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1、Internal23IntroductionThe End of the Deal Doldrums5MacroInterest Rate Relief on the Horizon8CapitalLight at the End of the Tunnel17SpotlightTalent and Firm Building20Exits and LiquidityLPs Patiently Wait for Distributions23AppendixSurvey DetailsGFB OUTLOOK REPORT|“In the right circumstances,NAV loan

2、s are excellent options for creating liquidity within an illiquid fund.”Mark ThylinHead of Structured Fund Solutions,Global Fund BankingPage 21Internal3The past few years have been a roller coaster for private market investors from the heights of activity during the 2021 boom times to the struggles

3、experienced last year.As we enter 2024,I am heartened by conversations with clients and by an emerging trend in the data that together suggest we may finally be seeing the end of the deal doldrums.There is no sugarcoating the fact that 2023 was a difficult year for many in the industry,with fundrais

4、ing and investment down across the board.In some sense,this was to be expected as investors adjusted to the end of the easy money era and the emergence of higher-for-longer interest rates.While it is unlikely in the near term that the industry returns to activity levels seen during 2021,analyses in

5、this report show signs of normalization and perhaps even recovery.In the fundraising space,“slow and steady”is the mantra among our clients.New funds are being raised,but generally at a slower pace,as highlighted on pages 9 and 10.We are increasingly seeing those that have raised new funds delay the

6、ir deployment while previous funds are wrapped up.When surveyed,investors showed mixed expectations for 2024.As reported on page 9,survey respondents anticipated the status quo in terms of fundraising for 2024.However,in a bullish sign,85%anticipated assets under management(AUM)increases this year,a

7、s discussed on page 18.The interaction between investment and fundraising is having significant impacts on dry powder levels,particularly in the venture capital(VC)space.VC dry powder levels decreased in 2023 for the first time in over a decade the result of a fundraising downturn so sharp that even

8、 modest levels of investment outpaced the capital raised by funds.This also led to an increase in the age of VC dry powder,with 20%of capital raised more than three years ago,as discussed on page 11.As funds get older,they face increasing deployment pressure.The dry powder overhang from the cohort o

9、f older funds may indeed prove to be the market backstop needed to bolster private markets this year.Another source of optimism comes from capital call line of credit(CCLOC)data.We are seeing a stabilization in the utilization rates of CCLOCs and continued strength in the levels of credit line advan

10、ces,as presented on pages 13 and 14.Further,time outstanding on CCLOCs remains in line with levels seen in the recent past,another signal of market“normalization.”Still,both private equity(PE)and VC firms continue to face challenges one of the most frequently cited by CFOs is talent.In this reports

11、special topics section on pages 18 and 19,we present data on how firm leaders are approaching the issue of talent,including hiring plans this year and the relative difficulty of hiring in todays environment.This year has started strong,and I am encouraged by consistent themes of market normalization

12、 that permeate our conversations with colleagues and clients.I remain optimistic that 2024 will be the start of recovery in the private markets thanks to the resiliency and determination of investors and CEOs alike.GFB OUTLOOK REPORT|Jesse HurleyHead of Global Fund BankingSilicon Valley BankThe dry

13、powder overhang from the cohort of older funds may indeed prove to be the market backstop needed to bolster private markets this year.InternalGFB OUTLOOK REPORT|4Higher interest rates do not necessarily spell disaster for public markets.Historically,longer periods of high interest rates can bring st

14、rong performance to equity markets,since too-quick cuts in rates can reflect macroeconomic deterioration.With persistently strong economic data,the market continues to expect a relatively slow and measured normalization in interest rates over time.“Slow and steady”remains the mantra in market,especi

15、ally when it comes to fundraising.While levels of fundraising remain lower than in the past,a sizeable war chest of aging dry powder could prove to be a catalyst for industry recovery this year.Capital call lines of credit are another area of optimism,with stabilizing utilization rates,strength in c

16、redit line advances and stable time outstanding metrics.The exit environment remains depressed.However,this could present an opportunity for some investors.Funds raised during downturns tend to return capital more quickly than those raised in other times.The situation may soon reverse,with many VCs

17、anticipating exit markets to improve in 2024.In the meantime,the increased focus on alternative liquidity solutions such as NAV2 loans continues.Firms are expecting AUM to grow significantly in 2024,leading to more demand for labor.Despite macroeconomic pressures,hiring is anticipated to be strong a

18、cross firms this year,with many firms anticipating headcount increases in 2024.Top areas for headcount growth include junior investment team members and accounting staff positions.Notes:1)Limited partners.2)Net asset value.GFB OUTLOOK REPORT|6US-based funds,by vintage($B)1Investment by US-based fund

19、s($B)2Deal value of PE/VC-backed exits($B)4Rolling one-year horizon IRRs3Notes:1)Based on vintage years,US-HQd funds.2)VC includes early-and late-stage VC.3)Internal rate of return.As of year-end,except 2023 which is as of June 30 due to reporting delays.Global data.4)Exits by companies backed by US

20、 investors.IPOs include secondary offerings and reverse mergers.Buyout includes secondary buyouts.Sources:Preqin,PitchBook Data,Inc.and SVB analysis.2023 Outlook2023 Actual$171$29620232022$21$10120232022$41$11320232022PE:buyoutPE:growthVC2023 Outlook6.2%2.1%202320220.7%-10.9%20232022-9.5%-16.8%20232

21、022PE:buyoutPE:growthVC2023 Outlook2023 Outlook$40$3020232022$215$28020232022$183$2692022IPOsM&ABuyout2023 Outlook$397$64520232022$69$11020232022$193$32720232022PE:buyoutPE:growthVC42%79%64%38%37%41%4.1 pts.11.6 pts.7.3 pts.202323%32%33%Internal-6%-4%-2%0%2%4%6%8%10%198319851987198919911993199519971

22、9992001200320052007200920112013201520172019202120232025Inflation continues to trickle downward,trending toward the Federal Reserves(Feds)long-term target.Despite this,interest rates continue to remain at heightened levels,with the Fed seeing no reason to change course due to strong employment,elevat

23、ed shelter costs,healthy real wage growth and continued consumer spending.This has led many market participants to still believe that lower inflation will not be enough to push Fed board members to cut rates.The Fed increased the federal funds rate(FFR)four times in 2023 but has paused since July.As

24、 of the time of this writing,Fed funds futures are pricing over an 80%chance of rates being lower in June 2024,and a 86%chance that the target rate will be lower in September.With uncertainty continuing to loom,some wonder what effect this may have on public markets.Historically speaking,high-water

25、mark periods defined as the period from the final rate hike to the next rate cut do not spell doom for public markets.While public market performance is mixed,performance tends to be strong during extended interest rate high-water mark periods.This is often because quicker rate cuts are a sign of ma

26、croeconomic deterioration.While all cycles are unique,the current period is trending similar to the late 2000s,2010s and 1980s,which saw strong performance during long high-water mark periods.Should the trend hold,public market performance could be poised for continued strong returns in the near ter

27、m.Notes:1)Actual CPI is the 12-month change in“All Items in U.S.City Average,All Urban Consumers,Not Seasonally Adjusted.”Fed Model CPI Expectation is the one-year expected inflation rate one year forward to align with the actual CPI figures.2)Future fed rate distributions by date provided by the At

28、lanta Feds Market Probability Tracker.March 2024 data as of 3/20/2024.Sources:Federal Reserve Bank of Cleveland,Federal Reserve Bank of Atlanta,Bureau of Labor Statistics,S&P Capital IQ and SVB analysis.Actual CPI YoYFed model CPI expectationDifferenceFed rate expectations for June 2024Fed rate expe

29、ctations for September 2024-35%-30%-25%-20%-15%-10%-5%0%5%10%15%20%25%30%35%0306090120150180210240270300330360390420450S&P 500 price performanceGFB OUTLOOK REPORT|7Correlation is 0.27 since 1983Fed model predicts 2024-2025 inflation to remain around 2%Days1989-19902018-20202006-2007Current2000-20011

30、981197419950%20%40%550As of Jan 2024As of Feb 2024As of Mar 20240%20%40%60%550As of Jan 2024As of Feb 2024As of Mar 2024Basis PointsInternal3%17%58%21%$0B$100B$200B$300B$400B$500B$600B200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026US buyou

31、t,growth and VC fundraising ended just north of$230 billion in 2023,1 the lowest level since 2015,resembling the drop seen during the dot-com crash.Fundraising continued to be dominated by bigger funds,with$1 billion+funds accounting for 71%of total fundraising,only 4 percentage points lower than la

32、st year.Gauging investor sentiment,over half of respondents in this reports survey expect the fundraising environment to remain the same.Despite this difficult background,67%of respondents indicated that they are planning to fundraise this year.Interestingly,those who plan to fundraise this year wer

33、e more likely to believe that this year will be more difficult than those that are not planning to fundraise.Survey respondents also shared expectations for fundraising timelines,reporting a median expected time from start to close of 15 months and only 12 months for VC funds.Nearly half of responde

34、nts indicated they expected fundraising timelines to remain unchanged,but nearly the same number(41%)expected it to take longer to close the current fund relative to their last.This aligns with recent data,which shows that the time between fundraises ticked up materially in 2023 for the first time s

35、ince 2019.While this may be frustrating for general partners(GPs),LPs have generally indicated that they prefer a slower,more normalized fundraising cadence compared to the quickness seen in 2021.6 years to previous peak8 years to previous peakGFCDot-comBuyoutGrowthVCOverall0102030405060201520162017

36、201820192020202120222023MonthsGFB OUTLOOK REPORT|92%10%67%19%2%3%24%50%24%VCPEMuch more difficultSomewhat more difficultAbout the sameSomewhat easierOverall2%0%12%46%23%10%8%12+mos.shorter7-12 mos.shorter1-6 mos.shorterSame1-6 mos.longer7-12 mos.longer12+mos.longerNotes:1)Data based on page 6 in thi

37、s report which referenced fundraising by vintage year.2)Time between funds calculated as length between close dates from subsequent funds in the same fund series.Sources:Preqin,SVB survey and SVB analysis.Much easier1%InternalWhile respondents from this reports survey expected the fundraising enviro

38、nment to largely remain the same,many expected a jump in the amount they could raise.Roughly 63%also expressed that they expect their next fund in 2024 to be larger than the previous fund closed,with nearly half(46%)projecting growth of 20%or more in fund size.While the rosier outlook is somewhat co

39、mforting,it contrasts sharply with recent trends.Last year saw a 10 percentage point increase in the share of funds that missed their initial target fund size,the highest share since 2019.Additionally,32%of funds closed in 2023 had lowered their initial target size,the highest share since 2020.When

40、looking at funds individually,VC funds were the primary source of the misses,particularly within the emerging manager space.This could signal an investor preference for more established funds in this environment.Last year was also the second consecutive year in which funds experienced a step-down1 i

41、n fund size among funds in the same series(on a median basis).For funds that did experience a successful step-up in fund size,the median step-up was 54%,which was 16 percentage points lower than last year and 21 percentage points lower than the heights of 2021.1.0 x1.1x1.2x1.3x1.4x1.5x1.6x1.7xOveral

42、lBuyoutGrowthVenture capital$0B$1B$2B$3B$4B$5B$6B$7B$8B-100%-50%0%50%100%150%200%GFB OUTLOOK REPORT|1020%+smallerAboutthe same20%+larger11%-20%larger1%-10%larger1%-10%smaller11%-20%smallerNotes:1)Step-up or step-down defined as the relative change in fund size from one fund to the next subsequent fu

43、nd within the same fund series.2)Chart is capped at$8 billion in fund size and 200%in close size relative to target size.Some results may be hidden due to this.Sources:Preqin,SVB survey and SVB analysis.VCBuyoutGrowth20182019202020222021202320182019202020222021202320182019202020222021202320182019202

44、020222021202328%24%18%13%11%21%201820192020202120222023InternalMuch attention has been given to the high levels of dry powder in the industry.Some commentators have likened it to a dam about to burst,unleashing a flood of capital back into private markets.This prediction did not play out in 2023,wit

45、h investment down approximately 40%.2 There are signs,however,that the dry powder overhang may indeed be the backstop needed to bolster private investments in 2024.VC dry powder levels decreased in 2023 for the first time in over a decade the result of a fundraising downturn so sharp that even modes

46、t levels of investment outpaced the capital raised by funds.As a result,the age of VC dry powder increased,with 20%of capital raised more than three years ago,as of the end of 2023.With little desire to return capital to LPs,this significant portion of capital will need to be deployed soon,and evide

47、nce suggests that this may indeed happen.In an informal SVB poll of approximately 60 VC professionals,over half(57%)expected their firms deal count to increase in 2024 compared to 2023.3 Just 12%expected a decrease.Buyout dry powder,however,has remained somewhat more stable,with a consistent age ove

48、r the past several years.Still,with a dry powder age similar to that of VC,buyout dry powder levels may also be enough to support healthy deal activity in the industry through the next year.GFB OUTLOOK REPORT|111%1%9%42%55%44%29%22%25%33%40%49%44%33%24%17%13%15%17%17%15%11%13%20%0%10%20%30%40%50%60%

49、$0B$50B$100B$150B$200B$250B$300B2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20238%10%18%39%35%21%13%12%14%24%42%59%41%27%30%25%23%18%17%15%17%21%18%19%0%10%20%30%40%50%60%$0B$100B$200B$300B$400B$500B$600B$700B2000 2001 2002 2003

50、2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Percentage raised more than 3 years agoAmount raised in most recent 1,2 or 3 vintagesAmount raised in older vintagesNotes:1)In some cases,fund vintages are reclassified by the data provider(Preqin)late

51、r in the funds life.These charts assume the original fund vintage remains constant throughout the time frame.Data as of year-end.2)See page 6.3)Based on an SVB VC town hall poll of approximately 60 VC COOs and CFOs in February 2023.Sources:Preqin,SVB survey and SVB analysis.Percentage raised more th

52、an 3 years agoAmount raised in most recent 1,2 or 3 vintagesAmount raised in older vintagesInternalGPs may have to broaden their geographic horizons when fundraising in 2024.After a couple of seesaw years in the market,many LPs are tapped out,with allocations to alternatives at or above their target

53、s.Data is beginning to suggest that LPs are making changes.For instance,US endowments decreased allocations to PE and VC in 2023.Public markets recovery in 2023 certainly played a role in this change,as higher public equity valuations reduced the denominator effect.Still,many LPs remain overallocate

54、d to PE.According to Preqin data,half of LPs are above their target allocation.Combined with low distribution levels and higher interest rates,the overallocation issue is materially changing the calculus for LPs.LPs now face a“risk-free”rate of return similar to that of the early-to mid-2000s,causin

55、g some to push the pause button on additional allocations to PE.This in turn has led GPs to look at expanding their LP base.Based on this reports survey,over three-quarters of respondents expected to approach a different LP base than in the past,with one-third of that group targeting LPs of differen

56、t types and from different geographies.Recent trends have continued to show an increasing presence of LPs from geographies outside the US as well as outside traditional LP types,leading to the potential for additional reporting or transparency requirements for GPs.Notes:1)Pensions are included only

57、if they are US-based and participated in the Public Fund Survey(PFS);this sample covers 95%of public pension membership and assets nationwide.Data for pensions available through 2022 only.2)Analysis based on LP records that have been updated in Preqin since January 2023.Dataset includes endowments,f

58、oundations and pensions.“In line”defined as within 1 percentage point of target allocation.Data is inclusive of VC.3)Analysis based on count of LPs.Data from Preqin investor database.4)Endowments and foundations.Sources:Preqin,Publicplans.org,NACUBO,SVB survey and SVB analysis.GFB OUTLOOK REPORT|122

59、3%77%40%33%28%52%59%71%30%20%15%18%21%14%20102015202366%67%75%34%33%25%201020152023United StatesRest of worldE&F4Rest of typePensionLP by geographyLP by typeTypesGeographiesBoth0%5%10%15%20%25%30%200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023Endowmen

60、ts PE,VCEndowments VC onlyEndowments PE onlyPensions PE,VC50%20%29%Above TargetAllocationIn Line with TargetAllocationBelow TargetAllocationNoYesInternalBorrowing levels for CCLOCs have trended downward over the past couple years.The reason is likely lower deal flow rather than higher interest rates

61、.Utilization rates for VC funds trended downward in 2022,mimicking the downward trend in VC investment activity overall.As deal levels have begun to stabilize,so too have utilization levels.Among buyout and VC funds,correlations between investment levels and utilization rates remain high.Still,this

62、decrease in deal activity coincided with interest rate hikes,raising the question of the effects of interest rates on CCLOC utilization.According to SVB survey data,interest rates are unlikely to be the culprit of lower utilization,with the vast majority of respondents noting that they have not been

63、 using CCLOCs less in response to higher rates.This has been echoed in client conversations,with fund managers frequently citing soft deal pipelines as a key reason for lower borrowing levels.Further,fund managers do not anticipate lower interest rates influencing their use of CCLOCs in the future.I

64、n fact,when asked how much the Fed would need to lower rates to meaningfully influence their CCLOC usage,39%chose no change.Going forward,aging dry powder levels putting upward pressure on deal activity could bolster managers use of these facilities.GFB OUTLOOK REPORT|13Notes:1)Utilization rates are

65、 indexed based on a two-month rolling average.The index is based to 100 starting in February 2022.Investment numbers are US only and are indexed based on a three-month rolling average.Buyout excludes the October 2022 X(Twitter)deal.Sources:SVB proprietary data,SVB survey and SVB analysis.Yes19%No81%

66、3.0 pts.2.3 pts.2.0 pts.2.4 pts.75thpercentile25th percentileMedianAverage 5.6%11.1%2.8%Draw lesscapitalDraw lessfrequentlyBothDraw less capitalDraw less frequentlyBothYes29%No71%7.1%9.5%11.9%Draw lesscapitalDraw lessfrequentlyBothDraw less capitalDraw less frequentlyBothPercent who replied no chang

67、eNo change 39%Provided a target interest rate change61%PEVCPE:BuyoutPE:GrowthVC:Late stageVC:Early stage020406080100120140Feb 22Apr 22Jun 22Aug 22Oct 22Dec 22Feb 23Apr 23Jun 23Aug 23Oct 23Dec 23020406080100120140160Feb 22Apr 22Jun 22Aug 22Oct 22Dec 22Feb 23Apr 23Jun 23Aug 23Oct 23Dec 230204060801001

68、20Feb 22Apr 22Jun 22Aug 22Oct 22Dec 22Feb 23Apr 23Jun 23Aug 23Oct 23Dec 23020406080100120Feb 22Apr 22Jun 22Aug 22Oct 22Dec 22Feb 23Apr 23Jun 23Aug 23Oct 23Dec 23CCLOC utilization levelsInvestment levelsCorrelation=0.81Correlation=0.24Correlation=0.79Correlation=0.86InternalAs interest rates have ris

69、en,the time outstanding on CCLOCs has remained relatively unchanged,a reflection of demand for this debt despite rate changes.Fund managers appear to be keeping balances outstanding on lines for a similar amount of time,according to lending data.This is measured as the number of days per quarter tha

70、t a line has an outstanding balance.This is also reflected in survey data,in which over half of both PE and VC funds report that they are not reducing the time outstanding on CCLOCs in response to higher interest rates.Advances data reflect further strength in the CCLOC lending environment.While the

71、 number and dollar amount of line of credit advances2 have decreased from high-water marks,they remain higher than in early 2022.When it comes to why investors use CCLOCs,relatively few managers whether PE or VC noted IRR enhancement as a key factor when choosing whether or not to use these debt fac

72、ilities.Instead,the focus is on operational factors,such as cash flow smoothing and deal execution.These operational factors are arguably relatively insulated from interest rates.As long as managers remain focused on these operational benefits,one might expect demand for CCLOCs to remain fairly inel

73、astic despite a changing rate environment.GFB OUTLOOK REPORT|14FactorPE rankVC rankCash flow smoothing12Deal execution21Reduced administrative burden33IRR enhancement44PE:Buyout and growthVC:Early and late stage66%20%10%0%5%57%6%20%6%11%NoYes,by InternalTimes are tough for LPs and GPs alike,and exit

74、s are hard to come by.However,taking a step back,this period could be a blessing in disguise for the right investors.Fund vintages from downturns deliver capital back to LPs at a greater clip compared to their counterparts(i.e.,fund vintages from boom times).For example,fund vintages from the dot-co

75、m crash and Global Financial Crisis distributed 1.2 times the capital called back to investors within the next 10 years.Meanwhile,fund vintages from subsequent market expansion periods did not return the amount of capital called within that same time frame.Why would this be?First,it has long been cl

76、aimed that the best companies are founded during market downturns.Opportunity costs to start a company are low,which spurs entrepreneurship.This allows fund vintages from those periods an opportunity to get in early.Second,with market downturns come compressed valuations.This provides a ripe entry p

77、oint for opportunistic investors to get in for a lower price and capitalize on their bets when the market rebounds and valuations expand.Of course,all this is predicated on companies eventually exiting an ongoing challenge for the industry.However,investors seem to be more optimistic on this front.B

78、ased on a recent survey from an SVB VC town hall,46%of respondents expect the exit markets to improve in 2024 relative to 2023.0.0 x0.2x0.4x0.6x0.8x1.0 x1.2x1.4x$0B$20B$40B$60B$80B$100B$120B$140B$160B2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100.0 x0.2x0.4x0.6x0.8x1.0 x1.2x1.4x$0B$50B$100B

79、$150B$200B$250B$300B$350B$400B$450B2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Notes:1)Data is for global buyout,growth and venture funds.Sources:Preqin,SVB survey and SVB analysis.GFB OUTLOOK REPORT|220.0 x0.1x0.2x0.3x0.4x0.5x0.6x0.7x$0B$50B$100B$150B$200B$250B$300B$350B$400B$450B$500B200

80、3 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130.0 x0.1x0.2x0.3x0.4x0.5x0.6x0.7x0.8x0.9x1.0 x$0B$100B$200B$300B$400B$500B$600B$700B$800B2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020CalledDistributedBoom time 1:Vintages 2003-2007Boom time 2:Vintages 2010-2015Dot-com crash:Vintages 2000-2

81、002Global Financial Crisis:Vintages 2008-2009Distributed-to-called ratioCalledDistributedDistributed-to-called ratioCalledDistributedDistributed-to-called ratioCalledDistributedDistributed-to-called ratioGFB OUTLOOK REPORT|24Respondents by Organization Primary Location 1 30%1%Respondents by Firm Typ

82、e1Survey RespondentsTotal firms:79Total AUM:2$200B+CA30%Southwest8%West9%New England23%Mid-Atlantic19%Southeast5%Midwest6%2%44%54%OtherPrivate equityVenture capitalConcentration of respondentsNotes:1)Among those firms with disclosed types.2)Among those firms with AUM listed in Preqin or PitchBook Da

83、ta,Inc.If AUM is unavailable,the dollar amount of funds raised in the last 10 years is used as a proxy.Source:Preqin,PitchBook Data,Inc.,SVB survey and SVB analysis.To access more insights from Global Fund Banking,please visit our Private Equity CFO Insights library.Silicon Valley Bank(SVB),a divisi

84、on of First-Citizens Bank,is the bank of some of the worlds most innovative companies and investors.SVB provides commercial and private banking to individuals and companies in the technology,life science and healthcare,private equity,venture capital and premium wine industries.SVB operates in center

85、s of innovation throughout the United States,serving the unique needs of its dynamic clients with deep sector expertise,insights and connections.SVBs parent company,First Citizens BancShares,Inc.(NASDAQ:FCNCA),is a top 20 U.S.financial institution with more than$200 billion in assets.First Citizens

86、Bank,Member FDIC.Learn more at .Silicon Valley B See complete disclaimers on following page.2024 First-Citizens Bank&Trust Company.Silicon Valley Bank,a division of First-Citizens Bank&Trust Company.Member FDIC.3003 Tasman Drive,Santa Clara,CA 95054 2626The views expressed in this report are solely

87、those of the authors and do not necessarily reflect the views of SVB.This material,including without limitation to the statistical information herein,is provided for informational purposes only.The material is based in part on information from third-party sources that we believe to be reliable but w

88、hich has not been independently verified by us,and,as such,we do not represent the information is accurate or complete.The information should not be viewed as tax,accounting,investment,legal or other advice,nor is it to be relied on in making an investment or other decision.You should obtain relevan

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