First Capital REIT

-7.78%

Live  

First Capital Real Estate Investment Trust (REIT) is a Canadian real estate investment trust that owns, develops, and operates a portfolio of retail properties across Canada. The company was founded in 1997 and is headquartered in Toronto, Canada.
First Capital REIT focuses on acquiring and managing urban retail properties, primarily grocery-anchored shopping centers and standalone stores. Their portfolio includes over 160 properties, totaling over 25 million square feet of leasable space.
The company's properties are located in major Canadian cities, such as Toronto, Vancouver, Montreal, and Calgary, as well as smaller urban centers. The properties are primarily anchored by major tenants such as Loblaws, Sobeys, Shoppers Drug Mart, and Canadian Tire.
In addition to owning and operating properties, First Capital REIT also has a development and redevelopment program to expand and enhance their existing portfolio. They also actively seek out new acquisition opportunities to further diversify their portfolio.
First Capital REIT is listed on the Toronto Stock Exchange under the ticker symbol FCR.UN and offers investors the opportunity to invest in a diverse portfolio of Canadian retail properties with the potential for long-term growth and stable income.

Rmlyc3QgQ2 FwaXRhbCBS RUlUIGlzIG EgY29tcGFu eSB0aGF0IG 93bnMgYW5k IG1hbmFnZX Mgc2hvcHBp bmcgY2VudG VycyBhbmQg b3RoZXIgcH JvcGVydGll cyB3aGVyZS BwZW9wbGUg Y2FuIHNob3 AsIGVhdCwg YW5kIGhhdm UgZnVuLiBU aGluayBvZi BpdCBsaWtl IGEgYmlnIG 93bmVyIG9m IHBsYWNlcy B3aGVyZSBs b3RzIG9mIH N0b3JlcyBh bmQgcmVzdG F1cmFudHMg YXJlIGxvY2 F0ZWQuIDxi cj5UbyBtYW tlIG1vbmV5 LCBGaXJzdC BDYXBpdGFs IFJFSVQgcm VudHMgb3V0 IHNwYWNlcy BpbiB0aGVz ZSBzaG9wcG luZyBjZW50 ZXJzIHRvIG RpZmZlcmVu dCBzdG9yZX MsIGxpa2Ug Z3JvY2VyeS BzdG9yZXMs IGNsb3RoaW 5nIHNob3Bz LCBvciByZX N0YXVyYW50 cy4gV2hlbi B0aGUgc3Rv cmUgb3duZX JzIHBheSBy ZW50IHRvIH RoZSBSRUlU IGZvciB1c2 luZyB0aGUg c3BhY2UsIH RoZSBSRUlU IGNvbGxlY3 RzIHRoYXQg bW9uZXkuIF RoZXkgYWxz byBlYXJuIG 1vbmV5IGlm IHRoZSBwcm 9wZXJ0eSB2 YWx1ZSBnb2 VzIHVwIG92 ZXIgdGltZS wgd2hpY2gg aGFwcGVucy B3aGVuIHRo ZSBhcmVhIG JlY29tZXMg bW9yZSBwb3 B1bGFyIG9y IHdoZW4gdG hleSBpbXBy b3ZlIHRoZS Bwcm9wZXJ0 aWVzLjxicj 5Ob3csIHdo eSBpcyBGaX JzdCBDYXBp dGFsIFJFSV Qgc3VjY2Vz c2Z1bCBhbm QgbGlrZWx5 IHRvIHN0YX kgdGhhdCB3 YXkgaW4gdG hlIGZ1dHVy ZT8gRmlyc3 QsIHRoZXkg Y2hvb3NlIG dvb2QgbG9j YXRpb25zIG ZvciB0aGVp ciBzaG9wcG luZyBjZW50 ZXJzIHdoZX JlIGxvdHMg b2YgcGVvcG xlIGxpa2Ug dG8gdmlzaX QuIFRoaXMg bWVhbnMgbW 9yZSBzdG9y ZXMgd2FudC B0byByZW50 IHNwYWNlIH RoZXJlLCB3 aGljaCBoZW xwcyB0aGVt IGVhcm4gbW 9yZSBtb25l eS4gPGJyPl NlY29uZCwg c2hvcHBpbm cgY2VudGVy cyBhcmUgcG xhY2VzIHdo ZXJlIHBlb3 BsZSBjb250 aW51ZSB0by BnbyBldmVu IHdoZW4gb2 5saW5lIHNo b3BwaW5nIG lzIHBvcHVs YXIuIE1hbn kgcGVvcGxl IHN0aWxsIG Vuam95IGdv aW5nIG91dC B0byBzaG9w LCBlYXQgd2 l0aCBmcmll bmRzLCBvci BzcGVuZCB0 aW1lIGluIH RoZWlyIGNv bW11bml0aW VzLiA8YnI+ TGFzdGx5LC BGaXJzdCBD YXBpdGFsIF JFSVQgaXMg Z29vZCBhdC BmaW5kaW5n IHdheXMgdG 8gaW1wcm92 ZSB0aGVpci Bwcm9wZXJ0 aWVzLCBtYW tpbmcgdGhl bSBtb3JlIG FwcGVhbGlu ZyB0byBzaG 9wcGVycyBh bmQgaGVscG luZyB0aGVp ciBzdG9yZX Mgc3VjY2Vl ZC4gSWYgdG hleSBrZWVw IGRvaW5nIH RoZXNlIHRo aW5ncyB3ZW xsLCB0aGV5 IGFyZSBsaW tlbHkgdG8g Y29udGludW UgbWFraW5n IG1vbmV5IG FuZCBiZSBz dWNjZXNzZn VsIGluIHRo ZSBmdXR1cm UuPGJyPg==

MS4gRmlyc3 QgUkVJVCBp biBDYW5hZG E6IEZpcnN0 IENhcGl0YW wgUkVJVCBp cyB0aGUgZm lyc3QgcmVh bCBlc3RhdG UgaW52ZXN0 bWVudCB0cn VzdCAoUkVJ VCkgZXN0YW JsaXNoZWQg aW4gQ2FuYW RhLiBJdCBo YXMgYSBsb2 5nLXN0YW5k aW5nIGhpc3 Rvcnkgb2Yg YmVpbmcgYS BwaW9uZWVy IGluIHRoZS BDYW5hZGlh biBjb21tZX JjaWFsIHJl YWwgZXN0YX RlIG1hcmtl dC48YnI+Mi 4gRGl2ZXJz ZSBQb3J0Zm 9saW86IFRo ZSBjb21wYW 55IGhhcyBh IGRpdmVyc2 UgcG9ydGZv bGlvIG9mIG hpZ2gtcXVh bGl0eSwgbW l4ZWQtdXNl IHByb3Blcn RpZXMgYWNy b3NzIENhbm FkYSwgaW5j bHVkaW5nIH JldGFpbCwg b2ZmaWNlLC BhbmQgaW5k dXN0cmlhbC Bwcm9wZXJ0 aWVzLiBUaG lzIGRpdmVy c2UgcG9ydG ZvbGlvIGhl bHBzIG1pdG lnYXRlIHJp c2sgYW5kIH Byb3ZpZGVz IHN0YWJsZS BjYXNoIGZs b3cgZm9yIG ludmVzdG9y cy48YnI+My 4gRm9jdXMg b24gU3VzdG FpbmFibGUg UHJhY3RpY2 VzOiBGaXJz dCBDYXBpdG FsIFJFSVQg aXMgY29tbW l0dGVkIHRv IGVudmlyb2 5tZW50YWwg c3VzdGFpbm FiaWxpdHkg YW5kIHNvY2 lhbCByZXNw b25zaWJpbG l0eS4gSXQg aGFzIGltcG xlbWVudGVk IGdyZWVuIG J1aWxkaW5n IGFuZCBlbm VyZ3kgZWZm aWNpZW5jeS BwcmFjdGlj ZXMgYWNyb3 NzIGl0cyBw cm9wZXJ0aW VzIGFuZCBj b21tdW5pdH kgZW5nYWdl bWVudCBpbm l0aWF0aXZl cyB0byBjcm VhdGUgdmFs dWUgZm9yIH N0YWtlaG9s ZGVycy48Yn I+NC4gU3Ry b25nIEZpbm FuY2lhbCBQ ZXJmb3JtYW 5jZTogVGhl IGNvbXBhbn kgaGFzIGEg dHJhY2sgcm Vjb3JkIG9m IGNvbnNpc3 RlbnQgZmlu YW5jaWFsIH BlcmZvcm1h bmNlIHdpdG ggc3Ryb25n IG9jY3VwYW 5jeSByYXRl cyBhbmQgc3 RlYWR5IHJl bnRhbCBpbm NvbWUgZ3Jv d3RoLiBUaG lzIHN0YWJp bGl0eSBtYW tlcyBpdCBh biBhdHRyYW N0aXZlIGlu dmVzdG1lbn Qgb3B0aW9u IGZvciBpbn Zlc3RvcnMu PGJyPjUuIE V4cGVyaWVu Y2VkIE1hbm FnZW1lbnQg VGVhbTogRm lyc3QgQ2Fw aXRhbCBSRU lUIGhhcyBh IGtub3dsZW RnZWFibGUg YW5kIGV4cG VyaWVuY2Vk IG1hbmFnZW 1lbnQgdGVh bSB3aXRoIG EgcHJvdmVu IHRyYWNrIH JlY29yZCBv ZiBzdWNjZX NzIGluIHRo ZSBDYW5hZG lhbiByZWFs IGVzdGF0ZS BtYXJrZXQu IFRoaXMgdG VhbSBoYXMg dGhlIGV4cG VydGlzZSB0 byBpZGVudG lmeSBhbmQg Y2FwaXRhbG l6ZSBvbiBp bnZlc3RtZW 50IG9wcG9y dHVuaXRpZX MgdG8gZHJp dmUgZ3Jvd3 RoIGZvciB0 aGUgY29tcG FueS48YnI+ Ni4gSW52ZX N0b3ItZnJp ZW5kbHkgcG 9saWNpZXM6 IFRoZSBjb2 1wYW55IG9w ZXJhdGVzIH dpdGggYSBm b2N1cyBvbi B0cmFuc3Bh cmVuY3kgYW 5kIGhhcyBp bnZlc3Rvci 1mcmllbmRs eSBwb2xpY2 llcyBzdWNo IGFzIHJlZ3 VsYXIgZGl2 aWRlbmQgcG F5b3V0cyBh bmQgc2hhcm UgYnV5YmFj ayBwcm9ncm Ftcy4gVGhp cyBidWlsZH MgdHJ1c3Qg YW5kIGNvbm ZpZGVuY2Ug YW1vbmcgaX RzIGludmVz dG9ycy48Yn I+Ny4gSW5u b3ZhdGl2ZS BUZWNobm9s b2d5OiBGaX JzdCBDYXBp dGFsIFJFSV QgdXRpbGl6 ZXMgaW5ub3 ZhdGl2ZSB0 ZWNobm9sb2 d5IHRvIGlt cHJvdmUgdG hlIG9wZXJh dGlvbmFsIG VmZmljaWVu Y3kgb2YgaX RzIHByb3Bl cnRpZXMgYW 5kIGVuaGFu Y2UgdGhlIG 92ZXJhbGwg dGVuYW50IG V4cGVyaWVu Y2UuIFRoaX MgaGFzIGhl bHBlZCB0aG UgY29tcGFu eSBzdGF5IG FoZWFkIG9m IGl0cyBjb2 1wZXRpdGlv biBpbiB0aG UgZGlnaXRh bCBhZ2UuPG JyPjguIENv bW1pdG1lbn QgdG8gR3Jv d3RoOiBUaG UgY29tcGFu eSBoYXMgYS BzdHJvbmcg Z3Jvd3RoIH N0cmF0ZWd5 LCBmb2N1c2 VkIG9uIGFj cXVpcmluZy BoaWdoLXF1 YWxpdHkgcH JvcGVydGll cyBpbiBrZX kgQ2FuYWRp YW4gbWFya2 V0cywgYW5k IGRldmVsb3 BpbmcgbmV3 IHByb3Blcn RpZXMgdG8g aW5jcmVhc2 UgaXRzIHBv cnRmb2xpby BhbmQgY3Jl YXRlIHZhbH VlIGZvciBp dHMgaW52ZX N0b3JzLiBU aGlzIGNvbW 1pdG1lbnQg dG8gZ3Jvd3 RoIHByb3Zp ZGVzIGxvbm ctdGVybSBw b3RlbnRpYW wgZm9yIGlu dmVzdG9ycy 48YnI+

Rmlyc3QgQ2 FwaXRhbCBS RUlUIChSZW FsIEVzdGF0 ZSBJbnZlc3 RtZW50IFRy dXN0KSBpcy BhIHJlYWwg ZXN0YXRlIG ludmVzdG1l bnQgdHJ1c3 QgdGhhdCBv d25zLCBhY3 F1aXJlcywg ZGV2ZWxvcH MsIGFuZCBy ZWRldmVsb3 BzIHVyYmFu IHJldGFpbC Bwcm9wZXJ0 aWVzIGluIE NhbmFkYS4g VGhlIGNvbX BhbnkncyBi dXNpbmVzcy Btb2RlbCBy ZXZvbHZlcy Bhcm91bmQg b3duaW5nIG FuZCBtYW5h Z2luZyBhIH BvcnRmb2xp byBvZiByZX RhaWwgcHJv cGVydGllcy BpbiBtYWpv ciBDYW5hZG lhbiBjaXRp ZXMsIGluY2 x1ZGluZyBo aWdoLXRyYW ZmaWMgc2hv cHBpbmcgY2 VudGVycywg Z3JvY2VyeS 1hbmNob3Jl ZCBwbGF6YX MsIGFuZCBt aXhlZC11c2 UgZGV2ZWxv cG1lbnRzLj xicj5UaGUg cHJpbWFyeS Bzb3VyY2Vz IG9mIHJldm VudWUgZm9y IEZpcnN0IE NhcGl0YWwg UkVJVCBhcm UgcmVudGFs IGluY29tZS Bmcm9tIGl0 cyBwcm9wZX J0aWVzIGFu ZCB0aGUgYX BwcmVjaWF0 aW9uIG9mIG l0cyByZWFs IGVzdGF0ZS Bwb3J0Zm9s aW8uIFRoZS Bjb21wYW55 J3MgYnVzaW 5lc3Mgc3Ry YXRlZ3kgaX MgZm9jdXNl ZCBvbiBpbn Zlc3Rpbmcg aW4gd2VsbC 1sb2NhdGVk IGFuZCBoaW doLXF1YWxp dHkgcmV0YW lsIHByb3Bl cnRpZXMgaW 4gdXJiYW4g YXJlYXMsIH doaWNoIGhh dmUgYSBzdH JvbmcgcG90 ZW50aWFsIG ZvciBncm93 dGggYW5kIH ZhbHVlIGNy ZWF0aW9uLj xicj5GaXJz dCBDYXBpdG FsIFJFSVQg YWxzbyBmb2 xsb3dzIGEg ZGlzY2lwbG luZWQgYW5k IHByb2FjdG l2ZSBhcHBy b2FjaCB0by Bhc3NldCBt YW5hZ2VtZW 50LCB3aGlj aCBpbmNsdW RlcyBhY3Rp dmVseSBtYW 5hZ2luZyBp dHMgcHJvcG VydGllcywg ZXhlY3V0aW 5nIHN0cmF0 ZWdpYyBhY3 F1aXNpdGlv bnMgYW5kIG RldmVsb3Bt ZW50cywgYW 5kIG1haW50 YWluaW5nIG EgYmFsYW5j ZWQgYW5kIG RpdmVyc2lm aWVkIHBvcn Rmb2xpby4g VGhpcyBhbG xvd3MgdGhl IGNvbXBhbn kgdG8gZ2Vu ZXJhdGUgc3 RhYmxlIGNh c2ggZmxvdy BhbmQgaW5j cmVhc2Ugdm FsdWUgZm9y IGl0cyB1bm l0aG9sZGVy cy48YnI+VG hlIGNvbXBh bnkgYWxzby Bmb2N1c2Vz IG9uIGZvc3 RlcmluZyBz dHJvbmcgcm VsYXRpb25z aGlwcyB3aX RoIGl0cyB0 ZW5hbnRzLC BhcyB3ZWxs IGFzIGltcG xlbWVudGlu ZyBpbm5vdm F0aXZlIGFu ZCBzdXN0YW luYWJsZSBw cmFjdGljZX MgaW4gaXRz IGRldmVsb3 BtZW50cy4g QWRkaXRpb2 5hbGx5LCBG aXJzdCBDYX BpdGFsIFJF SVQgaGFzIG Egc3Ryb25n IGZpbmFuY2 lhbCBtYW5h Z2VtZW50IH N0cmF0ZWd5 LCB3aGljaC BpbmNsdWRl cyBtYWludG FpbmluZyBh IHN0cm9uZy BiYWxhbmNl IHNoZWV0IG FuZCBwcnVk ZW50bHkgbW FuYWdpbmcg aXRzIGRlYn QgbGV2ZWxz Ljxicj5Pdm VyYWxsLCBG aXJzdCBDYX BpdGFsIFJF SVQncyBidX NpbmVzcyBt b2RlbCBpcy BjZW50ZXJl ZCBvbiBvd2 5pbmcgYW5k IG9wZXJhdG luZyBhIHBv cnRmb2xpby BvZiBoaWdo LXF1YWxpdH kgcmV0YWls IHByb3Blcn RpZXMsIGlt cGxlbWVudG luZyBlZmZl Y3RpdmUgYX NzZXQgbWFu YWdlbWVudC BzdHJhdGVn aWVzLCBhbm QgbWFpbnRh aW5pbmcgc3 Ryb25nIGZp bmFuY2lhbC BtYW5hZ2Vt ZW50IHByYW N0aWNlcyB0 byBkZWxpdm VyIHZhbHVl IHRvIGl0cy B1bml0aG9s ZGVycy4=

AI could potentially pose a material threat to First Capital REIT, a real estate investment trust focused on acquiring, owning, and operating a portfolio of retail and mixed-use properties, in several ways:
1. Substitution: AI technologies can enhance the efficiency and effectiveness of property management and leasing processes. For example, automated virtual tours, AI-driven property valuation, and predictive analytics can streamline tenant acquisition and management. If competing firms adopt these technologies more rapidly, they could offer better services or lower costs, threatening First Capital’s market position.
2. Disintermediation: AI can facilitate direct transactions between property owners and tenants or buyers without the need for traditional intermediaries, such as real estate agents or brokers. This could undermine First Capital’s traditional business model and reduce its role in property transactions, leading to a decrease in revenue from management and leasing services.
3. Margin Pressure: The adoption of AI may lead to increased competition as more firms leverage these technologies to reduce operational costs and enhance service delivery. This competitive environment could result in downward pressure on rents and fees, affecting First Capital’s profit margins. Additionally, if AI leads to advancements in construction technology, new properties could be developed at lower costs, impacting the valuation of existing properties within First Capital’s portfolio.
In summary, while AI offers opportunities for efficiencies and enhanced service delivery, it also poses risks in terms of substitution, disintermediation, and margin pressure that could impact First Capital REIT’s products, services, and competitive positioning. It will be crucial for the company to adapt and innovate in response to these challenges.

The sensitivity of First Capital REIT’s earnings, cash flow, and valuation to changes in interest rates can be significant, given that it is a real estate investment trust. Here are some key considerations:
1. Interest Expense: As interest rates rise, the cost of borrowing increases. If the REIT has variable-rate debt, higher interest rates can lead to increased interest expense, which directly impacts net income and cash flow. This can reduce available funds for distribution to unitholders.
2. Cap Rates: Changes in interest rates often influence capitalization rates (cap rates), which are used in property valuation. Higher interest rates can lead to higher cap rates, resulting in lower property values and reduced valuation of the REIT. This can affect the overall market perception of the REIT’s share price.
3. Property Acquisition and Development: Higher interest rates may limit First Capital REIT’s ability to acquire new properties or finance development projects. This can slow growth and limit future income opportunities, impacting long-term projections.
4. Investor Sentiment: Interest rates can affect investor sentiment and risk appetite. As interest rates rise, investors might seek safer investments, leave the real estate sector, or demand higher yields from REITs, which can negatively impact share prices.
5. Rent Growth: In a rising interest rate environment, economic growth may slow down, potentially affecting rental growth and occupancy rates. If tenants face higher borrowing costs, their ability to pay rent might be constrained, affecting cash flow.
6. Diversification: If First Capital REIT has a diversified portfolio across different sectors, its overall sensitivity to interest rate changes may be mitigated. However, the specific impact will depend on the nature of the properties owned.
In summary, First Capital REIT’s earnings, cash flows, and valuation can be quite sensitive to changes in interest rates. The degree of sensitivity depends on factors such as the structure of its debt, the overall economic environment, and its portfolio characteristics.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgRm lyc3QgQ2Fw aXRhbCBSRU lU4oCZcyBl Y29ub21pY3 Mgb3ZlciB0 aGUgbmV4dC AzLTUgeWVh cnMgaXMgYS BzaWduaWZp Y2FudCBhbm Qgc3VzdGFp bmVkIGRvd2 50dXJuIGlu IHRoZSByZX RhaWwgcmVh bCBlc3RhdG Ugc2VjdG9y IGR1ZSB0by BhIGNvbWJp bmF0aW9uIG 9mIGluY3Jl YXNlZCBlLW NvbW1lcmNl IHBlbmV0cm F0aW9uIGFu ZCBjaGFuZ2 luZyBjb25z dW1lciBiZW hhdmlvci4g QXMgb25saW 5lIHNob3Bw aW5nIGNvbn RpbnVlcyB0 byBncm93LC Bicmljay1h bmQtbW9ydG FyIHJldGFp bCBsb2NhdG lvbnMgbWF5 IGV4cGVyaW VuY2UgZGVj cmVhc2luZy Bmb290IHRy YWZmaWMsIG xlYWRpbmcg dG8gZGVjbG luaW5nIHJl bnRhbCBpbm NvbWUgYW5k IGhpZ2hlci B2YWNhbmN5 IHJhdGVzIG luIHJldGFp bCBwcm9wZX J0aWVzLiA8 YnI+SWYgdG hpcyBzY2Vu YXJpbyBtYX RlcmlhbGl6 ZWQsIHRoZS Bjb21wYW55 4oCZcyBlY2 9ub21pYyBv dXRsb29rIH dvdWxkIGJl IG5lZ2F0aX ZlbHkgYWZm ZWN0ZWQgaW 4gc2V2ZXJh bCB3YXlzOj xicj4xLiA8 c3Ryb25nPk 1hcmdpbnM8 L3N0cm9uZz 46IFRoZSBk ZWNsaW5lIG luIHJlbnRh bCBpbmNvbW Ugd291bGQg cHV0IHByZX NzdXJlIG9u IHByb2ZpdC BtYXJnaW5z LiBBcyB0ZW 5hbnRzIHN0 cnVnZ2xlIH RvIG1haW50 YWluIHRoZW lyIHNhbGVz LCB0aGV5IG 1heSBzZWVr IHJlbnQgcm VkdWN0aW9u cyBvciBldm VuIHZhY2F0 ZSBwcm9wZX J0aWVzLCBs ZWFkaW5nIH RvIGluY3Jl YXNlZCB2YW NhbmNpZXMu IFRoZSBSRU lUIG1heSBh bHNvIGZhY2 UgaGlnaGVy IGNvc3RzIH JlbGF0ZWQg dG8gcHJvcG VydHkgbWFu YWdlbWVudC BhbmQgbWFp bnRlbmFuY2 UgaW4gYW4g ZWZmb3J0IH RvIHJldGFp biB0ZW5hbn RzIG9yIHRv IGltcHJvdm UgcHJvcGVy dGllcyBmb3 IgbmV3IHRl bmFudHMuIE 92ZXJhbGws IHByb2ZpdC BtYXJnaW5z IHdvdWxkIG xpa2VseSBz aHJpbmsgc2 lnbmlmaWNh bnRseSBpbi BzdWNoIGEg c2NlbmFyaW 8uPGJyPjIu IDxzdHJvbm c+Q2FzaCBG bG93PC9zdH Jvbmc+OiBS ZWR1Y2VkIH JlbnRhbCBp bmNvbWUgZG lyZWN0bHkg dHJhbnNsYX RlcyB0byBs b3dlciBjYX NoIGZsb3cu IElmIEZpcn N0IENhcGl0 YWwgUkVJVC BjYW5ub3Qg bWFpbnRhaW 4gaXRzIG9j Y3VwYW5jeS ByYXRlcyBv ciBjb2xsZW N0IHN1ZmZp Y2llbnQgcm VudCwgaXRz IGFiaWxpdH kgdG8gZ2Vu ZXJhdGUgZn JlZSBjYXNo IGZsb3cgd2 91bGQgZGlt aW5pc2guIF RoaXMgY291 bGQgaW1wYW lyIGl0cyBj YXBhY2l0eS B0byBwYXkg ZGlzdHJpYn V0aW9ucyB0 byB1bml0aG 9sZGVycyBh bmQgZnVuZC BjYXBpdGFs IGV4cGVuZG l0dXJlcyB3 aXRob3V0IH Jlc29ydGlu ZyB0byBkZW J0IG9yIGVx dWl0eSBmaW 5hbmNpbmcs IGxlYWRpbm cgdG8gZnVy dGhlciBmaW 5hbmNpYWwg c3RyYWluLj xicj4zLiA8 c3Ryb25nPk JhbGFuY2Ug U2hlZXQ8L3 N0cm9uZz46 IEFzIHRoZS BlY29ub21p YyBzaXR1YX Rpb24gZGV0 ZXJpb3JhdG VzLCB0aGUg YmFsYW5jZS BzaGVldCB3 b3VsZCBsaW tlbHkgcmVm bGVjdCBkZW NyZWFzZWQg YXNzZXQgdm FsdWVzIGR1 ZSB0byBsb3 dlciBwcm9w ZXJ0eSB2YW x1YXRpb25z LiBJbmNyZW FzZWQgdmFj YW5jaWVzIG NvdWxkIGxl YWQgdG8gaW 1wYWlyZWQg cHJvcGVydH kgdmFsdWF0 aW9ucyBhbm QgbG93ZXIg Y29sbGF0ZX JhbCB2YWx1 ZSBmb3IgYW 55IGV4aXN0 aW5nIGRlYn QsIHBvdGVu dGlhbGx5IH Jlc3VsdGlu ZyBpbiBpbm NyZWFzZWQg Ym9ycm93aW 5nIGNvc3Rz LiBJZiBjYX NoIGZsb3cg ZGV0ZXJpb3 JhdGVzIHNp Z25pZmljYW 50bHksIHRo ZSBSRUlUIG 1pZ2h0IGhh dmUgdG8gdG FrZSBvbiBh ZGRpdGlvbm FsIGRlYnQg dG8gZmluYW 5jZSBvcGVy YXRpb25zLC BuZWdhdGl2 ZWx5IGltcG FjdGluZyBs ZXZlcmFnZS ByYXRpb3Mg YW5kIG92ZX JhbGwgZmlu YW5jaWFsIG hlYWx0aC4g VGhpcyBjb3 VsZCBhbHNv IGxlYWQgdG 8gYSBjcmVk aXQgcmF0aW 5nIGRvd25n cmFkZSwgZn VydGhlciBp bmNyZWFzaW 5nIHRoZSBj b3N0IG9mIG NhcGl0YWwu PGJyPkluIH N1bW1hcnks IGlmIHRoZS ByZXRhaWwg cmVhbCBlc3 RhdGUgc2Vj dG9yIGZhY2 VzIGxvbmct dGVybSBjaG FsbGVuZ2Vz LCBGaXJzdC BDYXBpdGFs IFJFSVQgY2 91bGQgc2Vl IGl0cyBtYX JnaW5zIG5h cnJvdywgY2 FzaCBmbG93 IGRpbWluaX NoLCBhbmQg YmFsYW5jZS BzaGVldCBz dHJlbmd0aC B3ZWFrZW5l ZCwgcG90ZW 50aWFsbHkg bGVhZGluZy B0byBhIGN5 Y2xlIG9mIG ZpbmFuY2lh bCBzdHJlc3 MgdGhhdCBj b3VsZCBiZS BkaWZmaWN1 bHQgdG8gcm V2ZXJzZS48 YnI+

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 bG9nb3Mvaj dGdlQ2TERi T0F1S0lpSG x2UG8ud2Vi cCIgYWx0PS JGaXJzdCBD YXBpdGFsIF JFSVQiIHRp dGxlPSJGaX JzdCBDYXBp dGFsIFJFSV QiICBjbGFz cz0iaW1nLW ZsdWlkIiBo ZWlnaHQ9NT Agd2lkdGg9 NTAgbG9hZG luZz0nbGF6 eScgc3R5bG U9J2JvcmRl ci1yYWRpdX M6IDZweDsn PgoKICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdmbG V4OiAxOyB0 ZXh0LWFsaW duOiBjZW50 ZXI7IG1hcm dpbi1sZWZ0 OiA1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPHAgc3 R5bGU9J2Zv bnQtc2l6ZT ogMjZweDsg Y29sb3I6IC MzMzM7IG1h cmdpbi1ib3 R0b206IDE1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIPCfk4 ggV2FudCB0 byByZWFkIG 1vcmUgYWJv dXQgRmlyc3 QgQ2FwaXRh bCBSRUlUPw 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+ZjCBKb2 luIG5vdyB0 byBnZXQgPG k+IlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3MiPC9p PiBhdCBuby Bjb3N0CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvcD4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID whLS0KICAg ICAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nbWFyZ2 luLXRvcDog MTJweDsgZm 9udC1zaXpl OiAxM3B4Oy Bjb2xvcjog IzQ0NDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgU2 lnbiB1cCBu b3cgYW5kIG dldCBvdXIg ZnJlZSBlQm 9vayAKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxiPlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3M8 L2I+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxNn B4OyBmb250 LXNpemU6ID E0cHg7IGNv bG9yOiAjND Q0OyBmb250 LWZhbWlseT ogLWFwcGxl LXN5c3RlbS wgQmxpbmtN YWNTeXN0ZW 1Gb250LCBT ZWdvZSBVSS wgUm9ib3Rv LCBIZWx2ZX RpY2EgTmV1 ZSwgc2Fucy 1zZXJpZjsg bGluZS1oZW lnaHQ6IDEu NjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgSGF2ZS B5b3UgaGVh cmQgYWJvdX Qgb3VyIHNo b3J0IDxzdH Jvbmcgc3R5 bGU9J2Zvbn Qtd2VpZ2h0 OiA2MDA7Jz 5EYWlseSBW aWRlbyBOZX dzbGV0dGVy PC9zdHJvbm c+PwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naHR0cH M6Ly93d3cu aW5zaWdodG Z1bHZhbHVl LmNvbS9uZX dzbGV0dGVy LnBocCcgdG FyZ2V0PSdf YmxhbmsnIH N0eWxlPSdj b2xvcjogIz AwN0JGRjsg dGV4dC1kZW NvcmF0aW9u OiBub25lOy Bmb250LXdl aWdodDogNT AwOyBtYXJn aW4tbGVmdD ogNnB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgRmluZC BvdXQgbW9y ZQogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgIAogICAg ICAgIAogIC AgICAgIDxz cGFuIGNsYX NzPSdibHVy cmVkLXRleH QnPgogICAg ICAgICAgIC BNUzRnUm1s eWMzIFFnUT JGd2FYUmgg YkNCU1pXRn NJRSBWemRH RjBaU0JKIG JuWmxjM1J0 WlcgNTBJRl J5ZFhOMCBM Q0JoYkhOdk lHIHR1YjNk dUlHRnogSU VacGNuTjBJ RSBOaGNHbD BZV3dnIFVr VkpWQ3dnYV ggTWdZU0JE WVc1aCBaR2 xoYmlCeVpX IEZzSUdWem RHRjAgWlNC cGJuWmxjMy BSdFpXNTBJ SFJ5IGRYTj BJSFJvWVgg UWdjM0JsWT JsaCBiR2w2 WlhNZ2FXID RnYzJodmNI QnAgYm1jZ1 kyVnVkRyBW eWN5QmhibV FnIGIzUm9a WElnY20gVj BZV2xzSUhC eSBiM0JsY2 5ScFpYIE1n WVdOeWIzTn ogSUVOaGJt RmtZUyA0OF luSStNaTRn IFZHaGxJR0 52YlggQmhi bmtnZDJGei BJR1p2ZFc1 a1pXIFFnYV c0Z01UazUg TkNCMWJtUm xjaSBCMGFH VWdibUZ0IF pTQkdhWEp6 ZEMgQkRiMj F0WlhKaiBh V0ZzSUZKbF lXIHgwZVNC QlpIWnAgYz I5eWN5Qkpi bSBNdUlHRn VaQ0JqIGFH RnVaMlZrSU cgbDBjeUJ1 WVcxbCBJSF J2SUVacGNu IE4wSUVOaG NHbDAgWVd3 Z1VtVmhiSC BSNUlFbHVZ eTRnIGFXNG dNakF3TUMg QmlaV1p2Y2 1VZyBZbVZq YjIxcGJtIG NnUm1seWMz UWcgUTJGd2 FYUmhiQyBC U1JVbFVJR2 x1IElESXdN VGt1UEcgSn lQak11SUVa cCBjbk4wSU VOaGNHIGww WVd3Z1VrVk ogVkNCamRY SnlaVyA1MG JIa2diM2R1 IGN5QmhibV FnYlcgRnVZ V2RsY3lCdi BkbVZ5SURF MU9DIEJ3Y2 05d1pYSjAg YVdWeklHRm pjbSA5emN5 QkRZVzVoIF pHRXNJSGRw ZEcgZ2dZU0 IwYjNSaCBi Q0JuY205em N5IEJzWldG ellXSnMgWl NCaGNtVmhJ RyA5bUlHRn djSEp2IGVH bHRZWFJsYk gga2dNall1 T0NCdCBhV3 hzYVc5dUlI IE54ZFdGeV pTQm0gWldW MExqeGljai A0MExpQlVh R1VnIFkyOX RjR0Z1ZVMg Qm1iMk4xYz JWeiBJRzl1 SUhWeVltIE Z1SUcxaGNt dGwgZEhNZ2 QybDBhQyBC b2FXZG9JSE J2IGNIVnNZ WFJwYjIgNG daR1Z1YzJs MCBhV1Z6SU dGdVpDIEJ6 ZEhKdmJtY2 cgY21WMFlX bHNJRyBSbG JXRnVaQ3dn IGNISnBiV0 Z5YVcgeDVJ SFJoY21kbC BkR2x1WnlC dGFXIFJrYk dVdElHRnUg WkNCMWNIQm xjaSAxcGJt TnZiV1VnIG JtVnBaMmhp YjMgSm9iMj lrY3k0OCBZ bkkrTlM0Z1 JtIGx5YzNR Z1EyRncgYV hSaGJDQlNS VSBsVUlHaG hjeUJoIElH UnBkbVZ5Yz IgVWdjRzl5 ZEdadiBiR2 x2SUc5bUlI IEJ5YjNCbG NuUnAgWlhN c0lHbHVZMi B4MVpHbHVa eUJ2IGNHVn VMV0ZwY2kg QnphRzl3Y0 dsdSBaeUJq Wlc1MFpYIE p6TENCbGJt TnMgYjNObF pDQnRZVyB4 c2N5d2dZVz VrIElHMXBl R1ZrTFggVn paU0JrWlha bCBiRzl3Yl dWdWRIIE11 UEdKeVBqWX UgSUVsdUlH RmtaRyBsMG FXOXVJSFJ2 IElHbDBjeU J5WlggUmhh V3dnY0hKdi BjR1Z5ZEds bGN5IHdnZE dobElHTnYg YlhCaGJua2 dZVyB4emJ5 Qm9ZWE1nIF lTQm5jbTkz YVcgNW5JSE J2Y25SbSBi MnhwYnlCdl ppIEJ5WlhO cFpHVnUgZE dsaGJDQndj bSA5d1pYSj BhV1Z6IExD QjNhWFJvSU cgOTJaWEln TWl3MSBNRE FnY21WemFX IFJsYm5ScF lXd2cgWVhC aGNuUnRaVy A1MGN5Qmpk WEp5IFpXNT BiSGtnZFcg NWtaWElnYl dGdSBZV2Rs YldWdWRDID Q4WW5JK055 NGcgUm1seW MzUWdRMiBG d2FYUmhiQ0 JTIFJVbFVJ R2x6SUcgTn ZiVzFwZEhS bCBaQ0IwYn lCemRYIE4w WVdsdVlXSn AgYkdsMGVT QmhibSBRZ2 FHRnpJR2x0 IGNHeGxiV1 Z1ZEcgVmtJ SFpoY21sdi BkWE1nWjNK bFpXIDRnYV c1cGRHbGgg ZEdsMlpYTW dhVyA0Z2FY UnpJSEJ5IG IzQmxjblJw WlggTXNJSE 4xWTJnZyBZ WE1nWlc1bG NtIGQ1TFdW bVptbGogYV dWdWRDQnNh VyBkb2RHbH VaeUJoIGJt UWdkMkYwWl ggSWdZMjl1 YzJWeSBkbU YwYVc5dUlH IDFsWVhOMW NtVnogTGp4 aWNqNDRMaS BCVWFHVWdV a1ZKIFZDQm 9ZWE1nWVMg QnpkSEp2Ym 1jZyBkSEpo WTJzZ2NtIF ZqYjNKa0lH OW0gSUdOdm JuTnBjMyBS bGJuUWdZVz VrIElHZHli M2RwYm0gY2 djbVYwZFhK dSBjeUJtYj NJZ2FYIFJ6 SUdsdWRtVn ogZEc5eWN5 NGdVMiBsdV kyVWdhWFJ6 IElHbHVhWF JwWVcgd2dj SFZpYkdsai BJRzltWm1W eWFXIDVuSU dsdUlESXcg TURBc0lIUm 9aUyBCamIy MXdZVzU1IE lHaGhjeUJr WlcgeHBkbV Z5WldRZyBZ VzRnWVhabG NtIEZuWlNC aGJtNTEgWV d3Z2NtVjBk WCBKdUlHOW 1JRGd1IE5p VXVQR0p5UG oga3VJRVpw Y25OMCBJRU 5oY0dsMFlX IHdnVWtWSl ZDQnAgY3lC c2FYTjBaVy BRZ2IyNGdk R2hsIElGUn ZjbTl1ZEcg OGdVM1J2WT JzZyBSWGhq YUdGdVoyIF VnZFc1a1pY SWcgZEdobE lIUnBZMiB0 bGNpQnplVz FpIGIyd2dS a05TTGwgVk 9JR0Z1WkNC cCBjeUJwYm 1Oc2RXIFJs WkNCcGJpQj AgYUdVZ1V5 WlFMMSBSVF dDQkRiMjF3 IGIzTnBkR1 VnU1cgNWta WGdzSUdGdS BJR2x1WkdW NElHIDltSU hSb1pTQnMg WVhKblpYTj BJRyBGdVpD QnRiM04wIE lHeHBjWFZw WkMgQkRZVz VoWkdsaCBi aUJ6ZEc5am EzIE11UEdK eVBqRXcgTG lCVWFHVWdZ MiA5dGNHRn VlU0JvIFlY TWdjbVZqWl cgbDJaV1Fn ZG1GeSBhVz kxY3lCaGQy IEZ5WkhNZ1 lXNWsgSUhK bFkyOW5ibS BsMGFXOXVJ R1p2IGNpQn BkSE1nYUcg bG5hQzF4ZF dGcyBhWFI1 SUhCeWIzIE JsY25ScFpY TWcgWVc1a0 lITjFjMyBS aGFXNWhZbX hsIElIQnlZ V04wYVcgTm xjeXdnYVc1 aiBiSFZrYV c1bklHIEps YVc1bklHNW ggYldWa0lH OXVaUyBCdl ppQkRZVzVo IFpHSGlnSm x6SUUgMXZj M1FnUVdSdC BhWEpsWkNC RGIzIEp3Yj NKaGRHVWcg UTNWc2RIVn laWCBNZ1lu a2dWMkYwIF pYSnpkRzl1 WlMgQklkVz FoYmlCRCBZ WEJwZEdGc0 lHIGx1SURJ d01qQXUKIC AgICAgICA8 L3NwYW4+Ci AgICAgICAg CiAgICAgIC Ag