It’s worth doing the maths on Residential Mortgage Backed Securities (RMBS) for those of you wanting to increase your investment grade allocation or looking to re-invest some of those Swiss Re maturities. This note includes a link to an educational webinar
Residential Mortgage Backed Securities (RMBS) are some of the best relative value securities available at the moment. Investment grade corporate bond yields continue to compress, making many less attractive than they once were.
Just a few weeks ago, one of our senior staff, Mark Bayley, together with George Whittle drafted a note suggesting investors in Qantas bonds consider taking profits as yields were low. In a separate note, WA State Manager, Darryl Bruce also suggested selling Qantas bonds.
One of our favoured options is to switch from investment grade corporate credit into investment grade RMBS, rated in the single A range but showing attractive yields over the benchmark of around 200bps to 315bps generating total yields around 3.7% to 4% per annum. By comparison, the Qantas bonds maturing 2020, 2021 and 2022, are rated circa three notches lower and have yields of 3.5% per annum or less depending on the term to maturity.
Year to date issuance of RMBS is $11.72bn and for the month of May $2.62bn, some of which is indicative. But early signs show total issuance could be higher than last year. See Appendix 1 Australian RMBS issuance to date.
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RpGXBgacLCjHWCH2Bf+JAPwbeM8Z4y7777bmd15gccB3gctBF8iDdfALiESf9RRyw3LDJgChTLDYLQn56iXO5vv0w+c88SfAteUnYbfcv9zqpJxA6Wpz59+jiLFe2uHqg3U69Y6mCGaEOwMYVaW7mkSQ5MaTJNCGtfwCKSf/aznzlLGGIGi9KZZ57p+BIP62FNwW8/fLBU+dcLoQjbJ554wvWRWMawtvnnme5joQXimuvpXwf6MQKiB2FHgC2WUa4jx0nD9wBH+uTrSF24bsnXAaHIH9fKtwrynfADg2ra+u9//zvh0M+AGLHo15VXvsM1CVE/H72KgAikR2D9kCu9dC42o1BGwtzsdBrVR6HJWTK1wKarmPfxHUnlRqZDY3R55ZVXulEs0y50EjUFOiGmShB5dDSMFv2VXjXF1zERaEgC/KCykhErFdNI+HL5gR9SfqhZBYn1iHsIywkr9Ai+EMOKgaDAUsK95gsFRBv5Y2H2f2wRYkyjMd3EAMb/AfbL5JUfe+5RRNxjjz3mprGYNuWHn3P+ajpfUJCG94gP6uEPtLAcIcjwESMwHea7JBDf/8H3BYWfj4tcx3/wQpAigJhWZXDFBtFMsTG15gsIyuEPBvBDJGIN3Gyzzdz9Tx047wfqgihl1SDM/UC9aQ/WdHxVCcTFYohvGsKDzwg2GLAFCcKvpkA8+qH777/fWfCpGwHeiDfqSR1oD9OJvmjmeiJ0iY/Qop/k2t93331OyOOu4VtTuRb+deQJJgg6eGGlos2cQ1wT/OvgPqy7ltSPvBnoYi1jZa3vE4Yogwd+gFjKGNQywGXam3IJMECkasbBp6pXEcgAgfq4+7OxIqtsHnzwQW/QoEFVVtckr8RhBdEHH3zgVv6w4imdUF5e7l1++eVuk9h3333X6969e63lsKLrP//5j/fb3/7WrfhJpxzFFYFMEmDVIRuFskFq9U1AWQXJ/XHyySe71Wu/+93vEt/pvn37egcccID7fM4557gVf6zo23zzzRNxSMvmotOmTXNV5jV5w9Inn3zS81fe3X777V48HnfxlixZ4jY/9u9NVjqfeeaZbmXlfffd5/30009uE+a8vDy3oSsrKVndx4pNVlCyanLPPfdM1OPoo4/2DjvsMLeyjjZyj5P3brvt5upNoU8//bQ7xsbLGwts2EpaVkCyKtAPbBLNamjOHX/88d7SpUu9m266yX32N8f109I3fPPNN24F5ZZbbun6Cn9D15pWe/ocWIE6ceJEv0iPDV2feOIJtwLTj8Mrm/L6zBORPc975plnXH1+9rOfOdbkBdvktKza/N///ufyZlUrKzqTz8MHvoSZM2d6I0eOTJwfM2aMN3ToUPf5xRdfdJtXn3vuuYnzO++8s7uOXLe7777bnef7wspSeBDmz5/vderUyV1PrmVFRYVb3Zm86TarXWk33xfOU084JteT6//VV1+5PPWfCIhAZgjU66HfvqM9oyxGeYzQagqMZrEIsFqHR4FU9wurKU3yMaZ3SMtUBU7GWBNqCozimPJkdMjIzn88S01xdUwEGpIA/lg4w7PKjb2xsEL4ge8mC1KwkHAOK4Zv8cDaguWLVYxYd3w/HD6zaMUPHOc8gfuP9EyxYQXCksG9iKWFe823kBAXCxhWJiwbTOsxjccCAvJiihNrHNYZ/D6x8GCJI08szbQBqzO+YljcmEbEgsVnysRqQrtYVeevwMSKhnUaCzhTcrUFLC9MvzEVSdso2w8cx/pGXbGIkSc8mOJlSg5+tAkLE/UgLe3A+gRfrGu+Q7ufZ/IrFrLqPmicp96+FZDPlAWz6sFvIxZFyif47fHjVk/L6nDcOvxQ/TrRHq4fgXO4WtCvwRW/P8rkutFGOGBNw5eLa00/yHcPSxk+XywewILKteQa4ffmW0z53sCPgK+g7yPmDpglFpfwmbRcm+Tvkx9PryIgAsEJ1EuI4XCP8yu+Gfit0ClXD9y8+MbwI4Gpn2fZJTsQV49f02dWNl188cVuZRE/EgjAmgI/YDgT0wHR0WFSVxABERABERABERCBpkpg/bAzQA0ZKTNKZvTPyKymgL8Wo3xG6Iy4fefkmuLWdozRG9YDfC0YuSPuagq+fwl1wj9CQQREQAREQAREQASaMoF6CTEEEX9MjdQmfJgmQHwRh1CbiNoYJD8N0ynkleyEm5yOOlCOX6/kc3ovAiIgAiIgAiIgAk2NQL2EGKII8YPVqzZLF1YqLFn4b+CLUJvlbGNgyAOLGj4Mvj9DTfHxx+GPOiX7mNQUV8dEQAREQAREQAREoLEJ1EuI4SCKzxYiy99NunqDsFDhOMoO2DjcBtnfC/8ylnCzdNxf2l+9HD6zhB/HXMr0l47XFE/HREAEREAEREAERKApEKiXEMNfC5HEKin/mWc1NYqNI1mZhEAaP358rVOLNaXFgsZePviJsWqKzQtrC+y/gxhjPyFWXymIgAiIgAiIgAiIQFMmUC8hxpJvlmAjxBBBtQWWgSOmWGXJSkZ2hE41sNkiQu6QQw5xmySybL22wLJtLGIs7R4+fHht0XRcBERABERABERABJoEgXoJMXZXZl8i/MP8PY1qahWWMB6cy8pHtq5gq4vaHhOSnB5/sFtuucXt38OO07feemvy6Q3e80BjpkqxiPFoDgUREAEREAEREAERaMoE6iXE2JaiY8eOxj5fbBKIZay2kCyq2IiQ56uxsWVtAZ8wNollU0M2SuS5dhvzL6MubBjJhpNsHonoUxABERABERABERCBpkygXkKMbSKYMuSB31tttVWNu04nN57nUY4bN86tgGRjV54d+eqrrzrrGCsd+UNs4Qd28sknu2fLseLyP//5T2KX6eT8kt+z4zSCDZF3wAEHJJ/SexEQAREQAREQARFokgTqtbM+LWIqEEG166672ooVK+z222/fqOWKNGy46m9jgeUKEcdjOhBi+IDxR14EpiTZP2xjgYUAf/jDH5yg4zEwf//736s8UmZjaXVOBERABERABERABBqLQL0sYlSafbvOOOMMe/31193UIM+kqyv4Iox4rLr84IMP7N///rc98sgj9umnnyZEGOfrEmHE2Xfffd1iAZ5zd/rpp0uE1XUBdF4EREAEREAERKBJEKi3EKMV++yzj3sYLWLs2GOPTfuh3uThT02mS4WH1O6333725ptv2h577OEeTpxuHoovAiIgAiIgAiIgAo1BICNCjF3sL7vsMisrK7PZs2fbqaeeamwl0dCB6czjjjvOJk+ebDzw+/zzzw/0CKWGrqfyFwEREAEREAEREIGaCGREiJExu+tfc801ToghyE488US3iWtNhWbiGNtlnHDCCe6RR2xXcfXVV7tHLWUib+UhAiIgAiIgAiIgApuCQL2d9atXkpWRf/nLX9wO9+wfxgpINlhl6jETgT3LsLYdeeSRxjMo+XzFFVcY21coiIAIiIAIiIAIiEBzIpBxIUbj2QPszjvvtLlz5zoB9vHHHxurGTMRhgwZYviFIfJYbXneeefpuZKZAKs8REAEREAEREAENjmBBhFitILpyWeffdZefPFFmzFjhvPj4lh9Ag8W32abbWzzzTe3o48+2g488EC3arM+eSqtCIiACIiACIiACDQWgQYTYjSI6Uh2xmd68oknnnCbreLPle40JXuJ4YzPsy3xPTvssMPc5q1sKKsgAiIgAiIgAiIgAs2VQIMKMR8Kwmv58uX27rvv2muvvWbs97Vw4UK3GSwbwrJXmC/OWIGJ8GJ/sry8POvTp4+NHDnSDj74YNttt93cNKQEmE9Wr02NAN9jng7B97ewsNBVr6SkxPkz+o8A4zmr7KXH48EIbF7MEyT8PfPY5JhNiusbqAt5Uw/uJabz+dyuXbuEJdnzPMOvk/pw7/Xr18/FXbt2rS1atMhZtqlHbm6u8SzXTNx7lEl/wJ/f5g4dOrhHk5E/dWTTZxYAEZfPlE87+IzPKY9Hoz2E9u3bu7TUPxOBvsl/nBpWeJgQuI4woc8i5Ofnu3PUmQEmz93190jkWvOkj0wEriNtZjBKfQgw8b9j+Mr+8MMPCZbUB17w4b1fX+IPHDgwI9fQb9fq1avdNeEacE2op39NaT8cqCt14TnDyYHvGNy49tRNQQRaK4FNIsSqw+Vm/eabb9wPwPz5812HzA1NR0pHw81Lh8H2FExD8pkORUEEGoMAP/5rSlhwEjPzv4eeZ+FwlrUt7GIhW//d5If6uuuuc/6L5557rqvuc889Z++8847zm+QAj+xiyxWen8qP5J///Ge7//77E76OPLD+2muvdcKnrvauKiqzotJyC6+rV9zzrEu7fMvNyXL3FU+c+MUvfmG777678928/PLL3TYv2223nRMN7L/3xz/+0YqLi92PJZszn3POOW5j5V/+8pdO/HBfIgKoE48Pq+terCiP2qrlRZXx1qGJxz3LL8i1Nu3ynaC58sor7fHHH3ciijbiakA9EGC8IvpOO+00JwRZjMOzbNmqBtExduxYw+/UFyX0DzxNA7eFjQXPzJYUlVgszrvKEAmFrFubfFdXrvO0adPc4h+e7kFAYNx00002evRo52Zx5plnJq4TQoO67bXXXu5xbGzhg4hGOG2//fbuebr9+/dfV1LtL7GSVRYvXWMWWickvbhF2na2cHa+S4Qo/PnPf2577rmn2yaIgSrXFSZwmz59up111lluBTkJuD5sIwQf3lMnv29lZTuD2rpEazQWt+K1FeTm6uCZZzlZESvIy0o0BF74AnNNqA+LtHh0HcIK4cX+jjwv+OWXX3aDb+q4xRZbJNLfe++97jnFfN9S4ZRIqDci0MIIrL+r6tEwbjpWL/qBjii5s/bfc8Pyw8ONSqfCBqwIMDpfOg0/HfG5yf10fr6MNhlFcZzRKB0SaThO3nQujPzJT0EEMkUgGiu3/7x5qa0u+tEikcqReyxWbh3a9rQzDr3HshLHYu7xXFgGsFDw6v8o+VYJ6oTFwLec8Mp3lkUnF154oasyP1633HKL3XbbbXV+l//1yiR7+t3p1rYw16UtLq2wW87Z23YeWrmKmHK5R/yQ/Jk6IjIQgTyrlcERwoLHlZFm//33t5tvvtndmzzxgh9aFsiwdczGwqxvF9hdVz9heXk5/u+4Fa8ptdEHb2/Hn7WfazvWLsr6zW9+UyUrePDnW1U4mfyZ44hC2CAoCIjH9957z20kvTHLSkUsZr99/kNbuLrIciIRK4/FnQh7+Ph9rSA7y+bMmWMIxIMOOsiJRPLmaR8ce/75512fdMQRRzjRxzkEhi8A6ZN4Pi7Xjr7ohhtucFxhVldY/sEDtvzDRyxS0M5FjZcWWa8TbrE2W46ukvTpp592G2YjZmBCv8vflltuaW+88YaLSz/81ltvua2E6GOx0v3tb39zzP73v/85kcs1ZKC7sfDj8hJ78q0ZlpUVdlKstDxmwwZ2sgNHVRWWyd9lGLCX4+9+9zvXr3N9H374YSfsYYJ7yq9//Wtn7Z00aZL7viGufYvjxuqjcyLQkglkRIi9//77brpjhx12cFau7777zo3AWTXJaI6RG9MQxMMUPWjQIDdi5AHdM2fOdGmJw5QNVjCc+smDFZLcsHTaWMY+/PBDNzWACOMHjlHzkiVL3DQn5m86aKwJHFcQgUwSiMWjFo1XJCxivOdYcuBHjx9srBeIMKxgRx11lBs4JA9UGDAkWyR4j4BAkBF4ZBc/8lhn8IvcWIjF41YejVtFtFJs8Zqku9wAKXlAQz38z0xfsRUMAoRBzdZbb+38ORkEYSljQMN0IPGwoLFaGbeCuoSYFzeLVsQsGsGCWFn7aEXU4rHKOlI+Qg9r+FdffeXqgwsClhtCTXySeVFXpnV9XljC+KFnkLYxIUbeFQzcYnFnxeSVz+RNmz///HPX5pNOOimRNz6p5Em/RaAfo84EpjApG8sY6el/qBN/HMPyn1KIx8yLlpsXxQJl7r0BcV0gb/pMrtWUKVOsb9++7pr415FXrhFh1qxZTsQj7Hv06OHED/0ldbuB/UYAACAASURBVOL6jho1yl3DVKaZ+W6F4pWXkPdYNauH5GvFe6a9fQZYKv1BOs8jxqL60ksv2aGHHuq+37wi+hVEoLUTyIgQ49FGTMlg9uaZkaySHDp0qL3yyivORE4n8fbbb7sOfPjw4c4qhq8Y5n8ej8TInJE3nTEjKqZJ8CcjMKKi42d6hWdS0lnTMU2YMMGNpPCtQewxSuTGpzNUEIFMEwiHwhYORdwfeVe+X++TxHcSYcGzUxFf/KhjTcG6kiwiaqtXstWKH1DuGX7o6xJiTElGwpV/5M17f/a0trL84/ywM63GfYtAu+qqq9xACIuJL06weFAXxAj3IfcqbfVFgJ9X8ivlhyNh9+cLMT6HwpWqDCGFsHnyySfddB/5X3LJJW7qcWP5Ugbnsep9+eWXzirOjz59weGHH+4GbMn1qOk9U5E+r4gXMj7DMFpe5vz0mMJl4IeAQKAivBgk4t9Eu+mXGEASqAdCzb92TAdiOUQQ0rcxkEwphGATcX/E533yRaRcyvjZz37mhBh9XbKw98tg2yCsd0wJ8h1ENHP9+CMgrLE+8T0lv5ry8PPiFS78cdXcax1fLPJkmhQG9Mks1OK75JfNAIV+H6shU72wVhABETDLiBBDXCGeHnzwQWfVYvSMJYtjdJT4xBAwQzNSxHqFdQu/ANIiwBiB0+nRuXFDYx3jGJ02TrL8sPFjgODjD98NrGfsT4YFjTQ9e/Z0ljJdWBHINIGKaKmVV6yt9BNjejFWbhzzA1PsbNeCReCjjz5y/lj8MGLZ4gcw+UfPFzl+2uqviABCKlPs5dGYlZRWWHZWpWsA730fKF8w+ULQrwPH/YDPE38IIwY7OO7fd9997nR1UcQPeip14l4sXVtuIYpZp1X5XFFRKQiYVsOixdQV/kEEvyy/bn6deeVc8nFY33XXXa6/wXKOLxsbPPvt89tW0+vaiqiVVGDd9NzUJJ9dNRFokYgT0qRDTD3wwAPumiIUb731VtcX4ZN19913u6yZDmRalz6IOiIyEIgErJr4RKUSsIbFy4otlFXpUsF7D3/EpABT3/JG30ofSt/oB/pIpkPpF5n+o9/1BZgfh9dUryG8yytihl0OIcZ7/MaSg3/N/GPkjbgeP368O3T88ce7p5/45xlUMP3NTAkDdSx1CiIgAhkSYkwT4q+BZYyRDp0Co0aEFh331KlTnVBiNMlon+lERot0+o8++qgbOSHI6FiIQ+frTzUwGuUGxyRPWnw0sIKRJzcyHQ9/WMqwIPCekb6CCGSKAD84vbpsYe0KulokUvljGYtVWDsc9ddZCbAU/fe//3XfPyy3HOfHnO8o94Y/tUWdGKDww0rgB4+4/Nj7AYsyU5t1+fEQv2/XdjZi8x5WmF9Zr9KyqLUrqPRj496jLIQPgVfuK1/kIGiYymLghCWZbWYQGUypDhs2zNXJX/lJW5iSYzDlt9mvb/XXgsI8GzKM6bPsxNTk2uIy69arUyIqecCmel58ZmBFH+IH3vvxEKnc6/fcc4+zNl500UXOhy0VEUYeW3XvZF3b5Fl2OOKmJTvl51rIPMvKyXUWP4QE02hYjvDvwkLvP0eXa8Vg0K8LU4T0SVh/KP/00093Ysivd6qv2Z36WMGAHS2c18YliZeXWKSgwwbJ6QexsGLBpD9kNoFyua7/+Mc/3OAV30L6QAJ+t3wH/FkCuOInhrXM/w5sUMi6AznZEevTva1FIpUWsfKKuHVqVzl1zneZP55mAg++RwTeX3zxxQlfx5ry9gfMDFgUREAEKgmsH1LVgwi+I5jzcb7nZsQSgC8CQowbns+8Yq7nBsaPCwdThBiWMX6E2JqCzm/ixImuo+PB4fwIYOWi82UURaeDyMISRifIZ97jm8OUEPlwTEEEMkkAZ/xjx1xTa5aIHcQXTuOsSvQDIoeVYfhBIqwee+wxd3+wYhJ/SgI/6lh/mdLByZqAHw3TgKkIsZP3H2781RT4sevataub/uNH/IsvvnD3E8cITL1htcEnCgsFP9RMZ2H1IVAn6oJ1hYEPgoPVgHWFfkN62mW3/qLWaLSZH2/udd/fjKk/+gTK4t5meospOBjy4+37fSKGEJO+uGTFKZaXO+64w1nXGBTWFrLDYbvp4FG1nXZTkPh8IWrGjBnj+ixEMQNHxB9Telh0/OsEKwaP+F598sknrl61Zr6REx13Pdn4qy3QZsQobUa8Uh6CmXrBEqsrK00RaAgt4vPH9eYasqk2/TPvmXXgu+eLydrK7NaxwE46cMsaTzMF+89//tP57TL9yPUi8P2pK9AG4vkDkbri67wItAYCGRFi1fc88jtXHyCjRkL1eFjFqvtR4MBZPSCuqv8oJS93RqwpiEBjEUBU8OOC9SQ58B3de++9nc8k035YWPiBxOLC1gwEBi5YFpjmuvTSS90xrB5YFjIREIasYiNv7kum2HyLMaKD6Sy228C3k/sMMck9yI84bgJ/+tOfXDW4h2+//Xbnh1nfejFgos2sosPlgMAgjjoixJgqZfCGJQprDk7eu+yyi4uH8MHvCGFEID4sn3rqKTdY25gQcwk28h95wgN/Vf9a0Gfh04TVEAGI6PbP4UDPNWWQCVOubUMErFqIL3xgCWxozQAWlw4EDWKRa8l2IOPGjUtUgXrx53/vEOBcQ1+IJyKm+Qb+LJ7iO4Oo87/39NHJ06U1Zct1h1OyBbimeDomAq2JQKPsI9aaAKutIiACIiACIiACIlAbgfXLvmqLoeMiIAIiIAIiIAIiIAINQkBCrEGwKlMREAEREAEREAERqJuAhFjdjBRDBERABERABERABBqEgIRYg2BVpiIgAiIgAiIgAiJQNwEJsboZKYYIiIAIiIAIiIAINAiBtLevYONK9qJh/y72+WKJO5sLsjSeZdEs42efJM6zezb7J7FJK5uwstSaZcvsgp28oR97hLGLPsuaWQ7NXkU8p+2FF15w+9+wnD85vk+C/Wx4dBJL63lAMVsBsO8Qe+6wQayCCIiACIiACIiACDRlApE/+RsFpVhLnp/HYz3Yt4b9u9jkkc0Eec8+Mmysyt5FbM7IPjeIMh65weatbGzJJoiILAQXwon0t912m9uVn8eD8Nw40rJHDTuVs58Rm8CyjxB74viBjQTZ84f9l0hDXjxCg2dT8ogZnremIAIiIAIiIAIiIAJNmcB6ZZNCLdk4EFHExocIIXZJZgM/HqXhb+THjs1Yyvwd7hFP7FLN7s88AgkrF0IJ0cWO+ewETZ5Ytt5//333CBU2K/z444+dlYwNCLGWId6SA+KLZ06ShufVsXs0Gy6yoSNiEEH2r3/9y9WTdDwPjl3CeUYdj1ViN34FERABERABERABEWhMAmlNTfIcNixPCB/EEbviJ+9wX1tDeLwKli+mF9kp+5BDDnHPomS3aJ5JyaONEEhMXbLDNs+1mzZtmntmGjtbs5Mz05f+Dv0IOB4Lw+7OCD2mRflDbJEHu3Wz2zmfef7kBRdc4Hbx5ll65IdljvTs4K0gAiIgAiIgAiIgAo1FIGUhtmLFCucbxuM1eLYkz1vDN6x79+5Vpgzragh+YPiS4cuFRY1HmSCMCFi0eP4cjxPxH4HBKxY2fMz8gF8aVjQeb0LgPBY56og1jOfWYfXi+Xg8N456Irx4SC6Pc0H08Zw98kFYVg9Y+/CFQ9TxbDfqifhTEAEREAEREAEREAEIoGeYEeS5uGiFoCFlIfbcc8+5B9tirWI6kKlBLE/4gSGW/KlJXpmepII1BSxYiCgeQst7nPsRczy0l3DjjTc6534sXASsacTBkuYHyvAFEsc4j2giT8rmIbTE4dlsvGcaEnFGPALxEGA49dckxDjOA3UpG8FIPiw8UBABERABERABERABCKBz2rdv77RCfYikLMTw60LcMOXHqkmsWkwfMv2HtYrjBEQW74lLoKKIHf+BtYgbpjVPP/10pySZ2sTi5AesXPh5sSIScUVe06dPt9/+9rd+FOMhuAgzRBIBq9r8+fPdFCf5+/5fCCrOjRw5MjFtSXzyJSDaagrJDyN/7LHH3MICpkEVREAEREAEREAERCCTBFIWYqyKvPbaa61Xr16J8vG5YhUkIovVlDjZM63H1CWWKAJTeljPLr74YiewEG0ILVZNYtU68MADDYf8P/zhD04gIdrOOOMMN7U4duxYN33IVhj4hyHOEIQnnHCC256C8s8++2xnvdpxxx2dpQuR9t1339mll17qpjwHDBjg4n7wwQeJejMFWlxcXKvVLhFxnWhjClNBBERABERABERABDJNIOXtK3ByHzRoUJXyEVv4XuF8j7DBQtW7d29nvfItYFidOIf/lu/XdeWVVyYc74nHtOF7773nLGNHH320jR492s25fvrpp27a8sILL3RTg0wX4ve10047ueOIQqZHceb/zW9+43zGEHfUgcUB+I6ddtpphhjDCsarv7iAOLTHt9xVaVjSB/zLEIG0X0EEREAEREAEREAEMkkg5NXmzJXJUppxXuPGjXP7k2mD2GZ8EVV1ERABERABEWiiBNLaR6yJtkHVEgEREAEREAEREIFmSUBCrFleNlVaBERABERABESgJRCQEGsJV1FtEAEREAEREAERaJYEJMSa5WVTpUVABERABERABFoCAQmxlnAV1QYREAEREAEREIFmSUBCrFleNlVaBERABERABESgJRBIeUPXltBYtUEEREAEMkFgyYLl9s6Ln1tWdpZZzQ/oqLOY8tIKG7nXMBu0VZ864yqCCIhAyyUgIdZyr61aJgIi0EAEli1Zba8+8Ynl5udYLU9Kq7PkotUl1rNvZwmxOkkpggi0bAISYi37+qp1IiACDUAgkhW2Nu3yLScvuBCjWtk56oIb4PIoSxFoVgTkI9asLpcqKwIiIAIiIAIi0JIISIi1pKuptoiACIiACIiACDQrAhJizepyqbIiIAIiIAIiIAItiYCEWEu6mmqLCIiACIiACIhAsyIgIdasLpcqKwIiIAIiIAIi0JIISIi1pKuptoiACIiACIiACDQrAhJizepyqbIiIAIiIAIiIAItiYCEWEu6mmqLCIiACIiACIhAsyIgIdasLpcqKwIiIAIiIAIi0JIISIi1pKuptoiACIiACIiACDQrAhJizepyqbIiIAIiIAIiIAItiYCEWEu6mmqLCIiACIiACIhAsyIgIdasLpcqKwIiIAIiIAIi0JIISIi1pKuptoiACIiACIiACDQrAhJizepyqbIiIAIiIAIiIAItiYCEWEu6mmqLCIiACIiACIhAsyKQlW5tPc+zeDxukUgkkTQWi1k4HLZQKOSOJX8mfkVFhXGM98TJz89PpOUN58rLy9158snLy3Pn165d6+L7n6skMnPxS0tLXV1ycnLcaepGOcn1q55On0VABERABERABESgKRBI2yL27LPP2pVXXmmzZs1y9V+1apVdccUVNmHCBPd52bJldskll9iUKVPc56+//tr22msv22677Wz77be3XXbZxd5+++1E2xFg119/vW277bbu/FFHHWVLly61F154wR0j7fjx4xPx/TfRaNTuvfdeF+eII46wqVOnulOPPfaY3X777X40vYqACIiACIiACIhAkyWQlkWsqKjIvvvuO/vqq69szpw5NnDgQGd9WrRokZWUlLhGIpAWLlxoWKoIHO/evbsTW7169XIC7q9//avxfujQobZmzRqbPXu2O7/DDjtYVlaWLVmyxO677z675ZZb7Mcff7TbbrvNONeuXbsEyPfff99efvll+9e//mXvvfeei/PPf/7TVq9ebdSHfAmFhYXOWudb3RB+lIFVDuubggiIgAiIgAiIgAg0FoG0lMhLL73kpgqPOeYYJ54QTEwJ8ueLGqYekz9zvFOnTjZs2DDbfPPNbf/997cRI0bYl19+6aY4582bZ9OnT7ctt9zSevbsaX369LEVK1ZYhw4d7NBDD7UxY8ZYx44dbf78+VUYUTZx99hjD9t9991dmYsXL3Zi7bPPPrPDDjvMdtttN3vqqaecWHzmmWeMeo8aNcpGjx5tb775ZpX8avtAe/y21RZHx0VABFoXgUz1CZnKp3XRV2tFoGURSNkiht/VJ5984kTUySefbJdddpn169fPiaC6kOC35VvIiIsoQ4BxDIsZ548//nj3etBBB9nOO+9sXbp0caKvoKDAevTo4YTYVltt5YoqKyszpkSJQ0CoYS3DEsa0Jnnec889brqSaVCmPSdNmuTyufvuu93UJW1BFPp+bS6jdf/h08YfAUuaX8/kOHovAiKQWQKRcMjC6/xM65NzNO65wVd98qgrLf6rVukSW1fUWs/T96hvqRWPTohAsyDAYCrZ+BSk0ikLsY8//tiJE0TR8uXLncXq008/tc0228xVwhc0/uvGKkMchB1h5MiR9vjjj7v3TGsy3fjKK69Y27Zt3TE/Pz8+B3nPn3/Of0XQkcfgwYNtp512ckKNac+ZM2da586dnVhDPG699dZuapXpy+TpTlegmeHX9vnnn7v2FhcXOwsdVjYFERCBhiNQFo0Zf/XVYgXZ2Yaoa7AQ9qx4Wdyys7PrVdfc3DybOPEzm/nj/8yLNWB9GwyEMhaB1k0AzYG2wKjDLF7QkLIQe+6559w03xtvvOGm6vC1ys3NtW222cZZspKFEmIoOaAYieuHb775xvmH0ZGRDnHnr4zEp4upSd8ihXXLn4b00xO3ffv2NnnyZHeI+Iiq3r17u7r48Xj1RR9+YVi3/ECdkuvsH+cVyxtijsCUJp+ZOlUQARFoOAKPfvmdPTzha2uft76vSKc07udY3LM7D97DBnVun07StON+P22B3T/hBcsOBxdjZWWlttNOo2zk3sPSLl8JREAEmgYBtISvX4LWKGUhhiDCgR5/LDo8Cr/rrrvclCErJSdOnOic9z/66CNnIfPVIYqRaURWWWKG55W4J510khtRfvjhh84idsEFFzjRxLYTvg8X04oLFiywn376yfmDMSWJMz5Tkl27dnXTm1iqsMxRPwQd5eFzhkULyxZ+YywqmDZtWkKIIRT5q02I+X5vQEXAMT3apk2boIyVTgREIAUCOQWFFs3KtVh2MCEWXyfECtu2a/D7lQFjbf1HCk11UUjPoiH1LakSUzwRaJkEUhZibCNx5JFHVqFw6qmnulWLRx99tD366KPGqkXEENtHIH4IdDRz5861U045xQktLGOsmmTFJAHHfaYiDz74YCfgzj//fOOPKc8zzzzTOfqzvQUWMATcQw89ZHfccYfbEgNxdcIJJ7iybrrpJpc/5WIZ+/3vf+8sa2ytQVmIOn9vMTo+hCJisq5AZ4m4UxABEWhYAl48bmHz3F+wkjzjXzzJ8h0sn7pTZapPqJ5PUXmFlVbELOjMKg4fzAJ0yMvJiL9d3SQUQwREoL4EQl6Kwzo6jJqEC1YuLEg4r/pbQ/j+XVSOdJxjqpGiyANRlRxIh0WLwEjTn7LEkoZ48vPDioVVjDgEphqZkiR+8jHKIk8Coosy/alO4vrWMKxdvn+Zi1zDf+PGjXPO/sOHD6/hrA6JgAhkisCDn31jd3002Trk188i9q9j9rbNuwb310ilPd9NmWd3XPW45eTlBPYTK16z1k457yDb/YDtEkXe/P6X9vzU2dY2NztxLJ030XjcCnOyDQadCio3xk4nveKKgAhsegIpW8RqEmFU158bRQj5Yii5GaSr6XhynOSpQP+4G9VVc35DOPHnB0SaPwWafIzjfr384wgwPyTn4R/TqwiIQOMS8EIhi0dCFg9oDop7ZvEafN6XFpcaAqWGUyk1GHt4biS8SYRNaTRma8rKA4s72olVrHIpVErNUyQREIFGJrBe1TRyRVS8CIhA6yaQVRGz/KJyy4vV7TJQEyks7jjrh1Bk6wKLsy9++SP7ftlqy8ta/1g2/3wqryXlUdu+Txe782d7phK9XnHCkbCFsyPuL0hG4XgocNog5SmNCIhA/QlIiNWfoXIQARHIAIGu81fb8I9+sDbtqj6LNtWsnRCLxS3vyEq3BD9dqedZicczaIPZxEhbtm67HT/PhnrNKY1a/ppyy6+68Dzl4qKxuOXnehZar0VTTquIIiACjUNAQqxxuKtUERCB6gQ8s3Dcc3/VT6XyGSHmJVnD/DSFJVFrV1RhednBFt1EyqJWsDagMvIrkeJrr+9XODFa2DaYf1cMIZqfY1knxcwqXWlTLFnRREAEGouAhFhjkVe5IiACVQmEzPAT4y9IcL5RG6T1bNDkxZY39yfLCegAX7q23PoXB6tT2u3wzFmzglq0SBc0bdp1VQIREIGMEJAQywhGZSICItBkCWRA3Gwy73cnRhGkwWiSLmjaYCUqlQiIQH0JSIjVl6DSi4AING0CGRA3gZdcNm0yqp0IiEATIBBseVITqLiqIAIiIAIiIAIiIALNnYCEWHO/gqq/CIiACIiACIhAsyUgIdZsL50qLgIiIAIiIAIi0NwJyEesuV9B1V8ERGCTE8CXPhKPu78NFmqmWBvShzbR/mQpVknRREAEGoGAhFgjQFeRIiACzZtANBy2lQX5lpubHfhxREUxs/KkR7Y1byKqvQiIQFACEmJBySmdCIhAqyVQkp1lM7t2tvyc4EJsVX6ZrcoP9hSBVgteDReBFkhAQqwFXlQ1SQREoGEJMDUZ9jz3F3DLr8q0mpps2Aul3EWgGRCQs34zuEiqogiIgAiIgAiIQMskICHWMq+rWiUCIiACIiACItAMCEiINYOLpCqKgAiIgAiIgAi0TAISYi3zuqpVIiACIiACIiACzYCAhFgzuEiqogiIgAiIgAiIQMskICHWMq+rWiUCIiACIiACItAMCEiINYOLpCqKgAiIgAiIgAi0TAISYi3zuqpVIiACIiACIiACzYCAhFgzuEiqogiIgAiIgAiIQMskICHWMq+rWiUCIiACIiACItAMCEiINYOLpCqKgAiIgAiIgAi0TAISYi3zuqpVIiACIiACIiACzYCAhFgzuEiqogiIgAiIgAiIQMskkJVusyZPnmzz5s2zXXfd1Tp16mRr16611157zbbbbjsbMGCAFRcX26uvvmqjRo2y3r1728KFC+2BBx6wBQsWWCwWs4KCArvkkkusV69eVYr2PM+mTZtmq1atcnnPmDHDbrvtNuvQoYOde+65G8Qn8YQJE+yhhx5y5Z511lnWrl07mzhxostjv/32q5K/PoiACIiACIiACIhAUyOQtkXszTfftNtvv90QSgSE2H//+1+bOXOm+7xmzRp79NFH7YcffnCfeX3iiScsGo06oYTQuu6662zp0qXuvP/fokWL7A9/+IO99957tnjxYrv11lttxYoVLt+bb77ZysvL/ajudfr06XbHHXdYRUWFffLJJ3bvvfe64x999JG98cYbVeLqgwiIgAiIgAiIgAg0RQJpWcQ+++wzJ4i23nprZ+FChGVnZ1vbtm3dKw0Mh8Puc1ZWZdaRSMRZx7BuYQ1DOJ1wwgn2+eefG1YrziPSsGwhwIgzZ84cZ3V77rnnnOC76KKL7Mcff7S+ffsmGE6ZMsWl++c//2kvvfSSjRs3zhCBXbt2dZYyrG6lpaX2q1/9yqjvpEmTDBH59ddfW/fu3e3000+3IUOGJPLTGxEQAREQAREQARHY1ATSEmLPPvusEzq/+c1v7MEHH3RTgsOGDauzzlizli1b5kQWAu2AAw4wLFpjxoxxQowpRixqhx9+uDFF+dNPP7m8EXnt27e3oUOHOnHmCzHEXFFRkQ0aNMiV3bNnTyfSmDItKSmxb775xgYOHGhY2R5++GFnaXvhhRfs3Xfftd122829duvWzS688MI6646wzMnJqTOeIohAqyEQK7aid+8xM88slLZR3WGKlxdbmy32tvCAPRLYuN+5/+sb8vLyElmEQiHjrz6BKtEPJIfc3FzzaH89Am2t3rcwMM0Eg/z8/HrUTElFQAQ2JYGUhdj8+fOdj9fuu+9ugwcPti5dutjUqVOtT58+TkylWul4PO4sZogk3mPpeuWVV+y8886z77//3pYsWeLK8S1qvNLprV69OlEEFjQEFx03gfN0lFjEiEedrr/+evv222/tnnvuMaxnnN9rr73sqquusvvuu8/mzp3rplVr6rCYdkUoUg6ikKlP/NcURKC1E0B3RVettuXvTLaQZ+YFFDleeZkVDA1Zu22XWTxmFo6YzZqy0pJFVLqsEVzc56+//rq17ZxjTtN5ZmuKitLqo6qXm5OT5QaSzz//nMszEvJszgrPcrJyLGDzXRF5uXluZiC2+AuLxsOG1pszZ6nl5uVWr0LKn8OhkOs/GTTnFkbMi6ecVBFFQATSJMCgCd/0nXfe2emaNJMnoqcsxJ588kl7+umn7YsvvnBWKixYVADRgxBKFk7kXtuojs4S/zCEHOGdd95x/l2IOhz7CTvuuGMiPdY0FgB07tzZneM/RpFMhyKmCIgyRBOLB8gfaxcBkdWjRw9buXKlq3NZWZk7Tnr++FyTEGN6lClOFhcwXUo7/TxdBvpPBFopAYTHqnB7e6tolBMlQa1NZWujNiLSwwZ17ebEAgLvx8IKi8fxHa1qfUoVNX0Ofx07drROXQsr7VWeWU5ooUViMYsEy9a8aMxyIxHXBzjrWMizVV6Zxb3F5nnhwGLMH5R27VpoMS/kjIuz84osHl8ZnIGZ6wPpX/PbYGFMlZ7iiYAIpEuA/qawsDChf9JN78dPWYghlEaPHm3Dhw93ogfrEqslsWwhoLBsERAuWKYQZwQqiuWK1Y8ERNXLL79sl156qRND2267rd14441uxIkPGnEp4/nnn3fWLSxSWKP69evn0vMf5nsa/91337ljTEnyRxwEGe+ZvmQ6lPd77rmnE210fAT/tbYfEVZ78kcgPdOvm2++ufus/0SgtRNYtazEXv/PV+5HPhwONu0XjZfYwP7b26hddk3gLF78uU18a4bl5qfcLSXS+m/obxidL43yTwAAIABJREFUdu3V3j9kT7652GZVLLW83EoLeuJEim9K1pZbmz59bNSo9XVtO3eFRd960XIiwd0WyivKXb8ycmT/RE3mTSqxr8t/sNy8YAxoP1bBPfbYw7LzAirPRG30RgREYFMQSPluR4icc845VcxvOMEjmPDhwmkevzGsTCeddJLz8aIBiJ7x48c7/y/EE9YrhNH222/vBNVWW21l/BFIzwKAsWPHOnG3//77O7F20EEHudEoYhAHfkTcLrvs4lZHIgjpeE499VQn/iiDadQTTzzRiajDDjvMOeu/9dZbLh7lUEfKodOqK1D/6is260qj8yLQkgmwCKa+gUEQg6bkwOCptsFRcry63lfWr1KIcYsvy8+3n9q2sfyclLu7KkUUZ+XY8ryqgos+JGTBRKifOW2lzckBK3wmGLiFVHmFyVnrvQiIQBMlkHLPdPLJJ1cRYbSHvcSwfPXv39922mkn51CPSfzII49M+Hog4PDXwrJFJ4MPyLHHHrtBXpxjFMcr04Xnn3++m/Zs06aNE3FYwZhyGDFihOuosFhdfPHFTozhrH/wwQc7xDj8b7HFFs4yR0ePmGNq8ec//3lCiLFYAEGIaFMQARFo2QQi8bhlxePGa5BQmbbuQVuQvJVGBERABFIWYv5UXTIy/KzYuJWA5ammgHg65phjajpV5RhCi0UAfmCLibPPPtv/6F6Tpww5QPzkNBzbbLPN3F+VhGZuetE/5q+29D/rVQREQAREQAREQAQag4CcCBqDusoUAREQAREQAREQgcBLc4ROBERABERABERABESg3gRSnpqsd0nKQAREQAREYKMEQqx6jHsWTmEhUU0ZuVWTAdPWlJ+OiYAINDwBCbGGZ6wSREAERCAlAqzunNmts7VtE2xT12gsboV5ORYNuK1ISpVUJBEQgYwSkBDLKE5lJgIiIALBCZRkZ9vKgnyL5wcXYtG8rMBPPAhec6UUAREISkBCLCg5pRMBERCBDBNgSpJtNoJuteG5tNpqI8OXRdmJQIMSkBBrULzKXARaJgF8mdwzvwP+5pO+ftuhtkyuapUIiEDrIyAh1vquuVosAvUiUB6J2MyuXer1iKPV+aW2szZUrtd1UGIREIGWQUBCrGVcR7VCBDYZgXgoZMW5OfUSYmuinpVnqfvZZBdNBYmACDRZAuoJm+ylUcVEoOkSwJeJ2clwwKnJSNwzN73ZdJuomomACIjAJiGgnfU3CWYVIgIiIAIiIAIiIAIbEpAQ25CJjoiACIiACIiACIjAJiEgIbZJMKsQERABERABERABEdiQgHzENmSiIyIgAo1EgC0t6rOtRX3SNlKTVawIiEArJyAh1sq/AGq+CDQVAvj9syKTvyDBTx8krdKIgAiIQGMRkBBrLPIqVwREoAqB5YWFNr1HN2sX8DmLPPA6GvOsVNtiVOGqDyIgAk2bgIRY074+qp0ItBoCPKgaEZUbUEg5IRby9JzFVvONUUNFoGUQkBBrGddRrRCBZk+ACUn2J+MvSECIBU0bpDylEQEREIFMENCqyUxQVB4iIAIiIAIiIAIiEICAhFgAaEoiAiIgAiIgAiIgApkgICGWCYrKQwREQAREQAREQAQCEJCPWABoSiICItC6CXgWsng84v4C7rbh0npesK06Wjd9tV4EWhYBCbGWdT3VGhEQgU1AIBKKWkHeGsvLybZQwC1oK2KllhWp2AS1VREiIAJNmYCEWFO+OqqbCIhAkyTQvu1S23Pr5ywnOy/wswDWlq22np37mdnQJtlGVUoERGDTEJAQ2zScVYoIiEALIhAyzyKRCotEIoGFGOnDoXgLoqKmiIAIBCGQthArKiqy0tJS69Chg2VlZVksFrNly5ZZ27ZtLT8/331eunSpO5+bm2tlZWU2f/58Ky4uNvb5Ic0WW2zhXv0KE3/BggXu2ODBg410lDFjxgzLycmxQYMGVYnvp1u9erXNmTPH2rRpYwMGDLBQKGSrVq2yaDRqnTt39qPpVQREQAQyTsDzwsZf0KdjuvQBpzUz3hhlKAIi0GgE0l41+dRTT9nFF19s3333nas0YujKK6+0iRMnus+Isj/84Q82ZcoU9/nrr7+2Qw891I455hg76aST7Pjjj7dHH33UKioqfSMQYVdddZWdeOKJdvLJJ9t///tfKykpsYceesiOOOIIF//JJ590Ii6ZEuXeeuut9vOf/9x++ctf2vjx493pxx9/3O68887kqHovAiIgAiIgAiIgAk2SQFoWsR9//NEWLVrkrE4//PCDbbnllhYOh50VLB5fb2LHSob1i8D7nXbaya699lrr27evff/993b22Wfb8OHDbcSIEU7Qde3a1Qm3hQsX2hlnnGF8fvbZZ+2ll16yuXPnOsF1wAEHWKdOnRIQP/jgA/v888/t3XffdfHuv/9+Gz16tJsqWLFihU2aNMmo05AhQ5zFDOFG/ZcvX26FhYU2cOBAKygoSOSnNyLQEgl4q+eblRebhdIec63D4ZmFsy3Uob9Z0OWBLRGs2iQCIiACGSKQlhB7+umnndA57bTT7Ntvv7WhQ4c60YQYY1rQD8mfOc50JFOM+FMwzbjvvvvaV1995cTYrrvuavwtXrzYPvvsM+vSpYutXbvWNttsM5d/Xl6eE00IMl+IIfKYgmQas1evXjZs2DDD8oY4ZFpzwoQJTtiR53nnnefEHZayRx55xJhaJf9rrrnGjjvuOL/Ktb769a81gk6IQBMm8O3T99iyrz+2SF5hoFrGK8osv2sfG3HRQ4n02dnZifdB33APV/pXrc+Bz/4Abv3R9N8l149uKblvSj+3yhTV86BPy0Song99ZyYC/a2CCIhA8yCQcm+CrxfTkVidmGq84oorbPLkyTZmzJg6Ozo6VyxjBDq0fv362axZs9z0JB0Glqs33njDsGqNHTvWsF751ir8zjp27OiEmo8U/zGEGH5phHbt2jn/tJ9++sn4oyN+7LHHbOrUqfbEE08kRBqWOaYz//KXvzihxrRm9R8D8qN88qdelIUlza+PXwe9ikBzIPDSjK3s+xkdLDcvmHiKVsSs48q21mHWHItkhZ1H04Lla+vddO67lStX2g/z5hp7cuH8jrW6pvsxncLoXxiQZZUXunwxzOMGUV1IpZVnOOx8XefNm1eZzAvZ4lULLRReP/hMJz8/LqKL/mpe5AezEBQ8W7NmjZtl8OOk+0o76W9nz55tHQolxtLlp/gikA4B7jU0DAak5AFgOnkQN2UhhlBi6nDJkiX2zjvvuA6DY1iusEL5Haj/urGRbXl5uau83znSIZ166qnO3+vGG290wqlHjx6uLb6ISx7hUQYjSX861J8KBQTxmXYkPeKR+tGBMt3Zvn17lydWNCxsWMf8Y8ngWADw5Zdfug4cQYagY0pVQQSaFYGQ2coVJZadnRNYNESyQu4+evudty0cDlnYPFtRhgU8P6iPukPI/Txv3lwb//a3FvUilhWK2ewf81y/YBbsod9MnWIBw191Vn7U4tTWMyspzkv0T0GuH30N/cDbb73pxJ3FI1aetciycrPM6rEhK/3V9OnTbe7kuFkkalkWt0WL8urVodOnxuJxe//9960w26usb5BGK40IiECdBNAgzNTts88+NWqJOjNYFyFlIfbaa685nywsWRRO54SQ2WuvvZxzPeKKwOgTK1KyiZ24vvWKOEwdMj1JZ4xzPyNjpiyxOiGYCPiiESgD0YSg8gPpsIIhDAk4/DOyxAcNUcYKTQKrJxlhIhQJvjj0BZw7WMN/22yzjfFHYGHBtttu66Y/a4iqQyLQpAncs+BpW7ZwpmVlV94D6VY2HotamzYd7bSxp1k4UmkB+uGnInvlhhedyAlqFaKPGD58Wzv18O3WV+n1qfbx7C8st02wulKheNxzi3wG9+6QyPfDG1+2n4pWWFZOyt1dIi1vKsrLrWv/Hjb2tP0Sx+ctmWwPv/qO5WQH376CgeIBu+9qI4YcnMj3x8cm2OSF0y03KxgD1zfnZLuFUR2DckzURm9EQAQ2BYGUeyZ8tVi9uMMOOyTq9fe//91NVyK+Xn75ZSfAcJLH4tStWzcXD2GEeMP5nmNYpxBZO+64oxNzTHf+3//9n1tViXDC4sZqSeKz+hHHe0Rd7969nWjD5L799tu76U2mMh588EHnb4YwY8sKRoTTpk1zAuqbb75xQo7tMr744ouEEEM08kPgC7NEg2p4k0qcGpLpkAg0CQKZ+v5W5lMpxDKb53pMDZVvLJ5t0Rh/KXd36yvFgC6Glalq2kzVtUpBSYPF6sfT/dxQ9Uu3HoovAiJQN4GqvctG4uMXlizCiHrUUUc5B3ic97Ec4QCPVQo/LF4JmO2Y/rvvvvucJY0Vi5zHT4yw884726hRo+yGG25wFrLzzz/fibL+/fu7bTIQV9dff72zlmHGZ3sLLFS77LKL2+7i5ptvdvuS/fnPf3b5sRJz7733dqIRa9jll1/u9hgjP3/alLLxPUt1TledmkOr/5ohgTBO8fG4+wtSfSws5JF8DyS/D5JnQ6dJrh9Tkx3bLrZuHX6y3JxgfnJrS8utQ5uq/mDJZdSnPZnKp3odGirf6uXoswiIQP0JpCzEcMqvHrp3724XXXSRO8wUZU2B7SOeeeaZmk65Y4ijc8891/0lR9pjjz3s008/TT7kLGFYw/zA3mT8JQemPPmrHtjDzA8HH7x+KsA/plcRaIkEinNybFV+vpXnB3PcrojELC83WNomwTPk2bYDP7SeHWdZdsDpvvKKEtusxwgzO7ZJNEmVEAERaFkEUhZiLavZao0ItA4CC9u3s5ndulhhwFWT5RUxK+3Utj4+6Y0OOhaPuKnFcLXpxVQrxrRkPI4vmIIIiIAIZJ6AhFjmmSpHEWgyBJhW9P+CVKo+aYOUpzQiIAIi0NoISIi1tiuu9oqACIiACLRKAsvXlNrUWT9Z1roV0EEgVETjtuVmna17p2CbRAcps6WnkRBr6VdY7RMBERABERABM5s2Z6mdd8cbgV0VgLiyqMyu/9VedsQeQ8Q0QwQkxDIEUtmIgAiIgAiIQFMmEA5nWU52W8vNDv7Tn8vjCsPBViA3ZTaNWbfgV6Mxa62yRUAEREAEREAE0iKQn1Nk/bt/Y/nrNjlPK/G6yB3WrrU2+VsGSao0tRCQEKsFjA6LgAiIgAiIQEsi0L5wme2wxVuWm90mcLPWlq2yzu1HmlnSUzEC56aEEJAQ0/dABERABERABFoBAc8LW0U018Kh4HsDkj7uaTuXTH5dwpnMTHmJgAiIgAiIgAiIgAikTkBCLHVWiikCIiACIiACIiACGSUgIZZRnMpMBERABERABERABFInIB+x1FkppgiIgAiIgAg0OAEeVv/Kt3NtdWm5ZYWrPnA+1cIrYnHr2bbQxgzunWoSxWskAhJijQRexYqACIiACIhATQTinmd/nzDVZi1fbXnZwRzji8oqbI/+PSXEagLcxI5JiDWxC6LqtE4C3y9YYe9N+sFyA3a6UCuPxmy/Hfpbn27tWidEtVoEWhCBDsVh67wmbLlZwTyIcsvC1rYkWNoWhLFZNEVCrFlcJlWypRP4evZSu2ncJ9a+TV7gpq4pKbOBPTtIiAUmqIQi0HQIxBaHLbY4YrGcYBax6Nq4xdtLiDWdK1p7TSTEamejMyKwyQjkZEesY9s8a1eYG7hMHuSbHXD0HLhQJRQBEWgAAp4N3myyFbRZYjmRYI8TWlteav16sQP+ng1QP2WZSQISYpmkqbxEQAREoB4EorFsK6/Is/JosA03o7G45USzzbNgDt71qLqSZpBAyDwb0Otra1c4x7IjwazkZRXF1rebvgcZvCwNlpWEWIOhVcYiIAIikB6BPl1n2jaDPrTC/IL0Eq6LHY/HLC8nz7Ije5lZsB/wQAUrUcYJVERzrDyaZ54XzEqOz2g0FkzQZ7wxynCjBCTENopHJ0VABERg0xHo3mmebdH3C8vPDbbgIh6PWnZ2oWWFKzZdpVWSCIhAvQhIiNULnxKLgAiIQOYIuKnJaJ5FIsGsIPF4xCyUq6nJzF0S5SQCDU5AQqzBEasAERABERABEWi5BF74aK5N/n655QVc4RmLe5afE7EzDt3SCvJanyxpfS1uufeCWiYCIiACIiACm5zA/CVv2qTvP7Q2eYWByo7GotYmv9CisWvMrG2gPJpzIgmx5nz1VHcREAEREAERaGQC/Xv8aNsPmWF5OcFEVCwetfzctpYViTVySxqneAmxxuGuUkVABERABESgRRCo9G3MtUg4mG9jLB6xLOcX2Tq325AQaxG3gRohAiIgAiKwMQJFJeX26dTFFgq4x1pFNGaD+3ZwfxsrR+dEIF0CEmLpElN8ERABERCBZkdg2epSu/eFLy0UMgvzX5phdXGZnbjfVhJiaXJT9LoJSIjVzUgxREAEREAEmjmBiljcFiwvdUIsEkCIrSwqt9Ul0WZOQdVvigTSFmLjx4+3b775xo444gjr1auXFRUV2QMPPGBjxoyxrbfe2lauXOk+H3bYYTZkyBD7/vvv7Y9//KPNnz/fPM+zgoICu/nmm2348OGOR3l5ud1444321ltvWSgUsmOOOcbOPfdc+/TTT+3SSy+1zp0727XXXmvDhg3bgN9zzz1nt912m22++eZ2zTXXuPq88sortnTpUjv11FM3iK8DIiACIiACrZNAQV6x7Tb8bTc1GQql/zDs4tI11q9Hvplt2zoBqtUNRiAtIRaNRu2zzz6z119/3YkuhFhFRYVNmDDBttpqK3esrKzMPv74Y9ttt91cpRFFiLCf//zn1rVrV1uwYIH96U9/sttvv9369OljL7zwgkv/61//2tasWWMIPcQXIuuAAw6wVatWOaH2j3/8w/LzuQkqw8SJE+3f//63E25ff/213XrrrU7gzZw503744Qc/ml5FQAQyQIBBUnMMQf2BmmNbVeeNE8jOKreeneZU+ogFEGJry1dZu4IVGy8kQ2eb6/1W3+a31nanJcTeeecdi8fjts8++zhxhUjKzs52Vq6srMqsAFlYWGiRSMRdE16xWGGhat++vUs/ffp0+/zzz61nz562ww47OOvYllvylHiz4uJie/LJJ128yy67zGbMmGG8Lly40AYNGpS4zrNnz7Z27do569mbb75p48aNs2XLllmXLl2cUDz66KOdtY60e+21l1H3J554wqZOneoEIcd33nnnRH61vaE9fltqi6PjIlBfApn6jlXPJxMdG3lkRdZbEPx7vb5tDofX50le1T8Hzb96/TLFILk+1Tknn0vnffV8GopBOnVqqXEjkWyriOUEtojx7EfPsjcJHix2rfF7W/1+2CSwm0AhaQmx1157zYmh4447zlmpNttsM9tpp53qbAaWtNWrVzshRmSsZQgsrGcDBgxIpF+yZImzuDFtuWJF5cgDUUecuXPnJoQY05lYz7CoERBf3bt3d+KQdIi2Cy+80E2hPvXUUy7du+++a+R/ySWXONHGVGhtQgyx9tVXXzlrH/mRFqufggg0BIGscNy+W5Zjubk8pNkLXEROTo4xKJkxMWZRL2SRkNmiRTnG8aD50jE694MH/22RkGfhkNny0pCFQrkWcPGZa19eXp5NnTrF/rPiC4vGwwaDLxflGMeD1hXnn3A45KzpXQtiFvMQep6tzl5l1cVZOpCzc3Jc3/HQQw+bWdzMy7LyyELLzsk284JbCnNzc93swZfvLTULR12+q7O/M44HDQi5WCxqjz76qIU9HhweD5pVy0rnRSwWWWHhrKriP51G8t2cMmWKzf7ffyqvVzqJ04obMgvFbU3WasuKpPUTXaUU7vvFPy62qt/b+ZX9QfBuxvVTH37wgX3x7mKzkP+9nWW5OfX73laUV9h/xv3Hwh4zX83je4u7VceOHZ1rFoamoCHlqzxt2jRnGUJ4IXwQQZMmTTLEWLqdHB0NIgzrmh8QSRdddJEdeOCB1rZtW3v//ffdKToW8i8tLfWjWiwWM8SYr545z+iBPImHcDvllFOcfxpTmvi0tWnTxgmvww8/3HWqc+bMcdY3hF710Lt3bzcNCmREGPn169evejR9FoGMEAiHPItPW2Zvz5xpuessy0EyZsAzdOhQGzGwo8U9c07Jny791uauWGnZAR89wj2KQNx11x0sG6tYyGzh8lJ76dspTjIGHbXj0tCrV2/bdbc+FvdCBoOlExfZp3PnBWfgeeZ5Ztttt53161ZgnhNJnr0x+UMrLV5uWeus9OmyjUWj1qldW9t9GO4W/IKFbMnqb+3dr99Zl2cwMcb1GjhooA3qtqv74SXfz2fNtpmLv7WcLMRz+oE+i36RQWZeNj8M9fjFTb/4JpwiZKvWLrS3Jr/p6hjke8t3tnef3rZ1X/96NVRzQ+Z5MXtj8vu2au1KywpXzi6lWxrfry4d2tnuQ9d/bxev/Nre++Ydy44Et+xFoxU2ePBgG9BtVOJ+mDjzO5u1ZEb9vrdZERu5w0jLzWJT2ObzvUXwJrtNpXudiJ+yEGO68JFHHrFXX33VjdiYBkQBDhw40AklXxTxSmfAnx/40vsmd47jw9WjR491I3Wzb7/91i6//HLDwf/kk0+2jz76yI3CSY+wYgqU+H5AyFE2VjUC1jHidevWzZWL6CIg0BB1a9euddOnCDUCdeQcN1ZNAYXLHwGfOIQZXzwFEWgoArNW5lo0Oj2dW3KDqiCaGBgNHNQ9ca6wcL7F48v51ieOpfOG+xX3gy232DyRrKATg6IpviZJHE/nDT8S+IIOHDQkkazLrKhFo7MDT//Q5cTjng0YMNAG9KjsA8j83ek55hWt748SBab4Bq50tIMHr3eNyF9WavEp8aBYXckwwD1j8MCBiZrMXN7BovOjlpNyz5xI6t5wvehvcQfJiaxnUDVW6/y0siTf3pzsBd5HzP/ODh6y/no1JMnxfG9L6ve9LSworPK9zVmyxuJfZ+B726uXDe6//n6YvqSdRRdHLdjwwdzvNhphi823sKzwel/whuTblPJO+XbHyZ7pvpEjRzqLFCrwoYcessWLF9uiRYucKNpjjz0MyxmCx7c00TEkW77mzZvnfLhYKUkHj7/YFVdcYWPHjrWDDz7YCbZOnTq5qUgc75mSRHAlW6S4YPiHcZzFAFi8qAdWOqxlrNT88ccfjfSUd9BBB7ljnCPw6ndYdV0M6s4NqCACDUmA71iQUXr1OlUfXCTfe9XjpvqZe4XNLLOzKsUc1uj6Btrq349+XtEo92e4XtN95FVRsb5+nlUdFPplpfsKg+RQnXPyuVTfw6B63wKTTHwPuEY5re/3bKPo6/u9rek7u9EC63EyHq/8japHFi5p9fu/ob63lJOJhTFco6y81vfFTVmI4VR/+umnO0uS/+XA8oQYGz16tD322GNuJSQC7Oqrr05YkBBNrKLcd999nfAi7fnnn2/bbrutE2iPP/64Pf/88zZr1iy76qqrnI8I5TCFyKpJBNcFF1xgiDMc/LHKsf0FZbLFxe677+6c76+88kpXN1ZmcjGPP/54J87YCgOfszfeeCMxlUkdqnesfpv0KgIi0DgE+nb7znbf5lkrzGsXqALc03EvZoX5I82sU6A8lEgERKBpEFhVXGZXP/CBlZRWWCRpsVA6tSsuLbe9tu1npx2yTTrJNnnclIXYiSeeWEWEUdNtttnGfv/737tpvP3228+WL1/uLGEIH3+qkm0tnnnmGTfViGrGCoYIw6JGx4noOvLII930IedJ179/fzeliPWNeOwhxmgEc/vZZ5/t6oFAw6eM6Uze+6suWS2JSGNxAPmRhqlMyvFHmkcddZSblvSnMDc5dRUoAiKwAYH8nGLr1O5Hy8+tdCHYIEIdByqFWNSyIrJg14FKp0WgyROIxjz7evZSK1pbXmXVdjoVX1VcaoN6VroZpZNuU8dNWYjha1U9YO3q27evO+wLoepx8K3wN2+tfg5hRHo/j+rnEWLJAcHFnx/w49pll138j+4V37GaVi/gP+YHrGsKIiACTYtA3AsbDw+OxVLulqo0oFKI4egczHm+Smb60KgEqs0EB6pLM936LlBbW2Iirl9eTrYhyJK3z0mnreXRuGXXYwFUOmXVJ26wHq8+JSqtCIiACIiACGyEwI3jPrYps5ZYfm76q/vKozHr0anQbjhzTOAf8I1UTac2IYFwKG6Vf8EKJW0otH53hmC5NHwqCbGGZ6wSREAEREAE0iDQse1r1q3jV5afw15o6YWKaLl1adfLLDS6cvFHeskVu4kQyImU2sitXrXS8hILB9zCY21pkW3eZ38z27WJtKrmakiI1cxFR0VABERABBqJQPs2JdatwxrLza5c6Z5ONaKxcuvYrrg++w2nU5ziNhCBUMizNvmrLDtSZOFwMKmSFV5jeTklDVTDzGUbrHWZK185iUCzI8DUR332G2QjhEi46mODmh0EVVgEGpBAPB6xWDzL/aVbTCweN9IrNH8CsXXfAy/1LU+rNJrvEL6nTT1IiDX1K6T6NSkCRWsr7IK73rJVRWWWnRXMKZw8xozYzH53bN3POm1SjVdlREAEREAEMk5AQizjSJVhSybAyrzFy4tsxepSyw743LrVJeW2Ys36R3a1ZF5qmwiIgAiIwMYJSIhtnI/OisAGBHKyIpaTHQksxHKzI1rNtQFVHRABERCB1kmg6U+ets7rolaLgAiIgAiIgAi0AgISYq3gIquJIiACIiACIiACTZOApiab5nVRrUSgCRMIuVVplbufB1uwwKo2rxmsZmrCF0FVEwERaCEEJMRayIVUM0RgUxEIhWKWn1tknnkWDgUzqldEWewQ7JmSm6qdKkcEREAENgUBCbFNQVlliEAjEYh7/n5MwfZVisVtgz2ZCnPX2G7DXzQ2UwsFFGIlZattQM88M9MWHo301VCxIiACTYSAhFgTuRCqhgg0BIH8nCJrk7/SCvNyAmVfnhW1AvRStRCJVNRLiJE+HE5/1/Rq1dC7NkWeAAAgAElEQVRHERABEWj2BCTEmv0lVANEoHYCw/p/YrnZEy03O/1n9pFrNFZhHdv2tHDoaJ4HkCio0r+LZwQEm5okvecF8y9LVEJvREAERKAFEJAQawEXUU0QgdoIhMNxC4ejxmuQEPZigdMGKU9pREAERKC1EZAQa21XXO1tVQSwOtXH+lSZXparVvWlSaOxpeVFtqZkWeBFG3Evbu0Lu1lOdn4apSqqCLQsAhJiLet6qjUiIAIisMkITJ/7gT33wU2Wn9suUJll5cV24n432OA+WrQRCKAStQgCEmIt4jKqESIgAiKw6QmwhQmrZyv/gpRfn7RByst8mqUlpfZTyVrLCgf0l1xXpX7t21huZL0fZuZrqhybKgEJsaZ6ZVQvERABEWjiBEIWcluYBN3GpDJd8576fup/M+ye9yZbx5qWF6dw/eKVOyPbQ6fuZ4O6tE8hhaK0NAISYi3tiqo9IiACIiACm4xAZGXMcudUWHabYBYxJ8Q8s3AF1kGF1khAQqw1XnW1WQREQAREICMEQqGQhcOVf4EybP6zs4GarUTrCUiIrWehdyIgAiIgAiKQFgGem1oRy7FoLNimyb5FTPvqpYW9RUWWEGtRl1ONEQEREAER2JQEeHJFj05zrF1BsE2T2cKDkOWeVrEpa66ymgoBCbGmciVUDxEQAREQgWZHoG/XGbbr8JcsP6dDoLp7CLGQWUHukWbWJVAeStS8CUiINe/rp9qLgAiIgAg0IoG4F7ZoLNti8WA/p06IVT65tRFboaIbk0Da35wFCxbYihUrbODAgVZQUGAVFRU2bdo06927t3Xp0sXKysrc5wEDBliHDh1s1apV9uGHH9qyZcssHo9bbm6uHXrooda2bdsN2j1x4kTbeuutLT8/35YuXWqvvvqqFRYW2n777Vdj/Llz59p7771n3bp1s3322ceys7Ntzpw5tnbtWhs6dOgG+etA6yKwaPYSW754hUWygu3N43mehSNhG7R1P8vKSftWaV2w1VoREAEREIFABNL+dXnuuefsjTfesD/96U82YsQIW7Nmjf31r3+1sWPH2r777msrV660/2/vTOCkKK4//mZmT1hEwZMooAgqKB7IGUVQ0YjiAWqMJmrigWfUeCR4/DXxFm+NiXgkBBQURQEJiQrEExDkUFARBGGRQxAE9pydmf5/vm+2ht5hF3a6e3Rxq/YzOz3V3VWvfvWrV69eVVffc889csMNN0j37t1l4cKFcs0116ixhIFVUVEhS5cu1TiMLAId3hNPPCHDhg2Tt99+Ww02fk+YMEENN66/9tprJeLa7G7VqlUydOhQmTVrll6zfv16Offcc2XcuHHCufvuu88TIPamnw4C4yfNlX+/MVuKmnl7fUo8npDCwjx56LELpEWLop8OMLYkFgGLgEXAItBgEMjIEFu8eLFs2rRJPV14xvBe5eTkqGeMbwKP8uIpM0ZTOByWvn37yoMPPijNmzdXb9o555wjRx11lPTu3VsNs7feeksmTpyo95POV199JR988IEaZRzffPPNct5558mee+6ZAm769OlSXFys3rZXX31V+AwaNEhlmz9/vrzwwgsSi8XUm9aqVStZsWKFfPrpp+oxa9GihcqEJ82Gny4C37fcWVa2aSU7Nc33VMhYPCFNCnIl4RoAeEqoHjfpk1exfKmKeZOVLKpiIWGaxAaLgEXAImAR2HEQyMgQGzNmjE7/XX755TJlyhRp3769tG3bdrulxSDCgMMQ48PUJMZSz549dWqTacuHHnpIhgwZooYZ05Lt2rUTDKaSkhKdZmQa0hhi8Xhc4zt06KCGIDLss88+snz5cvWu4SVj+pTfGGt401566SU11lq2bKkeOeS55JJLtis7hmRenrfHkrebuL0gqwjkRsISTiQkUr1zdaaZ4anl3oKCgtSteMgYbPgJmm6acbdL8zJpvcdn0szjk1fIU1ZRITs361FDNPhLfn4C5Y1EclNJuPFIRWZ4gExm8GZu5bdfWUmL5Q8mJHd+91dfwhR12utrNA9/sGpZWU7hDgxgg8AgiDpyy1XXMfL7kZd7a9OvfnmrnA3X7N7yXe24rvJsKx5Z0znL9UHx1l1n4XAkED2Tzluw9lNflJf7c9P6xEB4G5IautaNx7bqZVvnkNU4hbZ13Y99riZTtyENU44YTCeffLL06NFDJk+erMYUxlF6ZW8jGa3E3XbbTRYtWqTryVgrduGFF6pxhMHGh7yMMuW7qKhI14yZdKPRqBp2THUSmOJEITA9iRGHATdq1Cj1gD3zzDP6zRQq68juvPNOefzxxzU/0qlNCTC1iQeNNW2scfv888/VsDP52++Gj0AkJLJm1TrlhVdpUeZwYNq0adK8SXKdWVk0oYMHP8YYXF27dq3M/GiGJLQzD8u6klnS8+B3JDfi7RF4yhiLl0vx1/tK6ZqOIsIj8SFtSzk5NTv7TPCgbbPuc/r0DyUUQl2EpCz6bSZJ1HotGNDGZpTNEgnFRZyILNuwzFd9kRH1Mvvj2VKUv7r6/YeOrhnNREelCxzJyVF9M2PGR9VphmVD+Vee1x6a9MEAPVi2pkUSAwnLmm/X+MLAzdm8COtwfVqLRthav8OyatMiX/Lm5OZqP7KqaVU1Z8koJBs3bqrV6KlVjLRI5WxFpUyfMU1CQrsFg7CURlfzQqa0q+v/M8nZ4i2c5VYnIsUbin1hYCSYOXOmNM3bQ+V1JK5OCT+8xUCk/3Lzdn3Zl+JHHyCr8nbhQilZxXIN9ExY9RnxXgO8jcfi8uGHH0puJLlkKRovUf3rV9d+++23MmPGTBe/vEpZ+33YITiljD1S+1Xbjq23IcbaKxbTYyjxzWfu3Lmy9957q9FkRgp8A1xdVjfEwsuF8eS2VOnwCMQxtUk+BL7pCNyL+8mDQptrMKi4nzTJu3Xr1koWHh7gePXq1akHCUiTtDDaysrKajXEMNqYejV5c63JS4Wy/xo8ApGQI6WlCWFk6TUYHmOYb85PdmjlVSJOIuFrtBoKh9Q4+GZFscSdkCrzTYmNEk8Uijjeva+0oLVr10tZ6Jtq4yYklVWVuuu3Hwzi8Zis+GaFhJykIRaVDb7KjyyRSFhKNpfIitIVIuG4SCIimxKbauiETGVOKuyQrFmzRr4PsSUAdeZo202eyzTF5PWhcFjQMSuKVyTTdCJS7qwT6lH3HfCWrA5gGXQ6G6sxcCJSFi/NaGC7VdbVunflypWSI02rMdjqqmAiHOpsg682Fg6FdPBcvr6o2hilykISjcFbb9Ps1HUMzq6As5HqOgtLVL7T6vJqjNE30TekOAuKiYhsdjYHwFuRNatXS16oSuXFEIvHYr7amRqk0coavC1z1vnSBxQZncqMU3yj0TPwtlzCIW/1RZqqaxOOwNuIJB0sMSlL2hE+ZiDAgH5+RXG1rMEwP5UKdg6zfDyc6CfU2xDjyUemBDFqIDjGDAvxmTLEUwZBCRhZHBvDDEHxOuGlIpAGC/LPP//8rYwgcy0GFOli/DCFSD5t2rTR+/mH5Y2XbMmSJRpnZOIa7sECJvD0JEq5W7duOk1pjD3zXZdyZsqTDwHPWpcuXVK/NdL+2yEQWDJmlsxcOl8KcrdMLWYiODyJ5OXKwIEDpSg/OZKOJUTGzn9NSirLJeKxo4hWRqV16w5y+sCeKXG+KH5HRr/1H2lSsGVaLXWyngeke8zxfaTN7oen7nhpyhxZuPwrKUibSkhdsJ0D2mvznZrKmaednbqytHKtPPnK62rk1NWGUhfXcVBRUSkHHnmg9O58euqK6Z9VyqTp70lTj1NI6A82xzyp/0myS9N9Uuk++8ZkKVu/VsLV61hTJ+p5EItGZdef7SqD+g1M3bFqw+fy3LjxkqdP03rzsjDA7Nqrqxyy7wmpdP/zUbFMnz/XMw8YJERyI7peNifk3buaEmg7Bwu+LpIxU970LC8Gbp9+faT17ofVyGnU5JmyqPhrKcjL3MsCZ3du3lTOPPWsGmluLF8lfxsLb5Mdf42T9fjBg2YHHdlRjnZxlts+mF8qb370vi/eks7JAwbITgV4xJJh2IS3pez77yQcqXc3bW7Vb7Btu8/uMui4LbwtXjtP/jFxvGd9QMKVlRXS7ege0ql131R+E6d9JTO/+ESauJYFpE7W4wBdm1+QI2eeeaaEJakD4065PD5mvMSiCWEw5CXQxtp2bCv9e2zRM17SyfY99a7hPfbYQ26//Xb1gBmhXnnlFZkzZ45ahCNHjlQvGeuyMFzwlBFoFLhcb7nlFtlll13USMJzxTVujxjX4UalQvBikd/gwYN1JMoaMKZA2ZqCRfpnnXWWdOrUScaOHatPX+Kx6Ny5sxqHGIAYbrfddpu6/ZHj4IMP1kX9Rm4aFFYyint7AXkgtA07HgJwyquh4C4tfCnKT47Syiui9eKN+/70Y2RCNneAY35l5f50rsJfv+nSTuLxqtQ6MfDwG5Ap3cvMb7+yIhfKF2cQweGvHu08eXUd/6unqN1nNQ9v9lcqGcrK9j/uEChnC7NviCG/nzrj3nTOgodf3ipnEzGJuNaJaZ25wc7wGFnTOUsSgfGWdlU9Zkwk4r55i7zg6A5B6ZmqtD4xEN46otOxZjAalJ5J17VuPBrKcb0NsbPPPjtlXBnhTzzxRG1EGEFsNcECfPYTu+yyy1IeMAwhrmOqj3UxGGEYdBha7oDHDC8Z05K4+tj+4v777xcW119//fU6/YmHC9cljQxD7Morr9QtLzi+6qqrNDme0MTAwyA0aZJXr169UoYfRiAPA5h1aG457PG2EXhr1lLZWFKpU0vbvnLrszyF2LJ5oRx7+Bbv5tZX2RiLgEXAImARsAg0HgTqbYhhbKUHpifZu4uA16m2gCF277331naqRhzTkTyNaULHjh1l+PDh5qd+s0mre6PWo48+Wvi4wxFHHCF80gObwprAwwY2eENg2Pi5srB4vRTm15s6qYzKKmJyWPvdd3hDjC0mojG8Ld5cItGq5E7cKWDsgUXAImARsAg0WgQy700bLVS24CDQrEme7FyULwUedprPy4lIUaH3xegNoQbC4bi0a/WJ7FZWIjke126UVpTLXi2ZMujeEIpkZbAIWAQsAhaBHxEBa4j9iODbrHc8BCLhmBzQ+mMpq1gvkbA3o7KiarPss/vWr/ja8dCwElsELAIWAYuAXwSsIeYXQXt/I0MgpLvfR2MFEgln/kQXYEWrqvQlwY0MOFvcHxGBqliFfLzwDYnFeSgk8yfQuG/PFu3kgNY//xFLYbO2CPw0EbCG2E+zXm2pLAIWAYtACoHKqnKZMvs5Ka/cXONJwtQF2zkoj26SLh0GWENsOzjZ0xYBLwhYQ8wLavaeQBFYua5Exn+wSHIiYU/7Y1ZUxqT3Ya2l8367BSqXTcwi8FNBgK0MCvN3Um+Ye0uH+paPjTHzc7O/HUZ95bHXWQR+SghYQ+ynVJs7aFm+WbdZ/vrax1KYlyteNlHesJl3LBZYQ2wHrX8rtkXAImARaMwIWEOsMdd+Ayk7nrCdiwr0SUwvhhjFyM/1/iqjBgKDFcMiYBGwCFgEsozAvK/Wy6QZK6Qwz3ufEa1KyFl995W2e/K+Tf/BGmL+MWxUKVTF8yQay/e0ziQai0gs7u1Jw0YFsi2sRcAiYBGwCGQFgbUb5stHn/1Digq9GlGOlFdWyondrhORjoHIaA2xQGBsPIkcuM/H0rRgheTnZP5OxIqqSmnXaj8R2fKOssaDnC2pRcAiYBGwCPzYCOy280bpesAXUpDf3JMoIXGksqpMmjUp83R/bTdZQ6w2VGxcnQjsvdtiyctZLDk5mb9IuypWLq123f77PevM3J6wCFgELAIWAYuADwQSiYjo9kORzJ0JyWwdicYS4jiZbwNTl9jWEKsLGRtfKwJmatKRzEkMee3UZK2w2kiLgEXAImARaKQIBGfSNVIAbbEtAhYBi4BFwCJgEbAIeEXAGmJekbP3WQQsAhYBi4BFwCJgEfCJgDXEfAJob7cIWAQsAhYBi4BFwCLgFQFriHlFzt5nEbAIWAQsAhYBi4BFwCcC1hDzCaC93SJgEbAIWAQsAhYBi4BXBOxTk16Ra+D3LVj6P5n95UQpyGuasaSO40jCiUu/rpdJy532zvh+e4NFwCJgEbAIWAQsAvVDwBpi9cNph7tq3cZlsmDpVGlSsHPGsmOIxRNROarzuRnf25BuSDhhiSdy9ONFrngi4fleL/nZeywCFgGLgEWg8SFgDbGfaJ3nRPKkIK/Is0csnsiTcMj7u7gyhzUkIny8hNrv22+v+dKr05vSpMDbqywSibjk5xVIbk4fESn0Ipi9xyJgEbAIWAQsAttEwBpi24THnvwhEHAkJIlEWD9eXvrNvY6ztTG2U5MNsvsuy6XQ46ssMMTycgslHIr/EDDYPCwCFgGLgEWgESJgDbFGWOkNrcjNm6yTnge/kXx/pQdLrLRis+zVclcROaBG0eKJ5EvGY/HcGvH1/YGBFw5z79ZGXn3TsNdZBCwCFgGLgEVgWwhYQ2xb6PwA5zaWfivj339AHCchoVDmD7FWREul8/79pPtBA38AabOTRW5OVHZtvlLy9P2VmRs9hfkbpTCvNDvC2VQtAhYBi4BFwCKQRQSsIZZFcOuTdFWsUpat/sSzIVZWuVH23r1TfbJqsNcwrYjXKhzy5n3iXhbm22ARsAhYBCwCFoEdDQFriP3INRYKhXQdklePWDxRJTkRb1NvP3LRbfYWAYuARcAiYBFo9AhYN0Kjp4AFwCJgEbAIWAQsAhaBHwuBwDxi7D1FwMNjAnF1/da9quJxSSQSqftyc7f27ESjUQmHw5KTU7uo6edrk8PI4/c7mXaynN7SCtXAw1sa9i6LgEXAImARsAhYBH4qCNRu3Xgo3ciRI2Xp0qUyePBg2WOPPWTNmjUydOhQufjii+XAAw+U4uJiefTRR+Waa66R1q1by4wZM+SKK66Q8vJyza1ly5by2GOPSZcuXfQ3Rs/rr78uQ4YMkV133VXuu+8+Oeqoo1KSxWIxef755+Xhhx+W/fffXx544AHp2LGjjBo1SvO+7rrrUtf6PTDG5MRpj8qy1XMkL7dJxknG4lXSrElLOee4u4Q9vmywCFgELAIWAYuARcAiEIghtmHDBvn888/l008/lZNPPlkNMQyl5cuXS0VFhaKM54rffBNKSkpkn332UUOrWbNm8sknn8jtt98uzzzzjOy1117yxRdf6DEG2MqVK+Whhx6Sww47TIqKkptzvvfeezJhwgR56qmnhONHHnlEr//+++/lm2++SRl4BQUF6oXC84ZMVVVVEolEJD8/P2Pv1Pclq2XNhiWSn5v5BqGxeFSisXIxHjtLPYuARcAiYBGwCFgELAKBGGKvvfaaeq0GDBggn332mXTo0EGYZsTYYVqRgFfJbfxgDO25555y+OGHazxG2fTp0+Xjjz+WU045Rb1au+yyi5x++uny5ZdfqgcNA+uAA5J7ReFxa9WqlRx77LGax+jRo2XVqlWy8847axr9+/cXDMTbbrtNBg4cKMj4r3/9SxYvXqzG3F133SX9+vXbLgOQ25QhNydXcnPzJTc3c48WO1Pk5OSm0jIZa9ohpjsdEf02Z+r7zfTv1teGwkR6TxNZTLlrpI6M5lPjRD1+hGqXNYWBp/KTryPJ8taUIYmLVwwgbfJeNw41ZPUqby04hH3VV3W5tc5qkkEx8FpfJLstDDzzq7rOaopaXYc+6gt5pCZvQ+wBZ8ofaH2Ft6Rbk3YZ/Nqat9ngLAL55m0tnE2m60fPJPmV5H5N2HzxthbO1sCAH564ULv+8qdrESa53OUH0zOmPdSEPINftLGajddXfZn6SOtzfHNWS7R1nQVSX7Xo2gwA3OpS34YYHh48UmeeeaYcffTRcsstt8jBBx+s049mSm+rXKsj4vG4eq4w0PLy8qRTp06yZMkS9ZphRLVo0UKvbNq0qXrZmN7EEMOrtnHjRtltt930PAZb8+bN1RBbu3atetsef/xxmT9/vrz55ptyyCGHyJw5c4TpTzxrnPvggw/k+OOPr9UrhueMDwEZKysr1bNXFU1IvCokcQ8bfMbjIYlXiZSVlUle7hYvHVOzpMkWDtvDSwVK+xePhSRaGVP5TEPG+xetqJJEjDxrNpi022v9yXK/eCIk5eUVqXSpZz6xqKNphmvZyb7WxFyRyAqGeEkpKx9kJR/FVdPMXF7KWVlRtZWs0cq4kKcXDBA7kaCuRTmaG26qslZEqS9JppmmjFxF3eYh8kSjSV4ZDCoqor5kJUPSrSiv1PZh6ssPZzVNeBtNYpCTk1ddX0nOct4LZ7mPOkvnrR/Okia8TTjVvC2oUOMj4SR8cVYxqNqatynOqi7InLOarvI2WoO38CIozoadgiQGtLEKf7w1nE1vu355azhLuuivIHirujaa1LU8UW7amNG1GOdeeFsbZ/3q2iRvk/xBvmhBVDGIx2MSiybbdDjhkV/VvKX/MhigH8DcSx+GrAT4Sb3TD5v6Ut6SbnIkUX1l/b/ob+LhpJ4JS35Sz7g463jVteiZaLxGn1MZoK6FtziVWMPuhVMGId+G2JQpU6RJkyZqFGG8YBBhmJ1wwgnqFTPCmW+TcW3fhiyco4LNPXzzIc6cSz9PvJl+bNeunfTs2VM9bkyHLlq0SI26nXbaSdeTMcX59ddfy+bNm4W49IABN2vWLJ3GLC0tVc8aa9rKK1tIs8RxdD/pt2z3d544Et8UlhdGjtJrwQqvob5Gp7Lndu+v64I8JyGLZ0el+NPhKeMRUkSryqV51QkiZV4fjHVk0vh3JRL+MDWdi6Isr9hPmjptPGNQUpIjw4cP17rCyAWDeLxKiqJ9PaUJLmAw9/2VsmB6EgO4QuOojIo0j/UTKfWKQbKmx4wep9iah0mcykOl0OEhk8x5oPKKIysX5MlzXzynOJAu+8k1j/qTFY79779zZWpinpZf66uypWfOGlmrNkVk+PAROigxnM2v7FUXJesVT50tnFUmX8/bwtuEU5XkrI/6wrsw8fWpEgm/l+JtRbSdNHXa+qqvjaU1eYuj3w9nFVsnIbPeWS7zPtjC21g8VM1Zb9xS77CEZMzo17W8LMVI8taRcGUXz7yFW98syJPhi4YrD9C1QfCWdKf+d668F1mQqq8kb/eQZoljPdUZaUY3RWTEiJHqbHLr2oLKLeuM60VU10VJzpbIUhdna+haX7wVmTD2bYnHE9Wduki0or00dfbzhIHySxxZX5orzy97PtV2da1y1FsfZqAAh4+mLpGZU5/RfhldWxHNk+ZxZph88DYUltEvvurStUnOFmi/7y3dPMeR4k9zZPjCJG/VcJR4ILp2yqRZEg7PVVjOOOMMdRYZjDL99m2IvfDCCzJx4kT1PGkDKi9Xo4cF+nS0xpgCAONlMkJyPZ4wAgoDg6lXr17awPFysd6LgDG0bt06XVPGbzxoGHysSSNwHWvOmKpEQZCuCRyTd7IDST6hyTniuba2cNBBB8l++9EARKc0eQgAT1wkjNVL2kmDsLZ7645LGpLs+7V+/Xp544035KyzztLpypyIn2rAqxSXhBNXLx8eN6ZceWF3OMxLu73ISilCaiA54gh13LdvX8U3Ek6OML2lCwYJiSdismzZMvnwww/lV7/6VbIx66uEvMuaSMQE78e///1vHRR07dpVy598cbn3dCl/WVmJMPXN1DvrGf1hkMQWWefNmyNfffWVTr/DK/jlDVfDupBi+/LLL6kXmDboj7NJWWk/a9etCZCz1RhU8/add97Rtnjcscf75GwyXQx76m3EiBHq9W61197VesgHD6p5i8d+5syZcs455ygPgqgv2gQ6lKUaXbt207brPd2Qlh0M8LC8/PLLctpppwmzChG8Q9pResEhpO2LdsbswooVK7Q9+OdtkrNggKxHHHGEDpb98XaLrmWG5D//+Y/WV5g2pnsuein/1pylXfTp0ycAXUvaIrFYlYwYmeTs7rvvHoieAdcvFy1Ux8Ivf/lL7b+C0jMTJozXPoE6C4dzBHz98nbz5o0yZswY1Yk4ePxxtrrOHHZniCsGLGk65ZQBAenaKrUt6Btw6vCQotfgxwKQBQsW6Mgbhcd0JMRkhMATjHiiMJ7wJDEliLJFGRgPFEYQ04tMNxJH4543b55cffXVqjSZdgS0d999Vzvtb7/9VjtYpiwx0niSks587ty5mgeGGIv8SXfhwoUaj3ysG9t333117ZoxvDAI+RgjMR08DD0+BKx9t9zp12b+u1BlxDCkHHXJkHm6op5Jymgw9pJGzXsK9CeykmZw6YoaNCbdmnn6+8XDGTTgIGXNy8tRQ571h3AhqEBa8CxIWZGNwQ0GY5DpRquapwZIQXIWeQsLC3XQVtQsKGxr8rZpUWFQVZbiLfgGGeABfCgqCgqDQuUWbQzegnFQYcfhbaFOn4EBA/cgA3qG/i7INiZSqG2MNINMF65mQ9cazgYpayQSSulaMA4ywFvSbNYs84ftapdji56BC36CL0Ps7bff1oXwTEO6wwUXXKCj0fPPP1/++te/yv333y9t27aVJ554Qg0orqUSMbxYmI9iR1k8+OCDKa8XXqnf/OY3cuGFF6ohxzmmE5977jnd5oKRCFOIrE0jbfIgHYwujDi2yfjuu+90zRppIStGFYEKgTz16VBYp4asQQbyxTjFY4jhGlSgXKaMQaVJOsgapJykSXqkG3RA4WKIBRkwbjH8gw4oBXgfdADXbHEWLILmGE9Cm0FSkFhQZ0HLSoeWLd4GaSyBI51DNmRFzmzwFl0LvkEGo2vBoj76vr55m6f363t9fa5DRjjrntGpz33buyabnA3aWKIs2dC1pAtvgzbISZc25heHkOPDlMP1jcKvjThMkSHcpk2bdNqRUbobBDxSeLH4RgQ6ZjxE7oChggcMZco5pi/JEwufRsVvvGqkbaxy0mNxollISJ7cTxwBeQw7odkAABVcSURBVM057tte4yQ9yldbGd2yZnJMeUk3aKUDXoSgOx9wpn62h1UmGNDx8gnawANX5GzsGOwonIUzlrdMS1neWl2bXKJjda1Z15hJj7L9a9EzxtbY/tX1vyII3voyxOovqr3SImARsAhYBCwCFgGLgEUgHYEtq9rTz9jfFgGLgEXAImARsAhYBCwCWUXAGmJZhdcmbhGwCFgELAIWAYuARaBuBCJ33HHHHXWftmfcCPAUKOuaWFtGYI0bO/XzCiYWApoFe2ynwVYcPPXJok5zvUmLdW5sycF6tSDXXZn0+eZxWuQzC9dZF8e7QHlKlWAWmyILj+Tz1gLWJrivp2zEs0bMvb7PnU8Qx8zd85g5DxuABxiTL/IiH3kTz3U8jcvTsm6ZuN7EU2bKFvQaMcq5evVqxYp6JRgMWX/IK75Yz2jWJHKeOuYJXtZJsrjZrDNkXSNvi2AdJfHZ4AAcZGsMnhpGPoMhayTgJpwFb8NNsEVWysh6S7N+kevgB/WD/NwTdGBTRPJgSwR4C65m7SA84CEdMHLnTRx1jpzpi9zhOphzzmAelMxwDf7xYRsa2jAfAvUPtpTH4E082FEXrCUxa1nTOcu612xwlvzhAG0J3rpxRE54C1fcvKUNwQXqgniDIfdTDsoJ5oY7WviA/pE2XEBm6tE8VFUXb0228JZ6MBiaNkkductmrg/i26070/UOXIajyGN0qskzvR9BRtNW3Rwx1wfxTfuGs7SZdN7yG94aPeHOj3LBg/QykB5tjGDaqvs+v8d1cRbMef0hnHXrVPJDJnZXMP0IcT8EZ/2WVe9nsb4N20dg2bJlzgknnOC89tprenE0GnXuuusup2PHjs5BBx3k3Hvvvc7mzZudiooK56abbnI6dOig55588kmnrKwslUFJSYne9/DDDzvxeDwVH+TBd9995wwePNi59dZbNVnyGT16tNO1a1eV9dJLL3WWLl3qxGIx5+mnn3YOO+wwjb/++uud1atX6z1jxoxxevToofF9+vRxPvnkk6zIW1lZ6Tz++OPOoEGDnKqqKs171qxZzoknnqh59+/f35k2bZrmPWXKFKd3794af/bZZ6tMiUTCmTlzpnPaaadp/JFHHumMHz/eoX6CDMXFxc7AgQOdAw44QOv2vPPOczZt2qT5DBs2zGnbtq1zyCGHOCNGjNBsy8vLnaFDhzr77bef061bN2fcuHEav3HjRueWW25x9t9/f+eYY45xKFPQAbluvPFGlRVuks+8efMcsJo8ebJzxBFHOO3atXPuuOMOBz4Sxo4d6xx44IHOvvvu6zzyyCMO9bJkyRLn5JNPVlzbt2/vXHTRRanrg5IZnJ555hmnU6dOmk/nzp2dl19+WWVduHChc/rppyveF154ocpDvrNnz3aOO+44jb/66qtTnDUyPffcc86QIUOcNWvWmKhAvuHnu+++6/Ts2VNlhQt//vOflbfr1693brjhBgec+vXr57z//vua58qVK51LLrlEZYWjc+fO1fgZM2aksD300EMV/6A5S31//fXXiiF1i0664IILtA6p36eeekp5S/4vvviiylVaWurcc889yg/a/xtvvKHx6D90CnyiruAIdRdkgLfXXnutykk+ffv2dRYsWKBcePPNN1VP0Z7uvvvuGjx87733VC8sWrRIxaGenn32WadNmzYq6/DhwwPXXZT9b3/7W0r/o0PpG8D8888/dwYMGKDluPjiix2wM2H58uWq22hvhO+//9657LLLUmVG7y1evFjTMff4/QaPqVOnOt27d9f6gwtgSPy6deuca665RvMnb3StCXD68ssvd26++WYTlfqeNGmS3jdnzpxUXBAH4EffdOqpp6o+oj3BWXgJZ+lP0VHgPWrUqBRO5twZZ5yR0v3gDv5wiTI/8MADNfriIOQNKg07NVkPc5ZROe+mZANSMzrkJeWzZ8/WbTo4ZuTAxoHsl8bo87///a989NFHevy///0vlQtvImBneUZ7Jq3UyQAO2LLjH//4h7zyyiupLQEYLSLPlVdeqS9XP/TQQ2X8+PEq//vvvy933nmnxrOJIPF4ayZPnix///vfdf81XuTOfm3IHGTAYwRmbD3C6IqRFV4iNmXt3LmzysQ2JGx+yz5zvK7qxBNP1PhBgwbJ2LFj1cP3+uuvazzvOWWDWK5j1BlUwHvBJp7777+/fk+bNk2f3EUusGIjynHjxsnDDz+sdQsXkPett97SbVP+8Ic/yLPPPqseEbjARsTmtWC85J6RXJABLwceQ+SCm8ccc4xMmDBBR4dPPfWU3HjjjVq/7NGHLGBPXfPqL8rBtaTBe195CwV1D6/hK+eCDHCT9vKXv/xFZb3++us1LzwK//znP4WtZ9iLEIzIm7pgG5yTTjpJ2yMj/KlTp6ZEQu5hw4apZ8949VInfR7AV+oV7oEr7RivB3Fsj0M5zKvTaIPISh1QF7xHt3379jJq1Cj1mFEWNtiEs0OGDFGPBN6gIIPhLRv7oqto63jtaV/gRPthI9l7771XscbbAM+pa9o/+oLtgvCUUD68YMgLz6kTPOZBBrYjIvBeYPD9+c9/rvoIrwbbIPH6PORANuSAE+wVyfuE8SgZzzL18OKLL2o6cJp3DOOVDDLgKcbDdM8996isV111laDbiQcz2g11ji4AbwLn7r77buWtkZUtnMAVPUiZ0XvoM7gWVMCjBUfhG3mgi6g7jukXaIP0bbyiEN4S8JJxzOaq8MgdOIfeQnbjDXaf93NsOMsm6siMniQPeEqdgw3H4Ih86C76DMpx3333qfeOfgTPInE/+9nP9D50CV40MyPkR8Zs3BvcJlbZkK6BpInSZE80CI2LnIALlBeVs4cZFc+LziEmFY/C5RxuafY1g1Dsdg/hUcx0jJAL0gVtjNH4yRPFYBoQRgkuft4OgKyQnIbPa5x4GwHyEk+nh5GB8mjdurUqL4xJdubGCDHKI6hqoROlw33kkUe0wZMuDYtGxAbBBlc6BowGOhHeR0o8nYvpDCgXBiiyUj/dunULdJ8j6oiXz/MaCxPatGmjfIAHe++9t8rFFitgiXGGsoIb1AW8AU/c/xxzDbuoU0biwID0ggq8VQAMTOCVXyggBhS483n3KvnRWdDJMRXIrtDIw15O8ICOC4ODffoI7JUDp+mswTgoLoARStUE8MJIQFbygKvIzO7ddLzE03EhKzIRD6YYO5x//vnnlavwmt9BBqa4fv/736eSpK1Tj7Rr2gw6gD0MwRf8wBy5KAPcOPzww9VYo8M2U6pwFk7TxszShlQGPg/QP+46ZCoRHjI1jnwcIxt4whF4izHIMfygTaFP4CdlxehEXqaNjjzySNUdPkWscXuPHj301XQmkrebgC35gx+4wg+MFdodxgqdLfxhMGl0M2VDXnDlGN1FXfjZ+dzIZL6RDQPWBH5j3JAPuMNPZIafGLIMYjHIfv3rX6uOM7Ji/PTu3dsko+UzOjAV6fMAOa677rpUKmADFmCLEYP+pC2BK8YK/KCe4QAbrLsH4PCZN63QNhnQ8zvIAHboHN46Q6CdIAeY0I9xjH6i/4QLcBH9DO6PPvqovPTSSyob8eg2dDNlgfsMQNElDTFYj1g9auWyyy6To446Shu6aUB0poyIXn31VTUS8HSw5gIDgY6EeBQuI2Q6BAhOQzzuuOP0NU4ov6CNMIqC92rgwIFKRmOIoXBpTIwmMGhQXhAVQqN4GRkTjweHRkgDRdHhqbr44ot1c1zWjJj06gFZvS4h/yuuuEINAXAlfQwBPhiKyITXiTUBNEDWKfCbeLAEfxrYscceq8fISrlQbEGP1NyGB6NyRuJgTQeMXCgQOlJkRy5wNbuvs2YBQ5iROkaDiadjR04URpDBLSudA/XNBshwDpz5JqCMqWdG6sQhP4rPvNXCcJ1rSQOj8dRTT1VuBSmvSQsc8OTSqdG+wNasw8NbS4eGMUC7MevFKANKmmsZKXNv//79VeFSJ9kKtHXaE4MGsMXwNvWKsqde8dIgsykDnR11A5+5Hq8NnOWDriCtoIObC7Rv8oa38NCs+6Hu4S3Y0v5NOZAbnGlTGBR06Mg6adIkfXWUuS4omd2yYhQiL22bNs45N2/RUWCMtxnDEa6a++mwkZv7TJukDNkKyIK+R/cjCwaiqXP4yW+MWrBL70eMzMiGh4pB5y9+8YusGQwYXngcCehJ5DL1SP3StuABMmDEI59b76N76c/OPvtsfZNNNtqYGxNmN+h74Czt3M1Z9Ce6lgGQ6UeMrOgD6gV5wf23v/2tjBw5UttjtnjgJ11riGWAHo3ddE6Msqhc3N5Mn0EAiMxIEWt+6NChctNNN6lCQClglTMtAZFwsdKRQ6JsBSMn6dMxXHrppTriZURP54yCYEQBSSEr8Sgw4ikLC2aZgkA50AhQvijvbATTeGjgKE+mF9ldGZkwvPBu0BHzpgWuIR5XOkoPBfvQQw/pCBRZ8TrwFgaMhqADmIID03s33HCDjrpRREZ+ziMfyh+vnTueY+Ld13Mt91DmbAQ4dvPNN6u3hWkeFBz58SHQ8ZM3HxPPt4lHKXOMoc40HFNoGBPZCLQFvBqk/7vf/U47BCOvkRXs6IzT4+mQ4StTQuCM14wpVxR4NowbjBWmcpm6/dOf/qT1ClYGV1OvyIrMJh5ZuA68kc1MFVFHeKKzpQ/ABK8+U7Z//OMfUx2om5+18ZbzyIvRiacRo502hr5jqpBBZjYCdQcm6NHu3burDIafhgsMGEyHjZwGY85zzvzmm7Jlq41htDCtjpcJ/QReBJM/dQ4H+JhgzpnffDM7wXNzvEkGT1M2As4AdBf9D7wFk3Tegin4meCWFf2PHkDnYlxST6SFlzzoQJ2xTIYpUDiL5xlZ3Zzl2F2v5pyRBS8Z3j44yzQmv2mzDTFYQ8xjrWBx435mDpupRwwH3KCMOHCxs9aCxkXny/QLJKZR4mViehKPD2s2foiANwyPDG5b1vswgmcUhLFAx4dxQbyZmsL7RBkwNgkYZzRit4s6G3KjBGhM5INSQiYaIcoAfIl/7LHHNJ6pYpQb5aIceEIITPvScWBsBhlwwaMYMKYxso2yBD9GXpyn7vF6MULDw2BG4WDH9AojZkbKJp5pE0ak8CboACfhGoMFRq8EjFmMCEaWBIwB6pb6RhaUKxzFiEUm8MYIoxMHdzyY2QgoSIx+DOv/+7//03pltIssdP4EvEsoYjhpPAzEIytcps4xyFgL8vTTT6s3BY8KHqkgA3WJwUcHTD7UMx0XAyw8iwQ8e3hE6QSQ2dQ35aTTAm8GDHwI1AFymnrRyID+UYd4QPA0sgSA6TqC4S1tC10Gb5EX3E05KCtl4VrSMfoA7xheUzgWdEBn8q7iwYMHp5YCkBd4GnzwloGZ22BADmM0wHPaJJwwbZJZgaADSysYBNIuGKRQ1+m8RQ/BS+LrChi0TKuxPhJPVDYC+GHUgAuDCOTBiIG3hp98gzED39oCXlz6M9ZkoltYq0ffgQ4LMsA1vM14GcGF6XMCPDSywlnwr6te6RPgc8+ePfVeOEEcZWiIwa4Ry6BWaNR0DgQIzUJNPA2MfBkdMJqBlCwaZDExnR4NkblpCMMIGEufkSmdyXnnnZdB7pldihIyskJa8qTRsX6IaaZzzz1X5aZBYShiJOAZQxmwVgBliCuXRslCX5SvcbdnJsn2rzZGDIqMY6YdMcIGDBignQiNCBkZhdNJHH/88dpIKQtGJVOFLCqlfvA80jliDAUVUPC4yOkcGP3S+fNh+gx8kJsF5NQphqSZCqbTpbOmk0PpcS3nMC7wpGKsY0gG/W41OirqFw4iG3gyYqfDoAPDmKTDo5NFHuSibjEw8OpSDgwxvJF4P+AI/GYxNcqNuggq0NmzKBxDBM8rsuLBhYMYZnRS/Gb9JQYlx8jLQIb6ph6YiqQd8iHwwAE8YEmBmcIMQl7aFIu/R4wYoR0EHRGdLAMYBgLIxPoZ2hGdBjwEXzoUBkEM2vCYw1+WL4wePVq6dOmiXGf9HXUUZIC34Ml6UdZRkScf2gYYcp7yUAcMgpAVncWgkU4bHsFbeAOedLp4JjCK6dCoryADssFb1mLSjpAdHtLO4C3Y4sU3a4XcHjE4i24l7LXXXmrMP/nkk2qMUc6gscWwgV/IgJ5CVtoOvIULcAB9S5th0AhPTIC36DkCeo51YwyY0NNMr9O+aGcYDkEEeMtABx3JN7oMeVhzh6zwmGlypsfBjjZmAvfyITCAoB8hwAfSY/YiyIEkdYXegbP0r3jc+IAHdWg4C//QbchrAv0d2MIDMGSwzCASPYwOpsyk0xCD3Ucsg1pB6ZuFzihZKpwnUPBsMV2GUcDojVEFLmA6D1zsGDEmcA/eBzo+jB+jTMz5oL7xwNAZkDeGIo0L7wYjDZ48xI3OqIgRDo0QRUKjQgkSTzlodCgGOguuJ51sBDoCGgsLV1H8NC6maujwUPwYsig5DDKMLjo1FB4LSfGGcD3xjPzp0KmLIL03NH5GgRguGDAcMzWKPMhMB4aCo15vv/12VUzgB46M6KhzPD0YXFxLJ4Phxnn4wXeQASWJ4oGvKFnWL1IGFvAzQsQINNPRyI/CBy+MRrwct956q/5GMWM08lAEZWbhNlhjeAQV6NTpjBjYGFkZ9WKwwFPyxHA0nIUfeJLwdmFwwVkepHBP/ZhRL94f+B1UoPOlrZM+eIArHS3Y0fbpBGj3GDlwFm7Sxhk8oCfQHRidGN8YFBg2tD3a5iWXXFKjUwlCZnhneAsnOKZd0aZYH4Sc8JZywVvqlnMYrxho6Ca4gBFEZ0tZaZN4AzEuWO8aZIBnpM06NrgHvsjA9CQfvJ0Y5iw879WrV0p3YtQwrQuXwRbcaWd4AOEVZQPvIANGKlNecNXwFv1geIvRzcwHRhrGpdt7R7tEf2HYoEfwlIKtKTOcRW+77/EjO3xN5y3GDe2jb9++aojjJQMzeOsecNOP0NfRB7gDfRx8x6innwkqGM6id9ychZtwFn5Sr/QZ1CsDGBOIQyZ4AHYM5FieQdkYYFx00UUpj7C5p6F823dNNpSasHJYBCwCFgGLgEXAItDoELBrxBpdldsCWwQsAhYBi4BFwCLQUBCwhlhDqQkrh0XAImARsAhYBCwCjQ4Ba4g1uiq3BbYIWAQsAhYBi4BFoKEgYA2xhlITVg6LgEXAImARsAhYBBodAtYQa3RVbgtsEbAIWAQsAhYBi0BDQcAaYg2lJqwcFgGLgEXAImARsAg0OgSsIdboqtwW2CJgEbAIWAQsAhaBhoKANcQaSk1YOSwCFgGLgEXAImARaHQI/D+MAbLzz8mGZQAAAABJRU5ErkJggg==)
Source: Macquarie debt market analysis
Note: Australian RMBS issuance – non AUD volumes have been converted to AUD equivalent volumes using the exchange rate at the time of issue.
A word of caution to would be investors – watch your portfolio allocations and make sure you have enough diversity especially those of you that already invest in residential property - you may already have enough exposure in your portfolios to the banking sector.
Why we like RMBS
- There are a range of risk/ rewards available, so investors can identify levels they want to target.
- Yields offer good relative value on a comparative basis.
- Very broad range of issuers including APRA regulated and non regulated institutions, who use RMBS as a source of funding.
- Four measures to help prevent losses being passed onto bondholders:
- Excess spread – RMBS transactions charge a slightly higher rate of interest than what they pay out to investors, with any excess spread flowing back to the issuer. If losses are incurred this excess spread can be used to absorb them.
- Overcollateralisation– the assets securing the mortgages are worth more than the amount being lent.
- Lenders’ mortgage insurance (LMI) – a dominant feature in prime Australian RMBS. Borrowers wanting to borrow more than 80% of the value of the property are required to take out mortgage insurance for the benefit of the lender in case of default.
- Subordination – a strict priority of payments schedule and loss absorption protects investors at the top of the trust’s capital structure. In practice any losses that aren’t covered by excess spread are recognised by writing down the principal value of the most junior tranche, which continues until that tranche has been completely written down, then the next most junior tranche starts to incur losses.
- High underwriting standards
- Full recourse to the borrower, if selling the property can’t recover the borrowed amount.
Further education
If you are new to RMBS and want to learn more, please let your dealer know. Periodically we have speakers who cover the topic.
Read The Australian Guide to Fixed Income – Chapter 12
Listen to the RMBS Webinar
– While a few years’ old (including pricing) the principles still apply
Note: We make RMBS available to wholesale investors only from $50,000. While we often have RMBS parcels to sell, they are popular and sell fairly quickly. If you are interested in RMBS please let your dealer know.
Appendix 1 – RMBS deals announced since January 2017
![RMBS issuance from 1 January 2017 RMBS issuance from 1 January 2017](https://thewire.blob.core.windows.net/web/images/default-source/default-album/rmbs-table.png?sfvrsn=d1afb75a_0)
Source: FIIG Securities, KangaNews
Accurate as at 26 May 2017
Indicative