{"id":1164,"date":"2025-08-10T15:39:00","date_gmt":"2025-08-10T11:39:00","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1164"},"modified":"2026-04-11T21:01:07","modified_gmt":"2026-04-11T17:01:07","slug":"when-wacc-method-leads-to-mistake","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2025\/08\/10\/when-wacc-method-leads-to-mistake\/","title":{"rendered":"\u10e0\u10dd\u10ea\u10d0 WACC \u10db\u10d4\u10d7\u10dd\u10d3\u10e1 \u10db\u10d8\u10d5\u10e7\u10d0\u10d5\u10d0\u10e0\u10d7 \u10e8\u10d4\u10ea\u10d3\u10dd\u10db\u10d0\u10db\u10d3\u10d4"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u10d6\u10dd\u10d2 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1 \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 WACC \u10db\u10d4\u10d7\u10dd\u10d3\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10dc\u10d4\u10d1\u10d0 \u10e8\u10d4\u10ea\u10d3\u10dd\u10db\u10d0\u10e8\u10d8 \u10e8\u10d4\u10db\u10e7\u10d5\u10d0\u10dc\u10d8\u10d0 \u10d3\u10d0 \u10e3\u10db\u10ef\u10dd\u10d1\u10d4\u10e1\u10d8\u10d0 APV \u10db\u10d4\u10d7\u10dd\u10d3\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d0. \u10d0\u10db\u10d8\u10e1 \u10d2\u10d0\u10e1\u10d0\u10d0\u10d6\u10e0\u10d4\u10d1\u10da\u10d0\u10d3 \u10d9\u10d0\u10e0\u10d2\u10d8\u10d0 WACC-\u10d8\u10e1 \u10db\u10dd\u10d3\u10d8\u10e4\u10d8\u10ea\u10d8\u10e0\u10d4\u10d1\u10e3\u10da \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10d6\u10d4 \u10d3\u10d0\u10d9\u10d5\u10d8\u10e0\u10d5\u10d4\u10d1\u10d0, \u10e1\u10d0\u10d3\u10d0\u10ea \u10d8\u10e1 Interest Tax Shield-\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e4\u10e3\u10dc\u10e5\u10ea\u10d8\u10d0\u10d3 \u10e9\u10d0\u10dc\u10e1. \u10d9\u10d4\u10e0\u10eb\u10dd\u10d3, <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d7\u10e3 \u10d0\u10d5\u10d8\u10e6\u10d4\u10d1\u10d7 &#8220;\u10d2\u10d0\u10dc\u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10d1\u10d8\u10e1&#8221; \u10d6\u10dd\u10d2\u10d0\u10d3 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10e1 (\u10de\u10e0\u10d8\u10d5\u10d8\u10da\u10d4\u10d2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10e1\u10ee\u10d5\u10d0 \u10d2\u10d0\u10e0\u10d0\u10dc\u10e2\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e9\u10d0\u10d7\u10d5\u10da\u10d8\u10d7)<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-35.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"966\" height=\"89\" data-attachment-id=\"6978\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/10\/when-wacc-method-leads-to-mistake\/image-488\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-35.png?fit=966%2C89&amp;ssl=1\" data-orig-size=\"966,89\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-35.png?fit=966%2C89&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-35.png?resize=966%2C89&#038;ssl=1\" alt=\"\" class=\"wp-image-6978\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u10e8\u10d4\u10db\u10d3\u10d4\u10d2 \u10d2\u10d0\u10db\u10dd\u10d5\u10d0\u10d9\u10da\u10d4\u10d1\u10d7 WACC-\u10d8\u10e1 \u10d6\u10dd\u10d2\u10d0\u10d3 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10e1:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-36.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"688\" height=\"86\" data-attachment-id=\"6980\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/10\/when-wacc-method-leads-to-mistake\/image-489\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-36.png?fit=688%2C86&amp;ssl=1\" data-orig-size=\"688,86\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-36.png?fit=688%2C86&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-36.png?resize=688%2C86&#038;ssl=1\" alt=\"\" class=\"wp-image-6980\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><br \/>\u10db\u10d8\u10d5\u10d8\u10e6\u10d4\u10d1\u10d7 \u10d0\u10e1\u10d4\u10d7 \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10d7 \u10db\u10d0\u10e0\u10e2\u10d8\u10d5 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10e1:<br \/><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-37.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"584\" height=\"82\" data-attachment-id=\"6982\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/10\/when-wacc-method-leads-to-mistake\/image-490\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-37.png?fit=584%2C82&amp;ssl=1\" data-orig-size=\"584,82\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-37.png?fit=584%2C82&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-37.png?resize=584%2C82&#038;ssl=1\" alt=\"\" class=\"wp-image-6982\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><br \/><strong>\u10db\u10d8\u10dc\u10d8\u10e8\u10dc\u10d4\u10d1\u10d0: <\/strong>\u10d0\u10e5 \u10d2\u10d0\u10e5\u10e0\u10d0 \u10de\u10e0\u10d8\u10d5\u10d8\u10da\u10d8\u10d2\u10d8\u10e0\u10d4\u10d1\u10e3\u10e0\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10d2\u10d0\u10e0\u10d0\u10dc\u10e2\u10d8\u10d4\u10d1\u10d8\u10e1 \u10d9\u10dd\u10db\u10de\u10dd\u10dc\u10d4\u10dc\u10e2\u10d8, \u10d8\u10e1\u10d4\u10d5\u10d4 \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10d2\u10d0\u10d8\u10e5\u10d5\u10d8\u10d7\u10d4\u10d1\u10dd\u10d3\u10d0 \u10e1\u10ee\u10d5\u10d0 \u10dc\u10d4\u10d1\u10d8\u10e1\u10db\u10d8\u10d4\u10e0\u10d8 \u10d5\u10d0\u10da\u10d3\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10d8\u10e1\u10d8\u10dc\u10d8 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0\u10e1 \u10d0\u10e0 \u10d0\u10ee\u10d3\u10d4\u10dc\u10d4\u10dc \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10e1\u10d0\u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10dd \u10d3\u10d0\u10dc\u10d0\u10d6\u10dd\u10d2\u10d6\u10d4 (Interest Tax Shield).<br \/><br \/>\u10d0\u10db \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d4\u10d1\u10d6\u10d4 \u10d3\u10d0\u10d9\u10d5\u10d8\u10e0\u10d5\u10d4\u10d1\u10d0 \u10d2\u10d5\u10d0\u10eb\u10da\u10d4\u10d5\u10e1 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10da\u10dd\u10d1\u10d0\u10e1 \u10d3\u10d0\u10d5\u10d8\u10dc\u10d0\u10ee\u10dd\u10d7 \u10d7\u10e3 \u10e0\u10dd\u10d3\u10d8\u10e1 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 WACC-\u10d8\u10e1 \u10db\u10d4\u10d7\u10dd\u10d3\u10db\u10d0 \u10e8\u10d4\u10ea\u10d3\u10dd\u10db\u10d0\u10e8\u10d8 \u10e8\u10d4\u10d2\u10d5\u10d8\u10e7\u10d5\u10d0\u10dc\u10dd\u10e1.<br \/><br \/><strong>1. Interest and Net Operation Loss Carryforwards <\/strong>&#8211; \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8 \u10d3\u10d0 \u10dd\u10de\u10d4\u10e0\u10d0\u10e2\u10d8\u10e3\u10da\u10d8 \u10ec\u10d0\u10d2\u10d4\u10d1\u10d0 \u10d8\u10ec\u10d5\u10d4\u10d5\u10e1 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd-\u10e1\u10d0\u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10dd \u10d3\u10d0\u10dc\u10d0\u10d6\u10dd\u10d2\u10d8\u10d7 \u10db\u10d8\u10e6\u10d4\u10d1\u10e3\u10da\u10d8 \u10e1\u10d0\u10e0\u10d2\u10d4\u10d1\u10da\u10d8\u10e1 \u10d2\u10d0\u10d3\u10d0\u10d5\u10d0\u10d3\u10d4\u10d1\u10d0\u10e1 \u10d3\u10e0\u10dd\u10e8\u10d8. \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d0\u10d3 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d0 \u10d0\u10d2\u10e0\u10dd\u10d5\u10d4\u10d1\u10d3\u10d4\u10e1 \u10ec\u10d0\u10d2\u10d4\u10d1\u10d0\u10e1, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10e8\u10d4\u10db\u10d3\u10d2\u10dd\u10db \u10ec\u10da\u10d4\u10d1\u10e8\u10d8 \u10d3\u10d0\u10d2\u10d4\u10dc\u10d4\u10e0\u10d4\u10e0\u10d8\u10e0\u10d4\u10d1\u10e3\u10da \u10db\u10dd\u10d2\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10d8\u10e1 \u10e8\u10d4\u10db\u10e1\u10e3\u10d1\u10e3\u10e5\u10d4\u10d1\u10d0\u10e1 \u10d8\u10ec\u10d5\u10d4\u10d5\u10e1. \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8\u10e1 \u10db\u10d8\u10d4\u10e0 \u10d2\u10d0\u10d9\u10d4\u10d7\u10d4\u10d1\u10e3\u10da\u10d8 \u10db\u10dd\u10d2\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10d8\u10e1 \u10d3\u10d0\u10dc\u10d0\u10d6\u10dd\u10d2\u10d8 \u10d3\u10e0\u10dd\u10e8\u10d8 \u10d8\u10dc\u10d0\u10ea\u10d5\u10da\u10d4\u10d1\u10e1&#8230; \u10d0\u10e1\u10d4\u10d7 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d4\u10d1\u10e8\u10d8 \u10e3\u10e4\u10e0\u10dd \u10db\u10dd\u10e1\u10d0\u10ee\u10d4\u10e0\u10ee\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 AVP \u10db\u10d4\u10d7\u10dd\u10d3\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d0, \u10e0\u10d0\u10d7\u10d0 ITS-\u10d8\u10e1 \u10ea\u10d0\u10da\u10d9\u10d4 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10d0 \u10db\u10dd\u10ee\u10d3\u10d4\u10e1;<br \/><br \/><strong>2. Capitalized Interest<\/strong> &#8211; \u10d6\u10dd\u10d2\u10d8 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d8\u10e1 \u10d9\u10d0\u10dc\u10dd\u10dc\u10db\u10d3\u10d4\u10d1\u10da\u10dd\u10d1\u10d8\u10d7 \u10d2\u10d0\u10e0\u10d9\u10d5\u10d4\u10e3\u10da \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d4\u10d1\u10e8\u10d8 \u10ee\u10d3\u10d4\u10d1\u10d0 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8\u10e1 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10d6\u10d0\u10ea\u10d8\u10d0 \u10d3\u10d0 \u10db\u10d8\u10e1\u10d8 \u10e9\u10d0\u10db\u10dd\u10ec\u10d4\u10e0\u10d0 Cost of Goods Sold-\u10e8\u10d8. \u10d4\u10e1 \u10d4\u10ee\u10d4\u10d1\u10d0 \u10d2\u10e0\u10eb\u10d4\u10da\u10d5\u10d0\u10d3\u10d8\u10d0\u10dc \u10de\u10e0\u10dd\u10d4\u10e5\u10e2\u10d4\u10d1\u10e1, \u10e0\u10dd\u10d2\u10dd\u10e0\u10d8\u10ea \u10d0\u10e0\u10d8\u10e1 \u10e1\u10d0\u10db\u10dd\u10e5\u10d0\u10da\u10d0\u10e5\u10dd \u10db\u10e8\u10d4\u10dc\u10d4\u10d1\u10da\u10dd\u10d1\u10d0, \u10d2\u10d4\u10db\u10d7\u10db\u10e8\u10d4\u10dc\u10d4\u10d1\u10da\u10dd\u10d1\u10d0 \u10d3\u10d0 .\u10d0.\u10e8. \u10d0\u10e1\u10d4\u10d7\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1\u10d0\u10e1, \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10e1\u10d0\u10d5\u10da\u10d4\u10d1\u10d8 \u10e4\u10d8\u10e5\u10e1\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0 \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10db\u10d0\u10d7\u10d8 \u10d2\u10d0\u10e2\u10d0\u10e0\u10d4\u10d1\u10d0 \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10e8\u10d8 \u10d0\u10e0 \u10ee\u10d3\u10d4\u10d1\u10d0 \u10d3\u10d0 \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3 \u10db\u10dd\u10d2\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10d8\u10e1 \u10d3\u10d0\u10dc\u10d0\u10d6\u10dd\u10d2\u10d8 \u10d0\u10e0 \u10db\u10d8\u10d8\u10e6\u10d4\u10d1\u10d0; \u10d0\u10db\u10d8\u10e2\u10dd\u10db APV \u10db\u10d4\u10d7\u10dd\u10d7\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d0\u10d0 \u10e0\u10d4\u10d9\u10dd\u10db\u10d4\u10dc\u10d3\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8;<br \/><br \/><strong>3.\u00a0\u00a0Paid-in-Kind Interest (zero coupon bonds)<\/strong> &#8211; \u10d6\u10dd\u10d2 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d4\u10d1\u10e8\u10d8 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8 \u10d2\u10d0\u10d3\u10d0\u10ee\u10d3\u10d0 \u10d0\u10e0 \u10ee\u10d3\u10d4\u10d1\u10d0 \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10ee\u10d3\u10d4\u10d1\u10d0 \u10db\u10d0\u10d7\u10d8 \u10d3\u10d0\u10e0\u10d8\u10ea\u10ee\u10d5\u10d0 \u10d3\u10d0 \u10d2\u10d0\u10e2\u10d0\u10e0\u10d4\u10d1\u10d0 \u10ee\u10d0\u10e0\u10d4\u10d1\u10e8\u10d8. \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd-\u10e1\u10d0\u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10dd \u10d3\u10d0\u10dc\u10d0\u10d6\u10dd\u10d2\u10d8 \u10d3\u10e0\u10dd\u10e8\u10d8 \u10e3\u10e4\u10e0\u10dd \u10d0\u10d3\u10e0\u10d4 \u10e4\u10d8\u10e5\u10e1\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0 \u10d5\u10d8\u10d3\u10e0\u10d4 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10e1\u10d0\u10d5\u10da\u10d4\u10d1\u10d8;<br \/><br \/><strong>4. Cost of Debt vs effective interest rate <\/strong>&#8211; \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd-\u10e1\u10d0\u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10dd \u10d3\u10d0\u10dc\u10d0\u10d6\u10dd\u10d2\u10d8 \u10d4\u10e4\u10e3\u10eb\u10dc\u10d4\u10d1\u10d0 \u10e1\u10d0\u10d1\u10d0\u10da\u10d0\u10dc\u10e1\u10dd \u10d3\u10d0 \u10d0\u10e0\u10d0 \u10e1\u10d0\u10d1\u10d0\u10d6\u10e0\u10dd \u10ea\u10d8\u10e4\u10e0\u10d4\u10d1\u10e1. WACC -\u10d8\u10e1 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0 \u10d9\u10d8 \u10d4\u10e7\u10e0\u10d3\u10dc\u10dd\u10d1\u10d0 \u10e1\u10d0\u10d1\u10d0\u10d6\u10e0\u10dd \u10db\u10dd\u10dc\u10d0\u10ea\u10d4\u10db\u10d4\u10d1\u10e1. \u10d7\u10e3 \u10e1\u10d4\u10e1\u10ee\u10d8\u10e1 \u10d4\u10db\u10d8\u10e1\u10d8\u10d3\u10d0\u10dc \u10d2\u10d0\u10e0\u10d9\u10d5\u10d4\u10e3\u10da\u10d8 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8\u10e1 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2 \u10db\u10dd\u10ee\u10d3\u10d0 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d4\u10d1\u10d8 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d6\u10d4 (\u10db\u10d0\u10d2. \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d0) \u10e1\u10d0\u10d1\u10d0\u10da\u10d0\u10dc\u10e1\u10dd \u10d3\u10d0 \u10e1\u10d0\u10d1\u10d0\u10d6\u10e0\u10dd \u10db\u10dd\u10dc\u10d0\u10ea\u10d4\u10db\u10d4\u10d1\u10d8 \u10d4\u10e0\u10d7\u10db\u10d0\u10dc\u10d4\u10d7\u10e1 \u10d0\u10ea\u10d3\u10d4\u10d1\u10d0. \u00a0\u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10ec\u10d4\u10e1\u10d8 \u10d4\u10e1 \u10ea\u10d3\u10dd\u10db\u10d8\u10da\u10d4\u10d1\u10d0 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10d0\u10e0 \u10d0\u10e0\u10d8\u10e1 \u10ee\u10dd\u10da\u10db\u10d4 \u10db\u10d0\u10d2\u10e0\u10d0\u10db, \u10d6\u10dd\u10d2\u10ef\u10d4\u10e0 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10d8\u10e7\u10dd\u10e1 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8&#8230;<br \/><br \/><strong>\u10d3\u10d0 \u10d1\u10dd\u10da\u10dd\u10e1, <\/strong>\u10d8\u10e1\u10d4\u10d5\u10d4 \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10d2\u10d4\u10dc\u10d4\u10e0\u10d0\u10da\u10e3\u10e0\u10d8 Un-lever\/Re-Lever \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d8\u10d3\u10d0\u10dc \u10e7\u10d0\u10da\u10d8\u10d1\u10d3\u10d4\u10d1\u10d0 4 \u10d2\u10d0\u10dc\u10e1\u10ee\u10d5\u10d0\u10d5\u10d4\u10d1\u10e3\u10da\u10d8 \u10d5\u10d4\u10e0\u10e1\u10d8\u10d0 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10e1\u10de\u10d4\u10ea\u10d8\u10e4\u10d8\u10d9\u10d8\u10d3\u10d0\u10dc \u10d2\u10d0\u10db\u10dd\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4, \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 \u10e9\u10d0\u10db\u10dd\u10e7\u10d0\u10da\u10d8\u10d1\u10d3\u10d4\u10e1 WACC-\u10d8\u10e1 \u10d5\u10d4\u10e0\u10e1\u10d8\u10d4\u10d1\u10d8\u10ea (\u10e3\u10e4\u10e0\u10dd \u10d3\u10d4\u10e2\u10d0\u10da\u10e3\u10e0\u10d0\u10d3: <a href=\"https:\/\/eoninvestment.com\/2025\/08\/02\/4-versions-of-un-levering-formulas\/\">4 Versions of Un-Levering\u00a0Formulas<\/a>), \u10e0\u10dd\u10db\u10d4\u10da\u10e2\u10d0 \u10e1\u10ec\u10dd\u10e0\u10d8 \u10d0\u10de\u10da\u10d8\u10d9\u10d0\u10ea\u10d8\u10d0 \u10d0\u10d2\u10d5\u10d0\u10e0\u10d8\u10d3\u10d4\u10d1\u10e1 \u10db\u10eb\u10d8\u10db\u10d4 \u10e8\u10d4\u10ea\u10d3\u10dd\u10db\u10d0\u10e1:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-34.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1158\" height=\"470\" data-attachment-id=\"6975\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/10\/when-wacc-method-leads-to-mistake\/image-487\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-34.png?fit=1158%2C470&amp;ssl=1\" data-orig-size=\"1158,470\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-34.png?fit=1024%2C416&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-34.png?resize=1158%2C470&#038;ssl=1\" alt=\"\" class=\"wp-image-6975\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u10ec\u10e7\u10d0\u10e0\u10dd:<br \/>Corporate Valuation Theory, Evidence and Practice<br \/>Mark E. Zmijewski; Robert W. Holthausen<br \/>Second Edition<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u10d6\u10dd\u10d2 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1 \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 WACC \u10db\u10d4\u10d7\u10dd\u10d3\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10dc\u10d4\u10d1\u10d0 \u10e8\u10d4\u10ea\u10d3\u10dd\u10db\u10d0\u10e8\u10d8 \u10e8\u10d4\u10db\u10e7\u10d5\u10d0\u10dc\u10d8\u10d0 \u10d3\u10d0 \u10e3\u10db\u10ef\u10dd\u10d1\u10d4\u10e1\u10d8\u10d0 APV \u10db\u10d4\u10d7\u10dd\u10d3\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d0. \u10d0\u10db\u10d8\u10e1 \u10d2\u10d0\u10e1\u10d0\u10d0\u10d6\u10e0\u10d4\u10d1\u10da\u10d0\u10d3 \u10d9\u10d0\u10e0\u10d2\u10d8\u10d0 WACC-\u10d8\u10e1 \u10db\u10dd\u10d3\u10d8\u10e4\u10d8\u10ea\u10d8\u10e0\u10d4\u10d1\u10e3\u10da \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10d6\u10d4 \u10d3\u10d0\u10d9\u10d5\u10d8\u10e0\u10d5\u10d4\u10d1\u10d0, \u10e1\u10d0\u10d3\u10d0\u10ea \u10d8\u10e1 Interest Tax Shield-\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e4\u10e3\u10dc\u10e5\u10ea\u10d8\u10d0\u10d3 \u10e9\u10d0\u10dc\u10e1. \u10d9\u10d4\u10e0\u10eb\u10dd\u10d3, \u10d7\u10e3 \u10d0\u10d5\u10d8\u10e6\u10d4\u10d1\u10d7 &#8220;\u10d2\u10d0\u10dc\u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10d1\u10d8\u10e1&#8221; \u10d6\u10dd\u10d2\u10d0\u10d3 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10e1 (\u10de\u10e0\u10d8\u10d5\u10d8\u10da\u10d4\u10d2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10e1\u10ee\u10d5\u10d0 \u10d2\u10d0\u10e0\u10d0\u10dc\u10e2\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e9\u10d0\u10d7\u10d5\u10da\u10d8\u10d7) \u10e8\u10d4\u10db\u10d3\u10d4\u10d2 \u10d2\u10d0\u10db\u10dd\u10d5\u10d0\u10d9\u10da\u10d4\u10d1\u10d7 WACC-\u10d8\u10e1 \u10d6\u10dd\u10d2\u10d0\u10d3 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10e1: \u10db\u10d8\u10d5\u10d8\u10e6\u10d4\u10d1\u10d7 \u10d0\u10e1\u10d4\u10d7 \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10d7 \u10db\u10d0\u10e0\u10e2\u10d8\u10d5 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10e1: \u10db\u10d8\u10dc\u10d8\u10e8\u10dc\u10d4\u10d1\u10d0: [&hellip;]<\/p>\n","protected":false},"author":12998525,"featured_media":6988,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"{\"document\":\"AACsBb3jg8oZk4Xi8gnYk+6\/AwGTheLyCdiT7r8DAZOF4vIJ2JPuvwMDk4Xi8gmYk+6\/A5OF4vIJmJPuvwOTheLyCdiT7r8DAP3jg8oZK9iT7r8DAL3jg8oZmJPuvwO944PKGZiT7r8DveODyhmYk+6\/A73jg8oZmJPuvwO944PKGZiT7r8DveODyhmYk+6\/A73jg8oZmJPuvwO944PKGZiT7r8D\/eODyhkPmJPuvwP944PKGQvTheLyCQDYk+6\/Awe944PKGdiT7r8DFL3jg8oZ2JPuvwMUveODyhnYk+6\/Az2944PKGZiT7r8DveODyhnYk+6\/Ax2944PKGZiT7r8DveODyhnYk+6\/Axe944PKGZiT7r8DveODyhnYk+6\/AwP944PKGQCYk+6\/A\/3jg8oZAdiT7r8DAb3jg8oZ2JPuvwMDveODyhmYk+6\/A73jg8oZ2JPuvwMA\/eODyhkmvvG01gr944PKGTWTheLyCdiT7r8DMNOF4vIJAZiT7r8Dk4Xi8gmYk+6\/A5OF4vIJmJPuvwOTheLyCZiT7r8Dk4Xi8gmYk+6\/A5OF4vIJmJPuvwOTheLyCZiT7r8Dk4Xi8gmYk+6\/A5OF4vIJmJPuvwOTheLyCZiT7r8Dk4Xi8gmYk+6\/A5OF4vIJmJPuvwOTheLyCZiT7r8Dk4Xi8gmYk+6\/A5OF4vIJmJPuvwOTheLyCZiT7r8Dk4Xi8gmYk+6\/A5OF4vIJmJPuvwOTheLyCZiT7r8Dk4Xi8gmYk+6\/A5OF4vIJmJPuvwOTheLyCZiT7r8Dk4Xi8gmYk+6\/A5OF4vIJmJPuvwPTheLyCQGYk+6\/A5OF4vIJmJPuvwOTheLyCZiT7r8Dk4Xi8gmYk+6\/A5OF4vIJmJPuvwOTheLyCZiT7r8D04Xi8gkA2JPuvwOEAscEoAOMGcgZgCf8Joo1llncjgEFAKqwAsizAo4YAqgNAoACBJgBBJwKAoACBJwHBAgErAMECASCEAQIBKYOBAgEoAgECASwDQQIBJ4WAowCBKoBBJYBBK78Adb7AaIJmgMirgEiugEiuk0BAgoBB0oAIgECCgJCAQJK8vIBAqaxAgUAAQC8DQQDANY8ljwBAhoEAwABB7ABBAMAxDuEOwECGgQDAAEHhgIEAwD0O7Q7AQIaBAMAAQeyBQQLAAMCBgMBBggEAwAFAQIIBOgXBKYXBAIEAwMEBgMACArSBgKWBgUABgMABAMABAIEvAUC\/AUC0lcCkES6GgKoA9zdAqzmAuDmAgyi5gICwuYCgOYC9r0CnAGiDKAHDLADDIYQDKoODKQIDLQNDLAYrgGaAYhmAo5tBQ\/YC+BWkgMCGKYBAhiyAQIYtimMErgM+GEEvoMCAtTzA7gXuA2UaIICmgGcL5wBogygBwywAwyGEAyqDgykCAy0DQywGK4BmgHIswICBRYDAAUEigECxAMIDQAkMroEtBWEArQLhAKKDJZZtAKCApoBnC+cAaIMoAcMsAMMhhAMqg4MpAgMtA0MsBiuAZoBpgEBDyoCAQIKAkIBAkoAugk0lgMBAgoBB0oAIgECCgEDSgC4AQECCgEHSgAiAQIKAQNKAI4CAQIKAQdKACIBAgoBA0oAugUBAgoDAgUAAwgHAAIEAwgEAw4EAwMECgQDAwQDBQQDA\/gCAQJKAJIDuC+kCSKCBYIEogmaAyKuASK6ASK6Tf8Buga0FYQCtAuEAooMllm0AoICmgGA\/QEBB8ZGBAoDAgYDAQYIBAMABQECCAQBAAIEAgQDAwQGAwAICgEABgUABgMABAMABAIEAQADAMDSAggADQABAKLmAva9ApwBogygBwywAwyGEAyqDgykCAy0DQywGK4BmgHWa5wBogygBwywAwyGEAyqDgykCAy0DQywGK4BmgGSpAGMErgMyNECuBe4DZRoggKaAZwvnAGiDKAHDLADDIYQDKoODKQIDLQNDLAYrgGaAdKsArgXuA2UaIICmgGcL5wBogygBwywAwyGEAyqDgykCAy0DQywGK4BmgHSrAK4F7gNlGiCApoB4wQoAMEJgQCEAIEAhACBAIQAgQCEAIEAhACBAIQAgQCEAIEAhACBAIQAgQCEAIEAhACBAIQAgQCEAIEAhACBAIQAgQCEAIEAhACBAIQAgQCEAIEAhACBAIQAgQCEAIEAhAAAAMEAAADBAAAAwQAAAMEAAADBAAAAwQAAAMEAAADBAAAAxwAhACgAIQAoACcAKAEnACgGJwDHACgDJwEEACgEJwChAyECAAChAKgBJwAEACgEoQGoACgBJwAoBqEAqAEnAAQAKAShAagAKAEnACgGoQCoAScABAAoBKEBqAAoAScAKAahAKgARADEFMEAxA\/BAMQMwQDEAqEBgQChAKgAhABBAMEAxAPBAIQAxADBEagBIQDEEagKxAKoASEAoQHBF6EBwRehAQAAwQWhASEAKAInAAEAhACBAScABACBHCcAKAYnACgTJwAHACEAKAAhACgAJwEBACgEJwCBAAAAgQAAAIcAIQAoACEBJwAhCScAhwAhACgAIQEnACEAAAAhBCcAhwAhACgAIQEnACEJJwCHACEAKAAhAScAIQAAACEEJwCHACEAKAAhAScAIQknAIcAIQAoACEBJwAhAAAAIQQnAIcAIQAoACEAKAAnAQEAhAGBAIQFgQCEBIEAhAOBAIQAgQCEAIEAhAKBAIQAgQCEAYEAhAGBAIQFgQCEAIEAhAOBAIQBgQCEAIEAhACBAIQAgQCEAoEAhASBAIQCgQAoBCcAgQAAAIEAAACBAAAAgQAAAIEAAACBAAAAgQAAAIEAAACBAAAAgQAAAIEAAACBAAAAgQAAAIEAAACBAAAAIeeUAeCRAXN0YXRldmVyc2lvbuGDluGDneGDkiDhg6jhg5Thg5vhg5fhg67hg5Xhg5Thg5Xhg5Dhg6jhg5gg4YOd4YOg4YOS4YOQ4YOc4YOY4YOW4YOQ4YOq4YOY4YOY4YOhIOGDqOGDlOGDpOGDkOGDoeGDlOGDkeGDmOGDoeGDkOGDoSDhg6Thg6Phg5rhg5Dhg5Phg5gg4YOc4YOQ4YOZ4YOQ4YOT4YOU4YOR4YOY4YOhIOGDk+GDmOGDoeGDmeGDneGDnOGDouGDmOGDoOGDlOGDkeGDmOGDoeGDl+GDleGDmOGDoSBXQUNDIOGDm+GDlOGDl+GDneGDk+GDmOGDoSDhg5Lhg5Dhg5vhg53hg6fhg5zhg5Thg5Hhg5Ag4YOo4YOU4YOq4YOT4YOd4YOb4YOQ4YOo4YOYIOGDqOGDlOGDm+GDp+GDleGDkOGDnOGDmOGDkCDhg5Phg5Ag4YOj4YOb4YOv4YOd4YOR4YOU4YOh4YOY4YOQIEFQViDhg5vhg5Thg5fhg53hg5Phg5jhg6Eg4YOS4YOQ4YOb4YOd4YOn4YOU4YOc4YOU4YOR4YOQLiDhg5Dhg5vhg5jhg6Eg4YOS4YOQ4YOh4YOQ4YOQ4YOW4YOg4YOU4YOR4YOa4YOQ4YOTIOGDmeGDkOGDoOGDkuGDmOGDkCBXQUNDLeGDmOGDoSDhg5vhg53hg5Phg5jhg6Thg5jhg6rhg5jhg6Dhg5Thg5Hhg6Phg5og4YOk4YOd4YOg4YOb4YOj4YOa4YOQ4YOW4YOUIOGDk+GDkOGDmeGDleGDmOGDoOGDleGDlOGDkeGDkCwg4YOh4YOQ4YOT4YOQ4YOqIOGDmOGDoSBJbnRlcmVzdCBUYXggU2hpZWxkLeGDmOGDoSDhg6bhg5jhg6Dhg5Thg5Hhg6Phg5rhg5Thg5Hhg5jhg6Eg4YOk4YOj4YOc4YOl4YOq4YOY4YOQ4YOTIOGDqeGDkOGDnOGDoS4g4YOZ4YOU4YOg4YOr4YOd4YOTLCA8L3A+CjwhLS0gL3dwOnBhcmFncmFwaCAtLT4KCjwhLS0gd3A6cGFyYWdyYXBoIC0tPgo8cD7hg5fhg6Mg4YOQ4YOV4YOY4YOm4YOU4YOR4YOXICLhg5Lhg5Dhg5zhg5rhg5Thg5Xhg5Thg6Dhg5Thg5Hhg5jhg6EiIOGDluGDneGDkuGDkOGDkyDhg6Thg53hg6Dhg5vhg6Phg5rhg5Dhg6EgKOGDnuGDoOGDmOGDleGDmOGDmuGDlOGDkuGDmOGDoOGDlOGDkeGDo+GDmuGDmCDhg5Dhg6Xhg6rhg5jhg5Thg5Hhg5jhg6Hhg5Ag4YOT4YOQIOGDoeGDruGDleGDkCDhg5Lhg5Dhg6Dhg5Dhg5zhg6Lhg5jhg5Thg5Hhg5jhg6Eg4YOp4YOQ4YOX4YOV4YOa4YOY4YOXKTwvcD4KPCEtLSAvd3A6cGFyYWdyYXBoIC0tPgoKPCEtLSB3cDppbWFnZSB7ImlkIjo2OTc4LCJzaXplU2x1ZyI6ImxhcmdlIiwibGlua0Rlc3RpbmF0aW9uIjoibWVkaWEifSAtLT4KPGZpZ3VyZSBjbGFzcz0id3AtYmxvY2staW1hZ2Ugc2l6ZS1sYXJnZSI+PGEgaHJlZj0iaHR0cHM6Ly9lb25pbnZlc3RtZW50LmNvbS93cC1jb250ZW50L3VwbG9hZHMvMjAyNC8wNC9pbWFnZS0zNS5wbmciPjxpbWcgc3JjPSJodHRwczovL2VvbmludmVzdG1lbnQuY29tL3dwLWNvbnRlbnQvdXBsb2Fkcy8yMDI0LzA0L2ltYWdlLTM1LnBuZz93PTk2NiIgYWx0PSIiIGNsYXNzPSJ3cC1pbWFnZS02OTc4Ii8+PC9hPjwvZmlndXJlPgo8IS0tIC93cDppbWFnZSAtLT4KCjwhLS0gd3A6cGFyYWdyYXBoIC0tPgo8cD7hg6jhg5Thg5vhg5Phg5Thg5Ig4YOS4YOQ4YOb4YOd4YOV4YOQ4YOZ4YOa4YOU4YOR4YOXIFdBQ0Mt4YOY4YOhIOGDluGDneGDkuGDkOGDkyDhg6Thg53hg6Dhg5vhg6Phg5rhg5Dhg6E6PC9wPgo8IS0tIC93cDpwYXJhZ3JhcGggLS0+Cgo8IS0tIHdwOmltYWdlIHsiaWQiOjY5ODAsInNpemVTbHVnIjoibGFyZ2UiLCJsaW5rRGVzdGluYXRpb24iOiJtZWRpYSJ9IC0tPgo8ZmlndXJlIGNsYXNzPSJ3cC1ibG9jay1pbWFnZSBzaXplLWxhcmdlIj48YSBocmVmPSJodHRwczovL2VvbmludmVzdG1lbnQuY29tL3dwLWNvbnRlbnQvdXBsb2Fkcy8yMDI0LzA0L2ltYWdlLTM2LnBuZyI+PGltZyBzcmM9Imh0dHBzOi8vZW9uaW52ZXN0bWVudC5jb20vd3AtY29udGVudC91cGxvYWRzLzIwMjQvMDQvaW1hZ2UtMzYucG5nP3c9Njg4IiBhbHQ9IiIgY2xhc3M9IndwLWltYWdlLTY5ODAiLz48L2E+PC9maWd1cmU+CjwhLS0gL3dwOmltYWdlIC0tPgoKPCEtLSB3cDpwYXJhZ3JhcGggLS0+CjxwPjxicj7hg5vhg5jhg5Xhg5jhg6bhg5Thg5Hhg5cg4YOQ4YOh4YOU4YOXIOGDqOGDlOGDk+GDkOGDoOGDlOGDkeGDmOGDlyDhg5vhg5Dhg6Dhg6Lhg5jhg5Ug4YOk4YOd4YOg4YOb4YOj4YOa4YOQ4YOhOjxicj48L3A+CjwhLS0gL3dwOnBhcmFncmFwaCAtLT4KCjwhLS0gd3A6aW1hZ2UgeyJpZCI6Njk4Miwic2l6ZVNsdWciOiJsYXJnZSIsImxpbmtEZXN0aW5hdGlvbiI6Im1lZGlhIn0gLS0+CjxmaWd1cmUgY2xhc3M9IndwLWJsb2NrLWltYWdlIHNpemUtbGFyZ2UiPjxhIGhyZWY9Imh0dHBzOi8vZW9uaW52ZXN0bWVudC5jb20vd3AtY29udGVudC91cGxvYWRzLzIwMjQvMDQvaW1hZ2UtMzcucG5nIj48aW1nIHNyYz0iaHR0cHM6Ly9lb25pbnZlc3RtZW50LmNvbS93cC1jb250ZW50L3VwbG9hZHMvMjAyNC8wNC9pbWFnZS0zNy5wbmc\/dz01ODQiIGFsdD0iIiBjbGFzcz0id3AtaW1hZ2UtNjk4MiIvPjwvYT48L2ZpZ3VyZT4KPCEtLSAvd3A6aW1hZ2UgLS0+Cgo8IS0tIHdwOnBhcmFncmFwaCAtLT4KPHA+PGJyPjxzdHJvbmc+4YOb4YOY4YOc4YOY4YOo4YOc4YOU4YOR4YOQOiA8L3N0cm9uZz7hg5Dhg6Ug4YOS4YOQ4YOl4YOg4YOQIOGDnuGDoOGDmOGDleGDmOGDmuGDmOGDkuGDmOGDoOGDlOGDkeGDo+GDoOGDmCDhg5Dhg6Xhg6rhg5jhg5Thg5Hhg5jhg6Hhg5Ag4YOT4YOQIOGDkuGDkOGDoOGDkOGDnOGDouGDmOGDlOGDkeGDmOGDoSDhg5nhg53hg5vhg57hg53hg5zhg5Thg5zhg6Lhg5gsIOGDmOGDoeGDlOGDleGDlCDhg6Dhg53hg5Lhg53hg6Dhg6og4YOS4YOQ4YOY4YOl4YOV4YOY4YOX4YOU4YOR4YOd4YOT4YOQIOGDoeGDruGDleGDkCDhg5zhg5Thg5Hhg5jhg6Hhg5vhg5jhg5Thg6Dhg5gg4YOV4YOQ4YOa4YOT4YOU4YOR4YOj4YOa4YOU4YOR4YOQLCDhg6Dhg5Dhg5Phg5Lhg5Dhg5wg4YOY4YOh4YOY4YOc4YOYIOGDkuGDkOGDleGDmuGDlOGDnOGDkOGDoSDhg5Dhg6Ag4YOQ4YOu4YOT4YOU4YOc4YOU4YOcIOGDoeGDkOGDnuGDoOGDneGDquGDlOGDnOGDouGDnSDhg6Hhg5Dhg5Lhg5Dhg5Phg5Dhg6Hhg5Dhg67hg5Dhg5Phg50g4YOT4YOQ4YOc4YOQ4YOW4YOd4YOS4YOW4YOUIChJbnRlcmVzdCBUYXggU2hpZWxkKS48YnI+PGJyPuGDkOGDmyDhg6Thg53hg6Dhg5vhg6Phg5rhg5Thg5Hhg5bhg5Qg4YOT4YOQ4YOZ4YOV4YOY4YOg4YOV4YOU4YOR4YOQIOGDkuGDleGDkOGDq+GDmuGDlOGDleGDoSDhg6jhg5Thg6Hhg5Dhg6vhg5rhg5Thg5Hhg5rhg53hg5Hhg5Dhg6Eg4YOT4YOQ4YOV4YOY4YOc4YOQ4YOu4YOd4YOXIOGDl+GDoyDhg6Dhg53hg5Phg5jhg6Eg4YOo4YOU4YOY4YOr4YOa4YOU4YOR4YOQIFdBQ0Mt4YOY4YOhIOGDm+GDlOGDl+GDneGDk+GDm+GDkCDhg6jhg5Thg6rhg5Phg53hg5vhg5Dhg6jhg5gg4YOo4YOU4YOS4YOV4YOY4YOn4YOV4YOQ4YOc4YOd4YOhLjxicj48YnI+PHN0cm9uZz4xLiBJbnRlcmVzdCBhbmQgTmV0IE9wZXJhdGlvbiBMb3NzIENhcnJ5Zm9yd2FyZHMgPC9zdHJvbmc+LSDhg6Hhg5Dhg57hg6Dhg53hg6rhg5Thg5zhg6Lhg50g4YOu4YOQ4YOg4YOv4YOU4YOR4YOYIOGDk+GDkCDhg53hg57hg5Thg6Dhg5Dhg6Lhg5jhg6Phg5rhg5gg4YOs4YOQ4YOS4YOU4YOR4YOQIOGDmOGDrOGDleGDlOGDleGDoSDhg6Hhg5Dhg57hg6Dhg53hg6rhg5Thg5zhg6Lhg50t4YOh4YOQ4YOS4YOQ4YOT4YOQ4YOh4YOQ4YOu4YOQ4YOT4YOdIOGDk+GDkOGDnOGDkOGDluGDneGDkuGDmOGDlyDhg5vhg5jhg6bhg5Thg5Hhg6Phg5rhg5gg4YOh4YOQ4YOg4YOS4YOU4YOR4YOa4YOY4YOhIOGDkuGDkOGDk+GDkOGDleGDkOGDk+GDlOGDkeGDkOGDoSDhg5Phg6Dhg53hg6jhg5guIOGDm+GDkOGDkuGDkOGDmuGDmOGDl+GDkOGDkyDhg6jhg5Thg5jhg6vhg5rhg5Thg5Hhg5Ag4YOd4YOg4YOS4YOQ4YOc4YOY4YOW4YOQ4YOq4YOY4YOQIOGDkOGDkuGDoOGDneGDleGDlOGDkeGDk+GDlOGDoSDhg6zhg5Dhg5Lhg5Thg5Hhg5Dhg6EsIOGDoOGDneGDm+GDlOGDmuGDmOGDqiDhg6jhg5Thg5vhg5Phg5Lhg53hg5sg4YOs4YOa4YOU4YOR4YOo4YOYIOGDk+GDkOGDkuGDlOGDnOGDlOGDoOGDlOGDoOGDmOGDoOGDlOGDkeGDo+GDmiDhg5vhg53hg5Lhg5Thg5Hhg5jhg6Eg4YOS4YOQ4YOT4YOQ4YOh4YOQ4YOu4YOQ4YOT4YOY4YOhIOGDqOGDlOGDm+GDoeGDo+GDkeGDo+GDpeGDlOGDkeGDkOGDoSDhg5jhg6zhg5Xhg5Thg5Xhg6EuIOGDkOGDm+GDmOGDouGDneGDmyDhg6Hhg5Dhg57hg6Dhg53hg6rhg5Thg5zhg6Lhg50g4YOu4YOQ4YOg4YOv4YOU4YOR4YOY4YOhIOGDm+GDmOGDlOGDoCDhg5Lhg5Dhg5nhg5Thg5fhg5Thg5Hhg6Phg5rhg5gg4YOb4YOd4YOS4YOU4YOR4YOY4YOhIOGDkuGDkOGDk+GDkOGDoeGDkOGDruGDkOGDk+GDmOGDoSDhg5Phg5Dhg5zhg5Dhg5bhg53hg5Lhg5gg4YOT4YOg4YOd4YOo4YOYIOGDmOGDnOGDkOGDquGDleGDmuGDlOGDkeGDoS4uLiDhg5Dhg6Hhg5Thg5cg4YOo4YOU4YOb4YOX4YOu4YOV4YOU4YOV4YOU4YOR4YOo4YOYIOGDo+GDpOGDoOGDnSDhg5vhg53hg6Hhg5Dhg67hg5Thg6Dhg67hg5Thg5Hhg5Thg5rhg5jhg5AgQVZQIOGDm+GDlOGDl+GDneGDk+GDmOGDoSDhg5Lhg5Dhg5vhg53hg6fhg5Thg5zhg5Thg5Hhg5AsIOGDoOGDkOGDl+GDkCBJVFMt4YOY4YOhIOGDquGDkOGDmuGDmeGDlCDhg57hg6Dhg53hg5Lhg5zhg53hg5bhg5jhg6Dhg5Thg5Hhg5Ag4YOb4YOd4YOu4YOT4YOU4YOhOzxicj48YnI+PHN0cm9uZz4yLiBDYXBpdGFsaXplZCBJbnRlcmVzdDwvc3Ryb25nPiAtIOGDluGDneGDkuGDmCDhg6Xhg5Xhg5Thg6fhg5zhg5jhg6Eg4YOZ4YOQ4YOc4YOd4YOc4YOb4YOT4YOU4YOR4YOa4YOd4YOR4YOY4YOXIOGDkuGDkOGDoOGDmeGDleGDlOGDo+GDmiDhg6jhg5Thg5vhg5fhg67hg5Xhg5Thg5Xhg5Thg5Hhg6jhg5gg4YOu4YOT4YOU4YOR4YOQIOGDoeGDkOGDnuGDoOGDneGDquGDlOGDnOGDouGDnSDhg67hg5Dhg6Dhg6\/hg5Thg5Hhg5jhg6Eg4YOZ4YOQ4YOe4YOY4YOi4YOQ4YOa4YOY4YOW4YOQ4YOq4YOY4YOQIOGDk+GDkCDhg5vhg5jhg6Hhg5gg4YOp4YOQ4YOb4YOd4YOs4YOU4YOg4YOQIENvc3Qgb2YgR29vZHMgU29sZC3hg6jhg5guIOGDlOGDoSDhg5Thg67hg5Thg5Hhg5Ag4YOS4YOg4YOr4YOU4YOa4YOV4YOQ4YOT4YOY4YOQ4YOcIOGDnuGDoOGDneGDlOGDpeGDouGDlOGDkeGDoSwg4YOg4YOd4YOS4YOd4YOg4YOY4YOqIOGDkOGDoOGDmOGDoSDhg6Hhg5Dhg5vhg53hg6Xhg5Dhg5rhg5Dhg6Xhg50g4YOb4YOo4YOU4YOc4YOU4YOR4YOa4YOd4YOR4YOQLCDhg5Lhg5Thg5vhg5fhg5vhg6jhg5Thg5zhg5Thg5Hhg5rhg53hg5Hhg5Ag4YOT4YOQIC7hg5Au4YOoLiDhg5Dhg6Hhg5Thg5fhg5gg4YOZ4YOQ4YOe4YOY4YOi4YOQ4YOa4YOY4YOW4YOQ4YOq4YOY4YOY4YOh4YOQ4YOhLCDhg6Hhg5Dhg57hg6Dhg53hg6rhg5Thg5zhg6Lhg50g4YOS4YOQ4YOh4YOQ4YOV4YOa4YOU4YOR4YOYIOGDpOGDmOGDpeGDoeGDmOGDoOGDk+GDlOGDkeGDkCDhg5vhg5Dhg5Lhg6Dhg5Dhg5sg4YOb4YOQ4YOX4YOYIOGDkuGDkOGDouGDkOGDoOGDlOGDkeGDkCDhg67hg5Dhg6Dhg6\/hg5Thg5Hhg6jhg5gg4YOQ4YOgIOGDruGDk+GDlOGDkeGDkCDhg5Phg5Ag4YOo4YOU4YOh4YOQ4YOR4YOQ4YOb4YOY4YOh4YOQ4YOTIOGDm+GDneGDkuGDlOGDkeGDmOGDoSDhg5Lhg5Dhg5Phg5Dhg6Hhg5Dhg67hg5Dhg5Phg5jhg6Eg4YOT4YOQ4YOc4YOQ4YOW4YOd4YOS4YOYIOGDkOGDoCDhg5vhg5jhg5jhg6bhg5Thg5Hhg5A7IOGDkOGDm+GDmOGDouGDneGDmyBBUFYg4YOb4YOU4YOX4YOd4YOX4YOY4YOhIOGDkuGDkOGDm+GDneGDp+GDlOGDnOGDlOGDkeGDkOGDkCDhg6Dhg5Thg5nhg53hg5vhg5Thg5zhg5Phg5jhg6Dhg5Thg5Hhg6Phg5rhg5g7PGJyPjxicj48c3Ryb25nPjMuwqDCoFBhaWQtaW4tS2luZCBJbnRlcmVzdCAoemVybyBjb3Vwb24gYm9uZHMpPC9zdHJvbmc+IC0g4YOW4YOd4YOSIOGDqOGDlOGDm+GDl+GDruGDleGDlOGDleGDlOGDkeGDqOGDmCDhg6Hhg5Dhg57hg6Dhg53hg6rhg5Thg5zhg6Lhg50g4YOu4YOQ4YOg4YOv4YOU4YOR4YOYIOGDkuGDkOGDk+GDkOGDruGDk+GDkCDhg5Dhg6Ag4YOu4YOT4YOU4YOR4YOQIOGDm+GDkOGDkuGDoOGDkOGDmyDhg67hg5Phg5Thg5Hhg5Ag4YOb4YOQ4YOX4YOYIOGDk+GDkOGDoOGDmOGDquGDruGDleGDkCDhg5Phg5Ag4YOS4YOQ4YOi4YOQ4YOg4YOU4YOR4YOQIOGDruGDkOGDoOGDlOGDkeGDqOGDmC4g4YOQ4YOb4YOY4YOi4YOd4YObIOGDoeGDkOGDnuGDoOGDneGDquGDlOGDnOGDouGDnS3hg6Hhg5Dhg5Lhg5Dhg5Phg5Dhg6Hhg5Dhg67hg5Dhg5Phg50g4YOT4YOQ4YOc4YOQ4YOW4YOd4YOS4YOYIOGDk+GDoOGDneGDqOGDmCDhg6Phg6Thg6Dhg50g4YOQ4YOT4YOg4YOUIOGDpOGDmOGDpeGDoeGDmOGDoOGDk+GDlOGDkeGDkCDhg5Xhg5jhg5Phg6Dhg5Qg4YOg4YOU4YOQ4YOa4YOj4YOg4YOYIOGDoeGDkOGDnuGDoOGDneGDquGDlOGDnOGDouGDnSDhg5Lhg5Dhg6Hhg5Dhg5Xhg5rhg5Thg5Hhg5g7PGJyPjxicj48c3Ryb25nPjQuIENvc3Qgb2YgRGVidCB2cyBlZmZlY3RpdmUgaW50ZXJlc3QgcmF0ZSA8L3N0cm9uZz4tIOGDoeGDkOGDnuGDoOGDneGDquGDlOGDnOGDouGDnS3hg6Hhg5Dhg5Lhg5Dhg5Phg5Dhg6Hhg5Dhg67hg5Dhg5Phg50g4YOT4YOQ4YOc4YOQ4YOW4YOd4YOS4YOYIOGDlOGDpOGDo+GDq+GDnOGDlOGDkeGDkCDhg6Hhg5Dhg5Hhg5Dhg5rhg5Dhg5zhg6Hhg50g4YOT4YOQIOGDkOGDoOGDkCDhg6Hhg5Dhg5Hhg5Dhg5bhg6Dhg50g4YOq4YOY4YOk4YOg4YOU4YOR4YOhLiBXQUNDIC3hg5jhg6Eg4YOk4YOd4YOg4YOb4YOj4YOa4YOQIOGDmeGDmCDhg5Thg6fhg6Dhg5Phg5zhg53hg5Hhg5Ag4YOh4YOQ4YOR4YOQ4YOW4YOg4YOdIOGDm+GDneGDnOGDkOGDquGDlOGDm+GDlOGDkeGDoS4g4YOX4YOjIOGDoeGDlOGDoeGDruGDmOGDoSDhg5Thg5vhg5jhg6Hhg5jhg5Phg5Dhg5wg4YOS4YOQ4YOg4YOZ4YOV4YOU4YOj4YOa4YOYIOGDnuGDlOGDoOGDmOGDneGDk+GDmOGDoSDhg6jhg5Thg5vhg5Phg5Thg5Ig4YOb4YOd4YOu4YOT4YOQIOGDm+GDnOGDmOGDqOGDleGDnOGDlOGDmuGDneGDleGDkOGDnOGDmCDhg6rhg5Xhg5rhg5jhg5rhg5Thg5Hhg5Thg5Hhg5gg4YOR4YOQ4YOW4YOQ4YOg4YOW4YOUICjhg5vhg5Dhg5IuIOGDmOGDnOGDpOGDmuGDkOGDquGDmOGDkCkg4YOh4YOQ4YOR4YOQ4YOa4YOQ4YOc4YOh4YOdIOGDk+GDkCDhg6Hhg5Dhg5Hhg5Dhg5bhg6Dhg50g4YOb4YOd4YOc4YOQ4YOq4YOU4YOb4YOU4YOR4YOYIOGDlOGDoOGDl+GDm+GDkOGDnOGDlOGDl+GDoSDhg5Dhg6rhg5Phg5Thg5Hhg5AuIMKg4YOg4YOd4YOS4YOd4YOg4YOqIOGDrOGDlOGDoeGDmCDhg5Thg6Eg4YOq4YOT4YOd4YOb4YOY4YOa4YOU4YOR4YOQIOGDm+GDnOGDmOGDqOGDleGDnOGDlOGDmuGDneGDleGDkOGDnOGDmCDhg5Dhg6Ag4YOQ4YOg4YOY4YOhIOGDruGDneGDmuGDm+GDlCDhg5vhg5Dhg5Lhg6Dhg5Dhg5ssIOGDluGDneGDkuGDr+GDlOGDoCDhg6jhg5Thg5jhg6vhg5rhg5Thg5Hhg5Ag4YOY4YOn4YOd4YOhIOGDm+GDnOGDmOGDqOGDleGDnOGDlOGDmuGDneGDleGDkOGDnOGDmC4uLjxicj48YnI+PHN0cm9uZz7hg5Phg5Ag4YOR4YOd4YOa4YOd4YOhLCA8L3N0cm9uZz7hg5jhg6Hhg5Thg5Xhg5Qg4YOg4YOd4YOS4YOd4YOg4YOqIOGDkuGDlOGDnOGDlOGDoOGDkOGDmuGDo+GDoOGDmCBVbi1sZXZlci9SZS1MZXZlciDhg6Thg53hg6Dhg5vhg6Phg5rhg5jhg5Phg5Dhg5wg4YOn4YOQ4YOa4YOY4YOR4YOT4YOU4YOR4YOQIDQg4YOS4YOQ4YOc4YOh4YOu4YOV4YOQ4YOV4YOU4YOR4YOj4YOa4YOYIOGDleGDlOGDoOGDoeGDmOGDkCDhg5nhg53hg5vhg57hg5Dhg5zhg5jhg5jhg6Eg4YOh4YOe4YOU4YOq4YOY4YOk4YOY4YOZ4YOY4YOT4YOQ4YOcIOGDkuGDkOGDm+GDneGDm+GDk+GDmOGDnOGDkOGDoOGDlCwg4YOo4YOU4YOh4YOQ4YOr4YOa4YOU4YOR4YOU4YOa4YOY4YOQIOGDqeGDkOGDm+GDneGDp+GDkOGDmuGDmOGDkeGDk+GDlOGDoSBXQUNDLeGDmOGDoSDhg5Xhg5Thg6Dhg6Hhg5jhg5Thg5Hhg5jhg6ogKOGDo+GDpOGDoOGDnSDhg5Phg5Thg6Lhg5Dhg5rhg6Phg6Dhg5Dhg5M6IDxhIGhyZWY9Imh0dHBzOi8vZW9uaW52ZXN0bWVudC5jb20vMjAyNS8wOC8wMi80LXZlcnNpb25zLW9mLXVuLWxldmVyaW5nLWZvcm11bGFzLyI+NCBWZXJzaW9ucyBvZiBVbi1MZXZlcmluZ8KgRm9ybXVsYXM8L2E+KSwg4YOg4YOd4YOb4YOU4YOa4YOi4YOQIOGDoeGDrOGDneGDoOGDmCDhg5Dhg57hg5rhg5jhg5nhg5Dhg6rhg5jhg5Ag4YOQ4YOS4YOV4YOQ4YOg4YOY4YOT4YOU4YOR4YOhIOGDm+GDq+GDmOGDm+GDlCDhg6jhg5Thg6rhg5Phg53hg5vhg5Dhg6E6PC9wPgo8IS0tIC93cDpwYXJhZ3JhcGggLS0+Cgo8IS0tIHdwOmltYWdlIHsiaWQiOjY5NzUsInNpemVTbHVnIjoibGFyZ2UiLCJsaW5rRGVzdGluYXRpb24iOiJtZWRpYSJ9IC0tPgo8ZmlndXJlIGNsYXNzPSJ3cC1ibG9jay1pbWFnZSBzaXplLWxhcmdlIj48YSBocmVmPSJodHRwczovL2VvbmludmVzdG1lbnQuY29tL3dwLWNvbnRlbnQvdXBsb2Fkcy8yMDI0LzA0L2ltYWdlLTM0LnBuZyI+PGltZyBzcmM9Imh0dHBzOi8vZW9uaW52ZXN0bWVudC5jb20vd3AtY29udGVudC91cGxvYWRzLzIwMjQvMDQvaW1hZ2UtMzQucG5nP3c9MTAyNCIgYWx0PSIiIGNsYXNzPSJ3cC1pbWFnZS02OTc1Ii8+PC9hPjwvZmlndXJlPgo8IS0tIC93cDppbWFnZSAtLT4KCjwhLS0gd3A6cGFyYWdyYXBoIC0tPgo8cD7hg6zhg6fhg5Dhg6Dhg506PGJyPkNvcnBvcmF0ZSBWYWx1YXRpb24gVGhlb3J5LCBFdmlkZW5jZSBhbmQgUHJhY3RpY2U8YnI+TWFyayBFLiBabWlqZXdza2k7IFJvYmVydCBXLiBIb2x0aGF1c2VuPGJyPlNlY29uZCBFZGl0aW9uPC9wPgo8IS0tIC93cDpwYXJhZ3JhcGggLS0+Y2xpZW50SWRpc1ZhbGlkb3JpZ2luYWxDb250ZW50bmFtZWF0dHJpYnV0ZXN1cmxhbHRjYXB0aW9uaHJlZmlkc2l6ZVNsdWdsaW5rRGVzdGluYXRpb25ub0JvdHRvbU1hcmdpbm5vVG9wTWFyZ2luZmlsdGVyaW5uZXJCbG9ja3NjbGllbnRJZGlzVmFsaWRvcmlnaW5hbENvbnRlbnRuYW1lYXR0cmlidXRlc2NvbnRlbnThg6zhg6fhg5Dhg6Dhg506PGJyPkNvcnBvcmF0ZSBWYWx1YXRpb24gVGhlb3J5LCBFdmlkZW5jZSBhbmQgUHJhY3RpY2U8YnI+TWFyayBFLiBabWlqZXdza2k7IFJvYmVydCBXLiBIb2x0aGF1c2VuPGJyPlNlY29uZCBFZGl0aW9uZHJvcENhcGZvbnRXZWlnaHR0ZXh0VHJhbnNmb3Jtbm9Cb3R0b21TcGFjaW5nbm9Ub3BTcGFjaW5naW5uZXJCbG9ja3N0ZXh0UGFuZWxIaWRlQ29sb3J0ZXh0UGFuZWxTaG93U3BhY2luZ0NvbnRyb2xzdGV4dFBhbmVsSGVhZGluZ0ZvbnRTaXplc2NvbnRlbnThg5fhg6Mg4YOQ4YOV4YOY4YOm4YOU4YOR4YOXICLhg5Lhg5Dhg5zhg5rhg5Thg5Xhg5Thg6Dhg5Thg5Hhg5jhg6EiIOGDluGDneGDkuGDkOGDkyDhg6Thg53hg6Dhg5vhg6Phg5rhg5Dhg6EgKOGDnuGDoOGDmOGDleGDmOGDmuGDlOGDkuGDmOGDoOGDlOGDkeGDo+GDmuGDmCDhg5Dhg6Xhg6rhg5jhg5Thg5Hhg5jhg6Hhg5Ag4YOT4YOQIOGDoeGDruGDleGDkCDhg5Lhg5Dhg6Dhg5Dhg5zhg6Lhg5jhg5Thg5Hhg5jhg6Eg4YOp4YOQ4YOX4YOV4YOa4YOY4YOXKWRyb3BDYXBmb250V2VpZ2h0dGV4dFRyYW5zZm9ybW5vQm90dG9tU3BhY2luZ25vVG9wU3BhY2luZ3VybGFsdGNhcHRpb25ocmVmaWRzaXplU2x1Z2xpbmtEZXN0aW5hdGlvbm5vQm90dG9tTWFyZ2lubm9Ub3BNYXJnaW5maWx0ZXJjb250ZW504YOo4YOU4YOb4YOT4YOU4YOSIOGDkuGDkOGDm+GDneGDleGDkOGDmeGDmuGDlOGDkeGDlyBXQUNDLeGDmOGDoSDhg5bhg53hg5Lhg5Dhg5Mg4YOk4YOd4YOg4YOb4YOj4YOa4YOQ4YOhOmRyb3BDYXBmb250V2VpZ2h0dGV4dFRyYW5zZm9ybW5vQm90dG9tU3BhY2luZ25vVG9wU3BhY2luZ3VybGFsdGNhcHRpb25ocmVmaWRzaXplU2x1Z2xpbmtEZXN0aW5hdGlvbm5vQm90dG9tTWFyZ2lubm9Ub3BNYXJnaW5maWx0ZXJjb250ZW50PGJyPuGDm+GDmOGDleGDmOGDpuGDlOGDkeGDlyDhg5Dhg6Hhg5Thg5cg4YOo4YOU4YOT4YOQ4YOg4YOU4YOR4YOY4YOXIOGDm+GDkOGDoOGDouGDmOGDlSDhg6Thg53hg6Dhg5vhg6Phg5rhg5Dhg6E6PGJyPmRyb3BDYXBmb250V2VpZ2h0dGV4dFRyYW5zZm9ybW5vQm90dG9tU3BhY2luZ25vVG9wU3BhY2luZ3VybGFsdGNhcHRpb25ocmVmaWRzaXplU2x1Z2xpbmtEZXN0aW5hdGlvbm5vQm90dG9tTWFyZ2lubm9Ub3BNYXJnaW5maWx0ZXI8YnI+PHN0cm5nPuGDm+GDmOGDnOGDmOGDqOGDnOGDlOGDkeGDkDogPC9zdHI+4YOQ4YOl4YOS4YOQ4YOl4YOg4YOQIOGDnuGDoOGDmOGDleGDmOGDmuGDmOGDkuGDmOGDoOGDlOGDkeGDo+GDoOGDmCDhg5Dhg6Xhg6rhg5jhg5Thg5Hhg5jhg6Hhg5Ag4YOT4YOQIOGDkuGDkOGDoOGDkOGDnOGDouGDmOGDlOGDkeGDmOGDoSDhg5nhg53hg5vhg57hg53hg5zhg5Thg5zhg6Lhg5gsIOGDmOGDoeGDlOGDleGDlCDhg6Dhg53hg5Lhg53hg6Dhg6og4YOS4YOQ4YOY4YOl4YOV4YOY4YOX4YOU4YOR4YOd4YOT4YOQIOGDoeGDruGDleGDkCDhg5zhg5Thg5Hhg5jhg6Hhg5vhg5jhg5Thg6Dhg5gg4YOV4YOQ4YOa4YOT4YOU4YOR4YOj4YOa4YOU4YOR4YOQLCDhg6Dhg5Dhg5Phg5Lhg5Dhg5wg4YOY4YOh4YOY4YOc4YOYIOGDkuGDkOGDleGDmuGDlOGDnOGDkOGDoSDhg5Dhg6Ag4YOQ4YOu4YOT4YOU4YOc4YOU4YOcIOGDoeGDkOGDnuGDoOGDneGDquGDlOGDnOGDouGDnSDhg6Hhg5Dhg5Lhg5Dhg5Phg5Dhg6Hhg5Dhg67hg5Dhg5Phg50g4YOT4YOQ4YOc4YOQ4YOW4YOd4YOS4YOW4YOUIChJbnRlcmVzdCBUeCBTaGllbGQpLjxicj48YnI+4YOQ4YObIOGDpOGDneGDoOGDm+GDo+GDmuGDlOGDkeGDluGDlCDhg5Phg5Dhg5nhg5Xhg5jhg6Dhg5Xhg5Thg5Hhg5Ag4YOS4YOV4YOQ4YOr4YOa4YOU4YOV4YOhIOGDqOGDlOGDoeGDkOGDq+GDmuGDlOGDkeGDmuGDneGDkeGDkOGDoSDhg5Phg5Dhg5Xhg5jhg5zhg5Dhg67hg53hg5cg4YOX4YOjIOGDoOGDneGDk+GDmOGDoSDhg6jhg5Thg5jhg6vhg5rhg5Thg5Hhg5AgV0FDQy3hg5jhg6Eg4YOb4YOU4YOX4YOd4YOT4YOb4YOQIOGDqOGDlOGDquGDk+GDneGDm+GDkOGDqOGDmCDhg6jhg5Thg5Lhg5Xhg5jhg6fhg5Xhg5Dhg5zhg53hg6EuPGJyPjxicj48c3Jvbmc+MS5JbnJldCBhbmQgTnRPcGVyYXRpb24gTG9zcyBDYXJyeXdyZDwvc3Ryb24+LSDhg6Hhg5Dhg57hg6Dhg53hg6rhg5Thg5zhg6Lhg50g4YOu4YOQ4YOg4YOv4YOU4YOR4YOYIOGDk+GDkCDhg53hg57hg5Thg6Dhg5Dhg6Lhg5jhg6Phg5rhg5gg4YOs4YOQ4YOS4YOU4YOR4YOQIOGDmOGDrOGDleGDlOGDleGDoSDhg6Hhg5Dhg57hg6Dhg53hg6rhg5Thg5zhg6Lhg50t4YOh4YOQ4YOS4YOQ4YOT4YOQ4YOh4YOQ4YOu4YOQ4YOT4YOdIOGDk+GDkOGDnOGDkOGDluGDneGDkuGDmOGDlyDhg5vhg5jhg6bhg5Thg5Hhg6Phg5rhg5gg4YOh4YOQ4YOg4YOS4YOU4YOR4YOa4YOY4YOhIOGDkuGDkOGDk+GDkOGDleGDkOGDk+GDlOGDkeGDkOGDoSDhg5Phg6Dhg53hg6jhg5guIOGDm+GDkOGDkuGDkOGDmuGDmOGDl+GDkOGDkyDhg6jhg5Thg5jhg6vhg5rhg5Thg5Hhg5Ag4YOd4YOg4YOS4YOQ4YOc4YOY4YOW4YOQ4YOq4YOY4YOQIOGDkOGDkuGDoOGDneGDleGDlOGDkeGDk+GDlOGDoSDhg6zhg5Dhg5Lhg5Thg5Hhg5Dhg6EsIOGDoOGDneGDm+GDlOGDmuGDmOGDqiDhg6jhg5Thg5vhg5Phg5Lhg53hg5sg4YOs4YOa4YOU4YOR4YOo4YOYIOGDk+GDkOGDkuGDlOGDnOGDlOGDoOGDlOGDoOGDmOGDoOGDlOGDkeGDo+GDmiDhg5vhg53hg5Lhg5Thg5Hhg5jhg6Eg4YOS4YOQ4YOT4YOQ4YOh4YOQ4YOu4YOQ4YOT4YOY4YOhIOGDqOGDlOGDm+GDoeGDo+GDkeGDo+GDpeGDlOGDkeGDkOGDoSDhg5jhg6zhg5Xhg5Thg5Xhg6EuIOGDkOGDm+GDmOGDouGDneGDmyDhg6Hhg5Dhg57hg6Dhg53hg6rhg5Thg5zhg6Lhg50g4YOu4YOQ4YOg4YOv4YOU4YOR4YOY4YOhIOGDm+GDmOGDlOGDoCDhg5Lhg5Dhg5nhg5Thg5fhg5Thg5Hhg6Phg5rhg5gg4YOb4YOd4YOS4YOU4YOR4YOY4YOhIOGDkuGDkOGDk+GDkOGDoeGDkOGDruGDkOGDk+GDmOGDoSDhg5Phg5Dhg5zhg5Dhg5bhg53hg5Lhg5gg4YOT4YOg4YOd4YOo4YOYIOGDmOGDnOGDkOGDquGDleGDmuGDlOGDkeGDoS4uLiDhg5Dhg6Hhg5Thg5cg4YOo4YOU4YOb4YOX4YOu4YOV4YOU4YOV4YOU4YOR4YOo4YOYIOGDo+GDpOGDoOGDnSDhg5vhg53hg6Hhg5Dhg67hg5Thg6Dhg67hg5Thg5Hhg5Thg5rhg5jhg5AgQVZQIOGDm+GDlOGDl+GDneGDk+GDmOGDoSDhg5Lhg5Dhg5vhg53hg6fhg5Thg5zhg5Thg5Hhg5AsIOGDoOGDkOGDl+GDkCBJVFMt4YOY4YOhIOGDquGDkOGDmuGDmeGDlCDhg57hg6Dhg53hg5Lhg5zhg53hg5bhg5jhg6Dhg5Thg5Hhg5Ag4YOb4YOd4YOu4YOT4YOU4YOhOzxicj48YnI+PHN0cm9uZz4yLiBDYXB0YWxpemRJbnRlcmV0PC9zdHJvbmc+LSDhg5bhg53hg5Lhg5gg4YOl4YOV4YOU4YOn4YOc4YOY4YOhIOGDmeGDkOGDnOGDneGDnOGDm+GDk+GDlOGDkeGDmuGDneGDkeGDmOGDlyDhg5Lhg5Dhg6Dhg5nhg5Xhg5Thg6Phg5og4YOo4YOU4YOb4YOX4YOu4YOV4YOU4YOV4YOU4YOR4YOo4YOYIOGDruGDk+GDlOGDkeGDkCDhg6Hhg5Dhg57hg6Dhg53hg6rhg5Thg5zhg6Lhg50g4YOu4YOQ4YOg4YOv4YOU4YOR4YOY4YOhIOGDmeGDkOGDnuGDmOGDouGDkOGDmuGDmOGDluGDkOGDquGDmOGDkCDhg5Phg5Ag4YOb4YOY4YOh4YOYIOGDqeGDkOGDm+GDneGDrOGDlOGDoOGDkCBDb3NvZiBHb29kcyBTb2xkLeGDqOGDmC4g4YOU4YOhIOGDlOGDruGDlOGDkeGDkCDhg5Lhg6Dhg6vhg5Thg5rhg5Xhg5Dhg5Phg5jhg5Dhg5wg4YOe4YOg4YOd4YOU4YOl4YOi4YOU4YOR4YOhLCDhg6Dhg53hg5Lhg53hg6Dhg5jhg6og4YOQ4YOg4YOY4YOhIOGDoeGDkOGDm+GDneGDpeGDkOGDmuGDkOGDpeGDnSDhg5vhg6jhg5Thg5zhg5Thg5Hhg5rhg53hg5Hhg5AsIOGDkuGDlOGDm+GDl+GDm+GDqOGDlOGDnOGDlOGDkeGDmuGDneGDkeGDkCDhg5Phg5AgLuGDkC7hg6guIOGDkOGDoeGDlOGDl+GDmCDhg5nhg5Dhg57hg5jhg6Lhg5Dhg5rhg5jhg5bhg5Dhg6rhg5jhg5jhg6Hhg5Dhg6EsIOGDoeGDkOGDnuGDoOGDneGDquGDlOGDnOGDouGDnSDhg5Lhg5Dhg6Hhg5Dhg5Xhg5rhg5Thg5Hhg5gg4YOk4YOY4YOl4YOh4YOY4YOg4YOT4YOU4YOR4YOQIOGDm+GDkOGDkuGDoOGDkOGDmyDhg5vhg5Dhg5fhg5gg4YOS4YOQ4YOi4YOQ4YOg4YOU4YOR4YOQIOGDruGDkOGDoOGDr+GDlOGDkeGDqOGDmCDhg5Dhg6Ag4YOu4YOT4YOU4YOR4YOQIOGDk+GDkCDhg6jhg5Thg6Hhg5Dhg5Hhg5Dhg5vhg5jhg6Hhg5Dhg5Mg4YOb4YOd4YOS4YOU4YOR4YOY4YOhIOGDkuGDkOGDk+GDkOGDoeGDkOGDruGDkOGDk+GDmOGDoSDhg5Phg5Dhg5zhg5Dhg5bhg53hg5Lhg5gg4YOQ4YOgIOGDm+GDmOGDmOGDpuGDlOGDkeGDkDsg4YOQ4YOb4YOY4YOi4YOd4YObIEFQViDhg5vhg5Thg5fhg53hg5fhg5jhg6Eg4YOS4YOQ4YOb4YOd4YOn4YOU4YOc4YOU4YOR4YOQ4YOQIOGDoOGDlOGDmeGDneGDm+GDlOGDnOGDk+GDmOGDoOGDlOGDkeGDo+GDmuGDmDs8cj48YnI+PHN0cm9uZz4zLlBhZC1uLUtpbmQgSW5lcmVzdCh6ZXJvIGNvdXBvbiBib25kcyk8L3Nybmc+LSDhg5bhg53hg5Ig4YOo4YOU4YOb4YOX4YOu4YOV4YOU4YOV4YOU4YOR4YOo4YOYIOGDoeGDkOGDnuGDoOGDneGDquGDlOGDnOGDouGDnSDhg67hg5Dhg6Dhg6\/hg5Thg5Hhg5gg4YOS4YOQ4YOT4YOQ4YOu4YOT4YOQIOGDkOGDoCDhg67hg5Phg5Thg5Hhg5Ag4YOb4YOQ4YOS4YOg4YOQ4YObIOGDruGDk+GDlOGDkeGDkCDhg5vhg5Dhg5fhg5gg4YOT4YOQ4YOg4YOY4YOq4YOu4YOV4YOQIOGDk+GDkCDhg5Lhg5Dhg6Lhg5Dhg6Dhg5Thg5Hhg5Ag4YOu4YOQ4YOg4YOU4YOR4YOo4YOYLiDhg5Dhg5vhg5jhg6Lhg53hg5sg4YOh4YOQ4YOe4YOg4YOd4YOq4YOU4YOc4YOi4YOdLeGDoeGDkOGDkuGDkOGDk+GDkOGDoeGDkOGDruGDkOGDk+GDnSDhg5Phg5Dhg5zhg5Dhg5bhg53hg5Lhg5gg4YOT4YOg4YOd4YOo4YOYIOGDo+GDpOGDoOGDnSDhg5Dhg5Phg6Dhg5Qg4YOk4YOY4YOl4YOh4YOY4YOg4YOT4YOU4YOR4YOQIOGDleGDmOGDk+GDoOGDlCDhg6Dhg5Thg5Dhg5rhg6Phg6Dhg5gg4YOh4YOQ4YOe4YOg4YOd4YOq4YOU4YOc4YOi4YOdIOGDkuGDkOGDoeGDkOGDleGDmuGDlOGDkeGDmDs8YnI+PGJyPjx0cm9uZz40LiBDb3N0IG9mIERidHZzIGZmZWN0aXZlIGl0ZXJlc3RyYTwvc3Ryb25nPi0g4YOh4YOQ4YOe4YOg4YOd4YOq4YOU4YOc4YOi4YOdLeGDoeGDkOGDkuGDkOGDk+GDkOGDoeGDkOGDruGDkOGDk+GDnSDhg5Phg5Dhg5zhg5Dhg5bhg53hg5Lhg5gg4YOU4YOk4YOj4YOr4YOc4YOU4YOR4YOQIOGDoeGDkOGDkeGDkOGDmuGDkOGDnOGDoeGDnSDhg5Phg5Ag4YOQ4YOg4YOQIOGDoeGDkOGDkeGDkOGDluGDoOGDnSDhg6rhg5jhg6Thg6Dhg5Thg5Hhg6EuIC3hg5jhg6Eg4YOk4YOd4YOg4YOb4YOj4YOa4YOQIOGDmeGDmCDhg5Thg6fhg6Dhg5Phg5zhg53hg5Hhg5Ag4YOh4YOQ4YOR4YOQ4YOW4YOg4YOdIOGDm+GDneGDnOGDkOGDquGDlOGDm+GDlOGDkeGDoS4g4YOX4YOjIOGDoeGDlOGDoeGDruGDmOGDoSDhg5Thg5vhg5jhg6Hhg5jhg5Phg5Dhg5wg4YOS4YOQ4YOg4YOZ4YOV4YOU4YOj4YOa4YOYIOGDnuGDlOGDoOGDmOGDneGDk+GDmOGDoSDhg6jhg5Thg5vhg5Phg5Thg5Ig4YOb4YOd4YOu4YOT4YOQIOGDm+GDnOGDmOGDqOGDleGDnOGDlOGDmuGDneGDleGDkOGDnOGDmCDhg6rhg5Xhg5rhg5jhg5rhg5Thg5Hhg5Thg5Hhg5gg4YOR4YOQ4YOW4YOQ4YOg4YOW4YOUICjhg5vhg5Dhg5IuIOGDmOGDnOGDpOGDmuGDkOGDquGDmOGDkCkg4YOh4YOQ4YOR4YOQ4YOa4YOQ4YOc4YOh4YOdIOGDk+GDkCDhg6Hhg5Dhg5Hhg5Dhg5bhg6Dhg50g4YOb4YOd4YOc4YOQ4YOq4YOU4YOb4YOU4YOR4YOYIOGDlOGDoOGDl+GDm+GDkOGDnOGDlOGDl+GDoSDhg5Dhg6rhg5Phg5Thg5Hhg5AuIOGDoOGDneGDkuGDneGDoOGDqiDhg6zhg5Thg6Hhg5gg4YOU4YOhIOGDquGDk+GDneGDm+GDmOGDmuGDlOGDkeGDkCDhg5vhg5zhg5jhg6jhg5Xhg5zhg5Thg5rhg53hg5Xhg5Dhg5zhg5gg4YOQ4YOgIOGDkOGDoOGDmOGDoSDhg67hg53hg5rhg5vhg5Qg4YOb4YOQ4YOS4YOg4YOQ4YObLCDhg5bhg53hg5Lhg6\/hg5Thg6Ag4YOo4YOU4YOY4YOr4YOa4YOU4YOR4YOQIOGDmOGDp+GDneGDoSDhg5vhg5zhg5jhg6jhg5Xhg5zhg5Thg5rhg53hg5Xhg5Dhg5zhg5guLi48YnI+PGJyPjxzcm5nPuGDk+GDkOGDkeGDneGDmuGDneGDoSwgPC9zdHJvbj7hg5jhg6Hhg5Thg5Xhg5Qg4YOg4YOd4YOS4YOd4YOg4YOqIOGDkuGDlOGDnOGDlOGDoOGDkOGDmuGDo+GDoOGDmCBVbi1sZXZlci9SZS1MZXZlciDhg6Thg53hg6Dhg5vhg6Phg5rhg5jhg5Phg5Dhg5wg4YOn4YOQ4YOa4YOY4YOR4YOT4YOU4YOR4YOQIDQg4YOS4YOQ4YOc4YOh4YOu4YOV4YOQ4YOV4YOU4YOR4YOj4YOa4YOYIOGDleGDlOGDoOGDoeGDmOGDkCDhg5nhg53hg5vhg57hg5Dhg5zhg5jhg5jhg6Eg4YOh4YOe4YOU4YOq4YOY4YOk4YOY4YOZ4YOY4YOT4YOQ4YOcIOGDkuGDkOGDm+GDneGDm+GDk+GDmOGDnOGDkOGDoOGDlCwg4YOo4YOU4YOh4YOQ4YOr4YOa4YOU4YOR4YOU4YOa4YOY4YOQIOGDqeGDkOGDm+GDneGDp+GDkOGDmuGDmOGDkeGDk+GDlOGDoSBXQUNDLeGDmOGDoSDhg5Xhg5Thg6Dhg6Hhg5jhg5Thg5Hhg5jhg6ogKOGDo+GDpOGDoOGDnSDhg5Phg5Thg6Lhg5Dhg5rhg6Phg6Dhg5Dhg5M6IDxhIHJlZj0iaHRwczovL2VvbmludmVzdGVudC5jb20vMjAyNS8wOC8wMi80LXZlcnNvbi1vZi11bi12ZXJpbmctZm9ybXVscy8iPjRWZXJzaW9ucyBvZiBVbi1MZXZlcmluZ0Zvcm1sYTwvYT4pLCDhg6Dhg53hg5vhg5Thg5rhg6Lhg5Ag4YOh4YOs4YOd4YOg4YOYIOGDkOGDnuGDmuGDmOGDmeGDkOGDquGDmOGDkCDhg5Dhg5Lhg5Xhg5Dhg6Dhg5jhg5Phg5Thg5Hhg6Eg4YOb4YOr4YOY4YOb4YOUIOGDqOGDlOGDquGDk+GDneGDm+GDkOGDoTrhg5bhg53hg5Ig4YOo4YOU4YOb4YOX4YOu4YOV4YOU4YOV4YOQ4YOo4YOYIOGDneGDoOGDkuGDkOGDnOGDmOGDluGDkOGDquGDmOGDmOGDoSDhg6jhg5Thg6Thg5Dhg6Hhg5Thg5Hhg5jhg6Hhg5Dhg6Eg4YOk4YOj4YOa4YOQ4YOT4YOYIOGDnOGDkOGDmeGDkOGDk+GDlOGDkeGDmOGDoSDhg5Phg5jhg6Hhg5nhg53hg5zhg6Lhg5jhg6Dhg5Thg5Hhg5jhg6Hhg5fhg5Xhg5jhg6EgV0FDQyDhg5vhg5Thg5fhg53hg5Phg5jhg6Eg4YOS4YOQ4YOb4YOd4YOn4YOc4YOU4YOR4YOQIOGDqOGDlOGDquGDk+GDneGDm+GDkOGDqOGDmCDhg6jhg5Thg5vhg6fhg5Xhg5Dhg5zhg5jhg5Ag4YOT4YOQIOGDo+GDm+GDr+GDneGDkeGDlOGDoeGDmOGDkCBBUFYg4YOb4YOU4YOX4YOd4YOT4YOY4YOhIOGDkuGDkOGDm+GDneGDp+GDlOGDnOGDlOGDkeGDkC4g4YOQ4YOb4YOY4YOhIOGDkuGDkOGDoeGDkOGDkOGDluGDoOGDlOGDkeGDmuGDkOGDkyDhg5nhg5Dhg6Dhg5Lhg5jhg5AgV0FDQy3hg5jhg6Eg4YOb4YOd4YOT4YOY4YOk4YOY4YOq4YOY4YOg4YOU4YOR4YOj4YOaIOGDpOGDneGDoOGDm+GDo+GDmuGDkOGDluGDlCDhg5Phg5Dhg5nhg5Xhg5jhg6Dhg5Xhg5Thg5Hhg5AsIOGDoeGDkOGDk+GDkOGDqiDhg5jhg6EgSW50ZXJlc3QgVGF4IFNoaWVsZC3hg5jhg6Eg4YOm4YOY4YOg4YOU4YOR4YOj4YOa4YOU4YOR4YOY4YOhIOGDpOGDo+GDnOGDpeGDquGDmOGDkOGDkyDhg6nhg5Dhg5zhg6EuIOGDmeGDlOGDoOGDq+GDneGDkywg4YOg4YOd4YOq4YOQ4YOb4YOU4YOX4YOT4YOhIOGDm+GDmOGDleGDp+GDkOGDleGDkOGDoOGDlyDhg6jhg5Thg6rhg5Phg53hg5vhg5Dhg5vhg5Phg5Thg51zdGF0ZXZlcnNpb24gLyAvIC8gLyAvIC8gLyAvIC8gLyAvIC8gLyAvIC8gLyAvIC8mbmJzcDsmbmJzcDsmbmJzcDsmbmJzcDtzdGF0ZXZlcnNpb25zdGF0ZXZlcnNpb25kb2N1bWVudGRhdGVkb2N1bWVudHNsdWdkb2N1bWVudHN0YXR1c2RvY3VtZW50dGl0bGUgV0FDQyBkb2N1bWVudGNvbnRlbnQ8IS0tIHdwOnBhcmFncmFwaCAtLT4KPHA+ZG9jdW1lbnRleGNlcnB0ZG9jdW1lbnRhdXRob3Jkb2N1bWVudGZlYXR1cmVkX21lZGlhZG9jdW1lbnRjb21tZW50X3N0YXR1c2RvY3VtZW50cGluZ19zdGF0dXNkb2N1bWVudHN0aWNreWRvY3VtZW50dGVtcGxhdGVkb2N1bWVudGZvcm1hdGRvY3VtZW50bWV0YV9jb2Jsb2Nrc19hdHRyX2NvYmxvY2tzX2RpbWVuc2lvbnNfY29ibG9ja3NfcmVzcG9uc2l2ZV9oZWlnaHRfY29ibG9ja3NfYWNjb3JkaW9uX2llX3N1cHBvcnRhZHZhbmNlZF9zZW9fZGVzY3JpcHRpb25qZXRwYWNrX3Nlb19odG1sX3RpdGxlamV0cGFja19zZW9fbm9pbmRleGpldHBhY2tfcG9zdF93YXNfZXZlcl9wdWJsaXNoZWRfamV0cGFja19uZXdzbGV0dGVyX2FjY2Vzc19qZXRwYWNrX2RvbnRfZW1haWxfcG9zdF90b19zdWJzX2pldHBhY2tfbmV3c2xldHRlcl90aWVyX2lkX2pldHBhY2tfbWVtYmVyc2hpcHNfY29udGFpbnNfcGF5d2FsbGVkX2NvbnRlbnRfamV0cGFja19tZW1iZXJzaGlwc19jb250YWluc19wYWlkX2NvbnRlbnRmb290bm90ZXNqZXRwYWNrX3B1YmxpY2l6ZV9tZXNzYWdlamV0cGFja19wdWJsaWNpemVfZmVhdHVyZV9lbmFibGVkamV0cGFja19zb2NpYWxfcG9zdF9hbHJlYWR5X3NoYXJlZGpldHBhY2tfc29jaWFsX29wdGlvbnNkb2N1bWVudGNhdGVnb3JpZXNkb2N1bWVudHRhZ3Nkb2N1bWVudGJsb2Nrc2NsaWVudElkaXNWYWxpZG9yaWdpbmFsQ29udGVudG5hbWVhdHRyaWJ1dGVzY29udGVudGRyb3BDYXBmb250V2VpZ2h0dGV4dFRyYW5zZm9ybW5vQm90dG9tU3BhY2luZ25vVG9wU3BhY2luZ2lubmVyQmxvY2tzY2xpZW50SWRpc1ZhbGlkb3JpZ2luYWxDb250ZW50bmFtZWF0dHJpYnV0ZXN1cmxhbHRjYXB0aW9uaHJlZmlkc2l6ZVNsdWdsaW5rRGVzdGluYXRpb25ub0JvdHRvbU1hcmdpbm5vVG9wTWFyZ2luZmlsdGVyaW5uZXJCbG9ja3NjbGllbnRJZGlzVmFsaWRvcmlnaW5hbENvbnRlbnRuYW1lYXR0cmlidXRlc2NvbnRlbnRkcm9wQ2FwZm9udFdlaWdodHRleHRUcmFuc2Zvcm1ub0JvdHRvbVNwYWNpbmdub1RvcFNwYWNpbmdpbm5lckJsb2Nrc2NsaWVudElkaXNWYWxpZG9yaWdpbmFsQ29udGVudG5hbWVhdHRyaWJ1dGVzdXJsYWx0Y2FwdGlvbmhyZWZpZHNpemVTbHVnbGlua0Rlc3RpbmF0aW9ubm9Cb3R0b21NYXJnaW5ub1RvcE1hcmdpbmZpbHRlcmlubmVyQmxvY2tzY2xpZW50SWRpc1ZhbGlkb3JpZ2luYWxDb250ZW50bmFtZWF0dHJpYnV0ZXNjb250ZW50ZHJvcENhcGZvbnRXZWlnaHR0ZXh0VHJhbnNmb3Jtbm9Cb3R0b21TcGFjaW5nbm9Ub3BTcGFjaW5naW5uZXJCbG9ja3NjbGllbnRJZGlzVmFsaWRvcmlnaW5hbENvbnRlbnRuYW1lYXR0cmlidXRlc3VybGFsdGNhcHRpb25ocmVmaWRzaXplU2x1Z2xpbmtEZXN0aW5hdGlvbm5vQm90dG9tTWFyZ2lubm9Ub3BNYXJnaW5maWx0ZXJpbm5lckJsb2Nrc2NsaWVudElkaXNWYWxpZG9yaWdpbmFsQ29udGVudG5hbWVhdHRyaWJ1dGVzY29udGVudGRyb3BDYXBmb250V2VpZ2h0dGV4dFRyYW5zZm9ybW5vQm90dG9tU3BhY2luZ25vVG9wU3BhY2luZ2lubmVyQmxvY2tzY2xpZW50SWRpc1ZhbGlkb3JpZ2luYWxDb250ZW50bmFtZWF0dHJpYnV0ZXNjb250ZW50b29uZyBhdCB0ZXNlIGZvcmFzIGdpZSBzIHQgYmlpdCB0byBzZSBlbiB0ZSBXQUNDIHRvIGdodG1pc2xlYSB1c2Ryb3BDYXBmb250V2VpZ2h0dGV4dFRyYW5zZm9ybW5vQm90dG9tU3BhY2luZ25vVG9wU3BhY2luZ2lubmVyQmxvY2tzc3RhdGVzYXZlZEF0c3RhdGVzYXZlZEJ5BQeHDLQGgAEsjgWAAa4DBLYBBIEIBJMHBJAEBLgGBI8LhgE1KyoIBw8ECkMABwQCCA8OCwYLCAcPBAoHuAEHCg0PDAsSHBkHoAEHCg0PDEMABwQCCA8OCwYHKgcKDQ8MQwAHBAIIDw4LBgcwBwoNDwxDAAcEAggPDgsGCBMDgAOOAgdCAAcBFAECB5IHBQEGCrABtQQQQgAJBRYBA5YDEgIDCgYClwGCA6wBAQUOuwIGDxkCBw0FFwQCOaQEBAECARYBBQdCEAxGAAUHBQcIBAgECAYIBQYIBxkIBwgGCA4IDggLCAZIAQYIBA4UGx4YFhMfGiAbLyoJGSEiFggKCAQIBggHDwQKRwAKDQ8MCwgHDwQKQwAHBAIIDw4LBgsIBw8ECkcACg0PDAsIBw8ECkMABwQCCA8OCwYLCAcPBApHAAoNDwwLCAcPBApDAAcEAggPDgsGCwgHDwQKRwAKDQ8MCwgHDwQKB0EAAkEHAwECQRUCBUEHAkECBwoNDwwLBQcFBxUBAABSAQYAAAEAAAABCAARAQIAbgEmQQACAEEAAgBCBwEAQQACAEEAAEEAAEEAAEEAAEEAAEEAAEEAAgDGAQECAQIBAkEAQgEbQQBCAAFCCwFCAUEAsAQBrAEBEAE2ARABPAEQAbwmQRuHBkE8AkECtAFBAkIRQRFCFkEAQhZBAAhCBEEEBAYRnQK6CoIBugWCAYUGqyyaAYEBLa4XLpEGsAMGuAEGgwgGlQcGkgQGugYGmAw3LSpBHbAEQQQZAaoBQREvQRY6QRawAkEIAgEDQQECQQICAQJBAAJBB7sXAbEEARABoAIBgAIBsAQBrAEBEAE2ARABPAEQAbwmARABhAJBAASUAgB9AXh3CmNvcmUvaW1hZ2V3SGh0dHBzOi8vZW9uaW52ZXN0bWVudC5jb20vd3AtY29udGVudC91cGxvYWRzLzIwMjQvMDQvaW1hZ2UtMzQucG5nP3c9MTAyNHcAd0FodHRwczovL2VvbmludmVzdG1lbnQuY29tL3dwLWNvbnRlbnQvdXBsb2Fkcy8yMDI0LzA0L2ltYWdlLTM0LnBuZ32\/bHcFbGFyZ2V3BW1lZGlheXl3BG5vbmV3JDkxMDI3ZGRhLTg5NmMtNDMyMi04ZmNlLWFmMmNlZWQ4MmMwZHh3jwE8cD7hg6zhg6fhg5Dhg6Dhg506PGJyIC8+Q29ycG9yYXRlIFZhbHVhdGlvbiBUaGVvcnksIEV2aWRlbmNlIGFuZCBQcmFjdGljZTxiciAvPk1hcmsgRS4gWm1pamV3c2tpOyBSb2JlcnQgVy4gSG9sdGhhdXNlbjxiciAvPlNlY29uZCBFZGl0aW9uPC9wPncOY29yZS9wYXJhZ3JhcGh5dwB3AHl5d4sCPHA+4YOX4YOjIOGDkOGDleGDmOGDpuGDlOGDkeGDlyAi4YOS4YOQ4YOc4YOa4YOU4YOV4YOU4YOg4YOU4YOR4YOY4YOhIiDhg5bhg53hg5Lhg5Dhg5Mg4YOk4YOd4YOg4YOb4YOj4YOa4YOQ4YOhICjhg57hg6Dhg5jhg5Xhg5jhg5rhg5Thg5Lhg5jhg6Dhg5Thg5Hhg6Phg5rhg5gg4YOQ4YOl4YOq4YOY4YOU4YOR4YOY4YOh4YOQIOGDk+GDkCDhg6Hhg67hg5Xhg5Ag4YOS4YOQ4YOg4YOQ4YOc4YOi4YOY4YOU4YOR4YOY4YOhIOGDqeGDkOGDl+GDleGDmuGDmOGDlyk8L3A+dw5jb3JlL3BhcmFncmFwaHl3AHcAeXl3CmNvcmUvaW1hZ2V3R2h0dHBzOi8vZW9uaW52ZXN0bWVudC5jb20vd3AtY29udGVudC91cGxvYWRzLzIwMjQvMDQvaW1hZ2UtMzUucG5nP3c9OTY2dwB3QWh0dHBzOi8vZW9uaW52ZXN0bWVudC5jb20vd3AtY29udGVudC91cGxvYWRzLzIwMjQvMDQvaW1hZ2UtMzUucG5nfYJtdwVsYXJnZXcFbWVkaWF5eXcEbm9uZXdxPHA+4YOo4YOU4YOb4YOT4YOU4YOSIOGDkuGDkOGDm+GDneGDleGDkOGDmeGDmuGDlOGDkeGDlyBXQUNDLeGDmOGDoSDhg5bhg53hg5Lhg5Dhg5Mg4YOk4YOd4YOg4YOb4YOj4YOa4YOQ4YOhOjwvcD53DmNvcmUvcGFyYWdyYXBoeXcAdwB5eXcKY29yZS9pbWFnZXdHaHR0cHM6Ly9lb25pbnZlc3RtZW50LmNvbS93cC1jb250ZW50L3VwbG9hZHMvMjAyNC8wNC9pbWFnZS0zNi5wbmc\/dz02ODh3AHdBaHR0cHM6Ly9lb25pbnZlc3RtZW50LmNvbS93cC1jb250ZW50L3VwbG9hZHMvMjAyNC8wNC9pbWFnZS0zNi5wbmd9hG13BWxhcmdldwVtZWRpYXl5dwRub25ld4EBPHA+PGJyIC8+4YOb4YOY4YOV4YOY4YOm4YOU4YOR4YOXIOGDkOGDoeGDlOGDlyDhg6jhg5Thg5Phg5Dhg6Dhg5Thg5Hhg5jhg5cg4YOb4YOQ4YOg4YOi4YOY4YOVIOGDpOGDneGDoOGDm+GDo+GDmuGDkOGDoTo8YnIgLz48L3A+dw5jb3JlL3BhcmFncmFwaHl3AHcAeXl3CmNvcmUvaW1hZ2V3R2h0dHBzOi8vZW9uaW52ZXN0bWVudC5jb20vd3AtY29udGVudC91cGxvYWRzLzIwMjQvMDQvaW1hZ2UtMzcucG5nP3c9NTg0dwB3QWh0dHBzOi8vZW9uaW52ZXN0bWVudC5jb20vd3AtY29udGVudC91cGxvYWRzLzIwMjQvMDQvaW1hZ2UtMzcucG5nfYZtdwVsYXJnZXcFbWVkaWF5eXcEbm9uZXfFLTxwPjxiciAvPjxzdHJvbmc+4YOb4YOY4YOc4YOY4YOo4YOc4YOU4YOR4YOQOiA8L3N0cm9uZz7hg5Dhg6Ug4YOS4YOQ4YOl4YOg4YOQIOGDnuGDoOGDmOGDleGDmOGDmuGDmOGDkuGDmOGDoOGDlOGDkeGDo+GDoOGDmCDhg5Dhg6Xhg6rhg5jhg5Thg5Hhg5jhg6Hhg5Ag4YOT4YOQIOGDkuGDkOGDoOGDkOGDnOGDouGDmOGDlOGDkeGDmOGDoSDhg5nhg53hg5vhg57hg53hg5zhg5Thg5zhg6Lhg5gsIOGDmOGDoeGDlOGDleGDlCDhg6Dhg53hg5Lhg53hg6Dhg6og4YOS4YOQ4YOY4YOl4YOV4YOY4YOX4YOU4YOR4YOd4YOT4YOQIOGDoeGDruGDleGDkCDhg5zhg5Thg5Hhg5jhg6Hhg5vhg5jhg5Thg6Dhg5gg4YOV4YOQ4YOa4YOT4YOU4YOR4YOj4YOa4YOU4YOR4YOQLCDhg6Dhg5Dhg5Phg5Lhg5Dhg5wg4YOY4YOh4YOY4YOc4YOYIOGDkuGDkOGDleGDmuGDlOGDnOGDkOGDoSDhg5Dhg6Ag4YOQ4YOu4YOT4YOU4YOc4YOU4YOcIOGDoeGDkOGDnuGDoOGDneGDquGDlOGDnOGDouGDnSDhg6Hhg5Dhg5Lhg5Dhg5Phg5Dhg6Hhg5Dhg67hg5Dhg5Phg50g4YOT4YOQ4YOc4YOQ4YOW4YOd4YOS4YOW4YOUIChJbnRlcmVzdCBUYXggU2hpZWxkKS48YnIgLz48YnIgLz7hg5Dhg5sg4YOk4YOd4YOg4YOb4YOj4YOa4YOU4YOR4YOW4YOUIOGDk+GDkOGDmeGDleGDmOGDoOGDleGDlOGDkeGDkCDhg5Lhg5Xhg5Dhg6vhg5rhg5Thg5Xhg6Eg4YOo4YOU4YOh4YOQ4YOr4YOa4YOU4YOR4YOa4YOd4YOR4YOQ4YOhIOGDk+GDkOGDleGDmOGDnOGDkOGDruGDneGDlyDhg5fhg6Mg4YOg4YOd4YOT4YOY4YOhIOGDqOGDlOGDmOGDq+GDmuGDlOGDkeGDkCBXQUNDLeGDmOGDoSDhg5vhg5Thg5fhg53hg5Phg5vhg5Ag4YOo4YOU4YOq4YOT4YOd4YOb4YOQ4YOo4YOYIOGDqOGDlOGDkuGDleGDmOGDp+GDleGDkOGDnOGDneGDoS48YnIgLz48YnIgLz48c3Ryb25nPjEuIEludGVyZXN0IGFuZCBOZXQgT3BlcmF0aW9uIExvc3MgQ2Fycnlmb3J3YXJkcyA8L3N0cm9uZz4tIOGDoeGDkOGDnuGDoOGDneGDquGDlOGDnOGDouGDnSDhg67hg5Dhg6Dhg6\/hg5Thg5Hhg5gg4YOT4YOQIOGDneGDnuGDlOGDoOGDkOGDouGDmOGDo+GDmuGDmCDhg6zhg5Dhg5Lhg5Thg5Hhg5Ag4YOY4YOs4YOV4YOU4YOV4YOhIOGDoeGDkOGDnuGDoOGDneGDquGDlOGDnOGDouGDnS3hg6Hhg5Dhg5Lhg5Dhg5Phg5Dhg6Hhg5Dhg67hg5Dhg5Phg50g4YOT4YOQ4YOc4YOQ4YOW4YOd4YOS4YOY4YOXIOGDm+GDmOGDpuGDlOGDkeGDo+GDmuGDmCDhg6Hhg5Dhg6Dhg5Lhg5Thg5Hhg5rhg5jhg6Eg4YOS4YOQ4YOT4YOQ4YOV4YOQ4YOT4YOU4YOR4YOQ4YOhIOGDk+GDoOGDneGDqOGDmC4g4YOb4YOQ4YOS4YOQ4YOa4YOY4YOX4YOQ4YOTIOGDqOGDlOGDmOGDq+GDmuGDlOGDkeGDkCDhg53hg6Dhg5Lhg5Dhg5zhg5jhg5bhg5Dhg6rhg5jhg5Ag4YOQ4YOS4YOg4YOd4YOV4YOU4YOR4YOT4YOU4YOhIOGDrOGDkOGDkuGDlOGDkeGDkOGDoSwg4YOg4YOd4YOb4YOU4YOa4YOY4YOqIOGDqOGDlOGDm+GDk+GDkuGDneGDmyDhg6zhg5rhg5Thg5Hhg6jhg5gg4YOT4YOQ4YOS4YOU4YOc4YOU4YOg4YOU4YOg4YOY4YOg4YOU4YOR4YOj4YOaIOGDm+GDneGDkuGDlOGDkeGDmOGDoSDhg5Lhg5Dhg5Phg5Dhg6Hhg5Dhg67hg5Dhg5Phg5jhg6Eg4YOo4YOU4YOb4YOh4YOj4YOR4YOj4YOl4YOU4YOR4YOQ4YOhIOGDmOGDrOGDleGDlOGDleGDoS4g4YOQ4YOb4YOY4YOi4YOd4YObIOGDoeGDkOGDnuGDoOGDneGDquGDlOGDnOGDouGDnSDhg67hg5Dhg6Dhg6\/hg5Thg5Hhg5jhg6Eg4YOb4YOY4YOU4YOgIOGDkuGDkOGDmeGDlOGDl+GDlOGDkeGDo+GDmuGDmCDhg5vhg53hg5Lhg5Thg5Hhg5jhg6Eg4YOS4YOQ4YOT4YOQ4YOh4YOQ4YOu4YOQ4YOT4YOY4YOhIOGDk+GDkOGDnOGDkOGDluGDneGDkuGDmCDhg5Phg6Dhg53hg6jhg5gg4YOY4YOc4YOQ4YOq4YOV4YOa4YOU4YOR4YOhLi4uIOGDkOGDoeGDlOGDlyDhg6jhg5Thg5vhg5fhg67hg5Xhg5Thg5Xhg5Thg5Hhg6jhg5gg4YOj4YOk4YOg4YOdIOGDm+GDneGDoeGDkOGDruGDlOGDoOGDruGDlOGDkeGDlOGDmuGDmOGDkCBBVlAg4YOb4YOU4YOX4YOd4YOT4YOY4YOhIOGDkuGDkOGDm+GDneGDp+GDlOGDnOGDlOGDkeGDkCwg4YOg4YOQ4YOX4YOQIElUUy3hg5jhg6Eg4YOq4YOQ4YOa4YOZ4YOUIOGDnuGDoOGDneGDkuGDnOGDneGDluGDmOGDoOGDlOGDkeGDkCDhg5vhg53hg67hg5Phg5Thg6E7PGJyIC8+PGJyIC8+PHN0cm9uZz4yLiBDYXBpdGFsaXplZCBJbnRlcmVzdDwvc3Ryb25nPiAtIOGDluGDneGDkuGDmCDhg6Xhg5Xhg5Thg6fhg5zhg5jhg6Eg4YOZ4YOQ4YOc4YOd4YOc4YOb4YOT4YOU4YOR4YOa4YOd4YOR4YOY4YOXIOGDkuGDkOGDoOGDmeGDleGDlOGDo+GDmiDhg6jhg5Thg5vhg5fhg67hg5Xhg5Thg5Xhg5Thg5Hhg6jhg5gg4YOu4YOT4YOU4YOR4YOQIOGDoeGDkOGDnuGDoOGDneGDquGDlOGDnOGDouGDnSDhg67hg5Dhg6Dhg6\/hg5Thg5Hhg5jhg6Eg4YOZ4YOQ4YOe4YOY4YOi4YOQ4YOa4YOY4YOW4YOQ4YOq4YOY4YOQIOGDk+GDkCDhg5vhg5jhg6Hhg5gg4YOp4YOQ4YOb4YOd4YOs4YOU4YOg4YOQIENvc3Qgb2YgR29vZHMgU29sZC3hg6jhg5guIOGDlOGDoSDhg5Thg67hg5Thg5Hhg5Ag4YOS4YOg4YOr4YOU4YOa4YOV4YOQ4YOT4YOY4YOQ4YOcIOGDnuGDoOGDneGDlOGDpeGDouGDlOGDkeGDoSwg4YOg4YOd4YOS4YOd4YOg4YOY4YOqIOGDkOGDoOGDmOGDoSDhg6Hhg5Dhg5vhg53hg6Xhg5Dhg5rhg5Dhg6Xhg50g4YOb4YOo4YOU4YOc4YOU4YOR4YOa4YOd4YOR4YOQLCDhg5Lhg5Thg5vhg5fhg5vhg6jhg5Thg5zhg5Thg5Hhg5rhg53hg5Hhg5Ag4YOT4YOQIC7hg5Au4YOoLiDhg5Dhg6Hhg5Thg5fhg5gg4YOZ4YOQ4YOe4YOY4YOi4YOQ4YOa4YOY4YOW4YOQ4YOq4YOY4YOY4YOh4YOQ4YOhLCDhg6Hhg5Dhg57hg6Dhg53hg6rhg5Thg5zhg6Lhg50g4YOS4YOQ4YOh4YOQ4YOV4YOa4YOU4YOR4YOYIOGDpOGDmOGDpeGDoeGDmOGDoOGDk+GDlOGDkeGDkCDhg5vhg5Dhg5Lhg6Dhg5Dhg5sg4YOb4YOQ4YOX4YOYIOGDkuGDkOGD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