Carlyle Secured Lending

-6.33%

More reviews (3)

Live  

Carlyle Secured Lending is a financial services company that specializes in providing secured lending solutions to its clients. The company was founded in 1996 and is headquartered in New York City, with offices in other major cities around the world.
The company offers a variety of financing options, including loans, leases, and other structured finance solutions, to help businesses and individuals meet their financial needs. They work with a wide range of clients, including large corporations, middle-market companies, and individuals.
Carlyle Secured Lending is a subsidiary of global investment firm The Carlyle Group, which has over $260 billion in assets under management. This relationship provides the company with access to significant financial resources and expertise, allowing them to offer flexible and competitive financing solutions to their clients.
The company is known for its strong commitment to customer service and its personalized approach to financing. They work closely with their clients to understand their specific goals and financial needs, and then tailor their solutions accordingly. This approach has helped them build a loyal customer base and establish a strong reputation in the financial services industry.
Overall, Carlyle Secured Lending is a reputable and well-respected company that provides reliable and competitive financing solutions to its clients.

Q2FybHlsZS BTZWN1cmVk IExlbmRpbm cgaXMgbGlr ZSBhIHNwZW NpYWwgYmFu ayB0aGF0IG hlbHBzIG90 aGVyIGJ1c2 luZXNzZXMg Z2V0IHRoZS Btb25leSB0 aGV5IG5lZW QgdG8gZ3Jv dyBvciBrZW VwIHJ1bm5p bmcuIEluc3 RlYWQgb2Yg cGVvcGxlIH B1dHRpbmcg dGhlaXIgc2 F2aW5ncyBp biwgQ2FybH lsZSBsZW5k cyBtb25leS B0byBjb21w YW5pZXMgdG hhdCBtYXkg bm90IGhhdm UgZW5vdWdo IG9uIHRoZW lyIG93biwg a2luZCBvZi BsaWtlIGhv dyB5b3UgbW lnaHQgbGVu ZCB5b3VyIG ZyaWVuZCBh IHRveSB3aG VuIHRoZXkg ZG9u4oCZdC BoYXZlIG9u ZS4gPGJyPk 5vdywgaG93 IGRvZXMgQ2 FybHlsZSBt YWtlIG1vbm V5PyBXaGVu IHRoZXkgbG VuZCB0aGUg bW9uZXksIH RoZXkgY2hh cmdlIHRoZS Bjb21wYW5p ZXMgYSBsaX R0bGUgZXh0 cmEgY2FsbG VkIGludGVy ZXN0LiBUaG lzIGlzIGxp a2Ugd2hlbi BhIGZyaWVu ZCBib3Jyb3 dzIGNvb2tp ZXMgYW5kIH Byb21pc2Vz IHRvIGdpdm UgeW91IGEg Y29va2llIG JhY2sgcGx1 cyBvbmUgbW 9yZSBsYXRl ci4gU28sIE Nhcmx5bGUg Z2V0cyBiYW NrIG1vcmUg bW9uZXkgdG hhbiBpdCBs ZW50IG91dC wgd2hpY2gg aXMgaG93IH RoZXkgZWFy biB0aGVpci Bwcm9maXQu PGJyPkNhcm x5bGUgaGFz IGJlZW4gc3 VjY2Vzc2Z1 bCBiZWNhdX NlIHRoZXkg a25vdyBob3 cgdG8gcGlj ayBnb29kIG NvbXBhbmll cyB0byBsZW 5kIG1vbmV5 IHRvLiBUaG V5IGRvIGEg bG90IG9mIH Jlc2VhcmNo IHRvIGZpbm QgYnVzaW5l c3NlcyB0aG F0IHdpbGwg bWFrZSBiYW NrIHRoZSBt b25leSB0aG V5IGJvcnJv d2VkLiBQbH VzLCB0aGV5 IG9mdGVuIG FzayBmb3Ig c29tZXRoaW 5nIHZhbHVh YmxlLCBsaW tlIHByb3Bl cnR5IG9yIG VxdWlwbWVu dCwgYXMgYS Bwcm9taXNl IHRoYXQgdG hleSB3aWxs IGdldCB0aG VpciBtb25l eSBiYWNrLC BtYWtpbmcg aXQgc2FmZX IgZm9yIHRo ZW0gdG8gbG VuZC48YnI+ Rm9yIHRoZS BmdXR1cmUs IENhcmx5bG UgaXMgbGlr ZWx5IHRvIG tlZXAgYmVp bmcgc3VjY2 Vzc2Z1bCBi ZWNhdXNlIG J1c2luZXNz ZXMgd2lsbC BhbHdheXMg bmVlZCBtb2 5leSB0byBz dGFydCBvci Bncm93LiBB bHNvLCB0aG V5IGhhdmUg YSBsb3Qgb2 YgZXhwZXJp ZW5jZSBhbm Qgc21hcnQg cGVvcGxlIH dvcmtpbmcg d2l0aCB0aG VtIHdobyBr bm93IGhvdy B0byBtYW5h Z2Ugcmlza3 MuIFNvLCBp dOKAmXMgbG lrZSB0aGV5 IGhhdmUgYS BzcGVjaWFs IHJlY2lwZS B0aGF0IGhl bHBzIHRoZW 0ga2VlcCB3 aW5uaW5nLC BldmVuIHdo ZW4gdGhpbm dzIGdldCB0 b3VnaC4gVG hpcyBtZWFu cyB0aGV5IH dpbGwgcHJv YmFibHkgY2 9udGludWUg dG8gZG8gd2 VsbCBpbiBs ZW5kaW5nIG 1vbmV5IHRv IGJ1c2luZX NzZXMhPGJy Pg==

VGhlIENhcm x5bGUgU2Vj dXJlZCBMZW 5kaW5nIGNv bXBhbnkgaX MgcGFydCBv ZiBUaGUgQ2 FybHlsZSBH cm91cCwgYS BnbG9iYWwg aW52ZXN0bW VudCBmaXJt IHdpdGggb3 ZlciAkMjIx IGJpbGxpb2 4gaW4gYXNz ZXRzIHVuZG VyIG1hbmFn ZW1lbnQuIF RoZSBjb21w YW55IHNwZW NpYWxpemVz IGluIHByb3 ZpZGluZyBs b2FuIGFuZC BjcmVkaXQg c29sdXRpb2 5zIHRvIGJ1 c2luZXNzZX MgaW4gbmVl ZCBvZiBmaW 5hbmNpbmcu IFRoZXkgZm 9jdXMgb24g c2VuaW9yIH NlY3VyZWQg bG9hbnMsIG 1lYW5pbmcg dGhleSBoYX ZlIHByaW9y aXR5IGluIH JlY2Vpdmlu ZyByZXBheW 1lbnQgb3Zl ciBvdGhlci BsZW5kZXJz LiBUaGlzIG FsbG93cyB0 aGVtIHRvIG 9mZmVyIGNv bXBldGl0aX ZlIGludGVy ZXN0IHJhdG VzIGFuZCB0 ZXJtcyB0by B0aGVpciBj bGllbnRzLj xicj5BZGRp dGlvbmFsbH ksIHRoZSBD YXJseWxlIF NlY3VyZWQg TGVuZGluZy Bjb21wYW55 IG9mZmVycy BhIGRpdmVy c2UgcmFuZ2 Ugb2YgbG9h biBwcm9kdW N0cywgaW5j bHVkaW5nIH Rlcm0gbG9h bnMsIHNlbm lvciBzdHJl dGNoIGxvYW 5zLCB1bml0 cmFuY2hlIG xvYW5zLCBh bmQgYXNzZX QtYmFzZWQg bG9hbnMuIF RoZXkgYWxz byBoYXZlIG EgdGVhbSBv ZiBleHBlcm llbmNlZCBw cm9mZXNzaW 9uYWxzIHdo byB3b3JrIG Nsb3NlbHkg d2l0aCBidX NpbmVzc2Vz IHRvIHRhaW xvciBmaW5h bmNpbmcgc2 9sdXRpb25z IHRvIG1lZX QgdGhlaXIg c3BlY2lmaW MgbmVlZHMu PGJyPlRoZS Bjb21wYW55 IGFsc28gaG FzIGEgc3Ry b25nIHRyYW NrIHJlY29y ZCBvZiBzdW NjZXNzLCB3 aXRoIGEgbG 9uZyBoaXN0 b3J5IG9mIH Byb3ZpZGlu ZyByZWxpYW JsZSBhbmQg dGltZWx5IG ZpbmFuY2lu ZyB0byBidX NpbmVzc2Vz IG9mIGFsbC BzaXplcy4g VGhleSBhcm UgYWxzbyBi YWNrZWQgYn kgdGhlIHJl c291cmNlcy BhbmQgZXhw ZXJ0aXNlIG 9mIFRoZSBD YXJseWxlIE dyb3VwLCBh bGxvd2luZy B0aGVtIHRv IHByb3ZpZG Ugc2lnbmlm aWNhbnQgZn VuZGluZyB0 byB0aGVpci BjbGllbnRz Ljxicj5Pdm VyYWxsLCB0 aGUgQ2FybH lsZSBTZWN1 cmVkIExlbm RpbmcgY29t cGFueSBzdG FuZHMgb3V0 IGZvciBpdH Mgc3Ryb25n IHJlcHV0YX Rpb24sIGRp dmVyc2Ugcm FuZ2Ugb2Yg bG9hbiBwcm 9kdWN0cywg YW5kIHRoZS ByZXNvdXJj ZXMgYW5kIG V4cGVydGlz ZSBpdCBoYX MgYXZhaWxh YmxlIHRvIH N1cHBvcnQg YnVzaW5lc3 NlcyBpbiBv YnRhaW5pbm cgc2VjdXJl IGFuZCBlZm ZlY3RpdmUg ZmluYW5jaW 5nIHNvbHV0 aW9ucy4=

VGhlIENhcm x5bGUgU2Vj dXJlZCBMZW 5kaW5nIGNv bXBhbnnigJ lzIGJ1c2lu ZXNzIG1vZG VsIGlzIHRv IHByb3ZpZG UgZmluYW5j aW5nIHNvbH V0aW9ucyB0 byBtaWRkbG UgbWFya2V0 IGNvbXBhbm llcyB0aHJv dWdoIGFzc2 V0LWJhc2Vk IGxlbmRpbm cgYW5kIGNh c2ggZmxvdy BsZW5kaW5n LiBUaGV5IH BhcnRuZXIg d2l0aCBwcm l2YXRlIGVx dWl0eSBmaX JtcywgZmlu YW5jaWFsIG luc3RpdHV0 aW9ucywgYW 5kIG1hbmFn ZW1lbnQgdG VhbXMgdG8g cHJvdmlkZS BmbGV4aWJs ZSBhbmQgY3 VzdG9taXpl ZCBsb2FuIH N0cnVjdHVy ZXMgdG8gc3 VwcG9ydCBn cm93dGgsIG FjcXVpc2l0 aW9ucywgYW 5kIHJlY2Fw aXRhbGl6YX Rpb25zLiBU aGVpciBmb2 N1cyBpcyBv biBwcm92aW Rpbmcgc2Vu aW9yIHNlY3 VyZWQgbG9h bnMgYmFja2 VkIGJ5IHRh bmdpYmxlIG Fzc2V0cywg c3VjaCBhcy BhY2NvdW50 cyByZWNlaX ZhYmxlLCBp bnZlbnRvcn ksIGVxdWlw bWVudCwgYW 5kIHJlYWwg ZXN0YXRlLi BUaGV5IGFs c28gb2ZmZX IgYWR2aXNv cnkgc2Vydm ljZXMgdG8g aGVscCBjbG llbnRzIG9w dGltaXplIH RoZWlyIGNh cGl0YWwgc3 RydWN0dXJl IGFuZCBhY2 hpZXZlIHRo ZWlyIHN0cm F0ZWdpYyBv YmplY3Rpdm VzLg==

AI has the potential to impact the Carlyle Secured Lending company’s products, services, or competitive positioning in several ways, though the extent of this threat depends on various factors.
1. Substitution: AI technologies can enhance the efficiency and effectiveness of financial services, potentially leading to the development of new products that could substitute for traditional lending offerings. Automated credit scoring, risk assessment, and underwriting processes powered by AI can offer faster and more accurate lending decisions, which may make traditional secured lending less attractive. If competitors leverage AI effectively to create superior alternatives, Carlyle may face pressure to innovate or adapt its offerings.
2. Disintermediation: AI can facilitate direct lending platforms where borrowers and lenders connect without the need for traditional financial intermediaries. This disintermediation trend could diminish the role of companies like Carlyle in the lending process, as automated systems can often provide lower costs and quicker access to capital. If borrowers increasingly turn to these platforms, it could reduce Carlyle’s market share and overall revenue.
3. Margin Pressure: The rise of AI-driven lending solutions and platforms can lead to increased competition in the secured lending space. This competition may force companies like Carlyle to lower fees or interest rates to remain attractive to borrowers, thereby impacting profit margins. Additionally, if AI technology enables competitors to operate at lower costs, Carlyle may find it difficult to maintain pricing power in its services.
Overall, while AI does present certain risks to Carlyle Secured Lending through substitution, disintermediation, and margin pressure, the company’s adaptability, innovation capabilities, and strategic responses will play crucial roles in mitigating these potential threats. The impact of AI will also depend on how swiftly and effectively Carlyle can incorporate technological advancements into its operations and strategies.

The sensitivity of Carlyle Secured Lending’s earnings, cash flow, and valuation to changes in interest rates can be assessed through several factors:
1. Earnings Sensitivity: Carlyle Secured Lending’s earnings are closely tied to the interest rates set on loans they provide. If interest rates rise, the company may benefit from higher income on new loans and variable-rate loans. Conversely, a decline in interest rates could compress margins on existing loans and lead to lower earnings.
2. Cash Flow Sensitivity: Cash flow for Carlyle Secured Lending can also be impacted by interest rate changes. Rising rates can increase cash inflows from new loan origination as the company charges higher rates. However, this may be offset if rising rates lead to higher default rates among borrowers unable to afford the increased payments. In uncertain economic conditions, cash flows can become more volatile with interest rate fluctuations.
3. Valuation Sensitivity: Valuation is typically affected by the discount rates used in financial models. As interest rates rise, the present value of future cash flows decreases, which can lead to lower valuations. Conversely, if interest rates fall, present values increase. Additionally, higher interest rates may decrease the attractiveness of high-yield investments, impacting market perception and valuation.
Overall, Carlyle Secured Lending is likely to experience a moderate to high sensitivity to changes in interest rates, affecting its earnings potential, cash flows, and overall valuation, depending on the nature of its portfolio and its strategic responses to market conditions.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQ2 FybHlsZSBT ZWN1cmVkIE xlbmRpbmfi gJlzIGVjb2 5vbWljcyBv dmVyIHRoZS BuZXh0IDPi gJM1IHllYX JzIG1pZ2h0 IGJlIGEgZG VlcCBhbmQg cHJvbG9uZ2 VkIHJlY2Vz c2lvbiBjb2 1iaW5lZCB3 aXRoIGEgc2 lnbmlmaWNh bnQgcmlzZS BpbiBpbnRl cmVzdCByYX Rlcy4gPGJy PkluIHRoaX Mgc2l0dWF0 aW9uLCBib3 Jyb3dlcnMg bWlnaHQgc3 RydWdnbGUg dG8gbWVldC B0aGVpciBv YmxpZ2F0aW 9ucyBkdWUg dG8gcmVkdW NlZCBjYXNo IGZsb3cgZn JvbSB0aGVp ciBidXNpbm Vzc2VzIGFu ZCBpbmNyZW FzaW5nIGJv cnJvd2luZy Bjb3N0cy4g VGhpcyBjb3 VsZCBsZWFk IHRvIGhpZ2 hlciBkZWZh dWx0IHJhdG VzIG9uIGxv YW5zIGhlbG QgYnkgQ2Fy bHlsZSwgYW ZmZWN0aW5n IHRoZSBjb2 1wYW554oCZ cyBjYXNoIG Zsb3cuIDxi cj5BcyBkZW ZhdWx0cyBp bmNyZWFzZS wgdGhlIGNv bXBhbnnigJ lzIG1hcmdp bnMgY291bG Qgc2hyaW5r IGNvbnNpZG VyYWJseSBk dWUgdG8gdG hlIG5lZWQg dG8gc2V0IG FzaWRlIGdy ZWF0ZXIgcm VzZXJ2ZXMg Zm9yIGxvYW 4gbG9zc2Vz LiBUaGlzIH NpdHVhdGlv biB3b3VsZC BsZWFkIHRv IGEgZGV0ZX Jpb3JhdGlu ZyBwcm9maX QgbWFyZ2lu IGFzIHRoZS Bjb3N0IG9m IG1hbmFnaW 5nIHRyb3Vi bGVkIGxvYW 5zIHJpc2Vz LCBhbmQgbm V3IGxlbmRp bmcgYWN0aX ZpdHkgc2xv d3MgZG93bi BkdWUgdG8g aW5jcmVhc2 VkIHJpc2sg cGVyY2VwdG lvbiBhbW9u ZyBwb3Rlbn RpYWwgYm9y cm93ZXJzIG FuZCBsZW5k ZXJzIGFsaW tlLjxicj5P biB0aGUgYm FsYW5jZSBz aGVldCwgaG lnaGVyIGRl ZmF1bHQgcm F0ZXMgd291 bGQgcmVzdW x0IGluIGFu IGluY3JlYX NlIGluIG5v cGVyZm9ybW luZyBsb2Fu cy4gVGhpcy B3b3VsZCBu ZWNlc3NpdG F0ZSBhIHdy aXRlLWRvd2 4gb2YgYXNz ZXRzLCB3aG ljaCB3b3Vs ZCBpbXBhaX IgdGhlIGNv bXBhbnnigJ lzIGVxdWl0 eS4gQSBkZX RlcmlvcmF0 aW5nIGFzc2 V0IHF1YWxp dHkgd291bG QgYWxzbyBs ZWFkIHRvIH BvdGVudGlh bCByYXRpbm cgZG93bmdy YWRlcywgYW ZmZWN0aW5n IHRoZSBjb2 1wYW554oCZ cyBhY2Nlc3 MgdG8gY2Fw aXRhbCBtYX JrZXRzLiBB cyBhIHJlc3 VsdCwgdGhl IGNvbXBhbn nigJlzIGRl YnQgbGV2ZW xzIGNvdWxk IGluY3JlYX NlIHJlbGF0 aXZlIHRvIG l0cyBlcXVp dHksIGxlYW RpbmcgdG8g YSBkZXRlcm lvcmF0ZWQg bGV2ZXJhZ2 UgcmF0aW8u PGJyPk92ZX JhbGwsIHRo aXMgc2Nlbm FyaW8gd291 bGQgcG9ydH JheSBhIGNo YWxsZW5naW 5nIGZpbmFu Y2lhbCBsYW 5kc2NhcGUg Zm9yIENhcm x5bGUgU2Vj dXJlZCBMZW 5kaW5nLCB3 aXRoIGRpbW luaXNoZWQg cHJvZml0YW JpbGl0eSwg cmVkdWNlZC BjYXNoIGZs b3cgc3RhYm lsaXR5LCBh bmQgYSBjb2 1wcm9taXNl ZCBiYWxhbm NlIHNoZWV0 LiBTdWNoIG 91dGNvbWVz IGNvdWxkIG hhdmUgbGFz dGluZyByZX BlcmN1c3Np b25zLCBpbX BhaXJpbmcg dGhlIGNvbX BhbnnigJlz IGFiaWxpdH kgdG8gZ3Jv dyBvciBpbn Zlc3QgaW4g bmV3IG9wcG 9ydHVuaXRp ZXMgaW4gdG hlIGZ1dHVy ZS48YnI+

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 bG9nb3MvR3 lodDJnaENk RXRoS2EzbX pOWncud2Vi cCIgYWx0PS JDYXJseWxl IFNlY3VyZW QgTGVuZGlu ZyIgdGl0bG U9IkNhcmx5 bGUgU2VjdX JlZCBMZW5k aW5nIiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTUwIHdpZH RoPTUwIGxv YWRpbmc9J2 xhenknIHN0 eWxlPSdib3 JkZXItcmFk aXVzOiA2cH g7Jz4KCiAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n ZmxleDogMT sgdGV4dC1h bGlnbjogY2 VudGVyOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dmb250LXNp emU6IDI2cH g7IGNvbG9y OiAjMzMzOy BtYXJnaW4t Ym90dG9tOi AxNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICDw n5OIIFdhbn QgdG8gcmVh ZCBtb3JlIG Fib3V0IENh cmx5bGUgU2 VjdXJlZCBM ZW5kaW5nPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+RpSBGcm VlIGVCb29r IGZvciBuZX cgdXNlcnM6 IDxpPiJUaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzIj wvaT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdWR2hs SUUgTmhjbX g1YkdVZyBV MlZqZFhKbF pDIEJNWlc1 a2FXNW4gSU dkeWIzVndJ SCBkaGN5Qm 1iM1Z1IFpH VmtJR2x1SU QgSXdNRFVn WVhNZyBZU0 JrYVhacGMy IGx2YmlCdl ppQlUgYUdV Z1EyRnliSC Bsc1pTQkhj bTkxIGNDd2 diMjVsSUcg OW1JSFJvWl NCMyBiM0pz Wk9LQW1YIE 1nYkdGeVoy VnogZENCd2 NtbDJZWCBS bElHVnhkV2 wwIGVTQm1h WEp0Y3kgNG dQR0p5UGpJ dSBJRlJvWl NCamIyIDF3 WVc1NUlHWn YgWTNWelpY TWdiMiA0Z2 NISnZkbWxr IGFXNW5JR1 pwYm0gRnVZ Mmx1WnlCei BiMngxZEds dmJuIE1nZE c4Z2JXbGsg Wkd4bExXMW hjbSB0bGRD QmpiMjF3IF lXNXBaWE1n YVcgNGdZU0 IyWVhKcCBa WFI1SUc5bU lHIGx1WkhW emRISnAgWl hNc0lHbHVZ MiB4MVpHbH VaeUJvIFpX RnNkR2hqWV ggSmxMQ0Iw WldObyBibT lzYjJkNUxD IEJoYm1RZ2 FXNWsgZFhO MGNtbGhiQy BCelpXTjBi M0p6IExpQT hZbkkrTXkg NGdRMkZ5Yk hscyBaU0JU WldOMWNtIF ZrSUV4bGJt UnAgYm1jZ2 NISnBiVyBG eWFXeDVJRz ltIFptVnlj eUJ6WlcgNX BiM0lnYzJW aiBkWEpsWk NCc2IyIEZ1 Y3l3Z2MyVm ogYjI1a0lH eHBaVyA0Z2 JHOWhibk1z IElHRnVaQ0 J0WlggcDZZ VzVwYm1VZy BaR1ZpZENC MGJ5IEJqYj Ixd1lXNXAg WlhNZ2JHOX ZhMiBsdVp5 QjBieUJtIG RXNWtJR0Zq Y1ggVnBjMm wwYVc5dSBj eXdnY21WbW FXIDVoYm1O cGJtY3MgSU dGdVpDQm5j bSA5M2RHZ2 dhVzVwIGRH bGhkR2wyWl ggTXVJRHhp Y2o0MCBMaU JKYmlCaFpH IFJwZEdsdm JpQjAgYnlC d2NtOTJhVy BScGJtY2da bWx1IFlXNW phVzVuTEMg QjBhR1VnUT JGeSBiSGxz WlNCVFpXIE 4xY21Wa0lF eGwgYm1ScG JtY2dkRyBW aGJTQmhiSE 52IElHOW1a bVZ5Y3kgQm xlSEJsY25S cCBjMlVnYV c0Z1ptIGx1 WVc1amFXRn MgSUhOMGNu VmpkSCBWeW FXNW5JR0Z1 IFpDQnZjR1 Z5WVggUnBi MjVoYkNCei BkWEJ3YjNK MElIIFJ2SU dobGJIQWcg ZEdobGFYSW djRyA5eWRH WnZiR2x2IE lHTnZiWEJo Ym0gbGxjeU J6ZFdOaiBa V1ZrTGlBOF luIEkrTlM0 Z1ZHaGwgSU dOdmJYQmhi biBrZ2FHRn pJRzkyIFpY SWdKREl5SU cgSnBiR3hw YjI0ZyBhVz RnWVhOelpY IFJ6SUhWdV pHVnkgSUcx aGJtRm5aVy AxbGJuUWdZ VzVrIElHaG hjeUJwYm4g WmxjM1JsWk NCcCBiaUJ2 ZG1WeUlEIE l6TUNCamIy MXcgWVc1cF pYTWdjMiBs dVkyVWdhWF J6IElHbHVZ MlZ3ZEcgbH ZiaTRnUEdK eSBQall1SU VOaGNtIHg1 YkdVZ1UyVm ogZFhKbFpD Qk1aVyA1a2 FXNW5JR2ho IGN5QmhJR2 RzYjIgSmhi Q0J5WldGai BhQ3dnZDJs MGFDIEJ2Wm 1acFkyVnog SUdsdUlIUm 9aUyBCVmJt bDBaV1FnIF UzUmhkR1Z6 TEMgQkZkWE p2Y0dVcyBJ R0Z1WkNCQm MyIGxoTGlB OFluSSsgTn k0Z1ZHaGxJ SCBSbFlXMG dZWFFnIFEy RnliSGxzWl MgQlRaV04x Y21WayBJRX hsYm1ScGJt IGNnYUdGek lHRWcgYzNS eWIyNW5JSC BSeVlXTnJJ SEpsIFkyOX laQ0J2Wmkg QmtaV3hwZG 1WeSBhVzVu SUhOMGNtID l1WnlCeVpY UjEgY201ek lHWnZjaSBC MGFHVnBjaU JwIGJuWmxj M1J2Y24gTX NJSGRwZEdn ZyBZVzRnWV habGNtIEZu WlNCaGJtNT EgWVd3Z2Nt VjBkWCBKdU lHOW1JREUw IExqWWxJSE 5wYm0gTmxJ REl3TURVdS BJRHhpY2o0 NExpIEJVYU dVZ1kyOXQg Y0dGdWVTQm 9ZWCBNZ1lT QnpkSEp2IG JtY2dabTlq ZFggTWdiMj RnY21seiBh eUJ0WVc1aF oyIFZ0Wlc1 MExDQjMgYV hSb0lHRWdk RyBWaGJTQn ZaaUJsIGVI QmxjbWxsYm 0gTmxaQ0J3 Y205bSBaWE 56YVc5dVlX IHh6SUdSbF pHbGogWVhS bFpDQjBieS BCbGRtRnNk V0YwIGFXNW 5JR0Z1WkMg QnRhWFJwWj JGMCBhVzVu SUhCdmRHIF Z1ZEdsaGJD QnkgYVhOcm N5QnBiaSBC MGFHVnBjaU JwIGJuWmxj M1J0WlcgNT BjeTRnUEdK eSBQamt1SU VOaGNtIHg1 YkdVZ1UyVm ogZFhKbFpD Qk1aVyA1a2 FXNW5JR2ho IGN5QmhJR1 JwZG0gVnlj MlVnY0c5eS BkR1p2Ykds dklHIDltSU dsdWRtVnog ZEcxbGJuUn pMQyBCM2FY Um9JR0VnIG JXbDRJRzlt SUcgbHVaSF Z6ZEhKcCBa WE1zSUdkbG IyIGR5WVhC b2FXVnogTE NCaGJtUWdk SCBKaGJuTm hZM1JwIGIy NGdjM1J5ZF cgTjBkWEps Y3k0ZyBQR0 p5UGpFd0xp IEJVYUdVZ1 kyOXQgY0dG dWVTQnZabi BSbGJpQmpi eTFwIGJuWm xjM1J6SUgg ZHBkR2dnYj NSbyBaWEln Y0hKcGRtIE YwWlNCbGNY VnAgZEhrZ1 ptbHliWCBN Z1lXNWtJR2 x1IGMzUnBk SFYwYVcgOX VZV3dnYVc1 MiBaWE4wYj NKekxDIEJt ZFhKMGFHVn kgSUdScGRt VnljMiBsbW VXbHVaeUIw IGFHVnBjaU J3YjMgSjBa bTlzYVc4Zy BZVzVrSUds dVkzIEpsWV hOcGJtY2cg ZEdobGFYSW dZVyBOalpY TnpJSFJ2IE lIQnZkR1Z1 ZEcgbGhiQ0 JwYm5abCBj M1J0Wlc1ME lHIDl3Y0c5 eWRIVnUgYV hScFpYTXUK ICAgICAgIC A8L3NwYW4+ CiAgICAgIC AgCiAgICAg ICAg