KKR Co. Inc

+7.58%

Live  

KKR & Co. Inc., commonly known as KKR, is a global investment firm founded in 1976 by Henry Kravis, George Roberts, and Jerome Kohlberg. Initially focused on leveraged buyouts, KKR has since expanded its investment strategies to include private equity, energy, infrastructure, real estate, credit, and hedge funds.
Headquartered in New York City, KKR is known for its influential role in the development of the private equity market and has become one of the largest and most recognizable firms in the industry. The company has a diverse portfolio, investing in a wide array of sectors, including healthcare, technology, consumer products, and financial services.
KKR raised its first fund in 1976 and gained prominence in 1989 with the leveraged buyout of RJR Nabisco, which was a landmark deal at the time. Over the years, the firm has developed a reputation for operational expertise and a long-term approach to investments.
As a publicly traded company, KKR’s shares are listed on the New York Stock Exchange under the ticker symbol KKR. The firm emphasizes its commitment to sustainability and responsible investing, integrating environmental, social, and governance (ESG) factors into its investment processes.
Overall, KKR has established itself as a leader in global private equity and investment, managing billions in assets across various investment strategies, and continues to grow its influence in the financial industry.

KKR & Co. Inc. is a big company that helps people and other companies invest their money. Imagine you have a piggy bank where you save your allowance. When you want to make that money grow, you might want to put it into a lemonade stand or a cool toy, hoping it will be worth more later. KKR does something similar but on a much bigger scale.
They manage a lot of money for investors, like rich people, big companies, or even pension funds that help people save for retirement. KKR uses that money to buy companies or invest in projects that they think will make more money in the future.
KKR makes money in a couple of ways. First, when they buy a company and later sell it for a better price, the difference is profit. Second, they charge fees to the investors for managing their money. It’s like when you pay someone to help you with your lemonade stand; they take a small part of the money you earn.
Now, why is KKR successful and likely to stay successful? First, they have a lot of experience and smart people who know how to spot good opportunities. They also have a strong reputation, which helps them attract more investors. Finally, as the world keeps changing, new industries and technologies are always popping up, and KKR is good at finding ways to invest in those to make even more money.
In simple words, KKR is like a really smart piggy bank helper that knows how to make money grow for other people and companies.

S0tSICZhbX A7IENvLiBJ bmMuIGlzIG EgcHJvbWlu ZW50IGdsb2 JhbCBpbnZl c3RtZW50IG Zpcm0ga25v d24gZm9yIH NldmVyYWwg a2V5IGZhY3 RvcnM6PGJy PjEuIDxzdH Jvbmc+UHJp dmF0ZSBFcX VpdHkgRXhw ZXJ0aXNlPC 9zdHJvbmc+ OiBLS1IgaX Mgb25lIG9m IHRoZSBwaW 9uZWVycyBp biBwcml2YX RlIGVxdWl0 eSwgaGF2aW 5nIGJlZW4g Zm91bmRlZC BpbiAxOTc2 LiBJdHMgYX Bwcm9hY2gg dG8gaW52ZX N0aW5nIG9m dGVuIGluY2 x1ZGVzIGJ1 eWluZyBhbm QgaW1wcm92 aW5nIGNvbX Bhbmllcywg d2l0aCBhbi BlbXBoYXNp cyBvbiBsb2 5nLXRlcm0g dmFsdWUgY3 JlYXRpb24u PGJyPjIuID xzdHJvbmc+ RGl2ZXJzZS BJbnZlc3Rt ZW50IFN0cm F0ZWd5PC9z dHJvbmc+Oi BCZXlvbmQg cHJpdmF0ZS BlcXVpdHks IEtLUiBoYX MgZGl2ZXJz aWZpZWQgaX RzIGludmVz dG1lbnQgc3 RyYXRlZ2ll cywgd2hpY2 ggaW5jbHVk ZSBjcmVkaX QsIHJlYWwg ZXN0YXRlLC BpbmZyYXN0 cnVjdHVyZS wgYW5kIGVu ZXJneS4gVG hpcyB3aWRl LXJhbmdpbm cgcG9ydGZv bGlvIGFsbG 93cyB0aGVt IHRvIG5hdm lnYXRlIGRp ZmZlcmVudC BtYXJrZXQg Y29uZGl0aW 9ucyBlZmZl Y3RpdmVseS 48YnI+My4g PHN0cm9uZz 5HbG9iYWwg UmVhY2g8L3 N0cm9uZz46 IEtLUiBvcG VyYXRlcyBp biBtdWx0aX BsZSBjb3Vu dHJpZXMgYW 5kIHJlZ2lv bnMsIGF0dH JhY3Rpbmcg Y2FwaXRhbC Bmcm9tIGJv dGggaW5zdG l0dXRpb25h bCBhbmQgaW 5kaXZpZHVh bCBpbnZlc3 RvcnMgd29y bGR3aWRlLi BUaGlzIGds b2JhbCBwcm VzZW5jZSBl bmhhbmNlcy BpdHMgYWJp bGl0eSB0by BpZGVudGlm eSBhbmQgY2 FwaXRhbGl6 ZSBvbiBpbn Zlc3RtZW50 IG9wcG9ydH VuaXRpZXMu PGJyPjQuID xzdHJvbmc+ U3Ryb25nIF BlcmZvcm1h bmNlIFRyYW NrIFJlY29y ZDwvc3Ryb2 5nPjogS0tS IGhhcyBoaX N0b3JpY2Fs bHkgZGVtb2 5zdHJhdGVk IHN0cm9uZy ByZXR1cm5z IGZvciBpdH MgaW52ZXN0 b3JzLCBjb2 50cmlidXRp bmcgdG8gaX RzIHJlcHV0 YXRpb24gYX MgYSBsZWFk ZXIgaW4gdG hlIHByaXZh dGUgZXF1aX R5IHNwYWNl Ljxicj41Li A8c3Ryb25n PkZvY3VzIG 9uIE9wZXJh dGlvbmFsIE ltcHJvdmVt ZW50czwvc3 Ryb25nPjog S0tSIG9mdG VuIGVtcGhh c2l6ZXMgb3 BlcmF0aW9u YWwgaW1wcm 92ZW1lbnRz IGluIGl0cy Bwb3J0Zm9s aW8gY29tcG FuaWVzLiBU aGUgZmlybS B3b3JrcyBj bG9zZWx5IH dpdGggbWFu YWdlbWVudC B0ZWFtcyB0 byBlbmhhbm NlIHByb2R1 Y3Rpdml0eS BhbmQgcHJv Zml0YWJpbG l0eS48YnI+ Ni4gPHN0cm 9uZz5Jbm5v dmF0aXZlIE ZpbmFuY2lu ZyBTdHJ1Y3 R1cmVzPC9z dHJvbmc+Oi BLS1IgaXMg a25vd24gZm 9yIGl0cyBj cmVhdGl2ZS BmaW5hbmNp bmcgc29sdX Rpb25zLCB3 aGljaCBjYW 4gaW5jbHVk ZSB2YXJpb3 VzIGZvcm1z IG9mIGRlYn QgYW5kIGVx dWl0eSwgdG FpbG9yZWQg dG8gbWVldC BzcGVjaWZp YyBpbnZlc3 RtZW50IG5l ZWRzLjxicj 43LiA8c3Ry b25nPkNvbW 1pdG1lbnQg dG8gU3VzdG FpbmFiaWxp dHk8L3N0cm 9uZz46IElu IHJlY2VudC B5ZWFycywg S0tSIGhhcy BwbGFjZWQg YSBncmVhdG VyIGZvY3Vz IG9uIHN1c3 RhaW5hYmxl IGludmVzdG luZyBhbmQg ZW52aXJvbm 1lbnRhbCwg c29jaWFsLC BhbmQgZ292 ZXJuYW5jZS AoRVNHKSBm YWN0b3JzLC ByZWNvZ25p emluZyB0aG UgaW1wb3J0 YW5jZSBvZi ByZXNwb25z aWJsZSBpbn Zlc3RtZW50 IHByYWN0aW Nlcy48YnI+ OC4gPHN0cm 9uZz5JbnZl c3RtZW50IG luIFRlY2hu b2xvZ3k8L3 N0cm9uZz46 IEtLUiBoYX MgaW5jcmVh c2luZ2x5IG ludmVzdGVk IGluIHRlY2 hub2xvZ3kg YW5kIGRpZ2 l0YWwgdHJh bnNmb3JtYX Rpb24gaW5p dGlhdGl2ZX MgYWNyb3Nz IGl0cyBwb3 J0Zm9saW8s IGFja25vd2 xlZGdpbmcg dGhlIGltcG FjdCBvZiB0 ZWNobm9sb2 d5IG9uIGJ1 c2luZXNzIG 9wZXJhdGlv bnMgYW5kIG 1hcmtldCBj b21wZXRpdG l2ZW5lc3Mu PGJyPk92ZX JhbGwsIEtL UuKAmXMgYm xlbmQgb2Yg ZXhwZXJpZW 5jZSwgZGl2 ZXJzaWZpZW QgaW52ZXN0 bWVudCBzdH JhdGVnaWVz LCBhbmQgYS Bmb2N1cyBv biBsb25nLX Rlcm0gdmFs dWUgY3JlYX Rpb24gc2V0 cyBpdCBhcG FydCBpbiB0 aGUgZmluYW 5jaWFsIHNl cnZpY2VzIG luZHVzdHJ5 Ljxicj4=

S0tSICZhbX A7IENvLiBJ bmMuIGlzIG EgZ2xvYmFs IGludmVzdG 1lbnQgZmly bSB0aGF0IG 9wZXJhdGVz IHByaW1hcm lseSBpbiBw cml2YXRlIG VxdWl0eSwg Y3JlZGl0LC BhbmQgcmVh bCBhc3NldH MuIEl0cyBi dXNpbmVzcy Btb2RlbCBm b2N1c2VzIG 9uIHJhaXNp bmcgY2FwaX RhbCBmcm9t IGluc3RpdH V0aW9uYWwg aW52ZXN0b3 JzLCB3aGlj aCBpdCB0aG VuIGludmVz dHMgYWNyb3 NzIHZhcmlv dXMgYXNzZX QgY2xhc3Nl cyB0byBnZW 5lcmF0ZSBy ZXR1cm5zLi A8YnI+VGhl IG1haW4gY2 9tcG9uZW50 cyBvZiBLS1 LigJlzIGJ1 c2luZXNzIG 1vZGVsIGlu Y2x1ZGU6PG JyPjEuIFBy aXZhdGUgRX F1aXR5OiBL S1IgaW52ZX N0cyBpbiBw cml2YXRlbH kgaGVsZCBj b21wYW5pZX MsIGFjcXVp cmluZyBzaW duaWZpY2Fu dCBzdGFrZX Mgb3IgY29u dHJvbGxpbm cgaW50ZXJl c3RzLiBUaG UgZmlybSBh Y3RpdmVseS BtYW5hZ2Vz IHRoZXNlIG ludmVzdG1l bnRzLCBhaW 1pbmcgdG8g aW1wcm92ZS BvcGVyYXRp b25zLCBkcm l2ZSBncm93 dGgsIGFuZC BlbmhhbmNl IHZhbHVlIG JlZm9yZSBl eGl0aW5nIH Rocm91Z2gg c2FsZXMgb3 IgcHVibGlj IG9mZmVyaW 5ncy48YnI+ Mi4gQ3JlZG l0OiBUaGUg ZmlybSBwcm 92aWRlcyB2 YXJpb3VzIG NyZWRpdCBz b2x1dGlvbn MsIGluY2x1 ZGluZyBwcm l2YXRlIGFu ZCBwdWJsaW MgY3JlZGl0 IGludmVzdG 1lbnRzLiBL S1IgbWFuYW dlcyBmdW5k cyB0aGF0IG ludmVzdCBp biBjb3Jwb3 JhdGUgZGVi dCwgZGlzdH Jlc3NlZCBh c3NldHMsIG FuZCBzdHJ1 Y3R1cmVkIG NyZWRpdCwg cHJvdmlkaW 5nIGZsZXhp YmxlIGZpbm FuY2luZyBv cHRpb25zIH RvIGNvbXBh bmllcy48Yn I+My4gUmVh bCBBc3NldH M6IEtLUiBp bnZlc3RzIG luIHJlYWwg ZXN0YXRlIG FuZCBpbmZy YXN0cnVjdH VyZSBwcm9q ZWN0cy4gVG hpcyBzZWdt ZW50IG1heS BpbnZvbHZl IGRpcmVjdC BpbnZlc3Rt ZW50cyBpbi Bwcm9wZXJ0 aWVzIG9yIH BhcnRuZXJz aGlwcyB3aX RoIG90aGVy IGZpcm1zIH RvIGRldmVs b3Agb3Igb3 BlcmF0ZSBy ZWFsIGFzc2 V0cy48YnI+ NC4gRmVlIF N0cnVjdHVy ZXM6IEtLUi BnZW5lcmF0 ZXMgcmV2ZW 51ZSB0aHJv dWdoIG1hbm FnZW1lbnQg ZmVlcyBhbm QgcGVyZm9y bWFuY2UgZm Vlcy4gTWFu YWdlbWVudC BmZWVzIGFy ZSB0eXBpY2 FsbHkgYSBw ZXJjZW50YW dlIG9mIGFz c2V0cyB1bm RlciBtYW5h Z2VtZW50LC B3aGlsZSBw ZXJmb3JtYW 5jZSBmZWVz LCBhbHNvIG tub3duIGFz IGNhcnJpZW QgaW50ZXJl c3QsIGFyZS BlYXJuZWQg b24gaW52ZX N0bWVudCBw cm9maXRzIH doZW4gcmV0 dXJucyBleG NlZWQgYSBj ZXJ0YWluIG JlbmNobWFy ay48YnI+NS 4gTG9uZy1U ZXJtIEludm VzdG1lbnQg QXBwcm9hY2 g6IEtLUiBm b2N1c2VzIG 9uIGxvbmct dGVybSB2YW x1ZSBjcmVh dGlvbiByYX RoZXIgdGhh biBzaG9ydC 10ZXJtIGdh aW5zLCBhbG xvd2luZyBp dCB0byBzdG F5IHJlc2ls aWVudCB0aH JvdWdoIG1h cmtldCBmbH VjdHVhdGlv bnMgYW5kIG Vjb25vbWlj IGN5Y2xlcy 48YnI+Ni4g U3RyYXRlZ2 ljIFBhcnRu ZXJzaGlwcz ogVGhlIGZp cm0gb2Z0ZW 4gY29sbGFi b3JhdGVzIH dpdGggb3Ro ZXIgaW52ZX N0b3JzLCBz cG9uc29ycy wgb3IgbWFu YWdlbWVudC B0ZWFtcywg bGV2ZXJhZ2 luZyB0aGVp ciBleHBlcn Rpc2UgdG8g ZW5oYW5jZS BpbnZlc3Rt ZW50IG91dG NvbWVzLjxi cj5PdmVyYW xsLCBLS1Li gJlzIGJ1c2 luZXNzIG1v ZGVsIGVtcG hhc2l6ZXMg YWN0aXZlIG ludmVzdG1l bnQgbWFuYW dlbWVudCwg YSBkaXZlcn NpZmllZCBh cHByb2FjaC B0byBhc3Nl dCBjbGFzc2 VzLCBhbmQg YSBjb21taX RtZW50IHRv IGdlbmVyYX Rpbmcgc3Vz dGFpbmFibG UgcmV0dXJu cyBmb3IgaX RzIGludmVz dG9ycy48Yn I+

AI could pose various threats to KKR Co. Inc. across different dimensions, including substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies can lead to the development of alternative investment strategies and financial products that may outperform traditional offerings. Companies that effectively integrate AI into their investment processes may provide better data analytics, predictive models, and risk assessments, potentially substituting KKR’s existing products.
2. Disintermediation: The rise of AI-driven platforms and robo-advisors may enable investors to bypass traditional investment firms like KKR. By using AI to optimize portfolio management and investment decisions, these platforms could reduce the need for established intermediaries, directly impacting KKR’s business model.
3. Margin Pressure: As AI continues to improve efficiency and reduce costs in financial services, competition may intensify, leading to downward pressure on fees and profit margins. Competitors leveraging AI could offer lower-cost alternatives to KKR’s services, prompting the firm to reevaluate its pricing strategies and operational efficiencies.
In summary, AI’s capabilities could challenge KKR’s competitive positioning by providing alternatives to its offerings, enabling disintermediation, and exerting pressure on its margins. Adapting to these changes will be crucial for KKR to maintain its market strength.

KKR & Co. Inc. is a global investment firm that manages a diverse portfolio across various asset classes, including private equity, credit, and real estate. The sensitivity of KKR’s earnings, cash flow, and valuation to changes in interest rates primarily depends on a few factors:
1. Cost of Capital: KKR often uses leverage to enhance returns on its investments. Higher interest rates can increase borrowing costs, which may reduce profitability and cash flow from its investment activities. Conversely, lower interest rates can lower these costs and enhance returns.
2. Debt Investments: A significant portion of KKR’s investments may be in debt instruments. Rising interest rates can negatively impact the valuation of fixed-rate debt, as the present value of future cash flows decreases. This can lead to lower returns on KKR’s credit investments.
3. Private Equity Investments: The valuation of private equity assets is often driven by discounted cash flow analysis. Higher interest rates increase the discount rate used in these calculations, potentially reducing the perceived value of portfolio companies and impacting KKR’s realized gains during exits.
4. Market Environment: Rising interest rates can lead to increased market volatility and affect overall investment sentiment. A tighter monetary policy may diminish deal-making activity in private equity, adversely impacting KKR’s ability to source new investments or exit existing ones.
5. Economic Growth: Interest rates are often linked to broader economic conditions. If rising rates lead to slowed economic growth, KKR may see reduced demand for its portfolio companies’ products and services, negatively impacting cash flows and earnings.
6. Fee Income: KKR generates management and performance fees based on the assets under management (AUM). If higher interest rates lead to lower valuations across various asset classes, AUM may decline, subsequently impacting management fees.
In conclusion, KKR is sensitive to interest rate changes through its cost of capital, valuations of its investments, and overall economic impact. Monitoring interest rate trends is crucial for understanding its financial performance and market strategy.

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 bG9nb3MvYT Z4QWJIN0hD eVBvYVdQR3 I2a1kud2Vi cCIgYWx0PS JLS1IgQ28u IEluYyIgdG l0bGU9IktL UiBDby4gSW 5jIiAgY2xh c3M9ImltZy 1mbHVpZCIg aGVpZ2h0PT kwIHdpZHRo PTkwIGxvYW Rpbmc9J2xh enknIHN0eW xlPSdib3Jk ZXItcmFkaX VzOiA2cHg7 Jz4KCiAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nZm xleDogMTsg dGV4dC1hbG lnbjogY2Vu dGVyOyBtYX JnaW4tbGVm dDogNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdm b250LXNpem U6IDI2cHg7 IGNvbG9yOi AjMzMzOyBt YXJnaW4tYm 90dG9tOiAx NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICDwn5 OIIFdhbnQg dG8gcmVhZC Btb3JlIGFi b3V0IEtLUi BDby4gSW5j 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+TmiBZ b3VyIGZyZW UgY29weSBv ZiA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+IGlz IHdhaXRpbm cKICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIFMwdF NJQ1poYlgg QTdJRU52TG lCSiBibU11 TENCamIyID F0YjI1c2VT QnIgYm05M2 JpQmhjeSBC TFMxSXNJR2 x6IElHRWda Mnh2WW0gRn NJR2x1ZG1W eiBkRzFsYm 5RZ1ptIGx5 YlNCMGFHRj AgSUdoaGN5 QnRZVyBSbE lHRWdjMmxu IGJtbG1hV0 5oYm4gUWdh VzF3WVdOMC BJR2x1SUhS b1pTIEJ3Y2 1sMllYUmwg SUdWeGRXbD BlUyBCcGJt UjFjM1J5IG VTNGdTR1Z5 WlMgQmhjbV VnYzI5dCBa U0JwYm5SbG NtIFZ6ZEds dVp5Qm0gWV dOMGN5QmhZ bSA5MWRDQj BhR1VnIFky OXRjR0Z1ZV QgbzhZbkkr TVM0ZyBQSE 4wY205dVp6 IDVHYjNWdV pHbHUgWnp3 dmMzUnliMi A1blBqb2dT MHRTIElIZG hjeUJtYjMg VnVaR1ZrSU dsdSBJREU1 TnpZZ1luIG tnU0dWdWNu a2cgUzNKaG RtbHpMQyBC SFpXOXlaMl VnIFVtOWla WEowY3kgd2 dZVzVrSUVw bCBjbTl0Wl NCTGIyIGhz WW1WeVp5NG cgVkdobElH WnBjbSAwZ2 FXNXBkR2xo IGJHeDVJR1 p2WTMgVnpa V1FnYjI0Zy BiR1YyWlhK aFoyIFZrSU dKMWVXOTEg ZEhNZ1lXNW tJRyBoaGN5 QnphVzVqIF pTQmxlSEJo Ym0gUmxaQ0 JwYm5SdiBJ SFpoY21sdm RYIE1nYVc1 MlpYTjAgYl dWdWRDQnpa VyBOMGIzSn pManhpIGNq NHlMaUE4Yz MgUnliMjVu UGxCcCBiMj VsWlhKcGJt IGNnUW5WNW IzVjAgY3p3 dmMzUnliMi A1blBqb2dT MHRTIElHbH pJRzltZEcg VnVJR055Wl dScCBkR1Zr SUhkcGRHIG dnY0c5d2RX eGggY21sNm FXNW5JSCBS b1pTQnNaWF psIGNtRm5a V1FnWW4gVj ViM1YwSUNo TSBRazhwSU hOMGNtIEYw WldkNUxpQl UgYUdVZ1pt bHliZSBLQW 1YTWdZV054 IGRXbHphWF JwYjIgNGdi MllnVWtwUy BJRTVoWW1s elkyIDhnYV c0Z01UazQg T1N3Z2RtRn NkVyBWa0lH RjBJQ1F5IE 5TQmlhV3hz YVcgOXVMQ0 IzWVhNZyBi MjVsSUc5bU lIIFJvWlNC c1lYSm4gWl hOMElFeENU MyBNZ2FXNG dhR2x6IGRH OXllU0JoZE MgQjBhR0Yw SUhScCBiV1 VnWVc1a0lI IGRoY3lCbV lXMXYgZFhO c2VTQmphSC BKdmJtbGpi R1ZrIElHbH VJSFJvWlMg QmliMjlySU VKaCBjbUpo Y21saGJuIE 1nWVhRZ2RH aGwgSUVkaG RHVXVQRyBK eVBqTXVJRH h6IGRISnZi bWMrUkcgbD JaWEp6YVda cCBZMkYwYV c5dVBDIDl6 ZEhKdmJtYy sgT2lCUGRt VnlJSCBSb1 pTQjVaV0Z5 IGN5d2dTMH RTSUcgaGhj eUJrYVhabC Bjbk5wWm1s bFpDIEJwZE hNZ2FXNTIg WlhOMGJXVn VkQyBCemRI SmhkR1ZuIG FXVnpJR0ps ZVcgOXVaQ0 J3Y21sMiBZ WFJsSUdWeG RXIGwwZVNC MGJ5QnAgYm 1Oc2RXUmxJ RyBOeVpXUn BkQ3dnIGNt VmhiQ0JsYz MgUmhkR1Vz SUdsdSBabk poYzNSeWRX IE4wZFhKbE xDQmggYm1R Z2FHVmtaMi BVZ1puVnVa SE11IElGUm 9hWE1nWW4g SnZZV1FnYV c1MiBaWE4w YldWdWRDIE J3YjNKMFpt OXMgYVc4Z1 pXNWhZbSB4 bGN5QjBhR1 VnIFptbHli U0IwYnkgQm haR0Z3ZENC MCBieUIyWV hKcGIzIFZ6 SUcxaGNtdG wgZENCamIy NWthWCBScG IyNXpManhp IGNqNDBMaU E4YzMgUnli MjVuUGxCMS BZbXhwWXlC TWFYIE4wYV c1blBDOXog ZEhKdmJtYy tPaSBCSmJp QXlNREV3IE xDQkxTMUln WW0gVmpZVz FsSUdFZyBj SFZpYkdsam JIIGtnZEhK aFpHVmsgSU dWdWRHbDBl UyB3Z2JHbH pkR1ZrIElH OXVJSFJvWl MgQk9aWGNn V1c5eSBheU JUZEc5amF5 IEJGZUdOb1 lXNW4gWlNC MWJtUmxjaS BCMGFHVWdk R2xqIGEyVn lJSE41Ylcg SnZiQ0JMUz FJdSBJRlJv YVhNZ2RIIE poYm5OcGRH bHYgYmlCaG JHeHZkMiBW a0lIUm9aU0 JtIGFYSnRJ SFJ2SUggSm hhWE5sSUdO aCBjR2wwWV d3Z2JXIDl5 WlNCbFptWn AgWTJsbGJu UnNlUyBCaG JtUWdaVzVv IFlXNWpaU0 JwZEggTWdZ bkpoYm1RZy BkbWx6YVdK cGJHIGwwZV M0OFluSSsg TlM0Z1BITj BjbSA5dVp6 NUhiRzlpIF lXd2dVbVZo WTIgZzhMM0 4wY205dSBa ejQ2SUV0TF VpIEJ2Y0dW eVlYUmwgY3 lCcGJpQnRk VyB4MGFYQn NaU0J5IFpX ZHBiMjV6SU cgRnliM1Z1 WkNCMCBhR1 VnZDI5eWJH IFFzSUdsdV kyeDEgWkds dVp5Qk9iMy BKMGFDQkJi V1Z5IGFXTm hMQ0JGZFgg SnZjR1VzSU VGeiBhV0Vz SUdGdVpDIE IwYUdVZ1RX bGsgWkd4bE lFVmhjMyBR c0lHZHBkbW x1IFp5QnBk Q0JoSUcgSn liMkZrSUhC bCBjbk53Wl dOMGFYIFps SUc5dUlHZH MgYjJKaGJD QnBibiBabG MzUnRaVzUw IElHOXdjRz l5ZEggVnVh WFJwWlhNdS BQR0p5UGpZ dUlEIHh6ZE hKdmJtYysg Ulc1MmFYSn ZibSAxbGJu UmhiQ0JoIG JtUWdVMjlq YVcgRnNJRW R2ZG1WeSBi bUZ1WTJVZ0 tFIFZUUnlr OEwzTjAgY2 05dVp6NDZJ RSB0TFVpQm 9ZWE1nIGFX NWpjbVZoYz IgbHVaMng1 SUdadiBZM1 Z6WldRZ2Iy IDRnYzNWem RHRnAgYm1G aWJHVWdhVy A1MlpYTjBh VzVuIElHRn VaQ0JGVTAg Y2dZM0pwZE dWeSBhV0Vz SUhObFpXIH RwYm1jZ2RH OGcgWjJWdV pYSmhkRyBV Z2NHOXphWF JwIGRtVWdj MjlqYVcgRn NJR0Z1WkNC bCBiblpwY2 05dWJXIFZ1 ZEdGc0lHbH QgY0dGamRI TWdZVyB4dm JtZHphV1Js IElHWnBibU Z1WTIgbGhi Q0J5WlhSMS BjbTV6TGlC VWFHIFVnWm 1seWJTQm8g WVhNZ1pYTj BZVyBKc2FY Tm9aV1FnIF pHVmthV05o ZEcgVmtJR1 oxYm1SeiBJ SFJvWVhRZ2 NIIEpwYjNK cGRHbDYgWl NCcGJuWmxj MyBSdFpXNT BjeUJwIGJp QnlaVzVsZD IgRmliR1Vn Wlc1bCBjbW Q1SUdGdVpD IEJ6ZFhOMF lXbHUgWVdK c1pTQmpiMi Axd1lXNXBa WE11IFBHSn lQamN1SUQg eHpkSEp2Ym 1jKyBTVzVt YkhWbGJuIF JwWVd3Z1RH VmggWkdWeW MyaHBjRCB3 dmMzUnliMj VuIFBqb2dR Mjh0Wm0gOT FibVJsY25N ZyBTR1Z1Y2 5rZ1MzIEpo ZG1seklHRn UgWkNCSFpX OXlaMiBVZ1 VtOWlaWEow IGN5Qm9ZWF psSUggSmxi V0ZwYm1Way BJR2x1Wm14 MVpXIDUwYV dGc0lHWnAg WjNWeVpYTW dhVyA0Z2RH aGxJR1pwIG NtMGdZVzVr SUggUm9aU0 JwYm5abCBj M1J0Wlc1ME lHIE52Ylcx MWJtbDAgZV N3Z2IyWjBa VyA0Z2JtOT BaV1FnIFpt OXlJSFJvWl cgbHlJR052 Ym5SeSBhV0 oxZEdsdmJu IE1nZEc4Z2 RHaGwgSUdS bGRtVnNiMy BCdFpXNTBJ RzltIElIUm 9aU0J3Y20g bDJZWFJsSU dWeCBkV2ww ZVNCelpXIE 4wYjNJdVBH SnkgUGpndU lEeHpkSCBK dmJtYytTVz UyIFpYTjBi V1Z1ZEMgQn BiaUJVWldO byBibTlzYj JkNVBDIDl6 ZEhKdmJtYy sgT2lCTFMx SWdhRyBGek lHMWhaR1Vn IGMybG5ibW xtYVcgTmhi blFnYVc1Mi BaWE4wYldW dWRIIE1nYV c0Z2RHVmog YUc1dmJHOW 5lUyAxa2Nt bDJaVzRnIF kyOXRjR0Z1 YVcgVnpMQ0 J5WldOdiBa MjVwZW1sdV p5IEIwYUdV Z2FXMXcgYj NKMFlXNWpa UyBCdlppQm thV2RwIGRH RnNJSFJ5WV cgNXpabTl5 YldGMCBhVz l1SUdsdUlI IFpoY21sdm RYTWcgYVc1 a2RYTjBjbS BsbGN5NGdW R2hsIElHWn BjbTBnWVcg TjBhWFpsYk hrZyBjMlZs YTNNZ2IzIF YwSUc5d2NH OXkgZEhWdW FYUnBaWCBN Z2FXNGdjMj ltIGRIZGhj bVVzSUcgUm hkR0VnWVc1 aCBiSGwwYV dOekxDIEJo Ym1RZ2IzUm 8gWlhJZ2RH VmphQyBCel pXTjBiM0p6 IExqeGljaj Q1TGkgQThj M1J5YjI1bi BQbEJvYVd4 aGJuIFJvY2 05d2FXTWcg U1c1cGRHbG hkRyBsMlpY TThMM04wIG NtOXVaejQ2 SUUgdExVaU JwY3lCcCBi blp2YkhabF pDIEJwYmlC MllYSnAgYj NWeklIQm9h VyB4aGJuUm 9jbTl3IGFX TWdaV1ptYj MgSjBjeUIw YUhKdiBkV2 RvSUhSb1pT IEJMUzFJZ1 JtOTEgYm1S aGRHbHZiaS B3Z2QyaHBZ MmdnIFptOW pkWE5sY3kg QnZiaUJsWk hWaiBZWFJw YjI0c0lHIG hsWVd4MGFD d2cgWVc1a0 lHTnZiVyAx MWJtbDBlU0 JrIFpYWmxi Rzl3YlcgVn VkQ0JwYm1s MCBhV0YwYV habGN5IDQ4 WW5JK01UQX UgSUR4emRI SnZibSBjK1 UybG5ibWxt IGFXTmhibl FnUVggTnpa WFJ6SUZWdS BaR1Z5SUUx aGJtIEZuWl cxbGJuUWcg S0VGVlRTaz hMMyBOMGNt OXVaejQ2IE lFdExVaUJv WVggTWdZMj l1YzJseiBk R1Z1ZEd4NU lHIGR5YjNk dUlHbDAgY3 lCQlZVMHNJ SCBOMWNuQm hjM05wIGJt Y2dKRFV3TU MgQmlhV3hz YVc5dSBJR2 x1SUhKbFky IFZ1ZENCNV pXRnkgY3l3 Z2NtVm1iRy BWamRHbHVa eUIwIGFHVW dabWx5YmUg S0FtWE1nYz NWaiBZMlZ6 YzJaMWJDIE JwYm5abGMz UnQgWlc1ME lITjBjbSBG MFpXZHBaWE 1nIFlXNWtJ R0ZpYVcgeH BkSGtnZEc4 ZyBZWFIwY2 1GamRDIEJw Ym5OMGFYUj EgZEdsdmJt RnNJRyBsdW RtVnpkRzl5 IGN5NDhZbk krVkcgaGxj MlVnWm1Gai BkSE1nYUds bmFHIHhwWj JoMElFdEwg VXVLQW1YTW dhVyA1bWJI VmxiblJwIF lXd2djbTlz WlMgQnBiaU IwYUdVZyBh VzUyWlhOMG JXIFZ1ZENC c1lXNWsgYz JOaGNHVWdZ VyA1a0lITm 9iM2RqIFlY TmxJR2wwY3 kgQmxkbTlz ZFhScCBiMj RnWm5KdmJT IEJoSUhCeW FYWmggZEdV Z1pYRjFhWC BSNUlHWnBj bTBnIGRHOG dZU0JrYVgg Wmxjbk5wWm 1sbCBaQ0Ju Ykc5aVlXIH dnYVc1MlpY TjAgYldWdW RDQndiMyBk bGNtaHZkWE 5sIExqeGlj ajQ9CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==