PennantPark Investment

-14.47%

More reviews (2)

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.

UGVubmFudF BhcmsgSW52 ZXN0bWVudC BDb21wYW55 IGlzIGxpa2 UgYSBzcGVj aWFsIG1vbm V5IGhlbHBl ciBmb3IgYn VzaW5lc3Nl cy4gSW1hZ2 luZSBpZiB5 b3Ugd2FudG VkIHRvIG9w ZW4gYSBsZW 1vbmFkZSBz dGFuZCwgYn V0IHlvdSBk aWRu4oCZdC BoYXZlIGVu b3VnaCBtb2 5leSB0byBi dXkgdGhlIG xlbW9ucyBh bmQgY3Vwcy 4gSWYgeW91 IHdlbnQgdG 8gYSBmcmll bmQgd2hvIG hhZCBzb21l IGV4dHJhIG 1vbmV5IGFu ZCBhc2tlZC B0aGVtIHRv IGhlbHAgeW 91LCB0aGF0 4oCZcyBzaW 1pbGFyIHRv IHdoYXQgUG VubmFudFBh cmsgZG9lcy Bmb3IgY29t cGFuaWVzLj xicj5IZXJl 4oCZcyBob3 cgaXQgd29y a3M6IFBlbm 5hbnRQYXJr IGdpdmVzIG xvYW5zLCB3 aGljaCBhcm UgbGlrZSBi b3Jyb3dpbm cgbW9uZXks IHRvIGRpZm ZlcmVudCBi dXNpbmVzc2 VzLCBlc3Bl Y2lhbGx5IH Rob3NlIHRo YXQgbWlnaH Qgbm90IGJl IGFibGUgdG 8gZ2V0IG1v bmV5IGZyb2 0gYSBiYW5r LiBJbiByZX R1cm4sIHRo ZXNlIGJ1c2 luZXNzZXMg cHJvbWlzZS B0byBwYXkg YmFjayB0aG UgbW9uZXks IHBsdXMgYS BsaXR0bGUg ZXh0cmEuIF RoYXQg4oCc ZXh0cmHigJ 0gaXMgdGhl IHByb2ZpdC wgYW5kIHRo YXTigJlzIG hvdyBQZW5u YW50UGFyay BtYWtlcyBp dHMgbW9uZX kuPGJyPk5v dywgd2h5IG lzIFBlbm5h bnRQYXJrIH N1Y2Nlc3Nm dWw/IE9uZS ByZWFzb24g aXMgdGhhdC BpdCBrbm93 cyBob3cgdG 8gcGljayBn b29kIGJ1c2 luZXNzZXMg dGhhdCB3aW xsIHBheSBi YWNrIHRoZS Btb25leS4g SnVzdCBsaW tlIGhvdyB5 b3UgbWlnaH QgY2hvb3Nl IHRvIHNlbG wgbGVtb25h ZGUgaW4gYS BidXN5IHBh cmsgd2hlcm UgbG90cyBv ZiBwZW9wbG UgZ28gYnks IHRoZXkgY2 hvb3NlIGJ1 c2luZXNzZX MgdGhhdCBo YXZlIGEgZ2 9vZCBjaGFu Y2UgdG8gZ3 JvdyBhbmQg c3VjY2VlZC 4gPGJyPkFs c28sIGluIH RoZSBmdXR1 cmUsIHdlIH dpbGwgbGlr ZWx5IG5lZW QgbW9yZSBj b21wYW5pZX MgdG8gaGVs cCBwZW9wbG UgYW5kIGNy ZWF0ZSBqb2 JzLiBTbywg YXMgbG9uZy BhcyBQZW5u YW50UGFyay BrZWVwcyBm aW5kaW5nIH NvbGlkIGJ1 c2luZXNzZX MgYW5kIGhl bHBzIHRoZW 0gZ3Jvdywg dGhleSB3aW xsIGxpa2Vs eSBjb250aW 51ZSB0byBi ZSBzdWNjZX NzZnVsIGFu ZCBtYWtlIG 1vbmV5LiBU aGV5IGhhdm UgYSBnb29k IHBsYW4gYW 5kIHNtYXJ0 IHBlb3BsZS B3b3JraW5n IHRoZXJlLC B3aGljaCBo ZWxwcyB0aG VtIHN0YXkg YWhlYWQuIE p1c3QgbGlr ZSBob3cgeW 914oCZZCB3 YW50IHRvIG tlZXAgcHJh Y3RpY2luZy B5b3VyIGxl bW9uYWRlIH N0YW5kIHRv IG1ha2UgaX QgYmV0dGVy LCBQZW5uYW 50UGFyayBr ZWVwcyBpbX Byb3Zpbmcg aG93IHRoZX kgaGVscCBi dXNpbmVzc2 VzLjxicj4=

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.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgdG hlIGVjb25v bWljcyBvZi BQZW5uYW50 UGFyayBJbn Zlc3RtZW50 IENvbXBhbn kgb3ZlciB0 aGUgbmV4dC Az4oCTNSB5 ZWFycyBpbm NsdWRlcyBh IHNpZ25pZm ljYW50IGFu ZCBwcm9sb2 5nZWQgZWNv bm9taWMgZG 93bnR1cm4g b3IgcmVjZX NzaW9uLCBs ZWFkaW5nIH RvIHdpZGVz cHJlYWQgZG VmYXVsdHMg b24gdGhlIG xvYW5zIGFu ZCBpbnZlc3 RtZW50cyBo ZWxkIGluIG l0cyBwb3J0 Zm9saW8uIF RoaXMgZG93 bnR1cm4gY2 91bGQgYmUg dHJpZ2dlcm VkIGJ5IGZh Y3RvcnMgc3 VjaCBhcyBy aXNpbmcgaW 50ZXJlc3Qg cmF0ZXMsIH BlcnNpc3Rl bnQgaW5mbG F0aW9uLCBv ciBnZW9wb2 xpdGljYWwg aW5zdGFiaW xpdHkgdGhh dCBhZHZlcn NlbHkgYWZm ZWN0cyBtYX JrZXQgY29u ZmlkZW5jZS 48YnI+SW4g dGhpcyBzY2 VuYXJpbywg dGhlIGNvbX BhbnnigJlz IG1hcmdpbn Mgd291bGQg bGlrZWx5IG V4cGVyaWVu Y2Ugc2lnbm lmaWNhbnQg cHJlc3N1cm UuIFRoZSBk ZWZhdWx0IH JhdGVzIG9u IGl0cyBoaW doZXItcmlz ayBkZWJ0IG ludmVzdG1l bnRzIHdvdW xkIGluY3Jl YXNlLCBsZW FkaW5nIHRv IGhpZ2hlci Bwcm92aXNp b25zIGZvci BjcmVkaXQg bG9zc2VzIG FuZCByZWR1 Y2luZyBuZX QgaW52ZXN0 bWVudCBpbm NvbWUuIEFz IGEgcmVzdW x0LCB0aGUg Y29tcGFuee KAmXMgb3Bl cmF0aW5nIG 1hcmdpbiB3 b3VsZCBkZW NsaW5lIHNo YXJwbHksIH BvdGVudGlh bGx5IGZhbG xpbmcgYmVs b3cgc3VzdG FpbmFibGUg bGV2ZWxzLi BUaGUgZGVj cmVhc2UgaW 4gaW5jb21l IHdvdWxkIG NyZWF0ZSBj aGFsbGVuZ2 VzIGluIG1h aW50YWluaW 5nIGRpdmlk ZW5kIHBheW 1lbnRzIHRv IHNoYXJlaG 9sZGVycywg YXMgdGhlIG NvbXBhbnkg aXMgdHlwaW NhbGx5IGV4 cGVjdGVkIH RvIGRlbGl2 ZXIgcmVsaW FibGUgZGlz dHJpYnV0aW 9ucyBjb25z aXN0ZW50IH dpdGggaXRz IGJ1c2luZX NzIG1vZGVs Ljxicj5DYX NoIGZsb3cg d291bGQgYW xzbyBiZSBu ZWdhdGl2ZW x5IGltcGFj dGVkLCB3aX RoIHBvc3Np YmxlIGRlY2 xpbmVzIGlu IGNhc2ggZn JvbSBvcGVy YXRpb25zIG FzIHJldmVu dWUgZGVjcm Vhc2VzIGFu ZCBjYXNoIG 91dGZsb3dz IHJlbGF0ZW QgdG8gbWFp bnRhaW5pbm cgcG9ydGZv bGlvIGludm VzdG1lbnRz IGluY3JlYX NlLiBJZiB0 aGUgY29tcG FueSBuZWVk cyB0byB3cm l0ZSBkb3du IHRoZSB2YW x1ZSBvZiBp dHMgYXNzZX RzIGR1ZSB0 byBoaWdoZX IgZGVmYXVs dCByYXRlcy wgaXQgY291 bGQgZnVydG hlciBzdHJh aW4gY2FzaC BmbG93LCBs ZWFkaW5nIH RvIGEgbGlx dWlkaXR5IG NydW5jaC4g VGhpcyBzaX R1YXRpb24g d291bGQgcm VzdWx0IGlu IGEgbmVlZC B0byBhY2Nl c3MgYWRkaX Rpb25hbCBm aW5hbmNpbm csIHBvc3Np Ymx5IGF0IG xlc3MgZmF2 b3JhYmxlIH Rlcm1zLCBp bmNyZWFzaW 5nIGZpbmFu Y2lhbCBwcm Vzc3VyZS48 YnI+T24gdG hlIGJhbGFu Y2Ugc2hlZX QsIHRoZSBj b21wYW55IH dvdWxkIHNl ZSBhbiBpbm NyZWFzZSBp biBub3Blcm Zvcm1pbmcg YXNzZXRzIG FuZCBhIGRl dGVyaW9yYX Rpb24gaW4g YXNzZXQgcX VhbGl0eS4g VGhlIG5ldC Bhc3NldCB2 YWx1ZSBjb3 VsZCBkZWNs aW5lIHNpZ2 5pZmljYW50 bHkgYXMgdG hlIHZhbHVh dGlvbnMgb2 YgaW52ZXN0 bWVudHMgZH JvcC4gSWYg dGhlIGltcG Fpcm1lbnRz IGFyZSBzdW JzdGFudGlh bCBlbm91Z2 gsIHRoZXkg Y291bGQgcG 90ZW50aWFs bHkgbGVhZC B0byBhIGJy ZWFjaCBvZi Bjb3ZlbmFu dHMgdW5kZX IgYW55IGxl dmVyYWdlIG FncmVlbWVu dHMsIGZvcm NpbmcgdGhl IGNvbXBhbn kgdG8gcmVz dHJ1Y3R1cm Ugb3Igc2Vl ayBhZGRpdG lvbmFsIGNh cGl0YWwuIE RlYnQtdG8t ZXF1aXR5IH JhdGlvcyB3 b3VsZCByaX NlLCBpbmNy ZWFzaW5nIG ZpbmFuY2lh bCBsZXZlcm FnZSBhbmQg cHV0dGluZy B0aGUgY29t cGFueSBpbi BhIHByZWNh cmlvdXMgcG 9zaXRpb24g cmVnYXJkaW 5nIGl0cyBv YmxpZ2F0aW 9ucy48YnI+ T3ZlcmFsbC wgdGhpcyBk b3dudHVybi BzY2VuYXJp byBjb3VsZC BsZWFkIHRv IGEgc2l0dW F0aW9uIHdo ZXJlIFBlbm 5hbnRQYXJr IEludmVzdG 1lbnQgQ29t cGFueSBzdH J1Z2dsZXMg dG8gcmVjb3 ZlciBpdHMg ZmluYW5jaW FsIGZvb3Rp bmcsIHJpc2 tpbmcgbG9u Zy10ZXJtIH ZpYWJpbGl0 eSBpbiBhIG NvbW1lcmNp YWwgZW52aX Jvbm1lbnQg aW5jcmVhc2 luZ2x5IHdh cnkgb2YgaX RzIGludmVz dG1lbnQgc3 RyYXRlZ3ku PGJyPg==

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 hlaWdodD01 MCB3aWR0aD 01MCBsb2Fk 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+G kyBEaXNjb3 ZlciA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+IO KAlCBmcmVl IGVCb29rIQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDEycHg7 IGZvbnQtc2 l6ZTogMTNw eDsgY29sb3 I6ICM0NDQ7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IFNpZ24gdX Agbm93IGFu ZCBnZXQgb3 VyIGZyZWUg ZUJvb2sgCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8Yj 5UaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzPC9iPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID whLS0KICAg ICAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nbWFyZ2 luLXRvcDog MTZweDsgZm 9udC1zaXpl OiAxNHB4Oy Bjb2xvcjog IzQ0NDsgZm 9udC1mYW1p bHk6IC1hcH BsZS1zeXN0 ZW0sIEJsaW 5rTWFjU3lz dGVtRm9udC wgU2Vnb2Ug VUksIFJvYm 90bywgSGVs dmV0aWNhIE 5ldWUsIHNh bnMtc2VyaW Y7IGxpbmUt aGVpZ2h0Oi AxLjY7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIEhh dmUgeW91IG hlYXJkIGFi b3V0IG91ci BzaG9ydCA8 c3Ryb25nIH N0eWxlPSdm b250LXdlaW dodDogNjAw Oyc+RGFpbH kgVmlkZW8g TmV3c2xldH Rlcjwvc3Ry b25nPj8KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxhIG hyZWY9J2h0 dHBzOi8vd3 d3Lmluc2ln aHRmdWx2YW x1ZS5jb20v bmV3c2xldH Rlci5waHAn IHRhcmdldD 0nX2JsYW5r JyBzdHlsZT 0nY29sb3I6 ICMwMDdCRk Y7IHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsgZm9udC 13ZWlnaHQ6 IDUwMDsgbW FyZ2luLWxl ZnQ6IDZweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIEZp bmQgb3V0IG 1vcmUKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAKIC AgICAgICAK ICAgICAgIC A8c3BhbiBj bGFzcz0nYm x1cnJlZC10 ZXh0Jz4KIC AgICAgICAg ICAgTVM0Z1 ZHaGxJRyBO dmJYQmhibm tnIGQyRnpJ R1p2ZFcgNW taV1FnYVc0 ZyBUV0Y1SU RJd01EIGNn WW5rZ1FYSj AgYUhWeUlF Z3VJRiBCbG JtNHNJR0Vn IGRtVjBaWE poYmkgQnBi aUIwYUdVZy BabWx1WVc1 alpTIEJwYm 1SMWMzUnkg ZVNCM2FYUm 9JRyA5MlpY SWdNekFnIG VXVmhjbk1n YjIgWWdaWG h3WlhKcCBa VzVqWlM0OF luIEkrTWk0 Z1VHVnUgYm 1GdWRGQmhj bSBzZ1NXNT JaWE4wIGJX VnVkQ0JEYj MgSndiM0po ZEdsdiBiaU JwY3lCaElI IEIxWW14cF kyeDUgSUhS eVlXUmxaQy BCQ2RYTnBi bVZ6IGN5Qk VaWFpsYkcg OXdiV1Z1ZE NCRCBiMjF3 WVc1NUlDIG hDUkVNcElH eHAgYzNSbF pDQnZiaSBC MGFHVWdUa0 ZUIFJFRlJJ SFZ1WkcgVn lJSFJvWlNC MCBhV05yWl hJZ2MzIGx0 WW05c0lGQk 8gVGxRdVBH SnlQaiBNdU lGUm9aU0J0 IFlXbHVJR1 p2WTMgVnpJ RzltSUhSby BaU0JqYjIx d1lXIDU1SU dseklIUnYg SUhCeWIzWn BaRyBVZ1pH VmlkQ0JoIG JtUWdaWEYx YVggUjVJR0 5oY0dsMCBZ V3dnZEc4Z2 JXIGxrWkd4 bExXMWggY2 10bGRDQmpi MiAxd1lXNX BaWE1zIElI UjVjR2xqWV cgeHNlU0Iz YVhSbyBJSE psZG1WdWRX IFZ6SUdKbG RIZGwgWlc0 Z0pERXdJRy AxcGJHeHBi MjRnIFlXNW tJQ1F4SUcg SnBiR3hwYj I0dSBQR0p5 UGpRdUlGIF JvWlNCamIy MXcgWVc1NU lHbHVkbSBW emRITWdhVz RnIFlTQjJZ WEpwWlggUj VJRzltSUds dSBaSFZ6ZE hKcFpYIE1z SUdsdVkyeD EgWkdsdVp5 Qm9aVyBGc2 RHaGpZWEps IExDQmxibV Z5WjMga3NJ R052Ym5OMS BiV1Z5SUhC eWIyIFIxWT NSekxDQmgg Ym1RZ2RHVm phRyA1dmJH OW5lUzQ4IF luSStOUzRn VUcgVnVibU Z1ZEZCaCBj bXNnU1c1Ml pYIE4wYldW dWRDQkQgYj NKd2IzSmhk RyBsdmJ1S0 FtWE1nIGNH OXlkR1p2Yk cgbHZJR2x6 SUdScCBkbV Z5YzJsbWFX IFZrSUdGam NtOXogY3lC MllYSnBiMy BWeklITmxZ M1J2IGNuTX NJSGRwZEcg Z2dibThnYz JsdSBaMnhs SUdsdVpIIF Z6ZEhKNUlH MWggYTJsdV p5QjFjQyBC dGIzSmxJSF JvIFlXNGdN VEFsSUcgOW 1JSFJvWlNC MCBiM1JoYk NCcGJuIFps YzNSdFpXNT AgSUhCdmNu Um1iMiB4cG J5NDhZbkkr IE5pNGdRWE 1nYjIgWWdT blZ1WlNBeS BNREl4TENC MGFHIFVnWT I5dGNHRnUg ZWVLQW1YTW dkRyA5MFlX d2dZWE56IF pYUnpJSFZ1 WkcgVnlJRz FoYm1GbiBa VzFsYm5RZ2 QyIFZ5WlNC aGNIQnkgYj NocGJXRjBa VyB4NUlDUX lMakVnIFlt bHNiR2x2Ym kgNDhZbkkr Tnk0ZyBTVz RnWVdSa2FY IFJwYjI0Z2 RHOGcgYVhS eklIUnlZVy BScGRHbHZi bUZzIElFSk VReUJ6ZEgg SjFZM1IxY2 1VcyBJSFJv WlNCamIyID F3WVc1NUlH RnMgYzI4Z2 IzQmxjbSBG MFpYTWdVR1 Z1IGJtRnVk RkJoY20gc2 dSbXh2WVhS cCBibWNnVW 1GMFpTIEJE WVhCcGRHRn MgSUV4MFpD NGdLRiBCR1 RGUXBMQ0Jo IElIQjFZbX hwWTIgeDVJ SFJ5WVdSbC BaQ0JwYm5a bGMzIFJ0Wl c1MElIWmwg YUdsamJHVW dkRyBoaGRD Qm1iMk4xIG MyVnpJRzl1 SUcgWnNiMk YwYVc1biBJ SEpoZEdVZ2 JHIDloYm5N Z2RHOGcgYl dsa1pHeGxM VyAxaGNtdG xkQ0JqIGIy MXdZVzVwWl ggTXVQR0p5 UGpndSBJRk JsYm01aGJu IFJRWVhKck lFbHUgZG1W emRHMWxibi BRZ1EyOXlj Rzl5IFlYUn BiMjRnYUcg RnpJR0VnYU dseiBkRzl5 ZVNCdlppIE J6ZEhKdmJt Y2cgWkdsMm FXUmxibSBR Z2NHRjViV1 Z1IGRITXNJ SGRwZEcgZ2 dZU0JqZFhK eSBaVzUwSU dScGRtIGxr Wlc1a0lIbH AgWld4a0lH OW1JRyA5Ml pYSWdPQ1V1 IFBHSnlQam t1SUYgUm9a U0JqYjIxdy BZVzU1SUdo aGN5IEJoSU docFoyaHMg ZVNCbGVIQm xjbSBsbGJt TmxaQ0IwIF pXRnRMQ0Iz YVggUm9JR0 Z1SUdGMiBa WEpoWjJVZ2 IyIFlnTWpB Z2VXVmggY2 5NZ2IyWWdh VyA1a2RYTj BjbmtnIFpY aHdaWEpwWl cgNWpaU0Jo Ylc5dSBaeU JwZEhNZ2FX IDUyWlhOMG JXVnUgZENC d2NtOW1aWC BOemFXOXVZ V3h6IExqeG ljajR4TUMg NGdTVzRnTW pBeCBOaXdn VUdWdWJtIE Z1ZEZCaGNt c2cgU1c1Ml pYTjBiVyBW dWRDQkRiM0 p3IGIzSmhk R2x2YmkgQm laV05oYldV ZyBkR2hsSU dacGNuIE4w SUVKRVF5Qj AgYnlCamIy MXdiRyBWMF pTQmhiaUJw IGJtbDBhV0 ZzSUggQjFZ bXhwWXlCdi BabVpsY21s dVp5IEJ2Wm lCcGRITWcg WTI5dGJXOX VJSCBOMGIy TnJManhpIG NqNHhNUzRn VkcgaGxJR0 52YlhCaCBi bmtnYUdGek lHIEVnYUds emRHOXkgZV NCdlppQnpk VyBOalpYTn pablZzIElH VjRhWFJ6TE MgQjNhWFJv SUdGdSBJR0 YyWlhKaFoy IFVnYVc1MF pYSnUgWVd3 Z2NtRjBaUy BCdlppQnla WFIxIGNtNG dLRWxTVWkg a2diMllnTV RFdSBOU1Vn YjI0Z2FYIF J6SUhKbFlX eHAgZW1Wa0 lHbHVkbSBW emRHMWxibl J6IElITnBi bU5sSUcgbH VZMlZ3ZEds diBiaTQ4WW 5JK01UIEl1 SUZCbGJtNW ggYm5SUVlY SnJJRSBsdW RtVnpkRzFs IGJuUWdRMj l5Y0cgOXlZ WFJwYjI0Zy BhWE1nWTI5 dGJXIGwwZE dWa0lIUnYg SUdOdmNuQn ZjbSBGMFpT QnpiMk5wIF lXd2djbVZ6 Y0cgOXVjMm xpYVd4cCBk SGtzSUhOMW NIIEJ2Y25S cGJtY2cgWV NCMllYSnBa WCBSNUlHOW 1JSEJvIGFX eGhiblJvY2 0gOXdhV01n WTJGMSBjMl Z6SUdGdVpD IEJoWTNScG RtVnMgZVNC d2NtOXRiMy BScGJtY2da VzUyIGFYSn ZibTFsYm4g UmhiQ3dnYz I5aiBhV0Zz TENCaGJtIF FnWjI5MlpY SnUgWVc1al pTQW9SViBO SEtTQndjbW x1IFkybHdi R1Z6SUcgbH VJR2wwY3lC cCBiblpsYz NSdFpXIDUw Y3k0OFluSS sgTVRNdUlG Um9aUyBCam IyMXdZVzU1 IElHaGhjeU J5WlcgTmxh WFpsWkNCdS BkVzFsY205 MWN5IEJwYm 1SMWMzUnkg ZVNCaGQyRn laSCBNZ1lX NWtJSEpsIF kyOW5ibWww YVcgOXVMQ0 JwYm1OcyBk V1JwYm1jZ1 ltIFZwYm1j Z2JtRnQgWl dRZzRvQ2NR bSBWemRDQk NSRVBpIGdK MGdZbmtnUj IgeHZZbUZz SUVacCBibU Z1WTJVZ2JX IEZuWVhwcG JtVWcgYVc0 Z01qQXlNQy BCaGJtUWdN akF5IE1TND 0KICAgICAg ICA8L3NwYW 4+CiAgICAg ICAgCiAgIC AgICAg