Aedifica

Live  

Aedifica is a Belgian company that specializes in real estate investment and development. It was founded in 2005 and is headquartered in Brussels, Belgium. The company has a strong focus on the healthcare and senior living sectors, with over 70% of its portfolio dedicated to these areas.
Aedifica's core business is the acquisition and development of real estate properties, particularly in the healthcare and senior living sectors, in Belgium, Germany, and the Netherlands. The company has a portfolio of over 290 properties, with a total value of around 2.5 billion euros.
Aedifica has a unique business model in which it leases its properties to long-term tenants, primarily healthcare providers and senior living operators. This allows the company to have a stable rental income and a low-risk investment strategy.
The company has a strong focus on sustainability, and many of its properties are energy-efficient and meet high environmental standards. Aedifica is also committed to social responsibility and has a program in place to support local communities and initiatives.
Today, Aedifica is one of the leading real estate companies in Europe, with a strong track record of growth and profitability. It is listed on the Euronext Brussels stock exchange and has a strong presence in the European real estate market.

QWVkaWZpY2 EgaXMgYSBj b21wYW55IH RoYXQgZm9j dXNlcyBvbi Bzb21ldGhp bmcgY2FsbG VkIHJlYWwg ZXN0YXRlLC B3aGljaCBp cyBqdXN0IG EgZmFuY3kg d29yZCBmb3 Igb3duaW5n IGFuZCBtYW 5hZ2luZyBi dWlsZGluZ3 MuIFNwZWNp ZmljYWxseS wgQWVkaWZp Y2Egb3ducy BidWlsZGlu Z3MgdGhhdC BhcmUgdXNl ZCBmb3IgaG VhbHRoY2Fy ZSwgbGlrZS BudXJzaW5n IGhvbWVzIG FuZCBhc3Np c3RlZCBsaX ZpbmcgZmFj aWxpdGllcy 4gVGhpcyBt ZWFucyB0aG V5IHByb3Zp ZGUgcGxhY2 VzIGZvciBl bGRlcmx5IH Blb3BsZSBv ciB0aG9zZS B3aG8gbmVl ZCBleHRyYS BoZWxwIHRv IGxpdmUgc2 FmZWx5IGFu ZCBjb21mb3 J0YWJseS48 YnI+QWVkaW ZpY2EgbWFr ZXMgbW9uZX kgYnkgcmVu dGluZyB0aG VzZSBidWls ZGluZ3MgdG 8gY29tcGFu aWVzIHRoYX QgcnVuIHRo ZSBoZWFsdG hjYXJlIHNl cnZpY2VzLi BGb3IgZXhh bXBsZSwgaW YgYSBjb21w YW55IHdhbn RzIHRvIG9w ZW4gYSBudX JzaW5nIGhv bWUsIHRoZX kgY2FuIHJl bnQgYSBidW lsZGluZyBm cm9tIEFlZG lmaWNhLiBU aGUgY29tcG FueSBwYXlz IEFlZGlmaW NhIG1vbmV5 IGV2ZXJ5IG 1vbnRoIHRv IHVzZSB0aG UgYnVpbGRp bmcsIHdoaW NoIGlzIGhv dyBBZWRpZm ljYSBlYXJu cyBpdHMgaW 5jb21lLjxi cj5BZWRpZm ljYSBpcyBz dWNjZXNzZn VsIGZvciBh IGZldyByZW Fzb25zLiBG aXJzdCwgdG hlcmUgaXMg YWx3YXlzIG EgbmVlZCBm b3IgaGVhbH RoY2FyZSBz ZXJ2aWNlcy wgZXNwZWNp YWxseSBhcy Btb3JlIHBl b3BsZSBnZX Qgb2xkZXIg YW5kIG5lZW QgY2FyZS4g VGhpcyBtZW FucyB0aGUg ZGVtYW5kIG ZvciBudXJz aW5nIGhvbW VzIGFuZCBh c3Npc3RlZC BsaXZpbmcg ZmFjaWxpdG llcyB3aWxs IGxpa2VseS BrZWVwIGdy b3dpbmcuIF NlY29uZCwg QWVkaWZpY2 EgaGFzIGV4 cGVyaWVuY2 UgaW4gcGlj a2luZyBnb2 9kIGxvY2F0 aW9ucyBhbm QgbWFuYWdp bmcgdGhlaX IgYnVpbGRp bmdzIHdlbG wsIHdoaWNo IGhlbHBzIH RoZW0gbWFr ZSBzbWFydC BpbnZlc3Rt ZW50cy48Yn I+TG9va2lu ZyBpbnRvIH RoZSBmdXR1 cmUsIEFlZG lmaWNhIGlz IGxpa2VseS B0byBzdGF5 IHN1Y2Nlc3 NmdWwgYmVj YXVzZSB0aG V5IGFyZSBm b2N1c2luZy BvbiBhbiBp bXBvcnRhbn QgYXJlYSB0 aGF0IG1hbn kgcGVvcGxl IG5lZWQuIE FzIGxvbmcg YXMgdGhleS Bjb250aW51 ZSB0byBiZS BzbWFydCBh Ym91dCB0aG UgYnVpbGRp bmdzIHRoZX kgYnV5IGFu ZCBob3cgdG hleSBtYW5h Z2UgdGhlbS wgYW5kIGFz IGxvbmcgYX MgcGVvcGxl IGNvbnRpbn VlIHRvIG5l ZWQgY2FyZS wgdGhleSBz aG91bGQga2 VlcCBtYWtp bmcgbW9uZX kgYW5kIGhl bHBpbmcgb3 RoZXJzLjxi cj4=

MS4gRm9jdX Mgb24gU2Vu aW9yIEhvdX Npbmc6IEFl ZGlmaWNhIG lzIGEgbGVh ZGluZyBoZW FsdGhjYXJl IHJlYWwgZX N0YXRlIGRl dmVsb3BtZW 50IGNvbXBh bnkgdGhhdC BzcGVjaWFs aXplcyBpbi BzZW5pb3Ig aG91c2luZy 4gVGhpcyBm b2N1cyBhbG xvd3MgdGhl IGNvbXBhbn kgdG8gaGF2 ZSBhIGRlZX AgdW5kZXJz dGFuZGluZy BvZiB0aGUg dW5pcXVlIG 5lZWRzIGFu ZCBwcmVmZX JlbmNlcyBv ZiBzZW5pb3 IgY2l0aXpl bnMsIHJlc3 VsdGluZyBp biBwdXJwb3 NlLWJ1aWx0 IGFuZCBoaW doLXF1YWxp dHkgc2VuaW 9yIGxpdmlu ZyBmYWNpbG l0aWVzLjxi cj4yLiBJbn Rlcm5hdGlv bmFsIFByZX NlbmNlOiBB ZWRpZmljYS BoYXMgYSBn bG9iYWwgcH Jlc2VuY2Us IHdpdGggYS BwcmVzZW5j ZSBpbiBFdX JvcGUsIENh bmFkYSwgYW 5kIHRoZSBV bml0ZWQgU3 RhdGVzLiBU aGlzIGludG VybmF0aW9u YWwgcmVhY2 ggZ2l2ZXMg dGhlIGNvbX BhbnkgYSB3 aWRlIHJhbm dlIG9mIGlu dmVzdG1lbn Qgb3Bwb3J0 dW5pdGllcy BhbmQgYSBk aXZlcnNlIH BvcnRmb2xp byBvZiBwcm 9wZXJ0aWVz Ljxicj4zLi BFeHBlcmll bmNlZCBNYW 5hZ2VtZW50 IFRlYW06IE FlZGlmaWNh IGlzIHJ1bi BieSBhbiBl eHBlcmllbm NlZCBtYW5h Z2VtZW50IH RlYW0gd2l0 aCBhIHRyYW NrIHJlY29y ZCBvZiBzdW NjZXNzZnVs IHByb2plY3 RzIGFuZCBl eHRlbnNpdm Uga25vd2xl ZGdlIG9mIH RoZSByZWFs IGVzdGF0ZS BhbmQgaGVh bHRoY2FyZS BpbmR1c3Ry aWVzLiBUaG lzIGV4cGVy dGlzZSBlbm FibGVzIHRo ZSBjb21wYW 55IHRvIG1h a2UgaW5mb3 JtZWQgYW5k IHN0cmF0ZW dpYyBkZWNp c2lvbnMgZm 9yIGxvbmct dGVybSBncm 93dGggYW5k IHN1Y2Nlc3 MuPGJyPjQu IFN1c3RhaW 5hYmxlIERl dmVsb3BtZW 50OiBBZWRp ZmljYSB2YW x1ZXMgc3Vz dGFpbmFiaW xpdHkgaW4g aXRzIGRldm Vsb3BtZW50 cyBhbmQgaG FzIGluY29y cG9yYXRlZC BpdCBpbnRv IGl0cyBidX NpbmVzcyBz dHJhdGVneS 4gVGhlIGNv bXBhbnkgZm 9jdXNlcyBv biBlbmVyZ3 ktZWZmaWNp ZW50LCBlY2 8tZnJpZW5k bHksIGFuZC Bzb2NpYWxs eSByZXNwb2 5zaWJsZSBj b25zdHJ1Y3 Rpb24gcHJh Y3RpY2VzLC B3aGljaCBu b3Qgb25seS BiZW5lZml0 IHRoZSBlbn Zpcm9ubWVu dCBidXQgYW xzbyBjb250 cmlidXRlIH RvIHRoZSB3 ZWxsLWJlaW 5nIG9mIGl0 cyByZXNpZG VudHMuPGJy PjUuIExvbm ctVGVybSBQ YXJ0bmVyc2 hpcHM6IEFl ZGlmaWNhIG hhcyBzdHJv bmcgYW5kIG xvbmctc3Rh bmRpbmcgcG FydG5lcnNo aXBzIHdpdG ggbGVhZGlu ZyBoZWFsdG hjYXJlIHBy b3ZpZGVycy wgZW5zdXJp bmcgYSBzdG FibGUgdGVu YW50IGJhc2 UgZm9yIGl0 cyBwcm9wZX J0aWVzLiBU aGVzZSBwYX J0bmVyc2hp cHMgYWxzby Bwcm92aWRl IGEgZGVlcC B1bmRlcnN0 YW5kaW5nIG 9mIHRoZSBu ZWVkcyBhbm QgcHJlZmVy ZW5jZXMgb2 Ygc2VuaW9y IGhvdXNpbm cgcmVzaWRl bnRzLCBhbG xvd2luZyB0 aGUgY29tcG FueSB0byBk ZWxpdmVyIH RhaWxvcmVk IHNvbHV0aW 9ucy48YnI+ Ni4gRmluYW 5jaWFsIFN0 YWJpbGl0eT ogQWVkaWZp Y2EgaGFzIG NvbnNpc3Rl bnRseSBkZW 1vbnN0cmF0 ZWQgc3Ryb2 5nIGZpbmFu Y2lhbCBwZX Jmb3JtYW5j ZSBhbmQgaG FzIGEgc29s aWQgYmFsYW 5jZSBzaGVl dC4gVGhpcy BzdGFiaWxp dHkgYWxsb3 dzIHRoZSBj b21wYW55IH RvIHB1cnN1 ZSBncm93dG ggb3Bwb3J0 dW5pdGllcy BhbmQgbWFr ZSBzdHJhdG VnaWMgaW52 ZXN0bWVudH MgdGhhdCBi ZW5lZml0IG JvdGggaXRz IHN0YWtlaG 9sZGVycyBh bmQgdGhlIG NvbW11bml0 aWVzIGl0IH NlcnZlcy4=

QWVkaWZpY2 EgaXMgYSBy ZWFsIGVzdG F0ZSBjb21w YW55IGZvY3 VzZWQgb24g aW52ZXN0bW VudHMgaW4g aGVhbHRoY2 FyZSByZWFs IGVzdGF0ZS Bwcm9wZXJ0 aWVzLCBzcG VjaWZpY2Fs bHkgaW4gRX Vyb3BlLiBJ dHMgYnVzaW 5lc3MgbW9k ZWwgaXMgY2 VudGVyZWQg YXJvdW5kIG FjcXVpcmlu ZyBhbmQgbW FuYWdpbmcg cHJvcGVydG llcywgc3Vj aCBhcyBzZW 5pb3IgaG91 c2luZywgY2 xpbmljcywg YW5kIGhvc3 BpdGFscywg YW5kIGxlYX NpbmcgdGhl bSB0byBoZW FsdGhjYXJl IG9wZXJhdG 9ycy4gQWRk aXRpb25hbG x5LCB0aGUg Y29tcGFueS BtYXkgYWxz byBkZXZlbG 9wIG5ldyBw cm9wZXJ0aW VzIGluIHN0 cmF0ZWdpYy Bsb2NhdGlv bnMgdG8gbW VldCB0aGUg Z3Jvd2luZy BkZW1hbmQg Zm9yIGhlYW x0aGNhcmUg ZmFjaWxpdG llcy4gQWVk aWZpY2EgZ2 VuZXJhdGVz IHJldmVudW UgdGhyb3Vn aCByZW50YW wgaW5jb21l IGZyb20gaX RzIHByb3Bl cnRpZXMgYW 5kIGFpbXMg dG8gcHJvdm lkZSBzdGFi bGUgcmV0dX JucyB0byBp dHMgc2hhcm Vob2xkZXJz IHRocm91Z2 ggYSBsb25n LXRlcm0gaW 52ZXN0bWVu dCBzdHJhdG VneS4gVGhl IGNvbXBhbn kgYWxzbyBm b2N1c2VzIG 9uIG1haW50 YWluaW5nIG EgaGlnaC1x dWFsaXR5IG FuZCBkaXZl cnNpZmllZC Bwb3J0Zm9s aW8gdG8gbW l0aWdhdGUg cmlza3MgYW 5kIGVuc3Vy ZSBzdGVhZH kgY2FzaCBm bG93Lg==

AI can potentially pose various types of threats to Aedifica’s products, services, or competitive positioning. These threats can manifest in several forms, including substitution, disintermediation, and margin pressure.
1. Substitution: If competitors adopt AI technologies to enhance their offerings—perhaps by providing innovative products or services that better meet customer needs—Aedifica may face challenges in retaining its market share. For instance, if AI solutions enable more efficient property management or provide superior insights into customer preferences, Aedifica could be at risk of losing clients to those who leverage such technologies effectively.
2. Disintermediation: AI may enable new business models that reduce the need for traditional intermediaries in property management or real estate services. If AI platforms can connect buyers, sellers, and service providers directly, Aedifica could be bypassed, impacting its market relevance and customer engagement.
3. Margin Pressure: The adoption of AI can lead to increased competition as firms that utilize AI technologies may operate with higher efficiency and lower costs. This could drive Aedifica to lower its prices to remain competitive, impacting profit margins. Additionally, if AI enables competitors to improve productivity or reduce operational costs, Aedifica may find it challenging to maintain its pricing structure.
In summary, while AI presents opportunities for innovation and enhancement of operations, it also introduces risks that could affect Aedifica’s competitive positioning, necessitating a strategic response to mitigate these potential threats.

Aedifica, a real estate investment trust (REIT) focused on healthcare properties, can be significantly affected by changes in interest rates. Here’s how:
1. Earnings: Aedifica’s earnings can be sensitive to interest rate changes due to the impact on its borrowing costs. Higher interest rates typically lead to increased financing costs for debt, which can compress margins, particularly if the company has a substantial amount of variable-rate debt. Conversely, if interest rates rise, it may also indicate a stronger economy, potentially leading to higher demand for healthcare facilities and thus positively impacting revenues.
2. Cash Flow: Cash flow sensitivity arises from the same financing costs. Elevated interest rates can increase interest expenses, reducing available cash flow for distributions to shareholders or reinvestment. Moreover, if higher rates slow economic growth, this may lead to lower occupancy rates in managed properties, further constraining cash flow.
3. Valuation: The valuation of Aedifica is often influenced by interest rates through the discount rate applied in valuation models. An increase in interest rates typically leads to a higher discount rate, which can reduce the present value of future cash flows, leading to a decline in the company’s market valuation. Additionally, rising rates may make alternative investments, such as bonds, more attractive relative to REITs, leading to a potential drop in share prices.
In summary, Aedifica’s earnings, cash flow, and overall valuation are sensitive to changes in interest rates, primarily through borrowing costs, economic environment effects, and discount rate adjustments.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQW VkaWZpY2Hi gJlzIGVjb2 5vbWljcyBv dmVyIHRoZS BuZXh0IDPi gJM1IHllYX JzIGlzIGEg c2lnbmlmaW NhbnQgYW5k IHN1c3RhaW 5lZCBpbmNy ZWFzZSBpbi BpbnRlcmVz dCByYXRlcy Bjb21iaW5l ZCB3aXRoIG EgZG93bnR1 cm4gaW4gdG hlIHJlc2lk ZW50aWFsIG FuZCBjb21t ZXJjaWFsIH JlYWwgZXN0 YXRlIG1hcm tldHMuIElm IGNlbnRyYW wgYmFua3Mg d2VyZSB0by BtYWludGFp biBoaWdoIG ludGVyZXN0 IHJhdGVzIH RvIGNvbWJh dCBpbmZsYX Rpb24sIGZp bmFuY2luZy Bjb3N0cyBm b3IgcmVhbC Blc3RhdGUg ZGV2ZWxvcG VycyBsaWtl IEFlZGlmaW NhIHdvdWxk IHJpc2Ugc3 Vic3RhbnRp YWxseS4gVG hpcyBzY2Vu YXJpbyBjb3 VsZCBiZSBj b21wb3VuZG VkIGJ5IGEg ZGVjbGluZS BpbiBkZW1h bmQgZm9yIH JlYWwgZXN0 YXRlIGR1ZS B0byBlY29u b21pYyBzdG FnbmF0aW9u IG9yIHJlZH VjZWQgY29u c3VtZXIgY2 9uZmlkZW5j ZSwgbGVhZG luZyB0byBs b3dlciBvY2 N1cGFuY3kg cmF0ZXMgYW 5kIHJlbnRh bCBpbmNvbW UuPGJyPklu IHRoaXMgc2 l0dWF0aW9u LCBBZWRpZm ljYeKAmXMg bWFyZ2lucy B3b3VsZCBs aWtlbHkgc2 hyaW5rIGR1 ZSB0byBpbm NyZWFzZWQg ZmluYW5jaW 5nIGNvc3Rz IGFuZCBwb3 RlbnRpYWxs eSByZWR1Y2 VkIHJlbnRh bCBpbmNvbW UuIEhpZ2hl ciBpbnRlcm VzdCBleHBl bnNlcyB3b3 VsZCBkaXJl Y3RseSBpbX BhY3Qgb3Bl cmF0aW5nIG 1hcmdpbnMs IHdoaWxlIH RoZSBwb3Nz aWJpbGl0eS BvZiByaXNp bmcgdmFjYW 5jaWVzIGNv dWxkIGZ1cn RoZXIgcHJl c3N1cmUgb2 NjdXBhbmN5 IHJhdGVzIG FuZCByZW50 YWwgeWllbG RzLiBJZiB0 aGUgY29tcG FueSB3YXMg dW5hYmxlIH RvIHBhc3Mg b24gaW5jcm Vhc2VkIGNv c3RzIHRocm 91Z2ggcmVu dCwgdGhpcy Bjb3VsZCBs ZWFkIHRvIG Egc2V2ZXJl IGRlY3JlYX NlIGluIHBy b2ZpdGFiaW xpdHkuPGJy PkNhc2ggZm xvdyB3b3Vs ZCBhbHNvIG JlIG5lZ2F0 aXZlbHkgaW 1wYWN0ZWQu IFdpdGggcm lzaW5nIGlu dGVyZXN0IG V4cGVuc2Vz LCBBZWRpZm ljYeKAmXMg b3BlcmF0aW 9uYWwgY2Fz aCBmbG93IH dvdWxkIGRp bWluaXNoLC Blc3BlY2lh bGx5IGlmIG l0IGhhZCB0 byBhbGxvY2 F0ZSBhIGxh cmdlciBwb3 J0aW9uIG9m IGl0cyBpbm NvbWUgdG8g c2VydmljZS BkZWJ0LiBJ ZiBvY2N1cG FuY3kgcmF0 ZXMgZmVsbC BzaWduaWZp Y2FudGx5LC B0aGUgY29t cGFueSBtaW dodCBmYWNl IGNhc2ggZm xvdyBkZWZp Y2l0cywgZm 9yY2luZyBp dCB0byBkaX AgaW50byBy ZXNlcnZlcy BvciBwdXJz dWUgYWRkaX Rpb25hbCBm aW5hbmNpbm figJRwb3Rl bnRpYWxseS BhdCB1bmZh dm9yYWJsZS B0ZXJtcy48 YnI+T24gdG hlIGJhbGFu Y2Ugc2hlZX QsIHRoZSBj b21wYW55IG 1pZ2h0IGV4 cGVyaWVuY2 UgYSBkZXRl cmlvcmF0aW 9uIGluIGxp cXVpZGl0eS 4gSW5jcmVh c2VkIGRlYn QgbGV2ZWxz IHJlc3VsdG luZyBmcm9t IGhpZ2hlci BpbnRlcmVz dCBjb3N0cy BhbmQgcG9z c2libHkgbG 93ZXIgYXNz ZXQgdmFsdW F0aW9ucyBk dWUgdG8gYS Bkb3dudHVy biBpbiB0aG UgcmVhbCBl c3RhdGUgbW Fya2V0IGNv dWxkIGxlYW QgdG8gYSB3 b3JzZW5pbm cgZGVidC10 by1lcXVpdH kgcmF0aW8u IElmIGNhc2 ggZmxvdyBw cmVzc3VyZX MgYmVjYW1l IHNldmVyZS wgQWVkaWZp Y2EgbWF5IG JlIGZvcmNl ZCB0byByZX NvcnQgdG8g YXNzZXQgc2 FsZXMsIGlt cGFjdGluZy BpdHMgZ3Jv d3RoIHByb3 NwZWN0cyBh bmQgcG90ZW 50aWFsbHkg bGVhZGluZy B0byBmdXJ0 aGVyIGRlY2 xpbmVzIGlu IG1hcmtldC Bjb25maWRl bmNlIGFuZC BpbnZlc3Rv ciBzZW50aW 1lbnQuPGJy PkluIHN1bW 1hcnksIHN1 Y2ggYSBzY2 VuYXJpbyBv ZiBzdXN0YW luZWQgaGln aCBpbnRlcm VzdCByYXRl cyBhbmQgZW Nvbm9taWMg ZG93bnR1cm 4gY291bGQg bGVhZCB0by BzcXVlZXpl ZCBtYXJnaW 5zLCByZWR1 Y2VkIGNhc2 ggZmxvd3Ms IGFuZCBhIH dlYWtlbmVk IGJhbGFuY2 Ugc2hlZXQg Zm9yIEFlZG lmaWNhLCBp bXBhaXJpbm cgaXRzIG92 ZXJhbGwgZW Nvbm9taWMg dmlhYmlsaX R5Ljxicj4=

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 bG9nb3MvWX FZbkJraHJJ ZnpQOEFMdm MwS1Qud2Vi cCIgYWx0PS JBZWRpZmlj YSIgdGl0bG U9IkFlZGlm aWNhIiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTUwIHdpZH RoPTUwIGxv YWRpbmc9J2 xhenknIHN0 eWxlPSdib3 JkZXItcmFk aXVzOiA2cH g7Jz4KCiAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n ZmxleDogMT sgdGV4dC1h bGlnbjogY2 VudGVyOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dmb250LXNp emU6IDI2cH g7IGNvbG9y OiAjMzMzOy BtYXJnaW4t Ym90dG9tOi AxNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICDw n5OIIFdhbn QgdG8gcmVh ZCBtb3JlIG Fib3V0IEFl ZGlmaWNhPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TmiBZb3 VyIGZyZWUg Y29weSBvZi A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+IGlzIH dhaXRpbmcK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9wPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxMnB4Oy Bmb250LXNp emU6IDEzcH g7IGNvbG9y OiAjNDQ0Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IG5vdyBhbm QgZ2V0IG91 ciBmcmVlIG VCb29rIAog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGI+ VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr czwvYj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID E2cHg7IGZv bnQtc2l6ZT ogMTRweDsg Y29sb3I6IC M0NDQ7IGZv bnQtZmFtaW x5OiAtYXBw bGUtc3lzdG VtLCBCbGlu a01hY1N5c3 RlbUZvbnQs IFNlZ29lIF VJLCBSb2Jv dG8sIEhlbH ZldGljYSBO ZXVlLCBzYW 5zLXNlcmlm OyBsaW5lLW hlaWdodDog MS42Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBIYX ZlIHlvdSBo ZWFyZCBhYm 91dCBvdXIg c2hvcnQgPH N0cm9uZyBz dHlsZT0nZm 9udC13ZWln aHQ6IDYwMD snPkRhaWx5 IFZpZGVvIE 5ld3NsZXR0 ZXI8L3N0cm 9uZz4/CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdodH RwczovL3d3 dy5pbnNpZ2 h0ZnVsdmFs dWUuY29tL2 5ld3NsZXR0 ZXIucGhwJy B0YXJnZXQ9 J19ibGFuay cgc3R5bGU9 J2NvbG9yOi AjMDA3QkZG OyB0ZXh0LW RlY29yYXRp b246IG5vbm U7IGZvbnQt d2VpZ2h0Oi A1MDA7IG1h cmdpbi1sZW Z0OiA2cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBGaW 5kIG91dCBt b3JlCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8L2E+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgCiAg ICAgICAgCi AgICAgICAg PHNwYW4gY2 xhc3M9J2Js dXJyZWQtdG V4dCc+CiAg ICAgICAgIC AgIFBDOTBh WFJzWlQgND hZbkkrTVM0 ZyBRV1ZrYV dacFkyIEVn YVhNZ1lTQn cgZFdKc2FX TnNlUyBCMG NtRmtaV1Fn IFEyRnVZV1 JwWVcgNGdj bVZoYkNCbC BjM1JoZEdV Z2FXIDUyWl hOMGJXVnUg ZENCMGNuVn pkQyBBb1Vr VkpWQ2tnIG MzQmxZMmxo YkcgbDZhVz VuSUdsdSBJ SFJvWlNCa1 pYIFpsYkc5 d2JXVnUgZE N3Z1lXTnhk VyBsemFYUn BiMjRzIElH RnVaQ0J0WV cgNWhaMlZ0 Wlc1MCBJRz ltSUdOdmJX IDFsY21OcF lXd2cgWVc1 a0lISmxjMi Bsa1pXNTBh V0ZzIElIQn liM0JsY24g UnBaWE11SU R4aSBjajR5 TGlCVWFHIF VnWTI5dGNH RnUgZVNCM1 lYTWdabSA5 MWJtUmxaQ0 JwIGJpQXlN REExSUcgSj VJRWRsYjNK biBaWE1nUW 5KdmMzIE5o Y21RZ1lXNW sgSUdseklH aGxZVyBSeG RXRnlkR1Z5 IFpXUWdhVz RnVFcgOXVk SEpsWVd3cy BJRkYxWldK bFl5IDRnUE dKeVBqTXUg SUVGbFpHbG 1hVyBOaDRv Q1pjeUJ5IF pXRnNJR1Z6 ZEcgRjBaU0 J3YjNKMCBa bTlzYVc4Z2 FXIDVqYkhW a1pYTWcgYj NabGNpQXlO VCBBZ2NISn ZjR1Z5IGRH bGxjeUJoWT MgSnZjM01n UTJGdSBZV1 JoTENCMGFH IFVnVlc1cG RHVmsgSUZO MFlYUmxjeS B3Z1lXNWtJ RVYxIGNtOX daUzRnUEcg SnlQalF1SU ZSbyBaU0Jq YjIxd1lXID U1SUc5d1pY SmggZEdWek lHbHVJSCBS b2NtVmxJRz FoIGFXNGdj MlZqZEcgOX ljem9nY21W eiBhV1JsYm 5ScFlXIHdn Y0hKdmNHVn kgZEdsbGN5 d2dZMiA5dG JXVnlZMmxo IGJDQndjbT l3WlggSjBh V1Z6TENCaC BibVFnYldW a2FXIE5oYk NCbVlXTnAg YkdsMGFXVn pMaSBBOFlu SStOUzRnIF FXVmthV1pw WTIgRWdhR0 Z6SUdFZyBj M1J5YjI1bk lHIFp2WTNW eklHOXUgSU hOMWMzUmhh VyA1aFlteG xJR1JsIGRt VnNiM0J0Wl cgNTBJR0Z1 WkNCcCBjeU JqYjIxdGFY IFIwWldRZ2 RHOGcgY21W a2RXTnBibS BjZ2FYUnpJ R05oIGNtSn ZiaUJtYjIg OTBjSEpwYm 5RZyBkR2h5 YjNWbmFDIE JsYm5acGNt OXUgYldWdW RHRnNiSCBr dFpuSnBaVz VrIGJIa2dj SEpoWTMgUn BZMlZ6TGlB OCBZbkkrTm k0Z1NXIDRn TWpBeE55d2 cgUVdWa2FX WnBZMiBFZ2 NtVmpaV2wy IFpXUWdkR2 hsSUYgQnNZ WFJwYm5WdC BJRXhsZG1W c0lHIE5sY2 5ScFptbGog WVhScGIyNG dabiBKdmJT QjBhR1VnIF EyRnVZV1Jo SUUgZHlaV1 Z1SUVKMSBh V3hrYVc1bk lFIE52ZFc1 amFXd3MgSU hKbFkyOW5i bSBsNmFXNW 5JSFJvIFpT QmpiMjF3WV cgNTU0b0Na Y3lCaiBiMj F0YVhSdFpX IDUwSUhSdk lITjEgYzNS aGFXNWhZbS B4bElHTnZi bk4wIGNuVm pkR2x2Ymkg QmhibVFnWW 5WcCBiR1Jw Ym1jZ1pHIF Z6YVdkdUxp QTggWW5JK0 55NGdRVyBW a2FXWnBZMk VnIGFYTWdk R2hsSUcgWn Bjbk4wSUVO aCBibUZrYV dGdUlHIE52 YlhCaGJua2 cgZEc4Z2Nt VmpaVyBsMl pTQjBhR1Vn IFYwVk1UQ0 JJWlcgRnNk R2d0VTJGbS BaWFI1SUZK aGRHIGx1Wn lCbWIzSWcg YVhSeklHSj FhVyB4a2FX NW5jeXdnIG QyaHBZMmdn WlcgNXpkWE psY3lCMCBh R1VnYUdWaG JIIFJvSUdG dVpDQnogWV dabGRIa2di MiBZZ1luVn BiR1JwIGJt Y2diMk5qZF ggQmhiblJ6 TGlBOCBZbk krT0M0Z1ZH IGhsSUdOdm JYQmggYm5r Z2FHRnpJRy BFZ1pHbDJa WEp6IFpTQm hibVFnWlgg aHdaWEpwWl c1aiBaV1Fn YldGdVlXIG RsYldWdWRD QjAgWldGdE xDQjNhWCBS b0lHRWdiV0 ZxIGIzSnBk SGtnYjIgWW dkMjl0Wlc0 ZyBhVzRnYk dWaFpHIFZ5 YzJocGNDQn cgYjNOcGRH bHZibiBNdU lEeGljajQ1 IExpQkpiaU F5TUQgSXdM Q0JCWldScC BabWxqWVNC M1lYIE1nY2 1GdWEyVmsg SUdGeklHOX VaUyBCdlpp QkRZVzVoIF pHSGlnSmx6 SUYgUnZjQ0 JIY205MyBh VzVuSUVOdm JYIEJoYm1s bGN5QmkgZV NCVWFHVWdS MiB4dlltVW dZVzVrIElF MWhhV3dzSU cgSmhjMlZr SUc5dSBJR2 wwY3lCeVpY IFpsYm5WbE lHRnUgWkNC bGJYQnNiMy BsbFpTQm5j bTkzIGRHZ2 diM1psY2kg QmhJSFJvY2 1WbCBMWGxs WVhJZ2NHIF Z5YVc5a0xp QTggWW5JK0 1UQXVJRSBG bFpHbG1hV0 5oIElHbHpJ R052YlcgMX BkSFJsWkNC MCBieUJuYV hacGJtIGNn WW1GamF5Qj AgYnlCMGFH VWdZMiA5dG JYVnVhWFI1 IElIUm9jbT kxWjIgZ2dh WFJ6SUhCby BhV3hoYm5S b2NtIDl3YV dNZ1pXWm0g YjNKMGN5d2 dhVyA1amJI VmthVzVuIE lIQmhjblJ1 WlggSnphR2 x3Y3lCMyBh WFJvSUc5eV oyIEZ1YVhw aGRHbHYgYm 5NZ2JHbHJa UyBCSVlXSn BkR0YwIElH WnZjaUJJZF cgMWhibWww ZVNCaCBibV FnUTJWdWRI IEpoYVdSbE xnPT0KICAg ICAgICA8L3 NwYW4+CiAg ICAgICAgCi AgICAgICAg