nrp-20200807

0001171486-20-000024.txt : 20200807 0001171486-20-000024.hdr.sgml : 20200807 20200807071430 ACCESSION NUMBER: 0001171486-20-000024 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20200807 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200807 DATE AS OF CHANGE: 20200807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATURAL RESOURCE PARTNERS LP CENTRAL INDEX KEY: 0001171486 STANDARD INDUSTRIAL CLASSIFICATION: BITUMINOUS COAL & LIGNITE SURFACE MINING [1221] IRS NUMBER: 352164875 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31465 FILM NUMBER: 201083707 BUSINESS ADDRESS: STREET 1: 1201 LOUISIANA STREET, SUITE 3400 CITY: HOUSTON STATE: TX ZIP: 77002 BUSINESS PHONE: 713-751-7507 MAIL ADDRESS: STREET 1: 1201 LOUISIANA STREET, SUITE 3400 CITY: HOUSTON STATE: TX ZIP: 77002 8-K 1 nrp-20200807.htm 8-K nrp-20200807

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): August 7, 2020

______________________________________________________

NATURAL RESOURCE PARTNERS LP

(Exact Name of Registrant as Specified in Charter)

______________________________________________________

Delaware

001-31465

35-2164875

(State or other jurisdiction

of incorporation or organization)

(Commission File

Number)

(I.R.S. Employer

Identification No.)

1201 Louisiana St., Suite 3400

Houston,

Texas

77002

(Address of principal executive office) (Zip Code)

(713)

751-7507

(Registrant's telephone number, including area code)

______________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Units representing limited partner interests

NRP

New York Stock Exchange

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


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


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


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


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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging Growth Company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨


Item 2.02.			Results of Operations and Financial Condition

In accordance with General Instruction B.2. of Form 8-K, the following information and the exhibit referenced therein are being furnished pursuant to Item 2.02 of Form 8-K and are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, are not subject to the liabilities of that section and are not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

On August 7, 2020, Natural Resource Partners L.P. announced via press release its earnings and operating results for the second quarter of 2020. A copy of NRP’s press release is attached hereto as Exhibit 99.1.


Item 9.01.			Financial Statements and Exhibits


(d)			Exhibits.

99.1			Natural Resource Partners L.P. press release dated as of August 7 , 2020
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

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

NATURAL RESOURCE PARTNERS L.P.

(Registrant)

By:

NRP (GP) LP

its General Partner

By:

GP Natural Resource Partners LLC

its General Partner

Date: August 7, 2020

/s/ Kathryn S. Wilson

Kathryn S. Wilson

Vice President and General Counsel

EX-99.1 2 exhibit991q22020pressr.htm EX-99.1 Document

Exhibit 99.1

Natural Resource Partners L.P.

1201 Louisiana St., Suite 3400, Houston, TX 77002

NEWS RELEASE

Natural Resource Partners L.P. Reports Second Quarter 2020 Results

and Declares Second Quarter 2020 Distributions

HOUSTON, August 7, 2020 - Natural Resource Partners L.P. (NYSE:NRP) today reported second quarter 2020 results as follows:


	For the Three Months Ended						Last Twelve Months
	June 30,						June 30,
(In thousands) (Unaudited)	2020		2019		2020
Net income (loss) from continuing operations	$	(125,501)	$	19,106	$	(187,007)
Asset impairments	132,283		—		280,497
Net income from continuing operations excluding asset impairments ⁽¹⁾	$	6,782	$	19,106	$	93,490
Adjusted EBITDA ⁽¹⁾	29,336		62,791		145,256




Cash flow provided by (used in) continuing operations:
Operating activities	19,935		53,359		111,218
Investing activities	365		698		7,463
Financing activities	(9,978)		(97,989)		(93,628)
Distributable cash flow ⁽¹⁾	21,300		54,013		119,442
Free cash flow ⁽¹⁾	19,793		53,810		112,177
Cash flow cushion (last twelve months) ⁽¹⁾					17,502

(1)See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

"NRP continues to operate under government guidelines and employ remote work protocols. Our people are safe and the company is conducting business as usual," said Craig Nunez, NRP's President and Chief Operating Officer. "While the COVID-19 pandemic continues to have a significant negative impact on demand for steel, electricity and glass, which translates to lower demand for coal and soda ash, we continue to believe that our ample liquidity, continued free cash flow generation and the fact that our parent company bonds do not mature until 2025 will provide us with the financial flexibility and margin of safety necessary to manage through the downturn.”

NRP's liquidity was $210.8 million at June 30, 2020, consisting of $110.8 million of cash and $100.0 million of borrowing capacity available under its revolving credit facility.

NRP announced today that the Board of Directors of its general partner declared a second quarter 2020 cash distribution of $0.45 per common unit of NRP to be paid on August 26, 2020 to unitholders of record on August 19, 2020. The Board also declared a second quarter 2020 cash distribution on NRP’s 12.0% Class A Convertible Preferred Units, totaling $7.5 million. Future distributions on NRP's common and preferred units will be determined on a quarterly basis by the Board of Directors. The Board of Directors considers numerous factors each quarter in determining cash distributions, including profitability, cash flow, debt service obligations, market conditions and outlook, and the level of cash reserves that the Board determines is necessary for future operating and capital needs.

Segment Performance

Coal Royalty and Other

Revenues and other income in the second quarter of 2020 were lower by $36.1 million and distributable cash flow and free cash flow were $23.2 million and $24.5 million lower, respectively, as compared to the prior year quarter. This decrease is primarily a result of a weakened market for metallurgical coal as compared to the prior year quarter due to a decline in global steel demand. As a result, both sales volumes and prices for metallurgical coal sold were lower in the second quarter of 2020 compared to the prior year quarter. Approximately 80% of coal royalty revenues and approximately 70% of coal royalty sales volumes were derived from metallurgical coal during the three months ended June 30, 2020. In addition, weaker domestic and export thermal coal markets compared to the prior year period resulted in lower revenue from our thermal coal properties. Domestic and export thermal coal markets remained challenged by lower utility demand, continued low natural gas prices and the secular shift to renewable energy. Furthermore, the COVID-19 pandemic has compounded already weak coal pricing and demand, and NRP's coal lessees are seeing significant negative impacts on their businesses.

NRP worked with its largest lessee, Foresight Energy, to help them to develop a plan that enabled Foresight to emerge from bankruptcy in the second quarter of 2020. NRP entered into lease amendments pursuant to which Foresight agreed to pay NRP fixed cash payments of $48.75 million in 2020 and $42.0 million in 2021 to satisfy all obligations arising out of the existing various coal mining leases and transportation infrastructure fee agreements between NRP and Foresight Energy for calendar years 2020 and 2021. Through the first six months of 2020, NRP received $21.2 million of the $48.75 million due in 2020. Beginning in January 2022, Foresight payment obligations will be calculated in accordance with the provisions of the original lease agreements, except with respect to the Macoupin mine. While the Macoupin mine is idled, Foresight will pay an annual fee of $2.0 million to NRP each year through 2023 to continue to lease NRP's coal reserves at Macoupin.

NRP also recorded $132.3 million in non-cash asset impairment expense in the second quarter of 2020 primarily related to weakened coal markets that was compounded by the COVID-19 pandemic and resulted in the termination of certain coal leases, changes to lessee mine plans resulting in permanent moves off of certain coal properties and decreased oil and gas drilling activity which negatively impacted the outlook for NRP's frac sand properties.

Soda Ash

Ciner Wyoming was negatively impacted by the COVID-19 pandemic as lower activity in the global auto, container and construction industries reduced demand for glass and soda ash. Revenues and other income in the second quarter of 2020 were lower by $14.4 million compared to the prior year quarter primarily due to a combination of lower pricing and volumes sold. Distributions received from Ciner Wyoming were $7.1 million in the second quarter of 2020 as compared to $9.3 million in the second quarter of 2019.

Global soda ash prices are down roughly 25% from a year ago, to levels that NRP believes are below the cost of production of the world’s synthetic soda ash producers and some of the natural soda ash producers. NRP expects the soda ash industry to face significant headwinds until the global economy gets back on track. While NRP believes Ciner Wyoming's facility is competitively positioned as one of the lowest cost producers of soda ash in the world, NRP expects soda ash markets to continue to be challenged over the next several quarters.

Ciner Wyoming continues to develop plans for a significant capacity expansion capital project. However, they have delayed the timing of significant costs related to this project until they have more clarity and visibility into the impact of the COVID-19 pandemic on its business. In addition, in order to achieve greater financial flexibility during the COVID-19 pandemic, Ciner Wyoming suspended its quarterly distribution for the second quarter which would have been paid to NRP in August 2020. Ciner Wyoming will continue to evaluate on a quarterly basis whether to reinstate the distribution, which will be dependent in part on its cash reserves, liquidity, total debt levels and anticipated capital expenditures.

Corporate and Financing

Corporate and financing costs were $32.0 million lower in the second quarter of 2020 compared to the prior year quarter primarily due to the loss on extinguishment of debt of $29.3 million related to the refinancing and extension of both NRP's 2022 Senior Notes and revolving credit facility in the second quarter of 2019, as well as lower interest expense as a result of less debt outstanding. Distributable cash flow and free cash flow were $7.3 million lower compared to the prior year quarter primarily due to the timing of interest payments on the parent company bonds that were refinanced in the second quarter of 2019. Interest payments are due in June and December on the new 9.125% Notes, compared to March and September on the previous 10.5% Notes. Additionally, NRP redeemed the $3.75 million of paid-in-kind preferred units in the second quarter of 2020.

Conference Call

A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link http://www.directeventreg.com/registration/ event/5489831. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full call we suggest registering at least 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP’s website.

Withholding Information for Foreign Investors

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of NRP's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, NRP's distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate.

Company Profile

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of mineral properties in the United States including interests in coal, industrial minerals and other natural resources. In addition, NRP owns an equity investment in Ciner Wyoming LLC, a trona ore mining and soda ash production business.

For additional information, please contact Tiffany Sammis at 713-751-7515 or tsammis@nrplp.com. Further information about NRP is available on the Partnership’s website at http://www.nrplp.com.

Forward-Looking Statements

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: the effects of the global COVID-19 pandemic; future distributions on the Partnership’s common and preferred units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees, including Foresight Energy; Ciner Wyoming LLC’s trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners’ Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

"Adjusted EBITDA" is a non-GAAP financial measure that we define as net income (loss) from continuing operations less equity earnings from unconsolidated investment, net income attributable to non-controlling interest and gain on reserve swap; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income (loss), the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.

“Distributable cash flow” or "DCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures and distributions to non-controlling interest. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, distributable cash flow is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. Distributable cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

“Free cash flow” or "FCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures, cash flow used in acquisition costs classified as investing or financing activities and distributions to non-controlling interest. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

"Cash flow cushion" is a non-GAAP financial measure that we define as free cash flow less one-time beneficial items, mandatory Opco debt repayments, preferred unit distributions and common unit distributions. Cash flow cushion is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Cash flow cushion is a supplemental liquidity measure used by our management to assess the Partnership's ability to make or raise cash distributions to our common and preferred unitholders and our general partner and repay debt or redeem preferred units.

"Return on capital employed" or "ROCE" is a non-GAAP financial measure that we define as net income (loss) from continuing operations plus financing costs (interest expense plus loss on extinguishment of debt) divided by the sum of equity excluding equity of discontinued operations, and debt. Return on capital employed should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. Return on capital employed is a supplemental performance measure used by our management team that measures our profitability and efficiency with which our capital is employed. The measure provides an indication of operating performance before the impact of leverage in the capital structure.

-Financial Tables and Reconciliation of Non-GAAP Measures Follow-

Natural Resource Partners L.P.

Financial Tables

(Unaudited)


Consolidated Statements of Comprehensive Income (Loss)

	For the Three Months Ended										For the Six Months Ended
	June 30,						March 31,		June 30,
(In thousands, except per unit data)	2020		2019		2020		2020		2019
Revenues and other income
Coal royalty and other	$	31,666	$	64,616	$	31,433	$	63,099	$	114,118
Transportation and processing services	1,938		5,274		2,509		4,447		10,875
Equity in earnings (loss) of Ciner Wyoming	(3,058)		11,333		6,272		3,214		23,015

Gain on asset sales and disposals	465		246		—		465		502
Total revenues and other income	$	31,011	$	81,469	$	40,214	$	71,225	$	148,510

Operating expenses
Operating and maintenance expenses	$	8,217	$	12,459	$	5,202	$	13,419	$	20,819
Depreciation, depletion and amortization	2,062		3,970		2,012		4,074		8,362
General and administrative expenses	3,621		4,196		3,913		7,534		8,546
Asset impairments	132,283		—		—		132,283		—
Total operating expenses	$	146,183	$	20,625	$	11,127	$	157,310	$	37,727

Income (loss) from operations	$	(115,172)	$	60,844	$	29,087	$	(86,085)	$	110,783



Other expenses, net
Interest expense, net	$	(10,329)	$	(12,456)	$	(10,308)	$	(20,637)	$	(26,630)

Loss on extinguishment of debt	—		(29,282)		—		—		(29,282)
Total other expenses, net	$	(10,329)	$	(41,738)	$	(10,308)	$	(20,637)	$	(55,912)


Net income (loss) from continuing operations	$	(125,501)	$	19,106	$	18,779	$	(106,722)	$	54,871
Income from discontinued operations	—		245		—		—		199
Net income (loss)	$	(125,501)	$	19,351	$	18,779	$	(106,722)	$	55,070


Less: income attributable to preferred unitholders	(7,613)		(7,500)		(7,500)		(15,113)		(15,000)
Net income (loss) attributable to common unitholders and general partner	$	(133,114)	$	11,851	$	11,279	$	(121,835)	$	40,070

Net income (loss) attributable to common unitholders	$	(130,452)	$	11,614	$	11,053	$	(119,398)	$	39,269
Net income (loss) attributable to the general partner	(2,662)		237		226		(2,437)		801

Income (loss) from continuing operations per common unit
Basic	$	(10.64)	$	0.93	$	0.90	$	(9.74)	$	3.19
Diluted	(10.64)		0.85		0.52		(9.74)		2.58

Net income (loss) per common unit
Basic	$	(10.64)	$	0.95	$	0.90	$	(9.74)	$	3.20
Diluted	(10.64)		0.87		0.52		(9.74)		2.59

Net income (loss)	$	(125,501)	$	19,351	$	18,779	$	(106,722)	$	55,070
Comprehensive income (loss) from unconsolidated investment and other	1,359		(825)		(1,023)		336		180
Comprehensive income (loss)	$	(124,142)	$	18,526	17,756		$	(106,386)	$	55,250

Natural Resource Partners L.P.

Financial Tables

(Unaudited)


Consolidated Statements of Cash Flows

	For the Three Months Ended										For the Six Months Ended
	June 30,						March 31,		June 30,
(In thousands)	2020		2019		2020		2020		2019
Cash flows from operating activities
Net income (loss)	$	(125,501)	$	19,351	$	18,779	$	(106,722)	$	55,070
Adjustments to reconcile net income (loss) to net cash provided by operating activities of continuing operations:
Depreciation, depletion and amortization	2,062		3,970		2,012		4,074		8,362
Distributions from unconsolidated investment	7,105		9,310		7,105		14,210		19,110
Equity earnings from unconsolidated investment	3,058		(11,333)		(6,272)		(3,214)		(23,015)
Gain on asset sales and disposals	(465)		(246)		—		(465)		(502)

Loss on extinguishment of debt	—		29,282		—		—		29,282
Income from discontinued operations	—		(245)		—		—		(199)
Asset impairments	132,283		—		—		132,283		—
Bad debt expense	3,847		6,681		(190)		3,657		6,691
Unit-based compensation expense	924		475		729		1,653		1,376
Amortization of debt issuance costs and other	(1,534)		355		448		(1,086)		2,151
Change in operating assets and liabilities:
Accounts receivable	8,446		1,830		(5,073)		3,373		(3,107)
Accounts payable	(44)		(561)		93		49		(1,177)
Accrued liabilities	(915)		642		(2,861)		(3,776)		(5,522)
Accrued interest	(7,351)		2,889		7,060		(291)		(7,144)
Deferred revenue	2,202		(7,218)		8,265		10,467		(2,684)
Other items, net	(4,182)		(1,823)		60		(4,122)		(2,501)
Net cash provided by operating activities of continuing operations	$	19,935	$	53,359	$	30,155	$	50,090	$	76,191
Net cash provided by operating activities of discontinued operations	—		234		1,706		1,706		355
Net cash provided by operating activities	$	19,935	$	53,593	$	31,861	$	51,796	$	76,546


Cash flows from investing activities

Proceeds from asset sales and disposals	$	507	$	247	$	—	$	507	$	503
Return of long-term contract receivable	858		451		272		1,130		892
Acquisition of non-controlling interest in BRP	(1,000)		—		—		(1,000)		—

Net cash provided by investing activities of continuing operations	$	365	$	698	$	272	$	637	$	1,395
Net cash used in investing activities of discontinued operations	—		(44)		(66)		(66)		(434)
Net cash provided by investing activities	$	365	$	654	$	206	$	571	$	961

Natural Resource Partners L.P.

Financial Tables

(Unaudited)


Cash flows from financing activities


Debt borrowings	$	—	$	300,000	$	—	$	—	$	300,000

Debt repayments	(2,365)		(348,002)		(16,696)		(19,061)		(434,470)
Distributions to common unitholders and general partner	—		(16,265)		(5,630)		(5,630)		(21,890)
Distributions to preferred unitholders	(7,613)		(7,500)		(7,500)		(15,113)		(15,000)

Contributions from (to) discontinued operations	—		190		1,640		1,640		(79)
Debt issuance costs and other	—		(26,412)		—		—		(26,402)
Net cash used in financing activities of continuing operations	$	(9,978)	$	(97,989)	$	(28,186)	$	(38,164)	$	(197,841)
Net cash provided by (used in) financing activities of discontinued operations	—		(190)		(1,640)		(1,640)		79
Net cash used in financing activities	$	(9,978)	$	(98,179)	$	(29,826)	$	(39,804)	$	(197,762)


Net increase (decrease) in cash and cash equivalents	$	10,322	$	(43,932)	$	2,241	$	12,563	$	(120,255)
Cash and cash equivalents at beginning of period	100,506		129,707		98,265		98,265		206,030
Cash and cash equivalents at end of period	$	110,828	$	85,775	$	100,506	$	110,828	$	85,775

Supplemental cash flow information:
Cash paid during the period for interest	$	17,183	$	9,623	$	3,039	$	20,222	$	33,045


Plant, equipment and mineral rights funded with accounts payable or accrued liabilities	$	924	$	—	$	—	$	924	$	—

Natural Resource Partners L.P.

Financial Tables

(Unaudited)


Consolidated Balance Sheets

	June 30,		December 31,
(In thousands, except unit data)	2020		2019
ASSETS
Current assets
Cash and cash equivalents	$	110,828	$	98,265

Accounts receivable, net	22,044		30,869
Prepaid expenses and other, net	4,931		1,244
Current assets of discontinued operations	—		1,706
Total current assets	$	137,803	$	132,084
Land	24,008		24,008

Mineral rights, net	468,863		605,096
Intangible assets, net	17,608		17,687
Equity in unconsolidated investment	252,420		263,080
Long-term contract receivable, net	34,309		36,963

Other assets, net	8,554		6,989
Total assets	$	943,565	$	1,085,907
LIABILITIES AND CAPITAL
Current liabilities
Accounts payable	$	1,228	$	1,179
Accrued liabilities	6,027		8,764
Accrued interest	2,026		2,316
Current portion of deferred revenue	8,857		4,608
Current portion of long-term debt, net	45,786		45,776
Current liabilities of discontinued operations	—		65
Total current liabilities	$	63,924	$	62,708
Deferred revenue	53,431		47,213
Long-term debt, net	452,101		470,422

Other non-current liabilities	4,901		4,949
Total liabilities	$	574,357	$	585,292
Commitments and contingencies
Class A Convertible Preferred Units (250,000 units issued and outstanding at June 30, 2020 and December 31, 2019, at $1,000 par value per unit; liquidation preference of $1,700 per unit at June 30, 2020 and $1,500 per unit at December 31, 2019)	$	164,587	$	164,587
Partners’ capital:
Common unitholders’ interest (12,261,199 units issued and outstanding at June 30, 2020 and December 31, 2019)	$	139,517	$	271,471
General partner’s interest	546		3,270
Warrant holders' interest	66,816		66,816
Accumulated other comprehensive loss	(2,258)		(2,594)
Total partners’ capital	$	204,621	$	338,963
Non-controlling interest	—		(2,935)
Total capital	$	204,621	$	336,028
Total liabilities and capital	$	943,565	$	1,085,907

Natural Resource Partners L.P.

Financial Tables

(Unaudited)


Consolidated Statements of Partners' Capital
	Common Unitholders					General Partner		Warrant Holders		Accumulated Other Comprehensive Loss		Partners' Capital Excluding Non-Controlling Interest		Non-Controlling Interest		Total Capital

(In thousands)	Units	Amounts
Balance at December 31, 2019	12,261	$	271,471	$	3,270	$	66,816	$	(2,594)	$	338,963	$	(2,935)	$	336,028
Cumulative effect of adoption of accounting standard	—	(3,833)		(78)		—		—		(3,911)		—		(3,911)
Net income ⁽¹⁾	—	18,403		376		—		—		18,779		—		18,779
Distributions to common unitholders and general partner	—	(5,517)		(113)		—		—		(5,630)		—		(5,630)
Distributions to preferred unitholders	—	(7,350)		(150)		—		—		(7,500)		—		(7,500)

Unit-based awards amortization and vesting	—	673		—		—		—		673		—		673


Comprehensive loss from unconsolidated investment and other	—	—		—		—		(1,023)		(1,023)		—		(1,023)
Balance at March 31, 2020	12,261	$	273,847	$	3,305	$	66,816	$	(3,617)	$	340,351	$	(2,935)	$	337,416
Net loss ⁽²⁾	—	(122,991)		(2,510)		—		—		(125,501)		—		(125,501)

Distributions to preferred unitholders	—	(7,461)		(152)		—		—		(7,613)		—		(7,613)
Purchase of non-controlling interest in BRP	—	(4,747)		(97)				—		(4,844)		2,935		(1,909)

Unit-based awards amortization and vesting	—	869		—		—		—		869		—		869
Comprehensive income from unconsolidated investment and other	—	—		—		—		1,359		1,359		—		1,359
Balance at June 30, 2020	12,261	$	139,517	$	546	$	66,816	$	(2,258)	$	204,621	$	—	$	204,621

(1)Net income includes $7.5 million attributable to preferred unitholders that accumulated during the period, of which $7.35 million is allocated to the common unitholders and $0.15 million is allocated to the general partner.

(2)Net loss includes $7.6 million attributable to preferred unitholders that accumulated during the period, of which $7.46 million is allocated to the common unitholders and $0.15 million is allocated to the general partner.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)


	Common Unitholders					General Partner		Warrant Holders		Accumulated Other Comprehensive Loss		Partners' Capital Excluding Non-Controlling Interest		Non-Controlling Interest		Total Capital

(In thousands)	Units	Amounts
Balance at December 31, 2018	12,249	$	355,113	$	5,014	$	66,816	$	(3,462)	$	423,481	$	(2,935)	$	420,546
Net income ⁽¹⁾	—	35,005		714		—		—		35,719		—		35,719
Distributions to common unitholders and general partner	—	(5,513)		(112)		—		—		(5,625)		—		(5,625)
Distributions to preferred unitholders	—	(7,350)		(150)		—		—		(7,500)		—		(7,500)
Issuance of unit-based awards	12	486		—		—		—		486		—		486
Unit-based awards amortization and vesting	—	399		—		—		—		399		—		399


Comprehensive income from unconsolidated investment and other	—	—		10		—		1,005		1,015		—		1,015
Balance at March 31, 2019	12,261	$	378,140	$	5,476	$	66,816	$	(2,457)	$	447,975	$	(2,935)	$	445,040
Net income ⁽¹⁾	—	18,964		387		—		—		19,351		—		19,351
Distributions to common unitholders and general partner	—	(15,939)		(326)		—		—		(16,265)		—		(16,265)
Distributions to preferred unitholders	—	(7,350)		(150)		—		—		(7,500)		—		(7,500)

Unit-based awards amortization and vesting	—	460		—		—		—		460		—		460
Comprehensive loss from unconsolidated investment and other	—	—		—		—		(825)		(825)		—		(825)
Balance at June 30, 2019	12,261	$	374,275	$	5,387	$	66,816	$	(3,282)	$	443,196	$	(2,935)	$	440,261

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

The following tables present NRP's unaudited business results by segment for the three months ended June 30, 2020 and 2019 and March 31, 2020:


	Operating Segments
	Coal Royalty and Other					Corporate and Financing
(In thousands)					Soda Ash					Total
For the Three Months Ended June 30, 2020
Revenues	$	33,604	$	(3,058)		$	—	$	30,546

Gain on asset sales and disposals	465		—			—		465
Total revenues and other income (loss)	$	34,069	$	(3,058)		$	—	$	31,011
Asset impairments	$	132,283	$	—		$	—	$	132,283
Net income (loss) from continuing operations	(108,479)		(3,087)			(13,935)		$	(125,501)
Adjusted EBITDA ⁽¹⁾	$	25,881	$	7,076		$	(3,621)	$	29,336
Cash flow provided by (used in) continuing operations:
Operating activities	$	31,953	$	7,077		$	(19,095)	$	19,935
Investing activities	$	365	$	—		$	—	$	365
Financing activities	$	—	$	—		$	(9,978)	$	(9,978)
Distributable cash flow ^{(1) (2)}	$	33,318	$	7,077		$	(19,095)	$	21,300
Free cash flow⁽¹⁾	$	31,811	$	7,077		$	(19,095)	$	19,793

For the Three Months Ended June 30, 2019
Revenues	$	69,890	$	11,333		$	—	$	81,223
Gain on asset sales and disposals	246		—			—		246
Total revenues and other income	$	70,136	$	11,333		$	—	$	81,469
Asset impairments	$	—	$	—		$	—	$	—
Net income (loss) from continuing operations	$	53,707	$	11,333		$	(45,934)	$	19,106
Adjusted EBITDA ⁽¹⁾	$	57,677	$	9,310		$	(4,196)	$	62,791
Cash flow provided by (used in) continuing operations:
Operating activities	$	55,811	$	9,310		$	(11,762)	$	53,359
Investing activities	$	698	$	—		$	—	$	698
Financing activities	$	—	$	—		$	(97,989)	$	(97,989)
Distributable cash flow^{(1) (2)}	$	56,509	$	9,310		$	(11,762)	$	54,013
Free cash flow⁽¹⁾	$	56,262	$	9,310		$	(11,762)	$	53,810

For the Three Months Ended March 31, 2020
Revenues	$	33,942	$	6,272		$	—	$	40,214
Loss on asset sales and disposals	—		—			—		—
Total revenues and other income	$	33,942	$	6,272		$	—	$	40,214
Asset impairments	$	—	$	—		$	—	$	—
Net income (loss) from continuing operations	$	26,744	$	6,256		$	(14,221)	$	18,779
Adjusted EBITDA ⁽¹⁾	$	28,756	$	7,089		$	(3,913)	$	31,932
Cash flow provided by (used in) continuing operations:
Operating activities	$	30,556	$	7,089		$	(7,490)	$	30,155
Investing activities	$	272	$	—		$	—	$	272
Financing activities	$	—	$	—		$	(28,186)	$	(28,186)
Distributable cash flow ^{(1) (2)}	$	30,828	$	7,089		$	(7,490)	$	30,361
Free cash flow ⁽¹⁾	$	30,828	$	7,089		$	(7,490)	$	30,427

(1)See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

(2)Includes net proceeds from the sale of the construction aggregates business which are classified as investing cash flow from discontinued operations.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

The following tables present NRP's unaudited business results by segment for the six months ended June 30, 2020 and 2019:


	Operating Business Segments
	Coal Royalty and Other					Corporate and Financing
(In thousands)					Soda Ash					Total
For the Six Months Ended June 30, 2020
Revenues	$	67,546	$	3,214		$	—	$	70,760
Gain on asset sales and disposals	465		—			—		465
Total revenues and other income	$	68,011	$	3,214		$	—	$	71,225
Asset impairments	$	132,283	$	—		$	—	$	132,283
Net income (loss) from continuing operations	$	(81,735)	$	3,169		$	(28,156)	$	(106,722)
Adjusted EBITDA ⁽¹⁾	$	54,637	$	14,165		$	(7,534)	$	61,268
Cash flow provided by (used in) continuing operations:
Operating activities	$	62,509	$	14,166		$	(26,585)	$	50,090
Investing activities	$	637	$	—		$	—	$	637
Financing activities	$	—	$	—		$	(38,164)	$	(38,164)
Distributable cash flow ^{(1) (2)}	$	64,146	$	14,166		$	(26,585)	$	51,661
Free cash flow ⁽¹⁾	$	62,639	$	14,166		$	(26,585)	$	50,220


For the Six Months Ended June 30, 2019
Revenues	$	124,993	$	23,015		$	—	$	148,008

Gain on asset sales and disposals	502		—			—		502
Total revenues and other income	$	125,495	$	23,015		$	—	$	148,510
Asset impairments	$	—	$	—		$	—	$	—
Net income (loss) from continuing operations	$	96,314	$	23,015		$	(64,458)	$	54,871
Adjusted EBITDA ⁽¹⁾	$	104,676	$	19,110		$	(8,546)	$	115,240
Cash flow provided by (used in) continuing operations:
Operating activities	$	98,727	$	19,110		$	(41,646)	$	76,191
Investing activities	$	1,395	$	—		$	—	$	1,395
Financing activities	$	—	$	—		$	(197,841)	$	(197,841)
Distributable cash flow ^{(1) (2)}	$	100,122	$	19,110		$	(41,646)	$	77,152
Free cash flow ⁽¹⁾	$	99,619	$	19,110		$	(41,646)	$	77,083

(1)See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

(2)Includes net proceeds from the sale of the construction aggregates business which are classified as investing cash flow from discontinued operations.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)


Operating Statistics - Coal Royalty and Other

	For the Three Months Ended										For the Six Months Ended
	June 30,						March 31,		June 30,
(In thousands, except per ton data)	2020		2019		2020		2020		2019
Coal sales volumes (tons)
Appalachia
Northern ⁽¹⁾	87		1,625		327		414		2,484
Central	2,463		3,825		2,933		5,396		7,247
Southern	426		386		222		648		734
Total Appalachia	2,976		5,836		3,482		6,458		10,465
Illinois Basin	578		535		505		1,083		1,095
Northern Powder River Basin	340		591		527		867		1,447

Total coal sales volumes	3,894		6,962		4,514		8,408		13,007
Coal royalty revenue per ton
Appalachia
Northern ⁽¹⁾	$	2.74	$	0.86	$	1.81	$	2.01	$	2.19
Central	4.04		6.03		4.83		4.47		6.03
Southern	4.96		6.69		4.16		4.68		7.60
Illinois Basin	1.97		4.51		4.35		3.08		4.64
Northern Powder River Basin	3.15		2.75		4.13		3.75		2.66

Combined average coal royalty revenue per ton	3.73		4.46		4.44		4.11		4.89
Coal royalty revenues
Appalachia
Northern ⁽¹⁾	$	238	$	1,393	$	593	$	831	$	5,438
Central	9,951		23,055		14,173		24,124		43,699
Southern	2,111		2,581		923		3,034		5,578
Total Appalachia	12,300		27,029		15,689		27,989		54,715
Illinois Basin	1,137		2,411		2,199		3,336		5,081
Northern Powder River Basin	1,071		1,624		2,177		3,248		3,855
Unadjusted coal royalty revenues	14,508		31,064		20,065		34,573		63,651
Coal royalty adjustment for minimum leases⁽²⁾	(3,661)		(361)		(963)		(4,624)		(817)
Total coal royalty revenues	$	10,847	$	30,703	$	19,102	$	29,949	$	62,834
Other revenues
Production lease minimum revenues ⁽²⁾	$	8,485	$	15,879	$	802	$	9,287	$	18,579
Minimum lease straight-line revenues ⁽²⁾	4,987		3,854		3,809		8,796		7,170
Property tax revenues	761		1,377		1,599		2,360		2,810
Wheelage revenues	1,584		1,945		2,204		3,788		3,360
Coal overriding royalty revenues	683		3,999		1,322		2,005		7,974
Lease amendment revenues	890		4,414		843		1,733		5,185
Aggregates royalty revenues	271		1,237		576		847		2,701
Oil and gas royalty revenues	2,742		482		1,103		3,845		2,201
Other revenues	416		726		73		489		1,304
Total other revenues	$	20,819	$	33,913	$	12,331	$	33,150	$	51,284
Coal royalty and other	$	31,666	$	64,616	$	31,433	$	63,099	$	114,118
Transportation and processing services revenues	1,938		5,274		2,509		4,447		10,875


Gain on asset sales and disposals	465		246		—		465		502
Total Coal Royalty and Other segment revenues and other income	$	34,069	$	70,136	$	33,942	$	68,011	$	125,495

(1)Northern Appalachia includes NRP's Hibbs Run property that has significant sales volumes, but a low fixed rate per ton.

(2)Beginning April 1, 2020 and effective January 1, 2020, certain revenues previously classified as coal royalty revenues are classified as production lease minimum revenues or minimum lease straight-line revenues due to contract modifications that fixed consideration paid to us over a two-year period.

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)


Adjusted EBITDA

	Coal Royalty and Other					Corporate and Financing
(In thousands)					Soda Ash					Total
For the Three Months Ended June 30, 2020
Net income (loss) from continuing operations	(108,479)		(3,087)			(13,935)		$	(125,501)
Less: equity earnings from unconsolidated investment	—		3,058			—		3,058

Add: total distributions from unconsolidated investment	—		7,105			—		7,105
Add: interest expense, net	15		—			10,314		10,329

Add: loss on extinguishment of debt	—		—			—		—
Add: depreciation, depletion and amortization	2,062		—			—		2,062
Add: asset impairments	132,283		—			—		132,283
Adjusted EBITDA	$	25,881	$	7,076		$	(3,621)	$	29,336

For the Three Months Ended June 30, 2019
Net income (loss) from continuing operations	$	53,707	$	11,333		$	(45,934)	$	19,106
Less: equity earnings from unconsolidated investment	—		(11,333)			—		(11,333)

Add: total distributions from unconsolidated investment	—		9,310			—		9,310
Add: interest expense, net	—		—			12,456		12,456

Add: loss on extinguishment of debt	—		—			29,282		29,282
Add: depreciation, depletion and amortization	3,970		—			—		3,970
Add: asset impairments	—		—			—		—
Adjusted EBITDA	$	57,677	$	9,310		$	(4,196)	$	62,791

For the Three Months Ended March 31, 2020
Net income (loss) from continuing operations	$	26,744	$	6,256		(14,221)		$	18,779
Less: equity earnings from unconsolidated investment	—		(6,272)			—		(6,272)

Add: total distributions from unconsolidated investment	—		7,105			—		7,105
Add: interest expense, net	—		—			10,308		10,308

Add: loss on extinguishment of debt	—		—			—		—
Add: depreciation, depletion and amortization	2,012		—			—		2,012
Add: asset impairments	—		—			—		—
Adjusted EBITDA	$	28,756	$	7,089		$	(3,913)	$	31,932

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)


Adjusted EBITDA

	Coal Royalty and Other					Corporate and Financing
(In thousands)					Soda Ash					Total
For the Six Months Ended June 30, 2020
Net income (loss) from continuing operations	$	(81,735)	$	3,169		$	(28,156)	$	(106,722)
Less: equity earnings from unconsolidated investment	—		(3,214)			—		(3,214)

Add: total distributions from unconsolidated investment	—		14,210			—		14,210
Add: interest expense, net	15		—			20,622		20,637

Add: loss on extinguishment of debt	—		—			—		—
Add: depreciation, depletion and amortization	4,074		—			—		4,074
Add: asset impairments	132,283		—			—		132,283
Adjusted EBITDA	$	54,637	$	14,165		$	(7,534)	$	61,268

For the Six Months Ended June 30, 2019
Net income (loss) from continuing operations	$	96,314	$	23,015		$	(64,458)	$	54,871
Less: equity earnings from unconsolidated investment	—		(23,015)			—		(23,015)

Add: total distributions from unconsolidated investment	—		19,110			—		19,110
Add: interest expense, net	—		—			26,630		26,630

Add: loss on extinguishment of debt	—		—			29,282		29,282
Add: depreciation, depletion and amortization	8,362		—			—		8,362
Add: asset impairments	—		—			—		—
Adjusted EBITDA	$	104,676	$	19,110		$	(8,546)	$	115,240

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)


Distributable Cash Flow and Free Cash Flow

	Coal Royalty and Other					Corporate and Financing
(In thousands)					Soda Ash					Total
For the Three Months Ended June 30, 2020
Net cash provided by (used in) operating activities of continuing operations	$	31,953	$	7,077		$	(19,095)	19,935

Add: proceeds from asset sales and disposals	507		—			—		507
Add: proceeds from sale of discontinued operations	—		—			—		—
Add: return of long-term contract receivable	858		—			—		858

Distributable cash flow	$	33,318	$	7,077		$	(19,095)	$	21,300
Less: proceeds from asset sales and disposals	(507)		—			—		(507)
Less: proceeds from sale of discontinued operations	—		—			—		—
Less: acquisition costs	(1,000)		—			—		(1,000)

Free cash flow	$	31,811	$	7,077		$	(19,095)	$	19,793

For the Three Months Ended June 30, 2019
Net cash provided by (used in) operating activities of continuing operations	$	55,811	$	9,310		$	(11,762)	$	53,359

Add: proceeds from asset sales and disposals	247		—			—		247
Add: proceeds from sale of discontinued operations	—		—			—		(44)
Add: return of long-term contract receivable	451		—			—		451

Distributable cash flow	$	56,509	$	9,310		$	(11,762)	$	54,013
Less: proceeds from asset sales and disposals	(247)		—			—		(247)
Less: proceeds from sale of discontinued operations	—		—			—		44
Less: acquisition costs	—		—			—		—

Free cash flow	$	56,262	$	9,310		$	(11,762)	$	53,810

For the Three Months Ended March 31, 2020
Net cash provided by (used in) operating activities of continuing operations	$	30,556	$	7,089		$	(7,490)	$	30,155

Add: proceeds from asset sales and disposals	—		—			—		—
Add: proceeds from sale of discontinued operations	—		—			—		(66)
Add: return of long-term contract receivable	272		—			—		272

Distributable cash flow	$	30,828	$	7,089		$	(7,490)	$	30,361
Less: proceeds from asset sales and disposals	—		—			—		—
Less: proceeds from sale of discontinued operations	—		—			—		66
Less: acquisition costs	—		—			—		—

Free cash flow	$	30,828	$	7,089		$	(7,490)	$	30,427

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)


Distributable Cash Flow and Free Cash Flow


	Coal Royalty and Other					Corporate and Financing
(In thousands)					Soda Ash					Total

For the Six Months Ended June 30, 2020
Net cash provided by (used in) operating activities of continuing operations	$	62,509	$	14,166		$	(26,585)	$	50,090
Add: distributions from unconsolidated investment in excess of cumulative earnings	—		—			—		—
Add: proceeds from asset sales and disposals	507		—			—		507
Add: proceeds from sale of discontinued operations	—		—			—		(66)
Add: return of long-term contract receivable	1,130		—			—		1,130

Distributable cash flow	$	64,146	$	14,166		$	(26,585)	$	51,661
Less: proceeds from asset sales and disposals	(507)		—			—		(507)
Less: proceeds from sale of discontinued operations	—		—			—		66
Less: acquisition costs	(1,000)		—			—		(1,000)

Free cash flow	$	62,639	$	14,166		$	(26,585)	$	50,220

For the Six Months Ended June 30, 2019
Net cash provided by (used in) operating activities of continuing operations	$	98,727	$	19,110		$	(41,646)	$	76,191
Add: distributions from unconsolidated investment in excess of cumulative earnings	—		—			—		—
Add: proceeds from asset sales and disposals	503		—			—		503
Add: proceeds from sale of discontinued operations	—		—			—		(434)
Add: return of long-term contract receivable	892		—			—		892

Distributable cash flow	$	100,122	$	19,110		$	(41,646)	$	77,152
Less: proceeds from asset sales and disposals	(503)		—			—		(503)
Less: proceeds from sale of discontinued operations	—		—			—		434
Less: acquisition costs	—		—			—		—

Free cash flow	$	99,619	$	19,110		$	(41,646)	$	77,083

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)


LTM Free Cash Flow and Cash Flow Cushion

	For the Three Months Ended
(In thousands)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		Last 12 Months
Net cash provided by operating activities of continuing operations	$	41,734	$	19,394	$	30,155	$	19,935	$	111,218
Add: proceeds from asset sales and disposals	6,108		(111)		—		507		6,504
Add: proceeds from sale of discontinued operations	(122)		(73)		(66)		—		(261)
Add: return of long-term contract receivable	459		392		272		858		1,981
Distributable cash flow	$	48,179	$	19,602	$	30,361	$	21,300	$	119,442
Less: proceeds from asset sales and disposals	(6,108)		111		—		(507)		(6,504)
Less: proceeds from sale of discontinued operations	122		73		66		—		261
Less: acquisition costs	—		(22)		—		(1,000)		(1,022)
Free cash flow	$	42,193	$	19,764	$	30,427	$	19,793	$	112,177
Add (less): free cash flow provided by (used by) discontinued operations	(359)		(4)		1,706		—		1,343
Free cash flow including discontinued operations	$	41,834	$	19,760	$	32,133	$	19,793	$	113,520
Add (less): free cash flow used by (provided by) discontinued operations	359		4		(1,706)		—		(1,343)
Free cash flow excluding discontinued operations	$	42,193	$	19,764	$	30,427	$	19,793	$	112,177
Less: mandatory Opco debt repayments	(8,276)		(20,335)		(16,696)		(2,365)		(47,672)
Less: preferred unit distributions	(7,500)		(7,500)		(7,500)		(7,613)		(30,113)
Less: common unit distributions	(5,630)		(5,630)		(5,630)		—		(16,890)
Cash flow cushion	$	20,787	$	(13,701)	$	601	$	9,815	$	17,502


Leverage Ratio

	For the Three Months Ended
(In thousands)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		Last 12 Months
Net income (loss) from continuing operations	$	39,163	$	(119,448)	$	18,779	$	(125,501)	$	(187,007)
Less: equity earnings from unconsolidated investment	(13,818)		(10,256)		(6,272)		3,058		(27,288)
Add: total distributions from unconsolidated investment	6,370		6,370		7,105		7,105		26,950
Add: interest expense, net	10,431		10,392		10,308		10,329		41,460

Add: depreciation, depletion and amortization	3,384		3,186		2,012		2,062		10,644
Add: asset impairments	484		147,730		—		132,283		280,497
Adjusted EBITDA	$	46,014	$	37,974	$	31,932	$	29,336	$	145,256



Debt—at June 30, 2020									$	504,995

Leverage Ratio ⁽¹⁾									3.5		x

(1)Leverage Ratio is calculated as the outstanding principal of NRP's debt as of June 30, 2020 divided by the last twelve months' Adjusted EBITDA. Note that adjusted EBITDA under NRP's partnership agreement is different than amount shown above. As a result, NRP's last twelve months Leverage ratio as of June 30, 2020, was 3.6x as calculated under NRP's partnership agreement.

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)


Return on Capital Employed ("ROCE")
	Coal Royalty and Other					Corporate and Financing
(In thousands)					Soda Ash					Total
LTM Ended June 30, 2020
Net income (loss) from continuing operations	$	(156,838)	$	26,994		$	(57,163)	$	(187,007)
Financing costs	—		—			42,702		42,702
Return	$	(156,838)	$	26,994		$	(14,461)	$	(144,305)

As of June 30, 2019
Total assets of continuing operations	$	949,198	$	251,135		$	18,126	$	1,218,459
Less: total current liabilities of continuing operations excluding current debt	(12,365)		—			(9,482)		(21,847)
Less: total long-term liabilities of continuing operations excluding long-term debt	(47,667)		—			(354)		(48,021)

Capital employed excluding discontinued operations	$	889,166	$	251,135		$	8,290	$	1,148,591






Total partners' capital ⁽¹⁾	$	892,101	$	251,135		$	(700,366)	$	443,196
Less: non-controlling interest	(2,935)		—			—		(2,935)
Less: partners' capital from discontinued operations	—		—			—		(326)
Total partners' capital excluding discontinued operations	$	889,166	$	251,135		$	(700,366)	$	439,935
Class A convertible preferred units	—		—			164,587		164,587
Debt	—		—			544,069		544,069
Capital employed excluding discontinued operations	$	889,166	$	251,135		$	8,290	$	1,148,591

ROCE excluding discontinued operations	(17.6)%		10.7%			N/A		(12.6)%

Excluding asset impairments:
Return	$	(156,838)	$	26,994		$	(14,461)	$	(144,305)
Add: asset impairments	280,497		—			—		280,497
Return excluding asset impairments	$	123,659	$	26,994		$	(14,461)	$	136,192

ROCE excluding discontinued operations and asset impairments	13.9%		10.7%			N/A		11.9%

(1)Total partners' capital includes $0.3 million from discontinued operations.


Change in Common Unitholders' Equity Excluding Asset Impairments Attributable to Common Unitholders
(In thousands)

Q2 2020 Common unitholders' equity	$	139,517
Q2 2019 Common unitholders' equity	$	374,275
LTM Change in common unitholders' equity	$	(234,758)

LTM Asset impairments	$	280,497
LTM Asset impairments attributable to common unitholders	$	274,887

LTM Change in common unitholders' equity excluding asset impairments attributable to common unitholders	$	40,129

-end-

EX-101.SCH 3 nrp-20200807.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 0001001 - Document - Cover link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 nrp-20200807_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 nrp-20200807_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 nrp-20200807_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Written Communications Written Communications Pre-commencement Tender Offer Pre-commencement Tender Offer Entity Incorporation, State or Country Code Entity Incorporation, State or Country Code Entity Address, City or Town Entity Address, City or Town Soliciting Material Soliciting Material Entity Address, Address Line One Entity Address, Address Line One Security Exchange Name Security Exchange Name City Area Code City Area Code Cover [Abstract] Entity Central Index Key Entity Central Index Key Entity Tax Identification Number Entity Tax Identification Number Entity File Number Entity File Number Document Type Document Type Entity Emerging Growth Company Entity Emerging Growth Company Title of 12(b) Security Title of 12(b) Security Amendment Flag Amendment Flag Local Phone Number Local Phone Number Entity Address, State or Province Entity Address, State or Province Entity Address, Postal Zip Code Entity Address, Postal Zip Code Pre-commencement Issuer Tender Offer Pre-commencement Issuer Tender Offer Trading Symbol Trading Symbol Document Period End Date Document Period End Date Entity Registrant Name Entity Registrant Name EX-101.PRE 7 nrp-20200807_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT GRAPHIC 8 image0b081.gif GRAPHIC begin 644 image0b081.gif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

[P&?"M@>"=3D"FS M"ES +M) ,$Y T-#2^*P/_" !+BD!+""(!*B)QCB_)1>(R; ZCG T2 XG M)H8E)J:B)8XE"GSB!WS *6A%E<0"$VC @1CT&!0T32 79+^4 EYD B%T%[R MI0@E0-,L .P7@1TP$NVP#"D1OM5QQ?U@1ED029UDCZRE9#9P(^9#F;60!08 ME26,PGB/^HB2Z(E3"I%>HPR<4D!HPP0J0 .W)G@B$ =$0 3 H@- M .TD N5$ =]T/FXCVI]S $L0&%V !],)2PDS!SH 7@(E?*)R6")5BRIRJZ M9X1**.UE(@K47H9VH@2D)3-Z!3+^S,$9S('#( W3P!"@\>?X\*4'30!@KI!= MVJ5@UF(D.D $C&<8*.8T4 H; %E?J/I"."0#6E;\8 3=((KR$(OR((KK$+H M>$09+ ' ) $L00$4R,YI9NEI4HNW>,X[QA-)D8,U#,,LK()"0L(>H<@=U8$< M^-'TD!SI!.=G(J "&H$FV<<24(4\)!(J,)T/\N##!8*6> (CH"1W"D#I9D!,>H4P5,(C\,$7#,$(A (O&)]7L!]QBC1Y"4(%8#[ MK-;( !.B4L &&.873&7".$(7X, K>F4(/)"%7B@G7JB&VAZP!FN&6B):?L"' M>D4U*,S^'/A GXF0BS8-C#8 UDQKUE KUBP MMXGUCQ ,I9B:NR#+G2"9A%= M&[#!_QU99LX G/Z ( 0"%QS!)G$2$"3!&%A"ZY#FE3(GM&0!M7B!M:2!PSU. M[W".$@0"5@B+)92"-. "B?%1&[R!'+R!%01DNO)C9.&+OG"2O["2]KR25NU* MGD[%GD)C("1.XT".'Q !=XH, 33BT#!H5\9G?,IGI-8L+$YJI78%,I ")SB" M&N +8XJJ9KJ!Z$/_+26 P3HK6#/UB>,AUA-ZR"(+!;RT6%/Z #-2R#+[!" MW2A13)F;'>"!V(JMN8%M'*B!&H0!S=3,"J" *L(>!\0M"$S^JBJ$A9;\#!9 M8NO!HGSVK=_V+7W6)P1$8E?2;,UZ92=Z0%K: FKT@U+T0E&UCG6Q 0\,TB % M:@COL SD<""K85@%:VWNMY M*@?,[4:@?U9RX1 S, :*9 STDDWCD M@S+)KUX=(9#, SL40R>851M(@R!J@S#X0BR8@B2N\*Z06JSO^HL"=NP26()X]0+L5,$42,'&[8#Q6D4_ M] ,7G8,%$P]=5'SB\MZY6.Q ,\D-0Y@(,V-,,L" (7*$_= M_F\ TP+^ 2>" 2?S.:43,Z<3WNG!$4$")H""*% 1&]*P"U=$,'1"'8P!%WRP M5_C#/"@).Y07'2Z).I"#.B?409'#. A405W#,\C:P&F;+ 1#A@%<-&3=+%@" M&G#!&*0&/C!L[0J@D;+!$ECF#@PG]MAILL 21%]ILTB!1.>KO@:"8:6!&\#! MJF3"+Z@#LP&)/:C#*.Q?$PC!#KC "2!!, @B'!+E7>'W#-,A"'5@!("O!)AVOU8K'/N##.Y2#-5R:*3QU2U!"(A07.<+.3 P1E%0C&T0B3T095E=]2-P5D=#R'UBAQ(!>T6 M=WT 9 %F;$UK#Y5V0C< M14\07-Z 1L$@BQD@N)4P1)8@2!0!3Y,PS$$@RV( M B;<31%ELB(@\U2/VB.((6+_ 8;^ZPV&2U<:]M=3QW9LLX(L\((R4$,WB$-$ MT6&3S ..S,,\+(EY$9L8<]TRQ:^4A"3]*A,]*,DSJ<,YA(,V1$,R (,ML (H M%,*Z5"$H)-Q@%[-A'S $'Y$238),T 1/_50S7'8T1(,TW-,U7,,_;<,U6(.' M(?A__+-H:X4_T$,[A,,S#$,O])0Q6-WA=0,W?#G ;=@U<-B_C7F'>9@T/,,S MZ(1$',,*TT(I //RR.YI#'0J<8AP]D >P])$.PL99((N=$,YB)3BQ4,Y%$,H M4&2U\"!V:_0=E%'ER!_DF$&8M2-CE9F0V0J=&4I73%2S;+.A#!,$,$#$,ESV/>F3/K'S41Q%6B^>/(3=_#X:.F )(YS! MRJR,RA!!Z6$ :M&2,4+ ))) "2AN6E*!_QXL-OA"8;O42[T4E?,PN;4;T6(KF-XYD=Y!LQ(U0KA3$6W3@BTDQ$(\ M1%!M.358@T&) SV=@SMO=D.I];Q3YWB4I.B9#/WXDB^9'L!G@ $@@ )(:^O= MJ&&&8EIZ !5@PXEE13[X B=( A^$01#XGN[AGMN.P JTX@9HP/@/[N#6XF!Z MC=94#07PXM 0#0W$_\4\#/T_S,7$/PX\XF#2(HW:(O]?#4!0H$!C@@X$.F@@ MU+%0AP^'72">F>/(T:5+GDA5TL/^)8H54?] AA0YDF1)DR=1IE2Y$B2^7;+( M61)4=&C'DM6*1( M,2*TA0@,ZS $9->>?4!W M^_8\APP ""!!0:,(#@X$$$#APZ="A!A9(XEB7S M^>)4B<_^ER J5$ !!1)&$ $$#B*(X($''(#@@@L86*"!!BA00($$,$Q@@@G0 MF]!#"BU,P,(+,43 / P5$*B!!1BX@+T-. @AA T>@"#"!A28 ($#>.2QO G. M^U#("D4\;X$'.I! A6 N<_))Z&,\B1_X"G'RG&ZV<895P*Q8JC$=/*)IRL6 M$X,I,YJ"HX]1?HFD*CC@-,.+H)(P@HL>\/SA!QYRL,*54YRPP2RWVIH!KK0& M;2N''XY8P@DGECCB""" $*(FFY(0"C$H$.-IJ4R80060R-Q(@XPIEA!BS[-J M:*&$#SXH@J1V8N'D$3Z86.% &!%4<,$(-@@!A UH7/ !8C?^T"#""I@5R-D* M-]100Q,-,(#'## @8(#MN.UN /#$X[$ $=.#8+WV. !!W74/5#=&)E*AY\G\ M.)&$CS""$% $ Q5TH$$():10Q0\7*+A@!EIDX,,0@;S0PH$G7,#<7Q/T]5^% M0=2Q@!Y[+ ^!ARL<4<,-3321 B25[*!)*5ENV>637 K%E6"4V6:4*@Y#[ FA M$MNIBBN4$@---^"XHP^KZ("C5#3%N*(K(6QP(04D_FEF%5=N>2F43BR9!!%$ M.@DEE*X1\:,-*WY0*P>R>, 33TJ%L+2FFPS+6:>?#V&&F4CHF"PKKIY0P@@^ M!;6AX\Q!0[9/&"T$&$;XQ>1P0*L-9:CL4-W<3PQ3=@@@4B2%+) M.%Z.7_Z7\>EEZTSDJ"Q,,A=CC*E E.&.7*!"%ZUP4Q_@I+2L>&$*34B"$( @ MEJB=X 0_ (D[>H&+590"%)/P@R#\4 \(!G& >+_>3!>""HV!.1Q: & M(2QZTS+^'_K&=ZW29T )\?* A148 M2XKF>A[T)B00Z65H1!WR$(NX%\H6;:][F;S0]W9$/E5RK%H% )]Y%- !\!' M21((0BSFETM=0FD?OSA%*#(1B"L )897$ ,=<-$.?<2#'NT8Q2( D;0T,.T* M4PB<$2 8P1[LP"PVF$$**&A!D/0C%%8PIQ-^,*@9S*!1:#G+VMK6 [A9JC!? MNEN9TN2&4IG*"U!PX*08):G+C.6=.;"!#%# 2,X@423M4&+^)?*0JUT1JSW% MLA'&*!0]SR7 ?*([ +8( -"T$(6H2A;'5#Z04$@8A)AJ\TL>F.+6+!"%:;X MA"9P2@E*/(*G/>6I)'B:"*$&51&&&(0?]V '/=C!#GAPZAO6 8K.*$.\B*) M/[R1#&&$9C^5\"I%P!I6L!(B#WF8PQS.D-8S:*$+;(4(%N#J$+GZ@ 8XP $- MZFI7O.Z5(0TA A&V(!%", (CL"!&-;R!#G; XQWM6,[XB'8ZU$ MCF]8(QK+*,8L3+$)3.1QCXUXA$[UV @[@,$)2* "2=Q1BXST9P4H&,&,&A2P MA9WR?-?RJQ8"ZPE8( ,=8\Q'/J[A"D24H0SE2$D_N/&*3<1&%)_@A"8H(0D- M _41&]9PASWL4Z$FPJB#,(0B'I&(HO[A#T>U0QFBX 0N1..JZ.!&-Z[Q#&,$ M@\?&.$8SHA$-:01Y&M2XQHW#$8YOY#@8N^A%<(:QBV$\0QO3VG84SZ#?#21)\(,*< M5E@"9G9P7+C-C6Z:>H(4?G8%-NC"'E+11ZOU849YJ&,;QZ"%*#:189WN.L/D M+80B*/$)80O[$7%@KQ/ H&EI'&,7K* C*$3!BEO0 J; \/$QH*&-:1AC&=30 M1C?$<8YSB(,UBGDN@W MAU,L5$.4^*@L'H0>BWKP0K2F$9!XP[%#<=5VB$,B&-:[Q[6^$8QSD4#(X MNJ$-;4@#R\HXAC& P0M>!.,8SRBR-3!.#6I,PQK;V$8WI"'^"TN@@0NKN,;/ MKV%SH7-#Z$4O>C>Z\0URE ,=[K JH*$>=2?UPQFYR$4K1I%U5+2V%;*0A2M< ML8I5_))KD$ $".L@!SF780R:M4*,'W4$),B=!Y@6)TF*T79S+@&Y<2/,333% M$S;((1.N4,8Z\B$5>[2#'-./G'079]<:B!C8V+P]SGAH<\YG%&>]B#W;L_(SS4*(YO M *,39[/".)SD#5_X(A:IT(1/H1]4@0]\X(,HN,'YV)I)P 84I2@%(M#P]E*4 M9![J0,]BVK>P_RY6/IQH4./&2=?&-Y#N&K:M M$^1@LVY!ZA P :6.C.YAUKYA&IQ!&?3"$B!!$)RJ#MZ@#O!@I<[N[,9L \<, M$B;!S-RLS2P!#\K@4;C@)/I!&:YMQUBN&:AA&\*A',S-'=XA!^7!'M((';K! MUE3A$S!A""L/IRZL"',J\WBJ$0RA$)(J#E C"D]C#7CN4 !W>A!'[R!%,[@K_Z*.K9 KNH* H@%/CCC [K!2<1! MJT+C^:1OJ$9,$1*NX/9@#[ OO1IA^Z"--E2!%5YA%2:A#39K_$B"'MCAL<9! M&ZY!YJ+^X1F.0?YR8Q9N@]IR8Q> 81BX;?\R+N0T4>:FX1F:( _T0!!$L,Q@PQ(F M;!- 10DX;AR2+,F63AWBP1W4X1NBP1AN@15L2O)> PGAL=]Z M2J@2KA"3R@[B(!_S,0K7( S8"PEX( HT#1N:(1E\X15,(15>(19$1FR;1S0 MP=S@(1[DP1P\P02^)3S$8SQ>!Y34XUAZIX@^0 ;"P4F0X7&^8 A8X 58LB5; M8"5C( B"8 BH( S40 WBH!#_(+VX;S94815>@14@0#^-^L4R$\=S.\; MGD'U;F$69B$HA7(6I(S;LFP98+'(,L[]HJ'(MN$; / :N O+;H$6\:P8=#$M MU5)*\.$9@&$77N$3"D$/Z!(/\I$9\3(O]9(9^9$?XR O\>#A5% E_ $=#',= MUL$;D,$Y2.$2'*&L ND+)%,R;[(R+;,RPR S-7,S.3,S:S(,J" T1?,SP8 * MVBO91L(>S,$;O"$;J@$:JN$U8[,:EJ,6/&$+8 !<""!T!)"S)._C)(MG"*!3.@'D.E=R2 -D0 Y)77R% M09:G1=I'2=1S).A!OBXADE;@/1"$02Y OS;GDZX'>VK$02 $81(UEO;T!7"I M02WU4O_^P1Z&8:9$H1!0(QF9T1DW]$-+X11.0>QLP^MD 1=V(1A0S\>481F: M $]3U X$9M5')00$A9\DB9-3L#Y'(X MH%AHB4F=%$JE]$I!:C?#Q75D-';0Y7;V19%LM#AOM$Q+@#.2,TU1DDT!)%FI MLR6KX?GL@ IB( 9:,DGM:UB(10/&\T$>A &8I45&ED46H%DH MH (N@(@D@*%68ATJ :X$R9!NM';8,$3( H+- !/ M1Y9[4-9#$@9'-*9:Q,=$@ 0]/I*6/N!A);9R=7$>_C9@C^=>Z9:4(!63<$23 MI@=%% ": EF64(8)I.0=(58B15X*$=)HX:F$TW$%(4,$$16 RI[/$>F6IZJ9>IZ'(-J$#TG #Y[D-M M*>%>@B!)Y91.B[9B*,E8ZM9S0ZG^2_66;T'";P$V#[H@8=8W8#2)HPH@?,C# ME;@5/22&/=*%7H5%:2G7<@T8 3$W?K%@49?'7QSX@1W8;B$1"[$1!I@3U&7 M);R!B20S5PJD."='D9)U69GU2%N2:(5%=Z4(7RWI>2@ !]2 SOS@JO*AFQ*9*]G3ST $BHQ[P_P$0JE,#/!H)/! !F;$1HGP1IIXQ6@\C;L3^6"81A2KA=8 M#A9/;ABFK!>*KPQF>"3R@1RT 1I\015RK1$4H1"."HA]&(BI3Q"+ZL2,BL7L M$:F>-XF18(F=!!U6CQ8FU!JKN*94H39N RIWP_[NSY5[8?Y^@\=6^1ADM1F. M@1= H0XV*Q2$1R0*LQO6C^2(K!-=+Q:S+#B X12#H1=LX14$FJ9,P1%E(2AW M@39H@<=0]"S_^*%%ZT])H3W5.&(\,D+T*Z.) MF9@EX.$8AJ')$#*;'1$WOIG^=N&MWUKE@,%5A6,9KO(JH0P8;J$4_& ,HJ . MT!8D_,$<+Q']."XJ';C,$4[D@4 M9B$8[-I^Y T-T!*B33N7^N$B%KA'I63*H08CH,0!D/;'J4NZ\V=!H5C\'D8IG'@,$7 M>*$7?,%5EZ$K9>X:Q"$>R%L>9BW^&(J/"W"5<0Q20J<:B(G8J@W1JN.;J[^Z M>JD7>XL@FKGW/KKAK'GA%H+2-KQ9-W0C:_"OG%<95NUZ5K%L&>*OGWE!%CJA MK[G@&$;"'^QA'LYP'<#QXG0,+IUMLH<0-K"9%6@!&&+5&(*[$3%[&:8AXQPO M%.2M#4K[M''<9?HA'2S.&IJA&6)H.\;Q7^OMS)%OS:BF$8 M9 $14G37>[WHG60?HL$5.D$04"JE_.#IH3[J44K.T*#M-.OJL3[KM7Z2XZ<9 M/&C.P'[.\'+.T* -DC$9S1X-\/(8$33AW;X(X#[NY?Z]1B(9\"4(Y#[O]7[O M^;[O\YX*QAI*W($/AL#M97(T.[D,T/X-U*[Q'5_MIKX-QK[QF[[I!<'[!$'. MPI[!&*SL*Q\#Z:SSVT .*C_J3?_IZR#J$<$9C+[U7?_U83_V97_V:;_V;?_V M<3_W=7_W>;_W??_W@3_XA7_XB;_XC?_XD3_YE7_YF;_YG?_YH3_ZI7_ZJ;_Z MK?_ZL3_[M7_[N;_[O?_[P3_\Q7_^_,F__,W__-$__=5__=F__=W__>$__N5_ M_NF__NW__O$___5___F___W__P'BG\"!! L:/(@PH<*%#!LZ? @QHL2)%"M: MO(@QH\:-'#MZ_ @RI,B1)$N:/(DRIYFEXW?/V:]?>ENU*HRJ4R9$7#$A@ M@8XX4F"" WK"8(,*/@AAA 4R2 HL]-F7C3GLQ.60/^E\\XTUS)2&BF&GF6C: M8VS3W;N?%.,+*B,@DHN)+)V2"!RL#'&$CFXD$(;^F'DCS/%%(-+ M*'[((4<=@4PYY2%6@L9:)JSAB)=ANK2RRBFAB#+--L'L\DH90Z: A$'T-+.D M+);(T4:==MY99RG;;&/--.&LXXYXX'TG#STMMGC=/=5=9X_^.^> DLV[>3#43_9((,,@(Z82FNMMMZ* M:ZZZ[FKJJ*3.H4:P:O#!B2W>L,,JAP+UL\U@N: 2R2+21D)MM=9&U?:3AA11/+'%$NS^LF8(+H634CRRA=!((&^L^\<044UQQ MA1=BB$%&P6:8048::0!"[2)]T!%()J?TLDLPLKRBBBBB=()(&U$@ 89![K@2 MBB5^./9#RBJWR_(1G9"3#CG;D--.H=+-M8XZ[Q$#X*>EGJ%%T$00X8,/0P^] MQ19:*+W%T4XCG73429]!]1Q67SW^1Q==8,$$$U_PD8HY&/5#C*>7S.$##6JO MS;8.;+\-M]LZN$T#W7#C@ /<;\^M0]%%$Q%TT%13O76P<=AA1QQQ!!M&XV'L M\8DTC^P+7AK6LD9,(0AK""%3#A$]F@"-G,-@<:*( "-&R #6FH 4D8(<\ M[&$"K"%683)!3-&\;#1W0$.?(2# M'L?5AT *,I#C6D2T[F"&*T!!"49 Q"G>M0,;U* &.:C![7+W SE:I%ZAR$2^ MJF \*53A"LH3V,"<1P=J :(/<'"#&:J@!"$LP1+-R P>:(,$+KP!#5S@P0G: M5)#SI4\.ZW-?_%)&/R,D(0DR6$ %& !(4Y@ @A @ (7:(#^ F#3@0-RY5>L-X/K! %]MF@ M?8.UI UX8 -@$D28C(G"#^#7 R#^)%.925!"#-RF@+KUSX'?!*=GP0E"!&9@ MG.14)P;/N05"D*(6]S''.G(FCA U8QB[8,4J2D'&34P"$XWH;2,&80A%&((/ MP?H"$]20C(>\4$ QW*AS$3I-;(HV WRK&]_TUS>_ 4X+@SO#U7K%B$M0"!;$ M0 9^[B$>>M#C6^MH*2U$\=LT-J(0BBC$(/Z@ASBL80UX@ 0H5/&* -\V%*K@ M!EK\@6 $YX,=SKA<4E>YRD!">)#3&L4QMJ$DS(0"%ZY 1'"L\ ,>1'(&M[MD M"N(5BB--A*TW\J07EI<&690C$*.#*AVDA6/5T4$,38@=^]PWUO;E0)*Y.P%N M@HF^QO[^0'Z37:82AA<$'R!@ G/K[&<_.]H(2G""$[1@.4^;P2V,U!SYV(=U M]&%2>;1#'>@81XB,P0M:Q.(5IA#%)RA!B4E+WWI<&CZ&]T D:2[(6D067HJT[:WM2W(;1\2#F2 0A.LX(=2 MG*(3EDB?(#J#B'<_J0U66,(/S'J"&12C(OWXA6E&<0B%G>+^'?>P1S%TH8MF MM*,5X!Y7(,CP!",( 0A+[H'L""O)(=>@R$=>;)+E8(4C"(&RP^,7%*;P!!P0 M08$!#.<#01A.+6^9G!7\L@ R2(0M> (9\/ 'M_+!+33+HSSK:',WHN%25M29 M$YK0A"0> 76H2V+JDF@Z)31!B:D'>[YV6 ,:("&.A?@#'NLP3YO#,8YN4)K3 MH+;&-M".ZG.HHQSC* >;RU%JM%.:'&5W]3I@[8[GR.,=[< [IZ>Q#&5$ SG1 M>$8SE&$,8-P"8Z+8!"8PL8G,6Q[/\Q5TU]$ AM"C01"A< 4N@E&,9C3#&=)P M!IQNL>Y.4&,LS')&.M[!\#YL6]O^G/NV[Y-Z!S%$' CR\T,Q5N%A/]2A#D\: MPP\L26(26Q)W9SV"/5SH#&K43+W3L8XZEF2/?'Q#I=]HQ<.K8#T@B!CC@ZV= M#08[@[,:V7P?MT(22-Z$)Q3OY%SHFP)7;F7E]FK042@G%0[4, R3IPJF M4&=V]@FBD(0:\PF9=WF8H F:9X7!)FSV-6A>!P94$ 5<@ 9^8 FE( N[D'K2 M@(;4, W^T> ,RK +)#,)@K *FO05E$,8-])MX-8'@*1[J. ,D9 ZJY,%C$1\ M/# &JQ *=3 &(2<_3C &;5 &2S!)-3!8[U=)1')6=7!]$M%OI:$+[, /\? - M[(!FEJ8/_I /NI )=Y &8@ %22!9(D960C9D[?=^&R=_'3<0C%4']59939!_ MQE,%67 %0T $.H ?6--X01S+U> 728 1' &GD ,YA"!#PAT_ !TUB$=\A / MZW .X" -RL +K&!G6$=U(2B")HAGZ1AUB6 (]U4(C8 )H, ]D! EX8!50P>F.X"JX@"[UP#,XP#=1 DVJXALM M6XB("'6 ".4 %G:H(Z.@5.-"!VY@8WTP"NO #\6@2F[@!5M5B.TB?>XW223V M5T= 8N\G256)B2YP"M3F$/VF"^40#KIP"%/E!IE #OZ@7OK #]MPEHDT?#WP M8T.F<1GW?C-06!PG,KYC,ERP!$D C"70#<\P#!;9@>BH"96@FJO)FNGX@8F0 M"/=54XBC!_ZE"K+ "[V "ZO0" M,ATMLBCT\ [DP W+P NS$&"LD(0=.8681PD>^9%2B(60T'DS96QH4 9=R 5@ M$(:0T FET)+-=@N[L S2< W4@!S(,0W3T(9G(@N9X0=MX ?=4(?3@!P4A)=:>9F) 9>@ 6, M8"IGT 5+;AF (?S";BF,'A3 )HO *O*!XU\ -W& -QH ^== &WX 0 M_1 C^7 /X1$>ZY4>-B,=UC$/F (@GL (0.,#>#,$7?,%7S LL/D(F!=LF^ ] MX:EYF# )D$"JI%H(@B (,X4'>H"J@N">H@"?J_ *LC +N% QM)5ZT=!XS]!X MU+ -US -S0!&NR +I6 )?NH'U^ 5_> ,01D)=/!4;G 'NJ =ZJ4.EX,*J[ * MF5 &%6IQLTB5DM1^M$.)M#A6=*FC+F %$N$/=W$YJ*,+T-)[=^ &@TA\LV@[ ME9B7XCH#.?!\6AE_:*6+ C$RBA$(8U \QP,P .,%5Q (D\;^#=*P#., #@6I M#F7W:NC!G-%Q9IYYI0_XF1(9#A1I"W1F9TQGIBF+LJJ9IFLJFXBC.(=3")M@ M"K,0#,U #6H'A*]%(Z<@"&U@"0CA#_W0#]I80#67#"$F3@ 64 M 310 1>P 1LP B. BB@ BK E\+ME\; T%0J500!G%@")H 8 *FK;(J"V][ M,:_0MJN@"K(Z"[O0"ZA7#,? MTN">LZ '&HH#?MY#=W0#=M #8\';:Y0"I-0 M!V6 "/C0%23:8H' L&1P"-2 4N[@EO3@#*? !E7P!+!SK[2HE1IJB1I*24(& M/\@$!!)'?#_0"4X)DJK)FFIJ5\'1KZJ9[@#BT^0?SN E.^ JWT O#\ R^6FD7 MVP[K< UR B7Z6!#K8!^/*BI4DS1$ ,P<$$$H&60.0$6=0'S! (AD+592P(C M',)9N[5)\ B<\ FIH,.BH,.QH,.I8 N^ MX NV0,2Q8,3"( Q"; NIH(3^6PH=PP6N,+DC>AY.H^[F-Q0' $5K"@SL ,KM";;3 ,P-D0)*HC-Y)4>^A* M63!\/, ^E%A8-O #3H $2!!BZQ<%H5 RDW $>2E_/V 0[_"?G7 (T)NPH]0\ M9" +]K!FY> .AL*-X!N^'XN-\= -RB#'\U8&8P &7 #+HK<&=C (C]!T93J_ ME:"FL7F_B+,'?Z (E."II: *K# +\QD,QE"?UU!I=@=KZ> -R) *=L $01 ' M8D,0_8 ,\N$)A #[&2 X8S!!X "= 1S1/$0#"(TP"(\#.(=S.(CS")4#/ M]6S/]\S.\;P"([ "(7"U&@#02'0!&@ !&G !2P0!"\ %>#^3!7@T%5; 110 MM0Q 4V$1$OT !S0 1)0!,+ %I5 -U=H9O=$2T A@:17]8*"K M,2XY$BT/XP9B@')6T --7<:J6TDS4*YDW#[O \@XO<9"( 1CT ON4$M!$@6" M0+L,\0V68]2MU%?WNI7O+:ZH.P,[P 6,? JG J=8.''"F+59Q#R\ OD309E MS3P%0P:!$"CR\&KQ@"C@VYFHF VP\+03'$ TL $EX $>8& +T0Z^\ V[.\0 MKZ%PR57@+Z.TL%YP"NOU#N[0(F_-#^A #(Q !.'>01A SJV]W/]^[A#A#7E0 M7$R@ OG 8V/W$K4W$ZD48=>30$H6A%D R Y0%?VEU.",AHSM#D ^P M\"$@ FB.^@U_^B+PSB2L^%L[S[K^_0&F$!&>X -:TP4Z\ NRPX<+%D7\)%;[3A6I4)C95IE2IN"GDV9,GO51\^*AALH+$B!$B0H3@ M$"'" P<0&"QH4)6"@@03$&PU8.# UPP8Q!(@2P!#@P@=.GSIV0\9+%*7YM!@ M<$&F4P[^(9"2$"&"Q%$12 ./^(OB[V$2*!0;_EM"PH.!A!P*50XXX!(>G 0"""$ M,$*('F9P80F?Y/D%%50R"40,+[P00PPRS$@CC6+P22<;6!@AXL634E+I 04 M6" FFG)\:H/7<-(IMX1\J201/KY8 :FEFH)**M4:H.!)K+3^X@JLL# H:P ! MLDQ)@;36:HL84CQQI L<'G@@@KR04G/-H_[R"['%%$ML,<0<@TPR(/\AYA)" M"#G#!P,\0V"T!$HS[LQI)R"1X:22(H< @8,- MHF*2*B>OPBJ!*0^HTDH"L-3RI!?^M^CB"RJXV,0G=KR!QI=4\L""B2&&6.'( MOOHB;,V^#HOS9L8"Z\LQ#R*KU)RX&"%$"] */6T!2"&(R0&FFW:8Z9B65AHF M""ZX -(';L()4ZZ[]OJ?8D^Q1 XN?K#AAR.T=ND$$?_JJ ,- M-,K.8=3E:BA.00:_A1!6(Y*0%;X:+LQ0%TX]1-Q$-^C @@@33,K2K SR;0!K MIYS:P"E_S31>X!\+_J02EJI$2QN-,Z\RJ/)* 7+?PI-:O$&''GWR^<:5 M[\J0I2?^?]+1YIE@9@%EDDD@@40/^NFWPPXUU B#"99?5B'..L/ $G[I @050C6EG"AX'FC*\X#W%>,;+X ;Q$ 87R-A"6V# M#UU8 A%D^P$2.B$''LS .#4PS@R;HZWAU !O0'@0#\.5.C9D(@VUDD)%KD"1 MPHG("V2@0RON0#LXN,$,OGI"%=(QFWZX(A3+:,8J$-$&*R#!"6- PQO0\ /D M*,<&,K0!#G/ +=/%2E;C:8(2C+#&<_%$0YSZS8G2 $M2&M08<$X)FNEI M,N' 84K0LP_8PH3SI*="\F$Y2-2!"XAP12?\8(4:-H((2*#2#/"IDCPXY1" '24@,L.20X*Q@ M!H/W2 \BCV"Y048JXC*7"FP2*UO^*M95AH^5^K ' M/)H1"FN5H1GH\X8Q@$$+4T@B$8I0A"'\:@B^]G40@PCF'H19/_H50GZ3Z 0H M2B$*491"%=>1A1?;P 5466H>[&!'.;Y!#6I(0QK.&*TSG%&,9J2V&:8M1FM; M>PS8'J,8O:#%+'!1C%V\XA6R<,4K7%$*08S!"E:8:SV-2T)_A,,9S3!6*%3H M!\W)00YMF*45HK"$ !WT=*A3*!T%-SA;36&))V)#( YQ"G)P1![ML,<[IH&* M5D2"#F8 :;"&Y9,LJA"E/PC5#9/#MAOB< )!C%X@8 Q?>L(VV:$,8OHB%*2B1B+WR M]:]_'01@%='+7C93R\[$!"@B:PK(2G85I4!$Y[A0RTK!@QWG",!2^&H8QCR-FNP3#&,5(;C68LXQB[8(4I5,$*1*O"%*M0A2I $=PH1&$9 MQZ5TU_"!"U482Q7/C19TV3"&*!R!H 0Z*+A@)4?OUFH*X9U(1;R0ADST0AWT MH(<]:$T/#1T"$*,(QS?D*X8I^+0'Q9A,?E=H!;.UC50R79O^@AJ4T#D^X13K M.$45;%4K!5P*EZ5^H)4;O^R'#X0!2#(]MPACHZTHI,_((C]G!'.LK1 M"T24S0GDP*\K](OL40%XIFUT]K,C)*LE/$$.TWA'.ZC1B4#$?G)M"+45)A,2 M(*]#')\]ABU>H0I18((2OQP$,/]P_,$F7_G'WX,=#!M,^OWA#6!P A*0$ X@ M^8,>FQ4'-[2AC6^$?QSG8(<[W $/>=!#XJK,L3[:SQ%ZU '.CQ+#6.H MH@XOY0(O\*MD)G.REAM 0] RPCHLQ>HRR6(%6> Y7D"6V%J&8 B%.B@R-,L^ M';L'>G '=J ZKN,&:H@&$0PT$DR[8QB&8>B%6ZBM5V"%1E.%5]@%99"&:ZC! M;: &7+#^!&L9@[CK02#9AV)8%I3B@>/8@24H@SHH QYX(P;QEA]2G;\AC^^R ME8I8#Q!9#S)8A6U A4"HG3LXA%98AWW@!WM@I7:0A4"H@B0!$K0!$V0A$=(A% D15-,!$. MLI2;,CU RIP B? OMSHAWR8AW00AW'HQ7% A_)KN/3C"!W3L?9;I>,+;] M:IO^TA8X0B@Y:@(K" 5W:+AQV 9RZ(;Q&8,K\ *0HA#;0Q]\D(=U& =I. 9> M> 53P(1'Z*65 T5)2$M3!$6V!$56- 3D\RN7>P1*P(1&P(,U ,N& ?<\ =< MG ?=$P=R0(=U6(=V0#_U6ZM\,*O^BF,E'[,UAWL'SK(_<- &:VB&69B$,:!% M+ABI_UNR)AN^ ARL9CJ^Z',F<70LG;N%!\RS9I"&::"&;>@&?[ T-HA$>HN4\0A7WZ+L? J)5 MJ(.>VJDIL B*N (Q&- TJ((EX((4[0E\H(9 ,X9; +Y-L$LZK5$;/<5VTU'G MVP.9:X2ZW(2!/+2=FP7D'(9EH(9N&#]T4 ?#/#]X^-)V$$2M8X=VL-)YX @> M6\PL-<9\@ =S&#=BJ 6X"),&<@1'J(1*H,M'L ,TH$4G* -_"TIL%, KV[)" MF(0N,P56T%.?0\%A,(:C74XN :G)4$))+,WX,W;P$5Z8(=QN 9IB(;8 M#%3II(9G4"TYF[/4JBP?^CE"'8N@$-IC/$DD,A@G*;!650D=K6;MTO.4"$'Q@PT]DN<5%/P'L"DEPU** (,;@#0+@#,GB" M*!B#>855:E@&8["%L9335CS%MG1%5BRL^[D?@BT$2MB$(#4TW6+86]@%8%!. M/[V&0274*BU,@Q9,ER':FB1+7B1&(NQ]24"'_ ! M&J"!"F" #=BP?2L!R(",-_!,DL(&8 C 1RB$7^(RQYHL6:"%VI*%%D0TW=HY M6HC>.N,%8*!@7E!@L=P$2! $/&"%9K"&;CB'C3T_$H8'>L '%&ZKRBN'K(V& M8PB&7CC^6A3D,SQ+1SF#K6$ AEZPA=J:!1^.X**=X6"@!;@2NDE0A[M]U;PM M&U+K 0D!'%JY%8KP@D#X!HY8AW#0NF[(!"_8%<,AUOSL@V1U5OV,HC0@@RS M27()5^)8CFJ]UA0(!7\ &Z"354N0A5.0 X&PJ9N"PB@,'%J9PG2MRC20W#[P MJ"F(#BZ0 Y^PAV;P!2;[!!LE7BGK1CN(@SBP SV0N>4-TD/[85O@!0H^6N;L MTS^EAFO0!FZ02G#(3NM,4L.4!Y U1GY(7Y)XD7K)$I4@BZ3*@ MS"4CAD=> MIP\H@F3X-V$ ,TTPA/RQ@S^XLBZ+K%*89FHV!>?54[?=!6W^SN85_#U3D*Q& M*P7'>@5>F 9 ]%Z*/3_RU4!<>P=T" =N^$I>F 55* 56V(5F$,&%[(9NV 9K M",&F32WFS.%><%L)#@891L%>F,8B&X/S26)776(?*K"_H:/P8H-@H =R6%PY MR 1=Z(::)(/949S\C 1=V(9<&(5#IH,H,H,LD(+W$ +-):@<$!VV&16#X $G M>#M_D 9<6(53T&;>\J)H$01FL01+$ 0V6((YJF@$&V01<8/)/>0T\((G2((B M&Z-&A@;0E&0J8[[FNY],OI]-GKF:@RR%I05;V 5?0.@^\[.RC09K&-1P:#I> MM,UOT%["-&&0W8=]2-\S(()B$RY+7D8-HO 4Z2ZB;(P@7<1$7G$J"*H"]+NYB MB]B5JC0O, 9#>TB'7%B$/NB#EF:<)XAI(!"( 1F=&4HCMW%#%X@";O ':C M MA78%5_ YDPH%1+""\E:=I@;D=*U/_,RH.Z"#-! #*+B;'\ L)^""1EX&7\A' M3#@LL<;^9&-*K%["A+,V-)UC6%N(WE'N,Z:EAN^C3D[]!FV0RMLD/WAP)71( M7T(H"7LA[,)6B:3ZBD#!L AB)X'9WR*@!'-H5,I&F"\( A7X\O^ADS7)$0W0 M *N1B@M FM-^$AHH#1J8 !6+?@"=YD@J@@ KH\PJ(()BX M #._@$!_\9B $9 M\( BV.H CH5/^"7$FCF@K3F ;%ZAA6"UWH6UEEX4-(9EX**MI89 U09L +_L MY5Y@3 =O>(M;AH&C(NP!V.6R6 E?1H )D/+60),>":$BT 1ML)3)/I@B"0*< M28H.>ZH'4!JI.">J@!(%F "2GX!#:A2),8U$N8J2-QJK4/D(@H SV3 0B("H MH(J11P"O.@#0,/G3:)25-Q0(@@ .N'0)2 2@W/3OS >E2X=M6(7WT*GS4(_! M>V\I@()3SW 2$0/\I(-,Z(9T" =W&(4.ER+&44,EF-9PY18!-XX<"IV5>ILC M*(9O* 8ONI8?L (_" 59T(5 $/7^IW:UPC.#RNUP.#"#*WB")3""TIV!SNZ9 M&/")=H@%3G@$/F "+W\9>QL">I.F+\ "-1B*T,\#TL^#ESU]ETU]/YF7VM8" MUW\1&,,=@3^)7I#AXX;,UZD/%&21 B0'C]^[-C10Y"E'SERV(!9 MHX:-F3/^:\K,<:3-F#%6HBPY F2HD:))Q@0:" 6*E"E2I%2IXN50*U1W[L!Q MDT;,%"5'4,HL4>+#AQC_SJ)M!XN3)#Y,5H"(NR$NB UV[^)]\&## PT0-"Q@ M4&$P!0HT)M!([(.&#AT%)DPH4 !Y0,',F @($" B?'AL6]W#3L"![MZH7^OKH"R #2 M21L]P%13#3/89,,,+S&YPTD\0GF$$%,*84022C1!4$%-,*50&JUL,TH?6,%A M!AE7)/'5#DS6U,)8'Q3A6SNI<%*)6RN,D*<(M'% 5PA[,A>;;>LYX-UTV14F MW@0 )B!@?99AAD%F WA6Z6>CC2:I:90EL!T$>L$& FTAT$:7J"/$Q<$*?.PV M87##?6$<"6SMEX M;'_C(7#??090!IFBXP7H*+8*7'#^H 0=\ '/A.>BFZZZ#_;SS3/?A$,.,X% M,5!!]2YE[Q-/9='00V:HF-%5<&25AALS2E&C$U&TX8XKH832B2!^S+)*)Y/X M8<57/^BHI LN(!E3#COPP(-)0%!9I5%77HEE04U5P48FQ7PSRATB1P)R>DY0G(BU%4KM-+VYQ]YC0I8@'V12CH:I99Z M!AJFDAXP60+8*:N>;7%!;:JH(*P0=]QQ+ZD*Y0R7J/^/9%F0$Y"AK1\$0&"4&(,YRA"UWP 0X^!9L^C6I/I"K5"M\VJC\MK01! MB 7J'*2W//!-:LR"SK-L=3CX5*YJ"2P6$<5CK.TD:W(]W&&O@I6H1A4 -9J[ MEF0H$\73X"+B#'>+H!C6: M88QA[((6K%"%*40!BDU00A*)X(,:OL $)@PA;BQI M"T1 7!((@B_&Z-&/HBL?OSB%&;W^@) 1L:\A#DE#)JAQ#WJDPQDM&I/PB'=* MY/VQ)#N800I.,,BS]*,9JU!%*.H0!2=PX0U^\$,9>F"32HXL)20CWY16ULDL MO>P*(RH1P>*7,R\D!)5_[(&.PE=6&> )EAX(@O\\@4\L:("?H#HA\W '.K[!#6@( QB[L,4K3/$)36"B M$8H8Q!_T$<_[ &TGOWL9PLQB#W800UA,& #E0BIHSS7+[VIC$5. !)-#H#&L(TNMB]S?[ M^ 4J0G'^"#EJ6:U;6K-,,#'C RU'$DB6C:I4XJ3XI& 249@A>C&2TQR4$A4=+4&-04'*D M(_T,)C)000OX)\L2P_DM[$PA" J%0 4VBCR?>^"DME"+9=RB$W5 0QGZ[6\T MM*$-=1#$)$!1"E6PXA5*_L1E*>%P*$,\XE2F,L2E;(@_<):S808S'MY0ANXY M(1J_\0U(QT*$5 MTYAI1O+(%6AWLBA#&5_)\,>D7O^:-ZL0-K%W4).8)'NJF419LY-P)?5U*2ID MH$,F6M$,N33E;. [VP+0HN:-.>4> ,P(,(92%&-]78#%Y9H0QG"@8_O?_^P\BC' M,5[1"4@@ A.BZ*8HF.QP24!<$O*'_R/H'_$G6WP0@S $E15A",Y^EAZ<610@ M 1K8@V_^^,,Y$PT+$,P] (O\ (P#,,P'(,R+,.0'<,Q+,,R/$,T>* T/,,R M3* Q&%DP ,,R-$,S;& RD* &&EDO9!,NX((JJ,*/T0(OP& PZ. .]@(MT,(N M]((#[@(NW((LK,(JD-3%"$(=<-\8:!H7M$$G?(-UX5T57I?>\5T@U%HH'<(A MJ(A&R(])U8M(X%JND=7].-Y+X-=/\48Y"()_'95+P$23B,]0$(65M(R60$5" ML $NS(,^V(,\D)T[M /:A4,X?$,B(F+LB0+NY5XC/ (D1F*7O0$8.$$1@(%O MX ,TV$(LB((B_$$0(IP"+^HV5=-IC#/.0# M/MC#/3"3/E##*C!5&9!#A-!#,#"<*(C"9.%S#,O3"+?"" M,C2#,AC9,VP#-VS#-(2@-.2C-!2#+)2")?C!&_!;&;2!'-1!'2R5'RSD0[Y! M0CZD',A!P+7!0?I;&?1$&0B"+#@#.EAA2.8=,U3%*!P"\4S$P'1$K1T$2#0! M&9IA6:4AFZRA?J%%,[0!'!;;R(C/YFV2YZ&/&D6;%[!!+^R#/B E(-K#4B[E M.Z##-1S#+(@".-6?PSG9(RB"(D#^HB8PW&490B6J61GXACU @R]05C>9 BO0 MPBT$X00.PP5"@S1@@]%I@S=H [R(@SB<@SJT SS(@SS PSRL5SX@I3T\PRG4 M@48&HX1@@RFD0BJT'S/.GU4V8\5AV?^1UOYEF9998R,T0B&\ ,PVN&PS!'H1Y01K@ M@CT4IH#^ N(ZA,,R[((J@(*36>7[.9F5*4(A9.63<657:L(?H,%196)OX /L M[0(K?-,FB,(K*%PLG. S_!PXN$LS=$,XB ,ZP.@YG$,[N$-@(M8](&4S/9,[ M+ -B]L1B2H@OQ$(LI,(GA)/\O9\D'*G]5=EE F!F5J,U/F(C9!8>C,%1C69O M^(,[G ,ZB,-I!EV+'N(X?$,W!.8V &=Q MPDLTK((@..$M?.>? NKJA&-A+(-BD MJN%\VB1:](,E6 $7#)M0V.$F7966&(14I$%YE0-A J([A(/^-/1"9=&>PV$" MDS59.!WI_>%?5FIE).*!)0Z8;]##,C@=+\S"*]S","A#-'!#(GI#-WC#-P2= MBY[#.E K._3E/"#64B9E8CL)$P"(D "^M7!&#@!$E@!@Y3#*5@" MT#:A M;826V1K^ ' KX%!=@\2C(%O[,,Y(&(X;F '3@,V>(->KD-?Q@/@SH-@"B@] M> ,RP (C$,(6@# 1$($/+ 8-X .K "Y@B[HF@+"O<(J;)^G_JMOS$,ZK ,Z#*PVM&XT-(.1N6FQRL(L0/$LW& P4* Y MKJ;!5NQP>J *\H*09!HN&&\8%^\^T$,\E(,U[$(B=0(BX$$;O\$; _ ;+V0; M3PSV2J_/3@(FX.S!R:PHC.Y1@6^#6$,0DJ R.,,UA -?NL-?,C(CNX,Z?$,S M\$+7QBK^:@(G8++^UBK]6=G_[0%JV8&9 7 8D'(8H-G0;BC^;_1#$:/#.4 K M:[8FO)2I-T@KC$ZP.ZQ#+6P!#/!R+_.R"60 8E0 !5R !FP ";R)#$"NA'B# MTZ6K)KAK--.P_GU6:'TR#GMF(^0QONXP#2:<#[ K*(C"S![<$89" M(J(T.>PEV!WN-"&H['U3[5DRK6:R^S4C_.4?:(%R*,=!3P1E7G;^Z3K$@SEX @P, *:,1E\= )@1[ L"WO MT@0K&RPF+/PIOR A4+63.8XST?K#4@;#1<@YD&G>OZU@_*2@S8L S!H4S?=WDQK\KKB="3Z'V;N=$];MR@'L*_^ M %'SQCZ(@S;,)3#8 BW8@BU$8#)@@SBL V'!@SUD R/ @%;+&'ZL1A*YAEV( M"C+'4EG^3P@R(,T7#($*J +L, +&/B!&[@,R,!:L[5;,P$54$%&,(C M8,(GK%]:-O8LZ%NF"3:PLH,ZB,,U&$/L/BPMD&AC(RL]IZ!D]V;0Y7,]WV69 MHF8*&@,M;!\8M$$QB':/5V$^S.\NU.\UJC9#L_:1L[8 *_D;]'28+73'62)2 M04@^M .-KH.UBATD1\,Q*+1!'CA")5Q")6#R8RY:+3B=6?J",!A=FKYP>C;&* !:/OXLWO:)DK6:1.Y0B/YM6,[' LP:U\O0F>H$QPPA 0W.A #*1"" M%I"P#ISP"<>-@&NZ@,-[O,O[@!,X@1MX#. [OBOXOO-[OK- "WC 6OF&.42= MB9V[%FR!%B"\"!,!+PM IF@*?DP !2S LKP&?I.*GDSZ6/.WA$ Z#@T!I5?Z MR&.Z@-<[O7>ZTC@-VB ,9NZ!*1Z49<[*3C"'. _C%!JP SP/&!>" M=%Q !0S] E2 T1M]!?0980RS823^Q@.\4@S$ K13_77A0S.8)8A6>\=A>QVD MMAUC+R1,0B>4PBK( EL:0S/4G/;QA!Q$"#[4 B',P1EH@0Y, -%#@%V, KL M/36PF<.EOUACG BEP4-U?1E]9?F:0QGR7 MS=DL@+* "@>LT#O]O3N5 ,<[.H1 .A\ ^*63?+S7^^NS@*IQI0*C$16PX0+04^D)E!Z_\A0.\?.%X!],7Q@)DE 2TP-17 M_?6+$3X(JRVPPB=<(]=?^T*'_45GM#&:O_GGJR@@G"CP*11Z_ ?-0=U3/'?L MA:*/?@O^M<=Z](F?A/[*FWR! \0+@2]D%"SX@H4*%"1(E.C@P4.0?Q,IFH-% MRA,C+1DR'#C $0,!#",Q="R 0$$#!A<@/'BP@0.($"-$B!AQLV9.$@\_R A' M$6A0H,@X5>+S90@*I4M5J&#Q]"G"A H7U@3!@4,$EP\<0(!PX0*#!0PB=) @ MH9%0>K5(7L2PA.'#9E4'@NG8I)$B &%LA)>Q!+Z M&')DR9,I5[9\&7-FS1/Q*;,5R]2F/WK>H%GS!D]J0:LA3>H$JE3L4JI>U:XM M:]:M7;M[ 0LVC),*NQS7S\$<@@A1P2J'EB^822/<((HH@@ MG'1R"":HH"*,,-2X,@X^^# DD4U0 LL )CH((%*L"!7PHHN "$ M$B20U+)LU,!BSCH!G$Z][?SDSB;P"IUUH/($LI4$"QW-\ %()7!OTHLR.F.+ M+>Z\R[B4K]#];]4>6+ULF2*XF/)6B-\RD%&IW-4*ZXV/-9> M98$]*ZUA8?&DDK3 M1^P((P;^J!0B(80-CJ9+61:7O=?J>W<\*X;,:D&8SB'L;%2FZAR&..('(1R/ MO(-L16_/ZXP^U@$0":;('G/LZ6^1Q9QUQM*'F&6-ZN6465DP!!91-)IFD MD3WB4",,)I@8PO 5T*N)X9IV6C5!RW0V:DE:@0XZ8PNM^TM#%#M<*5F50&P: M*'I@*;9/FJX-LC. M\JY\S3MO++H+!11 0 44\(#^:@ $/!8XS/2#$U^0X.[4\Z>8_ E0TVG<@R@& M.8+0JBJZ,IKTC@6B(0C%'_O(QPKAL0YUH.,;U%B&+6A!"U;^N$X4F&A$(?2@ M!SO@P0Y!M$,:A!@G1: 08S"+'O<-"#!AD(51K5O^BA M:) ,V%$)HN '%/)C'_B@1SO0(0YJ#.,S-V2%*I!DB$'\ 9>Y'(0A;/F'/>!R M#T8L(AJH@ 0D1&$<3M2$)'@6A)]1B";JL=P?[T9(ZJWDBTXK5A5W/ "LI0!E,&)87X MF <[OO$,7[S"%*+XQ"8P\0A;WO*6?X@I+Q.1"%YRJ9>[K*DM]["'-8#!"<=, MYF6P0<-7B (2/?2A$*\423KI;G?\ DNO/(2Y8WE,6-E[FENX:<;Q(09')R&H M^@J(-99\"@2CHF@$_.*Q>-(3KG$-UU;?PA>^'*LO%WU11I/%K 8DP +:*1F M_)&*2.[N3E4DE%,.A:A$Q6!=*GC79%? +\M>U@=,P$(7SN"(2Z3B%9UH0QD$ M@4)[M./^'-H !BMR*(E&*&(0L95I;'D9VUURR:8OE6TN?=G3GOXTJ%$0!V;, M08M8L):'@F@-)F '&U.H0A6LN TM<,09:$ !<9+3G&.E0+ZLV1)V4A0$^\-*!"#0@ 5DZXYR%?" (Q 1SK$\0UM/)H;WO &.+S!#6U@8QK2:$8TH)$,3P_#%VBFQ2MDF8H;B@G5 MX1TO%9Q !6 0&-:QGHB!\]"%[SUX;V+!=0 )0\ $Z( 4Z5!'.<*Q#5Q8H@Q6 M,(Z/VO$)33C[$7\88HA%7&(3KWC%>% N))AK"EGPN1>[N 4MU.#][*WOOVE M+]? :C)C)AU_ML4K5"&*4I@"X\_^?<6=\;P+[/ZYS]GEA6_@?8QE+$,9S9"& M-*+QC&/THA2"&$,4$)&.H/3#E9H^1C.>\8P@^YP:U)A&-'Z<JD>8,QY0H%S+P!F0 MT8YRD.,;UEC&*@3!A2B,X4?^@,8G^,Z)1(!8#2.N$HG?$ =M8(S&,4ZZ"=T./*96/CA-