Retail Estates

Live  

Retail Estates is a European real estate investment trust (REIT) that specializes in retail properties. The company was founded in 1998 and is headquartered in Luxembourg. It primarily operates in Belgium, France, and the Netherlands.
Retail Estates invests in retail properties located in suburban areas, with a focus on local neighborhoods and convenience shopping centers. These properties typically include grocery stores, drugstores, and other daily needs retailers.
The company’s portfolio comprises more than 1,000 properties with a total surface area of over 2.2 million square meters. Retail Estates’ properties are primarily rented to local and international retail chains on long-term leases.
Retail Estates is listed on various stock exchanges including Euronext Brussels, Euronext Amsterdam, and Euronext Paris. The company is also a member of the FTSE EPRA/NAREIT Developed Index.
Retail Estates’ mission is to provide stable and sustainable returns to its shareholders through a disciplined and long-term approach to property investment and management. The company’s core values include transparency, integrity, and sustainability.
Retail Estates’ management team is responsible for the overall strategy and day-to-day operations of the company. The board of directors, which is composed of independent directors, oversees the management and provides guidance on strategic decisions.
The company’s sustainability efforts are focused on reducing its environmental impact, promoting ethical business practices, and supporting local communities. Retail Estates has been recognized for its sustainability efforts with various certifications and awards.
In 2020, Retail Estates announced that it would merge with its affiliate, Belgium’s largest REIT, WDP. The merger is expected to create a leading real estate player in Europe with a combined portfolio value of over €8 billion.

UmV0YWlsIE VzdGF0ZXMg aXMgYSBjb2 1wYW55IHRo YXQgb3ducy BhbmQgbWFu YWdlcyBzaG 9wcGluZyBw cm9wZXJ0aW VzLCBsaWtl IG1hbGxzIG FuZCBzdG9y ZXMuIFRoaW 5rIG9mIHRo ZW0gbGlrZS BhIGJpZyBs YW5kbG9yZC Bmb3Igc2hv cHBpbmcgcG xhY2VzLiBU aGV5IGJ1eS BiaWcgYnVp bGRpbmdzIH doZXJlIGRp ZmZlcmVudC BzaG9wcyBj YW4gYmUsIG FuZCB0aGVu IHRoZXkgcm VudCBvdXQg c3BhY2UgaW 4gdGhvc2Ug YnVpbGRpbm dzIHRvIHZh cmlvdXMgc3 RvcmVzLjxi cj5Ob3csIG hlcmXigJlz IGhvdyB0aG V5IG1ha2Ug dGhlaXIgbW 9uZXk6IFdo ZW4gdGhleS ByZW50IHNw YWNlIHRvIH RoZXNlIHN0 b3JlcywgdG hvc2Ugc3Rv cmVzIHBheS B0aGVtIG1v bmV5IGV2ZX J5IG1vbnRo LiBUaGlzIG lzIGNhbGxl ZCByZW50Li BUaGUgbW9y ZSBwb3B1bG FyIHRoZSBz dG9yZXMgYX JlLCB0aGUg bW9yZSByZW 50IHRoZXkg Y2FuIGNoYX JnZSwgYW5k IHRoZSBtb3 JlIG1vbmV5 IHRoZXkgY2 FuIG1ha2Uu IFNvbWV0aW 1lcywgdGhl eSBhbHNvIG Vhcm4gbW9u ZXkgYnkgc2 VsbGluZyB0 aGluZ3MgbG lrZSBhZHZl cnRpc2luZy BzcGFjZXMg aW4gdGhlIH Nob3BwaW5n IHBsYWNlcy 48YnI+UmV0 YWlsIEVzdG F0ZXMgaXMg c3VjY2Vzc2 Z1bCBmb3Ig YSBmZXcgcm Vhc29ucy4g Rmlyc3QsIH RoZXJlIHdp bGwgYWx3YX lzIGJlIHBl b3BsZSB3aG 8gd2FudCB0 byBzaG9wLC BhbmQgYXMg bG9uZyBhcy B0aGV5IG93 biBwbGFjZX Mgd2hlcmUg cGVvcGxlIG xpa2UgdG8g Z28sIHRoZX kgY2FuIGtl ZXAgZWFybm luZyBtb25l eS4gU2Vjb2 5kLCB0aGV5 IGZpbmQgZ2 9vZCBsb2Nh dGlvbnMgZm 9yIHRoZWly IHByb3Blcn RpZXMsIHdo aWNoIGF0dH JhY3RzIHBv cHVsYXIgc3 RvcmVzIGFu ZCBsb3RzIG 9mIGN1c3Rv bWVycy4gPG JyPkxvb2tp bmcgaW50by B0aGUgZnV0 dXJlLCBldm VuIHRob3Vn aCBzaG9wcG luZyBoYWJp dHMgY2FuIG NoYW5nZSAo bGlrZSBtb3 JlIHBlb3Bs ZSBzaG9wcG luZyBvbmxp bmUpLCBSZX RhaWwgRXN0 YXRlcyBpcy B1c2luZyBz bWFydCBpZG VhcyB0byBh ZGFwdC4gVG hleeKAmXJl IGZpbmRpbm cgd2F5cyB0 byBtYWtlIH RoZWlyIHNo b3BwaW5nIG NlbnRlcnMg ZXhjaXRpbm cgcGxhY2Vz IHRvIGJlLC Bub3QganVz dCBmb3Igc2 hvcHBpbmcg YnV0IGFsc2 8gZm9yIGVu dGVydGFpbm 1lbnQgYW5k IGZvb2QuIF RoaXMgd2F5 LCB0aGV5IG NhbiBrZWVw IGF0dHJhY3 Rpbmcgdmlz aXRvcnMsIH doaWNoIGhl bHBzIHRoZW lyIGJ1c2lu ZXNzIHN0YX kgc3Ryb25n IGFuZCBzdW NjZXNzZnVs IG92ZXIgdG hlIHllYXJz Ljxicj4=

U29tZSBwb3 NzaWJsZSBh bnN3ZXJzIG NvdWxkIGlu Y2x1ZGU6PG JyPi0gUmV0 YWlsIEVzdG F0ZXMgcHJp bWFyaWx5IG ZvY3VzZXMg b24gaW52ZX N0aW5nIGlu IGFuZCBtYW 5hZ2luZyBj b21tZXJjaW FsIHJlYWwg ZXN0YXRlIH Byb3BlcnRp ZXMsIHNwZW NpZmljYWxs eSBpbiB0aG UgcmV0YWls IHNlY3Rvci 48YnI+LSBU aGUgY29tcG FueSBoYXMg YSBkaXZlcn NlIHBvcnRm b2xpbyBvZi BvdmVyIDc3 MCBwcm9wZX J0aWVzLCBw cmltYXJpbH kgbG9jYXRl ZCBpbiBCZW xnaXVtIGFu ZCB0aGUgTm V0aGVybGFu ZHMuPGJyPi 0gUmV0YWls IEVzdGF0ZX MgaGFzIGEg c3VjY2Vzc2 Z1bCB0cmFj ayByZWNvcm Qgb2YgY29u c2lzdGVudG x5IGRlbGl2 ZXJpbmcgc3 Ryb25nIGZp bmFuY2lhbC ByZXN1bHRz IGFuZCBkaX ZpZGVuZHMg dG8gaXRzIH NoYXJlaG9s ZGVycy48Yn I+LSBUaGUg Y29tcGFueS BpcyBjaGFy YWN0ZXJpem VkIGJ5IGEg ZGVjZW50cm FsaXplZCBv cmdhbml6YX Rpb25hbCBz dHJ1Y3R1cm UsIHdpdGgg YSBmb2N1cy BvbiBsb2Nh bCBrbm93bG VkZ2UgYW5k IGV4cGVydG lzZSBpbiBl YWNoIG9mIG l0cyBwcm9w ZXJ0eSBtYX JrZXRzLjxi cj4tIFJldG FpbCBFc3Rh dGVzIGhhcy BhIHN1c3Rh aW5hYmxlIG FuZCBzb2Np YWxseSByZX Nwb25zaWJs ZSBhcHByb2 FjaCB0byBw cm9wZXJ0eS BtYW5hZ2Vt ZW50LCB3aX RoIGEgZm9j dXMgb24gZW 5lcmd5IGVm ZmljaWVuY3 kgYW5kIGNv bW11bml0eS BlbmdhZ2Vt ZW50Ljxicj 4tIFRoZSBj b21wYW55IG hhcyBhIGxv bmctdGVybS B2aXNpb24g YW5kIGEgY2 9uc2VydmF0 aXZlIGludm VzdG1lbnQg c3RyYXRlZ3 ksIGxlYWRp bmcgdG8gbG 9uZy10ZXJt IHJlbGF0aW 9uc2hpcHMg d2l0aCBpdH MgdGVuYW50 cyBhbmQgc3 RhYmxlIHJl dHVybnMgZm 9yIGludmVz dG9ycy4=

UmV0YWlsIE VzdGF0ZXMg aXMgYSByZW FsIGVzdGF0 ZSBpbnZlc3 RtZW50IHRy dXN0IChSRU lUKSB0aGF0 IHNwZWNpYW xpemVzIGlu IGFjcXVpcm luZywgZGV2 ZWxvcGluZy wgYW5kIG1h bmFnaW5nIH JldGFpbCBw cm9wZXJ0aW VzIGluIEJl bGdpdW0gYW 5kIHRoZSBO ZXRoZXJsYW 5kcy4gVGhl IGNvbXBhbn nigJlzIGJ1 c2luZXNzIG 1vZGVsIGlz IGJhc2VkIG 9uIGludmVz dG1lbnQsIG FjdGl2ZSBt YW5hZ2VtZW 50LCBhbmQg ZGl2ZXN0bW VudCBvZiBy ZXRhaWwgcH JvcGVydGll cyB0byBnZW 5lcmF0ZSBy ZWxpYWJsZS BhbmQgc3Vz dGFpbmFibG UgcmV0dXJu cyBmb3IgaX RzIHNoYXJl aG9sZGVycy 48YnI+SW52 ZXN0bWVudD ogUmV0YWls IEVzdGF0ZX MgaW52ZXN0 cyBpbiBjb2 1tZXJjaWFs IHByb3Blcn RpZXMgdGhh dCBhcmUgcH JpbWFyaWx5 IGxlYXNlZC B0byByZXRh aWwsIHNlcn ZpY2UsIGFu ZCBjYXRlcm luZyBidXNp bmVzc2VzLi BUaGUgY29t cGFueSBmb2 N1c2VzIG9u IGFjcXVpcm luZyBwcm9w ZXJ0aWVzIH dpdGggcHJp bWUgbG9jYX Rpb25zIGFu ZCBoaWdoIG Zvb3RmYWxs LCB3aGljaC BvZmZlciBn cm93dGggcG 90ZW50aWFs Ljxicj5BY3 RpdmUgTWFu YWdlbWVudD ogUmV0YWls IEVzdGF0ZX MgYWN0aXZl bHkgbWFuYW dlcyBpdHMg cG9ydGZvbG lvIGJ5IHJl Z3VsYXJseS ByZXZpZXdp bmcgYW5kIH JlbmVnb3Rp YXRpbmcgbG Vhc2VzLCBv cHRpbWl6aW 5nIHJlbnQg bGV2ZWxzLC BhbmQgaW1w cm92aW5nIH RoZSBwcm9w ZXJ0aWVz4o CZIG92ZXJh bGwgYXR0cm FjdGl2ZW5l c3MuIFRoZS Bjb21wYW55 IGFsc28gZW 5nYWdlcyBp biBwcm9hY3 RpdmVseSBy ZWRldmVsb3 BpbmcsIGVu aGFuY2luZy wgYW5kIGV4 cGFuZGluZy BpdHMgcHJv cGVydGllcy B0byBpbmNy ZWFzZSB0aG VpciB2YWx1 ZSBhbmQgcm VudGFsIGlu Y29tZS48Yn I+RGl2ZXN0 bWVudDogUm V0YWlsIEVz dGF0ZXMgYW ltcyB0byBv cHRpbWl6ZS BpdHMgcG9y dGZvbGlvIG FuZCBnZW5l cmF0ZSByZX R1cm5zIGZv ciBpdHMgc2 hhcmVob2xk ZXJzIHRocm 91Z2ggdGlt ZWx5IGRpdm VzdG1lbnQg b2YgcHJvcG VydGllcyB0 aGF0IGhhdm UgcmVhY2hl ZCB0aGVpci BtYXhpbXVt IHBvdGVudG lhbC4gVGhl IGNvbXBhbn kgbWF5IGFs c28gZGlzcG 9zZSBvZiBw cm9wZXJ0aW VzIHRoYXQg bm8gbG9uZ2 VyIGZpdCBp dHMgaW52ZX N0bWVudCBz dHJhdGVneS BvciBwb3Nl IGEgcmlzay B0byBpdHMg cHJvZml0YW JpbGl0eS48 YnI+SW4gc3 VtbWFyeSwg UmV0YWlsIE VzdGF0ZXPi gJkgYnVzaW 5lc3MgbW9k ZWwgZm9jdX NlcyBvbiBh Y3F1aXJpbm cgYW5kIG1h bmFnaW5nIH JldGFpbCBw cm9wZXJ0aW VzIHRvIGdl bmVyYXRlIG luY29tZSBh bmQgY2FwaX RhbCBncm93 dGggZm9yIG l0cyBzaGFy ZWhvbGRlcn MgdGhyb3Vn aCBhIHN0cm F0ZWdpYyBt aXggb2YgaW 52ZXN0bWVu dCwgYWN0aX ZlIG1hbmFn ZW1lbnQsIG FuZCBkaXZl c3RtZW50Li BUaGlzIG1v ZGVsIGFsbG 93cyB0aGUg Y29tcGFueS B0byBiZW5l Zml0IGZyb2 0gdGhlIHN0 YWJpbGl0eS BhbmQgcG90 ZW50aWFsIG dyb3d0aCBv ZiB0aGUgcm V0YWlsIHNl Y3RvciB3aG lsZSBtaXRp Z2F0aW5nIH Jpc2tzIHRo cm91Z2ggY2 FyZWZ1bCBt YW5hZ2VtZW 50IG9mIGl0 cyBwb3J0Zm 9saW8u

AI can indeed pose material threats to retail estate companies, affecting their products, services, and competitive positioning through various mechanisms such as substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies are capable of transforming how consumers interact with retail companies. For example, the rise of e-commerce platforms coupled with AI-driven recommendation systems can lead customers to favor online shopping over physical retail spaces. As consumers increasingly use AI to find products, compare prices, and make purchases, the demand for physical retail locations may decline, potentially leading to reduced foot traffic and sales for retail estate companies.
2. Disintermediation: AI can facilitate direct connections between consumers and manufacturers, bypassing traditional retail channels. This disintermediation can undermine the value proposition of retail estates by reducing the need for physical locations. For instance, if manufacturers use AI to effectively market and sell directly to consumers online, the role of retail estates as intermediaries could diminish, impacting their revenue streams and overall business models.
3. Margin Pressure: AI can also drive margin pressure in retail estates by enhancing operational efficiencies in areas such as inventory management and customer service. Companies that successfully implement AI technology can lower their operational costs and offer competitive pricing. This competition can force retail estate companies to reduce their profit margins in order to remain attractive to consumers. Additionally, if AI tools lead to a proliferation of low-cost alternatives or aggressive pricing strategies from digitally-native brands, traditional retail estates may struggle to maintain their pricing power.
In summary, retail estate companies must adapt to the evolving landscape shaped by AI. Developing robust digital strategies and leveraging AI technologies themselves will be crucial for these companies to mitigate the threats posed by substitution, disintermediation, and margin pressure while ensuring their competitive positioning in the marketplace.

The sensitivity of Retail Estates company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed as follows:
1. Earnings: Retail Estates operates in the real estate sector, and changes in interest rates can significantly impact its earnings. Higher interest rates typically increase borrowing costs for real estate companies. If the company relies on debt to finance its acquisitions or operations, rising rates could lead to higher interest expenses, which may compress margins and adversely affect net income. Conversely, if interest rates decline, financing costs decrease, potentially leading to improved profitability.
2. Cash Flow: Cash flow sensitivity to interest rates is closely related to the company’s debt structure. If Retail Estates has a substantial portion of floating-rate debt, rising interest rates would increase cash outflows for interest payments, reducing available cash flow. Additionally, higher rates can lead to reduced consumer spending and slower economic growth, which may impact rental income and overall cash flows. On the other hand, lower interest rates can enhance cash flow by reducing interest expenses and potentially stimulating demand in the real estate market.
3. Valuation: The valuation of Retail Estates is often assessed through discounted cash flow (DCF) models, where future cash flows are discounted back to present value using a rate that reflects the cost of capital, which is influenced by prevailing interest rates. An increase in interest rates generally raises the discount rate applied to future cash flows, leading to a lower present value and, therefore, a reduced valuation. Conversely, lower interest rates decrease the discount rate, potentially enhancing the present value of future cash flows and increasing the company’s valuation.
In summary, Retail Estates company’s earnings, cash flow, and valuation are sensitive to changes in interest rates due to their impact on borrowing costs, consumer demand, and discount rates used in valuation models.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgdG hlIGVjb25v bWljcyBvZi BSZXRhaWwg RXN0YXRlcy BvdmVyIHRo ZSBuZXh0ID MtNSB5ZWFy cyBpcyB0aG UgcHJvbG9u Z2VkIGFuZC BpcnJldmVy c2libGUgc2 hpZnQgdG93 YXJkIGUtY2 9tbWVyY2Us IGNvdXBsZW Qgd2l0aCBt YWNyb2Vjb2 5vbWljIGZh Y3RvcnMgc3 VjaCBhcyBy aXNpbmcgaW 50ZXJlc3Qg cmF0ZXMgYW 5kIGVjb25v bWljIHJlY2 Vzc2lvbi4g VGhpcyBzY2 VuYXJpbyBj b3VsZCBsZW FkIHRvIGEg c2lnbmlmaW NhbnQgZGVj bGluZSBpbi Bmb290IHRy YWZmaWMgdG 8gcGh5c2lj YWwgcmV0YW lsIGxvY2F0 aW9ucywgcm VzdWx0aW5n IGluIGxvd2 VyIHJlbnRh bCBpbmNvbW UgYW5kIHBv dGVudGlhbG x5IGxlYWRp bmcgdG8gaG lnaGVyIHZh Y2FuY3kgcm F0ZXMgaW4g UmV0YWlsIE VzdGF0ZXPi gJkgcHJvcG VydGllcy48 YnI+SW4gdG hpcyBzY2Vu YXJpbywgdG hlIGNvbXBh bnnigJlzIG 1hcmdpbnMg d291bGQgbG lrZWx5IGNv bnRyYWN0Li BBcyByZXRh aWwgdGVuYW 50cyBzdHJ1 Z2dsZSB0by BtYWludGFp biBwcm9maX RhYmlsaXR5 LCB0aGV5IG 1heSBuZWdv dGlhdGUgbG 93ZXIgcmVu dHMgb3Igc2 VlayB0byBi cmVhayBsZW FzZXMsIGxl YWRpbmcgdG 8gYSBkZWNy ZWFzZSBpbi ByZW50YWwg cmV2ZW51ZS 4gQWRkaXRp b25hbGx5LC BpbmNyZWFz ZWQgY29zdH MgYXNzb2Np YXRlZCB3aX RoIG1haW50 YWluaW5nIG FuZCByZW5v dmF0aW5nIH Byb3BlcnRp ZXMgY291bG QgZnVydGhl ciBzcXVlZX plIG1hcmdp bnMsIGVzcG VjaWFsbHkg aWYgdGhlIG NvbXBhbnkg bmVlZHMgdG 8gaW52ZXN0 IGluIGNvbn ZlcnRpbmcg cmV0YWlsIH NwYWNlcyBp bnRvIGFsdG VybmF0aXZl IHVzZXMgb3 IgZW5oYW5j aW5nIGV4aX N0aW5nIGZh Y2lsaXRpZX MgdG8gYXR0 cmFjdCBuZX cgdGVuYW50 cy48YnI+VG hlIGNhc2gg ZmxvdyB3b3 VsZCBiZSBu ZWdhdGl2ZW x5IGFmZmVj dGVkIGFzIH dlbGwuIFdp dGggcmVkdW NlZCByZW50 YWwgaW5jb2 1lIGFuZCBw b3RlbnRpYW wgdGVuYW50 IGRlZmF1bH RzLCBSZXRh aWwgRXN0YX RlcyBjb3Vs ZCBzZWUgYS Bkcm9wIGlu IGNhc2ggZm xvdyBmcm9t IG9wZXJhdG lvbnMuIFRo aXMgd291bG QgaGluZGVy IHRoZSBjb2 1wYW554oCZ cyBhYmlsaX R5IHRvIGZ1 bmQgY2FwaX RhbCBleHBl bmRpdHVyZX MsIHBheSBk aXZpZGVuZH MsIGFuZCBz ZXJ2aWNlIG RlYnQuIElm IGNhc2ggZm xvd3MgYmVj YW1lIGNvbn Npc3RlbnRs eSBuZWdhdG l2ZSwgdGhl IGNvbXBhbn kgd291bGQg ZmFjZSBjaG FsbGVuZ2Vz IGluIG1haW 50YWluaW5n IGl0cyBvcG VyYXRpb25z IHdpdGhvdX QgdGFraW5n IG9uIGFkZG l0aW9uYWwg ZGVidCBvci ByYWlzaW5n IGVxdWl0eS wgd2hpY2gg Y291bGQgZG lsdXRlIHNo YXJlaG9sZG VyIHZhbHVl Ljxicj5Pbi B0aGUgYmFs YW5jZSBzaG VldCwgdGhl IGNvbXBhbn nigJlzIGFz c2V0cyB3b3 VsZCBiZWdp biB0byByZW ZsZWN0IGEg ZGVjbGluZS BpbiB0aGUg dmFsdWUgb2 YgcHJvcGVy dGllcyBkdW UgdG8gaW5j cmVhc2VkIH ZhY2FuY3kg YW5kIHJlZH VjZWQgbWFy a2V0IGRlbW FuZCBmb3Ig cmV0YWlsIH NwYWNlLiBU aGlzIHdvdW xkIG5lZ2F0 aXZlbHkgaW 1wYWN0IHRo ZSBlcXVpdH kgcG9ydGlv biwgYXMgYX BwcmFpc2Fs cyB3b3VsZC BzaG93IGxv d2VyIHZhbH VhdGlvbnMu IEhpZ2ggbG V2ZWxzIG9m IGRlYnQsIG VzcGVjaWFs bHkgaWYgaW 50ZXJlc3Qg cmF0ZXMgcm lzZSwgd291 bGQgZnVydG hlciBzdHJh aW4gdGhlIG JhbGFuY2Ug c2hlZXQsIG xlYWRpbmcg dG8gYSBoaW doZXIgZGVi dC10by1lcX VpdHkgcmF0 aW8gYW5kIH BvdGVudGlh bGx5IGplb3 BhcmRpemlu ZyB0aGUgY2 9tcGFueeKA mXMgY3JlZG l0IHJhdGlu Zy48YnI+SW 4gc3VtbWFy eSwgaWYgdG hpcyBzY2Vu YXJpbyBwbG F5ZWQgb3V0 LCBSZXRhaW wgRXN0YXRl cyBjb3VsZC BmYWNlIGEg c3Vic3Rhbn RpYWwgZGV0 ZXJpb3JhdG lvbiBvZiBp dHMgZWNvbm 9taWMgZnVu ZGFtZW50YW xzLCBjaGFy YWN0ZXJpem VkIGJ5IHJl ZHVjZWQgbW FyZ2lucywg bmVnYXRpdm UgY2FzaCBm bG93LCBhbm QgYSB3ZWFr ZW5lZCBiYW xhbmNlIHNo ZWV0IHdoaW NoIHRvZ2V0 aGVyIGNvdW xkIHRocmVh dGVuIHRoZS Bjb21wYW55 4oCZcyBsb2 5nLXRlcm0g dmlhYmlsaX R5Ljxicj4=

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 bG9nb3MvOG 9pNmtRTXVC dXNLOUFmdk Y0QkYud2Vi cCIgYWx0PS JSZXRhaWwg RXN0YXRlcy IgdGl0bGU9 IlJldGFpbC BFc3RhdGVz 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 V0IFJldGFp bCBFc3RhdG VzPwogICAg 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+ZjC BKb2luIG5v dyB0byBnZX QgPGk+IlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3Mi PC9pPiBhdC BubyBjb3N0 CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvcD4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTJweD sgZm9udC1z aXplOiAxM3 B4OyBjb2xv cjogIzQ0ND snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgU2lnbiB1 cCBub3cgYW 5kIGdldCBv dXIgZnJlZS BlQm9vayAK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxi PlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3M8L2I+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxNnB4OyBm b250LXNpem U6IDE0cHg7 IGNvbG9yOi AjNDQ0OyBm b250LWZhbW lseTogLWFw cGxlLXN5c3 RlbSwgQmxp bmtNYWNTeX N0ZW1Gb250 LCBTZWdvZS BVSSwgUm9i b3RvLCBIZW x2ZXRpY2Eg TmV1ZSwgc2 Fucy1zZXJp ZjsgbGluZS 1oZWlnaHQ6 IDEuNjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgSG F2ZSB5b3Ug aGVhcmQgYW JvdXQgb3Vy IHNob3J0ID xzdHJvbmcg c3R5bGU9J2 ZvbnQtd2Vp Z2h0OiA2MD A7Jz5EYWls eSBWaWRlby BOZXdzbGV0 dGVyPC9zdH Jvbmc+Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naH R0cHM6Ly93 d3cuaW5zaW dodGZ1bHZh bHVlLmNvbS 9uZXdzbGV0 dGVyLnBocC cgdGFyZ2V0 PSdfYmxhbm snIHN0eWxl PSdjb2xvcj ogIzAwN0JG RjsgdGV4dC 1kZWNvcmF0 aW9uOiBub2 5lOyBmb250 LXdlaWdodD ogNTAwOyBt YXJnaW4tbG VmdDogNnB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgRm luZCBvdXQg bW9yZQogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIAog ICAgICAgIA ogICAgICAg IDxzcGFuIG NsYXNzPSdi bHVycmVkLX RleHQnPgog ICAgICAgIC AgICBNUzRn VW1WMFlXIG xzSUVWemRH RjAgWlhNZ2 FYTWdZUyBC Q1pXeG5hV0 Z1IElISmxZ V3dnWlggTj BZWFJsSUds dSBkbVZ6ZE cxbGJuIFFn ZEhKMWMzUW cgS0ZKRlNW UXBJSCBSb1 lYUWdjM0Js IFkybGhiR2 w2WlggTWdh VzRnY21WMC BZV2xzSUhC eWIzIEJsY2 5ScFpYTXUg UEdKeVBqSX VJRiBSb1pT QmpiMjF3IF lXNTVJSGRo Y3kgQm1iM1 Z1WkdWayBJ R2x1SURFNU 9UIGdnWW5r Z1NtRnUgSU VSbElFNTVj eSBCaGJtUW dSbVZ5IGJt RnVaQ0JJZF ggUnpManhp Y2o0eiBMaU JTWlhSaGFX IHdnUlhOMF lYUmwgY3lC dmQyNXpJRy BGdVpDQnRZ VzVoIFoyVn pJRzkyWlgg SWdPREF3SU hKbCBkR0Zw YkNCd2NtID l3WlhKMGFX VnogSUdsdU lFSmxiRyBk cGRXMHNJSG RwIGRHZ2dZ U0IwYjMgUm hiQ0JzWlhS MCBZV0pzWl NCaGNtIFZo SUc5bUlHMX YgY21VZ2RH aGhiaSBBeE xqTWdiV2xz IGJHbHZiaU J6Y1ggVmhj bVVnYldWMC BaWEp6TGp4 aWNqIDQwTG lCVWFHVWcg YldGcWIzSn BkSCBrZ2Iy WWdkR2hsIE lHTnZiWEJo Ym4gbmlnSm x6SUhCeSBi M0JsY25ScF pYIE1nWVhK bElHeHYgWT JGMFpXUWdh VyA0Z2IzVj BMVzltIExY UnZkMjRnY2 0gVjBZV2xz SUhCaCBjbX R6SUdGdVpD IEJoY21VZ1 lXNWogYUc5 eVpXUWdZbi BrZ2JXRnFi M0lnIGNtVj BZV2xzWlgg SnpJSE4xWT JnZyBZWE1n UTJGeWNtIF ZtYjNWeUxD QkQgYjJ4eW RYbDBMQyBC aGJtUWdSR1 ZzIGFHRnBl bVV1UEcgSn lQalV1SUVs dSBJR0ZrWk dsMGFXIDl1 SUhSdklHbD AgY3lCamIz SmxJRyBKMW MybHVaWE56 IElHOW1JSE J5YjMgQmxj blI1SUc5My BibVZ5YzJo cGNDIHdnVW 1WMFlXbHMg SUVWemRHRj BaWCBNZ1lX eHpieUJ3IG NtOTJhV1Js Y3kgQndjbT l3WlhKMCBl U0J0WVc1aF oyIFZ0Wlc1 MElHRnUgWk NCa1pYWmxi RyA5d2JXVn VkQ0J6IFpY SjJhV05sY3 kgQm1iM0ln YVhSeiBJR0 5zYVdWdWRI IE11UEdKeV BqWXUgSUZK bGRHRnBiQy BCRmMzUmhk R1Z6IElHbH pJR3hwYzMg UmxaQ0J2Ym lCMCBhR1Vn UlhWeWIyID VsZUhRZ1Fu SjEgYzNObG JITWdjMyBS dlkyc2daWG hqIGFHRnVa MlVnZFcgNW taWElnZEdo bCBJSFJwWT J0bGNpIEJ6 ZVcxaWIyd2 cgVWtWVUxq eGljaiA0M0 xpQlVhR1Vn IFkyOXRjR0 Z1ZVMgQm9Z WE1nWVNCdC BZWEpyWlhR Z1kyIEZ3YV hSaGJHbDYg WVhScGIyNG diMiBZZ2Iz WmxjaUF5IE lHSnBiR3hw YjIgNGdaWF Z5YjNNZyBZ VzVrSUdsek lHIE52Ym5O cFpHVnkgWl dRZ2IyNWxJ RyA5bUlIUm 9aU0JzIFpX RmthVzVuSU ggQnNZWGxs Y25NZyBhVz RnZEdobElF IEpsYkdkcF lXNGcgY21W MFlXbHNJSC BKbFlXd2da WE4wIFlYUm xJRzFoY20g dGxkQzQ4WW 5JKyBPQzRn VW1WMFlXIG xzSUVWemRH RjAgWlhNZ2 FHRnpJRyBF Z2MzUnliMj VuIElHWnZZ M1Z6SUcgOX VJSE4xYzNS aCBhVzVoWW 1sc2FYIFI1 TENCM2FYUm 8gSUhSb1pT QmpiMiAxd1 lXNTVJR0Zq IGRHbDJaV3 g1SUcgbHVk bVZ6ZEdsdS BaeUJwYmlC bGJtIFZ5Wj NrdFpXWm0g YVdOcFpXNT BJRyBGdVpD QmxiblpwIG NtOXViV1Z1 ZEcgRnNiSG t0Wm5KcCBa VzVrYkhrZ2 NIIEp2Y0dW eWRHbGwgY3 k0OFluSStP UyA0Z1ZHaG xJR052IGJY Qmhibm5pZ0 ogbHpJRzFo YVc0ZyBjM1 J5WVhSbFoz IGtnYVhNZ2 RHOGcgWVdO eGRXbHlaUy BCbGVHbHpk R2x1IFp5Qn laWFJoYVcg d2djSEp2Y0 dWeSBkR2xs Y3lCMGFHIE YwSUdGeVpT QjMgWld4c0 xXeHZZMiBG MFpXUXNJR2 hoIGRtVWdZ U0J6ZEggSn ZibWNnZEdW dSBZVzUwSU cxcGVDIHdn WVc1a0lHOW 0gWm1WeUlI QnZkRyBWdW RHbGhiQ0Jt IGIzSWdiRz l1WnkgMTBa WEp0SUdkeS BiM2QwYUM0 OFluIEkrTV RBdUlFbHUg SUhKbFkyVn VkQyBCNVpX RnljeXdnIF VtVjBZV2xz SUUgVnpkR0 YwWlhNZyBh R0Z6SUdWNG NHIEZ1WkdW a0lHbDAgY3 lCd2IzSjBa bSA5c2FXOG dZbVY1IGIy NWtJRUpsYk cgZHBkVzBn ZEc4ZyBiM1 JvWlhJZ1JY IFZ5YjNCbF lXNGcgWTI5 MWJuUnlhVy BWeklITjFZ MmdnIFlYTW dSbkpoYm0g TmxMQ0JUY0 dGcCBiaXdn WVc1a0lIIF JvWlNCT1pY Um8gWlhKc1 lXNWtjeSA0 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=