RioCan

Live  

RioCan Real Estate Investment Trust is a Canadian real estate investment trust (REIT) that specializes in the ownership, management, and development of retail properties. The company was founded in 1993 and is headquartered in Toronto, Ontario. RioCan is one of the largest REITs in Canada, with a portfolio of over 230 properties totaling approximately 39 million square feet.
The company's properties are located primarily in urban and suburban markets across Canada, with a focus on the Greater Toronto Area, Montreal, and Vancouver. RioCan's portfolio includes a mix of grocery-anchored, mixed-use, and "big box" retail properties, as well as development and redevelopment projects.
RioCan is led by a team of experienced real estate and finance professionals who have a track record of successfully acquiring, developing, and managing high-quality properties. The company's strategy is to own high-quality assets in prime locations, with long-term, stable cash flow and potential for capital appreciation.
In addition to its core retail portfolio, RioCan also has a growing presence in the residential rental market. The company has been redeveloping some of its retail properties into mixed-use developments that include residential units, catering to the increasing demand for urban living.
Overall, RioCan is a well-established and reputable company in the Canadian real estate market, known for its strong portfolio and steady performance.

Okay! Imagine RioCan is like a big helper that owns many shopping places, like malls and stores, where people go to buy things. They don’t just own one or two stores; they have lots of them, all over Canada!
So, how does RioCan make money? Well, they rent out spaces in these shopping places to different stores and businesses. Just like when your parents might pay rent for your house, the stores pay RioCan money to use the space. Every time a store pays rent, RioCan gets money, and that helps them run their business and pay for new properties.
Now, why is RioCan successful? One reason is that people always need places to shop, and as long as people want to buy things, stores will want to rent from RioCan. They also look for good locations—places where lots of people go, so stores can sell more stuff and they can keep getting rent money.
Looking ahead, RioCan is likely to stay successful because they are also thinking about the future. They are starting to rent out spaces to new kinds of businesses and even places where people can live, not just shop. This helps them adapt to what people want and need, which means they can keep making money for a long time.
In short, RioCan helps stores find homes, makes money from rent, and is good at planning for what people will need in the future!

MS4gTGFyZ2 VzdCBSRUlU IGluIENhbm FkYTogUmlv Q2FuIGlzIH RoZSBsYXJn ZXN0IHJlYW wgZXN0YXRl IGludmVzdG 1lbnQgdHJ1 c3QgKFJFSV QpIGluIENh bmFkYSB3aX RoIGEgbWFy a2V0IGNhcG l0YWxpemF0 aW9uIG9mIG 92ZXIgJDgu NSBiaWxsaW 9uIGFzIG9m IDIwMjEuIE l0IG93bnMg YW5kIG1hbm FnZXMgYSBk aXZlcnNlIH BvcnRmb2xp byBvZiByZX RhaWwgcHJv cGVydGllcy BhY3Jvc3Mg Q2FuYWRhLC BtYWtpbmcg aXQgYSBsZW FkaW5nIHBs YXllciBpbi B0aGUgY291 bnRyeSdzIG NvbW1lcmNp YWwgcmVhbC Blc3RhdGUg bWFya2V0Lj xicj4yLiBG b2N1cyBvbi BIaWdoLVF1 YWxpdHkgUH JvcGVydGll czogUmlvQ2 FuIGhhcyBh IHNpZ25pZm ljYW50IGZv Y3VzIG9uIG FjcXVpcmlu ZyBhbmQgZG V2ZWxvcGlu ZyBoaWdoLX F1YWxpdHkg cHJvcGVydG llcyB3aXRo IHN0cm9uZy Bsb25nLXRl cm0gZ3Jvd3 RoIHBvdGVu dGlhbC4gVG hpcyBpbmNs dWRlcyBwcm ltZSByZXRh aWwgbG9jYX Rpb25zIGlu IGhpZ2gtdH JhZmZpYyBh cmVhcywgc3 VjaCBhcyB1 cmJhbiBjZW 50ZXJzIGFu ZCBtYWpvci B0cmFuc3Bv cnRhdGlvbi Bub2Rlcywg dGhhdCBhcm UgbGVhc2Vk IHRvIHJlcH V0YWJsZSB0 ZW5hbnRzLj xicj4zLiBE aXZlcnNpZm llZCBQb3J0 Zm9saW86IF RoZSBjb21w YW55IGhhcy BhIHdlbGwt ZGl2ZXJzaW ZpZWQgcG9y dGZvbGlvIH RoYXQgaW5j bHVkZXMgb3 ZlciAyMDAg cHJvcGVydG llcywgc3Bh bm5pbmcgMz cgbWlsbGlv biBzcXVhcm UgZmVldCBv ZiBncm9zcy BsZWFzYWJs ZSBhcmVhLi BUaGVzZSBw cm9wZXJ0aW VzIGluY2x1 ZGUgc2hvcH BpbmcgY2Vu dGVycywgZ3 JvY2VyeS1h bmNob3JlZC BwbGF6YXMs IG1peGVkLX VzZSBkZXZl bG9wbWVudH MsIGFuZCBy ZXNpZGVudG lhbCBwcm9w ZXJ0aWVzLC Bwcm92aWRp bmcgc3RhYm lsaXR5IGFu ZCByZXNpbG llbmNlIHRv IHRoZSBjb2 1wYW55J3Mg ZWFybmluZ3 MuPGJyPjQu IFN0cm9uZy BUZW5hbnQg QmFzZTogUm lvQ2FuIGhh cyBhIGhpZ2 gtcXVhbGl0 eSBhbmQgc3 RhYmxlIHRl bmFudCBiYX NlLCB3aXRo IG92ZXIgOC w1MDAgdGVu YW50cywgaW 5jbHVkaW5n IG1ham9yIG 11bHRpbmF0 aW9uYWwgcm V0YWlsZXJz LCBsZWFkaW 5nIGdyb2Nl cnkgY2hhaW 5zLCBhbmQg d2VsbC1rbm 93biBicmFu ZHMuIFRoaX MgaGVscHMg ZW5zdXJlIG NvbnNpc3Rl bnQgcmVudG FsIGluY29t ZSBhbmQgcm VkdWNlcyB0 aGUgcmlzay BvZiB2YWNh bmNpZXMuPG JyPjUuIFN0 cmF0ZWdpYy BQYXJ0bmVy c2hpcHM6IF RoZSBjb21w YW55IGhhcy Bmb3JtZWQg c3RyYXRlZ2 ljIHBhcnRu ZXJzaGlwcy B3aXRoIHJl cHV0YWJsZS Bvcmdhbml6 YXRpb25zLC BzdWNoIGFz IENhbmFkaW FuIFBlbnNp b24gUGxhbi BJbnZlc3Rt ZW50IEJvYX JkIGFuZCBL aW5nU2V0dC BDYXBpdGFs LCB0byBoZW xwIG9wdGlt aXplIGl0cy Bwb3J0Zm9s aW8gYW5kIG RyaXZlIGxv bmctdGVybS Bncm93dGgu PGJyPjYuIF N0cm9uZyBG aW5hbmNpYW wgUGVyZm9y bWFuY2U6IF Jpb0NhbiBo YXMgYSB0cm FjayByZWNv cmQgb2YgZG VsaXZlcmlu ZyBzdHJvbm cgZmluYW5j aWFsIHBlcm Zvcm1hbmNl LCBnZW5lcm F0aW5nIGNv bnNpc3Rlbn QgYW5udWFs IGdyb3d0aC BpbiBuZXQg b3BlcmF0aW 5nIGluY29t ZSAoTk9JKS BhbmQgZnVu ZHMgZnJvbS BvcGVyYXRp b25zIChGRk 8pLiBUaGlz IGhhcyBhbG xvd2VkIHRo ZSBjb21wYW 55IHRvIGNv bnRpbnVhbG x5IGluY3Jl YXNlIGRpdm lkZW5kcyB0 byBzaGFyZW hvbGRlcnMu PGJyPjcuIE VTRyBGb2N1 czogUmlvQ2 FuIGhhcyBh IHN0cm9uZy Bmb2N1cyBv biBlbnZpcm 9ubWVudGFs LCBzb2NpYW wsIGFuZCBn b3Zlcm5hbm NlIChFU0cp IGZhY3Rvcn MgYW5kIGhh cyBzZXQgYW 1iaXRpb3Vz IHRhcmdldH MgdG8gcmVk dWNlIGl0cy BjYXJib24g Zm9vdHByaW 50LCBwcm9t b3RlIGRpdm Vyc2l0eSBh bmQgaW5jbH VzaW9uLCBh bmQgaW1wcm 92ZSBnb3Zl cm5hbmNlIH ByYWN0aWNl cy4gVGhlIG NvbXBhbnkn cyBlZmZvcn RzIGluIHRo aXMgYXJlYS BoYXZlIGJl ZW4gcmVjb2 duaXplZCBi eSB2YXJpb3 VzIG9yZ2Fu aXphdGlvbn MsIGluY2x1 ZGluZyBlYX JuaW5nIGEg c3BvdCBvbi B0aGUgRG93 IEpvbmVzIF N1c3RhaW5h YmlsaXR5IF dvcmxkIElu ZGV4Ljxicj 44LiBFeHBl cmllbmNlZC BNYW5hZ2Vt ZW50IFRlYW 06IFJpb0Nh bidzIG1hbm FnZW1lbnQg dGVhbSBoYX MgYSB3ZWFs dGggb2YgZX hwZXJpZW5j ZSBpbiB0aG UgcmVhbCBl c3RhdGUgaW 5kdXN0cnks IHdpdGggYS Bwcm92ZW4g dHJhY2sgcm Vjb3JkIGlu IHZhbHVlIG NyZWF0aW9u IGFuZCBkcm l2aW5nIGdy b3d0aC4gVG hlaXIgZXhw ZXJ0aXNlIG hhcyBoZWxw ZWQgdGhlIG NvbXBhbnkg bmF2aWdhdG UgdGhyb3Vn aCB2YXJpb3 VzIGVjb25v bWljIGN5Y2 xlcyBhbmQg cG9zaXRpb2 4gaXQgZm9y IGZ1dHVyZS BzdWNjZXNz Ljxicj45Li BDb21taXRt ZW50IHRvIF N1c3RhaW5h YmlsaXR5Oi BSaW9DYW4g aXMgY29tbW l0dGVkIHRv IHN1c3RhaW 5hYmxlIHBy YWN0aWNlcy BhbmQgaGFz IGltcGxlbW VudGVkIHZh cmlvdXMgZW 52aXJvbm1l bnRhbCBpbm l0aWF0aXZl cywgc3VjaC BhcyBpbXBs ZW1lbnRpbm cgZW5lcmd5 LWVmZmljaW VudCB0ZWNo bm9sb2dpZX MsIGdyZWVu IHJvb2ZzLC BhbmQgd2Fz dGUgZGl2ZX JzaW9uIHBy b2dyYW1zLi BUaGlzIGNv bW1pdG1lbn Qgbm90IG9u bHkgYmVuZW ZpdHMgdGhl IGVudmlyb2 5tZW50IGJ1 dCBhbHNvIG hlbHBzIHJl ZHVjZSBvcG VyYXRpbmcg Y29zdHMgYW 5kIGdlbmVy YXRlIGxvbm ctdGVybSB2 YWx1ZSBmb3 Igc2hhcmVo b2xkZXJzLj xicj4xMC4g U3Ryb25nIF BvdGVudGlh bCBmb3IgR3 Jvd3RoOiBX aXRoIGl0cy BzdHJvbmcg ZmluYW5jaW FsIHBvc2l0 aW9uLCBkaX ZlcnNpZmll ZCBwb3J0Zm 9saW8sIGFu ZCBzdHJhdG VnaWMgcGFy dG5lcnNoaX BzLCBSaW9D YW4gaGFzIH NpZ25pZmlj YW50IHBvdG VudGlhbCBm b3IgbG9uZy 10ZXJtIGdy b3d0aC4gVG hlIGNvbXBh bnkgaXMgd2 VsbC1wb3Np dGlvbmVkIH RvIHRha2Ug YWR2YW50YW dlIG9mIGZ1 dHVyZSBvcH BvcnR1bml0 aWVzIGluIH RoZSBDYW5h ZGlhbiByZX RhaWwgcmVh bCBlc3RhdG UgbWFya2V0 IGFuZCBjb2 50aW51ZSBk ZWxpdmVyaW 5nIHZhbHVl IHRvIHNoYX JlaG9sZGVy cy4=

UmlvQ2FuIF JlYWwgRXN0 YXRlIEludm VzdG1lbnQg VHJ1c3QgKF JFSVQpIGlz IGEgQ2FuYW RpYW4gcmVh bCBlc3RhdG UgaW52ZXN0 bWVudCB0cn VzdCB0aGF0 IG93bnMgYW 5kIG1hbmFn ZXMgYSBwb3 J0Zm9saW8g b2YgcmV0YW lsLCBvZmZp Y2UsIGFuZC BpbmR1c3Ry aWFsIHByb3 BlcnRpZXMg YWNyb3NzIE NhbmFkYS4g Rm91bmRlZC BpbiAxOTkz LCBSaW9DYW 4gaGFzIGV2 b2x2ZWQgaW 50byBvbmUg b2YgQ2FuYW RhJ3MgbGFy Z2VzdCBhbm QgbW9zdCBk aXZlcnNpZm llZCBSRUlU cy48YnI+VG hlIGNvbXBh bnkncyBidX NpbmVzcyBt b2RlbCBpcy BiYXNlZCBv biBhY3F1aX JpbmcgYW5k IGRldmVsb3 BpbmcgaGln aC1xdWFsaX R5IHJlYWwg ZXN0YXRlIG Fzc2V0cywg cHJpbWFyaW x5IGluIENh bmFkYSdzIH VyYmFuIGFu ZCBzdWJ1cm JhbiBtYXJr ZXRzLCBhbm QgbGVhc2lu ZyB0aGVtIG 91dCB0byB0 ZW5hbnRzIH dpdGggbG9u Zy10ZXJtIG xlYXNlIGFn cmVlbWVudH MuIFJpb0Nh bidzIHBvcn Rmb2xpbyBj b25zaXN0cy BvZiBhcHBy b3hpbWF0ZW x5IDIzMCBw cm9wZXJ0aW VzIHRvdGFs aW5nIG92ZX IgMzggbWls bGlvbiBzcX VhcmUgZmVl dCBvZiBsZW FzYWJsZSBz cGFjZS48Yn I+VGhlIGNv bXBhbnkncy ByZXZlbnVl IGlzIGdlbm VyYXRlZCB0 aHJvdWdoIH JlbnRhbCBp bmNvbWUgZn JvbSBpdHMg cHJvcGVydG llcywgYXMg d2VsbCBhcy Bwcm9wZXJ0 eSBtYW5hZ2 VtZW50IGFu ZCBkZXZlbG 9wbWVudCBm ZWVzLiBSaW 9DYW4ncyBn b2FsIGlzIH RvIHByb3Zp ZGUgc3RhYm xlIGFuZCBn cm93aW5nIG Nhc2ggZGlz dHJpYnV0aW 9ucyB0byBp dHMgdW5pdG hvbGRlcnMg KGludmVzdG 9ycykgYnkg ZW1wbG95aW 5nIGEgY29u c2VydmF0aX ZlIGFwcHJv YWNoIHRvIH Byb3BlcnR5 IG1hbmFnZW 1lbnQgYW5k IGZvY3VzaW 5nIG9uIHN0 cm9uZyB0ZW 5hbnQgcmVs YXRpb25zaG lwcyBhbmQg bGVhc2UgYW dyZWVtZW50 cy48YnI+QX MgcGFydCBv ZiBpdHMgYn VzaW5lc3Mg c3RyYXRlZ3 ksIFJpb0Nh biBhaW1zIH RvIGRpdmVy c2lmeSBpdH MgcHJvcGVy dHkgcG9ydG ZvbGlvIHRv IHJlZHVjZS ByaXNrIGFu ZCBtYWludG FpbiBhIGJh bGFuY2UgYm V0d2VlbiBy ZXRhaWwsIG 9mZmljZSwg YW5kIGluZH VzdHJpYWwg cHJvcGVydG llcy4gSXQg YWxzbyBsb2 9rcyB0byBl eHBhbmQgaX RzIHByZXNl bmNlIGluIG tleSB1cmJh biBtYXJrZX RzLCBjYXBp dGFsaXplIG 9uIGVtZXJn aW5nIHRyZW 5kcyBpbiB0 aGUgcmVhbC Blc3RhdGUg aW5kdXN0cn ksIGFuZCBw dXJzdWUgc3 RyYXRlZ2lj IHBhcnRuZX JzaGlwcyBh bmQgam9pbn QgdmVudHVy ZXMuPGJyPk 92ZXJhbGws IFJpb0Nhbi dzIGJ1c2lu ZXNzIG1vZG VsIGlzIGNl bnRlcmVkIG 9uIHByb3Zp ZGluZyBpbn Zlc3RvcnMg d2l0aCBhIH N0YWJsZSBh bmQgZ3Jvd2 luZyBpbmNv bWUgc3RyZW FtIHRocm91 Z2ggc3RlYW R5IG1vbnRo bHkgZGlzdH JpYnV0aW9u cywgd2hpbG UgYWxzbyBz ZWVraW5nIG 9wcG9ydHVu aXRpZXMgZm 9yIGxvbmct dGVybSBncm 93dGggYW5k IHZhbHVlIG NyZWF0aW9u IGluIHRoZS BDYW5hZGlh biByZWFsIG VzdGF0ZSBt YXJrZXQu

AI can indeed pose a material threat to RioCan’s products, services, or competitive positioning in several ways:
1. Substitution: AI technologies may lead to the development of alternative products or services that can compete with those offered by RioCan. For instance, advancements in virtual reality (VR) and augmented reality (AR) could lead to new ways of experiencing retail and commercial spaces without the need for physical locations. E-commerce platforms using AI can create personalized shopping experiences that reduce the need for traditional retail spaces.
2. Disintermediation: The rise of AI-driven platforms could disrupt traditional retail and real estate channels. For instance, AI algorithms can optimize supply chain management and logistics, allowing consumers to buy directly from manufacturers or sellers without the need for intermediaries. This could reduce foot traffic in RioCamanaged retail spaces, affecting occupancy rates and rental income.
3. Margin Pressure: AI can enhance efficiency and reduce operational costs across various sectors. If competitors leverage AI effectively, they may offer lower prices or improved services, putting pressure on RioCan’s profit margins. Additionally, if consumers increasingly prefer online shopping powered by AI, it could drive down demand for physical retail spaces, leading to lower rental income and higher vacancy rates.
In summary, while AI also offers opportunities for improved efficiency and customer insights, it poses significant risks through potential substitution, disintermediation, and margin pressures that RioCan must actively manage to maintain its competitive position.

RioCan Real Estate Investment Trust (REIT) operates in the commercial real estate sector, and its earnings, cash flow, and valuation can be significantly impacted by changes in interest rates.
1. Earnings Sensitivity: RioCan’s earnings are influenced by interest rates primarily through financing costs. As interest rates rise, the cost of borrowing increases, which can lead to higher interest expenses on existing debt and new financing. This may reduce net income if rental income does not increase correspondingly. Additionally, higher interest rates could impact tenant performance, particularly for businesses that are sensitive to borrowing costs, potentially leading to lower rental income or increased vacancy rates.
2. Cash Flow Sensitivity: Cash flow is affected by interest rates in a similar manner. Increased interest expenses can reduce available cash flow from operations, as more cash will be allocated toward servicing debt. This can limit RioCan’s ability to reinvest in properties, pay dividends, or pursue new opportunities. If rates lead to a slowdown in economic growth, tenant businesses may struggle, affecting rental payments and further impacting cash flow.
3. Valuation Sensitivity: The valuation of RioCan, like many REITs, is often calculated using discounted cash flow models, which are sensitive to interest rates. Higher interest rates typically lead to higher discount rates used in valuation models, which can decrease the present value of future cash flows. Additionally, REITs are often compared to bonds, and as interest rates rise, the relative attractiveness of fixed-income investments may draw capital away from REITs, pressuring share prices and valuations.
In summary, RioCan’s earnings, cash flow, and valuation are quite sensitive to changes in interest rates. A rising interest rate environment can lead to increased costs, reduced income, and lower valuation multiples, while falling rates may have the opposite effects.

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 bG9nb3MvVz I4NWZ5NkhZ SUljZE5Pcm ZrbVUud2Vi cCIgYWx0PS JSaW9DYW4i IHRpdGxlPS JSaW9DYW4i ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9OTAg d2lkdGg9OT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgUmlvQ2Fu PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+SoSBM ZWFybiBzbW FydGVyIHN0 b2NrIHBpY2 tzIHdpdGgg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDEy cHg7IGZvbn Qtc2l6ZTog MTNweDsgY2 9sb3I6ICM0 NDQ7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIFNpZ2 4gdXAgbm93 IGFuZCBnZX Qgb3VyIGZy ZWUgZUJvb2 sgCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8Yj5UaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzPC9i PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTZweD sgZm9udC1z aXplOiAxNH B4OyBjb2xv cjogIzQ0ND sgZm9udC1m YW1pbHk6IC 1hcHBsZS1z eXN0ZW0sIE JsaW5rTWFj U3lzdGVtRm 9udCwgU2Vn b2UgVUksIF JvYm90bywg SGVsdmV0aW NhIE5ldWUs IHNhbnMtc2 VyaWY7IGxp bmUtaGVpZ2 h0OiAxLjY7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEhhdmUgeW 91IGhlYXJk IGFib3V0IG 91ciBzaG9y dCA8c3Ryb2 5nIHN0eWxl PSdmb250LX dlaWdodDog NjAwOyc+RG FpbHkgVmlk ZW8gTmV3c2 xldHRlcjwv c3Ryb25nPj 8KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xhIGhyZWY9 J2h0dHBzOi 8vd3d3Lmlu c2lnaHRmdW x2YWx1ZS5j b20vbmV3c2 xldHRlci5w aHAnIHRhcm dldD0nX2Js YW5rJyBzdH lsZT0nY29s b3I6ICMwMD dCRkY7IHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsgZm 9udC13ZWln aHQ6IDUwMD sgbWFyZ2lu LWxlZnQ6ID ZweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEZpbmQgb3 V0IG1vcmUK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AKICAgICAg ICAKICAgIC AgICA8c3Bh biBjbGFzcz 0nYmx1cnJl ZC10ZXh0Jz 4KICAgICAg ICAgICAgTV M0Z1VtbHZR MiBGdUlGSm xZV3dnIFJY TjBZWFJsSU UgbHVkbVZ6 ZEcxbCBibl FnVkhKMWMz IFFnYVhNZ2 RHaGwgSUd4 aGNtZGxjMy BRZ2NtVmhi Q0JsIGMzUm hkR1VnYVcg NTJaWE4wYl dWdSBkQ0Iw Y25WemRDIE FvVWtWSlZD a2cgYVc0Z1 EyRnVZVyBS aElIZHBkR2 dnIFlTQjBi M1JoYkMgQn RZWEpyWlhR ZyBZMkZ3YV hSaGJHIGw2 WVhScGIyNG cgYjJZZ1lY QndjbSA5NG FXMWhkR1Zz IGVTQWtPU0 JpYVcgeHNh Vzl1TGp4aS BjajR5TGlC VWFHIFVnWT I5dGNHRnUg ZVNCM1lYTW dabSA5MWJt UmxaQ0JwIG JpQXhPVGt6 SUcgSjVJRV ZrZDJGeSBa Q0JUYjI1em FHIGx1WlNC aGJtUWcgU2 05bGJDQlNi MyBObExDQj NhRzhnIGMy VnlkbVZrSU cgRnpJRkJ5 WlhOcCBaR1 Z1ZENCaGJt IFFnUTBWUE lHRnUgWkNC RmVHVmpkWC BScGRtVWdW bWxqIFpTQl FjbVZ6YVcg UmxiblFzSU hKbCBjM0Js WTNScGRtIF ZzZVN3Z2RX NTAgYVd3Z0 1qQXlNQyA0 OFluSStNeT RnIFVtbHZR MkZ1SUYgSk ZTVlFnYUdG eiBJR0VnWk dsMlpYIEp6 WlNCd2IzSj AgWm05c2FX OGdiMiBZZ2 IzWmxjaUF5 IE16QWdjSE p2Y0cgVnlk R2xsY3l3Zy BhVzVqYkhW a2FXIDVuSU hOb2IzQncg YVc1bklHTm xibiBSbGNu TXNJRzFwIG VHVmtMWFZ6 WlMgQmtaWF psYkc5dyBi V1Z1ZEhNc0 lHIEZ1WkNC dlptWnAgWT JVZ1luVnBi RyBScGJtZH pMQ0JzIGIy TmhkR1ZrSU cgbHVJR2hw WjJndCBaR1 Z1YzJsMGVT IEIxY21KaG JpQnQgWVhK clpYUnpJRy BGamNtOXpj eUJEIFlXNW haR0V1UEcg SnlQalF1SU ZSbyBaU0Jq YjIxd1lXID U1NG9DWmN5 QncgY205d1 pYSjBlUyBC d2IzSjBabT lzIGFXOGdh VzVqYkggVm taWE1nYzI5 dCBaU0J2Wm lCMGFHIFVn Ylc5emRDQj MgWld4c0xX dHViMyBkdU lHRnVaQ0J3 IGIzQjFiR0 Z5SUggSmxk R0ZwYkNCcy BiMk5oZEds dmJuIE1nYV c0Z1EyRnUg WVdSaExDQn pkVyBOb0lH RnpJSFJvIF pTQlViM0p2 Ym4gUnZJRV ZoZEc5dSBJ RU5sYm5SeV pTIHdnVTJO dmRHbGggSU ZCc1lYcGhM QyBCaGJtUW dXVzl1IFoy VWdSV2RzYV cgNTBiMjRn UTJWdSBkSE psTGp4aWNq IDQxTGlCU2 FXOUQgWVc0 Z1VrVkpWQy BCb1lYTWdZ U0J6IGRISn ZibWNnZEgg SmhZMnNnY2 1WaiBiM0pr SUc5bUlHIG R5YjNkMGFD QmggYm1RZ1 kyOXVjMiBs emRHVnVkR3 g1IElHUmxi R2wyWlggSn pJSFJ2Y0Mx MCBhV1Z5SU hKbGRIIFZ5 Ym5NZ2RHOG cgYVhSeklH bHVkbSBWem RHOXljeTRn IFUybHVZMl VnWjIgOXBi bWNnY0hWaS BiR2xqSUds dUlEIEU1T1 RRc0lIUm8g WlNCamIyMX dZVyA1NUlH aGhjeUJrIF pXeHBkbVZ5 WlcgUWdZVz RnWVhabCBj bUZuWlNCaG JtIDUxWVd3 Z2RHOTAgWV d3Z2NtVjBk WCBKdUlHOW 1JREV4IExq TWxJSEJsY2 kgQjFibWww TGp4aSBjaj QyTGlCSmJp IEF5TURFNU xDQlMgYVc5 RFlXNGdVay BWSlZDQnNZ WFZ1IFkyaG xaQ0JwZEgg TWc0b0NjVW 1sdiBRMkZ1 SUV4cGRtIG x1WitLQW5T QnkgWlhOcF pHVnVkRyBs aGJDQmljbU Z1IFpDd2dk MmwwYUMgQm hJR1p2WTNW eiBJRzl1SU dKMWFXIHhr YVc1bklHaH AgWjJndGNY VmhiRyBsMG VTd2djSFZ5 IGNHOXpaUz FpZFcgbHNk Q0J5Wlc1MC BZV3dnY0hK dmNHIFZ5ZE dsbGN5QnAg YmlCclpYa2 dkWCBKaVlX NGdiV0Z5IG EyVjBjeTQ4 WW4gSStOeT RnVkdobCBJ R052YlhCaG JuIGtnYVhN Z1kyOXQgYl dsMGRHVmtJ SCBSdklITj FjM1JoIGFX NWhZbWxzYV ggUjVJR0Z1 WkNCbyBZWE 1nYzJWMElH IEZ0WW1sMG FXOTEgY3lC bGJuWnBjbS A5dWJXVnVk R0ZzIElHZH ZZV3h6TEMg QnBibU5zZF dScCBibWNn Y21Wa2RXIE 5wYm1jZ2FY UnogSUdOaG NtSnZiaSBC bGJXbHpjMm x2IGJuTWdZ bmtnTXogQW xJR0o1SURJ dyBNekFnWV c1a0lHIEZq YUdsbGRtbH UgWnlCdVpY UXRlbSBWeW J5QmpZWEpp IGIyNGdaVz FwYzMgTnBi MjV6SUdKNS BJREl3TlRB dVBHIEp5UG pndUlGSnAg YjBOaGJpQl NSVSBsVUlH aGhjeUJpIF pXVnVJSEps WTIgOW5ibW w2WldRZyBa bTl5SUdsMG N5IEJqYjIx dGFYUnQgWl c1MElIUnZJ SCBOdlkybG hiQ0J5IFpY TndiMjV6YV cgSnBiR2ww ZVN3ZyBjbV ZqWldsMmFX IDVuSUdFZ2 MyTnYgY21V Z2IyWWdRUy AwZ2FXNGdk R2hsIElESX dNakFnUjIg eHZZbUZzSU ZKbCBZV3dn UlhOMFlYIF JsSUZOMWMz UmggYVc1aF ltbHNhWCBS NUlFSmxibU 5vIGJXRnlh eUFvUjEgSk ZVMElwSUhO MSBjblpsZV NCaGJtIFFn WW1WcGJtY2 cgYm1GdFpX UWdiMiA1bE lHOW1JRU5o IGJtRmtZZU tBbVggTWdU Vzl6ZENCQi BaRzFwY21W a0lFIE52Y2 5CdmNtRjAg WlNCRGRXeD BkWCBKbGN5 QmllU0JYIF lYUmxjbk4w YjIgNWxJRW gxYldGdSBJ RU5oY0dsMF lXIHd1UEdK eVBqa3UgSU ZSb1pTQlNS VSBsVUlISm xZMlZ1IGRH eDVJR0Z1Ym 0gOTFibU5s WkNCaCBJSE psWW5KaGJt IFJwYm1jZ1 pXWm0gYjNK MExDQmphRy BGdVoybHVa eUJwIGRITW dibUZ0WlMg Qm1jbTl0SU ZKcCBiME5o YmlCU1pXIE ZzSUVWemRH RjAgWlNCSm JuWmxjMyBS dFpXNTBJRl J5IGRYTjBJ SFJ2SUggTn BiWEJzZVNC UyBhVzlEWV c0Z1lYIE1n Y0dGeWRDQn YgWmlCaElI TjBjbSBGMF pXZDVJSFJ2 IElHSmxkSF JsY2kgQnla V1pzWldOMC BJR2wwY3lC a2FYIFpsY2 5ObElIQnYg Y25SbWIyeH BieSBCaGJt UWdablYwIG RYSmxJR2R5 YjMgZDBhQ0 J3YkdGdSBj eTQ4WW5JK0 1UIEF1SUVs dUlISmwgYz NCdmJuTmxJ SCBSdklIUm 9aU0JEIFQx WkpSQzB4T1 MgQndZVzVr WlcxcCBZeX dnVW1sdlEy IEZ1SUZKRl NWUWcgYUdG eklHbHRjRy B4bGJXVnVk R1ZrIElIWm hjbWx2ZFgg TWdiV1ZoYz NWeSBaWE1n ZEc4Z2MzIF Z3Y0c5eWRD QnAgZEhNZ2 RHVnVZVyA1 MGN5d2dhVz VqIGJIVmth VzVuSUcgUm xabVZ5Y21s dSBaeUJ5Wl c1MElIIEJo ZVcxbGJuUn ogSUdGdVpD QndjbSA5Mm FXUnBibWNn IFptbHVZVz VqYVcgRnNJ R0Z6YzJsei BkR0Z1WTJV Z2RHIDhnYz IxaGJHd2cg WW5WemFXNW xjMyBObGN5 NGdWR2hsIE lHTnZiWEJo Ym4ga2dhR0 Z6SUdGcyBj MjhnWTI5dG JXIGwwZEdW a0lIUnYgSU dFZ2NtVnVk QyBCbWNtVm xlbVVnIFpt OXlJSFJvWl MgQjVaV0Z5 SURJdyBNak VnZEc4Z2Mz IFZ3Y0c5eW RDQnAgZEhN Z2RHVnVZVy A1MGMrS0Ft U0J5IFpXTn ZkbVZ5ZVMg QmxabVp2Y2 5SeiBMZz09 CiAgICAgIC AgPC9zcGFu PgogICAgIC AgIAogICAg ICAgIA==