CapMan

More reviews (2)

Live  

CapMan is a leading Nordic private equity and investment management company founded in 1989. The company is headquartered in Helsinki, Finland, and has offices in Stockholm, Copenhagen, Oslo, and London. CapMan specializes in investing in small and medium-sized companies, with a focus on the healthcare, industrial, consumer, and technology sectors.
The company has a long history of successful investments, with over 450 companies in its portfolio and more than €3.5 billion in assets under management. CapMan's team consists of experienced professionals with a strong track record in creating value for its investors.
CapMan is known for its active ownership approach, which involves working closely with portfolio companies to drive growth and develop their business strategies. The company also offers fund management services and advisory services to its clients.
CapMan is publicly listed on the Nasdaq Helsinki stock exchange and is regulated by the Finnish Financial Supervisory Authority. The company has a strong focus on responsible investing and is a signatory of the UN Principles for Responsible Investment.
In addition to its private equity business, CapMan also has a real estate business, CapMan Real Estate, which focuses on commercial properties in the Nordic region. Overall, CapMan is a well-respected and established company in the Nordic investment market, with a strong track record and a dedicated team of professionals.

Q2FwTWFuIG lzIGEgY29t cGFueSB0aG F0IGhlbHBz IHBlb3BsZS BhbmQgb3Ro ZXIgYnVzaW 5lc3NlcyBt YWtlIHRoZW lyIG1vbmV5 IGdyb3cuIE ltYWdpbmUg aWYgeW91IG hhZCBhIHBp Z2d5IGJhbm sgd2l0aCBz b21lIGNvaW 5zLCBhbmQg Q2FwTWFuIG lzIGxpa2Ug YSB3aXNlIG FkdWx0IHdo byBrbm93cy Bob3cgdG8g dHVybiB0aG 9zZSBjb2lu cyBpbnRvIG V2ZW4gbW9y ZSBjb2lucy 48YnI+Q2Fw TWFuIHdvcm tzIGluIGEg ZmV3IG1haW 4gd2F5cy4g Rmlyc3QsIG l0IGNvbGxl Y3RzIG1vbm V5IGZyb20g ZGlmZmVyZW 50IHBsYWNl cywgbGlrZS BiaWcgY29t cGFuaWVzIG 9yIHJpY2gg cGVvcGxlIH dobyB3YW50 IHRvIGludm VzdC4gVGhl biwgaXQgdX NlcyB0aGF0 IG1vbmV5IH RvIGJ1eSBw YXJ0cyBvZi BvdGhlciBj b21wYW5pZX Mgb3IgaW52 ZXN0IGluIG 5ldyBpZGVh cyBhbmQgcH JvamVjdHMu IFdoZW4gdG hlc2UgY29t cGFuaWVzIG JlY29tZSBz dWNjZXNzZn VsIGFuZCBt YWtlIHByb2 ZpdHMsIENh cE1hbiBnZX RzIGEgcGFy dCBvZiB0aG F0IG1vbmV5 LiBUaGF04o CZcyBob3cg aXQgbWFrZX MgaXRzIG93 biBtb25leS E8YnI+Tm93 LCB3aHkgaX MgQ2FwTWFu IHN1Y2Nlc3 NmdWw/IE9u ZSByZWFzb2 4gaXMgdGhh dCB0aGV5IH VuZGVyc3Rh bmQgaG93IH RvIGNob29z ZSB0aGUgcm lnaHQgY29t cGFuaWVzIH RvIGludmVz dCBpbi4gVG hleSBoYXZl IGV4cGVyaW VuY2VkIHBl b3BsZSB3aG 8ga25vdyB3 aGljaCBpZG VhcyB3aWxs IHdvcmsgYW 5kIHdoaWNo IHdvbuKAmX QuIFRoZXkg YWxzbyBidW lsZCBzdHJv bmcgcmVsYX Rpb25zaGlw cyB3aXRoIH RoZSBjb21w YW5pZXMgdG hleSBpbnZl c3QgaW4sIG hlbHBpbmcg dGhlbSBncm 93IGFuZCBz dWNjZWVkLj xicj5JbiB0 aGUgZnV0dX JlLCBDYXBN YW4gaXMgbG lrZWx5IHRv IGtlZXAgYm Vpbmcgc3Vj Y2Vzc2Z1bC BiZWNhdXNl IHRoZXkga2 VlcCBhZGFw dGluZyB0by BuZXcgdHJl bmRzIGFuZC B0ZWNobm9s b2dpZXMuIF RoZXkgc3Rh eSBvbiB0b3 Agb2Ygd2hh dOKAmXMgaG FwcGVuaW5n IGluIHRoZS B3b3JsZCwg bGlrZSBuZX cgd2F5cyB0 byBtYWtlIH RoaW5ncyBh bmQgY2hhbm dlcyBpbiB3 aGF0IHBlb3 BsZSB3YW50 LiBBcyBsb2 5nIGFzIHRo ZXkga2VlcC BtYWtpbmcg c21hcnQgY2 hvaWNlcyBh bmQgaGVscG luZyBjb21w YW5pZXMgZ3 JvdywgdGhl eeKAmWxsIG NvbnRpbnVl IHRvIGRvIH dlbGwgYW5k IGhlbHAgb3 RoZXJzIG1h a2UgdGhlaX IgbW9uZXkg Z3JvdywgdG 9vITxicj4=

MS4gRmlyc3 QgbW92ZXIg YW5kIHBpb2 5lZXIgaW4g dGhlIE5vcm RpY3M6IENh cE1hbiB3YX Mgb25lIG9m IHRoZSBmaX JzdCBwcml2 YXRlIGVxdW l0eSBmaXJt cyB0byBlc3 RhYmxpc2gg YSBwcmVzZW 5jZSBpbiB0 aGUgTm9yZG ljIHJlZ2lv bi4gVGhpcy BnYXZlIHRo ZW0gYSBmaX JzdCBtb3Zl ciBhZHZhbn RhZ2UgaW4g dGhlIG1hcm tldCwgYWxs b3dpbmcgdG hlbSB0byBi dWlsZCBzdH JvbmcgcmVs YXRpb25zaG lwcyBhbmQg ZXN0YWJsaX NoIGEgc29s aWQgcmVwdX RhdGlvbiBp biB0aGUgcm VnaW9uLjxi cj4yLiBTdH JvbmcgY29t bWl0bWVudC B0byByZXNw b25zaWJsZS BhbmQgZXRo aWNhbCBpbn Zlc3Rpbmc6 IENhcE1hbi BpcyBjb21t aXR0ZWQgdG 8gcmVzcG9u c2libGUgaW 52ZXN0aW5n IGFuZCBlbX BoYXNpemVz IGV0aGljYW wgcHJpbmNp cGxlcyBpbi BhbGwgaXRz IG9wZXJhdG lvbnMuIFRo aXMgaW5jbH VkZXMgYWRo ZXJpbmcgdG 8gYSBzdHJp Y3QgY29kZS BvZiBjb25k dWN0LCBwcm 9tb3Rpbmcg c3VzdGFpbm FiaWxpdHkg YW5kIGRpdm Vyc2l0eSBp biBpdHMgaW 52ZXN0bWVu dCBkZWNpc2 lvbnMsIGFu ZCBiZWluZy B0cmFuc3Bh cmVudCBpbi BpdHMgZGVh bGluZ3Mgd2 l0aCBzdGFr ZWhvbGRlcn MuPGJyPjMu IERpdmVyc2 lmaWVkIHBv cnRmb2xpbz ogQ2FwTWFu IGhhcyBhIG RpdmVyc2lm aWVkIHBvcn Rmb2xpbyBv ZiBpbnZlc3 RtZW50cywg aW5jbHVkaW 5nIHByaXZh dGUgZXF1aX R5LCByZWFs IGVzdGF0ZS wgaW5mcmFz dHJ1Y3R1cm UsIGFuZCBj cmVkaXQgZn VuZHMuIFRo aXMgYWxsb3 dzIHRoZSBj b21wYW55IH RvIG1pdGln YXRlIHJpc2 tzIGFuZCBw cm92aWRlIG EgcmFuZ2Ug b2YgaW52ZX N0bWVudCBv cHRpb25zIG ZvciBpdHMg Y2xpZW50cy 48YnI+NC4g Rm9jdXMgb2 4gdmFsdWUg Y3JlYXRpb2 46IENhcE1h bidzIGludm VzdG1lbnQg c3RyYXRlZ3 kgaXMgZm9j dXNlZCBvbi BjcmVhdGlu ZyBsb25nLX Rlcm0gdmFs dWUgZm9yIG l0cyBpbnZl c3RvcnMgdG hyb3VnaCBh Y3RpdmUgb3 duZXJzaGlw IGFuZCBvcG VyYXRpb25h bCBpbXByb3 ZlbWVudHMu IFRoaXMgYX Bwcm9hY2gg aGFzIGhlbH BlZCB0aGUg Y29tcGFueS BnZW5lcmF0 ZSBzdHJvbm cgcmV0dXJu cyBmb3IgaX RzIGNsaWVu dHMuPGJyPj UuIEV4cGVy aWVuY2VkIH RlYW0gYW5k IG5ldHdvcm s6IENhcE1h biBoYXMgYS B0ZWFtIG9m IGV4cGVyaW VuY2VkIGlu dmVzdG1lbn QgcHJvZmVz c2lvbmFscy B3aXRoIGV4 cGVydGlzZS BhY3Jvc3Mg dmFyaW91cy BzZWN0b3Jz IGFuZCBhIG Jyb2FkIG5l dHdvcmsgb2 YgY29udGFj dHMgaW4gdG hlIE5vcmRp YyBidXNpbm VzcyBjb21t dW5pdHkuIF RoaXMgYWxs b3dzIHRoZW 0gdG8gaWRl bnRpZnkgbH VjcmF0aXZl IGludmVzdG 1lbnQgb3Bw b3J0dW5pdG llcyBhbmQg cHJvdmlkZS BzdHJhdGVn aWMgc3VwcG 9ydCB0byBw b3J0Zm9saW 8gY29tcGFu aWVzLjxicj 42LiBFbnRy ZXByZW5ldX JpYWwgc3Bp cml0OiBCZW luZyBmb3Vu ZGVkIGJ5IG VudHJlcHJl bmV1cnMsIE NhcE1hbiBo YXMgYSBzdH JvbmcgZW50 cmVwcmVuZX VyaWFsIGN1 bHR1cmUgdG hhdCB2YWx1 ZXMgaW5ub3 ZhdGlvbiwg ZmxleGliaW xpdHksIGFu ZCByaXNrLX Rha2luZy4g VGhpcyBtaW 5kc2V0IGhh cyBoZWxwZW QgdGhlIGNv bXBhbnkgYW RhcHQgdG8g Y2hhbmdpbm cgbWFya2V0 IGNvbmRpdG lvbnMgYW5k IHN0YXkgYW hlYWQgb2Yg aXRzIGNvbX BldGl0b3Jz Ljxicj43Li BFbXBoYXNp cyBvbiBzdX N0YWluYWJp bGl0eTogQ2 FwTWFuIGlz IGNvbW1pdH RlZCB0byBp bnRlZ3JhdG luZyBlbnZp cm9ubWVudG FsLCBzb2Np YWwsIGFuZC Bnb3Zlcm5h bmNlIChFU0 cpIGZhY3Rv cnMgaW50by BpdHMgaW52 ZXN0bWVudC BkZWNpc2lv bi1tYWtpbm cgcHJvY2Vz cy4gVGhpcy Bub3Qgb25s eSBhbGlnbn Mgd2l0aCB0 aGVpciByZX Nwb25zaWJs ZSBpbnZlc3 RpbmcgcHJp bmNpcGxlcy BidXQgYWxz byBoZWxwcy BjcmVhdGUg bG9uZy10ZX JtIHZhbHVl IGZvciB0aG VpciBwb3J0 Zm9saW8gY2 9tcGFuaWVz IGFuZCB0aG UgZW52aXJv bm1lbnQuPG JyPjguIFN0 cm9uZyB0cm FjayByZWNv cmQ6IFdpdG ggb3ZlciAz MCB5ZWFycy BvZiBleHBl cmllbmNlIG FuZCBtb3Jl IHRoYW4g4o KsMyBiaWxs aW9uIGluIG Fzc2V0cyB1 bmRlciBtYW 5hZ2VtZW50 LCBDYXBNYW 4gaGFzIGEg c3Ryb25nIH RyYWNrIHJl Y29yZCBvZi BkZWxpdmVy aW5nIGF0dH JhY3RpdmUg cmV0dXJucy B0byBpdHMg aW52ZXN0b3 JzLiBUaGlz IGhhcyBoZW xwZWQgdGhl IGNvbXBhbn kgYnVpbGQg dHJ1c3QgYW 5kIGNyZWRp YmlsaXR5IG luIHRoZSBt YXJrZXQu

VGhlIENhcE 1hbiBjb21w YW55J3MgYn VzaW5lc3Mg bW9kZWwgaX MgYmFzZWQg b24gb2ZmZX JpbmcgaW52 ZXN0bWVudC BhbmQgYXNz ZXQgbWFuYW dlbWVudCBz ZXJ2aWNlcy B0byBjbGll bnRzLCBwcm ltYXJpbHkg aW4gdGhlIE 5vcmRpYyBh bmQgQmFsdG ljIHJlZ2lv bnMuIFRoaX MgaW5jbHVk ZXMgcHJpdm F0ZSBlcXVp dHkgaW52ZX N0bWVudHMs IHJlYWwgZX N0YXRlIGlu dmVzdG1lbn RzLCBhbmQg Y3JlZGl0IG ludmVzdG1l bnRzLiBUaG UgY29tcGFu eSdzIG1haW 4gc291cmNl cyBvZiBpbm NvbWUgYXJl IG1hbmFnZW 1lbnQgZmVl cywgY2Fycm llZCBpbnRl cmVzdCBmcm 9tIHN1Y2Nl c3NmdWwgaW 52ZXN0bWVu dHMsIGFuZC BpbnRlcmVz dCBhbmQgZG l2aWRlbmQg aW5jb21lIG Zyb20gaXRz IGludmVzdG 1lbnQgcG9y dGZvbGlvLi BUaGUgYnVz aW5lc3MgbW 9kZWwgYWxz byBpbnZvbH ZlcyBzdHJh dGVnaWMgcG FydG5lcnNo aXBzIGFuZC Bjb2xsYWJv cmF0aW9ucy B3aXRoIG90 aGVyIGNvbX BhbmllcyBh bmQgaW52ZX N0b3JzIHRv IGxldmVyYW dlIGV4cGVy dGlzZSBhbm QgcmVzb3Vy Y2VzLiBDYX BNYW4gYWlt cyB0byBnZW 5lcmF0ZSBh dHRyYWN0aX ZlIHJldHVy bnMgZm9yIG l0cyBjbGll bnRzIHdoaW xlIHByb21v dGluZyByZX Nwb25zaWJs ZSBhbmQgc3 VzdGFpbmFi bGUgaW52ZX N0bWVudHMu

To evaluate whether AI poses a material threat to CapMan’s products, services, or competitive positioning, we can consider several factors:
1. Substitution: AI has the potential to automate various processes within investment management, such as data analysis, risk assessment, and portfolio optimization. If CapMan’s products and services do not incorporate AI technology to enhance efficiency or performance, they may face substitution threats from competitors who leverage AI to provide superior or more cost-effective solutions. This could lead to a loss of market share if clients opt for AI-driven alternatives.
2. Disintermediation: The rise of AI-powered platforms can facilitate direct access to investment opportunities and financial services, potentially bypassing traditional intermediaries like CapMan. If AI tools enable investors to conduct their own analyses and make decisions without the need for intermediaries, CapMan could experience disintermediation. This trend may reduce demand for their advisory or management services, impacting their business model.
3. Margin Pressure: The use of AI can lead to increased competition, particularly if new entrants promote AI-driven services at lower costs. These competitors may offer similar or enhanced capabilities at a reduced price, putting pressure on CapMan to lower its own fees to remain competitive. If CapMan cannot effectively balance cost structures with the value provided, it may face pressure on profit margins.
In conclusion, while there are opportunities for CapMan to leverage AI for enhancing its offerings, it also faces potential threats related to substitution, disintermediation, and margin pressure. To mitigate these risks, CapMan may need to invest in AI technologies, adapt its service offerings, and communicate the unique value of its human expertise to differentiate itself in an increasingly competitive landscape.

The sensitivity of CapMan’s earnings, cash flow, and valuation to changes in interest rates can be assessed from several angles:
1. Earnings Sensitivity: CapMan’s earnings may be affected by interest rate changes, particularly if they borrow funds for investment or operational purposes. Higher interest rates can increase borrowing costs, which can compress margins and reduce net income. Additionally, if CapMan’s investments are linked to capital markets, rising interest rates may lead to lower valuations of those investments, potentially impacting fee income generated from management fees.
2. Cash Flow Sensitivity: Changes in interest rates can impact CapMan’s cash flow in a couple of ways. Increased interest rates could result in higher costs for servicing debt, which would reduce available cash flow. On the other hand, higher rates may also enhance returns on cash or short-term investments held by the firm, potentially improving cash flows from those sources. Overall, if CapMan is highly leveraged, the negative impact on cash flow from higher interest costs could be more pronounced.
3. Valuation Sensitivity: The valuation of CapMan may be sensitive to interest rate fluctuations because the discount rate applied in discounted cash flow (DCF) analyses often includes interest rates. As rates rise, the present value of future cash flows decreases, leading to lower valuations. This could affect investor sentiment and market pricing of the company’s equity, especially if the firm is viewed as less attractive in an environment of rising rates.
In summary, while CapMan’s earnings, cash flow, and valuation are indeed sensitive to interest rate changes, the specific impact would depend on the firm’s capital structure, investment strategy, and dependence on external financing. Investors and analysts would need to closely monitor these factors in a changing interest rate environment.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQ2 FwTWFu4oCZ cyBlY29ub2 1pY3Mgb3Zl ciB0aGUgbm V4dCAz4oCT NSB5ZWFycy BpcyBhIHNp Z25pZmljYW 50IGFuZCBw cm9sb25nZW QgZG93bnR1 cm4gaW4gdG hlIEV1cm9w ZWFuIHByaX ZhdGUgZXF1 aXR5IGFuZC BpbnZlc3Rt ZW50IHNlY3 RvcnMuIEZh Y3RvcnMgc3 VjaCBhcyBh IHJlY2Vzc2 lvbiBpbiBt YWpvciBFdX JvcGVhbiBl Y29ub21pZX MsIHRpZ2h0 ZW5pbmcgb2 YgY3JlZGl0 IG1hcmtldH MsIGluY3Jl YXNlZCBjb2 1wZXRpdGlv biBmcm9tIG FsdGVybmF0 aXZlIGludm VzdG1lbnQg cGxhdGZvcm 1zLCByZWd1 bGF0b3J5IG NoYW5nZXMg dGhhdCBpbm hpYml0IHBy aXZhdGUgZX F1aXR5IG9w ZXJhdGlvbn MsIG9yIGEg ZGVjbGluZS BpbiBleGl0 IG9wcG9ydH VuaXRpZXMg Zm9yIHBvcn Rmb2xpbyBj b21wYW5pZX MgY291bGQg YWxsIGNvbn RyaWJ1dGUg dG8gdGhpcy BzY2VuYXJp by48YnI+SW 4gdGhpcyBl bnZpcm9ubW VudCwgQ2Fw TWFu4oCZcy BidXNpbmVz cyBtb2RlbC wgd2hpY2gg cmVsaWVzIG 9uIHRoZSBz dWNjZXNzZn VsIG1hbmFn ZW1lbnQgb2 YgcHJpdmF0 ZSBlcXVpdH kgZnVuZHMg YW5kIGludm VzdG1lbnQg cmV0dXJucy wgY291bGQg ZmFjZSBzZX Jpb3VzIGNo YWxsZW5nZX MuIEhlcmXi gJlzIGhvdy B0aGUgc2Nl bmFyaW8gbW lnaHQgaW1w YWN0IHRoZS Bjb21wYW55 4oCZcyBlY2 9ub21pY3M6 PGJyPjEuID xzdHJvbmc+ TWFyZ2lucz wvc3Ryb25n PjogVGhlIG NvbXBhbnni gJlzIG9wZX JhdGluZyBt YXJnaW5zIH dvdWxkIGxp a2VseSBzaH Jpbmsgc2ln bmlmaWNhbn RseS4gVGhl IHJlZHVjdG lvbiBpbiBm dW5kcmFpc2 luZyBhYmls aXR5IGR1ZS B0byBsb3dl ciBpbnZlc3 RvciBjb25m aWRlbmNlIG FuZCBhbiB1 bmZhdm9yYW JsZSBpbnZl c3RtZW50IG NsaW1hdGUg Y291bGQgbG VhZCB0byBm ZXdlciBtYW 5hZ2VtZW50 IGZlZXMuIE Z1cnRoZXJt b3JlLCBsb3 dlciByZXR1 cm5zIG9uIG V4aXN0aW5n IGludmVzdG 1lbnRzIHdv dWxkIGltcG FjdCBjYXJy aWVkIGludG VyZXN0IHJl dmVudWUuIE FzIGEgcmVz dWx0LCBDYX BNYW4gd291 bGQgc2VlIG luY3JlYXNl ZCBwcmVzc3 VyZSBvbiBt YXJnaW5zIG Zyb20gYm90 aCByZWR1Y2 VkIHJldmVu dWVzIGFuZC Bwb3RlbnRp YWwgaW5jcm Vhc2VzIGlu IGNvc3RzIG FzIHRoZSBj b21wYW55IG F0dGVtcHRz IHRvIG5hdm lnYXRlIHRo ZSBjaGFsbG VuZ2luZyBt YXJrZXQgY2 9uZGl0aW9u cy48YnI+Mi 4gPHN0cm9u Zz5DYXNoIE Zsb3c8L3N0 cm9uZz46IE Nhc2ggZmxv dyB3b3VsZC BiZSBhZHZl cnNlbHkgYW ZmZWN0ZWQg YXMgYSByZX N1bHQgb2Yg ZGVjbGluaW 5nIG1hbmFn ZW1lbnQgZm VlcyBhbmQg bG93ZXIgaW 52ZXN0bWVu dCBwZXJmb3 JtYW5jZS4g TG93ZXIgZX hpdCB2YWx1 ZXMgZm9yIH BvcnRmb2xp byBjb21wYW 5pZXMgY291 bGQgZGVsYX kgY2FzaCBk aXN0cmlidX Rpb25zIHRv IHRoZSBmaX JtLCBmdXJ0 aGVyIHNxdW VlemluZyBv cGVyYXRpb2 5hbCBjYXNo IGZsb3cuIE lmIHRoZSBz Y2VuYXJpby BwZXJzaXN0 cywgQ2FwTW FuIG1pZ2h0 IG5lZWQgdG 8gY3V0IGNv c3RzLCB3aG ljaCBjb3Vs ZCBsZWFkIH RvIGxheW9m ZnMgYW5kIH JlZHVjZWQg b3BlcmF0aW 9uYWwgY2Fw YWNpdHkuIF RoZSBvdmVy YWxsIGxpcX VpZGl0eSBw b3NpdGlvbi B3b3VsZCBi ZSBzdHJhaW 5lZCwgbWFr aW5nIGl0IG NoYWxsZW5n aW5nIHRvIG 1lZXQgb25n b2luZyBvcG VyYXRpb25h bCBvYmxpZ2 F0aW9ucyBh bmQgcG90ZW 50aWFsbHkg bGVhZGluZy B0byBhIHJl YXNzZXNzbW VudCBvZiBk aXZpZGVuZC BwYXlvdXRz Ljxicj4zLi A8c3Ryb25n PkJhbGFuY2 UgU2hlZXQ8 L3N0cm9uZz 46IFRoZSBj b21wYW554o CZcyBiYWxh bmNlIHNoZW V0IGNvdWxk IGRldGVyaW 9yYXRlIGR1 ZSB0byBhIG NvbWJpbmF0 aW9uIG9mIH JlZHVjZWQg YXNzZXQgdm FsdWF0aW9u cyBhbmQgcG 90ZW50aWFs IHdyaXRlLW Rvd25zIG9u IHVuZGVycG VyZm9ybWlu ZyBpbnZlc3 RtZW50cy4g VGhpcyB3b3 VsZCBsb3dl ciB0aGUgb3 ZlcmFsbCBl cXVpdHkgYm FzZSwgcG90 ZW50aWFsbH kgZXhhY2Vy YmF0aW5nIG xldmVyYWdl IHJhdGlvcy BpZiBDYXBN YW4gaGFkIH Rha2VuIG9u IGRlYnQgdG 8gZmluYW5j ZSBpdHMgb3 BlcmF0aW9u cyBvciBpbn Zlc3RtZW50 cy4gQW4gaW 5jcmVhc2Ug aW4gbGlhYm lsaXRpZXMg cmVsYXRpdm UgdG8gZXF1 aXR5IGNvdW xkIGxpbWl0 IGFjY2Vzcy B0byBhZGRp dGlvbmFsIG ZpbmFuY2lu ZyBvcHRpb2 5zLCBtYWtp bmcgaXQgZG lmZmljdWx0 IGZvciB0aG UgZmlybSB0 byBpbnZlc3 Qgb3IgZXhw YW5kLiA8Yn I+SW4gc3Vj aCBhIHNjZW 5hcmlvLCBp ZiBlY29ub2 1pYyBjb25k aXRpb25zIG RvIG5vdCBp bXByb3ZlLC BDYXBNYW4g bWF5IGZpbm QgaXRzZWxm IGluIGEgcG 9zaXRpb24g d2hlcmUgcm VzdHJ1Y3R1 cmluZyBpdH MgYnVzaW5l c3MgbW9kZW wgb3IgZm9y bXMgb2Ygcm V2ZW51ZSBn ZW5lcmF0aW 9uIGJlY29t ZXMgbmVjZX NzYXJ5IHRv IGFkYXB0IH RvIHRoZSBu ZXcgbWFya2 V0IHJlYWxp dGllcy4gVG hpcyBjb3Vs ZCBpbmNsdW RlIGRpdmVy c2lmeWluZy BpbnRvIGxl c3MgaW1wYW N0ZWQgc2Vn bWVudHMgb3 IgZW5oYW5j aW5nIG9wZX JhdGlvbmFs IGVmZmljaW VuY3kgdG8g c3VzdGFpbi Bwcm9maXRh YmlsaXR5Lj xicj4=

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 bG9nb3MvRl NTQ0FHaDky VnJWWmZjN1 BXa0Eud2Vi cCIgYWx0PS JDYXBNYW4i IHRpdGxlPS JDYXBNYW4i ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9NTAg d2lkdGg9NT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgQ2FwTWFu PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+agCBE b27igJl0IG 1pc3MgPGk+ IlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3MiPC9pPi DigJQgZnJl ZSEKICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIE1T NGdSbTkxYm 0gUmxaQ0Jw YmlBeCBPVG c1TENCRFlY IEJOWVc0Z2 FYTWcgYjI1 bElHOW1JSC BSb1pTQnZi R1JsIGMzUW dZVzVrSUcg eGhjbWRsYz NRZyBjSEpw ZG1GMFpTIE JsY1hWcGRI a2cgWTI5dG NHRnVhVyBW eklHbHVJSF JvIFpTQk9i M0prYVcgTW djbVZuYVc5 dSBManhpY2 o0eUxpIEJV YUdVZ1kyOX QgY0dGdWVT QnBjeSBCb1 pXRmtjWFZo IGNuUmxjbV ZrSUcgbHVJ RWhsYkhOcC BibXRwTENC R2FXIDVzWV c1a0xqeGkg Y2o0ekxpQk RZWCBCTllX NGdhR0Z6IE lHOTJaWEln NG8gS3NNeU JpYVd4cyBh Vzl1SUdsdU lHIEZ6YzJW MGN5QjEgYm 1SbGNpQnRZ VyA1aFoyVn RaVzUwIExq eGljajQwTG kgQlVhR1Vn WTI5dCBjR0 Z1ZVNCb1lY IE1nYldGa1 pTQnQgYjNK bElIUm9ZVy A0Z01qQXdJ R2x1IGRtVn pkRzFsYm4g UnpJR0Z1Wk NCdiBkbVZ5 SURFd01DIE JsZUdsMGN5 NDggWW5JK0 5TNGdWRyBo bElHTnZiWE JoIGJua2dh R0Z6SUcgSm xaVzRnYkds eiBkR1ZrSU c5dUlIIFJv WlNCSVpXeH ogYVc1cmFT QlRkRyA5am F5QkZlR05v IFlXNW5aU0 J6YVcgNWpa U0F5TURBeC BManhpY2o0 MkxpIEJEWV hCTllXNGcg YUdGeklHOW 1abSBsalpY TWdhVzRnIF JtbHViR0Z1 WkMgd2dVM2 RsWkdWdSBM Q0JPYjNKM1 lYIGtzSUVS bGJtMWggY2 1zc0lHRnVa QyBCMGFHVW dWVzVwIGRH VmtJRXRwYm 0gZGtiMjB1 UEdKeSBQam N1SUZSb1pT IEJqYjIxd1 lXNTUgSUdW dGNHeHZlWC BNZ2IzWmxj aUF4IE1EQW dhVzUyWlgg TjBiV1Z1ZE NCdyBjbTlt WlhOemFXID l1WVd4eklH RmogY205em N5QjJZWCBK cGIzVnpJSE 5sIFkzUnZj bk1zSUcgbH VZMngxWkds dSBaeUIwWl dOb2JtIDlz YjJkNUxDQm 8gWldGc2RH aGpZWCBKbE xDQmhibVFn IFkyOXVjM1 Z0WlggSWda Mjl2WkhNdS BQR0p5UGpn dUlFIE5oY0 UxaGJpQm8g WVhNZ1lTQn pkSCBKdmJt Y2dabTlqIG RYTWdiMjRn YzMgVnpkR0 ZwYm1GaSBh V3hwZEhrZ1 lXIDVrSUhK bGMzQnYgYm 5OcFlteGxJ RyBsdWRtVn pkRzFsIGJu UXNJSGRwZE cgZ2dZU0Jr WldScCBZMk YwWldRZ2RH IFZoYlNCaG JtUWcgY0c5 c2FXTnBaWC BNZ2FXNGdj R3hoIFkyVW dkRzhnWlcg NXpkWEpsSU hOMSBjM1Jo YVc1aFltIH hsSUhCeVlX TjAgYVdObG N5QmhibSBR Z2NISnBibU 5wIGNHeGxj eUJoY20gVW dabTlzYkc5 MyBaV1FnYV c0Z1lXIHhz SUdsdWRtVn ogZEcxbGJu UnpMaiB4aW NqNDVMaUJK IGJpQmhaR1 JwZEcgbHZi aUIwYnlCdy BjbWwyWVhS bElHIFZ4ZF dsMGVTd2cg UTJGd1RXRn VJRyBGc2My OGdiMlptIF pYSnpJSEps WVcgd2daWE 4wWVhSbCBJ R2x1ZG1Wem RHIDFsYm5S eklHRnUgWk NCbWRXNWtJ SCBObGNuWn BZMlZ6IExq eGljajR4TU MgNGdWR2hs SUc1aCBiV1 VnUTJGd1RX IEZ1SUdsek lHUmwgY21s MlpXUWdabi BKdmJTQkRZ WEJwIGRHRn NJRTFoYmkg d2djbVZtYk dWaiBkR2x1 WnlCMGFHIF VnWTI5dGNH RnUgZWVLQW 1YTWdaWCBo d1pYSjBhWE 5sIElHbHVJ RzFoYm0gRm 5hVzVuSUdO aCBjR2wwWV d3dQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=