Parkway Life REIT

-10.03%

Live  

Parkway Life Real Estate Investment Trust (REIT) is a healthcare and related real estate investment trust based in Singapore. It was listed on the Singapore Exchange in 2007 and is managed by Parkway Trust Management Limited.
The REIT’s portfolio primarily consists of healthcare and healthcare-related assets such as hospitals, nursing homes, and medical centers, with a focus on Asia-Pacific countries including Japan, Singapore, and Malaysia.
The company’s objective is to provide investors with a stable and growing distribution income, while maintaining an appropriate risk-adjusted total return. It also aims to achieve long-term growth in net asset value by actively managing its portfolio and seeking acquisition opportunities.
Parkway Life REIT’s sponsor is Parkway Hospitals Singapore Pte Ltd, a leading private healthcare provider in Asia. The REIT benefits from a strong balance sheet and a stable and experienced management team.
As of 31 December 2020, Parkway Life REIT had a total property value of S$2.0 billion and a portfolio of 53 properties across its target markets. Its major tenants include reputable healthcare providers such as IHH Healthcare Berhad, Ramsay Health Care Limited, and Thomson Medical Group.
The REIT has consistently outperformed its benchmarks and delivered a stable and growing distribution per unit (DPU) to its unitholders. It is also actively seeking opportunities to expand its portfolio through strategic acquisitions and asset enhancements.
In summary, Parkway Life REIT is a reputable healthcare and related REIT with a strong track record of performance, a stable portfolio, and a well-established sponsor.

QWxyaWdodC EgU28sIGlt YWdpbmUgeW 91IG93biBh IHJlYWxseS Bjb29sIHRv eSBzdG9yZS wgYnV0IGlu c3RlYWQgb2 YgdG95cywg eW91ciBzdG 9yZSBpcyBh Ym91dCBidW lsZGluZ3Mg dGhhdCBoZW xwIHBlb3Bs ZSwgbGlrZS Bob3NwaXRh bHMgYW5kIG 51cnNpbmcg aG9tZXMuIF RoYXTigJlz IGtpbmQgb2 Ygd2hhdCBQ YXJrd2F5IE xpZmUgUkVJ VCBkb2VzLi A8YnI+UGFy a3dheSBMaW ZlIFJFSVQg aXMgYSBjb2 1wYW55IHRo YXQgb3ducy BhbmQgdGFr ZXMgY2FyZS BvZiBpbXBv cnRhbnQgYn VpbGRpbmdz IHdoZXJlIH Blb3BsZSBn byB3aGVuIH RoZXkgbmVl ZCBoZWFsdG ggY2FyZS4g VGhlc2UgYn VpbGRpbmdz IGhlbHAgcG VvcGxlIHdo byBhcmUgc2 ljayBvciBu ZWVkIHNwZW NpYWwgY2Fy ZS4gQmVjYX VzZSB0aGVz ZSBwbGFjZX MgYXJlIHN1 cGVyIGltcG 9ydGFudCwg dGhleSBoZW xwIGEgbG90 IG9mIHBlb3 BsZSBhbmQg Z2V0IGEgbG 90IG9mIGF0 dGVudGlvbi 48YnI+Tm93 LCBob3cgZG 9lcyB0aGUg Y29tcGFueS BtYWtlIG1v bmV5PyBXZW xsLCB3aGVu IFBhcmt3YX kgTGlmZSBS RUlUIG93bn MgdGhlc2Ug YnVpbGRpbm dzLCBpdCBy ZW50cyB0aG VtIG91dCB0 byB0aGUgaG 9zcGl0YWxz IGFuZCBudX JzaW5nIGhv bWVzLiBKdX N0IGxpa2Ug aWYgeW91IH JlbnRlZCBv dXQgYSB0b3 kgdG8gYSBm cmllbmQsIH RoZXkgd291 bGQgcGF5IH lvdSBmb3Ig dXNpbmcgaX QuIFRoZSBo b3NwaXRhbH MgYW5kIG51 cnNpbmcgaG 9tZXMgcGF5 IFBhcmt3YX kgTGlmZSBS RUlUIGZvci B1c2luZyB0 aGUgYnVpbG RpbmdzLiBF dmVyeSBtb2 50aCwgdGhl eSBwYXkgcm VudCB3aGlj aCBpcyBob3 cgUGFya3dh eSBMaWZlIF JFSVQgbWFr ZXMgbW9uZX kuPGJyPk5v dywgd2h5IG lzIFBhcmt3 YXkgTGlmZS BSRUlUIHN1 Y2Nlc3NmdW w/IEZpcnN0 LCBpdCBvd2 5zIGJ1aWxk aW5ncyB0aG F0IHBlb3Bs ZSBuZWVkLC BhbmQgaGVh bHRoIGNhcm UgaXMgc29t ZXRoaW5nIH RoYXQgZXZl cnlvbmUgd2 lsbCBhbHdh eXMgbmVlZC 4gUGVvcGxl IHdpbGwgYW x3YXlzIGdl dCBzaWNrIG 9yIG5lZWQg aGVscCBhcy B0aGV5IGdy b3cgb2xkZX IsIHNvIHRo ZSBidWlsZG luZ3MgdGhl eSBvd24gc3 RheSBidXN5 LiBTZWNvbm QsIHRoZXkg cGljayByZW FsbHkgZ29v ZCBwbGFjZX MgdG8gb3du IHRoZXNlIG J1aWxkaW5n cywgd2hpY2 ggaGVscHMg dGhlbSBtYW tlIHN1cmUg dGhleSBhcm UgYWx3YXlz IGluIGRlbW FuZC48YnI+ Rm9yIHRoZS BmdXR1cmUs IGl0IGxvb2 tzIGxpa2Ug UGFya3dheS BMaWZlIFJF SVQgd2lsbC BrZWVwIGJl aW5nIHN1Y2 Nlc3NmdWwu IE1vcmUgcG VvcGxlIGFy ZSBuZWVkaW 5nIGhlYWx0 aGNhcmUgYX MgdGltZSBn b2VzIGJ5LC BhbmQgdGhl eSBhcmUgYW xyZWFkeSBl eHBlcnRzIG F0IHRha2lu ZyBjYXJlIG 9mIHRoZXNl IGltcG9ydG FudCBidWls ZGluZ3MuIF BsdXMsIHRo ZXkgYXJlIG Fsd2F5cyBs b29raW5nIG ZvciBuZXcg cGxhY2VzIG FuZCBnb29k IGJ1aWxkaW 5ncyB0byBi dXksIHdoaW NoIGhlbHBz IHRoZW0gZ3 Jvdy4gSnVz dCBsaWtlIH lvdXIgdG95 IHN0b3JlIG NhbiBncm93 IGJ5IGdldH RpbmcgbW9y ZSB0b3lzLC BQYXJrd2F5 IExpZmUgUk VJVCBjYW4g Z3JvdyBieS BmaW5kaW5n IGFuZCBjYX JpbmcgZm9y IG1vcmUgaG VhbHRoIGNh cmUgYnVpbG RpbmdzLjxi cj5TbywgaW 4gc2hvcnQs IFBhcmt3YX kgTGlmZSBS RUlUIGlzIG xpa2UgYSBi aWcgYm9zcy BvZiBpbXBv cnRhbnQgYn VpbGRpbmdz IHRoYXQgaG VscCBwZW9w bGUsIHRoZX kgbWFrZSBt b25leSBieS ByZW50aW5n IHRoZXNlIG J1aWxkaW5n cywgYW5kIH RoZXkgaGF2 ZSBhIGJyaW dodCBmdXR1 cmUgYmVjYX VzZSBwZW9w bGUgd2lsbC BhbHdheXMg bmVlZCB0aG VzZSBzZXJ2 aWNlcy48Yn I+

MS4gRm9jdX NlZCBvbiBI ZWFsdGhjYX JlIFJlYWwg RXN0YXRlOi BQYXJrd2F5 IExpZmUgUk VJVCBpcyBv bmUgb2YgdG hlIGZldyBw dXJlLXBsYX kgaGVhbHRo Y2FyZSBSRU lUcyBpbiBB c2lhLCB3aX RoIGEgcG9y dGZvbGlvIG NvbnNpc3Rp bmcgbWFpbm x5IG9mIGhl YWx0aGNhcm UtcmVsYXRl ZCBwcm9wZX J0aWVzIHN1 Y2ggYXMgaG 9zcGl0YWxz LCBudXJzaW 5nIGhvbWVz LCBhbmQgbW VkaWNhbCBj ZW50ZXJzLj xicj4yLiBE aXZlcnNpZm llZCBQb3J0 Zm9saW86IF RoZSBjb21w YW554oCZcy Bwb3J0Zm9s aW8gaXMgd2 VsbC1kaXZl cnNpZmllZC wgd2l0aCBw cm9wZXJ0aW VzIHNwcmVh ZCBhY3Jvc3 MgZm91ciBn ZW9ncmFwaG ljYWwgcmVn aW9ucyAtIE phcGFuLCBT aW5nYXBvcm UsIE1hbGF5 c2lhLCBhbm QgU291dGgg S29yZWEuIF RoaXMgcmVk dWNlcyB0aG UgcmlzayBh c3NvY2lhdG VkIHdpdGgg bG9jYWxpem VkIGVjb25v bWljIG9yIH JlZ3VsYXRv cnkgY2hhbm dlcy48YnI+ My4gU3Ryb2 5nIFNwb25z b3JzaGlwOi BQYXJrd2F5 IExpZmUgUk VJVCBpcyBz cG9uc29yZW QgYnkgUGFy a3dheSBIb2 xkaW5ncyBM aW1pdGVkLC BhIGxlYWRp bmcgaGVhbH RoY2FyZSBw cm92aWRlci BpbiBBc2lh IHdpdGggYS BzdHJvbmcg dHJhY2sgcm Vjb3JkIGFu ZCBlc3RhYm xpc2hlZCBy ZXB1dGF0aW 9uLiBUaGlz IHByb3ZpZG VzIHN0YWJp bGl0eSBhbm QgY3JlZGli aWxpdHkgdG 8gdGhlIFJF SVQuPGJyPj QuIExvbmcg TGVhc2UgVG VudXJlOiBU aGUgYXZlcm FnZSBsZWFz ZSB0ZW51cm UgaW4gdGhl IGNvbXBhbn nigJlzIHBv cnRmb2xpby BpcyAxMC41 IHllYXJzLC Bwcm92aWRp bmcgc3RhYm xlIGFuZCBw cmVkaWN0YW JsZSBjYXNo IGZsb3dzIG ZvciBpbnZl c3RvcnMuPG JyPjUuIEhp Z2ggT2NjdX BhbmN5IFJh dGVzOiBUaG UgUkVJVCBo YXMgY29uc2 lzdGVudGx5 IG1haW50YW luZWQgaGln aCBvY2N1cG FuY3kgcmF0 ZXMsIHRoYW 5rcyB0byBp dHMgcHJpbW UgbG9jYXRp b25zIGFuZC Bsb25nLXRl cm0gbGVhc2 VzIHdpdGgg cmVwdXRhYm xlIGhlYWx0 aGNhcmUgb3 BlcmF0b3Jz Ljxicj42Li BTdGFibGUg YW5kIEdyb3 dpbmcgRGlz dHJpYnV0aW 9uOiBQYXJr d2F5IExpZm UgUkVJVCBo YXMgYSB0cm FjayByZWNv cmQgb2YgY2 9uc2lzdGVu dGx5IGluY3 JlYXNpbmcg aXRzIGRpc3 RyaWJ1dGlv biBwZXIgdW 5pdCAoRFBV KSBvdmVyIH RoZSB5ZWFy cywgcHJvdm lkaW5nIGlu dmVzdG9ycy B3aXRoIGEg c3RhYmxlIG FuZCBncm93 aW5nIHN0cm VhbSBvZiBp bmNvbWUuPG JyPjcuIFN0 cm9uZyBGaW 5hbmNpYWwg UG9zaXRpb2 46IFdpdGgg YSBwcnVkZW 50IGRlYnQt dG8tYXNzZX QgcmF0aW8g YW5kIGEgc2 9saWQgY3Jl ZGl0IHJhdG luZywgdGhl IFJFSVQgaG FzIGEgc3Ry b25nIGZpbm FuY2lhbCBw b3NpdGlvbi wgcHJvdmlk aW5nIHN0YW JpbGl0eSBh bmQgcmVzaW xpZW5jZSBp biBjaGFsbG VuZ2luZyBt YXJrZXQgY2 9uZGl0aW9u cy48YnI+OC 4gUHJvYWN0 aXZlIENhcG l0YWwgTWFu YWdlbWVudD ogUGFya3dh eSBMaWZlIF JFSVQgaGFz IGEgcHJvYW N0aXZlIGFw cHJvYWNoIH RvIGNhcGl0 YWwgbWFuYW dlbWVudCwg d2l0aCBhIG ZvY3VzIG9u IG1haW50YW luaW5nIGEg d2VsbC1zdG FnZ2VyZWQg ZGVidCBtYX R1cml0eSBw cm9maWxlIG FuZCBhIHBy dWRlbnQgaG VkZ2luZyBw b2xpY3kgdG 8gbWFuYWdl IGludGVyZX N0IHJhdGUg YW5kIGN1cn JlbmN5IHJp c2tzLjxicj 45LiBTdHJv bmcgQ29ycG 9yYXRlIEdv dmVybmFuY2 U6IFRoZSBj b21wYW55IG hhcyBhIHN0 cm9uZyBjb3 Jwb3JhdGUg Z292ZXJuYW 5jZSBmcmFt ZXdvcmsgaW 4gcGxhY2Us IHdpdGggaW 5kZXBlbmRl bnQgZGlyZW N0b3JzIG1h a2luZyB1cC BhIG1ham9y aXR5IG9mIH RoZSBib2Fy ZCBhbmQgcm VndWxhciBl bmdhZ2VtZW 50IHdpdGgg dW5pdCBob2 xkZXJzLjxi cj4xMC4gU3 VzdGFpbmFi aWxpdHkgYW 5kIFNvY2lh bCBSZXNwb2 5zaWJpbGl0 eTogUGFya3 dheSBMaWZl IFJFSVQgaX MgY29tbWl0 dGVkIHRvIH N1c3RhaW5h YmlsaXR5IG FuZCBzb2Np YWwgcmVzcG 9uc2liaWxp dHksIHdpdG ggaW5pdGlh dGl2ZXMgaW 4gcGxhY2Ug dG8gcmVkdW NlIGl0cyBl bnZpcm9ubW VudGFsIGlt cGFjdCBhbm QgcHJvbW90 ZSBjb21tdW 5pdHkgd2Vs bG5lc3Mu

VGhlIFBhcm t3YXkgTGlm ZSBSRUlUIC hSZWFsIEVz dGF0ZSBJbn Zlc3RtZW50 IFRydXN0KS BpcyBhIGhl YWx0aGNhcm UgUkVJVCB0 aGF0IGZvY3 VzZXMgb24g aW52ZXN0aW 5nIGluIGlu Y29tZS1nZW 5lcmF0aW5n IHJlYWwgZX N0YXRlIGFz c2V0cyByZW xhdGVkIHRv IGhlYWx0aG NhcmUgc2Vy dmljZXMgc3 VjaCBhcyBo b3NwaXRhbH MsIG51cnNp bmcgaG9tZX MsIGFuZCBv dGhlciBoZW FsdGhjYXJl IGZhY2lsaX RpZXMuPGJy PlRoZWlyIG J1c2luZXNz IG1vZGVsIG lzIHRvIHBy aW1hcmlseS BhY3F1aXJl IGFuZCBvd2 4gaGVhbHRo Y2FyZSBwcm 9wZXJ0aWVz LCBsZWFzZS B0aGVtIG91 dCB0byBlc3 RhYmxpc2hl ZCBhbmQgcm VwdXRhYmxl IGhlYWx0aG NhcmUgb3Bl cmF0b3JzLC BhbmQgdGhl biBkaXN0cm lidXRlIHRo ZSByZW50YW wgaW5jb21l IHRvIHRoZW lyIHVuaXRo b2xkZXJzIC hpbnZlc3Rv cnMpLjxicj 5UaGV5IGFs c28gYWN0aX ZlbHkgbWFu YWdlIGFuZC BlbmhhbmNl IHRoZSB2YW x1ZSBvZiB0 aGVpciBwcm 9wZXJ0aWVz IHRocm91Z2 ggYXNzZXQg ZW5oYW5jZW 1lbnQgaW5p dGlhdGl2ZX MsIHN1Y2gg YXMgcmVmdX JiaXNobWVu dHMgYW5kIG V4cGFuc2lv bnMsIHRvIG dlbmVyYXRl IGhpZ2hlci ByZW50YWwg aW5jb21lIG FuZCBjYXBp dGFsIGFwcH JlY2lhdGlv bi48YnI+QW RkaXRpb25h bGx5LCB0aG V5IG1heSBh bHNvIHBhcn RpY2lwYXRl IGluIHByb3 BlcnR5IGRl dmVsb3BtZW 50IHByb2pl Y3RzIHRvIG FjcXVpcmUg bmV3IGhlYW x0aGNhcmUg cHJvcGVydG llcyBhbmQg ZXhwYW5kIH RoZWlyIHBv cnRmb2xpby 48YnI+Qnkg aW52ZXN0aW 5nIGluIGhl YWx0aGNhcm UgcHJvcGVy dGllcywgdG hlIFBhcmt3 YXkgTGlmZS BSRUlUIGFp bXMgdG8gcH JvdmlkZSBz dGFibGUgYW 5kIHJlY3Vy cmluZyBpbm NvbWUgdG8g dGhlaXIgdW 5pdGhvbGRl cnMsIGJlbm VmaXQgZnJv bSBsb25nLX Rlcm0gZ3Jv d3RoIGluIH RoZSBoZWFs dGhjYXJlIH NlY3Rvciwg YW5kIGRpdm Vyc2lmeSB0 aGVpciBwb3 J0Zm9saW8g YWNyb3NzIG RpZmZlcmVu dCBnZW9ncm FwaGljIGxv Y2F0aW9ucy BhbmQgaGVh bHRoY2FyZS BzZWdtZW50 cy4=

AI can indeed pose challenges to the Parkway Life REIT company in various ways, though the extent of the threat depends on several factors.
1. Substitution: AI could potentially lead to the development of new healthcare technologies and property management solutions that may provide alternative options to the services offered by Parkway Life REIT. For instance, advancements in telemedicine or digital health management could change the demand for certain types of healthcare real estate.
2. Disintermediation: AI can streamline operations and enhance efficiency in property management and healthcare services, reducing the need for traditional intermediaries. If competitors adopt AI-driven models more rapidly, they could offer similar or improved services at lower costs, which would create competitive pressure on Parkway Life REIT.
3. Margin Pressure: The implementation of AI in various operational aspects could lead to increased efficiency and cost reductions in the real estate sector. If competitors leverage AI technology successfully, they may be able to offer more competitive pricing, which could pressure Parkway Life REIT’s margins and profitability.
Overall, while AI presents material threats, the degree of impact will depend on how effectively Parkway Life REIT can integrate AI into its operations and adapt to the evolving landscape in the real estate and healthcare sectors.

The sensitivity of Parkway Life REIT’s earnings, cash flow, and valuation to changes in interest rates can be significant, primarily due to its nature as a real estate investment trust (REIT) that is heavily influenced by financing costs and investor sentiment regarding yield.
1. Earnings: Interest rates directly impact the cost of borrowing. If interest rates rise, Parkway Life REIT may face higher financing costs, which can erode its profit margins. Conversely, lower rates can reduce these costs, potentially increasing earnings. Additionally, higher interest rates may dampen demand for real estate, especially in sectors sensitive to financing, which could negatively affect occupancy rates and rental income.
2. Cash Flow: The REIT’s cash flow from operations may be affected by interest rates since these rates influence the overall economic environment. Rising rates can lead to decreased consumer spending and slower economic growth, which can impact tenants’ ability to pay rent. If the REIT has significant variable-rate debt, an increase in rates can directly reduce cash flow due to higher interest expenses.
3. Valuation: The valuation of Parkway Life REIT is closely tied to market perceptions of risks versus returns. Higher interest rates make fixed-income investments more attractive relative to REITs, which could lead to a decline in the REIT’s share price as investors seek higher yields elsewhere. This interest rate sensitivity means that as rates rise, the capitalization rates applied to the REIT’s properties may also rise, leading to a lower valuation. In contrast, declining rates can enhance the attractiveness of REITs by pushing down cap rates and increasing valuations.
In summary, Parkway Life REIT’s earnings, cash flow, and valuation are quite sensitive to interest rate changes. A rise in rates typically brings challenges, while a decline can provide opportunities for growth and enhanced valuation.

QSBwb3Rlbn RpYWwgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgUG Fya3dheSBM aWZlIFJFSV TigJlzIGVj b25vbWljcy BvdmVyIHRo ZSBuZXh0ID MtNSB5ZWFy cyBpcyB0aG UgaW1wb3Np dGlvbiBvZi BzdHJpbmdl bnQgcmVndW xhdG9yeSBj aGFuZ2VzIG luIHRoZSBo ZWFsdGhjYX JlIHNlY3Rv ciwgcGFydG ljdWxhcmx5 IGluIHRoZS Bjb3VudHJp ZXMgd2hlcm UgdGhlIFJF SVQgb3Blcm F0ZXMsIHN1 Y2ggYXMgU2 luZ2Fwb3Jl IG9yIEphcG FuLiBUaGVz ZSBjaGFuZ2 VzIGNvdWxk IGluY2x1ZG UgdGlnaHRl ciByZXN0cm ljdGlvbnMg b24gcmVudG FsIHJhdGVz IGZvciBoZW FsdGhjYXJl IGZhY2lsaX RpZXMsIGlu Y3JlYXNlZC BvcGVyYXRp b25hbCBjb3 N0cyBkdWUg dG8gY29tcG xpYW5jZSBy ZXF1aXJlbW VudHMsIG9y IGxpbWl0cy BvbiB0aGUg dHlwZXMgb2 Ygc2Vydmlj ZXMgdGhhdC BjYW4gYmUg b2ZmZXJlZC 48YnI+SW4g dGhpcyBzY2 VuYXJpbywg dGhlIGNvbX BhbnnigJlz IG1hcmdpbn Mgd291bGQg bGlrZWx5IH NlZSBhIHNp Z25pZmljYW 50IGNvbnRy YWN0aW9uLi BJZiByZW50 YWwgcmF0ZX MgYXJlIGNh cHBlZCBvci BkZWNyZWFz ZWQsIHRoZS ByZXZlbnVl IGdlbmVyYX RlZCBmcm9t IHRoZWlyIG hlYWx0aGNh cmUgZmFjaW xpdGllcyB3 b3VsZCBkaW 1pbmlzaC4g RnVydGhlcm 1vcmUsIGlm IG9wZXJhdG lvbmFsIGNv c3RzIGluY3 JlYXNlIGR1 ZSB0byB0aG UgbmVlZCBm b3IgZW5oYW 5jZWQgY29t cGxpYW5jZS BvciBhZGFw dGF0aW9uIH RvIG5ldyBy ZWd1bGF0aW 9ucywgdGhl IGV4cGVuc2 Ugc2lkZSBv ZiB0aGUgZX F1YXRpb24g d291bGQgc3 RyYWluIHBy b2ZpdGFiaW xpdHksIGxl YWRpbmcgdG 8gcmVkdWNl ZCBncm9zcy BhbmQgb3Bl cmF0aW5nIG 1hcmdpbnMu PGJyPkNhc2 ggZmxvdyB3 b3VsZCBhbH NvIGJlIGlt cGFjdGVkIG 5lZ2F0aXZl bHkuIExvd2 VyIHJldmVu dWVzIGNvbW JpbmVkIHdp dGggcG90ZW 50aWFsbHkg aGlnaGVyIG 9wZXJhdGlv bmFsIGNvc3 RzIHdvdWxk IGxlYWQgdG 8gZGVjcmVh c2VkIGZ1bm RzIGZyb20g b3BlcmF0aW 9ucyAoRkZP KS4gSWYgdG hlIFJFSVQg c3RydWdnbG VzIHRvIGdl bmVyYXRlIH N1ZmZpY2ll bnQgY2FzaC BmbG93IGZy b20gaXRzIG 9wZXJhdGlv bnMsIGl0IG 1heSBiZWNv bWUgbW9yZS ByZWxpYW50 IG9uIGV4dG VybmFsIGZp bmFuY2luZy wgbGVhZGlu ZyB0byBpbm NyZWFzZWQg bGV2ZXJhZ2 UgYW5kIGhp Z2hlciBpbn RlcmVzdCBl eHBlbnNlcy BpZiBkZWJ0 IGxldmVscy ByaXNlLjxi cj5UaGUgYm FsYW5jZSBz aGVldCBjb3 VsZCBzaG93 IHNpZ25zIG 9mIHdlYWtl bmluZyBhcy B3ZWxsLiBJ ZiBjYXNoIG Zsb3cgZGlt aW5pc2hlcy BhbmQgdGhl IGNvbXBhbn kgaW5jcmVh c2VzIGl0cy ByZWxpYW5j ZSBvbiBkZW J0IHRvIG1h aW50YWluIG 9wZXJhdGlv bnMgb3IgY2 92ZXIgZGlz dHJpYnV0aW 9ucywgdGhl IGRlYnQtdG 8tZXF1aXR5 IHJhdGlvIG 1heSByaXNl LiBUaGlzIG NhbiBuZWdh dGl2ZWx5IG FmZmVjdCB0 aGUgY29tcG FueeKAmXMg Y3JlZGl0IH JhdGluZyBh bmQgaXRzIG FiaWxpdHkg dG8gZmluYW 5jZSBuZXcg YWNxdWlzaX Rpb25zIG9y IHJlZmluYW 5jZSBleGlz dGluZyBkZW J0LiBNb3Jl b3ZlciwgaW YgdGhlIFJF SVTigJlzIG Fzc2V0IHZh bHVlcyBhcm UgaW5mbHVl bmNlZCBieS ByZWd1bGF0 b3J5IGNoYW 5nZXMgbGVh ZGluZyB0by BkZWNyZWFz ZWQgcHJvZm l0YWJpbGl0 eSBwb3Rlbn RpYWwsIHRo ZSB2YWx1ZS BvZiBpdHMg cHJvcGVydG llcyBtYXkg YWxzbyBkZW NsaW5lLCBh ZHZlcnNlbH kgaW1wYWN0 aW5nIHRvdG FsIGFzc2V0 cyBvbiB0aG UgYmFsYW5j ZSBzaGVldC 48YnI+T3Zl cmFsbCwgdG hpcyBzY2Vu YXJpbyBjb3 VsZCBsZWFk IHRvIGEgY3 ljbGUgb2Yg ZGVjcmVhc2 VkIGludmVz dG9yIGNvbm ZpZGVuY2Us IGxvd2VyIH N0b2NrIHBl cmZvcm1hbm NlLCBhbmQg YSBwb3Rlbn RpYWxseSBj aGFsbGVuZ2 luZyBlbnZp cm9ubWVudC Bmb3IgZnV0 dXJlIGdyb3 d0aCBhbmQg ZXhwYW5zaW 9uLCBwZXJt YW5lbnRseS BhbHRlcmlu ZyBQYXJrd2 F5IExpZmUg UkVJVOKAmX MgZWNvbm9t aWMgc3RhYm lsaXR5Ljxi 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 bG9nb3MveF B6VThiRzl0 bnk2M3c2WG VTeDIud2Vi cCIgYWx0PS JQYXJrd2F5 IExpZmUgUk VJVCIgdGl0 bGU9IlBhcm t3YXkgTGlm ZSBSRUlUIi AgY2xhc3M9 ImltZy1mbH VpZCIgaGVp Z2h0PTUwIH dpZHRoPTUw IGxvYWRpbm c9J2xhenkn IHN0eWxlPS dib3JkZXIt cmFkaXVzOi A2cHg7Jz4K CiAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nZmxleD ogMTsgdGV4 dC1hbGlnbj ogY2VudGVy OyBtYXJnaW 4tbGVmdDog NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdmb250 LXNpemU6ID I2cHg7IGNv bG9yOiAjMz MzOyBtYXJn aW4tYm90dG 9tOiAxNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICDwn5OIIF dhbnQgdG8g cmVhZCBtb3 JlIGFib3V0 IFBhcmt3YX kgTGlmZSBS RUlUPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T miBZb3VyIG ZyZWUgY29w eSBvZiA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ IGlzIHdhaX RpbmcKICAg 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 1TNGdVR0Z5 YTMgZGhlU0 JNYVdabCBJ RkpGU1ZRZ0 tGIEJNYVda bElGSkYgU1 ZRcElHbHpJ RyBFZ2NtVm hiQ0JsIGMz UmhkR1VnYV cgNTJaWE4w YldWdSBkQ0 IwY25WemRD IEFvVWtWSl ZDa2cgYkds emRHVmtJRy BsdUlIUm9a U0JUIGFXNW 5ZWEJ2Y20g VWdSWGhqYU dGdSBaMlVn S0ZOSFdDIG tnYjI0Z09T QkIgZFdkMW MzUWdNaiBB d055NDhZbk krIE1pNGdT WFFnZDIgRn pJSEJ5Wlha cCBiM1Z6Yk hrZ2EyIDV2 ZDI0Z1lYTW cgVUdGeWEz ZGhlUyBCSW IyeGthVzVu IGN5QlVjbl Z6ZEMgQmhi bVFnZDJGei BJR1Z6ZEdG aWJHIGx6YU dWa0lIUnYg SUdsdWRtVn pkQyBCcGJp QnBibU52IG JXVXRjSEp2 WkggVmphVz VuSUhKbCBZ V3dnWlhOMF lYIFJsSUhO d1pXTnAgWm 1sallXeHNl UyBCb1pXRn NkR2hqIFlY SmxMWEpsYk cgRjBaV1Fn WVhOeiBaWF J6TGp4aWNq IDR6TGlCUV RHbG0gWlNC U1JVbFVJRy BseklITndi MjV6IGIzSm xaQ0JpZVMg QlFZWEpyZD JGNSBJRWh2 YzNCcGRHIE ZzY3lCVGFX NW4gWVhCdm NtVWdVSCBS bElFeDBaQ0 FvIFVFaFRL UzRnVUUgaF RJR2x6SUdF ZyBkMmh2Yk d4NUxXIDkz Ym1Wa0lITj EgWW5OcFpH bGhjbiBrZ2 IyWWdVR0Z5 IGEzZGhlU0 JRWVcgNTBZ V2tnVEdsdC BhWFJsWkN3 Z1lTIEJzWl dGa2FXNW4g SUdobFlXeD BhRyBOaGNt VWdjSEp2IG RtbGtaWEln YVcgNGdRWE 5wWVM0OCBZ bkkrTkM0Z1 FYIE1nYjJZ Z01qQXggT1 N3Z1VFeHBa bSBVZ1VrVk pWQ0JvIFlY TWdZU0JrYV ggWmxjbk5w Wm1sbCBaQ0 J3YjNKMFpt IDlzYVc4Z2 IyWWcgTlRN Z2NISnZjRy BWeWRHbGxj eUJoIFkzSn ZjM01nVTIg bHVaMkZ3Yj NKbCBMQ0JL WVhCaGJpIH dnWVc1a0lF MWggYkdGNW MybGhMaSBC VWFHVnpaU0 J3IGNtOXda WEowYVcgVn pJR2x1WTJ4 MSBaR1VnY0 hKcGRtIEYw WlNCb2IzTn cgYVhSaGJI TXNJRyA1MW NuTnBibWNn IGFHOXRaWE 1zSUcgMWxa R2xqWVd3Zy BZMlZ1ZEdW eWN5IHdnWV c1a0lIQm8g WVhKdFlXTm xkWCBScFky RnNJR1poIF kybHNhWFJw WlggTXVQR0 p5UGpVdSBJ RkJNYVdabE lGIEpGU1ZU aWdKbHogSU dsdWRtVnpk RyAxbGJuUW djM1J5IFlY UmxaM2tnWm 0gOWpkWE5s Y3lCdiBiaU JoWTNGMWFY IEpwYm1jZ2 NYVmggYkds MGVTQm9aVy BGc2RHaGpZ WEpsIElHRn pjMlYwY3kg QjNhWFJvSU hOMCBZV0pz WlNCaGJtIF FnYkc5dVp5 MTAgWlhKdE lHTmhjMiBn Z1pteHZkM0 11IElGUm9h WE1nYzMgUn lZWFJsWjNr ZyBhR0Z6SU dGc2JHIDkz WldRZ2RHaG wgSUdOdmJY QmhibiBrZ2 RHOGdaR1Zz IGFYWmxjaU JqYjIgNXph WE4wWlc1MC BJR0Z1WkNC emRHIEZpYk dVZ1pHbDIg YVdSbGJtUn pJRyBadmNp QnBkSE1nIG FXNTJaWE4w YjMgSnpMan hpY2o0MiBM aUJVYUdVZ1 kyIDl0Y0dG dWVTQm8gWV hNZ1lTQjBi MyBSaGJDQm hjM05sIGRD QjJZV3gxWl MgQnZaaUJU SkRFdSBPU0 JpYVd4c2FX IDl1SUdGek lHOW0gSURJ d01Ua3NJRy AxaGEybHVa eUJwIGRDQn ZibVVnYjIg WWdkR2hsSU d4aCBjbWRs YzNRZ2FHIF ZoYkhSb1ky RnkgWlNCU1 JVbFVjeSBC cGJpQkJjMm xoIExqeGlj ajQzTGkgQl FUR2xtWlNC UyBSVWxVSU doaGN5IEJp WldWdUlISm wgWTI5bmJt bDZaVyBRZ1 ptOXlJR2ww IGN5QmxlR0 5sYkcgeGxi bU5sSUdsdS BJR052Y25C dmNtIEYwWl NCbmIzWmwg Y201aGJtTm xMQyBCemRY TjBZV2x1IF lXSnBiR2ww ZVMgd2dZVz VrSUdsdSBk bVZ6ZEc5eU lIIEpsYkdG MGFXOXUgY3 l3Z2QybHVi bSBsdVp5Qn RkV3gwIGFY QnNaU0JoZD IgRnlaSE1n Wm5KdiBiU0 JpYjJScFpY IE1nYzNWam FDQmggY3lC MGFHVWdVMC BkWUxDQkhi RzlpIFlXd2 dVbVZoYkMg QkZjM1JoZE dVZyBVM1Z6 ZEdGcGJtIE ZpYVd4cGRI a2cgUW1WdV kyaHRZWCBK ckxDQmhibV FnIFNXNTJa WE4wYjMgSW dVbVZzWVhS cCBiMjV6SU UxaFoyIEY2 YVc1bExqeG kgY2o0NExp QkpiaSBBeU 1ERTRMQ0JR IFRHbG1aU0 JTUlUgbFVJ R1Y0Y0dGdS BaR1ZrSUds MGN5IEJ3Yj NKMFptOXMg YVc4Z2QybD BhQyBCMGFH VWdZV054IG RXbHphWFJw YjIgNGdiMl lnZEdoeSBa V1VnYm5WeW MyIGx1WnlC b2IyMWwgY3 lCcGJpQktZ WCBCaGJpd2 djM1J5IFpX NW5kR2hsYm 0gbHVaeUJw ZEhNZyBjSE psYzJWdVky IFVnYVc0Z2 RHaGwgSUdO dmRXNTBjbi BrZ1lXNWtJ R1JwIGRtVn ljMmxtZVcg bHVaeUJwZE hNZyBjRzl5 ZEdadmJHIG x2TGp4aWNq NDUgTGlCUV RHbG1aUyBC U1JVbFVJR2 hoIGN5QmhJ SE4wY20gOX VaeUIwY21G aiBheUJ5Wl dOdmNtIFFn YjJZZ1ozSn YgZDNSb0xD QjNhWCBSb0 lHRWdOUzE1 IFpXRnlJSF J2ZEcgRnNJ SEpsZEhWeS BiaUJ2WmlB NU15IDQ1Sl NCaGN5QnYg WmlBek1TQk VaVyBObGJX SmxjaUF5IE 1ERTVManhp Y2ogNHhNQz RnVkdobCBJ R052YlhCaG JuIGtnYUdG eklHRWcgYz NSeWIyNW5J RyBacGJtRn VZMmxoIGJD QndiM05wZE cgbHZiaXdn ZDJsMCBhQ0 JoSUdSbFlu IFF0ZEc4dF lYTnogWlhR Z2NtRjBhVy A4Z2IyWWdN ek11IE5DVW dZWE1nYjIg WWdNekVnUk dWaiBaVzFp WlhJZ01qIE F4T1N3Z2Qy VnMgYkNCaV pXeHZkeSBC MGFHVWdjbV ZuIGRXeGhk Rzl5ZVMgQn NhVzFwZENC diBaaUEwTl NVdVBHIEp5 UGpFeExpQl EgVEdsbVpT QlNSVSBsVU lHbHpJR2R2 IGRtVnlibV ZrSUcgSjVJ R0VnUW05aC BjbVFnYjJZ Z1JHIGx5Wl dOMGIzSnog SUhkcGRHZ2 daRyBsMlpY SnpaU0JpIF lXTnJaM0p2 ZFcgNWtjeU JoYm1RZyBa WGh3WlhKMG FYIE5sSUds dUlIUm8gWl NCb1pXRnNk RyBoallYSm xJR0Z1IFpD QnlaV0ZzSU cgVnpkR0Yw WlNCcCBibV IxYzNSeWFX IFZ6TGlCVW FHbHogSUdW dWMzVnlaWC BNZ1pXWm1a V04wIGFYWm xJRzkyWlgg SnphV2RvZE NCaCBibVFn YldGdVlXIG RsYldWdWRD QnYgWmlCMG FHVWdZMiA5 dGNHRnVlZU tBIG1YTWdi M0JsY20gRj BhVzl1Y3k0 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=