Swiss Prime Site

Live  

Swiss Prime Site is the largest publicly listed real estate company in Switzerland. It was founded in 1999 and is headquartered in Olten, Switzerland. The company specializes in the development, management, and acquisition of commercial, residential, and mixed-use real estate properties in Switzerland.
Swiss Prime Site operates through its three main business units: Real Estate, Wincasa, and Tertianum. The Real Estate business unit focuses on the development and management of commercial properties, including office buildings, shopping malls, and logistics centers. Wincasa is responsible for the management of residential and commercial properties, while Tertianum operates retirement and assisted living facilities.
As of 2020, Swiss Prime Site has a real estate portfolio worth CHF 12.4 billion and owns over 200 properties in prime locations across Switzerland. The company also has a market capitalization of approximately CHF 9.4 billion.
In addition to its core real estate business, Swiss Prime Site is also committed to sustainability and has implemented various initiatives to reduce its environmental impact. It has received several awards for its sustainable business practices and is listed in the Dow Jones Sustainability Index.
Swiss Prime Site is listed on the SIX Swiss Exchange and is included in the Swiss Market Index (SMI). The company also has a secondary listing on the Frankfurt Stock Exchange.

U3dpc3MgUH JpbWUgU2l0 ZSBpcyBhIG NvbXBhbnkg YmFzZWQgaW 4gU3dpdHpl cmxhbmQgdG hhdCBvd25z IGFuZCBtYW 5hZ2VzIHZh cmlvdXMgcH JvcGVydGll cywgbGlrZS BzaG9wcGlu ZyBjZW50ZX JzLCBvZmZp Y2VzLCBhbm QgYXBhcnRt ZW50cy4gVG hpbmsgb2Yg aXQgbGlrZS BhIGJpZyBs YW5kbG9yZC B0aGF0IHRh a2VzIGNhcm Ugb2YgYnVp bGRpbmdzIG FuZCByZW50 cyB0aGVtIG 91dCB0byBw ZW9wbGUgYW 5kIGJ1c2lu ZXNzZXMuPG JyPkhlcmXi gJlzIGhvdy BpdCBtYWtl cyBtb25leT ogV2hlbiBi dXNpbmVzc2 VzIHdhbnQg dG8gc2VsbC B0aGluZ3Ms IHRoZXkgb2 Z0ZW4gcmVu dCBzcGFjZS BpbiBzaG9w cGluZyBjZW 50ZXJzLiBX aGVuIHBlb3 BsZSBuZWVk IGEgcGxhY2 UgdG8gbGl2 ZSwgdGhleS ByZW50IGFw YXJ0bWVudH MuIFN3aXNz IFByaW1lIF NpdGUgY2hh cmdlcyB0aG VzZSBidXNp bmVzc2VzIG FuZCBwZW9w bGUgbW9uZX kgZXZlcnkg bW9udGggZm 9yIHVzaW5n IHRoZWlyIH Byb3BlcnRp ZXMuIFRoZX kgYWxzbyBt YWtlIG1vbm V5IGJ5IGJ1 eWluZyBhbm Qgc2VsbGlu ZyBidWlsZG luZ3Mgd2hl biB0aGUgcH JpY2VzIGdv IHVwLiA8Yn I+U3dpc3Mg UHJpbWUgU2 l0ZSBpcyBz dWNjZXNzZn VsIGZvciBh IGZldyByZW Fzb25zLiBG aXJzdCwgU3 dpdHplcmxh bmQgaXMgYS BuaWNlIHBs YWNlIHdpdG ggYSBzdHJv bmcgZWNvbm 9teSwgd2hp Y2ggbWVhbn MgbW9yZSBw ZW9wbGUgd2 FudCB0byBs aXZlIGFuZC B3b3JrIHRo ZXJlLiBUaG lzIGNyZWF0 ZXMgYSBzdG VhZHkgZGVt YW5kIGZvci BwbGFjZXMg dG8gcmVudC 4gU2Vjb25k LCB0aGUgY2 9tcGFueSBk b2VzIGEgZ2 9vZCBqb2Ig b2YgdGFraW 5nIGNhcmUg b2YgaXRzIH Byb3BlcnRp ZXMsIG1ha2 luZyB0aGVt IGF0dHJhY3 RpdmUgdG8g dGVuYW50cy 4gTGFzdGx5 LCB0aGV5IG hhdmUgZXhw ZXJpZW5jZW QgbWFuYWdl cnMgd2hvIG tub3cgaG93 IHRvIG1ha2 Ugc21hcnQg YnVzaW5lc3 MgZGVjaXNp b25zLjxicj 5Mb29raW5n IHRvIHRoZS BmdXR1cmUs IFN3aXNzIF ByaW1lIFNp dGUgaGFzIG EgZ29vZCBj aGFuY2Ugb2 Ygc3RheWlu ZyBzdWNjZX NzZnVsLiBB cyBjaXRpZX MgZ3JvdyBh bmQgbW9yZS BwZW9wbGUg bW92ZSB0by BTd2l0emVy bGFuZCwgdG hlcmUgd2ls bCBiZSBhIG 5lZWQgZm9y IG1vcmUgYn VpbGRpbmdz IGFuZCBzcG FjZXMgdG8g d29yayBhbm QgbGl2ZS4g UGx1cywgdG hlIGNvbXBh bnkgaXMgYW x3YXlzIGxv b2tpbmcgZm 9yIHdheXMg dG8gaW1wcm 92ZSBpdHMg cHJvcGVydG llcyBhbmQg ZmluZCBuZX cgb3Bwb3J0 dW5pdGllcy wgd2hpY2gg Y2FuIGhlbH AgaXQga2Vl cCBtYWtpbm cgbW9uZXku PGJyPg==

MS4gTGVhZG luZyBSZWFs IEVzdGF0ZS BDb21wYW55 OiBTd2lzcy BQcmltZSBT aXRlIGlzIH RoZSBsYXJn ZXN0IHB1Ym xpY2x5IHRy YWRlZCByZW FsIGVzdGF0 ZSBjb21wYW 55IGluIFN3 aXR6ZXJsYW 5kIGFuZCBp cyBvbmUgb2 YgdGhlIHRv cCByZWFsIG VzdGF0ZSBj b21wYW5pZX MgaW4gRXVy b3BlLjxicj 4yLiBEaXZl cnNlIFJlYW wgRXN0YXRl IFBvcnRmb2 xpbzogVGhl IGNvbXBhbn nigJlzIHJl YWwgZXN0YX RlIHBvcnRm b2xpbyBpcy BkaXZlcnNl LCBpbmNsdW RpbmcgY29t bWVyY2lhbC BhbmQgcmVz aWRlbnRpYW wgcHJvcGVy dGllcywgYX Mgd2VsbCBh cyBob3RlbH MsIGxvZ2lz dGljcywgYW 5kIGhlYWx0 aGNhcmUgZm FjaWxpdGll cy48YnI+My 4gU3Ryb25n IEZpbmFuY2 lhbCBQZXJm b3JtYW5jZT ogU3dpc3Mg UHJpbWUgU2 l0ZSBoYXMg YSBzb2xpZC BmaW5hbmNp YWwgcGVyZm 9ybWFuY2Us IHdpdGggYS BzdGFibGUg ZGl2aWRlbm QgcGF5b3V0 IGFuZCBhIG hlYWx0aHkg YmFsYW5jZS BzaGVldC48 YnI+NC4gRm 9jdXMgb24g U3VzdGFpbm FibGUgRGV2 ZWxvcG1lbn Q6IFRoZSBj b21wYW55IG lzIGNvbW1p dHRlZCB0by BzdXN0YWlu YWJsZSBkZX ZlbG9wbWVu dCBhbmQgaG FzIHNldCBh bWJpdGlvdX MgZW5lcmd5 IGFuZCBlbn Zpcm9ubWVu dGFsIGdvYW xzIGZvciBp dHMgcHJvcG VydGllcy48 YnI+NS4gSW 5ub3ZhdGl2 ZSBQcm9qZW N0czogU3dp c3MgUHJpbW UgU2l0ZSBp cyBrbm93bi Bmb3IgaXRz IGlubm92YX RpdmUgYW5k IHZpc2lvbm FyeSByZWFs IGVzdGF0ZS Bwcm9qZWN0 cywgc3VjaC BhcyBkZXZl bG9wbWVudC BvZiBzbWFy dCBidWlsZG luZ3MgYW5k IHN1c3RhaW 5hYmxlIG5l aWdoYm9yaG 9vZHMuPGJy PjYuIFN0cm F0ZWdpYyBM b2NhdGlvbj ogVGhlIGNv bXBhbnnigJ lzIHByb3Bl cnRpZXMgYX JlIGxvY2F0 ZWQgaW4gcH JpbWUgbG9j YXRpb25zLC BhZGRpbmcg bG9uZy10ZX JtIHZhbHVl IHRvIGl0cy ByZWFsIGVz dGF0ZSBwb3 J0Zm9saW8u PGJyPjcuIF N0cm9uZyBN YW5hZ2VtZW 50IFRlYW06 IFN3aXNzIF ByaW1lIFNp dGUgaXMgbG VkIGJ5IGV4 cGVyaWVuY2 VkIGFuZCBz a2lsbGVkIH Byb2Zlc3Np b25hbHMsIG JyaW5naW5n IHRvZ2V0aG VyIGV4cGVy dGlzZSBpbi B2YXJpb3Vz IGRvbWFpbn Mgb2YgdGhl IHJlYWwgZX N0YXRlIGlu ZHVzdHJ5Lj xicj44LiBD dXN0b21lci BGb2N1czog VGhlIGNvbX BhbnkgcHV0 cyBhIHN0cm 9uZyBlbXBo YXNpcyBvbi BjdXN0b21l ciBzYXRpc2 ZhY3Rpb24g YW5kIGNvbn RpbnVvdXNs eSBzdHJpdm VzIHRvIGlt cHJvdmUgdG hlIHF1YWxp dHkgb2YgaX RzIHByb3Bl cnRpZXMgYW 5kIHNlcnZp Y2VzLjxicj 45LiBDb3Jw b3JhdGUgU2 9jaWFsIFJl c3BvbnNpYm lsaXR5OiBT d2lzcyBQcm ltZSBTaXRl IGlzIGNvbW 1pdHRlZCB0 byBnaXZpbm cgYmFjayB0 byB0aGUgY2 9tbXVuaXRp ZXMgaW4gd2 hpY2ggaXQg b3BlcmF0ZX MsIHRocm91 Z2ggdmFyaW 91cyBzb2Np YWwgYW5kIG NoYXJpdGFi bGUgaW5pdG lhdGl2ZXMu PGJyPjEwLi BMb25nLVRl cm0gUGVyc3 BlY3RpdmU6 IFRoZSBjb2 1wYW55IHRh a2VzIGEgbG 9uZy10ZXJt IHBlcnNwZW N0aXZlIGlu IGl0cyBidX NpbmVzcyBz dHJhdGVneS wgYWltaW5n IGZvciBzdX N0YWluYWJs ZSBncm93dG ggYW5kIHZh bHVlIGNyZW F0aW9uIGZv ciBpdHMgc3 Rha2Vob2xk ZXJzLg==

U3dpc3MgUH JpbWUgU2l0 ZSBpcyBhIH JlYWwgZXN0 YXRlIGludm VzdG1lbnQg Y29tcGFueS B0aGF0IGZv Y3VzZXMgb2 4gZGV2ZWxv cGluZywgb3 duaW5nLCBh bmQgbWFuYW dpbmcgaGln aC1xdWFsaX R5IGNvbW1l cmNpYWwgYW 5kIHJlc2lk ZW50aWFsIH Byb3BlcnRp ZXMgaW4gU3 dpdHplcmxh bmQuIFRoZW lyIGJ1c2lu ZXNzIG1vZG VsIGlzIGJh c2VkIG9uIG FjcXVpcmlu ZywgbWFuYW dpbmcsIGFu ZCBsZXZlcm FnaW5nIHRo ZWlyIHJlYW wgZXN0YXRl IHBvcnRmb2 xpbyB0byBn ZW5lcmF0ZS BzdGVhZHkg YW5kIHN1c3 RhaW5hYmxl IGNhc2ggZm xvdyBhbmQg Y2FwaXRhbC BhcHByZWNp YXRpb24gZm 9yIHRoZWly IHNoYXJlaG 9sZGVycy4g VGhleSBhbH NvIG9mZmVy IHByb3Blcn R5IG1hbmFn ZW1lbnQsIG ZhY2lsaXR5 IG1hbmFnZW 1lbnQsIGFu ZCByZWFsIG VzdGF0ZSBz ZXJ2aWNlcy B0byB0aGVp ciB0ZW5hbn RzIGFuZCBw YXJ0bmVycy 4gQWRkaXRp b25hbGx5LC BTd2lzcyBQ cmltZSBTaX RlIHdvcmtz IHRvd2FyZH Mgc3VzdGFp bmFibGUgZG V2ZWxvcG1l bnQsIGVuZX JneSBlZmZp Y2llbmN5LC BhbmQgZWNv LWZyaWVuZG x5IHByYWN0 aWNlcyBpbi B0aGVpciBw cm9wZXJ0aW VzIHRvIGVu c3VyZSBsb2 5nLXRlcm0g dmFsdWUgY3 JlYXRpb24g YW5kIHBvc2 l0aXZlIGlt cGFjdCBvbi B0aGUgZW52 aXJvbm1lbn Qu

AI can potentially pose a material threat to Swiss Prime Site, a leading real estate company in Switzerland, in various ways:
1. Substitution: AI technologies can facilitate new ways of managing real estate, such as smart buildings equipped with IoT devices that optimize energy consumption and maintenance. Such innovations could reduce demand for traditional property management services that Swiss Prime Site offers, as automated systems may be able to perform much of the work with less human intervention.
2. Disintermediation: AI-driven platforms for buying, selling, and renting properties can streamline transactions, reducing the need for intermediaries like real estate agents or property managers. This could threaten Swiss Prime Site’s revenue from property management services and transactions, as consumers might prefer more efficient, AI-enhanced platforms.
3. Margin Pressure: AI can enhance operational efficiencies, leading to lower costs in property management and leasing. As competitors adopt AI technologies to improve their services or reduce costs, Swiss Prime Site may face pressure to lower prices or improve its offerings to maintain market share, potentially affecting profit margins.
Overall, while AI offers opportunities for enhanced efficiency and customer service, it also presents risks that Swiss Prime Site needs to consider in its strategic planning and operations. Embracing AI to improve services and stay ahead of competitors could be essential in mitigating these threats.

The sensitivity of Swiss Prime Site’s earnings, cash flow, and valuation to changes in interest rates can be significant due to the nature of its business in real estate investment and management.
1. Earnings Sensitivity: As a real estate company, Swiss Prime Site’s earnings can be influenced by interest rates through their effect on borrowing costs. Higher interest rates can increase financing costs for new developments or acquisitions, which may compress profit margins. Additionally, rising rates can lead to lower consumer spending and reduced demand for rental properties, potentially impacting occupancy rates and rental income.
2. Cash Flow Sensitivity: Changes in interest rates can significantly affect cash flow, primarily through adjustments in debt service costs. If Swiss Prime Site has fixed-rate debt, its cash flows may be less sensitive initially, but as existing debt matures and refinancing occurs at higher rates, cash flows would be adversely impacted over time. Conversely, lower rates can enhance cash flow by reducing interest payments and improving affordability for tenants, thereby boosting rental income.
3. Valuation Sensitivity: The valuation of Swiss Prime Site is often linked to its cash flows and capitalization rates, which are influenced by interest rates. As rates rise, the cost of capital increases, leading to higher capitalization rates and potentially lower property values. This could affect the company’s market capitalization and overall valuation metrics, such as price-to-earnings ratios. Conversely, lower interest rates generally lead to higher valuations as discounted cash flows increase.
Overall, the company’s financial health and market position are closely tied to fluctuations in interest rates, which can affect both short-term operational performance and long-term strategic planning.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BTd2lzcyBQ cmltZSBTaX Rl4oCZcyBl Y29ub21pY3 Mgb3ZlciB0 aGUgbmV4dC Az4oCTNSB5 ZWFycyBpcy BhIHNpZ25p ZmljYW50IG FuZCBwcm9s b25nZWQgZG 93bnR1cm4g aW4gdGhlIF N3aXNzIHJl YWwgZXN0YX RlIG1hcmtl dCBkdWUgdG 8gYSBjb21i aW5hdGlvbi BvZiBmYWN0 b3JzIHN1Y2 ggYXMgcmlz aW5nIGludG VyZXN0IHJh dGVzLCBkZW 1vZ3JhcGhp YyBzaGlmdH MsIGFuZCBh biBpbmNyZW FzZSBpbiBy ZW1vdGUgd2 9yayBsZWFk aW5nIHRvIH JlZHVjZWQg ZGVtYW5kIG ZvciBjb21t ZXJjaWFsIH JlYWwgZXN0 YXRlLjxicj 5JbiB0aGlz IHNjZW5hcm lvLCByaXNp bmcgaW50ZX Jlc3QgcmF0 ZXMgY291bG QgbGVhZCB0 byBoaWdoZX IgYm9ycm93 aW5nIGNvc3 RzIGZvciBT d2lzcyBQcm ltZSBTaXRl LCBtYWtpbm cgaXQgbW9y ZSBleHBlbn NpdmUgdG8g ZmluYW5jZS BpdHMgb3Bl cmF0aW9ucy BhbmQgZGV2 ZWxvcG1lbn QgcHJvamVj dHMuIFRoaX MgY291bGQg cmVzdWx0IG luIHRpZ2h0 ZXIgcHJvZm l0IG1hcmdp bnMsIGFzIG FueSBpbmNy ZWFzZXMgaW 4gZmluYW5j aW5nIGNvc3 RzIHdvdWxk IGxpa2VseS BiZSBwYXNz ZWQgb24gdG 8gdGVuYW50 cywgbWFraW 5nIHByb3Bl cnRpZXMgbG VzcyBhdHRy YWN0aXZlLi BBZGRpdGlv bmFsbHksIH dpdGggYSBw b3RlbnRpYW wgZGVtb2dy YXBoaWMgc2 hpZnQgdGhh dCBzZWVzIG EgeW91bmdl ciBnZW5lcm F0aW9uIGZh dm9yaW5nIH VyYmFuIGxp dmluZyBhbm QgcmVtb3Rl IHdvcmsgb3 B0aW9ucywg dGhlIGRlbW FuZCBmb3Ig dHJhZGl0aW 9uYWwgb2Zm aWNlIHNwYW NlcyBtYXkg ZGVjbGluZS 4gSWYgY29t bWVyY2lhbC Bwcm9wZXJ0 eSB2YWx1ZX MgZHJvcCBh cyBhIHJlc3 VsdCwgaXQg Y291bGQgc2 lnbmlmaWNh bnRseSBpbX BhY3QgU3dp c3MgUHJpbW UgU2l0ZeKA mXMgYXNzZX QgdmFsdWF0 aW9ucy48Yn I+Q2FzaCBm bG93IHdvdW xkIGJlIG5l Z2F0aXZlbH kgaW1wYWN0 ZWQgZHVlIH RvIGxvd2Vy IHJlbnRhbC BpbmNvbWUg ZnJvbSB2YW NhbnQgb3Ig dW5kZXJ1dG lsaXplZCBw cm9wZXJ0aW VzLiBBcyB0 ZW5hbnRzIH ZhY2F0ZSBv ciBuZWdvdG lhdGUgbG93 ZXIgcmVudH MgaW4gYSBz b2Z0IG1hcm tldCwgdGhl IGNvbXBhbn nigJlzIG92 ZXJhbGwgY2 FzaCBpbmZs b3dzIHdvdW xkIGJlIHJl ZHVjZWQuIE FkZGl0aW9u YWxseSwgaW Ygb25nb2lu ZyBtYWludG VuYW5jZSBh bmQgb3Blcm F0aW5nIGNv c3RzIHJlbW FpbiBzdGFi bGUgb3IgaW 5jcmVhc2Us IHRoZSBjb2 1wYW55IHdv dWxkIGZhY2 UgYSBncm93 aW5nIG1pc2 1hdGNoIGJl dHdlZW4gaW 5jb21lIGFu ZCBleHBlbn NlcywgZnVy dGhlciBzdH JhaW5pbmcg aXRzIGNhc2 ggZmxvdy48 YnI+QSBkb3 dudHVybiBs aWtlIHRoaX MgY291bGQg YWxzbyB3ZW FrZW4gU3dp c3MgUHJpbW UgU2l0ZeKA mXMgYmFsYW 5jZSBzaGVl dC4gV2l0aC Bwcm9wZXJ0 eSB2YWx1YX Rpb25zIGRl Y2xpbmluZy wgdGhlIGNv bXBhbnnigJ lzIGFzc2V0 cyB3b3VsZC BiZSBkZXZh bHVlZCwgcG 90ZW50aWFs bHkgbGVhZG luZyB0byBh IHNpdHVhdG lvbiB3aGVy ZSBsaWFiaW xpdGllcyBl eGNlZWQgYX NzZXRzLCB0 aGVyZWJ5IG ltcGFpcmlu ZyBlcXVpdH kuIElmIHRo ZSBjb21wYW 55IG5lZWRl ZCB0byByZW ZpbmFuY2Ug ZXhpc3Rpbm cgZGVidCBp biBhIHRpZ2 h0ZXIgY3Jl ZGl0IG1hcm tldCwgaXQg bWlnaHQgZW 5jb3VudGVy IHVuZmF2b3 JhYmxlIHRl cm1zLCBsZW FkaW5nIHRv IGluY3JlYX NlZCBsZXZl cmFnZSByYX Rpb3MuPGJy Pk92ZXJhbG wsIGlmIHRo aXMgc2Nlbm FyaW8gd2Vy ZSB0byBwbG F5IG91dCwg U3dpc3MgUH JpbWUgU2l0 ZSBtaWdodC BmaW5kIGl0 c2VsZiBpbi BhIHBvc2l0 aW9uIG9mIG NvbnN0cmFp bmVkIGZpbm FuY2lhbCBm bGV4aWJpbG l0eSwgY2hh cmFjdGVyaX plZCBieSBy ZWR1Y2VkIH Byb2ZpdCBt YXJnaW5zLC B3ZWFrZW5l ZCBjYXNoIG Zsb3csIGFu ZCBhIGNvbX Byb21pc2Vk IGJhbGFuY2 Ugc2hlZXQg dGhhdCB3b3 VsZCBoaW5k ZXIgZ3Jvd3 RoIGFuZCBp bnZlc3RtZW 50IGluIGl0 cyBwb3J0Zm 9saW8uPGJy Pg==

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 bG9nb3MvNl d2VFp6NUJn M1V6VmN2NW xZa1oud2Vi cCIgYWx0PS JTd2lzcyBQ cmltZSBTaX RlIiB0aXRs ZT0iU3dpc3 MgUHJpbWUg U2l0ZSIgIG NsYXNzPSJp bWctZmx1aW QiIGhlaWdo dD01MCB3aW R0aD01MCBs b2FkaW5nPS dsYXp5JyBz dHlsZT0nYm 9yZGVyLXJh ZGl1czogNn B4Oyc+Cgog ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J2ZsZXg6ID E7IHRleHQt YWxpZ246IG NlbnRlcjsg bWFyZ2luLW xlZnQ6IDVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 cCBzdHlsZT 0nZm9udC1z aXplOiAyNn B4OyBjb2xv cjogIzMzMz sgbWFyZ2lu LWJvdHRvbT ogMTVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TiCBXYW 50IHRvIHJl YWQgbW9yZS BhYm91dCBT d2lzcyBQcm ltZSBTaXRl 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 ICAgIExTQl RkMmx6Y3kg QlFjbWx0Wl NCVCBhWFJs SUdseklIIF JvWlNCc1lY Sm4gWlhOME lISmxZVyB3 Z1pYTjBZWF JsIElHTnZi WEJoYm4ga2 dhVzRnVTNk cCBkSHBsY2 14aGJtIFF1 UEdKeVBpMG cgVkdobElH TnZiWCBCaG Jua2dkMkZ6 IElHWnZkVz VrWlcgUWdh VzRnTVRrNS BPU0JoY3lC aElIIE53YV c0dGIyWm0g SUdaeWIyMG dRMyBKbFpH bDBJRk4xIG FYTnpaU0Jo Ym0gUWdkMk Z6SUd4cCBj M1JsWkNCdm JpIEIwYUdV Z1UzZHAgYz NNZ2MzUnZZ MiBzZ1pYaG phR0Z1IFoy VWdhVzRnTW ogQXdNQzQ4 WW5JKyBMU0 JUZDJsemN5 IEJRY21sdF pTQlQgYVhS bElITndaVy BOcFlXeHBl bVZ6IElHbH VJSFJvWlMg QmtaWFpsYk c5dyBiV1Z1 ZEN3Z2FXID UyWlhOMGJX VnUgZEN3Z1 lXNWtJRyAx aGJtRm5aVz FsIGJuUWdi MllnWTIgOX RiV1Z5WTJs aCBiQ0JoYm 1RZ2NtIFZ6 YVdSbGJuUn AgWVd3Z2NI SnZjRyBWeW RHbGxjeTQ4 IFluSStMU0 JVYUcgVWdZ Mjl0Y0dGdS BlZUtBbVhN Z2FHIFZoWk hGMVlYSjAg WlhKeklHRn laUyBCc2Iy TmhkR1ZrIE lHbHVJRTlz ZEcgVnVMQ0 JUZDJsMCBl bVZ5YkdGdV pDIDQ4WW5J K0xTQkIgY3 lCdlppQXlN RCBJeExDQl RkMmx6IGN5 QlFjbWx0Wl MgQlRhWFJs SUc5MyBibk 1nYjNabGNp IEF4T1RBZ2 NISnYgY0dW eWRHbGxjeS BCM2FYUm9J R0VnIGRHOT BZV3dnY0cg OXlkR1p2Yk dsdiBJSFpo YkhWbElHID ltSUVOSVJp QXggTVM0Mk lHSnBiRyB4 cGIyNHVQR0 p5IFBpMGdU MjVsSUcgOW 1JSFJvWlNC aiBiMjF3WV c1NTRvIENa Y3lCdGIzTj AgSUdsamIy NXBZeSBCd2 NtOXdaWEow IGFXVnpJR2 x6SUggUm9a U0JRY21sdC BaU0JVYjNk bGNpIEJwYm lCYWRYSnAg WTJnc0lIZG 9hVyBOb0lH bHpJSFJvIF pTQjBZV3hz WlggTjBJR0 oxYVd4ayBh VzVuSUdsdU lGIE4zYVhS NlpYSnMgWV c1a0xqeGlj aiA0dElGTj NhWE56IElG QnlhVzFsSU YgTnBkR1Vn YVhNZyBZMj l0YldsMGRH IFZrSUhSdk lITjEgYzNS aGFXNWhZbS Bsc2FYUjVJ R0Z1IFpDQm 9ZWE1nYzIg VjBJR0Z0WW 1sMCBhVzkx Y3lCMFlYIE puWlhSeklI UnYgSUhKbF pIVmpaUyBC cGRITWdZMk Z5IFltOXVJ R1Z0YVggTn phVzl1Y3lC aCBibVFnYV c1amNtIFZo YzJVZ2RHaG wgSUhWelpT QnZaaSBCeV pXNWxkMkZp IGJHVWdaVz VsY20gZDVM anhpY2o0dC BJRlJvWlNC amIyIDF3WV c1NUlHaGgg Y3lCeVpXTm xhWCBabFpD QnVkVzFsIG NtOTFjeUJo ZDIgRnlaSE 1nWm05eSBJ R2wwY3lCem RYIE4wWVds dVlXSnMgWl NCeVpXRnNJ RyBWemRHRj BaU0JrIFpY WmxiRzl3Yl cgVnVkSE1z SUdsdSBZMn gxWkdsdVp5 IEIwYUdVZ1 YyOXkgYkdR Z1IzSmxaVy A0Z1FuVnBi R1JwIGJtY2 dRMjkxYm0g TnBiT0tBbV hNZyBUR1Zo WkdWeWMyIG hwY0NCcGJp QkggY21WbG JpQkNkVyBs c1pHbHVaeU JCIGQyRnla QzQ4WW4gSS tMU0JUZDJs eiBjeUJRY2 1sdFpTIEJU YVhSbElHbH ogSUdGc2My OGdZVyBOMG FYWmxJR2x1 IElIUm9aU0 JtYVcgVnNa Q0J2WmlCMS BjbUpoYmlC a1pYIFpsYk c5d2JXVnUg ZENCaGJtUW dhRyBGeklH eGhkVzVqIG FHVmtJSE5s ZG0gVnlZV3 dnY0hKdiBh bVZqZEhNZ1 lXIGx0WldR Z1lYUWcgY2 1WMmFYUmhi RyBsNmFXNW 5JR0Z1IFpD QjBjbUZ1Yz IgWnZjbTFw Ym1jZyBkWE ppWVc0Z1lY IEpsWVhNdV BHSnkgUGkw Z1ZHaGxJRy BOdmJYQmhi bm5pIGdKbH pJSE4wYjIg TnJJR2x6SU dsdSBZMngx WkdWa0lHIG x1SUhSb1pT QlQgZDJsem N5Qk5ZWCBK clpYUWdTVz VrIFpYZ3NJ SGRvYVcgTm 9JR052YlhC eSBhWE5sY3 lCMGFHIFVn TWpBZ2JHRn kgWjJWemRD QmhibSBRZ2 JXOXpkQ0Jz IGFYRjFhV1 FnYzMgUnZZ MnR6SUd4cC BjM1JsWkNC dmJpIEIwYU dVZ1UzZHAg YzNNZ2MzUn ZZMiBzZ1pY aGphR0Z1IF oyVXUKICAg ICAgICA8L3 NwYW4+CiAg ICAgICAgCi AgICAgICAg