RMR Group

-14.73%

Live  

The RMR Group Inc. is a publicly traded real estate investment and management company based in the United States. Founded in 1986, the company specializes in managing a diverse portfolio of real estate assets, including office, retail, industrial, and residential properties. RMR Group provides integrated services, including property management, leasing, and investment management, catering primarily to institutional investors.
The company’s business model focuses on acquiring and managing properties to generate income and long-term value for its shareholders and investors. RMR Group is known for its strong emphasis on operational efficiency and enhancing property value through strategic asset management.
As a publicly traded company, RMR Group is listed on the NASDAQ stock exchange under the ticker symbol RMR. The company has generally pursued a strategy of growth through both organic initiatives and acquisitions, seeking to expand its portfolio and enhance service offerings.
RMR has a number of affiliated real estate investment trusts (REITs) that it manages, allowing investors to access various sectors of the real estate market. The firm’s leadership is experienced in the real estate sector and has a disciplined approach to managing assets.
Overall, RMR Group is recognized for its ability to provide comprehensive real estate management services, aiming to create value for its clients while navigating the complexities of the real estate market.

Uk1SIEdyb3 VwIGlzIGEg Y29tcGFueS B0aGF0IGhl bHBzIG1hbm FnZSBidWls ZGluZ3MgYW 5kIHByb3Bl cnRpZXMsIG xpa2UgaG90 ZWxzLCBvZm ZpY2VzLCBh bmQgc2hvcH BpbmcgY2Vu dGVycy4gVG hpbmsgb2Yg Uk1SIEdyb3 VwIGFzIGEg dGVhbSBvZi BoZWxwZXJz IHdobyBtYW tlIHN1cmUg dGhlc2UgYn VpbGRpbmdz IGFyZSB3ZW xsIHRha2Vu IGNhcmUgb2 YgYW5kIHJ1 biBzbW9vdG hseS48YnI+ VGhleSBtYW tlIG1vbmV5 IGluIGEgZm V3IHdheXMu IEZpcnN0LC B0aGV5IGNo YXJnZSB0aG Ugb3duZXJz IG9mIHRoZS BidWlsZGlu Z3MgYSBmZW UgZm9yIHRo ZWlyIG1hbm FnZW1lbnQg c2VydmljZX MuIFRoaXMg bWVhbnMgd2 hlbiBhIGNv bXBhbnkgd2 FudHMgdG8g bWFrZSBzdX JlIHRoZWly IGJ1aWxkaW 5nIGlzIGNs ZWFuLCBzYW ZlLCBhbmQg d29ya2luZy Bwcm9wZXJs eSwgdGhleS BwYXkgUk1S IEdyb3VwIH RvIGRvIHRo YXQuIFNlY2 9uZCwgUk1S IEdyb3VwIG NhbiBhbHNv IGVhcm4gbW 9uZXkgd2hl biB0aGUgcH JvcGVydGll cyB0aGV5IG 1hbmFnZSBn cm93IGluIH ZhbHVlIG9y IHdoZW4gdG hleSBoZWxw IGZpbmQgdG VuYW50cyB0 byByZW50IH NwYWNlcy4g PGJyPlJNUi BHcm91cCBp cyBzdWNjZX NzZnVsIGJl Y2F1c2UgdG hleSBoYXZl IGEgbG90IG 9mIGV4cGVy aWVuY2UgYW 5kIGtub3cg aG93IHRvIH Rha2UgY2Fy ZSBvZiBtYW 55IGRpZmZl cmVudCB0eX BlcyBvZiBi dWlsZGluZ3 MuIFRoZXkg YWxzbyBidW lsZCBnb29k IHJlbGF0aW 9uc2hpcHMg d2l0aCB0aG Ugb3duZXJz IG9mIHByb3 BlcnRpZXMg YW5kIGNhbi BoZWxwIHRo ZW0gbWFrZS BzbWFydCBk ZWNpc2lvbn MuIEJlY2F1 c2UgbW9yZS BwZW9wbGUg bmVlZCBwbG FjZXMgdG8g bGl2ZSBhbm Qgd29yaywg YW5kIGFzIG NpdGllcyBn cm93LCBSTV IgR3JvdXAg d2lsbCBsaW tlbHkgY29u dGludWUgdG 8gZG8gd2Vs bCBpbiB0aG UgZnV0dXJl LiBUaGV5IG NhbiBhZGFw dCB0byBjaG FuZ2VzLCBh bmQgdGhhdC BoZWxwcyB0 aGVtIHN0YX kgc3Ryb25n IGFuZCB1c2 VmdWwgaW4g dGhlIG1hcm tldC48YnI+

MS4gRGl2ZX JzZSBSZWFs IEVzdGF0ZS BQb3J0Zm9s aW86IFRoZS BSTVIgR3Jv dXAgaGFzIG EgZGl2ZXJz ZSBwb3J0Zm 9saW8gb2Yg cmVhbCBlc3 RhdGUgYXNz ZXRzLCB3aX RoIGludmVz dG1lbnRzIG luIHZhcmlv dXMgc2VjdG 9ycyBzdWNo IGFzIGhlYW x0aGNhcmUs IG9mZmljZS wgaW5kdXN0 cmlhbCwgcm V0YWlsLCBh bmQgbXVsdG lmYW1pbHkg cHJvcGVydG llcy48YnI+ Mi4gRXhwZX JpZW5jZWQg TWFuYWdlbW VudCBUZWFt OiBUaGUgY2 9tcGFueSBo YXMgYSB0ZW FtIG9mIGV4 cGVyaWVuY2 VkIHByb2Zl c3Npb25hbH Mgd2l0aCBl eHBlcnRpc2 UgaW4gZGlm ZmVyZW50IG FyZWFzIG9m IHRoZSByZW FsIGVzdGF0 ZSBtYXJrZX QsIGluY2x1 ZGluZyBwcm 9wZXJ0eSBt YW5hZ2VtZW 50LCBhc3Nl dCBtYW5hZ2 VtZW50LCBh bmQgaW52ZX N0bWVudCBt YW5hZ2VtZW 50Ljxicj4z LiBTdHJvbm cgVHJhY2sg UmVjb3JkOi BUaGUgUk1S IEdyb3VwIG hhcyBhIHBy b3ZlbiB0cm FjayByZWNv cmQgb2YgZG VsaXZlcmlu ZyBzdHJvbm cgcmV0dXJu cyBmb3IgaX RzIGludmVz dG9ycywgd2 l0aCBhIGxv bmcgaGlzdG 9yeSBvZiBz dWNjZXNzZn VsIGFjcXVp c2l0aW9ucy wgZGlzcG9z aXRpb25zLC BhbmQgZmlu YW5jaW5nIH RyYW5zYWN0 aW9ucy48Yn I+NC4gTG9u Zy10ZXJtIF JlbGF0aW9u c2hpcHM6IF RoZSBjb21w YW55IGhhcy BhIGxvbmct c3RhbmRpbm cgcmVsYXRp b25zaGlwIH dpdGggaXRz IGNsaWVudH MgYW5kIHBh cnRuZXJzLC B3aGljaCBo YXMgaGVscG VkIGl0IGRl dmVsb3AgYS BkZWVwIHVu ZGVyc3Rhbm Rpbmcgb2Yg dGhlaXIgbm VlZHMgYW5k IGRlbGl2ZX IgY3VzdG9t aXplZCBzb2 x1dGlvbnMu PGJyPjUuIE lubm92YXRp dmUgQXBwcm 9hY2g6IFRo ZSBSTVIgR3 JvdXAgaXMg a25vd24gZm 9yIGl0cyBp bm5vdmF0aX ZlIGFwcHJv YWNoIHRvIH JlYWwgZXN0 YXRlIGludm VzdG1lbnQs IHdoaWNoIG luY2x1ZGVz IHV0aWxpem luZyBkYXRh LWRyaXZlbi BzdHJhdGVn aWVzLCBhcH BseWluZyB0 ZWNobm9sb2 d5IHRvIG9w dGltaXplIG 9wZXJhdGlv bnMsIGFuZC BsZXZlcmFn aW5nIGl0cy BleHRlbnNp dmUgbmV0d2 9yayBmb3Ig ZGVhbCBmbG 93Ljxicj42 LiBGb2N1cy BvbiBSaXNr IE1hbmFnZW 1lbnQ6IFRo ZSBjb21wYW 55IGhhcyBh IHN0cm9uZy Bmb2N1cyBv biByaXNrIG 1hbmFnZW1l bnQsIHVzaW 5nIGEgZGlz Y2lwbGluZW QgYXBwcm9h Y2ggdG8gdW 5kZXJ3cml0 aW5nIGFuZC BpbnZlc3Rp bmcgaW4gYX NzZXRzIHdp dGggc3Ryb2 5nIGZ1bmRh bWVudGFscy BhbmQgcG90 ZW50aWFsIG ZvciBsb25n LXRlcm0gZ3 Jvd3RoLjxi cj43LiBEaX ZlcnNpZmll ZCBCdXNpbm VzcyBNb2Rl bDogSW4gYW RkaXRpb24g dG8gaXRzIH JlYWwgZXN0 YXRlIGludm VzdG1lbnQg YW5kIG1hbm FnZW1lbnQg c2VydmljZX MsIHRoZSBS TVIgR3JvdX AgYWxzbyBw cm92aWRlcy BhbHRlcm5h dGl2ZSBhc3 NldCBtYW5h Z2VtZW50IH NlcnZpY2Vz LCBpbmNsdW RpbmcgYWR2 aXNvcnkgYW 5kIGNvbnN1 bHRpbmcgc2 VydmljZXMs IGFkZGluZy Bhbm90aGVy IGRpbWVuc2 lvbiB0byBp dHMgYnVzaW 5lc3MuPGJy PjguIENvbW 1pdG1lbnQg dG8gU3VzdG FpbmFiaWxp dHk6IFRoZS Bjb21wYW55 IGhhcyBhIH N0cm9uZyBj b21taXRtZW 50IHRvIHN1 c3RhaW5hYm lsaXR5LCBp bmNvcnBvcm F0aW5nIGVu dmlyb25tZW 50YWwsIHNv Y2lhbCwgYW 5kIGdvdmVy bmFuY2UgKE VTRykgZmFj dG9ycyBpbn RvIGl0cyBp bnZlc3RtZW 50IGRlY2lz aW9ucyBhbm QgYWN0aXZl bHkgcHJvbW 90aW5nIHN1 c3RhaW5hYm xlIHByYWN0 aWNlcyBhY3 Jvc3MgaXRz IHBvcnRmb2 xpby48YnI+ OS4gU3Ryb2 5nIEZpbmFu Y2lhbCBQb3 NpdGlvbjog VGhlIFJNUi BHcm91cCBo YXMgYSBzdH JvbmcgZmlu YW5jaWFsIH Bvc2l0aW9u LCB3aXRoIG EgaGVhbHRo eSBiYWxhbm NlIHNoZWV0 IGFuZCBhY2 Nlc3MgdG8g Y2FwaXRhbC wgZ2l2aW5n IGl0IHRoZS BmbGV4aWJp bGl0eSB0by BwdXJzdWUg YXR0cmFjdG l2ZSBpbnZl c3RtZW50IG 9wcG9ydHVu aXRpZXMgYW 5kIHdlYXRo ZXIgbWFya2 V0IGRvd250 dXJucy48Yn I+MTAuIFB1 YmxpY2x5IF RyYWRlZCBD b21wYW55Oi BBcyBhIHB1 YmxpY2x5IH RyYWRlZCBj b21wYW55LC B0aGUgUk1S IEdyb3VwIG 9mZmVycyBp bnZlc3Rvcn MgdGhlIG9w cG9ydHVuaX R5IHRvIHBh cnRpY2lwYX RlIGluIHRo ZSBzdWNjZX NzIGFuZCBn cm93dGggb2 YgaXRzIHJl YWwgZXN0YX RlIHBvcnRm b2xpbyB0aH JvdWdoIHN0 b2NrIG93bm Vyc2hpcC4=

VGhlIFJNUi BHcm91cCBp cyBhIHJlYW wgZXN0YXRl IGludmVzdG 1lbnQgdHJ1 c3QgKFJFSV QpIHRoYXQg cHJpbWFyaW x5IGZvY3Vz ZXMgb24gbW FuYWdpbmcg Y29tbWVyY2 lhbCByZWFs IGVzdGF0ZS Bwcm9wZXJ0 aWVzIGFuZC Bwcm92aWRp bmcgYWR2aX Nvcnkgc2Vy dmljZXMgdG 8gb3RoZXIg UkVJVHMuIF RoZSBjb21w YW554oCZcy BidXNpbmVz cyBtb2RlbC BpbmNsdWRl cyBhY3F1aX JpbmcsIG1h bmFnaW5nLC BhbmQgbGVh c2luZyBhIG RpdmVyc2lm aWVkIHBvcn Rmb2xpbyBv ZiBwcm9wZX J0aWVzIG9u IGJlaGFsZi BvZiBpdHMg Y2xpZW50cy wgYXMgd2Vs bCBhcyBwcm 92aWRpbmcg c3RyYXRlZ2 ljIGludmVz dG1lbnQgYW 5kIGFzc2V0 IG1hbmFnZW 1lbnQgc2Vy dmljZXMgdG 8gaXRzIGNs aWVudHMuIF RoZSBSTVIg R3JvdXAgZ2 VuZXJhdGVz IHJldmVudW UgYnkgY2hh cmdpbmcgbW FuYWdlbWVu dCBmZWVzLC BsZWFzaW5n IGZlZXMsIG FuZCBvdGhl ciBzZXJ2aW NlIGZlZXMg dG8gaXRzIG NsaWVudHMu IEl0IGFsc2 8gZWFybnMg aW5jb21lIG Zyb20gaXRz IG93bmVyc2 hpcCBpbnRl cmVzdHMgaW 4gY2VydGFp biBwcm9wZX J0aWVzLiBB ZGRpdGlvbm FsbHksIHRo ZSBjb21wYW 55IG1heSBp bnZlc3QgaW 4gcHJvcGVy dGllcyB0aH JvdWdoIGpv aW50IHZlbn R1cmVzIG9y IHBhcnRuZX JzaGlwcy4=

To determine whether AI poses a material threat to RMR Group’s products, services, or competitive positioning, it is essential to analyze several factors related to substitution, disintermediation, and margin pressure.
Substitution: AI technologies can automate various processes involved in asset management and real estate services, such as data analysis, property valuation, and market forecasting. If RMR Group does not adapt to these advancements, there is a risk that clients may choose competitors that integrate AI solutions into their offerings. This could lead to a loss of market share if RMR is unable to provide comparable levels of efficiency or insight.
Disintermediation: The rise of AI could lead to disintermediation, where clients bypass traditional asset management services in favor of AI-driven platforms that allow for self-service investment management or real estate transactions. If such platforms gain traction and demonstrate significant advantages in terms of cost, speed, or value, RMR Group could face challenges in maintaining its relevance and client base.
Margin Pressure: Incorporating AI may initially require investment, but over time it could streamline operations, reduce costs, or enable the company to offer enhanced services at competitive prices. However, if competitors leverage AI-driven efficiencies to lower their prices significantly, RMR could experience margin pressure. The challenge would be balancing the costs of implementing AI with the potential for competitive pricing.
Overall, while AI presents opportunities for efficiency and innovation, it also poses risks related to substitution, disintermediation, and margin pressures. RMR Group must actively assess and integrate AI advancements into its business strategy to mitigate these risks and maintain its competitive edge in the market.

The RMR Group operates in the real estate management and investment sector, and its earnings, cash flow, and overall valuation can be significantly impacted by changes in interest rates for several reasons:
1. Earnings Sensitivity: The company’s earnings can be sensitive to interest rate fluctuations because higher interest rates may increase borrowing costs for properties they manage or invest in. This can squeeze margins if companies cannot pass on these costs to tenants or if it affects occupancy rates. Conversely, lower interest rates may boost earnings by reducing financing costs.
2. Cash Flow Impact: Cash flows are crucial for RMR Group, especially since they are tied to property leases and management fees. If interest rates rise, it could lead to higher costs of capital, reducing cash flow available for distribution or reinvestment. On the other hand, lower interest rates can enhance cash flows by making it cheaper to finance acquisitions and properties.
3. Valuation Sensitivity: The valuation of RMR Group and its assets will likely be influenced by interest rates due to the impact they have on discount rates used in valuation models. Higher interest rates usually lead to higher discount rates, which can decrease the present value of future cash flows from real estate assets, thereby impacting market valuations negatively. Conversely, lower interest rates typically support higher valuations as they reduce discount rates and increase the present value of future income.
In short, RMR Group’s financial performance can be highly sensitive to changes in interest rates, with both positive and negative effects depending on the direction of those changes.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgdG hlIFJNUiBH cm91cOKAmX MgZWNvbm9t aWNzIG92ZX IgdGhlIG5l eHQgMy01IH llYXJzIGlz IGEgc2lnbm lmaWNhbnQg ZG93bnR1cm 4gaW4gdGhl IGNvbW1lcm NpYWwgcmVh bCBlc3RhdG UgKENSRSkg bWFya2V0Li BUaGlzIGNv dWxkIGJlIG RyaXZlbiBi eSBmYWN0b3 JzIHN1Y2gg YXMgYSBwcm 9sb25nZWQg cmVjZXNzaW 9uLCByaXNp bmcgaW50ZX Jlc3QgcmF0 ZXMgdGhhdC BtYWtlIGJv cnJvd2luZy Btb3JlIGV4 cGVuc2l2ZS wgYW5kIGEg c2hpZnQgaW 4gZGVtYW5k IGZvciBvZm ZpY2UgYW5k IHJldGFpbC BzcGFjZXMg ZHVlIHRvIG Egc3VzdGFp bmVkIGluY3 JlYXNlIGlu IHJlbW90ZS B3b3JrIGFu ZCBlLWNvbW 1lcmNlLjxi cj5JZiB0aG lzIHNjZW5h cmlvIHdlcm UgdG8gcGxh eSBvdXQsIH NldmVyYWwg aW1wYWN0cy BvbiB0aGUg Y29tcGFuee KAmXMgbWFy Z2lucywgY2 FzaCBmbG93 LCBhbmQgYm FsYW5jZSBz aGVldCBjb3 VsZCBiZSBh bnRpY2lwYX RlZDo8YnI+ MS4gPHN0cm 9uZz5NYXJn aW5zPC9zdH Jvbmc+OiBU aGUgY29tcG FueeKAmXMg cHJvZml0IG 1hcmdpbnMg d291bGQgbG lrZWx5IGRl dGVyaW9yYX RlIGR1ZSB0 byBkZWNsaW 5pbmcgcmVu dGFsIGluY2 9tZSBmcm9t IGNvbW1lcm NpYWwgcHJv cGVydGllcy BhcyB0ZW5h bnRzIHJlbm Vnb3RpYXRl IGxlYXNlcy BvciB2YWNh dGUgZHVlIH RvIGVjb25v bWljIHByZX NzdXJlcy4g SW5jcmVhc2 VkIHZhY2Fu Y3kgcmF0ZX Mgd291bGQg bmVjZXNzaX RhdGUgaGln aGVyIG1hcm tldGluZyBh bmQgbGVhc2 luZyBjb3N0 cywgZnVydG hlciBzcXVl ZXppbmcgbW FyZ2lucy4g QWRkaXRpb2 5hbGx5LCB0 aGUgcG90ZW 50aWFsIG5l ZWQgZm9yIG luY3JlYXNl ZCBwcm9wZX J0eSBtYWlu dGVuYW5jZS B0byBrZWVw IGJ1aWxkaW 5ncyBjb21w ZXRpdGl2ZS BpbiBhIHNv ZnRlciBtYX JrZXQgY291 bGQgbGVhZC B0byBoaWdo ZXIgb3Blcm F0aW5nIGV4 cGVuc2VzLj xicj4yLiA8 c3Ryb25nPk Nhc2ggRmxv dzwvc3Ryb2 5nPjogQ2Fz aCBmbG93IH dvdWxkIGJl IG5lZ2F0aX ZlbHkgaW1w YWN0ZWQgYX MgcmVudGFs IGluY29tZS BkZWNyZWFz ZXMgYW5kIH Byb3BlcnR5 IHNhbGVzIG JlY29tZSBs ZXNzIGZhdm 9yYWJsZS4g VGhlIGNvbX BhbnkgbWln aHQgZmFjZS BjaGFsbGVu Z2VzIGluIG 1lZXRpbmcg ZGVidCBvYm xpZ2F0aW9u cyBkdWUgdG 8gbG93ZXIg cmV2ZW51ZS wgbGVhZGlu ZyB0byBjYX NoIGZsb3cg Y29uc3RyYW ludHMuIEZ1 cnRoZXJtb3 JlLCBpZiB0 aGUgY29tcG FueSBpbmNy ZWFzZXMgY2 FwaXRhbCBl eHBlbmRpdH VyZXMgdG8g cmVmdXJiaX NoIG9yIGZp bmQgbmV3IH RlbmFudHMg Zm9yIHVuZG VycGVyZm9y bWluZyBhc3 NldHMsIHRo aXMgY291bG QgZnVydGhl ciBzdHJhaW 4gYXZhaWxh YmxlIGNhc2 guPGJyPjMu IDxzdHJvbm c+QmFsYW5j ZSBTaGVldD wvc3Ryb25n PjogVGhlIG NvbXBhbnni gJlzIGJhbG FuY2Ugc2hl ZXQgY291bG Qgc2hvdyBz aWducyBvZi BzdHJlc3Ms IGNoYXJhY3 Rlcml6ZWQg YnkgZGVjbG luaW5nIGFz c2V0IHZhbH VlcyBkdWUg dG8gbWFya2 V0IGRlcHJl Y2lhdGlvbi BhbmQgaW5j cmVhc2VkIG xldmVscyBv ZiBkZWJ0IG lmIHRoZSBj b21wYW55IG 9wdHMgdG8g ZmluYW5jZS Bsb3NzZXMg dGhyb3VnaC Bib3Jyb3dp bmcuIFRoZS ByYXRpbyBv ZiBkZWJ0IH RvIGVxdWl0 eSBtaWdodC ByaXNlLCBp bmRpY2F0aW 5nIGhpZ2hl ciBmaW5hbm NpYWwgbGV2 ZXJhZ2UgYW 5kIGluY3Jl YXNlZCByaX NrLiBBZGRp dGlvbmFsbH ksIHdyaXRl LWRvd25zIG 9uIHByb3Bl cnR5IHZhbH VhdGlvbnMg Y291bGQgaW 1wYWN0IHNo YXJlaG9sZG Vyc+KAmSBl cXVpdHksIG xlYWRpbmcg dG8gYSB3ZW FrZXIgZmlu YW5jaWFsIH Bvc2l0aW9u IG92ZXJhbG wuPGJyPklu IHN1bW1hcn ksIGEgc2ln bmlmaWNhbn QgZG93bnR1 cm4gaW4gdG hlIGNvbW1l cmNpYWwgcm VhbCBlc3Rh dGUgbWFya2 V0IG92ZXIg dGhlIG5leH QgMy01IHll YXJzIGNvdW xkIGxlYWQg Uk1SIEdyb3 VwIHRvIGV4 cGVyaWVuY2 UgcmVkdWNl ZCBtYXJnaW 5zLCBjb25z dHJhaW5lZC BjYXNoIGZs b3csIGFuZC BhIHN0cmFp bmVkIGJhbG FuY2Ugc2hl ZXQsIHVsdG ltYXRlbHkg Y2hhbGxlbm dpbmcgdGhl IGxvbmctdG VybSB2aWFi aWxpdHkgb2 YgaXRzIGJ1 c2luZXNzIG 1vZGVsLjxi cj4=

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 bG9nb3MvSz UzOXJEQnBa YmVQbVVZMU dpVHMud2Vi cCIgYWx0PS JSTVIgR3Jv dXAiIHRpdG xlPSJSTVIg R3JvdXAiIC BjbGFzcz0i aW1nLWZsdW lkIiBoZWln aHQ9NTAgd2 lkdGg9NTAg bG9hZGluZz 0nbGF6eScg c3R5bGU9J2 JvcmRlci1y YWRpdXM6ID ZweDsnPgoK ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdmbGV4Oi AxOyB0ZXh0 LWFsaWduOi BjZW50ZXI7 IG1hcmdpbi 1sZWZ0OiA1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PHAgc3R5bG U9J2ZvbnQt c2l6ZTogMj ZweDsgY29s b3I6ICMzMz M7IG1hcmdp bi1ib3R0b2 06IDE1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IPCfk4ggV2 FudCB0byBy ZWFkIG1vcm UgYWJvdXQg Uk1SIEdyb3 VwPwogICAg 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 VkdobElGIE pOVWlCSGNt OTEgY0NCcG N5QmhJRyB4 bFlXUnBibW NnIGNISnZk bWxrWlggSW diMllnWTI5 dCBiV1Z5WT JsaGJDIEJ5 WldGc0lHVn ogZEdGMFpT QnpaWCBKMm FXTmxjeXdn IGQybDBhQ0 JoSUcgWnZZ M1Z6SUc5dS BJRzFoYm1G bmFXIDVuSU hCMVlteHAg WTJ4NUlIUn lZVyBSbFpD QnlaV0ZzIE lHVnpkR0Yw WlMgQnBibl psYzNSdCBa VzUwSUhSeW RYIE4wY3lB b1VrVkogVk hNcExqeGlj aiA0eUxpQl VhR1VnIFky OXRjR0Z1ZV MgQjNZWE1n Wm05MSBibV JsWkNCcGJp IEF4T1RnMk lHRnogSUZS b1pTQklaVy BGc2RHaGpZ WEpsIElGSk ZTVlFzSUUg bHVZeTRnWV c1ayBJR05v WVc1blpXIF FnYVhSeklH NWggYldVZ2 RHOGdWRyBo bElGSk5VaU JIIGNtOTFj Q0JKYm0gTX VJR2x1SURJ dyBNVFV1UE dKeVBqIE11 SUZSb1pTQl MgVFZJZ1Iz SnZkWCBBZ2 JXRnVZV2Rs IGN5QnZkbV Z5SUQgRXNN ekF3SUhCeS BiM0JsY25S cFpYIE1zSU dOdmJYQnkg YVhOcGJtY2 dZWCBCd2Nt OTRhVzFoIG RHVnNlU0E0 TkMgQnRhV3 hzYVc5dSBJ SE54ZFdGeV pTIEJtWldW MElHOW0gSU dOdmJXMWxj bSBOcFlXd2 diMlptIGFX TmxMQ0JwYm 0gUjFjM1J5 YVdGcyBMQ0 J0WldScFky IEZzSUc5bV ptbGogWlN3 Z2JHbG1aUy BCelkybGxi bU5sIElHRn VaQ0J5Wlgg UmhhV3dnYz NCaCBZMlVz SUdGdVpDIE J0YjNKbElI Um8gWVc0Z0 1qQXNNRCBB d0lHMTFiSF JwIFptRnRh V3g1SUggVn VhWFJ6TGp4 aSBjajQwTG lCVWFHIFVn VWsxU0lFZH kgYjNWd0lH bHpJRyBobF lXUnhkV0Z5 IGRHVnlaV1 FnYVcgNGdU bVYzZEc5dS BMQ0JOWVhO ellXIE5vZF hObGRIUnog SUdGdVpDQm 9ZWCBNZ2Nt Vm5hVzl1IF lXd2diMlpt YVcgTmxjeU JwYmlCRSBa VzUyWlhJc0 lFIE52Ykc5 eVlXUnYgT3 lCT1pYZDBi MiA0Z1RHOT NaWElnIFJt RnNiSE1zSU UgMWhjM05o WTJoMSBjMl YwZEhNN0lF IDVsZHlCWm IzSnIgTENC T1pYY2dXVy A5eWF6c2dZ VzVrIElGQm 9hV3hoWkcg VnNjR2hwWV N3ZyBVR1Z1 Ym5ONWJIIF poYm1saExq eGkgY2o0MU xpQlVhRyBV Z1kyOXRjR0 Z1IGVTQnBj eUJ3ZFcgSn NhV05zZVNC MCBjbUZrWl dRZ2IyIDRn ZEdobElFNU IgVTBSQlVT QjFibSBSbG NpQjBhR1Vn IGRHbGphMl Z5SUggTjVi V0p2YkNCUy BUVkl1UEdK eVBqIFl1SU ZSb1pTQlMg VFZJZ1IzSn ZkWCBBZ2JX RnVZV2RsIG N5Qm1iM1Z5 SUggQjFZbX hwWTJ4NSBJ SFJ5WVdSbF pDIEJTUlVs VWN6b2cgU0 c5emNHbDBZ VyB4cGRIa2 dVSEp2IGNH VnlkR2xsY3 kgQlVjblZ6 ZEN3ZyBTVz VrZFhOMGNt IGxoYkNCTW IyZHAgYzNS cFkzTWdVSC BKdmNHVnlk R2xsIGN5Ql VjblZ6ZEMg d2dUMlptYV dObCBJRkJ5 YjNCbGNuIF JwWlhNZ1NX NWogYjIxbE lGUnlkWCBO MExDQmhibV FnIFUyVnVh Vzl5SUUgaH ZkWE5wYm1j ZyBVSEp2Y0 dWeWRHIGxs Y3lCVWNuVn ogZEM0OFlu SStOeSA0Z1 ZHaGxJR052 IGJYQmhibm tnWVcgeHpi eUJ0WVc1aC BaMlZ6SUhS M2J5IEJ5Wl dGc0lHVnog ZEdGMFpTQn ZjRyBWeVlY UnBibWNnIF kyOXRjR0Z1 YVcgVnpMQ0 JHYVhabCBJ Rk4wWVhJZ1 UyIFZ1YVc5 eUlFeHAgZG 1sdVp5Qmhi bSBRZ1ZISm hkbVZzIFEy VnVkR1Z5Y3 kgQnZaaUJC YldWeSBhV0 5oTGp4aWNq IDQ0TGlCVW FHVWcgVWsx U0lFZHliMy BWd0lHaGhj eUJoIElHUn BkbVZ5YzIg VWdZMnhwWl c1MCBJR0po YzJVc0lHIG x1WTJ4MVpH bHUgWnlCd1 pXNXphVyA5 dUlHWjFibV J6IExDQndj bWwyWVggUm xJSEpsWVd3 ZyBaWE4wWV hSbElHIGx1 ZG1WemRHOX kgY3l3Z2FH VmhiSCBSb1 kyRnlaU0J3 IGNtOTJhV1 JsY24gTXNJ R1ZrZFdOaC BkR2x2Ym1G c0lHIGx1Yz NScGRIVjAg YVc5dWN5d2 dZVyA1a0lH ZHZkbVZ5IG JtMWxiblFn WVcgZGxibU 5wWlhNdSBQ R0p5UGprdU lFIGx1SUdG a1pHbDAgYV c5dUlIUnZJ RyBsMGN5Qn laV0ZzIElH VnpkR0YwWl MgQnpaWEoy YVdObCBjeX dnVkdobElG IEpOVWlCSG NtOTEgY0NC aGJITnZJRy A5bVptVnlj eUJwIGJuWm xjM1J0Wlcg NTBJR0ZrZG 1seiBiM0o1 SUhObGNuIF pwWTJWeklI Um8gY205MV oyZ2dhWCBS eklITjFZbk 5wIFpHbGhj bmtnVWsgMV NJRUZrZG1s eiBiM0p6SU V4TVF5IDQ4 WW5JK01UQX UgSUZSb1pT QlNUViBJZ1 IzSnZkWEFn IGFHRnpJR0 psWlcgNGdj bVZqYjJkdS BhWHBsWkNC aGN5IEJoSU hSdmNDQjMg YjNKcmNHeG hZMiBVZ1lu a2dkR2hsIE lFSnZjM1J2 YmkgQkhiRz lpWlNCaCBi bVFnZEdobE lFIFJsYm5a bGNpQlEgYj NOMExDQmhi VyA5dVp5Qn ZkR2hsIGNu TXUKICAgIC AgICA8L3Nw YW4+CiAgIC AgICAgCiAg ICAgICAg