0001267395-14-000004.txt : 20140206 0001267395-14-000004.hdr.sgml : 20140206 20140206162453 ACCESSION NUMBER: 0001267395-14-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20140206 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140206 DATE AS OF CHANGE: 20140206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASPEN INSURANCE HOLDINGS LTD CENTRAL INDEX KEY: 0001267395 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 000000000 STATE OF INCORPORATION: D0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31909 FILM NUMBER: 14580459 BUSINESS ADDRESS: STREET 1: 141 FRONT STREET CITY: HAMILTON STATE: D0 ZIP: HM 19 BUSINESS PHONE: 1 441 295 8201 MAIL ADDRESS: STREET 1: 141 FRONT STREET CITY: HAMILTON STATE: D0 ZIP: HM 19 8-K 1 form8-kahl4q2013.htm 8-K Form 8-K AHL 4Q2013

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
 
 
 
FORM 8-K
 
 
 
Current Report
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 6, 2014
 
 
 
 
ASPEN INSURANCE HOLDINGS LIMITED
(Exact name of registrant as specified in its charter)
 
 
 
 
Bermuda
001-31909
Not Applicable
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
141 Front Street
Hamilton HM 19
Bermuda
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (441) 295-8201
Not Applicable
(Former name or former address, if changed since last report)
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 
 




Section 2 - Financial Information

Item 2.02 - Results of Operations and Financial Condition
 
On February 6, 2014, Aspen Insurance Holdings Limited (“Aspen” or the “Company”) issued a press release announcing results for the quarter and year ended December 31, 2013, which is attached hereto as Exhibit 99.1. In addition, a copy of the Aspen Insurance Holdings Limited Earnings Release Supplement for the quarter and year ended December 31, 2013 is attached hereto as Exhibit 99.2.


Section 7 - Regulation FD
Item 7.01 - Regulation FD Disclosure

On February 6, 2014, Aspen issued a press release announcing results for the quarter and year ended December 31, 2013 which is attached hereto as Exhibit 99.1. In addition, a copy of the Aspen Insurance Holdings Limited Earnings Release Supplement for the quarter and year ended December 31, 2013 is attached hereto as Exhibit 99.2.
Section 9 - Financial Statements and Exhibits
Item 9.01 - Financial Statements and Exhibits

(d)
The following exhibits are furnished under Items 2.02 and 7.01 as part of this report:
 
99.1
Press Release of the Registrant, dated February 6, 2014.
 
99.2
Earnings Release Supplement for the quarter and year ended December 31, 2013.

The information furnished under Item 2.02 “Results of Operations and Financial Condition” and Item 7.01 “Regulation FD Disclosure” shall not be deemed “filed” for purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
 


2


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
 
 
ASPEN INSURANCE HOLDINGS LIMITED
(Registrant)
 
 
 
 
Dated: February 6, 2014
 
 
 
By:
 
/s/ John Worth
 
 
 
 
Name:
 
John Worth
 
 
 
 
Title:
 
Chief Financial Officer

3
EX-99.1 2 a991-ahl4q13.htm EXHIBIT 99.1 99.1-AHL4Q13
Exhibit 99.1

PRESS RELEASE
Aspen reports results for the quarter and year ended December 31, 2013
Hamilton, Bermuda, February 6, 2014 - Aspen Insurance Holdings Limited (“Aspen”) (NYSE: AHL) today reported net income after tax of $90.0 million, or $1.21 diluted net income per share, for the fourth quarter of 2013.

Chris O’Kane, Chief Executive Officer, commented, “In 2013 we continued to advance our three levers for enhancing return on equity -- capital management, enhancing investment returns and business portfolio optimization.  Our Insurance segment benefited from the success of the buildout of our U.S. platform, which achieved profitability in each quarter last year and is positioned to drive meaningful operating leverage going forward. The Reinsurance business had outstanding results in 2013 and we are pleased with our January 1 renewals, which show that clients recognized the strength of Aspen Re’s capabilities and our importance as a trading partner.” 
Operating highlights for the quarter ended December 31, 2013
Gross written premiums increased overall by 4.9% to $604.4 million in the fourth quarter of 2013 from the fourth quarter of 2012. Gross written premiums in Reinsurance for the fourth quarter of 2013 decreased by 9.4% while Insurance grew 12.2%

Combined ratio of 91.9% for the fourth quarter of 2013 compared with a combined ratio of 108.0% for the fourth quarter of 2012.  There were $34.7 million, or 6.1 combined ratio points, of catastrophe losses pre-tax net of reinsurance recoveries and reinstatement premiums in the fourth quarter of 2013 compared with $185.2 million, or 33.5 combined ratio points, in the fourth quarter of 2012 
 
Net favorable development on prior year loss reserves of $20.5 million, or 3.6 combined ratio points, for the fourth quarter of 2013 compared with $42.0 million, or 7.5 combined ratio points, for the fourth quarter of 2012

Financial highlights for the quarter and year ended December 31, 2013

Annualized net income return on average equity of 12.0% and annualized operating return on average equity of 11.2% for the fourth quarter of 2013 compared with (0.8)% and (1.6)%, respectively, for the fourth quarter of 2012(1) 

Net income return on average equity of 10.6% and operating return on average equity of 9.7% for 2013 compared with 8.5% and 8.5%, respectively, for 2012(1)

Diluted net income per share of $1.21 for the quarter ended December 31, 2013 compared with diluted net loss per share of $0.09 for the fourth quarter of 2012, and diluted net income per share of $4.14 for



the year ended December 31, 2013 compared with diluted net income per share of $3.39 for the year ended December 31, 2012

Diluted operating income per share of $1.13 for the quarter ended December 31, 2013 compared with diluted operating loss per share of $0.15 for the fourth quarter of 2012(1) and diluted operating income per share of $3.88 for the year ended December 31, 2013 compared with diluted operating income per share of $3.38 for the year ended December 31, 2012

On an after-tax basis, net catastrophe losses were $31.8 million, or $0.48 per diluted share, for the fourth quarter of 2013, and $94.0 million, or $1.45 per diluted share, for the year ended December 31, 2013

Diluted book value per share of $40.90 at December 31, 2013, up 1.2% from September 30, 2013(1)  

(1) 
See definition of non-GAAP financial measures on pages 13 and 14

Segment highlights

Reinsurance

Operating highlights for Reinsurance for the quarter ended December 31, 2013 include:

Gross written premiums of $176.2 million decreased 9.4% compared with $194.4 million for the fourth quarter of 2012, primarily as a result of $21.0 million of prior year reinstatement premiums associated with Superstorm Sandy in 2012

Combined ratio of 58.6% compared with 107.1% for the fourth quarter of 2012

Favorable prior year loss reserve development of $46.1 million, or 16.2 combined ratio points, compared with $37.8 million favorable prior year loss reserve development, or 12.6 combined ratio points, for the fourth quarter of 2012
   
The combined ratio of 58.6% for the fourth quarter of 2013 included $29.4 million, or 10.4 percentage points, of catastrophe losses, pre-tax net of reinsurance recoveries and reinstatement premiums. The combined ratio of 107.1% for the fourth quarter of 2012 was impacted by $124.0 million, or 44.0 combined ratio points, of catastrophe losses, pre-tax net of reinsurance recoveries and reinstatements.

Insurance

Operating highlights for Insurance for the quarter ended December 31, 2013 include:

Gross written premiums of $428.2 million increased by 12.2% compared with $381.8 million for the fourth quarter of 2012

Combined ratio of 121.6% compared with 104.2% for the fourth quarter of 2012

Prior year reserve strengthening of $25.6 million, or 8.9 combined ratio points, compared with prior year reserve favorable development of $4.2 million, or 1.6 combined ratio points, for the fourth quarter of 2012. In the fourth quarter of 2013, adverse prior year development in the Marine, Energy and Transportation line of business was partially offset by favorable prior year development in Casualty and Professional and Financial lines.

The increase in gross written premiums was mainly attributable to growth in Casualty and Financial and Professional lines. The U.S. Insurance teams were again profitable and achieved an underwriting profit in each quarter of 2013.

The combined ratio for the fourth quarter of 2013 included $5.3 million, or 1.9 percentage points, of net catastrophe losses, pre-tax net of reinsurance recoveries. The accident year ex-catastrophe loss ratio for the insurance segment was 74.2% compared with 52.9% in the fourth quarter of 2012. There was a higher

2



frequency of mid-sized losses of $45.0 million principally in our Marine, Energy and Transportation and Casualty lines which accounted for 15.6 percentage points on the loss ratio. The fourth quarter of 2012 was negatively impacted by $61.1 million, or 22.9 combined ratio points, of catastrophe losses, pre-tax and net of reinsurance and reinstatements, primarily from Superstorm Sandy.

Investment performance

Aspen’s investment portfolio continues to be comprised primarily of high quality fixed income securities with an average credit quality of “AA-”. The average duration of the fixed income portfolio was 3.5 years at December 31, 2013, excluding the impact of interest rate swaps, or 3.2 years including the impact of interest rate swaps. The total return on Aspen’s investment portfolio was 0.32% for the fourth quarter of 2013, compared to 0.25% for the fourth quarter of 2012. The equity portfolio had a gain of 4.9% for the quarter and a gain of 21.0% for the year ended December 31, 2013.

Net investment income for the fourth quarter of 2013 was $47.2 million compared with $51.1 million for the fourth quarter of 2012. Book yield as at December 31, 2013 on the fixed income portfolio was 2.74% compared to 2.82% at September 30, 2013 and 2.88% at December 31, 2012.

Net realized and unrealized investment gains included in net income for the quarter were $18.9 million, excluding the make-whole payment on the redemption of $250.0 million of 6.00% Senior Notes due August 15, 2014 (the “2014 Senior Notes”).

Capital

Total shareholders’ equity increased by $78.5 million in the quarter to $3.3 billion at December 31, 2013.
During the fourth quarter of 2013, Aspen repurchased 373,635 ordinary shares in the open market at an average price of $39.29 per share for a total cost of $14.7 million. Between December 31, 2013 and February 6, 2014, Aspen repurchased 542,805 ordinary shares under its open market repurchase program at an average price of $40.74 per share for a total cost of $22.1 million. For the year ended December 31, 2013, Aspen repurchased a total of 8,461,174 ordinary shares at an average price of $36.59 per share for a total cost of $309.6 million. Aspen had $224.2 million remaining under its current share repurchase authorization as at December 31, 2013.
On November 13, 2013, Aspen issued $300.0 million of 4.65% Senior Notes with a maturity date of November 15, 2023 (the “2023 Senior Notes”). On December 16, 2013, Aspen retired the 2014 Senior Notes using a portion of the proceeds from the 2023 Senior Notes, and incurred a make-whole payment of $9.3 million. 
Guidance

Aspen continues to expect to achieve an operating return on equity of 10% in 2014, assuming a pre-tax catastrophe load of $185 million per annum, normal loss experience and given the current interest rate and insurance pricing environment.




3



January 2014 Reinsurance Renewals
During the January 2014 renewal season, Aspen underwrote $523.9 million in gross written premiums in Reinsurance, an increase of 15.7% compared with the prior year. The renewal data does not include U.S. agriculture premiums.
Below is a table reflecting January 2014 renewals by Property Catastrophe, Other Property, Casualty and Specialty Reinsurance.
January Gross Written Premiums (underwriting year basis)
($ in millions)
 
 
 
 
 
 
 
 
 
2014
 
2013
 
Increase (Decrease)
 
 
 
 
 
 
%
 
 
 
 
 
 
 
 
Property catastrophe
 
$
164.4

 
$
146.0

 
12.6
%
Other property
 
126.9

 
  78.8

 
61.1
 
Casualty
 
120.8

 
122.6

 
(1.5
)
Specialty
 
111.8

 
105.5

 
5.9
 
 
 
$
523.9

 
$
452.9

 
15.7
%
 
Note: The January premiums shown in the above table include premiums written on a proportional basis which are recognized throughout the year to reflect the expected inception of the underlying risks and therefore do not represent Aspen’s reported gross written premium for each of these periods. See page 19 of the Financial Supplement as of December 31, 2013 for Worldwide Natural Catastrophe Exposures: Major Peril Zones. While gross written premiums in Property Catastrophe rose 12.6%, the net exposures for Tier 1 perils (U.S. All Wind, U.S. Earthquake and European Wind) are in the aggregate lower. 

See “Forward-looking Statements Safe Harbor” below.




4



Earnings conference call and webcast

Aspen will host a conference call to discuss the results at 9:30 am (EST) on Friday, February 7, 2014.

To participate in the February 7 conference call by phone
Please call to register at least 10 minutes before the conference call begins by dialing:

+1 (888) 459 5609 (US toll free) or
+1 (404) 665 9920 (international)
Conference ID 27934010
To listen live online
Aspen will provide a live webcast on Aspen’s website at www.aspen.co
To download the materials
The earnings press release and a detailed financial supplement will also be published on Aspen’s website at www.aspen.co.

To listen later
A replay of the call will be available for 14 days via phone and internet, available two hours after the end of the live call. To listen to the replay by phone please dial:

+1 (855) 859 2056 (US toll free) or
+1 (404) 537 3406 (international)
Replay ID 27934010
The recording will be also available at www.aspen.co on the Event Calendar page within the Investor Relations section.
For further information please contact

Investors
Kerry Calaiaro, Senior Vice President, Investor Relations, Aspen
Kerry.Calaiaro@aspen.co
+1 (646) 502 1076

Kathleen de Guzman, Vice President, Investor Relations, Aspen
Kathleen.deGuzman@aspen.co
+1 (646) 289 4912

Media
Steve Colton, Head of Communications, Aspen
Steve.Colton@aspen.co
+44 20 7184 8337

International - Citigate Dewe Rogerson
Caroline Merrell or Jos Bieneman
caroline.merrell@citigatedr.co.uk
jos.bieneman@citigatedr.co.uk
+44 20 7638 9571

North America - Abernathy MacGregor
Carina Davidson
ccd@abmac.com
+1 (212) 371 5999



5



Aspen Insurance Holdings Limited
Summary consolidated balance sheet (unaudited)
$ in millions, except per share data

 
As at
December 31,
2013

 
As at
December 31,
2012

 
 
 
 
ASSETS
 
 
 
Total investments
$
6,959.8

 
$
6,692.4

Cash and cash equivalents
1,293.6

 
1,463.6

Reinsurance recoverables
484.6

 
621.6

Premiums receivable
999.0

 
1,057.5

Other assets
493.5

 
475.5

 
Total assets
$
10,230.5

 
$
10,310.6

 
 
 
 
LIABILITIES
 
 
 
Losses and loss adjustment expenses
$
4,678.9

 
$
4,779.7

Unearned premiums
1,280.6

 
1,120.8

Other payables
372.4

 
422.6

Long-term debt
549.0

 
499.1

 
Total liabilities
$
6,880.9

 
$
6,822.2

 
 
 
 
SHAREHOLDERS’ EQUITY
 
 
 
Total shareholders’ equity
3,349.6

 
3,488.4

Total liabilities and shareholders’ equity
$
10,230.5

 
$
10,310.6

 
 
 
 
Book value per share
$
41.87

 
$
42.12

Diluted book value per share (treasury stock method) 
$
40.90

 
$
40.65



6




Aspen Insurance Holdings Limited
Summary consolidated statement of income (unaudited)
$ in millions, except ratios

 
Three Months Ended
 
December 31, 2013

 
December 31,
2012

UNDERWRITING REVENUES
 
 
 
Gross written premiums
$
604.4

 
$
576.2

Premiums ceded
(56.4
)
 
(51.8
)
Net written premiums
548.0

 
524.4

Change in unearned premiums
24.6

 
34.1

Net earned premiums
572.6

 
558.5

UNDERWRITING EXPENSES
 
 
 
Losses and loss adjustment expenses
331.4

 
437.4

Policy acquisition expenses
99.7

 
80.0

General, administrative and corporate expenses
94.9

 
86.1

Total underwriting expenses
526.0

 
603.5

Underwriting income (loss) including corporate expenses
46.6

 
(45.0
)
OTHER OPERATING REVENUE
 
 
 
Net investment income
47.2

 
51.1

Interest expense
(9.5
)
 
(7.7
)
Other income (expense)
3.5

 
(6.2
)
Total other operating revenue
41.2

 
37.2

 
 
 
 
OPERATING INCOME (LOSS) BEFORE TAX
87.8

 
(7.8
)
 
 
 
 
Net realized and unrealized exchange (losses)
(3.8
)
 
(0.4
)
Net realized and unrealized investment gains
9.6

 
5.6

INCOME (LOSS) BEFORE TAX
93.6

 
(2.6
)
Income tax (expense) benefit
(3.6
)
 
4.6

NET INCOME AFTER TAX
90.0

 
2.0

Dividends paid on ordinary shares
(11.8
)
 
(12.0
)
Dividends paid on preference shares
(9.4
)
 
(8.5
)
Dividends paid to non-controlling interest
(0.1
)
 

Proportion due to non-controlling interest
0.2

 
(0.1
)
Retained income
$
68.9

 
$
(18.6
)
Components of net income (after tax)
 
 
 
 
Operating income (loss)
$
84.4

 
$
(2.9
)
 
Net realized and unrealized exchange (losses) after tax
(3.8
)
 
(0.4
)
 
Net realized investment gains after tax
9.4

 
5.3

NET INCOME AFTER TAX
$
90.0

 
$
2.0

 
 

 
 
Loss ratio
57.9
%
 
78.3
%
Policy acquisition expense ratio
17.4
%
 
14.3
%
General, administrative and corporate expense ratio
16.6
%
 
15.4
%
Expense ratio
34.0
%
 
29.7
%
Combined ratio
91.9
%
 
108.0
%

7



Aspen Insurance Holdings Limited
Summary consolidated statement of income (unaudited)
$ in millions, except ratios
 
Twelve Months Ended
 
December 31,
2013

 
December 31,
2012

UNDERWRITING REVENUES
 
 
 
Gross written premiums
$
2,646.7

 
$
2,583.3

Premiums ceded
(347.0
)
 
(336.4
)
Net written premiums
2,299.7

 
2,246.9

Change in unearned premiums
(127.9
)
 
(163.4
)
Net earned premiums
2,171.8

 
2,083.5

UNDERWRITING EXPENSES
 
 
 
Losses and loss adjustment expenses
1,223.7

 
1,238.5

Policy acquisition expenses
422.0

 
381.2

General, administrative and corporate expenses
368.1

 
345.1

Total underwriting expenses
2,013.8

 
1,964.8

Underwriting income including corporate expenses
158.0

 
118.7

OTHER OPERATING REVENUE
 
 
 
Net investment income
186.4

 
204.9

Interest expense
(32.7
)
 
(30.9
)
Other income
6.5

 
0.9

Total other operating revenue
160.2

 
174.9

 
 
 
 
OPERATING INCOME BEFORE TAX
318.2

 
293.6

 
 
 
 
Net realized and unrealized exchange (losses)
(14.5
)
 
(2.0
)
Net realized and unrealized investment gains
39.0

 
3.8

INCOME BEFORE TAX
342.7

 
295.4

Income tax expense
(13.4
)
 
(15.0
)
NET INCOME AFTER TAX
329.3

 
280.4

Dividends paid on ordinary shares
(47.8
)
 
(47.0
)
Dividends paid on preference shares
(35.5
)
 
(31.1
)
Dividends paid to non-controlling interest
(0.1
)
 
(0.1
)
Change in redemption value of the PIERS
(7.1
)
 

Proportion due to non-controlling interest
0.5

 
0.2

Retained income
$
239.3

 
$
202.4

Components of net income (after tax)
 
 
 
Operating income
$
304.3

 
$
279.9

Net realized and unrealized exchange (losses) after tax
(13.3
)
 
(2.2
)
Net realized investment gains after tax
38.3

 
2.7

NET INCOME AFTER TAX
$
329.3

 
$
280.4

 
 
 
 
Loss ratio
56.3
%
 
59.4
%
Policy acquisition expense ratio
19.4
%
 
18.3
%
General, administrative and corporate expense ratio
16.9
%
 
16.6
%
Expense ratio
36.3
%
 
34.9
%
Combined ratio
92.6
%
 
94.3
%

8



Aspen Insurance Holdings Limited
Summary consolidated financial data (unaudited)
$ in millions, except number of shares


 
 
Three Months Ended
 
Twelve Months Ended
 
December 31, 2013
 
December 31, 2012
 
December 31, 2013
 
December 31, 2012
 
 
 
 
 
 
 
 
 
Basic earnings per ordinary share
 
 
 
 
 
 
 
 
Net income (loss) adjusted for preference share dividend

$1.23

 

($0.09
)
 

$4.29

 

$3.51

 
Operating income (loss) adjusted for preference dividend

$1.15

 

($0.15
)
 

$4.03

 

$3.50

Diluted earnings per ordinary share
 
 
 
 
 
 
 
 
Net income (loss) adjusted for preference share dividend

$1.21

 

($0.09
)
 

$4.14

 

$3.39

 
Operating income (loss) adjusted for preference dividend

$1.13

 

($0.15
)
 

$3.88

 

$3.38

 
 
 
 
 

 
 
 
 

Weighted average number of ordinary shares outstanding
(in millions)
65.594

 
71.007

 
66.872

 
71.096

 
 
 
 
 
 

 
 
 
 

Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)
67.052

 
73.558

 
69.418

 
73.689

 
 
 
 
 
 
 
 
 

Book value per ordinary share
 

 
 
 

$41.87

 

$42.12

Diluted book value (treasury stock method)
 

 
 
 

$40.90

 

$40.65

 
 
 
 
 
 
 
 
 

Ordinary shares outstanding at end of the period (in millions)
 

 
 
 
65.547

 
70.754

 
 
 
 
 
 
 
 
 
 

Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (treasury stock method) (in millions)
 

 
 
 
67.090

 
73.312

    

9




Aspen Insurance Holdings Limited
Summary consolidated segment information (unaudited)
$ in millions, except ratios



 
Three Months Ended December 31, 2013
 
Three Months Ended December 31, 2012
 
Reinsurance

Insurance

Total
 
Reinsurance

Insurance

Total
 
 
 
 
 
 
 
 
Gross written premiums
$
176.2

$
428.2

$
604.4

 
$
194.4

$
381.8

$
576.2

Net written premiums
174.5

373.5

548.0

 
193.7

330.7

524.4

Gross earned premiums
297.7

366.1

663.8

 
317.2

328.2

645.4

Net earned premiums
284.8

287.8

572.6

 
299.8

258.7

558.5

Losses and loss adjustment expenses
86.8

244.6

331.4

 
248.9

188.5

437.4

Policy acquisition expenses
46.2

53.5

99.7

 
41.0

39.0

80.0

General and administrative expenses
33.8

51.9

85.7

 
31.3

41.9

73.2

Underwriting income (loss)
$
118.0

$
(62.2
)
$
55.8

 
$
(21.4
)
$
(10.7
)
$
(32.1
)
 
 
 
 
 
 
 
 
Net investment income
 
 
47.2

 
 
 
51.1

Net realized and unrealized investment gains (1)
 
 
9.6

 
 
 
5.6

Corporate expenses
 
 
(9.2
)
 
 
 
(12.9
)
Other income (expenses)
 
 
3.5

 
 
 
(6.2
)
Interest expenses
 
 
(9.5
)
 
 
 
(7.7
)
Net realized and unrealized foreign exchange (losses) (2)
 
 
(3.8
)
 
 
 
(0.4
)
Income (loss) before tax
 
 
93.6

 
 
 
(2.6
)
Income tax (expense) benefit
 
 
(3.6
)
 
 
 
4.6

Net income 
 
 
$
90.0

 
 
 
$
2.0

 
 
 
 
 
 
 
 
Ratios
 
 
 
 
 
 
 
Loss ratio
30.5
%
85.0
%
57.9
%
 
83.0
%
72.9
%
78.3
%
 
Policy acquisition expense ratio
16.2
%
18.6
%
17.4
%
 
13.7
%
15.1
%
14.3
%
 
General and administrative expense ratio (3)
11.9
%
18.0
%
16.6
%
 
10.4
%
16.2
%
15.4
%
Expense ratio
28.1
%
36.6
%
34.0
%
 
24.1
%
31.3
%
29.7
%
Combined ratio
58.6
%
121.6
%
91.9
%
 
107.1
%
104.2
%
108.0
%

(1) Includes realized and unrealized capital gains and losses and realized and unrealized gains and losses on interest rate swaps
(2) Includes realized and unrealized foreign exchange gains and losses and realized and unrealized gains and losses on foreign exchange contracts
(3) The total group general and administrative expense ratio includes the impact from corporate expenses

10




Aspen Insurance Holdings Limited
Summary consolidated segment information (unaudited)
$ in millions, except ratios



 
Twelve Months Ended December 31, 2013
 
Twelve Months Ended December 31, 2012
 
Reinsurance

Insurance

Total
 
Reinsurance

Insurance

Total
 
 
 
 
 
 
 
 
Gross written premiums
$
1,133.9

$
1,512.8

$
2,646.7

 
$
1,227.9

$
1,355.4

$
2,583.3

Net written premiums
1,082.0

1,217.7

2,299.7

 
1,156.9

1,090.0

2,246.9

Gross earned premiums
1,126.6

1,366.8

2,493.4

 
1,208.0

1,177.0

2,385.0

Net earned premiums
1,073.0

1,098.8

2,171.8

 
1,132.4

951.1

2,083.5

Losses and loss adjustment expenses
481.7

742.0

1,223.7

 
635.3

603.2

1,238.5

Policy acquisition expenses
207.2

214.8

422.0

 
207.8

173.4

381.2

General and administrative expenses
131.0

185.9

316.9

 
123.9

168.2

292.1

Underwriting income (loss)
$
253.1

$
(43.9
)
$
209.2

 
$
165.4

$
6.3

$
171.7

 
 
 
 
 
 
 
 
Net investment income
 
 
186.4

 
 
 
204.9

Net realized and unrealized investment gains (1)
 
 
39.0

 
 
 
3.8

Corporate expenses
 
 
(51.2
)
 
 
 
(53.0
)
Other income
 
 
6.5

 
 
 
0.9

Interest expenses
 
 
(32.7
)
 
 
 
(30.9
)
Net realized and unrealized foreign exchange (losses) (2)
 
 
(14.5
)
 
 
 
(2.0
)
Income before tax
 
 
342.7

 
 
 
295.4

Income tax expense
 
 
(13.4
)
 
 
 
(15.0
)
Net income 
 
 
$
329.3

 
 
 
$
280.4

 
 
 
 
 
 
 
 
Ratios
 
 
 
 
 
 
 
Loss ratio
44.9
%
67.5
%
56.3
%
 
56.1
%
63.4
%
59.4
%
 
Policy acquisition expense ratio
19.3
%
19.5
%
19.4
%
 
18.4
%
18.2
%
18.3
%
 
General and administrative expense ratio (3)
12.2
%
16.9
%
16.9
%
 
10.9
%
17.7
%
16.6
%
Expense ratio
31.5
%
36.4
%
36.3
%
 
29.3
%
35.9
%
34.9
%
Combined ratio
76.4
%
103.9
%
92.6
%
 
85.4
%
99.3
%
94.3
%

(1) Includes realized and unrealized capital gains and losses and realized and unrealized gains and losses on interest rate swaps
(2) Includes realized and unrealized foreign exchange gains and losses and realized and unrealized gains and losses on foreign exchange contracts
(3) The total group general and administrative expense ratio includes the impact from corporate expenses




11



About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Bermuda, France, Germany, Ireland, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2013, Aspen reported $10.2 billion in total assets, $4.7 billion in gross reserves, $3.3 billion in total shareholders’ equity and $2.6 billion in gross written premiums. Its operating subsidiaries have been assigned a rating of “A” (“Strong”) by Standard & Poor’s, an “A” (“Excellent”) by A.M. Best and an “A2” (“Good”) by Moody’s.

For more information about Aspen, please visit www.aspen.co.

Forward-looking Statements Safe Harbor
This press release contains, and Aspen's earnings conference call will contain, written or oral “forward-looking statements” within the meaning of the US federal securities laws. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “expect,” “intend,” “plan,” “believe,” "do not believe," "aim," "project," "anticipate," "seek," "will,” “likely,” "estimate," "may," "continue," “guidance,” “outlook,” “trends,” “future,” “could” and similar expressions of a future or forward-looking nature.

All forward-looking statements address matters that involve risks and uncertainties.  Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in these statements. Aspen believes these factors include, but are not limited to: our ability to successfully implement steps to further optimize the business portfolio, ensure capital efficiency and enhance investment returns; the possibility of greater frequency or severity of claims and loss activity, including as a result of natural or man-made (including economic and political risks) catastrophic or material loss events, than our underwriting, reserving, reinsurance purchasing or investment practices have anticipated; the assumptions and uncertainties underlying reserve levels that may be impacted by future payments for settlements of claims and expenses or by other factors causing adverse or favorable development; the reliability of, and changes in assumptions to, natural and man-made catastrophe pricing, accumulation and estimated loss models; decreased demand for our insurance or reinsurance products and cyclical changes in the highly competitive insurance and reinsurance industry; changes in insurance and reinsurance market conditions; increased competition from existing insurers and reinsurers and from alternative capital providers and insurance-linked funds and collateralized special purpose insurers on the basis of pricing, capacity, coverage terms, new capital, binding authorities to brokers or other factors and the related demand and supply dynamics as contracts come up for renewal; changes in the availability, cost or quality of reinsurance or retrocessional coverage; changes in general economic conditions, including inflation, deflation, foreign currency exchange rates, interest rates and other factors that could affect our financial results; the risk of a material decline in the value or liquidity of all or parts of our investment portfolio; evolving issues with respect to interpretation of coverage after major loss events; our ability to adequately model and price the effect of climate cycles and climate change; any intervening legislative or governmental action and changing judicial interpretation and judgements on insurers’ liability to various risks; the effectiveness of our loss limitation methods, including our reinsurance purchasing; changes in the total industry losses, or our share of total industry losses, resulting from past events and, with respect to such events, our reliance on loss reports received from cedants and loss adjustors, our reliance on industry loss estimates and those generated by modeling techniques, changes in rulings on flood damage or other exclusions as a result of prevailing lawsuits and case law; the impact of one or more large losses from events other than natural catastrophes or by an unexpected accumulation of attritional losses; the impact of acts of terrorism, acts of war and related legislation; any changes in our reinsurers’ credit quality and the amount and timing of reinsurance recoverables; the continuing and uncertain impact of the current depressed lower growth economic environment in many of the countries in which we operate; the level of inflation in repair costs due to limited availability of labor and materials after catastrophes; a decline in our operating subsidiaries’ ratings with S&P, A.M. Best or Moody’s; the failure of our reinsurers, policyholders, brokers or other intermediaries to honor their payment obligations; our ability to execute our business plan to enter new markets, introduce new products and develop new distribution channels, including their integration into our existing operations; our reliance on the assessment and pricing of individual risks by third parties; our dependence on a few brokers for a large portion of our revenues; the persistence of heightened financial risks, including excess sovereign debt, the banking system and the Eurozone debt crisis; changes in our ability to exercise capital management initiatives (including our share repurchase program) or to arrange banking facilities as a result of prevailing market changes or changes in our financial position; changes in government regulations or tax

12



laws in jurisdictions where we conduct business; changes in accounting principles or policies or in the application of such accounting principles or policies; Aspen or Aspen Bermuda Limited becoming subject to income taxes in the United States or the United Kingdom; loss of one or more of our senior underwriters or key personnel; our reliance on information and technology and third party service providers for our operations and systems; and increased counterparty risk due to the credit impairment of financial institutions. For a more detailed description of these uncertainties and other factors, please see the "Risk Factors" section in Aspen's Annual Report on Form 10-K as filed with the U.S. Securities and Exchange Commission on February 26, 2013.  Aspen undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

In addition, any estimates relating to loss events involve the exercise of considerable judgment and reflect a combination of ground-up evaluations, information available to date from brokers and cedants, market intelligence, initial tentative loss reports and other sources. Due to the complexity of factors contributing to the losses and the preliminary nature of the information used to prepare these estimates, there can be no assurance that Aspen's ultimate losses will remain within the stated amount.

Non-GAAP Financial Measures
In presenting Aspen's results, management has included and discussed certain "non-GAAP financial measures" as such term is defined in Regulation G. Management believes that these non-GAAP financial measures, which may be defined differently by other companies, better explain Aspen's results of operations in a manner that allows for a more complete understanding of the underlying trends in Aspen's business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. The reconciliation of such non-GAAP financial measures to their respective most directly comparable GAAP financial measures in accordance with Regulation G is included in the financial supplement, which can be obtained from the Investor Relations section of Aspen's website at www.aspen.co.

(1) Annualized Operating Return on Average Equity (“Operating ROE”) is a non-GAAP financial measure. Operating ROE is calculated using operating income, as defined below, and average equity is calculated as the arithmetic average on a monthly basis for the stated periods of shareholders’ equity excluding the aggregate value of the liquidation preferences of our preference shares net of issuance costs.

Aspen presents Operating ROE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information.
See page 23 of Aspen's financial supplement for a reconciliation of operating income to net income and page 7 for a reconciliation of average ordinary shareholders’ equity to average shareholders’ equity. Aspen’s financial supplement can be obtained from the Investor Relations section of Aspen's website at www.aspen.co.

(2) Operating Income is a non-GAAP financial measure. Operating income is an internal performance measure used by Aspen in the management of its operations and represents after-tax operational results excluding, as applicable, after-tax net realized and unrealized capital gains or losses, including net realized and unrealized gains or losses on interest rate swaps, after-tax net foreign exchange gains or losses, including net realized and unrealized gains and losses from foreign exchange contracts and certain non-recurring items. In 2013, a non-recurring item occurred for the $9.3 million make-whole payment associated with the redemption of the 2014 Senior Notes.

Aspen excludes these items from its calculation of operating income because the amount of these gains or losses is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. Aspen believes these amounts are largely independent of its business and underwriting process and including them would distort the analysis of trends in its operations. In addition to presenting net income determined in accordance with GAAP, Aspen believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Aspen's results of operations in a manner similar to how management analyzes Aspen's underlying business performance. Operating income should not be viewed as a substitute for GAAP net income. Please see page 23 of Aspen's financial supplement for a reconciliation of operating income to net income. Aspen’s financial supplement can be obtained from the Investor Relations section of Aspen's website at www.aspen.co.


13



(3) Diluted Book Value per Ordinary Share is not a non-GAAP financial measure. Aspen has included diluted book value per ordinary share as it illustrates the effect on basic book value per share of dilutive securities thereby providing a better benchmark for comparison with other companies. Diluted book value per share is calculated using the treasury stock method, defined on page 22 of Aspen’s financial supplement, which can be obtained from the Investor Relations section of Aspen’s website at www.aspen.co.

(4) Diluted Operating Earnings per Share and Basic Operating Earnings per Share are non-GAAP financial measures. Aspen believes that the presentation of diluted operating earnings per share and basic operating earnings per share supports meaningful comparison from period to period and the analysis of normal business operations. Diluted operating earnings per share and basic operating earnings per share are calculated by dividing operating income by the diluted or basic weighted average number of shares outstanding for the period. See page 23 of Aspen’s financial supplement for a reconciliation of diluted and basic operating earnings per share to basic earnings per share. Aspen’s financial supplement can be obtained from the Investor Relations section of Aspen’s website at www.aspen.co.

(5) Combined Ratio Excluding Catastrophes is a non-GAAP financial measure. Aspen believes that the presentation of combined ratio excluding catastrophes supports meaningful comparison from period to period of the underlying performance of the business. Combined ratio excluding catastrophes is calculated by dividing net losses excluding catastrophe losses and net expenses by net earned premiums excluding catastrophe related reinstatement premiums. We have defined catastrophe losses in 2013 as losses associated with floods in Central Europe, Canada and India as well as tornadoes and hailstorms in the United States which occurred in Q2; losses associated with hailstorms in Germany, floods in Canada and Mexico which occurred in Q3; and with storms and associated flooding in Europe, India and the Philippines which occurred in Q4. We have defined 2012 catastrophe losses as losses associated with the severe weather in the US in February and March 2012, Hurricane Isaac in August 2012 and Superstorm Sandy in October 2012 and movements in losses associated with the 2011 catastrophe events.

Other

(1)Catastrophe Load included in our guidance is an estimate of the average annual aggregate loss before tax and after reinsurance from natural catastrophe events based on 50,000 simulations of our internal capital model which, in relation to its catastrophe modeling components, is based on a combination of catastrophe models selected by Aspen to best fit its current understanding of the worldwide natural catastrophe perils to which Aspen has known exposures. It does not include losses from non-natural catastrophe events such as terrorism or industrial accidents.

This load is attributed and then released quarter by quarter based on historic claims patterns. For example, there is a higher proportion allocated to the third quarter due to the historical frequency of U.S. Wind events in this period. As an organization, Aspen monitors its current catastrophe losses to date against expected losses and updates the projected numbers accordingly based on this experience.

Actual catastrophe loss experience may materially differ from the catastrophe load in any one year for reasons which include natural variability in the frequency and severity of catastrophe events, and limitations in one or more of the models or uncertainties in the application of policy terms and limits.



14

EX-99.2 3 a992-ahl4q13landscape.htm EXHIBIT 99.2 99.2 - AHL 4Q13 Landscape


Exhibit 99.2
 
 
 
 
 
 
 
 
 
 
 FINANCIAL SUPPLEMENT
 
 As of December 31, 2013
 
 
 
 
Aspen Insurance Holdings Limited
 
 
 
 
This financial supplement is for information purposes only. It should be read in conjunction with other documents filed or to be filed by Aspen Insurance Holdings Limited with the United States Securities and Exchange Commission.
 
 
 
www.aspen.co
 
 
 
 
 
 
Investor Contact:
 
 
Aspen Insurance Holdings Limited
 
 
Kerry Calaiaro, Senior Vice President, Investor Relations
 
 
T: +1 646-502-1076
 
 
email: kerry.calaiaro@aspen.co
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
            




ASPEN INSURANCE HOLDINGS LIMITED
 
Table Of Contents
 
 
 
 
 
 
 
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





ASPEN INSURANCE HOLDINGS LIMITED
Basis of Presentation
 
 
 
 
Definitions and presentations: All financial information contained herein is unaudited except for information for the fiscal year ended December 31, 2012 and December 31, 2011. Unless otherwise noted, all data is in U.S. dollar millions, except for per share amounts, percentages and ratio information.
 
 
 
 
In presenting Aspen's results, management has included and discussed certain "non-GAAP financial measures", as such term is defined in Regulation G. Management believes that these non-GAAP measures, which may be defined differently by other companies, better explain Aspen's results of operations in a manner that allows for a more complete understanding of the underlying trends in Aspen's business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. The reconciliation of such non-GAAP financial measures to their respective most directly comparable GAAP financial measures in accordance with Regulation G is included in this financial supplement.
 
 
 
 
Operating income (a non-GAAP financial measure): Operating income is an internal performance measure used by Aspen in the management of its operations and represents after-tax operational results excluding, as applicable, after-tax net realized and unrealized capital gains or losses, including net realized and unrealized gains and losses on interest rate swaps, after-tax net foreign exchange gains or losses, including net realized and unrealized gains and losses on foreign exchange contracts and certain non-recurring items. In 2013, a non-recurring item occurred for the $9.3 million make-whole payment associated with the redemption of the $250.0 million 6.0% Senior Notes due August 15, 2014.
 
 
 
 
Aspen excludes these items from its calculation of operating income because the amount of these gains or losses is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. Aspen believes these amounts are largely independent of its business and underwriting process and including them would distort the analysis of trends in its operations. In addition to presenting net income in accordance with GAAP, Aspen believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Aspen's results of operations in a manner similar to how management analyzes Aspen's underlying business performance. Operating income should not be viewed as a substitute for GAAP net income. Please see page 23 for a reconciliation of operating income to net income.
 
 
 
 
Annualized operating return on average equity (“Operating ROE”) (a non-GAAP financial measure): Annualized operating return on average equity is calculated using operating income, as defined above, and average equity is calculated as the arithmetic average on a monthly basis for the stated periods of shareholders' equity excluding the aggregate value of the liquidation preferences of our preference shares net of issuance costs.
 
 
 
 
Aspen presents Operating ROE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information. See page 23 for a reconciliation of operating income to net income and page 7 for a reconciliation of average ordinary shareholders' equity to average shareholders' equity.
 
 
 
 
Diluted operating earnings per share and basic operating earnings per share (non-GAAP financial measures): Aspen believes that the presentation of diluted operating earnings per share and basic operating earnings per share supports meaningful comparison from period to period and the analysis of normal business operations. Diluted operating earnings per share and basic operating earnings per share are calculated by dividing operating income by the diluted or basic weighted average number of shares outstanding for the period. See page 23 for a reconciliation of diluted and basic operating earnings per share to basic earnings per share.
 
 
 
 
Diluted book value per ordinary share (is not a non-GAAP financial measure): Aspen has included diluted book value per ordinary share as it illustrates the effect on basic book value per share of dilutive securities thereby providing a better benchmark for comparison with other companies. Diluted book value per share is calculated using the treasury stock method as defined on page 22.
 
 
 
 
 
Underwriting ratios (GAAP financial measures): Aspen, along with others in the industry, uses underwriting ratios as measures of performance. The loss ratio is the ratio of net claims and claims adjustment expenses to net premiums earned. The acquisition expense ratio is the ratio of underwriting expenses (commissions, premium taxes, licenses and fees, as well as other underwriting expenses) to net premiums earned. The general and administrative expense ratio is the ratio of general and administrative expenses to net premiums earned. The combined ratio is the sum of the loss ratio, the acquisition expense ratio and the general and administrative expense ratio. These ratios are relative measurements that describe for every $100 of net premiums earned, the cost of losses and expenses, respectively. The combined ratio presents the total cost per $100 of earned premium. A combined ratio below 100% demonstrates underwriting profit; a combined ratio above 100% demonstrates underwriting loss.
 
 
 
 
GAAP combined ratios differ from U.S. statutory combined ratios primarily due to the deferral of certain third-party acquisition expenses for GAAP reporting purposes and the use of net premiums earned rather than net premiums written in the denominator when calculating the acquisition expense and the general and administrative expense ratios.

1



ASPEN INSURANCE HOLDINGS LIMITED
 
 
Financial Highlights
 
 
 
 
 
 
Three Months Ended December 31,
 
Twelve Months Ended December 31,
(in US$ millions except for percentages, share and per share amounts)
 
2013
 
2012
 
Change (2)
 
2013
 
2012
 
Change
Gross written premium
 
$
604.4

 
$
576.2

 
4.9
 %
 
$
2,646.7

 
$
2,583.3

 
2.5
 %
Net written premium
 
$
548.0

 
$
524.4

 
4.5
 %
 
$
2,299.7

 
$
2,246.9

 
2.3
 %
Net earned premium
 
$
572.6

 
$
558.5

 
2.5
 %
 
$
2,171.8

 
$
2,083.5

 
4.2
 %
Net income after tax
 
$
90.0

 
$
2.0

 
4,400.0
 %
 
$
329.3

 
$
280.4

 
17.4
 %
Operating income/(loss) after tax
 
$
84.4

 
$
(2.9
)
 
NM

 
$
304.3

 
$
279.9

 
8.7
 %
Net investment income
 
$
47.2

 
$
51.1

 
(7.6
)%
 
$
186.4

 
$
204.9

 
(9.0
)%
Underwriting income/(loss)
 
$
46.6

 
$
(45.0
)
 
NM

 
$
158.0

 
$
118.7

 
33.1
 %
Earnings Per Share and Book Value Per Share
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per ordinary share
 
 
 
 
 
 
 
 
 
 
 
 
    Net income/(loss) adjusted for preference share dividend
 
$
1.23

 
$
(0.09
)
 
NM

 
$
4.29

 
$
3.51

 
22.9
 %
    Operating income/(loss) adjusted for preference share dividend
 
$
1.15

 
$
(0.15
)
 
NM

 
$
4.03

 
$
3.50

 
14.3
 %
Diluted earnings per ordinary share
 
 
 
 
 
 
 
 
 
 
 
 
    Net income/(loss) adjusted for preference share dividend
 
$
1.21

 
$
(0.09
)
 
NM

 
$
4.14

 
$
3.39

 
20.6
 %
    Operating income/(loss)adjusted for preference share dividend
 
$
1.13

 
$
(0.15
)
 
NM

 
$
3.88

 
$
3.38

 
14.7
 %
Weighted average number of ordinary shares outstanding (in millions of shares)
 
65.594

 
71.007

 
(7.6
)%
 
66.872

 
71.096

 
(5.9
)%
Diluted weighted average number of ordinary shares outstanding (in millions of shares)
 
67.052

 
73.558

 
(8.8
)%
 
69.418

 
73.689

 
(5.8
)%
Book value per ordinary share
 
$
41.87

 
$
42.12

 
(0.6
)%
 
$
41.87

 
$
42.12

 
(0.6
)%
Diluted book value per ordinary share
 
$
40.90

 
$
40.65

 
0.6
 %
 
$
40.90

 
$
40.65

 
0.6
 %
Ordinary shares outstanding at December 31, 2013 and December 31, 2012 (in millions of shares)
 
65.547

 
70.754

 
(7.4
)%
 
65.547

 
70.754

 
(7.4
)%
Diluted ordinary shares outstanding at December 31, 2013 and December 31, 2012 (in millions of shares)
 
67.090

 
73.312

 
(8.5
)%
 
67.090

 
73.312

 
(8.5
)%
Underwriting Ratios
 
 
 
 
 
 
 
 
 
 
 
 
Loss ratio
 
57.9
%
 
78.3
 %
 
 
 
56.3
%
 
59.4
%
 
 
   Policy acquisition expense ratio
 
17.4
%
 
14.3
 %
 
 
 
19.4
%
 
18.3
%
 
 
   General, administrative and corporate expense ratio
 
16.6
%
 
15.4
 %
 
 
 
16.9
%
 
16.6
%
 
 
Expense ratio
 
34.0
%
 
29.7
 %
 
 
 
36.3
%
 
34.9
%
 
 
Combined ratio
 
91.9
%
 
108.0
 %
 
 
 
92.6
%
 
94.3
%
 
 
Return On Equity
 
 
 
 
 
 
 
 
 
 
 
 
Average equity (1)
 
$
2,703.1

 
$
3,013.2

 
 
 
$
2,777.5

 
$
2,934.0

 
 
Return on average equity
 
 
 
 
 
 
 
 
 
 
 
 
   Net income/(loss) adjusted for preference share dividend
 
3.0
%
 
(0.2
)%
 
 
 
10.6
%
 
8.5
%
 
 
   Operating income/(loss) adjusted for preference share dividend
 
2.8
%
 
(0.4
)%
 
 
 
9.7
%
 
8.5
%
 
 
Annualized return on average equity
 
 
 
 
 
 
 
 
 
 
 
 
Net income/(loss)
 
12.0
%
 
(0.8
)%
 
 
 
10.6
%
 
8.5
%
 
 
Operating income/(loss)
 
11.2
%
 
(1.6
)%
 
 
 
9.7
%
 
8.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See pages 7 and 23 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
 
 
 
 
 
 
(1) Average equity excludes preference shares.
 
 
 
 
 
 
 
 
 
 
 
 
(2) NM = Not meaningful
 
 
 
 
 
 
 
 
 
 
 
 

2



ASPEN INSURANCE HOLDINGS LIMITED
Consolidated Statements of Operations - Quarterly Results
(in US$ millions except for percentages and per share amounts)
 
Q4 2013
 
Q3 2013
 
Q2 2013
 
Q1 2013
 
Q4 2012
 
UNDERWRITING REVENUES
 
 
 
 
 
 
 
 
 
 
 
Gross written premiums
 
$
604.4

 
$
581.6

 
$
687.3

 
$
773.4

 
$
576.2

 
Premiums ceded
 
(56.4
)
 
(39.6
)
 
(74.6
)
 
(176.4
)
 
(51.8
)
 
Net written premiums
 
548.0

 
542.0

 
612.7

 
597.0

 
524.4

 
Change in unearned premiums
 
24.6

 
2.3

 
(68.7
)
 
(86.1
)
 
34.1

 
Net earned premiums
 
572.6

 
544.3

 
544.0

 
510.9

 
558.5

 
UNDERWRITING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Losses and loss adjustment expenses
 
331.4

 
290.2

 
333.4

 
268.7

 
437.4

 
Policy acquisition expenses
 
99.7

 
110.5

 
107.2

 
104.6

 
80.0

 
General, administrative and corporate expenses
 
94.9

 
98.9

 
87.7

 
86.6

 
86.1

 
Total underwriting expenses
 
526.0

 
499.6

 
528.3

 
459.9

 
603.5

 
Underwriting income/(loss) including corporate expenses
 
46.6

 
44.7

 
15.7

 
51.0

 
(45.0
)
 
OTHER OPERATING REVENUE AND EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
47.2

 
45.0

 
45.9

 
48.3

 
51.1

 
Interest expense
 
(9.5
)
 
(7.7
)
 
(7.8
)
 
(7.7
)
 
(7.7
)
 
Other income/(expense)
 
3.5

 
1.6

 
0.9

 
0.5

 
(6.2
)
 
Total other operating revenue
 
41.2

 
38.9

 
39.0

 
41.1

 
37.2

 
OPERATING INCOME/(LOSS) BEFORE TAX
 
87.8

 
83.6

 
54.7

 
92.1

 
(7.8
)
 
Net realized and unrealized exchange (losses)/gains (1)
 
(3.8
)
 
13.3

 
(13.8
)
 
(10.2
)
 
(0.4
)
 
Net realized and unrealized investment gains/(losses) (2)
 
9.6

 
13.4

 
0.2

 
15.8

 
5.6

 
INCOME/(LOSS) BEFORE TAX
 
93.6

 
110.3

 
41.1

 
97.7

 
(2.6
)
 
Income tax (expense)/recovery
 
(3.6
)
 
(2.9
)
 
(1.0
)
 
(5.9
)
 
4.6

 
NET INCOME AFTER TAX
 
90.0

 
107.4

 
40.1

 
91.8

 
2.0

 
Dividends paid on ordinary shares
 
(11.8
)
 
(12.2
)
 
(11.9
)
 
(11.9
)
 
(12.0
)
 
Dividends paid on preference shares
 
(9.4
)
 
(9.5
)
 
(8.0
)
 
(8.6
)
 
(8.5
)
 
Dividends paid to non-controlling interest
 
(0.1
)
 

 

 

 

 
Change in redemption value of the PIERS (3)
 

 

 
(7.1
)
 

 

 
Proportion due to non-controlling interest
 
0.2

 
0.3

 

 

 
(0.1
)
 
Retained income/(loss)
 
$
68.9

 
$
86.0

 
$
13.1

 
$
71.3

 
$
(18.6
)
 
Components of net income/(loss) after tax
 
 
 
 
 
 
 
 
 
 
 
Operating income/(loss)
 
84.4

 
82.0

 
52.2

 
85.7

 
(2.9
)
 
Net realized and unrealized exchange (losses)/gains after tax (1)
 
(3.8
)
 
12.0

 
(12.0
)
 
(9.5
)
 
(0.4
)
 
Net realized and unrealized investment gains/(losses) after tax (2)
 
9.4

 
13.4

 
(0.1
)
 
15.6

 
5.3

 
NET INCOME AFTER TAX
 
$
90.0

 
$
107.4

 
$
40.1

 
$
91.8

 
$
2.0

 
Loss ratio
 
57.9
%
 
53.3
%
 
61.3
%
 
52.6
%
 
78.3
 %
 
Policy acquisition expense ratio
 
17.4
%
 
20.3
%
 
19.7
%
 
20.5
%
 
14.3
 %
 
General, administrative and corporate expense ratio
 
16.6
%
 
18.2
%
 
16.1
%
 
17.0
%
 
15.4
 %
 
Expense ratio
 
34.0
%
 
38.5
%
 
35.8
%
 
37.5
%
 
29.7
 %
 
Combined ratio
 
91.9
%
 
91.8
%
 
97.1
%
 
90.1
%
 
108.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings/(losses) per share (4)
 
$
1.23

 
$
1.47

 
$
0.38

 
$
1.21

 
$
(0.09
)
 
Diluted earnings/(losses) per share (4)
 
$
1.21

 
$
1.43

 
$
0.36

 
$
1.15

 
$
(0.09
)
 
Annualized return on average equity
 
 
 
 
 
 
 
 
 
 
 
 
Net income/(loss)
 
12.0
%
 
14.8
%
 
4.4
%
 
11.6
%
 
(0.8
)%
 
 
Operating income/(loss)
 
11.2
%
 
10.8
%
 
6.4
%
 
10.8
%
 
(1.6
)%
 
 
See pages 7 and 23 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
 
 
 
 
(1) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.
 
 
 
 
 
 
(2) Includes the net realized and unrealized gains/(losses) from interest rate swaps.
 
 
 
 
 
 
(3) Preferred Income Equity Redemption Securities ("PIERS").
 
 
 
 
 
 
 
 
 
 
 
 
(4) Adjusted for preference share dividends.
 
 
 
 
 
 
 
 
 
 
 

3



ASPEN INSURANCE HOLDINGS LIMITED
Consolidated Statements of Operations - Year To Date Results
 
 
 
 
Twelve Months Ended December 31,
(in US$ millions except for percentages)
 
2013
 
2012
 
2011 (1)
UNDERWRITING REVENUES
 
 
 
 
 
Gross written premiums
 
$
2,646.7

 
$
2,583.3

 
$
2,207.8

Premiums ceded
 
(347.0
)
 
(336.4
)
 
(278.7
)
Net written premiums
 
2,299.7

 
2,246.9

 
1,929.1

Change in unearned premiums
 
(127.9
)
 
(163.4
)
 
(40.6
)
Net earned premiums
 
2,171.8

 
2,083.5

 
1,888.5

UNDERWRITING EXPENSES
 
 
 
 
 
 
Losses and loss adjustment expenses
 
1,223.7

 
1,238.5

 
1,556.0

Policy acquisition expenses
 
422.0

 
381.2

 
347.0

General, administrative and corporate expenses (1)
 
368.1

 
345.1

 
284.5

Total underwriting expenses
 
2,013.8

 
1,964.8

 
2,187.5

Underwriting income/(loss) including corporate expenses
 
158.0

 
118.7

 
(299.0
)
OTHER OPERATING REVENUE AND EXPENSES
 
 
 
 
 
 
Net investment income
 
186.4

 
204.9

 
225.6

Interest expense
 
(32.7
)
 
(30.9
)
 
(30.8
)
Other income/(expense)
 
6.5

 
0.9

 
(6.8
)
Total other operating revenue
 
160.2

 
174.9

 
188.0

OPERATING INCOME/(LOSS) BEFORE TAX
 
318.2

 
293.6

 
(111.0
)
Net realized and unrealized exchange (losses) (2)
 
(14.5
)
 
(2.0
)
 
(2.2
)
Net realized and unrealized investment gains/(losses) (3)
 
39.0

 
3.8

 
(34.1
)
INCOME/(LOSS) BEFORE TAX
 
342.7

 
295.4

 
(147.3
)
Income tax (expense)/recovery
 
(13.4
)
 
(15.0
)
 
37.2

NET INCOME/(LOSS) AFTER TAX
 
329.3

 
280.4

 
(110.1
)
Dividends paid on ordinary shares
 
(47.8
)
 
(47.0
)
 
(42.5
)
Dividends paid on preference shares
 
(35.5
)
 
(31.1
)
 
(22.8
)
Dividends paid to non-controlling interest
 
(0.1
)
 
(0.1
)
 
(0.1
)
Change in redemption value of the PIERS (4)
 
(7.1
)
 

 

Proportion due to non-controlling interest
 
0.5

 
0.2

 
0.1

Retained income/(loss)
 
$
239.3

 
$
202.4

 
$
(175.4
)
Components of net income/(loss) after tax
 
 
 
 
 
 
 
Operating income/(loss)
 
304.3

 
$
279.9

 
$
(70.4
)
 
Net realized and unrealized exchange (losses) after tax (2)
 
(13.3
)
 
(2.2
)
 
(0.1
)
 
Net realized and unrealized investment gains/(losses) after tax (3)
 
38.3

 
2.7

 
(39.6
)
NET INCOME/(LOSS) AFTER TAX
 
$
329.3

 
$
280.4

 
$
(110.1
)
Loss ratio
 
56.3
%
 
59.4
%
 
82.4
%
 
Policy acquisition expense ratio
 
19.4
%
 
18.3
%
 
18.4
%
 
General, administrative and corporate expense ratio (1)
 
16.9
%
 
16.6
%
 
15.1
%
Expense ratio
 
36.3
%
 
34.9
%
 
33.5
%
Combined ratio
 
92.6
%
 
94.3
%
 
115.9
%
 
 
See pages 7 and 23 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
 
(1) In 2012, the Company adopted the provision of ASU 2010-26, “Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts.” Under the standard, the Company is required to expense the proportion of its general and administrative deferred acquisition costs not directly related to successful business acquisition. The application of this standard has resulted in a net $16.0 million write down of deferred acquisition costs through retained earnings brought forward and the restatement of our quarterly balance sheets from December 31, 2010 to December 31, 2011.
 
(2) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.
 
(3) Includes the net realized and unrealized gains/(losses) from interest rate swaps.
 
(4) Preferred Income Equity Redemption Securities ("PIERS")
 
 
 
 

4



ASPEN INSURANCE HOLDINGS LIMITED
Consolidated Balance Sheets
(in US$ millions except for per share amounts)
 
December 31,
 
September 30,
 
June 30,
 
March 31,
 
December 31,
 
2013
 
2013
 
2013
 
2013
 
2012
ASSETS
 
 
 
 
 
 
 
 
 
 
Investments
 
 
 
 
 
 
 
 
 
 
Fixed income maturities
 
$
6,285.3

 
$
6,263.5

 
$
6,046.4

 
$
5,961.9

 
$
6,013.4

Equity securities
 
460.4

 
441.5

 
413.1

 
414.1

 
200.1

Other investments
 
48.0

 
46.1

 
44.9

 
45.0

 
45.0

Catastrophe bonds
 
5.8

 

 

 

 

Short-term investments
 
160.3

 
148.5

 
242.3

 
353.1

 
433.9

Total investments
 
6,959.8

 
6,899.6

 
6,746.7

 
6,774.1

 
6,692.4

Cash and cash equivalents
 
1,293.6

 
1,198.3

 
1,188.9

 
1,212.7

 
1,463.6

Reinsurance recoverables
 
 
 
 
 
 
 
 
 
 
Unpaid losses
 
332.7

 
442.2

 
472.3

 
479.2

 
499.0

Ceded unearned premiums
 
151.9

 
179.6

 
226.0

 
217.4

 
122.6

Receivables
 
 
 
 
 
 
 
 
 
 
Underwriting premiums
 
999.0

 
1,089.1

 
1,197.6

 
1,149.7

 
1,057.5

Other
 
90.3

 
76.3

 
71.8

 
66.0

 
68.5

Funds withheld
 
46.5

 
47.7

 
81.5

 
85.0

 
84.3

Deferred policy acquisition costs
 
262.2

 
262.1

 
264.4

 
238.5

 
223.0

Derivatives at fair value
 
7.0

 
5.6

 
2.0

 
2.0

 
2.0

Receivable for securities sold
 
5.2

 
5.9

 
5.8

 
20.7

 
0.2

Office properties and equipment
 
60.1

 
60.5

 
57.2

 
55.2

 
57.9

Income tax receivable
 
1.6

 
3.1

 

 

 
2.4

Other assets
 
2.2

 
13.1

 
20.9

 
17.0

 
18.2

Intangible assets
 
18.4

 
18.6

 
18.7

 
18.8

 
19.0

Total assets
 
$
10,230.5

 
$
10,301.7

 
$
10,353.8

 
$
10,336.3

 
$
10,310.6

LIABILITIES
 
 
 
 
 
 
 
 
 
 
Insurance reserves
 
 
 
 
 
 
 
 
 
 
Losses and loss adjustment expenses
 
$
4,678.9

 
$
4,715.6

 
$
4,734.9

 
$
4,683.8

 
$
4,779.7

Unearned premiums
 
1,280.6

 
1,334.6

 
1,375.3

 
1,295.7

 
1,120.8

Total insurance reserves
 
5,959.5

 
6,050.2

 
6,110.2

 
5,979.5

 
5,900.5

Payables
 
 
 
 
 
 
 
 
 
 
Reinsurance premiums
 
88.2

 
178.4

 
224.8

 
209.7

 
154.1

Taxation
 
15.7

 
17.7

 
16.4

 
14.7

 
11.8

Accrued expenses and other payables
 
265.6

 
282.8

 
258.7

 
285.6

 
249.3

Liabilities under derivative contracts
 
2.9

 
2.3

 
9.6

 
8.0

 
7.4

Total payables
 
372.4

 
481.2

 
509.5

 
518.0

 
422.6

Long-term debt
 
549.0

 
499.2

 
499.2

 
499.2

 
499.1

Total liabilities
 
6,880.9

 
7,030.6

 
7,118.9

 
6,996.7

 
6,822.2

SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
Ordinary shares
 
0.1

 
0.1

 
0.1

 
0.1

 
0.1

Non-controlling interest
 
49.7

 
(0.1
)
 
0.2

 
0.2

 
0.2

Preference shares
 

 

 

 

 

Additional paid-in capital
 
1,297.4

 
1,297.6

 
1,346.7

 
1,318.2

 
1,516.7

Retained earnings
 
1,783.3

 
1,714.4

 
1,628.4

 
1,615.3

 
1,544.0

Accumulated other comprehensive income, net of taxes
 
219.1

 
259.1

 
259.5

 
405.8

 
427.4

Total shareholders’ equity
 
3,349.6

 
3,271.1

 
3,234.9

 
3,339.6

 
3,488.4

Total liabilities and shareholders’ equity
 
$
10,230.5

 
$
10,301.7

 
$
10,353.8

 
$
10,336.3

 
$
10,310.6

 
 
 
 
 
 
 
 
 
 
 
Book value per ordinary share
 
$
41.87

 
$
41.33

 
$
39.98

 
$
43.14

 
$
42.12

Book value per diluted ordinary share
 
$
40.90

 
$
40.43

 
$
38.86

 
$
40.67

 
$
40.65

See pages 7 and 23 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

5



ASPEN INSURANCE HOLDINGS LIMITED
 
 
Earnings Per Share and Book Value Per Share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
(in US$ except for number of shares)
 
December 31, 2013
 
December 31, 2012
 
December 31, 2013
 
December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
Basic earnings/(loss) per ordinary share
 
 
 
 
 
 
 
 
 
Net income/(loss) adjusted for preference share dividend
 
$
1.23

 
$
(0.09
)
 
$
4.29

 
$
3.51

 
Operating income/(loss) adjusted for preference share dividend
 
$
1.15

 
$
(0.15
)
 
$
4.03

 
$
3.50

Diluted earnings/(loss) per ordinary share
 
 
 
 
 
 
 
 
 
Net income/(loss) adjusted for preference share dividend
 
$
1.21

 
$
(0.09
)
 
$
4.14

 
$
3.39

 
Operating income/(loss) adjusted for preference share dividend
 
$
1.13

 
$
(0.15
)
 
$
3.88

 
$
3.38

Weighted average number of ordinary shares outstanding (in millions)
 
65.594

 
71.007

 
66.872

 
71.096

Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)
 
67.052

 
73.558

 
69.418

 
73.689

Book value per ordinary share
 
$
41.87

 
$
42.12

 
$
41.87

 
$
42.12

Diluted book value per ordinary share
 
$
40.90

 
$
40.65

 
$
40.90

 
$
40.65

Ordinary shares outstanding at end of the period (in millions)
 
65.547

 
70.754

 
65.547

 
70.754

Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (in millions)
 
67.090

 
73.312

 
67.090

 
73.312

 
See pages 7 and 23 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.


6



ASPEN INSURANCE HOLDINGS LIMITED
 
 
Return On Average Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
(in US$ millions except for percentages)
 
December 31, 2013
 
December 31, 2012
 
December 31, 2013
 
December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
Average shareholders' equity
$
3,271.1

 
$
3,521.3

 
$
3,322.5

 
$
3,394.4

Average non-controlling interest
(12.4
)
 

 
(4.0
)
 
0.2

Average preference shares
(555.6
)
 
(508.1
)
 
(541.0
)
 
(460.6
)
Average ordinary shareholders' equity
$
2,703.1

 
$
3,013.2

 
$
2,777.5

 
$
2,934.0

Return on average equity:
 
 
 
 
 
 
 
 
Net income adjusted for preference share dividend
3.0
%
 
(0.2
)%
 
10.6
%
 
8.5
%
 
Operating income adjusted for preference share dividend
2.8
%
 
(0.4
)%
 
9.7
%
 
8.5
%
Annualized return on average equity:
 
 
 
 
 
 
 
 
Net income
12.0
%
 
(0.8
)%
 
10.6
%
 
8.5
%
 
Operating income
 
11.2
%
 
(1.6
)%
 
9.7
%
 
8.5
%
Components of return on average equity:
 
 
 
 
 
 
 
 
Return on average equity from underwriting activity (1)
1.7
%
 
(1.5
)%
 
5.7
%
 
4.0
%
 
Return on average equity from investment and other activity (2)
1.2
%
 
1.0
 %
 
4.5
%
 
4.9
%
 
Pre-tax operating income return on average equity
2.9
%
 
(0.5
)%
 
10.2
%
 
8.9
%
 
Post-tax operating income return on average equity (3)
2.8
%
 
(0.4
)%
 
9.7
%
 
8.5
%
 
 
 
 
 
 
 
 
 
 
 
See page 23 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(1) Calculated by using underwriting income.
(2) Calculated by using total other operating revenue and other income/(expense) adjusted for preference share dividends.
(3) Calculated by using operating income after-tax adjusted for preference share dividends.


7



ASPEN INSURANCE HOLDINGS LIMITED
 
 
Consolidated Underwriting Results by Operating Segment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31, 2013
 
Three Months Ended December 31, 2012
(in US$ millions except for percentages)
Reinsurance
 
Insurance
 
Total
 
Reinsurance
 
Insurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross written premiums
$
176.2

 
$
428.2

 
$
604.4

 
$
194.4

 
$
381.8

 
$
576.2

Net written premiums
174.5

 
373.5

 
548.0

 
193.7

 
330.7

 
524.4

Gross earned premiums
297.7

 
366.1

 
663.8

 
317.2

 
328.2

 
645.4

Net earned premiums
284.8

 
287.8

 
572.6

 
299.8

 
258.7

 
558.5

Losses and loss adjustment expenses
86.8

 
244.6

 
331.4

 
248.9

 
188.5

 
437.4

Policy acquisition expenses
46.2

 
53.5

 
99.7

 
41.0

 
39.0

 
80.0

General and administrative expenses
33.8

 
51.9

 
85.7

 
31.3

 
41.9

 
73.2

Underwriting income/(loss)
$
118.0

 
$
(62.2
)
 
$
55.8

 
$
(21.4
)
 
$
(10.7
)
 
$
(32.1
)
Net investment income
 
 
 
 
47.2

 
 
 
 
 
51.1

Net realized and unrealized investment gains (1)
 
 
 
 
9.6

 
 
 
 
 
5.6

Corporate expenses
 
 
 
 
(9.2
)
 
 
 
 
 
(12.9
)
Other income/(expense)
 
 
 
 
3.5

 
 
 
 
 
(6.2
)
Interest expense
 
 
 
 
(9.5
)
 
 
 
 
 
(7.7
)
Net realized and unrealized foreign exchange (losses) (2)
 
 
 
 
(3.8
)
 
 
 
 
 
(0.4
)
Income/(loss) before income taxes
 
 
 
 
$
93.6

 
 
 
 
 
$
(2.6
)
Income tax (expense)/benefit
 
 
 
 
(3.6
)
 
 
 
 
 
4.6

Net income
 
 
 
 
$
90.0

 
 
 
 
 
$
2.0

Ratios
 
 
 
 
 
 
 
 
 
 
 
Loss ratio
30.5
%
 
85.0
%
 
57.9
%
 
83.0
%
 
72.9
%
 
78.3
%
 Policy acquisition expense ratio
16.2
%
 
18.6
%
 
17.4
%
 
13.7
%
 
15.1
%
 
14.3
%
 General and administrative expense ratio (3)
11.9
%
 
18.0
%
 
16.6
%
 
10.4
%
 
16.2
%
 
15.4
%
Expense ratio
28.1
%
 
36.6
%
 
34.0
%
 
24.1
%
 
31.3
%
 
29.7
%
Combined ratio
58.6
%
 
121.6
%
 
91.9
%
 
107.1
%
 
104.2
%
 
108.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes the net realized and unrealized gains/(losses) from interest rate swaps.
 
 
 
 
 
 
 
 
 
 
(2) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.
 
 
 
 
 
 
 
 
 
 
(3) The total group general and administrative expense ratio includes the impact from corporate expenses.
 
 
 
 
 
 
 
 

8



ASPEN INSURANCE HOLDINGS LIMITED
Consolidated Underwriting Results by Operating Segment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Twelve Months Ended December 31, 2013
 
Twelve Months Ended December 31, 2012
(in US$ millions except for percentages)
 
Reinsurance
 
Insurance
 
Total
 
Reinsurance
 
Insurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross written premiums
 
$
1,133.9

 
$
1,512.8

 
$
2,646.7

 
$
1,227.9

 
$
1,355.4

 
$
2,583.3

Net written premiums
 
1,082.0

 
1,217.7

 
2,299.7

 
1,156.9

 
1,090.0

 
2,246.9

Gross earned premiums
 
1,126.6

 
1,366.8

 
2,493.4

 
1,208.0

 
1,177.0

 
2,385.0

Net earned premiums
 
1,073.0

 
1,098.8

 
2,171.8

 
1,132.4

 
951.1

 
2,083.5

Losses and loss adjustment expenses
 
481.7

 
742.0

 
1,223.7

 
635.3

 
603.2

 
1,238.5

Policy acquisition expenses
 
207.2

 
214.8

 
422.0

 
207.8

 
173.4

 
381.2

General and administrative expenses
 
131.0

 
185.9

 
316.9

 
123.9

 
168.2

 
292.1

Underwriting income/(loss)
 
$
253.1

 
$
(43.9
)
 
$
209.2

 
$
165.4

 
$
6.3

 
$
171.7

Net investment income
 
 
 
 
 
186.4

 
 
 
 
 
204.9

Net realized and unrealized investment gains (1)
 
 
 
 
 
39.0

 
 
 
 
 
3.8

Corporate expenses
 
 
 
 
 
(51.2
)
 
 
 
 
 
(53.0
)
Other income
 
 
 
 
 
6.5

 
 
 
 
 
0.9

Interest expense
 
 
 
 
 
(32.7
)
 
 
 
 
 
(30.9
)
Net realized and unrealized foreign exchange (losses) (2)
 
 
 
 
 
(14.5
)
 
 
 
 
 
(2.0
)
Income before income tax
 
 
 
 
 
$
342.7

 
 
 
 
 
$
295.4

Income tax expense
 
 
 
 
 
(13.4
)
 
 
 
 
 
(15.0
)
Net income
 
 
 
 
 
$
329.3

 
 
 
 
 
$
280.4

Ratios
 
 
 
 
 
 
 
 
 
 
 
 
Loss ratio
 
44.9
%
 
67.5
%
 
56.3
%
 
56.1
%
 
63.4
%
 
59.4
%
 Policy acquisition expense ratio
 
19.3
%
 
19.5
%
 
19.4
%
 
18.4
%
 
18.2
%
 
18.3
%
 General and administrative expense ratio (3)
 
12.2
%
 
16.9
%
 
16.9
%
 
10.9
%
 
17.7
%
 
16.6
%
Expense ratio
 
31.5
%
 
36.4
%
 
36.3
%
 
29.3
%
 
35.9
%
 
34.9
%
Combined ratio
 
76.4
%
 
103.9
%
 
92.6
%
 
85.4
%
 
99.3
%
 
94.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes the net realized and unrealized gains/(losses) from interest rate swaps.
 
 
 
 
 
 
 
 
 
(2) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.
 
 
 
 
 
 
 
 
 
(3) The total group general and administrative expense ratio includes the impact from corporate expenses.
 
 
 
 
 
 
 
 
 

9



ASPEN INSURANCE HOLDINGS LIMITED
Reinsurance Segment - Quarterly Results
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in US$ millions except for percentages)
 
Q4 2013
 
Q3 2013
 
Q2 2013
 
Q1 2013
 
Q4 2012
 
Q3 2012
 
Q2 2012
 
Q1 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross written premiums
 
$
176.2

 
$
219.5

 
$
298.6

 
$
439.6

 
$
194.4

 
$
259.5

 
$
299.8

 
$
474.2

Net written premiums
 
174.5

 
218.4

 
288.6

 
400.5

 
193.7

 
256.9

 
276.8

 
429.5

Gross earned premiums
 
297.7

 
268.6

 
288.4

 
271.9

 
317.2

 
299.8

 
300.8

 
290.2

Net earned premiums
 
284.8

 
255.7

 
275.8

 
256.7

 
299.8

 
279.6

 
282.0

 
271.0

Net losses and loss adjustment expenses
 
86.8

 
122.2

 
158.4

 
114.3

 
248.9

 
117.1

 
133.7

 
135.6

Policy acquisition expenses
 
46.2

 
49.1

 
56.6

 
55.3

 
41.0

 
55.7

 
59.3

 
51.8

General and administrative expenses
 
33.8

 
34.6

 
30.4

 
32.2

 
31.3

 
33.6

 
30.0

 
29.0

Underwriting income/(loss)
 
$
118.0

 
$
49.8

 
$
30.4

 
$
54.9

 
$
(21.4
)
 
$
73.2

 
$
59.0

 
$
54.6

Ratios
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss ratio
 
30.5
%
 
47.8
%
 
57.4
%
 
44.5
%
 
83.0
%
 
41.9
%
 
47.4
%
 
50.0
%
 Policy acquisition expense ratio
 
16.2
%
 
19.2
%
 
20.5
%
 
21.5
%
 
13.7
%
 
19.9
%
 
21.0
%
 
19.1
%
 General and administrative expense ratio
 
11.9
%
 
13.5
%
 
11.0
%
 
12.5
%
 
10.4
%
 
12.0
%
 
10.6
%
 
10.7
%
Expense ratio
 
28.1
%
 
32.7
%
 
31.5
%
 
34.0
%
 
24.1
%
 
31.9
%
 
31.6
%
 
29.8
%
Combined ratio
 
58.6
%
 
80.5
%
 
88.9
%
 
78.5
%
 
107.1
%
 
73.8
%
 
79.0
%
 
79.8
%


10



ASPEN INSURANCE HOLDINGS LIMITED
Insurance Segment - Quarterly Results
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in US$ millions except for percentages)
 
Q4 2013
 
Q3 2013
 
Q2 2013
 
Q1 2013
 
Q4 2012
 
Q3 2012
 
Q2 2012
 
Q1 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross written premiums
 
$
428.2

 
$
362.1

 
$
388.7

 
$
333.8

 
$
381.8

 
$
298.9

 
$
366.8

 
$
307.9

Net written premiums
 
373.5

 
323.6

 
324.1

 
196.5

 
330.7

 
250.2

 
305.1

 
204.0

Gross earned premiums
 
366.1

 
356.5

 
331.3

 
312.9

 
328.2

 
302.0

 
279.9

 
266.9

Net earned premiums
 
287.8

 
288.6

 
268.2

 
254.2

 
258.7

 
236.6

 
231.4

 
224.4

Net losses and loss adjustment expenses
 
244.6

 
168.0

 
175.0

 
154.4

 
188.5

 
137.9

 
128.4

 
148.4

Policy acquisition expenses
 
53.5

 
61.4

 
50.6

 
49.3

 
39.0

 
47.4

 
42.7

 
44.3

General and administrative expenses
 
51.9

 
49.5

 
42.1

 
42.4

 
41.9

 
42.8

 
42.1

 
41.4

Underwriting (loss)/income
 
$
(62.2
)
 
$
9.7

 
$
0.5

 
$
8.1

 
$
(10.7
)
 
$
8.5

 
$
18.2

 
$
(9.7
)
Ratios
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss ratio
 
85.0
%
 
58.2
%
 
65.2
%
 
60.7
%
 
72.9
%
 
58.3
%
 
55.5
%
 
66.1
%
 Policy acquisition expense ratio
 
18.6
%
 
21.3
%
 
18.9
%
 
19.4
%
 
15.1
%
 
20.0
%
 
18.5
%
 
19.7
%
 General and administrative expense ratio
 
18.0
%
 
17.2
%
 
15.7
%
 
16.7
%
 
16.2
%
 
18.1
%
 
18.2
%
 
18.4
%
Expense ratio
 
36.6
%
 
38.5
%
 
34.6
%
 
36.1
%
 
31.3
%
 
38.1
%
 
36.7
%
 
38.1
%
Combined ratio
 
121.6
%
 
96.7
%
 
99.8
%
 
96.8
%
 
104.2
%
 
96.4
%
 
92.2
%
 
104.2
%


11



ASPEN INSURANCE HOLDINGS LIMITED
Written and Earned Premiums by Segment and Line of Business
(in US$ millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Written Premiums
Q4 2013
 
Q3 2013
 
Q2 2013
 
Q1 2013
 
Q4 2012
 
Q3 2012
 
Q2 2012
 
Q1 2012
 
Reinsurance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Catastrophe Reinsurance
$
6.8

 
$
37.8

 
$
83.2

 
$
145.5

 
$
23.8

 
$
42.7

 
$
91.9

 
$
152.9

 
Other Property Reinsurance
61.5

 
70.8

 
91.0

 
79.5

 
61.3

 
92.6

 
81.0

 
78.5

 
Casualty Reinsurance
55.0

 
68.6

 
63.4

 
125.3

 
55.7

 
76.3

 
66.6

 
138.9

 
Specialty Reinsurance
52.9

 
42.3

 
61.0

 
89.3

 
53.6

 
47.9

 
60.3

 
103.9

 
Total Reinsurance
$
176.2

 
$
219.5

 
$
298.6

 
$
439.6

 
$
194.4

 
$
259.5

 
$
299.8

 
$
474.2

 
Insurance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Insurance
$
54.6

 
$
52.8

 
$
74.0

 
$
54.6

 
$
53.7

 
$
51.5

 
$
82.1

 
$
52.4

 
Casualty Insurance
83.1

 
74.7

 
63.9

 
43.7

 
61.3

 
49.9

 
53.0

 
28.6

 
Marine, Energy and Transportation Insurance
129.9

 
112.9

 
143.8

 
136.8

 
145.4

 
102.2

 
133.7

 
149.6

 
Financial and Professional Lines Insurance
116.8

 
84.6

 
68.1

 
65.8

 
89.8

 
63.8

 
68.3

 
49.7

 
Programs
43.8

 
37.1

 
38.9

 
32.9

 
31.6

 
31.5

 
29.7

 
27.6

 
Total Insurance
$
428.2

 
$
362.1

 
$
388.7

 
$
333.8

 
$
381.8

 
$
298.9

 
$
366.8

 
$
307.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Gross Written Premiums
$
604.4

 
$
581.6

 
$
687.3

 
$
773.4

 
$
576.2

 
$
558.4

 
$
666.6

 
$
782.1

Net Written Premiums
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reinsurance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Catastrophe Reinsurance
$
6.3

 
$
37.6

 
$
75.2

 
$
124.0

 
$
23.9

 
$
43.7

 
$
76.0

 
$
123.5

 
Other Property Reinsurance
61.1

 
70.8

 
89.8

 
65.6

 
62.3

 
89.2

 
76.8

 
64.8

 
Casualty Reinsurance
54.2

 
67.7

 
62.6

 
123.1

 
53.9

 
76.1

 
66.5

 
137.3

 
Specialty Reinsurance
52.9

 
42.3

 
61.0

 
87.8

 
53.6

 
47.9

 
57.5

 
103.9

 
Total Reinsurance
$
174.5

 
$
218.4

 
$
288.6

 
$
400.5

 
$
193.7

 
$
256.9

 
$
276.8

 
$
429.5

 
Insurance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Insurance
$
48.2

 
$
50.9

 
$
67.1

 
$
16.3

 
$
41.4

 
$
37.9

 
$
72.1

 
$
21.0

 
Casualty Insurance
63.2

 
61.6

 
56.2

 
24.6

 
43.6

 
35.5

 
42.1

 
20.0

 
Marine, Energy and Transportation Insurance
118.5

 
107.1

 
102.7

 
126.4

 
142.2

 
93.1

 
103.4

 
140.7

 
Financial and Professional Lines Insurance
113.6

 
69.3

 
64.3

 
2.9

 
82.0

 
57.9

 
59.0

 
(3.1
)
 
Programs
30.0

 
34.7

 
33.8

 
26.3

 
21.5

 
25.8

 
28.5

 
25.4

 
Total Insurance
$
373.5

 
$
323.6

 
$
324.1

 
$
196.5

 
$
330.7

 
$
250.2

 
$
305.1

 
$
204.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Net Written Premiums
$
548.0

 
$
542.0

 
$
612.7

 
$
597.0

 
$
524.4

 
$
507.1

 
$
581.9

 
$
633.5

Net Earned Premiums
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reinsurance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Catastrophe Reinsurance
$
64.0

 
$
60.4

 
$
65.1

 
$
58.7

 
$
83.3

 
$
62.3

 
$
60.8

 
$
62.9

 
Other Property Reinsurance
73.0

 
62.5

 
79.1

 
71.0

 
68.0

 
72.7

 
68.2

 
68.2

 
Casualty Reinsurance
84.8

 
78.9

 
75.2

 
66.6

 
88.1

 
82.3

 
88.1

 
66.9

 
Specialty Reinsurance
63.0

 
53.9

 
56.4

 
60.4

 
60.4

 
62.3

 
64.9

 
73.0

 
Total Reinsurance
$
284.8

 
$
255.7

 
$
275.8

 
$
256.7

 
$
299.8

 
$
279.6

 
$
282.0

 
$
271.0

 
Insurance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Insurance
$
42.4

 
$
46.2

 
$
44.1

 
$
45.7

 
$
42.8

 
$
36.9

 
$
38.4

 
$
38.4

 
Casualty Insurance
40.7

 
44.5

 
40.7

 
34.6

 
32.5

 
29.6

 
29.9

 
26.3

 
Marine, Energy and Transportation Insurance
117.7

 
123.3

 
116.8

 
101.6

 
126.3

 
108.2

 
110.9

 
102.6

 
Financial and Professional Lines Insurance
56.9

 
52.5

 
45.9

 
51.0

 
47.0

 
45.4

 
39.9

 
51.5

 
Programs
30.1

 
22.1

 
20.7

 
21.3

 
10.1

 
16.5

 
12.3

 
5.6

 
Total Insurance
$
287.8

 
$
288.6

 
$
268.2

 
$
254.2

 
$
258.7

 
$
236.6

 
$
231.4

 
$
224.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Net Earned Premiums
$
572.6

 
$
544.3

 
$
544.0

 
$
510.9

 
$
558.5

 
$
516.2

 
$
513.4

 
$
495.4


12



ASPEN INSURANCE HOLDINGS LIMITED
 
Consolidated Statements of Changes in Shareholders' Equity
 
 
 
Twelve Months Ended December 31,
(in US$ millions)
 
2013
 
2012
Ordinary shares
 
 
 
 
 
Beginning and end of period
 
$
0.1

 
$
0.1

Preference shares
 
 
 
 
 
Beginning and end of period
 

 

Non-controlling interest
 
 
 
 
 
Beginning of period
 
0.2

 
0.4

 
Introductory capital
 
50.0

 

 
Net (loss) for the period
 
(0.5
)
 
(0.2
)
 
End of period
 
49.7

 
0.2

Additional paid-in capital
 
 
 
 
 
Beginning of period
 
1,516.7

 
1,385.0

 
New shares issued
 
21.2

 
22.1

 
Ordinary shares repurchased
 
(309.6
)
 
(62.7
)
 
Preference shares issued
 
270.6

 
154.5

 
PIERS repurchased and cancelled (1)
 
(230.0
)
 

 
Changes in redemption value of PIERS (1)
 
7.1

 

 
Share-based compensation
 
21.4

 
17.8

 
End of period
 
1,297.4

 
1,516.7

Retained earnings
 
 
 
 
 
Beginning of period
 
1,544.0

 
1,341.6

 
Net income for the period
 
329.3

 
280.4

 
Dividends paid on ordinary and preference shares
 
(83.3
)
 
(78.2
)
 
Changes in redemption value of PIERS (1)
 
(7.1
)
 

 
Dividends paid on non-controlling interest
 
(0.1
)
 

 
Proportion due to non-controlling interest
 
0.5

 
0.2

 
End of period
 
1,783.3

 
1,544.0

Accumulated other comprehensive income:
 
 
 
 
Cumulative foreign currency translation adjustments, net of taxes:
 
 
 
 
 
Beginning of period
 
112.7

 
124.2

 
Change for the period
 
(24.1
)
 
(11.5
)
 
End of period
 
88.6

 
112.7

Loss on derivatives:
 
 
 
 
 
Beginning of period
 
(0.5
)
 
(0.7
)
 
Reclassification to interest payable
 
0.5

 
0.2

 
End of period
 

 
(0.5
)
Unrealized (depreciation)/appreciation on investments, net of taxes:
 
 
 
 
Beginning of period
 
315.2

 
305.4

 
Change for the period
 
(184.7
)
 
9.8

 
End of period
 
130.5

 
315.2

Total accumulated other comprehensive income
 
219.1

 
427.4

 
 
 
 
 
Total shareholders' equity
 
$
3,349.6

 
$
3,488.4

 
 
 
(1) Preferred Income Equity Redemption Securities ("PIERS")
 
 

13



ASPEN INSURANCE HOLDINGS LIMITED
 
Consolidated Statements of Comprehensive Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
Twelve Months Ended December 31,
(in US$ millions)
 
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
Net income
 
$
90.0

 
$
2.0

 
$
329.3

 
$
280.4

Other comprehensive income/(loss), net of taxes:
 
 
 
 
 
 
 
 
 
Available for sale investments:
 
 
 
 
 
 
 
 
 
    Reclassification adjustment for net realized (gains)/losses included in net income
 
(5.5
)
 
(3.1
)
 
(24.1
)
 
2.0

 
    Change in net unrealized gains and losses on available for sale securities held
 
(31.7
)
 
(43.4
)
 
(160.6
)
 
7.8

 
    Loss/(gain) on derivatives reclassified to interest expense
 
0.3

 
(0.1
)
 
0.5

 
0.2

 
Change in foreign currency translation adjustment
 
(3.1
)
 
4.3

 
(24.1
)
 
(11.5
)
 
Other comprehensive (loss)
 
(40.0
)
 
(42.3
)
 
(208.3
)
 
(1.5
)
Comprehensive income/(loss)
 
$
50.0

 
$
(40.3
)
 
$
121.0

 
$
278.9



14



ASPEN INSURANCE HOLDINGS LIMITED
 
Condensed Consolidated Statements of Cash Flows
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
Twelve Months Ended December 31,
(in US$ millions)
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
Net cash from operating activities
$
132.1

 
$
151.3

 
$
565.1

 
$
496.4

Net cash (used in) investing activities
(104.7
)
 
(30.0
)
 
(497.9
)
 
(317.2
)
Net cash from/(used in) financing activities
59.1

 
(30.7
)
 
(240.8
)
 
35.7

Effect of exchange rate movements on cash and cash equivalents
8.8

 
(1.2
)
 
3.6

 
9.6

Increase/(decrease) in cash and cash equivalents
95.3

 
89.4

 
(170.0
)
 
224.5

Cash at beginning of period
1,198.3

 
1,374.2

 
1,463.6

 
1,239.1

Cash at end of period
$
1,293.6

 
$
1,463.6

 
$
1,293.6

 
$
1,463.6



15



ASPEN INSURANCE HOLDINGS LIMITED
 
 
Reserves for Losses and Loss Adjustment Expenses
 
 
 
 
 
 
 
 
(in US$ millions)
For the Twelve Months Ended December 31, 2013
 
For the Twelve Months Ended December 31, 2012
 
 
 
 
 
 
Provision for losses and loss adjustment expenses at the start of the period
$
4,779.7

 
$
4,525.2

Reinsurance recoverables
(499.0
)
 
(426.6
)
Net loss and loss adjustment expenses at the start of the period
4,280.7

 
4,098.6

 
 
 
 
Net loss and loss adjustment expenses disposed
(34.6
)
 
(9.0
)
Provision for losses and loss adjustment expenses for claims incurred
 
 
 
    Current period
1,331.4

 
1,375.9

    Prior period release
(107.7
)
 
(137.4
)
    Total incurred
1,223.7

 
1,238.5

 
 
 
 
Losses and loss adjustment expenses payments for claims incurred
(1,085.1
)
 
(1,080.0
)
 
 
 
 
Foreign exchange (gains)/losses
(38.5
)
 
32.6

 
 
 
 
Net loss and loss adjustment expenses reserves at the end of the period
4,346.2

 
4,280.7

Reinsurance recoverables on unpaid losses at the end of the period
332.7

 
499.0

Gross loss and loss adjustment expenses reserves at the end of the period
$
4,678.9

 
$
4,779.7



16



ASPEN INSURANCE HOLDINGS LIMITED
 
 
Reserves by Operating Segment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As at December 31, 2013
 
As at December 31, 2012
(in US$ millions)
Gross
 
Reinsurance Recoverables
 
Net
 
Gross
 
Reinsurance Recoverables
 
Net
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reinsurance
$
2,707.0

 
$
(60.2
)
 
$
2,646.8

 
$
2,983.7

 
$
(172.4
)
 
$
2,811.3

Insurance
1,971.9

 
(272.5
)
 
1,699.4

 
1,796.0

 
(326.6
)
 
1,469.4

Total losses and loss adjustment expense reserves
$
4,678.9

 
$
(332.7
)
 
$
4,346.2

 
$
4,779.7

 
$
(499.0
)
 
$
4,280.7



17



ASPEN INSURANCE HOLDINGS LIMITED
Prior Year Reserve Releases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in US$ millions)
Three Months Ended December 31, 2013
 
Three Months Ended December 31, 2012
 
 
 
Gross
 
 Reinsurance Recoverables
 
Net
 
Gross
 
 Reinsurance Recoverables
 
Net
Reinsurance
$
55.6

 
$
(9.5
)
 
$
46.1

 
$
38.6

 
$
(0.8
)
 
$
37.8

Insurance
(5.4
)
 
(20.2
)
 
(25.6
)
 
7.6

 
(3.4
)
 
4.2

Release in reserves for prior years during the period
$
50.2

 
$
(29.7
)
 
$
20.5

 
$
46.2

 
$
(4.2
)
 
$
42.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Twelve Months Ended December 31, 2013
 
Twelve Months Ended December 31, 2012
 
 
 
Gross
 
 Reinsurance Recoverables
 
Net
 
Gross
 
 Reinsurance Recoverables
 
Net
Reinsurance
$
146.3

 
$
(23.7
)
 
$
122.6

 
$
97.9

 
$
4.3

 
$
102.2

Insurance
(3.4
)
 
(11.5
)
 
(14.9
)
 
30.9

 
4.3

 
35.2

Release in reserves for prior years during the period
$
142.9

 
$
(35.2
)
 
$
107.7

 
$
128.8

 
$
8.6

 
$
137.4



18



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ASPEN INSURANCE HOLDINGS LIMITED
 
Worldwide Natural Catastrophe Exposures: Major Peril Zones as at January 1, 2014
 
 
 
 
 
 
1 in 100 year tolerance: 17.5% of total shareholders' equity
 
1 in 250 year tolerance: 25.0% of total shareholders' equity
 
 
 
 
 
 
 
 
 
Based on shareholders' equity of $3,299.9 million (excluding non-controlling interest) as at December 31, 2013. The estimates reflect Aspen's own view of the modelled maximum losses ("PML's") at the return periods shown which include input from various third party vendor models and our own proprietary adjustments to these models. Catastrophe loss experience may materially differ from the modelled PML’s due to limitations in one or more of the models or uncertainties in the application of policy terms and limits.

 


19



ASPEN INSURANCE HOLDINGS LIMITED
Consolidated Investment Portfolio
(in US$ millions)
Fair Market Value
Marketable Securities - Available For Sale
As At December 31, 2013
 
As At September 30, 2013
 
As At June 30,
2013
 
As At March 31, 2013
 
As At December 31, 2012
U.S. government securities
$
1,020.4

 
$
1,021.1

 
$
1,118.4

 
$
1,175.3

 
$
1,126.3

U.S. agency securities
269.1

 
281.5

 
308.7

 
314.0

 
308.6

Municipal securities
32.8

 
29.9

 
33.1

 
38.0

 
39.7

Corporate securities
2,069.4

 
2,018.1

 
2,027.3

 
2,006.0

 
2,038.5

Foreign government securities
778.9

 
822.2

 
755.7

 
644.6

 
641.0

Asset-backed securities
122.3

 
116.5

 
86.8

 
74.5

 
53.8

Bonds backed by foreign government
84.6

 
78.9

 
87.0

 
85.3

 
101.1

Mortgage-backed securities
1,191.6

 
1,176.7

 
1,125.6

 
1,155.4

 
1,248.3

  Total fixed income maturities
5,569.1

 
5,544.9

 
5,542.6

 
5,493.1

 
5,557.3

Short-term investments
160.3

 
148.3

 
231.7

 
352.3

 
431.5

Equity securities
149.5

 
163.2

 
183.2

 
209.1

 
200.1

  Total Available For Sale
$
5,878.9

 
$
5,856.4

 
$
5,957.5

 
$
6,054.5

 
$
6,188.9

Marketable Securities - Trading
 
 
 
 
 
 
 
 
 
U.S. government securities
$
22.0

 
$
31.1

 
$
39.0

 
$
27.7

 
$
9.4

U.S. agency securities
0.2

 
0.2

 
0.2

 
0.2

 
0.2

Municipal securities
1.1

 
0.6

 
0.6

 
2.8

 
2.9

Corporate securities
474.8

 
471.0

 
365.6

 
395.9

 
414.4

Foreign government securities
136.2

 
136.3

 
27.5

 
27.3

 
26.3

Asset-backed securities
12.8

 
6.6

 
5.7

 
5.8

 
2.9

Bank loans
69.1

 
72.8

 
65.2

 
9.1

 

  Total fixed income maturities
716.2

 
718.6

 
503.8

 
468.8

 
456.1

Short-term investments

 
0.2

 
10.6

 
0.8

 
2.4

Equity securities
310.9

 
278.3

 
229.9

 
205.0

 

Catastrophe bonds
5.8

 

 

 

 

 Total Trading
$
1,032.9

 
$
997.1

 
$
744.3

 
$
674.6

 
$
458.5

 
 
 
 
 
 
 
 
 
 
Other Investments
$
48.0

 
$
46.1

 
$
44.9

 
$
45.0

 
$
45.0

 
 
 
 
 
 
 
 
 
 
Cash
1,293.6

 
1,198.3

 
1,188.9

 
1,212.7

 
1,463.6

Accrued interest
47.9

 
48.5

 
48.3

 
45.0

 
47.7

 
  Total Cash and Accrued Interest
$
1,341.5

 
$
1,246.8

 
$
1,237.2

 
$
1,257.7

 
$
1,511.3

 
 
 
 
 
 
 
 
 
 
 
 
 
  Total Cash and Investments
$
8,301.3

 
$
8,146.4

 
$
7,983.9

 
$
8,031.8

 
$
8,203.7


20



ASPEN INSURANCE HOLDINGS LIMITED
Investment Analysis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in US$ millions except for percentages)
Q4 2013
 
Q3 2013
 
Q2 2013
 
Q1 2013
 
Q4 2012
 
Q3 2012
 
Q2 2012
 
Q1 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income from fixed income investments and cash
$
44.8

 
$
42.0

 
$
42.0

 
$
45.0

 
$
49.8

 
$
46.9

 
$
51.0

 
$
51.0

Net investment income from equity securities
2.4

 
3.0

 
3.9

 
3.3

 
1.3

 
1.7

 
1.8

 
1.4

Net investment income
47.2

 
45.0

 
45.9

 
48.3

 
51.1

 
48.6

 
52.8

 
52.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized and unrealized investment gains/(losses) excluding the interest rate swaps
19.4

 
17.7

 
(6.6
)
 
15.2

 
5.7

 
12.9

 
2.2

 
9.0

Net realized investment (losses)/gains from the interest rate swaps
(0.5
)
 
(4.3
)
 
6.8

 
0.6

 
(0.1
)
 
(8.1
)
 
(11.3
)
 
(3.5
)
Realized loss on the debt extinguishment
(9.3
)
 

 

 

 

 

 

 

Other-than-temporary impairment charges

 

 

 

 

 
(2.1
)
 
(0.9
)
 

Net realized and unrealized investment gains/(losses)
9.6

 
13.4

 
0.2

 
15.8

 
5.6

 
2.7

 
(10.0
)
 
5.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in unrealized (losses)/gains on available for sale investments (gross of tax)
(41.1
)
 
(9.7
)
 
(138.4
)
 
(17.5
)
 
(37.9
)
 
32.2

 
36.6

 
(11.7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total return/(loss) on investments
$
15.7

 
$
48.7

 
$
(92.3
)
 
$
46.6

 
$
18.8

 
$
83.5

 
$
79.4

 
$
46.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Portfolio Characteristics
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed income portfolio book yield (excluding the impact of the interest rate swaps)
2.74
%
 
2.82
%
 
2.71
%
 
2.80
%
 
2.88
%
 
3.04
%
 
3.19
%
 
3.31
%
Fixed income portfolio duration (excluding the impact of the interest rate swaps)
3.5 years
 
3.5 years
 
3.4 years
 
3.2 years
 
3.0 years
 
2.8 years
 
2.9 years
 
3.0 years


21



 
ASPEN INSURANCE HOLDINGS LIMITED
 
Book Value Per Ordinary Share
 
 
 
 
 
 
 
 
 
 
 
 
(in US$ millions except for number of shares and per share amounts)
December 31, 2013
 
September 30, 2013
 
June 30,
2013
 
March 31,
2013
 
December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets
 
$
3,349.6

 
$
3,271.1

 
$
3,234.9

 
$
3,339.6

 
$
3,488.4

 
Less: Preference shares
 
(555.6
)
 
(555.6
)
 
(555.6
)
 
(508.1
)
 
(508.1
)
 
Less: Non-controlling interest
 
 
(49.7
)
 
0.1

 
(0.2
)
 
(0.2
)
 
(0.2
)
 
Total
 
 
 
$
2,744.3

 
$
2,715.6

 
$
2,679.1

 
$
2,831.3

 
$
2,980.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ordinary shares outstanding (in millions)
 
65.547

 
65.701

 
67.003

 
65.634

 
70.754

 
Ordinary shares and dilutive potential ordinary shares (in millions)
 
67.090

 
67.171

 
68.934

 
69.611

 
73.312

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Book value per ordinary share
 
$
41.87

 
$
41.33

 
$
39.98

 
$
43.14

 
$
42.12

 
Diluted book value per ordinary share
 
$
40.90

 
$
40.43

 
$
38.86

 
$
40.67

 
$
40.65

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The dilutive effect of options has been calculated using the treasury stock method. The treasury stock method assumes that the proceeds received from the exercise of options will be used to purchase the Company's ordinary shares at the average market price during the period of calculation.
 

22



ASPEN INSURANCE HOLDINGS LIMITED
Operating Income Reconciliation
 
 
 
 
 
 
 
 
 
 
 
Net income is adjusted to exclude after-tax change in net foreign exchange gains and losses and realized gains and losses in investments.
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
(in US$ millions except where stated)
December 31, 2013
 
December 31, 2012
 
December 31, 2013
 
December 31, 2012
 
 
 
 
 
 
 
 
Net income as reported
$
90.0

 
$
2.0

 
$
329.3

 
$
280.4

Changes in redemption value of PIERS (1)

 

 
(7.1
)
 

Net loss/(income) attributable to non-controlling interest
0.2

 
(0.1
)
 
0.5

 
0.2

Preference share dividends
(9.4
)
 
(8.5
)
 
(35.5
)
 
(31.1
)
Net income/(loss) available to ordinary shareholders
80.8

 
(6.6
)
 
287.2

 
249.5

Add (deduct) after tax income:
 
 
 
 
 
 
 
 
Net foreign exchange losses
3.8

 
0.4

 
13.3

 
2.2

 
Net realized (gains) on investments (2)
(9.4
)
 
(5.3
)
 
(38.3
)
 
(2.7
)
 
Changes in redemption value of PIERS (1)

 

 
7.1

 

Operating income/(loss) after tax available to ordinary shareholders
75.2

 
(11.5
)
 
269.3

 
249.0

Tax/(benefit)on operating income
3.2

 
(4.8
)
 
13.4

 
13.5

Operating income/(loss) before tax available to ordinary shareholders
$
78.4

 
$
(16.3
)
 
$
282.7

 
$
262.5

Basic earnings per ordinary share
 
 
 
 
 
 
 
Net income/(loss) adjusted for preference share dividend
$
1.23

 
$
(0.09
)
 
$
4.29

 
$
3.51

Add (deduct) after tax income:
 
 
 
 
 
 
 
 
Net foreign exchange losses
0.06

 
0.01

 
0.20

 
0.03

 
Net realized (gains) on investments
(0.14
)
 
(0.07
)
 
(0.57
)
 
(0.04
)
 
Changes in redemption value of PIERS (1)

 

 
0.11

 

Operating income/(loss) adjusted for preference shares dividend
$
1.15

 
$
(0.15
)
 
$
4.03

 
$
3.50

Diluted earnings per ordinary share
 
 
 
 
 
 
 
Net income/(loss) adjusted for preference share dividend
$
1.21

 
$
(0.09
)
 
$
4.14

 
$
3.39

Add (deduct) after tax income:
 
 
 
 
 
 
 
 
Net foreign exchange losses
0.06

 
0.01

 
0.19

 
0.03

 
Net realized (gains) on investments
(0.14
)
 
(0.07
)
 
(0.55
)
 
(0.04
)
 
Changes in redemption value of PIERS (1)

 

 
0.10

 

Operating income/(loss) adjusted for preference shares dividend
$
1.13

 
$
(0.15
)
 
$
3.88

 
$
3.38

 
 
 
 
 
 
 
 
 
 
 
(1) Preferred Income Equity Redemption Securities ("PIERS")
 
 
 
 
 
 
(2) Includes the $9.3 million make-whole payment on the redemption of the $250.0 million Senior notes due August 15, 2014.

23
GRAPHIC 4 coverlogo.jpg begin 644 coverlogo.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_X1#R17AI9@``34T`*@````@`!`$[``(` M```-```(2H=I``0````!```(6)R=``$````:```0T.H<``<```@,````/@`` M```&UL;G,Z9&,](FAT='`Z M+R]P=7)L+F]R9R]D8R]E;&5M96YT#IX;7!M971A/@T*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`* M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`\/WAP86-K970@ M96YD/2=W)S\^_]L`0P`'!04&!00'!@4&"`<'"`H1"PH)"0H5#Q`,$1@5&AD8 M%1@7&QXG(1L=)1T7&"(N(B4H*2LL*QH@+S,O*C(G*BLJ_]L`0P$'"`@*"0H4 M"PL4*AP8'"HJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ M*BHJ*BHJ*BHJ*BHJ_\``$0@"'0&R`P$B``(1`0,1`?_$`!\```$%`0$!`0$! M```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$ M$042(3%!!A-180'EZ@X2%AH>( MB8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!`0$!`0$````````! M`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$' M87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66 MEYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7F MY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`^D:***`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH)`&3P!0!'//';0/- M.X2-!EF/:O#_`!_XVDU>Z:"VD,KO4#=ZG>H'H`911DT4`?<-%%%42%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!7$?$#Q6 M-+LVL;1_W\@PY'\(KH/$FNQ:%I3SN1YI&(U]37@.M:G+J%Y)-,Y9W;))I,9F M7URTTA).2367)R:M2JTE6I*JR4`5GJ!ZG>H&H`CQ12_A10!]P MT4451(4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5' M<3QVUN\TS!409)-25YM\1?%``.F6C\#_`%A!ZGTH`Y/QIXEDUG4G8,1$AVQK MZ"N,D)8G-69G+L2:K.*DHK/5:2K4@JK+0!5?O562K4G>JLE`%9Z@:IY*KN:` M&449_P`YHH`^XJ***HD****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHJ.XG2UMWFE.$09-`&-XLUY-$TEV##SI!A!_6O"=0NY+JX>21BS,< MD^M;WB_Q!)K&J2/N_=J<(/:N7//6D,C(J)Q4QJ)Z0RM)527O5N2JDM`%22JD ME6I6P#6?-+0!%*]5F>G.Q:H]OK0`W=13MM%`'W+1115$A1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%>>_$7Q((H?[.MGY/WR#78:]JJ:1I M#ZK?R7][)-(22QS2&49&+L2:813\4TTAD35"]3M4+T`59*I3N` M*M3N%4UCW4^2<&@""XFR3BJ+G)YI\C\TQ(VD;@4`1@%CQ5B*T>3H*U-/T9YV M'R\5V.E^&5^4NOZ4`<*-*EQ]PT5ZT/#T&T?*.E%`'NM%%%42%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!02%4D\`=:*P/%VL+I>DN`V)''Z4`<% M\0?$!O;XVT+?NTXKA>IJ>ZG:YN'DMQCO3`Z`2K@45CB\&!S10![ MI115:^OHK"'S)CUX4>M,DLT5F0:REPC,`%P<#-2+JT);#$"@"_15>._MI/NS M*#Z$U.K*WW2#]#0`M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`UW6.-GW(C4X-`%6_NMH(!K!N)LY)J:ZN"S$DU0.97H`:J&5ZW=,T M[)#,*@TZQW,"1Q72V\0B0<4`6+=%A48%3&:JQDIADH`M^?[TOG$U0,E2P$R. M`*`+X8XZFBM6/0;IXE80.05!!VT4`>ZUP/C;5#%JL<(;Y4`KOJ\C^(LC1:^2 M?4&J$6K35]EBIWM5YM:/.&Q7-F[*6<6">I'ZU5DO-PY-(#;F\131.?GX M^M.@\<7$#<2$8]ZY6>?=WJA(QYI#/3[;XJ/`O[\>8/>M;3_BYHMPXCO5:`Y^ M\.17BBJTSA!U/K63XBL[C2)DWDX<9!IW%8^M-/U:PU6$2Z?=13J?[CL^%?CC*-D&O1B=!QYR?>'U]:+A8]PHK,T;Q#I M>OVXFTN[288R5!^8?45ITQ!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4UW$<;.QP%&2:=6'XHU$6FGF)3\\ MG7Z4`<#XRU1KRXE()QG`^E<4XK=U)C(DC'D]:PY*0R(TTTI-1R.%7FD,BN)A M&AKG+ZZ+L>:MZC>9)`-84\N30`R1R[8%7;*TWL.*KVT)=L]S70V-N$4$B@"U M:P")!5@MBF;L#BFEJ`'%J87IK-49:@!Q;)Q79>!O#SZQJD:LI\I3ND;T6N4L M+9KFX55!.3C%?0/@_0%T+1$1UQ<2@-)[>@I@;<=M#%&L:1*%4!0,=`**DHID MA7E/Q5@*WJ2@<%17JU<%\4+/SM+28#E10!Y;'+OLR,]&S^8_^M5=SZTVU<&- MT)YV_P`N:5^14E%>1JJNU69!Q5:1.M`"12%)E([&MCXDV*R>%+"_B7.[*L1Z MC_ZQK!7(>NIU>0:A\)KM#S):NKCZ<@_S%`'C)<@TJ3,C95B#[&HVZTW-`'0Z M-XKO](N4EM;B2%U.0Z-BO;/!WQOCG6.V\0KNZ#[3'U_$5\YU)',\390D&@#[ MDT_4[/5;5;C3[B.>)OXD.:M5\=^&?'>I^'KI9;*Y>(@\@'Y6'N*]W\(?&/3= M86.WUG%K<'CS!]QO\*=Q6/3:*9%-'/$LD+K(C#(93D>Q!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`(2%4D\`X&HW*9B@/R`C[S?\`UJ]9JII>G0Z5IL-G;C"QK@GU/01W%)KL M7V779DZ8J::!DSV M[;!ZMC(_6LYK?!Z5>T64V6KQ,>A-`'CTAPY'H::#6KXNL/[,\7:E:@;568LH M_P!EOF'Z$5D`T`/I::*=0`58@NY;=LHQ^E5Z6@#T?P;\4]5\/2*D?!/QHO-/"6NK$WEL,#+'YTKW+0_$FF>(K19],N5DR,E,_,OU%42:E%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%5[ZX%M9R2'J!Q0! MR?B>]\^[,:GY4XKEIJT[MS)(S'G)K-F[TAF;/WK`N/D+9[&N@FKE=6N1&S@' MN:0S'U2ZR2H-<[/)N;BK=[.23ZFJ"KYDGM0!+;0EFR>];EI#M453LX.E:BC: MM`#P<"D)I,TTM0`XFF$T$T@Y.!0!-;1&60`#O7MOPU\.BRL3J4ZX>0;8LCH. MYKSSP3X>?5]6ABVG9G+MZ*.IKWR&&.W@2&%0D<:A54=@*:$Q]%%%,04444`% M1W',#`]Q4E17!Q$:`/`/B'9_9=>:0#`89_*L""3_`%3^AQ_6N^^*=ENC2X4? M=;D^QKS:V?\`=LOIS^7_`.NI*.FR"!3"!4$4NZW0^HI3+_\`KH`:B@9)&"&']?PKRC4='N=/G:*[@>)E/.1B@#,%.%*82.1R*0<4 M`+124Z@`HHHH`&4USU%`'TSX*^,]IJ2QV MNOXAF.`)U^ZWUKU2">*YA66WD62-AD,IR#7PQ#@^"OBEJGAV9428 MRVY/S0R'(_"G<5CZJHKF/"GCW1_%4"_99EBNM=/3$%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!7/\`B2Z^58%/N:WV8(I9N@&:XO4IC/=. MY[F@#(F%4)A6A-5":D,QM2F%O;NY.#T%>?ZG=;Y#SP*Z7Q-?CS#$AX7^= MRY.._>D,IS.7:K%K#R/>H(DWOGL*UK6+'-`%F"/:HJ7-(.!2$T`*32$TA--) MH`4FK5A;F>=0!U-5%&YL"N^^'WAW^U-6C\Q28D^>0^PH`])\`Z"-)T47$BXF MN0#[A>P_K75TBJ%4*HP`,`#M2U1(4444`%%%%`!5>[;"58JE>MCB@#B/'-G] MLT28`9(4D5XA"VRY(;H>O\J^A-5C$UG(AYR*\"UFV-EK$T6,!7/Y&DQHOVKY MMBIZHU2%NQJI9R9DQ_ST7]:G)I#%+4QSE:,TTGUH`[+XE^)_`NB^*;=EO;94F(XF088?XUXEH=R;74XW!QAJ^B=/N1>:?!<#GS$!/U MIH3/FCQI\'M6\/N]Q9*;FU'.^,9P/<5YO/:F-RLR&-A[<5]S,JNI5P&4C!!' M6O/_`!A\)-'\1H\UDBV=V>)D^E-KM?%/P_UGPMW#,0/D;^Z:0RK13GC9#AA3:`"BEI*`"EY4\&BB@#2TS6[K3KA) M(971E/#*<$5[CX%^-0*Q67B([UZ+<#J/KZU\]XJ2*9X6RA(H`^YK.^MM0M5N M+*9)HF&0R'-3U\E^#/B1JGAJZ4V\Q:+/SPN/FA M<]3[4[B.KHHHIB"BBB@`HHHH`****`"BBB@`HHHH`HZM/Y5F0.K<5R4W.:W= M8EWS;<\+6'-WI#,^:LC5+E;2UDE;L.*V)N]<+XOU#YQ;1GIR?K0!R.IW1EE= MV.>:P)6+O]:NWLN6V]JJPIN;<:0RQ:P]*TXUVK4-O'@58H`4FFDT$TTT`!-( M31FE1=S`4`7=-M3/.J@=37T'X)T,:-H2%UQ-.`[>P["O,_AUX=&HZM&TJ_NH M_G?W`[5[>!@8'04T)A1113$%%%%`!1110`5GZCPP]Q6A5#5!^[5O?%`&%-_$"Q\C51,!Q(/UKV&X/6N"\?V/VC3#*!S&*V(G\R!#W'!I#%---.-(:`'0N8YE8=C7N_@'4!>^'5C)RT)Q^! M_P`FO!:],^%NI[+TVKM@2+@?6FA,]6HHHIB(+RQMM0MFM[V!)HF&"KKFO(?& MOP0@NA)=>'#M;DFW8_R->RT4`?%NKZ#J&C7+6VH6SJ4."&7!%9#V^06C.X=Q MW%?:'B#PKI7B6U:'4K96;'RR`89?QKPCQO\`!O4-%9[O2MUU;#G<@^9?J*FQ M1X^1@\BBM"XMFBRVUU!>6Z3VLJRQ. M,JZG(-?"\4[PME3BO0_`WQ/U+PU<*@D,UL3\\+G(Q[4[BL?55%8'A?QCI?BJ MS66PF`EQ\\+'YE_QK?IB"BBB@`HHHH`****`"FR-LC9CV%.JIJ$FV#;W-`&% M=-O9F/A?#[0/[2U:(.N8U^=S["@#T_P1HJZ3H,;,F)IP M';V'85T=`&!@<"BJ)"BBB@`HHHH`****`"JVH)NLG]N:LTV5/,B93W&*`..G M-8FLVXNK"6)AG*D5LW/RNRGL<5FS_,"#WI#/#+N(VU\Z-P58BM*SDSN']X;A M_6K'C*Q^S:LS@85^:RK*?&TY^Z<_@:0S6ZTVG?3IVI"*`&UN^%;]K'5HI`<; M6!K"J:TD,5PK#UH`^F895G@25#E74,/QI]<]X)U'[?X=C!;+0_*?IVKH:HD* M***`"@@$$$9!ZBBB@#@O&7PITGQ+&\UHBV=X>=RCY6/N*^?_`!/X&U?PM=O' M=V[!,\'&58?6OKVJFHZ99ZM9M:ZA;I/$PP58=/I2L.Y\2/`'8[!L?^Z:KNK( M<,,5[OX[^"DD0DO?#P,T0RQA_B7Z>M>-WME/92M#>Q,"IQDC!%(9ET8J:2`@ M;D^9?45#C%``**6B@!,9H^Z);W1KU)[6=XI%.0RG%?1'@/XN M66NI'9:RZV]WC`E)PK_7TKY=(]*GM;R6UD!1B,'MVH`^YU8,H*D$'H1WI:^> MOAY\89]-,=CK3FXM/NAB?FCKWO3M2M-6LDNK"=9HG&05/3ZU1):HHHH`**** M`"LR_?=)CTK2RB&!W8X`%:LW0UQGC34?LU@84/SR? M**0SSW7]0-U>33DY!.%^E''ES#Z&N5E/6D,XWQO8^?9"91RG7Z5Y[;/L MFVGH>#7KVJP"ZLI(F_B%>17L1MKQE88P>:0S:MWW1+G@CY34Q%9]C-D@$_?' MZBM$F_#'5MEX;5V^648`]^U>IU\\^&K]K+4HI%;!5@ M0:^@+2X6[LXITZ2*&IH1-1113$%%%%`!1110`5Q_C#X<:3XKA9S&MM>8XF0? M>^HKL**`/DCQ;X`U?PI>,)X6\HGY9%&585R3Q+(Q&-DGH3P:^V[_`$ZTU2T> MVOX$GA<8*L*\/\??!>2W62^\/@S0]3#_`!)]/6E8=SPQXV1L,,4VM&ZMIK20 MPWD;?*<9(Y6JDD!4;D^9?44AD-%+BC%`"4$9%***`!'>)LJ:[GP1\1=1\,7B MM!*6A)^>%CPPKA\9ZTT@KR*`/LWPGXTTSQ98K+92A9P/GA)Y'^-=#7Q7H'B6 M]T2^CN+.=HI$.00>M?2'@'XJ67B6&.TU)TM[X#`).%D_^O3N*QZ)1113$13G MY36;-6A+]W/KS6?-0!G7+;(V8]A7D7B[4OM.HR$'*1?*/KWKTKQ-?BQTV1^^ M.!ZUXEK%P68@G))R?K28S%N'\R0GU-2P1]*A1=\GM5^),4ADBC`H-+2&@!*: M:4\TAH`2K=C`99E`'>JJC(82-0HJ6J)"BBB@`HHHH`****`"BBB@`HHHH`S];M_ M/TN3'5/F%<%,>M>EN@DC9#T88KSC4HC;7DL3=58B@9FR\YKS;Q=8^3?-(H^5 MN:]'E-B8.HQT(R*YE28;C'3!K;L9?E MVY^[R/H:0%[%-Q4F,CBD(H`6!S',K#UKV_P!JGVW1?(9LM#T^E>'8Q7<_#W5 M_L>JQH[81_E;GUIH1['1113$%%%%`!1110`4444`%%%%`'"^-OAAIGBF%Y[9 M$M;[&0ZCY7^HKYU\2^#]4\+Z@\%W`R8/&1\K#V-?8E9NMZ!I_B"P:UU.W65& M'#8^9?H:5AW/BUHEESLPC]U-0,I0X:O5?'_PEOM`D>[T]6N++.0ZCE/K7FL@ M*MY=R"#T#8I#*=+^%/DA*<]1V(IGX4`%+CUH'TIV,]J`(F3T_E5FROYK*971 MV4J>"#R*C`I&CW=.M`'OGPY^,*LL6F^(I-R\+'<$\CZU[2DR3VXE@=71QE64 MY!KX9BEDMI,@D5]%_`35-1U72+\74S26ENZ)$&YPV"3_`$IH1ZS*,#'M6?/P M.:T)JQ]4G%O:.Y..#BF(\Z\=ZCN<0J>`9(/K7LWPQT7RU>_D M7`4;4X[GK7E^A637%TB@9)/%?0^B:>-+T>"U`^95RWN3UIH3+]%%%,04444` M%%%%`!1110`4444`%%%%`!7%>+[7RKX3`<2#]:[6L7Q3:?:=(9P/FC.?PH`\ MZE-9MY&)H'C;HP(J_,:I2FD,\QU6W,%TW&"#S4EA<8VDG@<'Z&M?Q+:9E9P/ MO#-XKT.J)"BBB@`HHH MH`****`"BBB@`HHHH`;)&DL;1RJ'1A@JPR#7D7Q!^#L%^DNH>'HPDO+-;#H? MI7K]%`'Q/?:?=:3F^+;5WV+!?`? M+,!U^M?-OBGP;J?A;4GANH60@\-CY6'J#4E',=*45/\`+-P1MD[CUJ,J5.#_ M`"H`04X"D'UIPH`1H@X]Z^I/@KH?]C?#:S:1<37A:Y?Z,?E_\="_G7S+8VSW MM_;VL?+SRK&H'/>/=3\RX=`>!3`\ZU>X\V9N>]9\*9YI]RWF2GZU)$F` M*D9*@P*<:7'%)0`AIM.---`"&I(4WR"HZT=-MS),HZY-`'H/PVT7[5JB32+^ M[A&]N.I[5[!7->!M*&G>'TD9<27'S'Z=JZ6J)"BBB@`HHHH`****`"BBB@`H MHHH`****`"F31":!XVY#J0:?10!Y'JL!M;Z6)AC:Q%9,IKM/'5CY5XMR@P)! MS]:XB8TAF-K48DMQGJ#7#7U=QJ;Y95_&N7U6#(W"D,=I]Q\P'][C\: MWHVWQ@UQ]G*5;;GZ5TUA.)%'/WA^M`%S%)BG8H-`&SX9U)].U2*53C:P->[V M\R7-O'-&Z1]E=LR0\K[BFA'64444Q!1110`4 M444`%%%%`!1110`4444`%9>O>'M/\1Z>UIJ<*R*1\K8^93Z@UJ44`?+WQ`^% MU]X9N&G@4S6;'Y)E'3V/I7G^\J?+N!]#7VY=6L%[;/;W42RQ.,,C#(->$_$C MX/O:"34M!0RV_+/$.6C_`/K4K#/&6C*^X]10![4LB2V7;1GW M)W-_)?SKWX?=%-"9FZ[R?#'20@EO77[@V)]3UH0'H<4:PQ)&@PJ`*![4ZBBJ)" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#&\46`OM$EP,O'\PKR&XRK%3 MVKW9E#H589##!%>->*K$Z;JTR$87)(^E(:./OGW7#>W%9EU&)(S5R9MSL3W- M5WI#.8E4P7'XULZ=M6C6.J30L M,88D5EL:DHJW4?F1FL`Y@N/0$UT;=*QM1@_B%`&IIMQ@@?B/ZUTD;!XPPKA; M"Y((]0N=>E?/5I, M8+A7'MGA?5%U/18F)S)&-K?TIH3-FBBBF(****`"BBB@`HHHH`****`"B MBB@`HHHH`*0G"D^@I:9,<0M]*`,D?-=I_O@U1\:WHMM)*`X+"K\0S>1_[W]* MXOXC:A^\,2GA1B@9Y3J\_FW#'WJC$O&:?=-OF/UI47`%2,]5P.:V=&MC+<(`,\T`>L?#32Q#:2WC#DC8O]:[RO(K'XCVWA MKQDOAVYV_9(XD25Q_#(1D_S`KUJ&:.XA66!P\;C*LIX(JB1]%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`>/_%/1?LU^+V-<))R?QKS=J^B M?&>D#5_#LR;+B)H)WC<8920:3&B!JJ74>^,U::HFYI#.?YM[C MTYKH=+NMK#!]Q_A6/J$&,D4FGW!5@.X.10!Z#&XDC#`]:=BL[2;D2(%/0C(K M3Q0`S!'2NU\!:U]DU$02M^[E^4^WO7&$5/:3&WN5=200:`/H"BLKPYJ8U31X MIB*6KR'QO?&>_EYSR:]6O9OLNDW4Q.,KM%>&>(+@RW3G/>DQF#]Z2 MI@*9&.IJ7%(8VD-.I,4`-I*<:0T`+&N6KL?"L,<,C7=QQ#;HTTA_V5&3_*N4 MM8]T@%;OB:]_L3X:WA4[9M09;5#WVGYG_08_&@#RC4M1FO-:NM2D8L]U,TK' MW)S7K/PL^*C:6\>EZO(7LV.$F:Q*7LW.%G:D,\$:HVJ1P58@]1434AE>Y MCWQFL4Y@N,^];[>A[&O4*\!M9FM[A74 MX(->T^'-475='CESF1!M?Z^M,3-6BBBF(****`"BBB@`HHHH`****`"BBB@` MJ"[_`-3^-3U7O.8P!ZT`(ZC)OG;ZUZE\1;S;+Y*GB-= MM>33G=*?K28T(@P*=2@8%!%(8TTE.-)0`VDQ3B*%&6H`TM*@\RX48[U0^+>H M;;K2]%C^[:0>=+_OR?X*!^==1X3L?M.HQ)CJP%>6^--4&L>--3O8VW1-.RQ< M_P`"_*OZ"@#"I58C@\CN*3_/6DH`D5F@8/&?E_E7LGPK^*;:9)'I>L2E[1SA M')^X:\95ROT/44Y':!P\>=N?7I0!]S0S1W$*2PN'C<95@>"*?7S]\*OBF=/> M/2=9E+6K'$;D_PY&14-C.T]82#FI*'8I"*=24`-I,4XTAH`:14D*Y<4RK= ME'OE`H`Z:UG_`+%\(:MJV=K6]JPC;T=OE7]2*\)SFOH+Q%X:U'4_A=*FG)N' MG+),HZLB@\?F0?PKP*YMGMI"K`C!P0>U`$/XTGXTM)0`?C2JV/<'K3:*`)8Y M&@D#HWR_RKV_X4?%+[,8]'UJ;=`W$4K'[M>&!L?3TJ2*5K:0.A.,Y&.U`'W. MCK)&KQL&5AD$'@TZO#?A/\4@!'HVMR_(>(IF/3VKW%6#J&4Y!&01WJB1:*** M`"BBB@`HHHH`****`"BBB@`HHHH`****`(+VU2^L9K:49252IS7S3XIT>31= M=N+61=H5CM^E?3M>9?%SPY]IL4U6W3+Q\28';UI,:/$S49J1A@D&HS2&12KN M4UD3H8IAKRZUE\F7!Z=#79Z' MJ&U@&/!X-`'3XI,8IPPPR.E&*8'1^#]:.FZDJN?W3_*P]J]95@RAE.01D$=Z M\%C8QR!EX(->L>#=8&H:8()&_>PC\Q0(Z.BBBF(****`"BBB@`HHHH`****` M"N=\6W/DZ/-S]X[?RKHJX;Q_=;+-(P>H+'\30!Y%JLF^Y8^]4E'RU-=MNF;Z MU&!Q4E"44I%)0`E)3J2@!N,FMC18/-ND&,\UE*,M77^#K$W.IPJ!G+`4`>R: M+:BUT6WA(_@RP/?->1_%7X6*ZRZSH46!]Z:%1T]Q[5[4JA$"CH!@4,H92K`$ M$8(/>J)/AJYMWMY"K`C!Q@]J@KWWXK?"Q0LFLZ'%\G+30J/N^X]J\(N+=H)" MK`C!Z>E240TE+24`%*K8ZC(-)10!-!.]K*KHQ`SD$'I7T#\)_B@MS''HVMR_ M-TAE8_H:^>5..#R*L6MS)9SJ\;D8.58=J`/N4$$9!R#WHKR7X5?$U-5MX](U MB4"X4;8I&/WO8UZU5$A1110`4444`%%%%`!1110`4444`%%%%`!5;4+*/4=/ MFM9E!252.>U6:*`/ESQ/H\FBZU<6LBD;7.,^E8AKV_XN^&OM5DNK6Z9>/Y9, M#M7B#C#$&I*&FHW7:::`,FYCV/D5HZ7>;2.>G7Z5'&]6?2]3CD!^7/(]1 M6/B@':P([4Q'N\,J3PI+&7?$*Y_TIH\_<`6O3Y3A.?6O&/&MUYVH3'/5C2&< M5)S(:,4=7IQI#&8I*>12$4`,HI2**`'0KND%>H?#BRW7PE(^X,UYM9INE7ZU M[3\/K/R=-DF(Y;`%-".OHHHIB$95="K@,K#!![BO"_BM\+1!YFL:'#F$Y:6) M1]SW^E>ZTUT62-DD4,C#!4C((H`^&9X&A)K!+2]D"7T:XY/WZ]`JB0HHHH`****`"BBB@`HHHH`****`"BBB@"O? MV<6H6,UK.,I*I4^U?,GBO1)=#UR>VD4@*QV^XKZCKS;XM>&!?Z:NIVZ9EBXD MP.HI,:/!S333W4JQ!J,TAC6&16==18.16B:AF3Q:=>QZA8QW$1!#CD>A]*\2QBNT\#ZYY%Q]CG;]W*?E)/0T"/0J M***8@HHHH`****`"BBB@"M?R>5:.WHI/Z5X5XEF\R\D/O7M/B&7RM)G;_9Q^ M?_ZJ\+UF3?=/]:3&C+0QC'>O>+6+R;.*,?PH!^E-"9+1113$%%%%`#) M8HYX7BF0/&XVLK#((KY\^*OPP;297U32(RUE(E>O?%'X92:#]Q7RHO(P:V=`URZT748KFUD9)$;((/6@#[%HKR"#XW(+> M/S;8%]HW'/4XYHJA6/7Z***!!1110`4444`%%%%`!1110`5%=VT=Y:2V\PRD MBE2*EHH`^8O&_AZ30-?F@*X3<2IQQBN8-?1'Q1\,#6-$-Y`F9X!S@=17SU+& M8I"C#!!YJ2B(TPT\TPT`4[F+()%16LQBEY.!W_QJZXW+6?,FQLT`=UX?U/8P M5FX/!KKE(901R#7D^F7AC<`GI^HKT71-0%S`$9LL!0!J8J2"5H)E=3@@YI,4 M8IB/6O#FKKJNF*S-F:,8?W]ZUZ\I\-:P^EZBA)_=MPP]17JD4BS1+)&=RL,@ MBF(=1110`4444`%%%%`'-^,I_+TEAGJ?Z5XGJ#;KAOK7KGCR;;:*N>N3_3^E M>/W1W3'ZTAHB4<44X#BC%(8PBD(I^*2@"/%*HRU+BGQ+EQ0!VG@>T\[5(1C^ M(5[)7F_PZMX__513,T4`?;=%%%42%%%%`!1110`4444`%%%%`!1110`V6-9HFCD& MY'!!![BOG+XD>%WT+79&C7]S(=RG%?1]Y%`SYA-, M-6[ZU>TNGBD&&4D&JAJ1C34$\>Y:G---`&K#B-SPW'TKKA@C(YIB$!P01 M7H/@O6_.A^Q3M\P^YG^5>?XJS8W3V=TDL9(*GJ*`/9:*I:3J*:E8),A^;&&' MH:NTQ!1110`444C'"GZ4`>>_$";YE3/1*\MEYE->A>/)MUZXSTXKSUN7-(88 MXI"*=0:0QF*0BGXI"*`&8J:U3=**B(JYIZ;IU^M`'K?P_MMEE))CL!78UA>$ M(/)T-#CEC6[5$A1110`4444`%%%%`!1110!2U;2;36M-DLK^(212#'(Y!]17 MS3X_\!77A;4F&TR6KDF.0#@BOJ.L_6]%L]>TR2ROXP\;C@XY4^HH&?&3(4-` M%=MXZ\#7?A;4W21"UNQS'(!PPKBRI4\U(Q,4M%+B@!**7BB@#[:HHHJB0HHH MH`****`"BBB@`HHHH`****`"CK110!X3\6?"/V"_-_:I^YE^;@=/45Y6W!KZ MV\1:-%KNBS6QKY>\1:1+I&JRV\J%=K$8(I,:,@TTTXTTTAD;KN%4 M9%V/TX[U?-0S1[EH`MZ5?&*0!FZ?RKTK0]16[MPK'YA7D,;&-QCJ.E=3H.K& M&5"&XH`]+Q1BHK2X6Z@5T/45/BF(Z'PIK1T^]$4K?NI.&KTD$,H*G(/0BO%E M)1@1UKT7PEK0O+46LI_>1CY<]Q0!TE%%%,04V0XC;Z4ZHYSB(T`>1^-)=^H3 M?[QKB^K5U/BJ3??2?[QKE^](H,4E.Q24@$I,4M%`#36IHT6ZZ3ZUF=ZW_#D. M^\C^M`'L^BQ>3H]NO^SFK]16R>7:Q)_=0#]*EJB0HHHH`****`"BBB@`HHHH M`****`,W7M"LO$.ER65_&&5A\K8Y0^HKYG\;^"+SPMJ;Q3(6A8YCD`X85]55 MF:_H%EXCTM[*_C#*P^5\![WPMJ3QS(6A8YCD'1A7( ME<'FD,;12XHH`^V****HD****`"BBB@`HHHH`****`"BBB@`HHHH`*\N^+7A M%;VS_M2U3YQQ)@=_6O4:BN;>.[M9+>==T?8U*XR*J M.-CY['K0!Z)X9UG:PC<_*>/I7:*0R@CH:\7TV]:"4#/3H?45Z;X=U9;N`1NP MW`<>]`&[BK6GWDEA=I-&2"IS5?%&.],1ZUIM_'J-BD\?4CYAZ&K=><^&-:.G MW8CE)\I^&%>BJP=0RG((R".],0M07AVVLA]%/\JGJIJC;=.F/^R:`/%O$3;K MM_J:P0.:V=<;==/]:R`*DH2D-.Q28H`;12T8H`:!\U=?X/@\S48A_M"N209< M5WW@.#=J41]\TQ'J@X%%%%,04444`%%%%`!1110`4444`%%%%`!1110!GZUH MEEK^G/9ZA$'1AP<.?AK?^&[EY84,UHQRLBCI]:^EZCG@BN8&AN(U MDC<896&0:!GQB8'!^Z:*^IW^&GAAY&8V&"Q)P&X%%*P7.KHHHIB"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@#EO'GAE/$.A2;$!N85)3CEAW%?,NIV+V M-X\4@Q@U]AUXK\6O!@AF.I6<>(I3DX'W6[BDQH\8---/D4HQ4C!%,-(8TU%* MFX5*:::`*BDJV,X(Y!KH=#U5K>9"&Q@^O2L&9/2DAF*-N'4?>_QH`]PTN^2^ MM593SCFKV*\V\,ZX;>90S94]:]'@F6>%70Y!%`#AE3D=:[KPGK7VB$6=PWSK M]PGO[5P^*EMKA[6X66,E2I[4Q'K=9^N-MTF;_=HT;4TU.R5P?WBC#C^M1^(F MVZ/+]*8CQ?5SFZ;ZUF`5HZF&IM#UB:)T(VMU]1ZURAKZ?^(WA1 M->T=KF%`;F!3G`^\M?->I63V5TT;@C!J2BD:::=330`UAFJSJ4;(JR:8ZY%` M#K.Y,$BD'`)X]J]&\*Z\"%AE;@],FO+_`+C$'H:TM-OVMYA\W([^M`'NBX90 M1R#TI<5SOAG7$O;=8I&&X=*Z3%,1H:)JDFFWJNI^0\,/45UVOW27'A\RPME6 MQ^%<#BM^WD9O",^XYQ+@?E0!YYJ/-PWUJG5N_P#^/AOK52D,2D(IU)0(;24[ M%(!S0,EM1F8?6O7_``+'ML)&^@KR2R&9E^M>R>#4VZ23ZFFA'0T444Q!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`!&1@\BO#_BMX*%I<-?6D>()CD8'W3Z5[A5 M/5=,@U?39;.Y7*2+P?0]C0!\<2HT;E6ZBHS79>-_"\^BZK+'(A&TG!QU'K7& MGC-24-I#3J::`(9$R*B5B#C/(Z&K)J"1.]`&WHFKO:W"D-@@UZWHFK1ZC:*= MPW@'ZUU7AO7WLYU^;CN*`/8\5LP\>$9_>8_P`JYW3;^/4+571@ M21S71KQX1E_Z['^5,1Y[>_ZYOK56K=Y_KF^M5<4AB4E+24`)12T4"+6GKFX7 MZU[/X63;HJ>YKQS3!FY7ZU[3X>7;HT7O30&I1113$%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`E?,^L::]C=NK*1@X(Q7 MV+7BWQ=\.6=M=+=0C:9P690.`:3&CP\TAJ69!'*5'K41I#&FF,,T\]<4TT`5 MY%(.12Q2F-MZ\>H%2..*KM\K9%`'=^%/$S6DRJ[_`"'K7M5I^_#RY>Y^%\[2')6\8#_OA:8C(O/\`7-56K=Y_KF^M5:0Q MM)3C2'B@!M%+0.E`&AI(S GRAPHIC 5 graphtwoq4.jpg begin 644 graphtwoq4.jpg MB5!.1PT*&@H````-24A$4@```F(```%%"`8```!/%X'U`````7-21T(`KLX< MZ0````1G04U!``"QCPO\804````)<$A9[=V_P;H`CD(7DO8W_=K99H"0$"8P3V[YGB'"2A?[T;L7IU2_[Q M2Q$```"PL9/^4NC[6>/'\TFY67 MO]B[5^G,LJ[$UW\5''7&LA`5"+GSTL_E+NKZ0M_UQ3?=K&J9O?!/G1^&K3\L MX8L$WD`R\:C5O&^+N$%I_@^I@!`Q4X0B-6D]SR2=C#<'SCL MI(.E)(AP7NFVDHR38S44 M-6$^-QLL99@?P[4(1/IZ>7+!#V0N/]-]+L9/A0'.*EJ*-.JJ-`K$S2I.CQ<>MGOQBJ2I32DKJNT_MXL(GDW\ZGUI+^;RFHE6/*G?V+>&)ZT[NZ6#`JIC[3M/)9I* MUP1A3C=HJ7,#/M]J.MF:'5Y3#8>):C?\;-EIJU978=A2(EUOWR-9>'717T>3 M#>L7?*7.W MD;"M\51^NEBMWA!91L49*/V#8M^6LO4\8\%[@O><&?+:5O,X7TMX3 M-*VFCS)O/:AO;EY3'G3=[J@ZK+-J>CMDPP!\8=E`S&V-NIR6Z08S3JE@/%+M M3EJ>DZ7Z*!V<9.Y('.4R14Y63H\M&6X;(Y7/O&4'UQ]-9ZX68UG'1GJ\5GP, MX8L*B=KW!3\Z!?:>I]J4^G%JZHS71J#[2><&E)7+S!8+Y6G>DI];*J>^P26I MPWYS)=-'FPUSQDX>-?H!`"Y0+B/6E/OVPHZO2L3C/;S677$+M_D@`R_8&(^D M6[QC.6$KUF25UMFIT'J<:U*X"01,`)L>A MIW62[E:&^;M*3<"[/H[5ZWR=,=MUGAEZ^\E8..53SPTHQ]3E/8T.7:>E;#=C M^&0>C>,WG7&@LX$LMS:T`."Z;'1--OTW&37&TG&ZN):#F1T0OA;ZR=UZ>K!^ M?IU;Z:@6[\P9I[7^_#9;!NNKEVG])@&?G3>IC]2TS;CI.S1U4**[,_1R<\&V M`X5M9DXO\\/XQ@*UD?AS)O-TPKNP]-BT64OFZ7$D(52R?SNI]O@P\%30%G_N M45KKK->N\\S3GU7A;L=L^)//#2CA/5J(EQUDF:,?=Z.^[6D]3>YJ+LIRZ7%D MZKNL&S'N(/YMF7L`N$(_?BGV/3Y3&$K8;%Y%8/3CQP\9W/QAIP"1OZ._[+M= M])V['8GZSLTF^YBN^$CZ18^ZT5V1+_?VAAW=U3^1NKY!17:L`P!7YA,&ZZ/0 ME01AP/'>)5KD[SJ.[<^(Y]FNR+1+WW;%ZVQSA^>)`?@ZR(AA`QDQY)7+B`$` M#D5&#```H"($8@```!4A$`,``*@(@1@``$!%",0````J0B`&``!0$1Y?@0WZ M\154"P``/A\9,0``@(H0B`$``%2$0`P``*`B!&(````5(1`#``"H"($8``!` M10C$````*D(@!@``4!$",9,0````J M0B`&``!0$0(Q``"`BA"(`0``5(1`#```H"($8@```!4A$`,``*@(@1@``$!% MSO=`U]54NIU(^F^^-.TL8]O\U$JFW8Z,%W92:X_DS2_^]`:S_;&XJ\<\& MI5>SD\?('7OHW\HPB!>I@Y31UG/:PAZK.C!Y=@_,V8_H?4CN_$-?;M6.O=QZ MYGCRGRU!/]!UCNO=O;]MO4>_]E-9\2U:L5E?A7B`OZ3&H M`-"KJY+29;64*(G?PA<)O)80AP$`<+DN/!"K2>]Y).U@F`8QAW5)[A`^R7C1 MEGL3S87B#P-ICY)NR[9(,+'=EFJ9"K(:R;+90)9#)\C2=&"HYGNV"]2_L_.- M$NMO4.?=%QD6GFM3[M7A+6W$M7J=B[3NU!HUN6N)S%_M?-TOV:BKN0``X%)= MP5V33?'-F"O])]I&/:F__H MH=FX8]?77:?+)!C,:JI(+!D/]AXM5+P5AUNU>D,6\UOK\?"M62>[Y;5;NKB MF0'[=GQ8$F_I`-*,'\O-!P``%^E\@9@9V^2,84J\1[(P8YP*F'%;!=UXM3MI MG72@O1[C-9=6>L?C*,V(Z2S31WQH_5I/^C(4_]5.)_3YRUQ>PV1\6,*.$]N8 M#P``+M$9,V)Z;--"QH]3Y]$+\=@LSXQQ*F#N;`QDV'77T7'3HXS%Z>[[*!T, M.G<\AOXZ(Q9GF<:2)J9,YNR`QUY\_!QX=F+-C!-3T5G^\10Z`Q<$03IN#/@43=_IYEDT MN`#@*[JRP?H`+LUJ.LG>&9RGLV>9@$H_;-B^=<>..N-%33:L3Q`&X.LC$`/P M`2MYG2^D?4#0E`W?I@ MY/WTP/S.N"$C)T-6ZSVG8\W\YDJFCS8;YMP0<*KG.`/`I2$0`W`T_9<=%NW[ M4@/JXR!,#\S?,0!?_\6+QD@%9/J.:OW0916@E?IK%`!PG\77([?7Y<]9_CW+?N>7+(O/*[3?_V=PC M/X#/H/^"@U??_\2Z-!.6?Y!RAOIN3%3PI?LDW3^BO^T9A`#P!9PQ$-.WJ3>V MW-YNZ6#%W#5E;W-_F\E@.;S`8,PZ],\=N>KV8:U[3ZWHKP+HE[-?4V[N`VG? M9-::2X=G,.%3K23^DZ9[1H>I1L+CODR89K)A_3A0>&Z3_S,^A?\[H0A6ZS_?0=D`OUGQF0[V1MLU73=D6F(_2; MXH\:\3KF&61'-G@`X,*=Z3EBNCO./!1H>[>$SNJ81Q&5N.":SZ;/OA<5AKN.W513^Z<;[O//2J[S79;VL%2ZGJ[HK=GGWNDE^W:1B'= MS3F)MU54+N9XG>T7T?O,/*/)88ZG9)DZ>(X8#GN.&`#@6.?)B)D[JTIT+93Z M^XA)!LAVP^DG>J<9,]NJ3KKH=(LZ_9-*:IG[=._,`.!]VUPOF]67ZS]_E+%K M&]OHOPVY[V]FKI_XGWG9=(+YH^(FTU9`9^'L6P``<'G.$XB9O^5X*DWQ5:"3 M)IKTWW*T;V-.8.,^2#)\R3YT,C.^:\OW<_A+[CJN([J846>XY=S[7UN#Z/_MN2*I(K'F=VT@`8``"X_KD^AR6XSE*2TW75[Q M.8+/2=S)/) M2+GK._(!B_O97=O,K6?^/$O\-FO7-K8J>?O_3BKP-`%G,Y= M:```X-*<\:[)CD1]9PS5-GOO/(RW-;9];MY@)*WY<+WMS/IE[YKMSZ_XAO:]>B)4PE#"9O-@[HG"<1`(`8`YW&V0"S._KS(_8'/M/K*]$,O M7^X/RU:=@P[$SE8M``#XQLXX1DR/`5O*9/>#M;Z/U50F2V?L&P``^';.F!'# MM2`C!@#`>5S079,```#?"X$8``!`10C$````*D(@!@``4!$",0``@(H0B`$` M`%2$0`QR=W=G'EF1O```P'GP'#%LX#EB``"=F6ZLM,)][AWG8-9=JNVD7\5;+.,LOL% M```7C8S87BN93@)IMQLR?OI(N-.6T=N;O+FOD=IFYXA@K-:3YS=?FG82*$?5 MY>ZZ(=`M4_$*`OW5M)MNP\\NH%$```!3Q3Z'1G+0&:Z$3`;B(P?]S0"0O$[8UG8J5@H3V.1P4PW)-H23*8J MO+-+U(+&B`8"`!SB<@,QTQVX;KW?IDUOW:KORG3J+'>;Y5O74VR+?>JTZ/=E M!5:OE)DU5]EIZ9V!1GO8:R;+?%L_.,521+:4A=KW>C&B>+2$P[ M0M7)R7(@#T1A`'"0"PW$5%`R#*0]2KKPVJ*:WDY0L9"Q:I7'77TC:0=#&U#M M6T\+9"X_T^6+\5-Q0&/8UK_]=6G>J\_/7],,P(>%3S+6V;:F#BZ'^H3,<,Q&4)W7]B[>7T]79].7MF1]'*#9H4A%_6O\RX[MR M:LWFEGJCOV\BXXZNOZK1HX,OLF$`<+3+[9HTW6])T#)48 M.-G@8'A`4`YU01BN\8X:7IY9RZMI(M-=S_: M1456T5+%*773,C]DO9ULEFHC>)H-Q-OH[CR%_+ZVC]_9+1G4JE.=:.([EYOC%1`YG2+J^_(DGH'`*54$XB9<2:!)(DE,R#>CC4Q=#>* MDP$*_B- M`0#PC?WXI=CW5T+?8=B1J.\,RL=)_?CQ0P8W?]@I7(._H[_LNUWB[\[8/AA, MWUV9TH>LQ8L,X!^UN&P"P'8$8 M-A"(79]R@1@`X-)<[EV3````7]P5!F)Z/!79,```Z#F[^L%/`Y?D[^LN^ M`X#K1D8,``"@(@1B````%2$0`P``J`B!&```0$4(Q````"I"(`8``%"1Z@*Q MU52ZM[=R6_CR);0?^VI"7YV?GSN[T#?GW9VN[(R8^6RWJ\KIF/((Q;_M2FZ3 M``#@@E2<$6O+Z.U-WC9>OC3M)[Z:F[HGLHS$C8_"ET#:[;8LHG<[1UM)M!3Q M6C_E^0N7!_!IW,9>=YKYSFUEULDV?%;3;MI(S+2A"CX+`(>B:_+,:G7&_5?W5M*E%[E7R3P6G(GN7/>M2_W&/T7.Q/XAO3W2MK2[\4- MF5JOKQHZD]U=]>K[,UQZXME)PVRG(76]F9OZNA&EOHN3Y4`>B,(`?%#%@5@@ MPR1P<%\E6J[&(A#INUV9<2NX,;)=G*.&C#MN0+60L6K=QMVA(W5A'CJ!C`[4 MAGIAW((>+&68=F>H[0X#::?;;:M#=R_J@R,(TF]6W3V;!^K^#["0"'NO->33E9 M)J6==B4TY6'@K<=EK5YEOEBO:UK0B[G$<5%3?'5(MVVJO-V0Q?S7!GY[?3D_$M65?)H.V;J&;XX_?`M]/+O.\4E%6 MH!IBF6&8CM7T4>:M!WMM<.GKA*@&G6H@ZH:.#K[(A@$XH2L?(V:[#!).BS6F MN_NV7WQUX),=..]FZ(;9C%*FRS.W+'\<^^@`RNS7C@]S`SS3]9&;GU&\+Y-! M`V"IQM-L(,MA_)U]E+ZH=M<6H3S-6_+3=F/FU7K/:2/1;ZYD^FBS839?I>?>[+U6A#Z0Y&RW8SADXP;(Q60Z:$` MRW@0OPGX)Q:]1+GY)9ALVEB>DK(R73$` M#'?0?8;./JOK@LVL47 MP7@<5W*1?)36GDQ4MCOBUK18L[>7MQN1=,P^AK(B3J@>%V3 M`;/K-A]DH(*TY%@G]9&:WM[E6889)Z:BROSC*71F*PA4^%C4_[A3OBMF7UD! M7YF^`WI]U[1Y+$7[/G,MB,7C/],LN/H.>38SOC%4U63#^G&6W`V^M@9Y`+#? MCU^*??_%Z;LB.Q+U"RZPR/CQXX<,;OZP4\#E^3OZR[[;08_A&MJ\L#>0V?.Z M^U'_U8I)?2;/^7%A9AA")/V-ARCKP&XB]9D=KF!FK;>O[U;FN@+@&`1BV$`@ MADM7*A`#@"OPM0;K`P``7)%O%(CI,6!DPP``P.4@(P8``%`1`C$``("*$(@! M``!4A$`,``"@(@1B````%?E&SQ%#6?HY8E0+```^'QDQ``"`BA"(`0``5(1` M#```H"($8@```!4A$`,``*@(@1@``$!%",0````J0B`&``!0$0(QR-W=G7F( M:_("``#GP9/UL8$GZP,`4_>^IS```` MG^*Z`K'0E]M.)/VW-WDSKYD,EL/#@K%$K2?/;[XTS40H+X$G@YG:YG-/:F;> MB63VKF&6:G+8\%V5M-N M\3:*]@G@:%<4B(7B#P-IC]R@IB:]GP/Q@HE,/Y("6D6RE(;43QJ!G4-2)L_2 M" M*V+SOBT2O*SW"^#+B+-50UFVV^+9>4;^FM!\D(&WD.C=3A=1UZ3ATLMNQVV< MWM3%6T1B-J&N9Y-E\34'P'&NJVO2J\N-?;M=DB5:MPA5<8&H1B/3U,K=5&,A9P,T)WE;1 M4J11+^Y*U1=/^Q;`%U/ORTQ=0YX?ZG:&U?1SPRO>)N?>/@&\,U=WV#]O9KBIP&5GKQ7(=:!3&O0R;Z9 M;=B+DN%)?2,B]*1U9R]/6X.@0X]MRQBQ=`,`OJ-:LUDJ&%JI*&M;UEQ;31]E MWGHHZ&9LRL-`5`-4-?QTXU$'7V3#@$]Q78%8DA[?QW0')AFDH01V=FE."S!V M(_5,>K]H/%G),68?/39'K=X064;%=TCJ<[!O`7P_NONR,V[(:.L-2*$\S5OR M,S.N8TV/-4T:?WYS)=-'FPUSAEK%,!=TR$H=/[15FP`YWBV%RZ3!9C>4K+1)=%W(4:OJ@0KWU?T-(%\-7% M09@>;+]]4'WH#T7*=C.&3S)NC%1`IH=7+.-!_+.!+(?.D`T`1[FBC)A.E7NY M.X!4*ZT[S*;>329HG9W2%YN#LTYF?(03])D;!4YP5^4ICBVC*7[FKB@]+69< MV5`_CH,^!.#;23-A^9N8,O0C>T1=.VQVONB&I90>1Z:"+WT]<0?QN^/(`!SM MJKHF3:K<#)Q/NO8ZII66&9QJ[A):#W*?U$?[[QK:H`(:T]JS^S$MP!/Z<52#\Z=M62>E,DP">T6IISH.@"^D=54'O=DPF+Q>-6DZU%GM[(W M+#E,-JP?!W5N\'6UC_T!+LN/7XI]CZ\F#"5L-@\.('_\^"&#FS_L%(!S^COZ MR[XKP0QWT`^YC@,O_1="TK:80]^IK0,LO7Q2G\ES/E66V\Z:'NXPD?K,R:[I M,6)V)\EV`1R/0`P;",2`ZAP4B`&X>E_P\14```#7@4`,``"@(@1B````%2$0 M`P``J`B!&```0$4(Q````"I"(`8``%`1GB.&#?HY8E0+```^'QDQ``"`BA"( M`0``5(1`#```H"($8@```!4A$`,``*@(@1@``$!%",0````J0B`&``!0$0(Q MR-W=G7F(:_("``#GP9/UL8$GZP,`WP?2S>\]MFU#\HN,$```7XUMDQ$*_(^/&2-[>WNQK)H/E\(A@3`5T MDT#:[8:,GPX/C6[JGL@R4EM9"U_T]MJRB-[M'&TET5+$J]^(U'KR_.9+TRX! M`&"GH@:\F6<3$=UIYG=H@_O97(-^->W:^;>2^0D].FF`;Q"(A?(2>#)X<$.9 MFO1^#L0+7@ZK-*M7F2_:FMN??2SNSO7>)%IZT M[FIV&@"`,D+Q.V-9V*E8/$\&,Y.,F+7FTMF:B(@_VQC%B8O90&3<20*L4)[, M9M2R45N"R3J@"]6"QHBDP3&^02!V(W5OL9G!.B+3M'J=RZ)]+TVU;K\=R.30 M?K]:71H2R$MR**M(EEY=':$^QJ5$:8U^D M_HN="0#X#N)LU5"6[;9X=IZA?VND+?U>W+BO]?JJ\3\I'KIB/WMO?QS-9]4< M\_MDEC6DKC=S4U\G%M1OTV0YD$R^`Z5]@T"L)KWGD:IT0R=(V=82V,6V!&Q- M:]ZW93%_W9W>W=`4M9HL;<2E`SMIW:DCK,E=2V3^:N?K?LE&7EYFZ_C\_U.V,(]3NI.4Y"0,W,6"2 M"38H>X]D81()ZB,Z&];O;?G-PC[?8HR8#H!\';B8EQ.4'1*0N951:]Y+>S&6 M0X>*F0#.C@=[CQ8JWHHW6*LWTL!.SV\GS9$-3I>E;I'$[^SQK5LD<2L&`/!= MU)K-XF`HUQNSFD[4U$(R0Y-3.GDQD_K$)BXF=9D])T%64QY,5Z6:KQO^.O@B M&_9AWR00<]F@;*;'B&U)S6Z(!^F+"KPZ25;M=F@R3D':;"A)!T]FP+X='Y94 M7A/8Z31O;OX&FQ;.,5DT```VJ-\]]9NW',:_7X_2ET&F[]*E[[COR+SEC"=S M!N'7>L\VJ?$F?E/]-C[:;)@S-.:H3J=O[+H",3U M"'+L(/V1K7SIZZ!@SM+[E;F\ALGXL(0=)[8QOQR=40,`H)`9%QW_=CWWQ-P0 MIF_,WU`TGJSH=U<+G\P3"?RF'AJSC`?QFX"/NRHER\TO*=97&J6<``'+<0?='TSU%*OC2/Z+N]K8E3+#5U75--OTW M&36R783+P4Q%^-D:I1^(&M]1J/N[\^O<2F?>"M[S#JK%01!.F[L,/G4)&?4'0 M9K)A?3$_O6[P=9(@[WOY\4NQ[P'CQX\?,KCYPTX!`*KT=_27?5>2?M11)Y*^ M^X@F/4QG:/M)O,%&(F)2=Q(:9OWD662>#&;/<<"5TH'=1.KN?&?[^NY]OSAW M@0($8MA`(`8`E^/@0`Q7Y1O>-0D``'`9",0````J0B`&``!0$0(Q``"`BA"( M`0``5(1`#```H"($8@```!7A.6+8H)\C1K4``.#SD1$#``"H"($8``!`10C$ M````*D(@!@``4!$",0``@(H0B`$``%2$0`P``*`B/$<,_O/?_XC__=__V>G/A>!PB)T'Y7P>E/-Y4,[G03F?QSG+F:Y)``"` MBA"(`0``5(1`#!MN;F[L.WPFROD\*.?SH)S/@W(^CW.6,V/$````*D)&#``` MH"($8@```!4A$`,``*@(@1@``$!%",0````J0B#V+:UDVKV5VUO]\B6T<[75 MM&OGWXJ?72#=W&>QARFSI)S5JSM5)9\LHIP_K+"LMM=MC7(_0E'9[*C;&N5\ M@%Q99LJ+^GPZN\JYZOJL'U^![^6_?_[VZ[<__[OQ7DW]^O.WWW_]\Z]^^^>O MWW[_YY=^J^G/I1]#.;H,"PN-2=F92>KS:>PN9S.]M<`^OYS)B'T[H;P$G@P>FF:J^3`0+WB) M(_I5)$MI2+VFWM_4Q5M$\F[F3V6R'(A=!26%+X%X]8*'`E+.'Q*W3H>R;+?% ML_-B.^JV1KD?9'LY[ZC;&N5<7O@B@>>42?-!!MY"(E-@U.>3V5G.U==G`K'O MQJU46JVNII82Z3RL^_X]DH57%UTUPZ>Q-/H]259!&2N)EIZT[@I*C7+^F'I? M9F]O\OQ0MS.L774[/TVY[[>MG'?5;8UR+J_IR]NS6R;O$BWL6^KSZ>PJYPNH MSP1B<#1%-;IDW+F5VV$@;5W):%T=*?ZBSQ^3<0==F2874,KY0VK-YI$7/\K] M$-O+>5?=UBCG8ZVFDVSF9B?*^5C9E&+*V2U77Q-WF8#60ZY&V>O6D^> MWYZEETDI.-T*+LJY&I3[<0ZIVQKEO)<>C]<9BRH;7XY.LE#.>Q66\P749P*Q M[R8_SB`_#B&UDNE$53*=>W4_DU\?'T0YGTSINJU1[N=!.>\3!P<-&>6#`>KS M26TMYX-\3CD3B'T[3;EO+V3\%,?N>L#AHGV_V0HS47\_KK!N)=MY,4`J]"7S MW!]=;EY+-L:#4LXG5+)N:Y3[\MF3#J\\GL*N=+J,^VBQ+? MBNX#C_NU-YX/9!2,16#,P<'BL0B4\Z?9&$.C[:O;&N5^D()RWE^W-IMYG?"\2QV_^SVQ+[<0/E@&I1R[CYWKG;X.Z7_/;ID-[OSW M_6!9GN/?`R=%((8KIRZFG;$T1F_R]J9>H[8$0^?B^A[)HCV*E^G7-VH$,,[^P5^@:+\"UGCR_^=*TDYQR&!FZ]=D'32%:D%C=.SQ MA_(2>/%VG7IIF'*Q=78V$$_:,DJFWYZEE_EPSHGK@?L]B5\S&2R'V6`,1W#_ M3=W7![\/[G>*H.PJ$(CANH4O$G@#>4BN7,T'&7@+B=[CR?`E$*]^$T]DV!]! MNV+S0?W8!2]X=RMWNQLM^36$UZ M/_F^%+FI>]*X[']07"`",5RWII_+)KQ+M+!O9271TI/67<&%,?\C6*NKJ:5$ M6WH53!=2+@-@NJO2>;J;8TO70N@[W0[.=G1KM>N+;[I]MK1:"S]3M*\X,[B0 M0(9)=TN^->Q.Y[=KETV=+KC=72RZNTKM9^J<6Z9\MI3'EOUFCS%9+]=MY):C M_V)G[K&M[+7,LAU=5&[=T!E6KRXZM#?9L'XNDU6DZ)STO/3?*]?=659A6174 M`S-[1SGL="-UU;`9/^4^7Y3)=/:1K0I;]JV/OU3==FS;QZYZXW*/9:,.E:RS M>E[FG-;[J_6>Q3\V,"_D'),_-5W$YKS-^>:_-W8Z?;]9%_9?QU")7\`7\N\_ MO__Z[?=_?OUKIO[[Z\_??O_U^^^__?KM-_WZ_=<_\0+]P5^___:G^D0B_FRZ M/&_C\__^^D=M]T\SPWU?=`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`R!&+Z$.`C3`ZJ=[A+3?9(?V'SLCV!-[EJ>!/8*MGJ=JYT]K/=E MNYCB'^6AFG)DNDURRTJ-$^#I+?[L?&*]7J#56\D1W(ONL8M^S'Z?:+ MQ=UB)K:+=$A]A*UEKP.$D:B#M,L.Z!X,G\S@=;\9BC]D?:S-_ MM&Z%'VW+OBIF?N@:=9L9..(8W8'PAA[O%VVO0X?L^YBZ MA*P'7B_:]WM:AGJ= M0%ZFKZ)^6NQVE(UTO\X`V/WJUKH3X(7^1[(1RJY]&4XP8(*#]6=UZS>]C^%$ MUH]RT(]X6$A;]W'L/<8M\@7.G?/N[W:^@;#E.H;*$(CAJID`2OTW[JR[ M"=*N@J8OL\%RW=W0B:3OC.5H^NOQ+L-`M8;3@2S;->]5ZW>U&)!US M;D-9#F9V+-".8]RI*;[IXK/KF6Z_9+WLLE+GLJOL=;?UJ+&N-YE];6.[(M/H M0QU3LHW.MN>)[3JGC]BQW7P]^%`=U/^6;S)JC.V_<_SJS%LR*S,NZJ!]?T:] M<>VJ0P?L^ZBZ4V1=+OE7_/V-CZDQ[L3S)^K[EHX1*_G=WK@FQ(JO8ZC*#SUB MW[X'L(]N#>N`[N(?0OK9].,K.A+UG8'8`#[1";]S7,%0`PHPXP+N8UO"B`%!.`:<1V[2'1-`@``5(2,&```0$4(Q````"I" C(`8``%`1`C$``(!*B/Q_ GRAPHIC 6 linevertical991.jpg begin 644 linevertical991.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_X1#^17AI9@``34T`*@````@`!`$[``(` M```1```(2H=I``0````!```(7)R=``$````B```0U.H<``<```@,````/@`` M````````!SJ````"``````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M````````````````````````````,C`Q,SHQ,#HQ-2`Q,#HS.#HP.0`R,#$S M.C$P.C$U(#$P.C,X.C`Y````9@!R`&$`;@!C`&4`&UL M;G,Z9&,](FAT='`Z+R]P=7)L+F]R9R]D8R]E;&5M96YT&UP;65T83X-"B`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@/#]X<&%C:V5T(&5N9#TG=R<_/O_;`$,`!P4%!@4$!P8%!@@'!P@* M$0L*"0D*%0\0#!$8%1H9&!48%QL>)R$;'24=%Q@B+B(E*"DK+"L:("\S+RHR M)RHK*O_;`$,!!P@("@D*%`L+%"H<&!PJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ M*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*O_``!$(`#P`#@,!(@`"$0$# M$0'_Q``?```!!0$!`0$!`0```````````0(#!`4&!P@)"@O_Q`"U$``"`0,# M`@0#!04$!````7T!`@,`!!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S M8G*""0H6%Q@9&B4F)R@I*C0U-C+CY.7FY^CIZO'R\_3U]O?X^?K_Q``?`0`# M`0$!`0$!`0$!`````````0(#!`4&!P@)"@O_Q`"U$0`"`0($!`,$!P4$!``! M`G<``0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B7J"@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?( MRKR\_3U]O?X^?K_V@`,`P$``A$#$0`_`/I& MBN7^(UW<6/@2^N+*XEMYE:/;)"Y1AF10<$<]*W-'=I=#L9)&+NUM&S,QR22H MY)H`Y[XH?\D[U#_>B_\`1BUOZ)_R+^G_`/7K'_Z"*P/BA_R3O4/]Z+_T8M;^ MB?\`(OZ?_P!>L?\`Z"*!&!\4/^2=ZA_O1?\`HQ:W]$_Y%_3_`/KUC_\`016! M\4/^2=ZA_O1?^C%K?T3_`)%_3_\`KUC_`/010!@?%#_DG>H?[T7_`*,6M_1/ ;^1?T_P#Z]8__`$$5>(##!&1Z&@#`P.E`'__9 ` end GRAPHIC 7 logosmall.jpg begin 644 logosmall.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_X1#R17AI9@``34T`*@````@`!`$[``(` M```-```(2H=I``0````!```(6)R=``$````:```0T.H<``<```@,````/@`` M```&UL;G,Z9&,](FAT='`Z M+R]P=7)L+F]R9R]D8R]E;&5M96YT#IX;7!M971A/@T*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`* M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`\/WAP86-K970@ M96YD/2=W)S\^_]L`0P`'!04&!00'!@4&"`<'"`H1"PH)"0H5#Q`,$1@5&AD8 M%1@7&QXG(1L=)1T7&"(N(B4H*2LL*QH@+S,O*C(G*BLJ_]L`0P$'"`@*"0H4 M"PL4*AP8'"HJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ M*BHJ*BHJ*BHJ*BHJ_\``$0@`-P!!`P$B``(1`0,1`?_$`!\```$%`0$!`0$! M```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$ M$042(3%!!A-180'EZ@X2%AH>( MB8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!`0$!`0$````````! M`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$' M87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66 MEYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7F MY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`^D:*K1:E8S7C6D-Y;R7*`EH4 ME4NH!P)_%FD>$=-%[K=P8T8[8XT7<\A]%']>@XYYK7ED2&) MY96"1HI9F8X``ZFOG/QE>W7Q#\8I;1R&*(N(805SY:D_*NT'ESG)Y_'&*!GN M?A?Q=I'C#36O=$N#(J-MDC==KQGMD>_KTZ^AK;KYP\(7-U\._&;6[R>;&KF& M;"8\Q`?F7!/##&1SVZXS7T9%*D\*2PN'CD4,C*0:0#Z**KRZA9P726TU MW!'.^-L3R`,V3@8'4YIB+%%%%`'AOBSPJ=<^)%UI-K?2:3=2S"\LKF-CQ*%+ M`MR"`6\P`CD$@\]#9TOXC^)_AYJ<.A_%*S>>T=MEOJ\/S94'&XX_U@^Z3T<# MDAB0*T?BK%-H_B;2->MQL4MM:3&0KJ05)[>F/8-7H1ATOQCX85+^UCNK&]B^ M>&3G![C/9@<\CD$9%(9B^,_$UFOP[GU/3+J*Z@NDV021/E9"3C`(/KP1VY]* MY#X,^&_,FGUZZ&[R6,5N3_%(1\[_`)'`^I]*PO%_ARW\&6<'A;2KB:>WENWU M';*HW+N18T7(^]C8_.!U'I7J_P`/;S2;SP)IIT&X2>WCB".5ZK+U<,#R#N). M/<8X(HZ@<1\9/#FR2WUZU&TRL(KAAV<#Y'_(8/T'K75>#?$]DGPXAU35+F.U MM[--LSR-PF#C'?)SP!U.5`'-7/B)>Z38^!-2;7KE+>WDC\N,MDEI>J!0.2=P M!QZ`D\`UY;X+T"S\6POX;U>62."&\34`D:C<^U'C=-W\()://T/0G(.H&AJ? MQ`\6_$34)M&^&5G)9V*DI/J\WR':<#()_P!7U)`&7(`(VD$56\%>%VT#XEPZ M>^H-JES'*]Q=7,F3YLFT;L9).02.2224)]AZXR:?X2\,%+"VCMK2SBQ%"@P, M]AGKDL>2>?">WEUKQ%JWB2Q.YFSZXYZ?\M/:@#UBBBB MF(P_&7AR/Q3X5N],8+YK+O@9NBR#[O.#@'H?8FN`^$'BET>X\.:L6BN87*A) MOE8,.,$'G)Q@^X_VJ];KQKXM^&+S0M6C\<^'%"M&0+Z-<]>@D^AX!QC!P>N2 M$,NZM9C7/C5%;S[9(8Y(_E<;E*I&'*X]"01^-9&I:#J?P7\4MX@\.++=^%KQ MPMY9[B3!D\`D]@3\KGUVMURVOX"N#K?C>/5I@0\UL;K!QD%U'IQ_%7JLT,=Q M"\,\:RQ2*5='4%64C!!!ZB@#Q+3/#^I?&?Q6OB+Q(LMMX7LW*6=GN(\_!Y`Q MV)'SOWQM'3*[6C6IT;XU3V\6U(YI)".&WC2**- M0B1HH554#```Z`5Y3XVO&T/QWB^$_#\7A?PQ9Z5$0S1)F60#_62' MEC],\#/8`=J\X^#_`(4O=0U";QUXE1OM5T2;%6.,*1@R8Z@8^5<]LG'*FO8* M`"BBBF(*9-%'<0O#/&LL4BE'1U!5E(P00>HHHH`Y[2/!5CH>L)>:;)-'&D?E M+`S[E5-H`49&<#`ZDGBNDHHH`*YC6/`UAKNLR7NHRS/'(H22!7VJZ[<%3QG! B'7![FBB@#I8XTBC6.)51$`5548"@=`!3J**`"BBB@#__V3\_ ` end GRAPHIC 8 logowithwordaspen.gif begin 644 logowithwordaspen.gif M1TE&.#EA)@$K`?<``/___UI:8VMK8W-[>W-S:4,>8QI>89,>:E8^9S MI>8I8TK.6DK.&0A24A!"&>:$8^92I>8(8^;>WM;>WGN48VMC(>:;6,>8QYN9:,>:E MO>;64N92YN9:4IR48[6$YN:]YM;6UN;6O;WFK;TI4KTI&8SOK8SO[X3O:X3O M*80I[Y0I4I0I&8S%K8S%[X3%:X3%*80IQ5*,[U*,K1F,[QF,K1F,:X00G!F, M*1DISADIA+WFC+T(4KT(&8SOC(SOSH3O2H3O"(0([Y0(4I0(&8S%C(S%SH3% M2H3%"(0(Q5*,SE*,C!F,SAF,C!F,2H00>QF,"!D(SAD(A+6EYKWF[[7O:T): M*;7O*;4I[[V]YK7%:[7%*;4IQ9Q:G$J,:[40G$J,*4HISDHIA.:E$.80M>8I M$+6,M;WFSK7O2D):"+7O"+4([[7%2K7%"+4(Q9Q:>TJ,2K40>TJ,"$H(SDH( MA.:$$.80E.8($%+O[U*M[U*MK5+OK1FM[QFMK1GO[QGOK1FM:X0QG!FM*1DI M[QDII1GO:QGO*5+.[U+.K1G.[U+OSE*MSE*MC%+OC!FMSAFMC!GOSAGOC!FM M2H0Q>QFM"!D([QD(I1GO2AGO"%+.SE+.C!G.SCH0*1`0*;V]E.;WI>;W0N;W MUN;W<^;W$$(Z&2$($&MC4DIC8Q`I,7M[8WM[E(Q[C'-:^;W M___W_T(Z.EIK8][W]P```"'Y!`$``/\`+``````F`2L!``BL``$('$BPH,&# M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,F3*%.J7,FRIO8,.*'4NVK-FS:-.J7//JW/'D"-+GDRYLN7+F/\S:][,N;/GSZ!#BQY-NK3I MTZA3JU[-NK7KU[!CRYY-N[;MV[ASZ][-N[?OW\"#"Q].O/A*$0.1&Q^+W(#R MY4L-)`<@7:"(-6N>4X?NM+K`-1<&)$@@P80([]R?K@M?X`"#!@<*#'B@7'MZ MHWQ``$)AQX(D\5UN"``CMV&)^' M^#`(@0+]F&"@MLQ^9--0C03P!50"!F M?P("&>,!XT$`00`!W(/E0#;__JF2<@_T(P":"4#0(X,KQNCAAF@*$.<`DUIG MZ4K25:>@`/>@J>>.`.+CWW]W?@GII@*4N*I+K0(@@@0!""`HIT/.64![#/+H M@*%QWF.LD<+^JI(!U3T`CP#V]'-/`GH.>>NX_RE@**32#BH!%'Y:JY*"_0Q@ MCZ#@>@H@N;<6\"R<`6@ZKP`7].GN2=6)<$$"]@S`;3_C[;@HO@=XR"^L\7:+ MZL`$4_>`PAQO&L"0`OY70!4R,J@ON)H*H/`]$J2*,4EK=/POPP[_I[($^6S: M7WQ-%INPRM,.5RFP!XI@!;P,FF) M6[`3_TB@\@`<]U/%LOPD((`$%Y@`]00/7#`UA_H62S;9*E_@=<8&#?T7M@8& M7N&U!QDLP#QDSRN>C!#84X\5%UCQ`-PF6`$Y`DS>J:G"^7`\0:O5^2T2UZ%3 MZI>)>[.DCT"O)CP`XO=`T!X$`B!0@P2X7_"`%;CWOCB$"'/<.<#*K2Y3Z8%Y M![CI@(O^$?(B!'JWO$P"Z,#8"-1#MNXF2"!O/OE(8$\`_1G*[?1:+X]2A7X[ MCQ=Z[J=D@(+3YSQDC"IKC[@`^3R@SSI+0I^I1C2V?"0,'KX*W$O.$[^^7$<$ MZSC/>5K2*G]<@'\(#9C&4MA&_]46^<01[;/O<0` M_X/"&B8P@?P()G03D%SE(C8+RSL0M(``$H%``_YF-#8:FO(ZVR M`OCN-D!]^0MI@WH`040H`7`I3&7CHQ6W.D>VEID.(^W3C]CF`3Z<#MQ. M`^42K(TYTEC%2@`%UOB`Z@B,(&_,"'B\][H//LE8BAL4>=H(@(VI[83&2M8) M.P>^3G9D@I3R3HH4P(`"R&ILVG/9WPHR@7G\C%=D8P`%&'``-A8$6ZF#2/,> M<#L,,DE?C4O:IM0V*?M8`5SSJIC_`&AUCP'0DFU,S(CRH#F07;J'`2K;%0;G ML89V^05Y]%-8M\HI@0/`1YD*N(`/HTD1Y.S'C.:TA^QZIK24@>L""7$3[;H% MM"J9JW:/K,$%7)B1YZ@O0Q!X!P6660#ME,9N[C6EP-!@6,K2\`C#W". M?S*``0'U82@SDD.Y#>])Q3*6M_KA``3XD"#($6&7:,>KI;5(IIWSH@GZ-,F% MJ,\`2[HI,QO`S,XA#'%BDP!R"%H7Z-6@G`M3(3Z6V8"V,D`>\"R0`C,"!2Y> MH`:8`Y,"@CK4;UEQ.D@%0(JN1U&RD8]'*LM'Y$RP!N,ALF!+XNI6WIS0 M=??0FV),_]!!O-7.`3=MJS]O2H%FUM.>%UF#"2KGO2J%J5A**Q::UC57`#@6 M`!-0Z!^#6CVU(6"Q#_BD19HW@1HH`*XU;2M7S^&``6@*6`H"S M"0O?S1(`UP:@%_*%.8>4P;F+3J]HBU0]O@2N2SS1=].(4@&[5UXA2 M'$#;5GO4X0K+"A"@0`3@XQZN2E:()_0L1P^CQ?824GN6]6Z!"VQ3"L"CA@I< M$W4(NHX'N,T$"+#H]63+*P5(X+8(6=T:>!4G$S*M<37X\`1$6-M#LA27K11` M`^#J'O\8^*T,*.&\O(H`#&^'K)0$)11,94YSWFRM[_%NE.$C9?\%^&IYUD4M M4J'PX4#M"$Z8'`^:["',O@W$'WTTX<($D*Q^2$!RDV.EJHZ,Y="M0Z'*9.:M MEHD"FK[#Q#_#&WD^5]7WB:`>4$TEZ/]N0`*D$?(*HN5"2:P MCD(G&:D7@$`Y]ZW.NL#R.//`;,MI1<"A*LH%>"L%"E`#*(@`I@I[[P2.ZFNW M0.\!:*)>OB<5-GPD5[E:]4\$SC%I-^;_TFL&F"'<:G#8;;.WU`ZHP5BM*A`1 M3D``><+D4!WPK/E,KH;(4S>630"!9KMU7.]H@-:ZE.`/HFK?U+WA.C[>P9_9 M(X'7A<<[E?OR`XPTH.A6R*5I:((%4:G4LDI`%?I19H043%@2>%1?B^6HZVV4 MANLP7LKM&3.CZ_G=[;GI.>!A'NM(2R;\D6`A(@;\X7\O%895)IX'H6`DZ>G8/\6Y,X MI>F$1]L`!XR74B+`'-[$$X"-%JC2?UO#?K:M3V/QFW7VB/<_J:SGM^*#6D=" M"';@AH`1D3B3_^":E/-"J8\B6ES;&QK`KNO:QF#IYP(&AMCNC3KGB!=P7N#: M]=S[W98VSA#@"A"XH(!?D$R]XQSM4:X_W3/@)6YX:\F18;69!&;9@HM\$O`$ MD]<0HD9BWA)+3O,`,B1/M9[#&"!M;5Q>/<`?=0D@Y)).'B!.[40ZQ!B MX%)J'O,E,J6`1J8=U6$"!2`/^%(G#,`/H&80^U%`XD$>;N,RY,<6R/,$-`1N MZC<`]30T625:5/9/1P=T6"8"3\!E`T!R"2`M_\O!1>$$V4-ZQ#C*T>/^G2M\2?IX7$2]5!=UB<6AB+BVC1?F1 M+0%P4R("(KUD*TV80*4#68G56@AC!6ZS4E?8%J6S#_J`:?9`)(!D*D_H48[U M``G0B8/78_Y!`0T``8=7(9>6=5(T**8"=M0`^84/O8`)[\E.0QH&/,#-0A@*(HC*`CPA:#D M4OE`841G4PH`?-`$0%X25)#",*JH;A.A(./(T5< M8RJS)5\#N!"K\P"O:(>QU%Q3M0_S(P`WU2S-\AX(('DF0CI0$"@U,$?F(D1R MTU__BN%AW4-R8\,Q>B1&WE$\_W5VX/5NYW`/`[$D<+)M;0@NR=<1_J`CVU1J M4%V79&SJD8.=1%CC(V2&.15YD< M#]!N?\D``R`0*?(E@P)UNY(`W,<11F.8Q]` M+D-%,>-Q`162`,H4APV81A'- M98& M,K1)JD!+UB_V`(1A)IC9^A#:(0(T:+!K:"X(.(`^L0%=2^"`,K`@`# M@E([-:!,_8")Y=5*^?E(XV-"/3M;$52QI4.#&J6EKS4>"0!1NOL8Z,%9XG@V M,H4S8M-V%)%X$@"$^NMB:P.(RA:D&P&6"1`!-S4`_F@L^CLOTA(`1::N#`$X MZV`%]1`Y"!``(I)YXZ%\DN$=_F`/"QHG_3&Z&MP_%1&FSJ5F_SY3+`>C9[;6 MFE?WM@_I@:[2[E`/S07+@#/C52:*VR)-(2QB3[2*!E4_G8+NZ#3Y899&[%-JZ[O]SR+>NBP*SSEE;0C,[R,8W#+L83M*>32P(A`0Z@CA!P M`,UU.^`#=!!QGDISM>M%O9;99[UT`#$G`,;(N("U9#>U+'IFEMZ#5N'D7`%@ M2%C).U+31RO2*5_B``!L&:Y"/B(*(/]5X*W><\D112P&O*CQHB,LR(*1QJS> M;$]0D`\2IGN%=P"X`UO4`W[S,1'H)37V`"$)NR/]L%+I1L'R9:H0K%?FY$7Z M1,$CXXXY42L21JIFCEY`_[0,+QIV=PA0"#:571 M8W3O!EX,D`_(\:SR-@%R8P6!,B7P?#W]M;[O$Y/"PB1F\R4KDE&X M8P4183`^HS1)%`!F+1"PW'OPD6P,8()RJ1Q6T``4P$ONT6?:*`"K8SA``U.; M8JB!")$B/)TTX224 MUH&2DY64#?`.]5JV@B,05G``$3!_/:9,`?`<-!=.SJU2-<92JU,YQ/A-*^(H M>Q4FMZH9%UH`;.8I^`.@.&,"VWT088,TM=?%$]U.]O!L@Q=_@B?!22?`XSQ_ MRF0/PN4F0!-H5YNWO\AEU5U\*[(C%N78H4&-4I3&,R)$SCQ=#/$J`MJ'5U]+P<@*6U,&<%R M9V&R+Z+[6^$A4`QA.+6WW]+E6%S#VIUX*R+R@JD"SB+B(/[Q#@5@Y%:[WS+S MDM\9<<08-_T014/B,!(<&F0DA&D,(2PSYE]]$+_)WPL)ROKX'0J0E"^"E-UF M,/8I(OGRY_,+`$&TV?+",?O)X0``0#JT('>R([+#S:-A(?H@`+ZT+^W!GN:; MTSL:LG2T>A+`:E7,.KS4-/C@`"D:-KTD[_^+DG;4LH,9LIH*LS_U,.T":UZ5 M0TTF.B4CTIS![AFD.B)#NK34807X-C;&Q/*OR469MLQILR%ZQ;"< M82-0("9I?"^IQEH;-7D;0T0L]#IDXYT*P:J"V#0L4C+]$61(1I/0_C,.OC6J M!9<'$R5ZM-W0T@Z.NG9^^[*.2=-XVSE MJ=K45:JNDS!I?V7_[5)M'R8`+S(G>K6XHU'%=/XLYL(L/P?7N@.LX=%D.:/R M+,\02'@G]V(F*4I0NB0V:G\W*`_ZE')>;O+:EM\?F6_7>GL0_!$CM#+N$!\Y M80=*!B/\5)0/\T!;$8&$O;2<'[(SV!H_TD%"@`3YVR,P8B?Z.53P6F_CPMS1 MHB'$&A+S29_.D_P``N@GZX'R`)%O0#X!`P;8D_`$P$*F*6`@1@)4J!PHH MP*B@``,!4!@:/#`A(`#!S(J<*#@P(6%(%NV M%!E4Z%"B18T>19I4Z5*1$D$Z!6`"8P*,$&HJ&&#"Q(4+$QQ"D6"RI,!Y+A@$"`"9],)R1HP(#!`0$L M;1=M#>"!P;P"!0Y%F!B=N2G3^''EUZ3P`3^MF\>0"?`,^= M'S1<(U!`/8.^L\I="L6$!`3,;:,/FMN$W8'U?0?W.>'S[JLV\5T>X*SI!B2P M0`-%>J`MRS2RR!XK3.AL`HE(^\V\`01X`#[)%HNOH0DJ+*\\"1>"*;!\VKI* M(YT4\$K#`U^$,<:C@!)A@`-RPDDGPQ"0J0835OK0-/L,`HTZI/3!S:B6@AP2 M-="&"\R*!!A(+J.:>)(Q2RVW+.HU[#!"$8(:9'H0_Z0)2C//MR(=$T$$T4(R MP$4C1PO+MS2_,V`"/1^X)T6;_DS`'P`$Y+)00PL4D+*;=*3-B@6&,"&_OCYS)^UI3S4%EG94HN*`18 M5*,&"LCJ41-2K53(8//QB%,E;Y,S5J">J&%4!"C-YX$G]#Q31P78^O,`"2*B MM5MO'Y/+!(LNRU8!"+>T!23LN`)\"^-51`D(% M-CGII*7Z^-H#9EMMN)F#):]FB;4TP(2,H\`X6M(VTHZPFAJH@J^SWE4Z;4/U MR0>[CS'C-;!*\QEV("N,G;@A$>8;0.:P)#CW`@=F`YFM%;]3._&T;SV`K58+ MJZF&,X.=F[T+XKVY(0-V0ZV>T^C>;;8"1K<(GYKR01*`U%E"6W'7\WY`)Z+[ M>P?#RM,T8?5"?>*<!$RH@3VZIY?`"KE: M?PX]F/NF'O24/<;V1CR-Q#YY\Z.#*/T!5+:I57P8".`!P*=G-RO-N6R)\^XE M&#/_@-DL\MA.'+*I\Q4P2U"P!_L8I+('7(!Z\[)>@2T``&\<` M!.C-@!_<7>S&Y;$$-+!O<^->AF3%NY1TSS-3:D!-^"$/`:P)A#=\$7KT8060 M>4P!#3R-S%##FJOET"'ZXY[E3)"` M;X(]Z5T0^^89!3"`7[-Q3_FFN$;&"*PEC/-8`2`DQ)D1<5:;LX\0'Z2`&,ZF M@ZRS&1L%&9F?&$`T**-2J^9(M\J=)S=?9,E\]I>/SA0@-@VP!X?4.$A.'D4B M$P@`OW9R`3K6)X*;S-Y'.#<0GK7G`I9DP`!:-,!.UG(I_TBC6%2>I@`?T1$U MI]R2IPQ@L4J%*E35&PR5O"(")&'.EL]\C#XFH``*M`=:_!M(#5;R2",R9!T7 M8!?/P@).B]@0FN=TC@$NH(`$Y,QA\[L4TK*4&WP!#H4"62(_+B":**+3GX[1 MQWQ,4(^[L(M_$H!5C-!#H>DA`"5904`-SO9/BFH*D"PYE00$D!?`U:`>".42 MH505O6!=*%H/2!W>*KK2)+D$>C6`Z4%K@!]9X>L",(W>`#ZZS>.QU* M_/&$5%&KIPK]"12H-8$UK`$*$2OB3Z6JN=ST\Z(/29H\I[K5^Q5%!*@DI*?> M)))]M`0J7$5K6M6Z5K:VU:UOA0]K7.4Z5[K6U:YWQ6M>];K_5[[VU:]_!6Q@ M!3M8PA;6L(=%;&(5NUBXCM6QC7GL0B++E,F.E;&(XM:@```%N&@V*6;UK`B4 MZE2)G,U-'3H+1"8;6@%-]"E8;4UN2CLHRX8D?9[-;&YOJ]G7JK2OZ`$)%!HP M`-PBY;6#>L`\VM*`=\C&)A(P06 M[%J7E)BR+4-NRK]MYA8HI*P>8PO9$@$L@`+,\6U0)%(#!BQ@`>^@`(`9$&`* MV'$0$&G&/*1&YNC?^+M]3IH[^R6<`!TMB3L^@# M'P56`%57W!`A#SG$"M@DDBY@W_XV(`&]TDH^$O#?!OBW!D9Y0)4I<",'%-K0 M#AC>@/N[@`"16#A)OB0#&C#I@`)4'D."0Q.Z_64P62QX0@2G71BAKJ,*@!XRI>`4WR?>` M0E.5K09E*YNIG3*`I\\QY!H;;8";MB\_CKM8\-J7`F5D0`0H8$ZAQ`D*$3C' M`NY1VZ]XAO\Z[*;.!+3L:[(NY!X][G!7&?+D=`M`-/MX$TC>5%93W^]IWU9` MI0L\#T<#P`$U+G4@"PN20+-:!'/N;P*4LH8>4\#5D@5Y:&A9[LU1F0+V&`I$ M3*#E1KMW-,UE=(?^'57%#-CC!M@SF&MS/6I2``*+`:MG[^!IEB\`B%[C[[QI``__)BXW@V(/ M^_:9`OAP0`(2((`[YZ,KSA1*H-$N=9$OY`$-H$"?W1.4KS/@'0<85?+S88]Y MV*.&1ED[O45`=+#_N24]!WW!`0N2&@QY`7]DR!HNWX!B=6HT;@^^N+7,X'?8 M%Q\4OFJ0J9U%K=1?*P\2`("92P%:2]``3YZ-#-NP".NPR=.ORP,UB!"_02,] MV^`'`ULLD-"'\5NFO@``C(NYH[H?$4``FQ-`)&N_!6`1EJB\"^,T#]0Q`@NP M$*.`/X,3AGB"2@LW`*/!`!.P`/,SZ(N`!1"`Q9B`_@JQ%!L4[(.[NN*^!9"' M!1B^9DH[*.NL7(N(!B(/`;B'>T@`!S@S_\7K,ZS+O2$;L!JL044KL'?X.%-S M.ME@&0UJ`-/!#'P8/J$0`00DLX58,.]+`(A0-9^3.,**0R]\@)=(%:4J%03P MO@%0/:`BBGU8@_SKLW>8@!+4#=F(@+%YFDKLH\9YODR!#\>C@#MLDT]XL7=(@&2[EWMIMDR+K=;@NP(#OQ<4..V+"#D4B?HBLIF`0,%B,H:@IMAX M!QGDM1M#-[P#L]2#0K&3K!^L,`UK:PF`,Z37>H!*:\6HTXT(N#&4 M(R2^ZR]V!"H-A"W@>\<@"S$KD[(%@`#%R*^[HJ\>DP>7"0R8D,F9#`#O^PZ5 M(CK_:CFA$(`:253$6AL()8`[Z$7$F]`DBGJS$' M`+2.RSZ@ED(CB&TFRBY.R^@D1@"IH-(#+ M.TJRLL8DRTIII*NX6`@,S`<@$PEJ&K!2$0HHV#-YZ+,P2P#H>A2-ZK,;HX#4 MBP^*&\BS9`RUI$0-TDR%G$R0.(`=[`P0 ME@BQ!8`ZY`2`GJRQ`FBMOD*2LU@'Z^H'HXL_V[H0KD"*:CDC2:N,W#F6T9B] MY]F0=;B'C1*`!X70",V+![4'"$`OI)P(DO"P#KD5FF$.@+PL1+D7D8G*$#71 M$T71%`U1JU+14X/$%CVU?X31&:51PCK$&E[%T1S5T1WET1[UT1\%TB`5TB$E MTB(UTB-%TB15TB5ETB9UTB>%TBB5TBFETBJUTBO%TBS5TBWETB[UTB\%TS`5 MTS$ETS(UTS-%TS15TS5ETS9UTS>%TSB5TSFETSJU*-,[Q=,\U=,]Y=,^]=,_ GRAPHIC 9 nyse.jpg begin 644 nyse.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_X1#^17AI9@``34T`*@````@`!`$[``(` M```1```(2H=I``0````!```(7)R=``$````B```0U.H<``<```@,````/@`` M````````!SJ````"``````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M````````````````````````````,C`Q,SHQ,#HQ-2`Q,#HU,3HR-0`R,#$S M.C$P.C$U(#$P.C4Q.C(U````9@!R`&$`;@!C`&4`&UL M;G,Z9&,](FAT='`Z+R]P=7)L+F]R9R]D8R]E;&5M96YT&UP;65T83X-"B`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@/#]X<&%C:V5T(&5N9#TG=R<_/O_;`$,`!P4%!@4$!P8%!@@'!P@* M$0L*"0D*%0\0#!$8%1H9&!48%QL>)R$;'24=%Q@B+B(E*"DK+"L:("\S+RHR M)RHK*O_;`$,!!P@("@D*%`L+%"H<&!PJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ M*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*O_``!$(`!4`3P,!(@`"$0$# M$0'_Q``?```!!0$!`0$!`0```````````0(#!`4&!P@)"@O_Q`"U$``"`0,# M`@0#!04$!````7T!`@,`!!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S M8G*""0H6%Q@9&B4F)R@I*C0U-C+CY.7FY^CIZO'R\_3U]O?X^?K_Q``?`0`# M`0$!`0$!`0$!`````````0(#!`4&!P@)"@O_Q`"U$0`"`0($!`,$!P4$!``! M`G<``0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B7J"@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?( MRKR\_3U]O?X^?K_V@`,`P$``A$#$0`_`/6M M2^)MGIOCU/"[Z?.\SW$,'GAQMS(%(..O&_\`2NWKP'Q5_P`G&0?]A*Q_]!BK MW74%GDT^:.T_UTB[%;/W<\;OPSG\*5V6TE8K+KEJ]F;E!(R"X6WX`R2S!5/7 MH=P.?0T_4-7M]-9A.DC;;>2X.P`_*F,CD]?F%8EUX=NH5%K;27%W;3&WWLSI M&T7E2+T*!3]S/(Y^4<]*?JWA^7?.=/6XF$FGSP_OKMY/G8IM`\QCC.#TX]:? M]?A_F2MSI'FCCC5Y76-6(`+D#))P!]23BJNHZK;Z7]G^U;PMQ+Y091D*<$Y; MT&!U[4EM?7,@VR:5>08P,N\)SR!_#(>G7Z#UXIFIV;W=YIQ6,2113LTP.,!3 M$Z]#UY8#\:"5MJ%YK=O97,D4T6PW9Q>7'G,? MH=[\>V:`*MQX3T*ZUH:O<:9!)J"ND@N"#N#)C:?PP/RK8HHH`****`"BBB@` *HHHH`****`/_V3\_ ` end GRAPHIC 10 graphoneq4.jpg begin 644 graphoneq4.jpg MB5!.1PT*&@H````-24A$4@```F(```%!"`8```#4AL/C`````7-21T(`KLX< MZ0````1G04U!``"QCPO\804````)<$A9[=V]$(@!``!X0B`&``#@"8$8``"`)P1B```` MGA"(06YO;^77KU_9Z[_^Z[_L%```\)7H1PQ[=##&80$`P-$(@!``!X0B`&``#@"8$8``"`)P1B````GM"/&/;H?L2&-W_8 M(?_^6O]IWP$`\+V0$0,``/"$0`P``,`3`C$```!/",0````\(1`#``#PA$`, M``#`D_U`;#.37BN4V`YFRL9G-C+KM:355=][@?*_I3=3 M6^>S)-OYE$T+```NTZ=EQ.*P*Y/&6%Y?7^UK+L/5Z+1@3`(99_.[KU#:]A/O M M?U``$DLXBB08/TF_9DWZX MZG>Z[.>VZU3QV[Z]=%\?\+:69>!D;Y_ZJMB@Q?(X$1GJ;.8XD&BZ#=!B-:$Q M_N1C&0#PXWU2(%:3_M-8@FAT.'"HI(.E-(AP7MFRTHR3O8&JFZ6Z6VZ#J]$J MN8F::0V9/.@;:5O"^5":IMI39ZIT&ZN1J(&DVG"XDE&^#=F--Y*% M_,Z^J^IT.'839W_QD4G!'_+9O*LEDC605 M!`>W<_P<2;-^8X<@=,OF,[>*?F<"UE;>Z<2CMT,AV.S8LLEH'"<*<:M"C?MLW51_(7&VSI_NZ M'5%F(^N5LS]=M;H*PU:RUMM+9\V:==&'@2'B]7J#9'5NC@#I6_L M]NU12G]G(EJ(#(:R7QU\\+=]3[5V^\A`Z4W6:D[4&A[AX.]4BU)!0EMG MO/8"W2_Z;=^%J7X4Z?Q.M\]`UMWM<:(?K$BW7=C>R.S!9L.<-GOOJG4'`*!` M04:L+7?!TK:O2B5MEIJ=V^*L0_M>ALUHKSW29O8@$_G$;(+)*FVS4W'H9'Q, M!LG-;N39X-($AY$\IS=3,]]G-6I7@:`)`-/UT,,Z2=>24?ZI4A/P;M=C\[+8 M9LRJ?N<.O?RT+9SRI;_MFS`/D.2#TX*"AQ8_FBY9PK;3_G`^E%5I@`\`P&D* MJR;;X:N,&Q/IV@R`:00]G-L&X5MQF#ZMIQOKY^=I27?1D;G33FO[^3(EC?75 MRV0ATH#/CIO6QVK89MST#58');I:24\W-T[;V-YFYO2T,$X>+%`+23YG,D^? M^#2<;ILV[\@B6X\TA$J_WPZJ;[P?-E70EGSN03K;K%?5[\S3GU7A;M'8;\9=EC`$`>(=??ROV/;Y:'$O<;E]\8/3KUR\9WOQAA_S[ M:_VG?7<$4ZV[ED%9MRGF25/]8*F=KC__(/([_V"'_MSSG7U01%TPZ=;#9AM;.JC:>[K65D5F5$(@!@``X`F!&```@"<$8@`` M`)X0B`$``'A"]Q78H[NOX+```.#KD1$#``#PA$`,``#`$P(Q````3PC$```` M/"$0`P``\(1`#```P!,",0```$\(Q````#PA$(/ M>M8'`.`\R(@!``!X0B`&``#@"8$8``"`)P1B````GA"(`0``>$(@!@``X`F! M&```@"?G[4=L,Y->=RV#UU#:=I11-CZSD5FO*Y.E'=2"L;R&Q9_>8Y8_$7?V M1%.&\R?IU^S@>^36/0Y;,HJ226HE95SZFTK8=54K)D_NBCG?(_H[)/?[XU!: MZHN;N?G,^N0_>X#N1VQX\X<=PE?X:_VG?0<`^,FN(B,6ARH(:ZA@XO75ON8R M7(VD%<;V$\?005$ZOWV-&S+I]F2VL1]YCUI?GK)@*Y;G2`=WZ7><&(0YEI-' MM;1B-_6FR&JMPM.M^#F2(`ADN7ZS8[2-K%RC-Z+DT6#E*^UZ&S:7LQ"X?L5G+2AI2_TB&S0AD.%S)M"1"K-UVI+E< MRW:U]38*Y"Z\DV!GF[S)>MF4SNV'5P@``'R!*PC$;J2N@J7)8R[DVLE$?1)= MO==J;5]NQDU7#3K3LDEF?"BQK5)<2B0C/7UFQ]N/ED_C26(1ED0VY4ZMWLI&7)N7A4CG5LU1D]N.R.+%CM?UDHVZ M&@L``"[1E3PUV9;0M+G2+R_M.A526 MR2P-):L=/34;]][Y==7I*@T&=[55)):V!WM;+U6\E81;M7I#EHL7TWY,CP^2 M*!,``%R@*PG$7#8HT]FG+&-UC(+&^J^Y)R9WJ@]'*G2SHW5FZ0/>/[]N"]>1 M1;Y:5KNI2],TV+?MP])X2P>0IOU8;CP``+@XYPW$3-LFIPU3ZFTM2]/&J8!I MMU50C5>[E>!QG&3&=9?J(#\U?Z\M`1A*^V.&4_OVRD)B%IF]4T;9P*F"<;(QGUW'ETW/0@ M$W&J^SY*!X/.$X]QN,V()5FFB62)*9,Y.Z';BP_.W[X?RFJ2[P>M)O7&4A;3 MM'U8*FDGMGY>Y\;CZNP\/'+@>-G)YNY^=C/K9^9NHAOKY^=I27?1D?E3/PLTMI]_IS3@L\N? MUL=.UQ9M"4T#>_O]IN']*1W!?G#^6E]^#YMV8,NT$U/16;Y["IV!BZ(H:S>& M*Z2#)-.&T69H39]W94'3[L,@ZE!S/AO+H^D?6"\CD&BZ+=#$:D)C_,E/'@,` M3G+>GO5Q%>A9_^N=WK.^"K9:4ZD7_24(';3M_&4*Y[/B3',_I]\_B/QV"C,` M@/.[PL;ZP,^SF4W+^X0S[26=?N7<_N/<=IE.6TR3#1L0A`&`;P1BP"4S[;A: MTM75B[_+`B==?3^7^M16?4_K3K5]6^Y-5:4:K_O)T\&76N9T]8GM*P$`[T8@ M!EPRT^?<$6W$6EU9=.9)&['.0KI.(_Q:_\D^":S[R=O([,%FPYR'`3ZKCV0` MP&D(Q(!K8#H8+NCZ13-_XS20@6T\5NL/RC^K_YI$8ZP",OVTLGT8X*B_]``` M^`IG#\3TH_3FZ49=&C==4J@2>J_HL7I;S:)?%U=_&E%?Q5`OYSO-=O-[9!V MOXH*5\14&SK[SOQA]^K&^E/;?8MIV._TB9)\$#_I/])@_2*T[)FU*W70!KZM+]!_>=@,;_6=^3OUS1A>JX#?KOL#< MOIW>)]UNNUT;Z+9!XR`J^5+.8=;GR&UJT8_8USN]'S$`P'=TOHS8YD46RR.J M/X[Z^XAI!LA6PXT#D2QC9DO^;H_DV9]44M.<'LAW&RD?6N9VVKR^VO[YHQU5 MRRBC_S;DH;^9N>WQ?^=E,UWFCXJ;3%L!G86S;P$`P&4Y7R!F_I;C9VE+J`*= M+-%DGBAS.8%-.Y37-%-D.KIT^D_::=]5L1OK'Y/M6JZE,CF4VGE"T/D#W288&HND?]=1O=(F4B9S5*5D MF0?G5(.``!^ MYG`HC2ONO^(&JNI[X+'$L<;M]=/4D@=C7(Q`#`&AG#<22[,^SW)W0I]5W MISOF?+X[/EMU#CH0.^MA`0#`#W7F-F*Z#=@J^U,L/]YF)M.5T_8-``#\*&?. MB.$:D!$#`.`\+NRI20``@)^#0`P``,`3`C$```!/",0````\(1`#``#PA$`, M^B^`@"`\R`C!@``X`F!&```@"<$8@```)X0B`$` M`'A"(`8``.`)@1@``(`G!&(```">$(@!``!X0H>NV*,[=!W>_&&'\!7^6O]I MWP$`?C(R8@```)X0B`$``'A"(`8``.`)@1@``(`G!&(```">$(@!``!XP$`P,4B(W:4 MCMER0O?P)8`'`.\(Q(ZQ>9'%,I"[^[HTH^?/O7&U[V787,KZS0X# MF@Z21BL9SMV`O2QHBB7L3D1]V'QVWEE(-XNX8GDTD_0R`HFFVR`M5A,:8X)Y M`/#IL@.QG8R`>F4WEXW,>CV9S9SI;E&_=#[%9@%F3I:@=R`=M7E9R#*XDW:M M+X,@DNF[ZA*/H6ZHV7KG;KIZO7NAA#T[K2J;<4HF!9?)9#R?I%^SP^T["60E MZZ)]N5FK*8$,[(=K_8$$T339[V9:0^IZTHTJ2"S78F)^=?Q,5T.Y)PH#`*\N M.!!307WBAGNU3.:S):;F\7?)?C3!5B3/]I@T05MV#.AS0V32U<>:*J#HX(ML&`!< MC,NNFK0WH21H&:F;2[E:O2&R6B>9GX/SV:J:@Y)&^J("KVYN>5%ZUSM)06-] MM_I)+7D;J+UWO74@.A:U(+N<7`-M7!=316DSFZ5MQ-0^GP]E9??Y@PQ$E4LR MM?Y3=KR%.O/Z8+-A3A4VQP@`^.$O$#/!4MF-1='3NPOII%5LNOK13BJR6:]4 MG%(WI?U3YJMDLU1[P9.ZZ37WJCL_0_Z[W"#M%$E6T"Q#-]`>56QG7(>J-F): M&K"IUU-?9+TLR9[JJO#&6`5D3A6V">(X1@#`!W^!6+XZ13>(M^U7#-V>Q%^AFC[!)ANQ[640-?K'3'?L70[&M-(WPYG3*/]I2QVZPT_IG8KG>9V>QP, M5,N8^6B@_Z.Y#?1WZ`RO"KYTG:3[&;<=&0#@K#Q63;8E--F:I&JD.VG(V&W+ M9+IUV%;53>OCO6X>@L;:5AF.9#6<)^W"CICO.+$\1\VLD7Z>:;1?V6D;=#L9%P)4VWH!.(Z<"IMK*^?MMT&WZ4%"),- M&R195C?X*@W<``!?[=??BGU_1?03AEU9#YQ&^?@TOW[]DN'-'W8(7^&O]9_V M73G=$6MWLK1#NMIZ&U#'H2YDS.4IK;O6@=O(YGZ;0YGO/:"A@[6IU.=.=;$(@!``!X0B`&``#@"8$8``"`)P1B MD-O;6]-W6/H"``#G08>NV$.'K@``G`<9,0```$\(Q````#PA$`,``/"$0`P` M`,`3`C$```!/",0````\(1`#``#PA$`,``#`$SITQ1[=H>OPY@\[!/CWU_I/ M^PX`OA$(@!``!XXC<0 MV\RDUVI)J_`52FP_]MW$H?I]8>[7Q:'YW;W9QHY(F,_V>FH[O6=[Q!*V>I); M)```N!`7D!$+9/SZ*J][KU#:]A/?S4V]*;):BQL?Q<^1!$$@R_6;':-M9+T2 M:79^R],WWA[`A]F"3/Z5+]AD9R M+=N0*Y;G*)"[\$Z"Z-FYT+_)>MF4SFW-#@,HU`YW"W+C0(T,9-`O.G=B";L3 M:8RWGXU&:>8XEL>)R'!NQT]G68$I5A,:8PI$`#[7Y0=B^5*H.ZS?]T()>[KT MFO],6MIUJ^8V,NNIX9E3>LY7$>J+=#9OKO2;+W6G\]IUFCDEZ=*2N%:K2T,B M>4X7OEG+JEF7&_6OWES).KOR/TO4[,BMY'YSU7>YZQ@^VY'`3Z+.X5$D05G0 M9,ZKH=RG$]OW,FPNQ22C];FHSLZZCM]NZML"DSKOIBMG'@#X)!<0B$4R2@,' M][47()581B(#7;)-+[KYTFY#)ETWH%K*1)5XD^K0L031R`ED=*`VTA/-O//A M2D:]M$2<7MS3Y:H2=S1U@KQ(%O([F[:6.S7[RD9%2.=6:NK? M;4=D\6+'ZWK)1EV-S2O[KMUUG-=7ZI/`S[*937<#K3R=/7OJ.^>5SCS;MZ:0 M9`M#;VM9F@*2.K-T-FS@S@,`G^-RVXB%QQ8]FU+75\J4*=$&5=N_4D)-E M4K8EY;;<#YO;=EF;%UDLM_/6^@,)E@M)XJ*VA&J]LM4RRW4Y58BZ))V\*]56 MD5CZO6_J+M`P17!]'VC(K'0KHP&>WX;R; MH1OM9I1VJCQST_+K<8@.H,SWVO9A;H!GJD-RXW<4?Y?)H`$_6:XP=8ANF-^= M-&3L9,AJ_:>L0!BV-S)[L-DPI]K_V(0]`!SR_1KKN^TZC*3!^T[6S+%?_9?/ MT#V):>^K@[#N0CJZ$:\9/_Y8MJEV*QU9R$N^,/,T$E\(/I:OYE M<&%U=E\L@;9^$TD](.=5_.CAJNHWHG4;R.M/F+"<.\QFQ4]6DWEC* M8IJV#TLE[<36S^O<^".8;-I$'M-MI:MF$]?T!0``SH.>];&'GO4! M`#@/,F(```">$(@!``!X0B`&``#@"8$8``"`)P1B````GA"(`0``>$(@!@`` MX`G]B&&/[D=L>/.''0)PC+_6?]IW`'`\,F(```">$(@!``!X0B`&``#@"8$8 M``"`)P1B````GA"(`0``>'*=@=AF)KU62UKI*XSMA".8>4,Q<[COE3BTR^O- M9&/'?8K<]QPM_SMW7KGEY3_[V;\!``!\NNL+Q.)06MVU#%Y?Y=6\YC)S/+--%M+1ZVZG MSSL+Z;XG^`/P==P"T\'"TD9FO;1PM7LN;V:]K-"U<^E[;Z$/@#=7%HC%$HXB M"<9N4%.3_N^A-*.IS#Z2`MJL924-J7]J!'8.Z39YDKZS[K7^DXR#2$;O"5`! M?`%UKG8GHDI[V\)2Q?D9AUV9-,;FL[OG
M3_5Q?(I5KZR"UA[E3W M];:!GA[?"R4TI55;^K3+FCDEU5XZ0_H]R=!QZW8LO4V:0[DON/*V[P*1Z'G[ MO0#\,86]0`;V0E7K#R0H+4#:#+T]L=OWNK!ISV6WT'A3E^9R+6]F_$RFJ^)K M`8#+=7U5D\VZW-BWY=(LD:VJ4Z5&56PLSYCI0&ZN+G2V&C`T%[*D]-K(EM&0 M2=<)II:1R$!/ MB9R29N)&ZDWWHEG4GNS(-F8?73='K=X06:V+&_WJWV#?`O!-%<+F0UF-DG/_ M008R?&?*6K;#7.:/7RDQ0.`\[FN0,QDC[8ERJU80O?"HP.= MG:<(QP>R3@7F/6MR[C_UY7.N*?&C:=0?MG6SAU72B-\$?$Y3"@`7Z\HR8CHEWY1HY#2< M-X]XCW8;K)M,T#8[%8?OR#KEJA&2!P6.S'A5^8QUVZ%*V?K)J6R;Z&$Q[FZDEMMQV85OI9=?V;JN!+G^?N9_+S`[A85UN7I1GKMMP%ZORUJ>[2SYILV"!Y8MP-OJJ" M/``7Y=??BGV/[RB.)6ZW3PH@?_WZ)<.;/^P0@&/\M?[3OJN@VW"E!:7F4.9. M`5+_98]I?2Y/63\\.G!+,^;ZH9U\05!/GTI][G3=XRQ?/YG-,SW`Y2,0PQX" M,>!T1P5B`)#S3;NO````N'P$8@```)X0B`$``'A"(`8``.`)@1@``(`G!&(` M``">$(@!``!X0C]BV*/[$>.P``#@ZY$1`P``\(1`#```P!,",0```$\(Q``` M`#PA$`,``/"$0`P``,`3`C$```!/",0@M[>WIN^P]`4``,Z##EVQAPY=`0`X M#S)B````GA"(`0``>$(@!@``X`F!&```@"<$8@```)X0B`$``'A"(`8``.`) M@1@``(`G=.B*/;I#U^'-'W8(`+Z7O]9_VG>`?V3$````/"$0`P``\(1`#``` MP!,",0```$\(Q````#PA$`,``/#D^@*QS4QZK5!B.Y@I&Y_9R*S7DE;+>87E MGZX4AVK^GLPV=CB5KD/%NL1AP?>:Y;6DEUM@]MF#OZU,+&'1>@(`@(OP8S)B M<=B526,LKZ^O]C67X6KTCF!,!7332(*@(9/'TT.CFWI39+562]F*G_7R`EFN MW^P8;2/KE4BS?B-2Z\O3:RAM.P4`<$9%A6%;@$Y>%07>G<]M7VG!>S/K9>-V M;D?O+H#CVOR00"R6YZ@IPWLWE*E)__=0FM'S:0?ZYD46RT#N[NNGSZO4;CO2 M7*YE&W+I=5/+"^\DV%G>FZR73>GV8#]6 M!?-N2=#4#IT$@/YLH$8&,NCK:WLLCQ-)EJ/&1]-95DB/U83&F`+X3_!#`K$; MJ3>7^QFL=V2:-B\+609WTE;S#H)(IJ?6^]7JTI!(GM-5V:QEU:RK-=3KN))U M=A8^2]3LB(G#W)*1?3]S2E$[59INZ2M\MB,!`*=*LE4C606!-.TXP]P[GL3$ M4EI;%:3%N7Z74D'=*)(@#;#T]5_=$>IZ.3>J<)\6TM5U?KH:RD[N`-_6#PG$ M:M)_&DL0C9P@I;#L%A;U&RRLF>L#NRD%7)R@[)2!SLU2:+@4M)W)J4S$3P-GV8&_KI8JWD@76ZHTLL-/C@[NRXI!3 M9:E+4?&[[&I[!R310,`G(>IHM0U$Q5MQ%)I^^+< M=;W6?[()@E<)V^H^\V"S84XSDW=5X.!J7%\@YJ9R74Y:=X\YH`M.DMJM=)I+ MV7E8L8P]B<;VA,E>)P5SEOY>6TZ3DWJ#37/-&T?EDK:B:V? MU[GQ1\I5E9KV",E;`(!'NKF)Z8ZHE*YU4<&7OB&YC?C+D@_X-JZR:K(=OLJX ML5M%N!K.Y2E[A"6A.T1-GBC4C?7S\[2DN^C(_&E;7[_]?%Y1]Q=;ILU7UF#^ M.&:>I8ZW=M=99[6B*,K:C9VF+:$I/26_[T$ZM!$#@,^6KV4Q3[]7-=9/^H6L MO*Z;;-@@>1+3#;[,'[]^B7#FS_L$`!\+W^M_[3OCJ0;Y7?7 M,G"Z.])=6W0G:>]BNMG*=IHNU$_K;G(@EK`UE?KR-DCH-_21\ M6)P'P#=`((8]!&(`OK.3`S'@"_W0IR8!``#\(Q`#``#PA$`,``#`$P(Q```` M3PC$````/"$0`P``\(1`#```P!/Z$<,>W8\8AP4``%^/C!@``(`G!&(```"> M$(@!``!X0B`&``#@"8$8``"`)P1B````GA"(`0``>$(_8I#;VUOY[__^;SM$ M/V(``!3YQS_^(?_W?_]GASX'@1CV$(A]#^S'[X']^#VP'[^'K]B/5$T"``!X M0B`&``#@"8$8]MSO9G:L^DD]N-5*-P?Y>>GQKZ]0$7;ON+\U-B/%R2W MKW;VQSG.1]U]!7Z6__GW/__^Y[__9^^]&OK[W__\U]__^5_]]M]___-?__E; MO]7TY[*/X3+H?52X4]B/UT'O)W7^_?/?ZMU6^?FIL6\O3_%^-/NG=(>P'R]' MLO^R;:[W1[IOS.#7GX]DQ'Z<6)ZCI@SOVV:H?3^49O2<1.V;M:RD(?6:>G]3 ME^9R+6]F_$RFJZ'867`AXN=(FO6"S@79CQFG?GNE\)!"#HRTJX)=)MR6M422!/I`H MH5VHY&*Q>$C;+O1DEEXK\U-B/EVHSF^YFR"I] MSGXD$,..6O])7E4)3[_"]D9F#S:RCT-[0S'[XM]>P4.G)\:^_'RZ*KF[J0AXYT,6;7/V(\$8B@7/\JD,58'5RSA:"7# MN3K8YD-9C7BBQ[M:7YY>GZ2_<[5P4N8N]N/WQ;Z]3*>=7W<_DY\>%8S]>E://3XU]^SVP'WW+ M,F'YX/E,YR.!V(_3EKM@*9/')#[7C0J7P=U^"2C-A9SH?;3<6^%'2?F\* M^KXQG+Y14J9OE60>^KBY#/_[GW]E^X3]>*7^]S]__VMOWQTZ/S7V[44IV(^' MST^-_>B;Z1LLVT_;UW;;?_WY^$O_Q\9D````.".J)@$``#PA$`,``/"$0`P` M`,`3`C$```!/",0````\(1`#``#PA$`,``#`$P(Q````3PC$````/"$0`P`` M\(1`#```P!,",0```$\(Q````#PA$`,``/"$0`PX9#.37BN4V`XF-C+KM:35 MTJ]3IN$L"O?9,6()6SV9;>S@%]O,>O8X:4GHKNR[US\1A_;XZ\W4T>@PRTV/ MS?SK$W_W4>OOGB?VY6Z$#VZ#H[SW.RKG^_QC2._/WC$+K-R_']R6Y]@?/Q2! M&%!)752[$UG:H50<=F72&,OKZZN,@TA&S@VD:MI5NL8+<*TO3Z^AM.W@98KE M<2(RG+_*ZSB0:+H-FF(UH3%^[_K'\APUD^4^]:5FQQIFNZCQ^C4?2E,"&:?# MKT_2W_EPSBZ.Z3RUK[7MW0HF=[4:J:!C@V:UE)0^HZ^+FI2W.YECK MJZ&5K'4ZHVI:`5.%E,L`F``P&Z>K.4JJ%N+0CK>O=!Y=6NV%$IIJGY)2:^%G MBKXKS0A&,DJK6_*E8794P557L>CJ*O4],^>W[6R?DNU1\KV[ZYC. MEZLVN MNO-8A=NJX#@PHRNV0Z4;J3>7,GG,?;XHD^E\Q^ZA4/+=>OV/.K8=9=]1==RX MW'79.X:./&;UN)W?M/V^6O])PO<&YH6<=0IGIHK8_&[S>_/GC1W.WN\?"X>O M8ZA"(`:4J+7;AV^&'[2?,=O(RV(IP9V^ZNJ@9"0R3JH6YL.5C+(V/^IB.(HD ML--TU99$T^V-8AF)#`Y41^Q\INR[VA)F55@'JJY2>]\=R4)^9^NYG#PZO[>( MND%/]*KH98PEB$8V>*O:'DKI;TYN'(UL6S5DTDUO-KO;<5Y?J;4]I&K;ZVFK MI%HP_:Z'7#NM3%O4[E?KHFYB>GDZ^%(WN^.R826_20;]7'_X'CINH[2H\;U^ZZ[!Y#IQRS M>CG''CM5DB!\&]#EMV^R3JOA//F>N[5,\FTO*NT?"]77,1Q"(`;X5+N53C.2 MY^P:^2*+92!)'.:\5VK]@03+A;R8*[.Z&*J+:':C;=^IRZ*K*76=7JGD?*;R MNTZ5_^ZF=&YM!*>KX))WE8*L?90.5IJR7+\=L8XEO]ED*;?S)=O*9J+B9XF: MV\#'+#-Y6^'0ME^*7EVC'>ZWTW+H3(>Y&9KEJ1OD@\V&E65H4E6_Z2-.6NZA M[7!(,G_R^YV@;.<'.]67.\?."JNH&XS*;=T.W)*VHJI M*BB9YE:/ELI_IN*[3I)?[C'K4JY6;XBLUC8S4+6.)=_C5/LEDFHQ$]NM5W;< MB4JWO0X0QJ)6TDX[H7HP?C2-U\.VDQF9#V6596@<%;_I0TY=;N4Q>`H;E.E, MRTY6K>+8.>GX_]SCQG7X&#KVNS]P['AWZ#J&*@1BP*GR[;[<=F%5TTJ84K)) MZ^MTOFRS1T:^=&NKA?1-J+N03EJ-H3,*R0P?4/)=GID;7:-N,P/O6$>W(;SQ M)NMEDHDP0=ZI#FY[)].S4]5592.SJ0J^=%JEZGA*5?RF#SEEN1\Y!DW&KV"[ MF,S*$0'ER=_]N<>-Z_`Q=,IWO^?8N0S5US%4(1`#3M:6NV#;T%@WKEX&=[;T M5S6MC)XGDN?9BZA;BV37K[UTO\X`V`NS+JT[`5X=KFY:3B1M,[Z930]OQZIM;]:I MHE%W&9,-&R0W:#?X*@ODJW[31QQ/B M53J?J?;;MD%SIQWU6ZJVO6XL;QIU%WU7&5L5F44?:IW299C&XD7S5_VFCZA8 M;OXX^-`QJ/?EJXP;$[N?DU=WT9'Y,>VB3OKNKSAN7%7'T`G?_:YCI\AVN^1? MR?F;K%-CTDW&3]7YEK41._+(Z]CX$8H!/IEU(2[J3 MQE%5F`!P<;B.?0A5DP```)Z0$0,``/"$0`P``,`+D?\/P,W.X2]'P^D````` (245.1*Y"8((_ ` end