUUxBSUUUAFFFFAgooopiCkopKBBRRRQAUUUlMAooooEFFFFAgpKKKACiiimIKSiigApKKKBBRRRQAUUUlAjc8Ia7J4d8T2d+r7Yd4jnHYxMcN/j9QK+nq+Ra+t4iTEhPJ2iuii9Gj53PIJShNbu/4W/zH0UUVueCFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAVNUs/wC0dJvbEtt+0wPDn03KRn9a+XJY3gleKVCkiMVZWGCCOCDX1dXl/wAQ/h5PqFzJrWjRh535uLYdXP8AeX39R3+tYV4OSuj28lxsKE3TqOyl+Z49RT5opbeZ4Zo3jlQ4ZHUgqfQg9KjrjPrr3CiiimIKSiigAooooEFFIc9jTGZ17Z+lNK5Ep8urRJSVXNxg4PBpPtIq/ZyOZ42j3LFFV/tAo+0U/ZyD67R7liiq/wBpo+0Cj2chfXaPcnoqv9oFH2ij2cg+u0e5Yoqv9oo+0UezkL67R7likqD7QKPtAo9nIPrtHuT0VB9oFAnJOAM0/ZyD65ReiZPSU0Fz1GKd+NQ0bxlza2CkoooGFFFFABRRSUCCiip7Szub+5S2s7eWed/uxxKWY/gKYm0ldk2kadJq2sWenxA77iZY8gZwCeT+A5/Cvq0AAYHAFeefDr4fN4d/4mmqBTqTrtSMHIgU9ee7Hpx0H1r0OumlHlWp8pmuKjXqKMNVEKKKK1PLCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCtd6dY6goW9sre5A7TRK/8AMVS/4Rbw9/0AdL/8A4/8K1qKVkXGpOKsmzJ/4Rbw9/0AdL/8A4/8KP8AhFvD3/QB0v8A8A4/8K1qKOVD9tU/mf3mT/wi3h7/AKAOl/8AgHH/AIUf8It4e/6AOl/+Acf+Fa1FHKg9tU/mf3mT/wAIt4e/6AOl/wDgHH/hR/wi3h7/AKAOl/8AgHH/AIVrUUcqD21T+Z/eZP8Awi3h7/oA6X/4Bx/4Uf8ACK+Hf+gDpf8A4Bx/4VrUUWQe2qfzP7zFl8IeGpoyj6BpZBGOLRAfzAyK47W/gxot7uk0m4k06Q9EZBLH+R+b/wAe/CvS6Ka02IlJy1bPm3XPhd4t0bc8djDqEA532ahzj/cIDZ+gP1riZnuLeZoZoRHKhwyPEAVPoQRX2RWbq2gaRr0Plapp1vdKBgGRPmX6N1H4GrU+5DT6M+RvtL/3Y/8AvgUfaX/ux/8AfAr3XW/gbpF1uk0e+nsZDyIpf3sf0HRh9STXm+tfCzxZou5zp/22Ff8AlrZHzP8Ax3hv0q04sh8yOS+0v/dj/wC+BR9pf+7H/wB8ConRo3ZHUqynBUjBB9KfBBNczJDbxPLK5wqRqWZj7AdadkTzPuO+0v8A3Y/++BR9pf8Aux/98Cu10P4R+KtYCyTWyadAcHddna2P9wZbP1Ar0jQ/gjoFhtk1W4n1KUdVz5Uf5Kc/+PfhSbiilzM8ItVvL64W3tLU3E7fdjih3sfoAM13eifCXxXqpV7uG202A4Ja4AL49kXJz7HFe+6dpGnaRB5Om2NvaR91hjC5+uOp+tXahz7FpPqzzzRfg74e08K+oNJqUwxneBHHn2VefwJNdWvhLw2igL4f0oAf9Ocf+FbFFQ9dy4ylHZmR/wAIp4d/6AGl/wDgHH/hR/winh3/AKAGlf8AgHH/AIVr0UrIv21T+Z/eZH/CKeHP+gBpX/gHH/hR/wAIp4c/6AGlf+Acf+Fa9FFkHtqn8z+8yP8AhFPDn/QA0r/wDj/wo/4RTw5/0ANK/wDAOP8AwrXoosg9tU/mf3mR/wAIp4c/6AGlf+Acf+FH/CKeHP8AoAaV/wCAcf8AhWvRRZB7ap/M/vMj/hFPDn/QA0r/AMA4/wDCtC1sbSxjKWlrBboeqwxhB+lT0UWQnUnLRsKKKKZAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFc94q8Yad4UtVe6JluZBmK2Q/M3ufQe/wDOt6aVLeCSaVtscal2PoAMmvmLXtZuNf1q51K4J3SvlVJ+4v8ACo+grKrU5FoepleAWKqNz+FHTaj8V/Et5KTaywWMeThYogxx7l88/TFUP+FkeLf+gw3/AH5j/wDia5WiuXnl3Pqo4LDRVlTX3I6r/hZHi7/oMN/35j/+Jo/4WR4u/wCgw3/fmP8A+JrlaKXPLuP6ph/+fcfuR1X/AAsjxd/0GH/78x//ABNH/CyPFv8A0GH/AO/Mf/xNcrRT55dxfVMP/wA+19yOp/4WR4t/6DD/APfmP/4mj/hZHi7/AKDD/wDfmP8A+JrlaSjnl3F9Uw//AD7X3I6r/hZPi7/oMP8A9+Y//iaP+Fk+Lv8AoMP/AN+Y/wD4muVoo55dw+qYf/n2vuR1X/CyfF3/AEGH/wC/Mf8A8TR/wsnxd/0GH/78x/8AxNcrSU+eXcPqmH/59r7kdX/wsnxd/wBBh/8AvzH/APE0f8LJ8Xf9Bh/+/Mf/AMTXKUUc8u4vqmH/AOfa+5HV/wDCyfF3/QYf/vzH/wDE0f8ACyfF3/QYf/vzH/8AE1ylFHPLuL6ph/5F9yNbV/Emp68uNUlgujjAd7WLeB7MFyPwNS6X4u1rRIfJ0y5htE7+VaxAt9TtyfxrDoo55dxfVMP/AM+19yOr/wCFleL/APoMP/34j/8AiaP+FleL/wDoMP8A9+I//ia5SinzS7h9Uw/8i+5HV/8ACyvF/wD0GH/78R//ABNJ/wALK8X/APQYf/vxH/8AE1ylFHNLuH1TD/yL7kdX/wALK8X/APQZf/vxH/8AE0n/AAsvxf8A9Bl/+/Ef/wATXKUUc0u4vquH/kX3I6v/AIWX4v8A+gy//fiP/wCJo/4WX4v/AOgy/wD34j/+JrlKKOaXcPqtD+Rfcjq/+Fl+L/8AoMv/AN+I/wD4mj/hZfi//oMv/wB+I/8A4muUpKOaXcX1Wh/IvuR1n/Cy/F//AEGX/wC/Ef8A8TR/wsvxf/0GX/78R/8AxNcnRRzS7h9VofyL7kdZ/wALL8X/APQZf/vxH/8AE0f8LL8X/wDQZf8A78R//E1ydFHNLuH1Wh/IvuR1n/Cy/F//AEGX/wC/Ef8A8TWrpPxf8Q2co/tAQahDn5gyCN8exUAD8Qa8+pKfPLuRLB4eSs4L7j6j8OeJtO8UacLzT5CduBLE/Dxt6Ef16GtivmjwL4hk8O+KbS48wrayuIrlScKUJxk/Tr+FfS9dNOfMj5jMMJ9WqWWz2CiiirOEKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAx/FbFfCGskdfsU3/AKAa+ZK+ptYsjqOiX9ivDXFvJED6FlI/rXy0ysjlWUqynBBGCDXLiN0fT5BJezmut0JRRRXOfQBRRRTEFJRSUCCiiigAoopKYBRRRQIKKKKBBSUUUAFFFFMQUlFFABSUUUCCiiigAoopKBBRRRQIKKKKYBRRSUCCiiigAr65jJaJCepAJr5O06xl1PUrWxh/1txKsS+xY4zX1kAFUAdBwK3o9T5/PGrwXr+gtFFFbnghRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXj/xH+H9z9tm1zR4GmilO+5t4xllbu6gdQep7g5PTp7BRUzgpKzOnCYuphanPD/hz5MIwcGivp2/8MaHqkjS3ulWk0rdZDGAx/4EOaof8K/8K/8AQGg/76b/ABrn+rvufQRz6jb3ov8AA+caSvo//hX3hT/oCwf99N/jR/wr7wp/0BYP++m/xo9hLuP+3qH8r/D/ADPm+ivpD/hX3hT/AKAsH/fTf40f8K+8Kf8AQFg/76b/ABo9hLuH9u0P5X+H+Z830V9If8K+8Kf9AWD/AL6b/Gj/AIV94U/6AsH/AH03+NHsJC/t2h/K/wAP8z5uOaYzMvVfyr6T/wCFfeFP+gLB/wB9N/jR/wAK+8Kf9AWD/vpv8aaosmWd0Xsmvu/zPmnzxR54r6Rn+GvhCdCr6LEM/wASu6kfiDXHa18EYHDSaHqIjbkiG8TcpP8AvryB+BrRUY9TklnU0/dR4/8AaBSeeK2tb8D+KNALtd6K0kC5/f26+amB3JXlR9QK5j7Sf+eUf5VX1ZGf9u1Oxd88UeeKpfaT/wA8o/yo+0n/AJ5R/lT+rIX9uz7F3zxSeeKp/aT/AM8o/wAqPtP/AEyj/Kj6sg/t2fYueeKPPFU/tP8A0yj/ACo+0/8ATKP8qPqyD+3J9i554o84VTFwSQBChJ6AA11+ifDrxXrm149IW1gb/lteZiH5H5iPcA0fV0g/tyb6HN+eKPPFe16J8E9OgCya1etdSdTFbr5afQk5J+o211cXw38IQqFTRIMDuXcn8yah0V0NI5zNv3tD5sDMf4cfWnV9Kf8ACvPCf/QEg/76b/Gj/hXnhP8A6AsH/fTf41HsWdMc6ordN/d/mfNdFfSn/CvPCf8A0BYP++m/xo/4V54T/wCgLB/303+NL2LK/tuj/K/w/wAz5ror6U/4V54T/wCgLB/303+NH/CvPCf/AEBIP++m/wAaPYsP7ao/yv8AD/M+aqK+lP8AhXnhP/oCQf8AfTf40f8ACvPCf/QEg/76b/Gj2LF/bVH+V/h/mfNdLHG80ixxozuxwqqMkn0Ar6T/AOFeeEv+gJB/303+NauneHtH0hy+n6Za20h4LxxAN+fWmqLJlndO3uxdzgfhl8P59JkXXdXiMd2VIt7dusQIwWb0Yg4x2yc89PUKKK3jFRVkeHiMROvNzmFFFFMwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiisfxF4m03wxY/adQlILcRwpy8h9h/XpSbtqyoQlOSjFXbNiivFdQ+MurSzH+z7C1t4e3m5kf65BA/SqH/C3fE//Tl/35P+NZ+2iepHJcU1dpL5nvNFeDf8Ld8T/wDTl/35P+NH/C3fE/8A05f9+T/jS9tEf9iYry+895orwb/hbvif/py/78n/ABpP+Fu+J/8Apy/78n/Gn7aIf2LivL7z3qivBf8Ahbvif/py/wC/J/xo/wCFu+J/+nL/AL8n/Gj20Q/sXE+X3nvVFeC/8Ld8T/8ATl/35P8AjR/wt3xP/wBOX/fk/wCNHtoi/sXE+X3nvVFeC/8AC3vE/wD05f8Afk/40f8AC3vE/wD05f8Afk/40e2iH9i4ny+896rntb8D+G/EJZ9R0qBpm6zxjy5M+7Lgn8c15N/wt7xP/wBOX/fk/wCNH/C3vE//AE5f9+T/AI0e2iH9i4ny+80tc+BH3pNB1X6Q3o/9nUf+y/jXm+ueBvEnh4M+oaVMsK5zPGPMjx6llzj8cV2v/C3vE/8A05f9+T/jR/wt7xP/ANOX/fg/41axKIeR4jy+88porsNa8Qf28zPe6TpYmY5M0MBicn1JVhn8c1PoniuXw8Q2maVpUUo/5bNAXk/76ZiR+FV9ZgT/AGHivL7yjonw68U68Va20uWGBv8Alvdfukx688kfQGvSNE+BNrFsk1zVHnbgmG1XYv03Hkj8BWH/AMLf8Uf9OX/fg/40f8Lf8Uf9OX/fg/41LxKKWR4hdvvPY9G8J6B4fA/svSre3cDHm7d0n/fZy361s14H/wALf8Uf9OX/AH4P+NH/AAt/xR/05f8Afg/41Htolf2NifL7z3yivA/+Fv8Aij/py/78H/Gj/hb/AIo/6cv+/B/xo9tEP7HxPl9575RXgf8Awt/xR/05f9+D/jR/wt/xR/05f9+D/jR7aIf2PifL7z3yivAv+Fv+KP8Apy/78H/Gj/hcHij/AKcv+/B/xo9tEP7HxPl9577RXgX/AAuDxR/05f8Afg/40n/C4PFH/Tl/34P+NHtYh/Y+J8vvPfqK8B/4XB4o/wCnH/vwf8aP+FweKP8Apx/78H/Gn7WIf2PifL7z36ivAf8AhcHij/px/wC/B/xrV0r41X8c6rq2nW80JPLW2UdR64JIP04o9rEmWU4lK9k/me00VnaJrmn+IdNS/wBNnEsLcEdGRu6sOx/z0rRrQ82UXF2ktQooooEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUANd1ijaR2CooLMT0AFfMvifX5/Euu3GozFgjHbDGT/AKuMdF/qfcmvoXxW5j8IayynBFlNgjt8hr5hrnrvZH0eQ0o+/Ue+wUUUVzH0QUUUlMAooooEFFFFAgpKKKACiiimIKSiigApKKKBBRRRQAUUUlAgooooEFFFFMAoopKBBRRRQAUlFFMAooooEFJRRQB1vw78STeHvFNsN5+x3brBcITgYJwG+qk5+mR3r6Qr5Cr67jJaNGPUgGt6L0aPnc6pxU4zW7v+A6iiitjxAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDP12zfUPD+pWcf357WSJfqykD9a+WiMHBr61rxD4k+BrjTtQn1rT4WksJ2MkyoMmBzycj+6eue3T0zhXi2ro93JMTGnKVKTtfb1POaKKSuY+oCiiigQUUUUCCkoooAKKKKYgpKKKACkoooEFFFFABRRSUCCiiigQUUUUwCiikoEFFFFABSUUUwCiiigQUlFFABRRRQIms7WW+vrezgAM08ixID3Zjgfqa+tlAVQo6AYryL4W+AriC7j8Q6tCYtgzaQuMMSR98jsMHj8+wz69XRSjZXZ8zm2IjVqKEdeX8wooorU8kKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOZ1H4f+F9TmM0+kxJIc5aBmiz7kKQCfwqh/wAKp8Kf8+k//gQ1drRU8kex0xxmIirKb+9nFf8ACqfCn/PpP/4ENR/wqnwp/wA+k/8A4ENXa0Uckew/ruJ/5+P7ziv+FU+FP+fSf/wIak/4VT4U/wCfSf8A8CGrtqKOSPYPruJ/5+P7zif+FUeFP+fSf/wIaj/hVHhT/n0n/wDAhq7aijkj2D67if8An4/vOJ/4VR4U/wCfSf8A8CGo/wCFUeFP+fSf/wACGrtqKOSPYPruJ/nf3nE/8Ko8J/8APpP/AOBDUf8ACqPCf/PpP/4ENXbUUckewfXcT/O/vOJ/4VP4T/59J/8AwIaj/hU/hP8A59J//Ahq7aijkj2D67if5395xP8Awqfwn/z6T/8AgQ1J/wAKn8J/8+k//gQ1dvRRyR7C+u4j+d/ecR/wqfwn/wA+k/8A4ENR/wAKn8J/8+k//gQ1dvRRyR7B9dxH87+84j/hU/hP/n0n/wDAhqP+FT+E/wDn0n/8CGrt6KOSPYPruI/nf3nEf8Kn8J/8+k//AIENR/wqfwn/AM+k/wD4ENXb0UckewfXMR/O/vOI/wCFT+E/+fSf/wACGo/4VN4T/wCfSf8A8CGrt6KOSPYPrmI/nf3nEf8ACpvCf/PpP/4ENR/wqbwl/wA+k/8A4EN/jXb0UckewfXMR/O/vOI/4VN4S/59J/8AwIb/ABo/4VN4S/59J/8AwIb/ABrt6KOSPYPrmI/nf3nEf8Km8Jf8+k//AIEN/jSf8Km8Jf8APpP/AOBDV3FFHJHsH1zEfzv7zh/+FS+Ev+fSf/wIaj/hUvhL/n0n/wDAhq7iijkj2D65iP5395xH/CpvCX/PpP8A+BDf41raV4G8NaNMJ7LSYRMpyskhMjKfUFicfhXQ0UcqXQmWKryVpTdvUKKKKowCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDOk026eV3XW7+NWYkIqQYX2GYycfUmm/2Xef9B7Uf+/dv/8AGq06Kv2j8vuQrGZ/Zd5/0HtR/wC/dv8A/GqP7LvP+g9qP/fu3/8AjVadFP2j8vuQWMz+y7z/AKD2o/8Afu3/APjVH9l3n/Qe1H/v3b//ABqtOij2j8vuQWMz+y7z/oPaj/37t/8A41R/Zd5/0HtR/wC/dv8A/Gq06KPaPy+5BYzP7LvP+g9qP/fu3/8AjVH9l3n/AEHtR/792/8A8arToo9o/L7kFjM/su8/6D2o/wDfu3/+NUf2Xef9B7Uf+/dv/wDGq06KPaPy+5BYzP7LvP8AoPaj/wB+7f8A+NUf2Xef9B7Uf+/dv/8AGq06KPaPy+5BYzP7LvP+g9qP/fu3/wDjVH9l3n/Qe1H/AL92/wD8arToo9o/L7kFjM/su8/6D2o/9+7f/wCNUf2Xef8AQe1H/v3b/wDxqtOij2j8vuQWMz+y7z/oPaj/AN+7f/41R/Zd5/0HtR/792//AMarToo9o/L7kFjM/su8/wCg9qP/AH7t/wD41R/Zd5/0HtR/792//wAarToo9o/L7kFjM/su8/6D2o/9+7f/AONUf2Xef9B7Uf8Av3b/APxqtOij2j8vuQWMz+y7z/oPaj/37t//AI1R/Zd5/wBB7Uf+/dv/APGq06KPaPy+5BYzP7LvP+g9qP8A37t//jVH9l3n/Qe1H/v3b/8AxqtOij2j8vuQWMz+y7z/AKD2o/8Afu3/APjVH9l3n/Qe1H/v3b//ABqtOij2j8vuQWMz+y7z/oPaj/37t/8A41R/Zd5/0HtR/wC/dv8A/Gq06KPaPy+5BYzP7LvP+g9qP/fu3/8AjVH9l3n/AEHtR/792/8A8arToo9o/L7kFjM/su8/6D2o/wDfu3/+NUf2Xef9B7Uf+/dv/wDGq06KPaPy+5BYzP7LvP8AoPaj/wB+7f8A+NVoxoUiRGkaRlUAu2MsfU4AGfoBTqKmUm9wsFFFFSMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAzpNatYpXjaK/LIxUldPnYcehCYI9xTf7es/8AnjqP/gtuP/iK06Ku8Oz+/wD4AtTM/t6z/wCeOo/+C24/+Io/t6z/AOeOo/8AgtuP/iK06Kd4dn9//ADUzP7es/8AnjqP/gtuP/iKP7es/wDnjqP/AILbj/4itOii8Oz+/wD4AamZ/b1n/wA8dR/8Ftx/8RR/b1n/AM8dR/8ABbcf/EVp0UXh2f3/APADUzP7es/+eOo/+C24/wDiKP7es/8AnjqP/gtuP/iK06KLw7P7/wDgBqZn9vWf/PHUf/Bbcf8AxFH9vWf/ADx1H/wW3H/xFadFF4dn9/8AwA1Mz+3rP/njqP8A4Lbj/wCIo/t6z/546j/4Lbj/AOIrToovDs/v/wCAGpmf29Z/88dR/wDBbcf/ABFH9vWf/PHUf/Bbcf8AxFadFF4dn9//AAA1Mz+3rP8A546j/wCC24/+Io/t6z/546j/AOC24/8AiK06KLw7P7/+AGpmf29Z/wDPHUf/AAW3H/xFH9vWf/PHUf8AwW3H/wARWnRReHZ/f/wA1Mz+3rP/AJ46j/4Lbj/4ij+3rP8A546j/wCC24/+IrToovDs/v8A+AGpmf29Z/8APHUf/Bbcf/EUf29Z/wDPHUf/AAW3H/xFadFF4dn9/wDwA1Mz+3rP/njqP/gtuP8A4ij+3rP/AJ46j/4Lbj/4itOii8Oz+/8A4AamZ/b1n/zx1H/wW3H/AMRR/b1n/wA8dR/8Ftx/8RWnRReHZ/f/AMANTM/t6z/546j/AOC24/8AiKP7es/+eOo/+C24/wDiK06KLw7P7/8AgBqZn9vWf/PHUf8AwW3H/wARR/b1n/zx1H/wW3H/AMRWnRReHZ/f/wAANTM/t6z/AOeOo/8AgtuP/iKP7es/+eOo/wDgtuP/AIitOii8Oz+//gBqZn9vWf8Azx1H/wAFtx/8RR/b1n/zx1H/AMFtx/8AEVp0UXh2f3/8ANTM/t6z/wCeOo/+C24/+Io/t6z/AOeOo/8AgtuP/iK06KLw7P7/APgBqZn9vWf/ADx1H/wW3H/xFH9vWf8Azx1H/wAFtx/8RWnRReHZ/f8A8ANTM/t6z/546j/4Lbj/AOIrTooqZcvRDCiiipAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACivGtZ8deJLTXdQtoNR2Qw3MkaL5EZwoYgDJX0qj/wALB8Uf9BT/AMl4v/ia9SOU1pJNNfj/AJGXtonudFeGf8LB8Uf9BT/yXi/+Jo/4WD4o/wCgp/5Lxf8AxNP+yK/dfj/kHtonudFeGf8ACwfFH/QU/wDJeL/4mj/hYPij/oKf+S8X/wATR/ZFfuvx/wAg9tE9zorwz/hYPij/AKCn/kvF/wDE0f8ACwfFH/QU/wDJeL/4mj+yK/dfj/kHtonudFeGf8LB8Uf9BT/yXi/+Jo/4WD4o/wCgp/5Lxf8AxNH9kV+6/H/IPbRPc6K8M/4WD4o/6Cn/AJLxf/E0f8LB8Uf9BT/yXi/+Jo/siv3X4/5B7aJ7nRXhn/CwfFH/AEFP/JeL/wCJr0j4f6zf63oM9zqM/nTLdNGG2KuFCqcYUDuTWGIy+rQhzyat/XkONRSdkdXRRRXCaBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAH//2Q==)

The Board has an induction programme for new

Directors. It involves meetings with the Chair,

members of the ELT and other senior executives,

as well as receiving orientation training in relation to

the Group and its corporate governance practices.

It also includes meetings with representatives of

our sales force, customers and major shareholders

and visits to our production plants. All Directors are

given the opportunity to attend training to ensure

that they are kept up to date on relevant legal,

accounting and corporate governance

developments. The Directors individually attend

seminars, forums, conferences and working groups

on relevant topics. The Nomination Committee

reviews Director trainingactivities regularly. Finally,

as part of the continuing development of the

Directors, the Company Secretary ensures that

ourBoard is keptup to date with key corporate

governance developments. The Board appoints

the Company Secretary, who acts as secretary

tothe Board.

Board appointments and

successionplanning

Our Board has in place plans to ensure the

progressive renewal and appropriate succession

planning for senior management. These cover

theshort, medium and long term, and are regularly

reviewed. Appointments and succession plans are

based on merit and objective criteria to ensure

Coca-Cola HBC is promoting diversity (including

gender, social and ethnic backgrounds – see right)

and cognitive and personal strengths. Pursuant

toour Articles, the Board consists ofaminimum

of seven and a maximum of 15 members, and

theDirectors are re-elected annually for a term

ofone year by Coca-Cola HBC’s shareholders,

which is also in accordance with the UK Corporate

Governance Code. In caseof resignation or death

of any member, the Board may elect a permanent

guest to be proposed for election bythe

shareholders at thenext AGM.

In accordance with the Organisational

Regulations, the Board proposes for election

atthe shareholders’ meeting new Directors

whohave been recommended by the Nomination

Committee after consultation with the Chair.

Inmaking such recommendations, the

Nomination Committee and the Board must

consider objective criteria as above, as well as the

overall length of service of the Board as a whole,

when refreshing its membership. Through this

process, the Board is satisfied that the Board and

its committees have the diversity, independence

andknowledge to enable them to discharge their

duties, including sufficient time commitment.

Committee at work

Succession   planning

Board composition

Recruitment

Shortlisting

Interview

Balance of skills assessment

Appointment

Induction

Diversity

The Group continues to have a firm commitment to

policies promoting diversity, equal opportunity and

talent development at every level throughout the

organisation, including at Board and management

level, and is constantly seeking to attract and recruit

highly qualified candidates for all positions in its

business. The Group’s Inclusion and Diversity and

Anti-Harassment Policy applies to all people who

work for us. Further details in theGroup’s Inclusion

and Diversity and Anti-Harassment Policy on page

133 in the Strategic Report and on our website under

www.coca-colahellenic.com/en/about-us/

corporate-governance/policies/inclusion-and-

diversity-policy.

The Group believes that diversity at the Board level

acts as a key driver of Board effectiveness, helps

toensure that the Group can achieve its overall

business goals especially considering our

geographical footprint, and is critical in promoting

adiverse and inclusive culture across the whole

Group. The Board has adopted a Board Nomination

Policy, which guides the Nomination Committee and

the Board in relation to their approach to diversity in

respect of succession planning and the selection

process for the appointment of new Board

members. It does not include targets for either

gender or ethnicity. However, the Board is cognisant

of the recommendations in the FTSE Women

Leaders Review, the Parker Review, as well as the

targets for gender, ethnicity and persons in senior

board positions in the FCA’s UK Listing Rules, and

these will be taken into consideration for succession

planning and appointment of new Board members.

The Nomination Committee is responsible for

implementing this policy and for monitoring

progress towards the achievement of its objectives.

The requirements and objectives of the Board

Nomination Policy include that the Nomination

Committee is required to take into account all

aspects of diversity, including age, ethnicity,

gender, educational and professional background

and social background when considering

succession planning and new Board appointments;

seek a wide pool of candidates, with a broad range

of previous experience, skills and knowledge; and

give preference to executive search firms that are

accredited under the Enhanced Code of Conduct

for Executive Search Firms. Board appointments

are evaluated on merit against objective criteria

with due regard for diversity to ensure that

candidates contribute to the balance of skills,

experience, knowledge and diversity of the Board.

The Board also considers the overall length of

service of the Board as awhole when considering

refreshment of themembership.

Two Directors retired at the end of the 2024 AGM

and, following recommendation by the Nomination

Committee, two Directors (both female) were

appointed at the end of the2024 AGM. One female

Director retired from the Board at the end of an

Extraordinary General Meeting held in September

and another female Director was appointed in her

place. Female representation on the Board is 38%.

Board and ELT gender and

ethnicitymetrics

As at 31 December 2024, in accordance with the

FCA’s UK Listing Rules, Coca-Cola HBC had met

the target for ethnic Board diversity and had just

over 38% of female Board representation (slightly

behind the required 40% target in the FCA UK

Listing Rules). No senior positions on the Board

asdescribed in the FCA UK Listing Rules are held

bywomen. Female representation in the ELT is 20%

and in senior management positions reporting to

the ELT is 37,93%. The Board will continue to

prioritise its gender balance andthe Nomination

Committee has, and will continue to, consider this

in the context of its continuous workon succession

plans for the Board, as well assenior management

including the ELT.

The tables on page 211 include metrics that set

out the range of gender and ethnicity as they relate

to our Board and ELT as at 31 December 2024. The

ELT refers to the most senior level of managers,

including the General Counsel/Company Secretary

but excluding administrative and support staff,

inaccordance with the definition in the FCA’s UK

Listing Rules. The Board diversity-related data

iscollated directly from each Director and ELT

member using a questionnaire and given on

aself-identifying basis.

Gender diversity and representation

atBoard and ELT level

The Board is committed to appointing

thebestpeople with the right skills, using

non-discriminatory and fair processes during

selection, recognising the importance of diversity

in business success. It is the Board’s responsibility

to oversee senior management succession

planning to ensure a diverse pipeline of managers

and talent are identified from the management

talent development programme.

Corporate Governance Report continued

Nomination Committee continued

Coca-Cola HBC Integrated Annual Report 2024213

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCARCBGwDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FXowVjUHqABTqKAOC+JXhzVvEH9l/2Xaef5Hm+Z+8Rdu7Zj7xHoa4H/hXPiv/AKBX/kxF/wDFV73RWE8PGcuZns4XO8RhaKowSsu9+9+54J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFT9Vh3Z0f6yYv8Alj9z/wAzwT/hXPiv/oFf+TEX/wAVR/wrnxX/ANAr/wAmIv8A4qve6KPqsO7D/WTF/wAsfuf+Z4J/wrnxX/0Cv/JiL/4qj/hXPiv/AKBX/kxF/wDFV73RR9Vh3Yf6yYv+WP3P/M8E/wCFc+K/+gV/5MRf/FUf8K58V/8AQK/8mIv/AIqve6KPqsO7D/WTF/yx+5/5ngn/AArnxX/0Cv8AyYi/+Ko/4Vz4r/6BX/kxF/8AFV73RR9Vh3Yf6yYv+WP3P/M8E/4Vz4r/AOgV/wCTEX/xVH/CufFf/QK/8mIv/iq97oo+qw7sP9ZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8Aiq3/AAV4K8QaT4tsb6+0/wAq2i8ze/nRtjMbAcBiepFeuUU44aCdzOtxBiatOVOUY2aa2fX5hVGS3laRiF4JJ6ir1FdB4Rn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBHApSFVYYIonUvCyqMk1JRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBRjt5VkUleAQeoq9RRQBTngkeZmVcg+9R/Zpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiimPKifeYA+lAD6Kh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/Kj7VF6n8qAJqKh+1Rep/KgXMR/ix+FAE1FICGGQQR7UtAFe5nKfIp5PU+lUqfKd0rn3plMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA+ORo2yp+o9a0EcOgYdDWZU8M/lpt96AIn/ANY31NNpz/6xvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf/WN9TTac/8ArG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/9Y31NNpz/AOsb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/wBY31NNpz/6xvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf8A1jfU02nP/rG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/9Y31NNpz/wCsb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/1jfU02nP8A6xvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf/AFjfU02nP/rG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/wDWN9TTac/+sb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/1jfU02nP/AKxvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf/WN9TTac/wDrG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/8AWN9TTac/+sb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/ANY31NNpz/6xvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf/WN9TTac/8ArG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/9Y31NNpz/AOsb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/wBY31NNpz/6xvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf8A1jfU02nP/rG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/9Y31NNpz/wCsb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/1jfU02nP8A6xvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf/AFjfU02nP/rG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/wDWN9TTac/+sb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/1jfU02nP/AKxvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf/WN9TTac/wDrG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/8AWN9TTac/+sb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/ANY31NNpz/6xvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf/WN9TTac/8ArG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/9Y31NNpz/AOsb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/wBY31NNpz/6xvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf8A1jfU02nP/rG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/9Y31NNpz/wCsb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/1jfU02nP8A6xvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf/AFjfU02nP/rG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/wDWN9TTac/+sb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/1jfU02nP/AKxvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf/WN9TTac/wDrG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/8AWN9TTac/+sb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/ANY31NNpz/6xvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf/WN9TTac/8ArG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/9Y31NNpz/AOsb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/wBY31NNpz/6xvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf8A1jfU02nP/rG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/9Y31NNpz/wCsb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/1jfU02nP8A6xvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf/AFjfU02nP/rG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/wDWN9TTac/+sb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/1jfU02nP/AKxvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf/WN9TTac/wDrG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/8AWN9TTac/+sb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/ANY31NNpz/6xvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf/WN9TTac/8ArG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/9Y31NNpz/AOsb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/wBY31NNpz/6xvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf8A1jfU02nP/rG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/9Y31NNpz/wCsb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/1jfU02nP8A6xvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOf/AFjfU02nP/rG+pptABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA5/wDWN9TTac/+sb6mm0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADn/1jfU02nP/AKxvqabQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAPlG2VwfWmVduYDJ8y/eHb1qljBwaACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACp4YPMTd71HHE0rYA47n0rQRQiBR0FADqguVXZnAz64oopDKNFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFPiAMgBGaKKANEAAYAAHtS0UUhn//Z)

Board performance review

The Nomination Committee led the annual

reviewofthe Board’s, committees’ and the

Chair’s performance, as well as a self-evaluation

of each individual Director with the support of

Lintstock, anexternal advisory firm we have

worked with forthepast nine years. Lintstock

has no other connection to Coca-Cola HBC or

individual Directors.Key areas in the assessment

were: Board composition; stakeholder oversight;

Board dynamics; management of meetings;

Board support; Board committees; strategic,

risk, stakeholder and people oversight; and

priorities for change in 2025. It also took actions

to address the recommendations from the

previous (2023) evaluation, as summarised

below. The Chair will lead on priorities to be

actioned during 2025.

In addition to the annual performance review,

theChair met with Directors throughout 2024 to

receive feedback on the functioning of the Board

and its committees, boardroom dynamics and

Coca-Cola HBC’s strategy. These meetings give

particular focus to areas where a Director

believes the performance of the Board and

itscommittees could be improved.

The independent Directors met separately

ateveryBoard meeting to discuss a variety of

issues, including the effectiveness of the Board.

The Chair and the Senior Independent Director

conducted an evaluation of each Director (other

than the Chair). The Senior Independent

Director led the evaluation of the Chair, in

conjunction with the NEDs, considering the

views of the CEO, and, asamatter of practice,

meets with the other independent NEDs when

each Board meeting is held to discuss issues

together, without the CEO or other NEDs

present. The Chair also holds meetings with

theNEDs, without the CEO present.

2024 actions based on 2023 Board

evaluation findings and previous

experience

•  Prioritised sustainability-related topics,

through regular reviews on progress of plans,

as well asupdates and educational sessions

onregulatory developments.

•  Leveraged learnings on geopolitical, regulatory

and macro developments to inform and

validate our strategic planning and risk

management, for example, in relation to

treasury actions to mitigate FX challenges and

currency devaluation in Nigeria and Egypt and

tailoring our market execution plans to make

affordable offers to customers and consumers.

•  Sessions with our corporate brokers, TCCC senior

executives and updates on investor and market

expectations, trends and developments, and

customer satisfaction surveys to acquire external

perspectives and insights on priority areas.

•  Continued focusing on Emerging markets

through deep dives and regular reviews.

•  Had regular updates on people activities,

development and succession plans for

senior positions, reviews of engagement

andcollaboration surveys.

•  Reviewed, debated and oversaw business plans

and execution, strategic priority categories, risk

management and governance matters to support

management achieving our growth targets.

•  Approved technology and digital investments,

updates on cyber security matters, and a

variety of digitalisation initiatives and tools

toautomate and streamline our processes.

2024 review findings

•  The Board’s performance review was

considered positive overall and the scores

in allareas covered were high, as in previous

years and materially similar to 2023.

•  The Board’s performance in all areas reviewed

was either equal to or above the Lintstock

Governance Index, which aggregates

feedback from over 200 recent Board reviews

that Lintstock has facilitated, demonstrating

the Board’s high confidence in its oversight.

•  Coca-Cola HBC’s strategy and the Board’s

oversight of it, as well as its execution,

received very high ratings overall.

•  The Board’s oversight of talent and succession

was rated highly. Excellent succession

planning and major steps made to further

improve talent and succession processes

were commended very positively.

2025 priorities based on review findings

•  Focusing on the strategy, particularly longer-

term issues and opportunities.

•  Board succession and continuity, with continued

focus on refreshment of the Board composition.

•  Focusing on the talent pipeline and succession

planning for C-suite roles and ensuring ample

exposure of the Board to the talent pool.

•  Maintaining focus on external developments,

particularly geopolitical dynamics, regulation,

and industry trends.

•  Enhancing training curriculum with focus on

technology, digital, AI transformation, DIA and

sustainability related topics.

•  Continuing to deep dive into key areas of

thebusiness and improving understanding

ofkey markets.

A robust, independent methodology

The first stage of the review involved Lintstock

engaging with the Company Secretary and the

Nomination Committee to set the context for the

review, and to tailor survey content. The surveys

were designed to follow up on and furtherexplore

key themes identified in last year’sevaluation, so

that year-on-year progress can be tracked. The

anonymity of all responses wasguaranteed

throughout the process to promote open and

honest feedback. Lintstock subsequently analysed

the results and delivered reports on the

performance of the Board, the committees and the

Chair, which were considered at a subsequent Board

meeting. The individual Director self-assessment

reports were also provided to the Chair. The results

of the review were positive overall, and the Board

was felt to have performed effectively and

maintained a strong working dynamic.

A target has been set of 50% female

representation of managers, to be achieved by

2025. This links toour strategy to develop our

people and ensure we attract and retain a diverse

talent pool, and isone of the five pillars of our

growth strategy. Read more on pages 20 to 23.

The Nomination Committee, in conjunction with

the ELT, will continue to monitor the proportion

ofwomen atall levels of the Group and ensure that

all appointments are made with a view to having

ahigh level of diversity within the workplace

andinleadership positions.

We are a global company with a diverse geographic

footprint, including in Emerging markets. Our ELT

isbased in Switzerland (whereCoca-Cola HBC is

incorporated), but mostof our senior management

reporting to theELT is located in other countries.

As a Swiss headquartered company any senior

management representation we have in the UK is

purely circumstantial. For this reason, we do not

have specific ethnicity targets or tracking. We are

committed to increasing the diversity of our senior

management population and there will beseveral

initiatives that will be put in place over the coming

years to support this and to ensure that we have

the right pipeline of talent. In the future we will also

look more closely at ethnic minority representation

across Coca-Cola HBC, not just atmanagement

level, and report on this where appropriate.

2025 priorities

•  Continued focus on succession planning forthe

Board and the ELT

•  Close monitoring of the Group’s talent

development framework and pipeline, including

talent attraction and retention

•  Engagement and culture surveys

•  Externally facilitated Board and

committeeassessments

•  Follow-up actions on outcome of 2024

evaluation assessment

Corporate Governance Report continued

Nomination Committee continued

Coca-Cola HBC Integrated Annual Report 2024214

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Corporate Governance Report continued

Social Responsibility Committee

Dear Shareholder,

Our Company has remained focused on its

sustainability journey by executing with discipline

theESG goals and agenda across all 29 markets,

creatingvalue to our suppliers, customers,

employees and communities and investing in

future innovations that will bring positive impact

on people and environment.

2025 will be the final year of our Mission 2025

goals, and we proudly share that we have already

reached nine out of our seventeen targets ahead

ofthe target year. For the fourth consecutive

yearwe arereducing our absolute GHG emissions

(scopes 1, 2 and 3) and performing in line with our

NetZeroby40 roadmap proving that we are able

todecouple our emissions from our business

growth. I would like to mention specifically the

progress made with the renewable energy and

top20 energy-saving initiatives in manufacturing,

the advancement of energy-efficient coolers

thatsave electricity for our customers, reusable

solutions for our beverages, and increases in

recycled PET (rPET), recycled aluminium and

recycled glass in our primary packaging materials.

In December 2024, we received approval from

theSBTi of our near-term (by 2030), net-zero

(by2040) and FLAG (Forest, Land and Agriculture)

targets against the SBTi’s Net-Zero Standard

Criteria and Near-Term Target Criteria and

Recommendations. This is a huge milestone

andwe continue implementing the initiatives

indifferent pillars across the value chain that

bringbusiness value andcontribute to

emissionsreduction.

We are progressing with our suppliers’ ESG

programmes and engagement plan that

notonlyhelps in scope 3 emissions

decarbonisation but also bring positive

socialandenvironmental impact.

In 2024, our newly established Coca-Cola HBC

Foundation approved €1.55 million in grants to

flood-relief projects in six Coca-Cola HBC

countries (Greece, Nigeria, Bosnia and

Herzegovina, Hungary, Poland, and Romania).

Wealso launched our first sustainability

capabilities programme for our sales teams,

focused on building impactful partnerships

withour customers. The programme was

createdtoprovide our customer-facing

teamswith relevant proof-points and value-

creation approach.

In preparation for compliance with the EU

Deforestation Regulation, across-functional

working group is assessing potential solutions

formeeting all requirements in2025.

Our Committee pays attention to the

increasingcomplexity coming with all new

ESGcompliance frameworks and closely

monitorsthe development of the new ones.

Ourfirst sustainability statement as per the

ESRSrequirements can be found on pages

41to172.

Our Company continued its progress on packaging

collection: As of January 2025, nine markets have

DRS in place, with two more schemes expected to

go live in 2025. In May 2024, we hosted 60 TCCS

participants from 25 markets in Bucharest, Romania

to share learnings from our DRS markets, discuss

approaches to cross-functional collaboration,

experience DRS in action and interact with

externalstakeholders.

We are on track to meet our challenging water

stewardship goal for helping communities in

waterrisk by adding four to the existing 12 water

stewardship projects and planning three more in

2025 to reach 100% of this 2025 goal.

Charlotte J. Boyle

Member since

September2024

Evguenia Stoitchkova

Member since May 2023

Highlights 2024

•  Review of main actions for the Group’s net

zero transition plan developed as part of

NetZeroby40 goal combined with science-

based carbon reduction targets by 2030.

•  Approval from theSBTi of our near-term

(by2030), net-zero (by2040) and FLAG

(Forest, Land and Agriculture) targets.

•  Monitoring progress and status towards the

Group’s ESG targets in all seven focus areas.

•  Review of the first sustainability capabilities’

programme for our sales team, which is

focused on building impactful partnership

withthe customers in sustainability.

•  Oversight of the Group’s packaging

collection roadmap and plans for DRSs in our

markets and the first the Coca-Cola System

(TCCS)-owned tailor made collection model

inNigeria.

•  Overview of the EU compliance frameworks,

with a specific focus on Corporate

Sustainability Reporting Directive (CSRD)

and our compliance plans and European

Sustainability Reporting Standards (ESRS).

•  Approval of the Group’s Double

MaterialityAssessment (DMA)

approachandDMA results.

•  Review of the results and improvement

opportunities from the 2023 ESG

assuranceaudit.

Overview

Anastasios I. Leventis (Chair)

Member since 2016

Chair since2016

Anna Diamantopoulou

Member from June 2020

until September 2024

Members

The Social Responsibility Committee

comprisesone independent NED and

twoNEDs:Anastasios I. Leventis (Chair),

AnnaDiamantopoulou until September 2024,

Evguenia Stoitchkova and Charlotte J. Boyle

fromSeptember 2024.

Coca-Cola HBC Integrated Annual Report 2024215

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Corporate Governance Report continued

Social Responsibility Committee continued

In 2024, Coca-Cola HBC’s was again named by the

Dow Jones Best-in-Class Indices as a leader, with

the highest S&P Global Corporate Sustainability

Assessment score in the Beverage industry, which

is the eighth time we have topped the industry

andmarks 14 consecutive years among the top

three. We continue to earn leading scores in the

beverage industry in 10 of the most recognised

ESG ratings (DJSI, CDP Climate and Water, MSCI

ESG, ISS ESG, V.E. Moody’s ESG and Morningstar

Sustainalytics among them).

During the year we reviewed the high-level

activities and the capital investments related

tosustainability, sustainability communication

strategy, and the capability programme prepared

for different levels in our organisation aiming to

build sustainability knowledge.

Within 2025, the Social Responsibility

Committeewill ensure that the business

strategyis fully aligned with the Group’s ESG

agenda and that the Company continues to create

value for employees, communities, society and

the environment. 2025 will be the last year of

ourMission 2025 goals and we are looking for our

next ESG ambitions in the areas material for our

stakeholders, for our business, for society, and

forthe environment. Among the continuous focus

in 2025 will be the NetZeroby40 goal, biodiversity,

water community and water replenishment

projects, Pack and Mix of the Future plans,

packaging collection, human rights, our social

agenda and impact, ESG programmes for our

suppliers, and customer partnerships in

sustainability.

Anastasios I. Leventis

Committee Chair

Role and responsibilities

The Social Responsibility Committee is responsible

for the development and supervision of procedures

and systems to ensure the pursuit of the Group’s

social and environmental goals, as set out in the

charter for the committees of the Board of

Directors in Annex C to Coca-Cola HBC’s

Organisational Regulations. Key areas of

responsibility are:

•  establishing the principles governing the

Group’s policies on social responsibility and the

environment to guide management’s decisions

and actions;

•  overseeing the development and supervision

of procedures and systems to ensure the

achievement of the Group’s social responsibility

and environmental goals;

•  establishing and operating a council responsible

for developing and implementing policies and

strategies to achieve Coca-Cola HBC’s social

responsibility and environmental goals (in all

ESG pillars, such as climate change, water

stewardship, packaging and waste, sustainable

sourcing, health and nutrition, our people and

communities, and biodiversity), and ensuring

Group-wide capabilities to execute such

policies and strategies;

•  ensuring the necessary and appropriate

transparency and openness in the Group’s

business conduct in pursuit of its social

responsibility and environmental goals;

•  ensuring and overseeing the Group’s interactions

with stakeholders in relation to its social

responsibility and environmental policies, goals and

achievements, including the level of compliance

with internationally accepted standards; and

•  reviewing Group policies on environmental

issues, human rights and other topics as

theyrelate to social responsibility.

Work and activities

The Social Responsibility Committee met four times

during 2024. It invited other members of the Board

to attend the meetings, namely Charlotte J. Boyle,

George Leventis, Elizabeth Bastoni and the CEO, as

well as the Chief Corporate Affairs and Sustainability

Officer and additional senior leaders subject

tothe discussion topics. During 2024, the Social

Responsibility Committee reviewed and provided

guidance and insights to advance the Group’s

sustainability approach in the following areas:

•  Progress on and action plans made against

the seventeen publicly communicated 2025

sustainability goals and their six focus areas.

•  2030 science-based targets and the SBTi-

approved NetZeroby40 goal, including its net

zero transition plan, with the main initiatives per

lever(pillar) and their Capex and Opex.

•  Sustainable packaging agenda and progress

towards more sustainable packaging (rPET,

packageless, refillables and other).

•  Packaging collection and recovery with DRS

implementation across Europe and solutions

for Nigeria and Egypt.

•  Group CEO’s participation in the Alliance of CEO

Climate Leaders at the World Economic Forum.

•  Investments in different initiatives that deliver

sustainability benefits.

•  Approach to carbon removals and carbon credits.

•  Review of progress in decreasing calories in our

beverages as part of our nutrition agenda.

•  Health and safety programmes, including Life

Saving Rules and Behavioural Based Safety.

•  Social impact community programmes such

as #YouthEmpowered programmes and water

stewardship projects.

•  DMA process andapproval of results.

•  ESRS reporting and compliance with the CSRD,

Corporate Sustainability Due Diligence Directive

(CS DDD) and EU Deforestation Regulation

(EU DR), as well as reporting towards different

ESG reporting frameworks, standards and

benchmarking such as the GRI Standards, SDGs,

Dow Jones Sustainability Indices, CDP Climate

and Water, Task Force on Climate-related Financial

Disclosures (TCFD), and the Sustainability

Accounting Standards Board (SASB).

•  Review of supplier engagement activities

andprogrammes, including suppliers’ progress

towards setting science-based targets and shifting

to green energy, suppliers’ ESG risk assessment,

and capabilities-building programmes.

•  Deep-dive analysis of Group results in various

ESG benchmarks.

•  Monitoring innovation projects and partnerships

that support our ESG agenda.

•  Ongoing updates on plastic packaging levies,

EU Packaging and Packaging Waste Regulation,

product tax developments, EU Green Claims

Directive and the UN Global Plastics Treaty.

•  Active involvement in Annual Stakeholder Forum

‘Harnessing the Circular Economy for Packaging.’

•  Support with flood reliefs our communities

inneed by the Coca-Cola HBC Foundation.

•  Review of sustainability communication plans,

their impact on the Group’s reputation and

initiatives for bringing its culture story to life.

Priorities for 2025

•  Continuous review of the net zero transition plan

and its roadmap supporting our NetZeroby40

emissions goal approved by the Science-Based

Targets initiative (SBTi).

•  Overview of the status of all Mission 2025

goalsin their final year of completion.

•  Overview of the plans and key activities to

deliver the 2025 packaging collection target.

•  Endorsement of Coca-Cola HBC’s sustainability

targets beyond 2025.

•  Further refinement of the DMA, focusing on

dependencies, impacts, risks, and opportunities.

•  Compliance to the EU Deforestation Regulation

and review of the mandatory ESG reporting

standards across our jurisdictions.

•  Monitor development of the Science Based

Targets Network for Nature and its guidelines

for setting biodiversity science-based targets

and their implementation in our Company.

•  Partnerships for innovation in the area of ESG,

with both customers and suppliers.

•  Overview of the social impact programmes.

•  Progress on calorie reduction and added sugar

reduction across beverage categories.

•  Stakeholder outreach activities.

•  Ongoing activities related to ESG

benchmarking, plastic packaging levies

andproduct tax developments.

Coca-Cola HBC Integrated Annual Report 2024216

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Dear Shareholder,

I am pleased to present the annual report of the

Audit and Risk Committee. This report explains the

Audit and Risk Committee’s responsibilities and work

during 2024. In performing its work, the Audit and

Risk Committee balances independent oversight

with support and guidance to management.

Iamconfident to report that the Audit and Risk

Committee, supported by senior management

andthe external auditor, consistently carried out its

duties to a high standard during the reporting year.

We have monitored and reviewed our risk

management processes, including our risk profile

and mitigation plans, but also principal risks and

riskappetite as well as the Business Resilience

Framework, which has replaced the Enterprise

RiskManagement Framework. The Audit and Risk

Committee endorsed the ERBD loan facility for

operations in Egypt, had regular updates of the

work on CSRD compliance and endorsed the DMA

prepared, and had regular updates on preparatory

work for the tender of the external audit contract

during 2025. The Audit and Risk Committee worked

closely with the corporate audit and finance teams

in overseeing the implementation and monitoring

of the Group’s internal control framework.

Further areas of focus are included in the work and

activities of the Audit and Risk Committee and the

key areas of significance in the preparation of the

financial statements in the IAR.

William W. (Bill) Douglas III

Committee Chair

Role and responsibilities

The Audit and Risk Committee monitors the

effectiveness of our financial and sustainability

reporting, internal control and risk management

systems, and processes. The role of the Audit and

Risk Committee is set out in the charter for the

committees of the Board of Directors in Annex C

ofCoca-Cola HBC’s Organisational Regulations.

Read more: coca-colahellenic.com/ en/about-us/

corporate-governance. The key responsibilities and

elements of the Audit and Risk Committee’s role are

as follows:

•  Providing advice to the Board on whether

the IntegratedAnnual Report (including the

consolidated financial statements, taken as

awhole) is a fair, balanced and understandable

assessment of Coca-Cola HBC’s position

and prospects and provides the information

necessary for shareholders to assess the Group’s

position and performance, including whether

there is consistency throughout the report

including the financial reporting, whether the

report will form a good basis of information for the

shareholders, and that important messages are

highlighted appropriately throughout the report.

•  Monitoring the quality, fairness and integrity of the

consolidated financial statements of the Group

and reviewing significant financial reporting issues

and judgements contained inthem.

•  Reviewing the Group’s internal financial control

and anti-fraud systems as well as the Group’s

broader business resilience and legal and

ethical compliance programmes (including

computerised information system controls and

security) with the input of the external auditor

and the internal audit department.

•  Reviewing and evaluating the Group’s major areas

of financial risk and the steps taken to monitor and

control such risk, as well as guidelines and policies

governing risk assessment.

•  Quarterly review of Coca-Cola HBC’s principal risks

and the actions it is taking to manage those risks.

•  Establishing and updating the risk appetite

statement, which establishes the level of risk

that Coca-Cola HBC is prepared to take in

achieving its strategic objectives.

William W. (Bill)

DouglasIII(Chair)

Member since 2016

Chair since June 2016

Olusola (Sola)

David‑Borha

Member from 2015

until May 2024

Zulikat Wuraola Abiola

Member since May 2024

Alexandra

Papalexopoulou

Member from 2020

until May 2024

Highlights 2024

•  Endorsement of the new Business Resilience

Framework to replace the Enterprise Risk

Management Framework.

•  Endorsement of work for CSRD compliance.

•  Preparatory work for audit tender in 2025.

•  Review of the changes in the Corporate Audit

Department and internal audit policies and

procedures to comply with the new global

internal audit standards effective January 2025.

•  Endorsement of EBRD loan facility for

operations in Egypt.

Overview

Glykeria Tsernou

Member since May 2024

Members

All members of the Audit and Risk Committee

are independent NEDs: William W. (Bill) Douglas III

(Chair), Zulikat Wuraola Abiola and Glykeria Tsernou

were each elected for a one-year term by the

shareholders at the AGM in May2024.

Corporate Governance Report continued

Audit and Risk Committee

Coca-Cola HBC Integrated Annual Report 2024217

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

•  Monitoring and reviewing the external

auditor’s independence, quality, adequacy and

effectiveness, taking into consideration the

requirements of all applicable laws in Switzerland

and the UK, the listing requirements of the

London Stock Exchange and Athens Exchange,

and applicable professional standards.

The Board is satisfied that Bill Douglas, Zulikat

Wuraola Abiola and Glykeria Tsernou possess

recent and relevant financial and sector

experience in compliance with the UK Corporate

Governance Code. Bill Douglas was formerly

Executive Vice President and CFO of Coca-Cola

Enterprises, Zulikat Wuraola Abiola has risk

management experience and Glykeria Tsernou is

experienced in financial advisory and investment.

The Board is also satisfied that the members of

the Audit and Risk Committee have competence

in the sector in which Coca-Cola HBC operates,

incompliance with the UK Corporate Governance

Code and UK listing regime requirements.

Read about their experience and biographies on

pages 195 to 197.

The Group CFO, as well as the General Counsel,

external auditor, the Head of Corporate Audit and

the Group Financial Controller, attend all meetings

ofthe Audit and Risk Committee. Other officers and

employees are invited to attend meetings when

appropriate. Two NEDs, Henrique Braun and Christo

Leventis, were invited to attend all meetings during

2024. The Head of Corporate Audit and, separately,

the external auditor, meet regularly with the Audit

and Risk Committee without the presence of

management to discuss the adequacy of internal

controls and any other matters deemed relevant

tothe Audit and Risk Committee. The Chair

oftheAudit and Risk Committee attended our

AGMin May 2024 and regularly interacts with

representatives of our shareholders.

Work and activities

The Audit and Risk Committee met eight times,

four of which were by video conference call, during

2024 and discharged the responsibilities defined

under Annex C of Coca-Cola HBC’s Organisational

Regulations. The work of the Audit and Risk

Committee during the year included

consideration, review, and where appropriate

challenge, of the respective matters, as well as

assessment of management’s mitigating actions

and response plans in the areas below:

Reporting

•   the full-year consolidated financial statements

and results announcement, the half-year

consolidated financial statements and interim

results announcement, prior to submission for

Board approval, the quarterly trading updates,

as well as upgrading the Group’s 2024 guidance

in its half-year results;

•  areas of significance in the preparation of the

consolidated financial statements and impact

on markets including: foreign currency volatility,

affordability challenges, floods and wildfires in

various countries and geopolitical issues such

as in the Middle East region, Ukraine and Russia;

•  oversight of the preparations and endorsement

of the first CSRD reporting of the Company

forapproval by the Board, working closely with

and challenging the management to ensure

the ESG data integrity matches that of financial

data integrity; and

•  the external auditor’s reports on the Group’s

consolidated half-year and annual financial

statements and Swiss statutory audit report;

Regular finance, tax and regulatory updates

•  regular finance and market updates on

performance and significant accounting,

reporting and internal audit matters, including

actions to mitigate inflation, currency volatility

and other finance related risks;

•  oversight of tax strategy, key international

taxinitiatives, and ongoing tax audits;

•   regular updates on health and safety, quality

assurance, regulatory compliance, including

dataprivacy, fraud control, sanctions,

and overview of litigation and regulatory

investigations and compliance with the

Group’sCode of Business Conduct; and

•  regular updates from the external auditor

onaccounting and regulatory developments,

including updates on Swiss regulatory

developments and CSRD;

Principal risks, internal controls

&externalauditor

•  scheduled risk updates and updates on business

resilience matters including: emerging risks,

use of AI, cyber security, insurance, business

resilience processes and the fire at the Bambi

production plant;

•  approval of changes to 2024 internal audit plan,

quarterly reports on internal audit matters

across the Group’s business and approval

ofthe2025 internal audit plan;

•  the internal control environment, principal risks

and risk management systems (including and

the Group’s statement on the effectiveness of

its internal controls prior to endorsement by

the Board, concluding that management has

carried out a robust risk assessment process);

•   endorsement of the Group’s risk appetite

statement and the framework for establishing

risk tolerance levels for all risks as a key part of

the risk assessment process;

•  reports on the Group’s impairment assessment

processes and relevant results in connection

with the interim and annual financial report;

•  review of and discussion with senior

management on the viability statement

scenarios and underlying assumptions,

the going concern reporting basis and

endorsement of recommendation to the

Boardto approve the viability statement;

•  progress on internal control frameworks and

assessment and integration of the Company’s

Egyptian subsidiary;

•  an assessment and confirmation of the internal

audit function including sufficiency of the internal

audit budget and resources, and confirmation

of the internal auditor’s quality, independence,

experience and expertise for the business;

•  external audit plan and pre-approval of audit

fees for 2025, as well as external audit tender

plan for 2025;

•  consideration of the external auditor’s

independence, quality, and adequacy and

the effectiveness of its audit of the financial

statements; and

•  assessment of Coca-Cola HBC’s external

reporting to ensure it is fair, balanced and

understandable in accordance withthe

Board’sobligation under the UK Corporate

Governance Code.

In 2024, the Audit and Risk Committee also

reviewed the 2023 Integrated Annual Report

including the consolidated financial statements

andassociated reports and information. The Audit

and Risk Committee received assurances from

management and details on the processes underlying

the preparation of published financial information.

Following evaluation of all available information,

the Audit and Risk Committee concluded and

advised the Board that the 2023 Integrated

AnnualReport including the consolidated financial

statements is fair, balanced and understandable.

Areas of key significance in the

preparation of the financial statements

The Audit and Risk Committee considered a number

of areas of key significance in the preparation of the

financial statements in 2024, including:

•  appropriateness of critical accounting

judgements and estimates that affect the

reported amounts of assets, liabilities, revenues

and expenses, and the disclosure of contingent

assets and liabilities in the consolidated financial

statements (detailed in Notes 5, 13, 15, 21 and

29 to the consolidated financial statements),

identified by management;

Corporate Governance Report continued

Audit and Risk Committee continued

Coca-Cola HBC Integrated Annual Report 2024218

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

•  review of the trading environment and resilience

of the Group’s business in light of the conflict

between Russia and Ukraine and strategic

actions implemented to mitigate risks and

restructure business operations;

•  review of the annual impairment testing of

goodwill and other indefinite lived intangible

assets testing performed by management and

reviewed by the external auditor under IAS 36

as well as the related sensitivity analysis with

confirmation that management had undertaken

a robust impairment testing process, relying

on both internal information, and other

publiclyavailable metrics to perform the

auditor’s assessment;

•  review of key assumptions for specific

countries, challenging management drivers

ofrelevant deviations and performance to date,

as well as countries’ Weighted Average Cost of

Capital (WACC) rates development vs prior year;

•  review of geopolitical events in the Middle East;

•  review of new launches of products into

markets and further expansion of other

products into new markets;

•  review of the contingencies, legal proceedings,

competition law and regulatory procedures;

•  review of guidance provided by the FCA and

related to areas of focus for the 2024/2025

reporting season, including EU CSRD,

amendments to the FRC’s UK Corporate

Governance Code, the FCA’s UK Listing Regime

and new global internal audit standards applying

from January 2025;

•  review of the external auditor’s work on the

European Single Electronic Format standard,

aswell as its work on climate risk;

•  review of the interim impairment testing of

goodwill and other indefinite lived intangible

assets performed by management in relation

tothe Company’s Egyptian subsidiary;

•  assessment of management’s work in

conducting a robust assessment of the risks

that impact the viability and going concern

statements, including review of scenarios

andunderlying assumptions;

•  recommending to the Board to approve

theviability statement;

•  deeming appropriate that the Group continues

to apply the going concern basis for the

preparation of the financial statements; and

•  TCFD reporting obligations.

External auditor

PricewaterhouseCoopers AG, Birchstrasse 160,

CH8050 Zurich, Switzerland (‘PwC AG’) has been

elected by the shareholders as the statutory

auditor for the Group’s statutory consolidated

andstandalone financial statements. The signing

partner for the second year, for the statutory

financial statements on behalf of PwC AG is

PatrickBalkanyi, for the year ended 31 December

2024. The Board, at the recommendation of

theAudit and Risk Committee, has retained

PricewaterhouseCoopers S.A., 65 Kifissias Avenue

– 15124 Marousi, Greece (‘PwC S.A.’), anaffiliate

ofPwC AG, to act as the Group’s independent

registered public accounting firm for the purposes

of reporting under the UK rules for the year ended

31 December 2024. For the fourth year, the signing

partner of the Group financial statements (for the

year ended 31 December 2024) on behalf of PwC

S.A. is Fotis Smyrnis, who is also the signing partner

of the assurance engagement regarding the Group

Sustainability Statement.

The appointment of PwC S.A. has also been

approved by the shareholders until the next AGM

by way of advisory vote for UK purposes. ‘PwC’

refers to PwC AG or PwC S.A., as applicable,

inthisIntegrated Annual Report.

During the accounting period, the members of

theAudit and Risk Committee met on a regular

basis with the appointed PwC signing partners,

both with and without management being present.

Thisprovided the Audit and Risk Committee

withanopportunity for open dialogue, to

questionand be satisfied as to the quality of the

audit work performed by PwC and challenge PwC’s

professional scepticism. During the meetings, the

appointed PwC signing partners demonstrated

their understanding of the Group’s business risks

and the consequential impact on the financial

statement risks, especially around areas of key

significance in the preparation of the financial

statements including but not limited to the

tradingenvironment and resilience of the Group’s

business in light of the challenging macroeconomic

conditions, the annual impairment testing,

contingencies and legal proceedings including

taxes. The Audit and Risk Committee took an

activerole in reviewing the scope of the audit,

theindependence, objectivity and effectiveness

ofPwC, and the negotiations relating to audit fees.

The Audit and Risk Committee also met with the

management team,which led the discussions with

PwC, including the Head of Corporate Audit, to

review the performance of PwC without PwC being

present. Following this review process, the Audit

and Risk Committee has recommended to the

Board that (i) a proposal to reappoint PwC AG be

put to a shareholders’ vote; and (ii) a proposal to

reappoint PwC S.A. be put to a shareholders’

advisory vote at the next AGM.

PwC has acted as the Group’s principal

externalauditor since 2003. Coca-Cola HBC

ranacompetitive tender for the external auditor

services in 2015 which was overseen by the Audit

and Risk Committee. Following the evaluation

ofthe proposals, the Audit and Risk Committee

concluded in 2015 that the best interests of the

Group and its shareholders would be served by

reappointing PwC as external auditor and made

such recommendation to the Board. PwC was

reappointed by the Board as the Group’s external

auditor on 11 December 2015 with effect from the

financial year 2017. Currently, the Audit and Risk

Committee anticipates that the audit contract will

be put out to tender again in the first half of 2025

for audit services with effect from financial year

2027, ensuring stability and quality of the audit

process. As a Swiss company, Coca-Cola HBC is

not subject to mandatory auditor rotation rules in

theEU or UK but understands the requirements.

There are no contractual or other obligations

restricting the Group’s choice of external auditor.

Non-audit services provided by the

external auditor

The Audit and Risk Committee considers the

independence, in both fact and appearance, of

theexternal auditor as critical and has long had an

auditor independence policy providing definitions

of the services that the external auditor may and

may not provide. In line with the relevant FRC

Guidance, the Company’s relevant policy requires

the Audit and RiskCommittee’s pre-approval of all

audit andpermissible non-audit services provided

bytheexternal auditor, and only for matters that

are clearly trivial to the Company. Such services

include audit, work related to audit, and certain

taxand other services as further explained below. In

practice, the Audit and Risk Committee applies the

policy restrictively, and approval for work otherthan

audit and audit-related services is rarely granted.

Under the policy, pre-approval may be provided for

work associated with: statutory or other financial

audit work under IFRS or according to local

statutory requirements; attestation services

notrequired by statute or regulation; accounting

and financial reporting consultation and research

worknecessary to comply with generally accepted

accounting and auditing standards; internal control

reviews and assistance with internal control

reporting requirements; review of information

systems security and controls; taxcompliance and

related tax services, excludingany tax services

prohibited by regulatoryor other oversight

authorities; expatriates’ and other individual

taxservices; andassistance and consultation

onquestions raised by regulatory agencies.

For each proposed service, the external

auditorisrequired to provide detailed back-up

documentation at the time of approval to permit

the Audit and Risk Committee to decide whether

the provision of such services would impair the

external auditor’s independence.

PwC has complied with the policy for the financial

year ended on 31 December 2024.

Corporate Governance Report continued

Audit and Risk Committee continued

Coca-Cola HBC Integrated Annual Report 2024219

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Audit fees and all other fees

Audit fees: The fees to PwC and affiliates for audit

services were approximately €5.4 million for the

year ended 31 December 2024 (2023: €5.3 million).

The audit fees for 2024 include fees associated

with the annual audit of the Group’s consolidated

financial statements, the review of the Group’s

condensed consolidated interim financial

statements, prepared in accordance with IFRS

asadopted by the EU, as wellas local statutory

audits. Fees for audit servicesto firms other than

PwC and affiliates were€0.7 million for the year

ended 31 December 2024 (2023: €0.6 million).

Audit‑related fees: Fees to PwC and affiliates

foraudit-related services for the year ended

31 December 2024 were €1.1 million

(2023: €1.0 million).

All other fees: Fees to PwC and affiliates

fornon-audit services for the year ended

31 December 2024 were €0 (2023: €0.1 million).

Risk management

During 2024, Coca-Cola HBC continued to revise

and strengthen its approach to risk management

(see pages 178 to 180). The primary aim of our risk

management programme is to minimise our

exposure and ensure that the nature and

significance of all risks we are facing are properly

identified, reviewed, managed and, where

necessary, escalated. Risk assessments are

conducted and discussed at monthly senior

leadership team meetings in all our business units.

These assessments are reviewed by regional

management teams and the Chief Risk Officer

(CRO) twice a year. In addition, corporate

functions conduct broader risk assessments

across the business with the CRO bi-annually.

Coca-Cola HBC’s Group Risk and Compliance

Committee reviews the assessments of emerging

and principal risks bi-annually and the outcomes

ofthose reviews, along with mitigating actions

arepresented by the CRO to the ELT and the

Auditand Risk Committee. This process is both

top-down and bottom-up and is designed to

ensure that risks arising from business activities

are appropriately managed.

The Audit and Risk Committee confirms that the

risk management and internal control systems

have been in place for the year under review and

up to the approval of the 2024 Integrated Annual

Report. Finally, Coca-Cola HBC has in place

third-party insurance to cover residual insurable

risk exposure such as property damage, business

interruption, cyber risks and liability protection,

including Directors’ and officers’ insurance for

ourDirectors and officers.

Internal control

The Board has ultimate responsibility for ensuring

that Coca-Cola HBC has adequate systems of

financial reporting control. Systems of financial

reporting control can provide only reasonable

andnot absolute assurance against material

misstatements or loss. In certain of the countries

inwhich we operate, our businesses are exposed

toa heightened risk of loss due to fraud and criminal

activity. We review our systems of financial control

regularly to minimise such losses.

Internal audit

Our internal audit function reports directly to

theAudit and Risk Committee, which reviews

andapproves the internal audit plan for each year.

The internal audit function consists of approximately

45 full-time professional audit staff, primarily based

in Athens, Sofia, Lagos and Cairo, covering a range

of disciplines and business expertise. One of the

responsibilities of the internal audit function is

toprovide risk-based and objective assurance

tothe Board as to whether the Group’s framework

of risk management, including the internal control

framework, is operating effectively. For this

purpose, the Head of Corporate Audit makes

quarterly presentations to the Audit and Risk

Committee and meets regularly with the Audit

andRisk Committee without the presence of

management. In addition, the internal audit

function reviews the internal financial, operational

and compliance control systems across all

jurisdictions where we operate, and reports its

findings to management and the Audit and Risk

Committee on a regular basis.

The internal audit function focuses its work on the

areas of key risk, as determined by a risk-based

approach to audit planning. As part of our

commitment to maintaining and strengthening best

practice in corporate governance matters, we also

consistently seek to enhance our internal control

environment and risk management capability. The

internal audit function carries out work across the

Group, providing independent assurance, advice

andinsight to help the organisation accomplish its

objectives by bringing a systematic, disciplined

approach to evaluating and improving the

effectiveness of risk management, control and

governance processes. In December 2024, the Audit

and Risk Committee agreed the 2025 audit plan to

be undertaken by the internal audit team. The audit

plan coverage is based on risk, strategic priorities

and consideration of the strength of the control

environment. The internal audit function prepares

audit reports and recommendations following each

audit, and appropriate measures are then taken to

ensure that all recommendations are implemented.

Significant issues, if any, are raised immediately

after they are identified. There were no such

issues identified in2024.

The Board has adopted a chart of authority,

defining financial and other authorisation limits

and setting procedures for approving capital and

investment expenditure. The Board also approves

detailed annual budgets. It subsequently reviews

quarterly performance against targets set forth

inthese plans and budgets. A key focus of the

financial management strategy is the protection

ofour earnings stream and management of

ourcash flow. Our internal audit function has

conducted an annual review of the effectiveness

ofour risk management and internal control

systems in accordance with the UK Corporate

Governance Code.

The Audit and Risk Committee’s review included

bi-annual reviews with the CRO on the operation

ofthe business resilience programme, regular

review of our financial operations and compliance

controls and consideration of Coca-Cola HBC’s

principal risks. Part of this review involves regular

review of our financial, operational and compliance

controls, following which we report back to the

Board on our work and findings as described above.

This allowed the Audit and Risk Committee to

provide positive assurance to the Board to

assistitin making the statements that our risk

management and internal control systems are

effective, as required by the UK Corporate

Governance Code. Read more on page 191.

The key features of the Group’s internal control

systems that ensure the accuracy and reliability of

financial reporting include: clearly defined lines of

accountability and delegation of authority; policies

and procedures that cover financial planning and

reporting; preparation of monthly management

accounts; and review of the disclosures within the

Integrated Annual Report from function heads to

ensure that the disclosures made appropriately

reflect the developments within the Group in the

year and meet the requirement of being fair,

balanced andunderstandable.

The Audit and Risk Committee reviews the

resultsof the internal audit reports during each

meeting, focusing on the key observations of any

reports where processes and controls require

improvement. The Audit and Risk Committee

wasalso provided with updates on the remediation

status of management actions on internal audit

findings and on the internal audit quality assurance

and improvement programme at each meeting.

The robustness of the internal control systems

and processes around risk management remained

in focus. The Audit and Risk Committee was kept

informed of any changes or adaptations to

ensurefull functionality as Coca-Cola HBC

continued to operate under the circumstances

and uncertainties of the conflict between Russia

and Ukraine.

The Group CFO, the Country General Managers and

Country CFOs have access to the implementation

status of the recommendations at all times.

Where internal or external circumstances give

riseto an increased level of risk, the audit plan

ismodified accordingly.

Corporate Governance Report continued

Audit and Risk Committee continued

Coca-Cola HBC Integrated Annual Report 2024220

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Nevertheless, no significant cases occurred

thisyear. Any changes to the agreed audit plan

arepresented to and agreed by the Audit and

RiskCommittee.

Cyber security and AI

There were no significant cyber security incidents

in the last five years. For further details as to the

identification of cyber security as a principal risk

see page 183.

AI requirements, guidelines and end-user training

material have been communicated as part of our

Group wide communication campaign on

compliance during our Ethics and Compliance

Week to ensure the ethical, trustworthy and

robust deployment of AI technologies.

Business conduct, anti-bribery and

anti‑money laundering

We seek to grow our business by serving customers

and consumers and conduct all business activities

with integrity and respect. The Board is responsible

for ensuring appropriate procedures and processes

are in place to enable our workforce to raise any

issues of concern and is satisfied that the processes

in place are appropriate. The Board maintains

zero-tolerance regarding breaches of our Code of

Business Conduct and anti-bribery policies, as well

as any attempts to retaliate against our people who

report potential violations. We have mandatory

training for all our people, including our ELT, so

thateveryone understands our Code of Business

Conduct, and we hold additional targeted anti-

bribery training for employees working in areas we

assess as high risk. In line with our commitment to

continue streamlining our compliance processes,

during 2024 we introduced an enhanced version

ofour Code of Business Conduct Approval Portal

for better user experience.

A Code of Business Conduct and Anti-bribery Policy

course is available on-line to all employees and

includes a knowledge test, acknowledgement, and

re-commitment to compliance with the Code and its

related policies. At the end of the last training wave in

2024, 29,053 employees passed the course, which

was 98.8% of the total active population. Since

then,we have continued to train every newly hired

employee. As in the past, this training will continue

tobe a regular requirement for all employees,

witharefresher requirement every three years.

In 2024, our communication plan on compliance

included several initiatives to continue raising

awareness on business ethics among our people,

like our annual Ethics and Compliance Week, which

was rolled out across our business units. We also

have an established anti-bribery due diligence

process for third parties in contact with public

authorities on behalf of Coca-Cola HBC.

There were no money laundering incidents to report.

Read our Anti-bribery Policy and Code of Business

Conduct: coca-colahellenic.com/en/about-us/

corporate-governance/policies.

Whistleblowing

We have established grievance mechanisms,

including an independently operated whistleblower

‘Speak Up! line,’ available in all Coca-Cola HBC

countries in local languages to ensure any

concernscan be raised. In 2024, we processed

828allegations (2023: 640) reports and inquiries,

ofwhich 588 (2023: 422) were received through

theSpeak Up! line. Among these reports 600

(2023:482) were allegations involving potential

Code of Business Conduct violations which were

investigated in accordance with the Group Code

ofBusiness Conduct Handling Guidelines. The

remaining 228 (2023:158) were inquiries regarding

Company policies and procedures.

Of those investigated as potential violations of our

Code of Business Conduct, 208 (2023: 164) matters

were substantiated as code violations, of which 33

(2023: 18) involved a financial impact greater than

€10,000 or involved an employee in a managerial

position. For details concerning the handling of

allegations received in 2024, see our website.

Youcan find more on allegations investigated

andviolations uncovered in our GRI index.

Read about the handling of allegations received in

2024

Read about allegations investigated and violations

uncovered in our GRI index (link).

Through the ‘Speak Up! line’, we receive, retain,

investigate and act on employee, officer, consultant,

intern, secondee or agent of Coca-Cola HBC’s

complaints or concerns regarding accounting,

internal control, suspected fraudulent conduct,

corrupt conduct, violation of any applicable antitrust

and competition law rules, violation of personal data

protection and company system security rules,

endangerment of an individual’s or individuals’

healthand safety, endangerment of the

environment, commission of a criminal offence,

failure to comply with any legal or regulatory

obligation, and concealment of any information

pertaining to any of the above, or other

ethicalmatters.

This includes any matters regarding the

circumvention or attempted circumvention

ofinternal controls, including matters that would

constitute a violation of our Code of Business

Conduct and related policies or matters involving

fraudulent behaviour by officers or employees of

theGroup. Individuals can report all such allegations,

complaints or concerns in local languages, also

directly to their Ethics and Compliance Officer,

General Manager, Function Head, the Senior Audit

Manager – COBC & Compliance, the Head of

Corporate Audit, or our General Counsel.

All communications received directly by Coca-

Cola HBC’s representatives or through the Speak

Up! line are kept confidential and, where

requested, anonymous. The Head of Corporate

Audit liaises regularly with the General Counsel

and communicates all significant allegations to

the Chair of the Audit and Risk Committee. All

matters received via the Speak Up! line or any

other reporting mechanism are thoroughly

investigated. The Audit and Risk Committee

receives summary reports of escalated incidents

and instances of whistleblowing together with the

status of investigations and, where appropriate,

management actions to remedy issues identified.

The Audit and Risk Committee reports on such

matters to the Board, which reviews and considers

those reports at least bi-annually as appropriate.

Disclosure Committee

We have a Disclosure Committee, and disclosure

controls and procedures have been adopted to

ensure the accuracy and completeness of our

public disclosures. The Disclosure Committee

iscomposed of the Group CFO, the General

Counsel, the Head of Investor Relations and

theGroup Financial Controller.

Performance reporting

Reports on our annual performance and prospects

are presented in the Integrated Annual Report

following recommendation by the Audit and Risk

Committee. In line with UK practice, we have

adopted half-year and full-year reports, and Q1 and

Q3 trading updates. Internally, our financial results

and key performance indicators are reviewed by the

ELT on a monthly basis. This information includes

comparisons against business plans, forecasts

andprior-year performance. The Board receives

updates on performance at each Board meeting,

aswell as a monthly report on our business and

financial performance.

Priorities for 2025

•  Monitoring updates in connection with

International Financial Reporting Standards

(‘IFRS’)and other regulatory and reporting matters,

including potential classification of Egypt and/or

Nigeria as hyperinflationary economies.

•  Ongoing monitoring of risks, as well as impairment

testing of goodwill and intangible assets.

•  Ongoing monitoring of internal financial

controls, anti-fraud systems and Code of

Business Conduct compliance.

•  Ongoing monitoring of the Group’s Business

Resilience, Risk Management and Quality

Assurance programmes.

•  Ongoing monitoring of the Group’s Cyber

Security programme.

•  Overview, plan progress and results of

audittender.

•  Ongoing monitoring of developments regarding

CSRD reporting requirements.

Corporate Governance Report continued

Audit and Risk Committee continued

Coca-Cola HBC Integrated Annual Report 2024221

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report

Letter from the Chair of the Remuneration Committee

Dear Shareholder,

As the Chair of the Remuneration Committee,

Iam pleased to share the Directors’ remuneration

report for the year ended 31 December 2024,

which includes: the Directors’ remuneration policy

that shareholders will be asked to approve at the

AGM in May 2025; and the annual remuneration

report, reflecting how the Directors’ remuneration

policy has been implemented during 2024 and will

be implemented in 2025.

Coca-Cola HBC AG is domiciled in Switzerland

andwe have a primary listing on the London Stock

Exchange. We therefore ensure that we adhere to

UK regulations and best practice, except where

these conflict with Swiss law, which takes

precedence. We receive regular updates from our

remuneration advisers on UK best practice and

market trends, and we also ensure we are current

with pay trends in our markets, reflecting our

geographic footprint and international peers.

The Group’s remuneration philosophy

andpoliciescontinue to be designed to attract,

motivate and retain the talented people we need

tomeet our strategic objectives and to give them

due recognition. The Remuneration Committee

has worked to ensure that the remuneration

policyremains fair, transparent, andcompetitive

incomparison with our peers, andthat

remuneration helps drive our growth

strategyandsustainable performance.

Performance overview

During 2024, focus on execution of our strategic

priorities has helped to deliver continued growth.

Our ability to deliver quality growth in a range

ofmarket conditions demonstrates the strength

ofour 24/7 portfolio and bespoke capabilities.

Thebusiness remains well positioned to continue

driving growth in revenue, profit and earnings.

I am pleased to share our key financial highlights,

at a Group level.

Organic revenue growth of

13.8%

and reported revenue up 5.6%

Organic revenue per case up

10.7%

driven by targeted revenue growth management

(RGM)initiatives

Comparable EBIT

€1,192.1m

with organic EBIT growth of 12.2%

Comparable EPS growth of

9.5%

supported by strong EBIT delivery

Free cash flow

€712.6m

This strong financial performance has corresponded

with strong returns to shareholders, with a proposed

ordinary dividend of€1.03 per share, up 11%

year-on-year and representing a 45% payout.

Thetotal shareholder return over the financial

yearwas c.30%, outperforming the FTSE 100

index,which had a total shareholder return of

c.15%. Theshare price has continued to perform

well in2025 to the date this report was finalised.

We are proud to make a strong contribution

todeveloping the societies in which we operate

through employment and our wider supply chain,

aswell as through supporting community projects.

Our progress is recognised by the most important

ESG benchmarks, such as being ranked as the

world’s most sustainable beverage company for

the eighth time by the Dow Jones Best-in-Class

Index

1

2024, and receiving a double A rating from

CDP on climate and water, amongst others.

Charlotte J. Boyle (Chair)

Member since 2017

Chair since June 2020

Reto Francioni

Member since June 2016

Anna Diamantopoulou

Member from June 2020

until September 2024

Elizabeth Bastoni

Member since

September2024

Activities of the Remuneration

Committee during 2024

During 2024, the key Remuneration Committee

activities were to:

•  Review the remuneration policy for

seniorleaders.

•  Conduct extensive shareholder consultation

as part of the review of the Executive Director

remuneration policy, with recommendations

to be presented for approval at the 2025 AGM.

•  Monitor the design of the Company’s

Rewards Centre of Excellence (COE).

•  Review and sign off the 2023 Directors’

remuneration report.

•  Review the 2024 base salary for the CEO.

•  Review and approve the 2024 base salaries

forthe ELT members and generalmanagers.

•  Review and approve the 2023 MIP payout and

2024 MIP measures and targets for the CEO.

•  Review and approve payout levels for the

2023 MIP and 2024 MIP measures and

targetsin relation to ELT members and

general managers.

•  Review and approve the 2021 PSP vesting level

and 2024 PSP measures, targets andgrants.

Overview

Members

All members of the Remuneration Committee

are independent NEDs. At the AGM in May 2024,

Charlotte Boyle (Chair), Reto Francioni and Anna

Diamantopoulou were re-elected for a one-year

term by the shareholders. In September 2024,

Anna Diamantopoulou retired from the Board

and the Remuneration Committee, and

Elizabeth Bastoni was appointed following

herelection to the Board by the shareholders.

1.  These indices were formerly known as the Dow Jones Sustainability Indices (DJSI).

Coca-Cola HBC Integrated Annual Report 2024222

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

We also continue to support communities in need

inthe countries where we operate. For example,

following severe flooding across Central and Eastern

Europe this quarter, we collaborated withgovernments

and NGOs to assist impacted communities, delivering

over 270,000 litres of beverages through a network

of local charities andmunicipalities.

The excellent financial and non-financial results

in2024 are testament to the hard work of all our

people. It is the Committee’s role to ensure that

ourpeople are rewarded for past performance

aswell as appropriately incentivised to deliver

futureperformance, and that their dedication

andcommitment are recognised and considered

inthecontext of our broader stakeholder group.

2024 remuneration outcomes

Base salary arrangements

During the year, the CEO received a base salary

increase of 5.5%, effective 1 May 2024. This was

below the average salary increase awarded across

the Group (8.3%).

Incentive outcomes

Management Incentive Plan (MIP)

The formulaic MIP outcome for the CEO was

75%ofthe maximum opportunity. The outcome

reflects record levels of revenue, comparable EBIT

and free cash flow, which the 2024 MIP was based

on. Even with these record levels of growth, due to

the stretching targets set by the Committee, both

the revenue and comparable EBIT measures were

not at a maximum payout. The achievements

were between target and maximum.

Performance Share Plan (PSP)

Performance against the targets over the period 2022

to 2024 resulted in a formulaic vesting level of 77%

ofthe maximum PSP award granted in2022. Following

an assessment against the stretching targets set,

comparable EPS was between threshold and

maximum, ROIC was at maximum, and reduction of

CO

2

emissions was between threshold and maximum.

As reported in the 2023 annual report, and in line

with the approach to the 2021 PSP award, we

received notification from the third party (IFEU,

aninstitute preferred by TCCC as the source on

material emissions factor change), and in line with

GHG Protocol guidance a recalculation of the base

year 2017 onwards was triggered in 2023, and again

in 2024, to reflect the annual release of emissions

factors. Given the methodology change to the

base year used for emissions data,which directly

impacts future years, the Committee considered

it appropriate for this change to flow through to

the targets attached tothe 2022 PSP award.

In line with the 2021 PSP award, in doing so, the

Committee is confident that the revised targets were

not materially easier or harder to achieve than the

original targets. Further details are set out on page 241.

At the end of the performance period, looking at

wider business performance and the experience of

stakeholders more broadly, detail of which is provided

earlier on in this letter and elsewhere inthe 2024

Integrated Annual Report, the Committee

considered the formulaic outcome appropriately

reflected the underlying performance of the Group.

At the point when the 2022 PSP award was granted,

our share price had been impacted by the outbreak

ofthe Russia-Ukraine war. Whilst the overall market

was impacted by the onset of the Russia-Ukraine

war, the impact for Coca-Cola HBC was more

pronounced given the operations that we had in

both countries. Over the last three years, the CEO

and senior management have expertly handled the

challenges arising from the conflict and worked

hard to deliver a performance which is reflected in

theshare price recovery in a challenging economic

environment. This performance includes not only

managing the Group’s operations in both affected

countries, but also ensuring that affected

colleagues were appropriately supported in

suchchallenging markets. The share price did

notfollow the typical ‘V-shape’ recovery that is

often associated with ‘windfall gains’, and,instead,

has recovered over time reflecting sustained

performance due to management actions and

therecord results being delivered by the Group.

Reflecting on the performance of the executive

team and across the wider group (with our

long-term incentive arrangements applying

toover 60 individuals within the group) the

Committee determined itwas not appropriate to

makeany adjustment tothevesting of this award.

Review of the remuneration policy

As indicated in the 2023 Directors’ remuneration

report, the core focus for the Committee this year

hasbeen to undertake a detailed review of the

remuneration policy that applies to our senior leaders,

including the CEO. The intention was to perform

afundamental review to ensure that we have the

appropriate remuneration framework for the next

period and consistency in implementation. The

keyobjectives of this review were to ensure that

theremuneration policy continues to support the

delivery of the Group’s strategy and is market aligned,

and that the overall remuneration quantum supports

the retention and recruitment of best-in-class

leadership, providing appropriate motivation

andretention for the senior management team.

TheCommittee also reflected on:

•  the performance of the business since Zoran

Bogdanovic became CEO, over which time

there has been:

•  strong revenue growth (c.61.5% growth in net

sales revenue between 2018 and 2024);

•  robust profitability (record comparable EBIT

of€1,192.1 million in 2024 and c. 75% growth

between 2018 and 2024);

•  since 2021 we are the #1 contributor to

incremental value creation for our retail

customers within fast-moving consumer

goods (FMCG) in Europe, according to Nielsen;

•  successful acquisitions of business in Egypt and

Finlandia, our snack business Bambi and super

premium brand Three Cents. Continued

cooperation with premium spirits brand owners

and expansion into the coffee category with

Costa Coffee and Caffè Vergnano;

•  significant progress towards our Mission 2025

targets and NetZeroby40 goal;

•  strong shareholder returns (refer to graph on

page 245); and

•  for the 8th time CCHBC was ranked as the most

sustainable beverage company in the Dow

Jones Best-in-Class Indices (the Dow Jones

Sustainability Indices) issued by S&P Global,

inthe top 1% of the S&P Global Sustainability

Yearbook 2025, and recognised by the double-A

rating from CDP.

•  an increasingly competitive global talent market

– we recruit from a global talent market including

from within the global bottling network and

across the global FMCG industry. Recruitment

is predominantly from companies with a

European HQ, but also includes globally mobile

executives who can be positioned across Europe

or North America. It is critical that remuneration

arrangements incentivise our senior leaders and

support our ‘pay-for-performance’ culture.

Zoran Bogdanovic appointed

CEO in December 2017 and

joined the Board in June 2018

Zoran Bogdanovic appointed

CEO in December 2017 and

joined the Board in June 2018

Escalation

Ukraine–

Russia war

Covid outbreak

Net Sales Revenue

growth 2018–2024

~61.5%

Focused execution delivered strong organic growth

Total Group growth rate (organic %)

Net Sales Revenue (NSR)

Long-term resilient profitability with record EBIT

Comparable EBIT (€m) and comparable basic EPS

growth (%)

1

0

2

0

5

-

5

1

5

0

-

10

3.0%

5.9%

6.0%

3.7%

-8.5%

20.6%

14.2%

16.9%

13.8%

2016 2017 2018 2019 2020 2021 2022 2023 2024

12%

27%

6%

10%

-17%

34%

8%

22%

9%

1,192

518

621

681

759

672

831

930

1,084

Coca-Cola HBC Integrated Annual Report 2024223

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Total maximum compensation

2

FMCG Peer Group

1

The FMCG peer group has a market capitalisation between lower quartile and upper quartile of

€9.4 billion to €28.2 billion; median€13.0 billion; CCHBC €12.0 billion.

1.  The FMCG peer group consists of: Royal Unibrew, Remy Cointreau, Chocoladefabriken Lindt & Spruengli, Davide Campari Milano, Beiersdorf,

Carlsberg, Henkel AG & Co, Barry Callebaut, JDE Peets, Molson Coors, Coca-Cola Europacific Partners and Kellanova.

2.  The analysis in the charts is based on salary, maximum bonus, and maximum LTIP opportunities.

0

5

10

15

20

Upper Quartile

€11.9m

Median

€8.2m

Europe UK US

Total maximum compensation

2

FTSE 100 Peer Group

Upper Quartile

€10.1m

Median

€6.7m

Lower Quartile

€5.2m

Inter-quartile

CCHBC

€5.5m

Proposed

€6.8m

CCHBC

€5.5m

Lower Quartile

€3.8m

CCHBC

Proposed

€6.8m

Directors’ remuneration report continued

•  the level of shareholder support on the

remuneration resolutions at the AGM in the

last four years. As noted earlier, the Committee

wants to ensure that the overall remuneration

structure and opportunity is fit for purpose

and does not require adjustments particularly

reflecting feedback from some shareholders.

Since that time, the remuneration package

ofthe CEO has not materially changed

The key findings from the review of the

remuneration policy were:

•  The remuneration structure is broadly fit for

purpose and supports the delivery of the Group’s

strategy and strong performance philosophy.

Theannual bonus ensures a strong focus from the

executives on key measures of operational success

over the short term, whilst the PSP is based on

three-year performance targets aligned with our

long-term plan and ensures that the executives

are focused on delivering stretched performance

over the long term for our shareholders.

•  The remuneration structure is well aligned

withour European peers and the performance-

weighted structure is aligned with the Company’s

high performance culture. Whilst it is noted that

our US peers operate a hybrid long-term incentive

structure, the Committee did not feel that such a

structure would be appropriate for CCHBC at this

stage in its lifecycle and wanted to retain a pay-for-

performance culture amongst senior leaders.

•  From a structural perspective, minimal changes

are therefore proposed. Minor changes are

proposed to the deferral and shareholding

requirements to ensure that the package

reflects emerging market practice and the

significant shareholding of our CEO.

•  The review confirmed that the current maximum

remuneration opportunity for the CEO is below

the desired positioning for the calibre of our

CEO relative to i) FTSE 100 peers; ii) FMCG

peers

1

; and iii) his predecessor. Supporting data

is provided on the following pages. Reflecting

on this, the Committee proposes to make

some adjustments to the CEO’s maximum

compensation opportunity, delivered through

both a policy and an implementation adjustment,

reflecting that itisbelow the median and at the

lowerend of the inter-quartile range compared

to peers.

The proposals are as follows:

•  CEO’s base salary increases by 15% to

€1,083k. This adjustment recognises the CEO’s

strong performance in role and ensures that

the remuneration package is reflective of the

size and scale of the role at CCHBC relative to

both FTSE-listed and industry peers. The CEO’s

base salary will be more closely aligned with FTSE

100 market practice while remaining towards

thelower end of the FMCG peer group.

•  MIP maximum opportunity increase to 200%

of salary (from 140%). This change aligns our

bonus structure more closely with both FTSE

100 and global FMCG peer group benchmarks.

This change also provides appropriate headroom

in the incentive opportunity for senior leaders

where, in some cases, the overall opportunity has

fallen below market competitive levels. It is also

noted that since Zoran Bogdanovic becoming

CEO in 2017, the bonus opportunity has only

increased once and only marginally (from 130%

to 140% of salary). It’s important to highlight

that the bonus will continue to be subject to

stretching performance targets, ensuring

alignment with shareholder interests.

•  Shareholding requirements and MIP

deferral. Going forward, the Committee will

remove the requirement for deferral of 50%

of any MIP award into shares so long as the

in-employment shareholding requirement is

met by the CEO. Tofurther strengthen the link

between Executive Director remuneration and

shareholders, the Committee will increase the

in-employment shareholding requirement to

450% of base salary,up from 300%.

Thischange reinforces our commitment to

aligning executives with the long-term success

ofCCHBC; is in line with the exceptional limit

underthe PSP; and is positioned around the upper

quartile of the FTSE 100. The CEO currently has

ashareholding of 1,353% and is therefore already

fully aligned with shareholder interests. The CEO’s

incentive plans have malus and clawback clauses

applicable to variable pay, which have now been

centralised in a formal policy outlining the

circumstances and process of application,

seemore on page 234.

When considering quantum, the Committee used

benchmarking as a reference point to assess the

competitiveness of the package both from a FTSE

perspective and from a global FMCG peer group

perspective. See below: the positioning of total

maximum compensation opportunity under the

current and proposed packages against these two

peer groups, which shows that against the FTSE 100

the proposed total package is broadly median and

remains below median against the FMCG peergroup.

Coca-Cola HBC Integrated Annual Report 2024224

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

We conducted an extensive consultation exercise

with shareholders during the Autumn, engaging

our top 50 shareholders representing 74% of our

share capital, as well as with the major proxy

advisory bodies. This followed other extensive

shareholder engagement in recent years on

remuneration, meaning that we have consulted

with a number of our top shareholders six times in

the last four years. The Committee therefore has

a well-rounded picture of shareholder views on

remuneration and is grateful to our shareholders

for their willingness to engage.

Shareholders have been largely supportive

ofthe changes we are proposing.

•  Shareholders recognised the strong strategic

progress and financial performance of

the Company, combined with the growing

scale and complexity of the business

and understood the need to reassess

CEOremuneration.

•  In discussing the increase in salary and the

increase in the MIP quantum, shareholders

and advisors understood the need to reset

given the CEO was an internal candidate,

and on promotion to CEO in 2017 was

brought in at a remuneration level below his

predecessor. Some asked if the increase was

sufficient. Others asked if the Committee

had considered phasing the increases. We

confirmed we had considered this but believe

that the increases being proposed are fair and

appropriate taking into account the context

set out earlier in this letter, including company

and individual performance. The Committee

is also cognisant of market positioning of

remuneration compared to the appropriate

peer group benchmarks.

•  Generally, shareholders understood the

proposed changes to deferral once the

shareholding guidelines have been met.

Some suggested a preference for the level

to be reduced rather than removed once the

shareholding requirement had been met.

The Committee has considered this but is

comfortable with the proposed approach

given: i) the material shareholding of the

CEO currently over 1350% of salary built

up over long tenure at the Company; ii)

the material increase to the shareholding

guidelines which sets it at the upper quartile

of FTSE 100 practice; and iii) the fact that the

CEO will continue to build his shareholding

through the PSP. The Committee felt that the

proposed approach strikes a balance of being

aligned with shareholder interests; whilst

recognising the specific circumstances of the

CEO’s long service record at the Company

and resulting existing large shareholding.

•  With regards to the proposed change

in deferral, some investors asked the

Committee for more detail on the Company’s

malus and clawback provisions. In response

to the feedback, and to provide additional

comfort, we have centralised existing malus

and clawback plan clauses into a single policy

which provides clarity on the situations in

which the provisions would apply and the

steps for application.

Reflecting on all the above, the Committee

believes that the proposed changes are in

thebest interest of the Company and its

shareholders whilst remaining in line with

market practice. As set out earlier, the

Committee has used this as an opportunity

toreset pay and ensure it is fit-for-purpose for

2025. It is the Committee’s current intention

that salary increases of the CEO will be no more

than the average wider workforce rate in the

coming year and remains committed to

consultation with its shareholders on

remuneration matters.

Shareholder engagement

Implementation of the policy in 2025

The resulting operation of the policy for 2025 for

the CEO will be as follows:

Element Implementation for 2025

Base

salary

•  Increase from €942k to €1,083k (+15%)

MIP

•  Maximum opportunity increased from 140%

to 200% of base salary

•  Performance metrics: revenue (40%); EBIT

(40%); free cash flow (20%) and an individual

performance multiplier (nochange)

PSP

•  2025 PSP award of 330% of base salary

(nochange)

•  Performance metrics: EPS (42.5%); ROIC

(42.5%); and CO

2

emissions reduction (15%)

(no change)

•  Three-year performance period followed by

a two-year holdingperiod

Further details of the implementation for 2025 can

be found on page 243. As always, the Committee

hasset appropriately stretching targets taking into

account the business plan, market expectations and

the wider external market. In line with previous years,

the MIP and PSP will only pay-out at maximum for

exceptional performance across all measures.

Our employees

We have worked to embed our Culture Manifesto

across the company. In 2024, we have focused on

building understanding and to bring our values to life.

To ensure that we live our behaviours day by day,

they are integrated into employee performance

reviews. In 2024 we progressed our agenda to

transform our employees’ digital experience,

including managing our annual increases and

bonuses process through a new digital platform.

We continue to focus on the wider workforce and

specifically front line workers and ensuring their pay is

competitive. Our people’s wellbeing remains a priority

as we reinforced this commitment in 2024 through

dedicated sessions in local languages across our

regions, highlighting our Employee Assistance

Programme (EAP), which is available to more than

26,600 employees. The positive impact of the various

initiatives was evident in the sustainable engagement

survey results which led to an all time high of 88% and

2pp higher than Perceptyx Global Top Decimile Norm.

As the Director responsible for Workforce

Engagement, I attend the work councils’ meetings

togather insights from workforce representatives

across the Company. As in previous years, I interacted

directly with the representatives to get their wider

insights, which I took back to the Committee for

discussion and to share with the Board.

As noted above, the review of executive pay did not

solely focus on the CEO, but also focussed on the pay

of the senior management team. Whilst the overall

framework for this group is in line with the CEO and

considered fit-for-purpose, a number of changes are

being implemented to ensure that the overall offering

remains well aligned to the Group strategy and

culture, to ensure greater consistency internally,

andto ensure the overall reward framework remains

competitive against external peers. Changes have

included: i) greater consistency of salary ranges

between different business units; ii) the individual

element of the bonus being based on both the ‘what’

and the ‘how’ to ensure that not only good results are

incentivised and rewarded for, butalso how those

results are reached; and iii) greater consistency of

long-term incentive award levels.

As we go into 2025, the focus will move on to the wider

workforce reward offering and overall employee value

proposition at CCHBC to ensure our colleagues are

appropriately rewarded for their performance and are

appropriately paid reflecting emerging market trends.

Conclusion

The changes we propose and the decisions related

tothe implementation of the policy in 2024 reflect

significant work and engagement and have been

considered carefully by the Committee in the context

of the company’s overall performance. Iwould like

to thank all our employees for their contributions to

delivering this performance and toour shareholders

for their time and engagement. I hope you will support

our remuneration-related resolutions at the AGM.

Charlotte J. Boyle

Committee Chair

Coca-Cola HBC Integrated Annual Report 2024225

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

CEO share ownership

•  Shareholding guidelines

•  Support the alignment with shareholder interests, ensuring sustainable performance:

•  The CEO is required to hold shares in the Company equal in value to 450% of annual base salary within a five-year

period and there is a post-employment shareholding requirement

Remuneration throughout the organisation – asnapshot

CEO remuneration

Salary and other benefits 25.3%

Retirement benefits 2.1%

Annual bonus – MIP 14.5%

Performance Shares – PSP 58.1%

Fixed remuneration

27%

Variable remuneration

73%

CEO actual holding 13.5 x salary

Guidance Additional holding

Reward strategy and objective

The Group’s remuneration philosophy aims to attract, retain andmotivate high-performing, agile employees with a

growth mindset. Rewards are tied to individual contributions and the Company’s success.

Variable pay forms a key part of top managers’ remuneration, linked to business objectives aligned with our growth

strategy and shareholder value. Equity-related long-term incentives ensure the interests of senior leaders align with

those of shareholders.

Our remuneration plans are cost-effective, market-aligned and performance-driven, with shareholder feedback

shaping policy and programmes.

Attracting

Finding the people we

want and need

Recognising

Adopting behaviours

that produce exceptional

performance

Motivating

Achieving business,

financial and

non-financial targets

Retaining

Fostering an

environment that

continues to engage

our people

4.5  9.0

Directors’ remuneration report continued

Remuneration at a glance

Performance-based pay in 2024

Performance measure Incentive plan Achievement as a % of max

Net sales revenue MIP 58%

Comparable EBIT  MIP 78%

Free cash flow MIP 100%

Comparable EPS PSP 54%

ROIC PSP 100%

Reduction of CO₂ emissions PSP 77%

Coca-Cola HBC Integrated Annual Report 2024226

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

How we implement our reward strategy

The chart below illustrates how we put our reward strategy into practice, with the different remuneration arrangements that apply to different employee groups.

We regularly review our reward strategy to ensure it remains relevant and effective in meeting the needs of our employees, especially our frontline workers.

Chief Executive Officer and

Executive Leadership Team

Chief Executive Officer, Executive

Leadership Team and selected

senior management

Selected middle and senior

management

All management All employees

Shareholding guidelines

Support the alignment with

shareholder interests ensuring

sustainable performance: CEO –

required to hold shares in the

Company equal in value to 450% of

annual base salary within a five-year

period and a post-employment

shareholding requirement that

applies for two years post-leaving.

ELT –required to hold shares in the

Company equal in value to 100%

ofannual base salary within a

five-year period.

Performance Share Plan

Performance share awards

vestoverthree years. PSP

awardsarecascaded down

toselectsenior managers,

promotingafocus on long-term

performance andaligning them

toshareholders’ interests.

Long-Term Incentive Plan

Cash long-term incentive awards

vest over three years. LTIP awards

are cascaded down to select middle

andsenior management to reinforce

long-term performance and ensure

retention of our talents.

Management Incentive Plan

Employees may be eligible toreceive

an award under theannual bonus

scheme that promotes a high-

performance culture. Performance

conditions are bespoke to each role

and businessunit.

Employee Share Purchase Plan

(dependent on country practice)

The Employee Share Purchase Plan

(ESPP) encourages share ownership

and aligns the interests of our

employees with those

ofshareholders.

Fixed pay and benefits

(basesalary, retirement

andotherbenefits – dependent

oncountry practice)

Base salaries may reflect the

marketvalue of each role as well

asthe individual’s performance

andpotential. Retirement and

otherbenefits are subject to

localmarket practice.

Note: Participants in the PSP are not eligible to participate in the LTIP.

The Committee considers that the remuneration framework appropriately addresses the

followingprinciples:

•  Clarity – Our remuneration framework is clear and transparent for both Executives and shareholders.

Full details of the remuneration policy and how it is implemented is provided in this report.

•  Simplicity – Our remuneration structure for Executive Directors is purposefully simple

(comprisingof fixed pay, a short-term incentive and a long-term incentive), and is aligned

tothestrategic priorities (both short- and long-term) of the business.

•  Risk – Our remuneration policy includes a number of features to mitigate potential risks and drive

theright behaviours. These include: i) performance measures and targets that are calibrated

appropriately; ii) the Committee retaining discretion to adjust variable incentive outcomes away from

the formulaic outturn in the context of wider performance; and iii) malus and clawback provisions.

•  Predictability – Our disclosure is clear to allow shareholders to understand the range of potential

values which may be earned under the remuneration arrangements. Our remuneration policy clearly

sets out relevant limits as well as an illustration of the CEO’s potential package under different

performance scenarios.

•  Proportionality – We believe that our approach ensures proportionate pay outcomes that reward

for strong performance. A significant part of the CEO’s remuneration package is based on variable

pay, delivered in shares, and measured over a long-term time horizon.

•  Alignment to Culture – The incentive arrangements and the performance measures used

arestrongly aligned to those that the Board considers when determining the success of the

implementation of the Company’s purpose, values and strategy.

Coca-Cola HBC Integrated Annual Report 2024227

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

Remuneration arrangements for the CEO – at a glance

Year 1 Year 2 Year 3 Year 4 Year 5

Fixed pay – base salary

The CEO’s 2025 salary effective 1 May 2025 will be €1,083k.

Fixed pay – retirement benefits

The CEO participates in a defined benefit pension plan under Swiss law.

Employer contributions are 15% of annual base salary.

Normal retirement age for the CEO’s plan is 65 years. In case of early

retirement, which is possible from the age of 58, the CEO is entitled to

receive the amount accrued under the plan as a lump sum.

Fixed pay – other benefits

Other benefits include (but are not limited to) medical insurance,

housing allowance, company car/allowance, cost of living adjustment,

trip allowance, partner allowance, exchange rate protection, tax

equalisation and tax filing support and advice. Benefit levels vary

each year depending on need. These benefits align with the benefits

offered to our international expats and are considered a core part of

the Company’s offering for senior talent.

Fixed pay – ESPP

The CEO may participate in the Company’s ESPP.

As a scheme participant, the CEO has the opportunity to invest

a portion of his base salary and/or MIP payments in shares. The

Company matches employee contributions on a one-to-one basis up

to 3% of base salary and/or MIP payout.

Awards are subject to potential application of the malus and

clawbackpolicy.

Variable pay – MIP

Base salary Other benefits MIP

Retirement

benefits

ESPP PSP

Total

compensation

+ =

Fixed pay Variable pay subject to performance

The table below summarises the remuneration arrangements in place for our CEO. See page 240 for total compensation figures.

Year 1 Year 2 Year 3 Year 4 Year 5

The MIP consists of a maximum annual bonus opportunity which for

2025 will be 200% of base salary.

Payout is based on business performance targets and individual

performance. As of 2025, the business performance element will

result in an outcome between 0% and 200% of the target MIP, and the

individual performance element will remain the same and result in an

outcome of up to 100%, with the overall payout as a percentage of

salary being based on the multiplication of these two figures.

Business performance will be measured based on performance

against three KPIs: revenue (40% weighting), comparable EBIT (40%

weighting) and free cash flow (20% weighting).

50% of any MIP payout will normally be deferred into shares for a further

three-year period until the shareholding guideline is met. As the CEO has a

material shareholding of 1,353% of salary, no deferral will apply. Payments

are subject to potential application of the malus and clawback policy.

Variable pay – PSP

The PSP is an annual share award which vests after three years. For

2025, the CEO will be granted an award of 330% of salary and, vesting

will be based on performance conditions measured over a three-year

period against:

i. comparable EPS (42.5% weighting);

ii. ROIC (42.5% weighting);

iii. reduction of CO

2

emissions (15% weighting).

An additional two-year holding period will apply following vesting.

Awards are subject to potential application of the malus and

clawbackpolicy.

Shareholding guidelines

The shareholding guidelines support the alignment with shareholders.

The CEO’s minimum shareholding guideline is set at 450% of annual

base salary, an increase from 300%, within a five-year period and a

post-employment shareholding requirement that applies for two

years post-leaving.

50% shares deferred

forthreeyears (not

applicable ifshareholding

guidelines are met)

50% cash

Three year performance period

Minimum shareholding requirements

Two year holding

period

Coca-Cola HBC Integrated Annual Report 2024228

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

Remuneration policy

Introduction

The following section (pages 229 to 236) sets out

our Directors’ remuneration policy. During the

course of the last year, we undertook a detailed

review of the remuneration policy which applies to

our senior leaders, including the CEO. We have

proposed some changes to ensure that the

remuneration policy remains aligned with the

Group’s strategy, iscompetitive within the market

and effectively supports the attraction and

retention of the senior management team.

Theamended remuneration policy will be put

toshareholder approval at our 2025 AGM.

As a Swiss-incorporated company, we are not

required to put forward our remuneration policy for

ashareholder vote, but we intend to do so voluntarily

at least every three years (or when there are

changes). We continue to endeavour tomake sure

that our disclosure complies withUKregulations,

except where these conflictwith Swiss law.

Policy table – Chief Executive Officer

The Company currently has a single Executive

Director, being the CEO.

Therefore, for simplicity, this section refers

onlytothe CEO. This remuneration policy would,

however, apply for any new Executive Director

role, in the event that one was created during

theterm of this remuneration policy.

In that case, references in this section to

theCEOshould be read as being toeach

ExecutiveDirector.

Fixed

Base salary Retirement benefits

Purpose and link

to strategy

To provide a fixed level of compensation appropriate to the requirements of the role of CEO

and to support the attraction and retention of the talent able to deliver the Group’s strategy.

To provide competitive, cost-effective post-retirement benefits.

Operation Salary is reviewed periodically, with salary changes normally effective on 1 May each year.

The following parameters are considered when reviewing the base salary level:

•  the CEO’s performance, skills and responsibilities;

•  economic conditions and performance trends;

•  experience of the CEO;

•  pay increases for other employees; and

•  external comparisons based on factors such as: the industry of the business, revenue,

market capitalisation, headcount, geographical footprint, stock exchange listing (FTSE)

and other European companies.

The CEO participates in a defined benefit pension plan. However, we have adjusted the

pension scheme to be co-contributory, in line with the pension scheme for the wider Swiss

workforce, for new Executive Director appointments from 2020 onwards.

Normal retirement age for the CEO’s plan is 65 years. In case of early retirement, which is

possible from the age of 58, the CEO is entitled to receive the amount accrued under the

plan as a lump sum.

For any new Executive Directors, retirement benefits may be in the form of a defined benefit

pension plan, contributions into a defined contribution pension scheme, a cash allowance or

a combination thereof.

Maximum

opportunity

Whilst there is no maximum salary level, any increases awarded to the CEO will normally be

broadly aligned with the broader employeepopulation.

The salary increase made to the CEO may exceed the average salary increase under certain

circumstances at the Remuneration Committee’s discretion. These circumstances may

include: business and individual performance; material changes to the business; internal

promotions; accrual of experience; changes to the role; or other factors.

The contributions to the pension plan are calculated as a percentage of annual base salary

(excluding any incentive payments or other allowance/benefits provided) based on age

brackets as defined by Federal Swiss legislation.

This percentage is currently 15% of base salary and increases to 18% above age 55.

For any new Executive Directors, the pension level will take into account that available to

other employees in the country where they are employed.

Performance

metrics

Individual and business performance are key factors when determining any base salary

changes. The annual base salary for the Chief Executive Officer is set out on page 240.

None.

Coca-Cola HBC Integrated Annual Report 2024229

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

Fixed continued

Other benefits ESPP

Purpose and

link to strategy

To provide benefits to the CEO which are consistent with marketpractice. The ESPP is an Employee Share Purchase Plan, encouraging broader share ownership,

andisintended to align the interests of employees including the CEO with those of

theshareholders.

Operation Benefit provisions are reviewed by the Remuneration Committee, which has the discretion

to recommend the introduction of additional benefits where appropriate.

Typical provisions for the CEO include benefits related to relocation such as housing

allowance, company car/allowance, cost of living adjustment, trip allowance, partner

allowance, exchange rate protection, tax equalisation and tax filing support and advice.

Forallbenefits, the Company will bear any income tax and social security contributions

arising from such payments.

This is a voluntary share purchase scheme across many of the Group’s countries.

TheCEOas a scheme participant has the opportunity to invest from 1% to 15% of his

basesalary and/or MIP payout to purchase the Company’s shares by contributing to the

planon a monthly basis.

The Company matches the CEO’s contributions on a one-to-one basis up to 3% of the

employee’s base salary and/or MIP payout. Matching contributions are used to purchase

shares one year after the purchase of shares byemployees. Matching shares are

immediately vested.

Dividends received in respect of shares held under the ESPP are used to purchase additional

shares and are immediately vested. The CEO is eligibleto participate in the ESPPoperated

by the Company on the same basis asother employees.

The malus and clawback policy applies. Further details may be found in the Additional notes

to the Executive Director’s remuneration policy table on page 234.

Maximum

opportunity

There is no defined maximum as the cost to the Company of providing such benefits will

vary from year to year.

Maximum investment is 15% of gross base salary and MIP payout. The Company matches

contributions up to 3% of gross base salary and MIP payout. Matching contributions areused

to purchase shares one year after the matching. Matching shares are immediatelyvested.

Performance

metrics

None. The value is directly linked to the share price performance. It is therefore not affected by

other performance criteria.

Coca-Cola HBC Integrated Annual Report 2024230

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

Variable pay

MIP

Purpose and

link to strategy

To support profitable growth and reward annually for contribution to business

performance. The plan aims to promote a high-performance culture with stretching

business and individual targets linked to our key strategies.

Maximum

opportunity

The CEO’s maximum MIP opportunity is set at 200% of annual base salary.

Threshold, target and maximum achievement for the business performance

element for 2025 will result in an outcome as follows:

•  Threshold: 0% of base salary

•  Target: 100% of base salary

•  Maximum: 200% of base salary

Operation Annual bonus awarded under the MIP is normally subject to business and individual

performance metrics and is non-pensionable.

The CEO’s individual objectives are regularly reviewed to ensure relevance to

business strategy and are set and approved by the Chair of the Remuneration

Committee and Chair of the Board of Directors.

Stretching targets for business performance are set based onthebusiness plan

ofthe Group as approved by the Board of Directors. TheRemuneration Committee

will determine the business performance metricsand weightings on an annual basis.

Performance against these targets and bonus outcomes is assessed by the

Remuneration Committee, which may recommend an adjustment to the payout

levelwhere it considers the overall performance of the Company or the individual’s

contribution warrants a higher or lower outcome.

The malus and clawback policy applies. Further details may be found in the Additional

notes to the Executive Director’s remuneration policy table onpage 234.

Performance

metrics

The MIP awards are normally based on business metrics linked to our business

strategy. These may be a mix of financial and non-financial measures. These may

include, but are not limited to, measures of revenue, profit, profit margins and

operating efficiencies. The weighting of individual performance metrics shall

normally be determined by the Remuneration Committee around thebeginning

ofthe MIP performance period.

Details related to the key performance indicators can be found inthe Annual Report

on Remuneration on page 240.

Deferral of MIP 50% of any MIP award is to be deferred into shares for a further three-year period

where the shareholding guideline has not been met. Where the shareholding guideline

has been met, no deferral will apply. Any deferred shares will be made available after

the three-year deferral period which commences on the first day of the fiscal year

inwhich the deferred share awardis made.

Deferred shares may be subject to malus and clawback to the extent deemed

appropriate by the Remuneration Committee, in line the malus and clawback policy.

Dividend equivalents may be payable on deferred shares.

Coca-Cola HBC Integrated Annual Report 2024231

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

Variable pay continued

PSP

Purpose and

link to strategy

To align the CEO’s interests with the interests of shareholders, andincrease the ability

of the Group to attract and reward individuals with exceptionalskills.

Holding

period

Any vested award (net of shares sold to cover tax liability) is normally subject to

afurther two-year holding period following the end of the three-year performance

period. During this two-year period, these beneficially owned shares are subject to

ano-sale commitment. Any shares subject to the holding period count towards

theshareholding requirement.

Operation The CEO is granted conditional awards of shares (or through a mechanism of

equivalent value) which vest after three years, subject to the achievement of

performance metrics and continued service. Grants typically take place annually.

Performance metrics and the associated targets are typically reviewed and

determined around the beginning of each performance period to ensure that they

support the long-term strategy and objectives of the Group and are aligned with

shareholders’ interests. Dividends may be paid on vested shares where the

performance metrics are achieved at the end of the three-year period.

The malus and clawback policy applies. Further details may be found in the Additional

notes to the Executive Director’s remuneration policy table on page 234.

Adjustments In the event of an equity restructuring, the Remuneration Committee may make

anequitable adjustment to the terms of the performance share award by adjusting

the number and kind of shares which have been granted or may be granted and/or

making provision for payment of cash in respect ofany outstanding performance

share award.

Where exceptional circumstances exist such that the original targets no longer meet

the intent at the time of grant, the Committee will have the discretion to adjust targets

in a manner that is considered to be appropriate. Where any such adjustment is made,

the details will be fully disclosed in the following remuneration report.

Maximum

opportunity

Awards (normally) have a face value up to 330% of base salary.

In exceptional circumstances only, the Remuneration Committee hasthediscretion

to grant awards up to 450% of base salary.

Change of

control

In the event of change of control, unvested performance share awards held by

participants vest immediately on a pro-rated basis if the Remuneration Committee

determines that the performance metrics have been satisfied or would have been

likely to be satisfied at the end of the performance period, unless the Remuneration

Committee determines that substitute performance share awards may be used

inplace of the previous awards. For vested shares subject to the additional holding

period, the holding period will lapse and the participants are no longer subject to the

no-sale commitment.

Performance

metrics

Vesting of awards is subject to the performance metrics. For each award, the

Remuneration Committee will determine the applicable metrics, weightings

andtarget calibration making up the performance condition. The performance

conditions applying to awards may be based on financial (including share price)

measures and/or non-financial measures. The majority of the award will normally

bebased on financial measures.

Following the end of the performance period, the Remuneration Committee will

determine the extent to which performance metrics have been met and, in turn,

thelevel of vesting. Participants may receive vested awards in the form of shares

or,in exceptional circumstances, a cash equivalent.

For each performance metric, achieving threshold performance results in vesting of

25% of the award and maximum performance results in vesting of 100% of the award.

Performance share awards will lapse if the Remuneration Committee determines that

the performance metrics have not been met. The Remuneration Committee will have

discretion to adjust the payout level where it considers the overall performance of the

Company warrants a higher or lower outcome.

Coca-Cola HBC Integrated Annual Report 2024232

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

Maximum

performance +50%

share price growth

Maximum

Target

Minimum

11%

2%

2%

3%

8%

9% 22% 37%

9,641

7,853

5,306

2,046

13% 11%

21% 16%

53% 39%

28%

20%

46%

40%

19%

Base salary

PSP

PSP – share price appreciation

Cash and non-cash benefits

Pension MIP

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

10,000

9,000

Additional notes to the Executive Director’s remuneration policy table

Chief Executive Officer’s remuneration policy illustration

The graph below provides estimates of the potential reward opportunity for the CEO andthe split between

the different elements of remuneration under three different performance scenarios: ‘Minimum’,

‘Target’ and ‘Maximum’. In line with the reporting regulations, a scenario assuming 50% share price

growth over the three-year PSP performance period is also shown below.Theassumptions used for

these charts are set out in the table below (€000s).

Minimum performance Fixed remuneration only, i.e. base salary, pension and other benefits

(including ESPP participation)

No payout under the MIP or PSP

Target performance Fixed remuneration

MIP payout of 50% of maximum

PSP vesting at 60% of maximum

Maximum performance Fixed remuneration

MIP payout of 200% of base salary

PSP vesting at 330% of base salary

Maximum performance +50%

share price growth

Fixed remuneration

MIP payout of 200% of base salary

PSP vesting at 330% of base salary

50% assumed share price growth over three-year PSP

performanceperiod

Other than in the ‘Maximum performance +50% share price growth’ scenario, no share price growth or

dividend assumptions have been included in the charts above.

Component

Minimum

(€000s)

Target

(€000s)

Maximum

(€000s)

Maximum

performance

+ 50% share

price growth

(€000s)

Fixed Base salary

1

1,083 1,083 1,083 1,083

Pension 163 163 163 163

Cash and non-cash benefits

2

800 832 865 865

Variable MIP – 1,083 2,167 2,167

PSP – 2,145 3,575 3,575

PSP – 50% share price

Appreciation – – – 1.788

Total 2,046 5,306 7,853 9,641

1.  Represents the annual base salary effective May 2025.

2.   ESPP employer contributions may vary depending on the MIP payout provided that the CEO decides to contribute a portion of the MIP

towards the ESPP. The figures provided have been calculated on the basis of the applicable MIP payout and the CEO deciding to contribute

3% to the ESPP.

Coca-Cola HBC Integrated Annual Report 2024233

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

Employee Stock Option Plan (ESOP)

The ESOP was replaced by the PSP in 2015,

withthe final grant under the ESOP occurring

inDecember 2014. Awards under the ESOP vest

inone-third increments each year over three years

and can be exercised for up to 10 years from the

date of the award. The Remuneration Committee

does not intend to issue further awards under

theESOP. All stock option awards held by the

CEOat the end of the previous year were fully

exercised in2024.

Malus and clawback policy

The CEO’s incentive plans have malus and

clawback clauses applicable to variable pay,

whichhave now been centralised in a formal

policyoutlining the circumstances and process

ofapplication.The MIP, PSP and ESPP plans

include malusprovisions which give the

Remuneration Committee and/or the Board

discretion to judge that an award should

lapsewholly or partly in the event of a material

misstatement of the financial results and/or

misconduct, gross negligence, significant

reputational risk and corporate failure.

The Remuneration Committee and/or Board

alsohas the discretion to determine that clawback

should be applied to awards under the MIP, PSP,

ESOP and ESPP plans for the CEO. Clawback

canpotentially be applied to payments or vested

awards for up to a two-year period following

payment or vesting. Malus and clawback will

beapplied in accordance with Swiss law.

Shareholding guidelines

To strengthen the link with shareholders’ interests,

the CEO is required to hold Company shares

equivalent to 450% of annual base salary, an

increase from 300% in the previous year, subject

toapproval at the 2025 AGM. The CEO hasfive

years from appointment to accumulate shares to

meet this requirement, with shares acquired from

PSP awards counting towards fulfilment.

Members of the ELT are required tohold Company

shares equivalent to 100% of annual base salary.

The Committee continues to review the potential

need for stronger shareholding requirements in

the long term and this is subject to further review

in the future.

The Policy contains a post-employment

shareholding requirement whereby the CEO would,

if leaving the Company, be required to hold shares

equivalent to200% of base salary (oractual

shareholding attermination date if lowerthan this)

for a period oftwo years after leaving employment.

Remuneration arrangements across theGroup

The remuneration approach for the CEO, the

members of the ELT and senior management

issimilar. The CEO’s total remuneration has

asignificantly higher proportion of variable pay

incomparison with the rest of our employees.

TheCEO’s remuneration will increase or decrease

in line with business performance, aligning it with

shareholders’ interests.

The structure of the remuneration package for

the wider employee population takes into account

local market practice and is intended to attract

and retain the right talent, be competitive and

remunerate employees for promoting a growth

mindset while contributing to the Group’s

performance. As set out in the Remuneration

Committee Chair’s letter, over the next year

therewill be a review of the wider workforce

reward offering and overall employee value

proposition atCCHBC to ensure our colleagues

are appropriately rewarded for their performance

andare appropriately paid reflecting emerging

markettrends.

Policy table – non-Executive Directors

Base fees

Purpose and

link to strategy

To provide a fixed level of compensation appropriate to the requirements of the

role of non-Executive Director and to attract and retain high-quality non-Executive

Directors with the right talent, values and skills necessary to provide oversight and

support to management to grow the business, support the Company’s strategic

framework and maximise shareholder value.

Operation Non-Executive Directors’ fees are set at a level that will not call into question the

objectivity of the Board. When considering market levels, comparable companies

typically include those in the FTSE index with similar positioning as the Company,

other Swiss companies with similar market capitalisation and/or revenues, and

other relevant European listed companies. Fees can be paid in cash or shares.

Currently fees are paid fully in cash.

Maximum

opportunity

Fee levels for non-Executive Directors include an annual fixed fee plus additional

fees for membership of Board committees when applicable. The fees as at

1 January 2025 are set out below:

•  Base Chair’s fee: €150,000

•  Base non-Executive Director’s fee: €82,000

•  Senior Independent Director’s fee: €18,000

•  Audit and Risk Committee Chair fee: €32,000

•  Audit and Risk Committee member fee: €16,000

•  Remuneration, Nomination and Social Responsibility Committee Chair

fees:€13,000

•  Remuneration, Nomination and Social Responsibility Committee member

fees: €6,500

Fee levels are subject to periodic review and approval by the Chair of the Board and

the CEO. Additional fees may be payable for other responsibilities or increased

time commitments on a one-off or on-going basis.

Other benefits Non-Executive Directors do not receive any benefits in cash or in kind. They are

entitled to reimbursement of all reasonable expenses incurred in the interests of

the Group (including any tax thereon).

Variable

remuneration

Non-Executive Directors do not receive any form of variable compensation.

Coca-Cola HBC Integrated Annual Report 2024234

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

Legacy arrangements

Notwithstanding the restrictions laid out

inthePolicy, where the Company has made

acommitment to a Director which:

•  was in accordance with the prevailing

remuneration policy at the time that the

commitment was made; and/or

•  was made before the Director became a

Directorand, in the opinion of the Committee,

thepayment was not in consideration for the

individual becoming a Director of the Group

the Company will continue to give effect to it,

evenif it is inconsistent with the Remuneration

Policy of the which is in effect at that time.

Policy on recruitment/appointment

Executive Directors

Annual base salary arrangements for the

appointment of an Executive Director will be set

considering market relevance, skills, experience,

internal comparisons and cost. The Remuneration

Committee may recommend an appropriate initial

annual base salary below relevant market levels.

Insuch situations, the Remuneration Committee

may make a recommendation to realign the level

of base salary in the following years.

The maximum level of variable remuneration which

may be granted to a new Executive Director will be

650% of salary, in line with the limits set out in the

policy table. Different performance measures may

be set initially taking into consideration the point

inthe financial year that a new Executive Director

joins. The above limits do not include the value

ofany buyout arrangements.

Benefits will be provided in line with the Group’s

policy for other employees. If an Executive

Director is required to relocate, benefits or

allowances may be provided as per the Group’s

international transfer policy which may include

transfer allowance, tax equalisation, tax advice

and support, housing, cost of living, schooling,

traveland relocation costs.

The Remuneration Committee may consider

recommending the buying out of remuneration

arrangements that an individual would forfeit

byaccepting the appointment. In doing so, the

Committee will take into account all relevant

factors including any performance conditions

attached to awards, the form of award (e.g. cash

orshares) and the time horizons and will look to

make awards on a like-for-like basis where

possible. The Committee may make use

ofListingRule 9.4.2 where appropriate.

It is expected that Executive Directors appointed

during the remuneration policy period will be

appointed on similar notice provisions to the CEO,

allowing for termination ofoffice by either party

on six months’ notice.

Non-Executive Directors

It is expected that non-Executive Directors

appointed during the remuneration policy period

will receive the same basic fee and, as appropriate,

committee fee or fees as existing non-Executive

Directors and will be entitled to reimbursement of

all reasonable expenses incurred in the interests

of the Group.

It is expected that non-Executive Directors

appointed during the remuneration policy

periodwill be appointed on a one-year term

ofappointment, in the same manner as existing

non-Executive Directors.

The Company does not compensate new

non-Executive Directors for any forfeited

shareawards in previous employment.

Termination payments

The Swiss corporate law provisions regarding

theCompensations in Listed Companies limits

the authority of the Remuneration Committee

and the Board to determine compensation.

Limitations include the prohibition of certain

typesof severance compensation.

Our governance framework ensures that the

Group uses the right channels to support reward

decisions. In the case of early termination, the

non-Executive Directors would be entitled to their

fees accrued as of the date of termination, but are

not entitled to any additional compensation. The

CEO’s employment contract does not contain any

provisions for payments ontermination.

Notice periods are set for up to six months

andnon-compete clauses are set for 12 months.

Thenotice period anticipates that up to six

months’ paid garden leave may be provided.

Similarly, up to12 months of base salary may be

paid out in relation to the non-compete period.

In case of future terminations, payments will be

made in accordance with the termination policy

onpage 236.

Coca-Cola HBC Integrated Annual Report 2024235

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

Pay element

Good leaver (retirement at 55 or later/

at least 10 years’ continued service) Good leaver (injury, disability) Bad leaver (resignation, dismissal)  Death in service

Base salary and other benefits/

non-Executive Directors’ fees

Payment in lieu of notice is not permissible. The Company could ask the CEO to be on paid garden leave forupto six months.

ESPP Unvested cash allocations held in the ESPP will vest upon termination. Unvested cash allocations under the

ESPP will be forfeited.

Available ESPP shares will be transferred

to beneficiaries.

MIP A pro-rated payout as of the date

ofretirement will be applied.

Deferred shares will continue to vest

asnormal.

A pro-rated payout as of the date

ofleaving will be applied.

Deferred shares will continue to vest

asnormal.

In the event of resignation or dismissal, as

per Swiss law, the CEO is entitled to a

pro-rated MIPpayout.

Any outstanding deferred shares

willlapse.

A pro-rated payout will be applied and

willbe paid immediately to beneficiaries,

based on the latest rolling estimate.

Deferred shares will continue to vest

asnormal.

PSP/ESOP All unvested options and performance

share awards will continue to vest as

normal, subject to time pro-rating and

subject to the additional holding period.

For vested shares that are subject to the

additional holding period, they will

continue to be subject to the no-sale

commitment until the end of the relevant

two-year period.

Under Swiss law, share awards are

considered annual compensation and,

assuch, when time pro-rating is required,

the year of grant (12 months) and not

thevesting period (36 months) for time

pro-rating calculations is considered.

All unvested options and performance

share awards immediately vest to the

extent that the Remuneration

Committee determines that the

performance conditions have been met,

or are likely to be met at the end of the

three-year performance period, and are

subject to the additional holding period.

Any options that vest are exercisable

within 12 months from the date

oftermination.

For vested shares that are subject to

theadditional holding period, they will

continue to be subject to the no-sale

commitment until the end of the relevant

two-year period.

All unvested options and performance

share awards will immediately lapse

without any compensation.

In the event of resignation, all vested

options must be exercised within six

months from the date of termination.

Upon dismissal, all vested options must

be exercised within 30 days from the date

of termination.

For vested shares that are subject to

theadditional holding period, they will

continue to be subject to the no-sale

commitment until the end of the relevant

two-year period.

All unvested options and performance

share awards will immediately vest

subject to time and performance

pro-rating.

Any options that vest are exercisable by the

beneficiaries within 12 months from the

date of passing.

For vested shares that are subject to the

additional holding period, the no-sale

commitment will cease immediately.

Under Swiss law, share awards are

considered annual compensation.

When time pro-rating is required, the year

of grant (12 months) and not the vesting

period (36 months) is considered for time

pro-rating calculations.

Corporate events

In the event of an equity restructuring, theRemuneration Committee may make an

equitableadjustment to the terms of the performance share award by adjusting the numberand kind of

shares that have been grantedor may be granted and/or making provision for payment of cash in

respect of anyoutstanding performance share award.

In the event of a change of control, unvested performance share awards held by participants vest

immediately on a pro-rated basis if the Remuneration Committee determines that the performance

conditions have been satisfied or would have been likely to be satisfied at the end ofthe performance

period, unless the Remuneration Committee determines that substitute performance share awards may

be usedin place of the previous awards.

Coca-Cola HBC Integrated Annual Report 2024236

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

Name Title

Date

originally

appointed to

the Board of

the Company

Date

appointed to

the Board of

the Company

Unexpired term

ofservice

contract or

appointment as

non-Executive

Director

1

Anastassis G. David Chair and

Non-ExecutiveDirector

27 July 2006 21 May 2024 One year

Zoran Bogdanovic Chief Executive Officer 11 June 2018 21 May 2024 Indefinite,

terminable on six

months’ notice

Charlotte J. Boyle Independent

Non-Executive Director

20 June 2017 21 May 2024 One year

Henrique Braun Non-Executive Director 22 June 2021 21 May 2024 One year

William W. (Bill) Douglas III Independent

Non-Executive Director

21 June 2016 21 May 2024 One year

Reto Francioni Senior Independent

Non-Executive Director

21 June 2016 21 May 2014 One year

Anastasios I. Leventis Non-Executive Director 25 June 2014 21 May 2024 One year

Christo Leventis Non-Executive Director 25 June 2014  21 May 2024 One year

George Leventis Non-Executive Director  17 May 2023 21 May 2024 One year

Evguenia Stoitchkova Non-Executive Director  17 May 2023 21 May 2024 One year

Zulikat Wuraola Abiola Independent

Non-Executive Director

21 May 2024 21 May 2024 One year

Glykeria Tsernou Independent

Non-Executive Director

21 May 2024 21 May 2024 One year

Elizabeth Bastoni Independent

Non-Executive Director

16 September

2024

16 September

2024

One year

1.  Each non-Executive Director is appointed until the next AGM, a term of approximately one year.

The CEO’s service contract and the terms and conditions of appointment of the non-Executive

Directors are available for inspection by the public at the registered office of the Group.

Consideration of employee views

The remuneration structure has been designed to

apply to all Group employees, not just the

Executive Directors, which is a material factor in

defining and shaping the policy and

implementation of the policy.

The Remuneration Committee does not currently

consult specifically with employees on policy for

the remuneration of the Directors. Pay movement

for the wider employment group is considered

when making pay decisions for the CEO. The

Chairof the Remuneration Committee is also the

designated non-Executive Director for workforce

engagement. As such, she attends meetings of

our European Works Council and meets with

elected employee representatives from our

businesses in EU countries. She then reports

backto the Board on her observations and

matters raised by employees, ensuring Board

andRemuneration Committee deliberations

anddecision making are fully informed.

Ourengagement levels continue to

remainhighat88%.

Consideration of shareholder views

Shareholder views and the achievement

oftheGroup’s overall business strategies

havebeentaken into account in formulating

theremuneration policy. As set out in the

Remuneration Committee Chair’s letter, as part

ofthe Policy review we conducted an extensive

consultation exercise with shareholders, engaging

our top 50 shareholders. Further detail on the

outcome of this consultation is provided in the

Committee Chair’s letter.

In reviewing and determining remuneration,

theRemuneration Committee takes into account

the following:

•  the business strategies and needs of

theCompany;

•  the views of shareholders on Group policies

andprogrammes of remuneration;

•  the alignment of remuneration policy with the

principles of clarity, simplicity, risk, predictability,

proportionality and alignment with culture;

•  market comparisons and the positioning of

the Group’s remuneration relative to other

comparable companies;

•  input from employees regarding our

remuneration programmes;

•  the need for similar, performance-related

principles for the determination of executive

remuneration and the remuneration of other

employees; and

•  the need for objectivity.

Board members, the CEO and ELT members play

no part in determining their own remuneration.

The Chair of the Remuneration Committee and

the CEO are not present when the Remuneration

Committee and theBoard discuss matters that

pertain to theirremuneration. This ensures that

the same performance-setting principles are

applied for Executive remuneration and for other

employees in the organisation.

Service contracts

Zoran Bogdanovic, the CEO, has a service

contract with the Company with a six- month

notice period. As noted in the Termination

payments section on page 236, the CEO’s

employment contract does not include any

termination benefits, other than as mandated

bySwiss law.

The CEO is also entitled toreimbursement of all

reasonable expenses incurredin the interests of

the Company.

In accordance with the Swiss Code of Obligations,

there are no sign-on policies/provisions for the

appointment of the CEO.

The table below provides details of the current

service contracts and terms of appointment for

theCEO and other Directors.

Coca-Cola HBC Integrated Annual Report 2024237

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

Annual Report on Remuneration

Introduction

This section of the report provides detail on

howwe have implemented our remuneration

policy in 2024, which, in accordance with the UK

remuneration reporting regulations and alongside

other sections of the Directors’ remuneration

report, will be subject to an advisory shareholder

vote at our 2025 Annual General Meeting.

The role of the Remuneration Committee

The main responsibilities of the Remuneration

Committee are to establish the remuneration

strategy for the Group and to approve

compensation packages for Directors and senior

management. Further, the Committee reviews

wider workforce remuneration policies at

Coca-Cola HBC and the alignment of incentives

and rewards with strategy and culture, taking

these into account when setting the remuneration

policy. The Remuneration Committee operates

under the Charter for the Committees of the

Board of the Company set forth in Annex C

totheOrganisational Regulations of the

Company, available on the Group’s website at:

https://www.coca-colahellenic.com/en/about-us/

corporate-governance.

The Remuneration Committee met four times in

2024: in March, June, September and December.

Please refer to the Corporate Governance Report

on page 206 for details of the Remuneration

Committee meetings.

Advisers to the Remuneration Committee

The Chief People and Culture Officer, the Head

ofRewards and the General Counsel regularly

attend meetings of the Remuneration Committee.

While the Remuneration Committee does not

have external advisers, in 2024, it authorised

management to work with external consultancy

firm Deloitte, which provided independent advice

on ad hoc remuneration issues during the year.

These services are considered to have been

independent, objective and relevant to the

market. Deloitte also provides tax advisory,

advisory on people and culture topics and

payrollservices to theCompany.

The total cost in connection with Deloitte’s work

was € 111,099, invoiced on a time spent basis.

Deloitte are members of theRemuneration

Consultants Group and provide advice in line with

its Code of Business Conduct. Considering this,

and the level and nature of the service received,

the Committee remains satisfied that the advice

is objective andindependent.

Coca-Cola HBC Integrated Annual Report 2024238

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

Non-Executive Directors’ remuneration for the years ended 31 December 2024 and 2023

Financial

year

Base fee

1

(€)

Audit and Risk

Committee

(€)

Remuneration

Committee

(€)

Nomination

Committee

(€)

Social Responsibility

Committee

(€)

Senior

Independent Director

(€)

Social security

contributions

2

(€)

Total

(€)

Anastassis G. David FY2024 150,000 – – – – – – 150,000

FY2023 150,000 – – – – – – 150,000

Charlotte J. Boyle FY2024 82,000 – 13,000 6,500 3,250 – – 104,750

FY2023 82,000 – 13,000 6,500 – – – 101,500

Henrique Braun FY2024 82,000 – – – – – 6,569 88,569

FY2023 82,000 – – – – – 6,569 88,569

Olusola (Sola) David-Borha

5

FY2024 31,989 6,242 – – – – 3,063 41,294

FY2023 82,000 16,000 – – – – 7,850 105,850

Anna Diamantopoulou

7

FY2024 58,380 – 4,628 4,628 4,628 – 4,097 76,361

FY2023 82,000 – 6,500 6,500 6,500 – 6,199 107,699

William W. (Bill) Douglas lll FY2024 82,000 32,000 – – – – – 114,000

FY2023 82,000 32,000 – – – – – 114,000

Reto Francioni FY2024 82,000 – 6,500 13,000 – 18,000 7,050 126,550

FY2023 82,000 – 6,500 13,000 – 18,000 7,058 126,558

Anastasios I. Leventis FY2024 82,000 – – – 13,000 – – 95,000

FY2023 82,000 – – – 13,000 – – 95,000

Christo Leventis FY2024 82,000 – – – – – – 82,000

FY2023 82,000 – – – – – – 82,000

Alexandra Papalexopoulou

5

FY2024 31,989 6,242 – – – – – 38,231

FY2023 82,000 16,000 – – – – – 98,000

Bruno Pietracci

3

FY2024 – – – – – – – –

FY2023 31,033 – – – 2,460 – 2,683 36,176

George Pavlos Leventis

4

FY2024 82,000 – – – – – – 82,000

FY2023 51,193 – – – – – – 51,193

Evguenia Stoitchkova

4

FY2024 82,000 – – – 6,500 – – 88,500

FY2023 51,193 – – – 4,058 – – 55,251

Ryan Rudolph

3

FY2024 – – – – – – – –

FY2023 31,033 – – – – – 2,486 33,519

Elizabeth Bastoni

8

FY2024 23,620 – 1,872 1,872 – – 2,192 29,556

FY2023 – – – – – – – –

Zulikat Wuraola Abiola

6

FY2024 50,236 9,802 – – – – 4,809 64,847

FY2023 – – – – – – – –

Glykeria Tsernou

6

FY2024 50,236 9,802 – – – – – 60,038

FY2023 – – – – – – – –

1.  Non-Executive Director fees for 2024 were in line with the fees that were revised in 2022.

2.  Social security employer contributions as required by Swiss legislation.

3.  Bruno Pietracci and Ryan Rudolph retired from the Board of Directors on 17 May 2023. The Group applied a pro-rated base fee from this date.

4.  George Pavlos Leventis and Evguenia Stoitchkova were appointed to the Board of Directors on 17 May 2023. The Group applied a pro-rated base fee from this date.

5.  Olusola (Sola) David-Borha and Alexandra Papalexopoulou retired from the Board of Directors on 16 May 2024. The Group applied a pro-rated base fee from this date.

6.   Zulikat Wuraola Abiola and Glykeria Tsernou were appointed to the Board of Directors on 16 May 2024. The Group applied a pro-rated base fee from this date.

7.  Anna Diamantopoulou retired from the Board of Directors on 16 September 2024. The Group applied a pro-rated base fee from this date.

8.  Elizabeth Bastoni was appointed to the Board of Directors on 16 September 2024. The Group applied a pro-rated base fee from this date.

Non-Executive Directors do not participate in any of the Group’s incentive plans, nor do they receive any retirement or other taxable benefits. Fee levels in the table above were last reviewed in 2022.

Coca-Cola HBC Integrated Annual Report 2024239

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAQIBeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqOdS8LKoyTUlFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAFGO3lWRSV4BB6ir1FFAHkfjXwV4g1bxbfX1jp/m20vl7H86Nc4jUHgsD1BrA/4Vz4r/AOgV/wCTEX/xVe90Vzyw0G7nu0eIMTSpxpxjGySWz6fM8E/4Vz4r/wCgV/5MRf8AxVH/AArnxX/0Cv8AyYi/+Kr3uil9Vh3Zp/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4J/wrnxX/ANAr/wAmIv8A4qj/AIVz4r/6BX/kxF/8VXvdFH1WHdh/rJi/5Y/c/wDM8E/4Vz4r/wCgV/5MRf8AxVH/AArnxX/0Cv8AyYi/+Kr3uij6rDuw/wBZMX/LH7n/AJngn/CufFf/AECv/JiL/wCKo/4Vz4r/AOgV/wCTEX/xVe90UfVYd2H+smL/AJY/c/8AM8E/4Vz4r/6BX/kxF/8AFUf8K58V/wDQK/8AJiL/AOKr3uij6rDuw/1kxf8ALH7n/meCf8K58V/9Ar/yYi/+Krvvhr4c1bw//an9qWnkef5Xl/vEbdt35+6T6iu9oqoYeMJcyOfFZ3iMVRdGaVn2v3v3GyAtGwHUgiqP2ab+5+orQorc8Yz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACoL2aW3sp5YI0lmRCUR3KKzY4BYA4Hvg/Q1PUF7/wAeU3+6aAOW/wCEj8Uf9C/o/wD4OJf/AJGo/wCEj8Uf9C/o/wD4OJf/AJGqainYVyH/AISPxR/0L+j/APg4l/8Akaj/AISPxR/0L+j/APg4l/8AkapqKLBch/4SPxR/0L+j/wDg4l/+RqP+Ej8Uf9C/o/8A4OJf/kapqKLBch/4SPxR/wBC/o//AIOJf/kaj/hI/FH/AEL+j/8Ag4l/+RqmoosFyH/hI/FH/Qv6P/4OJf8A5Gqe21nxXdOypoOiggZ+bWJf/kakrS0f/Xyf7v8AWgLlf7Z4w/6AWh/+Dmb/AORaPtnjD/oBaH/4OZv/AJFroKKQzn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaqT654qt5TG+gaMSPTWJf/AJGrq6wdU/4/m+goQGb/AMJH4o/6F/R//BxL/wDI1H/CR+KP+hf0f/wcS/8AyNU1FOwrkP8Awkfij/oX9H/8HEv/AMjUf8JH4o/6F/R//BxL/wDI1TUUWC5D/wAJH4o/6F/R/wDwcS//ACNR/wAJH4o/6F/R/wDwcS//ACNU1FFguQ/8JH4o/wChf0f/AMHEv/yNR/wkfij/AKF/R/8AwcS//I1TUUWC5D/wkfij/oX9H/8ABxL/API1Xxe+LyAf7C0Pn/qMy/8AyLVauoT/AFa/QUMEYP2zxh/0AtD/APBzN/8AItH2zxh/0AtD/wDBzN/8i10FFIZz/wBs8Yf9ALQ//BzN/wDItH2zxh/0AtD/APBzN/8AItdBRQBz/wBs8Yf9ALQ//BzN/wDItH2zxh/0AtD/APBzN/8AItdBRQBz/wBs8Yf9ALQ//BzN/wDItH2zxh/0AtD/APBzN/8AItdBRQBzk2o+LoYmkbQtEIXrjWZf/kWqX/CR+KP+hf0f/wAHEv8A8jV09/8A8eMv0rnqaEyH/hI/FH/Qv6P/AODiX/5Go/4SPxR/0L+j/wDg4l/+RqmoosFyH/hI/FH/AEL+j/8Ag4l/+RqP+Ej8Uf8AQv6P/wCDiX/5GqaiiwXIf+Ej8Uf9C/o//g4l/wDkaj/hI/FH/Qv6P/4OJf8A5GqaiiwXIf8AhI/FH/Qv6P8A+DiX/wCRqP8AhI/FH/Qv6P8A+DiX/wCRqmoosFx1trPiu6LBNB0Ubeu7WJf/AJGqx9s8Yf8AQC0P/wAHM3/yLVnRv9ZL9BWvSGc/9s8Yf9ALQ/8Awczf/ItH2zxh/wBALQ//AAczf/ItdBRQBz/2zxh/0AtD/wDBzN/8i0fbPGH/AEAtD/8ABzN/8i10FFAHP/bPGH/QC0P/AMHM3/yLR9s8Yf8AQC0P/wAHM3/yLXQUUAc/9s8Yf9ALQ/8Awczf/ItH2zxh/wBALQ//AAczf/ItdBRQByk+ueKreUxvoGjEj01iX/5GqL/hI/FH/Qv6P/4OJf8A5GrS1T/j+b6CqdOwrkP/AAkfij/oX9H/APBxL/8AI1H/AAkfij/oX9H/APBxL/8AI1TUUWC5D/wkfij/AKF/R/8AwcS//I1H/CR+KP8AoX9H/wDBxL/8jVNRRYLkP/CR+KP+hf0f/wAHEv8A8jUf8JH4o/6F/R//AAcS/wDyNU1FFguQ/wDCR+KP+hf0f/wcS/8AyNR/wkfij/oX9H/8HEv/AMjVNRRYLlkXvi8gH+wtD5/6jMv/AMi0v2zxh/0AtD/8HM3/AMi1vJ/q1+gp1IZz/wBs8Yf9ALQ//BzN/wDItH2zxh/0AtD/APBzN/8AItdBRQBz/wBs8Yf9ALQ//BzN/wDItH2zxh/0AtD/APBzN/8AItdBRQBz/wBs8Yf9ALQ//BzN/wDItH2zxh/0AtD/APBzN/8AItdBRQBz/wBs8Yf9ALQ//BzN/wDItRz6l4ut4WlfQtEKr1xrMuf/AElrpKq6l/yD5fw/mKAOZ/4SPxR/0L+j/wDg4l/+RqP+Ej8Uf9C/o/8A4OJf/kapqKdhXIf+Ej8Uf9C/o/8A4OJf/kaj/hI/FH/Qv6P/AODiX/5GqaiiwXIf+Ej8Uf8AQv6P/wCDiX/5Go/4SPxR/wBC/o//AIOJf/kapqKLBch/4SPxR/0L+j/+DiX/AORqP+Ej8Uf9C/o//g4l/wDkapqKLBch/wCEj8Uf9C/o/wD4OJf/AJGqxbax4suy3l6Doo24zu1iX/5GptamjdZvw/rQFyr9s8Yf9ALQ/wDwczf/ACLR9s8Yf9ALQ/8Awczf/ItdBRSGc/8AbPGH/QC0P/wczf8AyLR9s8Yf9ALQ/wDwczf/ACLXQUUAc/8AbPGH/QC0P/wczf8AyLR9s8Yf9ALQ/wDwczf/ACLXQUUAc/8AbPGH/QC0P/wczf8AyLR9s8Yf9ALQ/wDwczf/ACLXQUUAc/8AbPGH/QC0P/wczf8AyLVOfXfFVvM0T6BoxZeuNYlx/wCk1dZWBqX/ACEJfw/kKEDM7/hI/FH/AEL+j/8Ag4l/+RqP+Ej8Uf8AQv6P/wCDiX/5GqainYVyH/hI/FH/AEL+j/8Ag4l/+RqP+Ej8Uf8AQv6P/wCDiX/5GqaiiwXIf+Ej8Uf9C/o//g4l/wDkaj/hI/FH/Qv6P/4OJf8A5GqaiiwXIf8AhI/FH/Qv6P8A+DiX/wCRqP8AhI/FH/Qv6P8A+DiX/wCRqmoosFyH/hI/FH/Qv6P/AODiX/5GrQ+2eL/+gFof/g5m/wDkWqtdSOgoYIwPtnjD/oBaH/4OZv8A5Fo+2eMP+gFof/g5m/8AkWugopDOf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWugooA5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CigDn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FroKKAObn1LxdbwtK+haIVXrjWZc/8ApLVP/hI/FH/Qv6P/AODiX/5GrptS/wCQfL+H8xXP00JkP/CR+KP+hf0f/wAHEv8A8jUf8JH4o/6F/R//AAcS/wDyNU1FFguQ/wDCR+KP+hf0f/wcS/8AyNR/wkfij/oX9H/8HEv/AMjVNRRYLkP/AAkfij/oX9H/APBxL/8AI1H/AAkfij/oX9H/APBxL/8AI1TUUWC5D/wkfij/AKF/R/8AwcS//I1H/CR+KP8AoX9H/wDBxL/8jVNRRYLjrXV/Fl3v8vQdFG3Gd2sS9/8At2qx9s8Yf9ALQ/8Awczf/ItW9G/5b/8AAf61q0hnP/bPGH/QC0P/AMHM3/yLR9s8Yf8AQC0P/wAHM3/yLXQUUAc/9s8Yf9ALQ/8Awczf/ItH2zxh/wBALQ//AAczf/ItdBRQBz/2zxh/0AtD/wDBzN/8i0fbPGH/AEAtD/8ABzN/8i10FFAHP/bPGH/QC0P/AMHM3/yLR9s8Yf8AQC0P/wAHM3/yLXQUUAcnNr3iqCZo20DRiy9caxL/API1R/8ACR+KP+hf0f8A8HEv/wAjVoaj/wAf8v4fyFVadhXIf+Ej8Uf9C/o//g4l/wDkaj/hI/FH/Qv6P/4OJf8A5GqaiiwXIf8AhI/FH/Qv6P8A+DiX/wCRqP8AhI/FH/Qv6P8A+DiX/wCRqmoosFyH/hI/FH/Qv6P/AODiX/5Go/4SPxR/0L+j/wDg4l/+RqmoosFyH/hI/FH/AEL+j/8Ag4l/+RqP+Ej8Uf8AQv6P/wCDiX/5GqaiiwXLX2zxh/0AtD/8HM3/AMi0fbPGH/QC0P8A8HM3/wAi10FFIZz/ANs8Yf8AQC0P/wAHM3/yLR9s8Yf9ALQ//BzN/wDItdBRQBz/ANs8Yf8AQC0P/wAHM3/yLR9s8Yf9ALQ//BzN/wDItdBRQBz/ANs8Yf8AQC0P/wAHM3/yLR9s8Yf9ALQ//BzN/wDItdBRQBz/ANs8Yf8AQC0P/wAHM3/yLUc+peLreEyPoWiFR6azL/8AItdJVTU/+PCT8P5igDmv+Ej8Uf8AQv6P/wCDiX/5Go/4SPxR/wBC/o//AIOJf/kapqKdhXIf+Ej8Uf8AQv6P/wCDiX/5Go/4SPxR/wBC/o//AIOJf/kapqKLBch/4SPxR/0L+j/+DiX/AORqP+Ej8Uf9C/o//g4l/wDkapqKLBch/wCEj8Uf9C/o/wD4OJf/AJGo/wCEj8Uf9C/o/wD4OJf/AJGqaiiwXIf+Ej8Uf9C/o/8A4OJf/karFrq/iy73+XoOijbjO7WJe/8A27U2tXRv+W//AAH+tAFT7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORa6CikM5/7Z4w/6AWh/wDg5m/+RaPtnjD/AKAWh/8Ag5m/+Ra6CigDn/tnjD/oBaH/AODmb/5Fo+2eMP8AoBaH/wCDmb/5FroKKAOf+2eMP+gFof8A4OZv/kWj7Z4w/wCgFof/AIOZv/kWugooA5/7Z4w/6AWh/wDg5m/+RaPtnjD/AKAWh/8Ag5m/+Ra6CigAooooAKKKKACiiigAooooAKKKKACiiigAqC9/48pv901PUF7/AMeU3+6aAOcoooqiQooooAKKKKACiiigArS0f/Xyf7v9aza0tH/18n+7/WkxmxRRRSGFFFFABRRRQAUUUUAFYOqf8fzfQVvVg6p/x/N9BTQmU6KKKYgooooAKKKKACiiigArqE/1a/QVy9dQn+rX6CkxodRRRSGFFFFABRRRQAUUUUAVr/8A48ZfpXPV0N//AMeMv0rnqaEwooopiCiiigAooooAKKKKANPRv9ZL9BWvWRo3+sl+grXqWNBRRRQMKKKKACiiigAooooAwdU/4/m+gqnVzVP+P5voKp1QgooooEFFFFABRRRQAUUUUAdQn+rX6CnU1P8AVr9BTqkoKKKKACiiigAooooAKq6l/wAg+X8P5irVVdS/5B8v4fzFAHP0UUVRIUUUUAFFFFABRRRQAVqaN1m/D+tZdamjdZvw/rSYzWooopDCiiigAooooAKKKKACsDUv+QhL+H8hW/WBqX/IQl/D+QpoTKlFFFMQUUUUAFFFFABRRRQAV1I6CuWrqR0FJjQtFFFIYUUUUAFFFFABRRRQBV1L/kHy/h/MVz9dBqX/ACD5fw/mK5+mhMKKKKYgooooAKKKKACiiigDV0b/AJb/APAf61q1laN/y3/4D/WtWpZSCiiigAooooAKKKKACiiigDn9R/4/5fw/kKq1a1H/AI/5fw/kKq1RIUUUUAFFFFABRRRQAUUUUAdVRRRUlBRRRQAUUUUAFFFFABVTU/8Ajwk/D+Yq3VTU/wDjwk/D+YoAwKKKKokKKKKACiiigAooooAK1dG/5b/8B/rWVWro3/Lf/gP9aTGjVooopDCiiigAooooAKKKKACiiigDn/8AhBPB/wD0Kmh/+C6H/wCJo/4QTwf/ANCpof8A4Lof/ia6CigDn/8AhBPB/wD0Kmh/+C6H/wCJo/4QTwf/ANCpof8A4Lof/ia6CigDn/8AhBPB/wD0Kmh/+C6H/wCJo/4QTwf/ANCpof8A4Lof/ia6CigDn/8AhBPB/wD0Kmh/+C6H/wCJo/4QTwf/ANCpof8A4Lof/ia6CigDn/8AhBPB/wD0Kmh/+C6H/wCJo/4QTwf/ANCpof8A4Lof/ia6CigDn/8AhBPB/wD0Kmh/+C6H/wCJo/4QTwf/ANCpof8A4Lof/ia6CigDn/8AhBPB/wD0Kmh/+C6H/wCJqG78DeEVtJWXwroYIU4I0+L/AOJrpqgvf+PKb/dNAHA/8Id4X/6FvR//AABi/wDiaP8AhDvC/wD0Lej/APgDF/8AE1t0VRJif8Id4X/6FvR//AGL/wCJo/4Q7wv/ANC3o/8A4Axf/E1t0UAYn/CHeF/+hb0f/wAAYv8A4mj/AIQ7wv8A9C3o/wD4Axf/ABNbdFAGJ/wh3hf/AKFvR/8AwBi/+Jo/4Q7wv/0Lej/+AMX/AMTW3RQBif8ACHeF/wDoW9H/APAGL/4mtDSvBXhSSaQP4Y0VgF/isIj/AOy1brS0f/Xyf7v9aTGV/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8Aia6CikM5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaxdR8F+FUvGVPDOjKMDgWEQ/9lruqwdU/4/m+gpoTOY/4Q7wv/wBC3o//AIAxf/E0f8Id4X/6FvR//AGL/wCJrbopiMT/AIQ7wv8A9C3o/wD4Axf/ABNH/CHeF/8AoW9H/wDAGL/4mtuigDE/4Q7wv/0Lej/+AMX/AMTR/wAId4X/AOhb0f8A8AYv/ia26KAMT/hDvC//AELej/8AgDF/8TR/wh3hf/oW9H/8AYv/AImtuigDE/4Q7wv/ANC3o/8A4Axf/E10aeBPCBRf+KU0PoP+YdF/8TVeuoT/AFa/QUmNGD/wgng//oVND/8ABdD/APE0f8IJ4P8A+hU0P/wXQ/8AxNdBRSGc/wD8IJ4P/wChU0P/AMF0P/xNH/CCeD/+hU0P/wAF0P8A8TXQUUAc/wD8IJ4P/wChU0P/AMF0P/xNH/CCeD/+hU0P/wAF0P8A8TXQUUAc/wD8IJ4P/wChU0P/AMF0P/xNH/CCeD/+hU0P/wAF0P8A8TXQUUAcxe+BvCKWcrL4W0QEDgjT4v8A4msH/hDvC/8A0Lej/wDgDF/8TXeX/wDx4y/SuepoTMT/AIQ7wv8A9C3o/wD4Axf/ABNH/CHeF/8AoW9H/wDAGL/4mtuimIxP+EO8L/8AQt6P/wCAMX/xNH/CHeF/+hb0f/wBi/8Aia26KAMT/hDvC/8A0Lej/wDgDF/8TR/wh3hf/oW9H/8AAGL/AOJrbooAxP8AhDvC/wD0Lej/APgDF/8AE0f8Id4X/wChb0f/AMAYv/ia26KAKuk+CfCkjy7/AAxorYAxusIj/wCy1qf8IJ4P/wChU0P/AMF0P/xNWdG/1kv0Fa9Sxo5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigZz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBwuo+C/CqXjKnhnRlGBwLCIf+y1U/wCEO8L/APQt6P8A+AMX/wATXT6p/wAfzfQVTpiMT/hDvC//AELej/8AgDF/8TR/wh3hf/oW9H/8AYv/AImtuimIxP8AhDvC/wD0Lej/APgDF/8AE0f8Id4X/wChb0f/AMAYv/ia26KAMT/hDvC//Qt6P/4Axf8AxNH/AAh3hf8A6FvR/wDwBi/+JrbooAxP+EO8L/8AQt6P/wCAMX/xNH/CHeF/+hb0f/wBi/8Aia26KALCeBPCBRf+KU0PoP8AmHRf/E07/hBPB/8A0Kmh/wDguh/+JreT/Vr9BTqko5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8AiaP+EE8H/wDQqaH/AOC6H/4mugooA5//AIQTwf8A9Cpof/guh/8Aiarah4G8IpYyMnhbRFYYwRp8QPUf7NdTVXUv+QfL+H8xQBwn/CHeF/8AoW9H/wDAGL/4mj/hDvC//Qt6P/4Axf8AxNbdFUSYn/CHeF/+hb0f/wAAYv8A4mj/AIQ7wv8A9C3o/wD4Axf/ABNbdFAGJ/wh3hf/AKFvR/8AwBi/+Jo/4Q7wv/0Lej/+AMX/AMTW3RQBif8ACHeF/wDoW9H/APAGL/4mj/hDvC//AELej/8AgDF/8TW3RQBif8Id4X/6FvR//AGL/wCJrS0nwT4TkMvmeGNFbGMbrCI+v+zVmtTRus34f1pMZV/4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CikM5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+JrE1DwX4VS+kVPDOjKoxgCwiA6D/AGa7usDUv+QhL+H8hTQmcz/wh3hf/oW9H/8AAGL/AOJo/wCEO8L/APQt6P8A+AMX/wATW3RTEYn/AAh3hf8A6FvR/wDwBi/+Jo/4Q7wv/wBC3o//AIAxf/E1t0UAYn/CHeF/+hb0f/wBi/8AiaP+EO8L/wDQt6P/AOAMX/xNbdFAGJ/wh3hf/oW9H/8AAGL/AOJo/wCEO8L/APQt6P8A+AMX/wATW3RQBif8Id4X/wChb0f/AMAYv/ia6UeBPCGB/wAUpof/AILof/iaq11I6CkxowP+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKQzn/8AhBPB/wD0Kmh/+C6H/wCJo/4QTwf/ANCpof8A4Lof/ia6CigDn/8AhBPB/wD0Kmh/+C6H/wCJo/4QTwf/ANCpof8A4Lof/ia6CigDn/8AhBPB/wD0Kmh/+C6H/wCJo/4QTwf/ANCpof8A4Lof/ia6CigDltQ8DeEUsZGTwtoisMYI0+IHqP8AZrD/AOEO8L/9C3o//gDF/wDE13epf8g+X8P5iufpoTMT/hDvC/8A0Lej/wDgDF/8TR/wh3hf/oW9H/8AAGL/AOJrbopiMT/hDvC//Qt6P/4Axf8AxNH/AAh3hf8A6FvR/wDwBi/+JrbooAxP+EO8L/8AQt6P/wCAMX/xNH/CHeF/+hb0f/wBi/8Aia26KAMT/hDvC/8A0Lej/wDgDF/8TR/wh3hf/oW9H/8AAGL/AOJrbooAr6T4J8Jyed5nhjRWxtxusIjjr/s1pf8ACCeD/wDoVND/APBdD/8AE1b0b/lv/wAB/rWrUspHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBwd/4L8KpeyKvhrRlUYwBYRDt/u1W/4Q7wv/ANC3o/8A4Axf/E10uo/8f8v4fyFVaZJif8Id4X/6FvR//AGL/wCJo/4Q7wv/ANC3o/8A4Axf/E1t0UwMT/hDvC//AELej/8AgDF/8TR/wh3hf/oW9H/8AYv/AImtuigDE/4Q7wv/ANC3o/8A4Axf/E0f8Id4X/6FvR//AABi/wDia26KAMT/AIQ7wv8A9C3o/wD4Axf/ABNH/CHeF/8AoW9H/wDAGL/4mtuigC1/wgng/wD6FTQ//BdD/wDE0f8ACCeD/wDoVND/APBdD/8AE10FFSUc/wD8IJ4P/wChU0P/AMF0P/xNH/CCeD/+hU0P/wAF0P8A8TXQUUAc/wD8IJ4P/wChU0P/AMF0P/xNH/CCeD/+hU0P/wAF0P8A8TXQUUAc/wD8IJ4P/wChU0P/AMF0P/xNH/CCeD/+hU0P/wAF0P8A8TXQUUAc/wD8IJ4P/wChU0P/AMF0P/xNVdQ8D+EUsnZPC2iKwxyNPiHf/drqqqan/wAeEn4fzFAHC/8ACHeF/wDoW9H/APAGL/4mj/hDvC//AELej/8AgDF/8TW3RVEmJ/wh3hf/AKFvR/8AwBi/+Jo/4Q7wv/0Lej/+AMX/AMTW3RQBif8ACHeF/wDoW9H/APAGL/4mj/hDvC//AELej/8AgDF/8TW3RQBif8Id4X/6FvR//AGL/wCJo/4Q7wv/ANC3o/8A4Axf/E1t0UAYn/CHeF/+hb0f/wAAYv8A4mtPSfBPhOTzvM8MaK2NuN1hEcdf9mrFaujf8t/+A/1pMaKn/CCeD/8AoVND/wDBdD/8TR/wgng//oVND/8ABdD/APE10FFIZz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAc//wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E10FFAHP/8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNdBRQBz//AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TXQUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFQXv8Ax5Tf7pqeoL3/AI8pv900Ac5RRRVEhRRRQAUUUUAFFFFABWlo/wDr5P8Ad/rWbWlo/wDr5P8Ad/rSYzYooopDCiiigAooooAKKKKACsHVP+P5voK3qwdU/wCP5voKaEynRRRTEFFFFABRRRQAUUUUAFdQn+rX6CuXrqE/1a/QUmNDqKKKQwooooAKKKKACiiigCtf/wDHjL9K56uhv/8Ajxl+lc9TQmFFFFMQUUUUAFFFFABRRRQBp6N/rJfoK16yNG/1kv0Fa9SxoKKKKBhRRRQAUUUUAFFFFAGDqn/H830FU6uap/x/N9BVOqEFFFFAgooooAKKKKACiiigDqE/1a/QU6mp/q1+gp1SUFFFFABRRRQAUUUUAFVdS/5B8v4fzFWqq6l/yD5fw/mKAOfoooqiQooooAKKKKACiiigArU0brN+H9ay61NG6zfh/WkxmtRRRSGFFFFABRRRQAUUUUAFYGpf8hCX8P5Ct+sDUv8AkIS/h/IU0JlSiiimIKKKKACiiigAooooAK6kdBXLV1I6CkxoWiiikMKKKKACiiigAooooAq6l/yD5fw/mK5+ug1L/kHy/h/MVz9NCYUUUUxBRRRQAUUUUAFFFFAGro3/AC3/AOA/1rVrK0b/AJb/APAf61q1LKQUUUUAFFFFABRRRQAUUUUAc/qP/H/L+H8hVWrWo/8AH/L+H8hVWqJCiiigAooooAKKKKACiiigDqqKKKkoKKKKACiiigAooooAKqan/wAeEn4fzFW6qan/AMeEn4fzFAGBRRRVEhRRRQAUUUUAFFFFABWro3/Lf/gP9ayq1dG/5b/8B/rSY0atFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFQXv8Ax5Tf7pqeoL3/AI8pv900Ac5RRRVEhRRRQAUUUUAFFFFABWlo/wDr5P8Ad/rWbWlo/wDr5P8Ad/rSYzYooopDCiiigAooooAKKKKACsHVP+P5voK3qwdU/wCP5voKaEynRRRTEFFFFABRRRQAUUUUAFdQn+rX6CuXrqE/1a/QUmNDqKKKQwooooAKKKKACiiigCtf/wDHjL9K56uhv/8Ajxl+lc9TQmFFFFMQUUUUAFFFFABRRRQBp6N/rJfoK16yNG/1kv0Fa9SxoKKKKBhRRRQAUUUUAFFFFAGDqn/H830FU6uap/x/N9BVOqEFFFFAgooooAKKKKACiiigDqE/1a/QU6mp/q1+gp1SUFFFFABRRRQAUUUUAFVdS/5B8v4fzFWqq6l/yD5fw/mKAOfoooqiQooooAKKKKACiiigArU0brN+H9ay61NG6zfh/WkxmtRRRSGFFFFABRRRQAUUUUAFYGpf8hCX8P5Ct+sDUv8AkIS/h/IU0JlSiiimIKKKKACiiigAooooAK6kdBXLV1I6CkxoWiiikMKKKKACiiigAooooAq6l/yD5fw/mK5+ug1L/kHy/h/MVz9NCYUUUUxBRRRQAUUUUAFFFFAGro3/AC3/AOA/1rVrK0b/AJb/APAf61q1LKQUUUUAFFFFABRRRQAUUUUAc/qP/H/L+H8hVWrWo/8AH/L+H8hVWqJCiiigAooooAKKKKACiiigDqqKKKkoKKKKACiiigAooooAKqan/wAeEn4fzFW6qan/AMeEn4fzFAGBRRRVEhRRRQAUUUUAFFFFABWro3/Lf/gP9ayq1dG/5b/8B/rSY0atFFFIYUUUUAFFFFABRRRQAUUUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFAHn//AApL4ef9C9/5O3H/AMco/wCFJfDz/oXv/J24/wDjlegUUAef/wDCkvh5/wBC9/5O3H/xyj/hSXw8/wChe/8AJ24/+OV6BRQB5/8A8KS+Hn/Qvf8Ak7cf/HKP+FJfDz/oXv8AyduP/jlegUUAef8A/Ckvh5/0L3/k7cf/AByj/hSXw8/6F7/yduP/AI5XoFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVy3j/V77RPDX2vTp/Jn89E37Fbg5zwwIqZS5VdmtCjKvVjSju3Y6mivBP+FjeK/+gr/5Lxf/ABNH/CxvFf8A0Ff/ACXi/wDiaw+tQ7M9z/VvF/zR+9/5HvdFeCf8LG8V/wDQV/8AJeL/AOJo/wCFjeK/+gr/AOS8X/xNH1qHZh/q3i/5o/e/8j3uivBP+FjeK/8AoK/+S8X/AMTR/wALG8V/9BX/AMl4v/iaPrUOzD/VvF/zR+9/5HvdFeCf8LG8V/8AQV/8l4v/AImj/hY3iv8A6Cv/AJLxf/E0fWodmH+reL/mj97/AMj3uivBP+FjeK/+gr/5Lxf/ABNH/CxvFf8A0Ff/ACXi/wDiaPrUOzD/AFbxf80fvf8Ake90V4J/wsbxX/0Ff/JeL/4mj/hY3iv/AKCv/kvF/wDE0fWodmH+reL/AJo/e/8AI97orwT/AIWN4r/6Cv8A5Lxf/E0f8LG8V/8AQV/8l4v/AImj61Dsw/1bxf8ANH73/ke90V4J/wALG8V/9BX/AMl4v/iaP+FjeK/+gr/5Lxf/ABNH1qHZh/q3i/5o/e/8j3uivBP+FjeK/wDoK/8AkvF/8TR/wsbxX/0Ff/JeL/4mj61Dsw/1bxf80fvf+R73RXgn/CxvFf8A0Ff/ACXi/wDiaP8AhY3iv/oK/wDkvF/8TR9ah2Yf6t4v+aP3v/I97orwT/hY3iv/AKCv/kvF/wDE0f8ACxvFf/QV/wDJeL/4mj61Dsw/1bxf80fvf+R73RXgn/CxvFf/AEFf/JeL/wCJo/4WN4r/AOgr/wCS8X/xNH1qHZh/q3i/5o/e/wDI97orwT/hY3iv/oK/+S8X/wATR/wsbxX/ANBX/wAl4v8A4mj61Dsw/wBW8X/NH73/AJHvdFeCf8LG8V/9BX/yXi/+Jo/4WN4r/wCgr/5Lxf8AxNH1qHZh/q3i/wCaP3v/ACPe6K8E/wCFjeK/+gr/AOS8X/xNH/CxvFf/AEFf/JeL/wCJo+tQ7MP9W8X/ADR+9/5HvdFeCf8ACxvFf/QV/wDJeL/4mj/hY3iv/oK/+S8X/wATR9ah2Yf6t4v+aP3v/I97orwT/hY3iv8A6Cv/AJLxf/E0f8LG8V/9BX/yXi/+Jo+tQ7MP9W8X/NH73/ke90V4J/wsbxX/ANBX/wAl4v8A4mj/AIWN4r/6Cv8A5Lxf/E0fWodmH+reL/mj97/yPe6K8E/4WN4r/wCgr/5Lxf8AxNH/AAsbxX/0Ff8AyXi/+Jo+tQ7MP9W8X/NH73/ke90V4J/wsbxX/wBBX/yXi/8AiaP+FjeK/wDoK/8AkvF/8TR9ah2Yf6t4v+aP3v8AyPe6K8E/4WN4r/6Cv/kvF/8AE0f8LG8V/wDQV/8AJeL/AOJo+tQ7MP8AVvF/zR+9/wCR73RXgn/CxvFf/QV/8l4v/iaP+FjeK/8AoK/+S8X/AMTR9ah2Yf6t4v8Amj97/wAj3uivBP8AhY3iv/oK/wDkvF/8TR/wsbxX/wBBX/yXi/8AiaPrUOzD/VvF/wA0fvf+R73RXgn/AAsbxX/0Ff8AyXi/+Jo/4WN4r/6Cv/kvF/8AE0fWodmH+reL/mj97/yPe6K8E/4WN4r/AOgr/wCS8X/xNH/CxvFf/QV/8l4v/iaPrUOzD/VvF/zR+9/5HvdFeCf8LG8V/wDQV/8AJeL/AOJo/wCFjeK/+gr/AOS8X/xNH1qHZh/q3i/5o/e/8j3uivBP+FjeK/8AoK/+S8X/AMTR/wALG8V/9BX/AMl4v/iaPrUOzD/VvF/zR+9/5HvdFeCf8LG8V/8AQV/8l4v/AImj/hY3iv8A6Cv/AJLxf/E0fWodmH+reL/mj97/AMj3uivBP+FjeK/+gr/5Lxf/ABNH/CxvFf8A0Ff/ACXi/wDiaPrUOzD/AFbxf80fvf8Ake90V4J/wsbxX/0Ff/JeL/4mj/hY3iv/AKCv/kvF/wDE0fWodmH+reL/AJo/e/8AI97orwT/AIWN4r/6Cv8A5Lxf/E0f8LG8V/8AQV/8l4v/AImj61Dsw/1bxf8ANH73/ke90V4J/wALG8V/9BX/AMl4v/iaP+FjeK/+gr/5Lxf/ABNH1qHZh/q3i/5o/e/8j3uivBP+FjeK/wDoK/8AkvF/8TR/wsbxX/0Ff/JeL/4mj61Dsw/1bxf80fvf+R73RXgn/CxvFf8A0Ff/ACXi/wDiaP8AhY3iv/oK/wDkvF/8TR9ah2Yf6t4v+aP3v/I97orwT/hY3iv/AKCv/kvF/wDE0f8ACxvFf/QV/wDJeL/4mj61Dsw/1bxf80fvf+R73RXgn/CxvFf/AEFf/JeL/wCJo/4WN4r/AOgr/wCS8X/xNH1qHZh/q3i/5o/e/wDI97orwT/hY3iv/oK/+S8X/wATR/wsbxX/ANBX/wAl4v8A4mj61Dsw/wBW8X/NH73/AJHvdFeCf8LG8V/9BX/yXi/+Jo/4WN4r/wCgr/5Lxf8AxNH1qHZh/q3i/wCaP3v/ACPe6K8E/wCFjeK/+gr/AOS8X/xNH/CxvFf/AEFf/JeL/wCJo+tQ7MP9W8X/ADR+9/5HvdFeCf8ACxvFf/QV/wDJeL/4mj/hY3iv/oK/+S8X/wATR9ah2Yf6t4v+aP3v/I97orwT/hY3iv8A6Cv/AJLxf/E0f8LG8V/9BX/yXi/+Jo+tQ7MP9W8X/NH73/ke90V4J/wsbxX/ANBX/wAl4v8A4mj/AIWN4r/6Cv8A5Lxf/E0fWodmH+reL/mj97/yPe6K8E/4WN4r/wCgr/5Lxf8AxNH/AAsbxX/0Ff8AyXi/+Jo+tQ7MP9W8X/NH73/ke90V4J/wsbxX/wBBX/yXi/8AiaP+FjeK/wDoK/8AkvF/8TR9ah2Yf6t4v+aP3v8AyPe6K8E/4WN4r/6Cv/kvF/8AE0f8LG8V/wDQV/8AJeL/AOJo+tQ7MP8AVvF/zR+9/wCR73RXgn/CxvFf/QV/8l4v/iaP+FjeK/8AoK/+S8X/AMTR9ah2Yf6t4v8Amj97/wAj3uivBP8AhY3iv/oK/wDkvF/8TXS2vjHXpLSF3v8ALNGpJ8lOTj/dprEwZlVyDE0leUo/e/8AI9WoooroPDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArifip/yJ3/byn8jXbVxPxU/5E7/t5T+RrOr8DO7LP98p+qPEaKKK8s/SQooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArsrL/jwt/8Arkv8hXG12Vl/x4W//XJf5CrhucOO+FHuVFFFeqfmwUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFcT8VP+RO/7eU/ka7asPxX4ePibRv7PFyLc+asm8pu6Z4xketRUTcGkdeAqRpYmE5uyTR870V6h/wp2T/oOL/4C/8A2dH/AAp2T/oOL/4C/wD2dcHsKnY+3/tvAf8APz8H/keX0V6h/wAKdk/6Di/+Av8A9nR/wp2T/oOL/wCAv/2dHsKnYP7bwH/Pz8H/AJHl9Feof8Kdk/6Di/8AgL/9nR/wp2T/AKDi/wDgL/8AZ0ewqdg/tvAf8/Pwf+R5fRXqH/CnZP8AoOL/AOAv/wBnR/wp2T/oOL/4C/8A2dHsKnYP7bwH/Pz8H/keX0V6h/wp2T/oOL/4C/8A2dH/AAp2T/oOL/4C/wD2dHsKnYP7bwH/AD8/B/5Hl9Feof8ACnZP+g4v/gL/APZ0f8Kdk/6Di/8AgL/9nR7Cp2D+28B/z8/B/wCR5fRXqH/CnZP+g4v/AIC//Z0f8Kdk/wCg4v8A4C//AGdHsKnYP7bwH/Pz8H/keX0V6h/wp2T/AKDi/wDgL/8AZ0f8Kdk/6Di/+Av/ANnR7Cp2D+28B/z8/B/5Hl9Feof8Kdk/6Di/+Av/ANnR/wAKdk/6Di/+Av8A9nR7Cp2D+28B/wA/Pwf+R5fRXqH/AAp2T/oOL/4C/wD2dH/CnZP+g4v/AIC//Z0ewqdg/tvAf8/Pwf8AkeX0V6h/wp2T/oOL/wCAv/2dH/CnZP8AoOL/AOAv/wBnR7Cp2D+28B/z8/B/5Hl9Feof8Kdk/wCg4v8A4C//AGdH/CnZP+g4v/gL/wDZ0ewqdg/tvAf8/Pwf+R5fRXqH/CnZP+g4v/gL/wDZ0f8ACnZP+g4v/gL/APZ0ewqdg/tvAf8APz8H/keX0V6h/wAKdk/6Di/+Av8A9nR/wp2T/oOL/wCAv/2dHsKnYP7bwH/Pz8H/AJHl9Feof8Kdk/6Di/8AgL/9nR/wp2T/AKDi/wDgL/8AZ0ewqdg/tvAf8/Pwf+R5fRXqH/CnZP8AoOL/AOAv/wBnR/wp2T/oOL/4C/8A2dHsKnYP7bwH/Pz8H/keX0V6h/wp2T/oOL/4C/8A2dH/AAp2T/oOL/4C/wD2dHsKnYP7bwH/AD8/B/5Hl9Feof8ACnZP+g4v/gL/APZ0f8Kdk/6Di/8AgL/9nR7Cp2D+28B/z8/B/wCR5fRXqH/CnZP+g4v/AIC//Z0f8Kdk/wCg4v8A4C//AGdHsKnYP7bwH/Pz8H/keX0V6h/wp2T/AKDi/wDgL/8AZ0f8Kdk/6Di/+Av/ANnR7Cp2D+28B/z8/B/5Hl9Feof8Kdk/6Di/+Av/ANnR/wAKdk/6Di/+Av8A9nR7Cp2D+28B/wA/Pwf+R5fRXqH/AAp2T/oOL/4C/wD2dH/CnZP+g4v/AIC//Z0ewqdg/tvAf8/Pwf8AkeX0V6h/wp2T/oOL/wCAv/2dH/CnZP8AoOL/AOAv/wBnR7Cp2D+28B/z8/B/5Hl9Feof8Kdk/wCg4v8A4C//AGdH/CnZP+g4v/gL/wDZ0ewqdg/tvAf8/Pwf+R5fRXqH/CnZP+g4v/gL/wDZ0f8ACnZP+g4v/gL/APZ0ewqdg/tvAf8APz8H/keX0V6h/wAKdk/6Di/+Av8A9nR/wp2T/oOL/wCAv/2dHsKnYP7bwH/Pz8H/AJHl9Feof8Kdk/6Di/8AgL/9nR/wp2T/AKDi/wDgL/8AZ0ewqdg/tvAf8/Pwf+R5fRXqH/CnZP8AoOL/AOAv/wBnR/wp2T/oOL/4C/8A2dHsKnYP7bwH/Pz8H/keX0V6h/wp2T/oOL/4C/8A2dH/AAp2T/oOL/4C/wD2dHsKnYP7bwH/AD8/B/5Hl9Feof8ACnZP+g4v/gL/APZ0f8Kdk/6Di/8AgL/9nR7Cp2D+28B/z8/B/wCR5fRXqH/CnZP+g4v/AIC//Z0f8Kdk/wCg4v8A4C//AGdHsKnYP7bwH/Pz8H/keX0V6h/wp2T/AKDi/wDgL/8AZ0f8Kdk/6Di/+Av/ANnR7Cp2D+28B/z8/B/5Hl9Feof8Kdk/6Di/+Av/ANnR/wAKdk/6Di/+Av8A9nR7Cp2D+28B/wA/Pwf+R5fRXqH/AAp2T/oOL/4C/wD2dH/CnZP+g4v/AIC//Z0ewqdg/tvAf8/Pwf8AkeX0V6h/wp2T/oOL/wCAv/2dH/CnZP8AoOL/AOAv/wBnR7Cp2D+28B/z8/B/5Hl9Feof8Kdk/wCg4v8A4C//AGdH/CnZP+g4v/gL/wDZ0ewqdg/tvAf8/Pwf+R5fRXqH/CnZP+g4v/gL/wDZ0f8ACnZP+g4v/gL/APZ0ewqdg/tvAf8APz8H/keX0V6h/wAKdk/6Di/+Av8A9nR/wp2T/oOL/wCAv/2dHsKnYP7bwH/Pz8H/AJHl9Feof8Kdk/6Di/8AgL/9nR/wp2T/AKDi/wDgL/8AZ0ewqdg/tvAf8/Pwf+R5fRXqH/CnZP8AoOL/AOAv/wBnR/wp2T/oOL/4C/8A2dHsKnYP7bwH/Pz8H/keX0V6h/wp2T/oOL/4C/8A2dH/AAp2T/oOL/4C/wD2dHsKnYP7bwH/AD8/B/5Hl9Feof8ACnZP+g4v/gL/APZ0f8Kdk/6Di/8AgL/9nR7Cp2D+28B/z8/B/wCR5fRXqH/CnZP+g4v/AIC//Z0f8Kdk/wCg4v8A4C//AGdHsKnYP7bwH/Pz8H/keX0V6h/wp2T/AKDi/wDgL/8AZ0f8Kdk/6Di/+Av/ANnR7Cp2D+28B/z8/B/5Hl9Feof8Kdk/6Di/+Av/ANnR/wAKdk/6Di/+Av8A9nR7Cp2D+28B/wA/Pwf+R5fRXqH/AAp2T/oOL/4C/wD2dH/CnZP+g4v/AIC//Z0ewqdg/tvAf8/Pwf8AkeX12Vl/x4W//XJf5Ct7/hTsn/QcX/wF/wDs62YPh28NvHF/aanYoXPkdcD/AHqqFGa3Ry4rN8HNJRn+D/yO7ooor0D4cKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqnqWk6brNutvqmn2l9Ar71juoVlUNgjIDAjOCRn3NXKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKAOf/AOEE8H/9Cpof/guh/wDiaP8AhBPB/wD0Kmh/+C6H/wCJroKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKp6lpOm6zbrb6pp9pfQK+9Y7qFZVDYIyAwIzgkZ9zVyigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigDn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJroKKAOf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mugooA5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDia6CigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqnqWmQarbrBcSXaIrhwbW7lt2zgjlo2Ukc9M46egq5RQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFU9S0yDVbdYLiS7RFcODa3ctu2cEctGykjnpnHT0FXKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKp6lZT31usVvqd3p7h9xltViZiMH5T5iOMc56Z4HPWgC5RXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVT1LU4NKt1nuI7t0Z9gFraS3DZwTysasQOOuMdPUUAXKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6Ciuf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGaAOgorn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGaAOgorn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmgDoKK5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmgDoKK5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZoA6Ciuf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZoA6CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKp6lqcGlW6z3Ed26M+wC1tJbhs4J5WNWIHHXGOnqKALlFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFc/wD8Jlpf/Prrn/givf8A4zR/wmWl/wDPrrn/AIIr3/4zQB0FFc//AMJlpf8Az665/wCCK9/+M0f8Jlpf/Prrn/givf8A4zQB0FFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFU9S1bTdGt1uNU1C0sYGcIsl1MsSlsE4BYgZwCcexoooAy/+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAD/hO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoooAP+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qiigA/4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqKKAP//Z)

Directors’ remuneration report continued

Single figure table

Single total figure of remuneration for the CEO for the years ended 31 December 2024 and 2023.

Base pay

1

€000s

Cash and

non-cash benefits

2

€000s

Annual bonus

3

€000s

Employee Share

Purchase Plan

4

€000s

Long-term incentives

5

€000s

Retirement benefits

6

€000s

Total fixed remuneration

€000s

Total variable remuneration

€000s

Total single figure

€000s

2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023

Zoran

Bogdanovic 926 875 767 678 983 950 28 26 3,936 2,817 141 148 1,834 1,701 4,947 3,793 6,781 5,494

1.  Base pay includes the monthly instalments linked to the base salary for 2024 and 2023.

2.  Cash and non-cash benefits includes the value of all benefits paid during 2024. These are outlined in the ‘Cash and non-cash benefits’ section below and include any gross-ups for the tax benefits.

3.  Annual bonus for 2024 includes the MIP payout, receivable in 2025 for the 2024 performance year. Refer to ‘MIP performance outcomes-2024’ for details.

4.  ‘Employee Share Purchase Plan’ reflects the value of Company matching share contributions under the ESPP.

5.   ‘Long-term incentives’ for 2024 reflects the 2022 awards made under the Performance Share Plan and the dividend equivalent shares paid on PSP shares that will vest in early 2025. The number of shares due to vest to the CEO for the 2022 award is 108,186.

TheCEO willalso get 9,772 shares representing the dividend equivalents for the awarded shares for 2022, 2023 and 2024. The value reflects the number of shares multiplied by the average market price over the last three months of the financial year. The figure will be restated in next year’s

report based on the share price at vesting (as has been done for the 2021 award in the 2023 figure above). The 2022 award increased by €1,677,963 since the grant date due to the share price increase, resulting in a total value at vest of €3,935,680.

6.  ‘Retirement benefits’ includes the pension plan under Swiss law. Employer contributions are 15% of annual base salary. The disclosed figure also includes risk and administration costs of €2,537.

7.  No malus and clawback was operated.

Fixed pay for 2024

Base salary

In 2024, Zoran Bogdanovic’s salary was increased

to€942,000, representing an increase of 5.5%

effective May 2024. The average increase for

ouremployees was 8.3%.

Retirement benefits

Zoran Bogdanovic receives an annual retirement

benefit of 15% of base salary, aligning to the

retirement benefit provided under Swiss law

andbased on the age brackets defined by federal

Swiss legislation. During the year, €141,382

ofretirement benefit was received, inclusive

of€2,537 for risk and administration costs.

Normal retirement age for the CEO’s plan is 65

years. In case of early retirement, which is possible

from the age of 58, the CEO is entitled to receive

the amount accrued under the plan as a lump sum.

Cash and non-cash benefits

Zoran Bogdanovic received additional benefits

during 2024. These included cost of living and

foreign exchange rate adjustment (€407,242),

private medical insurance (€5,017), partner

allowance (€1,000), home trip allowance (€4,679),

taxsupport (€14,172), company car (€25,649),

housing allowance (€105,952), tax equalisation

(€-131,003), and the value ofsocial security

contributions (€334,528). The Company matching

contribution relates to the ESPP (€27,769 reflecting

the maximum match of3%under the plan).

These benefits align with the benefits offered

toour international expats and are considered

acore part of the Company’s offering for senior

talent. The benefits provided, both in nature and

quantum, are regularly benchmarked relative to

external market data.

Variable pay for 2024

2024 MIP performance outcome

The business performance element for the

2024MIP was based on the following metrics:

•  NSR, with an opportunity of56%of salary

formaximum performance (28%of salary

fortargetperformance).

•  Comparable EBIT, with an opportunity

of56%ofsalary for maximum performance

(28%of salary for target performance).

•  Free cash flow, with an opportunity level

of28%of salary for maximum performance

(14%of salary for target performance).

The outcome of the business performance

element is multiplied by the outcome for the

individual performance element.

The CEO’s individual performance metrics were

measured versus the following priorities in 2024:

Priorities Achievement

Business

performance

Increase volume Volume increased 2.8% versus2023

onboth areported basis and an

organicbasis

Increase organic revenue growth Organic revenue growth: 13.8% increase

compared to prior year

Increase comparable EBIT Comparable EBIT: 10% increase and

12.2%organic

Employee

engagement

Maintain or increase

employeeengagement

Increased high sustainable engagement

index score to 88% from 86%

Sustainability

commitments

Reduction in CO

2

and increase energy-

efficient coolers

Increased by 9% the number of new

energy-efficient coolers in customers’

premises, bringing the total to 60%

ofcoolers.

Progress of water stewardship

community projects

Number of water stewardship community

projects in water risk areas increased from

12 in 2023 to 16 in 2024

Increase in number of women

inmanagement

Overall, women in management increased

from 41.8% to 43.5%

Increase the number who have access

to#YouthEmpowered

Over 1,119,850 young people

from2017to2024 have access

to#YouthEmpowered access

versus944,948 from2017 to 2023

Coca-Cola HBC Integrated Annual Report 2024240

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

PSP outcomes of the 2022-24 award

The table below summarises performance against the applicable targets for PSP awards made in 2022,

which are due to vest in March 2025.

Threshold Maximum Actual

Total %

of maxMeasure Weighting Target Vesting Ta rget  Vesting Achievement Vesting

Comparable EPS 42.5% €1.38 25% €1.62 100% €1.47 54%

77%

ROIC 42.5% 11.5% 25% 13.4% 100% 14.0% 100%

Reduction of CO

2

emissions 15.0% 3,083 25% 2,871 100% 2,937 77%

Based on performance against the targets, the formulaic outcome was a vesting level of 77%. As

statedin the Chair’s letter and reported last year, following the notification from the third party (IFEU,

aninstitute preferred by TCCC as the source on material emissions factor change) and in line with GHG

Protocol guidance, a re-calculation of the base year 2017 onwards was triggered in 2023 and again in

2024. In 2023 the Net Zero roadmap was re-calculated based on latest annual release of emissions

factors with an increase in absolute emissions by 250k MT and cascaded onwards. This also led to

higher emissions decline rate year on year. In early 2024, the Net Zero roadmap was re-calculated based

on latest annual release of emissions factors, which triggered an increase in absolute emissions base,

starting 2017 by 95k MT and cascaded onwards. Given the methodology change to the base year used

for emissions data, which directly impacts future years, the Committee considered it appropriate for

this technical change to flow through to the targets attached to the 2022 PSP award. In doing so, the

Committee was comfortable that the revised targets were not materially easier or harder to achieve

than the original targets. It was determined that no adjustment would be made to the formulaic outcome.

As set out in the Remuneration Committee Chair’s letter, at the time the 2022-2024 PSP award was

granted, our share price was lower as it had been affected by the onset of the Russia-Ukraine war.

Overthe past three years, management have navigated the challenges brought on by the conflict,

demonstrating dedication and effort to restore the share price despite a difficult economic climate.

The share price did not follow the typical ‘V-shape’ recovery that is often associated with ‘windfall gains’,

and instead has recovered over time due to management actions in a challenging environment.

Therefore, the Committee determined that no adjustments to the award’s vesting were required.

Further detail is provided in the Remuneration Committee Chair’s letter.

The above results exclude Russia and Ukraine, but include Egypt in ROIC and EPS as at the time that

targets were set inSeptember 2022.

Directors’ remuneration report continued

2024 MIP performance outcome – continued

The Remuneration Committee took into account the following additional achievements during 2024:

•  Continued handling of the challenges posed by the Russia-Ukraine war and the humanitarian support

toUkraine during the war.

•  Being next to our communities with support during natural disasters. The Coca-Cola HBC Foundation

response to floods donating € 1.55 million in grants to flood-relief projects in six CCHBC business units.

•  Number one contributor to incremental value creation for our retail customers within fast-moving

consumer goods (FMCG) in Europe, according to Nielsen.

•  Recognised in the DJSI as leading beverage company and achieved top scores in S&P Global

SustainabilityYearbook and double A from CDP.

Since the onset of the war in Ukraine, we have taken the decision to exclude Ukraine and Russia from

both the targets as well as the actuals in calculating the payout.

The CEO’s individual financial metrics were measured as follows:

Performance level (payout % of target opportunity)

Threshold (0%) Target (100%) Maximum (200%) Achievement

Payout (% of base

salary)

Net sales revenue (€m) 8,172.9  8,883.5 9,594.2 9,000.7 32.6%

Comparable EBIT (€m) 737.2 801.3 865.4 837.6 43.7%

Free cash flow (€m) 351.2 381.7 419.9 443.9 28.0%

Total (business performance multiplied by individual performance) 104.3%

Total (as a % of maximum) 75%

The Remuneration Committee considered the formulaic outcome to ensure that it was both fair

andappropriate given the wider stakeholder experience described above and the wider performance

assessment as set out in the Remuneration Committee Chair’s letter earlier on in this report. The

annual bonus award in respect of the 2024 financial year for the CEO was therefore €982,506 and

104.3% of salary (75% of maximum). The Committee judged that this outcome was appropriate

anddidnot apply a discretionary adjustment.

As set out in our new Policy, once approved, no deferral will apply as the CEO has significantly exceeded

the shareholding guideline.

Coca-Cola HBC Integrated Annual Report 2024241

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCANHBesDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqOdS8LKoyTUlFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAFGO3lWRSV4BB6ir1FFAHkfjXwV4g1bxbfX1jp/m20vl7H86Nc4jUHgsD1BrA/4Vz4r/AOgV/wCTEX/xVe90Vzyw0G7nu0eIMTSpxpxjGySWz6fM8E/4Vz4r/wCgV/5MRf8AxVH/AArnxX/0Cv8AyYi/+Kr3uil9Vh3Zp/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4J/wrnxX/ANAr/wAmIv8A4qj/AIVz4r/6BX/kxF/8VXvdFH1WHdh/rJi/5Y/c/wDM8E/4Vz4r/wCgV/5MRf8AxVH/AArnxX/0Cv8AyYi/+Kr3uij6rDuw/wBZMX/LH7n/AJngn/CufFf/AECv/JiL/wCKo/4Vz4r/AOgV/wCTEX/xVe90UfVYd2H+smL/AJY/c/8AM8E/4Vz4r/6BX/kxF/8AFUf8K58V/wDQK/8AJiL/AOKr3uij6rDuw/1kxf8ALH7n/meCf8K58V/9Ar/yYi/+Krvvhr4c1bw//an9qWnkef5Xl/vEbdt35+6T6iu9oqoYeMJcyOfFZ3iMVRdGaVn2v3v3GyAtGwHUgiqP2ab+5+orQorc8Yz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UVcgUpCqsMEVJRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVe+v7PTLOS8v7uC0tY8b5p5BGi5IAyx4GSQPxqxRQBz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VXQUUAc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FV0FFAHP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVdBRQBz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VXQUUAc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FV0FFAHP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVdBRQBz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VXQUUAc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FV0FFAHP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVdBRQBz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VXQUUAc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FV0FFAHP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVdBRQBz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VXQUUAc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FV0FFAHP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVdBRQBz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VXQUUAc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FV0FFAHP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVdBRQBz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VXQUUAc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FV0FFAHP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVdBRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFU9S1bTdGt1uNU1C0sYGcIsl1MsSlsE4BYgZwCcexoAuUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUVz/APwnfg//AKGvQ/8AwYw//FUf8J34P/6GvQ//AAYw/wDxVAHQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFU9S1bTdGt1uNU1C0sYGcIsl1MsSlsE4BYgZwCcexoAuUVz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VQB0FFc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FUAdBRXP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVAHQUVz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VQB0FFc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FUAdBRXP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVAHQUVz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VQB0FFc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FUAdBRXP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVAHQUVz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VQB0FFc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FUAdBRXP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVAHQUVz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VQB0FFc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FUAdBRXP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVAHQUVz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VQB0FFc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FUAdBRXP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVAHQUVz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VQB0FFc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FUAdBRXP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVAHQUVz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VQB0FFc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FUAdBRXP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVAHQUVz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VQB0FFc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FUAdBRXP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVAHQUVz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VQB0FFc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FUAdBRXP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVAHQUVz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VQB0FFc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FUAdBRXP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVAHQUVz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VQB0FFc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FUAdBRXP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVAHQUVz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VQB0FFc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FUAdBRXP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVAHQUVz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VQB0FFc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FUAdBRXP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVAHQUVz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VQB0FFc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FUAdBRXP/8ACd+D/wDoa9D/APBjD/8AFUf8J34P/wChr0P/AMGMP/xVAHQUVz//AAnfg/8A6GvQ/wDwYw//ABVH/Cd+D/8Aoa9D/wDBjD/8VQB0FFc//wAJ34P/AOhr0P8A8GMP/wAVR/wnfg//AKGvQ/8AwYw//FUAdBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9WhpmjWukeb9mlvpPNxu+1389zjGcY81229e2M8Z6CtCigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/ia6CigDn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JroKKAOf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mugooA5//hBPB/8A0Kmh/wDguh/+JrQ0zQtH0Tzf7J0qxsPOx5n2S3SLfjOM7QM4yevqa0KKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWj7Z4w/6AWh/+Dmb/AORaAOgorn/tnjD/AKAWh/8Ag5m/+RaPtnjD/oBaH/4OZv8A5FoA6Ciuf+2eMP8AoBaH/wCDmb/5Fo+2eMP+gFof/g5m/wDkWgDoKK5/7Z4w/wCgFof/AIOZv/kWtDTJtYl83+1rGxtcY8v7JePcbuuc7okx26Zzk9McgGhVPUo9Slt1XS7u0tp94LPdWzTqVweAqyIQc45z2PHPFyigDn/sfjD/AKDuh/8Agmm/+SqPsfjD/oO6H/4Jpv8A5KroKKAOf+x+MP8AoO6H/wCCab/5Ko+x+MP+g7of/gmm/wDkqugooA5/7H4w/wCg7of/AIJpv/kqj7H4w/6Duh/+Cab/AOSq6CigDn/sfjD/AKDuh/8Agmm/+SqPsfjD/oO6H/4Jpv8A5KroKKAOf+x+MP8AoO6H/wCCab/5Ko+x+MP+g7of/gmm/wDkqugooA5/7H4w/wCg7of/AIJpv/kqj7H4w/6Duh/+Cab/AOSq6CigDn/sfjD/AKDuh/8Agmm/+SqPsfjD/oO6H/4Jpv8A5KroKKAOf+x+MP8AoO6H/wCCab/5Ko+x+MP+g7of/gmm/wDkqugooA5/7H4w/wCg7of/AIJpv/kqj7H4w/6Duh/+Cab/AOSq6CigDn/sfjD/AKDuh/8Agmm/+SqPsfjD/oO6H/4Jpv8A5KroKKAOf+x+MP8AoO6H/wCCab/5Ko+x+MP+g7of/gmm/wDkqugooA5/7H4w/wCg7of/AIJpv/kqj7H4w/6Duh/+Cab/AOSq6CigDn/sfjD/AKDuh/8Agmm/+SqPsfjD/oO6H/4Jpv8A5KroKKAOf+x+MP8AoO6H/wCCab/5Ko+x+MP+g7of/gmm/wDkqugooA5/7H4w/wCg7of/AIJpv/kqj7H4w/6Duh/+Cab/AOSq6CigDn/sfjD/AKDuh/8Agmm/+SqPsfjD/oO6H/4Jpv8A5KroKKAOf+x+MP8AoO6H/wCCab/5Ko+x+MP+g7of/gmm/wDkqugooA5/7H4w/wCg7of/AIJpv/kqj7H4w/6Duh/+Cab/AOSq6CigDn/sfjD/AKDuh/8Agmm/+SqPsfjD/oO6H/4Jpv8A5KroKKAOf+x+MP8AoO6H/wCCab/5Ko+x+MP+g7of/gmm/wDkqugooA5/7H4w/wCg7of/AIJpv/kqj7H4w/6Duh/+Cab/AOSq6CigDn/sfjD/AKDuh/8Agmm/+SqPsfjD/oO6H/4Jpv8A5KroKKAOf+x+MP8AoO6H/wCCab/5Ko+x+MP+g7of/gmm/wDkqugooA5/7H4w/wCg7of/AIJpv/kqj7H4w/6Duh/+Cab/AOSq6CigDn/sfjD/AKDuh/8Agmm/+SqPsfjD/oO6H/4Jpv8A5KroKKAOf+x+MP8AoO6H/wCCab/5Ko+x+MP+g7of/gmm/wDkqugooA5/7H4w/wCg7of/AIJpv/kqj7H4w/6Duh/+Cab/AOSq6CigDn/sfjD/AKDuh/8Agmm/+SqPsfjD/oO6H/4Jpv8A5KroKKAOf+x+MP8AoO6H/wCCab/5Ko+x+MP+g7of/gmm/wDkqugooA5/7H4w/wCg7of/AIJpv/kqj7H4w/6Duh/+Cab/AOSq6CigDn/sfjD/AKDuh/8Agmm/+SqPsfjD/oO6H/4Jpv8A5KroKKAOf+x+MP8AoO6H/wCCab/5Ko+x+MP+g7of/gmm/wDkqugooA5/7H4w/wCg7of/AIJpv/kqj7H4w/6Duh/+Cab/AOSq6CigDn/sfjD/AKDuh/8Agmm/+SqPsfjD/oO6H/4Jpv8A5KroKKAOf+x+MP8AoO6H/wCCab/5Ko+x+MP+g7of/gmm/wDkqugooA5/7H4w/wCg7of/AIJpv/kqj7H4w/6Duh/+Cab/AOSq6CigDn/sfjD/AKDuh/8Agmm/+SqPsfjD/oO6H/4Jpv8A5KroKKAOf+x+MP8AoO6H/wCCab/5Ko+x+MP+g7of/gmm/wDkqugooA5/7H4w/wCg7of/AIJpv/kqj7H4w/6Duh/+Cab/AOSq6CigDn/sfjD/AKDuh/8Agmm/+SqPsfjD/oO6H/4Jpv8A5KroKKAOf+x+MP8AoO6H/wCCab/5Ko+x+MP+g7of/gmm/wDkqugooA5/7H4w/wCg7of/AIJpv/kqj7H4w/6Duh/+Cab/AOSq6CigDn/sfjD/AKDuh/8Agmm/+SqPsfjD/oO6H/4Jpv8A5KroKKAOf+x+MP8AoO6H/wCCab/5Ko+x+MP+g7of/gmm/wDkqugooA5/7H4w/wCg7of/AIJpv/kqj7H4w/6Duh/+Cab/AOSq6CigDn/sfjD/AKDuh/8Agmm/+SqPsfjD/oO6H/4Jpv8A5KroKKAOf+x+MP8AoO6H/wCCab/5Ko+x+MP+g7of/gmm/wDkqugooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mj/AIQTwf8A9Cpof/guh/8AiaAOgorn/wDhBPB//QqaH/4Lof8A4mtDTNC0fRPN/snSrGw87HmfZLdIt+M4ztAzjJ6+poA0KKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHq0NM0a10jzfs0t9J5uN32u/nucYzjHmu23r2xnjPQVoUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFc//AMJDqn/Qma5/3+sv/kij/hIdU/6EzXP+/wBZf/JFAHQUVz//AAkOqf8AQma5/wB/rL/5Io/4SHVP+hM1z/v9Zf8AyRQB0FFc/wD8JDqn/Qma5/3+sv8A5Io/4SHVP+hM1z/v9Zf/ACRQB0FFc/8A8JDqn/Qma5/3+sv/AJIo/wCEh1T/AKEzXP8Av9Zf/JFAHQUVz/8AwkOqf9CZrn/f6y/+SKP+Eh1T/oTNc/7/AFl/8kUAdBRXP/8ACQ6p/wBCZrn/AH+sv/kij/hIdU/6EzXP+/1l/wDJFAHQUVz/APwkOqf9CZrn/f6y/wDkij/hIdU/6EzXP+/1l/8AJFAHQUVz/wDwkOqf9CZrn/f6y/8Akij/AISHVP8AoTNc/wC/1l/8kUAdBRXP/wDCQ6p/0Jmuf9/rL/5Io/4SHVP+hM1z/v8AWX/yRQB0FFc//wAJDqn/AEJmuf8Af6y/+SKP+Eh1T/oTNc/7/WX/AMkUAdBRXP8A/CQ6p/0Jmuf9/rL/AOSKP+Eh1T/oTNc/7/WX/wAkUAdBRXP/APCQ6p/0Jmuf9/rL/wCSKP8AhIdU/wChM1z/AL/WX/yRQB0FFc//AMJDqn/Qma5/3+sv/kij/hIdU/6EzXP+/wBZf/JFAHQUVz//AAkOqf8AQma5/wB/rL/5Io/4SHVP+hM1z/v9Zf8AyRQB0FFc/wD8JDqn/Qma5/3+sv8A5Io/4SHVP+hM1z/v9Zf/ACRQB0FFc/8A8JDqn/Qma5/3+sv/AJIo/wCEh1T/AKEzXP8Av9Zf/JFAHQUVz/8AwkOqf9CZrn/f6y/+SKP+Eh1T/oTNc/7/AFl/8kUAdBRXP/8ACQ6p/wBCZrn/AH+sv/kij/hIdU/6EzXP+/1l/wDJFAHQUVz/APwkOqf9CZrn/f6y/wDkij/hIdU/6EzXP+/1l/8AJFAHQUVz/wDwkOqf9CZrn/f6y/8Akij/AISHVP8AoTNc/wC/1l/8kUAdBRXP/wDCQ6p/0Jmuf9/rL/5Io/4SHVP+hM1z/v8AWX/yRQB0FFc//wAJDqn/AEJmuf8Af6y/+SKP+Eh1T/oTNc/7/WX/AMkUAdBRXP8A/CQ6p/0Jmuf9/rL/AOSKP+Eh1T/oTNc/7/WX/wAkUAdBRXP/APCQ6p/0Jmuf9/rL/wCSKP8AhIdU/wChM1z/AL/WX/yRQB0FFc//AMJDqn/Qma5/3+sv/kij/hIdU/6EzXP+/wBZf/JFAHQUVz//AAkOqf8AQma5/wB/rL/5Io/4SHVP+hM1z/v9Zf8AyRQB0FFc/wD8JDqn/Qma5/3+sv8A5Io/4SHVP+hM1z/v9Zf/ACRQB0FFc/8A8JDqn/Qma5/3+sv/AJIo/wCEh1T/AKEzXP8Av9Zf/JFAHQUVz/8AwkOqf9CZrn/f6y/+SKP+Eh1T/oTNc/7/AFl/8kUAdBRXP/8ACQ6p/wBCZrn/AH+sv/kij/hIdU/6EzXP+/1l/wDJFAHQUVz/APwkOqf9CZrn/f6y/wDkij/hIdU/6EzXP+/1l/8AJFAHQUVz/wDwkOqf9CZrn/f6y/8Akij/AISHVP8AoTNc/wC/1l/8kUAdBRXP/wDCQ6p/0Jmuf9/rL/5Io/4SHVP+hM1z/v8AWX/yRQB0FFc//wAJDqn/AEJmuf8Af6y/+SKP+Eh1T/oTNc/7/WX/AMkUAdBRXP8A/CQ6p/0Jmuf9/rL/AOSKP+Eh1T/oTNc/7/WX/wAkUAdBRXP/APCQ6p/0Jmuf9/rL/wCSKP8AhIdU/wChM1z/AL/WX/yRQB0FFc//AMJDqn/Qma5/3+sv/kij/hIdU/6EzXP+/wBZf/JFAHQUVz//AAkOqf8AQma5/wB/rL/5Io/4SHVP+hM1z/v9Zf8AyRQB0FFc/wD8JDqn/Qma5/3+sv8A5Io/4SHVP+hM1z/v9Zf/ACRQB0FFc/8A8JDqn/Qma5/3+sv/AJIo/wCEh1T/AKEzXP8Av9Zf/JFAHQUVz/8AwkOqf9CZrn/f6y/+SKP+Eh1T/oTNc/7/AFl/8kUAdBRXP/8ACQ6p/wBCZrn/AH+sv/kij/hIdU/6EzXP+/1l/wDJFAHQUVz/APwkOqf9CZrn/f6y/wDkij/hIdU/6EzXP+/1l/8AJFAHQUVz/wDwkOqf9CZrn/f6y/8Akij/AISHVP8AoTNc/wC/1l/8kUAdBRXP/wDCQ6p/0Jmuf9/rL/5Io/4SHVP+hM1z/v8AWX/yRQB0FFc//wAJDqn/AEJmuf8Af6y/+SKP+Eh1T/oTNc/7/WX/AMkUAdBRXP8A/CQ6p/0Jmuf9/rL/AOSK0NM1G6v/ADftOjX2m7MbftbwN5mc5x5Uj9Md8dRjPOADQqnqWrabo1utxqmoWljAzhFkupliUtgnALEDOATj2NXKp6lpOm6zbrb6pp9pfQK4dY7qFZVDYIyAwIzgkZ9zQBl/8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVR/wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E0AH/Cd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUf8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNAB/wnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVH/AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TQAf8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVR/wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E0AH/Cd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUf8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNAB/wnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVH/AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TQAf8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVR/wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E0AH/Cd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUf8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNAB/wnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVH/AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TQAf8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVR/wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E0AH/Cd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUf8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNAB/wnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVH/AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TQAf8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVR/wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E0AH/Cd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUf8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNAB/wnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVH/AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TQAf8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVR/wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E0AH/Cd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUf8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNAB/wnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVH/AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TQAf8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVR/wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E0AH/Cd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUf8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNAB/wnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVH/AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TQAf8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVR/wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E0AH/Cd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUf8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNAB/wnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVH/AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TQAf8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVR/wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E0AH/Cd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUf8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNAB/wnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVH/AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TQAf8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVR/wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E0AH/Cd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUf8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNAB/wnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVH/AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TQAf8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVR/wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E0AH/Cd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUf8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNAB/wnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVH/AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TQAf8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVR/wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E0AH/Cd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUf8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNAB/wnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVH/AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TQAf8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVR/wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E0AH/Cd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUf8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNAB/wnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVH/AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TQAf8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVR/wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E0AH/Cd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUf8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNAB/wnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVH/AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TQAf8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVR/wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E0AH/Cd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUf8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNAB/wnfg//oa9D/8ABjD/APFUf8J34P8A+hr0P/wYw/8AxVH/AAgng/8A6FTQ/wDwXQ//ABNH/CCeD/8AoVND/wDBdD/8TQAf8J34P/6GvQ//AAYw/wDxVH/Cd+D/APoa9D/8GMP/AMVR/wAIJ4P/AOhU0P8A8F0P/wATR/wgng//AKFTQ/8AwXQ//E0AH/Cd+D/+hr0P/wAGMP8A8VR/wnfg/wD6GvQ//BjD/wDFUf8ACCeD/wDoVND/APBdD/8AE0f8IJ4P/wChU0P/AMF0P/xNAHQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1H/AAhul/8AP1rn/g9vf/j1dBRQBz//AAhul/8AP1rn/g9vf/j1H/CG6X/z9a5/4Pb3/wCPV0FFAHP/APCG6X/z9a5/4Pb3/wCPUf8ACG6X/wA/Wuf+D29/+PV0FFAHP/8ACG6X/wA/Wuf+D29/+PUf8Ibpf/P1rn/g9vf/AI9XQUUAc/8A8Ibpf/P1rn/g9vf/AI9R/wAIbpf/AD9a5/4Pb3/49XQUUAc//wAIbpf/AD9a5/4Pb3/49R/whul/8/Wuf+D29/8Aj1dBRQBz/wDwhul/8/Wuf+D29/8Aj1aGmaNa6R5v2aW+k83G77Xfz3OMZxjzXbb17YzxnoK0KKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPP/8Ahdvw8/6GH/ySuP8A43R/wu34ef8AQw/+SVx/8boooAP+F2/Dz/oYf/JK4/8AjdH/AAu34ef9DD/5JXH/AMboooAP+F2/Dz/oYf8AySuP/jdH/C7fh5/0MP8A5JXH/wAboooAP+F2/Dz/AKGH/wAkrj/43R/wu34ef9DD/wCSVx/8boooAP8Ahdvw8/6GH/ySuP8A43R/wu34ef8AQw/+SVx/8boooAP+F2/Dz/oYf/JK4/8AjdH/AAu34ef9DD/5JXH/AMboooAP+F2/Dz/oYf8AySuP/jdH/C7fh5/0MP8A5JXH/wAboooAP+F2/Dz/AKGH/wAkrj/43R/wu34ef9DD/wCSVx/8boooAP8Ahdvw8/6GH/ySuP8A43R/wu34ef8AQw/+SVx/8boooAP+F2/Dz/oYf/JK4/8AjdH/AAu34ef9DD/5JXH/AMboooAP+F2/Dz/oYf8AySuP/jdH/C7fh5/0MP8A5JXH/wAboooAP+F2/Dz/AKGH/wAkrj/43R/wu34ef9DD/wCSVx/8boooAP8Ahdvw8/6GH/ySuP8A43R/wu34ef8AQw/+SVx/8boooAP+F2/Dz/oYf/JK4/8AjdH/AAu34ef9DD/5JXH/AMboooAP+F2/Dz/oYf8AySuP/jdH/C7fh5/0MP8A5JXH/wAboooAP+F2/Dz/AKGH/wAkrj/43R/wu34ef9DD/wCSVx/8boooAP8Ahdvw8/6GH/ySuP8A43R/wu34ef8AQw/+SVx/8boooAP+F2/Dz/oYf/JK4/8AjdH/AAu34ef9DD/5JXH/AMboooAP+F2/Dz/oYf8AySuP/jdH/C7fh5/0MP8A5JXH/wAboooAP+F2/Dz/AKGH/wAkrj/43R/wu34ef9DD/wCSVx/8boooAP8Ahdvw8/6GH/ySuP8A43R/wu34ef8AQw/+SVx/8boooAP+F2/Dz/oYf/JK4/8AjdH/AAu34ef9DD/5JXH/AMboooAP+F2/Dz/oYf8AySuP/jdH/C7fh5/0MP8A5JXH/wAboooAP+F2/Dz/AKGH/wAkrj/43R/wu34ef9DD/wCSVx/8boooAP8Ahdvw8/6GH/ySuP8A43R/wu34ef8AQw/+SVx/8boooAP+F2/Dz/oYf/JK4/8AjdH/AAu34ef9DD/5JXH/AMboooAP+F2/Dz/oYf8AySuP/jdH/C7fh5/0MP8A5JXH/wAboooAP+F2/Dz/AKGH/wAkrj/43R/wu34ef9DD/wCSVx/8boooAP8Ahdvw8/6GH/ySuP8A43R/wu34ef8AQw/+SVx/8boooAP+F2/Dz/oYf/JK4/8AjdH/AAu34ef9DD/5JXH/AMboooAP+F2/Dz/oYf8AySuP/jdH/C7fh5/0MP8A5JXH/wAboooAP+F2/Dz/AKGH/wAkrj/43R/wu34ef9DD/wCSVx/8boooAP8Ahdvw8/6GH/ySuP8A43R/wu34ef8AQw/+SVx/8boooAP+F2/Dz/oYf/JK4/8AjdH/AAu34ef9DD/5JXH/AMboooAP+F2/Dz/oYf8AySuP/jdH/C7fh5/0MP8A5JXH/wAboooAP+F2/Dz/AKGH/wAkrj/43R/wu34ef9DD/wCSVx/8boooAP8Ahdvw8/6GH/ySuP8A43R/wu34ef8AQw/+SVx/8boooAP+F2/Dz/oYf/JK4/8AjdH/AAu34ef9DD/5JXH/AMboooAP+F2/Dz/oYf8AySuP/jdH/C7fh5/0MP8A5JXH/wAboooAP+F2/Dz/AKGH/wAkrj/43R/wu34ef9DD/wCSVx/8boooAP8Ahdvw8/6GH/ySuP8A43R/wu34ef8AQw/+SVx/8boooAP+F2/Dz/oYf/JK4/8AjdH/AAu34ef9DD/5JXH/AMboooAP+F2/Dz/oYf8AySuP/jdH/C7fh5/0MP8A5JXH/wAboooAP+F2/Dz/AKGH/wAkrj/43R/wu34ef9DD/wCSVx/8boooAP8Ahdvw8/6GH/ySuP8A43R/wu34ef8AQw/+SVx/8boooAP+F2/Dz/oYf/JK4/8AjdH/AAu34ef9DD/5JXH/AMboooAP+F2/Dz/oYf8AySuP/jddB4Y8beHfGP2r+wNQ+2fZdnnfuZI9u7O376jOdrdPSiigDoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA//2Q==)

Directors’ remuneration report continued

PSP awards – 2024-26

The PSP is the Company’s primary long-term incentive vehicle. In March 2024, the CEO was granted

aperformance share award of 101,922 shares under the PSP, representing 330% of base salary atdate

ofgrant.

The award is subject to a three-year performance period, aligned to the Company’s financial year, with

performance measured to the end of financial year 2026 and vesting anticipated in March 2027. These

vested shares will then be subject to a further two-year holding period, and the CEO agrees to a no-sale

commitment during this time.

The Committee was mindful of share price volatility at the time of grant and will retain the right to

appropriately apply discretion to the share award outcome at the time of vesting, if the level of vesting

and value delivered is not considered to be appropriate taking into account an assessment

ofperformance.

The following table sets out the details of the performance share award made to the CEO under the

PSP for 2024-26.

Type of award made

Performance share award of 101,922 shares

receivable for nil cost

Share price at date of grant (spot price) €28.91 (£24.75)

Date of grant 13 March 2024

Performance period 1 January 2024 to 31 December 2026

Face value of the award

(The maximum number of shares that would vest if

allperformance measures and targets are met,

multiplied by the share price at the date of grant)

€2,946,565

Face value of the award as a % of annual basesalary 330%

Percentage that would be distributed if threshold

performance was achieved in all three PSP key

performanceindicators

25% of maximum award

Percentage that would be distributed if threshold

performance was achieved only in one PSP key

performance indicator

10.625% (EPS or ROIC)/3.75% (reduction

inCO

2

emissions) of maximum award

Similar to the award made in March 2023, the 2024 award was subject to comparable EPS, ROIC and

reduction in CO

2

emissions targets, as outlined below, and excludes Russia, Ukraine and Finlandia.

The financial measures are key measures of business performance. The reduction in greenhouse gas

emissions metric was selected to directly align with and incentivise delivery of the Company’s ESG

objectives, particularly our ambitious goal to achieve net zero emissions across our entire value chain

by 2040. The CO

2

emissions target in the PSP implicitly captures reduction in plastics, which was a key

driver of its selection as a metric. The measures and targets below were set out in the 2023 Directors’

remuneration report.

Threshold Maximum

Measure Description Weighting Target

Vesting

(% of max) Target

Vesting

(% of max)

Comparable EPS Calculated by dividing the

comparable net profit attributable

to the owners of the parent by the

weighted average number

ofoutstanding shares during

theperiod.

42.5% €1.53 25% €1.79 100%

ROIC ROIC is the percentage return that a

company makes on its invested

capital. More specifically, we

defineROIC as the percentage

ofcomparable net profit excluding

net finance costs divided by the

capital employed. Capital employed

is calculated as the average of net

debt and shareholders’ equity

attributable to the owners of

theparent through the year.

42.5% 11.1% 25% 13.1% 100%

Reduction in CO

2

emissions

This target supports the Company’s

ambitious goal to achieve net zero

emissions across its entire value

chain by 2040. 1.5°C scenario

approved by the SBTi and calculated

as thousand tonnes of CO

2

emissions equivalent.

15% 2,986 25% 2,848 100%

The vesting schedule for PSP performance conditions is a straight line between the threshold and

maximum performance levels.

Dilution limit

Usage of shares under all share plans and executive share plans adheres to the dilution limits set by the

Investment Association Principles of Remuneration (10% for all share plans and 5% for all executive

share plans, in any 10-year period).

Coca-Cola HBC Integrated Annual Report 2024242

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

Implementation of policy in 2025

For 2025, we will be applying the new remuneration policy that it is being put forward for shareholder

approval at the 2025 AGM, as outlined on pages 223 to 225 of the Chair’s letter.

Base salary and fees

2025 salary increase levels for employees have not been finalised at the date of this report.

Itisanticipated that the increase for the wider workforce will be approximately 8.3%. Following

afundamental review of the CEO’s remuneration, the Committee decided that a 15% increase

totheCEO’s base salary was warranted. For details please refer to the Chair’s letter.

Chair and Board fees effective June 2022 were approved during the 2022 AGM. The fees as at

1January2025 were asfollows:

Non-Executive Directors’ fees

Current

fees

Chair fee €150,000

Basic fee €82,000

Senior Independent Director €18,000

Audit and Risk Committee Chair €32,000

Audit and Risk Committee member €16,000

Remuneration/Nomination/Social Responsibility Committee Chair €13,000

Remuneration/Nomination/Social Responsibility Committee member €6,500

MIP 2025

The MIP operates on a multiplicative basis. The outcome will be determined by business performance

multiplied by individual performance, which means that unless the business performance targets are

achieved, no bonus will be payable.

Business performance is measured based on performance against three KPIs: revenue (40% weighting),

comparable EBIT (40% weighting) and free cash flow (20% weighting). Targets are considered to be

commercially sensitive but will be disclosed on a retrospective basis in next year’s remuneration report.

For target performance against this element, the outcome will be 100%, rising to 200% for maximum

performance. For the CEO, individual performance will be assessed based on the achievement of defined

strategic objectives. Based on the Remuneration Committee’s assessment of performance against

these strategic objectives, the outcome for the individual performance element may be up to 100%.

The maximum opportunity level (which would reflect both a stretch level of business performance

andfull achievement of the individual strategic objectives) for the CEO will be 200% of base salary.

PSP 2025-2027

The 2025 PSP award for the CEO has a normal policy maximum of 330% of salary. It is intended that, as

in past years, the three-year performance conditions applicable to the award will continue to be based

on ROIC and EPS as well as the reduction of CO

2

emissions metric, which was first introduced in 2021.

The weightings will be 42.5% for ROIC, 42.5% for EPS and 15% for reduction of CO

2

emissions.

Theseare unchanged from 2021.

The targets for the 2025 PSP award, exclude Russia and Ukraine, and take into account our business

plan, market expectations and the wider economic and geopolitical environment, and are as follows:

Threshold Stretch

Measure Description Weighting Target

Vesting

(% of max) Target

Vesting

(% of max)

EPS Calculated by dividing the comparable

net profit attributable to the owners

of the parent by the weighted average

number ofoutstanding shares

during theperiod.

42.5% €1.76 25.00% €2.06 100%

ROIC ROIC is the percentage return that

acompany makes on its invested

capital. More specifically, we

defineROIC as the percentage

ofcomparable net profit excluding

net finance costs divided by the

capital employed. Capital employed

is calculated as the average of net

debt and shareholders’ equity

attributable to the owners of the

parent company through the year.

42.5% 14.3% 25.00% 16.2% 100%

Reduction in CO

2

emissions

1

CO

2

emission targets have been

setto reflect the Group’s ambitious

goal to achieve net zero emissions

across its entire value chain by 2040.

Targets reflect the inclusion of

Egypt in the range and other

technical changes mandated

bySTBI and IFEU.

15.0% 4,485 25.00% 4,278 100%

The Committee believes that the proposed target range for ROIC and the other performance metrics

are appropriately stretching relative to the business plan and external forecasts of performance.

The performance period for 2025 awards will be the three years to the end of December 2027 and

vesting will occur in March 2028. These vested shares will then be subject to a further two-year holding

period, and the CEO agrees to a no-sale commitment during this time.

1.  The targets for CO

2

emissions include scope 1, scope 2 and scope 3 emissions, reflecting the Company’s goal to achieve net zero emissions

across its entire value chain by 2040. Whilst we are committed to this target, the Committee is conscious that the external environment on

ESG is rapidly evolving and this could have a material impact on our targets given they include scope 3 emissions. If there are material

changes in the external environment over the performance period that affect our ability to meet the target range, the Committee would

engage with investors as appropriate on the impact on our targets.

Coca-Cola HBC Integrated Annual Report 2024243

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

Annual percentage change in remuneration of Directors and employees

The following table sets out the percentage change in remuneration for each Director and average percentage change for employees on an annual basis.

Salary/fees Taxable benefits Annual bonus

2023 to 2024 % 2022 to 2023 % 2021 to 2022 % 2020 to 2021 % 2019 to 2020 % 2023 to 2024 % 2022 to 2023 % 2021 to 2022 % 2020 to 2021 % 2019 to 2020 % 2023 to 2024 % 2022 to 2023 % 2021 to 2022 % 2020 to 2021 % 2019 to 2020 %

All employees 8.31 7. 29 4.39 4.59 0.00% 5.40 0.40 16.34 4.19 -18.57% -9.61

2

11.86 96.50 -14.79 9.12%

Director

Anastassis G. David – – 104.08 – – – – – – – – – – – –

Zoran Bogdanovic 5.50 6,30 3.10 3.20 0.00% 9.88 32.18

1

-36.53 24.25 34.63% 4.243 -12.22 155.21 -28.87 23.00%

Charlotte J. Boyle – – 11.66 – – – – – – – – – – – –

Henrique Braun – – 11.46 – – – – – – – – – – – –

Olusola (Sola) David-Borha

5

– – 11.26 –  – – – – – – – – – – –

Anna Diamantopoulou

7

– – 11.56 – – – – – – – – – – – –

William W. (Bill) Douglas lll – – 11.33 – – – – – – – – – – – –

Reto Francioni – – 11.96 – – – – – – – – – – – –

Anastasios I. Leventis – – 11.63 – – – – – – – – – – – –

Christo Leventis – – 11.56 – – – – – – – – – – – –

Alexandra Papalexopoulou

5

– – 11.36 – – – – – – – – – – – –

George Pavlos Leventis – – – – – – – – – – – – – – –

Evguenia Stoitchkova – – – – – – – – – – – – – – –

Zulikat Wuraola Abiola

4

– – – – – – – – – – – – – – –

Glykeria Tsernou

4

– – – – – – – – – – – – – – –

Elizabeth Bastoni

6

– – – – – – – – – – – – – – –

1.  The increase in taxable benefits for the CEO was due to higher social security costs in 2025.

2.  The decrease in annual bonus for local population is due to lower performance in some of our higher income business units. The majority of the business units performed well versus the annual targets, but a few of them had lower achievements versus prior year.

3.  The increase in annual bonus for CEO is due to the salary review effective 1 May 2024.

4.  Zulikat Wuraola Abiola and Glykeria Tsernou were elected as new non-Executive members of the Board of Directors as of 16 May 2024.

5.  Olusola (Sola) David-Borha and Alexandra Papalexopoulou retired from the Board of Directors on 16 May 2024.

6.  Elizabeth Bastoni was elected as a new non-Executive member of the Board of Directors as of 16 September 2024.

7.  Anna Diamantopoulou retired from the Board of Directors on 16 September 2024.

CEO pay ratio

Coca-Cola HBC is domiciled in Switzerland. We are therefore not required to report a CEO pay ratio under UK regulations; however, we are voluntarily disclosing ratios below. We have chosen to make

acomparison with employees in Switzerland as this is the market in which our CEO is based.

Coca-Cola HBC Integrated Annual Report 2024244

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

The international nature of our business means that we operate in countries with a significant range

interms of market practice for levels of remuneration and cost of living.

Switzerland, for example, has a substantially higher cost of living and employment remuneration

compared with other countries. For this reason, comparisons with our Swiss workforce are likely

tobemore informative about the pay distribution of our workforce.

The table below compares the 2024 single figure of remuneration for the CEO with that of the employees

who are paid at the 25th percentile (lower quartile), 50th percentile (median) and 75th percentile (upper

quartile) of the Company’s workforce based in Switzerland, ranked based on total remuneration.

Year Method

25th percentile pay ratio

(P1)

Median pay ratio

(P2)

75th percentile pay ratio

(P3)

2024 Option A 69:1 57:1 48:1

2023 Option A 56:1 44:1 35:1

2022 Option A 46:1 37:1 31:1

2021 Option A 65:1 52:1 42:1

2020 Option A 39:1 33:1 26:1

Option A has been used as it is the most robust methodology and is based on a sample of full-time

Swiss employees as of 31 December 2024. Their pay and benefits is calculated, and every Swiss

employee is ranked to determine P25, P50 and P75. Several Swiss employees around each percentile

were identified to ensure that they accurately represent the relevant percentile ranking.

The methodology used to identify the lower quartile, median and upper quartile employees was to rank all

employees of the Swiss workforce on total remuneration (for employees who were in employment for the

full calendar year). Two employees around each percentile were identified to ensure they accurately

represent the relevant percentile ranking. The total remuneration for each of these employees was then

calculated consistent with the methodology applied for deriving the CEO’s single figure remuneration.

The table below sets out the total pay and benefits for the lower quartile, median and upper quartile:

25th percentile in € Median in € 75th percentile in €

Annual base salary 77,318 96,473 100,260

Total remuneration 98,236 118,889 141,803

Total remuneration of Swiss employees includes base salary, annual bonuses, other cash compensation

(e.g. overtime), other cash and non-cash benefits (e.g. company car, tax support, relocation etc.),

pension employer contributions and employer social security contributions during 2024.

We are satisfied that the pay ratios reported this year are consistent with our wider pay, reward and

progression policies for employees.

As described on page 226, we have an overall remuneration philosophy that operates throughout the

Group, ensuring that employees are fairly rewarded and that their individual contributions are linked

tothe success of the Company.

Variable pay is an important element of our reward philosophy and a significant proportion of total

remuneration for top managers (including the CEO) is tied to the achievement of our business

objectives. As employees advance through the Company, there will be the opportunity to receive

higher rewards commensurate with increased accountability and market practice. The CEO’s total

remuneration has a significantly higher proportion of variable pay in comparison with the rest of our

employees. The CEO’s remuneration will therefore increase or decrease in line with business

performance, aligning it with shareholders’ interests.

The change in the CEO Pay Ratio between 2023 and 2024 was mainly due to the increase in the

long-term incentives under the variable long-term incentive plan.

Chief Executive Officer pay and performance comparison

The graph below shows the total shareholder return (TSR) of the Company compared with the

FTSE100 index over a ten-year period to 31 December 2024, based on an initial investment of £100.

TheRemuneration Committee believes that the FTSE 100 Index is the most appropriate index to use

for historic performance due to the size of the Company and our listing location.

Total Shareholder Return versus FTSE 100

50

100

150

200

250

300

FTSE 100Coca-Cola HBC

Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24

Coca-Cola HBC Integrated Annual Report 2024245

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Directors’ remuneration report continued

2024

2023

342.91,297.4

289.91,248.6

19%

Total sta� costs Distribution to shareholders (total shares)

Relative importance of spend on pay (€m)

The graphic below presents the year-on-year change in total expenditure for all employees across the Group

and distributions made to shareholders in the form of dividends, share buybacks and/or capital returns.

0 200 400 600 800 1,000 1,200 1,400 1,600

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Dimitris Lois Dimitris Lois Dimitris Lois Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic

Total remuneration

– single figure (€ 000s) 3,012 2,923 15,378 410 3,710 2,499 3,340 4,203 4,294 5,494 6,781

MIP (% of maximum) 75%  55% 53% 5% 48% 56% 40% 91% 78% 76% 75%

PSP (% of maximum) – – 90% – 100% 75% 50% 75% 48% 94% 77%

Dimitris Lois sadly passed away on 2 October 2017. The 2017 total remuneration values above reflect the period 1 January 2017 to 2 October 2017. The total remuneration value for Zoran Bogdanovic reflects

the period from his appointment as CEO to the end of the financial year, 7 December 2017 to 31 December 2017.

Compared with the prior year, the total staff costs have increased by 3.9%, while dividends distributed

to shareholders have increased by 18.3%

Shareholder voting outcomes

The table below sets out the result of the vote on the remuneration-related resolutions at the Annual

General Meeting held in May 2024.

Resolution Votes for Votes against Abstentions Total votes cast

Voting rights

represented

Advisory vote on the UK

remuneration report

248,551,498 5,896.635 1,043,825 255,492,959 69.96%

97.28% 2.31% 0.41%

Advisory vote on the Swiss

statutory remuneration report

238,378,236 17,105,579 8,143 255,492,959 69.96%

93.30% 6.70% 0.00%

Advisory vote on the

remunerationpolicy

243,042,676 12,150,434 298,649 255,492,959 69.96%

95.12% 4.76% 0.12%

Approval of the maximum

aggregate amount of remuneration

for the Boarduntil the next

AnnualGeneralMeeting

243,668,527 11,818,181 6,176 255,492,959 69.96%

95.37% 4.63% n/a

Approval of the maximum

aggregateamount of remuneration

for the Executive Leadership Team

forthe next financial year

242,131,442 13,339,926 21,516 255.492,959 69.96%

94.78% 5.22% n/a

The Remuneration Committee was pleased that shareholders supported our remuneration-related

resolutions so strongly. We value our ongoing dialogue with shareholders and welcome any views on

this report.

Payments to past Directors and payments for loss of office

There were no payments made to past Directors of the Group or loss of office payments made during

the year.

Payments to appointed Directors

There were no payments made to appointed Directors during the year.

Outside appointments for the CEO

Zoran Bogdanovic does not hold any appointments outside the Company.

Total Directors’ and Executive Leadership Team members’ remuneration

The table below outlines the aggregated total remuneration figures for Directors and ELT members in

the year.

2024

(€ m)

2023

(€ m)

Total remuneration paid to or accrued for Directors, the ELT and the CEO 32.6 30.6

Salaries and other short-term benefits 23.4 20.4

Amount accrued for performance share awards 8.1 9.3

Pension and post-employment benefits for Directors, the ELT and the CEO 1.1 0.9

Credits and loans granted to governing bodies

In 2024, no credits or loans were granted to active or former members of the Company’s Board,

members of the ELT or any related persons.

Coca-Cola HBC Integrated Annual Report 2024246

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAPJBeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqOdS8LKoyTUlFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAFGO3lWRSV4BB6ir1FFAHkfjXwV4g1bxbfX1jp/m20vl7H86Nc4jUHgsD1BrA/4Vz4r/AOgV/wCTEX/xVe90Vzyw0G7nu0eIMTSpxpxjGySWz6fM8E/4Vz4r/wCgV/5MRf8AxVH/AArnxX/0Cv8AyYi/+Kr3uil9Vh3Zp/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+Z4J/wrnxX/ANAr/wAmIv8A4qj/AIVz4r/6BX/kxF/8VXvdFH1WHdh/rJi/5Y/c/wDM8E/4Vz4r/wCgV/5MRf8AxVH/AArnxX/0Cv8AyYi/+Kr3uij6rDuw/wBZMX/LH7n/AJngn/CufFf/AECv/JiL/wCKo/4Vz4r/AOgV/wCTEX/xVe90UfVYd2H+smL/AJY/c/8AM8E/4Vz4r/6BX/kxF/8AFUf8K58V/wDQK/8AJiL/AOKr3uij6rDuw/1kxf8ALH7n/meCf8K58V/9Ar/yYi/+Krvvhr4c1bw//an9qWnkef5Xl/vEbdt35+6T6iu9oqoYeMJcyOfFZ3iMVRdGaVn2v3v3GyAtGwHUgiqP2ab+5+orQorc8Yz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAKr3UbybNgzjOeasUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBVtoXjkJZcDGOtWqKKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9XNN0q8sbhpbjxBqWoIUKiK6jt1UHI+YeXEhzxjrjk8dMAGpRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkej/hHtU/6HPXP+/Nl/8AI9AHQUVz/wDwj2qf9Dnrn/fmy/8Akej/AIR7VP8Aoc9c/wC/Nl/8j0AdBRXP/wDCPap/0Oeuf9+bL/5Ho/4R7VP+hz1z/vzZf/I9AHQUVz//AAj2qf8AQ565/wB+bL/5Ho/4R7VP+hz1z/vzZf8AyPQB0FFc/wD8I9qn/Q565/35sv8A5Ho/4R7VP+hz1z/vzZf/ACPQB0FFc/8A8I9qn/Q565/35sv/AJHo/wCEe1T/AKHPXP8AvzZf/I9AHQUVz/8Awj2qf9Dnrn/fmy/+R6P+Ee1T/oc9c/782X/yPQB0FFc//wAI9qn/AEOeuf8Afmy/+R6P+Ee1T/oc9c/782X/AMj0AdBRXP8A/CPap/0Oeuf9+bL/AOR6P+Ee1T/oc9c/782X/wAj0AdBRXP/APCPap/0Oeuf9+bL/wCR6P8AhHtU/wChz1z/AL82X/yPQB0FFc//AMI9qn/Q565/35sv/kej/hHtU/6HPXP+/Nl/8j0AdBRXP/8ACPap/wBDnrn/AH5sv/kej/hHtU/6HPXP+/Nl/wDI9AHQUVz/APwj2qf9Dnrn/fmy/wDkermm6VeWNw0tx4g1LUEKFRFdR26qDkfMPLiQ54x1xyeOmADUooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8A+EE8H/8AQqaH/wCC6H/4mj/hBPB//QqaH/4Lof8A4mgDoKK5/wD4QTwf/wBCpof/AILof/iaP+EE8H/9Cpof/guh/wDiaAOgorn/APhBPB//AEKmh/8Aguh/+Jo/4QTwf/0Kmh/+C6H/AOJoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5/7H4w/6Duh/wDgmm/+SqPsfjD/AKDuh/8Agmm/+Sq6CigDn/sfjD/oO6H/AOCab/5Ko+x+MP8AoO6H/wCCab/5KroKKAOf+x+MP+g7of8A4Jpv/kqj7H4w/wCg7of/AIJpv/kqugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooA5//AITvwf8A9DXof/gxh/8AiqP+E78H/wDQ16H/AODGH/4qugooAKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8AsfjD/oO6H/4Jpv8A5Ko+x+MP+g7of/gmm/8AkqgDoKK5/wCx+MP+g7of/gmm/wDkqj7H4w/6Duh/+Cab/wCSqAOgorn/ALH4w/6Duh/+Cab/AOSqPsfjD/oO6H/4Jpv/AJKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgorn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKoA6Ciuf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qgDoKK5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiqAOgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HroKKAOf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR66CigDn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkeugooA5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R66CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigAorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4R7VP+hz1z/vzZf8AyPR/wj2qf9Dnrn/fmy/+R6AOgorn/wDhHtU/6HPXP+/Nl/8AI9H/AAj2qf8AQ565/wB+bL/5HoA6Ciuf/wCEe1T/AKHPXP8AvzZf/I9H/CPap/0Oeuf9+bL/AOR6AOgorn/+Ee1T/oc9c/782X/yPR/wj2qf9Dnrn/fmy/8AkegDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKK5//AITLS/8An11z/wAEV7/8Zo/4TLS/+fXXP/BFe/8AxmgDoKK5/wD4TLS/+fXXP/BFe/8Axmj/AITLS/8An11z/wAEV7/8ZoA6Ciuf/wCEy0v/AJ9dc/8ABFe//GaP+Ey0v/n11z/wRXv/AMZoA6Ciuf8A+Ey0v/n11z/wRXv/AMZo/wCEy0v/AJ9dc/8ABFe//GaAOgorn/8AhMtL/wCfXXP/AARXv/xmj/hMtL/59dc/8EV7/wDGaAOgorn/APhMtL/59dc/8EV7/wDGaP8AhMtL/wCfXXP/AARXv/xmgDoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4R7VP+hz1z/vzZf/I9H/CPap/0Oeuf9+bL/wCR66CigDn/APhHtU/6HPXP+/Nl/wDI9H/CPap/0Oeuf9+bL/5HroKKAOf/AOEe1T/oc9c/782X/wAj0f8ACPap/wBDnrn/AH5sv/keugooA5//AIR7VP8Aoc9c/wC/Nl/8j0f8I9qn/Q565/35sv8A5HroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooA5/8A4TLS/wDn11z/AMEV7/8AGaP+Ey0v/n11z/wRXv8A8ZroKKAOf/4TLS/+fXXP/BFe/wDxmj/hMtL/AOfXXP8AwRXv/wAZroKKAOf/AOEy0v8A59dc/wDBFe//ABmj/hMtL/59dc/8EV7/APGa6CigDn/+Ey0v/n11z/wRXv8A8Zo/4TLS/wDn11z/AMEV7/8AGa6CigDn/wDhMtL/AOfXXP8AwRXv/wAZo/4TLS/+fXXP/BFe/wDxmugooA5//hMtL/59dc/8EV7/APGaP+Ey0v8A59dc/wDBFe//ABmugooAKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhHtU/wChz1z/AL82X/yPR/wj2qf9Dnrn/fmy/wDkegDoKK5//hHtU/6HPXP+/Nl/8j0f8I9qn/Q565/35sv/AJHoA6Ciuf8A+Ee1T/oc9c/782X/AMj0f8I9qn/Q565/35sv/kegDoKK5/8A4R7VP+hz1z/vzZf/ACPR/wAI9qn/AEOeuf8Afmy/+R6AOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKK5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SKAOgorn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkigDoKK5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSKAOgorn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IoA6Ciuf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kigDoKK5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IoA6Ciuf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkigDoKK5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SKAOgorn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IoA6Ciuf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSKAOgorn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIoA6Ciuf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kigDoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKAOf/AOEN0v8A5+tc/wDB7e//AB6j/hDdL/5+tc/8Ht7/APHq6CigDn/+EN0v/n61z/we3v8A8eo/4Q3S/wDn61z/AMHt7/8AHq6CigDn/wDhDdL/AOfrXP8Awe3v/wAeo/4Q3S/+frXP/B7e/wDx6ugooA5//hDdL/5+tc/8Ht7/APHqP+EN0v8A5+tc/wDB7e//AB6ugooA5/8A4Q3S/wDn61z/AMHt7/8AHqP+EN0v/n61z/we3v8A8eroKKAOf/4Q3S/+frXP/B7e/wDx6j/hDdL/AOfrXP8Awe3v/wAeroKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooyPWkyM4yM0ALRRRQAUUEgdTSZHqKAFooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACikJxRuGOaAForB8Q+KrTw9EnmRvPPIcRwRn53PXiovCvjGz8VWDXVvDJDsdkdJCMqQcc0AdHRTVcN9adQAUUgOTS0AFFFFABRSE0BsjNADJioX5mCj1qpa6rY3sjpa3Mczx/eVTyK5Hx417q13Y6BYzNCLpiJZFJBUDnqOldNouhW2iWEdtACSB80jcsx+tAGsOeaWmr1NOoAa2Mc1Ak0coIVwdveud8dLqd1pa6fpZKTXBA8wfwjPNcHDp978OfFNjJLfT3Gm3n+t86QtsP4+9AHsq9TTqjhYSRrIP4gDUlABRRRQAUUhYL1pA4JxQA6ikzSb+OnPpQA6ijOaKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAEbpVW4uo7S3eaU7IkGWZvSrTcCvI/jBc63KdN0fTp0jj1OYwDkhgduefagBwv4WjvPFt/81wWaGztX/iZDjKj3Brofh34cl0PQ2a7wZ7qV5iF6KrHcAfzqDwv8PVtIra51W5e4njAKxFsxqcdQPWu8VAAABgLwMUAKnqcZp5NMLBUJzWVoGv2uvQST2udiSNGc+qnBoA2AMUtNDZbjpSlsECgBaKQsBnPAFG4AZ7UABpBhRxWXY+IdP1LUrqwtpleW2AMmDnGa0wfl9qAM9tLT+1Be4y46Z7VoA8YPWlpBySaAFTpTqaCR1p1ADWUEgkAkdCa8p+N1wLfQbbJAfeCMdeDXqxwR715H4uWPxX8StN0NvmitlcTjtyOKAPQPBuqLrHheyvUYMHTGR7cVvV5n4IeTwlrVx4YvCRBn/Qye46mvSS4APBNAD6Kbu9jUU93DaxNLM4SNRksxwBQBI+DwelNY+WpY9Kq6fqtnq0Pm2cyTR+qnNcz4s8TNbuuj6aRNqVxwVHPljvn04oAsHxtpz+MIfDkRaS7dWZmQ8Jj1rqVzjJwT7V5RYeFrbwx8QdFuZJne4uIJTNK5zlvrXq+OgHT1oAcnHFOpgOCaduoAWiqw1C1a6+yidDP12Z5qcuFFADqKRWDDI6UtABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAjcrg9K8s+L0E0MugarDnZZ3TSSOP4RtxXqZ6Vm6xo1trOnT2NyuYZl2kEdPpQBNYS+bpts/8AfiVsj3AqznkAkD2rzFNa8R+DpGsbqze9tFP7l4wXYDsDjpxU8eqeL/FDeXbWcVlaNw0zEpKv0BoA0PHXjNNFsZbSxie51B1IWOIbtvucdKwPhJ4i0i18I+VeX1vBevcys0cjgEZbPSu00bwdaaYHmmke6vJFw1xLy/0z7Vg6X8HvD2nzyzyIbmWSRpN0qjIJOeKAOk1nxXpOg6RJqFxcq0UY3YQglvpU2geJbDxJpa6hYsWjYkbT94VzurfCzTdXhEE15cCFekYAxUGn/DeXw9D5Wi6ncKh6qxAAoA7ea6ggkVJ50Td91WbBNcd4p8XO8yaLoeJ7+4+UMvKx/wC8R0qSb4eNfJuu9bvmm7PkEp9K2tC8J6foS74YxJcn707j5m+tAHm/gfT38GePL2z1GcvNqKptdjkE9SK9B8T+K7Tw/athhLduMRwryWP0pfEPg+18QvFNJK9tcxHKTxfeX6VHYeBrC3u0u7yV765j+5JOASv0oA5ax8X+JtIuPN1/Tw1rPzEbZSxUf7XpW9/wsrw8APMuREe6uQDXWy2sc8RjlRWQjBU9Kw5/Anhi5bdNolnIx6syc0AZc/xP0CKMyRyPOB2i+Ymt/RNch16xFzBFPEh7Srg1Bb+CvDlpgwaPaIR3CVswW0VsmyFAi+goARtxjJTgkHGa4/w14TfTvEOoa5fEPc3ZG3HO3HFdoyk0jISDjrjGfSgDzf4p40+PT9YiYLdW8gVOeoYgGtHxDo+veIY7L7BftZW4QF2R9rk44q/P4Gt7vUftd/e3F6gbctvPgov0rplh2YUD5MYx6UAcBav440dFs3S1uYxwkrMSx+tRat4b8R+I7SX+3LxbO2jjZglk/wB7jPOa9HK4GSc+1YHjDUv7L8MX1weMIV/MYoA838H65beD/A+/cZZZ22QKOWJyRmuz8G+GjayS63qQ8zVLs73zyI/YVw3wf8KvqtjHqmrAywwk/ZY35GCf8a9tVNoAA7UAcp408N3Gs2Uc9lJsvbcho+cDGckViW3xGudMAtNb0m8+0qMeZBEShx716K0ZZducehFRT2cNyu2aFHA4G6gDgpPi1paIPL0zU5GPQLDk0v8AwkviLxLCY9G097RW6tdoUIrtIdE0+FgUtIlK9CBV7aeg4HtQB4wdN1rwT4otta1KaS6imBWZgdwjLHHHtXsFpdQXtstxC6yRsPldTkEe1Le2FvqFm9rdRrLEw5DDNcUnhTXvD17G2gXf2izLAG2uX2pGvfaB7UAd6oAAA6UtMiDCMB8Zxzin0AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFACHpTTlh7inGigBu05BIHvQVHY4FKaG+7QAopaRelLQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAMfdkcDb3rlvHuh33iPws+m6eVE8kiHLtt+UHn9K6tulRv/rU+lAFDw9pSaJotvp8ahViXGBWpTV606gAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAP/Z)

Directors’ remuneration report continued

Share ownership

The table below summarises the total shareholding as at 31 December 2024, including any outstanding shares awarded through our incentive plans, for the CEO and other Directors.

With performance measures Without performance measures

PSP ESOP ESPP

Share

interests

Performance

shares

granted in

2024

Unvested and

subject to

performance

conditions Vested

Number of

stock options

outstanding

Fully

vested

Vesting at

the end of

2024

Number of

outstanding

shares held as at

31December 2024

Beneficially

owned

Current

shareholding

as % of

base salary

1

Shareholding

guideline met

1

Zoran Bogdanovic

2

Ye s 109,165 399,538 95,843 – – – 86,927 386,658 1,353% Ye s

Anastassis G. David

3

– – – – – – – – – –

Charlotte J. Boyle Ye s – – – – – – – 1,395 – –

Henrique Braun – – – – – – – – – –

William W. (Bill) Douglas III Ye s – – – – – – – 10,000 – –

Reto Francioni Ye s – – – – – – – 7,000 – –

Anastasios I. Leventis

4

– – – – – – – – – –

Christo Leventis

5

– – – – – – – – – –

Bruno Pietracci – – – – – – – – – –

Ryan Rudolph – – – – – – – – – –

George Pavlos Leventis

6

– – – – – – – – – –

Evguenia Stoitchkova – – – – – – – – – –

Zulikat Wuraola Abiola – – – – – – – – – –

Glykeria Tsernou – – – – – – – – – –

Elizabeth Bastoni – – – – – – – – – –

There were no changes in share ownership between 31 December 2024 and 12 March 2025 for the Directors except for Zoran Bogdanovic.

1.  The shareholding requirement was introduced from the date of the 2015 PSP award, 10 December 2015 and was updated to 300% in 2020.

2.   During 2024, Zoran Bogdanovic exercised 39,335 options under the ESOP due to upcoming expiration consisting of: 39,335 options with an exercise price of GBP 12.56 and the share price at the date of the exercise being GBP 25.00. As of 12 March 2025, Zoran Bogdanovic did not have any

outstanding ESOP.

3.  Anastassis G. David is a beneficiary of:

a) a private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 85,355,019 shares held by Kar-Tess Holding; and

b) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 832,268 shares held by Ari Holdings Limited.

4.  Anastasios I. Leventis is a beneficiary of:

a) a private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 85,355,019 shares held by Kar-Tess Holding; and

b) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 286,880 shares held by its trustee, Selene Treuhand AG; and

c) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Avgie Leventis, that has an indirect interest with respect to 2,138,277 shares held by Carlcan Holding Limited.

5.  Christo Leventis is a beneficiary of:

a) a private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 85,355,019 shares held by Kar-Tess Holding and

b) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 482,228 shares held by its trustee, Selene Treuhand AG; and

c) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Avgie Leventis, that has an indirect interest with respect to 2,138,277 shares held by Carlcan Holding Limited.

6.  George Pavlos Leventis is a beneficiary of:

(a) a private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 85,355,019 shares held by Kar-Tess Holding;

(b) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 294,191 shares held by its trustee, Selene Treuhand AG; and

(c) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Avgie Leventis, that has an indirect interest with respect to 2,138,277 shares held by Carlcan Holding Limited.

Approval of the Directors’ remuneration report

The Directors’ remuneration report set out on pages 222 to 247 was approved by the Board of Directors on 12 March 2025 and signed on its behalf by:

Charlotte J. Boyle

Committee Chair

12 March 2025

Coca-Cola HBC Integrated Annual Report 2024247

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Statement of Directors’ responsibilities

The Directors are responsible for preparing the Integrated Annual Report, including the consolidated

financial statements, the Corporate Governance Report including the Directors’ remuneration report

and the Strategic Report, in accordance with applicable law and regulations.

The Directors, whose names and functions are set out on pages 195 to 197, confirm to the best of their

knowledge that:

a)  the Integrated Annual Report, taken as a whole, is fair, balanced and understandable, and provides

the information necessary for shareholders to assess the Group’s position and performance,

business model and strategy;

b) the consolidated financial statements, which have been prepared in accordance with International

Financial Reporting Standards, as adopted by the European Union and in compliance with Swiss law,

give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company,

and the undertakings included in the consolidation of the Group taken as a whole; and

c)  the Integrated Annual Report includes a fair review of the development and performance of the

business and the position of the Company and the undertakings included in the consolidated

Coca-Cola HBC Group taken as a whole, together with a description of the principal risks and

uncertainties that they face.

The activities of the Group, together with the factors likely to affect its future development,

performance, financial position, cash flows, liquidity position and borrowing facilities, are described in

the Strategic Report (pages 1 to 190). In addition, Notes 24 ‘Financial risk management and financial

instruments’, 25 ‘Net debt’ and 26 ‘Equity’ include: the Company’s objectives, policies and processes for

managing its capital; its financial risk management objectives; details of its financial instruments and

hedging activities; and its exposures to credit risk and liquidity risk. The Group has considerable financial

resources, together with long-term contracts with a number of customers and suppliers across

different countries. The Directors have also assessed the principal risks and the other matters

discussed in connection with the viability statement on page 190.

The Directors considered it appropriate to adopt the going concern basis of accounting in preparing the

annual financial statements and have not identified any material uncertainties to the Group’s ability to

continue to do so over a period of at least 12 months from the date of approval of these financial

statements.

By order of the Board

Anastassis G. David

Chairman of the Board

13 March 2025

Disclosure of information required under UK Listing Rule 6.6.4R

For the purposes of the UK Listing Rules, the information required to be disclosed by UKLR 6.6.1R is

asfollows:

UK

Listing

Rule

Information

to be included

Reference

in report

6.6.1R(1) Interest capitalised by the Group and an indication of the amount

andtreatment of any associated tax relief

Not applicable

6.6.1R(2) Details of any unaudited financial information required by UKLR 6.2.23R Not applicable

6.6.1R(3) Details of any long-term incentive scheme described in UKLR 9.3.3R Not applicable

6.6.1R(4) Details of any arrangement under which a Director has waived

anyemoluments

Not applicable

6.6.1R(5) Details of any arrangement under which a Director has agreed

towaivefuture emoluments

Not applicable

6.6.1R(6) Details of any allotments of shares by the Company for cash not

previouslyauthorised by shareholders

Not applicable

6.6.61R(7) Details of any allotments of shares for cash by a major subsidiary

oftheCompany

Not applicable

6.6.1R(8) Details of the participation by the Company in any placing made

byitsparent company

Not applicable

6.6.1R(9) Details of any contracts of significance involving a Director Not applicable

6.6.1R(10) Details of any contract for the provision of services to the Company

byacontrolling shareholder

Not applicable

6.6.1R(11) Details of any arrangement under which a shareholder has waived

oragreed to waive any dividends

Not applicable

6.6.1R(12) Details of any arrangement under which a shareholder has agreed

towaivefuture dividends

Not applicable

6.6.1R(13) Statements of compliance where there is a controlling shareholder Not applicable

Coca-Cola HBC Integrated Annual Report 2024248

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Independent Auditor’s

Limited Assurance Report

To the Shareholders of

Coca-Cola HBC AG

Independent Auditor’s Limited Assurance Report to the Shareholders

of Coca-Cola HBC AG

We have conducted a limited assurance engagement on the consolidated Sustainability statement of

Coca-Cola HBC AG (‘Coca-Cola HBC’ or the ‘Group’), included in the section ‘Sustainability Statement’,

within the 2024 Integrated Annual Report (the ‘Sustainability Statement’) for the period from 1 January

2024 to 31 December 2024.

Limited assurance conclusion

Based on the procedures we have performed, as described below in the ‘Scope of work performed’

section of our report, and the evidence we have obtained, nothing has come to our attention that

causes us to believe that:

•  the Sustainability Statement is not prepared in all material respects, in accordance with Article 154

ofthe Law 4548/2018, as amended and in force by Law 5164/2024 which incorporated Article 29(a)

ofEU Directive 2013/34 into Greek legislation;

•  the Sustainability Statement does not comply with the European Sustainability Reporting Standards

(‘ESRS’), in accordance with Commission EU Regulation 2023/2772 of 31 July 2023 and EU Directive

2022/2464 of the European Parliament and of the Council of 14 December 2022;

•  the process carried out by the Group to identify and assess material impacts, risks and opportunities

(the‘Process’), as set out in section ‘IRO-1 Description of the process to identify and assess

materialimpacts, risks and opportunities’ of the Sustainability Statement and the relevant

information incorporated by reference, does not comply with ‘Disclosure Requirement IRO-1

–Description of the processes to identify and assess material impacts, risks and opportunities

ofESRS 2 ‘General Disclosures’; and

•  the disclosures in the section ‘EU Taxonomy’ of the Sustainability Statement do not comply with

Article 8 of EU Regulation 2020/852.

This assurance report does not extend to information for prior periods.

Basis for conclusion

We conducted our limited assurance engagement in accordance with International Standard on

Assurance Engagements 3000 (Revised), ‘Assurance engagements other than audits or reviews

ofhistorical financial information’ (‘ISAE 3000’).

The procedures in a limited assurance engagement vary in nature and timing from, and are less in

extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained

ina limited assurance engagement is substantially lower than the assurance that would have been

obtained had a reasonable assurance engagement been performed.

Our responsibilities are further described in the ‘Auditor’s responsibilities’ section of our report.

Our independence and quality management

We are independent of Coca-Cola HBC throughout this engagement and have complied with

therequirements of the International Code of Ethics for Professional Accountants issued by the

International Ethics Standards Board for Accountants (‘IESBA Code’), the FRC’s Ethical Standard,

asapplicable to listed entities, and the ethical and independence requirements of Law 4449/2017

andEU Regulation 537/2014.

Our audit firm applies International Standard on Quality Management 1 (ISQM1) ‘Quality Management

for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related

Services Engagements’ and consequently maintains a comprehensive quality management system

that includes documented policies and procedures regarding compliance with ethical requirements,

professional standards and applicable legal and regulatory requirements.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for

ourconclusion.

Management’s responsibilities for the Sustainability Statement

Management of Coca-Cola HBC is responsible for designing and implementing an appropriate process

to identify the information reported in the Sustainability Statement in accordance with the ESRS and

fordisclosing this Process in section ‘IRO-1 Description of the process to identify and assess material

impacts, risks and opportunities’ of the Sustainability Statement.

More specifically, this responsibility includes:

•  Understanding the context in which the Group’s, activities and business relationships take place and

developing an understanding of its affected stakeholders;

•  The identification of the actual and potential impacts (both negative and positive) related to

sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected

to affect, the Group’s financial position, financial performance, cash flows, access to finance or cost

of capital over the short-, medium-, or long-term;

•  The assessment of the materiality of the identified impacts, risks and opportunities related to

sustainability matters by selecting and applying appropriate thresholds; and

•  Making assumptions that are reasonable in the circumstances.

Independent auditor’s limited assurance report on Coca-Cola HBC AG’s

Sustainability Statement

Coca-Cola HBC Integrated Annual Report 2024249

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Independent auditor’s limited assurance report on Coca-Cola HBC AG’s Sustainability Statement continued

Management of the Group is further responsible for the preparation of the Sustainability Statement,

inaccordance with the article 154 of Law 4548/2018, as amended and in force with Law 5164/2024,

bywhich Article 29(a) of EU Directive 2013/34 was transposed into Greek legislation.

In this context, the Management of the Group is responsible for:

•  compliance of the Sustainability Statement with the ESRS;

•  preparing the disclosures in section ‘EU Taxonomy’ of the Sustainability Statement, in compliance

with Article 8 of EU Regulation 2020/852;

•  designing and implementing such internal control that management determines is necessary to

enable the preparation of the Sustainability Statement that is free from material misstatement,

whether due to fraud or error; and

•  the selection and application of appropriate sustainability reporting methods and making

assumptions and estimates that are reasonable in the circumstances.

The Audit Committee of Coca-Cola HBC is responsible for overseeing the Group’s sustainability

reporting process.

Inherent limitations in preparing the Sustainability Statement

In reporting forward-looking information in accordance with ESRS, management of the Group is

required to prepare the forward-looking information on the basis of disclosed assumptions about

events that may occur in the future and possible future actions by the Group. Actual outcomes are

likelyto be different since anticipated events frequently do not occur as expected.

As stated in section ‘IRO-1 Description of the process to identify and assess material impacts, risks and

opportunities’ in the Sustainability Statement, the information incorporated in the relevant disclosures

isbased, among other things, on climate-related scenarios, which are subject to inherent uncertainty

regarding the likelihood, timing or impact of potential future physical and transitional climate-related impacts.

Our work covered the matters listed in the ‘Scope of Work performed’ section to obtain limited

assurance based on the procedures included in the Program. Our work does not constitute an audit

orreview of historical financial information in accordance with applicable International Standards on

Auditing or International Standards on Review Engagements, and therefore we do not express any

other assurance than those listed in the ‘Scope of Work performed’ section of this report.

Auditor’s responsibilities

This limited assurance report has been drawn up based on the provisions of article 154C of Law

4548/2018 and Article 32Α of Law 4449/2017.

Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about

whether the Sustainability Statement is free from material misstatement, whether due to fraud or error,

and to issue a limited assurance report that includes our conclusion. Misstatements can arise from

fraud or error and are considered material if, individually or in the aggregate, they could reasonably be

expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole.

As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), we exercise

professional judgement and maintain professional skepticism throughout the engagement.

Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:

•  performing risk assessment procedures, including an understanding of the relevant internal control,

to identify risks related to whether the Process implemented by the Group to determine the

information reported in the Sustainability Statement does not meet the applicable requirements

of the ESRS but not for the purpose of providing a conclusion on the effectiveness of the Group’s

internal control; and

•  designing and performing procedures to evaluate whether the Process is consistent with the Group’s

description of its Process set out in section ‘IRO-1 Description of the process to identify andassess

material impacts, risks and opportunities’.

Moreover, we are responsible for:

•  performing risk assessment procedures, including an understanding of the relevant internal control,

to identify those disclosures that are likely to be materially misstated, whether due to fraud or error,

but not for the purpose of providing a conclusion on the effectiveness of the Group’s internal control.

•  designing and performing procedures responsive to where material misstatements are likely to arise

in the consolidated Sustainability Statement. The risk of not detecting a material misstatement

resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,

intentional omissions, misrepresentations, or the override of internal control.

Scope of work performed

Our work involves performing procedures and obtaining evidence for the purpose of deriving a limited

assurance conclusion and covers exclusively the limited assurance procedures provided for in the

limited assurance program issued by the Hellenic Accounting and Auditing Supervisory Oversight

Board according to its decision dated 22.01.2025 (the ‘Program’), as it was formed for the purpose

ofissuing a limited assurance report on the Group’s Sustainability Statement.

Our procedures were designed to obtain a limited level of assurance on which to base our conclusion

and do not provide all the evidence that would be required to provide a reasonable level of assurance.

Fotis Smyrnis

the Certified Auditor,

Reg. No. 52861

for and on behalf of

PricewaterhouseCoopers S.A.

Certified Auditors, Reg. No. 113

Athens, Greece

14 March 2025

Coca-Cola HBC Integrated Annual Report 2024250

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Report on the audit of the consolidated financial statements

Our opinion

In our opinion:

•  Coca-Cola HBC AG’s (‘Coca-Cola HBC’ or the ‘Group’) consolidated financial statements (the

‘financial statements’) give a true and fair view of the state of the Group’s affairs as at 31 December

2024 and of its profit and cash flows for the year then ended; and

•  the financial statements have been properly prepared in accordance with International Financial

Reporting Standards (‘IFRSs’) as adopted by the European Union (‘EU’).

We have audited the financial statements, included within the 2024 Integrated Annual Report

(the ‘Annual Report’), which comprise: the consolidated balance sheet as at 31 December 2024;

the consolidated income statement, the consolidated statement of comprehensive income, the

consolidated cash flow statement, and the consolidated statement of changes in equity for the year

then ended; as well as 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 and Risk Committee.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing issued by the

International Auditing and Assurance Standards Board (‘ISAs’). Our responsibilities under ISAs are

further described in the ‘Auditor’s 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, which include the International Code of Ethics for Professional

Accountants (including International Independence Standards) issued by the International Ethics

Standards Board for Accountants (‘IESBA Code’), and the FRC’s Ethical Standard, as applicable to

listed public interest entities, and we have fulfilled our ethical responsibilities in accordance with these

requirements.

To the best of our knowledge and belief, we declare that non-audit services prohibited by the IESBA

Code or the FRC’s Ethical Standard were not provided to the Group.

Other than those disclosed in Note 8 ‘Operating expenses’ of the financial statements, we have

provided no non-audit services to the Group in the period under audit.

Our audit approach

Overview

Audit scope •  Following our assessment of the risks of material misstatement of the

financialstatements, we performed full scope audit procedures on the financial

information of 17 subsidiary undertakings in 15 countries spread across all of

the Group’s reportable segments.

•  In addition, we conducted audit procedures around specific account balances

and transactions including those covering the group treasury operations.

•  For the subsidiary undertakings not included in our scope, we performed

targeted risk assessment procedures, as appropriate.

•  Central audit testing was performed where appropriate for reporting

components in group audit scope that are supported by the Group’s shared

services centres.

•  Audit procedures were also performed in relation to consolidation

adjustmentsand balances which arise or eliminate on consolidation

ofthefinancial statements.

•  Taken together, the subsidiary undertakings which were in scope for the

purpose ofour audit accounted for 81% of consolidated net sales revenue,

76% ofconsolidated profit before tax and 87% of consolidated total assets

oftheGroup.

•  As part of the group audit supervision process, the group engagement

team has performed reviews of the component auditors’ audit files and final

deliverables. In person site visits to component auditors in Bulgaria, Greece,

Italy, Poland, Romania, Egypt and Switzerland were also performed.

Key audit matters •  Goodwill and indefinite-lived intangible assets impairment assessment.

•  Uncertain tax positions.

Materiality •  Overall materiality: €56 million based on 5% of profit before tax

(2023:€51million based on 5% of adjusted profit before tax).

•  Performance materiality: €42 million (2023: €38.3 million).

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.

Independent auditor’s report to the General Meeting of Coca-Cola HBC AG

Coca-Cola HBC Integrated Annual Report 2024251

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Interaction with the Audit and Risk Committee

In addition to forming this opinion, in this report we have also provided information on how we

approached the audit and details of the significant discussions that we had with the Audit and Risk

Committee. We attended each of the eight Audit and Risk Committee meetings held during the year.

Certain meetings involved a private discussion without management being present. We also met with

the Chair of the Audit and Risk Committee on an ad-hoc basis. During these various conversations we

discussed our observations on a variety of matters, for example the methodology and assumptions

used in the Group’s impairment assessment over goodwill and indefinite-lived intangible assets,

the judgements taken by management in assessing the risk of potentially material tax exposures,

the accounting implications of the ongoing challenging macroeconomic conditions, and regulatory

developments. In September and December 2024, the Audit and Risk Committee discussed and

challenged our audit plan. The plan included the matters which we considered presented the highest

risk of material misstatement to the financial statements and other information about our audit,

including the key audit matters as set out below, and other information on our audit approach such as

our approach to specific balances and transactions, our direction and supervision of the component

teams, and where thelatesttechnology would be used to obtain better quality audit evidence.

Key audit matters

Key audit matters are those matters that, in the auditor’s professional judgement, were of most

significance in the audit of the financial statements of the current year 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.

The areas of highest risk for the Group audit and where we focused more efforts and resources were

‘Goodwill and indefinite-lived intangible assets impairment assessment’ and ‘Uncertain tax positions’.

These areas are common with other international beverages companies. These key audit matters are

consistent with last year.

.

Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued

Key audit matter How our audit addressed the key audit matter

Goodwill and indefinite-lived intangible

assets impairment assessment

Refer to Note 13 ‘Intangible assets’.

Goodwill and indefinite-lived intangible assets

as at 31 December 2024 amount to €1,828.8

million and €669.0 million, respectively.

The above amounts have been allocated to

individual cash-generating units (‘CGUs’), which

in accordance with International Accounting

Standard 36 ‘Impairment of Assets’ (‘IAS 36’)

require the performance of an impairment

assessment at least annually or whenever there

is an indication of impairment. The impairment

assessment involves the determination of the

recoverable amount of the CGU, being the

higher of the value-in-use and the fair value

lesscosts of disposal.

We consider this area as a key audit matter

dueto the magnitude of goodwill and indefinite-

lived intangible assets balances and because

the determination of whether elements of

goodwill and of indefinite-lived intangible assets

are impaired involves a significant amount of

judgement by management when developing

the estimates of the future results of the

CGUs. These estimates include assumptions

surrounding revenue growth rates, costs, foreign

exchange rates and discount rates.

In 2024, an impairment loss of €0.4 million was

recorded in connection with a juice trademark

in the Emerging markets. No impairment was

identified for the remaining indefinite-lived

intangible assets or goodwill.

We evaluated the appropriateness of management’s

identification of the Group’s CGUs, the process

by which management prepared the CGUs’ value-

in-use calculations and the design and operating

effectiveness of related control activities.

We tested the accuracy of the CGUs’ carrying values

and value-in-use calculations and compared the

future cash flow projections included therein to the

financial budgets, approved by the directors, covering

a one-year period, and management’s projections for

the subsequent four years. In addition, we assessed

management’s past forecasting accuracy by comparing

key elements of theprior-year budgets and projections

with actual results.

We challenged management’s cash flow projections

in relation to the assumptions applied to the value-

in-use calculations, taking into account the ongoing

challenging macroeconomic environment in

severalcountries.

With the support of our valuation specialists, we

assessed the appropriateness of the methodology

and valuation techniques used, as well as certain

assumptions including discount, annual revenue

growthand perpetuity revenue growth rates.

We also evaluated management’s assessment

ofthepotential impact of climate change risks,

suchasthe cost of water, carbon emissions and

exposure to extreme weather events on future cash

flow forecasts.

We performed independent sensitivity analyses

on the key drivers of the value-in-use calculations

forthe CGUs with significant balances of goodwill

andindefinite-lived intangible assets.

Based on our work, we concluded that the results

reached by management in relation to the impairment

testing of goodwill and indefinite-lived intangible

assetswere supported by assumptions within

reasonable ranges.

We evaluated the related disclosures provided in

thefinancial statements in Note 13 ‘Intangible assets’

and concluded that these are appropriate.

Coca-Cola HBC Integrated Annual Report 2024252

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Key audit matter How our audit addressed the key audit matter

Uncertain tax positions

Refer to Note 10 ‘Taxation’ and Note 29

‘Contingencies’.

The Group operates in numerous tax

jurisdictions and is subject to periodic

challenges, in the normal course of business,

by local tax authorities on a range of matters

including corporate tax, transfer pricing

arrangements and indirect taxes. As at

31December 2024, the Group has provisions

foruncertain tax positions of €72.3 million

thatare classified in current tax liabilities,

current tax assets and deferred taxes.

The impact of changes in local tax regulations

and ongoing inspections by local tax authorities,

could materially impact the amounts recorded

in the financial statements.

Where the amount of tax payable is uncertain,

the Group establishes provisions based on

management’s estimates with respect to the

likelihood of potential material tax exposures

crystallising and the probable amount of the

resultant liability.

We consider this area as a key audit matter

given the level of judgement and subjectivity

involved in estimating tax provisions, including

a high degree of estimation uncertainty relative

to the numerous and complex tax laws in

the various jurisdictions in which the Group

operates, the frequency of tax audits, and the

considerable time to conclude investigations

and negotiations with local tax authorities as

a result of such audits that could materially

impact the amounts recorded in the financial

statements.

In order to understand and evaluate management’s

judgement, we considered the status of current tax

authority inspections and inquiries, the outcome of

previous tax authority inspections, the judgemental

positions taken in tax returns and current year

estimates as well as recent developments in

thetaxjurisdictions in which the Group operates.

We evaluated the Group’s monitoring process for

current tax authority inspections and challenged

management’s estimates, particularly in respect of

cases where there had been significant developments

with tax authorities.

Our component audit teams, through the use of tax

specialists with local knowledge and relevant expertise,

assessed the tax positions taken by the subsidiary

undertakings in scope, in the context of applying local

taxlaws and evaluating the local tax assessments.

We read recent rulings and correspondence with tax

authorities, as well as any external advice provided by the

Group’s tax experts and legal advisors. Additionally, with

our group engagement team tax specialists we further

evaluated management’s estimation of tax exposures

and contingencies in order to assess the adequacy of

the Group’s tax provisions and satisfy ourselves that

the tax provisions have been appropriately recorded

oradjusted to reflect the latest developments.

We held meetings with Group and local management

to discuss the individual tax positions of the in-scope

subsidiary undertakings and assessed with the support

of our group engagement tax team the Group’s overall

tax exposure.

From the evidence obtained we consider the provisions

in relation to uncertain tax positions as at 31 December

2024 to be reasonable.

We also evaluated the related disclosures provided in the

financial statements in Note 10 ‘Taxation’ and Note 29

‘Contingencies’ and concluded that these are appropriate.

How we tailored the audit scope

We tailored the scope of our audit to ensure that we performed sufficient work to be able to provide

an opinion on the financial statements as a whole, taking into account the operating structure of the

Group, the accounting processes and controls, and the industry in which the Group operates. There

were three different levels of work in our approach: audit work performed on the Group’s trading

subsidiary undertakings; at shared service centres; and at the group level.

The Group operates through its trading subsidiary undertakings in Nigeria, Egypt and 27 countries

in Europe, as set out in Note 1 ‘General information’ and Note 6 ‘Segmental analysis’ of the financial

statements. The Group also operates centralised treasury functions in the Netherlands and in Greece

and a centralised procurement function for key raw materials in the Netherlands.

Based on their significance to the financial statements and in light of the key audit matters as noted above,

we identified 17 subsidiary undertakings in 15 countries spread across all of the Group’s reportable segments

(including the significant, due to risk or size, subsidiary undertakings in Egypt, Italy, Nigeria, Poland, Romania,

Russia and Switzerland). For these components we obtained full scope audit reports over their financial

information. In addition, we have performed Group level analysis on the remaining components, where

appropriate, to determine whether further risks of material misstatement exist in those components. We

consider the scope of our audit, ascommunicated to the Audit and Risk Committee, to be an appropriate

basis for our audit opinion.

At the planning phase of the audit process, we hosted in Greece an in-person two-day audit planning

workshop. At this workshop we considered developments relevant to the Group and we focused on

planning and risk assessment activities, fraud risk assessment, auditor independence, accounting,

regulatory and auditing developments, climate related topics and centralised testing procedures.

Wealso heard from key members of management. This audit planning workshop was attended by

thesenior staff of the component teams in scope for group audit purposes.

We issued formal, written instructions to the component teams setting out the work to be performed

byeach of them and we were in active dialogue throughout the year with the teams that conducted these

component audits; this included consideration of how they planned and performed their work. In addition

to holding formal periodic meetings, the group engagement team had ongoing informal interactions with

the component audit teams to be continuously updated and to monitor their progress and the results

of their procedures. Furthermore, the group engagement team reviewed component auditor working

papers and undertook other forms of interaction as considered necessary, depending on the significance

of the component and the extent of accounting and audit issues arising. We evaluated the sufficiency

of the audit evidence obtained through discussions with each team and a review of their audit working

papers and deliverables. The senior members of the group engagement team performed site visits in

Bulgaria, Egypt, Greece, Italy, Poland, Romania and Switzerland. These visits gave us an opportunity to

meet with the local audit teams and management to discuss the business performance and outlook,

regulations and taxation, and any specific accounting and auditing matters identified, including fraud

and internal controls. For the trading subsidiary undertakings in Egypt, Ireland and Nigeria, where physical

attendance was not undertaken, we participated in the final audit meetings via video conference.

Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued

Coca-Cola HBC Integrated Annual Report 2024253

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

A significant number of operational processes which are critical to financial reporting and IT

functions are undertaken in the shared service centres in Bulgaria for many of the Group’s subsidiary

undertakings. The group engagement team was responsible for planning, designing and overseeing

the audit procedures performed on those processes. We tested controls and transactions which

supported the financial information for many of the subsidiary undertakings in scope, to ensure

that adequate audit evidence was obtained. In addition, we performed work centrally on IT general

controls and cybersecurity and shared audit comfort with the component teams. Furthermore,

audit procedures were performed with respect to the centralised treasury functions by the group

engagement team and with respect to the centralised procurement function by the component

auditteam in the Netherlands.

We ensured that appropriate further audit work was undertaken at a group level. This work included

auditing, for example, the consolidation of the group’s results, the preparation of the financial statements,

litigation provisions and exposures and management’s entity level and oversight controls relevant to

financial reporting. We also performed work on a number of other areas that involve significant judgement

and estimates, including goodwill and intangible assets and the Group’s overall going concern assessment.

Collectively, the work performed at all levels, as described above, accounted for 81% of consolidated net

sales revenue, 76% of consolidated profit before tax and 87% of consolidated total assets of the Group,

which gave us sufficient and appropriate audit evidence for our opinion on the financial statements.

The impact of climate risk on our audit

As part of our audit, we also made inquiries of management to understand the process adopted to assess

the extent of the potential impact of climate change risk on the financial statements. In addition, we read

the minutes of the committees in place to assess climate risk and the additional reporting made by the

entity on climate. Management considers that climate change does not give rise to a potential material

financial statement impact. We used our knowledge of the Group to evaluate management’s assessment,

and we remained alert when performing our audit procedures for any indicators of the impact of climate risk

on the financial statements. By their nature the financial statements present historical information which

does not fully capture future events. We did determine that the key areas in the financial statements that

are more likely to be materially impacted by climate change are those areas that depend on estimated

future cash flows. We particularly considered the relevant assumptions made in the future cash flow

forecasts prepared by management and used in their impairment analyses and going concern assessment.

Our procedures did not identify any material impact on the financial statements for the year ended

31 December 2024. Whilst the Group has started to quantify some of the impacts, the future estimated

financial impacts of climate risk are clearly uncertain given the medium to long term timeframes involved

and their dependency on how governments, global markets, corporations and society respond to

the issue of climate change and the speed of technological advancements that may be necessary.

Accordingly, financial statements cannot capture all possible future outcomes as these are not yet known.

Where climate risk relates to a key audit matter our audit response is given in the key audit matters

section of our audit report. We considered the consistency of the disclosures in relation to climate

change made in the other information within the annual report with the financial statements and

knowledge from our audit. We discussed with management and the Audit and Risk Committee the ways

inwhich climate change disclosures should continue to evolve as there continues to be an increased

levelof attention on the reporting of risks associated with climate change.

We were engaged separately to provide independent limited assurance on the Sustainability Statement

and other sustainability-related information reported in the Annual Report. The independent limited

assurance reports, which explain the scope of our work and the limited procedures undertaken are

included in the Annual Report on pages 249 and 352.

Materiality

The scope of our audit was influenced by our application of the concept 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 to evaluate 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:

Overall group materiality €56 million (2023: €51 million).

How we determined it 5% of profit before tax

This benchmark has changed compared to the prior year (adjusted

profit before tax).

Rationale for benchmark applied We consider that the income statement remains the principal

measure used by the shareholders in assessing the underlying

performance of the Group. Therefore, an approach to materiality

based on 5% of profit before tax has been applied which is a generally

accepted auditing benchmark. Compared to the prior year, we have

not adjusted this benchmark as there were no items in 2024 which, in

our view, are considered unusual and infrequently occurring in nature.

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 from €4.5 million

to €30.0 million.

When planning the audit, we considered if multiple uncorrected and undetected misstatements may

exist which, when aggregated, could exceed our overall materiality level. In order to reduce the risk

of multiple misstatements which could aggregate to this amount to an appropriately low level, we

used a lower level of materiality, known as performance 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% of overall materiality, amounting to €42 million (2023: €38.3 million).

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.

Where the audit identified any items that were not reflected appropriately in the financial information,

we considered these items carefully to assess if they were individually or in aggregate material. We

agreed with the Audit and Risk Committee that we would report to them misstatements identified

exceeding €2.8 million (2023: €2.5 million) as well as misstatements below that amount that, in our view,

warranted reporting for qualitative reasons.

Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued

Coca-Cola HBC Integrated Annual Report 2024254

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Conclusions relating to going concern

Our evaluation of the directors’ assessment of the Group’s ability to continue to adopt the going

concern basis of accounting included:

•  Verification that the cash flow projections used in the goodwill impairment, going concern and

viability assessments were consistent;

•  Review of management’s assessment supporting the Group’s ability to continue to adopt the going

concern basis of accounting, ensuring that appropriate severe but plausible downside scenarios,

including those relating to climate change, the geopolitical events involving Russia and Ukraine and

the continued tensions in the Middle East, were considered;

•  Assessment of the reasonableness of management’s assumptions used in the cash flow projections;

•  Testing of the mathematical integrity of the cash flow forecasts and reconciliation with the Board

approved budget and management’s projections for the subsequent periods;

•  Evaluation of the Group’s forecast liquidity for the period under assessment by considering the

Group’s available cash resources, committed undrawn credit facilities and other debt instruments in

place as well as the maturity profile of the Group’s debt. We confirmed the outstanding amounts of

the financing facilities and verified their nature, terms and conditions;

•  Consideration of whether climate change is expected to have any significant impact during the

period of the going concern assessment; and

•  Evaluation of the appropriateness of the related disclosures provided in the financial statements in

Note 2 ‘Basis of preparation and consolidation’.

Based on the work 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 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

ability to continue as a going concern.

In relation to the Group’s 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, our auditor’s report thereon and the Swiss statutory reporting, which we obtained prior to

the date of this auditor’s report. 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 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.

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 Group’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 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 relating to the Group’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 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 Group 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.

Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued

Coca-Cola HBC Integrated Annual Report 2024255

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Our review of the directors’ statement regarding the longer-term viability of the Group 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

its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

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 and Risk Committee.

We have nothing to report in respect of our responsibility to report when the directors’ statement

relating to the Group’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 in the Annual Report, 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 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 to cease

operations, or have no realistic alternative but to do so.

Auditor’s 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 auditor’s 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 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. 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 considered those laws and regulations

that have a direct impact on the financial statements such as the corporate regulations arising from

its listings on the London Stock Exchange and Athens Exchange, international sanctions, tax laws and

regulations applicable to Coca-Cola HBC and its subsidiaries and regulations relating to unethical and

prohibited business practices. 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 areas where management made subjective judgements in respect

of significant accounting estimates that involved making assumptions and considering future events

that are inherently uncertain. 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:

•  Inquiries of management, internal audit, internal legal counsel, management’s experts, where

relevant, including consideration of known or suspected instances of non-compliance with laws and

regulations and fraud;

•  Evaluation and testing of the operating effectiveness of management’s controls designed to prevent

and detect irregularities;

•  Assessment of matters reported on the Group’s whistleblowing helpline and the results of

management’s investigation of such matters to the extent they related to financial reporting;

•  Reading the minutes of Board meetings to identify any inconsistencies with other information

provided by management;

•  Challenging assumptions and judgements made by management in significant accounting estimates

(because of the risk of management bias), in particular in relation to the key audit matters;

•  Inspecting correspondence with legal advisors and internal audit reports in so far as they related to

the financial statements;

•  Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our

testing; and

•  Identifying and testing journal entries, in particular any entries posted with unusual account

combinations, journal entries posted by senior management and consolidation entries.

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.

Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued

Coca-Cola HBC Integrated Annual Report 2024256

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

As part of an audit in accordance with ISAs, we exercise professional judgement and maintain

professional scepticism throughout the audit. We also:

•  Identify and assess the risks of material misstatement of the financial statements, whether due to

fraud or error, by designing and performing audit procedures responsive to those risks, and obtain

audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not

detecting a material misstatement resulting from fraud is higher than for one resulting from error,

as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of

internal control.

•  Obtain an understanding of internal control relevant to the audit in order to design audit procedures

that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the Group’s internal control.

•  Evaluate the appropriateness of accounting policies and methods used and the reasonableness

ofaccounting estimates and related disclosures made by management.

•  Conclude on the appropriateness of management’s use of the going concern basis of accounting

and, based on the audit evidence obtained, whether a material uncertainty exists related to events

or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.

If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s

report to the related disclosures in the financial statements or, if such disclosures are inadequate, to

modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our

auditor’s report. However, future events or conditions may cause the Group to cease to continue as a

goingconcern.

•  Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events

in a manner that achieves fair presentation.

•  Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding

thefinancial information of the entities or business units within the Group as a basis of forming

anopinion on the financial statements. We are responsible for the direction, supervision and review

of the audit work performed for the purposes of the Group audit. We remain solely responsible for

our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned

scope and timing of the audit and significant audit findings, including any significant deficiencies in

internal control that we identify during our audit. Those charged with governance are responsible for

overseeing the Group’s financial reporting process.

We also provide those charged with governance with a statement that we have complied with

relevantethical requirements regarding independence and communicate with them all relationships

and other matters that may reasonably be thought to bear on our independence, and where applicable,

related safeguards.

From the matters communicated with those charged with governance, we determine those matters

that were of most significance in the audit of the financial statements of the current year and are

therefore the key audit matters. We describe these matters in our auditor’s report unless law or

regulation precludes public disclosure about the matter or when, in extremely rare circumstances,

we determine that a matter should not be communicated in our report because the adverse

consequences of doing so would reasonably be expected to outweigh the public interest benefits

ofsuch communication.

Use of this report

This report, including the opinions, has been prepared for and only for Coca-Cola HBC AG for the

purpose of compliance with the Disclosure Guidance and Transparency Rules sourcebook and the

Listing Rules of the FCA 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, including without limitation under any contractual obligations of the

company, save where expressly agreed by our prior consent in writing.

Partner responsible for the audit

The engagement partner on the audit resulting in this independent auditor’s report is Fotis Smyrnis.

Other required reporting

Appointment

We have been the Group’s auditors since 2003 and following a tender process that the Group

conducted in 2015, at the recommendation of the Audit and Risk Committee, we were reappointed by

the directors on 11 December 2015 to audit the financial statements for the year ended 31 December

2017. Our appointment has been continuously renewed by the decisions of the annual general

meetings of shareholders for the subsequent financial periods.

Assurance Report on the European Single Electronic Format pursuant to the Athens Exchange

listing requirements

Subject matter

We undertook the reasonable assurance engagement to examine the digital files of Coca-Cola

HBC, which were compiled in accordance with the European Single Electronic Format (ESEF),

and which include the financial statements for the year ended December 31, 2024, in XHTML

format 549300EFP3TNG7JGVE49-2024-12-31-en.xhtml, as well as the intended XBRL file

549300EFP3TNG7JGVE49-2024-12-31-en.zip with the appropriate markup, on the aforementioned

consolidated financial statements , including other explanatory information (Notes to the financial

statements), (hereinafter referred to as the “Subject Matter”), in order to determine that it was

prepared in accordance with the requirements set out in the Applicable Criteria section.

Applicable Criteria

The Applicable criteria for the European Single Electronic Format (ESEF) are defined by the European

Commission Delegated Regulation (EU) 2019/815, as amended by Regulation (EU) 2020/1989

(hereinafter ‘ESEF Regulation’) and the 2020 / C 379/01 Interpretative Communication of the European

Commission of 10 November 2020, as provided by the Greek Law 3556/2007 and the relevant

announcements of the Hellenic Capital Market Commission and the Athens Exchange.

In summary, these criteria provide, inter alia, that:

•  All annual financial reports should be prepared in XHTML format.

•  For consolidated financial statements in accordance with International Financial Reporting

Standards, the financial information stated in the consolidated balance sheet, the consolidated

income statement, the consolidated statement of comprehensive income, the consolidated

cash flow statement and the consolidated statement of changes in equity, as well as the financial

information included in the other explanatory information, should be marked-up with XBRL ‘tags’

and ‘block tag’, according to the ESEF Taxonomy, as in force. The technical specifications for ESEF,

including the relevant classification, are set out in the ESEF Regulatory Technical Standards.

Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued

Coca-Cola HBC Integrated Annual Report 2024257

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Responsibilities of the directors

The directors are responsible for the preparation and submission of the consolidated financial statements

of the Group, for the year ended 31 December 2024 in accordance with the requirements set by the ESEF

Regulatory Framework, as well as for those internal controls that management determines as necessary,

to enable the compilation of digital files free of material error due to either fraud or error.

Auditor’s responsibilities

Our responsibility is to issue this Report regarding the evaluation of the Subject Matter, based on our

work performed, which is described below in the “Scope of Work Performed” section.

Our work was carried out in accordance with International Standard on Assurance Engagements 3000

(Revised) “Assurance Engagements Other than Audits or Reviews of Historical Financial Information”

(hereinafter “ISAE 3000”).

ISAE 3000 requires that we plan and perform our work to obtain reasonable assurance about the evaluation

of the Subject Matter in accordance with the Applicable Criteria. In the context of the procedures performed,

we assess the risk of material misstatement of the information related to the Subject Matter.

We believe that the evidence we have obtained is sufficient and appropriate and supports the

conclusion expressed in this assurance report.

Code of Conduct and quality management

We are independent of the Group, throughout the duration of this engagement and have complied

with the requirements of the International Code of Ethics for Professional Accountants (including

International Independence Standards) issued by the International Ethics Standards Board for

Accountants (‘IESBA Code’), and the FRC’s Ethical Standard, as applicable to listed public interest

entities, and we have fulfilled our ethical responsibilities in accordance with these requirements.

Our audit firm applies International Standard on Quality Management (ISQM) 1 “Quality Management

for Firms that Perform Audits or Reviews of Financial Statements or Other Assurance or Relates

Services Engagements” and consequently maintains a comprehensive quality management system

that includes documented policies and procedures regarding compliance with ethical requirements,

professional standards and applicable legal and regulatory requirements.

Scope of work performed

The assurance work we performed covers the subjects included in the No. 214/4/11.02.2022 Decision

of the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB) and in the ‘Guidelines

in relation to the work and assurance report of Certified Public Accountants on the European Single

Electronic Format (ESEF) of issuers with securities listed on a regulated market in Greece’ as issued

by the Institute of Certified Public Accountants of Greece on 14/02/2022, so as to obtain reasonable

assurance that the consolidated financial statements of the Group prepared by management comply,

in all material respects, with the Applicable Criteria.

Inherent limitations

Our work covered the items listed in the ‘Scope of work performed’ section to obtain reasonable

assurance based on the procedures described. In this context, the work we performed could not

absolutely ensure that all matters that could be considered material weaknesses would be revealed.

Conclusion

Based on the procedures performed and the evidence obtained, we conclude that the

consolidated financial statements of the Group for the year ended 31 December 2024, in XHTML

file format 549300EFP3TNG7JGVE49-2024-12-31-en.xhtml, as well as the provided XBRL file

549300EFP3TNG7JGVE49-2024-12-31-en.zip with the appropriate marking up, on the aforementioned

consolidated financial statements, including the other explanatory information, have been prepared,

inall material respects, in accordance with the requirements of the Applicable Criteria.

Other matters

Swiss statutory reporting requirements

PwC Switzerland has reported separately on the Group and Company financial statements of Coca-

Cola HBC AG for the year ended 31 December 2024 for Swiss statutory purposes. The reports are

available in pages 318 to 323.

ESEF Regulatory Technical Standard pursuant to the London Stock Exchange listing requirements

The Group 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 auditor’s report provides no assurance over whether the structured digital

format annual financial report has been prepared in accordance with those requirements which may

differ from the ESEF as defined in section ‘Other required reporting’ above.

Fotis Smyrnis

the Certified Auditor, Reg. No. 52861

for and on behalf of PricewaterhouseCoopers S.A.

Certified Auditors, Reg. No. 113

Athens, Greece

14 March 2025

Notes:

(a)   The maintenance and integrity of the Coca-Cola HBC AG website is the responsibility of the directors; the work carried out by the auditors

does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have

occurred to the financial statements since they were initially presented on the website.

(b)   Legislation in the UK, Greece and Switzerland governing the preparation and dissemination of financial statements may differ from

legislation in other jurisdictions.

Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued

Coca-Cola HBC Integrated Annual Report 2024258

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Consolidated financial statements

Consolidated income statement

For the year ended 31 December

The accompanying notes form an integral part of these consolidated financial statements.

Consolidated statement of comprehensive income

For the year ended 31 December

Note

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  |  | € million | € million |
| Net sales revenue | 6, 7 | 10,754.4 | 10,184.0 |
| Cost of goods sold |  | (6,876.9) | (6,626.6) |
| Gross profit |  | 3,877.5 | 3,557.4 |
| Operating expenses | 8 | (2,705.7) | (2,613.5) |
| Share of results of integral equity method investments | 15 | 13.6 | 9.7 |
| Operating profit | 6 | 1,185.4 | 953.6 |
| Finance income |  | 106.2 | 55.7 |
| Finance costs |  | (166.7) | (104.0) |
| Finance costs, net | 9 | (60.5) | (48.3) |
| Share of results of non-integral equity method investments | 15 | 3.1 | 5.0 |
| Profit before tax |  | 1,128.0 | 910.3 |
| Ta x | 10 | (308.3) | (274.6) |
| Profit after tax |  | 819.7 | 635.7 |
| Attributable to: |  |  |  |
| Owners of the parent |  | 820.6 | 636.5 |
| Non-controlling interests |  | (0.9) | (0.8) |
|  |  | 819.7 | 635.7 |
| Basic and diluted earnings per share (€) | 11 | 2.25 | 1.73 |

Note

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  |  | € million | € million |
| Profit after tax |  | 819.7 | 635.7 |
| Other comprehensive income: |  |  |  |
| Items that may be subsequently reclassified |  |  |  |
| toincomestatement: |  |  |  |
| Cost of hedging | 24 | (2.3) | (7.1) |
| Net gain on cash flow hedges | 24 | 10.8 | 19.7 |
| Foreign currency translation losses | 12 | (209.5) | (484.6) |
| Share of other comprehensive loss of equity |  |  |  |
| methodinvestments | 12, 15 | (4.6) | (11.7) |
| Income tax relating to items that may be subsequently |  |  |  |
| reclassified to income statement | 12 | 1.0 | (3.0) |
|  |  | (204.6) | (486.7) |
| Items that will not be subsequently reclassified |  |  |  |
| toincomestatement: |  |  |  |
| Valuation (loss)/gain on equity investments at fair value  through other comprehensive income | 12 | (0.2) | 0.4 |
| Actuarial gains/(losses) | 12 | 1.0 | (16.4) |
| Income tax relating to items that will not be subsequently |  |  |  |
| reclassified to income statement | 12 | 0.1 | 1.9 |
|  |  | 0.9 | (14.1) |
| Other comprehensive loss for the year, net of tax | 12 | (203.7) | (500.8) |
| Total comprehensive income for the year |  | 616.0 | 134.9 |
| Total comprehensive income attributable to: |  |  |  |
| Owners of the parent |  | 617.8 | 141.3 |
| Non-controlling interests |  | (1.8) | (6.4) |
|  |  | 616.0 | 134.9 |

Coca-Cola HBC Integrated Annual Report 2024259

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Consolidated financial statements continued

Note

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  |  | € million | € million |
| Assets |  |  |  |
| Intangible assets | 13 | 2,506.7 | 2,569.8 |
| Property, plant and equipment | 14 | 3,197.3 | 3,057.1 |
| Equity method investments | 15 | 197.6 | 197.0 |
| Other financial assets | 24 | 59.7 | 23.3 |
| Deferred tax assets | 10 | 40.9 | 41.5 |
| Other non-current assets | 18 | 88.8 | 81.9 |
| Total non-current assets |  | 6,091.0 | 5,970.6 |
| Inventories | 17 | 863.9 | 773.3 |
| Trade, other receivables and assets | 18 | 1,238.2 | 1,188.0 |
| Other financial assets | 24, 25 | 901.7 | 667.9 |
| Current tax assets |  | 10.5 | 17.1 |
| Cash and cash equivalents | 25 | 1,548.1 | 1,260.6 |
|  |  | 4,562.4 | 3,906.9 |
| Assets classified as held for sale | 19 | 0.3 | 3.3 |
| Total current assets |  | 4,562.7 | 3,910.2 |
| Total assets |  | 10,653.7 | 9,880.8 |

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  | Note | € million | € million |
| Liabilities |  |  |  |
| Borrowings | 25 | 3,091.9 | 2,476.4 |
| Other financial liabilities | 24 | 9.9 | 5.7 |
| Deferred tax liabilities | 10 | 220.7 | 250.5 |
| Provisions and employee benefits | 21 | 107.1 | 109.1 |
| Non-current tax liabilities | 10 | 5.3 | – |
| Other non-current liabilities |  | 8.0 | 5.1 |
| Total non-current liabilities |  | 3,442.9 | 2,846.8 |
| Borrowings | 25 | 888.7 | 948.1 |
| Other financial liabilities | 24 | 19.3 | 67.3 |
| Trade and other payables | 20 | 2,670.4 | 2,479.1 |
| Provisions and employee benefits | 21 | 191.1 | 199.1 |
| Current tax liabilities |  | 138.3 | 153.7 |
| Total current liabilities |  | 3,907.8 | 3,847.3 |
| Total liabilities |  | 7,350.7 | 6,694.1 |
| Equity |  |  |  |
| Share capital | 26 | 2,032.1 | 2,030.3 |
| Share premium | 26 | 2,214.8 | 2,555.7 |
| Group reorganisation reserve | 26 | (6,472.1) | (6,472.1) |
| Treasury shares | 26 | (298.5) | (144.1) |
| Exchange equalisation reserve | 26 | (1,922.1) | (1,708.9) |
| Other reserves | 26 | 115.1 | 272.1 |
| Retained earnings |  | 7,536.4 | 6,559.8 |
| Equity attributable to owners of the parent |  | 3,205.7 | 3,092.8 |
| Non-controlling interests |  | 97.3 | 93.9 |
| Total equity |  | 3,303.0 | 3,186.7 |
| Total equity and liabilities |  | 10,653.7 | 9,880.8 |

Consolidated balance sheet

As at 31 December

The accompanying notes form an integral part of these consolidated financial statements.

Coca-Cola HBC Integrated Annual Report 2024260

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | Attributable to owners of the parent |  |  |  |  |  |
|  |  |  | Group |  | Exchange |  |  |  | Non- |  |
|  |  | Share | reorganisation | Treasury | equalisation | Other | Retained |  | controlling |  |
|  | Share capital | premium | reserve | shares | reserve | reserves | earnings | Total | interests | Total equity |
|  | € million | € million | € million | € million | € million | € million | € million | € million | € million | € million |
| Balance as at 1 January 2023 | 2,024.3 | 2,837.4 | (6,472.1) | (131.2) | (1,218.2) | 292.5 | 5,949.6 | 3,282.3 | 103.3 | 3,385.6 |
| Shares issued to employees exercising stock options | 6.0 | 8.2 | – | – | – | – | – | 14.2 | – | 14.2 |
| Share-based compensation: |  |  |  |  |  |  |  |  |  |  |
| Performance shares | – | – | – | – | – | 20.4 | – | 20.4 | – | 20.4 |
| Movement in shares held for equity compensation plan | – | – | – | – | – | 0.2 | – | 0.2 | – | 0.2 |
| Appropriation of reserves | – | – | – | 29.7 | – | (25.0) | (4.7) | – | – | – |
| Purchase of shares held by non-controlling interests | – | – | – | – | – | – | (9.9) | (9.9) | (2.7) | (12.6) |
| Acquisition of treasury shares | – | – | – | (42.6) | – | – | – | (42.6) | – | (42.6) |
| Dividends | – | (289.9) | – | – | – | – | 2.7 | (287.2) | (0.3) | (287.5) |
| Transfer of cash flow hedge reserve, including cost of hedging to inventories, net of tax  1 | – | – | – | – | – | (25.9) | – | (25.9) | – | (25.9) |
|  | 2,030.3 | 2,555.7 | (6,472.1) | (144.1) | (1,218.2) | 262.2 | 5,937.7 | 2,951.5 | 100.3 | 3,051.8 |
| Profit for the year, net of tax | – | – | – | – | – | – | 636.5 | 636.5 | (0.8) | 635.7 |
| Other comprehensive loss for the year, net of tax | – | – | – | – | (490.7) | 9.9 | (14.4) | (495.2) | (5.6) | (500.8) |
| Total comprehensive income for the year, net of tax  2 | – | – | – | – | (490.7) | 9.9 | 622.1 | 141.3 | (6.4) | 134.9 |
| Balance as at 31 December 2023 | 2,030.3 | 2,555.7 | (6,472.1) | (144.1) | (1,708.9) | 272.1 | 6,559.8 | 3,092.8 | 93.9 | 3,186.7 |
| Shares issued/granted to employees exercising stock options | 1.8 | 2.0 | – | 5.2 | – | (2.4) | – | 6.6 | – | 6.6 |
| Share-based compensation: |  |  |  |  |  |  |  |  |  |  |
| Performance shares | – | – | – | – | – | 15.6 | – | 15.6 | – | 15.6 |
| Movement in shares held for equity compensation plan | – | – | – | – | – | 0.4 | – | 0.4 | – | 0.4 |
| Appropriation of reserves | – | – | – | 23.4 | – | (183.2) | 159.8 | – | – | – |
| Purchase and dilution of shares held by non-controlling interests | – | – | – | – | – | – | (8.1) | (8.1) | 5.2 | (2.9) |
| Acquisition of treasury shares | – | – | – | (183.0) | – | – | – | (183.0) | – | (183.0) |
| Dividends | – | (342.9) | – | – | – | – | 3.2 | (339.7) | – | (339.7) |
| Transfer of cash flow hedge reserve, including cost of hedging to inventories, net of tax  3 | – | – | – | – | – | 3.3 | – | 3.3 | – | 3.3 |
|  | 2,032.1 | 2,214.8 | (6,472.1) | (298.5) | (1,708.9) | 105.8 | 6,714.7 | 2,587.9 | 99.1 | 2,687.0 |
| Profit for the year, net of tax | – | – | – | – | – | – | 820.6 | 820.6 | (0.9) | 819.7 |
| Other comprehensive loss for the year, net of tax | – | – | – | – | (213.2) | 9.3 | 1.1 | (202.8) | (0.9) | (203.7) |
| Total comprehensive income for the year, net of tax  4 | – | – | – | – | (213.2) | 9.3 | 821.7 | 617.8 | (1.8) | 616.0 |
| Balance as at 31 December 2024 | 2,032.1 | 2,214.8 | (6,472.1) | (298.5) | (1,922.1) | 115.1 | 7,536.4 | 3,205.7 | 97.3 | 3,303.0 |

1.  The amount included in other reserves of €25.9 million for 2023 represents the cash flow hedge reserve, including cost of hedging, transferred to inventories of €30. 8 million gain, and the deferred tax expense thereof amounting to €4.9 million.

2.   The amount included in the exchange equalisation reserve of €490 .7 million loss for 2023 represents the exchange loss attributable to owners of the parent, including €11.7 million loss relating to the share of other comprehensive income of equity method investments.

The amount of other comprehensive income, net of tax included in other reserves of €9 .9 million gain for 2023 consists of cash flow hedges gain of €12.6 million, valuation gains of €0 .4 million on equity investments at fair value through other comprehensive income and the deferred tax expense

thereof amounting to €3.1 million.

The amount included in retained earnings of €622.1 million gain attributable to owners of the parent comprises profit for the year, net of tax of €636. 5 million, actuarial losses of €16. 4 million and the deferred tax income thereof amounting to €2.0 million.

The amount of €6. 4 million loss included in non-controlling interests for 2023 represents the exchange loss attributable to non-controlling interests of €5.6 million, and the share of non-controlling interests in profit for the year, net of tax of €0.8 million loss.

3.  The amount included in other reserves of €3. 3 million for 2024 represents the cash flow hedge reserve, including cost of hedging, transferred to inventories of €4. 0 million loss, and the deferred tax income thereof amounting to €0.7 million.

4.  The amount included in the exchange equalisation reserve of €213. 2 million loss for 2024 represents the exchange loss attributable to owners of the parent, including €4.6 million loss relating to the share of other comprehensive income of equity method investments.

The amount of other comprehensive income, net of tax included in other reserves of €9. 3 million gain for 2024 consists of cash flow hedges gain of €8 .5 million, valuation losses of €0 .2 million on equity investments at fair value through other comprehensive income and the deferred tax

income thereof amounting to €1.0 million.

The amount included in retained earnings of €821.7 million gain attributable to owners of the parent comprises profit for the year, net of tax of €82 0.6 million, actuarial gains of €1.0 million and the deferred tax income thereof amounting to €0.1 million.

The amount of €1.8 million loss included in non-controlling interests for 2024 represents the exchange loss attributable to the non-controlling interests of €0 .9 million, and the share of non-controlling interests in profit for the year, net of tax of €0 .9 million loss.

For further details, refer to Note 12 ‘Components of other comprehensive income’, Note 23 ‘Business combinations and purchases of shares held by non-controlling interests’, Note 24 ‘Financial risk management and financial instruments’, Note 26 ‘Equity’ and Note 28 ‘Share-based payments’.

The accompanying notes form an integral part of these consolidated financial statements.

Consolidated statement of changes in equity

Consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024261

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Note

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  |  | € million | € million |
| Operating activities |  |  |  |
| Profit after tax |  | 819.7 | 635.7 |
| Finance costs, net | 9 | 60.5 | 48.3 |
| Share of results of non-integral equity method investments | 15 | (3.1) | (5.0) |
| Tax charged to the income statement | 10 | 308.3 | 274.6 |
| Depreciation of property, plant and equipment including |  |  |  |
| right-of-use assets | 14, 16 | 374.2 | 385.1 |
| Impairment of property, plant and equipment including |  |  |  |
| right-of-use assets | 14 | 21.5 | 14.8 |
| Employee performance shares |  | 15.6 | 20.4 |
| Amortisation of intangible assets | 13 | 1.1 | 1.4 |
| Impairment of intangible assets | 13 | – | 112.5 |
|  |  | 1,597.8 | 1,487.8 |
| Share of results of integral equity method investments | 15 | (13.6) | (9.7) |
| Gain on disposals of non-current assets | 8 | (4.5) | (1.3) |
| Increase in inventories |  | (150.0) | (142.6) |
| Increase in trade and other receivables |  | (71.7) | (212.7) |
| Increase in trade and other payables |  | 322.5 | 491.0 |
| Tax paid |  | (288.6) | (225.8) |
| Net cash inflow from operating activities |  | 1,391.9 | 1,386.7 |
| Investing activities |  |  |  |
| Payments for purchases of property, plant and equipment |  | (615.4) | (610.7) |
| Proceeds from sales of property, plant and equipment |  | 8.6 | 7.2 |
| Payment for business combinations, net of cash acquired | 23 | (1.5) | (180.4) |
| Receipts from integral equity method investments | 27 | 11.7 | 6.7 |
| Receipts from non-integral equity method investments | 27 | 2.2 | 7.0 |

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  | Note | € million | € million |
| Net (payments for)/proceeds from investments in financial |  |  |  |
| assets at amortised cost |  | (561.9) | 473.5 |
| Net proceeds from investments in financial assets at fair  value through profit or loss |  | 259.9 | – |
| Payments for investments in financial assets at fair value  through other comprehensive income |  | (7.0) | (5.9) |
| Loans to related parties |  | (8.0) | (4.7) |
| Repayments of loans by related parties |  | 0.9 | 0.5 |
| Interest received |  | 89.6 | 38.0 |
| Net cash outflow from investing activities |  | (820.9) | (268.8) |
| Financing activities |  |  |  |
| Proceeds from shares issued/granted to employees |  |  |  |
| exercising stockoptions | 26 | 6.6 | 14.2 |
| Payments for purchases of shares held by non-controlling  interests | 23 | (2.9) | (12.6) |
| Acquisition of treasury shares | 26 | (183.0) | (42.6) |
| Proceeds from borrowings | 25 | 1,265.2 | 136.4 |
| Repayments of borrowings | 25 | (748.5) | (89.7) |
| Principal repayments of lease obligations | 25 | (60.8) | (59.1) |
| Dividends paid to owners of the parent | 26 | (339.7) | (287.2) |
| Dividends paid to non-controlling interests |  | – | (0.2) |
| (Payments for)/proceeds from settlement of derivatives and  funded forward contracts regarding financingactivities | 25 | (42.0) | 4.6 |
| Interest paid | 25 | (100.4) | (76.2) |
| Net cash outflow from financing activities |  | (205.5) | (412.4) |
| Net increase in cash and cash equivalents |  | 365.5 | 705.5 |
| Movement in cash and cash equivalents |  |  |  |
| Cash and cash equivalents as at 1 January |  | 1,260.6 | 719.9 |
| Net increase in cash and cash equivalents |  | 365.5 | 705.5 |
| Effect of changes in exchange rates |  | (78.0) | (164.8) |
| Cash and cash equivalents as at 31 December | 25 | 1,548.1 | 1,260.6 |

Consolidated cash flow statement

For the year ended 31 December

Consolidated financial statements continued

The accompanying notes form an integral part of these consolidated financial statements.

Coca-Cola HBC Integrated Annual Report 2024262

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Notes to the consolidated financial statements

1. General information

Coca-Cola HBC AG and its subsidiaries (the ‘Group’ or ‘Coca-Cola HBC’ or ‘the Company’) are

principally engaged in the production, sales and distribution of primarily non-alcoholic ready-to-drink

beverages, under franchise from The Coca-Cola Company, across Nigeria, Egypt and 26 countries

in Europe; while in Russia, the Group operates under a business model focusing on local brands.

Information on the Group’s operations by segment is included in Note 6.

On 11 October 2012, Coca-Cola HBC, a Swiss stock corporation (Aktiengesellschaft/Société Anonyme)

incorporated by Kar-Tess Holding (a related party of the Group, refer to Note 27), announced a voluntary

share exchange offer to acquire all outstanding ordinary registered shares and all American depositary

shares of Coca-Cola Hellenic Bottling Company S.A. As a result of the successful completion of this offer,

on 25 April 2013, Coca-Cola HBC acquired 96.85% of the issued Coca-Cola Hellenic Bottling Company S.A.

shares, including shares represented by American depositary shares, and became the new parent company

of the Group. On 17 June 2013, Coca-Cola HBC completed its statutory buyout of the remaining shares

of Coca-Cola Hellenic Bottling Company S.A. that it did not acquire upon completion of its voluntary share

exchange offer. Consequently, Coca-Cola HBC acquired 100% of Coca-Cola Hellenic Bottling Company

S.A. which was eventually delisted from the Athens Exchange, from the London Stock Exchange where it had

a secondary listing and from the New York Stock Exchange where American depositary shares were listed.

The shares of Coca-Cola HBC started trading in the London Stock Exchange (Ticker symbol: CCH)

and on the Athens Exchange (Ticker symbol: EEE), and regular way trading in Coca-Cola HBC American

depositary shares commenced on the New York Stock Exchange (Ticker symbol: CCH) on 29 April 2013. On

24 July 2014, the Group proceeded to the delisting of its American depositary shares from the New York

Stock Exchange and terminated its reporting obligations under the US Securities Exchange Act of 1934.

The deregistration of Coca-Cola HBC shares under the US Securities Exchange Act of 1934 and the

termination of its reporting obligations became effective on 3 November 2014.

2. Accounting information

Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance with

International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and in

compliance with Swiss law.

These consolidated financial statements were approved for issue by the Board of Directors on 13

March 2025 and are expected to be verified at the Annual General Meeting to be held on 23 May 2025.

Going concern

The consolidated financial statements have been prepared on a going concern basis. As part of its

assessment, management has considered the Group’s financial performance in the year, its strong

balance sheet and liquidity position, including its committed funding facilities, the Group’s quantitative

viability exercise linked to certain of its principal risks, including those relating to climate change, as

detailed on page 190 of the Strategic Report, as well as the geopolitical events involving Russia and

Ukraine, and the continued tensions in the Middle East. Management has reviewed the Group’s financial

forecasts and funding requirements with consideration given to the potential impact of severe but

plausible downside scenarios. Even under these scenarios, the Group’s cash position is still expected

to remain strong over the period of the financial forecasts, considering also that there are mitigating

actions the Group could take, should they be required, by making adjustments to its operating plans

within the normal course of business.

Having considered the outcome of these assessments, management confirms the Group’s ability

to generate cash for a period of 12 months from the date of approval of these consolidated financial

statements and beyond.

Therefore, it is deemed appropriate that the Group continues to adopt the going concern basis for the

preparation of the consolidated financial statements under the historical cost convention, as modified by

the revaluation of financial assets at fair value through profit or loss, investments in equity instruments

classified at fair value through other comprehensive income and derivative financial instruments.

Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and its

subsidiaries as at 31 December 2024. Subsidiaries are those entities over which the Group, directly

or indirectly, has control. The Group controls an entity when it is exposed to, or has rights to, variable

returns from its involvement with the entity and has the ability to affect those returns through power

over the entity. Subsidiary undertakings are consolidated from the date on which control is transferred

to the Group and cease to be consolidated from the date on which control is transferred out of the

Group. The subsidiaries’ accounting policies are consistent with policies adopted by the Group. All inter-

company transactions and balances between Group entities are eliminated on consolidation.

Transactions with non-controlling interests that do not result in loss of control are accounted for as

equity transactions – that is, as transactions with the owners in their capacity as owners. The difference

between fair value of any consideration paid and the relevant acquired share of the carrying value of net

assets of the subsidiary is recorded in equity.

When the Group ceases to have control over a subsidiary, it derecognises the related assets and

liabilities, non-controlling interests and any other components of equity, while any resulting gain or loss is

recognised in the income statement. Any retained interest in the former subsidiary is remeasured to its

fair value at the date when control is lost, with the change in carrying amount recognised in the income

statement. This fair value is the initial carrying amount for the purposes of subsequently accounting for

the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously

recognised in other comprehensive income in respect of that entity are accounted for as if the Group

had directly disposed of the related assets or liabilities. This means that amounts previously recognised

in other comprehensive income, if any, are reclassified to the income statement.

Change in accounting estimate

In 2024, the Group reassessed the useful lives of certain categories of software assets and coffee

machines, driven by relevant business developments that affected the anticipated period of usage of

these assets. As a result, effective 1 January 2024, the expected useful life of these specific categories

was extended by three to six years, while the resulting decrease of depreciation expense in the current

year was insignificant.

Changes in comparative information

Comparative information of the consolidated balance sheet has been revised to reflect the

measurement period adjustment in connection with the acquisition of Finlandia (refer to Note 23).

More specifically: ‘Intangible assets‘, ‘Trade and other payables’ and ‘Deferred tax liabilities’ as at

31 December 2023 appear increased by €1.2 million, €1.0 million and €0.2 million respectively,

compared to the information disclosed in the 2023 Integrated Annual Report.

Coca-Cola HBC Integrated Annual Report 2024263

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Notes to the consolidated financial statements continued

3. Foreign currencies and translation

The individual financial statements of each subsidiary are presented in the currency of the primary

economic environment in which the subsidiary operates (its functional currency). For the purposes

of the consolidated financial statements, the results and financial position of each subsidiary are

expressed in Euro, which is the Group’s presentation currency.

The assets and liabilities of foreign subsidiaries are translated into Euro at the exchange rates prevailing

at the balance sheet date. The results and cash flows of foreign subsidiaries are translated into Euro

using the average monthly exchange rates, being a reasonable approximation of the rates prevailing

on the transaction dates. The exchange differences arising on translation are recognised in other

comprehensive income and included in the exchange equalisation reserve. On disposal of a foreign

subsidiary, accumulated exchange differences are recognised in the income statement as a component

of the gain or loss on disposal.

Transactions in foreign currencies are recorded at the rates ruling at the date of transaction. Monetary

assets and liabilities denominated in foreign currencies are remeasured at the rates of exchange ruling

at the balance sheet date. All gains and losses arising on remeasurement are included in the income

statement, except for exchange differences arising on assets and liabilities classified as cash flow

hedges which are deferred in equity until the occurrence of the hedged transaction, at which time they

are recognised in the income statement. Share capital and share premium denominated in a currency

other than the functional currency are initially recorded at the spot rate of the date of issue but are

not retranslated.

The principal exchange rates used for translation purposes in respect of one Euro are:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Average | Average | Closing | Closing |
|  | 2024 | 2023 | 2024 | 2023 |
| US Dollar | 1.08 | 1.08 | 1.04 | 1.11 |
| UK Sterling | 0.85 | 0.87 | 0.83 | 0.87 |
| Polish Zloty | 4.31 | 4.54 | 4.27 | 4.32 |
| Nigerian Naira | 1,602.37 | 695.06 | 1,614.99 | 1,056.96 |
| Hungarian Forint | 394.86 | 381.75 | 410.56 | 382.03 |
| Swiss Franc | 0.95 | 0.97 | 0.94 | 0.94 |
| Russian Rouble | 100.14 | 92.40 | 107.50 | 101.68 |
| Romanian Leu | 4.97 | 4.95 | 4.98 | 4.98 |
| Ukrainian Hryvnia | 43.43 | 39.54 | 43.75 | 41.63 |
| Czech Koruna | 25.12 | 24.00 | 25.20 | 24.69 |
| Serbian Dinar | 117.09 | 117.25 | 116.97 | 117.16 |
| Egyptian Pound | 48.75 | 33.15 | 52.92 | 34.16 |

As a result of the local authorities’ efforts to liberalise the foreign exchange markets and restore

liquidity in foreign currency, the Nigerian Naira and Egyptian Pound depreciated against the US Dollar in

2024. The Group is continuously monitoring the situation to ensure that timely actions are undertaken

as planned to minimise the adverse impact from the currency devaluation to the Group’s business in

Nigeria and Egypt.

4. Accounting pronouncements

a) Accounting pronouncements adopted in 2024

The Group has adopted the following amendments to standards which were endorsed by the EU,

that are relevant to its operations and effective for accounting periods beginning on 1 January 2024:

•  Classification of Liabilities as Current or Non-current and Non-Current liabilities with covenants –

Amendments to IAS 1;

•  Supplier finance arrangements – Amendments to IAS 7 and IFRS 7. As a result of the adoption of the

amendments to IAS 7 and IFRS 7, the Group has provided additional disclosures for liabilities under

supplier finance arrangements as well as the associated cash flows in Note 20; and

•  Lease Liability in a Sale and Leaseback – Amendments to IFRS 16.

The adoption of these amendments to standards did not have a material impact on the consolidated

financial statements of the Group.

b) Accounting pronouncements not yet adopted

At the date of approval of these consolidated financial statements, the following standards and

amendments to standards relevant to the Group’s operations were issued but not yet effective and not

early-adopted:

•  The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability – Amendments to IAS 21;

•  Presentation and Disclosure in Financial Statements – IFRS 18 (not endorsed by the EU);

•  Amendments to the Classification and Measurement of Financial Instruments – Amendments to

IFRS 9 and IFRS 7 (not endorsed by the EU);

•  Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 (not

endorsed by the EU); and

•  Annual improvements to IFRS – Volume 11 (not endorsed by the EU).

The above standards and amendments to standards are not expected to have a material impact on the

consolidated financial statements of the Group.

Coca-Cola HBC Integrated Annual Report 2024264

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

5. Critical accounting estimates and judgements

In conformity with IFRS, the preparation of the consolidated financial statements for Coca-Cola

HBC requires management to make estimates and judgements that affect the reported amounts

of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities

in the consolidated financial statements and accompanying notes. Although these estimates and

judgements are based on management’s knowledge of current events and actions that may be

undertaken in the future, actual results may ultimately differ from estimates.

Estimates

The key items concerning the future and other key sources of estimation uncertainty at the reporting

date that have a significant risk of causing a material adjustment to the carrying amounts of assets and

liabilities within the next financial year are described below:

•  Impairment of goodwill and indefinite-lived intangible assets (refer to Note 13); and

•  Employee benefits – defined benefit pension plans (refer to Note 21).

Judgements

In the process of applying the Group’s accounting policies, management has made the following

judgements, apart from those involving estimations as described above, which have the most

significant effect on the amounts recognised in the consolidated financial statements:

•  Joint arrangements (refer to Note 15).

6. Segmental analysis

The Group has essentially one business, being the production, sale and distribution of primarily non-

alcoholic, ready-to-drink beverages across 29 countries. The Group’s markets are aggregated in

reportable segments as follows:

|  |  |
| --- | --- |
| Established | Austria, Cyprus, Greece, Italy, Northern |
| markets: | Ireland, the Republic of Ireland, Switzerland |
|  | and Global exports  1  . |
| Developing | Croatia, Czech Republic, Estonia, |
| markets: | Hungary, Latvia, Lithuania, Poland, |
|  | Slovakia and Slovenia. |
| Emerging | Armenia, Belarus, Bosnia and Herzegovina, |
| markets: | Bulgaria, Egypt, Moldova, Montenegro, |
|  | Nigeria, North Macedonia, Romania, the |
|  | Russian Federation, Serbia (including the |
|  | Republic of Kosovo) and Ukraine. |

1.   The Global exports market refers to the export business for Finlandia and Three Cents in countries where the Group does not have

operations in connection with non-alcoholic ready-to-drink beverages.

The Group’s chief operating decision maker is its Executive Leadership Team, which evaluates

performance and allocates resources based on volume, net sales revenue and operating profit. The

Group’s operations in the Established, Developing and Emerging markets have been aggregated on the

basis of their similar economic characteristics, assessed by reference to their net sales revenue per unit

case, as well as disposable income per capita, exposure to political and economic volatility, regulatory

environments, customers and distribution infrastructures. The accounting policies of the reportable

segments are the same as those adopted by the Group.

a) Volume and net sales revenue

The Group’s sales volume in million unit cases

2

for the years ended 31 December was as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Established | 631.3 | 628.7 |
| Developing | 482.6 | 471.0 |
| Emerging | 1,800.6 | 1,735.8 |
| Total volume | 2,914.5 | 2,835.5 |

Net sales revenue per reportable segment for the years ended 31 December is presented in the

graphs below:

|  |  |
| --- | --- |
| Established | €3,501.3 million |
| Developing | €2,385.2 million |
| Emerging | €4,867.9 million |

2024

€

10,754.4 million

|  |  |
| --- | --- |
| Established | €3,358.5 million |
| Developing | €2,088.6 million |
| Emerging | €4,736.9 million |

2023

€10,184.0 million

Sales or transfers between the Group’s segments are not material, nor are there any customers that

represent more than 10% of net sales revenue for the Group.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024265

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

6. Segmental analysis continued

In addition to non-alcoholic, ready-to-drink beverages, as well as coffee and snacks (‘NARTD’), the

Group sells and distributes premium spirits. An analysis of volume and net sales revenue per product

type is presented below for the years ended 31 December:

|  |  |  |
| --- | --- | --- |
| Volume in million unit cases  2  : | 2024 | 2023 |
| NARTD | 2,907.9 | 2,831.2 |
| Premium spirits | 6.6 | 4.3 |
| Total volume | 2,914.5 | 2,835.5 |
| Net sales revenue in € million: |  |  |
| NARTD | 10,340.1 | 9,886.1 |
| Premium spirits | 414.3 | 297.9 |
| Total net sales revenue | 10,754.4 | 10,184.0 |

Net sales revenue from external customers attributed to Switzerland (the Group’s country of domicile),

the Russian Federation, Italy and Poland was as follows for the years ended 31 December:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Switzerland | 465.8 | 464.1 |
| The Russian Federation | 1,357.3 | 1,196.4 |
| Italy | 1,232.8 | 1,231.9 |
| Poland | 1,158.2 | 964.3 |
| All countries other than Switzerland, the Russian Federation,  Italy and Poland | 6,540.3 | 6,327.3 |
| Total net sales revenue from external customers | 10,754.4 | 10,184.0 |

2.   One unit case corresponds to approximately 5.678 litres or 24 servings, being a typically used measure of volume. For premium spirits

volume, one unit case also corresponds to 5.678 litres. For biscuits volume, one unit case corresponds to 1 kilogram. For coffee volume,

one unit case corresponds to 0.5 kilograms or 5.678 litres. Volume data is derived from unaudited operational data.

b) Other income statement items

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
| Year ended 31 December | Note | € million | € million |
| Operating profit: |  |  |  |
| Established |  | 385.8 | 379.2 |
| Developing |  | 223.6 | 152.6 |
| Emerging |  | 576.0 | 421.8 |
| Total operating profit |  | 1,185.4 | 953.6 |
| Finance costs: |  |  |  |
| Established |  | (21.0) | (16.4) |
| Developing |  | (14.9) | (19.5) |
| Emerging |  | (85.7) | (52.3) |
| Corporate  3 |  | (198.8) | (141.3) |
| Inter-segment finance cost |  | 153.7 | 125.5 |
| Total finance costs | 9 | (166.7) | (104.0) |
| Finance income: |  |  |  |
| Established |  | 5.1 | 3.0 |
| Developing |  | 3.0 | 2.4 |
| Emerging |  | 64.9 | 30.1 |
| Corporate  3 |  | 186.9 | 145.7 |
| Inter-segment finance income |  | (153.7) | (125.5) |
| Total finance income | 9 | 106.2 | 55.7 |
| Income tax expense: |  |  |  |
| Established |  | (105.6) | (82.2) |
| Developing |  | (54.4) | (32.5) |
| Emerging |  | (126.2) | (140.1) |
| Corporate  3 |  | (22.1) | (19.8) |
| Total income tax expense | 10 | (308.3) | (274.6) |
| Reconciling items: |  |  |  |
| Share of results of non-integral equity method investments | 15 | 3.1 | 5.0 |
| Profit after tax |  | 819.7 | 635.7 |

3.  Corporate refers to holding, finance and other non-operating subsidiaries of the Group.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024266

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

6. Segmental analysis continued

Depreciation and impairment of property, plant and equipment, including right-of-use assets, and

amortisation and impairment of intangible assets included in the measure of operating profit were

as follows for the years ended 31 December:

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  | Note | € million | € million |
| Depreciation and impairment of property,  plant and equipment, including right-of-use assets: |  |  |  |
| Established |  | (123.4) | (112.7) |
| Developing |  | (75.1) | (68.8) |
| Emerging |  | (197.2) | (218.4) |
| Total depreciation and impairment of property,  plant and equipment, including right-of-use assets | 14, 16 | (395.7) | (399.9) |
| Amortisation and impairment of intangible assets: |  |  |  |
| Developing |  | – | (3.7) |
| Emerging |  | (1.1) | (110.2) |
| Total amortisation and impairment of intangible assets | 13 | (1.1) | (113.9) |

c) Other items

The balance of non-current assets

4

attributed to Switzerland (the Group’s country of domicile) and Italy

was as follows as at 31 December:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Switzerland | 636.8 | 636.3 |
| Italy | 1,236.4 | 1,170.0 |
| All countries other than Switzerland and Italy | 4,059.7 | 4,047.4 |
| Total non-current assets  4 | 5,932.9 | 5,853.7 |

Expenditure on property, plant and equipment per reportable segment was as follows for the years

ended 31 December:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Established | 148.6 | 166.0 |
| Developing | 95.6 | 89.5 |
| Emerging  5 | 382.9 | 367.5 |
| Total expenditure on property, plant and equipment | 627.1 | 623.0 |

4.  Excluding other financial assets, deferred tax assets, pension plan assets and trade and loans receivable.

5.   Expenditure on property, plant and equipment for 2024 includes €11.7 million (2023: €12.3 million) relating to repayment of borrowings

undertaken to finance the purchase of production equipment by the Group’s subsidiary in Nigeria, classified as ‘Repayments of borrowings’

in the consolidated cash flow statement.

7. Net sales revenue

Accounting policy

The Group essentially produces, sells and distributes primarily non-alcoholic, ready-to-drink

beverages. Under IFRS 15 ‘Revenue from contracts with customers’, the Group recognises revenue

when control of the products is transferred, being when the products are delivered to the customer.

Net sales revenue is measured at the fair value of the consideration received or receivable and is

stated net of sales discounts and consideration paid to customers. These mainly take the form of

promotional incentives and are amortised over the terms of the related contracts as a deduction

in revenue.

The Group provides volume rebates to customers once the quantity of goods purchased during

the period exceeds a threshold specified in the contract. To estimate the variable consideration

for the expected future rebates, the Group uses the most likely amount method and the amount is

recognised in net sales revenue only to the extent that it is highly probable that a significant reversal

in the amount of cumulative revenue recognised will not occur when the uncertainty associated with

the variable consideration is subsequently resolved.

A contract liability is recognised if a payment is received or a payment is due (whichever is earlier)

from a customer before the Group transfers the related goods. Contract liabilities are recognised as

revenue when the Group performs under the contract (i.e. transfers control of the related goods to

the customer).

Net sales revenue includes excise and other duties where the Group acts as a principal but excludes

amounts collected by third parties, such as value-added taxes as these are not included in the

transaction price. The Group assesses these taxes and duties on a jurisdiction-by-jurisdiction basis

to conclude on the appropriate accounting treatment.

Revenue recognised in 2024 that was included in the contract liability balance at the beginning of the

year amounted to €14.7 million (2023: €14.4 million). For contract liabilities as at 31 December 2024 and

2023, refer to Note 20.

For an analysis of net sales revenue per reportable segment, refer to Note 6.

For the contributions received from The Coca-Cola Company, which are offset against consideration

paid to customers, refer to Note 27.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024267

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

8. Operating expenses

Operating expenses for the years ended 31 December comprised:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Selling expenses | 1,228.1 | 1,144.4 |
| Delivery expenses | 778.8 | 744.5 |
| Administrative expenses | 693.6 | 709.3 |
| Restructuring costs | 3.3 | 9.0 |
| Acquisition costs (refer to Note 23) | 1.9 | 6.3 |
| Operating expenses | 2,705.7 | 2,613.5 |

In 2024, operating expenses included a net gain on disposals of non-current assets of €4.5 million

(2023: €1.3 million net gain).

For the contributions received from The Coca-Cola Company, which are offset against expenses for

general marketing programmes, refer to Note 27.

a) Restructuring costs

Accounting policy

Restructuring costs are recorded in a separate line item within operating expenses and comprise

costs arising from significant changes in the way the Group conducts its business, such as

significant supply chain infrastructure changes, outsourcing of activities and centralisation of

processes. Restructuring provisions are recognised only when the Group has a present constructive

obligation, which is when a detailed formal plan identifies the business or part of the business

concerned, the location, function and number of employees affected, a detailed estimate of the

associated costs and an appropriate timeline, including when the employees affected have been

notified of the plan’s main features.

As part of the effort to optimise its cost base and sustain competitiveness in the marketplace, the

Company undertakes restructuring initiatives. The restructuring costs consist primarily of employees’

termination benefits. Restructuring costs per reportable segment for the years ended 31 December

are presented below:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Established | (0.1) | 0.9 |
| Developing | 0.2 | 1.1 |
| Emerging | 3.2 | 7.0 |
| Total restructuring costs | 3.3 | 9.0 |

b) Employee costs

Employee costs for the years ended 31 December comprised:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Wages and salaries | 947.9 | 910.8 |
| Social security costs | 163.8 | 147.4 |
| Pension and other employee benefits | 178.1 | 178.3 |
| Termination benefits | 7.6 | 12.1 |
| Total employee costs | 1,297.4 | 1,248.6 |

The average number of full-time equivalent employees in 2024 was 33,018 (2023: 32,747).

Employee costs for 2024 included in operating expenses and cost of goods sold amounted to

€979.2 million and €318.2 million respectively (2023: €940.9 million and €307.7 million respectively).

c) Directors’ and senior management’s remuneration

The total remuneration paid or accrued for Directors and the senior management team for the years

ended 31 December comprised:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Salaries and other short-term benefits | 23.4 | 20.4 |
| Performance share awards | 8.1 | 9.3 |
| Pension and post-employment benefits | 1.1 | 0.9 |
| Total remuneration | 32.6 | 30.6 |

d) Auditor fees

Audit, audit-related and other fees charged in the income statement concerning the auditor of the

consolidated financial statements, PricewaterhouseCoopers S.A. and affiliates, for the years ended

31 December were as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Audit fees | 5.4 | 5.3 |
| Audit-related fees | 1.1 | 1.0 |
| Other fees | – | 0.1 |
| Total audit and audit-related fees | 6.5 | 6.4 |

Fees for audit services to firms other than PricewaterhouseCoopers S.A. and affiliates were €0.7 million

for the year ended 31 December 2024 (2023: €0.6 million).

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024268

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

9. Finance costs, net

Accounting policy

Interest income and interest expense are recognised using the effective interest rate method,

and are recorded in the income statement within ‘Finance income’ and ‘Finance cost’ respectively.

Interest expense includes finance charges with respect to leases, reclassification of the loss on

the forward starting swaps and the net impact from swaptions recorded in other comprehensive

income (refer to Note 24).

Finance costs, net for the years ended 31 December comprised:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Finance income | 106.2 | 55.7 |
| Interest expense | (121.0) | (86.3) |
| Other finance costs | (2.0) | (1.8) |
| Net foreign exchange remeasurement losses | (43.7) | (15.9) |
| Finance costs | (166.7) | (104.0) |
| Finance costs, net | (60.5) | (48.3) |

Other finance costs include commitment fees on loan facilities (for the part not yet drawn down) and

other similar fees. Finance income relates to interest income earned from financial assets that are held

for cash management purposes as well as gain recognised from the fair value measurement of money

market funds.

For the interest expense incurred with respect to leases, refer to Note 16.

10. Taxation

Accounting policy

Tax is recognised in the income statement, except to the extent that it relates to items recognised

in other comprehensive income or in equity. In this case, tax is recognised in other comprehensive

income or directly in equity.

The current income tax expense is calculated on the basis of the tax laws enacted or substantively

enacted at the balance sheet date in the countries where the Group operates and generates taxable

income. Management periodically evaluates positions taken in tax returns with respect to situations

in which applicable tax regulations are subject to interpretation and establishes provisions where

appropriate, on the basis of amounts expected to be paid to the tax authorities.

Deferred tax is provided using the liability method for all temporary differences arising between

the tax bases of assets and liabilities and their carrying values for financial reporting purposes.

However, the deferred tax liabilities are not recognised if they arise from the initial recognition of

goodwill. Deferred tax is not accounted for if it arises from initial recognition of an asset or liability

in a transaction other than a business combination that at the time of the transaction affects

neither accounting nor taxable profit or loss. Deferred tax assets and liabilities are measured at the

tax rates that are enacted or substantively enacted at the balance sheet date. Tax rates enacted

or substantively enacted at the balance sheet date are those that are expected to apply when the

deferred tax asset is realised or the deferred tax liability is settled.

Deferred tax assets are recognised to the extent that it is probable that future taxable profit

will be available against which the temporary differences can be utilised. Deferred tax assets are

recognised for tax losses carried forward to the extent that realisation of the related tax benefit

through the reduction of the future taxes is probable.

Deferred tax is provided on temporary differences arising on investments in subsidiaries,

associates and joint ventures, except where the timing of the reversal of the temporary difference

can be controlled by the Group, and it is probable that the temporary difference will not reverse

in the foreseeable future. This includes taxation in respect of the retained earnings of overseas

subsidiaries only to the extent that, at the balance sheet date, dividends have been accrued as

receivable or a binding agreement to distribute past earnings in future periods has been entered

into by the subsidiary.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to offset

current tax assets against current income tax liabilities and the deferred taxes relate to the same

taxation authority on either the same taxable entity or different taxable entities where there is an

intention to settle the balances on a net basis.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024269

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

10. Taxation continued

The income tax charge for the years ended 31 December was as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Current tax expense | 308.7 | 273.5 |
| Deferred tax (income)/expense | (0.4) | 1.1 |
| Income tax expense | 308.3 | 274.6 |

The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the

weighted average tax rate applicable to profits of the consolidated entities as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Profit before tax | 1,128.0 | 910.3 |
| Tax calculated at domestic tax rates applicable to profits |  |  |
| in the respective countries | 223.0 | 178.8 |
| Additional local taxes in foreign jurisdictions | 27.1 | 28.2 |
| Tax holidays in foreign jurisdictions | (0.2) | 5.4 |
| Expenses non-deductible for tax purposes | 40.6 | 49.6 |
| Income not subject to tax | (1.3) | (0.3) |
| Changes in tax laws and rates | 3.3 | (3.2) |
| Movement of accumulated tax losses | 2.5 | 5.4 |
| Other | 13.3 | 10.7 |
| Income tax expense | 308.3 | 274.6 |
| Effective tax rate | 27.3% | 30.2% |

Non-deductible expenses for tax purposes include marketing and advertising expenses, service fees,

loss allowance on trade receivables, entertainment expenses, certain employee benefits and other

items that, partially or in full, are not deductible for tax purposes in certain of the Group’s jurisdictions.

The Group’s effective tax rate varies depending on the mix of taxable profits by territory, the non-

deductibility of certain expenses, non-taxable income and other one-off tax items across its territories.

The changes in applicable tax rates compared to the previous period are driven by a combination of

blended tax rates and changes in the standard corporate tax rate in certain territories of the Group

(namely Italy, Lithuania, Russia, Nigeria and Switzerland).

The Group is subject to income taxes in numerous jurisdictions. There are many transactions and

calculations for which the ultimate tax determination cannot be assessed with certainty in the ordinary

course of business. The Group recognises a provision for potential cases that might arise in the foreseeable

future based on assessment of the probabilities as to whether additional taxes will be due. Where the final

tax outcome on these matters is different from the amounts that were initially recorded, such differences

will impact the income tax provision in the period in which such determination is made, however, based on

past experience, management expects that any such differences in the next financial year will be immaterial

for the Group. The income tax provision amounted to €72.3 million as at 31 December 2024 (2023: €82.8

million), of which €61.4 million (2023: €72.9 million) is classified in line ‘Current tax liabilities’, €2.3 million

(2023: €0.3 million) in line ‘Current tax assets’, €8.6 million (2023: €nil) in line ‘Deferred tax assets’ and

€nil (2023: €9.6 million) in line ‘Deferred tax liabilities’ of the consolidated balance sheet.

The income tax provision per reportable segment for the years ended 31 December was as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Established | 15.6 | 14.8 |
| Developing | 24.6 | 14.3 |
| Emerging | 23.6 | 45.2 |
| Corporate  1 | 8.5 | 8.5 |
| Total income tax provision | 72.3 | 82.8 |

1.  Corporate refers to holding, finance and other non-operating subsidiaries of the Group.

OECD Pillar Two Model Rules

The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework

on Base Erosion and Profit Shifting published the Pillar Two Model Rules designed to address the tax

challenges arising from the digitalisation of the global economy. Under Pillar Two legislation

1

, the Group

may be liable to pay a top-up tax for the difference between its Global Anti-Base Erosion (‘GloBE’)

effective tax rate per jurisdiction and the 15% minimum rate².

As of 31 December 2024, Pillar Two legislation has been enacted or substantively enacted in certain

jurisdictions in which the Group has a presence. In particular, Pillar Two legislation has been enacted or

substantively enacted in Austria, Bulgaria, Croatia, Czech Republic, Finland, Greece, Hungary, Republic

of Ireland, Italy, the Netherlands, Romania, Slovakia, Slovenia, Switzerland and the United Kingdom

(Northern Ireland). In Poland, final legislation has been published and came into force as of 1 January

2025, whereas in Cyprus, final legislation has been published which is in force from 31 December 2023,

however, the Domestic Minimum Top-up Tax (DMTT) will be introduced for financial years starting from

31 December 2024 onwards. In Estonia, Latvia and Lithuania, application of Pillar Two rules has been

deferred based on an exception allowed by the EU Directive.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024270

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

10. Taxation continued

The Group applies the exception to recognising and disclosing information about deferred tax assets and

liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.

In accordance with the local legislation in Switzerland, the Income Inclusion Rule (IIR) will be applicable

from 1 January 2025 onwards. In this respect, any potential top-up tax which may arise in a jurisdiction

where the Pillar Two legislation is not applicable for 2024 will be payable from Coca-Cola HBC Holdings

B.V.3, which is located in the Netherlands.

The Group has performed an assessment, for all countries in which it has a presence, of the potential

tax expense arising from Pillar Two rules, including:

•  the determination of all Group entities in scope for the Pillar Two rules;

•  the assessment of the entities in jurisdictions for which no Pillar Two liability is expected to arise

based on the Country-by-Country Reporting Safe Harbour transitional rules in place; and

•  the calculation of the estimated liability for entities in locations where a Pillar Two liability is expected

to arise.

For the above assessment, the financial accounts of the Constituent Entities4 and Joint Ventures5

used in the preparation of the Group’s consolidated financial statements under IFRS for 2024 have

been considered, in order to determine:

•  entities eligible for the transitional exceptions based on which no Pillar Two liability is expected

to arise; and

•  the Pillar Two liability of entities for which no transitional exception was applicable.

Conclusions on such analysis were also validated using data for the fiscal year ended 31 December 2023.

Based on the assessment described above, considering also the impact of specific adjustments in

the Pillar Two legislation, the Group has recognised an additional income tax expense arising from Pillar

Two rules of €5.3 million, driven by Constituent Entities located in the following jurisdictions: Bosnia-

Herzegovina, Bulgaria, Cyprus, Republic of Ireland, the Republic of Kosovo, Montenegro, Romania and

Moldova, as well as Joint Ventures located in Serbia. This has been recognised within the ‘Tax’ line of the

consolidated income statement and ‘Non-current tax liabilities’ line of the consolidated balance sheet.

Deferred tax assets and liabilities presented in the consolidated balance sheet as at 31 December,

can be further analysed as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Deferred tax assets: | € million | € million |
| To be recovered after 12 months | 68.0 | 52.2 |
| To be recovered within 12 months | 88.2 | 92.3 |
| Gross deferred tax assets | 156.2 | 144.5 |
| Offset of deferred tax | (115.3) | (103.0) |
| Net deferred tax assets | 40.9 | 41.5 |
| Deferred tax liabilities: |  |  |
| To be settled after 12 months | (321.6) | (330.0) |
| To be settled within 12 months | (14.4) | (23.5) |
| Gross deferred tax liabilities | (336.0) | (353.5) |
| Offset of deferred tax | 115.3 | 103.0 |
| Net deferred tax liabilities | (220.7) | (250.5) |

A reconciliation of net deferred tax is presented below:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| As at 1 January | (209.0) | (227.1) |
| Taken to the income statement | 0.4 | (1.1) |
| Arising from business combinations (refer to Note 23) | – | (28.2) |
| Taken to other comprehensive income | 1.1 | (1.1) |
| Taken directly to equity | (0.7) | 4.9 |
| Foreign currency translation | 28.4 | 43.6 |
| As at 31 December | (179.8) | (209.0) |

Notes to the consolidated financial statements continued

1.   Pillar Two legislation refers to OECD Global Base Anti-Erosion Rules (OECD Globe Rules) introducing minimum taxation effective on low tax jurisdictions.

2.   The top-up tax is calculated on the GloBE income after deduction of the Substance Based Excluded Income (i.e. after deducting part of the income calculated based on the local personnel costs and local tangible assets as per Pillar Two rules).

3.  Coca-Cola HBC Holdings B.V. qualifies as an Intermediate Parent Entity based on definitions of Pillar Two rules.

4.  Constituent Entities are the entities in scope of the Pillar Two rules, i.e. entities included in the financial statements with full consolidation.

5.  Joint ventures in scope of the Pillar Two rules are the entities whose financial results are reported under the equity method in the consolidated financial statements of the Ultimate Parent Entity and the Ultimate Parent Entity holds directly or indirectly at least 50% of their ownership interests.

Coca-Cola HBC Integrated Annual Report 2024271

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

10. Taxation continued

The movements in deferred tax assets and liabilities during the year, without taking into consideration

the offsetting of balances within the same tax jurisdiction where applicable, were as follows:

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Tax losses | Book in |  | Other |  |
|  |  | Pensions and | carry- | excess of tax |  | deferred tax |  |
|  | Provisions | benefit plans | forward | depreciation | Leasing | assets |  |
| Deferred tax assets | € million | € million | € million | € million | € million | € million | Total |
| As at 1 January 2023 | 40.8 | 10.8 | 6.6 | 5.5 | 30.6 | 42.0 | 136.3 |
| Taken to the income statement | (6.5) | 2.7 | 1.5 | (0.7) | 5.6 | 6.1 | 8.7 |
| Arising from business |  |  |  |  |  |  |  |
| combinations (refer to Note 23) | – | – | 11.2 | – | 1.3 | 0.8 | 13.3 |
| Taken to other  comprehensive income | – | 0.8 | – | – | – | 0.8 | 1.6 |
| Other movements and foreign |  |  |  |  |  |  |  |
| currency translation | (17.7) | 0.8 | (0.3) | – | (4.3) | 6.1 | (15.4) |
| As at 31 December 2023 | 16.6 | 15.1 | 19.0 | 4.8 | 33.2 | 55.8 | 144.5 |
| Taken to the income statement | 7.7 | (1.8) | (3.7) | (0.9) | 9.4 | 17.5 | 28.2 |
| Taken to other  comprehensive income | – | (0.6) | – | – | – | 1.5 | 0.9 |
| Other movements and foreign |  |  |  |  |  |  |  |
| currency translation | (16.2) | 1.9 | 2.1 | (0.4) | (2.4) | (2.4) | (17.4) |
| As at 31 December 2024 | 8.1 | 14.6 | 17.4 | 3.5 | 40.2 | 72.4 | 156.2 |

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Tax in excess |  | Other |  |
|  | of book | Derivative | deferred tax |  |
|  | depreciation | instruments | liabilities | Total |
| Deferred tax liabilities | € million | € million | € million | € million |
| As at 1 January 2023 | (332.8) | (3.0) | (27.6) | (363.4) |
| Taken to the income statement | (5.8) | (0.4) | (3.6) | (9.8) |
| Arising from business combinations |  |  |  |  |
| (refer to Note 23) | – | – | (41.5) | (41.5) |
| Taken to other comprehensive income | – | (3.8) | 1.1 | (2.7) |
| Taken directly to equity | – | 4.9 | – | 4.9 |
| Other movements and foreign |  |  |  |  |
| currency translation | 61.7 | (0.1) | (2.6) | 59.0 |
| As at 31 December 2023 | (276.9) | (2.4) | (74.2) | (353.5) |
| Taken to the income statement | (28.6) | 1.6 | (0.8) | (27.8) |
| Taken to other comprehensive income | – | (0.5) | 0.7 | 0.2 |
| Taken directly to equity | – | (0.7) | – | (0.7) |
| Other movements and foreign |  |  |  |  |
| currency translation | 38.5 | 2.0 | 5.3 | 45.8 |
| As at 31 December 2024 | (267.0) | – | (69.0) | (336.0) |

Deferred tax assets recognised for tax losses carry-forward in accordance with the relevant local rules

applying in the Group’s jurisdictions can be analysed as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Attributable to tax losses that expire within five years | 8.0 | 5.8 |
| Attributable to tax losses that expire after five years | 4.7 | 11.2 |
| Attributable to tax losses that can be carried forward indefinitely | 4.7 | 2.0 |
| Recognised deferred tax assets attributable to tax losses | 17.4 | 19.0 |

Unrecognised deferred tax assets attributable to tax losses that are available to carry forward against

future taxable income amounted to €38.8 million as at 31 December 2024 (2023: €28.6 million) and can be

analysed as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Attributable to tax losses that expire within five years | 35.3 | 21.7 |
| Attributable to tax losses that expire after five years | 3.5 | 6.9 |
| Unrecognised deferred tax assets attributable to tax losses | 38.8 | 28.6 |

The aggregate amount of distributable reserves arising from the realised earnings of the Group’s

operations was €4,410.0 million in 2024 (2023: €3,871.2 million). No deferred tax liabilities have been

recognised on such reserves given that their distribution is controlled by the Group, or in the event of

plans to remit overseas earnings of subsidiaries, such distribution would not give rise to a tax liability.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024272

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

11. Earnings per share

Accounting policy

Basic earnings per share is calculated by dividing the net profit attributable to the owners of the

parent by the weighted average number of ordinary shares outstanding during the year. The

weighted average number of ordinary shares outstanding during the year is the number of ordinary

shares outstanding at the beginning of the year, adjusted by the number of ordinary shares bought

back or issued during the year multiplied by a time-weighting factor. Diluted earnings per share

incorporates stock options for which the average share price for the year is in excess of the exercise

price of the stock option and which create a dilutive effect.

The calculation of the basic and diluted earnings per share attributable to the owners of the parent

company is based on the following data:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Net profit attributable to the owners of the parent (€ million) | 820.6 | 636.5 |
| Weighted average number of ordinary shares for the purposes |  |  |
| of basic earnings per share (million) | 364.3 | 367.8 |
| Effect of dilutive stock options on number of shares (million) | 0.2 | 0.5 |
| Weighted average number of ordinary shares for the purposes |  |  |
| of diluted earnings per share (million) | 364.5 | 368.3 |
| Basic earnings per share (€) | 2.25 | 1.73 |
| Diluted earnings per share (€) | 2.25 | 1.73 |

12. Components of other comprehensive income

The components of other comprehensive income for the years ended 31 December comprised:

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | 2024 |  |  | 2023 |  |
|  | Before tax | Income tax | Net of tax | Before tax | Income tax | Net of tax |
|  | € million | € million | € million | € million | € million | € million |
| Cost of hedging (refer to Note 24) | (2.3) | – | (2.3) | (7.1) | – | (7.1) |
| Gain on cash flow hedges (refer to Note 24) | 10.8 | 1.0 | 11.8 | 19.7 | (3.0) | 16.7 |
| Foreign currency translation losses | (209.5) | – | (209.5) | (484.6) | – | (484.6) |
| Valuation (loss)/gain on equity |  |  |  |  |  |  |
| investments at fair value through  other comprehensive income | (0.2) | – | (0.2) | 0.4 | (0.1) | 0.3 |
| Actuarial gains/(losses) | 1.0 | 0.1 | 1.1 | (16.4) | 2.0 | (14.4) |
| Share of other comprehensive loss |  |  |  |  |  |  |
| of equity method investments | (4.6) | – | (4.6) | (11.7) | – | (11.7) |
| Other comprehensive loss | (204.8) | 1.1 | (203.7) | (499.7) | (1.1) | (500.8) |

The foreign currency translation losses for both 2024 and 2023 primarily related to the Nigerian Naira,

the Russian Rouble and the Egyptian Pound.

13. Intangible assets

Accounting policy

Intangible assets consist of goodwill, franchise agreements, trademarks and water rights. Goodwill

and other indefinite-lived intangible assets are carried at cost less accumulated impairment losses,

while finite-lived intangible assets are amortised over their useful economic lives. The useful lives,

both finite and indefinite, assigned to intangible assets are evaluated on an annual basis.

Indefinite-lived intangible assets (‘not subject to amortisation’)

Intangible assets not subject to amortisation consist of goodwill, franchise agreements and trademarks.

Goodwill is the excess of the consideration transferred over the fair value of the share of net assets

acquired. Goodwill and fair value adjustments arising on the acquisition of subsidiaries are treated

as the assets and liabilities of those subsidiaries. These balances are denominated in the functional

currency of the subsidiary and are translated to Euro on a basis consistent with the other assets

and liabilities of the subsidiary.

The useful life of franchise agreements is usually based on the term of the respective franchise

agreements. The Coca-Cola Company does not grant perpetual franchise rights outside the

United States. However, given the Group’s strategic relationship with The Coca-Cola Company and

consistent with past experience, the Group believes that franchise agreements will continue to be

renewed at each expiration date with no significant costs. The Group has concluded that the franchise

agreements are perpetual in nature and they have therefore been assigned an indefinite useful life.

The Group’s trademarks are assigned an indefinite useful life when they have an established sales

history in the applicable region, it is the intention of the Group to receive a benefit from them

indefinitely and there is no indication that this will not be the case.

Goodwill and other indefinite-lived intangible assets are tested for impairment annually and

whenever there is an indication of impairment.

For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units

expected to benefit from the business combination in which the goodwill arose. Other indefinite-lived

intangible assets are also allocated to the Group’s cash-generating units expected to benefit from those

intangibles. The cash-generating units (‘unit’) to which goodwill and other indefinite-lived intangible assets

have been allocated are tested for impairment annually, or more frequently when there is an indication that

the unit may be impaired. If the recoverable amount (i.e. the higher of the value-in-use and fair value less

costs to sell) of the cash-generating unit 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 pro-rata

to the other assets of the unit on the basis of the carrying amount of each asset in the unit. Impairment

losses recognised against goodwill are not reversed in subsequent periods.

Finite-lived intangible assets

Finite-lived intangible assets mainly consist of water rights and certain brands, are amortised over

their useful economic lives and are carried at cost less accumulated amortisation and impairment

losses. Finite-lived intangible assets are reviewed for impairment whenever events or changes in

circumstances indicate that the carrying amount may not be recoverable.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024273

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

13. Intangible assets continued

Critical accounting estimates

Determining whether goodwill or indefinite-lived intangible assets are impaired requires an estimation

of the value-in-use of the cash-generating units to which they have been allocated in order to determine

the recoverable amount of the cash-generating units. The value-in-use calculation requires the Group

to estimate the future cash flows expected to arise from the cash-generating unit, discounted at an

appropriate rate. Estimating the discounted future cash flows involves a significant degree of uncertainty.

The value-in-use estimation is sensitive to the discount rate used as well as the perpetuity growth rates

used for extrapolation purposes. The key assumptions used to determine the recoverable amount for

the different cash-generating units, including a sensitivity analysis where possible changes to these key

assumptions could eliminate the remaining headroom, are disclosed and further explained below under

‘Annual impairment test for goodwill and other indefinite-lived intangible assets’ section.

The movements in intangible assets by classes of assets during the year were as follows:

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  | Other |  |
|  |  | Franchise |  | intangible |  |
|  | Goodwill | agreements | Trademarks | assets | Total |
|  | € million | € million | € million | € million | € million |
| Cost |  |  |  |  |  |
| As at 1 January 2023 | 2,108.4 | 395.8 | 220.2 | 17.9 | 2,742.3 |
| Arising from business combinations (refer to Note 23) | 7.4 | – | 198.2 | – | 205.6 |
| Impairment | (110.5) | – | – | (2.0) | (112.5) |
| Foreign currency translation | (2.1) | (62.0) | (0.3) | – | (64.4) |
| As at 31 December 2023 | 2,003.2 | 333.8 | 418.1 | 15.9 | 2,771.0 |
| Amortisation |  |  |  |  |  |
| As at 1 January 2023 | 182.4 | – | 8.1 | 9.3 | 199.8 |
| Charge for the year | – | – | 0.5 | 0.9 | 1.4 |
| As at 31 December 2023 | 182.4 | – | 8.6 | 10.2 | 201.2 |
| Net book value as at 1 January 2023 | 1,926.0 | 395.8 | 212.1 | 8.6 | 2,542.5 |
| Net book value as at 31 December 2023 | 1,820.8 | 333.8 | 409.5 | 5.7 | 2,569.8 |
| Cost |  |  |  |  |  |

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  | Other |  |
|  |  | Franchise |  | intangible |  |
|  | Goodwill | agreements | Trademarks | assets | Total |
|  | € million | € million | € million | € million | € million |
| As at 1 January 2024 | 2,003.2 | 333.8 | 418.1 | 15.9 | 2,771.0 |
| Impairment | – | – | (0.4) | 0.4 | – |
| Foreign currency translation | 8.0 | (70.1) | 0.1 | – | (62.0) |
| As at 31 December 2024 | 2,011.2 | 263.7 | 417.8 | 16.3 | 2,709.0 |
| Amortisation |  |  |  |  |  |
| As at 1 January 2024 | 182.4 | – | 8.6 | 10.2 | 201.2 |
| Charge for the year | – | – | 0.5 | 0.6 | 1.1 |
| As at 31 December 2024 | 182.4 | – | 9.1 | 10.8 | 202.3 |
| Net book value as at 1 January 2024 | 1,820.8 | 333.8 | 409.5 | 5.7 | 2,569.8 |
| Net book value as at 31 December 2024 | 1,828.8 | 263.7 | 408.7 | 5.5 | 2,506.7 |

In 2023, the Group recognised an impairment loss of €3.1 million in connection with its self-serve coffee

vending business in Poland (the ‘Costa Express Business’), as the recoverable amount was lower than

the carrying amount. The recoverable amount was determined based on value-in-use calculations,

considering management’s best estimates of future cash flows expected to arise from the business,

discounted at a rate of 7.7%. The impairment was driven mainly by a change in expectations regarding the

scope and duration of a contract with a key customer. The impairment loss was allocated to goodwill (€1.1

million) and other finite-lived intangible assets (€2.0 million) and was included in line ‘Operating expenses’

of the consolidated income statement and under Developing markets for segmental allocation purposes.

In 2024, the Group partially reversed the impairment loss relating to the Costa Express Business

by €0.4 million. The reversal of the impairment was driven mainly by finalisation of the negotiations

regarding the scope and duration of a contract with a key customer. The reversal of impairment was

allocated fully to other finite-lived intangible assets and was included in line ‘Operating expenses’ of the

consolidated income statement and under Developing markets for segmental allocation purposes.

Impairment losses of €109.4 million in 2023 related to the impairment of goodwill of the Group’s Egyptian

cash-generating unit. For details on the impairment testing of the Group’s Egyptian cash-generating unit,

refer to section ‘Annual impairment test for goodwill and other indefinite-lived intangible assets’ below.

In 2024, the Group recognised an impairment loss of €0.4 million in connection with a juice trademark in

its Emerging markets, as the recoverable amount was lower than the carrying amount. The recoverable

amount was €0.6 million and was determined based on relief-from-royalty method calculations, considering

management’s best estimates of future revenue attributable to the trademark, discounted at a rate of 22.9%.

The impairment loss was driven mainly by the higher discount rate used due to worsening macroeconomic

conditions and was included in line ‘Operating expenses’ of the consolidated income statement.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024274

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAJOBeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqOdS8LKoyTUlFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAFGO3lWRSV4BB6ir1FFAFOeCR5mZVyD71H9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FWLWN49+8YzjHNWKKAKGuW0t54f1K1t03zTWssca5AyxQgDJ46mvE/8AhXPiv/oFf+TEX/xVe90VlUoxqO7PSwOa1sFFxppO/e/+aPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97orP6rDuzv/ANZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+YVXuo3k2bBnGc81YorpPnjP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAKttC8chLLgYx1q1RRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYf9g6j/ANDbrP8A36s//jFH9g6j/wBDbrP/AH6s/wD4xW5RQBh/2DqP/Q26z/36s/8A4xR/YOo/9DbrP/fqz/8AjFblFAGH/YOo/wDQ26z/AN+rP/4xR/YOo/8AQ26z/wB+rP8A+MVuUUAYf9g6j/0Nus/9+rP/AOMUf2DqP/Q26z/36s//AIxW5RQBh/2DqP8A0Nus/wDfqz/+MUf2DqP/AENus/8Afqz/APjFblFAGH/YOo/9DbrP/fqz/wDjFH9g6j/0Nus/9+rP/wCMVuUUAYf9g6j/ANDbrP8A36s//jFH9g6j/wBDbrP/AH6s/wD4xW5RQBh/2DqP/Q26z/36s/8A4xR/YOo/9DbrP/fqz/8AjFblFAGH/YOo/wDQ26z/AN+rP/4xR/YOo/8AQ26z/wB+rP8A+MVuUUAYf9g6j/0Nus/9+rP/AOMUf2DqP/Q26z/36s//AIxW5RQBh/2DqP8A0Nus/wDfqz/+MUf2DqP/AENus/8Afqz/APjFblFAGH/YOo/9DbrP/fqz/wDjFH9g6j/0Nus/9+rP/wCMVuUUAYf9g6j/ANDbrP8A36s//jFH9g6j/wBDbrP/AH6s/wD4xW5RQBh/2DqP/Q26z/36s/8A4xR/YOo/9DbrP/fqz/8AjFblFAGH/YOo/wDQ26z/AN+rP/4xR/YOo/8AQ26z/wB+rP8A+MVuUUAYf9g6j/0Nus/9+rP/AOMUf2DqP/Q26z/36s//AIxW5RQBh/2DqP8A0Nus/wDfqz/+MUf2DqP/AENus/8Afqz/APjFblFAGH/YOo/9DbrP/fqz/wDjFH9g6j/0Nus/9+rP/wCMVuUUAYf9g6j/ANDbrP8A36s//jFH9g6j/wBDbrP/AH6s/wD4xW5RQBh/2DqP/Q26z/36s/8A4xR/YOo/9DbrP/fqz/8AjFblFAGH/YOo/wDQ26z/AN+rP/4xR/YOo/8AQ26z/wB+rP8A+MVuUUAYf9g6j/0Nus/9+rP/AOMUf2DqP/Q26z/36s//AIxW5RQBh/2DqP8A0Nus/wDfqz/+MVPZ6Te210k03iLU7uNc5gnjtgjcY5KQq3HXgjpWrRQAVHPG0tvJGkzwu6lRLGFLISOo3AjI9wR7VJRQBh/2DqP/AENus/8Afqz/APjFH9g6j/0Nus/9+rP/AOMVuUUAYf8AYOo/9DbrP/fqz/8AjFH9g6j/ANDbrP8A36s//jFblFAGH/YOo/8AQ26z/wB+rP8A+MUf2DqP/Q26z/36s/8A4xW5RQBh/wBg6j/0Nus/9+rP/wCMUf2DqP8A0Nus/wDfqz/+MVuUUAYf9g6j/wBDbrP/AH6s/wD4xR/YOo/9DbrP/fqz/wDjFblFAGH/AGDqP/Q26z/36s//AIxR/YOo/wDQ26z/AN+rP/4xW5RQBh/2DqP/AENus/8Afqz/APjFH9g6j/0Nus/9+rP/AOMVuUUAYf8AYOo/9DbrP/fqz/8AjFH9g6j/ANDbrP8A36s//jFblFAGH/YOo/8AQ26z/wB+rP8A+MUf2DqP/Q26z/36s/8A4xW5RQBh/wBg6j/0Nus/9+rP/wCMUf2DqP8A0Nus/wDfqz/+MVuUUAYf9g6j/wBDbrP/AH6s/wD4xR/YOo/9DbrP/fqz/wDjFblFAGH/AGDqP/Q26z/36s//AIxR/YOo/wDQ26z/AN+rP/4xW5RQBh/2DqP/AENus/8Afqz/APjFH9g6j/0Nus/9+rP/AOMVuUUAYf8AYOo/9DbrP/fqz/8AjFH9g6j/ANDbrP8A36s//jFblFAGH/YOo/8AQ26z/wB+rP8A+MUf2DqP/Q26z/36s/8A4xW5RQBh/wBg6j/0Nus/9+rP/wCMUf2DqP8A0Nus/wDfqz/+MVuUUAYf9g6j/wBDbrP/AH6s/wD4xR/YOo/9DbrP/fqz/wDjFblFAGH/AGDqP/Q26z/36s//AIxR/YOo/wDQ26z/AN+rP/4xW5RQBh/2DqP/AENus/8Afqz/APjFH9g6j/0Nus/9+rP/AOMVuUUAYf8AYOo/9DbrP/fqz/8AjFH9g6j/ANDbrP8A36s//jFblFAGH/YOo/8AQ26z/wB+rP8A+MUf2DqP/Q26z/36s/8A4xW5RQBh/wBg6j/0Nus/9+rP/wCMUf2DqP8A0Nus/wDfqz/+MVuUUAYf9g6j/wBDbrP/AH6s/wD4xV3TtPurJ5DcaxfX4YABblIVCe48uNP1zV+igAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoooJAGScCgAoqtJqFpH964T8Dn+VV31qzXozt9F/xoA0aKyjr1t2jl/If41DJ4iWNXYWcsmPuqjLuP5kD9aBpXdjborhz8UtFinaC6s9St5F4YSQrx+TZrQtviH4XuWCjUxGx7SxOv6kY/WoVWHc65Zdi4q/s3byV/yOooqpZ6pp+oAmyvra5x18mVXx+Rq3Vp3OSUXF2krBRRRQIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKRmCjLEAepNAC0VVk1Kzj+9cIf935v5VA+t2a9PMb6L/jQBo0VlHXrftFL+Q/xqCbxIsMTOLGeUg8LEykkfiRQxxXM7I3KK4hPinoPmtFcW+oWzqcMJYRwfwYmtO18feGLtgqarGjHtMjRj82AH61CqQfU655fioK7pv7jpKKr2t9aX0fmWl1BcJ/eikDj9KsVZyNOLswooooEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFULzVoLbKL+8kHYHgfU0AXycDJqhcavawZCsZW9E6fnWFc31xdn94/y/wBxeBVanYVzSn1u5k4jCxD2GT+ZqhJNLKcySM5/2jmmUUxBRRRTAKKKKAOd8XaNHqOlvcooFzbKXDY+8o5K/wBR/wDXrzKvZtRkWLTLuR8bVhckH6GvGa8/FxSkmj7XhqtOdCUJbRenzFVirBlJDA5BHat/TPG/iLSiBDqUskY/5ZznzFx6fNyB9CK5+iuVSa2PoKtGnVXLUimvM9X0j4uQuVj1iwMZ7zWxyPxU8gfifpXfaXrWm61B5unXkVwoGSFPzL9VPI/EV81VLb3M9pOk9tNJDMhyrxsVYfQiuiGJkvi1PDxXD2Hqa0Xyv70fT9FeR+HPipc25W31yM3EXQXEYAdfqOh/Q/WvUtP1Gz1W0W6sbiOeBujIc4PofQ89DzXXCrGex8tjMvr4R2qrTuti1RRRWhwhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFZd5rMUOUgAlf1/hH+NAGmzKilmIAHUk1nXGtW8WRGDK3twPzrCuLue6bMshb0HYfhUNOwrmhPrN3LkKwjX0Uc/nVF5HkOXdmPqxzTaKYgooopgFFFFAHLeNNGS7086hGoE9uPmwPvp/9br+dec16/rsqRaBfs5wDA6/iRgfqa8grzsXFKd0fccOVpzwzjLaL0/yHxyyQyLJE7RupyGU4I/Guj0zx/4j0sqFv2uYx/yzuh5gP4/e/WuZornUnHZnuVaFKsrVIp+qPX9H+LNhcbY9WtXtH6GWL50+pHUfrXd2Go2Wp24uLG6iuIj/ABRtnHsfQ+xr5lqzY6jeaZcrcWNzLbzL/FG2M+x9R7Gt4YmS+LU8LFcO0KmtB8r+9f5n03RXl/hz4rKxW31+LaeguoV4/wCBL/UflXpdtcwXlulxbTJNC4yro2QR9a7IVIzWh8ri8DXwkuWrG3n0ZLRRRVnIFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFMllSGMySMFUdSaZc3MdrEZJTgdh3J9q5m8vZb2Tc5wg+6g6CmkBavtXkuMxw5ji9e7f4VmUUUyQooopgFFKqs7BVUsx6ADJrQg0a6lwXCxL/tHn8qQGdRXQRaFAuPMkdz7cCrSabZx9LdT/AL3P86LjscrTZJEijaSR1RFGSzHAFdkLW3UYEEQHsgqKTTNPmbdLY2zn1aJT/Sk32Kilf3jxTxZ4oivovsFg5MOf3smMB8dAPauQr6Nl8K+H5gQ+i2HPUrbqp/MCsa8+GXhq6U+XbzWrE53QzH+TZFcVShUm+Zs+rwGc4LDU1SjBpd9H82eF0V6ZqXwhuEBfTNSjk9I7hdp/76Gc/kK4jVvDWsaGf+JhYSxJ/wA9ANyH/gQyK55Upx3R72HzHC4jSnNN9tn9zMqiiisztCtHRtc1DQb5brT52jbI3oeUkHow7j/IxWdRTTad0TOEZxcZK6Z7x4T8dWPiVVt5ALXUQOYWbh/Uoe/06j3611lfL0UskEqSxO0ciMGR0OCpHIIPY1694G+IK6m0elau4W9OFhnPAm/2T6N+h+vXto4jm92W58dmuRuinWw+seq7f8A9DooorqPmwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqKe4itojJK2FH5mmXl5HZw735Y/dUdSa5i5upbuUyStn0HYCmkIsX2py3ZKLlIv7o7/AFqjRRTEFFFFMAop0cbyttjRmb0UZrRg0S5k5lZYh78mkBmUV0UWh2yffZ5D9cCrKadZoMC3Q/7wz/Oi47HKUyWaKCJpJpEjjXqznAH412YtrcDAgiA9NgqCTSdOlJMmn2rk9d0KnP6Um+xUVG/vbHiHivxKmqbbOyZvsqnLuRjzD2/Af56Vy1fRc3hHw7Ou19FsQP8AYhVP5YrDvfhb4cuR+4S5tCP+eUpYH6781xVKFST5mz63A51gsPTVGMWkvR/f/wAMeIUV6Nqfwj1CEM+m30NyBzslBjb6A8g/pXEanoup6NL5eoWU1uc4Bdflb6MOD+BrmlTlHdHvYfH4bEfwppvt1+4oUUUVB1hW14e8Uan4aufMspsxMcyQPyj/AIdj7jmsWimm07oipShVi4TV0z6F8MeLdP8AE9sWtz5V0gzLbOfmX3HqPf8APFb9fMNpd3Fjdx3VrM8M8TbkdDgg17Z4K8dQeIohZ3hSHU0H3eizAd19/Ufj9O6jX5tJbnxea5LLDXq0dYfiv+AdlRRRXSfPhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVFcTx20LSyHCj9fapCQqlmIAAySa5jUb43k/BIiXhR/WmkBFeXcl5MZHOB/CvYCq9FFUSFFFTW9tLdSiOJcnuew+tAEQBYgAEk9AK1bTRHkAe4JjX+6Ov/ANatOy06GzXIG6Xu5/p6VcqbjsRQW0Nsu2KML79z+NS0UUhhRRRQAUUUUAFFFFABSMqupVlDKRggjIIpaKAOJ8QfDPSNVDTWI/s+5P8AzzX92x917fhj8a8o13w1qnh248vULcqjHCTJ80b/AEP9Dg+1fRtQ3dpb31q9tdQpNBIMMjjINYVMPGWq0Z7eBzyvh2o1Pej57/J/5nzDRXf+MfhzNpIk1DSA89iPmeHq8Q9v7y/qO+etcBXBODg7M+0wuKpYqn7Sk7r8vUKOhooqToPYvh543bVEGkapKDeRr+5mdgPOUYG0+rD9R7gk+hV8vRSyQSpLE7RyIwZHQ4Kkcgg9jXu3gXxYviTStlw6jUbcATKBjeOzj69/Q+mRXdh63N7stz4zPMq9i/rFFe6912/4B1dFFFdR82FFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUF3dR2kBkfnsF9TUskixRtI5wqjJNee6v410hr1llvl+XgKilwo+oGM00ribsalxcSXUxllOSe3YD0FRVn2GuabqjbbS7SR+uw5VvyPNaFUIKKKs2dlLeSbUGFH3nPQUAQIjSOERSzHoAK2LTQ+j3Tf8AU/zNadpZQ2abY1+Y9WPU1YqbjsMihjgTZEiovoBT6KKQwooooAKKKKACiiigAqOeCG5haGeJJYnGGR1DKR7g1JRQNO2qPPvEPwssL0PPo7/AGO4PPlNkxMf5r+GR7V5Xq2jahod4bXULZ4ZP4SeVYeqnoRX0rVPU9KstZsmtL+3SaFuzdQfUHqD7iueph4y1joz3cBn1ag1Gt70fxXz6/P7z5norsPGHgO78OM11bFrnTSf9Zj5ovQP/j0+lcfXDKLi7M+zw+Ip4imqlJ3QU+GaS3mSaGRo5Y2DI6HBUjoQaZRUmzV9Ge6eBvGaeJLT7LdFU1KFfnHQSr/eHv6j/I7CvmOxvbjTb6G8tJDHPCwZGHY/1HtX0D4W8R2/ibR0vI8JMvyTxf3H/wAD1H/1jXoUK3MuV7nw+dZX9Wl7akvcf4P/ACNuiiiug8AKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoorM8QazDoGh3OozYPlL8iH+Nzwo/P9M0Acv488bwaJ/xLbZRNeMu5xn5UHbd/PH8q8xk8Za48hYXgQdlWJcD8xWNdXM17dy3Vw5kmmcu7HuScmoq1SsZNtnc6L46ZpVg1VVw3AnQYx/vD+o/Ku5ByMjpXhtep+BbifU9EjhOXkhkMKk+gAI/IHH4UmhpnTWlpJeTCNOB1Zj0ArqLa1itIhHEuB3Pcn3ptnaJZwCNOT1ZvU1YqGywooopDCiiigAooooAKKKKACiiigAooooAKKKKACvLPH3gFUSXWNHhCqoLXFsgwAO7KP5ivU6KicFNWZ14LG1cJVVSm/Vdz5borv/iN4NGk3J1fT4sWMzfvUXpC5/kp/Q8dwK4CvMnBwdmfomFxVPFUlVp7P8PIK0tB1q58P6xBqFsW+Q4kjDbRIndT9fxwcHtWbRSTad0bThGpFwkrpn03p1/b6pp1vfWrh4Z0DqQensfcdCPUVZryb4VeI/JuJNBuGUJKWlt2JOd+BlfTGAT26H1r1mvTpz543PzfMMG8JXdJ7dPQKKKK0OIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoorA8Y+IF8OeHp7tSPtL/urdT3c9D9AMn8KAOD+Jvi95bk6Fp8zLHEf9KdD95v7mfQd/fjtXmdOd3kkaSRmZ2JLMxyST3NNrZKxi3ccjvFIrxuyOpyrKcEGvUfCmtnWNMKzHN1BhZD/eHZvxwfyryyu6+GVpNd6peJHwnlrvOOnPB/nSew47nodhYPey/3Y1+839B7108UUcEYjjUKo7CkggS3hWKMYUfrUlZtmoUUUUgCiiigAooooAKKKKACiiigAooooAKKKKAGyRpLG0ciK6OCrKwyCD1BFeNePPAv9iMdT0xGbT2P7yPkmA//ABP8q9npksUc8TxSorxupVkYZDA9QRWdSmpqzO7AY+pg6vPHbqu58vUV1njrwk3hrUxLbqx064JMJPOw90J/l6j6GuTrzZRcXZn6Hh68K9NVabumFb/hDxJJ4a1yO5yxtZMJcIP4k9R7jqPy71gUUotxd0VWpQrQdOaumfUMUsc8KTROrxyKGRlOQwPIIp9edfCvxC15YS6LcMWltR5kLE5zGTgj8CfyYDtXotepCanG6PzbGYWWFrypS6fl0CiiirOUKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACvHfixrputVh0aF/wB1aDzJQO8hHH5Kf/HjXrd7dxWFjcXkxxFBG0j/AEAya+Z7+8l1HULi9nOZZ5Gkb6k5qoomTK9FFFaGYV7l8M9FbTfC8dzOpE12xmAP8KHAH5gA/jXl3grQf+Eh8SwW0i5to/30/ugI4/EkD8a+hQAoAAAA4AFRJ9C4rqLRRRUFhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAQ3dpBfWctrcxiSCVSjqe4NfO/iTQpvDuuT6fKSyqd0T/30PQ/0PuDX0dXEfEzQBqnh838KA3NjmTI6tH/ABD8Ov4H1rDEU+aN1uj28jxzw9f2cn7stPn0Z4lRRRXnH3hNaXU1jeQ3du+yaFxIjYzhgcivpHSNRj1bSLS/iKlZ4lfCsDtJHK/UHIPuK+aK9a+EmsLJY3ejvnzIm+0Rkt1U4BAHbBwf+BV04adpcvc+e4iwvtKCrLeP5M9KooorvPiQooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACvDPiXr39reJWtYmzbWGYl54L/AMZ/MAf8Br17xLqw0Pw7e6hkb4o/3YPdzwv6kV83MzO7O7FmY5JJySauC6kTfQSiiirIAAkgAZJ7V9A+BvDg8O+H40ljC3txiS4PcHsv4D9c15r8MvD/APa3iD7dMubawxJgj70h+6Pwxn8B617hUSfQuK6hRRRUFhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZ+t6Pba7pE+n3Q+SVeGxyjdmHuDXzrqWn3GlalcWN0u2aByjDsfQj2I5/GvpqvM/iv4fEltDrsC/PHiG4wOqn7rfgePxHpXNiafNHmXQ+hyDHOlW9hJ+7Lb1/wCD/keT0UUVwH2xo6Fqsmia3aajHk+TICyg43L0ZfxGRX0fBPHdW8VxC4eKVA6MOhUjINfL9e3fDDWDqPhf7JLJunsX8rBOT5Z5T8Oqj/drqws7PlPmeJMLzU44hbrR+j/4P5nbUUUV3HxwUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAcT8UtSNj4SNsjYe8lWLg87R8x/kB+NeHV6N8X70y63YWIPywQGQ/V2x/JR+dec1rHYyluFFFS21vJd3UVtCN0sriNB6knApiPZ/hXo/2Hw2+oSLia+fcD38teF/XcfxFd3UFlaR2Fhb2cIxFBGsaD2AxU9ZN3ZqlZBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUjoroyOoZWGCCMgilooA+b/EeknRPEN7p/wDDFJ+7Pqh5X9CKy69L+Lum+XfWGpovEqGGQ+68r+YJ/KvNK8qrHlm0fpeX4j6xhoVHu1r6rRhXS+AtUk0vxhYlD8ly4tpBgHcHIA+nzbTx6VzVPilkgmSaF2jljYMjqcFSOQQfWpi+Vpm9ekq1KVN9VY+oaKraddi/0u0vAMC4hSUD/eUH+tWa9dan5dKLi2n0CiiigQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAeZfF/Uillp+mI3+tczyAHsowP1J/KvJa7D4m3pu/G1zH/AA20aQr+W4/qxrj61jsZS3CiitTw5pv9r+I9PsCu5JZl3j/YHLfoDTEe3eA9GGi+E7SNlxPOPtEvHO5ug/AYH4V0tHSisTYKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKrajYxanp1zYzjMU8bRt7ZHX61Zoo3HGTi01uj5hu7WWxvZ7SYASwSNG4HqDg1DXa/FDTRZeLWuEXCXkSy+24fKf5A/jXFV5M48smj9OwtdV6Eaq6oK7n4V6ktn4qa1kdgl5CyKB0Lj5gT+AYfjXDVf0O9XTde0+9kLCOC4SR9oydoYZx+GadOXLJMWNo+3w86fdP/gH0rRR1or1T8xCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD5/8AiHc/afHOondlY2SMe2EAP65rmK1PEshl8U6s5JObybvnjecVl1stjF7hXTfD+yF74305WXckTmZvbapIP/fQFczXf/COHf4oupSBiO0b8yy/0zSew1ue0UUUVkahRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBx3xOsxdeC5pcEtbSpKMfXaf0Y14ZX0X4siWbwjq6MMgWkj/AIqpI/lXzpXBil7yZ9rw3Ubw0oPo/wA0FFFFcx9EfQXgW+OoeC9MkZVVo4vIIX/YO0fmAD+NdFXDfCiYyeEZEPSK7dBz22qf613NerTd4Jn5pmFNU8XUiu7CiiirOMKKKKACiiigAooooAKKKKACiiigAooooAKKKZK4jidyQAqk80AfNmv3P2zxFqVxnIkupGH03HH6VnUEkkknJPeitjEK7z4TWQuPFUtyyZW2t2YN6MxCj9C1cHXqvwchwmrznHJiQf8AjxP8xSlsOO56lRRRWRqFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHm/xfsw+k6de94p2i/Blz/7JXkde7fEuES+B7tyOYnjcf99gf1rwmvPxKtM+74eqc2Ct2bX6/qFFFFc57h9KaFO914f024k+/LaxO31KAmtCud8CXT3ngnS5ZDlliMQ+iMUH6KK6KvWg7xTPy/Ew5K04dm1+IUUUVRgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAfMus/8hzUP+vmT/0I1Swa0tdj8vxFqaf3buVefZzVCsa2K5HyxPoMs4f+s01WryaT2S39RmMV6Z8HQP7R1Q4GREnP4mvNq9F+EEoXWtRg4y9uH9+GA/8AZqKWJ9p7stzPNMjeEj7ak7x633R6/RRRWx4YUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAUdaAbQtRBAINtICD/umvmmvpLxDL5HhrVJcA7LSVgD3+Q1821xYvdH2HDK/d1H5oKKKK5D6c9n+Ef8AyKl1/wBfz/8AoEdd7XBfCP8A5FS6/wCv5/8A0COu9r1KP8NH5xm3++1PUKKKK0PPCiiigAooooAKKKKACiiigAooooAKKKKACoL7/jwuf+uTfyNT1Fcp5trNGOrIV6eooA+XaKKK2MQr2H4P/wDID1D/AK+R/wCgivHq9d+D0oOl6nDxlZkbr6rj+lTLYqO56VRRRWZoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHOePUV/A+qBhkeWp/EOpFfP1e+/EOUxeBdSIPJEa/nIoP6ZrwKuDFfGj7bhpP6rL/F+iCiiiuY+hPefhv8A8iJYf70v/oxq6uuV+HC7fAene5lP/kRq6qvVp/AvQ/M8w/3ur/if5hRRRVnIFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAfO3jCA2/jDVkIwTcu/8A30d39axK7b4p2f2fxgZwDi5gSQntkZX+SiuJryqitNn6Xl81PCU2uy/IK7P4X3PkeNIo84+0QyR/Xjd/7LXGVqeHNQ/svxJp16WCpFOu9j2QnDfoTRTdpJl42l7XDzguqZ9IUUUV6p+YhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBznjy6+yeCdTfu8YiH/AAJgv8ia+fq9h+Ll+IdDs7BWw9xOXI9VQf4sv5V49Xn4l3nY+54dpcmE5n9pv/IKKKK5z3j3P4YweT4Jgf8A57SyP/49t/8AZa7Gsvw1D9n8LaTF5YjK2kW5QMYbaM/jnNalerBWikfmONqe0xE592/zCiiirOYKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPmPVLb7Hq97agY8md48fRiP6VV2103j+y+xeN9RULhZWEy++5QSfzzXN1y4jEST5Yn1WSZNRqUViK6vfZdLCba9J+D1yqanqlofvSwpIB7KSP/ZxXm9dR8PNQ/s/xpZZbalxugb33Dgf99BaijiZX5ZO6Z05pklB0XVoR5ZR102Z75RRRXafGBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBw3xWuvI8IrCOs9yiEewBb+YFeKV6X8X78Pe6dp6sf3cbTOP8AeOB/6CfzrzSvOxDvUZ9/kVL2eCi31u/6+4KKKfDDJcTxwwozyyMERFGSxJwAKwPYbtqz6J8KQxweEdISNdqm0icjOeWUE/qTWxUVrbraWkNugwkUaxr9AMVLXrxVlY/LKs+epKXdsKKKKZmFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAeafF7T99hp2oqP9VI0L8dmGR/6CfzryavonxfpZ1jwrf2irmXy/MjA67l+YD8cY/GvnavPxMbTv3PueHq/tML7PrF/g9f8wooornPePojwfqv9s+FbC7Zt0vl+XLnrvXgk/XGfxrcryP4T64Le/uNGlbCXP72HP8AfA5H4qM/8Br1yvUoz5oJn5xmmF+rYqUOj1Xo/wCrBRRRWh54UUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRWbr+rx6Fod1qMmD5SfIp/ic8KPzxSbsrsqEJTkoR3Z498S9V/tHxbLCjZis0EAweN3Vvxycf8BrjqfLK88zzSsXkkYszHqSeSaZXlTlzSbP07DUFQoxpLogq9otiup65YWL7/LuLhI3KfeClgCR+Gao13vwo0xbvxJNeyRhks4cq2fuyMcD6/Lvp0480kiMbX9hh51ey/Hp+J7MqhFCqMKBgD0paKK9U/MgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPJfi9p5TUdP1IA7ZYjA3oCpyPz3H8q81r3r4iaWdT8HXWxd0tqRcJ/wH73/jpavBa87ExtO/c+9yCuqmDUesW1+v6hUlvPJa3MVxC22WJw6N6EHIqOisD2mk1Zn01pt9HqemWt9F9yeJZAPTI6fh0q1XnHwn1sXGm3GjSt+8tiZYQT1RjyB9G5/wCBV6PXq05c8Uz8zx2GeGxEqT6PT06BRRRVnIFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVzXjrXP7D8L3MiNi4nHkQ4OCGYcn8Bk/XFKUlFXZrQoyrVI047t2PHPF+qjWfFV/do26LzPLiIPBRflBH1xn8aw6KK8lu7uz9OpU40qcacdkrBXReBdOk1LxlpyIrFYZBcOwH3Qnzc+2QB+Nc7XqPwh0s7tQ1dhxgW0Zz9Gbj/vj9aulHmmkcmaV/YYSc+trL56HqdFFFeofm4UUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFfPfjXRv7D8U3dsibYJD50OOmxuw+hyPwr6ErhvifoB1PQRqMK5uLDLNjq0Z+9+XB+gNYYiHNC66Hs5Hi/q+KUZbS0/wAv68zxSiiivOPviezu5rC9hu7d9k0Lh0b0IOa+i9B1iDXtGt9RgwBKvzpnOxh1X8DXzbXY/D/xX/wj+qm2upMaddEByTxG/Z/6H2+lb0KnJKz2Z4md5e8VR54L3o/iuq/yPc6KAQQCDkHvRXonwYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXjvxS8Ri/1JNGtnzBaHdMQeGlx0/wCAjj6k+ld1448VJ4a0giJgb+4BWBf7vq59h+p/GvBHdpHZ3Ys7HLMxySfU1yYmppyI+o4fy9yl9amtFt/n/X6CUUUVxH14V738PdHbR/CNuJDmS6P2pgP4dwGB/wB8gZ9815H4N0FvEPiS3tmQNbRkTXGTgeWCMj8cgceue1fQgAUAAAAcACuzCw3kfK8SYtWjho+r/QWiiiuw+SCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAR0WRGR1DKwwQehFfN/iHSX0PX7zT2ztikPlk90PKn8iK+ka81+LGgmazg1uFPmg/dT4/uE/KfwJx/wIelc+JhzRv2PdyDF+xxPs5bT0+fT/ACPJaKKK88+6NHQdYm0HWrbUYMkxN8yZxvU8FfxFfRlleQahZQ3ls4eCZA6MO4NfMVejfDLxaLK4GhXsmLeZs2zsfuOf4foe3v8AWunD1OV8r2Z8/n2XuvT9vTXvR381/wAA9eooorvPiAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACvB/iB4kGv6+Y4HDWVpmOEg8Mf4m/Ej8gK7z4keLBpOnnSbOT/TbpcSEdYoz1/E9B7ZPpXi9cWJqfYR9dw9l7ivrVRen+YUUUVyH1IqqWYKoJYnAA719GeF9IXQ/DllYbcSJGGl5zmQ8tz6ZJA9gK8m+Gmg/2t4jF5KD9nsMSn3kz8g/Qn/gPvXuFduFhZczPkOI8XzTjh49NX69Pw/MKKKK6z5cKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACkZVdGR1DKwwQRkEUtFAHz54y8OP4b16SBVP2SXMlu3+z/d+o6fke9c9X0N4u8NxeJtFe1O1bmP57eQ/wAL+h9j0P59q+fbi3mtLmS3uI2jmiYo6N1UjqK82vT5JabH6Bk+YLF0bSfvx3/z/rqR0UUVieuepfDrxuAseh6pNjGFtJnP5Rk/y/L0r1KvluvUvBHxFAWLS9clxj5Yrxz+Qc/+zfn612UK/wBmR8pnOTNt4jDr1X6r9UepUUgIYAggg8gilrsPkwooooAKKKKACiiigAooooAKKKKACiiigArK8Qa/Z+HdMe8u256RxA/NI3oP8e1ReJPE+n+GbEzXb7pmH7q3U/PIf6D1P/6q8J1/X73xFqTXl6/tHGv3Y19B/nmsK1ZQVluezlWUzxcueekF+Pkv8yPWtYu9d1SW/vH3SOeFHRF7KPYVn0UV57d3dn3kIRhFRirJBRRXoHw08KHUtQXWrtGFpavmDnG+UEEH6D+eOuCKcIOcrIxxeJhhqTqz2X4+R3PgHw4fD/h9DOii9usSynbhlBAwhPXj09Sa6uiivUjFRVkfm1evOvVlVnuwoooqjEKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqG7tYb20mtbhA8MyFHU9wRg1NRQNNp3R83+IdFn8P63cafNkhDmNyPvoejf57gisuvdfH/hX/hIdJ8+2Qf2hagtH6yL3T+o9/rXhZBUkEEEcEGvMrU+SXkfomV49YygpP4lo/8AP5iUdDRRWR6R7P4A8brrECaXqUuNRjGI3b/luo9/7w7+vX1rva+XY5HikWSN2R0IZWU4II6EGvY/BXxCi1VY9O1eRYr7hUmPCz/4N/Pt6V3UK9/dkfHZxkzpt18Ovd6rt5ry/L027+iiiuo+ZCiiigAooooAKKKKACiiigAooooAKKKKACud8XeK7bwxppkJWS9kGIIM9T6n2H/1qi8W+M7LwxbFAVn1Bx+7twen+03oP1P6jw7U9Tu9Y1CW9vZTJPIeSegHYAdgK561dQ0W572U5PLEtVaqtD8/+B5kV7eXGoXk13dytLPMxZ3buf8APaoKKK88+4SSVlsFPhhkuZ44IULyyMERFHLMTgAUyvU/hh4TK48QXsfJBFojfq/9B+J9DV04OcrI5cdjIYSi6svku7O28KaCnhzw/BYjBmP7ydh/FIcZ/AYAHsK26KK9RJJWR+b1akqs3Um9XqFFFFMzCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK4D4ieCzq8J1bTos38S/vY1HMyj09WH6jjsK7+ipnBTVmdGFxVTC1VVp7r8fI+W6K9Y8feAfP83WNHh/fctcWyD7/AKso9fUd/r18nrzKlNwdmfomCxtLGUvaU/muwUUUVB1nY+FPiBf+HtlrchrvTxwIyfnjH+wfT2PH0r2HRtf03X7UT6fcrKAPmQ8Onsy9RXzbU9peXNhcLcWk8kEy9HjYqR+Vb068oaPVHiZhklHFNzh7svwfqv1Pp2ivItD+LF5bhYtZthdIOPOhwsn4jof0r0DSfGOg6zgWuoRLKePKmPlvn0APX8M12wrQlsz5PFZXisN8cbrutV/XqbtFFFaHnhRRRQAUUUUAFFV7y/s9Pi829uobeP8AvSuFH61xWsfFXSLINHpsUl/L2b/Vxj8TyfwH41Epxjuzpw+Dr4h2pQb/AC+/Y7xmCqWYgKBkkngVwHij4m2enB7XRtl3ddDN1iT6f3j9OPftXnWu+Mda8Qkpd3Oy3P8Ay7w/Kn4jqfxJrArlqYlvSB9PgeHowaniXd9lt8+5Yvr+61O8ku72d555Dlnc/wCcD2FV6KK5D6aMVFWWwUUVteGfDN74n1IW1sNkKYM85GVjX+p9B3+mTTSbdkTVqwpQc5uyRL4S8MT+J9WWBdyWkRDXMo/hX0H+0ecfn2r36ys7fT7KG0tYlighUKiL2H+e9V9G0ey0LTY7Gxi2RJySeWdu7Me5P+eKv16NGkqa8z4DNMyljammkFsv1YUUUVseUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXlXxI8FlGl17TYsofmu4lHQ/89B7ev5+teq0hAYEEAg8EGoqQU1ZnXgsZUwlVVIfNd0fLlFeh+PfAR01pdW0mLNkfmmgUf6n3H+z/AC+nTzyvMnBwdmfoeExdPFU1UpvT8vIKKKKk6Tv/AAp8S7rTBHZ6vvu7QcLN1ljH/sw/X37V61p2p2WrWi3Vhcxzwn+JD0PoR1B9jXzNVvTtUvtJuRcWF1Lbyjuh6+xHQj2NdFPEOOktUeDj8ipYhudL3Zfg/wDL5H0zRXleifFtlCxa1Z7u3n23B/FSf5H8K77S/E2jayB9h1CGRz/yzLbX/wC+Tg12Qqwnsz5TE5bicN/Ejp3WqNaiiitDhCiiigAooooAKKpahrGnaTHvv72C3GMgSOAT9B1P4Vw2s/Fmwt1aPSLZ7qToJZQUjHvj7x+nFRKpGO7OvDYHEYl/uoN+fT7z0KaeK2heaeVIokGWd2Cqo9STXmvin4opGHs9A+d+jXbjgf7gPX6n8jXn+t+JdV8QS79QumdAcrEvyov0UfzPNZNclTEt6R0PqMBw/TpNTxD5n26f8EfNNLcTPNPI8krnc7uclj6k0yiiuU+kStogoorqPB3g268T3gdw8OnRn97Pj73+yvqf5fkC4xcnZGVevToU3UqOyRP4F8HP4jvxc3SMumQMPMPI80/3Af5nsPrXuaIkcaxxqFRQAqqMAAdhUVlZW2nWUVnaQrFBEu1EXoB/j796nr0qVNU1Y/PsyzCeNq8z0itl/XUKKKK1POCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArgPGnw7i1cyajpISG/PzPF0SY+vs3v0Pf1rv6KmcFNWZ0YXFVcLU9pSdn+fqfMFxbTWlw9vcxPFNGcOjrgqfcVFX0N4k8JaZ4mgxdR+XcqMR3MYw6+x9R7H9K8a8R+DNW8NyM08XnWmfluYhlf8AgX90/X8M159ShKGvQ+4y/OKOLSi/dn2/y/q5z1FFFYnrhRRRQBpWHiHWNL2iy1K5hReiCQlP++Tx+ldBa/FDxLbriSa3ufeWED/0HFcbRVqclszmq4PD1dakE/kehxfF7VgB5un2THPOzevH5mpZPi/fkDy9KtlPfdIx/wAK83oqvb1O5zPJ8C3f2a/H/M7yb4s68+RHbWEY7YjYkfm39Kxrzx54mvVKyarKintCFjx+KgH9a5yipdWb3ZtTy7CU9Y019xJNPNcymWeV5ZD1d2LE/iajooqDsStogooooAKKmtbS4vrlLe0gknmfhUjUsT+Feo+FvhckWy818h5Oq2aHKj/fYdfoOPc9KuFOU3oceMx9DCR5qr17dWcl4S8EXviWZZpA1vpyt885HL+oT1Pv0H6V7bpelWejWEdlYwiKFOw6se5J7mrccaRRrHGioigKqqMAAdABTq9CnSVNeZ8NmGZ1cbL3tIrZf1uwooorU80KKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooACMjB6V5d4z+G24yajoMfJ+aSzH6lP/ify9K9RoqJwU1ZnXg8bVwlTnpP1XRny4ysjsjqVZTggjBBpK978U+BdN8SAzj/Rb/HE6L972cd/r1rxvXfDOqeHbjy7+3IjJwkycxv9D/Q8159SjKHofc4DNaGMVk7S7P8ATuZFFFFZHphRRRQBsWPirXtNAFrqt0qgYCM+9R9FbIrdtvin4kgUCQ2lwR3lhwT/AN8kVxVFWqk1szlq4HDVdZ00/keixfF7VBt87TbN/XYWXP5k06T4v6gSPL0u2Ud9zsf8K84oqvb1O5zf2Pgb39mvx/zO6m+K/iGRSEisYvdImJ/VjWJeeNfEl+Ns2r3AHpERF/6CBWBRUupN7s3p5fhabvGmvuHO7yOXkZmdjksxyTTaKKg7AooooAKKuabpV/rF0LbT7WS4lPJCDhR6k9APc16z4V+GdpphS71fZeXY5WLGYoz/AOzH68e3etKdKU9jgxuZUMHH949ey3OS8HfD251wpe6kHttO6qMYeb6ei+/5eo9mtbW3sbWO2tYUhgjGERBgAVNRXoU6UYLQ+Gx+Y1sbO89Etl0QUUUVocAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUjKrqVZQykYIIyCKWigDhtf8AhjpOp7ptPP8AZ9wecIuYm/4D2/DH0rzXWfBOvaHueezaWBf+W8Hzpj1PcfiBX0HRWE8PCXkezhM8xWH92T5l5/5/8OfLdFfROqeENB1gs93p0RlPJljGxyfUlcZ/HNcff/CC1fLafqc0X+zOgcH8RjH5GuaWGmttT6ChxDhan8S8X96/D/I8mortbv4WeI7cEwra3Q7CKXBP/fQFY9x4L8SWv+s0a6b/AK5J5n/oOaydOa3R6dPH4Wp8NRfejCorRfw/rUYJfSL9QOpNs4x+lMXRdVdgq6ZeknoBA3+FTys39tT/AJl95RorVj8Ma9MwVNF1A57m2cD8yK1Lb4deKLlh/wAS7ylP8UsqDH4Zz+lNQk9kZzxeHh8U0vmjlqK9HsvhDqEhzfalbQj0hVpD+u3H611Wm/DHw9YkNPHNeycHM74UH2C4/XNaxw82efWz3BUtpcz8l/wyPF7HTrzU5xBY2s1xL/djQtj3PoK77QvhPeXBWXWrgWsfeCEhpD9T0H616va2ltZQCC1t4oIh0SJAqj8BU1dEMNFfFqeFiuIq9T3aK5V97M7SNB0zQoPJ060jhBHzOOXf6seTWjRRXQkloj5+c5Tk5Td2wooopkhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFRzwQ3UDwXESSxOMMkihlYe4NSUUDTad0eea/8ACqxvC0+jzfY5Tz5L5aI/Tuv6j2rzfWPCutaGWN9YyLED/rkG+M/8CHT8cV9F0EAggjIPaueeHhLbQ9rCZ9iaHuz99ee/3/53PluivoLVPA3h7VizTaekMpz+8t/3Zz68cE/UGuRv/g+hLNp2qsB2S4jz/wCPL/hXPLDTW2p9BQ4gwlT47xfn/wAA8rorsrv4YeJbb/VwW91/1xmA/wDQsVkXHg7xHbH95o14f+ucZk/9BzWTpzW6PShjsNU+Gon80YlFaD6DrEYy+k3yj1Nu4/pSJoerOcJpd6x9Bbuf6VPKzb21P+ZfeUKK14fCviC4bEei3/1aBlH5kYrVtfht4nuWG6xSBT/FLMo/QEn9KahJ7IynjMPD4qiXzRydFemWHwguWw2oapFHzylvGXyPqcY/Kur0z4ceHNNKu1q15Ipzuum3D/vkYU/iK1jh5vfQ86vn2Dp/C3J+S/zseL6ZoupazN5WnWU1w2cEovyr9WPA/E16FoXwmYlJtcusDr9ntz/Nv6AfjXqEUUcESxxRrHGowqoMAD2FProhhorfU8HFcQ4ir7tJci+9/eVNO0ux0i1FtYWsdvEP4UHU+pPUn3NW6KK6UrHhSk5Pmk7sKKKKCQooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAorwTxR4z1XVtYuPJvpoLNHKwxQyFRtBwCcdScZ59a6b4aeLdQudVOj6hcvcxyIzQvK25lYckZPJBGevTFc8cRFy5T3K2RV6WH9u2tFdo9VoooroPDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiimSyrDC8rnCIpZj7DmgErj6K+etZ8Ya1q+oSXDX1xBGWzHDFKVVB2HGMn36133wx8VX2qSXGk6hM1w8UfmxSucttBAIJ79RjPPWsIYiMpcp7eKyKvh6Htm07bo9Hooorc8QKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA8e8UfDTVV1aa50eJbm1ncuI96q0ZPJHOAR6YroPAHgW60K6fU9U2LclCkUKsG2A9SSOM9uPerXiP4l6bod/JYwW73txEdsu1wiKe4zg5I+lavhfxlp3imORbdXhuYhl4JMZx6g9x/n0rJYeKlzHq1c6xNWh9Xk1ba/VnRUUUVqeUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFIyq6FWGVYYIPcUtFAHimtfDDW7W/caZCt5aMxMbeYqso7BgxHPuP0rtfAHgubw2k95flDfTqECociNM5Iz3JIH5Cq+tfFTTNNv3tbS0kvfLba8iuETIPO04Of5V0fhrxRp/iiyeezLpJGQJYZMbkJ6dOoODg1lHDxi+ZHq4jOsTiKPsJtW692bdFFFanlBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHzPrlpcWOuX1tdhhOkzbi3U5OQfxBz+NdV8KrS4m8Wm5iDCCCFvNbt83AH58/hXrmqaBpGsFW1GwgnZRgO6/MB6ZHOKs2On2emWwt7G2it4c52RqACfX3NW5aEKOpZoooqCwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqO4R5LaWONtrshCt6EjrUlFAHy7cW8tpcy288ZjmiYo6HqpHBFeifCCzuTq99fBWFqsHkluxcspA/AA/n716TqXhzRdVmE9/p1vNKMDzGXDH0BI61ftbS2sbZLe0gjghT7scahQPwFW5XRCjZk1FFFQWFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAcnfXMlzcuzsdoJCr2Aq5olzItz9nJJjYHA9D1qa+0ZnmaWB1CsclWzwfarGm6Z9jYyyMGkIwMdAKroI0qKKKkYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUjHapPoM0tFAHH3FxJcymSRiSeg7D2Fauh3MjO9uxJQLuXPb/OaZdaI4kLQOnlk8Bs5FaGnacLJWZmDStwSOgHoKpiL1FFFSMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA//Z)

13. Intangible assets continued

Intangible assets not subject to amortisation amounted to €2,497.9 million (2023: €2,560.2 million) and

are presented in the charts below:

|  |  |
| --- | --- |
| Goodwill | €1,828.8 million |
| Franchise agreements | €263.7 million |
| Trademarks | €405.4 million |

2024

€2,497.9

million

|  |  |
| --- | --- |
| Goodwill | €1,820.8 million |
| Franchise agreements | €333.8 million |
| Trademarks | €405.6 million |

2023

€2,560.2 million

The carrying value of intangible assets subject to amortisation amounted to €8.8 million (2023: €9.6

million) and comprised water rights of €4.8 million, trademarks of €3.3 million and other intangible

assets of €0.7 million (2023: €5.3 million water rights, €3.9 million trademarks and €0.4 million other

intangible assets).

Annual impairment test for goodwill and other indefinite-lived intangible assets

The recoverable amount of each cash-generating unit was determined through a value-in-use

calculation. This calculation uses cash flow forecasts based on financial budgets approved by the Board

of Directors covering a one-year period and cash flow forecasts for four additional years. Cash flows for

years two to five are forecasted by management based on operation and market-specific assumptions

including growth rates, forecast selling prices, direct costs and operating expenses. Management

determined gross margins based on past performance, expectations for the development of the

market and expectations about raw materials’ costs. Cash flows for the subsequent years after the

forecast period are extrapolated using perpetuity growth rates which reflect management’s best

estimate of industry growth, considering long-term inflation and gross domestic product forecasts

specific to the countries of operation. The discount rates used by management represent the current

market assessment of the risks specific to each cash-generating unit, taking into consideration the

time value of money and are derived from the weighted average cost of capital. The Group applies

post-tax discount rates to post-tax cash flows as the valuation calculated using this method closely

approximates to applying pre-tax discount rates to pre-tax cash flows.

Management also assessed the potential adverse impact to future cash flows arising from climate

change risk, under different scenarios. In making this assessment, management considered the impact

from disruptions to production and distribution due to extreme weather, the increased cost of water,

as well as costs associated with managing the Group’s carbon footprint in line with its NetZeroby40

commitments, as detailed in the Strategic Report (pages 187 to 188) . The Group will continue to

monitor and assess the potential impact of climate-related risks and opportunities in the impairment

assessment, as global efforts to mitigate the risks arising from climate change evolve, including the

development of relevant governmental policies.

Except for the impairment of the juice trademark described on page 274, no impairment of goodwill and

other indefinite-lived assets was identified during the 2024 annual impairment test.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024275

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

13. Intangible assets continued

The following chart and accompanying table set forth the percentage and carrying value respectively

of goodwill and other indefinite-lived intangible assets for those cash-generating units whose carrying

value is greater than or equal to 9% of the total, as at 31 December 2024.

Intangible assets not

subject to amortisation as

at 31 December 2024

(%)

|  |  |
| --- | --- |
| Italy | 31  % |
| Switzerland | 20  % |
| The Republic of Ireland | 10  % |
| and Northern Ireland |  |
| Koncern Bambi a.d. Požarevac | 9  % |
| All other cash-generating units  30  % |  |

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | Franchise |  |  |
|  | Goodwill | agreements | Trademarks | Total |
|  | € million | € million | € million | € million |
| Italy | 640.9 | 126.9 | – | 767.8 |
| Switzerland | 490.0 | – | – | 490.0 |
| The Republic of Ireland and  Northern Ireland | 257.1 | – | – | 257.1 |
| Koncern Bambi a.d. |  |  |  |  |
| Požarevac | 115.6 | – | 118.9 | 234.5 |
| All other cash-generating |  |  |  |  |
| units | 325.2 | 136.8 | 286.5 | 748.5 |
| Total | 1,828.8 | 263.7 | 405.4 | 2,497.9 |

The key assumptions for these cash-generating units are presented below:

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Growth rate in |  |  | Post-tax discount | Pre-tax discount |  |
|  | perpetuity (%) |  |  | rate (%) | rate (%) |  |
|  | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Italy | 2.0 | 2.0 | 7.1 | 8.4 | 9.3 | 11.5 |
| Switzerland | 1.0 | 0.8 | 5.7 | 6.5 | 6.8 | 7.8 |
| The Republic of Ireland and  Northern Ireland | 4.0 | 4.0 | 5.6 | 6.4 | 6.0 | 7.0 |
| Koncern Bambi a.d. Požarevac | 4.5 | 4.5 | 7.1 | 9.3 | 7.6 | 10.2 |

For the cash-generating units of The Republic of Ireland and Northern Ireland and Koncern Bambi a.d.

Požarevac, the growth rate in perpetuity as estimated by management was higher than that expected for

the industry in general. This is attributable to the strength of the Group’s brand portfolio, which is amongst

the strongest and broadest in the industry. The Group has historically achieved higher revenue growth than

the industry, leveraging the strength of its portfolio, while it continually invests in brand-related innovations

to remain relevant, be able to cater to all consumption occasions and increase market share.

Impairment testing of the Egyptian cash-generating unit (‘unit’)

As disclosed in the 2023 Integrated Annual Report, during 2023 we experienced worsening

macroeconomic factors in Egypt, with inflation persisting at record-high levels, more than double the

upper bound of the Central Bank of Egypt’s target band and increasing risk of foreign currency crisis due to

low reserves, while geopolitical tensions in the Middle East negatively impacted the financial performance

of the Egyptian unit in late 2023. Consequently, during the 2023 annual impairment test performed by the

Group, an impairment loss for its Egyptian unit of €109.4 million was identified, as the recoverable amount

was lower than the carrying amount of the unit. The impairment loss was allocated in its entirety to reduce

the carrying amount of goodwill allocated to the unit and was included in line ‘Operating expenses’ of the

consolidated income statement and under Emerging markets for segmental allocation purposes. As at

31 December 2023, the recoverable amount of the Egyptian unit was approximately €340 million.

The Group performed its annual impairment test in 2024, which concluded that the recoverable amount

of the Egyptian unit was higher than the carrying amount of the unit. The recoverable amount was

determined based on value-in-use calculations consistent with those performed in 2023, updated

to consider management’s revised best estimates of expected cash flows and a lower discount rate,

reflective of the easing macroeconomic uncertainty in Egypt resulting from the government’s ongoing

IMF-backed reforms and controlled debt issuance.

The following table sets out the key assumptions used in the impairment assessment of the Egyptian unit:

|  |  |  |
| --- | --- | --- |
|  | December 2024 | December 2023 |
| Growth rate in perpetuity | 5.0% | 5.0% |
| Post-tax discount rate | 11.7% | 17.4% |
| Pre-tax discount rate | 13.3% | 20.8% |

The Group continues to closely monitor its Egyptian unit in order to ensure that timely actions and

initiatives are undertaken to minimise potential adverse impacts on its expected performance.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024276

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

14. Property, plant and equipment

Accounting policy

All property, plant and equipment is initially recorded at cost and subsequently measured at cost less

accumulated depreciation and impairment losses. Subsequent expenditure is added to the carrying

value of the asset when it is probable that future economic benefits, in excess of the original assessed

standard of performance of the existing asset, will flow to the operation and the costs can be

measured reliably. All other subsequent expenditure is expensed in the period in which it is incurred.

Assets under construction are recorded as part of property, plant and equipment, and depreciation

on these assets commences when the assets are made available for use.

Depreciation is calculated on a straight-line basis to allocate the depreciable amount over the

estimated useful life of the assets as follows:

|  |  |
| --- | --- |
| Freehold buildings and improvements | 40 years |
| Leasehold buildings and improvements | Over the lease term, up to 40 years |
| Production equipment | 4 to 20 years |
| Vehicles | 5 to 8 years |
| Computer hardware and software | 2 to 15 years |
| Marketing equipment | 3 to 10 years |
| Fixtures and fittings | 8 years |
| Returnable containers | 3 to 12 years |

Freehold land is not depreciated as it is considered to have an indefinite life.

Deposits received for returnable containers by customers are accounted for as deposit liabilities

(refer to Note 20).

Residual values and useful lives of assets are reviewed and adjusted if appropriate at each balance

sheet date. Climate change-related risks and relevant mitigation and adaptation actions may

impact the useful lives of property, plant and equipment. The Group monitors the potential impact

of climate change-related risks and associated legislation in the context of its review of the useful

lives and no impact has been identified.

Property, plant and equipment is reviewed for impairment whenever events or changes in

circumstances indicate that the carrying amount may not be recoverable. An impairment loss is

recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount,

which is the higher of the asset’s fair value less cost to sell and its value-in-use. For the purposes of

assessing impairment, assets are grouped at the lowest level of separately identifiable cash flows.

For the accounting policy regarding right-of-use assets, refer to Note 16 ‘Leases’.

The movements of property, plant and equipment by class of assets were as follows:

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Land and | Plant and | Returnable | Assets under |  |
|  | buildings | equipment | containers | construction | Total |
|  | € million | € million | € million | € million | € million |
| As at 1 January 2023: |  |  |  |  |  |
| Gross carrying amount | 1,752.3 | 4,168.4 | 497.0 | 249.1 | 6,666.8 |
| Accumulated depreciation and impairment | (612.9) | (2,685.3) | (303.9) | (2.3) | (3,604.4) |
| Net book value as at 1 January 2023 excluding |  |  |  |  |  |
| right-of-use assets | 1,139.4 | 1,483.1 | 193.1 | 246.8 | 3,062.4 |
| Additions | 5.5 | 136.9 | 74.4 | 393.4 | 610.2 |
| Reclassified to assets held for sale (refer to Note 19) | (3.3) | – | – | – | (3.3) |
| Reclassified from assets held for sale (refer to Note 19) | – | 0.1 | – | – | 0.1 |
| Reclassifications | 76.2 | 249.7 | 3.7 | (329.6) | – |
| Disposals | (1.7) | (2.8) | (3.2) | (0.6) | (8.3) |
| Depreciation charge for the year | (47.2) | (239.7) | (39.2) | – | (326.1) |
| Impairment | (1.4) | (9.8) | (2.4) | (1.1) | (14.7) |
| Foreign currency translation | (175.1) | (205.1) | (50.7) | (41.9) | (472.8) |
| Net book value as at 31 December 2023 excluding |  |  |  |  |  |
| right-of-use assets | 992.4 | 1,412.4 | 175.7 | 267.0 | 2,847.5 |
| As at 31 December 2023: |  |  |  |  |  |
| Gross carrying amount | 1,598.1 | 3,960.8 | 459.0 | 269.3 | 6,287.2 |
| Accumulated depreciation and impairment | (605.7) | (2,548.4) | (283.3) | (2.3) | (3,439.7) |
| Net book value as at 31 December 2023 excluding |  |  |  |  |  |
| right-of-use assets | 992.4 | 1,412.4 | 175.7 | 267.0 | 2,847.5 |
| Net book value of right-of-use assets as at  31 December 2023 | 105.2 | 104.4 | – | – | 209.6 |
| Net book value as at 31 December 2023 | 1,097.6 | 1,516.8 | 175.7 | 267.0 | 3,057.1 |
| As at 1 January 2024: |  |  |  |  |  |
| Gross carrying amount | 1,598.1 | 3,960.8 | 459.0 | 269.3 | 6,287.2 |

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024277

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Land and | Plant and | Returnable | Assets under |  |
|  | buildings | equipment | containers | construction | Total |
|  | € million | € million | € million | € million | € million |
| Accumulated depreciation and impairment | (605.7) | (2,548.4) | (283.3) | (2.3) | (3,439.7) |
| Net book value as at 1 January 2024 excluding |  |  |  |  |  |
| right-of-use assets | 992.4 | 1,412.4 | 175.7 | 267.0 | 2,847.5 |
| Additions | 6.8 | 161.0 | 60.8 | 420.7 | 649.3 |
| Reclassified to assets held for sale (refer to Note 19) | (0.3) | – | – | – | (0.3) |
| Reclassified from assets held for sale (refer to Note 19) | 1.8 | – | – | – | 1.8 |
| Reclassified from right-of-use assets | – | 5.7 | – | – | 5.7 |
| Reclassifications | 81.0 | 242.6 | 1.1 | (324.7) | – |
| Disposals | (1.8) | (4.1) | (11.2) | (0.5) | (17.6) |
| Depreciation charge for the year | (45.2) | (237.8) | (29.7) | – | (312.7) |
| Impairment | (5.3) | (16.2) | (0.3) | 0.3 | (21.5) |
| Foreign currency translation | (79.6) | (86.3) | (19.5) | (20.8) | (206.2) |
| Net book value as at 31 December 2024 excluding |  |  |  |  |  |
| right-of-use assets | 949.8 | 1,477.3 | 176.9 | 342.0 | 2,946.0 |
| As at 31 December 2024: |  |  |  |  |  |
| Gross carrying amount | 1,583.8 | 4,037.0 | 449.1 | 344.0 | 6,413.9 |
| Accumulated depreciation and impairment | (634.0) | (2,559.7) | (272.2) | (2.0) | (3,467.9) |
| Net book value as at 31 December 2024 excluding |  |  |  |  |  |
| right-of-use assets | 949.8 | 1,477.3 | 176.9 | 342.0 | 2,946.0 |
| Net book value of right-of-use assets as at  31 December 2024 | 141.9 | 109.4 | – | – | 251.3 |
| Net book value as at 31 December 2024 | 1,091.7 | 1,586.7 | 176.9 | 342.0 | 3,197.3 |

Assets under construction as at 31 December 2024 include advances for equipment purchases of

€87.6 million (2023: €78.6 million). The depreciation charge for the year, including that for right-of-use

assets (refer to Note 16), recognised in operating expenses and cost of goods sold amounted to €213.5

million (2023: €203.7 million) and €160.7 million (2023: €181.4 million) respectively.

Impairment of property, plant and equipment and right-of-use assets

In 2023, the Group recorded impairment losses of €5.1 million, €3.6 million and €10.4 million, and

reversals of impairment of €nil, €nil and €4.4 million relating to property, plant and equipment in the

Established, Developing and Emerging segments respectively. The impaired assets, being mainly

production equipment and returnable containers, were written down based mainly on value-in-use

calculations. The Group also recorded impairment losses of €0.1 million and reversals of impairment

of €nil relating to right-of-use assets in the Established segment.

In 2024, the Group recorded impairment losses of €2.9 million, €1.2 million and €20.8 million, and

reversals of impairment of €nil, €0.2 and €3.2 million relating to property, plant and equipment in the

Established, Developing and Emerging segments respectively. The impaired assets, being mainly

production equipment, were written down based mainly on value-in-use calculations. The Group also

recorded impairment losses relating to right-of-use assets of €0.1 million in the Emerging segment and

reversals of impairment of €0.1 million in the Established segment .

Notes to the consolidated financial statements continued

14. Property, plant and equipment continued

Coca-Cola HBC Integrated Annual Report 2024278

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

15. Interests in other entities

The following are the principal subsidiaries of the Group as at 31 December:

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  | % of voting rights |  | % of ownership |
|  | Country of registration | | 2024 | 2023 | 2024 | 2023 |
| Adelink Ltd | Cyprus | 50.0%  \* | 50.0%  \* | 50.0% | 50.0% |
| AS Coca-Cola HBC Eesti | Estonia | 100.0% | 100.0% | 100.0% | 100.0% |
| CC Beverages Holdings II B.V. | The Netherlands | 100.0% | 100.0% | 100.0% | 100.0% |
| CCB Management Services GmbH | Austria | 100.0% | 100.0% | 100.0% | 100.0% |
| CCHBC Armenia CJSC | Armenia | 100.0% | 100.0% | 100.0% | 100.0% |
| CCHBC Bulgaria EAD1 | Bulgaria | 100.0% | 99.4% | 100.0% | 99.4% |
| CCHBC IT Services Limited | Bulgaria | 100.0% | 100.0% | 100.0% | 100.0% |
| CCHBC Reinsurance Designated Activity |  |  |  |  |  |
| Company | Republic of Ireland | 100.0% | 100.0% | 100.0% | 100.0% |
| CCHBC Ventures BV | The Netherlands | 100.0% | 100.0% | 100.0% | 100.0% |
| CCH CirculaRPET S.r.l. | Italy | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola Beverages Belorussiya | Belarus | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola Beverages Ukraine Ltd | Ukraine | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Austria GmbH | Austria | 100.0% | 100.0% | 100.0% | 100.0% |
|  | Bosnia and | |  |  |  |
| Coca-Cola HBC B-H d.o.o. Sarajevo | Herzegovina | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Česko a Slovensko, s.r.o. | Czech Republic | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Česko a Slovensko, s.r.o. – |  |  |  |  |  |
| organizačná zložka | Slovakia | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Cyprus Ltd | Cyprus | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Egypt² | Egypt | 99.9% | 97.8% | 99.9% | 97.8% |
| Coca-Cola HBC Finance B.V. | The Netherlands | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Greece S.A.I.C. | Greece | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Holdings B.V. | The Netherlands | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Hrvatska d.o.o. | Croatia | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Hungary Ltd | Hungary | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Ireland Limited | Republic of Ireland 100.0% | | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Italia S.r.l. | Italy | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Kosovo L.L.C. | Kosovo | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Northern Ireland Limited | Northern Ireland | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Polska sp. z o.o. | Poland | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Romania Ltd | Romania | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Services LLC3 | Egypt | 100.0% | – | 100.0% | – |
| Coca-Cola HBC Services MEPE | Greece | 100.0% | 100.0% | 100.0% | 100.0% |

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  | % of voting rights |  | % of ownership |
|  | Country of registration | 2024 | 2023 | 2024 | 2023 |
| Coca-Cola HBC Slovenija d.o.o. | Slovenia | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Sourcing B.V. | The Netherlands | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC-Srbija d.o.o. | Serbia | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola HBC Switzerland Ltd | Switzerland | 99.9% | 99.9% | 99.9% | 99.9% |
| Coca-Cola Hellenic Bottling Company-Crna |  |  |  |  |  |
| Gora d.o.o., Podgorica | Montenegro | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola Hellenic Business |  |  |  |  |  |
| Service Organisation | Bulgaria | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola Hellenic Procurement GmbH | Austria | 100.0% | 100.0% | 100.0% | 100.0% |
| Coca-Cola Imbuteliere Chisinau SRL | Moldova | 100.0% | 100.0% | 100.0% | 100.0% |
| dCommerce Solutions BV | The Netherlands | 100.0% | 100.0% | 100.0% | 100.0% |
| ESM Effervescent Sodas Management Limited4 Cyprus |  | – | 100.0% | – | 100.0% |
| Finlandia Vodka Oy5 | Finland | 100.0% | 100.0% | 100.0% | 100.0% |
| Koncern Bambi a.d. Požarevac | Serbia | 100.0% | 100.0% | 100.0% | 100.0% |
| Multon AO | Russia | 50.0%  \* | 50.0%  \* | 50.0% | 50.0% |
| Multon Partners LLC | Russia | 100.0% | 100.0% | 100.0% | 100.0% |
| Nigerian Bottling Company Ltd | Nigeria | 100.0% | 100.0% | 100.0% | 100.0% |
| SIA Coca-Cola HBC Latvia | Latvia | 100.0% | 100.0% | 100.0% | 100.0% |
| Sirvis Bulgaria EOOD6 | Bulgaria | 100.0% | – | 100.0% | – |
| Sirvis d.o.o. Beograd-Novi Beograd7 | Serbia | 100.0% | – | 100.0% | – |
| Sirvis GmbH  8 | Austria | 100.0% | – | 100.0% | – |
| Sirvis S.R.L. | Italy | 100.0% | 100.0% | 100.0% | 100.0% |
| Three Cents Hellas Single Member S.A. | Greece | 100.0% | 100.0% | 100.0% | 100.0% |
| UAB Coca-Cola HBC Lietuva | Lithuania | 100.0% | 100.0% | 100.0% | 100.0% |

\*  Percentage of voting rights presented in respect of reserved matters following the Waiver in 2022.

1.  For details regarding the change in interest in CCHBC Bulgaria EAD in 2024 refer to Note 23.

2.  Coca-Cola Bottling Company of Egypt S.A.E. was renamed to Coca-Cola HBC Egypt as of 18 June 2023. For details regarding the change in

interest in Coca-Cola HBC Egypt in 2024 refer to Note 23.

3.  Coca-Cola HBC Services LLC was established on 28 August 2024.

4.  ESM Effervescent Sodas Management Limited was merged into Three Cents Hellas Single Member S.A. as of 31 December 2024.

5.  Brown-Forman Finland Oy was acquired on 1 November 2023 (refer to Note 23) and was renamed to Finlandia Vodka Oy as of 1 March 2024.

6.  Sirvis Bulgaria EOOD was established on 23 April 2024.

7.  Sirvis d.o.o. Beograd-Novi Beograd was established on 5 February 2024.

8.  Sirvis GmbH was established on 26 March 2024.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024279

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

15. Interests in other entities continued

Associates and joint arrangements

Accounting policy

Equity method investments comprise investments in associates and joint arrangements, and are

classified into integral and non-integral on the basis of whether they are considered part of the

Group’s core operations and strategy.

Investments in associates

Investments in associated undertakings are accounted for using the equity method of accounting.

Associated undertakings are all entities over which the Group has significant influence but not

control, generally accompanying a shareholding of between 20% and 50% of the voting rights.

The equity method of accounting involves recognising the Group’s share of the associates’ post-

acquisition profit or loss and movements in other comprehensive income for the period in the

income statement and statement of other comprehensive income respectively. Unrealised gains

and losses resulting from transactions between the Group and the associate are eliminated to the

extent of the interest in the associate.

The Group’s interest in each associate is carried in the balance sheet at an amount that reflects its

share of the net assets of the associate and includes goodwill on acquisition. When the Group’s share

of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise

further losses, unless the Group has incurred obligations or made payments on behalf of the associate.

Investments in joint arrangements

Joint arrangements are arrangements in which the Group has contractually agreed sharing of

control, which exists only when decisions about the relevant activities require unanimous consent.

Joint arrangements are classified as joint ventures or joint operations depending upon the rights

and obligations arising from the joint arrangement.

The Group classifies a joint arrangement as a joint venture when the Group has rights to the net

assets of the arrangement. The Group accounts for its interests in joint ventures using the equity

method of accounting as described in the section above.

The Group classifies a joint arrangement as a joint operation when the Group has the rights to the

assets, and obligations for the liabilities, of the arrangement and accounts for each of its assets, liabilities,

revenues and expenses, including its share of those held or incurred jointly, in relation to the joint operation.

If facts and circumstances change, the Group reassesses whether it still has joint control and

whether the type of joint arrangement in which it is involved has changed.

Critical accounting judgements

The Group participates in several joint arrangements. Judgement is required in order to determine

the classification of the Group’s joint arrangements as joint ventures where the Group has rights

to the net assets of the arrangement, or joint operations where the Group has rights to the assets and

obligations for the liabilities of the arrangement. In making this assessment, consideration is given to

the legal form of the arrangement, and the contractual terms and conditions, as well as other facts and

circumstances (including the economic rationale of the arrangement and the impact of the relevant

legal framework). The Group participates in a number of joint arrangements with The Coca-Cola

Company in connection with its water business across its markets, the classification of which involves

a significant degree of judgement due to the complexity of the underlying contractual arrangements

of the business model and the diversity of the relevant legal frameworks across markets.

Equity-method investments

Changes in the carrying amounts of equity method investments are as follows:

|  |  |  |  |
| --- | --- | --- | --- |
|  | Joint ventures | Associates | Total |
|  | € million | € million | € million |
| As at 1 January 2023 | 86.0 | 119.6 | 205.6 |
| Share of results of equity method investments | 9.8 | 4.9 | 14.7 |
| Share of other comprehensive income/(loss) of equity |  |  |  |
| method investments | 0.3 | (12.0) | (11.7) |
| Share of total comprehensive income/(loss) | 10.1 | (7.1) | 3.0 |
| Dividends | (9.3) | (2.1) | (11.4) |
| Decrease due to other movements | – | (0.2) | (0.2) |
| As at 31 December 2023 | 86.8 | 110.2 | 197.0 |
| Share of results of equity method investments | 13.7 | 3.0 | 16.7 |
| Share of other comprehensive loss of equity |  |  |  |
| method investments | – | (4.6) | (4.6) |
| Share of total comprehensive income/(loss) | 13.7 | (1.6) | 12.1 |
| Dividends | (9.1) | (2.4) | (11.5) |
| As at 31 December 2024 | 91.4 | 106.2 | 197.6 |

The carrying amount of equity method investments comprises integral and non-integral equity

method investments as follows:

|  |  |  |  |
| --- | --- | --- | --- |
|  | Joint ventures | Associates | Total |
|  | € million | € million | € million |
| As at 31 December 2023: |  |  |  |
| Integral equity method investments | 82.6 | – | 82.6 |
| Non-integral equity method investments | 4.2 | 110.2 | 114.4 |
| Total equity method investments | 86.8 | 110.2 | 197.0 |
| As at 31 December 2024: |  |  |  |
| Integral equity method investments | 87.1 | – | 87.1 |
| Non-integral equity method investments | 4.3 | 106.2 | 110.5 |
| Total equity method investments | 91.4 | 106.2 | 197.6 |

a) Investments in joint ventures

The Group has one significant integral joint venture with Heineken, through its 50% interest in AD

Pivara Skopje, which is engaged in the bottling and distribution of soft drinks and beer in North

Macedonia. The structure of the joint venture provides the Group with rights to its net assets.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024280

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

15. Interests in other entities continued

Summarised financial information of the Group’s significant joint venture is presented below.

The information below reflects the amounts presented in the IFRS financial statements of the joint

venture, amended to reflect adjustments made when using the equity method, including fair value

adjustments and not the Group’s share in these amounts.

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| AD Pivara Skopje | € million | € million |
| Summarised balance sheet: |  |  |
| Non-current assets | 66.9 | 65.1 |
| Cash and cash equivalents | – | 3.5 |
| Other current assets | 19.8 | 18.7 |
| Total current assets | 19.8 | 22.2 |
| Borrowings | (3.2) | (6.0) |
| Other current liabilities (including trade payables) | (25.4) | (28.9) |
| Total current liabilities | (28.6) | (34.9) |
| Borrowings | (0.5) | (0.8) |
| Other non-current liabilities | (0.5) | (0.5) |
| Total non-current liabilities | (1.0) | (1.3) |
| Net assets | 57.1 | 51.1 |
| Summarised statement of comprehensive income: |  |  |
| Revenue | 137.9 | 127.5 |
| Depreciation | (7.3) | (7.5) |
| Interest expense | (0.2) | (0.1) |
| Profit before tax | 26.5 | 19.8 |
| Income tax | (3.0) | (2.4) |
| Profit after tax | 23.5 | 17.4 |
| Total comprehensive income | 23.5 | 17.4 |
| Dividends received | 11.2 | 5.2 |
| Reconciliation of net assets to carrying amount: |  |  |
| Closing net assets | 57.1 | 51.1 |

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| AD Pivara Skopje | € million | € million |
| Interest in joint venture at 50% | 28.6 | 25.6 |
| Goodwill | 16.9 | 16.9 |
| Non-controlling interest | (1.6) | (1.6) |
| Carrying value | 43.9 | 40.9 |

Summarised financial information of the Group’s investment in other joint ventures is as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Carrying amount | 47.5 | 45.9 |
| Share of profit | 1.9 | 1.1 |
| Share of other comprehensive income | – | 0.3 |
| Share of total comprehensive income | 1.9 | 1.4 |

b) Investment in associates

The Group has one significant associate, being Casa Del Caffè Vergnano S.p.A. (‘Caffè Vergnano’),

a premium Italian coffee company in which the Group holds a 30% equity shareholding. The

corresponding investment is classified as an associate, as the Group has significant influence over

the investee. The Group has also entered into an exclusive distribution agreement for Caffè Vergnano’s

products in all its territories outside of Italy. The investment is accounted for using the equity method

and is further classified as a non-integral equity method investment, considering that the distribution

agreement is separate to the shareholding.

In 2023, accrued acquisition costs of €0.2 million in connection with the investment in Caffè Vergnano

were written-off.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024281

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAOpBeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqOdS8LKoyTUlFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAFGO3lWRSV4BB6ir1FFAFOeCR5mZVyD71H9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FWLWN49+8YzjHNWKKAKGuW0t54f1K1t03zTWssca5AyxQgDJ46mvE/8AhXPiv/oFf+TEX/xVe90VlUoxqO7PSwOa1sFFxppO/e/+aPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97orP6rDuzv/ANZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+YVXuo3k2bBnGc81YorpPnjP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAKttC8chLLgYx1q1RRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVe7uJbaIPFZz3bFsbISgIHr87KMfjnmrFFA07O7VzL/tW9/6F7Uv+/lt/8do/tW9/6F7Uv+/lt/8AHa1KKmz7mntI/wAi/H/My/7Vvf8AoXtS/wC/lt/8do/tW9/6F7Uv+/lt/wDHa1KKLPuHtI/yL8f8zL/tW9/6F7Uv+/lt/wDHaP7Vvf8AoXtS/wC/lt/8drUoos+4e0j/ACL8f8zL/tW9/wChe1L/AL+W3/x2j+1b3/oXtS/7+W3/AMdrUoos+4e0j/Ivx/zMv+1b3/oXtS/7+W3/AMdo/tW9/wChe1L/AL+W3/x2tSiiz7h7SP8AIvx/zMv+1b3/AKF7Uv8Av5bf/HaP7Vvf+he1L/v5bf8Ax2tSiiz7h7SP8i/H/My/7Vvf+he1L/v5bf8Ax2j+1b3/AKF7Uv8Av5bf/Ha1KKLPuHtI/wAi/H/My/7Vvf8AoXtS/wC/lt/8do/tW9/6F7Uv+/lt/wDHa1KKLPuHtI/yL8f8zL/tW9/6F7Uv+/lt/wDHaP7Vvf8AoXtS/wC/lt/8drUoos+4e0j/ACL8f8zL/tW9/wChe1L/AL+W3/x2j+1b3/oXtS/7+W3/AMdrUoos+4e0j/Ivx/zMv+1b3/oXtS/7+W3/AMdo/tW9/wChe1L/AL+W3/x2tSiiz7h7SP8AIvx/zMv+1b3/AKF7Uv8Av5bf/HaP7Vvf+he1L/v5bf8Ax2tSiiz7h7SP8i/H/My/7Vvf+he1L/v5bf8Ax2j+1b3/AKF7Uv8Av5bf/Ha1KKLPuHtI/wAi/H/My/7Vvf8AoXtS/wC/lt/8do/tW9/6F7Uv+/lt/wDHa1KKLPuHtI/yL8f8zL/tW9/6F7Uv+/lt/wDHaP7Vvf8AoXtS/wC/lt/8drUoos+4e0j/ACL8f8zL/tW9/wChe1L/AL+W3/x2j+1b3/oXtS/7+W3/AMdrUoos+4e0j/Ivx/zMv+1b3/oXtS/7+W3/AMdo/tW9/wChe1L/AL+W3/x2tSiiz7h7SP8AIvx/zMv+1b3/AKF7Uv8Av5bf/HaP7Vvf+he1L/v5bf8Ax2tSiiz7h7SP8i/H/My/7Vvf+he1L/v5bf8Ax2j+1b3/AKF7Uv8Av5bf/Ha1KKLPuHtI/wAi/H/My/7Vvf8AoXtS/wC/lt/8do/tW9/6F7Uv+/lt/wDHa1KKLPuHtI/yL8f8zL/tW9/6F7Uv+/lt/wDHaP7Vvf8AoXtS/wC/lt/8drUoos+4e0j/ACL8f8zL/tW9/wChe1L/AL+W3/x2j+1b3/oXtS/7+W3/AMdrUoos+4e0j/Ivx/zMv+1b3/oXtS/7+W3/AMdo/tW9/wChe1L/AL+W3/x2tSiiz7h7SP8AIvx/zMv+1b3/AKF7Uv8Av5bf/HaP7Vvf+he1L/v5bf8Ax2tSiiz7h7SP8i/H/My/7Vvf+he1L/v5bf8Ax2j+1b3/AKF7Uv8Av5bf/Ha1KKLPuHtI/wAi/H/My/7Vvf8AoXtS/wC/lt/8do/tW9/6F7Uv+/lt/wDHa1KKLPuHtI/yL8f8zL/tW9/6F7Uv+/lt/wDHaP7Vvf8AoXtS/wC/lt/8drUoos+4e0j/ACL8f8zL/tW9/wChe1L/AL+W3/x2j+1b3/oXtS/7+W3/AMdrUoos+4e0j/Ivx/zMv+1b3/oXtS/7+W3/AMdo/tW9/wChe1L/AL+W3/x2tSiiz7h7SP8AIvx/zMv+1b3/AKF7Uv8Av5bf/HaP7Vvf+he1L/v5bf8Ax2tSiiz7h7SP8i/H/My/7Vvf+he1L/v5bf8Ax2j+1b3/AKF7Uv8Av5bf/Ha1KKLPuHtI/wAi/H/My/7Vvf8AoXtS/wC/lt/8do/tW9/6F7Uv+/lt/wDHa1KKLPuHtI/yL8f8zKOr3igk+H9SwP8Appb/APx2ov7en/6AOpf992//AMdrXl/1L/7prNp2fcPaR/kX4/5kX9vT/wDQB1L/AL7t/wD47R/b0/8A0AdS/wC+7f8A+O1LRRyvuHtY/wAi/H/Mi/t6f/oA6l/33b//AB2j+3p/+gDqX/fdv/8AHaloo5X3D2sf5F+P+ZF/b0//AEAdS/77t/8A47R/b0//AEAdS/77t/8A47UtFHK+4e1j/Ivx/wAyL+3p/wDoA6l/33b/APx2j+3p/wDoA6l/33b/APx2paKOV9w9rH+Rfj/mRf29P/0AdS/77t//AI7R/b0//QB1L/vu3/8AjtS0Ucr7h7WP8i/H/Mi/t6f/AKAOpf8Afdv/APHaP7en/wCgDqX/AH3b/wDx2paKOV9w9rH+Rfj/AJkX9vT/APQB1L/vu3/+O1L/AGteH/mX9S/7+W3/AMdorUX7o+lFn3D2sf5F+P8AmZn9q3v/AEL2pf8Afy2/+O0f2re/9C9qX/fy2/8AjtalFKz7h7SP8i/H/My/7Vvf+he1L/v5bf8Ax2j+1b3/AKF7Uv8Av5bf/Ha1KKLPuHtI/wAi/H/My/7Vvf8AoXtS/wC/lt/8do/tW9/6F7Uv+/lt/wDHa1KKLPuHtI/yL8f8zL/tW9/6F7Uv+/lt/wDHaP7Vvf8AoXtS/wC/lt/8drUoos+4e0j/ACL8f8zL/tW9/wChe1L/AL+W3/x2j+1b3/oXtS/7+W3/AMdrUoos+4e0j/Ivx/zMv+1b3/oXtS/7+W3/AMdo/tW9/wChe1L/AL+W3/x2tSiiz7h7SP8AIvx/zMv+1b3/AKF7Uv8Av5bf/HaP7Vvf+he1L/v5bf8Ax2tSiiz7h7SP8i/H/MKKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooqrf6lYaXAs+oXttaQs2wSXEqxqWwTjJI5wDx7UAWqKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqdhXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc15f9S/+6azary+MPDJicDxHpBOD/y+x/8AxVUP+Er8Of8AQwaV/wCBkf8AjRYLmvRWR/wlfhz/AKGDSv8AwMj/AMaP+Er8Of8AQwaV/wCBkf8AjRYLmvRWR/wlfhz/AKGDSv8AwMj/AMaP+Er8Of8AQwaV/wCBkf8AjRYLmvRWR/wlfhz/AKGDSv8AwMj/AMaP+Er8Of8AQwaV/wCBkf8AjRYLmvRWR/wlfhz/AKGDSv8AwMj/AMaP+Er8Of8AQwaV/wCBkf8AjRYLmvRWR/wlfhz/AKGDSv8AwMj/AMaP+Er8Of8AQwaV/wCBkf8AjRYLmvRWR/wlfhz/AKGDSv8AwMj/AMaP+Er8Of8AQwaV/wCBkf8AjRYLmvWov3R9K5T/AISvw5/0MGlf+Bkf+NaI8YeGNo/4qPSOn/P9F/8AFUWC5t0Vi/8ACYeGP+hj0j/wOi/+Ko/4TDwx/wBDHpH/AIHRf/FUWC5tUVi/8Jh4Y/6GPSP/AAOi/wDiqP8AhMPDH/Qx6R/4HRf/ABVFgubVFYv/AAmHhj/oY9I/8Dov/iqP+Ew8Mf8AQx6R/wCB0X/xVFgubVFYv/CYeGP+hj0j/wADov8A4qj/AITDwx/0Mekf+B0X/wAVRYLm1RWL/wAJh4Y/6GPSP/A6L/4qj/hMPDH/AEMekf8AgdF/8VRYLm1RWL/wmHhj/oY9I/8AA6L/AOKo/wCEw8Mf9DHpH/gdF/8AFUWC5tUVi/8ACYeGP+hj0j/wOi/+Ko/4TDwx/wBDHpH/AIHRf/FUWC5tUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAyX/Uv/ums2tKX/Uv/ALprNpgFFFFAgooooAKKKKACiiigAooooAKKKKACtRfuj6Vl1qL90fSkAtFFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiqt/pthqkCwahZW13CrbxHcRLIobBGcEHnBPPvQBaorF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mmI2qKxf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDiaANqisX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JoA2qKxf+EP8Mf9C5pH/gDF/wDE0f8ACH+GP+hc0j/wBi/+JoA2qKxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8AiaANqisX/hD/AAx/0Lmkf+AMX/xNH/CH+GP+hc0j/wAAYv8A4mgDaorF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/iaANqisX/hD/DH/QuaR/4Axf8AxNH/AAh/hj/oXNI/8AYv/iaANqisX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImgDaorF/4Q/wAMf9C5pH/gDF/8TR/wh/hj/oXNI/8AAGL/AOJoA2qKxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mgDaorF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mgDaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoA2qKxf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDiaANqisX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JoA2qKxf+EP8Mf9C5pH/gDF/wDE0f8ACH+GP+hc0j/wBi/+JoA2qKxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8AiaANqisX/hD/AAx/0Lmkf+AMX/xNH/CH+GP+hc0j/wAAYv8A4mgDaorF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/iaANqisX/hD/DH/QuaR/4Axf8AxNH/AAh/hj/oXNI/8AYv/iaANqisX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImgDaorF/4Q/wAMf9C5pH/gDF/8TR/wh/hj/oXNI/8AAGL/AOJoA2qKxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mgDaorF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mgDaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoA2qKxf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDiaANqisX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JoA2qKxf+EP8Mf9C5pH/gDF/wDE0f8ACH+GP+hc0j/wBi/+JoA2qKxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8AiaANqisX/hD/AAx/0Lmkf+AMX/xNH/CH+GP+hc0j/wAAYv8A4mgDaorF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/iaANqisX/hD/DH/QuaR/4Axf8AxNH/AAh/hj/oXNI/8AYv/iaANeX/AFL/AO6azary+D/DIicjw5pAOD/y5R//ABNUP+EU8Of9C/pX/gHH/hQBr0Vkf8Ip4c/6F/Sv/AOP/Cj/AIRTw5/0L+lf+Acf+FAGvRWR/wAIp4c/6F/Sv/AOP/Cj/hFPDn/Qv6V/4Bx/4UAa9FZH/CKeHP8AoX9K/wDAOP8Awo/4RTw5/wBC/pX/AIBx/wCFAGvRWR/winhz/oX9K/8AAOP/AAo/4RTw5/0L+lf+Acf+FAGvRWR/winhz/oX9K/8A4/8KP8AhFPDn/Qv6V/4Bx/4UAa9FZH/AAinhz/oX9K/8A4/8KP+EU8Of9C/pX/gHH/hQBr1qL90fSuU/wCEU8Of9C/pX/gHH/hWiPB/hjaP+Kc0jp/z4xf/ABNAG3RWL/wh/hj/AKFzSP8AwBi/+Jo/4Q/wx/0Lmkf+AMX/AMTQBtUVi/8ACH+GP+hc0j/wBi/+Jo/4Q/wx/wBC5pH/AIAxf/E0AbVFYv8Awh/hj/oXNI/8AYv/AImj/hD/AAx/0Lmkf+AMX/xNAG1RWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TQBtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0AbVFZf/CM6B/0A9N/8BI/8KP+EZ0D/oB6b/4CR/4VGpty0v5n9y/zNSisv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACjUOWl/M/uX+ZqUVl/8ACM6B/wBAPTf/AAEj/wAKP+EZ0D/oB6b/AOAkf+FGoctL+Z/cv8zUorL/AOEZ0D/oB6b/AOAkf+FH/CM6B/0A9N/8BI/8KNQ5aX8z+5f5mpRWX/wjOgf9APTf/ASP/Cj/AIRnQP8AoB6b/wCAkf8AhRqHLS/mf3L/ADNSisv/AIRnQP8AoB6b/wCAkf8AhR/wjOgf9APTf/ASP/CjUOWl/M/uX+ZqUVl/8IzoH/QD03/wEj/wo/4RnQP+gHpv/gJH/hRqHLS/mf3L/M1KKy/+EZ0D/oB6b/4CR/4Uf8IzoH/QD03/AMBI/wDCjUOWl/M/uX+ZqUVl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hRqHLS/mf3L/M1KKy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAKNQ5aX8z+5f5mpRWX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4Uahy0v5n9y/zNSisv8A4RnQP+gHpv8A4CR/4Uf8IzoH/QD03/wEj/wo1DlpfzP7l/malFZf/CM6B/0A9N/8BI/8KP8AhGdA/wCgHpv/AICR/wCFGoctL+Z/cv8AM1KKy/8AhGdA/wCgHpv/AICR/wCFH/CM6B/0A9N/8BI/8KNQ5aX8z+5f5mpRWX/wjOgf9APTf/ASP/Cj/hGdA/6Aem/+Akf+FGoctL+Z/cv8zUorL/4RnQP+gHpv/gJH/hR/wjOgf9APTf8AwEj/AMKNQ5aX8z+5f5mpRWX/AMIzoH/QD03/AMBI/wDCj/hGdA/6Aem/+Akf+FGoctL+Z/cv8zUorL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AAo1DlpfzP7l/malFZf/AAjOgf8AQD03/wABI/8ACj/hGdA/6Aem/wDgJH/hRqHLS/mf3L/M1KKy/wDhGdA/6Aem/wDgJH/hR/wjOgf9APTf/ASP/CjUOWl/M/uX+ZqUVl/8IzoH/QD03/wEj/wo/wCEZ0D/AKAem/8AgJH/AIUahy0v5n9y/wAzUorL/wCEZ0D/AKAem/8AgJH/AIUf8IzoH/QD03/wEj/wo1DlpfzP7l/malFZf/CM6B/0A9N/8BI/8KP+EZ0D/oB6b/4CR/4Uahy0v5n9y/zNSisv/hGdA/6Aem/+Akf+FH/CM6B/0A9N/wDASP8Awo1DlpfzP7l/malFZf8AwjOgf9APTf8AwEj/AMKP+EZ0D/oB6b/4CR/4Uahy0v5n9y/zNSisv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACjUOWl/M/uX+ZqUVl/8ACM6B/wBAPTf/AAEj/wAKP+EZ0D/oB6b/AOAkf+FGoctL+Z/cv8zUorL/AOEZ0D/oB6b/AOAkf+FH/CM6B/0A9N/8BI/8KNQ5aX8z+5f5mpRWX/wjOgf9APTf/ASP/Cj/AIRnQP8AoB6b/wCAkf8AhRqHLS/mf3L/ADNSisv/AIRnQP8AoB6b/wCAkf8AhR/wjOgf9APTf/ASP/CjUOWl/M/uX+ZqUVl/8IzoH/QD03/wEj/wo/4RnQP+gHpv/gJH/hRqHLS/mf3L/M1KKy/+EZ0D/oB6b/4CR/4Uf8IzoH/QD03/AMBI/wDCjUOWl/M/uX+ZqUVl/wDCM6B/0A9N/wDASP8AwqhP4d0MTMBo2ngZ7Wqf4U/eC1L+Z/cv8zo6K5j/AIR7RP8AoD6f/wCAyf4Uf8I9on/QH0//AMBk/wAKPeC1L+Z/cv8AM6eiuY/4R7RP+gPp/wD4DJ/hR/wj2if9AfT/APwGT/Cj3gtS/mf3L/M6eiuY/wCEe0T/AKA+n/8AgMn+FH/CPaJ/0B9P/wDAZP8ACj3gtS/mf3L/ADOnormP+Ee0T/oD6f8A+Ayf4Uf8I9on/QH0/wD8Bk/wo94LUv5n9y/zOnormP8AhHtE/wCgPp//AIDJ/hR/wj2if9AfT/8AwGT/AAo94LUv5n9y/wAzp6K5j/hHtE/6A+n/APgMn+FH/CPaJ/0B9P8A/AZP8KPeC1L+Z/cv8zp6K5j/AIR7RP8AoD6f/wCAyf4VbtfDehNGS2i6cee9qn+FHvBal/M/uX+ZuUVl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hS1DlpfzP7l/malFZf/CM6B/0A9N/8BI/8KP8AhGdA/wCgHpv/AICR/wCFGoctL+Z/cv8AM1KKy/8AhGdA/wCgHpv/AICR/wCFH/CM6B/0A9N/8BI/8KNQ5aX8z+5f5mpRWX/wjOgf9APTf/ASP/Cj/hGdA/6Aem/+Akf+FGoctL+Z/cv8zUorL/4RnQP+gHpv/gJH/hR/wjOgf9APTf8AwEj/AMKNQ5aX8z+5f5mpRWX/AMIzoH/QD03/AMBI/wDCj/hGdA/6Aem/+Akf+FGoctL+Z/cv8zUorL/4RnQP+gHpv/gJH/hVqz0yw07f9hsba18zG/yIlTdjpnA56n86eopKnb3W7+n/AAS1RRRTMwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAGS/6l/8AdNZtaUv+pf8A3TWbTAKKKKBBRRRQAUUUUAFFFFABRRRQAUUUUAFai/dH0rLrUX7o+lIBaKKKBhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZ1x/r3+taNZ1x/r3+tAEdFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABV2z/1Tf71Uqu2f+qb/AHqALFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVVv7Wa7gWODULmyYNuMlusZYjB4/eIwx+GeOtWqKAMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKdxWMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMKXRNQET/APFU6ueD/wAsrT/4xVD+xr//AKGXVf8Av3a//Ga6mX/Uv/ums2i4WMj+xr//AKGXVf8Av3a//GaP7Gv/APoZdV/792v/AMZrXoouFjI/sa//AOhl1X/v3a//ABmj+xr/AP6GXVf+/dr/APGa16KLhYyP7Gv/APoZdV/792v/AMZo/sa//wChl1X/AL92v/xmteii4WMj+xr/AP6GXVf+/dr/APGaP7Gv/wDoZdV/792v/wAZrXoouFjI/sa//wChl1X/AL92v/xmj+xr/wD6GXVf+/dr/wDGa16KLhYyP7Gv/wDoZdV/792v/wAZo/sa/wD+hl1X/v3a/wDxmteii4WMj+xr/wD6GXVf+/dr/wDGa0RomobR/wAVTq/T/nlaf/GKmrUX7o+lFwsY39iah/0NOr/9+rT/AOMUf2JqH/Q06v8A9+rT/wCMVtUUXCxi/wBiah/0NOr/APfq0/8AjFH9iah/0NOr/wDfq0/+MVtUUXCxi/2JqH/Q06v/AN+rT/4xR/Ymof8AQ06v/wB+rT/4xW1RRcLGL/Ymof8AQ06v/wB+rT/4xR/Ymof9DTq//fq0/wDjFbVFFwsYv9iah/0NOr/9+rT/AOMUf2JqH/Q06v8A9+rT/wCMVtUUXCxi/wBiah/0NOr/APfq0/8AjFH9iah/0NOr/wDfq0/+MVtUUXCxi/2JqH/Q06v/AN+rT/4xR/Ymof8AQ06v/wB+rT/4xW1RRcLGL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47W1RRcLGL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtbVFFwsYv8Awi2n/wDPxq//AIOLv/47R/wi2n/8/Gr/APg4u/8A47W1RRcLGL/wi2n/APPxq/8A4OLv/wCO0f8ACLaf/wA/Gr/+Di7/APjtbVFFwsYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtbVFFwsYv/AAi2n/8APxq//g4u/wD47R/wi2n/APPxq/8A4OLv/wCO1tUUXCxi/wDCLaf/AM/Gr/8Ag4u//jtH/CLaf/z8av8A+Di7/wDjtbVFFwsYv/CLaf8A8/Gr/wDg4u//AI7R/wAItp//AD8av/4OLv8A+O1tUUXCxi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O1tUUXCxi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7W1RRcLGL/AMItp/8Az8av/wCDi7/+O0f8Itp//Pxq/wD4OLv/AOO1tUUXCxi/8Itp/wDz8av/AODi7/8AjtH/AAi2n/8APxq//g4u/wD47W1RRcLGL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47W1RRcLGL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtbVFFwsYv8Awi2n/wDPxq//AIOLv/47R/wi2n/8/Gr/APg4u/8A47W1RRcLGL/wi2n/APPxq/8A4OLv/wCO0f8ACLaf/wA/Gr/+Di7/APjtbVFFwsYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtbVFFwsYv/AAi2n/8APxq//g4u/wD47R/wi2n/APPxq/8A4OLv/wCO1tUUXCxi/wDCLaf/AM/Gr/8Ag4u//jtH/CLaf/z8av8A+Di7/wDjtbVFFwsYv/CLaf8A8/Gr/wDg4u//AI7R/wAItp//AD8av/4OLv8A+O1tUUXCxi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O1tUUXCxi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7W1RRcLGL/AMItp/8Az8av/wCDi7/+O0f8Itp//Pxq/wD4OLv/AOO1tUUXCxi/8Itp/wDz8av/AODi7/8AjtH/AAi2n/8APxq//g4u/wD47W1RRcLGL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47W1RRcLGL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtbVFFwsYv8Awi2n/wDPxq//AIOLv/47R/wi2n/8/Gr/APg4u/8A47W1RRcLGL/wi2n/APPxq/8A4OLv/wCO0f8ACLaf/wA/Gr/+Di7/APjtbVFFwsYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtbVFFwsYv/AAi2n/8APxq//g4u/wD47R/wi2n/APPxq/8A4OLv/wCO1tUUXCxi/wDCLaf/AM/Gr/8Ag4u//jtH/CLaf/z8av8A+Di7/wDjtbVFFwsYv/CLaf8A8/Gr/wDg4u//AI7R/wAItp//AD8av/4OLv8A+O1tUUXCxi/8Itp//Pxq/wD4OLv/AOO1Qn8M2AmYfaNV699Wuv8A45XU1nXH+vf60XCxif8ACNWH/PfVf/Btdf8Axyj/AIRqw/576r/4Nrr/AOOVr0UXCxkf8I1Yf899V/8ABtdf/HKP+EasP+e+q/8Ag2uv/jla9FFwsZH/AAjVh/z31X/wbXX/AMco/wCEasP+e+q/+Da6/wDjla9FFwsZH/CNWH/PfVf/AAbXX/xyj/hGrD/nvqv/AINrr/45WvRRcLGR/wAI1Yf899V/8G11/wDHKP8AhGrD/nvqv/g2uv8A45WvRRcLGR/wjVh/z31X/wAG11/8co/4Rqw/576r/wCDa6/+OVr0UXCxkf8ACNWH/PfVf/Btdf8Axyrdr4Y09oyTcat17avdD/2pVyrtn/qm/wB6i4WM3/hFtP8A+fjV/wDwcXf/AMdo/wCEW0//AJ+NX/8ABxd//Ha2qKLhYxf+EW0//n41f/wcXf8A8do/4RbT/wDn41f/AMHF3/8AHa2qKLhYxf8AhFtP/wCfjV//AAcXf/x2j/hFtP8A+fjV/wDwcXf/AMdraoouFjF/4RbT/wDn41f/AMHF3/8AHaP+EW0//n41f/wcXf8A8draoouFjF/4RbT/APn41f8A8HF3/wDHaP8AhFtP/wCfjV//AAcXf/x2tqii4WMX/hFtP/5+NX/8HF3/APHaP+EW0/8A5+NX/wDBxd//AB2tqii4WMX/AIRbT/8An41f/wAHF3/8dq7p+l2+meZ5El4/mY3fabyWfGM9PMZsde2M/hV2ilcdgooqvdpdvEBZTwQybuWmhMgI9MBl56c5/CgaV3ZuxYorL+z6/wD9BLTf/BfJ/wDHqPs+v/8AQS03/wAF8n/x6pu+xp7OP86/H/I1KKy/s+v/APQS03/wXyf/AB6j7Pr/AP0EtN/8F8n/AMeou+wezj/Ovx/yNSisv7Pr/wD0EtN/8F8n/wAeo+z6/wD9BLTf/BfJ/wDHqLvsHs4/zr8f8jUorL+z6/8A9BLTf/BfJ/8AHqPs+v8A/QS03/wXyf8Ax6i77B7OP86/H/I1KKy/s+v/APQS03/wXyf/AB6j7Pr/AP0EtN/8F8n/AMeou+wezj/Ovx/yNSisv7Pr/wD0EtN/8F8n/wAeo+z6/wD9BLTf/BfJ/wDHqLvsHs4/zr8f8jUorL+z6/8A9BLTf/BfJ/8AHqPs+v8A/QS03/wXyf8Ax6i77B7OP86/H/I1KKy/s+v/APQS03/wXyf/AB6j7Pr/AP0EtN/8F8n/AMeou+wezj/Ovx/yNSisv7Pr/wD0EtN/8F8n/wAeo+z6/wD9BLTf/BfJ/wDHqLvsHs4/zr8f8jUorL+z6/8A9BLTf/BfJ/8AHqPs+v8A/QS03/wXyf8Ax6i77B7OP86/H/I1KKy/s+v/APQS03/wXyf/AB6j7Pr/AP0EtN/8F8n/AMeou+wezj/Ovx/yNSisv7Pr/wD0EtN/8F8n/wAeo+z6/wD9BLTf/BfJ/wDHqLvsHs4/zr8f8jUorL+z6/8A9BLTf/BfJ/8AHqPs+v8A/QS03/wXyf8Ax6i77B7OP86/H/I1KKy/s+v/APQS03/wXyf/AB6j7Pr/AP0EtN/8F8n/AMeou+wezj/Ovx/yNSisv7Pr/wD0EtN/8F8n/wAeo+z6/wD9BLTf/BfJ/wDHqLvsHs4/zr8f8jUorL+z6/8A9BLTf/BfJ/8AHqPs+v8A/QS03/wXyf8Ax6i77B7OP86/H/I1KKy/s+v/APQS03/wXyf/AB6j7Pr/AP0EtN/8F8n/AMeou+wezj/Ovx/yNSisv7Pr/wD0EtN/8F8n/wAeo+z6/wD9BLTf/BfJ/wDHqLvsHs4/zr8f8jUorL+z6/8A9BLTf/BfJ/8AHqPs+v8A/QS03/wXyf8Ax6i77B7OP86/H/I1KKy/s+v/APQS03/wXyf/AB6j7Pr/AP0EtN/8F8n/AMeou+wezj/Ovx/yNSisv7Pr/wD0EtN/8F8n/wAeo+z6/wD9BLTf/BfJ/wDHqLvsHs4/zr8f8jUorL+z6/8A9BLTf/BfJ/8AHqPs+v8A/QS03/wXyf8Ax6i77B7OP86/H/I1KKy/s+v/APQS03/wXyf/AB6j7Pr/AP0EtN/8F8n/AMeou+wezj/Ovx/yNSisv7Pr/wD0EtN/8F8n/wAeo+z6/wD9BLTf/BfJ/wDHqLvsHs4/zr8f8jUorL+z6/8A9BLTf/BfJ/8AHqPs+v8A/QS03/wXyf8Ax6i77B7OP86/H/I1KKy/s+v/APQS03/wXyf/AB6j7Pr/AP0EtN/8F8n/AMeou+wezj/Ovx/yNSisv7Pr/wD0EtN/8F8n/wAeo+z6/wD9BLTf/BfJ/wDHqLvsHs4/zr8f8jUorL+z6/8A9BLTf/BfJ/8AHqPs+v8A/QS03/wXyf8Ax6i77B7OP86/H/I1KKy/s+v/APQS03/wXyf/AB6j7Pr/AP0EtN/8F8n/AMeou+wezj/Ovx/yNSisv7Pr/wD0EtN/8F8n/wAeo+z6/wD9BLTf/BfJ/wDHqLvsHs4/zr8f8jUorL+z6/8A9BLTf/BfJ/8AHqPs+v8A/QS03/wXyf8Ax6i77B7OP86/H/I1KKy/s+v/APQS03/wXyf/AB6j7Pr/AP0EtN/8F8n/AMeou+wezj/Ovx/yNGX/AFL/AO6azaRrbXmUqdT03BGP+Qe//wAeqH+zNb/6Cmn/APgvf/49Tu+wezj/ADr8f8ieioP7M1v/AKCmn/8Agvf/AOPUf2Zrf/QU0/8A8F7/APx6jm8g9lH+dfj/AJE9FQf2Zrf/AEFNP/8ABe//AMeo/szW/wDoKaf/AOC9/wD49RzeQeyj/Ovx/wAieioP7M1v/oKaf/4L3/8Aj1H9ma3/ANBTT/8AwXv/APHqObyD2Uf51+P+RPRUH9ma3/0FNP8A/Be//wAeo/szW/8AoKaf/wCC9/8A49RzeQeyj/Ovx/yJ6Kg/szW/+gpp/wD4L3/+PUf2Zrf/AEFNP/8ABe//AMeo5vIPZR/nX4/5E9FQf2Zrf/QU0/8A8F7/APx6j+zNb/6Cmn/+C9//AI9RzeQeyj/Ovx/yJ61F+6PpWJ/Zmt/9BTT/APwXv/8AHqnFvrwGP7S03/wXyf8Ax6i77B7OP86/H/I1aKy/s+v/APQS03/wXyf/AB6j7Pr/AP0EtN/8F8n/AMepXfYPZx/nX4/5GpRWX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPUXfYPZx/nX4/5GpRWX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPUXfYPZx/nX4/5GpRWX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPUXfYPZx/nX4/5GpRWX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPUXfYPZx/nX4/5GpRWX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPUXfYPZx/nX4/5GpRWX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPUXfYPZx/nX4/5GpRWL9l8T/8AQX0j/wAFcv8A8kUfZfE//QX0j/wVy/8AyRVmJtUVi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFAG1RWL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFAG1RWL9l8T/wDQX0j/AMFcv/yRR9l8T/8AQX0j/wAFcv8A8kUAbVFYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkUAbVFYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRQBtUVi/ZfE//QX0j/wVy/8AyRR9l8T/APQX0j/wVy//ACRQBtUVi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFAG1RWL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFAG1RWL9l8T/wDQX0j/AMFcv/yRR9l8T/8AQX0j/wAFcv8A8kUAbVFYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkUAbVFYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRQBtUVi/ZfE//QX0j/wVy/8AyRR9l8T/APQX0j/wVy//ACRQBtUVi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFAG1RWL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFAG1RWL9l8T/wDQX0j/AMFcv/yRR9l8T/8AQX0j/wAFcv8A8kUAbVFYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkUAbVFYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRQBtUVi/ZfE//QX0j/wVy/8AyRR9l8T/APQX0j/wVy//ACRQBtUVi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFAG1RWL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFAG1RWL9l8T/wDQX0j/AMFcv/yRR9l8T/8AQX0j/wAFcv8A8kUAbVFYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkUAbVFYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRQBtUVi/ZfE//QX0j/wVy/8AyRR9l8T/APQX0j/wVy//ACRQBtUVi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFAG1RWL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFAG1RWL9l8T/wDQX0j/AMFcv/yRR9l8T/8AQX0j/wAFcv8A8kUAbVFYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkUAbVFYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRQBtUVi/ZfE//QX0j/wVy/8AyRR9l8T/APQX0j/wVy//ACRQBtUVi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFAG1Wdcf69/rVb7L4n/6C+kf+CuX/AOSKoT23iTzmzq2lE57aZJ/8foA1KKyPs3iP/oK6V/4LZP8A4/R9m8R/9BXSv/BbJ/8AH6ANeisj7N4j/wCgrpX/AILZP/j9H2bxH/0FdK/8Fsn/AMfoA16KyPs3iP8A6Culf+C2T/4/R9m8R/8AQV0r/wAFsn/x+gDXorI+zeI/+grpX/gtk/8Aj9H2bxH/ANBXSv8AwWyf/H6ANeisj7N4j/6Culf+C2T/AOP0fZvEf/QV0r/wWyf/AB+gDXorI+zeI/8AoK6V/wCC2T/4/R9m8R/9BXSv/BbJ/wDH6ANertn/AKpv96ub+zeI/wDoK6V/4LZP/j9W7W28S+Wdur6SOe+lyH/24oA6GisX7L4n/wCgvpH/AIK5f/kij7L4n/6C+kf+CuX/AOSKANqisX7L4n/6C+kf+CuX/wCSKPsvif8A6C+kf+CuX/5IoA2qKxfsvif/AKC+kf8Agrl/+SKPsvif/oL6R/4K5f8A5IoA2qKxfsvif/oL6R/4K5f/AJIo+y+J/wDoL6R/4K5f/kigDaorF+y+J/8AoL6R/wCCuX/5Io+y+J/+gvpH/grl/wDkigDaorF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SKANqisX7L4n/wCgvpH/AIK5f/kirunxapH5n9pXlncZx5f2a1aHb1zndI+e3pj37IZdooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACs64/17/WtGs64/wBe/wBaAI6KKKYgooooAKKKKACiiigAooooAKKKKACrtn/qm/3qpVds/wDVN/vUAWKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDketqimIxftXif/oEaR/4NJf8A5Ho+1eJ/+gRpH/g0l/8AketqigDF+1eJ/wDoEaR/4NJf/kej7V4n/wCgRpH/AINJf/ketqigDF+1eJ/+gRpH/g0l/wDkej7V4n/6BGkf+DSX/wCR62qKAMX7V4n/AOgRpH/g0l/+R6PtXif/AKBGkf8Ag0l/+R62qKAMX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHraooAxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HraooAxftXif/oEaR/4NJf8A5Ho+1eJ/+gRpH/g0l/8AketqigDF+1eJ/wDoEaR/4NJf/kej7V4n/wCgRpH/AINJf/ketqigDF+1eJ/+gRpH/g0l/wDkej7V4n/6BGkf+DSX/wCR62qKAMX7V4n/AOgRpH/g0l/+R6PtXif/AKBGkf8Ag0l/+R62qKAMX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHraooAxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HraooAxftXif/oEaR/4NJf8A5Ho+1eJ/+gRpH/g0l/8AketqigDF+1eJ/wDoEaR/4NJf/kej7V4n/wCgRpH/AINJf/ketqigDF+1eJ/+gRpH/g0l/wDkej7V4n/6BGkf+DSX/wCR62qKAMX7V4n/AOgRpH/g0l/+R6PtXif/AKBGkf8Ag0l/+R62qKAMX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHraooAxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HraooAxftXif/oEaR/4NJf8A5Ho+1eJ/+gRpH/g0l/8AketqigDF+1eJ/wDoEaR/4NJf/kej7V4n/wCgRpH/AINJf/ketqigDF+1eJ/+gRpH/g0l/wDkej7V4n/6BGkf+DSX/wCR62qKAMX7V4n/AOgRpH/g0l/+R6PtXif/AKBGkf8Ag0l/+R62qKAMX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHraooAxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HraooAxftXif/oEaR/4NJf8A5Ho+1eJ/+gRpH/g0l/8AketqigDF+1eJ/wDoEaR/4NJf/kej7V4n/wCgRpH/AINJf/ketqigDF+1eJ/+gRpH/g0l/wDkej7V4n/6BGkf+DSX/wCR62qKAMX7V4n/AOgRpH/g0l/+R6PtXif/AKBGkf8Ag0l/+R62qKAMX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHraooAxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HraooAxftXif/oEaR/4NJf8A5Ho+1eJ/+gRpH/g0l/8AketqigDF+1eJ/wDoEaR/4NJf/keqE9z4k85s6TpQOe2pyf8AxiuprOuP9e/1oAxPtPiP/oFaV/4MpP8A4xR9p8R/9ArSv/BlJ/8AGK16KAMj7T4j/wCgVpX/AIMpP/jFH2nxH/0CtK/8GUn/AMYrXooAyPtPiP8A6BWlf+DKT/4xR9p8R/8AQK0r/wAGUn/xiteigDI+0+I/+gVpX/gyk/8AjFH2nxH/ANArSv8AwZSf/GK16KAMj7T4j/6BWlf+DKT/AOMUfafEf/QK0r/wZSf/ABiteigDI+0+I/8AoFaV/wCDKT/4xR9p8R/9ArSv/BlJ/wDGK16KAMj7T4j/AOgVpX/gyk/+MVbtbnxL5Z26RpJ576pIP/berlXbP/VN/vUAZv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9bVFAGL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPW1RQBi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j1tUUAYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9bVFAGL9q8T/APQI0j/waS//ACPR9q8T/wDQI0j/AMGkv/yPW1RQBi/avE//AECNI/8ABpL/API9H2rxP/0CNI/8Gkv/AMj1tUUAYv2rxP8A9AjSP/BpL/8AI9XdPl1STzP7Ss7O3xjy/s10027rnO6NMdvXPt3u0UhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRWL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONU7CubVFYv/CU6f/z76v8A+Ce7/wDjVH/CU6f/AM++r/8Agnu//jVFgubVFYv/AAlOn/8APvq//gnu/wD41R/wlOn/APPvq/8A4J7v/wCNUWC5tUVi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVFgubVFYv/CU6f8A8++r/wDgnu//AI1R/wAJTp//AD76v/4J7v8A+NUWC5tUVi/8JTp//Pvq/wD4J7v/AONUf8JTp/8Az76v/wCCe7/+NUWC5tUVi/8ACU6f/wA++r/+Ce7/APjVH/CU6f8A8++r/wDgnu//AI1RYLm1RWL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONUWC5tUVi/8JTp/wDz76v/AOCe7/8AjVH/AAlOn/8APvq//gnu/wD41RYLm1RWL/wlOn/8++r/APgnu/8A41R/wlOn/wDPvq//AIJ7v/41RYLm1RWL/wAJTp//AD76v/4J7v8A+NUf8JTp/wDz76v/AOCe7/8AjVFgubVFYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41RYLm1RWL/wlOn/APPvq/8A4J7v/wCNUf8ACU6f/wA++r/+Ce7/APjVFgubVFYv/CU6f/z76v8A+Ce7/wDjVH/CU6f/AM++r/8Agnu//jVFgubVFYv/AAlOn/8APvq//gnu/wD41R/wlOn/APPvq/8A4J7v/wCNUWC5tUVi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVFgubVFYv/CU6f8A8++r/wDgnu//AI1R/wAJTp//AD76v/4J7v8A+NUWC5tUVi/8JTp//Pvq/wD4J7v/AONUf8JTp/8Az76v/wCCe7/+NUWC5tUVi/8ACU6f/wA++r/+Ce7/APjVH/CU6f8A8++r/wDgnu//AI1RYLm1RWL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONUWC5tUVi/8JTp/wDz76v/AOCe7/8AjVH/AAlOn/8APvq//gnu/wD41RYLm1RWL/wlOn/8++r/APgnu/8A41R/wlOn/wDPvq//AIJ7v/41RYLm1RWL/wAJTp//AD76v/4J7v8A+NUf8JTp/wDz76v/AOCe7/8AjVFgubVFYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41RYLm1RWL/wlOn/APPvq/8A4J7v/wCNUf8ACU6f/wA++r/+Ce7/APjVFgubVFYv/CU6f/z76v8A+Ce7/wDjVH/CU6f/AM++r/8Agnu//jVFgubVFYv/AAlOn/8APvq//gnu/wD41R/wlOn/APPvq/8A4J7v/wCNUWC5tUVi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVFgubVFYv/CU6f8A8++r/wDgnu//AI1R/wAJTp//AD76v/4J7v8A+NUWC5tUVi/8JTp//Pvq/wD4J7v/AONUf8JTp/8Az76v/wCCe7/+NUWC5tUVi/8ACU6f/wA++r/+Ce7/APjVH/CU6f8A8++r/wDgnu//AI1RYLm1RWL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONUWC5tVnXH+vf61W/4SnT/APn31f8A8E93/wDGqoT+JrAzMfs+q9e+k3X/AMbosFzUorI/4SWw/wCeGq/+Cm6/+N0f8JLYf88NV/8ABTdf/G6LBc16KyP+ElsP+eGq/wDgpuv/AI3R/wAJLYf88NV/8FN1/wDG6LBc16KyP+ElsP8Anhqv/gpuv/jdH/CS2H/PDVf/AAU3X/xuiwXNeisj/hJbD/nhqv8A4Kbr/wCN0f8ACS2H/PDVf/BTdf8AxuiwXNeisj/hJbD/AJ4ar/4Kbr/43R/wkth/zw1X/wAFN1/8bosFzXorI/4SWw/54ar/AOCm6/8AjdH/AAkth/zw1X/wU3X/AMbosFzXq7Z/6pv96ub/AOElsP8Anhqv/gpuv/jdW7XxPp6xkG31br20i6P/ALTosFzoaKxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8aosFzaorF/4SnT/+ffV//BPd/wDxqj/hKdP/AOffV/8AwT3f/wAaosFzaorF/wCEp0//AJ99X/8ABPd//GqP+Ep0/wD599X/APBPd/8AxqiwXNqisX/hKdP/AOffV/8AwT3f/wAao/4SnT/+ffV//BPd/wDxqiwXNqisX/hKdP8A+ffV/wDwT3f/AMao/wCEp0//AJ99X/8ABPd//GqLBc2qKxf+Ep0//n31f/wT3f8A8ao/4SnT/wDn31f/AME93/8AGqLBc2qKxf8AhKdP/wCffV//AAT3f/xqrun6pb6n5nkR3ieXjd9ps5YM5z08xVz07Zx+NKw7l2iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKzrj/Xv9a0azrj/Xv9aAI6KKKYgooooAKKKKACiiigAooooAKKKKACrtn/qm/wB6qVXbP/VN/vUAWKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDL/wCEm0D/AKDmm/8AgXH/AI0f8JNoH/Qc03/wLj/xrUoqdTXmpfyv71/kZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/41qUUahzUv5X96/yMv/hJtA/6Dmm/+Bcf+NH/AAk2gf8AQc03/wAC4/8AGtSijUOal/K/vX+Rl/8ACTaB/wBBzTf/AALj/wAaP+Em0D/oOab/AOBcf+NalFGoc1L+V/ev8jL/AOEm0D/oOab/AOBcf+NH/CTaB/0HNN/8C4/8a1KKNQ5qX8r+9f5GX/wk2gf9BzTf/AuP/Gj/AISbQP8AoOab/wCBcf8AjWpRRqHNS/lf3r/Iy/8AhJtA/wCg5pv/AIFx/wCNH/CTaB/0HNN/8C4/8a1KKNQ5qX8r+9f5GX/wk2gf9BzTf/AuP/Gj/hJtA/6Dmm/+Bcf+NalFGoc1L+V/ev8AIy/+Em0D/oOab/4Fx/40f8JNoH/Qc03/AMC4/wDGtSijUOal/K/vX+Rl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jWpRRqHNS/lf3r/Iy/+Em0D/oOab/4Fx/40f8ACTaB/wBBzTf/AALj/wAa1KKNQ5qX8r+9f5GX/wAJNoH/AEHNN/8AAuP/ABo/4SbQP+g5pv8A4Fx/41qUUahzUv5X96/yMv8A4SbQP+g5pv8A4Fx/40f8JNoH/Qc03/wLj/xrUoo1Dmpfyv71/kZf/CTaB/0HNN/8C4/8aP8AhJtA/wCg5pv/AIFx/wCNalFGoc1L+V/ev8jL/wCEm0D/AKDmm/8AgXH/AI0f8JNoH/Qc03/wLj/xrUoo1Dmpfyv71/kZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/41qUUahzUv5X96/wAjL/4SbQP+g5pv/gXH/jR/wk2gf9BzTf8AwLj/AMa1KKNQ5qX8r+9f5GX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NalFGoc1L+V/ev8jL/4SbQP+g5pv/gXH/jR/wAJNoH/AEHNN/8AAuP/ABrUoo1Dmpfyv71/kZf/AAk2gf8AQc03/wAC4/8AGj/hJtA/6Dmm/wDgXH/jWpRRqHNS/lf3r/Iy/wDhJtA/6Dmm/wDgXH/jR/wk2gf9BzTf/AuP/GtSijUOal/K/vX+Rl/8JNoH/Qc03/wLj/xo/wCEm0D/AKDmm/8AgXH/AI1qUUahzUv5X96/yMv/AISbQP8AoOab/wCBcf8AjR/wk2gf9BzTf/AuP/GtSijUOal/K/vX+Rl/8JNoH/Qc03/wLj/xo/4SbQP+g5pv/gXH/jWpRRqHNS/lf3r/ACMv/hJtA/6Dmm/+Bcf+NH/CTaB/0HNN/wDAuP8AxrUoo1Dmpfyv71/kZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/41qUUahzUv5X96/yMv/hJtA/6Dmm/+Bcf+NH/AAk2gf8AQc03/wAC4/8AGtSijUOal/K/vX+Rl/8ACTaB/wBBzTf/AALj/wAaP+Em0D/oOab/AOBcf+NalFGoc1L+V/ev8jL/AOEm0D/oOab/AOBcf+NH/CTaB/0HNN/8C4/8a1KKNQ5qX8r+9f5GX/wk2gf9BzTf/AuP/Gj/AISbQP8AoOab/wCBcf8AjWpRRqHNS/lf3r/Iy/8AhJtA/wCg5pv/AIFx/wCNH/CTaB/0HNN/8C4/8a1KKNQ5qX8r+9f5GX/wk2gf9BzTf/AuP/Gj/hJtA/6Dmm/+Bcf+NalFGoc1L+V/ev8AIy/+Em0D/oOab/4Fx/41Qn8RaGZmI1nTyM9rpP8AGujrOuP9e/1p+8HNS/lf3r/Iyf8AhIdE/wCgxp//AIEp/jR/wkOif9BjT/8AwJT/ABrSoo94Oal/K/vX+Rm/8JDon/QY0/8A8CU/xo/4SHRP+gxp/wD4Ep/jWlRR7wc1L+V/ev8AIzf+Eh0T/oMaf/4Ep/jR/wAJDon/AEGNP/8AAlP8a0qKPeDmpfyv71/kZv8AwkOif9BjT/8AwJT/ABo/4SHRP+gxp/8A4Ep/jWlRR7wc1L+V/ev8jN/4SHRP+gxp/wD4Ep/jR/wkOif9BjT/APwJT/GtKij3g5qX8r+9f5Gb/wAJDon/AEGNP/8AAlP8aP8AhIdE/wCgxp//AIEp/jWlRR7wc1L+V/ev8jN/4SHRP+gxp/8A4Ep/jVu18SaEsZDa1pw573Sf41PV2z/1Tf71HvBzUv5X96/yKf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/41qUUtQ5qX8r+9f5GX/wk2gf9BzTf/AuP/Gj/AISbQP8AoOab/wCBcf8AjWpRRqHNS/lf3r/Iy/8AhJtA/wCg5pv/AIFx/wCNH/CTaB/0HNN/8C4/8a1KKNQ5qX8r+9f5GX/wk2gf9BzTf/AuP/Gj/hJtA/6Dmm/+Bcf+NalFGoc1L+V/ev8AIy/+Em0D/oOab/4Fx/40f8JNoH/Qc03/AMC4/wDGtSijUOal/K/vX+Rl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jWpRRqHNS/lf3r/Iy/+Em0D/oOab/4Fx/41as9TsNR3/Yb62uvLxv8iVX256ZweOh/KrVFPUUnTt7qd/X/AIAUUUUzMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACs64/17/WtGs64/wBe/wBaAI6KKKYgooooAKKKKACiiigAooooAKKKKACrtn/qm/3qpVds/wDVN/vUAWKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDF/4RbT/+fjV//Bxd/wDx2j/hFtP/AOfjV/8AwcXf/wAdraop3FYxf+EW0/8A5+NX/wDBxd//AB2j/hFtP/5+NX/8HF3/APHa2qKLhYxf+EW0/wD5+NX/APBxd/8Ax2j/AIRbT/8An41f/wAHF3/8draoouFjF/4RbT/+fjV//Bxd/wDx2j/hFtP/AOfjV/8AwcXf/wAdraoouFjF/wCEW0//AJ+NX/8ABxd//HaP+EW0/wD5+NX/APBxd/8Ax2tqii4WMX/hFtP/AOfjV/8AwcXf/wAdo/4RbT/+fjV//Bxd/wDx2tqii4WMX/hFtP8A+fjV/wDwcXf/AMdo/wCEW0//AJ+NX/8ABxd//Ha2qKLhYxf+EW0//n41f/wcXf8A8do/4RbT/wDn41f/AMHF3/8AHa2qKLhYxf8AhFtP/wCfjV//AAcXf/x2j/hFtP8A+fjV/wDwcXf/AMdraoouFjF/4RbT/wDn41f/AMHF3/8AHaP+EW0//n41f/wcXf8A8draoouFjF/4RbT/APn41f8A8HF3/wDHaP8AhFtP/wCfjV//AAcXf/x2tqii4WMX/hFtP/5+NX/8HF3/APHaP+EW0/8A5+NX/wDBxd//AB2tqii4WMX/AIRbT/8An41f/wAHF3/8do/4RbT/APn41f8A8HF3/wDHa2qKLhYxf+EW0/8A5+NX/wDBxd//AB2j/hFtP/5+NX/8HF3/APHa2qKLhYxf+EW0/wD5+NX/APBxd/8Ax2j/AIRbT/8An41f/wAHF3/8draoouFjF/4RbT/+fjV//Bxd/wDx2j/hFtP/AOfjV/8AwcXf/wAdraoouFjF/wCEW0//AJ+NX/8ABxd//HaP+EW0/wD5+NX/APBxd/8Ax2tqii4WMX/hFtP/AOfjV/8AwcXf/wAdo/4RbT/+fjV//Bxd/wDx2tqii4WMX/hFtP8A+fjV/wDwcXf/AMdo/wCEW0//AJ+NX/8ABxd//Ha2qKLhYxf+EW0//n41f/wcXf8A8do/4RbT/wDn41f/AMHF3/8AHa2qKLhYxf8AhFtP/wCfjV//AAcXf/x2j/hFtP8A+fjV/wDwcXf/AMdraoouFjF/4RbT/wDn41f/AMHF3/8AHaP+EW0//n41f/wcXf8A8draoouFjF/4RbT/APn41f8A8HF3/wDHaP8AhFtP/wCfjV//AAcXf/x2tqii4WMX/hFtP/5+NX/8HF3/APHaP+EW0/8A5+NX/wDBxd//AB2tqii4WMX/AIRbT/8An41f/wAHF3/8do/4RbT/APn41f8A8HF3/wDHa2qKLhYxf+EW0/8A5+NX/wDBxd//AB2j/hFtP/5+NX/8HF3/APHa2qKLhYxf+EW0/wD5+NX/APBxd/8Ax2j/AIRbT/8An41f/wAHF3/8draoouFjF/4RbT/+fjV//Bxd/wDx2j/hFtP/AOfjV/8AwcXf/wAdraoouFjF/wCEW0//AJ+NX/8ABxd//HaP+EW0/wD5+NX/APBxd/8Ax2tqii4WMX/hFtP/AOfjV/8AwcXf/wAdo/4RbT/+fjV//Bxd/wDx2tqii4WMX/hFtP8A+fjV/wDwcXf/AMdo/wCEW0//AJ+NX/8ABxd//Ha2qKLhYxf+EW0//n41f/wcXf8A8do/4RbT/wDn41f/AMHF3/8AHa2qKLhYxf8AhFtP/wCfjV//AAcXf/x2qE/hmwEzD7RqvXvq11/8crqazrj/AF7/AFouFjE/4Rqw/wCe+q/+Da6/+OUf8I1Yf899V/8ABtdf/HK16KLhYyP+EasP+e+q/wDg2uv/AI5R/wAI1Yf899V/8G11/wDHK16KLhYyP+EasP8Anvqv/g2uv/jlH/CNWH/PfVf/AAbXX/xyteii4WMj/hGrD/nvqv8A4Nrr/wCOUf8ACNWH/PfVf/Btdf8Axyteii4WMj/hGrD/AJ76r/4Nrr/45R/wjVh/z31X/wAG11/8crXoouFjI/4Rqw/576r/AODa6/8AjlH/AAjVh/z31X/wbXX/AMcrXoouFjI/4Rqw/wCe+q/+Da6/+OVbtfDGntGSbjVuvbV7of8AtSrlXbP/AFTf71FwsZv/AAi2n/8APxq//g4u/wD47R/wi2n/APPxq/8A4OLv/wCO1tUUXCxi/wDCLaf/AM/Gr/8Ag4u//jtH/CLaf/z8av8A+Di7/wDjtbVFFwsYv/CLaf8A8/Gr/wDg4u//AI7R/wAItp//AD8av/4OLv8A+O1tUUXCxi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O1tUUXCxi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7W1RRcLGL/AMItp/8Az8av/wCDi7/+O0f8Itp//Pxq/wD4OLv/AOO1tUUXCxi/8Itp/wDz8av/AODi7/8AjtXdP0u30zzPIkvH8zG77TeSz4xnp5jNjr2xn8Ku0UrjsFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFYv9iah/0NOr/9+rT/AOMUf2JqH/Q06v8A9+rT/wCMUxG1RWL/AGJqH/Q06v8A9+rT/wCMUf2JqH/Q06v/AN+rT/4xQBtUVi/2JqH/AENOr/8Afq0/+MUf2JqH/Q06v/36tP8A4xQBtUVi/wBiah/0NOr/APfq0/8AjFH9iah/0NOr/wDfq0/+MUAbVFYv9iah/wBDTq//AH6tP/jFH9iah/0NOr/9+rT/AOMUAbVFYv8AYmof9DTq/wD36tP/AIxR/Ymof9DTq/8A36tP/jFAG1RWL/Ymof8AQ06v/wB+rT/4xR/Ymof9DTq//fq0/wDjFAG1RWL/AGJqH/Q06v8A9+rT/wCMUf2JqH/Q06v/AN+rT/4xQBtUVi/2JqH/AENOr/8Afq0/+MUf2JqH/Q06v/36tP8A4xQBtUVi/wBiah/0NOr/APfq0/8AjFH9iah/0NOr/wDfq0/+MUAbVFYv9iah/wBDTq//AH6tP/jFH9iah/0NOr/9+rT/AOMUAbVFYv8AYmof9DTq/wD36tP/AIxR/Ymof9DTq/8A36tP/jFAG1RWL/Ymof8AQ06v/wB+rT/4xR/Ymof9DTq//fq0/wDjFAG1RWL/AGJqH/Q06v8A9+rT/wCMUf2JqH/Q06v/AN+rT/4xQBtUVi/2JqH/AENOr/8Afq0/+MUf2JqH/Q06v/36tP8A4xQBtUVi/wBiah/0NOr/APfq0/8AjFH9iah/0NOr/wDfq0/+MUAbVFYv9iah/wBDTq//AH6tP/jFH9iah/0NOr/9+rT/AOMUAbVFYv8AYmof9DTq/wD36tP/AIxR/Ymof9DTq/8A36tP/jFAG1RWL/Ymof8AQ06v/wB+rT/4xR/Ymof9DTq//fq0/wDjFAG1RWL/AGJqH/Q06v8A9+rT/wCMUf2JqH/Q06v/AN+rT/4xQBtUVi/2JqH/AENOr/8Afq0/+MUf2JqH/Q06v/36tP8A4xQBtUVi/wBiah/0NOr/APfq0/8AjFH9iah/0NOr/wDfq0/+MUAbVFYv9iah/wBDTq//AH6tP/jFH9iah/0NOr/9+rT/AOMUAbVFYv8AYmof9DTq/wD36tP/AIxR/Ymof9DTq/8A36tP/jFAG1RWL/Ymof8AQ06v/wB+rT/4xR/Ymof9DTq//fq0/wDjFAG1RWL/AGJqH/Q06v8A9+rT/wCMUf2JqH/Q06v/AN+rT/4xQBtUVi/2JqH/AENOr/8Afq0/+MUf2JqH/Q06v/36tP8A4xQBtUVi/wBiah/0NOr/APfq0/8AjFH9iah/0NOr/wDfq0/+MUAbVFYv9iah/wBDTq//AH6tP/jFH9iah/0NOr/9+rT/AOMUAbVFYv8AYmof9DTq/wD36tP/AIxR/Ymof9DTq/8A36tP/jFAG1RWL/Ymof8AQ06v/wB+rT/4xR/Ymof9DTq//fq0/wDjFAG1RWL/AGJqH/Q06v8A9+rT/wCMUf2JqH/Q06v/AN+rT/4xQBtVnXH+vf61W/sTUP8AoadX/wC/Vp/8YqhPo1+JmH/CTaqeepjtf/jNAGpRWR/Y1/8A9DLqv/fu1/8AjNH9jX//AEMuq/8Afu1/+M0Aa9FZH9jX/wD0Muq/9+7X/wCM0f2Nf/8AQy6r/wB+7X/4zQBr0Vkf2Nf/APQy6r/37tf/AIzR/Y1//wBDLqv/AH7tf/jNAGvRWR/Y1/8A9DLqv/fu1/8AjNH9jX//AEMuq/8Afu1/+M0Aa9FZH9jX/wD0Muq/9+7X/wCM0f2Nf/8AQy6r/wB+7X/4zQBr0Vkf2Nf/APQy6r/37tf/AIzR/Y1//wBDLqv/AH7tf/jNAGvV2z/1Tf71c3/Y1/8A9DLqv/fu1/8AjNW7XRdQMZx4o1Yc9orX/wCMUAdDRWL/AGJqH/Q06v8A9+rT/wCMUf2JqH/Q06v/AN+rT/4xQBtUVi/2JqH/AENOr/8Afq0/+MUf2JqH/Q06v/36tP8A4xQBtUVi/wBiah/0NOr/APfq0/8AjFH9iah/0NOr/wDfq0/+MUAbVFYv9iah/wBDTq//AH6tP/jFH9iah/0NOr/9+rT/AOMUAbVFYv8AYmof9DTq/wD36tP/AIxR/Ymof9DTq/8A36tP/jFAG1RWL/Ymof8AQ06v/wB+rT/4xR/Ymof9DTq//fq0/wDjFAG1RWL/AGJqH/Q06v8A9+rT/wCMVd0+xuLPzPP1W8v9+Nv2lYhsxnp5aL1z3z07Uhl2iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKzrj/Xv9a0azrj/Xv9aAI6KKKYgooooAKKKKACiiigAooooAKKKKACrtn/AKpv96qVXbP/AFTf71AFiiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAy/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoqbPua+0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaoTz655zZ07Twc9r5//jNdHWdcf69/rTs+4e0j/Ivx/wAzJ8/W/wDoH6f/AOBz/wDxmjz9b/6B+n/+Bz//ABmtKiiz7h7SP8i/H/MzfP1v/oH6f/4HP/8AGaPP1v8A6B+n/wDgc/8A8ZrSoos+4e0j/Ivx/wAzN8/W/wDoH6f/AOBz/wDxmjz9b/6B+n/+Bz//ABmtKiiz7h7SP8i/H/MzfP1v/oH6f/4HP/8AGaPP1v8A6B+n/wDgc/8A8ZrSoos+4e0j/Ivx/wAzN8/W/wDoH6f/AOBz/wDxmjz9b/6B+n/+Bz//ABmtKiiz7h7SP8i/H/MzfP1v/oH6f/4HP/8AGaPP1v8A6B+n/wDgc/8A8ZrSoos+4e0j/Ivx/wAzN8/W/wDoH6f/AOBz/wDxmrdrPrvlnbp2nHnvfuP/AGjU9XbP/VN/vUWfcPaR/kX4/wCZT+0a/wD9A3Tf/BhJ/wDGaPtGv/8AQN03/wAGEn/xmtSilZ9w9pH+Rfj/AJmX9o1//oG6b/4MJP8A4zR9o1//AKBum/8Agwk/+M1qUUWfcPaR/kX4/wCZl/aNf/6Bum/+DCT/AOM0faNf/wCgbpv/AIMJP/jNalFFn3D2kf5F+P8AmZf2jX/+gbpv/gwk/wDjNH2jX/8AoG6b/wCDCT/4zWpRRZ9w9pH+Rfj/AJmX9o1//oG6b/4MJP8A4zR9o1//AKBum/8Agwk/+M1qUUWfcPaR/kX4/wCZl/aNf/6Bum/+DCT/AOM0faNf/wCgbpv/AIMJP/jNalFFn3D2kf5F+P8AmZf2jX/+gbpv/gwk/wDjNWrOS/ff9utraHGNnkXDS59c5RcdvWrVFO3mKU4tWUUvv/zCiiimZhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP07CubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1Wdcf69/rVb+29Q/6FbV/wDv7af/AB+qE+s35mY/8Izqo56GS1/+PUWC5qUVkf2zf/8AQtar/wB/LX/49R/bN/8A9C1qv/fy1/8Aj1Fgua9FZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49RYLmvRWR/bN/8A9C1qv/fy1/8Aj1H9s3//AELWq/8Afy1/+PUWC5r0Vkf2zf8A/Qtar/38tf8A49R/bN//ANC1qv8A38tf/j1Fgua9FZH9s3//AELWq/8Afy1/+PUf2zf/APQtar/38tf/AI9RYLmvRWR/bN//ANC1qv8A38tf/j1H9s3/AP0LWq/9/LX/AOPUWC5r1ds/9U3+9XN/2zf/APQtar/38tf/AI9Vu11rUBGceF9WPPaW1/8Aj9FgudDRWL/beof9Ctq//f20/wDj9H9t6h/0K2r/APf20/8Aj9FgubVFYv8Abeof9Ctq/wD39tP/AI/R/beof9Ctq/8A39tP/j9FgubVFYv9t6h/0K2r/wDf20/+P0f23qH/AEK2r/8Af20/+P0WC5tUVi/23qH/AEK2r/8Af20/+P0f23qH/Qrav/39tP8A4/RYLm1RWL/beof9Ctq//f20/wDj9H9t6h/0K2r/APf20/8Aj9FgubVFYv8Abeof9Ctq/wD39tP/AI/R/beof9Ctq/8A39tP/j9FgubVFYv9t6h/0K2r/wDf20/+P1d0++uLzzPP0q8sNmNv2lojvznp5bt0x3x170hl2iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKzrj/AF7/AFrRrOuP9e/1oAjooopiCiiigAooooAKKKKACiiigAooooAKu2f+qb/eqlV2z/1Tf71AFiiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KraopiMX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiq2qKAMX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KraooAxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KraooAxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8Aiq2qKAMX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiq2qKAMX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KraooAxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KraooAxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8Aiq2qKAMX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiq2qKAMX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KraooAxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KraooAxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8Aiq2qKAMX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiq2qKAMX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KraooAxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KraooAxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8Aiq2qKAMX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiq2qKAMX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KraooAxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KraooAxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8Aiq2qKAMX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiq2qKAMX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KraooAxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KraooAxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8Aiq2qKAMX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiq2qKAMX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KraooAxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KraooAxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8Aiq2qKAMX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiq2qKAMX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KraooAxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KraooAxf+Ew8Mf8AQx6R/wCB0X/xVUJ/FnhszMR4g0ojPa9j/wAa6ms64/17/WgDE/4Svw5/0MGlf+Bkf+NH/CV+HP8AoYNK/wDAyP8AxrXooAyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABrXooAyP+Er8Of9DBpX/gZH/jR/wlfhz/oYNK/8DI/8a16KAMj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8a16KAMj/hK/Dn/QwaV/4GR/40f8JX4c/wChg0r/AMDI/wDGteigDI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGteigDI/4Svw5/0MGlf+Bkf+NW7Xxd4aWMhvEWkjnvex/wDxVXKu2f8Aqm/3qAM3/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiq2qKAMX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KraooAxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KraooAxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8Aiq2qKAMX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiq2qKAMX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KraooAxf+Ew8Mf9DHpH/gdF/wDFVd0/WNL1bzP7N1KzvPKx5n2adZNmc4ztJxnB/KrtFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWdcf69/rWjWdcf69/rQBHRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAVds/9U3+9VKrtn/qm/wB6gCxRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZf8AwjOgf9APTf8AwEj/AMKP+EZ0D/oB6b/4CR/4VqUVPKuxr9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4VqUUcq7B9Yq/wAz+9mX/wAIzoH/AEA9N/8AASP/AAqhP4d0MTMBo2ngZ7Wqf4V0dZ1x/r3+tPlj2D6xV/mf3syf+Ee0T/oD6f8A+Ayf4Uf8I9on/QH0/wD8Bk/wrSoo5Y9g+sVf5n97M3/hHtE/6A+n/wDgMn+FH/CPaJ/0B9P/APAZP8K0qKOWPYPrFX+Z/ezN/wCEe0T/AKA+n/8AgMn+FH/CPaJ/0B9P/wDAZP8ACtKijlj2D6xV/mf3szf+Ee0T/oD6f/4DJ/hR/wAI9on/AEB9P/8AAZP8K0qKOWPYPrFX+Z/ezN/4R7RP+gPp/wD4DJ/hR/wj2if9AfT/APwGT/CtKijlj2D6xV/mf3szf+Ee0T/oD6f/AOAyf4Uf8I9on/QH0/8A8Bk/wrSoo5Y9g+sVf5n97M3/AIR7RP8AoD6f/wCAyf4VbtfDehNGS2i6cee9qn+FT1ds/wDVN/vUcsewfWKv8z+9lP8A4RnQP+gHpv8A4CR/4Uf8IzoH/QD03/wEj/wrUopcq7B9Yq/zP72Zf/CM6B/0A9N/8BI/8KP+EZ0D/oB6b/4CR/4VqUUcq7B9Yq/zP72Zf/CM6B/0A9N/8BI/8KP+EZ0D/oB6b/4CR/4VqUUcq7B9Yq/zP72Zf/CM6B/0A9N/8BI/8KP+EZ0D/oB6b/4CR/4VqUUcq7B9Yq/zP72Zf/CM6B/0A9N/8BI/8KP+EZ0D/oB6b/4CR/4VqUUcq7B9Yq/zP72Zf/CM6B/0A9N/8BI/8KP+EZ0D/oB6b/4CR/4VqUUcq7B9Yq/zP72Zf/CM6B/0A9N/8BI/8KtWemWGnb/sNjbWvmY3+REqbsdM4HPU/nVqinypClWqSVpSbXqFFFFMzCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKy/7Kvf+hh1L/v3bf8Axqj+yr3/AKGHUv8Av3bf/Gqm77Gvs4/zr8f8jUorL/sq9/6GHUv+/dt/8ao/sq9/6GHUv+/dt/8AGqLvsHs4/wA6/H/I1KKy/wCyr3/oYdS/7923/wAao/sq9/6GHUv+/dt/8aou+wezj/Ovx/yNSisv+yr3/oYdS/7923/xqj+yr3/oYdS/7923/wAaou+wezj/ADr8f8jUorL/ALKvf+hh1L/v3bf/ABqj+yr3/oYdS/7923/xqi77B7OP86/H/I1KKy/7Kvf+hh1L/v3bf/GqP7Kvf+hh1L/v3bf/ABqi77B7OP8AOvx/yNSisv8Asq9/6GHUv+/dt/8AGqP7Kvf+hh1L/v3bf/GqLvsHs4/zr8f8jUorL/sq9/6GHUv+/dt/8ao/sq9/6GHUv+/dt/8AGqLvsHs4/wA6/H/I1KKy/wCyr3/oYdS/7923/wAao/sq9/6GHUv+/dt/8aou+wezj/Ovx/yNSisv+yr3/oYdS/7923/xqj+yr3/oYdS/7923/wAaou+wezj/ADr8f8jUorL/ALKvf+hh1L/v3bf/ABqj+yr3/oYdS/7923/xqi77B7OP86/H/I1KKy/7Kvf+hh1L/v3bf/GqP7Kvf+hh1L/v3bf/ABqi77B7OP8AOvx/yNSisv8Asq9/6GHUv+/dt/8AGqP7Kvf+hh1L/v3bf/GqLvsHs4/zr8f8jUorL/sq9/6GHUv+/dt/8ao/sq9/6GHUv+/dt/8AGqLvsHs4/wA6/H/I1KKy/wCyr3/oYdS/7923/wAao/sq9/6GHUv+/dt/8aou+wezj/Ovx/yNSisv+yr3/oYdS/7923/xqj+yr3/oYdS/7923/wAaou+wezj/ADr8f8jUorL/ALKvf+hh1L/v3bf/ABqj+yr3/oYdS/7923/xqi77B7OP86/H/I1KKy/7Kvf+hh1L/v3bf/GqP7Kvf+hh1L/v3bf/ABqi77B7OP8AOvx/yNSisv8Asq9/6GHUv+/dt/8AGqP7Kvf+hh1L/v3bf/GqLvsHs4/zr8f8jUorL/sq9/6GHUv+/dt/8ao/sq9/6GHUv+/dt/8AGqLvsHs4/wA6/H/I1KKy/wCyr3/oYdS/7923/wAao/sq9/6GHUv+/dt/8aou+wezj/Ovx/yNSisv+yr3/oYdS/7923/xqj+yr3/oYdS/7923/wAaou+wezj/ADr8f8jUorL/ALKvf+hh1L/v3bf/ABqj+yr3/oYdS/7923/xqi77B7OP86/H/I1KKy/7Kvf+hh1L/v3bf/GqP7Kvf+hh1L/v3bf/ABqi77B7OP8AOvx/yNSisv8Asq9/6GHUv+/dt/8AGqP7Kvf+hh1L/v3bf/GqLvsHs4/zr8f8jUorL/sq9/6GHUv+/dt/8ao/sq9/6GHUv+/dt/8AGqLvsHs4/wA6/H/I1KKy/wCyr3/oYdS/7923/wAao/sq9/6GHUv+/dt/8aou+wezj/Ovx/yNSisv+yr3/oYdS/7923/xqj+yr3/oYdS/7923/wAaou+wezj/ADr8f8jUorL/ALKvf+hh1L/v3bf/ABqj+yr3/oYdS/7923/xqi77B7OP86/H/I1KKy/7Kvf+hh1L/v3bf/GqP7Kvf+hh1L/v3bf/ABqi77B7OP8AOvx/yNSisv8Asq9/6GHUv+/dt/8AGqP7Kvf+hh1L/v3bf/GqLvsHs4/zr8f8jUorL/sq9/6GHUv+/dt/8ao/sq9/6GHUv+/dt/8AGqLvsHs4/wA6/H/I1Kzrj/Xv9aZ/ZV7/ANDDqX/fu2/+NVQn0y7EzD+3dQPPUpb/APxqnd9g9nH+dfj/AJF6is3+zLv/AKDmof8AfEH/AMao/sy7/wCg5qH/AHxB/wDGqLvsHs4/zr8f8jSorN/sy7/6Dmof98Qf/GqP7Mu/+g5qH/fEH/xqi77B7OP86/H/ACNKis3+zLv/AKDmof8AfEH/AMao/sy7/wCg5qH/AHxB/wDGqLvsHs4/zr8f8jSorN/sy7/6Dmof98Qf/GqP7Mu/+g5qH/fEH/xqi77B7OP86/H/ACNKis3+zLv/AKDmof8AfEH/AMao/sy7/wCg5qH/AHxB/wDGqLvsHs4/zr8f8jSorN/sy7/6Dmof98Qf/GqP7Mu/+g5qH/fEH/xqi77B7OP86/H/ACNKrtn/AKpv96sD+zLv/oOah/3xB/8AGqt2ul3hjONf1Ec9o7f/AONUXfYPZx/nX4/5G5RWX/ZV7/0MOpf9+7b/AONUf2Ve/wDQw6l/37tv/jVK77B7OP8AOvx/yNSisv8Asq9/6GHUv+/dt/8AGqP7Kvf+hh1L/v3bf/GqLvsHs4/zr8f8jUorL/sq9/6GHUv+/dt/8ao/sq9/6GHUv+/dt/8AGqLvsHs4/wA6/H/I1KKy/wCyr3/oYdS/7923/wAao/sq9/6GHUv+/dt/8aou+wezj/Ovx/yNSisv+yr3/oYdS/7923/xqj+yr3/oYdS/7923/wAaou+wezj/ADr8f8jUorL/ALKvf+hh1L/v3bf/ABqj+yr3/oYdS/7923/xqi77B7OP86/H/I1KKy/7Kvf+hh1L/v3bf/GqtWdpNa7/ADtQubvdjHnrGNv02IvX3z0p38hShFK6kn9/+RaooopmYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZ1x/r3+taNZ1x/r3+tAEdFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABV2z/ANU3+9VKrtn/AKpv96gCxRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFO4rGL9l8T/8AQX0j/wAFcv8A8kUfZfE//QX0j/wVy/8AyRW1RRcLGL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFbVFFwsYv2XxP8A9BfSP/BXL/8AJFH2XxP/ANBfSP8AwVy//JFbVFFwsYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRW1RRcLGL9l8T/8AQX0j/wAFcv8A8kUfZfE//QX0j/wVy/8AyRW1RRcLGL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFbVFFwsYv2XxP8A9BfSP/BXL/8AJFH2XxP/ANBfSP8AwVy//JFbVFFwsYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRW1RRcLGL9l8T/8AQX0j/wAFcv8A8kUfZfE//QX0j/wVy/8AyRW1RRcLGL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFbVFFwsYv2XxP8A9BfSP/BXL/8AJFH2XxP/ANBfSP8AwVy//JFbVFFwsYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRW1RRcLGL9l8T/8AQX0j/wAFcv8A8kUfZfE//QX0j/wVy/8AyRW1RRcLGL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFbVFFwsYv2XxP8A9BfSP/BXL/8AJFH2XxP/ANBfSP8AwVy//JFbVFFwsYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRW1RRcLGL9l8T/8AQX0j/wAFcv8A8kUfZfE//QX0j/wVy/8AyRW1RRcLGL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFbVFFwsYv2XxP8A9BfSP/BXL/8AJFH2XxP/ANBfSP8AwVy//JFbVFFwsYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRW1RRcLGL9l8T/8AQX0j/wAFcv8A8kUfZfE//QX0j/wVy/8AyRW1RRcLGL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFbVFFwsYv2XxP8A9BfSP/BXL/8AJFH2XxP/ANBfSP8AwVy//JFbVFFwsYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRW1RRcLGL9l8T/8AQX0j/wAFcv8A8kUfZfE//QX0j/wVy/8AyRW1RRcLGL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFbVFFwsYv2XxP8A9BfSP/BXL/8AJFH2XxP/ANBfSP8AwVy//JFbVFFwsYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRW1RRcLGL9l8T/8AQX0j/wAFcv8A8kUfZfE//QX0j/wVy/8AyRW1RRcLGL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFbVFFwsYv2XxP8A9BfSP/BXL/8AJFH2XxP/ANBfSP8AwVy//JFbVFFwsYv2XxP/ANBfSP8AwVy//JFUJ7bxJ5zZ1bSic9tMk/8Aj9dTWdcf69/rRcLGJ9m8R/8AQV0r/wAFsn/x+j7N4j/6Culf+C2T/wCP1r0UXCxkfZvEf/QV0r/wWyf/AB+j7N4j/wCgrpX/AILZP/j9a9FFwsZH2bxH/wBBXSv/AAWyf/H6Ps3iP/oK6V/4LZP/AI/WvRRcLGR9m8R/9BXSv/BbJ/8AH6Ps3iP/AKCulf8Agtk/+P1r0UXCxkfZvEf/AEFdK/8ABbJ/8fo+zeI/+grpX/gtk/8Aj9a9FFwsZH2bxH/0FdK/8Fsn/wAfo+zeI/8AoK6V/wCC2T/4/WvRRcLGR9m8R/8AQV0r/wAFsn/x+rdrbeJfLO3V9JHPfS5D/wC3FXKu2f8Aqm/3qLhYzfsvif8A6C+kf+CuX/5Io+y+J/8AoL6R/wCCuX/5IraoouFjF+y+J/8AoL6R/wCCuX/5Io+y+J/+gvpH/grl/wDkitqii4WMX7L4n/6C+kf+CuX/AOSKPsvif/oL6R/4K5f/AJIraoouFjF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SK2qKLhYxfsvif8A6C+kf+CuX/5Io+y+J/8AoL6R/wCCuX/5IraoouFjF+y+J/8AoL6R/wCCuX/5Io+y+J/+gvpH/grl/wDkitqii4WMX7L4n/6C+kf+CuX/AOSKu6fFqkfmf2leWdxnHl/ZrVodvXOd0j57emPftdopDCq93by3MQSK8ntGDZ3whCSPT51YY/DPFWKKBp2d0Zf9lXv/AEMOpf8Afu2/+NUf2Ve/9DDqX/fu2/8AjValFTyo09tLsvuX+Rl/2Ve/9DDqX/fu2/8AjVH9lXv/AEMOpf8Afu2/+NVqUUcqD20uy+5f5GX/AGVe/wDQw6l/37tv/jVH9lXv/Qw6l/37tv8A41WpRRyoPbS7L7l/kZf9lXv/AEMOpf8Afu2/+NUf2Ve/9DDqX/fu2/8AjValFHKg9tLsvuX+Rl/2Ve/9DDqX/fu2/wDjVH9lXv8A0MOpf9+7b/41WpRRyoPbS7L7l/kZf9lXv/Qw6l/37tv/AI1R/ZV7/wBDDqX/AH7tv/jValFHKg9tLsvuX+Rl/wBlXv8A0MOpf9+7b/41R/ZV7/0MOpf9+7b/AONVqUUcqD20uy+5f5GX/ZV7/wBDDqX/AH7tv/jVH9lXv/Qw6l/37tv/AI1WpRRyoPbS7L7l/kZf9lXv/Qw6l/37tv8A41R/ZV7/ANDDqX/fu2/+NVqUUcqD20uy+5f5GX/ZV7/0MOpf9+7b/wCNUf2Ve/8AQw6l/wB+7b/41WpRRyoPbS7L7l/kZf8AZV7/ANDDqX/fu2/+NUf2Ve/9DDqX/fu2/wDjValFHKg9tLsvuX+Rl/2Ve/8AQw6l/wB+7b/41R/ZV7/0MOpf9+7b/wCNVqUUcqD20uy+5f5GX/ZV7/0MOpf9+7b/AONUf2Ve/wDQw6l/37tv/jValFHKg9tLsvuX+Rl/2Ve/9DDqX/fu2/8AjVH9lXv/AEMOpf8Afu2/+NVqUUcqD20uy+5f5GX/AGVe/wDQw6l/37tv/jVH9lXv/Qw6l/37tv8A41WpRRyoPbS7L7l/kZf9lXv/AEMOpf8Afu2/+NUf2Ve/9DDqX/fu2/8AjValFHKg9tLsvuX+Rl/2Ve/9DDqX/fu2/wDjVH9lXv8A0MOpf9+7b/41WpRRyoPbS7L7l/kZf9lXv/Qw6l/37tv/AI1R/ZV7/wBDDqX/AH7tv/jValFHKg9tLsvuX+Rl/wBlXv8A0MOpf9+7b/41R/ZV7/0MOpf9+7b/AONVqUUcqD20uy+5f5GX/ZV7/wBDDqX/AH7tv/jVH9lXv/Qw6l/37tv/AI1WpRRyoPbS7L7l/kZf9lXv/Qw6l/37tv8A41R/ZV7/ANDDqX/fu2/+NVqUUcqD20uy+5f5GX/ZV7/0MOpf9+7b/wCNUf2Ve/8AQw6l/wB+7b/41WpRRyoPbS7L7l/kZf8AZV7/ANDDqX/fu2/+NUf2Ve/9DDqX/fu2/wDjValFHKg9tLsvuX+Rl/2Ve/8AQw6l/wB+7b/41R/ZV7/0MOpf9+7b/wCNVqUUcqD20uy+5f5GX/ZV7/0MOpf9+7b/AONUf2Ve/wDQw6l/37tv/jValFHKg9tLsvuX+Rl/2Ve/9DDqX/fu2/8AjVH9lXv/AEMOpf8Afu2/+NVqUUcqD20uy+5f5GX/AGVe/wDQw6l/37tv/jVH9lXv/Qw6l/37tv8A41WpRRyoPbS7L7l/kZf9lXv/AEMOpf8Afu2/+NUf2Ve/9DDqX/fu2/8AjValFHKg9tLsvuX+Rl/2Ve/9DDqX/fu2/wDjVH9lXv8A0MOpf9+7b/41WpRRyoPbS7L7l/kZf9lXv/Qw6l/37tv/AI1R/ZV7/wBDDqX/AH7tv/jValFHKg9tLsvuX+Rl/wBlXv8A0MOpf9+7b/41R/ZV7/0MOpf9+7b/AONVqUUcqD20uy+5f5GX/ZV7/wBDDqX/AH7tv/jVH9lXv/Qw6l/37tv/AI1WpRRyoPbS7L7l/kZf9lXv/Qw6l/37tv8A41R/ZV7/ANDDqX/fu2/+NVqUUcqD20uy+5f5GX/ZV7/0MOpf9+7b/wCNUf2Ve/8AQw6l/wB+7b/41WpRRyoPbS7L7l/kZf8AZV7/ANDDqX/fu2/+NUf2Ve/9DDqX/fu2/wDjValFHKg9tLsvuX+Rl/2Ve/8AQw6l/wB+7b/41R/ZV7/0MOpf9+7b/wCNVqUUcqD20uy+5f5GX/ZV7/0MOpf9+7b/AONUf2Ve/wDQw6l/37tv/jValFHKg9tLsvuX+Rl/2Ve/9DDqX/fu2/8AjVH9lXv/AEMOpf8Afu2/+NVqUUcqD20uy+5f5GX/AGVe/wDQw6l/37tv/jVH9lXv/Qw6l/37tv8A41WpRRyoPbS7L7l/kZf9lXv/AEMOpf8Afu2/+NUf2Ve/9DDqX/fu2/8AjValFHKg9tLsvuX+Rl/2Ve/9DDqX/fu2/wDjVH9lXv8A0MOpf9+7b/41WpRRyoPbS7L7l/kZf9lXv/Qw6l/37tv/AI1R/ZV7/wBDDqX/AH7tv/jValFHKg9tLsvuX+Rl/wBlXv8A0MOpf9+7b/41R/ZV7/0MOpf9+7b/AONVqUUcqD20uy+5f5GX/ZV7/wBDDqX/AH7tv/jVH9lXv/Qw6l/37tv/AI1WpRRyoPbS7L7l/kZf9lXv/Qw6l/37tv8A41R/ZV7/ANDDqX/fu2/+NVqUUcqD20uy+5f5GX/ZV7/0MOpf9+7b/wCNUf2Ve/8AQw6l/wB+7b/41WpRRyoPbS7L7l/kZf8AZV7/ANDDqX/fu2/+NUf2Ve/9DDqX/fu2/wDjValFHKg9tLsvuX+QUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/V2Mbm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1Wdcf69/rVb+29Q/6FbV/+/tp/wDH6oT6zfmZj/wjOqjnoZLX/wCPUWC5qUVkf2zf/wDQtar/AN/LX/49R/bN/wD9C1qv/fy1/wDj1Fgua9FZH9s3/wD0LWq/9/LX/wCPUf2zf/8AQtar/wB/LX/49RYLmvRWR/bN/wD9C1qv/fy1/wDj1H9s3/8A0LWq/wDfy1/+PUWC5r0Vkf2zf/8AQtar/wB/LX/49R/bN/8A9C1qv/fy1/8Aj1Fgua9FZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49RYLmvRWR/bN/8A9C1qv/fy1/8Aj1H9s3//AELWq/8Afy1/+PUWC5r1ds/9U3+9XN/2zf8A/Qtar/38tf8A49Vu11rUBGceF9WPPaW1/wDj9FgudDRWL/beof8AQrav/wB/bT/4/R/beof9Ctq//f20/wDj9FgubVFYv9t6h/0K2r/9/bT/AOP0f23qH/Qrav8A9/bT/wCP0WC5tUVi/wBt6h/0K2r/APf20/8Aj9H9t6h/0K2r/wDf20/+P0WC5tUVi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/RYLm1RWL/beof8AQrav/wB/bT/4/R/beof9Ctq//f20/wDj9FgubVFYv9t6h/0K2r/9/bT/AOP0f23qH/Qrav8A9/bT/wCP0WC5tUVi/wBt6h/0K2r/APf20/8Aj9XdPvri88zz9KvLDZjb9paI7856eW7dMd8de9IZdooqrfyX8cCnT7a2uJt2CtxcNCoXB5yEfnOOMfjQBaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkenYVzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArOuP9e/1rRrOuP9e/1oAjooopiCiiigAooooAKKKKACiiigAooooAKu2f+qb/AHqpVds/9U3+9QBYooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMX/AISnT/8An31f/wAE93/8ao/4SnT/APn31f8A8E93/wDGq2qKYjF/4SnT/wDn31f/AME93/8AGqP+Ep0//n31f/wT3f8A8araooAxf+Ep0/8A599X/wDBPd//ABqj/hKdP/599X/8E93/APGq2qKAMX/hKdP/AOffV/8AwT3f/wAao/4SnT/+ffV//BPd/wDxqtqigDF/4SnT/wDn31f/AME93/8AGqP+Ep0//n31f/wT3f8A8araooAxf+Ep0/8A599X/wDBPd//ABqj/hKdP/599X/8E93/APGq2qKAMX/hKdP/AOffV/8AwT3f/wAao/4SnT/+ffV//BPd/wDxqtqigDF/4SnT/wDn31f/AME93/8AGqP+Ep0//n31f/wT3f8A8araooAxf+Ep0/8A599X/wDBPd//ABqj/hKdP/599X/8E93/APGq2qKAMX/hKdP/AOffV/8AwT3f/wAao/4SnT/+ffV//BPd/wDxqtqigDF/4SnT/wDn31f/AME93/8AGqP+Ep0//n31f/wT3f8A8araooAxf+Ep0/8A599X/wDBPd//ABqj/hKdP/599X/8E93/APGq2qKAMX/hKdP/AOffV/8AwT3f/wAao/4SnT/+ffV//BPd/wDxqtqigDF/4SnT/wDn31f/AME93/8AGqP+Ep0//n31f/wT3f8A8araooAxf+Ep0/8A599X/wDBPd//ABqj/hKdP/599X/8E93/APGq2qKAMX/hKdP/AOffV/8AwT3f/wAao/4SnT/+ffV//BPd/wDxqtqigDF/4SnT/wDn31f/AME93/8AGqP+Ep0//n31f/wT3f8A8araooAxf+Ep0/8A599X/wDBPd//ABqj/hKdP/599X/8E93/APGq2qKAMX/hKdP/AOffV/8AwT3f/wAao/4SnT/+ffV//BPd/wDxqtqigDF/4SnT/wDn31f/AME93/8AGqP+Ep0//n31f/wT3f8A8araooAxf+Ep0/8A599X/wDBPd//ABqj/hKdP/599X/8E93/APGq2qKAMX/hKdP/AOffV/8AwT3f/wAao/4SnT/+ffV//BPd/wDxqtqigDF/4SnT/wDn31f/AME93/8AGqP+Ep0//n31f/wT3f8A8araooAxf+Ep0/8A599X/wDBPd//ABqj/hKdP/599X/8E93/APGq2qKAMX/hKdP/AOffV/8AwT3f/wAao/4SnT/+ffV//BPd/wDxqtqigDF/4SnT/wDn31f/AME93/8AGqP+Ep0//n31f/wT3f8A8araooAxf+Ep0/8A599X/wDBPd//ABqj/hKdP/599X/8E93/APGq2qKAMX/hKdP/AOffV/8AwT3f/wAao/4SnT/+ffV//BPd/wDxqtqigDF/4SnT/wDn31f/AME93/8AGqP+Ep0//n31f/wT3f8A8araooAxf+Ep0/8A599X/wDBPd//ABqj/hKdP/599X/8E93/APGq2qKAMX/hKdP/AOffV/8AwT3f/wAao/4SnT/+ffV//BPd/wDxqtqigDF/4SnT/wDn31f/AME93/8AGqP+Ep0//n31f/wT3f8A8araooAxf+Ep0/8A599X/wDBPd//ABqqE/iawMzH7PqvXvpN1/8AG66ms64/17/WgDE/4SWw/wCeGq/+Cm6/+N0f8JLYf88NV/8ABTdf/G616KAMj/hJbD/nhqv/AIKbr/43R/wkth/zw1X/AMFN1/8AG616KAMj/hJbD/nhqv8A4Kbr/wCN0f8ACS2H/PDVf/BTdf8AxuteigDI/wCElsP+eGq/+Cm6/wDjdH/CS2H/ADw1X/wU3X/xuteigDI/4SWw/wCeGq/+Cm6/+N0f8JLYf88NV/8ABTdf/G616KAMj/hJbD/nhqv/AIKbr/43R/wkth/zw1X/AMFN1/8AG616KAMj/hJbD/nhqv8A4Kbr/wCN1btfE+nrGQbfVuvbSLo/+06uVds/9U3+9QBm/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVXdP1S31PzPIjvE8vG77TZywZznp5irnp2zj8au0UhhVW/uprSBZINPub1i20x27RhgMHn946jH4556VaooAxf7b1D/oVtX/7+2n/x+j+29Q/6FbV/+/tp/wDH62qKYjF/tvUP+hW1f/v7af8Ax+j+29Q/6FbV/wDv7af/AB+tqigDF/tvUP8AoVtX/wC/tp/8fo/tvUP+hW1f/v7af/H62qKAMX+29Q/6FbV/+/tp/wDH6P7b1D/oVtX/AO/tp/8AH62qKAMX+29Q/wChW1f/AL+2n/x+j+29Q/6FbV/+/tp/8fraooAxf7b1D/oVtX/7+2n/AMfo/tvUP+hW1f8A7+2n/wAfraooAxf7b1D/AKFbV/8Av7af/H6P7b1D/oVtX/7+2n/x+tqigDF/tvUP+hW1f/v7af8Ax+j+29Q/6FbV/wDv7af/AB+tqigDF/tvUP8AoVtX/wC/tp/8fo/tvUP+hW1f/v7af/H62qKAMX+29Q/6FbV/+/tp/wDH6P7b1D/oVtX/AO/tp/8AH62qKAMX+29Q/wChW1f/AL+2n/x+j+29Q/6FbV/+/tp/8fraooAxf7b1D/oVtX/7+2n/AMfo/tvUP+hW1f8A7+2n/wAfraooAxf7b1D/AKFbV/8Av7af/H6P7b1D/oVtX/7+2n/x+tqigDF/tvUP+hW1f/v7af8Ax+j+29Q/6FbV/wDv7af/AB+tqigDF/tvUP8AoVtX/wC/tp/8fo/tvUP+hW1f/v7af/H62qKAMX+29Q/6FbV/+/tp/wDH6P7b1D/oVtX/AO/tp/8AH62qKAMX+29Q/wChW1f/AL+2n/x+j+29Q/6FbV/+/tp/8fraooAxf7b1D/oVtX/7+2n/AMfo/tvUP+hW1f8A7+2n/wAfraooAxf7b1D/AKFbV/8Av7af/H6P7b1D/oVtX/7+2n/x+tqigDF/tvUP+hW1f/v7af8Ax+j+29Q/6FbV/wDv7af/AB+tqigDF/tvUP8AoVtX/wC/tp/8fo/tvUP+hW1f/v7af/H62qKAMX+29Q/6FbV/+/tp/wDH6P7b1D/oVtX/AO/tp/8AH62qKAMX+29Q/wChW1f/AL+2n/x+j+29Q/6FbV/+/tp/8fraooAxf7b1D/oVtX/7+2n/AMfo/tvUP+hW1f8A7+2n/wAfraooAxf7b1D/AKFbV/8Av7af/H6P7b1D/oVtX/7+2n/x+tqigDF/tvUP+hW1f/v7af8Ax+j+29Q/6FbV/wDv7af/AB+tqigDF/tvUP8AoVtX/wC/tp/8fo/tvUP+hW1f/v7af/H62qKAMX+29Q/6FbV/+/tp/wDH6P7b1D/oVtX/AO/tp/8AH62qKAMX+29Q/wChW1f/AL+2n/x+j+29Q/6FbV/+/tp/8fraooAxf7b1D/oVtX/7+2n/AMfo/tvUP+hW1f8A7+2n/wAfraooAxf7b1D/AKFbV/8Av7af/H6P7b1D/oVtX/7+2n/x+tqigDF/tvUP+hW1f/v7af8Ax+j+29Q/6FbV/wDv7af/AB+tqigDF/tvUP8AoVtX/wC/tp/8fo/tvUP+hW1f/v7af/H62qKAMX+29Q/6FbV/+/tp/wDH6P7b1D/oVtX/AO/tp/8AH62qKAMX+29Q/wChW1f/AL+2n/x+j+29Q/6FbV/+/tp/8fraooAxf7b1D/oVtX/7+2n/AMfo/tvUP+hW1f8A7+2n/wAfraooAxf7b1D/AKFbV/8Av7af/H6P7b1D/oVtX/7+2n/x+tqigDF/tvUP+hW1f/v7af8Ax+j+29Q/6FbV/wDv7af/AB+tqigDF/tvUP8AoVtX/wC/tp/8fo/tvUP+hW1f/v7af/H62qKAMX+29Q/6FbV/+/tp/wDH6P7b1D/oVtX/AO/tp/8AH62qKAMX+29Q/wChW1f/AL+2n/x+j+29Q/6FbV/+/tp/8fraooAxf7b1D/oVtX/7+2n/AMfo/tvUP+hW1f8A7+2n/wAfraooAxf7b1D/AKFbV/8Av7af/H6P7b1D/oVtX/7+2n/x+tqigDF/tvUP+hW1f/v7af8Ax+j+29Q/6FbV/wDv7af/AB+tqigDF/tvUP8AoVtX/wC/tp/8fo/tvUP+hW1f/v7af/H62qKAMX+29Q/6FbV/+/tp/wDH6P7b1D/oVtX/AO/tp/8AH62qKAMX+29Q/wChW1f/AL+2n/x+j+29Q/6FbV/+/tp/8fraooAKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKzrj/Xv9a0azrj/Xv9aAI6KKKYgooooAKKKKACiiigAooooAKKKKACrtn/AKpv96qVXbP/AFTf71AFiiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKq3+pWGlwLPqF7bWkLNsElxKsalsE4ySOcA8e1AFqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqdhXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBcP+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8Aia2qKLhYxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mtqii4WMX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImtqii4WMX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JraoouFjF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJraoouFjF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/ia2qKLhYxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8Aia2qKLhYxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mtqii4WMX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImtqii4WMX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JraoouFjF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJraoouFjF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/ia2qKLhYxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8Aia2qKLhYxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mtqii4WMX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImtqii4WMX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JraoouFjF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJraoouFjF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/ia2qKLhYxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8Aia2qKLhYxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mtqii4WMX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImtqii4WMX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JraoouFjF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJraoouFjF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/ia2qKLhYxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8Aia2qKLhYxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mtqii4WMX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImtqii4WMX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JraoouFjF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJraoouFjF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/ia2qKLhYxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8Aia2qKLhYxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mtqii4WMX/hD/DH/AELmkf8AgDF/8TVCfwn4bEzAeH9KAz2so/8ACuprOuP9e/1ouFjE/wCEU8Of9C/pX/gHH/hR/wAIp4c/6F/Sv/AOP/Cteii4WMj/AIRTw5/0L+lf+Acf+FH/AAinhz/oX9K/8A4/8K16KLhYyP8AhFPDn/Qv6V/4Bx/4Uf8ACKeHP+hf0r/wDj/wrXoouFjI/wCEU8Of9C/pX/gHH/hR/wAIp4c/6F/Sv/AOP/Cteii4WMj/AIRTw5/0L+lf+Acf+FH/AAinhz/oX9K/8A4/8K16KLhYyP8AhFPDn/Qv6V/4Bx/4Uf8ACKeHP+hf0r/wDj/wrXoouFjI/wCEU8Of9C/pX/gHH/hVu18I+GmjJbw7pJ572Uf/AMTVyrtn/qm/3qLhYzf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDia2qKLhYxf+EP8Mf9C5pH/gDF/wDE0f8ACH+GP+hc0j/wBi/+JraoouFjF/4Q/wAMf9C5pH/gDF/8TR/wh/hj/oXNI/8AAGL/AOJraoouFjF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mtqii4WMX/hD/AAx/0Lmkf+AMX/xNH/CH+GP+hc0j/wAAYv8A4mtqii4WMX/hD/DH/QuaR/4Axf8AxNH/AAh/hj/oXNI/8AYv/ia2qKLhYxf+EP8ADH/QuaR/4Axf/E1d0/R9L0nzP7N02zs/Nx5n2aBY9+M4ztAzjJ/OrtFK47BRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRWL/wi2n/APPxq/8A4OLv/wCO0f8ACLaf/wA/Gr/+Di7/APjtMRtUVi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O0AbVFYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtAG1RWL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47QBtUVi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O0AbVFYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtAG1RWL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47QBtUVi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O0AbVFYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtAG1RWL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47QBtUVi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O0AbVFYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtAG1RWL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47QBtUVi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O0AbVFYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtAG1RWL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47QBtUVi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O0AbVFYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtAG1RWL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47QBtUVi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O0AbVFYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtAG1RWL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47QBtUVi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O0AbVFYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtAG1RWL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47QBtUVi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O0AbVFYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtAG1RWL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47QBtUVi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O0AbVFYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtAG1RWL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47QBtUVi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O0AbVZ1x/r3+tVv+EW0//n41f/wcXf8A8dqhP4ZsBMw+0ar176tdf/HKANSisj/hGrD/AJ76r/4Nrr/45R/wjVh/z31X/wAG11/8coA16KyP+EasP+e+q/8Ag2uv/jlH/CNWH/PfVf8AwbXX/wAcoA16KyP+EasP+e+q/wDg2uv/AI5R/wAI1Yf899V/8G11/wDHKANeisj/AIRqw/576r/4Nrr/AOOUf8I1Yf8APfVf/Btdf/HKANeisj/hGrD/AJ76r/4Nrr/45R/wjVh/z31X/wAG11/8coA16KyP+EasP+e+q/8Ag2uv/jlH/CNWH/PfVf8AwbXX/wAcoA16u2f+qb/erm/+EasP+e+q/wDg2uv/AI5Vu18Mae0ZJuNW69tXuh/7UoA6GisX/hFtP/5+NX/8HF3/APHaP+EW0/8A5+NX/wDBxd//AB2gDaorF/4RbT/+fjV//Bxd/wDx2j/hFtP/AOfjV/8AwcXf/wAdoA2qKxf+EW0//n41f/wcXf8A8do/4RbT/wDn41f/AMHF3/8AHaANqisX/hFtP/5+NX/8HF3/APHaP+EW0/8A5+NX/wDBxd//AB2gDaorF/4RbT/+fjV//Bxd/wDx2j/hFtP/AOfjV/8AwcXf/wAdoA2qKxf+EW0//n41f/wcXf8A8do/4RbT/wDn41f/AMHF3/8AHaANqisX/hFtP/5+NX/8HF3/APHau6fpdvpnmeRJeP5mN32m8lnxjPTzGbHXtjP4Uhl2iiqt/pthqkCwahZW13CrbxHcRLIobBGcEHnBPPvQBaorF/4Q/wAMf9C5pH/gDF/8TR/wh/hj/oXNI/8AAGL/AOJpiNqisX/hD/DH/QuaR/4Axf8AxNH/AAh/hj/oXNI/8AYv/iaANqisX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImgDaorF/4Q/wAMf9C5pH/gDF/8TR/wh/hj/oXNI/8AAGL/AOJoA2qKxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mgDaorF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mgDaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoA2qKxf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDiaANqisX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JoA2qKxf+EP8Mf9C5pH/gDF/wDE0f8ACH+GP+hc0j/wBi/+JoA2qKxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8AiaANqisX/hD/AAx/0Lmkf+AMX/xNH/CH+GP+hc0j/wAAYv8A4mgDaorF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/iaANqisX/hD/DH/QuaR/4Axf8AxNH/AAh/hj/oXNI/8AYv/iaANqisX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImgDaorF/4Q/wAMf9C5pH/gDF/8TR/wh/hj/oXNI/8AAGL/AOJoA2qKxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mgDaorF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mgDaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoA2qKxf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDiaANqisX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JoA2qKxf+EP8Mf9C5pH/gDF/wDE0f8ACH+GP+hc0j/wBi/+JoA2qKxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8AiaANqisX/hD/AAx/0Lmkf+AMX/xNH/CH+GP+hc0j/wAAYv8A4mgDaorF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/iaANqisX/hD/DH/QuaR/4Axf8AxNH/AAh/hj/oXNI/8AYv/iaANqisX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImgDaorF/4Q/wAMf9C5pH/gDF/8TR/wh/hj/oXNI/8AAGL/AOJoA2qKxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mgDaorF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mgDaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoA2qKxf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDiaANqisX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JoA2qKxf+EP8Mf9C5pH/gDF/wDE0f8ACH+GP+hc0j/wBi/+JoA2qKxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8AiaANqisX/hD/AAx/0Lmkf+AMX/xNH/CH+GP+hc0j/wAAYv8A4mgDaorF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/iaANqisX/hD/DH/QuaR/4Axf8AxNH/AAh/hj/oXNI/8AYv/iaANqisX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImgDaorF/4Q/wAMf9C5pH/gDF/8TR/wh/hj/oXNI/8AAGL/AOJoA2qKxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mgDaorF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mgDaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoA2qKxf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDiaANqisX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JoA2qKxf+EP8Mf9C5pH/gDF/wDE0f8ACH+GP+hc0j/wBi/+JoA2qKxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8AiaANqiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACs64/17/WtGs64/17/WgCOiiimIKKKKACiiigAooooAKKKKACiiigAq7Z/wCqb/eqlV2z/wBU3+9QBYooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMX7L4n/6C+kf+CuX/AOSKPsvif/oL6R/4K5f/AJIraop3FYxfsvif/oL6R/4K5f8A5Io+y+J/+gvpH/grl/8Akitqii4WMX7L4n/6C+kf+CuX/wCSKPsvif8A6C+kf+CuX/5IraoouFjF+y+J/wDoL6R/4K5f/kij7L4n/wCgvpH/AIK5f/kitqii4WMX7L4n/wCgvpH/AIK5f/kij7L4n/6C+kf+CuX/AOSK2qKLhYxfsvif/oL6R/4K5f8A5Io+y+J/+gvpH/grl/8Akitqii4WMX7L4n/6C+kf+CuX/wCSKPsvif8A6C+kf+CuX/5IraoouFjF+y+J/wDoL6R/4K5f/kij7L4n/wCgvpH/AIK5f/kitqii4WMX7L4n/wCgvpH/AIK5f/kij7L4n/6C+kf+CuX/AOSK2qKLhYxfsvif/oL6R/4K5f8A5Io+y+J/+gvpH/grl/8Akitqii4WMX7L4n/6C+kf+CuX/wCSKPsvif8A6C+kf+CuX/5IraoouFjF+y+J/wDoL6R/4K5f/kij7L4n/wCgvpH/AIK5f/kitqii4WMX7L4n/wCgvpH/AIK5f/kij7L4n/6C+kf+CuX/AOSK2qKLhYxfsvif/oL6R/4K5f8A5Io+y+J/+gvpH/grl/8Akitqii4WMX7L4n/6C+kf+CuX/wCSKPsvif8A6C+kf+CuX/5IraoouFjF+y+J/wDoL6R/4K5f/kij7L4n/wCgvpH/AIK5f/kitqii4WMX7L4n/wCgvpH/AIK5f/kij7L4n/6C+kf+CuX/AOSK2qKLhYxfsvif/oL6R/4K5f8A5Io+y+J/+gvpH/grl/8Akitqii4WMX7L4n/6C+kf+CuX/wCSKPsvif8A6C+kf+CuX/5IraoouFjF+y+J/wDoL6R/4K5f/kij7L4n/wCgvpH/AIK5f/kitqii4WMX7L4n/wCgvpH/AIK5f/kij7L4n/6C+kf+CuX/AOSK2qKLhYxfsvif/oL6R/4K5f8A5Io+y+J/+gvpH/grl/8Akitqii4WMX7L4n/6C+kf+CuX/wCSKPsvif8A6C+kf+CuX/5IraoouFjF+y+J/wDoL6R/4K5f/kij7L4n/wCgvpH/AIK5f/kitqii4WMX7L4n/wCgvpH/AIK5f/kij7L4n/6C+kf+CuX/AOSK2qKLhYxfsvif/oL6R/4K5f8A5Io+y+J/+gvpH/grl/8Akitqii4WMX7L4n/6C+kf+CuX/wCSKPsvif8A6C+kf+CuX/5IraoouFjF+y+J/wDoL6R/4K5f/kij7L4n/wCgvpH/AIK5f/kitqii4WMX7L4n/wCgvpH/AIK5f/kij7L4n/6C+kf+CuX/AOSK2qKLhYxfsvif/oL6R/4K5f8A5Io+y+J/+gvpH/grl/8Akitqii4WMX7L4n/6C+kf+CuX/wCSKPsvif8A6C+kf+CuX/5IraoouFjF+y+J/wDoL6R/4K5f/kij7L4n/wCgvpH/AIK5f/kitqii4WMX7L4n/wCgvpH/AIK5f/kiqE9t4k85s6tpROe2mSf/AB+uprOuP9e/1ouFjE+zeI/+grpX/gtk/wDj9H2bxH/0FdK/8Fsn/wAfrXoouFjI+zeI/wDoK6V/4LZP/j9H2bxH/wBBXSv/AAWyf/H616KLhYyPs3iP/oK6V/4LZP8A4/R9m8R/9BXSv/BbJ/8AH616KLhYyPs3iP8A6Culf+C2T/4/R9m8R/8AQV0r/wAFsn/x+teii4WMj7N4j/6Culf+C2T/AOP0fZvEf/QV0r/wWyf/AB+teii4WMj7N4j/AOgrpX/gtk/+P0fZvEf/AEFdK/8ABbJ/8frXoouFjI+zeI/+grpX/gtk/wDj9W7W28S+Wdur6SOe+lyH/wBuKuVds/8AVN/vUXCxm/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFbVFFwsYv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFFwsYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkVtUUXCxi/ZfE/wD0F9I/8Fcv/wAkUfZfE/8A0F9I/wDBXL/8kVtUUXCxi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFbVFFwsYv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFFwsYv2XxP/0F9I/8Fcv/AMkVd0+LVI/M/tK8s7jOPL+zWrQ7euc7pHz29Me/a7RSGFVb+1mu4Fjg1C5smDbjJbrGWIweP3iMMfhnjrVqigDF/sTUP+hp1f8A79Wn/wAYo/sTUP8AoadX/wC/Vp/8Yraop3FYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WCisX7V4n/AOgRpH/g0l/+R6PtXif/AKBGkf8Ag0l/+R6LBc2qKxftXif/AKBGkf8Ag0l/+R6PtXif/oEaR/4NJf8A5HosFzaorF+1eJ/+gRpH/g0l/wDkej7V4n/6BGkf+DSX/wCR6LBc2qKxftXif/oEaR/4NJf/AJHo+1eJ/wDoEaR/4NJf/keiwXNqisX7V4n/AOgRpH/g0l/+R6PtXif/AKBGkf8Ag0l/+R6LBc2qKxftXif/AKBGkf8Ag0l/+R6PtXif/oEaR/4NJf8A5HosFzaorF+1eJ/+gRpH/g0l/wDkej7V4n/6BGkf+DSX/wCR6LBc2qKxftXif/oEaR/4NJf/AJHo+1eJ/wDoEaR/4NJf/keiwXNqisX7V4n/AOgRpH/g0l/+R6PtXif/AKBGkf8Ag0l/+R6LBc2qKxftXif/AKBGkf8Ag0l/+R6PtXif/oEaR/4NJf8A5HosFzaorF+1eJ/+gRpH/g0l/wDkej7V4n/6BGkf+DSX/wCR6LBc2qKxftXif/oEaR/4NJf/AJHo+1eJ/wDoEaR/4NJf/keiwXNqisX7V4n/AOgRpH/g0l/+R6PtXif/AKBGkf8Ag0l/+R6LBc2qKxftXif/AKBGkf8Ag0l/+R6PtXif/oEaR/4NJf8A5HosFzaorF+1eJ/+gRpH/g0l/wDkej7V4n/6BGkf+DSX/wCR6LBc2qKxftXif/oEaR/4NJf/AJHo+1eJ/wDoEaR/4NJf/keiwXNqisX7V4n/AOgRpH/g0l/+R6PtXif/AKBGkf8Ag0l/+R6LBc2qKxftXif/AKBGkf8Ag0l/+R6PtXif/oEaR/4NJf8A5HosFzaorF+1eJ/+gRpH/g0l/wDkej7V4n/6BGkf+DSX/wCR6LBc2qKxftXif/oEaR/4NJf/AJHo+1eJ/wDoEaR/4NJf/keiwXNqisX7V4n/AOgRpH/g0l/+R6PtXif/AKBGkf8Ag0l/+R6LBc2qKxftXif/AKBGkf8Ag0l/+R6PtXif/oEaR/4NJf8A5HosFzaorF+1eJ/+gRpH/g0l/wDkej7V4n/6BGkf+DSX/wCR6LBc2qKxftXif/oEaR/4NJf/AJHo+1eJ/wDoEaR/4NJf/keiwXNqisX7V4n/AOgRpH/g0l/+R6PtXif/AKBGkf8Ag0l/+R6LBc2qKxftXif/AKBGkf8Ag0l/+R6PtXif/oEaR/4NJf8A5HosFzaorF+1eJ/+gRpH/g0l/wDkej7V4n/6BGkf+DSX/wCR6LBc2qKxftXif/oEaR/4NJf/AJHo+1eJ/wDoEaR/4NJf/keiwXNqisX7V4n/AOgRpH/g0l/+R6PtXif/AKBGkf8Ag0l/+R6LBc2qKxftXif/AKBGkf8Ag0l/+R6PtXif/oEaR/4NJf8A5HosFzaorF+1eJ/+gRpH/g0l/wDkej7V4n/6BGkf+DSX/wCR6LBc2qKxftXif/oEaR/4NJf/AJHo+1eJ/wDoEaR/4NJf/keiwXNqs64/17/Wq32rxP8A9AjSP/BpL/8AI9UJ7nxJ5zZ0nSgc9tTk/wDjFFgualFZH2nxH/0CtK/8GUn/AMYo+0+I/wDoFaV/4MpP/jFFgua9FZH2nxH/ANArSv8AwZSf/GKPtPiP/oFaV/4MpP8A4xRYLmvRWR9p8R/9ArSv/BlJ/wDGKPtPiP8A6BWlf+DKT/4xRYLmvRWR9p8R/wDQK0r/AMGUn/xij7T4j/6BWlf+DKT/AOMUWC5r0VkfafEf/QK0r/wZSf8Axij7T4j/AOgVpX/gyk/+MUWC5r0VkfafEf8A0CtK/wDBlJ/8Yo+0+I/+gVpX/gyk/wDjFFgua9XbP/VN/vVzf2nxH/0CtK/8GUn/AMYq3a3PiXyzt0jSTz31SQf+29FgudDRWL9q8T/9AjSP/BpL/wDI9H2rxP8A9AjSP/BpL/8AI9FgubVFYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9FgubVFYv2rxP/ANAjSP8AwaS//I9H2rxP/wBAjSP/AAaS/wDyPRYLm1RWL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPRYLm1RWL9q8T/9AjSP/BpL/wDI9H2rxP8A9AjSP/BpL/8AI9FgubVFYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9FgubVFYv2rxP/ANAjSP8AwaS//I9XdPl1STzP7Ss7O3xjy/s10027rnO6NMdvXPt3Qy7RRVW/jv5IFGn3Ntbzbslri3aZSuDxgOnOcc5/CgC1RWL9l8T/APQX0j/wVy//ACRR9l8T/wDQX0j/AMFcv/yRTEbVFYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRQBtUVi/ZfE//QX0j/wVy/8AyRR9l8T/APQX0j/wVy//ACRQBtUVi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFAG1RWL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFAG1RWL9l8T/wDQX0j/AMFcv/yRR9l8T/8AQX0j/wAFcv8A8kUAbVFYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkUAbVFYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRQBtUVi/ZfE//QX0j/wVy/8AyRR9l8T/APQX0j/wVy//ACRQBtUVi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFAG1RWL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFAG1RWL9l8T/wDQX0j/AMFcv/yRR9l8T/8AQX0j/wAFcv8A8kUAbVFYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkUAbVFYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRQBtUVi/ZfE//QX0j/wVy/8AyRR9l8T/APQX0j/wVy//ACRQBtUVi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFAG1RWL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFAG1RWL9l8T/wDQX0j/AMFcv/yRR9l8T/8AQX0j/wAFcv8A8kUAbVFYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkUAbVFYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRQBtUVi/ZfE//QX0j/wVy/8AyRR9l8T/APQX0j/wVy//ACRQBtUVi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFAG1RWL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFAG1RWL9l8T/wDQX0j/AMFcv/yRR9l8T/8AQX0j/wAFcv8A8kUAbVFYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkUAbVFYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRQBtUVi/ZfE//QX0j/wVy/8AyRR9l8T/APQX0j/wVy//ACRQBtUVi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFAG1RWL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFAG1RWL9l8T/wDQX0j/AMFcv/yRR9l8T/8AQX0j/wAFcv8A8kUAbVFYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkUAbVFYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRQBtUVi/ZfE//QX0j/wVy/8AyRR9l8T/APQX0j/wVy//ACRQBtUVi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFAG1RWL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFAG1RWL9l8T/wDQX0j/AMFcv/yRR9l8T/8AQX0j/wAFcv8A8kUAbVFYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkUAbVFYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRQBtUVi/ZfE//QX0j/wVy/8AyRR9l8T/APQX0j/wVy//ACRQBtUVi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFAG1RWL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFAG1RWL9l8T/wDQX0j/AMFcv/yRR9l8T/8AQX0j/wAFcv8A8kUAbVFYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkUAbVFYv2XxP/ANBfSP8AwVy//JFH2XxP/wBBfSP/AAVy/wDyRQBtUVi/ZfE//QX0j/wVy/8AyRR9l8T/APQX0j/wVy//ACRQBtUVi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFAG1RWL9l8T/9BfSP/BXL/wDJFH2XxP8A9BfSP/BXL/8AJFAG1RRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWdcf69/rWjWdcf69/rQBHRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAVds/wDVN/vVSq7Z/wCqb/eoAsUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGX/wkFl/zx1L/AMFlz/8AG6P+Egsv+eOpf+Cy5/8AjdalFTqa81L+V/ev8jL/AOEgsv8AnjqX/gsuf/jdH/CQWX/PHUv/AAWXP/xutSijUOal/K/vX+Rl/wDCQWX/ADx1L/wWXP8A8bo/4SCy/wCeOpf+Cy5/+N1qUUahzUv5X96/yMv/AISCy/546l/4LLn/AON0f8JBZf8APHUv/BZc/wDxutSijUOal/K/vX+Rl/8ACQWX/PHUv/BZc/8Axuj/AISCy/546l/4LLn/AON1qUUahzUv5X96/wAjL/4SCy/546l/4LLn/wCN0f8ACQWX/PHUv/BZc/8AxutSijUOal/K/vX+Rl/8JBZf88dS/wDBZc//ABuj/hILL/njqX/gsuf/AI3WpRRqHNS/lf3r/Iy/+Egsv+eOpf8Agsuf/jdH/CQWX/PHUv8AwWXP/wAbrUoo1Dmpfyv71/kZf/CQWX/PHUv/AAWXP/xuj/hILL/njqX/AILLn/43WpRRqHNS/lf3r/Iy/wDhILL/AJ46l/4LLn/43R/wkFl/zx1L/wAFlz/8brUoo1Dmpfyv71/kZf8AwkFl/wA8dS/8Flz/APG6P+Egsv8AnjqX/gsuf/jdalFGoc1L+V/ev8jL/wCEgsv+eOpf+Cy5/wDjdH/CQWX/ADx1L/wWXP8A8brUoo1Dmpfyv71/kZf/AAkFl/zx1L/wWXP/AMbo/wCEgsv+eOpf+Cy5/wDjdalFGoc1L+V/ev8AIy/+Egsv+eOpf+Cy5/8AjdH/AAkFl/zx1L/wWXP/AMbrUoo1Dmpfyv71/kZf/CQWX/PHUv8AwWXP/wAbo/4SCy/546l/4LLn/wCN1qUUahzUv5X96/yMv/hILL/njqX/AILLn/43R/wkFl/zx1L/AMFlz/8AG61KKNQ5qX8r+9f5GX/wkFl/zx1L/wAFlz/8bo/4SCy/546l/wCCy5/+N1qUUahzUv5X96/yMv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G61KKNQ5qX8r+9f5GX/AMJBZf8APHUv/BZc/wDxuj/hILL/AJ46l/4LLn/43WpRRqHNS/lf3r/Iy/8AhILL/njqX/gsuf8A43R/wkFl/wA8dS/8Flz/APG61KKNQ5qX8r+9f5GX/wAJBZf88dS/8Flz/wDG6P8AhILL/njqX/gsuf8A43WpRRqHNS/lf3r/ACMv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG61KKNQ5qX8r+9f5GX/wkFl/zx1L/AMFlz/8AG6P+Egsv+eOpf+Cy5/8AjdalFGoc1L+V/ev8jL/4SCy/546l/wCCy5/+N0f8JBZf88dS/wDBZc//AButSijUOal/K/vX+Rl/8JBZf88dS/8ABZc//G6P+Egsv+eOpf8Agsuf/jdalFGoc1L+V/ev8jL/AOEgsv8AnjqX/gsuf/jdH/CQWX/PHUv/AAWXP/xutSijUOal/K/vX+Rl/wDCQWX/ADx1L/wWXP8A8bo/4SCy/wCeOpf+Cy5/+N1qUUahzUv5X96/yMv/AISCy/546l/4LLn/AON0f8JBZf8APHUv/BZc/wDxutSijUOal/K/vX+Rl/8ACQWX/PHUv/BZc/8Axuj/AISCy/546l/4LLn/AON1qUUahzUv5X96/wAjL/4SCy/546l/4LLn/wCN0f8ACQWX/PHUv/BZc/8AxutSijUOal/K/vX+Rl/8JBZf88dS/wDBZc//ABuj/hILL/njqX/gsuf/AI3WpRRqHNS/lf3r/Iy/+Egsv+eOpf8Agsuf/jdH/CQWX/PHUv8AwWXP/wAbrUoo1Dmpfyv71/kZf/CQWX/PHUv/AAWXP/xuqE+u2hmY+TqHXvp1x/8AEV0dZ1x/r3+tP3g5qX8r+9f5GT/blp/zx1D/AMF0/wD8RR/blp/zx1D/AMF0/wD8RWlRR7wc1L+V/ev8jN/ty0/546h/4Lp//iKP7ctP+eOof+C6f/4itKij3g5qX8r+9f5Gb/blp/zx1D/wXT//ABFH9uWn/PHUP/BdP/8AEVpUUe8HNS/lf3r/ACM3+3LT/njqH/gun/8AiKP7ctP+eOof+C6f/wCIrSoo94Oal/K/vX+Rm/25af8APHUP/BdP/wDEUf25af8APHUP/BdP/wDEVpUUe8HNS/lf3r/Izf7ctP8AnjqH/gun/wDiKP7ctP8AnjqH/gun/wDiK0qKPeDmpfyv71/kZv8Ablp/zx1D/wAF0/8A8RVu11+zWMgw6j17abcH/wBkqertn/qm/wB6j3g5qX8r+9f5FP8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G61KKWoc1L+V/ev8jL/AOEgsv8AnjqX/gsuf/jdH/CQWX/PHUv/AAWXP/xutSijUOal/K/vX+Rl/wDCQWX/ADx1L/wWXP8A8bo/4SCy/wCeOpf+Cy5/+N1qUUahzUv5X96/yMv/AISCy/546l/4LLn/AON0f8JBZf8APHUv/BZc/wDxutSijUOal/K/vX+Rl/8ACQWX/PHUv/BZc/8Axuj/AISCy/546l/4LLn/AON1qUUahzUv5X96/wAjL/4SCy/546l/4LLn/wCN0f8ACQWX/PHUv/BZc/8AxutSijUOal/K/vX+Rl/8JBZf88dS/wDBZc//ABurVnqEN/v8lLldmM+fbSQ9fTeoz07Vaop6ik6dvdTv6/8AACqt/dTWkCyQafc3rFtpjt2jDAYPP7x1GPxzz0q1RTMzF/tvUP8AoVtX/wC/tp/8fo/tvUP+hW1f/v7af/H62qKYjF/tvUP+hW1f/v7af/H6P7b1D/oVtX/7+2n/AMfraooAxf7b1D/oVtX/AO/tp/8AH6P7b1D/AKFbV/8Av7af/H62qKAMX+29Q/6FbV/+/tp/8fo/tvUP+hW1f/v7af8Ax+tqigDF/tvUP+hW1f8A7+2n/wAfo/tvUP8AoVtX/wC/tp/8fraooAxf7b1D/oVtX/7+2n/x+j+29Q/6FbV/+/tp/wDH62qKAMX+29Q/6FbV/wDv7af/AB+j+29Q/wChW1f/AL+2n/x+tqigDF/tvUP+hW1f/v7af/H6P7b1D/oVtX/7+2n/AMfraooAxf7b1D/oVtX/AO/tp/8AH6P7b1D/AKFbV/8Av7af/H62qKAMX+29Q/6FbV/+/tp/8fo/tvUP+hW1f/v7af8Ax+tqigDF/tvUP+hW1f8A7+2n/wAfo/tvUP8AoVtX/wC/tp/8fraooAxf7b1D/oVtX/7+2n/x+j+29Q/6FbV/+/tp/wDH62qKAMX+29Q/6FbV/wDv7af/AB+j+29Q/wChW1f/AL+2n/x+tqigDF/tvUP+hW1f/v7af/H6P7b1D/oVtX/7+2n/AMfraooAxf7b1D/oVtX/AO/tp/8AH6P7b1D/AKFbV/8Av7af/H62qKAMX+29Q/6FbV/+/tp/8fo/tvUP+hW1f/v7af8Ax+tqigDF/tvUP+hW1f8A7+2n/wAfo/tvUP8AoVtX/wC/tp/8fraooAxf7b1D/oVtX/7+2n/x+j+29Q/6FbV/+/tp/wDH62qKAMX+29Q/6FbV/wDv7af/AB+j+29Q/wChW1f/AL+2n/x+tqigDF/tvUP+hW1f/v7af/H6P7b1D/oVtX/7+2n/AMfraooAxf7b1D/oVtX/AO/tp/8AH6P7b1D/AKFbV/8Av7af/H62qKAMX+29Q/6FbV/+/tp/8fo/tvUP+hW1f/v7af8Ax+tqigDF/tvUP+hW1f8A7+2n/wAfo/tvUP8AoVtX/wC/tp/8fraooAxf7b1D/oVtX/7+2n/x+j+29Q/6FbV/+/tp/wDH62qKAMX+29Q/6FbV/wDv7af/AB+j+29Q/wChW1f/AL+2n/x+tqigDF/tvUP+hW1f/v7af/H6P7b1D/oVtX/7+2n/AMfraooAxf7b1D/oVtX/AO/tp/8AH6P7b1D/AKFbV/8Av7af/H62qKAMX+29Q/6FbV/+/tp/8fo/tvUP+hW1f/v7af8Ax+tqigDF/tvUP+hW1f8A7+2n/wAfo/tvUP8AoVtX/wC/tp/8fraooAxf7b1D/oVtX/7+2n/x+j+29Q/6FbV/+/tp/wDH62qKAMX+29Q/6FbV/wDv7af/AB+j+29Q/wChW1f/AL+2n/x+tqigDF/tvUP+hW1f/v7af/H6P7b1D/oVtX/7+2n/AMfraooAxf7b1D/oVtX/AO/tp/8AH6P7b1D/AKFbV/8Av7af/H62qKAMX+29Q/6FbV/+/tp/8fo/tvUP+hW1f/v7af8Ax+tqigDF/tvUP+hW1f8A7+2n/wAfo/tvUP8AoVtX/wC/tp/8fraooAxf7b1D/oVtX/7+2n/x+j+29Q/6FbV/+/tp/wDH62qKAMX+29Q/6FbV/wDv7af/AB+j+29Q/wChW1f/AL+2n/x+tqigDF/tvUP+hW1f/v7af/H6P7b1D/oVtX/7+2n/AMfraooAxf7b1D/oVtX/AO/tp/8AH6P7b1D/AKFbV/8Av7af/H62qKAMX+29Q/6FbV/+/tp/8fo/tvUP+hW1f/v7af8Ax+tqigDF/tvUP+hW1f8A7+2n/wAfo/tvUP8AoVtX/wC/tp/8fraooAxf7b1D/oVtX/7+2n/x+j+29Q/6FbV/+/tp/wDH62qKAMX+29Q/6FbV/wDv7af/AB+j+29Q/wChW1f/AL+2n/x+tqigDF/tvUP+hW1f/v7af/H6P7b1D/oVtX/7+2n/AMfraooAxf7b1D/oVtX/AO/tp/8AH6P7b1D/AKFbV/8Av7af/H62qKAMX+29Q/6FbV/+/tp/8fo/tvUP+hW1f/v7af8Ax+tqigDF/tvUP+hW1f8A7+2n/wAfo/tvUP8AoVtX/wC/tp/8fraooAKKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqs64/17/Wq3/CYeGP+hj0j/wOi/8AiqoT+LPDZmYjxBpRGe17H/jRYLmpRWR/wlfhz/oYNK/8DI/8aP8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9FZH/CV+HP+hg0r/wMj/xo/wCEr8Of9DBpX/gZH/jRYLmvRWR/wlfhz/oYNK/8DI/8aP8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9FZH/CV+HP+hg0r/wMj/xo/wCEr8Of9DBpX/gZH/jRYLmvV2z/ANU3+9XN/wDCV+HP+hg0r/wMj/xq3a+LvDSxkN4i0kc972P/AOKosFzoaKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVXdP1jS9W8z+zdSs7zyseZ9mnWTZnOM7ScZwfypWHcu0UUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWdcf69/rWjWdcf69/rQBHRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAVds/9U3+9VKrtn/qm/wB6gCxRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtMRtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtUVi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7QBtVnXH+vf61W/wCEW0//AJ+NX/8ABxd//HaoT+GbATMPtGq9e+rXX/xygDUorI/4Rqw/576r/wCDa6/+OUf8I1Yf899V/wDBtdf/ABygDXorI/4Rqw/576r/AODa6/8AjlH/AAjVh/z31X/wbXX/AMcoA16KyP8AhGrD/nvqv/g2uv8A45R/wjVh/wA99V/8G11/8coA16KyP+EasP8Anvqv/g2uv/jlH/CNWH/PfVf/AAbXX/xygDXorI/4Rqw/576r/wCDa6/+OUf8I1Yf899V/wDBtdf/ABygDXorI/4Rqw/576r/AODa6/8AjlH/AAjVh/z31X/wbXX/AMcoA16u2f8Aqm/3q5v/AIRqw/576r/4Nrr/AOOVbtfDGntGSbjVuvbV7of+1KAOhorF/wCEW0//AJ+NX/8ABxd//HaP+EW0/wD5+NX/APBxd/8Ax2gDaorF/wCEW0//AJ+NX/8ABxd//HaP+EW0/wD5+NX/APBxd/8Ax2gDaorF/wCEW0//AJ+NX/8ABxd//HaP+EW0/wD5+NX/APBxd/8Ax2gDaorF/wCEW0//AJ+NX/8ABxd//HaP+EW0/wD5+NX/APBxd/8Ax2gDaorF/wCEW0//AJ+NX/8ABxd//HaP+EW0/wD5+NX/APBxd/8Ax2gDaorF/wCEW0//AJ+NX/8ABxd//HaP+EW0/wD5+NX/APBxd/8Ax2gDaorF/wCEW0//AJ+NX/8ABxd//Hau6fpdvpnmeRJeP5mN32m8lnxjPTzGbHXtjP4Uhl2iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKzrj/Xv9a0azrj/AF7/AFoAjooopiCiiigAooooAKKKKACiiigAooooAKu2f+qb/eqlV2z/ANU3+9QBYooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8Yraop3FYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKoT6NfiZh/wk2qnnqY7X/4zXU1nXH+vf60XCxif2Nf/APQy6r/37tf/AIzR/Y1//wBDLqv/AH7tf/jNa9FFwsZH9jX/AP0Muq/9+7X/AOM0f2Nf/wDQy6r/AN+7X/4zWvRRcLGR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM1r0UXCxkf2Nf/wDQy6r/AN+7X/4zR/Y1/wD9DLqv/fu1/wDjNa9FFwsZH9jX/wD0Muq/9+7X/wCM0f2Nf/8AQy6r/wB+7X/4zWvRRcLGR/Y1/wD9DLqv/fu1/wDjNH9jX/8A0Muq/wDfu1/+M1r0UXCxkf2Nf/8AQy6r/wB+7X/4zVu10XUDGceKNWHPaK1/+MVcq7Z/6pv96i4WM3+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKu6fY3Fn5nn6reX+/G37SsQ2Yz08tF65756dqu0UhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRWL9q8T/APQI0j/waS//ACPR9q8T/wDQI0j/AMGkv/yPTsK5tUVi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j0WC5tUVi/avE/8A0CNI/wDBpL/8j0favE//AECNI/8ABpL/API9FgubVFYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9FgubVFYv2rxP/0CNI/8Gkv/AMj0favE/wD0CNI/8Gkv/wAj0WC5tUVi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j0WC5tUVi/avE/8A0CNI/wDBpL/8j0favE//AECNI/8ABpL/API9FgubVFYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9FgubVFYv2rxP/0CNI/8Gkv/AMj0favE/wD0CNI/8Gkv/wAj0WC5tUVi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j0WC5tUVi/avE/8A0CNI/wDBpL/8j0favE//AECNI/8ABpL/API9FgubVFYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9FgubVFYv2rxP/0CNI/8Gkv/AMj0favE/wD0CNI/8Gkv/wAj0WC5tUVi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j0WC5tUVi/avE/8A0CNI/wDBpL/8j0favE//AECNI/8ABpL/API9FgubVFYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9FgubVFYv2rxP/0CNI/8Gkv/AMj0favE/wD0CNI/8Gkv/wAj0WC5tUVi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j0WC5tUVi/avE/8A0CNI/wDBpL/8j0favE//AECNI/8ABpL/API9FgubVFYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9FgubVFYv2rxP/0CNI/8Gkv/AMj0favE/wD0CNI/8Gkv/wAj0WC5tUVi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j0WC5tUVi/avE/8A0CNI/wDBpL/8j0favE//AECNI/8ABpL/API9FgubVFYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9FgubVFYv2rxP/0CNI/8Gkv/AMj0favE/wD0CNI/8Gkv/wAj0WC5tUVi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j0WC5tUVi/avE/8A0CNI/wDBpL/8j0favE//AECNI/8ABpL/API9FgubVFYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9FgubVFYv2rxP/0CNI/8Gkv/AMj0favE/wD0CNI/8Gkv/wAj0WC5tUVi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j0WC5tUVi/avE/8A0CNI/wDBpL/8j0favE//AECNI/8ABpL/API9FgubVFYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9FgubVZ1x/r3+tVvtXif/oEaR/4NJf8A5HqhPc+JPObOk6UDntqcn/xiiwXNSisj7T4j/wCgVpX/AIMpP/jFH2nxH/0CtK/8GUn/AMYosFzXorI+0+I/+gVpX/gyk/8AjFH2nxH/ANArSv8AwZSf/GKLBc16KyPtPiP/AKBWlf8Agyk/+MUfafEf/QK0r/wZSf8AxiiwXNeisj7T4j/6BWlf+DKT/wCMUfafEf8A0CtK/wDBlJ/8YosFzXorI+0+I/8AoFaV/wCDKT/4xR9p8R/9ArSv/BlJ/wDGKLBc16KyPtPiP/oFaV/4MpP/AIxR9p8R/wDQK0r/AMGUn/xiiwXNertn/qm/3q5v7T4j/wCgVpX/AIMpP/jFW7W58S+WdukaSee+qSD/ANt6LBc6GisX7V4n/wCgRpH/AINJf/kej7V4n/6BGkf+DSX/AOR6LBc2qKxftXif/oEaR/4NJf8A5Ho+1eJ/+gRpH/g0l/8AkeiwXNqisX7V4n/6BGkf+DSX/wCR6PtXif8A6BGkf+DSX/5HosFzaorF+1eJ/wDoEaR/4NJf/kej7V4n/wCgRpH/AINJf/keiwXNqisX7V4n/wCgRpH/AINJf/kej7V4n/6BGkf+DSX/AOR6LBc2qKxftXif/oEaR/4NJf8A5Ho+1eJ/+gRpH/g0l/8AkeiwXNqisX7V4n/6BGkf+DSX/wCR6u6fLqknmf2lZ2dvjHl/Zrppt3XOd0aY7eufbuhl2iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKzrj/AF7/AFrRrOuP9e/1oAjooopiCiiigAooooAKKKKACiiigAooooAKu2f+qb/eqlV2z/1Tf71AFiiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAxf7b1D/oVtX/7+2n/AMfo/tvUP+hW1f8A7+2n/wAfraopiMX+29Q/6FbV/wDv7af/AB+j+29Q/wChW1f/AL+2n/x+tqigDF/tvUP+hW1f/v7af/H6P7b1D/oVtX/7+2n/AMfraooAxf7b1D/oVtX/AO/tp/8AH6P7b1D/AKFbV/8Av7af/H62qKAMX+29Q/6FbV/+/tp/8fo/tvUP+hW1f/v7af8Ax+tqigDF/tvUP+hW1f8A7+2n/wAfo/tvUP8AoVtX/wC/tp/8fraooAxf7b1D/oVtX/7+2n/x+j+29Q/6FbV/+/tp/wDH62qKAMX+29Q/6FbV/wDv7af/AB+j+29Q/wChW1f/AL+2n/x+tqigDF/tvUP+hW1f/v7af/H6P7b1D/oVtX/7+2n/AMfraooAxf7b1D/oVtX/AO/tp/8AH6P7b1D/AKFbV/8Av7af/H62qKAMX+29Q/6FbV/+/tp/8fo/tvUP+hW1f/v7af8Ax+tqigDF/tvUP+hW1f8A7+2n/wAfo/tvUP8AoVtX/wC/tp/8fraooAxf7b1D/oVtX/7+2n/x+j+29Q/6FbV/+/tp/wDH62qKAMX+29Q/6FbV/wDv7af/AB+j+29Q/wChW1f/AL+2n/x+tqigDF/tvUP+hW1f/v7af/H6P7b1D/oVtX/7+2n/AMfraooAxf7b1D/oVtX/AO/tp/8AH6P7b1D/AKFbV/8Av7af/H62qKAMX+29Q/6FbV/+/tp/8fo/tvUP+hW1f/v7af8Ax+tqigDF/tvUP+hW1f8A7+2n/wAfo/tvUP8AoVtX/wC/tp/8fraooAxf7b1D/oVtX/7+2n/x+j+29Q/6FbV/+/tp/wDH62qKAMX+29Q/6FbV/wDv7af/AB+j+29Q/wChW1f/AL+2n/x+tqigDF/tvUP+hW1f/v7af/H6P7b1D/oVtX/7+2n/AMfraooAxf7b1D/oVtX/AO/tp/8AH6P7b1D/AKFbV/8Av7af/H62qKAMX+29Q/6FbV/+/tp/8fo/tvUP+hW1f/v7af8Ax+tqigDF/tvUP+hW1f8A7+2n/wAfo/tvUP8AoVtX/wC/tp/8fraooAxf7b1D/oVtX/7+2n/x+j+29Q/6FbV/+/tp/wDH62qKAMX+29Q/6FbV/wDv7af/AB+j+29Q/wChW1f/AL+2n/x+tqigDF/tvUP+hW1f/v7af/H6P7b1D/oVtX/7+2n/AMfraooAxf7b1D/oVtX/AO/tp/8AH6P7b1D/AKFbV/8Av7af/H62qKAMX+29Q/6FbV/+/tp/8fo/tvUP+hW1f/v7af8Ax+tqigDF/tvUP+hW1f8A7+2n/wAfo/tvUP8AoVtX/wC/tp/8fraooAxf7b1D/oVtX/7+2n/x+j+29Q/6FbV/+/tp/wDH62qKAMX+29Q/6FbV/wDv7af/AB+j+29Q/wChW1f/AL+2n/x+tqigDF/tvUP+hW1f/v7af/H6oT6zfmZj/wAIzqo56GS1/wDj1dTWdcf69/rQBif2zf8A/Qtar/38tf8A49R/bN//ANC1qv8A38tf/j1a9FAGR/bN/wD9C1qv/fy1/wDj1H9s3/8A0LWq/wDfy1/+PVr0UAZH9s3/AP0LWq/9/LX/AOPUf2zf/wDQtar/AN/LX/49WvRQBkf2zf8A/Qtar/38tf8A49R/bN//ANC1qv8A38tf/j1a9FAGR/bN/wD9C1qv/fy1/wDj1H9s3/8A0LWq/wDfy1/+PVr0UAZH9s3/AP0LWq/9/LX/AOPUf2zf/wDQtar/AN/LX/49WvRQBkf2zf8A/Qtar/38tf8A49Vu11rUBGceF9WPPaW1/wDj9XKu2f8Aqm/3qAM3+29Q/wChW1f/AL+2n/x+j+29Q/6FbV/+/tp/8fraooAxf7b1D/oVtX/7+2n/AMfo/tvUP+hW1f8A7+2n/wAfraooAxf7b1D/AKFbV/8Av7af/H6P7b1D/oVtX/7+2n/x+tqigDF/tvUP+hW1f/v7af8Ax+j+29Q/6FbV/wDv7af/AB+tqigDF/tvUP8AoVtX/wC/tp/8fo/tvUP+hW1f/v7af/H62qKAMX+29Q/6FbV/+/tp/wDH6P7b1D/oVtX/AO/tp/8AH62qKAMX+29Q/wChW1f/AL+2n/x+run31xeeZ5+lXlhsxt+0tEd+c9PLdumO+OvertFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUVi/wDCYeGP+hj0j/wOi/8AiqP+Ew8Mf9DHpH/gdF/8VTsK5tUVi/8ACYeGP+hj0j/wOi/+Ko/4TDwx/wBDHpH/AIHRf/FUWC5tUVi/8Jh4Y/6GPSP/AAOi/wDiqP8AhMPDH/Qx6R/4HRf/ABVFgubVFYv/AAmHhj/oY9I/8Dov/iqP+Ew8Mf8AQx6R/wCB0X/xVFgubVFYv/CYeGP+hj0j/wADov8A4qj/AITDwx/0Mekf+B0X/wAVRYLm1RWL/wAJh4Y/6GPSP/A6L/4qj/hMPDH/AEMekf8AgdF/8VRYLm1RWL/wmHhj/oY9I/8AA6L/AOKo/wCEw8Mf9DHpH/gdF/8AFUWC5tUVi/8ACYeGP+hj0j/wOi/+Ko/4TDwx/wBDHpH/AIHRf/FUWC5tUVi/8Jh4Y/6GPSP/AAOi/wDiqP8AhMPDH/Qx6R/4HRf/ABVFgubVFYv/AAmHhj/oY9I/8Dov/iqP+Ew8Mf8AQx6R/wCB0X/xVFgubVFYv/CYeGP+hj0j/wADov8A4qj/AITDwx/0Mekf+B0X/wAVRYLm1RWL/wAJh4Y/6GPSP/A6L/4qj/hMPDH/AEMekf8AgdF/8VRYLm1RWL/wmHhj/oY9I/8AA6L/AOKo/wCEw8Mf9DHpH/gdF/8AFUWC5tUVi/8ACYeGP+hj0j/wOi/+Ko/4TDwx/wBDHpH/AIHRf/FUWC5tUVi/8Jh4Y/6GPSP/AAOi/wDiqP8AhMPDH/Qx6R/4HRf/ABVFgubVFYv/AAmHhj/oY9I/8Dov/iqP+Ew8Mf8AQx6R/wCB0X/xVFgubVFYv/CYeGP+hj0j/wADov8A4qj/AITDwx/0Mekf+B0X/wAVRYLm1RWL/wAJh4Y/6GPSP/A6L/4qj/hMPDH/AEMekf8AgdF/8VRYLm1RWL/wmHhj/oY9I/8AA6L/AOKo/wCEw8Mf9DHpH/gdF/8AFUWC5tUVi/8ACYeGP+hj0j/wOi/+Ko/4TDwx/wBDHpH/AIHRf/FUWC5tUVi/8Jh4Y/6GPSP/AAOi/wDiqP8AhMPDH/Qx6R/4HRf/ABVFgubVFYv/AAmHhj/oY9I/8Dov/iqP+Ew8Mf8AQx6R/wCB0X/xVFgubVFYv/CYeGP+hj0j/wADov8A4qj/AITDwx/0Mekf+B0X/wAVRYLm1RWL/wAJh4Y/6GPSP/A6L/4qj/hMPDH/AEMekf8AgdF/8VRYLm1RWL/wmHhj/oY9I/8AA6L/AOKo/wCEw8Mf9DHpH/gdF/8AFUWC5tUVi/8ACYeGP+hj0j/wOi/+Ko/4TDwx/wBDHpH/AIHRf/FUWC5tUVi/8Jh4Y/6GPSP/AAOi/wDiqP8AhMPDH/Qx6R/4HRf/ABVFgubVFYv/AAmHhj/oY9I/8Dov/iqP+Ew8Mf8AQx6R/wCB0X/xVFgubVFYv/CYeGP+hj0j/wADov8A4qj/AITDwx/0Mekf+B0X/wAVRYLm1RWL/wAJh4Y/6GPSP/A6L/4qj/hMPDH/AEMekf8AgdF/8VRYLm1RWL/wmHhj/oY9I/8AA6L/AOKo/wCEw8Mf9DHpH/gdF/8AFUWC5tUVi/8ACYeGP+hj0j/wOi/+Ko/4TDwx/wBDHpH/AIHRf/FUWC5tVnXH+vf61W/4TDwx/wBDHpH/AIHRf/FVQn8WeGzMxHiDSiM9r2P/ABosFzUorI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGiwXNeisj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAaLBc16KyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABosFzXorI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGiwXNeisj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAaLBc16KyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABosFzXq7Z/6pv8Aerm/+Er8Of8AQwaV/wCBkf8AjVu18XeGljIbxFpI573sf/xVFgudDRWL/wAJh4Y/6GPSP/A6L/4qj/hMPDH/AEMekf8AgdF/8VRYLm1RWL/wmHhj/oY9I/8AA6L/AOKo/wCEw8Mf9DHpH/gdF/8AFUWC5tUVi/8ACYeGP+hj0j/wOi/+Ko/4TDwx/wBDHpH/AIHRf/FUWC5tUVi/8Jh4Y/6GPSP/AAOi/wDiqP8AhMPDH/Qx6R/4HRf/ABVFgubVFYv/AAmHhj/oY9I/8Dov/iqP+Ew8Mf8AQx6R/wCB0X/xVFgubVFYv/CYeGP+hj0j/wADov8A4qj/AITDwx/0Mekf+B0X/wAVRYLm1RWL/wAJh4Y/6GPSP/A6L/4qrun6xpereZ/ZupWd55WPM+zTrJsznGdpOM4P5UrDuXaKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArOuP9e/1rRrOuP9e/1oAjooopiCiiigAooooAKKKKACiiigAooooAKu2f8Aqm/3qpVds/8AVN/vUAWKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAor5borj+t+R9Z/qx/09/wDJf+CfUlFfLdFH1vyD/Vj/AKe/+S/8E+pKK+W6KPrfkH+rH/T3/wAl/wCCfUlFfLdFH1vyD/Vj/p7/AOS/8E+pKK+W6KPrfkH+rH/T3/yX/gn1JRXy3RR9b8g/1Y/6e/8Akv8AwT6kor5boo+t+Qf6sf8AT3/yX/gn1JRXy3RR9b8g/wBWP+nv/kv/AAT6kor5boo+t+Qf6sf9Pf8AyX/gn1JRXy3RR9b8g/1Y/wCnv/kv/BPqSivluij635B/qx/09/8AJf8Agn1JRXy3RR9b8g/1Y/6e/wDkv/BPqSivluij635B/qx/09/8l/4J9SUV8t0UfW/IP9WP+nv/AJL/AME+pKK+W6KPrfkH+rH/AE9/8l/4J9SUV8t0UfW/IP8AVj/p7/5L/wAE+pKK+W6KPrfkH+rH/T3/AMl/4J9SUV8t0UfW/IP9WP8Ap7/5L/wT6kor5boo+t+Qf6sf9Pf/ACX/AIJ9SUV8t0UfW/IP9WP+nv8A5L/wT6kor5boo+t+Qf6sf9Pf/Jf+CfUlFfLdFH1vyD/Vj/p7/wCS/wDBPqSivluij635B/qx/wBPf/Jf+CfUlFfLdFH1vyD/AFY/6e/+S/8ABPqSivluij635B/qx/09/wDJf+CfUlFfLdFH1vyD/Vj/AKe/+S/8E+pKK+W6KPrfkH+rH/T3/wAl/wCCfUlFfLdFH1vyD/Vj/p7/AOS/8E+pKK+W6KPrfkH+rH/T3/yX/gn1JRXy3RR9b8g/1Y/6e/8Akv8AwT6kor5boo+t+Qf6sf8AT3/yX/gn1JRXy3RR9b8g/wBWP+nv/kv/AAT6krOuP9e/1r5soo+t+Qv9V/8Ap7/5L/wT6Por5woo+t+Qf6r/APT3/wAl/wCCfR9FfOFFH1vyD/Vf/p7/AOS/8E+j6K+cKKPrfkH+q/8A09/8l/4J9H0V84UUfW/IP9V/+nv/AJL/AME+j6K+cKKPrfkH+q//AE9/8l/4J9H0V84UUfW/IP8AVf8A6e/+S/8ABPo+rtn/AKpv96vmOij635B/qv8A9Pf/ACX/AIJ9SUV8t0UfW/If+rH/AE9/8l/4J9SUV8t0UfW/IP8AVj/p7/5L/wAE+pKK+W6KPrfkH+rH/T3/AMl/4J9SUV8t0UfW/IP9WP8Ap7/5L/wT6kor5boo+t+Qf6sf9Pf/ACX/AIJ9SUV8t0UfW/IP9WP+nv8A5L/wT6kor5br1L4Of8xr/th/7Uq6eI55KNjkx2Q/VcPKt7S9raWtu0u56lRRRXSfPBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAf//Z)

15. Interests in other entities continued

The information below reflects the amounts presented in the financial statements of Caffè Vergnano

under Italian law, amended to reflect adjustments made by the associate when using the equity

method, including fair value adjustments and not the Group’s share in those amounts.

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Caffè Vergnano | € million | € million |
| Summarised balance sheet: |  |  |
| Non-current assets | 123.0 | 123.4 |
| Cash and cash equivalents | 0.8 | 0.7 |
| Other current assets | 75.8 | 52.0 |
| Total current assets | 76.6 | 52.7 |
| Borrowings | (33.3) | (15.6) |
| Other current liabilities (including trade payables) | (40.0) | (33.4) |
| Total current liabilities | (73.3) | (49.0) |
| Borrowings | (2.1) | (3.0) |
| Other non-current liabilities | (25.4) | (26.7) |
| Total non-current liabilities | (27.5) | (29.7) |
| Net assets | 98.8 | 97.4 |
| Summarised statement of comprehensive income: |  |  |
| Revenue | 123.5 | 109.7 |
| Depreciation | (8.8) | (8.0) |
| Profit/(loss) before tax | 0.4 | (2.0) |
| Income tax | (0.1) | 0.8 |
| Profit/(loss) after tax | 0.3 | (1.2) |
| Total comprehensive income/(loss) | 0.3 | (1.2) |
| Reconciliation of net assets to carrying amount: |  |  |
| Closing net assets | 98.8 | 97.4 |
| Interest in associate at 30% | 29.6 | 29.2 |
| Acquisition costs | 0.9 | 0.9 |
| Goodwill | 56.5 | 56.5 |
| Carrying value | 87.0 | 86.6 |

Summarised financial information of the Group’s investment in other associates is as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Carrying amount | 19.2 | 23.6 |
| Share of profit | 2.9 | 5.3 |
| Share of other comprehensive loss | (4.6) | (12.0) |
| Share of total comprehensive loss | (1.7) | (6.7) |

We disclosed in the 2023 Integrated Annual Report that Frigoglass Industries (Nigeria) Limited, an

associate in which the Group holds an effective interest of 23.9% (2023: 23.9%) through its subsidiary

Nigerian Bottling Company Ltd, is a guarantor for the senior secured notes issued in 2023 by the

restructured Frigoglass Group. The Group has no direct exposure arising from this guarantee

arrangement, however the Group’s investment in this associate, which stood at €11.6 million as at 31

December 2024 (2023: €14.0 million), would be at potential risk if there was a default under the terms of

the senior secured notes and the restructured Frigoglass Group (including the guarantor) was unable to

meet its obligations thereunder.

c) Joint operations

Other joint operations of the Group with The Coca-Cola Company comprise mainly a 50% interest

in each of the water businesses listed below, which are engaged in the production and distribution of

water in the respective countries.

|  |  |
| --- | --- |
| Country | Joint operation |
| Austria | Römerquelle |
| Italy | Fonti del Vulture |
| Romania | Dorna |
| Baltics | Neptūno vandenys |
| Poland | Multivita |
| Switzerland | Valser |
| Serbia | Vlasinka |

In addition, the Group has entered into a joint operation arrangement with HEINEKEN Romania S.A.,

whereby it holds a 50% interest in Stockday S.R.L., an online business-to-business platform and

distributor in Romania.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024282

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

16. Leases

Accounting policy

Leases for which the Group is in a lessee position are recognised as a right-of-use asset and a

corresponding lease liability at the date at which the leased asset is available for use by the Group.

Assets and liabilities arising from a lease are initially measured on a net-present-value basis and

are recognised as part of ‘Property, plant and equipment’, ‘Current borrowings’ and ‘Non-current

borrowings’ in the consolidated balance sheet, respectively.

Lease contracts may contain both lease and non-lease components. The Group allocates the

consideration in the contract to the lease and non-lease component respectively. Consideration

relevant to the non-lease component is recognised as an expense in the consolidated income

statement over the period of the lease.

Lease liabilities include the net present value of the following lease payments:

a)  fixed payments (including in-substance fixed payments) over the lease term, less any lease

incentives receivable;

b)  variable lease payments that are based on an index or a rate;

c)  amounts expected to be payable by the lessee under residual value guarantees;

d)   the exercise price of a purchase option if the Group is reasonably certain it will exercise that

option; and

e)   payments of penalties for terminating the lease, if the lease term reflects the Group exercising

that option.

When adjustments to lease payments based on an index or rate take effect, the lease liability

is reassessed and adjusted against the right-of-use asset.

Variable lease payments that do not depend on an index or a rate are recognised as an expense

in the period in which the event or condition that triggers the payment occurs.

The lease payments are discounted using the interest rate implicit in the lease (if that rate can

be determined), or the incremental borrowing rate of the lease, being the rate that the individual

lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar

economic environment with similar terms, security and conditions. In determining the incremental

borrowing rate to be used, the Group applies judgement to establish the suitable reference rate

and credit spread.

Each lease payment is allocated between the liability (principal) and finance cost. The interest

expense is charged to the consolidated income statement as part of ‘Finance costs’ over the lease

period so as to produce a constant periodic rate of interest on the remaining balance of the liability

for each period.

Right-of-use assets are measured at cost comprising the following:

a)  the amount of the initial measurement of lease liability;

b)   any lease payments made at or before the commencement date less any lease

incentives received;

c)  any initial direct costs; and

d)  any restoration costs.

The right-of-use assets are depreciated over the shorter of the assets’ useful life and the lease term

on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-

use asset is depreciated over the underlying asset’s useful life.

The Group utilises a number of practical expedients permitted by the standard, namely:

1)   applying the recognition exemption to short-term leases (i.e. leases with a term of 12 months

or less) that do not contain a purchase option; and

2)   applying the recognition exemption to leases of underlying assets with a low value, which mainly

comprise IT equipment.

Payments associated with short-term leases and leases of low-value assets are recognised on a

straight-line basis as an expense in the consolidated income statement.

In determining the lease term, management considers all facts and circumstances that create an

economic incentive to exercise an extension option, or not exercise a termination option. Extension

options (or periods after termination options) are only included in the lease term if the lease is

reasonably certain to be extended (or not terminated). The assessment is revised if a significant

event or a significant change in circumstances occurs which affects this assessment and which is

within the control of the lessee.

Lease payments are presented as follows in the consolidated cash flow statement:

•  short-term lease payments, payments for leases of low-value assets and variable lease payments

that are not included in the measurement of the lease liabilities are presented within cash flows

from operating activities;

•  payments for the interest element of recognised lease liabilities are included in ‘Interest paid’

within cash flows from financing activities; and

•  payments for the principal element of recognised lease liabilities are presented within cash flows

from financing activities.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024283

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCANpBesDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqOdS8LKoyTUlFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAFGO3lWRSV4BB6ir1FFAFOeCR5mZVyD71H9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FWLWN49+8YzjHNWKKAKGuW0t54f1K1t03zTWssca5AyxQgDJ46mvE/8AhXPiv/oFf+TEX/xVe90VlUoxqO7PSwOa1sFFxppO/e/+aPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97orP6rDuzv/ANZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+YVXuo3k2bBnGc81YorpPnjP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAKttC8chLLgYx1q1RRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6irkClIVVhgipKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqvd3EttEHis57ti2NkJQED1+dlGPxzzViigadndq5l/2re/9C9qX/fy2/wDjtH9q3v8A0L2pf9/Lb/47WpRU2fc09pH+Rfj/AJmX/at7/wBC9qX/AH8tv/jtH9q3v/Qval/38tv/AI7WpRRZ9w9pH+Rfj/mZf9q3v/Qval/38tv/AI7R/at7/wBC9qX/AH8tv/jtalFFn3D2kf5F+P8AmZf9q3v/AEL2pf8Afy2/+O0f2re/9C9qX/fy2/8AjtalFFn3D2kf5F+P+Zl/2re/9C9qX/fy2/8AjtH9q3v/AEL2pf8Afy2/+O1qUUWfcPaR/kX4/wCZl/2re/8AQval/wB/Lb/47R/at7/0L2pf9/Lb/wCO1qUUWfcPaR/kX4/5mX/at7/0L2pf9/Lb/wCO0f2re/8AQval/wB/Lb/47WpRRZ9w9pH+Rfj/AJmX/at7/wBC9qX/AH8tv/jtH9q3v/Qval/38tv/AI7WpRRZ9w9pH+Rfj/mZf9q3v/Qval/38tv/AI7R/at7/wBC9qX/AH8tv/jtalFFn3D2kf5F+P8AmZf9q3v/AEL2pf8Afy2/+O0f2re/9C9qX/fy2/8AjtalFFn3D2kf5F+P+Zl/2re/9C9qX/fy2/8AjtH9q3v/AEL2pf8Afy2/+O1qUUWfcPaR/kX4/wCZl/2re/8AQval/wB/Lb/47R/at7/0L2pf9/Lb/wCO1qUUWfcPaR/kX4/5mX/at7/0L2pf9/Lb/wCO0f2re/8AQval/wB/Lb/47WpRRZ9w9pH+Rfj/AJmX/at7/wBC9qX/AH8tv/jtH9q3v/Qval/38tv/AI7WpRRZ9w9pH+Rfj/mZf9q3v/Qval/38tv/AI7R/at7/wBC9qX/AH8tv/jtalFFn3D2kf5F+P8AmZf9q3v/AEL2pf8Afy2/+O0f2re/9C9qX/fy2/8AjtalFFn3D2kf5F+P+Zl/2re/9C9qX/fy2/8AjtH9q3v/AEL2pf8Afy2/+O1qUUWfcPaR/kX4/wCZl/2re/8AQval/wB/Lb/47R/at7/0L2pf9/Lb/wCO1qUUWfcPaR/kX4/5mX/at7/0L2pf9/Lb/wCO0f2re/8AQval/wB/Lb/47WpRRZ9w9pH+Rfj/AJmX/at7/wBC9qX/AH8tv/jtH9q3v/Qval/38tv/AI7WpRRZ9w9pH+Rfj/mZf9q3v/Qval/38tv/AI7R/at7/wBC9qX/AH8tv/jtalFFn3D2kf5F+P8AmZf9q3v/AEL2pf8Afy2/+O0f2re/9C9qX/fy2/8AjtalFFn3D2kf5F+P+Zl/2re/9C9qX/fy2/8AjtH9q3v/AEL2pf8Afy2/+O1qUUWfcPaR/kX4/wCZl/2re/8AQval/wB/Lb/47R/at7/0L2pf9/Lb/wCO1qUUWfcPaR/kX4/5mX/at7/0L2pf9/Lb/wCO0f2re/8AQval/wB/Lb/47WpRRZ9w9pH+Rfj/AJmX/at7/wBC9qX/AH8tv/jtH9q3v/Qval/38tv/AI7WpRRZ9w9pH+Rfj/mZf9q3v/Qval/38tv/AI7R/at7/wBC9qX/AH8tv/jtalFFn3D2kf5F+P8AmZf9q3v/AEL2pf8Afy2/+O0f2re/9C9qX/fy2/8AjtalFFn3D2kf5F+P+Zl/2re/9C9qX/fy2/8AjtH9q3v/AEL2pf8Afy2/+O1qUUWfcPaR/kX4/wCZl/2re/8AQval/wB/Lb/47R/at7/0L2pf9/Lb/wCO1qUUWfcPaR/kX4/5mX/at7/0L2pf9/Lb/wCO0f2re/8AQval/wB/Lb/47WpRRZ9w9pH+Rfj/AJmX/at7/wBC9qX/AH8tv/jtH9q3v/Qval/38tv/AI7WpRRZ9w9pH+Rfj/mZR1e8UEnw/qWB/wBNLf8A+O1F/b0//QB1L/vu3/8Ajta8v+pf/dNZtOz7h7SP8i/H/Mi/t6f/AKAOpf8Afdv/APHaP7en/wCgDqX/AH3b/wDx2paKOV9w9rH+Rfj/AJkX9vT/APQB1L/vu3/+O0f29P8A9AHUv++7f/47UtFHK+4e1j/Ivx/zIv7en/6AOpf992//AMdo/t6f/oA6l/33b/8Ax2paKOV9w9rH+Rfj/mRf29P/ANAHUv8Avu3/APjtH9vT/wDQB1L/AL7t/wD47UtFHK+4e1j/ACL8f8yL+3p/+gDqX/fdv/8AHaP7en/6AOpf992//wAdqWijlfcPax/kX4/5kX9vT/8AQB1L/vu3/wDjtH9vT/8AQB1L/vu3/wDjtS0Ucr7h7WP8i/H/ADIv7en/AOgDqX/fdv8A/Hal/ta8P/Mv6l/38tv/AI7RWov3R9KLPuHtY/yL8f8AMzP7Vvf+he1L/v5bf/HaP7Vvf+he1L/v5bf/AB2tSilZ9w9pH+Rfj/mZf9q3v/Qval/38tv/AI7R/at7/wBC9qX/AH8tv/jtalFFn3D2kf5F+P8AmZf9q3v/AEL2pf8Afy2/+O0f2re/9C9qX/fy2/8AjtalFFn3D2kf5F+P+Zl/2re/9C9qX/fy2/8AjtH9q3v/AEL2pf8Afy2/+O1qUUWfcPaR/kX4/wCZl/2re/8AQval/wB/Lb/47R/at7/0L2pf9/Lb/wCO1qUUWfcPaR/kX4/5mX/at7/0L2pf9/Lb/wCO0f2re/8AQval/wB/Lb/47WpRRZ9w9pH+Rfj/AJmX/at7/wBC9qX/AH8tv/jtX7aV57dZJLeW3c5zFKVLLz32kj34NS0U0iZTTWkUvv8A1YUUUUyAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKq3+pWGlwLPqF7bWkLNsElxKsalsE4ySOcA8e1AFqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+Kp2Fc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzXl/1L/wC6azary+MPDJicDxHpBOD/AMvsf/xVUP8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9FZH/CV+HP+hg0r/wMj/xo/wCEr8Of9DBpX/gZH/jRYLmvRWR/wlfhz/oYNK/8DI/8aP8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9FZH/CV+HP+hg0r/wMj/xo/wCEr8Of9DBpX/gZH/jRYLmvRWR/wlfhz/oYNK/8DI/8aP8AhK/Dn/QwaV/4GR/40WC5r1qL90fSuU/4Svw5/wBDBpX/AIGR/wCNaI8YeGNo/wCKj0jp/wA/0X/xVFgubdFYv/CYeGP+hj0j/wADov8A4qj/AITDwx/0Mekf+B0X/wAVRYLm1RWL/wAJh4Y/6GPSP/A6L/4qj/hMPDH/AEMekf8AgdF/8VRYLm1RWL/wmHhj/oY9I/8AA6L/AOKo/wCEw8Mf9DHpH/gdF/8AFUWC5tUVi/8ACYeGP+hj0j/wOi/+Ko/4TDwx/wBDHpH/AIHRf/FUWC5tUVi/8Jh4Y/6GPSP/AAOi/wDiqP8AhMPDH/Qx6R/4HRf/ABVFgubVFYv/AAmHhj/oY9I/8Dov/iqP+Ew8Mf8AQx6R/wCB0X/xVFgubVFYv/CYeGP+hj0j/wADov8A4qtO0vLW/tUurK5hubd87JYXDo2Dg4I4PII/CkMnooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAGS/wCpf/dNZtaUv+pf/dNZtMAooooEFFFFABRRRQAUUUUAFFFFABRRRQAVqL90fSsutRfuj6UgFooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVVv8ATbDVIFg1CytruFW3iO4iWRQ2CM4IPOCefegC1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TTEbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVFYv/AAh/hj/oXNI/8AYv/iaP+EP8Mf8AQuaR/wCAMX/xNAG1RWL/AMIf4Y/6FzSP/AGL/wCJo/4Q/wAMf9C5pH/gDF/8TQBtUVi/8If4Y/6FzSP/AABi/wDiaP8AhD/DH/QuaR/4Axf/ABNAG1RWL/wh/hj/AKFzSP8AwBi/+Jo/4Q/wx/0Lmkf+AMX/AMTQBtUVi/8ACH+GP+hc0j/wBi/+Jo/4Q/wx/wBC5pH/AIAxf/E0AbVFYv8Awh/hj/oXNI/8AYv/AImj/hD/AAx/0Lmkf+AMX/xNAG1RWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TQBtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0AbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVFYv/AAh/hj/oXNI/8AYv/iaP+EP8Mf8AQuaR/wCAMX/xNAG1RWL/AMIf4Y/6FzSP/AGL/wCJo/4Q/wAMf9C5pH/gDF/8TQBtUVi/8If4Y/6FzSP/AABi/wDiaP8AhD/DH/QuaR/4Axf/ABNAG1RWL/wh/hj/AKFzSP8AwBi/+Jo/4Q/wx/0Lmkf+AMX/AMTQBtUVi/8ACH+GP+hc0j/wBi/+Jo/4Q/wx/wBC5pH/AIAxf/E0AbVFYv8Awh/hj/oXNI/8AYv/AImj/hD/AAx/0Lmkf+AMX/xNAG1RWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TQBtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0AbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVFYv/AAh/hj/oXNI/8AYv/iaP+EP8Mf8AQuaR/wCAMX/xNAG1RWL/AMIf4Y/6FzSP/AGL/wCJo/4Q/wAMf9C5pH/gDF/8TQBtUVi/8If4Y/6FzSP/AABi/wDiaP8AhD/DH/QuaR/4Axf/ABNAG1RWL/wh/hj/AKFzSP8AwBi/+Jo/4Q/wx/0Lmkf+AMX/AMTQBtUVi/8ACH+GP+hc0j/wBi/+Jo/4Q/wx/wBC5pH/AIAxf/E0Aa8v+pf/AHTWbVeXwf4ZETkeHNIBwf8Alyj/APiaof8ACKeHP+hf0r/wDj/woA16KyP+EU8Of9C/pX/gHH/hR/winhz/AKF/Sv8AwDj/AMKANeisj/hFPDn/AEL+lf8AgHH/AIUf8Ip4c/6F/Sv/AADj/wAKANeisj/hFPDn/Qv6V/4Bx/4Uf8Ip4c/6F/Sv/AOP/CgDXorI/wCEU8Of9C/pX/gHH/hR/wAIp4c/6F/Sv/AOP/CgDXorI/4RTw5/0L+lf+Acf+FH/CKeHP8AoX9K/wDAOP8AwoA16KyP+EU8Of8AQv6V/wCAcf8AhR/winhz/oX9K/8AAOP/AAoA161F+6PpXKf8Ip4c/wChf0r/AMA4/wDCtEeD/DG0f8U5pHT/AJ8Yv/iaANuisX/hD/DH/QuaR/4Axf8AxNH/AAh/hj/oXNI/8AYv/iaANqisX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImgDaorF/4Q/wAMf9C5pH/gDF/8TR/wh/hj/oXNI/8AAGL/AOJoA2qKxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mgDaorF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mgDaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoA2qKxf+EP8ADH/QuaR/4Axf/E1p2lna2FqlrZW0NtbpnZFCgRFycnAHA5JP40hk9FFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAyX/Uv/ums2tKX/Uv/ALprNpgFFFFAgooooAKKKKACiiigAooooAKKKKACtRfuj6Vl1qL90fSkAtFFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACq93ZxXsQiladVDbswzvEc/VCDjnp0qxRQNNxd0Zf8Awj9l/wA9tS/8Gdz/APHKP+Efsv8AntqX/gzuf/jlalFTyrsafWKv8z+9mX/wj9l/z21L/wAGdz/8co/4R+y/57al/wCDO5/+OVqUUcq7B9Yq/wAz+9mX/wAI/Zf89tS/8Gdz/wDHKP8AhH7L/ntqX/gzuf8A45WpRRyrsH1ir/M/vZl/8I/Zf89tS/8ABnc//HKP+Efsv+e2pf8Agzuf/jlalFHKuwfWKv8AM/vZl/8ACP2X/PbUv/Bnc/8Axyj/AIR+y/57al/4M7n/AOOVqUUcq7B9Yq/zP72Zf/CP2X/PbUv/AAZ3P/xyj/hH7L/ntqX/AIM7n/45WpRRyrsH1ir/ADP72Zf/AAj9l/z21L/wZ3P/AMco/wCEfsv+e2pf+DO5/wDjlalFHKuwfWKv8z+9mX/wj9l/z21L/wAGdz/8co/4R+y/57al/wCDO5/+OVqUUcq7B9Yq/wAz+9mX/wAI/Zf89tS/8Gdz/wDHKP8AhH7L/ntqX/gzuf8A45WpRRyrsH1ir/M/vZl/8I/Zf89tS/8ABnc//HKP+Efsv+e2pf8Agzuf/jlalFHKuwfWKv8AM/vZl/8ACP2X/PbUv/Bnc/8Axyj/AIR+y/57al/4M7n/AOOVqUUcq7B9Yq/zP72Zf/CP2X/PbUv/AAZ3P/xyj/hH7L/ntqX/AIM7n/45WpRRyrsH1ir/ADP72Zf/AAj9l/z21L/wZ3P/AMco/wCEfsv+e2pf+DO5/wDjlalFHKuwfWKv8z+9mX/wj9l/z21L/wAGdz/8co/4R+y/57al/wCDO5/+OVqUUcq7B9Yq/wAz+9mX/wAI/Zf89tS/8Gdz/wDHKP8AhH7L/ntqX/gzuf8A45WpRRyrsH1ir/M/vZl/8I/Zf89tS/8ABnc//HKP+Efsv+e2pf8Agzuf/jlalFHKuwfWKv8AM/vZl/8ACP2X/PbUv/Bnc/8Axyj/AIR+y/57al/4M7n/AOOVqUUcq7B9Yq/zP72Zf/CP2X/PbUv/AAZ3P/xyj/hH7L/ntqX/AIM7n/45WpRRyrsH1ir/ADP72Zf/AAj9l/z21L/wZ3P/AMco/wCEfsv+e2pf+DO5/wDjlalFHKuwfWKv8z+9mX/wj9l/z21L/wAGdz/8co/4R+y/57al/wCDO5/+OVqUUcq7B9Yq/wAz+9mX/wAI/Zf89tS/8Gdz/wDHKP8AhH7L/ntqX/gzuf8A45WpRRyrsH1ir/M/vZl/8I/Zf89tS/8ABnc//HKP+Efsv+e2pf8Agzuf/jlalFHKuwfWKv8AM/vZl/8ACP2X/PbUv/Bnc/8Axyj/AIR+y/57al/4M7n/AOOVqUUcq7B9Yq/zP72Zf/CP2X/PbUv/AAZ3P/xyj/hH7L/ntqX/AIM7n/45WpRRyrsH1ir/ADP72Zf/AAj9l/z21L/wZ3P/AMco/wCEfsv+e2pf+DO5/wDjlalFHKuwfWKv8z+9mX/wj9l/z21L/wAGdz/8co/4R+y/57al/wCDO5/+OVqUUcq7B9Yq/wAz+9mX/wAI/Zf89tS/8Gdz/wDHKP8AhH7L/ntqX/gzuf8A45WpRRyrsH1ir/M/vZl/8I/Zf89tS/8ABnc//HKP+Efsv+e2pf8Agzuf/jlalFHKuwfWKv8AM/vZl/8ACP2X/PbUv/Bnc/8Axyj/AIR+y/57al/4M7n/AOOVqUUcq7B9Yq/zP72Zf/CP2X/PbUv/AAZ3P/xyj/hH7L/ntqX/AIM7n/45WpRRyrsH1ir/ADP72Zf/AAj9l/z21L/wZ3P/AMco/wCEfsv+e2pf+DO5/wDjlalFHKuwfWKv8z+9mX/wj9l/z21L/wAGdz/8co/4R+y/57al/wCDO5/+OVqUUcq7B9Yq/wAz+9mUfD1kRgzakR/2E7n/AOOU3/hGtO/v6h/4Mrj/AOLrXop8q7B9Yq/zP72ZH/CNad/f1D/wZXH/AMXR/wAI1p39/UP/AAZXH/xda9FHKuwe3q/zP72ZH/CNad/f1D/wZXH/AMXR/wAI1p39/UP/AAZXH/xda9FHKuwe3q/zP72ZH/CNad/f1D/wZXH/AMXR/wAI1p39/UP/AAZXH/xda9FHKuwe3q/zP72ZH/CNad/f1D/wZXH/AMXR/wAI1p39/UP/AAZXH/xda9FHKuwe3q/zP72ZH/CNad/f1D/wZXH/AMXR/wAI1p39/UP/AAZXH/xda9FHKuwe3q/zP72ZH/CNad/f1D/wZXH/AMXR/wAI1p39/UP/AAZXH/xda9FHKuwe3q/zP72ZH/CNad/f1D/wZXH/AMXTv+Efsv8AntqX/gzuf/jlatFHKuwfWKv8z+9mX/wj9l/z21L/AMGdz/8AHKP+Efsv+e2pf+DO5/8AjlalFLlXYPrFX+Z/ezL/AOEfsv8AntqX/gzuf/jlH/CP2X/PbUv/AAZ3P/xytSijlXYPrFX+Z/ezL/4R+y/57al/4M7n/wCOUf8ACP2X/PbUv/Bnc/8AxytSijlXYPrFX+Z/ezL/AOEfsv8AntqX/gzuf/jlH/CP2X/PbUv/AAZ3P/xytSijlXYPrFX+Z/ezL/4R+y/57al/4M7n/wCOUf8ACP2X/PbUv/Bnc/8AxytSijlXYPrFX+Z/ezL/AOEfsv8AntqX/gzuf/jlH/CP2X/PbUv/AAZ3P/xytSijlXYPrFX+Z/ezL/4R+y/57al/4M7n/wCOVftrdLW3WGNpWRc4MsrSNyc8sxJP4mpaKaSWxMqs5q0pNhRRRTICiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAorL/wCEfsv+e2pf+DO5/wDjlH/CP2X/AD21L/wZ3P8A8cqdTXlpfzP7l/malFZf/CP2X/PbUv8AwZ3P/wAco/4R+y/57al/4M7n/wCOUahy0v5n9y/zNSisv/hH7L/ntqX/AIM7n/45R/wj9l/z21L/AMGdz/8AHKNQ5aX8z+5f5mpRWX/wj9l/z21L/wAGdz/8co/4R+y/57al/wCDO5/+OUahy0v5n9y/zNSisv8A4R+y/wCe2pf+DO5/+OUf8I/Zf89tS/8ABnc//HKNQ5aX8z+5f5mpRWX/AMI/Zf8APbUv/Bnc/wDxyj/hH7L/AJ7al/4M7n/45RqHLS/mf3L/ADNSisv/AIR+y/57al/4M7n/AOOUf8I/Zf8APbUv/Bnc/wDxyjUOWl/M/uX+ZqUVl/8ACP2X/PbUv/Bnc/8Axyj/AIR+y/57al/4M7n/AOOUahy0v5n9y/zNSisv/hH7L/ntqX/gzuf/AI5R/wAI/Zf89tS/8Gdz/wDHKNQ5aX8z+5f5mpRWX/wj9l/z21L/AMGdz/8AHKP+Efsv+e2pf+DO5/8AjlGoctL+Z/cv8zUorL/4R+y/57al/wCDO5/+OUf8I/Zf89tS/wDBnc//AByjUOWl/M/uX+ZqUVl/8I/Zf89tS/8ABnc//HKP+Efsv+e2pf8Agzuf/jlGoctL+Z/cv8zUorL/AOEfsv8AntqX/gzuf/jlH/CP2X/PbUv/AAZ3P/xyjUOWl/M/uX+ZqUVl/wDCP2X/AD21L/wZ3P8A8co/4R+y/wCe2pf+DO5/+OUahy0v5n9y/wAzUorL/wCEfsv+e2pf+DO5/wDjlH/CP2X/AD21L/wZ3P8A8co1DlpfzP7l/malFZf/AAj9l/z21L/wZ3P/AMco/wCEfsv+e2pf+DO5/wDjlGoctL+Z/cv8zUorL/4R+y/57al/4M7n/wCOUf8ACP2X/PbUv/Bnc/8AxyjUOWl/M/uX+ZqUVl/8I/Zf89tS/wDBnc//AByj/hH7L/ntqX/gzuf/AI5RqHLS/mf3L/M1KKy/+Efsv+e2pf8Agzuf/jlH/CP2X/PbUv8AwZ3P/wAco1DlpfzP7l/malFZf/CP2X/PbUv/AAZ3P/xyj/hH7L/ntqX/AIM7n/45RqHLS/mf3L/M1KKy/wDhH7L/AJ7al/4M7n/45R/wj9l/z21L/wAGdz/8co1DlpfzP7l/malFZf8Awj9l/wA9tS/8Gdz/APHKP+Efsv8AntqX/gzuf/jlGoctL+Z/cv8AM1KKy/8AhH7L/ntqX/gzuf8A45R/wj9l/wA9tS/8Gdz/APHKNQ5aX8z+5f5mpRWX/wAI/Zf89tS/8Gdz/wDHKP8AhH7L/ntqX/gzuf8A45RqHLS/mf3L/M1KKy/+Efsv+e2pf+DO5/8AjlH/AAj9l/z21L/wZ3P/AMco1DlpfzP7l/malFZf/CP2X/PbUv8AwZ3P/wAco/4R+y/57al/4M7n/wCOUahy0v5n9y/zNSisv/hH7L/ntqX/AIM7n/45R/wj9l/z21L/AMGdz/8AHKNQ5aX8z+5f5mpRWX/wj9l/z21L/wAGdz/8co/4R+y/57al/wCDO5/+OUahy0v5n9y/zNSisv8A4R+y/wCe2pf+DO5/+OUf8I/Zf89tS/8ABnc//HKNQ5aX8z+5f5mpRWX/AMI/Zf8APbUv/Bnc/wDxyj/hH7L/AJ7al/4M7n/45RqHLS/mf3L/ADNSisv/AIR+y/57al/4M7n/AOOUf8I/Zf8APbUv/Bnc/wDxyjUOWl/M/uX+ZqUVl/8ACP2X/PbUv/Bnc/8Axyj/AIR+y/57al/4M7n/AOOUahy0v5n9y/zNSisv/hH7L/ntqX/gzuf/AI5VKbRrdZWVbnUgB/1Erj/4un7wWpfzP7l/mdDRXN/2RB/z86l/4Mrj/wCLo/siD/n51L/wZXH/AMXR7wWpfzP7l/mdJRXN/wBkQf8APzqX/gyuP/i6P7Ig/wCfnUv/AAZXH/xdHvBal/M/uX+Z0lFc3/ZEH/PzqX/gyuP/AIuj+yIP+fnUv/Blcf8AxdHvBal/M/uX+Z0lFc3/AGRB/wA/Opf+DK4/+Lo/siD/AJ+dS/8ABlcf/F0e8FqX8z+5f5nSUVzf9kQf8/Opf+DK4/8Ai6P7Ig/5+dS/8GVx/wDF0e8FqX8z+5f5nSUVzf8AZEH/AD86l/4Mrj/4uj+yIP8An51L/wAGVx/8XR7wWpfzP7l/mdJRXN/2RB/z86l/4Mrj/wCLqzbaFaSRktcakTn/AKCdx/8AF0e8FqX8z+5f5m3RWX/wj9l/z21L/wAGdz/8co/4R+y/57al/wCDO5/+OUtQ5aX8z+5f5mpRWX/wj9l/z21L/wAGdz/8co/4R+y/57al/wCDO5/+OUahy0v5n9y/zNSisv8A4R+y/wCe2pf+DO5/+OUf8I/Zf89tS/8ABnc//HKNQ5aX8z+5f5mpRWX/AMI/Zf8APbUv/Bnc/wDxyj/hH7L/AJ7al/4M7n/45RqHLS/mf3L/ADNSisv/AIR+y/57al/4M7n/AOOUf8I/Zf8APbUv/Bnc/wDxyjUOWl/M/uX+ZqUVl/8ACP2X/PbUv/Bnc/8Axyj/AIR+y/57al/4M7n/AOOUahy0v5n9y/zNSisv/hH7L/ntqX/gzuf/AI5Vqz0+Gw3+S9y2/GfPuZJunpvY469qeopKnb3W7+n/AAS1RRRTMwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKzrj/AF7/AFrRrOuP9e/1oAjooopiCiiigAooooAKKKKACiiigAooooAKu2f+qb/eqlV2z/1Tf71AFiiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAxfsvif/oL6R/4K5f/AJIo+y+J/wDoL6R/4K5f/kitqincVjF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SK2qKLhYxfsvif8A6C+kf+CuX/5Io+y+J/8AoL6R/wCCuX/5IraoouFjF+y+J/8AoL6R/wCCuX/5Io+y+J/+gvpH/grl/wDkitqii4WMX7L4n/6C+kf+CuX/AOSKPsvif/oL6R/4K5f/AJIraoouFjF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SK2qKLhYxfsvif8A6C+kf+CuX/5Io+y+J/8AoL6R/wCCuX/5IraoouFjF+y+J/8AoL6R/wCCuX/5Io+y+J/+gvpH/grl/wDkitqii4WMX7L4n/6C+kf+CuX/AOSKPsvif/oL6R/4K5f/AJIraoouFjF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SK2qKLhYxfsvif8A6C+kf+CuX/5Io+y+J/8AoL6R/wCCuX/5IraoouFjF+y+J/8AoL6R/wCCuX/5Io+y+J/+gvpH/grl/wDkitqii4WMX7L4n/6C+kf+CuX/AOSKPsvif/oL6R/4K5f/AJIraoouFjF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SK2qKLhYxfsvif8A6C+kf+CuX/5Io+y+J/8AoL6R/wCCuX/5IraoouFjF+y+J/8AoL6R/wCCuX/5Io+y+J/+gvpH/grl/wDkitqii4WMX7L4n/6C+kf+CuX/AOSKPsvif/oL6R/4K5f/AJIraoouFjF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SK2qKLhYxfsvif8A6C+kf+CuX/5Io+y+J/8AoL6R/wCCuX/5IraoouFjF+y+J/8AoL6R/wCCuX/5Io+y+J/+gvpH/grl/wDkitqii4WMX7L4n/6C+kf+CuX/AOSKPsvif/oL6R/4K5f/AJIraoouFjF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SK2qKLhYxfsvif8A6C+kf+CuX/5Io+y+J/8AoL6R/wCCuX/5IraoouFjF+y+J/8AoL6R/wCCuX/5Io+y+J/+gvpH/grl/wDkitqii4WMX7L4n/6C+kf+CuX/AOSKPsvif/oL6R/4K5f/AJIraoouFjF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SK2qKLhYxfsvif8A6C+kf+CuX/5Io+y+J/8AoL6R/wCCuX/5IraoouFjF+y+J/8AoL6R/wCCuX/5Io+y+J/+gvpH/grl/wDkitqii4WMX7L4n/6C+kf+CuX/AOSKPsvif/oL6R/4K5f/AJIraoouFjF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SK2qKLhYxfsvif8A6C+kf+CuX/5Io+y+J/8AoL6R/wCCuX/5IraoouFjF+y+J/8AoL6R/wCCuX/5Io+y+J/+gvpH/grl/wDkitqii4WMX7L4n/6C+kf+CuX/AOSKoT23iTzmzq2lE57aZJ/8frqazrj/AF7/AFouFjE+zeI/+grpX/gtk/8Aj9H2bxH/ANBXSv8AwWyf/H616KLhYyPs3iP/AKCulf8Agtk/+P0fZvEf/QV0r/wWyf8Ax+teii4WMj7N4j/6Culf+C2T/wCP0fZvEf8A0FdK/wDBbJ/8frXoouFjI+zeI/8AoK6V/wCC2T/4/R9m8R/9BXSv/BbJ/wDH616KLhYyPs3iP/oK6V/4LZP/AI/R9m8R/wDQV0r/AMFsn/x+teii4WMj7N4j/wCgrpX/AILZP/j9H2bxH/0FdK/8Fsn/AMfrXoouFjI+zeI/+grpX/gtk/8Aj9W7W28S+Wdur6SOe+lyH/24q5V2z/1Tf71FwsZv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFFwsYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkVtUUXCxi/ZfE/wD0F9I/8Fcv/wAkUfZfE/8A0F9I/wDBXL/8kVtUUXCxi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFbVFFwsYv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFFwsYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkVtUUXCxi/ZfE/wD0F9I/8Fcv/wAkVd0+LVI/M/tK8s7jOPL+zWrQ7euc7pHz29Me/a7RSGFFFUNUvrizNnHa28U811OYVEspjUYjdySQrHomOnek3YqEHN2RforL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmlzIv2Mu6+9f5mpRWX9o1/wD6Bum/+DCT/wCM0faNf/6Bum/+DCT/AOM0cyD2Mu6+9f5mpRWX9o1//oG6b/4MJP8A4zR9o1//AKBum/8Agwk/+M0cyD2Mu6+9f5mpRWX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNHMg9jLuvvX+ZqUVl/aNf/AOgbpv8A4MJP/jNH2jX/APoG6b/4MJP/AIzRzIPYy7r71/malFZf2jX/APoG6b/4MJP/AIzR9o1//oG6b/4MJP8A4zRzIPYy7r71/malFZf2jX/+gbpv/gwk/wDjNH2jX/8AoG6b/wCDCT/4zRzIPYy7r71/malFZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M0cyD2Mu6+9f5mpRWX9o1/8A6Bum/wDgwk/+M0faNf8A+gbpv/gwk/8AjNHMg9jLuvvX+ZqUVl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNHMg9jLuvvX+ZqUVl/aNf/6Bum/+DCT/AOM0faNf/wCgbpv/AIMJP/jNHMg9jLuvvX+ZqUVl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zRzIPYy7r71/malFZf2jX/wDoG6b/AODCT/4zR9o1/wD6Bum/+DCT/wCM0cyD2Mu6+9f5mpRWX9o1/wD6Bum/+DCT/wCM0faNf/6Bum/+DCT/AOM0cyD2Mu6+9f5mpRWX9o1//oG6b/4MJP8A4zR9o1//AKBum/8Agwk/+M0cyD2Mu6+9f5mpRWX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNHMg9jLuvvX+ZqUVl/aNf/AOgbpv8A4MJP/jNH2jX/APoG6b/4MJP/AIzRzIPYy7r71/malFZf2jX/APoG6b/4MJP/AIzR9o1//oG6b/4MJP8A4zRzIPYy7r71/malFZf2jX/+gbpv/gwk/wDjNH2jX/8AoG6b/wCDCT/4zRzIPYy7r71/malFZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M0cyD2Mu6+9f5mpRWX9o1/8A6Bum/wDgwk/+M0faNf8A+gbpv/gwk/8AjNHMg9jLuvvX+ZqUVl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNHMg9jLuvvX+ZqUVl/aNf/6Bum/+DCT/AOM0faNf/wCgbpv/AIMJP/jNHMg9jLuvvX+ZqUVl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zRzIPYy7r71/malFZf2jX/wDoG6b/AODCT/4zR9o1/wD6Bum/+DCT/wCM0cyD2Mu6+9f5mpRWX9o1/wD6Bum/+DCT/wCM0faNf/6Bum/+DCT/AOM0cyD2Mu6+9f5mpRWX9o1//oG6b/4MJP8A4zR9o1//AKBum/8Agwk/+M0cyD2Mu6+9f5mpRWX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNHMg9jLuvvX+ZqUVl/aNf/AOgbpv8A4MJP/jNH2jX/APoG6b/4MJP/AIzRzIPYy7r71/malFZf2jX/APoG6b/4MJP/AIzR9o1//oG6b/4MJP8A4zRzIPYy7r71/malFZf2jX/+gbpv/gwk/wDjNH2jX/8AoG6b/wCDCT/4zRzIPYy7r71/malFZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M0cyD2Mu6+9f5mpRWX9o1/8A6Bum/wDgwk/+M0faNf8A+gbpv/gwk/8AjNHMg9jLuvvX+ZqUVl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNHMg9jLuvvX+ZqUVl/aNf/6Bum/+DCT/AOM0faNf/wCgbpv/AIMJP/jNHMg9jLuvvX+ZqUVl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zRzIPYy7r71/malFZf2jX/wDoG6b/AODCT/4zR9o1/wD6Bum/+DCT/wCM0cyD2Mu6+9f5mpRWX9o1/wD6Bum/+DCT/wCM0faNf/6Bum/+DCT/AOM0cyD2Mu6+9f5mpRWX9o1//oG6b/4MJP8A4zR9o1//AKBum/8Agwk/+M0cyD2Mu6+9f5mpRWX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNHMg9jLuvvX+ZqUVl/aNf/AOgbpv8A4MJP/jNH2jX/APoG6b/4MJP/AIzRzIPYy7r71/malFZf2jX/APoG6b/4MJP/AIzR9o1//oG6b/4MJP8A4zRzIPYy7r71/malFZf2jX/+gbpv/gwk/wDjNH2jX/8AoG6b/wCDCT/4zRzIPYy7r71/malFZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M0cyD2Mu6+9f5mpRWX9o1/8A6Bum/wDgwk/+M0faNf8A+gbpv/gwk/8AjNHMg9jLuvvX+ZqUVl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNHMg9jLuvvX+ZqUVl/aNf/6Bum/+DCT/AOM1gal8R7DRL+XTtUsrlbyHHmC1KyR8gMMMxUngj+Ec569aTnFbmtLB1qr5aau/Jp/qdnRWL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPWljkubVFYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9FgubVFYv2rxP/0CNI/8Gkv/AMj0favE/wD0CNI/8Gkv/wAj0WC5tUVi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j0WC5tUVi/avE/8A0CNI/wDBpL/8j0favE//AECNI/8ABpL/API9FgubVFYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9FgubVFYv2rxP/0CNI/8Gkv/AMj0favE/wD0CNI/8Gkv/wAj0WC5tUVi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j0WC5tUVi/avE/8A0CNI/wDBpL/8j0favE//AECNI/8ABpL/API9FgubVFYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9FgubVFYv2rxP/0CNI/8Gkv/AMj0favE/wD0CNI/8Gkv/wAj0WC5tUVi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j0WC5tUVi/avE/8A0CNI/wDBpL/8j0favE//AECNI/8ABpL/API9FgubVFYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9FgubVFYv2rxP/0CNI/8Gkv/AMj0favE/wD0CNI/8Gkv/wAj0WC5tUVi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j0WC5tUVi/avE/8A0CNI/wDBpL/8j0favE//AECNI/8ABpL/API9FgubVFYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9FgubVFYv2rxP/0CNI/8Gkv/AMj0favE/wD0CNI/8Gkv/wAj0WC5tUVi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j0WC5tUVi/avE/8A0CNI/wDBpL/8j0favE//AECNI/8ABpL/API9FgubVFYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9FgubVFYv2rxP/0CNI/8Gkv/AMj0favE/wD0CNI/8Gkv/wAj0WC5tUVi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j0WC5tUVi/avE/8A0CNI/wDBpL/8j0favE//AECNI/8ABpL/API9FgubVFYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9FgubVFYv2rxP/0CNI/8Gkv/AMj0favE/wD0CNI/8Gkv/wAj0WC5tUVi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j0WC5tUVi/avE/8A0CNI/wDBpL/8j0favE//AECNI/8ABpL/API9FgubVFYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9FgubVFYv2rxP/0CNI/8Gkv/AMj0favE/wD0CNI/8Gkv/wAj0WC5tUVi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j0WC5tVnXH+vf61W+1eJ/wDoEaR/4NJf/keqE9z4k85s6TpQOe2pyf8AxiiwXNSisj7T4j/6BWlf+DKT/wCMUfafEf8A0CtK/wDBlJ/8YosFzXorI+0+I/8AoFaV/wCDKT/4xR9p8R/9ArSv/BlJ/wDGKLBc16KyPtPiP/oFaV/4MpP/AIxR9p8R/wDQK0r/AMGUn/xiiwXNeisj7T4j/wCgVpX/AIMpP/jFH2nxH/0CtK/8GUn/AMYosFzXorI+0+I/+gVpX/gyk/8AjFH2nxH/ANArSv8AwZSf/GKLBc16KyPtPiP/AKBWlf8Agyk/+MUfafEf/QK0r/wZSf8AxiiwXNertn/qm/3q5v7T4j/6BWlf+DKT/wCMVbtbnxL5Z26RpJ576pIP/beiwXOhorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Hq7p8uqSeZ/aVnZ2+MeX9mumm3dc53Rpjt659u6GXay9V/5CWh/9fzf+k81alZeq/wDIS0P/AK/m/wDSeaplsa0fifo/yZqUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFeCfEb/AJH3Uv8Atl/6KSve68E+I3/I+6l/2y/9FJXNivgXqfQ8N/73L/C/zR73RRRXSfPBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVnXH+vf61o1nXH+vf60AR0UUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFXbP8A1Tf71Uqu2f8Aqm/3qALFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVl6r/yEtD/6/m/9J5q1Ky9V/wCQlof/AF/N/wCk81TLY1o/E/R/kzUoooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK8E+I3/ACPupf8AbL/0Ule914J8Rv8AkfdS/wC2X/opK5sV8C9T6Hhv/e5f4X+aPZ/7Vvf+he1L/v5bf/HaP7Vvf+he1L/v5bf/AB2tSit7PueH7SP8i/H/ADMv+1b3/oXtS/7+W3/x2j+1b3/oXtS/7+W3/wAdrUoos+4e0j/Ivx/zMv8AtW9/6F7Uv+/lt/8AHaP7Vvf+he1L/v5bf/Ha1KKLPuHtI/yL8f8AMy/7Vvf+he1L/v5bf/HaP7Vvf+he1L/v5bf/AB2tSiiz7h7SP8i/H/My/wC1b3/oXtS/7+W3/wAdo/tW9/6F7Uv+/lt/8drUoos+4e0j/Ivx/wAzL/tW9/6F7Uv+/lt/8do/tW9/6F7Uv+/lt/8AHa1KKLPuHtI/yL8f8zL/ALVvf+he1L/v5bf/AB2j+1b3/oXtS/7+W3/x2tSiiz7h7SP8i/H/ADMv+1b3/oXtS/7+W3/x2j+1b3/oXtS/7+W3/wAdrUoos+4e0j/Ivx/zMv8AtW9/6F7Uv+/lt/8AHaP7Vvf+he1L/v5bf/Ha1KKLPuHtI/yL8f8AMy/7Vvf+he1L/v5bf/HaP7Vvf+he1L/v5bf/AB2tSiiz7h7SP8i/H/My/wC1b3/oXtS/7+W3/wAdo/tW9/6F7Uv+/lt/8drUoos+4e0j/Ivx/wAzL/tW9/6F7Uv+/lt/8do/tW9/6F7Uv+/lt/8AHa1KKLPuHtI/yL8f8zL/ALVvf+he1L/v5bf/AB2j+1b3/oXtS/7+W3/x2tSiiz7h7SP8i/H/ADMv+1b3/oXtS/7+W3/x2j+1b3/oXtS/7+W3/wAdrUoos+4e0j/Ivx/zMv8AtW9/6F7Uv+/lt/8AHaP7Vvf+he1L/v5bf/Ha1KKLPuHtI/yL8f8AMy/7Vvf+he1L/v5bf/HaP7Vvf+he1L/v5bf/AB2tSiiz7h7SP8i/H/My/wC1b3/oXtS/7+W3/wAdo/tW9/6F7Uv+/lt/8drUoos+4e0j/Ivx/wAzL/tW9/6F7Uv+/lt/8do/tW9/6F7Uv+/lt/8AHa1KKLPuHtI/yL8f8zL/ALVvf+he1L/v5bf/AB2j+1b3/oXtS/7+W3/x2tSiiz7h7SP8i/H/ADMv+1b3/oXtS/7+W3/x2j+1b3/oXtS/7+W3/wAdrUoos+4e0j/Ivx/zMv8AtW9/6F7Uv+/lt/8AHaP7Vvf+he1L/v5bf/Ha1KKLPuHtI/yL8f8AMy/7Vvf+he1L/v5bf/HaP7Vvf+he1L/v5bf/AB2tSiiz7h7SP8i/H/My/wC1b3/oXtS/7+W3/wAdo/tW9/6F7Uv+/lt/8drUoos+4e0j/Ivx/wAzL/tW9/6F7Uv+/lt/8do/tW9/6F7Uv+/lt/8AHa1KKLPuHtI/yL8f8zL/ALVvf+he1L/v5bf/AB2j+1b3/oXtS/7+W3/x2tSiiz7h7SP8i/H/ADMv+1b3/oXtS/7+W3/x2j+1b3/oXtS/7+W3/wAdrUoos+4e0j/Ivx/zMv8AtW9/6F7Uv+/lt/8AHaP7Vvf+he1L/v5bf/Ha1KKLPuHtI/yL8f8AMy/7Vvf+he1L/v5bf/HaP7Vvf+he1L/v5bf/AB2tSiiz7h7SP8i/H/My/wC1b3/oXtS/7+W3/wAdo/tW9/6F7Uv+/lt/8drUoos+4e0j/Ivx/wAzL/tW9/6F7Uv+/lt/8do/tW9/6F7Uv+/lt/8AHa1KKLPuHtI/yL8f8zL/ALVvf+he1L/v5bf/AB2j+1b3/oXtS/7+W3/x2tSiiz7h7SP8i/H/ADMv+1b3/oXtS/7+W3/x2j+1b3/oXtS/7+W3/wAdrUoos+4e0j/Ivx/zMv8AtW9/6F7Uv+/lt/8AHaqS3moPIzDQNQwfWS3/APjtb9FOz7h7SP8AIvx/zOd+1aj/ANADUP8Av5b/APx2j7VqP/QA1D/v5b//AB2uioos+4e0j/Ivx/zOd+1aj/0ANQ/7+W//AMdo+1aj/wBADUP+/lv/APHa6Kiiz7h7SP8AIvx/zOd+1aj/ANADUP8Av5b/APx2j7VqP/QA1D/v5b//AB2uioos+4e0j/Ivx/zOd+1aj/0ANQ/7+W//AMdo+1aj/wBADUP+/lv/APHa6Kiiz7h7SP8AIvx/zOd+1aj/ANADUP8Av5b/APx2j7VqP/QA1D/v5b//AB2uioos+4e0j/Ivx/zOd+1aj/0ANQ/7+W//AMdo+1aj/wBADUP+/lv/APHa6Kiiz7h7SP8AIvx/zOd+1aj/ANADUP8Av5b/APx2rEGo30SEN4f1Hk54kt//AI7W1RRZ9w9pH+Rfj/mZf9q3v/Qval/38tv/AI7R/at7/wBC9qX/AH8tv/jtalFKz7h7SP8AIvx/zMv+1b3/AKF7Uv8Av5bf/HaP7Vvf+he1L/v5bf8Ax2tSiiz7h7SP8i/H/My/7Vvf+he1L/v5bf8Ax2j+1b3/AKF7Uv8Av5bf/Ha1KKLPuHtI/wAi/H/My/7Vvf8AoXtS/wC/lt/8do/tW9/6F7Uv+/lt/wDHa1KKLPuHtI/yL8f8zL/tW9/6F7Uv+/lt/wDHaP7Vvf8AoXtS/wC/lt/8drUoos+4e0j/ACL8f8zL/tW9/wChe1L/AL+W3/x2j+1b3/oXtS/7+W3/AMdrUoos+4e0j/Ivx/zMv+1b3/oXtS/7+W3/AMdq1Z3c11v87T7m024x57Rnd9Njt098datUU7eYpTi1ZRS+/wDzCsvVf+Qlof8A1/N/6TzVqVl6r/yEtD/6/m/9J5qUth0fifo/yZqUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFeCfEb/AJH3Uv8Atl/6KSve68E+I3/I+6l/2y/9FJXNivgXqfQ8N/73L/C/zR73RRRXSfPBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVl6r/yEtD/6/m/9J5q1Ky9V/wCQlof/AF/N/wCk81TLY1o/E/R/kzUoooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK8E+I3/ACPupf8AbL/0Ule914J8Rv8AkfdS/wC2X/opK5sV8C9T6Hhv/e5f4X+aPe6KKK6T54KKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsvVf+Qlof/X83/pPNWpWXqv/ACEtD/6/m/8ASeaplsa0fifo/wAmalFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXgnxG/5H3Uv+2X/opK97rwT4jf8AI+6l/wBsv/RSVzYr4F6n0PDf+9y/wv8ANHvdFFFdJ88FFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWXqv/IS0P8A6/m/9J5q1Ky9V/5CWh/9fzf+k81TLY1o/E/R/kzUoooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK8E+I3/I+6l/2y/wDRSV73XgnxG/5H3Uv+2X/opK5sV8C9T6Hhv/e5f4X+aPe6KKK6T54KKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsvVf+Qlof8A1/N/6TzVqVl6r/yEtD/6/m/9J5qmWxrR+J+j/JmpRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV4J8Rv+R91L/tl/wCikr3uvBPiN/yPupf9sv8A0Ulc2K+Bep9Dw3/vcv8AC/zR73RRRXSfPBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVl6r/AMhLQ/8Ar+b/ANJ5q1Ky9V/5CWh/9fzf+k81TLY1o/E/R/kzUoooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK8E+I3/I+6l/2y/8ARSV73XgnxG/5H3Uv+2X/AKKSubFfAvU+h4b/AN7l/hf5o97orL/4SCy/546l/wCCy5/+N0f8JBZf88dS/wDBZc//ABut+Zdzw/q9X+V/czUorL/4SCy/546l/wCCy5/+N0f8JBZf88dS/wDBZc//ABujmXcPq9X+V/czUorL/wCEgsv+eOpf+Cy5/wDjdH/CQWX/ADx1L/wWXP8A8bo5l3D6vV/lf3M1KKy/+Egsv+eOpf8Agsuf/jdH/CQWX/PHUv8AwWXP/wAbo5l3D6vV/lf3M1KKy/8AhILL/njqX/gsuf8A43R/wkFl/wA8dS/8Flz/APG6OZdw+r1f5X9zNSisv/hILL/njqX/AILLn/43R/wkFl/zx1L/AMFlz/8AG6OZdw+r1f5X9zNSisv/AISCy/546l/4LLn/AON0f8JBZf8APHUv/BZc/wDxujmXcPq9X+V/czUorL/4SCy/546l/wCCy5/+N0f8JBZf88dS/wDBZc//ABujmXcPq9X+V/czUorL/wCEgsv+eOpf+Cy5/wDjdH/CQWX/ADx1L/wWXP8A8bo5l3D6vV/lf3M1KKy/+Egsv+eOpf8Agsuf/jdH/CQWX/PHUv8AwWXP/wAbo5l3D6vV/lf3M1KKy/8AhILL/njqX/gsuf8A43R/wkFl/wA8dS/8Flz/APG6OZdw+r1f5X9zNSisv/hILL/njqX/AILLn/43R/wkFl/zx1L/AMFlz/8AG6OZdw+r1f5X9zNSisv/AISCy/546l/4LLn/AON0f8JBZf8APHUv/BZc/wDxujmXcPq9X+V/czUorL/4SCy/546l/wCCy5/+N0f8JBZf88dS/wDBZc//ABujmXcPq9X+V/czUorL/wCEgsv+eOpf+Cy5/wDjdH/CQWX/ADx1L/wWXP8A8bo5l3D6vV/lf3M1KKy/+Egsv+eOpf8Agsuf/jdH/CQWX/PHUv8AwWXP/wAbo5l3D6vV/lf3M1KKy/8AhILL/njqX/gsuf8A43R/wkFl/wA8dS/8Flz/APG6OZdw+r1f5X9zNSisv/hILL/njqX/AILLn/43R/wkFl/zx1L/AMFlz/8AG6OZdw+r1f5X9zNSisv/AISCy/546l/4LLn/AON0f8JBZf8APHUv/BZc/wDxujmXcPq9X+V/czUorL/4SCy/546l/wCCy5/+N0f8JBZf88dS/wDBZc//ABujmXcPq9X+V/czUorL/wCEgsv+eOpf+Cy5/wDjdH/CQWX/ADx1L/wWXP8A8bo5l3D6vV/lf3M1KKy/+Egsv+eOpf8Agsuf/jdH/CQWX/PHUv8AwWXP/wAbo5l3D6vV/lf3M1KKy/8AhILL/njqX/gsuf8A43R/wkFl/wA8dS/8Flz/APG6OZdw+r1f5X9zNSisv/hILL/njqX/AILLn/43R/wkFl/zx1L/AMFlz/8AG6OZdw+r1f5X9zNSisv/AISCy/546l/4LLn/AON0f8JBZf8APHUv/BZc/wDxujmXcPq9X+V/czUorL/4SCy/546l/wCCy5/+N0f8JBZf88dS/wDBZc//ABujmXcPq9X+V/czUorL/wCEgsv+eOpf+Cy5/wDjdH/CQWX/ADx1L/wWXP8A8bo5l3D6vV/lf3M1KKy/+Egsv+eOpf8Agsuf/jdH/CQWX/PHUv8AwWXP/wAbo5l3D6vV/lf3M1KKy/8AhILL/njqX/gsuf8A43R/wkFl/wA8dS/8Flz/APG6OZdw+r1f5X9zNSisv/hILL/njqX/AILLn/43R/wkFl/zx1L/AMFlz/8AG6OZdw+r1f5X9zNSisv/AISCy/546l/4LLn/AON0f8JBZf8APHUv/BZc/wDxujmXcPq9X+V/czUorL/4SCy/546l/wCCy5/+N0f8JBZf88dS/wDBZc//ABujmXcPq9X+V/czUorL/wCEgsv+eOpf+Cy5/wDjdMPiTTwcGPUAffTbj/4inzLuH1er/K/uZr0Vkf8ACS6d/c1D/wAFtx/8RR/wkunf3NQ/8Ftx/wDEUcy7h7Cr/K/uZr0Vkf8ACS6d/c1D/wAFtx/8RR/wkunf3NQ/8Ftx/wDEUcy7h7Cr/K/uZr0Vkf8ACS6d/c1D/wAFtx/8RR/wkunf3NQ/8Ftx/wDEUcy7h7Cr/K/uZr0Vkf8ACS6d/c1D/wAFtx/8RR/wkunf3NQ/8Ftx/wDEUcy7h7Cr/K/uZr0Vkf8ACS6d/c1D/wAFtx/8RR/wkunf3NQ/8Ftx/wDEUcy7h7Cr/K/uZr0Vkf8ACS6d/c1D/wAFtx/8RR/wkunf3NQ/8Ftx/wDEUcy7h7Cr/K/uZr0Vkf8ACS6d/c1D/wAFtx/8RSjxFYsMrFqJ+mm3H/xujmXcPq9X+V/czWorL/4SCy/546l/4LLn/wCN0f8ACQWX/PHUv/BZc/8AxulzLuH1er/K/uZqUVl/8JBZf88dS/8ABZc//G6P+Egsv+eOpf8Agsuf/jdHMu4fV6v8r+5mpRWX/wAJBZf88dS/8Flz/wDG6P8AhILL/njqX/gsuf8A43RzLuH1er/K/uZqUVl/8JBZf88dS/8ABZc//G6P+Egsv+eOpf8Agsuf/jdHMu4fV6v8r+5mpRWX/wAJBZf88dS/8Flz/wDG6P8AhILL/njqX/gsuf8A43RzLuH1er/K/uZqUVl/8JBZf88dS/8ABZc//G6P+Egsv+eOpf8Agsuf/jdHMu4fV6v8r+5mpRWX/wAJBZf88dS/8Flz/wDG6tWeoQ3+/wAlLldmM+fbSQ9fTeoz07U+ZMUqNSKvKLS9C1WXqv8AyEtD/wCv5v8A0nmrUrL1X/kJaH/1/N/6TzUpbDo/E/R/kzUoooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK8E+I3/ACPupf8AbL/0Ule914J8Rv8AkfdS/wC2X/opK5sV8C9T6Hhv/e5f4X+aPe6KKK6T54KKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACs64/17/WtGs64/17/WgCOiiimIKKKKACiiigAooooAKKKKACiiigAq7Z/wCqb/eqlV2z/wBU3+9QBYooopDCiiigAooooAKKKKACiiigAooooAKKKKACsvVf+Qlof/X83/pPNWpWXqv/ACEtD/6/m/8ASeaplsa0fifo/wAmalFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXgnxG/5H3Uv+2X/opK97rwT4jf8AI+6l/wBsv/RSVzYr4F6n0PDf+9y/wv8ANHvdFYv/AAh/hj/oXNI/8AYv/iaP+EP8Mf8AQuaR/wCAMX/xNdR86bVFYv8Awh/hj/oXNI/8AYv/AImj/hD/AAx/0Lmkf+AMX/xNAG1RWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TQBtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0AbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVFYv/AAh/hj/oXNI/8AYv/iaP+EP8Mf8AQuaR/wCAMX/xNAG1RWL/AMIf4Y/6FzSP/AGL/wCJo/4Q/wAMf9C5pH/gDF/8TQBtUVi/8If4Y/6FzSP/AABi/wDiaP8AhD/DH/QuaR/4Axf/ABNAG1RWL/wh/hj/AKFzSP8AwBi/+Jo/4Q/wx/0Lmkf+AMX/AMTQBtUVi/8ACH+GP+hc0j/wBi/+Jo/4Q/wx/wBC5pH/AIAxf/E0AbVFYv8Awh/hj/oXNI/8AYv/AImj/hD/AAx/0Lmkf+AMX/xNAG1RWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TQBtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0AbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVFYv/AAh/hj/oXNI/8AYv/iaP+EP8Mf8AQuaR/wCAMX/xNAG1RWL/AMIf4Y/6FzSP/AGL/wCJo/4Q/wAMf9C5pH/gDF/8TQBtUVi/8If4Y/6FzSP/AABi/wDiaP8AhD/DH/QuaR/4Axf/ABNAG1RWL/wh/hj/AKFzSP8AwBi/+Jo/4Q/wx/0Lmkf+AMX/AMTQBtUVi/8ACH+GP+hc0j/wBi/+Jo/4Q/wx/wBC5pH/AIAxf/E0AbVFYv8Awh/hj/oXNI/8AYv/AImj/hD/AAx/0Lmkf+AMX/xNAG1RWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TQBtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0AbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVZ1x/r3+tVv8AhD/DH/QuaR/4Axf/ABNUJ/CfhsTMB4f0oDPayj/woA1KKyP+EU8Of9C/pX/gHH/hR/winhz/AKF/Sv8AwDj/AMKANeisj/hFPDn/AEL+lf8AgHH/AIUf8Ip4c/6F/Sv/AADj/wAKANeisj/hFPDn/Qv6V/4Bx/4Uf8Ip4c/6F/Sv/AOP/CgDXorI/wCEU8Of9C/pX/gHH/hR/wAIp4c/6F/Sv/AOP/CgDXorI/4RTw5/0L+lf+Acf+FH/CKeHP8AoX9K/wDAOP8AwoA16KyP+EU8Of8AQv6V/wCAcf8AhR/winhz/oX9K/8AAOP/AAoA16u2f+qb/erm/wDhFPDn/Qv6V/4Bx/4VbtfCPhpoyW8O6See9lH/APE0AdDRWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TQBtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0AbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVFYv/AAh/hj/oXNI/8AYv/iau6fo+l6T5n9m6bZ2fm48z7NAse/GcZ2gZxk/nSGXay9V/5CWh/wDX83/pPNWpWXqv/IS0P/r+b/0nmqZbGtH4n6P8malFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXgnxG/5H3Uv+2X/AKKSve68E+I3/I+6l/2y/wDRSVzYr4F6n0PDf+9y/wAL/NHvdFFFdJ88FFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWdcf69/rWjWdcf69/rQBHRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAVds/9U3+9VKrtn/qm/wB6gCxRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZeq/wDIS0P/AK/m/wDSeatSsvVf+Qlof/X83/pPNUy2NaPxP0f5M1KKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACvBPiN/yPupf9sv/AEUle914J8Rv+R91L/tl/wCikrmxXwL1PoeG/wDe5f4X+aPYf7E1D/oadX/79Wn/AMYo/sTUP+hp1f8A79Wn/wAYraorqufO2MX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8AxiqE+jX4mYf8JNqp56mO1/8AjNdTWdcf69/rRcLGJ/Y1/wD9DLqv/fu1/wDjNH9jX/8A0Muq/wDfu1/+M1r0UXCxkf2Nf/8AQy6r/wB+7X/4zR/Y1/8A9DLqv/fu1/8AjNa9FFwsZH9jX/8A0Muq/wDfu1/+M0f2Nf8A/Qy6r/37tf8A4zWvRRcLGR/Y1/8A9DLqv/fu1/8AjNH9jX//AEMuq/8Afu1/+M1r0UXCxkf2Nf8A/Qy6r/37tf8A4zR/Y1//ANDLqv8A37tf/jNa9FFwsZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzWvRRcLGR/Y1//ANDLqv8A37tf/jNW7XRdQMZx4o1Yc9orX/4xVyrtn/qm/wB6i4WM3+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKu6fY3Fn5nn6reX+/G37SsQ2Yz08tF65756dqu0UhhVDVLG4vDZyWtxFBNazmZTLEZFOY3QggMp6Pnr2q/RSauVCbg7oy/s+v8A/QS03/wXyf8Ax6j7Pr//AEEtN/8ABfJ/8erUopcqL9tLsvuX+Rl/Z9f/AOglpv8A4L5P/j1H2fX/APoJab/4L5P/AI9WpRRyoPbS7L7l/kZf2fX/APoJab/4L5P/AI9R9n1//oJab/4L5P8A49WpRRyoPbS7L7l/kZf2fX/+glpv/gvk/wDj1H2fX/8AoJab/wCC+T/49WpRRyoPbS7L7l/kZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PVqUUcqD20uy+5f5GX9n1/8A6CWm/wDgvk/+PUfZ9f8A+glpv/gvk/8Aj1alFHKg9tLsvuX+Rl/Z9f8A+glpv/gvk/8Aj1H2fX/+glpv/gvk/wDj1alFHKg9tLsvuX+Rl/Z9f/6CWm/+C+T/AOPUfZ9f/wCglpv/AIL5P/j1alFHKg9tLsvuX+Rl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49WpRRyoPbS7L7l/kZf2fX/wDoJab/AOC+T/49R9n1/wD6CWm/+C+T/wCPVqUUcqD20uy+5f5GX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPVqUUcqD20uy+5f5GX9n1//oJab/4L5P8A49R9n1//AKCWm/8Agvk/+PVqUUcqD20uy+5f5GX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1alFHKg9tLsvuX+Rl/Z9f/AOglpv8A4L5P/j1H2fX/APoJab/4L5P/AI9WpRRyoPbS7L7l/kZf2fX/APoJab/4L5P/AI9R9n1//oJab/4L5P8A49WpRRyoPbS7L7l/kZf2fX/+glpv/gvk/wDj1H2fX/8AoJab/wCC+T/49WpRRyoPbS7L7l/kZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PVqUUcqD20uy+5f5GX9n1/8A6CWm/wDgvk/+PUfZ9f8A+glpv/gvk/8Aj1alFHKg9tLsvuX+Rl/Z9f8A+glpv/gvk/8Aj1H2fX/+glpv/gvk/wDj1alFHKg9tLsvuX+Rl/Z9f/6CWm/+C+T/AOPUfZ9f/wCglpv/AIL5P/j1alFHKg9tLsvuX+Rl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49WpRRyoPbS7L7l/kZf2fX/wDoJab/AOC+T/49R9n1/wD6CWm/+C+T/wCPVqUUcqD20uy+5f5GX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPVqUUcqD20uy+5f5GX9n1//oJab/4L5P8A49R9n1//AKCWm/8Agvk/+PVqUUcqD20uy+5f5GX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1alFHKg9tLsvuX+Rl/Z9f/AOglpv8A4L5P/j1H2fX/APoJab/4L5P/AI9WpRRyoPbS7L7l/kZf2fX/APoJab/4L5P/AI9R9n1//oJab/4L5P8A49WpRRyoPbS7L7l/kZf2fX/+glpv/gvk/wDj1H2fX/8AoJab/wCC+T/49WpRRyoPbS7L7l/kZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PVqUUcqD20uy+5f5GX9n1/8A6CWm/wDgvk/+PUfZ9f8A+glpv/gvk/8Aj1alFHKg9tLsvuX+Rl/Z9f8A+glpv/gvk/8Aj1H2fX/+glpv/gvk/wDj1alFHKg9tLsvuX+Rl/Z9f/6CWm/+C+T/AOPUfZ9f/wCglpv/AIL5P/j1alFHKg9tLsvuX+Rl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49WpRRyoPbS7L7l/kZf2fX/wDoJab/AOC+T/49R9n1/wD6CWm/+C+T/wCPVqUUcqD20uy+5f5GX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPVqUUcqD20uy+5f5GX9n1//oJab/4L5P8A49R9n1//AKCWm/8Agvk/+PVqUUcqD20uy+5f5GX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1alFHKg9tLsvuX+Rl/Z9f/AOglpv8A4L5P/j1H2fX/APoJab/4L5P/AI9WpRRyoPbS7L7l/kZf2fX/APoJab/4L5P/AI9R9n1//oJab/4L5P8A49WpRRyoPbS7L7l/kZf2fX/+glpv/gvk/wDj1H2fX/8AoJab/wCC+T/49WpRRyoPbS7L7l/kZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PVqUUcqD20uy+5f5GX9n1/8A6CWm/wDgvk/+PUfZ9f8A+glpv/gvk/8Aj1alFHKg9tLsvuX+Rl/Z9f8A+glpv/gvk/8Aj1H2fX/+glpv/gvk/wDj1alFHKg9tLsvuX+Rl/Z9f/6CWm/+C+T/AOPUfZ9f/wCglpv/AIL5P/j1alFHKg9tLsvuX+Rl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49WpRRyoPbS7L7l/kZf2fX/wDoJab/AOC+T/49R9n1/wD6CWm/+C+T/wCPVqUUcqD20uy+5f5GX9n1/wD6CWm/+C+T/wCPVz+pfDix1u/l1HU765a8mx5htgscfACjCtuI4A/iPOfpXaUUnCL3NaWMrUnzU3Z+SS/QKKy/s+v/APQS03/wXyf/AB6j7Pr/AP0EtN/8F8n/AMep3fYy9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalZ1x/r3+tM+z6//wBBLTf/AAXyf/HqgfTtcdyx1TT8n009/wD49Tu+wezj/Ovx/wAiaioP7M1v/oKaf/4L3/8Aj1H9ma3/ANBTT/8AwXv/APHqObyD2Uf51+P+RPRUH9ma3/0FNP8A/Be//wAeo/szW/8AoKaf/wCC9/8A49RzeQeyj/Ovx/yJ6Kg/szW/+gpp/wD4L3/+PUf2Zrf/AEFNP/8ABe//AMeo5vIPZR/nX4/5E9FQf2Zrf/QU0/8A8F7/APx6j+zNb/6Cmn/+C9//AI9RzeQeyj/Ovx/yJ6Kg/szW/wDoKaf/AOC9/wD49R/Zmt/9BTT/APwXv/8AHqObyD2Uf51+P+RPRUH9ma3/ANBTT/8AwXv/APHqP7M1v/oKaf8A+C9//j1HN5B7KP8AOvx/yJ6u2f8Aqm/3qy/7M1v/AKCmn/8Agvf/AOPVJHZ67EpC6np3Jzzp7/8Ax6i77B7OP86/H/I2KKy/s+v/APQS03/wXyf/AB6j7Pr/AP0EtN/8F8n/AMepXfYPZx/nX4/5GpRWX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPUXfYPZx/nX4/5GpRWX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPUXfYPZx/nX4/5GpRWX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPUXfYPZx/nX4/5GpRWX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPUXfYPZx/nX4/5GpRWX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPUXfYPZx/nX4/5GpRWX9n1/wD6CWm/+C+T/wCPVas479N/265tps42eRbtFj1zl2z29Kd/IUoRSupJ/f8A5FqiiimZhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFV7u8isohLKs7KW24hgeU5+iAnHHXpQNJydkWKKy/8AhILL/njqX/gsuf8A43R/wkFl/wA8dS/8Flz/APG6nmXc0+r1f5X9zNSisv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G6OZdw+r1f5X9zNSisv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG6OZdw+r1f5X9zNSisv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G6OZdw+r1f5X9zNSisv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG6OZdw+r1f5X9zNSisv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G6OZdw+r1f5X9zNSisv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG6OZdw+r1f5X9zNSisv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G6OZdw+r1f5X9zNSisv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG6OZdw+r1f5X9zNSisv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G6OZdw+r1f5X9zNSisv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG6OZdw+r1f5X9zNSisv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G6OZdw+r1f5X9zNSisv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG6OZdw+r1f5X9zNSisv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G6OZdw+r1f5X9zNSisv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG6OZdw+r1f5X9zNSisv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G6OZdw+r1f5X9zNSisv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG6OZdw+r1f5X9zNSisv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G6OZdw+r1f5X9zNSisv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG6OZdw+r1f5X9zNSisv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G6OZdw+r1f5X9zNSisv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG6OZdw+r1f5X9zNSisv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G6OZdw+r1f5X9zNSisv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG6OZdw+r1f5X9zNSisv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G6OZdw+r1f5X9zNSisv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG6OZdw+r1f5X9zNSisv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G6OZdw+r1f5X9zNSisv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG6OZdw+r1f5X9zNSisv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G6OZdw+r1f5X9zNSisv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG6OZdw+r1f5X9zNSisv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G6OZdw+r1f5X9zNSisv/hILL/njqX/gsuf/AI3R/wAJBZf88dS/8Flz/wDG6OZdw+r1f5X9zNSisv8A4SCy/wCeOpf+Cy5/+N0f8JBZf88dS/8ABZc//G6OZdw+r1f5X9zNSiso+IbIDJh1ID/sGXP/AMbpv/CS6d/c1D/wW3H/AMRT5l3D6vV/lf3M16KyP+El07+5qH/gtuP/AIij/hJdO/uah/4Lbj/4ijmXcPYVf5X9zNeisj/hJdO/uah/4Lbj/wCIo/4SXTv7mof+C24/+Io5l3D2FX+V/czXorI/4SXTv7mof+C24/8AiKP+El07+5qH/gtuP/iKOZdw9hV/lf3M16KyP+El07+5qH/gtuP/AIij/hJdO/uah/4Lbj/4ijmXcPYVf5X9zNeisj/hJdO/uah/4Lbj/wCIo/4SXTv7mof+C24/+Io5l3D2FX+V/czXorI/4SXTv7mof+C24/8AiKP+El07+5qH/gtuP/iKOZdw9hV/lf3M16KyP+El07+5qH/gtuP/AIinf8JBZf8APHUv/BZc/wDxujmXcPq9X+V/czVorL/4SCy/546l/wCCy5/+N0f8JBZf88dS/wDBZc//ABulzLuH1er/ACv7malFZf8AwkFl/wA8dS/8Flz/APG6P+Egsv8AnjqX/gsuf/jdHMu4fV6v8r+5mpRWX/wkFl/zx1L/AMFlz/8AG6P+Egsv+eOpf+Cy5/8AjdHMu4fV6v8AK/uZqUVl/wDCQWX/ADx1L/wWXP8A8bo/4SCy/wCeOpf+Cy5/+N0cy7h9Xq/yv7malFZf/CQWX/PHUv8AwWXP/wAbo/4SCy/546l/4LLn/wCN0cy7h9Xq/wAr+5mpRWX/AMJBZf8APHUv/BZc/wDxuj/hILL/AJ46l/4LLn/43RzLuH1er/K/uZqUVl/8JBZf88dS/wDBZc//ABur9tcJdW6zRrKqNnAliaNuDjlWAI/EU009iZUpwV5RaJaKKKZAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAMl/1L/7prNrSl/1L/7prNpgFFFFAgooooAKKKKACiiigAooooAKKKKACtRfuj6Vl1qL90fSkAtFFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiqt/pthqkCwahZW13CrbxHcRLIobBGcEHnBPPvQBaorF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/iaYjaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoA2qKxf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDiaANqisX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JoA2qKxf+EP8Mf9C5pH/gDF/wDE0f8ACH+GP+hc0j/wBi/+JoA2qKxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8AiaANqisX/hD/AAx/0Lmkf+AMX/xNH/CH+GP+hc0j/wAAYv8A4mgDaorF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/iaANqisX/hD/DH/QuaR/4Axf8AxNH/AAh/hj/oXNI/8AYv/iaANqisX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImgDaorF/4Q/wAMf9C5pH/gDF/8TR/wh/hj/oXNI/8AAGL/AOJoA2qKxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mgDaorF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mgDaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoA2qKxf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDiaANqisX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JoA2qKxf+EP8Mf9C5pH/gDF/wDE0f8ACH+GP+hc0j/wBi/+JoA2qKxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8AiaANqisX/hD/AAx/0Lmkf+AMX/xNH/CH+GP+hc0j/wAAYv8A4mgDaorF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/iaANqisX/hD/DH/QuaR/4Axf8AxNH/AAh/hj/oXNI/8AYv/iaANqisX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImgDaorF/4Q/wAMf9C5pH/gDF/8TR/wh/hj/oXNI/8AAGL/AOJoA2qKxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mgDaorF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mgDaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoA2qKxf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDiaANqisX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JoA2qKxf+EP8Mf9C5pH/gDF/wDE0f8ACH+GP+hc0j/wBi/+JoA2qKxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8AiaANqisX/hD/AAx/0Lmkf+AMX/xNH/CH+GP+hc0j/wAAYv8A4mgDaorF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/iaANeX/Uv/ALprNqvL4P8ADIicjw5pAOD/AMuUf/xNUP8AhFPDn/Qv6V/4Bx/4UAa9FZH/AAinhz/oX9K/8A4/8KP+EU8Of9C/pX/gHH/hQBr0Vkf8Ip4c/wChf0r/AMA4/wDCj/hFPDn/AEL+lf8AgHH/AIUAa9FZH/CKeHP+hf0r/wAA4/8ACj/hFPDn/Qv6V/4Bx/4UAa9FZH/CKeHP+hf0r/wDj/wo/wCEU8Of9C/pX/gHH/hQBr0Vkf8ACKeHP+hf0r/wDj/wo/4RTw5/0L+lf+Acf+FAGvRWR/winhz/AKF/Sv8AwDj/AMKP+EU8Of8AQv6V/wCAcf8AhQBr1qL90fSuU/4RTw5/0L+lf+Acf+FaI8H+GNo/4pzSOn/PjF/8TQBt0Vi/8If4Y/6FzSP/AABi/wDiaP8AhD/DH/QuaR/4Axf/ABNAG1RWL/wh/hj/AKFzSP8AwBi/+Jo/4Q/wx/0Lmkf+AMX/AMTQBtUVi/8ACH+GP+hc0j/wBi/+Jo/4Q/wx/wBC5pH/AIAxf/E0AbVFYv8Awh/hj/oXNI/8AYv/AImj/hD/AAx/0Lmkf+AMX/xNAG1RWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mtO0s7WwtUtbK2htrdM7IoUCIuTk4A4HJJ/GkMnooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAGS/6l/8AdNZtaUv+pf8A3TWbTAKKKKBBRRRQAUUUUAFFFFABRRRQAUUUUAFai/dH0rLrUX7o+lIBaKKKBhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFVb+wh1GBYZ3uUVW3A29zJA2cEfejYEjnpnH5VaooAxf+EW0/wD5+NX/APBxd/8Ax2j/AIRbT/8An41f/wAHF3/8draop3FYxf8AhFtP/wCfjV//AAcXf/x2j/hFtP8A+fjV/wDwcXf/AMdraoouFjF/4RbT/wDn41f/AMHF3/8AHaP+EW0//n41f/wcXf8A8draoouFjF/4RbT/APn41f8A8HF3/wDHaP8AhFtP/wCfjV//AAcXf/x2tqii4WMX/hFtP/5+NX/8HF3/APHaP+EW0/8A5+NX/wDBxd//AB2tqii4WMX/AIRbT/8An41f/wAHF3/8do/4RbT/APn41f8A8HF3/wDHa2qKLhYxf+EW0/8A5+NX/wDBxd//AB2j/hFtP/5+NX/8HF3/APHa2qKLhYxf+EW0/wD5+NX/APBxd/8Ax2j/AIRbT/8An41f/wAHF3/8draoouFjF/4RbT/+fjV//Bxd/wDx2j/hFtP/AOfjV/8AwcXf/wAdraoouFjF/wCEW0//AJ+NX/8ABxd//HaP+EW0/wD5+NX/APBxd/8Ax2tqii4WMX/hFtP/AOfjV/8AwcXf/wAdo/4RbT/+fjV//Bxd/wDx2tqii4WMX/hFtP8A+fjV/wDwcXf/AMdo/wCEW0//AJ+NX/8ABxd//Ha2qKLhYxf+EW0//n41f/wcXf8A8do/4RbT/wDn41f/AMHF3/8AHa2qKLhYxf8AhFtP/wCfjV//AAcXf/x2j/hFtP8A+fjV/wDwcXf/AMdraoouFjF/4RbT/wDn41f/AMHF3/8AHaP+EW0//n41f/wcXf8A8draoouFjF/4RbT/APn41f8A8HF3/wDHaP8AhFtP/wCfjV//AAcXf/x2tqii4WMX/hFtP/5+NX/8HF3/APHaP+EW0/8A5+NX/wDBxd//AB2tqii4WMX/AIRbT/8An41f/wAHF3/8do/4RbT/APn41f8A8HF3/wDHa2qKLhYxf+EW0/8A5+NX/wDBxd//AB2j/hFtP/5+NX/8HF3/APHa2qKLhYxf+EW0/wD5+NX/APBxd/8Ax2j/AIRbT/8An41f/wAHF3/8draoouFjF/4RbT/+fjV//Bxd/wDx2j/hFtP/AOfjV/8AwcXf/wAdraoouFjF/wCEW0//AJ+NX/8ABxd//HaP+EW0/wD5+NX/APBxd/8Ax2tqii4WMX/hFtP/AOfjV/8AwcXf/wAdo/4RbT/+fjV//Bxd/wDx2tqii4WMX/hFtP8A+fjV/wDwcXf/AMdo/wCEW0//AJ+NX/8ABxd//Ha2qKLhYxf+EW0//n41f/wcXf8A8do/4RbT/wDn41f/AMHF3/8AHa2qKLhYxf8AhFtP/wCfjV//AAcXf/x2j/hFtP8A+fjV/wDwcXf/AMdraoouFjF/4RbT/wDn41f/AMHF3/8AHaP+EW0//n41f/wcXf8A8draoouFjF/4RbT/APn41f8A8HF3/wDHaP8AhFtP/wCfjV//AAcXf/x2tqii4WMX/hFtP/5+NX/8HF3/APHaP+EW0/8A5+NX/wDBxd//AB2tqii4WMX/AIRbT/8An41f/wAHF3/8do/4RbT/APn41f8A8HF3/wDHa2qKLhYxf+EW0/8A5+NX/wDBxd//AB2j/hFtP/5+NX/8HF3/APHa2qKLhYxf+EW0/wD5+NX/APBxd/8Ax2j/AIRbT/8An41f/wAHF3/8draoouFjCl8L6eInP2jV+h/5jF3/APHKof8ACNWH/PfVf/Btdf8Axyupl/1L/wC6azaLhYyP+EasP+e+q/8Ag2uv/jlH/CNWH/PfVf8AwbXX/wAcrXoouFjI/wCEasP+e+q/+Da6/wDjlH/CNWH/AD31X/wbXX/xyteii4WMj/hGrD/nvqv/AINrr/45R/wjVh/z31X/AMG11/8AHK16KLhYyP8AhGrD/nvqv/g2uv8A45R/wjVh/wA99V/8G11/8crXoouFjI/4Rqw/576r/wCDa6/+OUf8I1Yf899V/wDBtdf/AByteii4WMj/AIRqw/576r/4Nrr/AOOUf8I1Yf8APfVf/Btdf/HK16KLhYyP+EasP+e+q/8Ag2uv/jlaI8LaftH+kav0/wCgxd//AB2pq1F+6PpRcLGN/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtbVFFwsYv8Awi2n/wDPxq//AIOLv/47R/wi2n/8/Gr/APg4u/8A47W1RRcLGL/wi2n/APPxq/8A4OLv/wCO0f8ACLaf/wA/Gr/+Di7/APjtbVFFwsYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtbVFFwsYv/AAi2n/8APxq//g4u/wD47R/wi2n/APPxq/8A4OLv/wCO1tUUXCxi/wDCLaf/AM/Gr/8Ag4u//jtH/CLaf/z8av8A+Di7/wDjtbVFFwsYv/CLaf8A8/Gr/wDg4u//AI7WnaWsdlapbxNMyJnBmmeV+TnlnJY9e5qeikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooqrfx38kCjT7m2t5t2S1xbtMpXB4wHTnOOc/hQBaorF+y+J/+gvpH/grl/wDkij7L4n/6C+kf+CuX/wCSKYjaorF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SKANqisX7L4n/wCgvpH/AIK5f/kij7L4n/6C+kf+CuX/AOSKANqisX7L4n/6C+kf+CuX/wCSKPsvif8A6C+kf+CuX/5IoA2qKxfsvif/AKC+kf8Agrl/+SKPsvif/oL6R/4K5f8A5IoA2qKxfsvif/oL6R/4K5f/AJIo+y+J/wDoL6R/4K5f/kigDaorF+y+J/8AoL6R/wCCuX/5Io+y+J/+gvpH/grl/wDkigDaorF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SKANqisX7L4n/wCgvpH/AIK5f/kij7L4n/6C+kf+CuX/AOSKANqisX7L4n/6C+kf+CuX/wCSKPsvif8A6C+kf+CuX/5IoA2qKxfsvif/AKC+kf8Agrl/+SKPsvif/oL6R/4K5f8A5IoA2qKxfsvif/oL6R/4K5f/AJIo+y+J/wDoL6R/4K5f/kigDaorF+y+J/8AoL6R/wCCuX/5Io+y+J/+gvpH/grl/wDkigDaorF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SKANqisX7L4n/wCgvpH/AIK5f/kij7L4n/6C+kf+CuX/AOSKANqisX7L4n/6C+kf+CuX/wCSKPsvif8A6C+kf+CuX/5IoA2qKxfsvif/AKC+kf8Agrl/+SKPsvif/oL6R/4K5f8A5IoA2qKxfsvif/oL6R/4K5f/AJIo+y+J/wDoL6R/4K5f/kigDaorF+y+J/8AoL6R/wCCuX/5Io+y+J/+gvpH/grl/wDkigDaorF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SKANqisX7L4n/wCgvpH/AIK5f/kij7L4n/6C+kf+CuX/AOSKANqisX7L4n/6C+kf+CuX/wCSKPsvif8A6C+kf+CuX/5IoA2qKxfsvif/AKC+kf8Agrl/+SKPsvif/oL6R/4K5f8A5IoA2qKxfsvif/oL6R/4K5f/AJIo+y+J/wDoL6R/4K5f/kigDaorF+y+J/8AoL6R/wCCuX/5Io+y+J/+gvpH/grl/wDkigDaorF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SKANqisX7L4n/wCgvpH/AIK5f/kij7L4n/6C+kf+CuX/AOSKANqisX7L4n/6C+kf+CuX/wCSKPsvif8A6C+kf+CuX/5IoA2qKxfsvif/AKC+kf8Agrl/+SKPsvif/oL6R/4K5f8A5IoA2qKxfsvif/oL6R/4K5f/AJIo+y+J/wDoL6R/4K5f/kigDaorF+y+J/8AoL6R/wCCuX/5Io+y+J/+gvpH/grl/wDkigDaorF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SKANeX/Uv/ums2q8tt4m8p86vpGMH/mFyf8AyRVD7N4j/wCgrpX/AILZP/j9AGvRWR9m8R/9BXSv/BbJ/wDH6Ps3iP8A6Culf+C2T/4/QBr0VkfZvEf/AEFdK/8ABbJ/8fo+zeI/+grpX/gtk/8Aj9AGvRWR9m8R/wDQV0r/AMFsn/x+j7N4j/6Culf+C2T/AOP0Aa9FZH2bxH/0FdK/8Fsn/wAfo+zeI/8AoK6V/wCC2T/4/QBr0VkfZvEf/QV0r/wWyf8Ax+j7N4j/AOgrpX/gtk/+P0Aa9FZH2bxH/wBBXSv/AAWyf/H6Ps3iP/oK6V/4LZP/AI/QBr1qL90fSuU+zeI/+grpX/gtk/8Aj9aItfE+0f8AE30jp/0C5f8A5IoA26Kxfsvif/oL6R/4K5f/AJIo+y+J/wDoL6R/4K5f/kigDaorF+y+J/8AoL6R/wCCuX/5Io+y+J/+gvpH/grl/wDkigDaorF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SKANqisX7L4n/wCgvpH/AIK5f/kij7L4n/6C+kf+CuX/AOSKANqisX7L4n/6C+kf+CuX/wCSKPsvif8A6C+kf+CuX/5IoA2qKxfsvif/AKC+kf8Agrl/+SKPsvif/oL6R/4K5f8A5IoA2qKxfsvif/oL6R/4K5f/AJIrTtFuktUW9mhmuBne8MRjQ88YUsxHGO5/pSGT0Vl/aNf/AOgbpv8A4MJP/jNH2jX/APoG6b/4MJP/AIzU8yNfYy7r71/malFZf2jX/wDoG6b/AODCT/4zR9o1/wD6Bum/+DCT/wCM0cyD2Mu6+9f5mpRWX9o1/wD6Bum/+DCT/wCM0faNf/6Bum/+DCT/AOM0cyD2Mu6+9f5mpRWX9o1//oG6b/4MJP8A4zR9o1//AKBum/8Agwk/+M0cyD2Mu6+9f5mpRWX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNHMg9jLuvvX+ZqUVl/aNf/AOgbpv8A4MJP/jNH2jX/APoG6b/4MJP/AIzRzIPYy7r71/malFZf2jX/APoG6b/4MJP/AIzR9o1//oG6b/4MJP8A4zRzIPYy7r71/malFZf2jX/+gbpv/gwk/wDjNH2jX/8AoG6b/wCDCT/4zRzIPYy7r71/malFZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M0cyD2Mu6+9f5mpRWX9o1/8A6Bum/wDgwk/+M0faNf8A+gbpv/gwk/8AjNHMg9jLuvvX+ZqUVl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNHMg9jLuvvX+ZqUVl/aNf/6Bum/+DCT/AOM0faNf/wCgbpv/AIMJP/jNHMg9jLuvvX+ZqUVl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zRzIPYy7r71/malFZf2jX/wDoG6b/AODCT/4zR9o1/wD6Bum/+DCT/wCM0cyD2Mu6+9f5mpRWX9o1/wD6Bum/+DCT/wCM0faNf/6Bum/+DCT/AOM0cyD2Mu6+9f5mpRWX9o1//oG6b/4MJP8A4zR9o1//AKBum/8Agwk/+M0cyD2Mu6+9f5mpRWX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNHMg9jLuvvX+ZqUVl/aNf/AOgbpv8A4MJP/jNH2jX/APoG6b/4MJP/AIzRzIPYy7r71/malFZf2jX/APoG6b/4MJP/AIzR9o1//oG6b/4MJP8A4zRzIPYy7r71/malFZf2jX/+gbpv/gwk/wDjNH2jX/8AoG6b/wCDCT/4zRzIPYy7r71/malFZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M0cyD2Mu6+9f5mpRWX9o1/8A6Bum/wDgwk/+M0faNf8A+gbpv/gwk/8AjNHMg9jLuvvX+ZqUVl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNHMg9jLuvvX+ZqUVl/aNf/6Bum/+DCT/AOM0faNf/wCgbpv/AIMJP/jNHMg9jLuvvX+ZqUVl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zRzIPYy7r71/malFZf2jX/wDoG6b/AODCT/4zR9o1/wD6Bum/+DCT/wCM0cyD2Mu6+9f5mpRWX9o1/wD6Bum/+DCT/wCM0faNf/6Bum/+DCT/AOM0cyD2Mu6+9f5mpRWX9o1//oG6b/4MJP8A4zR9o1//AKBum/8Agwk/+M0cyD2Mu6+9f5mpRWX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNHMg9jLuvvX+ZqUVl/aNf/AOgbpv8A4MJP/jNH2jX/APoG6b/4MJP/AIzRzIPYy7r71/malFZf2jX/APoG6b/4MJP/AIzR9o1//oG6b/4MJP8A4zRzIPYy7r71/malFZf2jX/+gbpv/gwk/wDjNH2jX/8AoG6b/wCDCT/4zRzIPYy7r71/malFZf2jX/8AoG6b/wCDCT/4zUD6jriOVOl6fkemoP8A/GafMg9jLuvvX+Zt0Vh/2nrf/QL0/wD8GD//ABmj+09b/wCgXp//AIMH/wDjNHMHsZd196/zNyisP+09b/6Ben/+DB//AIzR/aet/wDQL0//AMGD/wDxmjmD2Mu6+9f5m5RWH/aet/8AQL0//wAGD/8Axmj+09b/AOgXp/8A4MH/APjNHMHsZd196/zNyisP+09b/wCgXp//AIMH/wDjNH9p63/0C9P/APBg/wD8Zo5g9jLuvvX+ZuUVh/2nrf8A0C9P/wDBg/8A8Zo/tPW/+gXp/wD4MH/+M0cwexl3X3r/ADNyisP+09b/AOgXp/8A4MH/APjNH9p63/0C9P8A/Bg//wAZo5g9jLuvvX+ZuUVh/wBp63/0C9P/APBg/wD8ZqSO812VSV0zTuDjnUH/APjNHMg9jLuvvX+ZsUVl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zS5kHsZd196/zNSisv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGaOZB7GXdfev8zUorL+0a/wD9A3Tf/BhJ/wDGaPtGv/8AQN03/wAGEn/xmjmQexl3X3r/ADNSisv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/GaOZB7GXdfev8zUorL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmjmQexl3X3r/M1KKy/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZo5kHsZd196/zNSisv7Rr/AP0DdN/8GEn/AMZq1ZyX77/t1tbQ4xs8i4aXPrnKLjt607ilSlFXdvvX+ZaooopmYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADJf8AUv8A7prNrSl/1L/7prNpgFFFFAgooooAKKKKACiiigAooooAKKKKACtRfuj6Vl1qL90fSkAtFFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACs64/17/WtGs64/17/WgCOiiimIKKKKACiiigAooooAKKKKACiiigAq7Z/wCqb/eqlV2z/wBU3+9QBYooopDCiiigAooooAKKKKACiiigAooooAKKKKACq9292kQNlBBNJu5WaYxgD1yFbnpxj8asUUDTs7tXMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKmz7mntI/wAi/H/My/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8ZrUoos+4e0j/ACL8f8zL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmtSiiz7h7SP8AIvx/zMv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/Ga1KKLPuHtI/wAi/H/My/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8ZrUoos+4e0j/ACL8f8zL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmtSiiz7h7SP8AIvx/zMv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/Ga1KKLPuHtI/wAi/H/My/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8ZrUoos+4e0j/ACL8f8zL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmtSiiz7h7SP8AIvx/zMv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/Ga1KKLPuHtI/wAi/H/My/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8ZrUoos+4e0j/ACL8f8zL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmtSiiz7h7SP8AIvx/zMv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/Ga1KKLPuHtI/wAi/H/My/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8ZrUoos+4e0j/ACL8f8zL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmtSiiz7h7SP8AIvx/zMv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/Ga1KKLPuHtI/wAi/H/My/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8ZrUoos+4e0j/ACL8f8zL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmtSiiz7h7SP8AIvx/zMv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/Ga1KKLPuHtI/wAi/H/My/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8ZrUoos+4e0j/ACL8f8zL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmtSiiz7h7SP8AIvx/zMv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/Ga1KKLPuHtI/wAi/H/My/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8ZrUoos+4e0j/ACL8f8zL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmtSiiz7h7SP8AIvx/zMv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/Ga1KKLPuHtI/wAi/H/My/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8ZrUoos+4e0j/ACL8f8zL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmtSiiz7h7SP8AIvx/zMv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/Ga1KKLPuHtI/wAi/H/My/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8ZrUoos+4e0j/ACL8f8zL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmtSiiz7h7SP8AIvx/zMv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/Ga1KKLPuHtI/wAi/H/My/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8ZrUoos+4e0j/ACL8f8zJebX2Qr/ZumjIx/yEJP8A4zVbytf/AOfDTf8AwPk/+M1v0U7PuHtI/wAi/H/MwPK1/wD58NN/8D5P/jNHla//AM+Gm/8AgfJ/8Zrfoos+4e0j/Ivx/wAzA8rX/wDnw03/AMD5P/jNHla//wA+Gm/+B8n/AMZrfoos+4e0j/Ivx/zMDytf/wCfDTf/AAPk/wDjNHla/wD8+Gm/+B8n/wAZrfoos+4e0j/Ivx/zMDytf/58NN/8D5P/AIzR5Wv/APPhpv8A4Hyf/Ga36KLPuHtI/wAi/H/MwPK1/wD58NN/8D5P/jNHla//AM+Gm/8AgfJ/8Zrfoos+4e0j/Ivx/wAzA8rX/wDnw03/AMD5P/jNHla//wA+Gm/+B8n/AMZrfoos+4e0j/Ivx/zMDytf/wCfDTf/AAPk/wDjNWhPr4AH9m6b/wCDCT/4zWrRRZ9w9pH+Rfj/AJmX9o1//oG6b/4MJP8A4zR9o1//AKBum/8Agwk/+M1qUUrPuHtI/wAi/H/My/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8ZrUoos+4e0j/ACL8f8zL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmtSiiz7h7SP8AIvx/zMv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/Ga1KKLPuHtI/wAi/H/My/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8ZrUoos+4e0j/ACL8f8zL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmtSiiz7h7SP8AIvx/zMv7Rr//AEDdN/8ABhJ/8Zq/bNcNbq11FFFMc7kikLqOeMMVUnj2FS0U0iZTTWkUvv8A1Zi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RVGZi/23qH/AEK2r/8Af20/+P0f23qH/Qrav/39tP8A4/W1RQBi/wBt6h/0K2r/APf20/8Aj9H9t6h/0K2r/wDf20/+P1tUUAYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP1tUUAYv8Abeof9Ctq/wD39tP/AI/R/beof9Ctq/8A39tP/j9bVFAGL/beof8AQrav/wB/bT/4/R/beof9Ctq//f20/wDj9bVFAGL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/W1RQBi/23qH/AEK2r/8Af20/+P0f23qH/Qrav/39tP8A4/W1RQBi/wBt6h/0K2r/APf20/8Aj9H9t6h/0K2r/wDf20/+P1tUUAYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP1tUUAYv8Abeof9Ctq/wD39tP/AI/R/beof9Ctq/8A39tP/j9bVFAGL/beof8AQrav/wB/bT/4/R/beof9Ctq//f20/wDj9bVFAGL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/W1RQBi/23qH/AEK2r/8Af20/+P0f23qH/Qrav/39tP8A4/W1RQBi/wBt6h/0K2r/APf20/8Aj9H9t6h/0K2r/wDf20/+P1tUUAYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP1tUUAYv8Abeof9Ctq/wD39tP/AI/R/beof9Ctq/8A39tP/j9bVFAGL/beof8AQrav/wB/bT/4/R/beof9Ctq//f20/wDj9bVFAGL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/W1RQBi/23qH/AEK2r/8Af20/+P0f23qH/Qrav/39tP8A4/W1RQBi/wBt6h/0K2r/APf20/8Aj9H9t6h/0K2r/wDf20/+P1tUUAYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP1tUUAYv8Abeof9Ctq/wD39tP/AI/R/beof9Ctq/8A39tP/j9bVFAGL/beof8AQrav/wB/bT/4/R/beof9Ctq//f20/wDj9bVFAGL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/W1RQBi/23qH/AEK2r/8Af20/+P0f23qH/Qrav/39tP8A4/W1RQBi/wBt6h/0K2r/APf20/8Aj9H9t6h/0K2r/wDf20/+P1tUUAYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP1tUUAYv8Abeof9Ctq/wD39tP/AI/R/beof9Ctq/8A39tP/j9bVFAGL/beof8AQrav/wB/bT/4/R/beof9Ctq//f20/wDj9bVFAGL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/W1RQBi/23qH/AEK2r/8Af20/+P0f23qH/Qrav/39tP8A4/W1RQBi/wBt6h/0K2r/APf20/8Aj9UJ9ZvzMx/4RnVRz0Mlr/8AHq6ms64/17/WgDE/tm//AOha1X/v5a//AB6j+2b/AP6FrVf+/lr/APHq16KAMj+2b/8A6FrVf+/lr/8AHqP7Zv8A/oWtV/7+Wv8A8erXooAyP7Zv/wDoWtV/7+Wv/wAeo/tm/wD+ha1X/v5a/wDx6teigDI/tm//AOha1X/v5a//AB6j+2b/AP6FrVf+/lr/APHq16KAMj+2b/8A6FrVf+/lr/8AHqP7Zv8A/oWtV/7+Wv8A8erXooAyP7Zv/wDoWtV/7+Wv/wAeo/tm/wD+ha1X/v5a/wDx6teigDI/tm//AOha1X/v5a//AB6rdrrWoCM48L6see0tr/8AH6uVds/9U3+9QBm/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/V3T764vPM8/Sryw2Y2/aWiO/Oenlu3THfHXvV2ikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKp2Fc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qzrj/Xv9arf8Jh4Y/6GPSP/A6L/wCKqhP4s8NmZiPEGlEZ7Xsf+NFgualFZH/CV+HP+hg0r/wMj/xo/wCEr8Of9DBpX/gZH/jRYLmvRWR/wlfhz/oYNK/8DI/8aP8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9FZH/CV+HP+hg0r/wMj/xo/wCEr8Of9DBpX/gZH/jRYLmvRWR/wlfhz/oYNK/8DI/8aP8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9XbP8A1Tf71c3/AMJX4c/6GDSv/AyP/Grdr4u8NLGQ3iLSRz3vY/8A4qiwXOhorF/4TDwx/wBDHpH/AIHRf/FUf8Jh4Y/6GPSP/A6L/wCKosFzaorF/wCEw8Mf9DHpH/gdF/8AFUf8Jh4Y/wChj0j/AMDov/iqLBc2qKxf+Ew8Mf8AQx6R/wCB0X/xVH/CYeGP+hj0j/wOi/8AiqLBc2qKxf8AhMPDH/Qx6R/4HRf/ABVH/CYeGP8AoY9I/wDA6L/4qiwXNqisX/hMPDH/AEMekf8AgdF/8VR/wmHhj/oY9I/8Dov/AIqiwXNqisX/AITDwx/0Mekf+B0X/wAVR/wmHhj/AKGPSP8AwOi/+KosFzaorF/4TDwx/wBDHpH/AIHRf/FVd0/WNL1bzP7N1KzvPKx5n2adZNmc4ztJxnB/KlYdy7RRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZ1x/r3+taNZ1x/r3+tAEdFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABV2z/1Tf71Uqu2f+qb/AHqALFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUV8t0Vx/W/I+s/wBWP+nv/kv/AAT6kor5boo+t+Qf6sf9Pf8AyX/gn1JRXy3RR9b8g/1Y/wCnv/kv/BPqSivluij635B/qx/09/8AJf8Agn1JRXy3RR9b8g/1Y/6e/wDkv/BPqSivluij635B/qx/09/8l/4J9SUV8t0UfW/IP9WP+nv/AJL/AME+pKK+W6KPrfkH+rH/AE9/8l/4J9SUV8t0UfW/IP8AVj/p7/5L/wAE+pKK+W6KPrfkH+rH/T3/AMl/4J9SUV8t0UfW/IP9WP8Ap7/5L/wT6kor5boo+t+Qf6sf9Pf/ACX/AIJ9SUV8t0UfW/IP9WP+nv8A5L/wT6kor5boo+t+Qf6sf9Pf/Jf+CfUlFfLdFH1vyD/Vj/p7/wCS/wDBPqSivluij635B/qx/wBPf/Jf+CfUlFfLdFH1vyD/AFY/6e/+S/8ABPqSivluij635B/qx/09/wDJf+CfUlFfLdFH1vyD/Vj/AKe/+S/8E+pKK+W6KPrfkH+rH/T3/wAl/wCCfUlFfLdFH1vyD/Vj/p7/AOS/8E+pKK+W6KPrfkH+rH/T3/yX/gn1JRXy3RR9b8g/1Y/6e/8Akv8AwT6kor5boo+t+Qf6sf8AT3/yX/gn1JRXy3RR9b8g/wBWP+nv/kv/AAT6kor5boo+t+Qf6sf9Pf8AyX/gn1JRXy3RR9b8g/1Y/wCnv/kv/BPqSivluij635B/qx/09/8AJf8Agn1JRXy3RR9b8g/1Y/6e/wDkv/BPqSivluij635B/qx/09/8l/4J9SUV8t0UfW/IP9WP+nv/AJL/AME+pKK+W6KPrfkH+rH/AE9/8l/4J9SVnXH+vf6182UUfW/IX+q//T3/AMl/4J9H0V84UUfW/IP9V/8Ap7/5L/wT6Por5woo+t+Qf6r/APT3/wAl/wCCfR9FfOFFH1vyD/Vf/p7/AOS/8E+j6K+cKKPrfkH+q/8A09/8l/4J9H0V84UUfW/IP9V/+nv/AJL/AME+j6K+cKKPrfkH+q//AE9/8l/4J9H1ds/9U3+9XzHRR9b8g/1X/wCnv/kv/BPqSivluij635D/ANWP+nv/AJL/AME+pKK+W6KPrfkH+rH/AE9/8l/4J9SUV8t0UfW/IP8AVj/p7/5L/wAE+pKK+W6KPrfkH+rH/T3/AMl/4J9SUV8t0UfW/IP9WP8Ap7/5L/wT6kor5boo+t+Qf6sf9Pf/ACX/AIJ9SUV8t16l8HP+Y1/2w/8AalXTxHPJRscmOyH6rh5VvaXtbS1t2l3PUqKKK6T54KKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD/9k=)

16. Leases continued

Leasing activities

The leases which are recorded on the consolidated balance sheet are principally in respect of buildings

and vehicles. Lease terms are negotiated on an individual basis and contain a wide range of different

terms and conditions.

Extension and termination options are included in a number of leases across the Group. These are used to

maximise operational flexibility in terms of managing the assets used in the Group’s operations. Extension

options considered reasonably certain to be exercised relate to land, and do not exceed six years. Most

termination options have not been considered reasonably certain to be exercised.

The Group’s carrying amount of lease liability is presented below as at 31 December:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Current lease liability | 63.5 | 55.3 |
| Non-current lease liability | 190.5 | 154.8 |
| Total lease liability (refer to Note 25) | 254.0 | 210.1 |

For the carrying amount of right-of-use assets per class of underlying asset, refer to Note 14.

The Group’s additions to right-of-use assets for the years ended 31 December were as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Land and buildings | 86.6 | 36.0 |
| Plant and equipment | 59.3 | 50.7 |
| Total additions | 145.9 | 86.7 |

Right-of-use assets arising on business combinations in 2024 amounted to €nil (2023:€6.7 million) (refer

to Note 23).

The consolidated income statement includes the following amounts relating to depreciation and

impairment of right-of-use assets:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Land and buildings | 23.1 | 22.5 |
| Plant and equipment | 38.4 | 36.6 |
| Total depreciation and impairment charge | 61.5 | 59.1 |

The following expenses have been included in cost of goods sold and operating expenses:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Expense relating to short-term leases | 27.6 | 26.5 |
| Expense relating to leases of low-value assets | 7.2 | 5.3 |
| Expense relating to variable lease payments | 11.5 | 15.4 |

Interest expense on leases in 2024 was €15.7 million (2023: €16.1 million) and is recorded within ‘Finance

costs, net’ in the consolidated income statement (refer to Note 9).

The total cash outflow for leases in 2024 was €118.4 million (2023: €109.3 million).

Expenses relating to short-term leases in 2024 and 2023 comprise consideration for leases with a term

of 12 months or less used to cover seasonal business needs.

17. Inventories

Accounting policy

Inventories are stated at the lower of cost and net realisable value.

Cost for raw materials and consumables is determined on a weighted average basis. Cost for work

in progress and finished goods comprises the cost of direct materials and labour plus attributable

overhead costs. Cost of inventories includes all costs incurred to bring the product to its present

location and condition.

Net realisable value is the estimated selling price in the ordinary course of business, less the

estimated costs necessary to complete and sell the inventories.

Inventories consisted of the following as at 31 December:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Finished goods | 420.6 | 367.8 |
| Raw materials and work in progress | 338.8 | 305.8 |
| Consumables | 104.5 | 99.7 |
| Total inventories | 863.9 | 773.3 |

The amount of inventories recognised as an expense during 2024 was €5,071.2 million (2023: €4,989.5

million). Write-downs of inventories to net realisable value recognised as an expense amounted to €35.9

million in 2024 (2023: €31.1 million), whereas provision reversed in the year amounted to €8.6 million

(2023: €3.8 million).

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024284

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

18. Trade, other receivables and assets

Accounting policy

Trade receivables are amounts due from customers for goods sold or services performed in the

ordinary course of business. They are initially recognised at fair value and subsequently measured

at amortised cost using the effective interest rate method. The normal credit terms are between 7

and 90 days upon delivery.

The Group applies the IFRS 9 simplified approach for trade and other receivables and follows an

Expected Credit Losses (ECLs) approach for measuring the allowance of its trade receivables.

The expected loss rate is assessed on the basis of historical credit losses of 24 months before the

year end and adjusted to reflect current and forward-looking information. ECLs are based on the

difference between the contractual cash flows due in accordance with the contract and all the cash

flows that the Group expects to receive. The carrying amount of the receivable is reduced by the

loss allowance, which is recognised as part of operating expenses. If a trade receivable ultimately

becomes uncollectible, it is written off initially against any loss allowance made in respect of that

receivable with any excess recognised as part of operating expenses. Subsequent recoveries

of amounts previously written off or loss allowance no longer required are credited against

operating expenses.

The Group has entered into a contract that provides insurance coverage against defaulted

trade receivables. This contract meets the definition of a financial guarantee contract, which

is in substance part of the contract terms (that is, integral to the trade receivables) and is not

recognised separately. Therefore, the expected cash flows from the credit insurance are included

in the measurement of ECLs of trade receivables. The Group has also entered into a factoring

arrangement for certain of its trade receivables, whereby part of the relevant receivables is

transferred to a factor in exchange for cash. The terms of the factoring arrangement are such

that substantially all risks and rewards of the relevant receivables are transferred to the factor

and therefore the factored trade receivables’ part is derecognised in its entirety.

Loans are initially recognised at the fair value net of transaction costs incurred. After initial

recognition, all interest-bearing loans are subsequently measured at amortised cost. Amortised

cost is calculated using the effective interest rate method whereby any discount, premium

or transaction costs associated with a loan are amortised to the income statement over the

lending period.

Trade, other receivables and assets consisted of the following as at 31 December:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Current assets |  | Non-current assets |  |
|  | 2024 | 2023 | 2024 | 2023 |
|  | € million | € million | € million | € million |
| Trade receivables | 827.0 | 863.2 | 0.1 | 0.1 |
| Receivables from related parties |  |  |  |  |
| (refer to Note 27) | 38.7 | 53.2 | – | – |
| Receivables from brand partners | 77.8 | 52.7 | – | – |
| Loans and advances to employees | 5.1 | 4.1 | – | – |
| Loans receivable | 3.8 | 3.5 | 6.5 | 2.2 |
| Other receivables | 95.4 | 74.8 | – | 0.2 |
| Total trade and other receivables | 1,047.8 | 1,051.5 | 6.6 | 2.5 |
| Prepayments | 145.8 | 104.1 | 22.2 | 22.3 |
| Pension plan assets (refer to Note 21) | – | – | 50.9 | 48.6 |
| Non-current income tax receivable | – | – | 9.1 | 8.5 |
| VAT and other taxes receivable | 44.6 | 32.4 | – | – |
| Total other assets | 190.4 | 136.5 | 82.2 | 79.4 |
| Total trade, other receivables and assets | 1,238.2 | 1,188.0 | 88.8 | 81.9 |

Receivables from brand partners relate to receivables arising in the sale and distribution of premium

spirits and energy drinks.

Non-current trade receivables relate to renegotiated receivables, which are expected to be settled

within the new contractual due date.

For offsetting impact on trade receivables, refer to Note 22.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024285

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

18. Trade, other receivables and assets continued

Trade receivables

Trade receivables classified as current assets consisted of the following as at 31 December:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Trade receivables | 904.5 | 942.4 |
| Less: Loss allowance | (77.5) | (79.2) |
| Total trade receivables | 827.0 | 863.2 |

The ageing analysis of trade receivables classified as current assets is as follows:

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | 2024 |  |  | 2023 |  |
|  |  | € million |  |  | € million |  |
|  | Gross |  |  | Gross |  |  |
|  | carrying | Loss | Trade | carrying | Loss | Trade |
|  | amount | allowance | receivables | amount | allowance | receivables |
| Within due date | 738.5 | (3.4) | 735.1 | 746.8 | (3.5) | 743.3 |
| Past due – Up to three months | 67.3 | (3.0) | 64.3 | 102.5 | (1.8) | 100.7 |
| Past due – Three to six months | 12.6 | (1.9) | 10.7 | 7.1 | (1.2) | 5.9 |
| Past due – Six to nine months | 6.2 | (1.6) | 4.6 | 4.0 | (1.2) | 2.8 |
| Past due – More than nine months | 79.9 | (67.6) | 12.3 | 82.0 | (71.5) | 10.5 |
| Total trade receivables | 904.5 | (77.5) | 827.0 | 942.4 | (79.2) | 863.2 |

The movement in the loss allowance during the year is as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| As at 1 January | (79.2) | (75.8) |
| Amounts written off during the year | 2.1 | 3.9 |
| Amounts recovered during the year | 7.3 | 2.9 |
| Increase in allowance recognised in income statement | (8.6) | (8.2) |
| Foreign currency translation | 0.9 | (2.0) |
| As at 31 December | (77.5) | (79.2) |

Receivables from related parties

The related party receivables, net of the loss allowance, are as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Within due date | 36.8 | 47.9 |
| Past due | 1.9 | 5.4 |
| Less: Loss allowance | – | (0.1) |
| Total related party receivables | 38.7 | 53.2 |

The ageing analysis of these receivables is as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Within due date | 36.8 | 47.9 |
| Past due – Up to three months | 0.9 | 4.4 |
| Past due – Three to six months | 0.5 | 0.8 |
| Past due – Six to nine months | 0.2 | – |
| Past due – More than nine months | 0.3 | 0.1 |
| Total | 38.7 | 53.2 |

Net impairment

Net impairment loss on trade and other receivables recognised in the income statement is analysed as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Trade receivables | 3.5 | 4.2 |
| Related party receivables | (0.1) | – |
| Other receivables and assets | 4.4 | 7.3 |
| Net impairment loss | 7.8 | 11.5 |

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024286

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

19. Assets classified as held for sale

Accounting policy

Non-current assets and disposal groups are classified as held for sale if it is considered highly

probable that their carrying amount will be principally recovered through a sale transaction rather

than through continuing use. This condition is regarded as met only when the sale is highly probable

and the asset (or disposal group) is available for immediate sale in its present condition. In order for

a sale to be considered highly probable, management must be committed to a plan to sell the asset,

an active programme to locate a buyer and complete the plan must have been initiated, and the sale

should be expected to be completed within one year from the date of classification.

In the event that the criteria for continued classification as held for sale are no longer met, the assets

are reclassified to property, plant and equipment and the depreciation charge is adjusted for the

depreciation that would have been recognised had the assets not been classified as held for sale.

Non-current assets and disposal groups classified as held for sale are measured at the lower of the

individual assets’ previous carrying amount and their fair value less costs to sell.

As at 31 December 2024, the Group’s assets classified as held for sale amounted to €0.3 million, comprising

the carrying amount of land and buildings in the Group’s Emerging segment (2023: €3.3 million, comprising

land and buildings of €1.8 million and €1.5 million in the Group’s Established and Emerging segments

respectively, that had been written down to fair value less costs to sell) (refer to Note 14). The fair value

of assets classified as held for sale was determined through the use of a sales comparison approach

and is a non-recurring fair value measurement within level 3 of the fair value hierarchy.

During 2024, assets classified as held for sale in 2023 of €1.8 million were reclassified to property, plant

and equipment (refer to Note 14), as sale was no longer considered highly probable, while remaining

assets of €1.5 million were accordingly sold.

20. Trade and other payables

Accounting policy

Trade payables are recognised initially at fair value and subsequently measured at amortised cost

using the effective interest rate method.

The Group facilitates a supply chain financing programme under which the supplier can elect on

an invoice-by-invoice basis to either receive a discounted early payment from the partner bank, or

continue to be paid in line with the agreed payment terms; in either case, the value and due date of

the liability payable by the Group remain unchanged and, as such, the liability remains classified as

trade and other payables.

The normal payment terms are between 30 and 120 days, including those trade payables that are

subject to the Group’s supply chain finance programme.

Trade and other payables consisted of the following as at 31 December:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Trade payables | 1,136.1 | 1,097.4 |
| Accrued liabilities | 811.6 | 719.4 |
| Payables to related parties (refer to Note 27) | 293.9 | 289.5 |
| Deposit liabilities | 130.8 | 90.6 |
| Other tax and social security liabilities | 191.9 | 173.3 |
| Salaries and employee-related payables | 76.0 | 69.1 |
| Contract liabilities (refer to Note 7) | 12.0 | 15.0 |
| Other payables | 18.1 | 24.8 |
| Total trade and other payables | 2,670.4 | 2,479.1 |

As at 31 December 2024, the carrying amounts of trade payables included in the supply chain finance

programme were as follows:

|  |  |
| --- | --- |
|  | 2024 |
|  | € million |
| Trade payables subject to the supply chain finance programme for which suppliers have  received payment | 133.9 |
| Trade payables subject to the supply chain finance programme for which suppliers have  not received payment | 28.3 |
| Trade payables subject to supply chain finance programme | 162.2 |

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024287

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

20. Trade and other payables continued

The carrying amounts of liabilities under the supply chain finance programme are considered to be

reasonable approximations of their fair values, due to their short-term nature.

Accrued liabilities regarding volume, marketing and promotional incentives as well as listing fees and

other incentives provided to customers as at 31 December 2024 amounted to €419.7 million

(2023: €351.2 million).

21. Provisions and employee benefits

Provisions and employee benefits consisted of the following as at 31 December:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Current: |  |  |
| Employee benefits | 145.9 | 145.8 |
| Restructuring provisions | 1.7 | 3.2 |
| Other provisions | 43.5 | 50.1 |
| Total current provisions and employee benefits | 191.1 | 199.1 |
| Non-current: |  |  |
| Employee benefits | 103.7 | 105.8 |
| Restructuring provisions | 0.9 | 1.9 |
| Other provisions | 2.5 | 1.4 |
| Total non-current provisions and employee benefits | 107.1 | 109.1 |
| Total provisions and employee benefits | 298.2 | 308.2 |

a) Provisions

Accounting policy

Provisions are recognised when: the Group has a present obligation (legal or constructive) as a

result of a past event; it is probable that an outflow of resources embodying economic benefits

will be required to settle the obligation; and a reliable estimate can be made of the amount

of the obligation.

Where the Group expects a provision to be reimbursed, for example, under an insurance

contract, the reimbursement is recognised as a separate asset only when such reimbursement

is virtually certain.

If the effect of the time value of money is material, provisions are determined by discounting the

expected future cash flows at a pre-tax rate that reflects current market assessments of the time

value of money and the risks specific to the liability.

Termination benefits are payable whenever an employee’s employment is terminated before the

normal retirement date or whenever an employee accepts voluntary redundancy in exchange for

these benefits. The Group recognises termination benefits at the earlier of the following dates:

a) when the Group can no longer withdraw the offer of those benefits; and b) when the Group

recognises costs for a restructuring that is within the scope of IAS 37 ‘Provisions, contingent

liabilities and contingent assets’ and involves the payment of termination benefits (refer to Note 8).

In the case of an offer made to encourage voluntary redundancy, the termination benefits are

measured based on the number of employees expected to accept the offer .

The movements in restructuring and other provisions comprise:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2024 |  | 2023 |  |
|  | € million |  | € million |  |
|  | Restructuring | Other | Restructuring | Other |
|  | provision | provisions | provision | provisions |
| As at 1 January | 5.1 | 51.5 | 4.3 | 48.8 |
| Arising during the year | 4.0 | 32.9 | 7.6 | 31.5 |
| Utilised during the year | (6.2) | (22.5) | (6.1) | (23.1) |
| Unused amount reversed | (0.3) | (10.7) | (0.7) | (1.7) |
| Foreign currency translation | – | (5.2) | – | (4.0) |
| As at 31 December | 2.6 | 46.0 | 5.1 | 51.5 |

Other provisions primarily comprise provisions in relation to other tax and legal provisions, employee

litigation and donations.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024288

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCANhBeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqOdS8LKoyTUlFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAFGO3lWRSV4BB6ir1FFAFOeCR5mZVyD71H9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FWLWN49+8YzjHNWKKAKGuW0t54f1K1t03zTWssca5AyxQgDJ46mvE/8AhXPiv/oFf+TEX/xVe90VlUoxqO7PSwOa1sFFxppO/e/+aPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97orP6rDuzv/ANZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+YVXuo3k2bBnGc81YorpPnjP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAKttC8chLLgYx1q1RRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/41PMu5r9Xq/wAr+5mpRWX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NHMu4fV6v8AK/uZqUVl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jRzLuH1er/ACv7malFZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/40cy7h9Xq/wAr+5mpRWX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NHMu4fV6v8AK/uZqUVl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jRzLuH1er/ACv7malFZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/40cy7h9Xq/wAr+5mpRWX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NHMu4fV6v8AK/uZqUVl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jRzLuH1er/ACv7malFZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/40cy7h9Xq/wAr+5mpRWX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NHMu4fV6v8AK/uZqUVl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jRzLuH1er/ACv7malFZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/40cy7h9Xq/wAr+5mpRWX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NHMu4fV6v8AK/uZqUVl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jRzLuH1er/ACv7malFZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/40cy7h9Xq/wAr+5mpRWX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NHMu4fV6v8AK/uZqUVl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jRzLuH1er/ACv7malFZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/40cy7h9Xq/wAr+5mpRWX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NHMu4fV6v8AK/uZqUVl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jRzLuH1er/ACv7malFZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/40cy7h9Xq/wAr+5mpRWX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NHMu4fV6v8AK/uZqUVl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jRzLuH1er/ACv7malFZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/40cy7h9Xq/wAr+5mpRWX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NHMu4fV6v8AK/uZqUVl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jRzLuH1er/ACv7malFZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/40cy7h9Xq/wAr+5mpRWX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NHMu4fV6v8AK/uZqUVl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jRzLuH1er/ACv7malFZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/40cy7h9Xq/wAr+5mpRWX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NHMu4fV6v8AK/uZqUVl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jRzLuH1er/ACv7malFZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/40cy7h9Xq/wAr+5mpRWX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NHMu4fV6v8AK/uZqUVl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jRzLuH1er/ACv7malFZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/40cy7h9Xq/wAr+5mpRWX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NHMu4fV6v8AK/uZqUVl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jRzLuH1er/ACv7malFZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/40cy7h9Xq/wAr+5mpRWX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NHMu4fV6v8AK/uZqUVl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jRzLuH1er/ACv7malFZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/40cy7h9Xq/wAr+5mpRWX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NHMu4fV6v8AK/uZqUVl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jRzLuH1er/ACv7malFZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/40cy7h9Xq/wAr+5mpRWX/AMJNoH/Qc03/AMC4/wDGp7TWNM1CUxWWo2lzIF3FIZ1cgdM4B6cj86fMu4nRqRV3F/cXaKKKZmFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBl+Gf+RU0f8A68Yf/QBWpWX4Z/5FTR/+vGH/ANAFalTH4Ua4j+LL1f5hRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWXcf8jXp/8A143X/ocFalZdx/yNen/9eN1/6HBUy2NaPxP0f5M1Kr3dxLbRB4rOe7YtjZCUBA9fnZRj8c81YoqjNOzu1cy/7Vvf+he1L/v5bf8Ax2j+1b3/AKF7Uv8Av5bf/Ha1KKmz7mntI/yL8f8AMy/7Vvf+he1L/v5bf/HaP7Vvf+he1L/v5bf/AB2tSiiz7h7SP8i/H/My/wC1b3/oXtS/7+W3/wAdo/tW9/6F7Uv+/lt/8drUoos+4e0j/Ivx/wAzL/tW9/6F7Uv+/lt/8do/tW9/6F7Uv+/lt/8AHa1KKLPuHtI/yL8f8zL/ALVvf+he1L/v5bf/AB2j+1b3/oXtS/7+W3/x2tSiiz7h7SP8i/H/ADMv+1b3/oXtS/7+W3/x2j+1b3/oXtS/7+W3/wAdrUoos+4e0j/Ivx/zMv8AtW9/6F7Uv+/lt/8AHaP7Vvf+he1L/v5bf/Ha1KKLPuHtI/yL8f8AMy/7Vvf+he1L/v5bf/HaP7Vvf+he1L/v5bf/AB2tSiiz7h7SP8i/H/My/wC1b3/oXtS/7+W3/wAdo/tW9/6F7Uv+/lt/8drUoos+4e0j/Ivx/wAzL/tW9/6F7Uv+/lt/8do/tW9/6F7Uv+/lt/8AHa1KKLPuHtI/yL8f8zL/ALVvf+he1L/v5bf/AB2j+1b3/oXtS/7+W3/x2tSiiz7h7SP8i/H/ADMv+1b3/oXtS/7+W3/x2j+1b3/oXtS/7+W3/wAdrUoos+4e0j/Ivx/zMv8AtW9/6F7Uv+/lt/8AHaP7Vvf+he1L/v5bf/Ha1KKLPuHtI/yL8f8AMy/7Vvf+he1L/v5bf/HaP7Vvf+he1L/v5bf/AB2tSiiz7h7SP8i/H/My/wC1b3/oXtS/7+W3/wAdo/tW9/6F7Uv+/lt/8drUoos+4e0j/Ivx/wAzL/tW9/6F7Uv+/lt/8do/tW9/6F7Uv+/lt/8AHa1KKLPuHtI/yL8f8zL/ALVvf+he1L/v5bf/AB2j+1b3/oXtS/7+W3/x2tSiiz7h7SP8i/H/ADMv+1b3/oXtS/7+W3/x2j+1b3/oXtS/7+W3/wAdrUoos+4e0j/Ivx/zMv8AtW9/6F7Uv+/lt/8AHaP7Vvf+he1L/v5bf/Ha1KKLPuHtI/yL8f8AMy/7Vvf+he1L/v5bf/HaP7Vvf+he1L/v5bf/AB2tSiiz7h7SP8i/H/My/wC1b3/oXtS/7+W3/wAdo/tW9/6F7Uv+/lt/8drUoos+4e0j/Ivx/wAzL/tW9/6F7Uv+/lt/8do/tW9/6F7Uv+/lt/8AHa1KKLPuHtI/yL8f8zL/ALVvf+he1L/v5bf/AB2j+1b3/oXtS/7+W3/x2tSiiz7h7SP8i/H/ADMv+1b3/oXtS/7+W3/x2j+1b3/oXtS/7+W3/wAdrUoos+4e0j/Ivx/zMv8AtW9/6F7Uv+/lt/8AHaP7Vvf+he1L/v5bf/Ha1KKLPuHtI/yL8f8AMy/7Vvf+he1L/v5bf/HaP7Vvf+he1L/v5bf/AB2tSiiz7h7SP8i/H/My/wC1b3/oXtS/7+W3/wAdo/tW9/6F7Uv+/lt/8drUoos+4e0j/Ivx/wAzL/tW9/6F7Uv+/lt/8do/tW9/6F7Uv+/lt/8AHa1KKLPuHtI/yL8f8zL/ALVvf+he1L/v5bf/AB2j+1b3/oXtS/7+W3/x2tSiiz7h7SP8i/H/ADMv+1b3/oXtS/7+W3/x2j+1b3/oXtS/7+W3/wAdrUoos+4e0j/Ivx/zMv8AtW9/6F7Uv+/lt/8AHaP7Vvf+he1L/v5bf/Ha1KKLPuHtI/yL8f8AMy/7Vvf+he1L/v5bf/HaP7Vvf+he1L/v5bf/AB2tSiiz7h7SP8i/H/Myjq94oJPh/UsD/ppb/wDx2ov7en/6AOpf992//wAdrXl/1L/7prNp2fcPaR/kX4/5kX9vT/8AQB1L/vu3/wDjtH9vT/8AQB1L/vu3/wDjtS0Ucr7h7WP8i/H/ADIv7en/AOgDqX/fdv8A/HaP7en/AOgDqX/fdv8A/Haloo5X3D2sf5F+P+ZF/b0//QB1L/vu3/8AjtH9vT/9AHUv++7f/wCO1LRRyvuHtY/yL8f8yL+3p/8AoA6l/wB92/8A8do/t6f/AKAOpf8Afdv/APHaloo5X3D2sf5F+P8AmRf29P8A9AHUv++7f/47R/b0/wD0AdS/77t//jtS0Ucr7h7WP8i/H/Mi/t6f/oA6l/33b/8Ax2j+3p/+gDqX/fdv/wDHaloo5X3D2sf5F+P+ZF/b0/8A0AdS/wC+7f8A+O1L/a14f+Zf1L/v5bf/AB2itRfuj6UWfcPax/kX4/5mZ/at7/0L2pf9/Lb/AOO0f2re/wDQval/38tv/jtalFKz7h7SP8i/H/My/wC1b3/oXtS/7+W3/wAdo/tW9/6F7Uv+/lt/8drUoos+4e0j/Ivx/wAzL/tW9/6F7Uv+/lt/8do/tW9/6F7Uv+/lt/8AHa1KKLPuHtI/yL8f8zL/ALVvf+he1L/v5bf/AB2j+1b3/oXtS/7+W3/x2tSiiz7h7SP8i/H/ADMv+1b3/oXtS/7+W3/x2j+1b3/oXtS/7+W3/wAdrUoos+4e0j/Ivx/zMv8AtW9/6F7Uv+/lt/8AHaP7Vvf+he1L/v5bf/Ha1KKLPuHtI/yL8f8AMy/7Vvf+he1L/v5bf/HaP7Vvf+he1L/v5bf/AB2tSiiz7h7SP8i/H/My/DP/ACKmj/8AXjD/AOgCtSsvwz/yKmj/APXjD/6AK1KI/CgxH8WXq/zCiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsu4/wCRr0//AK8br/0OCtSsu4/5GvT/APrxuv8A0OCplsa0fifo/wAmalFFVb/UrDS4Fn1C9trSFm2CS4lWNS2CcZJHOAePaqMi1RWL/wAJh4Y/6GPSP/A6L/4qj/hMPDH/AEMekf8AgdF/8VTsK5tUVi/8Jh4Y/wChj0j/AMDov/iqP+Ew8Mf9DHpH/gdF/wDFUWC5tUVi/wDCYeGP+hj0j/wOi/8AiqP+Ew8Mf9DHpH/gdF/8VRYLm1RWL/wmHhj/AKGPSP8AwOi/+Ko/4TDwx/0Mekf+B0X/AMVRYLm1RWL/AMJh4Y/6GPSP/A6L/wCKo/4TDwx/0Mekf+B0X/xVFgubVFYv/CYeGP8AoY9I/wDA6L/4qj/hMPDH/Qx6R/4HRf8AxVFgubVFYv8AwmHhj/oY9I/8Dov/AIqj/hMPDH/Qx6R/4HRf/FUWC5tUVi/8Jh4Y/wChj0j/AMDov/iqP+Ew8Mf9DHpH/gdF/wDFUWC5tUVi/wDCYeGP+hj0j/wOi/8AiqP+Ew8Mf9DHpH/gdF/8VRYLm1RWL/wmHhj/AKGPSP8AwOi/+Ko/4TDwx/0Mekf+B0X/AMVRYLm1RWL/AMJh4Y/6GPSP/A6L/wCKo/4TDwx/0Mekf+B0X/xVFgubVFYv/CYeGP8AoY9I/wDA6L/4qj/hMPDH/Qx6R/4HRf8AxVFgubVFYv8AwmHhj/oY9I/8Dov/AIqj/hMPDH/Qx6R/4HRf/FUWC5tUVi/8Jh4Y/wChj0j/AMDov/iqP+Ew8Mf9DHpH/gdF/wDFUWC5tUVi/wDCYeGP+hj0j/wOi/8AiqP+Ew8Mf9DHpH/gdF/8VRYLm1RWL/wmHhj/AKGPSP8AwOi/+Ko/4TDwx/0Mekf+B0X/AMVRYLm1RWL/AMJh4Y/6GPSP/A6L/wCKo/4TDwx/0Mekf+B0X/xVFgubVFYv/CYeGP8AoY9I/wDA6L/4qj/hMPDH/Qx6R/4HRf8AxVFgubVFYv8AwmHhj/oY9I/8Dov/AIqj/hMPDH/Qx6R/4HRf/FUWC5tUVi/8Jh4Y/wChj0j/AMDov/iqP+Ew8Mf9DHpH/gdF/wDFUWC5tUVi/wDCYeGP+hj0j/wOi/8AiqP+Ew8Mf9DHpH/gdF/8VRYLm1RWL/wmHhj/AKGPSP8AwOi/+Ko/4TDwx/0Mekf+B0X/AMVRYLm1RWL/AMJh4Y/6GPSP/A6L/wCKo/4TDwx/0Mekf+B0X/xVFgubVFYv/CYeGP8AoY9I/wDA6L/4qj/hMPDH/Qx6R/4HRf8AxVFgubVFYv8AwmHhj/oY9I/8Dov/AIqj/hMPDH/Qx6R/4HRf/FUWC5tUVi/8Jh4Y/wChj0j/AMDov/iqP+Ew8Mf9DHpH/gdF/wDFUWC5tUVi/wDCYeGP+hj0j/wOi/8AiqP+Ew8Mf9DHpH/gdF/8VRYLm1RWL/wmHhj/AKGPSP8AwOi/+Ko/4TDwx/0Mekf+B0X/AMVRYLm1RWL/AMJh4Y/6GPSP/A6L/wCKo/4TDwx/0Mekf+B0X/xVFgubVFYv/CYeGP8AoY9I/wDA6L/4qj/hMPDH/Qx6R/4HRf8AxVFgubVFYv8AwmHhj/oY9I/8Dov/AIqj/hMPDH/Qx6R/4HRf/FUWC5tUVi/8Jh4Y/wChj0j/AMDov/iqP+Ew8Mf9DHpH/gdF/wDFUWC5ry/6l/8AdNZtV5fGHhkxOB4j0gnB/wCX2P8A+Kqh/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNetRfuj6Vyn/CV+HP+hg0r/wADI/8AGtEeMPDG0f8AFR6R0/5/ov8A4qiwXNuisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBcm8M/8AIqaP/wBeMP8A6AK1Ky/DP/IqaP8A9eMP/oArUqI/CjbEfxZer/MKKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKy7j/ka9P/68br/0OCtSsu4/5GvT/wDrxuv/AEOCplsa0fifo/yZqUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAyX/Uv/ALprNrSl/wBS/wDums2mAUUUUCCiiigAooooAKKKKACiiigAooooAK1F+6PpWXWov3R9KQC0UUUDCiiigAooooAKKKKACiiigAooooAKKKKAMvwz/wAipo//AF4w/wDoArUrL8M/8ipo/wD14w/+gCtSpj8KNcR/Fl6v8woooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArLuP+Rr0//rxuv/Q4K1Ky7j/ka9P/AOvG6/8AQ4KmWxrR+J+j/JmpRRVW/wBNsNUgWDULK2u4VbeI7iJZFDYIzgg84J596oyLVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNMRtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0AbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVFYv/AAh/hj/oXNI/8AYv/iaP+EP8Mf8AQuaR/wCAMX/xNAG1RWL/AMIf4Y/6FzSP/AGL/wCJo/4Q/wAMf9C5pH/gDF/8TQBtUVi/8If4Y/6FzSP/AABi/wDiaP8AhD/DH/QuaR/4Axf/ABNAG1RWL/wh/hj/AKFzSP8AwBi/+Jo/4Q/wx/0Lmkf+AMX/AMTQBtUVi/8ACH+GP+hc0j/wBi/+Jo/4Q/wx/wBC5pH/AIAxf/E0AbVFYv8Awh/hj/oXNI/8AYv/AImj/hD/AAx/0Lmkf+AMX/xNAG1RWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TQBtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0AbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVFYv/AAh/hj/oXNI/8AYv/iaP+EP8Mf8AQuaR/wCAMX/xNAG1RWL/AMIf4Y/6FzSP/AGL/wCJo/4Q/wAMf9C5pH/gDF/8TQBtUVi/8If4Y/6FzSP/AABi/wDiaP8AhD/DH/QuaR/4Axf/ABNAG1RWL/wh/hj/AKFzSP8AwBi/+Jo/4Q/wx/0Lmkf+AMX/AMTQBtUVi/8ACH+GP+hc0j/wBi/+Jo/4Q/wx/wBC5pH/AIAxf/E0AbVFYv8Awh/hj/oXNI/8AYv/AImj/hD/AAx/0Lmkf+AMX/xNAG1RWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TQBtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0AbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVFYv/AAh/hj/oXNI/8AYv/iaP+EP8Mf8AQuaR/wCAMX/xNAG1RWL/AMIf4Y/6FzSP/AGL/wCJo/4Q/wAMf9C5pH/gDF/8TQBtUVi/8If4Y/6FzSP/AABi/wDiaP8AhD/DH/QuaR/4Axf/ABNAG1RWL/wh/hj/AKFzSP8AwBi/+Jo/4Q/wx/0Lmkf+AMX/AMTQBry/6l/901m1Xl8H+GRE5HhzSAcH/lyj/wDiaof8Ip4c/wChf0r/AMA4/wDCgDXorI/4RTw5/wBC/pX/AIBx/wCFH/CKeHP+hf0r/wAA4/8ACgDXorI/4RTw5/0L+lf+Acf+FH/CKeHP+hf0r/wDj/woA16KyP8AhFPDn/Qv6V/4Bx/4Uf8ACKeHP+hf0r/wDj/woA16KyP+EU8Of9C/pX/gHH/hR/winhz/AKF/Sv8AwDj/AMKANeisj/hFPDn/AEL+lf8AgHH/AIUf8Ip4c/6F/Sv/AADj/wAKANeisj/hFPDn/Qv6V/4Bx/4Uf8Ip4c/6F/Sv/AOP/CgDXrUX7o+lcp/winhz/oX9K/8AAOP/AArRHg/wxtH/ABTmkdP+fGL/AOJoA26Kxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mgDaorF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mgDaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoA2qKxf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDiaANqisX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JoA2qKxf+EP8Mf9C5pH/gDF/wDE0f8ACH+GP+hc0j/wBi/+JoA2qKxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8AiaAJvDP/ACKmj/8AXjD/AOgCtSsvwz/yKmj/APXjD/6AK1KiPwo2xH8WXq/zCiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsu4/5GvT/+vG6/9DgrUrLuP+Rr0/8A68br/wBDgqZbGtH4n6P8malFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAMl/1L/wC6aza0pf8AUv8A7prNpgFFFFAgooooAKKKKACiiigAooooAKKKKACtRfuj6Vl1qL90fSkAtFFFAwooooAKKKKACiiigAooooAKKKKACiiigDL8M/8AIqaP/wBeMP8A6AK1Ky/DP/IqaP8A9eMP/oArUqY/CjXEfxZer/MKKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKy7j/ka9P/68br/0OCtSsu4/5GvT/wDrxuv/AEOCplsa0fifo/yZqVVv7Wa7gWODULmyYNuMlusZYjB4/eIwx+GeOtWqKoyMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8AxitqincVjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMKXRNQET/8VTq54P8AyytP/jFUP7Gv/wDoZdV/792v/wAZrqZf9S/+6azaLhYyP7Gv/wDoZdV/792v/wAZo/sa/wD+hl1X/v3a/wDxmteii4WMj+xr/wD6GXVf+/dr/wDGaP7Gv/8AoZdV/wC/dr/8ZrXoouFjI/sa/wD+hl1X/v3a/wDxmj+xr/8A6GXVf+/dr/8AGa16KLhYyP7Gv/8AoZdV/wC/dr/8Zo/sa/8A+hl1X/v3a/8Axmteii4WMj+xr/8A6GXVf+/dr/8AGaP7Gv8A/oZdV/792v8A8ZrXoouFjI/sa/8A+hl1X/v3a/8Axmj+xr//AKGXVf8Av3a//Ga16KLhYyP7Gv8A/oZdV/792v8A8ZrRGiahtH/FU6v0/wCeVp/8YqatRfuj6UXCxjf2JqH/AENOr/8Afq0/+MUf2JqH/Q06v/36tP8A4xW1RRcLGL/Ymof9DTq//fq0/wDjFH9iah/0NOr/APfq0/8AjFbVFFwsYv8AYmof9DTq/wD36tP/AIxR/Ymof9DTq/8A36tP/jFbVFFwsYv9iah/0NOr/wDfq0/+MUf2JqH/AENOr/8Afq0/+MVtUUXCxi/2JqH/AENOr/8Afq0/+MUf2JqH/Q06v/36tP8A4xW1RRcLGL/Ymof9DTq//fq0/wDjFH9iah/0NOr/APfq0/8AjFbVFFwsYv8AYmof9DTq/wD36tP/AIxR/Ymof9DTq/8A36tP/jFbVFFwsZfhn/kVNH/68Yf/AEAVqVl+Gf8AkVNH/wCvGH/0AVqVEfhRtiP4svV/mFFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZdx/yNen/APXjdf8AocFalZdx/wAjXp//AF43X/ocFTLY1o/E/R/kzUooqrfx38kCjT7m2t5t2S1xbtMpXB4wHTnOOc/hVGRaorF+y+J/+gvpH/grl/8Akij7L4n/AOgvpH/grl/+SKYjaorF+y+J/wDoL6R/4K5f/kij7L4n/wCgvpH/AIK5f/kigDaorF+y+J/+gvpH/grl/wDkij7L4n/6C+kf+CuX/wCSKANqisX7L4n/AOgvpH/grl/+SKPsvif/AKC+kf8Agrl/+SKANqisX7L4n/6C+kf+CuX/AOSKPsvif/oL6R/4K5f/AJIoA2qKxfsvif8A6C+kf+CuX/5Io+y+J/8AoL6R/wCCuX/5IoA2qKxfsvif/oL6R/4K5f8A5Io+y+J/+gvpH/grl/8AkigDaorF+y+J/wDoL6R/4K5f/kij7L4n/wCgvpH/AIK5f/kigDaorF+y+J/+gvpH/grl/wDkij7L4n/6C+kf+CuX/wCSKANqisX7L4n/AOgvpH/grl/+SKPsvif/AKC+kf8Agrl/+SKANqisX7L4n/6C+kf+CuX/AOSKPsvif/oL6R/4K5f/AJIoA2qKxfsvif8A6C+kf+CuX/5Io+y+J/8AoL6R/wCCuX/5IoA2qKxfsvif/oL6R/4K5f8A5Io+y+J/+gvpH/grl/8AkigDaorF+y+J/wDoL6R/4K5f/kij7L4n/wCgvpH/AIK5f/kigDaorF+y+J/+gvpH/grl/wDkij7L4n/6C+kf+CuX/wCSKANqisX7L4n/AOgvpH/grl/+SKPsvif/AKC+kf8Agrl/+SKANqisX7L4n/6C+kf+CuX/AOSKPsvif/oL6R/4K5f/AJIoA2qKxfsvif8A6C+kf+CuX/5Io+y+J/8AoL6R/wCCuX/5IoA2qKxfsvif/oL6R/4K5f8A5Io+y+J/+gvpH/grl/8AkigDaorF+y+J/wDoL6R/4K5f/kij7L4n/wCgvpH/AIK5f/kigDaorF+y+J/+gvpH/grl/wDkij7L4n/6C+kf+CuX/wCSKANqisX7L4n/AOgvpH/grl/+SKPsvif/AKC+kf8Agrl/+SKANqisX7L4n/6C+kf+CuX/AOSKPsvif/oL6R/4K5f/AJIoA2qKxfsvif8A6C+kf+CuX/5Io+y+J/8AoL6R/wCCuX/5IoA2qKxfsvif/oL6R/4K5f8A5Io+y+J/+gvpH/grl/8AkigDaorF+y+J/wDoL6R/4K5f/kij7L4n/wCgvpH/AIK5f/kigDaorF+y+J/+gvpH/grl/wDkij7L4n/6C+kf+CuX/wCSKANqisX7L4n/AOgvpH/grl/+SKPsvif/AKC+kf8Agrl/+SKANqisX7L4n/6C+kf+CuX/AOSKPsvif/oL6R/4K5f/AJIoA2qKxfsvif8A6C+kf+CuX/5Io+y+J/8AoL6R/wCCuX/5IoA2qKxfsvif/oL6R/4K5f8A5Io+y+J/+gvpH/grl/8AkigDaorF+y+J/wDoL6R/4K5f/kij7L4n/wCgvpH/AIK5f/kigDXl/wBS/wDums2q8tt4m8p86vpGMH/mFyf/ACRVD7N4j/6Culf+C2T/AOP0Aa9FZH2bxH/0FdK/8Fsn/wAfo+zeI/8AoK6V/wCC2T/4/QBr0VkfZvEf/QV0r/wWyf8Ax+j7N4j/AOgrpX/gtk/+P0Aa9FZH2bxH/wBBXSv/AAWyf/H6Ps3iP/oK6V/4LZP/AI/QBr0VkfZvEf8A0FdK/wDBbJ/8fo+zeI/+grpX/gtk/wDj9AGvRWR9m8R/9BXSv/BbJ/8AH6Ps3iP/AKCulf8Agtk/+P0Aa9FZH2bxH/0FdK/8Fsn/AMfo+zeI/wDoK6V/4LZP/j9AGvWov3R9K5T7N4j/AOgrpX/gtk/+P1oi18T7R/xN9I6f9AuX/wCSKANuisX7L4n/AOgvpH/grl/+SKPsvif/AKC+kf8Agrl/+SKANqisX7L4n/6C+kf+CuX/AOSKPsvif/oL6R/4K5f/AJIoA2qKxfsvif8A6C+kf+CuX/5Io+y+J/8AoL6R/wCCuX/5IoA2qKxfsvif/oL6R/4K5f8A5Io+y+J/+gvpH/grl/8AkigDaorF+y+J/wDoL6R/4K5f/kij7L4n/wCgvpH/AIK5f/kigDaorF+y+J/+gvpH/grl/wDkij7L4n/6C+kf+CuX/wCSKANqisX7L4n/AOgvpH/grl/+SKPsvif/AKC+kf8Agrl/+SKAJvDP/IqaP/14w/8AoArUrL8M/wDIqaP/ANeMP/oArUqI/CjbEfxZer/MKKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKy7j/ka9P8A+vG6/wDQ4K1Ky7j/AJGvT/8Arxuv/Q4KmWxrR+J+j/JmpRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADJf9S/+6aza0pf9S/8Aums2mAUUUUCCiiigAooooAKKKKACiiigAooooAK1F+6PpWXWov3R9KQC0UUUDCiiigAooooAKKKKACiiigAooooAKKKKAMvwz/yKmj/9eMP/AKAK1Ky/DP8AyKmj/wDXjD/6AK1KmPwo1xH8WXq/zCiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsu4/5GvT/APrxuv8A0OCtSsu4/wCRr0//AK8br/0OCplsa0fifo/yZqVXu3u0iBsoIJpN3KzTGMAeuQrc9OMfjViiqM07O7VzL+0a/wD9A3Tf/BhJ/wDGaPtGv/8AQN03/wAGEn/xmtSips+5p7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKLPuHtI/yL8f8zL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmtSiiz7h7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKLPuHtI/yL8f8zL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmtSiiz7h7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKLPuHtI/yL8f8zL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmtSiiz7h7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKLPuHtI/yL8f8zL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmtSiiz7h7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKLPuHtI/yL8f8zL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmtSiiz7h7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKLPuHtI/yL8f8zL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmtSiiz7h7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKLPuHtI/yL8f8zL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmtSiiz7h7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKLPuHtI/yL8f8zL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmtSiiz7h7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKLPuHtI/yL8f8zL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmtSiiz7h7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKLPuHtI/yL8f8zL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmtSiiz7h7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMiWfXvKfOm6bjB/5iD/8Axms/z9b/AOgfp/8A4HP/APGa6SX/AFL/AO6azadn3D2kf5F+P+Zm+frf/QP0/wD8Dn/+M0efrf8A0D9P/wDA5/8A4zWlRRZ9w9pH+Rfj/mZvn63/ANA/T/8AwOf/AOM0efrf/QP0/wD8Dn/+M1pUUWfcPaR/kX4/5mb5+t/9A/T/APwOf/4zR5+t/wDQP0//AMDn/wDjNaVFFn3D2kf5F+P+Zm+frf8A0D9P/wDA5/8A4zR5+t/9A/T/APwOf/4zWlRRZ9w9pH+Rfj/mZvn63/0D9P8A/A5//jNHn63/ANA/T/8AwOf/AOM1pUUWfcPaR/kX4/5mb5+t/wDQP0//AMDn/wDjNHn63/0D9P8A/A5//jNaVFFn3D2kf5F+P+Zm+frf/QP0/wD8Dn/+M1pC417aP+JbpvT/AKCEn/xmitRfuj6UWfcPaR/kX4/5mZ9o1/8A6Bum/wDgwk/+M0faNf8A+gbpv/gwk/8AjNalFKz7h7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKLPuHtI/yL8f8zL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmtSiiz7h7SP8i/H/My/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZrUoos+4e0j/Ivx/zMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKLPuHtI/yL8f8zL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmtSiiz7h7SP8i/H/My/DP8AyKmj/wDXjD/6AK1Ky/DP/IqaP/14w/8AoArUoj8KDEfxZer/ADCiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsu4/5GvT/wDrxuv/AEOCtSsu4/5GvT/+vG6/9DgqZbGtH4n6P8malFFVb+/h06BZp0uXVm2gW9tJO2cE/djUkDjrjH51RkWqKxf+Ep0//n31f/wT3f8A8ao/4SnT/wDn31f/AME93/8AGqdhXNqisX/hKdP/AOffV/8AwT3f/wAao/4SnT/+ffV//BPd/wDxqiwXNqisX/hKdP8A+ffV/wDwT3f/AMao/wCEp0//AJ99X/8ABPd//GqLBc2qKxf+Ep0//n31f/wT3f8A8ao/4SnT/wDn31f/AME93/8AGqLBc2qKxf8AhKdP/wCffV//AAT3f/xqj/hKdP8A+ffV/wDwT3f/AMaosFzaorF/4SnT/wDn31f/AME93/8AGqP+Ep0//n31f/wT3f8A8aosFzaorF/4SnT/APn31f8A8E93/wDGqP8AhKdP/wCffV//AAT3f/xqiwXNqisX/hKdP/599X/8E93/APGqP+Ep0/8A599X/wDBPd//ABqiwXNqisX/AISnT/8An31f/wAE93/8ao/4SnT/APn31f8A8E93/wDGqLBc2qKxf+Ep0/8A599X/wDBPd//ABqj/hKdP/599X/8E93/APGqLBc2qKxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8aosFzaorF/4SnT/+ffV//BPd/wDxqj/hKdP/AOffV/8AwT3f/wAaosFzaorF/wCEp0//AJ99X/8ABPd//GqP+Ep0/wD599X/APBPd/8AxqiwXNqisX/hKdP/AOffV/8AwT3f/wAao/4SnT/+ffV//BPd/wDxqiwXNqisX/hKdP8A+ffV/wDwT3f/AMao/wCEp0//AJ99X/8ABPd//GqLBc2qKxf+Ep0//n31f/wT3f8A8ao/4SnT/wDn31f/AME93/8AGqLBc2qKxf8AhKdP/wCffV//AAT3f/xqj/hKdP8A+ffV/wDwT3f/AMaosFzaorF/4SnT/wDn31f/AME93/8AGqP+Ep0//n31f/wT3f8A8aosFzaorF/4SnT/APn31f8A8E93/wDGqP8AhKdP/wCffV//AAT3f/xqiwXNqisX/hKdP/599X/8E93/APGqP+Ep0/8A599X/wDBPd//ABqiwXNqisX/AISnT/8An31f/wAE93/8ao/4SnT/APn31f8A8E93/wDGqLBc2qKxf+Ep0/8A599X/wDBPd//ABqj/hKdP/599X/8E93/APGqLBc2qKxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8aosFzaorF/4SnT/+ffV//BPd/wDxqj/hKdP/AOffV/8AwT3f/wAaosFzaorF/wCEp0//AJ99X/8ABPd//GqP+Ep0/wD599X/APBPd/8AxqiwXNqisX/hKdP/AOffV/8AwT3f/wAao/4SnT/+ffV//BPd/wDxqiwXNqisX/hKdP8A+ffV/wDwT3f/AMao/wCEp0//AJ99X/8ABPd//GqLBc2qKxf+Ep0//n31f/wT3f8A8ao/4SnT/wDn31f/AME93/8AGqLBc2qKxf8AhKdP/wCffV//AAT3f/xqj/hKdP8A+ffV/wDwT3f/AMaosFzaorF/4SnT/wDn31f/AME93/8AGqP+Ep0//n31f/wT3f8A8aosFzaorF/4SnT/APn31f8A8E93/wDGqP8AhKdP/wCffV//AAT3f/xqiwXNqisX/hKdP/599X/8E93/APGqP+Ep0/8A599X/wDBPd//ABqiwXNeX/Uv/ums2q8vijTzE4+z6v0P/MHu/wD43VD/AISWw/54ar/4Kbr/AON0WC5r0Vkf8JLYf88NV/8ABTdf/G6P+ElsP+eGq/8Agpuv/jdFgua9FZH/AAkth/zw1X/wU3X/AMbo/wCElsP+eGq/+Cm6/wDjdFgua9FZH/CS2H/PDVf/AAU3X/xuj/hJbD/nhqv/AIKbr/43RYLmvRWR/wAJLYf88NV/8FN1/wDG6P8AhJbD/nhqv/gpuv8A43RYLmvRWR/wkth/zw1X/wAFN1/8bo/4SWw/54ar/wCCm6/+N0WC5r0Vkf8ACS2H/PDVf/BTdf8Axuj/AISWw/54ar/4Kbr/AON0WC5r1qL90fSuU/4SWw/54ar/AOCm6/8AjdaI8U6ftH+j6v0/6A93/wDGqLBc26Kxf+Ep0/8A599X/wDBPd//ABqj/hKdP/599X/8E93/APGqLBc2qKxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8aosFzaorF/4SnT/+ffV//BPd/wDxqj/hKdP/AOffV/8AwT3f/wAaosFzaorF/wCEp0//AJ99X/8ABPd//GqP+Ep0/wD599X/APBPd/8AxqiwXNqisX/hKdP/AOffV/8AwT3f/wAao/4SnT/+ffV//BPd/wDxqiwXNqisX/hKdP8A+ffV/wDwT3f/AMao/wCEp0//AJ99X/8ABPd//GqLBc2qKxf+Ep0//n31f/wT3f8A8ao/4SnT/wDn31f/AME93/8AGqLBcm8M/wDIqaP/ANeMP/oArUrL8M/8ipo//XjD/wCgCtSoj8KNsR/Fl6v8woooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArLuP8Aka9P/wCvG6/9DgrUrLuP+Rr0/wD68br/ANDgqZbGtH4n6P8AJmpRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADJf8AUv8A7prNrSl/1L/7prNpgFFFFAgooooAKKKKACiiigAooooAKKKKACtRfuj6Vl1qL90fSkAtFFFAwooooAKKKKACiiigAooooAKKKKACiiigDL8M/wDIqaP/ANeMP/oArUrL8M/8ipo//XjD/wCgCtSpj8KNcR/Fl6v8woooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArLuP8Aka9P/wCvG6/9DgrUrLuP+Rr0/wD68br/ANDgqZbGtH4n6P8AJmpRRVW/02w1SBYNQsra7hVt4juIlkUNgjOCDzgnn3qjItUVi/8ACH+GP+hc0j/wBi/+Jo/4Q/wx/wBC5pH/AIAxf/E0xG1RWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TQBtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0AbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVFYv/AAh/hj/oXNI/8AYv/iaP+EP8Mf8AQuaR/wCAMX/xNAG1RWL/AMIf4Y/6FzSP/AGL/wCJo/4Q/wAMf9C5pH/gDF/8TQBtUVi/8If4Y/6FzSP/AABi/wDiaP8AhD/DH/QuaR/4Axf/ABNAG1RWL/wh/hj/AKFzSP8AwBi/+Jo/4Q/wx/0Lmkf+AMX/AMTQBtUVi/8ACH+GP+hc0j/wBi/+Jo/4Q/wx/wBC5pH/AIAxf/E0AbVFYv8Awh/hj/oXNI/8AYv/AImj/hD/AAx/0Lmkf+AMX/xNAG1RWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TQBtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0AbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVFYv/AAh/hj/oXNI/8AYv/iaP+EP8Mf8AQuaR/wCAMX/xNAG1RWL/AMIf4Y/6FzSP/AGL/wCJo/4Q/wAMf9C5pH/gDF/8TQBtUVi/8If4Y/6FzSP/AABi/wDiaP8AhD/DH/QuaR/4Axf/ABNAG1RWL/wh/hj/AKFzSP8AwBi/+Jo/4Q/wx/0Lmkf+AMX/AMTQBtUVi/8ACH+GP+hc0j/wBi/+Jo/4Q/wx/wBC5pH/AIAxf/E0AbVFYv8Awh/hj/oXNI/8AYv/AImj/hD/AAx/0Lmkf+AMX/xNAG1RWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TQBtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0AbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVFYv/AAh/hj/oXNI/8AYv/iaP+EP8Mf8AQuaR/wCAMX/xNAGvL/qX/wB01m1Xl8H+GRE5HhzSAcH/AJco/wD4mqH/AAinhz/oX9K/8A4/8KANeisj/hFPDn/Qv6V/4Bx/4Uf8Ip4c/wChf0r/AMA4/wDCgDXorI/4RTw5/wBC/pX/AIBx/wCFH/CKeHP+hf0r/wAA4/8ACgDXorI/4RTw5/0L+lf+Acf+FH/CKeHP+hf0r/wDj/woA16KyP8AhFPDn/Qv6V/4Bx/4Uf8ACKeHP+hf0r/wDj/woA16KyP+EU8Of9C/pX/gHH/hR/winhz/AKF/Sv8AwDj/AMKANeisj/hFPDn/AEL+lf8AgHH/AIUf8Ip4c/6F/Sv/AADj/wAKANetRfuj6Vyn/CKeHP8AoX9K/wDAOP8AwrRHg/wxtH/FOaR0/wCfGL/4mgDborF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mgDaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoA2qKxf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDiaANqisX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JoA2qKxf+EP8Mf9C5pH/gDF/wDE0f8ACH+GP+hc0j/wBi/+JoA2qKxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8AiaANqisX/hD/AAx/0Lmkf+AMX/xNH/CH+GP+hc0j/wAAYv8A4mgCbwz/AMipo/8A14w/+gCtSsvwz/yKmj/9eMP/AKAK1KiPwo2xH8WXq/zCiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsu4/wCRr0//AK8br/0OCtSsu4/5GvT/APrxuv8A0OCplsa0fifo/wAmalFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAMl/wBS/wDums2tKX/Uv/ums2mAUUUUCCiiigAooooAKKKKACiiigAooooAK1F+6PpWXWov3R9KQC0UUUDCiiigAooooAKKKKACiiigAooooAKKKKAMvwz/AMipo/8A14w/+gCtSsvwz/yKmj/9eMP/AKAK1KmPwo1xH8WXq/zCiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsu4/wCRr0//AK8br/0OCtSsu4/5GvT/APrxuv8A0OCplsa0fifo/wAmalVb+wh1GBYZ3uUVW3A29zJA2cEfejYEjnpnH5VaoqjIxf8AhFtP/wCfjV//AAcXf/x2j/hFtP8A+fjV/wDwcXf/AMdraop3FYxf+EW0/wD5+NX/APBxd/8Ax2j/AIRbT/8An41f/wAHF3/8draoouFjF/4RbT/+fjV//Bxd/wDx2j/hFtP/AOfjV/8AwcXf/wAdraoouFjF/wCEW0//AJ+NX/8ABxd//HaP+EW0/wD5+NX/APBxd/8Ax2tqii4WMX/hFtP/AOfjV/8AwcXf/wAdo/4RbT/+fjV//Bxd/wDx2tqii4WMX/hFtP8A+fjV/wDwcXf/AMdo/wCEW0//AJ+NX/8ABxd//Ha2qKLhYxf+EW0//n41f/wcXf8A8do/4RbT/wDn41f/AMHF3/8AHa2qKLhYxf8AhFtP/wCfjV//AAcXf/x2j/hFtP8A+fjV/wDwcXf/AMdraoouFjF/4RbT/wDn41f/AMHF3/8AHaP+EW0//n41f/wcXf8A8draoouFjF/4RbT/APn41f8A8HF3/wDHaP8AhFtP/wCfjV//AAcXf/x2tqii4WMX/hFtP/5+NX/8HF3/APHaP+EW0/8A5+NX/wDBxd//AB2tqii4WMX/AIRbT/8An41f/wAHF3/8do/4RbT/APn41f8A8HF3/wDHa2qKLhYxf+EW0/8A5+NX/wDBxd//AB2j/hFtP/5+NX/8HF3/APHa2qKLhYxf+EW0/wD5+NX/APBxd/8Ax2j/AIRbT/8An41f/wAHF3/8draoouFjF/4RbT/+fjV//Bxd/wDx2j/hFtP/AOfjV/8AwcXf/wAdraoouFjF/wCEW0//AJ+NX/8ABxd//HaP+EW0/wD5+NX/APBxd/8Ax2tqii4WMX/hFtP/AOfjV/8AwcXf/wAdo/4RbT/+fjV//Bxd/wDx2tqii4WMX/hFtP8A+fjV/wDwcXf/AMdo/wCEW0//AJ+NX/8ABxd//Ha2qKLhYxf+EW0//n41f/wcXf8A8do/4RbT/wDn41f/AMHF3/8AHa2qKLhYxf8AhFtP/wCfjV//AAcXf/x2j/hFtP8A+fjV/wDwcXf/AMdraoouFjF/4RbT/wDn41f/AMHF3/8AHaP+EW0//n41f/wcXf8A8draoouFjF/4RbT/APn41f8A8HF3/wDHaP8AhFtP/wCfjV//AAcXf/x2tqii4WMX/hFtP/5+NX/8HF3/APHaP+EW0/8A5+NX/wDBxd//AB2tqii4WMX/AIRbT/8An41f/wAHF3/8do/4RbT/APn41f8A8HF3/wDHa2qKLhYxf+EW0/8A5+NX/wDBxd//AB2j/hFtP/5+NX/8HF3/APHa2qKLhYxf+EW0/wD5+NX/APBxd/8Ax2j/AIRbT/8An41f/wAHF3/8draoouFjF/4RbT/+fjV//Bxd/wDx2j/hFtP/AOfjV/8AwcXf/wAdraoouFjF/wCEW0//AJ+NX/8ABxd//HaP+EW0/wD5+NX/APBxd/8Ax2tqii4WMX/hFtP/AOfjV/8AwcXf/wAdo/4RbT/+fjV//Bxd/wDx2tqii4WMX/hFtP8A+fjV/wDwcXf/AMdo/wCEW0//AJ+NX/8ABxd//Ha2qKLhYxf+EW0//n41f/wcXf8A8do/4RbT/wDn41f/AMHF3/8AHa2qKLhYxf8AhFtP/wCfjV//AAcXf/x2j/hFtP8A+fjV/wDwcXf/AMdraoouFjCl8L6eInP2jV+h/wCYxd//AByqH/CNWH/PfVf/AAbXX/xyupl/1L/7prNouFjI/wCEasP+e+q/+Da6/wDjlH/CNWH/AD31X/wbXX/xyteii4WMj/hGrD/nvqv/AINrr/45R/wjVh/z31X/AMG11/8AHK16KLhYyP8AhGrD/nvqv/g2uv8A45R/wjVh/wA99V/8G11/8crXoouFjI/4Rqw/576r/wCDa6/+OUf8I1Yf899V/wDBtdf/AByteii4WMj/AIRqw/576r/4Nrr/AOOUf8I1Yf8APfVf/Btdf/HK16KLhYyP+EasP+e+q/8Ag2uv/jlH/CNWH/PfVf8AwbXX/wAcrXoouFjI/wCEasP+e+q/+Da6/wDjlaI8LaftH+kav0/6DF3/APHamrUX7o+lFwsY3/CLaf8A8/Gr/wDg4u//AI7R/wAItp//AD8av/4OLv8A+O1tUUXCxi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O1tUUXCxi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7W1RRcLGL/AMItp/8Az8av/wCDi7/+O0f8Itp//Pxq/wD4OLv/AOO1tUUXCxi/8Itp/wDz8av/AODi7/8AjtH/AAi2n/8APxq//g4u/wD47W1RRcLGL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47W1RRcLGL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtbVFFwsZfhn/kVNH/68Yf8A0AVqVl+Gf+RU0f8A68Yf/QBWpUR+FG2I/iy9X+YUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVl3H/I16f/143X/ocFalZdx/yNen/wDXjdf+hwVMtjWj8T9H+TNSiiq92l28QFlPBDJu5aaEyAj0wGXnpzn8KozSu7N2LFFZf2fX/wDoJab/AOC+T/49R9n1/wD6CWm/+C+T/wCPVN32NPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGpRWX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1F32D2cf51+P8AkalFZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PUXfYPZx/nX4/wCRqUVl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49Rd9g9nH+dfj/AJGjL/qX/wB01m02WDXvKfOpabjB/wCYe/8A8erP8jW/+ghp/wD4Av8A/Hqd32D2cf51+P8AkaVFZvka3/0ENP8A/AF//j1Hka3/ANBDT/8AwBf/AOPUXfYPZx/nX4/5GlRWb5Gt/wDQQ0//AMAX/wDj1Hka3/0ENP8A/AF//j1F32D2cf51+P8AkaVFZvka3/0ENP8A/AF//j1Hka3/ANBDT/8AwBf/AOPUXfYPZx/nX4/5GlRWb5Gt/wDQQ0//AMAX/wDj1Hka3/0ENP8A/AF//j1F32D2cf51+P8AkaVFZvka3/0ENP8A/AF//j1Hka3/ANBDT/8AwBf/AOPUXfYPZx/nX4/5GlRWb5Gt/wDQQ0//AMAX/wDj1Hka3/0ENP8A/AF//j1F32D2cf51+P8AkaVai/dH0rmfI1v/AKCGn/8AgC//AMerSFvr20f8TLTen/QPk/8Aj1F32D2cf51+P+Rq0Vl/Z9f/AOglpv8A4L5P/j1H2fX/APoJab/4L5P/AI9Su+wezj/Ovx/yNSisv7Pr/wD0EtN/8F8n/wAeo+z6/wD9BLTf/BfJ/wDHqLvsHs4/zr8f8jUorL+z6/8A9BLTf/BfJ/8AHqPs+v8A/QS03/wXyf8Ax6i77B7OP86/H/I1KKy/s+v/APQS03/wXyf/AB6j7Pr/AP0EtN/8F8n/AMeou+wezj/Ovx/yNSisv7Pr/wD0EtN/8F8n/wAeo+z6/wD9BLTf/BfJ/wDHqLvsHs4/zr8f8jUorL+z6/8A9BLTf/BfJ/8AHqPs+v8A/QS03/wXyf8Ax6i77B7OP86/H/I1KKy/s+v/APQS03/wXyf/AB6j7Pr/AP0EtN/8F8n/AMeou+wezj/Ovx/yDwz/AMipo/8A14w/+gCtSsvwz/yKmj/9eMP/AKAK1KI/CgxH8WXq/wAwoooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArLuP+Rr0/8A68br/wBDgrUrLuP+Rr0//rxuv/Q4KmWxrR+J+j/JmpRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADJf9S/+6aza0pf9S/+6azaYBRRRQIKKKKACiiigAooooAKKKKACiiigArUX7o+lZdai/dH0pALRRRQMKKKKACiiigAooooAKKKKACiiigAooooAy/DP/IqaP8A9eMP/oArUrL8M/8AIqaP/wBeMP8A6AK1KmPwo1xH8WXq/wAwoooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArLuP+Rr0/8A68br/wBDgrUrLuP+Rr0//rxuv/Q4KmWxrR+J+j/JmpVe7e7SIGyggmk3crNMYwB65Ctz04x+NWKKozTs7tXMv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGa1KKmz7mntI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/MyXm19kK/2bpoyMf8AIQk/+M1W8rX/APnw03/wPk/+M1v0U7PuHtI/yL8f8zA8rX/+fDTf/A+T/wCM0eVr/wDz4ab/AOB8n/xmt+iiz7h7SP8AIvx/zMDytf8A+fDTf/A+T/4zR5Wv/wDPhpv/AIHyf/Ga36KLPuHtI/yL8f8AMwPK1/8A58NN/wDA+T/4zR5Wv/8APhpv/gfJ/wDGa36KLPuHtI/yL8f8zA8rX/8Anw03/wAD5P8A4zR5Wv8A/Phpv/gfJ/8AGa36KLPuHtI/yL8f8zA8rX/+fDTf/A+T/wCM0eVr/wDz4ab/AOB8n/xmt+iiz7h7SP8AIvx/zMDytf8A+fDTf/A+T/4zR5Wv/wDPhpv/AIHyf/Ga36KLPuHtI/yL8f8AMwPK1/8A58NN/wDA+T/4zVoT6+AB/Zum/wDgwk/+M1q0UWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFKz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZrUoos+4e0j/Ivx/zMv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGa1KKLPuHtI/yL8f8zL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmtSiiz7h7SP8i/H/My/DP/ACKmj/8AXjD/AOgCtSsvwz/yKmj/APXjD/6AK1KI/CgxH8WXq/zCiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsu4/wCRr0//AK8br/0OCtSsu4/5GvT/APrxuv8A0OCplsa0fifo/wAmalFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZfhn/kVNH/AOvGH/0AVqVl+Gf+RU0f/rxh/wDQBWpUx+FGuI/iy9X+YUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVl3H/I16f/ANeN1/6HBWpWXcf8jXp//Xjdf+hwVMtjWj8T9H+TNSiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMvwz/yKmj/APXjD/6AK1Ky/DP/ACKmj/8AXjD/AOgCtSpj8KNcR/Fl6v8AMKKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKy7j/ka9P/AOvG6/8AQ4K1Ky7j/ka9P/68br/0OCplsa0fifo/yZqUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBl+Gf+RU0f/rxh/8AQBWpWX4Z/wCRU0f/AK8Yf/QBWpUx+FGuI/iy9X+YUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVl3H/I16f8A9eN1/wChwVqVl3H/ACNen/8AXjdf+hwVMtjWj8T9H+TNSiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMvwz/yKmj/9eMP/AKAK1Ky/DP8AyKmj/wDXjD/6AK1KmPwo1xH8WXq/zCiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsu4/5GvT/APrxuv8A0OCtSsu4/wCRr0//AK8br/0OCplsa0fifo/yZqUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBl+Gf+RU0f/rxh/wDQBWpWX4Z/5FTR/wDrxh/9AFalTH4Ua4j+LL1f5hRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWXcf8jXp//Xjdf+hwVqVl3H/I16f/ANeN1/6HBUy2NaPxP0f5M1KKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAy/DP/ACKmj/8AXjD/AOgCtSsvwz/yKmj/APXjD/6AK1KmPwo1xH8WXq/zCiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsu4/5GvT/+vG6/9DgrUrLuP+Rr0/8A68br/wBDgqZbGtH4n6P8malFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZfhn/AJFTR/8Arxh/9AFalZfhn/kVNH/68Yf/AEAVqVMfhRriP4svV/mFFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZdx/wAjXp//AF43X/ocFalZdx/yNen/APXjdf8AocFTLY1o/E/R/kzUoooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDL8M/wDIqaP/ANeMP/oArUrL8M/8ipo//XjD/wCgCtSpj8KNcR/Fl6v8woooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArLuP8Aka9P/wCvG6/9DgrUrLuP+Rr0/wD68br/ANDgqZbGtH4n6P8AJmpRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGX4Z/5FTR/wDrxh/9AFalZfhn/kVNH/68Yf8A0AVqVMfhRriP4svV/mFFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZdx/yNen/wDXjdf+hwVqVl3H/I16f/143X/ocFTLY1o/E/R/kzUoooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDL8M/8ipo/wD14w/+gCtSsvwz/wAipo//AF4w/wDoArUqY/CjXEfxZer/ADCiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsu4/5GvT/wDrxuv/AEOCtSsu4/5GvT/+vG6/9DgqZbGtH4n6P8malFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZfhn/kVNH/68Yf/AEAVqVl+Gf8AkVNH/wCvGH/0AVqVMfhRriP4svV/mFFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZdx/yNen/APXjdf8AocFalZdx/wAjXp//AF43X/ocFTLY1o/E/R/kzUoooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDL8M/8ipo//XjD/wCgCtSsvwz/AMipo/8A14w/+gCtSpj8KNcR/Fl6v8woooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArLuP+Rr0/wD68br/ANDgrUrLuP8Aka9P/wCvG6/9DgqZbGtH4n6P8malFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZfhn/kVNH/68Yf8A0AVqVl+Gf+RU0f8A68Yf/QBWpUx+FGuI/iy9X+YUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVl3H/I16f/143X/ocFalZdx/yNen/wDXjdf+hwVMtjWj8T9H+TNSiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMvwz/wAipo//AF4w/wDoArUrL8M/8ipo/wD14w/+gCtSpj8KNcR/Fl6v8woooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArLuP+Rr0//rxuv/Q4K1Ky7j/ka9P/AOvG6/8AQ4KmWxrR+J+j/JmpRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGX4Z/wCRU0f/AK8Yf/QBWpWX4Z/5FTR/+vGH/wBAFalTH4Ua4j+LL1f5hRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWXcf8AI16f/wBeN1/6HBWpWXcf8jXp/wD143X/AKHBUy2NaPxP0f5M1KKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAy/DP8AyKmj/wDXjD/6AK1Ky/DP/IqaP/14w/8AoArUqY/CjXEfxZer/MKKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKy7j/AJGvT/8Arxuv/Q4K1Ky7j/ka9P8A+vG6/wDQ4KmWxrR+J+j/ACZqUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBl+Gf+RU0f8A68Yf/QBWpWX4Z/5FTR/+vGH/ANAFalTH4Ua4j+LL1f5hRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWXcf8jXp/8A143X/ocFalZdx/yNen/9eN1/6HBUy2NaPxP0f5M1KKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAy/DP/IqaP8A9eMP/oArUrL8M/8AIqaP/wBeMP8A6AK1KmPwo1xH8WXq/wAwoooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArLuP+Rr0/8A68br/wBDgrUrLuP+Rr0//rxuv/Q4KmWxrR+J+j/JmpRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGX4Z/5FTR/+vGH/wBAFalZfhn/AJFTR/8Arxh/9AFalTH4Ua4j+LL1f5hRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWXcf8jXp/wD143X/AKHBWpWXcf8AI16f/wBeN1/6HBUy2NaPxP0f5M1KKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAy/DP/IqaP/14w/8AoArUrL8M/wDIqaP/ANeMP/oArUqY/CjXEfxZer/MKKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKy7j/ka9P8A+vG6/wDQ4K1Ky7j/AJGvT/8Arxuv/Q4KmWxrR+J+j/JmpRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGX4Z/5FTR/+vGH/ANAFalZfhn/kVNH/AOvGH/0AVqVMfhRriP4svV/mFFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZdx/yNen/9eN1/6HBWpWXcf8jXp/8A143X/ocFTLY1o/E/R/kzUoooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDL8M/8AIqaP/wBeMP8A6AK1Ky/DP/IqaP8A9eMP/oArUqY/CjXEfxZer/MKKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKy7j/ka9P/68br/0OCtSsu4/5GvT/wDrxuv/AEOCplsa0fifo/yZqUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBl+Gf8AkVNH/wCvGH/0AVqVl+Gf+RU0f/rxh/8AQBWpUx+FGuI/iy9X+YUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVl3H/ACNen/8AXjdf+hwVqVl3H/I16f8A9eN1/wChwVMtjWj8T9H+TNSiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMvwz/AMipo/8A14w/+gCtSsvwz/yKmj/9eMP/AKAK1KmPwo1xH8WXq/zCiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsu4/wCRr0//AK8br/0OCtSsu4/5GvT/APrxuv8A0OCplsa0fifo/wAmalFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZfhn/kVNH/AOvGH/0AVqVl+Gf+RU0f/rxh/wDQBWpUx+FGuI/iy9X+YUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVl3H/I16f/ANeN1/6HBWpWXcf8jXp//Xjdf+hwVMtjWj8T9H+TNSiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPluiiivHP1cKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK774R/8jXdf9eL/APocdFFaUf4iPPzb/cqnoezUUUV6h+cBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAf/2Q==)

21. Provisions and employee benefits continued

b) Employee benefits

Accounting policy

The Group operates a number of defined benefit and defined contribution pension plans

in its territories.

The defined benefit plans are made up of both funded and unfunded pension plans and employee

leaving indemnities. The assets of funded plans are generally held in separate trustee-administered

funds and are financed by payments from employees and/or the relevant Group companies.

The liability recognised in the balance sheet in respect of defined benefit plans is the present value

of the defined benefit obligation at the balance sheet date less the fair value of the plan assets.

For defined benefit pension plans, pension costs are assessed using the projected unit credit

method. Actuarial gains and losses arising from experience adjustments and changes in actuarial

assumptions are charged or credited to equity in other comprehensive income in the period in

which they arise. Such actuarial gains and losses are not reclassified to the income statement in

subsequent periods. The defined benefit obligations are measured at the present value of the

estimated future cash outflows using interest rates of high-quality corporate bonds that are

denominated in the currency in which the benefits will be paid and that have terms approximating

to the terms of the related obligation. In countries where there is no deep market in such bonds,

the market rates on government bonds are used. Past service cost is recognised immediately in

the income statement. A number of the Group’s operations have other long-service benefits in the

form of jubilee plans. These plans are measured at the present value of the estimated future cash

outflows, with immediate recognition of actuarial gains and losses in the income statement.

The Group’s contributions to the defined contribution pension plans are charged to the income

statement in the period to which the contributions relate.

Critical accounting estimates

The Group provides defined benefit pension plans as an employee benefit in certain territories.

Determining the value of these plans requires several actuarial assumptions and estimates

that may differ from actual developments in the future. These include the determination of the

discount rates, rate of compensation increases, rate of pension increases and life expectancy of

pensioners at the age of 65. Due to the long-term nature of these plans, such estimates are subject

to significant uncertainty. Details on the key assumptions used and a sensitivity analysis regarding

the impact of reasonably possible changes in key assumptions on the defined benefit obligation are

further presented below.

Employee benefits consisted of the following as at 31 December:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Defined benefit plans: |  |  |
| Employee leaving indemnities | 62.8 | 66.7 |
| Pension plans | 5.5 | 5.5 |
| Long-service benefits (jubilee plans) and other benefits | 12.1 | 12.9 |
| Total defined benefit plans | 80.4 | 85.1 |
| Other employee benefits: |  |  |
| Annual leave | 11.1 | 9.8 |
| Other employee benefits | 158.1 | 156.7 |
| Total other employee benefits | 169.2 | 166.5 |
| Total employee benefits obligations | 249.6 | 251.6 |

Other employee benefits primarily comprise employee bonuses which are linked to business and

individual performance metrics.

Employees of Coca-Cola HBC’s subsidiaries in Austria, Bulgaria, Croatia, Greece, Italy, Montenegro,

Nigeria, Poland, Romania, Serbia and Slovenia are entitled to employee leaving indemnities, generally

based on each employee’s length of service, employment category and remuneration. These are

unfunded plans where the Company meets the payment obligation as it falls due.

Coca-Cola HBC’s subsidiaries in Austria, Northern Ireland, the Republic of Ireland and Switzerland sponsor

defined benefit pension plans. Of the three plans in the Republic of Ireland, two have plan assets, as do

the two plans in Northern Ireland and one out of the three plans in Switzerland. The Austrian plans do

not have plan assets and the Company meets the payment obligation as it falls due. The defined benefit

plans in Austria, the Republic of Ireland and Northern Ireland are closed to new members.

Coca-Cola HBC provides long-service benefits in the form of jubilee plans to its employees in Austria,

Croatia, Nigeria, Poland, Serbia, Slovenia and Switzerland.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024289

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

21. Provisions and employee benefits continued

Defined benefit obligation by segment is as follows for the years ended 31 December:

2024

2023

€68.5m   Total €80.4million

€2.5m

€9.4m

Established  Developing  Emerging

€68.7m   Total €85.1 million

€2.5m

€13.9m

The average duration of the defined benefit obligations is 14 years and the total employer contributions

expected to be paid in 2025 are €11.1 million.

The reconciliation of plan assets and plan liabilities for the years ended 31 December is as follows:

|  |  |  |  |
| --- | --- | --- | --- |
|  |  |  | Net surplus/ |
|  | Plan assets | Plan liabilities | (deficit) |
|  | € million | € million | € million |
| As at 1 January 2023 | 431.9 | (398.5) | 33.4 |
| Current service cost | – | (9.8) | (9.8) |
| Past service cost | – | 0.1 | 0.1 |
| Administrative expenses | (0.3) | – | (0.3) |
| Curtailment/settlement | – | (1.1) | (1.1) |
| Interest income/(expense) | 12.8 | (13.3) | (0.5) |
| Actuarial losses | – | (0.6) | (0.6) |
| Total expense recognised in income statement | 12.5 | (24.7) | (12.2) |
| Losses from change in financial assumptions | – | (28.3) | (28.3) |
| Experience adjustments | – | (2.2) | (2.2) |
| Return on plan assets excluding interest income | 5.3 | – | 5.3 |
| Total remeasurements recognised |  |  |  |
| in other comprehensive income | 5.3 | (30.5) | (25.2) |
| Benefits paid | (22.0) | 22.0 | – |
| Employer’s contributions | 14.4 | – | 14.4 |
| Participants’ contributions | 5.1 | (5.1) | – |
| Foreign currency translation | 14.9 | 0.3 | 15.2 |
| As at 31 December 2023 | 462.1 | (436.5) | 25.6 |

|  |  |  |  |
| --- | --- | --- | --- |
|  |  |  | Net surplus/ |
|  | Plan assets | Plan liabilities | (deficit) |
|  | € million | € million | € million |
| As at 1 January 2024 | 462.1 | (436.5) | 25.6 |
| Current service cost | – | (10.6) | (10.6) |
| Administrative expenses | (0.3) | – | (0.3) |
| Curtailment/settlement | – | 0.5 | 0.5 |
| Interest income/(expense) | 11.1 | (11.5) | (0.4) |
| Actuarial gains | – | 0.8 | 0.8 |
| Total expense recognised in income statement | 10.8 | (20.8) | (10.0) |
| Losses from change in demographic assumptions | – | (0.1) | (0.1) |
| Gains from change in financial assumptions | – | 7.2 | 7.2 |
| Experience adjustments | – | (1.8) | (1.8) |
| Return on plan assets excluding interest income | (7.4) | – | (7.4) |
| Total remeasurements recognised |  |  |  |
| in other comprehensive income | (7.4) | 5.3 | (2.1) |
| Benefits paid | (21.8) | 21.8 | – |
| Employer’s contributions | 13.1 | – | 13.1 |
| Participants’ contributions | 5.2 | (5.2) | – |
| Foreign currency translation | 3.0 | 1.1 | 4.1 |
| As at 31 December 2024 | 465.0 | (434.3) | 30.7 |

The effect of the asset ceiling on plan assets and net deficit for the years ended 31 December

is as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Fair value of plan assets as at 31 December excluding asset ceiling | 465.0 | 462.1 |
| Opening unrecognised asset due to the asset ceiling | (62.1) | (66.0) |
| Change in asset ceiling recognised in other comprehensive income | 3.1 | 8.8 |
| Exchange rate gain | (0.1) | (3.3) |
| Interest on unrecognised asset recognised in income statement | (1.1) | (1.6) |
| Fair value of plan assets as at 31 December including asset ceiling | 404.8 | 400.0 |

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024290

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

21. Provisions and employee benefits continued

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Present value of funded obligations | 358.6 | 356.1 |
| Fair value of plan assets | (465.0) | (462.1) |
| Defined benefit obligations of funded plans | (106.4) | (106.0) |
| Present value of unfunded obligations | 75.7 | 80.4 |
| Unrecognised asset due to asset ceiling | 60.2 | 62.1 |
| Defined benefit obligations | 29.5 | 36.5 |
| Plus: Amounts recognised within non-current assets (refer to Note 18) | 50.9 | 48.6 |
| Total defined benefit obligations | 80.4 | 85.1 |

Funding levels are monitored in conjunction with the agreed contribution rate. The funding level of the

funded plans as at 31 December 2024 was 113% (2023: 112%).

Five of the plans have funded status surplus totalling €50.9 million as at 31 December 2024 (2023:

five plans, totalling €48.6 million) which is recognised as an asset on the basis that the Group has an

unconditional right to future economic benefits either via a refund or a reduction in future contributions.

Defined benefit plan expense is included in employee costs and presented in cost of goods sold and

operating expenses.

The assumptions (weighted average for the Group) used in computing the defined benefit obligation

comprised the following for the years ended 31 December:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | % | % |
| Discount rate | 2.5 | 2.8 |
| Rate of compensation increase | 2.2 | 2.5 |
| Rate of pension increase | 2.1 | 2.1 |
| Life expectancy for pensioners at the age of 65 in years: |  |  |
| Male | 22 | 22 |
| Female | 24 | 24 |

Asset liability matching: Plan assets allocated to growth assets are monitored regularly to ensure they

remain appropriate and in line with the Group’s long-term strategy to manage the plans. As the plans

mature, the level of investment risk will be reduced by investing more in assets such as bonds that

better match the liabilities.

Pension plan assets are invested in different asset classes in order to maintain a balance between

risk and return. Investments are well diversified to limit the financial effect of the failure of any

individual investment. Through its defined benefit plans, the Group is exposed to a number of risks,

as outlined below:

Asset volatility: The liabilities are calculated using a discount rate set with reference to corporate bond

yields; if assets underperform this yield, a deficit will be created. The Northern Ireland, Republic of

Ireland and Swiss plans hold a significant proportion of growth assets (equities), which are expected to

outperform corporate bonds in the long term, while being subject to volatility and risk in the short term.

Changes in bond yields: A decrease in corporate bond yields will increase the plan liabilities, although

this will be partially offset by an increase in the value of the plans’ bond holdings. Conversely, an increase

in corporate bond yields will decrease the plan liabilities, although this will be partially offset by a

decrease in the value of the plans’ bond holdings.

Inflation: The Northern Ireland, Republic of Ireland and Swiss plans’ benefit obligations are linked to

inflation, which is used as a basis to determine the rate of compensation increases. As a result, higher

inflation will lead to higher liabilities, although, in most cases, caps on the level of inflationary increases

are in place to protect against extreme inflation. The majority of the assets are either unaffected by or

only loosely correlated with inflation, meaning that an increase in inflation will also increase the deficit.

Life expectancy: The majority of the pension plans’ obligations are to provide benefits for the life of the

member, so increases in life expectancy will result in an increase in the liabilities.

The sensitivity analysis presented below is based on a change in assumption, while all other

assumptions remain constant.

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | Impact on defined benefit obligation (%) as at |  |  |
|  |  |  | 31 December 2024 | 31 December 2023 |  |  |
|  | Change in | Increase in | Decrease in | Change in | Increase in | Decrease in |
|  | assumption | assumption | assumption | assumption | assumption | assumption |
| Discount rate | 1.00% | (12.6%) | 15.6% | 1.00% | (12.6%) | 13.9% |
| Rate of compensation increase | 1.00% | 3.0% | (2.7%) | 1.00% | 4.0% | (3.7%) |
| Rate of pension increase | 1.00% | 4.7% | (4.8%) | 1.00% | 5.3% | (5.1%) |
| Life expectancy | 1 year | 2.4% | (2.4%) | 1 year | 2.2% | (2.3%) |

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024291

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

21. Provisions and employee benefits continued

Plan assets are invested as follows:

|  |  |
| --- | --- |
| Equity securities – Eurozone | 4% |
| Equity securities – Non-Eurozone | 21% |
| Government bonds – Eurozone | 18% |
| Government bonds – Non-Eurozone | 17% |
| Corporate bonds – Non-Eurozone | 22% |
| Real estate | 12% |
| Cash | 2% |
| Other | 4% |

Assets category 2024

(%)

|  |  |
| --- | --- |
| Equity securities – Eurozone | 4% |
| Equity securities – Non-Eurozone | 20% |
| Government bonds – Eurozone | 20% |
| Government bonds – Non-Eurozone | 14% |
| Corporate bonds – Eurozone | 6% |
| Corporate bonds – Non-Eurozone | 17% |
| Real estate | 12% |
| Cash | 1% |
| Other | 6% |

Assets category 2023 (%)

The assets of funded plans are generally held in separately administered trusts, either as specific assets

or as a proportion of a general fund, or are insurance contracts. Plan assets held in trust are governed

by local regulations and practice in each country. The category ‘Other’ mainly includes investments in

funds holding a portfolio of assets. Plan assets relate predominantly to quoted financial instruments.

Equity securities were not invested in ordinary shares of the Company as at 31 December 2024

or 31 December 2023.

Defined contribution plans

The expense recognised in the income statement in 2024 for the defined contribution plans is

€42.5 million (2023: €41.2 million). This is included in employee costs and recorded in cost of goods

sold and operating expenses.

22. Offsetting financial assets and financial liabilities

Accounting policy

The Group offsets financial assets and financial liabilities to the net amount reported in the balance sheet

when it currently has a legally enforceable right to offset the recognised amounts and it intends to settle

on a net basis or to realise the asset and settle the liability simultaneously. The legally enforceable

right must not be contingent on future events and must be enforceable in the normal course of

business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.

The Group enters into derivative transactions under International Swaps and Derivatives Association

(ISDA) master netting agreements or other similar agreements. In general, under such agreements

the counterparties can elect to settle as one single net amount the aggregated amounts owed by each

counterparty on a single day with respect to all outstanding transactions of the same currency and the

same type of derivative. In the event of default or early termination, all outstanding transactions under

the agreement are terminated and subject to any set-off. These agreements do not meet all of the IAS

32 criteria for offsetting in the balance sheet as the Group does not have any current legally enforceable

right to offset amounts since the right can only be applied if elected by both counterparties.

The financial assets and financial liabilities presented below are subject to offsetting, enforceable

master netting or similar agreements. The column ‘Net amount’ shows the impact on the Group’s

balance sheet if all set-off rights were exercised.

Financial liabilities offset against trade receivables mainly relate to accrued customer rebates,

as the offsetting criteria for these are met.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024292

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

22. Offsetting financial assets and financial liabilities continued

a) Financial assets

As at 31 December 2024

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  | Related amounts |  |
|  |  |  |  | not set off in the |  |
|  |  |  |  | balance sheet |  |
|  |  | Gross amounts of | Net amounts of |  |  |
|  | Gross amounts | recognised financial | financial assets |  |  |
|  | of recognised | liabilities set off in | presented in the | Financial |  |
|  | financial assets | the balance sheet | balance sheet | instruments | Net amount |
|  | € million | € million | € million | € million | € million |
| Derivative financial assets | 41.6 | – | 41.6 | (4.6) | 37.0 |
| Trade receivables | 903.2 | (76.1) | 827.1 | – | 827.1 |
| Total | 944.8 | (76.1) | 868.7 | (4.6) | 864.1 |

As at 31 December 2023

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  | Related amounts |  |
|  |  |  |  | not set off in the |  |
|  |  |  |  | balance sheet |  |
|  |  | Gross amounts of | Net amounts of |  |  |
|  | Gross amounts | recognised financial | financial assets |  |  |
|  | of recognised | liabilities set off in | presented in the | Financial |  |
|  | financial assets | the balance sheet | balance sheet | instruments | Net amount |
|  | € million | € million | € million | € million | € million |
| Derivative financial assets | 101.5 | – | 101.5 | (14.7) | 86.8 |
| Trade receivables | 939.8 | (76.5) | 863.3 | – | 863.3 |
| Total | 1,041.3 | (76.5) | 964.8 | (14.7) | 950.1 |

b) Financial liabilities

As at 31 December 2024

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  | Related amounts |  |
|  |  |  |  | not set off in the |  |
|  |  |  |  | balance sheet |  |
|  |  | Gross amounts of | Net amounts of |  |  |
|  | Gross amounts | recognised financial | financial liabilities |  |  |
|  | of recognised | assets set off in the | presented in the | Financial |  |
|  | financial liabilities | balance sheet | balance sheet | instruments | Net amount |
|  | € million | € million | € million | € million | € million |
| Derivative financial liabilities | 29.2 | – | 29.2 | (4.6) | 24.6 |
| Trade payables | 1,212.2 | (76.1) | 1,136.1 | – | 1,136.1 |
| Total | 1,241.4 | (76.1) | 1,165.3 | (4.6) | 1,160.7 |

As at 31 December 2023

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  | Related amounts |  |
|  |  |  |  | not set off in the |  |
|  |  |  |  | balance sheet |  |
|  |  | Gross amounts of | Net amounts of |  |  |
|  | Gross amounts | recognised financial | financial liabilities |  |  |
|  | of recognised | assets set off in | presented in the | Financial |  |
|  | financial liabilities | the balance sheet | balance sheet | instruments | Net amount |
|  | € million | € million | € million | € million | € million |
| Derivative financial liabilities | 73.0 | – | 73.0 | (14.7) | 58.3 |
| Trade payables | 1,173.9 | (76.5) | 1,097.4 | – | 1,097.4 |
| Total | 1,246.9 | (76.5) | 1,170.4 | (14.7) | 1,155.7 |

23. Business combinations and purchases of shares held by non-controlling

interests

Accounting policy

The acquisition method of accounting is used to account for business combinations. The

consideration transferred is the fair value of any asset transferred, shares issued and liabilities

assumed. The consideration transferred includes the fair value of any asset or liability resulting

from a contingent consideration arrangement. Identifiable assets acquired and liabilities and

contingent liabilities assumed are measured initially at their fair values at the acquisition date. The

excess of the consideration transferred and the fair value of non-controlling interest over the net

assets acquired and liabilities assumed is recorded as goodwill. In a business combination achieved

without the transfer of consideration, the acquisition-date fair value of the previously held interest

in the acquiree is used in place of the acquisition-date fair value of the consideration transferred

to measure goodwill or a gain on a bargain purchase. Acquisition costs comprise costs incurred

to effect a business combination such as finder’s, advisory, legal, accounting, valuation and other

professional or consulting fees. Integration costs comprise direct incremental costs necessary for

the acquiree to operate within the Group. All acquisition and integration-related costs are expensed

as incurred.

For each business combination, the Group elects to measure the non-controlling interest in the

acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets.

If the business combination is achieved in stages, the acquisition date carrying value of the

previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any

gains or losses arising from such remeasurement are recognised in profit or loss, within operating

expenses in line ‘Acquisition and integration costs’. Any accumulated amounts regarding the Group’s

share of other comprehensive income of the previously held equity interest are reclassified to the

income statement, within operating expenses in line ‘Acquisition and integration costs’. The Group

has also elected to present gains on bargain purchase within operating expenses in line ‘Acquisition

and integration costs’.

Refer also to Note 2 for accounting policy regarding basis of consolidation.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024293

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

23. Business combinations and purchases of shares held by non-controlling

interests continued

Acquisition of Finlandia Vodka Oy

On 1 November 2023, the Group acquired 100% of the issued shares of Brown-Forman Finland Oy (‘BFF’),

established in Finland, owner of the Finlandia Vodka brand. BFF was later renamed to Finlandia Vodka Oy

(‘Finlandia’). The acquisition enhances the Group’s premium spirits business, while complementing its

existing adult sparkling beverages portfolio and better positions the Group to strengthen partnerships

with customers in strategically important channels such as hotels, restaurants and cafes (HoReCa).

The fair value of the consideration for the acquisition of Finlandia consisted of US Dollar 193.8

million (€183.9 million), which was paid as at 31 December 2023, and an additional payment, based on

Finlandia’s net financial position and working capital movement, of US Dollar 1.6 million (€1.5 million),

which was finally agreed with the seller, according to the terms of the sale and purchase agreement,

late in the first quarter of 2024 and paid in April 2024.

Details of the acquisition with regard to the finally determined fair values of the net assets acquired and

goodwill are presented in the table below. The net assets acquired reflect the final total consideration of

US Dollar 195.4 million (€185.4 million).

|  |  |
| --- | --- |
|  | Fair value |
|  | € million |
| Trademarks | 198.2 |
| Property, plant and equipment  1 | 6.7 |
| Inventories | 4.9 |
| Trade, other receivables and assets | 9.1 |
| Cash and cash equivalents | 3.5 |
| Borrowings  1 | (6.5) |
| Trade and other payables | (9.7) |
| Net deferred tax liability | (28.2) |
| Net identifiable assets acquired | 178.0 |
| Add: Goodwill arising on acquisition | 7.4 |
| Net assets acquired | 185.4 |

1.   Property, plant and equipment and borrowings acquired relate to right-of-use assets (refer to Note 16) and lease liability

(refer to Note 25), respectively.

The finalisation of the additional consideration is a measurement period adjustment under IFRS 3

‘Business combinations‘, which resulted in an increase of ‘Trademarks‘, ‘Net deferred tax liability‘ and

‘Trade and other payables‘ by €1.2 million, €0.2 million and €1.0 million respectively, compared to

the provisionally determined fair values of the net assets acquired and the additional consideration

payable disclosed in the 2023 Integrated Annual Report. Accordingly, the comparative information

of the consolidated balance sheet was revised to reflect the effect from finalisation of the additional

consideration for the acquisition of Finlandia, as described above (refer to Note 2).

The goodwill arising from the acquisition is attributable to the brand’s growth potential across the

Group’s markets.

Acquisition costs of €5.6 million were included in line ‘Operating expenses’ of the consolidated income

statement in 2023, as a result of the above acquisition.

Acquisition of BDS Vending Solutions

During the first half of 2024, the Group reached an agreement to acquire 100% of BDS Vending Solutions

Ltd (‘BDS’), a well-established food and drink vending services business in Ireland. The acquisition was

approved by the Competition and Consumer Protection Commission in Ireland on 12 February 2025 and

completed on 28 February 2025.

The consideration for the acquisition of BDS consists of €27.9 million, of which €26.4 million was paid

on completion, while the remaining €1.5 million (‘Holdback amount’) is expected to be paid within 30

months after the completion date, and a consideration adjustment that is subject to BDS’s net debt

and working capital balances on the completion date. The consideration adjustment will be determined

according to the terms of the share purchase agreement and is expected to be settled within the

second quarter of 2025.

Acquisition costs incurred during 2024 in connection with the acquisition of BDS amounted to €1.9 million

(2023: €0.7 million) and were included in line ‘Operating expenses‘ of the consolidated income statement.

Purchases of shares held by non-controlling interests

During 2024, the Group acquired a further 0.1% interest in Coca-Cola HBC Egypt for a consideration

of €0.1 million (2023: a 3.1% interest, for a consideration of €12.6 million), which was presented in

line ‘Payments for purchases of shares held by non-controlling interests’ of the consolidated cash

flow statement. In addition, during 2024, following capitalisation of certain inter-company loans by

Coca-Cola HBC Egypt as well as the successful completion of an equity injection in the subsidiary,

which was covered in its entirety by the Group, the relevant non-controlling interest was diluted by

approximately 2.0%. Following these changes, the Group held a 99.9% interest in Coca-Cola HBC Egypt

as at 31 December 2024.

During 2024, the Group also acquired the remaining 0.6% interest in CCHBC Bulgaria EAD for a

consideration of €2.8 million (2023: €nil), which was presented in line ‘Payments for purchases of shares

held by non-controlling interests’ of the consolidated cash flow statement.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024294

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

24. Financial risk management and financial instruments

Accounting policy

Financial assets

On initial recognition, financial assets are recorded at fair value plus, in the case of financial

assets not at fair value through profit or loss (FVTPL), any directly attributable transaction costs.

Transaction costs of financial assets at FVTPL are expensed.

Financial assets are classified into three categories:

a) Financial assets at amortised cost (debt instruments)

The classification of debt instruments at amortised cost depends on two criteria: a) the Group’s

business model for managing assets; and b) whether the instruments’ contractual cash flows

represent solely payments for principal and interest on the principal amount outstanding (the ‘SPPI

criterion’). If both criteria are met, the financial assets of the Group are subsequently measured at

amortised cost whereby any interest income is recognised using the effective interest method.

This category includes trade receivables, treasury bills and time deposits. The accounting policy

for trade receivables is described in Note 18.

b) Financial assets through other comprehensive income (FVOCI)

The Group also has investments in financial assets at FVOCI. These include equity investments that are

not of a trading nature. The Group intends to hold these equity instruments for the foreseeable future

and has irrevocably elected to classify them as FVOCI upon initial recognition. Upon derecognition of

these financial assets, there is no recycling of gains or losses to the income statement.

c) Financial assets through profit or loss (FVTPL)

The Group also has investments in financial assets at FVTPL which are subsequently measured at

fair value and where changes in fair value are recognised in the income statement. Financial assets

at FVTPL mainly comprise money market funds.

For those financial assets that are not subsequently measured at fair value, the Group assesses

whether there is evidence of impairment at each balance sheet date.

Derivative financial instruments

The Group uses derivative financial instruments, including currency, commodity and interest

rate derivatives, to manage currency, commodity price and interest rate risk associated with

its business activities. The Group does not enter into derivative financial instruments for

trading activity purposes.

All derivative financial instruments are initially recognised on the balance sheet at fair value and

are subsequently remeasured at their fair value. Changes in the fair value of derivative financial

instruments are recognised at each reporting date either in the income statement or in equity,

depending on whether the derivative financial instrument qualifies for hedge accounting as a fair

value hedge or cash flow hedge.

Embedded derivatives in financial host contracts are recorded at fair value through profit or loss

together with the host contracts.

All derivative financial instruments that are not part of an effective hedging relationship

(undesignated hedges) are classified as assets or liabilities at fair value through profit or loss.

At the inception of a hedge transaction, the Group documents the relationship between the

hedging instrument and the hedged item, as well as its risk management objective and strategy

for undertaking the hedge transaction. This process includes linking the derivative financial

instrument designated as a hedging instrument to the specific asset, liability, firm commitment or

forecast transaction. The Group has established a hedge ratio of 1:1 for the hedging relationships

as the underlying risk of the hedging instruments are identical to the hedged risks component.

The economic relationship between the hedged item and the hedging instrument is assessed

on an ongoing basis. Ineffectiveness may arise if the timing or the notional of the forecast

transaction changes or if the credit risk changes, impacting the fair value movements of the

hedging instruments.

Changes in the fair value of derivative financial instruments (both the intrinsic value and the aligned

time value) that are designated and effective as hedges of future cash flows are recognised directly

in other comprehensive income, while the ineffective portion is recognised immediately in the

income statement. Amounts accumulated in equity are recycled to the income statement as the

related hedged asset acquired or liability assumed affects the income statement.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated,

exercised or no longer qualifies for hedge accounting. At that time, any accumulated 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 accumulated gain or loss

recognised in equity is transferred to the income statement.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024295

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCANcBeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqOdS8LKoyTUlFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAFGO3lWRSV4BB6ir1FFAFOeCR5mZVyD71H9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FWLWN49+8YzjHNWKKAKGuW0t54f1K1t03zTWssca5AyxQgDJ46mvE/8AhXPiv/oFf+TEX/xVe90VlUoxqO7PSwOa1sFFxppO/e/+aPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97orP6rDuzv/ANZMX/LH7n/meCf8K58V/wDQK/8AJiL/AOKo/wCFc+K/+gV/5MRf/FV73RR9Vh3Yf6yYv+WP3P8AzPBP+Fc+K/8AoFf+TEX/AMVR/wAK58V/9Ar/AMmIv/iq97oo+qw7sP8AWTF/yx+5/wCZ4J/wrnxX/wBAr/yYi/8AiqP+Fc+K/wDoFf8AkxF/8VXvdFH1WHdh/rJi/wCWP3P/ADPBP+Fc+K/+gV/5MRf/ABVH/CufFf8A0Cv/ACYi/wDiq97oo+qw7sP9ZMX/ACx+5/5ngn/CufFf/QK/8mIv/iqP+Fc+K/8AoFf+TEX/AMVXvdFH1WHdh/rJi/5Y/c/8zwT/AIVz4r/6BX/kxF/8VR/wrnxX/wBAr/yYi/8Aiq97oo+qw7sP9ZMX/LH7n/meCf8ACufFf/QK/wDJiL/4qj/hXPiv/oFf+TEX/wAVXvdFH1WHdh/rJi/5Y/c/8zwT/hXPiv8A6BX/AJMRf/FUf8K58V/9Ar/yYi/+Kr3uij6rDuw/1kxf8sfuf+YVXuo3k2bBnGc81YorpPnjP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAKttC8chLLgYx1q1RRQBn/AGab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHM+HvD2iT+GdKll0fT5JHs4Wd3tkJYlASSccmtL/hGdA/6Aem/+Akf+FHhn/kVNH/68Yf/AEAVqVEYqy0OuvXqqrL3nu+pl/8ACM6B/wBAPTf/AAEj/wAKP+EZ0D/oB6b/AOAkf+FalFPlXYx+sVf5n97Mv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACtSijlXYPrFX+Z/ezL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AArUoo5V2D6xV/mf3sy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAK1KKOVdg+sVf5n97Mv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACtSijlXYPrFX+Z/ezL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AArUoo5V2D6xV/mf3sy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAK1KKOVdg+sVf5n97Mv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACtSijlXYPrFX+Z/ezL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AArUoo5V2D6xV/mf3sy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAK1KKOVdg+sVf5n97Mv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACtSijlXYPrFX+Z/ezL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AArUoo5V2D6xV/mf3sy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAK1KKOVdg+sVf5n97Mv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACtSijlXYPrFX+Z/ezL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AArUoo5V2D6xV/mf3sy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAK1KKOVdg+sVf5n97Mv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACtSijlXYPrFX+Z/ezL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AArUoo5V2D6xV/mf3sy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAK1KKOVdg+sVf5n97Mv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACtSijlXYPrFX+Z/ezL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AArUoo5V2D6xV/mf3sy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAK1KKOVdg+sVf5n97Mv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACtSijlXYPrFX+Z/ezL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AArUoo5V2D6xV/mf3sy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAK1KKOVdg+sVf5n97Mv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACtSijlXYPrFX+Z/ezL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AArUoo5V2D6xV/mf3sy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAK1KKOVdg+sVf5n97Mv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACtSijlXYPrFX+Z/ezL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AArUoo5V2D6xV/mf3sy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAK1KKOVdg+sVf5n97Mv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACtSijlXYPrFX+Z/ezL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AArUoo5V2D6xV/mf3sy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAK1KKOVdg+sVf5n97Mv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACtSijlXYPrFX+Z/ezL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AArUoo5V2D6xV/mf3sy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAK1KKOVdg+sVf5n97Mv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACtSijlXYPrFX+Z/ezL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AArUoo5V2D6xV/mf3sy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAK1KKOVdg+sVf5n97Mv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACtSijlXYPrFX+Z/ezL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AArUoo5V2D6xV/mf3sy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAK1KKOVdg+sVf5n97Mv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACtSijlXYPrFX+Z/ezL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AArUoo5V2D6xV/mf3sy/+EZ0D/oB6b/4CR/4VUi0yw07xXZfYbG2tfMsbnf5ESpuw8GM4HPU/nW/WXcf8jXp/wD143X/AKHBScUjWlWqSbUpNqz6+TNSiiirOUKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDL8M/wDIqaP/ANeMP/oArUrL8M/8ipo//XjD/wCgCtSpj8KNcR/Fl6v8woooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArLuP8Aka9P/wCvG6/9DgrUrLuP+Rr0/wD68br/ANDgqZbGtH4n6P8AJmpRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGX4Z/5FTR/wDrxh/9AFalZfhn/kVNH/68Yf8A0AVqVMfhRriP4svV/mFFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZdx/yNen/wDXjdf+hwVqVl3H/I16f/143X/ocFTLY1o/E/R/kzUoooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDL8M/8ipo/wD14w/+gCtSsvwz/wAipo//AF4w/wDoArUqY/CjXEfxZer/ADCiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsu4/5GvT/wDrxuv/AEOCtSsu4/5GvT/+vG6/9DgqZbGtH4n6P8malFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZfhn/kVNH/68Yf/AEAVqVl+Gf8AkVNH/wCvGH/0AVqVMfhRriP4svV/mFFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZdx/yNen/APXjdf8AocFalZdx/wAjXp//AF43X/ocFTLY1o/E/R/kzUoooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDL8M/8ipo//XjD/wCgCtSsvwz/AMipo/8A14w/+gCtSpj8KNcR/Fl6v8woooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArLuP+Rr0/wD68br/ANDgrUrLuP8Aka9P/wCvG6/9DgqZbGtH4n6P8malFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZfhn/kVNH/68Yf8A0AVqVl+Gf+RU0f8A68Yf/QBWpUx+FGuI/iy9X+YUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVl3H/I16f/143X/ocFalZdx/yNen/wDXjdf+hwVMtjWj8T9H+TNSiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMvwz/wAipo//AF4w/wDoArUrL8M/8ipo/wD14w/+gCtSpj8KNcR/Fl6v8woooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArLuP+Rr0//rxuv/Q4K1Ky7j/ka9P/AOvG6/8AQ4KmWxrR+J+j/JmpRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGX4Z/wCRU0f/AK8Yf/QBWpWX4Z/5FTR/+vGH/wBAFalTH4Ua4j+LL1f5hRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWXcf8AI16f/wBeN1/6HBWpWXcf8jXp/wD143X/AKHBUy2NaPxP0f5M1KKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAy/DP8AyKmj/wDXjD/6AK1Ky/DP/IqaP/14w/8AoArUqY/CjXEfxZer/MKKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKy7j/AJGvT/8Arxuv/Q4K1Ky7j/ka9P8A+vG6/wDQ4KmWxrR+J+j/ACZqUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBl+Gf+RU0f8A68Yf/QBWpWX4Z/5FTR/+vGH/ANAFalTH4Ua4j+LL1f5hRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWXcf8jXp/8A143X/ocFalZdx/yNen/9eN1/6HBUy2NaPxP0f5M1KKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAy/DP/IqaP8A9eMP/oArUrL8M/8AIqaP/wBeMP8A6AK1KmPwo1xH8WXq/wAwoooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArLuP+Rr0/8A68br/wBDgrUrLuP+Rr0//rxuv/Q4KmWxrR+J+j/JmpRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGX4Z/5FTR/+vGH/wBAFalZfhn/AJFTR/8Arxh/9AFalTH4Ua4j+LL1f5hRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWXcf8jXp/wD143X/AKHBWpWXcf8AI16f/wBeN1/6HBUy2NaPxP0f5M1KKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAy/DP/IqaP/14w/8AoArUrL8M/wDIqaP/ANeMP/oArUqY/CjXEfxZer/MKKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKy7j/ka9P8A+vG6/wDQ4K1Ky7j/AJGvT/8Arxuv/Q4KmWxrR+J+j/JmpRRRVGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGX4Z/5FTR/+vGH/ANAFalZfhn/kVNH/AOvGH/0AVqVMfhRriP4svV/mFFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZdx/yNen/9eN1/6HBWpWXcf8jXp/8A143X/ocFTLY1o/E/R/kzUoooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDL8M/8AIqaP/wBeMP8A6AK1Ky/DP/IqaP8A9eMP/oArUqY/CjXEfxZer/MKKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKy7j/ka9P/68br/0OCtSsu4/5GvT/wDrxuv/AEOCplsa0fifo/yZqUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBl+Gf8AkVNH/wCvGH/0AVqVl+Gf+RU0f/rxh/8AQBWpUx+FGuI/iy9X+YUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVl3H/ACNen/8AXjdf+hwVqVl3H/I16f8A9eN1/wChwVMtjWj8T9H+TNSiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMvwz/AMipo/8A14w/+gCtSsvwz/yKmj/9eMP/AKAK1KmPwo1xH8WXq/zCiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsu4/wCRr0//AK8br/0OCtSsu4/5GvT/APrxuv8A0OCplsa0fifo/wAmalFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZfhn/kVNH/AOvGH/0AVqVl+Gf+RU0f/rxh/wDQBWpUx+FGuI/iy9X+YUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVl3H/I16f/ANeN1/6HBWpWXcf8jXp//Xjdf+hwVMtjWj8T9H+TNSiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMvwz/yKmj/APXjD/6AK1Ky/DP/ACKmj/8AXjD/AOgCtSpj8KNcR/Fl6v8AMKKKKoyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKy7j/ka9P/AOvG6/8AQ4K1Ky7j/ka9P/68br/0OCplsa0fifo/yZqUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBl+Gf+RU0f/rxh/8AQBWpWX4Z/wCRU0f/AK8Yf/QBWpUx+FGuI/iy9X+YUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVl3H/I16f8A9eN1/wChwVqVl3H/ACNen/8AXjdf+hwVMtjWj8T9H+TNSiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMvwz/yKmj/9eMP/AKAK1Ky/DP8AyKmj/wDXjD/6AK1KmPwo1xH8WXq/zCiiiqMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsu4/5GvT/APrxuv8A0OCtSsu4/wCRr0//AK8br/0OCplsa0fifo/yZqUUUVRkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBl+Gf+RU0f/rxh/wDQBWpWBpkWv6dpVnY/YNNk+zQJDv8At8g3bVAzjyeOlW/tGv8A/QN03/wYSf8Axmoi7JHVWpOVSUk1Zt9V/malFZf2jX/+gbpv/gwk/wDjNH2jX/8AoG6b/wCDCT/4zT5kZexl3X3r/M1KKy/tGv8A/QN03/wYSf8Axmj7Rr//AEDdN/8ABhJ/8Zo5kHsZd196/wAzUorL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmjmQexl3X3r/M1KKy/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZo5kHsZd196/zNSisv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGaOZB7GXdfev8zUorL+0a/wD9A3Tf/BhJ/wDGaPtGv/8AQN03/wAGEn/xmjmQexl3X3r/ADNSisv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/GaOZB7GXdfev8zUorL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmjmQexl3X3r/M1KKy/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZo5kHsZd196/zNSisv7Rr/AP0DdN/8GEn/AMZo+0a//wBA3Tf/AAYSf/GaOZB7GXdfev8AM1KKy/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8Zo5kHsZd196/zNSisv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGaOZB7GXdfev8zUorL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmjmQexl3X3r/M1KKy/tGv8A/QN03/wYSf8Axmj7Rr//AEDdN/8ABhJ/8Zo5kHsZd196/wAzUorL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmjmQexl3X3r/M1KKy/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZo5kHsZd196/zNSisv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGaOZB7GXdfev8zUorL+0a/wD9A3Tf/BhJ/wDGaPtGv/8AQN03/wAGEn/xmjmQexl3X3r/ADNSisv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/GaOZB7GXdfev8zUorL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmjmQexl3X3r/M1KKy/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZo5kHsZd196/zNSisv7Rr/AP0DdN/8GEn/AMZo+0a//wBA3Tf/AAYSf/GaOZB7GXdfev8AM1KKy/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8Zo5kHsZd196/zNSisv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGaOZB7GXdfev8zUorL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmjmQexl3X3r/M1KKy/tGv8A/QN03/wYSf8Axmj7Rr//AEDdN/8ABhJ/8Zo5kHsZd196/wAzUorL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmjmQexl3X3r/M1KKy/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZo5kHsZd196/zNSisv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGaOZB7GXdfev8zUorL+0a/wD9A3Tf/BhJ/wDGaPtGv/8AQN03/wAGEn/xmjmQexl3X3r/ADNSisv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/GaOZB7GXdfev8zUorL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmjmQexl3X3r/M1KKy/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZo5kHsZd196/zNSisv7Rr/AP0DdN/8GEn/AMZo+0a//wBA3Tf/AAYSf/GaOZB7GXdfev8AM1KKy/tGv/8AQN03/wAGEn/xmj7Rr/8A0DdN/wDBhJ/8Zo5kHsZd196/zNSisv7Rr/8A0DdN/wDBhJ/8Zo+0a/8A9A3Tf/BhJ/8AGaOZB7GXdfev8zUorL+0a/8A9A3Tf/BhJ/8AGaPtGv8A/QN03/wYSf8AxmjmQexl3X3r/M1KKy/tGv8A/QN03/wYSf8Axmj7Rr//AEDdN/8ABhJ/8Zo5kHsZd196/wAzUorL+0a//wBA3Tf/AAYSf/GaPtGv/wDQN03/AMGEn/xmjmQexl3X3r/M1KKy/tGv/wDQN03/AMGEn/xmj7Rr/wD0DdN/8GEn/wAZo5kHsZd196/zNSisv7Rr/wD0DdN/8GEn/wAZo+0a/wD9A3Tf/BhJ/wDGaOZB7GXdfev8zUorL+0a/wD9A3Tf/BhJ/wDGaPtGv/8AQN03/wAGEn/xmjmQexl3X3r/ADNSisv7Rr//AEDdN/8ABhJ/8Zo+0a//ANA3Tf8AwYSf/GaOZB7GXdfev8zUorL+0a//ANA3Tf8AwYSf/GaPtGv/APQN03/wYSf/ABmjmQexl3X3r/M1KKy/tGv/APQN03/wYSf/ABmj7Rr/AP0DdN/8GEn/AMZo5kHsZd196/zNSsu4/wCRr0//AK8br/0OCj7Rr/8A0DdN/wDBhJ/8Zplvb6nPrcF7e29pBHDbSxAQ3LSli7RnvGuAPLPr1obuaQg4Nyk1s+q7PzNeiiiqOYKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAorP1PQtH1vyv7W0qxv/ACc+X9rt0l2ZxnG4HGcDp6Cs/wD4QTwf/wBCpof/AILof/iaAOgorn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JoA6Ciuf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mgDoKK5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/iaAOgorn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JoA6Ciuf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mgDoKK5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/iaAOgorn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JoA6Ciuf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mgDoKK5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/iaAOgorn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JoA6Ciuf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mgDoKK5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/iaAOgorn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JoA6Ciuf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mgDoKK5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/iaAOgorn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JoA6Ciuf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mgDoKK5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/iaAOgorn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JoA6Ciuf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mgDoKK5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/iaAOgorn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JoA6Ciuf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mgDoKK5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/iaAOgorn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JoA6Ciuf/4QTwf/ANCpof8A4Lof/iaP+EE8H/8AQqaH/wCC6H/4mgDoKK5//hBPB/8A0Kmh/wDguh/+Jo/4QTwf/wBCpof/AILof/iaAOgorn/+EE8H/wDQqaH/AOC6H/4mj/hBPB//AEKmh/8Aguh/+JoA6CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKr3djaahEIr21guYw24JNGHAPTOD35P50DVr6liisv/hGdA/6Aem/+Akf+FH/CM6B/0A9N/wDASP8AwqdTTlpfzP7l/malFZf/AAjOgf8AQD03/wABI/8ACj/hGdA/6Aem/wDgJH/hRqHLS/mf3L/M1KKy/wDhGdA/6Aem/wDgJH/hR/wjOgf9APTf/ASP/CjUOWl/M/uX+ZqUVl/8IzoH/QD03/wEj/wo/wCEZ0D/AKAem/8AgJH/AIUahy0v5n9y/wAzUorL/wCEZ0D/AKAem/8AgJH/AIUf8IzoH/QD03/wEj/wo1DlpfzP7l/malFZf/CM6B/0A9N/8BI/8KP+EZ0D/oB6b/4CR/4Uahy0v5n9y/zNSisv/hGdA/6Aem/+Akf+FH/CM6B/0A9N/wDASP8Awo1DlpfzP7l/malFZf8AwjOgf9APTf8AwEj/AMKP+EZ0D/oB6b/4CR/4Uahy0v5n9y/zNSisv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACjUOWl/M/uX+ZqUVl/8ACM6B/wBAPTf/AAEj/wAKP+EZ0D/oB6b/AOAkf+FGoctL+Z/cv8zUorL/AOEZ0D/oB6b/AOAkf+FH/CM6B/0A9N/8BI/8KNQ5aX8z+5f5mpRXP3XhzQ1lAXRtOAx2tU/wqD/hHtE/6A+n/wDgMn+FP3gtS/mf3L/M6eiuY/4R7RP+gPp//gMn+FH/AAj2if8AQH0//wABk/wo94LUv5n9y/zOnormP+Ee0T/oD6f/AOAyf4Uf8I9on/QH0/8A8Bk/wo94LUv5n9y/zOnormP+Ee0T/oD6f/4DJ/hR/wAI9on/AEB9P/8AAZP8KPeC1L+Z/cv8zp6K5j/hHtE/6A+n/wDgMn+FH/CPaJ/0B9P/APAZP8KPeC1L+Z/cv8zp6K5j/hHtE/6A+n/+Ayf4Uf8ACPaJ/wBAfT//AAGT/Cj3gtS/mf3L/M6eiuY/4R7RP+gPp/8A4DJ/hR/wj2if9AfT/wDwGT/Cj3gtS/mf3L/M6eiuY/4R7RP+gPp//gMn+FH/AAj2if8AQH0//wABk/wo94LUv5n9y/zOnormP+Ee0T/oD6f/AOAyf4Uf8I9on/QH0/8A8Bk/wo94LUv5n9y/zOnormP+Ee0T/oD6f/4DJ/hR/wAI9on/AEB9P/8AAZP8KPeC1L+Z/cv8zp6K5j/hHtE/6A+n/wDgMn+FH/CPaJ/0B9P/APAZP8KPeC1L+Z/cv8zp6K5j/hHtE/6A+n/+Ayf4Uf8ACPaJ/wBAfT//AAGT/Cj3gtS/mf3L/M6eiuY/4R7RP+gPp/8A4DJ/hR/wj2if9AfT/wDwGT/Cj3gtS/mf3L/M6eiuY/4R7RP+gPp//gMn+FH/AAj2if8AQH0//wABk/wo94LUv5n9y/zOnormP+Ee0T/oD6f/AOAyf4Uf8I9on/QH0/8A8Bk/wo94LUv5n9y/zOnormP+Ee0T/oD6f/4DJ/hR/wAI9on/AEB9P/8AAZP8KPeC1L+Z/cv8zp6K5j/hHtE/6A+n/wDgMn+FH/CPaJ/0B9P/APAZP8KPeC1L+Z/cv8zp6K5j/hHtE/6A+n/+Ayf4Uf8ACPaJ/wBAfT//AAGT/Cj3gtS/mf3L/M6eiuY/4R7RP+gPp/8A4DJ/hR/wj2if9AfT/wDwGT/Cj3gtS/mf3L/M6eiuY/4R7RP+gPp//gMn+FH/AAj2if8AQH0//wABk/wo94LUv5n9y/zOnormP+Ee0T/oD6f/AOAyf4Uf8I9on/QH0/8A8Bk/wo94LUv5n9y/zOnormP+Ee0T/oD6f/4DJ/hR/wAI9on/AEB9P/8AAZP8KPeC1L+Z/cv8zp6K5j/hHtE/6A+n/wDgMn+FH/CPaJ/0B9P/APAZP8KPeC1L+Z/cv8zp6K5j/hHtE/6A+n/+Ayf4Uf8ACPaJ/wBAfT//AAGT/Cj3gtS/mf3L/M6eiuY/4R7RP+gPp/8A4DJ/hR/wj2if9AfT/wDwGT/Cj3gtS/mf3L/M6eiuY/4R7RP+gPp//gMn+FH/AAj2if8AQH0//wABk/wo94LUv5n9y/zOnormP+Ee0T/oD6f/AOAyf4Uf8I9on/QH0/8A8Bk/wo94LUv5n9y/zOnormP+Ee0T/oD6f/4DJ/hR/wAI9on/AEB9P/8AAZP8KPeC1L+Z/cv8zp6K5j/hHtE/6A+n/wDgMn+FH/CPaJ/0B9P/APAZP8KPeC1L+Z/cv8zp6K5j/hHtE/6A+n/+Ayf4Uf8ACPaJ/wBAfT//AAGT/Cj3gtS/mf3L/M6eiuY/4R7RP+gPp/8A4DJ/hR/wj2if9AfT/wDwGT/Cj3gtS/mf3L/M6eiuY/4R7RP+gPp//gMn+FH/AAj2if8AQH0//wABk/wo94LUv5n9y/zOnormP+Ee0T/oD6f/AOAyf4Uf8I9on/QH0/8A8Bk/wo94LUv5n9y/zOnormP+Ee0T/oD6f/4DJ/hR/wAI9on/AEB9P/8AAZP8KPeC1L+Z/cv8zp6K5j/hHtE/6A+n/wDgMn+FH/CPaJ/0B9P/APAZP8KPeC1L+Z/cv8zp6K5j/hHtE/6A+n/+Ayf4VKPDuh7R/wASbTun/Pqn+FHvBal/M/uX+Z0VFFFMyCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCld/64f7tV6sXf+uH+7VemIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpl+6PpUNTL90fSgC/RRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVW/tZruBY4NQubJg24yW6xliMHj94jDH4Z461aooAxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKdxWMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjmbrRb8SjPifVjx3itf/AIzUP9jX/wD0Muq/9+7X/wCM1v3f+uH+7Vei4WMj+xr/AP6GXVf+/dr/APGaP7Gv/wDoZdV/792v/wAZrXoouFjI/sa//wChl1X/AL92v/xmj+xr/wD6GXVf+/dr/wDGa16KLhYyP7Gv/wDoZdV/792v/wAZo/sa/wD+hl1X/v3a/wDxmteii4WMj+xr/wD6GXVf+/dr/wDGaP7Gv/8AoZdV/wC/dr/8ZrXoouFjI/sa/wD+hl1X/v3a/wDxmj+xr/8A6GXVf+/dr/8AGa16KLhYyP7Gv/8AoZdV/wC/dr/8Zo/sa/8A+hl1X/v3a/8Axmteii4WMj+xr/8A6GXVf+/dr/8AGaP7Gv8A/oZdV/792v8A8ZrXoouFjI/sa/8A+hl1X/v3a/8Axmj+xr//AKGXVf8Av3a//Ga16KLhYyP7Gv8A/oZdV/792v8A8Zo/sa//AOhl1X/v3a//ABmteii4WMj+xr//AKGXVf8Av3a//GaP7Gv/APoZdV/792v/AMZrXoouFjI/sa//AOhl1X/v3a//ABmj+xr/AP6GXVf+/dr/APGa16KLhYyP7Gv/APoZdV/792v/AMZo/sa//wChl1X/AL92v/xmteii4WMj+xr/AP6GXVf+/dr/APGaP7Gv/wDoZdV/792v/wAZrXoouFjI/sa//wChl1X/AL92v/xmj+xr/wD6GXVf+/dr/wDGa16KLhYyP7Gv/wDoZdV/792v/wAZo/sa/wD+hl1X/v3a/wDxmteii4WMj+xr/wD6GXVf+/dr/wDGaP7Gv/8AoZdV/wC/dr/8ZrXoouFjI/sa/wD+hl1X/v3a/wDxmj+xr/8A6GXVf+/dr/8AGa16KLhYyP7Gv/8AoZdV/wC/dr/8Zo/sa/8A+hl1X/v3a/8Axmteii4WMj+xr/8A6GXVf+/dr/8AGaP7Gv8A/oZdV/792v8A8ZrXoouFjI/sa/8A+hl1X/v3a/8Axmj+xr//AKGXVf8Av3a//Ga16KLhYyP7Gv8A/oZdV/792v8A8Zo/sa//AOhl1X/v3a//ABmteii4WMj+xr//AKGXVf8Av3a//GaP7Gv/APoZdV/792v/AMZrXoouFjI/sa//AOhl1X/v3a//ABmj+xr/AP6GXVf+/dr/APGa16KLhYyP7Gv/APoZdV/792v/AMZo/sa//wChl1X/AL92v/xmteii4WMj+xr/AP6GXVf+/dr/APGaP7Gv/wDoZdV/792v/wAZrXoouFjI/sa//wChl1X/AL92v/xmj+xr/wD6GXVf+/dr/wDGa16KLhYyP7Gv/wDoZdV/792v/wAZo/sa/wD+hl1X/v3a/wDxmteii4WMj+xr/wD6GXVf+/dr/wDGaP7Gv/8AoZdV/wC/dr/8ZrXoouFjI/sa/wD+hl1X/v3a/wDxmj+xr/8A6GXVf+/dr/8AGa16KLhYyP7Gv/8AoZdV/wC/dr/8Zo/sa/8A+hl1X/v3a/8Axmteii4WMj+xr/8A6GXVf+/dr/8AGaP7Gv8A/oZdV/792v8A8ZrXoouFjI/sa/8A+hl1X/v3a/8Axmj+xr//AKGXVf8Av3a//Ga16KLhYyP7Gv8A/oZdV/792v8A8Zo/sa//AOhl1X/v3a//ABmteii4WMj+xr//AKGXVf8Av3a//GaP7Gv/APoZdV/792v/AMZrXoouFjI/sa//AOhl1X/v3a//ABmpRo1/tH/FTat0/wCedr/8ZrSqZfuj6UXCxfooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooqrfyX8cCnT7a2uJt2CtxcNCoXB5yEfnOOMfjQBaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkenYVzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFy7d/64f7tV6zrq58SeaN2k6SDjtqch/wDbeoftPiP/AKBWlf8Agyk/+MUWC5r0VkfafEf/AECtK/8ABlJ/8Yo+0+I/+gVpX/gyk/8AjFFgua9FZH2nxH/0CtK/8GUn/wAYo+0+I/8AoFaV/wCDKT/4xRYLmvRWR9p8R/8AQK0r/wAGUn/xij7T4j/6BWlf+DKT/wCMUWC5r0VkfafEf/QK0r/wZSf/ABij7T4j/wCgVpX/AIMpP/jFFgua9FZH2nxH/wBArSv/AAZSf/GKPtPiP/oFaV/4MpP/AIxRYLmvRWR9p8R/9ArSv/BlJ/8AGKPtPiP/AKBWlf8Agyk/+MUWC5r0VkfafEf/AECtK/8ABlJ/8Yo+0+I/+gVpX/gyk/8AjFFgua9FZH2nxH/0CtK/8GUn/wAYo+0+I/8AoFaV/wCDKT/4xRYLmvRWR9p8R/8AQK0r/wAGUn/xij7T4j/6BWlf+DKT/wCMUWC5r0VkfafEf/QK0r/wZSf/ABij7T4j/wCgVpX/AIMpP/jFFgua9FZH2nxH/wBArSv/AAZSf/GKPtPiP/oFaV/4MpP/AIxRYLmvRWR9p8R/9ArSv/BlJ/8AGKPtPiP/AKBWlf8Agyk/+MUWC5r0VkfafEf/AECtK/8ABlJ/8Yo+0+I/+gVpX/gyk/8AjFFgua9FZH2nxH/0CtK/8GUn/wAYo+0+I/8AoFaV/wCDKT/4xRYLmvRWR9p8R/8AQK0r/wAGUn/xij7T4j/6BWlf+DKT/wCMUWC5r0VkfafEf/QK0r/wZSf/ABij7T4j/wCgVpX/AIMpP/jFFgua9FZH2nxH/wBArSv/AAZSf/GKPtPiP/oFaV/4MpP/AIxRYLmvRWR9p8R/9ArSv/BlJ/8AGKPtPiP/AKBWlf8Agyk/+MUWC5r0VkfafEf/AECtK/8ABlJ/8Yo+0+I/+gVpX/gyk/8AjFFgua9FZH2nxH/0CtK/8GUn/wAYo+0+I/8AoFaV/wCDKT/4xRYLmvRWR9p8R/8AQK0r/wAGUn/xij7T4j/6BWlf+DKT/wCMUWC5r0VkfafEf/QK0r/wZSf/ABij7T4j/wCgVpX/AIMpP/jFFgua9FZH2nxH/wBArSv/AAZSf/GKPtPiP/oFaV/4MpP/AIxRYLmvRWR9p8R/9ArSv/BlJ/8AGKPtPiP/AKBWlf8Agyk/+MUWC5r0VkfafEf/AECtK/8ABlJ/8Yo+0+I/+gVpX/gyk/8AjFFgua9FZH2nxH/0CtK/8GUn/wAYo+0+I/8AoFaV/wCDKT/4xRYLmvRWR9p8R/8AQK0r/wAGUn/xij7T4j/6BWlf+DKT/wCMUWC5r0VkfafEf/QK0r/wZSf/ABij7T4j/wCgVpX/AIMpP/jFFgua9FZH2nxH/wBArSv/AAZSf/GKPtPiP/oFaV/4MpP/AIxRYLmvRWR9p8R/9ArSv/BlJ/8AGKPtPiP/AKBWlf8Agyk/+MUWC5r0VkfafEf/AECtK/8ABlJ/8Yo+0+I/+gVpX/gyk/8AjFFgua9FZH2nxH/0CtK/8GUn/wAYo+0+I/8AoFaV/wCDKT/4xRYLmvRWR9p8R/8AQK0r/wAGUn/xij7T4j/6BWlf+DKT/wCMUWC5r0VkfafEf/QK0r/wZSf/ABij7T4j/wCgVpX/AIMpP/jFFgua9TL90fSsL7T4j/6BWlf+DKT/AOMVKLnxJtH/ABKdJ6f9BOT/AOMUWC509FFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAUrv8A1w/3ar1Yu/8AXD/dqvTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQBfooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqrf3U1pAskGn3N6xbaY7dowwGDz+8dRj8c89KtUUAYv9t6h/0K2r/9/bT/AOP0f23qH/Qrav8A9/bT/wCP1tUUxGL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/W1RQBi/23qH/AEK2r/8Af20/+P0f23qH/Qrav/39tP8A4/W1RQBi/wBt6h/0K2r/APf20/8Aj9H9t6h/0K2r/wDf20/+P1tUUAYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP1tUUAYv8Abeof9Ctq/wD39tP/AI/R/beof9Ctq/8A39tP/j9bVFAGL/beof8AQrav/wB/bT/4/R/beof9Ctq//f20/wDj9bVFAGL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/W1RQBi/23qH/AEK2r/8Af20/+P0f23qH/Qrav/39tP8A4/W1RQBi/wBt6h/0K2r/APf20/8Aj9H9t6h/0K2r/wDf20/+P1tUUAYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP1tUUAczda1fmUZ8MasOO8tr/8eqH+2b//AKFrVf8Av5a//Hq37v8A1w/3ar0AZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49WvRQBkf2zf/wDQtar/AN/LX/49R/bN/wD9C1qv/fy1/wDj1a9FAGR/bN//ANC1qv8A38tf/j1H9s3/AP0LWq/9/LX/AOPVr0UAZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49WvRQBkf2zf/wDQtar/AN/LX/49R/bN/wD9C1qv/fy1/wDj1a9FAGR/bN//ANC1qv8A38tf/j1H9s3/AP0LWq/9/LX/AOPVr0UAZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49WvRQBkf2zf/wDQtar/AN/LX/49R/bN/wD9C1qv/fy1/wDj1a9FAGR/bN//ANC1qv8A38tf/j1H9s3/AP0LWq/9/LX/AOPVr0UAZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49WvRQBkf2zf/wDQtar/AN/LX/49R/bN/wD9C1qv/fy1/wDj1a9FAGR/bN//ANC1qv8A38tf/j1H9s3/AP0LWq/9/LX/AOPVr0UAZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49WvRQBkf2zf/wDQtar/AN/LX/49R/bN/wD9C1qv/fy1/wDj1a9FAGR/bN//ANC1qv8A38tf/j1H9s3/AP0LWq/9/LX/AOPVr0UAZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49WvRQBkf2zf/wDQtar/AN/LX/49R/bN/wD9C1qv/fy1/wDj1a9FAGR/bN//ANC1qv8A38tf/j1H9s3/AP0LWq/9/LX/AOPVr0UAZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49WvRQBkf2zf/wDQtar/AN/LX/49R/bN/wD9C1qv/fy1/wDj1a9FAGR/bN//ANC1qv8A38tf/j1H9s3/AP0LWq/9/LX/AOPVr0UAZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49WvRQBkf2zf/wDQtar/AN/LX/49R/bN/wD9C1qv/fy1/wDj1a9FAGR/bN//ANC1qv8A38tf/j1H9s3/AP0LWq/9/LX/AOPVr0UAZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49WvRQBkf2zf/wDQtar/AN/LX/49R/bN/wD9C1qv/fy1/wDj1a9FAGR/bN//ANC1qv8A38tf/j1H9s3/AP0LWq/9/LX/AOPVr0UAZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49WvRQBkf2zf/wDQtar/AN/LX/49R/bN/wD9C1qv/fy1/wDj1a9FAGR/bN//ANC1qv8A38tf/j1H9s3/AP0LWq/9/LX/AOPVr0UAZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49WvRQBkf2zf/wDQtar/AN/LX/49R/bN/wD9C1qv/fy1/wDj1a9FAGR/bN//ANC1qv8A38tf/j1H9s3/AP0LWq/9/LX/AOPVr0UAZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49WvRQBkf2zf/wDQtar/AN/LX/49Uo1m/wBo/wCKZ1bp/wA9LX/49WlUy/dH0oAv0UUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVVv9SsNLgWfUL22tIWbYJLiVY1LYJxkkc4B49qALVFYv/CYeGP+hj0j/wADov8A4qj/AITDwx/0Mekf+B0X/wAVTsK5tUVi/wDCYeGP+hj0j/wOi/8AiqP+Ew8Mf9DHpH/gdF/8VRYLm1RWL/wmHhj/AKGPSP8AwOi/+Ko/4TDwx/0Mekf+B0X/AMVRYLm1RWL/AMJh4Y/6GPSP/A6L/wCKo/4TDwx/0Mekf+B0X/xVFgubVFYv/CYeGP8AoY9I/wDA6L/4qj/hMPDH/Qx6R/4HRf8AxVFgubVFYv8AwmHhj/oY9I/8Dov/AIqj/hMPDH/Qx6R/4HRf/FUWC5tUVi/8Jh4Y/wChj0j/AMDov/iqP+Ew8Mf9DHpH/gdF/wDFUWC5tUVi/wDCYeGP+hj0j/wOi/8AiqP+Ew8Mf9DHpH/gdF/8VRYLm1RWL/wmHhj/AKGPSP8AwOi/+Ko/4TDwx/0Mekf+B0X/AMVRYLm1RWL/AMJh4Y/6GPSP/A6L/wCKo/4TDwx/0Mekf+B0X/xVFgubVFYv/CYeGP8AoY9I/wDA6L/4qj/hMPDH/Qx6R/4HRf8AxVFguXbv/XD/AHar1nXXi3w20oK+IdJIx2vY/wDGof8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9FZH/CV+HP+hg0r/wMj/xo/wCEr8Of9DBpX/gZH/jRYLmvRWR/wlfhz/oYNK/8DI/8aP8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9FZH/CV+HP+hg0r/wMj/xo/wCEr8Of9DBpX/gZH/jRYLmvRWR/wlfhz/oYNK/8DI/8aP8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9FZH/CV+HP+hg0r/wMj/xo/wCEr8Of9DBpX/gZH/jRYLmvRWR/wlfhz/oYNK/8DI/8aP8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9FZH/CV+HP+hg0r/wMj/xo/wCEr8Of9DBpX/gZH/jRYLmvRWR/wlfhz/oYNK/8DI/8aP8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9FZH/CV+HP+hg0r/wMj/xo/wCEr8Of9DBpX/gZH/jRYLmvRWR/wlfhz/oYNK/8DI/8aP8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9FZH/CV+HP+hg0r/wMj/xo/wCEr8Of9DBpX/gZH/jRYLmvRWR/wlfhz/oYNK/8DI/8aP8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9FZH/CV+HP+hg0r/wMj/xo/wCEr8Of9DBpX/gZH/jRYLmvRWR/wlfhz/oYNK/8DI/8aP8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9FZH/CV+HP+hg0r/wMj/xo/wCEr8Of9DBpX/gZH/jRYLmvRWR/wlfhz/oYNK/8DI/8aP8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9FZH/CV+HP+hg0r/wMj/xo/wCEr8Of9DBpX/gZH/jRYLmvRWR/wlfhz/oYNK/8DI/8aP8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9FZH/CV+HP+hg0r/wMj/xo/wCEr8Of9DBpX/gZH/jRYLmvRWR/wlfhz/oYNK/8DI/8aP8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9FZH/CV+HP+hg0r/wMj/xo/wCEr8Of9DBpX/gZH/jRYLmvRWR/wlfhz/oYNK/8DI/8aP8AhK/Dn/QwaV/4GR/40WC5r0Vkf8JX4c/6GDSv/AyP/Gj/AISvw5/0MGlf+Bkf+NFgua9TL90fSsL/AISvw5/0MGlf+Bkf+NSjxb4b2j/iodJ6f8/sf+NFgudPRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFK7/1w/wB2q9WLv/XD/dqvTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQBfooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooqrf6bYapAsGoWVtdwq28R3ESyKGwRnBB5wTz70AWqKxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mmI2qKxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8AiaANqisX/hD/AAx/0Lmkf+AMX/xNH/CH+GP+hc0j/wAAYv8A4mgDaorF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/iaANqisX/hD/DH/QuaR/4Axf8AxNH/AAh/hj/oXNI/8AYv/iaANqisX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImgDaorF/4Q/wAMf9C5pH/gDF/8TR/wh/hj/oXNI/8AAGL/AOJoA2qKxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mgDaorF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mgDaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoA2qKxf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDiaALt3/rh/u1XrOuvCXhtZQF8PaSBjtZR/wCFQ/8ACKeHP+hf0r/wDj/woA16KyP+EU8Of9C/pX/gHH/hR/winhz/AKF/Sv8AwDj/AMKANeisj/hFPDn/AEL+lf8AgHH/AIUf8Ip4c/6F/Sv/AADj/wAKANeisj/hFPDn/Qv6V/4Bx/4Uf8Ip4c/6F/Sv/AOP/CgDXorI/wCEU8Of9C/pX/gHH/hR/wAIp4c/6F/Sv/AOP/CgDXorI/4RTw5/0L+lf+Acf+FH/CKeHP8AoX9K/wDAOP8AwoA16KyP+EU8Of8AQv6V/wCAcf8AhR/winhz/oX9K/8AAOP/AAoA16KyP+EU8Of9C/pX/gHH/hR/winhz/oX9K/8A4/8KANeisj/AIRTw5/0L+lf+Acf+FH/AAinhz/oX9K/8A4/8KANeisj/hFPDn/Qv6V/4Bx/4Uf8Ip4c/wChf0r/AMA4/wDCgDXorI/4RTw5/wBC/pX/AIBx/wCFH/CKeHP+hf0r/wAA4/8ACgDXorI/4RTw5/0L+lf+Acf+FH/CKeHP+hf0r/wDj/woA16KyP8AhFPDn/Qv6V/4Bx/4Uf8ACKeHP+hf0r/wDj/woA16KyP+EU8Of9C/pX/gHH/hR/winhz/AKF/Sv8AwDj/AMKANeisj/hFPDn/AEL+lf8AgHH/AIUf8Ip4c/6F/Sv/AADj/wAKANeisj/hFPDn/Qv6V/4Bx/4Uf8Ip4c/6F/Sv/AOP/CgDXorI/wCEU8Of9C/pX/gHH/hR/wAIp4c/6F/Sv/AOP/CgDXorI/4RTw5/0L+lf+Acf+FH/CKeHP8AoX9K/wDAOP8AwoA16KyP+EU8Of8AQv6V/wCAcf8AhR/winhz/oX9K/8AAOP/AAoA16KyP+EU8Of9C/pX/gHH/hR/winhz/oX9K/8A4/8KANeisj/AIRTw5/0L+lf+Acf+FH/AAinhz/oX9K/8A4/8KANeisj/hFPDn/Qv6V/4Bx/4Uf8Ip4c/wChf0r/AMA4/wDCgDXorI/4RTw5/wBC/pX/AIBx/wCFH/CKeHP+hf0r/wAA4/8ACgDXorI/4RTw5/0L+lf+Acf+FH/CKeHP+hf0r/wDj/woA16KyP8AhFPDn/Qv6V/4Bx/4Uf8ACKeHP+hf0r/wDj/woA16KyP+EU8Of9C/pX/gHH/hR/winhz/AKF/Sv8AwDj/AMKANeisj/hFPDn/AEL+lf8AgHH/AIUf8Ip4c/6F/Sv/AADj/wAKANeisj/hFPDn/Qv6V/4Bx/4Uf8Ip4c/6F/Sv/AOP/CgDXorI/wCEU8Of9C/pX/gHH/hR/wAIp4c/6F/Sv/AOP/CgDXorI/4RTw5/0L+lf+Acf+FH/CKeHP8AoX9K/wDAOP8AwoA16KyP+EU8Of8AQv6V/wCAcf8AhR/winhz/oX9K/8AAOP/AAoA16KyP+EU8Of9C/pX/gHH/hR/winhz/oX9K/8A4/8KANeisj/AIRTw5/0L+lf+Acf+FH/AAinhz/oX9K/8A4/8KANeisj/hFPDn/Qv6V/4Bx/4Uf8Ip4c/wChf0r/AMA4/wDCgDXorI/4RTw5/wBC/pX/AIBx/wCFH/CKeHP+hf0r/wAA4/8ACgDXqZfuj6Vhf8Ip4c/6F/Sv/AOP/CpR4S8N7R/xT2k9P+fKP/CgDp6KKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooApXf+uH+7VerF3/rh/u1XpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqZfuj6VDUy/dH0oAv0UUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVVv7Wa7gWODULmyYNuMlusZYjB4/eIwx+GeOtWqKAMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8Yraop3FYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WMX+xNQ/6GnV/+/Vp/wDGKP7E1D/oadX/AO/Vp/8AGK2qKLhYxf7E1D/oadX/AO/Vp/8AGKP7E1D/AKGnV/8Av1af/GK2qKLhYxf7E1D/AKGnV/8Av1af/GKP7E1D/oadX/79Wn/xitqii4WMX+xNQ/6GnV/+/Vp/8Yo/sTUP+hp1f/v1af8Axitqii4WOZutFvxKM+J9WPHeK1/+M1D/AGNf/wDQy6r/AN+7X/4zW/d/64f7tV6LhYyP7Gv/APoZdV/792v/AMZo/sa//wChl1X/AL92v/xmteii4WMj+xr/AP6GXVf+/dr/APGaP7Gv/wDoZdV/792v/wAZrXoouFjI/sa//wChl1X/AL92v/xmj+xr/wD6GXVf+/dr/wDGa16KLhYyP7Gv/wDoZdV/792v/wAZo/sa/wD+hl1X/v3a/wDxmteii4WMj+xr/wD6GXVf+/dr/wDGaP7Gv/8AoZdV/wC/dr/8ZrXoouFjI/sa/wD+hl1X/v3a/wDxmj+xr/8A6GXVf+/dr/8AGa16KLhYyP7Gv/8AoZdV/wC/dr/8Zo/sa/8A+hl1X/v3a/8Axmteii4WMj+xr/8A6GXVf+/dr/8AGaP7Gv8A/oZdV/792v8A8ZrXoouFjI/sa/8A+hl1X/v3a/8Axmj+xr//AKGXVf8Av3a//Ga16KLhYyP7Gv8A/oZdV/792v8A8Zo/sa//AOhl1X/v3a//ABmteii4WMj+xr//AKGXVf8Av3a//GaP7Gv/APoZdV/792v/AMZrXoouFjI/sa//AOhl1X/v3a//ABmj+xr/AP6GXVf+/dr/APGa16KLhYyP7Gv/APoZdV/792v/AMZo/sa//wChl1X/AL92v/xmteii4WMj+xr/AP6GXVf+/dr/APGaP7Gv/wDoZdV/792v/wAZrXoouFjI/sa//wChl1X/AL92v/xmj+xr/wD6GXVf+/dr/wDGa16KLhYyP7Gv/wDoZdV/792v/wAZo/sa/wD+hl1X/v3a/wDxmteii4WMj+xr/wD6GXVf+/dr/wDGaP7Gv/8AoZdV/wC/dr/8ZrXoouFjI/sa/wD+hl1X/v3a/wDxmj+xr/8A6GXVf+/dr/8AGa16KLhYyP7Gv/8AoZdV/wC/dr/8Zo/sa/8A+hl1X/v3a/8Axmteii4WMj+xr/8A6GXVf+/dr/8AGaP7Gv8A/oZdV/792v8A8ZrXoouFjI/sa/8A+hl1X/v3a/8Axmj+xr//AKGXVf8Av3a//Ga16KLhYyP7Gv8A/oZdV/792v8A8Zo/sa//AOhl1X/v3a//ABmteii4WMj+xr//AKGXVf8Av3a//GaP7Gv/APoZdV/792v/AMZrXoouFjI/sa//AOhl1X/v3a//ABmj+xr/AP6GXVf+/dr/APGa16KLhYyP7Gv/APoZdV/792v/AMZo/sa//wChl1X/AL92v/xmteii4WMj+xr/AP6GXVf+/dr/APGaP7Gv/wDoZdV/792v/wAZrXoouFjI/sa//wChl1X/AL92v/xmj+xr/wD6GXVf+/dr/wDGa16KLhYyP7Gv/wDoZdV/792v/wAZo/sa/wD+hl1X/v3a/wDxmteii4WMj+xr/wD6GXVf+/dr/wDGaP7Gv/8AoZdV/wC/dr/8ZrXoouFjI/sa/wD+hl1X/v3a/wDxmj+xr/8A6GXVf+/dr/8AGa16KLhYyP7Gv/8AoZdV/wC/dr/8Zo/sa/8A+hl1X/v3a/8Axmteii4WMj+xr/8A6GXVf+/dr/8AGaP7Gv8A/oZdV/792v8A8ZrXoouFjI/sa/8A+hl1X/v3a/8Axmj+xr//AKGXVf8Av3a//Ga16KLhYyP7Gv8A/oZdV/792v8A8Zo/sa//AOhl1X/v3a//ABmteii4WMj+xr//AKGXVf8Av3a//GalGjX+0f8AFTat0/552v8A8ZrSqZfuj6UXCxfooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoormfHPiK78M6JDe2UcEkj3KxETKSMFWPYjn5RSbsrl04OpJRXU6aivGf+Fua//wA+mm/9+5P/AIuj/hbmv/8APppv/fuT/wCLrP2qO3+zavdfj/kezUV4z/wtzX/+fTTf+/cn/wAXR/wtzX/+fTTf+/cn/wAXR7VB/ZtXuvx/yPZqK8Z/4W5r/wDz6ab/AN+5P/i6P+Fua/8A8+mm/wDfuT/4uj2qD+zavdfj/kezUV4z/wALc1//AJ9NN/79yf8AxdH/AAtzX/8An003/v3J/wDF0e1Qf2bV7r8f8j2aivGf+Fua/wD8+mm/9+5P/i6P+Fua/wD8+mm/9+5P/i6PaoP7Nq91+P8AkezUV4z/AMLc1/8A59NN/wC/cn/xdH/C3Nf/AOfTTf8Av3J/8XR7VB/ZtXuvx/yPZqK8Z/4W5r//AD6ab/37k/8Ai6P+Fua//wA+mm/9+5P/AIuj2qD+zavdfj/kezUV4z/wtzX/APn003/v3J/8XR/wtzX/APn003/v3J/8XR7VB/ZtXuvx/wAj2aivGf8Ahbmv/wDPppv/AH7k/wDi6P8Ahbmv/wDPppv/AH7k/wDi6PaoP7Nq91+P+R7NRXjP/C3Nf/59NN/79yf/ABdH/C3Nf/59NN/79yf/ABdHtUH9m1e6/H/I9morxn/hbmv/APPppv8A37k/+Lo/4W5r/wDz6ab/AN+5P/i6PaoP7Nq91+P+R6zd/wCuH+7VevKJPiprkrbmtdOzjHEb/wDxdN/4Whrf/Prp/wD37f8A+Lp+1iH9m1e6/H/I9Zoryb/haGt/8+un/wDft/8A4uj/AIWhrf8Az66f/wB+3/8Ai6PaxD+zavdfj/kes0V5N/wtDW/+fXT/APv2/wD8XR/wtDW/+fXT/wDv2/8A8XR7WIf2bV7r8f8AI9Zoryb/AIWhrf8Az66f/wB+3/8Ai6P+Foa3/wA+un/9+3/+Lo9rEP7Nq91+P+R6zRXk3/C0Nb/59dP/AO/b/wDxdH/C0Nb/AOfXT/8Av2//AMXR7WIf2bV7r8f8j1mivJv+Foa3/wA+un/9+3/+Lo/4Whrf/Prp/wD37f8A+Lo9rEP7Nq91+P8Akes0V5N/wtDW/wDn10//AL9v/wDF0f8AC0Nb/wCfXT/+/b//ABdHtYh/ZtXuvx/yPWaK8m/4Whrf/Prp/wD37f8A+Lo/4Whrf/Prp/8A37f/AOLo9rEP7Nq91+P+R6zRXk3/AAtDW/8An10//v2//wAXR/wtDW/+fXT/APv2/wD8XR7WIf2bV7r8f8j1mivJv+Foa3/z66f/AN+3/wDi6P8AhaGt/wDPrp//AH7f/wCLo9rEP7Nq91+P+R6zRXk3/C0Nb/59dP8A+/b/APxdH/C0Nb/59dP/AO/b/wDxdHtYh/ZtXuvx/wAj1mivJv8AhaGt/wDPrp//AH7f/wCLo/4Whrf/AD66f/37f/4uj2sQ/s2r3X4/5HrNFeTf8LQ1v/n10/8A79v/APF0f8LQ1v8A59dP/wC/b/8AxdHtYh/ZtXuvx/yPWaK8m/4Whrf/AD66f/37f/4uj/haGt/8+un/APft/wD4uj2sQ/s2r3X4/wCR6zRXk3/C0Nb/AOfXT/8Av2//AMXR/wALQ1v/AJ9dP/79v/8AF0e1iH9m1e6/H/I9Zoryb/haGt/8+un/APft/wD4uj/haGt/8+un/wDft/8A4uj2sQ/s2r3X4/5HrNFeTf8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdHtYh/ZtXuvx/yPWaK8m/4Whrf/Prp/8A37f/AOLo/wCFoa3/AM+un/8Aft//AIuj2sQ/s2r3X4/5HrNFeTf8LQ1v/n10/wD79v8A/F0f8LQ1v/n10/8A79v/APF0e1iH9m1e6/H/ACPWaK8m/wCFoa3/AM+un/8Aft//AIuj/haGt/8APrp//ft//i6PaxD+zavdfj/kes0V5N/wtDW/+fXT/wDv2/8A8XR/wtDW/wDn10//AL9v/wDF0e1iH9m1e6/H/I9Zoryb/haGt/8APrp//ft//i6P+Foa3/z66f8A9+3/APi6PaxD+zavdfj/AJHrNFeTf8LQ1v8A59dP/wC/b/8AxdH/AAtDW/8An10//v2//wAXR7WIf2bV7r8f8j1mivJv+Foa3/z66f8A9+3/APi6P+Foa3/z66f/AN+3/wDi6PaxD+zavdfj/kes0V5N/wALQ1v/AJ9dP/79v/8AF0f8LQ1v/n10/wD79v8A/F0e1iH9m1e6/H/I9Zoryb/haGt/8+un/wDft/8A4uj/AIWhrf8Az66f/wB+3/8Ai6PaxD+zavdfj/kes0V5N/wtDW/+fXT/APv2/wD8XR/wtDW/+fXT/wDv2/8A8XR7WIf2bV7r8f8AI9Zoryb/AIWhrf8Az66f/wB+3/8Ai6P+Foa3/wA+un/9+3/+Lo9rEP7Nq91+P+R6zRXk3/C0Nb/59dP/AO/b/wDxdH/C0Nb/AOfXT/8Av2//AMXR7WIf2bV7r8f8j1mivJv+Foa3/wA+un/9+3/+Lo/4Whrf/Prp/wD37f8A+Lo9rEP7Nq91+P8Akes0V5N/wtDW/wDn10//AL9v/wDF0f8AC0Nb/wCfXT/+/b//ABdHtYh/ZtXuvx/yPWaK8m/4Whrf/Prp/wD37f8A+Lo/4Whrf/Prp/8A37f/AOLo9rEP7Nq91+P+R6zRXk3/AAtDW/8An10//v2//wAXR/wtDW/+fXT/APv2/wD8XR7WIf2bV7r8f8j1mivJv+Foa3/z66f/AN+3/wDi6P8AhaGt/wDPrp//AH7f/wCLo9rEP7Nq91+P+R6zRXk3/C0Nb/59dP8A+/b/APxdH/C0Nb/59dP/AO/b/wDxdHtYh/ZtXuvx/wAj1mpl+6PpXkH/AAtDW/8An10//v2//wAXTh8U9cAx9l07/v2//wAXR7WIf2bV7r8f8j//2Q==)

24. Financial risk management and financial instruments continued

Derivatives embedded in non-financial host contracts are accounted for as separate derivatives

and recorded at fair value through profit or loss if:

•  their economic characteristics and risks are not closely related to those of the host contracts;

•  the host contracts are not designated as at fair value through profit or loss; and

•  a separate instrument with the same terms as the embedded derivative meets the definition

of a derivative.

These embedded derivatives are measured at fair value with changes in fair value recognised in the

income statement. Reassessment only occurs if there is either a change in the terms of the contract

that significantly modifies the cash flows that would otherwise be required or a reclassification of a

financial asset out of the fair value through profit or loss category takes place.

Regular purchases and sales of investments are recognised on the trade date, which is the day

the Group commits to purchase or sell. The investments are recognised initially at fair value plus

transaction costs, except in the case of FVTPL. For investments traded in active markets, fair value

is determined by reference to stock exchange quoted bid prices. For other investments, fair value

is estimated by reference to the current market value of similar instruments or by reference to the

discounted cash flows of the underlying net assets or other valuation techniques.

Financial risk factors, objectives and policies

The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency risk,

commodity price risk and interest rate risk), credit risk, liquidity risk and capital risk. The Group’s overall

risk management programme focuses on the volatility of financial markets and seeks to minimise

potential adverse effects on the Group’s cash flows. The Group uses derivative financial instruments

to hedge certain risk exposures. Risk management is carried out by Group Treasury in a controlled

manner, consistent with the Board of Directors’ approved policies. Group Treasury identifies, evaluates

and hedges financial risks in close cooperation with the Group’s subsidiaries. The Board of Directors

has approved the treasury policy, which provides the control framework for all treasury and treasury-

related transactions.

Market risk

a) Foreign currency risk

The Group is exposed to the effect of foreign currency risk on future transactions, recognised monetary

assets and liabilities that are denominated in currencies other than the local entity’s functional currency,

as well as net investments in foreign operations. Foreign currency forward, option and futures contracts

are used to hedge a portion of the Group’s foreign currency risk. The majority of the foreign currency

forward, option and futures contracts have maturities of less than one year after the balance sheet date.

Management has set up a policy that requires Group companies to manage their foreign exchange

risk against their functional currency. To manage their foreign exchange risk arising from future

transactions and recognised monetary assets and liabilities, entities in the Group use foreign currency

forward, option and future contracts transacted by Group Treasury. Group Treasury’s risk management

policy is to hedge, on an average coverage ratio basis, between 25% and 80% of anticipated cash flows

for the next 12 months by using a layer strategy and 100% of balance sheet remeasurement risk in

each major foreign currency for which hedging is applicable. Each subsidiary designates contracts with

Group Treasury as fair value hedges or cash flow hedges, as appropriate. External foreign exchange

contracts are designated at Group level as hedges of foreign exchange risk on specific monetary

assets, monetary liabilities or future transactions on a gross basis.

The following tables present details of the Group’s sensitivity to reasonably possible increases

and decreases in the Euro and the US Dollar against the relevant foreign currencies. In determining

reasonably possible changes, the historical volatility over a 12-month period of the respective foreign

currencies in relation to the Euro and the US Dollar has been considered. The sensitivity analysis

determines the potential gains and losses in the income statement or equity arising from the Group’s

foreign exchange positions as a result of the corresponding percentage increases and decreases in the

Group’s main foreign currencies relative to the Euro and the US Dollar. The sensitivity analysis includes

outstanding foreign-currency denominated monetary items, external loans and loans between

operations within the Group where the denomination of the loan is in a currency other than the

functional currency of the local entity.

2024 exchange risk sensitivity to reasonably possible changes in the Euro against relevant

other currencies

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  | Euro strengthens |  | Euro weakens |
|  |  | against local currency | |  | against local currency |
|  | % historical | Loss/(gain) |  | (Gain)/loss |  |
|  | volatility over a | in income | Loss/(gain) | in income | (Gain)/loss |
|  | 12-month | statement | in equity | statement | in equity |
|  | period | € million | € million | € million | € million |
| Egyptian Pound | 48.4% | 15.3 | – | (44.0) | – |
| Nigerian Naira | 53.9% | 1.8 | – | (7.3) | – |
| Russian Rouble | 20.5% | (5.7) | – | 8.7 | – |
| UK Sterling | 4.1% | 0.3 | 0.1 | (0.3) | (0.1) |
| Ukrainian Hryvnia | 7.8% | 0.9 | – | (1.1) | – |
| Other | – | 2.7 | (7.7) | (2.9) | 8.5 |
| Total |  | 15.3 | (7.6) | (46.9) | 8.4 |

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024296

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

24. Financial risk management and financial instruments continued

2024 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant

other currencies

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  | US Dollar strengthens |  | US Dollar weakens |
|  |  |  | against local currency | against local currency | |
|  | % historical | Loss/(gain) |  | (Gain)/loss |  |
|  | volatility over a | in income | Loss/(gain) | in income | (Gain)/loss |
|  | 12-month | statement | in equity | statement | in equity |
|  | period | € million | € million | € million | € million |
| Egyptian Pound | 48.7% | 16.7 | – | (48.6) | – |
| Nigerian Naira | 53.8% | 13.1 | – | (43.5) | – |
| Russian Rouble | 20.7% | (12.5) | – | 19.1 | – |
| Ukrainian Hryvnia | 4.9% | 0.7 | – | (0.7) | – |
| Other | – | 0.1 | – | (0.3) | – |
| Total |  | 18.1 | – | (74.0) | – |

2023 exchange risk sensitivity to reasonably possible changes in the Euro against relevant

other currencies

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  | Euro strengthens |  | Euro weakens |
|  |  | against local currency | |  | against local currency |
|  | % historical | Loss/(gain) |  | (Gain)/loss |  |
|  | volatility over a | in income | Loss/(gain) | in income | (Gain)/loss |
|  | 12-month | statement | in equity | statement | in equity |
|  | period | € million | € million | € million | € million |
| Egyptian Pound | 13.0% | 4.9 | 7.7 | (6.3) | (10.0) |
| Nigerian Naira | 35.7% | 11.8 | – | (26.0) | – |
| Russian Rouble | 17.5% | (3.8) | – | 5.4 | – |
| UK Sterling | 4.8% | (1.3) | (0.2) | 1.5 | 0.2 |
| Ukrainian Hryvnia | 8.4% | 2.5 | – | (2.9) | – |
| Other | – | 4.5 | (6.0) | (4.1) | 5.7 |
| Total |  | 18.6 | 1.5 | (32.4) | (4.1) |

2023 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant

other currencies

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  | US Dollar strengthens |  | US Dollar weakens |
|  |  |  | against local currency | against local currency | |
|  | % historical | Loss/(gain) |  | (Gain)/loss |  |
|  | volatility over a | in income | Loss/(gain) | in income | (Gain)/loss |
|  | 12-month | statement | in equity | statement | in equity |
|  | period | € million | € million | € million | € million |
| Egyptian Pound | 10.5% | 7.2 | 1.8 | (8.9) | (2.3) |
| Nigerian Naira | 35.3% | 7.7 | 33.5 | (67.3) | (70.1) |
| Russian Rouble | 15.3% | (8.2) | (0.6) | 11.2 | 0.9 |
| Ukrainian Hryvnia | 3.4% | 0.3 | – | (0.3) | – |
| Other | – | (0.4) | – | 0.4 | – |
| Total |  | 6.6 | 34.7 | (64.9) | (71.5) |

b) Commodity price risk

The Group is affected by the volatility of certain commodity prices (being mainly sugar, aluminium,

aluminium premium, plastic and gas oil) in relation to certain raw materials necessary for the production

of the Group’s products.

Due to the significantly increased volatility of commodity prices, the Group’s Board of Directors has

developed and enacted a risk management strategy regarding commodity price risk and its mitigation.

Although the Group continues to contract prices with suppliers in advance, to reduce its exposure

to the effect of short-term changes in the price of sugar, aluminium, aluminium premium, gas oil and

plastic, the Group hedges the market price of these commodities using commodity swap contracts

based on a rolling forecast for a period up to 36 months. Group Treasury’s risk management policy is

to hedge a minimum of 25% and a maximum of 80% of commodity exposure for the next 12 months,

with the exception of certain types of plastic for which lower compliance ratios apply.

The following table presents details of the Group’s income statement and equity sensitivity to

increases and decreases in sugar, aluminium, aluminium premium, plastic and gas oil prices. The table

does not show the sensitivity to the Group’s total underlying commodity exposure or the impact of

changes in volumes that may arise from an increase or decrease in the respective commodity prices.

The sensitivity analysis determines the potential effect on profit or loss and equity arising from the

Group’s commodity swap contract positions as a result of the reasonably possible increases or

decreases of the respective commodity price. In determining reasonably possible changes of the

respective commodity price, the historical volatility over a 12-month period per contract maturity

has been considered.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024297

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

24. Financial risk management and financial instruments continued

2024 commodity price risk sensitivity to reasonably possible changes in the commodity price

of relevant commodities

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | Commodity price increases with |  | Commodity price decreases with |  |
|  |  | all other variables held constant |  | all other variables held constant |  |
|  | % historical |  |  |  |  |
|  | volatility over a | (Gain)/loss |  | Loss/(gain) |  |
|  | 12-month period | in income | (Gain)/loss | in income | Loss/(gain) |
|  | per contract | statement | in equity | statement | in equity |
|  | maturity | € million | € million | € million | € million |
| Sugar | 16.3% | – | (37.8) | – | 37.8 |
| Aluminium | 22.1% | (1.0) | (24.9) | 1.0 | 24.9 |
| Aluminium premium | 34.5% | – | (4.3) | – | 4.3 |
| Gas oil | 27.8% | – | (5.0) | – | 5.0 |
| Plastic | 12.2% | (3.4) | – | 3.4 | – |
| Total |  | (4.4) | (72.0) | 4.4 | 72.0 |

2023 commodity price risk sensitivity to reasonably possible changes in the commodity price

of relevant commodities

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | Commodity price increases with |  | Commodity price decreases with |  |
|  |  | all other variables held constant |  | all other variables held constant |  |
|  | % historical volatility | (Gain)/loss |  | Loss/(gain) |  |
|  | over a 12-month | in income | (Gain)/loss | in income | Loss/(gain) |
|  | period per contract | statement | in equity | statement | in equity |
|  | maturity | € million | € million | € million | € million |
| Sugar | 18.8% | (1.6) | (42.3) | 1.6 | 42.3 |
| Aluminium | 21.4% | (1.7) | (29.3) | 1.7 | 29.3 |
| Aluminium premium | 29.0% | (0.1) | (2.6) | 0.1 | 2.6 |
| Gas oil | 36.1% | – | (5.8) | – | 5.8 |
| Plastic | 17.0% | (2.2) | – | 2.2 | – |
| Total |  | (5.6) | (80.0) | 5.6 | 80.0 |

c) Interest rate risk

The Group is subject to interest rate risk for its outstanding borrowings and interest rate swap

contracts. The sensitivity analysis in the following table has been determined based on exposure

to interest rates of both derivative and non-derivative instruments existing at the balance sheet date

and assuming constant foreign exchange rates. For floating rate liabilities, the analysis is prepared

assuming the amount of liability outstanding at the balance sheet date was outstanding for the whole

year. A 100 basis point increase or decrease for 2024 (2023: 100 basis point) represents management’s

assessment of a reasonably possible change in interest rates.

Interest rate risk sensitivity to reasonably possible changes in interest rates

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2024 |  | 2023 |  |
|  | Loss/(gain) |  | Loss/(gain) in |  |
|  | in income | (Gain)/loss | income | (Gain)/loss |
|  | statement | in equity | statement | in equity |
|  | € million | € million | € million | € million |
| Increase by 100 basis points | 3.9 | – | 0.1 | (8.8) |
| Decrease by 100 basis points | (3.9) | – | (0.1) | 1.8 |

The impact in the Group’s income statement in 2024 is attributable to the changes in the fair value

of the fixed-to-floating interest rate swaps entered in 2024 for a notional amount of €600 million and

designated as hedging instruments in a fair value hedge.

The impact in the Group’s equity in 2023 is attributable to the changes in the fair value of the swaptions

entered in 2023 for a notional amount of €525.0 million in relation to the Group’s Euro-denominated

forecast issuance of fixed rate debt in 2024 and formally designated as cash flow hedges. In February

2024 the swaption contracts were unwound and, at the same time, the new notes were issued.

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument

fails to meet its obligations under the contract or arrangement. The Group has limited concentration

of credit risk across trade and financial counterparties. Credit policies are in place and the exposure to

credit risk is monitored on an ongoing basis.

The Group’s maximum exposure to credit risk in the event that counterparties fail to meet their

obligations as at 31 December 2024 in relation to each class of recognised financial asset is the carrying

amount of those assets as indicated on the balance sheet.

Under the credit policies, before accepting any new credit customers, the Group investigates the

potential customer’s credit quality, using either external agencies and in some cases bank references

and/or historic experience, and defines credit limits for each customer. Customers that fail to meet

the Group’s benchmark credit quality may transact with the Group only on a prepayment or cash basis.

Customers are reviewed on an ongoing basis and credit limits are adjusted accordingly. The Group

also carries credit insurance on a portion of the accounts receivable balance. There is no significant

concentration of credit risk with regard to loans, trade and other receivables as the Group has a large

number of customers which are geographically dispersed.

The Group has policies that limit the amount of credit exposure to any single financial institution.

The Group only undertakes investment and derivative transactions with banks and financial institutions

that have a minimum credit rating of ‘BBB-’ from Standard & Poor’s and ‘Baa3’ from Moody’s, unless the

investment is in countries where the Sovereign Credit Rating is below the ‘BBB-/Baa3’. The Group also

uses Credit Default Swaps of a counterparty in order to measure in a timelier way the creditworthiness

of a counterparty and set up its counterparties in tiers in order to assign maximum exposure and tenor

per tier. If the Credit Default Swaps of a certain counterparty exceed 400 basis points, the Group will

stop trading derivatives with that counterparty and will try to cancel any deposits on a best-effort

basis. In addition, the Group regularly makes use of time deposits and money market funds to invest

excess cash balances and to diversify its counterparty risk. As at 31 December 2024, an amount of

€619.0 million (2023: €54.8 million) is invested in time deposits with tenor of more than three months

and €265.0 million (2023: €513.8 million) is invested in money market funds.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024298

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

24. Financial risk management and financial instruments continued

Liquidity risk

The Group actively manages liquidity risk to ensure there are sufficient funds available for any short-term

and long-term commitments. Bank overdrafts and bank facilities, both committed and uncommitted,

are used to manage this risk.

The Group manages liquidity risk by maintaining adequate cash reserves and committed banking

facilities, access to the debt and equity capital markets, and by continuously monitoring forecast and

actual cash flows. In Note 25, the undrawn facilities that the Group has at its disposal to manage liquidity

risk are discussed under the headings ‘Commercial paper programme’ , ‘Committed credit facilities’

and ‘Uncommitted loan agreement’.

The Group has entered into a supply chain financing programme with a single counterparty. The

Group’s payment terms for the trade payables covered by the programme are identical to the payment

terms for other trade payables. The Group has no significant concentration of liquidity risk with the

counterparty, and the programme has been established to manage the Group’s working capital needs

(refer to Note 20).

As at 31 December 2024, the Group has a net debt of €1.5 billion (refer to Note 25), of which a €500

million Euro-denominated fixed rate bond matures in September 2025. In addition, the Group has an

undrawn revolving credit facility of €800 million available, €0.8 billion available out of the €1.0 billion

commercial paper facility, as well as an undrawn uncommitted loan agreement of €200 million.

The following tables detail the Group’s remaining contractual maturities for its financial liabilities.

The tables include both interest and principal undiscounted cash flows, assuming that interest rates

remain constant from 31 December 2024.

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Up to | One to | Two to | Over |  |
|  | one year | two years | five years | five years | Total |
|  | € million | € million | € million | € million | € million |
| Borrowings | 863.0 | 73.4 | 1,957.2 | 1,142.2 | 4,035.8 |
| Derivative liabilities | 19.3 | 9.4 | 0.5 | – | 29.2 |
| Trade and other payables |  |  |  |  |  |
| (excluding other tax & social |  |  |  |  |  |
| security, contract liabilities |  |  |  |  |  |
| and deferred income) | 2,466.5 | 0.5 | 1.2 | 3.2 | 2,471.4 |
| Leases | 75.4 | 62.3 | 105.5 | 56.1 | 299.3 |
| As at 31 December 2024 | 3,424.2 | 145.6 | 2,064.4 | 1,201.5 | 6,835.7 |

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Up to | One to | Two to | Over |  |
|  | one year | two years | five years | five years | Total |
|  | € million | € million | € million | € million | € million |
| Borrowings | 923.2 | 546.0 | 775.3 | 1,132.4 | 3,376.9 |
| Derivative liabilities | 67.3 | 3.7 | 2.0 | – | 73.0 |
| Trade and other payables |  |  |  |  |  |
| (excluding other tax |  |  |  |  |  |
| & social security and  contract liabilities) | 2,289.8 | 0.4 | 1.1 | 3.6 | 2,294.9 |
| Leases | 66.7 | 53.0 | 78.4 | 56.9 | 255.0 |
| As at 31 December 2023 | 3,347.0 | 603.1 | 856.8 | 1,192.9 | 5,999.8 |

Capital risk

Accounting policy

The Group monitors its financial capacity and credit ratings by reference to a number of key financial

ratios including net debt to comparable adjusted EBITDA, which provides a framework within which

the Group’s capital base is managed. This ratio is calculated as net debt divided by comparable

adjusted EBITDA.

Adjusted EBITDA is calculated by adding back to operating profit the depreciation and net

impairment of property, plant and equipment, the amortisation and net impairment of intangible

assets, the employee performance share costs, the net impairment of equity method investments

and items, if any, reported in line ‘Other non-cash items’ of the consolidated cash flow statement.

Comparable adjusted EBITDA refers to adjusted EBITDA excluding restructuring costs, exceptional

items related to the Russia-Ukraine conflict, acquisition, integration and divestment-related costs or

gains and the unrealised gains or losses resulting from the mark-to-market valuation of derivatives

and embedded derivatives related to commodity hedging.

Refer to Note 25 for definition of net debt.

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a

going concern and to maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Group may increase or decrease debt, issue or

buy back shares, adjust the amount of dividends paid to shareholders, or return capital to shareholders.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024299

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

24. Financial risk management and financial instruments continued

The Group’s goal is to maintain a conservative financial profile. This is evidenced by the credit ratings

maintained with Standard & Poor’s and Moody’s, which were reaffirmed in 2024.

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
| Rating agency | Publication date | Long-term debt | Outlook | Short-term debt |
| Standard & Poor’s | August 2024 | BBB+ | Stable | A2 |
| Moody’s | May 2024 | Baa1 | Stable | P2 |

The Group’s medium- to long-term target is to maintain the net debt to comparable adjusted EBITDA

ratio within a 1.5 to 2.0 range.

The ratios as at 31 December were as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Net debt (refer to Note 25) | 1,524.5 | 1,595.3 |
| Operating profit | 1,185.4 | 953.6 |
| Depreciation and impairment of property, plant and equipment,  including right-of-use assets | 395.7 | 399.9 |
| Amortisation and impairment of intangible assets | 1.1 | 113.9 |
| Employee performance shares | 15.6 | 20.4 |
| Adjusted EBITDA | 1,597.8 | 1,487.8 |
| Other restructuring costs (primarily termination benefits) | 3.3 | 7.6 |
| Unrealised loss on commodity derivatives | 1.1 | 4.6 |
| Exceptional items related to Russia-Ukraine conflict | – | (0.2) |
| Acquisition costs | 1.9 | 6.3 |
| Comparable adjusted EBITDA | 1,604.1 | 1,506.1 |
| Net debt/comparable adjusted EBITDA ratio | 0.95 | 1.06 |

The reconciliation of other restructuring costs to total restructuring costs for the years ended

31 December was as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Total restructuring costs included in operating expenses (refer to Note 8) | 3.3 | 9.0 |
| Less: Impairment of property, plant and equipment presented |  |  |
| as part of restructuring costs | – | (1.4) |
| Other restructuring costs (primarily termination benefits) | 3.3 | 7.6 |

Hedging activity

The carrying amount of the derivative financial instruments are included in lines ‘Other financial assets’

and ‘Other financial liabilities’ of the consolidated balance sheet.

a) Cash flow hedges

The impact of the hedging instruments on the consolidated balance sheet was:

|  |  |  |  |
| --- | --- | --- | --- |
|  | Notional amount | Carrying amount | Period of |
| As at 31 December 2024 | € million | € million | maturity date |
| Contracts with positive fair values | 239.4 | 16.0 |  |
| Non-current | 21.1 | 0.8 |  |
| Commodity swap contracts | 21.1 | 0.8 | Jan26 – Nov 27 |
| Current | 218.3 | 15.2 |  |
| Foreign currency forward contracts | 101.0 | 0.8 | Jan25 – Dec25 |
| Commodity swap contracts | 117.3 | 14.4 | Jan25 – Dec25 |
| Contracts with negative fair values | 356.0 | (19.1) |  |
| Non-current | 118.6 | (9.9) |  |
| Commodity swap contracts | 118.6 | (9.9) | Jan26 – Sep27 |
| Current | 237.4 | (9.2) |  |
| Foreign currency forward contracts | 118.3 | (0.7) | Jan25 – Jun25 |
| Commodity swap contracts | 119.1 | (8.5) | Jan25 – Dec25 |

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024300

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

24. Financial risk management and financial instruments continued

|  |  |  |  |
| --- | --- | --- | --- |
|  | Notional amount | Carrying amount | Period of |
| As at 31 December 2023 | € million | € million | maturity date |
| Contracts with positive fair values | 695.5 | 15.6 |  |
| Non-current | 79.0 | 4.0 |  |
| Commodity swap contracts | 79.0 | 4.0 | Jan25 – Nov25 |
| Current | 616.5 | 11.6 |  |
| Foreign currency forward contracts | 15.0 | 0.2 | Jan24 – Jun24 |
| Interest rate contracts | 525.0 | 1.9 | Jun24 |
| Commodity swap contracts | 76.5 | 9.5 | Jan24 – Dec24 |
| Contracts with negative fair values | 382.6 | (23.2) |  |
| Non-current | 80.3 | (5.7) |  |
| Commodity swap contracts | 80.3 | (5.7) | Jan25 – Sep26 |
| Current | 302.3 | (17.5) |  |
| Foreign currency forward contracts | 136.8 | (2.4) | Jan24 – Dec24 |
| Commodity swap contracts | 165.5 | (15.1) | Jan24 – Dec24 |

The impact on the hedging reserve as a result of applying cash flow hedge accounting was:

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Spot | Cost of |  |  |  |
|  | component | hedging reserve |  |  |  |
|  | of foreign | of foreign | Commodity | Interest |  |
|  | currency | currency | swap | rate swap |  |
|  | contracts | contracts | contracts | contracts | Total |
|  | € million | € million | € million | € million | € million |
| Opening balance as at 1 January 2023 | (1.7) | 0.4 | 11.0 | (14.1) | (4.4) |
| Net gain on cash flow hedges | (0.8) | – | 14.1 | 6.4 | 19.7 |
| Change in fair value of hedging |  |  |  |  |  |
| instruments recognised in OCI | (0.8) | – | 14.5 | (0.2) | 13.5 |
| Reclassified to income statement | – | – | (0.4) | 6.6 | 6.2 |
| Cost of hedging recognised in OCI | – | (3.9) | – | (3.2) | (7.1) |
| Reclassified to inventories | (1.2) | 4.1 | (33.7) | – | (30.8) |
| Closing balance as at 31 December 2023 | (3.7) | 0.6 | (8.6) | (10.9) | (22.6) |
| Net gain on cash flow hedges | 2.3 | – | 3.0 | 5.5 | 10.8 |
| Change in fair value of hedging |  |  |  |  |  |
| instruments recognised in OCI | 2.3 | – | 3.6 | (0.8) | 5.1 |
| Reclassified to income statement | – | – | (0.6) | 6.3 | 5.7 |
| Cost of hedging recognised in OCI | – | (2.1) | – | (0.2) | (2.3) |
| Reclassified to inventories | (0.6) | 2.6 | 2.0 | – | 4.0 |
| Closing balance as at 31 December 2024 | (2.0) | 1.1 | (3.6) | (5.6) | (10.1) |

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024301

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

24. Financial risk management and financial instruments continued

The effect of the cash flow hedges in the consolidated income statement was:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | (Gain)/loss | (Gain)/loss |
|  | € million | € million |
| Net amount reclassified from other comprehensive income |  |  |
| to cost of goods sold | (0.6) | (0.4) |
| Net amount reclassified from other comprehensive income |  |  |
| to finance costs | 6.3 | 6.6 |
| Total | 5.7 | 6.2 |

The ineffectiveness on the cash flow hedges for the year ended 31 December 2024 was €1.4 million

loss (2023: €2.6 million loss) recorded within cost of goods sold.

b) Fair value hedges

The impact of the hedging instruments on the consolidated balance sheet was:

|  |  |  |  |
| --- | --- | --- | --- |
|  | Notional amount | Carrying amount | Period of |
| As at 31 December 2024 | € million | € million | maturity date |
| Contracts with positive fair values | 600.0 | 24.0 |  |
| Non-current | 600.0 | 24.0 |  |
| Interest rate swap contracts | 600.0 | 24.0 | Feb28 |

The ineffectiveness on the fair value hedges for the year ended 31 December 2024 was €0.5 million loss

recorded within interest expense.

c) Undesignated hedges

The fair values of derivative financial instruments as at 31 December which economically hedge

Group’s risks and for which hedge accounting has not been applied were:

|  |  |  |  |
| --- | --- | --- | --- |
|  | Notional amount | Carrying amount | Period of |
| As at 31 December 2024 | € million | € million | maturity date |
| Contracts with positive fair values | 178.1 | 1.6 |  |
| Current | 178.1 | 1.6 |  |
| Foreign currency forward contracts | 172.2 | 1.2 | Jan25 – Nov25 |
| Commodity swap contracts | 5.9 | 0.4 | Jan25 – Nov25 |
| Contracts with negative fair values | 326.7 | (10.1) |  |
| Current | 326.7 | (10.1) |  |
| Embedded derivatives | 18.9 | (2.3) | Jan25 – Dec25 |
| Foreign currency forward contracts | 275.9 | (2.3) | Jan25 – Nov25 |
| Commodity swap contracts | 31.9 | (5.5) | Jan25 – Dec25 |

|  |  |  |  |
| --- | --- | --- | --- |
|  | Notional amount | Carrying amount | Period of |
| As at 31 December 2023 | € million | € million | maturity date |
| Contracts with positive fair values | 545.8 | 85.9 |  |
| Current | 545.8 | 85.9 |  |
| Foreign currency future contracts | 177.6 | 82.9 | Jan24 – Jun 24 |
| Foreign currency forward contracts | 366.2 | 2.9 | Jan24 – Dec24 |
| Commodity swap contracts | 2.0 | 0.1 | Sep24 – Oct24 |
| Contracts with negative fair values | 468.3 | (49.8) |  |
| Current | 468.3 | (49.8) |  |
| Embedded derivatives | 21.4 | (9.1) | Jan24 – Dec24 |
| Foreign currency forward contracts | 426.6 | (39.3) | Jan24 – Dec24 |
| Commodity swap contracts | 20.3 | (1.4) | Jan24 – Nov24 |

The effect of the undesignated hedges in the consolidated income statement was:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | (Gain)/loss | Loss/(gain) |
|  | € million | € million |
| Net amount recognised in cost of goods sold | (0.3) | 6.9 |
| Net amount recognised in operating expenses | (10.3) | (40.4) |
| Net amount recognised in finance cost | 25.2 | (30.5) |
| Total | 14.6 | (64.0) |

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024302

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

24. Financial risk management and financial instruments continued

Financial instruments’ categories

Categories of financial instruments as at 31 December were as follows (in € million):

2024

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  | Analysis of total assets |
|  |  |  | Derivatives | Equity |  |  |  |
|  | Debt financial |  | designated | financial | Total |  |  |
|  | assets at | Assets at | as hedging | assets at | current and |  |  |
| Assets | amortised cost | FVTPL | instruments | FVOCI | non-current | Current | Non-current |
| Investments including loans |  |  |  |  |  |  |  |
| to related parties | 623.5 | 277.6 | – | 18.7 | 919.8 | 884.9 | 34.9 |
| Derivative financial |  |  |  |  |  |  |  |
| instruments | – | 1.6 | 40.0 | – | 41.6 | 16.8 | 24.8 |
| Trade and other receivables | 1,054.4 | – | – | – | 1,054.4 | 1,047.8 | 6.6 |
| Cash and cash equivalents | 1,548.1 | – | – | – | 1,548.1 | 1,548.1 | – |
| Total | 3,226.0 | 279.2 | 40.0 | 18.7 | 3,563.9 | 3,497.6 | 66.3 |

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  | Analysis of total assets |
|  | Liabilities |  | Derivatives |  |  |  |
|  | held at |  | designated | Total |  |  |
|  | amortised | Liabilities at | as hedging | current and |  |  |
| Liabilities | cost | FVTPL | instruments | non-current | Current | Non-current |
| Trade and other payables |  |  |  |  |  |  |
| (excluding other tax & social security,  contract liabilities and deferred income) | 2,471.4 | – | – | 2,471.4 | 2,466.5 | 4.9 |
| Borrowings | 3,980.6 | – | – | 3,980.6 | 888.7 | 3,091.9 |
| Derivative financial instruments | – | 10.1 | 19.1 | 29.2 | 19.3 | 9.9 |
| Total | 6,452.0 | 10.1 | 19.1 | 6,481.2 | 3,374.5 | 3,106.7 |

2023

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  | Analysis of total assets |
|  |  |  | Derivatives | Equity |  |  |  |
|  | Debt financial |  | designated | financial | Total |  |  |
|  | assets at | Assets at | as hedging | assets at | current and |  |  |
| Assets | amortised cost | FVTPL | instruments | FVOCI | non-current | Current | Non-current |
| Investments including loans |  |  |  |  |  |  |  |
| to related parties | 60.1 | 519.7 | – | 9.9 | 589.7 | 570.4 | 19.3 |
| Derivative financial |  |  |  |  |  |  |  |
| instruments | – | 85.9 | 15.6 | – | 101.5 | 97.5 | 4.0 |
| Trade and other receivables | 1,054.0 | – | – | – | 1,054.0 | 1,051.5 | 2.5 |
| Cash and cash equivalents | 1,260.6 | – | – | – | 1,260.6 | 1,260.6 | – |
| Total | 2,374.7 | 605.6 | 15.6 | 9.9 | 3,005.8 | 2,980.0 | 25.8 |

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  | Analysis of total assets |
|  | Liabilities |  | Derivatives |  |  |  |
|  | held at |  | designated | Total |  |  |
|  | amortised | Liabilities at | as hedging | current and |  |  |
| Liabilities | cost | FVTPL | instruments | non-current | Current | Non-current |
| Trade and other payables |  |  |  |  |  |  |
| (excluding other tax & social security,  contract liabilities and deferred income) | 2,294.9 | – | – | 2,294.9 | 2,289.8 | 5.1 |
| Borrowings | 3,424.5 | – | – | 3,424.5 | 948.1 | 2,476.4 |
| Derivative financial instruments | – | 49.8 | 23.2 | 73.0 | 67.3 | 5.7 |
| Total | 5,719.4 | 49.8 | 23.2 | 5,792.4 | 3,305.2 | 2,487.2 |

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024303

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

24. Financial risk management and financial instruments continued

Interest rate swap contracts

The Group entered into forward starting swap contracts of €500.0 million in 2014 to hedge the interest

rate risk related to its Euro-denominated forecast issuance of fixed rate debt in March 2016. In August

2015, the Group entered into additional forward starting swap contracts of €100.0 million. In March

2016, the forward starting swap contracts were settled and, at the same time, the note was issued.

The accumulated loss of €55.4 million recorded in other comprehensive income was amortised to

the income statement over the term of the note, which matured in November 2024.

The Group entered into swaption contracts of €350.0 million in 2018 and €1,050.0 million in 2019

to hedge the interest rate risk related to its Euro-denominated forecast issuance of fixed rate debt

in 2019 and formally designated them as cash flow hedges. In May and November 2019, the swaption

contracts were settled and, at the same time, the notes were issued. The accumulated loss of €9.6

million recorded in other comprehensive income is being amortised to the income statement over

the term of the relevant notes.

The Group entered into swaption contracts of €180.0 million in 2022 to hedge the interest rate risk

related to its Euro-denominated forecast issuance of fixed rate debt in 2022 and formally designated

them as cash flow hedges. In September 2022, the swaption contracts were settled and, at the same

time, the note was issued. The accumulated gain of €3.4 million recorded in other comprehensive

income is being amortised to the income statement over the term of the note.

The Group entered into swaption contracts of €525.0 million in 2023 to hedge the interest rate risk

related to its Euro-denominated forecast issuance of fixed rate debt in 2024 and formally designated

them as cash flow hedges. In February 2024, the swaption contracts were unwound and, at the same

time, the new note was issued. The unwound swaption contracts were settled in June and July 2024.

The accumulated loss of €2.9 million recorded in other comprehensive income is being amortised to

the income statement over the term of the new note.

In 2024, in anticipation of interest rates’ decrease, the Group entered into fixed-to-floating interest rate

swaps with a notional amount of €600.0 million in connection with the €600.0 million bond maturing in

February 2028 and included in line ‘Borrowings’ of total non-current liabilities in the consolidated balance

sheet (refer to Note 25), which were designated as fair value hedges. The valuation of the outstanding

interest rate swaps for the year ended 31 December 2024 was a financial asset of €24.0 million.

The Group entered into swaption contracts of €375.0 million in 2024 to hedge the interest rate risk

related to its Euro-denominated forecast issuance of fixed rate debt in 2024 and formally designated

them as cash flow hedges. In November 2024, the swaption contracts were unwound and, at the same

time, the new note was issued. The unwound swaption contracts were settled in December 2024. The

accumulated loss of €1.6 million recorded in other comprehensive income is being amortised to the

income statement over the term of the new note.

Embedded derivatives

During 2024 and 2023, the Group recognised embedded derivatives whose risks and economic

characteristics are not considered to be closely related to the commodity contract in which they were

embedded. The fair value of the embedded derivatives as at 31 December 2024 amounted to a financial

liability of €2.3 million (2023: €9.1 million).

Fair values of financial assets and liabilities

For financial instruments such as cash, deposits, debtors and creditors, investments, loans payable

to related parties, short-term borrowings (excluding the current portion of bonds and notes payable)

and other financial liabilities (other than bonds and notes payable), carrying values are a reasonable

approximation of their fair values. According to the fair value hierarchy, the financial instruments

measured at fair value are classified as follows:

Level 1

The fair value of FVOCI listed equity securities as well as FVTPL securities is based on quoted

market prices at the reported date. The fair value of bonds is based on quoted market prices

at the reported date.

Level 2

The fair value of foreign currency forward, option and futures contracts, commodity swap contracts,

bonds and notes payable, interest rate option and swap contracts, forward starting swap contracts

and embedded foreign currency derivatives is determined by using valuation techniques, which

maximise the use of observable market data and include discounting. The fair value of the foreign

currency forward, option and future contracts, commodity swap contracts, embedded foreign

currency derivatives and cross-currency swap contracts is calculated by reference to quoted forward

exchange and deposit rates, interest rates and forward rate curves of the underlying commodity at the

reported date for contracts with similar maturity dates. The fair value of interest rate option contracts

is calculated by reference to the Black-Scholes valuation model and implied volatilities. The fair value of

interest rate swap contracts is determined as the difference in the present value of the future interest

cash inflows and outflows based on observable yield curves.

Level 3

The fair value of FVOCI unlisted equity securities as well as convertible note agreements, certain

undesignated derivatives and foreign currency futures and forward contracts is determined through

the use of estimated discounted cash flows or other valuation techniques that use unobservable

inputs. These valuation techniques estimate the fair value of undesignated derivatives by using

settlement and forward prices received from counterparty banks and subscription-based publications

and the fair value of foreign currency futures and forward contracts by using adjusted quoted

prices. The Group also uses foreign currency futures (FMDQ) to mitigate the currency risk related to

Nigerian Naira. The valuation of these derivatives is based on the spot rates indicated by the Nigerian

Autonomous Foreign Exchange (NAFEX) index adjusted with the counterparty credit risk.

Transfers between levels of the fair value hierarchy are deemed to have occurred at the date of the

event or change in circumstances that caused the transfer.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024304

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

24. Financial risk management and financial instruments continued

The following table provides the fair value hierarchy levels into which fair value measurements are

categorised for assets and liabilities measured at fair value as at 31 December 2024:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Level 1 | Level 2 | Level 3 | Total |
|  | € million | € million | € million | € million |
| Financial assets at FVTPL |  |  |  |  |
| Foreign currency forward contracts | – | 1.2 | – | 1.2 |
| Commodity swap contracts | – | 0.4 | – | 0.4 |
| Money market funds | 265.0 | – | – | 265.0 |
| Convertible note agreements | – | – | 12.6 | 12.6 |
| Derivative financial assets used |  |  |  |  |
| for hedging |  |  |  |  |
| Cash flow hedges |  |  |  |  |
| Foreign currency forward contracts | – | 0.8 | – | 0.8 |
| Commodity swap contracts | – | 15.2 | – | 15.2 |
| Fair value hedges |  |  |  |  |
| Interest rate swap contracts | – | 24.0 | – | 24.0 |
| Assets at FVOCI |  |  |  |  |
| Equity securities | 2.1 | – | 16.6 | 18.7 |
| Total financial assets | 267.1 | 41.6 | 29.2 | 337.9 |
| Financial liabilities at FVTPL |  |  |  |  |
| Foreign currency forward contracts | – | (2.3) | – | (2.3) |
| Embedded derivatives | – | (2.3) | – | (2.3) |
| Commodity swap contracts | – | (0.1) | (5.4) | (5.5) |
| Derivative financial liabilities used |  |  |  |  |
| for hedging |  |  |  |  |
| Cash flow hedges |  |  |  |  |
| Foreign currency forward contracts | – | (0.7) | – | (0.7) |
| Commodity swap contracts | – | (18.4) | – | (18.4) |
| Total financial liabilities | – | (23.8) | (5.4) | (29.2) |

There were no transfers between Level 1, Level 2 and Level 3 in the year.

The following table provides the fair value hierarchy levels into which fair value measurements are

categorised for assets and liabilities measured at fair value as at 31 December 2023:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Level 1 | Level 2 | Level 3 | Total |
|  | € million | € million | € million | € million |
| Financial assets at FVTPL |  |  |  |  |
| Foreign currency forward contracts | – | 2.9 | – | 2.9 |
| Foreign currency futures contracts | – | – | 82.9 | 82.9 |
| Commodity swap contracts | – | 0.1 | – | 0.1 |
| Money market funds | 513.8 | – | – | 513.8 |
| Convertible note agreements | – | – | 5.9 | 5.9 |
| Derivative financial assets used |  |  |  |  |
| for hedging |  |  |  |  |
| Cash flow hedges |  |  |  |  |
| Foreign currency forward contracts | – | 0.2 | – | 0.2 |
| Interest rate swap contracts | – | 1.9 | – | 1.9 |
| Commodity swap contracts | – | 13.5 | – | 13.5 |
| Assets at FVOCI |  |  |  |  |
| Equity securities | 1.1 | – | 8.8 | 9.9 |
| Total financial assets | 514.9 | 18.6 | 97.6 | 631.1 |
| Financial liabilities at FVTPL |  |  |  |  |
| Foreign currency forward contracts | – | (4.3) | (35.0) | (39.3) |
| Embedded derivatives | – | (9.1) | – | (9.1) |
| Commodity swap contracts | – | (0.2) | (1.2) | (1.4) |
| Derivative financial liabilities used |  |  |  |  |
| for hedging |  |  |  |  |
| Cash flow hedges |  |  |  |  |
| Foreign currency forward contracts | – | (2.4) | – | (2.4) |
| Commodity swap contracts | – | (20.8) | – | (20.8) |
| Total financial liabilities | – | (36.8) | (36.2) | (73.0) |

There were no transfers between Level 1, Level 2 and Level 3 in the year.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024305

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

24. Financial risk management and financial instruments continued

The following table presents the changes in Level 3 items for the years ended 31 December 2023

and 2024:

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | Foreign |  | Convertible |  |
|  | Commodity | currency | Equity | note |  |
|  | swap contracts | contracts | securities | agreements | Total |
|  | € million | € million | € million | € million | € million |
| Balance as at 1 January 2023 | (3.8) | (2.3) | 2.9 | 1.5 | (1.7) |
| (Losses)/gains recognised in the  income statement | (0.8) | 106.1 | – | – | 105.3 |
| Payments for/(proceeds from) |  |  |  |  |  |
| settlement of derivatives | 4.4 | (29.2) | – | – | (24.8) |
| Additions of financial assets at FVOCI | – | – | 5.9 | – | 5.9 |
| Capitalised interest | – | – | – | 0.2 | 0.2 |
| Additions of financial assets at FVTPL | – | – | – | 4.2 | 4.2 |
| Foreign currency translation | (1.0) | (26.7) | – | – | (27.7) |
| Balance as at 31 December 2023 | (1.2) | 47.9 | 8.8 | 5.9 | 61.4 |
| (Losses)/gains recognised in the  income statement | (3.6) | 1.0 | – | 0.4 | (2.2) |
| (Proceeds from)/payments for  settlement of derivatives | (0.5) | (38.0) | – | – | (38.5) |
| Additions of financial assets at FVOCI | – | – | 5.8 | – | 5.8 |
| Capitalised interest | – | – | – | 0.3 | 0.3 |
| Additions of financial assets at FVTPL | – | – | – | 8.0 | 8.0 |
| Conversion of notes held as financial |  |  |  |  |  |
| assets at FVTPL | – | – | 2.0 | (2.0) | – |
| Foreign currency translation | (0.1) | (10.9) | – | – | (11.0) |
| Balance as at 31 December 2024 | (5.4) | – | 16.6 | 12.6 | 23.8 |

25. Net debt

Accounting policy

Borrowings are initially recognised at the fair value net of transaction costs incurred.

After initial recognition, all interest-bearing borrowings are subsequently measured at amortised

cost. Amortised cost is calculated using the effective interest rate method whereby any discount,

premium or transaction costs associated with a borrowing are amortised to the income statement

over the borrowing period.

Refer also to Note 16 for accounting policy on leases.

Cash and cash equivalents comprise cash balances and short-term, highly liquid investments

that are readily convertible to known amounts of cash and which are subject to insignificant risk of

change in value. Bank overdrafts are classified as short-term borrowings in the balance sheet and

for the purpose of the cash flow statement. Time deposits and treasury bills that do not meet the

definition of cash and cash equivalents are classified as short-term investments at amortised cost.

Money market funds are classified as short-term investments at fair value through profit or loss.

The Group has elected to report cash receipts and payments regarding investments at amortised

cost and fair value through profit or loss respectively, on a net basis in the consolidated cash flow

statement, considering that the relevant amounts are large, turnover is quick and maturities (where

applicable) are short. These investments are expected to be continually renewed, taking into

account market returns and cash generation of the Group.

Net debt is defined as current and non-current borrowings net of the fair value of fixed-to-floating

interest rate swaps, less cash and cash equivalents and other financial assets (time deposits,

treasury bills and money market funds) .

Net debt for the year ended 31 December comprised:

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  |  | € million | € million |
| Current borrowings |  | 888.7 | 948.1 |
| Non-current borrowings |  | 3,091.9 | 2,476.4 |
| Interest rate swaps (fixed-to-floating) |  | (24.0) | – |
| Less: Cash and cash equivalents |  | (1,548.1) | (1,260.6) |
| • | Financial assets at amortised cost | (619.0) | (54.8) |
| • | Financial assets at fair value through profit or loss | (265.0) | (513.8) |
| Less: Other financial assets |  | (884.0) | (568.6) |
| Net debt |  | 1,524.5 | 1,595.3 |

The financial assets at amortised cost relate to time deposits, while the financial assets at fair value

through profit or loss relate to money market funds. Line ‘Other financial assets’, within ‘Total current

assets’ of the consolidated balance sheet includes derivative financial instruments of €16.8 million (31

December 2023: €97.5 million) and loans receivable from related parties of €0.9 million (31 December

2023: €1.8 million).

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024306

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

25. Net debt continued

a) Borrowings

The Group held the following borrowings as at 31 December:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Bonds, bills and unsecured notes | 498.8 | 599.5 |
| Commercial paper | 215.0 | 211.0 |
| Loans payable to related parties (refer to Note 27) | 2.7 | 2.7 |
| Other borrowings | 108.7 | 79.6 |
|  | 825.2 | 892.8 |
| Obligations under leases falling due within one year | 63.5 | 55.3 |
| Total borrowings falling due within one year | 888.7 | 948.1 |
| Borrowings falling due within one to two years |  |  |
| Bonds, bills and unsecured notes | – | 497.1 |
| Borrowings falling due within two to five years |  |  |
| Bonds, bills and unsecured notes | 1,806.8 | 697.8 |
| Borrowings falling due in more than five years |  |  |
| Bonds, bills and unsecured notes | 1,066.7 | 1,092.9 |
| Other borrowings | 27.9 | 33.8 |
|  | 2,901.4 | 2,321.6 |
| Obligations under leases falling due in more than one year | 190.5 | 154.8 |
| Total borrowings falling due after one year | 3,091.9 | 2,476.4 |
| Total borrowings | 3,980.6 | 3,424.5 |

Reconciliation of liabilities to cash flows arising from financing activities:

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | Borrowings |  | Leases |  |  |
|  |  | Due in more |  | Due in more | Derivative |  |
|  | Due within | than one | Due within | than one | (assets)/ |  |
|  | one year | year | one year | year | liabilities | Total |
|  | € million | € million | € million | € million | € million | € million |
| Balance as at 1 January 2023 | 283.1 | 2,930.8 | 53.9 | 152.1 | (3.3) | 3,416.6 |
| Cash flows |  |  |  |  |  |  |
| Proceeds from borrowings | 136.4 | – | – | – | – | 136.4 |
| Repayments of borrowings | (89.7) | – | – | – | – | (89.7) |
| Principal repayments of lease obligations | – | – | (59.1) | – | – | (59.1) |
| Interest paid | (61.3) | – | (14.9) | – | – | (76.2) |
| Proceeds from settlement of derivatives |  |  |  |  |  |  |
| regarding financing activities | – | – | – | – | 4.6 | 4.6 |
| Total cash flows | (14.6) | – | (74.0) | – | 4.6 | (84.0) |
| Leases increase | – | – | 2.2 | 84.5 | – | 86.7 |
| Arising from business combinations | – | – | 0.5 | 6.0 | – | 6.5 |
| Effect of changes in exchange rates | (20.5) | (26.7) | (7.0) | (17.1) | – | (71.3) |
| Other non-cash movements | 644.8 | (582.5) | 79.7 | (70.7) | (16.2) | 55.1 |
| Balance as at 31 December 2023 | 892.8 | 2,321.6 | 55.3 | 154.8 | (14.9) | 3,409.6 |
| Cash flows |  |  |  |  |  |  |
| Proceeds from borrowings | 160.3 | 1,104.9 | – | – | – | 1,265.2 |
| Repayments of borrowings | (727.3) | (21.2) | – | – | – | (748.5) |
| Principal repayments of lease obligations | – | – | (60.8) | – | – | (60.8) |
| Interest paid | (85.5) | (0.5) | (14.4) | – | – | (100.4) |
| Payments for settlement of derivatives |  |  |  |  |  |  |
| and funded forward contracts regarding |  |  |  |  |  |  |
| financing activities | – | – | – | – | (42.0) | (42.0) |
| Total cash flows | (652.5) | 1,083.2 | (75.2) | – | (42.0) | 313.5 |
| Leases increase | – | – | 2.5 | 143.4 | – | 145.9 |
| Effect of changes in exchange rates | (24.9) | (9.7) | (3.3) | (8.8) | – | (46.7) |
| Other non-cash movements | 609.8 | (493.7) | 84.2 | (98.9) | 32.9 | 134.3 |
| Balance as at 31 December 2024 | 825.2 | 2,901.4 | 63.5 | 190.5 | (24.0) | 3,956.6 |

The ‘Other non-cash movements’ primarily include the transfer from long-term to short-term liabilities

and interest incurred.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024307

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

25. Net debt continued

Commercial paper programme

In October 2013 the Group established a €1.0 billion Euro-commercial paper programme (the ‘CP

programme’) which was last updated in May 2023, to further diversify its short-term funding sources.

The Euro-commercial paper notes may be issued either as non-interest-bearing notes sold at a

discount or as interest-bearing notes at a fixed or floating rate. All commercial paper issued under the

CP programme must be repaid within 7 to 364 days. The CP programme has been granted the Short

Term Euro Paper label (STEP) and commercial paper is issued through Coca-Cola HBC’s fully owned

subsidiary Coca-Cola HBC Finance B.V. and is fully, unconditionally and irrevocably guaranteed by Coca-

Cola HBC AG. The outstanding amount under the CP programme as at 31 December 2024 was €215

million (2023: €211.0 million).

Committed credit facilities

In April 2019, the Group updated its then-existing €500.0 million syndicated revolving credit facility,

which was set to expire in June 2021. The updated syndicated revolving credit facility has been

increased to €800.0 million and was extended to April 2024, with the option to be extended for up to

two more years until April 2026. In March 2020, the Company exercised its extension option and the

facility was extended to April 2025. In April 2021, the Company exercised its second option to further

extend the maturity of the syndicated loan facility to April 2026. This facility can be used for general

corporate purposes and carries a floating interest rate over EURIBOR. No amounts have been drawn

under the syndicated revolving credit facility since inception. The borrower in the syndicated revolving

credit facility is Coca-Cola HBC’s fully-owned subsidiary Coca-Cola HBC Finance B.V. and any amounts

drawn under the facility are fully, unconditionally and irrevocably guaranteed by Coca-Cola HBC AG.

In December 2019, the Group established a loan facility of US Dollar 85.0 million to finance the purchase

of production equipment by the Group’s subsidiary in Nigeria. The facility has been drawn down by

Nigerian Bottling Company (NBC) over the course of 2020 and 2021, maturing in 2027. The obligations

under this facility are guaranteed by Coca-Cola HBC AG. As at 31 December 2024, the outstanding

liability amounted to €36.1 million (2023: €45.4 million).

In July 2024, the Group established a loan facility of US Dollar 130.0 million with the European Bank

for Reconstruction and Development (EBRD) to finance the capital expenditure and working capital

requirements of the Group’s subsidiary in Egypt. The loan facility is guaranteed by Coca-Cola HBC

AG and ultimately matures in 2031. As at 31 December 2024, the outstanding liability amounted to

€4.8 million.

Uncommitted loan agreement

In August 2022, the Group established an uncommitted money market loan agreement of €250.0

million, which was subsequently reduced to €200.0 million in October 2022. The loan agreement can

be used for general corporate purposes. No amounts have been drawn under the money market loan

agreement since its inception. The borrower in the money market loan agreement is Coca-Cola HBC’s

fully-owned subsidiary Coca-Cola HBC Finance B.V.

Euro medium-term note programme

In June 2013, the Group established a new €3.0 billion Euro medium-term note programme (the ‘EMTN

programme’). The EMTN programme was increased to €5.0 billion in April 2019, and was last updated in

December 2023. Notes are issued under the EMTN programme through Coca-Cola HBC’s fully-owned

subsidiary Coca-Cola HBC Finance B.V. and are fully, unconditionally and irrevocably guaranteed by

Coca-Cola HBC AG.

In March 2016, Coca-Cola HBC Finance B.V. completed the issue of a €600 million Euro-denominated

fixed rate bond with a coupon rate of 1.875%, which matured in November 2024. The net proceeds of

this issue were used to partially repay €214.6 million of the 4.25%, €600 million seven-year fixed rate

notes due in November 2016, while the remaining €385.4 million was repaid in November 2016 upon

their maturity.

In May 2019, Coca-Cola HBC Finance B.V. completed the issue of a €700 million Euro-denominated

fixed rate bond maturing in May 2027 with a coupon rate of 1.000% and the issue of a €600 million Euro-

denominated fixed rate bond maturing in May 2031 with a coupon rate of 1.625%. The net proceeds

of this issue were used to partially repay €236.6 million of the 2.375%, €800 million seven-year fixed rate

bond due in June 2020, while the remaining €563.4 million was repaid in June 2020 upon its maturity.

In November 2019, Coca-Cola HBC Finance B.V. completed the issue of a €500 million Euro-

denominated fixed rate bond maturing in November 2029 with a coupon rate of 0.625%.

In September 2022, Coca-Cola HBC Finance B.V. completed the issue of a €500 million Euro-

denominated fixed rate Green bond maturing in September 2025 with a coupon rate of 2.75%.

In February 2024, Coca-Cola HBC Finance B.V. completed the issue of a €600 million Euro-

denominated fixed rate bond maturing in February 2028 with a coupon rate of 3.375%. The net

proceeds of the new issue were used to fully repay the €600 million eight-year fixed rate bond,

which matured in November 2024.

In September 2024, Coca-Cola HBC Finance B.V. completed a partial buyback of the 1.625%, €600

million 12-year fixed rate bond due in May 2031, amounting to €23.4 million. The buyback principal

amount was cancelled in November 2024.

In November 2024, Coca-Cola HBC Finance B.V. completed the issue of a €500 million Euro-

denominated fixed rate bond maturing in November 2032 with a coupon rate of 3.125%. The net

proceeds of the new issue will be used to fully repay the €500 million three-year fixed rate bond

maturing in September 2025.

As at 31 December 2024, a total of €3.4 billion in notes issued under the EMTN programme were

outstanding (2023: €2.9 billion).

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024308

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

25. Net debt continued

Summary of notes outstanding as at 31 December

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | Book value |  | Fair value |  |
| Notes |  |  | Fixed | 2024 | 2023 | 2024 | 2023 |
| € million | Start date | Maturity date | coupon | € million | € million | € million | € million |
| €600 | 10 March 2016 | 11 November 2024 | 1.875% | – | 599.5 | – | 590.3 |
| €700 | 14 May 2019 | 14 May 2027 | 1.000% | 698.5 | 697.8 | 673.1 | 656.9 |
| €600 | 14 May 2019 | 14 May 2031 | 1.625% | 574.0 | 596.9 | 531.2 | 540.7 |
| €500 | 21 November 2019 | 21 November 2029 | 0.625% | 496.7 | 496.0 | 449.7 | 433.7 |
| €500 | 23 September 2022 | 23 September 2025 | 2.750% | 498.8 | 497.1 | 500.1 | 495.8 |
| €600 | 27 February 2024 | 27 February 2028 | 3.375% | 611.6 | – | 610.5 | – |
| €500 | 20 November 2024 | 20 November 2032 | 3.125% | 492.7 | – | 496.6 | – |
| Total |  |  |  | 3,372.3 | 2,887.3 | 3,261.2 | 2,717.4 |

The weighted average effective interest rate of the Euro-denominated fixed rate bonds is 2.22% and

the weighted average maturity is 4.2 years. The fair values are within Level 1 of the value hierarchy.

As at 31 December 2024, the fair value adjustment to the carrying amount of the €600.0 million bond

maturing in February 2028 attributable to fixed-to-floating interest rate swaps amounted to €14.4

million gain (2023: €nil).

None of our debt facilities are subject to any financial covenants that would impact the Group’s liquidity

or access to capital.

Total borrowings as at 31 December were held in the following currencies:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Current |  | Non-current |  |
|  | 2024 | 2023 | 2024 | 2023 |
|  | € million | € million | € million | € million |
| Euro | 787.7 | 867.8 | 2,989.5 | 2,363.9 |
| Egyptian Pound | 63.5 | 41.0 | 13.2 | 17.5 |
| US Dollar | 15.9 | 17.0 | 39.5 | 47.4 |
| Swiss Franc | 5.8 | 4.4 | 18.6 | 17.8 |
| Bulgarian Lev | 3.2 | 2.6 | 8.0 | 4.3 |
| Russian Rouble | 3.2 | 2.9 | 6.4 | 7.4 |
| Nigerian Naira | 2.8 | 5.2 | 6.1 | 8.3 |
| Polish Zloty | 2.4 | 2.0 | 2.7 | 3.6 |
| UK Sterling | 1.5 | 2.8 | 2.0 | 1.7 |
| Romanian Leu | 0.9 | 1.0 | 1.6 | 1.8 |
| Hungarian Forint | 1.0 | 0.5 | 1.2 | 0.1 |
| Belarusian Rouble | 0.3 | 0.1 | 1.2 | 0.7 |
| Ukrainian Hryvnia | – | 0.1 | 0.6 | 0.6 |

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Current |  | Non-current |  |
|  | 2024 | 2023 | 2024 | 2023 |
|  | € million | € million | € million | € million |
| Czech Koruna | 0.2 | 0.4 | 0.2 | 0.1 |
| Bosnian Mark | 0.1 | 0.1 | 0.1 | – |
| Other | 0.2 | 0.2 | 1.0 | 1.2 |
| Total borrowings | 888.7 | 948.1 | 3,091.9 | 2,476.4 |

The carrying amounts of interest-bearing borrowings held at fixed and floating interest rate as at

31 December 2024 were as follows:

|  |  |  |  |
| --- | --- | --- | --- |
|  | Fixed | Floating |  |
|  | interest rate | interest rate | Total |
|  | € million | € million | € million |
| Euro | 3,759.9 | 17.3 | 3,777.2 |
| Egyptian Pound | 76.7 | – | 76.7 |
| US Dollar | 55.4 | – | 55.4 |
| Swiss Franc | 24.4 | – | 24.4 |
| Bulgarian Lev | 11.2 | – | 11.2 |
| Russian Rouble | 9.6 | – | 9.6 |
| Nigerian Naira | 8.9 | – | 8.9 |
| Polish Zloty | 5.1 | – | 5.1 |
| UK Sterling | 2.8 | 0.7 | 3.5 |
| Romanian Leu | 2.5 | – | 2.5 |
| Hungarian Forint | 2.2 | – | 2.2 |
| Belarusian Rouble | 1.5 | – | 1.5 |
| Ukrainian Hryvnia | 0.6 | – | 0.6 |
| Czech Koruna | 0.4 | – | 0.4 |
| Bosnian Mark | 0.2 | – | 0.2 |
| Other | 1.2 | – | 1.2 |
| Total interest-bearing borrowings | 3,962.6 | 18.0 | 3,980.6 |

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024309

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

25. Net debt continued

b) Cash and cash equivalents

Cash and cash equivalents as at 31 December comprised the following:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Cash at bank, in transit and in hand | 689.5 | 441.6 |
| Short-term deposits | 858.6 | 819.0 |
| Total cash and cash equivalents | 1,548.1 | 1,260.6 |

Cash and cash equivalents were held in the following currencies:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Euro | 655.0 | 671.0 |
| Russian Rouble | 340.4 | 196.3 |
| US Dollar | 248.7 | 80.8 |
| Nigerian Naira | 54.5 | 92.5 |
| Polish Zloty | 42.7 | 13.1 |
| UK Sterling | 38.8 | 21.4 |
| Egyptian Pound | 37.4 | 35.9 |
| Ukrainian Hryvnia | 23.0 | 48.5 |
| Hungarian Forint | 18.0 | 9.6 |
| Serbian Dinar | 16.4 | 16.9 |
| Belarusian Rouble | 14.8 | 9.2 |
| Armenian Dram | 13.8 | 19.2 |
| Romanian Leu | 12.5 | 13.6 |
| Czech Koruna | 9.9 | 6.8 |
| Moldovan Leu | 7.3 | 6.3 |
| Bosnian Mark | 7.3 | 3.2 |
| Swiss Franc | 6.3 | 15.4 |
| Other | 1.3 | 0.9 |
| Total cash and cash equivalents | 1,548.1 | 1,260.6 |

As at 31 December 2024, time deposits of €619.0 million (2023: €54.8 million), which did not meet the

definition of cash and cash equivalents, were recorded as other financial assets.

The amount of dividends payable to the Company by its operating subsidiaries is subject to, among

other restrictions, general limitations imposed by the corporate laws and exchange control restrictions

of the respective jurisdictions where those subsidiaries are organised and operate. Currently, as a result

of sanctions and other regulations, there are certain restrictions in Russia and Ukraine that affect the

Group’s ability to repatriate profits. However, these restrictions are not expected to have a material

impact on the Group’s liquidity. Also, the currency in certain countries in which we operate (in particular

Belarus, Egypt, Nigeria, Serbia and Ukraine) can only be converted or transferred for specific purposes

established by their governments, without necessarily affecting the repatriation of profits in all cases.

These restrictions do not have a material impact on the Group’s liquidity, as the amounts of cash and

cash equivalents held in such countries are generally retained for capital expenditure, working capital

and dividend distribution purposes. Intra-group dividends paid by certain of our subsidiaries are also

subject to withholding taxes.

Cash and cash equivalents held by the Group’s operations in Russia amounted to €490.7 million equivalent

in Russian Rouble, US Dollar and Euro as at 31 December 2024 (2023: €278.7 million).

26. Equity

Accounting policy

Share capital

Coca-Cola HBC has only one class of shares, ordinary shares. When new shares are issued, they are

recorded in share capital at their par value. The excess of the issue price over the par value is recorded

in the share premium reserve. Incremental external costs directly attributable to the issue of new

shares or to the process of returning capital to shareholders are recorded in equity as a deduction,

net of tax, in the share premium reserve.

Where the Group purchases the Company’s equity instruments, for example as the result of a share

buyback programme, the consideration paid, including any directly attributable incremental costs

(net of income taxes), is deducted from equity attributable to the owners of the parent as treasury

shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently

reissued, any consideration received, net of any directly attributable incremental transaction costs

and the related income tax effects, is included in equity attributable to the owners of the parent.

Dividends

Dividends are recorded in the Group’s consolidated financial statements, against the relevant equity

component, in the period in which they are approved by the Group’s shareholders.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024310

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

26. Equity continued

a) Share capital, share premium and Group reorganisation reserve

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Number of |  |  | Group |
|  | shares | Share | Share | reorganisation |
|  | (authorised | capital | premium | reserve |
|  | and issued) | € million | € million | € million |
| Balance as at 1 January 2023 | 372,086,095 | 2,024.3 | 2,837.4 | (6,472.1) |
| Shares issued to employees exercising |  |  |  |  |
| stock options (refer to Note 28) | 891,127 | 6.0 | 8.2 | – |
| Dividends | – | – | (289.9) | – |
| Balance as at 31 December 2023 | 372,977,222 | 2,030.3 | 2,555.7 | (6,472.1) |
| Shares issued to employees exercising |  |  |  |  |
| stock options | 262,340 | 1.8 | 2.0 | – |
| Dividends | – | – | (342.9) | – |
| Balance as at 31 December 2024 | 373,239,562 | 2,032.1 | 2,214.8 | (6,472.1) |

The Group reorganisation reserve relates to the impact from adjusting share capital, share premium

and treasury shares to reflect the respective statutory amounts of Coca-Cola HBC on 25 April 2013,

together with the transaction costs incurred by the latter, relating primarily to the redomiciliation of

the Group and its admission to listing in the London Stock Exchange, following successful completion

of the voluntary share exchange offer (refer to Note 1). These transactions were treated as a

reorganisation of an existing entity that has not changed the substance of the reporting entity.

In 2024, the share capital of Coca-Cola HBC increased by the issue of 262,340 (2023: 891,127) new

ordinary shares following the exercise of stock options pursuant to Coca-Cola HBC AG’s employees’

stock option plan. Total proceeds from the issuance of the shares under the stock option plan amounted

to €3.8 million (2023: €14.2 million). Additional proceeds of €2.8 million in 2024 (2023: €nil) related

to exercised stock options settled via treasury shares as described below and were reflected under

‘Other reserves’, more specifically the ‘Stock option, performance share and deferred management

incentive share reserve’ in the consolidated statement of changes in equity.

Following the above changes, on 31 December 2024, the share capital of the Group amounted

to €2,032.1 million and comprised 373,239,562 shares with a nominal value of CHF 6.70 each.

b) Dividends

On 17 May 2023, the shareholders of Coca-Cola HBC AG at the Annual General Meeting approved

a dividend distribution of €0.78 per share. The total dividend amounted to €289.9 million and was paid

on 19 June 2023. Of this, an amount of €2.7 million related to shares held by the Group.

The shareholders of Coca-Cola HBC AG approved a dividend distribution of €0.93 per share at the

Annual General Meeting held on 21 May 2024. The total dividend amounted to €342.9 million and was

paid on 24 June 2024. Of this, an amount of €3.2 million related to shares held by the Group.

The Board of Directors of Coca-Cola HBC AG has proposed a €1.03 dividend per share in respect

of 2024. If approved by the shareholders of Coca-Cola HBC AG, this dividend will be paid in 2025.

c) Treasury shares and reserves

The reserves of the Group as at 31 December were as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Treasury shares | (298.5) | (144.1) |
| Exchange equalisation reserve | (1,922.1) | (1,708.9) |
| Other reserves |  |  |
| Hedging reserve, net | (7.9) | (20.7) |
| Tax-free reserve | 0.5 | 163.8 |
| Statutory reserves | 30.8 | 27.3 |
| Stock option, performance share and deferred management |  |  |
| incentive share reserve | 68.0 | 78.2 |
| Financial assets at fair value through other comprehensive  income reserve, net | 0.6 | 0.8 |
| Other | 23.1 | 22.7 |
| Total other reserves | 115.1 | 272.1 |
| Total reserves | (2,105.5) | (1,580.9) |

Treasury shares

Treasury shares held by the Group represent shares acquired following approval of share buyback

programmes, forfeited shares under the equity compensation plan operated by the Group, as well

as shares representing the initial ordinary shares of Coca-Cola HBC acquired from Kar-Tess Holding.

On 20 November 2023, the Group announced the launch of a share buyback programme of up to a maximum

of 18,000,000 ordinary shares to be purchased in a manner consistent with the Company’s general authority

to repurchase shares granted at its Annual General Meeting on 17 May 2023 and any such authority granted

at its following annual general meetings. The programme commenced on 21 November 2023 and is expected

to run for a period of around two years. At its Annual General Meeting on 21 May 2024, the Company’s general

authority to repurchase shares was renewed. During 2024, the Group purchased shares under the programme

for a total consideration of €183.0 million (2023: €42.6 million), which was reflected in line ‘Acquisition of treasury

shares’ of the consolidated cash flow statement and the consolidated statement of changes in equity.

An amount of €23.4 million in 2024 (2023: €29.7 million) relates to treasury shares provided to employees

in connection with vested performance share awards and deferred management incentive share awards

under the Group’s employee incentive scheme, which was reflected as an appropriation of reserves

from ‘Treasury shares’ to ‘Other reserves’, more specifically the ‘Stock option, performance share and

deferred management incentive share reserve’ in the consolidated statement of changes in equity.

An additional amount of €5.2 million in 2024 (2023: €nil) relates to treasury shares provided to employees

exercising stock options, which was reflected in line ‘Shares issued/granted to employees exercising stock

options’ of the consolidated statement of changes in equity

as a reclassification from ‘Treasury shares’

to ‘Other reserves’, more specifically the ‘Stock option, performance share and deferred management

incentive share reserve’.

As at 31 December 2024, 11,077,797 (2023: 6,068,537) treasury shares were held by the Group.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024311

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

26. Equity continued

Exchange equalisation reserve

The exchange equalisation reserve comprises all foreign exchange differences arising from the translation

of the financial statements of Group entities with functional currencies other than the Euro.

Other reserves

Hedging reserve

The hedging reserve reflects changes in the fair values of derivatives accounted for as cash flow

hedges, net of the deferred tax related to such balances.

Tax-free and statutory reserves

The tax-free reserve includes investment amounts exempt from tax according to incentive legislation,

other tax-free income or income taxed at source. Statutory reserves are particular to the various

countries in which the Group operates. The amount of statutory reserves of the parent entity, Coca-

Cola HBC AG, is €nil.

During 2024, an amount of €3.5 million was reclassified from retained earnings to statutory reserves

relating to the formation of additional reserves by the Group’s subsidiaries (2023: net amount of

€4.7 million).

An amount of €163.3 million was reclassified from ‘Other reserves’, more specifically the ‘Tax-

free reserve’ to ‘Retained earnings’ in the consolidated statement of changes in equity, reflecting

capitalisation of tax-free reserves.

Stock option, performance share and deferred management incentive share reserve

The stock option, performance share and deferred management incentive share reserve represents

the cumulative charge to the income statement for employee stock option, performance share

and deferred management incentive share awards less the vested performance share and deferred

management incentive share awards, as well as any proceeds from employees exercising stock options

which were settled using treasury shares.

Other

Other reserves are particular to the various countries in which the Group operates and include reserve

for shares held for the Group’s employee share purchase plan, which is an equity compensation plan

in which eligible employees may participate, as well as the Group’s share of changes in other reserves

of equity method investments.

d) Dilution of non-controlling interest

In 2024, following capitalisation of certain inter-company loans by the Group’s subsidiary in Egypt,

Coca-Cola HBC Egypt, as well as equity injection in the subsidiary covered in its entirety by the

Group, the relevant non-controlling interest was diluted by approximately 2.0%. This resulted

in a reclassification from ‘Non-controlling interests’ to ‘Retained earnings’ of €5.5 million in the

consolidated statement of changes in equity .

27. Related party transactions

a) The Coca-Cola Company

As at 31 December 2024, The Coca-Cola Company indirectly owned approximately 21% (2023: 21%) of

the issued share capital of Coca-Cola HBC. Coca-Cola HBC’s business relationship with The Coca-Cola

Company is mainly governed by the bottlers’ agreements with The Coca-Cola Company, which are

an important element of Coca-Cola HBC’s business. The Coca-Cola Company considers Coca-Cola

HBC to be a ‘key bottler’ and has entered into bottlers’ agreements with Coca-Cola HBC in respect

of the CCH territories where CCH Group produces, sells and distributes The Coca-Cola Company’s

trademarked beverages. All the bottlers’ agreements entered into by The Coca-Cola Company and

Coca-Cola HBC are Standard International Bottlers’ (SIB) agreements. The terms of the bottlers’

agreements grant Coca-Cola HBC the right to produce and the exclusive right to sell and distribute

the beverages of The Coca-Cola Company in each of the countries in which the Group operates.

Consequently, Coca-Cola HBC is obliged to purchase all concentrate for The Coca-Cola Company’s

beverages from The Coca-Cola Company, or its designee, in the ordinary course of business. All

bottlers’ agreements were renewed with effect from 1 January 2024, for an initial term of 10 years, with

the option for the CCH Group to request an extension (at the discretion of The Coca-Cola Company)

for another 10 years upon expiry of the initial term.

The Coca-Cola Company owns or has applied for the trademarks that identify its beverages in each of

the countries in which the Group operates. The Coca-Cola Company has authorised Coca-Cola HBC

and certain of its subsidiaries to use the trademark ‘Coca-Cola’ in their corporate names.

Accounting policy

Contributions from The Coca-Cola Company

The Coca-Cola Company participates at its discretion in shared marketing programmes with

the Group to promote the sale of The Coca-Cola Company products. Where such cooperative

arrangements are entered into, the Group receives contributions from The Coca-Cola Company

to offset the cost it has incurred for price support and marketing and promotional campaigns in

respect of specific customers, as well as general marketing programmes.

These contributions from The Coca-Cola Company are classified as other income and are accrued

and matched to the expenditure to which they relate, in line with the substance of the arrangement

with The Coca-Cola Company as described above. These contributions are presented as follows:

•  to the extent that they relate to compensation for costs incurred by the Group for price support

and marketing and promotional campaigns in respect of specific customers, which have been

treated as a deduction from revenue from contracts with customers, they are presented as an

offset against such deductions from revenue and accordingly, included within net sales revenue

in the consolidated income statement; and

•  to the extent that they relate to compensation for expenditure incurred by the Group in

connection with general marketing programmes, they are presented as an offset against

this expenditure and accordingly, included within operating expenses in the consolidated

income statement.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024312

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

27. Related party transactions continued

The below table summarises transactions with The Coca-Cola Company and its subsidiaries:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Purchases of concentrate, finished products and other items | 1,912.5 | 1,861.4 |
| Net contributions received for marketing and promotional incentives | 155.8 | 125.1 |
| Sales of finished goods and raw materials | 5.2 | 4.7 |
| Other income | 6.7 | 4.1 |
| Other expenses | 3.4 | 3.6 |

Contributions received from The Coca-Cola Company for marketing and promotional incentives

during the year amounted to €155.8 million (2023: €125.1 million) which can be analysed as follows:

contributions made by The Coca-Cola Company to Coca-Cola HBC for price support and marketing

and promotional campaigns in respect of specific customers in 2024 totalled €85.9 million (2023: €59.3

million) and were recognised as an offset against the relevant incentives provided to those customers

within net sales revenue (refer to Note 7), while contributions made by The Coca-Cola Company to

Coca-Cola HBC for general marketing programmes in 2024 totalled €69.9 million (2023: €65.8 million)

and were recognised against the relevant cost incurred within operating expenses (refer to Note 8).

The Coca-Cola Company has also customarily made additional payments for marketing and advertising

directly to suppliers as part of the shared marketing arrangements. The proportion of direct and

indirect payments, made at The Coca-Cola Company’s discretion, will not necessarily be the same

from year to year.

As at 31 December 2024, the Group had a total amount due from The Coca-Cola Company of €30.5

million (2023: €42.8 million), and a total amount due to The Coca-Cola Company of €274.3 million (2023:

€273.4 million).

b) Frigoglass S.A. (‘Frigoglass’), Kar-Tess Holding and AG Leventis (Nigeria) Ltd

As at 31 December 2024, Truad Verwaltungs AG indirectly owned approximately 99% (2023: 99%)

of AG Leventis (Nigeria) Ltd and indirectly controlled Kar-Tess Holding, which held approximately 23%

(2023: 23%) of Coca-Cola HBC’s total issued capital.

As at 1 January 2023, Truad Verwaltungs AG also indirectly owned approximately 48% of Frigoglass.

In April 2023, Frigoglass restructured its debt, which resulted in changes to its ownership structure.

The restructured Frigoglass Group no longer meets the definition of related party as per IAS 24 ‘Related

party disclosures’ for Coca-Cola HBC AG.

During the four months ended 28 April 2023, the Group purchased coolers and other equipment,

as well as raw and other materials of €24.4 million, and incurred maintenance, rent and other expenses

of €10.0 million from Frigoglass and its subsidiaries.

During 2024, the Group incurred other expenses of €6.0 million (2023: €11.0 million) from AG Leventis

(Nigeria) Ltd. As at 31 December 2024, the Group owed €1.3 million (2023: €1.1 million) and had a lease

liability of €0.6 million (2023: €1.2 million) to AG Leventis (Nigeria) Ltd.

c) Other related parties

The below table summarises transactions with other related parties:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Purchases | 45.2 | 47.3 |
| Other expenses | 19.8 | 15.5 |

During 2024, the Group incurred subsequent expenditure for fixed assets of €1.9 million (2023: €3.2

million) and purchased coolers and other equipment as well as inventories of €43.3 million (2023: €44.1

million) from other related parties. Furthermore, during 2024, the Group incurred other expenses of

€19.8 million (2023: €15.5 million) mainly related to maintenance services for cold drink equipment and

installations of coolers, fountains, vending and merchandising equipment from other related parties.

As at 31 December 2024, the Group had a total amount due to other related parties of €7.2 million

(2023: €9.1 million) and was owed €15.5 million including convertible loan receivable of €12.3 million

(2023: €6.7 million, including convertible loan receivable of €4.3 million) from other related parties.

During 2024, the Group received dividends of €2.2 million from non-integral associates (2023: €7.0

million), which were included in line ‘Receipts from non-integral equity method investments’ of the

consolidated cash flow statement.

Capital commitments to other related parties amounted to €2.5 million as at 31 December 2024

(2023: €3.8 million).

d) Joint ventures

The below table summarises transactions with joint ventures:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Purchases of finished goods and other inventories | 32.6 | 26.0 |
| Sales of finished goods and raw materials | 8.9 | 7.8 |
| Other income | 10.1 | 10.4 |
| Other expenses | 8.4 | 8.3 |

As at 31 December 2024, the Group owed €13.8 million including loans payable of €2.7 million (2023:

€8.6 million including loans payable of €2.7 million) to, and was owed €8.5 million including loans and

dividends receivable of €3.5 million and €nil respectively (2023: €12.3 million including loans and

dividends receivable of €4.3 million and €2.6 million respectively) from joint ventures.

During 2024, the Group received dividends of €11.7 million from integral joint ventures (2023: €6.7

million), which were included in line ‘Receipts from integral equity method investments’ of the

consolidated cash flow statement.

e) Directors and senior management

There have been no transactions between Coca-Cola HBC and the Directors and senior management

except for remuneration (refer to Note 8).

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024313

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

28. Share-based payments

Accounting policy

Stock option, performance share award and deferred management incentive share plan

Coca-Cola HBC provides equity-settled share-based payments to its senior managers in the form

of an employee stock option, performance share award and deferred management incentive plan

(the ‘Plan’).

Stock options under the Plan are measured at fair value at the date of grant. Fair value reflects

the parameters of the compensation plan, the risk-free interest rate, the expected volatility, the

dividend yield and the early exercise experience under the Plan. Expected volatility is determined by

calculating the historical volatility of Coca-Cola HBC’s share price over previous years. The fair value

determined at the grant date is expensed on a straight-line basis over the vesting period.

The Plan offers a specified number of performance share awards and deferred management

incentive plan shares (the ‘deferred MIP shares’) which vest three years after the grant. The fair value

is determined at the grant date and reflects the parameters of the compensation plan, the dividend

yield and the closing share price on the date of grant. The fair value determined at the grant date is

expensed on a straight-line basis over the vesting period. At the end of each reporting period, the

Group revises its estimates of the number of shares that are expected to vest based on non-market

conditions and recognises the impact of the revision to original estimates, if any, in the income

statement with a corresponding adjustment to equity.

When the terms of an equity-settled award are modified, the minimum expense recognised is

the grant date fair value of the unmodified award, provided the original vesting terms of the award

are met. An additional expense, measured as at the date of modification, is recognised for any

modification that increases the total fair value of the share-based payment transaction, or is

otherwise beneficial to the employee.

Employee Share Purchase Plan

The Group operates an employee share purchase plan (the ‘ESPP’), an equity compensation

plan in which eligible employees can participate. The Group makes contributions to the plan for

participating employees and recognises expenses over the vesting period of the contributions.

The charge included in employee costs regarding share-based payments for the years ended

31 December is analysed as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | € million | € million |
| Performance share awards and deferred MIP shares | 16.0 | 20.6 |
| Employee Share Purchase Plan | 7.7 | 6.7 |
| Total share-based payments charge | 23.7 | 27.3 |

Terms and conditions

Stock option, performance share award and deferred management incentive share plan

The Group has not issued any new stock options since 2014. Based on Plan rules, senior managers

were granted awards of stock options, based on performance, potentiality and level of responsibility.

Options were granted at an exercise price equal to the closing price of the Company’s shares trading on

the London Stock Exchange on the day of the grant and vested in one-third increments each year for

three years. Options can be exercised for up to 10 years from the date of award. When the options are

exercised and shares are issued, the proceeds received by the Group, net of any transaction costs, are

credited to share capital (at the nominal value) and share premium.

Since 2015, performance shares are the primary long-term award. Senior managers are granted

performance share awards, which have a three-year vesting period and are linked to Group-specific

key performance indicators. The closing price of the Company’s shares trading on the London Stock

Exchange on the day of the grant is used to determine the number of performance share awards

granted. In 2018, the Group modified the performance share plan, in order for eligible employees

to receive upon vesting, additionally to the specific number of shares, the value of dividends

corresponding to the years from grant till vest date, subject to the approval of the Remuneration

Committee. Furthermore, 50% of the Chief Executive Officer’s annual bonus awarded under the terms

of the management incentive plan is deferred into shares (the ‘deferred MIP shares’) which vest over a

three-year period, subject to service conditions. No dividend-equivalent shares corresponding to the

years from grant till vest date are provided, in connection with the deferred MIP shares granted.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024314

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

28. Share-based payments continued

Employee Share Purchase Plan

The Employee Share Purchase Plan is administered by a Plan Administrator. Under the terms of this

plan, employees have the opportunity to invest 1% to 15% of their salary in ordinary Coca-Cola HBC

shares by contributing to the plan through a payroll deduction. Employee deductions are used monthly

to purchase ordinary Coca-Cola HBC shares in the open market (London Stock Exchange).

Coca-Cola HBC will match employee contributions up to a maximum of 3% of the employee’s salary.

Employer matching cash contributions vest one year after the grant, at which time they are used to

purchase matching shares on the open market that are immediately vested. Dividends received in

respect of shares held under this plan are used to purchase additional shares at the time of dividend

distribution. Shares are held under the Plan Administrator. For employees resident in Greece, Coca-

Cola HBC matches the employees’ contributions with an annual employer contribution of up to 5%

of the employees’ salaries which vests annually in December of each year.

Stock option activity

The outstanding stock options are fully vested and are exercisable until 2025.

A summary of stock option activity in 2024 under all grants is as follows:

|  |  |  |  |
| --- | --- | --- | --- |
|  | Number | Weighted  1 | Weighted |
|  | of stock | average | average |
|  | options | exercise price | exercise price |
|  | 2024 | 2024 (EUR) | 2024 (GBP) |
| Outstanding as at 1 January | 806,603 | 16.49 | 14.31 |
| Exercised | (428,718) | 15.99 | 13.26 |
| Outstanding as at 31 December | 377,885 | 18.70 | 15.50 |
| Exercisable as at 31 December | 377,885 | 18.70 | 15.50 |

A summary of stock option activity in 2023 under all grants is as follows:

|  |  |  |  |
| --- | --- | --- | --- |
|  | Number | Weighted  1 | Weighted |
|  | of stock | average | average |
|  | options | exercise price | exercise price |
|  | 2023 | 2023 (EUR) | 2023 (GBP) |
| Outstanding as at 1 January | 1,697,730 | 16.02 | 14.15 |
| Exercised | (891,127) | 16.15 | 14.01 |
| Outstanding as at 31 December | 806,603 | 16.49 | 14.31 |
| Exercisable as at 31 December | 806,603 | 16.49 | 14.31 |

1.  For convenience purposes, the prices are translated at the closing exchange rate.

Total proceeds from the exercise of options under the stock option plan in 2024 amounted to €6.6

million (2023: €14.2 million).

The weighted average remaining contractual life of stock options outstanding as at 31 December 2024

was 0.9 years (2023: 1.5 years).

Performance shares and deferred MIP shares activity

A summary of performance shares and deferred MIP shares activity is as follows:

|  |  |  |
| --- | --- | --- |
|  | Number of | Number of |
|  | shares | shares |
|  | 2024 | 2023 |
| Outstanding as at 1 January | 2,956,548 | 2,976,201 |
| Granted  2 | 931,353 | 1,146,585 |
| Vested | (773,603) | (947,825) |
| Forfeited/cancelled | (173,805) | (218,413) |
| Outstanding as at 31 December | 2,940,493 | 2,956,548 |

2.  Includes dividend equivalent shares.

The weighted average remaining contractual life of performance shares and deferred MIP shares

outstanding as at 31 December 2024 was 1.1 years (2023: 1.3 years).

The weighted average fair value for the 2024 performance share award and deferred MIP share plan was

£24.71 per share (2023: £21.21). Relevant inputs into the valuation were as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Weighted average share price | £24.75 | £21.25 |
| Dividend yield  3 | nil | nil |
| Weighted average vesting period | 3.0 years | 3.0 years |

3.  Dividend yield in connection with the valuation of deferred MIP shares granted during 2024 was 3.3% (2023: 3.2%).

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024315

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

29. Contingencies

In relation to the Greek Competition Authority’s decision of 25 January 2002, one of Coca-Cola

Hellenic Bottling Company S.A.’s competitors had filed a lawsuit against Coca-Cola Hellenic Bottling

Company S.A. claiming damages in an amount of €7.7 million. The court of first instance heard the

case on 21 January 2009 and subsequently rejected the lawsuit. The plaintiff appealed against the

judgement and on 9 December 2013, the Athens Court of Appeals rejected the plaintiff’s appeal.

On 19 April 2014, the same plaintiff filed a new lawsuit against Coca-Cola Hellenic Bottling Company

S.A. (following the spin-off, Coca-Cola HBC Greece S.A.I.C.) claiming payment of €7.5 million as

compensation for losses and moral damages for alleged anti-competitive commercial practices of

Coca-Cola Hellenic Bottling Company S.A. between 1994 and 2013. On 21 December 2018, the plaintiff

served their withdrawal from the lawsuit. However, on 20 June 2019, the same plaintiff filed a new

lawsuit against Coca-Cola HBC Greece S.A.I.C. claiming payment of €10.1 million as compensation

for losses and moral damages again for alleged anti-competitive commercial practices of Coca-Cola

Hellenic Bottling Company S.A. for the same period between 1994 and 2013. On 16 July 2021, the

Athens Multimember Court of First Instance issued its judgement number 1929/2021 (hereinafter the

‘Judgement’), which adjudicated that Coca-Cola HBC Greece S.A.I.C. was obliged to pay to the plaintiff

an amount of circa €0.9 million plus interest as of 31 December 2003. Both Coca-Cola HBC Greece

S.A.I.C. and the plaintiff appealed against the Judgement to the court of appeals. Both appeals were

heard on 19 January 2023. Decision no. 2312/2024 was issued by the Court of Appeal which (a) rejected

the appeal of the plaintiff, (b) accepted the appeal of Coca-Cola HBC Greece S.A.I.C., (c) annulled the

Judgement and (d) rejected the plaintiff’s lawsuit, dated 20 June 2019. On 30 September 2024, the

plaintiff filed an appeal in cassation, before the Supreme Court, against this decision of the Court of

Appeal. No hearing date has been set yet. Management believes that any liability to the Group that may

arise as a result of these pending legal proceedings will not have a material adverse effect on the results

of operations, cash flows, or the financial position of the Group taken as a whole.

With respect to the investigation of the Greek Competition Commission initiated on 6 September

2016, regarding Coca-Cola HBC Greece S.A.I.C.’s operations in certain commercial practices in the

non-alcoholic beverages market, the Rapporteur of the Greek Competition Commission appointed

for this case issued her Statement of Objections on 5 July 2021, alleging that Coca-Cola HBC Greece

S.A.I.C. undertook a series of anti-competitive practices in the market of instant consumption for

cola and non-cola carbonated soft drinks, thereby excluding competitors and limiting their growth

potential. Coca-Cola HBC Greece S.A.I.C. has vigorously defended its commercial practices, in

rebuttal of the allegations set out in the Statement of Objections. The hearing of the case, before

the plenary session of the Greek Competition Commission, was concluded on 29 November 2021 and

the supplementary briefs of the parties were submitted on 16 December 2021. On 3 November 2022,

the Hellenic Competition Commission notified Coca-Cola HBC Greece S.A.I.C. of its ruling on the case,

according to which Coca-Cola HBC Greece S.A.I.C. allegedly abused its dominant position in the Greek

immediate consumption market segment for cola and non-cola carbonated soft drinks. The Hellenic

Competition Commission ruling imposed on Coca-Cola HBC Greece S.A.I.C. a fine of €10.3 million,

as well as a behavioural remedy in relation to beverage coolers valid until end of 2024. Coca-Cola HBC

Greece S.A.I.C. paid the fine in May 2023. Coca-Cola HBC Greece S.A.I.C. strongly disagrees with this

ruling and has challenged it before the competent Court of Appeal. The hearing of the appeal before

the Administrative Court of Appeal, was originally set for 26 September 2024, and following postponement,

was heard on 12 December 2024. The decision by the Administrative Court of Appeal is pending.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024316

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

29. Contingencies continued

In 1992, our subsidiary NBC acquired a manufacturing facility in Nigeria from Vacunak, a Nigerian

company. In 1994, Vacunak filed a lawsuit against NBC, alleging that a representative of NBC had

orally agreed to rescind the sale agreement and instead enter into a lease agreement with Vacunak.

As part of its lawsuit, Vacunak sought compensation for rent and loss of business opportunities. NBC

discontinued all use of the facility in 1995. On 19 August 2013, NBC received the written judgement

of the Nigerian court of first instance issued on 28 June 2012 providing for damages of approximately

€5.1 million. The Appeal Court dismissed NBC’s appeal and Vacunak’s cross-appeal, and affirmed the

judgement of the first instance court in 2023. Both NBC and Vacunak have filed an appeal against the

judgement before the Supreme Court. Based on advice from NBC’s outside legal counsel, we believe

that it is unlikely that NBC will suffer material financial losses from this case. We have consequently not

provided for any losses in relation to this case.

The tax filings of the Group and its subsidiaries are routinely subjected to audit by tax authorities

in most of the jurisdictions in which the Group conducts business. These audits may result in

assessments of additional taxes. The Group provides for additional tax in relation to the outcome

of such tax assessments, to the extent that a liability is probable and estimable.

The Group is also involved in various other legal proceedings. Management believes that any liability to

the Group that may arise as a result of these pending legal proceedings will not have a material adverse

effect on the results of operations, cash flows, or the financial position of the Group taken as a whole.

Considering the above, there have been no significant adverse changes in contingencies since 31

December 2023 (as described in the 2023 Integrated Annual Report available on Coca-Cola HBC’s

website: www.coca-colahellenic.com).

30. Commitments

Capital commitments

As at 31 December 2024, the Group had capital commitments for property, plant and equipment

amounting to €294.2 million (2023: €203.4 million). Of this, €0.7 million are related to the Group’s share

of the commitments arising from joint ventures (2023: €1.5 million).

Capital commitments for 2024 include total future minimum lease payments under leases not yet commenced

to which the Group was committed as at 31 December 2024 of €21.6 million (2023: €10.0 million).

31. Post balance sheet events

On 28 February 2025, the acquisition of BDS Vending Solutions Ltd was completed for a consideration

of €27.9 million, of which €26.4 million were paid on the same day. The consideration adjustment (refer

to Note 23) is under discussion with the sellers according to the terms of the share purchase agreement

and is expected to be settled within the second quarter of 2025. Due to the timing of the acquisition

completion relatively to the publication of the Integrated Annual Report, details on the fair value of the

net assets acquired and goodwill are not available at this stage.

On 12 March 2025, the Remuneration Committee granted performance share awards of €27.7 million

equivalent, under the performance share award plan, which have a three-year vesting period. The

number of shares granted is calculated by dividing the value of the grant with the closing share price

as of the date of the approval of the grant.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024317

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Report on the audit of the consolidated financial statements

Report of the statutory auditor

to the General Meeting of

Coca-Cola HBC AG

Steinhausen (Zug)

Report on the audit of the consolidated financial statements

Opinion

We have audited the consolidated financial statements of Coca-Cola HBC AG and its subsidiaries

(the Group), which comprise the consolidated income statement and consolidated statement of

comprehensive income for the year ended 31 December 2024, the consolidated balance sheet as at

31 December 2024, the consolidated statement of changes in equity, and the consolidated cash flow

statement for the year then ended, and notes to the consolidated financial statements, including

material accounting policy information.

In our opinion, the consolidated financial statements (pages 259 to 317) give a true and fair view of the

consolidated financial position of the Group as at 31 December 2024 and its consolidated financial

performance and of its consolidated cash flows for the year then ended in accordance with IFRS

Accounting Standards as adopted by the European Union (EU) and comply with Swiss law.

Basis for opinion

We conducted our audit in accordance with Swiss law, International Standards on Auditing (ISA) and

Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are

further described in the ‘Auditor’s responsibilities for the audit of the consolidated financial statements’

section of our report. We are independent of the Group in accordance with the provisions of Swiss

law and the requirements of the Swiss audit profession, as well as the International Code of Ethics for

Professional Accountants (including International Independence Standards) issued by the International

Ethics Standards Board for Accountants (IESBA Code), and we have fulfilled our other ethical

responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

our opinion.

Our audit approach

Overview

Materiality Overall group materiality: EUR 56 million

Audit scope We conducted full scope audit procedures on the financial information of 17

components in 15 countries spread across all of the Group’s reportable segments.

Our audit scope addressed 81% of consolidated net sales revenue,

Key audit matters As key audit matters the following areas of focus have been identified:

•  Goodwill and indefinite-lived intangible assets impairment assessment

•  Uncertain tax positions

Materiality

The scope of our audit was influenced by our application of materiality. Our audit opinion aims to provide

reasonable assurance that the consolidated financial statements are free from material misstatement.

Misstatements may arise due to fraud or error. They are considered material if, individually or in aggregate,

they could reasonably be expected to influence the economic decisions of users taken on the basis of

the consolidated financial statements.

Based on our professional judgement, we determined certain quantitative thresholds for materiality,

including the overall Group materiality for the consolidated financial statements as a whole as set out

in the table below. These, together with qualitative considerations, helped us to determine the scope

of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of

misstatements, both individually and in aggregate, on the consolidated financial statements as a whole.

Overall group materiality EUR 56 million

Benchmark applied Profit before tax

Rationale for

the materiality

benchmarkapplied

We consider that the income statement remains the principal measure

used by the shareholders in assessing the underlying performance of the

Group. Therefore, an approach to materiality based on the profit before

tax has been applied, which is a generally accepted auditing benchmark.

We agreed with the Audit and Risk Committee that we would report to them misstatements above EUR

2.8 million identified during our audit as well as any misstatements below that amount which, in our view,

warranted reporting for qualitative reasons.

Audit scope

We tailored the scope of our audit to ensure that we performed sufficient work to be able to provide

an opinion on the consolidated financial statements as a whole, taking into account the operating

structure of the Group, the accounting processes and controls, and the industry in which the Group

operates. There were three different levels of work in our approach; audit work performed on the

Group’s trading subsidiary undertakings, at shared service centres, and at the group level.

The Group operates through its trading subsidiary undertakings in Nigeria, Egypt and 27 countries in

Europe, as set out in Note 1 ‘General information’ and Note 6 ‘Segmental analysis’ of the consolidated

financial statements. The Group also operates centralised treasury functions in the Netherlands and

inGreece and a centralised procurement function for key raw materials in the Netherlands.

Coca-Cola HBC Integrated Annual Report 2024318

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Based on their significance to the financial statements and in light of the key audit matters as noted

above, we identified 17 components in 15 countries spread across all of the Group’s reportable

segments (including the significant, due to risk or size, subsidiary undertakings in Egypt, Italy, Nigeria,

Poland, Romania, Russia and Switzerland). For these components we obtained full scope audit reports

over their financial information. In addition, we have performed Group level analysis on the remaining

components, where appropriate, to determine whether further risks of material misstatement exist

in those components. We consider the scope of our audit, as communicated to the Audit and Risk

Committee, to be an appropriate basis for our audit opinion.

As the Swiss statutory auditor, we issued group audit instructions to PwC Greece, who has the

responsibility as the group engagement team for the Company’s reporting requirements for the

London and Athens Stock Exchanges. These instructions covered the scope of our group audit to

enable us to fulfil our responsibilities under Swiss law. As the Swiss statutory auditor, we had ongoing

interactions with the group engagement team in Greece to be continuously updated and to monitor

their progress and the results of their procedures. We reviewed the instructions which PwC Greece

issued to component audit teams including centralised audit procedures performed at the shared

services centres in Bulgaria and shared audit comfort with component teams as it relates to IT general

controls and cybersecurity risks. We reviewed working papers and undertook additional interactions as

considered necessary depending on the significance of the accounting and audit matters. The Group

consolidation, consolidated financial statement disclosures and a number of other areas that involve

significant judgement and estimates, including goodwill and intangible assets and the Group’s overall

going concern assessment, were audited by the Swiss statutory auditor and the group engagement

team of PwC Greece.

As the Swiss statutory auditor, we held frequent virtual and on-site meetings to oversee the work

performed by the group engagement and component audit teams. We attended such meetings for Italy,

Russia (including Multon), Nigeria, Romania, Switzerland, Austria, Bulgaria, Greece, Hungary, Northern

Ireland, Poland, Serbia, the Netherlands, and Egypt. As the Swiss statutory auditor, we also held physical

meetings and discussions with the management of the trading subsidiaries in Egypt, Italy and Switzerland

to discuss business performance and outlook, matters relating to regulation and taxation, as well as any

specific accounting and auditing matters identified, including fraud and internal controls.

Based on the above, the subsidiaries which were in scope for the purposes of the group audit

accounted for 81% of consolidated net sales revenue, 76% of consolidated profit before tax and 87%

of consolidated total assets of the Group. This, together with the additional procedures performed at

Group level, provided us with sufficient appropriate evidence for our audit opinion on the consolidated

financial statements.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in

our audit of the consolidated financial statements of the current period. These matters were addressed

in the context of our audit of the consolidated financial statements as a whole, and in forming our

opinion thereon, and we do not provide a separate opinion on these matters.

Report on the audit of the consolidated financial statements continued

Goodwill and indefinite-lived intangible assets impairment assessment

Key audit matter How our audit addressed the key audit matter

Refer to Note 13 ‘Intangible assets’ of the

consolidated financial statements.

Goodwill and indefinite-lived intangible assets as at

31 December 2024 amount to EUR 1,828.8 million

and EUR 669.0 million, respectively.

The above amounts have been allocated to

individual cash-generating units (‘CGUs’), which in

accordance with International Accounting Standard

36 ‘Impairment of Assets’ (‘IAS 36’) require the

performance of an impairment assessment at

least annually or whenever there is an indication of

impairment. The impairment assessment involves

the determination of the recoverable amount of the

CGU, being the higher of the value-in-use and the

fair value less costs of disposal.

We consider this area as a key audit matter due

to the magnitude of goodwill and indefinite-

lived intangible assets balances and because

the determination of whether elements of

goodwill andof indefinite-lived intangible assets

are impairedinvolves a significant amount of

judgmentby management when developing

the estimates of the future results of the CGUs.

These estimates include assumptions surrounding

revenue growth rates, costs, foreign exchange rates

and discount rates.

In 2024, an impairment loss of EUR 0.4 million was

recorded in connection with a juice trademark in the

Emerging markets.

No impairment was identified for the remaining

indefinite-lived intangible assets or goodwill.

We evaluated the appropriateness of

management’s identification of the Group’s CGUs,

the process by which management prepared the

CGUs’ value-in-use calculations and the design and

operating effectiveness of related control activities.

We tested the accuracy of the CGUs’ carrying

values and value-in-use calculations and compared

the future cash flow projections included therein

to the financial budgets, approved by the directors,

covering a one-year period, and management’s

projections for the subsequent four years.

Inaddition, we assessed management’s past

forecasting accuracy by comparing key elements

ofthe prior year budgets and projections with

actual results.

We challenged management’s cash flow projections

in relation to the assumptions appliedtothe

value-in-use calculations, taking intoaccount the

ongoing challenging macroeconomic environment

in severalcountries.

With the support of our valuation specialists, we

assessed the appropriateness of the methodology

and valuation techniques used, as well as certain

assumptions including discount, annual revenue

growth and perpetuity revenue growth rates.

We performed independent sensitivity analyses on

the key drivers of the value-in-use calculations for

the CGUs with significant balances of goodwill and

indefinite-lived intangible assets.

Based on our work, we concluded that the results

reached by management in relation to the

impairment testing of goodwill and indefinite-lived

intangible assets were supported by assumptions

within reasonable ranges.

We evaluated the related disclosures provided in the

consolidated financial statements in Note 13 ‘Intangible

assets’ and concluded that these are appropriate.

Coca-Cola HBC Integrated Annual Report 2024319

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Uncertain tax positions

Key audit matter How our audit addressed the key audit matter

Refer to Note 10 ‘Taxation’ and Note

29 ‘Contingencies’ of the consolidated

financialstatements.

The Group operates in numerous tax jurisdictions

and is subject to periodic challenges, in the normal

course of business, by local tax authorities on a

range of matters including corporate tax, transfer

pricing arrangements and indirect taxes. As at 31

December 2024, the Group has provisions for

uncertain tax positions of EUR 72.3 million that are

classified in current tax liabilities, current tax assets

and deferred taxes.

The impact of changes in local tax regulations and

ongoing inspections by local tax authorities, could

materially impact the amounts recorded in the

consolidated financial statements.

Where the amount of tax payable is uncertain,

the Group establishes provisions based on

management’s estimates with respect to the

likelihood of potential material tax exposures

crystallising and the probable amount of the

resultant liability.

We consider this area as a key audit matter given

the level of judgement and subjectivity involved in

estimating tax provisions, including a high degree

of estimation uncertainty relative to the numerous

and complex tax laws in the various jurisdictions

in which the Group operates, the frequency of

tax audits, and the considerable time to conclude

investigations and negotiations with local tax

authorities as a result of such audits that could

materially impact the amounts recorded in the

financial statements.

In order to understand and evaluate management’s

judgement, we considered the status of current tax

authority inspections and inquiries, the outcome of

previous tax authority inspections, the judgemental

positions taken in tax returns and current year

estimates as well as recent developments in

thetax jurisdictions in which the Group operates.

We evaluated the Group’s monitoring process for

current tax authority inspections and challenged

management’s estimates, particularly in respect

of cases where there had been significant

developments with tax authorities.

Our component audit teams, through the use of

tax specialists with local knowledge and relevant

expertise, assessed the tax positions taken by the

subsidiary undertakings in scope, in the context

ofapplying local tax laws and evaluating the local

tax assessments.

We read recent rulings and correspondence with tax

authorities, as well as any external advice provided

by the Group’s tax experts and legal advisors.

Additionally, with our group engagement team

taxspecialists we further evaluated management’s

estimation of tax exposures and contingencies

in order to assess the adequacy of the Group’s

tax provisions and satisfy ourselves that the tax

provisions have been appropriately recorded or

adjusted to reflect the latest developments.

We held meetings with Group and local management

to discuss the individual tax positions of the in-scope

subsidiary undertakings and assessed with the

support of our group engagement tax team the

Group’s overall tax exposure.

From the evidence obtained, we consider the

provisions in relation to uncertain tax positions

asat 31 December 2024 to be reasonable.

We also evaluated the related disclosures provided

in the consolidated financial statements in Note

10 ‘Taxation’ and Note 29 ‘Contingencies’ and

concluded that these are appropriate.

Other information

The Board of Directors is responsible for the other information. The other information comprises the

information included in the annual report, but does not include the financial statements, the consolidated

financial statements, the statutory remuneration report and our auditor’s reports thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do

not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the

other information and, in doing so, consider whether the other information is materially inconsistent

with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears

to be materially misstated.

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 in this regard.

Board of Directors’ responsibilities for the consolidated financial statements

The Board of Directors is responsible for the preparation of consolidated financial statements, that give

a true and fair view in accordance with IFRS Standards as adopted by the European Union (EU) and the

provisions of Swiss law, and for such internal control as the Board of Directors determines is necessary

to enable the preparation of consolidated financial statements that are free from material misstatement,

whether due to fraud or error.

In preparing the consolidated financial statements, the Board of Directors is responsible for assessing

the Group’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 Board of Directors either intends

to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Report on the audit of the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024320

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAJcBeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqOdS8LKoyTUlFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAFGO3lWRSV4BB6ir1FFAFOeCR5mZVyD71H9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FWLWN49+8YzjHNWKKAGyAtGwHUgiqP2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAK4L4leHNW8Qf2X/Zdp5/keb5n7xF27tmPvEehrvaKmcFOPKzowuJnhayrQ3Xf0seCf8K58V/9Ar/yYi/+Ko/4Vz4r/wCgV/5MRf8AxVe90Vh9Vh3Z7P8ArJi/5Y/c/wDM8E/4Vz4r/wCgV/5MRf8AxVH/AArnxX/0Cv8AyYi/+Kr3uij6rDuw/wBZMX/LH7n/AJngn/CufFf/AECv/JiL/wCKo/4Vz4r/AOgV/wCTEX/xVe90UfVYd2H+smL/AJY/c/8AM8E/4Vz4r/6BX/kxF/8AFUf8K58V/wDQK/8AJiL/AOKr3uij6rDuw/1kxf8ALH7n/meCf8K58V/9Ar/yYi/+Ko/4Vz4r/wCgV/5MRf8AxVe90UfVYd2H+smL/lj9z/zPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uij6rDuw/1kxf8sfuf+Z4J/wAK58V/9Ar/AMmIv/iqP+Fc+K/+gV/5MRf/ABVe90UfVYd2H+smL/lj9z/zPBP+Fc+K/wDoFf8AkxF/8VR/wrnxX/0Cv/JiL/4qve6KPqsO7D/WTF/yx+5/5ngn/CufFf8A0Cv/ACYi/wDiqP8AhXPiv/oFf+TEX/xVe90UfVYd2H+smL/lj9z/AMzzL4deE9b0LxBPdalZeRC9q0at5qNli6HGFJPQGvTaKK2hBQVkeRjMXPF1fa1Ek/Iz/s039z9RR9mm/ufqK0KKs5TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiijNABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRnFABRQTik3DOKAFopu9fWl3CgBaKQMCSM8ijcPWgBaKTIo3DjnrQAtFJkZoYgCgBaKxpfEemQag1lJdqJ1xlPTNa6sGUEHgjNADqKTIBoBB6UALRRRQAUUUUAFFFFABRRRmgAopMijIoAWik3DGe1G4UALRSZxQCDQAtFFFACUtIaM0AGKKTcPWjPtSaAdRSFsGlpoApp606uI+JWtX2iaIk9i6q5kVcEZJyaFG7EztB3BPJpy9MZ6Vg+Ebu8vvDVndXuPOkjDHAxW6PX1psELQKWgUgCiiigYUUUmaAFoopMigBaKbu4zinUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFNbkc9KdTHbC0ANLFeevoKwNY8T22nf6Og+03TcCFDg/nVTxP4jlgf+ytIXz9TlGAB/BnoazLGO08LW+Jf9N1mf5iOvJ5x7Y5oAhfU/EcGu6c006tHcybfsgQbkGM8mvQkkPlbivbmsLRdJdriTVL9P9LmUDaf4QOmK1r69t9OtnuLhgkajkk0ALdXUVjbGaRgFHJzVP8At7TIoFf7QpVjx9a4C4g1/wAeaoPmaz0eJvlf/np61o6hpmnaXaLp+nwPd30nAw5wDQB31vMk0e+M7kPIOakY7Bnt/Ks7Q9ObTdLgt2ckr8xz79q0XKgFm4xzzQAbwFy2B9a5q91y5utR+w6au8LxNKOig1U1HUbvXrl9O0pysSnE0+OAKdf3+neENJMEOHuCOOcknvQBV1SztbOaDTrZA0922ZJSckY561p6t4g/se2jjgiMrDCjB61wFm97fXMh3M7yHJ/2/p6YrtNI0uB74TXtys1yANsX92gDqrWRprVG+45AJB7VYUYY8VFvjOEDLz2BqRCMCgB9FISBTfNjDbS67vTPNAD6KTcMZoLAHFAC0hqCW+toVJkmRcdcsKyrrxbots2JbwZ9FGaANvj1oPXGOK5K58c2Q+WwhkuZOw2kVUh1vxZqbgQ6Q1tF/wA9C4P6UAdszqn3mA+tVri/t7Zd0kqgfXNc1ceGtc1NQLvV9qd0VMfrV2w8GafaR4l8yV+u4ueaALVz4ks4RmN/NP8AdApLbWbq8iDxWDgN/EWrTisoIU2rEuPcZqdY1RQFUADsBQBnIl/IQXlCD021eiRl+82TipCDQBigBaQ9DS0HoaAMabxHpNvem1mvoo5hn5Wan/8ACQ6PuCnUYN3+9WJrHw+03WdVN9NJKjnOdjYqr/wrDSVJY3Nz9d9VZE6nUDXNLJ4vYfzpJNf0qMgNfQ5JwBurg1+HWl3t1KtrqtyTG2GUS9DUV38I2kmheDUp8IwY75Dzg1Vo9wR6gjiQCRWDRkZBFSLVXT7M2VlDbbiwjXGSetWwMDFZsoK82+LSM1jYgdDcRAj/AIHXpOK4H4pxhtFtnz8wuosf99VVP4iZbHW6PF5WlW8WMKq4FaA9Ko6UxOl25Jy23mru7H1pS3HEWlpuRSk4pDFopM0ZFFwFpDmjNJ/FQAeuKYsisxCsCw6gVX1CfyNPuZCcbY2II+hryr4Z69e6j4r1FJpmeJnJUMc4G2mk2roV1sewEfNntSimvyMD1pc+3WkMdRSZFAORmgBaKQNxRuGKAForN1nWrbQ7L7Vc52bguB15qxp1/FqVhDdwgiOVdwzQBaooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigBhB4IrnPFWvLpdp5du6/a5flj56Gty9uksrd5nYDA4ya8pudHu9R1mbW9W3DSoPm2jktjjpQBb0JbmRZl0yNpr+fiW+bjyxnPAPXHSu20jw3b6c5upj5964G+Vu/wCFTeH2t5NKR7a3EMWTtXuRVy9voNOtGublgqIM+p/AUAJqF/b6ZZSXd1II44xmvNJdbj8Qah9p1ZytijfuLZed598Vtxabc+Mb77ZqW4aUh/d2543evvTfEHhnT9FtDqWllbS5h5AHzb/bBoAvldX1KOOG0QadbAcuMHK1Ebqy0CQWWlw/atQk6gnIJ+vanaprF0bSysLVxBc3AAMhONvGc81mXWpWvh2JLTTY1vNTuOGJPfr17UAX49Zv9KuoZdaugkcrYESgEr+VT61qs2qXSaXp8m1WAM0/TYp5FYg01bcyaxrUwmn25S2Q7tp/Cud0y81rU5vssNm8Ku58wnI3rnigDrrnWrTQ9PkstNGJVH7yT39feuP0vSNQ8R3T6ldKYbVST5jnr+BrUuFFrrZg1O3kMEYBjhVSwY+5FaeuWOv61pca2tqsFp/Hbq2Nw7UAZlr4ms7RprHQbYzuoxJcMMD9ao6LrFjY30sv72a7kON4BIBq3q+h6/Do0MOmabHb2w/10Svkyfj1rT0Rb2CDy9P8ORQHHzO0nOfXmgC94X0rVV1J9R1O48mE8xxMeorf1fxbo+jQGS5u1Hsg3H8hXD6yuqz30dq1+91M/SBVwqfiK1/Dvw4srSU6hqQM12/JDHIWgBE8T634kTOh2TRWx/5eGOD/AN8mtPSvC9yl5HqGoag1zMvQY24rfa5sLJMCSJAvZSP5Vi6l400+zU+RHLPMOiiM4P40AdJkA4HNI88SA75UXHqa5H+0fEesW4e3thZRuOJN+SPwNZc9jFpy79a1aS/c9I0XOD6cUAP8R2vhj+0WvNQuJGB6ohY/ypnhn/hDNTv3j0yCRpIz1cN/WtXRNIt9Rt/ObTlt0YcZYkkfjW9pmg2Gk7zaQKjscswHWgC5HawIBthjyP8AZFTqAMgYHtRt9OvrSrnvQAtFFFABRRRQAUUUUAFFFFACUyYZicdypp9NkH8qOoHnfggsni3xDGSzBbrAB7fKK9GHevPvDAEPjzXEXjzJyxB/3RXoAI/OqkIdRVTUdQg0yze6nOI164qPSNXttasI7y0bMbjPPUVIy/XCfFNdvhyOc/djuIifwbNd3XDfFZ9vgyZQhYl1PA+tXD4iZbGFF8VLaOxjgsLKeaSNfnKrkCu28LeIE8RaUl2EKPgbgexNea/DywtLHwLf6pcRgvIh2lh0ypq/4F8V6VpXhzcztJNKAxROTnFXOCd7EJs9Tmmit13SyKgHdjVRdb0x38sXsJbOMbq8P8V+MdR1zVfKC3NtZAnG0EMawZtP1cyfa9PF75MR3FpAe3NNUNB89j6dDhjxzkcGlUjpkbu9eT2vxBjTwJC6XI/tGMLvWRue+arwfF6ZtMhkh0+SWbb+9ZUJGah0mh857D7Uh/WuU8GeMU8UWEs5jMbRcOCMY4zVTXviXo2js8XmGWZcj5eQDUqEr2K5jf8AE0nl6Bdv/djb+Rrzn4O6XJIbvV5VCh2+T3BFZ2q/Em98SaNcWljZOSB877DjGOa634Z3kcXgVZFHzwxZde+QCa15XGJD+I9BHXPrSHOeteUaR8Tr7VfFqafFbKIDnqOe1dz4k8T2fhy08ybLzPwsa8knp0rJwkmUmjfyOvSs7UdbtdOuYbeZsSTfd/PFZ3hXX5tdtXkuIGgYEYRxg9K574i2t+l9YalbwGWK34dVGT97NEY62YXZ6IMHmkOB1HFcHbfE2xcATWN4jY6GOr1v8QtJnYqEnBHUEUODQ0zpbywt9Qh8m6iWSPOQCM1LaW0drAsESKsaDCgelY8HivTpo9+5lA9as2/iHTZ1JF1GuPVqVmM1qKqwahaXLBYbiOQkZ+U5qyKQC0UUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHmuqnU/FHjcaXGXj0m2VZJHxjeTkEV3psITZC0ZcxhQuCOtTxW8cIxGgXnPHrT/myOKAK8oNraN9niBZF+Va5i9+06olu91ZgtDITtycNXX4IUjvRtOOnNAHMLLr0pSOKxighHAIk/pVgeHDdXUdxqM7TFTkRkcCug25xkdOlIAepoAytR8P6bqbxPdW4Zo/un0rFv/AdpcXS3FhcvZP0bYud35114UgY/WlxQBz2k+FbLSx5jDz7jvI/et1EjDYCAMO4FSFc9+PSjHGOlAEbRpuLbF3epFPwoHSgqSQCMil2nPX8KAEwCPb0proGiZeFyCOKkwc9aCvNAHA2vh/XNI1GdrJhPHIcl3YArWkula/d58zV5YFb+6AcV1eDtx1qJyIY2kdwqj1OAKAOZsvBVlA5e9druYnPmNwT+VaNxcaRoUJZ1RMfwqNzH8KzLrX73VZWstEiY4OHncFdv0PQ1bsfC1uri41Bje3Q53yDp+VAGXLda7r9wYbGP7HYt/y3BwxH+6a2dJ8L2WlxBtvnXJ5eV+rGtxU2jgfQelKc44FADcKMDA+gp4+uabsA6DGetKi7eKAHUUUUAFFFFABRRRQAUUUUAFFFFACU1xkYHFOoYZHFAHCR6Lf2nxFfUo+bWZXLfU4FdyQBkmhVx+FGG7gU2wK95Zw6hbNBcRq0TdiKbpmmWuk2otrSNUjHYDFW9pBJBz7UqjGSeppALVLU9Pt9UtGtblA0bdiKu00jNCAw08MWUegjSUQLBgA4H+fWqekeA9C0hdsVqkh7F16V1B6UAdeKd2LlRly6BpUpDSWEDEdDtqz/AGdaC3aBbdFiYYKgVb20EUrvuHKjim+GmgNcSTeSPnz8u0YrT0zwdpOmWL20Nsm11wcr7YrogDjFG05yPyquaXcdkcxoPg+30MX6QyMFuWzgduMVx918HbW41prlriRoXO5gSOter7eOnNIFIHrQpsTRz2l+ENL0exktbeAHzFILEc9MVHonhWPQtO1C2t5C32kHAP8AD8uK6bHHFG3HNDnJi5UeYeE/hrNo/iBtVuZ92c4UHPWpvHfgvVtZ1e21GwkRhD/yzkbA65r0nb60gUjPNUqjTuCicj4X8O6hZXb6lqN0xncHECtlBkV1ZUSqUkUH1B6U8qT+P6UKhC4JJx3qXJt3HsUH0TTmcubOIt6laiTw5pCuXFhAGPXC1qkHAANGOc4pczCxn/2JpuwqbKHH+7Vc+HNJ2ECzjUHrha2SOetBGfpRzDMey0C2sLlZbYYABGK2BSFemDilHele4C0UUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAf/9k=)

Auditor’s responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial

statements as a whole are free from material misstatement, whether due to fraud or error, and to

issue an auditor’s 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 Swiss law, ISA and SA-CH 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 consolidated financial statements.

A further description of our responsibilities for the audit of the consolidated financial statements is

located on EXPERTsuisse’s website: http://www.expertsuisse.ch/en/audit-report. This description

forms an integral part of our report.

Report on other legal and regulatory requirements

In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an

internal control system that has been designed, pursuant to the instructions of the Board of Directors,

for the preparation of the consolidated financial statements.

We recommend that the consolidated financial statements submitted to you be approved.

PricewaterhouseCoopers AG

Patrick Balkanyi

Licensed audit expert

Auditor in charge

Zurich, 14 March 2025

Tobias Handschin

Licensed audit expert

Report on the audit of the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2024321

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCADzBeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqOdS8LKoyTUlFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAFGO3lWRSV4BB6ir1FFAFOeCR5mZVyD71H9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FWLWN49+8YzjHNWKKAGyAtGwHUgiqP2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAK4L4leHNW8Qf2X/Zdp5/keb5n7xF27tmPvEehrvaKmcFOPKzowuJnhayrQ3Xf0seCf8K58V/9Ar/yYi/+Ko/4Vz4r/wCgV/5MRf8AxVe90Vh9Vh3Z7P8ArJi/5Y/c/wDM8E/4Vz4r/wCgV/5MRf8AxVH/AArnxX/0Cv8AyYi/+Kr3uij6rDuw/wBZMX/LH7n/AJngn/CufFf/AECv/JiL/wCKo/4Vz4r/AOgV/wCTEX/xVe90UfVYd2H+smL/AJY/c/8AM8E/4Vz4r/6BX/kxF/8AFUf8K58V/wDQK/8AJiL/AOKr3uij6rDuw/1kxf8ALH7n/meCf8K58V/9Ar/yYi/+Ko/4Vz4r/wCgV/5MRf8AxVe90UfVYd2H+smL/lj9z/zPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uij6rDuw/1kxf8sfuf+Z4J/wAK58V/9Ar/AMmIv/iqP+Fc+K/+gV/5MRf/ABVe90UfVYd2H+smL/lj9z/zPBP+Fc+K/wDoFf8AkxF/8VR/wrnxX/0Cv/JiL/4qve6KPqsO7D/WTF/yx+5/5ngn/CufFf8A0Cv/ACYi/wDiqP8AhXPiv/oFf+TEX/xVe90UfVYd2H+smL/lj9z/AMzzL4deE9b0LxBPdalZeRC9q0at5qNli6HGFJPQGvTaKK2hBQVkeRjMXPF1fa1Ek/Iz/s039z9RR9mm/ufqK0KKs5TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKzJfEGlwzPFJdYdGKsPLbgjr2qJ1IU9ZtL1KjCU/hVzTorK/4STSf+fv/AMhv/hR/wkmk/wDP3/5Df/Cs/rVD+dfei/q9X+V/czVoqvZ31vfwmW2k8xA20naRz+P1qxW0ZKSvF3Rm04uzCiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooqpqGowaZbrPcLcMjNsAgtpJmzgn7qKSBx1xj86ALdFYX/AAl2l/8APLVf/BRdf/G6P+Eu0v8A55ar/wCCi6/+N07MV0btFYX/AAl2l/8APLVf/BRdf/G6P+Eu0v8A55ar/wCCi6/+N0WYXRu0Vhf8Jdpf/PLVf/BRdf8Axuj/AIS7S/8Anlqv/gouv/jdFmF0btFYX/CXaX/zy1X/AMFF1/8AG6P+Eu0v/nlqv/gouv8A43RZhdG7RWF/wl2l/wDPLVf/AAUXX/xuj/hLtL/55ar/AOCi6/8AjdFmF0btFYX/AAl2l/8APLVf/BRdf/G6P+Eu0v8A55ar/wCCi6/+N0WYXRu0Vhf8Jdpf/PLVf/BRdf8Axuj/AIS7S/8Anlqv/gouv/jdFmF0btFYX/CXaX/zy1X/AMFF1/8AG6P+Eu0v/nlqv/gouv8A43RZhdG7RWF/wl2l/wDPLVf/AAUXX/xuj/hLtL/55ar/AOCi6/8AjdFmF0btFYX/AAl2l/8APLVf/BRdf/G6P+Eu0v8A55ar/wCCi6/+N0WYXRu0Vhf8Jdpf/PLVf/BRdf8Axuj/AIS7S/8Anlqv/gouv/jdFmF0btFYX/CXaX/zy1X/AMFF1/8AG6P+Eu0v/nlqv/gouv8A43RZhdG7RWF/wl2l/wDPLVf/AAUXX/xuj/hLtL/55ar/AOCi6/8AjdFmF0btFYX/AAl2l/8APLVf/BRdf/G6P+Eu0v8A55ar/wCCi6/+N0WYXRu0Vhf8Jdpf/PLVf/BRdf8Axuj/AIS7S/8Anlqv/gouv/jdFmF0btFYX/CXaX/zy1X/AMFF1/8AG6P+Eu0v/nlqv/gouv8A43RZhdG7RWF/wl2l/wDPLVf/AAUXX/xuj/hLtL/55ar/AOCi6/8AjdFmF0btFYX/AAl2l/8APLVf/BRdf/G6P+Eu0v8A55ar/wCCi6/+N0WYXRu0Vhf8Jdpf/PLVf/BRdf8Axuj/AIS7S/8Anlqv/gouv/jdFmF0btFYX/CXaX/zy1X/AMFF1/8AG6P+Eu0v/nlqv/gouv8A43RZhdG7RWF/wl2l/wDPLVf/AAUXX/xuj/hLtL/55ar/AOCi6/8AjdFmF0btFYX/AAl2l/8APLVf/BRdf/G6P+Eu0v8A55ar/wCCi6/+N0WYXRu0Vhf8Jdpf/PLVf/BRdf8Axuj/AIS7S/8Anlqv/gouv/jdFmF0btFYX/CXaX/zy1X/AMFF1/8AG6P+Eu0v/nlqv/gouv8A43RZhdG7RWF/wl2l/wDPLVf/AAUXX/xuj/hLtL/55ar/AOCi6/8AjdFmF0btFYX/AAl2l/8APLVf/BRdf/G6P+Eu0v8A55ar/wCCi6/+N0WYXRu0Vhf8Jdpf/PLVf/BRdf8Axuj/AIS7S/8Anlqv/gouv/jdFmF0btFYX/CXaX/zy1X/AMFF1/8AG6P+Eu0v/nlqv/gouv8A43RZhdG7RWF/wl2l/wDPLVf/AAUXX/xuj/hLtL/55ar/AOCi6/8AjdFmF0btFYX/AAl2l/8APLVf/BRdf/G6P+Eu0v8A55ar/wCCi6/+N0WYXRu0Vhf8Jdpf/PLVf/BRdf8Axuj/AIS7S/8Anlqv/gouv/jdFmF0btFYX/CXaX/zy1X/AMFF1/8AG6P+Eu0v/nlqv/gouv8A43RZhdG7RWF/wl2l/wDPLVf/AAUXX/xuj/hLtL/55ar/AOCi6/8AjdFmF0btFYX/AAl2l/8APLVf/BRdf/G6P+Eu0v8A55ar/wCCi6/+N0WYXRu0Vhf8Jdpf/PLVf/BRdf8Axuj/AIS7S/8Anlqv/gouv/jdFmF0btFYX/CXaX/zy1X/AMFF1/8AG6P+Eu0v/nlqv/gouv8A43RZhdG7RWF/wl2l/wDPLVf/AAUXX/xuj/hLtL/55ar/AOCi6/8AjdFmF0btFYX/AAl2l/8APLVf/BRdf/G6P+Eu0v8A55ar/wCCi6/+N0WYXRu0Vhf8Jdpf/PLVf/BRdf8Axuj/AIS7S/8Anlqv/gouv/jdFmF0btFYX/CXaX/zy1X/AMFF1/8AG6P+Eu0v/nlqv/gouv8A43RZhdG7RWF/wl2l/wDPLVf/AAUXX/xuj/hLtL/55ar/AOCi6/8AjdFmF0btFYX/AAl2l/8APLVf/BRdf/G6P+Eu0v8A55ar/wCCi6/+N0WYXRu0Vhf8Jdpf/PLVf/BRdf8Axuj/AIS7S/8Anlqv/gouv/jdFmF0btFYX/CXaX/zy1X/AMFF1/8AG6P+Eu0v/nlqv/gouv8A43RZhdG7RWF/wl2l/wDPLVf/AAUXX/xuj/hLtL/55ar/AOCi6/8AjdFmF0btFYX/AAl2l/8APLVf/BRdf/G6P+Eu0v8A55ar/wCCi6/+N0WYXRu0Vhf8Jdpf/PLVf/BRdf8Axul/4S3TP+eOrf8Agouv/jdFmF0blFFFIYUUUUAFFFFABRRRQAUUUUAFeR6xqEqa3foFTC3MgGQf7x969crxbxFcRQ+I9RTynbFw5J8wDqc+leRm8eanH1PXydXqSVugf2lN/dj/ACP+NH9pTf3Y/wAj/jWb9ti/54P/AN/B/hR9ti/54P8A9/B/hXg+zPf9n5HfeGNauYtNkVUiI84nkH0X3rva8b0jVpIrd0hiULvz853HOB6Yruv+Elvf+eUH/fJ/xr1MLmlHDx9nVb0PCx+Dk6l4o6qisXSNXuNQu3ilSJVCFvkBBzkD1962q9rDYmniIe0p7Hk1KcqcuWQUUUVuQFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUF3/qfxqeoLv/AFP40AUaKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqZfuj6VDUy/dH0oAv0UUUhhRRRQAUUUUAFFFFABRRRQAV4b4p/5GnUv+u7V7lXz74j1SdPFGrJ9ukULeTKB5xGAHIx1rzcyjzQivM9rJb+0k12IKKpf2tP/ANBCT/v8f8amju45EDSXCsx6lnyTXiSptI+jV2bmlf6l/wDersa4jTLu2WF91xEPm7uK67+0bH/n8t/+/q/415WJjLn2ODFRblojovDX/ISk/wCuJ/mK6quK8Oapp6ajIWvrVR5R5MyjuPeuut7y1u932a5hm243eW4bGemcV9Xkiawiv3Z89jYSVS7RPRRRXrnEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWfrGo2Wm2azX95b2sTOEDzyqilsE4yT1wD+VaFQXf+p/GgDmv+Er8Of9DBpX/gZH/jR/wlfhz/AKGDSv8AwMj/AMa16KYjI/4Svw5/0MGlf+Bkf+NH/CV+HP8AoYNK/wDAyP8AxrXooAyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABrXooAyP+Er8Of9DBpX/gZH/jR/wlfhz/oYNK/8DI/8a16KAMj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8a16KAMj/hK/Dn/QwaV/4GR/40f8JX4c/wChg0r/AMDI/wDGteigDI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGteigDI/4Svw5/0MGlf+Bkf+NH/CV+HP+hg0r/wMj/xrXooAyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xrXooAyP+Er8Of9DBpX/gZH/jR/wlfhz/AKGDSv8AwMj/AMa16KAMj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAa16KAMj/hK/Dn/QwaV/4GR/40f8JX4c/6GDSv/AyP/GteigDI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GteigDI/4Svw5/0MGlf+Bkf+NH/CV+HP8AoYNK/wDAyP8AxrXooAyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABrXooAyP+Er8Of9DBpX/gZH/jR/wlfhz/oYNK/8DI/8a16KAMj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8a16KAMj/hK/Dn/QwaV/4GR/40f8JX4c/wChg0r/AMDI/wDGteigDI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGteigDI/4Svw5/0MGlf+Bkf+NH/CV+HP+hg0r/wMj/xrXooAyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xrXooAyP+Er8Of9DBpX/gZH/jR/wlfhz/AKGDSv8AwMj/AMa16KAMj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAa16KAMj/hK/Dn/QwaV/4GR/40f8JX4c/6GDSv/AyP/GteigDI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GteigDI/4Svw5/0MGlf+Bkf+NH/CV+HP8AoYNK/wDAyP8AxrXooAyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABrXooAyP+Er8Of9DBpX/gZH/jR/wlfhz/oYNK/8DI/8a16KAMj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8a16KAMj/hK/Dn/QwaV/4GR/40f8JX4c/wChg0r/AMDI/wDGteigDI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGteigDI/4Svw5/0MGlf+Bkf+NH/CV+HP+hg0r/wMj/xrXooAyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xrXooAyP+Er8Of9DBpX/gZH/jR/wlfhz/AKGDSv8AwMj/AMa16KAMj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAa16KAMj/hK/Dn/QwaV/4GR/40f8JX4c/6GDSv/AyP/GteigDI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GteigDI/4Svw5/0MGlf+Bkf+NH/CV+HP8AoYNK/wDAyP8AxrXooAyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABrXooAyP+Er8Of9DBpX/gZH/jR/wlfhz/oYNK/8DI/8a16KAMj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8a16KAMj/hK/Dn/QwaV/4GR/40f8JX4c/wChg0r/AMDI/wDGteigDI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGteigDI/4Svw5/0MGlf+Bkf+NH/CV+HP+hg0r/wMj/xrXooAyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xrXooAyP+Er8Of9DBpX/gZH/jR/wlfhz/AKGDSv8AwMj/AMa16KAMj/hK/Dn/AEMGlf8AgZH/AI1KPFvhvaP+Kh0np/z+x/41pVMv3R9KAL9FFFIYUUUUAFFFFABRRVTVb7+zNHvb/wAvzPstvJNs3bd21ScZ7ZxQ3YaTbsi3RXkn/C7/APqXv/J3/wC10f8AC7/+pe/8nf8A7XWP1in3O/8AsrF/yfiv8z1uvl/xV/yOGt/9f8//AKMavRf+F3/9S9/5O/8A2uj/AIVZ/wAJN/xP/wC2fs39qf6b5H2Xf5XmfPt3bxnG7GcDOOgrGq1WSUNTuwMHgJOWJ91Pbr+VzyOrMX+rFep/8KQ/6mH/AMkv/tlSJ8Ftqgf8JBn/ALc//s655Yaq+h6kc1wifx/g/wDI80t/9WfrWrXeR/B3y1x/buec/wDHp/8AZ1b/AOFVf9Rr/wAlf/s65amCrt6R/FDebYP+f8H/AJHC6X/x8t/uH+Yr0zwB/wAxH/tn/wCzVTtfhl9mlL/2vuyuMfZsf+z103h/w/8A2F9o/wBK8/ztv/LPbjGfc+tetgqcqdDknozzMxx1CtSlGnK7duj7m1RRRXQfPhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVBd/6n8anqC7/ANT+NAFGiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKmX7o+lQ1Mv3R9KAL9FFFIYUUUUAFFFFABVbULKPUtNurGZnWK5heFyhwwDAg4z35qzRQNNp3R51/wpnw7/AM/uqf8Af2P/AOIo/wCFM+Hf+f3VP+/sf/xFei0Vl7Gn2Ov+0MT/ADs86/4Uz4d/5/dU/wC/sf8A8RXeafZR6bptrYws7RW0KQoXOWIUADOO/FWaKqMIx2RlVxNWsrVJXCiiirMAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKz9YsYdQs1ime4VQ4YGC4khbOCOqMCRz06flWhUF3/qfxoA5r/hGrD/AJ76r/4Nrr/45R/wjVh/z31X/wAG11/8crXop3FYyP8AhGrD/nvqv/g2uv8A45R/wjVh/wA99V/8G11/8crXoouFjI/4Rqw/576r/wCDa6/+OUf8I1Yf899V/wDBtdf/AByteii4WMj/AIRqw/576r/4Nrr/AOOUf8I1Yf8APfVf/Btdf/HK16KLhYyP+EasP+e+q/8Ag2uv/jlH/CNWH/PfVf8AwbXX/wAcrXoouFjI/wCEasP+e+q/+Da6/wDjlH/CNWH/AD31X/wbXX/xyteii4WMj/hGrD/nvqv/AINrr/45R/wjVh/z31X/AMG11/8AHK16KLhYyP8AhGrD/nvqv/g2uv8A45R/wjVh/wA99V/8G11/8crXoouFjI/4Rqw/576r/wCDa6/+OUf8I1Yf899V/wDBtdf/AByteii4WMj/AIRqw/576r/4Nrr/AOOUf8I1Yf8APfVf/Btdf/HK16KLhYyP+EasP+e+q/8Ag2uv/jlH/CNWH/PfVf8AwbXX/wAcrXoouFjI/wCEasP+e+q/+Da6/wDjlH/CNWH/AD31X/wbXX/xyteii4WMj/hGrD/nvqv/AINrr/45R/wjVh/z31X/AMG11/8AHK16KLhYyP8AhGrD/nvqv/g2uv8A45R/wjVh/wA99V/8G11/8crXoouFjI/4Rqw/576r/wCDa6/+OUf8I1Yf899V/wDBtdf/AByteii4WMj/AIRqw/576r/4Nrr/AOOUf8I1Yf8APfVf/Btdf/HK16KLhYyP+EasP+e+q/8Ag2uv/jlH/CNWH/PfVf8AwbXX/wAcrXoouFjI/wCEasP+e+q/+Da6/wDjlH/CNWH/AD31X/wbXX/xyteii4WMj/hGrD/nvqv/AINrr/45R/wjVh/z31X/AMG11/8AHK16KLhYyP8AhGrD/nvqv/g2uv8A45R/wjVh/wA99V/8G11/8crXoouFjI/4Rqw/576r/wCDa6/+OUf8I1Yf899V/wDBtdf/AByteii4WMj/AIRqw/576r/4Nrr/AOOUf8I1Yf8APfVf/Btdf/HK16KLhYyP+EasP+e+q/8Ag2uv/jlH/CNWH/PfVf8AwbXX/wAcrXoouFjI/wCEasP+e+q/+Da6/wDjlH/CNWH/AD31X/wbXX/xyteii4WMj/hGrD/nvqv/AINrr/45R/wjVh/z31X/AMG11/8AHK16KLhYyP8AhGrD/nvqv/g2uv8A45R/wjVh/wA99V/8G11/8crXoouFjI/4Rqw/576r/wCDa6/+OUf8I1Yf899V/wDBtdf/AByteii4WMj/AIRqw/576r/4Nrr/AOOUf8I1Yf8APfVf/Btdf/HK16KLhYyP+EasP+e+q/8Ag2uv/jlH/CNWH/PfVf8AwbXX/wAcrXoouFjI/wCEasP+e+q/+Da6/wDjlH/CNWH/AD31X/wbXX/xyteii4WMj/hGrD/nvqv/AINrr/45R/wjVh/z31X/AMG11/8AHK16KLhYyP8AhGrD/nvqv/g2uv8A45R/wjVh/wA99V/8G11/8crXoouFjI/4Rqw/576r/wCDa6/+OUf8I1Yf899V/wDBtdf/AByteii4WMj/AIRqw/576r/4Nrr/AOOUf8I1Yf8APfVf/Btdf/HK16KLhYyP+EasP+e+q/8Ag2uv/jlH/CNWH/PfVf8AwbXX/wAcrXoouFjI/wCEasP+e+q/+Da6/wDjlH/CNWH/AD31X/wbXX/xyteii4WMj/hGrD/nvqv/AINrr/45R/wjVh/z31X/AMG11/8AHK16KLhYyP8AhGrD/nvqv/g2uv8A45R/wjVh/wA99V/8G11/8crXoouFjI/4Rqw/576r/wCDa6/+OUf8I1Yf899V/wDBtdf/AByteii4WMj/AIRqw/576r/4Nrr/AOOUf8I1Yf8APfVf/Btdf/HK16KLhYyP+EasP+e+q/8Ag2uv/jlH/CNWH/PfVf8AwbXX/wAcrXoouFjI/wCEasP+e+q/+Da6/wDjlH/CNWH/AD31X/wbXX/xyteii4WMj/hGrD/nvqv/AINrr/45R/wjVh/z31X/AMG11/8AHK16KLhYyP8AhGrD/nvqv/g2uv8A45R/wjVh/wA99V/8G11/8crXoouFjI/4Rqw/576r/wCDa6/+OUf8I1Yf899V/wDBtdf/AByteii4WMj/AIRqw/576r/4Nrr/AOOUf8I1Yf8APfVf/Btdf/HK16KLhYyP+EasP+e+q/8Ag2uv/jlSjwzYbR/pGrdP+gtdf/HK0qmX7o+lFwseF6/+0lI26Pw7oiqO0+oNk/8AftD/AOzH6Vi+Fvj7r1nql7c+JZ5NQtDbN9ms4IIowJty7csFyF27h369DWz+0z/x8eGv9y5/nFWH+ziAfiHf5A40qTH/AH9ipDKOq/H3xtfXReyntdOhDZWKG3V+PQlwc/UYr0D4ZfHCbX9Xh0PxLFDHdXLhLa7gXarNjhXBPBJ6EdyBgda6D40+DNN1vwRf6uLWNNU06Pz47hFwzIDllYjqMZIz0P418oxSyQTJNC7RyxsGR1OCpHIIPrQB7/4r+NvjXS1OzwW+jx7ygm1GKV8/Q4Rc/nUXwl+KfinxP8QE0zWtRWe0uIJSkKwRoEcDcCCFDHgEck9a6b4tXn9tfAiDVGTcbhLO5zj7pfac+33sfjXjXwUYJ8XdCJ9Zx+cEgoA+lPiP4x/4QbwfNq0aQyXZkSK3hlJ2yMW5HHPChj+FeU+Dvjr4k8Q+NNK0m8sdLjtLu4ETmCKQOAemCXI647VnfEu7u/iV4w1i10+QjR/C9hPNJIBlWkQEtj3LAKPZCRXm3gGVofiJ4bdW2/8AEztwT7GRQf0JoA+pPix4v1TwT4OXVNJgglne5WBmnUlY1ZWO7AIycgD8a4j4NfFXXvFXiCfQ9ekiuSbdp4rhYgjghhlTtwuMH07d811Xxze1X4U6klxMkcjyQiAMeXcSKcD32hq8c8K6TeeEfhLr/jVg0N5qMa6fYHoVidwJJB9cEDuNuehoA7zx78fbfR76XTPDFtDfTxMVkvJiTCGHUIFIL/XIHHGa5eDxn8Yb/wAM3ni1L+K10e3G8F7aECQbgpCAoWIyepOOvPFeOWNq19f21orBWnlWME9ixA/rX2r4l8Kx6z4DuvDFjIlnE9stvCdmVjVcbRj0woFAHknw++PV/f63a6R4nt4GS6kWGK8gXYVdjgb1zggkgZGMe9e/V87eGP2etZtPElrda1qFgbC2nWUpbs7tMFIO3lRgHoTX0TQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFQXf+p/Gp6gu/8AU/jQBRooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpl+6PpUNTL90fSgDwr9pn/j48Nf7lz/OKsT9nH/koeof9gqT/wBGxVt/tM/8fHhr/cuf5xV538Lbfxdc+JrlPBl5BaaiLNjI8wQgxb0yPmVhnds7dqQz6L+Mmu2+ifDTVFlkxNfJ9jgQdWZ+v4Bdxr5J0nS7vW9XtNLsYzJdXUqxRr7k9T6AdSewBr2PVPg38SfFuqLdeIdZsZXA2+ZLOzBF9FVUwPoMV6j8PvhRo3gMm7WRr7VXXa13Iu0ID1CLztHvyffHFAFT4wWKWPwR1CziJ8u1jtY1z1IWWNRXyzous3vh/VY9S06QRXcSuscmM7N6MhI9wGJHvivsb4kaBfeKPAOp6NpywtdXPlhPOcqo2yKxJI9lNeSeAfgVrOmeMLLUfEX2M2No3niOGUuZJF+4CMDjPP4Y70Adp4N8Bf8ACNfB/U7K5g/4meqWM0l4CcNlo2Cxk9toOPqW9a+ZvDN1HY+K9HvJmVYoL6GV2Y4ACuCST+Ffc1xEJ7aWIgEOhUg98jFfLtv+z14xkuYknl06GFnAeQTFii55OMc4HagDoPKvPjt8QzKfMh8H6S+1Tgr5o74/23wP91cd+vo3xb8OPqfwqvrDS7VS1mscsEESgYWMjIUeybsAemK6rw34d0/wroNtpGmRbLeBep+9I3dmPcn/ADxWtQB8BI7RyLIjFXUgqR1BFfbngzxdp/jTw7b6pYyx+YyAXECtloJMcqe/XOD3HNeVePfgAL+9l1PwnPDA8zl5bGc7UBPJMbAcc/wnj0IGBXB6f8GviXZX++0smsnXIFxHqEafkVfd+lAH1BrXiHSPDlmbvWNRt7KHsZXwW9lHVj7AGtKvnjR/2eta1K7+1eK9eVRn5lt2aaVx7u4AX8mr6HoAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACoLv/U/jU9QXf8AqfxoAo0UUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQB84fHrxboXii70NdE1CO9Fqk/mtGDhdxTHJHP3TWT8D/EmkeF/G11ea1epaW8unvCsjqSN5kjYDgHHCmvon/hWXgj/oWNN/78ij/hWXgj/oWNN/78ikM6SyvLfUbGC9tJVmtriNZIpF6MpGQR+FT1DaWlvYWcNpawpDbwII4o0GAigYAHtipqACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACoLv/U/jU9QXf8AqfxoAo0UUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQBfooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArgvi1r2p+HfClrd6Vc/Z53vUiZvLV8qUc4wwI6qKKKcdxS2PGv8AhaHjL/oMf+S0P/xFH/C0PGX/AEGP/JaH/wCIoorayMbsP+FoeMv+gx/5LQ//ABFH/C0PGX/QY/8AJaH/AOIooosguw/4Wh4y/wCgx/5LQ/8AxFH/AAtDxl/0GP8AyWh/+Iooosguw/4Wh4y/6DH/AJLQ/wDxFH/C0PGX/QY/8lof/iKKKLILsP8AhaHjL/oMf+S0P/xFH/C0PGX/AEGP/JaH/wCIooosguw/4Wh4y/6DH/ktD/8AEUf8LQ8Zf9Bj/wAlof8A4iiiiyC7D/haHjL/AKDH/ktD/wDEUf8AC0PGX/QY/wDJaH/4iiiiyC7D/haHjL/oMf8AktD/APEUf8LQ8Zf9Bj/yWh/+Iooosguw/wCFoeMv+gx/5LQ//EUf8LQ8Zf8AQY/8lof/AIiiiiyC7D/haHjL/oMf+S0P/wARR/wtDxl/0GP/ACWh/wDiKKKLILsP+FoeMv8AoMf+S0P/AMRR/wALQ8Zf9Bj/AMlof/iKKKLILsP+FoeMv+gx/wCS0P8A8RR/wtDxl/0GP/JaH/4iiiiyC7D/AIWh4y/6DH/ktD/8RR/wtDxl/wBBj/yWh/8AiKKKLILsP+FoeMv+gx/5LQ//ABFH/C0PGX/QY/8AJaH/AOIooosguw/4Wh4y/wCgx/5LQ/8AxFH/AAtDxl/0GP8AyWh/+Iooosguw/4Wh4y/6DH/AJLQ/wDxFH/C0PGX/QY/8lof/iKKKLILsP8AhaHjL/oMf+S0P/xFH/C0PGX/AEGP/JaH/wCIooosguw/4Wh4y/6DH/ktD/8AEUf8LQ8Zf9Bj/wAlof8A4iiiiyC7D/haHjL/AKDH/ktD/wDEUf8AC0PGX/QY/wDJaH/4iiiiyC7D/haHjL/oMf8AktD/APEUf8LQ8Zf9Bj/yWh/+Iooosguw/wCFoeMv+gx/5LQ//EUf8LQ8Zf8AQY/8lof/AIiiiiyC7D/haHjL/oMf+S0P/wARR/wtDxl/0GP/ACWh/wDiKKKLILsP+FoeMv8AoMf+S0P/AMRR/wALQ8Zf9Bj/AMlof/iKKKLILsP+FoeMv+gx/wCS0P8A8RR/wtDxl/0GP/JaH/4iiiiyC7D/AIWh4y/6DH/ktD/8RR/wtDxl/wBBj/yWh/8AiKKKLILsP+FoeMv+gx/5LQ//ABFH/C0PGX/QY/8AJaH/AOIooosguw/4Wh4y/wCgx/5LQ/8AxFH/AAtDxl/0GP8AyWh/+Iooosguw/4Wh4y/6DH/AJLQ/wDxFH/C0PGX/QY/8lof/iKKKLILsP8AhaHjL/oMf+S0P/xFH/C0PGX/AEGP/JaH/wCIooosguw/4Wh4y/6DH/ktD/8AEUf8LQ8Zf9Bj/wAlof8A4iiiiyC7D/haHjL/AKDH/ktD/wDEUf8AC0PGX/QY/wDJaH/4iiiiyC7D/haHjL/oMf8AktD/APEUf8LQ8Zf9Bj/yWh/+Iooosguw/wCFoeMv+gx/5LQ//EUf8LQ8Zf8AQY/8lof/AIiiiiyC7D/haHjL/oMf+S0P/wARR/wtDxl/0GP/ACWh/wDiKKKLILsP+FoeMv8AoMf+S0P/AMRR/wALQ8Zf9Bj/AMlof/iKKKLILsP+FoeMv+gx/wCS0P8A8RR/wtDxl/0GP/JaH/4iiiiyC7D/AIWh4y/6DH/ktD/8RR/wtDxl/wBBj/yWh/8AiKKKLILsP+FoeMv+gx/5LQ//ABFH/C0PGX/QY/8AJaH/AOIooosguw/4Wh4y/wCgx/5LQ/8AxFH/AAtDxl/0GP8AyWh/+Iooosguw/4Wh4y/6DH/AJLQ/wDxFH/C0PGX/QY/8lof/iKKKLILsP8AhaHjL/oMf+S0P/xFH/C0PGX/AEGP/JaH/wCIooosguw/4Wh4y/6DH/ktD/8AEUf8LQ8Zf9Bj/wAlof8A4iiiiyC7D/haHjL/AKDH/ktD/wDEUf8AC0PGX/QY/wDJaH/4iiiiyC7D/haHjL/oMf8AktD/APEUf8LQ8Zf9Bj/yWh/+Iooosguw/wCFoeMv+gx/5LQ//EUf8LQ8Zf8AQY/8lof/AIiiiiyC7D/haHjL/oMf+S0P/wARR/wtDxl/0GP/ACWh/wDiKKKLILsP+FoeMv8AoMf+S0P/AMRTv+Fp+Mx/zGf/ACVh/wDiKKKLILs//9k=)

Report on the audit of the financial statements

Coca-Cola HBC AG

Steinhausen (Zug)

Report of the statutory auditor

to the General Meeting on the

financial statements 2024

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Coca-Cola HBC AG (the Company), which comprise

thebalance sheet as at 31 December 2024, and the income statement and the cash flow statement

for the year then ended, and notes to the financial statements, including a summary of significant

accounting policies.

In our opinion, the financial statements (pages 324 to 332) comply with Swiss law and the Company’s

articles of incorporation.

Basis for opinion

We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH).

Our responsibilities under those provisions and standards are further described in the ‘Auditor’s

responsibilities for the audit of the financial statements’ section of our report. We are independent of

the Company in accordance with the provisions of Swiss law and the requirements of the Swiss audit

profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

ouropinion.

Our audit approach

Materiality

The scope of our audit was influenced by our application of materiality. Our audit opinion aims to

provide reasonable assurance that the financial statements are free from material misstatement.

Misstatements may arise due to fraud or error. They are considered material if, individually or in

aggregate, they could reasonably be expected to influence the economic decisions of users taken

onthe basis of the financial statements.

Based on our professional judgement, we determined certain quantitative thresholds for materiality,

including the overall materiality for the financial statements as a whole as set out in the table below.

These, together with qualitative considerations, helped us to determine the scope of our audit and

thenature, timing and extent of our audit procedures and to evaluate the effect of misstatements,

bothindividually and in aggregate, on the financial statements as a whole.

Overall materiality CHF 37’611’000

Benchmark applied Net assets

Rationale for

the materiality

benchmarkapplied

We chose net assets as the benchmark because, in our view, it is the

benchmark which reflects the actual substance of the entity. This is a

generally accepted benchmark for ultimate holding companies.

We agreed with the Audit and Risk Committee that we would report to them misstatements above

CHF 2’632’000 identified during our audit as well as any misstatements below that amount which, in our

view, warranted reporting for qualitative reasons.

Audit scope

We designed our audit by determining materiality and assessing the risks of material misstatement

in the financial statements. In particular, we considered where subjective judgements were made;

for example, in respect of significant accounting estimates that involved making assumptions and

considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk

of management override of internal controls, including among other matters consideration of whether

there was evidence of bias that represented a risk of material misstatement due to fraud.

We tailored the scope of our audit in order to perform sufficient work to enable us to provide an

opinion on the financial statements as a whole, taking into account the structure of the Company,

theaccounting processes and controls, and the industry in which the Company operates.

Key audit matters

We have determined that there are no key audit matters to communicate in our report.

Other information

The Board of Directors is responsible for the other information. The other information comprises

the information included in the annual report, but does not include the financial statements,

theconsolidated financial statements, the statutory remuneration report and our auditor’s

reportsthereon.

Our opinion on the financial statements does not cover the other information and we do not express

any form of assurance conclusion 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, 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 in this regard.

Coca-Cola HBC Integrated Annual Report 2024322

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Board of Directors’ responsibilities for the financial statements

The Board of Directors is responsible for the preparation of financial statements in accordance with

theprovisions of Swiss law and the Company’s articles of incorporation, and for such internal control

asthe Board of Directors determines 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 Board of Directors is responsible for assessing the 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 Board of Directors either intends to liquidate

theCompany or to cease operations, or has no realistic alternative but to do so.

Auditor’s 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 auditor’s 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 Swiss law and SA-CH 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.

A further description of our responsibilities for the audit of the financial statements is located on

EXPERTsuisse’s website: http://www.expertsuisse.ch/en/audit-report. This description forms an

integral part of our report.

Report on the audit of the financial statements continued

Report on other legal and regulatory requirements

In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an

internal control system that has been designed, pursuant to the instructions of the Board of Directors,

for the preparation of the financial statements.

Based on our audit according to article 728a para. 1 item 2 CO, we confirm that the Board of Directors’

proposal complies with Swiss law and the Company’s articles of incorporation. We recommend that the

financial statements submitted to you be approved.

PricewaterhouseCoopers AG

Patrick Balkanyi

Licensed audit expert

Auditor in charge

Zurich, 14 March 2025

Apostolos Dimopoulos

Licensed audit expert

Coca-Cola HBC Integrated Annual Report 2024323

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Swiss statutory reporting

Coca-Cola HBC AG, Steinhausen (Zug)

Balance sheet

Coca-Cola HBC AG, Steinhausen (Zug)

Income statement

As at 31 December

CHF thousands

Note 2024 2023

Assets

Cash and cash equivalents  28,927 16,252

Short-term receivables from direct and indirect participations 2.1 13,200 23,984

Receivables from related parties 2.2 1,487 552

Short-term receivables from third parties  2,015 2,490

Total current assets 45,629 43,278

Investments in subsidiaries 2.3 5,828,361 6,159,092

Property, plant and equipment (incl. right-of-use assets) 8,921 8,966

Total non-current assets 5,837,282 6,168,058

Total assets 5,882,911 6,211,336

Liabilities and shareholders’ equity

Other payables 1,589 2,296

Short-term liabilities to direct and indirect participations 2.4 2,863 33,888

Short-term liabilities to related parties – 58

Short-term lease liabilities 876 913

Accrued expenses 2.4 79,308 72,274

Total short-term liabilities 84,636 109,429

Long-term interest-bearing liabilities to indirect participations 2.5 310,799 91,591

Long-term lease liabilities 2,554 3,188

Provisions 2.6 16,635 15,950

Total long-term liabilities 329,988 110,729

Share capital 2.7 2,500,705 2,498,947

Legal capital reserves

Reserves from capital contributions 3,103,985 3,444,860

Reserves for treasury shares 2.8 85,298 85,298

Retained earnings

Results carried forward 39,440 (39,441)

(Loss)/profit for the year (38,979) 78,881

Treasury shares 2.8 (222,162) (77,367)

Total shareholders’ equity 2.9 5,468,287 5,991,178

Total liabilities and shareholders’ equity 5,882,911 6,211,336

Year ended 31 December

CHF thousands

Note 2024 2023

Dividend income 330,731 382,132

Other operating income 2.10 55,829 46,473

Total operating income 386,560 428,605

Employee costs 2.11 (59,971) (50,123)

Other operating expenses 2.12 (26,979) (30,889)

Write down of investments 2.3 (330,731) (285,839)

Depreciation on property, plant and equipment

(incl. right-of-use assets) (1,247) (991)

Total operating expenses (418,928) (367,842)

Operating (loss)/profit (32,368) 60,763

Finance costs (6,448) (4,834)

Foreign exchange gains 2.13 – 23,141

(Loss)/profit before tax (38,816) 79,070

Direct taxes (163) (189)

(Loss)/profit for the year (38,979) 78,881

Coca-Cola HBC Integrated Annual Report 2024324

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Swiss statutory reporting continued

Year ended 31 December

CHF thousands

Note 2024 2023

(Loss)/profit for the year (38,979) 78,881

Depreciation of property, plant and equipment including right-

of-use assets 1,247 991

Finance costs 6,448 4,834

Foreign exchange gains – (23,141)

Write down of investments 2.3 330,731 285,839

Net change related to employee Performance Share Plan 40,098 35,618

339,545 383,022

Decrease/(increase) in receivables 10,324 (10,928)

Decrease in investments in subsidiaries 2.3 (330,731) (285,839)

Decrease in short-term liabilities (excl. financial liabilities) (2,157) (702)

(Decrease)/increase in accrued expenses (1,036) 10,262

Increase/(decrease) in provisions 80 (262)

Proceeds from dividends received from subsidiaries 2.3 330,731 285,839

Tax paid (185) (184)

Net cash inflow from operating activities 346,571 381,208

Payments for purchases of property, plant and equipment (1,250) (700)

Cash outflow from investing activities (1,250) (700)

Year ended 31 December

CHF thousands

Note 2024 2023

Principal repayments of lease obligations (623) (699)

Proceeds from short-term and long-term financial liabilities 196,960 63,726

Repayments of short-term and long-term financial liabilities (9,503) (111,652)

Acquisition of treasury shares 2.8 (177,052) (40,882)

Dividends paid to owners of the Company (342,792) (284,282)

Proceeds from shares issued to employees exercising

stockoptions 3,675 13,995

Interest paid (4,328) (3,863)

Net cash outflow from financing activities (333,663) (363,657)

Net increase in cash and cash equivalents 11,658 16,851

Movement in cash and cash equivalents

Cash and cash equivalents as at 1 January 16,252 261

Net increase in cash and cash equivalents 11,658 16,851

Effect of changes in exchange rates 1,017 (860)

Cash and cash equivalents as at 31 December 28,927 16,252

Coca-Cola HBC AG, Steinhausen (Zug)

Cash flow statement

Coca-Cola HBC Integrated Annual Report 2024325

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Swiss statutory reporting continued

General information

Coca-Cola HBC AG (the ‘Company’) was incorporated on 19 September 2012 by Kar-Tess Holding. On

11 October 2012, the Company announced a voluntary share exchange offer to acquire all outstanding

ordinary registered shares and all American depositary shares of Coca-Cola Hellenic Bottling Company

S.A., Maroussi (GR) (CCHBC SA). As a result of the successful completion of this offer, on 25 April 2013, the

Company acquired 96.85% of the issued CCHBC SA shares, including shares represented by American

depositary shares, and became the new parent company of the Group (the Company and its direct and

indirect subsidiaries). On 17 June 2013, the Company completed its statutory buyout of the remaining

shares of CCHBC SA that it did not acquire upon completion of its voluntary share exchange offer.

1. Accounting principles

Accounting principles applied in the preparation of the financial statements

These financial statements have been prepared in accordance with the provisions of commercial

accounting as set out in the Swiss Code of Obligations (Art. 957 to 963b CO). The Company is preparing

its consolidated financial statements in accordance with International Financial Reporting Standards

(IFRS) as adopted by the European Union (EU) in accordance with Art. 963b CO due to a requirement

from the Athens Exchange, its primary listing in the EU. In accordance with Art. 961 cipher 2. CO, the

Company is presenting a cash flow statement. Significant accounting and valuation principles are

described below:

Dividend income

Dividend income is recognised when the right to receive payment is established.

Other operating income

The Company provides management services to its principal subsidiaries and acts as guarantor to its

principal subsidiary, Coca-Cola HBC Finance B.V. The income from these services is recognised in the

accounting period in which the service is provided.

Exchange rate differences

The accounting records of the Company are retained in Euro and translated to Swiss francs (CHF) for

presentation purposes. Except for investments in subsidiaries, property, plant and equipment, long-

term liabilities and equity, which are translated at historical rates, all assets and liabilities denominated

in foreign currencies are translated into CHF using the closing exchange rate as at 31 December 2024.

Income and expenses are translated into CHF at the average exchange rate of the reporting year

except for dividend income and related write down of investments (see Note 2.3), which are valued

at the transaction date exchange rate. Net unrealised exchange losses are recorded in the income

statement, while net unrealised gains are deferred within accrued expenses.

Balance sheet as at Income statement for the year ended

Exchange rates 31 December 2024 31 December 2023 31 December 2024 31 December 2023

EUR 0.94 0.94 0.95 0.97

USD 0.90 0.84

GBP 1.13 1.08

Leasing disclosure

Management has applied an economic-view approach to the disclosure of lease contracts considering

the underlying usage rights. Right-of-use assets are presented within property, plant and equipment

depreciated over their useful life. The short- and long-term lease liabilities are adjusted for interest and

lease payments.

Investments in subsidiaries

Investments in subsidiaries are valued at historical cost and evaluated for impairment if identified

triggering events occur.

Property, plant and equipment

Right-of-use assets are included within property, plant and equipment.

Depreciation is calculated on the basis of the following useful lives and in accordance with the

followingmethods:

Property, plant and equipment Useful life Method

Leasehold improvement (building) 20 years 5% linear

Leasehold improvement (office infrastructure) 10 years 10% linear

Building infrastructure 12 years 8.33% linear

Right-of-use buildings and company cars

Shorter of useful

life and lease term Linear

Furniture and fixtures, office equipment and other

tangiblefixedassets 8 years 12.5% linear

Telephony infrastructure 7 years 14.29% linear

Communication equipment, computers and PCs 4 years 25% linear

Tablets 3 years 33.33% linear

Treasury shares

Treasury shares are recognised at acquisition cost and deducted from shareholders’ equity at the time

of acquisition. If treasury shares are sold, the gain or loss arising is recognised in the income statement

as finance income or finance cost, as appropriate.

Notes to the financial statements of Coca-Cola HBC AG, Steinhausen (Zug) for the year ended 31 December 2024

Coca-Cola HBC Integrated Annual Report 2024326

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Swiss statutory reporting continued

2. Information relating to the balance sheet and income statement

2.1 Short-term receivables from direct and indirect participations

The short-term receivables from direct and indirect participations do not bear interest.

As at 31 December

CHF thousands

Name of participation 2024 2023

CCB Management Services GmbH, Vienna 12,214 22,959

Coca-Cola HBC Finance B.V., Amsterdam 744 636

Coca-Cola HBC Holdings B.V., Amsterdam 99 300

Coca-Cola Hellenic Business Service Organisation, Sofia 59 89

Coca-Cola HBC Hrvatska d.o.o., Zagreb 28 –

Coca-Cola HBC Česko a Slovensko, s.r.o., Prague 28 –

Coca-Cola HBC Polska sp. z o.o., Warsaw 28 –

Short-term receivables from direct and indirect participations 13,200 23,984

2.2 Receivables from related parties

Receivables from related parties consist of receivables from international assignees mainly coming

from advances paid to tax authorities.

2.3 Investments in subsidiaries

As at 31 December

CHF thousands

Direct subsidiary Share of capital Share of votes 2024 2023

Coca-Cola HBC Holdings B.V., Amsterdam

1

100% 100% 6,159,092 6,444,931

Write down of investment (330,731) (285,839)

Investments in subsidiaries 100% 100% 5,828,361 6,159,092

1.  Coca-Cola HBC Holdings B.V., Amsterdam was incorporated on 26 June 2013.

In 2015, the Company adopted a practice of reducing the value of its investment in Coca-Cola HBC

Holdings B.V. by an amount equal to the dividend received from that subsidiary. The amount of the write

down in 2024 is equal to the dividend received in June 2024 from Coca-Cola HBC Holdings B.V. of CHF

330,731 thousand (June 2023: CHF 285,839 thousand). The extra dividend of CHF 96,293 thousand

received on 15December 2023 was excluded from above-mentioned practice.

The principal direct and indirect participations of the Company are disclosed in Note 15 to the

consolidated financial statements.

2.4 Short-term liabilities to direct and indirect participations and accrued expenses

The short-term liabilities to the direct and indirect participations do not bear interest except for the

liability to Coca-Cola HBC Finance B.V., which is interest bearing.

As at 31 December

CHF thousands

Name of participation 2024 2023

CCB Management Services GmbH, Vienna 821 1,749

Coca-Cola Hellenic Business Service Organisation, Sofia 103 73

Coca-Cola HBC Switzerland Ltd, Opfikon 26 72

Coca-Cola HBC Finance B.V., Amsterdam

1

1,871 31,771

Coca-Cola HBC Services MEPE, Athens 13 8

Coca-Cola HBC Hrvatska d.o.o, Zagreb – 80

Coca-Cola HBC Romania Ltd, Voluntari – 3

Coca-Cola HBC Polska sp. z.o.o., Warsaw – 5

Coca-Cola HBC Cyprus Ltd., Nicosia – 106

Coca-Cola HBC-Srbija d.o.o., Belgrade – 21

Finlandia Vodka Oy, Helsinki 29 –

Short-term liabilities to direct and indirect participations 2,863 33,888

1   Short-term loans maturing on 8 November 2024 of CHF 9,503 thousand (nominal EUR 10,000 thousand) were repaid and the remaining

CHF 22,248 (nominal EUR 23,400 thousand) were rolled over into long-term loans.

Coca-Cola HBC Integrated Annual Report 2024327

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

2. Information relating to the balance sheet and income statement continued

2.4 Short-term liabilities to direct and indirect participations and accrued expenses continued

As at 31 December

CHF thousands

2024 2023

Direct taxes 182 194

Management Incentive Plan (MIP) and Performance Share Plan (PSP)

forown employees 25,559 19,164

Employee-related costs (social security and insurance, payroll taxes) 5,516 6,509

Provision for acquiring treasury shares to satisfy subsidiaries’

Performance Share Plan rights 11,818 8,960

Other accrued expenses 10,346 17,451

Net unrealised gains from foreign currency translation 25,887 19,996

Accrued expenses 79,308 72,274

Following the publication of circular letter 37a by the Swiss Federal Tax Administration in May 2018, the

Company recognised a provision of CHF 21,232 thousand (2023: CHF 16,464 thousand), which relates

to the Company’s employee Performance Share Plan, of which CHF 13,050 thousand (2023: CHF 9,018

thousand) is short term and is disclosed in line ‘Management Incentive Plan (MIP) and Performance

Share Plan (PSP) for own employees’; while CHF 8,182 thousand (2023: CHF 7,446 thousand) is long

term and disclosed in Note 2.6, ‘Provisions’. The provision for acquiring treasury shares to satisfy

subsidiaries’ Performance Share Plan rights amounts to CHF 18,843 thousand (2023: CHF 16,172

thousand), ofwhich CHF 11,818 thousand (2023: CHF 8,960 thousand) is short term and disclosed

inaccrued expenses, while CHF 7,025 thousand (2023: CHF 7,212 thousand) is long term and disclosed

inNote2.6, ‘Provisions’.

2.5 Long-term interest-bearing liabilities

As at 31 December

CHF thousands

2024 2023

Coca-Cola HBC Finance BV, Amsterdam 310,799 91,591

Long-term interest-bearing liabilities 310,799 91,591

Long-term interest-bearing liabilities comprise loans from Coca-Cola HBC Finance B.V. received in

2020, 2021, 2022, 2023 and 2024 for CHF 310,799 thousand (2022: CHF 91,591 thousand) maturing

on21 November 2029.

2.6 Provisions

As at 31 December

CHF thousands

2024 2023

Long-term incentive plan 814 734

Provision for acquiring treasury shares to satisfy subsidiaries’

Performance Share Plan rights (refer to Note 2.4) 7,025 7,212

Performance and management incentive share plan – Coca-Cola HBC

AGemployees (refer to Note 2.4) 8,182 7,446

Provision for social security costs of Performance Share Plan 614 558

Provisions 16,635 15,950

2.7 Share capital

Number of shares Nominal value Total

CHF CHF thousands

Share capital as at 1 January 2023 372,086,095 6.70 2,492,977

Shares issued to employees exercising stock options 891,127 6.70 5,970

Share capital as at 31 December 2023 372,977,222 6.70 2,498,947

Number of shares Nominal value Total

CHF CHF thousands

Share capital as at 1 January 2024 372,977,222 6.70 2,498,947

Shares issued to employees exercising stock options 262,340 6.70 1,758

Share capital as at 31 December 2024 373,239,562 6.70 2,500,705

Swiss statutory reporting continued

Coca-Cola HBC Integrated Annual Report 2024328

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

2.8 Treasury shares

The number of treasury shares held by Coca-Cola HBC AG and its subsidiaries qualifying under article

659b of the Swiss Code of Obligations and their movements were as follows:

Treasury shares held by subsidiaries

Number

ofshares

Acquisition cost

per share Total

CHF CHF thousands

Total treasury shares held by subsidiaries as at 31 December 2023 3,430,135 24.8673 (85,298)

Total treasury shares held by subsidiaries as at 31 December

2024 3,430,135 24.8673 (85,298)

Treasury shares held by the Company

Number

ofshares

Acquisition cost

per share Total

CHF CHF thousands

Treasury shares held by the Company as at 1 January 2023 1,956,582 35.7836 (70,014)

Vested PSP and MIP shares

1

(956,478) 35.0543 33,529

Acquisition of shares

4

1,638,298 24.9541 (40,882)

Treasury shares held by the Company as at 31 December 2023 2,638,402 29.3235 (77,367)

Whereof

For cancellation – – –

For other purposes (booked against capital contribution reserves) 1,638,298 24.9541 (40,882)

Treasury shares held by the Company as at 1 January 2024 2,638,402 29.3235 (77,367)

Vested PSP and MIP shares

2

(753,836) 35.0543 26,425

Transferred for executed stock options

3

(166,378) 35.0543 5,832

Acquisition of shares

4

5,929,474 29.8596 (177,052)

Treasury shares held by the Company as at 31 December 2024 7,647,662 29.0496 (222,162)

Whereof

For cancellation – – –

For other purposes (booked against capital contribution reserves) 7,567,772 28.7977 (217,934)

1.   In January 2023, following the vesting of the 2020 MIP, 16,007 treasury shares were transferred to relevant participant. In March 2023,

following the vesting of the 2020 PSP, 940,471 treasury shares were transferred to relevant participants.

2.   In January 2024, following the vesting of the 2021 MIP plan, 7,354 treasury shares were transferred to relevant participant. In March 2024,

following the vesting of the 2021 PSP, 746,482 treasury shares were transferred to relevant participants.

3.   Up to the end of June 2024 Stock Option Plan (SOP) participants have been granted with new shares issued out of the conditional capital

of the Company. Starting from July 2024, the Company changed practice and granted shares for exercised stock options from treasury

shares, similar to the practice for Performance Share Plan participants. In this regard, 166,378 treasury shares with a total purchase value of

CHF 5,832 thousand were transferred in the period July to December 2024 to SOP participants.

4.   On 20 November 2023, the Group announced the launch of a share buyback programme of up to a maximum of 18,000,000 ordinary

shares to be purchased in a manner consistent with the Company’s general authority to repurchase shares granted at its Annual General

Meeting on 17 May 2023 and any such authority granted at its subsequent annual general meetings. The programme commenced on

21November 2023 and is expected to run for a period of around two years. At its Annual General Meeting on 21 May 2024, the Company’s

general authority to repurchase shares was renewed. In 2024, the Company purchased 5,929,474 (2023: 1,638,298) of its ordinary shares

of CHF6.70 each for a consideration of CHF 177,052 thousand (2023: CHF 40,882 thousand), reflecting a weighted average price of GBP

2,620.53 pence (2023: GBP 2,242.09 pence) per share (minimum price of GBP 2,453.73 pence (2023: GBP 2,183.45 pence) and maximum

price of GBP 2,800.00 pence (2023: GBP 2,310.06 pence). All 5,929,474 shares (2023: 1,638,298 shares) have been acquired for other

purposes, none for cancellation. Capital contribution reserves of CHF 217,934 thousand as at 31 December 2024 (2023: CHF 40,882

thousand) are blocked for distribution until the treasury shares are sold or transferred to PSP/MIP members.

2.9 Shareholders’ equity

The balance of shareholders’ equity and relevant movements for the years ended 31 December 2024

and 2023 (in CHF thousands) were as follows:

Legal capital reserves

Share capital

Reserves

from capital

contributions

Reserves for

treasury

shares

1

(Accumulated

losses)/

retained

earnings

Treasury

shares Total

Balance as at 1 January 2023 2,492,977 3,721,117 85,298 (39,441) (70,014) 6,189,937

Shares issued to employees

exercising stock options 5,970 8,025 – – – 13,995

Dividends

2

– (284,282) – – – (284,282)

Vested PSP and MIP shares – – – – 33,529 33,529

Acquisition of treasury shares

3

– – – – (40,882) (40,882)

Profit for the year – – – 78,881 – 78,881

Balance as at 31 December 2023 2,498,947 3,444,860 85,298 39,440 (77,367) 5,991,178

Shares issued to employees

exercising stock options 1,758 1,917 – – – 3,675

Dividends

2

– (342,792) – – – (342,792)

Vested PSP and MIP shares – – – – 26,425 26,425

Transferred SOP shares – – – – 5,832 5,832

Acquisition of treasury shares

3

– – – – (177,052) (177,052)

Loss for the year – – – (38,979) – (38,979)

Balance as at 31 December 2024 2,500,705 3,103,985 85,298 461 (222,162) 5,468,287

1.  Represents the book value of treasury shares held by subsidiaries.

2.   On 21 May 2024, the shareholders of the Company at the Annual General Meeting approved the distribution of a gross dividend of

€0.93 (2023: €0.78) on each ordinary registered share. The dividend was paid on 24 June 2024 and amounted to CHF 342,792 thousand

(2023:CHF284,282thousand, paid on 19 June 2023).

3.  5,929,474 shares (2023: 1,638,298 shares) at an average price of 2,620.53 pence (2023: 2,242.09 pence) have been acquired for other purposes.

Swiss statutory reporting continued

Coca-Cola HBC Integrated Annual Report 2024329

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

2. Information relating to the balance sheet and income statement continued

2.10 Other operating income

2024 2023

CHF thousands

Management fees 51,293 42,228

Guarantee fee 4,536 4,245

Total other operating income 55,829 46,473

Management fees relate to service income earned from services provided to the Company’s direct

and indirect participations, whereof CHF 7,516 thousand (2023: CHF 752 thousand) is true-up from the

prior year. Guarantee fee is the income the Company receives for the services provided as guarantor

toCoca-Cola HBC Finance B.V. and Nigerian Bottling Company Ltd.

2.11 Employee costs

2024 2023

CHF thousands

Wages and salaries 22,618 23,561

Social security costs 4,084 3,261

Pensions and employee benefits 33,269 23,301

Total employee costs 59,971 50,123

Pension and employee benefits include Performance Share Plan expenses for CCHBC AG employees

inthe amount of CHF 17,151 thousand for 2024 (2023: CHF 17,089 thousand). Refer to Note 2.4 for

more information.

2.12 Other operating expenses

Other operating expenses amounting to CHF 26,979 thousand for 2024 (2023: CHF 30,889 thousand)

mainly include CHF 16,258 thousand (2023: CHF 14,455 thousand) for management fees to CCB

Management Services GmbH, whereof CHF 937 thousand (2023: CHF 1,258 thousand) is true-up

fromthe prior year.

2.13 Foreign exchange differences

Foreign exchange gains in the prior year of CHF 23,141 thousand, related primarily to remeasurement

ofshort-term loans to indirect participations maturing on 8 November 2024 at the exchange rate of

31December 2023 (amounting to CHF 17,673 thousand) and loans to indirect participations fully repaid

during the prior year (amounting to CHF 5,434 thousand).

Swiss statutory reporting continued

3. Other Information

3.1 Net release of hidden reserves

No hidden reserves were released for the years ended 31 December 2024 or 31 December 2023.

3.2 Number of employees

In 2024 and 2023, on an annual average basis, the number of full-time equivalent employees did

notexceed 50.

3.3 Contingent liabilities

Euro medium-term note programmes

In June 2013, the Group established a new €3.0 billion Euro medium-term note programme (the ‘EMTN

programme’). The EMTN programme was increased to €5.0 billion in April 2019 and was last updated

in November 2024. Notes are issued under the EMTN programme through the Company’s indirect

subsidiary Coca-Cola HBC Finance B.V., a private limited liability company established under the laws

ofthe Netherlands, and are fully, unconditionally and irrevocably guaranteed by the Company.

In May 2019, Coca-Cola HBC Finance B.V. issued €700 million, 1%, Euro-denominated notes due in

May 2027 and also issued €600 million, 1.625%, Euro-denominated notes due in May 2031, which are

guaranteed by the Company. The €600 million notes’ size has been reduced to €576.6 million as a result

of an open market purchase announced on 8 November 2024 by the Company.

In November 2019, Coca-Cola HBC Finance B.V. completed the issue of a €500 million, Euro-

denominated fixed rate bond maturing in November 2029, with a coupon rate of 0.625%, which is

guaranteed by the Company.

In September 2022, Coca-Cola HBC Finance B.V. issued €500 million, 2.75%, Green Euro-denominated

notes due in September 2025, which are guaranteed by the Company.

In February 2024, Coca-Cola HBC Finance B.V. issued €600 million, 3.375%, Euro-denominated notes

due in February 2028 and, in November 2024, also issued €500 million, 3.125%, Euro-denominated

notes due in November 2032, which are guaranteed by the Company.

As at 31 December 2024, a total of approximately €3.4 billion (2023: €2.9 billion) in notes issued under

the EMTN programme were outstanding.

Committed credit facilities

In April 2019, the Group updated its then-existing €500 million syndicated revolving credit facility (RCF),

which was set to expire in June 2021. The updated RCF was increased to €800 million and was extended

to April 2024 with the option to be further extended for up to two more years until April 2026. Coca-

Cola HBC Finance B.V. exercised its extension option and the RCF has been extended to April 2026.

The RCF can be used for general corporate purposes and carries a floating interest rate over EURIBOR.

No amounts have been drawn under the RCF since its inception. The borrower under the RCF is the

Company’s indirect subsidiary Coca-Cola HBC Finance B.V. and any amounts drawn under the RCF

arefully, unconditionally and irrevocably guaranteed by the Company.

Coca-Cola HBC Integrated Annual Report 2024330

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

3. Other information continued

3.3 Contingent liabilities continued

Commercial paper programme

In October 2013, the Group established a new €1.0 billion Euro-denominated commercial paper

programme (the ‘CP Programme’). The CP Programme was last updated in May 2023. Notes are

issuedunder the CP Programme by Coca-Cola HBC Finance B.V. and guaranteed by the Company.

Theoutstanding amount under the CP Programme was €215 million as at 31 December 2024

(2023:€211 million).

Nigerian Bottling Company Ltd

In December 2019, the Group established an amortising loan facility of US Dollar 85 million with

maturity in December 2027. The purpose of the facility is to finance the purchase of production

equipment by Nigerian Bottling Company Ltd., the Company’s indirect subsidiary in Nigeria. Over

thecourse of 2020 and 2021, the facility has been drawn down for approximately US Dollar 78 million.

The obligations under this facility are guaranteed by the Company. The outstanding amount under

theloan facility was €36 million as at 31 December 2024 (2023: €45 million).

Loan from the European Bank of Reconstruction and Development (EBRD)

In July 2024, the Group established a US Dollar 130 million loan with EBRD to finance its capital

expenditure and working capital requirements in Egypt. The loan is guaranteed by the Company.

Until31December 2024, the loan had been drawn down for €5 million.

Credit support provider

On 18 July 2013, the Company signed as credit support provider to J.P. Morgan Securities plc, Credit

Suisse International, Credit Suisse AG, ING Bank N.V., Société Générale, Merrill Lynch International and

The Royal Bank of Scotland plc in favour of Coca-Cola HBC Finance B.V. for the obligations as defined

inthe ISDA Master Agreements

1

.

On 24 July 2013, the Company signed as credit support provider to the Governor and Company

oftheBank of Ireland, in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the

ISDAMaster Agreement

1

.

On 8 August 2013, the Company signed as credit support provider to Citibank N.A. in favour

ofCCHBCBulgaria AD for the obligations as defined in the ISDA Master Agreement

1

.

On 8 August 2013, the Company signed as credit support provider to Citibank N.A. in favour

of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

1

.

On 24 June 2014, the Company signed as credit support provider to Intesa Sanpaolo S.pA. in favour

ofCoca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

1

.

On 5 October 2015, the Company signed as credit support provider to Macquarie Bank

InternationalLimited in favour of Coca-Cola HBC Finance B.V. for the obligations as defined

intheISDAMaster Agreement

1

.

On 22 June 2016, the Company signed as credit support provider to UniCredit Bank AG in favour

ofCoca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

1

.

Swiss statutory reporting continued

On 31 August 2016, the Company signed as credit support provider to BNP Paribas in favour

of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

1

.

On 1 November 2017, the Company signed as credit support provider to Goldman Sachs Global

International in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA

MasterAgreement

1

.

On 22 December 2017, the Company signed as credit support provider to Citigroup Global

MarketsLimited in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the

ISDAMaster Agreement

1

.

On 14 February 2018, the Company signed as credit support provider to Morgan Stanley & Co.

International PLC in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA

Master Agreement

1

.

On 25 March 2019, the Company signed as credit support provider to Citigroup Global Markets

Europe AG in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA

MasterAgreement

1

.

On 1 July 2019, the Company signed as credit support provider to Credit Suisse Securities, Sociedad

deValores, S.A. in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA

Master Agreement

1

.

On 10 July 2019, the Company signed as credit support provider to Macquarie Bank Limited

(LondonBranch) in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the

ISDAMaster Agreement

1

.

On 12 November 2019, the Company signed as credit support provider to UBS AG in favour

of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

1

.

On 2 November 2020, the Company signed as credit support provider to J.P. Morgan AG in favour

ofCoca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

1

.

On 13 November 2020, the Company signed as credit support provider to Goldman Sachs Bank

Europe SE in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA

MasterAgreement

1

.

On 5 May 2022 and then on 26 September 2022, the Company signed as credit support provider

toCitibank Nigeria Limited in favour of Nigerian Bottling Company Ltd for the obligations as defined

inthe Treasury Master Agreement

2

.

On 14 February 2024, the Company signed as credit support provider to Standard Chartered Bank in

favour of Nigerian Bottling Company Ltd for the obligations as defined in the ISDA Master Agreement

1

.

1.   The ISDA (International Swap Dealers Association) Master Agreement is a standardised form issued by the International Swap Dealers

Association Inc. to be used for credit support transactions.

2.   The Treasury Master Agreement is an agreement between Nigerian Bottling Company and Citibank Nigeria describing general terms and

conditions regulating their relationship in regard to foreign currency transactions.

Coca-Cola HBC Integrated Annual Report 2024331

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

3. Other information continued

3.4 Significant shareholders

As at 31 December 2024 and 2023, there were two shareholders exceeding the threshold of 5% voting

rights in the Company’s share capital.

Date

Number of

shares

Percentage of

issued share

capital

1

Percentage of

issued share

capital

2

Total Kar-Tess Holding 31.12.2023 85,355,019 22.9% 23.3%

Total Kar-Tess Holding 31.12.2024 85,355,019 22.9% 23.3%

Total shareholdings related

to The Coca-Cola Company 31.12.2023 78,252,731 21.0% 21.3%

Total shareholdings related

to The Coca-Cola Company 31.12.2024 78,252,731 21.0% 21.6%

1.  Basis: total issued share capital including treasury shares. Share basis 373,239,562 as at 31 December 2024 (2023:372,977,222).

2.  Basis: total issued share capital excluding treasury shares. Share basis 362,161,765 as at 31 December 2024 (2023: 366,908,685).

3.5 Allocated amount of options and shares

Stock option plan (SOP)

Number of options Already vested, not exercised Vesting at the end of 2024

Options CHF thousand Options CHF thousands Options CHF thousands

Board of Directors and

Executive Leadership Team – – – – – –

Other SOP participants – – – – – –

Total – – – – – –

Management Incentive Plan (MIP) and Performance Share Plan (PSP)

Granted in 2024

Unvested and for PSP subject

toperformance conditions Vested

Shares CHF thousand Shares CHF thousands Shares CHF thousands

Board of Directors and

Executive Leadership Team 419,544 13,000 1,342,019 41,585 347,752 10,776

Other MIP and PSP

participants 44,273 1,372 123,309 3,821 19,760 612

Total 463,817 14,372 1,465,328 45,406 367,512 11,388

Swiss statutory reporting continued

3.6 Fees paid to the auditor

The audit and other fees paid to the auditor are disclosed in Note 8 to the consolidated

financialstatements.

3.7 Conditional capital

On 25 April 2013, the shareholders’ meeting agreed to the creation of conditional capital in the

maximum amount of CHF 245,601 thousand, through issuance of a maximum of 36,657 thousand fully

paid-in registered shares with a par value of CHF 6.70 each upon exercise of options issued to members

of the Board of Directors, members of the management, employees or advisers of the Company, its

subsidiaries and other affiliated companies. The share capital of CHF 2,500,705 thousand as disclosed

inthe balance sheet differs from the share capital in the commercial register of CHF 2,498,947

thousand as at 31 December 2024 due to the exercise of management options in the courseof

financialyear 2024.

Conditional capital

Number of

shares

Book value

per share CHF

Total CHF

thousands

Agreed conditional capital as per shareholders’ meeting on

25April 2013 36,656,843 6.70 245,601

Shares issued to employees exercising stock options until

31December 2016 (3,149,493) 6.70 (21,102)

Shares issued to employees exercising stock options in 2017 (4,122,401) 6.70 (27,620)

Shares issued to employees exercising stock options in 2018 (1,064,190) 6.70 (7,130)

Shares issued to employees exercising stock options in 2019 (1,352,731) 6.70 (9,063)

Shares issued to employees exercising stock options in 2020 (582,440) 6.70 (3,902)

Shares issued to employees exercising stock options in 2021 (1,282,821) 6.70 (8,595)

Shares issued to employees exercising stock options in 2022 (290,677) 6.70 (1,948)

Shares issued to employees exercising stock options in 2023 (891,127) 6.70 (5,970)

Remaining conditional capital as at 31 December 2023 23,920,963 6.70 160,271

Shares issued to employees exercising stock options in 2024 (262,340) 6.70 (1,758)

Remaining conditional capital as at 31 December 2024 23,658,623 6.70 158,513

4. Subsequent events

The subsequent events in relation to financial year ended 31 December 2024 are disclosed in Note 31 to

the consolidated financial statements.

Coca-Cola HBC Integrated Annual Report 2024332

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

1. Total available reserves

Available earnings and reserves CHF thousands

Balance brought forward from previous years 39,440

Net loss for the year (38,979)

Total accumulated profit to be carried forward 461

Reserves from capital contributions before distribution 3,103,985

Total available reserves 3,104,446

2. Proposed declaration of dividend from reserves

The Board of Directors proposes to declare a gross dividend of €1.03 on each ordinary registered share

with a par value of CHF 6.70 from the general capital contribution reserve. Own shares held directly by

the Company are not entitled to dividends. Payment of the dividend shall be made at such time and with

such record date as shall be determined by the Annual General Meeting and the Board of Directors.

3. Proposed appropriation of reserves/declaration of dividend

Dividend of €1.03 at current exchange rate

As of 31 December 2024 CHF thousands

Reserves from capital contributions before distribution 3,103,985

Proposed dividend of €1.03

1

(361,497)

Reserves from capital contributions after distribution 2,742,488

1.  Illustrative at an exchange rate of CHF 0.96 per Euro. Assumes that the shares entitled to a dividend amount to 365,591,900.

Proposed appropriation of available earnings and reserves/declaration of dividend

Swiss statutory reporting continued

Coca-Cola HBC Integrated Annual Report 2024333

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Report of the statutory auditor to the General Meeting on the

statutory remuneration report 2024

Coca-Cola HBC AG

Steinhausen (Zug)

Report of the statutory auditor

to the General Meeting on the

statutory remuneration report 2024

Report of the statutory auditor to the General Meeting of Coca-Cola HBC AG,

Steinhausen (Zug)

Opinion

We have audited the statutory remuneration report of Coca-Cola HBC AG (the Company) for the

yearended 31 December 2024. The audit was limited to the information pursuant to article 734a-734f

ofthe Swiss Code of Obligations (CO) on pages 335 to 344 of the statutory remuneration report.

In our opinion, the information pursuant to article 734a-734f CO in the statutory remuneration report

(pages 335 to 344) complies with Swiss law and the Company’s articles of incorporation.

Basis for opinion

We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH).

Our responsibilities under those provisions and standards are further described in the ‘Auditor’s

responsibilities for the audit of the statutory remuneration report’ section of our report. We are

independent of the Company in accordance with the provisions of Swiss law and the requirements

ofthe Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance

withthese requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis

forour opinion.

Other information

The Board of Directors is responsible for the other information. The other information comprises

the information included in the annual report, but does not include the information in the statutory

remuneration report, the consolidated financial statements, the financial statements and our auditor’s

reports thereon.

Our opinion on the statutory remuneration report does not cover the other information and we do not

express any form of assurance conclusion thereon.

In connection with our audit of the statutory remuneration report, our responsibility is to read the other

information and, in doing so, consider whether the other information is materially inconsistent with the

audited financial information in the statutory remuneration report or our knowledge obtained in the

audit, or otherwise appears to be materially misstated.

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 in this regard.

Board of Directors’ responsibilities for the statutory remuneration report

The Board of Directors is responsible for the preparation of a statutory remuneration report in

accordance with the provisions of Swiss law and the Company’s articles of incorporation, and for

such internal control as the Board of Directors determines is necessary to enable the preparation

of astatutory remuneration report that is free from material misstatement, whether due to fraud

or error. It is also charged with structuring the remuneration principles and specifying the individual

remuneration components.

Auditor’s responsibilities for the audit of the statutory remuneration report

Our objectives are to obtain reasonable assurance about whether the information pursuant to

article734a-734f CO is free from material misstatement, whether due to fraud or error, and to issue an

auditor’s 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 Swiss law and SA-CH 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 this statutory remuneration report.

As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement and

maintain professional scepticism throughout the audit. We also:

•  Identify and assess the risks of material misstatement in the statutory remuneration report, whether

due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting

a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may

involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•  Obtain an understanding of internal control relevant to the audit in order to design audit procedures

that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the Company’s internal control.

•  Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made.

We communicate with the Board of Directors or its relevant committee regarding, among other

matters, the planned scope and timing of the audit and significant audit findings, including any

significant deficiencies in internal control that we identify during our audit.

We also provide the Board of Directors or its relevant committee with a statement that we have

complied with relevant ethical requirements regarding independence, and communicate with them

all relationships and other matters that may reasonably be thought to bear on our independence,

andwhere applicable, actions taken to eliminate threats or safeguards applied.

PricewaterhouseCoopers AG

Patrick Balkanyi

Licensed audit expert

Auditor in charge

Zurich, 14 March 2025

Tobias Handschin

Licensed audit expert

Coca-Cola HBC Integrated Annual Report 2024334

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Statutory Remuneration Report

Additional disclosures regarding the Statutory Remuneration Report

The section below is in line with the Swiss Code of Obligations, which requires disclosure of the

elements of compensation paid to the Company’s Board of Directors and the Executive Leadership

Team (formerly known as the Operating Committee). The amounts relate to the calendar years of

2024 and 2023. In the information presented below, the exchange rate used for conversion of 2024

remuneration data from Euro to CHF is 1/0.9530 and the exchange rate used for conversion of 2023

remuneration data from Euro to CHF is 1/0.9729.

As the Company is headquartered in Switzerland, it is required for statutory purposes to present

compensation data for two consecutive years, 2024 and 2023. The applicable methodology used

to calculate the value of stock option and performance shares follows Swiss Standards. In 2024 and

2023, the fair value of performance shares from the 2024 and 2023 grants is calculated based on

the performance share awards that are expected to vest. Below is the relevant information for Swiss

statutory purposes.

The Statutory Remuneration Report should be read in conjunction with the Directors’ remuneration

report presented in the Integrated Annual Report as the qualitative aspects of remuneration policy

aredescribed therein.

Remuneration for acting members of governing bodies

The Company’s Directors believe that the level of remuneration offered to Directors and the members

of the Executive Leadership Team should reflect their experience and responsibility as determined by,

among other factors, a comparison with similar multinational companies and should be sufficient to

attract and retain high-calibre Directors who will lead the Group successfully. In line with the Group’s

commitment to maximise shareholder value, its policy is to link a significant proportion of remuneration

for its Executive Leadership Team to the performance of the business through short- and long-term

incentives. Therefore, the Executive Leadership Team members’ financial interests are closely aligned

with those of the Company’s shareholders through the equity-related long-term compensation plan.

The total remuneration of the Directors and members of the Executive Leadership Team of the Company,

including performance share grants, during 2024 amounted to CHF 30.2 million (2023: CHF 28.6 million).

Outof this, the amount relating to the expected value of performance share awards granted in relation

to 2024 was CHF 6.6 million (2023: CHF 7.4 million). Pension and post-employment benefits for Directors

and the Executive Leadership Team of the Company during 2024 amounted toCHF1.1million

(2023: CHF 0.9 million).

Coca-Cola HBC Integrated Annual Report 2024335

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAMABeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqOdS8LKoyTUlFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAFGO3lWRSV4BB6ir1FFAFOeCR5mZVyD71H9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FWLWN49+8YzjHNWKKAGyAtGwHUgiqP2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAK4L4leHNW8Qf2X/Zdp5/keb5n7xF27tmPvEehrvaKmcFOPKzowuJnhayrQ3Xf0seCf8K58V/9Ar/yYi/+Ko/4Vz4r/wCgV/5MRf8AxVe90Vh9Vh3Z7P8ArJi/5Y/c/wDM8E/4Vz4r/wCgV/5MRf8AxVH/AArnxX/0Cv8AyYi/+Kr3uij6rDuw/wBZMX/LH7n/AJngn/CufFf/AECv/JiL/wCKo/4Vz4r/AOgV/wCTEX/xVe90UfVYd2H+smL/AJY/c/8AM8E/4Vz4r/6BX/kxF/8AFUf8K58V/wDQK/8AJiL/AOKr3uij6rDuw/1kxf8ALH7n/meCf8K58V/9Ar/yYi/+Ko/4Vz4r/wCgV/5MRf8AxVe90UfVYd2H+smL/lj9z/zPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uij6rDuw/1kxf8sfuf+Z4J/wAK58V/9Ar/AMmIv/iqP+Fc+K/+gV/5MRf/ABVe90UfVYd2H+smL/lj9z/zPBP+Fc+K/wDoFf8AkxF/8VR/wrnxX/0Cv/JiL/4qve6KPqsO7D/WTF/yx+5/5ngn/CufFf8A0Cv/ACYi/wDiqP8AhXPiv/oFf+TEX/xVe90UfVYd2H+smL/lj9z/AMzzL4deE9b0LxBPdalZeRC9q0at5qNli6HGFJPQGvTaKK2hBQVkeRjMXPF1fa1Ek/Iz/s039z9RR9mm/ufqK0KKs5TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDDn13UYbiWJPCeszojlVljlswrgH7w3Tg4PXkA+oFR/8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SK6CigDn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IroKKAOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKAOf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kiugooA5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SK6CigDn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkiugooA5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IroKKAOf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SK6CigDn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IroKKAOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKAOf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kiugooA5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SK6CigDn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkiugooA5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IroKKAOf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SK6CigDn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IroKKAOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKAOf8A+Eh1T/oTNc/7/WX/AMkUf8JDqn/Qma5/3+sv/kiugooA5/8A4SHVP+hM1z/v9Zf/ACRR/wAJDqn/AEJmuf8Af6y/+SK6CigDn/8AhIdU/wChM1z/AL/WX/yRR/wkOqf9CZrn/f6y/wDkiugooA5//hIdU/6EzXP+/wBZf/JFH/CQ6p/0Jmuf9/rL/wCSK6CigDn/APhIdU/6EzXP+/1l/wDJFH/CQ6p/0Jmuf9/rL/5IroKKAOf/AOEh1T/oTNc/7/WX/wAkUf8ACQ6p/wBCZrn/AH+sv/kiugooA5//AISHVP8AoTNc/wC/1l/8kUf8JDqn/Qma5/3+sv8A5IroKKAOf/4SHVP+hM1z/v8AWX/yRR/wkOqf9CZrn/f6y/8AkiugooA5/wD4SHVP+hM1z/v9Zf8AyRR/wkOqf9CZrn/f6y/+SK6CigDn/wDhIdU/6EzXP+/1l/8AJFH/AAkOqf8AQma5/wB/rL/5IroKKAOf/wCEh1T/AKEzXP8Av9Zf/JFH/CQ6p/0Jmuf9/rL/AOSK6CigDn/+Eh1T/oTNc/7/AFl/8kUf8JDqn/Qma5/3+sv/AJIroKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDL/AOEm0D/oOab/AOBcf+NH/CTaB/0HNN/8C4/8a1KKnU15qX8r+9f5GX/wk2gf9BzTf/AuP/Gj/hJtA/6Dmm/+Bcf+NalFGoc1L+V/ev8AIy/+Em0D/oOab/4Fx/40f8JNoH/Qc03/AMC4/wDGtSijUOal/K/vX+Rl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jWpRRqHNS/lf3r/Iy/+Em0D/oOab/4Fx/40f8ACTaB/wBBzTf/AALj/wAa1KKNQ5qX8r+9f5GX/wAJNoH/AEHNN/8AAuP/ABo/4SbQP+g5pv8A4Fx/41qUUahzUv5X96/yMv8A4SbQP+g5pv8A4Fx/40f8JNoH/Qc03/wLj/xrUoo1Dmpfyv71/kZf/CTaB/0HNN/8C4/8aP8AhJtA/wCg5pv/AIFx/wCNalFGoc1L+V/ev8jL/wCEm0D/AKDmm/8AgXH/AI0f8JNoH/Qc03/wLj/xrUoo1Dmpfyv71/kZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/41qUUahzUv5X96/wAjL/4SbQP+g5pv/gXH/jR/wk2gf9BzTf8AwLj/AMa1KKNQ5qX8r+9f5GX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NalFGoc1L+V/ev8jL/4SbQP+g5pv/gXH/jR/wAJNoH/AEHNN/8AAuP/ABrUoo1Dmpfyv71/kZf/AAk2gf8AQc03/wAC4/8AGj/hJtA/6Dmm/wDgXH/jWpRRqHNS/lf3r/Iy/wDhJtA/6Dmm/wDgXH/jR/wk2gf9BzTf/AuP/GtSijUOal/K/vX+Rl/8JNoH/Qc03/wLj/xo/wCEm0D/AKDmm/8AgXH/AI1qUUahzUv5X96/yMv/AISbQP8AoOab/wCBcf8AjR/wk2gf9BzTf/AuP/GtSijUOal/K/vX+Rl/8JNoH/Qc03/wLj/xo/4SbQP+g5pv/gXH/jWpRRqHNS/lf3r/ACMv/hJtA/6Dmm/+Bcf+NH/CTaB/0HNN/wDAuP8AxrUoo1Dmpfyv71/kZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/41qUUahzUv5X96/yMv/hJtA/6Dmm/+Bcf+NH/AAk2gf8AQc03/wAC4/8AGtSijUOal/K/vX+Rl/8ACTaB/wBBzTf/AALj/wAaP+Em0D/oOab/AOBcf+NalFGoc1L+V/ev8jL/AOEm0D/oOab/AOBcf+NH/CTaB/0HNN/8C4/8a1KKNQ5qX8r+9f5GX/wk2gf9BzTf/AuP/Gj/AISbQP8AoOab/wCBcf8AjWpRRqHNS/lf3r/Iy/8AhJtA/wCg5pv/AIFx/wCNH/CTaB/0HNN/8C4/8a1KKNQ5qX8r+9f5GX/wk2gf9BzTf/AuP/Gj/hJtA/6Dmm/+Bcf+NalFGoc1L+V/ev8AIy/+Em0D/oOab/4Fx/40f8JNoH/Qc03/AMC4/wDGtSijUOal/K/vX+Rl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jWpRRqHNS/lf3r/Iy/+Em0D/oOab/4Fx/40f8ACTaB/wBBzTf/AALj/wAa1KKNQ5qX8r+9f5GX/wAJNoH/AEHNN/8AAuP/ABo/4SbQP+g5pv8A4Fx/41qUUahzUv5X96/yMv8A4SbQP+g5pv8A4Fx/40f8JNoH/Qc03/wLj/xrUoo1Dmpfyv71/kZf/CTaB/0HNN/8C4/8aP8AhJtA/wCg5pv/AIFx/wCNalFGoc1L+V/ev8jL/wCEm0D/AKDmm/8AgXH/AI0f8JNoH/Qc03/wLj/xrUoo1Dmpfyv71/kZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/41qUUahzUv5X96/wAjL/4SbQP+g5pv/gXH/jR/wk2gf9BzTf8AwLj/AMa1KKNQ5qX8r+9f5GX/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NalFGoc1L+V/ev8jL/4SbQP+g5pv/gXH/jR/wAJNoH/AEHNN/8AAuP/ABrUoo1Dmpfyv71/kZf/AAk2gf8AQc03/wAC4/8AGj/hJtA/6Dmm/wDgXH/jWpRRqHNS/lf3r/Iy/wDhJtA/6Dmm/wDgXH/jR/wk2gf9BzTf/AuP/GtSijUOal/K/vX+Rl/8JNoH/Qc03/wLj/xo/wCEm0D/AKDmm/8AgXH/AI1qUUahzUv5X96/yMv/AISbQP8AoOab/wCBcf8AjR/wk2gf9BzTf/AuP/GtSijUOal/K/vX+Rl/8JNoH/Qc03/wLj/xo/4SbQP+g5pv/gXH/jWpRRqHNS/lf3r/ACMv/hJtA/6Dmm/+Bcf+NH/CTaB/0HNN/wDAuP8AxrUoo1Dmpfyv71/kZf8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/41qUUahzUv5X96/yMv/hJtA/6Dmm/+Bcf+NH/AAk2gf8AQc03/wAC4/8AGtSijUOal/K/vX+Rl/8ACTaB/wBBzTf/AALj/wAaP+Em0D/oOab/AOBcf+NalFGoc1L+V/ev8jL/AOEm0D/oOab/AOBcf+NH/CTaB/0HNN/8C4/8a1KKNQ5qX8r+9f5GX/wk2gf9BzTf/AuP/Gj/AISbQP8AoOab/wCBcf8AjWpRRqHNS/lf3r/Iy/8AhJtA/wCg5pv/AIFx/wCNH/CTaB/0HNN/8C4/8a1KKNQ5qX8r+9f5GX/wk2gf9BzTf/AuP/Gj/hJtA/6Dmm/+Bcf+NalFGoc1L+V/ev8AIy/+Em0D/oOab/4Fx/40f8JNoH/Qc03/AMC4/wDGtSijUOal/K/vX+Rl/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jWpRRqHNS/lf3r/Iy/+Em0D/oOab/4Fx/40f8ACTaB/wBBzTf/AALj/wAafN/rn+tR07MOal/K/vX+Qv8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/40lFFmHNS/lf3r/IX/hJtA/6Dmm/+Bcf+NH/CTaB/0HNN/wDAuP8AxpKKLMOal/K/vX+Qv/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40lFFmHNS/lf3r/IX/AISbQP8AoOab/wCBcf8AjR/wk2gf9BzTf/AuP/Gkoosw5qX8r+9f5C/8JNoH/Qc03/wLj/xo/wCEm0D/AKDmm/8AgXH/AI0lFFmHNS/lf3r/ACF/4SbQP+g5pv8A4Fx/40f8JNoH/Qc03/wLj/xpKKLMOal/K/vX+Qv/AAk2gf8AQc03/wAC4/8AGj/hJtA/6Dmm/wDgXH/jSUUWYc1L+V/ev8hf+Em0D/oOab/4Fx/40f8ACTaB/wBBzTf/AALj/wAaSiizDmpfyv71/kL/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NJRRZhzUv5X96/yF/4SbQP+g5pv/gXH/jR/wk2gf9BzTf8AwLj/AMaSiizDmpfyv71/kL/wk2gf9BzTf/AuP/Gj/hJtA/6Dmm/+Bcf+NJRRZhzUv5X96/yF/wCEm0D/AKDmm/8AgXH/AI0f8JNoH/Qc03/wLj/xpKKLMOal/K/vX+Qv/CTaB/0HNN/8C4/8aP8AhJtA/wCg5pv/AIFx/wCNJRRZhzUv5X96/wAhf+Em0D/oOab/AOBcf+NH/CTaB/0HNN/8C4/8aSiizDmpfyv71/kL/wAJNoH/AEHNN/8AAuP/ABo/4SbQP+g5pv8A4Fx/40lFFmHNS/lf3r/IX/hJtA/6Dmm/+Bcf+NH/AAk2gf8AQc03/wAC4/8AGkoosw5qX8r+9f5C/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jSUUWYc1L+V/ev8hf+Em0D/oOab/4Fx/40f8JNoH/Qc03/AMC4/wDGkoosw5qX8r+9f5C/8JNoH/Qc03/wLj/xo/4SbQP+g5pv/gXH/jSUUWYc1L+V/ev8hf8AhJtA/wCg5pv/AIFx/wCNH/CTaB/0HNN/8C4/8aSiizDmpfyv71/kL/wk2gf9BzTf/AuP/Gj/AISbQP8AoOab/wCBcf8AjSUUWYc1L+V/ev8AIX/hJtA/6Dmm/wDgXH/jR/wk2gf9BzTf/AuP/Gkoosw5qX8r+9f5C/8ACTaB/wBBzTf/AALj/wAaP+Em0D/oOab/AOBcf+NJRRZhzUv5X96/yF/4SbQP+g5pv/gXH/jR/wAJNoH/AEHNN/8AAuP/ABpKKLMOal/K/vX+Qv8Awk2gf9BzTf8AwLj/AMaP+Em0D/oOab/4Fx/40lFFmHNS/lf3r/IX/hJtA/6Dmm/+Bcf+NH/CTaB/0HNN/wDAuP8AxpKKLMOal/K/vX+Qv/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40lFFmHNS/lf3r/IX/AISbQP8AoOab/wCBcf8AjR/wk2gf9BzTf/AuP/Gkoosw5qX8r+9f5C/8JNoH/Qc03/wLj/xo/wCEm0D/AKDmm/8AgXH/AI0lFFmHNS/lf3r/ACF/4SbQP+g5pv8A4Fx/40f8JNoH/Qc03/wLj/xpKKLMOal/K/vX+Qv/AAk2gf8AQc03/wAC4/8AGj/hJtA/6Dmm/wDgXH/jSUUWYc1L+V/ev8hf+Em0D/oOab/4Fx/40f8ACTaB/wBBzTf/AALj/wAaSiizDmpfyv71/kL/AMJNoH/Qc03/AMC4/wDGj/hJtA/6Dmm/+Bcf+NJRRZhzUv5X96/yF/4SbQP+g5pv/gXH/jR/wk2gf9BzTf8AwLj/AMaSiizDmpfyv71/kL/wk2gf9BzTf/AuP/Gj/hJtA/6Dmm/+Bcf+NJRRZhzUv5X96/yF/wCEm0D/AKDmm/8AgXH/AI0f8JNoH/Qc03/wLj/xpKKLMOal/K/vX+Qv/CTaB/0HNN/8C4/8aP8AhJtA/wCg5pv/AIFx/wCNJRRZhzUv5X96/wAhf+Em0D/oOab/AOBcf+NH/CTaB/0HNN/8C4/8aSiizDmpfyv71/kL/wAJNoH/AEHNN/8AAuP/ABo/4SbQP+g5pv8A4Fx/40lFFmHNS/lf3r/IX/hJtA/6Dmm/+Bcf+NH/AAk2gf8AQc03/wAC4/8AGkoosw5qX8r+9f5C/wDCTaB/0HNN/wDAuP8Axo/4SbQP+g5pv/gXH/jSUUWYc1L+V/ev8hf+Em0D/oOab/4Fx/40f8JNoH/Qc03/AMC4/wDGkqZfuj6UWYc1L+V/ev8AIv0UUUzIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAzpv9c/1qOpJv9c/1qOmIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqZfuj6VDUy/dH0oAqfZfE/wD0F9I/8Fcv/wAkUfZfE/8A0F9I/wDBXL/8kVtUUXCxi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFbVFFwsYv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFFwsYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkVtUUXCxi/ZfE/wD0F9I/8Fcv/wAkUfZfE/8A0F9I/wDBXL/8kVtUUXCxi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFbVFFwsYv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFFwsYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkVtUUXCxi/ZfE/wD0F9I/8Fcv/wAkUfZfE/8A0F9I/wDBXL/8kVtUUXCxi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFbVFFwsYv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFFwsYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkVtUUXCxi/ZfE/wD0F9I/8Fcv/wAkUfZfE/8A0F9I/wDBXL/8kVtUUXCxi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFbVFFwsYv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFFwsYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkVtUUXCxi/ZfE/wD0F9I/8Fcv/wAkUfZfE/8A0F9I/wDBXL/8kVtUUXCxi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFbVFFwsYv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFFwsYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkVtUUXCxi/ZfE/wD0F9I/8Fcv/wAkUfZfE/8A0F9I/wDBXL/8kVtUUXCxi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFbVFFwsYv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFFwsYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkVtUUXCxi/ZfE/wD0F9I/8Fcv/wAkUfZfE/8A0F9I/wDBXL/8kVtUUXCxi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFbVFFwsYv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFFwsYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkVtUUXCxi/ZfE/wD0F9I/8Fcv/wAkUfZfE/8A0F9I/wDBXL/8kVtUUXCxi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFbVFFwsYv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFFwsYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkVtUUXCxi/ZfE/wD0F9I/8Fcv/wAkUfZfE/8A0F9I/wDBXL/8kVtUUXCxi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFbVFFwsYv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFFwsYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkVtUUXCxi/ZfE/wD0F9I/8Fcv/wAkUfZfE/8A0F9I/wDBXL/8kVtUUXCxi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFbVFFwsYv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFFwsYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkVtUUXCxi/ZfE/wD0F9I/8Fcv/wAkUfZfE/8A0F9I/wDBXL/8kVtUUXCxi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFbVFFwsYv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFFwsYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkVtUUXCxi/ZfE/wD0F9I/8Fcv/wAkUfZfE/8A0F9I/wDBXL/8kVtUUXCxi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFbVFFwsYv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFFwsYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkVtUUXCxi/ZfE/wD0F9I/8Fcv/wAkUfZfE/8A0F9I/wDBXL/8kVtUUXCxi/ZfE/8A0F9I/wDBXL/8kUfZfE//AEF9I/8ABXL/APJFbVFFwsYv2XxP/wBBfSP/AAVy/wDyRR9l8T/9BfSP/BXL/wDJFbVFFwsYv2XxP/0F9I/8Fcv/AMkUfZfE/wD0F9I/8Fcv/wAkVtUUXCxy0tt4k81s6tpWc/8AQMk/+P0z7N4j/wCgrpX/AILZP/j9bc3+uf61HRcLGR9m8R/9BXSv/BbJ/wDH6Ps3iP8A6Culf+C2T/4/WvRRcLGR9m8R/wDQV0r/AMFsn/x+j7N4j/6Culf+C2T/AOP1r0UXCxkfZvEf/QV0r/wWyf8Ax+j7N4j/AOgrpX/gtk/+P1r0UXCxkfZvEf8A0FdK/wDBbJ/8fo+zeI/+grpX/gtk/wDj9a9FFwsZH2bxH/0FdK/8Fsn/AMfo+zeI/wDoK6V/4LZP/j9a9FFwsZH2bxH/ANBXSv8AwWyf/H6Ps3iP/oK6V/4LZP8A4/WvRRcLGR9m8R/9BXSv/BbJ/wDH6Ps3iP8A6Culf+C2T/4/WvRRcLGR9m8R/wDQV0r/AMFsn/x+j7N4j/6Culf+C2T/AOP1r0UXCxkfZvEf/QV0r/wWyf8Ax+j7N4j/AOgrpX/gtk/+P1r0UXCxkfZvEf8A0FdK/wDBbJ/8fo+zeI/+grpX/gtk/wDj9a9FFwsZH2bxH/0FdK/8Fsn/AMfo+zeI/wDoK6V/4LZP/j9a9FFwsZH2bxH/ANBXSv8AwWyf/H6Ps3iP/oK6V/4LZP8A4/WvRRcLGR9m8R/9BXSv/BbJ/wDH6Ps3iP8A6Culf+C2T/4/WvRRcLGR9m8R/wDQV0r/AMFsn/x+j7N4j/6Culf+C2T/AOP1r0UXCxkfZvEf/QV0r/wWyf8Ax+j7N4j/AOgrpX/gtk/+P1r0UXCxkfZvEf8A0FdK/wDBbJ/8fo+zeI/+grpX/gtk/wDj9a9FFwsZH2bxH/0FdK/8Fsn/AMfo+zeI/wDoK6V/4LZP/j9a9FFwsZH2bxH/ANBXSv8AwWyf/H6Ps3iP/oK6V/4LZP8A4/WvRRcLGR9m8R/9BXSv/BbJ/wDH6Ps3iP8A6Culf+C2T/4/WvRRcLGR9m8R/wDQV0r/AMFsn/x+j7N4j/6Culf+C2T/AOP1r0UXCxkfZvEf/QV0r/wWyf8Ax+j7N4j/AOgrpX/gtk/+P1r0UXCxkfZvEf8A0FdK/wDBbJ/8fo+zeI/+grpX/gtk/wDj9a9FFwsZH2bxH/0FdK/8Fsn/AMfo+zeI/wDoK6V/4LZP/j9a9FFwsZH2bxH/ANBXSv8AwWyf/H6Ps3iP/oK6V/4LZP8A4/WvRRcLGR9m8R/9BXSv/BbJ/wDH6Ps3iP8A6Culf+C2T/4/WvRRcLGR9m8R/wDQV0r/AMFsn/x+j7N4j/6Culf+C2T/AOP1r0UXCxkfZvEf/QV0r/wWyf8Ax+j7N4j/AOgrpX/gtk/+P1r0UXCxkfZvEf8A0FdK/wDBbJ/8fo+zeI/+grpX/gtk/wDj9a9FFwsZH2bxH/0FdK/8Fsn/AMfo+zeI/wDoK6V/4LZP/j9a9FFwsZH2bxH/ANBXSv8AwWyf/H6Ps3iP/oK6V/4LZP8A4/WvRRcLGR9m8R/9BXSv/BbJ/wDH6Ps3iP8A6Culf+C2T/4/WvRRcLGR9m8R/wDQV0r/AMFsn/x+j7N4j/6Culf+C2T/AOP1r0UXCxkfZvEf/QV0r/wWyf8Ax+j7N4j/AOgrpX/gtk/+P1r0UXCxkfZvEf8A0FdK/wDBbJ/8fo+zeI/+grpX/gtk/wDj9a9FFwsZH2bxH/0FdK/8Fsn/AMfo+zeI/wDoK6V/4LZP/j9a9FFwsZH2bxH/ANBXSv8AwWyf/H6Ps3iP/oK6V/4LZP8A4/WvRRcLGR9m8R/9BXSv/BbJ/wDH6Ps3iP8A6Culf+C2T/4/WvRRcLGR9m8R/wDQV0r/AMFsn/x+j7N4j/6Culf+C2T/AOP1r0UXCxkfZvEf/QV0r/wWyf8Ax+j7N4j/AOgrpX/gtk/+P1r0UXCxkfZvEf8A0FdK/wDBbJ/8fo+zeI/+grpX/gtk/wDj9a9FFwsZH2bxH/0FdK/8Fsn/AMfo+zeI/wDoK6V/4LZP/j9a9FFwsZH2bxH/ANBXSv8AwWyf/H6lFt4k2j/ibaT0/wCgZJ/8frSqZfuj6UXCxforF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXLM3+uf61HWXL4s8NmViPEGlEZ/wCf2P8Axpn/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNepl+6PpWF/wAJX4c/6GDSv/AyP/GpR4t8N7R/xUOk9P8An9j/AMaLBc6eiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAzpv9c/1qOpJv9c/1qOmIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqZfuj6VDUy/dH0oAv0UUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGdN/rn+tR1JN/rn+tR0xBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFTL90fSoamX7o+lAF+isX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBcszf65/rUdZcvizw2ZWI8QaURn/n9j/xpn/CV+HP+hg0r/wADI/8AGiwXNeisj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAaLBc16KyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABosFzXorI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGiwXNeisj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAaLBc16KyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABosFzXorI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGiwXNeisj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAaLBc16KyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABosFzXorI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGiwXNeisj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAaLBc16KyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABosFzXorI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGiwXNeisj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAaLBc16KyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABosFzXorI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGiwXNeisj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAaLBc16KyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABosFzXorI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGiwXNeisj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAaLBc16KyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABosFzXorI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGiwXNeisj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAaLBc16KyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABosFzXorI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGiwXNeisj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAaLBc16KyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABosFzXorI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGiwXNeisj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAaLBc16KyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABosFzXorI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGiwXNeisj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAaLBc16KyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABosFzXorI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGiwXNeisj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAaLBc16KyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABosFzXorI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGiwXNeisj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAaLBc16KyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABosFzXorI/4Svw5/wBDBpX/AIGR/wCNH/CV+HP+hg0r/wADI/8AGiwXNeisj/hK/Dn/AEMGlf8AgZH/AI0f8JX4c/6GDSv/AAMj/wAaLBc16KyP+Er8Of8AQwaV/wCBkf8AjR/wlfhz/oYNK/8AAyP/ABosFzXqZfuj6Vhf8JX4c/6GDSv/AAMj/wAalHi3w3tH/FQ6T0/5/Y/8aLBc6eiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAzpv8AXP8AWo6km/1z/Wo6YgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpl+6PpUNTL90fSgC/RRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZ03+uf61HUk3+uf61HTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVMv3R9KhqZfuj6UAX6Kxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFzaorF/4TDwx/0Mekf+B0X/xVH/CYeGP+hj0j/wADov8A4qiwXNqisX/hMPDH/Qx6R/4HRf8AxVH/AAmHhj/oY9I/8Dov/iqLBc2qKxf+Ew8Mf9DHpH/gdF/8VR/wmHhj/oY9I/8AA6L/AOKosFzaorF/4TDwx/0Mekf+B0X/AMVR/wAJh4Y/6GPSP/A6L/4qiwXNqisX/hMPDH/Qx6R/4HRf/FUf8Jh4Y/6GPSP/AAOi/wDiqLBc2qKxf+Ew8Mf9DHpH/gdF/wDFUf8ACYeGP+hj0j/wOi/+KosFyzN/rn+tR1ly+LPDZlYjxBpRGf8An9j/AMaZ/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXorI/wCEr8Of9DBpX/gZH/jR/wAJX4c/6GDSv/AyP/GiwXNeisj/AISvw5/0MGlf+Bkf+NH/AAlfhz/oYNK/8DI/8aLBc16KyP8AhK/Dn/QwaV/4GR/40f8ACV+HP+hg0r/wMj/xosFzXqZfuj6Vhf8ACV+HP+hg0r/wMj/xqUeLfDe0f8VDpPT/AJ/Y/wDGiwXOnooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAM6b/XP9ajqSb/XP9ajpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKmX7o+lQ1Mv3R9KAL9FYv8AYmof9DTq/wD36tP/AIxR/Ymof9DTq/8A36tP/jFAG1RWL/Ymof8AQ06v/wB+rT/4xR/Ymof9DTq//fq0/wDjFAG1RWL/AGJqH/Q06v8A9+rT/wCMUf2JqH/Q06v/AN+rT/4xQBtUVi/2JqH/AENOr/8Afq0/+MUf2JqH/Q06v/36tP8A4xQBtUVi/wBiah/0NOr/APfq0/8AjFH9iah/0NOr/wDfq0/+MUAbVFYv9iah/wBDTq//AH6tP/jFH9iah/0NOr/9+rT/AOMUAbVFYv8AYmof9DTq/wD36tP/AIxR/Ymof9DTq/8A36tP/jFAG1RWL/Ymof8AQ06v/wB+rT/4xR/Ymof9DTq//fq0/wDjFAG1RWL/AGJqH/Q06v8A9+rT/wCMUf2JqH/Q06v/AN+rT/4xQBtUVi/2JqH/AENOr/8Afq0/+MUf2JqH/Q06v/36tP8A4xQBtUVi/wBiah/0NOr/APfq0/8AjFH9iah/0NOr/wDfq0/+MUAbVFYv9iah/wBDTq//AH6tP/jFH9iah/0NOr/9+rT/AOMUAbVFYv8AYmof9DTq/wD36tP/AIxR/Ymof9DTq/8A36tP/jFAG1RWL/Ymof8AQ06v/wB+rT/4xR/Ymof9DTq//fq0/wDjFAG1RWL/AGJqH/Q06v8A9+rT/wCMUf2JqH/Q06v/AN+rT/4xQBtUVi/2JqH/AENOr/8Afq0/+MUf2JqH/Q06v/36tP8A4xQBtUVi/wBiah/0NOr/APfq0/8AjFH9iah/0NOr/wDfq0/+MUAbVFYv9iah/wBDTq//AH6tP/jFH9iah/0NOr/9+rT/AOMUAbVFYv8AYmof9DTq/wD36tP/AIxR/Ymof9DTq/8A36tP/jFAG1RWL/Ymof8AQ06v/wB+rT/4xR/Ymof9DTq//fq0/wDjFAG1RWL/AGJqH/Q06v8A9+rT/wCMUf2JqH/Q06v/AN+rT/4xQBtUVi/2JqH/AENOr/8Afq0/+MUf2JqH/Q06v/36tP8A4xQBtUVi/wBiah/0NOr/APfq0/8AjFH9iah/0NOr/wDfq0/+MUAbVFYv9iah/wBDTq//AH6tP/jFH9iah/0NOr/9+rT/AOMUAbVFYv8AYmof9DTq/wD36tP/AIxR/Ymof9DTq/8A36tP/jFAG1RWL/Ymof8AQ06v/wB+rT/4xR/Ymof9DTq//fq0/wDjFAG1RWL/AGJqH/Q06v8A9+rT/wCMUf2JqH/Q06v/AN+rT/4xQBtUVi/2JqH/AENOr/8Afq0/+MUf2JqH/Q06v/36tP8A4xQBtUVi/wBiah/0NOr/APfq0/8AjFH9iah/0NOr/wDfq0/+MUAbVFYv9iah/wBDTq//AH6tP/jFH9iah/0NOr/9+rT/AOMUAbVFYv8AYmof9DTq/wD36tP/AIxR/Ymof9DTq/8A36tP/jFAG1RWL/Ymof8AQ06v/wB+rT/4xR/Ymof9DTq//fq0/wDjFAG1RWL/AGJqH/Q06v8A9+rT/wCMUf2JqH/Q06v/AN+rT/4xQBtUVi/2JqH/AENOr/8Afq0/+MUf2JqH/Q06v/36tP8A4xQBtUVi/wBiah/0NOr/APfq0/8AjFH9iah/0NOr/wDfq0/+MUAbVFYv9iah/wBDTq//AH6tP/jFH9iah/0NOr/9+rT/AOMUAbVFYv8AYmof9DTq/wD36tP/AIxR/Ymof9DTq/8A36tP/jFAG1RWL/Ymof8AQ06v/wB+rT/4xR/Ymof9DTq//fq0/wDjFAG1RWL/AGJqH/Q06v8A9+rT/wCMUf2JqH/Q06v/AN+rT/4xQBtUVi/2JqH/AENOr/8Afq0/+MUf2JqH/Q06v/36tP8A4xQBtUVi/wBiah/0NOr/APfq0/8AjFH9iah/0NOr/wDfq0/+MUAbVFYv9iah/wBDTq//AH6tP/jFH9iah/0NOr/9+rT/AOMUAbVFYv8AYmof9DTq/wD36tP/AIxR/Ymof9DTq/8A36tP/jFAG1RWL/Ymof8AQ06v/wB+rT/4xR/Ymof9DTq//fq0/wDjFAG1RWL/AGJqH/Q06v8A9+rT/wCMUf2JqH/Q06v/AN+rT/4xQBtUVi/2JqH/AENOr/8Afq0/+MUf2JqH/Q06v/36tP8A4xQBtUVi/wBiah/0NOr/APfq0/8AjFH9iah/0NOr/wDfq0/+MUAbVFYv9iah/wBDTq//AH6tP/jFH9iah/0NOr/9+rT/AOMUAbVFYv8AYmof9DTq/wD36tP/AIxR/Ymof9DTq/8A36tP/jFAG1RWL/Ymof8AQ06v/wB+rT/4xR/Ymof9DTq//fq0/wDjFAG1RWL/AGJqH/Q06v8A9+rT/wCMUf2JqH/Q06v/AN+rT/4xQBtUVi/2JqH/AENOr/8Afq0/+MUf2JqH/Q06v/36tP8A4xQBZm/1z/Wo6y5dGvxK3/FTaqef+edr/wDGaZ/Y1/8A9DLqv/fu1/8AjNAGvRWR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM0Aa9FZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzQBr0Vkf2Nf/8AQy6r/wB+7X/4zR/Y1/8A9DLqv/fu1/8AjNAGvRWR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM0Aa9FZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzQBr0Vkf2Nf/8AQy6r/wB+7X/4zR/Y1/8A9DLqv/fu1/8AjNAGvRWR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM0Aa9FZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzQBr0Vkf2Nf/8AQy6r/wB+7X/4zR/Y1/8A9DLqv/fu1/8AjNAGvRWR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM0Aa9FZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzQBr0Vkf2Nf/8AQy6r/wB+7X/4zR/Y1/8A9DLqv/fu1/8AjNAGvRWR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM0Aa9FZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzQBr0Vkf2Nf/8AQy6r/wB+7X/4zR/Y1/8A9DLqv/fu1/8AjNAGvRWR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM0Aa9FZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzQBr0Vkf2Nf/8AQy6r/wB+7X/4zR/Y1/8A9DLqv/fu1/8AjNAGvRWR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM0Aa9FZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzQBr0Vkf2Nf/8AQy6r/wB+7X/4zR/Y1/8A9DLqv/fu1/8AjNAGvRWR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM0Aa9FZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzQBr0Vkf2Nf/8AQy6r/wB+7X/4zR/Y1/8A9DLqv/fu1/8AjNAGvRWR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM0Aa9FZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzQBr0Vkf2Nf/8AQy6r/wB+7X/4zR/Y1/8A9DLqv/fu1/8AjNAGvRWR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM0Aa9FZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzQBr0Vkf2Nf/8AQy6r/wB+7X/4zR/Y1/8A9DLqv/fu1/8AjNAGvRWR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM0Aa9FZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzQBr0Vkf2Nf/8AQy6r/wB+7X/4zR/Y1/8A9DLqv/fu1/8AjNAGvRWR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM0Aa9FZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzQBr0Vkf2Nf/8AQy6r/wB+7X/4zR/Y1/8A9DLqv/fu1/8AjNAGvRWR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM0Aa9FZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzQBr0Vkf2Nf/8AQy6r/wB+7X/4zR/Y1/8A9DLqv/fu1/8AjNAGvRWR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM0Aa9FZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzQBr1Mv3R9Kwv7Gv8A/oZdV/792v8A8ZqUaNf7R/xU2rdP+edr/wDGaAOnooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAM6b/XP9ajqSb/XP9ajpiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKmX7o+lQ1Mv3R9KAKn/CU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAGL/AMJTp/8Az76v/wCCe7/+NUf8JTp//Pvq/wD4J7v/AONVtUUAYv8AwlOn/wDPvq//AIJ7v/41R/wlOn/8++r/APgnu/8A41W1RQBi/wDCU6f/AM++r/8Agnu//jVH/CU6f/z76v8A+Ce7/wDjVbVFAHLS+JrAysfs+q9f+gTdf/G6Z/wkth/zw1X/AMFN1/8AG625v9c/1qOgDI/4SWw/54ar/wCCm6/+N0f8JLYf88NV/wDBTdf/AButeigDI/4SWw/54ar/AOCm6/8AjdH/AAkth/zw1X/wU3X/AMbrXooAyP8AhJbD/nhqv/gpuv8A43R/wkth/wA8NV/8FN1/8brXooAyP+ElsP8Anhqv/gpuv/jdH/CS2H/PDVf/AAU3X/xuteigDI/4SWw/54ar/wCCm6/+N0f8JLYf88NV/wDBTdf/AButeigDI/4SWw/54ar/AOCm6/8AjdH/AAkth/zw1X/wU3X/AMbrXooAyP8AhJbD/nhqv/gpuv8A43R/wkth/wA8NV/8FN1/8brXooAyP+ElsP8Anhqv/gpuv/jdH/CS2H/PDVf/AAU3X/xuteigDI/4SWw/54ar/wCCm6/+N0f8JLYf88NV/wDBTdf/AButeigDI/4SWw/54ar/AOCm6/8AjdH/AAkth/zw1X/wU3X/AMbrXooAyP8AhJbD/nhqv/gpuv8A43R/wkth/wA8NV/8FN1/8brXooAyP+ElsP8Anhqv/gpuv/jdH/CS2H/PDVf/AAU3X/xuteigDI/4SWw/54ar/wCCm6/+N0f8JLYf88NV/wDBTdf/AButeigDI/4SWw/54ar/AOCm6/8AjdH/AAkth/zw1X/wU3X/AMbrXooAyP8AhJbD/nhqv/gpuv8A43R/wkth/wA8NV/8FN1/8brXooAyP+ElsP8Anhqv/gpuv/jdH/CS2H/PDVf/AAU3X/xuteigDI/4SWw/54ar/wCCm6/+N0f8JLYf88NV/wDBTdf/AButeigDI/4SWw/54ar/AOCm6/8AjdH/AAkth/zw1X/wU3X/AMbrXooAyP8AhJbD/nhqv/gpuv8A43R/wkth/wA8NV/8FN1/8brXooAyP+ElsP8Anhqv/gpuv/jdH/CS2H/PDVf/AAU3X/xuteigDI/4SWw/54ar/wCCm6/+N0f8JLYf88NV/wDBTdf/AButeigDI/4SWw/54ar/AOCm6/8AjdH/AAkth/zw1X/wU3X/AMbrXooAyP8AhJbD/nhqv/gpuv8A43R/wkth/wA8NV/8FN1/8brXooAyP+ElsP8Anhqv/gpuv/jdH/CS2H/PDVf/AAU3X/xuteigDI/4SWw/54ar/wCCm6/+N0f8JLYf88NV/wDBTdf/AButeigDI/4SWw/54ar/AOCm6/8AjdH/AAkth/zw1X/wU3X/AMbrXooAyP8AhJbD/nhqv/gpuv8A43R/wkth/wA8NV/8FN1/8brXooAyP+ElsP8Anhqv/gpuv/jdH/CS2H/PDVf/AAU3X/xuteigDI/4SWw/54ar/wCCm6/+N0f8JLYf88NV/wDBTdf/AButeigDI/4SWw/54ar/AOCm6/8AjdH/AAkth/zw1X/wU3X/AMbrXooAyP8AhJbD/nhqv/gpuv8A43R/wkth/wA8NV/8FN1/8brXooAyP+ElsP8Anhqv/gpuv/jdH/CS2H/PDVf/AAU3X/xuteigDI/4SWw/54ar/wCCm6/+N0f8JLYf88NV/wDBTdf/AButeigDI/4SWw/54ar/AOCm6/8AjdH/AAkth/zw1X/wU3X/AMbrXooAyP8AhJbD/nhqv/gpuv8A43R/wkth/wA8NV/8FN1/8brXooAyP+ElsP8Anhqv/gpuv/jdH/CS2H/PDVf/AAU3X/xuteigDI/4SWw/54ar/wCCm6/+N0f8JLYf88NV/wDBTdf/AButeigDI/4SWw/54ar/AOCm6/8AjdH/AAkth/zw1X/wU3X/AMbrXooAyP8AhJbD/nhqv/gpuv8A43R/wkth/wA8NV/8FN1/8brXooAyP+ElsP8Anhqv/gpuv/jdH/CS2H/PDVf/AAU3X/xuteigDI/4SWw/54ar/wCCm6/+N0f8JLYf88NV/wDBTdf/AButeigDI/4SWw/54ar/AOCm6/8AjdSjxNYbR/o+rdP+gTdf/G60qmX7o+lAF+iiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAzpv8AXP8AWo6km/1z/Wo6YgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpl+6PpUNTL90fSgC/RRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZ03+uf61HUk3+uf61HTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVMv3R9KhqZfuj6UAVP+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooAxf+Ep0/wD599X/APBPd/8Axqj/AISnT/8An31f/wAE93/8araooA5aXxNYGVj9n1Xr/wBAm6/+N0z/AISWw/54ar/4Kbr/AON1tzf65/rUdAGR/wAJLYf88NV/8FN1/wDG6P8AhJbD/nhqv/gpuv8A43WvRQBkf8JLYf8APDVf/BTdf/G6P+ElsP8Anhqv/gpuv/jda9FAGR/wkth/zw1X/wAFN1/8bo/4SWw/54ar/wCCm6/+N1r0UAZH/CS2H/PDVf8AwU3X/wAbo/4SWw/54ar/AOCm6/8Ajda9FAGR/wAJLYf88NV/8FN1/wDG6P8AhJbD/nhqv/gpuv8A43WvRQBkf8JLYf8APDVf/BTdf/G6P+ElsP8Anhqv/gpuv/jda9FAGR/wkth/zw1X/wAFN1/8bo/4SWw/54ar/wCCm6/+N1r0UAZH/CS2H/PDVf8AwU3X/wAbo/4SWw/54ar/AOCm6/8Ajda9FAGR/wAJLYf88NV/8FN1/wDG6P8AhJbD/nhqv/gpuv8A43WvRQBkf8JLYf8APDVf/BTdf/G6P+ElsP8Anhqv/gpuv/jda9FAGR/wkth/zw1X/wAFN1/8bo/4SWw/54ar/wCCm6/+N1r0UAZH/CS2H/PDVf8AwU3X/wAbo/4SWw/54ar/AOCm6/8Ajda9FAGR/wAJLYf88NV/8FN1/wDG6P8AhJbD/nhqv/gpuv8A43WvRQBkf8JLYf8APDVf/BTdf/G6P+ElsP8Anhqv/gpuv/jda9FAGR/wkth/zw1X/wAFN1/8bo/4SWw/54ar/wCCm6/+N1r0UAZH/CS2H/PDVf8AwU3X/wAbo/4SWw/54ar/AOCm6/8Ajda9FAGR/wAJLYf88NV/8FN1/wDG6P8AhJbD/nhqv/gpuv8A43WvRQBkf8JLYf8APDVf/BTdf/G6P+ElsP8Anhqv/gpuv/jda9FAGR/wkth/zw1X/wAFN1/8bo/4SWw/54ar/wCCm6/+N1r0UAZH/CS2H/PDVf8AwU3X/wAbo/4SWw/54ar/AOCm6/8Ajda9FAGR/wAJLYf88NV/8FN1/wDG6P8AhJbD/nhqv/gpuv8A43WvRQBkf8JLYf8APDVf/BTdf/G6P+ElsP8Anhqv/gpuv/jda9FAGR/wkth/zw1X/wAFN1/8bo/4SWw/54ar/wCCm6/+N1r0UAZH/CS2H/PDVf8AwU3X/wAbo/4SWw/54ar/AOCm6/8Ajda9FAGR/wAJLYf88NV/8FN1/wDG6P8AhJbD/nhqv/gpuv8A43WvRQBkf8JLYf8APDVf/BTdf/G6P+ElsP8Anhqv/gpuv/jda9FAGR/wkth/zw1X/wAFN1/8bo/4SWw/54ar/wCCm6/+N1r0UAZH/CS2H/PDVf8AwU3X/wAbo/4SWw/54ar/AOCm6/8Ajda9FAGR/wAJLYf88NV/8FN1/wDG6P8AhJbD/nhqv/gpuv8A43WvRQBkf8JLYf8APDVf/BTdf/G6P+ElsP8Anhqv/gpuv/jda9FAGR/wkth/zw1X/wAFN1/8bo/4SWw/54ar/wCCm6/+N1r0UAZH/CS2H/PDVf8AwU3X/wAbo/4SWw/54ar/AOCm6/8Ajda9FAGR/wAJLYf88NV/8FN1/wDG6P8AhJbD/nhqv/gpuv8A43WvRQBkf8JLYf8APDVf/BTdf/G6P+ElsP8Anhqv/gpuv/jda9FAGR/wkth/zw1X/wAFN1/8bo/4SWw/54ar/wCCm6/+N1r0UAZH/CS2H/PDVf8AwU3X/wAbo/4SWw/54ar/AOCm6/8Ajda9FAGR/wAJLYf88NV/8FN1/wDG6P8AhJbD/nhqv/gpuv8A43WvRQBkf8JLYf8APDVf/BTdf/G6P+ElsP8Anhqv/gpuv/jda9FAGR/wkth/zw1X/wAFN1/8bo/4SWw/54ar/wCCm6/+N1r0UAZH/CS2H/PDVf8AwU3X/wAbo/4SWw/54ar/AOCm6/8Ajda9FAGR/wAJLYf88NV/8FN1/wDG6P8AhJbD/nhqv/gpuv8A43WvRQBkf8JLYf8APDVf/BTdf/G6lHiaw2j/AEfVun/QJuv/AI3WlUy/dH0oAv0UUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGdN/rn+tR1JN/rn+tR0xBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFTL90fSoamX7o+lAFT+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WMX+xNQ/wChp1f/AL9Wn/xij+xNQ/6GnV/+/Vp/8YraoouFjF/sTUP+hp1f/v1af/GKP7E1D/oadX/79Wn/AMYraoouFjF/sTUP+hp1f/v1af8Axij+xNQ/6GnV/wDv1af/ABitqii4WMX+xNQ/6GnV/wDv1af/ABij+xNQ/wChp1f/AL9Wn/xitqii4WOWl0a/Erf8VNqp5/552v8A8Zpn9jX/AP0Muq/9+7X/AOM1tzf65/rUdFwsZH9jX/8A0Muq/wDfu1/+M0f2Nf8A/Qy6r/37tf8A4zWvRRcLGR/Y1/8A9DLqv/fu1/8AjNH9jX//AEMuq/8Afu1/+M1r0UXCxkf2Nf8A/Qy6r/37tf8A4zR/Y1//ANDLqv8A37tf/jNa9FFwsZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzWvRRcLGR/Y1//ANDLqv8A37tf/jNH9jX/AP0Muq/9+7X/AOM1r0UXCxkf2Nf/APQy6r/37tf/AIzR/Y1//wBDLqv/AH7tf/jNa9FFwsZH9jX/AP0Muq/9+7X/AOM0f2Nf/wDQy6r/AN+7X/4zWvRRcLGR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM1r0UXCxkf2Nf/wDQy6r/AN+7X/4zR/Y1/wD9DLqv/fu1/wDjNa9FFwsZH9jX/wD0Muq/9+7X/wCM0f2Nf/8AQy6r/wB+7X/4zWvRRcLGR/Y1/wD9DLqv/fu1/wDjNH9jX/8A0Muq/wDfu1/+M1r0UXCxkf2Nf/8AQy6r/wB+7X/4zR/Y1/8A9DLqv/fu1/8AjNa9FFwsZH9jX/8A0Muq/wDfu1/+M0f2Nf8A/Qy6r/37tf8A4zWvRRcLGR/Y1/8A9DLqv/fu1/8AjNH9jX//AEMuq/8Afu1/+M1r0UXCxkf2Nf8A/Qy6r/37tf8A4zR/Y1//ANDLqv8A37tf/jNa9FFwsZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzWvRRcLGR/Y1//ANDLqv8A37tf/jNH9jX/AP0Muq/9+7X/AOM1r0UXCxkf2Nf/APQy6r/37tf/AIzR/Y1//wBDLqv/AH7tf/jNa9FFwsZH9jX/AP0Muq/9+7X/AOM0f2Nf/wDQy6r/AN+7X/4zWvRRcLGR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM1r0UXCxkf2Nf/wDQy6r/AN+7X/4zR/Y1/wD9DLqv/fu1/wDjNa9FFwsZH9jX/wD0Muq/9+7X/wCM0f2Nf/8AQy6r/wB+7X/4zWvRRcLGR/Y1/wD9DLqv/fu1/wDjNH9jX/8A0Muq/wDfu1/+M1r0UXCxkf2Nf/8AQy6r/wB+7X/4zR/Y1/8A9DLqv/fu1/8AjNa9FFwsZH9jX/8A0Muq/wDfu1/+M0f2Nf8A/Qy6r/37tf8A4zWvRRcLGR/Y1/8A9DLqv/fu1/8AjNH9jX//AEMuq/8Afu1/+M1r0UXCxkf2Nf8A/Qy6r/37tf8A4zR/Y1//ANDLqv8A37tf/jNa9FFwsZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzWvRRcLGR/Y1//ANDLqv8A37tf/jNH9jX/AP0Muq/9+7X/AOM1r0UXCxkf2Nf/APQy6r/37tf/AIzR/Y1//wBDLqv/AH7tf/jNa9FFwsZH9jX/AP0Muq/9+7X/AOM0f2Nf/wDQy6r/AN+7X/4zWvRRcLGR/Y1//wBDLqv/AH7tf/jNH9jX/wD0Muq/9+7X/wCM1r0UXCxkf2Nf/wDQy6r/AN+7X/4zR/Y1/wD9DLqv/fu1/wDjNa9FFwsZH9jX/wD0Muq/9+7X/wCM0f2Nf/8AQy6r/wB+7X/4zWvRRcLGR/Y1/wD9DLqv/fu1/wDjNH9jX/8A0Muq/wDfu1/+M1r0UXCxkf2Nf/8AQy6r/wB+7X/4zR/Y1/8A9DLqv/fu1/8AjNa9FFwsZH9jX/8A0Muq/wDfu1/+M0f2Nf8A/Qy6r/37tf8A4zWvRRcLGR/Y1/8A9DLqv/fu1/8AjNH9jX//AEMuq/8Afu1/+M1r0UXCxkf2Nf8A/Qy6r/37tf8A4zR/Y1//ANDLqv8A37tf/jNa9FFwsZH9jX//AEMuq/8Afu1/+M0f2Nf/APQy6r/37tf/AIzWvRRcLGR/Y1//ANDLqv8A37tf/jNH9jX/AP0Muq/9+7X/AOM1r0UXCxkf2Nf/APQy6r/37tf/AIzUo0a/2j/iptW6f887X/4zWlUy/dH0ouFi/RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLm1RWL/beof9Ctq/8A39tP/j9H9t6h/wBCtq//AH9tP/j9FgubVFYv9t6h/wBCtq//AH9tP/j9H9t6h/0K2r/9/bT/AOP0WC5tUVi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/RYLm1RWL/AG3qH/Qrav8A9/bT/wCP0f23qH/Qrav/AN/bT/4/RYLlmb/XP9ajrLl1m/Mrf8Uzqo5/56Wv/wAepn9s3/8A0LWq/wDfy1/+PUWC5r0Vkf2zf/8AQtar/wB/LX/49R/bN/8A9C1qv/fy1/8Aj1Fgua9FZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49RYLmvRWR/bN/8A9C1qv/fy1/8Aj1H9s3//AELWq/8Afy1/+PUWC5r0Vkf2zf8A/Qtar/38tf8A49R/bN//ANC1qv8A38tf/j1Fgua9FZH9s3//AELWq/8Afy1/+PUf2zf/APQtar/38tf/AI9RYLmvRWR/bN//ANC1qv8A38tf/j1H9s3/AP0LWq/9/LX/AOPUWC5r0Vkf2zf/APQtar/38tf/AI9R/bN//wBC1qv/AH8tf/j1Fgua9FZH9s3/AP0LWq/9/LX/AOPUf2zf/wDQtar/AN/LX/49RYLmvRWR/bN//wBC1qv/AH8tf/j1H9s3/wD0LWq/9/LX/wCPUWC5r0Vkf2zf/wDQtar/AN/LX/49R/bN/wD9C1qv/fy1/wDj1Fgua9FZH9s3/wD0LWq/9/LX/wCPUf2zf/8AQtar/wB/LX/49RYLmvRWR/bN/wD9C1qv/fy1/wDj1H9s3/8A0LWq/wDfy1/+PUWC5r0Vkf2zf/8AQtar/wB/LX/49R/bN/8A9C1qv/fy1/8Aj1Fgua9FZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49RYLmvRWR/bN/8A9C1qv/fy1/8Aj1H9s3//AELWq/8Afy1/+PUWC5r0Vkf2zf8A/Qtar/38tf8A49R/bN//ANC1qv8A38tf/j1Fgua9FZH9s3//AELWq/8Afy1/+PUf2zf/APQtar/38tf/AI9RYLmvRWR/bN//ANC1qv8A38tf/j1H9s3/AP0LWq/9/LX/AOPUWC5r0Vkf2zf/APQtar/38tf/AI9R/bN//wBC1qv/AH8tf/j1Fgua9FZH9s3/AP0LWq/9/LX/AOPUf2zf/wDQtar/AN/LX/49RYLmvRWR/bN//wBC1qv/AH8tf/j1H9s3/wD0LWq/9/LX/wCPUWC5r0Vkf2zf/wDQtar/AN/LX/49R/bN/wD9C1qv/fy1/wDj1Fgua9FZH9s3/wD0LWq/9/LX/wCPUf2zf/8AQtar/wB/LX/49RYLmvRWR/bN/wD9C1qv/fy1/wDj1H9s3/8A0LWq/wDfy1/+PUWC5r0Vkf2zf/8AQtar/wB/LX/49R/bN/8A9C1qv/fy1/8Aj1Fgua9FZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49RYLmvRWR/bN/8A9C1qv/fy1/8Aj1H9s3//AELWq/8Afy1/+PUWC5r0Vkf2zf8A/Qtar/38tf8A49R/bN//ANC1qv8A38tf/j1Fgua9FZH9s3//AELWq/8Afy1/+PUf2zf/APQtar/38tf/AI9RYLmvRWR/bN//ANC1qv8A38tf/j1H9s3/AP0LWq/9/LX/AOPUWC5r0Vkf2zf/APQtar/38tf/AI9R/bN//wBC1qv/AH8tf/j1Fgua9FZH9s3/AP0LWq/9/LX/AOPUf2zf/wDQtar/AN/LX/49RYLmvRWR/bN//wBC1qv/AH8tf/j1H9s3/wD0LWq/9/LX/wCPUWC5r0Vkf2zf/wDQtar/AN/LX/49R/bN/wD9C1qv/fy1/wDj1Fgua9FZH9s3/wD0LWq/9/LX/wCPUf2zf/8AQtar/wB/LX/49RYLmvRWR/bN/wD9C1qv/fy1/wDj1H9s3/8A0LWq/wDfy1/+PUWC5r0Vkf2zf/8AQtar/wB/LX/49R/bN/8A9C1qv/fy1/8Aj1Fgua9FZH9s3/8A0LWq/wDfy1/+PUf2zf8A/Qtar/38tf8A49RYLmvRWR/bN/8A9C1qv/fy1/8Aj1H9s3//AELWq/8Afy1/+PUWC5r0Vkf2zf8A/Qtar/38tf8A49R/bN//ANC1qv8A38tf/j1Fgua9FZH9s3//AELWq/8Afy1/+PUf2zf/APQtar/38tf/AI9RYLmvUy/dH0rC/tm//wCha1X/AL+Wv/x6pRrN/tH/ABTOrdP+elr/APHqLBc6eiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAzpv9c/1qOpJv8AXP8AWo6YgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpl+6PpUNTL90fSgC/RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAG1RWL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtAFmb/XP9ajrLl8M2AlYfaNV6/9Ba6/+OUz/hGrD/nvqv8A4Nrr/wCOUAa9FZH/AAjVh/z31X/wbXX/AMco/wCEasP+e+q/+Da6/wDjlAGvRWR/wjVh/wA99V/8G11/8co/4Rqw/wCe+q/+Da6/+OUAa9FZH/CNWH/PfVf/AAbXX/xyj/hGrD/nvqv/AINrr/45QBr0Vkf8I1Yf899V/wDBtdf/AByj/hGrD/nvqv8A4Nrr/wCOUAa9FZH/AAjVh/z31X/wbXX/AMco/wCEasP+e+q/+Da6/wDjlAGvRWR/wjVh/wA99V/8G11/8co/4Rqw/wCe+q/+Da6/+OUAa9FZH/CNWH/PfVf/AAbXX/xyj/hGrD/nvqv/AINrr/45QBr0Vkf8I1Yf899V/wDBtdf/AByj/hGrD/nvqv8A4Nrr/wCOUAa9FZH/AAjVh/z31X/wbXX/AMco/wCEasP+e+q/+Da6/wDjlAGvRWR/wjVh/wA99V/8G11/8co/4Rqw/wCe+q/+Da6/+OUAa9FZH/CNWH/PfVf/AAbXX/xyj/hGrD/nvqv/AINrr/45QBr0Vkf8I1Yf899V/wDBtdf/AByj/hGrD/nvqv8A4Nrr/wCOUAa9FZH/AAjVh/z31X/wbXX/AMco/wCEasP+e+q/+Da6/wDjlAGvRWR/wjVh/wA99V/8G11/8co/4Rqw/wCe+q/+Da6/+OUAa9FZH/CNWH/PfVf/AAbXX/xyj/hGrD/nvqv/AINrr/45QBr0Vkf8I1Yf899V/wDBtdf/AByj/hGrD/nvqv8A4Nrr/wCOUAa9FZH/AAjVh/z31X/wbXX/AMco/wCEasP+e+q/+Da6/wDjlAGvRWR/wjVh/wA99V/8G11/8co/4Rqw/wCe+q/+Da6/+OUAa9FZH/CNWH/PfVf/AAbXX/xyj/hGrD/nvqv/AINrr/45QBr0Vkf8I1Yf899V/wDBtdf/AByj/hGrD/nvqv8A4Nrr/wCOUAa9FZH/AAjVh/z31X/wbXX/AMco/wCEasP+e+q/+Da6/wDjlAGvRWR/wjVh/wA99V/8G11/8co/4Rqw/wCe+q/+Da6/+OUAa9FZH/CNWH/PfVf/AAbXX/xyj/hGrD/nvqv/AINrr/45QBr0Vkf8I1Yf899V/wDBtdf/AByj/hGrD/nvqv8A4Nrr/wCOUAa9FZH/AAjVh/z31X/wbXX/AMco/wCEasP+e+q/+Da6/wDjlAGvRWR/wjVh/wA99V/8G11/8co/4Rqw/wCe+q/+Da6/+OUAa9FZH/CNWH/PfVf/AAbXX/xyj/hGrD/nvqv/AINrr/45QBr0Vkf8I1Yf899V/wDBtdf/AByj/hGrD/nvqv8A4Nrr/wCOUAa9FZH/AAjVh/z31X/wbXX/AMco/wCEasP+e+q/+Da6/wDjlAGvRWR/wjVh/wA99V/8G11/8co/4Rqw/wCe+q/+Da6/+OUAa9FZH/CNWH/PfVf/AAbXX/xyj/hGrD/nvqv/AINrr/45QBr0Vkf8I1Yf899V/wDBtdf/AByj/hGrD/nvqv8A4Nrr/wCOUAa9FZH/AAjVh/z31X/wbXX/AMco/wCEasP+e+q/+Da6/wDjlAGvRWR/wjVh/wA99V/8G11/8co/4Rqw/wCe+q/+Da6/+OUAa9FZH/CNWH/PfVf/AAbXX/xyj/hGrD/nvqv/AINrr/45QBr0Vkf8I1Yf899V/wDBtdf/AByj/hGrD/nvqv8A4Nrr/wCOUAa9FZH/AAjVh/z31X/wbXX/AMco/wCEasP+e+q/+Da6/wDjlAGvRWR/wjVh/wA99V/8G11/8co/4Rqw/wCe+q/+Da6/+OUAa9FZH/CNWH/PfVf/AAbXX/xyj/hGrD/nvqv/AINrr/45QBr0Vkf8I1Yf899V/wDBtdf/AByj/hGrD/nvqv8A4Nrr/wCOUAa9FZH/AAjVh/z31X/wbXX/AMco/wCEasP+e+q/+Da6/wDjlAGvUy/dH0rC/wCEasP+e+q/+Da6/wDjlSjwzYbR/pGrdP8AoLXX/wAcoA6eiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAzpv9c/1qOpJv9c/1qOmIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqZfuj6VDUy/dH0oAqf23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBi/23qH/Qrav/AN/bT/4/R/beof8AQrav/wB/bT/4/W1RQBi/23qH/Qrav/39tP8A4/R/beof9Ctq/wD39tP/AI/W1RQBy0us35lb/imdVHP/AD0tf/j1M/tm/wD+ha1X/v5a/wDx6tub/XP9ajoAyP7Zv/8AoWtV/wC/lr/8eo/tm/8A+ha1X/v5a/8Ax6teigDI/tm//wCha1X/AL+Wv/x6j+2b/wD6FrVf+/lr/wDHq16KAMj+2b//AKFrVf8Av5a//HqP7Zv/APoWtV/7+Wv/AMerXooAyP7Zv/8AoWtV/wC/lr/8eo/tm/8A+ha1X/v5a/8Ax6teigDI/tm//wCha1X/AL+Wv/x6j+2b/wD6FrVf+/lr/wDHq16KAMj+2b//AKFrVf8Av5a//HqP7Zv/APoWtV/7+Wv/AMerXooAyP7Zv/8AoWtV/wC/lr/8eo/tm/8A+ha1X/v5a/8Ax6teigDI/tm//wCha1X/AL+Wv/x6j+2b/wD6FrVf+/lr/wDHq16KAMj+2b//AKFrVf8Av5a//HqP7Zv/APoWtV/7+Wv/AMerXooAyP7Zv/8AoWtV/wC/lr/8eo/tm/8A+ha1X/v5a/8Ax6teigDI/tm//wCha1X/AL+Wv/x6j+2b/wD6FrVf+/lr/wDHq16KAMj+2b//AKFrVf8Av5a//HqP7Zv/APoWtV/7+Wv/AMerXooAyP7Zv/8AoWtV/wC/lr/8eo/tm/8A+ha1X/v5a/8Ax6teigDI/tm//wCha1X/AL+Wv/x6j+2b/wD6FrVf+/lr/wDHq16KAMj+2b//AKFrVf8Av5a//HqP7Zv/APoWtV/7+Wv/AMerXooAyP7Zv/8AoWtV/wC/lr/8eo/tm/8A+ha1X/v5a/8Ax6teigDI/tm//wCha1X/AL+Wv/x6j+2b/wD6FrVf+/lr/wDHq16KAMj+2b//AKFrVf8Av5a//HqP7Zv/APoWtV/7+Wv/AMerXooAyP7Zv/8AoWtV/wC/lr/8eo/tm/8A+ha1X/v5a/8Ax6teigDI/tm//wCha1X/AL+Wv/x6j+2b/wD6FrVf+/lr/wDHq16KAMj+2b//AKFrVf8Av5a//HqP7Zv/APoWtV/7+Wv/AMerXooAyP7Zv/8AoWtV/wC/lr/8eo/tm/8A+ha1X/v5a/8Ax6teigDI/tm//wCha1X/AL+Wv/x6j+2b/wD6FrVf+/lr/wDHq16KAMj+2b//AKFrVf8Av5a//HqP7Zv/APoWtV/7+Wv/AMerXooAyP7Zv/8AoWtV/wC/lr/8eo/tm/8A+ha1X/v5a/8Ax6teigDI/tm//wCha1X/AL+Wv/x6j+2b/wD6FrVf+/lr/wDHq16KAMj+2b//AKFrVf8Av5a//HqP7Zv/APoWtV/7+Wv/AMerXooAyP7Zv/8AoWtV/wC/lr/8eo/tm/8A+ha1X/v5a/8Ax6teigDI/tm//wCha1X/AL+Wv/x6j+2b/wD6FrVf+/lr/wDHq16KAMj+2b//AKFrVf8Av5a//HqP7Zv/APoWtV/7+Wv/AMerXooAyP7Zv/8AoWtV/wC/lr/8eo/tm/8A+ha1X/v5a/8Ax6teigDI/tm//wCha1X/AL+Wv/x6j+2b/wD6FrVf+/lr/wDHq16KAMj+2b//AKFrVf8Av5a//HqP7Zv/APoWtV/7+Wv/AMerXooAyP7Zv/8AoWtV/wC/lr/8eo/tm/8A+ha1X/v5a/8Ax6teigDI/tm//wCha1X/AL+Wv/x6j+2b/wD6FrVf+/lr/wDHq16KAMj+2b//AKFrVf8Av5a//HqP7Zv/APoWtV/7+Wv/AMerXooAyP7Zv/8AoWtV/wC/lr/8eo/tm/8A+ha1X/v5a/8Ax6teigDI/tm//wCha1X/AL+Wv/x6j+2b/wD6FrVf+/lr/wDHq16KAMj+2b//AKFrVf8Av5a//HqP7Zv/APoWtV/7+Wv/AMerXooAyP7Zv/8AoWtV/wC/lr/8eo/tm/8A+ha1X/v5a/8Ax6teigDI/tm//wCha1X/AL+Wv/x6j+2b/wD6FrVf+/lr/wDHq16KAMj+2b//AKFrVf8Av5a//HqlGs3+0f8AFM6t0/56Wv8A8erSqZfuj6UAX6KKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDOm/1z/Wo6km/1z/Wo6YgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpl+6PpUNTL90fSgCp/wi2n/wDPxq//AIOLv/47R/wi2n/8/Gr/APg4u/8A47W1RRcLGL/wi2n/APPxq/8A4OLv/wCO0f8ACLaf/wA/Gr/+Di7/APjtbVFFwsYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtbVFFwsYv/AAi2n/8APxq//g4u/wD47R/wi2n/APPxq/8A4OLv/wCO1tUUXCxi/wDCLaf/AM/Gr/8Ag4u//jtH/CLaf/z8av8A+Di7/wDjtbVFFwsYv/CLaf8A8/Gr/wDg4u//AI7R/wAItp//AD8av/4OLv8A+O1tUUXCxi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O1tUUXCxi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7W1RRcLGL/AMItp/8Az8av/wCDi7/+O0f8Itp//Pxq/wD4OLv/AOO1tUUXCxi/8Itp/wDz8av/AODi7/8AjtH/AAi2n/8APxq//g4u/wD47W1RRcLGL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47W1RRcLGL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtbVFFwsYv8Awi2n/wDPxq//AIOLv/47R/wi2n/8/Gr/APg4u/8A47W1RRcLGL/wi2n/APPxq/8A4OLv/wCO0f8ACLaf/wA/Gr/+Di7/APjtbVFFwsYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtbVFFwsYv/AAi2n/8APxq//g4u/wD47R/wi2n/APPxq/8A4OLv/wCO1tUUXCxi/wDCLaf/AM/Gr/8Ag4u//jtH/CLaf/z8av8A+Di7/wDjtbVFFwsYv/CLaf8A8/Gr/wDg4u//AI7R/wAItp//AD8av/4OLv8A+O1tUUXCxi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O1tUUXCxi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7W1RRcLGL/AMItp/8Az8av/wCDi7/+O0f8Itp//Pxq/wD4OLv/AOO1tUUXCxi/8Itp/wDz8av/AODi7/8AjtH/AAi2n/8APxq//g4u/wD47W1RRcLGL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47W1RRcLGL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtbVFFwsYv8Awi2n/wDPxq//AIOLv/47R/wi2n/8/Gr/APg4u/8A47W1RRcLGL/wi2n/APPxq/8A4OLv/wCO0f8ACLaf/wA/Gr/+Di7/APjtbVFFwsYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtbVFFwsYv/AAi2n/8APxq//g4u/wD47R/wi2n/APPxq/8A4OLv/wCO1tUUXCxi/wDCLaf/AM/Gr/8Ag4u//jtH/CLaf/z8av8A+Di7/wDjtbVFFwsYv/CLaf8A8/Gr/wDg4u//AI7R/wAItp//AD8av/4OLv8A+O1tUUXCxi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O1tUUXCxi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7W1RRcLGL/AMItp/8Az8av/wCDi7/+O0f8Itp//Pxq/wD4OLv/AOO1tUUXCxi/8Itp/wDz8av/AODi7/8AjtH/AAi2n/8APxq//g4u/wD47W1RRcLGL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47W1RRcLGL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtbVFFwsYv8Awi2n/wDPxq//AIOLv/47R/wi2n/8/Gr/APg4u/8A47W1RRcLGL/wi2n/APPxq/8A4OLv/wCO0f8ACLaf/wA/Gr/+Di7/APjtbVFFwsYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtbVFFwsYv/AAi2n/8APxq//g4u/wD47R/wi2n/APPxq/8A4OLv/wCO1tUUXCxi/wDCLaf/AM/Gr/8Ag4u//jtH/CLaf/z8av8A+Di7/wDjtbVFFwsYv/CLaf8A8/Gr/wDg4u//AI7R/wAItp//AD8av/4OLv8A+O1tUUXCxi/8Itp//Pxq/wD4OLv/AOO0f8Itp/8Az8av/wCDi7/+O1tUUXCxi/8ACLaf/wA/Gr/+Di7/APjtH/CLaf8A8/Gr/wDg4u//AI7W1RRcLGL/AMItp/8Az8av/wCDi7/+O0f8Itp//Pxq/wD4OLv/AOO1tUUXCxi/8Itp/wDz8av/AODi7/8AjtH/AAi2n/8APxq//g4u/wD47W1RRcLGL/wi2n/8/Gr/APg4u/8A47R/wi2n/wDPxq//AIOLv/47W1RRcLGL/wAItp//AD8av/4OLv8A+O0f8Itp/wDz8av/AODi7/8AjtbVFFwsYv8Awi2n/wDPxq//AIOLv/47R/wi2n/8/Gr/APg4u/8A47W1RRcLGL/wi2n/APPxq/8A4OLv/wCO0f8ACLaf/wA/Gr/+Di7/APjtbVFFwsYv/CLaf/z8av8A+Di7/wDjtH/CLaf/AM/Gr/8Ag4u//jtbVFFwsYv/AAi2n/8APxq//g4u/wD47R/wi2n/APPxq/8A4OLv/wCO1tUUXCxy0vhmwErD7RqvX/oLXX/xymf8I1Yf899V/wDBtdf/ABytub/XP9ajouFjI/4Rqw/576r/AODa6/8AjlH/AAjVh/z31X/wbXX/AMcrXoouFjI/4Rqw/wCe+q/+Da6/+OUf8I1Yf899V/8ABtdf/HK16KLhYyP+EasP+e+q/wDg2uv/AI5R/wAI1Yf899V/8G11/wDHK16KLhYyP+EasP8Anvqv/g2uv/jlH/CNWH/PfVf/AAbXX/xyteii4WMj/hGrD/nvqv8A4Nrr/wCOUf8ACNWH/PfVf/Btdf8Axyteii4WMj/hGrD/AJ76r/4Nrr/45R/wjVh/z31X/wAG11/8crXoouFjI/4Rqw/576r/AODa6/8AjlH/AAjVh/z31X/wbXX/AMcrXoouFjI/4Rqw/wCe+q/+Da6/+OUf8I1Yf899V/8ABtdf/HK16KLhYyP+EasP+e+q/wDg2uv/AI5R/wAI1Yf899V/8G11/wDHK16KLhYyP+EasP8Anvqv/g2uv/jlH/CNWH/PfVf/AAbXX/xyteii4WMj/hGrD/nvqv8A4Nrr/wCOUf8ACNWH/PfVf/Btdf8Axyteii4WMj/hGrD/AJ76r/4Nrr/45R/wjVh/z31X/wAG11/8crXoouFjI/4Rqw/576r/AODa6/8AjlH/AAjVh/z31X/wbXX/AMcrXoouFjI/4Rqw/wCe+q/+Da6/+OUf8I1Yf899V/8ABtdf/HK16KLhYyP+EasP+e+q/wDg2uv/AI5R/wAI1Yf899V/8G11/wDHK16KLhYyP+EasP8Anvqv/g2uv/jlH/CNWH/PfVf/AAbXX/xyteii4WMj/hGrD/nvqv8A4Nrr/wCOUf8ACNWH/PfVf/Btdf8Axyteii4WMj/hGrD/AJ76r/4Nrr/45R/wjVh/z31X/wAG11/8crXoouFjI/4Rqw/576r/AODa6/8AjlH/AAjVh/z31X/wbXX/AMcrXoouFjI/4Rqw/wCe+q/+Da6/+OUf8I1Yf899V/8ABtdf/HK16KLhYyP+EasP+e+q/wDg2uv/AI5R/wAI1Yf899V/8G11/wDHK16KLhYyP+EasP8Anvqv/g2uv/jlH/CNWH/PfVf/AAbXX/xyteii4WMj/hGrD/nvqv8A4Nrr/wCOUf8ACNWH/PfVf/Btdf8Axyteii4WMj/hGrD/AJ76r/4Nrr/45R/wjVh/z31X/wAG11/8crXoouFjI/4Rqw/576r/AODa6/8AjlH/AAjVh/z31X/wbXX/AMcrXoouFjI/4Rqw/wCe+q/+Da6/+OUf8I1Yf899V/8ABtdf/HK16KLhYyP+EasP+e+q/wDg2uv/AI5R/wAI1Yf899V/8G11/wDHK16KLhYyP+EasP8Anvqv/g2uv/jlH/CNWH/PfVf/AAbXX/xyteii4WMj/hGrD/nvqv8A4Nrr/wCOUf8ACNWH/PfVf/Btdf8Axyteii4WMj/hGrD/AJ76r/4Nrr/45R/wjVh/z31X/wAG11/8crXoouFjI/4Rqw/576r/AODa6/8AjlH/AAjVh/z31X/wbXX/AMcrXoouFjI/4Rqw/wCe+q/+Da6/+OUf8I1Yf899V/8ABtdf/HK16KLhYyP+EasP+e+q/wDg2uv/AI5R/wAI1Yf899V/8G11/wDHK16KLhYyP+EasP8Anvqv/g2uv/jlH/CNWH/PfVf/AAbXX/xyteii4WMj/hGrD/nvqv8A4Nrr/wCOUf8ACNWH/PfVf/Btdf8Axyteii4WMj/hGrD/AJ76r/4Nrr/45R/wjVh/z31X/wAG11/8crXoouFjI/4Rqw/576r/AODa6/8AjlH/AAjVh/z31X/wbXX/AMcrXoouFjI/4Rqw/wCe+q/+Da6/+OUf8I1Yf899V/8ABtdf/HK16KLhYyP+EasP+e+q/wDg2uv/AI5R/wAI1Yf899V/8G11/wDHK16KLhYyP+EasP8Anvqv/g2uv/jlH/CNWH/PfVf/AAbXX/xyteii4WMj/hGrD/nvqv8A4Nrr/wCOUf8ACNWH/PfVf/Btdf8Axyteii4WMj/hGrD/AJ76r/4Nrr/45Uo8M2G0f6Rq3T/oLXX/AMcrSqZfuj6UXCxforF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFyzN/rn+tR1ly3PiTzWzpOlZz/0E5P/AIxTPtPiP/oFaV/4MpP/AIxRYLmvRWR9p8R/9ArSv/BlJ/8AGKPtPiP/AKBWlf8Agyk/+MUWC5r0VkfafEf/AECtK/8ABlJ/8Yo+0+I/+gVpX/gyk/8AjFFgua9FZH2nxH/0CtK/8GUn/wAYo+0+I/8AoFaV/wCDKT/4xRYLmvRWR9p8R/8AQK0r/wAGUn/xij7T4j/6BWlf+DKT/wCMUWC5r0VkfafEf/QK0r/wZSf/ABij7T4j/wCgVpX/AIMpP/jFFgua9FZH2nxH/wBArSv/AAZSf/GKPtPiP/oFaV/4MpP/AIxRYLmvRWR9p8R/9ArSv/BlJ/8AGKPtPiP/AKBWlf8Agyk/+MUWC5r0VkfafEf/AECtK/8ABlJ/8Yo+0+I/+gVpX/gyk/8AjFFgua9FZH2nxH/0CtK/8GUn/wAYo+0+I/8AoFaV/wCDKT/4xRYLmvRWR9p8R/8AQK0r/wAGUn/xij7T4j/6BWlf+DKT/wCMUWC5r0VkfafEf/QK0r/wZSf/ABij7T4j/wCgVpX/AIMpP/jFFgua9FZH2nxH/wBArSv/AAZSf/GKPtPiP/oFaV/4MpP/AIxRYLmvRWR9p8R/9ArSv/BlJ/8AGKPtPiP/AKBWlf8Agyk/+MUWC5r0VkfafEf/AECtK/8ABlJ/8Yo+0+I/+gVpX/gyk/8AjFFgua9FZH2nxH/0CtK/8GUn/wAYo+0+I/8AoFaV/wCDKT/4xRYLmvRWR9p8R/8AQK0r/wAGUn/xij7T4j/6BWlf+DKT/wCMUWC5r0VkfafEf/QK0r/wZSf/ABij7T4j/wCgVpX/AIMpP/jFFgua9FZH2nxH/wBArSv/AAZSf/GKPtPiP/oFaV/4MpP/AIxRYLmvRWR9p8R/9ArSv/BlJ/8AGKPtPiP/AKBWlf8Agyk/+MUWC5r0VkfafEf/AECtK/8ABlJ/8Yo+0+I/+gVpX/gyk/8AjFFgua9FZH2nxH/0CtK/8GUn/wAYo+0+I/8AoFaV/wCDKT/4xRYLmvRWR9p8R/8AQK0r/wAGUn/xij7T4j/6BWlf+DKT/wCMUWC5r0VkfafEf/QK0r/wZSf/ABij7T4j/wCgVpX/AIMpP/jFFgua9FZH2nxH/wBArSv/AAZSf/GKPtPiP/oFaV/4MpP/AIxRYLmvRWR9p8R/9ArSv/BlJ/8AGKPtPiP/AKBWlf8Agyk/+MUWC5r0VkfafEf/AECtK/8ABlJ/8Yo+0+I/+gVpX/gyk/8AjFFgua9FZH2nxH/0CtK/8GUn/wAYo+0+I/8AoFaV/wCDKT/4xRYLmvRWR9p8R/8AQK0r/wAGUn/xij7T4j/6BWlf+DKT/wCMUWC5r0VkfafEf/QK0r/wZSf/ABij7T4j/wCgVpX/AIMpP/jFFgua9FZH2nxH/wBArSv/AAZSf/GKPtPiP/oFaV/4MpP/AIxRYLmvRWR9p8R/9ArSv/BlJ/8AGKPtPiP/AKBWlf8Agyk/+MUWC5r0VkfafEf/AECtK/8ABlJ/8Yo+0+I/+gVpX/gyk/8AjFFgua9FZH2nxH/0CtK/8GUn/wAYo+0+I/8AoFaV/wCDKT/4xRYLmvRWR9p8R/8AQK0r/wAGUn/xij7T4j/6BWlf+DKT/wCMUWC5r0VkfafEf/QK0r/wZSf/ABij7T4j/wCgVpX/AIMpP/jFFgua9FZH2nxH/wBArSv/AAZSf/GKPtPiP/oFaV/4MpP/AIxRYLmvRWR9p8R/9ArSv/BlJ/8AGKPtPiP/AKBWlf8Agyk/+MUWC5r0VkfafEf/AECtK/8ABlJ/8Yo+0+I/+gVpX/gyk/8AjFFgua9FZH2nxH/0CtK/8GUn/wAYo+0+I/8AoFaV/wCDKT/4xRYLmvRWR9p8R/8AQK0r/wAGUn/xij7T4j/6BWlf+DKT/wCMUWC5r0VkfafEf/QK0r/wZSf/ABij7T4j/wCgVpX/AIMpP/jFFgua9TL90fSsL7T4j/6BWlf+DKT/AOMVKLnxJtH/ABKdJ6f9BOT/AOMUWC509FFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBnTf65/rUdSTf65/rUdMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUy/dH0qGpl+6PpQBforF/4Q/wAMf9C5pH/gDF/8TR/wh/hj/oXNI/8AAGL/AOJoA2qKxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mgDaorF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mgDaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoA2qKxf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDiaANqisX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JoA2qKxf+EP8Mf9C5pH/gDF/wDE0f8ACH+GP+hc0j/wBi/+JoA2qKxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8AiaANqisX/hD/AAx/0Lmkf+AMX/xNH/CH+GP+hc0j/wAAYv8A4mgDaorF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/iaANqisX/hD/DH/QuaR/4Axf8AxNH/AAh/hj/oXNI/8AYv/iaANqisX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImgDaorF/4Q/wAMf9C5pH/gDF/8TR/wh/hj/oXNI/8AAGL/AOJoA2qKxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mgDaorF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mgDaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoA2qKxf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDiaANqisX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JoA2qKxf+EP8Mf9C5pH/gDF/wDE0f8ACH+GP+hc0j/wBi/+JoA2qKxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8AiaANqisX/hD/AAx/0Lmkf+AMX/xNH/CH+GP+hc0j/wAAYv8A4mgDaorF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/iaANqisX/hD/DH/QuaR/4Axf8AxNH/AAh/hj/oXNI/8AYv/iaANqisX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImgDaorF/4Q/wAMf9C5pH/gDF/8TR/wh/hj/oXNI/8AAGL/AOJoA2qKxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mgDaorF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mgDaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoA2qKxf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDiaANqisX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JoA2qKxf+EP8Mf9C5pH/gDF/wDE0f8ACH+GP+hc0j/wBi/+JoA2qKxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8AiaANqisX/hD/AAx/0Lmkf+AMX/xNH/CH+GP+hc0j/wAAYv8A4mgDaorF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/iaANqisX/hD/DH/QuaR/4Axf8AxNH/AAh/hj/oXNI/8AYv/iaANqisX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImgDaorF/4Q/wAMf9C5pH/gDF/8TR/wh/hj/oXNI/8AAGL/AOJoA2qKxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mgDaorF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mgDaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoA2qKxf+EP8ADH/QuaR/4Axf/E0f8If4Y/6FzSP/AABi/wDiaANqisX/AIQ/wx/0Lmkf+AMX/wATR/wh/hj/AKFzSP8AwBi/+JoA2qKxf+EP8Mf9C5pH/gDF/wDE0f8ACH+GP+hc0j/wBi/+JoA2qKxf+EP8Mf8AQuaR/wCAMX/xNH/CH+GP+hc0j/wBi/8AiaANqisX/hD/AAx/0Lmkf+AMX/xNH/CH+GP+hc0j/wAAYv8A4mgDaorF/wCEP8Mf9C5pH/gDF/8AE0f8If4Y/wChc0j/AMAYv/iaANqisX/hD/DH/QuaR/4Axf8AxNH/AAh/hj/oXNI/8AYv/iaANqisX/hD/DH/AELmkf8AgDF/8TR/wh/hj/oXNI/8AYv/AImgDaorF/4Q/wAMf9C5pH/gDF/8TR/wh/hj/oXNI/8AAGL/AOJoA2qKxf8AhD/DH/QuaR/4Axf/ABNH/CH+GP8AoXNI/wDAGL/4mgDaorF/4Q/wx/0Lmkf+AMX/AMTR/wAIf4Y/6FzSP/AGL/4mgDaorF/4Q/wx/wBC5pH/AIAxf/E0f8If4Y/6FzSP/AGL/wCJoAszf65/rUdZcvhPw2JWA8P6UBn/AJ8o/wDCmf8ACKeHP+hf0r/wDj/woA16KyP+EU8Of9C/pX/gHH/hR/winhz/AKF/Sv8AwDj/AMKANeisj/hFPDn/AEL+lf8AgHH/AIUf8Ip4c/6F/Sv/AADj/wAKANeisj/hFPDn/Qv6V/4Bx/4Uf8Ip4c/6F/Sv/AOP/CgDXorI/wCEU8Of9C/pX/gHH/hR/wAIp4c/6F/Sv/AOP/CgDXorI/4RTw5/0L+lf+Acf+FH/CKeHP8AoX9K/wDAOP8AwoA16KyP+EU8Of8AQv6V/wCAcf8AhR/winhz/oX9K/8AAOP/AAoA16KyP+EU8Of9C/pX/gHH/hR/winhz/oX9K/8A4/8KANeisj/AIRTw5/0L+lf+Acf+FH/AAinhz/oX9K/8A4/8KANeisj/hFPDn/Qv6V/4Bx/4Uf8Ip4c/wChf0r/AMA4/wDCgDXorI/4RTw5/wBC/pX/AIBx/wCFH/CKeHP+hf0r/wAA4/8ACgDXorI/4RTw5/0L+lf+Acf+FH/CKeHP+hf0r/wDj/woA16KyP8AhFPDn/Qv6V/4Bx/4Uf8ACKeHP+hf0r/wDj/woA16KyP+EU8Of9C/pX/gHH/hR/winhz/AKF/Sv8AwDj/AMKANeisj/hFPDn/AEL+lf8AgHH/AIUf8Ip4c/6F/Sv/AADj/wAKANeisj/hFPDn/Qv6V/4Bx/4Uf8Ip4c/6F/Sv/AOP/CgDXorI/wCEU8Of9C/pX/gHH/hR/wAIp4c/6F/Sv/AOP/CgDXorI/4RTw5/0L+lf+Acf+FH/CKeHP8AoX9K/wDAOP8AwoA16KyP+EU8Of8AQv6V/wCAcf8AhR/winhz/oX9K/8AAOP/AAoA16KyP+EU8Of9C/pX/gHH/hR/winhz/oX9K/8A4/8KANeisj/AIRTw5/0L+lf+Acf+FH/AAinhz/oX9K/8A4/8KANeisj/hFPDn/Qv6V/4Bx/4Uf8Ip4c/wChf0r/AMA4/wDCgDXorI/4RTw5/wBC/pX/AIBx/wCFH/CKeHP+hf0r/wAA4/8ACgDXorI/4RTw5/0L+lf+Acf+FH/CKeHP+hf0r/wDj/woA16KyP8AhFPDn/Qv6V/4Bx/4Uf8ACKeHP+hf0r/wDj/woA16KyP+EU8Of9C/pX/gHH/hR/winhz/AKF/Sv8AwDj/AMKANeisj/hFPDn/AEL+lf8AgHH/AIUf8Ip4c/6F/Sv/AADj/wAKANeisj/hFPDn/Qv6V/4Bx/4Uf8Ip4c/6F/Sv/AOP/CgDXorI/wCEU8Of9C/pX/gHH/hR/wAIp4c/6F/Sv/AOP/CgDXorI/4RTw5/0L+lf+Acf+FH/CKeHP8AoX9K/wDAOP8AwoA16KyP+EU8Of8AQv6V/wCAcf8AhR/winhz/oX9K/8AAOP/AAoA16KyP+EU8Of9C/pX/gHH/hR/winhz/oX9K/8A4/8KANeisj/AIRTw5/0L+lf+Acf+FH/AAinhz/oX9K/8A4/8KANeisj/hFPDn/Qv6V/4Bx/4Uf8Ip4c/wChf0r/AMA4/wDCgDXorI/4RTw5/wBC/pX/AIBx/wCFH/CKeHP+hf0r/wAA4/8ACgDXorI/4RTw5/0L+lf+Acf+FH/CKeHP+hf0r/wDj/woA16KyP8AhFPDn/Qv6V/4Bx/4Uf8ACKeHP+hf0r/wDj/woA16KyP+EU8Of9C/pX/gHH/hR/winhz/AKF/Sv8AwDj/AMKANeisj/hFPDn/AEL+lf8AgHH/AIUf8Ip4c/6F/Sv/AADj/wAKANeisj/hFPDn/Qv6V/4Bx/4Uf8Ip4c/6F/Sv/AOP/CgDXorI/wCEU8Of9C/pX/gHH/hR/wAIp4c/6F/Sv/AOP/CgDXorI/4RTw5/0L+lf+Acf+FH/CKeHP8AoX9K/wDAOP8AwoA16mX7o+lYX/CKeHP+hf0r/wAA4/8ACpR4S8N7R/xT2k9P+fKP/CgDp6KKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDOm/1z/Wo6km/1z/Wo6YgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACpl+6PpUNTL90fSgCp9q8T/APQI0j/waS//ACPR9q8T/wDQI0j/AMGkv/yPW1RQBi/avE//AECNI/8ABpL/API9H2rxP/0CNI/8Gkv/AMj1tUUAYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9bVFAGL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPW1RQBi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j1tUUAYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9bVFAGL9q8T/APQI0j/waS//ACPR9q8T/wDQI0j/AMGkv/yPW1RQBi/avE//AECNI/8ABpL/API9H2rxP/0CNI/8Gkv/AMj1tUUAYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9bVFAGL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPW1RQBi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j1tUUAYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9bVFAGL9q8T/APQI0j/waS//ACPR9q8T/wDQI0j/AMGkv/yPW1RQBi/avE//AECNI/8ABpL/API9H2rxP/0CNI/8Gkv/AMj1tUUAYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9bVFAGL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPW1RQBi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j1tUUAYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9bVFAGL9q8T/APQI0j/waS//ACPR9q8T/wDQI0j/AMGkv/yPW1RQBi/avE//AECNI/8ABpL/API9H2rxP/0CNI/8Gkv/AMj1tUUAYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9bVFAGL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPW1RQBi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j1tUUAYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9bVFAGL9q8T/APQI0j/waS//ACPR9q8T/wDQI0j/AMGkv/yPW1RQBi/avE//AECNI/8ABpL/API9H2rxP/0CNI/8Gkv/AMj1tUUAYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9bVFAGL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPW1RQBi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j1tUUAYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9bVFAGL9q8T/APQI0j/waS//ACPR9q8T/wDQI0j/AMGkv/yPW1RQBi/avE//AECNI/8ABpL/API9H2rxP/0CNI/8Gkv/AMj1tUUAYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9bVFAGL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPW1RQBi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j1tUUAYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9bVFAGL9q8T/APQI0j/waS//ACPR9q8T/wDQI0j/AMGkv/yPW1RQBi/avE//AECNI/8ABpL/API9H2rxP/0CNI/8Gkv/AMj1tUUAYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9bVFAGL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPW1RQBi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j1tUUAYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9bVFAGL9q8T/APQI0j/waS//ACPR9q8T/wDQI0j/AMGkv/yPW1RQBi/avE//AECNI/8ABpL/API9H2rxP/0CNI/8Gkv/AMj1tUUAYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9bVFAGL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPW1RQBi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j1tUUAYv2rxP/wBAjSP/AAaS/wDyPR9q8T/9AjSP/BpL/wDI9bVFAGL9q8T/APQI0j/waS//ACPR9q8T/wDQI0j/AMGkv/yPW1RQBi/avE//AECNI/8ABpL/API9H2rxP/0CNI/8Gkv/AMj1tUUAYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9bVFAGL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPW1RQBy0tz4k81s6TpWc/8AQTk/+MUz7T4j/wCgVpX/AIMpP/jFbc3+uf61HQBkfafEf/QK0r/wZSf/ABij7T4j/wCgVpX/AIMpP/jFa9FAGR9p8R/9ArSv/BlJ/wDGKPtPiP8A6BWlf+DKT/4xWvRQBkfafEf/AECtK/8ABlJ/8Yo+0+I/+gVpX/gyk/8AjFa9FAGR9p8R/wDQK0r/AMGUn/xij7T4j/6BWlf+DKT/AOMVr0UAZH2nxH/0CtK/8GUn/wAYo+0+I/8AoFaV/wCDKT/4xWvRQBkfafEf/QK0r/wZSf8Axij7T4j/AOgVpX/gyk/+MVr0UAZH2nxH/wBArSv/AAZSf/GKPtPiP/oFaV/4MpP/AIxWvRQBkfafEf8A0CtK/wDBlJ/8Yo+0+I/+gVpX/gyk/wDjFa9FAGR9p8R/9ArSv/BlJ/8AGKPtPiP/AKBWlf8Agyk/+MVr0UAZH2nxH/0CtK/8GUn/AMYo+0+I/wDoFaV/4MpP/jFa9FAGR9p8R/8AQK0r/wAGUn/xij7T4j/6BWlf+DKT/wCMVr0UAZH2nxH/ANArSv8AwZSf/GKPtPiP/oFaV/4MpP8A4xWvRQBkfafEf/QK0r/wZSf/ABij7T4j/wCgVpX/AIMpP/jFa9FAGR9p8R/9ArSv/BlJ/wDGKPtPiP8A6BWlf+DKT/4xWvRQBkfafEf/AECtK/8ABlJ/8Yo+0+I/+gVpX/gyk/8AjFa9FAGR9p8R/wDQK0r/AMGUn/xij7T4j/6BWlf+DKT/AOMVr0UAZH2nxH/0CtK/8GUn/wAYo+0+I/8AoFaV/wCDKT/4xWvRQBkfafEf/QK0r/wZSf8Axij7T4j/AOgVpX/gyk/+MVr0UAZH2nxH/wBArSv/AAZSf/GKPtPiP/oFaV/4MpP/AIxWvRQBkfafEf8A0CtK/wDBlJ/8Yo+0+I/+gVpX/gyk/wDjFa9FAGR9p8R/9ArSv/BlJ/8AGKPtPiP/AKBWlf8Agyk/+MVr0UAZH2nxH/0CtK/8GUn/AMYo+0+I/wDoFaV/4MpP/jFa9FAGR9p8R/8AQK0r/wAGUn/xij7T4j/6BWlf+DKT/wCMVr0UAZH2nxH/ANArSv8AwZSf/GKPtPiP/oFaV/4MpP8A4xWvRQBkfafEf/QK0r/wZSf/ABij7T4j/wCgVpX/AIMpP/jFa9FAGR9p8R/9ArSv/BlJ/wDGKPtPiP8A6BWlf+DKT/4xWvRQBkfafEf/AECtK/8ABlJ/8Yo+0+I/+gVpX/gyk/8AjFa9FAGR9p8R/wDQK0r/AMGUn/xij7T4j/6BWlf+DKT/AOMVr0UAZH2nxH/0CtK/8GUn/wAYo+0+I/8AoFaV/wCDKT/4xWvRQBkfafEf/QK0r/wZSf8Axij7T4j/AOgVpX/gyk/+MVr0UAZH2nxH/wBArSv/AAZSf/GKPtPiP/oFaV/4MpP/AIxWvRQBkfafEf8A0CtK/wDBlJ/8Yo+0+I/+gVpX/gyk/wDjFa9FAGR9p8R/9ArSv/BlJ/8AGKPtPiP/AKBWlf8Agyk/+MVr0UAZH2nxH/0CtK/8GUn/AMYo+0+I/wDoFaV/4MpP/jFa9FAGR9p8R/8AQK0r/wAGUn/xij7T4j/6BWlf+DKT/wCMVr0UAZH2nxH/ANArSv8AwZSf/GKPtPiP/oFaV/4MpP8A4xWvRQBkfafEf/QK0r/wZSf/ABij7T4j/wCgVpX/AIMpP/jFa9FAGR9p8R/9ArSv/BlJ/wDGKPtPiP8A6BWlf+DKT/4xWvRQBkfafEf/AECtK/8ABlJ/8Yo+0+I/+gVpX/gyk/8AjFa9FAGR9p8R/wDQK0r/AMGUn/xij7T4j/6BWlf+DKT/AOMVr0UAZH2nxH/0CtK/8GUn/wAYo+0+I/8AoFaV/wCDKT/4xWvRQBkfafEf/QK0r/wZSf8AxipRc+JNo/4lOk9P+gnJ/wDGK0qmX7o+lAF+iiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAzpv9c/1qOpJv9c/1qOmIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqZfuj6VDUy/dH0oAv0UUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGdN/rn+tR1JN/rn+tR0xBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFTL90fSoamX7o+lAEX2fX/+glpv/gvk/wDj1H2fX/8AoJab/wCC+T/49WpRUcqNvbS7L7l/kZf2fX/+glpv/gvk/wDj1H2fX/8AoJab/wCC+T/49WpRRyoPbS7L7l/kZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PVqUUcqD20uy+5f5GX9n1/8A6CWm/wDgvk/+PUfZ9f8A+glpv/gvk/8Aj1alFHKg9tLsvuX+Rl/Z9f8A+glpv/gvk/8Aj1H2fX/+glpv/gvk/wDj1alFHKg9tLsvuX+Rl/Z9f/6CWm/+C+T/AOPUfZ9f/wCglpv/AIL5P/j1alFHKg9tLsvuX+Rl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49WpRRyoPbS7L7l/kZf2fX/wDoJab/AOC+T/49R9n1/wD6CWm/+C+T/wCPVqUUcqD20uy+5f5GX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPVqUUcqD20uy+5f5GX9n1//oJab/4L5P8A49R9n1//AKCWm/8Agvk/+PVqUUcqD20uy+5f5GX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1alFHKg9tLsvuX+Rl/Z9f/AOglpv8A4L5P/j1H2fX/APoJab/4L5P/AI9WpRRyoPbS7L7l/kZf2fX/APoJab/4L5P/AI9R9n1//oJab/4L5P8A49WpRRyoPbS7L7l/kZf2fX/+glpv/gvk/wDj1H2fX/8AoJab/wCC+T/49WpRRyoPbS7L7l/kZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PVqUUcqD20uy+5f5GX9n1/8A6CWm/wDgvk/+PUfZ9f8A+glpv/gvk/8Aj1alFHKg9tLsvuX+Rl/Z9f8A+glpv/gvk/8Aj1H2fX/+glpv/gvk/wDj1alFHKg9tLsvuX+Rl/Z9f/6CWm/+C+T/AOPUfZ9f/wCglpv/AIL5P/j1alFHKg9tLsvuX+Rl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49WpRRyoPbS7L7l/kZf2fX/wDoJab/AOC+T/49R9n1/wD6CWm/+C+T/wCPVqUUcqD20uy+5f5GX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPVqUUcqD20uy+5f5GX9n1//oJab/4L5P8A49R9n1//AKCWm/8Agvk/+PVqUUcqD20uy+5f5GX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1alFHKg9tLsvuX+Rl/Z9f/AOglpv8A4L5P/j1H2fX/APoJab/4L5P/AI9WpRRyoPbS7L7l/kZf2fX/APoJab/4L5P/AI9R9n1//oJab/4L5P8A49WpRRyoPbS7L7l/kZf2fX/+glpv/gvk/wDj1H2fX/8AoJab/wCC+T/49WpRRyoPbS7L7l/kZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PVqUUcqD20uy+5f5GX9n1/8A6CWm/wDgvk/+PUfZ9f8A+glpv/gvk/8Aj1alFHKg9tLsvuX+Rl/Z9f8A+glpv/gvk/8Aj1H2fX/+glpv/gvk/wDj1alFHKg9tLsvuX+Rl/Z9f/6CWm/+C+T/AOPUfZ9f/wCglpv/AIL5P/j1alFHKg9tLsvuX+Rl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49WpRRyoPbS7L7l/kZf2fX/wDoJab/AOC+T/49R9n1/wD6CWm/+C+T/wCPVqUUcqD20uy+5f5GX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPVqUUcqD20uy+5f5GX9n1//oJab/4L5P8A49R9n1//AKCWm/8Agvk/+PVqUUcqD20uy+5f5GX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1alFHKg9tLsvuX+Rl/Z9f/AOglpv8A4L5P/j1H2fX/APoJab/4L5P/AI9WpRRyoPbS7L7l/kZf2fX/APoJab/4L5P/AI9R9n1//oJab/4L5P8A49WpRRyoPbS7L7l/kZf2fX/+glpv/gvk/wDj1H2fX/8AoJab/wCC+T/49WpRRyoPbS7L7l/kZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PVqUUcqD20uy+5f5GX9n1/8A6CWm/wDgvk/+PUfZ9f8A+glpv/gvk/8Aj1alFHKg9tLsvuX+Rl/Z9f8A+glpv/gvk/8Aj1H2fX/+glpv/gvk/wDj1alFHKg9tLsvuX+Rl/Z9f/6CWm/+C+T/AOPUfZ9f/wCglpv/AIL5P/j1alFHKg9tLsvuX+Rl/Z9f/wCglpv/AIL5P/j1H2fX/wDoJab/AOC+T/49WpRRyoPbS7L7l/kZf2fX/wDoJab/AOC+T/49R9n1/wD6CWm/+C+T/wCPVqUUcqD20uy+5f5GX9n1/wD6CWm/+C+T/wCPUfZ9f/6CWm/+C+T/AOPVqUUcqD20uy+5f5GX9n1//oJab/4L5P8A49R9n1//AKCWm/8Agvk/+PVqUUcqD20uy+5f5GX9n1//AKCWm/8Agvk/+PUfZ9f/AOglpv8A4L5P/j1alFHKg9tLsvuX+Rl/Z9f/AOglpv8A4L5P/j1H2fX/APoJab/4L5P/AI9WpRRyoPbS7L7l/kZf2fX/APoJab/4L5P/AI9R9n1//oJab/4L5P8A49WpRRyoPbS7L7l/kZf2fX/+glpv/gvk/wDj1H2fX/8AoJab/wCC+T/49WpRRyoPbS7L7l/kZf2fX/8AoJab/wCC+T/49R9n1/8A6CWm/wDgvk/+PVqUUcqD20uy+5f5GX9n1/8A6CWm/wDgvk/+PUfZ9f8A+glpv/gvk/8Aj1alFHKg9tLsvuX+RzcsGt+a2dQ0/Of+fF//AI9TPI1v/oIaf/4Av/8AHq1pv9c/1qOnyoPbS7L7l/kZvka3/wBBDT//AABf/wCPUeRrf/QQ0/8A8AX/APj1aVFHKg9tLsvuX+Rm+Rrf/QQ0/wD8AX/+PUeRrf8A0ENP/wDAF/8A49WlRRyoPbS7L7l/kZvka3/0ENP/APAF/wD49R5Gt/8AQQ0//wAAX/8Aj1aVFHKg9tLsvuX+Rm+Rrf8A0ENP/wDAF/8A49R5Gt/9BDT/APwBf/49WlRRyoPbS7L7l/kZvka3/wBBDT//AABf/wCPUeRrf/QQ0/8A8AX/APj1aVFHKg9tLsvuX+Rm+Rrf/QQ0/wD8AX/+PUeRrf8A0ENP/wDAF/8A49WlRRyoPbS7L7l/kZvka3/0ENP/APAF/wD49R5Gt/8AQQ0//wAAX/8Aj1aVFHKg9tLsvuX+Rm+Rrf8A0ENP/wDAF/8A49R5Gt/9BDT/APwBf/49WlRRyoPbS7L7l/kZvka3/wBBDT//AABf/wCPUeRrf/QQ0/8A8AX/APj1aVFHKg9tLsvuX+Rm+Rrf/QQ0/wD8AX/+PUeRrf8A0ENP/wDAF/8A49WlRRyoPbS7L7l/kZvka3/0ENP/APAF/wD49R5Gt/8AQQ0//wAAX/8Aj1aVFHKg9tLsvuX+Rm+Rrf8A0ENP/wDAF/8A49R5Gt/9BDT/APwBf/49WlRRyoPbS7L7l/kZvka3/wBBDT//AABf/wCPUeRrf/QQ0/8A8AX/APj1aVFHKg9tLsvuX+Rm+Rrf/QQ0/wD8AX/+PUeRrf8A0ENP/wDAF/8A49WlRRyoPbS7L7l/kZvka3/0ENP/APAF/wD49R5Gt/8AQQ0//wAAX/8Aj1aVFHKg9tLsvuX+Rm+Rrf8A0ENP/wDAF/8A49R5Gt/9BDT/APwBf/49WlRRyoPbS7L7l/kZvka3/wBBDT//AABf/wCPUeRrf/QQ0/8A8AX/APj1aVFHKg9tLsvuX+Rm+Rrf/QQ0/wD8AX/+PUeRrf8A0ENP/wDAF/8A49WlRRyoPbS7L7l/kZvka3/0ENP/APAF/wD49R5Gt/8AQQ0//wAAX/8Aj1aVFHKg9tLsvuX+Rm+Rrf8A0ENP/wDAF/8A49R5Gt/9BDT/APwBf/49WlRRyoPbS7L7l/kZvka3/wBBDT//AABf/wCPUeRrf/QQ0/8A8AX/APj1aVFHKg9tLsvuX+Rm+Rrf/QQ0/wD8AX/+PUeRrf8A0ENP/wDAF/8A49WlRRyoPbS7L7l/kZvka3/0ENP/APAF/wD49R5Gt/8AQQ0//wAAX/8Aj1aVFHKg9tLsvuX+Rm+Rrf8A0ENP/wDAF/8A49R5Gt/9BDT/APwBf/49WlRRyoPbS7L7l/kZvka3/wBBDT//AABf/wCPUeRrf/QQ0/8A8AX/APj1aVFHKg9tLsvuX+Rm+Rrf/QQ0/wD8AX/+PUeRrf8A0ENP/wDAF/8A49WlRRyoPbS7L7l/kZvka3/0ENP/APAF/wD49R5Gt/8AQQ0//wAAX/8Aj1aVFHKg9tLsvuX+Rm+Rrf8A0ENP/wDAF/8A49R5Gt/9BDT/APwBf/49WlRRyoPbS7L7l/kZvka3/wBBDT//AABf/wCPUeRrf/QQ0/8A8AX/APj1aVFHKg9tLsvuX+Rm+Rrf/QQ0/wD8AX/+PUeRrf8A0ENP/wDAF/8A49WlRRyoPbS7L7l/kZvka3/0ENP/APAF/wD49R5Gt/8AQQ0//wAAX/8Aj1aVFHKg9tLsvuX+Rm+Rrf8A0ENP/wDAF/8A49R5Gt/9BDT/APwBf/49WlRRyoPbS7L7l/kZvka3/wBBDT//AABf/wCPUeRrf/QQ0/8A8AX/APj1aVFHKg9tLsvuX+Rm+Rrf/QQ0/wD8AX/+PUeRrf8A0ENP/wDAF/8A49WlRRyoPbS7L7l/kZvka3/0ENP/APAF/wD49R5Gt/8AQQ0//wAAX/8Aj1aVFHKg9tLsvuX+Rm+Rrf8A0ENP/wDAF/8A49R5Gt/9BDT/APwBf/49WlRRyoPbS7L7l/kZvka3/wBBDT//AABf/wCPUeRrf/QQ0/8A8AX/APj1aVFHKg9tLsvuX+Rm+Rrf/QQ0/wD8AX/+PUeRrf8A0ENP/wDAF/8A49WlRRyoPbS7L7l/kZvka3/0ENP/APAF/wD49R5Gt/8AQQ0//wAAX/8Aj1aVFHKg9tLsvuX+Rm+Rrf8A0ENP/wDAF/8A49R5Gt/9BDT/APwBf/49WlRRyoPbS7L7l/kZvka3/wBBDT//AABf/wCPUeRrf/QQ0/8A8AX/APj1aVFHKg9tLsvuX+Rm+Rrf/QQ0/wD8AX/+PVKINc2j/iY6d0/58H/+PVdqZfuj6UcqD20uy+5f5F+isv8A4SbQP+g5pv8A4Fx/40f8JNoH/Qc03/wLj/xpcy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7malFZf/CTaB/0HNN/8C4/8aP+Em0D/oOab/4Fx/40cy7h9Xq/yv7mPm/1z/Wo6oS+ItEMrEazp5Gf+fpP8aZ/wkOif9BjT/8AwJT/ABp80e4fV6v8r+5mlRWb/wAJDon/AEGNP/8AAlP8aP8AhIdE/wCgxp//AIEp/jRzR7h9Xq/yv7maVFZv/CQ6J/0GNP8A/AlP8aP+Eh0T/oMaf/4Ep/jRzR7h9Xq/yv7maVFZv/CQ6J/0GNP/APAlP8aP+Eh0T/oMaf8A+BKf40c0e4fV6v8AK/uZpUVm/wDCQ6J/0GNP/wDAlP8AGj/hIdE/6DGn/wDgSn+NHNHuH1er/K/uZpUVm/8ACQ6J/wBBjT//AAJT/Gj/AISHRP8AoMaf/wCBKf40c0e4fV6v8r+5mlRWb/wkOif9BjT/APwJT/Gj/hIdE/6DGn/+BKf40c0e4fV6v8r+5mlRWb/wkOif9BjT/wDwJT/Gj/hIdE/6DGn/APgSn+NHNHuH1er/ACv7maVFZv8AwkOif9BjT/8AwJT/ABo/4SHRP+gxp/8A4Ep/jRzR7h9Xq/yv7maVFZv/AAkOif8AQY0//wACU/xo/wCEh0T/AKDGn/8AgSn+NHNHuH1er/K/uZpUVm/8JDon/QY0/wD8CU/xo/4SHRP+gxp//gSn+NHNHuH1er/K/uZpUVm/8JDon/QY0/8A8CU/xo/4SHRP+gxp/wD4Ep/jRzR7h9Xq/wAr+5mlRWb/AMJDon/QY0//AMCU/wAaP+Eh0T/oMaf/AOBKf40c0e4fV6v8r+5mlRWb/wAJDon/AEGNP/8AAlP8aP8AhIdE/wCgxp//AIEp/jRzR7h9Xq/yv7maVFZv/CQ6J/0GNP8A/AlP8aP+Eh0T/oMaf/4Ep/jRzR7h9Xq/yv7maVFZv/CQ6J/0GNP/APAlP8aP+Eh0T/oMaf8A+BKf40c0e4fV6v8AK/uZpUVm/wDCQ6J/0GNP/wDAlP8AGj/hIdE/6DGn/wDgSn+NHNHuH1er/K/uZpUVm/8ACQ6J/wBBjT//AAJT/Gj/AISHRP8AoMaf/wCBKf40c0e4fV6v8r+5mlRWb/wkOif9BjT/APwJT/Gj/hIdE/6DGn/+BKf40c0e4fV6v8r+5mlRWb/wkOif9BjT/wDwJT/Gj/hIdE/6DGn/APgSn+NHNHuH1er/ACv7maVFZv8AwkOif9BjT/8AwJT/ABo/4SHRP+gxp/8A4Ep/jRzR7h9Xq/yv7maVFZv/AAkOif8AQY0//wACU/xo/wCEh0T/AKDGn/8AgSn+NHNHuH1er/K/uZpUVm/8JDon/QY0/wD8CU/xo/4SHRP+gxp//gSn+NHNHuH1er/K/uZpUVm/8JDon/QY0/8A8CU/xo/4SHRP+gxp/wD4Ep/jRzR7h9Xq/wAr+5mlRWb/AMJDon/QY0//AMCU/wAaP+Eh0T/oMaf/AOBKf40c0e4fV6v8r+5mlRWb/wAJDon/AEGNP/8AAlP8aP8AhIdE/wCgxp//AIEp/jRzR7h9Xq/yv7maVFZv/CQ6J/0GNP8A/AlP8aP+Eh0T/oMaf/4Ep/jRzR7h9Xq/yv7maVFZv/CQ6J/0GNP/APAlP8aP+Eh0T/oMaf8A+BKf40c0e4fV6v8AK/uZpUVm/wDCQ6J/0GNP/wDAlP8AGj/hIdE/6DGn/wDgSn+NHNHuH1er/K/uZpUVm/8ACQ6J/wBBjT//AAJT/Gj/AISHRP8AoMaf/wCBKf40c0e4fV6v8r+5mlRWb/wkOif9BjT/APwJT/Gj/hIdE/6DGn/+BKf40c0e4fV6v8r+5mlRWb/wkOif9BjT/wDwJT/Gj/hIdE/6DGn/APgSn+NHNHuH1er/ACv7maVFZv8AwkOif9BjT/8AwJT/ABo/4SHRP+gxp/8A4Ep/jRzR7h9Xq/yv7maVFZv/AAkOif8AQY0//wACU/xo/wCEh0T/AKDGn/8AgSn+NHNHuH1er/K/uZpUVm/8JDon/QY0/wD8CU/xo/4SHRP+gxp//gSn+NHNHuH1er/K/uZpUVm/8JDon/QY0/8A8CU/xo/4SHRP+gxp/wD4Ep/jRzR7h9Xq/wAr+5mlRWb/AMJDon/QY0//AMCU/wAaP+Eh0T/oMaf/AOBKf40c0e4fV6v8r+5mlRWb/wAJDon/AEGNP/8AAlP8aP8AhIdE/wCgxp//AIEp/jRzR7h9Xq/yv7maVFZv/CQ6J/0GNP8A/AlP8aP+Eh0T/oMaf/4Ep/jRzR7h9Xq/yv7maVFZv/CQ6J/0GNP/APAlP8aP+Eh0T/oMaf8A+BKf40c0e4fV6v8AK/uZpUVm/wDCQ6J/0GNP/wDAlP8AGj/hIdE/6DGn/wDgSn+NHNHuH1er/K/uZpUVm/8ACQ6J/wBBjT//AAJT/Gj/AISHRP8AoMaf/wCBKf40c0e4fV6v8r+5mlUy/dH0rH/4SHRP+gxp/wD4Ep/jUo8RaHtH/E507p/z9J/jRzR7h9Xq/wAr+5n/2Q==)

Remuneration of the Board of Directors

2024 CHF

Fees

Cash and

non-cash

benefits

1

Cash

performance

incentives

Pension and

post-employment

benefits

Total fair value

of stock options at

the date granted

Total

compensation

Anastassis G. David, Non-Executive Chairman 142,950 – – – – 142,950

Zoran Bogdanovic, Chief Executive Officer, Executive Director

2

– – – – – –

Anna Diamantopoulou, Independent non-Executive Director, member of the Nomination Committee,

SocialResponsibility Committee & Remuneration Committee

3

68,867 –  – – – 68,867

Charlotte J. Boyle, Independent non-Executive Director, Chair of the Remuneration Committee,

and member of the Nomination Committee 99,827 – – – – 99,827

Olusola (Sola) David-Borha, Independent non-Executive Director, member of the Audit and Risk Committee

4

36,434 – –  – – 36,434

William W. (Bill) Douglas III, Independent non-Executive Director, Chair of the Audit and Risk Committee 108,642 – – – – 108,642

Reto Francioni, Senior Independent non-Executive Director, Chair of the Nomination Committee,

and member of the Remuneration Committee

5

113,884 – – – – 113,884

Anastasios I. Leventis, Non-Executive Director, Chair of the Social Responsibility Committee 90,535 – – – – 90,535

Christo Leventis, Non-Executive Director 78,146 – – – – 78,146

Alexandra Papalexopoulou, Independent non-Executive Director, member of the Audit and Risk Committee6 36,434 – – – – 36,434

Henrique Braun, Non-Executive Director

7

78,146 – – – – 78,146

George Pavlos Leventis, Non-Executive Director 78,146  – – – – 78,146

Evguenia Stoitchkova, Non-Executive Director, member of the Social Responsibility Committee 84,341 – –  – – 84,341

Zulikat Wuraola Abiola, Independent non-Executive Director, member of Audit and Risk Committee8 57,217 – – – – 57,217

Glykeria Tsernou, Independent non-Executive Director, member of Audit and Risk Committee9 57,217 – –  – – 57,217

Elizabeth Bastoni, Independent non-Executive Director, member of the Nomination Committee, Remuneration

Committee and Social Responsibility Committee10 26,078 – – – – 26,078

Total Board of Directors 1,156,864 – – – – 1,156,864

1.  Cash and non-cash benefits consist of cost-of-living allowance, housing support, Employee Stock Purchase Plan, private medical insurance relocation expenses, home trip allowance, lump sum expenses and similar allowances.

2.  Zoran Bogdanovic’s compensation was based on his role as CEO, member of the Executive Leadership Team, and his employment agreement. Zoran Bogdanovic was not entitled and did not receive additional compensation as a Director.

3.  Anna Diamantopoulou retired from the Board of Directors on 16 September 2024. The Group has applied a pro-rated period fee of CHF 68,867, on top of her fees, the Group paid CHF 3,904 in social security contributions as required by Swiss legislation.

4.  Olusola (Sola) David-Borha retired from the Board of Directors on 21 May 2024. The Group has applied a pro-rated period fee of CHF 36,434, on top of her fees, the Group paid CHF 2,919 in social security contributions as required by Swiss legislation.

5.  For Reto Francioni, on top of his fees, the Group paid CHF 6,718 in social security contributions as required by Swiss legislation.

6.  Alexandra Papalexopoulou retired from the Board of Directors on 21 May 2024. The Group has applied a pro-rated period fee of CHF 36,434.

7.  For Henrique Braun, on top of his fees, the Group paid CHF 6,260 in social security contributions as required by Swiss legislation.

8.  Zulikat Wuraola Abiola was appointed to the Board of Directors on 21 May 2024. The Group has applied a pro-rated period fee of CHF 57,217, on top of her fees, the Group paid CHF 4,583 in social security contributions as required by Swiss legislation.

9.  Glykeria Tsernou was appointed to the Board of Directors on 21 May 2024. The Group has applied a pro-rated period fee of CHF 57,217.

10.  Elizabeth Bastoni was appointed to the Board of Directors on 16 September 2024. The Group has applied a pro-rated period fee of CHF 26,078, on top of her fees, the Group paid CHF 2,089 in social security contributions as required by Swiss legislation.

Non-Executive Directors do not participate in any of the Group’s incentive plans, nor do they receive any retirement benefits.

Statutory Remuneration Report continued

Coca-Cola HBC Integrated Annual Report 2024336

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

2023 CHF

Fees

Cash and

non-cash

benefits

1

Cash

performance

incentives

Pension and

post-employment

benefits

Total fair value

of stock options at

the date granted

Total

compensation

Anastassis G. David, Non-Executive Chairman 145,935 – – – – 145, 935

Zoran Bogdanovic, Chief Executive Officer, Executive Director

2

– – – – – –

Anna Diamantopoulou, Independent non-Executive Director, member of the Nomination Committee, Social

Responsibility Committee & Remuneration Committee

3

98,749 – – – – 98,749

Charlotte J. Boyle, Independent non-Executive Director, Chair of the Remuneration Committee,

and member of the Nomination Committee 98, 749 – – – – 98, 749

Olusola (Sola) David-Borha, Independent non-Executive Director, member of the Audit and Risk Committee

4

95,344 – – – – 95,344

William W. (Bill) Douglas III, Independent non-Executive Director, Chair of the Audit and Risk Committee 110,911 – – – – 110,911

Reto Francioni, Senior Independent non-Executive Director, Chair of the Nomination Committee,

and member of the Remuneration Committee

5

116,262 – – – – 116,262

Anastasios I. Leventis, Non-Executive Director, Chair of the Social Responsibility Committee 92,426 – – – – 92,426

Christo Leventis, Non-Executive Director 79,778 – – – – 79,778

Alexandra Papalexopoulou, Independent non-Executive Director, member of the Audit and Risk Committee 95,344 – – – – 95,344

Ryan Rudolph, Independent non-Executive Director

6

30,192 – – – – 30,192

Henrique Braun, Non-Executive Director

7

79,778 – – – – 79,778

Bruno Pietracci, Independent non-Executive Director, member of the Social Responsibility Committee

8

32,585 – – – – 32,585

George Pavlos Leventis, Non-Executive Director

9

49,806 – – – – 49, 806

Evguenia Stoitchkova, Non-Executive Director, member of the Social Responsibility Committee

10

53,754 – – – – 53, 754

Total Board of Directors 1,179,613 – – – – 1, 179,613

1.  Cash and non-cash benefits consist of cost-of-living allowance, housing support, Employee Stock Purchase Plan, private medical insurance relocation expenses, home trip allowance, lump sum expenses and similar allowances.

2.  Zoran Bogdanovic’s compensation was based on his role as CEO, member of the Executive Leadership Team, and his employment agreement. Zoran Bogdanovic was not entitled and did not receive additional compensation as a Director.

3.  For Anna Diamantopoulou, on top of her fees, the Group paid CHF 6,031 in social security contributions as required by Swiss legislation.

4.  For Olusola (Sola) David-Borha, on top of her fees, the Group paid CHF 7,638 in social security contributions as required by Swiss legislation.

5.  For Reto Francioni, on top of his fees, the Group paid CHF 6,867 in social security contributions as required by Swiss legislation.

6.  Robert Ryan Rudolph retired from the Board of Directors on 17 May 2023. The Group has applied a pro-rated period fee of CHF 30,192, on top of his fees, the Group paid CHF 2,419 in social security contributions as required by Swiss legislation.

7.  For Henrique Braun, on top of his fees, the Group paid CHF 6,391 in social security contributions as required by Swiss legislation.

8.  Bruno Pietracci retired from the Board of Directors on 17 May 2023. The Group has applied a pro-rated period fee of CHF 32,585, on top of his fees, the Group paid CHF 2,610 in social security contributions as required by Swiss legislation.

9.  George Pavlos Leventis was appointed to the Board of Directors on 17 May 2023. The Group has applied a pro-rated period fee of CHF 49,806.

10.  Evguenia Stoitchkova was appointed to the Board of Directors on 17 May 2023. The Group has applied a pro-rated fee of CHF 53,754.

Non-Executive Directors do not participate in any of the Group’s incentive plans, nor do they receive any retirement benefits.

Statutory Remuneration Report continued

Coca-Cola HBC Integrated Annual Report 2024337

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAHEBeoDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqOdS8LKoyTUlFAGf8AZpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/wBmm/ufqKPs039z9RWhRQBn/Zpv7n6ij7NN/c/UVoUUAZ/2ab+5+oo+zTf3P1FaFFAGf9mm/ufqKPs039z9RWhRQBn/AGab+5+oo+zTf3P1FaFFAFGO3lWRSV4BB6ir1FFAFOeCR5mZVyD71H9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FWLWN49+8YzjHNWKKAGyAtGwHUgiqP2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP8As039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAK4L4leHNW8Qf2X/Zdp5/keb5n7xF27tmPvEehrvaKmcFOPKzowuJnhayrQ3Xf0seCf8K58V/9Ar/yYi/+Ko/4Vz4r/wCgV/5MRf8AxVe90Vh9Vh3Z7P8ArJi/5Y/c/wDM8E/4Vz4r/wCgV/5MRf8AxVH/AArnxX/0Cv8AyYi/+Kr3uij6rDuw/wBZMX/LH7n/AJngn/CufFf/AECv/JiL/wCKo/4Vz4r/AOgV/wCTEX/xVe90UfVYd2H+smL/AJY/c/8AM8E/4Vz4r/6BX/kxF/8AFUf8K58V/wDQK/8AJiL/AOKr3uij6rDuw/1kxf8ALH7n/meCf8K58V/9Ar/yYi/+Ko/4Vz4r/wCgV/5MRf8AxVe90UfVYd2H+smL/lj9z/zPBP8AhXPiv/oFf+TEX/xVH/CufFf/AECv/JiL/wCKr3uij6rDuw/1kxf8sfuf+Z4J/wAK58V/9Ar/AMmIv/iqP+Fc+K/+gV/5MRf/ABVe90UfVYd2H+smL/lj9z/zPBP+Fc+K/wDoFf8AkxF/8VR/wrnxX/0Cv/JiL/4qve6KPqsO7D/WTF/yx+5/5ngn/CufFf8A0Cv/ACYi/wDiqP8AhXPiv/oFf+TEX/xVe90UfVYd2H+smL/lj9z/AMzzL4deE9b0LxBPdalZeRC9q0at5qNli6HGFJPQGvTaKK2hBQVkeRjMXPF1fa1Ek/Iz/s039z9RR9mm/ufqK0KKs5TP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/wCzTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKAM/7NN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/ALNN/c/UUfZpv7n6itCigDP+zTf3P1FH2ab+5+orQooAz/s039z9RR9mm/ufqK0KKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACs/U9d0fRPK/tbVbGw87Pl/a7hIt+MZxuIzjI6eorQooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iqP+E78H/9DXof/gxh/wDiq6CigDn/APhO/B//AENeh/8Agxh/+Ko/4Tvwf/0Neh/+DGH/AOKroKKAOf8A+E78H/8AQ16H/wCDGH/4qj/hO/B//Q16H/4MYf8A4qugooA5/wD4Tvwf/wBDXof/AIMYf/iq0NM13R9b83+ydVsb/wAnHmfZLhJdmc4ztJxnB6+hrQooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsOfxp4VtbiW3uPEujQzxOUkjkv4lZGBwQQWyCDxityigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigDn/8AhO/B/wD0Neh/+DGH/wCKo/4Tvwf/ANDXof8A4MYf/iq6CigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAorL/AOEZ0D/oB6b/AOAkf+FH/CM6B/0A9N/8BI/8KnU15aX8z+5f5mpRWX/wjOgf9APTf/ASP/Cj/hGdA/6Aem/+Akf+FGoctL+Z/cv8zUorL/4RnQP+gHpv/gJH/hR/wjOgf9APTf8AwEj/AMKNQ5aX8z+5f5mpRWX/AMIzoH/QD03/AMBI/wDCj/hGdA/6Aem/+Akf+FGoctL+Z/cv8zUorL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AAo1DlpfzP7l/malFZf/AAjOgf8AQD03/wABI/8ACj/hGdA/6Aem/wDgJH/hRqHLS/mf3L/M1KKy/wDhGdA/6Aem/wDgJH/hR/wjOgf9APTf/ASP/CjUOWl/M/uX+ZqUVl/8IzoH/QD03/wEj/wo/wCEZ0D/AKAem/8AgJH/AIUahy0v5n9y/wAzUorL/wCEZ0D/AKAem/8AgJH/AIUf8IzoH/QD03/wEj/wo1DlpfzP7l/malFZf/CM6B/0A9N/8BI/8KP+EZ0D/oB6b/4CR/4Uahy0v5n9y/zNSisv/hGdA/6Aem/+Akf+FH/CM6B/0A9N/wDASP8Awo1DlpfzP7l/malFZf8AwjOgf9APTf8AwEj/AMKP+EZ0D/oB6b/4CR/4Uahy0v5n9y/zNSisv/hGdA/6Aem/+Akf+FVbvw5oS7Nui6cOvS1T/CnqFqX8z+5f5m9RXMf8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBal/M/uX+Z09Fcx/wj2if9AfT/8AwGT/AAo/4R7RP+gPp/8A4DJ/hR7wWpfzP7l/mdPRXMf8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBal/M/uX+Z09Fcx/wj2if9AfT/8AwGT/AAo/4R7RP+gPp/8A4DJ/hR7wWpfzP7l/mdPRXMf8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBal/M/uX+Z09Fcx/wj2if9AfT/8AwGT/AAo/4R7RP+gPp/8A4DJ/hR7wWpfzP7l/mdPRXMf8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBal/M/uX+Z09Fcx/wj2if9AfT/8AwGT/AAo/4R7RP+gPp/8A4DJ/hR7wWpfzP7l/mdPRXMf8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBal/M/uX+Z09Fcx/wj2if9AfT/8AwGT/AAo/4R7RP+gPp/8A4DJ/hR7wWpfzP7l/mdPRXMf8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBal/M/uX+Z09Fcx/wj2if9AfT/8AwGT/AAo/4R7RP+gPp/8A4DJ/hR7wWpfzP7l/mdPRXMf8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBal/M/uX+Z09Fcx/wj2if9AfT/8AwGT/AAo/4R7RP+gPp/8A4DJ/hR7wWpfzP7l/mdPRXMf8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBal/M/uX+Z09Fcx/wj2if9AfT/8AwGT/AAo/4R7RP+gPp/8A4DJ/hR7wWpfzP7l/mdPRXMf8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBal/M/uX+Z09Fcx/wj2if9AfT/8AwGT/AAo/4R7RP+gPp/8A4DJ/hR7wWpfzP7l/mdPRXMf8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBal/M/uX+Z09Fcx/wj2if9AfT/8AwGT/AAo/4R7RP+gPp/8A4DJ/hR7wWpfzP7l/mdPRXMf8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBal/M/uX+Z09Fcx/wj2if9AfT/8AwGT/AAo/4R7RP+gPp/8A4DJ/hR7wWpfzP7l/mdPRXMf8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBal/M/uX+Z09Fcx/wj2if9AfT/8AwGT/AAo/4R7RP+gPp/8A4DJ/hR7wWpfzP7l/mdPRXMf8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBal/M/uX+Z09Fcx/wj2if9AfT/8AwGT/AAo/4R7RP+gPp/8A4DJ/hR7wWpfzP7l/mdPRXMf8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBal/M/uX+Z09Fcx/wj2if9AfT/8AwGT/AAo/4R7RP+gPp/8A4DJ/hR7wWpfzP7l/mdPRXMf8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBal/M/uX+Z09Fcx/wj2if9AfT/8AwGT/AAo/4R7RP+gPp/8A4DJ/hR7wWpfzP7l/mdPRXMf8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBal/M/uX+Z09Fcx/wj2if9AfT/8AwGT/AAo/4R7RP+gPp/8A4DJ/hR7wWpfzP7l/mdPRXMf8I9on/QH0/wD8Bk/wo/4R7RP+gPp//gMn+FHvBal/M/uX+Z09Fcx/wj2if9AfT/8AwGT/AArT0jT7Kwab7HZ29vvA3+TEqbsZxnA56n86NRSVO3ut39P+CalFFV7uxtNQiEV7awXMYbcEmjDgHpnB78n86ZCtfUsUVl/8IzoH/QD03/wEj/wo/wCEZ0D/AKAem/8AgJH/AIVOppy0v5n9y/zNSisv/hGdA/6Aem/+Akf+FH/CM6B/0A9N/wDASP8Awo1DlpfzP7l/malFZf8AwjOgf9APTf8AwEj/AMKP+EZ0D/oB6b/4CR/4Uahy0v5n9y/zNSisv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACjUOWl/M/uX+ZqUVl/8ACM6B/wBAPTf/AAEj/wAKP+EZ0D/oB6b/AOAkf+FGoctL+Z/cv8zUorL/AOEZ0D/oB6b/AOAkf+FH/CM6B/0A9N/8BI/8KNQ5aX8z+5f5mpRWX/wjOgf9APTf/ASP/Cj/AIRnQP8AoB6b/wCAkf8AhRqHLS/mf3L/ADNSisv/AIRnQP8AoB6b/wCAkf8AhR/wjOgf9APTf/ASP/CjUOWl/M/uX+ZqUVl/8IzoH/QD03/wEj/wo/4RnQP+gHpv/gJH/hRqHLS/mf3L/M1KKy/+EZ0D/oB6b/4CR/4Uf8IzoH/QD03/AMBI/wDCjUOWl/M/uX+ZqUVl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hRqHLS/mf3L/M1KKy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAKNQ5aX8z+5f5mpRWX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4Uahy0v5n9y/zNSisv8A4RnQP+gHpv8A4CR/4Uf8IzoH/QD03/wEj/wo1DlpfzP7l/malFZf/CM6B/0A9N/8BI/8KP8AhGdA/wCgHpv/AICR/wCFGoctL+Z/cv8AM1KKy/8AhGdA/wCgHpv/AICR/wCFH/CM6B/0A9N/8BI/8KNQ5aX8z+5f5mpRWX/wjOgf9APTf/ASP/Cj/hGdA/6Aem/+Akf+FGoctL+Z/cv8zUorL/4RnQP+gHpv/gJH/hR/wjOgf9APTf8AwEj/AMKNQ5aX8z+5f5mpRWX/AMIzoH/QD03/AMBI/wDCj/hGdA/6Aem/+Akf+FGoctL+Z/cv8zUorL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AAo1DlpfzP7l/malFZf/AAjOgf8AQD03/wABI/8ACj/hGdA/6Aem/wDgJH/hRqHLS/mf3L/M1KKy/wDhGdA/6Aem/wDgJH/hR/wjOgf9APTf/ASP/CjUOWl/M/uX+ZqUVl/8IzoH/QD03/wEj/wo/wCEZ0D/AKAem/8AgJH/AIUahy0v5n9y/wAzUorL/wCEZ0D/AKAem/8AgJH/AIUf8IzoH/QD03/wEj/wo1DlpfzP7l/malFZf/CM6B/0A9N/8BI/8KP+EZ0D/oB6b/4CR/4Uahy0v5n9y/zNSisv/hGdA/6Aem/+Akf+FH/CM6B/0A9N/wDASP8Awo1DlpfzP7l/malFZf8AwjOgf9APTf8AwEj/AMKP+EZ0D/oB6b/4CR/4Uahy0v5n9y/zNSisv/hGdA/6Aem/+Akf+FH/AAjOgf8AQD03/wABI/8ACjUOWl/M/uX+ZqUVl/8ACM6B/wBAPTf/AAEj/wAKP+EZ0D/oB6b/AOAkf+FGoctL+Z/cv8zUorL/AOEZ0D/oB6b/AOAkf+FH/CM6B/0A9N/8BI/8KNQ5aX8z+5f5mpRWX/wjOgf9APTf/ASP/Cj/AIRnQP8AoB6b/wCAkf8AhRqHLS/mf3L/ADNSisv/AIRnQP8AoB6b/wCAkf8AhR/wjOgf9APTf/ASP/CjUOWl/M/uX+ZqUVl/8IzoH/QD03/wEj/wo/4RnQP+gHpv/gJH/hRqHLS/mf3L/M1KKy/+EZ0D/oB6b/4CR/4Uf8IzoH/QD03/AMBI/wDCjUOWl/M/uX+ZqUVl/wDCM6B/0A9N/wDASP8Awo/4RnQP+gHpv/gJH/hRqHLS/mf3L/M1KKy/+EZ0D/oB6b/4CR/4Uf8ACM6B/wBAPTf/AAEj/wAKNQ5aX8z+5f5mpRWX/wAIzoH/AEA9N/8AASP/AAo/4RnQP+gHpv8A4CR/4Uahy0v5n9y/zNSisv8A4RnQP+gHpv8A4CR/4Uf8IzoH/QD03/wEj/wo1DlpfzP7l/malFZf/CM6B/0A9N/8BI/8KP8AhGdA/wCgHpv/AICR/wCFGoctL+Z/cv8AM1KKy/8AhGdA/wCgHpv/AICR/wCFH/CM6B/0A9N/8BI/8KNQ5aX8z+5f5mpRWX/wjOgf9APTf/ASP/Cj/hGdA/6Aem/+Akf+FGoctL+Z/cv8zUorL/4RnQP+gHpv/gJH/hR/wjOgf9APTf8AwEj/AMKNQ5aX8z+5f5mpRWX/AMIzoH/QD03/AMBI/wDCj/hGdA/6Aem/+Akf+FGoctL+Z/cv8zUorL/4RnQP+gHpv/gJH/hR/wAIzoH/AEA9N/8AASP/AAo1DlpfzP7l/malFZf/AAjOgf8AQD03/wABI/8ACj/hGdA/6Aem/wDgJH/hRqHLS/mf3L/M1KKy/wDhGdA/6Aem/wDgJH/hR/wjOgf9APTf/ASP/CjUOWl/M/uX+ZqUVl/8IzoH/QD03/wEj/wo/wCEZ0D/AKAem/8AgJH/AIUahy0v5n9y/wAzUoooqjIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqre/wfjVqqt7/B+NAFSiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq1Z/ef6VVq1Z/ef6UAW6KKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACqt7/B+NWqq3v8H40AVKKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACrVn95/pVWrVn95/pQBbooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKq3v8H41aqre/wfjQBUooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKtWf3n+lVatWf3n+lAFuiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkenYVzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qKxftXif8A6BGkf+DSX/5Ho+1eJ/8AoEaR/wCDSX/5HosFzaorF+1eJ/8AoEaR/wCDSX/5Ho+1eJ/+gRpH/g0l/wDkeiwXNqisX7V4n/6BGkf+DSX/AOR6PtXif/oEaR/4NJf/AJHosFzaorF+1eJ/+gRpH/g0l/8Akej7V4n/AOgRpH/g0l/+R6LBc2qq3v8AB+NZ/wBq8T/9AjSP/BpL/wDI9Vru58S/Ju0nSR16anIf/beiwXL1FZH2nxH/ANArSv8AwZSf/GKPtPiP/oFaV/4MpP8A4xRYLmvRWR9p8R/9ArSv/BlJ/wDGKPtPiP8A6BWlf+DKT/4xRYLmvRWR9p8R/wDQK0r/AMGUn/xij7T4j/6BWlf+DKT/AOMUWC5r0VkfafEf/QK0r/wZSf8Axij7T4j/AOgVpX/gyk/+MUWC5r0VkfafEf8A0CtK/wDBlJ/8Yo+0+I/+gVpX/gyk/wDjFFgua9FZH2nxH/0CtK/8GUn/AMYo+0+I/wDoFaV/4MpP/jFFgua9FZH2nxH/ANArSv8AwZSf/GKPtPiP/oFaV/4MpP8A4xRYLmvRWR9p8R/9ArSv/BlJ/wDGKPtPiP8A6BWlf+DKT/4xRYLmvRWR9p8R/wDQK0r/AMGUn/xij7T4j/6BWlf+DKT/AOMUWC5r0VkfafEf/QK0r/wZSf8Axij7T4j/AOgVpX/gyk/+MUWC5r0VkfafEf8A0CtK/wDBlJ/8Yo+0+I/+gVpX/gyk/wDjFFgua9FZH2nxH/0CtK/8GUn/AMYo+0+I/wDoFaV/4MpP/jFFgua9FZH2nxH/ANArSv8AwZSf/GKPtPiP/oFaV/4MpP8A4xRYLmvRWR9p8R/9ArSv/BlJ/wDGKPtPiP8A6BWlf+DKT/4xRYLmvRWR9p8R/wDQK0r/AMGUn/xij7T4j/6BWlf+DKT/AOMUWC5r0VkfafEf/QK0r/wZSf8Axij7T4j/AOgVpX/gyk/+MUWC5r0VkfafEf8A0CtK/wDBlJ/8Yo+0+I/+gVpX/gyk/wDjFFgua9FZH2nxH/0CtK/8GUn/AMYo+0+I/wDoFaV/4MpP/jFFgua9FZH2nxH/ANArSv8AwZSf/GKPtPiP/oFaV/4MpP8A4xRYLmvRWR9p8R/9ArSv/BlJ/wDGKPtPiP8A6BWlf+DKT/4xRYLmvRWR9p8R/wDQK0r/AMGUn/xij7T4j/6BWlf+DKT/AOMUWC5r0VkfafEf/QK0r/wZSf8Axij7T4j/AOgVpX/gyk/+MUWC5r0VkfafEf8A0CtK/wDBlJ/8Yo+0+I/+gVpX/gyk/wDjFFgua9FZH2nxH/0CtK/8GUn/AMYo+0+I/wDoFaV/4MpP/jFFgua9FZH2nxH/ANArSv8AwZSf/GKPtPiP/oFaV/4MpP8A4xRYLmvRWR9p8R/9ArSv/BlJ/wDGKPtPiP8A6BWlf+DKT/4xRYLmvRWR9p8R/wDQK0r/AMGUn/xij7T4j/6BWlf+DKT/AOMUWC5r0VkfafEf/QK0r/wZSf8Axij7T4j/AOgVpX/gyk/+MUWC5r0VkfafEf8A0CtK/wDBlJ/8Yo+0+I/+gVpX/gyk/wDjFFgua9FZH2nxH/0CtK/8GUn/AMYo+0+I/wDoFaV/4MpP/jFFgua9FZH2nxH/ANArSv8AwZSf/GKPtPiP/oFaV/4MpP8A4xRYLmvRWR9p8R/9ArSv/BlJ/wDGKPtPiP8A6BWlf+DKT/4xRYLmvRWR9p8R/wDQK0r/AMGUn/xij7T4j/6BWlf+DKT/AOMUWC5r1as/vP8ASue+0+I/+gVpX/gyk/8AjFauiSalI039oWlrBgDZ9nuWm3dc5zGmO3r+FAGvRRVW/kv44FOn21tcTbsFbi4aFQuDzkI/OccY/GkMtUVi/avE/wD0CNI/8Gkv/wAj0favE/8A0CNI/wDBpL/8j07CubVFYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9FgubVFYv2rxP/ANAjSP8AwaS//I9H2rxP/wBAjSP/AAaS/wDyPRYLm1RWL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPRYLm1RWL9q8T/9AjSP/BpL/wDI9H2rxP8A9AjSP/BpL/8AI9FgubVFYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9FgubVFYv2rxP/ANAjSP8AwaS//I9H2rxP/wBAjSP/AAaS/wDyPRYLm1RWL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPRYLm1RWL9q8T/9AjSP/BpL/wDI9H2rxP8A9AjSP/BpL/8AI9FgubVFYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9FgubVFYv2rxP/ANAjSP8AwaS//I9H2rxP/wBAjSP/AAaS/wDyPRYLm1RWL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPRYLm1RWL9q8T/9AjSP/BpL/wDI9H2rxP8A9AjSP/BpL/8AI9FgubVFYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9FgubVFYv2rxP/ANAjSP8AwaS//I9H2rxP/wBAjSP/AAaS/wDyPRYLm1RWL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPRYLm1RWL9q8T/9AjSP/BpL/wDI9H2rxP8A9AjSP/BpL/8AI9FgubVFYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9FgubVFYv2rxP/ANAjSP8AwaS//I9H2rxP/wBAjSP/AAaS/wDyPRYLm1RWL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPRYLm1RWL9q8T/9AjSP/BpL/wDI9H2rxP8A9AjSP/BpL/8AI9FgubVFYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9FgubVFYv2rxP/ANAjSP8AwaS//I9H2rxP/wBAjSP/AAaS/wDyPRYLm1RWL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPRYLm1RWL9q8T/9AjSP/BpL/wDI9H2rxP8A9AjSP/BpL/8AI9FgubVFYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9FgubVFYv2rxP/ANAjSP8AwaS//I9H2rxP/wBAjSP/AAaS/wDyPRYLm1RWL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPRYLm1RWL9q8T/9AjSP/BpL/wDI9H2rxP8A9AjSP/BpL/8AI9FgubVFYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9FgubVFYv2rxP/ANAjSP8AwaS//I9H2rxP/wBAjSP/AAaS/wDyPRYLm1RWL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPRYLm1RWL9q8T/9AjSP/BpL/wDI9H2rxP8A9AjSP/BpL/8AI9FgubVFYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9FgubVFYv2rxP/ANAjSP8AwaS//I9H2rxP/wBAjSP/AAaS/wDyPRYLm1RWL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPRYLm1RWL9q8T/9AjSP/BpL/wDI9H2rxP8A9AjSP/BpL/8AI9FgubVFYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9FgubVFYv2rxP/ANAjSP8AwaS//I9H2rxP/wBAjSP/AAaS/wDyPRYLm1RWL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPRYLm1RWL9q8T/9AjSP/BpL/wDI9H2rxP8A9AjSP/BpL/8AI9FgubVFYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9FgubVFYv2rxP/ANAjSP8AwaS//I9H2rxP/wBAjSP/AAaS/wDyPRYLm1RWL9q8T/8AQI0j/wAGkv8A8j0favE//QI0j/waS/8AyPRYLm1RWL9q8T/9AjSP/BpL/wDI9H2rxP8A9AjSP/BpL/8AI9FgubVFYv2rxP8A9AjSP/BpL/8AI9H2rxP/ANAjSP8AwaS//I9FgubVFYv2rxP/ANAjSP8AwaS//I9H2rxP/wBAjSP/AAaS/wDyPRYLm1RRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVVvf4Pxq1VW9/g/GgCpRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVas/vP9Kq1as/vP9KALdFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TTEbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVFYv/AAh/hj/oXNI/8AYv/iaP+EP8Mf8AQuaR/wCAMX/xNAG1RWL/AMIf4Y/6FzSP/AGL/wCJo/4Q/wAMf9C5pH/gDF/8TQBtUVi/8If4Y/6FzSP/AABi/wDiaP8AhD/DH/QuaR/4Axf/ABNAG1RWL/wh/hj/AKFzSP8AwBi/+Jo/4Q/wx/0Lmkf+AMX/AMTQBtUVi/8ACH+GP+hc0j/wBi/+Jo/4Q/wx/wBC5pH/AIAxf/E0AbVFYv8Awh/hj/oXNI/8AYv/AImj/hD/AAx/0Lmkf+AMX/xNAG1RWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TQBtVVvf4PxrP8A+EP8Mf8AQuaR/wCAMX/xNVrvwj4aXZt8PaSOvSyj/wDiaAL1FZH/AAinhz/oX9K/8A4/8KP+EU8Of9C/pX/gHH/hQBr0Vkf8Ip4c/wChf0r/AMA4/wDCj/hFPDn/AEL+lf8AgHH/AIUAa9FZH/CKeHP+hf0r/wAA4/8ACj/hFPDn/Qv6V/4Bx/4UAa9FZH/CKeHP+hf0r/wDj/wo/wCEU8Of9C/pX/gHH/hQBr0Vkf8ACKeHP+hf0r/wDj/wo/4RTw5/0L+lf+Acf+FAGvRWR/winhz/AKF/Sv8AwDj/AMKP+EU8Of8AQv6V/wCAcf8AhQBr0Vkf8Ip4c/6F/Sv/AADj/wAKP+EU8Of9C/pX/gHH/hQBr0Vkf8Ip4c/6F/Sv/AOP/Cj/AIRTw5/0L+lf+Acf+FAGvRWR/wAIp4c/6F/Sv/AOP/Cj/hFPDn/Qv6V/4Bx/4UAa9FZH/CKeHP8AoX9K/wDAOP8Awo/4RTw5/wBC/pX/AIBx/wCFAGvRWR/winhz/oX9K/8AAOP/AAo/4RTw5/0L+lf+Acf+FAGvRWR/winhz/oX9K/8A4/8KP8AhFPDn/Qv6V/4Bx/4UAa9FZH/AAinhz/oX9K/8A4/8KP+EU8Of9C/pX/gHH/hQBr0Vkf8Ip4c/wChf0r/AMA4/wDCj/hFPDn/AEL+lf8AgHH/AIUAa9FZH/CKeHP+hf0r/wAA4/8ACj/hFPDn/Qv6V/4Bx/4UAa9FZH/CKeHP+hf0r/wDj/wo/wCEU8Of9C/pX/gHH/hQBr0Vkf8ACKeHP+hf0r/wDj/wo/4RTw5/0L+lf+Acf+FAGvRWR/winhz/AKF/Sv8AwDj/AMKP+EU8Of8AQv6V/wCAcf8AhQBr0Vkf8Ip4c/6F/Sv/AADj/wAKP+EU8Of9C/pX/gHH/hQBr0Vkf8Ip4c/6F/Sv/AOP/Cj/AIRTw5/0L+lf+Acf+FAGvRWR/wAIp4c/6F/Sv/AOP/Cj/hFPDn/Qv6V/4Bx/4UAa9FZH/CKeHP8AoX9K/wDAOP8Awo/4RTw5/wBC/pX/AIBx/wCFAGvRWR/winhz/oX9K/8AAOP/AAo/4RTw5/0L+lf+Acf+FAGvRWR/winhz/oX9K/8A4/8KP8AhFPDn/Qv6V/4Bx/4UAa9FZH/AAinhz/oX9K/8A4/8KP+EU8Of9C/pX/gHH/hQBr0Vkf8Ip4c/wChf0r/AMA4/wDCj/hFPDn/AEL+lf8AgHH/AIUAa9FZH/CKeHP+hf0r/wAA4/8ACj/hFPDn/Qv6V/4Bx/4UAa9FZH/CKeHP+hf0r/wDj/wo/wCEU8Of9C/pX/gHH/hQBr0Vkf8ACKeHP+hf0r/wDj/wo/4RTw5/0L+lf+Acf+FAGvRWR/winhz/AKF/Sv8AwDj/AMKP+EU8Of8AQv6V/wCAcf8AhQBr0Vkf8Ip4c/6F/Sv/AADj/wAKP+EU8Of9C/pX/gHH/hQBr0Vkf8Ip4c/6F/Sv/AOP/Cj/AIRTw5/0L+lf+Acf+FAGvRWR/wAIp4c/6F/Sv/AOP/Cj/hFPDn/Qv6V/4Bx/4UAa9WrP7z/Sue/4RTw5/wBC/pX/AIBx/wCFauiaTpultN/Z+n2tp5gG/wCzwrHuxnGcAZxk/nQBr0UVVv8ATbDVIFg1CytruFW3iO4iWRQ2CM4IPOCefekMtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0xG1RWL/wh/hj/AKFzSP8AwBi/+Jo/4Q/wx/0Lmkf+AMX/AMTQBtUVi/8ACH+GP+hc0j/wBi/+Jo/4Q/wx/wBC5pH/AIAxf/E0AbVFYv8Awh/hj/oXNI/8AYv/AImj/hD/AAx/0Lmkf+AMX/xNAG1RWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TQBtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0AbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVFYv/AAh/hj/oXNI/8AYv/iaP+EP8Mf8AQuaR/wCAMX/xNAG1RWL/AMIf4Y/6FzSP/AGL/wCJo/4Q/wAMf9C5pH/gDF/8TQBtUVi/8If4Y/6FzSP/AABi/wDiaP8AhD/DH/QuaR/4Axf/ABNAG1RWL/wh/hj/AKFzSP8AwBi/+Jo/4Q/wx/0Lmkf+AMX/AMTQBtUVi/8ACH+GP+hc0j/wBi/+Jo/4Q/wx/wBC5pH/AIAxf/E0AbVFYv8Awh/hj/oXNI/8AYv/AImj/hD/AAx/0Lmkf+AMX/xNAG1RWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TQBtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0AbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVFYv/AAh/hj/oXNI/8AYv/iaP+EP8Mf8AQuaR/wCAMX/xNAG1RWL/AMIf4Y/6FzSP/AGL/wCJo/4Q/wAMf9C5pH/gDF/8TQBtUVi/8If4Y/6FzSP/AABi/wDiaP8AhD/DH/QuaR/4Axf/ABNAG1RWL/wh/hj/AKFzSP8AwBi/+Jo/4Q/wx/0Lmkf+AMX/AMTQBtUVi/8ACH+GP+hc0j/wBi/+Jo/4Q/wx/wBC5pH/AIAxf/E0AbVFYv8Awh/hj/oXNI/8AYv/AImj/hD/AAx/0Lmkf+AMX/xNAG1RWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TQBtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0AbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVFYv/AAh/hj/oXNI/8AYv/iaP+EP8Mf8AQuaR/wCAMX/xNAG1RWL/AMIf4Y/6FzSP/AGL/wCJo/4Q/wAMf9C5pH/gDF/8TQBtUVi/8If4Y/6FzSP/AABi/wDiaP8AhD/DH/QuaR/4Axf/ABNAG1RWL/wh/hj/AKFzSP8AwBi/+Jo/4Q/wx/0Lmkf+AMX/AMTQBtUVi/8ACH+GP+hc0j/wBi/+Jo/4Q/wx/wBC5pH/AIAxf/E0AbVFYv8Awh/hj/oXNI/8AYv/AImj/hD/AAx/0Lmkf+AMX/xNAG1RWL/wh/hj/oXNI/8AAGL/AOJo/wCEP8Mf9C5pH/gDF/8AE0AbVFYv/CH+GP8AoXNI/wDAGL/4mj/hD/DH/QuaR/4Axf8AxNAG1RWL/wAIf4Y/6FzSP/AGL/4mj/hD/DH/AELmkf8AgDF/8TQBtUVi/wDCH+GP+hc0j/wBi/8AiaP+EP8ADH/QuaR/4Axf/E0AbVFYv/CH+GP+hc0j/wAAYv8A4mj/AIQ/wx/0Lmkf+AMX/wATQBtUVi/8If4Y/wChc0j/AMAYv/iaP+EP8Mf9C5pH/gDF/wDE0AbVFYv/AAh/hj/oXNI/8AYv/iaP+EP8Mf8AQuaR/wCAMX/xNAG1RRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVVvf4Pxq1VW9/g/GgCpRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVas/vP9Kq1as/vP8ASgC3RRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBl/aNf/6Bum/+DCT/AOM0faNf/wCgbpv/AIMJP/jNalFTZ9zX2kf5F+P+Zl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNalFFn3D2kf5F+P+Zl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNalFFn3D2kf5F+P+Zl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNalFFn3D2kf5F+P+Zl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNalFFn3D2kf5F+P+Zl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNalFFn3D2kf5F+P+Zl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNalFFn3D2kf5F+P+Zl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNalFFn3D2kf5F+P+Zl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNalFFn3D2kf5F+P+Zl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNalFFn3D2kf5F+P+Zl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNalFFn3D2kf5F+P+Zl/aNf8A+gbpv/gwk/8AjNH2jX/+gbpv/gwk/wDjNalFFn3D2kf5F+P+Zl/aNf8A+gbpv/gwk/8AjNVbufXfk3adpw69L9z/AO0a3qq3v8H407PuHtI/yL8f8zC8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmtKiiz7h7SP8i/H/ADM3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGa0qKLPuHtI/yL8f8zN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmtKiiz7h7SP8i/H/ADM3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGa0qKLPuHtI/yL8f8zN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmtKiiz7h7SP8i/H/ADM3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGa0qKLPuHtI/yL8f8zN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmtKiiz7h7SP8i/H/ADM3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGa0qKLPuHtI/yL8f8zN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmtKiiz7h7SP8i/H/ADM3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGa0qKLPuHtI/yL8f8zN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmtKiiz7h7SP8i/H/ADM3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGa0qKLPuHtI/yL8f8zN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmtKiiz7h7SP8i/H/ADM3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGa0qKLPuHtI/yL8f8zN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmtKiiz7h7SP8i/H/ADM3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGa0qKLPuHtI/yL8f8zN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmtKiiz7h7SP8i/H/ADM3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGa0qKLPuHtI/yL8f8zN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmtKiiz7h7SP8i/H/ADM3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGa0qKLPuHtI/yL8f8zN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmtKiiz7h7SP8i/H/ADM3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGa0qKLPuHtI/yL8f8zN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmtKiiz7h7SP8i/H/ADM3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGa0qKLPuHtI/yL8f8zN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmtKiiz7h7SP8i/H/ADM3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGa0qKLPuHtI/yL8f8zN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmtKiiz7h7SP8i/H/ADM3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGa0qKLPuHtI/yL8f8zN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmtKiiz7h7SP8i/H/ADM3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGa0qKLPuHtI/yL8f8zN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmtKiiz7h7SP8i/H/ADM3z9b/AOgfp/8A4HP/APGaPP1v/oH6f/4HP/8AGa0qKLPuHtI/yL8f8zN8/W/+gfp//gc//wAZo8/W/wDoH6f/AOBz/wDxmtKiiz7h7SP8i/H/ADM3z9b/AOgfp/8A4HP/APGa09Ie9dpvtlvbw4A2+TO0meuc5RcdvWkq1Z/ef6UW8yZTi1ZRS+//ADLdV7t7tIgbKCCaTdys0xjAHrkK3PTjH41Yopkp2d2rmX9o1/8A6Bum/wDgwk/+M0faNf8A+gbpv/gwk/8AjNalFTZ9zT2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mZf2jX/8AoG6b/wCDCT/4zR9o1/8A6Bum/wDgwk/+M1qUUWfcPaR/kX4/5mX9o1//AKBum/8Agwk/+M0faNf/AOgbpv8A4MJP/jNalFFn3D2kf5F+P+Zl/aNf/wCgbpv/AIMJP/jNH2jX/wDoG6b/AODCT/4zWpRRZ9w9pH+Rfj/mFFFFUZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFVb3+D8atVVvf4PxoAqUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFWrP7z/SqtWrP7z/AEoAt0UUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFVb3+D8atVVvf4PxoAqUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFWrP7z/SqtWrP7z/AEoAt0UUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAeM/8Lc1/wD59NN/79yf/F0f8Lc1/wD59NN/79yf/F0UVycz7n031el/KvuQf8Lc1/8A59NN/wC/cn/xdH/C3Nf/AOfTTf8Av3J/8XRRRzPuH1el/KvuQf8AC3Nf/wCfTTf+/cn/AMXR/wALc1//AJ9NN/79yf8AxdFFHM+4fV6X8q+5B/wtzX/+fTTf+/cn/wAXR/wtzX/+fTTf+/cn/wAXRRRzPuH1el/KvuQf8Lc1/wD59NN/79yf/F0f8Lc1/wD59NN/79yf/F0UUcz7h9Xpfyr7kH/C3Nf/AOfTTf8Av3J/8XR/wtzX/wDn003/AL9yf/F0UUcz7h9Xpfyr7kH/AAtzX/8An003/v3J/wDF0f8AC3Nf/wCfTTf+/cn/AMXRRRzPuH1el/KvuQf8Lc1//n003/v3J/8AF0f8Lc1//n003/v3J/8AF0UUcz7h9Xpfyr7kH/C3Nf8A+fTTf+/cn/xdH/C3Nf8A+fTTf+/cn/xdFFHM+4fV6X8q+5B/wtzX/wDn003/AL9yf/F0f8Lc1/8A59NN/wC/cn/xdFFHM+4fV6X8q+5B/wALc1//AJ9NN/79yf8AxdH/AAtzX/8An003/v3J/wDF0UUcz7h9Xpfyr7kH/C3Nf/59NN/79yf/ABdH/C3Nf/59NN/79yf/ABdFFHM+4fV6X8q+5B/wtzX/APn003/v3J/8XUcvxW12XG6004Y9I3/+Loop8z7h9Xpfyr7kR/8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdFFHNLuH1el/KvuQf8LQ1v/n10/8A79v/APF0f8LQ1v8A59dP/wC/b/8AxdFFHNLuH1el/KvuQf8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdFFHNLuH1el/KvuQf8LQ1v/n10/8A79v/APF0f8LQ1v8A59dP/wC/b/8AxdFFHNLuH1el/KvuQf8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdFFHNLuH1el/KvuQf8LQ1v/n10/8A79v/APF0f8LQ1v8A59dP/wC/b/8AxdFFHNLuH1el/KvuQf8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdFFHNLuH1el/KvuQf8LQ1v/n10/8A79v/APF0f8LQ1v8A59dP/wC/b/8AxdFFHNLuH1el/KvuQf8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdFFHNLuH1el/KvuQf8LQ1v/n10/8A79v/APF0f8LQ1v8A59dP/wC/b/8AxdFFHNLuH1el/KvuQf8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdFFHNLuH1el/KvuQf8LQ1v/n10/8A79v/APF0f8LQ1v8A59dP/wC/b/8AxdFFHNLuH1el/KvuQf8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdFFHNLuH1el/KvuQf8LQ1v/n10/8A79v/APF0f8LQ1v8A59dP/wC/b/8AxdFFHNLuH1el/KvuQf8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdFFHNLuH1el/KvuQf8LQ1v/n10/8A79v/APF0f8LQ1v8A59dP/wC/b/8AxdFFHNLuH1el/KvuQf8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdFFHNLuH1el/KvuQf8LQ1v/n10/8A79v/APF0f8LQ1v8A59dP/wC/b/8AxdFFHNLuH1el/KvuQf8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdFFHNLuH1el/KvuQf8LQ1v/n10/8A79v/APF0f8LQ1v8A59dP/wC/b/8AxdFFHNLuH1el/KvuQf8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdFFHNLuH1el/KvuQf8LQ1v/n10/8A79v/APF0f8LQ1v8A59dP/wC/b/8AxdFFHNLuH1el/KvuQf8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdFFHNLuH1el/KvuQf8LQ1v/n10/8A79v/APF0f8LQ1v8A59dP/wC/b/8AxdFFHNLuH1el/KvuQf8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdFFHNLuH1el/KvuQf8LQ1v/n10/8A79v/APF0f8LQ1v8A59dP/wC/b/8AxdFFHNLuH1el/KvuQf8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdFFHNLuH1el/KvuQf8LQ1v/n10/8A79v/APF0f8LQ1v8A59dP/wC/b/8AxdFFHNLuH1el/KvuQf8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdFFHNLuH1el/KvuQf8LQ1v/n10/8A79v/APF0f8LQ1v8A59dP/wC/b/8AxdFFHNLuH1el/KvuQf8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdFFHNLuH1el/KvuQf8LQ1v/n10/8A79v/APF0f8LQ1v8A59dP/wC/b/8AxdFFHNLuH1el/KvuQf8AC0Nb/wCfXT/+/b//ABdH/C0Nb/59dP8A+/b/APxdFFHNLuH1el/KvuQf8LQ1v/n10/8A79v/APF123w98UXviRtR+2RW8f2cR7fJVhnduznJP90UUVUJNy3OXGUacaEnGKT06eaO4rmfHPiK78M6JDe2UcEkj3KxETKSMFWPYjn5RRRW0/hPKwyUq0Uzz/8A4W5r/wDz6ab/AN+5P/i6P+Fua/8A8+mm/wDfuT/4uiiubmfc9/6vS/lX3IP+Fua//wA+mm/9+5P/AIuj/hbmv/8APppv/fuT/wCLooo5n3D6vS/lX3IP+Fua/wD8+mm/9+5P/i6P+Fua/wD8+mm/9+5P/i6KKOZ9w+r0v5V9yD/hbmv/APPppv8A37k/+Lo/4W5r/wDz6ab/AN+5P/i6KKOZ9w+r0v5V9yD/AIW5r/8Az6ab/wB+5P8A4uj/AIW5r/8Az6ab/wB+5P8A4uiijmfcPq9L+Vfcg/4W5r//AD6ab/37k/8Ai6P+Fua//wA+mm/9+5P/AIuiijmfcPq9L+Vfcg/4W5r/APz6ab/37k/+Lo/4W5r/APz6ab/37k/+Looo5n3D6vS/lX3IP+Fua/8A8+mm/wDfuT/4uj/hbmv/APPppv8A37k/+Looo5n3D6vS/lX3IP8Ahbmv/wDPppv/AH7k/wDi6P8Ahbmv/wDPppv/AH7k/wDi6KKOZ9w+r0v5V9yD/hbmv/8APppv/fuT/wCLo/4W5r//AD6ab/37k/8Ai6KKOZ9w+r0v5V9yD/hbmv8A/Pppv/fuT/4uj/hbmv8A/Pppv/fuT/4uiijmfcPq9L+Vfcg/4W5r/wDz6ab/AN+5P/i6P+Fua/8A8+mm/wDfuT/4uiijmfcPq9L+Vfcg/wCFua//AM+mm/8AfuT/AOLo/wCFua//AM+mm/8AfuT/AOLooo5n3D6vS/lX3IP+Fua//wA+mm/9+5P/AIuj/hbmv/8APppv/fuT/wCLooo5n3D6vS/lX3IP+Fua/wD8+mm/9+5P/i6P+Fua/wD8+mm/9+5P/i6KKOZ9w+r0v5V9yD/hbmv/APPppv8A37k/+Lo/4W5r/wDz6ab/AN+5P/i6KKOZ9w+r0v5V9yD/AIW5r/8Az6ab/wB+5P8A4uj/AIW5r/8Az6ab/wB+5P8A4uiijmfcPq9L+Vfcg/4W5r//AD6ab/37k/8Ai6P+Fua//wA+mm/9+5P/AIuiijmfcPq9L+Vfcg/4W5r/APz6ab/37k/+Lo/4W5r/APz6ab/37k/+Looo5n3D6vS/lX3IP+Fua/8A8+mm/wDfuT/4uj/hbmv/APPppv8A37k/+Looo5n3D6vS/lX3IP8Ahbmv/wDPppv/AH7k/wDi6P8Ahbmv/wDPppv/AH7k/wDi6KKOZ9w+r0v5V9yD/hbmv/8APppv/fuT/wCLo/4W5r//AD6ab/37k/8Ai6KKOZ9w+r0v5V9yD/hbmv8A/Pppv/fuT/4uj/hbmv8A/Pppv/fuT/4uiijmfcPq9L+Vfcg/4W5r/wDz6ab/AN+5P/i6P+Fua/8A8+mm/wDfuT/4uiijmfcPq9L+Vfcg/wCFua//AM+mm/8AfuT/AOLo/wCFua//AM+mm/8AfuT/AOLooo5n3D6vS/lX3IP+Fua//wA+mm/9+5P/AIuj/hbmv/8APppv/fuT/wCLooo5n3D6vS/lX3IP+Fua/wD8+mm/9+5P/i6P+Fua/wD8+mm/9+5P/i6KKOZ9w+r0v5V9yD/hbmv/APPppv8A37k/+Lo/4W5r/wDz6ab/AN+5P/i6KKOZ9w+r0v5V9yD/AIW5r/8Az6ab/wB+5P8A4uj/AIW5r/8Az6ab/wB+5P8A4uiijmfcPq9L+Vfcg/4W5r//AD6ab/37k/8Ai6P+Fua//wA+mm/9+5P/AIuiijmfcPq9L+Vfcg/4W5r/APz6ab/37k/+Lo/4W5r/APz6ab/37k/+Looo5n3D6vS/lX3IP+Fua/8A8+mm/wDfuT/4uj/hbmv/APPppv8A37k/+Looo5n3D6vS/lX3IP8Ahbmv/wDPppv/AH7k/wDi6P8Ahbmv/wDPppv/AH7k/wDi6KKOZ9w+r0v5V9yD/hbmv/8APppv/fuT/wCLo/4W5r//AD6ab/37k/8Ai6KKOZ9w+r0v5V9yD/hbmv8A/Pppv/fuT/4uj/hbmv8A/Pppv/fuT/4uiijmfcPq9L+Vfcg/4W5r/wDz6ab/AN+5P/i6P+Fua/8A8+mm/wDfuT/4uiijmfcPq9L+Vfcg/wCFua//AM+mm/8AfuT/AOLo/wCFua//AM+mm/8AfuT/AOLooo5n3D6vS/lX3IP+Fua//wA+mm/9+5P/AIuj/hbmv/8APppv/fuT/wCLooo5n3D6vS/lX3IP+Fua/wD8+mm/9+5P/i6P+Fua/wD8+mm/9+5P/i6KKOZ9w+r0v5V9yD/hbmv/APPppv8A37k/+Lo/4W5r/wDz6ab/AN+5P/i6KKOZ9w+r0v5V9yD/AIW5r/8Az6ab/wB+5P8A4uj/AIW5r/8Az6ab/wB+5P8A4uiijmfcPq9L+Vfcg/4W5r//AD6ab/37k/8Ai6P+Fua//wA+mm/9+5P/AIuiijmfcPq9L+Vfcg/4W5r/APz6ab/37k/+Lo/4W5r/APz6ab/37k/+Looo5n3D6vS/lX3IP+Fua/8A8+mm/wDfuT/4uj/hbmv/APPppv8A37k/+Looo5n3D6vS/lX3IP8Ahbmv/wDPppv/AH7k/wDi6P8Ahbmv/wDPppv/AH7k/wDi6KKOZ9w+r0v5V9yD/hbmv/8APppv/fuT/wCLo/4W5r//AD6ab/37k/8Ai6KKOZ9w+r0v5V9yD/hbmv8A/Pppv/fuT/4uj/hbmv8A/Pppv/fuT/4uiijmfcPq9L+Vfcj/2Q==)

Remuneration of the Executive Leadership Team

The total remuneration paid to or accrued for the Executive Leadership Team for 2024 amounted

toCHF 28.3 million.

2024 CHF

Base salary

1

Cash and

non-cash

benefits

2

Annual bonus

accrual

3

Pension

and post-

employment

benefits

4

Total fair value

of performance

shares at the

date granted

5

Total

remuneration

Zoran Bogdanovic,

Chief Executive Officer,

Executive Director 882,129 757,641 935,163 142,740 1,684,849 4,402,521

Other current members

6

5,910,776 5,772,093 5,270,943 902,288 4,954,893 22,810,994

Former members

7

1,153,570 632,834 0 31,899 0 1,818,303

Total Executive

Leadership Team 7,946,475 7,162,568 6,206,106 1,076,927 6,639,742 29,031,818

1.   Base salary includes 639,463 CHF non-compete payments in 2024 to former members of the Executive Leadership Team.

2.   Cash and non-cash benefits consist of cost-of-living allowance, housing support, schooling, employee share purchase plan, private medical

insurance, relocation expenses, home trip allowance, employer social security contributions, lump sum expenses, all paid and unpaid sign-

on bonus, equalisation amounts and similar allowances.

3.   The annual bonus accrual for 2024 includes the accrued Management Incentive Plan (MIP) payout, receivable early in 2025 for the 2024

business performance, including amount that will be paid in May 2025 post approval by the AGM of the Remuneration Committee’s proposal

for adjustment of the MIP deferral (refer to Directors’ remuneration report), employer social security contribution and gross-up for the tax

benefit, of CHF 6,206,106. The monetary value that was paid in 2024 under the MIP reflecting the 2023 business performance is approx.

CHF 5,995,351.

4.   Members of the Executive Leadership Team participate in the pension plan of their employing entity, as appropriate.

5.   Values under long-term incentives represent the fair value of performance shares that are expected to vest for the 2024 grant in order

tocomply with Swiss reporting guidelines.

6.   Anastasis Stamoulis was appointed to the role of Chief Financial Officer on 1 May 2024. Vladimir Kosijer was appointed to the role of Acting

Regional Director on 1 June 2024.

7.   Ben Almanzar’ employment ceased on 17 May 2024.

The total remuneration paid to or accrued for the Executive Leadership Team for 2023 amounted

toCHF 27.4 million.

2023 CHF

Base salary

1

Cash and

non-cash

benefits

2

Annual bonus

accrual

3

Pension

and post-

employment

benefits

4

Total fair value

of performance

shares at the

date granted

5

Total

remuneration

Zoran Bogdanovic,

Chief Executive Officer,

Executive Director 851,547 684,902 867,920 151,437 2,206,537 4,762,343

Other current members

6

5,160,832 4,915,703 4,368,027 635,593 4,579,469 19,659,624

Former members

7

857,611 748,299 548,878 133,543 657,058 2,945,389

Total Executive

Leadership Team 6,869,990 6,348,904 5,784,825 920,573 7,443,064 27,367,356

1.   Base salary includes 204,795 CHF non-compete payments in 2023 to former members of the Executive Leadership Team.

2.   Cash and non-cash benefits consist of cost-of-living allowance, housing support, schooling, employee share purchase plan, private medical

insurance, relocation expenses, home trip allowance, employer social security contributions, lump sum expenses, all paid and unpaid sign-

on bonus, equalisation amounts and similar allowances.

3.   The annual bonus accrual for 2023 includes the accrued Management Incentive Plan (MIP) payout, receivable early in 2024 for the 2023

business performance, including amount deferred in shares, employer social security contribution and gross-up for the tax benefit, of CHF

5,784,825. The monetary value that was paid in 2023 under the MIP reflecting the 2022 business performance is approx. CHF 5,401,503.

4.   Members of the Executive Leadership Team participate in the pension plan of their employing entity, as appropriate.

5.   Values under long-term incentives represent the fair value of performance shares that are expected to vest for the 2023 grant in order

tocomply with Swiss reporting guidelines.

6.   Jaak Mikkel was appointed to the role of New Businesses Director on 1 February 2023. Frank O’Donnell and Aleksandar Ruzevic were

appointed to the role of Regional Director for on 1 June 2023. Ebru Ozgen was appointed to the role of Chief People and Culture Officer

on12 September 2023.

7.   Nikolaos Kalaitzidakis’ employment ceased on 30 September 2023. Sanda Parezanovic’s employment ceased on 30 November 2023.

Statutory Remuneration Report continued

Coca-Cola HBC Integrated Annual Report 2024338

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Shareholdings, conversion and option rights

The table below sets out a comparison of the interests in the Company’s total issued share capital that the members of the Board of Directors (‘Directors’) and Executive Leadership Team hold (all of which,

unless otherwise stated, are beneficial interests or are interests of a person connected with a Director or a member of the Executive Leadership Team) and the interests in the Company’s share capital.

31.12.2024 31.12.2023

Number of shares

Percentage

ofissued

share capital

1

Percentage of

outstanding

share capital

2

Number of

shares

Percentage

of issued

share capital

1

Percentage of

outstanding

share capital

2

Directors

Anastassis G. David, Non-Executive Chairman

3

– – – – – –

Zoran Bogdanovic, Chief Executive Officer, Executive Director 386,658 0.10% 0.11% 336,219 0.09% 0.09%

Charlotte J. Boyle, Independent non-Executive Director, Chair of the Remuneration Committee,

and member of the Nomination Committee 1,395 0.00% 0.00% 1,017 0.00% 0.00%

Henrique Braun, Non-Executive Director – – – – – –

Olusola (Sola) David-Borha, Independent non-Executive Director, member of the Audit and Risk Committee – – – – – –

Anna Diamantopoulou, Independent non-Executive Director, member of the Nomination Committee,

Social Responsibility Committee & Remuneration Committee – – – – – –

William W. (Bill) Douglas III, Independent non-Executive Director, Chair of the Audit and Risk Committee 10,000 0.00% 0.00% 10,000 0.00% 0.00%

Reto Francioni, Senior Independent non-Executive Director, Chair of the Nomination Committee,

and member of the Remuneration Committee 7,000 0.00% 0.00% 7,000 0.00% 0.00%

Anastasios I. Leventis, Non-Executive Director, Chair of the Social Responsibility Committee

4

– – – – – –

Christo Leventis, Non-Executive Director

5

– – – – – –

Alexandra Papalexopoulou, Independent non-Executive Director, member of the Audit and Risk Committee – – – – – –

Bruno Pietracci, Independent non-Executive Director, member of the Social Responsibility Committee – – – – – –

Ryan Rudolph, Independent non-Executive Director – – – – – –

George Pavlos Leventis, Non-Executive Director

6

– – – – – –

Evguenia Stoitchkova, Non-Executive Director, member of the Social Responsibility Committee – – – – – –

Footnotes are presented at the end of the table.

Statutory Remuneration Report continued

Coca-Cola HBC Integrated Annual Report 2024339

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

31.12.2024 31.12.2023

Number of shares

Percentage

ofissued

share capital

1

Percentage of

outstanding

share capital

2

Number of

shares

Percentage

of issued

share capital

1

Percentage of

outstanding

share capital

2

Executive Leadership Team

Minas Agelidis, Region Director 101,311 0.03% 0.03% 97,411 0.03% 0.03%

Mourad Ajarti, Chief Digital and Technology Officer 49,479 0.01% 0.01% 42,622 0.01% 0.01%

Ben Almanzar, Chief Financial Officer

7

0 0.00% 0.00% 29,565 0.01% 0.01%

Ivo Bjelis, Chief Supply Chain Officer 28,254 0.01% 0.01% 51,566 0.01% 0.01%

Jan Gustavsson, General Counsel, Company Secretary and Chief Corporate Development Officer 191,033 0.05% 0.05% 243,414 0.07% 0.07%

Naya Kalogeraki, Chief Operating Officer 123,889 0.03% 0.03% 109,394 0.03% 0.03%

Martin Marcel, Chief Corporate Affairs and Sustainability Officer 138,639 0.04% 0.04% 153,355 0.04% 0.04%

Spyros Mello, Strategy and Transformation Director 81,560 0.02% 0.02% 67,259 0.02% 0.02%

Vitaliy Novikov, Digital Commerce Business Development Director 17,117 0.00% 0.00% 14,355 0.00% 0.00%

Barbara Tönz, Chief Customer and Commercial Officer 7,195 0.00% 0.00% 5,707 0.00% 0.00%

Jaak Mikkel, New Businesses Director 49,959 0.01% 0.01% 38,791 0.01% 0.01%

Frank O’Donnell, Region Director 50,133 0.01% 0.01% 39,821 0.01% 0.01%

Aleksandar Ruzevic, Region Director 30,491 0.01% 0.01% 53,992 0.01% 0.01%

Ebru Ozgen, Chief People and Culture Officer 8,017 0.00% 0.00% 183 0.00% 0.00%

Anastasis Stamoulis, Chief Financial Officer

8

3,245 0.00% 0.00% 14,561 0.00% 0.00%

Vladimir Kosijer, Acting Region Director

9

37,644 0.01% 0.01% 28,609 0.01% 0.01%

Footnotes are presented at the end of the table.

Statutory Remuneration Report continued

Coca-Cola HBC Integrated Annual Report 2024340

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

The following table sets out information regarding the stock options and performance shares held by members of the Executive Leadership Team or any related person as at 31 December 2024:

Stock options (ESOP) Performance shares (PSP)

Number of

stock options Already vested

Vesting at the

end of 2024

Granted

in 2024

Unvested and

subject to

performance

conditions Vested

Zoran Bogdanovic, Chief Executive Officer, Executive Director

10

– – – 109,165 399,538 95,843

Minas Agelidis, Region Director – – – 21,422 70,806 19,041

Mourad Ajarti, Chief Digital and Technology Officer – – – 18,212 58,251 14,160

Ivo Bjelis, Chief Supply Chain Officer – – –  18,890   62,761  10,333

Jan Gustavsson, General Counsel, Company Secretary and Chief Corporate Development Officer – – –  27,311   91,318   24,806

Naya Kalogeraki, Chief Operating Officer – – – 45,434 146,249 37,716

Martin Marcel, Chief Corporate Affairs and Sustainability Officer – – – 23,824 79,465 21,408

Spyros Mello, Strategy and Transformation Director – – – 14,676 49,995 10,850

Vitaliy Novikov, Digital Commerce Business Development Director – – – 20,719 69,320 18,783

Barbara Tönz, Chief Customer and Commercial Officer – – – 17,123 60,676 –

Jaak Mikkel, New Businesses Director – – – 14,866 49,039 12,532

Frank O’Donnell, Region Director – – – 19,358 52,093 12,680

Aleksandar Ruzevic, Region Director – – – 20,180 56,140 13,948

Ebru Ozgen, Chief People and Culture Officer – – – 20,581 57,834 7,038

Anastasis Stamoulis, Chief Financial Officer – – – 20,280 45,944 8,875

Vladimir Kosijer, Acting Region Director – – – 12,954 36,683 8,295

1.  Basis: total issued share capital including treasury shares. Share basis 373,239,562 as at 31 December 2024 (2023: 372,977,222)

2.   Basis: total issued share capital excluding treasury shares. Share basis 362,188,886 as at 31 December 2024 (2023: 366,908,685)

3.   Anastassis G. David is a beneficiary of:

(a)  a private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 85,355,019 shares held by Kar-Tess Holding; and

(b)  a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 832,268 shares held by Ari Holdings Limited.

4.   Anastasios I. Leventis is a beneficiary of:

(a)  a private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 85,355,019 shares held by Kar-Tess Holding;

(b)  a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 286,880 shares held by its trustee, Selene Treuhand AG; and

(c)  a further private discretionary trust, for the primary benefit of present and future members of the family of the late Avgie Leventis, that has an indirect interest with respect to 2,138,277 shares held by Carlcan Holding Limited.

5.   Christo Leventis is a beneficiary of:

(a)  a private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 85,355,019 shares held by Kar-Tess Holding;

(b)  a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 482,228 shares held by its trustee, Selene Treuhand AG; and

(c)  a further private discretionary trust, for the primary benefit of present and future members of the family of the late Avgie Leventis, that has an indirect interest with respect to 2,138,277 shares held by Carlcan Holding Limited.

6   George Pavlos Leventis is a beneficiary of:

(a)  a private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 85,355,019 shares held by Kar-Tess Holding;

(b)  a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 294,191 shares held by its trustee, Selene Treuhand AG; and

(c)  a further private discretionary trust, for the primary benefit of present and future members of the family of the late Avgie Leventis, that has an indirect interest with respect to 2,138,277 shares held by Carlcan Holding Limited.

7.  Ben Almanzar’s employment ceased on 17 May 2024.

8.  Anastasis Stamoulis joined the Executive Leadership Team on 1 May 2024.

9.  Vladimir Kosijer joined the Executive Leadership Team on 1 June 2024.

10.  The Remuneration Committee determined at its meeting on 12 March 2025 that in line with the terms of the PSP, PSP awards granted to Zoran Bogdanovic in 2022 vested over in aggregate 117,958 shares (including the dividend equivalent shares paid on PSP shares that vested in 2025).

Statutory Remuneration Report continued

Coca-Cola HBC Integrated Annual Report 2024341

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

The following table sets out information regarding the stock options and performance shares held by members of the Executive Leadership Team or any related person as at 31 December 2023:

Stock options (ESOP) Performance shares (PSP)

Number of

stock options Already vested

Vesting at the

end of 2023

Granted

in 2023

Unvested and

subject to

performance

conditions Vested

Zoran Bogdanovic, Chief Executive Officer, Executive Director

12

39,335 39,335 – 162,847 391,872 75,777

Minas Agelidis, Region Director – – – 24,954 69,549 27,593

Mourad Ajarti, Chief Digital and Technology Officer – – – 20,823 55,035 22,536

Ben Almanzar, Chief Financial Officer – – – 30,465 91,844 9,743

Ivo Bjelis, Chief Supply Chain Officer – – – 20,979 54,814 15,830

Jan Gustavsson, General Counsel, Company Secretary and Chief Corporate Development Officer – – – 32,551 90,277 38,001

Nikos Kalaitzidakis, Region Director

7

– – – 25,248 69,724 29,170

Naya Kalogeraki, Chief Operating Officer 21,239 21,239 – 50,066 140,757 35,478

Martin Marcel, Chief Corporate Affairs and Sustainability Officer – – 28,142 78,313 32,797

Spyros Mello, Strategy and Transformation Director – – – 17,267 46,810 16,622

Vitaliy Novikov, Digital Commerce Business Development Director – – – 24,204 68,493 22,299

Sanda Parezanovic, Chief People and Culture Officer

8

– – – 26,029 72,139 30,273

Barbara Tönz, Chief Customer and Commercial Officer – – – 19,784 43,553  –

Jaak Mikkel, New Businesses Director

9

15,927 15,927 – 18,179 47,445 19,200

Frank O’Donnell, Region Director

10

– – – 16,365 46,164 14,781

Aleksandar Ruzevic, Region Director

10

7,432 7,432 – 18,201 50,732 21,370

Ebru Ozgen, Chief People and Culture Officer

11

– – – 44,741 44,741 –

1.   Basis: total issued share capital including treasury shares. Share basis 372,977,222 as at 31 December 2023 (2022: 372,086,095)

2.   Basis: total issued share capital excluding treasury shares. Share basis 366,908,685 as at 31 December 2023 (2022: 366,699,378)

3.   Anastassis G. David is a beneficiary of:

(a)  a private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 85,355,019 shares held by Kar-Tess Holding; and

(b)  a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 832,268 shares held by Ari Holdings Limited.

4.   Anastasios I. Leventis is a beneficiary of:

(a)  a private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 85,355,019 shares held by Kar-Tess Holding;

(b)  a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 286,880 shares held by its trustee, Selene Treuhand AG; and

(c)  a further private discretionary trust, for the primary benefit of present and future members of the family of the late Avgie Leventis, that has an indirect interest with respect to 2,138,277 shares held by Carlcan Holding Limited.

5.   Christo Leventis is a beneficiary of:

(a)  a private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 85,355,019 shares held by Kar-Tess Holding;

(b)  a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 482,228 shares held by its trustee, Selene Treuhand AG; and

(c)  a further private discretionary trust, for the primary benefit of present and future members of the family of the late Avgie Leventis, that has an indirect interest with respect to 2,138,277 shares held by Carlcan Holding Limited.

6   George Pavlos Leventis is a beneficiary of:

(a)  a private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 85,355,019 shares held by Kar-Tess Holding;

(b)  a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 294,191 shares held by its trustee, Selene Treuhand AG; and

(c)  a further private discretionary trust, for the primary benefit of present and future members of the family of the late Avgie Leventis, that has an indirect interest with respect to 2,138,277 shares held by Carlcan Holding Limited.

7.  Mr. Nikos Kalaitzidakis’ employment ceased on 30 September 2023.

8.  Ms. Sanda Parezanovic’s employment ceased on 30 November 2023.

9.  Mr. Jaak Mikkel joined the Executive Leadership Team on 1 February 2023.

10. Mr. Frank O’Donnell and Mr. Aleksandar Ruzevic joined the Executive Leadership Team on 1 June 2023.

11.  Ms. Ebru Ozgen joined the Executive Leadership Team on 12 September 2023.

12. The Remuneration Committee determined at its meeting on 13 March 2024 that, in line with the terms of the PSP, PSP awards granted to Zoran Bogdanovic in 2021 vested over in aggregate 95,843 shares (including the dividend equivalent shares paid on PSP shares that vested in 2024)

Statutory Remuneration Report continued

Coca-Cola HBC Integrated Annual Report 2024342

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Information on functions in other undertakings

The following table lists all functions of the individual members of the Board of Directors

inotherundertakings.

Companies and associations Function

Anastassis G. David,

Non-Executive Chairman

Aegean Airlines S.A. Vice Chairman of the Board of Directors

Cyprus Union of Shipowners Vice Chairman of the Executive

Committee

Sea Trade Holdings Inc Chairman of the Board of Directors

Nephele Navigation Inc Chairman of the Board of Directors

Adcom Advisory Ltd Member of the Board of Directors

Kar-Tess Holding Member of the Board of Directors

College Year, Athens Member of the Board of Trustees

George and Kaity David

Foundation

Director

Zoran Bogdanovic,

ChiefExecutive Officer,

Executive Director

– –

Charlotte J. Boyle, Independent

non-Executive Director,

Chair of the Remuneration

Committee, and member of

the Nomination Committee &

Social Responsibility Committee

UN High Commissioner for

Refugees (UNHCR)

Chairman for UK

Thatchers Cider Company Ltd Non-Executive Director

Knight Frank LLP Non-Executive Director

Worcester College, Oxford

University

Advisory Board Member

Henrique Braun,

Non-Executive Director,

The Coca–Cola Company Executive Vice President

and Chief Operating Officer

Zulikat Wuraola Abiola,

Independent non-Executive

Director, member of the

Auditand Risk Committee

Management

Transformation Ltd.

Managing Director

Frigoglass S.A.I.C. Non-Executive Senior Independent

Director and Vice Chair

Appzone Mauritius Ltd. Chairman of the Board of Directors

Lekoil Nigeria Limited Board Director

Summit Oil International Ltd.

(Nigeria)

Board Director

Companies and associations Function

Elizabeth Bastoni,

Independent non-Executive

Director, member of the

Nomination Committee &

Remuneration Committee

Qorium B.V. Independent Director and Chairman of

the Board of Directors

Jerónimo Martins Independent Director and Audit

Committee Member

Euroapi Audit Committee Independent Director

and Chair of the Nomination and

Compensation Committee

CNH Industrial Independent Director and Chair of

the Human Capital & Compensation

Committee

William W. (Bill) Douglas III,

Independent non-Executive

Director, Chair of the Audit

and Risk Committee

SiteOne Landscape Supply Inc Lead Director and Chairman

of the Audit Committee

The North Highland Esop

Holdings Inc.

Non-Executive Chair of

the Board of Directors

Dollar Tree, Inc. Non-Executive Director

Monster Beverage Corporation Non-Executive Director

Reto Francioni, Senior

Independent non-Executive

Director, Chair of the Nomination

Committee, and member of the

Remuneration Committee

UBS Europe SE Chairman of the Supervisory Board

Swiss International Airlines Chairman of the Supervisory Board

Medtech Innovation

Partners AG

Vice Chairman of the

Board of Directors

Anastasios I. Leventis,

Non-Executive Director,

Chair of the Social Responsibility

Committee

A.G. Leventis (Nigeria) Ltd. Member of the Board of Directors

Leventis Foundation Nigeria Director

A.G. Leventis Foundation Member of the Board of Trustees

Nephele Navigation Inc Vice Chairman of the Board of Directors

Kar-Tess Holding Member of the Board of Directors

Maxenta Invest Corp. Member of the Board of Directors

Middle East Finance Sarl Member of the Board of Directors

Adcom Advisory Ltd Member of the Board of Directors

European Council of the

Nature Conservancy

Member

WWF Hellas (Greek branch) Member of the Board of Directors

Gennadius Library in Athens Member of the Board of Overseers

University of Exeter Member of the Global Advancement Board

Cyclades Preservation Fund Co-Founder

Statutory Remuneration Report continued

Coca-Cola HBC Integrated Annual Report 2024343

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

Companies and associations Function

Christo Leventis, Non-Executive

Director

Alpheus Capital Ltd. Chairman and Member

of the Board of Directors

Kar-Tess Holding Member of the Board of Directors

Torval Investment Corp. Member of the Board of Directors

Adcom Advisory Ltd Member of the Board of Directors

Middle East Finance Sarl Member of the Board of Directors

A.G. Leventis Foundation Trustee

Glykeria Tsernou,

Independent non-Executive

Director, member of the Audit

and Risk Committee

Attica Department Stores S. A. Non-Executive Director

Goldair Handling S.A. Non-Executive Director

Phaea S.A Non-Executive Director

Resolute Cepal Greece S. A. Independent Non–Executive Director

Reinvest Greece S. A. Independent Non–Executive Director

Elecion Energy S.A. Chairman of the Board of Directors

Anatolia College Member of the Board of Trustees

Evguenia Stoitchkova,

Non-Executive Director,

member of the Social

Responsibility Committee

The Coca–Cola Company President of Global Ventures

George Pavlos Leventis,

Non-Executive Director

8 Kensington Park Road Ltd Member of the Board of Directors

Chalet Alpette Sarl Member of the Board of Directors

Adcom Advisory Ltd Member of the Board of Directors

Torval Investment Corp.  Member of the Board of Directors

Terra Cyprisa Foundation Director

The following table lists all functions of the individual members of the Executive Leadership Team in

other undertakings.

Companies and associations Function

Naya Kalogeraki,

Chief Operating Officer

Casa del Caffè Vergnano S.p.A Board Member

Jan Gustavsson,

General Counsel, Company

Secretary and Chief Corporate

Development Officer

Casa del Caffè Vergnano S.p.A Board Member

Credits and loans granted to governing bodies

In 2024, similar to 2023, there were no credits or loans granted to active or former members of the

Company’s Board of Directors, members of the Executive Leadership Team or to any related persons.

There are no outstanding credits or loans.

Statutory Remuneration Report continued

Coca-Cola HBC Integrated Annual Report 2024344

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

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

1. ComparableAPMsrefertocomparablecostofgoodssold,comparablegrossprofit,comparableoperatingexpenses,comparableEBIT,comparableEBITmargin,comparableadjustedEBITDA,comparableprofitbeforetax,comparabletax,comparablenetprofitandcomparableEPS.

1. Comparable APMs

1

IndiscussingtheperformanceoftheGroup,‘comparable’measuresareused.Comparablemeasures

arecalculatedbydeductingfromthedirectlyreconcilableIFRSmeasurestheimpactoftheGroup’s

restructuringcosts,themark-to-marketvaluationofthecommodityhedgingactivity,theacquisition,

integrationanddivestment-relatedcosts,theimpairmentofgoodwillandindefinite-livedintangible

assets,theRussia-Ukraineconflictimpactandcertainothertaxitems,whicharecollectively

consideredasitemsimpactingcomparability,duetotheirnature.Morespecifically,thefollowing

itemsareconsideredasitemsthatimpactcomparability:

1. Restructuring costs

RestructuringcostscomprisecostsarisingfromsignificantchangesinthewaytheGroupconducts

business,suchassignificantsupplychaininfrastructurechanges,outsourcingofactivitiesand

centralisationofprocesses.Thesecostsareincludedwithintheincomestatementline‘Operating

expenses’;however,theyareexcludedfromthecomparableresultssothattheuserscanobtaina

betterunderstandingoftheGroup’soperatingandfinancialperformanceachievedfromunderlying

activity.RestructuringcostsresultingfrominitiativesdrivenbytheRussia-Ukraineconflictare

presentedunderthe‘Russia-Ukraineconflictimpact’item,toprovideuserscompleteinformation

onthefinancialimplicationsoftheconflict.

2. Commodity hedging

TheGrouphasenteredintocertaincommodityderivativetransactionsinordertohedgeitsexposure

tocommoditypricerisk.Althoughthesetransactionsareeconomichedgingactivitiesthataimto

manageourexposuretosugar,aluminium,gasoilandplasticspricevolatility,hedgeaccounting

hasnotbeenappliedinallcases.Inaddition,theGrouprecognisescertainderivativesembedded

withincommoditypurchasecontractsthathavebeenaccountedforasstandalonederivativesand

donotqualifyforhedgeaccounting.Thefairvaluegainsorlossesonthederivativesandembedded

derivativesareimmediatelyrecognisedintheincomestatementinthecostofgoodssoldand

operatingexpenseslineitems.TheGroup’scomparableresultsexcludethegainsorlossesresulting

fromthemark-to-marketvaluationofthesederivativestowhichhedgeaccountinghasnotbeen

applied(primarilyplastics)andembeddedderivatives.Thesegainsorlossesarereflectedinthe

comparableresultsintheperiodwhentheunderlyingtransactionsoccur,tomatchtheprofitorloss

tothatofthecorrespondingunderlyingtransactions.Webelievethisadjustmentprovidesuseful

informationrelatedtotheimpactofoureconomicriskmanagementactivities.

3. Acquisition, integration and divestment-related costs or gains

Acquisitioncostscomprisecostsincurredtoeffectabusinesscombinationsuchasfinder’sfees,

advisory,legal,accounting,valuationandotherprofessionalorconsultingfeesaswellaschangesin

thefairvalueofcontingentconsiderationrecognisedintheincomestatement.Theyalsoincludeany

gainfrombargainpurchasearisingfrombusinesscombinations,aswellasanygainorlossrecognised

intheincomestatementfromtheremeasurementtofairvalueofpreviouslyheldinterestsandthe

reclassificationtotheincomestatementofitemsofothercomprehensiveincomeresultingfrom

stepacquisitions.Integrationcostscomprisedirectincrementalcostsnecessaryfortheacquiree

tooperatewithintheGroup.Divestment-relatedcostscomprisetransactionexpenses,including

advisory,consultingandotherprofessionalfeestoeffectthedisposalofasubsidiaryorequitymethod

investment,anyimpairmentlossesorwritedownstofairvaluelesscoststosellrecognisedinthe

incomestatementuponclassificationasheldforsaleandanyrelevantdisposalgainsorlossesor

reversalsofimpairmentrecognisedintheincomestatementupondisposal.Thesecostsorgainsare

includedwithintheincomestatementline‘Operatingexpenses’;however,totheextentthattheyrelate

tobusinesscombinationsordivestmentsthathavebeencompletedorareexpectedtobecompleted,

theyareexcludedfromthecomparableresultssothattheuserscanobtainabetterunderstandingof

theGroup’soperatingandfinancialperformanceachievedfromunderlyingactivity.

4. Impairment of goodwill and indefinite-lived intangible assets

Impairmentlossesrecognisedforgoodwillandindefinite-livedintangibleassetsaswellasreversals

ofimpairmentlossesrecognisedforindefinite-livedintangibleassetsareincludedwithintheincome

statementline‘Operatingexpenses’;howevertheyareexcludedfromcomparableresultssothatthe

userscanobtainabetterunderstandingoftheGroup’songoingoperatingandfinancialperformance.

5. Russia-Ukraine conflict impact

AsaresultoftheconflictbetweenRussiaandUkraine,theGrouprecognisednetimpairment

lossesforproperty,plantandequipment,intangibleassetsandequitymethodinvestmentsaswell

asrestructuringcosts,inconnectionwiththenewbusinessmodelinRussiaandadversechangesto

theeconomicenvironment.TheGroupalsorecognisedincrementalallowanceforexpectedcredit

lossesandwrite-offsofinventoryandproperty,plantandequipmentresultingfromtheRussia-Ukraine

conflict.Theaforementionednetimpairmentlosseswereincludedwithintheincomestatementline

‘ExceptionalitemsrelatedtoRussia-Ukraineconflict’soastoprovideuserswithenhancedvisibility

overtheseitemsconsideringtheirmateriality,whileremainingcostswereincludedwithin‘Operating

expenses’and‘Costofgoodssold’linesoftheincomestatementaccordingly.Netimpairmentlosses

andothercostsdirectlyattributabletotheRussia-Ukraineconflictareexcludedfromthecomparable

resultssothattheuserscanobtainabetterunderstandingoftheGroup’soperatingandfinancial

performancefromunderlyingactivity.

Alternative performance measures

Definitions and reconciliations of alternative performance measures (APMs)

345

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

Coca-ColaHBCIntegratedAnnualReport2024

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

Alternative performance measures continued

1. Comparable APMs

continued

6. Other tax items

Othertaxitemsrepresentthetaximpactof(a)changesinincometaxratesarisingduringtheyear,

affectingtheopeningbalanceofdeferredtaxand(b)certaintax-relatedmattersselectedbasedon

theirnature.Both(a)and(b)areexcludedfromcomparableafter-taxresultssothattheuserscan

obtainabetterunderstandingoftheGroup’sunderlyingfinancialperformance.

TheGroupdisclosescomparableperformancemeasurestoenableuserstofocusontheunderlying

performanceofthebusinessonabasiswhichiscommontobothperiodsforwhichthesemeasures

arepresented.

Thereconciliationofcomparablemeasurestothedirectlyrelatedmeasurescalculatedinaccordance

withIFRSisasfollows:

Reconciliation of comparable financial indicators (numbers in € million except per share data)

Full year 2024

Cost of

goods

sold

Gross

profit

Operating

expenses EBIT

Adjusted

EBITDA

Profit

before tax Tax

Net

profit

1

EPS (€)

As reported  (6,877) 3,877  (2,706)  1,185   1,598   1,128   (308)  821   2.253

Restructuringcosts –  –   3   3   3   3   (1)  3   0.007

Commodityhedging  1   1  –  1   1   1  –  1   0.003

Acquisitioncosts – –  2   2   2   2  –  2   0.005

Impairmentofindefinite-

livedintangibleassets – – – – – – –  –   0.001

Othertaxitems – – – – – –  2   2   0.006

Comparable  (6,876)  3,879   (2,700)  1,192   1,604   1,135   (307)  829   2.275

Fullyear2023

Cost of

goods

sold

Gross

profit

Operating

expenses EBIT

Adjusted

EBITDA

Profit

beforetax Ta x

Net

profit

1

EPS(€)

As reported (6,627) 3,557 (2,614) 954 1,488 910 (275) 636 1.730

Restructuringcosts – – 8 8 7 8 (2) 7 0.018

Commodityhedging 5 5 – 5 5 5 (1) 3 0.009

Acquisitioncosts – – 6 6 6 6 – 6 0.017

Russia-Ukraine

conflictimpact – – – – – – – – 0.001

Impairmentofgoodwill

andindefinite-lived

intangibleassets – – 111 111 – 111 – 111 0.301

Othertaxitems – – – – – – 1 1 0.002

Comparable (6,622) 3,562 (2,488) 1,084 1,506 1,040 (277) 764 2.078

Figuresarerounded.

1. Netprofitandcomparablenetprofitrefertonetprofitandcomparablenetprofitrespectivelyaftertaxattributabletoownersoftheparent.

Reconciliation of comparable EBIT per reportable segment (numbers in € million)

Full year 2024

Established Developing Emerging Consolidated

EBIT  386   224   576   1,185

Restructuringcosts –  –   3   3

Commodityhedging  –   4   (3)  1

Acquisitioncosts  2   –   –   2

Impairmentofindefinite-lived

intangibleassets – –  –  –

Comparable EBIT  388   227   577   1,192

346

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

Coca-ColaHBCIntegratedAnnualReport2024

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

1. Comparable APMs

continued

Fullyear2023

Established Developing Emerging Consolidated

EBIT 379 153 422 954

Restructuringcosts 1 1 6 8

Commodityhedging (1) (2) 7 5

Acquisitioncosts 2 1 3 6

Russia-Ukraineconflictimpact – – – –

Impairmentofgoodwilland

indefinite-livedintangibleassets – 1 109 111

ComparableEBIT 381 154 549 1,084

Figuresarerounded.

2. Organic APMs

Organic growth

Organicgrowthenablesuserstofocusontheoperatingperformanceofthebusinessonabasisthatis

notaffectedbychangesinforeigncurrencyexchangeratesfromyeartoyearorchangesintheGroup’s

scopeofconsolidation(‘consolidationperimeter’),i.e.acquisitions,divestmentsandreorganisations

resultinginequitymethodaccounting.Thus,organicgrowthisdesignedtoassistusersinbetter

understandingtheGroup’sunderlyingperformance.

Morespecifically,thefollowingitemsareadjustedfromtheGroup‘svolume,netsalesrevenueand

comparableEBITinordertoderiveorganicgrowthmetrics:

(a) Foreign currency impact

Foreigncurrencyimpactintheorganicgrowthcalculationreflectstheadjustmentofprior-yearnet

salesrevenueandcomparableEBITmetricsfortheimpactofchangesinexchangeratesapplicable

tothecurrentyear.

(b) Consolidation perimeter impact

Current-yearvolume,netsalesrevenueandcomparableEBITmetricsareeachadjustedfortheimpact

ofchangesintheconsolidationperimeter.Morespecifically,adjustmentsareperformedasfollows:

i. Acquisitions:

Forcurrent-yearacquisitions,theresultsgeneratedinthecurrentyearbytheacquiredentitiesare

notincludedintheorganicgrowthcalculation.Forprior-yearacquisitions,theresultsgeneratedinthe

currentyearovertheperiodduringwhichtheacquiredentitieswerenotconsolidatedintheprioryear

arenotincludedintheorganicgrowthcalculation.

Forcurrent-yearstepacquisitionswheretheGroupobtainscontrolofa)entitiesoverwhichitpreviously

heldeitherjointcontrolorsignificantinfluenceandwhichwereaccountedforundertheequitymethod,

orb)entitieswhichwerecarriedatfairvalueeitherthroughprofitorlossorothercomprehensive

income,theresultsgeneratedinthecurrentyearbytherelevantentitiesovertheperiodduring

whichtheseentitiesareconsolidatedarenotincludedintheorganicgrowthcalculation.Forsuchstep

acquisitionsofentitiespreviouslyaccountedforundertheequitymethod,theshareofresultsforthe

respectiveperioddescribedaboveisincludedintheorganicgrowthcalculationofthecurrentyear.

Forsuchstepacquisitionsofentitiespreviouslyaccountedforatfairvaluethroughprofitorloss,any

fairvaluegainsorlossesfortherespectiveperioddescribedaboveareincludedintheorganicgrowth

calculation.Forsuchstepacquisitionsintheprioryear,theresultsgeneratedinthecurrentyearbythe

relevantentitiesovertheperiodduringwhichtheseentitieswerenotconsolidatedintheprioryearare

notincludedintheorganicgrowthcalculation.However,theshareofresultsofgainsorlossesfrom

fairvaluechangesoftherespectiveentities,basedontheiraccountingtreatmentpriortothestep

acquisition,forthecurrent-yearperiodduringwhichtheseentitieswerenotconsolidatedintheprior

yearareincludedintheorganicgrowthcalculation.

ii. Divestments:

Forcurrent-yeardivestments,theresultsgeneratedintheprioryearbythedivestedentitiesoverthe

periodduringwhichthedivestedentitiesarenolongerconsolidatedinthecurrentyearareincludedin

thecurrentyear’sresultsforthepurposeoftheorganicgrowthcalculation.Forprior-yeardivestments,

theresultsgeneratedintheprioryearbythedivestedentitiesovertheperiodduringwhichthedivested

entitieswereconsolidatedareincludedinthecurrentyear’sresultsforthepurposeoftheorganic

growthcalculation.

iii. Reorganisations resulting in equity method accounting:

Forcurrent-yearreorganisationswheretheGroupmaintainseitherjointcontrolorsignificant

influenceovertherelevantentitiessothattheyarereclassifiedfromsubsidiariesorjointoperations

tojointventuresorassociatesandaccountedforundertheequitymethod,theresultsgenerated

inthecurrentyearbytherelevantentitiesovertheperiodduringwhichtheseentitiesarenolonger

consolidatedareincludedinthecurrentyear’sresultsforthepurposeoftheorganicgrowthcalculation.

Forsuchreorganisationsintheprioryear,theresultsgeneratedinthecurrentyearbytherelevant

entitiesovertheperiodduringwhichtheseentitieswereconsolidatedintheprioryearareincluded

inthecurrentyear’sresultsforthepurposeoftheorganicgrowthcalculation.Inaddition,theshare

ofresultsinthecurrentyearoftherelevantentities,fortherespectiveperiodasdescribedabove,is

excludedfromtheorganicgrowthcalculationforsuchreorganisations.

Thecalculationsoftheorganicgrowthandthereconciliationtothemostdirectlyrelatedmeasures

calculatedinaccordancewithIFRSarepresentedinthetablesonthenextpage.Organicgrowth(%)is

calculatedbydividingtheamountintherowtitled‘Organicmovement’bytheamountintheassociated

rowtitled‘2023reported’or,wherepresented,‘2023adjusted’.OrganicgrowthforcomparableEBIT

marginistheorganicmovementexpressedinbasispoints.

Alternative performance measures continued

347

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

Coca-ColaHBCIntegratedAnnualReport2024

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

2. Organic APMs continued

Reconciliation of organic measures

Full year 2024

Volume (m unit cases) Established Developing Emerging Consolidated

2023 reported 629 471 1,736 2,835

Consolidationperimeterimpact 1 – – 1

Organic movement  2 12 65 78

2024reported 631 483 1,801 2,914

Organic growth (%) 0.3% 2.5% 3.7% 2.8%

Full year 2024

Net sales revenue (€ m) Established Developing Emerging Consolidated

2023reported 3,359 2,089 4,737 10,184

Foreigncurrencyimpact 14 25 (789) (750)

2023 adjusted 3,373 2,114 3,948 9,434

Consolidationperimeterimpact 19 3 – 22

Organic movement  110 268 920 1,298

2024reported 3,501 2,385 4,868 10,754

Organic growth (%) 3.3% 12.7% 23.3% 13.8%

Full year 2024

Net sales revenue per unit case (€)

1

Established Developing Emerging Consolidated

2023reported 5.34 4.43 2.73 3.59

Foreigncurrencyimpact 0.02 0.05 (0.45) (0.26)

2023 adjusted 5.36 4.49 2.27 3.33

Consolidationperimeterimpact 0.02 0.01 –  0.01

Organic movement  0.16  0.45  0.43  0.36

2024reported 5.55 4.94 2.70 3.69

Organic growth (%) 3.0% 10.0% 18.9% 10.7%

Full year 2024

Comparable EBIT (€ m) Established Developing Emerging Consolidated

2023reported 381 154 549 1,084

Foreigncurrencyimpact 2 2 (40) (36)

2023 adjusted 383 156 509 1,048

Consolidationperimeterimpact 5 9 2 16

Organic movement  – 62 66 128

2024reported 388 227 577 1,192

Organic growth (%) (0.1%) 39.6% 13.0% 12.2%

Full year 2024

Comparable EBIT margin (%)

1

Established Developing Emerging Consolidated

2023reported 11.3% 7.4% 11.6% 10.6%

Foreigncurrencyimpact – – 1.3% 0.5%

2023 adjusted 11.4% 7.4% 12.9% 11.1%

Consolidationperimeterimpact 0.1% 0.4% – 0.1%

Organic movement  (0.4%) 1.8% (1.1%) (0.2%)

2024reported 11.1% 9.5% 11.8% 11.1%

Organic growth (%)  -40bps   180bps   -110bps   -20bps

Figuresarerounded.

1. Certaindifferencesincalculationsareduetorounding.

Alternative performance measures continued

348

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

Coca-ColaHBCIntegratedAnnualReport2024

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

3. Other APMs

Adjusted EBITDA

AdjustedEBITDAiscalculatedbyaddingbacktooperatingprofitthedepreciationandnetimpairment

ofproperty,plantandequipment,theamortisationandnetimpairmentofintangibleassets,thenet

impairmentofequitymethodinvestments,theemployeeshareoptionandperformancesharecosts

anditems,ifany,reportedinline‘Othernon-cashitems’oftheconsolidatedcashflowstatement.Adjusted

EBITDAisintendedtoprovideusefulinformationtoanalysetheGroup’soperatingperformanceexcluding

theimpactofoperatingnon-cashitemsasdefinedabove.TheGroupalsousescomparableadjusted

EBITDA,whichiscalculatedbydeductingfromadjustedEBITDAtheimpactof:theGroup’srestructuring

costs,theacquisition,integrationanddivestment-relatedcostsorgains,themark-to-marketvaluation

ofthecommodityhedgingactivityandtheimpactfromtheRussia-Ukraineconflict.Comparableadjusted

EBITDAisintendedtomeasuretheleveloffinancialleverageoftheGroupbycomparingcomparable

adjustedEBITDAwithnetdebt.

AdjustedEBITDAandcomparableadjustedEBITDAarenotmeasuresofprofitabilityandliquidityunder

IFRSandhavelimitations,someofwhichareasfollows:adjustedEBITDAandcomparableadjusted

EBITDAdonotreflectourcashexpenditures,orfuturerequirements,forcapitalexpendituresor

contractualcommitments;adjustedEBITDAandcomparableadjustedEBITDAdonotreflectchanges

in,orcashrequirementsfor,ourworkingcapitalneeds;althoughdepreciationandamortisationare

non-cashcharges,theassetsbeingdepreciatedandamortisedwilloftenhavetobereplacedinthe

future,andadjustedEBITDAandcomparableadjustedEBITDAdonotreflectanycashrequirements

forsuchreplacements.Becauseoftheselimitations,adjustedEBITDAandcomparableadjusted

EBITDAshouldnotbeconsideredasmeasuresofdiscretionarycashavailabletousandshouldbe

usedonlyassupplementaryAPMs.

Free cash flow

FreecashflowisanAPMusedbytheGroupanddefinedascashgeneratedbyoperatingactivities

afterpaymentsforpurchasesofproperty,plantandequipmentnetofproceedsfromsalesofproperty,

plantandequipment,includingprincipalrepaymentsofleaseobligations.Freecashflowisintendedto

measurethecashgenerationfromtheGroup’sbusiness,basedonoperatingactivities,includingthe

efficientuseofworkingcapitalandtakingintoaccountitsnetpaymentsforpurchasesofproperty,plant

andequipment.TheGroupconsidersthepurchaseanddisposalofproperty,plantandequipmentas

ultimatelynon-discretionarysinceongoinginvestmentinplant,machinery,technologyandmarketing

equipment,includingcoolers,isrequiredtosupporttheday-to-dayoperationsandtheGroup’sgrowth

prospects.TheGrouppresentsfreecashflowbecauseitbelievesthemeasureassistsusersofthe

financialstatementsinunderstandingtheGroup’scash-generatingperformanceaswellasavailability

forinterestpayment,dividenddistributionandownretention.Thefreecashflowmeasureisusedby

managementforitsownplanningandreportingpurposessinceitprovidesinformationonoperating

cashflows,workingcapitalchangesandnetcapitalexpenditurethatlocalmanagersaremostdirectly

abletoinfluence.

FreecashflowisnotameasureofcashgenerationunderIFRSandhaslimitations,someofwhichare

asfollows:freecashflowdoesnotrepresenttheGroup’sresidualcashflowavailablefordiscretionary

expendituressincetheGrouphasdebtpaymentobligationsthatarenotdeductedfromthemeasure;

freecashflowdoesnotdeductcashflowsusedbytheGroupinotherinvestingandfinancingactivities,

andfreecashflowdoesnotdeductcertainitemssettledincash.Othercompaniesintheindustry

inwhichtheGroupoperatesmaycalculatefreecashflowdifferently,limitingitsusefulnessasa

comparativemeasure.

Alternative performance measures continued

349

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

Coca-ColaHBCIntegratedAnnualReport2024

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

3. Other APMs continued

Capital expenditure

Capitalexpenditureisdefinedaspaymentsforpurchasesofproperty,plantandequipmentplus

principalrepaymentsofleaseobligationslessproceedsfromsalesofproperty,plantandequipment.

TheGroupusescapitalexpenditureasanAPMtoensurethatcashspendingisinlinewithitsoverall

strategyfortheuseofcash.

ThefollowingtableillustrateshowadjustedEBITDA,FreecashflowandCapitalexpenditurearecalculated:

2024

€ million

2023

€million

Operating profit (EBIT)  1,185  954

Depreciationandimpairmentofproperty,plantandequipment,

includingright-of-useassets  396  400

Amortisationandimpairmentofintangibleassets  1  114

Employeeperformanceshares  16  20

Adjusted EBITDA  1,598  1,488

Shareofresultsofintegralequitymethodinvestments  (14) (10)

Gainondisposalsofnon-currentassets  (5) (1)

Cashgeneratedfromworkingcapitalmovements  101  136

Taxpaid  (289) (226)

Net cash from operating activities  1,392  1,387

Paymentsforpurchasesofproperty,plantandequipment

1

(627) (623)

Principalrepaymentsofleaseobligations  (61) (59)

Proceedsfromsalesofproperty,plantandequipment  9  7

Capital expenditure  (679) (675)

Free cash flow  713  712

Figuresarerounded.

Net debt

NetdebtisanAPMusedbymanagementtoevaluatetheGroup’scapitalstructureandleverage.Net

debtisdefinedascurrentandnon-currentborrowings,netofthefairvalueoffixed-to-floatinginterest

rateswaps,lesscashandcashequivalentsandfinancialassets(timedepositsandmoneymarket

funds),asillustratedbelow:

As at 31 December

2024

€ million

2023

€million

Currentborrowings 889 948

Non-currentborrowings 3,092 2,476

Interestrateswaps(fixed-to-floating) (24) –

Otherfinancialassets  (884) (569)

Cashandcashequivalents  (1,548) (1,261)

Net debt  1,524  1,595

Figuresarerounded.

1. Paymentsforpurchasesofproperty,plantandequipmentfor2024include€12million(2023:€12million)relatingtorepaymentofborrowingsundertakentofinancethepurchaseofproductionequipmentbytheGroup’ssubsidiaryinNigeria,classifiedas‘Repaymentsofborrowings’inthe

consolidatedcashflowstatement.

Alternative performance measures continued

350

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

Coca-ColaHBCIntegratedAnnualReport2024

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

3. Other APMs continued

Return on invested capital (ROIC)

ROICisanAPMusedbymanagementtoassessthereturnobtainedfromtheGroup’sassetbaseand

isdefinedasthepercentageofcomparablenetprofitexcludingnetfinancecostsdividedbythefive-

quarteraveragecapitalinvestedinthebusiness(‘capitalemployed’).Capitalemployedisdefinedasthe

averagenetdebtandshareholders’equityattributabletotheownersoftheparent,asillustratedbelow.

TheGrouppresentsROICbecauseitbelievesthemeasureassistsusersofthefinancialstatements

inunderstandingtheGroup’scapitalefficiency.

Year ended 31 December

2024

€ million

2023

€million

Comparable operating profit 1,192 1,084

Plus:Shareofresultsofnon-integralequitymethodinvestments 3 5

Less:Comparabletax (307) (277)

Taxshield

1

(16) (13)

Comparable net profit excl. finance costs, net (a) 872 799

Averagenetdebt

3

1,715 1,676

Plus:Averageequityattributabletoownersoftheparent3 3,042 3,194

Capital employed (b) 4,758 4,870

Return on invested capital (a/b) 18.3% 16.4%

Figuresarerounded.

1. Taxshieldiscalculatedascomparableeffectivetaxratetimesfinancecosts,net,asillustratedbelow:

Year ended 31 December

2024

€ million

2023

€million

Financecosts,net 61 48

Comparableeffectivetaxrate(%)

2

27% 27%

Tax shield 16 13

Figuresarerounded.

2. Comparableeffectivetaxrateiscalculatedascomparabletaxdividedbycomparableprofitbeforetax,asillustratedbelow:

Year ended 31 December

2024

€ million

2023

€million

Comparabletax 307 277

Comparableprofitbeforetax 1,135 1,040

Comparable effective tax rate (%) 27% 27%

Figuresarerounded.

3. Five-quarteraveragenetdebtandequityattributabletoownersoftheparentarecalculatedaspresentedbelow:

2024

Q4 2023

€ million

Q1 2024

€ million

Q2 2024

€ million

Q3 2024

€ million

Q4 2024

€ million

Average

€ million\*

Netdebt 1,595 1,876 1,827 1,755 1,524 1,715

Equityattributabletoownersoftheparent 3,093 2,943 2,910 3,059 3,206 3,042

2023

Q42022

€million

Q12023

€million

Q22023

€million

Q32023

€million

Q42023

€million

Average

€ million\*

Netdebt 1,673 1,827 1,779 1,505 1,595 1,676

Equityattributabletoownersoftheparent 3,282 3,255 3,005 3,336 3,093 3,194

Figuresarerounded.

\*Certaindifferencesincalculationsareduetorounding.

Alternative performance measures continued

351

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

Coca-ColaHBCIntegratedAnnualReport2024

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

Independent Auditor’s Limited Assurance Report

To the Board of Directors

of Coca-Cola HBC AG

Subject Matter

As described in the engagement letter dated 16.12.2024, we were assigned to provide you with

limited assurance on whether selected sustainability information, listed in Appendix I, included in

the Integrated Annual Report 2024 and the 2024 GRI Content Index – (hereinafter referred to as the

“Selected Sustainability Information”), was prepared by Coca-Cola HBC AG (hereinafter referred to as

“Coca-Cola HBC”), for the period from 1 January 2024 to 31 December 2024 (hereinafter “Reporting

Period”) in compliance with the Applicable Criteria as described below (hereinafter referred to as

“Subject Matter”).

Applicable Criteria

The following standards constitute the applicable criteria for the evaluation of the Subject Matter:

i.   The “Reporting in accordance with the GRI Standards” option (requirements set in GRI 1:

Foundation2021)

ii.  All the available General Disclosures of GRI 2: General Disclosures 2021 (Appendix I)

iii. AlltheavailableGRITopic-specificdisclosures(listedinAppendixI)

Management Responsibilities

The Management of Coca-Cola HBC is responsible for the preparation, measurement, presentation

and reporting of the Selected Sustainability Information in accordance with the GRI Standards

(2021update).

Auditor’s Responsibility

Our responsibility is to issue this Limited Assurance Report on the Selected Sustainability Information

included in the Integrated Annual Report 2024 and the 2024 GRI Content Index for the Reporting

Period, as described in the section “Subject Matter”.

Our work was carried out in accordance with the International Standard on Assurance Engagements

3000 (Revised) “Assurance Engagements Other than Audits or Reviews of Historical Financial

Information” (hereinafter “ISAE 3000”), and the terms of engagement as described in the engagement

letter dated on 16.12.2024.

Theworkperformedrelatestospecificperformanceindicators,includedintheSelectedSustainability

Information for the Reporting Period (as these are described in the section “Applicable Criteria” and in

the Appendix I) and the provision of limited assurance.

Weconsiderthattheevidencewehavegatheredissufficientandsuitableforthefoundationand

documentation of this report.

Professional ethics and quality management

We remained independent of Coca-Cola HBC, in accordance with the ethical requirements that are

relevant to our work, which include the International Code of Ethics for Professional Accountants

(including International Independence Standards) issued by the International Ethics Standards Board

forAccountants(IESBACode)andtheFRC’sEthicalStandard,asapplicabletolistedentities,andwe

havefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.

OurauditfirmappliestheInternationalStandardforQualityManagement(ISQM)1“Quality

Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance

or Related Services Engagements” and accordingly maintains a comprehensive quality management

system that includes documented policies and procedures relating to compliance with ethical

requirements, professional standards and applicable legal and regulatory requirements.

Coca-Cola HBC Integrated Annual Report 2024352

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Independent Auditor’s Limited Assurance Report continued

Scope of Work

We designed and carried out our work in order to obtain the information, analysis and explanations

wedeemednecessary,whereavailablefromCoca-ColaHBC’sManagement,inordertoassess

whether the Report has been prepared in accordance with the “Applicable Criteria”. In order to form

ourconclusion,weperformedthefollowing:

i.   Assessed the suitability of the Applicable Criteria in terms of their relevance, comprehensiveness,

reliability, neutrality and understandability and their consistent application.

ii. ObtainedanunderstandingofCoca-ColaHBC’scontrolenvironment,processesandsystems

relevant to the preparation of the Report. Our procedures did not include evaluating the suitability

ofthedesignoroperatingeffectivenessofcontrolactivities.

iii.   Inspected the relevant documentation of the systems and processes for compiling, analyzing,

andaggregatingdataandtestedsuchdocumentationonasamplebasis.

iv.   Obtained an understanding in relation to the existing internal processes related to application

ofpoliciesrelatedtothesustainabilityinformation,underthescopeofourengagement.

v. InquiredCoca-ColaHBC’sDepartmentalManagersandinformationownersresponsibleforcollecting,

consolidating and calculating the Subject Matter Information in order to evaluate the appropriateness

of measurement and evaluation methods, reporting policies used and estimates made by Coca-Cola

HBC. Our procedures did not involve testing the data on which the estimates are based or separately

developingourownestimatesagainstwhichtoevaluateCoca-ColaHBC’sestimates.

vi.   Performed analytical procedures and inspection of documents on a sample basis with respect to the

compilation and reporting of quantitative performance indicators related to the “Applicable Criteria”:

a.   At  Group  level

1

, performed analytical procedures to check that underlying information was

complete and accurate, and had been appropriately evaluated or measured, recorded, collated

and reported as well as to verify the correct consolidation of the collected data

b.   At the level of a representative selection of location sites

2

, undertook site visits at 8 plants and 7

headquarters(HQs).Weselectedthesesitesbasedonriskassessmentproceduresperformed

(factors considered included indicatively inherent risk, site contribution to the consolidated

indicators, location, etc.) and performed detailed assurance procedures for all the applicable

KPIsatplantandHQlevelforallselectedlocations.Morespecifically,aspartofourvisits,we

performed detailed tests on a sample basis, consisting of checking the correct application of

thedefinitionsandagreeingperformanceindicatorstoorfromsourceinformationtocheckthat

the underlying subject matter was complete and accurate, and had been appropriately evaluated

or measured, recorded, collated and reported.

 c. FortheKPIGreenhouseGas(GhG)emissions,verifiedallthreeinventoryscopes(Scopes1,2

and3)asdefinedbytheGHGProtocol(CorporateStandard),includingprogressagainstemission

reduction targets, reported changes in emissions compared with the baseline year (2010 and

2017)andthefiguresforabsoluteemissionsandemissionsintensityin2024.

  vii. Performedtargetedtestingtoselectsignificantqualitativestatementsrelatedtothe

“Applicable Criteria” listed above and tested their fair statement to identify misstatements

that are material to the intended users of the subject matter information. We performed

risk-based targeted testing for any remaining qualitative statements with characteristics

ofincreasedriskofmaterialmisstatementandevaluatedremainingpopulationnotsubject

totargetedtesting

viii.  Evaluated all environmental, social and governance disclosures, and overall presentation of

the Subject Matter Information included in the Report for the Reporting Period (as described

in the section “Applicable Criteria” and in the Appendix I)

The procedures performed in a limited assurance engagement vary in nature and timing and are less

extensive than in a reasonable assurance engagement, and accordingly, the level of assurance obtained

inalimitedassuranceengagementissignificantlylowerthanthelevelofassurancewhichwouldhave

been obtained if an assignment of reasonable assurance had been performed.

Inherent Limitations

The work performed does not provide absolute assurance that all material weaknesses related to the

accuracy and completeness of data and relevant disclosures, as these are included in the Report, will

beidentified.

A material weakness exists when the design of the internal controls is not adequate and thus, does

notmitigatetheriskofmaterialdeficienciesoccurringwithoutbeingdetectedinatimelymanner.

Our work covered only the items listed in the “Scope of Work” paragraph to obtain limited assurance

based on the procedures included in the same paragraph. Our work does not constitute an audit or

review of historical Financial Information, in accordance with applicable International Standards on

Auditing or International Standards for the Engagement of Review Engagements, and for this reason we

do not express any assurance other than those listed in the paragraph “Scope of Work”.

1. TheDepartmentsinvolvedatagrouplevelare:PeopleandCultureDepartment,LegalAffairsDepartment(includingtheRiskteam),Internal

ControlDepartment,CommercialDepartment,SupplyChainDepartment(includingProcurementteam,Quality,SafetyandEnvironment

team,FleetteamandColdDrinkEquipmentteam),InvestorRelationsDepartmentandCorporateAffairsandSustainabilityDepartment,

aswellasmanagersfromotherGroupfunctions.

2. ThemanufacturingplantsarelocatedinNigeria(Ikeja),Egypt(Qaliub),Italy(Nogara),Romania(Ploiești),Poland(Radzymin,Krakow),Greece

(Schimatari) and Russia (Moscow).

Coca-Cola HBC Integrated Annual Report 2024353

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Limited Assurance Conclusion

Based on the procedures we performed as described below in the “Scope of Work” paragraph, and

theevidencewehaveobtained,nothinghascometoourattentionthatcausesustobelievethat:

•  the indicators included in the Report for the Reporting Period, as these are described in the section

“Subject Matter”, are materially misstated;

•  the Report for the Reporting Period does not meet the requirements for reporting in accordance

with the GRI Standards (2021 update).

Restrictions in Use

This Limited Assurance report, prepared as part of our work performed, is intended for the use of the

Board of Directors and Management of Coca-Cola HBC and covers only the indicated Reporting Period

as well as the abovementioned scope of work.

Athens, 14 March 2025

Fotis Smyrnis

PricewaterhouseCoopers SA

Appendix I

The provision of limited assurance concerns the following GRI indicators presented in the Integrated

Annual Report 2024 and the 2024 GRI Content Index:

Code Description

2-1 Organizational details

2-2 Entitiesincludedintheorganization’ssustainabilityreporting

2-3 Reporting period, frequency and contact point

2-4 Restatements of information

2-5 External assurance

2-6 Activities, value chain and other business relationships

2-7 Employees

2-8 Workers who are not employees

2-9 Governance structure and composition

2-10 Nomination and selection of the highest governance body

2-11 Chair of the highest governance body

2-12 Role of the highest governance body in overseeing the management of impacts

2-13 Delegation of responsibility for managing impacts

2-14 Role of the highest governance body in sustainability reporting

2-15 Conflictsofinterest

2-16 Communication of critical concerns

2-17 Collective knowledge of the highest governance body

2-18 Evaluation of the performance of the highest governance body

2-19 Remuneration policies

2-20 Process to determine remuneration

2-21 Annual total compensation ratio

2-22 Statement on sustainable development strategy

2-23 Policy commitments

2-24 Embedding policy commitments

2-25 Processes to remediate negative impacts

2-26 Mechanisms for seeking advice and raising concerns

2-27 Compliance with laws and regulations

Independent Auditor’s Limited Assurance Report continued

Coca-Cola HBC Integrated Annual Report 2024354

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Code Description

2-28 Membership associations

2-29 Approach to stakeholder engagement

2-30 Collective bargaining agreements

3-1 Process to determine material topics

3-2 List of material topics

3-3 Management of material topics

201-1 Direct economic value generated and distributed

201-2 Financial implications and other risks and opportunities due to climate change

201-3 Definedbenefitplanobligationsandotherretirementplans

201-4 Financial assistance received from government

202-1 Ratios of standard entry level wage by gender compared to local minimum wage

202-2 Proportion of senior management hired from the local community

203-1 Infrastructure investments and services supported

203-2 Significantindirecteconomicimpacts

204-1 Proportion of spending on local suppliers

205-1 Operations assessed for risks related to corruption

205-2 Communication and training about anti corruption policies and procedures

205-3 Confirmedincidentsofcorruptionandactionstaken

206-1 Legal actions for anti-competitive behaviour, antitrust, and monopoly practices

207-1 Approach to tax

207-2 Tax governance, control, and risk management

207-3 Stakeholder engagement and management of concerns related to tax

207-4 Country-by-country reporting

301-1 Materials used by weight or volume

301-2 Recycled input materials used

301-3 Reclaimed products and their packaging materials

302-1 Energy consumption within the organisation

302-2 Energy consumption outside the organisation

302-3 Energy intensity

302-4 Reduction of energy consumption

Code Description

302-5 Reductions in energy requirements of products and services

303-1 Interactions with water as a shared resource

303-2 Management of water discharge-related impacts

303-3 Water withdrawal

303-4 Water discharge by quality and destination

303-5 Water consumption

304-1 Operational sites owned, leased, managed in, or adjacent to, protected areas and

areas of high biodiversity value outside protected areas

304-2 Significantimpactsofactivities,products,andservicesonbiodiversity

304-3 Habitats protected or restored

304-4 IUCN Red List species and national conservation list species with habitats in areas

affectedbyoperations

305-1 Direct Greenhouse Gas (GHG) emissions (Scope 1)

305-2 Energy indirect Greenhouse Gas (GHG) emissions (Scope 2)

305-3 Other indirect Greenhouse Gas (GHG) emissions (Scope 3)

305-4 Greenhouse Gas emissions intensity

305-5 Reduction of Greenhouse Gas (GHG) emissions

305-6 Emissions of ozone-depleting substances (ODS)

305-7 Nitrogenoxides(NOx),sulfuroxides(SOx),andothersignificantairemissions

306-1 Wastegenerationandsignificantwaste-relatedimpacts

306-2 Managementofsignificantwaste-relatedimpacts

306-3 Wastegenerated,Significantspills

306-4 Waste diverted from disposal

306-5 Waste directed to disposal, Transport of hazardous waste

308-1 New suppliers that were screened using environmental criteria

308-2 Negative environmental impacts in the supply chain and actions taken

401-1 New employee hires and employee turnover

401-2 Benefitsprovidedtofull-timeemployeesthatarenotprovidedtotemporaryor

part-time employees

401-3 Parental leave

402-1 Minimum notice periods regarding operational changes

Independent Auditor’s Limited Assurance Report continued

Coca-Cola HBC Integrated Annual Report 2024355

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Code Description

403-1 Occupational health and safety management system

403-2 Hazardidentification,riskassessment,andincidentinvestigation

403-3 Occupational health services

403-4 Worker participation, consultation, and communication on occupational health

and safety

403-5 Worker training on occupational health and safety

403-6 Promotion of worker health

403-7 Prevention and mitigation of occupational health and safety impacts directly linked

by business relationships

403-8 Workers covered by an occupational health and safety management system

403-9 Work-related injuries

403-10 Work-related ill health

404-1 Average hours of training per year per employee

404-2 Programs for upgrading employee skills and transition assistance programs

404-3 Percentage of employees receiving regular performance and career

developmentreviews

405-1 Diversity of governance bodies and employees

405-2 Ratio of basic salary and remuneration of women to men

406-1 Total number of incidents of discrimination and corrective actions taken

407-1 Operations and suppliers in which the right to freedom of association and

collective bargaining may be at risk

408-1 Operationsandsuppliersatsignificantriskforincidentsofchildlabour

409-1 Operationsandsuppliersatsignificantriskforincidentsofforcedor

compulsorylabor

410-1 Security personnel trained in human rights policies or procedures

411-1 Incidents of violations involving rights of indigenous peoples

413-1 Operations with local community engagement, impact assessments,

anddevelopmentprograms

413-2 Operationswithsignificantactualandpotentialnegativeimpactson

localcommunities

414-1 New suppliers that were screened using social criteria

414-2 Negative social impacts in the supply chain and actions taken

Code Description

415-1 Political contributions

416-1 Assessment of the health and safety impacts of product and service categories

416-2 Incidents of non-compliance concerning the health and safety impacts

ofproductsandservices

417-1 Requirements for product and service information and labelling

417-2 Incidents of non-compliance concerning product and service information

andlabelling

417-3 Incidents of non-compliance concerning marketing communications

418-1 Substantiated complaints concerning breaches of customer privacy and losses

ofcustomerdata

Independent Auditor’s Limited Assurance Report continued

Coca-Cola HBC Integrated Annual Report 2024356

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Shares held by geography

28%

28%

26%

5%

13%

UK

North & Central America

Europe

Nordic

Other

Shareholder information

We take great pride in being regarded as

a transparent and accessible company in

all our communications with investment

communities around the world. We

engage with key financial audiences,

including institutional investors, sell-

side analysts and financial journalists,

aswell as our Company’s shareholders.

The investor relations department

manages the interaction with these

audiences by attending investor road

shows, ad hoc meetings and investor

conferences throughout the year, in

addition to the regular meetings and

presentations held at the time of our

results announcements.

Listings

Coca-Cola HBC AG (LSE: CCH) was admitted to

the premium listing segment of the Official List

ofthe UK Listing Authority and to trading on the

London Stock Exchange’s main market for listed

securities on 29 April 2013. With effect from

29 April 2013, Coca-Cola HBC AG’s shares are also

admitted on the Athens Exchange (ATHEX: EEE).

Coca-Cola HBC AG has been included as a

constituent of the FTSE 100 and FTSE All-Share

Indices from 20 September 2013.

London Stock Exchange

Ticker symbol: CCH

ISIN: CH019 825 1305

SEDOL: B9895B7

Reuters: CCH.L

Bloomberg: CCH LN

Athens Exchange

Ticker symbol: EEE

ISIN: CH019 825 1305

Reuters: EEEr.AT

Bloomberg: EEE GA

Credit rating

Standard & Poor’s: L/T BBB+, S/T A2, stable

outlook

Moody’s: L/T Baa1, S/T P2, stable outlook

Share price performance

LSE:CCH 2024 2023 2022

In £ per share

Close 27.32 23.04 19.73

High 28.76 25.65 26.87

Low 21.77 19.10 14.61

Market capitalisation

(£ million) 9,894 8,457 7,235

ATHEX: EEE 2024 2023 2022

In € per share

Close 33.32 26.42 22.60

High 34.44 29.45 31.97

Low 25.77 21.78 18.00

Market capitalisation

(€ million) 12,067 9,694 8,287

Source: Bloomberg

Share capital

In 2024, the share capital of Coca-Cola HBC

increased by the issuance of 262,340 new ordinary

shares following the exercise of stock options

pursuant to the Coca-Cola HBC AG’s Employees’

Stock Option Plan.

Following the above changes, and including

11,077,797 ordinary shares held as treasury

shares, on 31 December 2024, the share capital

ofthe Group amounted to €2,032.1 million and

comprised 373,239,562 shares with a nominal

value of CHF 6.70each.

On 20 November 2023, the Group announced

thelaunch of a share buyback programme of

uptoamaximum of 18,000,000 ordinary shares

tobe purchased in a manner consistent with

theCompany’s general authority to repurchase

shares granted at its Annual General Meeting on

17 May2023 and any such authority granted at its

following annual general meetings. The programme

commenced on 21 November 2023 and is expected

to run for a period of around two years. At its Annual

General Meeting on21 May 2024, the Company’s

general authority torepurchase shares was renewed.

Major shareholders

The principal shareholders of the Group are

Kar-Tess Holding (a Luxembourg company), which

holds approximately 23%, and The Coca-Cola

Company, which indirectly holds approximately

21% of the Group’s issued share capital.

Dividends

For 2024, the Board of Directors has proposed

a€1.03 per share dividend, up 11% year on year

(€0.93 per share in 2024), representing a 45%

payout ratio. We target a payout ratio of40-50%.

For more information on our dividend policy and

dividend history, please visit our website at www.

coca-colahellenic.com

Financial calendar

30 April 2025  First quarter trading update

23 May 2025  Annual General Meeting

6 August 2025  Half-year financial results

30 October 2025  Third quarter trading update

Corporate website

www.coca-colahellenic.com

Shareholder and analyst information

Shareholders and financial analysts can obtain

further information by contacting

Investor Relations

Tel: +30 210 618 3100

Email: investor.relations@cchellenic.com

IR website: www.coca-colahellenic.com

Coca-Cola HBC Integrated Annual Report 2024357

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Glossary of terms

Adria

Croatia, Bosnia & Herzegovina and Slovenia.

AI

Artificial Intelligence.

At-work; At-home; Out-of-home

channels

Relates to channel segmentation according to

consumption occasion and packaging size

B2B

Business-to-business.

Baltics

Estonia, Latvia and Lithuania.

Bottler; Bottling partner

Business entity that sells, manufactures and

distributes beverages of The Coca-Cola Company

under a franchise agreement.

Bottling plant

A beverage production facility, including

associated warehouses, workshops, and other

on-site buildings and installations.

Bps

Basis points: one hundredth of one percentage

point (used chiefly in expressing differences).

Business Developer

Sales person, sales force.

CAGR

Compound annual growth rate.

Capex

Gross Capex is defined as payments for purchases

of property, plant and equipment. Net Capex is

defined as payments for purchases of property,

plant and equipment less proceeds from sales

ofproperty, plant and equipment plus principal

repayments of lease obligations. Refer also to the

‘Alternative performance measures’ section.

CDE

Cold drink equipment – a generic term

encompassing point-of-sale equipment such

ascoolers (refrigerators), vending machines

andpost-mix machines.

CDP

Formerly Carbon Disclosure Project, CDP is

anot-for-profit charity that runs the global

disclosure system for investors, companies,

cities,states and regions to manage their

environmental impacts (climate, water, forests).

CHP

Combined heat and power units can produce

power, heat and cooling in a combined process that

is up to 40% more efficient than separate

processes.

CO

2

Carbon dioxide, a greenhouse gas.

CO

2

e

A carbon dioxide equivalent or CO

2

equivalent,

abbreviated as CO

2

e, is a metric measure used to

compare the emissions from various greenhouse

gases (GHG) on the basis of their global-warming

potential (GWP), by converting amounts of other

gases to the equivalent amount of carbon dioxide

with the same global warming.

Coca-Cola HBC; CCHBC; CCH

Coca-Cola HBC AG, and, as the context may

require, its subsidiaries and joint ventures; also,

the Group, the Company.

Coca-Cola System

The Coca-Cola Company and its bottling partners

are collectively known as the Coca-Cola System.

COGS

Cost of goods sold.

Comparable adjusted EBITDA

We define comparable adjusted EBITDA as

operating profit before deductions for

depreciation and net impairment of property,

plant and equipment (included both in cost

ofgoods sold and in operating expenses),

amortisation and net impairment of intangible

assets, net impairment of equity method

investments, employee share option and

performance shares compensation and other

non-cash items, if any; further adjusted for

restructuring costs, acquisition, integration and

divestment-related costs or gains, the impact

from the Russia-Ukraine conflictand the

mark-to-market valuation of commodity hedging

activity. Refer also to the ‘Alternative performance

measures’ section.

Comparable EBIT

Comparable operating profit (EBIT) refers to profit

before tax excluding finance income/(costs) and

share of results of non-integral equity-method

investments, adjusted for restructuring costs,

acquisition, integration and divestment-related

costs or gains, net impairment of goodwill and

indefinite-lived intangible assets, the impact

fromRussia-Ukraine conflict and the mark-to-

market valuation of certain commodity hedging

activity. Refer also to‘Alternative performance

measures’ section.

Comparable net profit

Net profit after tax attributable to owners of the

parent adjusted for post-tax restructuring costs,

acquisition, integration and divestment-related

costs or gains, net impairment of goodwill and

indefinite-lived intangible assets, the impact

fromRussia-Ukraine conflict, the mark-to-

marketvaluation of commodity hedging activity

and certain other tax items. Refer also to

‘Alternative performance measures’ section.

Comparable operating expenditure

Comparable operating expenditure refers to

operating expenditure adjusted for restructuring

costs, acquisition, integration and divestment-

related costs or gains, impairment of goodwill

andindefinite-lived intangible assets, the

impactfrom Russia-Ukraine conflict and

themark-to-market valuation of certain

commodity hedging activity. Refer also to the

‘Alternative performance measures’ section.

Concentrate

Concentrated flavour purchased from our brand

partners to which water and other ingredients

areadded to produce beverages.

Consumer

Person who may drink Coca-Cola HBC products.

CSRD

Corporate Sustainability Reporting Directive

–anEU Directive that amends the scope and

thereporting requirements of the Non-Financial

Reporting Directive (NFRD) and introduces

mandatory sustainability reporting standards;

requires all large companies to publish regular

reports on their environmental and social

impactactivities.

Customer

Retail outlet, restaurant or other operation that

sells or serves Coca-Cola HBC products directly

to consumers.

DIA

Data, insights & analytics.

Dividend policy

Our Board of Directors approved an updated

dividend policy, effective from 2022, aiming to

increase dividend payments progressively, with

amedium-term target payout ratio of 40% to 50%

on comparable netprofits.

DJSI

Dow Jones Sustainability Index.

ELT

Executive Leadership Team – CCHBC executive

team, including the CEO and his direct reports.

Energy Use Ratio

The KPI used by Coca-Cola HBC to measure

energy consumption in the bottling plants,

expressed in megajoules of energy consumed

perlitre of produced beverage (MJ/lpb).

Coca-Cola HBC Integrated Annual Report 2024358

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Glossary of terms continued

ESG

Environment, social and governance, referring

tothe three key pillars affecting the sustainability

and ethical impact of a business or company.

ESRS

European Sustainability Reporting Standards

–provides a framework for companies subject

totheCSRD to report on environmental, social

andgovernance (ESG) topics.

FMCG

Fast-moving consumer goods.

FTE

Fulltime equivalent, referring to a unit to

measureemployed people in a way that makes

them comparable, even though they may work

different hours each week.

GDP

Gross domestic product

GHG (scope 1, 2 and 3)

Greenhouse gases. GHG inventory covers the

seven direct greenhouse gases under the Kyoto

Protocol: Carbon dioxide (CO

2

), Methane (CH4),

Nitrous oxide (N2O), Hydrofluorocarbons (HFCs),

Perfluorocarbons (PFCs), Sulphur hexafluoride

(SF6), Nitrogen trifluoride (NF3).Scopes refer

tothe GHG Protocol categorisations: scope 1:

direct GHG emissions occur from sources owned

or controlled by the company; scope 2: indirect

GHGemissions associated with the purchase of

electricity, steam, heat, or cooling; and scope 3:

indirect emissions up and down the value chain

(raw materials, packaging materials, product

cooling, etc.).

GRI

Global Reporting Initiative, global standards

forsustainability reporting.

HoReCa

Hotels, Restaurants and Cafés – a key distribution

channel within the Out-of-home channel.

IASB

International Accounting Standards Board.

IFRS

International Financial Reporting Standards, issued

by the International Accounting Standards Board.

IIRC

The International Integrated Reporting Council,

aglobal coalition of regulators, investors,

companies, standard-setters, the accounting

profession and NGOs. The coalition is promoting

communication about value creation as the next

step in the evolution of corporate reporting.

IMCR

Incident Management and Crisis Resolution.

Ireland or Island of Ireland

The Republic of Ireland and Northern Ireland.

Italy

Territory we serve, excluding Sicily.

KeelClip™

Paper packaging for multi-pack cans with a central

‘keel’, that secures the pack.

KPI

Key Performance Indicator.

Litre of produced beverage (lpb)

Unit of reference to show environmental

performance relative to production volume.

LTAR

Lost Time Accident Rate

LTIFR

Lost Time Incident Frequency Rate

M&A

Mergers and acquisitions.

Market

When used in reference to geographic areas, a

country in which Coca-Cola HBC does business.

Mission 2025

2025 sustainability commitments with 17 goals.

Developed in late 2018, the goals are based on our

stakeholder materiality matrix and aligned with the

United Nations Sustainable Development Goals

(SDGs) and their targets. The six key focus areas

reflect our value chain: reducing emissions; water

reduction and stewardship; packaging; ingredient

sourcing; nutrition; and our people and

communities.

MSCI

MSCI ESG Ratings aim to measure a company’s

management of financially relevant ESG risks

andopportunities.

Multon

Multon refers to Multon Partners, our operation

inRussia since 5 August 2022.

NARTD

Non-alcoholic ready-to-drink

NED

Non-Executive Director

NetZeroby40

Our commitment to achieve net zero emissions

across our entire value chain (scope 1, 2 and 3) by

2040. The commitment was published in October

2021 and submitted to a formal approval by the

Science Based Target initiative (SBTi).

NGO

Non-governmental organisation.

NZTP; Net Zero Transition Plan:

Our plan to reduce our absolute GHG emissions

across the entire value chain (scope 1, 2 and 3) in

line with the 1.5 degree scenario.

Per capita consumption

Average number of servings consumed per person

per year in a specific market. Coca-Cola HBC’s per

capita consumption is calculated by multiplying our

unit case volume by 24 and dividing by the population.

PET

Polyethylene terephthalate, a form of polyester

used in the manufacturing of beverage bottles.

ROIC

Return on invested capital. ROIC is the percentage

return that a company makes over its invested

capital. We define ROIC as the percentage of

comparable net profit excluding net finance costs

divided by the five-quarter average capital

employed. Capital employed is calculated as the

five-quarter average net debt and shareholders’

equity attributable to the owners of the parent.

Refer also to the ‘Alternative performance

measures’ section.

rPET

rPET refers to any PET material that comes

fromarecycled source rather than the original,

unprocessed petrochemical feedstock.

RTD; ARTD; NARTD

Ready-to-drink; alcoholic; non-alcoholic. Drinks that

are pre-mixed and packaged, ready to be consumed

immediately with no further preparation.

RTM

Route to Market

SAP

A powerful software platform that enables us to

standardise key business processes and systems.

SBTi

The Science Based Targets initiative is a corporate

climate action organization developing standards,

tools and guidance which allow companies to set

greenhouse gas (GHG) emissions reductions targets

in line with what is needed to keep global heating

below catastrophic levels and reach net-zero by 2050

at latest. Partner organizations who facilitated SBTi’s

growth and development are CDP, the United

Nations Global Compact, the We Mean Business

Coalition, the World Resources Institute (WRI)

andthe World Wide Fund for Nature (WWF).

Coca-Cola HBC Integrated Annual Report 2024359

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAAGAywDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD2qiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArSi/wBSn+6KKKQEF7/B+NVKKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFS23/Hwv4/yoooA0KzZf8AXP8A7xoopDGUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAaFt/x7r+P86Ln/j3b8P50UUhmfRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA+L/AFyf7wrSoopDPBPiN/yPupf9sv8A0UlctRRXlVPjfqfpmA/3Sl/hj+SCiiioOsKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD//Z)

SBTN

The Science Based Targets Network is a

collaboration of leading global non-profits and

mission-driven organisations working together

toequip companies as well as cities with the

guidance to set science-based targets for all

ofEarth’s systems.

SDG

UN Sustainable Development Goals. On

25 September 2015, countries adopted a set

of17goals to end poverty, protect the planet

andensure prosperity for all as part of a new

sustainable development agenda. Each goal

hasspecific targets to be achieved by 2030.

Senior leaders; senior management

Our top 300 business leaders, which includes

country function heads, Group sub-function

heads and the Executive Leadership Team (ELT),

including the CEO.

Serving

237ml or 8oz of beverage, equivalent to 1/24

ofaunit case.

Socio-economic impact

In conducting socio-economic studies, we use

input-output modelling to generate estimates of

jobs supported and economic value added across

the value chain. Data we use in this process includes

our financial information (revenues, expenses,

taxes, sales volume and profits) as well as some

data from the Coca-Cola System. While rigorous,

the process involves statistical modelling, which

should be considered when interpreting and using

the results from the studies.

Modelling enables an assessment of three key

dimensions of impact:

•  Direct: immediate effect in terms of

employment, wages and output

•  Indirect: subsequent effect in the supply chain

•  Induced: effect caused by staff spend on goods

or service

We do not conduct socio-economic studies for all

of our markets every year; studies are conducted

for each market on a rolling basis. In 2024, we

updated the studies for 18 markets, adding this

information to the aggregate results from all

socio-economic impact studies for the period

2018-2024.

Notes to the socio-economic contributions

presented on page 7 of this report:

•  Numbers presented are aggregated based

onthe local socio-economic studies from

Coca-Cola HBC markets published between

2018 and 2024

•  All KPIs represent annual impact

•  Where applicable and relevant in local socio-

economic studies, the impact of other entities

of the Coca-Cola System, supported across

thevalue chain, is included

•  Most socio-economic studies are focused

onin-country impacts, while a few include

inter-regional spending.

Sparkling

Sparkling includes Trademark Coca-Cola, Fanta,

Sprite, Schweppes and Kinley sparkling beverages,

among others.

Sparkling beverages

Non-alcoholic carbonated beverages containing

flavourings and sweeteners, but excluding, among

others, waters and flavoured waters, juices and juice

drinks, sports drinks, ready-to-drink teas and coffee.

SSD

Sparkling soft drinks.

Still and water beverages

Non-alcoholic beverages including, but

notlimitedto, waters and flavoured waters,

juicesandjuice drinks, sports drinks and

ready-to-drink teas.

TCCC

The Coca-Cola Company and, as the context

mayrequire, its subsidiaries.

TCFD

Task Force on Climate-related Financial Disclosures.

Tier 1 suppliers

Suppliers that directly supply goods, materials or

services to Coca-Cola HBC.

Tier 2 and Tier 3 suppliers

Suppliers that provide their products and services

through Tier 1 suppliers. They are located beyond

Tier 1 suppliers, e.g., on Tier 2, 3, or n-level of a

company’s supply chain.

TNFD

Task Force on Nature-related Financial

Disclosures: amarket-led and science-

based initiative supported by national

governments, businesses and financial

institutionsworldwidewhich developed a set

ofdisclosure recommendations and guidance

thatencourage and enable business and finance

toassess, report and act on their nature-related

dependencies, impacts, risks and opportunities.

u.c.; Unit case

One unit case corresponds to approximately

5.678litres or 24 servings, being a typically used

measure of volume. For Premium Spirits volume,

one unit case also corresponds to 5.678 litres.

Forsnacks volume, one unit case corresponds to

1kilogram. For coffee, one unit case corresponds

to 0.5 kilograms or 5.678 litres. Volume data is

derived from unaudited operational data.

UNESDA

Union of European Soft Drinks Associations.

UNGC

The UN Global Compact: the world’s largest

corporate sustainability initiative which provides a

framework for businesses to align strategies with its

10 principles promoting labour rights, human rights,

environmental protection and anti-corruption.

Volume

Amount of physical product produced and sold,

measured in unit cases.

Value share

Percentage of total consumer spend captured by

the brand or category in question, within a defined

category or industry.

Waste ratio

The KPI used by CCHBC to measure waste

generation in its bottling plants, expressed in

grammes of waste generated per litre of produced

beverage (g/lpb).

Waste recycling

The KPI used by CCHBC to measure the percentage

of production waste at bottling plants that is

recycled or recovered.

Water footprint

A measure of the impact of water use, in

operations and beyond (upstream), as defined

bythe Water Footprint Network methodology.

Includes blue, green and grey water footprint.

Water use ratio

The KPI used by Coca-Cola HBC to measure water

use in its bottling plants, expressed in litres of

water used per litre of produced beverage (l/lpb).

Working capital

Operating current assets minus operating current

liabilities excluding financing and investment activities.

#YouthEmpowered (#YE)

Flagship programme from our Mission 2025

sustainability commitments, which aims to

support young people and increase their

employability by providing modular education

ofsoft and/or business skills. It is delivered via

classroom sessions, virtual training, self e-learning

modules, mentoring sessions and other channels

handled locally by our markets.

Zeros

Portfolio of products which contains zero calories.

Glossary of terms continued

Coca-Cola HBC Integrated Annual Report 2024360

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAAGAywDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD2qiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArSi/wBSn+6KKKQEF7/B+NVKKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFS23/Hwv4/yoooA0KzZf8AXP8A7xoopDGUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAaFt/x7r+P86Ln/j3b8P50UUhmfRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA+L/AFyf7wrSoopDPBPiN/yPupf9sv8A0UlctRRXlVPjfqfpmA/3Sl/hj+SCiiioOsKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD//Z)

Forward-looking statements

Special note regarding forward-looking

statements

This document contains forward-looking

statements that involve risks and uncertainties.

These statements may generally, but not always,

be identified by the use of words such as ‘believe’,

‘outlook’, ‘guidance’, ‘intend’, ‘expect’, ‘anticipate’,

‘plan’, ‘target’, ‘seek’, ‘estimates’, ’potential‘ and

similar expressions to identify forward-looking

statements. All statements other than

statementsof historical facts, including, among

others, statements regarding the future financial

position and results; Coca-Cola HBC’s outlook for

2025 and future years; business strategy and the

effects of the global economic slowdown; the

impact of the sovereign debt crisis, currency

volatility, Coca-Cola HBC’s recent acquisitions,

and restructuring initiatives on Coca-Cola HBC’s

business and financial condition; Coca-Cola HBC’s

future dealings with The Coca-Cola Company;

budgets; projected levels of consumption and

production; projected raw material and other

costs; estimates of capital expenditure; free cash

flow; effective tax rates, and plans and objectives

ofmanagement for future operations, are

forward-looking statements.

You should not place undue reliance on such

forward-looking statements. By their nature,

forward-looking statements involve risk and

uncertainty because they reflect Coca-Cola

HBC’s current expectations and assumptions

about future events and circumstances that

maynot prove accurate.

Forward-looking statements speak only as

ofthedate they are made. Coca-Cola HBC’s actual

results and events could differ materially from those

anticipated in the forward-looking statements for

many reasons, including the risks described in the

Business Resilience, and Principal Risks and

Opportunities sections. Although Coca-Cola HBC

believes that, as of the date of thisIntegrated

Annual Report, the expectations reflected in

theforward-looking statements are reasonable,

Coca-Cola HBC cannot assure that Coca-Cola

HBC’s future results, level of activity, performance

or achievements will meet these expectations.

Moreover, neither Coca-Cola HBC, nor its

Directors, employees, advisers nor any other

person assumes responsibility for the accuracy and

completeness of any forward-looking statements.

After the date of this Integrated Annual Report,

unless Coca-Cola HBC is required by law or

therules of the UK Financial Conduct Authority

toupdate these forward-looking statements,

Coca-Cola HBC makes no commitment to update

any of these forward-looking statements to

conform them either to actual results or to

changesin Coca-Cola HBC’s expectations.

About our report

The 2024 Integrated Annual Report (the

‘Integrated Annual Report’) consolidates

Coca-Cola HBC AG’s (also referred to as ‘Coca-

Cola HBC’ or the ‘Company’ or the ‘Group’) UK

andSwiss disclosure requirements, while meeting

the disclosure requirements for its secondary

listing on the Athens Exchange. In addition, the

Integrated Annual Report aims to deliver against

the expectations of the Company’s stakeholders

and sustainability reporting standards, providing a

transparent overview of the Group’s performance

and progress for 2024.

Our strategy is designed to deliver sustainable,

profitable growth. This strategy is grounded in our

purpose to open up moments that refresh us all.

Ourpurpose is directly linked to our strategy and

thefive growth pillars that guide us as we pursue

ourobjectives and targets. Those growth pillars are:

1. Leverage our unique 24/7 portfolio; 2. Wininthe

marketplace; 3. Fuel growth through competitiveness

and investment; 4. Cultivate thepotential of our

people; 5 Earn our licence tooperate. The initiatives

we implemented within each of these pillars form

thebasis of the narrative of the Integrated Annual

Report, which is structured around these five pillars.

The Integrated Annual Report is for the year ended

31 December 2024, and its focus is on the primary

core business of non-alcoholic ready-to-drink

beverages across the 29 countries in which we

operate. Our website and any other website

referred to in the Integrated Annual Report

arenotincorporated by reference and do

notformpartof the Integrated Annual Report.

The consolidated financial statements of the Group

have been prepared in accordance with International

Financial Reporting Standards (IFRS) as adopted by

the European Union (EU) and in compliance with

Swiss law. Coca-Cola HBC AG’s statutory financial

statements have been prepared in accordance with

the Swiss Code ofObligations. Unless otherwise

indicated or required by context, all financial

information contained in this document has

beenprepared inaccordance with IFRS. For

Swisslaw purposes, the annual management report

consists of the sections entitled ‘Strategic Report’,

‘Corporate Governance’ (without the sub-section

‘Directors’ remuneration report’), ‘Supplementary

Information’ and ‘Glossary’.

The Group uses certain Alternative performance

measures (APMs) which provide additional insights

and understanding to the Group’s underlying

operating and financial performance, financial

condition and cash flows. A full list of these APMs,

their definition and reconciliation to the respective

IFRS measures can be found on pages 345 to 351.

The sustainability aspects of this Integrated

AnnualReport comply with the requirements of the

Corporate Social Responsibility Directive (CSRD),

which mandates reporting in line with the European

Sustainability Reporting Standards (ESRS). It also

complies with the requirements for communication

on progress against the 10 Principles of the United

Nations Global Compact (UNGC), Art. 964b of

theSwiss Code of Obligations and it is prepared

inaccordance with the GRI Standards (2021).

Furthermore, the Integrated Annual Report is

aligned with the principles and elements of the

International Integrated Reporting Council’s (IIRC)

framework and key indicators of the Sustainability

Accounting Standards Board (SASB). Coca-Cola

HBC supports the Task Force on Climate-related

Financial Disclosures (TCFD) and implements

theTCFD recommendations in the Integrated

Annual Report. Finally, Greenhouse gas emissions

are calculated using the GHG Protocol Corporate

Accounting and Reporting Standard

measurementmethodology.

Sustainability disclosures in the Integrated Annual

Report, the Sustainability Statement and the 2024

GRI Content Index, have been prepared on a

consolidated basis, with the scope of consolidation

being the same with that of the financial

statements, and in addition, including relevant

upstream and downstream elements of the value

chain where applicable. Joint Ventures, where we

have operational control are also reported as part

of our own operations. Mission 2025 sustainability

commitments exclude Egyptian operations, as they

were not foreseen in the baseline year nor in the

target year.

As with the rest of the information provided, the

sustainability aspects of this Integrated Annual

Report cover the full year ended 31 December 2024

and the related information presented is based on

an annual reporting cycle.

Limited assurance based on ISAE 3000 (Revised) is

provided over the Sustainability Statement

prepared in accordance with the ESRS. Limited

assurance based on ISAE 3000 (Revised) is

provided over the GRI Content Index by an

independent audit firm as dictated by the

Company’s Executive Leadership Team (ELT).

We remain committed to strong corporate

governance and leadership as well as transparency

inour disclosures. We will continue to review our

reporting approach and routines, to ensure they

meet best practice reporting standards and the

expectations of our stakeholders, and provide

visibility on how we create sustainable value

forthe communities we serve.

Coca-Cola HBC Integrated Annual Report 2024361

Supplementary InformationSwiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report

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

Coca-Cola HBC AG

Visit us

www.coca-colahellenic.com

Our website features all the latest news and stories

from around the business and our communities,

aswell as an interactive online version of this report.

Email us

investor.relations@cchellenic.com

© Coca-Cola HBC AG, 2024

Consultancy, design and production

www.luminous.co.uk