Digital Realty Trust

-15.04%

Live  

Digital Realty Trust is a publicly traded real estate investment trust (REIT) that focuses on owning, developing, and managing data centers and other technology-related real estate properties. The company was founded in 2004 and is headquartered in San Francisco, California.
Their core business is providing wholesale data center solutions to companies of all sizes, including the world's leading cloud and internet providers. Digital Realty Trust owns and operates over 280 data centers in more than 20 countries, making them one of the largest data center companies in the world.
In addition to their data center portfolio, Digital Realty Trust also offers a wide range of services and solutions related to data center management, including colocation, connectivity, and cloud services. They work with a variety of industries, including technology, finance, and healthcare, to provide tailored solutions for their data center needs.
The company's mission is to create a global network of interconnected data centers that provide reliable, secure, and scalable infrastructure for businesses to store and manage their critical data. They also prioritize sustainability and have implemented green initiatives across their portfolio, including using renewable energy and implementing energy-efficient technologies in their facilities.
Digital Realty Trust continues to grow and expand its presence in the data center industry, with a commitment to providing innovative and reliable solutions for their clients' evolving needs.

RGlnaXRhbC BSZWFsdHkg VHJ1c3QgaX MgYSBjb21w YW55IHRoYX QgcHJvdmlk ZXMgc3BlY2 lhbCBidWls ZGluZ3MsIG tpbmQgb2Yg bGlrZSBiaW cgc3RvcmVz LCBidXQgaW 5zdGVhZCBv ZiBzZWxsaW 5nIGNsb3Ro ZXMgb3IgdG 95cywgdGhl eSBhcmUgZG VzaWduZWQg dG8gaG9sZC B2ZXJ5IHBv d2VyZnVsIG NvbXB1dGVy cyBhbmQgb3 RoZXIgdGVj aG5vbG9neS BlcXVpcG1l bnQuIFRoZX NlIGJ1aWxk aW5ncyBhcm UgY2FsbGVk IGRhdGEgY2 VudGVycy4g PGJyPk5vdy wgd2h5IGRv IHBlb3BsZS BuZWVkIHRo ZXNlIGRhdG EgY2VudGVy cz8gV2VsbC wgdGhlcmUg YXJlIG1hbn kgY29tcGFu aWVzIGFuZC BwZW9wbGUg d2hvIHVzZS B0aGUgaW50 ZXJuZXQgZm 9yIHRoaW5n cyBsaWtlIH N0cmVhbWlu ZyB2aWRlb3 MsIHBsYXlp bmcgZ2FtZX MsIHNob3Bw aW5nLCBhbm QgZXZlbiBz dG9yaW5nIG ltcG9ydGFu dCBmaWxlcy 4gQWxsIG9m IHRoaXMgaW 5mb3JtYXRp b24gaGFzIH RvIGJlIGtl cHQgc29tZX doZXJlLCBh bmQgdGhhdO KAmXMgd2hl cmUgRGlnaX RhbCBSZWFs dHnigJlzIG RhdGEgY2Vu dGVycyBjb2 1lIGluLiBU aGV5IHByb3 ZpZGUgYSBz YWZlIGFuZC ByZWxpYWJs ZSBwbGFjZS Bmb3IgYWxs IHRoYXQgZG F0YSB0byBi ZSBzdG9yZW QgYW5kIG1h bmFnZWQuPG JyPkRpZ2l0 YWwgUmVhbH R5IG1ha2Vz IG1vbmV5IG J5IHJlbnRp bmcgc3BhY2 UgaW5zaWRl IHRoZXNlIG RhdGEgY2Vu dGVycyB0by BvdGhlciBj b21wYW5pZX MuIEp1c3Qg bGlrZSBpZi B5b3UgaGFk IGEgYmlnIG dhcmFnZSBh bmQgcmVudG VkIG91dCBw YXJ0IG9mIG l0IHRvIGEg ZnJpZW5kIH RvIGtlZXAg dGhlaXIgc3 R1ZmYsIERp Z2l0YWwgUm VhbHR5IGRv ZXMgdGhlIH NhbWUgYnV0 IG9uIGEgbX VjaCBiaWdn ZXIgc2NhbG UuIENvbXBh bmllcyBwYX kgRGlnaXRh bCBSZWFsdH kgZXZlcnkg bW9udGggdG 8gdXNlIHRo ZWlyIHNwYW NlIGFuZCBz ZXJ2aWNlcy 48YnI+RGln aXRhbCBSZW FsdHkgaGFz IGJlZW4gc3 VjY2Vzc2Z1 bCBiZWNhdX NlIGl0IG1l ZXRzIGEgZ3 Jvd2luZyBu ZWVkLiBBcy Btb3JlIHBl b3BsZSBhbm QgYnVzaW5l c3NlcyB1c2 UgdGhlIGlu dGVybmV0LC B0aGUgZGVt YW5kIGZvci BkYXRhIHN0 b3JhZ2UgaX MgaW5jcmVh c2luZy4gSW 4gYWRkaXRp b24sIHRoZX kgYnVpbGQg dGhlaXIgZG F0YSBjZW50 ZXJzIGluIG ltcG9ydGFu dCBsb2NhdG lvbnMgd2hl cmUgYSBsb3 Qgb2YgdGVj aG5vbG9neS Bjb21wYW5p ZXMgYWxyZW FkeSBhcmUs IHdoaWNoIG hlbHBzIHRo ZW0gYXR0cm FjdCBtb3Jl IGN1c3RvbW Vycy48YnI+ TG9va2luZy B0byB0aGUg ZnV0dXJlLC BEaWdpdGFs IFJlYWx0eS BpcyBsaWtl bHkgdG8gc3 RheSBzdWNj ZXNzZnVsIG JlY2F1c2Ug dGhlIHVzZS BvZiB0ZWNo bm9sb2d5IG FuZCB0aGUg aW50ZXJuZX QgaXMgb25s eSBnb2luZy B0byBncm93 LiBNb3JlIG RldmljZXMg YXJlIGJlaW 5nIHVzZWQg ZXZlcnkgZG F5LCBhbmQg dGhhdCBtZW FucyBtb3Jl IGRhdGEgbm VlZHMgdG8g YmUgc3Rvcm VkIGFuZCBw cm9jZXNzZW QuIERpZ2l0 YWwgUmVhbH R5IGlzIHdl bGwtcG9zaX Rpb25lZCB0 byBoZWxwIG 1lZXQgdGhh dCBuZWVkLC BtYWtpbmcg aXQgYSBzdH JvbmcgcGxh eWVyIGluIH RoZSBpbmR1 c3RyeSBmb3 IgeWVhcnMg dG8gY29tZS 48YnI+

MS4gR2xvYm FsIFByZXNl bmNlOiBEaW dpdGFsIFJl YWx0eSBUcn VzdCBpcyBv bmUgb2YgdG hlIGxhcmdl c3QgZGF0YS BjZW50ZXIg cmVhbCBlc3 RhdGUgaW52 ZXN0bWVudC B0cnVzdHMg KFJFSVRzKS BpbiB0aGUg d29ybGQsIH dpdGggYSBn bG9iYWwgZm 9vdHByaW50 IG9mIG92ZX IgMjgwIGRh dGEgY2VudG VycyBpbiAy MiBjb3VudH JpZXMuIFRo aXMgZ2l2ZX MgdGhlIGNv bXBhbnkgYS BzdHJvbmcg cHJlc2VuY2 UgaW4gbWFq b3IgZ2xvYm FsIG1hcmtl dHMsIG1ha2 luZyBpdCB3 ZWxsLXBvc2 l0aW9uZWQg dG8gc2Vydm UgdGhlIGdy b3dpbmcgZG VtYW5kIGZv ciBkYXRhIH N0b3JhZ2Ug YW5kIGNvbm 5lY3Rpdml0 eS48YnI+Mi 4gTGVhZGlu ZyBQcm92aW RlciBvZiBT ZWN1cmUgYW 5kIEZsZXhp YmxlIERhdG EgQ2VudGVy IFNvbHV0aW 9uczogVGhl IGNvbXBhbn kgc3BlY2lh bGl6ZXMgaW 4gcHJvdmlk aW5nIGhpZ2 hseSBzZWN1 cmUsIGZsZX hpYmxlIGFu ZCBzY2FsYW JsZSBkYXRh IGNlbnRlci Bzb2x1dGlv bnMgdG8gaX RzIGN1c3Rv bWVycy4gSX RzIHN0YXRl LW9mLXRoZS 1hcnQgZmFj aWxpdGllcy BhcmUgZGVz aWduZWQgdG 8gbWVldCB0 aGUgbmVlZH Mgb2YgYSB3 aWRlIHJhbm dlIG9mIGlu ZHVzdHJpZX MsIGluY2x1 ZGluZyB0ZW Nobm9sb2d5 LCBmaW5hbm NpYWwgc2Vy dmljZXMsIG hlYWx0aGNh cmUsIGFuZC Bnb3Zlcm5t ZW50Ljxicj 4zLiBTdHJh dGVnaWMgQW NxdWlzaXRp b25zOiBEaW dpdGFsIFJl YWx0eSBUcn VzdCBoYXMg YSB0cmFjay ByZWNvcmQg b2Ygc3RyYX RlZ2ljIGFj cXVpc2l0aW 9ucyB0aGF0 IGhhdmUgaG VscGVkIHRo ZSBjb21wYW 55IGV4cGFu ZCBpdHMgcG 9ydGZvbGlv IGFuZCBnZW 9ncmFwaGlj IHJlYWNoLi BOb3RhYmxl IGFjcXVpc2 l0aW9ucyBp bmNsdWRlIE R1cG9udCBG YWJyb3MgVG VjaG5vbG9n eSwgVGVseC wgYW5kIElu dGVyeGlvbi wgdG8gbmFt ZSBhIGZldy 48YnI+NC4g U3Ryb25nIE ZpbmFuY2lh bCBQZXJmb3 JtYW5jZTog VGhlIGNvbX BhbnkgaGFz IGNvbnNpc3 RlbnRseSBk ZWxpdmVyZW Qgc3Ryb25n IGZpbmFuY2 lhbCBwZXJm b3JtYW5jZS BhbmQgaGFz IG1haW50YW luZWQgYSBz dHJvbmcgYm FsYW5jZSBz aGVldC4gVG hpcyBoYXMg YWxsb3dlZC BEaWdpdGFs IFJlYWx0eS BUcnVzdCB0 byBpbnZlc3 QgaW4gaXRz IGRhdGEgY2 VudGVyIHBv cnRmb2xpby BhbmQgZnVu ZCBleHBhbn Npb24gcHJv amVjdHMuPG JyPjUuIENv bW1pdG1lbn QgdG8gU3Vz dGFpbmFiaW xpdHk6IERp Z2l0YWwgUm VhbHR5IFRy dXN0IGlzIG NvbW1pdHRl ZCB0byBzdX N0YWluYWJp bGl0eSBhbm QgaGFzIHNl dCBhbWJpdG lvdXMgZW52 aXJvbm1lbn RhbCBnb2Fs cywgaW5jbH VkaW5nIHRh cmdldGluZy AxMDAlIHJl bmV3YWJsZS BlbmVyZ3kg dXNhZ2UgYn kgMjAzMC4g VGhlIGNvbX BhbnkgYWxz byBoYXMgTE VFRC1jZXJ0 aWZpZWQgZm FjaWxpdGll cyBhbmQgaW 1wbGVtZW50 cyBncmVlbi BidWlsZGlu ZyBwcmFjdG ljZXMgaW4g aXRzIGRhdG EgY2VudGVy cy48YnI+Ni 4gQ3VzdG9t ZXItQ2VudH JpYyBBcHBy b2FjaDogVG hlIGNvbXBh bnkgaGFzIG EgY3VzdG9t ZXItY2VudH JpYyBhcHBy b2FjaCBhbm QgaXMgZm9j dXNlZCBvbi Bwcm92aWRp bmcgdGhlIG Jlc3Qgc2Vy dmljZSBhbm QgZXhwZXJp ZW5jZSB0by BpdHMgY2xp ZW50cy4gSX Qgb2ZmZXJz IGEgcmFuZ2 Ugb2Ygc2Vy dmljZXMsIG luY2x1ZGlu ZyBjb2xvY2 F0aW9uLCBp bnRlcmNvbm 5lY3Rpb24s IGFuZCBjbG 91ZCBjb25u ZWN0aXZpdH ksIHRvIG1l ZXQgdGhlIG RpdmVyc2Ug bmVlZHMgb2 YgaXRzIGN1 c3RvbWVycy 48YnI+Ny4g U3Ryb25nIF BhcnRuZXJz aGlwczogRG lnaXRhbCBS ZWFsdHkgVH J1c3QgaGFz IHN0cm9uZy BwYXJ0bmVy c2hpcHMgd2 l0aCBtYWpv ciBjbG91ZC BhbmQgbmV0 d29yayBzZX J2aWNlIHBy b3ZpZGVycy wgd2hpY2gg ZW5hYmxlcy BpdCB0byBv ZmZlciBpdH MgY3VzdG9t ZXJzIGEgc2 VhbWxlc3Ms IGludGVncm F0ZWQgc29s dXRpb24gZm 9yIHRoZWly IGRhdGEgY2 VudGVyIG5l ZWRzLjxicj 44LiBDb250 aW51ZWQgR3 Jvd3RoOiBX aXRoIHRoZS BpbmNyZWFz aW5nIGRlbW FuZCBmb3Ig ZGF0YSBzdG 9yYWdlIGFu ZCBjb25uZW N0aXZpdHks IERpZ2l0YW wgUmVhbHR5 IFRydXN0IG lzIHdlbGwg cG9zaXRpb2 5lZCBmb3Ig Y29udGludW VkIGdyb3d0 aC4gVGhlIG NvbXBhbnkg aGFzIGEgdH JhY2sgcmVj b3JkIG9mIG RlbGl2ZXJp bmcgdmFsdW UgdG8gaXRz IHNoYXJlaG 9sZGVycyBh bmQgaXMgY2 9uc3RhbnRs eSBleHBhbm RpbmcgaXRz IHBvcnRmb2 xpbyB0byBt ZWV0IHRoZS Bldm9sdmlu ZyBuZWVkcy BvZiBpdHMg Y3VzdG9tZX JzLg==

RGlnaXRhbC BSZWFsdHkg VHJ1c3QgaX MgYSByZWFs IGVzdGF0ZS BpbnZlc3Rt ZW50IHRydX N0IChSRUlU KSB0aGF0IG 93bnMsIGRl dmVsb3BzLC BhbmQgb3Bl cmF0ZXMgZG F0YSBjZW50 ZXJzIGFyb3 VuZCB0aGUg d29ybGQuIE l0cyBidXNp bmVzcyBtb2 RlbCBpcyB0 byBhY3F1aX JlLCBkZXZl bG9wLCBhbm QgbWFuYWdl IHByb3Blcn RpZXMgdGhh dCBhcmUgZX NzZW50aWFs IHRvIHRoZS BvcGVyYXRp b25zIG9mIH RlY2hub2xv Z3kgY29tcG FuaWVzIGFu ZCBvdGhlci BidXNpbmVz c2VzLCBzdW NoIGFzIGZp bmFuY2lhbC BzZXJ2aWNl cywgaGVhbH RoY2FyZSwg YW5kIGUtY2 9tbWVyY2Uu IDxicj5UaG UgY29tcGFu eSdzIGRhdG EgY2VudGVy cyBhcmUgZG VzaWduZWQg dG8gcHJvdm lkZSBzZWN1 cmUgYW5kIH JlbGlhYmxl IGVudmlyb2 5tZW50cyBm b3IgY2xpZW 50cyB0byBo b3VzZSB0aG VpciBjcml0 aWNhbCBJVC BpbmZyYXN0 cnVjdHVyZS BhbmQgZGF0 YS4gVGhleS BvZmZlciBh IHJhbmdlIG 9mIGN1c3Rv bWl6YWJsZS Bzb2x1dGlv bnMsIGluY2 x1ZGluZyB3 aG9sZXNhbG UgZGF0YSBj ZW50ZXIgc3 BhY2UsIGNv bG9jYXRpb2 4gc2Vydmlj ZXMsIGFuZC Bjb25uZWN0 aXZpdHkgb3 B0aW9ucy48 YnI+RGlnaX RhbCBSZWFs dHkgVHJ1c3 QgZ2VuZXJh dGVzIHJldm VudWUgcHJp bWFyaWx5IH Rocm91Z2gg bGVhc2luZy BhbmQgb3Bl cmF0aW5nIG l0cyBkYXRh IGNlbnRlcn MuIFRoZSBj b21wYW55IG hhcyBhIGRp dmVyc2lmaW VkIHRlbmFu dCBiYXNlLC BpbmNsdWRp bmcgc29tZS BvZiB0aGUg d29ybGQncy BsYXJnZXN0 IHRlY2hub2 xvZ3kgYW5k IHRlbGVjb2 1tdW5pY2F0 aW9ucyBjb2 1wYW5pZXMs IGFzIHdlbG wgYXMgc21h bGxlciBidX NpbmVzc2Vz IGFuZCBnb3 Zlcm5tZW50 IGFnZW5jaW VzLiBJdCBh bHNvIG9mZm VycyB2YXJp b3VzIHZhbH VlLWFkZGVk IHNlcnZpY2 VzIHRvIGl0 cyBjbGllbn RzLCBzdWNo IGFzIHJlbW 90ZSBoYW5k cyBzdXBwb3 J0IGFuZCBk YXRhIGNlbn RlciBpbnRl cmNvbm5lY3 Rpb24uPGJy PkluIGFkZG l0aW9uLCBE aWdpdGFsIF JlYWx0eSBU cnVzdCBhY3 RpdmVseSBh Y3F1aXJlcy BhbmQgZGV2 ZWxvcHMgbm V3IHByb3Bl cnRpZXMgdG 8gZXhwYW5k IGl0cyBnbG 9iYWwgZGF0 YSBjZW50ZX IgcG9ydGZv bGlvLiBUaG UgY29tcGFu eSBhbHNvIG ZvY3VzZXMg b24gc3VzdG FpbmFibGUg YW5kIGVuZX JneS1lZmZp Y2llbnQgZG VzaWduIGFu ZCBvcGVyYX Rpb25zLCBw cm9tb3Rpbm cgZW52aXJv bm1lbnRhbG x5IHJlc3Bv bnNpYmxlIH ByYWN0aWNl cyB3aXRoaW 4gdGhlIHRl Y2hub2xvZ3 kgaW5kdXN0 cnku

AI could potentially impact Digital Realty Trust’s products, services, and competitive positioning in several ways, but the degree of threat may vary based on the specific context and how the company adapts to these changes.
1. Substitution: AI technologies may lead to the development of alternative data management solutions that can perform tasks traditionally handled by data centers. For example, edge computing and cloud computing solutions powered by AI could enable companies to process and store data more efficiently, potentially reducing the demand for traditional colocation services. However, the complexity of data management and compliance needs may continue to favor physical data center solutions for certain businesses.
2. Disintermediation: AI-driven automation could streamline data center operations, potentially allowing companies to manage their own data without relying on third-party providers like Digital Realty. However, many businesses lack the expertise and resources to build out their own infrastructure, which means that while disintermediation is a possibility, it may not completely eliminate demand for data center services.
3. Margin Pressure: As AI technologies lower operational costs and enhance efficiencies both for data centers and their customers, Digital Realty might face margin pressure. Clients could expect more competitive pricing and superior services, requiring Digital Realty to invest in new technologies and infrastructure to keep pace, thereby affecting profit margins.
In conclusion, while AI presents certain risks to Digital Realty Trust, the company’s ability to innovate and adapt to market changes will be crucial in mitigating these threats. The demand for reliable, secure, and compliant data services remains strong, which could help buffer the company against potential disruptions caused by AI.

Digital Realty Trust, as a real estate investment trust (REIT) specializing in data centers, can be significantly affected by changes in interest rates. Here is an analysis of how its earnings, cash flow, and valuation can be sensitive to these changes:
1. Earnings Sensitivity: Increased interest rates generally lead to higher borrowing costs for companies, which can impact Digital Realty’s earnings, especially if it relies on debt to finance acquisitions and developments. Higher rates can reduce net income if the cost of servicing debt rises, leading to lower earnings growth. Additionally, higher interest rates can slow down economic growth, which may reduce demand for data center services, thereby impacting revenue.
2. Cash Flow Sensitivity: Cash flow is crucial for REITs, including Digital Realty, as they must meet distribution requirements to maintain their tax-advantaged status. As interest rates rise, the cost of refinancing existing debt or obtaining new financing increases, which can compress cash flows. Furthermore, if interest rates rise significantly, there may be a decrease in demand for data center capacities, impacting the company’s rental income and overall cash flow.
3. Valuation Sensitivity: REIT valuations are often driven by dividend yields. As interest rates rise, fixed-income investments often become more attractive, leading to increased competition for capital. Higher interest rates can lead to a rise in the discount rate used in discounted cash flow models, which can decrease the net present value of future cash flows for Digital Realty. This may result in a decline in stock price as investors shift to other investment vehicles with more favorable risk-return profiles.
In summary, Digital Realty Trust’s earnings, cash flow, and valuation are generally sensitive to changes in interest rates, with potential impacts stemming from higher borrowing costs, shifts in demand for data center services, and changing investor sentiments toward REITs compared to fixed-income alternatives.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BEaWdpdGFs IFJlYWx0eS BUcnVzdOKA mXMgZWNvbm 9taWNzIG92 ZXIgdGhlIG 5leHQgMy01 IHllYXJzIG lzIGEgc2ln bmlmaWNhbn QgYW5kIHBy b2xvbmdlZC Bkb3dudHVy biBpbiB0aG UgZGVtYW5k IGZvciBkYX RhIGNlbnRl ciBzZXJ2aW NlcyBkdWUg dG8gYWR2YW 5jZW1lbnRz IGluIGRlY2 VudHJhbGl6 ZWQgY29tcH V0aW5nIHRl Y2hub2xvZ2 llcywgc3Vj aCBhcyBibG 9ja2NoYWlu IGFuZCBlZG dlIGNvbXB1 dGluZy4gSW YgbWFqb3Ig Y29ycG9yYX Rpb25zIGFu ZCBlbnRlcn ByaXNlcyBi ZWdpbiBtaW dyYXRpbmcg dGhlaXIgb3 BlcmF0aW9u cyBhd2F5IG Zyb20gdHJh ZGl0aW9uYW wgZGF0YSBj ZW50ZXJzIH Rvd2FyZHMg ZGVjZW50cm FsaXplZCBz b2x1dGlvbn MsIERpZ2l0 YWwgUmVhbH R5IGNvdWxk IHNlZSBhIH N1YnN0YW50 aWFsIHJlZH VjdGlvbiBp biBpdHMgY2 xpZW50IGJh c2UgYW5kIH JldmVudWUg c3RyZWFtcy 48YnI+SW4g dGhpcyBzY2 VuYXJpbywg c2V2ZXJhbC Bjcml0aWNh bCBpbXBhY3 RzIGNvdWxk IG9jY3VyOj xicj4xLiA8 c3Ryb25nPl JldmVudWUg RGVjbGluZT wvc3Ryb25n PjogQXMgY2 xpZW50cyBz aGlmdCB0by BkZWNlbnRy YWxpemVkIG luZnJhc3Ry dWN0dXJlLC BEaWdpdGFs IFJlYWx0eS B3b3VsZCBm YWNlIGRpbW luaXNoZWQg ZGVtYW5kIG ZvciBpdHMg ZGF0YSBjZW 50ZXIgc3Bh Y2UuIFRoaX MgZGVjbGlu ZSBjb3VsZC BsZWFkIHRv IHJlZHVjZW QgcmVudGFs IGluY29tZS BhbmQgbG93 ZXIgb2NjdX BhbmN5IHJh dGVzLiBUaG UgbG9zcyBv ZiBtYWpvci BjbGllbnRz IGNvdWxkIG V4YWNlcmJh dGUgdGhlIG ZpbmFuY2lh bCBpbXBhY3 QsIHJlc3Vs dGluZyBpbi BhIHNpZ25p ZmljYW50IG Ryb3AgaW4g cmV2ZW51ZS 48YnI+Mi4g PHN0cm9uZz 5NYXJnaW4g Q29tcHJlc3 Npb248L3N0 cm9uZz46IF dpdGggbG93 ZXIgZGVtYW 5kLCBEaWdp dGFsIFJlYW x0eSBtaWdo dCBiZSBmb3 JjZWQgdG8g cmVkdWNlIG l0cyByZW50 YWwgcHJpY2 VzIHRvIHJl dGFpbiB0ZW 5hbnRzIGFu ZCBmaWxsIH ZhY2FudCBz cGFjZSwgbG VhZGluZyB0 byBkZWNyZW FzZWQgbWFy Z2lucy4gQW RkaXRpb25h bGx5LCBjb2 1wZXRpdGl2 ZSBwcmljaW 5nIHByZXNz dXJlcyBhbm QgcG90ZW50 aWFsIGluY3 JlYXNlcyBp biBvcGVyYX Rpb25hbCBj b3N0c+KAlG R1ZSB0byBt YWludGVuYW 5jZSBvZiB1 bmRlcnV0aW xpemVkIGZh Y2lsaXRpZX PigJR3b3Vs ZCBmdXJ0aG VyIGNvbXBy ZXNzIG1hcm dpbnMuPGJy PjMuIDxzdH Jvbmc+Q2Fz aCBGbG93IE NoYWxsZW5n ZXM8L3N0cm 9uZz46IERl Y3JlYXNlZC ByZXZlbnVl IGNvdXBsZW Qgd2l0aCBw b3RlbnRpYW xseSByaXNp bmcgb3Blcm F0aW9uYWwg ZXhwZW5zZX Mgd291bGQg bGVhZCB0by Bsb3dlciBj YXNoIGZsb3 dzLiBJZiB0 aGUgY29tcG FueSBpcyB1 bmFibGUgdG 8gbWFpbnRh aW4gcG9zaX RpdmUgY2Fz aCBmbG93IG Zyb20gb3Bl cmF0aW9ucy wgaXQgbWln aHQgYmUgY2 9tcGVsbGVk IHRvIGRpcC BpbnRvIGV4 aXN0aW5nIG Nhc2ggcmVz ZXJ2ZXMgb3 IgdGFrZSBv biBhZGRpdG lvbmFsIGRl YnQgdG8gbW FuYWdlIGl0 cyBvYmxpZ2 F0aW9ucy48 YnI+NC4gPH N0cm9uZz5C YWxhbmNlIF NoZWV0IFdl YWtuZXNzPC 9zdHJvbmc+ OiBBIHByb2 xvbmdlZCBk b3dudHVybi Bjb3VsZCBu ZWdhdGl2ZW x5IGFmZmVj dCBEaWdpdG FsIFJlYWx0 eeKAmXMgYm FsYW5jZSBz aGVldC4gV2 l0aCBkZWNs aW5pbmcgcm V2ZW51ZXMg YW5kIGNhc2 ggZmxvd3Ms IHRoZSBjb2 1wYW55IHdv dWxkIGhhdm UgbGVzcyBj YXBhY2l0eS B0byBzZXJ2 aWNlIGl0cy BleGlzdGlu ZyBkZWJ0LC Bwb3RlbnRp YWxseSBsZW FkaW5nIHRv IGNyZWRpdC Bkb3duZ3Jh ZGVzIGFuZC BoaWdoZXIg Ym9ycm93aW 5nIGNvc3Rz LiBJZiB0aG UgZWNvbm9t aWMgZW52aX Jvbm1lbnQg d29yc2Vucy wgdGhpcyBj b3VsZCByZX N1bHQgaW4g aW5jcmVhc2 VkIGZpbmFu Y2lhbCBzdH JhaW4sIG5l Y2Vzc2l0YX RpbmcgYXNz ZXQgc2FsZX MgdG8gbWFp bnRhaW4gbG lxdWlkaXR5 Ljxicj41Li A8c3Ryb25n PkxvbmctdG VybSBJbnZl c3RtZW50cz wvc3Ryb25n PjogRnV0dX JlIGludmVz dG1lbnRzIG luIGluZnJh c3RydWN0dX JlIGFuZCB0 ZWNobm9sb2 d5IG1pZ2h0 IGJlIGN1cn RhaWxlZCBh cyBhIHJlc3 VsdCBvZiBs b3dlciBwcm 9maXRzIGFu ZCBjYXNoIH Jlc2VydmVz LCBoaW5kZX JpbmcgRGln aXRhbCBSZW FsdHnigJlz IGFiaWxpdH kgdG8gaW5u b3ZhdGUgb3 IgbW9kZXJu aXplIGl0cy BvZmZlcmlu Z3MuIFRoaX Mgd291bGQg dHJhcCB0aG UgY29tcGFu eSBpbiBhIG N5Y2xlIG9m IGRlY2xpbm luZyByZWxl dmFuY2UgaW 4gYW4gZXZv bHZpbmcgbW Fya2V0Ljxi cj5JbiBzdW 1tYXJ5LCBp ZiBhIHNpZ2 5pZmljYW50 IHNoaWZ0IH RvIGRlY2Vu dHJhbGl6ZW QgY29tcHV0 aW5nIG9jY3 VycyBhbmQg RGlnaXRhbC BSZWFsdHkg VHJ1c3QgZm FpbHMgdG8g YWRhcHQsIG l0IGNvdWxk IGZhY2UgZG V0ZXJpb3Jh dGluZyBtYX JnaW5zLCBj b25zdHJhaW 5lZCBjYXNo IGZsb3csIG FuZCBjaGFs bGVuZ2VzIG 9uIGl0cyBi YWxhbmNlIH NoZWV0IGR1 ZSB0byBmYW xsaW5nIHJl dmVudWVzIG FuZCBwb3Rl bnRpYWwgZG VidCBpc3N1 ZXMsIGxlYW RpbmcgdG8g YSBwb3Rlbn RpYWxseSBw ZXJtYW5lbn QgaW1wYWly bWVudCBvZi BpdHMgZWNv bm9taWNzLj xicj4=

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 bG9nb3MvMV NmZ3JhcHc3 UjVpNmpGUm l0SGEud2Vi cCIgYWx0PS JEaWdpdGFs IFJlYWx0eS BUcnVzdCIg dGl0bGU9Ik RpZ2l0YWwg UmVhbHR5IF RydXN0IiAg Y2xhc3M9Im ltZy1mbHVp ZCIgaGVpZ2 h0PTUwIHdp ZHRoPTUwIG xvYWRpbmc9 J2xhenknIH N0eWxlPSdi b3JkZXItcm FkaXVzOiA2 cHg7Jz4KCi AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nZmxleDog MTsgdGV4dC 1hbGlnbjog Y2VudGVyOy BtYXJnaW4t bGVmdDogNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdmb250LX NpemU6IDI2 cHg7IGNvbG 9yOiAjMzMz OyBtYXJnaW 4tYm90dG9t OiAxNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Dwn5OIIFdh bnQgdG8gcm VhZCBtb3Jl IGFib3V0IE RpZ2l0YWwg UmVhbHR5IF RydXN0Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TmiBZb3Vy IGZyZWUgY2 9weSBvZiA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+IGlzIHdh aXRpbmcKIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1TNGdSR2 xuYVggUmhi Q0JTWldGcy BkSGtnVkhK MWMzIFFnYV hNZ1lTQnkg WldGc0lHVn pkRyBGMFpT QnBiblpsIG MzUnRaVzUw SUggUnlkWE 4wSUNoUyBS VWxVS1NCMG FHIEYwSUhC eWFXMWggY2 1sc2VTQm1i MiBOMWMyVn pJRzl1IElH OTNibWx1Wn kgd2dZV054 ZFdseSBhVz VuTENCa1pY IFpsYkc5d2 FXNW4gSUdG dVpDQnRZVy A1aFoybHVa eUJrIFlYUm hJR05sYm4g Umxjbk1nWV c1ayBJRzkw YUdWeUlHIF JwWjJsMFlX d2cgYVc1bW NtRnpkSCBK MVkzUjFjbV VnIFlYTnpa WFJ6TGogeG ljajR5TGlC VSBhR1VnWT I5dGNHIEZ1 ZVNCM1lYTW cgWm05MWJt UmxaQyBCcG JpQXlNREEw IElHRnVaQ0 JwY3kgQm9a V0ZrY1hWaC BjblJsY21W a0lHIGx1SU ZOaGJpQkcg Y21GdVkybH pZMiA4c0lF TmhiR2xtIG IzSnVhV0V1 SUUgbDBJR2 x6SUc5dSBa U0J2WmlCMG FHIFVnYkdG eVoyVnogZE NCa1lYUmhJ RyBObGJuUm xjaUJTIFJV bFVjeUJwYm kgQjBhR1Vn ZDI5eSBiR1 F1UEdKeVBq IE11SUVScF oybDAgWVd3 Z1VtVmhiSC BSNUlGUnlk WE4wIElHOX daWEpoZEcg VnpJR2x1SU RJdyBJR052 ZFc1MGNtIG xsY3lCaGJt UWcgYUdGek lHRWdjSCBK bGMyVnVZMl VnIGFXNGdi M1psY2kgQT FNQ0JuYkc5 aSBZV3dnYl dGeWEyIFYw Y3k0OFluSS sgTkM0Z1FY TWdiMiBZZ0 1qQXlNU3dn IGRHaGxJR0 52YlggQmhi bmtnYjNkdS BjeUJoYm1R Z2IzIEJsY2 1GMFpYTWcg YjNabGNpQX lPRCBBZ1pH RjBZU0JqIF pXNTBaWEp6 TEMgQmxibU 52YlhCaCBj M05wYm1jZ1 lYIEJ3Y205 NGFXMWggZE dWc2VTQTBP UyBCdGFXeH NhVzl1IElI TnhkV0Z5Wl MgQm1aV1Yw SUc5bSBJSE 53WVdObExq IHhpY2o0MU xpQkUgYVdk cGRHRnNJRi BKbFlXeDBl U0JVIGNuVn pkT0tBbVgg TWdZM1Z6ZE c5dCBaWEp6 SUdsdVkyIH gxWkdVZ2JX RnUgZVNCM1 pXeHNMVyB0 dWIzZHVJSF JsIFkyaHVi Mnh2WjMga2 dZMjl0Y0dG dSBhV1Z6SU hOMVkyIGdn WVhNZ1FXMW ggZW05dUxD QkhiMiA5bm JHVXNJRWxD IFRTd2dUV2 xqY20gOXpi MlowTENCaC BibVFnVDNK aFkyIHhsTG p4aWNqNDIg TGlCVWFHVW dZMiA5dGNH RnVlU0JvIF lYTWdZU0J6 ZEggSnZibW NnWm05aiBk WE1nYjI0Z2 MzIFZ6ZEdG cGJtRmkgYV d4cGRIa2dZ VyA1a0lHaG hjeUJwIGJY QnNaVzFsYm 4gUmxaQ0J1 ZFcxbCBjbT kxY3lCdFpX IEZ6ZFhKbG N5QjAgYnlC eVpXUjFZMi BVZ2FYUnpJ R1Z1IGRtbH liMjV0Wlcg NTBZV3dnYV cxdyBZV04w TENCemRXIE 5vSUdGeklI VnogYVc1bk lISmxibSBW M1lXSnNaU0 JsIGJtVnla M2tnYzIgOT FjbU5sY3lC aCBibVFnYV cxd2JHIFZ0 Wlc1MGFXNW 4gSUdWdVpY Sm5lUyAxbF ptWnBZMmxs IGJuUWdaR1 Z6YVcgZHVj eUJwYmlCcC BkSE1nWkdG MFlTIEJqWl c1MFpYSnog TGp4aWNqND NMaSBCSmJp QmhaR1JwIG RHbHZiaUIw YnkgQmtZWF JoSUdObCBi blJsY25Nc0 lFIFJwWjJs MFlXd2cgVW 1WaGJIUjVJ RiBSeWRYTj BJR0ZzIGMy OGdiMlptWl ggSnpJR052 Ykc5aiBZWF JwYjI0Z2My IFZ5ZG1sal pYTXMgSUds dWRHVnlZMi A5dWJtVmpk R2x2IGJpQn paWEoyYVcg TmxjeXdnWV c1ayBJR05z YjNWa0lIIE 5sY25acFky VnogSUhSdk lHbDBjeSBC amRYTjBiMj FsIGNuTXVQ R0p5UGogZ3 VJRlJvWlNC aiBiMjF3WV c1NUlHIGho Y3lCaElHMW ggY210bGRD QmpZWCBCcG RHRnNhWHBo IGRHbHZiaU J2WmkgQnZk bVZ5SUNRMC BNQ0JpYVd4 c2FXIDl1SU dGdVpDQnAg Y3lCMGNtRm taVyBRZ2Iy NGdkR2hsIE lFNWxkeUJa YjMgSnJJRk 4wYjJOciBJ RVY0WTJoaG JtIGRsSUhW dVpHVnkgSU hSb1pTQjBh VyBOclpYSW djM2x0IFlt OXNJRVJNVW kgNDhZbkkr T1M0ZyBSR2 xuYVhSaGJD IEJTWldGc2 RIa2cgVkhK MWMzUWdhRy BGeklHSmxa VzRnIGNtVm piMmR1YVgg cGxaQ0JtYj NJZyBhWFJ6 SUdOdmJXID FwZEcxbGJu UWcgZEc4Z1 pHbDJaWCBK emFYUjVJR0 Z1IFpDQnBi bU5zZFggTn BiMjRzSUhK bCBZMlZwZG 1sdVp5IEJo SUhCbGNtWm wgWTNRZ2My TnZjbSBVZ2 IyNGdkR2hs IElFaDFiV0 Z1SUYgSnBa MmgwY3lCRC BZVzF3WVds bmJ1IEtBbV hNZ1EyOXkg Y0c5eVlYUm xJRSBWeGRX RnNhWFI1IE lFbHVaR1Y0 SUcgWnZjaU J6YVhnZyBZ Mjl1YzJWam RYIFJwZG1V Z2VXVmggY2 5NdVBHSnlQ aiBFd0xpQl VhR1VnIFky OXRjR0Z1ZV MgQm9ZWE1n WVd4eiBieU JpWldWdUlH IDVoYldWa0 lIUnYgSUVa dmNuUjFibS BYaWdKbHpJ R3hwIGMzUW diMllnVjIg OXliR1RpZ0 pseiBJRTF2 YzNRZ1FXIF J0YVhKbFpD QkQgYjIxd1 lXNXBaWCBN Z2FXNGdkR2 hsIElISmxZ V3dnWlggTj BZWFJsSUds dSBaSFZ6ZE hKNUlHIFp2 Y2lCelpYWm wgYmlCamIy NXpaVyBOMW RHbDJaU0I1 IFpXRnljeT Q9CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==