Diversified Royalty

-13.48%

Live  

Diversified Royalty (DR) is a publicly traded company that primarily focuses on acquiring royalties from proven and established businesses. Founded in 1992, the company is headquartered in Vancouver, British Columbia, Canada.
DR's main strategy is to target profitable businesses with strong brand recognition that have the potential to generate consistent cash flows. The company currently owns royalties from three businesses: lowe's Canada, Mr. Lube, and Sutton. These businesses operate in the home improvement, automotive service, and real estate industries, respectively.
In addition to acquiring royalties, DR also provides advisory services to its partner companies. This includes assisting with growth strategies, brand building, and operational improvements.
The company's goal is to generate long-term, stable cash flows from its royalty streams and provide shareholders with a steady stream of dividends.
As of 2021, Diversified Royalty's market cap is approximately $260 million, and the company has a strong financial track record of increasing dividends to shareholders each year.
DR is listed on the Toronto Stock Exchange under the symbol DIV.

U3VyZSEgRG l2ZXJzaWZp ZWQgUm95YW x0eSBDb21w YW55LCBvci BEUkMgZm9y IHNob3J0LC BpcyBhIHNw ZWNpYWwga2 luZCBvZiBi dXNpbmVzcy B0aGF0IGhl bHBzIG90aG VyIGJ1c2lu ZXNzZXMgbW FrZSBtb25l eSBieSBnaX ZpbmcgdGhl bSBhIHBsYW NlIHRvIHJ1 biB0aGVpci BicmFuZC4g SW1hZ2luZS BpZiB5b3Ug aGFkIGEgbG Vtb25hZGUg c3RhbmQgYW 5kIHdhbnRl ZCB0byBzZW xsIGl0IHRv IHlvdXIgZn JpZW5kcy4g SW5zdGVhZC BvZiBqdXN0 IHNlbGxpbm cgaXQsIHlv dSBsZXQgeW 91ciBmcmll bmRzIHVzZS B5b3VyIGxl bW9uYWRlIH JlY2lwZSwg bmFtZSwgYW 5kIGV2ZW4g c29tZSBvZi B5b3VyIGNv b2wgc2lnbn MuIEluIHJl dHVybiwgdG hleSB3b3Vs ZCBnaXZlIH lvdSBhIGJp dCBvZiB0aG UgbW9uZXkg dGhleSBtYW tlLjxicj5E UkMgZG9lcy Bzb21ldGhp bmcgc2ltaW xhciBidXQg b24gYSBiaW dnZXIgc2Nh bGUuIEl0IH BhcnRuZXJz IHdpdGggb3 RoZXIgY29t cGFuaWVzIH RoYXQgaGF2 ZSBwb3B1bG FyIGJyYW5k cywgbGlrZS ByZXN0YXVy YW50cyBvci BzaG9wcywg YW5kIGhlbH BzIHRoZW0g Z3Jvdy4gRF JDIGVhcm5z IG1vbmV5IG J5IGNvbGxl Y3RpbmcgYS BzbWFsbCBw YXJ0IG9mIH RoZSBzYWxl cyBmcm9tIH RoZXNlIGJ1 c2luZXNzZX MsIGtpbmQg b2YgbGlrZS Bob3cgeW91 4oCZZCBnZX QgYSBsaXR0 bGUgYml0IG 9mIG1vbmV5 IHdoZW5ldm VyIHlvdXIg ZnJpZW5kcy BzZWxsIGxl bW9uYWRlIH VzaW5nIHlv dXIgcmVjaX BlLjxicj5O b3csIHdoeS BpcyBEUkMg c3VjY2Vzc2 Z1bD8gV2Vs bCwgaXQgY2 FyZWZ1bGx5 IGNob29zZX MgYnJhbmRz IHRoYXQgcG VvcGxlIGxp a2UgYW5kIG tub3cgYWJv dXQsIHNvIH RoZXkgY2Fu IGJlIHN1cm UgdGhvc2Ug YnVzaW5lc3 NlcyB3aWxs IGRvIHdlbG wuIEFsc28s IGluc3RlYW Qgb2YgZm9j dXNpbmcgb2 4ganVzdCBv bmUgdHlwZS BvZiBidXNp bmVzcywgRF JDIHdvcmtz IHdpdGggbW FueSBkaWZm ZXJlbnQgb2 5lcy4gVGhp cyBtZWFucy BpZiBvbmUg YnVzaW5lc3 MgZG9lc27i gJl0IGRvIH dlbGwsIG90 aGVycyBtaW dodCBzdGls bCBtYWtlIG 1vbmV5LCBz byBEUkMgaG FzIGEgYmFj a3VwIHBsYW 4uPGJyPklu IHRoZSBmdX R1cmUsIERS QyBpcyBsaW tlbHkgdG8g c3RheSBzdW NjZXNzZnVs IGJlY2F1c2 UgaXQga2Vl cHMgbG9va2 luZyBmb3Ig bmV3IGFuZC BleGNpdGlu ZyBicmFuZH MgdG8gcGFy dG5lciB3aX RoLiBBcyBs b25nIGFzIH Blb3BsZSB3 YW50IHRvIG J1eSBwcm9k dWN0cyBmcm 9tIHRoZSBi cmFuZHMgRF JDIGhlbHBz LCBhbmQgYX MgbG9uZyBh cyBEUkMgbW FrZXMgc21h cnQgY2hvaW NlcywgaXQg d2lsbCBjb2 50aW51ZSB0 byBlYXJuIG 1vbmV5LiBQ bHVzLCBsb3 RzIG9mIHBl b3BsZSBsb3 ZlIHRyeWlu ZyBuZXcgcm VzdGF1cmFu dHMgYW5kIH N0b3Jlcywg d2hpY2ggaX MgZ3JlYXQg bmV3cyBmb3 IgRFJDITxi cj4=

RGl2ZXJzaW ZpZWQgUm95 YWx0eSBpcy BhIHVuaXF1 ZSBhbmQgaW 5ub3ZhdGl2 ZSBjb21wYW 55IHRoYXQg b2ZmZXJzIG ludmVzdG9y cyB0aGUgb3 Bwb3J0dW5p dHkgdG8gb3 duIGEgZGl2 ZXJzaWZpZW QgcG9ydGZv bGlvIG9mIH dvcmxkLWNs YXNzLCBicm FuZGVkIGJ1 c2luZXNzZX Mgd2l0aG91 dCB0aGUgdX N1YWwgb3Bl cmF0aW9uYW wgcmlza3Mg YXNzb2NpYX RlZCB3aXRo IHJ1bm5pbm cgYSBidXNp bmVzcy4gPG JyPjEuIEZv Y3VzIG9uIH JveWFsdHkt YmFzZWQgaW 52ZXN0bWVu dHM6IERpdm Vyc2lmaWVk IFJveWFsdH kgaW52ZXN0 cyBpbiBhIH BvcnRmb2xp byBvZiB3ZW xsLWVzdGFi bGlzaGVkIG FuZCBzdWNj ZXNzZnVsIG JyYW5kcyBh bmQgZWFybn MgcmV2ZW51 ZSB0aHJvdW doIHJveWFs dHkgcGF5bW VudHMgZnJv bSB0aGUgYn JhbmRzJyBm cmFuY2hpc2 VlcyBhbmQg bGljZW5zZW VzLiBUaGlz IGFsbG93cy B0aGUgY29t cGFueSB0by BnZW5lcmF0 ZSBjb25zaX N0ZW50IGFu ZCBzdGFibG UgY2FzaCBm bG93IHdpdG hvdXQgdGhl IG9wZXJhdG lvbmFsIHJp c2tzIGFuZC Bjb3N0cyBv ZiBvd25pbm cgYW5kIG9w ZXJhdGluZy BhIGJ1c2lu ZXNzLjxicj 4yLiBEaXZl cnNlIHBvcn Rmb2xpbyBv ZiBicmFuZH M6IFRoZSBj b21wYW55J3 MgcG9ydGZv bGlvIGluY2 x1ZGVzIHNv bWUgb2YgdG hlIHN0cm9u Z2VzdCBhbm QgbW9zdCBy ZWNvZ25pem VkIGJyYW5k cyBpbiB0aG Ugd29ybGQs IGluY2x1ZG luZyBNci4g THViZSwgU3 V0dG9uLCBP eGZvcmQgTG Vhcm5pbmcs IGFuZCBBSV IgTUlMRVMu IFRoaXMgZG l2ZXJzaWZp Y2F0aW9uIG hlbHBzIHRv IG1pdGlnYX RlIHJpc2tz IGFuZCBwcm 92aWRlcyBz dGFibGUgY2 FzaCBmbG93 LCBhcyB0aG UgYnJhbmRz IG9wZXJhdG UgaW4gYSB2 YXJpZXR5IG 9mIGluZHVz dHJpZXMuPG JyPjMuIEVz dGFibGlzaG VkIHJlbGF0 aW9uc2hpcH Mgd2l0aCBi cmFuZHM6IE RpdmVyc2lm aWVkIFJveW FsdHkgaGFz IGxvbmctdG VybSBhbmQg ZXhjbHVzaX ZlIGJyYW5k IHBhcnRuZX JzaGlwIGFn cmVlbWVudH Mgd2l0aCBp dHMgcG9ydG ZvbGlvIG9m IGJyYW5kcy wgcHJvdmlk aW5nIGEgY2 9tcGV0aXRp dmUgYWR2YW 50YWdlIGFu ZCBzdHJvbm cgYmFycmll cnMgdG8gZW 50cnkgZm9y IHBvdGVudG lhbCBjb21w ZXRpdG9ycy 48YnI+NC4g RXhwZXJpZW 5jZWQgbWFu YWdlbWVudC B0ZWFtOiBU aGUgY29tcG FueSBpcyBs ZWQgYnkgYS BoaWdobHkg ZXhwZXJpZW 5jZWQgYW5k IGtub3dsZW RnZWFibGUg bWFuYWdlbW VudCB0ZWFt IHdpdGggYS BzdWNjZXNz ZnVsIHRyYW NrIHJlY29y ZCBpbiBib3 RoIHRoZSBy b3lhbHR5IG FuZCBmcmFu Y2hpc2UgaW 5kdXN0cmll cy4gVGhpcy Bwcm92aWRl cyBpbnZlc3 RvcnMgd2l0 aCBjb25maW RlbmNlIGlu IHRoZSBjb2 1wYW55J3Mg YWJpbGl0eS B0byBtYWtl IHN0cmF0ZW dpYyBhbmQg cHJvZml0YW JsZSBpbnZl c3RtZW50cy 48YnI+NS4g UG90ZW50aW FsIGZvciBm dXR1cmUgZ3 Jvd3RoOiBE aXZlcnNpZm llZCBSb3lh bHR5IGhhcy BhIHByb3Zl biBidXNpbm VzcyBtb2Rl bCBhbmQgYS B0cmFjayBy ZWNvcmQgb2 Ygc3VjY2Vz c2Z1bCBpbn Zlc3RtZW50 cy4gQXMgdG hlIGNvbXBh bnkgY29udG ludWVzIHRv IGV4cGFuZC BpdHMgcG9y dGZvbGlvIG FuZCBhY3F1 aXJlIG5ldy BicmFuZHMs IHRoZXJlIG lzIHBvdGVu dGlhbCBmb3 IgaW5jcmVh c2VkIGNhc2 ggZmxvdyBh bmQgZGl2aW RlbmQgZ3Jv d3RoIGZvci BzaGFyZWhv bGRlcnMuPG JyPjYuIENv bnNpc3Rlbn QgYW5kIHN0 YWJsZSBkaX ZpZGVuZHM6 IEFzIGEgcm 95YWx0eSBj b21wYW55LC BEaXZlcnNp ZmllZCBSb3 lhbHR5IGdl bmVyYXRlcy BzdGVhZHkg YW5kIHByZW RpY3RhYmxl IGNhc2ggZm xvdywgYWxs b3dpbmcgdG hlIGNvbXBh bnkgdG8gb2 ZmZXIgaW52 ZXN0b3JzIG Egc3RhYmxl IGFuZCBhdH RyYWN0aXZl IGRpdmlkZW 5kIHlpZWxk Ljxicj43Li BTdHJvbmcg ZmluYW5jaW FsIHBvc2l0 aW9uOiBUaG UgY29tcGFu eSBoYXMgYS BzdHJvbmcg YmFsYW5jZS BzaGVldCB3 aXRoIGEgbG 93IGRlYnQt dG8tZXF1aX R5IHJhdGlv LCBwcm92aW RpbmcgZmlu YW5jaWFsIH N0YWJpbGl0 eSBhbmQgZm xleGliaWxp dHkgZm9yIG Z1dHVyZSBp bnZlc3RtZW 50cyBhbmQg Z3Jvd3RoIG 9wcG9ydHVu aXRpZXMuPG JyPk92ZXJh bGwsIERpdm Vyc2lmaWVk IFJveWFsdH kgaXMgYSB1 bmlxdWUgYW 5kIHdlbGwt bWFuYWdlZC Bjb21wYW55 IHRoYXQgb2 ZmZXJzIGlu dmVzdG9ycy B0aGUgb3Bw b3J0dW5pdH kgdG8gb3du IGEgZGl2ZX JzaWZpZWQg cG9ydGZvbG lvIG9mIHN0 cm9uZyBhbm QgcmVwdXRh YmxlIGJyYW 5kcywgd2l0 aCB0aGUgcG 90ZW50aWFs IGZvciBzdG FibGUgY2Fz aCBmbG93IG FuZCBkaXZp ZGVuZHMu

VGhlIERpdm Vyc2lmaWVk IFJveWFsdH kgY29tcGFu eSdzIGJ1c2 luZXNzIG1v ZGVsIGlzIG Jhc2VkIG9u IGFjcXVpcm luZyBhbmQg bWFuYWdpbm cgYSBkaXZl cnNlIHBvcn Rmb2xpbyBv ZiBicmFuZC Byb3lhbHRp ZXMgZnJvbS Blc3RhYmxp c2hlZCBicm FuZHMgYW5k IGZyYW5jaG lzZWQgYnVz aW5lc3Nlcy 4gVGhlc2Ug YnJhbmRzIG luY2x1ZGUg TXIuIEx1Ym UsIEFJUiBN SUxFUywgU3 V0dG9uLCBh bmQgdGhlIE J1cmdlciBL aW5nIHRyYW RlbWFya3Mg aW4gQ2FuYW RhLiBUaGUg Y29tcGFueS BlYXJucyBy ZXZlbnVlIG J5IGNvbGxl Y3RpbmcgYS BwZXJjZW50 YWdlIG9mIH RoZSBzYWxl cyBmcm9tIH RoZSBmcmFu Y2hpc2Vlcy B1c2luZyB0 aGVzZSBicm FuZHMsIHBy b3ZpZGluZy BhIHN0ZWFk eSBzdHJlYW 0gb2YgY2Fz aCBmbG93Li BEaXZlcnNp ZmllZCBSb3 lhbHR5IGFs c28gd29ya3 MgY2xvc2Vs eSB3aXRoIH RoZSBicmFu ZCdzIG1hbm FnZW1lbnQg dGVhbSB0by Bwcm90ZWN0 IGFuZCBlbm hhbmNlIHRo ZSB2YWx1ZS BvZiB0aGUg YnJhbmRzLC BhcyB3ZWxs IGFzIGZhY2 lsaXRhdGUg bmV3IGZyYW 5jaGlzZSBw YXJ0bmVyc2 hpcHMu

Assessing whether AI poses a material threat to Diversified Royalty Company’s products, services, or competitive positioning involves examining several factors related to the company’s business model, industry trends, and how AI impacts the franchising and business royalty space.
1. Substitution: AI has the potential to streamline operations and create alternative service models that could compete with traditional franchise arrangements. For example, AI-driven platforms can facilitate direct customer engagement and service delivery without intermediaries, which could substitute some of the services offered by franchises supported by Diversified Royalty. However, the effectiveness of this substitution depends on the specific markets and sectors in which Diversified operates, as not all customers may prefer AI-driven solutions over personalized franchise services.
2. Disintermediation: AI can lead to disintermediation by enabling companies to cut out middlemen, which may lower costs and improve efficiency. If AI tools allow customers to interact directly with vendors or service providers, this could impact royalty revenues for Franchise Partners. Conversely, Diversified’s established relationships and brand recognition could offer a competitive edge that helps mitigate the risks of disintermediation by reinforcing the value of the franchise model.
3. Margin Pressure: The adoption of AI technologies can create margin pressure within industries by significantly reducing operational costs and enabling price competition. If competitors successfully implement AI to enhance efficiency and reduce overhead, they may offer lower prices, putting pressure on Diversified’s franchisees to perform similarly. However, Diversified’s ability to leverage its existing business framework to integrate AI solutions could also serve to enhance profitability and defend margins.
In summary, while AI does introduce potential threats related to substitution, disintermediation, and margin pressure, the actual impact on Diversified Royalty Company will depend on the company’s adaptability, the specific markets served, and the strength of its brand and relationships with franchisees. The company’s strategic response to these challenges will be crucial in determining its competitive positioning in an evolving landscape.

The sensitivity of Diversified Royalty Company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through various lenses, including its debt structure, revenue generation model, and overall market conditions.
1. Earnings: Interest rate changes directly impact the company’s cost of borrowing, especially if it has variable-rate debt. Higher interest rates could increase interest expenses, thereby reducing net earnings. Conversely, lower interest rates would decrease borrowing costs, potentially boosting earnings. Additionally, if interest rates rise and consumers face higher borrowing costs, spending could decrease, impacting revenue for businesses in which Diversified Royalty has investments.
2. Cash Flow: Cash flow is similarly sensitive to interest rates, particularly in terms of financing activities. Increased interest expenses due to rising rates can reduce free cash flow available for dividends or reinvestment. The timing and stability of cash flows also matter; stable cash flows from royalties might cushion against the volatility caused by fluctuating interest rates. However, if borrowing costs rise significantly, it could hamper investment in growth opportunities, impacting future cash flows.
3. Valuation: Interest rates are a critical component in the discount rates used for valuation models, such as discounted cash flow (DCF) analysis. An increase in interest rates typically leads to a higher discount rate, which can lower the present value of future cash flows, thereby reducing the company’s valuation. Conversely, lower interest rates can enhance valuations due to lower discount rates. Market sentiment also plays a role, as rising rates can affect investor behavior and appetite for equities, including royalty-based models.
In summary, Diversified Royalty Company’s earnings, cash flow, and valuation are moderately sensitive to interest rate changes, primarily through their impact on borrowing costs, consumer spending, and the discounting of future cash flows. The extent of this sensitivity can vary based on the company’s specific financial structure and market conditions at any given time.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgRG l2ZXJzaWZp ZWQgUm95YW x0eSBDb21w YW554oCZcy BlY29ub21p Y3Mgb3Zlci B0aGUgbmV4 dCAz4oCTNS B5ZWFycyB3 b3VsZCBiZS BhIHNpZ25p ZmljYW50IG FuZCBzdXN0 YWluZWQgZW Nvbm9taWMg ZG93bnR1cm 4gb3IgcmVj ZXNzaW9uIH RoYXQgYWZm ZWN0cyBjb2 5zdW1lciBz cGVuZGluZy BwYXR0ZXJu cywgcGFydG ljdWxhcmx5 IGluIHRoZS BzZWN0b3Jz IGluIHdoaW NoIHRoZSBj b21wYW55IG hhcyBpbnZl c3RtZW50cy wgc3VjaCBh cyByZXN0YX VyYW50cyBh bmQgcmV0YW lsLiBTdWNo IGEgZG93bn R1cm4gY291 bGQgbGVhZC B0byBsb3dl ciBzYWxlcy Bmb3IgdGhl IGZyYW5jaG lzZXMgYW5k IGJyYW5kcy BpbiB3aGlj aCBEaXZlcn NpZmllZCBS b3lhbHR5IG hvbGRzIGlu dGVyZXN0cy wgdWx0aW1h dGVseSBhZm ZlY3Rpbmcg dGhlaXIgYW JpbGl0eSB0 byBwYXkgcm 95YWx0aWVz IGFuZCBnZW 5lcmF0ZSBw cm9maXRzLj xicj5JbiB0 aGlzIHNjZW 5hcmlvLCB0 aGUgY29tcG FueeKAmXMg bWFyZ2lucy B3b3VsZCBs aWtlbHkgY2 9udHJhY3Qg ZHVlIHRvIH JlZHVjZWQg cmV2ZW51ZS BzdHJlYW1z LiBBcyBmcm FuY2hpc2Vl cyBmYWNlIG RlY3JlYXNl ZCBzYWxlcy wgdGhleSBt YXkgc3RydW dnbGUgdG8g cGF5IHRoZW lyIHJveWFs dGllcywgbG VhZGluZyB0 byBsb3dlci BvdmVyYWxs IGluY29tZS Bmb3IgRGl2 ZXJzaWZpZW QgUm95YWx0 eS4gVGhpcy ByZWR1Y2Vk IHJldmVudW UgY291bGQg YWxzbyBmb3 JjZSB0aGUg Y29tcGFueS B0byBsb3dl ciBpdHMgcm 95YWx0eSBy YXRlcyB0by BzdXBwb3J0 IHN0cnVnZ2 xpbmcgZnJh bmNoaXNlZX MsIHdoaWNo IHdvdWxkIG Z1cnRoZXIg Y29tcHJlc3 MgbWFyZ2lu cy48YnI+Q2 FzaCBmbG93 IHdvdWxkIH N1ZmZlciBk cmFtYXRpY2 FsbHkgYXMg cmVjdXJyaW 5nIHJveWFs dHkgaW5jb2 1lIGRlY2xp bmVzLiBJZi BmcmFuY2hp c2VlcyBmYW NlIGJhbmty dXB0Y3kgb3 IgY2xvc3Vy ZSBkdWUgdG 8gcHJvbG9u Z2VkIGVjb2 5vbWljIHBy ZXNzdXJlcy wgaXQgY291 bGQgcmVzdW x0IGluIHN1 YnN0YW50aW FsIGNhc2gg ZmxvdyBsb3 NzZXMgZm9y IERpdmVyc2 lmaWVkIFJv eWFsdHkuIF RoZSBjb21w YW55IG1heS BhbHNvIGZp bmQgaXRzZW xmIG5lZWRp bmcgdG8gaW 5jcmVhc2Ug ZXhwZW5zZX MgcmVsYXRl ZCB0byBtYW 5hZ2luZyB0 aGUgZmFsbG 91dCBvZiBz dG9yZSBjbG 9zdXJlcyBv ciBzdXBwb3 J0aW5nIHN0 cnVnZ2xpbm cgZnJhbmNo aXNlcywgZn VydGhlciBz dHJhaW5pbm cgY2FzaCBy ZXNlcnZlcy 48YnI+T24g dGhlIGJhbG FuY2Ugc2hl ZXQsIHRoaX Mgc2NlbmFy aW8gY291bG QgbGVhZCB0 byBpbmNyZW FzZWQgbGV2 ZXJhZ2UgYX MgdGhlIGNv bXBhbnkgbW lnaHQgdGFr ZSBvbiBhZG RpdGlvbmFs IGRlYnQgdG 8gc3VzdGFp biBvcGVyYX Rpb25zIG9y IHN1cHBvcn QgZnJhbmNo aXNlZXMgZH VyaW5nIHRv dWdoIHRpbW VzLiBJZiBh c3NldCB2YW x1ZXMgZHJv cCBkdWUgdG 8gZnJhbmNo aXNlIGZhaW x1cmVzLCB0 aGUgYmFsYW 5jZSBzaGVl dCBjb3VsZC BzaG93IGEg c2lnbmlmaW NhbnQgcmVk dWN0aW9uIG luIG92ZXJh bGwgYXNzZX QgdmFsdWUu IEFkZGl0aW 9uYWxseSwg cG90ZW50aW FsIHdyaXRl LWRvd25zIG 9mIGludmVz dG1lbnRzIG luIHVuZGVy cGVyZm9ybW luZyBicmFu ZHMgY291bG QgbmVnYXRp dmVseSBhZm ZlY3Qgc2hh cmVob2xkZX IgZXF1aXR5 LiBUaGlzIG NvdWxkIGxl YWQgdG8gYS BsZXNzIGZh dm9yYWJsZS BmaW5hbmNp YWwgcG9zaX Rpb24gdGhh biBwcmV2aW 91c2x5LCBt YWtpbmcgaX QgaGFyZGVy IGZvciB0aG UgY29tcGFu eSB0byBhY2 Nlc3MgY2Fw aXRhbCBtYX JrZXRzIGZv ciBmaW5hbm Npbmcgb3Ig YWNxdWlzaX Rpb25zLjxi cj5PdmVyYW xsLCBhbiBl Y29ub21pYy Bkb3dudHVy biB0aGF0IG xlYWRzIHRv IHByb2xvbm dlZCBzdHJl c3Mgb24gdG hlIGNvbXBh bnnigJlzIH JldmVudWUg c3RyZWFtcy B3b3VsZCBo YXZlIGxhc3 RpbmcgbmVn YXRpdmUgZW ZmZWN0cyBv biBtYXJnaW 5zLCBjYXNo IGZsb3csIG FuZCB0aGUg YmFsYW5jZS BzaGVldCwg cmVxdWlyaW 5nIHN0cmF0 ZWdpYyByZX N0cnVjdHVy aW5nIHRvIH JlY292ZXIg b3ZlciB0aW 1lLjxicj4=

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 bG9nb3Mvek liTjlXb1hP MWFrNkc4eX M3MW0ud2Vi cCIgYWx0PS JEaXZlcnNp ZmllZCBSb3 lhbHR5IiB0 aXRsZT0iRG l2ZXJzaWZp ZWQgUm95YW x0eSIgIGNs YXNzPSJpbW ctZmx1aWQi IGhlaWdodD 01MCB3aWR0 aD01MCBsb2 FkaW5nPSds YXp5JyBzdH lsZT0nYm9y ZGVyLXJhZG l1czogNnB4 Oyc+CgogIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 ZsZXg6IDE7 IHRleHQtYW xpZ246IGNl bnRlcjsgbW FyZ2luLWxl ZnQ6IDVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8cC BzdHlsZT0n Zm9udC1zaX plOiAyNnB4 OyBjb2xvcj ogIzMzMzsg bWFyZ2luLW JvdHRvbTog MTVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TiCBXYW50 IHRvIHJlYW QgbW9yZSBh Ym91dCBEaX ZlcnNpZmll ZCBSb3lhbH R5PwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+SoS BMZWFybiBz bWFydGVyIH N0b2NrIHBp Y2tzIHdpdG ggPGk+IlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3Mi PC9pPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID EycHg7IGZv bnQtc2l6ZT ogMTNweDsg Y29sb3I6IC M0NDQ7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIFNp Z24gdXAgbm 93IGFuZCBn ZXQgb3VyIG ZyZWUgZUJv b2sgCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8Yj5UaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzPC 9iPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgLS 0+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTZw eDsgZm9udC 1zaXplOiAx NHB4OyBjb2 xvcjogIzQ0 NDsgZm9udC 1mYW1pbHk6 IC1hcHBsZS 1zeXN0ZW0s IEJsaW5rTW FjU3lzdGVt Rm9udCwgU2 Vnb2UgVUks IFJvYm90by wgSGVsdmV0 aWNhIE5ldW UsIHNhbnMt c2VyaWY7IG xpbmUtaGVp Z2h0OiAxLj Y7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIEhhdmUg eW91IGhlYX JkIGFib3V0 IG91ciBzaG 9ydCA8c3Ry b25nIHN0eW xlPSdmb250 LXdlaWdodD ogNjAwOyc+ RGFpbHkgVm lkZW8gTmV3 c2xldHRlcj wvc3Ryb25n Pj8KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDxhIGhyZW Y9J2h0dHBz Oi8vd3d3Lm luc2lnaHRm dWx2YWx1ZS 5jb20vbmV3 c2xldHRlci 5waHAnIHRh cmdldD0nX2 JsYW5rJyBz dHlsZT0nY2 9sb3I6ICMw MDdCRkY7IH RleHQtZGVj b3JhdGlvbj ogbm9uZTsg Zm9udC13ZW lnaHQ6IDUw MDsgbWFyZ2 luLWxlZnQ6 IDZweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIEZpbmQg b3V0IG1vcm UKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAKICAgIC AgICAKICAg ICAgICA8c3 BhbiBjbGFz cz0nYmx1cn JlZC10ZXh0 Jz4KICAgIC AgICAgICAg TVM0Z1JHbD JaWCBKemFX WnBaV1FnIF VtOTVZV3gw ZVMgQnBjeU JoSUVOaCBi bUZrYVdGdU lIIEIxWW14 cFl5QmogYj Ixd1lXNTVJ SCBSb1lYUW dkMkZ6IElH VnpkR0ZpYk cgbHphR1Zr SUdsdSBJRE U1T1RJdVBH IEp5UGpJdU lGUm8gWlNC amIyMXdZVy A1NTRvQ1pj eUJ6IGRHOW pheUIwY20g RmtaWE1nYj I0ZyBkR2hs SUZSdmNtID l1ZEc4Z1Uz UnYgWTJzZ1 JYaGphRyBG dVoyVWdkVz VrIFpYSWdk R2hsSUggTj ViV0p2YkNC RSBVbEl1UE dKeVBqIE11 SUVScGRtVn kgYzJsbWFX VmtJRiBKdm VXRnNkSGtn IGMzQmxZMm xoYkcgbDZa WE1nYVc0Zy BjbTk1WVd4 MGVTIEJwYm 5abGMzUnQg Wlc1MGN5Qm hibSBRZ2FH RnpJR0VnIG NHOXlkR1p2 YkcgbHZJRz ltSUdScCBk bVZ5YzJVZ1 luIEpoYm1S eklHbHUgSU hSb1pTQm1i MiA5a0lHRn VaQ0JpIFpY WmxjbUZuWl Mgd2dhRzl6 Y0dsMCBZV3 hwZEhrc0lH IEZ1WkNCeV pYUmggYVd3 Z2FXNWtkWC BOMGNtbGxj eTQ4IFluSS tOQzRnVkcg aGxJR052Yl hCaCBibm5p Z0pseklIIE 4wY21GMFpX ZDUgSUdsek lIUnZJRyBk bGJtVnlZWF JsIElISmxk bVZ1ZFcgVW dabkp2YlNC MCBhR1VnY2 05NVlXIHgw YVdWeklHRn UgWkNCa2FY TjBjbSBsaW RYUnBiMjRn IGNHRjViV1 Z1ZEggTWdj bVZqWldsMi BaV1FnWm5K dmJTIEJwZE hNZ2NtOTUg WVd4MGVTQn dZWCBKMGJt VnljeTQ4IF luSStOUzRn UkcgbDJaWE p6YVdacCBa V1FnVW05NV lXIHgwZWVL QW1YTWcgYl dGcGJpQnpi MyBWeVkyVW diMllnIGNt VjJaVzUxWl MgQmpiMjFs Y3lCbSBjbT l0SUdsMGN5 IEJ3WVhKMG JtVnkgYzJo cGNDQjNhWC BSb0lIUm9a U0JtIGNtRn VZMmhwYzIg VWdZbkpoYm 1RcyBJRTF5 TGlCTmFXIH RsY3lCVGRH VmggYTJodm RYTmxRMiBG emRXRnNMan hpIGNqNDJM aUJVYUcgVW dZMjl0Y0dG dSBlU0JvWV hNZ1lTIEIx Ym1seGRXVW cgWW5WemFX NWxjMyBNZ2 JXOWtaV3dn IGQyaGxjbV VnYVggUWdZ V054ZFdseS BaWE1nZEdo bElIIFJ5WV dSbGJXRnkg YTNNZ1lXNW tJRyBsdWRH VnNiR1ZqIG RIVmhiQ0J3 Y20gOXdaWE owZVNCdiBa aUJpY21GdV pIIE1nWVc1 a0lHeHAgWT JWdWMyVnpJ SCBSb1pXMG diM1YwIElI UnZJRzl3Wl ggSmhkR2x1 WnlCaiBiMj F3WVc1cFpY IE11UEdKeV BqY3UgSUVS cGRtVnljMi BsbWFXVmtJ Rkp2IGVXRn NkSGtnYUcg RnpJR0VnWk dsMiBaWEp6 WlNCd2IzIE owWm05c2FX OGcgYjJZZ2 NtOTVZVyB4 MGVTQndZWE owIGJtVnlj eXdnYVcgNW piSFZrYVc1 biBJRUpwWl hJZ1RXIEZ5 YTNRc0lFWn kgWVc1M2Iz SnJjeSB3Z1 UzVjBkRzl1 IElFZHliM1 Z3TEMgQmhi bVFnVFhJdS BJRXgxWW1V dVBHIEp5UG pndUlGUm8g WlNCamIyMX dZVyA1NUlH aGhjeUJoIE lIUnlZV05y SUggSmxZMj l5WkNCdiBa aUJqYjI1em FYIE4wWlc1 MElIRjEgWV hKMFpYSnNl UyBCa2FYWn BaR1Z1IFpI TWdZVzVrSU cgaGhjeUJw Ym1OeSBaV0 Z6WldRZ2FY IFJ6SUdScG RtbGsgWlc1 a0lIQmhlVy AxbGJuUWda WFpsIGNua2 dlV1ZoY2kg QnphVzVqWl NBeSBNREV3 TGp4aWNqID Q1TGlCRWFY WmwgY25OcF ptbGxaQyBC U2IzbGhiSF I1IElHaGhj eUJoSUggTj BjbTl1WnlC bSBhVzVoYm 1OcFlXIHdn Y0c5emFYUn AgYjI0c0lI ZHBkRyBnZ2 JtOGdiRzl1 IFp5MTBaWE p0SUcgUmxZ blFnWVc1ay BJR0VnY205 aWRYIE4wSU dOaGMyZ2cg Wm14dmR5ND hZbiBJK01U QXVJRlJvIF pTQmpiMjF3 WVcgNTVJR2 x6SUdOdiBi VzFwZEhSbF pDIEIwYnlC dFlXbHUgZE dGcGJtbHVa eSBCemRYTj BZV2x1IFlX SnNaU0JoYm 0gUWdaWFJv YVdOaCBiQ0 JpZFhOcGJt IFZ6Y3lCd2 NtRmogZEds alpYTWdZVy A1a0lISmxa M1ZzIFlYSn NlU0JqYjIg NWtkV04wY3 lCeiBiMk5w WVd3Z1lXID VrSUdWdWRt bHkgYjI1dF pXNTBZVyB3 Z2NtVnpjRz l1IGMybGlh V3hwZEgga2 djbVZ3YjNK MCBhVzVuTG c9PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=