Return-Path: Received: from server.64xmedia.com by server.64xmedia.com with LMTP id N2NuB4xVFWIBRwAAdUq3JA (envelope-from ); Tue, 22 Feb 2022 16:28:44 -0500 Return-path: Envelope-to: rgrimes@aicenergycorp.com, Smelk@aicenergycorp.com Delivery-date: Tue, 22 Feb 2022 16:28:44 -0500 Received: from wsip-24-234-235-53.lv.lv.cox.net ([24.234.235.53]:60950 helo=DESKTOPSLEKULP) by server.64xmedia.com with esmtpsa (TLS1.2) tls TLS_ECDHE_RSA_WITH_AES_256_GCM_SHA384 (Exim 4.94.2) (envelope-from ) id 1nMciB-0004iw-GZ; Tue, 22 Feb 2022 16:28:43 -0500 From: To: "'K-2 Kathleen Spilman P.E.'" , "'Phillip'" , "Keller, Kristopher" Cc: , "'John Melk'" , "'rgrimes'" References: In-Reply-To: Subject: Information from Bank of North Dakota Date: Tue, 22 Feb 2022 13:28:39 -0800 Message-ID: <026801d82833$28f493b0$7addbb10$@aicenergycorp.com> MIME-Version: 1.0 Content-Type: multipart/related; boundary="----=_NextPart_000_0269_01D827F0.1AD34F80" X-Mailer: Microsoft Outlook 16.0 Thread-Index: AQGfI9nrbnq5iz+HZWskqHoTtTjDt60SHmRQ Content-Language: en-us This is a multipart message in MIME format. ------=_NextPart_000_0269_01D827F0.1AD34F80 Content-Type: multipart/alternative; boundary="----=_NextPart_001_026A_01D827F0.1AD37690" ------=_NextPart_001_026A_01D827F0.1AD37690 Content-Type: text/plain; charset="us-ascii" Content-Transfer-Encoding: 7bit Please see the attached information as discussed with Snow. BND section please clarify: Revenue / Profit Projections YE-2023 Revenue: $300M (DIRECT Product sales) $3.33/gal x 90k gal (plant max capacity) (Today's Jet-fuel price: $2.24/gal) Feedstock Costs (COGS) 83% COGS = $249M $2.76/gal Assuming Soybean/Canola costs @ $33/cwt (paying premium for high volume contracting) Current 2022 Futures: Soybeans @ $21/cwt; Canola @ $26/cwt Gross Profit 17% = $51M Net income (DIRECT Product sales) Operating @ 1.10% Interest @ 6% (~$1.5M/mo 1st-yr = $18M/ann) Net Income (B4Depr) @ 9.90% = $30M Debt-Service Assume $300M loan @6% - 25yrs Principal = $500m/mo = $6M/ann DSC: 5.0 Variables NO additional income added in for: Energy Credit Revenue: $89M Energy Tax Credit Revenue: $81M 1% Interest increase: additional $3M/ann 3% Interest increase: additional $9M/ann Selling current priced jet-fuel @ $2.24/gal = $98M REDUCTION in revenue ($68M Net Loss) Breakeven (Excluding Credits): $3.06/gal Prin/Int/Oper/COGS: $275M 90,000 gal x $3.06 = $275M IF Credits added in: $3.06/gal - $1.89/gal (credits) = $1.17. (Current jet-fuel: $2.24/gal) Net Income RISK Current Jet-fuel selling for much less than projection price (excluding credits) Breakeven above current Jet-fuel price (excluding credits) COGS: projection building in premium to "beat out" competition's use of feedstock COGS: drought loss, foreign issues due to politics, unforeseen plant processing Debt-load: if equity is borrowed (assumption) Proposed Accommodations/Covenants Based on the current application, BND does not recommend approval of a grant at the current time based on the following factors. * According to applicant's projections and information, currently Jet-fuel is selling for less than the projected price required to break even. (Projected to need $3.33 / Gallon. Current Price is $2.24 Gallon.) (Assumes no Credits) * Applicant is currently negotiating feedstock supply and off-take agreements. There is strong potential in the off-take agreement based on the fact this is a minority owned business that will be given preference in Department of Defense contracts. * Off-take agreements are in review with Chevron, Jet Blue and Delta Airlines. Applicant identified the Native American Incentive Program that provides a 5% rebate on purchases made by these prime contractors. This could provide SA Fuels X a multiplied sales advantage in its sales. * Risk factor of note is that management has little or no experience operating a bio-refinery. The project will rely on contractors and sub-contractors to build and do initial refinery operations. BND's recommendation is for applicant to resubmit application with off take agreements in place. Overall Analysis of Proposed Credit Strong Adequate Weak Weak Not Applicable Overall Economic Feasibility Yes No Not Feasible at This Time The second attachment is the draft BND agenda of topics we will discuss. Thank you, Jennifer Wilson Executive Administration Manager Phone: 702.685.1118 Direct: 702.782.3580 Email: jwilson@aicenergycorp.com 2840 S. Jones Blvd. Ste 1 Las Vegas, NV 89146 www.aicenergycorp.com ------=_NextPart_001_026A_01D827F0.1AD37690 Content-Type: text/html; charset="us-ascii" Content-Transfer-Encoding: quoted-printable

 

Please see the attached information as discussed with = Snow. 

BND section please = clarify:

 

Revenue / Profit Projections

YE-2023

Revenue: $300M (DIRECT = Product sales)

$3.33/gal x 90k gal (plant = max capacity) (Today’s Jet-fuel price: = $2.24/gal)

 

Feedstock Costs (COGS)

83% COGS = =3D $249M

$2.76/gal

 

Assuming Soybean/Canola = costs @ $33/cwt (paying premium for high volume = contracting)

Current 2022 Futures: = Soybeans @ $21/cwt; Canola @ $26/cwt

 

Gross Profit

17% =3D = $51M

 

Net income (DIRECT Product = sales)

         &= nbsp;           &n= bsp;        Operating @ = 1.10%

Interest @ 6% (~$1.5M/mo = 1st-yr =3D $18M/ann)

Net Income (B4Depr) @ 9.90% = =3D $30M

 

Debt-Service

Assume = $300M loan @6% - 25yrs

Principal =3D $500m/mo =3D = $6M/ann

DSC: 5.0

Variables

NO = additional income added in for:

Energy Credit Revenue: = $89M

Energy Tax Credit Revenue: = $81M

1% Interest increase: = additional $3M/ann

3% Interest increase: = additional $9M/ann

Selling current = priced jet-fuel @ $2.24/gal =3D $98M REDUCTION in revenue ($68M Net = Loss)

 

Breakeven (Excluding = Credits): $3.06/gal

Prin/Int/Oper/COGS: = $275M

90,000 gal x $3.06 =3D = $275M

IF Credits added in: $3.06/gal - $1.89/gal = (credits) =3D $1.17.  (Current jet-fuel:  = $2.24/gal)

 

         &= nbsp;    Net Income RISK

Current = Jet-fuel selling for much less than projection price (excluding = credits)

Breakeven above current = Jet-fuel price (excluding credits)

COGS: projection building in = premium to “beat out” competition’s use of = feedstock

COGS: drought loss, foreign = issues due to politics, unforeseen plant processing

Debt-load: = if equity is borrowed (assumption)

Proposed = Accommodations/Covenants

Based on the current = application, BND does not recommend approval of a grant at the current = time based on the following factors.

 

  • According to applicant’s projections and information, = currently Jet-fuel is selling for less than the projected price required = to break even. (Projected to need $3.33 / Gallon.  Current Price is = $2.24 Gallon.)  (Assumes no = Credits)

 

  • Applicant is currently negotiating feedstock supply and = off-take agreements.  There is strong potential in the off-take = agreement based on the fact this is a minority owned business that will = be given preference in Department of Defense contracts.  =

 

  • Off-take agreements are in review with Chevron, Jet Blue and = Delta Airlines.  Applicant identified the Native American Incentive = Program that provides a 5% rebate on purchases made by these prime = contractors. This could provide SA Fuels X a multiplied sales advantage = in its sales.

 

  • Risk factor of note is that management has little or no = experience operating a bio-refinery.  The project will rely on = contractors and sub-contractors to build and do initial refinery = operations.

 

BND’s = recommendation is for applicant to resubmit application with off take = agreements in place.

 =

Overall Analysis of = Proposed Credit

Strong=

 =

Adequate

 =

Weak

Weak

Not = Applicable

 

 

 

Overall = Economic Feasibility

Yes

 

No

Not Feasible at This = Time

 

 

The second = attachment is the draft BND agenda of topics we will = discuss.

 

Thank you,

 

 

 

3D"Logo Description

J= ennifer Wilson

Executive = Administration Manager

 

Ph= one: = 702.685.1118&nbs= p;

Di= rect:  702.782.3580

Em= ail: = jwilson@aicenergycorp.com

&n= bsp;

28= 40 S. Jones Blvd. Ste 1

La= s Vegas, NV 89146

&n= bsp;

www.aicenergycorp.com 

 

 

 

------=_NextPart_001_026A_01D827F0.1AD37690-- ------=_NextPart_000_0269_01D827F0.1AD34F80 Content-Type: image/jpeg; name="image001.jpg" Content-Transfer-Encoding: base64 Content-ID: /9j/4AAQSkZJRgABAQEAYABgAAD/2wBDAAoHBwkHBgoJCAkLCwoMDxkQDw4ODx4WFxIZJCAmJSMg IyIoLTkwKCo2KyIjMkQyNjs9QEBAJjBGS0U+Sjk/QD3/2wBDAQsLCw8NDx0QEB09KSMpPT09PT09 PT09PT09PT09PT09PT09PT09PT09PT09PT09PT09PT09PT09PT09PT09PT3/wAARCABAAJsDASIA AhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQA AAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3 ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWm p6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEA AwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSEx BhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElK U1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3 uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD2aiii gAooqrqOo2ulWbXV9L5UCY3PtJAz64FNJvRBsWqK53/hP/DX/QVi/wC+H/wp8Hjnw9czxww6nG0k jBEUI3JJwB0q/ZVP5X9xPPHub9FFUtT1ey0a2FxqE3kwk7d5RiAffAOPxqEm3ZFN23LtFc5/wn/h of8AMWi/74f/AArfhmS4gjmibdHIoZTjGQRkU5QlH4lYSknsySisS78ZaBYzGK41W3EinBVSXx9c ZqD/AIT/AMNf9BWL/vh/8KpUpvaL+4XPHudFRXOf8J/4aH/MWi/74f8AwroIZUnhSWI7o5FDKcYy DyKmUJR+JWGpJ7MfRTJpUt4ZJpWCxxqWZj0AHJNcF418e3Ol+HtOm01FjuNTQyo5+byo+COOhYgj 6c0Qg5uyFKSirs9AormfA1i40C21G8uZru9vYxK8srlsA8hQOgA9q6aiSs7BFtq4UUUVJQUUUUAJ XFX/AMS9AWW5s5oLq4jBaJysalHHQ4yeRVz4g+If7D8PtHC+Lu7zFFjqo/ib8B+pFeJ9BgD8K78J hVUTlM5q9ZxfLEuakln9slk0sT/YS+I/OXDL32nk5x/Ko7Fimo2rKSCJkII/3hXUeLNE/sDwnoVs 4xcyPJNP/vELx+AwPwrkUYq6sOCGBH516NOSnC6OSS5Zan0pXL69440TSr2bTNRSaVwo8xFh3qQR nB/CumU/ICfSvnzX77+0/EF/d5yss7Ff90HA/QCvKwlBVZPm2R216jglYv6hZ6Jqmu2sXh57hY7q ZY2t5o8CPJ6qcnj2Ndv8Ttdk0vTbbSbJzE1ypMhU4IjHGB9f5A1ynw1sPtvjCGQjKWsbTH642j9W /So/iLf/AG7xldKDlLZVgX8Bk/qTXa4KVeMHqoq5zqVqbl3OX4A9BXUWHw61/ULSO5SCGJJBuUTS bWI9cYOPxrL8NWH9qeJNPtCu5JJ1Lj/ZHzH9BX0DRi8TKk1GIUKKnds8eh+FuumeMTfZBEXG8iYk 7c89vSvYFUIgVRhVGAB2FOqK4m8iJnxk9h6mvLxGJc1zVHojsp0lDSPUz9ZIvre80hSUnubOQxtn Gf4T+WR+deW6ZaHxh4PXQ5P3Wt6KzeRG/HmR9GT6jp+ArtPFS39xpFnrelsDf6XIXZQPvoeHGPTG D9M1jyWcHiiRPEfhtvs2sRYa4tsgFjjqPU9vQjrzV4ScalNVIvR637epliW4Nx69u/p5l/4Z64/9 n/2Ffgx3VpkRB+Cyd1+q/wAvpXeV5yVj8WH7RZkaf4ltOXjPy+aR6Z7/AMuh4rqfDPiH+2YJILpP I1K1Oy5gYYIP94D0NXiKevMvmu3/AAGRhqra5Za9n3/4KN2iiiuU6wpGYKpZiAAMkntS1yfxCv76 HQjZabbXM095lGaGNm2R/wAXI6E9PxNXCHPJRJlLlVzzLxhr58ReIJrlWJto/wB1bj/YHf8AE8/l WLFO1tPHKjBZI2DqSAcEHI4NXf7B1Yf8wq+/8B3/AMK9W8C+FINO8OxvqFnG93cnzXE0YJQfwrz0 4/UmvZqVoUKaS1OCMJVJanlOq+INR10xHUrs3Hk52ZVRtz16AegrPY4UkdQK9J+J2iSPcad/Zems yhZN/wBmg91xnaPrXCtoGrFT/wASu+6f8+7/AOFXRqwlBNaeRNSElJp6nter6k2n+Cp75mPmLZ5B /wBorgfqRXgoGABXrHjP7fN4B0yzgtLiWedYvNWOJiVCrk5AHHOK83/sHVv+gXff+A7/AOFc+CSj FtvdmuIbbSO9+E9otvYanqcgwpYRhvZRuP8AMflXnN5dNfX1xdOctPI0h/E5r2jwnojW3gOKwnRo pbmFzKCMFS+evuARXk954U1vT7hoJdMumKHG+KMure4Iow9SMqs5NiqwahFG38LkgbxaXmdVdLdj ECfvMSAcfhmvY6+ev7B1fr/Zd9kf9O7/AOFP/sfW/wDnw1L/AL9SUV8NGrPm5h0qrhG1j6CrN1S4 2Ernov6mqngnTpNM8J2MM6us7KZJA/UFjnB/DAqHxGzxpOy9UZH/AOAkFf5gfnXz2YxapSjHU9TC Lnmrlaw1dbG5/ecwvw49PesPxN4Wu9Kn/t3ww58kfvJIYjynqyeq+oqvJdZ71Y0zxRPo8mP9bbE/ NET0919DXm5RjZ4Rezl8J6OOytYiN4rUoReILDxLJCdQl/srWEx5GoxcIx7Bx2/l/Kt5UvtQ1BJJ Io7PxXpy7gVOIdQgzg4PdT09VbFch8QdASy1OG7sFAsdRTzUUDhW7j6HIP4mr3wr8Qve3yaJqRaV 7UNNZSk/NHjhkz6YP+eK+sqxTpqpDb+v6sfOUU4ycJ7nq1rcLdW0cyqyh1ztYYK+xHqKlpBxS155 2BXKX+oSy+JJoUuhHDCgXY1wYlZvqO/NdXTfLTOdq59cVlVpuokk7G1Goqbbavoc5d63c2k97FA0 fk2US5aQF2ZzjjOaLrxDdQyWUISJJJYBLKSOhPQDJH866Py0OflXnrxQUVsblBx6is3Rqa2n/V/6 Roq1PS8P6t/TOfbWtQFtpybLcXd3IRjqoUd+DTr7Wbuyu4rSR7dXELSyylTtOM4CjPtW9sXj5Rx0 46VVutKtb1mNwrtuGCPMYDH0BxRKlUt7stdP6+YRrUr+9HTX+vkYya/di20ySYQobyQ7yVIVUB+v WtHQtRm1S3nnlCCMSssW0dVHrViXS7WWOONkYRxrtVVdlAH0Bqa1tIbK3WC3QJEvRRRTp1VK8pXQ qlSlKDUY2f8AwX/wDD1a+z4it7Sa7e2tUiLyEPs3E9Bmi91l9PvFs7eVBEluZjLOS5bqQAc810BR W+8oP1FBRW+8oP1FN0Z6tS3f9IFWhonHZf09jnl1y/ki0tEjhW6vNxZWU4Vex65ovtcu7O9+ytLb K0duZJXKnBbsFGe/FdDtXOcDI74qBNPtku5bpYh50oAdiScgdOKTpVLaSGq1K93Dv99/0QzSbme8 0yC4uUCSyLuKgYHt+lN1Kw+2xfJt8wArh/uup6qfY+vYgGr1FbqPu8stTDn97mjoeU6rpN9YXDL9 luTGT8p2Fse2RwfrTtM8L6lqcqmeF7W1BzJLMNuB3wDya9TqO4toLqPy7iGOVP7rqGH5GuSOBpqV +h6LzWrycqSv3PJPiL4msru4s9M0r9+lkCC0fILYACr64A6irnwr8GX9lqL67qkLW2YykETjDnd1 YjsMdM+tel2+n2doc21pBCfWOML/ACFWa9R1/c9nFaHjKn7zm9wooorA1P/Z ------=_NextPart_000_0269_01D827F0.1AD34F80 Content-Type: image/jpeg; name="image002.jpg" Content-Transfer-Encoding: base64 Content-ID: /9j/4AAQSkZJRgABAQEAYABgAAD/2wBDAAoHBwkHBgoJCAkLCwoMDxkQDw4ODx4WFxIZJCAmJSMg IyIoLTkwKCo2KyIjMkQyNjs9QEBAJjBGS0U+Sjk/QD3/2wBDAQsLCw8NDx0QEB09KSMpPT09PT09 PT09PT09PT09PT09PT09PT09PT09PT09PT09PT09PT09PT09PT09PT09PT3/wAARCAAsAKsDASIA AhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQA AAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3 ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWm p6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEA AwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSEx BhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElK U1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3 uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD2aisf xVrJ0Dw5eX6gGSNMRg93Jwv6mvH9EtfFPi27uGstQunZMNLI90yKCeg4+nQCtYUuZOTdkZzqcrtY 94orzLw74J8UWfiCzudT1EtaQyb5FF5I+7AOBjvziux8S+KNN8N28X9pmUi5JRUiXLEY5PUYH+NT KGtou41LS70NyivnfUtUuo72RtP1PUzYyMTA0szq23069jxmvaPAk73PgrTJZJWlkMR3OzbiTuPU 1dSi4JO4oVOZ2OgoryHxv4o0vV5mbSb7VLXUIXMRVdyxTYOMcNwfQ4+tJ/wgPjYj/kJYPob+T/Ch UdLydhe01slc9forjpvFun+CrLT9K1iS6mvFtUaRkHmc9Dkkg9Qav6j430vS9GsdSuhciG+GYVEe XxjOSM8cfzqOSXRF8yOiorJ0XxJY67pL6lbM8VqjMrNONmMdT16c1iXXxT8OW0xjWa4uMfxwwkr+ ZxmkoSbskDlFa3OxorF0DxZpXiVX/s64JkjGXikXa6j1x3HuK8q8e61fXHja8gsr25iSNkt1WKZl G7AzwDjOTVwpOUuXYUqiirnt9FYWoeItJ8K2VtBqd6FkWNVVOXkfAxnAyfxNY8fxY8OySKrG8jBP LNBwPrgk1KpyeqQ3OK3Z2tRXInNu4tWjWfHyGRSVz7gEGm2d5b6haR3VnMk0EoykiHIYVNUFHmGt fETxP4fvTa6lpNjG55RhvKOPVTnmul0bxza3fg1tb1ExwNEWjljQ9XHRVB5yRjH1rzbxxqWtQa3f 6RfX0s9osu+NJFU/KeVIOOwOM+1czF58+y1hEkm+TKQrk7nPHA9e1dyoRlFPY5XVcZM9CtPipr2p 6jHaWGlWbyzPtjQ7yce5z2HU16nbCcW0f2oxmfaPMMYIXPfGecVy3gPwYnhqx+03QDalcKPMPURD +4P6nvXXVzVXC9oI2pqVryOZ+IGjXeueFZrawjEk6yJIEyAWAPIGe9eUR6d4s8L2s93FDf6fAQPN kUgDrgZ5Pr+td7471/xNp+tQ2+gw3BgEAZ2S080FiT3wewFcbqur+NdasHsr+3vnt3ILItkV3YOR khfWt6Kko20sZVGm+tzqfhb4k1TV76/tNRu3ukjjWRGkwWU5wRn0rjPHuu/294ouJIm3W9v+4h54 IB5P4nP4YrqdG0fVPB/gbUbz7NOdV1DbHFDEhd4l5wSB0PLH8q5/wd4JudZ1wQ6raXlvZxxl5GdG jLHoACR1yc/hVR5FKU+gpcziolDxNNprR6Tb6VOJ47WzEcrhCuZCxZuo9TXpfgy8GnfCtLskAQQz yc+oZsVwvjLwa+k64LbRbC+mtfJVi4RpPmJOeQPYVuW8WpW/wcms/sd2bmW4MQi8lt4QvknHXGAf zoqcsoRSfUIXUnc890+2u72+hisYnlu2bcioOSw5z+ma9G8K2/jaTxLZ/wBsSailipLS+ay7TgHA OPU4qj8MNAvYvFZur2yuYEt4GKtLEVBZsDjI9M169U16tnypDpU9LnhPxBuG1Xx3eRR5YoyWyD3A A/mTWp8VZVgvdJ0qMjZZ2vQds8D9FrP1zRdY0vxtc3a6XPcBbw3MZWFnSQbtw5Aqtrlrr/iTXpLu 80m7iknZY9ogfbGvAHOPxz9a0il7rvokQ76+Zo+JLqTS/AWgaLGdn2qI3dwAfvAnKg+2Tn8BWNo7 pHouoxHQp76e6XZDdKhYQY9ODzn3rt/iZ4Tv7s2F5plu9xFbW/2d44xl1AOQcdx9K5yy1HxXbeH4 NE03TL622SmTz4YXWR8knBOMDr+gpQknDQck1LUf8OtPvrbxpazS2tzDFHHIZHeJlG3aeOR644rP 8PK2v/EK2kb5vPvWuG78Al/6Cu+0/T/EOk+DNWu9Yuru8v57crDa7zKY8jA4H8WTzj0rn/hj4evY /EE9xdWtzaiG1ZY5JIivzNgcZ6kDNLnvzS+Q+X4UYnxCtL+HxfqE17FKscr5hlZflKYAGD04qWLW PC2pW1lBq2k3Fm1umxp7BlxJ/tMCMnp79TWpcaj470XVBHfR3l/DG5yhgDxTr9VX8ax38N634o1u WW20M6eszDI8sxxR8cnn8+KpNWSk9uqZL30PYfC2lWGkaHFDpU0s1nKfOjeR9xw3PHA4rWd1jRnd gqqMsxOAB61V0nTo9I0m1sIiSlvEsYJ74HWvNviR4sur6STRtLiuRboStzKsbYlP90HH3R39fp14 4xdSVjpclCJzfj7xDa+I/EXn2KDyII/JWXGDLgk5+nPFYmlajJpGq2t/Efnt5Q/1HcfiMiuv8MfD qfVNBvNQvlaNpIG+xRHIbd2dh6cYA/H0ri/sd13tLgH08pv8K74OFuRdDkkpX5mfSsEyXMEc0Tbo 5FDqR3BGRUlcf8MtRkvPCkdtcJIk1kxhO9SCV6qefY4/CuwrzpR5W0dsXdXM/UW1SEGTTktrjHWG UlCfowyPzH41zknxEjsLr7Pq2kXtnLzxlWz9Dxn8K7Kq97p9rqUBgvbeOeM/wuM4+npWck+jOilO mtKkbr7mYtv470S4/wCW8kfH8cTf0q9D4l0qf7l4v/AlI/mKhXwfoSfd06Mf8Cb/ABq3HoOmRKAl jAAP9nNYv2/S34mknhfsqX4Esep2cv8Aq7iM/jUjXluv3p4x9WFMTTrRPu20Q+i1IbaA9YYz9VFS vrPXl/Ewfs76XIW1WwT715APrIKcNUsSoIvbbB7+av8AjTxZ2ynK28QJ7hBQbS3PWCI/8AFbR9p9 qwe55jRqNmwyt3bkeokX/Gl+32n/AD9Qf9/BUiQRRrhIkUegUCneWn9xfyqyNDMvtbjsbwQsqMCm 7Pmc554xj2/UVU/4SVxKVa3iwDt2rLls557Y6c1v4HoKMD0FVdE2ZgP4jkRNhgVZiOCz8AEcMeOm cZ54Bp9t4heSSbzoFWKNNzPv4XoMYxnBPfFbmAeoo/Ci6CzMFvEpEas1qyNkgqW+8cAgA4/2gf0o j8RS+YqvboS5woV/XOD054xn0re60YHpRdBZlKDVbSWOPzLiCOZlBaIyjcpI6etWhPEekqf99CmN Z2zuXa3iLHkkoMmnC2hHSGMfRRU6l+6P3r/eX86aZ4h1lQf8CFL5aYxsXH0pptoW6wxn6qKSuLQe rK4ypDD1Bp1NVFjXaihV9AMU6qEf/9k= ------=_NextPart_000_0269_01D827F0.1AD34F80--