SITC International

Live  

SITC International is a Chinese shipping and logistics company headquartered in Shanghai. It was founded in 1997 and is one of the largest shipping companies in China.
The company is primarily engaged in container shipping and logistics services, including container feeder services, liner services, and container leasing. It operates a fleet of approximately 100 vessels and serves over 90 ports in Asia, Europe, and the Americas.
SITC International is also involved in other logistics-related businesses, including warehousing, distribution, customs clearance, and freight forwarding. The company has a strong presence in Southeast Asia, with a particular focus on the China-ASEAN market.
In recent years, SITC International has expanded its services to include liner services in the Indian subcontinent and the Middle East. The company has also invested in new technologies, such as data analysis, to improve its services and operations.
SITC International has received several awards and recognitions, including being named the “Best Container Shipping Company in China” by Lloyd’s List Asia Awards in 2019. The company is committed to sustainable development and has implemented various measures to reduce its carbon footprint and promote green practices in the shipping industry.
Overall, SITC International is a leading player in the global shipping and logistics market, with a strong focus on Asia and a commitment to innovation and sustainability.

U0lUQyBJbn Rlcm5hdGlv bmFsIGlzIG EgY29tcGFu eSB0aGF0IG hlbHBzIG1v dmUgdGhpbm dzIGZyb20g b25lIHBsYW NlIHRvIGFu b3RoZXIsIG tpbmQgb2Yg bGlrZSBhIG JpZyBkZWxp dmVyeSBzZX J2aWNlISBJ bWFnaW5lIG lmIHlvdSBo YWQgYSB0b3 kgdGhhdCBu ZWVkZWQgdG 8gYmUgZGVs aXZlcmVkIG Zyb20geW91 ciBob3VzZS B0byBhIGZy aWVuZOKAmX MgaG91c2Ug ZmFyIGF3YX kgLSBTSVRD IGhlbHBzIH dpdGggdGhp bmdzIGxpa2 UgdGhhdCwg YnV0IG9uIG EgbXVjaCBs YXJnZXIgc2 NhbGUuIFRo ZXkgbW9zdG x5IG1vdmUg dGhpbmdzIG Fjcm9zcyB0 aGUgb2NlYW 4gdXNpbmcg YmlnIHNoaX BzLjxicj5T SVRDIG1ha2 VzIG1vbmV5 IGJ5IGNoYX JnaW5nIGNv bXBhbmllcy B0byB0cmFu c3BvcnQgdG hlaXIgZ29v ZHMuIEZvci BleGFtcGxl LCBpZiBhIG NvbXBhbnkg bWFrZXMgdG 95cyBpbiBv bmUgY291bn RyeSBhbmQg d2FudHMgdG 8gc2VsbCB0 aGVtIGluIG Fub3RoZXIg Y291bnRyeS wgdGhleSBw YXkgU0lUQy B0byBzaGlw IHRob3NlIH RveXMgb24g dGhlaXIgYm lnIGNvbnRh aW5lciBzaG lwcy4gVGhl IG1vcmUgZ2 9vZHMgdGhl eSBtb3ZlLC B0aGUgbW9y ZSBtb25leS BTSVRDIG1h a2VzLjxicj 5TSVRDIGlz IHN1Y2Nlc3 NmdWwgYmVj YXVzZSB0aG V5IGRvIGEg Z3JlYXQgam 9iIG9mIGdl dHRpbmcgdG hpbmdzIGRl bGl2ZXJlZC BzYWZlbHkg YW5kIG9uIH RpbWUuIFRo ZXkgaGF2ZS BhIGxvdCBv ZiBleHBlcm llbmNlIGFu ZCBrbm93IG hvdyB0byBo YW5kbGUgYW xsIGRpZmZl cmVudCBraW 5kcyBvZiBs b2Fkcywgd2 hpY2ggbWFr ZXMgY29tcG FuaWVzIHRy dXN0IHRoZW 0uIFRoZXkg YWxzbyBrZW VwIGZpbmRp bmcgbmV3IH dheXMgdG8g aW1wcm92ZS B0aGVpciBz ZXJ2aWNlcy BhbmQgbWFr ZSBzaGlwcG luZyBlYXNp ZXIgZm9yIH RoZWlyIGN1 c3RvbWVycy 48YnI+SW4g dGhlIGZ1dH VyZSwgU0lU QyB3aWxsIG xpa2VseSBz dGF5IHN1Y2 Nlc3NmdWwg YmVjYXVzZS B0aGUgd29y bGQgbmVlZH Mgc2hpcHBp bmcgbW9yZS B0aGFuIGV2 ZXIuIEFzIG 1vcmUgYW5k IG1vcmUgcG VvcGxlIGJ1 eSB0aGluZ3 Mgb25saW5l IGFuZCBjb2 1wYW5pZXMg d2FudCB0by BzZWxsIHRo ZWlyIHByb2 R1Y3RzIGlu IGRpZmZlcm VudCBjb3Vu dHJpZXMsIF NJVEMgd2ls bCBoYXZlIH BsZW50eSBv ZiB3b3JrIH RvIGRvLiBQ bHVzLCB0aG V54oCZcmUg YWx3YXlzIG xvb2tpbmcg dG8gZ2V0IG JldHRlciBh bmQgYWRhcH QgdG8gY2hh bmdpbmcgdG ltZXMsIHdo aWNoIGhlbH BzIHRoZW0g c3RheSBhaG VhZCBvZiB0 aGUgY29tcG V0aXRpb24h PGJyPg==

U0lUQyBJbn Rlcm5hdGlv bmFsIGlzIG EgcmVwdXRh YmxlIHNoaX BwaW5nIGFu ZCBsb2dpc3 RpY3MgY29t cGFueSB0aG F0IHN0YW5k cyBvdXQgZm 9yIHNldmVy YWwgcmVhc2 9uczo8YnI+ MS4gR2xvYm FsIFByZXNl bmNlOiBTSV RDIEludGVy bmF0aW9uYW wgaGFzIGEg c3Ryb25nIG dsb2JhbCBw cmVzZW5jZS B3aXRoIG9w ZXJhdGlvbn MgaW4gbW9y ZSB0aGFuID YwIGNvdW50 cmllcy4gVG hpcyBhbGxv d3MgdGhlbS B0byBvZmZl ciBjb21wcm VoZW5zaXZl IGxvZ2lzdG ljcyBzZXJ2 aWNlcyB0by BjdXN0b21l cnMgYXJvdW 5kIHRoZSB3 b3JsZC48Yn I+Mi4gRGl2 ZXJzaWZpZW QgU2Vydmlj ZXM6IFRoZS Bjb21wYW55 IG9mZmVycy BhIHdpZGUg cmFuZ2Ugb2 Ygc2Vydmlj ZXMgaW5jbH VkaW5nIGNv bnRhaW5lci BzaGlwcGlu ZywgbG9naX N0aWNzLCBj dXN0b21zIG NsZWFyYW5j ZSwgYW5kIH N1cHBseSBj aGFpbiBtYW 5hZ2VtZW50 LiBUaGlzIG FsbG93cyB0 aGVtIHRvIG NhdGVyIHRv IHRoZSBkaX ZlcnNlIG5l ZWRzIG9mIH RoZWlyIGN1 c3RvbWVycy 48YnI+My4g TW9kZXJuIE ZsZWV0OiBT SVRDIEludG VybmF0aW9u YWwgaGFzIG EgbW9kZXJu IGFuZCB3ZW xsLW1haW50 YWluZWQgZm xlZXQgb2Yg bW9yZSB0aG FuIDEwMCB2 ZXNzZWxzLC BpbmNsdWRp bmcgY29udG FpbmVyIHNo aXBzLCBidW xrIGNhcnJp ZXJzLCBhbm QgdGFua2Vy cy4gVGhpcy BlbmFibGVz IHRoZW0gdG 8gcHJvdmlk ZSByZWxpYW JsZSBhbmQg ZWZmaWNpZW 50IHNoaXBw aW5nIHNlcn ZpY2VzLjxi cj40LiBJbm R1c3RyeSBF eHBlcmllbm NlOiBXaXRo IG92ZXIgMj UgeWVhcnMg b2YgZXhwZX JpZW5jZSBp biB0aGUgc2 hpcHBpbmcg YW5kIGxvZ2 lzdGljcyBp bmR1c3RyeS wgU0lUQyBJ bnRlcm5hdG lvbmFsIGhh cyBhIHN0cm 9uZyB1bmRl cnN0YW5kaW 5nIG9mIHRo ZSBtYXJrZX QsIGN1c3Rv bWVyIG5lZW RzLCBhbmQg aW5kdXN0cn kgdHJlbmRz LiBUaGlzIG FsbG93cyB0 aGVtIHRvIH Byb3ZpZGUg aGlnaC1xdW FsaXR5IGFu ZCB0YWlsb3 JlZCBzb2x1 dGlvbnMgdG 8gdGhlaXIg Y2xpZW50cy 48YnI+NS4g Rm9jdXMgb2 4gVGVjaG5v bG9neTogVG hlIGNvbXBh bnkgaXMgY2 9tbWl0dGVk IHRvIGFkb3 B0aW5nIHRo ZSBsYXRlc3 QgdGVjaG5v bG9naWVzIG FuZCBpbm5v dmF0aW9ucy BpbiB0aGUg aW5kdXN0cn kuIFRoaXMg aGVscHMgdG hlbSB0byBp bXByb3ZlIH RoZWlyIG9w ZXJhdGlvbn MsIGVuaGFu Y2UgZWZmaW NpZW5jeSwg YW5kIHByb3 ZpZGUgYmV0 dGVyIHNlcn ZpY2VzIHRv IHRoZWlyIG N1c3RvbWVy cy48YnI+Ni 4gU3VzdGFp bmFiaWxpdH k6IFNJVEMg SW50ZXJuYX Rpb25hbCBp cyBkZWRpY2 F0ZWQgdG8g cHJvbW90aW 5nIHN1c3Rh aW5hYmxlIH ByYWN0aWNl cyBpbiB0aG Ugc2hpcHBp bmcgaW5kdX N0cnkuIFRo ZXkgaGF2ZS BpbXBsZW1l bnRlZCB2YX Jpb3VzIGlu aXRpYXRpdm VzIHRvIHJl ZHVjZSB0aG VpciBlbnZp cm9ubWVudG FsIGltcGFj dCwgc3VjaC BhcyB1c2lu ZyBncmVlbi B0ZWNobm9s b2dpZXMgYW 5kIHByYWN0 aWNpbmcgcm VzcG9uc2li bGUgd2FzdG UgbWFuYWdl bWVudC48Yn I+Ny4gU3Ry b25nIENvcn BvcmF0ZSBT b2NpYWwgUm VzcG9uc2li aWxpdHk6IF RoZSBjb21w YW55IGlzIG NvbW1pdHRl ZCB0byBnaX ZpbmcgYmFj ayB0byB0aG UgY29tbXVu aXRpZXMgaW 4gd2hpY2gg dGhleSBvcG VyYXRlLiBU aGV5IGhhdm UgdmFyaW91 cyBDU1IgcH JvZ3JhbXMg dGhhdCBmb2 N1cyBvbiBl ZHVjYXRpb2 4sIHBvdmVy dHkgYWxsZX ZpYXRpb24s IGFuZCBlbn Zpcm9ubWVu dGFsIGNvbn NlcnZhdGlv bi4=

U0lUQyBJbn Rlcm5hdGlv bmFsIGlzIG Egc2hpcHBp bmcgYW5kIG xvZ2lzdGlj cyBjb21wYW 55IHRoYXQg c3BlY2lhbG l6ZXMgaW4g Y29udGFpbm VyIHRyYW5z cG9ydGF0aW 9uLCBsb2dp c3RpY3MsIG FuZCByZWxh dGVkIHNlcn ZpY2VzLiBU aGVpciBidX NpbmVzcyBt b2RlbCBpcy BiYXNlZCBv biBwcm92aW RpbmcgZWZm aWNpZW50IG FuZCByZWxp YWJsZSBzaG lwcGluZyBz ZXJ2aWNlcy B0byBjdXN0 b21lcnMgYX JvdW5kIHRo ZSB3b3JsZC wgc3VwcG9y dGluZyBnbG 9iYWwgdHJh ZGUgYW5kIG Vjb25vbWlj IGdyb3d0aC 48YnI+VGhl aXIgbWFpbi ByZXZlbnVl IHN0cmVhbX MgY29tZSBm cm9tIGNvbn RhaW5lciBz aGlwcGluZy BzZXJ2aWNl cywgaW5jbH VkaW5nIGlu dGVybmF0aW 9uYWwgYW5k IGRvbWVzdG ljIHJvdXRl cywgYXMgd2 VsbCBhcyB2 YWx1ZS1hZG RlZCBsb2dp c3RpY3Mgc2 VydmljZXMg c3VjaCBhcy BzdXBwbHkg Y2hhaW4gbW FuYWdlbWVu dCwgd2FyZW hvdXNpbmcs IGFuZCBkaX N0cmlidXRp b24uIFRoZX kgYWxzbyBv ZmZlciBmcm VpZ2h0IGZv cndhcmRpbm cgYW5kIHBy b2plY3QgbG 9naXN0aWNz IHNlcnZpY2 VzIGZvciBz cGVjaWFsaX plZCBjYXJn by48YnI+U0 lUQyBJbnRl cm5hdGlvbm FsIG9wZXJh dGVzIGEgbW 9kZXJuIGZs ZWV0IG9mIG NvbnRhaW5l ciBzaGlwcy wgd2hpY2gg YWxsb3dzIH RoZW0gdG8g cHJvdmlkZS BlZmZpY2ll bnQgYW5kIG Nvc3QtZWZm ZWN0aXZlIH NoaXBwaW5n IHNvbHV0aW 9ucyB0byB0 aGVpciBjdX N0b21lcnMu IFRoZXkgYW xzbyBoYXZl IGFsbGlhbm NlcyBhbmQg cGFydG5lcn NoaXBzIHdp dGggb3RoZX Igc2hpcHBp bmcgY29tcG FuaWVzLCBh bGxvd2luZy B0aGVtIHRv IGV4cGFuZC B0aGVpciBu ZXR3b3JrIG FuZCBzZXJ2 aWNlIGNhcG FiaWxpdGll cy48YnI+SW 4gYWRkaXRp b24gdG8gdG hlaXIgY29y ZSBzaGlwcG luZyBhbmQg bG9naXN0aW NzIHNlcnZp Y2VzLCBTSV RDIEludGVy bmF0aW9uYW wgYWxzbyBp bnZlc3RzIG luIG90aGVy IHJlbGF0ZW QgYnVzaW5l c3NlcywgaW 5jbHVkaW5n IGNvbnRhaW 5lciBtYW51 ZmFjdHVyaW 5nIGFuZCBy ZXBhaXIsIH BvcnQgbWFu YWdlbWVudC wgYW5kIGlu dGVncmF0ZW QgbG9naXN0 aWNzIHNlcn ZpY2VzLjxi cj5UaGVpci BidXNpbmVz cyBtb2RlbC BpcyBidWls dCBvbiBhIG N1c3RvbWVy LWNlbnRyaW MgYXBwcm9h Y2gsIHVzaW 5nIGFkdmFu Y2VkIHRlY2 hub2xvZ3kg YW5kIGVmZm ljaWVudCBv cGVyYXRpb2 5zIHRvIHBy b3ZpZGUgdG ltZWx5IGFu ZCByZWxpYW JsZSBzZXJ2 aWNlcy4gVG hleSBhbHNv IHByaW9yaX RpemUgc3Vz dGFpbmFiaW xpdHkgYW5k IHNvY2lhbC ByZXNwb25z aWJpbGl0eS BpbiB0aGVp ciBvcGVyYX Rpb25zLCBz dHJpdmluZy B0byBtaW5p bWl6ZSBlbn Zpcm9ubWVu dGFsIGltcG FjdCBhbmQg Y29udHJpYn V0ZSB0byB0 aGUgY29tbX VuaXRpZXMg dGhleSBvcG VyYXRlIGlu Lg==

To assess whether AI poses a material threat to the SITC International company’s products, services, or competitive positioning, we need to consider several factors: substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies can enhance logistics, transportation, and supply chain management, potentially providing alternative solutions that compete with SITC’s offerings. For example, advanced algorithms can optimize route planning and inventory management, which could lead to more efficient alternatives to SITC’s traditional services. If competitors leverage AI effectively to offer lower-cost or faster services, SITC could face significant competitive pressure.
2. Disintermediation: AI could facilitate direct transactions between consumers and service providers, bypassing traditional intermediaries like SITC. If AI platforms enable shippers to connect directly with carriers using automated systems, this could reduce the need for SITC’s intermediary services. Companies that harness AI to streamline these processes may also gain an edge in the market.
3. Margin Pressure: The integration of AI in logistics and transportation can lead to cost reductions and improved efficiencies for individual companies. If competitors successfully implement AI-driven solutions that lower operational costs, this could force SITC to reduce prices to remain competitive, thereby putting pressure on profit margins. Additionally, as AI becomes more prevalent, customers may begin to expect lower rates due to improved efficiencies, further impacting margins.
In conclusion, AI does pose potential threats to SITC International through substitution and disintermediation, which could affect its competitive positioning and margins. To mitigate these risks, SITC may need to invest in AI technologies, adapt its business model, and enhance its value proposition to maintain its market position.

The sensitivity of SITC International’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from a few key perspectives:
1. Earnings Sensitivity: Interest rate changes can directly impact borrowing costs for a company. If SITC International has significant debt, an increase in interest rates could lead to higher interest expenses, reducing net earnings. Conversely, if interest rates decrease, the company could have lower borrowing costs, potentially enhancing earnings.
2. Cash Flow Sensitivity: Cash flows are also affected by interest rates, particularly if the company relies on debt financing for its operations or expansion. Higher interest rates would increase cash outflows related to interest payments, which could strain operational cash flow. On the other hand, lower rates would improve cash flow by reducing these obligations.
3. Valuation Sensitivity: The valuation of SITC International is closely tied to discounted cash flow models, which use interest rates as a component of the discount rate. When interest rates rise, the present value of future cash flows decreases, leading to a lower valuation. Conversely, falling interest rates could increase the present value of future cash flows, boosting the company’s overall valuation.
In summary, SITC International’s sensitivity to interest rate changes hinges on its debt levels, cash flow structure, and the discount rate applied in valuation models. A comprehensive analysis would require examining the company’s specific financial situation and market conditions.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BTSVRDIElu dGVybmF0aW 9uYWzigJlz IGVjb25vbW ljcyBvdmVy IHRoZSBuZX h0IDMtNSB5 ZWFycyBpcy BhIHNpZ25p ZmljYW50IG dlb3BvbGl0 aWNhbCBjb2 5mbGljdCBp biB0aGUgQX NpYS1QYWNp ZmljIHJlZ2 lvbiwgcGFy dGljdWxhcm x5IG9uZSB0 aGF0IGRpc3 J1cHRzIHRy YWRlIHJvdX RlcyBhbmQg b3BlcmF0aW 9ucyBpbiBr ZXkgbWFya2 V0cyB3aGVy ZSBTSVRDIG 9wZXJhdGVz LiBTdWNoIG EgY29uZmxp Y3QgY291bG QgYXJpc2Ug ZnJvbSBlc2 NhbGF0aW5n IHRlbnNpb2 5zIGJldHdl ZW4gbWFqb3 IgcGxheWVy cywgbGVhZG luZyB0byB0 cmFkZSByZX N0cmljdGlv bnMsIGVtYm FyZ29lcywg b3IgZGlyZW N0IG1pbGl0 YXJ5IGNvbm Zyb250YXRp b24uPGJyPk lmIHRoaXMg c2NlbmFyaW 8gd2VyZSB0 byB1bmZvbG QsIHNldmVy YWwgY29uc2 VxdWVuY2Vz IHdvdWxkIG ltcGFjdCBT SVRDIEludG VybmF0aW9u YWzigJlzIG ZpbmFuY2lh bCBtZXRyaW NzOjxicj4x LiA8c3Ryb2 5nPk1hcmdp bnM8L3N0cm 9uZz46IFRo ZSBjb21wYW 554oCZcyBt YXJnaW5zIH dvdWxkIGxp a2VseSBkZX RlcmlvcmF0 ZS4gV2l0aC B0aGUgZGlz cnVwdGlvbi BvZiB0cmFk ZSByb3V0ZX MsIHRoZXJl IHdvdWxkIG JlIGluY3Jl YXNlZCBvcG VyYXRpb25h bCBjb3N0cy BkdWUgdG8g aGlnaGVyIG luc3VyYW5j ZSByYXRlcy wgcmVyb3V0 aW5nIG9mIH NoaXBwaW5n LCBhbmQgcG 90ZW50aWFs IGNhcmdvIG RlbGF5cy4g QWRkaXRpb2 5hbGx5LCBj dXN0b21lcn MgbWlnaHQg c2VlayBhbH Rlcm5hdGl2 ZSBsb2dpc3 RpY3MgcHJv dmlkZXJzIG 9yIHJlZHVj ZSB0aGVpci BzaGlwbWVu dCB2b2x1bW VzIGR1ZSB0 byB1bmNlcn RhaW50eSwg bGVhZGluZy B0byBhIGRl Y3JlYXNlIG luIHByaWNp bmcgcG93ZX IgZm9yIFNJ VEMuIFRoaX MgY29tYmlu YXRpb24gb2 YgaW5jcmVh c2VkIGNvc3 RzIGFuZCBs b3dlciByZX ZlbnVlcyB3 b3VsZCBjb2 1wcmVzcyBt YXJnaW5zIH N1YnN0YW50 aWFsbHkuPG JyPjIuIDxz dHJvbmc+Q2 FzaCBGbG93 PC9zdHJvbm c+OiBDYXNo IGZsb3cgd2 91bGQgYWxz byBzdWZmZX Igc2lnbmlm aWNhbnRseS 4gRGlzcnVw dGlvbnMgdG 8gc2Vydmlj ZXMgY291bG QgbGVhZCB0 byBhIGRlY2 xpbmUgaW4g Y3VzdG9tZX IgZGVtYW5k LCBuZWdhdG l2ZWx5IGFm ZmVjdGluZy ByZXZlbnVl LiBDb25jdX JyZW50bHks IGFueSBuZW Nlc3Nhcnkg aW52ZXN0bW VudHMgdG8g YWRhcHQgdG 8gdGhlIG5l dyBnZW9wb2 xpdGljYWwg cmVhbGl0aW Vz4oCUc3Vj aCBhcyBhY3 F1aXJpbmcg YWRkaXRpb2 5hbCB2ZXNz ZWxzIG9yIH NlY3VyaW5n IGFsdGVybm F0aXZlIHRy YWRlIHJvdX Rlc+KAlHdv dWxkIGRyYW luIGNhc2gg cmVzZXJ2ZX MuIE1vcmVv dmVyLCB0aG Ugd29ya2lu ZyBjYXBpdG FsIGN5Y2xl IG1heSBsZW 5ndGhlbiBp ZiBjdXN0b2 1lcnMgc2xv dyB0aGVpci BwYXltZW50 cyBhbWlkIH RoZSBlY29u b21pYyB1bm NlcnRhaW50 eSwgZnVydG hlciBzdHJh aW5pbmcgY2 FzaCBmbG93 Ljxicj4zLi A8c3Ryb25n PkJhbGFuY2 UgU2hlZXQ8 L3N0cm9uZz 46IFRoZSBj b21wYW554o CZcyBiYWxh bmNlIHNoZW V0IHdvdWxk IGxpa2VseS ByZWZsZWN0 IGluY3JlYX NlZCBkZWJ0 IGxldmVscy BhbmQgd2Vh a2VyIGFzc2 V0IHZhbHVl cy4gSW4gcm VzcG9uc2Ug dG8gY2FzaC BmbG93IGNo YWxsZW5nZX MsIFNJVEMg bWlnaHQgcm Vzb3J0IHRv IGJvcnJvd2 luZyB0byBt YWludGFpbi BsaXF1aWRp dHksIGluY3 JlYXNpbmcg bGV2ZXJhZ2 UuIElmIHRo ZSBnZW9wb2 xpdGljYWwg Y29uZmxpY3 QgbGVhZHMg dG8gbG9uZy 10ZXJtIG9w ZXJhdGlvbm FsIGltcGFp cm1lbnRzLC B0aGUgY29t cGFueSBtYX kgYWxzbyBu ZWVkIHRvIH dyaXRlIGRv d24gdGhlIH ZhbHVlIG9m IHVuZGVycG VyZm9ybWlu ZyBhc3NldH MsIGFkdmVy c2VseSBhZm ZlY3Rpbmcg ZXF1aXR5Li BUaGlzIGRl dGVyaW9yYX Rpb24gY291 bGQgdHJpZ2 dlciBjb3Zl bmFudCBicm VhY2hlcyBv biBleGlzdG luZyBkZWJ0 LCBmdXJ0aG VyIGNvbXBs aWNhdGluZy BpdHMgZmlu YW5jaWFsIH Bvc2l0aW9u Ljxicj5Jbi BzdW1tYXJ5 LCBpbiB0aG UgZXZlbnQg b2YgYSBzaW duaWZpY2Fu dCBnZW9wb2 xpdGljYWwg Y29uZmxpY3 QgaW4gdGhl IEFzaWEtUG FjaWZpYyBy ZWdpb24sIF NJVEMgSW50 ZXJuYXRpb2 5hbCBjb3Vs ZCBmYWNlIH JlZHVjZWQg bWFyZ2lucy BkdWUgdG8g aGlnaGVyIG 9wZXJhdGlv bmFsIGNvc3 RzIGFuZCBk ZWNyZWFzZW QgcHJpY2lu ZyBwb3dlci wgbmVnYXRp dmUgY2FzaC BmbG93IGFz IG9wZXJhdG lvbmFsIGRp c3J1cHRpb2 5zIGxlYWQg dG8gbG93ZX IgcmV2ZW51 ZXMgYW5kIH BvdGVudGlh bCBpbnZlc3 RtZW50IG5l ZWRzLCBhbm QgYSB3ZWFr ZW5lZCBiYW xhbmNlIHNo ZWV0IGNoYX JhY3Rlcml6 ZWQgYnkgaW 5jcmVhc2Vk IGxldmVyYW dlIGFuZCBy ZWR1Y2VkIG Fzc2V0IHZh bHVlcy4gU3 VjaCBhbiBv dXRjb21lIG NvdWxkIGhp bmRlciB0aG UgY29tcGFu eeKAmXMgYW JpbGl0eSB0 byBvcGVyYX RlIGVmZmVj dGl2ZWx5IG luIGl0cyBr ZXkgbWFya2 V0cywgcGVy bWFuZW50bH kgaW1wYWly aW5nIGl0cy BlY29ub21p Y3MuPGJyPg ==

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 bG9nb3MvRn BEamp1RFVq a3JlNkt6UG UxdjAud2Vi cCIgYWx0PS JTSVRDIElu dGVybmF0aW 9uYWwiIHRp dGxlPSJTSV RDIEludGVy bmF0aW9uYW wiICBjbGFz 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 dXQgU0lUQy BJbnRlcm5h dGlvbmFsPw 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 8J+SoSBMZW FybiBzbWFy dGVyIHN0b2 NrIHBpY2tz IHdpdGggPG k+IlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3MiPC9p PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDEycH g7IGZvbnQt c2l6ZTogMT NweDsgY29s b3I6ICM0ND Q7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIFNpZ24g dXAgbm93IG FuZCBnZXQg b3VyIGZyZW UgZUJvb2sg CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 Yj5UaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzPC9iPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTZweDsg Zm9udC1zaX plOiAxNHB4 OyBjb2xvcj ogIzQ0NDsg Zm9udC1mYW 1pbHk6IC1h cHBsZS1zeX N0ZW0sIEJs aW5rTWFjU3 lzdGVtRm9u dCwgU2Vnb2 UgVUksIFJv Ym90bywgSG VsdmV0aWNh IE5ldWUsIH NhbnMtc2Vy aWY7IGxpbm UtaGVpZ2h0 OiAxLjY7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIE hhdmUgeW91 IGhlYXJkIG Fib3V0IG91 ciBzaG9ydC A8c3Ryb25n IHN0eWxlPS dmb250LXdl aWdodDogNj AwOyc+RGFp bHkgVmlkZW 8gTmV3c2xl dHRlcjwvc3 Ryb25nPj8K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxh IGhyZWY9J2 h0dHBzOi8v d3d3Lmluc2 lnaHRmdWx2 YWx1ZS5jb2 0vbmV3c2xl dHRlci5waH AnIHRhcmdl dD0nX2JsYW 5rJyBzdHls ZT0nY29sb3 I6ICMwMDdC RkY7IHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsgZm9u dC13ZWlnaH Q6IDUwMDsg bWFyZ2luLW xlZnQ6IDZw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIE ZpbmQgb3V0 IG1vcmUKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAK ICAgICAgIC AKICAgICAg ICA8c3Bhbi BjbGFzcz0n Ymx1cnJlZC 10ZXh0Jz4K ICAgICAgIC AgICAgTVM0 Z1UwbFVReS BCSmJuUmxj bTVoIGRHbH ZibUZzSUcg bHpJR0VnYk dWaCBaR2x1 WnlCemFHIG x3Y0dsdVp5 QmggYm1RZ2 JHOW5hWCBO MGFXTnpJR0 52IGJYQmhi bmtnWW0gRn paV1FnYVc0 ZyBRMmhwYm 1FdUlFIGww SUhkaGN5Qm 0gYjNWdVpH VmtJRyBsdU lERTVPVFln IFlXNWtJR2 x6SUcgaGxZ V1J4ZFdGeS BkR1Z5WldR Z2FXIDRnVT JoaGJtZG8g WVdrdVBHSn lQaiBJdUlG Um9aU0JqIG IyMXdZVzU1 SUcgbHpJSE J5YVcxaCBj bWxzZVNCbG JtIGRoWjJW a0lHbHUgSU dOdmJuUmhh VyA1bGNpQj BjbUZ1IGMz QnZjblJoZE cgbHZiaXdn Wm5KbCBhV2 RvZENCbWIz IEozWVhKa2 FXNW4gTENC c2IyZHBjMy BScFkzTWdj MlZ5IGRtbG paWE1zSUcg RnVaQ0J6YU dsdyBjR2x1 WnlCaFoyIF Z1WTNrZ1lu VnogYVc1bG MzTmxjeSA0 OFluSStNeT RnIFUwbFVR eUJKYm4gUm xjbTVoZEds diBibUZzSU doaGN5IEJo SUdac1pXVj AgSUc5bUlH OTJaWCBJZ0 9EQWdkbVZ6 IGMyVnNjeX dnYVcgNWpi SFZrYVc1bi BJR0p2ZEdn Z2IzIGR1Wl dRZ1lXNWsg SUdOb1lYSj BaWCBKbFpD QjJaWE56IF pXeHpMQ0Iz YVggUm9JR0 VnZEc5MCBZ V3dnWTJGd1 lXIE5wZEhr Z2IyWWcgWV hCd2NtOTRh VyAxaGRHVn NlU0F5IE9E QXNNREF3SU YgUkZWWE1n S0hSMyBaVz UwZVMxbWIy IDkwSUdWeG RXbDIgWVd4 bGJuUWdkVy A1cGRITXBM anhpIGNqND BMaUJVYUcg VWdZMjl0Y0 dGdSBlU0J2 Y0dWeVlYIF JsY3lCcGJp QnQgWVdwdm NpQnphRyBs d2NHbHVaeU J5IGIzVjBa WE1nWVggSn ZkVzVrSUhS byBaU0IzYj NKc1pDIHdn YVc1amJIVm sgYVc1bklH bHVkSCBKaE xVRnphV0Vz IElFVjFjbT l3WlMgd2dU bTl5ZEdnZy BZVzVrSUZO dmRYIFJvSU VGdFpYSnAg WTJFc0lHRn VaQyBCQmRY TjBjbUZzIG FXRXVQR0p5 UGogVXVJRk 5KVkVNZyBT VzUwWlhKdV lYIFJwYjI1 aGJDQm8gWV hNZ1lTQnpk SCBKdmJtY2 djSEpsIGMy VnVZMlVnYV cgNGdkR2hs SUVWaCBjM1 FnWVc1a0lG IE52ZFhSb1 pXRnogZENC QmMybGhJRy AxaGNtdGxk SE1zIElIZH BkR2dnWVMg QnRZWEpyWl hRZyBjMmho Y21VZ2IyIF lnYjNabGNp QXggTUNVZ2 FXNGdkRyBo bElHbHVkSE poIExVRnph V0VnZEggSm haR1V1UEdK eSBQall1SU VsdUlHIEZr WkdsMGFXOX UgSUhSdklH bDBjeSBCem FHbHdjR2x1 IFp5QmhibV FnYkcgOW5h WE4wYVdOei BJSE5sY25a cFkyIFZ6TE NCMGFHVWcg WTI5dGNHRn VlUyBCaGJI TnZJSEJ5IG IzWnBaR1Z6 SUggWmhiSF ZsTFdGayBa R1ZrSUhObG NuIFpwWTJW eklITjEgWT JnZ1lYTWdk MiBGeVpXaH ZkWE5wIGJt Y3NJR04xYz MgUnZiWE1n WTJ4bCBZWE poYm1ObExD IEJoYm1RZ1 pHbHogZEhK cFluVjBhVy A5dUxqeGlj ajQzIExpQl RTVlJESUUg bHVkR1Z5Ym 1GMCBhVzl1 WVd3Z2FHIE Z6SUhkdmJp QnUgZFcxbG NtOTFjeSBC aGQyRnlaSE 1nIFlXNWtJ SEpsWTIgOW 5ibWwwYVc5 dSBJR1p2Y2 lCcGRIIE1n Y0dWeVptOX kgYldGdVky VWdZVyA1a0 lHTnZiblJ5 IGFXSjFkR2 x2YmkgQjBi eUIwYUdVZy BjMmhwY0hC cGJtIGNnWV c1a0lHeHYg WjJsemRHbG pjeSBCcGJt UjFjM1J5IG VTNGdTVzRn TWogQXlNQ3 dnYVhRZyBk MkZ6SUhKaG JtIHRsWkNC aGN5QnYgYm 1VZ2IyWWdk RyBobElPS0 FuRlJ2IGND QTFNQ0JIYk cgOWlZV3dn VDJObCBZVz RnUTJGeWNt IGxsY25QaW dKMGcgWW5r Z1FXeHdhRy BGc2FXNWxj aTQ4IFluSS tPQzRnVkcg aGxJR052Yl hCaCBibmtn YVhNZ1kyID l0YldsMGRH VmsgSUhSdk lITjFjMyBS aGFXNWhZbW xzIGFYUjVJ R0Z1WkMgQm 9ZWE1nYVcx dyBiR1Z0Wl c1MFpXIFFn ZG1GeWFXOT EgY3lCbGJu WnBjbSA5dW JXVnVkR0Zz IElHbHVhWF JwWVggUnBk bVZ6TENCei BkV05vSUdG eklIIFZ6YV c1bklHWjEg Wld3dFpXWm 1hVyBOcFpX NTBJSFpsIG MzTmxiSE1n WVcgNWtJR2 x0Y0d4bCBi V1Z1ZEdsdV p5IEJuY21W bGJpQncgY2 1GamRHbGpa WCBNZ2FXNG dhWFJ6IElH eHZaMmx6ZE cgbGpjeUJ2 Y0dWeSBZWF JwYjI1ekxq IHhpY2o0NU xpQlQgU1ZS RElFbHVkRy BWeWJtRjBh Vzl1IFlXd2 dhR0Z6SUcg RWdjM1J5Yj I1biBJR1p2 WTNWeklHID l1SUdsdWJt OTIgWVhScG IyNGdZVyA1 a0lIUmxZMm h1IGIyeHZa M2tzSUggZH BkR2dnYVc1 MiBaWE4wYl dWdWRIIE1n YVc0Z1pHbG 4gYVhSaGJH bDZZWCBScG IyNHNJR0Yx IGRHOXRZWF JwYjIgNHNJ R0Z1WkNCay BZWFJoSUdG dVlXIHg1ZE dsamN5QjAg YnlCcGJYQn liMyBabElH OXdaWEpoIG RHbHZibUZz SUcgVm1abW xqYVdWdSBZ M2tnWVc1a0 lHIE4xYzNS dmJXVnkgSU dWNGNHVnlh VyBWdVkyVX VQR0p5IFBq RXdMaUJVYU cgVWdZMjl0 Y0dGdSBlU0 JvWVhNZ1lT IEJrYVhabG NuTmwgSUhk dmNtdG1iMy BKalpTQnZa aUJ2IGRtVn lJRFFzTUQg QXdJR1Z0Y0 d4diBlV1Zs Y3lCbWNtID l0SUc5MlpY SWcgTWpBZ2 JtRjBhVyA5 dVlXeHBkR2 xsIGN5d2dj SEp2YlcgOT BhVzVuSUdF ZyBZM1ZzZE hWeVpTIEJ2 WmlCa2FYWm wgY25OcGRI a2dZVyA1a0 lHbHVZMngx IGMybHZiaT RnU1ggUWdZ V3h6YnlCaC BZM1JwZG1W c2VTIEJ6ZF hCd2IzSjAg Y3lCd2FHbH NZVyA1MGFI SnZjR2xqIE lHRnVaQ0Jq YjIgMXRkVz VwZEhrZyBa R1YyWld4dm NHIDFsYm5R Z2NISnYgYW 1WamRITWdh VyA0Z2RHaG xJR0Z5IFpX RnpJSGRvWl ggSmxJR2ww SUc5dyBaWE poZEdWekxn ID09CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==