Sabine Royalty Trust

Live  

The Sabine Royalty Trust is a publicly traded trust that was formed in 1982. The trust holds overriding royalty interests, or rights to a portion of the proceeds from the production of oil, gas, and other minerals, in various properties primarily located in Texas, Louisiana, and Mississippi.
The trust’s portfolio includes interests in approximately 2.5 million gross acres, with over 47,000 net royalty acres. The trust’s royalty interests are leased to oil and gas companies who pay monthly royalties based on production from the properties.
The trust is managed by a trustee and a team of professionals who oversee the collection and distribution of royalty payments to unit holders. Unit holders, who are typically individuals and institutions, own a pro rata share of the trust’s royalty interests.
The trust’s main source of income is the royalties received from oil and gas production, and the trust provides regular distributions to unit holders on a monthly basis. The amount of the distributions can vary based on numerous factors, including the prices of oil and gas, the production levels of the underlying properties, and the trust’s expenses.
The trust is a popular investment choice for individuals seeking exposure to the oil and gas industry without the risks and costs associated with direct ownership of mineral rights. The trust also provides income diversification for unit holders, as the trust’s royalty interests are spread across numerous properties and operators.
Overall, the Sabine Royalty Trust is a reputable company with a long history of providing consistent returns to its unit holders through the collection and distribution of royalty payments.

U2FiaW5lIF JveWFsdHkg VHJ1c3QgaX MgYSBjb21w YW55IHRoYX QgbWFrZXMg bW9uZXkgYn kgb3duaW5n IGEgcGllY2 Ugb2YgbGFu ZCB3aGVyZS BvaWwgYW5k IGdhcyBhcm UgZm91bmQu IFRoaW5rIG 9mIGl0IGxp a2Ugb3duaW 5nIGEgcGll Y2Ugb2YgYS BnaWFudCBw aXp6YS4gSW 5zdGVhZCBv ZiBwaXp6YS BzbGljZXMs IHRoZXkgZ2 V0IHBhcnRz IG9mIHRoZS Btb25leSB0 aGF0IGNvbW VzIGZyb20g c2VsbGluZy BvaWwgYW5k IGdhcyB0aG F0IHBlb3Bs ZSBkcmlsbC BvdXQgb2Yg dGhlIGdyb3 VuZCBvbiB0 aGF0IGxhbm QuPGJyPkhl cmXigJlzIG hvdyBpdCBh bGwgd29ya3 M6IFdoZW4g YSBjb21wYW 55IHdhbnRz IHRvIGRpZy Bmb3Igb2ls IG9yIGdhcy wgdGhleSBu ZWVkIHBlcm 1pc3Npb24g dG8gdXNlIH RoZSBsYW5k LiBTYWJpbm UgUm95YWx0 eSBUcnVzdC BsZXRzIHRo ZXNlIGNvbX BhbmllcyBk byB0aGF0LC BhbmQgaW4g cmV0dXJuLC B0aGV5IGdl dCBwYWlkIG Egc2hhcmUg b2YgdGhlIG 1vbmV5IGZy b20gdGhlIG 9pbCBhbmQg Z2FzIHRoYX QgaXMgc29s ZC4gVGhpcy BpcyBob3cg dGhleSBtYW tlIG1vbmV5 Ljxicj5Ob3 csIHdoeSBp cyBTYWJpbm UgUm95YWx0 eSBUcnVzdC BzdWNjZXNz ZnVsPyBGaX JzdCwgdGhl cmUgaXMgYS BiaWcgZGVt YW5kIGZvci BvaWwgYW5k IGdhcyBiZW NhdXNlIHBl b3BsZSB1c2 UgaXQgZm9y IGNhcnMsIG hlYXRpbmcg dGhlaXIgaG 9tZXMsIGFu ZCBlbGVjdH JpY2l0eS4g QXMgbG9uZy BhcyBwZW9w bGUgbmVlZC B0aGVzZSBy ZXNvdXJjZX MsIFNhYmlu ZSBSb3lhbH R5IFRydXN0 IGNhbiBjb2 50aW51ZSB0 byBlYXJuIG 1vbmV5LiBT ZWNvbmRseS wgdGhleSBo YXZlIGJlZW 4gaW4gYnVz aW5lc3MgZm 9yIG1hbnkg eWVhcnMsIH doaWNoIG1l YW5zIHRoZX kga25vdyBo b3cgdG8gbm F2aWdhdGUg dGhlIGluZH VzdHJ5IHdl bGwuPGJyPk xvb2tpbmcg dG8gdGhlIG Z1dHVyZSwg ZXZlbiBhcy B0aGUgd29y bGQgY2hhbm dlcyBhbmQg d2UgbG9vay Bmb3IgY2xl YW5lciBlbm VyZ3ksIG9p bCBhbmQgZ2 FzIHdpbGwg c3RpbGwgcG xheSBhIHJv bGUgZm9yIG Egd2hpbGUu IFNhYmluZS BSb3lhbHR5 IFRydXN0IG hhcyBhIHNv bGlkIGZvdW 5kYXRpb24g dG8gYWRhcH QgdG8gY2hh bmdlcywgYW 5kIHRoZXkg aGF2ZSBzbW FydCBwZW9w bGUgbWFraW 5nIGRlY2lz aW9ucy4gVG hpcyBtZWFu cyB0aGV5IG FyZSBsaWtl bHkgdG8gc3 RheSBzdWNj ZXNzZnVsIG V2ZW4gYXMg dGltZXMgY2 hhbmdlLiBT bywgdGhleS B3aWxsIGtl ZXAgbWFraW 5nIG1vbmV5 IGZyb20gdG hlaXIgb2ls IGFuZCBnYX Mgc2hhcmVz IGZvciBhIG xvbmcgdGlt ZS48YnI+

VGhlcmUgYX JlIGEgZmV3 IGNoYXJhY3 RlcmlzdGlj cyB0aGF0IG 1ha2UgdGhl IFNhYmluZS BSb3lhbHR5 IFRydXN0IG NvbXBhbnkg dW5pcXVlOj xicj4xLiBU cnVzdCBTdH J1Y3R1cmU6 IFNhYmluZS BSb3lhbHR5 IFRydXN0IG lzIGEgdW5p cXVlIGVudG l0eSBpbiB0 aGF0IGl0IG lzIGEgdHJ1 c3QgcmF0aG VyIHRoYW4g YSB0cmFkaX Rpb25hbCBj b3Jwb3JhdG lvbi4gVGhp cyBtZWFucy B0aGF0IHRo ZSBjb21wYW 55IGlzIG1h bmFnZWQgYn kgYSB0cnVz dGVlIHdoby BpcyByZXNw b25zaWJsZS Bmb3IgZGlz dHJpYnV0aW 5nIGluY29t ZSBmcm9tIG 9pbCBhbmQg Z2FzIHJveW FsdGllcyB0 byB0aGUgdH J1c3TigJlz IHVuaXRob2 xkZXJzIChv ciBzaGFyZW hvbGRlcnMp Ljxicj4yLi BSb3lhbHR5 LUZvY3VzZW Q6IFRoZSBj b21wYW554o CZcyBwcmlt YXJ5IHNvdX JjZSBvZiBp bmNvbWUgY2 9tZXMgZnJv bSBvaWwgYW 5kIGdhcyBy b3lhbHRpZX Mgb24gcHJv cGVydGllcy BpbiBMb3Vp c2lhbmEsIF RleGFzLCBh bmQgTWlzc2 lzc2lwcGku IFRoaXMgZm 9jdXMgb24g cm95YWx0eS BpbmNvbWUg c2V0cyBTYW JpbmUgUm95 YWx0eSBUcn VzdCBhcGFy dCBmcm9tIG 90aGVyIGVu ZXJneSBjb2 1wYW5pZXMg dGhhdCBtYX kgYmUgaW52 b2x2ZWQgaW 4gZXhwbG9y YXRpb24gYW 5kIHByb2R1 Y3Rpb24gYW N0aXZpdGll cy48YnI+My 4gQ29uc2lz dGVudCBEaX ZpZGVuZCBQ YXlvdXRzOi BBcyBhIHRy dXN0LCBTYW JpbmUgUm95 YWx0eSBUcn VzdCBpcyBy ZXF1aXJlZC B0byBkaXN0 cmlidXRlIG 1vc3Qgb2Yg aXRzIGluY2 9tZSB0byB1 bml0aG9sZG VycyBpbiB0 aGUgZm9ybS BvZiBkaXZp ZGVuZHMuIF RoZSB0cnVz dCBoYXMgYS BoaXN0b3J5 IG9mIGNvbn Npc3RlbnRs eSBwYXlpbm cgb3V0IGRp dmlkZW5kcy wgbWFraW5n IGl0IGFuIG F0dHJhY3Rp dmUgaW52ZX N0bWVudCBm b3IgdGhvc2 Ugc2Vla2lu ZyByZWd1bG FyIGluY29t ZS48YnI+NC 4gTGltaXRl ZCBFeHBlbn NlczogVW5s aWtlIHRyYW RpdGlvbmFs IGNvcnBvcm F0aW9ucywg U2FiaW5lIF JveWFsdHkg VHJ1c3QgaG FzIHJlbGF0 aXZlbHkgbG 93IG9wZXJh dGluZyBleH BlbnNlcy4g VGhpcyBpcy BiZWNhdXNl IHRoZSB0cn VzdCBkb2Vz IG5vdCBlbm dhZ2UgaW4g ZXhwbG9yYX Rpb24gb3Ig cHJvZHVjdG lvbiBhY3Rp dml0aWVzLC BhbmQgaXRz IG9ubHkgc2 lnbmlmaWNh bnQgZXhwZW 5zZSBpcyB0 aGUgdHJ1c3 RlZeKAmXMg Y29tcGVuc2 F0aW9uLjxi cj41LiBMb2 5nLUxhc3Rp bmcgQXNzZX RzOiBUaGUg dHJ1c3TigJ lzIHJveWFs dHkgaW50ZX Jlc3RzIGlu IG9pbCBhbm QgZ2FzIHBy b3BlcnRpZX MgY2FuIGdl bmVyYXRlIG luY29tZSBm b3IgbWFueS B5ZWFycywg bWFraW5nIF NhYmluZSBS b3lhbHR5IF RydXN0IGEg bG9uZy10ZX JtIGludmVz dG1lbnQgb3 B0aW9uLjxi cj42LiBUYX ggQmVuZWZp dHM6IFRydX N0cyBzdWNo IGFzIFNhYm luZSBSb3lh bHR5IFRydX N0IG1heSBo YXZlIGZhdm 9yYWJsZSB0 YXggc3RydW N0dXJlcyB0 aGF0IGNhbi BiZW5lZml0 IHVuaXRob2 xkZXJzLiBG b3IgZXhhbX BsZSwgdGhl IHRydXN04o CZcyBpbmNv bWUgaXMgb2 5seSB0YXhl ZCBvbmNlIG F0IHRoZSBp bmRpdmlkdW FsIGludmVz dG9yIGxldm VsLCByYXRo ZXIgdGhhbi BhdCB0aGUg Y29ycG9yYX RlIGFuZCBp bmRpdmlkdW FsIGxldmVs cywgYXMgaX MgdGhlIGNh c2Ugd2l0aC B0cmFkaXRp b25hbCBjb3 Jwb3JhdGlv bnMuIFRoaX MgY2FuIHJl c3VsdCBpbi Bsb3dlciB0 YXggcGF5bW VudHMgZm9y IGludmVzdG 9ycy48YnI+ T3ZlcmFsbC wgdGhlIFNh YmluZSBSb3 lhbHR5IFRy dXN04oCZcy B0cnVzdCBz dHJ1Y3R1cm UsIGZvY3Vz IG9uIHJveW FsdGllcywg Y29uc2lzdG VudCBkaXZp ZGVuZHMsIG xpbWl0ZWQg ZXhwZW5zZX MsIGxvbmct bGFzdGluZy Bhc3NldHMs IGFuZCBwb3 RlbnRpYWwg dGF4IGJlbm VmaXRzIG1h a2UgaXQgYS B1bmlxdWUg Y29tcGFueS BpbiB0aGUg ZW5lcmd5IG luZHVzdHJ5 Lg==

VGhlIFNhYm luZSBSb3lh bHR5IFRydX N0IGlzIGEg cHVibGljbH kgdHJhZGVk IGNvbXBhbn kgdGhhdCBv cGVyYXRlcy BhcyBhIHJv eWFsdHktYm FzZWQgdHJ1 c3QuIEl0cy BwcmltYXJ5 IGJ1c2luZX NzIGlzIGNv bGxlY3Rpbm cgYW5kIGRp c3RyaWJ1dG luZyBpbmNv bWUgZnJvbS BvaWwgYW5k IGdhcyBwcm 9wZXJ0aWVz IGxvY2F0ZW QgcHJpbWFy aWx5IGluIF RleGFzLCBM b3Vpc2lhbm EsIE1pc3Np c3NpcHBpLC BOZXcgTWV4 aWNvLCBPa2 xhaG9tYSwg YW5kIEFsYW JhbWEuIFRo ZSBjb21wYW 554oCZcyBi dXNpbmVzcy Btb2RlbCBp bnZvbHZlcy Bvd25pbmcg cm95YWx0eS ByaWdodHMg dG8gbmF0dX JhbCBnYXMg YW5kIGNydW RlIG9pbCBy ZXNlcnZlcy wgd2hpY2gg YXJlIG1hbm FnZWQgYW5k IG9wZXJhdG VkIGJ5IHZh cmlvdXMgaW 5kZXBlbmRl bnQgb2lsIG FuZCBnYXMg Y29tcGFuaW VzLiBTYWJp bmUgUm95YW x0eSBUcnVz dCBlYXJucy BpbmNvbWUg ZnJvbSBpdH Mgcm95YWx0 eSBpbnRlcm VzdHMsIHdo aWNoIGFyZS BkaXN0cmli dXRlZCB0by B0cnVzdCB1 bml0IGhvbG RlcnMgb24g YSBtb250aG x5IGJhc2lz LiBUaGUgY2 9tcGFueSBk b2VzIG5vdC BlbmdhZ2Ug aW4gZXhwbG 9yYXRpb24s IGRyaWxsaW 5nLCBvciBw cm9kdWN0aW 9uIGFjdGl2 aXRpZXMsIG J1dCBpbnN0 ZWFkIHJlbG llcyBvbiB0 aGUgcHJvZH VjdGlvbiBh bmQgc2FsZS BvZiBvaWwg YW5kIGdhcy BieSB0aGUg b3BlcmF0b3 JzIG9mIHRo ZSBwcm9wZX J0aWVzIGlu IHdoaWNoIG l0IGhvbGRz IHJveWFsdH kgaW50ZXJl c3RzLg==

AI has the potential to impact various industries, including those similar to the operations of Sabine Royalty Trust, which focuses on oil and gas royalties. However, assessing the material threat posed by AI to Sabine Royalty Trust’s products, services, or competitive positioning involves examining several factors:
1. Substitution: AI technologies may not directly substitute the core operations of Sabine Royalty Trust, which primarily revolves around managing and collecting royalties from oil and gas production. Unlike industries heavily reliant on data-driven services or consumer products, the royalty trust model is inherently reliant on physical resources and extraction processes, making substitution less likely.
2. Disintermediation: In the context of Sabine Royalty Trust, disintermediation would involve the removal of intermediaries in the transactions of oil and gas revenues. While AI could optimize supply chain processes or enhance market analytics, the trust’s business model of collecting royalties from production does not involve intermediary functions that AI might disrupt significantly.
3. Margin Pressure: AI technologies can lead to increased efficiency and reduced operational costs in the oil and gas industry, potentially increasing competition and impacting profit margins for companies involved in extraction. However, Sabine Royalty Trust’s revenue is generally linked to production levels and commodity prices rather than operational efficiency. Therefore, while AI may indirectly influence the overall market environment and operational efficiencies of producers, any margin pressure felt by producers may not directly translate to significant risks for the trust, unless it leads to fundamental changes in industry dynamics.
In summary, while AI can disrupt various sectors, the nature of Sabine Royalty Trust’s business model makes it less susceptible to material threats through substitution, disintermediation, or margin pressure compared to other more technology-driven industries. However, ongoing developments in AI should be monitored, as they could affect the broader economic context in which the trust operates.

The sensitivity of the Sabine Royalty Trust’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key aspects:
1. Earnings Sensitivity: The trust generates revenue primarily from oil and natural gas royalties. While direct changes in interest rates may not have an immediate impact on commodity prices, higher interest rates can lead to reduced capital expenditures within the energy sector, affecting production levels and consequently the royalty revenues of the trust. If capital costs rise due to increased rates, exploration and drilling activities may slow, potentially leading to lower future earnings.
2. Cash Flow Sensitivity: Cash flows for the trust depend on the revenues generated from its royalty streams, which are influenced by commodity prices. Higher interest rates can contribute to economic slowdowns that might depress demand for oil and gas, leading to lower prices and cash flows. Additionally, if rates rise significantly, the higher cost of borrowing may affect the cash flow of energy companies, ultimately impacting the royalties paid to the trust.
3. Valuation Sensitivity: The valuation of the Sabine Royalty Trust is often linked to its expected future cash flows, discounted back to present value at a certain rate. Higher interest rates increase the discount rate, which in turn lowers the present value of those future cash flows. This means that as interest rates rise, the market valuation of the trust may decrease, all else being equal.
Overall, while Sabine Royalty Trust’s direct sensitivity to interest rates might not be as pronounced as in other sectors, the indirect effects via their impact on commodity prices, energy sector investment, and overall market valuations can lead to notable changes in earnings, cash flow, and valuation.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgdG hlIGVjb25v bWljcyBvZi BTYWJpbmUg Um95YWx0eS BUcnVzdCBt aWdodCBiZS BhIHNpZ25p ZmljYW50IG FuZCBzdXN0 YWluZWQgZG VjbGluZSBp biBvaWwgYW 5kIGdhcyBw cmljZXMgZH JpdmVuIGJ5 IGEgY29tYm luYXRpb24g b2YgZmFjdG 9ycywgc3Vj aCBhcyBhbi BhY2NlbGVy YXRlZCB0cm Fuc2l0aW9u IHRvIHJlbm V3YWJsZSBl bmVyZ3kgc2 91cmNlcywg YWR2YW5jZW 1lbnRzIGlu IGV4dHJhY3 Rpb24gdGVj aG5vbG9naW VzIGxlYWRp bmcgdG8gaW 5jcmVhc2Vk IHN1cHBseS wgYW5kIGNo YW5nZXMgaW 4gcmVndWxh dG9yeSBwb2 xpY2llcyBw cm9tb3Rpbm cgbG93ZXIg Zm9zc2lsIG Z1ZWwgY29u c3VtcHRpb2 4uIDxicj5J biBzdWNoIG Egc2NlbmFy aW8sIFNhYm luZSBSb3lh bHR5IFRydX N04oCUcHJp bWFyaWx5IH JlbGlhbnQg b24gaW5jb2 1lIGZyb20g YSBwb3J0Zm 9saW8gb2Yg b2lsIGFuZC BnYXMgcm95 YWx0aWVz4o CUd291bGQg bGlrZWx5IG V4cGVyaWVu Y2UgaW1tZW RpYXRlIGlt cGFjdHMgb2 4gaXRzIG1h cmdpbnMsIG Nhc2ggZmxv dywgYW5kIG JhbGFuY2Ug c2hlZXQuPG JyPkZpcnN0 LCBtYXJnaW 5zIHdvdWxk IGJlIHNpZ2 5pZmljYW50 bHkgY29tcH Jlc3NlZC4g VGhlIGNvbX BhbnnigJlz IHJldmVudW VzIGZyb20g b2lsIGFuZC BnYXMgcm95 YWx0aWVzIH dvdWxkIGRy b3AgZHVlIH RvIGxvd2Vy IGNvbW1vZG l0eSBwcmlj ZXMsIGVyb2 RpbmcgcHJv Zml0IG1hcm dpbnMuIFRo aXMgZGVjcm Vhc2Ugd291 bGQgYmUgZX hhY2VyYmF0 ZWQgaWYgb3 BlcmF0aW9u YWwgY29zdH MgcmVtYWlu IHJlbGF0aX ZlbHkgc3Rh YmxlLCBhcy BmaXhlZCBj b3N0cyB3b3 VsZCBjb25z dGl0dXRlIG EgbGFyZ2Vy IHBvcnRpb2 4gb2Ygb3Zl cmFsbCBleH BlbmRpdHVy ZXMuPGJyPk Nhc2ggZmxv dyB3b3VsZC BhbHNvIGJl IG5vdGFibH kgYWZmZWN0 ZWQuIFJlZH VjZWQgcmV2 ZW51ZXMgd2 91bGQgbGVh ZCB0byBhIG RlY2xpbmUg aW4gYXZhaW xhYmxlIGNh c2ggZm9yIG Rpc3RyaWJ1 dGlvbnMgdG 8gdW5pdCBo b2xkZXJzLC Bwb3RlbnRp YWxseSBsZW FkaW5nIHRv IGEgZGVjcm Vhc2UgaW4g aW52ZXN0b3 IgY29uZmlk ZW5jZS4gT3 ZlciB0aW1l LCBzdXN0YW luZWQgbG93 IGNhc2ggZm xvdyBjb3Vs ZCBmb3JjZS B0aGUgdHJ1 c3QgdG8gY3 V0IGRpc3Ry aWJ1dGlvbn Mgb3IgZGVm ZXIgcGF5bW VudHMsIHdo aWNoIHdvdW xkIGZ1cnRo ZXIgaW1wYW N0IGl0cyBh dHRyYWN0aX ZlbmVzcyB0 byBpbnZlc3 RvcnMuPGJy PkluIHRlcm 1zIG9mIHRo ZSBiYWxhbm NlIHNoZWV0 LCBwcm9sb2 5nZWQgbG93 IGNvbW1vZG l0eSBwcmlj ZXMgY291bG QgY2hhbGxl bmdlIGxpcX VpZGl0eS4g SWYgdGhlIH RydXN04oCZ cyBjYXNoIH Jlc2VydmVz IGRpbWluaX NoIGR1ZSB0 byBvbmdvaW 5nIGxvd2Vy IGNhc2ggZm xvdywgaXQg bWlnaHQgbm VlZCB0byBl eHBsb3JlIG RlYnQgZmlu YW5jaW5nIG 9yIHNlbGwg b2ZmIGFzc2 V0cyB0byBt YWludGFpbi BvcGVyYXRp b25zLCB0aH VzIHdlYWtl bmluZyBpdH Mgb3ZlcmFs bCBmaW5hbm NpYWwgcG9z aXRpb25pbm cuIFRoaXMg Y291bGQgbG VhZCB0byBp bmNyZWFzZW QgbGV2ZXJh Z2UsIGZ1cn RoZXIgc3Ry YWluaW5nIG 1hcmdpbnMg YXMgc2Vydm ljaW5nIGRl YnQgYmVjb2 1lcyBjb3N0 bGllciBpZi BpbnRlcmVz dCByYXRlcy BmbHVjdHVh dGUuPGJyPk luIHN1bW1h cnksIGlmIH RoaXMgc2Nl bmFyaW8gd2 VyZSB0byB1 bmZvbGQsIF NhYmluZSBS b3lhbHR5IF RydXN0IHdv dWxkIGxpa2 VseSBzZWUg ZGV0ZXJpb3 JhdGVkIG1h cmdpbnMgYW 5kIGNhc2gg ZmxvdywgbG VhZGluZyB0 byBhIHdlYW tlbmVkIGJh bGFuY2Ugc2 hlZXQgY2hh cmFjdGVyaX plZCBieSBp bmNyZWFzZW QgZmluYW5j aWFsIHJpc2 sgYW5kIHJl ZHVjZWQgb3 BlcmF0aW9u YWwgZmxleG liaWxpdHku PGJyPg==

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 bG9nb3MvUl RhOWQ4Ynhw QXRmSThad2 dxZ20ud2Vi cCIgYWx0PS JTYWJpbmUg Um95YWx0eS BUcnVzdCIg dGl0bGU9Il NhYmluZSBS b3lhbHR5IF RydXN0IiAg Y2xhc3M9Im ltZy1mbHVp ZCIgaGVpZ2 h0PTUwIHdp ZHRoPTUwIG xvYWRpbmc9 J2xhenknIH N0eWxlPSdi b3JkZXItcm FkaXVzOiA2 cHg7Jz4KCi AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nZmxleDog MTsgdGV4dC 1hbGlnbjog Y2VudGVyOy BtYXJnaW4t bGVmdDogNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdmb250LX NpemU6IDI2 cHg7IGNvbG 9yOiAjMzMz OyBtYXJnaW 4tYm90dG9t OiAxNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Dwn5OIIFdh bnQgdG8gcm VhZCBtb3Jl IGFib3V0IF NhYmluZSBS b3lhbHR5IF RydXN0Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TmiBZb3Vy IGZyZWUgY2 9weSBvZiA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+IGlzIHdh aXRpbmcKIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1TNGdWR2 hsSUYgTmhZ bWx1WlNCUy BiM2xoYkhS NUlGIFJ5ZF hOMElHbHog SUdFZ2NIVm liRyBsamJI a2dkSEpoIF pHVmtJSFJ5 ZFggTjBJR1 p2Y20xbCBa Q0JwYmlBeE 9UIGd5SUdK NUlIUm8gWl NCVFlXSnBi bSBVZ1EyOX ljRzl5IFlY UnBiMjR1SU UgbDBJR2x6 SUdKaCBjMl ZrSUdsdUlF IFJoYkd4aG N5d2cgVkdW NFlYTWdZVy A1a0lIUnlZ V1JsIGN5Qj FibVJsY2kg QjBhR1VnZE dsaiBhMlZ5 SUhONWJXIE p2YkNCVFFs SWcgYjI0Z2 RHaGxJRSA1 bGR5QlpiM0 pyIElGTjBi Mk5ySUUgVj RZMmhoYm1k bCBManhpY2 o0eUxpIEJV YUdVZ2RISj EgYzNRZ2Qy RnpJRyBOeV pXRjBaV1Fn IGRHOGdhRz lzWkMgQnli M2xoYkhSNS BJR2x1ZEdW eVpYIE4wY3 lCcGJpQnYg YVd3Z1lXNW tJRyBkaGN5 QndjbTl3IF pYSjBhV1Z6 SUcgeHZZMk YwWldRZyBh VzRnZEdobE lGIE5oWW1s dVpTQlMgYV habGNpQkNZ WCBOcGJpQn BiaUJVIFpY aGhjeUJoYm 0gUWdURzkx YVhOcCBZVz VoTGp4aWNq IDR6TGlCVW FHVWcgVTJG aWFXNWxJRi BKdmVXRnNk SGtnIFZISj FjM1FnY20g VmpaV2wyWl hNZyBhVzVq YjIxbElHIF p5YjIwZ2RH aGwgSUhCeW IyUjFZMyBS cGIyNGdiMl lnIGIybHNM Q0JuWVggTX NJR0Z1WkNC diBkR2hsY2 lCdGFXIDVs Y21Gc2N5Qn YgYmlCMGFH VWdjSCBKdm NHVnlkR2xs IGN5QnBkQ0 JvYjIgeGtj eUJ5YjNsaC BiSFI1SUds dWRHIFZ5Wl hOMGN5QnAg Ymk0OFluSS tOQyA0Z1ZH aGxJSFJ5IG RYTjBJR2x6 SUcgMWhibU ZuWldRZyBZ bmtnVGtOTk lFIFpwYm1G dVkybGggYk NCRGIzSndi MyBKaGRHbH ZiaXdnIFlT QnpkV0p6YV cgUnBZWEo1 SUc5bSBJRU pDVmtFZ1Ey IDl0Y0dGem N5d2cgZFc1 a1pYSWdkRy BobElHUnBj bVZqIGRHbH ZiaUJ2Wmkg QmhJR0p2WV hKayBJRzlt SUhSeWRYIE 4wWldWekxq eGkgY2o0MU xpQlVhRyBV Z1UyRmlhVz VsIElGSnZl V0ZzZEgga2 dWSEoxYzNR ZyBhWE1nZF c1cGNYIFZs SUdsdUlIUm 8gWVhRZ2FY UWdhWCBNZ1 lTQndaWEp3 IFpYUjFZV3 dnZEggSjFj M1FzSUcxbC BZVzVwYm1j Z2FYIFFnYU dGeklHNXYg SUhObGRDQm xlSCBCcGNt RjBhVzl1IE lHUmhkR1Vn WVcgNWtJSG RwYkd3ZyBZ Mjl1ZEdsdW RXIFVnWjJW dVpYSmggZE dsdVp5QnBi bSBOdmJXVW dabTl5IElH SmxibVZtYV cgTnBZWEpw WlhNZyBabT l5SUdGeklH IHh2Ym1jZ1 lYTWcgZEdo bElIQnliMy BCbGNuUnBa WE1nIGFYUW dhRzlzWkgg TWdjbWxuYU hSeiBJSFJ2 SUhCeWIyIF IxWTJVdVBH SnkgUGpZdU lFRnpJRyA5 bUlESXdNak VzIElIUm9a U0IwY24gVn pkQ0JvWVhN ZyBjR0ZwWk NCdmRYIFFn YjNabGNpQW sgTVNCaWFX eHNhVyA5dU lHbHVJR1Jw IGMzUnlhV0 oxZEcgbHZi bk1nZEc4Zy BhWFJ6SUdK bGJtIFZtYV dOcFlYSnAg WlhNZ2MybH VZMiBVZ2FY UnpJR2x1IF kyVndkR2x2 YmkgNDhZbk krTnk0ZyBW R2hsSUhSeW RYIE4wSUdo aGN5QmkgWl dWdUlHeHBj MyBSbFpDQn ZiaUIwIGFH VWdUbVYzSU YgbHZjbXNn VTNSdiBZMn NnUlhoamFH IEZ1WjJVZ1 ptOXkgSUc5 MlpYSWdkRy BoeVpXVWda R1ZqIFlXUm xjeUJoYm0g UWdhR0Z6SU dOdiBibk5w YzNSbGJuIF JzZVNCblpX NWwgY21GMF pXUWdjMyBS aFlteGxJSE psIGRIVnli bk1nWm0gOX lJR2wwY3lC cCBiblpsYz NSdmNuIE11 UEdKeVBqZ3 UgSUZSb1pT QlRZVyBKcG JtVWdVbTk1 IFlXeDBlU0 JVY24gVnpk Q0JwY3lCdi BibVVnYjJZ Z2RHIGhsSU c5c1pHVnog ZENCaGJtUW diRyBGeVoy VnpkQ0J3IG RXSnNhV05z ZVMgQjBjbU ZrWldRZyBj bTk1WVd4MG VTIEIwY25W emRITWcgYV c0Z2RHaGxJ RiBWdWFYUm xaQ0JUIGRH RjBaWE11UE cgSnlQamt1 SUZSbyBaU0 IwY25WemRD IEJvWVhNZ1 ltVmwgYmlC eVpXTnZaMi A1cGVtVmtJ R1p2IGNpQn BkSE1nWTIg OXRiV2wwYl dWdSBkQ0Iw YnlCamIzIE p3YjNKaGRH VWcgY21Wem NHOXVjMiBs aWFXeHBkSG tzIElISmxZ MlZwZG0gbH VaeUIwYUdV ZyBVMmxzZG 1WeUlFIEYz WVhKa0lHWn kgYjIwZ1ZH aGxJRSBKbG RIUmxjaUJD IGRYTnBibV Z6Y3kgQkNk WEpsWVhVZy BabTl5SUds MGN5IEJ3YU dsc1lXNTAg YUhKdmNHbG pJRyBWbVpt OXlkSE11IF BHSnlQakV3 TGkgQlVhR1 VnVTJGaSBh VzVsSUZKdm VXIEZzZEhr Z1ZISjEgYz NRZ2FHRnpJ RyBFZ1pHbD JaWEp6IFpT QndiM0owWm 0gOXNhVzhn YjJZZyBZWE 56WlhSekxD IEJwYm1Oc2 RXUnAgYm1j Z2NtOTVZVy B4MGVTQnlh V2RvIGRITW dkRzhnYjIg bHNJR0Z1Wk NCbiBZWE1n Y0hKdmNHIF Z5ZEdsbGN5 d2cgYkdGdV pDQnBibiBS bGNtVnpkSE 1zIElHRnVa Q0JoSUggTj BZV3RsSUds dSBJSFJvWl NCVVpYIGho Y3lCRGFYUj UgSUVsdVpI VnpkSCBKcF lXd2dRMjl0 IGNHeGxlQz Q9CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==