Hamborner REIT

More reviews (4)

Live  

Hamborner REIT AG is a real estate investment trust (REIT) that specializes in commercial properties in Germany. The company was founded in 2007 and is headquartered in Duisburg, Germany. Hamborner REIT owns and manages a portfolio of over 90 properties with a focus on office, retail, and logistics properties.
The company's primary goal is to generate stable and sustainable rental income through long-term leasing contracts with tenants. Hamborner REIT also aims to achieve steady growth and increase shareholder value through targeted acquisitions and the optimization of its existing portfolio.
Hamborner REIT is listed on the German stock exchange and is included in various indices, such as the MDAX and EPRA Europe. The company has a solid financial position, with a strong balance sheet and a conservative debt structure.
Hamborner REIT is committed to sustainable and responsible corporate governance and is a member of various sustainability initiatives. The company has received several awards for its sustainable practices, including the German Sustainability Award and the EPRA Gold Award for Sustainability Reporting.
In summary, Hamborner REIT is a reputable and financially stable real estate investment trust that offers investors the opportunity to invest in a diverse portfolio of commercial properties in Germany.

SGFtYm9ybm VyIFJFSVQg aXMgYSBjb2 1wYW55IHRo YXQgZm9jdX NlcyBvbiBv d25pbmcgYW 5kIG1hbmFn aW5nIHJlYW wgZXN0YXRl IHByb3Blcn RpZXMsIHdo aWNoIG1lYW 5zIGl0IGJ1 eXMgYnVpbG RpbmdzIGxp a2Ugc2hvcH BpbmcgY2Vu dGVycywgb2 ZmaWNlcywg YW5kIG90aG VyIHBsYWNl cyB3aGVyZS BwZW9wbGUg Y29uZHVjdC BidXNpbmVz cy4gSW1hZ2 luZSB0aGUg YnVpbGRpbm dzIGFzIGhv bWVzIGZvci BidXNpbmVz c2VzOyBqdX N0IGxpa2Ug YSBmYW1pbH kgcGF5cyBy ZW50IHRvIG xpdmUgaW4g YSBob3VzZS wgYnVzaW5l c3NlcyBwYX kgcmVudCB0 byB1c2UgdG hlc2UgcHJv cGVydGllcy 48YnI+SGFt Ym9ybmVyIF JFSVQgbWFr ZXMgbW9uZX kgcHJpbWFy aWx5IGluIH R3byB3YXlz LiBGaXJzdC wgd2hlbiBi dXNpbmVzc2 VzIHJlbnQg dGhlaXIgYn VpbGRpbmdz LCB0aGV5IH BheSBtb25l eSBldmVyeS Btb250aCwg d2hpY2ggaX MgY2FsbGVk IHJlbnQuIF RoaXMgbW9u ZXkgZ29lcy B0byB0aGUg Y29tcGFueS 4gU2Vjb25k LCBpZiB0aG UgdmFsdWUg b2YgdGhlc2 UgYnVpbGRp bmdzIGdvZX MgdXAgb3Zl ciB0aW1lLC B0aGUgY29t cGFueSBjYW 4gc2VsbCB0 aGVtIGZvci BhIGhpZ2hl ciBwcmljZS B0aGFuIHdo YXQgdGhleS BvcmlnaW5h bGx5IHBhaW QuIFRoaXMg aXMgc2ltaW xhciB0byBo b3cgc29tZW 9uZSBtaWdo dCBidXkgYS B0b3kgYW5k IHRoZW4gc2 VsbCBpdCBs YXRlciBmb3 IgbW9yZSBt b25leSBpZi BpdCBiZWNv bWVzIHJhcm Ugb3IgcG9w dWxhci48Yn I+VGhlIGNv bXBhbnkgaG FzIGJlZW4g c3VjY2Vzc2 Z1bCBmb3Ig YSBmZXcgcm Vhc29ucy4g T25lIGJpZy ByZWFzb24g aXMgdGhhdC BpdCBjaG9v c2VzIGl0cy Bwcm9wZXJ0 aWVzIGNhcm VmdWxseSwg Zm9jdXNpbm cgb24gcGxh Y2VzIHRoYX QgYXJlIGxp a2VseSB0by BhdHRyYWN0 IGEgbG90IG 9mIGN1c3Rv bWVycywgbG lrZSBidXN5 IHNob3BwaW 5nIGFyZWFz LiBUaGlzIG 1lYW5zIHRo YXQgdGhlIG J1c2luZXNz ZXMgcmVudG luZyB0aGVz ZSBwcm9wZX J0aWVzIGFy ZSBtb3JlIG xpa2VseSB0 byBkbyB3ZW xsLCBzbyB0 aGV5IGNhbi Bjb250aW51 ZSBwYXlpbm cgcmVudC48 YnI+SW4gdG hlIGZ1dHVy ZSwgSGFtYm 9ybmVyIFJF SVQgaXMgbG lrZWx5IHRv IHN0YXkgc3 VjY2Vzc2Z1 bCBieSBjb2 50aW51aW5n IHRvIGludm VzdCBpbiBn b29kIGxvY2 F0aW9ucyBh bmQgbWFuYW dpbmcgdGhl aXIgcHJvcG VydGllcyB3 ZWxsLiBTaW 5jZSBwZW9w bGUgd2lsbC BhbHdheXMg bmVlZCBwbG FjZXMgdG8g c2hvcCBhbm Qgd29yaywg YXMgbG9uZy BhcyB0aGV5 IG1ha2Ugc2 1hcnQgY2hv aWNlcywgdG hlcmXigJlz IGEgZ29vZC BjaGFuY2Ug dGhhdCB0aG V5IHdpbGwg a2VlcCBtYW tpbmcgbW9u ZXkuIEFkZG l0aW9uYWxs eSwgbW9yZS BwZW9wbGUg bGlrZSB0by BpbnZlc3Qg aW4gY29tcG FuaWVzIHRo YXQgZWFybi Btb25leSBm cm9tIHJlYW wgZXN0YXRl LCB3aGljaC BtZWFucyB0 aGV5IG1pZ2 h0IGF0dHJh Y3QgbW9yZS BpbnZlc3Rv cnMgd2hvIH dhbnQgdG8g c2hhcmUgaW 4gdGhlaXIg c3VjY2Vzcy 48YnI+

MS4gRm9jdX Mgb24gY29t bWVyY2lhbC ByZWFsIGVz dGF0ZTogSG FtYm9ybmVy IFJFSVQgc3 BlY2lhbGl6 ZXMgaW4gaW 52ZXN0aW5n IGluIGhpZ2 gtcXVhbGl0 eSBjb21tZX JjaWFsIHBy b3BlcnRpZX MsIG1haW5s eSBvZmZpY2 UgYW5kIHJl dGFpbCBidW lsZGluZ3Mg bG9jYXRlZC BpbiBHZXJt YW55LiBUaG lzIGZvY3Vz IGFsbG93cy B0aGUgY29t cGFueSB0by BoYXZlIGEg ZGVlcCB1bm RlcnN0YW5k aW5nIGFuZC BleHBlcnRp c2UgaW4gdG hlIG1hcmtl dCwgbWFraW 5nIHRoZW0g c3RhbmQgb3 V0IGFzIGEg cmVsaWFibG UgYW5kIGtu b3dsZWRnZW FibGUgcGxh eWVyIGluIH RoZSBpbmR1 c3RyeS48Yn I+Mi4gRGl2 ZXJzaWZpZW QgcG9ydGZv bGlvOiBUaG UgY29tcGFu eSdzIHBvcn Rmb2xpbyBp bmNsdWRlcy BhIHZhcmll dHkgb2YgcH JvcGVydGll cywgaW5jbH VkaW5nIHJl dGFpbCBwYX Jrcywgc2hv cHBpbmcgY2 VudGVycywg YW5kIG9mZm ljZSBidWls ZGluZ3MgaW 4gZGlmZmVy ZW50IHNpem VzIGFuZCBs b2NhdGlvbn MuIFRoaXMg ZGl2ZXJzaW ZpY2F0aW9u IHN0cmF0ZW d5IGhlbHBz IHRvIG1pdG lnYXRlIHJp c2tzIGFuZC Bwcm92aWRl cyBzdGFiaW xpdHkgdG8g dGhlIGNvbX BhbnkncyBm aW5hbmNpYW wgcGVyZm9y bWFuY2UuPG JyPjMuIFN0 cm9uZyBmaW 5hbmNpYWwg cGVyZm9ybW FuY2U6IEhh bWJvcm5lci BSRUlUIGhh cyBhIHNvbG lkIHRyYWNr IHJlY29yZC BvZiBmaW5h bmNpYWwgcG VyZm9ybWFu Y2UsIHdpdG ggY29uc2lz dGVudCBncm 93dGggaW4g a2V5IGZpbm FuY2lhbCBp bmRpY2F0b3 JzIHN1Y2gg YXMgcmV2ZW 51ZSwgbmV0 IGluY29tZS wgYW5kIGZ1 bmRzIGZyb2 0gb3BlcmF0 aW9ucyAoRk ZPKS4gVGhp cyBmaW5hbm NpYWwgc3Rh YmlsaXR5IG 1ha2VzIHRo ZSBjb21wYW 55IGEgdHJ1 c3R3b3J0aH kgYW5kIGF0 dHJhY3Rpdm UgaW52ZXN0 bWVudCBmb3 Igc2hhcmVo b2xkZXJzLj xicj40LiBT dXN0YWluYW JsZSBhbmQg cmVzcG9uc2 libGUgYXBw cm9hY2g6IE hhbWJvcm5l ciBSRUlUIG lzIGNvbW1p dHRlZCB0by BzdXN0YWlu YWJpbGl0eS BhbmQgcmVz cG9uc2libG UgYnVzaW5l c3MgcHJhY3 RpY2VzLiBU aGUgY29tcG FueSBoYXMg cmVjZWl2ZW Qgc2V2ZXJh bCBhd2FyZH MgYW5kIGNl cnRpZmljYX Rpb25zIGZv ciBpdHMgc3 VzdGFpbmFi aWxpdHkgZW Zmb3J0cywg c3VjaCBhcy B0aGUgR3Jl ZW4gQnVpbG RpbmcgQ2Vy dGlmaWNhdG lvbiBhbmQg dGhlIEdSRV NCIDUtc3Rh ciByYXRpbm cgZm9yIHJl c3BvbnNpYm xlIHJlYWwg ZXN0YXRlIG ludmVzdG1l bnRzLjxicj 41LiBFeHBl cmllbmNlZC BtYW5hZ2Vt ZW50IHRlYW 06IEhhbWJv cm5lciBSRU lUIGlzIGxl ZCBieSBhbi BleHBlcmll bmNlZCBhbm Qga25vd2xl ZGdlYWJsZS BtYW5hZ2Vt ZW50IHRlYW 0gd2l0aCBl eHRlbnNpdm UgZXhwZXJ0 aXNlIGluIH RoZSByZWFs IGVzdGF0ZS BtYXJrZXQu IFRoaXMgbG VhZGVyc2hp cCBnaXZlcy B0aGUgY29t cGFueSBhIG NvbXBldGl0 aXZlIGFkdm FudGFnZSBp biBzdHJhdG VnaWMgZGVj aXNpb24tbW FraW5nIGFu ZCBtYW5hZ2 luZyBwb3Rl bnRpYWwgY2 hhbGxlbmdl cyBpbiB0aG UgbWFya2V0 Ljxicj42Li BTdHJvbmcg aW50ZXJuYX Rpb25hbCBw cmVzZW5jZT ogSGFtYm9y bmVyIFJFSV QncyBwb3J0 Zm9saW8gaW 5jbHVkZXMg cHJvcGVydG llcyBpbiB2 YXJpb3VzIG xvY2F0aW9u cyBpbiBHZX JtYW55LCBw cm92aWRpbm cgYSBzdHJv bmcgYW5kIG RpdmVyc2Ug cHJlc2VuY2 UgaW4gdGhl IG1hcmtldC 4gQWRkaXRp b25hbGx5LC B0aGUgY29t cGFueSBoYX MgYWxzbyBl eHBhbmRlZC BpdHMgaW50 ZXJuYXRpb2 5hbCByZWFj aCBieSBpbn Zlc3Rpbmcg aW4gcHJvcG VydGllcyBp biB0aGUgTm V0aGVybGFu ZHMsIEF1c3 RyaWEsIGFu ZCBJcmVsYW 5kLjxicj43 LiBJbm5vdm F0aXZlIGFw cHJvYWNoOi BIYW1ib3Ju ZXIgUkVJVC BpcyBjb25z dGFudGx5IG V2b2x2aW5n IGFuZCBhZG FwdGluZyB0 byB0aGUgY2 hhbmdpbmcg cmVhbCBlc3 RhdGUgbWFy a2V0LCB1c2 luZyBuZXcg YW5kIGlubm 92YXRpdmUg dGVjaG5vbG 9naWVzIGFu ZCBhcHByb2 FjaGVzIHRv IG1heGltaX plIGVmZmlj aWVuY3kgYW 5kIGluY3Jl YXNlIHZhbH VlIGZvciBz aGFyZWhvbG RlcnMuPGJy PjguIENvbW 1pdG1lbnQg dG8gc2hhcm Vob2xkZXIg dmFsdWU6IF RoZSBjb21w YW55J3MgYn VzaW5lc3Mg bW9kZWwgaX MgZm9jdXNl ZCBvbiBnZW 5lcmF0aW5n IHN1c3RhaW 5hYmxlIGlu Y29tZSBhbm QgaW5jcmVh c2luZyBsb2 5nLXRlcm0g dmFsdWUgZm 9yIGl0cyBz aGFyZWhvbG RlcnMuIEhh bWJvcm5lci BSRUlUIGhh cyBhIHRyYW NrIHJlY29y ZCBvZiBwYX lpbmcgb3V0 IGNvbnNpc3 RlbnQgYW5k IGF0dHJhY3 RpdmUgZGl2 aWRlbmRzLC BtYWtpbmcg aXQgYSBkZX NpcmFibGUg aW52ZXN0bW VudCBvcHRp b24gZm9yIG luY29tZS1z ZWVraW5nIG ludmVzdG9y cy4=

VGhlIEhhbW Jvcm5lciBS RUlUIGNvbX BhbnkgaXMg cHJpbWFyaW x5IGludm9s dmVkIGluIH RoZSBhY3F1 aXNpdGlvbi wgbWFuYWdl bWVudCwgYW 5kIG9wZXJh dGlvbiBvZi Bjb21tZXJj aWFsIHJlYW wgZXN0YXRl IHByb3Blcn RpZXMgaW4g R2VybWFueS 4gVGhleSBm b2N1cyBvbi BhY3F1aXJp bmcgaGlnaC 1xdWFsaXR5 IHJldGFpbC BhbmQgb2Zm aWNlIHByb3 BlcnRpZXMg aW4gcHJvbW luZW50IGxv Y2F0aW9ucy BpbiBsYXJn ZXIgY2l0aW VzIGFuZCBt ZXRyb3BvbG l0YW4gYXJl YXMuIFRoZS Bjb21wYW55 IGdlbmVyYX RlcyBpbmNv bWUgdGhyb3 VnaCByZW50 YWwgcmV2ZW 51ZSBmcm9t IHRoZXNlIH Byb3BlcnRp ZXMuIFRoZX kgYWxzbyBh Y3RpdmVseS BtYW5hZ2Ug dGhlaXIgcG 9ydGZvbGlv IGFuZCBhaW 0gZm9yIHN1 c3RhaW5hYm xlIGxvbmct dGVybSBncm 93dGggYW5k IHZhbHVlIG NyZWF0aW9u IGZvciBzaG FyZWhvbGRl cnMuIEFkZG l0aW9uYWxs eSwgSGFtYm 9ybmVyIFJF SVQgbWF5IG Fsc28gZW5n YWdlIGluIG RldmVsb3Bt ZW50IGFuZC ByZWZ1cmJp c2htZW50IH Byb2plY3Rz IHRvIGVuaG FuY2UgdGhl IHZhbHVlIG 9mIHRoZWly IHByb3Blcn RpZXMuIFRo ZWlyIGJ1c2 luZXNzIG1v ZGVsIGlzIG ZvY3VzZWQg b24gbWF4aW 1pemluZyBy ZXR1cm5zIG ZvciBpbnZl c3RvcnMgdG hyb3VnaCBz dHJhdGVnaW MgcmVhbCBl c3RhdGUgaW 52ZXN0bWVu dHMgYW5kIG VmZmVjdGl2 ZSBhc3NldC BtYW5hZ2Vt ZW50Lg==

AI can potentially pose material threats to Hamborner REIT’s products, services, or competitive positioning in several ways:
1. Substitution: AI could lead to the emergence of new technologies and platforms that improve property management and investment strategies. For example, AI-driven analytics can optimize property valuation and investment decisions, potentially attracting investors to tech-savvy real estate platforms that use these tools. This can affect Hamborner REIT’s ability to compete effectively if they do not adopt similar technologies.
2. Disintermediation: The integration of AI into real estate transactions can streamline processes and reduce the need for traditional intermediaries, such as brokers and property managers. This could impact Hamborner REIT if investors prefer direct investments in properties via AI-driven platforms that offer lower fees and greater transparency, thus affecting the REIT’s revenue model.
3. Margin Pressure: AI can enhance operational efficiencies, reducing costs in property management and maintenance. Competitors who make use of AI to lower their operating expenses may be able to offer more competitive pricing or higher returns to investors, thereby applying margin pressure on Hamborner REIT unless they also implement similar efficiencies.
To mitigate these potential threats, Hamborner REIT should consider investing in AI technologies to improve its operational efficiency, enhance customer experience, and maintain competitive positioning in the market.

Hamborner REIT, like many real estate investment trusts, is sensitive to changes in interest rates due to the nature of its business model, which typically involves borrowing to finance property acquisitions and investments.
1. Earnings Sensitivity: Rising interest rates can lead to increased borrowing costs for Hamborner REIT, which may negatively impact net income if the REIT has a significant amount of variable-rate debt. Higher interest expenses can erode profit margins. Conversely, if the REIT is able to offset rising rates through higher rental income and property values, the impact may be mitigated. Additionally, if interest rates rise, it can also make real estate investments less attractive compared to other fixed-income securities, potentially leading to lower demand and rent growth.
2. Cash Flow Sensitivity: Cash flow may be affected as higher interest rates can lead to increased interest payments on debt. This could reduce funds from operations (FFO), which is a key measure of cash flow for REITs. If the company maintains a large portion of its debt at fixed rates, the immediate impact may be less noticeable, but refinancing risks may emerge when the debt matures in a higher interest rate environment. Overall, consistent cash flow generation can be pressured by rising rates unless the company can adapt its leasing strategies or find other ways to enhance cash inflows.
3. Valuation Sensitivity: The valuation of Hamborner REIT is likely to be affected by interest rate changes due to their impact on the discount rate applied in valuation models. As interest rates rise, the cap rates for properties often increase, leading to lower property valuations. Higher rates generally make bonds and other fixed-income investments more attractive, leading to a potential decline in demand for REIT shares as investors may shift their portfolios. This can further pressure the stock price and result in a higher cost of equity.
In summary, Hamborner REIT’s earnings, cash flow, and overall valuation are likely to be negatively impacted by rising interest rates, primarily due to higher borrowing costs and their effect on the attractiveness of real estate investments compared to other asset classes. The specific sensitivity will depend on the company’s capital structure, debt maturity profile, and ability to adapt to changing market conditions.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgdG hlIGVjb25v bWljcyBvZi BIYW1ib3Ju ZXIgUkVJVC AoUmVhbCBF c3RhdGUgSW 52ZXN0bWVu dCBUcnVzdC kgb3ZlciB0 aGUgbmV4dC AzLTUgeWVh cnMgY291bG QgaW52b2x2 ZSBhIHNpZ2 5pZmljYW50 IGRlY2xpbm UgaW4gdGhl IGNvbW1lcm NpYWwgcmVh bCBlc3RhdG UgbWFya2V0 LCBwYXJ0aW N1bGFybHkg aW4gdGhlIH JldGFpbCBz ZWdtZW50cy wgY29tYmlu ZWQgd2l0aC ByaXNpbmcg aW50ZXJlc3 QgcmF0ZXMg YW5kIGEgc2 hpZnQgaW4g Y29uc3VtZX IgYmVoYXZp b3IgdG93YX JkcyBvbmxp bmUgc2hvcH BpbmcuIDxi cj5JbiB0aG lzIHNjZW5h cmlvLCBzZX ZlcmFsIGtl eSBmYWN0b3 JzIGNvdWxk IHVuZm9sZD o8YnI+MS4g PHN0cm9uZz 5EZWNsaW5p bmcgT2NjdX BhbmN5IFJh dGVzPC9zdH Jvbmc+OiBB cyBlLWNvbW 1lcmNlIGNv bnRpbnVlcy B0byBncm93 LCBicmljay 1hbmQtbW9y dGFyIHJldG FpbGVycyBj b3VsZCBmYW NlIGluY3Jl YXNlZCBwcm Vzc3VyZSB0 byBjbG9zZS Bsb2NhdGlv bnMsIGxlYW RpbmcgdG8g cmlzaW5nIH ZhY2FuY3kg cmF0ZXMgaW 4gcmV0YWls IHByb3Blcn RpZXMgb3du ZWQgYnkgSG FtYm9ybmVy LiBUaGlzIG NvdWxkIHJl c3VsdCBpbi BhIGxvc3Mg b2YgcmVudG FsIGluY29t ZSwgZGlyZW N0bHkgYWZm ZWN0aW5nIH RoZSBjb21w YW554oCZcy ByZXZlbnVl cy48YnI+Mi 4gPHN0cm9u Zz5JbmNyZW FzZWQgRmlu YW5jaW5nIE Nvc3RzPC9z dHJvbmc+Oi BJZiBpbnRl cmVzdCByYX RlcyBjb250 aW51ZSB0by ByaXNlLCB0 aGUgY29zdC BvZiBzZXJ2 aWNpbmcgZX hpc3Rpbmcg ZGVidCB3b3 VsZCBpbmNy ZWFzZSwgYX Mgd2VsbCBh cyB0aGUgY2 9zdCBvZiBy ZWZpbmFuY2 luZyBvciBv YnRhaW5pbm cgbmV3IGxv YW5zLiBIaW doZXIgaW50 ZXJlc3QgZX hwZW5zZXMg d291bGQgc3 F1ZWV6ZSBw cm9maXQgbW FyZ2lucywg cmVkdWNpbm cgY2FzaCBm bG93IGF2YW lsYWJsZSBm b3IgZGlzdH JpYnV0aW9u cyB0byBzaG FyZWhvbGRl cnMuPGJyPj MuIDxzdHJv bmc+RGVjcm Vhc2VkIFBy b3BlcnR5IF ZhbHVlczwv c3Ryb25nPj ogQSBkZWNy ZWFzZSBpbi BkZW1hbmQg Zm9yIHJldG FpbCBzcGFj ZXMgY291bG QgbGVhZCB0 byBhIGRlY2 xpbmUgaW4g cHJvcGVydH kgdmFsdWVz LCBpbXBhaX JpbmcgdGhl IGJhbGFuY2 Ugc2hlZXQu IFRoaXMgY2 91bGQgcmVz dWx0IGluIG RlY2xpbmlu ZyBhc3NldC B2YWx1YXRp b25zIGFuZC wgcG90ZW50 aWFsbHksIG lzc3VlcyB3 aXRoIGZpbm FuY2luZyBj b3ZlbmFudH MgaWYgdGhl IHZhbHVlIG 9mIHRoZSBy ZWFsIGVzdG F0ZSBjb2xs YXRlcmFsIG ZhbGxzIGJl bG93IGNlcn RhaW4gdGhy ZXNob2xkcy 48YnI+SWYg dGhpcyBzY2 VuYXJpbyB3 ZXJlIHRvIH BsYXkgb3V0 LCB0aGUgZm luYW5jaWFs IGltcGxpY2 F0aW9ucyBm b3IgSGFtYm 9ybmVyIFJF SVQgd291bG QgYmUgc2ln bmlmaWNhbn Q6PGJyPi0g PHN0cm9uZz 5NYXJnaW5z PC9zdHJvbm c+OiBQcm9m aXQgbWFyZ2 lucyB3b3Vs ZCBsaWtlbH kgc2hyaW5r IGR1ZSB0by ByZWR1Y2Vk IHJlbnRhbC BpbmNvbWUg YW5kIGhpZ2 hlciBvcGVy YXRpb25hbC Bjb3N0cyBh c3NvY2lhdG VkIHdpdGgg bWFuYWdpbm cgdmFjYW50 IHByb3Blcn RpZXMuIFRo ZSBkZWNsaW 5lIGluIHJl bnRhbCBpbm NvbWUgY29t YmluZWQgd2 l0aCBpbmNy ZWFzZWQgZm luYW5jaW5n IGNvc3RzIH dvdWxkIGNv bXByZXNzIG 1hcmdpbnMg c2lnbmlmaW NhbnRseS48 YnI+LSA8c3 Ryb25nPkNh c2ggRmxvdz wvc3Ryb25n PjogQ2FzaC BmbG93IGZy b20gb3Blcm F0aW9ucyB3 b3VsZCBiZS BhZHZlcnNl bHkgaW1wYW N0ZWQsIGxl YWRpbmcgdG 8gcmVkdWNl ZCBhYmlsaX R5IHRvIHBh eSBkaXZpZG VuZHMgdG8g c2hhcmVob2 xkZXJzLiBJ ZiBvY2N1cG FuY3kgcmF0 ZXMgZHJvcC BzaWduaWZp Y2FudGx5LC BIYW1ib3Ju ZXIgbWlnaH QgZmFjZSBj YXNoIHNob3 J0ZmFsbHMs IG5lY2Vzc2 l0YXRpbmcg YSByZWR1Y3 Rpb24gaW4g ZGlzdHJpYn V0aW9ucyBv ciByZWludm VzdG1lbnQg aW4gcHJvcG VydGllcyB0 byBhdHRyYW N0IHRlbmFu dHMuPGJyPi 0gPHN0cm9u Zz5CYWxhbm NlIFNoZWV0 PC9zdHJvbm c+OiBUaGUg YmFsYW5jZS BzaGVldCB3 b3VsZCByZW ZsZWN0IGRl dGVyaW9yYX RpbmcgYXNz ZXQgdmFsdW VzLCB3aGlj aCBjb3VsZC BsZWFkIHRv IGluY3JlYX NlZCBsZXZl cmFnZSByYX Rpb3MuIEEg ZGVjbGluaW 5nIGVxdWl0 eSBwb3NpdG lvbiBkdWUg dG8gbG93ZX IgYXNzZXQg dmFsdWVzIG 1pZ2h0IHJl c3VsdCBpbi BoaWdoZXIg ZGVidC10by 1lcXVpdHkg cmF0aW9zLi BJZiBIYW1i b3JuZXIgd2 VyZSB0byBm YWNlIGFzc2 V0IGltcGFp cm1lbnRzLC BpdHMgZXF1 aXR5IGNvdW xkIGZ1cnRo ZXIgZGltaW 5pc2gsIGNv bXBsaWNhdG luZyBpdHMg ZmluYW5jaW FsIHN0YWJp bGl0eSBhbm QgaW5jcmVh c2luZyB2dW xuZXJhYmls aXR5IHRvIG 1hcmtldCBk b3dudHVybn MuPGJyPk92 ZXJhbGwsIH RoaXMgc2Nl bmFyaW8gcH Jlc2VudHMg YSBjaGFsbG VuZ2luZyBs YW5kc2NhcG UgZm9yIEhh bWJvcm5lci BSRUlULCB3 aGVyZWluIG RlY2xpbmlu ZyBkZW1hbm QgYW5kIHJp c2luZyBjb3 N0cyBjcmVh dGUgYSBjb2 1wb3VuZGVk IGVmZmVjdC BvbiBwcm9m aXRhYmlsaX R5LCBjYXNo IGZsb3csIG FuZCBmaW5h bmNpYWwgaG VhbHRoLiBU aGUgY29tcG FueSB3b3Vs ZCBuZWVkIH RvIGFkYXB0 IHN0cmF0ZW dpZXMgdG8g bWl0aWdhdG UgdGhlc2Ug aW1wYWN0cy wgc3VjaCBh cyBkaXZlcn NpZnlpbmcg aXRzIHBvcn Rmb2xpbyBv ciBlbmhhbm Npbmcgb3Bl cmF0aW9uYW wgZWZmaWNp ZW5jaWVzLj 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 bG9nb3MvQ3 h6MExuTWhI U1BaTG5GZH RmN3Mud2Vi cCIgYWx0PS JIYW1ib3Ju ZXIgUkVJVC IgdGl0bGU9 IkhhbWJvcm 5lciBSRUlU 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 V0IEhhbWJv cm5lciBSRU lUPwogICAg 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+Uky BVbmxvY2sg b3VyIGZyZW UgZ3VpZGU6 IDxpPiJUaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzIj wvaT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdWR2hs SUUgaGhiV0 p2Y201bCBj aUJTUlVsVU lHIE52YlhC aGJua2cgZD JGeklHWnZk VyA1a1pXUW dhVzRnIE1U a3dOeUJwYm kgQkVkV2x6 WW5WeSBaeX dnUjJWeWJX IEZ1ZVNCaG JtUWcgYVhN Z2IyNWxJRy A5bUlIUm9a U0J2IGJHUm xjM1FnY0gg VmliR2xqYk hrZyBkSEpo WkdWa0lIIE psWVd3Z1pY TjAgWVhSbE lHbHVkbSBW emRHMWxibl FnIGRISjFj M1J6SUcgbH VJRVYxY205 dyBaUzQ4WW 5JK01pIDRn VkdobElHTn YgYlhCaGJu a2djMyBCbF kybGhiR2w2 IFpYTWdhVz RnWTIgOXRi V1Z5WTJsaC BiQ0J3Y205 d1pYIEowYV dWeklHRnUg WkNCb2IyeG tjeSBCaElI QnZjblJtIG IyeHBieUJ2 WmkgQnZkbV Z5SURndyBJ SEJ5YjNCbG NuIFJwWlhN Z2QybDAgYU NCaElIUnZk RyBGc0lIWm hiSFZsIElH OW1JR0Z3Y0 ggSnZlR2x0 WVhSbCBiSG tnTVM0MUlH IEpwYkd4cG IyNGcgUlhW eWJ5NDhZbi BJK015NGdT R0Z0IFltOX libVZ5SUYg SkZTVlFnYV hNZyBiR2x6 ZEdWa0lHID l1SUhSb1pT QkcgY21GdW EyWjFjbiBR Z1UzUnZZMn NnIFJYaGph R0Z1WjIgVW dZVzVrSUds eiBJR0VnYl dWdFltIFZ5 SUc5bUlIUm 8gWlNCTlJF RllJRyBsdV pHVjRMQ0Jo IElITjBiMk 5ySUcgMWhj bXRsZENCcC BibVJsZUNC MGFHIEYwSU cxbFlYTjEg Y21WeklIUm 9aUyBCd1pY Sm1iM0p0IF lXNWpaU0J2 WmkgQjBhR1 VnTmpBZyBi R0Z5WjJWem RDIEJqYjIx d1lXNXAgWl hNZ2FXNGdS MiBWeWJXRn VlUzQ4IFlu SStOQzRnVk cgaGxJR052 YlhCaCBibm 5pZ0pseklI IEJ5YVcxaG Nua2cgWm05 amRYTWdhWC BNZ2IyNGdi Rzl1IFp5MT BaWEp0SUgg SmxiblJoYk NCcCBibU52 YldVZ1puIE p2YlNCb2FX ZG8gTFhGMV lXeHBkSCBr Z2NISnZjR1 Z5IGRHbGxj eXdnZDIgbD BhQ0JoSUhO MCBjbTl1Wn lCbGJYIEJv WVhOcGN5Qn YgYmlCemRY TjBZVyBsdV lXSnBiR2ww IGVTQmhibV FnY20gVnpj Rzl1YzJsaS BiR1VnY0hK dmNHIFZ5ZE hrZ2JXRnUg WVdkbGJXVn VkQyA0OFlu SStOUzRnIF NHRnRZbTl5 Ym0gVnlJRk pGU1ZUaSBn Smx6SUhCdm NuIFJtYjJ4 cGJ5QnAgYm 1Oc2RXUmxj eSBCd2NtOX daWEowIGFX VnpJR2x1SU ggUm9aU0J2 Wm1acCBZMl VzSUhKbGRH IEZwYkN3Z1 lXNWsgSUd4 dloybHpkRy BsamN5Qnpa V04wIGIzSn pMQ0JoY3kg QjNaV3hzSU dGeiBJRzFw ZUdWa0xYIF Z6WlNCd2Nt OXcgWlhKMG FXVnpMaiB4 aWNqNDJMaU JVIGFHVWdZ Mjl0Y0cgRn VlU0JvWVhN ZyBZU0J6ZE hKdmJtIGNn Y0hKbGMyVn UgWTJVZ2FX NGdSMiBWeW JXRnVlU3dn IGQybDBhQ0 J3Y20gOXda WEowYVdWei BJR3h2WTJG MFpXIFFnYV c0Z2JXRnEg YjNJZ1kybD BhVyBWeklI TjFZMmdnIF lYTWdRbVZ5 YkcgbHVMQ0 JFdzd4eiBj MlZzWkc5eV ppIHdnU0dG dFluVnkgWn l3Z1lXNWtJ RSAxMWJtbG phQzQ4IFlu SStOeTRnU1 cgNGdNakF5 TUN3ZyBTR0 Z0WW05eWJt IFZ5SUZKRl NWUWcgZDJG eklHRjNZWC BKa1pXUWdk R2hsIElFZH ZiR1FnVTMg VnpkR0ZwYm 1GaSBhV3hw ZEhrZ1EyIF Z5ZEdsbWFX TmggZEdVZ1 lua2dkRyBo bElFZGxjbT FoIGJpQlRk WE4wWVcgbH VZV0pzWlNC QyBkV2xzWk dsdVp5IEJE YjNWdVkybH MgSUdadmNp QnBkSCBNZ2 MzVnpkR0Zw IGJtRmliR1 VnWVcgNWtJ R1Z1ZG1seS BiMjV0Wlc1 MFlXIHhzZV NCbWNtbGwg Ym1Sc2VTQn djbSA5d1pY SjBlU0J0IF lXNWhaMlZ0 WlcgNTBMan hpY2o0NCBM aUJJWVcxaW IzIEp1WlhJ Z1VrVkogVk NCb1lYTWdZ UyBCc2IyNW 5JR2hwIGMz UnZjbmtnYj IgWWdaR2wy YVdSbCBibV FnY0dGNWIz IFYwY3l3Z2 QybDAgYUNC aGJpQjFibS BsdWRHVnlj blZ3IGRHVm tJSFJ5WVcg TnJJSEpsWT I5eSBaQ0J2 WmlCdmRtIF Z5SURJMUlI bGwgWVhKek xqeGljaiA0 NUxpQlVhR1 VnIFkyOXRj R0Z1ZVMgQm 9ZWE1nY21W aiBaV2wyWl dRZ2MyIFYy WlhKaGJDQm ggZDJGeVpI TWdabSA5eU lHbDBjeUJq IGIzSndiM0 poZEcgVWda MjkyWlhKdS BZVzVqWlNC d2NtIEZqZE dsalpYTXMg SUdsdVkyeD FaRyBsdVp5 QjBhR1VnIF FtVnpkQ0Jw YmkgQkhaWE p0WVc1NSBJ R0YzWVhKa0 lHIFp5YjIw Z2RHaGwgSU dsdWRHVnli bSBGMGFXOX VZV3dnIFlu VnphVzVsYz MgTWdiV0Zu WVhwcCBibV VnUTI5eWNH IDl5WVhSbE lFZHYgZG1W eWJtRnVZMi BVZ1ptOXlJ SE5sIGRtVn VJR052Ym4g TmxZM1YwYV habCBJSGxs WVhKekxqIH hpY2o0eE1D NGcgU0dGdF ltOXlibSBW eUlGSkZTVl RpIGdKbHpJ RU5GVHkgd2 dRVzVrY21W aCBjeUJOWV hSMGJtIFZ5 TENCb1lYTW cgWW1WbGJp QjNhWCBSb0 lIUm9aU0Jq IGIyMXdZVz U1SUggTnBi bU5sSURJdy BNRGNnWVc1 a0lIIFZ1Wk dWeUlHaHAg Y3lCc1pXRm taWCBKemFH bHdMQ0IwIG FHVWdZMjl0 Y0cgRnVlU0 JvWVhNZyBj MlZsYmlCem FXIGR1YVda cFkyRnUgZE NCbmNtOTNk RyBnZ1lXNW tJSE4xIFky TmxjM011Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==