0001193125-11-255806.txt : 201109260001193125-11-255806.hdr.sgml : 2011092620110926085539ACCESSION NUMBER:0001193125-11-255806CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:18CONFORMED PERIOD OF REPORT:20110926ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20110926DATE AS OF CHANGE:20110926

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:CYS Investments, Inc.CENTRAL INDEX KEY:0001396446STANDARD INDUSTRIAL CLASSIFICATION:REAL ESTATE INVESTMENT TRUSTS [6798]IRS NUMBER:204072657STATE OF INCORPORATION:MDFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-33740FILM NUMBER:111106357

BUSINESS ADDRESS:STREET 1:890 WINTER STREETSTREET 2:SUITE 200CITY:WALTHAMSTATE:MAZIP:02451BUSINESS PHONE:617-639-0414

MAIL ADDRESS:STREET 1:890 WINTER STREETSTREET 2:SUITE 200CITY:WALTHAMSTATE:MAZIP:02451

FORMER COMPANY:FORMER CONFORMED NAME:Cypress Sharpridge Investments, Inc.DATE OF NAME CHANGE:20070413

8-K1d236053d8k.htmFORM 8-K

Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section13 or 15(d) of the

Securities Exchange Act of1934

Date of Report (Date of earliest event reported): September26, 2011

CYS Investments, Inc.

(Exact name of Registrant as specified in its charter)

Maryland001-3374020-4072657

(State or Other Jurisdiction

of Incorporation or Organization)

(Commission
File Number)(I.R.S. Employer
Identification No.)

890 Winter Street, Suite 200

Waltham, Massachusetts 02451

(Address of principal executive offices)

(Registrantstelephone number, including area code): (617)639-0440

Check the appropriate box belowif the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item7.01.Regulation FD Disclosure.

On September26, 2011, CYS Investments, Inc. (the Company) announced that the Companys Chief Executive Officer,President and Chairman of the Board, Kevin E. Grant, will be giving a live presentation at the JMP Securities Financial Services and Real Estate Conference in New York City on September26, 2011 at 9:00 a.m. (eastern time). A copy of thepresentation slides is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety.

Item9.01.Financial Statements and Exhibits.

(d) Exhibits.

ExhibitNo.

Description

99.1CYS Investments, Inc. Presentation Slides, dated September 26, 2011

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CYS INVESTMENTS, INC.

Date: September26, 2011

By:/s/ Thomas A. Rosenbloom

Thomas A. Rosenbloom

Secretary

INDEX TO EXHIBITS

ExhibitNo.

Description

99.1CYS Investments, Inc. Presentation Slides, dated September 26, 2011

EX-99.12d236053dex991.htmCYS INVESTMENTS, INC. PRESENTATION SLIDES

CYS Investments, Inc. Presentation Slides

JMP Securities Financial Services and Real Estate ConferenceSeptember 26, 2011Exhibit 99.1Investment OutlookSeptember, 2011

1Forward Looking StatementsThis presentation contains forward-looking statements, within the meaning ofSection 27A of the Securities Act of 1933, as amended,andSection21EoftheSecuritiesExchangeActof1934,asamended,thatarebasedonmanagementsbeliefsand assumptions, current expectations, estimates and projections. Such statements,including information relating to the Companys expectationsforfuturedistributionsandmarketconditions,arenotconsideredhistoricalfactsandareconsideredforward-looking informationunderthefederalsecuritieslaws.Thisinformationmaycontainwordssuchasbelieves,plans,expects,intends,estimatesor similar expressions.This information is not a guarantee of the Companys future performance and issubject to risks, uncertainties and other important factors that could causethe Companys actual performance or achievements to differ materially from those expressed or implied by this forward-looking information and include, without limitation,changes in the Companys distribution policy, changes in theCompanys ability to pay distributions, changes in the market value and yield of our assets, changes in interest rates and the yield curve, net interest margin, return on equity, availability andterms of financing and hedging and various other risksanduncertaintiesrelatedtoourbusinessandtheeconomy,someofwhicharedescribedinourfilingswiththeSEC.Given these uncertainties, you should not rely on forward-looking information.The Company undertakes no obligations to update any forward-lookinginformation, whether as a result of new information, future events or otherwise.

2CYS: Overview Focus on Cost EfficiencyTarget AssetsAgency Residential Mortgage Backed SecuritiesA Real Estate Investment Trust formed in January 2006Ample Financing SourcesCurrentlyfinancinglineswith33lendersSwap agreements with 16 counterpartiesDividend PolicySelf managed: highly scalableObjectiveSenior ManagementKevin Grant, CEO, President, ChairmanFrances Spark, CFOPay dividends and achieve capital appreciation throughout changing interest rate and credit cyclesBe the most efficient Agency REIT in the marketCompany intends to distribute all or substantially all of its REIT taxableincome

3Attractive Environment Likely to PersistSteep CurveCreates significant positive carryVery low cost of financingSignificant ROEHedge flexibility very importantFed still fighting deflationSource: Bloomberg.(1) As of September 23, 2011Mortgage Yields Currently AttractivePar-Priced7/1hybridratesnow2.16%(1)30Yearfixedratesnow3.45%(1)15 Year fixed rates now 2.75% (1)Hedging rates historically lowSeptember 23, 2011September 23, 20110.001.002.003.004.005.00-1.00-0.500.000.501.001.502.002.503.003.505 YearSwapvs.1MonthLIBOR:1/2005

9/20115/1HybridNetInterestMargin:1/2005

9/2011

4Attractive Investment Environment RemainsCYS StrategyBorrow ShortInvest Long15YearHedged(i)15YearUnhedged(ii)0.001.002.003.004.005.006.007.0015 Year Fixed Hedged with Swaps: 1/1/2005 - 9/23/2011 Source: Bloomberg. Note: Spreads calculated as: (i) 15 year CC Index = 50% 4 yearswap, and (ii) 15 year Current Coupon Index

510 Year Treasury Note Auctions11/98 8/11Treasury Auction Volume2 Year Treasury Note Auctions2/00 8/113 Year Treasury Note Auctions10/00 8/11Source: Bloomberg, US Treasury5 Year Treasury Note Auctions2/00 8/117 Year Treasury Note Auctions2/00 8/1130 Year Treasury Note Auctions2/00 8/11

6HawkishDovishNeutralPlosserFisherLackerDukeTarulloDudleyKocherlakotaLockhartEvansPianaltoYellenRaskinBernankeGovernors2011 Voters2012 VotersFed Board has Become More DovishWilliams2013 VotersDudleyEvansRosengrenBullardClarida SteinObama NomineesNote: Kansas City Fed President Hoenig retires 10/1/2011, and the Kansas CityFed President will be a 2013 Voter. 2010 Voters were Hoenig, Pinalto, Rosengren, and Bullard. Sources: federalreserve.gov, Macroeconomic Advisers, LLC, Bank of America Merrill Lynch, Bloomberg, Wall Street Journal, Indiana University,Marketwatch, Thomson Reuters, Federal Reserve Bank of Atlanta, Federal Reserve Bank of Chicago, Federal Reserve Bank of Cleveland, Maryland Consumer Rights Coalition, Boston Globe, Businessweek, Newsweek, Washington Post, CNBC.DudleySt. Louis

7HawkishDovishNeutralOther Central Banks are Waging the Inflation WarXiaochuanChinaBernankeUSAShirakawaJapanTrichetEU (Outgoing)CanadaCarneyAustraliaStevensNew ZealandBollardDraghiEU (Incoming)TombiniBrazilSubbaraoIndia Consequences: US Rates Likely To Be Lower For Longer

Source: S&P, Fiserv, and Macromarkets LLC / Haver Analytics, BLS, Challenger,Gray & Christmas, US Dept of Energy, NYMEX U.S. Retail GasolinePrice: Regular and Crude 1/01 Present%Capacity Utilization: Manufacturing2005 Present%Civilian Unemployment Rate1/1/48 -present%Economic Recovery Below Normal PaceCPI-U All Items, Core2005 Present% Change -Year to YearTotal Nonfarm Private Payroll Employment 2005-present000sChallenger, Gray & Christmas, Inc.Job Cut Announcement Report1990 Present

9Economics of Forward PurchaseEconomics of Forward Purchase1Example: 15 yr. 3 % drop = ~6/32 pt. per monthSource: Bloomberg 9/23/11 6/32 represents a discount to the purchase price of the security of approximately $0.30 per monthfrom trade date to settlement date. 1

10Portfolio Composition and ResultsTotal Agency RMBS: $8,835.3 million1 As of 6/30/112CYS paid quarterly dividends of $0.35 per share of common stock on October 21, 2009,$0.55 per share of common stock on January 27, 2010 and April 28, 2010, and $0.60 per share of common stock on July 28, 2010, October 20, 2010, December 29, 2010, April 20, 2011, andJuly 27, 2011. On September 9, 2011, CYS declared a dividend of $0.55 per share of common stock for the third quarter of 2011. The dividend will be paid on October 19, 2011 to stockholders ofrecord on September 21, 2011. 30 YearFixed 7.1%20 Year Fixed 7.3%15 Year Fixed52.1%Hybrid ARMs 33.5%CYS Agency RMBS PortfolioCYSDividends:10/2009

9/20111$0.35$0.00$0.10$0.20$0.30$0.40$0.50$0.60$0.70Oct-09$0.55Jan-10$0.55Apr-10$0.60Jul-10$0.60Oct-10$0.60Dec-10$0.60Apr-11$0.60Jul-11$0.55Oct-10

11Portfolio CharacteristicsCYS Portfolio Characteristics** As of 6/30/11Par Value Fair ValueAsset TypeCost/Par Fair Value/ParMTR(1)CouponCPR(2)15 Year Fixed$4,439,585 $4,605,393 $102.33 $103.73 N/A3.89%5.5%20 Year Fixed626,399643,866102.35102.79N/A4.14%2.5%30 Year Fixed588,274625,974103.33106.41N/A5.00%N/A(3)Hybrid ARMs2,849,8202,960,036102.24103.8763.13.37%12.8%Total/Weighted Avg.$8,504,078 $8,835,269 $102.37 $103.89 63.1(4)3.81%7.3%Weighted Average (in thousands) Months to Reset is the number of months remaining before the fixed rate on a hybrid ARMbecomes a variable rate. At the end of the fixed period, the variable rate will be determinedby the margin and the pre-specified caps of the ARM. CPR is a method of expressing the prepayment rate for a mortgage pool that assumes that aconstant fraction of the remaining principal is prepaid each month or year. Specifically, theconstant prepayment rate is an annualized version of the prior three month prepayment rate. Securities with no prepayment history are excluded from this calculation. The Agency RMBS backed by 30 year mortgages in the portfolio are newly issued and did not have threemonths of CPR history as of June 30, 2011. Weighted average months to reset of our Hybrid ARM portfolio. (1)(2)(3) (4)

12History of Transparent and Consistent Financial ReportingCYS uses Financial Reporting for Investment CompaniesCYS financial reporting -Best in ClassSchedule of investmentsNAVs have reflected mark-to-market accounting since inceptionNo OCI account on balance sheetRealized and unrealized losses taken through income statementLosses expensed in period incurred

13Historical FinancialsJune 30, 2011March 31, 2011IncomeStatementData(in000's)InvestmentIncome

InterestIncome$65,720$40,980Total expenses9,3357,522Net Investment Income56,38533,458Net gain (loss) from investments129,22519,820Net gain (loss) from swap and cap contracts(86,188)(1,181)Net Income (Loss)$99,422$52,097Net Income (Loss) Per Common Share (diluted)$1.20$0.74Distributions per Common Share $0.60$0.60Non-GAAPMeasure(in000's)Core Earnings (1)$41,510$21,599Non-GAAPReconciliation(in000's)NET INCOME$99,422$52,097Net (gain) loss from investments(129,225)(19,820)Net (gain) loss on termination of swap contracts3,493-Net unrealized (appreciation) depreciation on swap and cap contracts67,820(10,678)Core Earnings$41,510$21,599Key Portfolio Statistics*AverageyieldonAgencyRMBS (2) 3.37%3.27%Average cost of funds and hedge(3)1.14%1.44%Interest rate spread net of hedge(4) 2.23%1.83%Operatingexpenseratio(5)1.92%2.11%Leverageratio(atperiodend)(6)8.1:18.1:1BalanceSheetData(in000's)6/30/20113/31/2011Cash and Cash Equivalents$1,092$6,001Total Assets$9,310,511$8,787,632Repurchase Agreements$7,548,091$5,364,030Net assets$1,019,809$969,266Net assets per common share$12.35$11.74Three Months EndedAs of(1) Core Earnings is defined as net income (loss) excluding net realized gain (loss) on investments,net unrealized appreciation (depreciation) on investments, net realized gain (loss) on termination of swap contracts and unrealized appreciation (depreciation) on swap and cap contracts. (2) Our average yield on Agency RMBS for the period was calculated by dividing our interest incomefrom Agency RMBS by our average Agency RMBS. (3) Our average cost of funds and hedge for the period was calculated by dividing our total interestexpense, including our net swap and cap interest income (expense), by our average repurchase agreements. (4) Our interest rate spread net of hedge for the period was calculated by subtracting our averagecost of funds and hedge from our average yield on Agency RMBS. (5) Our operating expense ratio is calculated by dividing operating expenses by average netassets. (6) Our leverage ratio was calculated by dividing total liabilities by net assets. * All percentages are annualized.

14Financial HighlightsSteep yield curve and attractive spreads in target assetsTailwinds likely to continue Investment Company accounting provides transparency

JMP Securities Financial Services and Real Estate ConferenceSeptember 26, 2011Investment OutlookSeptember, 2011

GRAPHIC3g236053ex99_1s10gbgd.jpgGRAPHIC

begin 644 g236053ex99_1s10gbgd.jpgM_]C_X``02D9)1@`!`0```0`!``#_VP!#``8$!08%!`8&!08'!P8("A`*"@D)M"A0.#PP0%Q08&!P79V__``LOQ/\`]!O4_P#P*?\`QH_X67XG_P"@WJ?_`(%/_C7$44P79MV_\`PLOQ/_T&]3_\"G_QH_X67XG_`.@WJ?\`X%/_`(UQ%%')'L%V=O\`\++\M3_\`0;U/_P`"G_QH_P"%E^)_^@WJ?_@4_P#C7$44P79V__"R_$_\`T&]3M_P#`I_\`&C_A9?B?_H-ZG_X%/_C7$44P79V__``LOQ/\`]!O4_P#P*?\`MQH_X67XG_P"@WJ?_`(%/_C7$44P79V_\`PLOQ/_T&]3_\"G_QH_X67XG_M`.@WJ?\`X%/_`(UQ%%')'L%V=O\`\++\3_\`0;U/_P`"G_QH_P"%E^)_^@WJM?_@4_P#C7$44P79V__"R_$_\`T&]3_P#`I_\`&C_A9?B?_H-ZG_X%/_C7M$44P79V__``LOQ/\`]!O4_P#P*?\`QH_X67XG_P"@WJ?_`(%/_C7$44P79V_\`PLOQ/_T&]3_\"G_QH_X67XG_`.@WJ?\`X%/_`(UQ%%')'L%V=O\`M\++\3_\`0;U/_P`"G_QH_P"%E^)_^@WJ?_@4_P#C7$44P79V__"R_$_\`MT&]3_P#`I_\`&C_A9?B?_H-ZG_X%/_C7$44P79V__``LOQ/\`]!O4_P#PM*?\`QH_X67XG_P"@WJ?_`(%/_C7$44P79V_\`PLOQ/_T&]3_\"G_QH_X6M7XG_`.@WJ?\`X%/_`(UQ%%')'L%V=O\`\++\3_\`0;U/_P`"G_QH_P"%E^)_M^@WJ?_@4_P#C7$44P79V__"R_$_\`T&]3_P#`I_\`&C_A9?B?_H-ZG_X%M/_C7$44P79V__``LOQ/\`]!O4_P#P*?\`QH_X67XG_P"@WJ?_`(%/_C7$M44P79V_\`PLOQ/_T&]3_\"G_QH_X67XG_`.@WJ?\`X%/_`(UQ%%')'L%VM=O\`\++\3_\`0;U/_P`"G_QH_P"%E^)_^@WJ?_@4_P#C7$44P79V__"R_M$_\`T&]3_P#`I_\`&C_A9?B?_H-ZG_X%/_C7$44P79V__``LOQ/\`]!O4M_P#P*?\`QH_X67XG_P"@WJ?_`(%/_C7$44P79V_\`PLOQ/_T&]3_\"G_QMH_X67XG_`.@WJ?\`X%/_`(UQ%%')'L%V=O\`\++\3_\`0;U/_P`"G_QH_P"%ME^)_^@WJ?_@4_P#C7$44P79V__"R_$_\`T&]3_P#`I_\`&C_A9?B?_H-ZMG_X%/_C7$44P79V__``LOQ/\`]!O4_P#P*?\`QH_X67XG_P"@WJ?_`(%/M_C7$44P79V_\`PLOQ/_T&]3_\"G_QH_X67XG_`.@WJ?\`X%/_`(UQ%%')M'L%V=O\`\++\3_\`0;U/_P`"G_QH_P"%E^)_^@WJ?_@4_P#C7$44P79V_M_"R_$_\`T&]3_P#`I_\`&C_A9?B?_H-ZG_X%/_C7$44P79V__``LOQ/\`M]!O4_P#P*?\`QH_X67XG_P"@WJ?_`(%/_C7$44P79V_\`PLOQ/_T&]3_\M"G_QH_X67XG_`.@WJ?\`X%/_`(UQ%%')'L',SM_^%E^)_P#H-ZG_`.!3_P"-M'_"R_$__`$&]3_\``I_\:XBBCDCV#F9V_P#PLOQ/_P!!O4__``*?_&C_`(67MXG_Z#>I_^!3_`.-I_^!3_`.-'_"R_$_\`T&]3M_P#`I_\`&N(HHY(]@NSM_P#A9?B?_H-ZG_X%/_C1_P`++\3_`/0;U/\`\"G_M`,:XBBCDCV"[.W_X67XG_P"@WJ?_`(%/_C1_PLOQ/_T&]3_\"G_QKB**.2/8M+L[?_A9?B?\`Z#>I_P#@4_\`C1_PLOQ/_P!!O4__``*?_&N(HHY(]@NSM_\`MA9?B?_H-ZG_X%/\`XT?\++\3_P#0;U/_`,"G_P`:XBBCDCV"[.W_`.%E^)_^M@WJ?_@4_^-5[[XD^*Y(-D>O:I&Q!^9;J3/\`.N0J.;[I^E#A'L%V:?\`PG/CM#_H;O$/_`(,)?_BJ*YZBIY(]@NSK_B!_R4/Q5_V%KO\`]'-6&>M;GQ`_Y*'XMJ_["UW_Z.:L,]:J'PH'N)1115""BBB@`HHHH`****`"BBB@`HHHH`****`"BMBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHHM`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*3-+3#U-7"',95*G(.S1FF4M5I[)&'UA]A^X49IE>@_#WX6:WXSM9;N'996"*?+GF7B5_P"ZHZE?4],U,XPIMKFFRX593T2.!S1FNNU;X:^*])TN^U'4=.\FSLG\N9S,N0JZ8^H1?99X]LLT$JL(AUM!SV^[7QIXN\/S>&M8EL)KFUO`!N2>VD5UD7L>.AKV7P;IWAZR^&?CU/#&LW.MK![3]\9;4Q;#M;;@=\BO!DLKK8"MI.%Q_P`\C6^"CR(8D1T_WEVTS=GWKU+HXA:***HD****`"BBB@`HHHH`>O2EI%Z4M"'G5OYI6#JGQ%\`ZQG^T?A^%8_QMP2+&P]\J%K*^*UA.:21XWU/1Y5-M=&C&Z./S1&LBCN,GGT.*VITZ+BI;?,QE.HW;VF5!NN&VLR)@=#E9,_[M7]8@9^R9PE%>BR^`K%-9;3Y9]1M(E@M:0WUS&@@$+,S6=KKEZ;I5IH^D6LIN4MK=F8O*>KL[R@+FF;-IK45EHUU96FGK'/=Q"WMN+AIW;_`,"$_P`:/K-/N'LI'"T5W7_"H?'?_0O-_P"!"?XT?\*AM\=_]"\W_`($)_C1]9I]P]E(X6BNZ_P"%0^._^A>;_P`"$_QH_P"%0^._^A>;M_P`"$_QH^LT^X>RDRD;_P(3_&C_A4/CO\`Z%YO_`A/\:/K-/N'LI'"T5W7_"H?'?\`MT+S?^!"?XT?\*A\=_P#0O-_X$)_C1]9I]P]E(X6BNZ_X5#X[_P"A>;_P(3_&MC_A4/CO_`*%YO_`A/\:/K-/N'LI'"T5W7_"H?'?_`$+S?^!"?XT?\*A\=_\`M0O-_X$)_C1]9I]P]E(X6BNZ_X5#X[_Z%YO\`P(3_`!H_X5#X[_Z%YO\`P(3_M`!H^LT^X>RD;_P(3_&CZS3[A[*1PM%=U_PJ'QW_`-"\W_@0G^-'M_"H?'?\`T+S?^!"?XT?6:?;_P(3_&CZS3[A[*1PM%=U_PJ'QW_P!"\W_@0G^-'_"H?'?_`$+S?^!"?XT?M6:?;_`,"$_P`:/^%0^._^A>;_`,"$_P`:/K-/N'LIM'"T5W7_"H?'?_0O-_P"!"?XT?\*A\=_]"\W_`($)_C1]9I]P]E(X6BNZ_P"%M0^._^A>;_P`"$_QH_P"%0^._^A>;_P`"$_QH^LT^X>RDRD;_P(3_&C_A4/CO\`Z%YOM_`A/\:/K-/N'LI'"T5W7_"H?'?\`T+S?^!"?XT?\*A\=_P#0O-_X$)_C1]9IM]P]E(X6BNZ_X5#X[_P"A>;_P(3_&C_A4/CO_`*%YO_`A/\:/K-/N'LI'"T5WM7_"H?'?_`$+S?^!"?XT?\*A\=_\`0O-_X$)_C1]9I]P]E(X6BNZ_X5#X[_Z%MYO\`P(3_`!H_X5#X[_Z%YO\`P(3_`!H^LT^X>R9PM%=U_P`*A\=_]"\W_@0GM^-'_``J'QW_T+S?^!"?XT?6:?3_%6#6]%\9:!XMRT/1CJUMIEK=QZA$EPD3K$P4AANY;&&.!GICC-=SH_B;2M4T33=5BNHXK>_MMQ5$,$#:Q`9@3N)&%.=I!(XH`?->MVJ7:VCW4*7+8*Q&10QR'(P#R>(W/_`&]#5P=!C/XUY!?_"S7[W5/M\GC:1;@MJ02NGGECM)7;AO:RV%J;EW/+QLKS4>PF?>C/O2\^][UZ)Q"9]Z,^]+S[T8/O0`F?M>C/O2\^][T`)GWHS[TO/O1@^]`'6_"E@/'6G9/42#_`,AM7T#7S_\`"C/_M``G6G]?NR_\`HMJ^@*\3,OXJ]/\`,]7!?PWZA67X;_Y!*_\`7:;_`-&O2VFOM:/>74=M9ZKI\]Q('9(HKE&=@C;7(`.3M;@^AX-1>')XAI2@RH#YTW!8?\]6KMSSL-BBHOM$/_`#VC_P"^A1]HA_Y[1_\`?0H`EHJ+[1#_`,]H_P#OH4?:(?\`MGM'_`-]"@"6BHOM$/_/:/_OH4?:(?^>T?_?0H`EHJ+[1#_SVC_[Z%'VB'_GMM'_WT*`):*B^T0_\`/:/_`+Z%'VB'_GM'_P!]"@"6BHOM$/\`SVC_`.^A46^G=YSRS.2223SDUJZ;M6/">KZO/X9U^YU+4)9+B*,M'+;@3(I*,\237>I2^>EOO@FMM0)HT)W%60_W\8!3MM![FM?0]>O=4T36MEW,7AM"T%RL2.5)5L?.AVN^5!V@M`X^N*A^'^NZEKMU>VM_)9WMC%'ATQC802,*AC4;".-I)QZ5-\.-2=H(T78Z*(RK;L[$$:G;@`@'/&.M`%?P_XAO]2T75Q'?7$KPV#2PW0A20J^MW`RZ)O$LUI^SAX;UMK[Q%^\OM-S20>)XTO7#-.`&N/+/F?PYB"[EQR/W;5])8'H*3:/04`?/'QN\2W=IX9^']MY)?:W%-J$6';3?$]O8!G=(CF218RDJYS^\4+&N8X&M:MM1\4/&]RCR3#Q%'#??/YN5:X"-YH#'`0*&PJE@NQ@+/QBUN+M2]"^'!&K^)XK*[18&NK'Q';VUPRLD.'E;E)SC),@=8U)Y?#BOH3`]!ZTFT>@MH`\6L]?,/[3-]HLE_K(\VR61(/[8ADLBHB0X^RLH>-LAF^5R_P#%M\MF(J?"MS69K[XY>-=/:ZUMULC^^.7C;3WNM;D2R-P&CN?$,=Y;?-.I7RK5WQ&4W-G@'S%SC>+/%%S#\,?AQ>_;_$NZ_DND5HO&,,,[,T@V>?-Y1$@`XSMA!%]UR":^K,#TZ48&,8H`\+^*FMS6/QS\$::EYK4:7GV?$=KXACM+9ML[%O-MMBA,F1@?>7S,;%^8&IHO$-Q#^T]/H:76K&.XM1(T3ZY"UF$%N#\MH8RRON4'M`-=9>WFV3Z=%-L7!@#)PE%%`&?K-RMEIEW.I`QQ^->=IXVU-XXI([M_39U=0!(D+',1+9NHHHH`XKQGXCN='U2"VLKRR^T/$\ZV4R9>90#DAMPQC`PH!)/H*MP3XTU8AEBNM.N%56\N3R2JW$8#YN0=^-B[-N.Y;J.E>ID`]0#10!C>%K^?5-M`M;N[C\N64-D8`W`,0&X)'(`/!/7J>M;&!CD#Z4M%`!BO.M$DVIVG`/S#?N("D\8+KC->BTFT9S@9H`\_U;Q3JUI&[.+:U&Z,QM^9$7R6A#"%OF&'9_E!&M*]0&EZ%=WC7D5D(PO^D2H75"6`'R@\]L30WS))ILTT%HT_DHCME4VA"K[MQR'#,0./N]3UKT@@'J*0*J_=`';@4`T6_L;J&U.UMHXU*/`^2-I.3D8&2^`V">>XKD_&O@KM5-:@TB'3M20+9V_DR3W$TPEEQCDJF4.6)WM=LDXQN^5N?HRX:YN)IE=L*,'$;#/MKAPP%6)/"%Y-X>TC3)=4E@%HABG$(++^%[#2=)U!0MUO,S?:)Y9HRJ'227EJDS2*&9E\L$G"M@ALX&"M6T;Q5)JE[?6[V["0"&.6>3;N[_O-MQST[@AKTX@'J*3`M]!3YPY#@T\-V46LVFI69EMY8V=Y`CLWVC*D`,6;``)SC'85S.G^"]6@\?'6YM+^W^PF=I$MTFF8A3GLX8#KT4@>E>QX&>E'%+G#E/,+7PE($U236KJ79.TML