ࡱ> Fqר@E(ǔPJFIF4Photoshop 3.08BIM8BIM8BIM' 8BIMH/fflff/ff2Z5-8BIMp8BIMAdobed         W  s!1AQa"q2B#R3b$r%C4Scs5D'6Tdt& EFVU(eufv7GWgw8HXhx)9IYiy*:JZjzm!1AQa"q2#BRbr3$4CS%cs5DT &6E'dtU7()󄔤euFVfvGWgw8HXhx9IYiy*:JZjz@ ?e鳐O =3l1Q,'ҹm4Z*{ۘci ȸ&D.X7*/p)pGGoP+ x]IdZG0Qҭ"ܸ[>aqk/(GK)"hJHbs(8geVcTtmjJ؂SԍAFP0mVT)∻cYH*<1J XWz``UHbHNKK}1ZhBkcYzhzxd db4 Fo:a1w0*"82,Ӗ#:`KCZa Kn ]seĆ?y7k!*әG\,HKeDB$L,Zت\P\R1U6 ep]AQd5†+|qV"7YcGߐnS4((9_h VFDEq,ÊTg(_1W=WZZ*YDj:|b"P 1H%_TW[$ V5+v$v…E1U(-*Wv,#\(n&OCBA}0YMhsH$OQ(r[OpV;@`~*xdxK.!w^R1dt; ,S Jo+9 ;d$H7Id #!Xá5RL{ↂSqwUPmMDb R27lYR&NI~Y7NEomAndRUBG큒W%OoZ1,UFKzm uƞ  XJdH;$슎D0!~(䵌 6\,ZD[ܚ(Y,2( WRNءbMXc(ZblUiq>iقMŀ2B69TZt+WЂ ZE"ح)-0)lE#@{O6-[ F HrDX,ԀOi r\M%ȎxIݘմe35g 8ƪpC.䭬1GӊUU)"^ CUnń@VhQFH-!"{wN,T8Q2mDRawgo=14$M۶Dl#[%6(*\p|mT*iqB.(fm%P%)Lӛ7Ȗa89[OmHpzm>;S+,kJE*P& Wp]h**(ShE!faLJAk!$eVڞ0ZJZrNd ]ka,@$sk^N&'BVQc[Jl6…DvRB]:w/э-#ׅUlȧ֕VΦmH>}avĔ.;TKp QmJmtM2 R1؏lGWZ]b +T7љ)U$Mͧ1ϷӏU< \A1{h0(#(YxDDz G-8[0N[ƿΙ+aK㊪%Q̠4iXpTn!pb[¤>6geP 7Ǫw! D׷R9hkI$ 7!8ޕ;bѱE(4ō7TTmU(.yĤ#͚/ӑ@&xF[b ȳrM"]!+p&uikM0YD YugfEM|wkC\3NTP\UoUk 2EQ K.,m\,CK 3ikȳQQEIj޸LnDžk@]T a#`4ڀ0[*B\Z\ ,,2n˹E!%▪(V=8^G$, ֒!eb&$ %Pliih(J@Ml􈹇^Dɗ kY,EfolR㊷]L }ӯdKN C\!słWL+ 8fEq"3Y Xh&]q/n-%h5=N .}2zc(a:@\H9Y(*rAj5}_aM;+bo\U?Z|nDūey.WtUX^JJ)$' !q59 UYcu߾1U[> ۍȖا6ֲ!REE|24&8|dN\m*0%]FJzkɂr}JdK{Y]c4v+GirR(EbuSة߮W:q+l[k*MU&(VC?0nLæ#VjW1,%TO&I<:E%͢3$BK^JyfUytO l(=D*ĂXրm㍢ Lm4=;ak:m:xFJ2٫6E)E#mae4=r$8֋,¨\ nWت)]\wR b¯:Aaڻnen4Y4[7jEh.7@(EqGT%x&hIuH1)GOKPhiNsg؛~eKb #bTv„˺ͪA&}ƙ1mKtgVi '%md.…bCgRhpUco",(rS1eJcJZZ-eXUZG(+,T&=p4j|UǕv`Te[dobL2+(SQ]%,)$>VWɴ"l!6iOdjz`d DF02 0%YF,H {ڿE(o@hZRͦxunzMGi0d&.L)8/'uhePml;Եs'CNC<Ѵ֡RLnA*Qj,HT h%Je;+M j󕷙SoGi8zw+0uQ$%q@Dx~uinn~xUiȒiߊe#ub[OWDH@EBPW;|Yuq_f.< _@^Sys]Ve~͜njdۆI ZhNJצآp-0xkHY !m1DkBE4QP))qKaqUqV)ZLRUՐ)B: 2REYZJF! %4QylT 8C!coQ`SrVM|$1_rgRO ܀>:'YIhHӦYmF,ADQz.ɳ sESD!vhO-92͋]&M2i 8dY KLPM1FI?G|St_"wvB^\VAF CG}Q)ϑ˻guq]Or1J5])GhH<'e\3!*юVzCSF!WePe-VI %7ZU͵yqu[/m^Nc^?`vKy}1W "jy$RLx"=mQFOC"38%P0u=MG _`J%8Y$T>۳OL@ )uЎZWjz~k{]_]C{+ͧ#H y&9/Q6KGaF8gX 3(-yƀ ToV n?n7'!Ly29j+Ÿ>iG.ce?^XXEh}jՎM{3 y&ㅛqZ+ZS5Zh1Zpb%1Z\]*bUbג'N{fSU`SULR4nbךrM۸i ]]cHA˧yEho,LPztT0M!Wf3\? K":UV]\Kkn0GzJ@\,oҋCckI]śEDa}=H!U8ةI刹]_6q"M 7R:#lQ+mZ.ʝåi[9Ȏ-"'' z˸~Jq…Wu䡢֯L$-+ "DĎ8)*KԜJm6k,lPTGN;f42~gWNfR95yu2'mMz㸞I $v-I1 q#dPG(U`dw9[BB \8Tؖ Hh-moi5WmFxnR I"SNℾI@Yg>v5)0}<ҁIr 4y%:Tiޝ` ?Ly!"G Qʁ"[{=,Lљhة%=A͏h"\W.2;DhZ3#|+S|yH)WތfU!b#JW"*m -##`;i )pBr(rI e6h5뿗ALmR0LcfΟ;8躍^LpLU1K [>aug |?y.SIcLPA;:eu1KT *1WSwUb*1WSu1WSnВČuKSҞRc#0 @劬% <UNd2SmL(!I옮^ P&# >J`eH66Ɩ M%a]kª4K]-xT X;R:qO`*i#Ց9*-iX{:m. @ӣbTS1U@jP;b@߅VE#o|U1hԕ*Xry3I4^8*6USn lc͂F;T𜰜 Q#lbavz14nCAM=649g,A2I͗G bj2aNGR8Ifc\'fo0j減CRQ>O» Ξ&8Ylˊ"15\'[sht[{5ZxVs@O?5Ek%x0si3Hx 4C5k!E~Dœ.=!fK{@X^lFYDfߏT1V㷍'oq=6  B*d2{֖4m-%@$PQ!J⽆+JȒ (x5*126q*;+eSoe#Y8Zr'…9?N {Dq E )) SBѻC*ySAT^ ޝ1) ?$7`>PsOzGR[5U>x7MSK<2EqIn9̄+rAZ7y[c+ ?0iCE*FKmUwQ%!V5MwB8LV;@]icFHOI|7KC;C2+3N.^A[c](bݢSbM(+[D F52cW5`Tcu83h^RGcj@o`^[ae f4{ubOJ ;,٣HLX@kGp$D w58?oX2񊵓_L,1DYW.um6vZpG/s'K2ͫ6/T^_[]$Wtnŋz? wUثVWS w>^QPӘŭiYȠrp7hI=Us dj_/a״zs)1]۝)),bfO,2$-qL u1V*b*b*b*0+ RUҖ)W:ukHMAUURZUQG| F4JA*/L T5㊸֘oV=(S PqU7*ʠN;jp+:ڸ|ʆ5BvĠ-҄ƻ PBK9d 79t#HI9c&OhzQHƭIvYY9R77-xm$ELǢSf<1NM.Jt] Xjߵ05xL #DJ67\Nj2!b}.NBWHv>GrIRrp˒S^Ȗ8F&ǥk fsbTBh\8 st8uy/3^`WnQ2$rb&W~TWZl ^ Ρ}sL|(Zͦk}1Kw:b587/v̢)bIbpHu5 *m$TExVj;*7Qևڔ nSo$k:lxǡ]XA%Yڅ(S% 7ڙ!'ec=+a5c A)IiCW_aiVڏZJh*I<(vZ6hRĻlIDDa8 ?ؑᐙ>wֻ̭u Hn&&G/gfFB{}|gḔzS(U|=tY'50ʍNWȤXl$Z~?m cœՎL2\b*R1Wbu1WS]LU-[튿Ւ-+n* F(^uvU~$+Cr|diW Up\*7\1U9#SXH8)&܅k޸" cO!b1PhtJ!P:ĕJ vlO aJ P̄,[z9(ou%9V{PRPLʄ̺8̣lHBBb S_dM-v!L |,@iibU*8+6h;o5~Myd,Reh / Q]3I3j0h7 zHrAl1@]Bye)B 9+mV{ۄ`O#J1cdNJWT0"l7Ncl3Wi2iR x$du=0d:M~Q)WYsrv*Uxx02yc˟WlDA+a9t|}s|]%u k@Eq5ij5,qDGLmfߗ^t4b23EH_@EWHdF+㐐 [ȟ9V;+ўUf# ʿ'f8y>1}{3lLUإ[*b]oov)ד LuJ(ŊUhqJ+u6W*+^ \UW[Qq'>ː"k<Ϩji(+6F,@:A!?.^"Xf!YTkQSȐzW-3KhCLGĻ[*eMC-4/jGQ%o(Xu\'?QÏDQSq[]] U]ov)v*Е*jNcj*3^ثHh0^N)rSsWr9l)Xy)cBwE7XvWrĺ|j4#NkhYPQ؊ĜعiD,LX S0edhL2/<C+) >- \RoGC{C!^>ԓMI^M)LkB1t]$>ª[6 zN,_&:_,r[Iyh㚴yӈ#:\Z6(|&xWIdf!>! E!IW> Ą W9z; ʽH Ҿ* %<мy]z7(Gd`6M/je+?.G ^v:jۭ{띎W .6 cI̖,!p82eHGBXɼUث+cov*Uث]і%ժ=( ;b5lR'}EqUHTQ^إx* uWS*1K{]F=1KcWW\UU׊]L ZvakVVxtZgq77*TN% ,H ^*h4 zk:4(䑱6Q؞W57vRi99hy"r l/VS*t'r3bRv*UUثKWb[_җ&=%ժ UY$BRaMwWb)\1UتMqUW`KF*;U8UO:EQM >Aw-*ܓLUkTتkLVҠ}8]SAwQq遲?0eFم|2&-閵!e)uݴO$%}+ZU[]J`UXTkC P0zR$;b UwO*RbC`P hb"1޾H eIe 0ݝ98 r!;!8ڵaAAl̈>Iz|HH cHeNBl")F^e17¦L($y3H#)-),?mڻT ÆD=^9 UEuR= T5 M69~ ƤZ2d{ Q1$`"(BAJ1dppɋ~e2~Xi~<kqˊHH"B2OkgKo`9۫JԫS i~ UI<-MU,W0!$;<0oд[eUvi;ӬuI-fFO% ЭGBe-u[]R(6J-DlNVNF4)_fּ}BVpXZY(]n*r3w%s%Owk%HymBo4fU UUإثVWbԙ̗XFU>UpW[WmLU {bRB .늹ZwLUuk#1銴wU&0+|oWG*G@z SBSeڣ_=8Jm\UP W\bҘĜ*]xԊ׾(9-f\r&63#+^dUp;ekG Ġ S$RU\qfTW+"ہ$v[DhN;U@INhpC^T`dp%xp/8H3˨3.nj=06W ^1K󥏗AnE6>"4!O,A޽B\ : $7rYcxupF@ nE/9"}y*~>c-aދhͦImuUj#vc~hF0z0r=CSQ`fcgTmѴ2[BO(”ONFBh VY油&"[VC'+M7;kvW+bqY@ ɋϲ~dIdi?SCeſ)VWbb]LUثW֜2]j;(WS0]qUcWwlUC**ڶ#[#)ZG\an`P|qWP UgHZU8< AMV60%ro b!ZalB WSP=\(!ܥnFpRޣ6%_I u֒fPIƧ*Vfl?ǎYz0đĠ,j|h:X)\bWW Rۍ? m4S>=+O4,M(TN)M&7ɧCqcq"O'"OrCfs7M4 VFn2A1,QY. ǎӠ[ci.$v)SN|׶qK$+9ܴIKmQpMs+ oum__U$[b~k*--'vgS! $Wʷz_yKKo#:MiqM>4;cL$(_Y#0/Jw%$+튫veb7mv(V< 1;mIHcF uf$ $`d`db^#!}rHtFkC ^e+rnSuXcPѢZjBs&SUURծqj"DvtcP‡JaiLeEX!ƻoi. Pۖ n=Ab==]6ጢ(Q?cox$l+);^IK'ԙQLJqS"򧙵dR%I$0 N(ʾuua@@ؒ?d6 ]]v*UUН3%/Z*W l`UܱKv*خ* Vb1)LUpdlUv 0*ҸbN)lء+K޴bI%[{t*#H銵$jڀbi`Uĩ$dҘP@:0%޳2, Nb(E*h|?*`nؕns?RQN?!%0ԖXDvqIjiҘ[R=B7}ϰ%<`EOT޸/p!"ی&c"ڸbXwFut㰹ˍx!FA@9ȩ5И>b6J8(3jy,y-QVZ"kf7-UJ'ӒlDLDE#Qq#D-'א-Jq~X%0շfjg@E^W+aHX 5Vc'E4=zMԆ[s X=@_koDյ%kOKuSK.#e&`9bcGʸ<5͒e eelh<f^U@VU M*Fw@cRG]|Jvopd[ ]]2M J9VM%1iqyhnfpO߲M";>:vXiWrEQn=A)fMz'=00zcm5'qۦ,GH볰O ] +sOO\[ehy^G&7ާ4qiWae7<+MVS5TQևd&.;FUodd=OeB]Hz+M?qr $O #e2Row|%喗q_Թhnq8dM3/$ծtc5\qT r~׎0C)wǍN95"q%pÒqܓUثWbқN[ O zW\U5v+^+U߆*[}ӊ]R1Vߎ)\7Sqq\UثUqaWtzZ#(Uh]5:m!bTzN¦b%恫܍ӭyTR6lqdI{+Kal]iJ?́eʄp3/z{o-+DHz|_ WWT}v(RԄw18Kj-耀Ov)bD Ii$|S=ɮ_=m]J+SLT9)S_cE6?7fK aUˈ-}:憴bVSRz}$mD:`? !qH|gy"6K$ZHPT  (1<؇3ڜT9GL6q*浲/kVlRxªoBY\/k@yzލ65ֳY%xj2 sdJ@>soi0NYbԡ TԮly#[Ty)YwEF@BeRJ&KiPMѿ,@V@qe; Q-P#t,`Ӎ;cQY2XPLߖz %AY]6h,Z ~*JzvTTKH+R)1V 7mW L`-Y..溛fez}kGa  7 /,D5Z I|ͣwq!s?Rf `ao-^S u\,B^jio2. ?U"V1yGBJUW;Pdee@g73%֮0+b0qK$dx6.+raU'߰A-JɾXIB?>5D!܊|xnoy{2ȏHQK|ciKVz[Ya y|!zKarxXۼa$KR>?#&™iV ($o&S[o5jӂp`>;tŏ wNV^_xȼo5nMG(Gc SKt5^J !.#D4*a5 $n S^U֣֍>^N;XRkúL&_t 3Mf!1`ykGaWrw¥H2'cHRn~? @רlvH31M.umkp3@)#8?2' 7Pq,' Ѱb C!7w>N.[d۹yI;;,"7].ExR^Bom95I]qK2]jLUzW Ux犷So.w1b*я #}|UkGSNVU ]k10F1q Km$Չ#F0Ě~bkz/2UVQo0WC yZ4KJ V8~={c+U,o' ͺ KT\*6)^^֘إx8l Uثx5R1UUiXcVVbE =aV{U!+LgJb>CJhlqUDgUэu*qq[nkbmKh bHzxSFZN- u"`! mc*&JdHldH5#"آK}iZIHbnOQ d.]qY lzęIWo!W qijAia柙{}7O EwY(ǏAđQk= .oEd ]]iт@6,kf7eץԮ~)+!(Jy1#)@zZ;S$B ڃLX$e\29!V|Ȳ2/O0yWJ}ռa T2zH=)i1y=Z~yKuA% )]!4%-Xu`Re,OW* SaC瑦b{LDAļoUՔ۽ )p06+MhJvf؂FHmt3C ;HTWenNbeǰVӍ-n#Y$x@RUJ6!z~K{)exБM/LҴ=WӺHW:"p1$kk0=ԪnqJnMI [3&W|)~LKrd)ɒCޝEmk-\ѳUKrY N{8Jвj{}Jë^d؄IcbQ`bES(<КOdRZ7^ӗB4Ù{ U+$uMcLmQKku sܚmWV1p=NiZدҟe:*lRb\)*lRqV늶 [ *[nث*1WVZ)*LU~*SwZZ1Vo\UGOh0Ҕ;b*fpRp*oW]*Ju 8HB)bE!e!HBe)[;K$;)r({*8HqXM4ȷqGTJ{{bH#D#@o4.ăO| /t `v@i-:En nrEL%Cz9W%GfpeZC=6E=d~Zֿg-b5_G|G| ]gRUэ,tDN|.FYȖWKH SZR.z͘YyL 0gr&f _ðO ;KŞ䄝>ev<~̊&qkgyvM7{-kĵ{SLg#ɓy{}5i~W*Ŋ\c!L?~k]CQFbђGC_gTUd7,=W!c%)~H%OTַךI1֖ }geW 'ļ^Ӟ̧X`U\*+`UF*G)oo銮ثt`blUثu[]]\P8| v*bShqWqZ㊸j8V« b*҂l?#S.3-م%XNZ~!3姛a> kr cjgV_ ?W"6X F=} eo|[cƏďڝ+kLK+$QODեP=ՀiZOvU MU]\U⮮*~xup+lRh Jx {b ¸U *vԥ8®޻qVĠ#L(XY6'~+=lbJ튭5U+"0 HWybi/A:-XS2\yH~S9b.,dw \hZtSr #ǪLSI皼i{dt# "e,EX[)m @5lS՞2Z|RbL b]LUUp-u[p+⭃\U[*qKqVb⫆uN*V[w|U[\U UN*Fv*~UݱK HV\qUPTbu /(ݺbpAZ*E:aB#|* A+[\UBOm⚢ȡ>H\k jnA7ukYݣ@V(g^J}q1H%iF4SL76֯%'6 v 7H1w(6qxBȏ*6WD]Imo̬*>NHY`h29YYڳ3,G{.JVR E#O%پ[%֝Np?F)^^p8p8qU\UouqKab[lU⭃[]**uN*[劷ҟ~*x|Q~~*⮮**Z#ZWlUL…p vV t8r4BjtqU@ ,UpmKn7 Y0_hVljVsaVX4R"(G<)vTjaHQoWqל)̧V[^b⭆W[ 1U+|Wr[]w!\Uզ)o*,U_~ow>ث|WWuqV*UWuqVbqVQ* ZM#ÜUc݊r~(uF)hPM<0< +*qBªlOo ?U=p)јs)ծRW|1V+8` '1V*[6 xb|1V}WTbqV>:b⫪{uN)uO(uN*;⮩.1CcuN)uOlP RO]S኷SLU*O*\I qWWn኷b%#|U8D{)w(\BTt`F*]aVb7,U኶H=vT 8ۃ^تaኴv ~t]SUMqWT\U:aC٠FqHJsGEzNCg'JFIF``C    #%$""!&+7/&)4)!"0A149;>>>%.DIC;C  ;("(;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;d" }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?$+ӥ'^!9 &ȧ IERE%1Q$ {Hހ', 7F!=ȧy>ȨXI_ZYR@ nTpǾ)Ϯ)g=M&p=rNE RRc1@ B^ivz ь斜'n ;3ұ,p;# {Pp)Ґg: ry$ \b*{U9{;MdAN AʩZPH@ :u4g /(im84)HSҔ&:iN'L`R(@GҐZ@<`yN'5Q1xFjEHZwKqiBPuxӽ $q\w* 4 m*)Cq@P ց ?犐zx31jR" N2h2Ö%d<ԆҀ#S`L4$'1ڔgRas@ IE<}@iњAE-RPnv=$ƥw)w/ ($)N<Lњ(H[ Ҋ1@$( J80 OQ@-&hQ֛֗"S84ع.qҚ_,3 HBM;4RQ@O)#y8gQ 9L E8PMwT})$g=*21@rzzRҜ^}ҐƣӸbM0\34ffq 4E(8q@ #:v3m!(]{Rdrhci{R_JLwKIH4Zht h @y=h>Xq qM($が4Gvړt zp(} :HH-=(#<4c'={rz:,{vM9WjMLtdzeO^*/s۽J g֔)Znz@?Gp~fs PiM)!$tQ1I3G'ɠ֞ɾ9iKH)h( A  Ni7 PjqO"GzRǵ&HRIs΍=?IրjLnh M;qI4Q94⌀1Lj#)?w(BKH)v˞*PWo Rm0sN$F=h$qcUܻf`\؋ڍ1M&4$5!ޕ UFnF> j-J@GN4EF j|g5"aEB5*~ҐsN#S=Rئڐ ym٩v9?*B@4ҤtP3M:ICթNKhf.4֚"ѩAlmZ2:)׽<&i\:03J<84!0>S d>:i~t;1ȧF~ ׾hv:nO\L{,p:P!ԣHuA@@9i8<MqM#'|ԫP;L ZAK@Q@%-%G"f!DftœGqUʕ4iz8~A攡ZR f#SJJ8T~R%za' a9HxxS@Rɤ&OwJ9ځiX09fF[ PqiE0 ~{M?=*(2r䙗5&)4*7^ ?5To#ڀ-␭WT;xRl ;CpY 4Rz4I -pSPq'րy=iPIVƅCTs֛ژr8d 'c CtaKPPzR}i-!y{x`tP~gM+@rҤK^ә~8F?17|U"QȤ݈z5\Y#ަ.lQթ@>*44lKwIF1QNJv.}2ԡ Ss#(-?s/<-.  z0yH(4RmS*ɠ?uz$MEL= N=֘ 9-1E$1@<ZQo*攖N0'7-/J@%M0lS)砧L@Y€ N9)!4R⠏MXQ@!ZuZaLؤ+@t%i6mm(HSp*`6T iۏjNGn)N.{ю Q@Fh7*2(QdQI(R@TQސ ~;P[sIԽ}iئ"K"8GRb@R▊())h2P29diZ'#ȩ#8> DTC-cK;OP;/BizM^?)v>z.UKFF%ҝ1NPFvʣ`p==h,wN”ϰ8)sހcwrvQ;dӊr})0N9{O8X|PSA9@=8@w^ );88A9M#w=`v3{ @}ڞ׿zh݂ITdt=ihWSҕ9( lѴ֐DevIT1ҝ0 C|Oi3:ޚpqրI)sI^@Xu8FXtXrph3ENB9 ŒXI4 B8"* SSG4!Z(֑WS z.>-F@bT[C#@E'K@ #4µ.) iI+lSe "X Ž c[*ڀ݁)9c$r{8^O-L9d4ҜǥSHb`%&* X54 W= (\qޔ!AI{Rq@ZZpRz wX@ T-T:'9CHSsL 2֠M(LJ$uP(AzriRjAHSHԀP84~)񺗃 FJ\S J׃@"3PB/؃9n=>`gh)J֍0O$T ;N)!FXP2IDcZFig I>"iAcAOA BjB :@2I?.ؑJHi ;1 vliL}qM8?RC@A4|֤V(ܓidPy& ~G">4yЀg4/zPH`jT?)Pp(EF'(<"}>(I~RҀҗ'H՚SG&du4tlg4ß,c@S4R;^ʨ~1nAHOqRGHI40);њ~184\̽?#KiT81K֗ROj\TrK)Ip)2ynzfSNf%Psz$ɥ<:`vJZ@ p#p7qB`Fc_)@$lqH R?J Lc8M$dQ?JQH6Sҫn_Ҙ )[q9{S5 (h.)qH9JwdR0܄^:`<(A&tf0zQ!Bi.7i4RdsE0$t9n=S3v< A 0F0{iPzrI9rOAڀ"-$GNYq %##F72|Us) @w:3=MVhL Z "ςOcX?"L#Mm~4zLq;PRJU^;#N=(18)ɠOH .H&8p)x]@ <FSrX1poAi҅Ɨ zE 0(~4z.0Z8hF( b~4q@;QNs@8#ښ?ZZ b2}rivFOG94Hʹ`}S* ԥHB 3H<ɣJ(}MO>ԄPX3M+Q:(+`֟Q#m˚`>ne>¥jc@ K!?@ __ʜxP8Ҁ0:nC69i{^}{(R"Fi)s1`6ZBO(1FsPO8E78"߽5S>`(n*0J_zp< 2bBih?igLzFNh14g44f1A!48& cnߥ !474fF8i4fhu=8 ;@qU>;Uڐrx&ց@S;RPFJ(hFw(4`vǠ:QP`RRH5ƀ#6RU;ɨ@z-[8 9 4iT8'4sNM4pM4fF(q֐^hKNi $Q⑁ZZ4J=s@piG!_^i*>r|Ǡd>vy4Zp`F6TB=i㷭(M8FW$SJ rpI3dӺ-F~f^}hQҚ|sڤ8j(9>(Pc?Jpғ49SH@@iޑTNO=F99jIcւI9i)tKJ暃 (\|!:h>;rN)9 ا)v4J(1A#7ԹPA !&?j6^A4V}izCҌSPF:Xu9(d( 9ʂA=(┞aӵ=$ezT`yGp;<`u#ifzPF7w46{S3i)S `q@ F79'jœJ@~Z *q+yooJE#A銄1 S-R/K1LĿ4Ғ'0fEqRiU" 8޴ih**@#!8|߈!Fir2p`*)Fz␌qM+Ib<~ J(RJZZ(LP猚y qdzthNjmRyq )iR2iFyҐ<5OcN< M  h M(0=)H?J5EyI9 J<ңO֜qu*函4\gpXn'h-*{@r <@ljAM%H,808SNp@(,CA(3dId>AK)ϥ=եm=F.{PnjMCv.Ě|cxK`@TU|}Υ+Q2zP֔:T "t49f~!PSNǛ)Hs@MԓJcE8%GQJD̀9||iZ\n.ǟ*ۡ4N9O@P;džӃiu1bh,z/Ӕlmq1PĞ(֖z1=i< *I?:Q֟#/ 4E=)(aNQx W:6Y7jr FMN uR\Tlgdba$(ŠSU)?!zbM›v}I<az4np1ڜF:P1A\cs PTL9}!\ӕcw֞˚)7H M?S=1HJ 6ю@p h'֐~c9֔Q2I@݁N* 4949P✢)Jp:ɓtX52 A})@Fi3#qR_ZzB~H !Q+t8,jsI>([C ](ѳэ;l4ߴnJJ:iO(߁F: <(A%4y<HT*TbV`/ ˞ry&416SHbd1RM9>cRsqL&E4fzQҀiƊs 6{()-ܑƥ"4pJT855&3@MEX+HR2}>c<\'PD[Fd8f8Eǹy'&1'ҀnBP)z€ ;i98#u+3I@+CHy#1=@O4)X~4&ALQ)!L{բ´r  Z L)N!=vF &"5'FN4Σ3DFd8(4b7nOލž&1$Aa1K<\Ǟ= <ȧ SO$i1@z\TN5Ր7^ >I*rJB1w&0y#rI"N)8jhJ@( fN)4 JZ b+ߞ 4iOSUfG7tjZ@ EPJ9Ci)Wҁ GMP)KlBߕ0+d_Ɛ STqө )0)hR@4i\@H8bEZ8s/4p{@<*h6ǵ'~hqM9cNR:l*APr7LiZGmD4==(M8} 8p`S00u/=<ÞhF1sMO dSFw Sx:Zƒ_jLpih&iqF(`zRc4(I9V Taw^# n߭4(g$PB3u @;Oe#=(E(#9f4SG @ xJ9ͦE#?/J`A.]zGޝ~DR K@01Na p>cH:斁"L~N\ ) rނ噽M(QER4(#a@ ќsO wh*Ҁ("y@)N;BO4uv* `rC!<s)S6Z}R-f f#Ґi18Rj4GLyzv@@ uF) ay"J8'J==iN: L(tg34$g֊iqLS8G>"ޗ߾h<,v8?)ᾴL89{bcGNgv 1z @]Sb={N,x8b8?LR}h( \= ʜ”`>m㧩@)Ҟ:SBLwIJ)TK>Z(-%-*p٦$\A?GJ8OR~bpriiv%C C'ޚV;.@QҢ ➏S' X4 s҅ϸ| ?Z1E<bcZ(F쓟AA$h4N3NCdi9T}iJ@Q@Rf`r J#5" 1Ěm)Q}YDh>єzR0i(-%- (S-"6Ƞ'4d3@ Hi3HA4IҐ Ra$W?!6H❟H9>`QE-P(^#lg1ԙCc֥R  1K(nNI4X&}~44ne 4췵=ȠNFa=(=*8HCz?JvPuO֌Ɛ)rp SNܸ)0+ BBGZ)ʕ9. ŕ\EO?@P;6j@/ AJODF: >3jJ((*gpaC@f\t$1&4 (4P!1NARPc:T zzH>jJZ$ %;aǵUQj{袢Q54lc3PP$0(Fzhx`4CFh'OJi$OqM & )OJBOn)>^4 vSғ'M@  Rퟥ!L'S4 4=QRLIwɦnjPHs3Krϊb%.H3L!;dZ6@;̋y)G 0@fh)g,:^){pp~Ztv5f ( (.=H@ L)H@揗?Gԙڐh)(4 iZ))h(9㠥ށvR҂@R(@ &M$6 4Tj20+J;\S7 ) TLHILIH(> mH)(@#xҎ2}4tf O*19xȠƔpZ\hQC8ڕT0 )\g4%:#EM3Q@ a<0nHL0Ub}iqS^{qQΐt4n=4qIҀREǯJLRd;`QڐTFNsI(z)h`:R18#-@ v)xEpq R 76N(F7>E=FOJrjv:iw@ ZP(0iR@wGNE4h+|xQi zנ5_>gځr4I'>gA c\ӊ.߀cTSNE)@ ؀ \yj;RR+)6JMҁ.N1$t<(=5E"ʭO~)dLձQ")TsSij84ІȧC&{!nHdQހHxe曇nؠ ;AE@:N4 i98P:Sgol LT.rhT)w4{ XTǽoZ`Z~tr=j[i)R:dGh?y*qh! 50SE+T[ϥLҐ>Roc@{ѕ^g'4b\qUK_6OSa{Q4h(\p L)s@#tzR#'$5! ʠ~4μ^`)nr3:‡~'ր'\ g4pG=PBN )qOD}THp}M4OZTcQ/zm#= ֍g(,SQN Zn( QSlmL=(L҅vS9c*-B:f&=)z 0 HW\'Ґn tю2T)vơ{=*"MN ɡ"i8z1AAK}mqץځ4g'КZLP`y4xIP(b=8a{{F3ړ=3zP`)z>Ҁ1NGPTj*PsT!1E-ROjC;S֚QqOZD9c#~(=40.=h%9(;X 8!FڄW=4 &vhh&4Rr( .hIFhN= (>ԄgYsJ* ;"tGN*r)YpytgQ#' ' 9U괙dߤ,|QPd4p`qL@\4Cp jSh@4R.c 0zwa@ @N$8 ֒%o? 4HMH(4R撀(E4gw@'vH)A`0J^TO?J0zTDv'-NJ3I)?Z9bhx1J }iʑ@ i4㎴bp{Pԧ94Q@K?OT 2zI{1_R^Fr2h4M n0pi?p1F ,3\V="P9b݅ 8KOҌq R2׎U¬`ң;{֌֤F0OSRm%0-9PSզGn C<8P0>^Bisi LÚ(>}/ʂrzPN PZQ'$OJ\L)Gȥ E7p:J1E!ulcIM(qQ\(jEljNgU( /9HB 4onF޴F0ggN =#sԪa,ǵ78KҐ)qJ=hz_Zn֐71E"K@)6ȧS1 B)b#"V4%)6Th@mK]]P csQ$?I1ځGz'֌s|]jm*8$s:Q`OZBhIK@Q@Q@zSq>Ê}c=H P p=i 1t)z JsMZD;Ib^hRУ\S)h;SLhq/ 1AFwHNhiҷ4Ohv= JL␟Nq^Mҗ9}h@ (+G>sۑ``a 񞔔JFgҔڗϭRqOnPR&nÁOc i y4c4iwv!=O;P0>`hcӭ/֌`O9)#Κ߰67 P<JTGQPvG Qm~ni8=&{f@(I~J9hCGL}(cP2b.TZ cր6i7ɥ( w2iI)4 P(@R)Ju!bIf)z:RMs{P}ihuL0Rڅ!▐RIKE&(-PF)h^L4 PrOM=AH"`b*R@^4m G4y8 Lԙ=hFy⎴@R $"@ 0>{Q@s79'\Jy+@^:@p;(X4(Z@ 4'))IA8tg?J^ Oz\{Tqd4s gȦ8CҕJ(xM)NHϧ 8=Nh;R aJ" ZCSIғR})ؚE֊LyHiI`tʓ(rHI<tf4PN@9F)CN9.))sڀ#Jrk{Ԫ(K@PQKE%-PA~R6B @穠O,^IZa  0 /^i)Mb Z(H;q4ܱ}?081J vIH5N42sRPK@ J П hbIlr;Urq)|zUy8C@`9L(E 摰;M)ր$yOzKⓌ;=q=C/0pRyܹqI{R?Zirh4ǟ_J>[R$sL<iHdtTրǽ(R9?!ڎu'< )9?JCJ hptqJwaH,(=DcNѶQz6?<cA sN bF10>ݣ8 )PҐSM$@!`)2G-))(@$#<n={U|lSR}@2HN0A=\ oW(=N)vwZ.;\ <@,>ƁXEB%a~[ Ju!"8)qIO>NqZ(# z)4iȨʰh^(&n< KM-Hzd)J3@6A}i@ T PsKAPSхҀ7z~Y$Ն!b8PcD8*219NxS=('.bw-xSN=h@g97F}hc_zCNOsGJ:QEzZwQL4iBANQG,x^d(#1wɧn8`SSJ9ޞ@(vɥ߀NQItx4w▊L3ږPE%(RJHϵ)h Bq@d3Tm{QIK@Ps 3ڗ=H)s@#A8M-Tr9RH)"0S)({tiuz0 !;QHbҎwQ()KӚ42y8㱠сPN08<@Rj@Xt43<FxNOZz bcqO x"EB˚EfJJco0iv) DSҘANcaڍPoqяG'OK0XΓր,"N1w~ڣ&= !v\fcA֞j繤0SK3A(| rc&nh?6;t^ph:JZJZ(1IN"G66!ޤ5E0d(J-E?!~oւ@u]'|I#Aoj$5Z^(3AɠȤ<4PrHRH4/z`;zS;gҞw?pJ8{l: Wp$@A b `.(FQV5_cj2P}V*{s(@qE E<~\qJÌi®3@ g,iDdƞ(hQM84  ;ӚZkrq kp)%ߎcW֣P"2rqR(ASLM@%-)G<5P Ҍg Zm.hh B21Jy=)" MJqL2ǐ)3zjQ4␰)4&8's;Pi) nAGz@ zxE^O4.p:\&mƕE  )ԀS Z!JaL@GZԄSJP\҆"E& , hP( Zs@ Midt ȠBR1) U/41Қ͊#"!''I EY Ɛczz 7WjQoʀ&=I"Θ⊄&>Ӂz0?Z~)1Mm?*b)P;z)|N+iJVEqLFS+ }0I4  ` F 'Ҕʃsa;P!ޑp{KA7_J0G$=@ IA@8 sJ3h xր֜ώe5I\ft'ׁK=@j4(' r6ԴN#jLt$Q&yP$斐CF2=? ^(g?JLsӚ9()E!ϥ&h94!#ܓ4-P\c)u49HF1N`) F>10i0E< \S+=ii" C 'y3@RZ$uE淩3@m/F Gy(>i*2Ūmހ KsDSݐ~4)SFҀ1L pK@( JZ( &)hi1@m+SmJkȱt忕0'z)8, i$`OjB9#=)b0QKⓢ\[MHA &w H'sp;RDN[ d&GUI.rh<=*c,q2ڦ8h(T{H4!|g?p=@GޔɠcȦ r*CJr~:7qNqt4rxn!H+N{hRRbG6'=i8A=* 6R=M(I?t (q 0Iݓތ1K8HXpy2h .(SLC$($TS!?:fs)AFߧaA f=FSAtlp8%=} Ҝ )DRrܟJ26=/1n)zu41CKzҁ'2؟š:?@ E))1hsGQIKҀJ`fX=?@=}=)iZu"EPIK@sm(jFn:R)(r(ȤiI)HAK=q4ܑJ nGj\A`=S4H x-@WAJ4&>\a@s 0HwaE1M?1F s@  8HNyG c)~QJgRh1Fi94qր)q@\Bx@$I)AB@)c֘ E(iehR4l Rn({0,\NN{ד@ 斁րsZqH[(zRjfM.h'>Ԡ@N*U&G&0 N)J\N(*`)0*@*FzRz]͗443KSIX['PNET簤gcM4s;$\R ŒӐ& ?Aփ2vr~Lң hFqKIN$ށWɍ9 ъg'R֓҂8!oB1FALeh >CSLbz t4@C@}iMV럥(8T$(ڿ'ݪ5B9nO|ڃnЀ4? Nst4F3@1cE{HȠ('XS=DWk;R<9@F# S#?{Ro cbv@Rr1BF[$O'PUs?ƐQ46xjRQ4s@Ğg O*=@RDHN:O`)_'@72HF9E0 PPxb!'ݥ;aZCE:jpLƐ5!zhh-j6jV?t ?ҀGYA4-8-8 pZ ZxR+7Jq4=քp@Pz@"8 <3ߚNv@SzR)t:p␊yrii;Ͻy)NxPO=I&y0G4RoR0)c (xQ(x\&sE17i8l4pFE$C1iRZZz!T3>*)@4bCN@^1QFy+S!p8$?6XSE8LL67h"dY/iqٴuϵ&SK\!1S5SɠTi>3Hd*53}ډd3@` ~9<PiWOj`2f;:椞MAMy }i>& R0rhaS܂ր@N}i "IHtmPqM`z 4#7#5  P F14'@3Wy?:nI{ɧL:i9{+}8vi$b}hȥ *1jP0~"F׌ J|l*G&QQ0*QLE(<@j65PƔAhcۭ'N(gH4擸4T>-}*E?5~;R+qJIݓ4v4R'E!&r{E]m( M* RPEXpUQE,J/%<Š(P@Q@RG>Գ=袁s*qE (\&Hv`5IA'@?6rV.8SPu{QE }OP6c18)ݨ CE^v@4( A\RH(HqE ]`4 :c4Q@O{R`mݎh>['NSwz(s6=( `$Q>^S4Q@ &$)MR(GZG6E^(vFH9(K7ߢsyQ@HԠ4@P@~rMPQڊ(\ҎA4Q@aA~Q@ >hQފ(SE&(zP$Q@ J|QE15!ERg)(`! QjW+ͪ#[8OcHM< xmlޝ$Ź|4g@6ubQH,B+(8vBk_LҤBZ I PH )a>WZUJUG&RPK{3ssp˕n43ͼ7a=..ʢRXڦFF `kO๋K@_#wh^Di!$Rh&?%.{@rW3|9Ih1bA{7D ~+]RHC֣ D}eCP B~ONNBr*cY;i]% a)rV=~*r!qs$~VR rSs|I^}mW>>Ot҇~sfއSI`Уrƹ{Yzxmu5IR`҇M>|a8[ׇV'yI1?Fy%,4Y9{雟~cZcxy䔶𹒒{>RLCOfnX!cx M '\%3xδQ<}Z13[6kZʓz٠U,aA"ӈF5)~?Ɔ-B*,KpƲc3h1~!?` |69OcA91g;`/vyBc[l/y[vyt<31x1Q?d 0h6l/gl~0+ |2]~oG y>?CȂp+$GɲM){u?MZ?"n=MM1YW,Gv) u@k/&}'wj~loڇo{6fLNC){Y}ŘV܉Zߟѹ0mBzͅ_2=,6X߅~ !;lA(Z&r  BA< RGdE\J%(B^ѣyߏ2&d/.I?#]:8Iǹ_D.DeΤc-kJ|l;7} 7v!(ףL:b>:nNևxߍ]:56}ߏۃ>g[ QGoȤ s'G?va{ۅcȲb#ԩKB}rG*y-೛H}k\ciL `m?a#6C/oqv#aT;xqTy aO+o}i'a-=Qzh̥M%Kilbk&1h.[:b۽pSȐ&o2H]!%rs޹Hp/Cy{O]aɝNܸs 7\Xy~X[qq\Al4q?Dz< cDz" AAYҿB_AA?L郐٧Y\M~~SM?dzƅ ⼞־{'3,qZ ߳́|:$h Yʁ5 oZˁW :-h|l:zЧL4x7Kĸ% Kr҃:A#f.o6}-rG4Зlct!Ƹ `ð__o͆$.qsߑz{T'!Dpl\F|- >=mͻ}NOq}xkǴ\|nQve3k|Ϩg°̭l=8CIx}{Ϣwz+e'NcK?z#aeћ^CѢ\fV!E[XmyEp6K`wU#O<^{%i;qp@$>FqTv#7p0WdGy̵ci2q kt0ΆALjUYA#K^O ^qkkLY/^|o;E8#ӞUx-gz 1(q?Ud3_mYHJfVO4Bb˿D3e0zfSWz].|CQP门 $]&8w|AJ,/ gT봱B ҁ<~wß+xk1c$gNrV|)sÄ#\](S!cD4$/ޅDXb?yG|2iMM=t_/T9΂;{[3(:کr&n ;9 zm_M??6 Ky"sEeϣi镔*%ٮZZTn^):PY Xr-VMfQ?Td-IcZ#c˳C*=Z򍄝z UQR!PVnkVfKjYIf۬`{l +ذT 6` Vl_diR&R.ۯ`Lj.s?x4bt,bG٭0|>nLM])Z$+rlUwOi|2AJJa+[Թ-YqcG[7/ֽ=hVwFY [E /})TՖq*Q9W#l뉵;z:{mW!$$i0E5TGE!KX߭FL]9euK.|L)_'.X8&?>qar)aV԰C~?fX ;- y-|K )aLz>\Y؍)_-^ss 0FG;:;zёt@~C}"z[:+!eS<~O]e{vrwg%R!1|4*|#"zWz;ڶxPk(ů)_%ęB{~OCvy|\srig{X6ٍKKke@=;̎r1fSUVz;x] |Źf  /(jjmkEhUKAo}URGG[p<ޫ[#F @rLds/?}wv?ٍ @pA {/"@T8lD1 .H/ºq*#P_]n xm6;FC-{p^8t݊0vc8{v/iŋVܽqe{=1!yd3%9^^@;mب; \>(g3۰ėjn.C~}驗eL5+3Jo>zH|.R3SO۷j_y)on/W.ľ׋S+.&b:Q`2{x8~Wͼw1kgC< ubʬN<~Nm{ ڦ)~쿨m'+MnW&zA}'zYkKFM̮P{>$gE*]GoMJi=M=t?mSz 63KhmaX;TGzZMv[:'*: 3E#TFi śT"V *TfXD}]|S1یz,׀ӱ)?2Tƭif9^jt XP#rR{acA`Gj~տjHQ ^O_h!F Ǹ X=FE6UkJ)73`ױ?9 m|nC5ƔK  )w3 ]i+HؒPi@J%C–ÔD3*R`Tb?<KLIs)sd?<+# swZWsH1| }OV O [5%@,!aKEV}.W!+O[6k:#j?Smͯ4S󿍔w;ad?<;>~U[MVM [SC]6["c-ߞ3kH%;`JWk}!aKwĔ?,4"- S?Kͳ$l~x|b,|\ǐ%9Os=~Œ s4EoRQ*]n?)T bEKor"M]gLQ_, x#ղo,y 9?X}uܝuOm͏zPP2z9a㸮i Sg:cU};҉tǥÿډvs'>ՉOu9x/-b)<+u.?҉W9zuu?p?pⓝd'Љ?ğt8g__kN5'ω?q>'i[.N8N|ć;UN|˜xħ;SNY'_ė85N|78mN|;V^x+}vu]x_'nڷ9^`{U8^ھ:^TVĶoO*^yWg+7?瘶ȳͲ\5>(xe1ȷ΅¤NM`uN7}~nַu _f)pG.cpw Jcw݁>GDsW*zpr"?j_k-gƎ[~v[_%8/+aҵkXcۖӴ-ӏ/Lr=8ۈm F,6܆6P>}0!-_/ AeY*_i߯T eG?+E_9#~;qq4c0|Y=-|4E3"] K{Ηۃ:HGǻSGX^h 83|_mA~8Ӭ\`vRLˠlPauYVUYF̧>Q^fY-=zKnʍ=D'-uq{;JzYzﴶc.z|8t~R.J3ŀc^0tvHQ. putuZ]<.8ft:- ]RiF؝N^u0@2棋4]@{buJ].5]@{"tgb]P.D6..Ի;uId3.Ft/.^tř棋t/]O G;棋}b8NvGuݗth t?]@utѪ6z]LuX.P.DtQN=G9bq|tQ.#кuZ;X.tABŷuؓ.N@"]xt1^y_uL{h Q[]Z<<\[{8]GpgY?͏PG=y^YT5nи0&0tʠRK=$ӏc>I-hh좄.@vBŕ6zfD6eЄ8[!7(] }OS\a6ėDI|nshT*t?zGp]j[\/԰*Ou!c=֡ l-͊7>Y WOٺϛR3NkS㲮ᑳ=h^H_k~5F6"`keN5^Xhj̾^o9fn7mNȰmHmNmsB@mlb|J6F)uZ~9y ǻ͍ƿ7n9܀Gwr;UvAvȭ 7{ke^P~/{n|DdZ`/eg7v/Mlqt.ץ_uI.D?<]ueMu|]__fnQM:ʆSrZj jh*z5BT#UV4(5=%W Ql+U6VRE5{OɕBT+G6XJOCYb)T}dJedUEDrRKJr!2UJ)b1ǔBT96(2)%K泏lTQLBY,d)Y,D5}dE!AYc)Y(D5}dzeQS@jfD|RJ|!<ճȥ,fpL)+DˑcC̀R2GjF, e1d9dRTBT"RM`*e1 D5#F5 Du?GKPrL)y=96"Es,R.!>#yPw-D;"L,0wQΑc*ƭ4N)%o#F57R mSJ(D+" L,nf*%ocʢ'ǔ݅sب:ZeуcJ넨Hu5S)nLBTWqبJx?P]8RGj.EP9\2j!.,:DCDL,.e*% QȱQAYtRU["r(9l#D>QVE=%[ Qd٨ЂCYf)B9FUDdUbDxR͙Jx!8K HPGj.CbPSJ iTX*@YԱ7O RU[TAY^eNlT/BYbos#ˠ,NN 1 r(cz.Cu}dZkQ=:>Q-X eqwXelTq@Y|;2TG68UP{\S^ +BY|PհQŸ'N\j/V[V}TCY߫2Ty5lTa'^[υ2x5lTը(]N;\(WF:a^Z=ʠհQe-=ʠհQFlYυ2x5lTo\o`=ʠ٨6yzY2T5WLT̾b-S ejب6OPռN\(k_AYbz.Ax[|b9\(kοޅXDz.AwT|b1ֲTԽ⚨vY e~mTQw b!s :ޯj !<&Bt_Շ({beQD\(~mT AYz.An1Q@.Q3𱖹BTߠ,WN e~mTCWәh eᨕ(25TBtꟘo,&3$=ʠ)+)G( 2]*X(LBtcT$Hi*D8ZZZ&e1-!D5??U{,FC3 5,Rp&[IY BO- QcVǨHjO_kaz@lԝU̫E{hv%אS:Kfc=Z/Qk5t8vPxP]plllqGϱPpliV96X961:1|Cñfr8jy4ע1POpQ \EcE#Z9 5S \ȵr1G4C]1f#ˍsLrLeL1I'c2bovr82xH779c@c#9R8709iF}ᆪ%cc=lSr8\>[#Pp yOB)OC(CnDxJ=Ppo࠻Z8Gm88 8ǧ slGjEc??}c6U(9v=ܼlNky97K^6dPCMmwT^vl Y"/or{eT^[glYrϦB5c-vUCU=|S*/r}#cpr*WV`-/_ly9|wZϤr'+rp.@^ C^wr\>H,1\R /cwqhd4y9 7/7R jbܼ$Єw  \H!"/pG;Bc 7n^:Pjg߅AG h eBqc~GCMc[C^z۱1ꏇ8v=6뻵w[ka3l-tRc' ^=48df:nRID4~=Zp"ODl㫆bAC] NG4 [h25d;M s-8fC'8(i l̐ւm0TfyDOaeae멐ւ5hyDQCX[OCY NTHu1[DktG3Ն~t)!'Za$󈲰a* [-8QUDJW)[R#CK8PvȞj"~juOR!RC%G4%ODh&#bG-KR+"crP{e>jBD#0QQNif*={M 5tit\!܈D9LD;Gh#Ea:t /-8CG 2)S93!{'d'm6Ah|Dt&` z6dDzP(cis тHDiLFy!{'zPchє/ZpᆪU9 Eυh~#Z6@(%"Q&DhF^hjZ=G1B3CA N􈡪#*C4r =J!{'&zςoxǽT9C> NtOD>&,8QC5G4 Q}7 ,8QoC=G4wPp !'="ѭLt'IC: NtV#*č4q F!'e^ T9nB8 NP;EOXO* ,8QD1Q&R ]kjnChNȾfHt%ua.4'dOD Q1.QݙC3 Nt#K9:ܐ̂uHԞ.eKin>f=yhG Ёc =hC q14?dDIZ1ELtٻ,8QKCʹGTTC$d߲D $"\1t!-(1"Q6;^(P-ыHJ!sYP 1K!':EVEc e'=!:D/^)Sz,CteV2CwJ+WYȾdJTcX(^Pc_ D_0&:2DJ2Re&zD8%81tHe>5L*9{s=!ok>a}2D{ =%x˰=Oev$zDU؉أk$B֍HTDh e6zDNOC;X(kб#Z-X;lc1C_Dh6blc1CGt_e7:!}U^2D5}h󼆵챵z,5D*ռ>z,5f9Wu~b! Q rʯBdj=5|&dYc:W.dYcz{ yקL q!B=ÛV7QWy|~BYc*xh3 VĞ+c1Dxf e*=w0ifP޵<;c1ާ=dtBYcldo|=U ч'/z,5fQ gc~,D֘Z# gKȞ`!pJt84Jc1|c%#-FRc1a~ e`"HaBYchk%jKq1 B~ +D֘[i"Fp=Z~u +Dh%#=(G(Z12v~~\xwlFef'w욨1jrJvT齧>?~Ww?i]=.d%jYyOv),~b^LE*Q9y螻 ,zk[NgPAjg%XT,;Pϛ sƌ }ޤ_OWL{%W-~ETA}sW~>]Lj^KKlLwޏ,{?l6_?s uV`!<bSZ^`EPx୏<x՝|ϙ$@FR .J--Jb @4SX(yIFAxL5616bSyJsd^&:ކݽ\tG;z5eAz^Dx".M!,_o&{6}Oq! nux8,ڐ n*8zur{ +BCڨt'ޟQ+R.nNYh8@Gt)IdSHpfGDybubE$~ ?l_u@]R%el+&Nk^;Q?cڶ5ٯ32:'QVT9|hl[sF\ y ބȡK9^.?Wa!>?E(ζLp DzԥXUPG_H9ַ.% [[ 27ȋn<3%ޥ.}x.'D%mWJ<\.1;Be3ĈuJxD7oY"oS9V}},=w{V[NwyǾO'm߹>q|b7w Ez ٮ>} B.e ('pĚuCfEX>O (~:q}yXp&Bsya\yv\yv\yv.oXW^W^W^W+ĕtlyM\yM\y~\y~@A=Zr;ۛkRp/Hħ{s?dwxŖŕŕƕƕgǕgǕ^5[^W^W^W^W+ĕWOM\yM\y>}O<ڸqoǕW>;s:((11չW_n\k0 0dgn-9fQȣZfhF Zwb ;=߬ߧqS,r}t/z߻e\u5D99>}.SᶯcKU:x#Vck2Vq1Wl93EY:Bl{m{4w cø(ew˸SIw9Mĸv#&cwh2n&q1Pl9n3q&c06: ĸm[47 cø(e7XX+c-1[=15FZkjbQl9V˸^J7:Uĸ6#*c+5+a JŖlk4˅qXNkm1-L9c@Y՚crgZeW{̗i2  bd[f,c&c09%Xr-1q&c0.uq1-%F2i2.bq!1)eXX b,$ȶX|MYX0"|Ŗ,cod.8Ӊ&bN71Oq0NwcbQvSq8sm*1b,dMƉ8aH[ex0Nt -G+e8F9cq,#Fce8R8#qbQv5 q1'vٚCq8[Ce8H# bBlbd;Xq؟(e˘OrcElG4a0F}[˘K{;1z#^2d^c1Tl9fɘc 4)c*tḁ:r(b$LvF 0:7*EgRsDƹbr9<'şK9\ʙ#1pwUxr({HPf٣|#ߐ_0TM#oPΛ y]|#s>/AZ5ތz?Sf#yt ƿx.Ʒ)]j6M<#< w(/aG>~rQGF2~ h00T{0~@9PAe'[`d T_Vm'࿨G# #<}s(|JReo zQְj;)`;HF`d.Ù ~ªp pF2v4CT' c7 ݈-l=0!c:B$  c'a{E#Oƃ4mS5SqX075>K1dQ8}co,`YF24353Ulx&Fe2Ffcy˰jg;P6HƁԸ#pU۞xmO# }\ aն^@Ov݌dd6)ctCLFjKOx`$#?i:a]q~LcSidP6b=>ڶQ٣T~DMd->1zMG!J&FUDF q@q|ß XlJ}~o{*GXê>J'JUqiq.j{q6S^*oQi12nުY),Qi;5zMdaն;*m" jCٶM8QzYfݡ'¨5VXl9ߧ`w˰j@d|Jxa7d{{ۄ5n TEMd}j02[-;1:V"Rl=ש0C3]2v'Vm)]CkTȱxRWE^Rcn*m"#`DXêm+VQyJK뚌x 1:4ږSz uTFqIRAsY4Y G,}^C}CY8UfQ10`a-2FMCYp 3fwCY~ Om@'({Pפ d_2e9x3Y~!x|󆲰_ 7E>k(ZOjQ<&iCYn 3ߓ}Py[ d#},˸mS,쟷BOe,>7˜Y}y,7TP9W&b f. ea? 5XyѽP\ %j" 坥̅?6N`ay2FCYw4 =k^g( z>$&o2fy >/ٟU3Xyѱ~o?6ů˻chI 쇇}^n( V d"Jŧ%Ԉ ">.4YQYP|1BYғYRſdw1i"˗YoECYNM/f9Y|(Ѹ,_If9UByP~I?,}'DI<,_?;d97?Gqx7ep6˹|o"$mg!~PaI0,⇑+n(˷[Y.# CYF'hߑ5Ldm/}PI| : , Y e ,w'h)cx_RGR"~grCY'茛_<^CY~l~b(ˆ$lŷjPI|, 9cc}9>:mW/?GWj@6TmI/U:|wZ7o&>ku_+Z7EY:|ķZ7o&nkvv_35[" \+U߁I.g_4ѾEbqSMmm#&k8n*VMkt-ʷEo58|,WW+|_-_qSj4&Z⫵8n*zM*UFhqTJM r*,ʷF\9|ķY7o&J+wV_9[7o&_pʈo8n*_&_9|%WF|eM[W,|Kb[J|K-WɷPWL|M++_- M%|,+ ݤ7]nq-wqS4 toM'M"|S)7Z7o&DM$)7⸩|47&Z7o&!q7⸩|5F o$!1M7LF8|Èo8n*_&P %a7⸩|C4 _D|X7o&_'A7⸉|ׂH}xɞ%|RM #m!?rpTӬٔM>%m[!S#-|(6JJ&|~K8CmuPฉ|,UN\snYB;)pD>|uL_ *&&/6=Qɾ>(߽ JC&6 >b3UrD>_xP1j)J 7}j/2𭥜 JO \+E Wc_>hqoɾ*JUPฉ!i=2E)cwimMkUSN 6Pฉ|<ֿIo'3'(25Kl=E9OS 7o3x! [JSฉ|<^|@9[)Mko_6sRmkpbCs5X& R(pD>Vs+e^z{r^ԟ(pDcmkel=zM3x؇[#|ԫ8n"|:APฉ|Lu>ܖ &^qo6["J-;Rฉ|쇮Xo%̹ E.F&߉|ǎ/!v>Ow(pD>[}~(@Cm>~H(pD>2K},b򅯍rP0jk}QߤjP# 7}Mc_D?Jyws0?>h7*W,avḉ|ic Kn'#Mcd4ا/= >MBX< c:h19U8Ch.3. ϧq%jec{hHTwl 7oD6p:J8CmOtN&};VRzpTnxq]J&K+ƋoP-K*rD+kƋ֫3~ib丑g:c2c$j5W|Bs(Uq$>`m\{pTCf67$~amk/,;(|c+RA7r\i_θR;[8ոRGV*kUq$kCofJ沈*n"mI||ħRmwSʚUD;nyuBmwQ.7oI߳6{D8C6J3cWW"hwF+J7RYȷ,ZL|Ԯΐjؠ&J[.~kqA!նTV&'ek_k3VSjUDuI|kd(Qa7RF72[g, N5+(]EeU*nX$~p2F֑VcEl9V4o\g}B8XQ\Ir*+Wq˵j_.K\!|uXFTBō+ć3VT|>#j(PTȱI:c)ů.]*|XLTTMkIkk_{3.t1ZwzVt**[&񙠅|k!t 3FKWS7Sb&߼26g|nwO?ʏGsˆS>tk?? jKzO0!><.X][y0͠$GgP},"_j9TgRKkTEHg͐t%?=<.ez!q:bC#?=NWt&>N\,]w!ljR Åpڟ3@#0[poPg:SDž{scIzL<~_ƔP̾ OOpW? 5_lIZR {.{<ڱڹ}z~.ˬ$}u .~^{<_.KoKKO'a~Lb~JL@~/KIO%!~/:"FR<,ׅ}7L'&3 %甔.;{u+U%.Kv#t\(q8A=]g.b +cxX-Ló e9ՙpӭ˒_J_y!n:~9]eDוFeLRK]w,LcYt>?v}̐̐!}vG7`'Uޕ>l 4%x GV6)f>\0O2/khy*"o~diOg0?2y)SR}Ⴞ0y{$T}}ŖRK^ȕu)ܷ7$iy.J~vQUȾnu\j|Z$C^̄Q)~_|ΖD#k.{=Y~<[SzƝS{']w|5̬gX쾍]^'-cuv֎c?< v\{qsXֲP-sKeE Eq"Iǵ\Xyb:EW>Ǩ NZEV.T~t8~y($oo3b>ץ|N?{~Ɲǝǝcw6iVܟ\}财랓~o]J!sE q q ' L<yg(M<3_=7s[yn'#?亪>_0~-ܘE׻={kXu7ߋbn*{U~#]W5w#@>cfH[/Y[}hij^~_~ޠQEKݢr{IkT6$J>8_)S9ú,K}_ wK)~,u~M`{{TGێ^x}luϳplP6FԆNSh>-rD?>grb=wf׷-ai|w>,{)Uv{3}^'knqMw>vyօNSuRһte'Mt5}quJǖs%~m(u3Wq |I#$Aҏ\R8[bY<\IurhBI1;/vkC;ɫu '/E`;ɫq<>B$ЫXg݇VSIO|a̤#A;KgS zғj{}v^We;yN^w>;ɫu '/E09'w򝼎ctĹ:>ɳ}bu:yo;yo;yC΋8+rF'srĞW'r|\1|lS+Ϛ9vZvϒo非tѱ9wF, ^ xV.Ռ3B5C]+IրTWrOuͤk%ulVSnRGQvwvzk"u\cc궑JUVS]mCxD(U9n X]ZR5Iڀx&u5JU[﩮qmU*=UJ*GيխTWN:RǶ<`u=խ$ueWn2R5V:e+TWBJeKVS]1KIy틔eSN5xBB}=JUVw:^k7U穎uSr\Ou*;s쩎TT(;1`u<eXXOu95Ǫ5̓U7SF>ZQvd{Ĺ'>\'lOuxRЀ Txs ^{Z;Xu<*e.S]?R5"ulH]*GV驮I^.TrX].R5ҭ)ʦf1 \#źQc8U\8k|s=6Upq({8`uqp=VU=*X^C \--kUVp\잀rWux W+3`uMU:؁*X]#>؊N*n X]npU`5p[VW{1qu]=5$p:|TٚUSꞂ 4p|B ͮ6C%>\c=+[ lpUkq+pJܢڀՕsꞃxP&࿀kJV7; cScV70X؎XM1\c\ul@AX]{C$aCV7OvUw2SkJVwvUt`Y}]>xr VɶOz㙮kN*ftU7{y5X%۞==\e.@w8+ ;\ Ïa8r VyLUw["8 (dOn4g?h Xy+Jn,}\ <`ﻪ>}A Sv_Z`I j{IeJ<~>p VG׺zeVf5`;T: 0Ull95a \MprUM]ݎp'rzRY`Ea5F-ܥlu=*FXlU*aeX+kTA[tUK,_#XG*רt3`u~\(2`uˠU]z+RٲՕ#x FlT$`uIWuOb1lBW8`uE誮v,R`mUva ]WubBV 1s:{'<ךktav/%mp7zxitӛ \OOW=<#8#p=zIOJzUO 9A9nz>ūHz\!=ss]|SN XO+rsa? fcGrӂ`N.g&x=;qҀ4r=ql_g+[dupzqXu)X=;=uLT.zjpl g=> pz*1=):=kV_Juո'SgJ.zJ9X8娞<,&S/|QzB #`=e=n陎 y2:8=:5 :X=Sp\| &`LĿ虌qz{0Vg8^X5c݀pMa.zǐ XO?qszWzlжq XYrsv,D VO?Lwѓ=7~Ee酧į`O jb==t'f9G׿cE1|=`=G\=GM0EO\@ss9HOV8?`=̵tiI0Vån}Iz$O+a }p]=+\46nzBF 27= _ XOLuSa-npS 7b5i x1g#ঀT\=U0+`Nz=,€]\ wgL0ʰ JS ]*,_g1ERX XOx:M0q!<B`14b4;ﯽc ֎5T;|@{WVf7deU^Uw PƳxEՃWTl}2?jx*x^+WSn{Uvz*y.+WS6{Tʶz*{rjS+lmljeuxZ{Tj{S&{*(s/^Կ ʮY}x_XOe<ߐW;{SF{*)33^Կx"r:*e{**5^Կ!x^"n񽺩e<|l_Yuku=e]CZW'꒶p5HaM+˴*۠u+y>W3u; ú-pϕL+KvUv7XK;)sS*qUVǰTKJ|`_QUٽp=zem fcʖa\>W. vU`9|+)je fh~ ESXsRbJh*xԽ>W+rUIReoq"eհk5@*5%e+{ v \Կ+Eʞ4l'u)W֐`H[f؂ϐz }L_Y}"me P[a3nsURjUY#v}H_Y^Jll&RWV/*{ *XϕH+) kq)znWVvUgXkU e+uWe}) }>_YYU meo@) H2|ʣLDނ%wR[>W8ꏶ߅7 o\qԿ V~}R|6_YmMB!*}4_,Y!)6|2_tHٿ ?# ¨edW"eGc>WlJUmeN0b;"ǃU6\MFl\me=p,1ǃU6&ʎq4ԍElDUmeq80Bo+W6,g(uñUD+$XVv&"RwsQ%XV6yJsPJl0fxKaϕC+`G[PCgWOaaʆU6a>W pU6{{p #|_Y~Uٷ^F.m+W\7JOTsPʎʮ:+}_l QLaA+;`l*딺6x>\zlxpUA0 f*`6)L+vaJl6\>va>6 ynhFˌD&w]*(|&%% J&x~9mRl2l$u*(0ʖ&X5xaUX zXNaOy]ʱ֐"Ws.O.lVp#ۨ—PE*(T\ UY5+(T\ 1WeJx=B1+|vaHYA=Z u>W(|l33J]< ?ڙίX q)lsU.—BK)\ѳ !r*SxP>|jR:f#;0J:io_a 3`8̜W8w gϚscgA3&Q~K. #HV^+̙=czV1+Fm(&awJT^t}D:ӥb=]g0bC\rIYWΘ{̙gd l O1/kh$ҩ\t&UjCjaOw4|6u6grn/MWG}k4>͖ cKE1ya4/;&aFLLɻ8&o {yߌ{H.Qy=Tލp>(HSܫ_ Lp^YD ^ghqMɷ,l1R-^)=& ni==|Fo^󵔓1b ^&2M|LSwy:/n6`dk/O94eiz;3o6~UNR{st.7SKcz~ ]9JΞǝs9Jx/FϤ!ލ $G8yֳTi.ğٟױ+ؼbM;$b=Pu|6s?6"y:>/y9(=+G?u(xu v?:|EK~ՍNDQ:gwy%.k {o{H(x/ FE   Chart Excel.Chart.808Microsoft Office Excel ChartF/ 0|DArialhet v,v0,0$DVerdanat v,v0,0$" DSymbolt v,v0,0$0DTimes New Roman,v0,0$@DTrebuchet MSan,v0,0$" B .  @n?" dd@  @@`` 0 ( 7 ^ a*XJ658=CDQFR  ]^cdmJnT]]7|}p^F >>    oR$ר@E(ǔPqR$HJsGEzNCg'qq2$QjW+ͪ#[w"$;̎r12$c82m2$bSZ^<; 0AA 333@3338+aʚ;l8ʚ; g4BdBdD0dppp@ <4ddddph0v<4BdBdph0v<4!d!dph0vb___PPT10B pp.*The Owner.6___PPT9{ C0?b$ NHousing Wealth & Household IndebtednessO  =7R+  Banco de Espana Conference: Household Finances and Housing Wealth 24-25 April, 2007 Housing Wealth and Household Indebtedness: Is there a Household Financial Accelerator? Sarah Bridges*, Richard Disney** & John Gathergood* *Centre for Finance and Credit Markets, School of Economics, University of Nottingham **Institute for Fiscal Studies, London and Centre for Finance and Credit Markets, School of Economics, University of Nottingham\Ve WY5,P  Impact of house prices on consumer spending: Via impact on life-cycle wealth: Life-cycle wealth effects: unanticipated house price increases raise wealth for older households who are  long on housing, raise cost of future housing for younger households who are  short on housing, giving rise to a net wealth effect. Campbell & Cocco 2006, Attanasio et. al. 2005 Via impact on collateralised lending: If household borrowing is limited by the value of collateral (housing), house price rises relax collateral constraints and stimulate consumption. A  household financial accelerator . Iacoviello (2004, 2005). But what role for unsecured debt? We focus on the collateral model utilising household data./Z!ZZZ&ZZZ;Z.!  &  !=Q , Mortgage Equity Withdrawal in the U.K. :-*]/ 3 Iacoviello (2004, 2005) Financial Accelerator: D 21h4 1 Our study (4): Model with unsecured debt. D 0-l6  Data: British Household Panel Survey (BHPS) 1991 - ; 5000 households: Rich information in every wave on housing value, data on indebtedness available in two waves (1995, 2000, 2005 forth.) Examine cross-sectional pattern of indebtedness in 1995 and 2000. Estimate impact of changes in housing wealth on remortgaging behaviour and changes in indebtedness between 1995 and 2000. Potential endogeneity problems: Self-reported housing values: use changes in county level house prices as an instrument for house price changes. Loan-to-value ratio when loan size can be varied: calculate  predicted value of current mortgages from original value and terms. Mortgage refinancing correlated with moving activity: use selectivity-corrected estimates for household being a non-mover using Heckman method. Self-reported changes in financial assets: can instrument using Family Resources Survey data. 0PPPP!PP !  S  2  P  6  [  +  2    ,4 J p9  N|>  Empirical Analysis Our empirical analysis proceeds in three stages. Do households use unsecured debt to unbind the collateral constraint? If so, expect this relationship to be non-linear: households do not only use unsecured debt once they exhaust all collateral (100% mortgage). Expect constraint to bite around higher levels of LTV. Are constrained households more likely to remortgage in response to relaxing ltv ratios? Is the effect strongest for households with higher initial loan-to-value ratios or only those households with higher initial ltv ratios and unsecured debt? And what is the impact on total household indebtedness? How does total household debt respond to rising house prices? Amongst what proportion of households is there a significant response (see figure). 0ZGZ;ZZ xZ8> @ 2 Empirical Analysis (1) LTV and Unsecured Debt : 11F v Empirical Analysis (2) Changes in LTV & Remortgaging Probability of remortgaging; probits, marginal effects quoted l 6>5>>+  K  Empirical Analysis (3) Housing Wealth and "Total Debt. Change in total debt, county level house prices; selectivity-corrected estimates^= Q(* ""Q"R b Results Choice of instruments / selectivity-correction Coefficients slightly weaker and less-significant in models using changes in county-level house prices and selectivity-correction for movers (bootstrapping weakens statistical significance further). Change in financial assets insignificant whether using self-reported values or instruments. Significance of interaction terms In specifications with interaction terms in final table for households with intial LTV ratios >0.7, >0.6 etc. coefficient on interaction becomes progressively smaller and less significant. Proportion of constrained households and aggregate effect If we multiply coefficient on  constrained households by proportion of households, estimate an aggregate effect of ~0.02 in IV estimates, weaker in selectivity-corrected estimates.0Z ZoZZ 0!#:]T  Conclusions: Incidence of collateral constraints A proportion of households exhibit LTV ratios consistent with being constrained (~15% of sample). Collateral constrained households hold higher levels of unsecured debt and more likely to refinance when housing wealth increases. Constrained group also exhibit growth in indebtedness in response to increasing in housing wealth. Aggregate impact of housing wealth on indebtedness Constrained group represent ~15%, mpc out of housing wealth for this group ~0.13. Hence average mpc (size of response x proportion of constrained households) is approximately 0.02. Is there a household financial accelerator? Pure financial accelerator model omits the role of unsecured debt  we find little evidence for a collateral effect per se. Do detect a strong response for a subset of constrained households who, at the margin, have utilised unsecured debt as a means of unbinding the constraint. Financial accelerator effects are significant but only for a small proportion of households.0PPP %G4+t,;S  An alternative approach: Disney et. al. (2007) use surprises to housing wealth in a LCH model. Impact of housing wealth on consumption Examine impact of unanticipated changes in housing wealth on household saving using BHPS 1994-2003, instrumenting change in house prices, financial assets, moving decision and financial expectations. Estimate short-differences model as in Campbell & Cocco and levels model to obtain an mpc.  Life-cycle effects explained by financial expectations Life-cycle wealth effects on saving diminish in specifications which include changes in household financial expectations (-ve) and financial assets (+ ve), but residual mpc evaluated at means ~0.02 Strong saving response only if associated with negative equity In long-diffs marginal propensity to consume out of house price shocks of ~ 0.01 (symmetric), at least 5 times smaller than C&C response. Strong response (mpc 0.1) if household in negative equity at beginning of period.0ZbZkZ E)#:/ c>/U^i mr~"*./125  ` f֮EffzwXV~^` fffffff` MMM` G+й3UxwJCw` ______www>?" dd@,|?" dd@   " @ ` n?" dd@   @@``PR    @ ` `_6p>> ( ] (    S $ "P  T Click to edit Master title style! !   C  "0  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S  C h "``  X*  C , "`   Z*  C h "`   Z*  ASKIINGFormatShape"08 > z  TA޽h ?Picture1"@` MMM  Moneyo  @4 A(    c $ ?"`  T Click to edit Master title style! !  C X "     W#Click to edit Master subtitle style$ $  C   "``  X*  C L "`   Z*  C l "`   Z*z  TA޽h ?Picture1"@` MMM0 p(  p p N8y˼y˼ B   n*  a00aa p Ndy˼y˼  wB  p*  a00aad p c $ ?pV  4 p Ny˼y˼  K  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S  p T4y˼y˼ .   n*  a00aa  p Ty˼y˼  w.  p*  a00aaH p 0rllC ? 3380___PPT10.ۣp `d(  d  d N"y˼y˼ B  " v* a00aa d Nd"y˼y˼  wB " x* a00aa d TH"y˼y˼ .  " v* a00aa d T"y˼y˼  w. " x* a00aaH d 0rllC ? 3380___PPT10.h 9  0(     B( "`  LB  c $DYLB  c $D,Y,H  0޽h ? MMM___PPT10i. +D=' = @B + . P t(  t t  B| "`M  LB t c $DYLB t c $D,Y,H t 0޽h ? MMM___PPT10i. +D=' = @B += / TL (     HxL "`  LB  c $DYLB  c $D,Y,  0dN  >  0  `A ? ?  H  0޽h ? MMM___PPT10i. +D=' = @B +yH  GGE G(     B\ "`  LB  c $DYLB  c $D,Y,E~ "| 3  c"$GgN  S X99?"|<  # x"|<  #   (DN 2  2  6_T fFigure 1& G   6e9 0 xThe financial accelerator &G B  3 t  BC"DEF" @`j  Bi CDEF33Z i  @`{ B  3 33 :&T b  o  # b  o B  3 b  o  B  3 b  o ' B  3 b 4 o @ B  3 b L o Y B  3 b e o q B  3 b ~ o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o  B  3 b  o  B  3 b * o 7 B  3 b C o O B  3 b \ o h B  3 b t o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b  o  B  3 b ! o - B  3 b : o F B  3 b R o _ B  3 b k o w B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b  o $ B  3 b 0 o = B  3 b I o U B  3 b b o n B  3 b z o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b 'o 3B  3 b @o LB  3 b Xo eB  3 b qo }B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o *B  3 b 6o CB  3 b Oo [B  3 b ho tB  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o !B  3 b -o 9B  3 b Fo RB  3 b ^o kB  3 b wo B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b $o 0B  3 b <o IB  3 b Uo aB  3 b no zB  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o 'B  3 b 3o ?B  3 b Lo XB  3 b do qB  3 b }o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b *o 6B  3 b Bo OB  3 b [o gB  3 b to B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o -B  3 b 9o EB  3 b Ro ^B  3 b jo wB  3 b o B   3 b o B   3 b o B   3 b o B   3 b o B   3 b o B  3 b o #B  3 b 0o <B  3 b Ho UB  3 b ao mB  3 b zo B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b o B  3 b &o 3B  3 b ?o KB  3 b Xo dB  3 b po }B  3 b o <  #  <  # &:T  )-  #  )- ! zBlCMDEF33 _Ml7 @` D  " zBlCPDEF33 `Pl; @`~ 9 # zBlCMDEF33 `Ml8 @`$O $ zBkCPDEF33 _Pk: @`6 % zBlCNDEF33 _Nl8 @`qe & zBlCPDEF33 _Pl; @`z ' zBlCMDEF33 `Ml7 @`)-T vz9 (# vz9B ) 3 33vzB * 3 33v<B + 3 33vnB , 3 33v0B - 3 33vB . 3 33vEB / 3 33vwB 0 3 33v9PT s 1# sB 2 3  3 rBuCyDEFyu;y @` s< 4 # m 5 6ܔ5Aw" _c&F   6 66xO _t&F < 7 # 2~h 8 6|8 _c&F   9 6p98 at+1&F  : BC DE$F.3II    l     e H@  v6x:z?elqCS\\%uJ_Jc:+u"u.cDYJu%\f1_%~(-xh M#d( 5S x    l   @`sq ; BC: DE$F.3II:   M   D D M  e T4 m#=[VJtC %%JfhSx=.""7xMhfJ%.1b\ Ih P[ AF x  ; D   M! 1 : @`"'*< < #  %k = 6=<  ]r$F   > 6>!; i  ]s$F < ? #   @ 6`@t6 _D&G   A 6TA .X _c&F < B # ZH<* g< C # ZH<*N  D C D"`J Tnyt + at E(vt+1)ht-Rs "E(vt+1)ht-Rs8               6< E # ZH<* H  0޽h ? MMM___PPT10i. +D=' = @B +u   tt=mt(     BԱ "`  LB  c $DYLB  c $D,Y,rF , m gT j c $X99?,B j 3 4qT 9  m# :B l 3  l <ױ  fFigure 2& G  l <ݱ+ 2Unsecured debt and effect of house price increase &32G2 H l C p  l B[C!DEF![[ @`  /  l B3 CDEF33$ 3  @` sT  l#  w  B l 3 33%B l 3 33[B l 3 33"B l 3 33YB l 3 33 B l 3 33VB l 3 33B l 3 33TB l 3 33B l 3 33RB l 3 33B l 3 33PB l 3 33B l 3   B l 3  c  l BCDEF33 @` l/ PT  z l#  B l 3 4G l rBrCvDEFvr:v @` zB l 3    l < <e  _c&F   l <LA= Ou  _t&F B l 3 #F l <E]l _c&F   l <,q at+1&F  l BC DE$F.3II   P k R _ U z7 1 d%Om4BMj<7 @@yr9]HV9*n!||n-VBW9ry@I*X_"T[$aR% hI h n  P   @` K[ ,  l BC DE$F.3II  D   G    _ ^4  :Xs~70)a0e   3~TcNk<-z!z!3kHcT3 wN;%Ba$(jm LF q   G   D  @` 0  B l 3  86  l <, O  ]r$F   l <T O  ]s$F  l <   h " B l 3 ! }  l <ٱD s X  _D&G   l <y  b  _c&F  >T P   l#  r B l 3 P \ B l 3 h t B l 3   B l 3   B l 3   B l 3   B l 3   B l 3  B l 3 B l 3 )5B l 3 AMB l 3 YeB l 3 r~B l 3 B l 3 B l 3 B l 3 B l 3 B l 3 B l 3 'B l 3 3?B l 3 KWB l 3 coB l 3 {B l 3 B l 3 B l 3 B l 3 B l 3 B l 3  B l 3 %1B l 3 =IB l 3 UaB l 3 myB l 3 B l 3 B l 3 B l 3 B m 3 B m 3  B m 3 "B m 3 .:B m 3 GSB m 3 _kB m 3 wB m 3 B m 3 B  m 3 B  m 3 B  m 3 B  m 3 B  m 3  ,B m 3 8DB m 3 P\B m 3 iuB m 3 B m 3 B m 3 B m 3 B m 3 B m 3 B m 3 B m 3 *6B m 3 BNB m 3 ZfB m 3 r~B m 3 B m 3 B m 3 B m 3 B  m 3 B !m 3 B "m 3 (B #m 3 4@B $m 3 LXB %m 3 dpB &m 3 |B 'm 3 B (m 3 B )m 3 B *m 3 B +m 3 B ,m 3  B -m 3 %1B .m 3 >JB /m 3 VbB 0m 3 nzB 1m 3 B 2m 3 B 3m 3 B 4m 3 B 5m 3 B 6m 3  B 7m 3 _   8m <.  ]r$F   9m <<3  ]u$F T F \1 :m#  n  ;m zBjCLDEF33 ^Lj7 @`F   m zBiCODEF33 ]Oi: @`me ?m zBiCODEF33 ]Oi9 @`y @m zBjCKDEF33 ^Kj6 @`'r Am zBjCLDEF33 ^Lj7 @`X Bm zBaCIDEF33 UIa3 @`\1T M Cm#  '  Dm zB]CdDEF33Hd]R @`M Em zB^CaDEF33Ia^O @`)  Fm zB]CdDEF33Hd]R @`J4 Gm zB]CdDEF33Hd]R @`&& Hm zB^CdDEF33Id^R @`JP Im zB]CaDEF33Ha]O @`&? Jm zB]CdDEF33Hd]R @`Hi Km zBaCdDEF33LdaR @`'[ Lm zB]CaDEF33Ha]O @`H Mm zB]CdDEF33Hd]R @`$t Nm zB^CdDEF33Id^R @`ET  Om#  w B Pm 3 33%B Qm 3 33[B Rm 3 33"B Sm 3 33YB Tm 3 33 B Um 3 33VB Vm 3 33B Wm 3 33TB Xm 3 33B Ym 3 33RB Zm 3 33B [m 3 33PB \m 3 33B ]m 3 ZH<*  B ^m 3 ZH<* B _m 3 ZH<*  N&h b  o  `m# #"   B am 3 b  o  B bm 3 b  o ' B cm 3 b 4 o @ B dm 3 b L o Y B em 3 b e o q B fm 3 b ~ o B gm 3 b o B hm 3 b o B im 3 b o B jm 3 b o B km 3 b o  B lm 3 b  o  B mm 3 b * o 7 B nm 3 b C o O B om 3 b \ o h B pm 3 b t o B qm 3 b o B rm 3 b o B sm 3 b o B tm 3 b o B um 3 b o B vm 3 b  o  B wm 3 b ! o - B xm 3 b : o F B ym 3 b R o _ B zm 3 b k o w B {m 3 b o B |m 3 b o B }m 3 b o B ~m 3 b o B m 3 b o B m 3 b o B m 3 b  o $ B m 3 b 0 o = B m 3 b I o U B m 3 b b o n B m 3 b z o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b 'o 3B m 3 b @o LB m 3 b Xo eB m 3 b qo }B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o *B m 3 b 6o CB m 3 b Oo [B m 3 b ho tB m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o !B m 3 b -o 9B m 3 b Fo RB m 3 b ^o kB m 3 b wo B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b $o 0B m 3 b <o IB m 3 b Uo aB m 3 b no zB m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o 'B m 3 b 3o ?B m 3 b Lo XB m 3 b do qB m 3 b }o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b *o 6B m 3 b Bo OB m 3 b [o gB m 3 b to B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o -B m 3 b 9o EB m 3 b Ro ^B m 3 b jo wB m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o #B m 3 b 0o <B m 3 b Ho UB m 3 b ao mB m 3 b zo B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b o B m 3 b &o 3B m 3 b ?o KB m 3 b Xo dB m 3 b po }B m 3 b o  m S fm"`= 9  D^yt + at E(vt+1)ht-Rs "E(vt+1)ht-Rs0             .H  0޽h ? MMM___PPT10i. +D=' = @B +  0(     B~ "`  LB  c $DYLB  c $D,Y,H  0޽h ? MMM___PPT10i. +D=' = @B +  ID`(  D D  B "`  LB D c $DYLB D c $D,Y,f D 0A?"`m ,f ID 0A?"`I >H D 0޽h ? MMM___PPT10i. +D=' = @B +  (     B "`v  LB  c $DYLB  c $D,Y,H  0޽h ? MMM___PPT10i. +D=' = @B +`  wo.](     B "`v  LB  c $DYLB  c $D,Y,E h-I  \ #"2&10100)-hI  1 <? I S  V  @` / < ?"` S  V980.1* (406.6) @` - < ?"`h S  PEmployed   @`  << ?"`   V-18.6** (5.28) @`  < ?"`3   V1101** (274.8) @`  <` ?"`3  V205.4** (57.6) @`  < ?"`s U 79.9** (9.75) @`  < ?"`s X5212.4** (483.6) @`  < ?"`-  dy/dx, s.e.$P@08X  <| ?S I  V  @`  <? I  V  @`  <$?3 I  V  @`  <?I 3  V  @`  <.?sI  V  @`  <6?I s V  @`  <8?-I  X  @` 9 <B?hS  [Controls: quadratic income, financial assets; age, sex, employment status, qualifications. \\ @`  <R?h   XFinancial Assets @`  <@\?h3   OMarried @`   <e?h3  KAge @`   <V?hs R Income ()   @`   <lw?hs [Loan-to-Value Ratio @`   <Ȁ?h- /R.E Tobit. Total Unsecured Debt Pooled 1995/20000' @`ZB  s *1 ?hZB  s *1 ?hssZB  s *1 ?hZB  s *1 ?h3 3 ZB  s *1 ?h  `B  01 ?h  `B  01 ?I -I `B  0jJ ?h--`B  0jJ ?h`B  0o ?-I -`B Ҙ 0o ?I ZB . s *jJ ?hS S `B 5 0jJ ?h hS `B  0jJ ?h-h `B 6 0jJ ?hS h`B 7 0jJ ? S `B  0jJ ?- . +  A H  0޽h ? MMM___PPT10i. +D=' = @B +: " 99@ F:9(     HJ "`t   LB  c $DYLB  c $D,Y,6 F   #"*ONF   , B(?GE F  ]-*(# @` + B?DE G  ]-*(# @` * BP&?KE D  -0.23** (0.05)@(!( # @` ) B`?< E K  ]-*(# @` ( B@?_ E <  ]-*(# @` ' Bȷ?E _  ]-*(# @` & B?E   ]-*(# @` % <?E   PDLTV ratio1995-2000* Udebt > 7501995z)  #   @` $ B?G FE  -0.23** (0.05)@(!( # @` # Bx?D GE  -0.24** (0.05)@(!( # @` " B ?K DE  ]-*(# @` ! B?< KE  -0.21** (0.04)@(!( # @`   B|?_ < E  ]-*(# @`  B)? _ E  ]-*(# @`  B03? E  ]-*(# @`  <@? E  PDLTV ratio1995-2000* Udebt > 5001995z)  #   @`  B0.81995z$  #   @`  B<?G)Fx ]-*(# @`  B?D)Gx } 0.06 (0.05)@(!(  # @`  B4?K)Dx ]-*(# @`  Bܻ?< )Kx ]-*(# @`  BL?_ )< x ]-*(# @`  B?)_ x ~ 0.001 (0.05)@(!(  # @`  B?)x ]-*(# @`f   <?)x FDLTV ratio1995-2000* LTV>0.91995z$  #   @`   B?GF)  -0.04* (0.02)@(!(  # @`   BD?DG)  -0.04* (0.02)@(!(  # @`   B?KD)  -0.04* (0.02)@(!(  # @`   B?< K)  -0.04* (0.02)@(!(  # @`  B?_ < )  -0.07* (0.02)@(!(  # @`  BX*?_ )  -0.07* (0.02)@(!(  # @`  B6?)  -0.07* (0.02)@(!(  # @`   <LA?) &DLTV ratio1995-2000T  #  @`  <K?GF _(7)*(# @`  < s *1 ?< < ZB A s *1 ?KK ZB D s *1 ?DD ZB G s *1 ?GG ZB K s *1 ?)F)ZB q s *1 ?xFxZB  s *1 ? F ZB  s *1 ?E FE   0 6 #Controls: quadratic in income, financial assets, age, sex, size of household, employment status, educational qualifications, smoker; change in assets, employment status and family composition 1995-2000. Significance at **1% level, *5% level. 2H  0޽h ? MMM___PPT10i. +D=' = @B +: * ,9$9@ C/8(  , ,  H "`  LB , c $DYLB , c $D,Y,5 _w  / #"."aI   q/ Th  ?"`_ aHeckman Estimates(C @` i/ Tt  ?"` _ \ IV estimates ( C @` g/ T4 ?_  Z   @` / T8  ?"`Q d  \ 0.1** (0.03) ( C @` / T4  ?"`Q d  \ 0.1** (0.03) ( C @` / T|  ?"`Q d  ] 0.08** (0.03)(C @`  / T  ?"` Q d  ] 0.08** (0.03)(C @`  / T   ?"` Q d  ] 0.08** (0.03)(C @` / T  ?"` Q d  ] 0.08** (0.03)(C @`, / TP  ?"`Q  d   Dincome1995-2000@   @` z, TD)  ?"`d w  ^-0.48** (0.21)(C @` {, T$+  ?"`M Q  ] 0.13** (0.05)(C @` |, TT;  ?"`M  \ -0.04 (0.04) ( C @` }, Td4  ?"`l \ -0.01 (0.01) ( C @` ~, TF  ?"`l \ (4) LTV >0.8 ( C @` , TH  ?"` d w  ^-0.52** (0.21)(C @` , TX  ?"` M Q  ] 0.21** (0.07)(C @` , T`a  ?"` M  \ -0.02 (0.05) ( C @` , Tq  ?"` l \ -0.01 (0.01) ( C @` , Tt  ?"` l \ (3) LTV >0.9 ( C @` , Tl}  ?"` d w  ^-0.54** (0.21)(C @` , T  ?"` M Q  Q-(C @` , T  ?"`  M  \ -0.03 (0.02) ( C @` , Tl  ?"` l  \ -0.01 (0.01) ( C @` , T̨  ?"`  l ] (2) LTV >0.8(C @` , TP  ?"` d w  ^-0.54** (0.21)(C @` , Tܺ  ?"` M Q  Q-(C @` , TP  ?"`  M  Q-(C @` , TX  ?"` l  \ -0.01 (0.01) ( C @` , T  ?"`  l S(1)(C @` , T  ?"`d w  ^-0.52** (0.21)(C @` , T  ?"`d w  ^-0.58** (0.22)(C @` , T  ?"`d  w  Oage  @` , T0  ?"`M Q  ] 0.09** (0.04)(C @` , T  ?"`M Q  \ 0.12* (0.05) ( C @` , Td  ?"`M  Q  RDhouse price1995-2000 *ltv>0.X1995 *unsecured debt 1995>500rG  C K CKC( @` , T  ?"`M  \ -0.05 (0.04) ( C @` , TL&  ?"`M  \ -0.08 (0.06) ( C @` , T|(  ?"` M  fDhouse price1995-2000 *ltv>0.X1995 d4  CKC K @` , T=  ?"`l ] -0.01 (0.008)(C @` , T,  ?"`l ] -0.01 (0.008)(C @`. , TH ?l  *Dhouse price1995-2000F  C K @` , Tp[  ?"`l \ (6) LTV >0.8 ( C @` , Tc  ?"`l \ (5) LTV >0.9 ( C @`& , T0f ? l ,LHS Variable: Change in total debt 1995-2000<-   @``B , 01 ?__`B , 01 ?w w `B , 01 ?_w `B , 01 ?_w `B , 01 ? _ w `B , 01 ?ll`B , 01 ?`B , 01 ?M M `B , 01 ?Q Q ZB , s *1 ?_w TB / c $1 ?d d TB h/ c $1 ?ZB x/ s *1 ?  w ZB y/ s *1 ?  w ZB z/ s *1 ?w `B |/ 01 ?w f - 0u * Controls: quadratic in income, financial assets, age, sex, size of household, employment status, educational qualifications, smoker; change in assets, employment status and family composition 1995-2000. **1%, *5% 2H , 0޽h ? MMM___PPT10i. +D=' = @B + 1  (     B "`v  LB  c $DYLB  c $D,Y,H  0޽h ? MMM___PPT10i. +D=' = @B + 5  (     B "`v  LB  c $DYLB  c $D,Y,H  0޽h ? MMM___PPT10i. +D=' = @B + 2 0 (     Bp "`v  LB  c $DYLB  c $D,Y,H  0޽h ? MMM___PPT10i. +D=' = @B +(+0 @8(  d  c $ppV     s *p K   " H  0rllC ? 3380___PPT10.  (/0  8(  d  c $ppV   "  s *o"p K  " " H  0rllC ? 3380___PPT10.  (40 8(  d  c $ppV   "  s *Tp K  " " H  0rllC ? 3380___PPT10.  (60 @ 8(   d   c $ppV   "   s *t"p K  " " H   0rllC ? 3380___PPT10.  (90 H8(  Hd H c $ppV   " H s * z"p K  " " H H 0rllC ? 3380___PPT10.  (>0 8(  d  c $ppV   "  s *p K  " " H  0rllC ? 3380___PPT10.  (@0 8(  d  c $ppV   "  s *`"p K  " " H  0rllC ? 3380___PPT10.  (F0 P 8(  d  c $ppV   "  s *"p K  " " H  0rllC ? 3380___PPT10.  (K0 P 08(  0d 0 c $ppV   " 0 s *x"p K  " " H 0 0rllC ? 3380___PPT10.  (P0 ` x8(  xd x c $ppV   " x s *"p K  " " H x 0rllC ? 3380___PPT10.  (Q0  8(  d  c $ppV   "  s *"p K  " " H  0rllC ? 3380___PPT10.  (R0  8(  d  c $ppV   "  s *"p K  " " H  0rllC ? 3380___PPT10.  (S0 @ 8(  d  c $ppV   "  s *P"p K  " " H  0rllC ? 3380___PPT10.  (T0  8(  d  c $ppV   "  s *ܪ"p K  " " H  0rllC ? 3380___PPT10.  HcPx\TGwY.]X:AE@Y `G@ņXEhb5c([Ԩ%j593wX$ϯ=<߿Ys?{9=ssO~cWzOd"#|J) Euu5LH1'x=:JY"iPHc HPOO?x.n%jgmjJ^$ ~ ww_ %[?RތQ{D;D&u 0i򙺤R'i)۾5B?l]!HyH h/`-H$ŊkRl$L$;lIr ) $'RIq!ŕ7RIO)hI"śR|I#ş$5 %`RBH %%AJ#R"I"1)MHiJJ4)H!%8RKHR<):RHI$%dRZJRRIiMJRڒҎҁtR2$Iċԙ.dJ$eMJ7R҃"7)}H!/)䑒OJ?R2@LRBR2"RI)!e)#IEhR<7HGxR&2R K&E1{fQaz}O'5'p_>`"dE$JL<( lhOx-)(w~DN֧ -{hmVt&xÖq _ qvkA{3N UX7Uz˥5[/jo}CLqK{ zꓮYXֽc~^OQA. ,\YZtc6diH_#vsi#d{d{0i6wd~ga`ׅY`!}]PɎuVk%Q3ߴK?+VM)a ^ay=Ȩ$_a`JXc7JefUE{=th&vv:N[C ;d'e=Wm$aX߮pl~\5햼lX[s?-^Wmgr㘝ߖcv}G9z_h; 9`ld$"Ј݄'Ęݘx;;y^5Nǚ/Ív ߣW|qh{!`c_-= !S$RjkWƿ*PjRs+J䯃ipapCK JME J5;oBK4☉p֞(dLs*H`ݦPF*'n */椐L!ݒB] k0J}dQ0uKA+DN 'H5'+1w"OI}&7] Ĝ-34;.)6&A_4x6gHሡ%Dm4\IaI`m1 !3> G-Y^q~Z[#Uf}J!7Jn^ͮkBv3!ρ;9t_2_$gRAIتB2!-SD>IX@MsbT^E|ܢ0[9CbN/)uEܢ08- =h- F%p(( ,N>gq?'E- ܢ05q.nQX%˸Ea`׳[O?E+s( ,^z(( ,zG矸Ea`7nQX?Ea`crYyEa` ٕ[zI( ,BO- K^%DnQXBm'nQXܢ0FpTrH^LnQX"}^- KkEa`in/Ea`i*AnQX}>- K3F{[y=p5Ԣ,xd gnkCN1#BVO\:8fY)&i/?޷^uuT r9$uٯOc7+*䬣_'7u/gfLN[x\:r7*y7^:w.\:J.XkuWmr¤B:fOcXjδYΦ\:|GEQuǺx9ؾ0r1qփuߊa_,^.g6wnZ8U.g,7ZSuou-2JuznvYu ax9^S&/gWlxe{C<]'rr9ե#`=(}?un|\:*粿^u(tOr1E YGxfx9똘{s(uߙ15}:ܿ;::Bix9|#Ew#|;J?ZwuD|ewrֱ~/ Y/v,^:? k/"i s!8Tui\:2 a#dQ)k-]K-d3u5=gR:z?ar9ZY !bٿ{'ќ{g6YGhx嬣+MҬa;/g=w!븕mf\tn7g!p B:wgZ:Rڎpu>gB!밝w5^:A:bw~^/g;1N:3fZuu4haG!9ӷ^<1q';Dj+Ū7j/ٛ8aԛ.XV! dzQR&U*IO"{}hB{0NFKpOJݪW&o1,QԎPA(GtGA/5U=ϏJnuGA_?9 |(h\ϲfx^v<*if'ϗS\nFrs]uI\ \kZmH&s?|9?+Kz ͕QNa6ڦfS}ĈMefjĦ6b33b37bu Vmj,$جlli؜؜\\܌܍yyTJzܐldV26P2>Mj"n8_H,qf:D K2cPw-HG[ fC2W Q?lYMk㳻T`Gtǐ.PES&d942w$+eLRxk%<]gn.IBiA5ǒXT*잌L'H+f,Wr9̠TL}7X[ OH ^-( KvOIM`Sy:HjSm01$6ԦlYmM.UKeѥfԊ R NZzFW2Wzs)H36בZHދ6Tzs)!8*f8aڈF]޼J)I}ٖlFȃTW 5ܕȒ"Q* =jET*wVZLTpݲV%A+tzi=k5t7y3E\l.va[..I]l.ZeeQbӃGڨ׻ʈ6p[[h9] [YtqbI*PxWO:"TbZbkvыk锣[n\l..\~仂e[Sw\zpvԺ^-ť0=x ˶zؚŶw[?Pbkbktqؖ bI*P;Gf7Wֵ6Źb_5]\gԸIf ldPVG# 6p)ղ\;Ӄ|~ zq uc»6kۥm66Fe] ;IE9Tp1T6ŶbXtj)|}e͔]umeR^zpݛ)ղ\\VӃ n.:_]lkŶ=mA7mŶŶW˒\ ;IEϰ7L..CKsW : 6cvޘspI3v׬Q=xFjYGUL.>p׽z팸؎=pq{vyMmMۡs ." U?eOSRqخֺ؞xx*[ޯO^g0c.Gxoz]..ڠzpEUyzWνu|ڶ׻ވ{F\\y]gzp=؞]|g`7*^+v4T.~0kL..v..G?ߜc~^m_]ՂDő7;.v.VmQ=xغ[=EZփW=/z;quv qɷ3;o2؁]G'o1$i \lsyW*RqءֺME;/8=ūb2Coq~wד]\8x"zzǃ\l#Euw;=`..NM..]\]Ñū2G." U|+~ςL.Wk]ox}yĊX.cU4bb uqM:I+ղ\=M?2{׻XcbW<1X.^:YS5\Ak5˦IB" UO G:A*pֺ]JQ n\)XLzTŎb}+\(ؑݢ.vD;:sbGŎb[L-<_]hŎ |\.|/Gp#ؑ]uh([ ;IE^5_p1TŎNb %[]$6NOu)Ivub'taЊzS#3=x^iܹ^b'#.v.Mǹŗ*ob'twnTa'HCUc"Z>\ Ug*pSu33kt=xj-s38hMFO;.v.O:x+Vԫe=xL.>ΐEF\L]<\\bgt3mիbgt3w38;̹a'HCU%:43 *Wk]>b8h<wCz]|J} \dPݬzp"2.kEZ0L.{Mz3^x)Fpbwvv]|z&Vԫe=[\&rQ.?+K?LWX+"}x⠨b)I4d߬:.,!O;E(L=bH#gn2iIH# wDo<$RT*@xÉTLHZ$,0G$%_׋G8o\ݮD}%D>cõ^- C$O>󵿨#Q؛t-q@b>k3 v'$+)NRr- Tb-5O>$dV S@>E)ץBD>TTQj|iqlh *PwP%hbZ<% C9F ѡ %DB`E=w(-8z=OQ؁xR㉮gE%Diۂ77Nʦ/";J ,@IwT[S$OI'C ǃsb-9HD$x 9̸wLԝ4T[4!e* ǣ֒Iz1^OIO$@crrL&@|ݲ1j1iP+D@-g Z|F/1j1jyKY%rS >ȲRwB2D@m@B֕[AY5>Br:]0P K&NjLBr7樧WzbOr*Stnz=9^H]^&R Yn~M[0:d[H'gӓ%Eə9S6' x!9^/$'U9Pw*P2mKmZZK7S !(1T}L^gFr[[4-$ӬI߸ OQsdz goz=9HΨQ7r&dSo9^8Ԫ9QRA3̂YWB$S\KYuDroN7n=ojO@ݩHCU@KF @2]k1}$G T6׼/89>HΑuӓ>Hθ9oՊzǘS'9 9󮿨ד}xxr 6!rH;lfrz\{oǞTqH'rԓ#CɑfUDJ[)?DTa@LR9zU֏?-jYg1=P3$oؘQyǪ@M6q#P{eĤҫ1O> tQфEr>᫞??JΪBN3FCr89~HN䰵.ɁSnvk$-T@_%Ɂi -3?Gr'L)/䔮#9}5ۼvWz*#r6Q'ɹc-5f 's ƜOnhbOi *8$(,sr/.^l@ԝ4T|hysUkhQrk-94GrNrDrqΓ$K= =lJNc}DZ#9L|zݕ^ONU޾tr.<0"Y+ ~Z-HRMwˀ$O''@ '<y @r<"9HN''ɩ6ѳT;i @(S9@$nA^.)] Drhb@@$"㔎ꁜӽ,zr[?fz C D@$dcln~&X,@΄A+-[4|M*S  䤗JEr@NN ?Ɣ;ierT* gg["ȁe* '֒Ӏf#9Ǿ 8"ܛ[y⎕9 drPrQ={Ж6}DZc319UŚ| 4@r[r9M63wq˳޶on7{[5@rDzr4`45NN$I/ii\컴;i zC9ТL4!9p{B" J$i=''Yxx  >%'9;$۳Gԫe=W |~VG@?~Wz90=(pӰQ''YEIwo9Nj{Ҩם{N s8{$ߊDON@N% g FNj"prB+_N~Lԝ4TV8j-T@NH%'f?-`:%[! "9El@NLN(sz ']u}EZOȩ3kbVTד<~=ms(Td3 O5A;/]"95zrBrB٘bBP$F$' "9O?~H&NEr"+?yt@(S90$nHhq_ H8c3'' YX^d@NLN9 lo+ղ7x@G{i !9E+i(ӐӐjۮ^-끜a#2=eK^ONC$vo[9c 2e3 fȿ{ ` Y3wO`69 ~3+=9 rRrNB)]ib4Drrr"9-2.'u" U9=}f>Nqȁe* a%'fAHS%YgFN8¢Ӿ V_Q=7<6Wz9ϟ2=iv^ON8SOp$'賺H*=NenArnzm[[  , 1@ gDr‘pNN8ἴȯdrT* lʧo @2^kɉ@rƳ0ƽbN9D 9m,ks\.șwOqWz<9m;[VדXN{&] Eݘ?̐X6ɉ@rDDPrCIɉ@r=Dr"NNt:a;i ٽlmkrE ȉ4BrvM9+'pl} '#mPO 4iDǭ̿Q=3D+Wԫe=^遜˔{rDFHXznb|]"]gnesFHF9(9}r6}i;+4Brqr!9mj~] NEчt'ȁe* Q%'ƜvH䵢<+ɉGok&eȉɉFJN$a!^-끜ϙxXq4 @ɉDrJShC~erluxJwfr>;}! 95ɉDrM2D D39 89HߦHN$ɉDr&{#29Pw*PqziB-T@Nd%'fYHNFxȉBrʏ9Q29QVQHcNLNL䤸 kPד4jnx$E8;̂V;\r,xlU ỉ[ɉȉbWYd<89QH HNɉyQ_B́Sliȁe* '֒ӘfȹHNOU"9!iq9erު袎o{^-qs riFQ'1n`d`9k{2 /,x 8O+44Fr u4iL9 H7HNc$1'13ag!@ݩHCU@~ ZƵ&HNP$g[IͰ4ArF.l<[9Mdr JN:S%RzN`zRJ 4Arm69*'vb ـ{3\wRi,i"ӄ99sr 9"9M&&LVb}T&NEr4NOe @2Ӥ֒ӔƜHm:əU^+#){ 4iJ{:r*m._Q8Ljr)Q')z񻟄arN86ַ3Oӑq VݾɉFr-D D3EE𻻋D#9ќh$gGz*u" U!9 >ȁe* '֒ӌfs5Ut /89찻mP-L&m1Ce^-1i"%P=ؽɟz=9͐_hH㣒0 3!Bǭ;HN3:n#29rᄜö<4Crz?a4Crqr!9_1;i |ȁe* Y%')]Lު|Lq2ύ=Y$%'ɩzU_Q@pJN +ieד^Kd:y30 r [Yx{JWz&0y4d™[w 9[,Wydc$'t^29Pw*PswVxihQrbj-94lBr~3s"9W-']ȉɉErXz9&-_Qx:JN,=9Q''əU6fǬpJN,i,@N.9ѭ~JM$'΍Ë_ W 2rrf"9MRAN,ɉEreNB NErNfbpT-T@Nl%'}/et-#e;#'ɹ"E 'N&'ӕd_QsPr␜*݀D8$gٝ:18$`Ǭǥg0 Shf?cαC/@rXy'Hro'f+&.!9g!9q8$Mv}N@ݩHCU8_7 @2WkiN32$ l/9*7] i p=iAɹ!vǜHαrq(9-HΘiLԝ4T休[S!@2Ӣ֒OcηH 8*^l~YnȉGr2ȉɉG?ȹg#_?Q@Wx$JDDxz5'.DQ 'o2 תۙcч&znDr⑜gtW$~ 16ǜxKr!Ԍ9HN<''<6ع@ԝ4Ty69ТLJr`=alx*@##Ż'>Hh ~,[]XdĶUmHH;c};9Hc{GHHpɭ\L:D:ttt\x(D";i "Qҙy!::A*DZ$oH8HBr9;'x2rӎ $$>l-%'6x'ղoJFIdcފ^ON\Q ٠uQ|9?rhrt494p~8h@Nixg$ 9k~9L%~NNsk,u" UNRz|0W ZZKN"S's<3xQ[JD$'ҺY929JN"CA~^-1Pri^ON"絑(9H'1 [,i7Gut?vE=Q 'ț9HU=sDNN"b Pw*PswEF\hQrk-9I4\v o.MYj1'Ŝ$$'Q}rdrho%' )T<}ssWzgs ά>'#9:?yoX=Y 'c5e$ӻv0 R譒dNN2ay]Bou" U9cR6"-T@Nr%%͐]|cx_y]i͜w@NKڋvtT䄸;Wz pr :v;@ix'?PG-@ξJg -vx%jƋS' ^iIYsrZ"9S;kii|uO@ݩHCU8ш39ТL䴬BrJpl \_i;gytV298hJN+$l7'g9~^-끜VHNd*Q'sֿf gÏ,@EM>-8m~\ArZ!9a{m8tR&@N+JΞO 97qrZ!9OBrZqrZ;etQ!@ݩHCU@K;fuuJU@NZKN 9Hp5xf+T{3rR蕂w*9O 'E&'fyz go̒3DZ#9)9)HČo< zrR5_HIArJ,xi|6"cN=YFR\pl"Bi#mU 9)$獧f>%u" U9f%-T@NJ%'!9_jJscVHΏY;@NLN*sR(9HΈy+'ղ$ȹߏ2 zrRZǭY,@N㦧 M0 [˿IErVyXֽB&'U 's F:7]RTNN*:rT* zOZB'T\ZrZ 9YyN厛@N[ÇŜH2?i-Ӛ97tTYfi_X'ղ1mDitH͵R ;-yG^J9A䝳v0 %jP'~DSD GHŸa]Kl9hqj|inBi$rȾnad~^K6Gv yEk loeu |pP܇anpJcYKuB:> %L>ҽv&m>K>d |[vAvT&M&xԂ`ҖvC0lHS`o^}N&m` &m1۫Z3xWzk &m1\p>PI[&9홎Z uں'`f[k.}ICr· y@`ٳi29i4|MICr$tCWzhi0%' |R@Q''jdZG-8q|]ØTs ViH=+&&T&qrҐ/TX9iHN'' ɉq"b@ԝ4T|}v6:A* '֒ӁƜH48V߃ǶXoՁiW t@Oݤt@rf;*&Pɠ?}2Zwǥ\ 'Cǯq wbNs+i!AɱJғ|hɹ)53 $'䔭:ԸsT* gYc9ТLdZr:"9ې*1.nYXZJ(ӑVtTiDZc)9[[(tDrNxa%#.Q .IO8ȦyNG$5jwaX@NGJү9Y挜H΁+?͹9Hn?T[V @ݩHCU@m;Z5 *W9k-9hyYY!ObNW$g'U&+wtEr.N8wOԫe= Y^ONW$GvM(9]N.ri"Icu[0:r t[/tJǭ@ '+Ӡ7kdm@ԝ4T8.|w@(S9]k-9YHN=$g;aմk8|br9YHΘze= dd oL(9YT_wWz<:CBrwn>Gד4t#9,$'J甓,zl3&Y›s-e!9oOw2Qh)K '3F2r1yDɢ7%zlePw*Ptu/hQrj-94C~A3dɥ@NEeނU;@NLN6͐sHN'{$}'ꑜ2 DAF.*JࢪG厅(ũ&+(➮:6ȦSwƿzߖ#J6LZE$6MpCv9gҟ>Pu{_.7,Jl%*s>)*ܤ* aR*[R#'NKjW;dQ+Vi2OKR9q- `&)҉k–$RD2M *{jBGe}{dWR!_H;l Xb%9JMqtnvشїwoc^WZ&>G4GY0kc8}ڵ:ӆ:EbJs$QR15qP *R$mR"*E"B$[}=Gݛo̝dbfz[pww}lb*nLNL$I{~"9nϏǒT_ٹf'19@|1;I);p& 9Gb%s>q P$7IWICq1ZTcTmfq/6Ơ^p5Ɠ|t|Þ6uOoLcloc$a)ؔ},6K8hцBkw/ZfZ˄ְF/Z&Тj"Y>ڙ[띫n>yh]X&kZTҙ,ZX_T߹Gz|h޳jpSGw}x?{7Z VS" RtZ1B4B "ş* $> s)X"D ."VL')ȅC0go!M"67BDcѯp<}ŧs∈(\r'/^ip zE!{P!rZn'UKhq@۬ ȵ)A\E&Ϊψ4#P+uB|xdDN"uټJt*R\L%AgmҥENJ<gוn}#gw,эqw^-m:Nӌ~:FWAm*qSlAHrЊh V;^֊w6~VHh-tzѢ6!oV!t p.*,<9hw[ b6Zo5QeVg|&qrO?:\ kϤ;v1NĢx@|=)2֙lKꭋY)on^Yg 3:s+3 C 4:BڤFA!wz}hvaQl,/&KKnTK!tLԘC5|UKơ0H ؼpyxK7rsa+gF,p-@ZWObN;; aks buڑ1berG M>GJh/P9޴<i\ҡ\z5p./!..,qf0z6=\*UJ/å+,EOt+w]?]@:/zӿo ժ=J[u7H?8xj{}أen6_\oe_nf\϶+Ķ@N"&e4Km5ۺRmVKDJAU6]LU^.}i Kl+l  >˛~~݂:hQ>(Aǘ~*@f;@@@\F@0\9iuGSg  )'    """)))UUUMMMBBB999|PP3f333f3333f3ffffff3f̙3ff333f333333333f33333333f33f3ff3f3f3f3333f33̙33333f333333f3333f3ffffff3f33ff3f3f3f3fff3ffffffffff3ffff̙fff3fffff3fff333f3f3ff3ff33f̙̙3̙ff̙̙̙3f̙3f333f3333f3ffffff3f̙3f3f3f333f3333f3ffffff3f̙3f3ffffffffff!___www4'A x(xKʦ """)))UUUMMMBBB999|PP3f3333f333ff3fffff3f3f̙f3333f3333333333f3333333f3f33ff3f3f3f3333f3333333f3̙33333f333ff3ffffff3f33f3ff3f3f3ffff3fffffffff3fffffff3f̙ffff3ff333f3ff33fff33f3ff̙3f3f3333f333ff3fffff̙̙3̙f̙̙̙3f̙3f3f3333f333ff3fffff3f3f̙3ffffffffff!___wwwý՜.+,0L   $, 4 Presentacin en pantallaposThe University of Nottinghamtiv3: ArialVerdanaSymbolTimes New Roman Trebuchet MSMoneyMicrosoft Office Excel ChartDiapositiva 1Diapositiva 2Diapositiva 3Diapositiva 4Diapositiva 5Diapositiva 6Diapositiva 7Diapositiva 8Diapositiva 9Diapositiva 10Diapositiva 11Diapositiva 12Diapositiva 13Diapositiva 14 Fuentes usadasPlantilla de diseoServidores OLE incrustadosTtulos de diapositiva_T"infdvrxinfdvrx  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~    Root EntrydO)Pictures ZCurrent User SummaryInformation(TUPowerPoint Document( UDocumentSummaryInformation8Root EntrydO)0L/@Pictures ZCurrent User2SummaryInformation(TU   _TJcfocpccfocpc