Cohen Steers

-13.74%

More reviews (2)

Live  

Cohen & Steers is an investment management company that specializes in listed real assets. The company was founded in 1986 by Martin Cohen and Robert Steers, who still serve as Chairman and Co-Chairman of the company, respectively. Cohen & Steers has over $54 billion in assets under management as of March 2022 and offers a variety of investment strategies, including real estate, infrastructure, commodities, natural resource equities, and preferred securities.
The company is headquartered in New York City and has a global presence, with offices in London, Hong Kong, Tokyo, and Seattle. Cohen & Steers focuses on listed real assets because they believe these assets offer the potential for consistent, long-term returns and can provide diversification in investment portfolios.
Cohen & Steers serves a diverse range of clients, including individual investors, financial advisors, pension plans, endowments, and foundations. They offer a variety of mutual funds, closed-end funds, and separately managed accounts to help investors achieve their financial goals.
In addition to investment management services, Cohen & Steers also conducts research and produces thought leadership on the listed real asset market. This includes publishing market commentary, white papers, and hosting webinars and conferences for clients and industry professionals.
Cohen & Steers is also committed to responsible investing and has a dedicated team that focuses on evaluating environmental, social, and governance (ESG) factors in their investment decisions.
Overall, Cohen & Steers is a well-respected investment management company known for its expertise in listed real assets and its commitment to delivering long-term value to clients.

Cohen Steers is a company that helps other people and organizations manage their money, especially when it comes to real estate and investments. Think of them like a really smart friend who knows a lot about where to put your money so it can grow.
The way they make money is by charging fees to their clients, which are usually big companies, organizations, or even wealthy individuals. These fees are for helping them decide where to invest their money, whether it’s in buildings, land, or other types of investments. When these investments do well, the clients are happy, and sometimes the company can earn more money based on how well the investments perform.
Cohen Steers is successful because they have a lot of experts who know what they’re doing, and they make smart choices with money. They also focus on real estate, which is buying and selling properties, and this is something many people believe is a safe way to invest.
In the future, they can stay successful because real estate is usually a popular place for people to invest. As more people and companies want to grow their money, they will need help, and Cohen Steers can provide that help. Also, if they keep finding new ways to help their clients and adapt to changes in the market, they will likely continue to do well.

VGhlcmUgYX JlIGEgZmV3 IHRoaW5ncy B0aGF0IGFy ZSBzcGVjaW FsIGFib3V0 IHRoZSBDb2 hlbiBTdGVl cnMgY29tcG FueTo8YnI+ MS4gRm9jdX Mgb24gcmVh bCBlc3RhdG UgaW52ZXN0 aW5nOiBDb2 hlbiBTdGVl cnMgaXMgYS BzcGVjaWFs aXplZCBpbn Zlc3RtZW50 IG1hbmFnZW 1lbnQgZmly bSB0aGF0IG ZvY3VzZXMg cHJpbWFyaW x5IG9uIHJl YWwgZXN0YX RlIHNlY3Vy aXRpZXMuIF RoaXMgbWFr ZXMgdGhlbS B1bmlxdWUg aW4gdGhlIG ZpbmFuY2lh bCBpbmR1c3 RyeSBhbmQg YWxsb3dzIH RoZW0gdG8g cHJvdmlkZS BzcGVjaWFs aXplZCBleH BlcnRpc2Ug YW5kIGluc2 lnaHRzIGlu IHRoZSByZW FsIGVzdGF0 ZSBtYXJrZX QuPGJyPjIu IERlY2FkZX Mgb2YgZXhw ZXJpZW5jZT ogVGhlIGNv bXBhbnkgd2 FzIGZvdW5k ZWQgaW4gMT k4NiwgZ2l2 aW5nIHRoZW 0gb3ZlciAz NSB5ZWFycy BvZiBleHBl cmllbmNlIG luIHRoZSBy ZWFsIGVzdG F0ZSBtYXJr ZXQuIFRoaX MgZGVlcCBr bm93bGVkZ2 UgYW5kIGV4 cGVyaWVuY2 UgaGF2ZSBo ZWxwZWQgdG hlbSB0byBj b25zaXN0ZW 50bHkgZGVs aXZlciBzdH JvbmcgcmV0 dXJucyBmb3 IgdGhlaXIg Y2xpZW50cy 48YnI+My4g R2xvYmFsIH JlYWNoOiBX aGlsZSB0aG UgY29tcGFu eSBpcyBiYX NlZCBpbiB0 aGUgVW5pdG VkIFN0YXRl cywgdGhleS BoYXZlIGEg Z2xvYmFsIH JlYWNoIGFu ZCBpbnZlc3 QgaW4gcmVh bCBlc3RhdG UgbWFya2V0 cyBhcm91bm QgdGhlIHdv cmxkLiBUaG lzIGFsbG93 cyB0aGVtIH RvIGRpdmVy c2lmeSB0aG VpciBpbnZl c3RtZW50cy BhbmQgcHJv dmlkZSBhY2 Nlc3MgdG8g b3Bwb3J0dW 5pdGllcyBp biBkaWZmZX JlbnQgcmVn aW9ucy48Yn I+NC4gQWN0 aXZlIG1hbm FnZW1lbnQg YXBwcm9hY2 g6IENvaGVu IFN0ZWVycy B0YWtlcyBh biBhY3Rpdm UgbWFuYWdl bWVudCBhcH Byb2FjaCB0 byBpbnZlc3 RpbmcsIG1l YW5pbmcgdG hleSBjbG9z ZWx5IG1vbm l0b3IgYW5k IGFkanVzdC B0aGVpciBp bnZlc3RtZW 50cyBiYXNl ZCBvbiBtYX JrZXQgY29u ZGl0aW9ucy 4gVGhpcyBh bGxvd3MgdG hlbSB0byBy ZWFjdCBxdW lja2x5IHRv IGNoYW5nZX MgaW4gdGhl IG1hcmtldC BhbmQgcG90 ZW50aWFsbH kgbWl0aWdh dGUgcmlza3 MuPGJyPjUu IEZvY3VzIG 9uIHN1c3Rh aW5hYmlsaX R5OiBUaGUg Y29tcGFueS BoYXMgYSBz dHJvbmcgY2 9tbWl0bWVu dCB0byBzdX N0YWluYWJp bGl0eSBhbm QgaW5jb3Jw b3JhdGVzIG Vudmlyb25t ZW50YWwsIH NvY2lhbCwg YW5kIGdvdm VybmFuY2Ug KEVTRykgZm FjdG9ycyBp bnRvIHRoZW lyIGludmVz dG1lbnQgZG VjaXNpb25z LiBUaGlzIG 5vdCBvbmx5 IGFsaWducy B3aXRoIHRo ZSB2YWx1ZX Mgb2YgbWFu eSBpbnZlc3 RvcnMgYnV0 IGFsc28gaG VscHMgdG8g aWRlbnRpZn kgcG90ZW50 aWFsIHJpc2 tzIGFuZCBv cHBvcnR1bm l0aWVzIGlu IHRoZSByZW FsIGVzdGF0 ZSBtYXJrZX QuPGJyPk92 ZXJhbGwsIE NvaGVuIFN0 ZWVycycgc3 BlY2lhbGl6 ZWQgZm9jdX MsIGV4dGVu c2l2ZSBleH BlcmllbmNl LCBnbG9iYW wgcmVhY2gs IGFjdGl2ZS BtYW5hZ2Vt ZW50IGFwcH JvYWNoLCBh bmQgY29tbW l0bWVudCB0 byBzdXN0YW luYWJpbGl0 eSBtYWtlIH RoZW0gYSB1 bmlxdWUgYW 5kIGhpZ2hs eSByZXNwZW N0ZWQgcGxh eWVyIGluIH RoZSByZWFs IGVzdGF0ZS BpbnZlc3Rt ZW50IGluZH VzdHJ5Lg==

Q29oZW4gJi BTdGVlcnMg aXMgYW4gaW 52ZXN0bWVu dCBtYW5hZ2 VtZW50IGZp cm0gdGhhdC BzcGVjaWFs aXplcyBpbi BnbG9iYWwg bGlzdGVkIH JlYWwgZXN0 YXRlIGFuZC BuYXR1cmFs IHJlc291cm NlcyBzZWN1 cml0aWVzLi BUaGUgY29t cGFueSBtYW 5hZ2VzIGEg dmFyaWV0eS BvZiBpbnZl c3RtZW50IH Byb2R1Y3Rz LCBpbmNsdW RpbmcgcmVh bCBlc3RhdG UgaW52ZXN0 bWVudCB0cn VzdHMgKFJF SVRzKSwgY2 xvc2VkLWVu ZCBmdW5kcy wgYW5kIHNl cGFyYXRlIG FjY291bnRz LiBUaGVpci BidXNpbmVz cyBtb2RlbC BpcyBiYXNl ZCBvbiBpZG VudGlmeWlu ZyBoaWdoLX F1YWxpdHkg cmVhbCBlc3 RhdGUgYW5k IG5hdHVyYW wgcmVzb3Vy Y2VzIGNvbX BhbmllcyB3 aXRoIHN0cm 9uZyBmdW5k YW1lbnRhbH MgYW5kIGxv bmctdGVybS Bncm93dGgg cG90ZW50aW FsLiBUaGV5 IHRoZW4gdX NlIHRoZWly IGV4cGVydG lzZSBhbmQg cmVzZWFyY2 gtZHJpdmVu IGFwcHJvYW NoIHRvIGFj dGl2ZWx5IG 1hbmFnZSB0 aGVzZSBpbn Zlc3RtZW50 cyBvbiBiZW hhbGYgb2Yg Y2xpZW50cy wgc2Vla2lu ZyB0byBwcm 92aWRlIGxv bmctdGVybS BjYXBpdGFs IGFwcHJlY2 lhdGlvbiBh bmQgaW5jb2 1lLiBUaGUg Y29tcGFueS BwcmltYXJp bHkgZWFybn MgcmV2ZW51 ZSB0aHJvdW doIG1hbmFn ZW1lbnQgZm VlcyBhbmQg cGVyZm9ybW FuY2UtYmFz ZWQgaW5jZW 50aXZlcy4=

To assess whether AI poses a material threat to Cohen Steers’ products, services, or competitive positioning, we need to consider several dimensions: substitution, disintermediation, and margin pressure.
1. Substitution: AI has the potential to create new products or services that could substitute or compete with what Cohen Steers offers. For example, if Cohen Steers is involved in asset management, AI-driven investment platforms could provide automated investment advice and management services, potentially attracting clients seeking lower fees or enhanced performance. However, the effectiveness of such substitutes often hinges on factors such as brand trust, performance track record, and the level of personalization that clients desire.
2. Disintermediation: AI could lead to disintermediation in various sectors through the development of platforms that connect consumers directly with services, bypassing traditional financial institutions. If AI removes the need for intermediaries in investment management or real estate, Cohen Steers could face challenges in maintaining its current business model. However, this would depend on the extent to which consumers embrace AI solutions over established, reputable firms that offer personalized services and management expertise.
3. Margin Pressure: The introduction of AI into the financial services ecosystem could drive down costs and increase competition, leading to pressure on profit margins. As AI allows firms to automate tasks and reduce operational costs, companies that do not invest in AI may struggle to offer competitive pricing. Cohen Steers may need to adopt AI technologies to enhance operational efficiency and deliver more value at a lower cost, or risk eroding profit margins if competitors can offer similar services at a reduced fee due to AI efficiencies.
In summary, while AI does present potential threats through substitution, disintermediation, and margin pressure, the actual impact on Cohen Steers’ competitive positioning would depend on how well the company adapts to these changes, embraces innovation, and leverages its strengths in the face of technological advancements.

Cohen Steers, a global investment manager specializing in real estate securities and other asset classes, can exhibit varying sensitivities to changes in interest rates.
1. Earnings Sensitivity: The company’s earnings can be affected by interest rate changes primarily through the cost of borrowing and the performance of real estate investments. When interest rates rise, borrowing costs for acquiring properties or financing operations increase, which can squeeze margins and reduce profitability. Conversely, lower interest rates can lead to lower financing costs and potentially higher earnings, as cheaper credit can boost investment activity.
2. Cash Flow Sensitivity: Cash flow is also sensitive to interest rate fluctuations, particularly in terms of rental income and operational expenses. Higher rates can dampen consumer and business spending, potentially leading to reduced demand for properties and affecting rental yields. Additionally, increased interest expenses can limit free cash flow, impacting the company’s ability to execute growth strategies or return capital to shareholders. On the other hand, falling rates could enhance cash flow through increased property valuations and lower financing costs.
3. Valuation Sensitivity: The valuation of real estate securities is heavily influenced by interest rates. Higher rates generally lead to higher discount rates used in valuation models, which can decrease the present value of future cash flows and, consequently, the market value of real estate assets. Furthermore, as yields on fixed-income investments rise, investors may require higher returns from real estate investments, which can lead to downward pressure on asset valuations. Conversely, lower interest rates can boost property values as lower discount rates increase the present value of future cash flows.
In summary, Cohen Steers’ earnings, cash flow, and overall valuation are significantly sensitive to interest rate changes, impacting both operational performance and investment sentiment in the real estate sector.

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 bG9nb3MvUm V4VG9KR0pG SHE2M0hmQm pSNlMud2Vi cCIgYWx0PS JDb2hlbiBT dGVlcnMiIH RpdGxlPSJD b2hlbiBTdG VlcnMiICBj bGFzcz0iaW 1nLWZsdWlk IiBoZWlnaH Q9OTAgd2lk dGg9OTAgbG 9hZGluZz0n bGF6eScgc3 R5bGU9J2Jv cmRlci1yYW RpdXM6IDZw eDsnPgoKIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dmbGV4OiAx OyB0ZXh0LW FsaWduOiBj ZW50ZXI7IG 1hcmdpbi1s ZWZ0OiA1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPH Agc3R5bGU9 J2ZvbnQtc2 l6ZTogMjZw eDsgY29sb3 I6ICMzMzM7 IG1hcmdpbi 1ib3R0b206 IDE1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIP Cfk4ggV2Fu dCB0byByZW FkIG1vcmUg YWJvdXQgQ2 9oZW4gU3Rl ZXJzPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T mCBDbGFpbS B5b3VyIGZy ZWUgZUJvb2 s6IDxpPiJU aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz IjwvaT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1TNGdWR2 hsSUUgTnZh R1Z1SUNZZy BVM1JsWlhK eklHIE52Yl hCaGJua2cg ZDJGeklHWn ZkVyA1a1pX UWdhVzRnIE 1UazROaUJp ZVMgQmljbT kwYUdWeSBj eUJOWVhKMG FXIDRnUTI5 b1pXNGcgWV c1a0lGSnZZ bSBWeWRDQl RkR1ZsIGNu TXNJSGRvYn kgQnRaWFFn WVhRZyBZU0 J0ZFhSMVlX IHdnWm5WdV pDQmogYjIx d1lXNTVMaS BCVWFHVjVJ R3hsIFpuUW dkR2hsYVgg SWdhbTlpY3 lCMCBieUJ6 ZEdGeWRDIE IwYUdWcGNp QnYgZDI0Z1 kyOXRjRyBG dWVTQm1iMk 4xIGMyVmtJ Rzl1SUggSm xZV3dnWlhO MCBZWFJsSU hObFkzIFZ5 YVhScFpYTX UgUEdKeVBq SXVJRiBSb1 pTQmpiMjF3 IFlXNTU0b0 NaY3kgQm1h WEp6ZENCbS BkVzVrTENC MGFHIFVnUT I5b1pXNGcg SmlCVGRHVm xjbiBNZ1Vt VmhiSFI1IE lGTm9ZWEps Y3kgd2dkMk Z6SUd4aCBk VzVqYUdWa0 lHIGx1SURF NU9EY2cgWV c1a0lIZGhj eSBCMGFHVW dabWx5IGMz UWdiWFYwZF cgRnNJR1ox Ym1RZyBkRz hnYzNCbFky IGxoYkdsNl pTQnAgYmlC eVpXRnNJRy BWemRHRjBa U0J6IFpXTj FjbWwwYVcg VnpManhpY2 o0eiBMaUJE YjJobGJpIE FtSUZOMFpX VnkgY3lCaV pXTmhiVyBV Z1lTQndkV0 pzIGFXTnNl U0IwY20gRm taV1FnWTI5 dCBjR0Z1ZV NCcGJpIEF5 TURBMExDQm ggYm1RZ2FY TWdiRyBsem RHVmtJRzl1 IElIUm9aU0 JPWlggY2dX Vzl5YXlCVC BkRzlqYXlC RmVHIE5vWV c1blpTQjEg Ym1SbGNpQj BhRyBVZ2RH bGphMlZ5IE lITjViV0p2 YkMgQkRUbE 11UEdKeSBQ alF1SUZSb1 pTIEJqYjIx d1lXNTUgSU cxaGJtRm5a WCBNZ2IzWm xjaUFrIE5q QWdZbWxzYk cgbHZiaUJw YmlCaCBjM0 5sZEhNZ1pt IDl5SUdsdV pHbDIgYVdS MVlXd2dZVy A1a0lHbHVj M1JwIGRIVj BhVzl1WVcg d2dhVzUyWl hOMCBiM0p6 SUdGeWIzIF Z1WkNCMGFH VWcgZDI5eW JHUXVQRyBK eVBqVXVJRU 52IGFHVnVJ Q1lnVTMgUm xaWEp6SUds eiBJR2hsWV dSeGRXIEZ5 ZEdWeVpXUW cgYVc0Z1Rt VjNJRiBsdm Ntc2dRMmww IGVTd2dkMm wwYUMgQmha R1JwZEdsdi BibUZzSUc5 bVptIGxqWl hNZ2FXNGcg VEc5dVpHOX VMQyBCSWIy NW5JRXR2IG JtY3NJRlJ2 YTMgbHZMQ0 JoYm1RZyBV MlZoZEhSc1 pTIDQ4WW5J K05pNGcgVk dobElHTnZi WCBCaGJubm lnSmx6IElH bHVkbVZ6ZE cgMWxiblFn Y0docCBiRz l6YjNCb2VT IEJwY3lCbW IyTjEgYzJW a0lHOXVJRy BGamRHbDJa U3dnIGFHbG 5hQzFqYjIg NTJhV04wYV c5dSBJR2x1 ZG1WemRHIG x1WnlCcGJp QnkgWldGc0 lHRnpjMiBW MGN5QnpkV0 5vIElHRnpJ SEpsWVcgd2 daWE4wWVhS bCBMQ0JwYm 1aeVlYIE4w Y25WamRIVn kgWlN3Z1lX NWtJRyBOdm JXMXZaR2ww IGFXVnpMan hpY2ogNDNM aUJKYmlCaC BaR1JwZEds dmJpIEIwYn lCeVpXRnMg SUdWemRHRj BaUyB3Z2RH aGxJR052IG JYQmhibmtn WVcgeHpieU J2Wm1abCBj bk1nYVc1Ml pYIE4wYldW dWRDQnogZE hKaGRHVm5h VyBWeklHbH VJR2RzIGIy SmhiQ0JzYV ggTjBaV1Fn YVc1bSBjbU Z6ZEhKMVkz IFIxY21Vc0 lIQnkgWlda bGNuSmxaQy BCelpXTjFj bWwwIGFXVn pMQ0JoYm0g UWdZV3gwWl hKdSBZWFJw ZG1VZ2FXID VqYjIxbExq eGkgY2o0NE xpQkRiMiBo bGJpQW1JRk 4wIFpXVnlj eUJvWVggTW dZbVZsYmlC eSBaV052Wj I1cGVtIFZr SUdadmNpQn AgZEhNZ2Mz UnliMiA1bk lIQmxjbVp2 IGNtMWhibU 5sSUcgSjVJ R2x1WkhWei BkSEo1SUhC MVltIHhwWT JGMGFXOXUg Y3lCaGJtUW diMyBKbllX NXBlbUYwIG FXOXVjeXdn YVcgNWpiSF ZrYVc1biBJ RTF2Y201cG JtIGR6ZEdG eUlHRnUgWk NCTWFYQnda WCBJdVBHSn lQamt1IElG Um9aU0JqYj IgMXdZVzU1 SUdoaCBjeU JoSUhOMGNt IDl1WnlCam IyMXQgYVhS dFpXNTBJSC BSdklISmxj M0J2IGJuTn BZbXhsSUcg bHVkbVZ6ZE dsdSBaeUJo Ym1RZ2MzIF Z6ZEdGcGJt RmkgYVd4cG RIa3NJRyBG dVpDQnBjeU JoIElITnBa MjVoZEcgOX llU0J2WmlC MCBhR1VnVl U0Z1VIIEpw Ym1OcGNHeG wgY3lCbWIz SWdVbSBWem NHOXVjMmxp IGJHVWdTVz UyWlggTjBi V1Z1ZEM0OC BZbkkrTVRB dUlFIE52YU dWdUlDWWcg VTNSbFpYSn pJRyBGc2My OGdhR0Z6IE lHRWdjM1J5 YjIgNW5JSF J5WVdOciBJ SEpsWTI5eV pDIEJ2WmlC amIzSncgYj NKaGRHVWdj MiA5amFXRn NJSEpsIGMz QnZibk5wWW 0gbHNhWFI1 TENCaCBibV FnYUdGeklH IEpsWlc0Z2 NtVmogYjJk dWFYcGxaQy BCbWIzSWdh WFJ6IElHVm 1abTl5ZEgg TWdhVzRnY0 hKdiBiVzkw YVc1bklHIF JwZG1WeWMy bDAgZVNCaG JtUWdhVyA1 amJIVnphVz l1IExDQmhj eUIzWlcgeH NJR0Z6SUdO diBiVzExYm 1sMGVTIEJ2 ZFhSeVpXRm ogYUNCaGJt UWdkbSA5c2 RXNTBaV1Z5 IGFYTnRMZz 09CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==