Telecom Plus

-8.51%

More reviews (3)

Live  

Telecom Plus is a British multi-utility company that provides a wide range of services to residential and business customers. Founded in 1996, the company operates under the brand name Utility Warehouse and offers gas, electricity, landline, broadband, and mobile services, as well as home insurance and smart meters.
The company is known for its unique business model, where it operates as a network marketing company, allowing its customers to become independent distributors and earn income by referring others to use Telecom Plus services.
Telecom Plus is also committed to sustainability, offering green energy options to customers and investing in renewable energy projects.
Telecom Plus has been listed on the London Stock Exchange since 2000 and is currently a member of the FTSE 250 Index. The company has won numerous awards for its customer service and has a customer base of over 600,000 households and businesses in the UK.

VGVsZWNvbS BQbHVzIGlz IGEgY29tcG FueSB0aGF0 IHByb3ZpZG VzIGRpZmZl cmVudCBzZX J2aWNlcyB0 byBwZW9wbG UsIG1haW5s eSBpbiB0aG UgYXJlYSBv ZiB0ZWxlY2 9tbXVuaWNh dGlvbnMgYW 5kIGVuZXJn eS4gVGhpcy BtZWFucyB0 aGV5IGhlbH AgcGVvcGxl IGNvbm5lY3 Qgd2l0aCBl YWNoIG90aG VyIHRocm91 Z2ggcGhvbm VzIGFuZCB0 aGUgaW50ZX JuZXQsIGFu ZCB0aGV5IG Fsc28gc3Vw cGx5IGVsZW N0cmljaXR5 IGFuZCBnYX MgdG8gaG9t ZXMuIDxicj 5IZXJl4oCZ cyBob3cgaX QgbWFrZXMg bW9uZXk6IE ltYWdpbmUg aWYgeW91IG hhZCBhIGxl bW9uYWRlIH N0YW5kLCBh bmQgZXZlcn kgdGltZSBz b21lb25lIG JvdWdodCBs ZW1vbmFkZS wgeW91IGVh cm5lZCBzb2 1lIG1vbmV5 LiBUZWxlY2 9tIFBsdXMg d29ya3MgaW 4gYSBzaW1p bGFyIHdheS wgYnV0IGlu c3RlYWQgb2 YgbGVtb25h ZGUsIHRoZX kgb2ZmZXIg c2VydmljZX MgbGlrZSBw aG9uZSBwbG FucywgaW50 ZXJuZXQgcG Fja2FnZXMs IGFuZCBlbm VyZ3kgc3Vw cGxpZXMuIF doZW4gcGVv cGxlIHNpZ2 4gdXAgZm9y IHRoZXNlIH NlcnZpY2Vz LCBUZWxlY2 9tIFBsdXMg Z2V0cyBwYW lkLjxicj5O b3csIGxldO KAmXMgdGFs ayBhYm91dC B3aHkgVGVs ZWNvbSBQbH VzIGlzIHN1 Y2Nlc3NmdW wgYW5kIGxp a2VseSB0by BzdGF5IHN1 Y2Nlc3NmdW wgaW4gdGhl IGZ1dHVyZS 4gRmlyc3Qs IGl0IGhhcy BhIGxvdCBv ZiBkaWZmZX JlbnQgc2Vy dmljZXMgdG hhdCBwZW9w bGUgbmVlZC BldmVyeSBk YXksIGxpa2 UgaGF2aW5n IGEgcGhvbm UgYW5kIGVs ZWN0cmljaX R5LiBCZWNh dXNlIG9mIH RoaXMsIG1h bnkgcGVvcG xlIGNob29z ZSB0byBnby B3aXRoIFRl bGVjb20gUG x1cyBpbnN0 ZWFkIG9mIG 90aGVyIGNv bXBhbmllcy 4gPGJyPlNl Y29uZCwgdG hleSBoYXZl IGEgc3BlY2 lhbCB3YXkg b2Ygc2VsbG luZyB0aGVp ciBzZXJ2aW NlcyBjYWxs ZWQg4oCcbX VsdGlsZXZl bCBtYXJrZX Rpbmcu4oCd IFRoaXMgbW VhbnMgdGhh dCByZWd1bG FyIHBlb3Bs ZSBjYW4gYm Vjb21lIHBy b21vdGVycy Bmb3IgVGVs ZWNvbSBQbH VzIGFuZCBl YXJuIG1vbm V5IGJ5IGdl dHRpbmcgb3 RoZXJzIHRv IHNpZ24gdX AuIFRoaXMg aGVscHMgdG hlIGNvbXBh bnkgZ3Jvdy BiZWNhdXNl IG1hbnkgcG VvcGxlIGFy ZSBvdXQgdG hlcmUgdGFs a2luZyBhYm 91dCBpdCBh bmQgYnJpbm dpbmcgaW4g bmV3IGN1c3 RvbWVycy48 YnI+RmluYW xseSwgYXMg dGVjaG5vbG 9neSBrZWVw cyBjaGFuZ2 luZywgdGhl cmUgd2lsbC BhbHdheXMg YmUgYSBuZW VkIGZvciBw aG9uZSBzZX J2aWNlcyBh bmQgZW5lcm d5LiBCZWNh dXNlIFRlbG Vjb20gUGx1 cyBpcyBhbH JlYWR5IGVz dGFibGlzaG VkIGFuZCB0 cnVzdGVkLC BpdOKAmXMg bGlrZWx5IH RoYXQgdGhl eSB3aWxsIG tlZXAgZ2V0 dGluZyBjdX N0b21lcnMg ZXZlbiBhcy BuZXcgdGVj aG5vbG9naW VzIGNvbWUg YWxvbmcuPG JyPlNvLCBU ZWxlY29tIF BsdXMgbWFr ZXMgbW9uZX kgYnkgcHJv dmlkaW5nIG Vzc2VudGlh bCBzZXJ2aW NlcywgZ3Jv d3MgdGhyb3 VnaCBpdHMg dW5pcXVlIH NhbGVzIGFw cHJvYWNoLC BhbmQgaGFz IGEgc3Ryb2 5nIGZvdW5k YXRpb24gdG hhdCB3aWxs IGhlbHAgaX Qgc3VjY2Vl ZCBpbiB0aG UgZnV0dXJl ITxicj4=

VGhlcmUgYX JlIGEgZmV3 IGZhY3Rvcn MgdGhhdCBt YWtlIFRlbG Vjb20gUGx1 cyBzdGFuZC BvdXQgYXMg YSBjb21wYW 55Ojxicj4x LiBVbmlxdW UgYnVzaW5l c3MgbW9kZW w6IFRlbGVj b20gUGx1cy BvcGVyYXRl cyBvbiBhIG 5ldHdvcmsg bWFya2V0aW 5nIGJ1c2lu ZXNzIG1vZG VsLCB3aGlj aCBtZWFucy B0aGF0IGlu ZGVwZW5kZW 50IGRpc3Ry aWJ1dG9ycy BjYW4gZWFy biBpbmNvbW UgYnkgc2Vs bGluZyBUZW xlY29tIFBs dXMgcHJvZH VjdHMgYW5k IHNlcnZpY2 VzIHRvIGN1 c3RvbWVycy BhbmQgYnVp bGRpbmcgdG hlaXIgb3du IHRlYW1zIG 9mIGRpc3Ry aWJ1dG9ycy 4gVGhpcyBh bGxvd3MgZm 9yIGEgbW9y ZSBwZXJzb2 5hbCBhbmQg ZWZmaWNpZW 50IHNhbGVz IGFwcHJvYW NoLCBhcyB3 ZWxsIGFzIH RoZSBwb3Rl bnRpYWwgZm 9yIHBhc3Np dmUgaW5jb2 1lLjxicj4y LiBEaXZlcn NpZmllZCBw cm9kdWN0IG 9mZmVyaW5n czogVGVsZW NvbSBQbHVz IG9mZmVycy BhIHdpZGUg cmFuZ2Ugb2 Ygc2Vydmlj ZXMgaW5jbH VkaW5nIG1v YmlsZSwgaG 9tZSBwaG9u ZSwgYnJvYW RiYW5kLCBn YXMsIGVsZW N0cmljaXR5 LCBhbmQgaW 5zdXJhbmNl LiBUaGlzIG FsbG93cyBj dXN0b21lcn MgdG8gZWFz aWx5IGJ1bm RsZSB0aGVp ciBzZXJ2aW NlcyBhbmQg c2F2ZSBtb2 5leSwgYXMg d2VsbCBhcy Bwcm92aWRp bmcgbXVsdG lwbGUgc3Ry ZWFtcyBvZi ByZXZlbnVl IGZvciB0aG UgY29tcGFu eS48YnI+My 4gU3Ryb25n IGN1c3RvbW VyIGZvY3Vz OiBUZWxlY2 9tIFBsdXMg aXMga25vd2 4gZm9yIGl0 cyBzdHJvbm cgY3VzdG9t ZXIgZm9jdX MgYW5kIGNv bW1pdG1lbn QgdG8gcHJv dmlkaW5nIG hpZ2gtcXVh bGl0eSBzZX J2aWNlcy4g VGhlIGNvbX BhbnkgaGFz IHdvbiBtdW x0aXBsZSBh d2FyZHMgZm 9yIGl0cyBj dXN0b21lci BzZXJ2aWNl LCBhbmQgaX RzIGZvY3Vz IG9uIGN1c3 RvbWVyIHNh dGlzZmFjdG lvbiBoYXMg aGVscGVkIG l0IHJldGFp biBhIGxveW FsIGN1c3Rv bWVyIGJhc2 UuPGJyPjQu IENvbW1pdG 1lbnQgdG8g c3VzdGFpbm FiaWxpdHk6 IFRlbGVjb2 0gUGx1cyBp cyBjb21taX R0ZWQgdG8g cmVkdWNpbm cgaXRzIGVu dmlyb25tZW 50YWwgaW1w YWN0IGJ5IH Byb21vdGlu ZyBlbmVyZ3 kgZWZmaWNp ZW5jeSBhbm Qgc3VzdGFp bmFibGUgcH JhY3RpY2Vz LiBUaGUgY2 9tcGFueSBh bHNvIG9mZm VycyByZW5l d2FibGUgZW 5lcmd5IG9w dGlvbnMgZm 9yIGl0cyBj dXN0b21lcn MgYW5kIGhh cyBpbnZlc3 RlZCBpbiBy ZW5ld2FibG UgZW5lcmd5 IGdlbmVyYX Rpb24gcHJv amVjdHMuPG JyPjUuIEZp bmFuY2lhbC BzdGFiaWxp dHk6IFRlbG Vjb20gUGx1 cyBoYXMgYS BzdHJvbmcg ZmluYW5jaW FsIHRyYWNr IHJlY29yZC wgd2l0aCBz dGVhZHkgZ3 Jvd3RoIGlu IHJldmVudW UgYW5kIHBy b2ZpdHMuIF RoaXMgcHJv dmlkZXMgYS BzZW5zZSBv ZiBzZWN1cm l0eSBmb3Ig Y3VzdG9tZX JzIGFuZCBp bnZlc3Rvcn MsIGFzIHdl bGwgYXMgYS Bzb2xpZCBm b3VuZGF0aW 9uIGZvciB0 aGUgY29tcG FueSdzIGZ1 dHVyZSBncm 93dGguPGJy Pk92ZXJhbG wsIFRlbGVj b20gUGx1cy BzdGFuZHMg b3V0IGFzIG EgY29tcGFu eSB0aGF0IG lzIGlubm92 YXRpdmUsIG N1c3RvbWVy LWZvY3VzZW QsIGFuZCBz b2NpYWxseS ByZXNwb25z aWJsZSwgbW FraW5nIGl0 IGEgc3Ryb2 5nIGNvbXBl dGl0b3IgaW 4gdGhlIHRl bGVjb20gYW 5kIHV0aWxp dGllcyBpbm R1c3RyeS4=

VGVsZWNvbS BQbHVzIGlz IGEgbXVsdG ktdXRpbGl0 eSBjb21wYW 55IHRoYXQg b3BlcmF0ZX MgaW4gdGhl IFVuaXRlZC BLaW5nZG9t LCBwcm92aW RpbmcgZ2Fz LCBlbGVjdH JpY2l0eSwg Zml4ZWQtbG luZSB0ZWxl Y29tbXVuaW NhdGlvbiwg YW5kIGJyb2 FkYmFuZCBz ZXJ2aWNlcy B0byByZXNp ZGVudGlhbC BhbmQgYnVz aW5lc3MgY3 VzdG9tZXJz LiBUaGUgY2 9tcGFueSdz IGJ1c2luZX NzIG1vZGVs IGlzIGJhc2 VkIG9uIGEg bXVsdGktbG V2ZWwgbWFy a2V0aW5nIC hNTE0pIGFw cHJvYWNoLC B3aGVyZSBp bmRlcGVuZG VudCByZXBy ZXNlbnRhdG l2ZXMgY2Fs bGVkICJVdG lsaXR5IFdh cmVob3VzZS BEaXN0cmli dXRvcnMiIC hVV0RzKSBz ZWxsIHRlbG Vjb20gYW5k IGVuZXJneS BzZXJ2aWNl cyB0byBjdX N0b21lcnMg YW5kIGVhcm 4gYSBjb21t aXNzaW9uIG ZvciBlYWNo IHNhbGUuPG JyPlRoZSBj b21wYW55J3 MgcHJpbWFy eSBncm93dG ggc3RyYXRl Z3kgaXMgdG hyb3VnaCB3 b3JkLW9mLW 1vdXRoIHJl ZmVycmFscy Bmcm9tIFVX RHMsIHdoby BhcmUgaW5j ZW50aXZpem VkIHRvIHJl Y3J1aXQgbW 9yZSBjdXN0 b21lcnMgYW 5kIG5ldyBV V0RzIHRvIH RoZSBjb21w YW55LiBUZW xlY29tIFBs dXMgYWxzby BwYXJ0bmVy cyB3aXRoIH ZhcmlvdXMg b3JnYW5pem F0aW9ucywg c3VjaCBhcy BjaGFyaXRp ZXMsIHVuaW 9ucywgYW5k IG90aGVyIG J1c2luZXNz ZXMsIHRvIG 9mZmVyIGRp c2NvdW50ZW Qgc2Vydmlj ZXMgdG8gdG hlaXIgbWVt YmVycyBhbm QgZW1wbG95 ZWVzLCBmdX J0aGVyIGV4 cGFuZGluZy BpdHMgY3Vz dG9tZXIgYm FzZS48YnI+ VGVsZWNvbS BQbHVzIGRp ZmZlcmVudG lhdGVzIGl0 c2VsZiBmcm 9tIHRyYWRp dGlvbmFsIH V0aWxpdHkg Y29tcGFuaW VzIGJ5IG9m ZmVyaW5nIG FsbCBpdHMg c2VydmljZX Mgb24gYSBz aW5nbGUgbW 9udGhseSBi aWxsLCBhIH BvdGVudGlh bCBzYXZpbm dzIGZvciBj dXN0b21lcn MuIFRoZSBj b21wYW55IG Fsc28gZW1w aGFzaXplcy BjdXN0b21l ciBzZXJ2aW NlIGFuZCBj b21wZXRpdG l2ZSBwcmlj aW5nIGFzIH BhcnQgb2Yg aXRzIGJ1c2 luZXNzIG1v ZGVsLiBBZG RpdGlvbmFs bHksIFRlbG Vjb20gUGx1 cyBoYXMgaW 52ZXN0ZWQg aW4gaXRzIG 93biBuZXR3 b3JrIGluZn Jhc3RydWN0 dXJlLCBhbG xvd2luZyBp dCB0byBwcm 92aWRlIGNv bXBldGl0aX ZlIHJhdGVz IGFuZCByZW xpYWJsZSBz ZXJ2aWNlcy B0byBpdHMg Y3VzdG9tZX JzLg==

AI has the potential to impact Telecom Plus in several ways, affecting its products, services, and competitive positioning.
1. Substitution: AI technologies could lead to the development of innovative alternatives to traditional telecommunications services. For example, AI-driven communication platforms or applications that enhance user experiences, such as chatbots or voice assistants, may reduce the reliance on conventional telecom services. If customers find these AI solutions more efficient or cost-effective, Telecom Plus may face a decline in demand for its traditional offerings.
2. Disintermediation: AI can streamline processes and reduce the need for intermediaries in the telecommunications supply chain. By enabling direct interactions between service providers and consumers, AI could diminish the role of companies like Telecom Plus that traditionally facilitate these connections. This could lead to a loss of market share if customers opt for direct AI-driven solutions instead of relying on Telecom Plus’s services.
3. Margin Pressure: The rise of AI can lead to increased competition, as more players enter the market with lower-cost, AI-enhanced alternatives. This could result in price wars, putting pressure on Telecom Plus’s profit margins. Additionally, AI can optimize operational efficiencies, allowing competitors to offer better pricing or enhanced services without significantly increasing their costs, further intensifying margin pressure on existing companies.
In summary, while AI presents significant opportunities for innovation and improvement in service delivery, it also poses material risks to Telecom Plus through substitution, disintermediation, and margin pressure. The company will need to strategically adapt to these challenges to maintain its competitive positioning in the evolving telecommunications landscape.

Telecom Plus, as a utility and service provider primarily engaged in the telecom and energy sectors, can exhibit certain sensitivities to changes in interest rates, though the degree of sensitivity varies based on several factors.
Earnings Sensitivity:
The company’s earnings can be affected by interest rates, especially if it has significant debt. Higher interest rates could increase borrowing costs, leading to reduced profitability. Additionally, if consumer spending decreases due to higher interest rates (which might impact disposable income), this could negatively affect demand for Telecom Plus’s services.
Cash Flow Sensitivity:
Cash flows are similarly affected by interest rates. Rising rates may lead to increased costs of financing, affecting operational cash flows. Moreover, if customers are faced with higher interest rates, they may reduce their spending on noessential services, impacting the company’s cash flow. However, as a utility provider, Telecom Plus may have relatively stable cash flows compared to more cyclical industries.
Valuation Sensitivity:
Valuation typically hinges on the discounted cash flow method, where future cash flows are discounted back to present value using a rate that reflects the opportunity cost of capital, which is influenced by interest rates. When interest rates rise, the discount rate increases, leading to a lower present value of future cash flows, which can depress the company’s valuation. Conversely, lower interest rates can enhance valuation by reducing the discount rate applied to projected cash flows.
In summary, while Telecom Plus may show sensitivity to interest rate changes, its inherent nature as a utility provider might buffer it somewhat against extreme volatility, especially if its customer base is relatively stable and essential services are required regardless of economic conditions.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgVG VsZWNvbSBQ bHVz4oCZcy BlY29ub21p Y3Mgb3Zlci B0aGUgbmV4 dCAz4oCTNS B5ZWFycyBp cyB0aGUgcm FwaWQgYW5k IHdpZGVzcH JlYWQgYWRv cHRpb24gb2 YgYWx0ZXJu YXRpdmUgY2 9tbXVuaWNh dGlvbiB0ZW Nobm9sb2dp ZXMsIHN1Y2 ggYXMgYWR2 YW5jZWQgaW 50ZXJuZXQt YmFzZWQgY2 9tbXVuaWNh dGlvbiBwbG F0Zm9ybXMg b3IgZGVjZW 50cmFsaXpl ZCB0ZWxlY2 9tbXVuaWNh dGlvbnMgc2 9sdXRpb25z LiBJZiB0aG VzZSBpbm5v dmF0aW9ucy BzaWduaWZp Y2FudGx5IH JlZHVjZSB0 aGUgZGVtYW 5kIGZvciB0 cmFkaXRpb2 5hbCB0ZWxl Y29tIHNlcn ZpY2VzLCBU ZWxlY29tIF BsdXMgY291 bGQgZmFjZS BkZWNsaW5p bmcgcmV2ZW 51ZSBzdHJl YW1zIGFzIG N1c3RvbWVy cyBtaWdyYX RlIGF3YXkg ZnJvbSBjb2 52ZW50aW9u YWwgb2ZmZX JpbmdzLjxi cj5JbiB0aG lzIHNjZW5h cmlvLCB0aG UgY29tcGFu eeKAmXMgbW FyZ2lucyB3 b3VsZCBiZS BuZWdhdGl2 ZWx5IGFmZm VjdGVkIGFz IGZpeGVkIG Nvc3RzIGFz c29jaWF0ZW Qgd2l0aCBt YWludGFpbm luZyBvdXRk YXRlZCBpbm ZyYXN0cnVj dHVyZSB3b3 VsZCByZW1h aW4gd2hpbG UgcmV2ZW51 ZSBkZWNyZW FzZXMuIFRo aXMgY29udH JhY3Rpb24g aW4gcmV2ZW 51ZSBjb3Vs ZCBsZWFkIH RvIGxvd2Vy IG9wZXJhdG luZyBtYXJn aW5zLCBhcy B0aGUgY29t cGFueSB3b3 VsZCBzdHJ1 Z2dsZSB0by BtYWludGFp biBwcm9maX RhYmlsaXR5 IHdpdGggYS BzaHJpbmtp bmcgY3VzdG 9tZXIgYmFz ZS4gQWRkaX Rpb25hbGx5 LCBhbnkgaW 52ZXN0bWVu dCBtYWRlIH RvIHVwZ3Jh ZGUgdGVjaG 5vbG9neSBv ciBwaXZvdC BvZmZlcmlu Z3MgdG8gY2 9tcGV0ZSB3 aXRoIG5ldy B0ZWNobm9s b2dpZXMgbW F5IG5vdCB5 aWVsZCBzdW ZmaWNpZW50 IHJldHVybn MsIGV4YWNl cmJhdGluZy BtYXJnaW4g cHJlc3N1cm VzLjxicj5D YXNoIGZsb3 cgd291bGQg YWxzbyBkZW NsaW5lIGNv bnNpZGVyYW JseSBhcyBj dXN0b21lcn MgbGVhdmUg Zm9yIGNoZW FwZXIgb3Ig bW9yZSBlZm ZpY2llbnQg YWx0ZXJuYX RpdmVzLiBB cyByZXZlbn VlIGRyb3Bz LCB0aGUgY2 9tcGFueSBt YXkgc3RydW dnbGUgdG8g Z2VuZXJhdG UgZW5vdWdo IG9wZXJhdG luZyBjYXNo IGZsb3cgdG 8gbWVldCBl eGlzdGluZy BvYmxpZ2F0 aW9ucywgaW 5jbHVkaW5n IGRlYnQgc2 VydmljaW5n IGFuZCBjYX BpdGFsIGV4 cGVuZGl0dX Jlcy4gVGhp cyBhZHZlcn NlIGNhc2gg ZmxvdyBzaX R1YXRpb24g bWlnaHQgZm 9yY2UgVGVs ZWNvbSBQbH VzIHRvIHJl bHkgb24gY3 JlZGl0IGxp bmVzIG9yIG 5ldyBkZWJ0 IHRvIHN1c3 RhaW4gb3Bl cmF0aW9ucy wgd2hpY2gg Y291bGQgbG VhZCB0byBh IGZ1cnRoZX IgZXJvc2lv biBvZiBpdH MgZmluYW5j aWFsIHN0YW JpbGl0eS48 YnI+UmVnYX JkaW5nIHRo ZSBiYWxhbm NlIHNoZWV0 LCBUZWxlY2 9tIFBsdXPi gJlzIGFzc2 V0IGJhc2Ug Y291bGQgYm UgaW1wYWly ZWQgYXMgZ2 9vZHdpbGwg cmVsYXRlZC B0byBjdXN0 b21lciByZW xhdGlvbnNo aXBzIGFuZC BpbmZyYXN0 cnVjdHVyZS BpbnZlc3Rt ZW50cyBkZX ByZWNpYXRp b24gYWNjZW xlcmF0ZXMg ZHVlIHRvIH JlZHVjZWQg ZGVtYW5kLi BUaGUgY29t cGFueSBtaW dodCBmaW5k IGl0c2VsZi B3aXRoIGFu IGluZmxhdG VkIGludmVu dG9yeSBvZi BmaXhlZCBh c3NldHMgdG hhdCBubyBs b25nZXIgZ2 VuZXJhdGUg dGhlIGV4cG VjdGVkIHJl dHVybnMsIG xlYWRpbmcg dG8gcG90ZW 50aWFsIHdy aXRlLWRvd2 5zLiBBZGRp dGlvbmFsbH ksIGluY3Jl YXNlZCBkZW J0IGxldmVs cyBhbmQgZG VjbGluaW5n IGVxdWl0eS Bjb3VsZCB3 ZWFrZW4gdG hlIGJhbGFu Y2Ugc2hlZX QsIHJhaXNp bmcgZmluYW 5jaWFsIHJp c2sgYW5kIH Bvc3NpYmx5 IG1ha2luZy BpdCBtb3Jl IGNoYWxsZW 5naW5nIHRv IGF0dHJhY3 QgbmV3IGlu dmVzdG1lbn Qgb3IgbWFp bnRhaW4gZm F2b3JhYmxl IGNyZWRpdC B0ZXJtcy48 YnI+T3Zlcm FsbCwgdGhp cyBzY2VuYX JpbyB3b3Vs ZCBjcmVhdG UgYSB2aWNp b3VzIGN5Y2 xlIG9mIGRl Y2xpbmluZy BwZXJmb3Jt YW5jZSwgaW 5jcmVhc2Vk IGZpbmFuY2 lhbCBwcmVz c3VyZSwgYW 5kIGhlaWdo dGVuZWQgY2 9tcGV0aXRp dmUgY2hhbG xlbmdlcywg ZnVuZGFtZW 50YWxseSBh bHRlcmluZy BUZWxlY29t IFBsdXPigJ lzIG1hcmtl dCBwb3NpdG lvbiBhbmQg bG9uZy10ZX JtIHZpYWJp bGl0eS48Yn 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 bG9nb3MvNj l4QTNzQzNI WHR0b3dyMU Q1bWkud2Vi cCIgYWx0PS JUZWxlY29t IFBsdXMiIH RpdGxlPSJU ZWxlY29tIF BsdXMiICBj bGFzcz0iaW 1nLWZsdWlk IiBoZWlnaH Q9NTAgd2lk dGg9NTAgbG 9hZGluZz0n bGF6eScgc3 R5bGU9J2Jv cmRlci1yYW RpdXM6IDZw eDsnPgoKIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dmbGV4OiAx OyB0ZXh0LW FsaWduOiBj ZW50ZXI7IG 1hcmdpbi1s ZWZ0OiA1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPH Agc3R5bGU9 J2ZvbnQtc2 l6ZTogMjZw eDsgY29sb3 I6ICMzMzM7 IG1hcmdpbi 1ib3R0b206 IDE1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIP Cfk4ggV2Fu dCB0byByZW FkIG1vcmUg YWJvdXQgVG VsZWNvbSBQ bHVzPwogIC 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 AgICAg4pyN 77iPIFNpZ2 4gdXAgdG8g Z2V0IDxpPi JUaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzIjwvaT4g Zm9yIGZyZW UKICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1TNG dWR1ZzWlcg TnZiU0JRYk hWeiBJR2x6 SUdFZ2JYIF ZzZEdrdGRY UnAgYkdsMG VTQmpiMiAx d1lXNTVJSF JvIFlYUWdj SEp2ZG0gbG taWE1nWVNC eSBZVzVuWl NCdlppIEJ6 WlhKMmFXTm wgY3l3Z2FX NWpiSCBWa2 FXNW5JR2Ro IGN5d2daV3 hsWTMgUnlh V05wZEhrcy BJR3hoYm1S c2FXIDVsTE NCaWNtOWgg WkdKaGJtUX NJRyBGdVpD QnRiMkpwIG JHVWdjR2h2 Ym0gVWdjMl Z5ZG1saiBa WE11SUVsME lHIGx6SUdG c2MyOGcgYV c1MmIyeDJa VyBRZ2FXNG dkR2hsIElI TjFjSEJzZV MgQnZaaUJw Ym5OMSBjbU Z1WTJVZ1lX IDVrSUdodm JXVWcgYzJW amRYSnBkSC BrZ2MyVnlk bWxqIFpYTX VQR0p5UGog SXVJRlJvWl NCaiBiMjF3 WVc1NUlIIG RoY3lCbWIz VnUgWkdWa0 lHbHVJRCBF NU9UWWdZbm tnIFEyaGhj bXhsY3kgQl hhV2R2WkdW eSBJR0Z1Wk NCTFpXIGww YUNCSVlXMX AgYkd3c0lI UjNieSBCbW IzSnRaWEln IFpYaGxZM1 YwYVggWmxj eUJ2WmlCRS BhWGh2Ym5N Z1IzIEp2ZF hBdVBHSnkg UGpNdUlGUm xiRyBWamIy MGdVR3gxIG N5QnBjeUJv WlcgRmtjWF ZoY25SbCBj bVZrSUdsdU lFIDV2Y25S b0lFeHYgYm 1SdmJpd2dW VSBzc0lHRn VaQ0JvIFlY TWdiM0JsY2 0gRjBhVzl1 Y3lCaCBZM0 p2YzNNZ2RH IGhsSUdOdm RXNTAgY25r dVBHSnlQai BRdUlGUm9a U0JqIGIyMX dZVzU1NG8g Q1pjeUJpZF hOcCBibVZ6 Y3lCdGIyIF JsYkNCcGN5 QmkgWVhObF pDQnZiaSBC aElHNWxkSG R2IGNtc2di V0Z5YTIgVj BhVzVuSUdG dyBjSEp2WV dOb0xDIEIz YUdWeVpTQn AgYm1SbGNH VnVaRyBWdW RDQmthWE4w IGNtbGlkWF J2Y24gTWdj MlZzYkNCMC BhR1VnWTI5 dGNHIEZ1ZW VLQW1YTWcg YzJWeWRtbG paWCBNZ2Iy NGdZU0JqIG IyMXRhWE56 YVcgOXVJR0 poYzJseiBM anhpY2o0MU xpIEJVWld4 bFkyOXQgSU ZCc2RYTWdi MyBCbGNtRj BaWE1nIGRX NWtaWElnZE ggZHZJRzFo YVc0ZyBZbk poYm1Sek9p IEJWZEdsc2 FYUjUgSUZk aGNtVm9iMy BWelpTQm1i M0lnIGFYUn pJSFYwYVcg eHBkSGtnYz JWeSBkbWxq WlhNZ1lXID VrSUhSb1pT QkYgZFhKdm NHVmhiaSAx aVlYTmxaQ0 JpIGNtRnVa Q3dnVkcgVn NaV052Ylcx MSBibWxqWV hScGIyIDV6 SUUxaGJtRm 4gWlcxbGJu UWdURyBsdG FYUmxaQ0Fv IFZFMU1LU3 dnWm0gOXlJ R2wwY3lCdC BiMkpwYkdV Z2NHIGh2Ym 1VZ2MyVnkg ZG1salpYTX VQRyBKeVBq WXVJRlJsIG JHVmpiMjBn VUcgeDFjeU JwY3lCcyBh WE4wWldRZ2 IyIDRnZEdo bElFeHYgYm 1SdmJpQlRk RyA5amF5Qk ZlR05vIFlX NW5aU0JoYm 0gUWdhWE1n WVNCdCBaVz FpWlhJZ2Iy IFlnZEdobE lFWlUgVTBV Z01qVXdJRS BsdVpHVjRM anhpIGNqND NMaUJKYmkg QXlNREU0TE NCMCBhR1Vn WTI5dGNHIE Z1ZVNCaVpX TmggYldVZ2 RHaGxJRyBa cGNuTjBJRU p5IGFYUnBj MmdnZFggUn BiR2wwZVNC eiBkWEJ3Yk dsbGNpIEIw YnlCcGJuUn kgYjJSMVky VWdlbSBWeW J5QmpZWEpp IGIyNGdaV3 hsWTMgUnlh V05wZEhrZy BkRzhnYVhS eklHIE4xYz NSdmJXVnkg Y3k0OFluSS tPQyA0Z1ZH VnNaV052IG JTQlFiSFZ6 SUcgaGhjeU IzYjI0ZyBi WFZzZEdsd2 JHIFVnWVhk aGNtUnogSU dadmNpQnBk SCBNZ2MyVn lkbWxqIFpT QmhibVFnYV cgNXViM1po ZEdsdiBiaX dnYVc1amJI IFZrYVc1bk lHSmwgYVc1 bklHNWhiVy BWa0lPS0Fu RlYwIGFXeH BkSGtnVTMg VndjR3hwWl hJZyBiMlln ZEdobElGIG xsWVhMaWdK MGcgWW5rZ1 RXOXVaWCBs VFlYWnBibW RGIGVIQmxj blF1WTIgOX RJR1p2Y2lC MCBaVzRnWT I5dWMyIFZq ZFhScGRtVW cgZVdWaGNu TXVQRyBKeV Bqa3VJRWx1 IElHRmtaR2 wwYVcgOXVJ SFJ2SUhCeS BiM1pwWkds dVp5IEJ6Wl hKMmFXTmwg Y3lCMGJ5Qm 9iMyBWelpX aHZiR1J6IE xDQlVaV3hs WTIgOXRJRk JzZFhNZyBZ V3h6YnlCel pYIEoyWlhN Z2MyMWggYk d3Z1lXNWtJ RyAxbFpHbD FiUzF6IGFY cGxaQ0JpZF ggTnBibVZ6 YzJWeiBMan hpY2o0eE1D IDRnUVhNZ2 IyWWcgTWpB eU1Td2dkRy BobElHTnZi WEJoIGJua2 dhR0Z6SUcg OTJaWElnTm pVdyBMREF3 TUNCamRYIE 4wYjIxbGNu TXMgSUdkbG JtVnlZWCBS cGJtY2diM1 psIGNpRENv ekVnWW0gbH NiR2x2YmlC cCBiaUJoYm 01MVlXIHdn Y21WMlpXNT EgWlM0PQog ICAgICAgID wvc3Bhbj4K ICAgICAgIC AKICAgICAg ICA=