Big Yellow Group

-8.59%

More reviews (2)

Live  

The Big Yellow Group is a self-storage company that was founded in 1998. It is based in the United Kingdom and is one of the largest self-storage companies in the country. The company operates under the brand name, Big Yellow Self Storage, and provides storage solutions for both personal and business use.
Big Yellow Group has over 100 self-storage facilities across the UK, with most of them located in or around London. The company offers a variety of storage unit sizes, ranging from small lockers to large rooms, to accommodate different storage needs. Customers can rent the storage units on a short-term or long-term basis, and they have the flexibility to upsize or downsize their storage space as needed.
In addition to storage solutions, Big Yellow Group also offers other services such as van rental, packing materials, and insurance options for customers. The company has a strong focus on customer service and has won several awards for its commitment to customer satisfaction.
Big Yellow Group is a publicly traded company and is listed on the London Stock Exchange. As of 2021, the company has a market capitalization of over £2 billion and continues to see steady growth.

QmlnIFllbG xvdyBHcm91 cCBpcyBhIG NvbXBhbnkg dGhhdCBoZW xwcyBwZW9w bGUgYW5kIG J1c2luZXNz ZXMgc3Rvcm UgdGhlaXIg ZXh0cmEgdG hpbmdzIGlu IGEgc2FmZS BwbGFjZS4g SW1hZ2luZS B5b3UgaGF2 ZSBhIGxvdC BvZiB0b3lz LCBjbG90aG VzLCBvciBl dmVuIG9sZC BmdXJuaXR1 cmUgdGhhdC B5b3UgZG9u 4oCZdCB1c2 UgYWxsIHRo ZSB0aW1lLi BJbnN0ZWFk IG9mIGtlZX BpbmcgdGhl bSBhdCBob2 1lIHdoZXJl IHRoZXkgdG FrZSB1cCBz cGFjZSwgeW 91IGNhbiBy ZW50IGEgc3 RvcmFnZSBy b29tIGZyb2 0gQmlnIFll bGxvdy4gPG JyPlRoZXkg aGF2ZSBiaW cgYnVpbGRp bmdzIGZpbG xlZCB3aXRo IG1hbnkgc3 RvcmFnZSB1 bml0cyB0aG F0IHBlb3Bs ZSBjYW4gdX NlLiBFYWNo IHVuaXQgaX MgbGlrZSBh IGxpdHRsZS Byb29tIHdo ZXJlIHlvdS BjYW4ga2Vl cCB5b3VyIH N0dWZmIGxv Y2tlZCB1cC BhbmQgc2Fm ZS4gUGVvcG xlIHBheSBC aWcgWWVsbG 93IG1vbmV5 IGV2ZXJ5IG 1vbnRoIHRv IHVzZSB0aG VzZSBzdG9y YWdlIHJvb2 1zLiBUaGF0 4oCZcyBob3 cgdGhlIGNv bXBhbnkgbW FrZXMgaXRz IG1vbmV5Lj xicj5CaWcg WWVsbG93IG lzIHN1Y2Nl c3NmdWwgZm 9yIGEgZmV3 IHJlYXNvbn MuIEZpcnN0 LCBtYW55IH Blb3BsZSBu ZWVkIGV4dH JhIHNwYWNl IHRvIHN0b3 JlIHRoZWly IHRoaW5ncy wgd2hldGhl ciB0aGV5IG FyZSBtb3Zp bmcgdG8gYS BuZXcgaG91 c2UsIGdvaW 5nIHRvIGNv bGxlZ2UsIG 9yIGp1c3Qg ZGVjbHV0dG VyaW5nIHRo ZWlyIGhvbW VzLiBUaGlz IG1lYW5zIH RoZXJl4oCZ cyBhbHdheX MgYSBkZW1h bmQgZm9yIH N0b3JhZ2Uu IDxicj5TZW NvbmQsIEJp ZyBZZWxsb3 cgcHJvdmlk ZXMgZ29vZC BzZXJ2aWNl cywgbWFraW 5nIHN1cmUg dGhlIHN0b3 JhZ2UgcGxh Y2VzIGFyZS BjbGVhbiwg c2VjdXJlLC BhbmQgZWFz eSB0byBhY2 Nlc3MuIFRo ZXkgYWxzby BoYXZlIGZy aWVuZGx5IH N0YWZmIHdo byBoZWxwIG N1c3RvbWVy cyB3aGVuIH RoZXkgbmVl ZCBpdC48Yn I+TG9va2lu ZyBpbnRvIH RoZSBmdXR1 cmUsIEJpZy BZZWxsb3cg d2lsbCBsaW tlbHkgc3Rh eSBzdWNjZX NzZnVsIGJl Y2F1c2UgYX MgbW9yZSBw ZW9wbGUgbW 92ZSBhcm91 bmQgYW5kIG NoYW5nZSB0 aGVpciBsaX Zpbmcgc2l0 dWF0aW9ucy wgdGhlIG5l ZWQgZm9yIH N0b3JhZ2Ug d2lsbCBrZW VwIGdyb3dp bmcuIFBsdX MsIHRoZXkg Y2FuIGFkYX B0IHRvIG5l dyB0aGluZ3 MsIGxpa2Ug b2ZmZXJpbm cgc3BlY2lh bCBzcGFjZX MgZm9yIHRo aW5ncyBsaW tlIGJpa2Vz IG9yIGJ1c2 luZXNzIHN1 cHBsaWVzLi BTbywgbW9y ZSBwZW9wbG Ugd2lsbCBr ZWVwIGNob2 9zaW5nIEJp ZyBZZWxsb3 cgd2hlbiB0 aGV5IG5lZW QgdG8gc3Rv cmUgdGhlaX Igc3R1ZmYh PGJyPg==

MS4gTGFyZ2 VzdCBTZWxm LVN0b3JhZ2 UgQ29tcGFu eSBpbiB0aG UgVUs6IFRo ZSBCaWcgWW VsbG93IEdy b3VwIGlzIH RoZSBsYXJn ZXN0IHNlbG Ytc3RvcmFn ZSBjb21wYW 55IGluIHRo ZSBVSywgd2 l0aCBvdmVy IDEwMCBzdG 9yZXMgYWNy b3NzIHRoZS Bjb3VudHJ5 Ljxicj4yLi BMZWFkaW5n IFByb3ZpZG VyIG9mIFNl Y3VyZSBTdG 9yYWdlIFNv bHV0aW9ucz ogVGhlIGNv bXBhbnkgcH JpZGVzIGl0 c2VsZiBvbi Bwcm92aWRp bmcgc2VjdX JlIGFuZCBy ZWxpYWJsZS BzdG9yYWdl IHNvbHV0aW 9ucyBmb3Ig aXRzIGN1c3 RvbWVycywg ZW5zdXJpbm cgdGhlaXIg YmVsb25naW 5ncyBhcmUg c2FmZSBhbm QgcHJvdGVj dGVkIGF0IG FsbCB0aW1l cy48YnI+My 4gV2lkZSBS YW5nZSBvZi BTdG9yYWdl IE9wdGlvbn M6IFRoZSBC aWcgWWVsbG 93IEdyb3Vw IG9mZmVycy BhIHZhcmll dHkgb2Ygc3 RvcmFnZSBv cHRpb25zIH RvIGNhdGVy IHRvIGRpZm ZlcmVudCBu ZWVkcyBhbm QgYnVkZ2V0 cywgaW5jbH VkaW5nIHN0 b3JhZ2UgdW 5pdHMgb2Yg dmFyaW91cy BzaXplcywg bG9ja2Vycy wgYW5kIGNs aW1hdGUtY2 9udHJvbGxl ZCB1bml0cy 48YnI+NC4g Q29tcGV0aX RpdmUgUHJp Y2VzOiBUaG UgY29tcGFu eSBvZmZlcn MgY29tcGV0 aXRpdmUgcH JpY2VzIGZv ciBpdHMgc3 RvcmFnZSBz b2x1dGlvbn MsIG1ha2lu ZyBpdCBhbi BhZmZvcmRh YmxlIG9wdG lvbiBmb3Ig Y3VzdG9tZX JzLjxicj41 LiBFeGNlbG xlbnQgQ3Vz dG9tZXIgU2 VydmljZTog VGhlIEJpZy BZZWxsb3cg R3JvdXAgaG FzIGEgc3Ry b25nIGZvY3 VzIG9uIHBy b3ZpZGluZy BleGNlbGxl bnQgY3VzdG 9tZXIgc2Vy dmljZSwgbW FraW5nIHRo ZSBzdG9yYW dlIHByb2Nl c3MgZWFzeS BhbmQgaGFz c2xlLWZyZW UgZm9yIGl0 cyBjdXN0b2 1lcnMuPGJy PjYuIFN1c3 RhaW5hYmxl IFByYWN0aW NlczogVGhl IGNvbXBhbn kgaXMgY29t bWl0dGVkIH RvIHJlZHVj aW5nIGl0cy BlbnZpcm9u bWVudGFsIG ltcGFjdCBh bmQgaGFzIG ltcGxlbWVu dGVkIHZhcm lvdXMgc3Vz dGFpbmFibG UgcHJhY3Rp Y2VzLCBzdW NoIGFzIHVz aW5nIHNvbG FyIHBhbmVs cyBhbmQgcm FpbndhdGVy IGhhcnZlc3 Rpbmcgc3lz dGVtcyBpbi BpdHMgc3Rv cmVzLjxicj 43LiBJbm5v dmF0aXZlIF RlY2hub2xv Z3k6IFRoZS BCaWcgWWVs bG93IEdyb3 VwIHV0aWxp emVzIGlubm 92YXRpdmUg dGVjaG5vbG 9neSwgc3Vj aCBhcyBhIH NlbGYtc2Vy dmljZSBjaG Vjay1pbiBr aW9zayBhbm QgYSBtb2Jp bGUgYXBwLC B0byBtYWtl IHRoZSBzdG 9yYWdlIHBy b2Nlc3MgbW 9yZSBjb252 ZW5pZW50IG ZvciBpdHMg Y3VzdG9tZX JzLjxicj44 LiBTdHJvbm cgRmluYW5j aWFsIFBlcm Zvcm1hbmNl OiBUaGUgY2 9tcGFueSBo YXMgYSBzdH JvbmcgZmlu YW5jaWFsIH RyYWNrIHJl Y29yZCwgbW FraW5nIGl0 IGEgc3RhYm xlIGFuZCB0 cnVzdGVkIG Nob2ljZSBm b3IgY3VzdG 9tZXJzLjxi cj45LiBFbX Bsb3llZSBE ZXZlbG9wbW VudDogVGhl IEJpZyBZZW xsb3cgR3Jv dXAgaW52ZX N0cyBpbiB0 aGUgZGV2ZW xvcG1lbnQg YW5kIHRyYW luaW5nIG9m IGl0cyBlbX Bsb3llZXMs IGVuc3VyaW 5nIHRoZXkg cHJvdmlkZS B0b3Atbm90 Y2ggc2Vydm ljZSB0byBp dHMgY3VzdG 9tZXJzLjxi cj4xMC4gQ2 9tbXVuaXR5 IEludm9sdm VtZW50OiBU aGUgY29tcG FueSBpcyBh Y3RpdmVseS BpbnZvbHZl ZCBpbiBzdX Bwb3J0aW5n IGxvY2FsIG NvbW11bml0 aWVzLCBzdW NoIGFzIHRo cm91Z2ggZG 9uYXRpb25z IHRvIGNoYX JpdGllcyBh bmQgcGFydG ljaXBhdGlu ZyBpbiBsb2 NhbCBldmVu dHMu

VGhlIEJpZy BZZWxsb3cg R3JvdXAgaX MgYSBzZWxm LXN0b3JhZ2 UgY29tcGFu eSB0aGF0IG 9wZXJhdGVz IGluIHRoZS BVbml0ZWQg S2luZ2RvbS wgcHJpbWFy aWx5IGluIE xvbmRvbiBh bmQgU291dG ggRWFzdCBF bmdsYW5kLi BJdHMgYnVz aW5lc3MgbW 9kZWwgaW52 b2x2ZXMgcH VyY2hhc2lu ZyBsYW5kIG 9yIHByb3Bl cnRpZXMsIG NvbnN0cnVj dGluZyBvci Bjb252ZXJ0 aW5nIHRoZW 0gaW50byBz ZWxmLXN0b3 JhZ2UgZmFj aWxpdGllcy wgYW5kIHRo ZW4gbGVhc2 luZyBpbmRp dmlkdWFsIH NlbGYtc3Rv cmFnZSB1bm l0cyB0byBj dXN0b21lcn Mgb24gYSBz aG9ydC10ZX JtIG9yIGxv bmctdGVybS BiYXNpcy48 YnI+VGhlIG NvbXBhbnkg YWxzbyBvZm ZlcnMgYW5j aWxsYXJ5IH NlcnZpY2Vz IHN1Y2ggYX MgaW5zdXJh bmNlLCB2YW 4gcmVudGFs LCBhbmQgcG Fja2FnaW5n IG1hdGVyaW FscyB0byBp dHMgY3VzdG 9tZXJzLiBJ dCBnZW5lcm F0ZXMgcmV2 ZW51ZSB0aH JvdWdoIHJl bnRhbCBpbm NvbWUgZnJv bSBpdHMgc2 VsZi1zdG9y YWdlIHVuaX RzLCBhcyB3 ZWxsIGFzIG FkZGl0aW9u YWwgc2Vydm ljZXMgcHJv dmlkZWQuPG JyPkluIGFk ZGl0aW9uLC B0aGUgQmln IFllbGxvdy BHcm91cCBt YXkgYWxzby BhY3F1aXJl IGV4aXN0aW 5nIHNlbGYt c3RvcmFnZS BidXNpbmVz c2VzIG9yIH Byb3BlcnRp ZXMgYW5kIG ludGVncmF0 ZSB0aGVtIG ludG8gdGhl aXIgcG9ydG ZvbGlvIHRv IGV4cGFuZC B0aGVpciBv cGVyYXRpb2 5zIGFuZCBj dXN0b21lci BiYXNlLjxi cj5UaGUgY2 9tcGFueSdz IGJ1c2luZX NzIG1vZGVs IGFsc28gaW 52b2x2ZXMg YSBmb2N1cy BvbiBtYWlu dGFpbmluZy BhIHN0cm9u ZyBvbmxpbm UgcHJlc2Vu Y2UsIGFzIH dlbGwgYXMg ZWZmZWN0aX ZlIG1hcmtl dGluZyBhbm QgYWR2ZXJ0 aXNpbmcgc3 RyYXRlZ2ll cyB0byBhdH RyYWN0IG5l dyBjdXN0b2 1lcnMgYW5k IHJldGFpbi BleGlzdGlu ZyBvbmVzLi BUaGV5IGFs c28gcHJpb3 JpdGl6ZSBj dXN0b21lci BzZXJ2aWNl IGFuZCBjb2 52ZW5pZW5j ZSB3aXRoIG ZsZXhpYmxl IHJlbnRhbC BvcHRpb25z IGFuZCBtb2 Rlcm4gZGln aXRhbCBzeX N0ZW1zIGZv ciBzdG9yYW dlIGFjY2Vz cy48YnI+T3 ZlcmFsbCwg dGhlIEJpZy BZZWxsb3cg R3JvdXAncy BidXNpbmVz cyBtb2RlbC ByZXZvbHZl cyBhcm91bm QgcHJvdmlk aW5nIGNvbn ZlbmllbnQg YW5kIHNlY3 VyZSBzZWxm LXN0b3JhZ2 Ugc29sdXRp b25zIHRvIG luZGl2aWR1 YWxzIGFuZC BidXNpbmVz c2VzLCBnZW 5lcmF0aW5n IGEgc3RlYW R5IHN0cmVh bSBvZiByZX ZlbnVlIHRo cm91Z2ggcm VudGFsIGlu Y29tZSBhbm QgYWRkaXRp b25hbCBzZX J2aWNlcy4=

AI has the potential to affect companies like Big Yellow Group in several ways, particularly in terms of products, services, and competitive positioning.
1. Substitution: AI technologies can enable innovative alternatives to traditional self-storage solutions. For instance, automated storage systems or odemand logistics services can emerge, reducing the need for physical storage facilities. Companies leveraging AI for smart inventory management or home organization may also provide consumers with more efficient alternatives, thus posing a substitution threat.
2. Disintermediation: The rise of AI-driven platforms could streamline processes, allowing consumers to manage their storage needs directly without intermediaries. For example, services that use AI for real-time inventory tracking or automated pricing could reduce the need for traditional storage operators. This could lead to a shift in how consumers engage with storage solutions, potentially bypassing established companies like Big Yellow Group.
3. Margin Pressure: The incorporation of AI may lead to increased competition and lower operating costs for new entrants in the storage market. If these new players can automate processes or utilize AI to enhance customer experience and reduce overhead, they can offer lower prices to capture market share. Big Yellow Group could face pressure on its margins if it cannot similarly leverage AI to optimize operations or improve service offerings.
In conclusion, while AI offers opportunities for enhanced efficiency and customer experience, it also poses significant challenges through substitution, disintermediation, and margin pressure. Big Yellow Group would need to adapt strategically to these changes to maintain its competitive position.

The sensitivity of Big Yellow Group’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through various facets:
1. Earnings Sensitivity: Big Yellow Group operates in the self-storage sector, which can be affected by interest rates in several ways. High interest rates may lead to increased borrowing costs for the company if it relies on debt financing for expansion or operations. This can negatively impact net earnings due to higher interest expenses. Conversely, increased rates might deter customers from borrowing, potentially increasing demand for self-storage as individuals and businesses seek short-term storage solutions. The net effect on earnings will depend on the balance between these factors.
2. Cash Flow Sensitivity: The company’s cash flow is also at risk from rising interest rates. As interest expense increases, free cash flow may decrease if a significant portion of cash flow is allocated to servicing debt. On the other hand, if interest rates rise due to economic growth, disposable income might increase, potentially improving customer demand for storage services. The overall impact on cash flow will depend on the company’s existing debt structure and its ability to pass on costs to customers.
3. Valuation Sensitivity: Valuation is typically based on discounted cash flow (DCF) models, which are sensitive to changes in interest rates. Higher interest rates increase the discount rate applied to future cash flows, which can lead to a lower present value of those cash flows and negatively affect the company’s market valuation. Additionally, if the market perceives higher interest rates as a signal of economic slowdown, investor sentiment may lead to a decreased willingness to pay for stock in companies like Big Yellow Group.
In summary, Big Yellow Group’s financial performance and valuation are sensitive to interest rate changes, with potential negative impacts stemming from increased costs of debt and valuation dynamics stemming from higher discount rates. However, the effects can vary based on different operational and market conditions.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgdG hlIEJpZyBZ ZWxsb3cgR3 JvdXDigJlz IGVjb25vbW ljcyBvdmVy IHRoZSBuZX h0IDMtNSB5 ZWFycyBpbm NsdWRlcyBh IHNpZ25pZm ljYW50IGFu ZCBwcm9sb2 5nZWQgZG93 bnR1cm4gaW 4gdGhlIFVL IHJlYWwgZX N0YXRlIG1h cmtldCwgY2 9tYmluZWQg d2l0aCBlc2 NhbGF0aW5n IG9wZXJhdG lvbmFsIGNv c3RzIGFuZC BpbmNyZWFz ZWQgY29tcG V0aXRpb24g aW4gdGhlIH NlbGYtc3Rv cmFnZSBzZW N0b3IuPGJy PkluIHRoaX Mgc2NlbmFy aW8sIGEgaG 91c2luZyBt YXJrZXQgZG 93bnR1cm4g Y291bGQgbG VhZCB0byBk ZWNyZWFzZW QgZGVtYW5k IGZvciBzZW xmLXN0b3Jh Z2Ugc29sdX Rpb25zLCBh cyBmZXdlci BwZW9wbGUg bW92ZSBvci Bkb3duc2l6 ZS4gVGhpcy ByZWR1Y3Rp b24gaW4gZG VtYW5kIHdv dWxkIGxpa2 VseSByZXN1 bHQgaW4gbG 93ZXIgb2Nj dXBhbmN5IH JhdGVzIGZv ciBCaWcgWW VsbG934oCZ cyBmYWNpbG l0aWVzLCBk aXJlY3RseS BpbXBhY3Rp bmcgcmV2ZW 51ZS4gSWYg dGhlIGNvbX BhbnkgZmFp bHMgdG8gYX R0cmFjdCBu ZXcgY3VzdG 9tZXJzIG9y IHJldGFpbi BleGlzdGlu ZyBvbmVzLC BpdCBjb3Vs ZCBmYWNlIG RlY2xpbmlu ZyByZW50YW wgaW5jb21l Ljxicj5TaW 11bHRhbmVv dXNseSwgaW Ygb3BlcmF0 aW9uYWwgY2 9zdHMgY29u dGludWUgdG 8gcmlzZSBk dWUgdG8gaW 5mbGF0aW9u LCBlbmVyZ3 kgcHJpY2Ug c3Bpa2VzLC BvciBpbmNy ZWFzZXMgaW 4gbWFpbnRl bmFuY2UgZX hwZW5zZXMs IHRoZSBjb2 1wYW554oCZ cyBtYXJnaW 5zIHdvdWxk IGJlIGZ1cn RoZXIgc3F1 ZWV6ZWQuIF RoZSBjb21i aW5hdGlvbi BvZiByZWR1 Y2VkIHJldm VudWUgYW5k IHJpc2luZy Bjb3N0cyB3 b3VsZCBzaW duaWZpY2Fu dGx5IGltcG FjdCBwcm9m aXRhYmlsaX R5IGFuZCBj b3VsZCBsZW FkIHRvIG5l Z2F0aXZlIG Nhc2ggZmxv dywgZXNwZW NpYWxseSBp ZiB0aGUgY2 9tcGFueSBp cyB1bmFibG UgdG8gYWRq dXN0IGl0cy BwcmljaW5n IHN0cmF0ZW d5IHRvIHJl bWFpbiBjb2 1wZXRpdGl2 ZS48YnI+QW RkaXRpb25h bGx5LCBpbm NyZWFzZWQg Y29tcGV0aX Rpb24gZnJv bSBleGlzdG luZyBwbGF5 ZXJzIGFuZC BuZXcgZW50 cmFudHMgY2 91bGQgZHJp dmUgcHJpY2 VzIGRvd24s IG1ha2luZy BpdCBjaGFs bGVuZ2luZy Bmb3IgQmln IFllbGxvdy B0byBtYWlu dGFpbiBpdH MgbWFya2V0 IHNoYXJlIG 9yIHByb2Zp dGFiaWxpdH kuIElmIHRo ZSBjb21wYW 55IGVudGVy cyBhIHByaW NlIHdhciwg ZnVydGhlci Blcm9zaW9u IG9mIG1hcm dpbnMgd291 bGQgYmUgZX hwZWN0ZWQu PGJyPkZyb2 0gYSBiYWxh bmNlIHNoZW V0IHBlcnNw ZWN0aXZlLC B0aGUgZmlu YW5jaWFsIG hlYWx0aCBv ZiBCaWcgWW VsbG93IGNv dWxkIGRldG VyaW9yYXRl LiBBIGRlY2 xpbmUgaW4g cmV2ZW51ZS B3b3VsZCBs aWtlbHkgbG VhZCB0byBy ZWR1Y2VkIG Vhcm5pbmdz LCB3aGljaC Bjb3VsZCBp bXBhaXIgdG hlIGNvbXBh bnnigJlzIG FiaWxpdHkg dG8gc2Vydm ljZSBkZWJ0 LiBQcm9sb2 5nZWQgbG93 ZXIgY2FzaC BmbG93cyBj b3VsZCBsZW FkIHRvIGlu Y3JlYXNlZC BkZWJ0IGxl dmVscyBpZi B0aGUgY29t cGFueSBsb2 9rcyB0byBm aW5hbmNlIG 9wZXJhdGlv bnMgb3IgaW 52ZXN0bWVu dHMuIENvbn NlcXVlbnRs eSwga2V5IG ZpbmFuY2lh bCByYXRpb3 MgbWF5IHdv cnNlbiwgaW 5jbHVkaW5n IGRlYnQtdG 8tZXF1aXR5 IHJhdGlvIG FuZCBpbnRl cmVzdCBjb3 ZlcmFnZSBy YXRpb3MsIH JhaXNpbmcg Y29uY2Vybn MgYW1vbmcg aW52ZXN0b3 JzIGFuZCBs ZW5kZXJzLj xicj5JZiB0 aGlzIHNjZW 5hcmlvIG1h dGVyaWFsaX plcywgQmln IFllbGxvdy BHcm91cOKA mXMgZWNvbm 9taWNzIHdv dWxkIHNoaW Z0IHNpZ25p ZmljYW50bH kuIFByb2Zp dCBtYXJnaW 5zIHdvdWxk IGxpa2VseS BzaHJpbmsg ZHVlIHRvIH RoZSBjb21i aW5hdGlvbi BvZiByZWR1 Y2VkIHJldm VudWUgYW5k IGluY3JlYX NpbmcgY29z dHMuIENhc2 ggZmxvdyBt aWdodCB0dX JuIG5lZ2F0 aXZlIG9yIG JlIGluc3Vm ZmljaWVudC B0byBjb3Zl ciBvcGVyYX Rpb25hbCBu ZWVkcyBhbm Qgb2JsaWdh dGlvbnMsIG FmZmVjdGlu ZyB0aGUgY2 9tcGFueeKA mXMgYWJpbG l0eSB0byBp bnZlc3QgaW 4gZ3Jvd3Ro IGluaXRpYX RpdmVzIG9y IHJldHVybi B2YWx1ZSB0 byBzaGFyZW hvbGRlcnMu IFVsdGltYX RlbHksIHRo aXMgd291bG QgcG9zZSBh IHNlcmlvdX MgcmlzayB0 byB0aGUgY2 9tcGFueeKA mXMgbG9uZy 10ZXJtIHZp YWJpbGl0eS BhbmQgbWFy a2V0IHBvc2 l0aW9uLjxi cj4=

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 bG9nb3Mvbk RPQnFENnRU eHlFOVBqSm pUVVkud2Vi cCIgYWx0PS JCaWcgWWVs bG93IEdyb3 VwIiB0aXRs ZT0iQmlnIF llbGxvdyBH cm91cCIgIG 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 BhYm91dCBC aWcgWWVsbG 93IEdyb3Vw 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+TmiBZ b3VyIGZyZW UgY29weSBv ZiA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+IGlz IHdhaXRpbm cKICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIExTQl VhR1VnWTIg OXRjR0Z1ZV NCMyBZWE1n Wm05MWJtIF JsWkNCcGJp QXggT1RrNE lIVnVaRyBW eUlIUm9aU0 J1IFlXMWxJ RlJvWlMgQk NhV2NnV1dW cyBiRzkzSU ZObGJHIFln VTNSdmNtRm 4gWlNCRGIy MXdZVyA1NU xpQThZbkkr IExTQlVhR1 VnWTIgOXRj R0Z1ZWVLQS BtWE1nWm1s eWMzIFFnYz NSdmNtRm4g WlNCbVlXTn BiRyBsMGVT QjNZWE1nIG JHOWpZWFJs WkMgQnBiaU JTYVdObyBi Vzl1WkN3Z1 RHIDl1Wkc5 dUlHRnUgWk NCdmNHVnVa VyBRZ2FXNG dNVGs1IE9T NGdQR0p5UG kgMGdTVzRn TWpBdyBNaX dnZEdobElH IE52YlhCaG Jua2cgWTJo aGJtZGxaQy BCcGRITWdi bUZ0IFpTQj BieUJDYVcg Y2dXV1ZzYk c5MyBJRk5s YkdZZ1UzIF J2Y21GblpT QkQgYjIxd1 lXNTVJRyBG dVpDQnNhWE 4wIFpXUWdi MjRnZEcgaG xJRXh2Ym1S diBiaUJUZE c5amF5IEJG ZUdOb1lXNW 4gWlM0Z1BH SnlQaSAwZ1 ZHaGxJR052 IGJYQmhibm 5pZ0ogbHpJ Rzl5WVc1bi BaU0JoYm1R Z2VXIFZzYk c5M0lHSnkg WVc1a2FXNW 5JSCBkaGN5 QmphRzl6IF pXNGdkRzhn YzMgUmhibV FnYjNWMCBJ R0ZuWVdsdW MzIFFnZEdo bElIUjUgY0 dsallXeHNl UyBCaWJIVm xJR0Z1IFpD Qm5jbVZsYm kgQmpiMnh2 Y25NZyBkWE 5sWkNCaWVT IEJqYjIxd1 pYUnAgZEc5 eWN5NGdQRy BKeVBpMGdR WE1nIGIyWW dNakF5TVMg d2dkR2hsSU dOdiBiWEJo Ym5rZ2FHIE Z6SUc5MlpY SWcgTVRBd0 lITjBiMyBK aFoyVWdabU ZqIGFXeHBk R2xsY3kgQm hZM0p2YzNN ZyBkR2hsSU ZWTExDIEJ0 WVd0cGJtY2 cgYVhRZ2RH aGxJRyB4aG NtZGxjM1Fn IGMyVnNaaT F6ZEcgOXlZ V2RsSUdOdi BiWEJoYm5r Z2FXIDRnZE dobElHTnYg ZFc1MGNua3 VJRCB4aWNq NHRJRlJvIF pTQmpiMjF3 WVcgNTU0b0 NaY3lCeSBa WFpsYm5WbE lHIFp2Y2lB eU1ESXcgSU hkaGN5RENv eiBFek15NH hJRzFwIGJH eHBiMjR1SU QgeGljajR0 SUZSbyBaU0 JqYjIxd1lX IDU1SUc5bV ptVnkgY3lC emRHOXlZVy BkbElIVnVh WFJ6IElHbH VJR0VnZG0g RnlhV1YwZV NCdiBaaUJ6 YVhwbGN5IH dnWm5KdmJT QnogYldGc2 JDQnNiMiBO clpYSnpJSF J2IElHeGhj bWRsSUggSn ZiMjF6TENC MCBieUJqWV hSbGNpIEIw YnlCa2FXWm 0gWlhKbGJu UWdZMyBWem RHOXRaWEln IGJtVmxaSE 11SUQgeGlj ajR0SUZSby BaU0JqYjIx d1lXIDU1SU dseklHTnYg YlcxcGRIUm xaQyBCMGJ5 QnpkWE4wIF lXbHVZV0pw YkcgbDBlU0 JoYm1RZyBh R0Z6SUdsdG NHIHhsYldW dWRHVmsgSU dWamJ5MW1j bSBsbGJtUn NlU0JwIGJt bDBhV0YwYV ggWmxjeXdn YzNWaiBhQ0 JoY3lCMWMy IGx1WnlCem IyeGggY2lC d1lXNWxiSC BNZ1lXNWtJ RXhGIFJDQn NhV2RvZEcg bHVaeUJwYm lCMCBhR1Zw Y2lCbVlXIE 5wYkdsMGFX VnogTGlBOF luSStMUyBC VWFHVWdZMj l0IGNHRnVl U0JoYkggTn ZJRzltWm1W eSBjeUJ6ZE c5eVlXIGRs SUhObGNuWn AgWTJWeklH WnZjaSBCaW RYTnBibVZ6 IGMyVnpMQ0 J6ZFcgTm9J R0Z6SUdSdi BZM1Z0Wlc1 MElHIEZ5WT JocGRtbHUg WnlCaGJtUW diMiBabWFX TmxJSE53IF lXTmxMaUE4 WW4gSStMU0 JKYmlBeSBN REl3TENCQ2 FXIGNnV1dW c2JHOTMgSU VkeWIzVndJ SCBkaGN5Qn VZVzFsIFpD RGlnSmxUWl cgeG1MVk4w YjNKaCBaMl VnVDNCbGNt IEYwYjNJZ2 IyWWcgZEdo bElGbGxZWC BMaWdKa2dZ WFFnIGRHaG xJRVYxY20g OXdaV0Z1SU ZObCBiR1ln VTNSdmNtIE ZuWlNCQmMz TnYgWTJsaG RHbHZiaSBC QmQyRnlaSE 11CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==