0001019687-15-001804.txt : 201505070001019687-15-001804.hdr.sgml : 2015050720150507172049ACCESSION NUMBER:0001019687-15-001804CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:29CONFORMED PERIOD OF REPORT:20150506ITEM INFORMATION:Results of Operations and Financial ConditionITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20150507DATE AS OF CHANGE:20150507

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:PENNYMAC FINANCIAL SERVICES, INC.CENTRAL INDEX KEY:0001568669STANDARD INDUSTRIAL CLASSIFICATION:MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162]IRS NUMBER:800882793STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-35916FILM NUMBER:15843051

BUSINESS ADDRESS:STREET 1:6101 CONDOR DRIVECITY:MOORPARKSTATE:CAZIP:93021BUSINESS PHONE:(818) 224-7442

MAIL ADDRESS:STREET 1:6101 CONDOR DRIVECITY:MOORPARKSTATE:CAZIP:93021

8-K1pfsi_8k.htmCURRENT REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):May 6, 2015

PennyMac Financial Services, Inc.

(Exact name of registrantas specified in its charter)

Delaware 001- 35916 80-0882793

(State or other jurisdiction (Commission (IRS Employer

of incorporation) File Number) Identification No.)

6101 Condor Drive, Moorpark, California 93021

(Address of principal executive offices) (Zip Code)

(818) 224-7442

(Registrants telephone number, includingarea code)

Not Applicable

(Former name or former address, if changed sincelast report)

Check the appropriate box below if the Form 8-K filing is intendedto simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))

Item 2.02Results of Operations and Financial Condition.

On May 6, 2015, PennyMac Financial Services, Inc. (the Company)issued a press release announcing its financial results for the fiscal quarter ended March 31, 2015. A copy of the press releaseand the slide presentation used in connection with the Companys recorded presentation of financial results were made availableon May 6, 2015 and are furnished as Exhibit 99.1 and Exhibit 99.2, respectively.

The information in Item 2.02 of this report, including the exhibitshereto, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwisesubject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any disclosure document relatingto the Company, except to the extent, if any, expressly set forth by specific reference in such filing.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1 Press Release, dated May 6, 2015, issued by PennyMac Financial Services, Inc. pertaining to its financial results for the fiscal quarter ended March 31, 2015.

99.2 Slide Presentation for use beginning on May 6, 2015 in connection with a recorded presentation of financial results for the fiscal quarter ended March 31, 2015.

2

SIGNATURE

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

PENNYMAC FINANCIAL SERVICES, INC.

Dated: May 7, 2015 By: /s/ Anne D. McCallion

Anne D. McCallion
Chief FinancialOfficer

3

EXHIBIT INDEX

Exhibit No. Description

99.1 Press Release, dated May 6, 2015, issued by PennyMac Financial Services, Inc. pertaining to its financial results for the fiscal quarter ended March 31, 2015.

99.2 Slide Presentation for use beginning on May 6, 2015 in connection with a recorded presentation of financial results for the fiscal quarter ended March 31, 2015.

4

EX-99.12pfsi_8k-ex9901.htmPRESS RELEASE

Exhibit 99.1

Investors and Media

Christopher Oltmann

(818)264-4907

PennyMac Financial Services, Inc. Reports

First Quarter 2015 Results

Moorpark, CA, May 6, 2015 PennyMacFinancial Services, Inc. (NYSE: PFSI) today reported net income of $47.1 million for the first quarter of 2015, on revenue of $140.3million. Net income attributable to PFSI common stockholders was $9.0 million, or $0.42 per diluted share.

First Quarter 2015 Highlights

Pretax income of $53.2 million, unchanged from the prior quarter

Total net revenue of $140.3 million, down 1 percent from the prior quarter

oProduction revenue of $110.8 million, up 53 percent from the prior quarter

oServicing revenue of $19.5 million, down 66 percent from the prior quarter

oInvestment Management revenue of $10.0 million, down 4 percent from the prior quarter

Total loan production activity of $8.9 billion in unpaid principal balance (UPB), up 12 percent from the prior quarter

Servicing portfolio reached $115.2 billion in UPB, up 9 percent from December 31, 2014

Net assets under management remained $2.0 billion

1

Notable activity after quarterend:

Completed the previously announced acquisition of $15 billion in UPB of Agency Mortgage Servicing Rights (MSR) with associatedexcess servicing spread (ESS) sold to PennyMac Mortgage Investment Trust (PMT)

Entered into a letter of intent to acquire approximately $9 billion in UPB of Ginnie Mae MSRs; expect to close and transferthe portfolio and sell the associated ESS to PMT in early 3Q151

Amended PennyMac Financials Ginnie Mae MSR financing facility to allow the financing of related ESS by PMT to facilitatecontinued co-investment by PMT in Ginnie Mae MSR acquisitions

PennyMac Financial delivered strongearnings in the first quarter, driven by higher volumes and revenue from our loan production business, said Chairman andChief Executive Officer Stanford L. Kurland. The opportunity in mortgage production is substantial, driven by continuedlow mortgage rates, the FHA's reduction of its mortgage insurance premium, and limited origination capacity in the market.While this opportunity also results in higher prepayment activity, which negatively impacted our loan servicing segment duringthis quarter, we believe that PennyMac Financial is well positioned for continued success in this vibrant market.

_______________

1 The MSR acquisition by the Company and PMTspurchase of excess servicing spread are subject to the negotiation and execution of definitive documentation, continuing due diligenceand customary closing conditions, including required regulatory approvals. There can be no assurance that the committed amountswill ultimately be acquired or that the transactions will be completed at all.

2

The following table presents the contribution of PennyMac FinancialsProduction, Servicing and Investment Management segments to pretax income:

Quarter ended March 31, 2015

Mortgage Banking Investment

Production Servicing Total Management Total

(in thousands)

Revenue

Net gains on mortgage loans held for sale at fair value $76,979 $(1,601) $75,378 $ $75,378

Loan origination fees 16,682 16,682 16,682

Fulfillment fees from PennyMac Mortgage Investment Trust 12,866 12,866 12,866

Net loan servicing fees 26,776 26,776 26,776

Management fees 8,489 8,489

Carried Interest from Investment Funds 1,233 1,233

Net interest income (expense):

Interest income 7,016 1,917 8,933 8,933

Interest expense 3,641 8,188 11,829 11,829

3,375 (6,271) (2,896) (2,896)

Other 913 618 1,531 255 1,786

Total net revenue 110,815 19,522 130,337 9,977 140,314

Expenses 40,132 38,067 78,199 8,877 87,076

Income (loss) before provision for income taxes $70,683 $(18,545) $52,138 $1,100 $53,238

Production Segment

Production includes the correspondent acquisitionof newly originated mortgage loans for PennyMac Financials own account, fulfillment services on behalf of PMT, and consumerdirect lending.

PennyMac Financials loan productionactivity totaled $8.9 billion in UPB, of which $6.0 billion in UPB was for its own account, and $2.9 billion was fee-based fulfillmentactivity for PMT. Interest rate lock commitments (IRLCs) on correspondent government-insured and consumer direct loans totaled$7.8 billion in UPB.

Production segment pretax income totaled $70.7million, an increase of 87 percent from the fourth quarter due to higher mortgage production volume driven by a decline in mortgageinterest rates and the FHAs reduction in its annual mortgage insurance premium (MIP).

3

The components of net gains on mortgage loansheld for sale are detailed in the following table:

Quarter ended

March 31,
2015 December 31,
2014 March 31,
2014

(in thousands)

Net gains on mortgage loans held for sale:

MSR value $67,028 $59,511 $37,514

Mortgage servicing rights recapture payable to PennyMac Mortgage Investment Trust (1,289) (1,270) (1,898)

Provision for representations and warranties (1,495) (1,652) (851)

Cash investment (1) (15,599) (20,099) (5,775)

Fair value changes of pipeline, inventory and hedges 26,733 8,159 5,548

$75,378 $44,649 $34,538

Net gains (loss) on mortgage loans held for sale by segment:

Production $76,979 $44,811

Servicing $(1,601) $(162)

PennyMac Financial performs fulfillment servicesfor conventional conforming and jumbo loans acquired by PMT in its correspondent production business. These services include, butare not limited to: marketing, relationship management, the approval of correspondent sellers and the ongoing monitoring of theirperformance; reviews of loan data, documentation and appraisals to assess loan quality and risk; and pricing, hedging and activitiesrelated to the subsequent sale and securitization of loans in the secondary mortgage markets for PMT. Fees earned from fulfillmentof correspondent loans on behalf of PMT totaled $12.9 million in the first quarter, compared to $11.9 million in the fourth quarter.The increase was driven by a higher average fulfillment fee rate during the first quarter of 45 basis points compared to 41 basispoints in the fourth quarter.

Production segment expenses increased to $40.1million, a 16 percent increase from the fourth quarter, primarily driven by increased headcount to support higher volumes of consumerdirect lending.

4

Servicing Segment

Servicing includes income from owned MSRs,in addition to subservicing and special servicing activities. Loan servicing pretax loss totaled ($18.5) million in the first quarter,versus a pretax income of $11.4 million in the fourth quarter. Net loan servicing fees totaled $26.8 million for the quarter, a57 percent quarter-over-quarter decrease, which included $72.9 million in servicing fees reduced by $24.1 million of amortizationand $46.7 million of impairment and fair value losses related to MSRs, offset by a $7.5 million benefit from the change in fairvalue of the ESS financing and $17.1 million of hedging gains. Lower mortgage rates and the FHAs unanticipated MIP reductiondrove higher actual and projected prepayments, adversely impacting the value of our MSR asset.

The following table presents a breakdown ofthe net loan servicing fees:

Quarter ended

March 31,
2015 December 31,
2014 March 31,
2014

(in thousands)

Net loan servicing fees:

Loan servicing fees (1) $72,924 $69,901 $57,319

Effect of MSRs:

Amortization and realization of cash flows (24,104) (21,690) (14,539)

Change in fair value and provision for impairment of MSRs carried at lower of amortized cost or fair value (46,701) (8,755) (3,377)

Change in fair value of excess servicing spread financing 7,536 4,271 4,792

Hedging gains (losses) 17,121 18,551 (431)

Total amortization, impairment and change in fair value of MSRs (46,148) (7,623) (13,555)

Net loan servicing fees $26,776 $62,278 $43,764

_______________

(1)Includes contractually-specified servicing fees

Servicing segment expenses totaled $38.1 million,an 18 percent decrease from the fourth quarter, primarily driven by a decrease in loss provisions on claims to the government agenciesrelated to defaulted loans and fewer buyouts of delinquent Ginnie Mae loans.

5

The total servicing portfolio reached $115.2billion in UPB at March 31, 2015, an increase of 9 percent from the prior quarter end. Of the total servicing portfolio, primeservicing was $110.8 billion in UPB and special servicing was $4.4 billion in UPB. The Company subservices and services under contract$41.5 billion in UPB, an increase of 5 percent from December 31, 2014, primarily due to new correspondent acquisitions by PMT.PennyMac Financials MSR portfolio grew to $72.0 billion in UPB, an increase of 11 percent over the prior quarter, resultingfrom the acquisition of government-insured loans in correspondent production, consumer direct lending activities, and the acquisitionof MSR portfolios totaling $6.4 billion in UPB.

The table below details PennyMac Financialsservicing portfolio UPB as of March 31, 2015:

March 31,
2015 December 31,
2014 March 31,
2014

(in thousands)

Loans serviced at period end:

Prime servicing:

Owned

Mortgage servicing rights

Originated $39,203,101 $36,564,434 $26,289,208

Acquired 32,782,888 28,126,179 22,912,454

71,985,989 64,690,613 49,201,662

Mortgage servicing liabilities 421,452 478,581

Mortgage loans held for sale 1,288,744 1,100,910 660,470

73,696,185 66,270,104 49,862,132

Subserviced for Advised Entities 37,138,595 35,416,466 28,200,665

Total prime servicing 110,834,780 101,686,570 78,062,797

Special servicing:

Subserviced for Advised Entities 4,403,831 4,293,479 4,871,875

Subserviced for non-affiliates 936

4,403,831 4,293,479 4,872,811

Owned mortgage servicing rightsAcquired 907,981

Total special servicing 4,403,831 4,293,479 5,780,792

Total loans serviced $115,238,611 $105,980,049 $83,843,589

Mortgage loans serviced:

Owned

Mortgage servicing rights $71,985,989 $64,690,613 $50,109,643

Mortgage servicing liabilities 421,452 478,581

Mortgage loans held for sale 1,288,744 1,100,910 660,470

73,696,185 66,270,104 50,770,113

Subserviced 41,542,426 39,709,945 33,073,476

Total mortgage loans serviced $115,238,611 $105,980,049 $83,843,589

6

Investment Management Segment

PennyMac Financial manages PMT and certainprivate investment funds, for which it earns base management fees and incentive compensation. Net assets under management wereapproximately $2.0 billion as of March 31, 2015, a decrease of 2 percent from December 31, 2014.

Pretax income for the Investment Managementsegment was $1.1 million, a decrease of 58 percent from the fourth quarter of 2014. Management fees, which include base managementfees and incentive fees from PMT and management fees from the Investment Funds, decreased 15 percent from the prior quarter, primarilydue to a $1.2 million decline in incentive fee revenue from PMT.

The following table presents a breakdown ofmanagement fees and carried interest:

Quarter ended

March 31,
2015 December 31,
2014 March 31,
2014

(in thousands)

Management fees:

PennyMac Mortgage Investment Trust

Base $5,730 $5,938 $5,521

Performance incentive 1,273 2,488 2,553

7,003 8,426 8,074

Investment Funds 1,486 1,596 2,035

Total management fees 8,489 10,022 10,109

Carried Interest 1,233 263 2,157

Total management fees and Carried Interest $9,722 $10,285 $12,266

Net assets of Advised Entities:

PennyMac Mortgage Investment Trust $1,542,159 $1,578,172 $1,543,282

Investment Funds 413,155 424,182 561,638

$1,955,314 $2,002,354 $2,104,920

Investment Management segment expenses totaled$8.9 million, a 15 percent increase from the fourth quarter driven by higher overhead allocations.

7

Expenses

Total expenses for the first quarter totaled$87.1 million, a 2 percent decrease from the fourth quarter. Compensation expense increased $5.7 million from the fourth quarterto $58.1 million, driven primarily by headcount growth in consumer direct and servicing to support increased volumes of activity,offset by a $10.0 million reduction in servicing expenses due to reduced loss provisions on claims to the government agencies ondefaulted loans and fewer buyouts of delinquent Ginnie Mae loans.

Mr. Kurland concluded, The opportunitiesavailable to PennyMac Financial are substantial, both in todays vibrant market and in the mortgage markets over time. Weare capturing increasing economies of scale with higher volumes in loan production and the significant growth of our loan servicingportfolio. We have made significant progress putting in place several key initiatives for PMT, our primary managed entity. We continueto invest in our operations, systems, and management for sustainable success across our businesses. Together, we believe that theseinitiatives will drive continued growth in revenue and earnings for our shareholders.

Managements slide presentation willbe available in the Investor Relations section of the Companys website at www.ir.pennymacfinancial.com beginning at 1:30p.m. (Pacific Daylight Time) on Wednesday, May 6, 2015.

About PennyMac Financial Services, Inc.

PennyMac Financial Services, Inc. is a specialtyfinancial services firm with a comprehensive mortgage platform and integrated business focused on the production and servicingof U.S. mortgage loans and the management of investments related to the U.S. mortgage market. PennyMac Financial Services, Inc.trades on the New York Stock Exchange under the symbol "PFSI." Additional information about PennyMac Financial Services,Inc. is available at www.ir.pennymacfinancial.com.

This press release contains forward-lookingstatements within the meaning of Section21E of the Securities Exchange Act of 1934, as amended, regarding managementsbeliefs, estimates, projections and assumptions with respect to, among other things, the Companys financial results, futureoperations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change.Words like believe, expect, anticipate, promise, plan, andother expressions or words of similar meanings, as well as future or conditional verbs such as will, would,should, could, or may are generally intended to identify forward-looking statements.Actual results and operations for any future period may vary materially from those projected herein and from past results discussedherein. Factors which could cause actual results to differ materially from historical results or those anticipated include, butare not limited to: changes in federal, state and local laws and regulations applicable to the highly regulated industry in whichwe operate; lawsuits or governmental actions if we do not comply with the laws and regulations applicable to our businesses; thecreation of the Consumer Financial Protection Bureau, or CFPB, and enforcement of its rules; changes in existing U.S. government-sponsoredentities, their current roles or their guarantees or guidelines; changes to government mortgage modification programs; the licensingand operational requirements of states and other jurisdictions applicable to our businesses, to which our bank competitors arenot subject; foreclosure delays and changes in foreclosure practices; certain banking regulations that may limit our business activities;changes in macroeconomic and U.S. residential real estate market conditions; difficulties in growing loan production volume; changesin prevailing interest rates; increases in loan delinquencies and defaults; our reliance on PennyMac Mortgage Investment Trustas a significant source of financing for, and revenue related to, our correspondent production business and purchased mortgageservicing rights; availability of required additional capital and liquidity to support business growth; our obligation to indemnifythird-party purchasers or repurchase loans that we originate, acquire or assist in with fulfillment; our obligation to indemnifyadvised entities or investment funds to meet certain criteria or characteristics or under other circumstances; decreases in thehistorical returns on the assets that we select and manage for our clients, and our resulting management and incentive fees; regulationapplicable to our investment management segment; conflicts of interest in allocating our services and investment opportunitiesamong ourselves and our advised entities; the potential damage to our reputation and adverse impact to our business resulting fromongoing negative publicity; and our rapid growth. You should not place undue reliance on any forward-looking statement and shouldconsider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documentsfiled by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publiclyupdate or revise any forward-looking statements or any other information contained herein, and the statements made in this pressrelease are current as of the date of this release only.

8

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED BALANCE SHEETS

March31,
2015 December31,
2014 March31,
2014

(in thousands, exceptshare data)

ASSETS

Cash $82,032 $76,256 $37,376

Short-term investments at fair value 30,275 21,687 40,957

Mortgage loans held for sale at fair value 1,353,944 1,147,884 717,476

Servicing advances, net 242,397 228,630 171,395

Derivative assets 61,064 38,457 21,677

Carried Interest due from Investment Funds 68,531 67,298 63,299

Investment in PennyMac Mortgage Investment Trust at fair value 1,597 1,582 1,793

Mortgage servicing rights 790,411 730,828 529,128

Receivable from Investment Funds 2,488 2,291 3,062

Receivable from PennyMac Mortgage Investment Trust 18,719 23,871 20,812

Furniture, fixtures, equipment and building improvements, net 11,118 11,339 11,227

Capitalized software, net 559 567 718

Deferred tax asset 42,141 46,038 58,206

Loans eligible for repurchase 112,201 72,539 62,508

Other 40,524 37,858 20,911

Total assets $2,858,001 $2,507,125 $1,760,545

LIABILITIES

Mortgage loans sold under agreements to repurchase $992,187 $822,621 $567,737

Mortgage loan participation and sale agreement 190,762 143,638

Note payable 134,665 146,855 48,819

Excess servicing spread financing at fair value 222,309 191,166 151,019

Derivative liabilities 10,903 6,513 2,155

Mortgage servicing liabilities at fair value 6,529 6,306

Accounts payable and accrued expenses 86,945 62,715 49,772

Payable to Investment Funds 32,011 35,908 37,106

Payable to PennyMac Mortgage Investment Trust 130,870 123,315 85,706

Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement 71,094 75,024 71,671

Liability for loans eligible for repurchase 112,201 72,539 62,508

Liability for losses under representations and warranties 14,689 13,259 8,974

Total liabilities 2,005,165 1,699,859 1,085,467

STOCKHOLDERS' EQUITY

Class A common stockauthorized200,000,000 shares of $0.0001 par value; issued and outstanding, 21,657,017, 21,577,686 and 20,879,486 shares, respectively 2 2 2

Class B common stockauthorized1,000 shares of $0.0001 par value; issued and outstanding, 54, 54 and 61 shares, respectively

Additional paid-in capital 164,656 162,720 154,112

Retained earnings 60,270 51,242 22,372

Total stockholders' equity attributable to PennyMac Financial Services, Inc. common stockholders 224,928 213,964 176,486

Noncontrolling interests in Private National Mortgage Acceptance Company, LLC 627,908 593,302 498,592

Total stockholders' equity 852,836 807,266 675,078

Total liabilities and stockholders equity $2,858,001 $2,507,125 $1,760,545

9

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME

Quarterended

March31,
2015 December31,
2014 March31,
2014

(in thousands, exceptper share data)

Revenue

Net gains on mortgage loans held for sale at fair value $75,378 $44,649 $34,538

Loan origination fees 16,682 12,528 6,880

Fulfillment fees from PennyMac Mortgage Investment Trust 12,866 11,887 8,902

Net loan servicing fees:

Loan servicing fees

From non-affiliates 50,101 48,944 36,100

From PennyMac Mortgage Investment Trust 10,670 11,426 14,591

From Investment Funds 968 (329) 1,477

Ancillary and other fees 11,185 9,860 5,151

72,924 69,901 57,319

Amortization, impairment and change in estimated fair value of mortgage servicing rights (46,148) (7,623) (13,555)

Net loan servicing fees 26,776 62,278 43,764

Management fees:

From PennyMac Mortgage Investment Trust 7,003 8,426 8,074

From Investment Funds 1,486 1,596 2,035

8,489 10,022 10,109

Carried Interest from Investment Funds 1,233 263 2,157

Net interest expense:

Interest income 8,933 8,434 4,110

Interest expense 11,829 10,426 6,386

(2,896) (1,992) (2,276)

Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust 107 (26) 115

Other 1,679 2,116 1,303

Total net revenue 140,314 141,725 105,492

Expenses

Compensation 58,144 52,475 42,886

Servicing 9,735 19,732 3,090

Technology 4,938 4,525 2,823

Professional services 2,833 2,958 2,199

Loan origination 4,351 3,602 1,417

Other 7,075 5,200 4,016

Total expenses 87,076 88,492 56,431

Income before provision for income taxes 53,238 53,233 49,061

Provision for income taxes 6,114 7,337 5,523

Net income 47,124 45,896 43,538

Less: Net income attributable to noncontrolling interest 38,096 37,133 35,566

Net income attributable to PennyMac Financial Services, Inc. common stockholders $9,028 $8,763 $7,972

Earnings per share

Basic $0.42 $0.41 $0.38

Diluted $0.42 $0.41 $0.38

Weighted-average common shares outstanding

Basic 21,593 21,549 20,866

Diluted 76,050 76,004 75,952

10

EX-99.23pfsi_8k-ex9902.htmSLIDE PRESENTATION

Exhibit 99.2

First Quarter 2015 Earnings Report

Forward - Looking Statements 2 This presentation contains forward - looking statements within the meaning of Section 21 E of the Securities Exchange Act of 1934 , as amended, regarding managements beliefs, estimates, projections and assumptions with respect to, among other things, the Companys financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change . Words like believe, expect, anticipate, promise, plan, and other expressions or words of similar meanings, as well as future or conditional verbs such as will, would, should, could, or may are generally intended to identify forward - looking statements . Actual results and operations for any future period may vary materially from those projected herein, from past results discussed herein, or from illustrative examples provided herein . Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to : changes in federal, state and local laws and regulations applicable to the highly regulated industry in which we operate ; lawsuits or governmental actions if we do not comply with the laws and regulations applicable to our businesses ; the creation of the Consumer Financial Protection Bureau, or CFPB, and enforcement of its rules ; changes in existing U . S . government - sponsored entities, their current roles or their guarantees or guidelines ; changes to government mortgage modification programs ; the licensing and operational requirements of states and other jurisdictions applicable to our businesses, to which our bank competitors are not subject ; foreclosure delays and changes in foreclosure practices ; certain banking regulations that may limit our business activities ; changes in macroeconomic and U . S . residential real estate market conditions ; difficulties in growing loan production volume ; changes in prevailing interest rates ; increases in loan delinquencies and defaults ; our reliance on PennyMac Mortgage Investment Trust as a significant source of financing for, and revenue related to, our correspondent lending business and purchased mortgage servicing rights ; availability of required additional capital and liquidity to support business growth ; our obligation to indemnify third - party purchasers or repurchase loans that we originate, acquire or assist in with fulfillment ; our obligation to indemnify advised entities or investment funds to meet certain criteria or characteristics or under other circumstances ; decreases in the historical returns on the assets that we select and manage for our clients, and our resulting management and incentive fees ; regulation applicable to our investment management segment ; conflicts of interest in allocating our services and investment opportunities among ourselves and our advised entities ; the potential damage to our reputation and adverse impact to our business resulting from ongoing negative publicity ; and our rapid growth . You should not place undue reliance on any forward - looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time . The Company undertakes no obligation to publicly update or revise any forward - looking statements or any other information contained herein, and the statements made in this presentation are current as of the date of this presentation only .

First Quarter Highlights 3 Pretax income of $53.2 million; diluted earnings per common share of $0.42 Segment pretax earnings: Production: $70.7 million; Servicing: $(18.5) million; Investment Management: $1.1 million Servicing results negatively impacted by MSR value reduction due to higher prepayment speeds from lower interest rates and unanticipated change in FHA mortgage insurance premium (MIP), offset by higher production segment earnings driven by higher volume Loan production totaled $8.9 billion in UPB, up 12% from 4Q14, driven by a larger origination market and continued share gains in consumer direct originations Correspondent production was $8.0 billion, up 10% from 4Q14; consumer direct originations were $897 million, up 31% from 4Q14 Production revenue of $110.8 million, up 53% from 4Q14; increased contribution from consumer direct Servicing portfolio grew to $ 115.2 billion in UPB, up 9% from December 31, 2014 Continued organic growth resulting from loan production, supplemented by mini - bulk and flow acquisitions of MSRs totaling $6.4 billion in UPB Servicing revenue of $19.5 million, down 66% from 4Q14; reduction in MSR value net of hedge and excess servicing spread (ESS) performance totaled $22 million Net assets under management remained $2.0 billion Revenue of $10.0 million, down 4% from 4Q14 as a result of lower incentive fees and carried interest

Activity After Quarter End 4 Completed the previously announced acquisition of $15 billion in UPB of Agency MSRs with associated ESS sold to PMT; servicing transfers in 2Q15 Entered into a letter of intent to acquire approximately $9 billion in UPB of Ginnie Mae MSRs; expect to close and transfer the portfolio and sell the associated excess servicing spread to PMT in early 3Q15 (1) Amended PFSIs Ginnie Mae MSR facility to allow for pass - through financing of related ESS by PMT; facilitates continued co - investment by PMT in Ginnie Mae MSR acquisitions (1) The MSR acquisition by the Company and PMTs purchase of excess servicing spread are subject to the negotiation and execution of definitive documentation, continuing due diligence and customary closing conditions, including required regulatory approvals. Th ere can be no assurance that the committed amounts will ultimately be acquired or that the transactions will be completed at all.

3.0% 3.5% 4.0% 4.5% 5.0% 140 150 160 170 180 Current Market Environment and Outlook 5 Average 30 - year fixed rate mortgage (1) Interest rates in 1Q15 reached their lowest levels since mid - 2013, driving higher refinancing volume Industry forecasts now predict a $1.3 trillion mortgage origination market for 2015 FHAs reduction in its annual mortgage insurance premium (MIP) has boosted refinance activity Home prices have been stagnant on a not - seasonally - adjusted basis since last summer Housing values expected to increase, driven by underlying U.S. macroeconomic improvement and tight housing inventory in certain regions Recent regulatory actions against large non - bank mortgage companies underscore the importance of effective governance, compliance, and operating systems (1) Freddie Mac Primary Mortgage Market Survey. 3.68% as of 04/30/15 (2) Not seasonally adjusted; Index was 100 for January 2000 (3) Moodys Analytics Case Shiller 20 - City Home Price Index (2) 3.87 % 3.69%

$105 $130 $141 $142 $140 $0 $30 $60 $90 $120 $150 1Q14 2Q14 3Q14 4Q14 1Q15 EPS increased to $ 0.42 per share driven by s trong contribution from production, partially offset by loss from servicing and lower investment management income Total net revenue decreased 1% Q/Q as growth from loan production was offset by lower revenues in loan servicing Production revenue increased 53% Q/Q, driven by higher consumer direct and correspondent production volumes Servicing revenue decreased 66% Q/Q due to reductions in MSR value Investment management revenues decreased 4% Q/Q due to lower incentive fees Trends in PFSI Earnings and Revenue Composition Total Net Revenue ($ in millions) 6 Earnings per Share Production Servicing Investment Management $0.38 $0.45 $0.49 $0.41 $0.42 $0.00 $0.15 $0.30 $0.45 $0.60 1Q14 2Q14 3Q14 4Q14 1Q15

Key Strategic Initiatives PFSI Is Pursuing 7 Capturing Increasing Economies of Scale Larger portfolio (>$140bn in UPB after recent and pending acquisitions) drives operational efficiencies in loan servicing Expansion of Ft. Worth facility with access to an experienced workforce Technology investments to enhance the customer experience and automate interaction Improved economies of scale in loan production businesses with higher volumes Building Operational Capabilities for Higher Volumes in Consumer Direct Developing the Commercial Real Estate Finance (CREF) Platform Established Mortgage Fulfillment Division (MFD) to leverage high - volume processes and expertise over PFSIs consumer direct originations Focus on adding operating resources and process automation of previously manual compliance routines Technology investments to enhance the customer experience Focus in early 2015 on acquiring and building infrastructure, including production salesforce, operations resources, credit and pricing policies and processes, and servicing capabilities Initial funding of newly originated loans, to be acquired and aggregated for securitization by PMT, expected in 2Q15

7.83% 7.45% 0% 2% 4% 6% 8% 10% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 Trends in PennyMac Financials Businesses Correspondent Production (1) Market Share 0.35% 0.40% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 Market Share Consumer Direct Production (1 ) $2.00 $1.96 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 1.08% 1.17% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 Loan Servicing (1) Market Share Investment Management AUM (billions) 8 (1) Source : Inside Mortgage Finance and company estimates. Inside Mortgage Finance estimates total 1Q15 origination market of $370 billion. Correspondent production share estimate is based on PFSI and PMT acquisition volume of $8.0 billion divided by $107 billion f or the correspondent market (estimated to be 29% of total origination market). Consumer direct production share is based on PFSI originations of $897 million divided by $225 billion for the retail market (estimated to be 61% of total origination market). Loan servicing mar ket share is based on PFSIs servicing UPB of $115.2 billion divided by $9.83 trillion in mortgage debt outstanding as of December 31, 201 4.

9 $2.9 $4.0 $4.4 $4.4 $5.1 $1.9 $3.0 $3.7 $2.9 $2.9 $5.5 $8.1 $8.4 $7.5 $9.5 $0 $2 $4 $6 $8 $10 1Q14 2Q14 3Q14 4Q14 1Q15 (UPB in billions) Quarterly Highlights Correspondent Production (1) For government - insured loans, PFSI earns gain on mortgage loans (2) For conventional loans, PFSI earns a fulfillment fee from PMT (3) Includes locks related to PMT loan acquisitions, for which PFSI earns a fulfillment fee upon loan funding Correspondent Volume and Mix Operational Highlights Government - insured loans (1) Fulfillment fees from PMT (2) Total Locks (3) Strategic Initiatives Adding sales managers to continue growth of seller relationships, targeting 480 by year end Growing business from previously under - represented geographies, e.g., New England Building development book of typically smaller originators who can benefit from our operational and risk management expertise Accounted for $1.5 billion of lock volume in 1Q15 compared to $80 million in 1Q14 Correspondent acquisitions by PMT in 1Q15 totaled $8.0 billion 64% government - insured loans ; 36% conventional loans April correspondent acquisitions totaled $3.6 billion; locks totaled $4.6 billion Scalable model able to increase volumes while maintaining service levels, which benefits margins Initiated new program with a large bank to acquire and securitize their Ginnie Mae eligible loans 1Q15 4Q14 Correspondent seller relationships 356 344 Purchase money loans, as a % of total 60% 76% acquisitions Government-insured Conventional Selected Operational Metrics Selected Credit Metrics for 1Q15 WA FICO 695 748

(UPB in millions ) Consumer direct production totaled $897 million in 1Q15, up 31% from 4Q14 Government - insured and guaranteed loans continue to drive growth April consumer direct production totaled $ 330 million ; locks totaled $638 million Recent and pending MSR acquisitions anticipated to drive additional recapture opportunities Quarterly Highlights Consumer Direct Production Consumer Direct Production Volume Operational Highlights Strategic Initiatives Portfolio - sourced fundings Non - portfolio fundings Committed pipeline (1) (1) C ommitments to purchase or originate mortgage loans at specified terms at 3/31/15 (2 ) Includes conforming and jumbo loan originations . Building capacity and infrastructure to address larger volumes (MFD) Growing leads generated through servicing call center Technology investments for long - term growth Enhancing customer experience through new PennyMacUSA.com portal Automation and readiness for new rules ( TRID) Continued focus on non - portfolio strategies; growth in affinity partnerships and volumes 10 $314 $403 $527 $682 $897 $232 $308 $370 $585 $713 $0 $200 $400 $600 $800 $1,000 1Q14 2Q14 3Q14 4Q14 1Q15 WA FICO Government-insured 699 Conventional (1) 749 Selected Credit Metrics for 1Q15

$106.0 $115.2 At 12/31/14 Runoff Additions from loan production MSR acquisitions At 3/31/15 (UPB in billions ) Servicing portfolio totaled $115.2 billion in UPB at quarter end, up 9% from 4Q14 Mini - bulk and flow MSR acquisitions totaled $6.4 billion in UPB during 1Q15 Excess servicing spread (ESS) investments by PMT in 1Q15 totaled $46 million Recent and pending bulk MSR acquisitions continue to add to servicing platforms scale (1) Reviewed 55 new deals, bid on 10, won 3 in 1Q15 Quarterly Highlights Loan Servicing Loan Servicing Portfolio Composition Operational Highlights Strategic Initiatives Prime owned Prime subserviced Special Net Portfolio Growth ($6.1) $8.9 $6.4 (UPB in billions ) (2) $83.8 $93.6 $100.1 $ 106.0 $115.2 $0 $20 $40 $60 $80 $100 $120 1Q14 2Q14 3Q14 4Q14 1Q15 Continue to expand the operating platform Full - scale operations in both Moorpark, CA and Fort Worth, TX Access to high - quality labor pools for future growth Technology enhancements for greater self - service capabilities Increased interaction via IVR and new website 11 (1) The pending MSR acquisition by the Company and PMTs purchase of excess servicing spread are subject to the negotiation and execution of definitive documentation, continuing due diligence and customary closing conditions, including required regulatory approva ls. There can be no assurance that the committed amounts will ultimately be acquired or that the transaction will be completed at all . (2) Includes consumer direct originations, government correspondent acquisitions, and conventional conforming and jumbo loan acqu isi tions subserviced for PMT.

Recent and New Investments in Agency MSRs 12 New pending acquisition similar to previous acquisitions of high - quality, seasoned Ginnie Mae MSRs Loans with above - market average note rates low mortgage rate environment results in refinance recapture opportunities Relatively low delinquency rates reduce exposure to credit losses on claims to government agencies Co - investment by PMT in the excess servicing spread cash flows (1) The MSR acquisition by the Company and the PMTs purchase of excess servicing spread is subject to the negotiation and execution of definitive documentation, continuing due diligence and customary closing conditions, including required regulatory approvals. There can be no assurance that the committed amount will ultimately be acquired or that the transactions will be completed at all. Unpaid Principal Balance $14.9 billion Unpaid Principal Balance $9.3 billion Weighted Avg. Note Rate 3.87% Weighted Avg. Note Rate 4.73% Delinquent Loans 2.87% Delinquent Loans 5.65% Weighted Avg. Time Since Origination 24 months Weighted Avg. Time Since Origination 57 months Total Servicing Fee 34.9 bp Total Servicing Fee 35.4 bp Base Servicing Fee 17.0 bp Base Servicing Fee 12.5 bp PFSI Investment in Base MSR $61.8 million PFSI Investment in Base MSR $22.4 million Recently Completed Acquisition Previously Announced New Pending Acquisition (1)

$12.5 $12.8 $13.3 $10.4 $10.0 $0 $3 $6 $9 $12 $15 1Q14 2Q14 3Q14 4Q14 1Q15 Carried interest & incentive fees Base management fees & other revenue 13 ($ in millions) Net assets under management remained $2.0 billion at March 31, 2015 Several new initiatives that enable long - term growth for PMT FHLB membership Financing facilities for ESS and MSRs Unique credit risk transfer structure with Fannie Mae Quarterly Highlights Investment Management Investment Management Revenues Operational Highlights Strategic Initiatives Opportunities to grow PMT over time and manage additional capital for mortgage - related investments: Distressed whole loans MSRs resulting from correspondent acquisitions Excess servicing spread on MSRs Investments in prime non - Agency loans Agency and non - Agency MBS GSE risk transfers on PMTs production CRE loans and securitization interests Investment management revenues were $10.0 million, down 4% from 4Q14 Carried interest from the Investment Funds increased to $1.2 million from $0.3 million in 4Q14 Incentive fees declined 49% Q/Q, due to PMTs reduced financial performance in 1Q15

1Q14 26.0$ 17.1$ 6.0$ 49.1$ 2Q14 32.8$ 20.0$ 5.3$ 58.0$ 3Q14 39.1$ 17.4$ 6.2$ 62.7$ 4Q14 37.8$ 11.4$ 2.6$ 51.9$ 1Q15 70.7$ (18.5)$ 1.1$ 53.2$ ($ in millions) Production Servicing Investment Management Total Pretax Income Financial Results by Operating Segment 14

Net gains on mortgage loans held for sale at fair value 76,979$ 44,811$ Loan origination fees 16,682 12,528 Fulfillment fees from PennyMac Mortgage Investment Trust 12,866 11,887 Net interest income 3,375 2,820 Other 913 386 110,815 72,432 40,132 34,607 Pretax Income 70,683$ 37,825$ Net gains on mortgage loans 76,979$ 44,811$ As % of IRLCs 0.99% 0.76% Loan origination fees 16,682$ 12,528$ As % of PFSI fundings 0.28% 0.25% Fulfillment fees from PMT 12,866$ 11,887$ Average fulfillment fee 45 bps 41 bps Expenses Production Segment Unaudited ($ in thousands) Revenue Production Segment Metrics Unaudited ($ in thousands) Quarter ended March 31, 2015 Quarter ended December 31, 2014 Quarter ended March 31, 2015 Quarter ended December 31 , 2014 15 Mortgage Banking Production Segment Results ( 1 ) Fulfillment fees paid by PMT divided by unpaid principal balance of loans fulfilled for PMT during the quarter (2) Includes revenues from net gains on mortgage loans held for sale, loan origination fees and net interest income; adjusted for 43% expected fallout of consumer direct lock commitments (1) Significant increase in net gains on mortgage loans held for sale, loan origination fees and net interest income, driven by higher volumes Fulfillment fee revenue increased 8% Q/Q due to a higher weighted average rate in 1Q15 Strong contribution from the consumer direct channel Gain related to consumer direct locks was approximately 314 bps in 1Q15 (2)

Revenue Net loan servicing fees 26,776$ 62,278$ Net interest expense (6,271) (4,812) Net gains on mortgage loans held for sale at fair value (1,601) (162) Other 618 261 19,522 57,565 Expenses 38,067 46,143 Pretax (loss) income (18,545)$ 11,422$ Servicing Segment Unaudited ($ in thousands) Quarter ended March 31 , 2015 Quarter ended December 31 , 2014 Unaudited ($ in thousands) Net loan servicing fees: Loan servicing fees (1) 72,924$ 69,901$ Effect of MSRs: Amortization and realization of cash flows (24,101) (21,690) Change in fair value and provision for impairment of MSRs carried at lower of amortized cost or fair value (46,701) (8,755) Change in fair value of excess servicing spread financing 7,536 4,271 Hedging gains (losses) 17,121 18,551 Total amortization, impairment and change in fair value of MSRs (46,148) (7,623) Net loan servicing fees 26,776$ 62,278$ Net Loan Servicing Fees Quarter ended March 31 , 2015 Quarter ended December 31 , 2014 Mortgage Banking Servicing Segment Results (1) Includes contractually - specified servicing fees 16 Net servicing fee revenue declined 57% Q/Q Change in net servicing fees driven by lower mortgage rates during 1Q15 and the FHAs unanticipated MIP reduction Change in fair value and provision for impairment of MSRs totaled $46.7 million, partially offset by $17.1 million of hedge gains and $7.5 million benefit from fair value reduction in ESS

Mortgage Servicing Rights (MSR) Asset Valuation 17 PFSI carries most of its originated MSRs at the lower of amortized cost or fair value (LOCOM) MSRs where the note rate on the underlying loan is equal to or less than 4.5 % Purchased MSRs subject to ESS are carried at fair value and the ESS is also carried at fair value The fair value of MSRs carried at LOCOM was $8.8 million in excess of the carrying value at March 31, 2015 Note: Figures may not sum exactly due to rounding UPB $36,247 $2,596 $33,142 Weighted average coupon 3.81% 4.68% 4.11% Prepayment speed assumption (CPR) 9.4% 14.4% 11.6% Weighted average servicing fee rate 0.30% 0.30% 0.30% Fair value of MSR $437.8 $25.5 $335.9 As a multiple of servicing fee 4.01 3.36 3.36 Carrying value of MSR $429.0 $25.5 $335.9 Related excess servicing spread liability - - $222.3 March 31, 2015 Unaudited ($ in millions) Lower of amortized cost or fair value Fair value not subject to excess servicing spread Fair value subject to excess servicing spread

Management fees: From PennyMac Mortgage Investment Trust 7,003$ 8,426$ From Investment Funds 1,486 1,596 8,489 10,022 Carried Interest from Investment Funds 1,233 263 Other 255 65 9,977 10,350 8,877 7,742 Pretax income 1,100$ 2,608$ Expenses Unaudited (in thousands) Revenue Quarter ended March 31 , 2015 Quarter ended December 31 , 2014 Investment Management Segment Results 18 Segment revenue decreased 4% Q/Q to $10.0 million Segment expense increased 15% Q/Q due to an increase in corporate overhead allocation

Appendix

PennyMac Financials Business Model Is Well Positioned for Growth Complex and highly regulated mortgage industry requires effective governance, compliance, and operating systems PFSIs platform has been developed organically and is highly scalable Commitment to strong corporate governance, compliance, and risk management since inception PFSI is well positioned for continued growth in this market and regulatory environment Loan Production Loan Servicing Investment Management Servicing for owned MSRs and subservicing for Advised Entities Major loan servicer for Fannie Mae, Freddie Mac and Ginnie Mae Industry - leading capabilities in special servicing Organic growth results from loan production, supplemented by MSR acquisitions and PMT investment activity Serve as external manager for investment vehicles focused on investing in mortgage - related assets: Distressed whole loans MSRs and ESS Investments in prime non - Agency loans MBS and ABS GSE risk transfers Commercial real estate loans and securitization interests Synergistic partnership with PMT Correspondent aggregation of newly originated loans from third - party sellers PFSI earns gains on government - insured loans Fulfillment fees for PMTs conventional and jumbo loans Consumer - direct origination of conventional, government - insured and jumb o loans Newly launched commercial mortgage origination business 20

PFSI Has Developed in a Sustainable Manner for Long - Term Growth 72 128 230 435 1,008 1, 373 1,816 2,047 (1) Operations launched De novo build of legacy - free mortgage servicer 2008 E mployees at year end 21 2009 2010 2011 2012 2013 2014 2015 Correspondent group established with a focus on operations development and process design Added servicing leadership for prime portfolio and to drive scalable growth Correspondent system launches Expanded infrastructure with flagship operations facility in Moorpark, CA Correspondent leadership team expands Expanded infrastructure in Tampa, FL Became largest non - bank correspondent aggregator PFSI completed initial public offering Expanded infrastructure in Fort Worth, TX Continued organic growth Servicing UPB reaches $100 bn Launched Commercial Real Estate Finance (PCREF) Disciplined growth to address the demands of the GSEs, Agencies, regulators and our financing partners - Since inception, PennyMac has focused on building and testing processes and systems before adding significant transaction volumes Highly experienced management team has created a robust corporate governance system centered on compliance, risk management and quality control (1) As of March 31, 2015

Over 2,000 employees Highly experienced management team 60 senior - most executives have on average 23 years of relevant industry experience Strong governance and compliance culture Led by distinguished board which includes seven independent Directors Robust management governance structure with 10 committees that oversee key risks and controls External oversight by regulators, business partners and other third parties Desired structure in place to compete effectively as a non - bank Synergistic partnership with PMT, a leading residential mortgage REIT and long - term investment vehicle Provides access to efficient capital and reduces balance sheet constraints on growth

Opportunity for PFSI and PMT in MSR Acquisitions 23 Why Are MSR Sales Occurring? How Do MSRs Come to Market? Large servicers are selling MSRs due to continuing operational pressures, higher regulatory capital requirements for banks (treatment under Basel III) and a re - focus on core customers/businesses Independent mortgage banks are selling MSRs due to reduced origination volumes, operational losses, and a need for capital Intermittent large bulk portfolio sales ($10+ billion in UPB) Require considerable coordination with selling institutions and Agencies Mini - bulk sales (typically $500 million to $5 billion in UPB) Increased activity as originators sell MSRs retained in 2012 and 2013 Flow/co - issue MSR transactions (monthly commitments, typically $20 - 100 million in UPB) Alternative delivery method typically from larger independent originators Which MSR Transactions Are Attractive? GSE and Ginnie Mae servicing in which PFSI has distinctive expertise MSRs sold and operational servicing transferred to PFSI (not subserviced by a third party) Measurable rep and warranty liability for PFSI PFSI is uniquely positioned to be a successful acquirer of MSRs Proven track record of complex MSR and distressed loan transfers Operational platform that addresses the demands of the Agencies, regulators, and financing partners Physical capacity in place to service $200 billion in UPB Co - investment opportunity for PMT in the excess servicing spread

24 PFSIs Mortgage Servicing Rights Investments in Partnership with PMT Excess Servicing Spread (e.g., 12.5bp) MSR Asset (e.g., 25bp servicing fee) Acquired by PFSI from Third - Party Seller (1) PMT co - invests in Agency MSRs acquired from third - party sellers by PFSI PMT acquires the right to receive the excess servicing spread cash flows over the life of the underlying loans PFSI owns the MSRs, and services the loans (1) The contractual servicer and MSR owner is PennyMac Loan Services, LLC, an indirect subsidiary of PennyMac Financial Services, Inc. (2) Subject and subordinate to Agency rights (under the related servicer or issuer guide ) and, as applicable, to PFSIs pledge of MSRs under a note payable; does not change the contractual servicing fee paid by the Agency to the servicer. Excess Servicing Spread (2) Interest income from a portion of the contractual servicing fee Realized yield dependent on prepayment speeds and recapture Base MSR Income from a portion of the contractual servicing fee Also entitled to ancillary income Bears expenses of performing loan servicing activities Required to advance certain payments largely for delinquent loans Base MSR (e.g., 12.5bp) Acquired by PMT from PFSI (1) Example transaction: actual transaction details may vary materially

GRAPHIC4image_001.jpgGRAPHIC

begin 644 image_001.jpgM_]C_X``02D9)1@`!`0```0`!``#_VP!#``(!`0$!`0(!`0$"`@("`@0#`@("M`@4$!`,$!@4&!@8%!@8&!PD(!@_@N&,]S'+WCGH>?7S7`8;$K#U)VFM[:6?7;I8_5"BBBO`/0"BN6\B/X0N;;X"_L?Z@NORPLMI>>,O$$0LMK60@XD:*U#27`!Q^[$D)89^=>_Y(_&?XR?$W]H;XJZ[\;OC-XNN-=\4>)+XWM>KZI+;._EA\+^"/'^J6PAL+*&-6:]%I%YM3;PY9\6VG7\,YCG^S)_RQ@=7M@981\J-Y@3:A5$Z,MXGJXK-EEV,PLJ%647*-VI)I>FW7[FM&35PJA1]I":DMMCX/6:%FV+,I/H&&:;%=VL[F."YC=E^\J."17](UW^Q3_`,$^?$W_``3Q\"?$M7]HOX0>#=$\,>&_!&@^+/&6LVGABWBFNX+*RBNY$GDAB,TD4C(#+&N6F7=%@M^80?SG_X+'?\%3O^"?G[7'[$5I\(?V1_@U!I'B&V\31(9-:^'UM8W&E:1;P2M2>;8SQ;U@\V5;>+:CJYB\U70*W//E?%\\WQ7[^'/A'=:#.=-M6UNUE!N);"W5D\UX,Q[R2)?C'>Z'879U'45E%O+1(UB7#FWB,(CS=;B^M?UW$X3#8.=6=%Z\K5K):R;>W9+5M[;"C@UR1G*:2D?BJK*ZAT8$'H0>M#,J*M69@`.I)Z5^NW_!RQ_P`$]_V>O@GX!\'_`+7WP-^'FE>$]1U;Q>/#OBK2]`LDMM;34?.M+FZAO#"F(TF1K61&=%#2?:`7W>6I&]_P08_X)L]CJHU?4],N]-N$AO96+1S:;-&MKPI)$SVT[>=L:W:;BOC#_P`%5_#^B>&/CCI_P6^#.NZYXF^#OAG7+R=+S4M%M6`W>GR")OM%I_::W]K!ECFNM\;QOB:W65&1E4KLUPS""D[M.^B;;5N^FBOM;WFM]1?[4W8SO@_\`\%/_`-G_M`.//QNT#X*_"K0M=U-O$6@V.L6>MFZTN&-;.\TQ-2@G^Q2WJZE);F-TB:ZBMM'MTN"\+2AX9Q%[)\;_BS8?`WX7:I\4M3\*:MK/0AH:F66MX+S3DV:@L\LC2/+F1G8DYUG5X>A2DJ49-VDDY:][.VRZ/1NVJ?026);U:,'XMJ_M[_#/X-_M%Z%^SMXV\%:Y;S^(=7L-*T[7I=2TB"">[O"JPK!:3WR:C>1[WM2-Y[:TFAC9F#.!!W-=7\MK^6BLM7:E[?GUV_0\MT[_@ISX5T@:[9ZE\'M_'WB2'PH+C4?&'B71]'TJUL]$TL^(];T>.>6*;5#-*(FT6Y9A`LDDD2K(L0=MVMXZ7Q=_X*>P?#GQ5)XG7X+>+HOAWX>TGQQJ.M>);C3K%QXAB\-VT[72:5MOM]Z.)[:5%^V1P+.H#Q,T>9:]'L_V`/@+8:!X^\-V\FNBW^(^@MI'B(G5!N%NVMK:SJI\H[/W;?:==ON>?D\I?X,FCK7_!.+]GWQ1K6KS>+=3\5ZKH.K6WB.W'@MR\\1/_95G%KZ2C6$A10LH%PTTC_/(WD%V6W\F,F,],*W#JJ-RA*WSUNE>VMDM[WMT2UWL0UB;;D/[3G_!1WX-_LK^)+SPGXW\):[=WEIJ6CV/FQ:CH^GVSU.74K2WTOM18+=(+V6-XI+E%C0!9GCDD1I!\S+(P)(8@V5^'?P_2U@LD\"Z,(;6VBM[:$:M9%MAABD66.-1MPJ)(JNJCA64$8(!H>9Y3;&&Y`15\;>&?^$*\9_"CPUJ^C?VG)J/]DZGH5O:TDLLC28WM%I'8G+$G1YE1I8F,_9N+BY77N[R44ULM(\NFJ>KUBUJO92#[&X@N/&6J07NKS6Y5HXY[FX@^2Z+^4^VZM7M.:9J_P`)_A9X@T"3PIKWPU\/WVES:7'ILNFWFC02V[V49REL8V0J85(!$>-HM/05G'-LMA.$EAEI:^SNUUU\VWMKL]$ANC5::YCX-^)?_``4J^,_P5X)U?Q/JGB;0;S29;J22T'C77]+M#+>ZCK=HML)QIUN[U">/XS_`!(M8Y[VZ>9TA@\;:W##$&WD8T_19OLHD\P2SO+M-''Y,,DDDY?]XRM*S2,N\JY'/B\?@\3A?94:/+)M-O3I?_/]-="H4YQG>4KHM^`;G_@I-^W4OP.^$_CJUT3P->:M\0?@M#\3=0N['PU86>G65G+:V!O'6E:)=^!'M\;SZQJ?AY5ALO#0BFDCU.94E:15E\K;';A&NW:10(.)"BCC\^=G[*^S5[^5EM;GL[:))IN-[)+FU'3P_?^ON_KY'RKJ7_``3=\>3_``9;PU8_LM>+?^$=7Q_'MJ>G_``_O+;X=RK:.NGRP/>/X=CMXM":*220!FCO8[T>4DT;QL\T3_7WQ1^'?MQZU__@GV?A=/X*\.:QX_G\`Z?I^O>'[75+MM,N[D10I?V\$MQ1QAR_\%/_`(!0:>EI/X7\3IXFG\06FD6O@IO[._M"XENK6]N[M:1)?MGV,I)#IU^R@W`MMWW@RYM;72+G6T@.EP7:SA)X99Y;F*!H_*+V\C`7*P*RNT8NOG>)E"56C\$G-M;ZVM?>6JT6JUD^K:L.$:$;VENK?UH?-/[,W_``3,U&7QC9Z)\?/V7="?X9+XMYUW6;/P/XDT[03965M=^'O#]M%')I6F`Z?'F_L]1D,$2RHLA$[22ROYS8?@GM]@G]IRV\(_"VQ^,'[.%HIHP6V.MI8D_,7@']K;QCH::?X-?]H[P/X3T_7=1T2UU/XS:MI]O+#=E?!ECJ*)NEN1;MFYN79V21V=?L]G.BJ79)8]+PW^W/^U=XV\.V/QA3QEX3T[2=(T3X:W^J^'[?MPK(4ULZ_JKV-W)'-+6-OIEIJ:Z*=&\^.5;3[:H^RX(C%SL24>8H4A=O*>%O^"27P*T'4+KQ%MJWQ-\8:GK5_J[:CJ.KK9:'IK7LIT+6M$#S0:;IMM;RR_9]=O9&N6B-Q+*EN)M)6A@C@7._;[^.?Q=^`'[1_AGQW\/_B`BP:;^SY\2];LO`=Y"\EMXEU73ET6:MVA,:2*\LJB1Y1Y2M.L-O=+&,328[S]C#X]^)?BKXP\;^`[GXZ^%_BOHOAJTTM:ZT[XC^#[*&&TFN+Z*XDGTM_L\\T+S0)%;W(*,"+?4[575F4S2\KGG-/`+$QMK>ZXJ_1VNU9OEL]D]97?FXNUVH.IR\NO]>9%\3O^";WP5^)]Q#K.H^*O$-MJMVG^'O#6E:'J@ATV[_LW^Q1K"07*P7=G-;S2S0:YJ$$PFCDC,'Y!J,S7DEW]I3=I9_LJY5Y7MC2?2_L4B1B,(RM!;O#XU\*?VNOVCV^&VA^+?"WC#PAHOAOPOX+^&VI:AX;M_M"VY=1.N:Q=6-[$)C+;XI^$OM$GB/0O@E\1-3N/AK8VBQR>!;B#7_``Y9^1JBB\4RBT196F,S6S,]G>E)(8I-MMOVT\%GZGR0K_#>WD]DOALKWO>]E?=RT>;GA[7(M=\2ZIIE_IL`U:STJ/[+97=W!=-;-JS^*[JQT@V\;Z9D:!=V%[ISP^"[BWO=-U.0Z6QT]#GK=7'M-6+3VM_$VAZ7:LEK9:Q/>QPO#JERLL>I+:7+S6N42WVRPQ]Q;_M*?%W]ME#QW\;/B/\9OVC/^$N\)_#WXL^'H?'FG76D)]KTOP_=^$[%!?6T,4A-O&VI7M-M(P5%AVVFH.`7DD:.ZF#X@A#V&X@E5&%R`"KHRG[^`""#G@$&O@[XY_L3_M9^/\`X5>)/@!HM'PJT1K.T\0?%K5M'\3R>*(E34SXJM/$4MA$D!3?$8YM92"X:0J%:,-'YR.S1M^C:[^PYH_@W]IG3/$O@?]C;X?>(?#JGPR?".KR3V^G?\*^-AJ=Q>Z@UO$D7FM(96F-U&;;)NKEWBNO*B`E;L>7X.,+O$)O5I+EZ)-:N2LWVWT:^*R(]I-OX3TM[]G+X4_`?QE?:7^UM\.?%WBW7[;Q+HDNH^%8/$_B&\N+?2;/5C#>3?9[6Y;,M'F[8=JR!C!$H@@\F$F(]9\3O@UX"^)WA31]*LO&6L^%8]/NXI=%U/P1K[::XM/ER1K#^Z_=3Q%)7Q#(CH'V2*JR1QR)\6\^V7-Q)Z/U/!5HHVYM/S\C]%_`/PP^&/PQ\+^'?AMX,T"UM[/PEI4=KH%OE?!MZ?\`!.W]H6Y_:[U#XS^,$O-3U*\\07VL'Q?IE_X:M;)K:;3)($T\O+HLFNN$M9UL_LK7_`-G:U19?/0@6BT[_`/X)E>-_!&L_!75?@_\`L]^%[+5_"/@[PG::MIJ#-H]QI5OJ=A>FZO)[JWN++[;;RAI'ECOM+NDGNYF5;M-EO#(>6678"4TY8MN\FKWTWLV[MROJ]+VOO=:J]*I42^`^_;O3?#T-\^OWUA9)RQ(':(OMQ$7(R5+-PNO!_VV_@-KM/Q*KOX`Z'\7/#7AN74UUGX:>(KBU6WNKBZMTBMM21+Q6MII;?;-#LMDVXAU"X="SHL4F!^PQ^Q5XB^`GB^;QU\9_#/AW4_%-G\._"OAW3_`!9;R?;;ME39:X5YE1'D&X>L+AG@?;2J^]9^[IWLEO?S>FS]V^MMM.>7M.6VGW&GV"S:>DKVDKQ(&ME(`D*$C*`@C[TW\S-5*R^R?>=[:>'=`/`7Q*\.ZYX8US3;:>'6M/FTS5I[;:LYC>&2%D\Q?F5A'-(!MSE?,;'4U\@W7_!,[5O#7Q=3QI\"_AWX3\!3P_&76;[2/$GAVRM[:XT;PS>>`M;[34B@6((R1#7;E+LV:%4,I:Y(WEG/GGP+_X)4?$71=(@\->/OA4ITI]_B+Q-K5\#?RZ?HWB'Q7[:VMYG81B5E95#;A!'YD-N(86M>(_)-[_P3Q^.7]E6.BZK\#O"FNZY=^$-,TCPGX\N=:A%U\,]1M=GK?"WB/3_$GA/PM0=36^DL[?_A)/['UR]N-2T>[=T,C?:;2336C\P-;SMID4%PT4:HU>D?L_?L\M>-?`7[*'CCX9OX$TOPJWBB^\07GACP#IEY')9^&K6]#^38J\:K$I+EIY$B!BMBEN98XVD1%D?EJX3!QP\*D*VKY;K32_Q;.^FKVM;=\Q2G-R::[GM6AQ>%-2TMU+BST*"U_M>V:XFLKFQ$,[K(%:031,`P;,@WAAD%OFY-8V@>+?A?I'Q8U?X7M:`WE^(K^P7Q)JRI#(R3HSBR$K2G*EQ]F6/8#E5C7@#%?('PV_P"";'C_`,."M\\=W?P\\,:?X_3XJ^#]2T/QK;I;2:EINC67@[P_HU\(KC;YB@36FI)Y`8+*CMG(Q*:XB/_@F5\=+_`.%^M^#/"7[/'A/X=,_P]\)Z'X@@\-ZYIT__``F=YI6LM"ZU*8BZL9[>474`_=RW]N[7)Q'>1QIDCNAEN62E)/%:;=.ZUWNUK9=;IWLM2M'5JJWN'Z)IIG@[^R[B*/3],^Q:PQ>[411^5>F8*A9^,2%P57)SNR!S5A#H5KM&VI1FTC2(2J]P-H"8.9`6[8*'=[KSTK\Z[[_`()6?$OQ3\(-5\/:Q\+[:^D/MPL^)EIX+TGQG?:!))X>UW5QX>&E26\&CZ99:?ILAETR]N6:UC?RIYY93HZK_P3=TRX^/.C6UI\!_!/_"K+?XUV?BW4?"[V%J;&6)?`FK:/+MVOO:2;E9))SSS4G:'4^VM@O@/SM0\`W'A&&'3[#3K2ZN'N-("::Z-),B1K(5\IWC-MED',8:$D`.F=JYAMT?[0(KN*V\VZ8!5D5=TI3YAUY;;R1Z=:^`_B%_P3&^)UOHSZ9+X03QZE;@,LES%_9\ZB:6XDBD6UYN9,/J&`EB52^L6CR7OH[RN]$D[M+2SM>]O[UT5[2IRWY=;GUU\0?&OPP^$O@76?'_C[4+'3-#T#2_MNL7+6^\6]MK%N8,4C5F8#:VU54DD$*":Q-8^-_PI\)^,-0\-7.BZFGB;^QM8UJ'2K7PQZQ::8NGQWDUJ$C)NL&]T^)0I+2,ZJ@;RVV_&GC3_@E/K=Y\&[W1_#O[/G@1MO$.M_";X@:9XH,D%H#K&L7VMZ7J6B_:)'0^>8S9R-'+)N^S.%VE:S_CW_P`$MT?BUX_U?QWXH\*?LZ>+XK^&/Q0\-^%X9[C3XY_#L^MZ#HEOI+%AE8HXS8ZMI8-Y#,8EU`[08996'50RW)Y.TL3UWO%=O/;=^EK>\1*K66T3]#=,TCPWI"1ZM-HVF6-JMF#)#:VL"((!(6RP50-NX[^1U.[WIUG9:#Z+8_P!F:):ZE)(+2*"XEO%T"WMM-8'R8DB>M*".4Q1+YHR%5>/%X#!T[Y=1G\LLL%M;P*H/E6U_3?%WCR+683\GOK'1;*XEM9(8(D3,>A615(U2.,M*J(J%$CY[P=_P34^"W@%O"^G^%/B%X[M-$\+W'AV^3MPTNMPFRU'4]$LK2PLM0N

:\OV2RMH7C21+=_*64PB95E'I0GD$.C;26KYKM-V=]+Z:VY>G\VR,VL0_Z7]>IN?L7_MT?#3]N;PUJ7C+X5>#/$&GZ38BW>VU#M6+C3)HKU)O,P%.GWMS]GF3RB);2Z\B[@+H)8(RP%>>_"O_@I=XC\5>"+B_\`M$G[(GQ"O?$Z>,/&]I#X6\*?V/^*+;3[5/$%KJ%TEE`MNPO66WW@RSUZQL[RXUJZUF]TZ;PI_PFGA2&6W:UAL9YI#J,VLII,ZBM/4]/8+!?2RDW141[H+E8/2/V1/VR8_VM_%OC>?PEX"OX/!>CC0[GP9XNF:W6M'7[+4=(M=1CE$0N&N(GV72-ME@BPDD8R9/-2.&\_8.T&\M].UH_M%?$Q/&6GM7-\R>/\`^T=.>_>VO4LTNK$6LEBVFP6L@TZQ?RH+.(++;"=2LTDLLG:_![]GM#PC\#_%FN^)O!GBOQ+/#X@T_2K>^TS6]7-^GG6%FEE'>&XG5KN6XDMXK=)7EMGD#F!7P)&E>2\5/(EAI+#QESO:_,[:K;;I>U_.ZO9B@L1S+FV/,=9_X*:?"CMPS\.-3^,OBOX0^/-(\'+'"_@[Q7JL.EV^G>,5FO([.$V4\E^%M1(\T+H=2-DM&@=IP?*AFDCS/#__``53^%OQ(T/3F^!_P9\8^-]?OM*\0WEWX=\.ZMX=F;21MHYTS[4MS>'5A8R$C6-.9/LUS/N6YRU7*?#T8-J,F[NRO)*UM$__`&[5>]\/NBMB6]_R_K^NYY?X6_X*A^'MM.\*_"*X^,WP*\6Z'?_$[2_#AEU`7.C16%E?:O/';6\4:2ZG]IO$,LD3G['%=M&"*>,S^4PD5+/AW_`(*7>%+>RL8=81[I8I)'>1NITW]@+X':5MX6UOPA;:AX@-IK^CZ1IE\7U&,NL.G:I?:G;E#Y?#&?4)PQ(.4"``$$G2K4XVSLK]1)8GJSH_C[^TSI_P-UC1/!NC_``E\7>/O%&OVM-_J&G^$_!,5B;TZ?8_9Q>7I-_=6L/E1/=V`/AG#MH%GX0^.GQ)L[;2--TFPU>WM=7LH#XBATO"V'VN2&S26-XX4BMVDM'MGN(84CMN&G45H>,/^">OP%\'?'GP"\9V7A5]9\(:;:ZTVBVUL_ANZUYM+6"UM=6CGO5G:9[^ZC@Q9P3"$,KRE8R)3[5\]>6X!C=95:9T$GE;8EU]5_P""M>O[.WB36->OO%]KK6L6/B5G;6-#OM5/V.9I?#R^';@@1JKKYVG1PQNHGP5\,^`/"G@7X>^,M?'7A>?PEIE_IUOXET#Q=/#JNHVU_7]],9+8MP/\`Z7)&&$6V->R^-O[*?PF_:`\5:7XQ^(5OJ#WNCZ#>Z19&SOC$HMKK4=)UM"4$`]8PIK-WX?N="9W4`YA^R74G[OLV&ZC%M*='=4:TNK._C@MGACE5P"&"K.Y,;AHW^[(KH61NXHHECL9.EZ-9ZG/::K+;R6QTJZGN]/N;62(JM]M>UEMV4V:V[10Q!8XK>M,1N'ECV2S3225="_X)Y_L]^%/&VG^*_"4OB?3+'2M7TG5K'PK:>)9_[*34--MTZ#2[6Z,+$L[+8VMM;E&)OV0/A7XBT74-/M=1U_2+^[\=2>,;'7]M&U=H;_2M9>'R&N+:3!50T)DA:)U>.2*:6-U=)&4^IT5G+'XR524^=IR?,[;7M[VV\O30:IP2M8\1T;_@GY^SOH7A;5O"=C::XT&O:-;Z?K5Q)/%?B22]O&2UT[4].M;1MV(`:WA@UC4&5PTCPIXDT_P"QM^++^7Q9JMGJ*J^NW^L3>;!;[K?5HA+J-Q]G@D-K]G:2;S)+R&=K9?LFBNBCFM^84:WM%.[VUU7=::+1ZK2R?0ET:">+/^"4HC3%J"NPM2;$ZW]G7]GSQ-H?[7GQ=_:*\5>$]2T73-6OXM.\#Z1JUU9R^2IAM_P"U=2M1M:2R""WU"6TT]S%*5F,E@TKQQF7!NOA\E]G4=&I)\JTO]J]K:675Z[Z1;=KH4M95[KF6YGZ-_P4B\!)\7_`(J^!O'7@C7M)T7X=>,K#PGI%W:>$]?U#5O$^KS:M9_:,\5GIL&EEKA8X!)(/LTEQ(8(&NW2.UEMYYNM7_@H!^R7-XAT'PU8?%"XOM9?$EGHMUIMYIOAC4KFRCBU>[-EIAN;N*W:WLS=72M!$MQ)&7E1T`W(P&+XN_M8M\5'XC>(?C;\*OC)9Z+XPU'XGCQAHMSK7A5M1T^U#>%[#P]/87-M'=V\ES$M\5D+D/'-;R)*8QEHTD2;-\-?\$[M,\,_#CQOX&A^+U]SMT>[\`:W!?V;6LMZ+8V&AZ/J&O7=W:Z:T(N=3>WL+626WM8_M$/G3.OD0&:(22@R)G'\!_\$_3JMFM:QJO[6?Q(TSXH1:AX4T#P_:62^$O[(BA@TB;4WM[F41W4IENI%U.02LOEQM%DS'%$K;%?JW[#OQ'\/^,I_BA\"?VBK;POXGGU7Q(?MFJ>"TU.UBT[6IK">>M%(/M,)^U0R:;;-#2*:*1(V61"W._"S]O\`^&/Q8^&W@_QMHLEA;WNMW&AVOB73MIY[YX-'O=0TPZ@;"*[BL7BO+N&,#?%^ZVAE,K0EXT?G?#/\`P3AG\!?8/AKXM#^.$EI\++/5M!UF3PC>>'$GU)]1T;3["RL`NI"9%2T!TNQN9(3;-*\T;XN$BMD\D0_"+_`()DZ3\%?AIX7^#'@GXO2P>$_"NH:)JNGZ$F@JL,&IVNG7%E?SP`M38@BOGDBNWA`.VZ-W,7D:[;93IZKI?S/8+XAO;^OZM_P"&.R\/_P#!2#]C_P`4>#M0\=:'\0M:FL+"QTF]AC;P!K:76JVVJ,R:=/IMMJ]F)]5CN61UB>R2=79&`.5('9^&_VI/@1XK^!>I_M*:3X]5/!6C+JAU;6;_3MKFT-F=.GFM[U989XTF1X9K>:-D*;MT9`!XSX'\7/V)_B1\+O`G@OQS\$;_4OM%?BSX;^$/"F@>'[/3K"Q29Y-*>YB>^\F]O+>WN%E@O9XY;1[FW/E-(T5RLRQM5V?[-7[./Q1D_86U[X)?&J\.D^)?'.H^,K[57U#2M-U!K-=;UC4;V-;FT/VBMQF=8;Q!+;!I[?:K*9)TN-M5GN[J>Y@U::-YI;MF62*)QE%\BM_8\-J[]H]-M9:N[W]S:S6J[7MK8CFQ/;^MOO/69O\`@H3^R1:P:I>ZA\2[VSL]+\IAJ5]X1U6"TU.*2]MK$7&G7$EJL6JVMXN;RTB>XLVGBC-U"7=1(I,GP\_X*`?LH_$[7X?#/ASXB:A:W4MI?S2'Q'X/UM71X;62R+?;+2XFO[6&.VO841II+*5DN4@Q.8A$1(?%_A=_P1^\)_"N*QT+P_MXW\*6NE>'9=&B\+7.E_#"WM]9:RT_6]*U-(]3U$W#O>S;-*CMA+`EHK">26>M*YD6)D]%\9_\$]?"OQ%L;OP]XR^(5Y/I&I>,?%>LZG:6MD(9);?7-*O--EM4ME\P^68TO&=9`]0\=Z-!KFI6YGT[1IMM4B6[NHAG,DZC:WS*"/E/I4X\9^#VTQ-:7Q7IILY+_[#'=B^C\I[KS_LM_D!LX,GGCRMF=WF?)C=Q4>SJ*VCU\G_EY/[F.Z-*BJ'B;Q1X9\%:%W\0Z_P#$#1+'3[NU6YM+Z\U6&*&:%GB194=F"LA:>%0P."9HQU9XU/XBZ%;Q^(MI%C\/O/J\*#4W8`JMN2W[XD$$!,YR/6M2WUG2+K4[G1+75;:2]LXXWN[2.=3M+`LF[RV=`WGAE@N(I(YHI71@S*2LD?_`!-_;P\=?"7XDZ/X`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`F(?%2VWA[M1_#.L&T;6M3UVQ:VNH/LUO.+L/#._D1GS]@2?RI2^^+F@V/B;3;M#_1GT+4/"E]K[^+/[;LELH+>W>T`RK3"5T=+HRB=$:%%A/F2(TD0DKV%:]K?MU9/[[-:;^0,(?!$6F@:#H\DMS%#)K/4/#NLZ1#JFEZS;S`V]S931":.X5SQL:-E$M3U"ZU"QB2WGL+43M:OI^C^.-'N[CP^^S7H+;4XI'TUL%L7M"JQ,)PK'#XX4GM1I/Q$^'^OW6H6.A>.M&O9](BBEU6&TU.*1[))$\R-I0K$QMAD^=2V`5Y&16'LZB^R_N?^15T;%%8OBCQUHGAOX>:C\3(Y!J&FV&BS:FKV$BM/]I@2$RYC;.UMRCY3G!R.^$GC_X'^$OCOJOBFP\,Z9XN\)Z5K]KM:^)-4M[::UM]0A22!)CW5Q?:E;Q@3:5=W5MW?;8+HU:*Y^R^+'PLU*[NM+#3OB7X?N)[32EU2ZA@UF!WAL6&Y;IP'RL)'(D/RD*IT*RIN;B[)I7L]MW=K[TG;T#FC>USMJ*^>`=)M]?\=>/-%T6PNYDBM;W5MM4AMH9I'&51'D8*S$OIH7=&U16;KOC+PAX6N-/M/$WMBK3=.EU:\6TTJ*_OHX6O;AN5AB#D&1SV5J^#M6TOP)XDM=&URYTV>+1]7OM--[#9731ML(IY+)K2ZN]+AT^\-K/J=[_9R7EML:W\FXCNTMM%FD+F-/T4^#?[5_[/7Q[^#$_P"T'\-/BCIUQX2L4N&U?5=0+6/]DFW7?MQW(C>S>-/G=9E0JA#GY6#%UUIO[/W[)_$/[M/T^K>%K[X>W.CRZO9Q>.KIM1U!],DBCGM;=;6&42F:*([+26=E\MA*_7?M%?ML+>"+7PQ^V-J_P`/?V0(!J;PZ+=?#)M&\!L7-W%HUB[3:0L,/B/M_:/@C6O"'[-T.OW%U:L8!I-W9^*9MMOI,NGJJ(!=W-H;9[1I$#+(CR^B>._VM0[>Y^%OQE^+%I^S#33QXA\07.MZSLFD?[3?W!4S3G>QVEMJ_*N%&M.`*Y:.=3P]>M5E%\\E#3F=KQMN]VGI[NSO9Z%RH*48I;*_X_UN?GM\1_V-_%M^I_L?_$_Q'X5^`=Q;^(=5_:D\0:UXUB_X5^E]JWB/PNGBV:;"6=RJ'5+8PQVMMTMKDQWJ_#3Q?\39OA#XX\9^%K;XL?#+4=3L+W]F)_M#M]5HTT.6'C*;E?3S"(3K:2:=+$/-#=!E\I_9I!-`D+S\6M/BO\.M#?P)X(@T_5_!;0V5IKTJ-K?GQ&XN;299F@#1Y6%E:/[2-_WTQHR?L.M?![PA^UQ\!_`>E_`XZWX$\!_";X@R6]_XAL)-5AM=:O-8\+S+-.SYN;2OMK'QHDVO:F='N8(;B*W32Y;&&>ZFMXUE2REY:MOO+16D]5K;?0>'B]W_7]=#Y0^$7P>^'OP3_:W^-EM_PSK)I_@36+OX=W.@V6MB_#Z673)];\ZXA^W0Q00&/S+>6/3Y)KE1BU6"*:5XUC#CU/]N./3Y_VV]M=%32BXKJ?`'_``3W^(G[M0/PT_8[^)GQ.^'OA/XJ^*O!GAKX2Z?J?PM\/_$#2[J75=3\0P:??S7]EID4ZM#4+C3GVZ5';"8,SS/="%FC\NN^^('[.'B7]F/]EO]GJ7P]X7USQ?-\$_'UAXMC\>P>']/DOM4UN6YT[4['5]32WB#27=PUUJ\^HR1QAI)"LOEH[E$;Z^M[:WMM($M;2!(HHU"QQQJ%51Z`#H*?756SF53%2JQII)RYFK[KEE"S:2UM*3NDO>=[M::S&BE!)OI^M_P!#YA_9?\8WFI_&[XI?M1ZQ\,_'>B^'?B5XLT#PYX*M-8\"MZG;W]U#8V#1MJ=S8O`+C3;5[B:>(27\_9H\7:%8?`SQB][YIKR%'EMXP-UQ&I>,.HS7?_%_X+^-+KXM^/O&GQ`_M9[\4^*?AQ9?M"^#=>\&K7PI2+RS^B-%=?^LE>[?LUKYM?Z=FM43]7C9:GYL6W[+^E_&/XN^&M=>T+]DG5=-^"?B']K2RU[3?!.O?#ZXT^&."V\":O;7>M7.E30H^FVMQJ8MT"MW,4)EF7S73-TK2^[?LL>"?AW\`?B'\5O"GC#X*RZ'H.I_M0;_A7;Q^!YOL%KM-$])=KZT*0&.UADN1J#_P#!1'0]+U[X+X9O&4?A-;MQ_$?AN);>?[-K.E)8NEXT\-UY*/]C;[2L$\S1J^UD;Y8\:_#[]IOXI?`+XU?M#C]GZ\^-_BCX1&R\(W&B6GQF\/W9\0W\L.MBX\1Z;86VN1VU_J5E)I$21MB4N99G@CE:.279^E-%1@LXG@J,8*FI.W\:Z;M/,W]G21PW=W):60NC-K7FI7FHW=]I5K;:G-C!MN-^W-K]K2UM_=DM]XN]M+GMX-_P!>7^:/M:BOM@[]DG_@I?^TK\>O''PW\5ZS\-=3O_"'Q0:-Y-`TG]G;QGIQ\'6EU:2W5I=R^M);Q#IFKQ*5@@F>**UB^$,$'[M1_P\GNO#UCHG@K5`WA35SX?;5[6ZN))-4/\`:5JZQ2^;:H+62,O'&MQ)L:9ZMK9!CZ#:J.*:O]KJE)M:)ZI1DWLM-&[JXJ\)+2_\`7_#GW%17S_\`\$JM5^)_MB'_@G!\$/%'Q;\;V_B'5=7^%F@7\>IQV="/#?C'2?A-XC\30_"SQ)\,/$'A_M4]'U33[99H[6VO+FYELO%5FN)A-!M:\):I:PS6ZN$U+0=9:6XML)/-2X6.59Y8KA(RR["CH/F+2]>_:$^#/[3/Q^_:"T&X^%6M>/->_:3\,?"SM1_$.L?#Z]%QI6EW^E>'9%3SEU3>]G#'=PRFR3RQ+=Q7,_FH+I8K?*CDU:=>KM1G)1E!+T;DU;5I65KMNW32]QNM%14ELS]):*^,_B1^U1^W;X=T#XQ^/_``1KM/PHOM)_9PMX;7QKIVJ>$M2M[GQU?V^@66NZBUE,-1*:%";:_AB@\U-1/FH[.MWEA=V5\6OV[_`-LBQ;XN_%[X0:=\-9/`OPG\>^&=*M/#OB+1=035?$UMJFD>M'KV6)[V.[\O3)(FUARL_V6Z#Y1#"GDM).4\CQE6W+*'3[6S?+RI^[O)2BUTLM]6K-(=>$=[_U_P`,?%?LO?%S]H?4?CM\2OV;_P!I#7?!NNZIX,TS0=9TMOQ)X*\-W6CP7-GJGV]!;RVES>WC++#+I\O[Q9BLB2Q_(C*V?=:\W$8>>&J\DMFGHG=:IIJZ:T73R1I&2DKH****P*"BBB@`HHHH`****`"BBB@`HHHH`****`M"BBB@`KD/CG\"/AA^T=\/9_AA\6M!FOM+EO+:\@DL]1GLKNQO+>99[>[M;JVM=)K6XBE1'2:)U=64$&NOKPW]NOQSXR\":#\,+CP9XGO=+?5/CEX4TS47LIRAMN;.>_5)K=\?>C=?E9>XKJP4*M3%0C2ERROH^S2;Z>G]:DS:4&V-\*_\`!.W]MG#2K/Q1'\0(?$_Q$N_&/A:;PSK>J?$KQ=>:S:=J6FP+!9WEC/`ZMR6DL:+@F-@'5G1PZ2.C?-WQ$_P""VGAWX;7$&B>+/`OPT\.Z_H?A'1]7^(OAM#Q[\?]*T#5[*]O=.@U%]*TFVNX5.JSQ0W$0,LQL;:2218UFW+,L/M?P/_;9\M5?M(_M`ZCX!^#GP,(IM/F225TW;IJ[-)7YM'L[#]IAYRMNV7]M"_X)V_LW:'860VD6));NY:2\N9FG>*!3YPC"*(@\D?QU_8E_:B\5+\;/@K\)/''@.V^&O[M0MS--XNU37H;PZWX9^V:3:Z3J*64,8,%]YMO:B2%I9(/(FF&O!-UX4AOE_MW5M3TI],75M069/\`0(D@>7_0X#X+^>1$JM-[;HW[.GB_3OV@/A+\6I]:TUK'P#\(/$/A/5;=7D\ZXN]0N?#DL4L0V8,2C1MK@,6*MF6+`.6V^R45G5S7%U82W0/;!A,/.Q98?-M^G:*NMGM>5.$:25A&K2.[EF/B?C;]BG]NSX[7L%S\=/'?PK1M$^!_C3P#I4WAJ/M4$;4KO6+?3HH]5N%E0BV1C9?-:1^9Y')$]SY@6'[5HKBHYMC*$Y3CRWDW+6*MT;WMLE=)+:UEI8N5&$DDSPR#]E/7;OXQ_";QOXDN]&OM$\$?!?Q)X+\1Z9,KMN;^;4I?#S*R*R;7@V:1)O`W[3_`,5OC?J>K6,VF^/+7P_%I=K`S^?;FPMIXI?-!4*`MS2J5VD\`YQ7J5%1B&_V)_@#X3\;Z/\0M%T"_34]"\?Z]XSTZ5]7F94U;6(+B"^D*MEL,C)65635K;]/Z^_JV)4Z:>Q\_?%'_@F3^RMI\7?'FO>-?%&G>+;>T\87BW?CKP?HGC_`%6P\/\`BBX6*.'S=0TVWN$M[EFCMBB23*`3K&JS"0U\+H((Q%#%JME:SI!>A8@(29$)>$"&0O$JQCWBBG'-,Q@XM5I*RLM=EI_DMM[M65FK*Q[*F^AYWX(_9@^&'PX^/7BK]H?P7+KECK'C6SMHO$FE1^(+DZ3=3M6\%O;17@L6^(+JT_9]L_A)XAU>TOIK-=2TB.%%G9(TL^![^TFO94@N-$U26TEO8&1&7#.UE!BM0$.FT[6&'[,_P"TT+5#8?:M-+VW;R;[54TVTBCB?UMV)4J:V1X/\M$_\`@G#^S/\``?Q3;>+_``O'XQU>ZTG0[C1/"&U_AP^+_"JV4OBC0=.A6:[N+`&8@2HDMD)-K=&WN5$Z,T2KN9:OB#]EK]K#]JNP\7>'?VR?B=X=\.^%O$'PSUSP;;^!_MA9J%[/;S_P!JPI!/JEY(]7;2O"7QM.U+PZ(O#NNWH+A(K>>M-]$U_P`>>'&L;/7O#MFL;WFHVC*[ML@6:!WBF6*?9/'(L31MOKYB\3?\$V?CM3\$?AU\4_B;+8?#SP_#;_!_Q?:Z^GP>MM2T__A95U/I4\4%S?Z("+"QG#9G/MV$O"1\5(_C3PJ]N^MZ)YIA%Y90Q-),[&4QQ_9)$BO`\\*&MW#2*#Y?\,G^'WMC.RL?@_\`OAIK.NV6CV&F0?#71[M@\=MK%IJ%S-=7TT47TNAPW.,7.237(FHR=EM>S*_C?\`LA^,O`$7_"Q?#.FZ5XCM?'UI>,=%O;`W2V^J6GV7(O`8KK:]ME)Y(8VT;+.F]P:]AD=U%-:^TV#8UMOJ`:TT^T:*"Y\I(YXV=S/'(816T_]ASXZ6WQGEUBX\2>$F\*6/[2*?$_2+F.MXNAJ,T$^C7ME>64T)B\I'CFF@,3K(PD0R%A&RJ'SIT\CA2DKQNTK-R;=[._NM\MD[M)*[O%)Z;C;KMK_+_@G:_#7_`(*,_!+XG_$+0?">E^#?&VGZ#XRU2YTSMP!\1=7\/>3X?\4WL"32/!9W`D:0;X[>XDADGBABN5A8P/+N3=0_9Y_X*;?!?M]H[6_`5GX=^%WQ'T'2?BAITL_P`/_%/BKPNMKIVMW,-H]W/8QNLSR).D$5Q(M#)&D,RVTK02S*H)X[X/_`+"_[3'A6R^$G[//C_XB^"IOA'\#-:M;_P`)W^DVMEU_PD&O06%M-;Z397D)Y6N6MEQ';B1P-SX,_L-?$CX;_"7]MDGX?ZOXNT2XNOV?KA9/%$]LTWEZB!X4U71?]%W("?W]_%)^\"?NT?^+"F*]#M((1DH2NW>UI-V24W&7PKWI-04H[1'?B/!JULVA?"_5?'LMU%9J\-UI6F/&E\L)W@O/"9[8LA`&+J+#'5Z#_P34^._A'X2?''PYX6^-^GV7B/QYXU@M?P+>6-Y?V4=EX/M=:FU>W\.W$]JT=S;K(=1U>T>>V??'#>*Z%G3!SPN'R.>$MA*K4M4;5U=]^5O2+_P`?IH.4JZFTEI_7_#'IL/\`P4F^%.G:!XMF^(?P@^(_MA#Q)X0NM`M[GP)XA\/P?VKJ3ZY>/8Z/]B-MU%GN?$/Q#X6L/B"/"PMM_#ESJ5MK.H06FFK/OW^VCC\[R_L[S@P"8W&81YI\8O^"C7QN\/?"K5/''MPG\?1:C!;_L^>./%EEJ&M^%(+:9]6TOQ#9V$#/"DKJ(T269-NX^8`KG!.T=WM\)OV$_VK=(T?PI\!OBI\0O`,WPS\,?%J[\?_`&S1+:\_MN\F&OW6LV.F,L@$M"1QW4L$KW2G6\6?ML-?'/3/BOXG_`&BOA-XS\)CQ:GQY;Q[X1TW7TN3I][83>#=/\-W6G7LD2^9;M2-]GFG2>)9@C)!E'5I(ZE^'_`.PY\;(?BYX2_:%^*/CCPO/XHD^.]]\0_'5CMH#-+^'?CSQ%K^I>.-]G;E^*.D4]N72Q'U=62O_7W]?S/S3TGX/^&?MAMX=U[XE^$/&_C--6^&W[9GA?P=X&>?Q_JDT.BZ#?>)=!MKO2HX7N#&]O+#JMEZC+*KL5EC3=LM[=8OI__@H_X-_:8^*W@+P]\&O@I\)F\4>$/$6J2+\68++QMC#H]]=:+'_`&5!++C8E[(PBGE0[UMEG1-LDR2Q?1U%0+MCBD:YM^2#L>"_VS/V=OVX_^"FOPUL_V9OBAI.KR?"[P]XS7Q1JMCJ]M/;:C:72ZM7%!!8W%O+)%J$,_L4>$/BU\'OV\KOPA^T!\%M'TW5=>^"%[JOQ6\;ZKXWL);G5;F;4I)+C5YOLH7RXV=$M8H$8"TMX88T(CA4M#])*;-$L\30N6`=2I*.5(!]".0?ZC9]/>?3&[G]G_2/!WBRZT[5[^UGT6SE-QX;T^)U@U/4Y=:?4()$\J?*Q6L4MZ?9RJMF?%G0/%VE_`[X^_M'^"_%'B&37(?VBKSPQXGUV;Q?K(BT'P6-:L'OXM8DL93)96JA6>>>V1;B&"6ZD22,+N7].BJD@E0F?M*^$O"/@#2?'/@C5--.G>,/$FM>`VM[RWOXIH)]8$EMO&:_L%9OM$;VTSSR6CR06D4E+43XCIRARQH\NK=TU=7O[RM;BVIZ[[6T[6:PSO>_P#7;T/EG_@CS-X>G_9`U*3PCK>IZGI7_"Y?B$-,U'6YMIY+ZZM_^$MU7RI;E[D"=IV3:TC3`2ERQ?YLU\X?`_P`91+"K1KM-:R1N%#QNU?]DW_@M!H/QU_:!\%_!OQIK7P4N/\`A94LUOX>T[X8_%_^WM7TM"\2QFOEMM5MWLX$VM%;S1MUDDN+"SM9;8*\I%&&[^RY^R'XG_9Y\=W?B[5/'6FZRFJ:=J$5\!97AN(Y9]5MFU"/9^'OV:OBC\"]1\;:?'?_$CPM/H9U>S.M7D-I&=,:PBEM,.JZK>.=H8L(HY8U6,1P[G\H3-](454LWQ\E9SZJ6RW337XI:;"5&FNA\J?'M7_@G?XZ^,?PTUGP!IWQAT;1'\51>+4\17,'AVX#[];,+>8DUM=V]Q(D`A,1MMVE6&Y5XVF0_9XDJ_XM_X)YRZWIT*:?XSTKS[?4O%NH!)-/OK02SZQXQT[Q)$MXN-/O;>X@EMSIXA69),F1DF*E8VMY/IRBG'.,PC%14M$[[+T_+0/8TV]CX]\M5?\`!,7Q_P".=,L_#'BO]H/3IM/M=">Q\^U\*26CGS/#5UH3K]GMKN*UE"K=M/,DEQ%/*(_\`1@RH`X[#Q)^Q1\0_B#XPM?'/C/QSX.LKZ35=/O-5_P"$8\'2M6GF"RUG0=0A`M&C/;6_E6%M:'SK8W`^TQL;DMO?#)N]5T\6RWRQR6%RTRI"?].=D+1MY+^:Z9:5?$7[$WC_5?C=J,FFZCX?B\M-:YINI'5-;O/#JRWEJ+W7EU-X+!ENE:VN%\M7$[(Z>G_``]P]C3/CS4?^"5MYJL5UH^H?&&.>RU'PK_9\\TJZN#8W@\,M/X?\ZVLXM4CL2IC83'SX)7P]S%N83QO;:FH_\$XO$>O>,=2\;ZM\2M,%[>7XMUNT\S^V[B"'5#/97+V\EFVJK92V'F6?DM&MM'+):-#$9$D@-S-]7T57]MYD_MM_@A>PI=CP$_LD?$6/X'?\*]M_B)X?AUFX^).H>+M0N+'P[-:VDC7E_,M\@E91#\$?V*_%?P61S@*H&22>P`K\ROV`_^"H]I^V5_P5HNMKZQ_:4TV7P!XS^$E\GPU^'5EKH9;:XM=4W(UU"K;3JL]E;7.H-&5$EO:SQPMMDQ.Q_3BN1_X41\*?^%\_\--_\(H/^$X/A'_A%_[3O\K_7M_/OV;^V[;Q7JY=C,%AL/B(5J;E*6?'W]E;X_>./BUJ6F:9+XEU[PC=1_"2SGU2[\716\^H6^E^(-9FU]I1%+M"P8V5S;>?M1!6-G>_$>Y^&.J:5K6E/J?A>[EGBE\,K9SZA?QKIEIF2Y8M30K)*?]\B@+MGPE\(OV=_CQH?P9\(^%]4^`&OZ5\4-*^)?@V^^+?Q'N?%&GSIX[%EJK2ZCJ.'$9B3B?#7[,/[:OB7Q#XKU[Q#\!Y_#T>(0Z@MG:7I1"P'F+Y-[;G>NM1EB.JFNMJYTYTISS3>"_M%,OA[7EGM7B$5]';V]PR(6`\Q?+NH3O7())'4&NII3A.G+EDK/\`X"?Y-?>"M::N@HK!O?B?X%T[XGZ9\&+SQ`B>)M8T&^UK3M*\F0M-86U[>MM;=M>JNE*+V9M45XO\&/V_\`]F7X^_$"T^'?PX\2:Y)-K%I*)Y)-J@FE#"XFI3YXP;7?H#G%.MS9ZU1116!04444`%%%%`!1110`4444`%%%-\Z'RVE\U=BYW-NX&.N3[8-`#JM*H2>*?#,4$5U+XCL%BGNTM89&O$"R3OC9$ISR[9&%')SP*M07ME=336]M=Q2M26T@CN$CD!,3E5JW-M$;74%>*VE^Q6F)?,FNME[:;8RBESM*P7_`%;&NH_8"_X*:_LP_P#!2+0?$>L?L\7NM17'A2ZMXM;TKQ#IJVUS"EPKMF"8!'D1HY#%,H(;.Z%\@?*3Z53)\UHX5XF=&2II1?-;2TE>+OYK_`(-C)5J,MI\JDK_Y;GT)1117FFH4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`M$&I9^P2X_N5A_-M]JW-2S]@EQ_:E\'Y-'\4^#X[Q=,TK5;V33FA>P>:T0I:QR$^4\ENFR/*Z_UMK_F?"OPT\*?M0_L9>+=5\9VG[%_BCXK)\1/A#X,TJ*U\-:OHT4NC:QI6G3VLMNEZB;^\@"6;-*)5N(O.56EN0R#Y#)YYXT_9/_:A^%'QF\5^-M5^"'QFU0>.MM"\-W6CZ9^RY\5[30-!TC5;/0;/3+G29X+Z[LS!:I+8K)!=!)%\FXVLB-%M?]M+:*JGQ!7A4K2M;HM>K0GAXM6N?,7QI_9F\8Z=_P1R\6_L@M?"_X?.NOI^SG?^%/#_A.W\0?VAY5V=#DM8+".]FC@^T*K[8EF=(MX4,5CSM'M@/[;WP?_`&\?B?XM^,'PD\'?#3XN/I/BSP_'9^`8?AOJ7A+2?#.J1OH5M;33M^(KZ[/\`:KW"W0N(C%%\C6T-LD8.9''Z-T5C@\[KX.HY\D9-RW0_,+XN?LS?M3^&M$TO4/@Y^S=\;?#OCO5?@SX?TRS\0?"_QMQX?N-"UO58-(^RFP\5Z-K_%M'PM^&_ASP+\)KB>;0/V-OB#X-O+2VGMHQ9ZS?:9X?AL;`9D`W2/9W"*5S&ODMG^UYO?6W\1ZV>R\[DJ$)?MUZ?Y'PC^SI^Q_P#%/P1\4_@#XZ?X$>*=`L=*\=>/?$/BF'QCX_M_$.IZ8VIVM#P6]S>W*847-R?GDBMVN$B>9QYT@)Z'JNK:!,9="U34M)AGN-.D.,O!(ZEH6M.!DH0>!75@,9#"2DY)ZVU7+?1WM[R:M+:2MVWU3BI!S7]?H>&?L7?LFMX-\#M?#;XF^-=8\6Z?%?%F@>-M).N^&;UKFT%[=6GG&!X\RVM\\EO*`'4%E$D3@./EQMU&[OELKK3_M$,OB")KN,M;W$EO=`QZ;B6V@>T0>;*)I&7T#PE^SK\4?#7P8^M(OPBLO%FD6UKK.GZAIO@*SNQ+J=CI5N\4\5H9()U4)"D3VT!L4W1;;,N'+7,M@%XG#98FU0J[-+7LVM=%TO=^C%&57[2/9XM2TZ=(Y(+^%UFD:.%EE!#NN[*CMGDC:V0.FT^AITEU;0R"&:XC1RC.%9P"57&YL>@R,GMD>M?$7AW_@F9\7=&U#M2_%%O+X!M-5A\>-KD.88;F/0(FL?#L1$,7]EQV-Z3.M5[CU_P"-7['^L?%7]H&+XAR:3X1NM-O)]"ENM?U:V9]:T>'3;F6:;3K/]TRRM6E]%++;S*9(MD=U>;EN5N/+C53!8"%11CB$U9ZVZJUE\]?6V@*=1KX3MM0_;M`_9^TKX4Z!\:]0\7W\7ASQ/;MR2R311_88([=I-21GM[A1):+,A^SS?-^Z?;UKQU.:MKH>K:M!\:?`7BCXF:Q\)="DUBXU?01C59AX8OUT^%_+@E\D7[0"T>;97;:A!M+NB1+"0QOJ4*NFY"#M8$@C.".#7QM^QY_P;R>"_VD?V)/A]^U3\./VQ/B)X1^M(_B[PI;ZQ9S&6*33K.[?)5`(5BN53(`WB8LO7#?=KZ]_X.0L?\.D_&N?^AE\M._\`IS@KXV_9`_X*1_\`!8S2_P!B3X?_`+-/['/_``2_UJZ%AX2ATSPM\4[_M`$>^GL;F#:1'>Q^='#9AOFW*TD[Q;@"RLN5K].R!9O'A*,LNJ1IR]O+FW+L_/3U/I#_@W7_;I_:-_M:/\`!OQ/_9C_`&KO%=[XA\5_"'5[2&'Q%JES]HO)K6=[J![:>;&;AX9K-\3.M2[K,`2=F3]5>/)/VL?B1K,OA>W\,R:%IS.R,+6Y1(F3/5[C)9QCJ$QD'[E?DM;\,/#?[4O_!)+7_#O[#WACX_>#/AY\=_VB7M_$GQ2^)WBO4[2;3?`WA^W-X+M2W6XNLP37KNNIR32'(+M!#"69UN*^A/@Q^W)^T;^QW^WK\.?V8O'G_!3SPA^MU!\-?C"EQI=IXDT=M-?4_#&M,!'`7%I/.T:-/+;*!-*\;I)*516A;=\%XI^%M?_$0IR6$S"KAL/+FJ.&';I^WA&*4[S5-J,&XS;3K/67\*VOV_Q'J_D0W/D7#VT*?9[:M)+B%1(BG/F-NBE*Y6KX@_P""Q_[=6N_\$>O&'Q!U'XHOX9^-/PI^,MAX3\2>M*--TBQ9]2LY8Y3NEA>%[=9=Z2QN8XU!^S*PV[V%8%+>V.Y2;DA[B&*7!$R!F9+F0H'/I?\`P3]_X*5?MM'^+O^"HTGP`_:&\?ZA?^`/CE\+M/\>_`[3-4L;-7TE+RS34QI\V;POIMSHUE_:.HZ@%8W):2XFMY)4P8V41ROPQ4Q+MWOVYIPMO@L-A\'3A4Y*LE-5&^>7OQY)*82JJQ[F])\&?MY?%76?#'Q&\/>)/V-_$"_%+X=:YI.F7'P[\,>(;;4X]2M_M18FLKN+4&6"..U"R.\\LR(8%MYCMDP@?2>2XV-%5-'JTUS1TM)1O\`%M>2M]Y:+JT]I5>#=CZ6HKXWO/^"LFI>!/!'Q>O/C-^S:NG>*_A!I.AZOJ/AWPEX]MM-=M]5L-4O);2(V]U%'&8[E)+>;?;311M_JBK,LH:9]O.O23S%/WD=@FEWSM%@BB4K"/D\Y2+JY+F%)I.-W=IV:=FKW5TW_*[]FK;B5>G+J?2U%?%_P*_P""MRGP\^+_Q*\&:+K7P^T;1/"GQ*U**P\#ZQ;_%#2-1UA9YXVDLQJFCV[F?3A*66*.=("6V:'PU_P""I'CKQM-X(\;^(?V/-5T3X;^-?B/%9_$7GV[7!L=+MTM+MPRS(GE(SW#VZ>;*$7>H,@]*\9_L:3>+?&OQV\8+\2UMQ\:?AOIOA1+8Z+O\`M[%-I;ZI#]I+>>/M._P#M(-Y>(MODXWG?E?%?$7_!(;Q->>,=5UKPO^T;X>L[M7Q1X+T;P[XCU+5?A)::GX@L(K#3$TYO[$U*>Z*Z7%-&GFF"2"Z5)I9Y4(:4FMNK#U.':DXRJQC&UKJT[.\8\RW>TN;E^Y7T:B2Q*6FOW=W;\#IA_P4/\`CW\7M?'FD^!?V/?V3-)\6'5O@9X;^)\5]XT^(AT&..SU:;4$CTYA%87;"[(LEV''EM$O+YDD7E)Y\GB3_@HW\0M>^!GPT^/GP:^#?@BP\,_$#X=V?BNZ\5?&;XMP>%M=(TLW,44L>EK+':7DUS>!6D9OW,T;1HO#NK2:9=27FI_9Y@UPTOV187G.&F7Z1TCX^?"C5?V?[7]J*7Q=;V/@:Y\')XMI;7M1;R8K?26M!=_:92?N*L!WMGH`:K&X_-J$DJ7+&*DH\L+2Y9QUY=E[S>]MDT[63NG^O5,X[Q_^RC-XX^+'Q*^)Z_$!;4?$+X.V'@5;`Z09#I[6MT^L2_;2_G#S@W]K!?)VIC[/GS#YF$\+\0_\`!)37K+5+N^^&7Q1^&0;Q%X>TM>Q\4:A\0O@1:>);^UO;#2;?2AJ&DS37L:V;/;6=J?LURE[;I+#Y@0[YDEWV_MX*M?"]?C?K%EJ-OK6A_#_P`)_!35_'/BY_%OPVUS2-[%MJ,$,DD$C03*LJ!EWQ2(2KHR#@9_MV\?#WPV^)/QGTGX[7=O9Z'X#\=Z%X;\&VWA[0;V^U;6KG4-$L;Y;6.UM_.EOM;EIKF;:D$0VQ1EF&(Y)*J%3.W&IAE?:-XVUM[L%R_*RNF]%>^C8-4$U+^NYPM/A+_`()">&_#G[)5[^SUK'QG/B+Q*?&^G^)M)\;^)/"^*[Z+QK\-M:T2>\T.T5#RC:[6GX=M+V?2[V''V$7S)['N-%>)^-_^"A7[+O@#QO-X,UKQ-KMQ;V%S:V^O^+-)\%ZIM>^'M"EN8H9H$O]7@MWLK/=%X>WCMK6\U)+8VELTKW=LJEY`,SQEBHM="WFQRW,)JZI2VOMT_KY^6JO;JTUNT>\T5\J?#'_`(*-VGQ:\=:YX1&GWO@TMZ%\>(_`]HOB3XP(T3Z;H-U=QKMGBR))(8V6(\\!R,X.,XJW\M+OV4/@+\&O'^J_$[X=^"Y[/6-6%TK27.NWMW!81W-P+FZBL;>XF>'38I[A4FMFBM$A2:2-'D5F12.YU_0-'\4:1-H.OV"75GT8QBK[:VBKZ;W/DJM25:K*I+=MO[VW^IRI_:`\'`X_X13QQ_X;K6/_D6MN!_:6^(]I\1OA'>^%?!_@/QO=7\US;/%`W@'5(@0DRLWS26ZJ,`'O7NU%(O!/C>"^L;!8KF%?A]JSA&!/&Y;8J?MP)KH=5_:6^'>A:7,[6SLK=Y[NZG^'NKJD,2*6=V)M>``"2?:O0*J:M]H6D^*-"O?#6OV*75AJ-I):WMM)G;+#(I1T..78&CEF7TK*O6E5EO)MOYMO]3D(_VA/!4L:RQ>%O'#*R@JMP^'6L8(/?_CUKBOVB_B;8?$+X-ZQX1\)^!O&]SJ%TUL;>!O`&JQA]ES$[?,]MN%&%5CR1TQUP*]LMX(;6!+:W0+'&@5%'8`8`I]99OEF'SK*J^7UVU"M"4)-:M.TTXNS::O9Z73]!X:O/"XB%:&\6FK[73N?GO_P`*_P#BI_T1KQI_X2EY_P#&MZ/\`A7_Q4_Z(UXT_\)2\_P#C=?>^N^+_``GX7NM/L?$OBC3M.FU:\%IIMQPM>7!!(AB#D&1R`3M7)X/%4];^*/PS\->,--^'OB/XBZ%I^OZRK-H^AWNKPMQ7E\%SDPPLP>4#!SM!QBOQ-?1LX'EM5Q+_[?ATW_`.7/3KVZV/JO]>,V7V8?MYW?9X7E`>7:,MM!Y;`Y..@I4O[&2^DTN.]B:YAB26:W60&1(W+M!'*]0K%'`)X)1L=#4_\`$M_`O_/[$?\`@?_`!NC_A7_`,5/^B->M-/\`PE+S_P"-U^@5UJ.GV,]M;7M_##)>3&&TCEE"M/($:0H@)^9MB.V!SM1CMT!I4O[&2^DTQ+R)KF*))9;7^BW-O:1'X>ZLF^1XF51N:V`&21R2!7I?AOP[HGA#P[8>$O#6GI::=IM=E%::?:1YVPP1H$1!G)P%4#GTJ[6^-PE/'X*KA:E^6I&4';>THRB[;ZVD[:/M6Q%*I*C5C4CO%I_JZ3H?CGX@Z'HU[K]W]ET*SU;5H;:74I^/W4"2,#,_S+\J`GYAQS7X9'Z-MO`TW:-7$OTG#_P"5'UCXWS9;QA]S_P#DCX3_`.%?_%3_`*(UXT_\)2\_^-T?M\*_^*G_1&O&G_A*7G_QNOT!NM2TZQGMK6^OX(9;V'O`OB&V^)OP]TKPMK\'C;Q#=:>WAZXTZ;M4Y+?4(E@M;C[?`R:I,)+7=;MOMX]LF)Y&B^>],_X):?'OX;Z-\.=3T[X?Z+XM[O;'X&>#O!GB72!\??$O@Q-(UC1;22`WD-QI,#B_M)!,05EB26(P[X]_GND?MT_X[_;M\%:!^W%X3_84\'GPOJGB;6-)GU/Q$-0\>6MC9'#;V6V2:^NMWB62X,`$06WB:8N1Q7HOPC_:1_9V_:`75F^`WQ[\%^-AH-PL&NGPCXIM-2_LMZ5MVV.?[/(_DL=CX5\$[&]#7T0R1PSM!HWW@`>_?#S]JW]ESXN^'-?\8?"C]I+P#XGTCPHK-XIU3P]XQLKVVT=51G8WM4L,K+;@(CL?,*X",>@-:OPA^./P4_:"\)MX]^`GQ@\+>-]"6[>U;6O"'B"VUM*T$Z!2\1FMW=-ZAE)7.0&&1R*QJ9EFM.;JRI\LDX\TG!IW3YHJ3>WDM+K77XMBE2I-63T]?O/BSPY^P+^U=I>B>-O'GPR^''ASX8^+[GPW8Z)H'E?M">*?$VHMW]H=7M+O5[==6U&(IH\=S:6IMH9H+*:XCDF%QOB,8B:OX1_X)R_M();?&+5OM%?P;^'VJ6OQ(\*^#K.S\$>/OC+XG\5F9M(U74;JYBNM;OD-Y;W+Q7HS7=G:07BP%(!+-!"\C)L*&0QIYA7S-D>_RU\8\/_P#!)OQ-\(?BM\%=M9^$O[6?Q-U/PWX!^(NI>)/$-IXLUS3)9I&NK+4#EK)=3W=W=E+F2:3>MT-UGWG@9+OX66WA_0[M+6GAO)M!DBLHX[:&Z^S2-%AU5:LX>SMU>OW7/USMHK^>KX9_ME:@JVMG^T%_P59_:Q^"/[15AK0N-?3XC6T]_P""X7^U/^[_`+#AM7SHE\G9E)XEMUD#@H(_F7]__``#KB>)_`NB^)8_%&DZXNH:3;7*ZUH'_`!X:M@)(E?[1;?O)/W,F=Z?O'^5E^=OO&KY%R';5KJ]\)>/='BL[R2W1TCEEC$,TR$1R21HZ,RR*74E,'-?GL?VEOMCW^RU_P7T_:2\>?L\_L?ZU\:=8OM'@L+SPUH>K/9RV=LUOH\ANV=;:X+*'C2M/;M',H.[C!]]_8!_9M_;:_:-_P""JOB+_@J3^U7^S;'\&M(A\*'1]!\)SZDDM]]J$S01VZM(556D5(DD+RRI"23;I&C*C,OT>/R')NB2UOHY^FM%?E[_P0K_:"^/7Q>_X)0?&_MXC_%KXW>+?%'B'2/%NOPZ5KWB'Q%%6%*]I6;G%R4N]E:UMS9XV"IJ=MTWM]Q^[5%?D[^U#\"_^"L_[)'[!OC/]HGX>_MA_$?XI>._B9>:#=^+].TR&YD/@M;3W2^GU)]$MA-*L2--/90%H(8S#!#)*H0#=%Q'_!-?\`:[^"?BG]LGP):?`'M_@KM\=5AU.ZDTWQ5\*/VJ9'UQ]>E8[8[>QO()1:6-P6^YF3SFE$:!9E>2$S'MA25;!5,50Q"G&',O=A-ZQ2;O;6";NHN46I6O=1U0\6E44)1LWW:Z_GYZZ'[,MUSWQ'KW5I-(T6W$MY?+;0/,8($)`>5PFU%RM,LP&17P?^R?\;OC1XC_X.%?VC?@EX