-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H6d5Sf1024u1pR9IykbDh8f77gHFj8pYrGNaH6rzGcaTR9a0OaYV7fhiPEYMiJmx ox2uP0ErRoV3eVWIG7EuVA== 0000950123-09-027388.txt : 20090730 0000950123-09-027388.hdr.sgml : 20090730 20090730090954 ACCESSION NUMBER: 0000950123-09-027388 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20090729 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090730 DATE AS OF CHANGE: 20090730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VALIDUS HOLDINGS LTD CENTRAL INDEX KEY: 0001348259 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33606 FILM NUMBER: 09972092 BUSINESS ADDRESS: STREET 1: 19 PAR-LA-VILLE ROAD CITY: HAMILTON HM11 BERMUDA STATE: D0 ZIP: 00000 BUSINESS PHONE: 441-278-9000 MAIL ADDRESS: STREET 1: 19 PAR-LA-VILLE ROAD CITY: HAMILTON HM11 BERMUDA STATE: D0 ZIP: 00000 8-K 1 y78545e8vk.htm FORM 8-K e8vk
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): July 29, 2009
Commission file number 001-33606
 
VALIDUS HOLDINGS, LTD.
(Exact name of registrant as specified in its charter)
     
BERMUDA   98-0501001
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification No.)
19 Par-La-Ville Road, Hamilton, HM 11 Bermuda
(Address of principal executive offices)
Registrant’s telephone number, including area code: (441) 278-9000
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:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


 

Item 2.02 Results of Operations and Financial Condition.
     On July 29, 2009, Validus Holdings, Ltd. (“Validus”) released information regarding its investment portfolio. A copy of this release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
     As of June 30, 2009, Validus had cash and invested assets of $3,530.6 million. Validus is providing the foregoing additional disclosure on the composition of its portfolio in response to the recent volatility in the global credit markets.
     The information in this Current Report on Form 8-K, including the information set forth in Exhibit 99.1, shall not be deemed “filed” for purposes 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.
Item 9.01. Financial Statements and Exhibits.
(d)   Exhibits. The following exhibits are filed herewith:
     
Exhibit No.   Description
 
   
99.1
  Release regarding investment portfolio dated July 29, 2009

 


 

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.
Date: July 29, 2009
             
    VALIDUS HOLDINGS, LTD.    
         (Registrant)    
 
           
 
  By:
Name:
  /s/ Joseph E. (Jeff) Consolino
 
Joseph E. (Jeff) Consolino
   
 
  Title:   Executive Vice President & Chief Financial Officer    

 

EX-99.1 2 y78545exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
     
(VALIDUS RE LOGO)
  Validus Holdings, Ltd.
Bermuda Commercial Bank Building
19 Par-la-Ville Road
Hamilton, HM 11
Bermuda
 
   
July 29, 2009
  Mailing Address:
Suite 1790
48 Par-la-Ville Road
Hamilton, HM 11
Bermuda
 
   
 
  Telephone: (441) 278-9000
Facsimile: (441) 278-9090
Website: www.validusre.bm
ADDITIONAL DISCLOSURE ON THE VALIDUS HOLDINGS, LTD. (“VALIDUS”)
CONSOLIDATED INVESTMENT PORTFOLIO (THE “PORTFOLIO”)
As of June 30, 2009, the Portfolio had a fair market value of $3,530.6 million. Validus is providing the following additional disclosure on the composition of its Portfolio in response to the continued volatility in the global credit markets.
Validus Mortgage-Backed And Asset-Backed Securities Portfolio
Market Values (in USD MM) as of June 30, 2009
                                                                         
    RATING
    Gov’t   AAA   AA   A   BBB   BB   B   Other   Total
Mortgage-Backed Securities
                                                                       
Residential Mortgage-Backed GNMA
    100.3                                                 100.3  
FNMA
    254.2                                                 254.2  
Freddie Mac
    187.9                                                 187.9  
 
                                                                       
Total Agency RMBS
    542.4                                                 542.4  
Non-Agency RMBS
          51.0       8.3       22.8       17.7       1.2       57.4       23.3       181.7  
 
                                                                       
Total Residential Mortgage-Backed
    542.4       51.0       8.3       22.8       17.7       1.2       57.4       23.3       724.1  
Commercial Mortgage-Backed
          66.4                                           66.4  
 
                                                                       
Total Mortgage-Backed Securities
    542.4       117.4       8.3       22.8       17.7       1.2       57.4       23.3       790.5  
Asset-Backed Securities
                                                                       
Sub Prime
          2.8             1.3                               4.1  
Credit Cards
          9.3                                           9.3  
Autos
          52.0       0.4             0.9                         53.3  
Stranded Cost & UK ABS
          9.5                                           9.5  
 
                                                                       
Total Asset-Backed Securities
          73.6       0.4       1.3       0.9                         76.2  
 
                                                                       
Total Asset-Backed and Mortgage-
                                                                       
Backed Securities
                                                                    866.7  
 
                                                                       
Note: Lower of Moody’s or Standard & Poor’s rating, presented in Standard & Poor’s equivalent rating.

1 of 5


 

(VALIDUS RE LOGO)
Residential Mortgage Backed Securities (“RMBS”) (20.5% of total cash and investments*)
GSE (Government Sponsored Enterprise) RMBS (15.4%)

The Portfolio contains $542.4 million in GSE residential mortgage-backed securities.
Validus’ GSE RMBS allocation has a weighted-average effective duration of 2.3 years; a weighted-average life of 3.9 years; a fair market price of 104.12 and corresponding yield of 3.6%; a book yield of 4.6% and an unrealized gain of approximately $13.0 million.
Non-Agency RMBS — Prime (2.5%)
The Portfolio’s $86.9 million prime non-Agency RMBS allocation includes $40.2 million of AAA rated securities. All of these securities were originally rated AAA at the time of purchase. 55.6% of Validus’ prime non-Agency allocation consists of securities whose loans were originated in 2005 and prior; 19.5% of the prime RMBS allocation was issued in 2006. The allocation has a weighted average current credit enhancement of 8.3%, which will increase as the securities pay down. The allocation has a weighted-average FICO score of 738 and a loan-to-value ratio of 66.3%.
Validus’ overall prime non-agency allocation has a weighted-average effective duration of 2.6 years; a weighted-average life of 4.0 years; a fair market price of 77.76 and corresponding yield of 13.7%; an equivalent weighted-average book yield of 5.5%; and an unrealized loss of approximately $27.5 million.
The following table shows fair market values by vintage year and rating:
Fair Market Values (in USD MM) of Prime non-Agency RMBS by Vintage Year & Rating
                                                 
Vintage   AAA   AA   A   BBB   BB and below   Total
2007
    10.0             5.0       0.6       6.1       21.7  
2006
    0.6             10.2             6.1       16.9  
2005
    16.6       3.2       5.8       0.8       5.2       31.6  
2004 and prior
    13.0             3.1       0.6             16.7  
 
                                               
Total
    40.2       3.2       24.1       2.0       17.4       86.9  
 
                                               
Note: Lower of Moody’s or Standard & Poor’s rating, presented in Standard & Poor’s equivalent rating.
Non-Agency RMBS — Alt-A (2.7%)
6.3% of the Portfolio’s $94.7 million Alt-A non-Agency RMBS allocation consists of AAA rated securities. All of these securities were originally rated AAA at the time of purchase. 49.1% of Validus’ Alt-A non-Agency allocation consists of securities whose loans were originated in 2006 and prior. The allocation has a weighted average current credit enhancement of 24.1%, which will increase as the securities pay down. The allocation has a weighted-average FICO score of 711 and a loan-to-value ratio of 77.6%.
Validus’ overall Alt-A non-agency allocation has a weighted-average effective duration of 2.5 years; a weighted-average life of 4.4 years; a fair market price of 79.65 and corresponding yield of 5.6%; an equivalent weighted-average book yield of 3.5%; and an unrealized loss of approximately $22.7 million.
The Company determined that markets for certain of its non-agency RMBS (“identified non-agency RMBS securities”), primarily Alt-A, were illiquid at June 30, 2009. As a result, the identified non-agency RMBS securities were deemed to be Level 3 securities as defined by Financial Accounting Standard 157 (“FAS 157”). The Company applied the guidance in FSP FAS 157-4 to determine the fair market value of the identified non-agency RMBS securities using a discounted cash flow model.
The following table shows fair market values by vintage year and rating:
 
*   Total cash and investments at 6/30/09 (MMs) = $3,530.6

2 of 5


 

(VALIDUS RE LOGO)
Fair Market Values (in USD MM) of Alt-A non-Agency RMBS by Vintage Year & Rating
                                                 
Vintage   AAA     AA     A     BBB     BB and below     Total  
2007
    1.9       4.0                   42.3       48.2  
2006
                            20.9       20.9  
2005
    4.1             1.6       4.0       13.3       23.0  
2004 and prior
          1.1       1.5                   2.6  
 
                                   
Total
    6.0       5.1       3.1       4.0       76.5       94.7  
 
                                   
Note: Lower of Moody’s or Standard & Poor’s rating, presented in Standard & Poor’s equivalent rating.
ABS (2.2% of total cash and investments *)
Auto & Credit Card ABS — Non Sub-Prime (2.1%)
The Portfolio’s $72.1 million allocation to ABS includes $70.8 million of AAA rated securities. The ABS portfolio excluding Sub-Prime consists of auto, credit card, stranded cost and UK ABS. 57.4% of Validus’ auto- and credit card-backed allocation consists of securities whose loans were originated in 2006 and prior.
Validus’ ABS allocation, excluding Sub-Prime, has a weighted-average effective duration of 0.5 years; a weighted-average life of 0.6 years; a fair market price of 101.31 and corresponding yield of 2.4%; a book yield of 4.7% and an unrealized gain of approximately $0.9 million.
Home Equity ABS — Sub-Prime (0.1%)
The Portfolio’s $4.1 million sub-prime home equity ABS allocation includes $2.8 million of AAA rated securities. 67.3% of Validus’ sub-prime allocation consists of securities issued in 2006 and prior. The allocation has a weighted-average current credit enhancement of 37.3%. The credit enhancement will continue to increase as the securities pay down. The securities have a weighted-average FICO score of 619 and a loan-to-value ratio of 78.6%.
Validus’ overall home equity ABS allocation has a weighted-average effective duration of 0.9 years; a weighted-average life of 1.0 years; a fair market price of 84.69 and corresponding yield of 30.9%; a book yield of 0.5%; and an unrealized loss of approximately $0.9 million.
The following table shows fair market values by vintage year and rating:
Fair Market Values (in USD MM) of Sub prime HEL ABS by Vintage Year & Rating
                                                 
Vintage   AAA     AA     A     BBB     BB and below     Total  
2007
    1.3                               1.3  
2006
    1.0             1.3                   2.3  
2005
                                  -  
2004 and prior
    0.5                               0.5  
 
                                   
Total
    2.8             1.3                   4.1  
 
                                   
Note: Lower of Moody’s or Standard & Poor’s rating, presented in Standard & Poor’s equivalent rating.
CMBS (1.9% of total cash and investments *)
The Portfolio’s $66.4 million CMBS allocation consists entirely of AAA rated securities. The Portfolio is well-diversified with seasoned deals that have collateral with transparent histories. 89.2% of Validus’ CMBS allocation consists of securities issued in 2004 and prior. The allocation has a weighted average current credit enhancement of 29.5% and defeasance adjusted credit enhancement of 48.5%, both of which will increase as the securities pay down. The average loan-to-value ratio is 69.5% and the debt service coverage ratio in excess of 1.61.
 
*   Total cash and investments at 6/30/09 (MMs) = $3,530.6
3 of 5

 


 

(VALIDUS RE LOGO)
Validus’ overall CMBS allocation has a weighted-average effective duration of 0.9 years; a weighted-average life of 1.0 years; a fair market price of 101.25 and corresponding yield of 4.6%; a book yield of 5.2%; and an unrealized gain of approximately $0.5 million.
The following table shows fair market values by vintage year and rating:
Fair Market Values (in USD MM) of CMBS by Vintage Year & Rating
                                                 
Vintage   AAA     AA     A     BBB     BB and below     Total  
2007
    7.1                               7.1  
2006
                                   
2005
                                   
2004 and prior
    59.3                               59.3  
 
                                   
Total
    66.4                               66.4  
 
                                   
Note: Lower of Moody’s or Standard & Poor’s rating, presented in Standard & Poor’s equivalent rating.
The following table shows fair market values by vintage year and rating:
 
*   Total cash and investments at 6/30/09 (MMs) = $3,530.6
4 of 5

 


 

(VALIDUS RE LOGO)
As of June 30, 2009, the Portfolio’s allocation to Corporate and Financial issuers was $788.7 million and $226.1 million, respectively. The following table presents the ten largest Corporate and ten largest Financial issuers as of June 30, 2009:
Corporate Issuers
                 
            % of Total
    Fair Value   Cash and
ISSUER   ($MM)   Investments
 
VERIZON
  $ 50.2       1.4 %
AT&T INC
    41.2       1.2 %
WELLS FARGO
    31.8       0.9 %
JP MORGAN CHASE & CO
    23.8       0.7 %
BANK OF AMERICA
    23.4       0.7 %
GENERAL ELECTRIC
    23.3       0.7 %
HEWLETT-PACKARD
    22.8       0.6 %
PEPSICO INC
    19.7       0.6 %
ORACLE
    18.5       0.5 %
ROCHE HOLDINGS
    15.9       0.5 %
 
Sub-total
  $ 270.6       7.8 %
 
Financial Issuers
                 
            % of Total
    Fair Value   Cash and
ISSUER   ($MM)   Investments
 
WELLS FARGO
  $ 31.8       0.9 %
JP MORGAN CHASE & CO
    23.8       0.7 %
BANK OF AMERICA
    23.4       0.7 %
GENERAL ELECTRIC
    23.3       0.7 %
CITIGROUP
    15.3       0.4 %
HSBC HOLDINGS
    11.5       0.3 %
GOLDMAN SACHS GROUP INC
    9.7       0.3 %
BANCO SANTANDER SA
    8.8       0.2 %
MORGAN STANLEY
    8.7       0.2 %
NORTHERN TRUST
    8.1       0.2 %
 
Sub-total
  $ 164.4       4.6 %
 
 
1   Issuers exclude government-backed, government-sponsored enterprises and cash and cash equivalents.
 
2   Credit exposures represent only direct exposure to fixed maturities and short-term investments of the parent issuer and its major subsidiaries.
These exposures exclude asset and mortgage backed securities that were issued, sponsored or serviced by the parent.

5 of 5

GRAPHIC 3 y78545y7854500.gif GRAPHIC begin 644 y78545y7854500.gif M1TE&.#EA/0$7`.8``(V-G?K\^?S\^QL=9//U]!H=6]/3U:FIKO[^_?CZ]38W M<6YPD;V]P::JKOS]^NGIZAD=:8F-H<'$U?;X]/S^_5-5?!D@:J:FJU53C[[" MSQH@9/KZ^AP<<]O;<'#SOCZ^O;X^/;X[?S] M^(2(GOK\^_K[]OW^_N+BY8R-JN;HZ?7V]Z2ENOCZ\I68M"HK9(J0I=K9X!P= M;8N,LQ<;8?CX^/CZ^/KZ^/S]]L7%S4='=\O-V>7FZ*FIJ1P=:,_1VAP@GK!\<:NWN[ZFKPK_!R_#R\AH;;*6JNA<@9,_/UY.8J:*A MM,7$R/CY^=?8V]W?Y"`?6J2HM<7(S$A);1P:)IU19;_K[\Z>HOL/#S;^_PAH6;JRLL/[__OW^^_S]_?S[_/GY^?W] M_/[]_??W^.#@Y.CG[\3&UK_$RSD[:M'1TZBHK?[___[^_O___R'Y!``````` M+``````]`1<```?_@'E:7D40`QHY$@0Z;PYO""P.,@Y^"',\?4D9`S=2.45E M%0)_I*5_?BQNEE=;(&`:$%\:`P5F$P)SN7-^?6YNIJ9B%E)#-X9X?L#*P`AO M;W\.*`$^!2,67T,@`@X(S8\.`0(`%A8C([%?7^7F["-?4O`C'%`:!15.&T:0 M+'!S;P*5$,`!D<["D`)JDJ"8L^Q/GSX"5)0`,02"!0AE,`3PY:M/CSY^DCPI M8`',EQ%%W,%JQ_(&.91(M%2(TW`9R#Y*^.C^.3T<(%/3SY[_,C! M5(@RM<_S4@ M*82DP!B:RMPX>P.G@QX-*-U)`3-`3PMA0&#%C`Y#57.8-FC1JUK!I MX^8-`3AQ$"",N$'Z'+G3J&6=Y%`$B84"($C$01#B#0L6_P(.+'@PX<*&#R-. MK'@QXT:.'A^J$*/!),HB-X84D=*9=%,4\TUV6S3C3.> MA0/`$.QP<`,M&E1'CG2'A%71`"/D4``)+*#@2/\S`'6SFSJ]*<2031!)1)%% M&&G$T2\H/$1!!"]IN.,`2Y3IHP4W>+&$-2@-TYV*I(`G'GU'\7%!&VV@QX<0 M;#G5U%-1Q4=55H3N9``+5XA1`&1%#!#;#K4-*`!(;P1@PA5G.#B`AH8E,24P M>H73@0(I(4%(`8.-0`L><.RP`@IK*=;8,"=&EJ**+%[VHF8R=O89`#>T,\`" M+N!@[+''NN#"`B`4$%8GYB`T1P(".-.D0`1!B9"4P%4Y');&;?E'"'W\\242 M%D5'K++(MGML!1;H1\Z;<,IYU0,CYJNO`'9P4=112N3[YWM5<6'`P0@GK'#" M#Y"10`D+%!`:$C=H4`'_`7#8U@<_(#D`0Q).@.!%+%`,X8(#"=Q*RAP"D$%` M5X$M808(4I3#W\4P))!`K"J38B)DDL&YHC.6N9A9C)S1^&MTIVDA0@!P1"UU MU`((8`(,,,2@P!!>:/!%2B#`L`&UN3F9K4';_D:E<%<6IR5'?[S1!P)U##(, M!`5(L`/45"ER+` M"@1DH<#AB!RPX[^%5` M_P&`%:%!"@00L$/9V/*6]J??>=MVEL?Y\H<;?82@@A9LA`;%`!)(0`!TL;WM M)2`)*0!!!,P@`1C0(7.)T\GB)L,67*P!<@(CA7LH-Q7+88YY9-C`!$SP`1IP M0#0ZTH(=4)`]!##&#TQ8P!`XD(/LT(`(!)`!#WHVAPD`@08#((=H[#`!&"P@ MB%XKP@U-4"#D+>-GR\N<\S`#O5XIC7K6*P('(K,"!USNBY>KFA%6@(8)E"`& M(*A>.J2@!R!,(`#L>Q+:?`,_4P3'2L2AG[CPAP(!%&!D$'!0`!<2!SB`\8L! M.,&EKD!&W/4,.+P(C^)4U"<&8%!R&@04?#KX1>;](?]JU)`F7(!'`!I*@ MU)GN!PELT$('_(""A:2A`#G_8.<(M+"``!DA`-!\(JV`]LB&5/-HT?.5CXYOW#Y8I]Q@X,8F(N\@'/F0X8S%>-:>&BV4 MI(72AJ*(U`\D72T'X^/BA@2@7(W800FV$!9$G$,!62B!&1<0.EI`8`C>34`J M6$#D7H"C!!T('DHJ/`,="*!`<%AN'1;0([86(`T3F$![@?\!15N1%\RZ0JL5 MT6OFMJ9YV4UQ1IME8`(#R'D`,2A!M>ZLK3RO;<_YY,B!8/6 "A"C1PUG2U M*QU#QR('UT#-$!:`"VX\Q'Z0!BUJE4!P)12E*`4/SP%.?%HE?"`)+%#M*30I MJ$IW>AD%4AUS'X`!9X'!I@MXP`YF*@_^U*(.,F@F*BB`5#<$(``PT`-)`J.` M)CA4#3C'N1-F0*1U#$$/,#!!39H]33B5=\S8_)5ZNWGM9>X`?_7*B8XE3!0DJ#T-*6UF1GTM6:WC,S72 M)/B'2=P"PLV,;><`833`=K*)=MF5$FVB!U,@ M>@+0#7T0`!'`-37#!F4P`P>E4,9YG&K0`1NP%"M@!&K0>0:A#<&6@T7`5APP MG'E0G,9)`F.P`!5``X431`E&2[1E!*F`/VX@2A)S&AHP`TY04,>I4&K`G82# M;X9`A@&`"BP@B'.@!V$H#P+%4"+@`P0:GR+@!!FP`,D$'7$7!X=9=W8D?Q+T M)Q,E`&YX6D*A$VV`!4^@`Y>I:9)T`%CP`"K5>";:>`VA,R/T%^Q@DD/P`S:0 M(F9B3E$E.D9![\`$+)Q0$=P&#]Z$3]QY8<5H>D'>B.JJD*JH-T0A^ MDP%:D!W9,1H*,`9D(`,Q:#4$H`>B$19(\`,/D``(V`AH(%IHH`-`H`6'OA8\S6$.AT`XU&H,_FIY MG["33C!&MA$U`8`&%%`#0?0UKUD,2Z!=U!I$G^@)&I`&N.%OO?`+<<4+>Z>8 MDBJ)3&`%.7$`^.=P6%`'_!"`0B`$5P&'"1>S,DMPW9)4+@!+L110+D`&2<`# M+$"1!&`&H&,!2Y`#8P`@:#!70% M96!O7CL$8G"6?=!%U+!@$*8%3)649^@`Y`H`4/"V<`NWAI95%N`%;'"=M'O2`-`>!";_"F-TLD1>`%;RMA*PD!G%C_9:_!(!6@G"@0`N#X!CWP$60` M2UZ0@BD(MTC0M846888;"QJ@!7K0`GW@#!KV:-^Q7`LWJA,4/ZLT!P:`=Z-Z M`6O@?2DBNRU;JKS;NZ-J5HO!`B;0+/`0.W:0K:S4$*NH!9X@!>,3`W7`5'#: M#?Y00-9"DR90`<2Z@B!P!DE@72B0`@6P'P9Q`]4S;^B;ONA;`&*P`RS32SZ@ MKX0#`C2IMG1U0#=2)M4C'<>JO@/@&DBP!&7`50!PO'*P"._W@(3<`5/4`.+G,B*C,4U0``; MD*3+NC'],$XGH$@=`,J)[,=IG`)<0!;O=88O['1P(`=[H#`$L`P;T`>AQ`(; 8(``=H#"[O`<^K$%)$`0+T\S.O#"!```[ ` end GRAPHIC 4 y78545y7854501.gif GRAPHIC begin 644 y78545y7854501.gif M1TE&.#EA_``3`.8``+:VNOKZ^1H>:ZBHK?GZ]45(=C<\:OS\_*:FJ\[.SQH< M9,+$T-K:W.+BZVELAQD@9YJ;ML;'T_S]^;Z^P^KK[B@I9:*FN*6IK=K;X_7V M]G-UF/[^_!P@61@86/O\^?S^_=+3VQ<99#A`;"0E8%16C:*GP&UND?'Q\:NM MO/O[]^+DY?S^^S@[7GZM'0U<3$Q[F\RZFH MJ*^SP?W^_K"RQ;[!T71XGE16DI67KZ&CN516@5M>A?+U\OO]_'N`FBXQ9ZQ"LJ;U9;?Q@=9^[P M[AH7;&YQE_+T]+.VQV-CC.[O\<;'R:>GK/CX^-_@YS(J=,L)&6M-[=W]?9W_[^_?[___[^_O___R'Y!``````` M+`````#\`!,```?_@"@D/21()#9>7@<;&WP2*WY\DGX@A4`]9W)_FYQ^?WX' M2WEGAH8P9&)^JGY]K9R;`4"&)&=9K[>OD1M^&T,TEX8RN[R1'GY:@X5(LR3- MS,T]^,SL M@_B$#ENX`OIA,*&@P8,($U(HHZH3P800(=J8\T+``P5IL'A1PHA/"@E^XG@X MH(0(E8L"BF#`)8G/@2@L3EI4X$8%F3(X^;0R]VH)AP<"!#"!$1`7KU1D/,CA M8)%*$#&2H,9)X:<"E:`6@6+%^@#HBQ+AASC0)8.+TXJ6'.$0*H^$L3T$9/"0P0F"K[.B7"`I1@Q2E@T M^4I8`9`,LZ&JDKO)I]:ABW-M0*J4Z0.G4+GQF5KUZM<034*('S]>05"\30P< MD2`A!]H-:MFZA`7HY:M3'KHH3`CPE15--&&%%>2)=R!6(?`0'2>- M5=;%`#%4:*&%$R(0@V0',,0)9YZ!]AD"))9HHHE*8&%`"%285\$"'KPV1`Y] M>)`"!0Y8D9L506#&D@@&P),`<*91!`0/\CK-SB7%#0/?C)='XDM513 M3T6U'5458*6`"3"$*6:8$$``Q`@AI":`<2H$X`$?0Z2U%E#SQ75.77?EM5=? ML_51!@I,7/4`#V,6"@,$,(PPH(-21@@9`C6X(.FDE%+`0`P3#G!#9IK]`2)H M;S`@ZJBDELI```%DX89W(6C@Q6]^?$"C$@'\H*A^;NR0`AFW^`'D'D4$144: M,ORDGP%?M.#:)$X:*Q114AY597589B<5EX1U8(=RJT2R#04+:*'`'`^\$`(1 M`1`01YSPS=G66W;>^NVI4Q^-''&%%51048$.L3'2;3%QC%"!&VS<(>4? MC@Z`0!B+K3)!9)LVM%G_9Z!%D4VGT7D1@!!$Y"9@!3YLD((8.>3P1QP@0/&" M>0KX<(*ZO0;@0A!#5D##%E.8!Y0&%!"0`Q^[-/L@DO+P]-BH)`PA!/5`!Q$$L*Z<\IU])WYZ\@>//&C(P*\`%?R@P@S@AQ^^ M_PK?JU!%'''T<:_Z'&\2>!@[Q;\30Q-4-@"G'V+\&0`9].^__THXASGT-ARO MR$`(ETL$!8IPDI?9(8`KP!PH`H"9&02A(E9P@QRXX04M-`$HPZ)`;92@LIXX M*TI)H]+2JN4T;%DD!"5HWY0:,00"H&$$RF/"#LKPO'9%CS[3H]=^^L*'2.1@ M`DRP0E#H1A7@0E9]"``6<`86(RU`:P38@@,4`!0K\&`)0QM"&7*0C<<%0`.Y MH4('9!"`Z90A`D5(Y!Q,L`0"!*"$G'C2LQ:FNROQSO]:6ZJ*\F`H0WF@3&L' M(('/%$`$-/2P;.\"HKSPM#;KR0IE"T`-5EJ$EW[Y4@!62,U%1D"4WURQ=HS1 MX@"Z$`,V.E.-;Y!,%\SH*?V):$.2B8$><#$C/M`*`T4`"Q6L<`87*`D%/M/+ M'E(PM`_`<0-`LD&PP`(%$'`#'AGX00?THP`%1*`%2FB?)E&8.Q7NKFF^<^$# M2&D4Y7C@"0*@)E."%,38B8U$R;Z0(849"!D_7Q!!RR0 M@9`&LY]ML!PVUON(-[U@!!,4``J(3:QB%:L5 MI9Y`#!)X*4PCTP4255:FDZGL8V)``\TASIIOX`(7:D#:TG)A!K@@0)R*JH0E M="TK(@"!#IA0D1`4(`->(`#M MC9-K95KOW-HEN):R#&(HJA_UAO.9"2X[J9*A*R)L?*$`^\;EW M!M_KTE`!$";7O2=XC'9E\$`9AA"'+QC@PL*Z#B_[R1:V5(`" M\XB'3UKT+/G9N&WLF98G%3#=4%I%/S!\3?Q`P1X/S$"B0+D(!F+435BZY0`@ ML;$?R@M8E(E!<]ZH0@-`$($]>,%N*),?'YX0AWD*@+[V7=]D'0:Q31Q`!624 MJ3:]X`<>=FO!&:LS0P;VX"&;PQ-U5@(BO:15*VAA"W=6GQ>4A4B5^O(K)^V7 M$E7:`1\(P0,9,`,Z,J``'2E@*#>V\0&4I`21L#4(D4AH5:[S`B;<(3;RRP&J M#N`"+5A!Q0*`P@&>0(XR]"$^:^H`"@Z0&1NSYP-W42(5I/_0@/9((`Z-0($6 MNL8$"$C@30P1\Q/*$,GYUI=V^(60,@7W"4_H`9N84D,8,H"JY<@%1(\"`"CV M/+"6M`079"``!GJF/!`68`\>P$4<4I2%(0G`#5E)0??!02W%X8`>7?YP'*>7>%V@W"3_X($UM,0''?^!S"_R@!/)5ZK?CMV9R MUSDS+@!`3AT&`#U<$K_P7F;7&:"'LIO][&?G)@&\8`.F;"5F3DB!P`D0.1K/ M008G.,$1CJ#WO?O]!$:`0K^N`P3_#'RY2D*PCH#FP/C&._[QQSF`C78*T$I0`4V.V();"`.31P M#AQ@?>NU,@(G0#;=ZQ)A-8&`78`2:`7;(!?*V0`,RT(6VV"=V2`5R@!I-!`\Y3 M!B[(&1N"_TVCL8,#<`[QT``K0@4A,`(1H`0^TBL1P`+BT0$C\`-N\B;HPPA2 M:#(!0`$FT`'BT00"#BP0$&$`')<4R]X@=U8%D(P`4L$0>:0P/'-U-J```ST!N?<`";:%.L MV(JLZ(-$DP))8``L8`!:L`1F0"NX(`9P8`!.9`!$L`4$D`)*@#)#8V]\D&\9 ML`!%P`+.:``.D`&_X02T:`#6>(W8F(W7Z`!"@&!*P`5/9``:0&<`9'!Y>5,` MVIB.UF@"*$`!3B`!M%*,<$(`!^`13[`$>Y`'ZIB-(F"-+%``/K`'2I`".J$- M/*0U*!`$^ZB.#O`%'`$5F)@+?``";[!&--`K=A8'`4`#%0E-;S`!:.""!T"1 (SU22)1D(`#L_ ` end
-----END PRIVACY-ENHANCED MESSAGE-----