Hannon Armstrong Sustainable Infrastructure Capital

-13.47%

Live  

Hannon Armstrong Sustainable Infrastructure Capital, Inc. is a publicly traded company that provides debt and equity financing for sustainable infrastructure projects. It was founded in 1981 and is headquartered in Annapolis, Maryland.
The company's mission is to invest in and manage sustainable infrastructure projects that reduce carbon emissions, increase energy efficiency, and build resilient communities. Their investments primarily focus on clean energy, energy efficiency, and sustainable infrastructure projects, such as solar and wind power, energy storage systems, and green buildings.
Hannon Armstrong primarily operates through two segments: debt and equity. Their debt investments consist of loans for financing projects, while their equity investments consist of ownership stakes in projects. The company also offers financing solutions for projects in the federal, state, and local governments.
As of 2021, Hannon Armstrong has invested over $9 billion in sustainable infrastructure projects, reducing carbon emissions by over 16 million metric tons annually. They have also provided financing for over 10,000 energy efficiency and renewable energy projects.
Overall, the company aims to support the transition to a sustainable and low-carbon economy, while also generating attractive returns for its investors. Hannon Armstrong is considered a leader in the sustainable infrastructure finance space and has been recognized for its environmental, social, and governance (ESG) practices.

SGFubm9uIE FybXN0cm9u ZyBTdXN0YW luYWJsZSBJ bmZyYXN0cn VjdHVyZSBD YXBpdGFsIG lzIGEgY29t cGFueSB0aG F0IGhlbHBz IHRvIG1ha2 UgdGhlIEVh cnRoIGEgY2 xlYW5lciBh bmQgYmV0dG VyIHBsYWNl IHRvIGxpdm UuIFRoZXkg ZG8gdGhpcy BieSBpbnZl c3RpbmcgaW 4gcHJvamVj dHMgdGhhdC Bmb2N1cyBv biByZW5ld2 FibGUgZW5l cmd5IGFuZC BlbmVyZ3kg ZWZmaWNpZW 5jeSwgd2hp Y2ggYXJlIH dheXMgdG8g cHJvZHVjZS BlbmVyZ3kg d2l0aG91dC BoYXJtaW5n IHRoZSBlbn Zpcm9ubWVu dC4gVGhpcy BjYW4gaW5j bHVkZSB0aG luZ3MgbGlr ZSBzb2xhci BwYW5lbHMs IHdpbmQgdH VyYmluZXMs IGFuZCBlbm VyZ3ktc2F2 aW5nIHVwZ3 JhZGVzIGZv ciBidWlsZG luZ3MuPGJy PlRoZSB3YX kgdGhlIGNv bXBhbnkgbW FrZXMgbW9u ZXkgaXMgYn kgcHJvdmlk aW5nIGxvYW 5zIG9yIGZ1 bmRpbmcgdG 8gdGhlc2Ug cHJvamVjdH MuIEFmdGVy IHRoZSBwcm 9qZWN0cyBh cmUgdXAgYW 5kIHJ1bm5p bmcsIHRoZX kgZWFybiBt b25leSBmcm 9tIHRoZSBw cm9qZWN0c+ KAmSBzdWNj ZXNzZXMsIG xpa2UgdGhl IGVuZXJneS B0aGF0IGlz IHNhdmVkIG 9yIHRoZSBl bmVyZ3kgdG hhdCBpcyBw cm9kdWNlZC BhbmQgc29s ZC4gSXTigJ lzIGEgYml0 IGxpa2UgaW YgeW91IGxl bnQgYSBmcm llbmQgbW9u ZXkgdG8gc3 RhcnQgYSBs ZW1vbmFkZS BzdGFuZCwg YW5kIHRoZW 4gdGhleSBn YXZlIHlvdS BhIHNoYXJl IG9mIHRoZS Bwcm9maXRz IG9uY2UgdG hleSBzdGFy dGVkIHNlbG xpbmcgbGVt b25hZGUuPG JyPkhhbm5v biBBcm1zdH JvbmcgaXMg c3VjY2Vzc2 Z1bCBiZWNh dXNlIHRoZX JlIGlzIGEg Z3Jvd2luZy BuZWVkIGZv ciBjbGVhbi BhbmQgc3Vz dGFpbmFibG UgZW5lcmd5 IHNvbHV0aW 9ucy4gTW9y ZSBhbmQgbW 9yZSBwZW9w bGUgYW5kIG J1c2luZXNz ZXMgYXJlIH JlYWxpemlu ZyB0aGUgaW 1wb3J0YW5j ZSBvZiBwcm 90ZWN0aW5n IG91ciBwbG FuZXQsIHdo aWNoIG1lYW 5zIHRoZXkg YXJlIGxvb2 tpbmcgdG8g aW52ZXN0IG luIHByb2pl Y3RzIHRoYX QgaGVscCB0 aGUgZW52aX Jvbm1lbnQu IEJlY2F1c2 Ugb2YgdGhp cyBpbmNyZW FzaW5nIGRl bWFuZCwgSG Fubm9uIEFy bXN0cm9uZy BoYXMgbWFu eSBvcHBvcn R1bml0aWVz IHRvIHN1cH BvcnQgYW5k IGludmVzdC BpbiB0aGVz ZSBraW5kcy BvZiBwcm9q ZWN0cyBub3 cgYW5kIGlu IHRoZSBmdX R1cmUuPGJy PlRoaXMgdH JlbmQgdG93 YXJkcyB1c2 luZyBjbGVh bmVyIGVuZX JneSBpcyBs aWtlbHkgdG 8gY29udGlu dWUgYmVjYX VzZSBtb3Jl IGNvdW50cm llcyBhcmUg bWFraW5nIH J1bGVzIHRv IHJlZHVjZS Bwb2xsdXRp b24gYW5kIG ZpZ2h0IGNs aW1hdGUgY2 hhbmdlLiBT byBIYW5ub2 4gQXJtc3Ry b25nIGhhcy BhIGdvb2Qg Y2hhbmNlIG 9mIGJlaW5n IHN1Y2Nlc3 NmdWwgZm9y IGEgbG9uZy B0aW1lIGFz IHRoZXkgaG VscCBidWls ZCBhIGNsZW FuZXIsIG1v cmUgc3VzdG FpbmFibGUg ZnV0dXJlLj xicj4=

SGFubm9uIE FybXN0cm9u ZyBTdXN0YW luYWJsZSBJ bmZyYXN0cn VjdHVyZSBD YXBpdGFsIG lzIGEgdW5p cXVlIGNvbX BhbnkgdGhh dCBmb2N1c2 VzIG9uIGZp bmFuY2luZy BzdXN0YWlu YWJsZSBpbm ZyYXN0cnVj dHVyZSBwcm 9qZWN0cy4g SXQgd2FzIG ZvdW5kZWQg aW4gMTk4MS BhcyBhIHZl bnR1cmUgY2 FwaXRhbCBm aXJtIGFuZC BoYXMgc2lu Y2UgZXZvbH ZlZCBpbnRv IGEgbGVhZG luZyBpbnZl c3RvciBpbi BzdXN0YWlu YWJsZSBpbm ZyYXN0cnVj dHVyZS48Yn I+U29tZSBr ZXkgY2hhcm FjdGVyaXN0 aWNzIHRoYX QgbWFrZSBI YW5ub24gQX Jtc3Ryb25n IHN0YW5kIG 91dCBpbmNs dWRlOjxicj 4xLiBGb2N1 cyBvbiBzdX N0YWluYWJp bGl0eTogVG hlIGNvbXBh bnkgaXMgY2 9tbWl0dGVk IHRvIGludm VzdGluZyBp biBwcm9qZW N0cyB0aGF0 IGhhdmUgYS Bwb3NpdGl2 ZSBpbXBhY3 Qgb24gdGhl IGVudmlyb2 5tZW50LCBz dWNoIGFzIH JlbmV3YWJs ZSBlbmVyZ3 ksIGVuZXJn eSBlZmZpY2 llbmN5LCBh bmQgc3VzdG FpbmFibGUg aW5mcmFzdH J1Y3R1cmUu IFRoaXMgbW FrZXMgdGhl bSBhIHBpb2 5lZXIgaW4g dGhlIGZpZW xkIG9mIHN1 c3RhaW5hYm xlIGFuZCBy ZXNwb25zaW JsZSBpbnZl c3RpbmcuPG JyPjIuIExv bmcgdHJhY2 sgcmVjb3Jk OiBXaXRoIG 92ZXIgNDAg eWVhcnMgb2 YgZXhwZXJp ZW5jZSwgSG Fubm9uIEFy bXN0cm9uZy BoYXMgYSBs b25nIHRyYW NrIHJlY29y ZCBvZiBzdW NjZXNzIGlu IGludmVzdG luZyBpbiBz dXN0YWluYW JsZSBpbmZy YXN0cnVjdH VyZS4gVGhp cyBleHBlcm llbmNlIGdp dmVzIHRoZW 0gYSBkZWVw IHVuZGVyc3 RhbmRpbmcg b2YgdGhlIG luZHVzdHJ5 IGFuZCBhbG xvd3MgdGhl bSB0byBtYW tlIGluZm9y bWVkIGludm VzdG1lbnQg ZGVjaXNpb2 5zLjxicj4z LiBTdHJvbm cgZmluYW5j aWFsIHBlcm Zvcm1hbmNl OiBEZXNwaX RlIGZvY3Vz aW5nIG9uIH N1c3RhaW5h YmxlIHByb2 plY3RzLCBI YW5ub24gQX Jtc3Ryb25n IGhhcyBjb2 5zaXN0ZW50 bHkgZGVsaX ZlcmVkIHN0 cm9uZyBmaW 5hbmNpYWwg cmVzdWx0cy 4gVGhpcyBp cyBhIHRlc3 RhbWVudCB0 byB0aGVpci BleHBlcnRp c2UgaW4gc2 VsZWN0aW5n IGFuZCBtYW 5hZ2luZyBp bnZlc3RtZW 50cy48YnI+ NC4gVW5pcX VlIGJ1c2lu ZXNzIG1vZG VsOiBVbmxp a2UgdHJhZG l0aW9uYWwg bGVuZGVycy wgSGFubm9u IEFybXN0cm 9uZydzIGJ1 c2luZXNzIG 1vZGVsIGlz IGJhc2VkIG 9uIGEgbG9u Zy10ZXJtLC BmaXhlZCBy ZXR1cm4gYX Bwcm9hY2gg cmF0aGVyIH RoYW4gb24g aW50ZXJlc3 QgcmF0ZXMu IFRoaXMgZW 5hYmxlcyB0 aGVtIHRvIH Byb3ZpZGUg c3RhYmxlIG FuZCBwcmVk aWN0YWJsZS ByZXR1cm5z IGZvciBpbn Zlc3RvcnMs IHdoaWxlIG Fsc28gcHJv bW90aW5nIH N1c3RhaW5h YmxlIGluZn Jhc3RydWN0 dXJlIGRldm Vsb3BtZW50 Ljxicj41Li BGb2N1cyBv biBzb2NpYW wgaW1wYWN0 OiBJbiBhZG RpdGlvbiB0 byBlbnZpcm 9ubWVudGFs IGJlbmVmaX RzLCBIYW5u b24gQXJtc3 Ryb25nIGFs c28gcHJpb3 JpdGl6ZXMg aW52ZXN0bW VudHMgdGhh dCBoYXZlIG EgcG9zaXRp dmUgc29jaW FsIGltcGFj dCwgc3VjaC BhcyBqb2Ig Y3JlYXRpb2 4gYW5kIGNv bW11bml0eS BkZXZlbG9w bWVudC4gVG hpcyBhbGln bnMgd2l0aC B0aGVpciBt aXNzaW9uIH RvIGNyZWF0 ZSBsb25nLX Rlcm0gdmFs dWUgZm9yIG JvdGggaW52 ZXN0b3JzIG FuZCBzb2Np ZXR5Ljxicj 42LiBTdHJv bmcgcGFydG 5lcnNoaXBz OiBIYW5ub2 4gQXJtc3Ry b25nJ3Mgc3 VjY2VzcyBp cyBhbHNvIG R1ZSB0byB0 aGVpciBzdH JvbmcgcGFy dG5lcnNoaX BzIHdpdGgg aW5kdXN0cn ktbGVhZGlu ZyBjb21wYW 5pZXMgYW5k IGdvdmVybm 1lbnQgYWdl bmNpZXMuIF RoZXNlIHBh cnRuZXJzaG lwcyBlbmFi bGUgdGhlbS B0byBhY2Nl c3MgYSBkaX ZlcnNlIHJh bmdlIG9mIG ludmVzdG1l bnQgb3Bwb3 J0dW5pdGll cyBhbmQgc3 VwcG9ydCB0 aGUgZ3Jvd3 RoIG9mIHN1 c3RhaW5hYm xlIGluZnJh c3RydWN0dX JlIHByb2pl Y3RzLg==

VGhlIEhhbm 5vbiBBcm1z dHJvbmcgU3 VzdGFpbmFi bGUgSW5mcm FzdHJ1Y3R1 cmUgQ2FwaX RhbCBjb21w YW55J3MgYn VzaW5lc3Mg bW9kZWwgZm 9jdXNlcyBv biBpbnZlc3 RpbmcgaW4g c3VzdGFpbm FibGUgaW5m cmFzdHJ1Y3 R1cmUgcHJv amVjdHMuIF RoaXMgaW5j bHVkZXMgZm luYW5jaW5n IHJlbmV3YW JsZSBlbmVy Z3ksIGVuZX JneSBlZmZp Y2llbmN5LC BhbmQgY2xp bWF0ZSBjaG FuZ2Ugc29s dXRpb25zLi BUaGV5IHBy b3ZpZGUgbG 9uZy10ZXJt IGZpbmFuY2 luZyB0byBj b21wYW5pZX MsIGdvdmVy bm1lbnQgYW dlbmNpZXMs IGFuZCBub2 5wcm9maXQg b3JnYW5pem F0aW9ucyB0 byBoZWxwIH RoZW0gaW1w bGVtZW50IH N1c3RhaW5h YmxlIGluZn Jhc3RydWN0 dXJlIHByb2 plY3RzLiBU aGVpciBnb2 FsIGlzIHRv IGdlbmVyYX RlIGF0dHJh Y3RpdmUgcm V0dXJucyBm b3IgaW52ZX N0b3JzIHdo aWxlIGFsc2 8gY3JlYXRp bmcgcG9zaX RpdmUgZW52 aXJvbm1lbn RhbCBhbmQg c29jaWFsIG ltcGFjdC4g VGhleSBhbH NvIHByb3Zp ZGUgYWR2aX Nvcnkgc2Vy dmljZXMgdG 8gaGVscCBj bGllbnRzIG lkZW50aWZ5 IGFuZCBpbX BsZW1lbnQg c3VzdGFpbm FibGUgaW5m cmFzdHJ1Y3 R1cmUgc29s dXRpb25zLg ==

AI does have the potential to impact Hannon Armstrong Sustainable Infrastructure Capital’s products, services, and competitive positioning in several ways, though the extent of this impact would depend on various factors.
1. Substitution: AI technologies could facilitate the development of alternative financing models or investment platforms that offer similar sustainable infrastructure investments with enhanced efficiency or lower costs. If these alternatives provide superior risk assessment or automation in decisiomaking, they could attract capital away from traditional models like those used by Hannon Armstrong.
2. Disintermediation: AI could streamline the financing process in the sustainable infrastructure sector by directly connecting investors with project developers or asset managers. This would reduce the need for entities like Hannon Armstrong as intermediaries, potentially leading to a loss of business or reduced transaction volumes.
3. Margin Pressure: The increasing efficiency brought about by AI in areas such as risk assessment, project evaluation, and operational optimization could drive down costs in the sustainable infrastructure market. If competitors adopt AI rapidly and reduce their operational costs, Hannon Armstrong might face pressure to lower its fees or margins to remain competitive, which could impact profitability.
However, Hannon Armstrong also has opportunities to leverage AI to enhance its own services, improve risk assessment, and increase efficiency in its operations. By integrating AI into its investment strategies, the company could potentially strengthen its competitive positioning rather than succumb to the threats. Ultimately, the impact of AI will heavily depend on how both Hannon Armstrong and its competitors adapt to these technological advancements.

Hannon Armstrong Sustainable Infrastructure Capital, known for its investments in sustainable infrastructure projects, tends to be sensitive to changes in interest rates due to its reliance on debt financing and the nature of its investment projects.
Earnings: The company’s earnings can be influenced by interest rate changes as it largely derives income from long-term contracts, typically tied to fixed rates. If interest rates rise, the cost of serving its existing debt can increase, potentially reducing net earnings if revenue does not increase correspondingly. Conversely, lower interest rates can lower financing costs, which might enhance earnings if the company can effectively manage its portfolio.
Cash Flow: The relationship between interest rates and cash flow is significant as well. Hannon Armstrong’s cash flows are affected by the interest expenses associated with its debt. Higher interest rates could lead to increased cash outflows for interest payments, reducing overall cash flow. Conversely, lower interest rates could enhance cash flow by reducing interest expenses, thereby enabling more capital to be allocated to investments or distributions to shareholders.
Valuation: Interest rates play a crucial role in the valuation of the company, particularly as it relates to the discount rate used in valuation models. Higher interest rates generally lead to higher discount rates, which can lower the net present value of future cash flows and, consequently, the overall valuation of the firm. In contrast, lower interest rates can make the company’s future cash flows more valuable, resulting in higher valuations.
Overall, Hannon Armstrong’s sensitivity to interest rate changes is a critical factor in its financial performance, where rising rates could pose challenges, while falling rates could create opportunities for growth and enhanced valuation.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgSG Fubm9uIEFy bXN0cm9uZy BTdXN0YWlu YWJsZSBJbm ZyYXN0cnVj dHVyZSBDYX BpdGFs4oCZ cyBlY29ub2 1pY3Mgb3Zl ciB0aGUgbm V4dCAzLTUg eWVhcnMgbW lnaHQgaW52 b2x2ZSBhIH NpZ25pZmlj YW50IGFuZC Bwcm9sb25n ZWQgZGVjbG luZSBpbiB0 aGUgZGVtYW 5kIGZvciBy ZW5ld2FibG UgZW5lcmd5 IGludmVzdG 1lbnRzLiBU aGlzIGNvdW xkIGJlIGRy aXZlbiBieS BzZXZlcmFs IGZhY3Rvcn MsIGluY2x1 ZGluZzo8Yn I+MS4gPHN0 cm9uZz5SZW d1bGF0b3J5 IENoYW5nZX M8L3N0cm9u Zz46IEEgc2 hpZnQgaW4g Z292ZXJubW VudCBwb2xp Y2llcyBvci BhIHJlZHVj dGlvbiBpbi BpbmNlbnRp dmVzIGZvci ByZW5ld2Fi bGUgZW5lcm d5IHByb2pl Y3RzLCBzdW NoIGFzIHRh eCBjcmVkaX RzIG9yIHN1 YnNpZGllcy wgY291bGQg cmVzdWx0IG luIGRlY3Jl YXNlZCBpbn Zlc3RtZW50 IGluIHN1c3 RhaW5hYmxl IGluZnJhc3 RydWN0dXJl LiBBIHJlZH VjdGlvbiBp biBzdXBwb3 J0IGZvciBz b2xhciwgd2 luZCwgYW5k IG90aGVyIH JlbmV3YWJs ZSBwcm9qZW N0cyBjb3Vs ZCBsZWFkIH RvIGZld2Vy IHByb2ZpdG FibGUgb3Bw b3J0dW5pdG llcyBmb3Ig SGFubm9uIE FybXN0cm9u Zy48YnI+Mi 4gPHN0cm9u Zz5UZWNobm 9sb2dpY2Fs IERpc3J1cH Rpb248L3N0 cm9uZz46IE FkdmFuY2Vz IGluIGFsdG VybmF0aXZl IGVuZXJneS Bzb3VyY2Vz LCBzdWNoIG FzIGJyZWFr dGhyb3VnaH MgaW4gZm9z c2lsIGZ1ZW wgZXh0cmFj dGlvbiBvci BudWNsZWFy IGZ1c2lvbi wgY291bGQg bWFrZSByZW 5ld2FibGUg ZW5lcmd5IG xlc3MgY29t cGV0aXRpdm UuIElmIHRo ZXNlIHRlY2 hub2xvZ2ll cyByYXBpZG x5IGV2b2x2 ZSBhbmQgZ2 FpbiBtYXJr ZXQgc2hhcm UsIGl0IGNv dWxkIHVuZG VybWluZSB0 aGUgdmFsdW Ugb2YgZXhp c3RpbmcgaW 52ZXN0bWVu dHMgaW4gcm VuZXdhYmxl cy48YnI+My 4gPHN0cm9u Zz5FY29ub2 1pYyBSZWNl c3Npb248L3 N0cm9uZz46 IEEgc2V2ZX JlIGVjb25v bWljIGRvd2 50dXJuIGNv dWxkIGxlYW QgdG8gcmVk dWNlZCBpbn Zlc3RtZW50 IGFjcm9zcy BhbGwgc2Vj dG9ycywgaW 5jbHVkaW5n IHN1c3RhaW 5hYmxlIGlu ZnJhc3RydW N0dXJlLiBB IGxhY2sgb2 YgZnVuZGlu ZyBmb3Igbm V3IHByb2pl Y3RzIGNvdW xkIHNldmVy ZWx5IGltcG FjdCBIYW5u b24gQXJtc3 Ryb25n4oCZ cyBkZWFsIG Zsb3cgYW5k IHByb2ZpdG FiaWxpdHku PGJyPjQuID xzdHJvbmc+ UmlzaW5nIE ludGVyZXN0 IFJhdGVzPC 9zdHJvbmc+ OiBJZiBpbn RlcmVzdCBy YXRlcyByaX NlIHNoYXJw bHkgYW5kIH JlbWFpbiBl bGV2YXRlZC wgdGhlIGNv c3Qgb2YgY2 FwaXRhbCBj b3VsZCBpbm NyZWFzZSBz aWduaWZpY2 FudGx5LiBU aGlzIHdvdW xkIG1ha2Ug ZmluYW5jaW 5nIGZvciBu ZXcgcmVuZX dhYmxlIHBy b2plY3RzIG xlc3MgYXR0 cmFjdGl2ZS wgc2NhbGlu ZyBiYWNrIH RoZSBudW1i ZXIgb2YgcH JvamVjdHMg SGFubm9uIE FybXN0cm9u ZyBjb3VsZC BzdXBwb3J0 LiBIaWdoZX IgY29zdHMg Y291bGQgYW xzbyBzcXVl ZXplIG1hcm dpbnMuPGJy PklmIHN1Y2 ggYSBzY2Vu YXJpbyBwbG F5ZWQgb3V0 LCBoZXJlIG lzIGhvdyBI YW5ub24gQX Jtc3Ryb25n 4oCZcyBmaW 5hbmNpYWwg bWV0cmljcy BtaWdodCBi ZSBhZmZlY3 RlZDo8YnI+ LSA8c3Ryb2 5nPk1hcmdp bnM8L3N0cm 9uZz46IFRo ZSBjb21wYW 554oCZcyBw cm9maXQgbW FyZ2lucyBj b3VsZCBiZS BzaWduaWZp Y2FudGx5IH NxdWVlemVk LiBXaXRoIH JlZHVjZWQg ZGVtYW5kIG ZvciByZW5l d2FibGUgcH JvamVjdHMg YW5kIHBvdG VudGlhbCBp bmNyZWFzZX MgaW4gZmlu YW5jaW5nIG Nvc3RzLCBi b3RoIHJldm VudWUgZ3Jv d3RoIGFuZC Bwcm9maXRh YmlsaXR5IH dvdWxkIGxp a2VseSBkZW NsaW5lLiBO ZWdhdGl2ZS BvcGVyYXRp bmcgbGV2ZX JhZ2UgY291 bGQgbGVhZC B0byBhIHNp dHVhdGlvbi B3aGVyZSBm aXhlZCBjb3 N0cyByZW1h aW4gYnV0IH JldmVudWVz IGZhbGwsIG V4YWNlcmJh dGluZyBtYX JnaW4gY29u dHJhY3Rpb2 5zLjxicj4t IDxzdHJvbm c+Q2FzaCBG bG93PC9zdH Jvbmc+OiBD YXNoIGZsb3 cgZ2VuZXJh dGlvbiBjb3 VsZCBzdWZm ZXIgYXMgZm V3ZXIgc3Vj Y2Vzc2Z1bC Bwcm9qZWN0 cyBjb21lIG 9ubGluZSwg YW5kIGNvbG xlY3Rpb24g b24gZXhpc3 RpbmcgZGVh bHMgbWF5IG Fsc28gYmUg ZGVsYXllZC BvciByZWR1 Y2VkIGR1ZS B0byB3ZWFr ZW5lZCBtYX JrZXQgY29u ZGl0aW9ucy 4gRGltaW5p c2hlZCBjYX NoIGZsb3cg Y291bGQgbG ltaXQgSGFu bm9uIEFybX N0cm9uZ+KA mXMgYWJpbG l0eSB0byBw YXkgZGl2aW RlbmRzIG9y IHJlaW52ZX N0IGluIG5l dyBvcHBvcn R1bml0aWVz Ljxicj4tID xzdHJvbmc+ QmFsYW5jZS BTaGVldDwv c3Ryb25nPj ogVGhlIGJh bGFuY2Ugc2 hlZXQgY291 bGQgZGV0ZX Jpb3JhdGUg YXMgYXNzZX QgdmFsdWVz IGRlY2xpbm UgZHVlIHRv IHJlZHVjZW QgZGVtYW5k IGZvciBzdX N0YWluYWJs ZSBmaW5hbm NpbmcuIElm IGNhc2ggZm xvdyBpcyBp bnN1ZmZpY2 llbnQgdG8g Y292ZXIgb2 JsaWdhdGlv bnMgb3IgaW YgY3JlZGl0 d29ydGhpbm VzcyBkZWNy ZWFzZXMsIH RoZSBjb21w YW55IG1heS BmYWNlIGlu Y3JlYXNlZC BsZXZlcmFn ZS4gQSBkZW NsaW5pbmcg YXNzZXQgYm FzZSBjb3Vs ZCBwcm9tcH QgbGVuZGVy cyB0byByZW Fzc2VzcyBj cmVkaXQgdG VybXMsIHBv dGVudGlhbG x5IGxlYWRp bmcgdG8gaG lnaGVyIGJv cnJvd2luZy Bjb3N0cyBv ciBldmVuIG NvdmVuYW50 IGJyZWFjaG VzLjxicj5P dmVyYWxsLC BpZiBhIHNp Z25pZmljYW 50IGFuZCBw cm9sb25nZW QgZGVjbGlu ZSBpbiB0aG UgcmVuZXdh YmxlIGVuZX JneSBzZWN0 b3Igb2NjdX JyZWQsIGl0 IGNvdWxkIG NyZWF0ZSBh IGNoYWxsZW 5naW5nIGVu dmlyb25tZW 50IGZvciBI YW5ub24gQX Jtc3Ryb25n LCBpbXBhY3 RpbmcgaXRz IGxvbmctdG VybSB2aWFi aWxpdHkuPG JyPg==

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 bG9nb3MvTX NkZ1JSZDJH dGp2bHVzVX ZiR3gud2Vi cCIgYWx0PS JIYW5ub24g QXJtc3Ryb2 5nIFN1c3Rh aW5hYmxlIE luZnJhc3Ry dWN0dXJlIE NhcGl0YWwi IHRpdGxlPS JIYW5ub24g QXJtc3Ryb2 5nIFN1c3Rh aW5hYmxlIE luZnJhc3Ry dWN0dXJlIE NhcGl0YWwi 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 QgSGFubm9u IEFybXN0cm 9uZyBTdXN0 YWluYWJsZS BJbmZyYXN0 cnVjdHVyZS BDYXBpdGFs 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+ZjCBK b2luIG5vdy B0byBnZXQg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPiBhdCBu byBjb3N0Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvcD4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTJweDsg Zm9udC1zaX plOiAxM3B4 OyBjb2xvcj ogIzQ0NDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg U2lnbiB1cC Bub3cgYW5k IGdldCBvdX IgZnJlZSBl Qm9vayAKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxiPl RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 M8L2I+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx NnB4OyBmb2 50LXNpemU6 IDE0cHg7IG NvbG9yOiAj NDQ0OyBmb2 50LWZhbWls eTogLWFwcG xlLXN5c3Rl bSwgQmxpbm tNYWNTeXN0 ZW1Gb250LC BTZWdvZSBV SSwgUm9ib3 RvLCBIZWx2 ZXRpY2EgTm V1ZSwgc2Fu cy1zZXJpZj sgbGluZS1o ZWlnaHQ6ID EuNjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgSGF2 ZSB5b3UgaG VhcmQgYWJv dXQgb3VyIH Nob3J0IDxz dHJvbmcgc3 R5bGU9J2Zv bnQtd2VpZ2 h0OiA2MDA7 Jz5EYWlseS BWaWRlbyBO ZXdzbGV0dG VyPC9zdHJv bmc+PwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naHR0 cHM6Ly93d3 cuaW5zaWdo dGZ1bHZhbH VlLmNvbS9u ZXdzbGV0dG VyLnBocCcg dGFyZ2V0PS dfYmxhbmsn IHN0eWxlPS djb2xvcjog IzAwN0JGRj sgdGV4dC1k ZWNvcmF0aW 9uOiBub25l OyBmb250LX dlaWdodDog NTAwOyBtYX JnaW4tbGVm dDogNnB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgRmlu ZCBvdXQgbW 9yZQogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIAogIC AgICAgIAog ICAgICAgID xzcGFuIGNs YXNzPSdibH VycmVkLXRl eHQnPgogIC AgICAgICAg ICBNUzRnU0 dGdWJtIDl1 SUVGeWJYTj AgY205dVp5 QlRkWCBOMF lXbHVZV0pz IFpTQkpibV p5WVggTjBj blZqZEhWeS BaU0JEWVhC cGRHIEZzSU dseklHRWcg Y0hWaWJHbG piSCBrZ2RI SmhaR1ZrIE lHTnZiWEJo Ym4ga2dkR2 hoZENCeiBj R1ZqYVdGc2 FYIHBsY3lC cGJpQm0gYV c1aGJtTnBi bSBjZ2MzVn pkR0ZwIGJt RmliR1VnYV cgNW1jbUZ6 ZEhKMSBZM1 IxY21VZ2NI IEp2YW1Wam RITXUgUEdK eVBqSXVJRS BadmRXNWta V1FnIGFXNG dNVGs0TVMg d2dkR2hsSU dOdiBiWEJo Ym5rZ2IzIE pwWjJsdVlX eHMgZVNCbW IyTjFjMiBW a0lHOXVJSF J5IFlXUnBk R2x2Ym0gRn NJSEpsWVd3 ZyBaWE4wWV hSbElHIFpw Ym1GdVkybH UgWnk0Z1NH OTNaWCBabG Npd2dhVzRn IGNtVmpaVz UwSUggbGxZ WEp6TENCcC BkQ0JvWVhN Z2MyIGhwWm 5SbFpDQnAg ZEhNZ1ptOW pkWCBNZ2RH OGdjM1Z6IG RHRnBibUZp YkcgVWdhVz VtY21GeiBk SEoxWTNSMW NtIFVzSUdK bFkyOXQgYV c1bklHOXVa UyBCdlppQj BhR1VnIFpt bHljM1FnWT IgOXRjR0Z1 YVdWeiBJSF J2SUdSdklI IE52TGp4aW NqNHogTGlC VWFHVWdZMi A5dGNHRnVl U0JwIGN5Qm 9aV0ZrY1gg VmhjblJsY2 1WayBJR2x1 SUVGdWJtIE Z3YjJ4cGN5 d2cgVFdGeW VXeGhibSBR c0lHRnVaQ0 JvIFlYTWdi MlptYVcgTm xjeUJwYmlC TyBaWGNnV1 c5eWF5IHdn UTJocFkyRm 4gYnl3Z1lX NWtJRiBOaG JpQkdjbUZ1 IFkybHpZMj h1UEcgSnlQ alF1SUVoaC BibTV2YmlC QmNtIDF6ZE hKdmJtZmkg Z0pseklIQn lhVyAxaGNu a2dZblZ6IG FXNWxjM01n YVggTWdhVz UyWlhOMCBh VzVuSUdsdU lHIEZ1WkNC dFlXNWggWj JsdVp5QmhJ SCBCdmNuUm 1iMnhwIGJ5 QnZaaUJzYj IgNW5MWFJs Y20wcyBJR2 hwWjJndGNY IFZoYkdsMG VTQnAgYm1a eVlYTjBjbi BWamRIVnla U0JoIGMzTm xkSE1nZEcg aGhkQ0JuWl c1bCBjbUYw WlNCemRHIE ZpYkdVc0lI QnkgWldScF kzUmhZbSB4 bElHTmhjMm dnIFpteHZk M011UEcgSn lQalV1SUZS byBaU0JqYj Ixd1lXIDU1 NG9DWmN5Qm ggYzNObGRI TWdhVyA1am JIVmtaU0J3 IGNtOXFaV0 4wY3kgQnBi aUJ5Wlc1bC BkMkZpYkdV Z1pXIDVsY2 1kNUxDQmwg Wm1acFkybG xibiBRZ2Nt VmhiQ0JsIG MzUmhkR1Vz SUcgRnVaQ0 J2ZEdobCBj aUJ6ZFhOMF lXIGx1WVdK c1pTQnAgYm 1aeVlYTjBj biBWamRIVn laU0J6IFpX TjBiM0p6TG kgQlRiMjFs SUc5bSBJR2 wwY3lCdWIz IFJoWW14bE lHbHUgZG1W emRHMWxibi BSeklHbHVZ MngxIFpHVW djMjlzWVgg SWdZVzVrSU hkcCBibVFn Wm1GeWJYIE 1zSUdWdVpY Sm4gZVNCbF ptWnBZMiBs bGJtTjVJSE psIGRISnZa bWwwY3kgQm 1iM0lnWW5W cCBiR1JwYm 1kekxDIEJo Ym1RZ2MzVn ogZEdGcGJt RmliRyBVZ2 QyRjBaWEln IGJXRnVZV2 RsYlcgVnVk Q0J3Y205cS BaV04wY3k0 OFluIEkrTm k0Z1NHRnUg Ym05dUlFRn liWCBOMGNt OXVaeUJoIG JITnZJSEJ5 YjMgWnBaR1 Z6SUdacCBi bUZ1WTJsdV p5IEIwYnlC amIyMXcgWV c1cFpYTWdZ VyA1a0lIQn liMnBsIFkz UnpJSFJvWV ggUWdhR1Zz Y0NCeSBaV1 IxWTJVZ1oz IEpsWlc1b2 IzVnogWlNC bllYTWdaVy AxcGMzTnBi MjV6IExDQn BiWEJ5YjMg WmxJR1Z1Wl hKbiBlU0Js Wm1acFkyIG xsYm1ONUxD QmggYm1RZ2 NISnZiVyA5 MFpTQnpkWE 4wIFlXbHVZ V0pzWlMgQm lkWE5wYm1W eiBjeUJ3Y2 1GamRHIGxq WlhNdVBHSn kgUGpjdUlF bHVJRyBGa1 pHbDBhVzl1 IElIUnZJR2 wwY3kgQm1i Mk4xY3lCdi BiaUJ6ZFhO MFlXIGx1WV dKcGJHbDAg ZVNCaGJtUW daVyA1MmFY SnZibTFsIG JuUmhiQ0Jw YlggQmhZM1 FzSUVoaCBi bTV2YmlCQm NtIDF6ZEhK dmJtY2cgWV d4emJ5Qndj bSBsdmNtbD BhWHBsIGN5 QnpkSEp2Ym 0gY2dabWx1 WVc1aiBhV0 ZzSUhKbGRI IFZ5Ym5NZ1 ptOXkgSUds MGN5QnBibi BabGMzUnZj bk11IElGUm 9aU0JqYjIg MXdZVzU1SU doaCBjeUJo SUdocGMzIF J2Y25rZ2Iy WWcgWkdWc2 FYWmxjbSBs dVp5QnpkR0 ZpIGJHVWdZ VzVrSUcgZH liM2RwYm1j ZyBaR2wyYV dSbGJtIFJ6 TENCdFlXdH AgYm1jZ2FY UWdZVyA0Z1 lYUjBjbUZq IGRHbDJaU0 JqYUcgOXBZ MlVnWm05eS BJR2x1ZG1W emRHIDl5Y3 lCcGJuUmwg Y21WemRHVm tJRyBsdUlH SnZkR2dnIG FXMXdZV04w SUcgRnVaQ0 JtYVc1aCBi bU5wWVd3Z1 oyIEZwYmk0 OFluSSsgT0 M0Z1NHRnVi bSA5dUlFRn liWE4wIGNt OXVaeUJwY3 kgQnZibVVn YjJZZyBkR2 hsSUdabGR5 IEJ3ZFdKc2 FXTnMgZVNC MGNtRmtaVy BRZ1kyOXRj R0Z1IGFXVn pJSGRwZEcg Z2dZU0JtYj JOMSBjeUJ2 YmlCemRYIE 4wWVdsdVlX SnMgWlNCcG JtWnlZWCBO MGNuVmpkSF Z5IFpTd2di V0ZyYVcgNW 5JR2wwSUdF ZyBkVzVwY1 hWbElHIDl3 ZEdsdmJpQm 0gYjNJZ2FX NTJaWCBOMG IzSnpJR3h2 IGIydHBibW NnZEcgOGdZ V3hwWjI0Zy BkR2hsYVhJ Z2NHIDl5ZE dadmJHbHYg Y3lCM2FYUm 9JSCBSb1pX bHlJSFpoIG JIVmxjeTQ4 WW4gSStPUz RnVkdobCBJ R052YlhCaG JuIGtnYUdG eklISmwgWT JWcGRtVmtJ RyA1MWJXVn liM1Z6IElH RmpZMjlzWV cgUmxjeUJt YjNJZyBhWF J6SUdOdmJX IDFwZEcxbG JuUWcgZEc4 Z2MzVnpkRy BGcGJtRmlh V3hwIGRIa3 NJR2x1WTIg eDFaR2x1Wn lCaSBaV2x1 WnlCdVlXID FsWkNCMGJ5 QjAgYUdVZ1 FteHZiMiAx aVpYSm5JRW RsIGJtUmxj aTFGY1ggVm hiR2wwZVNC SiBibVJsZU NCaGJtIFFn ZEdobElFUn YgZHlCS2Iy NWxjeSBCVG RYTjBZV2x1 IFlXSnBiR2 wwZVMgQlhi M0pzWkNCSi BibVJsZUM0 OFluIEkrTV RBdUlFaGgg Ym01dmJpQk JjbSAxemRI SnZibWNnIF lXeHpieUJv WVggTWdZU0 J6ZEhKdiBi bWNnZEhKaF kyIHNnY21W amIzSmsgSU c5bUlHTnZi VyAxMWJtbD BlU0JwIGJu WnZiSFpsYl cgVnVkQ3dn YzNWdyBjRz l5ZEdsdVp5 IEIyWVhKcG IzVnogSUdO b1lYSnBkRy BGaWJHVWdZ MkYxIGMyVn pJR0Z1WkMg QnZjbWRoYm 1sNiBZWFJw YjI1eklHIF p2WTNWelpX UWcgYjI0Z2 MzVnpkRyBG cGJtRmliR1 VnIFpHVjJa V3h2Y0cgMW xiblFnWVc1 ayBJR1Z1ZG 1seWIyIDV0 Wlc1MFlXd2 cgWTI5dWMy VnlkbSBGMG FXOXVMZz09 CiAgICAgIC AgPC9zcGFu PgogICAgIC AgIAogICAg ICAgIA==