Segro

More reviews (1)

Live  

Segro is a leading owner, asset manager, and developer of modern warehousing and light industrial properties in both the UK and continental Europe. The company specializes in logistics and distribution properties, catering to various sectors, including e-commerce, retail, and manufacturing.
Segro has a diverse portfolio that includes various property types, such as urban logistics facilities, warehouses, and business parks. The company focuses on sustainability and has made commitments to reducing carbon emissions and enhancing energy efficiency across its operations.
Founded in the mid-20th century and headquartered in London, Segro has grown significantly through a combination of organic growth and strategic acquisitions. It is publicly listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
The company emphasizes innovation in property development, incorporating smart technology and flexible designs to meet the evolving needs of its clients. Segro is also known for its collaboration with local communities and stakeholders to ensure that developments are beneficial and aligned with local plans.
Overall, Segro plays a crucial role in the logistics real estate market, responding to changing consumer demands and the increasing importance of supply chain efficiency.

U2Vncm8gaX MgYSByZWFs IGVzdGF0ZS Bjb21wYW55 IHRoYXQgZm 9jdXNlcyBv biBvd25pbm csIG1hbmFn aW5nLCBhbm QgZGV2ZWxv cGluZyB3YX JlaG91c2Vz IGFuZCBsb2 dpc3RpY3Mg YnVpbGRpbm dzLiBJbWFn aW5lIFNlZ3 JvIGFzIGEg YmlnIGxhbm Rsb3JkLCBi dXQgaW5zdG VhZCBvZiBh cGFydG1lbn RzIG9yIGhv dXNlcywgdG hleSByZW50 IG91dCBzcG FjZXMgd2hl cmUgYnVzaW 5lc3NlcyBz dG9yZSBhbm QgbW92ZSB0 aGVpciBwcm 9kdWN0cy48 YnI+SGVyZe KAmXMgaG93 IFNlZ3JvIG 1ha2VzIG1v bmV5OiA8Yn I+MS4gPHN0 cm9uZz5SZW 50aW5nIFNw YWNlczwvc3 Ryb25nPjog SnVzdCBsaW tlIGhvdyB5 b3UgbWlnaH QgcGF5IGZv ciBhIHNwb3 QgaW4gYSBw YXJraW5nIG xvdCwgYnVz aW5lc3Nlcy BwYXkgU2Vn cm8gdG8gdX NlIHRoZWly IHdhcmVob3 VzZXMuIFRo ZSBtb3JlIG J1c2luZXNz ZXMgdGhhdC B3YW50IHRv IHVzZSB0aG VpciBzcGFj ZXMsIHRoZS Btb3JlIG1v bmV5IFNlZ3 JvIG1ha2Vz Ljxicj4yLi A8c3Ryb25n PkJ1aWxkaW 5nIE5ldyBX YXJlaG91c2 VzPC9zdHJv bmc+OiBTZW dybyBhbHNv IGJ1aWxkcy BuZXcgd2Fy ZWhvdXNlcy B0byBtZWV0 IHRoZSBuZW VkcyBvZiBi dXNpbmVzc2 VzLiBXaGVu IHRoZXkgYn VpbGQgdGhl c2UgbmV3IH NwYWNlcyBh bmQgdGhlbi ByZW50IHRo ZW0gb3V0LC B0aGV5IGVh cm4gZXZlbi Btb3JlIG1v bmV5Ljxicj 4zLiA8c3Ry b25nPkxvbm ctVGVybSBD b250cmFjdH M8L3N0cm9u Zz46IE1hbn kgYnVzaW5l c3NlcyBzaW duIGxvbmct dGVybSBhZ3 JlZW1lbnRz IHRvIHJlbn QgdGhlIHNw YWNlLCB3aG ljaCBnaXZl cyBTZWdyby BzdGVhZHkg aW5jb21lIG 92ZXIgdGlt ZS4gSXTigJ lzIGxpa2Ug d2hlbiB5b3 UgcHJvbWlz ZSB0byBrZW VwIHlvdXIg dG95IGZvci BhIGxvbmcg dGltZSBhbm QgdGFrZSBn b29kIGNhcm Ugb2YgaXQu PGJyPk5vdy wgbGV04oCZ cyB0YWxrIG Fib3V0IHdo eSBTZWdyby BpcyBzdWNj ZXNzZnVsIG FuZCBsaWtl bHkgdG8gc3 RheSB0aGF0 IHdheSBpbi B0aGUgZnV0 dXJlOjxicj 4xLiA8c3Ry b25nPkdyb3 dpbmcgRGVt YW5kPC9zdH Jvbmc+OiBN b3JlIGFuZC Btb3JlIHBl b3BsZSBhcm Ugc2hvcHBp bmcgb25saW 5lLCB3aGlj aCBtZWFucy BidXNpbmVz c2VzIG5lZW QgbW9yZSB3 YXJlaG91c2 VzIHRvIHN0 b3JlIHRoZW lyIHByb2R1 Y3RzIGFuZC BnZXQgdGhl bSB0byBjdX N0b21lcnMg cXVpY2tseS 4gU2Vncm8g aXMgd2VsbC 1wb3NpdGlv bmVkIHRvIG hlbHAgdGhl c2UgYnVzaW 5lc3Nlcy48 YnI+Mi4gPH N0cm9uZz5H b29kIExvY2 F0aW9uczwv c3Ryb25nPj ogU2Vncm8g Y2hvb3Nlcy BzdHJhdGVn aWMgcGxhY2 VzIGZvciBp dHMgd2FyZW hvdXNlcywg b2Z0ZW4gbm VhciBiaWcg Y2l0aWVzIG 9yIHRyYW5z cG9ydCBodW JzLiBUaGlz IG1ha2VzIG l0IGVhc2ll ciBmb3IgYn VzaW5lc3Nl cyB0byBnZX QgdGhlaXIg cHJvZHVjdH Mgd2hlcmUg dGhleSBuZW VkIHRvIGdv IGZhc3QuPG JyPjMuIDxz dHJvbmc+U3 VzdGFpbmFi bGUgUHJhY3 RpY2VzPC9z dHJvbmc+Oi BTZWdybyBp cyBhbHNvIG ZvY3VzaW5n IG9uIGJlaW 5nIGVjby1m cmllbmRseS BieSBtYWtp bmcgdGhlaX IgYnVpbGRp bmdzIGdyZW VuZXIgYW5k IG1vcmUgZW ZmaWNpZW50 LiBUaGlzIG NhbiBhdHRy YWN0IGJ1c2 luZXNzZXMg dGhhdCBjYX JlIGFib3V0 IHRoZSBlbn Zpcm9ubWVu dCwgaGVscG luZyB0aGVt IHRvIHN0YW 5kIG91dC48 YnI+NC4gPH N0cm9uZz5F eHBlcmllbm NlZCBUZWFt PC9zdHJvbm c+OiBTZWdy byBoYXMgYS B0ZWFtIG9m IGV4cGVydH Mgd2hvIHVu ZGVyc3Rhbm QgcmVhbCBl c3RhdGUgYW 5kIHdoYXQg YnVzaW5lc3 NlcyBuZWVk LiBUaGlzIG tub3dsZWRn ZSBoZWxwcy B0aGVtIHN0 YXkgYWhlYW Qgb2YgdGhl IGNvbXBldG l0aW9uLjxi cj5CeSBtZW V0aW5nIHRo ZSBuZWVkcy BvZiBidXNp bmVzc2VzIH RoYXQgcmVx dWlyZSBzdG 9yYWdlIGFu ZCBkaXN0cm lidXRpb24g d2hpbGUgYW xzbyBwbGFu bmluZyBmb3 IgdGhlIGZ1 dHVyZSwgU2 Vncm8gaXMg bGlrZWx5IH RvIGNvbnRp bnVlIGJlaW 5nIHN1Y2Nl c3NmdWwgZm 9yIG1hbnkg eWVhcnMgdG 8gY29tZSE8 YnI+

U2Vncm8gaX MgYSBVSy1i YXNlZCByZW FsIGVzdGF0 ZSBpbnZlc3 RtZW50IHRy dXN0IHRoYX Qgc3BlY2lh bGl6ZXMgaW 4gb3duaW5n IGFuZCBtYW 5hZ2luZyBt b2Rlcm4gaW 5kdXN0cmlh bCBhbmQgdX JiYW4gbG9n aXN0aWNzIH Byb3BlcnRp ZXMuIFRoZS Bjb21wYW55 4oCZcyBmb2 N1cyBvbiBo aWdoLXF1YW xpdHksIHN0 cmF0ZWdpY2 FsbHkgbG9j YXRlZCBwcm 9wZXJ0aWVz IGhhcyBtYW RlIGl0IGEg bGVhZGVyIG luIEV1cm9w ZeKAmXMgcm FwaWRseSBn cm93aW5nIG UtY29tbWVy Y2UgYW5kIG xvZ2lzdGlj cyBzZWN0b3 IuPGJyPlNv bWUgc3BlY2 lmaWMgZmFj dG9ycyB0aG F0IG1ha2Ug U2Vncm8gdW 5pcXVlIGlu Y2x1ZGU6PG JyPjEuIExh cmdlIGFuZC BkaXZlcnNl IHBvcnRmb2 xpbzogU2Vn cm8gaGFzIG EgcG9ydGZv bGlvIG9mIG 92ZXIgOC4x IG1pbGxpb2 4gc3F1YXJl IG1ldGVycy BvZiByZWFs IGVzdGF0ZS wgc3ByZWFk IGFjcm9zcy BtdWx0aXBs ZSBtYXJrZX RzIGluIEV1 cm9wZS4gVG hpcyBkaXZl cnNpdHkgaG VscHMgdGhl IGNvbXBhbn kgbWl0aWdh dGUgcmlza3 MgYW5kIHRh a2UgYWR2YW 50YWdlIG9m IHZhcmlvdX MgbWFya2V0 IGNvbmRpdG lvbnMuPGJy PjIuIEZvY3 VzIG9uIHN1 c3RhaW5hYm lsaXR5OiBT ZWdybyBpcy Bjb21taXR0 ZWQgdG8gc3 VzdGFpbmFi aWxpdHkgYW 5kIGhhcyBz ZXQgYW1iaX Rpb3VzIHRh cmdldHMgdG 8gcmVkdWNl IGl0cyBjYX Jib24gZm9v dHByaW50IG FuZCBwcm9t b3RlIGdyZW VuIHByYWN0 aWNlcyB3aX RoaW4gaXRz IHByb3Blcn RpZXMuPGJy PjMuIFN0cm 9uZyBmaW5h bmNpYWwgcG VyZm9ybWFu Y2U6IFRoZS Bjb21wYW55 IGhhcyBhIH N0cm9uZyB0 cmFjayByZW NvcmQgb2Yg ZmluYW5jaW FsIHBlcmZv cm1hbmNlLC B3aXRoIGNv bnNpc3Rlbn QgZ3Jvd3Ro IGluIHJlbn RhbCBpbmNv bWUgYW5kIH Byb3BlcnR5 IHZhbHVlcy 48YnI+NC4g U3Ryb25nIG N1c3RvbWVy IHJlbGF0aW 9uc2hpcHM6 IFNlZ3JvIG hhcyBhIGxv bmctc3Rhbm RpbmcgcmVs YXRpb25zaG lwIHdpdGgg bWFueSBvZi BpdHMgY3Vz dG9tZXJzLC BpbmNsdWRp bmcgc29tZS BvZiB0aGUg YmlnZ2VzdC BuYW1lcyBp biBlLWNvbW 1lcmNlIGFu ZCBsb2dpc3 RpY3MuIFRo aXMgaGVscH MgdGhlIGNv bXBhbnkgbW FpbnRhaW4g aGlnaCBvY2 N1cGFuY3kg cmF0ZXMgYW 5kIHNlY3Vy ZSBsb25nLX Rlcm0gbGVh c2VzLjxicj 41LiBJbm5v dmF0aXZlIG RldmVsb3Bt ZW50IHByb2 plY3RzOiBT ZWdybyBoYX MgYSBzdHJv bmcgdHJhY2 sgcmVjb3Jk IG9mIGRldm Vsb3Bpbmcg aW5ub3ZhdG l2ZSBhbmQg c3VzdGFpbm FibGUgcHJv cGVydGllcy wgaW5jbHVk aW5nIG11bH RpLXN0b3Jl eSB3YXJlaG 91c2VzIGFu ZCB1cmJhbi Bsb2dpc3Rp Y3MgcGFya3 MuPGJyPjYu IEV4cGVyaW VuY2VkIG1h bmFnZW1lbn QgdGVhbTog VGhlIGNvbX BhbnnigJlz IG1hbmFnZW 1lbnQgdGVh bSBoYXMgZX h0ZW5zaXZl IGV4cGVyaW VuY2UgaW4g dGhlIHJlYW wgZXN0YXRl IGluZHVzdH J5IGFuZCBh IGRlZXAgdW 5kZXJzdGFu ZGluZyBvZi B0aGUgZS1j b21tZXJjZS BhbmQgbG9n aXN0aWNzIH NlY3RvcnMs IGdpdmluZy BTZWdybyBh IGNvbXBldG l0aXZlIGFk dmFudGFnZS BpbiB0aGVz ZSBtYXJrZX RzLjxicj43 LiBQcm92ZW 4gbG9uZy10 ZXJtIHN0cm F0ZWd5OiBT ZWdyb+KAmX MgZm9jdXMg b24gdGhlIG luZHVzdHJp YWwgYW5kIH VyYmFuIGxv Z2lzdGljcy BzZWN0b3Ig aGFzIHByb3 ZlbiB0byBi ZSBhIHN1Y2 Nlc3NmdWwg bG9uZy10ZX JtIHN0cmF0 ZWd5LCB3aX RoIHRoZSBj b21wYW55IG NvbnRpbnVv dXNseSBhZG FwdGluZyB0 byBjaGFuZ2 luZyBtYXJr ZXQgY29uZG l0aW9ucyB0 byBkcml2ZS Bncm93dGgg YW5kIGRlbG l2ZXIgdmFs dWUgdG8gc2 hhcmVob2xk ZXJzLg==

VGhlIFNlZ3 JvIGNvbXBh bnnigJlzIG J1c2luZXNz IG1vZGVsIG lzIGZvY3Vz ZWQgb24gcm VhbCBlc3Rh dGUgaW52ZX N0bWVudCwg ZGV2ZWxvcG 1lbnQsIGFu ZCBtYW5hZ2 VtZW50IG9m IGluZHVzdH JpYWwgYW5k IHdhcmVob3 VzZSBwcm9w ZXJ0aWVzLi BUaGV5IGFp bSB0byBwcm 92aWRlIGhp Z2gtcXVhbG l0eSwgc3Ry YXRlZ2ljYW xseSBsb2Nh dGVkIGZhY2 lsaXRpZXMg Zm9yIGJ1c2 luZXNzZXMg dG8gc3Rvcm UgYW5kIGRp c3RyaWJ1dG UgZ29vZHMu IFRoZWlyIG J1c2luZXNz IG1vZGVsIG ludm9sdmVz IHB1cmNoYX NpbmcgYW5k IGRldmVsb3 BpbmcgbGFu ZCwgZGVzaW duaW5nIGFu ZCBjb25zdH J1Y3Rpbmcg cHJvcGVydG llcywgYW5k IGxlYXNpbm cgdGhlbSBv dXQgdG8gdG VuYW50cy4g VGhleSBhbH NvIG9mZmVy IHByb3Blcn R5IG1hbmFn ZW1lbnQgc2 VydmljZXMg dG8gZW5zdX JlIHRoZSBl ZmZpY2llbn QgYW5kIGVm ZmVjdGl2ZS BvcGVyYXRp b24gb2YgdG hlaXIgcHJv cGVydGllcy 4gQnkgb3du aW5nIGFuZC BtYW5hZ2lu ZyBhIGRpdm Vyc2UgcG9y dGZvbGlvIG 9mIHByb3Bl cnRpZXMgYW Nyb3NzIEV1 cm9wZSwgU2 Vncm8gc2Vl a3MgdG8gZ2 VuZXJhdGUg cmVudGFsIG luY29tZSBh bmQgbG9uZy 10ZXJtIHZh bHVlIGZvci BpdHMgc2hh cmVob2xkZX JzLg==

To assess whether AI poses a material threat to Segro’s products, services, or competitive positioning, it’s essential to consider the specifics of Segro’s business model and the broader implications of AI within the logistics and real estate sectors.
1. Substitution: Segro is primarily involved in the industrial and logistics real estate sector, owning and managing warehouses and logistics facilities. AI could enhance operational efficiency and automation in logistics, such as through optimized supply chain management or autonomous vehicles. However, while AI can improve how logistics operate within Segro’s facilities, it is unlikely to substitute the need for physical space and infrastructure, which Segro provides.
2. Disintermediation: Disintermediation typically occurs when traditional intermediaries are bypassed due to technology, often seen in sectors like retail or finance. In Segro’s context, AI does not inherently disintermediate their core business model of providing physical logistics space. Instead, AI might influence how logistics companies utilize those spaces, but it would not eliminate the need for such spaces altogether. Segro’s positioning could even improve as companies invest in advanced technology for better efficiency in the facilities they occupy.
3. Margin Pressure: The introduction of AI in logistics and warehouse management could lead to increased efficiency and lower operational costs for Segro’s clients, potentially putting pressure on rental prices as firms seek more cost-effective solutions. However, if Segro adapts by integrating AI-driven insights into its management practices or investing in smart facility technologies, it could enhance its value proposition and maintain or improve its margins.
In summary, while AI may influence operational dynamics and efficiencies within the sectors Segro operates in, it does not pose a direct threat through substitution or disintermediation. Pressure on margins could occur, but with strategic investments in technology, Segro could enhance its competitive positioning rather than suffer a material threat.

The sensitivity of Segro’s earnings, cash flow, and valuation to changes in interest rates can be significant due to several factors inherent in the nature of its business. Segro is a leading owner, manager, and developer of modern warehouses and industrial properties. Here are some key points regarding interest rate sensitivity:
1. Earnings Impact: Higher interest rates can increase borrowing costs. As Segro may utilize debt for its operations and growth, increased interest expenses can negatively impact net earnings. Conversely, if interest rates rise, it may also affect tenant demand, particularly in sectors that are more sensitive to financing costs, potentially leading to lower occupancy rates or rental income.
2. Cash Flow Sensitivity: Cash flow from operations is typically affected by interest rates due to the cost of financing. If Segro’s borrowing costs increase, it may experience reduced cash flow. Conversely, stable or falling rates could enhance cash flow if the company can refinance existing debt at lower rates or if tenant demand remains strong.
3. Valuation Considerations: The valuation of Segro is often influenced by changes in interest rates through discounted cash flow models. Higher interest rates generally lead to a higher discount rate, reducing the present value of future cash flows and, thereby, the company’s overall valuation. Additionally, the yield spread between real estate investments and bond yields plays a crucial role in determining property values; an increase in interest rates could narrow this spread, making real estate less attractive to investors.
4. Market Conditions: Interest rates also influence broader economic conditions, including consumer spending and business investment. A rising rate environment may signal tighter monetary policy, potentially leading to slower economic growth, which can affect demand for Segro’s properties.
5. Long-Term Leases: Since Segro often engages in long-term leases with its tenants, it may have some insulation from short-term fluctuations in interest rates. However, when these leases expire, renewals may be impacted by the prevailing interest rate environment, affecting future rental income.
In summary, Segro’s earnings, cash flow, and valuation are closely tied to interest rate movements, reflecting the interplay between financing costs, economic conditions, and investor sentiment towards real estate assets.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BTZWdyb+KA mXMgZWNvbm 9taWNzIG92 ZXIgdGhlIG 5leHQgM+KA kzUgeWVhcn MgaXMgYSBz aWduaWZpY2 FudCBhbmQg cHJvbG9uZ2 VkIGRvd250 dXJuIGluIH RoZSBsb2dp c3RpY3MgYW 5kIHdhcmVo b3VzaW5nIH NlY3Rvciwg ZHJpdmVuIG J5IHNldmVy YWwgaW50ZX JyZWxhdGVk IGZhY3Rvcn MuPGJyPjEu IDxzdHJvbm c+RS1jb21t ZXJjZSBTYX R1cmF0aW9u PC9zdHJvbm c+OiBUaGUg cmFwaWQgZ3 Jvd3RoIG9m IGUtY29tbW VyY2UsIHdo aWNoIGhhcy BiZWVuIGEg Ym9vbiBmb3 IgbG9naXN0 aWNzIGNvbX Bhbmllcywg bWF5IHJlYW NoIGEgc2F0 dXJhdGlvbi Bwb2ludC4g SWYgY29uc3 VtZXIgcHJl ZmVyZW5jZX Mgc2hpZnQg YmFjayB0b3 dhcmQgYnJp Y2stYW5kLW 1vcnRhciBz aG9wcGluZy wgdGhpcyBj b3VsZCBsZW FkIHRvIGRl Y3JlYXNlZC BkZW1hbmQg Zm9yIGluZH VzdHJpYWwg d2FyZWhvdX NlIHNwYWNl LCBwYXJ0aW N1bGFybHkg aW4ga2V5IG 1hcmtldHMg d2hlcmUgU2 Vncm8gb3Bl cmF0ZXMuPG JyPjIuIDxz dHJvbmc+VG VjaG5vbG9n aWNhbCBEaX NydXB0aW9u czwvc3Ryb2 5nPjogVGhl IGFkdmVudC BvZiBhdXRv bWF0aW9uIG FuZCBhZHZh bmNlZCByb2 JvdGljcyBj b3VsZCBsZW FkIHRvIGEg cmVkdWNlZC BkZW1hbmQg Zm9yIHdhcm Vob3VzZSBz cGFjZS4gQX MgbG9naXN0 aWNzIGNvbX BhbmllcyBv cHRpbWl6ZS B0aGVpciBv cGVyYXRpb2 5zIGFuZCBk ZWNyZWFzZS B0aGVpciBu ZWVkIGZvci BwaHlzaWNh bCBzcGFjZS wgU2Vncm8g bWF5IGZpbm QgaXRzIHBy b3BlcnRpZX MgdW5kZXJ1 dGlsaXplZC 48YnI+My4g PHN0cm9uZz 5FY29ub21p YyBSZWNlc3 Npb248L3N0 cm9uZz46IE Egc2lnbmlm aWNhbnQgZW Nvbm9taWMg ZG93bnR1cm 4gY291bGQg cmVzdWx0IG luIHJlZHVj ZWQgY29uc3 VtZXIgc3Bl bmRpbmcgYW 5kIGEgY29u dHJhY3Rpb2 4gaW4gYnVz aW5lc3Mgb3 BlcmF0aW9u cy4gVGhpcy BtaWdodCBs ZWFkIHRvIG luY3JlYXNl ZCB2YWNhbm NpZXMgaW4g U2Vncm/igJ lzIHByb3Bl cnRpZXMsIG ltcGFjdGlu ZyByZW50YW wgaW5jb21l Ljxicj40Li A8c3Ryb25n PlJlZ3VsYX RvcnkgQ2hh bmdlczwvc3 Ryb25nPjog TmV3IHJlZ3 VsYXRpb25z IHJlZ2FyZG luZyBzdXN0 YWluYWJpbG l0eSwgZW1p c3Npb25zLC BvciBsYW5k IHVzYWdlIG NvdWxkIGlu Y3JlYXNlIG 9wZXJhdGlv bmFsIGNvc3 RzIG9yIGxp bWl0IFNlZ3 Jv4oCZcyBh YmlsaXR5IH RvIGRldmVs b3AgbmV3IH Byb3BlcnRp ZXMgb3Igcm VkZXZlbG9w IGV4aXN0aW 5nIG9uZXMu IFRoaXMgY2 91bGQgY29u c3RyYWluIG dyb3d0aCBv cHBvcnR1bm l0aWVzIGFu ZCBwcmVzc3 VyZSBwcm9m aXQgbWFyZ2 lucy48YnI+ SWYgc3VjaC BhIHNjZW5h cmlvIHdlcm UgdG8gdW5m b2xkLCB0aG UgaW1wbGlj YXRpb25zIG ZvciBTZWdy b+KAmXMgbW FyZ2lucywg Y2FzaCBmbG 93LCBhbmQg YmFsYW5jZS BzaGVldCBj b3VsZCBiZS BzZXZlcmU6 PGJyPi0gPH N0cm9uZz5N YXJnaW5zPC 9zdHJvbmc+ OiBTZWdyb+ KAmXMgcHJv Zml0IG1hcm dpbnMgd291 bGQgbGlrZW x5IHNocmlu ayBkdWUgdG 8gZGVjbGlu aW5nIHJlbn RhbCByYXRl cyBhcyBjb2 1wZXRpdGlv biBpbmNyZW FzZXMgZm9y IGZld2VyIH RlbmFudHMu IEFkZGl0aW 9uYWxseSwg aW5jcmVhc2 VkIG9wZXJh dGlvbmFsIG Nvc3RzIGlu IHJlc3Bvbn NlIHRvIHJl Z3VsYXRvcn kgY2hhbmdl cyBjb3VsZC BmdXJ0aGVy IHNxdWVlem UgbWFyZ2lu cy4gVGhlIG hpZ2hlciB2 YWNhbmN5IH JhdGVzIG1p Z2h0IGZvcm NlIHRoZSBj b21wYW55IH RvIG9mZmVy IGNvbmNlc3 Npb25zIHRv IGF0dHJhY3 QgdGVuYW50 cywgZnVydG hlciBlcm9k aW5nIHByb2 ZpdGFiaWxp dHkuPGJyPi 0gPHN0cm9u Zz5DYXNoIE Zsb3c8L3N0 cm9uZz46IE EgZG93bnR1 cm4gd291bG QgbmVnYXRp dmVseSBpbX BhY3QgU2Vn cm/igJlzIG Nhc2ggZmxv dy4gVGhlIG NvbXBhbnkg d291bGQgZX hwZXJpZW5j ZSByZWR1Y2 VkIHJlbnRh bCBpbmNvbW UgZHVlIHRv IGhpZ2hlci B2YWNhbmN5 IHJhdGVzIG FuZCBwb3Rl bnRpYWxseS ByaXNpbmcg dGVuYW50IG RlZmF1bHRz LiBDb25zZX F1ZW50bHks IGNhc2ggZm xvdyBmcm9t IG9wZXJhdG lvbnMgY291 bGQgdHVybi BuZWdhdGl2 ZSwgbGltaX RpbmcgdGhl IGNhcGFjaX R5IHRvIHBh eSBkaXZpZG VuZHMsIHJl aW52ZXN0IG luIHByb3Bl cnRpZXMsIG 9yIHNlcnZp Y2UgZGVidC 48YnI+LSA8 c3Ryb25nPk JhbGFuY2Ug U2hlZXQ8L3 N0cm9uZz46 IFRoZSBiYW xhbmNlIHNo ZWV0IHdvdW xkIHJlZmxl Y3QgcmlzaW 5nIGRlYnQg bGV2ZWxzIG lmIFNlZ3Jv IHNvdWdodC B0byBzdXN0 YWluIG9wZX JhdGlvbnMg b3IgbWFpbn RhaW4gbGlx dWlkaXR5IG R1cmluZyB0 aGlzIGRvd2 50dXJuLiBX aXRoIGRlY2 xpbmluZyBh c3NldCB2YW x1ZXMgZnJv bSBsb3dlci ByZW50YWwg aW5jb21lIG FuZCBpbmNy ZWFzZWQgdm FjYW5jaWVz LCB0aGUgY2 9tcGFueeKA mXMgZGVidC 10by1lcXVp dHkgcmF0aW 8gY291bGQg d29yc2VuLC BsZWFkaW5n IHRvIGNyZW RpdCByYXRp bmcgZG93bm dyYWRlcy4g VGhpcyB3b3 VsZCBpbmNy ZWFzZSBib3 Jyb3dpbmcg Y29zdHMgYW 5kIGNvbnN0 cmFpbiBhY2 Nlc3MgdG8g Y2FwaXRhbC BtYXJrZXRz IGZvciBmdX R1cmUgZ3Jv d3RoLjxicj 5PdmVyYWxs LCBzdWNoIG Egc2NlbmFy aW8gd291bG QgcmVxdWly ZSBTZWdyby B0byByZXRo aW5rIGl0cy BzdHJhdGVn eSwgcGVyaG FwcyBzaGlm dGluZyBmb2 N1cyB0b3dh cmQgZGl2ZX JzaWZpY2F0 aW9uIG9yIG lubm92YXRp dmUgcHJvcG VydHkgb2Zm ZXJpbmdzIH RvIGFkYXB0 IHRvIHRoZS BjaGFuZ2lu ZyBtYXJrZX QgZHluYW1p Y3MuPGJyPg ==

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 bG9nb3MvRz k3ckY4UnRs V0t2YzF2Tj NpZGcud2Vi cCIgYWx0PS JTZWdybyIg dGl0bGU9Il NlZ3JvIiAg 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 IGFib3V0IF NlZ3JvPwog 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 ICAgICAg4p qhIEluc3Rh bnRseSBhY2 Nlc3MgPGk+ IlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3MiPC9pPi DigJQgZnJl ZSEKICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIE1T NGdVMlZuY2 0gOGdkMkZ6 SUdadiBkVz VrWldRZ2FX IDRnTVRreU 1DQmggY3lC MGFHVWdVMi B4dmRXZG9J RlJ5IFlXUn BibWNnUTIg OXRjR0Z1ZV NCaSBlU0JP YjJWc0lFID F2WW1KekxD QjMgYUc4Z2 MyRjNJSCBS b1pTQndiM1 JsIGJuUnBZ V3dnWm0gOX lJR0VnYm1W MyBJR2x1Wk hWemRIIEpw WVd3Z1pYTj AgWVhSbElH bHVJSCBSb1 pTQlRiRzkx IFoyZ2dZWE psWVMgNDhZ bkkrTWk0Zy BWR2hsSUdO dmJYIEJoYm 5uaWdKbHog SUc1aGJXVW dkMiBGeklH Tm9ZVzVuIF pXUWdkRzhn VTIgVm5jbT hnYVc0ZyBN akF3Tnl3Z2 QyIGhwWTJn Z2FYTWcgWV c0Z1lXTnli MiA1NWJTQm 1iM0lnIFUy eHZkV2RvSU UgVnpkR0Yw WlhNZyBSM0 p2ZFhBdVBH IEp5UGpNdU lGTmwgWjNK dklHbHpJRy BFZ2NtVmhi Q0JsIGMzUm hkR1VnYVcg NTJaWE4wYl dWdSBkQ0Iw Y25WemRDIE FvVWtWSlZD a2cgZEdoaG RDQnpjRyBW amFXRnNhWH BsIGN5QnBi aUJ2ZDIgNX BibWNzSUdS bCBkbVZzYj NCcGJtIGNn WVc1a0lHMW ggYm1GbmFX NW5JRyBsdV pIVnpkSEpw IFlXd2dZVz VrSUcgeHZa Mmx6ZEdsai BjeUJ3Y205 d1pYIEowYV dWekxqeGkg Y2o0MExpQl VhRyBVZ1ky OXRjR0Z1IG VlS0FtWE1n Y0cgOXlkR1 p2YkdsdiBJ R2x1WTJ4MV pHIFZ6SUc5 MlpYSWcgTX pRZ2JXbHNi RyBsdmJpQn pjWFZoIGNt VWdabVZsZE MgQnZaaUJ6 Y0dGaiBaU0 JwYmlCdmRt IFZ5SURNd0 lHTnYgZFc1 MGNtbGxjeS B3Z2JXRnJh VzVuIElHbD BJRzl1WlMg QnZaaUIwYU dVZyBiR0Z5 WjJWemRDIE JwYm1SMWMz UnkgYVdGc0 lIQnliMyBC bGNuUjVJRz kzIGJtVnlj eUJoYm0gUW daR1YyWld4 diBjR1Z5Y3 lCcGJpIEJG ZFhKdmNHVX UgUEdKeVBq VXVJRiBObF ozSnY0b0Na IGN5Qm1iMk 4xY3kgQnBj eUJ2YmlCdy BjbTkyYVdS cGJtIGNnYU dsbmFDMXgg ZFdGc2FYUj VMQyBCdGIy UmxjbTRnIF lXNWtJSE4x YzMgUmhhVz VoWW14bCBJ SEJ5YjNCbG NuIFJwWlhN Z1ptOXkgSU dsMGN5QjBa VyA1aGJuUn pMQ0IzIGFY Um9JR0VnY0 cgRnlkR2xq ZFd4aCBjaU JsYlhCb1lY IE5wY3lCdm JpQmwgTFdO dmJXMWxjbS BObExDQjBa V05vIGJtOX NiMmQ1TEMg QmhibVFnYk c5biBhWE4w YVdOeklHIE 52YlhCaGJt bGwgY3k0Z1 BHSnlQaiBZ dUlGUm9aU0 JqIGIyMXdZ VzU1SUcgaG hjeUJoSUhO MCBjbTl1Wn lCbWIyIE4x Y3lCdmJpQn ogZFhOMFlX bHVZVyBKcG JHbDBlU0Jo IGJtUWdhR0 Z6SUggTmxk Q0JoYldKcC BkR2x2ZFhN Z2RHIEZ5Wj JWMGN5QjAg YnlCeVpXUj FZMiBVZ2FY UnpJR05oIG NtSnZiaUJt YjIgOTBjSE pwYm5RZyBZ VzVrSUdsdV kzIEpsWVhO bElIUm8gWl NCbGJtVnla MyBrZ1pXWm 1hV05wIFpX NWplU0J2Wm kgQnBkSE1n Y0hKdiBjR1 Z5ZEdsbGN5 IDQ4WW5JK0 55NGcgU1c0 Z01qQXlNQy B3Z1UyVm5j bThnIGQyRn pJSEpsWTIg OW5ibWw2Wl dRZyBZWE1n ZEdobElHID F2YzNRZ2Mz VnogZEdGcG JtRmliRyBV Z2NtVmhiQ0 JsIGMzUmhk R1VnWTIgOX RjR0Z1ZVNC cCBiaUIwYU dVZ2QyIDl5 YkdRZ1lua2 cgZEdobElF ZHNiMiBKaG JDQlNaV0Zz IElFVnpkR0 YwWlMgQlRk WE4wWVdsdS BZV0pwYkds MGVTIEJDWl c1amFHMWgg Y21zZ0tFZF NSViBOQ0tT NDhZbkkrIE 9DNGdVMlZu Y20gOGdhR0 Z6SUdFZyBj M1J5YjI1bk lHIE52Ylcx cGRHMWwgYm 5RZ2RHOGdj MyBWd2NHOX lkR2x1IFp5 QnNiMk5oYk MgQmpiMjF0 ZFc1cCBkR2 xsY3l3Z2Qy IGwwYUNCaE lIQmggY25S cFkzVnNZWC BJZ1ptOWpk WE1nIGIyNG djSEp2ZG0g bGthVzVuSU dWdCBjR3h2 ZVcxbGJuIF FnWVc1a0lI UnkgWVdsdW FXNW5JRyA5 d2NHOXlkSF Z1IGFYUnBa WE1nWm0gOX lJSGx2ZFc1 biBJSEJsYj NCc1pTIDQ4 WW5JK09TNG cgVkdobElH TnZiWCBCaG Jua2dhR0Z6 IElHRWdaR2 wyWlggSnpa U0JoYm1RZy BaWGh3WlhK cFpXIDVqWl dRZ2JHVmgg WkdWeWMyaH BjQyBCMFpX RnRMQ0IzIG FYUm9JRzky WlggSWdOVE FsSUc5bSBJ R2wwY3lCaW IyIEZ5WkNC dFpXMWkgWl hKeklHSmxh VyA1bklIZH ZiV1Z1IExq eGljajR4TU MgNGdVMlZu Y204ZyBhWE 1nWVNCd2RX IEpzYVdOc2 VTQjAgY21G a1pXUWdZMi A5dGNHRnVl U0JzIGFYTj BaV1FnYjIg NGdkR2hsSU V4diBibVJ2 YmlCVGRHID lqYXlCRmVH Tm8gWVc1bl pTNGdRWCBN Z2IyWWdNak F5IE1Td2dh WFFnYUcgRn pJR0VnYldG eSBhMlYwSU dOaGNHIGww WVd4cGVtRj AgYVc5dUlH OW1JRyA5Ml pYSWd3cU14 IE1pQmlhV3 hzYVcgOXVM Zz09CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==