Montea

Live  

Montea NV is a real estate company primarily focused on logistics and industrial properties. The company was founded in 2006 and is headquartered in Mechelen, Belgium. It is listed on the Euronext Brussels stock exchange and is a member of the Bel Mid index.
Montea's main activities include the acquisition, development, and management of warehouses, distribution centers, and other industrial properties. The company owns and operates properties in Belgium, the Netherlands, and France, with a total portfolio value of over 1.5 billion euros.
In addition to its core logistics and industrial properties, Montea also has a smaller portfolio of office buildings and retail properties. The company's clients include both multinational and local companies, with a focus on the logistics, retail, e-commerce, and production industries.
Montea's business model is built on long-term leasing agreements with its tenants, which provides stable and predictable rental income. The company also focuses on sustainable and energy-efficient development and management of its properties.
Montea's management team has extensive experience in the real estate industry and is committed to creating long-term value for its shareholders and stakeholders. The company has a strong balance sheet and a solid financial position, allowing it to pursue growth opportunities and investments in its portfolio.
In recent years, Montea has expanded its portfolio through acquisitions, developments, and partnerships. The company continues to seek new investment opportunities to further strengthen its position in the European logistics and industrial real estate market.

TW9udGVhIG lzIGEgY29t cGFueSB0aG F0IGhlbHBz IGNvbm5lY3 QgcGVvcGxl IGFuZCBidX NpbmVzc2Vz IHVzaW5nIG 1vYmlsZSB0 ZWNobm9sb2 d5LiBUaGlu ayBvZiBpdC BsaWtlIGEg YnJpZGdlIH RoYXQgaGVs cHMgcGVvcG xlIGNvbW11 bmljYXRlIH dpdGggZWFj aCBvdGhlci BhbmQgY29u bmVjdCB3aX RoIHNlcnZp Y2VzIHRoZX kgbmVlZC4g T25lIG9mIH RoZSBtYWlu IHRoaW5ncy BNb250ZWEg ZG9lcyBpcy Bwcm92aWRl IG1vYmlsZS BzZXJ2aWNl cyB0aGF0IG FsbG93IGJ1 c2luZXNzZX MgdG8gcmVh Y2ggdGhlaX IgY3VzdG9t ZXJzIHRocm 91Z2ggYXBw cyBhbmQgZG lnaXRhbCB0 b29scy48Yn I+TW9udGVh IG1ha2VzIG 1vbmV5IGlu IGEgY291cG xlIG9mIHdh eXMuIEZpcn N0LCB0aGV5 IG9mZmVyIG 1vYmlsZSBw bGFucyB0aG F0IGNvbXBh bmllcyBwYX kgZm9yIHRv IGtlZXAgdG hlaXIgc2Vy dmljZXMgcn VubmluZyBz bW9vdGhseS 4gVGhlc2Ug Y2FuIGluY2 x1ZGUgdGhp bmdzIGxpa2 UgaW50ZXJu ZXQgYWNjZX NzIGFuZCBh cHBzIHRoYX QgaGVscCBi dXNpbmVzc2 VzIG1hbmFn ZSB0aGVpci B3b3JrIGJl dHRlci4gU2 Vjb25kLCB0 aGV5IG1pZ2 h0IHNlbGwg c3BlY2lhbC B0b29scyBv ciBzb2Z0d2 FyZSB0aGF0 IGhlbHAgYn VzaW5lc3Nl cyB1bmRlcn N0YW5kIHRo ZWlyIGN1c3 RvbWVycyBh bmQgbWFrZS BiZXR0ZXIg ZGVjaXNpb2 5zLjxicj5N b250ZWEgaX Mgc3VjY2Vz c2Z1bCBmb3 IgYSBmZXcg cmVhc29ucy 4gRmlyc3Qs IHRoZXkgZm 9jdXMgb24g bWFraW5nIG l0IGVhc3kg Zm9yIGNvbX BhbmllcyB0 byB1c2UgdG VjaG5vbG9n eSwgd2hpY2 ggaXMgc29t ZXRoaW5nIH RoYXQgbWFu eSBidXNpbm Vzc2VzIG5l ZWQgdG9kYX kuIFRoZXkg aGVscCBidX NpbmVzc2Vz IHN0YXkgY2 9ubmVjdGVk IHdpdGggdG hlaXIgY3Vz dG9tZXJzLC B3aGljaCBp cyBzdXBlci BpbXBvcnRh bnQgaW4gb3 VyIHdvcmxk IHdoZXJlIG V2ZXJ5b25l IHVzZXMgdG hlaXIgcGhv bmVzLiBBbH NvLCBhcyBt b3JlIHBlb3 BsZSBhbmQg Y29tcGFuaW VzIHdhbnQg dG8gdXNlIH RlY2hub2xv Z3ksIE1vbn RlYSB3aWxs IGtlZXAgZ3 Jvd2luZyBi ZWNhdXNlIH RoZXkgcHJv dmlkZSB2YW x1YWJsZSBz ZXJ2aWNlcy B0aGF0IHBl b3BsZSBuZW VkLjxicj5J biB0aGUgZn V0dXJlLCBJ IGJlbGlldm UgTW9udGVh IHdpbGwgY2 9udGludWUg dG8gZG8gd2 VsbCBiZWNh dXNlIHRlY2 hub2xvZ3kg aXMgYWx3YX lzIGNoYW5n aW5nLCBhbm QgdGhlcmUg d2lsbCBhbH dheXMgYmUg YSBuZWVkIG ZvciBnb29k IG1vYmlsZS BzZXJ2aWNl cy4gQXMgbG 9uZyBhcyB0 aGV5IGtlZX AgY29taW5n IHVwIHdpdG ggbmV3IGlk ZWFzIGFuZC Bzb2x1dGlv bnMgdGhhdC BoZWxwIGJ1 c2luZXNzZX MsIHRoZXkg YXJlIGxpa2 VseSB0byBz dGF5IHN1Y2 Nlc3NmdWwh PGJyPg==

MS4gRm9jdX Mgb24gU3Vz dGFpbmFibG UgUmVhbCBF c3RhdGU6IE 1vbnRlYSBo YXMgYSBzdH JvbmcgZm9j dXMgb24gc3 VzdGFpbmFi bGUgcmVhbC Blc3RhdGUs IGFpbWluZy B0byBkZXZl bG9wIHByb2 plY3RzIHRo YXQgaGF2ZS BhIG1pbmlt YWwgaW1wYW N0IG9uIHRo ZSBlbnZpcm 9ubWVudCBh bmQgc3VwcG 9ydCB0aGUg d2VsbC1iZW luZyBvZiBp dHMgb2NjdX BhbnRzLjxi cj4yLiBMb2 5nLVRlcm0g VmlzaW9uOi BUaGUgY29t cGFueSBwcm lvcml0aXpl cyBsb25nLX Rlcm0gaW52 ZXN0bWVudH MgYW5kIHN1 c3RhaW5hYm xlIGdyb3d0 aCByYXRoZX IgdGhhbiBz aG9ydC10ZX JtIHByb2Zp dCBtYXhpbW l6YXRpb24u PGJyPjMuIE RpdmVyc2lm aWVkIFBvcn Rmb2xpbzog TW9udGVhIG hhcyBhIGRp dmVyc2UgcG 9ydGZvbGlv IG9mIHByb3 BlcnRpZXMs IGluY2x1ZG luZyBsb2dp c3RpY3MsIH NlbWktaW5k dXN0cmlhbC wgYW5kIG9m ZmljZSBidW lsZGluZ3Ms IHdoaWNoIH JlZHVjZXMg dGhlIHJpc2 sgb2YgYmVp bmcgZGVwZW 5kZW50IG9u IG9uZSBzZW N0b3IuPGJy PjQuIEludG VybmF0aW9u YWwgUHJlc2 VuY2U6IE1v bnRlYSBpcy BwcmVzZW50 IGluIHRocm VlIGNvdW50 cmllcywgQm VsZ2l1bSwg dGhlIE5ldG hlcmxhbmRz LCBhbmQgRn JhbmNlLCBh bGxvd2luZy Bmb3IgZ2Vv Z3JhcGhpYy BkaXZlcnNp ZmljYXRpb2 4gYW5kIGFj Y2VzcyB0by BkaWZmZXJl bnQgcmVhbC Blc3RhdGUg bWFya2V0cy 48YnI+NS4g SGlnaC1RdW FsaXR5IFBy b3BlcnRpZX M6IE1vbnRl YSBpbnZlc3 RzIGluIGhp Z2gtcXVhbG l0eSBwcm9w ZXJ0aWVzIH dpdGggYSBm b2N1cyBvbi Btb2Rlcm4g YW5kIGVuZX JneS1lZmZp Y2llbnQgYn VpbGRpbmdz IHRoYXQgbW VldCB0aGUg aGlnaGVzdC BzdGFuZGFy ZHMgb2Ygc3 VzdGFpbmFi aWxpdHkuPG JyPjYuIFN0 cm9uZyBGaW 5hbmNpYWwg UGVyZm9ybW FuY2U6IFRo ZSBjb21wYW 55IGhhcyBh IHNvbGlkIG ZpbmFuY2lh bCB0cmFjay ByZWNvcmQs IHdpdGggYS BzdGVhZHkg aW5jcmVhc2 UgaW4gcmV2 ZW51ZXMsIH Byb2ZpdHMs IGFuZCBzaG FyZWhvbGRl ciByZXR1cm 5zLjxicj43 LiBDdXN0b2 1lci1DZW50 cmljIEFwcH JvYWNoOiBN b250ZWEgd2 9ya3MgY2xv c2VseSB3aX RoIGl0cyBj bGllbnRzIH RvIHVuZGVy c3RhbmQgdG hlaXIgbmVl ZHMgYW5kIH Byb3ZpZGUg dGFpbG9yZW Qgc29sdXRp b25zLCByZX N1bHRpbmcg aW4gbG9uZy 10ZXJtIHJl bGF0aW9uc2 hpcHMuPGJy PjguIFN1c3 RhaW5hYmxl IE1hbmFnZW 1lbnQ6IFRo ZSBjb21wYW 55IGltcGxl bWVudHMgc3 VzdGFpbmFi bGUgbWFuYW dlbWVudCBw cmFjdGljZX MsIHN1Y2gg YXMgZ3JlZW 4gYnVpbGRp bmcgY2VydG lmaWNhdGlv bnMsIHJlc3 BvbnNpYmxl IGVuZXJneS Bjb25zdW1w dGlvbiwgYW 5kIHdhc3Rl IG1hbmFnZW 1lbnQuPGJy PjkuIElubm 92YXRpb246 IE1vbnRlYS BlbWJyYWNl cyBpbm5vdm F0aW9uIGFu ZCBuZXcgdG VjaG5vbG9n aWVzIGluIG l0cyByZWFs IGVzdGF0ZS Bwcm9qZWN0 cywgY3JlYX Rpbmcgc3Vz dGFpbmFibG UgYW5kIG1v ZGVybiBzcG FjZXMgZm9y IGl0cyBvY2 N1cGFudHMu PGJyPjEwLi BDb3Jwb3Jh dGUgU29jaW FsIFJlc3Bv bnNpYmlsaX R5OiBNb250 ZWEgdGFrZX MgaXRzIHNv Y2lhbCByZX Nwb25zaWJp bGl0eSBzZX Jpb3VzbHks IGNvbnRyaW J1dGluZyB0 byB2YXJpb3 VzIGxvY2Fs IGFuZCBpbn Rlcm5hdGlv bmFsIGNoYX JpdGllcyBh bmQgcHJvbW 90aW5nIGFj dGl2aXRpZX MgdG8gc3Vw cG9ydCBjb2 1tdW5pdGll cyBhbmQgdG hlIGVudmly b25tZW50Lg ==

VGhlIE1vbn RlYSBjb21w YW55IGlzIG EgcmVhbCBl c3RhdGUgaW 52ZXN0bWVu dCB0cnVzdC AoUkVJVCkg dGhhdCBzcG VjaWFsaXpl cyBpbiBsb2 dpc3RpY3Mg YW5kIGluZH VzdHJpYWwg cHJvcGVydG llcy4gSXRz IGJ1c2luZX NzIG1vZGVs IGlzIGZvY3 VzZWQgb24g YWNxdWlyaW 5nLCBkZXZl bG9waW5nLC BhbmQgbWFu YWdpbmcgaG lnaC1xdWFs aXR5IGRpc3 RyaWJ1dGlv biBjZW50ZX JzLCB3YXJl aG91c2VzLC BhbmQgb2Zm aWNlIHNwYW NlcyBwcmlt YXJpbHkgaW 4gRXVyb3Bl LiBNb250ZW EgZ2VuZXJh dGVzIHJldm VudWUgdGhy b3VnaCByZW 50YWwgaW5j b21lIGZyb2 0gaXRzIHRl bmFudHMsIG FzIHdlbGwg YXMgdGhyb3 VnaCB0aGUg c2FsZSBvZi Bwcm9wZXJ0 aWVzLiBUaG UgY29tcGFu eSdzIGdvYW wgaXMgdG8g cHJvdmlkZS BhdHRyYWN0 aXZlIGFuZC BzdGFibGUg cmV0dXJucy Bmb3IgaXRz IHNoYXJlaG 9sZGVycyB0 aHJvdWdoIG xvbmctdGVy bSBsZWFzaW 5nIGFncmVl bWVudHMgYW 5kIGFjdGl2 ZWx5IG1hbm FnaW5nIGl0 cyByZWFsIG VzdGF0ZSBw b3J0Zm9saW 8uIEFkZGl0 aW9uYWxseS wgTW9udGVh IGFpbXMgdG 8gYmUgYSBz dXN0YWluYW JsZSBhbmQg cmVzcG9uc2 libGUgYnVz aW5lc3MsIG luY29ycG9y YXRpbmcgc3 VzdGFpbmFi aWxpdHkgcH JhY3RpY2Vz IGluIGl0cy ByZWFsIGVz dGF0ZSBvcG VyYXRpb25z Lg==

To assess whether AI poses a material threat to Montea’s products, services, or competitive positioning through substitution, disintermediation, or margin pressure, several factors need to be considered:
1. Substitution: If Montea operates in an industry where AI solutions can effectively replace traditional products or services, a material threat may exist. Industries such as logistics and supply chain, where AI can optimize routes and reduce costs, might see companies shifting towards AI-enhanced alternatives, potentially undermining Montea’s offerings.
2. Disintermediation: This occurs when AI technologies directly connect consumers with products or services, bypassing traditional intermediaries. If Montea’s operations involve intermediary roles, such as distribution or third-party services, AI-driven platforms could disintermediate these functions. For instance, automated platforms may enable direct consumer access to goods, challenging Montea’s market position.
3. Margin Pressure: As AI solutions often enhance efficiency and reduce operational costs, competitors leveraging AI could achieve lower prices or higher margins. If Montea does not adopt AI technologies, it might find itself under pressure to reduce prices to remain competitive, which could erode profit margins.
Overall, whether AI poses a material threat to Montea will depend on the specific context of its industry, the extent of AI adoption by competitors, and the company’s own capability to integrate AI into its products and services. If Montea can harness AI to enhance its offerings rather than be threatened by it, the impact could potentially be positive rather than negative.

The sensitivity of Montea company’s earnings, cash flow, and valuation to changes in interest rates depends on several factors, including its capital structure, cost of debt, interest rate exposure, and the overall economic environment.
1. Earnings: If Montea has a significant amount of variable-rate debt, rising interest rates could increase interest expenses, negatively impacting earnings. Conversely, if the company has fixed-rate debt, the immediate impact may be less pronounced. However, higher interest rates can also dampen consumer spending and economic growth, potentially affecting demand for Montea’s products or services.
2. Cash Flow: In addition to affecting earnings, higher interest rates can influence cash flow. Increased interest expenses can reduce free cash flow available for reinvestment or distribution to shareholders. If interest rates rise, demand for capital investments may decrease, affecting cash flows from financing activities. Additionally, if interest rates lead to a slowdown in economic growth, cash flows from operations could also be impacted.
3. Valuation: Valuation is typically sensitive to interest rates, particularly for companies with stable cash flows and long-term growth prospects. A higher discount rate, driven by rising interest rates, can lead to lower present values of future cash flows, and hence lower valuations. This can be particularly relevant for Montea if its valuation relies on discounted cash flow (DCF) analysis, as the discount rate used is influenced by prevailing interest rates.
In summary, Montea company’s earnings, cash flow, and valuation are sensitive to changes in interest rates, primarily through their impact on interest expenses, market demand, and discount rates used in valuation calculations. The extent of this sensitivity will depend on the company’s financial structure and the broader economic context.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgTW 9udGVh4oCZ cyBlY29ub2 1pY3Mgb3Zl ciB0aGUgbm V4dCAz4oCT NSB5ZWFycy BpcyBhIHNp Z25pZmljYW 50IHNoaWZ0 IGluIHJlZ3 VsYXRvcnkg cG9saWNpZX MgcmVsYXRl ZCB0byBlbn Zpcm9ubWVu dGFsIHN1c3 RhaW5hYmls aXR5IGFuZC B3YXN0ZSBt YW5hZ2VtZW 50LCBwYXJ0 aWN1bGFybH kgaW4gdGhl IHJlZ2lvbn Mgd2hlcmUg TW9udGVhIG 9wZXJhdGVz LiBTdXBwb3 NlIG5ldyBs ZWdpc2xhdG lvbiBtYW5k YXRlcyBzdH JpY3RlciB3 YXN0ZSByZW R1Y3Rpb24s IHJlY3ljbG luZywgYW5k IGNhcmJvbi BlbWlzc2lv bnMgc3Rhbm RhcmRzIHRo YXQgcmVxdW lyZSBzdWJz dGFudGlhbC BpbnZlc3Rt ZW50IGluIG 5ldyB0ZWNo bm9sb2dpZX MgYW5kIGZh Y2lsaXRpZX MuIFN1Y2gg cmVndWxhdG 9yeSBjaGFu Z2VzIGNvdW xkIGNvbWUg YXMgYSByZX Nwb25zZSB0 byBpbmNyZW FzZWQgcHVi bGljIHNjcn V0aW55IGFi b3V0IGVudm lyb25tZW50 YWwgaXNzdW VzIGFuZCB0 aGUgbmVlZC Bmb3IgY29t cGFuaWVzIH RvIGFkb3B0 IG1vcmUgc3 VzdGFpbmFi bGUgcHJhY3 RpY2VzLjxi cj5JZiB0aG lzIHNjZW5h cmlvIHVuZm 9sZGVkLCBN b250ZWEgd2 91bGQgbGlr ZWx5IGV4cG VyaWVuY2Ug dGhlIGZvbG xvd2luZyBp bXBhY3RzOj xicj4xLiA8 c3Ryb25nPk 1hcmdpbnM8 L3N0cm9uZz 46IFRoZSBp bnRyb2R1Y3 Rpb24gb2Yg bmV3IHJlZ3 VsYXRpb25z IGNvdWxkIG luY3JlYXNl IG9wZXJhdG luZyBjb3N0 cyBkdWUgdG 8gdGhlIG5l ZWQgZm9yIG ludmVzdG1l bnRzIGluIG NsZWFuZXIg dGVjaG5vbG 9neSBhbmQg cHJvY2Vzc2 VzLiBUaGVz ZSB1cGZyb2 50IGNvc3Rz IGNvdWxkIG xlYWQgdG8g cmVkdWNlZC Bwcm9maXQg bWFyZ2lucy BhcyB0aGUg Y29tcGFueS BhZGp1c3Rz IHRvIGNvbX BseSB3aXRo IHRoZSBuZX cgc3RhbmRh cmRzLiBBZG RpdGlvbmFs bHksIGlmIG NvbXBldGl0 b3JzIGFsc2 8gZmFjZSBz aW1pbGFyIG Nvc3RzLCBp dCBtYXkgbG VhZCB0byBh IHByaWNpbm cgd2FyIHRo YXQgZnVydG hlciB0aWdo dGVucyBtYX JnaW5zLjxi cj4yLiA8c3 Ryb25nPkNh c2ggRmxvdz wvc3Ryb25n PjogVGhlIG ltbWVkaWF0 ZSBjYXNoIG Zsb3cgaW1w bGljYXRpb2 5zIG1pZ2h0 IGluY2x1ZG Ugc2lnbmlm aWNhbnQgY2 FwaXRhbCBl eHBlbmRpdH VyZXMgZm9y IG5ldyBlcX VpcG1lbnQs IHRlY2hub2 xvZ3kgdXBn cmFkZXMsIG 9yIHJldHJv Zml0dGluZy BleGlzdGlu ZyBvcGVyYX Rpb25zIHRv IG1lZXQgY2 9tcGxpYW5j ZSBzdGFuZG FyZHMuIFRo aXMgY291bG Qgc3RyYWlu IE1vbnRlYe KAmXMgb3Bl cmF0aW5nIG Nhc2ggZmxv dyBpbiB0aG Ugc2hvcnQg dGVybS4gSW YgdGhlIGNv bXBhbnkgZm FpbHMgdG8g bWFuYWdlIH RoZXNlIGV4 cGVuc2VzIG VmZmVjdGl2 ZWx5IG9yIG lmIHRoZSB0 cmFuc2l0aW 9uIHRha2Vz IGxvbmdlci B0aGFuIGFu dGljaXBhdG VkLCBpdCBj b3VsZCBsZW FkIHRvIG5l Z2F0aXZlIG Nhc2ggZmxv dyBzY2VuYX Jpb3MuIFJl ZHVjZWQgcH JvZml0YWJp bGl0eSBjb3 VsZCBleGFj ZXJiYXRlIG Nhc2ggZmxv dyBpc3N1ZX MgaWYgcmV2 ZW51ZXMgZG VjbGluZSBk dWUgdG8gcG Fzc2VkLW9u IGNvc3RzIG 9yIGRlY3Jl YXNlZCBtYX JrZXQgZGVt YW5kIGZvci BoaWdoZXIt cHJpY2VkIH NlcnZpY2Vz Ljxicj4zLi A8c3Ryb25n PkJhbGFuY2 UgU2hlZXQ8 L3N0cm9uZz 46IElmIHRo ZSBjb21wYW 55IGFjY3Vt dWxhdGVzIG RlYnQgdG8g ZmluYW5jZS Bjb21wbGlh bmNlIGNvc3 RzLCBpdCBj b3VsZCBsZW FkIHRvIGlu Y3JlYXNlZC BsaWFiaWxp dGllcyBvbi BpdHMgYmFs YW5jZSBzaG VldC4gVGhp cyBjb3VsZC B3b3JzZW4g TW9udGVh4o CZcyBkZWJ0 LXRvLWVxdW l0eSByYXRp b3MsIGFmZm VjdGluZyBp dHMgY3JlZG l0IHJhdGlu ZyBhbmQgaW 5jcmVhc2lu ZyB0aGUgY2 9zdCBvZiBj YXBpdGFsLi BBIHdlYWtl ciBiYWxhbm NlIHNoZWV0 IG1pZ2h0IG xpbWl0IHRo ZSBjb21wYW 554oCZcyBh YmlsaXR5IH RvIGludmVz dCBpbiBncm 93dGggb3Bw b3J0dW5pdG llcyBvciBt YWtlIGl0IH Z1bG5lcmFi bGUgdG8gZm luYW5jaWFs IGRpc3RyZX NzIGlmIHJl dmVudWVzIG RvIG5vdCBy ZWJvdW5kIG FzIGV4cGVj dGVkLjxicj 5JbiBzdW1t YXJ5LCBhIH JlZ3VsYXRv cnkgc2hpZn QgcmVxdWly aW5nIHNpZ2 5pZmljYW50 IGludmVzdG 1lbnQgY291 bGQgbGVhZC B0byBkZWNy ZWFzZWQgcH JvZml0IG1h cmdpbnMsIH N0cmFpbmVk IGNhc2ggZm xvd3MsIGFu ZCBhIHdlYW tlciBiYWxh bmNlIHNoZW V0IGZvciBN b250ZWEuIE xvbmctdGVy bSBzdXN0YW luYWJpbGl0 eSBjaGFsbG VuZ2VzIGNv dWxkIGhhbX BlciBmaW5h bmNpYWwgaG VhbHRoIGFu ZCBvcGVyYX Rpb25hbCBl ZmZpY2llbm N5LCBwb3Rl bnRpYWxseS ByaXNraW5n IHRoZSBjb2 1wYW554oCZ cyBjb21wZX RpdGl2ZSBl ZGdlIGluIH RoZSBtYXJr ZXQuPGJyPg ==

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 bG9nb3MvZV ZvNDJwR3Nk aDlLRlRjRD ZFbjYud2Vi cCIgYWx0PS JNb250ZWEi IHRpdGxlPS JNb250ZWEi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9NTAg d2lkdGg9NT 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 QgTW9udGVh 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+ZjCBK b2luIG5vdy B0byBnZXQg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPiBhdCBu byBjb3N0Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvcD4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTJweDsg Zm9udC1zaX plOiAxM3B4 OyBjb2xvcj ogIzQ0NDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg U2lnbiB1cC Bub3cgYW5k IGdldCBvdX IgZnJlZSBl Qm9vayAKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxiPl RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 M8L2I+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx NnB4OyBmb2 50LXNpemU6 IDE0cHg7IG NvbG9yOiAj NDQ0OyBmb2 50LWZhbWls eTogLWFwcG xlLXN5c3Rl bSwgQmxpbm tNYWNTeXN0 ZW1Gb250LC BTZWdvZSBV SSwgUm9ib3 RvLCBIZWx2 ZXRpY2EgTm V1ZSwgc2Fu cy1zZXJpZj sgbGluZS1o ZWlnaHQ6ID EuNjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgSGF2 ZSB5b3UgaG VhcmQgYWJv dXQgb3VyIH Nob3J0IDxz dHJvbmcgc3 R5bGU9J2Zv bnQtd2VpZ2 h0OiA2MDA7 Jz5EYWlseS BWaWRlbyBO ZXdzbGV0dG VyPC9zdHJv bmc+PwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naHR0 cHM6Ly93d3 cuaW5zaWdo dGZ1bHZhbH VlLmNvbS9u ZXdzbGV0dG VyLnBocCcg dGFyZ2V0PS dfYmxhbmsn IHN0eWxlPS djb2xvcjog IzAwN0JGRj sgdGV4dC1k ZWNvcmF0aW 9uOiBub25l OyBmb250LX dlaWdodDog NTAwOyBtYX JnaW4tbGVm dDogNnB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgRmlu ZCBvdXQgbW 9yZQogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIAogIC AgICAgIAog ICAgICAgID xzcGFuIGNs YXNzPSdibH VycmVkLXRl eHQnPgogIC AgICAgICAg ICBNUzRnVF c5dWRHIFZo SUdseklHRW cgY21WaGJD QmxjMyBSaG RHVWdZMjl0 IGNHRnVlU0 J6Y0cgVmph V0ZzYVhwcC BibWNnYVc0 Z2JHIDluYV hOMGFXTnog SUdGdVpDQn BibSBSMWMz UnlhV0ZzIE lIQnliM0Js Y24gUnBaWE 11UEdKeSBQ akl1SUZSb1 pTIEJqYjIx d1lXNTUgSU hkaGN5Qm1i MyBWdVpHVm tJR2x1IElE SXdNRFlnWV cgNWtJR2ho Y3lCcCBkSE 1nYUdWaFpI IEYxWVhKMF pYSnogSUds dUlFSnlkWC BOelpXeHpM Q0JDIFpXeG 5hWFZ0TGog eGljajR6TG lCTiBiMjUw WldFZ2FYIE 1nYkdsemRH VmsgSUc5dU lIUm9aUyBC RmRYSnZibV Y0IGRDQkNj blZ6YzIgVn NjeUJ6ZEc5 aiBheUJsZU dOb1lXIDVu WlM0OFluSS sgTkM0Z1ZH aGxJRyBOdm JYQmhibmtn IGIzQmxjbU YwWlggTWdh VzRnUW1Wcy BaMmwxYlN3 Z2RHIGhsSU U1bGRHaGwg Y214aGJtUn pMQyBCR2Nt RnVZMlVzIE lHRnVaQ0JU Y0cgRnBiaT Q4WW5JKyBO UzRnVFc5dW RHIFZoNG9D WmN5QncgYj NKMFptOXNh VyA4Z1kyOX VjMmx6IGRI TWdiMllnYj MgWmxjaUF4 SUcxcCBiR3 hwYjI0Z2Mz IEYxWVhKbE lHMWwgZEdW eWN5QnZaaS BCM1lYSmxh RzkxIGMyVW djM0JoWTIg VWdZVzVrSU RJdyBNQ3d3 TURBcklIIE 54ZFdGeVpT QnQgWlhSbG NuTWdiMiBZ Z2IyWm1hV0 5sIElITndZ V05sTGogeG ljajQyTGlC SiBiaUF5TU RFNUxDIEJO YjI1MFpXRW cgZDJGeklH NWhiVyBWa0 lIUm9aU0J0 IGIzTjBJSE 4xYzMgUmhh VzVoWW14bC BJSEpsWVd3 Z1pYIE4wWV hSbElHTnYg YlhCaGJua2 dhVyA0Z1Ft VnNaMmwxIG JTNDhZbkkr TnkgNGdUVz l1ZEdWaCBJ R2hoY3lCaE lIIE4wY205 dVp5Qm0gYj JOMWN5QnZi aSBCemRYTj BZV2x1IFlX SnBiR2wwZV MgQmhibVFn YUdGeiBJR0 ZqYUdsbGRt IFZrSUVOUE 1pQnUgWlhW MGNtRnNhWC BSNUlHWnZj aUJwIGRITW daVzUwYVgg SmxJRUpsYk dkcCBZVzRn Y0c5eWRHIF p2Ykdsdkxq eGkgY2o0NE xpQlVhRyBV Z1kyOXRjR0 Z1IGVlS0Ft WE1nZEcgVn VZVzUwY3lC cCBibU5zZF dSbElHIDFo YW05eUlHbH UgZEdWeWJt RjBhVyA5dV lXd2dZbkpo IGJtUnpJSE 4xWTIgZ2dZ WE1nUVcxaC BlbTl1TENC RVpXIE5oZE doc2IyNHMg SUdGdVpDQk RiMiBOaExV TnZiR0V1IF BHSnlQamt1 SUUgbHVJRE l3TWpBcyBJ RTF2Ym5SbF lTIEJqYjIx d2JHVjAgWl dRZ2RHaGxJ RyBGamNYVn BjMmwwIGFX OXVJRzltSU UgRkhJRkps WVd3ZyBSWE 4wWVhSbElF IHh2WjJsem RHbGogY3l3 Z2QyaHBZMi BnZ2FXNWpj bVZoIGMyVm tJR2wwY3kg QndiM0owWm 05cyBhVzhn WW5rZ05qIE FsTGp4aWNq NHggTUM0Z1 RXOXVkRyBW aElHaGhjeU JoIElITjBj bTl1WnkgQm 1hVzVoYm1O cCBZV3dnY0 dWeVptIDl5 YldGdVkyVX MgSUhkcGRH Z2dZUyBCd2 NtOW1hWFFn IGIyWWc0b0 tzT0QgQWdi V2xzYkdsdi BiaUJwYmlB eU1EIEU1SU dGdVpDQmgg SUhSdmRHRn NJSCBKbGRI VnliaUJ2IF ppQXlNaTR6 SlMgNDhZbk krTVRFdSBJ RlJvWlNCam IyIDF3WVc1 NUlHaGggY3 lCeVpXTmxh WCBabFpDQn VkVzFsIGNt OTFjeUJoZD IgRnlaSE1n Wm05eSBJR2 wwY3lCcGJt IDV2ZG1GMG FYWmwgSUdG d2NISnZZVy BOb0lIUnZJ SEpsIFlXd2 daWE4wWVgg UmxMQ0JwYm 1OcyBkV1Jw Ym1jZ2RHIG hsSUVWMWNt OXcgWVZCeW IzQmxjbiBS NUlFTkZSU0 JIIGNtVmxi aUJDZFcgbH NaR2x1WnlC diBaaUIwYU dVZ1dXIFZo Y2lCaGQyRn kgWkNCbWIz SWdhWCBSek lHeHZaMmx6 IGRHbGpjeU JqWlcgNTBa WElnYVc0Zy BVRzlzWVc1 a0xqIHhpY2 o0eE1pNGcg VFc5dWRHVm hJRyBsdWRt VnpkSE1nIG FXNGdjM1Z6 ZEcgRnBibU ZpYkdVZyBZ blZwYkdScG JtIGR6TENC cGJtTnMgZF dScGJtY2dj MiA5c1lYSW djR0Z1IFpX eHpMQ0JuY2 0gVmxiaUJ5 YjI5bSBjeX dnWVc1a0lI IEpoYVc1M1 lYUmwgY2lC amIyeHNaVy BOMGFXOXVJ SE41IGMzUm xiWE11UEcg SnlQakV6TG lCVSBhR1Vn WTI5dGNHIE Z1ZVNCb1lY TWcgWVNCem RISnZibSBj Z1kyOXRiV2 wwIGJXVnVk Q0IwYnkgQn piMk5wWVd3 ZyBjbVZ6Y0 c5dWMyIGxp YVd4cGRIa2 cgWVc1a0lH bHVkbSBWem RITWdhVzRn IGJHOWpZV3 dnWTIgOXRi WFZ1YVhScC BaWE1nZEdo eWIzIFZuYU NCcGJtbDAg YVdGMGFYWm xjeSBCemRX Tm9JR0Z6IE lHSjFhV3hr YVcgNW5JSE JzWVhsbiBj bTkxYm1Sek lHIEZ1WkNC emRYQncgYj NKMGFXNW5J RyB4dlkyRn NJR05vIFlY SnBkR2xsY3 kgNDhZbkkr TVRRdSBJRT F2Ym5SbFlT IEJvWVhNZ1 lTQmogYkdW aGNpQm5jbS A5M2RHZ2dj M1J5IFlYUm xaM2tzSUcg RnBiV2x1Wn lCMCBieUJs ZUhCaGJtIF FnYVhSeklI QnYgY25SbW IyeHBieSBC MGJ5QXlMal VnIGJXbHNi R2x2YmkgQn pjWFZoY21V ZyBiV1YwWl hKeklHIEo1 SURJd01qVX UgUEdKeVBq RTFMaSBCSm JpQXlNREl3 IExDQk5iMj UwWlcgRWdj bUZ1YTJWay BJRFYwYUNC cGJpIEIwYU dVZ2RHOXcg SURFd0lHOW 1JSCBSb1pT QkdiM0ppIF pYTWdSMnh2 WW0gRnNJRE l3TURBNiBJ RlJ2Y0NCSG NtIDkzZEdn Z1EyOXQgY0 dGdWFXVnpJ RyB4cGMzUW dabTl5IElF VjFjbTl3Wl MgND0KICAg ICAgICA8L3 NwYW4+CiAg ICAgICAgCi AgICAgICAg