On 3 Aug., 2016, Shanghai Fosun
Pharmaceutical (Group) Co., Ltd. (Fosun Pharma) announced its plan to acquire
about 86.08% of the shares in the Indian pharmaceutical producer Gland Pharma
Limited (Gland) for no more than USD190.26 million (RMB1.26 billion), an
acquisition cost breaking record high in China's overseas M&A history.
![](http://www.cnchemicals.com/Webdata/WebResources/image/20160819/20160819093250_2159.jpg)
Source: Baidu
Notably, in this transaction, the value of Gland was estimated to reach
USD203.69 million (RMB1.35 billion), a figure 16 times Fosun Pharma's EBITDA
(earnings before interest, taxes, depreciation and amortization) in fiscal year
2016 (1 April, 2015 to 31 March, 2016).
Fosun Pharma is a leading healthcare
company in China, who is engaged in pharmaceutical manufacturing, medical
diagnosis and healthcare services. Of these, pharmaceutical manufacturing is
the main business whose revenue accounted for 71.09% of the company's total in
2015. In Q1 2016, the company's revenue achieved USD486.75 million (RMB3.23
billion), up 15.20% YoY.
The Indian producer Gland mainly targets at
markets in the US and Europe and focuses on the production of pharmaceutical
injections, like heparin sodium (one of its leading products, making a revenue
of USD50 million in 2016 fiscal year) and acetylcysteine.
Fosun Pharma's business structure by revenue, 2015
![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAYMAAAEDCAIAAABYtv+dAAAgAElEQVR4nOydd1hT59+HsS72BtlTcSAb2bKykzOTsBHcggM3eyRh46oLEEXFjaI4WNlhD3ettda2Wu2wjrpFZeT9I9Ta/vq2VoEAns91X1fbkJyEQ87dZ32foyDFggULFnlHQd4fAAsWLFgwE2HBgmUIBDMRFixY5B/MRIOeF7fFJ/cca7rxtOfdR988uCY6cvD0pbvd8vpcWLDIMZiJPjBd984d3rb1+Ll7UqlU+vKnxiOFRRXt997nlT+eRGwUjKP33OqS3mksLTws+fm1VCp9dnYLpKVkly55OaAfGwuWoRnMRB+YlxfXuSkp4gouSqVS6f3mBHd17YCsi+/zyp+qZ7mpTFtafk8q7Ui31PROuCKVSqWdF3eEWxr7rj8/kB8aC5ahGsxEH5jOK9sIJiZBO7+TSqXS11/mUS2t4fVXpFKp9Ocz61YxUBRlhGbX3pFKpS9/FuahKEpnhMxK3dv6UPqUH+2m7rBy19FCFjpNQ1nfJjAspvLa48u75zuY24bGpc9Hg8JT9rT/3CWVSl99cXBFNB2lz9rSfvfpLX4OiqJ0Zkg062DbA6n0acM21u7srLkL5q85eKlLKu2+VZ0YhKIoPXTtpoZf5HlysGD5r8FM9IF59dUOkp66no07DofD+c6w0lZxDCv6XvqgKhOmwXEbDhw6tDF6phtpu+DXZ7cunjpy+FDZuggXfaOQzTdvtsV4q9ot39fUzMtGTXVtAdbu41/++uxK2XwjJRPCip1HN8yfajAxbPvFVz/Vx5GM7MPSN32+Pnn++savWk4eOXxodw7TXtc8dOtN6dMyaKK+wmQ0c8eZCz8/vnpkDc1rVvKhQ4d2rAxyI0ZtOv9E3ucIC5b3DmaiD0znl4VEQ33PRduqqqqqDm2McDKYFrbz7sPzq311VAynB1Cp1AA7nTFjwMJL927UpgM0KtnfzmT8BErCpcvnlvio2C4tvyeVXshztqJxrkmlUmnnpZ2RxjozUhulUmnbUg+1ybFHuCXzbVTtcs49l0qlj659e+OLowk0GpXkO81wnDE15YK081iYg413asdLqVQq/aViocqoMRO9aFQqwdVCTdmWsf+aPM8PFiz/KZiJPjCdV7YRTE2Cd34vlcp6Z1YTg0t+/aV9sZeqIZB2qvXChUtXvr7x7Y8/3dgZbWlps6zmfFUazUiLlPTFlbOLfVRslx75sUdan25ngU8+3ymVSl9eLImwNvEtOC+Vvmhc6qc+KebgoTzmFFWfrVefSaVSaef324JNrOzW8s+fXEvQ0yOnXpa+LA+xdw/Zfu2FVCrtub0vSlnHeN6O9gsXLn5x9fo3t3953CnP84MFy38KZqIPTOflz311tKmbLkmlUun91lS/CSbAlh+6b++KmDbOfuHxS788ePDgwcNnXc9ubQE0jJ04rXcaU/w/U/Nfc+ly+3zXUdYLD9zplbZzHHS1qIWX7jx59eJ8UZChtiunTSp9LlngNtZk9p6myvX+5qMpucKr1+6c4cQx/Meb+2w4d0e02lNBMyDxovTlIcTGjrb+8hOpVCp91JLnZmjiksZ78ODBgwcPn7540yvfE4QFy38JZqIPzKvr+6K8vWL2fS2VSqWPLm2J9g2MKf1G2tt169QixNPW3tHJycnVa0HFjd9+kGyg2tja+81093KKWLjh6vUv0oOnkzPO3O2Vdret95puY+tFLbv0+OtjawK8gosuS6UvOjJC7f3jD9/uenOpCPaYbufgErDmQNvV2mziZFv7AH9PD4eohZuuSDur46hI7J7rz6RSqVTa8+TqvuXWk22dnJycnGZEpBz5Vq7nBwuW/xTMRB+a3t6e7u6eXlnLo7enp7u7p6evGdLzpvOlLK+6emUPvOrsfPW6q7u3p6e3V/bkvud2d7951dnZ1dN3vJ7eP44mO3LXq86XL192yZ785lVn56s3suNIpe9+Alm6Xve986vXXX9aOIkFy9AOZiIsWLDIP5iJsGDBIv9gJsKCBYv8g5kICxYs8g9mIixYsMg/mImGUl7/WLdt2fysfV8/k/cnwYJlcIOZaCil80oeTVnBcZ7wvrw/CRYsgxvMRP2fnq43r1+/7nq7uqjr9evXb7q6+/5T9o+e7q4376xAkv2kt/vFLzcunv3q1tPutwd60/3HYV+/fv3m3WVCvX9+IyxYhm8wE/Vrul937FwFubq5z3CNL7/e2dv16GxxpKe3p6enOxBd1PyiR/pckDt/DRUJoFDhrJItiwFc1OdfdUtf/8yPB/BLcg7sy2XgYzd9+Ur65tzWMLydo5NT6Drx467X91u2hbp5enp6uCPzd3d0dnd3nStdBbu6uc9wXXPoyyeYi7AM82Am6s/0XttHt5qKW17S9tX3v73sfnG5iGFrHZ5Vw+OdKpjtPNllHv9llzDeX3fUpIW76m/d++3yZniC7syt15782rE+cIIz+5CwKNJwvH/C+cstKwJ0HBYUNl+7sn/N+spTGTSHadH5PB7vRGa43bSAtXX11bOnTQ2M29H61XcPX3RhIsIy3IOZqF/zsCkjOsDSQJuWduz6k87n1Su1VMaaTvfy9PRwdZg6lRR78pcHkrWB9u7L+b9KpVJpz3dlsLUZnF3Dz2NY+CRdvvt9SZSFPpRdvjfDW9V8+YmbUqlU2tt19+giZcWx5vbenp4ervZTbdEEQVvL57F4SwNtctKhLx52Yv0zLMM9mIn6M92//frg2ZPzh1Z4ao6zmL//cvlKYz2DuRUP/3hG74OTy/xcfNaK7kqlUqm054edEbYT7BDAz9BxDV8q/W57hLk+lH1sL8dTRW/+4e+kUqn0/p1rh6JUtUyWnnn69jA9v/1y/9nTC0dWeWuNM5y15yY214ZlmAczUX/m5eXqsq3rC48VRZpaTltUduPKyeXeE1Xwa8rLy8vLj3Kbrj+TPqmc52RtF1v7U99LvjsQoaKgoKCgAe27I+25tg5WV/BaJTrXmEpUtyAs2Vx2aFvqelHLjlnuNpqUJNlxeK3f3r8iPLhtXdGxoigzC5vZu24+xRpFWIZ3MBP1b563l7BmgRA9uED8S6dUKn11YW9kEAwAAACASzIrf5T2XtnHSWYduPKo7wVvfhJmRobOio3n/iiVdv9Ut23ZvKx930mlry/tSoxGQABYW/5Vj1Taea40lCE7DrQ8v+quVHp5N3sWCNGD80Q/Ppfnb4wFS38EMxEWLFjkH8xEWLBgkX8wE2HBgkX+wUyEBQsW+QczERYsWOQfzERYsGCRfzATDXa6Xz1/+qzzz/vdv3n67NmL1321rr2vX/z28OGjF69+f8qbJ4+evcKWUWMZ0cFMNIjp7Xry7ZnVgLWe14qq6333Rex5ea9ja4SOhT2w/YJUKu19ff1gMnO6zSQLcuLprzul0u4fy9P88JmCR6/k+tGxYBnYYCYavHRePbYamKCmrKRgO7f86kupVCrtfd6cizPR1x49St+roF0qlT5tyA+E8etKts11QZcc/+bZzV1hzug63g+dvVibCMtIDmaiwcsPwm2bNy5PiqTrTQw/+NVLqVTa++aHk5yQrJ25eK1JM9e1SaXSFxdLmIj3vLhYqvfC1IP7s5YR4nadl/cHx4JlwIOZaJDzjLcqUMW8z0SyvLq1h6Jp4Z3fJpVKpdL7TTuTKQTKvI1lrAic76rsiuOnjxw9efHXN/L6xFiwDEIwEw1yfqtZ8VcTPfuulPyHifpy51gqKTB1865VDLyP91Rr90XH73RjHTQsIzaYiQY7zUkkVcs5Z+6+89BvRyEta/9t198+8LMwG7AFNwp/Fud7zi4S/FKTP9ktub4TMxGWERvMRIOXh1/Vbl4ZhbdSVVAw8GHM3cb79mn386bi+PnBHhoKCkr2wOqc4ovPpG++3h8RMDWILbwvlT44EmHv6QN4O7gm1P6G3egey8gNZqLBy5PvWw5vyFm3efuO4q3r83LK2+686Hl5qWJzft6GbTuKt28q2LS74voLaddNyeFa7g3ZVh+/XTtUsrFgQ6HwBrYZGpaRHMxEWLBgkX8wE2H5p3S+efrg6a2Hz27/A4+e//Dzwwc3f31+69dn/8D3d592vu6S9y+EZYgGM9EIT6+0t7e3p7e3p6e3u6e3603Xy18f37j/5Lsf7l248kPtl7e5X90WtH69T3ylUHKlWHKluP7LEsHlLRUt8RUtCRUtCeVNqw7WLz3UsOwfONaykHVwT9S6jvmfN/4D8zY1LtneElfUGlfUuqywdVVJ++aTV7ecvrqx8ss9vBt15+5Ud9yp7rhT1X770ncPr//45MZPT1539XR193b39Pb09mJLO0d2MBMN+/T29nZ1v+7qftXV/erVm+fPXt678+Dyzw+vXv+p4eL3J+u/LOFd3MC/uPFI48qD9UsO1i8pEy/cJ164VzhvFz+qVBBVKogu4YUV14Xs4PZRXBe8rQaRsb0G3V5D/2d2Cqix2zYExNeTU7j/DDG5jvA7xJQ6MIMPsvhABg9hC4KyRTKY2cKIfElkQf2sdfXzNjXO2di4rLA1p/xSYdW1E823jjZ833j17hc3f7v0/cPfnr163tnV+ab7dVdPdw+mquEdzETDKW+6OztfP3315tmLV4+edd7/+bevvr/bfuH7ytrz+dXnck63s/eK5u8Rzi0VRO8WzN7Fn7WTF7GDG1pcF1xcF1xYS99eQ99eSy+sZRTWMopqmUV1QTKK64KL60JkT5P9+w5u6PuzR4TEFW8mpzRCLP5/AsjgARk8MIMHpPNo70BJ41JSuZRULjmFS0qpo6RygQwexOKjHAHKETCzhME5ouAcUVieOGpdfcrecznll8sEN0623Gq59uvXPz6597jz0bPXMkO97sJmHIdHMBMN3XR1v37e+fDZy3sPnt668XPTV3f44iuFlW2pp9tZhxqWlfDCd/IiSnjhb11TVBdUWMss/F/FcEOKuf9NLoNjovcHzOADGTwgvc9Z1DQeNY1HSeNS07i0dJ7MUzCLj3AEKEeAcAQxW5q3nLq6s/Z6Se3Xwss/3bz77Id7z2VtqFd/3N8byxAKZqKhkp6ermedD3579uP9J9/d+KX5yg81LV+XVbalHm1aXcILK6oNkrnmz/S1Yt52rAZON/I10T9Lqs9T/9O2kgGk86hpXJQjSNp77vPKL0u511uv/Xrl1m/f/fz04dNXj1+87sH6dUMgmInkmeevfvv18Y3v7rZe+K6y/ZvDZzoyjzSs2COcs60GKaylF9Yy/tx7kptrhrKJ/tlQYAYflEkqo68ZRUnlklLq8Em1EfkS9sGL+ce+OCj+ruWrXzuu3//ul6e/PnqJNZrkEsxEg5rO10/uPvrmxwdf3Pi5qeNGee2FggOSxVuroa018LYaRKYeubdxRoaJ/l9D/S4pWjqPnMolp3KJyXWBCTXElLrYrc2pZeeKqq7Vnr1z+fvffn748ulLrPB4kIKZaGDT3fPmxavfvr/bfv2n+o4b5byLGw43LC8TzS+sZWyuArbXoEV1QXJXySdlon9oQ1HS+ppLPqurotbXJ+05l3f08hHJ9w1X7t746cmtX5+96cbGvwcqmIn6Pz293Z1vnt682371B67oi23V57P3COeW8MI+P0PdVg33NXyGSXvn0zHRX6CmcYnJdfikWr+1NcxsoWwBVN7Ry8ebb127/ejmXaz4pp+Dmajf8vL14x8fXGn+ak/thfyqc1n7RAt38iK2VkNbq6GiOmZxXbDclYGZ6MOgpfNIKXXE5Dr/+BpqGi92W/OK4rasw5fOtN++/P3DO/exu4H3QzATfVSedz749fG3zV/tPXM2s7I97WD90m3V8JYqYGs1JGv7yF0TmIn6FyCjz0p+a6sZWcL5nzfFFbZyDl7kXfjxwrcP5P19HMbBTPQhefzy7tkb5fVf7jjWEn+oYVlRXdCWKnBbNby9lj5chpkxE308tHQeOYVLSK4LTKwJzRXP2dCwemd7Tvkl7vmfrv7wSN5f0mEWzETvld7e3med9+89/vbi9ydPtCYdqF+ykxdRXBeyvQbdXoOO4J4XZqL3hJrGJadycYm15FRuSK44PF+8ruLKmfbb3/38tKsbq0T592Am+qd0d3Z2Pn/07d3Wphv7jrXE7xHO2cWPlNmnqG9JofxFIHcwE70LmMGnpnFJKXVABo+ZJQzPkyTsPlsmuPHzwxdPX77pwrYA/n+Cmehv8ubZs9ePHv0iEl1KTW9LXlm+KWTX6ZCiuqDt3E9l6AczUX8oiUdL51FSudQ0HszmB2eLIvIlu7nXz35z//6Tzi5sQcCfg5noT3nz+PGvTU0X09Pa45aKUFhAowhoFAGVUhsJHChmFInDisShO3jyv/iHFJiJ/kVJLD6QwaOmcalpXDCDD6Tzotc37BPcuPDtg4dPsRtq9gUzkVQqlb558uTXpsbbJ09e5rCFEMCnkAQ0igCgCkGaEKQJQUBModXNAg9vZOw+FlwsDCsSy//6HzpgJvoPVvq9OI6Syg3KFiXtOXum7fad+88fP38t74tAzvmkTdT17Pm9luabRw5/WZAvQiAePpBPJQtAmhAC/hcRAIhJQG00dGQDY/fR4CJxWJFI/hYYCmAm+iAlyRpKvMCEmmWFrbnll2s67ty+9/y3T7WV9CmaqPfNmxe3b99vbbu6YYOEyeDiAngkwv8noP/1kYRIq5kLl69j7C4PLhaGFvPl7wLMRMMaahqXlMLFJdau3NHGOXSx9tyP9x53yvsqGex8Wibq7e5+0NFxbeuWs6tXSoKZPHygAKC+j4D+6iMqICHQqhfBe/cHl9SEFgvlrwPMRCMAcioXn1RLSKpL2Xuu5uydb3568uTFp1KC+wmZ6H5H+1efb2yICOfiAnhEvIBG+QAH/SEjEBABtNpoqDIR3XM0uLAh7JNtHGEm6l9AFh+XWEtL5y0tbE3dd/5M2+1PYefJkW+i3y5dul5cdDmT0zQ7iosP5JOJHyOgvyAmAyIqUDMHrmDRS4+HFNWHfYIza5iJBgJZWUlAfA3CFqSWnTvddru7ZySvRRrJJnp05cpXmzY2zYnmEfF1AX58Sn866A9AQEyiiWhA7WyoIoO+qzKkWPRpzfRjJho4YBafls7zj69hZAkTd58903674/q9ESmkkWmix1evfrVxQ1N0FJ9C4pHwwvcbjf5YH5FpIipQmYCUlQWV1IQUCz8VH2EmGgSo6TxcYm1wjiiyQBJferb+yi/yvsj6OSPKRL3d3U++vnZ144bGqEgBjcInEQbDQe8OHgGAEAb4QeDxVHTXyZBifmixYORPrmEmGjwfpfFkm0wG5YjW7Oxoufbrm5EyhDRCTNTz+vWT69e/+nxTQ2S4gEbhk4kfNinWL40jERUQQgAvBKxg00srQ3ZwQ4v5oTtGro8wEw0+lFQuOZWLcoSrd7Z3fHP/xathf3PdYW+i7s7OJ9evX9u8uT4sVECj8KlkuTnoLz6iASIQ4AeBR3PoO6tDSupGbOMIM5G8oKZxqWk8iMVfu6vj/Df3H78Yxgu1h7GJujs7n3x97evt2+pDgwWy+ozB7Yu9j4/EVIAfBJ5ci5bnM3bwQoskI3ByDTORHAFZfNrv5SNJe86e++b+b8+G5SrtYWminlevHl29+nVRUX1oCJ9E6CsQk7t3/qF9RAH4QcCxTPreQ0Ejz0eYieTO70W2PGIyl3Xgwo8PXgy7HZGGn4me37nzTXFRQ1goj4gf6g76S/uIBPCCwWNZ9L0Hgor5I8dHmImGDkAGn5LGTSk7d6T+++FV6D+cTPTyl19+rK46t3YNj4D7yBXS8kIEABICjRcKHlnP2HM4aAdvJAweYSYaahBT6sipXNaBC4KLPz0aJlX+w8NEvd3dD852XEhJrgv05xHxchfKx/qICghgoDYaOrCDWVg/7Gv6MRMNQWQlI8SUuoKKL9qu3Rv6u44MAxN13rt3vbiwITzs/SvmB8MmH904ElOAukjoRApaVhZUJAkbvmW0mImGLLKR7JBcUVHVtSE+0z+0TdTbe6+15WJqCp9MfJ+mkAgCRTAo+sdH/hYBBDaicDMCimCwmY40IeC/vBcMtdCRRrgfGkdiEo0bAVUmonv3BxdJhmUZLWaioQyYwSem1KEcQeLus8ebb7183S3vq/rvM3RN9OzmzcuZnIaIsPdepghKEKgBgRqQt+rpe6T+n2UEw+1U32XWFsHOM6sJnkzTCeEzAmogWPL/iEYEgwJ/J4qJ4SIvAv89NPeviCmAmEyri4BOJiB7DwUPu7I1zERDHJjFB9J5AQk1YAa/THDj1ZuhKKOhaKLenp6famubombxSAQ+mfg+s2MiGJJQvGYb6U7W1HC19ayDwEYU4RK9F5tpTNbUhqa7lyNIAwyIYbAegeoR6K1lxDBYT6d/QfEga6hMmuh2KtBpmtIoZ1ufKghpQGRPBsUQIIJBCQLJ/rMehvhek7THKvg6BvJgSPzRJvrdRzQxCTgTC+85HCyrERku7SPMRMMFSiqXkSlcWth6vOnmUNvSf8iZ6OVPP11iZYiZdB4B9/4z9CIYqie74pRHa44ZO0bZKBlPawsC97nbeHym8Nmo8TbmDvsQehsKcmmkSjLxBIVUC4ESGBRDgACgnKJS6/EzAB1N+0mux0HaoUDf/SSKAIYkIPUUmVhJIXMhUABQTpGJJ8ik0zSqCIYE3pNNlMYSnXH9aCIhBAhBQAgCvCDw5Gpkz+HgHbzhUbaGmWgYQUvn4ZNq6VnC8obvX70ZQjIaQibq6eq6KxE3RkbwKSQ+lfyfrmGZicgaipNNzWYqqQQ6BrbBuPRJpjaahl56qlPMHQ+haD1xRriR/lRtbVttTZKddzWE1JN9l5lrGKmpBxrqWqnouE91P4V3C9RVozgFcAFKwVR9A1V1C23DJd4Be9ynBmhr22mpG2marvElCX2nmg2EiaDfy9ZAgM8AT65F9hwO3iErExnC/TXMRMMOahqPninMPnzp8vcPe4bGtkdDxUQ9r19/u69MzEB579cd+1sTEdWV7Kydl5qpWJo47MW7Bxlr4qfaReoqT7RwPgH6z9ZTmmo8OdXTK8vOxGyccqQHvtjRxFhJZ6Ev6ZCbtc3o0a7TvE4HOtkqf+Y+3afU2dJAWW2WN2GPl0fyFIdCkv+mmT7bnSZNVRo9zca93Gu6tfLAmOitj2iAEAAEKFCZiO46GTKUG0eYiYYjsmm18DzJ6bbbQ+EetUPCRJ337t3YXSpCID6F9GGX7u8mUnSYNGOdraGJqjZ1kqmPpinL1ytUW3GipcspgrufxlgVZXVbHV0HHe1pegZzXLxWm6jq6kzcjgR9TfNCdTXtJrufDnR2VB3raeu1ylxlgorlZghspqNtKCHLxnCSsoajjrrWmFGOk90PD7SJ3vURBJxajRzezNhZFTI0J9cwEw1TwAw+KaUuNE9cXv/9zw9fyFcC8jfRvdaWc2tWCQDqxyyblpmIoKboaONx2N/Ra6yCgsLoSebuZ6ieDC3FiZYup8ieAWqfGVq6VtGDr4UwL4cEnQdx8abK4zUsNsLBXxBd/FWV7Kd4vDVRooWqhqJRLkC/wKAfdrO2HfeZ+5SAdtgTpz564iS3I4Njorc+ogJCCKhMRPftCSqpDimsH1o+wkw0rAEyeIGJNbFbmy9++6BHfo0jeZqo5/WrX0SihsgILi7gI8vHRDBUT3b2VhxlaeVxkoJbrqegoDCe5EE7T3IjqX42wcShHCGvn6Q3RlkHmTxthZ1tnKPbYRp1j7OFgeJYF6upS2wMTEeNdbVxPxngOHGcgv00n13u01xUFaZZ2M6fYrdosrm/rpKxtkX0NBOzzxSmTJxx0GOq/hgFn36dO/tXH4nJgBAGTiSh+0uDSqpDiiRhQ2TPI8xEIwBCcl1Ynph/4Sd5uUhuJup5/frm0XIhAvVL9YYIBsU0v+Rpk5a6B3BB2gGPaWFTbQspaAPVn2Vrs8jVpxKhn6f5rZpqRTY1IZia0KymbaZCEoC4wd6CZmYSZW8Xb++S4elXTZoZN3Xiah+CAIbLZkwEzEyI1lPXEygVPo7BFqakiZOiJ05M8fSvxHktmjIxxZfUL+uJ/puPiDQBDJTn03cfDS6pDi0WYCbC6B9IKXXh+WL+hZ/k4iL5mKi3u/vm0XIRHeGRiUL43xY0vy9QK4PejkIiCKhH0XNMtBGmCWCohUHvoENiiCaAoXYG/RxTBtIAA0IYbGbQzzHp7XSkjYG0oJAIhtoZ9DYUFEFAA132TLQJAetR5CyTfo6BdjDprSgkRuAOJr31X5diDwwiKsALBmvnQEcKGMVC+df0YyYaGcB9MpLwL/w4+E6Qg4leP3ny9fbtYia9XzX0aSECADEZ4AWDp1YhBwuZxcJQOZbRYiYaMchkFFEg2S/6dpCXPg62id48ffrlugI+mcCnkDANfayPaICESOMFg6dXIAeKmcUC+XTWMBONMMipXCCDX8r9ZjDvsDaoJup69uzqugIBlSwAhuXuQkMTEQ0QE2m8UPB4Grp/J7NYMNjLIDETjTxk22Pv4l7vGayG0eCZqOv58y8L8gU0yoDteA/WI6AYBkQwWI8M3JQWKHmnbG3oIKIBIgCojYL2l/RtwDZoM/2YiUYk1DQezObvqvtmcGbTBslEfRr6uEVD/wJIraJSakEaH6CcppJrwYG54EFqNZVcBdAE8lbP33w2ABABAJ8OVsXA+3cFye4mMgj9NcxEIxVqGhdmCXbVXR+EbtpgmKj3zZsv160T0CgDpyExAkn87Bw1J8z3xh2cYaGroj5/JtDQ31PsIgRuxTm5qY91mep9EkIahl7LSPh740iIAFWxcNneoJLakB28ge2vYSYawVDTuDCLv6vu+kCXyw64iXrevLlZfkSEwoL/WNT6vsBQEx3pCGK0+dtaKWmFegQe8ZriPMFwtR/QiMAtdKSNjrTR4QYYFECABIVb+x5BWlBIgkBNdLgJhWXPqYcBAdS3C5rsOU0IKIAAEQw10+C8BRsAACAASURBVJE2OtJKR1oJM0BDbZqj7xkIeefg8hfQX30EACIaUBcOnVyN7DkUXCQJHbg9ITETjWyoaVwog18muDGgK7AH1kSy5YtiOvpfa+vfX0MNIHm/n0eeh3uJq42lsm6YB66aiivy9T0KADXkgC1uMzjubuu8/SuotHo6WE2YudF9Rpa7+3pvr63+gcdJuAP+/mUBPlnu7uv9Ak8BQCMCNYPEIh/3LPcZuV4+B6lgMwqJAOIeb/dstxkb/XHVVNJef+9SIlmAgCcDvfLcZ2R7eh2kguKhJ6M+H1GBM4vh/SXMnadCiiRhA9FZw0w04iGncGWLHru6B0pGA2ii7s7OW8eOihkon0wcmCsNbESho+6T7FQVrbR1SBO0NcbqzPUO3O9ipjxeZZ4vtcLXKdjEhGyoa6iojrf3EcD4WEMta01tB21VtVFKnlOc850s7cZrepqZOWqrqirrRnvg2+m0vQ5mhqoa9jo6Vsrj7Ca5VgDUbQ5WzqqaHsaGqJ3bcX9XV9VRdlO99gd60LXUbA0M/cwsOHiwYQivSBDRABEVOL0MOVDM3HUqpLC+n32EmehTgJRSF5Ynbrp6d4B0MYAm+rG6WoTCA6YhQIQgLVTvKH0lIwPbfQj9kL3RhDFqUV64A67m6kqq82fSuERftqtzmq21s+ooAzP7/T5OdiqmawhgG8nBXmlCMpG818VU7TMVigvpMuBB0xhrbeV6INDFW3m8u62vhI7sd5ygNV5trqt37AQVZXWzNDypKSjkMt7BUXWM81TP7fYm40ZpoM7ulWjQeRQcggPYfwIExBRARKWdWoEcLGTuOhXSj501zESfCPik2thtLV/98HggdDFQJnr0xReNkRE8Am7gri4xigoDnQJVFR1s3CqZzIs4hylquhGegQdczTWV1ef7BLJtdM3GaxPNDScqfWZubn8I70XR0HYwMYcMNYwMpu2kUUqdZPsTwTcAb7reWAMzh40uNjaKasEeeAkDPj1z8pTxqohzQIW/M0VPRXOcBuSKq/N3clcf4zTV6xTJf5G1oZGCwjQrhy14Wv2Q7J39zUkj0UQUoDIJ3VkVUtjQPzX9mIk+EWA23z++Jr707KNn/X/PogExUffLl1/kZNfO9B7QVdQiFG0lugGaYzWM7Y8ymMcdTfTHqM3ywh1wNddW1Yx0dgdUFCZbzjwXjIvU/UzX1L7E1wWnpx9obRNj77CZhHzBoO50NDFS1J43E/qa5oXqjjU0cyz1tJ04fhzBldgWRD/kbKw3Xmu2e+AJIu4kHLhcT0lByThjhoO/5liHKZ5l/v4n6ECJg7GuwmjH6f6tKDSopbAfc95ogBAGTi9DDm9klFSHFtZ/bNkaZqJPBzCDD2Twyhu+7/dakP43UdezZ9/u3ydioAO+kBoG22DaxukGuuMVp08woJnomYzWmuMZUOZsMnacymzPgAxrLa1xmjNM9E1HK9iY2u/ydnLR0nQyMkWsLNGJNp8TKSUORppj1Gf5QN/QPKmao9SNph8kU1gTtQw1dbwNDWxVx3tN9a4ECZsdrfAmxjPU1KaZOuwPcHBWUpgy2XOvr1OYseFMAy3j8UZLA0n/fmOiIQUISIg0IQScWYIc2cDYUftRZbSYiT4pKGnc4FxRx/X7/euN/jfRgwvn+TQKf1CqW0UIIqLiCj2c4h3t1/v5bff2PUAiVxF9czw9DlCBOpJ/rovjWleXLDf3nbiATdNNTHUM5jg4ZzhOdlH8zMbK9QDRd4OnVxkFbAaJO33c8v0Cq2G0ieqf5+qwxtE+cYb7IQBpoYPVRN9sB/t4F/fdJGojRNjiOWMzjsSDyTtcHNc6OeX64HjDp0H0p7MHABIiTYACVTHwkY2MHXWhxcIPWXmEmeiTAmbxicl18zY1XvruYT96o59N1PX82dVNG7mBfoN3OcFwKwPtYKAtKNzCgBthUIzA7QykEQbECNzOQDsYaDsDbWci1Z6TJmqoTdeb4D1Bx1JZJ9w9kI8iHQykEQb4ENhER9tQSAzRRAjcxkA7GGgHA22CAQEEiH9/pBkBhRDUwkBbEVAEgU2yg9MHa7O0AfURHSjPo+85HFzMC/2vlWuYiT5B8Em1afvOP3v5pr/U0Z8m6nr54npJsRAGP3IDxoEBbIAohwJ9t/p4fe7jXRyArxm07RaHAyIawKeDdZHgkQ2MktrQHfz/4CPMRJ8gQAYPZgtav/q1v+zRnyZ6cv1rAY0yUGupPx4YbELhFjrSQkdaUFgi988zxJAtyxYgQG00dGgzs6Q6ZAf3vW5whJnoEwRk8alp3LR955/2U7Oo30zU8+rV1U0b3/OWrRhDFpmPhBBQGw0dKGbuqAvdwf0XGWEm+jQBMngQi79P+G2/CKTfTPT0xg0hSBuwHT8wBhURAIgpQO1s6EQyemAHs0j8T3tCYib6ZCGnciMLJP2yvKh/TNTb3X2lIF9AJQ/ZBpEAhlroaAcdlkCAbD10PYp09I1MIw0wwIfARjrSwUA76JAY6huobqd/2p04EBBRgNrZ0KEtjNLjwUWisL/1EWaiTxYgnQex+Lvqrn/88qL+MdHTb78VIdDQHSFCkHMwudh7Bsvb/xQASGBQAoOncZ6JjnYrHRxSPGceA+AOlHpwpnuCk2PqzMBaEGxCID7Rl+02swICPvGBbdme2TXzoMObGaUVwUWisCIhZiKMPiip3OAc0ccPXfePib7IyRIAVMHQbBDBkAQgbJluoj9aQUFrUhGR1kGHuETPeQYqZnrGgRO0jVQ1IGccl+RCnqBho6GqpGmVR6C1QQFrTCbYmTvvh8EhuEPj4CPbo7Z6IXygOKi04k9la5iJPmVAFo+cys06ckn+Jnpy4xsxE/3gG0kPMGADAznkbO6io2isqKSoZ1NEBs6jtAPORkpjVGPwYT8z8Qt0xuoZ2rOdLaxMzLd6OfmqGs/3Ddhib2inP2UnADUO4SL7wQYERFSAzwDPLEN2Hw0ubOyr6cdM9IlDSKpdWtja+aZbzia6nMkR0ChDdYQIrEeAwzNnbAlwXWigpao9cTuZ1oGC1X4ugKG6xQSLcEsjVz29KHdyFd4Rr69pq6VmYTBtpYOFu7FZDgH6IojeggBDvc5+cJHtCVm9AD6aTS89HlzYELZbgpnok4aaxg3PE4u/+EWeJuq8f69xVgSPRJD7FfL/IYAACUq/GEJYa6A2TmvidhKtjY5IIEKS8VgFWcbrLZ1JuxhE3eflEmfvkOvm4K+pS3a0m29mHGBmlRpAbcKaRX9GBNIkJJqYQq2dBxzPRA5WActKP8dM9ClDSqlLKzv/9MWHry36WBPdbayvDw0WDNGu2VvgViZutYHaeK2JRRTwLEordjC1UtUOc/Hc5m4P66po6llvJMEXgphfMvDJpkaBk1yT7Sb4mFoGGepYGzsdQaFPbQZNBNH+AKSJQaoMCUiRgBQJQGkAiAIIrIQjKxnhZSvnLeLsprDq5X49YMgLfFJdXGHrvcev5Gaib3btFELAkF9GBDbSA5ZPUB2tab2FBLQj5HxrDWUVo0yA+S2KX22qNErDNJdIv8DAp1voTNWfWkiiZNuo0Rw8t9hZmBk5HEVGpon+VzRvEYF/mEgMUk8yw46EzCmOXrl5biIrNj9p6ecxa8oWrD0QnXR0dkJ51OoKekotyBbI/XrAkBfUNF5Irph34Sf5mKi3p+dc/BoeES/3i+ofHQSWuU3Ba6sZjh87fqyiubrWfE/CcZw7Q0vRWF1zioaagboO7OLXwmAc87CwNTRO9CN30MGjrhZGyiqm6lqQK74B6ed7hMhRN32NGpAiBqkiiCaEAAEM8mGIB8N1CHoodN6BsAVlETF5C9lr47YlLtu8dFVpdOLRyOTj4cmVwWlnGOk1MIsHsgTkzHpyZj2FI6FwJFSOGNMQBj6pNnXfucfPP3CV40eZ6P7ZjsZZEQO3P2z/XIowUEchHAwMOEDAlRMC9wUGHKPSRDBQQ8btD/TfGxhwgEisAcEGGKyjEMopZD4M1sOAECAfxgfsx+PPAMNjPdFfdFMPkBsAkkw3IpDGh6E6BK1F6LUovQZlnAiK2BO5eNuctbkLOclLN61YsWN2Ynloyqng1DPBqWeC0qqQDC7IEkAsPo0tkrmGyhHT2CKALQTZAtmPMDDehZrGDc4RCS79LAcT/VhXKwkJGqj7dvSnjKAGFG7sA5Lt9CpBfn8EgSQwILubUAPSt8BaCIOyHw21bWFFYJ9x6gGyjEaA2ACQRCBNCAFcBKlF6WfowacYoZXM8LLwmKLoVTuiVuQsyly6qnTJ6t2L1uxjplUz0mvo6bVoRh2cwYNYfJAtoLFFMtfIANhCkCWQIfevOMawAEjnwWzBydYfBttEvT09F9LTuPhAuV+cIxLZAM3b1k0DQGqiERqAvpkBHgyfYoSeCIqoZIYfDYk+FDZv++w1G+elpC1Zv3b5toVr90cmH4dYfJjF++OLwhbKkIlGhqyBg+kGo1/wj6/ZWXt9sE30/IdbrYtjBnTP/E+Bt4PE9QC5kUZspBGbaIQWKk4MUgUQWE1nnmaEHAuOOhIypyw8ZuesuHUL0jfMS82MyYlZUxadeHRuwmEkg0vj/CGXdwHZgj4w12AMPAHxNVtPXf2wW1d/uInutbc1Rc8a4oNEQ4d32zgy3TRT8S1UnGzAmIsgFcGz9ocvPBC2YHfkkuKolevnp2Utyo6P2xq3cmd04tGwlJNkTv3bIRsqR/y/7RpMNxjyBZdYm3Pk0qsPWmz94Sa6f7ajaXYUZqK/Guf3YeN6gNxEI8hopQQ2ACQugsgaOPvDF5ZGLt06J37jvBTW4vz0xetSl25YtHZfaOqp8ORKJINLyGqSTU69Kx25f88wMP4ZYnLdih1tN+8+G1QTPbhwvmlO9KdsonfHcZpohGYavpUSKISAapRZi9KPhkQXR60sil61bfbavIVsTmxuQtyW5StLFq7dH5l0PCi1isKR4LObSZkNpMwGmXTetnHk/pXCwPgAqGk8ZrZQfPlDps8+3EQ/cevqQ4KH7k4g/YSsVyWTTgNAkg3lNNPwTTRCDco4xQjdH76wdNbSzXMT8xay0xevi4/bunxlycqVxfPjDzLTqhlpNWh6HSGriZDVJDMOhSORDetgnakRxHv+KUf4XxzI4FNSuafbPmT67MNNdOtouQiBBbQBvqnZwIvm3cXEf5muaqbhRSDtJDPsNCOkPGT253OT8hayCxZkJC/dtGb59qWrS2PWlEUlHQtPqaSn1wJsIT67mZjZKGvmUDiSt0M5cv+KDBvYAvgP+BCLD3Pq6TmNCGeoXcMC6G3TlS1Gc5rRzH/7K3Mk9JxmdMj9Iv3MzDVVB8Ufsp/sh5vo2vZtPAJ+qJbg/51uQNrbxTh/LaQCKQ0A6Qw9+Fhw1K5Zywpnr85elJWxuCBu5c4lq3fPiz+0IP7A7MRyRnoNnMFDMrjkzPq3bZy3QzlYr+qjEcCZYiRTDHNEcKYYyaxHM+sIc5aa2cGOi86gmUPp9LKFSKYYZgtgjgSOY1k4eE4OOwCw62X2/Jvfiy0CYxPM7P3t5pyA2OL/52kjAb+11Ycl3w2qia4U5Nf5+8rdMn9p2vxvCZWsiurdJx8Njj4cOvdg2Pz189OSl25KW7J+5Yri+fEH5yQcmZVUEZp6KjjtjGyR8dvWjaxXhbVxBhBOPT1jt5NXgKbxFC3jKZpGU/TwBSC7BsckjR9jZBV5mplbj3BEMJsPsQQwR4RkipFMMcIRQiw+xBbCHDHMESEcEcwSwBwRzBHBnL4nwGzZk0V91z9bpjkxwhHBrL5HZEd7+4S/Ofjb13KESE47sDjJ0tHPNuoofV07unCRmtpnEyg7aeymvg8mOzJb+PsbiZFMCRAVPH78GFP6EYgjwUzUnyb6cl1BXcBgm+hd4/yphAqkyXTDg2EZXAQ5xQjdGxF7IGxBcfTK1CUbVi8vjI/bOjfhcFjKybCUk6Epp+jptW9rGmTGoXLENI7obVmD3P+unxCcBkb6NhsLzTHGsMucXZ4BjqNVjMzpxYHBiKqatXXYYTD5JCWlBmQJYDYXSKokx1eQE07SUnkwmw9l1AIpVbSU0+TEU0A6F0ytAlKrqImV5ISTtFQulHaaHH+cklwNskQwhw+mnqbEV5ATTlCTa2VSgzNqqAnHyQknaRlChCOC0qsp8RXk+BPUVC7MEcEZtbSUM7INm8G0alpqDZTZRAwP1dTWMaFuoWWK4JSKwCU78PHVEFsMZ1RTEirIiacBthCSvVH8CWpyHcyRAHMiVdQ1LILKR7CJaGk8RpZQeHFwR6yvbtrIDQwYKOOAtHcX4EgAimzgRva4EAK4CFKDMmRVVAfD5u+cFVcaubRgQcaKFTuWryxZuro0NOVUSOppZlp1UFoVI70GYvFlK276Sqg479Q0YAv/hgKcBkZ64ZSJ+iq2K4lZV5grlmkrK08gbwkICdJQ09exJU2YYKpsirebezIo/4irB17PzFbLwExtWiwug0taFGetbzVhkqeaXaR3XKnTDEcjS08d6xlqOhNUJ4ZNDwzU1DdXmWA7KewYI7/anxFlZDZdx9hK2ZjiHHMczaqbSfFT07FUN3KeGHwQZe13J1C0Tex1TG20nRf4rBIhsUt1DE0sg48i7Go/ClVzSsSMuRxrE50xY8eN0zAzo20gxWQYWVpaMveDqZUeAa7KelZqFgF28/YFhs4z/uONTkAL5ox4E1HTeCG5ooYrH7Jl2oeb6ObRchEMfeSItUw3IpAmM87boWLZj/gwVEUPOsUIPc0IOREUcSw4akfUiqLoVVvnxCct+zxmTdmS1bujEo8hGVw0o05WRSVbUgywhTLX/FFFhZU1DHFkJppkqGjBcJ1T4uHnoKhtZTvnGD6MqThadwJ+My0uzURfU9MtlZRaR4jd4jW7YIa/xxgV/cnzTpIWLNBWUNR2jA/kSBjpO6ZNNhyl6O2w4AgOxY0dN07FO5u4bMtk81GK5uG+SXxqXJHXvC0zkWAN9bF6uPW48Gh1TX3LkDLcoq0zcIscyDM19JwmM4t8Z8UY6ippu6XhoxerqY83QQ8j7CqfQM+x+jSv1A5yVLSOgYk5uB3MbkQWxqipjzeiFfnDNCUtqynzKgKisl3wa/1Wl3rP3zITCdVUH6sbUECMXqSmOfJNFJwjqv+gzRs/bu7svU30bk2DzDWNNGIzFS+raRBCgKxA/HhQ5PGgyL0RsZvmJW+Zk5C7kLN0dem8hEML4g8w0mvedpdkDZm/L27AVhsPUzgNjIzCqZPNP1PUVzeapm1ia0EvhTN5+GBQRXXixDn88IwSm0nqitNi/eNLbK1s1A2mahtMGK2oPXneSeLceRPUbCZFVTHyWpmskmmTjRQnzvFPbkUXRKuoq5mHnEbTK1wczRRNQmemVXj4+GhoTdQxsxw3btQE/HpnrynKqjj3JB6a3x7MPuzqaaMwTkvD1FnH3FbbeLIhLgsfOV9DS82McRTl1PiRAsYbQt6sK+DCGD0TC6vgg4wN7eiixZraakaUzfb2E5R0gmdmStCcFnr2Ebd33kgft44Q9WmYKFdcf+XuoJroTtUZSRDjL+uJ3p0LbwSIfatvqHjh7/vgVDLDD4fOPRIyZ3/4wt2RSzbPSZTNiycs2zIn4Uh04tHIpONv2zLv1mr+UUWFuWZE0tc7m6A8JTYguZGZU49k1dOzagKDQBXViRNnc8PSiiZN0lB2XOVCxKuNmWS3tA6cH6yopjtpTmWfiaLP0HOaGKySaZONlCbO9UtsQuZFqahrWIScQlLLnR3Nla3muUWvMhg/1oC8n5mRa6g/Tse/YMZMW0VlR+e1DYy8dnh5vr27hYK2n1v8pfDPLwZvuBCU1wwvnKuuqmbCqGBkn3FztRlnCHlnfEGbN19Xx8CSeZix5QJ9UazMRE5OBuM0CV6sc0G5bfhgupbiOANiGZNVYKQ/Vssv71MwES2dT2fXCc8P7nqi+x3tzdGRYmLguzUNjTQiD4H5MFRNZx4KnVcWEbMvfFFx9MqsRdmcmFzW4vzFq/dEJJ+YlVRBT68lZjXKttqSDRX/YRwWpptPD04jI33rJBPlsRZz/BIbGFlCiCNGM2sCUPy40QaWs7jhaduszEaNmRzjGbZQV0lHzy3K2mXS2FHjJkZXEmZH6owxsoo4Rc9pZrCKJluojTYN901oRuYEjxs7yoRZiaQecZyqPcYwxHNJgbWBuooVYwoep/KZgo5vfsDsBCMDBQ2HeVP9Y6ZTVvvMmq2hZazhMMsRjJtOWeW15DiQVDTJVFnREpyKpxvraStpkzzTL6HL1hqqj1WyAJ2XVADzY1WVFPTJO/xD5+jofKbrtmxawDJbP7Khma6KJX0KgaD6mYKOTw4+Yrbi+FEmI3rujJrOC8/htnwxuCZ6+vXVpphFR+Gg0silO2fF7YhasXFeSt5CdsrSjWlL1q9Zvj0q6VhI6umwlJMUjoSU1fC2kAqracD4G9hiNOOQBxA1GVpHTBEhHAHEFiKcOlJM2hTfhW5xPGb6YXcg3AbZQEk74UmbZe5IMPWLsvWd7bmimrI838FvkfuyGiRTgrKOeEGzJwN5xBQJvCJnil+4a2w1nH7KlzHPhpxFYtXholZZuRBNfcInewe7RJXRMtsIkdGWTngT12DnJYLgzDP+YQvNnQgm9jgTe9gheh8tq5UYNd/ahWTuTncMznYgpQemNzIzjngx5lm4kKYyt5FXbJ8eGOw4/wTEFgUEMc0dcSbeC7xXnyHMXtP3Rj4hLlF7yMvWTQ0Id405BbFFI9VEpFTu0m2N39x+OLgmevR0y7ojc+J2haSels1PEbKaiFmNbwup3vatsKYNxnvAg1giNLeNmdvw7oUKZzYx8lvRTD7IEqG57czcBpgtQvPamAUdzPw2Rn4byhHAnAZ6fiuaKfjzQXgQp5GR307PFEAsAZLTxsxrhFkCJLtF9lpmQQc9Wwyz+EhOG7Ogg1nQRs8UgCwhmtPKLOhgFnQwC9rpWSKIxYOzZW/XTs9pYuQ1ISweKHuXgg5GtgTm1DPy2+lZQoglQHLbmQUdzPwWlCN8+0aMgnZ6thjObPj9w8j9VA8UlAzRnOzKc5e+HFQT/fTwxaKidv9UwVvjyP1EYGBgyAuYJcAnVC8tOH7z5q1BNVHn6zeJO1twCdVyPwUYGBhyB+GIvJccWJG7/8njx4NqIqlUmrKz0X/NaQgb8cHA+ORBMsVuC3dzth/v6uoabBNtq2inplQDGfI/CxgY/4qsKAzm9O8wghDOFMPY/4xZfHp2g11IQca64g+TyUeZaNepc7SkU7KSHAyMoQzM5kPpVZSECkpS1T9OofAgtgjJlLzvPiQZtbTkU7Q07ojfe+jfTq+QllbnEZ5ZvOewHExUeuY8ac1hamot1kHDGNJw6umpB9z8Zyhqmpr4p+HZzcj/N4/OFkJpp8lrj1JS6v79W53ZSI9L0DdQm0DYTGH9/8f8BECyJPg1Fa7IioMV1XIwUePlW4zkclJSFWYijH6DLUJzmtDsRnpuMz23mZ4tQbKa6Lkt9JwGhM2HMgRIdiM9t4We20LPkcAsPsyRoDmNaFYjPbeFntOIcPggS4TmNKNZIojFgzj19JxGen4DbWmCgaaOHm4jlC1BMht+P0LfjkJwZt/LGQUXwdiVhhbW1qHljPUtCOePXdDgzAZ6Tj3M4sOZ9WhOEz2niZ7XSl/JMZ861QIuorJb6bmNSJbsyE1opgDK4MOZ9X1v9M57jUiQLInb7M2elFnNHZfkYKLbvz6O4pwIXF0h9xOBMVIQQOmV+NjtuCUlnrNyPaK2+C8/Ro7b5B6R5x27n5Jej2bXEGM2e4ZnukcW+Cw+BrJ5QOIRXOwefFyRe0Su14LdpFQhPeNEYMwW/xWVIEsEJhzwi9lLTj3qTfFXHq2n452MX1tBXFHsFZ7pHpnvvegwLUOAZNVDa0u9IrM85m7DxZ+cSSGpa2npey73XXkcSD4eELMlcE0VxOLT1uz1jSmjZPBpa/cTYor9Fn7uMb+UkngcF7stcPUpIOU4LmY3cUWJR0SO59xifCIXzRaDifv9onPcw3O95mzwWrCHksodkSNKSKaYlnzaym+OFzWqqV0eJrr5y6NZ7BO+S/eB6Z96Pxmjf+DUIwmZZnpqGgYe2tbOGurq441wlh6+uiZm47VsJoWWozkVXqRQU7sAIwvTMfoEt+UnCLOidZStDZ3JOuZW49VtzBkHgxMyDXQVNLwyKawWWhiiqOluO2fTdFujMaMUx+t7T0OzPUNiLOxwJtbWY7Tc7OZXwEm77ZzMx09w0J7kY+4xy3qy2fjxiop606zgz8kL1mhpfKZPLoHYAhwtYIwW3j2NG8CADMarq5nM0PVPxs+N19cdq4ffRIhNNFCzMrAn6JhPVlYz1AvcguZVufvjNHUm6VpPUhytpGSz0C+Ri/zrJrPDDrYA4Yh8F27XtpmJYy66fPUbOZjowZOX83JO+sSUUhMr5X9GMEYAnHo0MctMX3OMZSwhnY+juYwap2scWhuUUGCpN1rFbgWBLSQuyHVmxDt4eYxXVLQI2k+YFak8WlufvCeIXTLFSktp+nLi8vXGhuO0fLIprBZaOF1R09NxdS1l4QLNsRYmIUfDC/jEmHWuzCQnv0Bl5VEGpC0+ZJ9xalMdV0nAVXt9worxS1cZmphZBR9mbDpPj12qqaloQN0JsQU4ED9el+SRxsUFQapjjCyQvciWS8y4NTo64/UJm0mL43WV1dTc8hHOMRdns7FmIQHLt1iaehjDR8I27bDQm2pB3wVkNY68DhrMEQKpNU70RM1Jvoy58Q9+eyQHE0ml0tiCM54LdhJXHYLS6+R+UjCGPZx6JCHLbIKWplcOLYNPQAPHalnbLznLSNg4yVxP3Sk5ID5/ooGxhrmP6bSpYxXVrEIO4iMj1NUsrGbVhmWU2k7XHWsTjYvZYGw4TmtmLpXdDkaFKqvPJAAAIABJREFUKml7O66qIs2drTHWzCToGDPj88mW5mqGHmb2joqKY40omx2cjJW1mD4ZfCS3ifn5NWDuIn0TU0tmGbquHY1ZoqmlaEgrhTliAkodr0f2SOMGohRtLS/HpSJmXjN92VpdXUV9wmZi7Fp9DV1D6ACTXeHuY/OZEc5n+UE7OxdVC8KkGc7Kxnj7+cfhzBG4gzWSKaalVk3BzdOYODN6WcbzFy/lY6KMnWK/xaW4ZWUUrFmE8fH8biINj0xqOg+P+I/VtJoe28aI3zDRTFfDje1Bp6qNMpoaI2YsX6CmrmoRtB8fGaGuam4ZURWavmuare44m9m45dssjVXU3TnU7EZf3+njVF0dV1fLTGQadhqYE66hoGwRWhuclqKrPXYCcbOb16Sxqg7O8e301CpCTEnAgsX6mtpmUBl9yyXGitV6mqp6xB1IVrWbo9lYHaJHOi8QpWprutvH8hj/YyIDoIzBOubmPWm0McljUdFUJ1ddO+Y08hLX2EokuxFhj7T1LjBbgGRKfBduN3Ugqll5L09d98Em+VgTbT3Who8rC1y6h7DqEIg1izA+Ek49Es8y1hyn4pJBTefhQA8FJYNpMe2MtQWWBkrKdvEBK9jmerpKxm56UyYqfTbGKmg/LjxIeYyeWVhVWHrJFBulUeZMv5QWb98pimpmupPdTKfYqYyf4bSqijg7XEVB14BeHpSSb2U6QVHfRX/6dKVRCkakIkJsvqW5gpKpr8EU8hTGDig+19JIdYym7cSgrZT0ahdHw3EakydMnWFsNVVFPdAjjRsA4dSV7KfH8Bj5LfSlKzTVFLQDNhJiVmgrKulR9jBYR13djRX0A7zmb7exnaxuFWDpSbdyA53mlQPseljuZ7j/kN0Myj+2ZJJvhJkTRdXSZ3FirtxMtPFIC25ZWeDSvfg4WbMIG7fG+AjYQjit3C8q2yu2HMzg01Zuc48swCWJkbSKgDk5ngsPgpl1hIX5zsgqx9Bsr/CcwNVV1DW7vCLy/ddw0YxTgQty3OfupLDaobVFnsHxjtBqn8W7Z0YVEVPqaPG7vcLyfVdW0bPriEs2uaKrHUIyPcIy/VecgjKbqEsyneEVDkyOX4KYyT6Ni1nnQl/jNnc3ld0GrNrkxljriCTMXLx3ZnQxKYNHXVnkHbkZn8RHMkVw8kHvWRyfZSdoSQd9InNmLj+DsGqIi9d7LCwOCF+obz7V2H+1e9gqcxOl8ZaRM+N5I2nEGuYIIRZ3csBsY3u8sSPZyIGUu2W33Ex0THSVuvpAwJI9+GV7iSsPYZNoGB8LW4zmttKzxZBsS5C8FoTDg9giNLeVkSOBWEIkp4WR38bIa2HktaKZQjizgZHXgmbyZRt6MHIaYBYXzmxi5Lcx8tvo2Q30vEaELYA59fT8Ftm+H0h2c98R8lvRLCHE4iPZrYz8NkZeM9q3HKmFkd9Gz5bALB6c1czIb2Pkt9KzG+i5jbBs8VFeE8LhQxk8iC2h57XRs0QwR0LPa+3bGyS7hbn+LLIs2dTaUtXMzWiau6aGmTEhh5gugkfMnRfZApgj9F2w3dwFMHUiGTmQrNzAwr3H5GaiurZvofiD/kv24OPK8MvKSKvLAUxGGBgsIcKuJa8snTlvo/fsjTMXlJLT+P1d8iZPYI4QYgsmB84xcSSaOVMNphOc8GHV/Ea5mejqzXtBKeW+sbvxcWX4uDJ83D5yYuWIXL6FgfEfESJZjXTZauyheEPtjwJmC3zmbjafAZk6ksycqRNs8TNIkYL6drmZ6PrtB8GpR9+aCLdsL37FQVoqVv+BgTFiQTPrfedvs/JgmjqSzZypMhO5U6Lqm8/LzUS3fnkUmnbsnTZRWeCyPcTVR8AMLsQaOW1RDAwMGbK7ftsSFxlPD5RpyMyZqjMlgBSy5IcfP+ROZ/1jot5eaST7hE9M6VsT4eL24uLKKIknsT4ahtyBs/qGrvvIlS3q4UFsMT23lZH7e1Uqp56e38bIb6FnCqEMHsQWo7lN9CwRlDHSVgB97PnkiGC2wCt6vaUbauJIemsi7cn+UNSK+w8/cIF1P5hIKpUuWV/tu3j3OyYqC1y2F7fiAC0F66NhyBEBxOJTluY7IascoJWOcLxLMMt9zhZishjOamJyTvrNyXKbs5uaykcyBVDyAS9GolNQju/qKoTTwMg86R+90XvxUTBLLO/fYggBs4UQS+A1e52lG2LiQHyrITNnqsbEmeGxyR+jkX4wUdYeSeCyvbhle//ooMWVBSzbQ1hdDmaMzOJjjGEAWwCzecRZC0ynzzSyDTSysVf+TGGcMeyVdoGRVj6TglMap6BgEuG3VsDMqvGFA9U0LTR1LLW816EbGiiR8ycYBdpEHIByR9RaxI8EyZTMXLDdYgZs4kB4V0OmThT9abilyflyNlHRiQ7C8rLAd0yEiysLjCsLXF5Gjj8BsfiYjDDkBZzVzMhvD/78MhqfbaKupuO9HtncQaRT9cz0VFX1R1tH+yWI6OnHbB10dchZ/gSq6qRVuKRsa0s7C9rO/2vvPqOiOve2ga/1nvU+63mf85ySHoWhg7TpM0zvve6ZofdeZ+i9MwUUFRQQFQVB1Nh7bDCAqDkx1ZxjPGnHaEzsURM1GgvO+2GDEqUzwwywr3V9yHLli8L+rb3v/b/vLV/yoaIKejobrKrmJD93qxs1xA7BHc6QA0ZshxQ6YiU1DVMfazSPRDt7z4lyNrE0r0iU0cFOH8QIekyDarVq+5W6/VQh6f/9leSrPhq4pIcXr6Wqq3zcff4vLJRe0ONvOESV0v78hscbMNwCSrY3HWvH0kqXnA2uPTH3NqxOrQr9cWn5Ybg4faEP0wEjeUmiBQj+Ioqq7b19VpboxBcXZXlDw41/kGgjOx3EaLe8CsIIqlVqBGr6pDl6h7/87X/hOcLqD4CqbqD6o8D67ahFjn+yD6Pnd/nX9MqLNuClWaiAYgQNeMOD6wloXFAsR0kNr/S4cm7NAU2hgK4XqDLiQ7SwYUvUw/sunIdkhxzsmvpYo3kk+tf5a0DBe6NIBLZTAGIEzV5DneFq+xTagzQh+r/+y9494oCyukde1S3XHlfVbkZ5OP3JPpxR0K0y9Mr1HwTVn5YmZjm4+XvJ0z1IJCc/yesLWJ4RW4Al83qpCND1yiu7COE1Tnjg+fTQqxLBmcF7DvVZWaIvvrs6nkQb2ekbRUX7IYmgzmyNgL5PVtDoDvvz/3gn87Snhg6971Us7kC4wf7PwmBa3hGVoU9RbRSpc2FvL3JU7RQlJjtgOYQovaOXyD20A1hyYt5KBGh7ZZVdxPDFjng5DMUfkSEHjPhtHy5ZEvPFl99YWaI79373L97+8ov8lyXq4GR0iov2W/0fF+o8qrZXqT3KD/X/77/ZwZSbFdW98qoeRU0POyTWHub8P//z5z/991t/edfTO3qvrHQHiuzxOqlcrP8ksLDeE+395zcW/gWZQMkxqgy91v+LWKMKXZ+ssosQvtgJD8CQozLkgBG/5c1hKBIu/HDZyhL9/vhpSPmucSVia9o5GZtERfuhBSOoM9guWfEObs52UVn34K2NtltatJ2raedkbeFldbI1GwTFR+UVR0X5WwRl3QpdD1B1TFy4jZPRwSs4IKvqmZ83RIC+V1ZxlBhe44SX24+yPDR8rFESnvnkyVMrS/T4ydPi1d1sTQcnfWyJOtjqdk7GxkGMII+gzkx1fUpD//ANqICuT2E4oRxsv0JrlFcZAf3z/8cI6I8rDScU+t75yZBC3yctP4yS5zpiJaOtUg/vax4MSUTmNBkxj0Qla/4gEfe5RBl/lOgFRvvkgyOb1v93hwoV6lCNSkO/tPwICsiFoYWjLVG/1Dc8Wf5xedaX6MnTgeqOfk76xuESvXJbNCSRpoOt2cDWtAvydsoqwAls6OYIKlTrF9AaAV2PsGAXQpYFQ4tg6AkxZIcUOOEk1SvbrC/Rs2fPOg6f4WV2skcYbhwm0QuM2tmadpa6jZe1RVL6vrwKelKDCtXKBXQ9iup+dnq7GyV4+Cb7cbsAwfei+m/de8wmJNp/8it+1uQkYmva2epWTsZGcQm0bAQVqjUL6HrlVd30pNVu1FA7OGfiDA0OWJOVG3e8b32JTCbTh19eEmaPuOHjlUXr4RJpNrDVbZyMjeJi8IUahBFUqDNdpaEf0PWSo5c54QH7V/aUjdt34Tw4M+hI7z9sQqL//HRLmL1pvOHGkSQawkhUuFteZZRDa9hQoc5UAa0R0PcJC3bhgiudCUr7MYeGRh8mYhPF0Xd+uWsTEv328HFCzT6WpoMzBYk0G9jqNrZmAz9nq7j0IPSYBhXqDBTQ9gC6HlriqkWsaAeMaCJv618tDC1aAOdN82QiMOaR6P6DRzkNR6YukWYDW7OBpV7PydgoKT0APalBhWrRKnS98iojPljrTFDZITgTfE020oszoTNeVr92y/QNMY9EAwPPdvedY2s6np9SNAWJ2Jo2VlorW7OBl71l6LxHyCOoUM1ZQGsEdL38vO0+glQHjHjc+elxX+G7EuStW/ZO3xDzSGQymX649gs3Y+Pw12ejDje+kOgljNrY6jZWWiszdR03s1NSetDqPzaoUOdOtUZA2yPXGhnJqz3oEfYI7gQHF8foO75cODPo6rWfpw+I2SS69euD5NoDrKFFa844w42jS6RuY6lbWepWtrqVm7lJUvo+oO2BTn2ECnU6BXS9gL6Xn7sd418yuDiNFk2TIfDFGUUW+/jRk+kDYjaJHj560rD9Q6a6HZy0HlmicR7Q/iARK20dM3UdJ7NTXHJAXgl9VxYq1KkU0PUq9Mel5UfpSc0ejEh7FH/Kq0Iv1R4ldMCIq1e2DQw8mz4gZpPIZDJ1ffwfWsoGs0mkXs9KW89MW8dMbeFmbpKWHQY/gGv1Hy1UqLOigNaoMByXVRzlZW+BSzLsEVwYWmiWW6Hni0R2KGHnjvefPbMxib699PPzReuRJBp30bqNrRlJorR1zNQWTlanqHifrPwo5BFUqONWYehXGvo5GRuxAaXOBJW5HseGdyGCT5bG/vLrPbPoYU6Jbt99UNjcBX6F0cwSpa1jpqxlpKzhZm0SFe2TVRwBdL2QR1ChvlpA16M09IsK95Cjl7kQ/e0RPHM9jv3x0Uz0tjdny+7DA08HzKKHOSUymUx9n1/gpHdw0jvMIVHrHyRKbWGmttBT1jBS1nAyO0WFe2QVRwFdL7R+BBUqWEBrVFafkFV2sdJavXlJdnD29N+OjX5DJOAGpNy+84u56DCzRL/ce1i8xkhObp2SRBvGlYiR2sJIXUtPWs1IXs3L2iwu3i+rPAadcwR1vldrVBr65VXdLHUrWlngQvS3R/LM/jj2vDC0aAGcX6Br+O3BQ3PRYWaJTCZTz6fneeAHqacvkXpkiRgpaxkpaxjJq5kpLbzcrdLyI+APw/q/EFChznSNCsNxudbIUrehFAUu5EA7BMd+9NPvzSXR64uY2/Yee/zEDO/vwZhfol/uPSxdayQnredMabhxVInSXpJoLSNlDT2pmZG8hqVuE+TtkFV1Q4vZUOdRtUaFvg/Q9rA0G1BAnispyA7Bm9ou1sn2XThPFJZ+4+YtM7phfolMJlPXx/8RZnUyNa/eFk1uuJGlXs988YA2gkSM5DX0pNW0hFWM5LVszQZB/k5J6aGh044gkqDOzQJao0LXK9ca2Zp2lDzXlRRoj+S/9K16i/bv7vTdh3oHBsyzVg3GIhKBt0XExPXTHykaX6LkNfSk1fTEZlpiEyNpDTN1PT9vh7Bwr7yqGzoNEuocK6DtAU8142R0IOU5LqQAGEpgj+Q7YCy1JPRq3/bmKKJzfrp6w7xoWEQik8nUcegMLq6FnT5TEiWtpic10xNW0RJW0ZKa6UmrmWmtwsI98qoueZUR2iwCdVYX3LYKaHvklcc4mRuR8lwXkj8MLbTElNDYtUcJ/+pK276/yyzTjMNjKYm+unAzvmY/NaVt0i/yx5SIObZEic20xGZaYhMtoYma0ERLXMVUrxcV7pVXdj3f/mf13yqoUCdeQNcD6HpllV3S8iOczE4UkOdCUMLQIhhKMMMGgX0Xzg9LLbn00zWzi2EpiUwm0+EPvxPlbKKmbpjOcOOUJGqmJa6iJa6iJTTREhppCY3MtFZR0V5ZxTFZ5THozGyotl9A26Mw9CsMx2WVRzlZmwjh1XBxhgtBBUMLrWWQA0b8mgcTiM7+7vtLluDCghLd++1RZWsfObmNmd5hDonWTVqixFW0xCZaQiM1oYES38BSt3KyOgdHkHQ90C0SVBssoOsBN4vx87azNG3gXg0YSgBDC827a2yyhaFFb3ix13TstBAXFpTIZDJ9c+nn+MX7qWkbpjxmPZJEw0aKUiYgUWITNaGRmtBIjW+gxjfQk1ez0ztERXulZYdlFccAXS+0igTV6gV3q6pqTsmqurhZm/FBlS7kQHskD4YSwNAiKwIE1hEr/psbXR6VfeGHyxaywrISmUymgx98w83spKW2W0CitROWaAijhEZqwkpK3Apq/EpmWis7vV1YtFdafmTolQREEtQZr9aoNPQDWiM3azMtsQkXVOFGCR7aLGZlgAYZwogXwPmvL2I2tW6zHBQWl+jeg0el63qpae1MTccUxqwnI9FwjMaQqAG8OSLHrSTF1FHjGljqNm7WJmHhbrm2WwG+obD6byfUeVCFvk+1+ANA38fN3oIP0brTwu3gHDs4x3KbxabIEIL/LpyfWbbsx8vXLQeFxSUymUwXrt6JrdlPT2uf4HDjpCRiTFUiSnwDJW4lJW4FObaeFL2MGtfATu8QFu4RlxyQP39pau1fVqhzr4CuV1VzUmk4wcvZSopcglEVezAi7RG8mRxNnHjtUEJHrCSjdNnVG2Y4InaMzIREJpNp74mv6Op2elr7hMesh2+CHX/MeooSxa+kxA01pp4UtYya0EhPXs3StAsKd4tLDoAeQQtJUKdZ8JM+CkO/svqEIH8nMaIGBeQtYsXYI/kLfVgzs0Vjan19EctPGHnthjk3doyYGZLot4eP1+//lJ7WzlC3T/IM2ZmSKHYFOXYFKaaOFLOcFLWMGt9IS1jF1rQL8neJSw4MPrVBm0igTqJGQGsEtD0KfZ+45IAgfycpshYhzfRkxThgRAt9WfYIC26XN0sXwHnOeOmmnYdmgIgZkshkMt1/8KhifS81tY2paTezRMljSLRqUhKRY+vJsfXkmHpSdB0pahkpahk1roEa38hMa+VmbxkakuyBtrZBHaWgPsMAyttOianz5MS7MyIccTI7X7Y9gguzbYDALkQI7FDCsiXNT810FtrYmTmJTCbT1Vv3ytb10lI3MNVWlShhDIlWgBKRY+rJMXXkmDpS1HJi5FJi1FJydB0ldiU1vomT0SnI2S4tPyLXdsurugFIpfleI6DtGaoRqDJKK45QExpQinxvfrIbJdjJD7BH8gaPkba2LxOsHVJojxIVG5qm/5npCWZGJTKZTFd/vlfa0kNOamWpR//qmWYsiUYabrSgROToOlL0clL0clLkMmJkLTGilhS1jBy1nBy7gpHSwsvZKqs4Kqs4Jq/qkld1Ay9ul6x+eUC1ZLVGcPID1EdWcUxSdpiT2UlPWo2U5XgLUpzwcge0CIYS2iN5NvUubCK1RwkXwPmFhoYZY8g08xKZTKavLt6M1u+lJLey1BusIVHjFCWKWg4+r5Eia0kRtYSIxcTIJaTIpaSopdT4Rk56hyBvu6z8KLinZGjLIrj5FoJpTnTomQv8yUorjkpK3+dkbmSkrEECed78ZGeiygknc0CLhu3JmAVPYa8y9I4vzz8u76erFnxn/2qsIJHJZDp7/nqsYS89tW2SEo224eNViZotKdFSUuRSYmQtMbKWGLGEEF5DDF9MjFhCjFhMjq5jpK5jqluFBbskJe9Ly4/IKo7Kwe/eQe/gZmOH9FHoj8u1RlnFUVHRPm72FlpiEzagzJMT50IKcMCIh/R5viFj9gH0giEfrn9c/vc//DTDJlhHIpPJdObbK8rC94gJ6zjpU5Bo+BmylpOofnyJImuJEUuGWkMMqyGEVT8vPWk1M3U9L2uzqHCvpPSgrOIooO0B9H3grjcIJhvs4Ot2/XGFoV9ZfRLQ9cgqu4SFu3nZ71Hi6v1CtYvYMW6UkOcbway+Hcy8DL3lzfGPzz9/caYZMllRoidPBzYf/YKe2kaIbxlrzHocicAxa6tItPQViRYTwxcTwmsI4aBHBr9Qg1+owS9YSwjVU2LrGSkt3KzNwoLd4pKDktJDsopjgL4P0PVB23FtgJ4+ZfUJhaFfVtklLTvMz93GzdrE1mwgRS31C9V5cuJcKcEwlBCG4g+jZy7o87x2KOGb3uyA+ILvLlhkq/24sZpEJpPp2bNnu4//O6hsOylxHTOtbRoSDRspmrBE1ClLFDURiYbfHBkIoQZ8iB4fosUHVRJC9JTYFbT4xkGY8ndJig9ISg/Kq7oVhuMK/XFA1ztok7Wv0rnZwQeu48rqE8qak/LKLmn5EUH+Tpa6jRy9HB9UiVYWebJi3KjBDlixHZxjjwC3odrKLjBL1B4lfNOLHRBf8K1lTvyYSKwpEZiz56/nNh6lpbYyXmA07sEgk9t6Rk0Ye8PHoESUUSV6jtHUJfILNfiF6v1C9X4hWnxwFT6oCh9UgQsoJ4RVU2LqqHErmCkt7PQObmansGCXuGifpPSQQtenMPQPLpFCHwuYUp8/bSmrTygN/aqaU4CuV1p+mJu1mZG8hhJTh/UvxSgLffjJLkR/GIILQ/Jh4EGINrADfqYZOv+DFR2wvkQmk+narXtlLUZq8vqhO6PhI0Xrxx0psrZEtZOUSDdUrV+wFhdUhQuswAWWY/3LMKpiXGA5MWIxOXIpNXYFM3ktM20dN7NTkL8L/NKkQt+v0B8fsqkX2hz3hw69WVcYwFWeE8qak9Kyw+Li/ZyMDlpCIz2xiRJTh/UvQQF5nqwYV6K/I0YEQ4D0CB2xEiec1AkrdQSLkVjdiBmoHVLw+iKmf3y+Fe+GwNiERCaT6dqte+Ut3bRBjOagRIRRJMIHa/HBVUN3SZX4oEpcYDnOvxTnX4pRFWGURfigCkJYDTF8MTW2np6wipG8hq1p52ZtEuZvF+RuExfvH7z2hm6dXiyHz8F7KKMcPNQZHCPU9QK6PoX+uMJwXFl9Ul7VLSreL8jbTk9cRYmt8wuuwvqXIGVZcHG6JyvajRTgRgp0wQMOKIEDSuiIkTjhpM54mTNO7oSTDXV+SbQAzrdHCbPKl//HSmtDw2MrEplMpmu37pa3dNNS1jPTWict0VgjRWNKFD9FiUgWkwgfVIkPrMAHVuACy3GB5Tj/MqyqFKsqxiiLMIpCrKoIF1CGD6oghOr8grWE8GpyTB0lto4SW89KXc/Neo+btYWfu11cvF9WcfQVnnr+MA38fDr8xZj4jE0/GV+udrDDoAE7dPen61Po+xSGfknp+8KC3cKCPWxNOzO1hRy1jBBmQCsKkPJsX5Hah5fkQQtzowQ54+SOGLEjTuqElTrhZM5+gDNO7owHXPwUznjAGQ844+XOePm8lWgBnL8QISjUN975debGF8eIDUlkMpmu3rpb3mKkpayjp65npo0qEXNyEq2i2bBEfuNKFAC2bKilWFUJRlWMURahFUVoRQEKyEcBeSggD6MqxgZWYAMrcEGVfqE6vzADIbyGEreClrSKltjETm/nZGzkZHRw0tu5WVuERXsFhbslZYdfzIWPV8DClWuNgK5HVLSPn7dDkLeDmbaOkbyGnthECK8mRtTggsoR0iykPNtXrPERpPgIUj05cYtY0e7UUDdyoBMecPIDnP0Uzn6AC0HlQlS5Ev1dif4uRJULQeVCULoQlC5+CrDzXCIYWvSOL88JJ12/ee8vv96z9kU/GNuSyGQy/XLv4bp9HzPTWump6xlp660jUewfJCLPnERVE5LIH2zJIEmDLUIpClGKAtSQTQh5DkKWgwTyUYp8FJCPURWjVUVoVRFaWYhWFWMDSjEBJbjAMnxQBS6oHBdUTopeSo5ZTomtG/bd3XXM1JfLz90qyN0hyN3O/0O3jVhB7g5OZif4qV5G8uqhNhMiaghhOkKYnhCmJ4TpCOEGrH8xQpKBkGb6itQ+ghQfYYoXN96TE+vJjvGgh7vTw92oIS7kAFeSvws5wIUU4EIKcCUHupIDXMmBbuRAV3KQKznIlRzoSgoY7LQkksxViexQwoUIgSBY/d6eIwMDZv5S0HRicxKZTKbHT55+ef56XtMRYsJaemqLRSR6daTIDBItIYYvJoIShVtBIrTyeQvRyiGVFPkoIA8lz0PKcxHyHIQ8ByHLRsiyEdJMhDQTIcmAS9J9JRpfiWbwT6SZSHk2Up6NlGchZVkIWdbzP4dLMuGSDKQsGynLQkqzEIPNREgy4ZKMFxWlw0XpvmDFGh9hmjc/xZuf7M1P9uYnefOSvHiJnpw4T06MJzvWkx3ryY72ZMcsYka508Pc6WHutDAP8D/o4e60MHd6mActzI0W5k4PdaeHudNC3WihbtSQoQa7UYLdKEMMTV4ip3kjEQwtehfOXwDnp5cuvfjTFWtf5S/HFiUCc+HKnaLVx6jJLcT41YzUda+8yLecRCtsS6LAaUoEYpSPAvKRQB4SyEPKc5HyXKQ8BynPQcqykbJsBCiOLBMhyQBtgkvS4RINXKzxFWt8RWqwPkK1jzDNR5jqI0zx4ad4DzbZm5fsxU16UU6iFyfRk5PgyUnw5MR7cuI9OQmenDhPTpwnJ9aTHbuIDRoU48kCG+3JivZkxyxiRS9iRS1iRi1iRnqAZUR4MCLAe6IhpywrkeMclQiGFi1EClz85DkVdTNw7NkUYrsSmUym3x4+btrxoSyvk5ayjp7SMtqGj1Ekah5dohHHrEeRKGa2SFQ8bYme3/5kIKQZCGk6AiRJrAHrK3quUpqvMM1nsKk+glQxQHZLAAANlUlEQVTvFzClePOSvXnJXrwkL16SFy/Riws2wYub4MWN9+LED1dpkCR2zEgSRVhRIoc5JJEdUvC6J4sXlLrzQPfDh79b+7IeOTYtEZivf7ipXn4AG91ESlxtGxItG1OixZBENiORCpLoLW/OO75ceVT26c/OWvtSHiuzQCKTyfT1DzeXbuoXZbcTE5oZKS+/yKeP+/1FSCJIovknEbij1Zvqn1tVb4nvR5s3s0MiMN0ffxet2wFiNLpEk9h6ZmGJaiCJIIms1Xd8uG94spQxuQe7Tjx6/Nja1+74mU0SmUymL89fjzfsREasJCU0v1i0Tp7gmPUUJKqfOYmCpysRBpIIkggjXojg/92D4U0PyNeutIXh6QlmlklkMpm+vnij8/Bn4ZXbkBErKYmrJyPR2Bs+Vow53Di6RJHjSlRt4xK9wMjKEkWZTSKi//yU6G0frjctILuiznjio4e/2+ji9IiZfRKB+erijS1HPw8p3YKNbqAmNs+0RKNtx5+sRCFjS1QxokQ4a0kktj2JKJBEg7VHCV/zYPCD1IeNp+7/9sDaF+ikM1slAtP90bfla48Fl2z2i2mkJTVbUqI6c0hksAmJgFkrEc2MEsmHJJLNdolgaNE7vlwvqn++duW5r89b+6KcYma3RAMDz369/7Dr9DeK/I2E2EZy/CpqQvPI31+EJLJxiVivSMSYYYmkf5TI+sRM4D5ItBApeMuLzVQmHu45de/+b9a+Iqee2S0RmIGBZ1d+vrut6wtFfgclYRUloYkSv2oSEk18E6x5JNJDEo0kUTQk0WQMEoKb6b2oqvo1my9fu2Htq3C6mQsSgXn27NmtX3/bdPgzQfo6emIzKa6JHN84SyR6ZTv+XJWIA0lkBoPe8eXZIYVIdnC+duUXX37z9OlTa198ZsjckQjM4ydPD/Sfa97xgSB9HStlNSGmgRzfOLJEk9kEO6JEI7zIH02isBElGv2IIpuQKGOuSKScGxLZo4Rv+3AWIoQYblhuZf0X57558uSJtS84s2WuSQTm/oNHh0591bjtFD+9hZHUjI6oo8Q1mmE7ftR4W88giWxWIr9ZLBEMLXrLi7MAzscLInMq6j//19fWvsLMn7kpEZjbvz4wfvztuj2nIyu2kGIbUGHLKfENYw03Tl+iiRxlDUlkOxLhbF0iGFr0phf7HR8uQRiVU1n/yZlz1r6qLJW5LNHz3Lxzv3nnqZiqrbjIOlT4cspkN3yYSSLCxCUKmimJ5JBEIx3YaBsSveXNftOLTRBF5WtXfvjpv6x9GVk280IiMJdv/Nqy5x+x2q2osGWYiLqpbD2DJIIksnwXwPl/daX91ZXmJ4gsMjSe+ugLa186M5F5JBGYi1dudxz8KLpqCzykFhe5nBi70mYlwo8sUdkLifwhieaURAsQ/Nc8GGhOaHbF8ob1W0+cPmPty2XmMu8kAvPdpZubDn+SWL2NlbwKHlJLiK6fpESjbYJdPP5haVOUqNwKEkltUiLqHJRoIVL4+iKmLyOwUN94/INPH8+hl2ITzDyVCMzFq7dPn724+fCnQG4rPLgWH7mcGF1Hihl965llJBrp8x5zWKI4SCKwsMHhIO7f3RleVP9CfeOJ058/sNUzFS2deS3R83x98Xrb/tPlaw5JM1vQYbWE6DpSTB0pum6qEo15WBokkZklChpNIpeRJZrAhz0sKREMLbJHCe2Qgrd9OG5EIKts+eGeU5/+89+zcduqGQNJNJiBZ89+uffw+8s/t+z+Bzd1FT5yOTGqzi9yOTGqjjTCu7NZKRFqXkuksK5E4Jn2CxB8O6TQDiV0JynURUtOfnTGdr44Zt1AEr2cJ08HLl273bb/w+q2Lm5yEymm3i9yGT58KSFyGXEmJKqapEQlkERTlmjUD3uYTyIYWrQQIXjHh7sQKXDBy7yo/rGZVcaTH1388crde/et/ctuQ4EkGjlPBwZ+f/Tk4pXbTdv6E3Xv8VKayDF12NAl2NDF+PBaYuRY787GObbRliWSWVsi5tyRaCGC/6YX+11f3iKyEsUODUkuPmQ8dfPWnXn+FDZaIInGycDAs0ePn3xz8frKLX2J+vcEaU3sxJXY0MWYkBpc6OJXNsHOiEQBkEQTluiV7a+WlmghQvCGJ+tNL/Yisookjg5IKNh50PjLr/cePZoFh0lbMZBEk8tnX13aYzyTV79bpG7iJq2EBxjQwdXY0JrxJJrYAbIzJFGelSSKt5BErjYgkR1S8IYn6+/uDHeigqVKCk4q6th+EFoDmnggiaaYj85e2N/3z8ylO+SZq9mJKzyBSkSADh9aTbKERCMfZf2KRKrRJVLMSYmCpyLRRD4AOzGJ7FGiN73Yf/dg/MWV6oiTCELU0RmVazbuunnrjrV/PWdfIImmm4++vLCv74uCFbvjKjZSo5e6SUrhqipkoBYTrIckmnsSwdCid+G8NzxZf3amvO3D5QenhSQXpeRXN7ZuvXTZ1r8pZsuBJDJbfrx2Z2fXZ7UbjqbXbA0uaOEm1XsB5XBlJTKgChesH/UA2ZE/7wFJNLJEblaSaCFC8C6c91dX6mseTDQnVBmbm1W+fEXLlnPfnIcewcwSSCLz58bte2e/+6n3469b95xM1nZGFbfSo2s9ZaVI/0pkQBXuBUNjHCA7UYmwI0tUNAGJcm1VosjxJBrxE0Pml8gOKVyA4L++iPmaB8OTovITRuZVrVizcVf38dPf//CTtX/L5logiSybH6/d/vbi9eOffL12+/FU3aaokla/EJ23vBSpqkAHVOKDqyCJLCbRyEfHjiaRI1biiJXC0JIFCP5bXpy/uNLciQocP1xTtMSwsvWQ8dQHH3/xZE6c02qbgSSauVy+fuf8jzdOff5t/cZjWUveC81fi/KvgCtKUapylKocE1CBDarEBVbiAitwgZBEk5UocLISOeFkjliZA0ZqjxIvQAje8eW94cmGYcTi8IwCfcPmnYdPfPj5J2fO3fnl7sDAM2v/7sz9QBJZIY8eP7lx++6Fyzc/PXfhvff/oW3eV1i/XZa2AqEsQ/uXo/3L0f5lGFUZRlWG9i/DBJRhA8qw/pBEE5CINLJEzn4KZzzghJM74eSOGBkMI4FhJDC0xA4ptkOJWKrk3MoVazfu3Lzr8OnPzn7/w093Z/PnemZpIImsn7u/Pbxz97cfrvz82bkLbbv7F68/mLdsKyd2CS6wHB9UiQ0owwaUoZWlSEUxWlmCUZViVMVoZQkk0YgSuRADXIj+zn5KRzzggAMcsAAMK3PEyR2xcmc/hStB6YSVUaTxsqicZas37Xq/95Mv/n3xxyu/3r3/7Bl042PNQBLZVp4+HXjw++O79x9evXnnx2u3Pvj82zXbjPUdhxPLW+kRelJIlV9QOSGoHOtfipAX+sryfaUFvrJ8BFCIBAqRQCFKUTivJHIhB7mQA52IATC80gGvtMcqHPAKJ4LKlejvRQ/2YoR4UoOw/Kjg5JL4bP3qjl0Hu09++NnZq9d/vnnrzqPH0NCzDQWSyNbz9OnA4ydP7z/4/frPvx479a+WHT3te/qXtb4fnN3Ii68RJSxhR+tJIRXE4HJCcDlCXrBIlOMlzvGW5HhLcnyluT7SXLg8FyHPm70SuVJDXamhLpRgJ1KQAyHAHq+C4VX2eJUdTuFCCnQhBbhTg7HCWLQgBsOPUcQVJhUs0da1He39sP/0mROnz9z8+fa9+w9+e/BwYGDA2j9MKKMGkmiWBXyGAHfD/f7o8e+Pnnx1/sqOIx++d/CDzn0ncms3KTV1QNoyYUINK0pLDi2nhlVgVYVIIM+Dn+HG07jxNR7CDA9+ugc/3VOY7iVK9xKmewnTvcUZPpIMH0n6SBKlvyKR2lwSLWLFuDOi3BlR7oxIF1qYMyXUkRTsQAyCEYNghMAFOJW9X6A7PdyNFubFjkQL4gnyZJpKTVWmURSpwojczMqVWZUN1Y2dn5/95vTn577/4cqjx0+ePHkKoTPrAkk0B3P3/oNvvr986tOvdh07faDn08ZNRwxrdieWrY0qaIrIbwTSaoHUWoV6qTBeTw8vZYSXMSPKscpcpDwLIct0ZiU5MROcmAnOrEQ3TpILO8mFleTCSnRhJTqzEp2ZCYNlxDkz493YiW7sBDdWgisz/kUZca70OAdqlAM1yoEa6UABG+FACbcnhNr5BS8cbNACXBCMFOrNjfXixHqyotHiJJJCzQnNEUcVCiILRFEFASmV0TmLdSs3VtRtaNywe9ehvlMf//Ob8z+e++bCv7+9MA+PWJ3DgSSad7l4+caFyzd+vHbrzLkLh/s/O3bqTPcH/2zd2d3Q+f7KjoOZhvUabYtG25JU1hycuTQka1lI5rKQzKUhmUuDM5cGZ9SCDcmoVaYaWOElnIgSTngJK6z4RUMLORHFAWnVgeqaQHV1YBpYg3+qLi6/LrW0IWWwK5OKVuTo1zS071nRtmt5y44te41Hj3/8r6++v3T5+veXrly6ct3a/1RQZi6QRFBGzU/Xb1+9eefqzTtXb95+qdd/vvP9pav9H509+fGXJz/+8sSw9n909h+ff3Xl2q1rN+5cvXF7qLcuX7tp7b8QFNsNJBEUKFCsH0giKFCgWD+QRFCgQLF+IImgQIFi/UASQYECxfqBJIICBYr1A0kEBQoU6+f/A1pfbj9mAkpEAAAAAElFTkSuQmCC)
Source: Shanghai Fosun Pharmaceutical (Group) Co.,
Ltd.
![](http://www.cnchemicals.com/Webdata/WebResources/image/20160819/20160819092425_3210.bmp)
Every year, Indian pharmaceutical
preparation producers import large amount of APIs and intermediates that are
worth over USD2 billion from China, such as acetylcysteine.
Acetylcysteine, a cysteine derivative, is
mainly used to loosen thick mucus. According to clinical trials, it is of great
use in the treatment and prevention of respiratory diseases, like chronic
obstructive pulmonary disease, bronchial asthma, acute respiratory distress
syndrome and pulmonary fibrosis.
In recent years, the domestic acetylcysteine
market has developed rapidly. Of 360 hospitals in 22 cities / regions, the spending
on clinical acetylcysteine reagents reached USD17.05 million (RMB113 million)
in 2014 and mounted to USD20.37 million (RMB135 million) in Q1-Q3 2015,
according to an investigation by the Chinese Pharmaceutical Association.
At
present, in the Chinese market, the acetylcysteine preparations, covering
granules, tablets, capsules and injections, are mainly provided by 7
manufacturers such as Hangzhou Minsheng Pharmaceutical Group Co., Ltd., and
acetylcysteine API by 3 producers, namely Shine Star (Hubei) Biological
Engineering Co., Ltd., Zhejiang Cheng Yi Pharmaceutical Co., Ltd. and Wuhan
Grand Hoyo Co., Ltd.
Currently many domestic enterprises are
marching into the rapidly developing acetylcysteine market. According to CCM's
research, there are 19 enterprises applying for the production license for
acetylcysteine granules and 4 for acetylcysteine capsules. It is predicted that
the competition in the domestic acetylcysteine market will get intensified in
the near future.
Purchase value of acetylcysteine
preparations in China, Jan. 2012-Sept. 2015
Enterprise
|
Type
of preparation
|
2012,
million USD
|
2013,
million USD
|
2014,
million USD
|
Jan.-Sept.
2015, million USD
|
Hangzhou
Minsheng Pharmaceutical Group Co., Ltd.
|
Injection
|
0.08
|
0.30
|
6.12
|
10.37
|
Guangdong
Reekon Pharmaceutical Co., Ltd.
|
Capsule
|
2.55
|
2.52
|
2.70
|
2.11
|
Hainan
Zambon Pharmaceutical Co., Ltd.
|
Tablet
|
1.92
|
2.28
|
2.68
|
2.23
|
Zhejiang
Jinhua CONBA Bio-pharm. Co., Ltd.
|
Tablet
|
1.10
|
1.49
|
2.06
|
1.72
|
Hainan
Zambon Pharmaceutical Co., Ltd. + Guangdong Baiao Pharmaceutical Co., Ltd.
|
Granule
|
0.84
|
0.87
|
0.94
|
0.74
|
Others
|
/
|
1.15
|
1.48
|
2.63
|
3.17
|
Total
|
/
|
7.65
|
8.93
|
17.12
|
20.34
|
Note: Data collected from 360 sampling
hospitals in 22 cities / regions in China
Source: Chinese Pharmaceutical Association
This article comes from Amino Acids China E-News 1608, CCM
![](http://www.cnchemicals.com/Webdata/WebResources/image/20160819/20160819092012_0234.jpg)
About CCM:
CCM is the leading market intelligence provider for China's
agriculture, chemicals, food & ingredients and life science markets. Founded in 2001, CCM offers a
range of data and content solutions, from price and trade data to industry
newsletters and customized market research reports. Our clients include Monsanto,
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Tag: amino acids