SLR Investment

-11.5%

More reviews (2)

Live  

SLR Investment is a private investment firm that focuses on investing in distressed and undervalued companies, primarily in the United States. The company was founded in 2017 and is based in New York City.
The goal of SLR Investment is to generate attractive returns for its investors by identifying companies that are undervalued due to temporary financial distress or significant operational challenges, and then working with management to improve the company’s performance and unlock its full potential.
SLR Investment primarily invests in companies within the technology, consumer products, energy, and healthcare sectors. The company typically takes a significant equity stake in the companies it invests in and actively works with management to implement operational and strategic initiatives to improve the company’s financial performance.
SLR Investment also provides financial restructuring services to companies facing financial difficulties, including debt refinancing, debt restructuring, and asset divestitures.
Overall, SLR Investment aims to provide its investors with high returns through its investment in undervalued companies and its proactive approach to driving operational improvements.

U0xSIEludm VzdG1lbnQg Q29tcGFueS BpcyBhIGJ1 c2luZXNzIH RoYXQgaGVs cHMgcGVvcG xlIGFuZCBj b21wYW5pZX Mgd2l0aCB0 aGVpciBtb2 5leS4gSW1h Z2luZSB5b3 UgaGF2ZSBh IHBpZ2d5IG Jhbmsgd2hl cmUgeW91IH NhdmUgeW91 ciBtb25leS 4gTm93LCB0 aGluayBvZi BTTFIgYXMg YSBnaWFudC BwaWdneSBi YW5rIHRoYX Qga2VlcHMg bG90cyBvZi BwZW9wbGXi gJlzIG1vbm V5IHRvIGhl bHAgaXQgZ3 Jvdy4gPGJy PkhlcmXigJ lzIGhvdyBp dCB3b3Jrcz ogU0xSIHVz ZXMgdGhlIG 1vbmV5IGl0 IGNvbGxlY3 RzIHRvIGxl bmQgdG8gb3 RoZXIgYnVz aW5lc3Nlcy BvciBpbnZl c3QgaW4gcH JvamVjdHMg dGhhdCBjYW 4gZWFybiBt b3JlIG1vbm V5LiBXaGVu IHRob3NlIG J1c2luZXNz ZXMgc3VjY2 VlZCBhbmQg cGF5IGJhY2 sgdGhlaXIg bG9hbnMsIF NMUiBnZXRz IGJhY2sgbW 9yZSBtb25l eSB0aGFuIG l0IGxlbnQu IFRoaXMgaX Mgc2ltaWxh ciB0byBpZi B5b3UgbGVu ZCB5b3VyIG ZyaWVuZCAk NSBhbmQgdG hleSBwYXkg eW91IGJhY2 sgJDYgbGF0 ZXIgYmVjYX VzZSB0aGV5 IGhhZCBhIG xlbW9uYWRl IHN0YW5kIH RoYXQgbWFk ZSBleHRyYS Btb25leS48 YnI+U0xSIG 1ha2VzIG1v bmV5IGJ5IG NoYXJnaW5n IGludGVyZX N0IG9uIHRo ZSBsb2Fucy BpdCBnaXZl cyBvdXQuIE ludGVyZXN0 IGlzIGxpa2 UgYSBmZWUg Zm9yIGJvcn Jvd2luZyBt b25leS4gU2 8sIGlmIGEg YnVzaW5lc3 MgdGFrZXMg YSBsb2FuLC B0aGV5IHBh eSBiYWNrIH RoZSBvcmln aW5hbCBhbW 91bnQgcGx1 cyBzb21lIG V4dHJhLjxi cj5TTFIgaX Mgc3VjY2Vz c2Z1bCBmb3 IgYSBmZXcg cmVhc29ucz o8YnI+MS4g PHN0cm9uZz 5TbWFydCBE ZWNpc2lvbn M8L3N0cm9u Zz46IFRoZX kgY2FyZWZ1 bGx5IGNob2 9zZSB3aGlj aCBidXNpbm Vzc2VzIHRv IGxlbmQgbW 9uZXkgdG8s IG1ha2luZy BzdXJlIHRo ZXkgcGljay BvbmVzIHRo YXQgYXJlIG xpa2VseSB0 byBzdWNjZW VkLjxicj4y LiA8c3Ryb2 5nPkRpdmVy c2UgSW50ZX Jlc3RzPC9z dHJvbmc+Oi BUaGV5IGlu dmVzdCBpbi BtYW55IGRp ZmZlcmVudC B0eXBlcyBv ZiBidXNpbm Vzc2VzLCB3 aGljaCBtZW FucyB0aGF0 IGlmIG9uZS Bkb2VzbuKA mXQgZG8gd2 VsbCwgb3Ro ZXJzIG1pZ2 h0IHN0aWxs IGhlbHAgdG hlbSBlYXJu IG1vbmV5Lj xicj4zLiA8 c3Ryb25nPk V4cGVyaWVu Y2VkIFRlYW 08L3N0cm9u Zz46IFRoZX kgaGF2ZSBw ZW9wbGUgd2 hvIHVuZGVy c3RhbmQgdG hlIGZpbmFu Y2lhbCB3b3 JsZCB3ZWxs LCBoZWxwaW 5nIHRoZW0g dG8gbWFrZS Bnb29kIGNo b2ljZXMgd2 l0aCB0aGUg bW9uZXkgdG hleSBtYW5h Z2UuPGJyPk ZvciB0aGUg ZnV0dXJlLC BTTFIgY291 bGQgc3RheS BzdWNjZXNz ZnVsIGJlY2 F1c2UgdGhl eSBrZWVwIG xlYXJuaW5n IGZyb20gdG hlaXIgZXhw ZXJpZW5jZX MsIGFuZCB0 aGV5IGFkYX B0IHRvIGNo YW5nZXMgaW 4gdGhlIGVj b25vbXksIG xpa2UgbmV3 IHRlY2hub2 xvZ2llcyBv ciBidXNpbm VzcyB0cmVu ZHMuIEFsc2 8sIGFzIG1v cmUgcGVvcG xlIGFuZCBi dXNpbmVzc2 VzIG5lZWQg bG9hbnMgYW 5kIGZpbmFu Y2lhbCBoZW xwLCBTTFIg Y2FuIGNvbn RpbnVlIHRv IGdyb3cgYW 5kIGhlbHAg ZXZlbiBtb3 JlLiBKdXN0 IGxpa2UgaG 93IHlvdXIg cGlnZ3kgYm FuayBjYW4g Z3JvdyBpZi B5b3Uga2Vl cCBhZGRpbm cgY29pbnMg b3IgaWYgeW 91IGZpbmQg Y2xldmVyIH dheXMgdG8g bWFrZSBpdC Bncm93IGJp Z2dlciE8Yn I+

MS4gTG9uZy 1zdGFuZGlu ZyBoaXN0b3 J5OiBUaGUg U0xSIEludm VzdG1lbnQg Q29tcGFueS B3YXMgZm91 bmRlZCBpbi AxOTQ2LCBt YWtpbmcgaX Qgb25lIG9m IHRoZSBvbG Rlc3QgaW52 ZXN0bWVudC Bjb21wYW5p ZXMgaW4gdG hlIFVuaXRl ZCBTdGF0ZX MuIEl0IGhh cyBhIHByb3 ZlbiB0cmFj ayByZWNvcm Qgb2Ygc3Vj Y2VzcyBhbm QgaGFzIHdl YXRoZXJlZC BtYW55IG1h cmtldCBjeW NsZXMuPGJy PjIuIERpdm Vyc2lmaWVk IGludmVzdG 1lbnQgcG9y dGZvbGlvOi BTTFIgSW52 ZXN0bWVudC BDb21wYW55 IGhhcyBhIG RpdmVyc2Ug cG9ydGZvbG lvIG9mIGlu dmVzdG1lbn RzIGluIHZh cmlvdXMgaW 5kdXN0cmll cyBzdWNoIG FzIGhlYWx0 aGNhcmUsIH RlY2hub2xv Z3ksIGNvbn N1bWVyIGdv b2RzLCBhbm QgZW5lcmd5 LiBUaGlzIG RpdmVyc2lm aWNhdGlvbi BoZWxwcyBt aXRpZ2F0ZS ByaXNrIGFu ZCBwcm92aW RlcyBzdGFi aWxpdHkgdG 8gdGhlIGNv bXBhbnnigJ lzIHBlcmZv cm1hbmNlLj xicj4zLiBF eHBlcmllbm NlZCBtYW5h Z2VtZW50IH RlYW06IFRo ZSBjb21wYW 55IGlzIG1h bmFnZWQgYn kgYSB0ZWFt IG9mIGV4cG VyaWVuY2Vk IGludmVzdG 1lbnQgcHJv ZmVzc2lvbm FscyB3aG8g aGF2ZSBhIG RlZXAgdW5k ZXJzdGFuZG luZyBvZiB0 aGUgbWFya2 V0IGFuZCBo YXZlIGEgc3 Ryb25nIHRy YWNrIHJlY2 9yZCBvZiBz dWNjZXNzZn VsIGludmVz dG1lbnRzLj xicj40LiBG b2N1cyBvbi Bsb25nLXRl cm0gZ3Jvd3 RoOiBTTFIg SW52ZXN0bW VudCBDb21w YW55IGhhcy BhIGxvbmct dGVybSBpbn Zlc3RtZW50 IGhvcml6b2 4sIHR5cGlj YWxseSBob2 xkaW5nIG9u dG8gaW52ZX N0bWVudHMg Zm9yIGEgbW luaW11bSBv ZiBmaXZlIH llYXJzLiBU aGlzIHBhdG llbnQgYXBw cm9hY2ggaG VscHMgdG8g bWF4aW1pem UgcmV0dXJu cyBhbmQgbW luaW1pemUg dm9sYXRpbG l0eS48YnI+ NS4gU3Ryb2 5nIGZpbmFu Y2lhbCBwZX Jmb3JtYW5j ZTogVGhlIG NvbXBhbnkg aGFzIGNvbn Npc3RlbnRs eSBkZWxpdm VyZWQgc3Ry b25nIGZpbm FuY2lhbCBw ZXJmb3JtYW 5jZSwgd2l0 aCBhIHN0cm 9uZyB0cmFj ayByZWNvcm Qgb2YgZ2Vu ZXJhdGluZy Bjb25zaXN0 ZW50IHJldH VybnMgZm9y IGl0cyBzaG FyZWhvbGRl cnMuPGJyPj YuIEFjdGl2 ZSBzaGFyZW hvbGRlciBl bmdhZ2VtZW 50OiBTTFIg SW52ZXN0bW VudCBDb21w YW55IHdvcm tzIGNsb3Nl bHkgd2l0aC BpdHMgcG9y dGZvbGlvIG NvbXBhbmll cywgdGFraW 5nIGFuIGFj dGl2ZSByb2 xlIGluIHRo ZWlyIG1hbm FnZW1lbnQg YW5kIHByb3 ZpZGluZyBz dXBwb3J0IG ZvciB0aGVp ciBsb25nLX Rlcm0gZ3Jv d3RoIGFuZC BzdWNjZXNz Ljxicj43Li BDb21taXRt ZW50IHRvIH Jlc3BvbnNp YmxlIGludm VzdGluZzog U0xSIEludm VzdG1lbnQg Q29tcGFueS BpcyBjb21t aXR0ZWQgdG 8gcmVzcG9u c2libGUgaW 52ZXN0aW5n IHByaW5jaX BsZXMsIGlu Y2x1ZGluZy BlbnZpcm9u bWVudGFsLC Bzb2NpYWws IGFuZCBjb3 Jwb3JhdGUg Z292ZXJuYW 5jZSBjb25z aWRlcmF0aW 9ucywgd2hp Y2ggZ3VpZG UgdGhlaXIg aW52ZXN0bW VudCBkZWNp c2lvbnMuPG JyPjguIFN0 cm9uZyBkaX ZpZGVuZCBo aXN0b3J5Oi BUaGUgY29t cGFueSBoYX MgYSBzdHJv bmcgaGlzdG 9yeSBvZiBw YXlpbmcgZG l2aWRlbmRz IHRvIGl0cy BzaGFyZWhv bGRlcnMsIH Byb3ZpZGlu ZyBhIHN0ZW FkeSBzdHJl YW0gb2YgaW 5jb21lIGZv ciBpbnZlc3 RvcnMuPGJy PjkuIEFjY2 VzcyB0byBh bHRlcm5hdG l2ZSBhbmQg cHJpdmF0ZS BtYXJrZXQg aW52ZXN0bW VudHM6IFNM UiBJbnZlc3 RtZW50IENv bXBhbnkgaG FzIGEgcHJv dmVuIGFiaW xpdHkgdG8g aWRlbnRpZn kgYW5kIGlu dmVzdCBpbi BlbWVyZ2lu ZyBhbmQgYW x0ZXJuYXRp dmUgYXNzZX QgY2xhc3Nl cywgc3VjaC BhcyBwcml2 YXRlIGVxdW l0eSBhbmQg cmVhbCBlc3 RhdGUsIHBy b3ZpZGluZy BpbnZlc3Rv cnMgd2l0aC BhY2Nlc3Mg dG8gYSB3aW RlciByYW5n ZSBvZiBpbn Zlc3RtZW50 IG9wcG9ydH VuaXRpZXMu PGJyPjEwLi BTaGFyZWhv bGRlci1mcm llbmRseSBw b2xpY2llcz ogVGhlIGNv bXBhbnkgaX Mga25vd24g Zm9yIGl0cy BzaGFyZWhv bGRlci1mcm llbmRseSBw b2xpY2llcy wgaW5jbHVk aW5nIGl0cy B0cmFuc3Bh cmVudCBjb2 1tdW5pY2F0 aW9uIGFuZC BmYWlyIHRy ZWF0bWVudC BvZiBzaGFy ZWhvbGRlcn MsIG1ha2lu ZyBpdCBhIG hpZ2hseSBy ZWdhcmRlZC BhbmQgdHJ1 c3RlZCBpbn Zlc3RtZW50 IGNvbXBhbn ku

U0xSIEludm VzdG1lbnQg Y29tcGFuee KAmXMgYnVz aW5lc3MgbW 9kZWwgaXMg Y2VudGVyZW QgYXJvdW5k IGludmVzdG luZyBpbiBk aXZlcnNlIG luZHVzdHJp ZXMsIGluY2 x1ZGluZyBy ZWFsIGVzdG F0ZSwgZW5l cmd5LCB0ZW Nobm9sb2d5 LCBhbmQgaG VhbHRoY2Fy ZS4gVGhlIG NvbXBhbnkg YWltcyB0by BpZGVudGlm eSB1bmRlcn ZhbHVlZCBh bmQgZ3Jvd3 RoIHBvdGVu dGlhbCBvcH BvcnR1bml0 aWVzIGFuZC BpbnZlc3Qg aW4gdGhlbS B0aHJvdWdo IHZhcmlvdX MgbWVhbnMs IHN1Y2ggYX MgZXF1aXR5 IGludmVzdG 1lbnRzLCBk ZWJ0IGZpbm FuY2luZywg b3IgbWVyZ2 VycyBhbmQg YWNxdWlzaX Rpb25zLjxi cj5UaGV5IG Fsc28gcHJv dmlkZSBjYX BpdGFsIGFu ZCBzdHJhdG VnaWMgc3Vw cG9ydCB0by B0aGVpciBw b3J0Zm9saW 8gY29tcGFu aWVzLCBoZW xwaW5nIHRo ZW0gZ3Jvdy BhbmQgYWNo aWV2ZSB0aG VpciBidXNp bmVzcyBnb2 Fscy4gQWRk aXRpb25hbG x5LCBTTFIg SW52ZXN0bW VudCBjb21w YW55IG1heS BhY3QgYXMg YSBmaW5hbm NpYWwgYWR2 aXNvciBvci Bjb25zdWx0 YW50IHRvIG NvbXBhbmll cyBzZWVraW 5nIGZ1bmRp bmcgb3Igc3 RyYXRlZ2lj IGd1aWRhbm NlLjxicj5U aGUgY29tcG FueSBhbHNv IGZvY3VzZX Mgb24gY3Jl YXRpbmcgYS BiYWxhbmNl ZCBhbmQgZG l2ZXJzaWZp ZWQgaW52ZX N0bWVudCBw b3J0Zm9saW 8gdG8gbWlu aW1pemUgcm lza3MgYW5k IG1heGltaX plIHJldHVy bnMgZm9yIG l0cyBzaGFy ZWhvbGRlcn MuIFRoZXkg bWF5IGFsc2 8gb2ZmZXIg aW52ZXN0bW VudCBtYW5h Z2VtZW50IH NlcnZpY2Vz IHRvIGluZG l2aWR1YWxz IGFuZCBpbn N0aXR1dGlv bnMgc2Vla2 luZyB0byBp bnZlc3QgaW 4gdGhlaXIg cG9ydGZvbG lvLjxicj5T TFIgSW52ZX N0bWVudCBj b21wYW554o CZcyB1bHRp bWF0ZSBnb2 FsIGlzIHRv IGdlbmVyYX RlIHN1c3Rh aW5hYmxlIG FuZCBsb25n LXRlcm0gdm FsdWUgZm9y IGl0cyBzaG FyZWhvbGRl cnMgYW5kIH BvcnRmb2xp byBjb21wYW 5pZXMgdGhy b3VnaCBzdH JhdGVnaWMg aW52ZXN0bW VudHMgYW5k IGFjdGl2ZS BtYW5hZ2Vt ZW50Lg==

AI does have the potential to impact SLR Investment Company’s products, services, and competitive positioning in several ways:
1. Substitution: AI technologies can enhance investment decisiomaking processes through advanced data analytics, predictive modeling, and algorithmic trading. If SLR does not adopt these technologies, it may find its traditional product offerings replaced by AI-driven solutions that offer better returns or lower costs.
2. Disintermediation: As AI-enabled platforms, such as robo-advisors, become more prevalent, they can directly connect consumers with investment opportunities, potentially reducing the need for traditional investment firms like SLR. This change could lead to a loss of market share and clients, especially among smaller investors seeking lower fees and streamlined services.
3. Margin Pressure: The implementation of AI can help companies reduce costs and increase efficiencies but may also lead to increased competition. If competitors leverage AI to offer superior products or lower fees, SLR may face pressure to reduce its margins in order to remain competitive. This could impact profitability and the ability to invest in growth initiatives.
Overall, while AI presents significant opportunities for enhancing investment services, it also poses risks that SLR Investment Company must navigate to maintain its market position and profitability. Adapting to AI trends and integrating new technologies will be essential for sustaining competitive advantages in the evolving financial landscape.

The sensitivity of SLR Investment Company’s earnings, cash flow, and valuation to changes in interest rates can be significant given its business model and market environment.
Earnings: Changes in interest rates can affect SLR’s earnings, especially if it relies heavily on interest income from its lending activities or investments. When interest rates rise, the cost of borrowing increases, which can reduce demand for loans and potentially lower earnings. Conversely, if the company has fixed-rate assets, rising interest rates could erode the interest income from those assets.
Cash Flow: Interest rates can impact cash flow as well. Higher rates can lead to increased expenses on variable-rate debt, thus reducing net cash flow. On the other hand, if SLR can reprice its loans in a rising interest rate environment, it might enhance cash flow. Cash flows from investments also fluctuate with interest rates, as higher rates can lead to higher yields on new investments.
Valuation: The valuation of an investment company like SLR is often derived from discounted cash flow (DCF) analysis, which factors in cash flow projections and a discount rate that is influenced by interest rates. If rates rise, the discount rate typically increases, leading to a lower present value of future cash flows, thus negatively impacting the overall valuation. Additionally, higher interest rates can make alternative investments more attractive, leading to a compression in valuations for companies like SLR that do not offer similar yields.
In summary, SLR Investment Company’s earnings, cash flow, and valuation are closely tied to the interest rate environment. Rising interest rates can squeeze earnings and cash flow while simultaneously affecting the valuation negatively, making it essential for the company to manage its interest rate exposure effectively.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgU0 xSIEludmVz dG1lbnQgQ2 9tcGFueeKA mXMgZWNvbm 9taWNzIG92 ZXIgdGhlIG 5leHQgM+KA kzUgeWVhcn MgaXMgYSBz aWduaWZpY2 FudCBhbmQg cHJvbG9uZ2 VkIGVjb25v bWljIGRvd2 50dXJuLCBz dWNoIGFzIG Egc2V2ZXJl IHJlY2Vzc2 lvbiBvciBw cm9sb25nZW QgaW5mbGF0 aW9uIGxlYW RpbmcgdG8g aGlnaGVyIG ludGVyZXN0 IHJhdGVzLi BUaGlzIGRv d250dXJuIG NvdWxkIGJl IHRyaWdnZX JlZCBieSB2 YXJpb3VzIG ZhY3RvcnMs IGluY2x1ZG luZyBnZW9w b2xpdGljYW wgdGVuc2lv bnMsIGEgZm luYW5jaWFs IGNyaXNpcy wgb3IgbGFy Z2Utc2NhbG UgZGlzcnVw dGlvbnMgaW 4gZ2xvYmFs IHN1cHBseS BjaGFpbnMu PGJyPkluIH RoaXMgc2Nl bmFyaW8sIF NMUiBJbnZl c3RtZW50IE NvbXBhbnkg d291bGQgbG lrZWx5IGZh Y2Ugc2V2ZX JhbCBuZWdh dGl2ZSBpbX BhY3RzOjxi cj4xLiA8c3 Ryb25nPk1h cmdpbnM8L3 N0cm9uZz46 IFRoZSBjb2 1wYW554oCZ cyBwcm9maX QgbWFyZ2lu cyB3b3VsZC BsaWtlbHkg Y29udHJhY3 Qgc2lnbmlm aWNhbnRseS 4gSW5jcmVh c2luZyBjb3 N0cyBvZiBj YXBpdGFsLC Bjb3VwbGVk IHdpdGggYS BkZWNsaW5p bmcgZGVtYW 5kIGZvciBp dHMgaW52ZX N0bWVudCBw cm9kdWN0cy BvciBzZXJ2 aWNlcywgd2 91bGQgc3F1 ZWV6ZSBtYX JnaW5zLiBB cyBjbGllbn RzIGJlY29t ZSBtb3JlIH Jpc2stYXZl cnNlIGR1cm luZyBhIHJl Y2Vzc2lvbi wgdGhlIGRl bWFuZCBmb3 IgaGlnaGVy LXJpc2ssIG hpZ2hlci15 aWVsZCBpbn Zlc3RtZW50 cyBtYXkgZm FsbCwgcHVz aGluZyBTTF IgdG8gbG93 ZXIgcHJpY2 VzIHRvIGF0 dHJhY3QgY2 xpZW50ZWxl Ljxicj4yLi A8c3Ryb25n PkNhc2ggRm xvdzwvc3Ry b25nPjogVG hlIHJlY2Vz c2lvbiB3b3 VsZCBsaWtl bHkgcmVzdW x0IGluIGRl Y3JlYXNlZC BjYXNoIGZs b3cgZm9yIF NMUiBJbnZl c3RtZW50IE NvbXBhbnku IFJlZHVjZW QgaW52ZXN0 bWVudCBhY3 Rpdml0eSwg Y291cGxlZC B3aXRoIHBv dGVudGlhbC BkZWZhdWx0 cyBvbiBkZW J0cyBmcm9t IGNsaWVudH MsIGNvdWxk IGRpbWluaX NoIGluY29t aW5nIGNhc2 ggZmxvdy4g VGhlIGNvbX BhbnnigJlz IGxpcXVpZG l0eSBwb3Np dGlvbiBjb3 VsZCB3b3Jz ZW4sIGxlYW RpbmcgdG8g Y2hhbGxlbm dlcyBpbiBt ZWV0aW5nIH Nob3J0LXRl cm0gb2JsaW dhdGlvbnMg YW5kIG9wZX JhdGlvbmFs IGV4cGVuc2 VzLjxicj4z LiA8c3Ryb2 5nPkJhbGFu Y2UgU2hlZX Q8L3N0cm9u Zz46IE92ZX IgdGltZSwg dGhlIGJhbG FuY2Ugc2hl ZXQgd291bG QgcmVmbGVj dCB0aGUgYW R2ZXJzZSBp bXBhY3RzLi BUaGUgY29t cGFueSBtaW dodCBleHBl cmllbmNlIG EgZGVjbGlu ZSBpbiBhc3 NldCB2YWx1 YXRpb25zLC Blc3BlY2lh bGx5IGlmIG l0cyBpbnZl c3RtZW50IH BvcnRmb2xp byBpcyBoZW F2aWx5IHdl aWdodGVkIH Rvd2FyZHMg ZXF1aXRpZX Mgb3Igb3Ro ZXIgdm9sYX RpbGUgYXNz ZXRzLiBJbm NyZWFzZWQg ZGVmYXVsdH Mgb24gbG9h bnMgb3IgbG Vhc2UgZmlu YW5jaW5nIG NvdWxkIGFs c28gbGVhZC B0byBoaWdo ZXIgbm9wZX Jmb3JtaW5n IGFzc2V0cy 4gPGJyPkFz IGEgcmVzdW x0LCBTTFIg SW52ZXN0bW VudCBDb21w YW554oCZcy BsZXZlcmFn ZSByYXRpb3 MgY291bGQg d29yc2VuLC BhbmQgaXRz IGVxdWl0eS BiYXNlIG1p Z2h0IHNocm luayBkdWUg dG8gYm90aC Bsb3dlciBy ZXRhaW5lZC BlYXJuaW5n cyBhbmQgcG 90ZW50aWFs IGFzc2V0IH dyaXRlLWRv d25zLiBJbi BleHRyZW1l IGNhc2VzLC B0aGUgY29t cGFueSBtaW dodCBuZWVk IHRvIGNvbn NpZGVyIHJl c3RydWN0dX Jpbmcgb3B0 aW9ucywgc3 VjaCBhcyBy YWlzaW5nIG NhcGl0YWwg dGhyb3VnaC BlcXVpdHkg b2ZmZXJpbm dzIGF0IHVu ZmF2b3JhYm xlIHZhbHVh dGlvbnMgb3 Igc2Vla2lu ZyBlbWVyZ2 VuY3kgZmlu YW5jaW5nLC B0aGVyZWJ5 IGRpbHV0aW 5nIGV4aXN0 aW5nIHNoYX JlaG9sZGVy cy48YnI+T3 ZlcmFsbCwg aW4gYSBwcm 9sb25nZWQg ZWNvbm9taW MgZG93bnR1 cm4gc2Nlbm FyaW8sIFNM UiBJbnZlc3 RtZW50IENv bXBhbnkgd2 91bGQgcG90 ZW50aWFsbH kgZ3JhcHBs ZSB3aXRoIG RlY3JlYXNl ZCBwcm9maX RhYmlsaXR5 LCBzbHVnZ2 lzaCBjYXNo IGZsb3csIG FuZCBhIHdl YWtlbmVkIG JhbGFuY2Ug c2hlZXQsIH NpZ25pZmlj YW50bHkgaW 1wYWN0aW5n IGl0cyBsb2 5nLXRlcm0g dmlhYmlsaX R5IGFuZCBj b21wZXRpdG l2ZSBwb3Np dGlvbmluZy BpbiB0aGUg aW52ZXN0bW VudCBsYW5k c2NhcGUuPG 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 bG9nb3Mvbj hzRDA5WWNF ZXdtM25iYk h2Y1Iud2Vi cCIgYWx0PS JTTFIgSW52 ZXN0bWVudC IgdGl0bGU9 IlNMUiBJbn Zlc3RtZW50 IiAgY2xhc3 M9ImltZy1m bHVpZCIgaG VpZ2h0PTUw IHdpZHRoPT UwIGxvYWRp bmc9J2xhen knIHN0eWxl PSdib3JkZX ItcmFkaXVz OiA2cHg7Jz 4KCiAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nZmxl eDogMTsgdG V4dC1hbGln bjogY2VudG VyOyBtYXJn aW4tbGVmdD ogNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdmb2 50LXNpemU6 IDI2cHg7IG NvbG9yOiAj MzMzOyBtYX JnaW4tYm90 dG9tOiAxNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICDwn5OI IFdhbnQgdG 8gcmVhZCBt b3JlIGFib3 V0IFNMUiBJ bnZlc3RtZW 50PwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+Gky BEaXNjb3Zl ciA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+IOKA lCBmcmVlIG VCb29rIQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDEycHg7IG ZvbnQtc2l6 ZTogMTNweD sgY29sb3I6 ICM0NDQ7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIF NpZ24gdXAg bm93IGFuZC BnZXQgb3Vy IGZyZWUgZU Jvb2sgCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8Yj5U aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz PC9iPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT ZweDsgZm9u dC1zaXplOi AxNHB4OyBj b2xvcjogIz Q0NDsgZm9u dC1mYW1pbH k6IC1hcHBs ZS1zeXN0ZW 0sIEJsaW5r TWFjU3lzdG VtRm9udCwg U2Vnb2UgVU ksIFJvYm90 bywgSGVsdm V0aWNhIE5l dWUsIHNhbn Mtc2VyaWY7 IGxpbmUtaG VpZ2h0OiAx LjY7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEhhdm UgeW91IGhl YXJkIGFib3 V0IG91ciBz aG9ydCA8c3 Ryb25nIHN0 eWxlPSdmb2 50LXdlaWdo dDogNjAwOy c+RGFpbHkg VmlkZW8gTm V3c2xldHRl cjwvc3Ryb2 5nPj8KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxhIGhy ZWY9J2h0dH BzOi8vd3d3 Lmluc2lnaH RmdWx2YWx1 ZS5jb20vbm V3c2xldHRl ci5waHAnIH RhcmdldD0n X2JsYW5rJy BzdHlsZT0n Y29sb3I6IC MwMDdCRkY7 IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sgZm9udC13 ZWlnaHQ6ID UwMDsgbWFy Z2luLWxlZn Q6IDZweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEZpbm Qgb3V0IG1v cmUKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAKICAg ICAgICAKIC AgICAgICA8 c3BhbiBjbG Fzcz0nYmx1 cnJlZC10ZX h0Jz4KICAg ICAgICAgIC AgTVM0Z1Uw eFNJRSBsdW RtVnpkRzFs IGJuUWdRMj l5Y0cgOXlZ WFJwYjI0Zy BhWE1nWVNC d2RXIEpzYV dOc2VTQjAg Y21Ga1pXUW dZbiBWemFX NWxjM01nIF pHVjJaV3h2 Y0cgMWxibl FnWTI5dCBj R0Z1ZVNCMG FHIEYwSUda dlkzVnogWl hNZ2IyNGdh VyA1MlpYTj BhVzVuIElH bHVJRzFwWk cgUnNaUzF0 WVhKciBaWF FnWTI5dGNH IEZ1YVdWek xqeGkgY2o0 eUxpQlVhRy BVZ1kyOXRj R0Z1IGVTQj NZWE1nWm0g OTFibVJsWk NCcCBiaUF5 TURFeElHIE Z1WkNCcGN5 QmkgWVhObF pDQnBiaSBC T1pYY2dXVz l5IGF5QkRh WFI1TGogeG ljajR6TGlC VSBhR1VnWT I5dGNHIEZ1 ZWVLQW1YTW cgYzNSdlky c2djMyBsdF ltOXNJR2x6 IElGTk1Va0 1nWVcgNWtJ R2wwSUdsei BJR3hwYzNS bFpDIEJ2Ym lCMGFHVWcg VG1GelpHRn hJRyBWNFky aGhibWRsIE xqeGljajQw TGkgQlVhR1 VnWTI5dCBj R0Z1ZWVLQW 1YIE1nYVc1 MlpYTjAgYl dWdWRDQndi MyBKMFptOX NhVzhnIGFY TWdaR2wyWl ggSnphV1pw WldRZyBZV0 55YjNOeklI IFpoY21sdm RYTWcgYVc1 a2RYTjBjbS BsbGN5Qnpk V05vIElHRn pJR2hsWVcg eDBhR05oY2 1VcyBJSFJs WTJodWIyIH h2WjNrc0lH TnYgYm5OMW JXVnlJSCBC eWIyUjFZM1 J6IExDQmhi bVFnYVcgNW tkWE4wY21s aCBiQ0J6Wl hKMmFXIE5s Y3k0OFluSS sgTlM0Z1Uw eFNJRSBsdW RtVnpkRzFs IGJuUWdRMj l5Y0cgOXlZ WFJwYjI0Zy BjSEp2ZG1s a1pYIE1nWk dWaWRDQmgg Ym1RZ1pYRj FhWCBSNUlH WnBibUZ1IF kybHVaeUIw YnkgQnBkSE 1nY0c5eSBk R1p2Ykdsdk lHIE52YlhC aGJtbGwgY3 l3Z2QybDBh QyBCaElHWn ZZM1Z6IElH OXVJR3h2Ym 0gY3RkR1Z5 YlNCeSBaV3 hoZEdsdmJu IE5vYVhCek lHRnUgWkNC d1lYSjBibS BWeWMyaHBj QzQ4IFluSS tOaTRnVkcg aGxJR052Yl hCaCBibmtn YUdGeklHIE VnZEdWaGJT QnYgWmlCbG VIQmxjbSBs bGJtTmxaQ0 J3IGNtOW1a WE56YVcgOX VZV3h6SUhk cCBkR2dnWW 1GamEyIGR5 YjNWdVpITW cgYVc0Z1pt bHVZVyA1al pTd2diM0Js IGNtRjBhVz l1Y3kgd2dZ VzVrSUhCeS BhWFpoZEdV Z1pYIEYxYV hSNUxqeGkg Y2o0M0xpQl RURiBJZ1NX NTJaWE4wIG JXVnVkQ0JE YjMgSndiM0 poZEdsdiBi aUJwY3lCbG VIIFJsY201 aGJHeDUgSU cxaGJtRm5a VyBRZ1lua2 dVMHhTIElF TmhjR2wwWV cgd2dVR0Z5 ZEc1bCBjbk 1zSUhkb2FX IE5vSUdsek lHRnUgSUds dWRtVnpkRy AxbGJuUWda bWx5IGJTQj NhWFJvSUcg OTJaWElnSk RJZyBZbWxz YkdsdmJpIE J2WmlCaGMz TmwgZEhNZ2 RXNWtaWCBJ Z2JXRnVZV2 RsIGJXVnVk QzQ4WW4gSS tPQzRnU1c0 ZyBZV1JrYV hScGIyIDRn ZEc4Z2FXNT IgWlhOMGFX NW5JRyBsdU lHMXBaR1Jz IFpTMXRZWE pyWlggUWdZ Mjl0Y0dGdS BhV1Z6TENC VFRGIElnU1 c1MlpYTjAg YldWdWRDQk RiMyBKd2Iz SmhkR2x2IG JpQmhiSE52 SUggQnliM1 pwWkdWeiBJ R3h2WVc0Z2 MzIGx1Wkds allYUnAgYj I0Z2MyVnlk bSBsalpYTW dkRzhnIGIz Um9aWElnWW 4gVnphVzVs YzNNZyBaR1 YyWld4dmNH IDFsYm5RZ1 kyOXQgY0dG dWFXVnpMai B4aWNqNDVM aUJCIGN5Qn ZaaUJLZFcg NWxJRE13TE NBeSBNREl4 TENCVFRGIE lnU1c1MlpY TjAgYldWdW RDQkRiMyBK d2IzSmhkR2 x2IGJpQm9Z V1FnYVcgNT JaWE4wYldW dSBkSE1nYV c0Z01qIEln Y0c5eWRHWn YgYkdsdklH TnZiWCBCaG JtbGxjeUIz IGFYUm9JR0 VnZEcgOTBZ V3dnWm1GcC BjaUIyWVd4 MVpTIEJ2Wm lCaGNIQnkg YjNocGJXRj BaVyB4NUlD UTJNRFFnIG JXbHNiR2x2 YmkgNDhZbk krTVRBdSBJ RlJvWlNCam IyIDF3WVc1 NUlHaGggY3 lCamIyNXph WCBOMFpXNT BiSGtnIGNH RnBaQ0JoSU ggRjFZWEow WlhKcyBlU0 JrYVhacFpH IFZ1WkNCMG J5QnAgZEhN Z2MyaGhjbS BWb2IyeGta WEp6IElITn BibU5sSUcg bDBjeUJwYm 1ObCBjSFJw YjI0c0lIIG RwZEdnZ1lT QmogZFhKeV pXNTBJSCBs cFpXeGtJRz ltIElHOTJa WElnT0MgVX UKICAgICAg ICA8L3NwYW 4+CiAgICAg ICAgCiAgIC AgICAg