Kerry Properties

-7.43%

Live  

Kerry Properties is a property development and investment company based in Hong Kong. It was founded in 1978 by the Kuok Group, one of Asia’s leading conglomerate companies. Kerry Properties is one of the largest property developers in Hong Kong, with an extensive portfolio in both residential and commercial properties.
The company has a strong presence in mainland China, with developments in major cities such as Shanghai, Beijing, and Guangzhou. It also has a growing international portfolio, with projects in Singapore, Australia, and the United Kingdom.
Kerry Properties is known for its high-end developments, including luxury residences, commercial buildings, and mixed-use projects. The company places a strong emphasis on quality and innovation in its developments, and has won numerous awards for its projects.
Aside from property development, Kerry Properties also has a strong focus on property investment, with a diverse portfolio of properties that provide stable and recurring income.
As a company, Kerry Properties places a strong emphasis on sustainability, with a commitment to green building and environmentally friendly practices in all its developments. It also has a strong corporate social responsibility program, supporting various community and charitable initiatives in the locations where it operates. Overall, Kerry Properties is a well-respected and reputable company in the property industry, known for its high-quality developments, commitment to sustainability, and strong corporate values.

S2VycnkgUH JvcGVydGll cyBpcyBhIG NvbXBhbnkg dGhhdCBidW lsZHMgYW5k IG1hbmFnZX MgYnVpbGRp bmdzLCBlc3 BlY2lhbGx5 IGhvbWVzIG FuZCBvZmZp Y2Ugc3BhY2 VzLiBJbWFn aW5lIHRoZX kgYXJlIGxp a2UgYSB0ZW FtIG9mIGJ1 aWxkZXJzIG FuZCBoZWxw ZXJzIHdoby BjcmVhdGUg cGxhY2VzIG ZvciBwZW9w bGUgdG8gbG l2ZSBhbmQg d29yay4gVG hleSBtYWtl IG1vbmV5IG J5IHNlbGxp bmcgdGhlc2 UgaG9tZXMg YW5kIG9mZm ljZXMgb3Ig cmVudGluZy B0aGVtIG91 dCB0byBidX NpbmVzc2Vz IGFuZCBmYW 1pbGllcy4g PGJyPlRoaW 5rIG9mIGl0 IGxpa2UgYS BsZW1vbmFk ZSBzdGFuZD ogd2hlbiB5 b3Ugc2VsbC BhIGN1cCBv ZiBsZW1vbm FkZSwgeW91 IGVhcm4gbW 9uZXkuIEtl cnJ5IFByb3 BlcnRpZXMg ZG9lcyB0aG Ugc2FtZSB0 aGluZywgYn V0IHdpdGgg YmlnZ2VyIG FuZCBtb3Jl IGNvbXBsaW NhdGVkIGJ1 aWxkaW5ncy 48YnI+VGhl IGNvbXBhbn kgaGFzIGJl ZW4gc3VjY2 Vzc2Z1bCBm b3IgYSBmZX cgcmVhc29u cy4gRmlyc3 QsIHRoZXkg cGljayBnb2 9kIHBsYWNl cyB0byBidW lsZCwgbGlr ZSBuZWFyIH NjaG9vbHMs IHBhcmtzLC BvciBzaG9w cGluZyBjZW 50ZXJzLCB3 aGljaCBtYW tlcyBwZW9w bGUgd2FudC B0byBsaXZl IHRoZXJlLi BTZWNvbmQs IHRoZXkgbW FrZSBidWls ZGluZ3MgdG hhdCBhcmUg bmljZSBhbm QgY29tZm9y dGFibGUsIH NvIHBlb3Bs ZSBhcmUgaG FwcHkgdG8g YnV5IG9yIH JlbnQgdGhl bS4gRmluYW xseSwgdGhl eSBoYXZlIG JlZW4gYXJv dW5kIGZvci BhIGxvbmcg dGltZSwgc2 8gdGhleSBr bm93IGhvdy B0byBtYWtl IHNtYXJ0IG Nob2ljZXMg YW5kIHVuZG Vyc3RhbmQg d2hhdCBwZW 9wbGUgd2Fu dC4gPGJyPk luIHRoZSBm dXR1cmUsIE tlcnJ5IFBy b3BlcnRpZX Mgd2lsbCBw cm9iYWJseS BrZWVwIGJl aW5nIHN1Y2 Nlc3NmdWwu IFBlb3BsZS B3aWxsIGFs d2F5cyBuZW VkIGhvbWVz IGFuZCBwbG FjZXMgdG8g d29yaywgYW 5kIGFzIGNp dGllcyBncm 93LCB0aGVy ZSB3aWxsIG JlIG1vcmUg Y2hhbmNlcy Bmb3IgdGhl bSB0byBidW lsZCBuZXcg cHJvamVjdH MuIEFsc28s IGlmIHRoZX kga2VlcCBt YWtpbmcgcX VhbGl0eSBi dWlsZGluZ3 MgYW5kIHBh eWluZyBhdH RlbnRpb24g dG8gd2hhdC BmYW1pbGll cyBhbmQgYn VzaW5lc3Nl cyBuZWVkLC B0aGV5IHdp bGwgY29udG ludWUgdG8g ZG8gd2VsbC E8YnI+

MS4gRXN0YW JsaXNoZWQg aW4gSG9uZy BLb25nOiBL ZXJyeSBQcm 9wZXJ0aWVz IGlzIGEgd2 VsbC1lc3Rh Ymxpc2hlZC ByZWFsIGVz dGF0ZSBjb2 1wYW55IGlu IEhvbmcgS2 9uZywgd2l0 aCBhIHN0cm 9uZyBwcmVz ZW5jZSBpbi B0aGUgcmVn aW9uIGZvci BvdmVyIDQw IHllYXJzLi BJdCBoYXMg YSBkZWVwIH VuZGVyc3Rh bmRpbmcgb2 YgdGhlIGxv Y2FsIHJlYW wgZXN0YXRl IG1hcmtldC BhbmQgaGFz IGJ1aWx0IG Egc3Ryb25n IG5ldHdvcm sgYW5kIHJl cHV0YXRpb2 4gaW4gdGhl IGluZHVzdH J5Ljxicj4y LiBFeHRlbn NpdmUgcG9y dGZvbGlvOi BUaGUgY29t cGFueSBoYX MgYW4gZXh0 ZW5zaXZlIH BvcnRmb2xp byBvZiBoaW doLWVuZCBy ZXNpZGVudG lhbCwgY29t bWVyY2lhbC wgYW5kIG1p eGVkLXVzZS Bwcm9wZXJ0 aWVzIGluIE hvbmcgS29u ZywgTWFpbm xhbmQgQ2hp bmEsIGFuZC BvdGhlciBp bnRlcm5hdG lvbmFsIG1h cmtldHMuIF RoaXMgZGl2 ZXJzZSBwb3 J0Zm9saW8g YWxsb3dzIH RoZSBjb21w YW55IHRvIH RhcCBpbnRv IHZhcmlvdX Mgc2VnbWVu dHMgb2YgdG hlIG1hcmtl dCBhbmQgZ2 VuZXJhdGUg c3RhYmxlIH JldHVybnMu PGJyPjMuIE ZvY3VzIG9u IHF1YWxpdH kgYW5kIGx1 eHVyeTogS2 VycnkgUHJv cGVydGllcy BpcyBrbm93 biBmb3IgaX RzIGNvbW1p dG1lbnQgdG 8gcXVhbGl0 eSBhbmQgbH V4dXJ5IGlu IGFsbCBpdH MgZGV2ZWxv cG1lbnRzLi BUaGUgY29t cGFueSBzdH JpdmVzIHRv IGRlbGl2ZX IgdGhlIGJl c3QgcG9zc2 libGUgbGl2 aW5nIGFuZC B3b3JraW5n IGVudmlyb2 5tZW50cywg YW5kIGl0cy Bwcm9wZXJ0 aWVzIGFyZS BvZnRlbiBy ZWdhcmRlZC BhcyBwcmlt ZSBhbmQgcH Jlc3RpZ2lv dXMuPGJyPj QuIFN0cm9u ZyBmaW5hbm NpYWwgYmFj a2luZzogQX MgYSBzdWJz aWRpYXJ5IG 9mIHRoZSBL ZXJyeSBHcm 91cCAtIG9u ZSBvZiBIb2 5nIEtvbmfi gJlzIGxhcm dlc3QgY29u Z2xvbWVyYX RlcywgS2Vy cnkgUHJvcG VydGllcyBo YXMgc3Ryb2 5nIGZpbmFu Y2lhbCBiYW NraW5nIGFu ZCBzdGFiaW xpdHkuIFRo aXMgYWxsb3 dzIHRoZSBj b21wYW55IH RvIHB1cnN1 ZSBhbWJpdG lvdXMgYW5k IGxhcmdlLX NjYWxlIHBy b2plY3RzIH dpdGggY29u ZmlkZW5jZS 48YnI+NS4g U3VzdGFpbm FibGUgZGV2 ZWxvcG1lbn Q6IFRoZSBj b21wYW55IG lzIGNvbW1p dHRlZCB0by BzdXN0YWlu YWJsZSBkZX ZlbG9wbWVu dCBhbmQgaG FzIGltcGxl bWVudGVkIH ZhcmlvdXMg Z3JlZW4gaW 5pdGlhdGl2 ZXMgaW4gaX RzIHByb2pl Y3RzLiBJdC BhbHNvIGFj dGl2ZWx5IG VuZ2FnZXMg aW4gY29tbX VuaXR5IGlu dm9sdmVtZW 50IGFuZCBz b2NpYWwgcm VzcG9uc2li aWxpdHksIG 1ha2luZyBp dCBhIHNvY2 lhbGx5IHJl c3BvbnNpYm xlIGNvbXBh bnkuPGJyPj YuIEF3YXJk LXdpbm5pbm cgcHJvamVj dHM6IEtlcn J5IFByb3Bl cnRpZXMgaG FzIGJlZW4g cmVjb2duaX plZCBmb3Ig aXRzIGV4Y2 VsbGVuY2Ug aW4gdGhlIH JlYWwgZXN0 YXRlIGluZH VzdHJ5LCB3 aW5uaW5nIG 51bWVyb3Vz IGF3YXJkcy Bmb3IgZGVz aWduLCBkZX ZlbG9wbWVu dCwgYW5kIH N1c3RhaW5h YmlsaXR5Li BUaGlzIHJl ZmxlY3RzIH RoZSBjb21w YW554oCZcy Bjb21taXRt ZW50IHRvIG RlbGl2ZXJp bmcgdG9wLX F1YWxpdHkg cHJvamVjdH MuPGJyPjcu IEV4cGVyaW VuY2VkIGFu ZCB2aXNpb2 5hcnkgbGVh ZGVyc2hpcD ogVGhlIGNv bXBhbnkgaX MgbGVkIGJ5 IGEgdGVhbS BvZiBleHBl cmllbmNlZC BhbmQgdmlz aW9uYXJ5IG xlYWRlcnMg d2hvIGhhdm UgYSBkZWVw IHVuZGVyc3 RhbmRpbmcg b2YgdGhlIH JlYWwgZXN0 YXRlIG1hcm tldCBhbmQg YSB0cmFjay ByZWNvcmQg b2Ygc3VjY2 Vzc2Z1bCBk ZXZlbG9wbW VudHMuIFRo aXMgc3Ryb2 5nIGxlYWRl cnNoaXAgZW 5zdXJlcyB0 aGUgY29tcG FueeKAmXMg Z3Jvd3RoIG FuZCBzdWNj ZXNzLg==

VGhlIEtlcn J5IFByb3Bl cnRpZXMgY2 9tcGFueeKA mXMgYnVzaW 5lc3MgbW9k ZWwgaXMgYm FzZWQgb24g cmVhbCBlc3 RhdGUgZGV2 ZWxvcG1lbn QsIG1hbmFn ZW1lbnQgYW 5kIGludmVz dG1lbnQuIE l0IHByaW1h cmlseSBmb2 N1c2VzIG9u IGRldmVsb3 BpbmcgcmVz aWRlbnRpYW wsIGNvbW1l cmNpYWwsIG hvdGVsIGFu ZCBpbmR1c3 RyaWFsIHBy b3BlcnRpZX MgaW4gSG9u ZyBLb25nLC BtYWlubGFu ZCBDaGluYS wgYW5kIG90 aGVyIEFzaW FuIGNvdW50 cmllcy4gVG hlIGNvbXBh bnkgYWxzby BlbmdhZ2Vz IGluIHByb3 BlcnR5IG1h bmFnZW1lbn Qgc2Vydmlj ZXMsIGFzIH dlbGwgYXMg aW52ZXN0bW VudHMgaW4g c2VjdXJpdG llcyBhbmQg b3RoZXIgZm luYW5jaWFs IGFzc2V0cy 4gS2Vycnkg UHJvcGVydG llcyBhaW1z IHRvIHByb3 ZpZGUgcXVh bGl0eSBwcm 9wZXJ0aWVz IGFuZCBzZX J2aWNlcyB0 byBtZWV0IH RoZSBuZWVk cyBvZiBpdH MgY3VzdG9t ZXJzLCB3aG lsZSBhbHNv IGdlbmVyYX RpbmcgbG9u Zy10ZXJtIH ZhbHVlIGZv ciBpdHMgc2 hhcmVob2xk ZXJzLiBUaG UgY29tcGFu eeKAmXMgYn VzaW5lc3Mg bW9kZWwgaW 5jbHVkZXMg c3RyYXRlZ2 ljIHBhcnRu ZXJzaGlwcy wgZGl2ZXJz aWZpY2F0aW 9uIG9mIGl0 cyBwb3J0Zm 9saW8sIGFu ZCBhIGZvY3 VzIG9uIHN1 c3RhaW5hYm xlIGRldmVs b3BtZW50IH ByYWN0aWNl cy4gSXQgYW xzbyBwbGFj ZXMgYSBzdH JvbmcgZW1w aGFzaXMgb2 4gY3VzdG9t ZXIgc2F0aX NmYWN0aW9u IGFuZCBtYW ludGFpbmlu ZyBhIHN0cm 9uZyBicmFu ZCByZXB1dG F0aW9uLg==

AI could potentially pose a material threat to Kerry Properties, a real estate company, through several avenues like substitution, disintermediation, and margin pressure.
1. Substitution: As AI technologies advance, they could lead to the development of alternative models for property management and investment that might be more efficient or cost-effective. For instance, AI-driven platforms could streamline processes such as property valuation, tenant management, and market analysis, potentially offering products or services that compete with those offered by traditional real estate firms like Kerry Properties.
2. Disintermediation: AI has the potential to reduce the need for intermediaries in real estate transactions. Technologies such as blockchain combined with AI can facilitate direct transactions between buyers and sellers, streamlining the purchasing process and potentially diminishing the role of firms like Kerry Properties in certain market segments. If consumers begin to rely more on AI platforms for property searches and transactions, this could disrupt Kerry’s traditional business model.
3. Margin Pressure: The implementation of AI can lead to increased competition as new entrants leverage technology to operate at lower costs. This can generate margin pressure on established companies like Kerry Properties. If competitors use AI to provide services at reduced costs or enhance customer experiences significantly, Kerry may be forced to lower prices or invest heavily in technology itself, which could impact profit margins.
In summary, while AI presents opportunities for innovation and efficiency, it also poses significant risks related to substitution, disintermediation, and margin pressure that could affect Kerry Properties’ market positioning. The company will need to adapt strategically to mitigate these threats.

Kerry Properties, like many real estate companies, is typically sensitive to changes in interest rates in several ways.
1. Earnings Impact: Interest rates influence borrowing costs. If interest rates rise, the cost of financing new projects increases, which can lead to reduced profit margins on new developments. Elevated rates can also affect consumer demand for property purchases, as higher mortgage rates can deter potential buyers. This reduction in demand can lead to lower sales volumes and pressure on earnings.
2. Cash Flow Sensitivity: Higher interest rates can lead to increased interest expense on existing debt, reducing the overall cash flow available for operations and development projects. Additionally, if the market for properties weakens due to higher borrowing costs, rental income may also decline as tenants may seek cheaper living options or delay moving.
3. Valuation Effects: The valuation of real estate companies is often tied to discounted cash flow models, where future cash flows are discounted back to present value using a discount rate that typically includes interest rates. As interest rates rise, the discount rate increases, leading to lower present values for future cash flows and negatively impacting the company’s valuation.
Overall, rising interest rates can lead to increased costs, reduced demand, and lower property valuations, affecting Kerry Properties’ overall performance and financial health. Conversely, declining interest rates generally have the opposite effects, potentially boosting demand, reducing financing costs, and enhancing valuations.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgS2 VycnkgUHJv cGVydGllc+ KAmSBlY29u b21pY3Mgb3 ZlciB0aGUg bmV4dCAz4o CTNSB5ZWFy cyBpbnZvbH ZlcyBhIHN1 c3RhaW5lZC BhbmQgc2V2 ZXJlIGRvd2 50dXJuIGlu IHRoZSByZW FsIGVzdGF0 ZSBtYXJrZX QgaW4gdGhl IHJlZ2lvbn Mgd2hlcmUg dGhlIGNvbX Bhbnkgb3Bl cmF0ZXMsIH BhcnRpY3Vs YXJseSBIb2 5nIEtvbmcg YW5kIG1haW 5sYW5kIENo aW5hLiBUaG lzIGNvdWxk IGJlIHRyaW dnZXJlZCBi eSBzZXZlcm FsIGZhY3Rv cnMsIGluY2 x1ZGluZzo8 YnI+MS4gPH N0cm9uZz5F Y29ub21pYy BSZWNlc3Np b248L3N0cm 9uZz46IEEg YnJvYWRlci BlY29ub21p YyBkb3dudH VybiBjb3Vs ZCBsZWFkIH RvIHJlZHVj ZWQgY29uc3 VtZXIgc3Bl bmRpbmcsIG pvYiBsb3Nz ZXMsIGFuZC BkZWNyZWFz ZWQgZGVtYW 5kIGZvciBy ZXNpZGVudG lhbCBhbmQg Y29tbWVyY2 lhbCBwcm9w ZXJ0aWVzLj xicj4yLiA8 c3Ryb25nPl JlZ3VsYXRv cnkgQ2hhbm dlczwvc3Ry b25nPjogTm V3IGdvdmVy bm1lbnQgcG 9saWNpZXMg YWltZWQgYX QgY3VyYmlu ZyBwcm9wZX J0eSBzcGVj dWxhdGlvbi BvciBpbXBs ZW1lbnRpbm cgc3RyaWN0 ZXIgbGVuZG luZyBjcml0 ZXJpYSBjb3 VsZCBzdGlm bGUgaW52ZX N0bWVudCBp biByZWFsIG VzdGF0ZSwg bGVhZGluZy B0byBkZWNs aW5pbmcgcH JvcGVydHkg cHJpY2VzIG FuZCByZWR1 Y2VkIHRyYW 5zYWN0aW9u IHZvbHVtZS 48YnI+My4g PHN0cm9uZz 5JbnRlcmVz dCBSYXRlIE hpa2VzPC9z dHJvbmc+Oi BBIHNpZ25p ZmljYW50IG luY3JlYXNl IGluIGludG VyZXN0IHJh dGVzIGNvdW xkIG1ha2Ug Ym9ycm93aW 5nIG1vcmUg ZXhwZW5zaX ZlLCBhZmZl Y3RpbmcgYm 90aCBkZXZl bG9wZXJzIG FuZCBidXll cnMuIFRoaX MgY291bGQg bGVhZCB0by BkZWNyZWFz ZWQgc2FsZX MgYW5kIHJl bnRhbHMsIG Fsb25nIHdp dGggYSBncm VhdGVyIG51 bWJlciBvZi BkZWZhdWx0 cyBvbiBleG lzdGluZyBt b3J0Z2FnZS BvYmxpZ2F0 aW9ucy48Yn I+NC4gPHN0 cm9uZz5EZW 1vZ3JhcGhp YyBTaGlmdH M8L3N0cm9u Zz46IEEgZH JhbWF0aWMg ZGVjbGluZS BpbiBwb3B1 bGF0aW9uIG dyb3d0aCBv ciBjaGFuZ2 VzIGluIGRl bW9ncmFwaG ljIHByZWZl cmVuY2VzIC hmb3IgaW5z dGFuY2UsIG Egc2hpZnQg dG93YXJkcy ByZW1vdGUg d29yayBsZW FkaW5nIHRv IGEgcmVkdW NlZCBuZWVk IGZvciBvZm ZpY2Ugc3Bh Y2UpIGNvdW xkIGxlc3Nl biBkZW1hbm QgZm9yIG5l dyBob3VzaW 5nIGFuZCBj b21tZXJjaW FsIHByb3Bl cnRpZXMuPG JyPklmIG9u ZSBvZiB0aG VzZSBzY2Vu YXJpb3MgcG xheWVkIG91 dCwgS2Vycn kgUHJvcGVy dGllcyBjb3 VsZCBzZWUg YSBzaWduaW ZpY2FudCBk ZXRlcmlvcm F0aW9uIGlu IGl0cyBmaW 5hbmNpYWwg cGVyZm9ybW FuY2UsIGlt cGFjdGluZy BtYXJnaW5z LCBjYXNoIG Zsb3csIGFu ZCBiYWxhbm NlIHNoZWV0 IGluIHRoZS Bmb2xsb3dp bmcgd2F5cz o8YnI+LSA8 c3Ryb25nPk 1hcmdpbnM8 L3N0cm9uZz 46IFByb2Zp dCBtYXJnaW 5zIHdvdWxk IGxpa2VseS BzaHJpbmsg Y29uc2lkZX JhYmx5IGR1 ZSB0byBsb3 dlciBzYWxl cyBwcmljZX MgYW5kIHJp c2luZyBjb3 N0cyBhc3Nv Y2lhdGVkIH dpdGggaG9s ZGluZyB1bn NvbGQgaW52 ZW50b3J5Li BUaGUgY29t cGFueSBjb3 VsZCBmYWNl IGluY3JlYX NlZCBjb21w ZXRpdGlvbi Bmb3IgbG93 ZXItcHJpY2 VkIHByb3Bl cnRpZXMsIH ByZXNzdXJp bmcgbWFyZ2 lucyBmdXJ0 aGVyLiBGdX J0aGVybW9y ZSwgdGhlIG luYWJpbGl0 eSB0byBzZW xsIHByb3Bl cnRpZXMgYX QgZXhwZWN0 ZWQgdmFsdW F0aW9ucyBj b3VsZCByZX N1bHQgaW4g d3JpdGUtZG 93bnMgYW5k IGltcGFpcm 1lbnRzLjxi cj4tIDxzdH Jvbmc+Q2Fz aCBGbG93PC 9zdHJvbmc+ OiBPcGVyYX RpbmcgY2Fz aCBmbG93IG NvdWxkIGRl Y2xpbmUgc2 hhcnBseSBk dWUgdG8gcm VkdWNlZCBy ZW50YWwgaW 5jb21lIGFu ZCBsb3dlci BzYWxlcyB2 b2x1bWVzLi BXaXRoIGRp bWluaXNoZW QgY2FzaCBp bmZsb3dzIG Zyb20gcHJv cGVydHkgc2 FsZXMgYW5k IHJlbnRhbH MsIHRoZSBj b21wYW55IG 1pZ2h0IHN0 cnVnZ2xlIH RvIG1lZXQg aXRzIGZpbm FuY2lhbCBv YmxpZ2F0aW 9ucywgaW52 ZXN0IGluIG 5ldyBwcm9q ZWN0cywgb3 IgY292ZXIg b3BlcmF0aW 9uYWwgY29z dHMuIFRoaX MgY291bGQg bGVhZCB0by ByZWxpYW5j ZSBvbiBleH Rlcm5hbCBm aW5hbmNpbm cgb3IgaW5j cmVhc2VkIG RlYnQgdG8g bWFpbnRhaW 4gbGlxdWlk aXR5LCB3aG ljaCB3b3Vs ZCBiZSB1bn N1c3RhaW5h YmxlIGluIH RoZSBsb25n IHRlcm0uPG JyPi0gPHN0 cm9uZz5CYW xhbmNlIFNo ZWV0PC9zdH Jvbmc+OiBU aGUgYmFsYW 5jZSBzaGVl dCBjb3VsZC BzdWZmZXIg ZnJvbSBhbi BpbmNyZWFz ZSBpbiBkZW J0IGxldmVs cyBhcyB0aG UgY29tcGFu eSBib3Jyb3 dzIHRvIGNv dmVyIHNob3 J0ZmFsbHMg aW4gY2FzaC BmbG93LiBB IGRlY2xpbm UgaW4gcHJv cGVydHkgdm FsdWVzIHdv dWxkIGxpa2 VseSBsZWFk IHRvIGxvd2 VyIGFzc2V0 IHZhbHVhdG lvbnMsIGlt cGFpcmluZy BlcXVpdHku IE1vcmVvdm VyLCB0aGUg cmlzayBvZi BkZWZhdWx0 IG9uIGxvYW 5zIGNvdWxk IGluY3JlYX NlIGlmIHRo ZSBjb21wYW 55IGlzIHVu YWJsZSB0by BzZXJ2aWNl IGl0cyBkZW J0IGFtaWRz dCBkZXRlcm lvcmF0aW5n IG9wZXJhdG lvbmFsIHBl cmZvcm1hbm NlLCBsZWFk aW5nIHRvIG EgcG90ZW50 aWFsIGNyZW RpdCBkb3du Z3JhZGUuPG JyPkluIHN1 bW1hcnksIG lmIGEgcHJv bG9uZ2VkIH JlYWwgZXN0 YXRlIGRvd2 50dXJuIHdl cmUgdG8gb2 NjdXIsIEtl cnJ5IFByb3 BlcnRpZXMg Y291bGQgZX hwZXJpZW5j ZSBlbmR1cm luZyBuZWdh dGl2ZSBpbX BhY3RzIG9u IGl0cyBwcm 9maXRhYmls aXR5LCBjYX NoIGZsb3cs IGFuZCBvdm VyYWxsIGZp bmFuY2lhbC BoZWFsdGgs IHBvdGVudG lhbGx5IGxl YWRpbmcgdG 8gYSByZXN0 cnVjdHVyaW 5nIG9yIGRv d25zaXppbm cgb2YgaXRz IG9wZXJhdG lvbnMuPGJy Pg==

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 bG9nb3MvbW 5jTFRhTHRm QVFQM0lnUz JUQmMud2Vi cCIgYWx0PS JLZXJyeSBQ cm9wZXJ0aW VzIiB0aXRs ZT0iS2Vycn kgUHJvcGVy dGllcyIgIG NsYXNzPSJp bWctZmx1aW QiIGhlaWdo dD01MCB3aW R0aD01MCBs b2FkaW5nPS dsYXp5JyBz dHlsZT0nYm 9yZGVyLXJh ZGl1czogNn B4Oyc+Cgog ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J2ZsZXg6ID E7IHRleHQt YWxpZ246IG NlbnRlcjsg bWFyZ2luLW xlZnQ6IDVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 cCBzdHlsZT 0nZm9udC1z aXplOiAyNn B4OyBjb2xv cjogIzMzMz sgbWFyZ2lu LWJvdHRvbT ogMTVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TiCBXYW 50IHRvIHJl YWQgbW9yZS BhYm91dCBL ZXJyeSBQcm 9wZXJ0aWVz 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 Ag4pqhIElu c3RhbnRseS BhY2Nlc3Mg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPiDigJQg ZnJlZSEKIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1TNGdSbT kxYm0gUmxa Q0JwYmlBeC BPVGM0TENC TFpYIEp5ZV NCUWNtOXcg WlhKMGFXVn pJRyBseklH RWdiV0ZxIG IzSWdjSEp2 Y0cgVnlkSG tnWkdWMiBa V3h2Y0dWeU lHIEpoYzJW a0lHbHUgSU VodmJtY2dT MiA5dVp5d2 dkMmwwIGFD QnZjR1Z5WV ggUnBiMjV6 SUhOdyBZVz V1YVc1bklH IEZqY205em N5Qk4gWVds dWJHRnVaQy BCRGFHbHVZ U0JoIGJtUW diM1JvWlgg SWdjR0Z5ZE hNZyBiMlln UVhOcFlTID Q4WW5JK01p NGcgVkdobE lHTnZiWCBC aGJua2dhWE 1nIFlTQnpk V0p6YVcgUn BZWEo1SUc5 bSBJSFJvWl NCTFpYIEp5 ZVNCSGNtOT EgY0N3Z2Iy NWxJRyA5bU lFaHZibWNn IFMyOXVaK0 tBbVggTWdi R0Z5WjJWei BkQ0JqYjI1 bmJHIDl0Wl hKaGRHVnog TENCM2FHbG phQyBCM1lY TWdabTkxIG JtUmxaQ0Jp ZVMgQjBhR1 VnYkdWbiBa VzVrWVhKNU lHIFZ1ZEhK bGNISmwgYm 1WMWNpQlpZ VyA1bklFdD FZVzR0IGMz VnVManhpY2 ogNHpMaUJM WlhKeSBlU0 JRY205d1pY IEowYVdWek lHaGggY3lC aElHUnBkbS BWeWMyVWdj Rzl5IGRHWn ZiR2x2SUcg OW1JSEJ5Yj NCbCBjblJw WlhNc0lHIG x1WTJ4MVpH bHUgWnlCc2 RYaDFjbiBr Z2NtVnphV1 JsIGJuUnBZ V3dnWkcgVj JaV3h2Y0cx bCBiblJ6TE NCdlptIFpw WTJVZ2RHOT MgWlhKekxD QnphRyA5d2 NHbHVaeUJ0 IFlXeHNjeX dnWVcgNWtJ R2h2ZEdWcy BjeTQ4WW5J K05DIDRnVk dobElHTnYg YlhCaGJua2 dhWCBNZ2Ey NXZkMjRnIF ptOXlJR2ww Y3kgQm1iMk 4xY3lCdiBi aUJvYVdkb0 xXIFZ1WkNC d2NtOXcgWl hKMGFXVnpJ RyBGdVpDQn NkWGgxIGNu a2diR2xtWl ggTjBlV3hs SUc5bSBabV Z5YVc1bmN5 IHdnZDJsMG FDQnogYjIx bElHOW1JRy BsMGN5Qnla WE5wIFpHVn VkR2xoYkMg QmtaWFpsYk c5dyBiV1Z1 ZEhNZ1ptIF ZoZEhWeWFX NW4gSUdWNF kyeDFjMiBs MlpTQmhiV1 Z1IGFYUnBa WE1nYkcgbH JaU0J3Y21s MiBZWFJsSU hCdmIyIHh6 SUdGdVpDQn ogYTNrZ1oy RnlaRyBWdW N5NDhZbkkr IE5TNGdTMl Z5Y24ga2dV SEp2Y0dWeS BkR2xsY3lC b1lYIE1nWV NCemRISnYg Ym1jZ2NISm xjMiBWdVky VWdhVzRnIF RXRnBibXho Ym0gUWdRMm hwYm1FcyBJ SEJoY25ScF kzIFZzWVhK c2VTQnAgYm lCdFlXcHZj aSBCamFYUn BaWE1nIGJH bHJaU0JUYU cgRnVaMmho YVN3ZyBRbV ZwYW1sdVp5 IHdnWVc1a0 lGTm8gWlc1 NmFHVnVMQy BCM2FHVnla U0JwIGRDQm 9ZWE1nWkcg VjJaV3h2Y0 dWayBJSE5s ZG1WeVlXIH dnYVdOdmJt bGogSUhOcm VYTmpjbSBG d1pYSnpMan hpIGNqNDJM aUJKYmkgQm haR1JwZEds diBiaUIwYn lCd2NtIDl3 WlhKMGVTQm sgWlhabGJH OXdiVyBWdW RDd2dTMlZ5 IGNua2dVSE p2Y0cgVnlk R2xsY3lCaC BiSE52SUdo aGN5IEJoSU hCeWIzQmwg Y25SNUlHbH VkbSBWemRH MWxiblFnIF pHbDJhWE5w YjIgNGdZVz VrSUdFZyBj SEp2Y0dWeW RIIGtnYldG dVlXZGwgYl dWdWRDQmhj bSAwc0lIQn liM1pwIFpH bHVaeUJoSU cgWjFiR3dn Y21GdSBaMl VnYjJZZ2My IFZ5ZG1sal pYTWcgZEc4 Z2NISnZjRy BWeWRIa2di M2R1IFpYSn pJR0Z1WkMg QjBaVzVoYm 5SeiBManhp Y2o0M0xpIE JVYUdVZ1ky OXQgY0dGdW VTQm9ZWCBN Z1ltVmxiaU JzIGFYTjBa V1FnYjIgNG dkR2hsSUVo diBibWNnUz I5dVp5IEJU ZEc5amF5Qk YgZUdOb1lX NW5aUyBCem FXNWpaU0F4 IE9UazJJR0 Z1WkMgQnBj eUJoSUdOdi BiWEJ2Ym1W dWRDIEJ2Wm lCMGFHVWcg U0dGdVp5Ql RaVyA1bklF bHVaR1Y0IE xDQmhJR0ps Ym0gTm9iV0 Z5YXlCcCBi bVJsZUNCdl ppIEIwYUdV Z1NHOXUgWn lCTGIyNW5J SCBOMGIyTn JJRzFoIGNt dGxkQzQ4WW 4gSStPQzRn UzJWeSBjbm tnVUhKdmNH IFZ5ZEdsbG N5Qm8gWVhN Z1ltVmxiaS BCeVpXTnZa MjVwIGVtVm tJR1p2Y2kg QnBkSE1nWT I5eSBjRzl5 WVhSbElHIG R2ZG1WeWJt RnUgWTJVZ2 NISmhZMyBS cFkyVnpJR0 Z1IFpDQm9Z WE1nY20gVm paV2wyWldR ZyBiWFZzZE dsd2JHIFVn WVhkaGNtUn ogTENCcGJt TnNkVyBScG JtY2dkR2hs IElFSmxjM1 FnUTIgOXlj Rzl5WVhSbC BJRWR2ZG1W eWJtIEZ1WT JVZ1lYZGgg Y21RZ1lYUW dkRyBobElF aHZibWNnIF MyOXVaeUJD ZFggTnBibV Z6Y3lCQiBk MkZ5WkhNdV BHIEp5UGpr dUlGUm8gWl NCamIyMXdZ VyA1NUlHbH pJR052IGJX MXBkSFJsWk MgQjBieUJ6 ZFhOMCBZV2 x1WVdKc1pT IEJrWlhabG JHOXcgYldW dWRDQmhibS BRZ2FHRnpJ R2x0IGNHeG xiV1Z1ZEcg VmtJSFpoY2 1sdiBkWE1n YVc1cGRHIG xoZEdsMlpY TWcgZEc4Z2 NtVmtkVyBO bElHbDBjeU JsIGJuWnBj bTl1YlcgVn VkR0ZzSUda diBiM1J3Y2 1sdWRDIHdn YzNWamFDQm ggY3lCMWMy bHVaeSBCbm NtVmxiaUJp IGRXbHNaR2 x1WnkgQnRZ WFJsY21saC BiSE1nWVc1 a0lIIEJ5Yj IxdmRHbHUg WnlCbGJtVn laMyBrdFpX Wm1hV05wIF pXNTBJSEJ5 WVcgTjBhV0 5sY3lCcCBi aUJwZEhNZ2 NIIEp2Y0dW eWRHbGwgY3 k0OFluSStN VCBBdUlFbH VJSEpsIFky VnVkQ0I1Wl cgRnljeXdn UzJWeSBjbm tnVUhKdmNH IFZ5ZEdsbG N5Qm8gWVhN Z1pYaHdZVy A1a1pXUWdh WFJ6IElHOX daWEpoZEcg bHZibk1nZE c4ZyBiM1Jv WlhJZ2NHIE Z5ZEhNZ2Iy WWcgUVhOcF lTd2dhVyA1 amJIVmthVz VuIElGTnBi bWRoY0cgOX laU3dnZEdo bCBJRkJvYV d4cGNIIEJw Ym1WekxDQm ggYm1RZ1Ey RnRZbSA5a2 FXRXNJRzFo IGNtdHBibW NnYVggUnpJ R0Z0WW1sMC BhVzl1SUhS dklHIEpsWT I5dFpTQmgg SUd4bFlXUn BibSBjZ2Nt Vm5hVzl1IF lXd2djSEp2 Y0cgVnlkSG tnWkdWMiBa V3h2Y0dWeU xnID09CiAg ICAgICAgPC 9zcGFuPgog ICAgICAgIA ogICAgICAg IA==