PennantPark Investment

-14.47%

More reviews (1)

Live  

PennantPark Investment Corporation is a publicly traded business development company (BDC) that specializes in providing debt and equity financing to middle-market companies. The company was founded in 2007 and is based in New York City.
The company’s primary objective is to generate both current income and capital appreciation through a diversified portfolio of investments in middle-market companies. These companies typically have annual revenues between $10 million and $1 billion.
PennantPark Investment Corporation primarily invests in first-lien secured debt, second-lien secured debt, subordinated debts, and equity of the middle-market companies. They also invest in other securities, such as common and preferred stock, convertible and non-convertible debt, and other assets that meet their investment criteria.
The company’s investment strategy is focused on companies in various industries, including aerospace and defense, business services, healthcare, consumer products and services, and more. They have a team of experienced professionals who conduct thorough due diligence and provide ongoing monitoring of their investments to ensure their portfolio remains diversified and well-performing.
PennantPark Investment Corporation offers individual and institutional investors the opportunity to invest in a diverse portfolio of middle-market companies that have the potential for growth and generate attractive returns. They also offer investors the potential for regular quarterly dividends, which are primarily funded by the interest and dividends on their portfolio investments.

PennantPark Investment Company is like a special money helper for businesses. Imagine if you wanted to open a lemonade stand, but you didn’t have enough money to buy the lemons and cups. If you went to a friend who had some extra money and asked them to help you, that’s similar to what PennantPark does for companies.
Here’s how it works: PennantPark gives loans, which are like borrowing money, to different businesses, especially those that might not be able to get money from a bank. In return, these businesses promise to pay back the money, plus a little extra. That “extra” is the profit, and that’s how PennantPark makes its money.
Now, why is PennantPark successful? One reason is that it knows how to pick good businesses that will pay back the money. Just like how you might choose to sell lemonade in a busy park where lots of people go by, they choose businesses that have a good chance to grow and succeed.
Also, in the future, we will likely need more companies to help people and create jobs. So, as long as PennantPark keeps finding solid businesses and helps them grow, they will likely continue to be successful and make money. They have a good plan and smart people working there, which helps them stay ahead. Just like how you’d want to keep practicing your lemonade stand to make it better, PennantPark keeps improving how they help businesses.

MS4gRm9jdX NlZCBvbiBt aWRkbGUtbW Fya2V0IGNv bXBhbmllcz ogUGVubmFu dFBhcmsgSW 52ZXN0bWVu dCBwcmltYX JpbHkgZm9j dXNlcyBvbi BpbnZlc3Rp bmcgaW4gbW lkZGxlLW1h cmtldCBjb2 1wYW5pZXMs IHdoaWNoIG FyZSB0eXBp Y2FsbHkgYn VzaW5lc3Nl cyB3aXRoIG FubnVhbCBy ZXZlbnVlcy BiZXR3ZWVu ICQxMCBtaW xsaW9uIGFu ZCAkMSBiaW xsaW9uLiBU aGlzIHRhcm dldGVkIGFw cHJvYWNoIG FsbG93cyB0 aGUgY29tcG FueSB0byB0 YWtlIGFkdm FudGFnZSBv ZiBhdHRyYW N0aXZlIGlu dmVzdG1lbn Qgb3Bwb3J0 dW5pdGllcy BpbiBhIHJl bGF0aXZlbH kgdW5kZXJz ZXJ2ZWQgbW Fya2V0Ljxi cj4yLiBFeH BlcmllbmNl ZCBhbmQgZG VkaWNhdGVk IHRlYW06IF RoZSBjb21w YW554oCZcy BtYW5hZ2Vt ZW50IHRlYW 0gaGFzIGEg c3Ryb25nIH RyYWNrIHJl Y29yZCBvZi BzdWNjZXNz ZnVsbHkgaW 52ZXN0aW5n IGluIHRoZS BtaWRkbGUt bWFya2V0IG FuZCBoYXMg YSBkZWVwIH VuZGVyc3Rh bmRpbmcgb2 YgdGhlIG1h cmtldCBkeW 5hbWljcyBh bmQgdHJlbm RzLiBUaGUg dGVhbeKAmX MgZXh0ZW5z aXZlIGV4cG VyaWVuY2Ug YWxzbyBhbG xvd3MgdGhl bSB0byBwcm 92aWRlIHZh bHVhYmxlIG V4cGVydGlz ZSBhbmQgc3 VwcG9ydCB0 byB0aGVpci Bwb3J0Zm9s aW8gY29tcG FuaWVzLjxi cj4zLiBEaX ZlcnNpZmll ZCBpbnZlc3 RtZW50IHN0 cmF0ZWd5Oi BQZW5uYW50 UGFyayBJbn Zlc3RtZW50 IGhhcyBhIG RpdmVyc2lm aWVkIGludm VzdG1lbnQg c3RyYXRlZ3 ksIHdoaWNo IGluY2x1ZG VzIGludmVz dGluZyBpbi Bib3RoIGRl YnQgYW5kIG VxdWl0eSBz ZWN1cml0aW VzIG9mIG1p ZGRsZS1tYX JrZXQgY29t cGFuaWVzLi BUaGlzIGFw cHJvYWNoIG FsbG93cyB0 aGUgY29tcG FueSB0byBt YW5hZ2Ugcm lzayBhbmQg Z2VuZXJhdG UgYXR0cmFj dGl2ZSByZX R1cm5zIGZv ciBpdHMgc2 hhcmVob2xk ZXJzLjxicj 40LiBTdHJv bmcgdHJhY2 sgcmVjb3Jk IG9mIHBlcm Zvcm1hbmNl OiBXaXRoIG 92ZXIgYSBk ZWNhZGUgb2 YgaGlzdG9y eSwgUGVubm FudFBhcmsg SW52ZXN0bW VudCBoYXMg Y29uc2lzdG VudGx5IGRl bGl2ZXJlZC BzdHJvbmcg cmV0dXJucy B0byBpdHMg c2hhcmVob2 xkZXJzLiBU aGUgY29tcG FueSBoYXMg YSB0cmFjay ByZWNvcmQg b2Ygb3V0cG VyZm9ybWlu ZyBpdHMgcG VlcnMgYW5k IHRoZSBicm 9hZGVyIG1h cmtldCwgbW FraW5nIGl0 IGFuIGF0dH JhY3RpdmUg b3B0aW9uIG ZvciBpbnZl c3RvcnMgc2 Vla2luZyBs b25nLXRlcm 0gZ3Jvd3Ro Ljxicj41Li BGbGV4aWJs ZSBjYXBpdG FsIHNvbHV0 aW9uczogUG VubmFudFBh cmsgSW52ZX N0bWVudCBv ZmZlcnMgYS B2YXJpZXR5 IG9mIGNhcG l0YWwgc29s dXRpb25zIH RvIGl0cyBw b3J0Zm9saW 8gY29tcGFu aWVzLCBpbm NsdWRpbmcg c2VuaW9yIH NlY3VyZWQg ZGVidCwgbW V6emFuaW5l IGRlYnQsIG FuZCBlcXVp dHkgaW52ZX N0bWVudHMu IFRoaXMgZm xleGliaWxp dHkgYWxsb3 dzIHRoZSBj b21wYW55IH RvIHRhaWxv ciBpdHMgaW 52ZXN0bWVu dHMgdG8gbW VldCB0aGUg c3BlY2lmaW MgbmVlZHMg b2YgZWFjaC Bjb21wYW55 IGFuZCBzdX Bwb3J0IGl0 cyBncm93dG ggb2JqZWN0 aXZlcy48Yn I+Ni4gQWN0 aXZlIGFwcH JvYWNoIHRv IHBvcnRmb2 xpbyBtYW5h Z2VtZW50Oi BUaGUgY29t cGFueSB0YW tlcyBhbiBh Y3RpdmUgYX Bwcm9hY2gg dG8gcG9ydG ZvbGlvIG1h bmFnZW1lbn QsIHdvcmtp bmcgY2xvc2 VseSB3aXRo IGl0cyBwb3 J0Zm9saW8g Y29tcGFuaW VzIHRvIHBy b3ZpZGUgb3 BlcmF0aW9u YWwgYW5kIH N0cmF0ZWdp YyBzdXBwb3 J0LiBUaGlz IGNhbiBoZW xwIGNvbXBh bmllcyBhY2 hpZXZlIHRo ZWlyIGdyb3 d0aCBwb3Rl bnRpYWwgYW 5kIGltcHJv dmUgb3Zlcm FsbCBwZXJm b3JtYW5jZS wgbGVhZGlu ZyB0byBhdH RyYWN0aXZl IHJldHVybn MgZm9yIGlu dmVzdG9ycy 48YnI+Ny4g U3Ryb25nIG 5ldHdvcmsg YW5kIGRlYW wgc291cmNp bmcgY2FwYW JpbGl0aWVz OiBQZW5uYW 50UGFyayBJ bnZlc3RtZW 504oCZcyBl eHBlcmllbm NlZCB0ZWFt IGFuZCBzdH JvbmcgbmV0 d29yayBpbi B0aGUgbWlk ZGxlLW1hcm tldCBzcGFj ZSBwcm92aW RlIHRoZSBj b21wYW55IH dpdGggYSBj b21wZXRpdG l2ZSBhZHZh bnRhZ2UgaW 4gc291cmNp bmcgYXR0cm FjdGl2ZSBp bnZlc3RtZW 50IG9wcG9y dHVuaXRpZX MuIFRoaXMg YWxsb3dzIH RoZSBjb21w YW55IHRvIG FjY2VzcyBh IGRpdmVyc2 UgcmFuZ2Ug b2YgcG90ZW 50aWFsIGlu dmVzdG1lbn RzIGFuZCBp ZGVudGlmeS B0aGUgbW9z dCBwcm9taX Npbmcgb3Bw b3J0dW5pdG llcyBmb3Ig aXRzIHBvcn Rmb2xpby48 YnI+OC4gQ2 9tbWl0bWVu dCB0byByZX Nwb25zaWJs ZSBpbnZlc3 Rpbmc6IFBl bm5hbnRQYX JrIEludmVz dG1lbnQgaX MgY29tbWl0 dGVkIHRvIH Jlc3BvbnNp YmxlIGludm VzdGluZyBw cmFjdGljZX MsIGluY2x1 ZGluZyBhZG hlcmluZyB0 byBlbnZpcm 9ubWVudGFs LCBzb2NpYW wsIGFuZCBn b3Zlcm5hbm NlIChFU0cp IHN0YW5kYX Jkcy4gVGhl IGNvbXBhbn kgaW5jb3Jw b3JhdGVzIE VTRyBmYWN0 b3JzIGludG 8gaXRzIGlu dmVzdG1lbn QgZGVjaXNp b24tbWFraW 5nIHByb2Nl c3MsIHdoaW NoIGNhbiBo ZWxwIG1pdG lnYXRlIHJp c2sgYW5kIG NyZWF0ZSBs b25nLXRlcm 0gdmFsdWUg Zm9yIHNoYX JlaG9sZGVy cy4=

VGhlIFBlbm 5hbnRQYXJr IEludmVzdG 1lbnQgY29t cGFueeKAmX MgYnVzaW5l c3MgbW9kZW wgaXMgdG8g aWRlbnRpZn kgYW5kIGlu dmVzdCBpbi BtaWRkbGUt bWFya2V0IG NvbXBhbmll cyBpbiBuZW VkIG9mIGZp bmFuY2luZy BhbmQgcHJv dmlkZSB0aG VtIHdpdGgg ZGVidCBhbm QgZXF1aXR5 IGNhcGl0YW wuIFRoZXkg YWltIHRvIG dlbmVyYXRl IGF0dHJhY3 RpdmUgcmlz ay1hZGp1c3 RlZCByZXR1 cm5zIGZvci B0aGVpciBp bnZlc3Rvcn MgYnkgc3Ry dWN0dXJpbm cgYW5kIG1h bmFnaW5nIG ludmVzdG1l bnRzIGluIG EgdmFyaWV0 eSBvZiBpbm R1c3RyaWVz IGFuZCBnZW 9ncmFwaGll cy4gVGhlIG NvbXBhbnkg YWxzbyBhY3 RpdmVseSBt YW5hZ2VzIH RoZWlyIHBv cnRmb2xpby Bjb21wYW5p ZXMgdG8gZH JpdmUgZ3Jv d3RoIGFuZC Bwcm9maXRh YmlsaXR5Li BBZGRpdGlv bmFsbHksIH RoZXkgcHJv dmlkZSBhZH Zpc29yeSBh bmQgb3RoZX Igc2Vydmlj ZXMgdG8gdG hlaXIgcG9y dGZvbGlvIG NvbXBhbmll cy4gSXRzIH ByaW1hcnkg c291cmNlcy BvZiByZXZl bnVlIGFyZS BpbnRlcmVz dCBhbmQgZG l2aWRlbmQg aW5jb21lIG Zyb20gaXRz IGludmVzdG 1lbnRzLCBt YW5hZ2VtZW 50IGZlZXMs IGFuZCBhZH Zpc29yeSBm ZWVzLg==

AI does pose potential challenges and opportunities for investment firms like PennantPark Investment Company in several ways.
1. Substitution: AI technologies can develop alternative investment strategies and financial products that could compete with traditional offerings. Robo-advisors powered by AI might provide automated investment management services that could attract retail investors seeking lower costs and higher efficiency. If these technologies become widely adopted, they could lead to a decline in demand for more traditional investment management services.
2. Disintermediation: AI could facilitate direct investment solutions that eliminate the need for intermediaries like investment firms. Peer-to-peer lending and crowdfunding platforms are examples where technology allows individuals to invest directly without traditional financial intermediaries. If clients prefer these AI-driven direct investment models, it could reduce the client base for firms like PennantPark.
3. Margin Pressure: With the rise of AI and technology-driven investment platforms, the competition may force traditional firms to lower fees or enhance service offerings, which can squeeze profit margins. Firms that do not adopt AI effectively may struggle to keep up with evolving client expectations, potentially leading to loss of market share.
However, it’s also important to recognize that AI can provide significant advantages to investment firms. By leveraging AI for analysis, risk assessment, and the optimization of investment strategies, companies can enhance their decisiomaking processes, improve operational efficiency, and offer personalized services to clients.
Ultimately, the impact of AI will depend on how effectively PennantPark adapts to these changes and integrates AI into its offerings while maintaining its competitive edge.

The sensitivity of PennantPark Investment Company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several factors.
Earnings: PennantPark, like many business development companies (BDCs), invests primarily in private debt and equity securities. The company’s earnings largely stem from its interest income on loans and investments. When interest rates rise, the yields on new investments may also increase, which can enhance earnings. However, if the cost of borrowing increases for the companies in which PennantPark invests, it could lead to higher default rates and reduced profitability, negatively impacting earnings.
Cash Flow: Interest rates have a direct effect on cash flow as well. PennantPark may experience an increase in cash inflows from higher interest rates on new investments. Conversely, if existing borrowers struggle with increased borrowing costs, there could be a rise in noperforming loans. This scenario could lead to impaired cash flow as defaults or delayed payments reduce the overall cash available to PennantPark.
Valuation: The valuation of PennantPark Investment Company is influenced by interest rates through the discount rate applied to future cash flows. Higher interest rates typically lead to a higher discount rate, which can decrease the present value of future cash flows and, consequently, the valuation of the company. On the other hand, if the market expects rising rates to lead to higher interest income from investments, it might support the valuation in the short term.
Overall, while rising interest rates can provide opportunities for increased earnings through higher interest income, they also pose risks related to borrower defaults and overall economic slowdown, which could adversely affect cash flow and valuation. The net impact would depend on the magnitude and speed of changes in interest rates, as well as the broader economic context.

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 bG9nb3MvN0 h2M0lvRUYw bWZXSmZtek hsTkUud2Vi cCIgYWx0PS JQZW5uYW50 UGFyayBJbn Zlc3RtZW50 IiB0aXRsZT 0iUGVubmFu dFBhcmsgSW 52ZXN0bWVu dCIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD05 MCB3aWR0aD 05MCBsb2Fk aW5nPSdsYX p5JyBzdHls ZT0nYm9yZG VyLXJhZGl1 czogNnB4Oy c+CgogICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J2Zs ZXg6IDE7IH RleHQtYWxp Z246IGNlbn RlcjsgbWFy Z2luLWxlZn Q6IDVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8cCBz dHlsZT0nZm 9udC1zaXpl OiAyNnB4Oy Bjb2xvcjog IzMzMzsgbW FyZ2luLWJv dHRvbTogMT VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T iCBXYW50IH RvIHJlYWQg bW9yZSBhYm 91dCBQZW5u YW50UGFyay BJbnZlc3Rt ZW50PwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+U kyBVbmxvY2 sgb3VyIGZy ZWUgZ3VpZG U6IDxpPiJU aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz IjwvaT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1TNGdWR2 hsSUcgTnZi WEJoYm5rZy BkMkZ6SUda dmRXIDVrWl dRZ2FXNGcg VFdGNUlESX dNRCBjZ1lu a2dRWEowIG FIVnlJRWd1 SUYgQmxibT RzSUdFZyBk bVYwWlhKaG JpIEJwYmlC MGFHVWcgWm 1sdVlXNWpa UyBCcGJtUj FjM1J5IGVT QjNhWFJvSU cgOTJaWEln TXpBZyBlV1 ZoY25NZ2Iy IFlnWlhod1 pYSnAgWlc1 alpTNDhZbi BJK01pNGdV R1Z1IGJtRn VkRkJoY20g c2dTVzUyWl hOMCBiV1Z1 ZENCRGIzIE p3YjNKaGRH bHYgYmlCcG N5QmhJSCBC MVlteHBZMn g1IElIUnlZ V1JsWkMgQk NkWE5wYm1W eiBjeUJFWl habGJHIDl3 YldWdWRDQk QgYjIxd1lX NTVJQyBoQ1 JFTXBJR3hw IGMzUmxaQ0 J2YmkgQjBh R1VnVGtGVC BSRUZSSUhW dVpHIFZ5SU hSb1pTQjAg YVdOclpYSW djMyBsdFlt OXNJRkJPIF RsUXVQR0p5 UGogTXVJRl JvWlNCdCBZ V2x1SUdadl kzIFZ6SUc5 bUlIUm8gWl NCamIyMXdZ VyA1NUlHbH pJSFJ2IElI QnliM1pwWk cgVWdaR1Zp ZENCaCBibV FnWlhGMWFY IFI1SUdOaG NHbDAgWVd3 Z2RHOGdiVy Bsa1pHeGxM VzFoIGNtdG xkQ0JqYjIg MXdZVzVwWl hNcyBJSFI1 Y0dsallXIH hzZVNCM2FY Um8gSUhKbG RtVnVkVyBW eklHSmxkSG RsIFpXNGdK REV3SUcgMX BiR3hwYjI0 ZyBZVzVrSU NReElHIEpw Ykd4cGIyNH UgUEdKeVBq UXVJRiBSb1 pTQmpiMjF3 IFlXNTVJR2 x1ZG0gVnpk SE1nYVc0Zy BZU0IyWVhK cFpYIFI1SU c5bUlHbHUg WkhWemRISn BaWCBNc0lH bHVZMngxIF pHbHVaeUJv WlcgRnNkR2 hqWVhKbCBM Q0JsYm1WeV ozIGtzSUdO dmJuTjEgYl dWeUlIQnli MiBSMVkzUn pMQ0JoIGJt UWdkR1ZqYU cgNXZiRzlu ZVM0OCBZbk krTlM0Z1VH IFZ1Ym1GdW RGQmggY21z Z1NXNTJaWC BOMGJXVnVk Q0JEIGIzSn diM0poZEcg bHZidUtBbV hNZyBjRzl5 ZEdadmJHIG x2SUdseklH UnAgZG1WeW MybG1hVyBW a0lHRmpjbT l6IGN5QjJZ WEpwYjMgVn pJSE5sWTNS diBjbk1zSU hkcGRHIGdn Ym04Z2MybH UgWjJ4bElH bHVaSCBWem RISjVJRzFo IGEybHVaeU IxY0MgQnRi M0psSUhSby BZVzRnTVRB bElHIDltSU hSb1pTQjAg YjNSaGJDQn BibiBabGMz UnRaVzUwIE lIQnZjblJt YjIgeHBieT Q4WW5JKyBO aTRnUVhNZ2 IyIFlnU25W dVpTQXkgTU RJeExDQjBh RyBVZ1kyOX RjR0Z1IGVl S0FtWE1nZE cgOTBZV3dn WVhOeiBaWF J6SUhWdVpH IFZ5SUcxaG JtRm4gWlcx bGJuUWdkMi BWeVpTQmhj SEJ5IGIzaH BiV0YwWlcg eDVJQ1F5TG pFZyBZbWxz YkdsdmJpID Q4WW5JK055 NGcgU1c0Z1 lXUmthWCBS cGIyNGdkRz hnIGFYUnpJ SFJ5WVcgUn BkR2x2Ym1G cyBJRUpFUX lCemRIIEox WTNSMWNtVX MgSUhSb1pT QmpiMiAxd1 lXNTVJR0Zz IGMyOGdiM0 JsY20gRjBa WE1nVUdWdS BibUZ1ZEZC aGNtIHNnUm 14dllYUnAg Ym1jZ1VtRj BaUyBCRFlY QnBkR0ZzIE lFeDBaQzRn S0YgQkdURl FwTENCaCBJ SEIxWW14cF kyIHg1SUhS eVlXUmwgWk NCcGJuWmxj MyBSdFpXNT BJSFpsIGFH bGpiR1VnZE cgaGhkQ0Jt YjJOMSBjMl Z6SUc5dUlH IFpzYjJGMG FXNW4gSUhK aGRHVWdiRy A5aGJuTWdk RzhnIGJXbG taR3hsTFcg MWhjbXRsZE NCaiBiMjF3 WVc1cFpYIE 11UEdKeVBq Z3UgSUZCbG JtNWhibiBS UVlYSnJJRW x1IGRtVnpk RzFsYm4gUW dRMjl5Y0c5 eSBZWFJwYj I0Z2FHIEZ6 SUdFZ2FHbH ogZEc5eWVT QnZaaSBCem RISnZibWNn IFpHbDJhV1 JsYm0gUWdj R0Y1YldWdS BkSE1zSUhk cGRHIGdnWV NCamRYSnkg Wlc1MElHUn BkbSBsa1pX NWtJSGxwIF pXeGtJRzlt SUcgOTJaWE lnT0NVdSBQ R0p5UGprdU lGIFJvWlNC amIyMXcgWV c1NUlHaGhj eSBCaElHaH BaMmhzIGVT QmxlSEJsY2 0gbGxibU5s WkNCMCBaV0 Z0TENCM2FY IFJvSUdGdU lHRjIgWlhK aFoyVWdiMi BZZ01qQWdl V1ZoIGNuTW diMllnYVcg NWtkWE4wY2 5rZyBaWGh3 WlhKcFpXID VqWlNCaGJX OXUgWnlCcG RITWdhVyA1 MlpYTjBiV1 Z1IGRDQndj bTltWlggTn phVzl1WVd4 eiBManhpY2 o0eE1DIDRn U1c0Z01qQX ggTml3Z1VH VnVibSBGdW RGQmhjbXNn IFNXNTJaWE 4wYlcgVnVk Q0JEYjNKdy BiM0poZEds dmJpIEJpWl dOaGJXVWcg ZEdobElHWn BjbiBOMElF SkVReUIwIG J5QmpiMjF3 YkcgVjBaU0 JoYmlCcCBi bWwwYVdGc0 lIIEIxWW14 cFl5QnYgWm 1abGNtbHVa eSBCdlppQn BkSE1nIFky OXRiVzl1SU ggTjBiMk5y TGp4aSBjaj R4TVM0Z1ZH IGhsSUdOdm JYQmggYm5r Z2FHRnpJRy BFZ2FHbHpk Rzl5IGVTQn ZaaUJ6ZFcg TmpaWE56Wm 5WcyBJR1Y0 YVhSekxDIE IzYVhSb0lH RnUgSUdGMl pYSmhaMiBV Z2FXNTBaWE p1IFlXd2dj bUYwWlMgQn ZaaUJ5WlhS MSBjbTRnS0 VsU1VpIGtn YjJZZ01URX UgTlNVZ2Iy NGdhWCBSek lISmxZV3hw IGVtVmtJR2 x1ZG0gVnpk RzFsYm5Sei BJSE5wYm1O bElHIGx1WT JWd2RHbHYg Ymk0OFluSS tNVCBJdUlG QmxibTVoIG JuUlFZWEpy SUUgbHVkbV Z6ZEcxbCBi blFnUTI5eW NHIDl5WVhS cGIyNGcgYV hNZ1kyOXRi VyBsMGRHVm tJSFJ2IElH TnZjbkJ2Y2 0gRjBaU0J6 YjJOcCBZV3 dnY21WemNH IDl1YzJsaW FXeHAgZEhr c0lITjFjSC BCdmNuUnBi bWNnIFlTQj JZWEpwWlgg UjVJRzltSU hCbyBhV3ho Ym5Sb2NtID l3YVdNZ1ky RjEgYzJWek lHRnVaQyBC aFkzUnBkbV ZzIGVTQndj bTl0YjMgUn BibWNnWlc1 MiBhWEp2Ym 0xbGJuIFJo YkN3Z2MyOW ogYVdGc0xD QmhibSBRZ1 oyOTJaWEp1 IFlXNWpaU0 FvUlYgTkhL U0J3Y21sdS BZMmx3YkdW eklHIGx1SU dsMGN5QnAg Ym5abGMzUn RaVyA1MGN5 NDhZbkkrIE 1UTXVJRlJv WlMgQmpiMj F3WVc1NSBJ R2hoY3lCeV pXIE5sYVha bFpDQnUgZF cxbGNtOTFj eSBCcGJtUj FjM1J5IGVT QmhkMkZ5Wk ggTWdZVzVr SUhKbCBZMj luYm1sMGFX IDl1TENCcG JtTnMgZFdS cGJtY2dZbS BWcGJtY2di bUZ0IFpXUW c0b0NjUW0g VnpkQ0JDUk VQaSBnSjBn WW5rZ1IyIH h2WW1Gc0lF WnAgYm1GdV kyVWdiVyBG bllYcHBibV VnIGFXNGdN akF5TUMgQm hibVFnTWpB eSBNUzQ9Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==