ࡱ> n6u9 uY:DPNG  IHDRڟsRGB pHYs+IDATx^ $U}?cΝ`Yv]X]9/H<hE!&Q1oE#x)^}wwϫSS]=3}45կ{U[S2 Qu6 SBo) 2 QEmյbtVk|#L>/աhdI-Ne>LEPكkx~E/>i 4<bői|=/q9*[Ӭ#2c~D'Kl^n(D\+(ȓX|pŏ*@c1n\6a1<|ݘ49񣀱#."@,XK2}u{n}fuam EaW\os5G1gM̖Լ}IKÐ_3MͺY|pm3/kxFcAa2 xm9J<yG'֛I3]WoI^D@$f&P_TgxQBR2'2_n=w ZNh æE@"fsVv!i˯(^ûTG4ꊋXLrgZ}sVZN3QC~AX [ [b& ;2:Tv'Ln:0Ӗ_Üs 93 `&Ĩ9/b&p ӇR8GD3YVLz@z<$nQmɶ}(Tz ,ZOv0*':b7qGvAT+d&_K6IDuabU01P L9v0G}ȷFmծGő *AaEV|JFƋ6yXȇldܬrL1Y)ĬG3 t5&YpE%h >4rY&mKl$BYyNxqI$>q⣆ّ`1[l~ں͗|r:;PiTL%6ox۾bEIUުyLF[0rf&\V9h{&`ğ֜XkoL?sG&Ok8ϠxOtj%fB\R'; YLUVŴVi`$*ΦX}i(ߍ_Lh!*uQuPX‰|wk T:MegKSl-炕f_[Î-)FJ(fbX,QB!Zr ͆1u/LtA_0+OAS+/&+vbɑ7 LU`^a*q3^LB(_xhK\E| 3 SQt_T,?31q3e9 . WčFxn "f>Ϧa!`2ȳ& 2`0QicOދ؎Q`-XRd==Gɋ,>Ͼ'?y f~ 6OZָ'?<ô익$,7Xګٷ1jvYXfq<<_#ڂy *þp ;7T^k.Gm,)Z(תɫUG/^\H<+S͵?4_ɥoV FgVMmmD/@kmMZBUicbDڢG%ZmFk;(0m0ֵ֕ų#0X 3Ãi.ߜYYx@֏oZ_ fWPiiVmMĞ"~@\.J?a޵i=7z卛,]ɟŦRt7񺓷 S:l`oo ;==?h T!Zaf:@#ޕq/ >,)ύ<-Wsz?!k Ō`|:hp (e /3\)Lsncx狇obw=r(\'\dc6 9xy7RT>צOy#X41nkr6bz.Ql3gZۙ5F47[o(j RѨ͑dݘ~21a~KC,{L[ փ} DܤB(oA0}W=^ۓd0܇EbVĂE Il# 8>[˫pnEu9g>M6J @ĄMn'i*.@ I-evB rzt2Ah7Mixzp") BDЬEĄ lHuUHJꮇ wS#W^y/ z?nܿI"qުSB4裏'V 8v\Ћ^ċ_n%]T\@믿Zְx8FLBvЪ]5(g}]uR)va;v8!P3X Deƹ"`RTCPFw ʪ_r%-;v yQo,΋ )*TЩ;oA/֭+3ujvƍ.۱c,dO5,4ABDeռ+A+ߕ\'eh.;2k$UW7 ݸ?osھ}{h'y5C3?J 0r5 IӅ2FO[~]gW=#EOIVVaq9b.$Qcg&찔Y` .*npƑ== 2+~߃cg&B3nnƍɿ ݾ}su\` f0431aSa(\>ܝ*<;Hk;Ex[ ?ރ:Ԩǜh+IX5ŏ{f^dlPny{-pp`_h *TfUԑ 0) }}X(vp3^kq_?#k[fVF;a1Ul`h0\W"RLZjZ#’k]d,`,2tdŝtXWv-j9C}םS0i%Ax_8@WT^3V%+LIm˯v6W;zXN ;;+\V 'b&&|dⓨ G$6Hk)10(%# [4U,Y#KLX *^(J-ZRq[-ԀI. Z#aEYX܌sON7N͔v;#|Ľҡ*4*.W<7G?~"fQk_W-\o2XoNWs=yċC=dUvK"T[huÆ emٲE׽Ωʕ+OV屓WB4l6+ ZZ5e/tqc0hfQo+(BZabW2T'JLXYۏ!7UzI׋^ ^ &8_RkS%|Ao5U7Z&c'=hG ծy'OSs9X:q$N'SRr#Tc YU\TI 5LDtPǁ4'~~fi?ۃ8M{4EM#0s̓u]kSq p.jꥍ/p 'OǼ};",Џ>vl31Fl9.܄lvc"ZMd=R-kb1,\eڻ샿ç=/ůj]Y _Ä5PFv; l-8,?[.Fs^8;#.}XtV;)R Қ؊g? ŲEeyJ9=kylCy71IKkRbV+\՘VMC3LZ3"e\ႺUB:fK W1-N QMppj1VŴ԰-:*H`u"$eNd,b/p95X3LṔ0Euc&Jv]MdY%{ŠTA_5n&Dψ`&,:2#ɯU@d逜-;cTZ]jGZÊ*J-/6=4.o؊vh+ߋ.fWqR&A 0+`7pVF?n,o}{_kkk Fv7OZu2*erQJB"Ty|'4S0f&ʿď)syJ %fZl5,_܋}.vU_[7%7G71#A+tGQrb&p޲Xf %**3^XJFçM6b&m(VWoJeT>ŅXҋ^}&熓KbbCԊ\Z>FLHzuZ@u3(%) p(?^Z&-{N9>x3N LL|jj D@Rq{(_OɊUkWB8Oq/]1vfKI@6$KJđTr#&V]"V 6jEg&SV5)W諘:p*`C8j'⊥ Mdg]N3U s,'3üui!B &r ةSB B` @Ąͥ;pM B31GĄO@!0&|c،)fb,е!@#@9D`)<2_2 Y΋yUu?l̲L2L}!0 fbO0  Bh4$co4>!@!0 fbO0  Bh4L4aj B31'G!@4b&0O!@LqL#B 1F'B 8LL !@FF#L!@Sb&B F#@D B )1S|ix!@@ fS!@G)>4!@!0 fbO0  Bh4L4aj B31'G!@4b&0O!@LqL#B 1F'B 8LL !@FF#L!@Sb&B F#@D B )1S|ix!@@ fS!@G)>4!@!0 fbO0  Bh4L4aj B31'G!@4b&0O!@LqL#B 1F'B 8LL !@FF#L!@Sb&B F#@D B )1S|ix!@@ fS!@G)>4!@!0 fbO0  Bh4L4aj B31'G!@4b&0O!@LqL#B 1F'B 8LL !@FF#L!@Sb&B F#0̄n0+*UW2T2XFe)A B  f& B jEZB BD@2 !@!P#$8 B LJ B 1!@Ę࣋ B B Z!@!0&|t1!@!@7B B` CA2xFX91Sd0B LX5,LJ!B &CI !B "@jK!@㉀SXkfBh:/G fb<"&%Knj&%D4!@4'UL)ȫ*㏀$Pz$&G`&G#9 |='= 9T8ƼHL0~eJ{XPP!#@C!G13#Hnp$p!LLcE"H@c 15/!м =A~;YD! 3 @4M@IC?A‰&0" 'j2!0pK?1 pF Z!0@);hƈ%fb/ !PG* HQG)B!h%='Ѻ|<c,X!FI2@piB`!PIET?&D*!0@&0 *k f[YLѠBDf ɍ'Ø#' IvBHy^)yHH0i 31W O|AIQЩBL$4(ǣm*!r*T "kh 1ǔZ$&cWUɅQKLN7joTh EFq'hM@}1L4 PNcbD ^_3I]KT> d<1 a'qQ2Ruf,&K) x%?X<"K,G}zH!dEV:3j7vbI~ίP!!PDqTՄ@;oHDΝ 7Wύ?fx>MITB1-E=;8)M f fCʈFlx=@@ RL LFR")M;lyGUX@ lk,!0mb-L[i@C0edBe3!=hm,:o(15 2% ki=18 /نFoR@3 PG}8h%B|O$?Bc6:1qa0`&(=陭cGy҉pk2d: hBF㩀Ͼ( pĈ"G8 32#* &8EY!H'\6|FrGW'$H&t&ޠN~P*wc!fۣJ$7FޡONI%$183LưUM8B4Hau'j+zI\јRvai%.=󂽱~9z^fpE'e11Xt+Q#vtٴG`ﴟp`:# vv;u! ,PR'fn4vIѓCLhpHӴ\aL=j4"إI19Q9E`0/l 26iYm;Gݘ x7X$Q,6֞d,klł-A?gPbe7Pst!!0h~OʎZh,Au%Z5'l.ۘ% cxCKhL`>2&Ra !,@5DErHQ"@4 ¹fտԍD|YUBޮhW?t#=Obz._F`vF ?F!ǼH& )Eч zXXO,A2PC9yP5ɫ0nRKA'`èDK|b;ЏMi! [^)>< xfq#_!r("ZYBR=Yݗ㛿Rhl*sv0'hR $њ(1d7h=ۈLHpڔTrNJNWri9$mlR=Fjs! ;wj3M!!0sfժ3aihLW4̄dM?:1À124٨W _<*PkOѠSt@`bwtkxeo.gh@3¨IBf3();jZL (w)1 %&ܧ'V4213AM$~AD3 `YB)h]M BY$CL_aLBdL,6Ԉ @$rIAR0gxױ_Sp<)1 h~Ny$zi 81 ")VM|x5Ǎ%Z'F eB`HeS[e fb%@%FKʎzj!#} IX73PIB`|\1);wuPo :i.4˦q5ߚs|hS v[RvNJj"4.*~f(L4Uj0&{LRDŽPP|mFJm5L8+uC4'U_Kmkh#@6 qA`͓c\ u2ੲFl9UJrƋ:YI wt-" 8. I&\DUɀxןdX&DC@fZ&01y}y8p1@3!0yvLh!J 0laP<Kb&MTz'eG,("a#^8whb&9!P/H_I^ ڙND #f'org?_[>G?'vlpc(p\q 3JH"qW󰤴sOe_ZO^#&gB~i-"~Hf^DB\o*E3d#~ Dbwヘ^ҷoۆۻ՞v`'KLX?e 1v  vYq>X?Q4@F:YVx r6|ȀY&8JQ/K0UI,9i$\D#~7ŸO<ꋚ8~T\ӷUNUEU x< L4$/YK4g*D,L ]0%Z’ F`e[|[n |V '8 }g?Y;F۷򓟼VZl2i`#FAmB!̂8T2j&4hQjrcHG@K,6 HRHHnFħBIb&5}!PG= /| hO,;vc)N^{}嗣£>V:ϳA"xQ429冗k31 V82 N/9gO Lp950pYj .<dBe1#X D.lnYԗU5k^bdZhpcB0r鰺hMJ XB<#`2b*ߠ ꪫoFHQ"0q7)$~ap#ͼϐCCd+y#_g3Yrw !̩nhtIz{8+.+BM azy%4h&DӠP@R le6xq?e%MgD j͹ ̳: &.{_q~ᄏ䯢#"yN"^.çF D,6T'$^xK[c3xH zIUhpU'D tHNFA`9/t4Iimjxr>]c:_(  U}2hGA fE`+8u]\@ccI*QE4q^xUX4HQo f[;}k7Ißج Kk҂ pY5̤Ш0Mg*zNJ!Bp4Ez)ݩrThl q4ۋZ;xj`7ܼe ;}gs,uqԂ ED;] e$uT mu\QG0$飵 KYoO__{K'Rm{O= D%f&`{R(A4S3"3TZr4"@ [:Ɂp9 ܀(󱧟~:=ټwmg}nɒO>hc sfDFQ#T&F&'d*F[) \CDU 0!gOIYNP"m&>ύ=5\9O:vtJY o!c]3f A%сKg`{N/r@ՂhY V`&BhV!eǸAMM&%; ˊh98āHtuuL,ǎ02/Q37;4`I DZS +zJOp ªplOcEqeztٲ)Ǿ+E~qW]I'7Ů'Nǐ|- o7ڗw8w~A6Q~YGɅ6r[.Y}ڳO?gku/]q7^F2E:= D=!e*!eZjٲez 80'moÙݻw[7oތcqεXi>Jf2/R}[4#g?&W#~)@WW7ސ́Uj!Çpu?{e j 4P"hO{BCC@e f-Zd@Ʊ)6 hu.r裏'pRT\pڵkq׿uxlqeÆ YıR퀓y4xǂj~j녮"&d"[tRwo5WO?pkP>E>DM^=yލ[lzjc[6l}_\Po?~rJi&D$!0n}{Q=Ƃ]wk qV{篾j|cb%18%~FcǐZYBa4 Qo NƟ]n⡞}7|_^y'RjgfVّm?.̤P|{_9crS &&J# z)8 ;'Vŕ;ID.颋.ɽ{{۶m2rAC᪗rƱ]Q2-kipByԅT%(!0f3\̂"!*%6z+` ?zc>f/Kށ0i%oDHgU⽆CUl L +8d3!6?SyMq {ӦMgP^c͚57QeH1sW"7ވ_aB]Tst!!0âP8T|ZP|BHg7yuw_gv .gt(̬5'Rŗ^_"'?z[/=}kNZs:]'ec+c fAѾPF*6llϨ900P>L)FEhR-Zolo~SQLe4 )M7ǒ5I1FI& EgS$|@yV [IcpW<7]x}~H ^7?牰Fl,a( thO⚦2 ?q`ф!PWdkǀG1DlC%+ DdT!d(>q*_͒-W$@0nMꌧĨ*¨2!dy|uzFD⥗^`ܞ#^b% ܑyl=7{'r|+_ް^7V=T4TAU^[K_yV ;B1s=uY[]Pɖ\+^nI(8^}VGNnP @0f 'Tn$jh7~; Oqp{7?qwX X5[dB AXn@7IlHHJ6u@4{vr/o -E0DFcO*MGɖi>h'(8I̺}u]RvFjd2! 1]t"Ƿ'"EL_?͇7Ax.yK1'Oe*x%T3M[~0UWfx k1]rsLE6%N gJi;lOZ2;t%'?YE؞LcY˚"ʶ?H{Xw(2~CJ (W_T"v?TF52=4iqM;ͤhک!?z%ٱ lHŰ3UR8ƶ>rIG$$`A[fJT:H&Ћd`a}믯ZEJF{pL:L)Px@7d :;g9Pwgkb#|DgRgXWnRƫ3Mⷽ+NﻓLc&VG wGL /~Km$5GS,"9 DsC9*HsD*d٪B䳩\]MQOѩ -߿~-o| rP?ؕ G`رcaDPBI߉?~<=ԲQy&ILI$eǤ&"r,_Tl܊h>|#v*ѻ QU+G?'squD(Ts?ݽo} yKd׆?I,y.'X2crM%);&|U!fB;hγ:xA'3gznL拷ߺxG\ԳgbE OmeT kKā}r_h,h2Mكd7eZLӋ?d/񙯺M "00 5Y }?z텃yWڰ{P`f CӃlcpHxϟ2j_ LC,(؃jCq|W)yamS)+=E/Q⌸iGr﯍j"F'35 bv@<#v>8I/yj=4rgf"ƭ[8k˾WwCv۷AgQY*ES c#o=yKV|>ϣz kjڰa:-Ꭵ8yFدBP !hق'@s` 鞀1ep#?K8d)D7TEa`KB L 3<: M!!0h_P/ VN1V)yamVmSs:Jf^pKxSql˺g1S" i恦HY^QakЙXCALiUM!2ܧόVUxzACMޑRX0PRPp䅵Yk@L Ś,Q6jjBf6R*Bj$.RfY0̑& Rv(d.ރMGM:3kmme 5njd!bBL'&TBZ^qIqmOrm&^c͚57#m χw^3k'pp& 8|sQW ZL_1>v#\ 3-)9]r=u҅u?kř+O:E >@ )s*MJ.vdbO_XoJh[-Zo_0LO/l㸨iٝLx"G{%KՌ#=:ڴ%04N԰丿0.Ÿa8'»eڰڛ/38zɳ#5tڭ8&KLi1SΎq:i"$ck+z8?Ot: W0kPPcz|˶͟3|*I& ".cmEs6lԺ?G}5j]PMqM0 J 7uVW'էrT6@0 ƎuJj 3w.]Ǔ{~z93"8LHAaT$g77Fu# tM &"@02)6kQ5 -ko}[?O7Z:{ELߴш=8}<;\OL6-0zH'4MC=9%܆gwl$*LxYoo{ oKT1y-ѪL=+BBT v: l!&Ѵ943DŘ8QKʎFjA=~_ПIpa" " @V)t2#Rze$=8BJ9Vjhioqڵw{ǏbjLAON4N;v{Zmgsnq5aۣh7'&bY͚PDM]HX?l:S ]eJLմdz% 5gsL#+>O??_w|/{e+W}O*@@+Qy,4}=Rv4 SԨ0s qdIDBBY}&}!-K$Xr}9`„C زuߟʦ̛ē{^lRɄ@GX$a(X'-8*v-Vܵ ^H3Xb38gIhN 0P>)ei}\G)/d5Hϱ+BX|0Ý?5MEۢ}:cZOP!cWFU}'vSSn&a,f XZPwZ0`ͺ:͌&!r TJg tDȔXV5;i Bd=峐JI2l]6.5PR߾,D_Nxhv>DZ㵨r{i+;Ʈ ī$ v XMC,J7{̶`k:5;d䌀 iR=ԁ?߹sy*&4o`=_wEs*U*@#7c4ڊL8TrvF lX*SWYh&q^x]^3u!+uCG[Ƕ~uݛTko:CH _7&go?>i^/oH#|w"\tɞ{|!?OJNsjg(pRI Wk7b̠ơ`/v쥠Z.{8@QULIIOTG =q( #lL}&ɞt;0} LXV\㈉oXq/>mBU82"95.۲ē6&*5+9YA2Զك,芰2쳴a2&($ԣ>uqհ<" !0~8G4^T$!):^B `r@AHY'rzˢnƺ۫D;L|Ç}T c1fF;wI횲&ʩ9`bW^sO:wQ“;}… ?u/eUx|d9k Bӫ c5{sMx Mg*, d`Q!s6V msZz `jwf&ly>D"Gt3g޽[Pz$+ڜlk@C|;[AG~8C/ׯ؈q)O ?Vkg{_q\Ћn^ђ_W>|eAdZЗ5dDZN F\^`a_Npq-D x%p iQRRSrp,3u~k;OTء/p<޳7{ӺmϾvxlfhPp\JTE _B>?[nuppYgd% m6ӽ{!;Klֵ=jzކF4 M/pJS2C%˖-/[\>՜FsZF4Mq1 a xPwv~H)\fa| OjpKLNfaZJM[Q3Z2 K<@p=_Ul$ C|p?q@>QXMAci;sm{4/A?}͉N} 0e@nZr%j> k׊3Nñ Z~qM7݄o]puȂ!eG+.l(.RyPEswPaJć`l*2Cq 9oLd"!ZqcN I[a_b(H4 rA8t[ !М vk]_<~'o|Cā*e߫ةTswhN~ūB`S>OZA3lᔤbGsg>"2aa+H Y⦘8 X& BamR#k^ i%䋮Z~pS:|B]18Vm"C;pљ%0Ϭ U & ax}wc744RxmnذMy^f ',Bp%3Ql72}Z gP* Ue/y+yԁ+lkk+i5Bnf(%#7@x1B&2̄)x~_4fԵܾ_O=Gp 5^)6V%2wB!T^ )>Kw$.UM'c{`FsQ3% }!jm&MK<8cr8Ni(``)yAeX']UaN 7@͑GjQ%JXbespgZsR)wig,<'ә]qLHo?oA[#z؟~zp21ߒ !0pO|C&OSA)8#SB$f%oe}TKhdc7qIL]^j`)`*!'\HNCѬ>AbN~ѡ@8:{?*BR\*왻d>{w/Qw ׂex9f1=7D#v .ChZcSTPJ62ơW͛#,p@{4#[ežW;(7} Aq?$lU0#Yd ."m#U  d'LnEa9WT Evys|y{>OIn'j0-GMK_P' v{u88YU#cĨ$a%ۄdnmECIvn?E!u(S ÀtG+|_8A )CCq Fh70jd,  !Px"S @8m2<*H<7ȼ:L2U%sy'RqHQl?u{~/}o|#s6Y/~>W#{5X_@ 3e 9xjSp4.a!@9ݔ7yt ;/*,RRF),mkl0RbL6Eae/T̗k%Ґ)̄'26?Ocdd/D @e%3Q hu4I Nb/暏i@M3dfI4J,_BI<9ߌCu3Y Z#H<B>̾۠ז$g(2;G@爵I@$CĖ(󰪖Ԇ;lW׌7?|` @揾SN9ȑ#ј1cƞ{8Q3-P FHFxH1s@B<;h]L "P&LQܓ>wniJ0D!$(Lxپmz}غ{=?:tPz "ZP!&O$wr0^;eGGxO0Rb;K ϶oܡA..-%{$IAsQ.̃maQ:ਊ>/*@!Єeacgj~a ؉qO;uߑS͊#Xa4TB.Ȫʓ0ʐ`]]Hgx;zѿ^͝:]^f9+b^˩-֞?#O1}ߖo9dg][lMwdLഇ=s;^o@l5L3&(K 0`!l+DyƢ`#/&X* ѡծ=MyQ0}N )?b R@@qں eGmU [d`gg$(? er{@uuqL%g Θ(lt? y $S54)@ L]0PRvK$ip/)7UsF=eyIqHɁ a%1nPSG-%z f'+ ??>4$7,=̄S0e:$"ô5O۳/$ꀰ󛴳ݘ7Ҷp{sY}ç>Cٶ=I8T5T,Y'5k^ V.<̹=%.5Sy"EU5aTxeoֱ5Z!pV|MSX;W Ӯ@)ICI5GS[V(M\_" 1] `0-h93[Z,iƶ;^_{g$;L% g>-5ZZ2-LN[,g˂ZwdWpxT֊bM-I1M|JIH2{un`y0D6`r׎]҉@u$pE( =}Cwy{lۑ'Te:#95Gq&*MUpT|uyI26 p))*jGW$DL$#P!ɩ0EOd̛76 d?.#RnҞ,RX, )li&博սA͆dy*"0enx7u(m[* Bq؉* ]i .I^5cBֈv6'A9>dbo9uk]/|w o8zZeJA?뮽57Zd,JƢP2>R8t{`v=:N'YN_[rIjjYqN~sM c5΀O3gys,yYzu}ן]yٛ.`A)Mg83Eml f$ob3ns٨H݊f`-↘LLu:\ ~]F֪>$ 2IPHK- ;<0yr/;m N3?)t^ uM8M&9![)ԜITȳcVGޯo`$*13\#/)<$H,蘌4 ')фw! QSxk'9rdlęf̘N"{A_~k(l&RZյS_?gw,o[|w^v)Z 6քʔAҌghjQ001!S|H$?82}M?;7vxC۷3K.M 3WY2cCC~7 S۶(NDBBm&i#B"/cV١gF@4|qU< 1:ְ>`SQ:$Я +rca p @Pe(ih0 8G~:ִWLy !t\.r1-cY '#=}, QR쿿֖whK`T?}7nG7+p3!BM $UG{U\!*>1]S5DJE[ 420!FT@!3uwgۚ^|=W# D`K X|Sg&J̧noADNKtɍyJ@N$hӔt Nq3x9}| /\$i|I 5dClO" `Ҥ6~ YĔBp=>,Ycǎ>cw8?>gΜ_ڨxLZ PT g1畆>@HX#_MJ~Ƒ UA8!$$ɡQ~4l %78J'ͭA(jLL]giMi1|{"P%)2D%M-l Z*oGfo>!sy7痾}m\6+dZG>L{k"₍W\@.'N'4R3@$?V_6mm݆`dݺuwV}aʐ6rJԄ[EyڵpE?*_@hG\~M7c'\BF۸h\(֎bbBAXY,YE=,fiNrT91+*c8cxڑ];?_Brn0YrfMv !P(9|bǽk'ɛo.Pp?q ~JFj^ci#BW_}5űSI/9?qHwW+8|򓟴*f*w3SWΝ;E ,?σ/c2#[g&7pACc} F he XZC" &/v~@!eicQο wt<ėl{6fI`}뭷Flo'!*?;_Fj aM' wR8.Ib뮻 ;FAeꪫ,: JUqE˃y5נT0v h3һz i02a%͒`++{Q3Og5U )X@bnd(vf&)@P4{'>X?c@6: LE ^|A 8Ma])h67l؀(ٞ$)"h<Sr6ԧ^|EXL߾d,G{?D3<L+1Q0QJ;L'> Prw&OSA)g6O׏@P7NaL DF`IKhdc7qIL]^˟x+.Rpa}k?Q_RL!/`evH^9C˿[anǾχM)%%P}t @fMtx6=aI9!#eI!jNa'8;B5筁UYV B<+0v <  &`6mzFox^Ti弚%}/ɭZo`DA#T 2eЎ8<Id'6D$H&?AKBfb]&TAE25+΍[ځ_KStDZmyB0eng59Ώxˀ8_!KZPsF2vYh477[d峧<, kApΟw|T C5mj \LKz׻G≡7_'OWU tfffBW ǯ-ȕ~}/E0vMMaX`#`"}bX`.0,U65.[w-xVD$Y'Ek[T]KT_ -nbJ(,>fra<I5fϜ@T\3Z;fGgiu(%3f҇L;2joN<{|ww{7dk_u}%8SAٕ ŗ$2n u3Xoyg+6p}% >QG5xHѠyWtv2-eXUd-.`&̢8qnضycK{tݎwʭ& ud&<gnw_LWxEgp6zp$*q7&=}CY>.=.yܻqێ $RPAxL>2= 8tZRVfX[.j뗙HMiM Np/Veٯyu,}h'9 eMqn ,A8 IH=HIB2^(AE59xPOsLp s/?t/>}m|r׺ G7m> MVӱ,+pI #2 <]N$.ĭ4sDTEƗmzY LV2?^nRV-R"n`E%h Cj%(=?ydhJ2 r,H [iZ ڜ e#I|$C 8PjR2v|E؅SSN%ҰNLX5\+T'i0&*f<WCshYB14zǧx|9Si] U\Tq Vt3Үp;TkK1\zr.1"ܳ&c̙ t;gy W]rƊ眷`N? X_ |\8qFQun Z^)KC1X:?{Fb0Ձ?صxIᾬe 4 aivoSkZL 7Bj_WFpvFE1gPb.صCL]ةN P$R3Y#Av2";M~s^Ò>ݗ7|0ED*䁷F;…OQ7e> ʥ!!y4#ôhK_l@؟>TL0D*Gr_: pw;tgF;v÷bIQD7\mNTm6h<YɁpHsN?MemL>{'Pe&}ytae,[^e:WyxC/[D#{ҲW|_09oTZ3T| fGbHp& SbܥZ 9 Q p[^(;YnFK u5O5 63Qi8ys>hd2 Bќ  t% F 3dEʼa$#eEh3Se { ;ꪤeagGO{@^/b% #&>H0kHNoAxC.6–8aӍy 4h@nRUN& 91^xZ`9  ؐI0Pu5gtca$0 Pv@fjTM0[ %'[nxj(Hf~7dSj Rq- cG+^2f@2tIKyHzΪW>Z482dz~iep\VQ#Vf6o+ 4EQ(<ޜyr6'`@XL fLюa$)$E{ aaG3"J2@n2Zxh>[( >Z YDҼ^xo[8Wxea\CqN?yن J -wp/T9? nI9 %#E)ĔY6RXbә܂z#x)CZsPzaA(Qc1WaW\FVE˥Z8%Z*4 0J|͇U h8s҂v-'ޫ̉`<K_0kEU$X)N*?qxb06SE^ejhxq/3OyENyzfHcg̜Hd' Ǐwww#Q0)>VҰ…?)el<7#m0d4Ab~D&n̙9whasg,>Գ;ulE xȯ=X3ILLj&bDK8&7k@Xm[gvya#g4#*%sf ׏w.qsbn- e\ >*{+P6m6j1"A vL ӕ$}(31LXj.?^1 p HMz5>#Sg=)SE+~ܯRZQ" M| Z"%sg?~$CN|㡨n}s,[Yb[Y/uY[/}q<7šׁ;^K٤p9 kb&̠U'#|ԱlOvٞE' =9u;`cAgEmYG -Iy3ϸi95S Uck nF+ӗL2T5{8u@*٬:04CQw ]6z~Im6|[WǏnj1h&1% )^Hg8:0%Rqx uϘɹtDV Fpfi`p@D}„b0 ?8L&RU@%_d4_c҉zh9׉@HrW4ՃgoY\E^ޔ~QD|X+~y1xB<2+u"v< g$F}X6/e?1_ep"+ȡ4f)m) Ԕ?fq?ҪjXGUuI>jOշ:R8 qSlut$REXЍtZ 'd`0 ? ET U3P&gED[<֩e\3Q50,^aoznw`~ښqec &IGVW7H mJ-d`(JxdONEx0G/4;7!=z0~FB!nDW58  rWuw?Θ9|Vլ! l ߐ +{1h%I~ԛD@/DȲgH^a hjGWw߉d5=^8_P 7~EVәt%:6Ց5ƒs8|ˁ@ +^r*ƒ92 s*zaoF,076qSf0*)@E13'V%a=GzkwOs~m9v_z;/Q9bCM?_ܱU=\v%p6z=|yqi-XrN7r|:0ãJ@ѨP,>k,U&،=Ԓ8 Z&B Us,M0\&3il~OL(.!%½>`s>pC4{(O>䁁ζÇ/\8DOp$~h>Db8 t*3nJ<FG~7%rNƜŠ IӉx}p Q K^E0:S M(`&?W| ,qFz_=Mvl:w̘dEK:|.^3Lfe#_O<Ľ_~aS4wv{QH k5=D`19I` .X.8 ^Fuݷ}^7Q~_|طQ>ew {>&%'ltgSP_:1&fu-LǴdXwlgqS1&JŗOCsw bz0I 'A?`=PIԸx&2A<&Mx曡mo9;S^uÏ(wLN޽s}{^jُ<0z]dC[ -hͤ㞀ror 䕓3$XkˌAbޗ^xQ/;5刈(B(,$%}@@7^S}穪 ?asBhrR PPGU39ĉo>xΝ;Yy|0+>y΋#8#`?C`p&X_}i_UkۚB%Q  H,|B@:8 n]sfZ08ZkB@`<ԇ|jFmmE 9N"׫(zGpl43(Ɉ@*dԎ"#_ߴ`SU̺3<}7“g/7m=Ɵ*˿/E9+E2@@x[}.C8T!fMX"H Z"m^fH图|O)$, ?Vs8_o^N$ُK~ۭ {hӉȂN+҆ {v¬20Zԧ,]1-Ǫ8c zpa\^(d?TUZ۷Uk"S) !`| FV a? {*` Goxf+% OKI]sΧoA9I G._}[G#/ۻ۸-s67GjI[h'0-WL^/L6c.{-wq饗:?Oq__^y'gu-"ɪt |ɲe썃]*h\#Xz!4R-f|c|8_S)(9K$+7T5 U"D͛7(A^!NQd‰{W5 ¶q4S $8o~^‚VF0z(6KLx2غgӍ_칳~e7w-ΤbA3催E8F53܍Y* OZ{c78 ߇ؗܝolO?}Wl1 >VM6n _n:}3򓟼[+bƍOt$މn 'uW! $/khMPX )qʕ+Q駟8]VqոVZ ]"wFk[$fx,^ z!^dg4 b:kެm;~[gj/s7~nZ>ILѱ證۱ߡ'쓟8,#̡= \{U p!j|cr~R\IK,OXY{|E{ fV)_|eA]*;8Qw} 2J⃖c3==)(IO+  /wi{\YFD:xq2InZ]S\Rz39H6pM(Q"EI#>ξdذԓLog` v$ SHFh蕐4?Z% >P & r(\('=;J&-y_puy 7=3]9Z,Dn"!R"_Ο0x[@UTI`=K ea'$\|&+`zt'=܃QKI3% ߾}{At"[**# 1K"ey{0g[Ռ-K?me'-X|眶f5Q2df۬`_sO=qis h 30H<bA`(頚̀b^–{fldܼiۂ 1{vb|vZF:0̒4|%,eqF훐0̄ƅ?SlBjr7i mh!L%wIa-qrnU}7:E}u>cx/imkQ2)(1` t.7ӑhɝQ#ۏ}7^Om~bz9~(5 T<&Td2@N3WHȞc'Nݵ/I,P\<5ib'|ͨWUE@=o){`X.1<` H 'aFTvC/OL%5aD vzJf ƈ})K#4J+P- 6ozUy@(Ut(KE "WV..?;oׁl۵{wlݼ-/:~`=>u2flW|Eo}?oWrųkӶDRq aHHv &b9֌a%#H؞C{IM#܊sLxs`Gz7ۏ=}ջ_tiCс:iFX|J% 2M׎A`DΩ~- 2BlȐNpS*D'D*#8(fpƌ0āx>8Ⱘʎ1ݗ7|3»G(ŭ_ebTMe&$`b+iq2KaԌ֎40}/e) wlF#l^ؖugTQwL7{^(2g5 Me*!`Mf}iL1##{%$,괬!B>drf}*͆l*;/$àhii>EE@#=Qhf…wCeJ 8 κ@i'Dc5DOy:@&on8dhC;Do e,`5 oHvϜ).mm ;4mT i*I#)L9 t:1k+"dD }|wvWi#?VH u|ȁ^m^8Ѯ^xnͯۚJeS9`X6(KBVNG3 \y&R!yXC$ =vj Hl޼cFLDAE:8dzq&V#Q!Ɋ0kD9KԮ]xGgr3gv*iA@LJ(8Z6+#[XCMG}3%wR݃ [ӡ[Ỏo\.΄lfT܀#n9x n}RGÐIN~1#|{ۀ ťH$bfi='`@]Q &PH-AT&fu'y0ԕJ?tw;vbK={L" j\{?: !5jm뺭omm#s{׏\v`%n&ȱ]"HlputR)-vӳ~ 5+qS["c~?DCO<> ?8H ƣQΌF}}Ҕ[o6p !07i4lY"[d?Q/C96`-#9Js0ȱL 0z.~i{DmuZwѧ?WٛnY5o>o4Dyr C8m=xrz4|Ao*'AY# NBKXQa 0'(=)^yc" %X* 0 CR> .R͔#R˶kܷ`ery8WO LdXD^df*_h@QvTp8`vl `(6łp>#WW~ݧ#o7rxZK_?}L0.$"H2f&##Nӱl LL4 *= 1>oh4Vp( &xR9eY=ClT0c™ ,dJǠ-A,3`( q`/%OVwQ5)>S-uNmp5Ԕ!E2u̘ PXg*2܈BANd~ǟMVX~h$ԋg3 xph,G\Z ӌ?aqDa;S{Z%.@A6|,5Y ^`N%cu"ݦً=fc/KE{YFao#ɲxعp, =ҙp3F4 &jxV=M1ShI#' yU.ܚ[pǏPvG$&j!`Ґ med#g![0B!__:&'5 =8'M1΄?$=?lלO<`vsLWu_}BN'j/]8 .dVs -Py< Gp/x3Qjy{uKER6%%HNAO{ʑ:}!NnM;H#`' ]ЁLio6#Lw{ "l)I'ʄ kx8g5\u42"S#\H#o+:):eΒvꜥYsSϘwWE}Q(~KtSOnqPܪ@B QXpwuu}b`pyоwW=^[ZXOoo %NgIE6'4M?LS訢A .,uJβ]p6͠܀CuohyT%h{CցGx'157=&t'! G_x jyY%1 zr;9΄3z'l|ӿ7ta>Y XVq k:]6ea)%UNL`FH \# 1U"{eֶpG}DAquvíR. C6 Mح/;:[?]7i|yaOÅل#3JX=a-I%EޖĞD{*B1z S`K%t;Zݓɰp2Hs5)xR8+H?:9҅4U7i:1؂X#0_&<('3 9a<3guŽ!(S}T*9 %H_ȫؠ H`j,n:|Kvѕ+Y5gսS\-+ yB\F: 1(DZ~ˊyլM|BmX Y8DSH539$"%y^riDapB|SBCI d/> #"`WXr<7\*pdBGo?v oW`+^Y+ lb@>kO2wn9 dTS8_v+9kYu5g>%,<̣Xkk8kd `^#I䒱T|N]ȤbYpT3 fC-AjL0z%;x2w |Gх'm_2RGԤR?ܫ*TFyLɎ nڱשM NPcl[P,˽;P[ _ Aq)(f~0Sf b_~|*˞H0Nf2l-C*^mPB,2Ӊ4q̙ !F@x`qͷel̔\ZuKDS-A,x* S+&0q+Ң>J\S71%j7Z63 6*.pǫCIZl xVL:pb  @WJ(f&^J>J#kcXPq (X̘an?Qhg)samii]h?{/jJ'DkK$0=L $Rp "{:|Dvu+}$y~BpU}V$lRw7ը)=De`(p@$"M@OYW]>ڲs9˺os>/߾O^4CG*]p6@& [o떝X9D%΃;RmdrT>ScGt!@'nd)gҧHP(O&㈉Vx'vmm[B- ,0*GG) _mڡ_ !y<6<6<iݟ19eŊJ!hͥ5xRTJ >@:Ôf P٥` 2N-5M7##eԓ۷'5#hC O$N8tC+.`Aچ_rp J~yZL//DXfQi06iK ޵?ͷ ׾?Zz>O>gڪ@w=װ$77ҷ8$հgTz[Z9̋bLZ)nWq)nkiU9sRdlyϥ"L6"Ke-#%(n$6)3k R*Aa(ZʱcU{$EO32@fPKȣ|'"j.BqUa6 \x: *!`Fׂ_<4B b(`> [2'շl<8/?]2o[10P~L$mXcꅌCY`+$0,<,)\}OnzC.tl8 (ғžtBY%MHm06DS,S!Y)@MϷ&!]UjU۰K;#*hz"x̧_p 74=)' {Sh7˖*Bk,]>? 9t7t7tyz=r ~+" @2z}/ʅ( D .` %Xt!"h YBtBD!l0OHcp]JeUףȪˋ!g{Tu/ ;k\V)Z],LZpaa~3"^_<i=v5aׅXV@̪f*W@!3>G%]' *PR,pGs[6v~)B] {N3CpԯxTk[Hϑ9kF<^S2!R?dI_][[[?2F/ y}tR;z#`>/n#K 5 `W5?V _WK?5)8jQsR #0@??x{ K=G `?ylC:]rvO _41鯶fmuKm7"'L39 xLs78|pg( 5)!"laX+h olKVbw#&iI!{yMfp f}V}~5~*^uVVY_9T+ U۾eeW"'H%a"MϮ%ǿ`ڂKg▥wqjuۧOooXY\`zw/!\ LHs`EH7w>wֶ7L _߈I UgjfMXg~X6(O]: Bqvg <U^BZwUT]DFɊ\ird5`}k"C2Hu*OLow#~ioUǢ̸?-lcs},sVsc!Nv8"@#_P~'HN'ɛf.K܈oഡ "Z6giV@ - +;Dʕ+|~cgS)h%\Xʛ/$Pi@NJ O_?ȿwK/ɟ/=k%kuFVF(P뛡xרd m,p Ó)Pq:{2/߲i#=| bw{@s, g(D'\z1:t:>5dn> Tq链&I럞c`v?uX0M )׷M' lFE.Wuz8 cdY$,͆^[!;޸}_o^|UPaf0%#g[ sNc \۩+e`T7kKzZBbf:]z!YXAԒ"kvPu' mW)Vi, tSr&GAUGi"2yF5~ks_+H.kX^ [M0#DlBŜo v!'z2\ﰛ47#bE8 3:;kO/{I{ÎZp)+p…bn\YW]l|1׷v|ERD#sC9(&@0th#L]o 7n40+ZbF]adWeI0rluǮ|) H{FnڡѦDUDXȲ8B!ٍXQEIc^"Ao3o_gutqƕ*GQ֨ Փyk?[+/o˯n~mk/H!Ű;z lE)VPl XF$d 2#J&!X+ϔdE8Y(y\(Uv $K6.~ҡS`\W8L){>|EQ,$ӂ2qZ Z:ₙZ>ʜEN]V{ߝ#˂ϜV-\Ly&#q3TjBXPT1pL(K#d1g=XA~Ӂ/ ;+\%c, ]#=ˮ6g]o] .ǐ`5/=ffaW,2!J˧Ҝ>[ }cR5GX(M'͗JkJN4Uah߻wWRz"s:>X2dddiZi ln>H4ĤE9nLwsۋ8uׁ[EvLպRъeVZ܂FSyo6Sm:ep]ЖL@ 'vZE_ -}`:(9`G`wnoȐRTmfi-Ds01K/Y4c oXFPk yXd(Rg :o${@I)I ,= $PJMl⺥>e/:` ` @PMpeBJ[FQ\^`B%b~:uu?nYUCS`q( ?xݿzݧ{+$O0  4D/~__{_/z|J.4"&da8S%4 _ DגD&'yRڶE faA*Kr YXEf_இ85T*fϩlB6hҵGN5 $٭R]l0,SUoC*%/Saf ExAWM |b^n5P }H@Թ6 O`7"?J2IښjvhБ@pӲHI|g:>#څ(T U phmeO\ Zp~o۴IG2j{s%.+Мh; 5;*Hk'JIA]dir  2JPJ^u aR9ӨֈIh4@C' &48c&igrUm)pdA>]%!󀙚rm2Uq Y 2/?uz{i`#*p>xArb%%b]qafkx ۲Aq\PbTeo[[Qx #Y.[֯A7ޠ|cX}Ao~~U1 θƝ!^zu[7z%ZVlp @h$Sd̜6(uOPa4ŋ\+3Rg그Fc QC<})PY`]%Ƴ^{.v?k۶h̓m34)eaE9N•#r@RץZUe ;BCwNs> ݠ(aH뫯A 8/A ? _z@iڕh>0.Һ3-2l\ ɂ #]NZ. uTa.cpQO G%`> +y >3ѝC)WOWVq;*gi`rռ{&(Fmxcq))лw9|PnDl^?IzmJ%Ie^ja0C`Hj5`b s4+ (3I"$mξs,@!AoG݃-) `C$,0)* I}&iI}àl@x:Z>\_O}1L] CbRI7~bA]H"0RPO}S7MiB3 [|Lit&P2L إ2VQŋ~0MmICm55b-2Ϩc!Lv#zCDLVSuOa$2t„%ܝeɊ#4:] C8M['a|%ua"  zߡ3)R^F::O &,dN$KS`8{p@l5#2lgA6W3;;j| vXo*AC{T@{SB<'I? Nװ#-ݵŲ;<,$})p& n$1;2udq8S`H9CX#%̉\= ˒[Q](jt0*@"4pzrKop }0Wteea&UWR(w8>?py⁔M[0>0؞ ne0SS.H9N zaf - Ni؎K8~ۦWeGFO얁b9YoJT!G4=yl, ۧ}גd bQ"5o }57v.666'қt ^:HOb, j{׫{8)@e*tU8H1H$/J"w%sАrTM㬪EvaƆGmXl4 F8:ѩj4F}T֍6սkiLY{# bG2FL8 -3#߻ݜg-ڄpz)f[[CiXR.r2w,;4~8 ܷ Ĉ5;xRř |4 U52:3U&i$8' ;ANO(ɚGaT$wi[D3ϖʆehۗl-krV`9E;J%+Pb5dዬ?JNՐZnפbZT/`)0.a=Y(.ں*"4:'fc릡jZEV֛uY-$Ll*I,ñQpup;wQV ۂ{ЩvhǶ`V/Cq p;wjphe2 q>ą:mi#Eb2oj 5]n/VJ] :/tۅe'M" JΎ6h ϽL]mQ_t+2^iC3şuU:G#7]ѨځR11Wn\C&*+˪{c!(vPw\EƝGn.ÿp*?_5+k||ӪΤ`$Mr9igӜ7t>BH^I=~u;R\dGFVZuEI,hm ƕ GP ,z28LH n[.$֬8Uo4{qlYG>uGKZIVc껓Lڼ? #[JYY6:K/ m@u7,WKr$q7𝬮|3Tlg1zjYRQ7ICR諸7~'貸):Ls>7@P s\كkՑ5{7iwUXJ,If)U" z܌۵JjwG]k>+՟5> `Ho!i!o"8C&˻K_6T2d [`Kpt"l+[8wOlB{/TLט4>}bG4КKW0|WZdŒM |5fgMZpo:|M0ZeP#{!.y?47#j*x&"\uok[w+r7'~ b0ѡxㅢ@*{=`vI7`{" > ^}Kn^cn..U'I P/GW/n<'+DȗL7-^J1VD=MUTj= =o=}S6=%wc2ȽqK K/ʳ=DA0L<ѧN" 0P |snuDpK 6b;v>{ݣL'5°:״E'(gi\ $XPəD$v|u,P(Lm#DH*SHwōLDž#x$~#XN ֎rQ?s36Baa'dX"8 FkA8pM &`OX.Mq튾G?"-4 % P5ܯ( #꽛x3]g8%C2ljYg5Kly4p۶;7ߔ4I,(֯˰M7P835J0H!I\sع}x #K>!ʓ3 d# _:/D/;t hNC$u؝a姗WC ӆS?)'nx[6>goll.它20 ,ɈPT 鲵l%aD|=,n`_" &pA1-YQ<haVJ{Oog}NquЇ\NuԜZԢX҄91vzƀbC Nɑ bKj. ^ d1JVrF3w2Dgr{ޡv<}KC0͐3* 3w4^s|{X×UJĢ.n &l'yܯ31O@_?)՛r=G g3q+ P5l'Ja:ՒH [;O_v]cTGު⒢H[ p9-?ƢK?̄gfQ (K:ؑxsYYJ Ba€t̑\QSaKΎ"׭E\剜B׃UMv&ݟ2L[`C;I!XEgR0ߊ G,L̑`EbV+"x6\tיol]ϱvhˌrn [:T$S6Wn BĖ[(xvH#$t3uM%ߘwd KqÍϳK]j~|2/B/™3g_k2Vkꙕ D?#$%OL љWL9;Y=|x&Fc/v`F֌">`"9 `%\J[rA3敲/x-tK#g=X-bNtݟ;:ٌC6] >v+:TLkU@(B+O';2#C]+˕[ښ1'lâwfhB;QNaޱ[a Ԥ`j6۹|) @#Њ(:-˲cي(9́&8ﴭQ( >Mҳ֔)D0l;+9@˱ʋjʸ%CՔGϱʘk[1+再x䄏vN'I7#&,'3rð6Ji+K2  $AC[|̠@2 2ܢYN ̢_~CVDNڕaWܜ͙,Qlxu&TڦZ)lJNA/l5bt -o- d79ڇ?$ԑ m eidV2 k [į}DG02],.EB"  F$׶(}A' L|X!~&lvN8MҰ@vO`0az5Z|(p,'KfryƴުVK¶c$x(2OIľ g3Kmq6YOϹwM#$Lګ !˹XĤ+uA܃m̠{1p%ϭh 4g4̈́׶wͶYo!pH&3aSgqyKd:j Ĥ`Bo;JN id`o'j2p"Õ8i:aeL`Ą(Q`(CɡFgp1a,8'3Xhm-3t[Fğ`DU5 Mӹ.wSa]'㵛p0M][zK+Zn6H7t}Pc c5CQ0#QvS<Ӣ«<'2282+[<䰮7C Z8-|9vLN+%P"b@@N[vX ʇ"e,e(QHQ@9\Sya=^hʬރC4T\uX^i;ػ\ANvd$(AB/HQ~~+3)ߖϢ麾);L0h!kHťYT"+3@FS]F#DBa"R-O{e3Z8иDFӵL˱w]^yn"/Aoz щ:MLBD!'2rƲkPxv<8` N@+VԳׯ뾱*=#(ʕ+p췱Ϯ)鳾o8ѵ-G=3ܲ5RbQ+ b̘QcClȱy`QTLAHbI\3-q]@f%W)Zk;qlо(^zu%A<~gz=(U>14[FV7ޠX,>xb{Uxbq;V`di1. Fd$ܷ}%)]wB I󺸞]@Z]ٺ9EѸ/ ؽ5|ipس+b \Ċ↾naJzfl rTa4$:KS`R0n!zǓ,(Q *_fG#z `U (R@O8k_4tze՝Q7͍R g2#$]Q/| i*}sC m<|n$5Ҕ9P`$=)^Fis? uw.Ooݺ*߅H=AQ`VK IP(iexv MT":FڶmXv/T'yM[͑j֌+'@`-,,@ F0qNSB2@"m{qB|VDkPoWVqhThygq}]w|=To|{クL ҅я~&[5IDATXmߵq >3ѝҾ>!(*1.KoNFJUd Άs,.~v#c L׳Y,AAѮeX!28T%8(tċ 0y u0{yLpɊ""xA%BTӲzW/om8tF}9歹3C=ҿo|GysW܉d$yêDiU‚ U ʥH_2]]+"ʉ!z4.ٓoI|A蒜!ɍzP`ߵ;Nr$>Esri&pKEv0L1 b@S\ A# R(IPwU`KP1\:@]wb9'κ0] 04HG.zZ( \ϨIC%)K/!')iVPG2U<H%ƳW%J`4yxW_c [+jۖCCy~W'-}4&Q´(0>c-]E Qs*?=H9PiHH׳Uc K ]Ĭͫ0VY9VC484*GcZ#aR0aPdyll cTa`Iel)fmUۋM',uɘGF}W徲'(̙3q'/}KO67G$[|R n a29jEb)ϣ/Y(2M "ڗ]+wuq,d3K4)e='L88Xdg)Ϙ"<iij[Zm+=O@NY x/ |w 0 ~t#R قLP |"7j+rx/: E ShDa!ahY|^Vd(`R䒸uZȕŰÝDľ7{P 8}cCY7d$B80s,dc ,xT 8:x"`ϳXg+ "]?XİݺmyAE8nhdͳٔ#ߣ}TcrmE@ˆ0t`FibbL0$fTC, D]hPF+P 0P 4tǓszmz5@ 0=&d(QDQ`HtI 5@G=Kzabm3qgYEML撰 "$ڗͶ:38ᘍ̉P!sU`T9aVң{lsk[0c9gM\^Z Zca3Xn|i)0 *Id: LIpYA:9}ЛddQVE8F҃0H1u`8!t|1Celˎ+&y!K["3|21nЩOAV7b1gzqYwmq蒵'@ Z@1)xaedHF)Q)n.nb>w<3jrzACX<_Z ` j"X484&Cx@J cl Y9UkJ" 5^Sm[ 6-Æʰ,fjm"ؓDRb =Q Q" D#&x';=UjF0}"\Mkh-bՙ83)kֱ!F:#Re/I 07r>w_;1Aɇy% [z2 d/xDhÙ c(rlXVdUw"ΰb 0LK7q&wd)=&*kBqLz EUiնY-˱[C,8Ņcz?_#%Ǒ0Y2 d8Skp&"L\E3avİykMNJRismCp0>ϴ&㓣. =߻j! B>Ve9>۵M'm*Q @FtSbLPur2cZy<#D(97}xmY^\9:d)= b[622\ϴZz6n g C`ӿrrv N@ȝJ>Lr^[PdD1RAc1>LH:x@p@/똣Nάɉ{Ol=_:ܰ{Kf;;pZ\ AUIS0\QedhK`Eq\)OF̾ , Uϡ-mq`BSʊ94Lqݳ# mGm$8[v6w Z jYt-2ݚJQ i(0QR>ESr9>r=@};2_R/U{Q ).08Mnf Jn3yه1^'qH=áwѬ@0ABJ0ךS8s$ A֝]^ME7quD"=i5Z;s~X4$Mc0 -:WXvBG PkϨvrQN=8 )bߓE9fYCDQtǠoJ99MD?7\e[&3V[[& QSc^f(~Ķ,)MɐSpWxWw@0@(94_?P>Ћ pcdH͍Z!oҲݑp4gL%D冽! OYQ;gI AqGn.>~7tkj`!׶ $%G\Mnc:*Nu4Tf LtFXB9"!/(DEUW^Ys*+CV(Y*3" ɰԥt Ee5(Q` h34QK4!j7YٖlvLaq~ YDP(44ip^ZV*= e L[hξM;XYl",.֌6~]\\-dʪ4b(HNDu330`YƌGF4hBF48j7NX1B]3~f4Yl,/p}:Ti8tb#".-ޓC3D.j(c`^aoY[KsR!F4R7ڊy ',c\n'f'|[A|wBsFsDu$`w0h}B4]/s l*p,aTX,"p9픁Q3;0A fY*-"Ӿzf{c) Œj2BŒSц$!-ͧ<1.A4?Ԭ2 ğ|=s'g\vi.\Ty~} ZG~WC4ו0ѥ7S*O$IBީ!&2飛h-ќ\I}&Z+t}ч׸ě Eg&LtM HבD => JP߿7%E'&D% 9@t9o2ciAHZQ nR0@8Hƙ&}]#!+HB;"Nz&:N"3OB(6$=, ș*\@Tp*|G${ G.v|x;C4)Ĥ }SoMB2iwoa_f8%- e"COIA@\ k'л\4;zRL7KsΑ(')~MVDΉ<+"|ipHIʶn|%͟F>)դ@h$aga08ς8,eFdq&z%Y@9Y5* dzjC71>XTKTᢋE1^՞Kt:콋*h; VhZv 0KеEqidjҦvEZ:@'qc"V}@O9h =#5%I$YKqn\M`ZpÚjRH~ >uIWRљCM Kay-mPCے}P d^0[d|Uu*_8)2S$ÀF(V|.v>?GLs:&*xzH*MTvM,V 8E-תBaYĽJz 5!@eiXxӹ8^tP.VZz3y̻6 A0QMzSv1Ixgs㧒+M9nRu1]X1FGrAybP(ǽTeT)sAQ5^p, ?y&|5FQۦIV% Z߮l{o-N4P=c͓&:Q:^9p#F6?,{$4(ܡ\Vo[+"L O7Ƒ*bmeP I7J=tX)ٷw+ux%LrpB+i]!]$J} &z.brur^ll͡H:/R>d/1$ t&)-ͳɯ PS8i0<OٵpK]G. ܲeg*K =92JZ͆8b G, =$7mA]DyATѰXZYX]) Rv^geo(Q @F)S>guY\;>Y4w\D'w =/@ηm %;۬uuN\)Wn%% }7&4&"$AR+0e$"C--V"9',e(Q 1v`9p@qy{֕U|e: \NkG!9676C[r 8aii .]a@{D-V(!BtTt 6xqw%' LPrR.F(́,[TԼk%X6RF2  DL3ϖʆehۗl-krV`ZX(ʅRjJ.Dt=5|䨱ǧq̖Ⱦ"T8!U#GiUh3q@$p<œ^'+6\[+[Bjn.W˳r2 d(Q)(+mA=Tb߱b~Z&60#> z9#hPom7$H8uIU9' L؆_%pNyV[J;+su}cCR/ Ÿ62 d8Fhc0 "@9ٰ1&d2!J bȧXc‰iwwMqHլ&`#Dm4 5GfT*ح7NKǤo$+2e(QQ#)rmێ* /g瘮熡23M T5mFMKC]45]T`d!#3̮_24Ek& Z|M0Ze9n!Cq◆c&R%i$x4@z~dƿ]ۆyRlG0D4z$ sX!HO?#Пpa>|>ތ¾A*/1,IJ՜u4̸u?ʰg0<OZ"4]_YG .$)W_|4ŦӔ(Q` %,l6E,˒xGAH%Ox[G\S[N q2H7+0 Te> aCA&֌$o5rxƁÉxnhlxQiX&ƅwֿO}Ss}.'nv!'xo}kH=m~w~O}_ zoYgҮ I$ 7x5G|$RfH}%ɛ$ ~֙; Mwr!OŵB [=7jPmS0ӧɮ;4M9#q2+NB>W ^/VI 0p18_Ht,Im*O0CPD֫5 A:XϜ=׶sQxh]X9Z;?~wT(@N/p# zIӧ?i\k_N^9/p}I !$Yg%qJHpu_ }U|#E}tcH[W6FRcS){E|5EϮjJNTWi}V4!4N4TMߕqmG7 ̲%)l5Cqp<<2iQԋrx'z L.~# S,ϵk]0c=>.*]KAp LPzcePf`G$%˽'_{{׭!N_>ڞ\ ]bAl}p$Jݷ!]L9 ])YfoiT~ o,Q4x,.ОXѳ=A-ݴ qڧc&fB1 ˩$rܹUIQX<{uՀ 2`a@'p}',X>'{!^|;x(e0;}*|. ո?EóT7'iDwRl1|𥫨J+VlMz?U|ŏnGs8폶3}'z?)#|*'x&ǂ9r8d} G.O0F'9hEckVBo@WVR0 J7=,ztN:c'ԕz!Jjl^3L`,$+c]H>|&q,9C`&E1j:pKP9r %Q@I4?U;';m.0\*_zԵQNGEg:`;xj'܈??ޖ$ OhNpְrz}d:Fl&bZŅ(L{׷(O2'l (SxM H*z3O&g{PO9|f7BHwQD'ЍvK4 H>U.eQ֪ ;RDΓ7FH!-n_%`v  @~%F\]\ q*in9uevxQhFT0uLUDw Tm[EuYʃ7N#;SQ @F'1, \Bg٧ E-x/;]q-CT尴)IgH Ρj03=s"W%UCτh1!KlEy۬Q7d ̙$w%KK@pAB,ACHev۳XQP9VTI`<Hx9B2 LD*MɲxQ ׍6v(ljeI,Qf/:-jnҩkw j( [aDK=bB`Tt&RIZTx׎D a[a վfFBĎh!UbY{t)ij7vDo`N _ "8A-sx"WkW-YS:AUT׃E#QJ/0A!fasP"MҴFq( 0:\%c;2HCܧpU& 'P HabL"Щ>+$@FIàkZɤJ5A41Dq .{ E]-2 iHOA@|!WZ,ں_V}8y`Y]^׊"3bTGq!A L"f|;YOI H \di+JhQtUIg, w#4˙Q @FDa;j@CΗK(\ (_,!ٮ h1C2[ 0.)@3{Sr(sNLӴL(|y܂u~V:{~})W*O_2' ,8moF:p01 )g"J A"!tC 9IAbݢ|^5s"bn~LMTQ @FsMIւ Ǜ_c8)^q =PE G)B,ӄ$V FPt O QY<TTٙfK%[.Jnެ1@),S\-ݸ(~H偛NɨDKƓ8ⷪ , {wM+崚p 1 PQ @F$wT^m~*W^EŸ,^CVyƚb&1D-, zS},naLW>1ԸR<x!IВ!K0х$H0u0,-6wl`mIbXyi'{0@F2 D\j mH+ENq]g+CnXJ`ZK˛7I41`iib;y齷Qk4' xL9"1=01ᰆPont(n-g n;k"'ec|ղf2 d(05 ( /e;qyg[n׉rN-%.I TO3˼xϷ|]^P~q ?B;O\r&(XHA7E(hzZYs܍l|yEKX(,!ј#nHsF2 d|i5dVcU)aeuF%O ,FPYq8!ѿ+EUouD(D{hq7)^x #`Six5"Y z/[ ՛%K%XJjEx;3Q @FB &\8 X(6$z9W&uvqQP5mArk׮Er@!*X 4X)F)swq\P(ǑN'~h.!]yB(VϠ v I J+LdH|]TڊwuxQ @F&MDu:PMAnF]6q}C P$M ehݰ K-1.!19^1p&PHz`1)uW6/Љ~g)vBFQ5*->]o0a>. %=ɨ]aeoee(Q @I*%$@V*h/L'p s#hy aZxlZȣׁAb}DG$¼A[$ 9@F2 LQ$HvAh!!$șv53(VŜyLD$o\XMCS5} 8ayOs:IJjg(QDPۧ.gt)gH2`,p( 'fh0^{01Kdeg(Q @F s0ĔQ @FN*2I2 d(Q`J 7U7QIENDB`@( / 0LDArialXI(0(z[ 0 @ .  @n?" dd@  @@`` lddL     ,b$u9 uY:D6 0AA@wʚ;ʚ;g4VdVd@z[ 0ppp@ <4ddddl 00I <4BdBdl< 080___PPT10 pp?% tNasir Afaf, CQF Lecture, April 2007 - update ICBI May 2008O  =; NON-LINEAR WORLD LINEAR MODELS?,!,,d Nasir Afaf Disclaimer: The views expressed here are those of the author and not Commerzbank AGDPVP VV Pyramid of Modern Finance   Real MarketsDifferent classes of market participants Characterised by different End objectives Time horizons Risk appetite Response to market dynamics&DGDG) UMarket ParticipantsTCorporates  hedgers Market making institutions Investors: Hedge funds/Proprietary Trading Desks Real money managers  asset managers, pension funds etc CTA s Retail &;p;p$  Market Participants Behaviour zEquity Smile Example Equity Skew for downside is systematic risk premium for investors holding primarily long positions. Equity Sell off would trigger stop losses, and a quick down move. Therefore premium for downside puts Skew stays bid for downside even if equity markets trend upward, so not a statistical predictor of future moves, rather a descriptor of pain thresholds @ZfZSMarket Participants Behaviour FX  Carry Smile example  Carry traders look to earn higher yield through borrowing in low interest rate economies and depositing in higher interest rate economies. Example EUR/TRY, with a 1y rate differential of 15% (1500bp)  Carry traders carry risk that the higher yielding currency weakens  therefore risk reversals (skew) systematically bid for strong currency calls (puts on the higher yielding currency) As systematic as Equity Skew. USD/JPY is the biggest example JZZZZ Market Participants Behaviour rEquity and FX Skew Direction Comparison On a statistical examination Equity and FX markets appear very different. Opposite directions of skew as compared to Forward points. But misleading. Understanding of both markets shows that same dynamics give rise to opposing skews. Both markets willing to pay a premium for getting out of their long positions Equity investors look to make money through capital appreciation from long equity positions. Their  pain is a sell off in equities  hence willing to pay for downside protection. FX investors look to make money through  carry . Their  pain is a weakening of the higher yielding currency  hence willing to pay for upside protection. z(ZZZZ(HOX LMarkets are non-linear  the weak part''Interaction amongst market participants is key. He (unknown) did this, so I do that& .. To understand how that interaction occurs you have to understand each type of participant. For example, asset managers do not adjust their holdings frequently. Certain types of hedge funds may do ( Renaissance ?) This gives rise to price dynamics in short term. n_ V  PMarkets are non-linear  the strong part))2Interaction is played out against a backdrop of liquidity, credit lines, levels of permitted risk, introduction of new financial instruments This generates price dynamics. Perfectly random to a pure statistician with no insight into what constitutes a market. Structured randomness for an insightful market participant. Information and insight is the key. Resulting price dynamics strongly feed back into liquidity, credit lines, levels of permitted risk, introduction of new financial instruments. This never ending feedback loop is what we call a market. 0ZZ 7 &j3  Using Derivatives ModelsModel first, or think first Linear SDE etc& Linear models highly idealised  though useful. Easiest to model. Real pricing is non-linear. Price can never be independent of risk limits, and the risk in your book. You always have to make mental adjustments. < A   So who is a Derivatives Trader\Linear model Non-linear markets with feedback effects Non-linear pricing with respect to mental adjustments to account for risk in book, and risk limits etc A derivatives trader is a non-linear control hired by the bank to trade non linear instruments valued using linear models. This non-linear control is generally far from optimal! VQ-  !Ingredients in non-linear controlSpecific Mkt risk limits Credit limits Performance year to date! Current book profile Availability (and understanding!) of  useful models <    !Ingredients in non-linear controlGeneral (Market Specific) Regulatory framework Liquidity (Depth of market) Transaction costs Aggregate  market maker positioning HhiMissing ingredient in modelsALiquidity Derivatives Models assume an infinite sea of liquidity Economic concepts of liquidity? My concept of liquidity: All price changes are due to the ebb and flow of liquidity. It is only meaningful to speak of liquidity at a certain price level and at a certain time. Every price movement is a liquidity squeeze. t Z7ZZ W:Feedback effectsFeedback Derivatives Models ( no arbitrage ) valuations are based on hedging recipes Superiority of a model based on how well  recipe can be executed in practise Can divide products/models into different classes. Easy to hedge recipe ( fwd ), difficult to hedge recipe ( short date digital ). Market risk aggregation due to popularity of products/ideas/structures. 8 ZfZZ gdFeedback from derivatives  recipes into liquidityXPyramid of modern finance (slide 1). Not so one way! Each popular product creates its own feedback Ever changing nature of liquidity, creates new opportunities, and more products Sometimes best way to trade cash is to be on top of complex exotics ( know the top of the pyramid, trade the base ) f(ZZZZZ(Modeling liquidity - 1<Tangible Inputs Tangibles (available to all) Bid-offer spreads in market Volatility levels and other such information  Sea of all available market data  Theory of everything model or specific  phenomenological model from observable market data. Trade-offs between model choices. p Modeling liquidity - 2JIntangibles Effective  information set and analysis Modelling  interaction Modelling non-linear feedback Distinction between market-makers and market takers. Claim: over emphasised. Market makers are often market takers.  Inventory management is best analogy for market making activity. 2  >5  W oSuccessful liquidity modelling <Any reasonable liquidity model (understanding) must be dynamic rather than static. Be able to explain some phenomenon not amenable to traditional approaches ( wisdom rather than  proof ) Must then imply a dynamical statement for price dynamics  and produce observed  statistical signatures As in  chess feedback and adaptive responses, tactical and strategic, must appear. These are subjective ingredients. <PPPWhat it comes down toXDerivatives valuations cannot be expected to be unique. Different  information set , different  subjective analysis of interaction , different  strategy , for each participant is key. Traders attempt to  control this non-linearity heuristically. At least the thoughtful (successful?) ones do! 8*ZZZ*FWhat it comes down to  BIG PICTURE,All comes down to  predicting and modeling Order Flow. Order Flow is driven by liquidity dynamics, which then translates into price changes. Shorter term as opposed to longer term positioning. Modeling becomes  Cause and Effect rather than  Blind Statistical descriptions 2  ` 33` Sf3f` 33g` f` www3PP` ZXdbmo` \ғ3y`Ӣ` 3f3ff` 3f3FKf` hk]wwwfܹ` ff>>\`Y{ff` R>&- {p_/̴>?" dd@ |?" dd@   " @ ` n?" dd@   @@``PR    @ ` ` p>> ;3(    6x  `}  k7NON-LINEAR WORLD. LINEAR MODELS NASIR AFAF, MAY 21 20088 8  00  `  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S  0p ^ `  X*  0Ť ^   Z*  0 ^ `  Z*H  0޽h ? 3380___PPT10.9x Default Design 0 zr8 (  8 8 0d P    P*   8 0m     R*  d 8 c $ ?   8 0Y  0  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S 8 6p _P   P*   8 6u _   R*  H 8 0޽h ? 3380___PPT10.#}  $(  r  S 4>  r  S  ` v  H  0޽h ? 33___PPT10i.@x+D=' = @B +  0 B(   x  c $`B `}     c b ",A>The pyramid of modern finance1gyH  0޽h ? 33___PPT10i.}#+D=' = @B +  @0(  x  c $L `}   x  c $  `  H  0޽h ? 33___PPT10i.|p}+D=' = @B +  P0(  x  c $ `}   x  c $X `  H  0޽h ? 33___PPT10i.|p}+D=' = @B +  `F(  x  c $`+ `}     c $" `  "p`PpH  0޽h ? 33___PPT10i.|p}+D=' = @B +  pF(  x  c $] `}     c $@  `  "p`PpH  0޽h ? 33___PPT10i.|p}+D=' = @B +   F(   x  c $$s `}     c $z `  "p`PpH  0޽h ? 33___PPT10i.|p}+D=' = @B +  $F(  $x $ c $ `}    $ c $, `  "p`PpH $ 0޽h ? 33___PPT10i.|p}+D=' = @B +  (F(  (x ( c $8 `}    ( c $' `  "p`PpH ( 0޽h ? 33___PPT10i.|p}+D=' = @B +  ,F(  ,x , c $, `}    , c $ȏ `  "p`PpH , 0޽h ? 33___PPT10i.|p}+D=' = @B +  0F(  0x 0 c $4ҏ `}    0 c $P[ `  "p`PpH 0 0޽h ? 33___PPT10i.|p}+D=' = @B +}  4$(  4r 4 S 4 `}   r 4 S  `  H 4 0޽h ? 33___PPT10i.#S+D=' = @B +  <0(  <x < c $ `}   x < c $ `  H < 0޽h ? 33___PPT10i.#S+D=' = @B +  D0(  Dx D c $L `}   x D c $  `  H D 0޽h ? 33___PPT10i.#S+D=' = @B +  p\0(  \x \ c $  `}   x \ c $  `  H \ 0޽h ? 33___PPT10i.#S+D=' = @B +  d0(  dx d c $ `}   x d c $ `  H d 0޽h ? 33___PPT10i.#S+D=' = @B +   H0(  Hx H c $) `}   x H c $p* `  H H 0޽h ? 33___PPT10i.#S+D=' = @B +  0L0(  Lx L c $/ `}   x L c $0 `  H L 0޽h ? 33___PPT10i.#S+D=' = @B +  @P0(  Px P c $9 `}   x P c $x= `  H P 0޽h ? 33___PPT10i.#S+D=' = @B +  PT0(  Tx T c $H `}   x T c $TI `  H T 0޽h ? 33___PPT10i.#S+D=' = @B +  `X0(  Xx X c $W `}   x X c $X `  H X 0޽h ? 33___PPT10i.#S+D=' = @B +rl@PpSVX5[]`*cexhkmJKpprz }Bӄmuw? dOh+'0 `h  NON-LINEAR WORLD e Nasir AfafW Nasir AfafW47iMicrosoft PowerPointP@o-@ @0x(Y7G g  ]  -- @ !--'@Arial-. 62 tNasir Afaf, CQF Lecture, April         ."Systemhi-@Arial-. 2 v2007 S .-@Arial-.  2 -.-@Arial-. %2 update ICBI May 2008     .-@Arial-.  2 NON,/,.-@Arial-.  2 D-.-@Arial-. 2 X LINEAR WORLD#,)),</,",.-@Arial-. 2 LINEAR",)),.-@Arial-. 2 MODELS?3/,)")".-@Arial-. 2  Nasir Afaf   .-@Arial-. 2 H Disclaimer:    .-@Arial-. ]2 w9The views expressed here are those of the author and not                 .-@Arial-. 2 w Commerzbank    .-@Arial-.  2 wAG .-t՜.+,0T    On-screen Shown-s A ArialDefault Design!NON-LINEAR WORLD LINEAR MODELS?Pyramid of Modern Finance Real MarketsMarket ParticipantsMarket Participants BehaviourMarket Participants BehaviourMarket Participants Behaviour'Markets are non-linear the weak part)Markets are non-linear the strong partUsing Derivatives ModelsSo who is a Derivatives Trader"Ingredients in non-linear control"Ingredients in non-linear controlMissing ingredient in modelsFeedback effects3Feedback from derivatives recipes into liquidityModeling liquidity - 1Modeling liquidity - 2Successful liquidity modellingWhat it comes down to$What it comes down to BIG PICTURE  Fonts UsedDesign Template Slide Titles"_؇ Nasir AfafNasir Afaf  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root EntrydO)Pictures6Current UserSummaryInformation(PowerPoint Document(DocumentSummaryInformation8