From: Subject: New Document Date: Wed, 17 Oct 2007 18:03:55 +0530 MIME-Version: 1.0 Content-Type: multipart/related; boundary="----=_NextPart_000_002A_01C810E8.15089440"; type="text/html" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2800.1106 This is a multi-part message in MIME format. ------=_NextPart_000_002A_01C810E8.15089440 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://www.mcapitalmgt.com/mcapital/protect_portfolio.html New Document
How to Protect Your=20 Portfolio
We asked investment managers to = share their=20 favorite techniques for safeguarding clients' portfolios against a = bear=20 market
by David = Bogoslaw
Once burned, twice shy. Even though the major stock = indexes=20 are trading at record highs and concerns about a possible credit=20 crunch-led recession have abated slightly, many of today's = investors have=20 vivid memories of the market meltdown of 20 years ago. No = surprise, then,=20 that one feature distinguishing the current stock market from the = one that=20 crashed in October, 1987, is evidence of more caution among=20 investors.
It wasn't that way back when Gordon Gekko of Wall = Street was=20 telling investors that "Greed is good." Twenty years ago, traders = in=20 thrall to the possibilities of making money by exploiting the=20 differentials between stock index futures and the underlying stock = indexes=20 were buying and selling without covering themselves with an = opposing=20 transaction, a strategy that would have afforded them some = protection when=20 their bets went sour.
Today, they're much more likely to put safeguards in = place=20 to hedge against downside risks. Since 1987, the average daily = trading=20 volume of options has more than tripled, with index options in = particular=20 seeing growth in volume, open interest, and liquidity.
More Players, More = Protective=20 Tools
The primary difference between today's index futures = market=20 and that of 20 years ago is that there's now a much larger pool of = participants, including hedge funds, creating a more diverse and = liquid=20 market, says Scott Warren, managing director of equity products at = the=20 Chicago Mercantile Exchange, which specializes in index futures. = Circuit=20 breakers in the futures, cash, and options markets that = temporarily halt=20 trading after a drop of a certain percentage also limit the = magnitude of=20 bearish events, he says.
In addition to the market's much greater ability to = absorb=20 large buy and sell orders of stocks and options, there's also a = much=20 better understanding of the strengths and limitations of = protection=20 strategies, says Jim Bitman, senior instructor at the Chicago = Board of=20 Options Exchange's Options Institute. "People still remember 2001 = and 2002=20 a little bit, so they're probably trying to take some protective=20 measures," and leaving more money on the sidelines, says Jody = Team,=20 president of Team Financial Strategies in Lewisville, = Tex.
To protect clients' portfolios, money managers are = using a=20 host of sophisticated hedging tools intended to offset risk to = their core=20 stock holdings. One such tool: inverse index funds. These = so-called bear=20 funds are designed to move in the opposite direction of the index = to which=20 they are benchmarked, such as the Standard & Poor's 500-stock=20 index.
Inverse Index = Investing=20
The inverse index mutual funds at Rydex Investments = don't=20 short the indexes themselves. Instead, they use derivatives such = as index=20 futures, which can be traded and rolled over into later periods = more=20 cheaply than shorting the stocks themselves, says Jim King, = director of=20 portfolio management at Rydex. They're still at risk of losing = money, but=20 they can't lose any more than they put into the fund, King says. = Investors=20 are "long" the fund, while the fund takes the short positions, but = the=20 returns are the same as if clients were actually short the index. = "It's up=20 to us to keep the fund from losing more money than it has," he = says.
Inverse funds can be especially useful in retirement = accounts, where investors don't otherwise have options to short = the=20 market. Among the 11 inverse funds that Rydex manages are a few = that give=20 shareholders twice the leverage to the underlying index. The = Inverse=20 S&P 500 2x Strategy, for instance, gives investors twice as = much=20 return for each percentage move down in the S&P 500, but it = also=20 generates double the loss for any uptick in the index.
A Little Leverage Goes a = Long=20 Way
One reason for the popularity of these = extra-leveraged bets,=20 also known as ultra funds, is that they give investors the same = amount of=20 exposure as the regular fund, with a commitment of only half the = money.=20 But because they're twice as risky, King says Rydex tries to make = sure=20 customers understand the implications and prefers they work with = financial=20 advisers instead of buying directly from Rydex.
Of course, leverage has to be used wisely. The use = of stock=20 index futures accelerated selling pressure in the 1987 crash, but = King=20 says that was primarily a result of the way they were used, as = opposed to=20 a fundamental flaw in the instruments themselves. "It all comes = down to=20 the degree of leverage," he says. "Our funds are leveraged at most = 2 to 1.=20 A person using index futures could get leverage approaching 10 to = 1 if he=20 wanted to. That's where folks get into trouble. They take on a lot = of=20 leverage, where even a small move in the market can wipe out their = position."
The trick to making money from inverse funds is to = invest in=20 them before stock prices start to fall, says King.
A Healthy Margin =
Having been caught in the downdraft in October, = 1987, losing=20 a lot of his clients' money, Joseph Biondo Sr. believes in keeping = portfolio protection simple. Since the large amount of money = borrowed on=20 margin to boost positions was a key contributor to both the 1929 = and 1987=20 crashes, "we limit the amount of margin we'll have a client use to = 20%=20 instead of the 50% cap that regulations [allow]," says Biondo, the = founder=20 and senior portfolio manager of Biondo Investment Advisors in = Milford,=20 Pa.
For a client who has put up $100,000 to buy $200,000 = in=20 stock, it takes just a 50% drop in the market to wipe out the = initial=20 investment and force the investor to use the remaining $100,000 to = pay=20 back the loan. "We'll only borrow 20% to buy stock, so essentially = stocks=20 have to go down 80% for a client to be bankrupt instead of 50%, = and that's=20 never happened," he says.
Hedging with Exposure to = All Asset=20 Classes
There seems to be an unspoken belief in the = financial=20 industry that history repeats itself, but Bill Neubauer, an = independent=20 financial planner in Miami, says he tries to position his clients = for=20 crises that haven't been seen before.
For Neubauer, the only way to really minimize risk = is=20 through extreme diversification, by adding more asset classes that = behave=20 differently from one another. Four years ago, he began adding real = estate=20 to clients' portfolios. Then he began to shift toward greater=20 international exposure in all asset classes, expanding from stocks = to=20 include bonds, currencies, and real estate. International assets = now=20 account for 70% of his clients' portfolios, which total roughly = $30=20 million.
"For them to have a hedging function, they have to = be in=20 fairly meaningful quantities," at least 5% of the total portfolio, = he=20 says. "The thing people really worry about is correlations and = negative=20 correlations being tossed out the window when everything goes down = at=20 once." Dispersing his clients' portfolios among five or six major = asset=20 classes and 18 subclasses has produced a much smoother ride, he=20 says.
Targeting Vulnerable=20 Sectors
Investors can also hedge based on a belief that one = type of=20 stock will do worse than other types under certain economic = conditions.=20 Team, of Team Financial Strategies, invests in inverse funds that = track=20 the Russell 2000 index because he thinks an economic downturn = would be=20 much harder on smaller-cap companies. But he balances that by=20 concentrating his long positions in a small number of stocks that = are=20 owned by a few value-oriented fund managers he trusts and that = trade at a=20 discount of at least 30% to multiples like price-to-sales and=20 price-to-earnings.
Exchange-traded=20 funds that target particular sectors are another sharp tool for = building=20 protection into a portfolio. Kipley Lytel, managing partner at = Montecito=20 Capital Management in Montecito, Calif., has been buying shares of = UltraShort Financials ProShares (SKF), an inverse = index ETF,=20 on the belief that financial stocks are overpriced and still = vulnerable to=20 the credit crisis. "So as financials go down, we'll make money."=20 Montecito's portfolio also includes hard assets like commodities, = as well=20 as high-yield and hybrid equity funds, like Hussman Strategic = Growth Fund=20 (HSGFX), that = can buy=20 index put options.
The burgeoning portfolio protection strategies = probably=20 deserve most of the credit for keeping a lid on irrational = exuberance, but=20 the additional caution may also reflect the aging of the biggest = investor=20 population, the baby boomers. "They're a little more senior and = mature.=20 There's a realization that sensible returns=97between 7% and = 15%=97are=20 acceptable, where there was time in the 1990s and late 1980s when = people=20 wanted high 10s, low 20s returns," says Biondo. "As people get a = little=20 smarter and older, they realize that's not reality and that if you = get=20 those types of returns, they're=20 short-lived."
------=_NextPart_000_002A_01C810E8.15089440 Content-Type: image/jpeg Content-Transfer-Encoding: base64 Content-Location: file:///C:/Documents%20and%20Settings/Administrator/Desktop/image002.jpg /9j/4AAQSkZJRgABAQEAYABgAAD//gAcU29mdHdhcmU6IE1pY3Jvc29mdCBPZmZpY2X/2wBDAAgG BgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgy PC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIy MjIyMjIyMjIyMjIyMjIyMjL/wAARCABNATADASIAAhEBAxEB/8QAGwAAAgMBAQEAAAAAAAAAAAAA BAYABQcBAwL/xABFEAABAwMBBQUDBwkHBQEAAAABAgMEAAURBgcSITFRExRBUmEiMnEVFjaBkbHB IyQzN0Jyc3ShNDVDVGKy0WSSwuHw8f/EABsBAAIDAQEBAAAAAAAAAAAAAAADAQIEBQYH/8QAOhEA AQIDBQUHAgMIAwAAAAAAAQIDAAQRBRIhMdFBUWGRoRMVFlJTcbEi8DJCgQYUIzRyssHhJGJj/90A BAAo/9oADAMBAAIRAxEAPwBZWpQ3iMnFM8DSCLjHgrZvDXbTGlONslBBBT4E+HHhmldwDKgTgdaY Wblf+xYW1aHVNNxhGbUhg7pbBznPUnxriopX6hH1Wa7W6OyUAeNN3GAX9PXqLBkzH4K22IytxxRP I+nUU4W7ZwiXFszrr76O8oLkwjGGk7uUj0J4VSXG8akvUFuJKs8lSW1hW82yoZAOQkjpXvJ1xqeM vekwe7pDgc3VsqSngMBPwFMT2YONaRheM+6gBtSQrHI8KD/J5R4N6LlypbKGpbMdEp9SI7L6vypa HNzHTANEyNJxZbzMa0d8bKt899mEBhxKPeIxyoBetbi65b5QjRROhkhMsDKlo4+yR04muzNaTpMZ yIxDjRIi2VshpvJ3N45UoepqKtUixRaBUMRzHHnsp+taYR7o0DdVtJcTPg+0pISntOJSr3VfA0Oj Rd4W0Xd5pLYbWsqWcABJx/U8qj2tJ7sKNHTDiNqYLRU6hPtO9n7oPpXzeta3u/QO4y3Gm45XvqDK d0q6A+goPZcYskWjUA3aV5D/ADFtatAvTbW0/IUtuQJZRISlxO6hkJyVDqfhX3H0hA7Fxxan1BbJ LWVjipSyls8PQVQx9VXCK1AabaZKYLTjbW9njv8AAqV1PSvdvWt0acStLEb2eyCU7vABvlUhTW6F LZtAk0UKctumnGPW4afhi7XZbUwQrRAcDBddypSnccUpA4k5oJOk7846021CKu1SVtneAykdeh9K +WdSyUNTG5EONLTJkd6w6P0TvmFWTusb7LjvPM25KYqlhx5bTaikueKifDkKr/DMO/5rYCRQ5CpP AfrUmtem+ADpHUIdU2YOFJTvn2xxHp1PpXw1pa/PBnchEF3O6lSwCMDJz04casfns98kJb7uhdyD pUl5WdxpPDBT1Vzryla4uUpooMWKhSge0cTneWSME/ZQQ1vMSlc+fyp+9ueX3xgcaSvS2AtqMVuj fLrQOOzCfEmgJ9quFrSwZzPYl9O+2kq4kdcVcva9u8iM/HdZjlt7mE5Tj66rLxfJF6TDQ8y003Eb 7NsIySR6k86hXZ0+mGMmcvjtQmnD738IrcnqamT1NcqUuN0dyepqZPU1ypRBHcnqamT1NcqUQR3J 6mpk9TUSlS1hCElS1HCUpGST0FEqtdzScKtc0H1ZNGMVKkjMwNk9TUyepr3ct89hkvPQJTTQ5uON EJH119fJdzwD8lzcHiD2JwaKGIvo3iBsnqamT1NFC1XMpKha526OZ7E4FfDUCdIa7ViBKea5b7bR Un7aKGC+jeI8MnqamT1NEfJtxCVKNtmBKRlSiycAetDA55URYKScjHcnqamT1NcqURMdyepqZPU1 yiGYE6S0XY8GS82DjfabKh9tEQSBiY8MnqamT1Ner0SXHQFyIkhlJOApxBSCa8aIAQcRHcnqamSR xNcqeFETHXACtQPLNNOi77dm9U2uILg+YqldmWSrKd3pildfvq+NXGj/AKaWn+LV2yQsUjLOISuW XeFfpPxGmbVrhNt9ogrhSnY6lPEKLSsEjFKWj9aXA3mPbLw6J8GSrs/y6QooJ5HPSmTbF/ctv/mD 91Zpp2I5O1NbYzYJUp9KuHgBxJrQ8tQew4RwrKlmXbKq4kfmx2jjWHLaVoyLaGk3m2NhplS919lP ujPJQ6VndbftMmQGtPNQJ0ksplOhO8lO8pIHM48aULZs3hXq2fKNuv63Y2DgqZ3TkeBFQ8zVwhEM sq0w3JJXNk5kA0JqPfnGf1KMt7Fudlut3Se5DZRkJcba3yog45U6NbNI8qyKu0O+l6N2RdQS1jIA zg0hLal/hjsTE8zLkB0kV4GnOlIz+pR1ktEzUFyRBgpHaHKlrV7raR4mrv5u6eelqtsXUpNxSSne dZwytflCqgIJFRF3ZpppVxRxzNATQbzTKFVQJSQOZFa5p7XOmoWim4shSWnmWi2uNuZK1Y8OuaRp Okn7TbmJt7eVCS5KLCkBG8UpH7Y6ir63bNIV4tvylAvynoxBKVFnB4eBFOZDiVG6MY5lpLkZhpPb LN0HAitK7q0IjPyQpbigndSpZUlPQE8BUq6slptFzfEWZeXIcxbxabQGd5KuhJ8M1daj2dybGiGm NLVNkS3uxQ3uY49c9KUG1FN4ZR0FzzDboZWaKOVQfmlIS6lPts2eW64OOQhqVhdzQMrZZAIQfEeu KVtQWCbpu6GDN3VZG826nktPWhTakipGEDM/LvOFpCvqzpQjDhXOKupV9p3SkzUKHpPaoiW5jJdl OchjmB1qyg6QtOoUyG9OXpx2WwMlqS3uhwdQaA2o5QOTzDailRyzwJA9zshPqV6SY78OU7Fksqbk NK3Ftkcc0yOaWt9ohx3tS3RyG/KTvNRo7e+pKeqqqEkw1yYbbpU1rlTEn2pCvUpuZ0BJlTGlRZyJ FpdZU8me2ngnA91Q8DVPYNPS9QzHmmHEMx44Kn5LnutpHj6mrdmqtKQtM7LqSpQVgnPh/vhnFUha m3EuNqKVoOUqHMHrWv7K9RTrqzNg3CSqQ5HIW2tw5VunwpGa05ZbqtcWw35T09AJSzJa3A+R4JNM Oi7ZJ0rqi1icS29dGHErYUMFspPAeuaawFIWDsjl2utiZlVo/OBUAgg4Y7caUB4RT7RZt0RqydAf mvKiKCVoZ3vY3fDhVrsy1NcHNQm2TZrr7DrX5NLhzukdPqrm1+F2V5t84Dg62W1fEcqrtmjLCL/J uspW5Hgte8fMo4FW+pMxSu2F0ZesYKKR+Hdty51i62qT7tb7xEEa4SGYzrRHZtqwM+NKOlLxd4t/ tsODOeQ04+ElnOUEE8eFaDtcid409DnJxhl4ZPooUjbPmEL1WJjv6GCwt9f1DhQ6CH6ViLOW0bIK ikGgIOG0ZfMWe0HV1xlaglWuJLWzCjfk1pbOO0V45PSkUDAwKvbHp+46wucyQyQzH7RTj8pz3UAn P1nFWUHSdjvcl+BZb84ue0CQl9rdQ7jnumlKC3De35R0GXJWRbDIwugXqAmnFRG/jChUr3nQZNsn PQZrRakMnC0n7x6Vcad0pJvzL0115MK1sAlyU4OeOYSPGlhJJoM43OPttt9qpX07/fKm+sUFXWmr rcYV8tzEaa80yuQkKbSr2TnnkVawtH2zUEaQrTd4cflRxlUeS3ulY6iqG0NOsapt7Lzam3W5SUrQ rmk5q11SSDGdT7Mw24jaAagihGG4xp+2D6Pwh/1H4Vj9bBtg/uCF/MfhSFpzT1q1A4zEN6cj3J3J 7Dscp4f6qfMpKnqCOXYbyGbNC15AnYT8QuVPCm+96TsdgcWxM1KTKCchltneOfAHHKlAZxxrOpJS aGO0xMNvpvt1p7Ecq5x9L99Xxq40f9NLT/FqnX76vjVxo/6aWn+LQj8Q94ia/l1/0n4jUtpyLQq1 wvld2W232p3DGSCc48c1TaSOnm2H06UfQq+KThKrgCFEeOKK2xf3Lb/5g/dWSsSHYcpmWwooeZWF oUOBBrU+5cerSPPWVJGZs0JvkYnDZntG0b8Y/9ATVjN/avindRBXeF8G1/4eOifCtJ2WfQV/+K59 1XGo4LOo9CuLebSpwxw82rxSoDORVNsr+gj2efaufdWFDdx7OtRHrJueE1ZZBSElCgCBltyjG3vf f/fX95rcNLfqsb/lV/caw9735H76/vNbjpb9Vjf8qv7jSZT8R9o6f7Q/y7f9Q+IVNjndlybq0sfl 1IH/AG541Rax0RP07LekNNqetriytDqBktZ44V/zVfYTcrNBVqe3vJAiPhlxo/tg9fStl0zrO1ar jFg7rUvdw7Fd8fh1FWaShxAbVgdkKnnZiSm1zbIvoNAobiPj3yxjN9Q3pV92bWd91wLksyOxd48T gcD9lOGy/wCgDv8AEdpZ2i6LasmLtbElEJxeHmB7qFHkoelM2y79X7v8R37qu0FB6is6Rmnlsrso KY/CV1purU0/SMltv0hifzo/3VtW0i4m1aYXIZwJaz2LK/FG9wJHrisVtv0iifzv/lWqbYSfkGAM 8DJ4/ZS2TRpZEbLUbDloSqVZYxnWilFnW1qLZKSXCCQeJ4eNOe2FpT0+zNIHtuKKAfiQKS9H/TW0 /wAWtC2j7vzp0zv43e345+IqGxVhQ4iLTqrtqsq3JV/mPfWURvTey75Oj/kxhDSiPEn3vtrPNAzD E1tbi0oYcJaUAfAitc2g3Fu2aZVIcgsTUh1I7J8ez8ay+PrpMSQiRF0za2X0e64kHIpj4Sl0GtKU jJZKnnpBxIReKyqpqBiRxxho2g2uLG1nYbq4gBt55Lb3DgSDwJo/aPo2VfOxutsw5JYb3Fs+dHPh 60o3C83zaA1AhPQ2YzDj5DUlOcFYHKmHR+0dDBFm1AvcdZUWUSjyVg4wrofWgKbWpQOR+Yopidl2 mnG6FxoEEZ/ST9g7YodnV1ehTrnYpG80h9ha0tu+zuOAcefWr/ZbFjTtNXmE4RvOvKQ5jngg4ph1 do2DqaCqXF3WrilG8zIaPv8AoSOYNZZZZl20a3Gv7W6piS8qM/GPiUnjn16VFCyoBWIFeUXC27SY cUybriinD/sKnPiOoxgbUOl7rpCaFLSostr3o8tvlwORnoaZtRai73N0dfUkb2BvjPJQODWiWXUN l1jbVoaKHN4YejPAbyfiPxrJdoGkPmxLbfiKWq3PqPZpJz2SuePhUON9mkqbNUmGSk4Jx9LE2m66 mo9wRQjhv3boetrEQStJNTE8e7upXkdDwpCCvkrZYt3JS9c5oIHVCONaY8DqPZeQgbzjsPgOftAf +qzLWv5qmyWPPCDCBcH+tfP66mYGJWNo++kLsZRKEyivyrJPsMf7qRpt6QnUGzBbiBlSoiXEfvJH /wC1mWn3FW/QmoLkkgOSiiE0PE554rRNmsoXHQPdXDvFnfZUPT/40h3xg2TTthsrid1xc1chwHnu 72E/0qXcQHOH38xWz/4a3ZL/ANAf0FSf7Rzh4nQk6W2TOssJCHe7jtFciVK5msq0lKMTVdpcaWAQ 8EnB5g1t2sZiYOjnpKobMtKEpJae90isoY1w0w62+xpe1NuoOULCTlJqHwlK040pF7HcedlnSEXi smpqBmOMNm1ixJlP2qaynD7zoirI8QeVF7QWm7Bs5ZtsXdbbKkNEcsjxpeGsbxqh23Jl29luEic2 FPo8F+Ap02j3Nu1WFl9y2x5yS8E7j4yketXqlQWtO2MoTMMOSss6KlJJoCN+HKMz2by+w1xCS2vg 8hTagDzGM/hTNry0NxNoFkuLSQkSnUpcx4qB5/ZS9G14IUhMiJpq1sPp91xAORRMzU921NcLA9Og NsRkzR2TyP21eIpKVIDdytTWsdV9mZVOCZu3U3Sk4jHA7oatsJA09DJ5CR+FJ9qCdHWT5dlIzd56 Ci3sKH6NHi4a0rXca2rgRJl4d3YEN7tVtj3nVeCRQOuLGxqrSTVwt6Ul9hvto5T4oxxT9n3U91sl alDMDCOTZ86hEq1LuA3FKN47OA+K8IxRa3HXVvPLLjzhKlrVxKia54VxJ3hnl6V3wrnx7XKPpfvq +NW+j1D562niP0tUy/aKsHGfGmS06tj2bu7jGnYS5bKcCQtZ3ieuOtWRS8CTGaaCyypDaakgjMDM cYedsRAstvyQPzg/dWUwIT11uDEGKkuOvLCcJ44HU03XPaM5emkNXPT8OShB3khThGDQjWvJUFpS LPZ7dbVK4F1CN5f2mnOqQtd6uEcyzmZuUlAx2f1CuNRTHmekaTrS8RtNaNMLtEmU60GGWweJ4YJ+ FAbKMOaJfaSoFwPLBHQkVkU2dLuUtUudIckPq5rWeXw6VZad1RcdMSlvQShbbn6Rlz3VevoasJgF 0KOWUIXYakyCmEKqskKJ2E7orzbZkm8u2tlhapi31N9njiOPP4VvUViPD0M5EjOJcbjxVNFaeRUE 8f61ll12iz7g26IluiW995JQ5JbTl0g8wDX1Z9o86zWVm1t22O+y2kpKnFHKweeaGVttk45xNoyk 7OtIN0ApIwqP1NcvYQfs+tbd70XqC3rUlParASpR4BXh/WkJxuXapymnS5FnRVYyDuqSR4j0q6ma pW9apFug25m3MSHA44WVkkkV6/O0TI7Td7s0W6ONABEhSihwgcgojnSlFBSBXERvZRMtuuOFNUrN btRUYAb6Gu0Vh3u1+VdNjpm3AJ7d5Ib48N9QVjI+zNF7Lv1fOfvu/dWbT9UybpMirlxI5gxeDVvR lLQHr61fQtp8m2RExINihsxk5w2FnHHnT0vJv3lHIUjlzFlv/upYaRipV7MUHD7whQtpHziicR/b R/urVNsJxYrfn/M/hSKzqyIxc+/t6Zgh0K30jfOArrVlcdpb14jiPcbDDkMg7wSpZ4HrS0KQlCkk 5xrmmJl2bZfS3gjPEbf1ih0eR89bTx/xadNsTqmJtmeRwU2VLT8QQaUbJqdmxudu3Y4r8kOKW284 o5QD4D4VaXXaIu9spbuWn4b4RkoJWcpPUVCVJDRSTiYtMMTC59uYS3VKQRmMa148YfL0tOttmq3o JDjymg5ujmFp5j486w9AW6tLLaFKfUd1LYHtb3TFXOn9T3PTMpb0BaS04cuR18UK/wCDVzI2hOKc ckQbBboc5znKCd5ST1HrQ4tLlCTQwScrMSBW00kKQTUY0pwP+otI4Fp1FpHTiHAXYai9KCTwDixn HxFUm0KwKs+o35KEb0GYorQscUpX+0k+tUduu0m3X1q8H84lIWXCXD76j4mjYGqp8Mym5DTM+HLc Lj0WTxTvHxSfA1BWlSbphiJSYZeDqDXDHZeJJJpupsr7Q4bJb5MVNk2d1xTsRDfatlRz2fpnpRa7 QnU+hrq3EUlTibg69GPLeUDyHx40mOauWxb3oNktce0tP8HnG1Fbix0yeQqvTfpzdlh2uOssNxXz IS4g4UpZ61cOpCbpxzjMuznlvmYbAQSUnlWpNN52AwDGmSrVNEuO4uNMjq4+BBHMEVp+0W5puGgL U88AiRKUhYQRxzjjSgvVzEtxuTddPQZs5vlIyUb56rA4Gqu9Xydf5olTlp9gbrTSBhDaegFUCwhK kg1rGtyWXMTDTq0XSjEmoNeA4bcaRq+yeeH9JOR1n+yuqSSeh41lGoJ5uepLjNP+I+Qn4DgKO01q l3TkW5MIZLvfG91PtYCDjGaX0jA4nJ5k0OO3m0p3REnIFmcffIwVSnyesadsdm7sm5wCeBCXUj+h pa2jzzP1rK3FZEVKW0ehHE0BpfUC9M3sXBDPbDs1NqbzjOeVVkuSubOky3fffcLivTJ5UKcq0EQN SJRaK5qmBSKe+346xtUWS3rbZs40yoLkFjs1ozxDifD68VhxC2llhxCg+g7hbx7W9yxirOx3+46c mmVbnt0q4ONK4oWPUUxSdoqnnjLb07bW7gRwkqTvFJ6/GpWtLgBUaEQqWlX5FxaWU3kKNRjSh3Gu z2ga8LXprT1ltIP5/wBt8oykA+6f2Un1xWhanQjWWzoyoH5Ve4HkoSeO8OY+POsXkyX5st2VKdU9 IdVvLWo8SatdO6quml31KgrSthZyuO5xSfUdDQh0AkHI4QTVmuLSh1sjtUG9wJJqRpwilZQ7KdRH YbU5IcO4ltI9re6Yp1uTjdvv2mdPNrSo29SVP48HlHJH1cK8pO0Fwqdet9it8Ga6CFSkpysZ549a qrNqJq0q7Z20R58wOl0SX1neB/Gqi6nAGNDgmHhfU3SgNBUVqRStcqDnjGibYsfIELP+Y/Cg9k+p Erad0/KcBUj2428eafFNUdx2lPXhgMXGwQpDSTvBKlngaqbLqpqxuiQzYorkpK1KQ8pZBQD4CnKe T218HCOW1Zr3dplHUfVWoxGfPnBW0LTvzf1Et1pO7CmkuNnwSrxTSp4U8XHaW9d44j3GwQpLIOQl SzwPpSU6tLj7riWw2laioNp5IHQUh25eqg4R2LP/AHkMhEymihtqDWK7v6vIKnf1eQUHUr2vdUn5 Op1j5J4ntb1jyTpBnf1eQVO/q8goOpR3VJ+TqdYPE9reseSdIM7+ryCp39XkFB1KO6pPydTrB4nt b1jyTpBnf1eQVO/q8goOpR3VJ+TqdYPE9reseSdI/9FK7+ryCp39XkFB1K7ndUn5Op1jL4ntb1jy TpBnf1eQVO/q8goOpR3VJ+TqdYPE9reseSdIM7+ryCp39XkFB1KO6pPydTrB4ntb1jyTpBnf1eQV O/q8goOpR3VJ+TqdYPE9reseSdIM7+ryCp39XkFB1KO6pPydTrB4ntb1jyTpBnf1eQVO/q8goOpR 3VJ+TqdYPE9reseSdIM7+ryCp39XkFB1KO6pPydTrB4ntb1jyTpBnf1eQVO/q8goOpR3VJ+TqdYP E9reseSdIM7+ryCp39XkFB1KO6pPydTrB4ntb1jyTpBnf1eQVO/q8goOpR3VJ+TqdYPE9reseSdI M7+ryCp39XkFB1KO6pPydTrB4ntb1jyTpBnf1eQVO/q8goOpR3VJ+TqdYPE9reseSdIM7+ryCp39 XkFB1KO6pPydTrB4ntb1jyTpBnf1eQVO/q8goOpR3VJ+TqdYPE9reseSdIM7+ryCp39XkFB1KO6p PydTrB4ntb1jyTpH/9k= ------=_NextPart_000_002A_01C810E8.15089440--