Victory Capital

Live  

Victory Capital is an investment management firm that provides a range of financial products and services, including mutual funds, exchange-traded funds (ETFs), and separate account management. Founded in 2012 and headquartered in Cleveland, Ohio, the firm focuses on a range of investment strategies across various asset classes, including equities, fixed income, and alternative investments.
Victory Capital operates through multiple investment affiliates, each with its own specialized investment strategies and expertise. This multi-boutique model allows the firm to offer a diverse array of investment solutions tailored to the needs of individual and institutional investors.
The firm emphasizes a commitment to delivering strong investment performance and is known for its focus on active management. It also seeks to leverage quantitative research and technology to enhance investment decisiomaking processes. Victory Capital has grown significantly since its inception, both organically and through acquisitions, expanding its reach and capabilities in the investment management space.
Victory Capital is also committed to responsible investing and incorporates environmental, social, and governance (ESG) considerations into its investment process. This aligns with a growing trend in the investment industry toward sustainable investing practices.
Overall, Victory Capital aims to serve a broad client base, including financial advisors, institutions, and individual investors, by providing innovative investment solutions and exceptional client service.

VmljdG9yeS BDYXBpdGFs IGlzIGEgY2 9tcGFueSB0 aGF0IGhlbH BzIHBlb3Bs ZSBhbmQgb3 JnYW5pemF0 aW9ucyBtYW 5hZ2UgdGhl aXIgbW9uZX kuIFRoaW5r IG9mIGl0IG xpa2UgYSB0 ZWFtIG9mIG 1vbmV5IGNv YWNoZXMgd2 hvIGhlbHAg eW91IGRlY2 lkZSB0aGUg YmVzdCB3YX lzIHRvIHNh dmUgYW5kIG ludmVzdCB5 b3VyIG1vbm V5IHRvIG1h a2UgaXQgZ3 Jvdy48YnI+ VmljdG9yeS BDYXBpdGFs IG1ha2VzIG 1vbmV5IGJ5 IGNoYXJnaW 5nIGZlZXMg Zm9yIHRoZS BzZXJ2aWNl cyB0aGV5IH Byb3ZpZGUu IFdoZW4gdG hleSBoZWxw IHNvbWVvbm UgaW52ZXN0 IG1vbmV54o CUbGlrZSBh IHBlcnNvbi BzYXZpbmcg Zm9yIHJldG lyZW1lbnQg b3IgYSBzY2 hvb2wgc2F2 aW5nIGZvci BuZXcgcGxh eWdyb3VuZC BlcXVpcG1l bnTigJR0aG V5IHRha2Ug YSBzbWFsbC BwZXJjZW50 YWdlIG9mIH RoZSBtb25l eSBvciBhIH NtYWxsIGZl ZSBmb3IgdG hlaXIgYWR2 aWNlIGFuZC BtYW5hZ2Vt ZW50Ljxicj 5UaGUgY29t cGFueSBpcy BzdWNjZXNz ZnVsIGJlY2 F1c2UgdGhl eSBoYXZlIG EgbG90IG9m IHNtYXJ0IH Blb3BsZSB3 aG8ga25vdy Bob3cgdG8g cGljayBnb2 9kIGludmVz dG1lbnRzLi BUaGVpciB0 ZWFtIGRvZX MgcmVzZWFy Y2ggdG8gZm luZCB0aGUg YmVzdCBwbG FjZXMgdG8g cHV0IG1vbm V5IHNvIHRo YXQgaXQgY2 FuIGdyb3cg b3ZlciB0aW 1lLiBUaGV5 IGFsc28gaG F2ZSBnb29k IHJlbGF0aW 9uc2hpcHMg d2l0aCB0aG VpciBjbGll bnRzLCB3aG ljaCBoZWxw cyB0aGVtIG J1aWxkIHRy dXN0IGFuZC BrZWVwIHBl b3BsZSBjb2 1pbmcgYmFj ay48YnI+TG 9va2luZyB0 byB0aGUgZn V0dXJlLCBW aWN0b3J5IE NhcGl0YWwg aXMgbGlrZW x5IHRvIHN0 YXkgc3VjY2 Vzc2Z1bCBi ZWNhdXNlIG 1hbnkgcGVv cGxlIHdhbn QgaGVscCBt YW5hZ2luZy B0aGVpciBt b25leSwgZX NwZWNpYWxs eSBhcyBtb3 JlIHBlb3Bs ZSBzdGFydC B0byBzYXZl IGZvciB0aG luZ3MgbGlr ZSBidXlpbm cgaG91c2Vz IG9yIGdvaW 5nIHRvIGNv bGxlZ2UuIE FzIGxvbmcg YXMgdGhleS BrZWVwIGRv aW5nIGEgZ2 9vZCBqb2Is IGxlYXJuaW 5nIG1vcmUg YWJvdXQgbW 9uZXksIGFu ZCBoZWxwaW 5nIHRoZWly IGNsaWVudH MsIHRoZXni gJlsbCBjb2 50aW51ZSB0 byB0aHJpdm UhPGJyPg==

VmljdG9yeS BDYXBpdGFs IGlzIG5vdG FibGUgZm9y IHNldmVyYW wgcmVhc29u czo8YnI+MS 4gPHN0cm9u Zz5EaXZlcn NlIEludmVz dG1lbnQgU3 RyYXRlZ2ll czwvc3Ryb2 5nPjogVmlj dG9yeSBDYX BpdGFsIG9m ZmVycyBhIH dpZGUgYXJy YXkgb2YgaW 52ZXN0bWVu dCBzdHJhdG VnaWVzIGFj cm9zcyB2YX Jpb3VzIGFz c2V0IGNsYX NzZXMsIGlu Y2x1ZGluZy BlcXVpdHks IGZpeGVkIG luY29tZSwg YW5kIGFsdG VybmF0aXZl IGludmVzdG 1lbnRzLiBU aGlzIGRpdm Vyc2l0eSBh bGxvd3MgdG hlbSB0byBj YXRlciB0by BhIGJyb2Fk IHJhbmdlIG 9mIGNsaWVu dCBuZWVkcy BhbmQgbWFy a2V0IGNvbm RpdGlvbnMu PGJyPjIuID xzdHJvbmc+ TXVsdGktQm 91dGlxdWUg TW9kZWw8L3 N0cm9uZz46 IFRoZSBmaX JtIGVtcGxv eXMgYSBtdW x0aS1ib3V0 aXF1ZSBtb2 RlbCwgd2hp Y2ggbWVhbn MgaXQgb3Bl cmF0ZXMgc2 V2ZXJhbCBz cGVjaWFsaX plZCBpbnZl c3RtZW50IG JvdXRpcXVl cy4gRWFjaC Bib3V0aXF1 ZSBoYXMgaX RzIG93biBp bnZlc3RtZW 50IHBoaWxv c29waHkgYW 5kIHRlYW0s IGVuYWJsaW 5nIGEgdmFy aWV0eSBvZi BhcHByb2Fj aGVzIHRvIG Fzc2V0IG1h bmFnZW1lbn QgdGhhdCBj YW4gYXBwZW FsIHRvIGRp ZmZlcmVudC B0eXBlcyBv ZiBpbnZlc3 RvcnMuPGJy PjMuIDxzdH Jvbmc+Rm9j dXMgb24gQW N0aXZlIE1h bmFnZW1lbn Q8L3N0cm9u Zz46IFZpY3 RvcnkgQ2Fw aXRhbCBwbG FjZXMgYSBz dHJvbmcgZW 1waGFzaXMg b24gYWN0aX ZlIG1hbmFn ZW1lbnQsIG FpbWluZyB0 byBvdXRwZX Jmb3JtIGJl bmNobWFyay BpbmRpY2Vz IHRocm91Z2 ggY2FyZWZ1 bCByZXNlYX JjaCBhbmQg YW5hbHlzaX MuIFRoZWly IGludmVzdG 1lbnQgdGVh bXMgYXJlIG RlZGljYXRl ZCB0byBpZG VudGlmeWlu ZyBoaWdoLW NvbnZpY3Rp b24gb3Bwb3 J0dW5pdGll cy48YnI+NC 4gPHN0cm9u Zz5UZWNobm 9sb2dpY2Fs IEludGVncm F0aW9uPC9z dHJvbmc+Oi BUaGUgY29t cGFueSBsZX ZlcmFnZXMg dGVjaG5vbG 9neSBhbmQg ZGF0YSBhbm FseXRpY3Mg dG8gZW5oYW 5jZSBpdHMg aW52ZXN0bW VudCBwcm9j ZXNzZXMsIH doaWNoIGlz IGluY3JlYX NpbmdseSBp bXBvcnRhbn QgaW4gdGhl IGV2b2x2aW 5nIGZpbmFu Y2lhbCBsYW 5kc2NhcGUu PGJyPjUuID xzdHJvbmc+ Q29tbWl0bW VudCB0byBS ZXNwb25zaW JsZSBJbnZl c3Rpbmc8L3 N0cm9uZz46 IFZpY3Rvcn kgQ2FwaXRh bCBoYXMgbW FkZSBlZmZv cnRzIHRvIG ludGVncmF0 ZSBFbnZpcm 9ubWVudGFs LCBTb2NpYW wsIGFuZCBH b3Zlcm5hbm NlIChFU0cp IGZhY3Rvcn MgaW50byBp dHMgaW52ZX N0bWVudCBw cm9jZXNzZX MsIHJlZmxl Y3RpbmcgYS Bncm93aW5n IHRyZW5kIG luIHRoZSBp bmR1c3RyeS B0b3dhcmRz IHJlc3Bvbn NpYmxlIGFu ZCBzdXN0YW luYWJsZSBp bnZlc3Rpbm cuPGJyPjYu IDxzdHJvbm c+Q2xpZW50 LUNlbnRyaW MgUGhpbG9z b3BoeTwvc3 Ryb25nPjog VGhlIGZpcm 0gcHJpb3Jp dGl6ZXMgYn VpbGRpbmcg c3Ryb25nIH JlbGF0aW9u c2hpcHMgd2 l0aCBpdHMg Y2xpZW50cy BhbmQgb2Zm ZXJzIHRhaW xvcmVkIGlu dmVzdG1lbn Qgc29sdXRp b25zIHRvIG 1lZXQgdGhl aXIgdW5pcX VlIGdvYWxz IGFuZCBvYm plY3RpdmVz Ljxicj43Li A8c3Ryb25n Pkdyb3d0aC BhbmQgQWNx dWlzaXRpb2 5zPC9zdHJv bmc+OiBPdm VyIHRoZSB5 ZWFycywgVm ljdG9yeSBD YXBpdGFsIG hhcyBncm93 biB0aHJvdW doIHN0cmF0 ZWdpYyBhY3 F1aXNpdGlv bnMgYW5kIH BhcnRuZXJz aGlwcywgZX hwYW5kaW5n IGl0cyBjYX BhYmlsaXRp ZXMgYW5kIG ltcHJvdmlu ZyBpdHMgbW Fya2V0IHBy ZXNlbmNlLj xicj5UaGVz ZSBhdHRyaW J1dGVzIGNv bnRyaWJ1dG UgdG8gVmlj dG9yeSBDYX BpdGFs4oCZ cyByZXB1dG F0aW9uIGFz IGEgc2lnbm lmaWNhbnQg cGxheWVyIG luIHRoZSBh c3NldCBtYW 5hZ2VtZW50 IGluZHVzdH J5LCBhcHBl YWxpbmcgdG 8gYm90aCBp bnN0aXR1dG lvbmFsIGFu ZCBpbmRpdm lkdWFsIGlu dmVzdG9ycy 48YnI+

VmljdG9yeS BDYXBpdGFs IGlzIGFuIG Fzc2V0IG1h bmFnZW1lbn QgZmlybSB0 aGF0IG9wZX JhdGVzIHBy aW1hcmlseS BvbiBhbiBp bnZlc3RtZW 50IG1hbmFn ZW1lbnQgYn VzaW5lc3Mg bW9kZWwuIF RoaXMgbW9k ZWwgZm9jdX NlcyBvbiBt YW5hZ2luZy BpbnZlc3Rt ZW50IGZ1bm RzIGFuZCBw b3J0Zm9saW 9zIGZvciB2 YXJpb3VzIG NsaWVudHMs IGluY2x1ZG luZyBpbnN0 aXR1dGlvbn MsIGZpbmFu Y2lhbCBhZH Zpc29ycywg YW5kIGluZG l2aWR1YWwg aW52ZXN0b3 JzLiBLZXkg Y29tcG9uZW 50cyBvZiB0 aGVpciBidX NpbmVzcyBt b2RlbCBpbm NsdWRlOjxi cj4xLiA8c3 Ryb25nPklu dmVzdG1lbn QgU3RyYXRl Z2llczwvc3 Ryb25nPjog VmljdG9yeS BDYXBpdGFs IG9mZmVycy BhIHJhbmdl IG9mIGludm VzdG1lbnQg c3RyYXRlZ2 llcyBhY3Jv c3MgYXNzZX QgY2xhc3Nl cywgaW5jbH VkaW5nIGVx dWl0aWVzLC BmaXhlZCBp bmNvbWUsIG FuZCBhbHRl cm5hdGl2ZS BpbnZlc3Rt ZW50cy4gVG hleSB1dGls aXplIGJvdG ggYWN0aXZl IGFuZCBwYX NzaXZlIG1h bmFnZW1lbn QgYXBwcm9h Y2hlcywgY2 F0ZXJpbmcg dG8gZGlmZm VyZW50IGlu dmVzdG9yIH ByZWZlcmVu Y2VzIGFuZC ByaXNrIHRv bGVyYW5jZX MuPGJyPjIu IDxzdHJvbm c+TXVsdGkt Qm91dGlxdW UgU3RydWN0 dXJlPC9zdH Jvbmc+OiBU aGUgZmlybS BlbXBsb3lz IGEgbXVsdG ktYm91dGlx dWUgYXBwcm 9hY2gsIG1l YW5pbmcgaX Qgb3BlcmF0 ZXMgc2V2ZX JhbCBkaXN0 aW5jdCBpbn Zlc3RtZW50 IHRlYW1zIG 9yIGJvdXRp cXVlcywgZW FjaCB3aXRo IGl0cyBvd2 4gc3BlY2lh bGl6ZWQgaW 52ZXN0bWVu dCBwaGlsb3 NvcGh5IGFu ZCBzdHJhdG VnaWVzLiBU aGlzIGFsbG 93cyBmb3Ig ZGl2ZXJzZS BpbnZlc3Rt ZW50IG9mZm VyaW5ncyBh bmQgdGhlIG FiaWxpdHkg dG8gYXR0cm FjdCBhIHdp ZGUgYXJyYX kgb2YgY2xp ZW50cy48Yn I+My4gPHN0 cm9uZz5GZW UgU3RydWN0 dXJlPC9zdH Jvbmc+OiBW aWN0b3J5IE NhcGl0YWwg dHlwaWNhbG x5IGNoYXJn ZXMgbWFuYW dlbWVudCBm ZWVzIGJhc2 VkIG9uIHRo ZSBhc3NldH MgdW5kZXIg bWFuYWdlbW VudCAoQVVN KSBpbiB0aG VpciBmdW5k cyBhbmQgcG 9ydGZvbGlv cy4gVGhleS BtYXkgYWxz byBlYXJuIH BlcmZvcm1h bmNlIGZlZX MgaWYgdGhl IGludmVzdG 1lbnQgcmVz dWx0cyBleG NlZWQgY2Vy dGFpbiBiZW 5jaG1hcmtz Ljxicj40Li A8c3Ryb25n PkNsaWVudC BTZWdtZW50 czwvc3Ryb2 5nPjogVGhl IGZpcm0gc2 VydmVzIHZh cmlvdXMgY2 xpZW50IHNl Z21lbnRzLC BpbmNsdWRp bmcgaW5zdG l0dXRpb25h bCBpbnZlc3 RvcnMsIGZp bmFuY2lhbC BpbnN0aXR1 dGlvbnMsIG FuZCByZXRh aWwgaW52ZX N0b3JzLiBU aGlzIGRpdm Vyc2l0eSBh bGxvd3MgVm ljdG9yeSBD YXBpdGFsIH RvIGNyZWF0 ZSB0YWlsb3 JlZCBpbnZl c3RtZW50IH NvbHV0aW9u cyBmb3IgZG lmZmVyZW50 IG5lZWRzIG FuZCBwcmVm ZXJlbmNlcy 48YnI+NS4g PHN0cm9uZz 5BZHZpc29y eSBTZXJ2aW Nlczwvc3Ry b25nPjogSW 4gYWRkaXRp b24gdG8gZn VuZCBtYW5h Z2VtZW50LC BWaWN0b3J5 IENhcGl0YW wgbWF5IG9m ZmVyIGFkdm lzb3J5IHNl cnZpY2VzIH RvIGNsaWVu dHMsIGhlbH BpbmcgdGhl bSB3aXRoIG ludmVzdG1l bnQgc3RyYX RlZ2llcywg cmlzayBtYW 5hZ2VtZW50 LCBhbmQgcG 9ydGZvbGlv IGNvbnN0cn VjdGlvbi48 YnI+Ni4gPH N0cm9uZz5E aXN0cmlidX Rpb24gQ2hh bm5lbHM8L3 N0cm9uZz46 IFRoZXkgdX RpbGl6ZSBt dWx0aXBsZS BkaXN0cmli dXRpb24gY2 hhbm5lbHMs IGluY2x1ZG luZyBkaXJl Y3Qgc2FsZX MgdG8gaW5z dGl0dXRpb2 5hbCBjbGll bnRzLCBwYX J0bmVyc2hp cHMgd2l0aC BmaW5hbmNp YWwgYWR2aX NvcnMsIGFu ZCBwbGF0Zm 9ybXMgZm9y IHJldGFpbC BpbnZlc3Rv cnMuPGJyPj cuIDxzdHJv bmc+VGVjaG 5vbG9neSBh bmQgSW5ub3 ZhdGlvbjwv c3Ryb25nPj ogVmljdG9y eSBDYXBpdG FsIGludmVz dHMgaW4gdG VjaG5vbG9n eSB0byBlbm hhbmNlIGlu dmVzdG1lbn QgYW5hbHlz aXMsIG9wZX JhdGlvbnMs IGFuZCBjbG llbnQgc2Vy dmljZXMsIG 1ha2luZyB0 aGVpciBwcm 9jZXNzZXMg bW9yZSBlZm ZpY2llbnQg YW5kIGVmZm VjdGl2ZS48 YnI+T3Zlcm FsbCwgVmlj dG9yeSBDYX BpdGFs4oCZ cyBidXNpbm VzcyBtb2Rl bCByZXZvbH ZlcyBhcm91 bmQgcHJvdm lkaW5nIGlu dmVzdG1lbn QgbWFuYWdl bWVudCBzZX J2aWNlcyB0 aHJvdWdoIG Egc3RydWN0 dXJlZCBhcH Byb2FjaCB0 aGF0IGNvbW JpbmVzIGEg dmFyaWV0eS BvZiBzdHJh dGVnaWVzIG FuZCBleHBl cnRpc2UgdG 8gbWVldCB0 aGUgZGl2ZX JzZSBuZWVk cyBvZiB0aG VpciBjbGll bnRzLjxicj 4=

AI has the potential to impact financial services firms like Victory Capital in various ways, including through substitution, disintermediation, and margin pressure.
1. Substitution: AI-driven fintech solutions can create products and services that compete with traditional investment management offerings. For instance, robo-advisors that utilize algorithms to manage investment portfolios could attract clients who prefer automated solutions over traditional management. Victory Capital may need to enhance its own offerings with AI technologies to remain competitive and meet evolving client expectations.
2. Disintermediation: AI can enable direct-to-consumer platforms that bypass traditional financial advisors or asset managers. This trend could reduce the demand for managed investment products, particularly among tech-savvy investors seeking lower-cost alternatives. Victory Capital may face challenges if a significant number of consumers choose to manage investments independently using AI tools.
3. Margin Pressure: If AI technologies lead to greater efficiencies and lower operating costs for competitors, there is a risk that this could put downward pressure on fees across the industry. Victory Capital might be compelled to lower its management fees to remain competitive, affecting its overall margins. Moreover, the ability of AI to optimize investment strategies may lead to reduced alpha generation, making it harder to justify higher fees.
In summary, while AI presents challenges in terms of substitution, disintermediation, and margin pressure, it also offers opportunities for firms like Victory Capital to innovate and enhance their service offerings. Embracing AI strategically could help them mitigate potential threats and improve their competitive positioning.

The sensitivity of Victory Capital’s earnings, cash flow, and valuation to changes in interest rates can be assessed through several key factors:
1. Earnings Sensitivity: Victory Capital, as a financial services firm, may experience changes in its earnings due to interest rate fluctuations. Lower interest rates can lead to reduced income from cash and cash equivalents, affecting overall profitability. Conversely, higher rates might increase interest income but can also dampen asset management fees if the markets respond negatively.
2. Cash Flow Sensitivity: Cash flow is also impacted by interest rates. Changes in rates can affect the demand for investment products managed by Victory Capital. For instance, when rates rise, fixed income investments may become more attractive to investors, while equity market performance could be influenced negatively, leading to fluctuations in AUM (Assets Under Management) and, consequently, cash flow.
3. Valuation Sensitivity: Valuation is linked to future earnings and cash flows. Higher interest rates typically lead to higher discount rates used in DCF (Discounted Cash Flow) models, which could result in a lower present value of expected future cash flows. Conversely, lower interest rates could enhance valuations due to lower discount rates.
Overall, Victory Capital’s sensitivity to interest rate shifts depends on the firm’s asset mix, how it generates revenue, and the broader market environment. Regulatory changes and investor sentiment towards equities and fixed income can further complicate this sensitivity.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgVm ljdG9yeSBD YXBpdGFs4o CZcyBlY29u b21pY3Mgb3 ZlciB0aGUg bmV4dCAzLT UgeWVhcnMg aXMgYSBwcm 9sb25nZWQg cGVyaW9kIG 9mIHNpZ25p ZmljYW50IH JlZ3VsYXRv cnkgY2hhbm dlcyBpbiB0 aGUgYXNzZX QgbWFuYWdl bWVudCBpbm R1c3RyeSwg cGFydGljdW xhcmx5IGFm ZmVjdGluZy BmZWUgc3Ry dWN0dXJlcy wgZmlkdWNp YXJ5IHN0YW 5kYXJkcywg YW5kIGRpc2 Nsb3N1cmUg cmVxdWlyZW 1lbnRzLiBT dWNoIGNoYW 5nZXMgY291 bGQgbGVhZC B0byBoaWdo ZXIgb3Blcm F0aW5nIGNv c3RzLCBhIH JlZHVjdGlv biBpbiByZX ZlbnVlIHN0 cmVhbXMsIG FuZCBpbmNy ZWFzZWQgY2 9tcGxpYW5j ZSBidXJkZW 5zLjxicj5J biB0aGlzIH NjZW5hcmlv LCByZWd1bG F0b3J5IGNo YW5nZXMgbW lnaHQgcmVx dWlyZSBWaW N0b3J5IENh cGl0YWwgdG 8gY3V0IG1h bmFnZW1lbn QgZmVlcyB0 byByZW1haW 4gY29tcGV0 aXRpdmUgYW 5kIGNvbXBs eSB3aXRoIG 5ldyBzdGFu ZGFyZHMsIH doaWNoIGNv dWxkIHNpZ2 5pZmljYW50 bHkgcmVkdW NlIGl0cyBt YXJnaW5zLi BJbmNyZWFz ZWQgY29tcG xpYW5jZSBj b3N0cyBjb3 VsZCBmdXJ0 aGVyIHNxdW VlemUgcHJv Zml0YWJpbG l0eSBpZiB0 aGUgY29tcG FueSBuZWVk cyB0byBpbn Zlc3QgaW4g bmV3IHRlY2 hub2xvZ2ll cywgcGVyc2 9ubmVsLCBv ciBzeXN0ZW 1zIHRvIG1l ZXQgdGhlIH JlcXVpcmVt ZW50cy4gQX MgYSByZXN1 bHQsIHRoZS BvcGVyYXRp bmcgbWFyZ2 luIGNvdWxk IGRyb3Agc3 Vic3RhbnRp YWxseSwgZm FsbGluZyBm cm9tIGxldm VscyB0aGF0 IHdlcmUgcH JldmlvdXNs eSBzdXN0YW luYWJsZS48 YnI+Q2FzaC BmbG93IHdv dWxkIGxpa2 VseSBkZWNs aW5lIGFzIH JldmVudWUg ZGVjcmVhc2 VzIGR1ZSB0 byB0aGUgcm VkdWNlZCBm ZWUgc3RydW N0dXJlLCBs ZWFkaW5nIH RvIHRpZ2h0 ZXIgbGlxdW lkaXR5IGNv bmRpdGlvbn MuIElmIGNh c2ggaW5mbG 93cyBhcmUg aW5zdWZmaW NpZW50IHRv IGNvdmVyIG 9wZXJhdGlu ZyBleHBlbn NlcyBhbmQg YW55IGNhcG l0YWwgZXhw ZW5kaXR1cm VzLCBWaWN0 b3J5IENhcG l0YWwgbWF5 IGZhY2UgY2 hhbGxlbmdl cyBpbiBtYW ludGFpbmlu ZyBpdHMgZG l2aWRlbmQg cG9saWNpZX Mgb3IgZnVu ZGluZyBncm 93dGggaW5p dGlhdGl2ZX MuIFRoaXMg Y291bGQgZm 9yY2UgdGhl IGNvbXBhbn kgdG8gcmVk dWNlIGl0cy BjYXNoIHJl c2VydmVzIG 9yIHRha2Ug b24gYWRkaX Rpb25hbCBk ZWJ0LCBmdX J0aGVyIGlt cGFjdGluZy BmaW5hbmNp YWwgc3RhYm lsaXR5Ljxi cj5PbiB0aG UgYmFsYW5j ZSBzaGVldC wgaWYgcHJv Zml0cyBmYW xsIHNpZ25p ZmljYW50bH ksIHJldGFp bmVkIGVhcm 5pbmdzIHdv dWxkIGFsc2 8gZGVjcmVh c2UsIHBvdG VudGlhbGx5 IGxlYWRpbm cgdG8gZXJv c2lvbiBvZi BlcXVpdHku IElmIHNpZ2 5pZmljYW50 IGludmVzdG 1lbnRzIGFy ZSByZXF1aX JlZCBmb3Ig Y29tcGxpYW 5jZSwgdGhl IGNvbXBhbn kgbWlnaHQg aW5jcmVhc2 UgaXRzIGxp YWJpbGl0aW VzLCByYWlz aW5nIGRlYn QgcmF0aW9z IGFuZCBhZm ZlY3Rpbmcg ZmluYW5jaW FsIGxldmVy YWdlLiBDb2 5zZXF1ZW50 bHksIFZpY3 RvcnkgQ2Fw aXRhbCBtaW dodCBzaG93 IGhpZ2hlci BsZXZlcmFn ZSByYXRpb3 MsIHdoaWNo IGNvdWxkIH JhaXNlIGNv bmNlcm5zIG Ftb25nIGlu dmVzdG9ycy BhYm91dCBp dHMgZmluYW 5jaWFsIGhl YWx0aCBhbm QgYWJpbGl0 eSB0byB3ZW F0aGVyIGVj b25vbWljIG Rvd250dXJu cy48YnI+SW 4gc3VtbWFy eSwgaWYgVm ljdG9yeSBD YXBpdGFsIH dlcmUgdG8g ZmFjZSBhIH NjZW5hcmlv IGNoYXJhY3 Rlcml6ZWQg YnkgdW5mYX ZvcmFibGUg cmVndWxhdG 9yeSBjaGFu Z2VzLCBpdC Bjb3VsZCBl eHBlcmllbm NlIHJlZHVj ZWQgbWFyZ2 lucywgY29u c3RyYWluZW QgY2FzaCBm bG93LCBhbm QgYSB3ZWFr ZW5lZCBiYW xhbmNlIHNo ZWV0LCBhbG wgb2Ygd2hp Y2ggd291bG QgaW1wYWly IGl0cyBsb2 5nLXRlcm0g ZWNvbm9taW MgdmlhYmls aXR5Ljxicj 4=

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvMn Zsem9PZUxB YjdOa0p5Qj JjaDEud2Vi cCIgYWx0PS JWaWN0b3J5 IENhcGl0YW wiIHRpdGxl PSJWaWN0b3 J5IENhcGl0 YWwiICBjbG Fzcz0iaW1n LWZsdWlkIi BoZWlnaHQ9 NTAgd2lkdG g9NTAgbG9h ZGluZz0nbG F6eScgc3R5 bGU9J2Jvcm Rlci1yYWRp dXM6IDZweD snPgoKICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdm bGV4OiAxOy B0ZXh0LWFs aWduOiBjZW 50ZXI7IG1h cmdpbi1sZW Z0OiA1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPHAg c3R5bGU9J2 ZvbnQtc2l6 ZTogMjZweD sgY29sb3I6 ICMzMzM7IG 1hcmdpbi1i b3R0b206ID E1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIPCf k4ggV2FudC B0byByZWFk IG1vcmUgYW JvdXQgVmlj dG9yeSBDYX BpdGFsPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TliBHZXQg aW5zaWdodH MgZnJvbSA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+IG5vdyEK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9wPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxMnB4Oy Bmb250LXNp emU6IDEzcH g7IGNvbG9y OiAjNDQ0Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IG5vdyBhbm QgZ2V0IG91 ciBmcmVlIG VCb29rIAog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGI+ VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr czwvYj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID E2cHg7IGZv bnQtc2l6ZT ogMTRweDsg Y29sb3I6IC M0NDQ7IGZv bnQtZmFtaW x5OiAtYXBw bGUtc3lzdG VtLCBCbGlu a01hY1N5c3 RlbUZvbnQs IFNlZ29lIF VJLCBSb2Jv dG8sIEhlbH ZldGljYSBO ZXVlLCBzYW 5zLXNlcmlm OyBsaW5lLW hlaWdodDog MS42Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBIYX ZlIHlvdSBo ZWFyZCBhYm 91dCBvdXIg c2hvcnQgPH N0cm9uZyBz dHlsZT0nZm 9udC13ZWln aHQ6IDYwMD snPkRhaWx5 IFZpZGVvIE 5ld3NsZXR0 ZXI8L3N0cm 9uZz4/CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdodH RwczovL3d3 dy5pbnNpZ2 h0ZnVsdmFs dWUuY29tL2 5ld3NsZXR0 ZXIucGhwJy B0YXJnZXQ9 J19ibGFuay cgc3R5bGU9 J2NvbG9yOi AjMDA3QkZG OyB0ZXh0LW RlY29yYXRp b246IG5vbm U7IGZvbnQt d2VpZ2h0Oi A1MDA7IG1h cmdpbi1sZW Z0OiA2cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBGaW 5kIG91dCBt b3JlCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8L2E+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgCiAg ICAgICAgCi AgICAgICAg PHNwYW4gY2 xhc3M9J2Js dXJyZWQtdG V4dCc+CiAg ICAgICAgIC AgIFZtbGpk Rzl5ZVMgQk RZWEJwZEdG cyBJR2x6SU dGdUlHIEZ6 YzJWMElHMW ggYm1GblpX MWxibiBRZ1 ptbHliU0Iz IGFYUm9JSE 5sZG0gVnlZ V3dnYm05MC BaWGR2Y25S b2VTIEJoYz NCbFkzUnog T2p4aWNqNH hMaSBCR2Iz SnRZWFJwIG IyNDZJRlpw WTMgUnZjbm tnUTJGdyBh WFJoYkNCM1 lYIE1nWlhO MFlXSnMgYV hOb1pXUWdh VyA0Z01qQX hNQ0JoIGJt UWdhR0Z6SU cgZHliM2R1 SUhKaCBjR2 xrYkhrZ2RH IGh5YjNWbm FDQmkgYjNS b0lHOXlaMi BGdWFXTWda M0p2IGQzUm 9JR0Z1WkMg QnpkSEpoZE dWbiBhV01n WVdOeGRXIG x6YVhScGIy NXogTGp4aW NqNHlMaSBC RWFYWmxjbk 5sIElFbHVk bVZ6ZEcgMW xiblFnVTNS eSBZWFJsWj JsbGN6IG9n VkdobElHWn AgY20wZ2Iy Wm1aWCBKek lHRWdkMmxr IFpTQnlZVz VuWlMgQnZa aUJwYm5abC BjM1J0Wlc1 MElIIE4wY2 1GMFpXZHAg WlhNZ1lXTn liMyBOeklI WmhjbWx2IG RYTWdZWE56 WlggUWdZMn hoYzNObCBj eXdnYVc1am JIIFZrYVc1 bklHVnggZF dsMGVTd2da bSBsNFpXUW dhVzVqIGIy MWxMQ0JoYm 0gUWdZV3gw WlhKdSBZWF JwZG1WekxD IEJqWVhSbG NtbHUgWnlC MGJ5QnBibS BScGRtbGtk V0ZzIElHRn VaQ0JwYm4g TjBhWFIxZE dsdiBibUZz SUdsdWRtIF Z6ZEc5eWN5 NDggWW5JK0 15NGdRMiB4 cFpXNTBJRV p2IFkzVnpP aUJXYVcgTj BiM0o1SUVO aCBjR2wwWV d3Z1pXIDF3 YUdGemFYcG wgY3lCaElH TnNhVyBWdW RDMWpaVzUw IGNtbGpJR0 Z3Y0ggSnZZ V05vTENCdy BjbTkyYVdS cGJtIGNnWT NWemRHOXQg YVhwbFpDQn piMiB4MWRH bHZibk1nIF lXNWtJSE5s Y24gWnBZMl Z6SUhSdiBJ RzFsWlhRZ2 RHIGhsSUhW dWFYRjEgWl NCdVpXVmtj eSBCdlppQm thV1ptIFpY SmxiblFnYV cgNTJaWE4w YjNJZyBjSE p2Wm1sc1pY IE11UEdKeV BqUXUgSUVk eWIzZDBhQy BCVWFISnZk V2RvIElFRm pjWFZwYzIg bDBhVzl1Y3 pvZyBWR2hs SUdOdmJYIE JoYm5rZ2FH RnogSUdWNG NHRnVaRyBW a0lHbDBjeU JqIFlYQmhZ bWxzYVggUn BaWE1nWW5r ZyBZV054ZF dseWFXIDVu SUhObGRtVn kgWVd3Z1lt OTFkRyBseG RXVWdhVzUy IFpYTjBiV1 Z1ZEMgQm1h WEp0Y3l3Zy BaV0ZqYUNC aWNtIGx1Wj JsdVp5Qnog Y0dWamFXRn NhWCBwbFpD QmxlSEJsIG NuUnBjMlVn WVcgNWtJR2 x1WTNKbCBZ WE5wYm1jZ2 FYIFJ6SUdG emMyVjAgSU cxaGJtRm5a VyAxbGJuUW diMlptIFpY SnBibWR6TG ogeGljajQx TGlCSiBibT V2ZG1GMGFY IFpsSUZOdm JIVjAgYVc5 dWN6b2dWbS BsamRHOXll U0JEIFlYQn BkR0ZzSUcg bHpJR3R1Yj NkdSBJR1p2 Y2lCcGJuIF JsWjNKaGRH bHUgWnlCMF pXTm9ibSA5 c2IyZDVJR2 x1IGRHOGdh WFJ6SUcgbH VkbVZ6ZEcx bCBiblFnY0 hKdlkyIFZ6 YzJWekxDQj EgYzJsdVp5 QmtZWCBSaE lHRnVZV3g1 IGRHbGpjeU JoYm0gUWdi M1JvWlhJZy BkRzl2YkhN Z2RHIDhnWl c1b1lXNWog WlNCa1pXTn BjMiBsdmJX RnJhVzVuIE lHRnVaQ0Jq YkcgbGxibl FnYzJWeSBk bWxqWlM0OF luIEkrTmk0 Z1UzVnogZE dGcGJtRmli RyBVZ1NXNT JaWE4wIGFX NW5PaUJVYU cgVWdabWx5 YlNCbyBZWE 1nWTI5dGJX IGwwZEdWa0 lIUnYgSUhK bGMzQnZibi BOcFlteGxJ R2x1IGRtVn pkR2x1Wnkg QndjbUZqZE dsaiBaWE1z SUdsdWRHIF ZuY21GMGFX NW4gSUdWdW RtbHliMiA1 dFpXNTBZV3 dzIElITnZZ MmxoYkMgd2 dZVzVrSUdk diBkbVZ5Ym 1GdVkyIFVn S0VWVFJ5a2 cgWm1GamRH OXljeSBCcG JuUnZJR2ww IGN5QnBibl psYzMgUnRa VzUwSUhCeS BiMk5sYzNO bGN5IDQ4WW 5JK055NGcg VTNSeWIyNW 5JRiBCbGNt WnZjbTFoIG JtTmxPaUJX YVcgTjBiM0 o1SUVOaCBj R2wwWVd3Z2 FHIEZ6SUhK bFkyVnAgZG 1Wa0lHRmpZ MiA5c1lXUm xjeUJoIGJt UWdjbVZqYj IgZHVhWFJw YjI0ZyBabT l5SUdsMGN5 IEJwYm5abG MzUnQgWlc1 MElIQmxjbS BadmNtMWhi bU5sIElHRn VaQ0J0WVcg NWhaMlZ0Wl c1MCBJR05o Y0dGaWFXIH hwZEdsbGN5 QnYgZG1WeU lIUm9aUyBC NVpXRnljeX dnIGIyWjBa VzRnWW0gVn BibWNnYUds biBhR3hwWj JoMFpXIFFn YVc0Z2RtRn kgYVc5MWN5 QnBibSBSMW MzUnllU0J5 IFlXNXJhVz VuY3kgNDhZ bkkrT0M0Zy BSVzF3Ykc5 NVpXIFVnVD NkdVpYSnog YUdsd09pQl VhRyBVZ1ky OXRjR0Z1IG VTQjJZV3gx WlggTWdaVz F3Ykc5NSBa V1VnWlc1bl lXIGRsYldW dWRDQmggYm 1RZ2FHRnpJ RyBsdWFYUn BZWFJwIGRt VnpJSFJvWV ggUWdjSEp2 Ylc5MCBaU0 JsYlhCc2Iz IGxsWlNCdm QyNWwgY25O b2FYQXNJRy BGc2FXZHVh VzVuIElIUm 9aU0JwYm4g UmxjbVZ6ZE hNZyBiMlln Wlcxd2JHID k1WldWeklI ZHAgZEdnZ2 RHaHZjMiBV Z2IyWWdZMn hwIFpXNTBj eUJoYm0gUW djMmhoY21W byBiMnhrWl hKekxqIHhp Y2o0NUxpQk QgYjIxdGRX NXBkSCBrZ1 NXNTJiMngy IFpXMWxibl E2SUYgWnBZ M1J2Y25rZy BRMkZ3YVhS aGJDIEJwY3 lCaFkzUnAg ZG1Wc2VTQn BibiBadmJI WmxaQ0JwIG JpQmpiMjF0 ZFcgNXBkSG tnYzJWeSBk bWxqWlNCaG JtIFFnY0do cGJHRnUgZE doeWIzQjVM QyBCemRYQn diM0owIGFX NW5JSFpoY2 0gbHZkWE1n YVc1cCBkR2 xoZEdsMlpY IE1nZEdoaG RDQncgY205 dGIzUmxJRy BWa2RXTmhk R2x2IGJpQm hibVFnZDIg VnNiQzFpWl dsdSBaeTQ4 WW5JK01UIE F1SUVobFlX UnggZFdGeW RHVnljeiBv Z1ZHaGxJR0 52IGJYQmhi bmtnYVggTW dhR1ZoWkhG MSBZWEowWl hKbFpDIEJw YmlCRGJHVj IgWld4aGJt UXNJRSA5b2 FXOHNJSGRv IGFXTm9JR2 x6SUcgOW1k R1Z1SUhKbC BZMjluYm1s NlpXIFFnWV hNZ1lTQncg YVhadmRHRn NJRyB4dlky RjBhVzl1IE lHWnZjaUJt YVcgNWhibU 5wWVd3ZyBj MlZ5ZG1sal pYIE1nYVc0 Z2RHaGwgSU ZWdWFYUmxa QyBCVGRHRj BaWE11IElE eGljajVVYU cgVnpaU0Jt WVdOMCBjeU JvYVdkb2JH IGxuYUhRZ2 RHaGwgSUdO dmJYQmhibi BuaWdKbHpJ SE4wIGNtRj BaV2RwWXkg Qm5jbTkzZE dncyBJR1p2 WTNWeklHID l1SUdsdWJt OTIgWVhScG IyNHNJRyBG dVpDQmpiMj F0IGFYUnRa VzUwSUggUn ZJR05zYVdW dSBkQ0J6ZF dOalpYIE56 TGp4aWNqND 0KICAgICAg ICA8L3NwYW 4+CiAgICAg ICAgCiAgIC AgICAg