Chorus

Live  

Chorus is a telecommunications infrastructure provider based in New Zealand. They own and operate the majority of the country's fixed-line telecommunications network, including the copper and fibre networks. Chorus was formed in 2011 as part of a split of Telecom New Zealand, which was the incumbent telecommunications provider in New Zealand. In 2012, Chorus demerged from Telecom New Zealand and became a standalone company listed on the New Zealand Stock Exchange.
Chorus works closely with other telecommunications providers, known as Retail Service Providers (RSPs), to deliver services to end customers. RSPs use Chorus' network infrastructure to provide services such as broadband, landline phone, and TV to their customers.
Chorus is responsible for maintaining and upgrading the telecommunications network in New Zealand. They are also responsible for the installation and maintenance of fibre connections for homes and businesses. Chorus is focused on building a modern, high-speed network that can support the growing demand for data and technology.
In addition to their infrastructure role, Chorus is also committed to being a socially and environmentally responsible company. They have initiatives in place to reduce their environmental impact, promote diversity and inclusion, and support local communities.
Chorus is one of the largest infrastructure providers in New Zealand, with a team of over 1,500 employees. They have a strong commitment to delivering reliable and affordable telecommunications services to all New Zealanders.

Q2hvcnVzIG lzIGEgY29t cGFueSB0aG F0IGhlbHBz IHBlb3BsZS BhbmQgYnVz aW5lc3Nlcy Bjb21tdW5p Y2F0ZSBiZX R0ZXIgdXNp bmcgdGVjaG 5vbG9neS4g SW1hZ2luZS B3aGVuIHlv dSB0YWxrIH RvIHlvdXIg ZnJpZW5kcy BvbiB5b3Vy IHBob25lLC BvciB3aGVu IHlvdSBwbG F5IGdhbWVz IG9ubGluZS B3aXRoIHlv dXIgdGVhbW 1hdGVzLiBD aG9ydXMgaG VscHMgbWFr ZSBhbGwgb2 YgdGhhdCBl YXNpZXIgYW 5kIG1vcmUg ZnVuITxicj 5DaG9ydXMg d29ya3Mgd2 l0aCBvdGhl ciBjb21wYW 5pZXMgdG8g aW1wcm92ZS B0aGVpciBw aG9uZSBjYW xscywgdmlk ZW8gY2hhdH MsIGFuZCBt ZWV0aW5ncy 4gVGhleSBo YXZlIHNwZW NpYWwgdG9v bHMgdGhhdC BjYW4gbGlz dGVuIHRvIG NvbnZlcnNh dGlvbnMgYW 5kIGhlbHAg cGVvcGxlIH VuZGVyc3Rh bmQgd2hhdC B3YXMgdGFs a2VkIGFib3 V0LiBGb3Ig ZXhhbXBsZS wgaWYgYSBj b21wYW55IG hhcyBhIGJp ZyBtZWV0aW 5nLCBDaG9y dXMgY2FuIG hlbHAgYnkg dGFraW5nIG 5vdGVzIG9y IGJ5IGhpZ2 hsaWdodGlu ZyB0aGUgaW 1wb3J0YW50 IHBhcnRzIG 9mIHRoZSBj b252ZXJzYX Rpb24uPGJy Pk5vdywgaG 93IGRvZXMg Q2hvcnVzIG 1ha2UgbW9u ZXk/IFRoZX kgY2hhcmdl IG90aGVyIG J1c2luZXNz ZXMgdG8gdX NlIHRoZWly IHRvb2xzIG FuZCBzZXJ2 aWNlcy4gV2 hlbiBjb21w YW5pZXMgc2 VlIGhvdyBt dWNoIGVhc2 llciB0aGVp ciB3b3JrIG JlY29tZXMg YW5kIGhvdy B0aGV5IGNh biBjb21tdW 5pY2F0ZSBi ZXR0ZXIgd2 l0aCB0aGVp ciBjdXN0b2 1lcnMsIHRo ZXkgYXJlIH dpbGxpbmcg dG8gcGF5IG ZvciB0aG9z ZSBzZXJ2aW Nlcy48YnI+ Q2hvcnVzIG lzIHN1Y2Nl c3NmdWwgZm 9yIGEgZmV3 IHJlYXNvbn MuIEZpcnN0 LCBldmVyeW JvZHkgbmVl ZHMgdG8gY2 9tbXVuaWNh dGUsIGFuZC BhcyBsb25n IGFzIHBlb3 BsZSBhbmQg Y29tcGFuaW VzIGV4aXN0 LCB0aGV54o CZbGwgYWx3 YXlzIHdhbn Qgd2F5cyB0 byBkbyB0aG F0IGJldHRl ci4gU2Vjb2 5kLCB0ZWNo bm9sb2d5IG lzIGFsd2F5 cyBjaGFuZ2 luZywgYW5k IENob3J1cy BrZWVwcyBp bXByb3Zpbm cgaXRzIHRv b2xzIHRvIH N0YXkgdXBk YXRlZCB3aX RoIHRoZSBs YXRlc3QgdH JlbmRzLiBM YXN0bHksIH RoZXkgaGF2 ZSBhIGdvb2 QgdGVhbSBv ZiBzbWFydC BwZW9wbGUg d2hvIGtub3 cgaG93IHRv IGNyZWF0ZS BhbmQgc3Vw cG9ydCB0aG VzZSB0b29s cywgd2hpY2 gga2VlcHMg dGhlaXIgY3 VzdG9tZXJz IGhhcHB5IG FuZCB3YW50 aW5nIHRvIH N0YXkgd2l0 aCB0aGVtLj xicj5JbiB0 aGUgZnV0dX JlLCBhcyBt b3JlIGJ1c2 luZXNzZXMg YW5kIHBlb3 BsZSByZWx5 IG9uIHRlY2 hub2xvZ3kg dG8gdGFsay B0byBlYWNo IG90aGVyLC BDaG9ydXMg Y2FuIGtlZX AgZ3Jvd2lu ZyBiZWNhdX NlIHRoZXkg Zml0IHJpZ2 h0IGludG8g dGhhdCBuZW VkLiBTbywg YXMgbG9uZy BhcyB0aGV5 IGNvbnRpbn VlIHRvIGhl bHAgcGVvcG xlIGNvbW11 bmljYXRlIG JldHRlciwg dGhleSB3aW xsIGxpa2Vs eSBzdGF5IH N1Y2Nlc3Nm dWwhPGJyPg ==

VGhlIENob3 J1cyBjb21w YW55IGlzIG tub3duIGZv ciBpdHMgaW 5ub3ZhdGl2 ZSBhbmQgaG lnaC1xdWFs aXR5IHZvY2 FsIHBlcmZv cm1hbmNlcy 4gVGhleSBh cmUgYWxzby Bub3RlZCBm b3IgdGhlaX IgZGl2ZXJz ZSByZXBlcn RvaXJlLCBp bmNvcnBvcm F0aW5nIGEg dmFyaWV0eS BvZiBtdXNp Y2FsIHN0eW xlcyBhbmQg Z2VucmVzLi BBZGRpdGlv bmFsbHksIH RoZSBDaG9y dXMgY29tcG FueSBpcyBk ZWRpY2F0ZW QgdG8gcHJv bW90aW5nIG FjY2Vzc2li aWxpdHkgYW 5kIGRpdmVy c2l0eSBpbi B0aGUgYXJ0 cywgb2Z0ZW 4gY29sbGFi b3JhdGluZy B3aXRoIG90 aGVyIG9yZ2 FuaXphdGlv bnMgYW5kIG FydGlzdHMg dG8gY3JlYX RlIGluY2x1 c2l2ZSBhbm Qgc29jaWFs bHkgY29uc2 Npb3VzIHBy b2R1Y3Rpb2 5zLiBUaGVp ciBwZXJmb3 JtYW5jZXMg YXJlIG9mdG VuIHByYWlz ZWQgZm9yIH RoZWlyIHBv d2VyZnVsIG FuZCBlbW90 aW9uYWwgaW 1wYWN0LCBn YWluaW5nIH RoZW0gYSBs b3lhbCBmb2 xsb3dpbmcg YW5kIGNyaX RpY2FsIGFj Y2xhaW0u

Q2hvcnVzIG lzIGEgdGVs ZWNvbW11bm ljYXRpb25z IGluZnJhc3 RydWN0dXJl IGFuZCBzZX J2aWNlcyBj b21wYW55IG Jhc2VkIGlu IE5ldyBaZW FsYW5kLiBJ dHMgYnVzaW 5lc3MgbW9k ZWwgY2VudG VycyBhcm91 bmQgcHJvdm lkaW5nIGFj Y2VzcyB0by BoaWdoLXNw ZWVkIGJyb2 FkYmFuZCBp bnRlcm5ldC wgcGhvbmUs IGFuZCBUVi BzZXJ2aWNl cyB0byBjdX N0b21lcnMg dGhyb3VnaC BpdHMgbmF0 aW9ud2lkZS BmaWJlciBu ZXR3b3JrLi BDaG9ydXMg aXMgcmVzcG 9uc2libGUg Zm9yIGJ1aW xkaW5nIGFu ZCBtYWludG FpbmluZyB0 aGUgbWFqb3 JpdHkgb2Yg TmV3IFplYW xhbmQncyBm aXhlZC1saW 5lIHRlbGVj b21tdW5pY2 F0aW9ucyBp bmZyYXN0cn VjdHVyZSwg d2hpY2ggaW 5jbHVkZXMg b3ZlciAxLj UgbWlsbGlv biBicm9hZG JhbmQgY29u bmVjdGlvbn MgYW5kIGFy b3VuZCA2MD AsMDAwIHBo b25lIGFuZC BUViBjb25u ZWN0aW9ucy 4gPGJyPlRo ZSBjb21wYW 55IGVhcm5z IHJldmVudW UgZnJvbSBi b3RoIHJlc2 lkZW50aWFs IGFuZCBidX NpbmVzcyBj dXN0b21lcn Mgd2hvIHN1 YnNjcmliZS B0byBpdHMg c2VydmljZX MsIGFzIHdl bGwgYXMgZn JvbSB0ZWxl Y29tbXVuaW NhdGlvbnMg cHJvdmlkZX JzIHdobyB1 c2UgaXRzIG 5ldHdvcmsg dG8gZGVsaX ZlciBzZXJ2 aWNlcyB0by B0aGVpciBv d24gY3VzdG 9tZXJzLiBD aG9ydXMgYW xzbyBnZW5l cmF0ZXMgcm V2ZW51ZSBm cm9tIHRoZS Bnb3Zlcm5t ZW50IHRocm 91Z2ggc3Vi c2lkaWVzIG ZvciB0aGUg cm9sbG91dC BvZiBpdHMg bmV0d29yay BpbiBydXJh bCBhbmQgcm Vtb3RlIGFy ZWFzLiA8Yn I+Q2hvcnVz J3MgYnVzaW 5lc3MgbW9k ZWwgaW52b2 x2ZXMgb25n b2luZyBpbn Zlc3RtZW50 IGluIHRoZS BleHBhbnNp b24gYW5kIG 1haW50ZW5h bmNlIG9mIG l0cyBuZXR3 b3JrLCBhcy B3ZWxsIGFz IHRoZSBkZX ZlbG9wbWVu dCBvZiBuZX cgcHJvZHVj dHMgYW5kIH NlcnZpY2Vz IHRvIG1lZX QgY2hhbmdp bmcgY3VzdG 9tZXIgbmVl ZHMuIFRoZS Bjb21wYW55 IGFsc28gZm 9jdXNlcyBv biBkZWxpdm VyaW5nIGhp Z2gtcXVhbG l0eSBjdXN0 b21lciBzZX J2aWNlIGFu ZCBidWlsZG luZyBzdHJh dGVnaWMgcG FydG5lcnNo aXBzIHdpdG ggb3RoZXIg dGVsZWNvbW 11bmljYXRp b25zIHByb3 ZpZGVycy4g PGJyPg==

AI can potentially pose several threats to Chorus company’s products, services, and competitive positioning. Here are the key areas of concern:
1. Substitution: AI technologies, particularly in areas such as natural language processing, machine learning, and data analytics, can offer alternatives to traditional products and services. If competitors utilize AI to develop more efficient or innovative solutions, Chorus may face substitution threats where customers opt for those AI-driven options.
2. Disintermediation: Advances in AI can lead to disintermediation, where customers can directly access information or services without the need for intermediaries. For instance, if AI can fulfill certain customer needs that Chorus currently addresses, it may reduce the demand for Chorus’s offerings, impacting revenue and market positioning.
3. Margin Pressure: The integration of AI can lead to improved efficiency and lower costs for competitors, which can create pricing pressure in the market. If Chorus is unable to enhance its efficiency through AI or match the pricing strategies of its competitors, there could be a significant impact on its profit margins.
Overall, while AI presents opportunities for innovation and improvement, it also poses material threats that Chorus must address strategically to maintain its competitive edge.

The sensitivity of Chorus company’s earnings, cash flow, and valuation to changes in interest rates can be significant due to several factors.
1. Earnings Sensitivity: Higher interest rates can increase borrowing costs for companies like Chorus, particularly if they have substantial debt. Increased interest expenses can reduce net income, affecting overall earnings. Additionally, if interest rates rise, consumer spending may decline, impacting demand for Chorus’s services, which would also affect earnings negatively.
2. Cash Flow Sensitivity: Changes in interest rates affect cash flow through interest payments on debt and potential changes in capital expenditures. If interest rates increase, cash flow may be strained due to higher interest payments. Furthermore, higher rates can also impact capital markets, which could influence Chorus’s ability to raise funds or refinance existing debt, potentially reducing available cash flow for operations or expansion.
3. Valuation Sensitivity: Interest rates play a critical role in corporate valuation models, especially those that use discounted cash flow (DCF) analysis. Higher interest rates lead to higher discount rates, which can lower the present value of future cash flows, reducing the overall valuation of the company. Investors often correlate interest rates with required returns, and as rates rise, the attractiveness of equities relative to fixed income may decrease, further influencing the company’s valuation.
Overall, Chorus’s earnings, cash flow, and valuation are interconnected and could be adversely affected by rising interest rates, underscoring the importance of monitoring interest rate trends for assessing financial performance.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQ2 hvcnVzIEdy b3Vw4oCZcy BlY29ub21p Y3Mgb3Zlci B0aGUgbmV4 dCAz4oCTNS B5ZWFycyBp cyBhIHN1Yn N0YW50aWFs IHRlY2hub2 xvZ2ljYWwg ZGlzcnVwdG lvbiBpbiB0 aGUgdGVsZW NvbW11bmlj YXRpb25zIG luZHVzdHJ5 LiBUaGlzIG NvdWxkIG9j Y3VyIGlmIG EgbWFqb3Ig c2hpZnQgdG 93YXJkcyBh bHRlcm5hdG l2ZSBjb21t dW5pY2F0aW 9uIHRlY2hu b2xvZ2llcy wgc3VjaCBh cyBzYXRlbG xpdGUtYmFz ZWQgaW50ZX JuZXQgb3Ig YWR2YW5jZW Qgd2lyZWxl c3MgbmV0d2 9ya2luZyAo ZS5nLiwgNk cpLCBsZWFk cyB0byBhIH NpZ25pZmlj YW50IHJlZH VjdGlvbiBp biBkZW1hbm QgZm9yIHRy YWRpdGlvbm FsIGJyb2Fk YmFuZCBhbm QgdGVsZWNv bW11bmljYX Rpb24gc2Vy dmljZXMgdG hhdCBDaG9y dXMgY3Vycm VudGx5IHBy b3ZpZGVzLj xicj5JbiB0 aGlzIHNjZW 5hcmlvLCBj b21wZXRpdG 9ycyBjb3Vs ZCBsZXZlcm FnZSB0aGVz ZSBuZXcgdG VjaG5vbG9n aWVzIHRvIG 9mZmVyIGZh c3RlciwgbW 9yZSByZWxp YWJsZSwgYW 5kIGNvc3Qt ZWZmZWN0aX ZlIHNvbHV0 aW9ucywgcm VzdWx0aW5n IGluIGEgbG 9zcyBvZiBt YXJrZXQgc2 hhcmUgZm9y IENob3J1cy 4gVGhpcyBk aXNydXB0aW 9uIGNvdWxk IGVyb2RlIH ByaWNpbmcg cG93ZXIsIG ZvcmNpbmcg Q2hvcnVzIH RvIGxvd2Vy IHByaWNlcy B0byByZXRh aW4gY3VzdG 9tZXJzLCB3 aGljaCBpbi B0dXJuIHdv dWxkIGNvbX ByZXNzIG1h cmdpbnMgZn VydGhlci48 YnI+QXMgbW FyZ2lucyBk ZWNsaW5lLC BjYXNoIGZs b3dzIHdvdW xkIGJlIG5l Z2F0aXZlbH kgaW1wYWN0 ZWQuIFdpdG ggcmVkdWNl ZCByZXZlbn VlcyBhbmQg aGlnaCBmaX hlZCBjb3N0 cyBhc3NvY2 lhdGVkIHdp dGggbWFpbn RhaW5pbmcg aW5mcmFzdH J1Y3R1cmUs IENob3J1cy B3b3VsZCBz dHJ1Z2dsZS B0byBzdXN0 YWluIHBvc2 l0aXZlIGNh c2ggZmxvdy 4gVGhlIGNv bXBhbnnigJ lzIGFiaWxp dHkgdG8gaW 52ZXN0IGlu IHVwZ3JhZG VzIG9yIGV4 cGFuc2lvbn MgbWlnaHQg YmUgc2V2ZX JlbHkgbGlt aXRlZCwgbG VhZGluZyB0 byBmdXJ0aG VyIGRldGVy aW9yYXRpb2 4gaW4gY29t cGV0aXRpdm UgcG9zaXRp b25pbmcuIE lmIGNhc2gg Zmxvd3MgdH VybmVkIG5l Z2F0aXZlLC BDaG9ydXMg Y291bGQgZm FjZSBjaGFs bGVuZ2VzIG luIG1lZXRp bmcgb3Blcm F0aW9uYWwg ZXhwZW5zZX MgYW5kIHNl cnZpY2luZy BkZWJ0Ljxi cj5PbiB0aG UgYmFsYW5j ZSBzaGVldC wgYSBwcm9s b25nZWQgZG VjbGluZSBp biByZXZlbn VlcyBjb3Vs ZCByZXN1bH QgaW4gaW5j cmVhc2VkIG xldmVyYWdl IGlmIHRoZS Bjb21wYW55 IHJlc29ydH MgdG8gYm9y cm93aW5nIH RvIGNvdmVy IG9wZXJhdG lvbmFsIHNo b3J0ZmFsbH MuIFRoaXMg Y291bGQgbm VnYXRpdmVs eSBhZmZlY3 QgY3JlZGl0 IHJhdGluZ3 MsIHJhaXNp bmcgdGhlIG Nvc3Qgb2Yg Y2FwaXRhbC BldmVuIGZ1 cnRoZXIuIE 1vcmVvdmVy LCBpbiBhbi BlbnZpcm9u bWVudCBvZi ByZWR1Y2Vk IGNhc2ggZm xvdywgdGhl IGNvbXBhbn kgbWlnaHQg aGF2ZSB0by ByZWNvbnNp ZGVyIGRpdm lkZW5kIHBh eW1lbnRzLC B3aGljaCBj b3VsZCBpbX BhY3QgaW52 ZXN0b3Igc2 VudGltZW50 IGFuZCBzdG 9jayBwZXJm b3JtYW5jZS 48YnI+SW4g c3VtbWFyeS wgaW4gdGhp cyBkaXNydX B0aXZlIHRl Y2hub2xvZ2 ljYWwgc2Nl bmFyaW8sIE Nob3J1c+KA mXMgbWFyZ2 lucyBjb3Vs ZCBzaHJpbm sgc2lnbmlm aWNhbnRseS wgY2FzaCBm bG93IG1pZ2 h0IHR1cm4g bmVnYXRpdm UsIGFuZCB0 aGUgYmFsYW 5jZSBzaGVl dCBjb3VsZC ByZWZsZWN0 IGluY3JlYX NlZCBkZWJ0 IGxldmVscy BhbmQgbG93 ZXIgbGlxdW lkaXR5LCB1 bmRlcm1pbm luZyB0aGUg Y29tcGFuee KAmXMgbG9u Zy10ZXJtIG ZpbmFuY2lh bCBzdGFiaW xpdHkgYW5k IGdyb3d0aC Bwcm9zcGVj dHMuPGJyPg ==

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 bG9nb3MvNn loSzRPMnZX aTJpUWU1c2 k0dXgud2Vi cCIgYWx0PS JDaG9ydXMi IHRpdGxlPS JDaG9ydXMi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9NTAg d2lkdGg9NT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgQ2hvcnVz PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TnSBK b2luIHVzIG FuZCBncmFi IHlvdXIgY2 9weSBvZiA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvcD 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTJw eDsgZm9udC 1zaXplOiAx M3B4OyBjb2 xvcjogIzQ0 NDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgU2lnbi B1cCBub3cg YW5kIGdldC BvdXIgZnJl ZSBlQm9vay AKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xiPlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3M8L2I+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxNnB4Oy Bmb250LXNp emU6IDE0cH g7IGNvbG9y OiAjNDQ0Oy Bmb250LWZh bWlseTogLW FwcGxlLXN5 c3RlbSwgQm xpbmtNYWNT eXN0ZW1Gb2 50LCBTZWdv ZSBVSSwgUm 9ib3RvLCBI ZWx2ZXRpY2 EgTmV1ZSwg c2Fucy1zZX JpZjsgbGlu ZS1oZWlnaH Q6IDEuNjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg SGF2ZSB5b3 UgaGVhcmQg YWJvdXQgb3 VyIHNob3J0 IDxzdHJvbm cgc3R5bGU9 J2ZvbnQtd2 VpZ2h0OiA2 MDA7Jz5EYW lseSBWaWRl byBOZXdzbG V0dGVyPC9z dHJvbmc+Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aHR0cHM6Ly 93d3cuaW5z aWdodGZ1bH ZhbHVlLmNv bS9uZXdzbG V0dGVyLnBo cCcgdGFyZ2 V0PSdfYmxh bmsnIHN0eW xlPSdjb2xv cjogIzAwN0 JGRjsgdGV4 dC1kZWNvcm F0aW9uOiBu b25lOyBmb2 50LXdlaWdo dDogNTAwOy BtYXJnaW4t bGVmdDogNn B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg RmluZCBvdX QgbW9yZQog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIA ogICAgICAg IAogICAgIC AgIDxzcGFu IGNsYXNzPS dibHVycmVk LXRleHQnPg ogICAgICAg ICAgICBRMm h2Y25WeklH IGx6SUdFZ2 RHVnMgWldO dmJXMTFibS BsallYUnBi MjV6IElHTn ZiWEJoYm4g a2dZbUZ6Wl dRZyBhVzRn VG1WM0lGIH BsWVd4aGJt UXMgSUhCeW FXMWhjbSBs c2VTQnJibT kzIGJpQm1i M0lnYVggUn pJSEp2YkdV ZyBhVzRnY0 hKdmRtIGxr YVc1bklIUm wgYkdWamIy MXRkVyA1cF kyRjBhVzl1 IGN5QnBibV p5WVggTjBj blZqZEhWeS BaU0JoYm1R Z2MyIFZ5ZG 1salpYTXUg SUVobGNtVW dZWCBKbElI TnZiV1VnIG FXNTBaWEps YzMgUnBibW NnWm1GaiBk SE1nWVdKdm RYIFFnZEdo bElHTnYgYl hCaGJuazZQ RyBKeVBqRX VJRVp2IGNt MWhkR2x2Ym ogb2dRMmh2 Y25WeiBJSG RoY3lCbGMz IFJoWW14cG MyaGwgWkNC cGJpQXlNRC BFeElHRnpJ R0VnIGNtVn pkV3gwSUcg OW1JSFJvWl NCeiBjR3hw ZENCdlppIE JVWld4bFky OXQgSUU1bG R5QmFaVyBG c1lXNWtJR2 x1IGRHOGdj MlZ3WVggSm hkR1VnWlc1 MCBhWFJwWl hNZ1ptIDlq ZFhOcGJtY2 cgYjI0Z1pH bG1abSBWeV pXNTBJR0Z6 IGNHVmpkSE 1nYjIgWWdk R1ZzWldOdi BiVzExYm1s allYIFJwYj I1ekxDQjMg YVhSb0lFTm 9iMyBKMWN5 Qm9ZVzVrIG JHbHVaeUIw YUcgVWdhVz VtY21GeiBk SEoxWTNSMW NtIFV1UEdK eVBqSXUgSU ZWR1FpQkpi bSBsMGFXRj BhWFpsIE9p QlVhR1VnWT IgOXRjR0Z1 ZVNCdyBiR0 Y1Y3lCaElI IE5wWjI1cF ptbGogWVc1 MElISnZiRy BVZ2FXNGdU bVYzIElGcG xZV3hoYm0g VGlnSmx6SU ZWcyBkSEpo TFVaaGMzIF FnUW5KdllX UmkgWVc1a0 lDaFZSayBJ cElHbHVhWF JwIFlYUnBk bVVzSUggZG 9hV05vSUdG cCBiWE1nZE c4Z2NIIEp2 ZG1sa1pTQm 8gYVdkb0xY TndaVyBWa0 lHbHVkR1Z5 IGJtVjBJR0 ZqWTIgVnpj eUJoWTNKdi BjM01nZEdo bElHIE52ZF c1MGNua3Ug SUVsMElHaG hjeSBCcGJu WmxjM1JsIF pDQmlhV3hz YVcgOXVjeU JwYmlCbCBl SEJoYm1ScG JtIGNnWm1s aVpYSXQgYj NCMGFXTWdi bSBWMGQyOX lhM011IFBH SnlQak11SU UgVjRkR1Z1 YzJsMiBaU0 JHYVdKbGNp IEJPWlhSM2 IzSnIgT2lC RGFHOXlkWC BNZ2IzQmxj bUYwIFpYTW diMjVsSUcg OW1JSFJvWl NCcyBZWEpu WlhOMElHIF pwWW1WeUlH NWwgZEhkdm NtdHpJRyBs dUlFNWxkeU JhIFpXRnNZ VzVrTEMgQj NhWFJvSUhS byBiM1Z6WV c1a2N5IEJ2 WmlCcmFXeH YgYldWMFpY SnpJRyA5bU lHWnBZbVZ5 IElHeGhhV1 FnZEcgOGdZ Mjl1Ym1Wai BkQ0JvYjIx bGN5IHdnWW 5WemFXNWwg YzNObGN5d2 dZVyA1a0lI SjFjbUZzIE lHRnlaV0Z6 TGogeGljaj QwTGlCUyBk WEpoYkNCRG IyIDV1WldO MGFYWnAgZE hrNklGUm9a UyBCamIyMX dZVzU1IElH aGhjeUJ0WV cgUmxJR1Zt Wm05eSBkSE 1nZEc4Z2FX IDF3Y205Ml pTQmogYjI1 dVpXTjBhWC BacGRIa2dh VzRnIGNuVn lZV3dnWVgg SmxZWE1nZE doeSBiM1Zu YUNCcGRIIE 1nVW5WeVlX d2cgUW5Kdl lXUmlZVyA1 a0lFbHVhWF JwIFlYUnBk bVVzSUggZG 9hV05vSUda diBZM1Z6Wl hNZ2IyIDRn Y0hKdmRtbG sgYVc1bklH WmhjMyBSbG NpQmljbTlo IFpHSmhibV FnYzIgVnlk bWxqWlhNZy BkRzhnYkdW emN5IEJ3Yj NCMWJHRjAg WldRZ2NtVm 5hVyA5dWN5 NDhZbkkrIE 5TNGdVSFZp YkcgbGpiSG tnVkhKaCBa R1ZrT2lCRG FHIDl5ZFhN Z2FYTWcgYk dsemRHVmtJ RyA5dUlIUm 9aU0JPIFpY Y2dXbVZoYk cgRnVaQ0JU ZEc5aiBheU JGZUdOb1lX IDVuWlN3Z1 lXeHMgYjNk cGJtY2djSC BWaWJHbGpJ R2x1IGRtVn pkRzFsYm4g UWdhVzRnZE dobCBJR052 YlhCaGJuIG tnWVc1a0lH TnYgYm5SeW FXSjFkRyBs dVp5QjBieU JwIGRITWda M0p2ZDMgUm 9JR0Z1WkNC cCBibVp5WV hOMGNuIFZq ZEhWeVpTQn cgY205cVpX TjBjeSA0OF luSStOaTRn IFVHRnlkRz VsY24gTm9h WEJ6T2lCRC BhRzl5ZFhN Z1kyIDlzYk dGaWIzSmgg ZEdWeklIZH BkRyBnZ2Rt RnlhVzkxIG N5QjBaV3hs WTIgOXRiWF Z1YVdOaCBk R2x2Ym5NZ2 MyIFZ5ZG1s alpTQncgY2 05MmFXUmxj biBNc0lHVn VZV0pzIGFX NW5JSFJvWl cgMGdkRzhn YjJabSBaWE lnY21WMFlX IGxzSUhObG NuWnAgWTJW eklIVnphVy A1bklFTm9i M0oxIGMrS0 FtU0JwYm0g WnlZWE4wY2 5WaiBkSFZ5 WlN3Z2RHIG gxY3lCbGJt aGggYm1OcG JtY2dZMiA5 dGNHVjBhWF JwIGIyNGdh VzRnZEcgaG xJRzFoY210 bCBkQzQ4WW 5JK055IDRn VW1WbmRXeG ggZEc5eWVT QlBkbSBWeW MybG5hSFE2 IElGUm9aU0 JqYjIgMXdZ VzU1SUc5dy BaWEpoZEdW eklIIFZ1Wk dWeUlIUm8g WlNCeVpXZD FiRyBGMGIz SjVJR1p5IF lXMWxkMjl5 YTMgTWdjMl YwSUdKNSBJ SFJvWlNCRG IyIDF0WlhK alpTQkQgYj IxdGFYTnph VyA5dUxDQm xibk4xIGNt bHVaeUIwYU cgRjBJR2ww SUhCeSBiM1 pwWkdWeklH IFpoYVhJZ1 lXTmogWlhO eklIUnZJRy BsMGN5QnVa WFIzIGIzSn JJR1p2Y2kg QnZkR2hsY2 lCdyBjbTky YVdSbGNuIE 11UEdKeVBq Z3UgSUZOMW MzUmhhVyA1 aFltbHNhWF I1IElFVm1a bTl5ZEggTT ZJRU5vYjNK MSBjeUJvWV hNZ1pXIDVu WVdkbFpDQn AgYmlCemRY TjBZVyBsdV lXSnBiR2ww IGVTQnBibW wwYVcgRjBh WFpsY3l3Zy BabTlqZFhO cGJtIGNnYj I0Z2NtVmsg ZFdOcGJtY2 dhWCBSeklH TmhjbUp2IG JpQm1iMjkw Y0ggSnBibl FnWVc1ayBJ SEJ5YjIxdm RHIGx1WnlC bGJuWnAgY2 05dWJXVnVk RyBGc2JIa2 dabkpwIFpX NWtiSGtnY0 ggSmhZM1Jw WTJWeiBJR2 x1SUdsMGN5 IEJ2Y0dWeV lYUnAgYjI1 eklHRnVaQy BCcGJtWnlZ WE4wIGNuVm pkSFZ5WlMg QmtaWFpsYk c5dyBiV1Z1 ZEM0OFluIE krT1M0Z1Ey OXQgYlhWdW FYUjVJRSBs dWRtVnpkRz FsIGJuUTZJ RlJvWlMgQm piMjF3WVc1 NSBJR2x1ZG 1WemRIIE1n YVc0Z2JHOW ogWVd3Z1ky OXRiWCBWdW FYUnBaWE1n IGRHaHliM1 ZuYUMgQnBi bWwwYVdGMC BhWFpsY3lC MGFHIEYwSU hOMWNIQnYg Y25RZ1pHbG 5hWCBSaGJD QmxaSFZqIF lYUnBiMjRn WVcgNWtJR2 hsYkhBZyBZ bkpwWkdkbE lIIFJvWlNC a2FXZHAgZE dGc0lHUnBk bSBsa1pTQn BiaUJPIFpY Y2dXbVZoYk cgRnVaQzQ4 WW5JKyBNVE F1SUVaMWRI IFZ5WlNCSm JtNXYgZG1G MGFXOXVjei BvZ1EyaHZj blZ6IElHbH pJR052Ym4g UnBiblZoYk d4NSBJR1Y0 Y0d4dmNtIG x1WnlCdVpY Y2cgZEdWam FHNXZiRyA5 bmFXVnpJR0 Z1IFpDQnBi bTV2ZG0gRj BhVzl1Y3l3 ZyBjM1ZqYU NCaGN5IEJs Ym1oaGJtTn AgYm1jZ1lu SnZZVyBSaV lXNWtJSE53 IFpXVmtjeU JoYm0gUWda WGh3Ykc5eS BhVzVuSUhS b1pTIEJwYl hCc2FXTmgg ZEdsdmJuTW diMiBZZ1pX MWxjbWRwIG JtY2dkR1Zq YUcgNXZiRz luYVdWeiBJ R3hwYTJVZ0 5VIGN1SUR4 aWNqNVUgYU dWelpTQm1Z VyBOMGN5Qn phRzkzIFky RnpaU0JEYU cgOXlkWFBp Z0prZyBjR2 wyYjNSaGJD IEJ5YjJ4bE lHbHUgSUhS b1pTQjBaVy B4bFkyOXRi WFZ1IGFXTm hkR2x2Ym4g TWdiR0Z1Wk hOaiBZWEJs SUc5bUlFID VsZHlCYVpX RnMgWVc1a0 xDQm9hVyBk b2JHbG5hSF JwIGJtY2dh WFJ6SUcgTn ZiVzFwZEcx bCBiblFnZE c4Z2NIIEp2 ZG1sa2FXNW 4gSUdOdmJt NWxZMyBScG RtbDBlU0Jo IGJtUWdjM1 Z3Y0cgOXlk R2x1WnlCMC BhR1VnWkds bmFYIFJoYk NCbFkyOXUg YjIxNUxqeG ljaiA0PQog ICAgICAgID wvc3Bhbj4K ICAgICAgIC AKICAgICAg ICA=