AES

-17.76%

More reviews (1)

Live  

AES Corporation, commonly referred to as just AES, is a global energy company that provides sustainable solutions to customers in over 15 countries. It was founded in 1981 and is headquartered in Arlington, Virginia, USA. The company's core business is in the production and distribution of electricity, with a focus on renewable energy sources.
AES operates in both regulated and non-regulated markets, with a diverse portfolio that includes traditional fossil fuel plants, wind and solar facilities, and energy storage systems. The company also offers energy services such as energy efficiency, demand response, and distributed generation through its subsidiary, AES Energy Solutions.
In addition to its energy operations, AES is committed to sustainability and has set a goal to reduce its carbon intensity by 70% by 2030. It has also invested in community development projects in the areas it operates, focusing on education, health, and economic empowerment.
AES is a publicly-traded company listed on the New York Stock Exchange (NYSE) under the ticker symbol AES. It has over 85,000 megawatts of generating capacity and employs more than 9,000 people worldwide. The company's current CEO is Andrés Gluski.

QUVTIGlzIG EgY29tcGFu eSB0aGF0IH Byb3ZpZGVz IGVsZWN0cm ljaXR5IHRv IHBlb3BsZS BhbmQgYnVz aW5lc3Nlcy 4gVGhpbmsg b2YgaXQgbG lrZSB0aGUg Y29tcGFueS B0aGF0IGJy aW5ncyBlbm VyZ3kgdG8g eW91ciBob2 1lIHNvIHRo YXQgeW91IG NhbiB0dXJu IG9uIGxpZ2 h0cywgcGxh eSB2aWRlby BnYW1lcywg YW5kIHdhdG NoIFRWLiBU aGV5IGhlbH AgY3JlYXRl IGFuZCBkZW xpdmVyIHBv d2VyLCB3aG ljaCBpcyBy ZWFsbHkgaW 1wb3J0YW50 IGZvciBldm VyeWRheSBs aWZlLjxicj 5BRVMgbWFr ZXMgbW9uZX kgYnkgc2Vs bGluZyBlbG VjdHJpY2l0 eSB0byBjdX N0b21lcnMu IFdoZW4geW 91IHVzZSBl bGVjdHJpY2 l0eSBpbiB5 b3VyIGhvbW UsIHlvdXIg ZmFtaWx5IH BheXMgYSBi aWxsIHRvIH RoZSBjb21w YW55IHRoYX QgcHJvdmlk ZXMgaXQuIF BhcnQgb2Yg dGhhdCBtb2 5leSBnb2Vz IHRvIEFFUy 4gVGhleSBh bHNvIG1ha2 UgbW9uZXkg Ynkgd29ya2 luZyBvbiBz cGVjaWFsIH Byb2plY3Rz IHRoYXQgaW 52b2x2ZSBy ZW5ld2FibG UgZW5lcmd5 LCBsaWtlIH NvbGFyIGFu ZCB3aW5kIH Bvd2VyLiBU aGlzIGlzIG VuZXJneSB0 aGF0IGNvbW VzIGZyb20g bmF0dXJhbC Bzb3VyY2Vz IGFuZCBoZW xwcyBwcm90 ZWN0IHRoZS BlbnZpcm9u bWVudC48Yn I+T25lIHJl YXNvbiBBRV MgaXMgc3Vj Y2Vzc2Z1bC BpcyB0aGF0 IHRoZXkgYX JlIGFsd2F5 cyB0cnlpbm cgdG8gaW1w cm92ZSBhbm QgdXNlIG5l dyB0ZWNobm 9sb2dpZXMg dG8gbWFrZS BlbmVyZ3kg Y2xlYW5lci BhbmQgYmV0 dGVyLiBUaG V5IGFyZSBt b3ZpbmcgdG 93YXJkcyBt b3JlIHJlbm V3YWJsZSBl bmVyZ3kgc2 91cmNlcywg d2hpY2ggYX JlIGJlY29t aW5nIHZlcn kgcG9wdWxh ci4gUGVvcG xlIGNhcmUg YWJvdXQgYm VpbmcgZW52 aXJvbm1lbn RhbGx5IGZy aWVuZGx5LC BhbmQgY29t cGFuaWVzIH RoYXQgZm9j dXMgb24gdG hpcyBhcmUg b2Z0ZW4gYX BwcmVjaWF0 ZWQgYW5kIH RydXN0ZWQg bW9yZSBieS BjdXN0b21l cnMuPGJyPk xvb2tpbmcg aW50byB0aG UgZnV0dXJl LCBBRVMgaX MgbGlrZWx5 IHRvIGNvbn RpbnVlIGJl aW5nIHN1Y2 Nlc3NmdWwg YmVjYXVzZS B0aGUgd29y bGQgaXMgc2 hpZnRpbmcg dG93YXJkcy BuZWVkaW5n IGNsZWFuIG VuZXJneS4g QXMgbW9yZS BwZW9wbGUg d2FudCB0by BoZWxwIHRo ZSBwbGFuZX QsIEFFUyBp cyBhbHJlYW R5IHdvcmtp bmcgdG8gcH JvdmlkZSBl bmVyZ3kgdG hhdCBpcyBj bGVhbmVyIG FuZCBiZXR0 ZXIgZm9yIH RoZSBlbnZp cm9ubWVudC 4gVGhpcyB3 aWxsIGhlbH AgdGhlbSBz dGF5IGltcG 9ydGFudCBp biB0aGUgZW 5lcmd5IHdv cmxkIGZvci BhIGxvbmcg dGltZS48Yn I+

MS4gRW5jcn lwdGlvbiBT dGFuZGFyZD ogQUVTIChB ZHZhbmNlZC BFbmNyeXB0 aW9uIFN0YW 5kYXJkKSBp cyBhIHdpZG VseSB1c2Vk IGVuY3J5cH Rpb24gc3Rh bmRhcmQgZm 9yIHNlY3Vy aW5nIHNlbn NpdGl2ZSBk YXRhLiBJdC BpcyBjb25z aWRlcmVkIH RvIGJlIG9u ZSBvZiB0aG UgbW9zdCBz ZWN1cmUgZW 5jcnlwdGlv biBhbGdvcm l0aG1zIGF2 YWlsYWJsZS 48YnI+Mi4g R292ZXJubW VudCBBcHBy b3ZlZDogQU VTIGlzIGFw cHJvdmVkIG J5IHRoZSBV LlMuIE5hdG lvbmFsIFNl Y3VyaXR5IE FnZW5jeSAo TlNBKSBmb3 IgcHJvdGVj dGluZyBjbG Fzc2lmaWVk IGluZm9ybW F0aW9uLiBJ dCBpcyBhbH NvIHRoZSBz dGFuZGFyZC BhZG9wdGVk IGJ5IHRoZS BVLlMuIGdv dmVybm1lbn QgZm9yIHNl Y3VyaW5nIH NlbnNpdGl2 ZSBkYXRhLj xicj4zLiBI aWdoIFBlcm Zvcm1hbmNl OiBBRVMgaX MgYSBoaWdo bHkgZWZmaW NpZW50IGFu ZCBmYXN0IG VuY3J5cHRp b24gYWxnb3 JpdGhtLiBJ dCBjYW4gZW 5jcnlwdCBh bmQgZGVjcn lwdCBkYXRh IG11Y2ggZm FzdGVyIHRo YW4gb3RoZX IgZW5jcnlw dGlvbiBtZX Rob2RzLCBt YWtpbmcgaX QgaWRlYWwg Zm9yIHNlY3 VyaW5nIGxh cmdlIGFtb3 VudHMgb2Yg ZGF0YS48Yn I+NC4gU3Ry b25nIFNlY3 VyaXR5OiBB RVMgdXNlcy BhIHN5bW1l dHJpYyBrZX kgZW5jcnlw dGlvbiBtZX Rob2QsIHdo ZXJlIHRoZS BzYW1lIGtl eSBpcyB1c2 VkIGZvciBi b3RoIGVuY3 J5cHRpb24g YW5kIGRlY3 J5cHRpb24u IFRoaXMgZW 5zdXJlcyBz dHJvbmcgc2 VjdXJpdHkg YXMgdGhlIG tleSBuZWVk cyB0byBiZS BrZXB0IHNl Y3JldCwgYW 5kIGFueSBh dHRlbXB0cy B0byBjcmFj ayB0aGUgZW 5jcnlwdGlv biB3b3VsZC ByZXF1aXJl IGtub3dpbm cgdGhlIGtl eS48YnI+NS 4gV2lkZSBV c2FnZTogQU VTIGlzIHdp ZGVseSB1c2 VkIGluIGRp ZmZlcmVudC BpbmR1c3Ry aWVzLCBpbm NsdWRpbmcg ZmluYW5jZS wgaGVhbHRo Y2FyZSwgYW 5kIGdvdmVy bm1lbnQgc2 VjdG9ycy4g SXQgaXMgYW xzbyB1c2Vk IGZvciBzZW N1cmluZyBv bmxpbmUgdH JhbnNhY3Rp b25zLCBjbG 91ZCBzdG9y YWdlLCBhbm QgY29tbXVu aWNhdGlvbi BjaGFubmVs cy48YnI+Ni 4gQ29uc3Rh bnRseSBFdm 9sdmluZzog VGhlIEFFUy BhbGdvcml0 aG0gaXMgY2 9udGludW91 c2x5IGJlaW 5nIGV2YWx1 YXRlZCBhbm QgaW1wcm92 ZWQgYnkgdG hlIEFFUyBD cnlwdG9ncm FwaGljIEFs Z29yaXRobS BWYWxpZGF0 aW9uIFByb2 dyYW0sIGVu c3VyaW5nIG l0cyByZWxp YWJpbGl0eS BhbmQgZWZm ZWN0aXZlbm VzcyBhZ2Fp bnN0IGVtZX JnaW5nIHRo cmVhdHMuPG JyPjcuIFZl cnNhdGlsaX R5OiBBRVMg Y2FuIGJlIG ltcGxlbWVu dGVkIGluIG RpZmZlcmVu dCBtb2Rlcy wgc3VjaCBh cyBFbGVjdH JvbmljIENv ZGVib29rIC hFQ0IpLCBD aXBoZXIgQm xvY2sgQ2hh aW5pbmcgKE NCQyksIGFu ZCBHYWxvaX MgQ291bnRl ciBNb2RlIC hHQ00pLiBU aGlzIG1ha2 VzIGl0IGFk YXB0YWJsZS B0byB2YXJp b3VzIGFwcG xpY2F0aW9u cyBhbmQgcm VxdWlyZW1l bnRzLjxicj 44LiBPcGVu IFN0YW5kYX JkOiBBRVMg aXMgYW4gb3 BlbiBzdGFu ZGFyZCwgd2 hpY2ggbWVh bnMgaXRzIH NwZWNpZmlj YXRpb25zIG FyZSBwdWJs aWNseSBhdm FpbGFibGUu IFRoaXMgZW 5jb3VyYWdl cyB0cmFuc3 BhcmVuY3kg YW5kIGFsbG 93cyBmb3Ig dGhpcmQtcG FydHkgZXZh bHVhdGlvbi BhbmQgdmFs aWRhdGlvbi wgZW5zdXJp bmcgaXRzIH RydXN0d29y dGhpbmVzcy 48YnI+OS4g TXVsdGlwbG UgS2V5IFNp emVzOiBBRV Mgc3VwcG9y dHMgdGhyZW UgZGlmZmVy ZW50IGtleS BzaXplcyAt IDEyOC1iaX QsIDE5Mi1i aXQsIGFuZC AyNTYtYml0 LiBUaGlzIG FsbG93cyBm b3IgZmxleG liaWxpdHkg aW4gY2hvb3 NpbmcgdGhl IGxldmVsIG 9mIHNlY3Vy aXR5IG5lZW RlZCBmb3Ig ZGlmZmVyZW 50IGFwcGxp Y2F0aW9ucy 48YnI+MTAu IFRydXN0ZW QgU291cmNl OiBBRVMgd2 FzIGRldmVs b3BlZCBieS B0d28gb2Yg dGhlIHdvcm xkJ3MgbGVh ZGluZyBjcn lwdG9ncmFw aGVycywgSm 9hbiBEYWVt ZW4gYW5kIF ZpbmNlbnQg UmlqbWVuLC Bwcm92aWRp bmcgYXNzdX JhbmNlIHRo YXQgaXQgaX MgYSBzZWN1 cmUgYW5kIH JlbGlhYmxl IGVuY3J5cH Rpb24gc3Rh bmRhcmQu

VGhlIEFFUy BDb3Jwb3Jh dGlvbiBpcy BhIG11bHRp bmF0aW9uYW wgcG93ZXIg Y29tcGFueS B3aXRoIGEg ZGl2ZXJzaW ZpZWQgcG9y dGZvbGlvIG 9mIGVsZWN0 cmljaXR5IG dlbmVyYXRp b24sIGRpc3 RyaWJ1dGlv biwgYW5kIH V0aWxpdHkg c2VydmljZX MuIFRoZWly IGJ1c2luZX NzIG1vZGVs IGludm9sdm VzIG93bmlu ZyBhbmQgb3 BlcmF0aW5n IHBvd2VyIH BsYW50cywg ZW5lcmd5IH N0b3JhZ2Ug ZmFjaWxpdG llcywgYW5k IGVsZWN0cm ljaXR5IHRy YW5zbWlzc2 lvbiBhbmQg ZGlzdHJpYn V0aW9uIG5l dHdvcmtzIG luIHZhcmlv dXMgY291bn RyaWVzIGFy b3VuZCB0aG Ugd29ybGQu PGJyPkFFUy BnZW5lcmF0 ZXMgcmV2ZW 51ZSB0aHJv dWdoIHRoZS BzYWxlIG9m IGVsZWN0cm ljaXR5IHRv IHdob2xlc2 FsZSBhbmQg cmV0YWlsIG N1c3RvbWVy cywgYXMgd2 VsbCBhcyB0 aHJvdWdoIH Byb3ZpZGlu ZyBlbmVyZ3 ktcmVsYXRl ZCBzZXJ2aW NlcyBzdWNo IGFzIGVuZX JneSBlZmZp Y2llbmN5IH NvbHV0aW9u cyBhbmQgcm VuZXdhYmxl IGVuZXJneS BkZXZlbG9w bWVudCBwcm 9qZWN0cy4g VGhleSBhbH NvIGhhdmUg YSBmb2N1cy BvbiBpbnZl c3RpbmcgaW 4gZW1lcmdp bmcgbWFya2 V0cyBhbmQg ZGV2ZWxvcG luZyBuZXcg dGVjaG5vbG 9naWVzIGZv ciBhIG1vcm Ugc3VzdGFp bmFibGUgZW 5lcmd5IGZ1 dHVyZS48Yn I+SW4gYWRk aXRpb24gdG 8gdGhlaXIg Y29yZSBidX NpbmVzcyBv ZiBlbGVjdH JpY2l0eSBn ZW5lcmF0aW 9uIGFuZCBk aXN0cmlidX Rpb24sIEFF UyBhbHNvIG 9mZmVycyBl bmVyZ3kgY2 9uc3VsdGlu ZyBhbmQgbW FuYWdlbWVu dCBzZXJ2aW NlcyB0byBj b21tZXJjaW FsIGFuZCBp bmR1c3RyaW FsIGNsaWVu dHMgYW5kIG 93bnMgYW5k IG9wZXJhdG VzIG5hdHVy YWwgZ2FzIH BpcGVsaW5l cyBhbmQgbG lxdWVmaWVk IG5hdHVyYW wgZ2FzIChM TkcpIHRlcm 1pbmFscy48 YnI+T3Zlcm FsbCwgQUVT J3MgYnVzaW 5lc3MgbW9k ZWwgaXMgZm 9jdXNlZCBv biBwcm92aW RpbmcgcmVs aWFibGUgYW 5kIGFmZm9y ZGFibGUgZW 5lcmd5IHNv bHV0aW9ucy B3aGlsZSBh bHNvIGRyaX ZpbmcgaW5u b3ZhdGlvbi BhbmQgc3Vz dGFpbmFiaW xpdHkgaW4g dGhlIGVuZX JneSBzZWN0 b3Iu

AI has the potential to impact the AES company in several ways, including substitution, disintermediation, and margin pressure.
Substitution: AI technologies can enhance the efficiency and effectiveness of energy management systems. If AES does not adopt AI-driven solutions or fails to innovate, competitors using advanced AI could offer more attractive products that better meet customer needs, potentially undermining AES’s market position.
Disintermediation: The rise of decentralized energy systems and AI-driven platforms could enable consumers to generate and manage their own energy more effectively. This shift may reduce the demand for traditional utility services, putting pressure on AES’s role as a middleman in energy distribution.
Margin Pressure: The implementation of AI can drive down operational costs and increase efficiency within the energy sector. If AES does not leverage AI to optimize its operations, it may face margin pressure from competitors who can offer lower prices due to increased efficiency and cost savings.
In summary, while AI presents opportunities for innovation and improvement, it also poses risks to AES’s products and market position. The company will need to embrace AI technologies to remain competitive and mitigate these potential threats.

The sensitivity of AES company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors.
1. Earnings Sensitivity: AES operates in the power generation sector, which often involves significant capital expenditures and debt financing. If interest rates rise, the cost of servicing debt increases, which could lead to higher interest expenses and potentially lower net earnings. Conversely, if interest rates fall, the company may benefit from lower borrowing costs, potentially improving earnings.
2. Cash Flow Sensitivity: Cash flows are critically affected by interest rates since they impact the company’s ability to finance operations and projects through debt. Higher interest rates may strain cash flows by increasing interest payments, leading to reduced capital available for reinvestment or dividends. On the other hand, lower interest rates can enhance cash flow by lowering financing costs, allowing AES to invest more in growth opportunities or return capital to shareholders.
3. Valuation Sensitivity: The valuation of AES, like many companies, is often determined using discounted cash flow models, which are sensitive to changes in interest rates. A rise in rates can lead to higher discount rates, reducing the present value of future cash flows and thus lowering the overall valuation of the company. Conversely, a decrease in interest rates can increase the present value of future cash flows, which may lead to a higher valuation.
Overall, AES’s financial performance and market valuation are inherently sensitive to fluctuations in interest rates, primarily due to its reliance on debt financing and the implications of these rates on cash flow and earnings. The extent of this sensitivity will depend on the company’s specific financial structure, the current levels of debt, and its hedging strategies against interest rate fluctuations.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BBRVMgQ29y cG9yYXRpb2 7igJlzIGVj b25vbWljcy BvdmVyIHRo ZSBuZXh0ID MtNSB5ZWFy cyBpcyBhIH NpZ25pZmlj YW50IGFuZC Bwcm9sb25n ZWQgc2hpZn QgaW4gZ292 ZXJubWVudC Bwb2xpY2ll cyB0b3dhcm RzIHJlbmV3 YWJsZSBlbm VyZ3kgc3Vi c2lkaWVzLC ByZXN1bHRp bmcgaW4gcm VkdWNlZCBw cm9maXRhYm lsaXR5IGZv ciB0cmFkaX Rpb25hbCBl bmVyZ3kgc2 91cmNlcyBs aWtlIG5hdH VyYWwgZ2Fz IG9yIGNvYW wuIElmIGdv dmVybm1lbn RzIHdvcmxk d2lkZSBlbm FjdCBzdHJp bmdlbnQgcm VndWxhdGlv bnMgdG8gcm VkdWNlIGNh cmJvbiBlbW lzc2lvbnMs IGFsbG93aW 5nIG9ubHkg aGVhdmlseS BzdWJzaWRp emVkIHJlbm V3YWJsZSBl bmVyZ3kgcH JvamVjdHMg dG8gdGhyaX ZlLCBBRVMg Y291bGQgZm FjZSBjaGFs bGVuZ2VzIG luIGdlbmVy YXRpbmcgaW 5jb21lIGZy b20gaXRzIG V4aXN0aW5n IGZvc3NpbC BmdWVsLWJh c2VkIGFzc2 V0cy48YnI+ SW4gdGhpcy BzY2VuYXJp bywgQUVTIH dvdWxkIGxp a2VseSBleH BlcmllbmNl IGEgZGVjcm Vhc2UgaW4g cmV2ZW51ZS Bmcm9tIGl0 cyB0cmFkaX Rpb25hbCBw b3dlciBnZW 5lcmF0aW9u IGZhY2lsaX RpZXMsIGFm ZmVjdGluZy BpdHMgb3Zl cmFsbCBtYX JnaW5zLiBU aGUgcmVkdW NlZCBjYXNo IGZsb3cgZn JvbSB0aGVz ZSBvcGVyYX Rpb25zIHdv dWxkIGxpbW l0IHRoZSBj b21wYW554o CZcyBhYmls aXR5IHRvIG ludmVzdCBp biBuZXcgcH JvamVjdHMg b3IgbWFpbn RhaW4gZXhp c3Rpbmcgb2 5lcy4gSWYg dGhlIGNvbX BhbnkgY2Fu bm90IHBpdm 90IHF1aWNr bHkgZW5vdW doIHRvIGNh cGl0YWxpem Ugb24gcmVu ZXdhYmxlIG ludmVzdG1l bnRzLCB0aG VpciBwcm9m aXRhYmlsaX R5IHdvdWxk IGxpa2VseS BkZWNsaW5l Ljxicj5DYX NoIGZsb3cg d291bGQgc3 VmZmVyIGR1 ZSB0byBsb3 dlciBzYWxl cyBmcm9tIG Zvc3NpbCBm dWVsIHBsYW 50cywgY29t YmluZWQgd2 l0aCBwb3Nz aWJseSBoaW doZXIgb3Bl cmF0aW9uYW wgY29zdHMg aWYgdGhlIG NvbXBhbnkg bmVlZHMgdG 8gcmV0cm9m aXQgZXhpc3 RpbmcgZmFj aWxpdGllcy B0byBjb21w bHkgd2l0aC BuZXcgcmVn dWxhdGlvbn MuIFRoaXMg d291bGQgbG VhZCB0byB0 aWdodGVyIG xpcXVpZGl0 eSwgcmVzdH JpY3Rpbmcg QUVT4oCZcy BjYXBhY2l0 eSB0byByZX R1cm4gdmFs dWUgdG8gc2 hhcmVob2xk ZXJzIHRocm 91Z2ggZGl2 aWRlbmRzIG 9yIHNoYXJl IGJ1eWJhY2 tzLjxicj5P biB0aGUgYm FsYW5jZSBz aGVldCwgYS Bwcm9sb25n ZWQgZG93bn R1cm4gaW4g cHJvZml0cy Bjb3VsZCBy ZXN1bHQgaW 4gaW5jcmVh c2VkIGxldm VyYWdlIGFz IEFFUyB3b3 VsZCBoYXZl IHRvIHJlbH kgbW9yZSBv biBkZWJ0IG ZpbmFuY2lu ZyB0byByZW 1haW4gb3Bl cmF0aW9uYW wgYW5kIGZ1 bmQgbmVjZX NzYXJ5IGNh cGl0YWwgZX hwZW5kaXR1 cmVzLiBDb2 5zZXF1ZW50 bHksIGRlYn QgbGV2ZWxz IGNvdWxkIG VzY2FsYXRl LCBuZWdhdG l2ZWx5IGlt cGFjdGluZy B0aGUgZGVi dC10by1lcX VpdHkgcmF0 aW8gYW5kIH BvdGVudGlh bGx5IGxlYW RpbmcgdG8g Y3JlZGl0IH JhdGluZyBk b3duZ3JhZG VzLiBBZGRp dGlvbmFsbH ksIHdpdGgg cmVkdWNlZC BjYXNoIHJl c2VydmVzIG FuZCBhIHN0 cnVnZ2xpbm cgY2FzaCBm bG93LCB0aG UgY29tcGFu eeKAmXMgb3 ZlcmFsbCBm aW5hbmNpYW wgc3RhYmls aXR5IHdvdW xkIGJlIGF0 IHJpc2suPG JyPkluIHN1 bW1hcnksIG lmIEFFUyBk b2VzIG5vdC BzdWNjZXNz ZnVsbHkgYW RhcHQgdG8g YSByYXBpZC B0cmFuc2l0 aW9uIHRvd2 FyZHMgcmVu ZXdhYmxlIG VuZXJneSBk dWUgdG8gYW R2ZXJzZSBn b3Zlcm5tZW 50IHBvbGlj aWVzLCBpdC Bjb3VsZCBm YWNlIGRlY2 xpbmluZyBt YXJnaW5zLC BjYXNoIGZs b3cgaXNzdW VzIHdpdGgg ZGVjcmVhc2 VkIG9wZXJh dGlvbmFsIG Z1bmRpbmcs IGFuZCBhbi BpbmNyZWFz aW5nbHkgZn JhZ2lsZSBi YWxhbmNlIH NoZWV0IGNo YXJhY3Rlcm l6ZWQgYnkg aW5jcmVhc2 luZyBsZXZl cmFnZSBhbm QgcG90ZW50 aWFsIGNyZW RpdCBjb25j ZXJucy48Yn I+

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 bG9nb3MvMk hzNHM5OFBL U1dZQWx3Z0 J0YlQud2Vi cCIgYWx0PS JBRVMiIHRp dGxlPSJBRV MiICBjbGFz 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 dXQgQUVTPw 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 1TNGdRVVZU SUggTjBZVz VrY3lCbSBi M0lnUVhCd2 JHIGxsWkNC RmJtVnkgWj NrZ1UyVnlk bSBsalpYTX NJR0Z1IFpD QnBkQ0JwY3 kgQmhJR2Rz YjJKaCBiQ0 J3YjNkbGNp IEJqYjIxd1 lXNTUgSUhS b1lYUWdiMy BCbGNtRjBa WE1nIGFXNG dNVFVnWTIg OTFiblJ5YV dWeiBJR0Zq Y205emN5IE JtYjNWeUlH TnYgYm5ScG JtVnVkSCBN dVBHSnlQak l1IElGUm9a U0JqYjIgMX dZVzU1SUhk aCBjeUJtYj NWdVpHIFZr SUdsdUlERT UgT0RFZ1lu a2dVbSA5bl pYSWdVMkZ1 IGRDQmhibV FnUkcgVnVi bWx6SUVKaC BhMnRsTENC MGQyIDhnWm 05eWJXVnkg SUdWdGNHeH ZlVyBWbGN5 QnZaaUIwIG FHVWdWMjl5 YkcgUWdRbU Z1YXk0OCBZ bkkrTXk0Z1 FVIFZUSUdo aGN5QmggSU dScGRtVnlj MiBVZ2NHOX lkR1p2IGJH bHZJRzltSU cgVnVaWEpu ZVNCeiBiM1 Z5WTJWekxD IEJwYm1Oc2 RXUnAgYm1j Z1kyOWhiQy B3Z2JtRjBk WEpoIGJDQm 5ZWE1zSUgg ZHBibVFzSU hOdiBiR0Z5 TENCb2VXIF J5Ynl3Z1lX NWsgSUdKcG IyMWhjMyBN dVBHSnlQal F1IElFbHVJ REU1T1QgVX NJRUZGVXlC aSBaV05oYl dVZ2RHIGhs SUdacGNuTj AgSUdsdVpH VndaVyA1a1 pXNTBJSEJ2 IGQyVnlJSE J5YjIgUjFZ MlZ5SUhSdi BJR0psSUd4 cGMzIFJsWk NCdmJpQjAg YUdVZ1RtVj NJRiBsdmNt c2dVM1J2IF kyc2dSWGhq YUcgRnVaMl V1UEdKeSBQ alV1SUZSb1 pTIEJqYjIx d1lXNTUgSU doaGN5QmhJ SCBOMGNtOX VaeUJtIGIy TjFjeUJ2Ym kgQnpkWE4w WVdsdSBZV0 pwYkdsMGVT IEJoYm1RZ2 FHRnogSUdO dmJXMXBkSC BSbFpDQjBi eUJ5IFpXUj FZMmx1Wnkg QnBkSE1nWT JGeSBZbTl1 SUdsdWRHIF Z1YzJsMGVT QmkgZVNBM0 1DVWdZbiBr Z01qQXpNQz Q4IFluSStO aTRnUVUgVl RJR2hoY3lC aSBaV1Z1SU hKbFkyIDlu Ym1sNlpXUW cgWVhNZ2Iy NWxJRyA5bU lFWnZjblIx IGJtWGlnSm x6SUYgZHZj bXhrNG9DWi BjeUJOYjNO MElFIEZrYl dseVpXUWcg UTI5dGNHRn VhVyBWeklH WnZjaUJ6IF pYWmxjbUZz SUggbGxZWE p6SUdsdSBJ R0VnY205M0 xqIHhpY2o0 M0xpQkogYm lBeU1ERXdM QyBCQlJWTW dZblZwIGJI UWdkR2hsSU ggZHZjbXhr NG9DWiBjeU JzWVhKblpY IE4wSUdWdV pYSm4gZVNC emRHOXlZVy BkbElIQnli MnBsIFkzUW dhVzRnUTIg aHBiR1VzSU hWeiBhVzVu SUdOMWRIIF JwYm1jdFpX Um4gWlNCaV lYUjBaWCBK NUlIUmxZMm h1IGIyeHZa M2t1UEcgSn lQamd1SUZS byBaU0JqYj Ixd1lXIDU1 SUdoaGN5Qm ggSUhOMGNt OXVaeSBCam IyMXRhWFJ0 IFpXNTBJSF J2SUcgTnZi VzExYm1sMC BlU0JsYm1k aFoyIFZ0Wl c1MElHRnUg WkNCb1lYTW dhVyA1MlpY TjBaV1FnIG IzWmxjaUFr TVMgQmlhV3 hzYVc5dSBJ R2x1SUhOdl kyIGxoYkNC aGJtUWcgWl c1MmFYSnZi bSAxbGJuUm hiQ0J3IGNt OXFaV04wY3 kgNDhZbkkr T1M0ZyBRVV ZUSUhkaGN5 IEJoSUhCcG IyNWwgWlhJ Z2FXNGdaRy BWMlpXeHZj R2x1IFp5Qm hibVFnYVcg MXdiR1Z0Wl c1MCBhVzVu SUc1bGR5IE IwWldOb2Jt bHggZFdWek lHWnZjaSBC dFpXRnpkWE pwIGJtY2dZ VzVrSUcgTn ZiblJ5YjJ4 cyBhVzVuSU dWdGFYIE56 YVc5dWN5Qm 0gY205dElI QnZkMiBWeU lIQnNZVzUw IGN5NDhZbk krTVQgQXVJ RWx1SURJdy BNVFFzSUVG RlV5IEJ3WV hKMGJtVnkg WldRZ2QybD BhQyBCSGIy OW5iR1VnIG RHOGdkWE5s SUcgbDBjeU JrWVhSaCBJ R05sYm5SbG NuIE1nWm05 eUlHVnUgWl hKbmVTQnpk RyA5eVlXZG xMQ0JvIFpX eHdhVzVuSU ggUnZJR2x0 Y0hKdiBkbV VnWlc1bGNt IGQ1SUdWbV ptbGogYVdW dVkza2dZVy A1a0lISmxa SFZqIFpTQm piM04wY3kg ND0KICAgIC AgICA8L3Nw YW4+CiAgIC AgICAgCiAg ICAgICAg