PSP Swiss Property

Live  

PSP Swiss Property is a real estate investment company based in Switzerland. It was founded in 1999 and is headquartered in Zug, Switzerland. The company primarily operates in the commercial property market, owning and managing office and commercial properties in prime locations in Switzerland.
The company's portfolio consists of over 180 properties with a total lettable area of approximately 2.4 million square meters. These properties are mainly located in major Swiss cities such as Zurich, Geneva, and Basel.
PSP Swiss Property's main strategy is to acquire and manage high-quality properties in prime locations in Switzerland with long-term sustainable rental income. The company also focuses on enhancing the value of its properties through active asset management and development projects.
PSP Swiss Property is listed on the SIX Swiss Exchange and is included in the Swiss Leader Index (SLI). As of December 2020, the company had a market capitalization of approximately CHF 4.3 billion.
In addition to its real estate activities, PSP Swiss Property also has a subsidiary company, PSP Swiss Financial Services, which provides financial and administrative services to third parties.
PSP Swiss Property has a commitment to sustainable practices and has been recognized for its efforts, including being ranked in the top 10 of the Swiss leaderboard for sustainability reporting and receiving a Green Star rating from the Global Real Estate Sustainability Benchmark.
In 2020, the company reported a total revenue of CHF 344.2 million and a net profit of CHF 699.3 million. Its total assets were valued at CHF 8.5 billion. As of December 2020, the company had around 190 employees.

UFNQIFN3aX NzIFByb3Bl cnR5IGlzIG EgY29tcGFu eSB0aGF0IG 93bnMgYW5k IG1hbmFnZX MgYnVpbGRp bmdzIGFuZC BsYW5kIGlu IFN3aXR6ZX JsYW5kLiBJ bWFnaW5lIH lvdSBoYXZl IGEgbGVtb2 5hZGUgc3Rh bmQsIGFuZC B5b3Ugc2Vs bCBsZW1vbm FkZSB0byB5 b3VyIGZyaW VuZHMuIFBT UCBpcyBraW 5kIG9mIGxp a2UgdGhhdC wgYnV0IGlu c3RlYWQgb2 YgbGVtb25h ZGUsIHRoZX kgaGF2ZSBv ZmZpY2VzIG FuZCBhcGFy dG1lbnRzLj xicj5IZXJl 4oCZcyBob3 cgaXQgd29y a3M6IDxicj 4xLiBUaGUg Y29tcGFueS BidXlzIGJ1 aWxkaW5ncy BhbmQgbGFu ZCwgbGlrZS B5b3UgYnV5 aW5nIGEgc3 RhbmQgZm9y IHlvdXIgbG Vtb25hZGUu PGJyPjIuIF RoZXkgcmVu dCBvdXQgdG hlc2UgYnVp bGRpbmdzIH RvIGNvbXBh bmllcyBvci BwZW9wbGUg d2hvIG5lZW Qgc3BhY2Ug dG8gd29yay BvciBsaXZl LCBraW5kIG 9mIGxpa2Ug aWYgeW91IH NvbGQgbGVt b25hZGUgdG 8ga2lkcyBp biB5b3VyIG 5laWdoYm9y aG9vZC48Yn I+My4gV2hl biBwZW9wbG UgcGF5IHRv IHVzZSB0aG 9zZSBidWls ZGluZ3Mgb3 IgYXBhcnRt ZW50cywgUF NQIG1ha2Vz IG1vbmV5Li BUaGlzIGlz IHNpbWlsYX IgdG8gaG93 IHlvdSBlYX JuIG1vbmV5 IHdoZW4geW 91ciBmcmll bmRzIGJ1eS BsZW1vbmFk ZSBmcm9tIH lvdS48YnI+ UFNQIGlzIH N1Y2Nlc3Nm dWwgYmVjYX VzZSBpdCBj YXJlZnVsbH kgY2hvb3Nl cyBnb29kIG xvY2F0aW9u cyBmb3IgaX RzIGJ1aWxk aW5ncy4gSn VzdCBsaWtl IHlvdSB3b3 VsZCB3YW50 IHRvIHNldC B1cCB5b3Vy IGxlbW9uYW RlIHN0YW5k IHdoZXJlIG xvdHMgb2Yg cGVvcGxlIG NvdWxkIHNl ZSBpdCwgUF NQIGxvb2tz IGZvciBwbG FjZXMgd2hl cmUgbG90cy BvZiBidXNp bmVzc2VzIG FuZCBwZW9w bGUgd2FudC B0byBiZS4g QWxzbywgdG hleSB0YWtl IGdvb2QgY2 FyZSBvZiB0 aGVpciBwcm 9wZXJ0aWVz LCB3aGljaC BrZWVwcyB0 aGVpciByZW 50ZXJzIGhh cHB5IGFuZC Bjb21pbmcg YmFjay48Yn I+SW4gdGhl IGZ1dHVyZS wgUFNQIGlz IGxpa2VseS B0byBzdGF5 IHN1Y2Nlc3 NmdWwgYmVj YXVzZSBTd2 l0emVybGFu ZCBoYXMgYS BzdHJvbmcg ZWNvbm9teS BhbmQgcGVv cGxlIGNvbn RpbnVlIHRv IG5lZWQgcG xhY2VzIHRv IHdvcmsgYW 5kIGxpdmUu IEFzIGNpdG llcyBncm93 IGFuZCBtb3 JlIGJ1c2lu ZXNzZXMgd2 FudCB0byBz ZXQgdXAgaW 4gU3dpdHpl cmxhbmQsIH RoZSBjb21w YW55IGNhbi BrZWVwIG1h a2luZyBtb2 5leSBieSBo YXZpbmcgYn VpbGRpbmdz IHRoYXQgcG VvcGxlIHdh bnQgdG8gcm VudC4gUGx1 cywgc2luY2 UgdGhleSBt YW5hZ2UgdG hpbmdzIHdl bGwgYW5kIG Fsd2F5cyBs b29rIGZvci BuZXcgb3Bw b3J0dW5pdG llcywgdGhl eeKAmXJlIG luIGEgZ29v ZCBwb3NpdG lvbiB0byBr ZWVwIGJlaW 5nIHN1Y2Nl c3NmdWwuPG JyPg==

MS4gT25lIG 9mIHRoZSBs YXJnZXN0IH JlYWwgZXN0 YXRlIGNvbX BhbmllcyBp biBTd2l0em VybGFuZDog UFNQIFN3aX NzIFByb3Bl cnR5IGlzIG EgbGVhZGlu ZyByZWFsIG VzdGF0ZSBj b21wYW55IG luIFN3aXR6 ZXJsYW5kLC B3aXRoIGEg cG9ydGZvbG lvIG9mIHBy b3BlcnRpZX Mgd29ydGgg b3ZlciA3IG JpbGxpb24g U3dpc3MgZn JhbmNzLiBJ dCBpcyBhbW 9uZyB0aGUg dG9wIDUgcm VhbCBlc3Rh dGUgb3duZX JzIGluIHRo ZSBjb3VudH J5Ljxicj4y LiBEaXZlcn NpZmllZCBw b3J0Zm9saW 86IFBTUCBT d2lzcyBQcm 9wZXJ0eSBo YXMgYSB3ZW xsLWRpdmVy c2lmaWVkIH BvcnRmb2xp byB3aGljaC BpbmNsdWRl cyBjb21tZX JjaWFsLCBy ZXNpZGVudG lhbCwgYW5k IHJldGFpbC Bwcm9wZXJ0 aWVzIHNwcm VhZCBhY3Jv c3MgNDAgbG 9jYXRpb25z IGluIFN3aX R6ZXJsYW5k LiBUaGlzIG FsbG93cyB0 aGUgY29tcG FueSB0byBt aXRpZ2F0ZS ByaXNrcyBh bmQgZ2VuZX JhdGUgc3Rh YmxlIGluY2 9tZSBzdHJl YW1zLjxicj 4zLiBGb2N1 cyBvbiBzdX N0YWluYWJs ZSBhbmQgbW 9kZXJuIHBy b3BlcnRpZX M6IFRoZSBj b21wYW55IG hhcyBhIHN0 cm9uZyBmb2 N1cyBvbiBz dXN0YWluYW JpbGl0eSBh bmQgbW9kZX JuaXphdGlv biBvZiBpdH MgcHJvcGVy dGllcywgd2 hpY2ggaGFz IGhlbHBlZC BpdCBhdHRy YWN0IGhpZ2 gtcHJvZmls ZSB0ZW5hbn RzIGFuZCBt YWludGFpbi BhIGNvbXBl dGl0aXZlIG VkZ2UgaW4g dGhlIG1hcm tldC48YnI+ NC4gU3Ryb2 5nIGZpbmFu Y2lhbCBwZX Jmb3JtYW5j ZTogUFNQIF N3aXNzIFBy b3BlcnR5IG hhcyBhIHRy YWNrIHJlY2 9yZCBvZiBk ZWxpdmVyaW 5nIHN0cm9u ZyBmaW5hbm NpYWwgcmVz dWx0cyBhbm QgaGFzIGNv bnNpc3Rlbn RseSBwYWlk IG91dCBkaX ZpZGVuZHMg dG8gaXRzIH NoYXJlaG9s ZGVycy4gVG hpcyBoYXMg aGVscGVkIG l0IGJ1aWxk IGEgc29saW QgcmVwdXRh dGlvbiBhbW 9uZyBpbnZl c3RvcnMuPG JyPjUuIEV4 cGVyaWVuY2 VkIG1hbmFn ZW1lbnQgdG VhbTogVGhl IGNvbXBhbn kgaGFzIGFu IGV4cGVyaW VuY2VkIGFu ZCBrbm93bG VkZ2VhYmxl IG1hbmFnZW 1lbnQgdGVh bSwgd2hpY2 ggaGFzIGEg cHJvdmVuIH RyYWNrIHJl Y29yZCBvZi BtYWtpbmcg c3VjY2Vzc2 Z1bCBpbnZl c3RtZW50cy BhbmQgbWFu YWdpbmcgcH JvcGVydGll cyBlZmZlY3 RpdmVseS48 YnI+Ni4gU3 Ryb25nIGNv cnBvcmF0ZS Bnb3Zlcm5h bmNlOiBQU1 AgU3dpc3Mg UHJvcGVydH kgZm9sbG93 cyBiZXN0IH ByYWN0aWNl cyBpbiBjb3 Jwb3JhdGUg Z292ZXJuYW 5jZSBhbmQg cGxhY2VzIG Egc3Ryb25n IGVtcGhhc2 lzIG9uIGV0 aGljYWwgY2 9uZHVjdCwg dHJhbnNwYX JlbmN5LCBh bmQgYWNjb3 VudGFiaWxp dHkuPGJyPj cuIENvbW1p dG1lbnQgdG 8gc29jaWFs IHJlc3Bvbn NpYmlsaXR5 OiBUaGUgY2 9tcGFueSBp cyBjb21taX R0ZWQgdG8g Z2l2aW5nIG JhY2sgdG8g c29jaWV0eS BhbmQgc3Vw cG9ydHMgdm FyaW91cyBj aGFyaXRhYm xlIGluaXRp YXRpdmVzLC BwYXJ0aWN1 bGFybHkgaW 4gdGhlIGFy ZWFzIG9mIG VkdWNhdGlv biwgY3VsdH VyZSwgYW5k IHNvY2lhbC B3ZWxmYXJl Ljxicj44Li BMaXN0ZWQg b24gdGhlIF N3aXNzIHN0 b2NrIGV4Y2 hhbmdlOiBQ U1AgU3dpc3 MgUHJvcGVy dHkgaXMgbG lzdGVkIG9u IHRoZSBTd2 lzcyBzdG9j ayBleGNoYW 5nZSwgbWFr aW5nIGl0IG Vhc2lseSBh Y2Nlc3NpYm xlIHRvIGJv dGggbG9jYW wgYW5kIGlu dGVybmF0aW 9uYWwgaW52 ZXN0b3JzLi BUaGlzIHBy b3ZpZGVzIH RoZSBjb21w YW55IHdpdG ggYSBzdGFi bGUgc291cm NlIG9mIGNh cGl0YWwgZm 9yIGl0cyBl eHBhbnNpb2 4gYW5kIGdy b3d0aCBwbG Fucy4=

UFNQIFN3aX NzIFByb3Bl cnR5IGlzIG EgbGVhZGlu ZyByZWFsIG VzdGF0ZSBj b21wYW55IG luIFN3aXR6 ZXJsYW5kLi BJdHMgcHJp bWFyeSBidX NpbmVzcyBt b2RlbCBpbn ZvbHZlcyBv d25pbmcsIG 1hbmFnaW5n LCBhbmQgZG V2ZWxvcGlu ZyBoaWdoLX F1YWxpdHkg Y29tbWVyY2 lhbCByZWFs IGVzdGF0ZS Bwcm9wZXJ0 aWVzIGluIH ByaW1lIGxv Y2F0aW9ucy BhY3Jvc3Mg U3dpdHplcm xhbmQuIFRo ZSBjb21wYW 55J3MgcG9y dGZvbGlvIH ByaW1hcmls eSBjb25zaX N0cyBvZiBv ZmZpY2UsIH JldGFpbCwg YW5kIG1peG VkLXVzZSBw cm9wZXJ0aW VzLCB3aXRo IGEgZm9jdX Mgb24gbGFy Z2UgY2l0aW VzIHN1Y2gg YXMgWnVyaW NoLCBHZW5l dmEsIGFuZC BCYXNlbC4g PGJyPk9uZS BvZiB0aGUg a2V5IGFzcG VjdHMgb2Yg UFNQIFN3aX NzIFByb3Bl cnR5J3MgYn VzaW5lc3Mg bW9kZWwgaX MgaXRzIGZv Y3VzIG9uIH N1c3RhaW5h YmxlIGFuZC BlbnZpcm9u bWVudGFsbH kgZnJpZW5k bHkgYnVpbG RpbmcgcHJh Y3RpY2VzLi BUaGUgY29t cGFueSBzdH JpdmVzIHRv IGNyZWF0ZS Btb2Rlcm4g YW5kIGVuZX JneS1lZmZp Y2llbnQgcH JvcGVydGll cyB0aGF0IG 1lZXQgdGhl IG5lZWRzIG 9mIGl0cyB0 ZW5hbnRzIG FuZCBhcmUg aW4gbGluZS B3aXRoIHRo ZSBsYXRlc3 Qgc3VzdGFp bmFiaWxpdH kgc3RhbmRh cmRzLjxicj 5QU1AgU3dp c3MgUHJvcG VydHkgYWxz byBoYXMgYS BzdHJvbmcg ZW1waGFzaX Mgb24gYWN0 aXZlIGFzc2 V0IG1hbmFn ZW1lbnQuIF RoaXMgaW5j bHVkZXMgcH JvYWN0aXZl bHkgbWFuYW dpbmcgaXRz IHByb3Blcn RpZXMsIGNv bnRpbnVvdX NseSBpbXBy b3ZpbmcgdG hlaXIgdmFs dWUsIGFuZC BpZGVudGlm eWluZyBvcH BvcnR1bml0 aWVzIGZvci ByZWRldmVs b3BtZW50IG 9yIGV4cGFu c2lvbi4gVG hlIGNvbXBh bnkgYWxzby BhaW1zIHRv IG1haW50YW luIGEgaGln aCBvY2N1cG FuY3kgcmF0 ZSBpbiBpdH MgcHJvcGVy dGllcyBieS BidWlsZGlu ZyBsb25nLX Rlcm0gcmVs YXRpb25zaG lwcyB3aXRo IGl0cyB0ZW 5hbnRzIGFu ZCBvZmZlcm luZyBleGNl bGxlbnQgY3 VzdG9tZXIg c2VydmljZS 48YnI+SW4g YWRkaXRpb2 4gdG8gaXRz IGNvcmUgcm VhbCBlc3Rh dGUgYnVzaW 5lc3MsIFBT UCBTd2lzcy BQcm9wZXJ0 eSBhbHNvIG hhcyBhIHN1 YnNpZGlhcn kgdGhhdCBv ZmZlcnMgcm VhbCBlc3Rh dGUgc2Vydm ljZXMsIHN1 Y2ggYXMgZm FjaWxpdHkg bWFuYWdlbW VudCwgY29u c3RydWN0aW 9uIG1hbmFn ZW1lbnQsIG FuZCBwcm9q ZWN0IGRldm Vsb3BtZW50 LCB0byB0aG lyZC1wYXJ0 eSBjbGllbn RzLjxicj5P dmVyYWxsLC B0aGUgUFNQ IFN3aXNzIF Byb3BlcnR5 IGJ1c2luZX NzIG1vZGVs IGZvY3VzZX Mgb24gb3du aW5nIGFuZC BhY3RpdmVs eSBtYW5hZ2 luZyBoaWdo LXF1YWxpdH ksIHN1c3Rh aW5hYmxlIH Byb3BlcnRp ZXMgaW4gcH JpbWUgbG9j YXRpb25zIH RvIGdlbmVy YXRlIHN0YW JsZSBsb25n LXRlcm0gcm VudGFsIGlu Y29tZSBhbm QgY3JlYXRl IGxvbmctdG VybSB2YWx1 ZSBmb3IgaX RzIHNoYXJl aG9sZGVycy 4=

AI has the potential to impact various aspects of real estate companies like PSP Swiss Property, although the extent of the threat can vary based on several factors.
1. Substitution: AI technology can enable new business models and services that may compete with traditional real estate offerings. For instance, AI-driven platforms for property management, virtual tours, and automated rental applications might substitute some services PSP provides. However, the core activities of PSP, focused on owning and managing Swiss properties, may not be as easily substituted since these are tied to physical assets.
2. Disintermediation: AI can also streamline processes and reduce the need for intermediaries in real estate transactions. Tech companies offering direct-to-consumer real estate services could potentially disintermediate traditional real estate players. PSP Swiss Property could face pressure from tech-driven competitors, particularly in leasing and sales if they do not adapt to these trends.
3. Margin Pressure: The implementation of AI can lead to cost efficiencies and productivity improvements, but it can also heighten competition. Competitors leveraging AI to optimize their operations, enhance customer engagement, or improve marketing efforts could apply downward pressure on margins for traditional property companies like PSP. If PSP fails to integrate AI effectively, it may struggle to maintain its competitive positioning.
In summary, while AI does pose potential threats to PSP Swiss Property through substitution, disintermediation, and margin pressure, the company’s responses to these challenges—such as investing in technology, enhancing customer experience, and adopting new business models—will largely determine the impact.

PSP Swiss Property, like many real estate companies, can be significantly affected by changes in interest rates due to several factors related to its earnings, cash flow, and overall valuation.
1. Earnings: The company’s earnings can be sensitive to interest rate changes primarily through its impact on borrowing costs. If interest rates rise, the cost of financing existing debt or acquiring new properties increases, potentially leading to reduced profitability. Additionally, higher interest rates can dampen demand for new rentals, as both consumers and businesses may face higher borrowing costs, which can impact occupancy rates and rental income.
2. Cash Flow: Changes in interest rates can also influence cash flow. Higher interest rates generally lead to increased interest expenses on variable-rate debt, which could negatively affect net cash flow. Conversely, if rates rise, it may also impact property valuations, affecting the company’s ability to refinance debt or generate cash from sales of properties. Therefore, fluctuations in interest rates can lead to volatility in cash flows, especially if the company has significant leverage.
3. Valuation: Interest rates are a key factor in the capitalization rates used to value real estate. Typically, when interest rates rise, capitalization rates increase, leading to a decline in property values and, consequently, the overall valuation of a real estate company like PSP Swiss Property. Investors often adjust their required rates of return based on prevailing interest rates, so an increase in rates can render existing properties less attractive compared to newer investments, further impacting valuation.
In summary, PSP Swiss Property’s earnings, cash flow, and valuation are closely linked to interest rate movements. Rising rates can lead to increased borrowing costs, decreased demand for rental properties, and lower property valuations, whereas declining rates may have the opposite effect. The sensitivity of these factors underscores the importance of monitoring interest rate trends for real estate investment strategies.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgUF NQIFN3aXNz IFByb3Blcn R54oCZcyBl Y29ub21pY3 Mgb3ZlciB0 aGUgbmV4dC Az4oCTNSB5 ZWFycyBpcy BhIHNpZ25p ZmljYW50IG FuZCBzdXN0 YWluZWQgZG 93bnR1cm4g aW4gdGhlIF N3aXNzIGNv bW1lcmNpYW wgcmVhbCBl c3RhdGUgbW Fya2V0IGR1 ZSB0byBhIG NvbWJpbmF0 aW9uIG9mIG ZhY3RvcnMs IGluY2x1ZG luZyByaXNp bmcgaW50ZX Jlc3QgcmF0 ZXMsIGEgc2 hpZnQgaW4g d29yayBoYW JpdHMsIGFu ZCBpbmNyZW FzaW5nIGVj b25vbWljIH VuY2VydGFp bnR5Ljxicj 5JbiB0aGlz IHNjZW5hcm lvLCByaXNp bmcgaW50ZX Jlc3QgcmF0 ZXMgbWlnaH QgbGVhZCB0 byBoaWdoZX IgYm9ycm93 aW5nIGNvc3 RzIGZvciB0 aGUgY29tcG FueSwgbWFr aW5nIGl0IG 1vcmUgZXhw ZW5zaXZlIH RvIGZpbmFu Y2UgZXhpc3 RpbmcgZGVi dCBvciBhY3 F1aXJlIG5l dyBwcm9wZX J0aWVzLiBB dCB0aGUgc2 FtZSB0aW1l LCBhIHNoaW Z0IHRvd2Fy ZHMgcmVtb3 RlIGFuZCBo eWJyaWQgd2 9yayBhcnJh bmdlbWVudH MgY291bGQg cmVkdWNlIG RlbWFuZCBm b3IgY29tbW VyY2lhbCBv ZmZpY2Ugc3 BhY2VzLCBs ZWFkaW5nIH RvIGluY3Jl YXNlZCB2YW NhbmNpZXMg YW5kIGRvd2 53YXJkIHBy ZXNzdXJlIG 9uIHJlbnRh bCByYXRlcy 4gSWYgdGhl IGVjb25vbW ljIHVuY2Vy dGFpbnR5IH BlcnNpc3Rz LCBidXNpbm Vzc2VzIG1h eSBmdXJ0aG VyIGRlbGF5 IGV4cGFuc2 lvbiBvciBj b250cmFjdH MsIHJlc3Vs dGluZyBpbi BhIHNsb3dl ciByZWNvdm VyeSBpbiBk ZW1hbmQgZm 9yIGNvbW1l cmNpYWwgcH JvcGVydGll cy48YnI+QX MgYSByZXN1 bHQgb2YgdG hlc2UgZmFj dG9ycywgUF NQIFN3aXNz IFByb3Blcn R5IGNvdWxk IHNlZSBhIH NpZ25pZmlj YW50IGRlY2 xpbmUgaW4g aXRzIG1hcm dpbnMuIFJl bnRhbCBpbm NvbWUgbWln aHQgZGVjcm Vhc2UgZHVl IHRvIGxvd2 VyZWQgb2Nj dXBhbmN5IH JhdGVzIGFu ZCByZWR1Y2 VkIHJlbnRh bCBwcmljZX MsIGxlYWRp bmcgdG8gYS Bjb250cmFj dGlvbiBpbi Bncm9zcyBw cm9maXQgbW FyZ2lucy4g T3BlcmF0aW 5nIGV4cGVu c2VzIG1heS ByZW1haW4g cmVsYXRpdm VseSBzdGFi bGUsIGZ1cn RoZXIgZXhh Y2VyYmF0aW 5nIHRoZSBp bXBhY3Qgb2 4gcHJvZml0 YWJpbGl0eS 48YnI+Q2Fz aCBmbG93IH dvdWxkIGFs c28gc3VmZm VyLiBTbHVn Z2lzaCByZW 50YWwgaW5j b21lIGNvbW JpbmVkIHdp dGggaW5jcm Vhc2VkIGZp bmFuY2luZy Bjb3N0cyBj b3VsZCBsZW FkIHRvIHRp Z2h0ZXIgY2 FzaCBmbG93 cywgcmVkdW NpbmcgdGhl IGNvbXBhbn nigJlzIGFi aWxpdHkgdG 8gZnVuZCBu ZXcgaW52ZX N0bWVudHMg b3IgcmV0dX JuIGNhcGl0 YWwgdG8gc2 hhcmVob2xk ZXJzLiBJZi B0aGUgY29t cGFueSBjb3 VsZCBub3Qg bWFuYWdlIG l0cyBvcGVy YXRpbmcgY2 9zdHMgZWZm ZWN0aXZlbH ksIGl0IG1p Z2h0IGV4cG VyaWVuY2Ug bmVnYXRpdm UgY2FzaCBm bG93LCBpbX BhY3Rpbmcg aXRzIGFiaW xpdHkgdG8g cGF5IGRpdm lkZW5kcyBv ciByZWludm VzdCBpbiBp dHMgcHJvcG VydHkgcG9y dGZvbGlvLj xicj5PbiB0 aGUgYmFsYW 5jZSBzaGVl dCwgdGhlIH NjZW5hcmlv IGNvdWxkIH Jlc3VsdCBp biBoaWdoZX IgbGV2ZXJh Z2UgcmF0aW 9zIGFzIHRo ZSBjb21wYW 55IHN0cnVn Z2xlcyB0by BtYWludGFp biBwcm9maX RhYmlsaXR5 LiBSZWR1Y2 VkIHByb3Bl cnR5IHZhbH VhdGlvbnMg Y291bGQgbG VhZCB0byBh IGRlY2xpbm UgaW4gdG90 YWwgYXNzZX QgdmFsdWUs IG1ha2luZy B0aGUgY29t cGFueSBtb3 JlIHZ1bG5l cmFibGUgdG 8gZmluYW5j aWFsIGRpc3 RyZXNzLiBU aGUgaW5jcm Vhc2VkIGRl YnQgbGV2ZW xzIHJlbGF0 aXZlIHRvIG Fzc2V0cyBt YXkgaW1wYW N0IGNyZWRp dCByYXRpbm dzIGFuZCBk aW1pbmlzaC BhY2Nlc3Mg dG8gY2FwaX RhbCBtYXJr ZXRzLjxicj 5JbiBzdW1t YXJ5LCBpZi B0aGlzIHNj ZW5hcmlvIH BsYXllZCBv dXQsIFBTUC BTd2lzcyBQ cm9wZXJ0ee KAmXMgbWFy Z2lucyB3b3 VsZCBkZWNs aW5lIGR1ZS B0byBkZWNy ZWFzZWQgcm VudGFsIGlu Y29tZSwgY2 FzaCBmbG93 IHdvdWxkIG JlIHN0cmFp bmVkIGZyb2 0gcmlzaW5n IGNvc3RzIG FuZCByZWR1 Y2VkIGluY2 9tZSwgYW5k IHRoZSBiYW xhbmNlIHNo ZWV0IHdvdW xkIHNob3cg aW5jcmVhc2 VkIGxldmVy YWdlIGFuZC Bwb3RlbnRp YWxseSBsb3 dlciBhc3Nl dCB2YWx1ZX MsIHdoaWNo IGNvdWxkIG FmZmVjdCB0 aGUgb3Zlcm FsbCBmaW5h bmNpYWwgc3 RhYmlsaXR5 IG9mIHRoZS Bjb21wYW55 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 bG9nb3MvdW MyZDFLcG5p cHpGdXBZWH lSZHcud2Vi cCIgYWx0PS JQU1AgU3dp c3MgUHJvcG VydHkiIHRp dGxlPSJQU1 AgU3dpc3Mg UHJvcGVydH kiICBjbGFz 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 dXQgUFNQIF N3aXNzIFBy b3BlcnR5Pw 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 4pyN77iPIF NpZ24gdXAg dG8gZ2V0ID xpPiJUaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzIjwv aT4gZm9yIG ZyZWUKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdVRk5R SUYgTjNhWE 56SUZCeSBi M0JsY25SNU lHIGx6SUdF Z1UzZHAgYz NNZ2NtVmhi QyBCbGMzUm hkR1VnIGFX NTJaWE4wYl cgVnVkQ0Jq YjIxdyBZVz U1SUhSb1lY IFFnYjNkdW N5QmggYm1R Z2JXRnVZVy BkbGN5QmhJ R3hoIGNtZG xJSEJ2Y24g Um1iMnhwYn lCdiBaaUJq YjIxdFpYIE pqYVdGc0lI QnkgYjNCbG NuUnBaWCBN Z2FXNGdVM2 RwIGRIcGxj bXhoYm0gUX VQR0p5UGpJ dSBJRlJvWl NCamIyIDF3 WVc1NUlIZG ggY3lCbWIz VnVaRyBWa0 lHbHVJREU1 IE9Ua2dZWE 1nWVMgQnpj R2x1TFc5bS BaaUJ2WmlC MGFHIFVnYV c1a2RYTjAg Y21saGJDQm piMiAxd1lX NTVMQ0JUIG RXeDZaWEln UVUgY3VQR0 p5UGpNdSBJ RkJUVUNCVG QyIGx6Y3lC UWNtOXcgWl hKMGVlS0Ft WCBNZ2NHOX lkR1p2IGJH bHZJR052Ym 4gTnBjM1J6 SUc5bSBJRz ltWm1salpT IHdnY21WMF lXbHMgTENC aGJtUWdhVy A1a2RYTjBj bWxoIGJDQn djbTl3Wlgg SjBhV1Z6TE NCaCBjeUIz Wld4c0lHIE Z6SUdSbGRt VnMgYjNCdF pXNTBJSCBO cGRHVnpMan hpIGNqNDBM aUJVYUcgVW dZMjl0Y0dG dSBlU0JwY3 lCMGFHIFVn YkdGeVoyVn ogZENCdmQy NWxjaSBCdl ppQlRkMmx6 IGN5QmpiMj F0WlggSmph V0ZzSUhKbC BZV3dnWlhO MFlYIFJsTE NCM2FYUm8g SUdFZ2JXRn lhMiBWMElI Tm9ZWEpsIE lHOW1JR0Z5 YjMgVnVaQ0 F4TWlVdSBQ R0p5UGpVdU lGIEJUVUNC VGQybHogY3 lCUWNtOXda WCBKMGVlS0 FtWE1nIGNI SnZjR1Z5ZE cgbGxjeUJo Y21VZyBjSE pwYldGeWFX IHg1SUd4dl kyRjAgWldR Z2FXNGdiVy BGcWIzSWdV M2RwIGMzTW dZMmwwYVcg VnpJSE4xWT JnZyBZWE1n V25WeWFXIE 5vTENCSFpX NWwgZG1Fc0 lHRnVaQyBC Q1lYTmxiQz Q4IFluSStO aTRnVkcgaG xJR052YlhC aCBibmtnYU dGeklHIEVn YzNSeWIyNW 4gSUdadlkz VnpJRyA5dU lITjFjM1Jo IGFXNWhZbX hsSUcgRnVa Q0JsYm5acC BjbTl1YldW dWRHIEZzYk hrZ1puSnAg Wlc1a2JIa2 dZbiBWcGJH UnBibWNnIG NISmhZM1Jw WTIgVnpMQ0 JoYm1RZyBh R0Z6SUhKbF kyIFZwZG1W a0lITmwgZG 1WeVlXd2dZ WCBkaGNtUn pJR1p2IGNp QnBkSE1nWl cgNWxjbWQ1 TFdWbSBabW xqYVdWdWRD IEJ3Y205d1 pYSjAgYVdW ekxqeGljai A0M0xpQkpi aUJoIFpHUn BkR2x2Ymkg QjBieUJ2ZD I1cCBibWNn WVc1a0lHID FoYm1GbmFX NW4gSUhCeW IzQmxjbiBS cFpYTXNJRk JUIFVDQlRk Mmx6Y3kgQl FjbTl3WlhK MCBlU0JoYk hOdklIIEJ5 YjNacFpHVn ogSUhCeWIz QmxjbiBSNU lHMWhibUZu IFpXMWxibl FnYzIgVnlk bWxqWlhNZy BkRzhnZEdo cGNtIFF0Y0 dGeWRIa2cg WTJ4cFpXNT BjeSA0OFlu SStPQzRnIF ZHaGxJR052 YlggQmhibm tnYVhNZyBi R2x6ZEdWa0 lHIDl1SUhS b1pTQlQgU1 ZnZ1UzZHBj MyBNZ1JYaG phR0Z1IFoy VWdZVzVrSU cgbHpJR0Vn WTI5dCBjRz l1Wlc1MElH IDltSUhSb1 pTQlQgZDJs emN5QlFaWC BKbWIzSnRZ VzVqIFpTQk pibVJsZUMg NDhZbkkrT1 M0ZyBVRk5R SUZOM2FYIE 56SUZCeWIz QmwgY25SNU lHaGhjeSBC aElITjBjbT l1IFp5Qm1h VzVoYm0gTn BZV3dnZEhK aCBZMnNnY2 1WamIzIEpr TENCM2FYUm 8gSUdFZ2Mz UmhZbSB4bE lHUnBkbWxr IFpXNWtJSE JoZVcgOTFk Q0JoYm1RZy BZMjl1ZEds dWRXIDkxY3 lCbmNtOTMg ZEdnZ2FXNG dibSBWMElH RnpjMlYwIE lIWmhiSFZs SUMgaE9RVl lwSUhCbCBj aUJ6YUdGeV pTIDQ4WW5J K01UQXUgSU VsdUlISmxZ MiBWdWRDQj VaV0Z5IGN5 d2dkR2hsSU cgTnZiWEJo Ym5rZyBhR0 Z6SUdWNGNH IEZ1WkdWa0 lHbDAgY3lC d2IzSjBabS A5c2FXOGdk R2h5IGIzVm 5hQ0J6ZEgg SmhkR1ZuYV dNZyBZV054 ZFdsemFYIF JwYjI1eklH RnUgWkNCa1 pYWmxiRyA5 d2JXVnVkQ0 J3IGNtOXFa V04wY3kgd2 dablZ5ZEdo bCBjaUJ6Yj J4cFpHIGxt ZVdsdVp5Qn AgZEhNZ2NH OXphWCBScG IyNGdZWE1n IFlTQnNaV0 ZrWlggSWdh VzRnZEdobC BJRk4zYVhO eklIIEpsWV d3Z1pYTjAg WVhSbElHMW hjbSB0bGRD ND0KICAgIC AgICA8L3Nw YW4+CiAgIC AgICAgCiAg ICAgICAg