Timbercreek Financial Corp

-7.17%

More reviews (1)

Live  

Timbercreek Financial Corp is a publicly traded real estate investment trust (REIT) that specializes in providing alternative financing solutions for commercial real estate projects. The company was founded in 2015 and is headquartered in Toronto, Canada.
As a REIT, Timbercreek Financial Corp invests primarily in mortgages and other real estate financing products, with a focus on income generation and capital preservation. Their lending portfolio includes a variety of property types, including office, retail, multi-family residential, industrial, and hospitality.
The company prides itself on its conservative lending practices and its ability to provide customized financing solutions to meet the specific needs of its borrowers. Timbercreek Financial Corp also has a strong commitment to environmental, social, and governance (ESG) principles and incorporates these factors into their investment decisions.
Timbercreek Financial Corp is listed on the Toronto Stock Exchange (TSX) under the symbol TF. The company’s management team has extensive experience in the real estate and financial industries, and is focused on delivering consistent returns for its shareholders.

VGltYmVyY3 JlZWsgRmlu YW5jaWFsIE NvcnAgaXMg YSBjb21wYW 55IHRoYXQg aGVscHMgcG VvcGxlIGFu ZCBidXNpbm Vzc2VzIGJv cnJvdyBtb2 5leSB3aGVu IHRoZXkgbm VlZCBpdC4g SW1hZ2luZS BpZiBzb21l b25lIHdhbn RzIHRvIGJ1 aWxkIGEgbm V3IHBsYXln cm91bmQsIG J1dCB0aGV5 IGRvbuKAmX QgaGF2ZSBl bm91Z2ggbW 9uZXkgc2F2 ZWQgdXAuIF RpbWJlcmNy ZWVrIGNhbi BnaXZlIHRo ZW0gYSBsb2 FuLCB3aGlj aCBpcyBsaW tlIGdpdmlu ZyB0aGVtIG V4dHJhIG1v bmV5IHRvIG ZpbmlzaCB0 aGUgcHJvam VjdC4gTGF0 ZXIsIHRoZS BwZXJzb24g d2lsbCBwYX kgYmFjayBU aW1iZXJjcm VlaywgdXN1 YWxseSB3aX RoIGEgbGl0 dGxlIGV4dH JhIG1vbmV5 IGNhbGxlZC BpbnRlcmVz dC48YnI+Tm 93LCBob3cg ZG9lcyBUaW 1iZXJjcmVl ayBtYWtlIG 1vbmV5PyBX aGVuIHRoZX kgbGVuZCBt b25leSwgdG hleSBjaGFy Z2UgaW50ZX Jlc3QsIHdo aWNoIGlzIG EgcGVyY2Vu dGFnZSBvZi B0aGUgdG90 YWwgYW1vdW 50IHRoYXQg bmVlZHMgdG 8gYmUgcGFp ZCBiYWNrLi BUaGlzIGlz IGhvdyB0aG V5IGVhcm4g dGhlaXIgaW 5jb21lLiBU aGUgbW9yZS Bsb2FucyB0 aGV5IGdpdm Ugb3V0IGFu ZCB0aGUgbW 9yZSBidXNp bmVzc2VzIG 9yIHBlb3Bs ZSB0aGF0IH BheSB0aGVt IGJhY2ssIH RoZSBtb3Jl IG1vbmV5IF RpbWJlcmNy ZWVrIG1ha2 VzLjxicj5U aW1iZXJjcm VlayBpcyBz dWNjZXNzZn VsIGZvciBh IGZldyByZW Fzb25zLiBG aXJzdCwgdG hleSBoZWxw IGEgbG90IG 9mIGRpZmZl cmVudCBwZW 9wbGUgYW5k IGJ1c2luZX NzZXMsIHNv IHRoZXkgaG F2ZSBtYW55 IGNoYW5jZX MgdG8gZWFy biBtb25leS 4gU2Vjb25k LCB0aGV5IG xvb2sgZm9y IGdvb2Qgb3 Bwb3J0dW5p dGllcyB0by BsZW5kIG1v bmV5LCB3aG ljaCBtZWFu cyB0aGV5IG RvbuKAmXQg dXN1YWxseS B0YWtlIGJp ZyByaXNrcy B0aGF0IGNv dWxkIGNhdX NlIHRoZW0g dG8gbG9zZS Btb25leS4g RmluYWxseS wgdGhleSBo YXZlIGEgdG VhbSBvZiBz bWFydCBwZW 9wbGUgd2hv IG1ha2Ugc3 VyZSB0aGV5 IGFyZSBkb2 luZyB0aGlu Z3MgdGhlIH JpZ2h0IHdh eSBhbmQgZm luZGluZyBu ZXcsIHNhZm Ugd2F5cyB0 byBsZW5kIG 1vbmV5Ljxi cj5JbiB0aG UgZnV0dXJl LCBUaW1iZX JjcmVlayBp cyBsaWtlbH kgdG8gc3Rh eSBzdWNjZX NzZnVsIGJl Y2F1c2UgdG hleSBhcmUg aW4gYSBncm 93aW5nIG1h cmtldC4gVG hpcyBtZWFu cyB0aGF0IG FzIG1vcmUg cGVvcGxlIG FuZCBidXNp bmVzc2VzIG 5lZWQgaGVs cCB3aXRoIH RoZWlyIGZp bmFuY2VzLC BUaW1iZXJj cmVlayB3aW xsIGJlIHRo ZXJlIHRvIH Byb3ZpZGUg aXQuIFBsdX MsIHRoZXkg a2VlcCBsZW FybmluZyBh bmQgYWRhcH RpbmcsIHdo aWNoIGhlbH BzIHRoZW0g c3RheSBhaG VhZCBvZiB0 aGUgY29tcG V0aXRpb24u IFNvLCBhcy Bsb25nIGFz IHRoZXkga2 VlcCBkb2lu ZyB3aGF0IH RoZXkgYXJl IGRvaW5nIH dlbGwsIHRo ZXkgYXJlIG V4cGVjdGVk IHRvIGRvIG dyZWF0ITxi cj4=

MS4gRm9jdX NlZCBvbiBS ZWFsIEVzdG F0ZSBGaW5h bmNpbmc6IF RpbWJlcmNy ZWVrIEZpbm FuY2lhbCBD b3JwIGlzIG EgbGVhZGlu ZyBub24tYm FuaywgY29t bWVyY2lhbC ByZWFsIGVz dGF0ZSBsZW 5kZXIgaW4g Q2FuYWRhLi BUaGUgY29t cGFueSBzcG VjaWFsaXpl cyBpbiBwcm 92aWRpbmcg Y3VzdG9tIG FuZCBmbGV4 aWJsZSBmaW 5hbmNpbmcg c29sdXRpb2 5zIGZvciBy ZWFsIGVzdG F0ZSBwcm9q ZWN0cywgaW 5jbHVkaW5n IGNvbnN0cn VjdGlvbiwg YWNxdWlzaX Rpb24sIGFu ZCByZWZpbm FuY2luZy48 YnI+Mi4gRG l2ZXJzaWZp ZWQgUG9ydG ZvbGlvOiBU aGUgY29tcG FueSBoYXMg YSBkaXZlcn NpZmllZCBw b3J0Zm9saW 8gb2YgbG9h bnMsIHdpdG ggZXhwb3N1 cmUgdG8gdm FyaW91cyBz ZWN0b3JzIH N1Y2ggYXMg bXVsdGktcm VzaWRlbnRp YWwsIG1peG VkLXVzZSwg YW5kIGNvbW 1lcmNpYWwg cHJvcGVydG llcy4gVGhp cyBkaXZlcn NpZmljYXRp b24gaGVscH MgbWl0aWdh dGUgcmlzay BhbmQgZGVj cmVhc2VzIH RoZSBjb21w YW554oCZcy BkZXBlbmRl bmNlIG9uIG EgcGFydGlj dWxhciBzZW dtZW50IG9m IHRoZSByZW FsIGVzdGF0 ZSBtYXJrZX QuPGJyPjMu IFN0cm9uZy BUcmFjayBS ZWNvcmQ6IF RpbWJlcmNy ZWVrIEZpbm FuY2lhbCBD b3JwIGhhcy BhIHByb3Zl biB0cmFjay ByZWNvcmQg b2Ygc3VjY2 Vzc2Z1bGx5 IGV4ZWN1dG luZyBsZW5k aW5nIHRyYW 5zYWN0aW9u cyBhbmQgZ2 VuZXJhdGlu ZyBhdHRyYW N0aXZlIHJp c2stYWRqdX N0ZWQgcmV0 dXJucyBmb3 IgaXRzIGlu dmVzdG9ycy 4gVGhlIGNv bXBhbnkgaG FzIGNvbnNp c3RlbnRseS BwYWlkIGRp dmlkZW5kcy BzaW5jZSBp dHMgaW5jZX B0aW9uIGlu IDIwMDcuPG JyPjQuIEV4 cGVyaWVuY2 VkIE1hbmFn ZW1lbnQgVG VhbTogVGhl IGNvbXBhbn nigJlzIG1h bmFnZW1lbn QgdGVhbSBo YXMgZXh0ZW 5zaXZlIGV4 cGVyaWVuY2 UgaW4gcmVh bCBlc3RhdG UgZmluYW5j aW5nIGFuZC BoYXMgYSBk ZWVwIHVuZG Vyc3RhbmRp bmcgb2YgdG hlIENhbmFk aWFuIHJlYW wgZXN0YXRl IG1hcmtldC 4gVGhpcyBl eHBlcnRpc2 UgYWxsb3dz IHRoZSBjb2 1wYW55IHRv IGlkZW50aW Z5IGFuZCBj YXBpdGFsaX plIG9uIGF0 dHJhY3Rpdm UgbGVuZGlu ZyBvcHBvcn R1bml0aWVz Ljxicj41Li BDb25zZXJ2 YXRpdmUgVW 5kZXJ3cml0 aW5nIFN0YW 5kYXJkczog VGltYmVyY3 JlZWsgRmlu YW5jaWFsIE NvcnAgZm9s bG93cyBhIG NvbnNlcnZh dGl2ZSBhcH Byb2FjaCB0 byB1bmRlcn dyaXRpbmcg YW5kIHJpc2 sgbWFuYWdl bWVudCwgd2 hpY2ggaGVs cHMgbWluaW 1pemUgcG90 ZW50aWFsIG xvc3Nlcy4g VGhlIGNvbX BhbnnigJlz IGxvYW4tdG 8tdmFsdWUg cmF0aW8gZm 9yIGl0cyBt b3J0Z2FnZS Bwb3J0Zm9s aW8gaXMgdH lwaWNhbGx5 IGxlc3MgdG hhbiA3NSUs IHByb3ZpZG luZyBhIG1h cmdpbiBvZi BzYWZldHkg Zm9yIGl0cy BpbnZlc3Rv cnMuPGJyPj YuIFN0cm9u ZyBGaW5hbm NpYWwgUG9z aXRpb246IF RoZSBjb21w YW55IGhhcy BhIHN0cm9u ZyBiYWxhbm NlIHNoZWV0 LCB3aXRoIG EgbG93IGRl YnQtdG8tZX F1aXR5IHJh dGlvIGFuZC BhIGhpZ2gt cXVhbGl0eS Bsb2FuIHBv cnRmb2xpby 4gVGhpcyBm aW5hbmNpYW wgc3RyZW5n dGggYWxsb3 dzIFRpbWJl cmNyZWVrIE ZpbmFuY2lh bCBDb3JwIH RvIHdlYXRo ZXIgYW55IH BvdGVudGlh bCBlY29ub2 1pYyBkb3du dHVybnMgYW 5kIGNvbnRp bnVlIHByb3 ZpZGluZyBj b21wZXRpdG l2ZSByZXR1 cm5zIHRvIG l0cyBpbnZl c3RvcnMuPG JyPjcuIENv bW1pdG1lbn QgdG8gRVNH IChFbnZpcm 9ubWVudGFs LCBTb2NpYW wsIGFuZCBH b3Zlcm5hbm NlKTogVGlt YmVyY3JlZW sgRmluYW5j aWFsIENvcn AgaXMgY29t bWl0dGVkIH RvIHJlc3Bv bnNpYmxlIG ludmVzdGlu ZyBhbmQgaW 50ZWdyYXRl cyBlbnZpcm 9ubWVudGFs LCBzb2NpYW wsIGFuZCBn b3Zlcm5hbm NlIGZhY3Rv cnMgaW50by BpdHMgaW52 ZXN0bWVudC BhbmQgbGVu ZGluZyBkZW Npc2lvbnMu IFRoZSBjb2 1wYW55IGhh cyBiZWVuIH JlY29nbml6 ZWQgZm9yIG l0cyBlZmZv cnRzIGluIH N1c3RhaW5h YmlsaXR5IG FuZCBpcyBh IHNpZ25hdG 9yeSB0byB0 aGUgUHJpbm NpcGxlcyBm b3IgUmVzcG 9uc2libGUg SW52ZXN0bW VudCAoUFJJ KS48YnI+OC 4gU3RyYXRl Z2ljIFBhcn RuZXJzaGlw czogVGltYm VyY3JlZWsg RmluYW5jaW FsIENvcnAg aGFzIHN0cm F0ZWdpYyBw YXJ0bmVyc2 hpcHMgd2l0 aCBsZWFkaW 5nIGZpbmFu Y2lhbCBpbn N0aXR1dGlv bnMgYW5kIH JlYWwgZXN0 YXRlIGNvbX BhbmllcyBp biBDYW5hZG EsIHByb3Zp ZGluZyBpdC B3aXRoIGFj Y2VzcyB0by BhIGRpdmVy c2UgbmV0d2 9yayBvZiBi b3Jyb3dlcn MgYW5kIGlu dmVzdG1lbn Qgb3Bwb3J0 dW5pdGllcy 48YnI+SW4g c3VtbWFyeS wgVGltYmVy Y3JlZWsgRm luYW5jaWFs IENvcnDigJ lzIGV4cGVy dGlzZSBpbi ByZWFsIGVz dGF0ZSBmaW 5hbmNpbmcs IHN0cm9uZy B0cmFjayBy ZWNvcmQsIG NvbnNlcnZh dGl2ZSB1bm RlcndyaXRp bmcgc3Rhbm RhcmRzLCBh bmQgY29tbW l0bWVudCB0 byByZXNwb2 5zaWJsZSBp bnZlc3Rpbm cgbWFrZSBp dCBhIHRydX N0ZWQgYW5k IHVuaXF1ZS Bjb21wYW55 IGluIHRoZS BDYW5hZGlh biBjb21tZX JjaWFsIHJl YWwgZXN0YX RlIG1hcmtl dC4=

VGhlIFRpbW JlcmNyZWVr IEZpbmFuY2 lhbCBDb3Jw IGlzIGEgcH VibGljbHkg dHJhZGVkIG ZpbmFuY2Ug Y29tcGFueS B0aGF0IHNw ZWNpYWxpem VzIGluIHBy b3ZpZGluZy BzaG9ydC10 ZXJtLCBjdX N0b21pemVk IGZpbmFuY2 luZyBzb2x1 dGlvbnMgdG 8gcmVhbCBl c3RhdGUgZG V2ZWxvcGVy cyBhbmQgaW 52ZXN0b3Jz LiBUaGUgY2 9tcGFueeKA mXMgYnVzaW 5lc3MgbW9k ZWwgaXMgYm FzZWQgb24g bGVuZGluZy BjYXBpdGFs IGFuZCBtYW 5hZ2luZyBp bnZlc3RtZW 50IG9wcG9y dHVuaXRpZX Mgd2l0aGlu IHRoZSBDYW 5hZGlhbiBy ZWFsIGVzdG F0ZSBtYXJr ZXQuIFRoZX kgb2ZmZXIg YSByYW5nZS BvZiBzZXJ2 aWNlcyBpbm NsdWRpbmcg Y29uc3RydW N0aW9uIGFu ZCB0ZXJtIG ZpbmFuY2lu ZywgYnJpZG dlIGZpbmFu Y2luZywgYW 5kIG1lenph bmluZSBmaW 5hbmNpbmcg Zm9yIGJvdG ggcmVzaWRl bnRpYWwgYW 5kIGNvbW1l cmNpYWwgcH JvcGVydGll cy4gVGltYm VyY3JlZWsg RmluYW5jaW FsIENvcnAg b3BlcmF0ZX MgYXMgYSBs ZW5kZXIgYW 5kIGVhcm5z IGludGVyZX N0IGluY29t ZSBieSBwcm 92aWRpbmcg bG9hbnMgdG 8gYm9ycm93 ZXJzLCBhbm QgYWxzbyBn ZW5lcmF0ZX MgcmV2ZW51 ZSB0aHJvdW doIGludGVy ZXN0IGFuZC BmZWVzIGNo YXJnZWQgb2 4gaXRzIGlu dmVzdG1lbn RzLiBUaGUg Y29tcGFuee KAmXMgZm9j dXMgaXMgb2 4gaWRlbnRp ZnlpbmcgaG lnaC1xdWFs aXR5IHJlYW wgZXN0YXRl IHByb2plY3 RzIGFuZCBt YW5hZ2luZy ByaXNrIHRv IGdlbmVyYX RlIHN0YWJs ZSBhbmQgYX R0cmFjdGl2 ZSByZXR1cm 5zIGZvciBp bnZlc3Rvcn Mu

AI has the potential to impact Timbercreek Financial Corp’s products, services, and competitive positioning in several ways:
1. Substitution: AI-driven financial technologies could create alternative lending options or investment platforms that offer similar products with enhanced efficiency, customer service, and personalization. Automated platforms can analyze large datasets to assess credit risk, potentially leading to more competitive pricing and terms for borrowers. If these AI-driven alternatives gain popularity, they may substitute traditional financial services offered by companies like Timbercreek.
2. Disintermediation: Advances in AI could enable direct transactions between consumers and capital providers, reducing the need for intermediaries like Timbercreek. For instance, peer-to-peer lending platforms or blockchaibased solutions might allow borrowers to connect directly with investors, thereby bypassing traditional financing avenues. This could threaten Timbercreek’s market share and traditional business model.
3. Margin Pressure: The integration of AI can lead to increased efficiency and lower costs for competitors, enabling them to offer more attractive products at reduced prices. Such competition may force Timbercreek to innovate or reduce its own margins to remain viable in the marketplace. If competitors leverage AI to operate more cost-effectively or improve customer experiences, Timbercreek could face significant pressure on its profit margins.
Overall, while AI presents certain risks, it also offers opportunities for innovation and improvement in operational efficiencies. For Timbercreek Financial Corp, adapting to these changes will be crucial in maintaining a competitive edge.

Timbercreek Financial Corp is a real estate finance company that invests primarily in mortgage loans and other real estate-related assets. The sensitivity of its earnings, cash flow, and valuation to changes in interest rates can be understood through several key aspects.
1. Earnings: Timbercreek’s earnings are influenced by the interest rates on the loans they provide. When interest rates rise, the company’s interest income from loans can increase, potentially boosting earnings in the short term. However, higher interest rates may also lead to a slowdown in real estate transactions and borrowing activity, which could negatively impact loan origination and overall earnings over time. Conversely, falling interest rates can enhance loan demand but may reduce the interest income margin.
2. Cash Flow: Changes in interest rates directly affect debt servicing costs for the company and its borrowers. Higher interest rates could lead to increased costs of up-to-date loan demands, possibly squeezing cash flow for borrowers and leading to defaults or delayed payments. This can impact Timbercreek’s cash flow adversely. If interest rates decrease, borrowers may benefit from lower monthly payments, potentially leading to better cash flow for Timbercreek if borrowers are in good standing or seeking more loans.
3. Valuation: Interest rates have a significant effect on the valuation of financial companies. Higher interest rates generally lead to a higher discount rate used in the valuation of future cash flows, which can decrease the present value of those cash flows and thus lower the company’s valuation. On the other hand, a declining interest rate environment can enhance valuations as the discounted cash flows increase in present value. Additionally, Timbercreek’s price-to-earnings ratio may fluctuate with changing interest rates as market sentiment shifts regarding future growth and risk profiles.
In summary, Timbercreek Financial Corp’s earnings, cash flow, and valuation are sensitive to interest rate changes, with rising rates potentially enhancing income but leading to broader negative impacts on market activity, while decreasing rates could lead to increased borrowings and improved cash flow but lower margins.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgVG ltYmVyY3Jl ZWsgRmluYW 5jaWFsIENv cnDigJlzIG Vjb25vbWlj cyBvdmVyIH RoZSBuZXh0 IDPigJM1IH llYXJzIGlz IGEgc2lnbm lmaWNhbnQg YW5kIHByb2 xvbmdlZCBk b3dudHVybi BpbiB0aGUg cmVhbCBlc3 RhdGUgbWFy a2V0LCBwYX J0aWN1bGFy bHkgaW4gdG hlIGNvbW1l cmNpYWwgcH JvcGVydHkg c2VjdG9yIH doZXJlIHRo ZSBjb21wYW 55IHByaW1h cmlseSBpbn Zlc3RzLiBU aGlzIHNjZW 5hcmlvIGNv dWxkIGFyaX NlIGZyb20g YSBjb21iaW 5hdGlvbiBv ZiBmYWN0b3 JzLCBzdWNo IGFzIHJpc2 luZyBpbnRl cmVzdCByYX RlcywgcmVk dWNlZCBjb2 5zdW1lciBz cGVuZGluZy wgYW5kIHRp Z2h0ZXIgbG VuZGluZyBz dGFuZGFyZH MsIGxlYWRp bmcgdG8gaW 5jcmVhc2Vk IHZhY2FuY3 kgcmF0ZXMg YW5kIGEgZG VjbGluZSBp biBwcm9wZX J0eSB2YWx1 ZXMuPGJyPk lmIHRoaXMg c2NlbmFyaW 8gcGxheXMg b3V0LCB0aG UgaW1wYWN0 IG9uIFRpbW JlcmNyZWVr IEZpbmFuY2 lhbOKAmXMg bWFyZ2lucy wgY2FzaCBm bG93LCBhbm QgYmFsYW5j ZSBzaGVldC Bjb3VsZCBi ZSBzdWJzdG FudGlhbDo8 YnI+MS4gTW FyZ2luczog VGhlIGNvbX BhbnnigJlz IHByb2ZpdC BtYXJnaW5z IHdvdWxkIG xpa2VseSBz aHJpbmsgYX MgcmVudGFs IGluY29tZS BkZWNsaW5l cyBkdWUgdG 8gZmFsbGlu ZyBvY2N1cG FuY3kgcmF0 ZXMgYW5kIH JlZHVjZWQg cmVudGFsIH ByaWNlcy4g QWRkaXRpb2 5hbGx5LCBp ZiB0aGUgY2 9tcGFueSBo YXMgdG8gaW 5jcmVhc2Ug aXRzIHByb3 Zpc2lvbnMg Zm9yIGxvYW 4gbG9zc2Vz IGR1ZSB0by BkZWZhdWx0 cyBvbiBjb2 1tZXJjaWFs IHByb3Blcn RpZXMsIHRo aXMgd291bG QgZnVydGhl ciBlcm9kZS BtYXJnaW5z LiBPdmVyYW xsLCBwcm9m aXQgbWFyZ2 lucyBjb3Vs ZCBkZWNyZW FzZSBzaWdu aWZpY2FudG x5LCBsZWFk aW5nIHRvIH BvdGVudGlh bCBuZWdhdG l2ZSBuZXQg aW5jb21lLj xicj4yLiBD YXNoIEZsb3 c6IEEgZG93 bnR1cm4gaW 4gdGhlIHJl YWwgZXN0YX RlIG1hcmtl dCB3b3VsZC ByZWR1Y2Ug dGhlIGNhc2 ggZmxvdyBn ZW5lcmF0ZW QgZnJvbSB0 aGUgY29tcG FueeKAmXMg aW52ZXN0bW VudHMuIExv d2VyIHJlbn RhbCBpbmNv bWUsIGNvbW JpbmVkIHdp dGggcG90ZW 50aWFsIGRl ZmF1bHRzIG FuZCBkZWNy ZWFzZWQgYX NzZXQgdmFs dWF0aW9ucy wgbWlnaHQg bGVhZCB0by BpbnN1ZmZp Y2llbnQgY2 FzaCBnZW5l cmF0aW9uIH RvIGNvdmVy IG9wZXJhdG luZyBleHBl bnNlcyBhbm QgaW50ZXJl c3Qgb2JsaW dhdGlvbnMu IFRoaXMgc2 l0dWF0aW9u IGNvdWxkIH Jlc3VsdCBp biBuZWdhdG l2ZSBjYXNo IGZsb3csIG ZvcmNpbmcg dGhlIGNvbX BhbnkgdG8g ZWl0aGVyIG RyYXcgZG93 biBvbiByZX NlcnZlcyBv ciBzZWVrIG FkZGl0aW9u YWwgZmluYW 5jaW5nLCB3 aGljaCBjb3 VsZCBiZSBt b3JlIGV4cG Vuc2l2ZSBp biBhIHN0cm FpbmVkIG1h cmtldC48Yn I+My4gQmFs YW5jZSBTaG VldDogVGhl IGJhbGFuY2 Ugc2hlZXQg d291bGQgbG lrZWx5IHJl ZmxlY3Qgc2 lnbmlmaWNh bnQgaW1wYW lybWVudHMg dG8gdGhlIH ZhbHVlIG9m IHJlYWwgZX N0YXRlIGFz c2V0cyBhcy Bwcm9wZXJ0 eSB2YWx1YX Rpb25zIGRl Y2xpbmUuIF RoaXMgZGVj bGluZSBjb3 VsZCBsZWFk IHRvIGhpZ2 hlciBsZXZl cmFnZSByYX Rpb3MgYXMg dGhlIGNvbX BhbnnigJlz IGRlYnQgbG V2ZWxzIHJl bWFpbiBjb2 5zdGFudCB3 aGlsZSBhc3 NldCB2YWx1 ZXMgZHJvcC 4gQWRkaXRp b25hbGx5LC BpbmNyZWFz ZWQgbG9hbi Bsb3NzIHBy b3Zpc2lvbn MgbWlnaHQg YWZmZWN0IH JldGFpbmVk IGVhcm5pbm dzLCB3ZWFr ZW5pbmcgZX F1aXR5LiBB IGRldGVyaW 9yYXRpbmcg YmFsYW5jZS BzaGVldCBj b3VsZCBzaW duYWwgdG8g aW52ZXN0b3 JzIGFuZCBs ZW5kZXJzIG luY3JlYXNl ZCBmaW5hbm NpYWwgcmlz ayBhbmQgcG 90ZW50aWFs bHkgcmVzdW x0IGluIGhp Z2hlciBib3 Jyb3dpbmcg Y29zdHMgb3 IgcmVzdHJp Y3RlZCBhY2 Nlc3MgdG8g Y2FwaXRhbC 48YnI+T3Zl cmFsbCwgdG hpcyBzY2Vu YXJpbyB3b3 VsZCBwb3Np dGlvbiBUaW 1iZXJjcmVl ayBGaW5hbm NpYWwgaW4g YSBwcmVjYX Jpb3VzIGZp bmFuY2lhbC BzdGF0ZSwg Y2hhcmFjdG VyaXplZCBi eSByZWR1Y2 VkIHByb2Zp dGFiaWxpdH ksIG5lZ2F0 aXZlIGNhc2 ggZmxvdywg YW5kIGFuIG ltcGFpcmVk IGJhbGFuY2 Ugc2hlZXQs IHVsdGltYX RlbHkgY2hh bGxlbmdpbm cgaXRzIGFi aWxpdHkgdG 8gb3BlcmF0 ZSBlZmZlY3 RpdmVseSBh bmQgcHVyc3 VlIGdyb3d0 aCBvcHBvcn R1bml0aWVz Ljxicj4=

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 bG9nb3MvZj FqeGVHZWx5 SkI0NG4xZH NrVlMud2Vi cCIgYWx0PS JUaW1iZXJj cmVlayBGaW 5hbmNpYWwg Q29ycCIgdG l0bGU9IlRp bWJlcmNyZW VrIEZpbmFu Y2lhbCBDb3 JwIiAgY2xh c3M9ImltZy 1mbHVpZCIg aGVpZ2h0PT UwIHdpZHRo PTUwIGxvYW Rpbmc9J2xh enknIHN0eW xlPSdib3Jk ZXItcmFkaX VzOiA2cHg7 Jz4KCiAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nZm xleDogMTsg dGV4dC1hbG lnbjogY2Vu dGVyOyBtYX JnaW4tbGVm dDogNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdm b250LXNpem U6IDI2cHg7 IGNvbG9yOi AjMzMzOyBt YXJnaW4tYm 90dG9tOiAx NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICDwn5 OIIFdhbnQg dG8gcmVhZC Btb3JlIGFi b3V0IFRpbW JlcmNyZWVr IEZpbmFuY2 lhbCBDb3Jw 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+UkyBV bmxvY2sgb3 VyIGZyZWUg Z3VpZGU6ID xpPiJUaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzIjwv aT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIE1T NGdWR2x0WW 0gVnlZM0ps WldzZyBSbW x1WVc1amFX IEZzSUVOdm NuQWcgYVhN Z1lTQkRZVy A1aFpHbGhi aTFpIFlYTm xaQ0J5Wlcg RnNJR1Z6ZE dGMCBaU0Jt YVc1aGJtIE 5sSUdOdmJY QmggYm5rZ2 RHaGhkQyBC emNHVmphV0 ZzIGFYcGxj eUJwYmkgQn djbTkyYVdS cCBibWNnYz JodmNuIFF0 ZEdWeWJTd2 cgWTNWemRH OXRhWCBwbF pDQmljbWxr IFoyVWdabW x1WVcgNWph VzVuSUhOdi BiSFYwYVc5 dWN5IEIwYn lCeVpXRnMg SUdWemRHRj BaUyBCa1pY WmxiRzl3IF pYSnpJR0Z1 WkMgQnZkMj VsY25NdSBQ R0p5UGpJdU lGIFJvWlNC amIyMXcgWV c1NUlIZGhj eSBCbWIzVn VaR1ZrIElH bHVJREl3TU QgY2dZVzVr SUdseiBJR0 poYzJWa0lH IGx1SUZSdm NtOXUgZEc4 c0lFOXVkRy BGeWFXOHVQ R0p5IFBqTX VJRlJwYlcg SmxjbU55Wl dWciBJRVpw Ym1GdVkyIG xoYkNCRGIz SncgSUdsek lHRWdjSCBW aWJHbGpiSG tnIGRISmha R1ZrSUcgTn ZiWEJoYm5r ZyBiMjRnZE dobElGIFJ2 Y205dWRHOG cgVTNSdlky c2dSWCBoam FHRnVaMlVn IGRXNWtaWE lnZEcgaGxJ SFJwWTJ0bC BjaUJ6ZVcx aWIyIHdnVk VZdVBHSnkg UGpRdUlGUm 9aUyBCamIy MXdZVzU1ID RvQ1pjeUJ3 Y20gbHRZWE o1SUdadiBZ M1Z6SUdsek lHIDl1SUda cGJtRnUgWT JsdVp5Qmpi MiAxdFpYSm phV0ZzIElI SmxZV3dnWl ggTjBZWFJs SUhCeSBiMn BsWTNSekxD IEJwYm1Oc2 RXUnAgYm1j Z2JYVnNkRy BrdFptRnRh V3g1IElISm xjMmxrWlcg NTBhV0ZzTE NCdiBabVpw WTJVc0lHIE Z1WkNCeVpY UmggYVd3Z2 NISnZjRyBW eWRHbGxjeT Q4IFluSStO UzRnVkcgbH RZbVZ5WTNK bCBaV3NnUm 1sdVlXIDVq YVdGc0lFTn YgY25BZ2FH RnpJRyBFZ1 pHbDJaWEp6 IFpTQndiM0 owWm0gOXNh VzhnYjJZZy BiRzloYm5N c0lIIGRwZE dnZ1lTQm0g YjJOMWN5Qn ZiaSBCd2Nt OXdaWEowIG FXVnpJR3h2 WTIgRjBaV1 FnYVc0ZyBi V0ZxYjNJZ2 RYIEppWVc0 Z1kyVnUgZE hKbGN5QnBi aSBCRFlXNW haR0VnIFlX NWtJSFJvWl MgQlZibWww WldRZyBVM1 JoZEdWekxq IHhpY2o0Mk xpQlUgYUdV Z1kyOXRjRy BGdWVTQm9Z WE1nIGIzWm xjaUFrTVMg NDFJR0pwYk d4cCBiMjRn YVc0Z1lYIE 56WlhSeklI VnUgWkdWeU lHMWhibSBG blpXMWxibl FnIFlXNWtJ R2hoY3kgQm piMjF3YkdW MCBaV1FnYj NabGNpIEFr TkNCaWFXeH MgYVc5dUlI ZHZjbiBSb0 lHOW1JR3h2 IFlXNXpJSE 5wYm0gTmxJ R2wwY3lCcC BibU5sY0hS cGIyIDR1UE dKeVBqY3Ug SUVsdUlHRm taRyBsMGFX OXVJSFJ2IE lHbDBjeUJz WlcgNWthVz VuSUdGaiBk R2wyYVhScF pYIE1zSUZS cGJXSmwgY2 1OeVpXVnJJ RSBacGJtRn VZMmxoIGJD QkRiM0p3SU cgRnNjMjhn YldGdSBZV2 RsY3lCaElI IEIxWW14cF kyeDUgSUhS eVlXUmxaQy BCdGIzSjBa MkZuIFpTQn BiblpsYzMg UnRaVzUwSU dOdiBjbkJ2 Y21GMGFXID l1TENCVWFX MWkgWlhKam NtVmxheSBC TmIzSjBaMk ZuIFpTQkpi blpsYzMgUn RaVzUwSUVO diBjbkJ2Y2 1GMGFXIDl1 SUNoVVUxZz YgSUZSTlF5 a3VQRyBKeV BqZ3VJRlJv IFpTQmpiMj F3WVcgNTVJ R2hoY3lCaC BJSE4wY205 dVp5IEIwY2 1GamF5Qnkg WldOdmNtUW diMiBZZ2NI SnZabWwwIF lXSnNaU0Ju Y20gOTNkR2 dzSUhkcCBk R2dnY21WMl pXIDUxWlhN Z2FXNWogY2 1WaGMybHVa eSBCaWVTQm hiaUJoIGRt VnlZV2RsSU cgOW1JREl3 SlNCaCBibT UxWVd4c2VT IEJ2ZG1WeU lIUm8gWlNC d1lYTjBJRy BacGRtVWdl V1ZoIGNuTX VQR0p5UGog a3VJRlJwYl dKbCBjbU55 WldWcklFIF pwYm1GdVky bGggYkNCRG IzSndJRyBo aGN5QmhJRG t0IGVXVmhj aUIwY20gRm pheUJ5WldO diBjbVFnYj JZZ2NHIEY1 YVc1bklHMX YgYm5Sb2JI a2daRyBsMm FXUmxibVJ6 IElIUnZJSE 5vWVggSmxh RzlzWkdWeS BjeXdnZDJs MGFDIEJoSU dOMWNuSmwg Ym5RZ1lXNX VkVyBGc2FY cGxaQ0I1IG FXVnNaQ0J2 WmkgQnZkbV Z5SURnbCBM anhpY2o0eE 1DIDRnVkdo bElHTnYgYl hCaGJua2dh RyBGeklHRW dZMjl0IGJX bDBiV1Z1ZE MgQjBieUJ5 WlhOdyBiMj V6YVdKc1pT IEJoYm1RZ2 MzVnogZEdG cGJtRmliRy BVZ2FXNTJa WE4wIGFXNW 5MQ0JsYm4g TjFjbWx1Wn lCMCBhR0Yw SUdGc2JDIE J2WmlCcGRI TWcgYkc5aG JpQnBibiBa bGMzUnRaVz UwIGN5QnRa V1YwSUggTj BjbWxqZENC bCBiblpwY2 05dWJXIFZ1 ZEdGc0xDQn ogYjJOcFlX d3NJRyBGdV pDQm5iM1ps IGNtNWhibU 5sSUMgaEZV MGNwSUdOeS BhWFJsY21s aExnID09Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==