Severn Trent

Live  

Severn Trent is a water and wastewater services company based in the United Kingdom. It was founded in 1974 and is headquartered in Coventry, England. The company provides water and sewerage services to over 4 million households and businesses in the Midlands and Mid-Wales, covering an area of approximately 34,000 square kilometers.
Severn Trent is one of the largest regulated water and wastewater companies in the UK, regulated by Ofwat (Office of the Water Services Regulation). The company is responsible for supplying clean water, treating sewage, and maintaining the infrastructure of pipes and sewage treatment works.
In addition to water and sewage services, Severn Trent also offers other services such as renewable energy generation, waste management, and business services. The company is committed to sustainability and has set ambitious goals to reduce its carbon footprint, increase renewable energy production, and develop efficient water networks.
Severn Trent is a publicly traded company, listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It has a strong focus on corporate social responsibility and community outreach, with various initiatives in place to support local communities, charities, and environmental projects.
Severn Trent is also committed to customer service and offers various programs and initiatives to help customers manage their water usage, pay bills, and access support if needed. The company has a dedicated customer service team available to assist customers with any queries or concerns.
Overall, Severn Trent is a well-established and respected company, known for its commitment to providing high-quality water services, promoting sustainability, and contributing to the communities it serves.

U2V2ZXJuIF RyZW50IGlz IGEgY29tcG FueSB0aGF0 IGhlbHBzIH Byb3ZpZGUg Y2xlYW4gd2 F0ZXIgYW5k IHRha2VzIG NhcmUgb2Yg d2FzdGV3YX RlciBmb3Ig cGVvcGxlIG luIHRoZSBV Sy4gVGhpbm sgb2YgdGhl bSBsaWtlIH RoZSBzdXBl cmhlcm9lcy BvZiB3YXRl cuKAlHRoZX kgbWFrZSBz dXJlIHRoYX QgdGhlIHdh dGVyIGNvbW luZyBvdXQg b2Ygb3VyIH RhcHMgaXMg c2FmZSB0by BkcmluayBh bmQgdGhhdC B0aGUgZGly dHkgd2F0ZX IgZnJvbSBv dXIgaG9tZX MgZ2V0cyBj bGVhbmVkIH VwIHByb3Bl cmx5IGJlZm 9yZSBpdCBn b2VzIGJhY2 sgaW50byBy aXZlcnMgb3 IgbGFrZXMu PGJyPlRoZS B3YXkgU2V2 ZXJuIFRyZW 50IG1ha2Vz IG1vbmV5IG lzIHByZXR0 eSBjb29sLi BUaGV5IGNo YXJnZSBwZW 9wbGUgYW5k IGJ1c2luZX NzZXMgYSBm ZWUgZm9yIH RoZSB3YXRl ciB0aGV5IH VzZSBhbmQg Zm9yIGNsZW FuaW5nIHVw IHRoZWlyIH dhc3Rld2F0 ZXIuIFNvIG V2ZXJ5IHRp bWUgd2UgZG 8gdGhpbmdz IGxpa2UgYn J1c2ggb3Vy IHRlZXRoLC B0YWtlIGEg c2hvd2VyLC BvciBmbHVz aCB0aGUgdG 9pbGV0LCB0 aGUgY29tcG FueSBlYXJu cyBzb21lIG 1vbmV5IGJl Y2F1c2UgaX TigJlzIHBy b3ZpZGluZy B1cyB3aXRo IHRob3NlIG ltcG9ydGFu dCBzZXJ2aW Nlcy48YnI+ U2V2ZXJuIF RyZW50IGlz IHN1Y2Nlc3 NmdWwgZm9y IGEgZmV3IH JlYXNvbnMu IEZpcnN0LC B0aGV5IGFy ZSByZWFsbH kgZ29vZCBh dCB3aGF0IH RoZXkgZG8s IHdpdGggbG 90cyBvZiBl eHBlcmllbm NlIGluIHBy b3ZpZGluZy B3YXRlciBz ZXJ2aWNlcy BhbmQga2Vl cGluZyBldm VyeXRoaW5n IHJ1bm5pbm cgc21vb3Ro bHkuIFNlY2 9uZCwgdGhl eSBoYXZlIG EgbG90IG9m IGN1c3RvbW VycywgbWVh bmluZyB0aG F0IG1hbnkg cGVvcGxlIG FuZCBidXNp bmVzc2VzIH JlbHkgb24g dGhlbSBldm VyeSBkYXku IEFuZCB0aG lyZCwgdGhl eSBjYXJlIG Fib3V0IHRo ZSBlbnZpcm 9ubWVudCBh bmQgd29yay BvbiBtYWtp bmcgc3VyZS BvdXIgd2F0 ZXIgaXMgc2 FmZSBhbmQg Y2xlYW4sIH doaWNoIHBl b3BsZSByZW FsbHkgYXBw cmVjaWF0ZS 48YnI+SW4g dGhlIGZ1dH VyZSwgU2V2 ZXJuIFRyZW 50IGlzIGxp a2VseSB0by BzdGF5IHN1 Y2Nlc3NmdW wgYmVjYXVz ZSB3YXRlci BpcyBzb21l dGhpbmcgZX ZlcnlvbmUg d2lsbCBhbH dheXMgbmVl ZC4gVGhlIH dvcmxkIGtl ZXBzIGNoYW 5naW5nLCBh bmQgYXMgbW 9yZSBwZW9w bGUgYXJlIG Jvcm4gYW5k IGNpdGllcy Bncm93LCB0 aGVyZSB3aW xsIGJlIGFu IGV2ZW4gZ3 JlYXRlciBu ZWVkIGZvci BjbGVhbiB3 YXRlciBhbm QgcHJvcGVy IHdhc3Rld2 F0ZXIgdHJl YXRtZW50Li BQbHVzLCB3 aXRoIGNsaW 1hdGUgY2hh bmdlIGJlaW 5nIGEgYmln IHRvcGljLC Bjb21wYW5p ZXMgdGhhdC BoZWxwIHdp dGggdGhlc2 UgaXNzdWVz IHdpbGwgYm UgaW4gZGVt YW5kLiBTby wgdGhlaXIg am9iIGlzIG ltcG9ydGFu dCBub3cgYW 5kIHdpbGwg c3RpbGwgYm UgaW1wb3J0 YW50IGxhdG VyITxicj4=

MS4gTG9uZy BoaXN0b3J5 IGFuZCBlc3 RhYmxpc2hl ZCByZXB1dG F0aW9uOiBU aGUgU2V2ZX JuIFRyZW50 IGNvbXBhbn kgaGFzIGJl ZW4gaW4gb3 BlcmF0aW9u IHNpbmNlID E5NzQgYW5k IGhhcyBhIG xvbmcgaGlz dG9yeSBvZi Bwcm92aWRp bmcgd2F0ZX IgYW5kIHdh c3Rld2F0ZX Igc2Vydmlj ZXMgaW4gdG hlIFVLLiBU aGlzIGhhcy Blc3RhYmxp c2hlZCBhIH N0cm9uZyBy ZXB1dGF0aW 9uIGFuZCB0 cnVzdCBhbW 9uZyBpdHMg Y3VzdG9tZX JzLjxicj4y LiBMYXJnZS BvcGVyYXRp b25hbCBzY2 FsZTogU2V2 ZXJuIFRyZW 50IHNlcnZl cyBhcm91bm QgNC4zIG1p bGxpb24gaG 91c2Vob2xk cyBhbmQgYn VzaW5lc3Nl cyBhY3Jvc3 MgdGhlIE1p ZGxhbmRzIG FuZCBtaWQt V2FsZXMsIG 1ha2luZyBp dCBvbmUgb2 YgdGhlIGxh cmdlc3Qgd2 F0ZXIgY29t cGFuaWVzIG luIHRoZSBV Sy4gSXQgYW xzbyBvcGVy YXRlcyBjbG 9zZSB0byA1 MiwwMDAga2 lsb21ldGVy cyBvZiB3YX RlciBtYWlu cyBhbmQgc2 V3ZXJzLjxi cj4zLiBFZm ZpY2llbnQg b3BlcmF0aW 9uczogVGhl IGNvbXBhbn kgaGFzIGEg c3Ryb25nIG ZvY3VzIG9u IGVmZmljaW VuY3kgYW5k IGhhcyB3b2 4gdmFyaW91 cyBhd2FyZH MgZm9yIGl0 cyBpbm5vdm F0aXZlIHVz ZSBvZiB0ZW Nobm9sb2d5 IGFuZCBwcm 9jZXNzZXMg dG8gaW1wcm 92ZSBpdHMg b3BlcmF0aW 9uYWwgZWZm aWNpZW5jeS 48YnI+NC4g SW52ZXN0bW VudHMgaW4g aW5mcmFzdH J1Y3R1cmU6 IFNldmVybi BUcmVudCBo YXMgbWFkZS BzaWduaWZp Y2FudCBpbn Zlc3RtZW50 cyBpbiBpdH MgaW5mcmFz dHJ1Y3R1cm UsIGluY2x1 ZGluZyB1cG dyYWRpbmcg YW5kIG1haW 50YWluaW5n IGl0cyBuZX R3b3JrcyB0 byBlbnN1cm UgdGhlIGRl bGl2ZXJ5IG 9mIGhpZ2gt cXVhbGl0eS B3YXRlciBh bmQgd2FzdG V3YXRlciBz ZXJ2aWNlcy 48YnI+NS4g Q29tbWl0bW VudCB0byBz dXN0YWluYW JpbGl0eTog VGhlIGNvbX BhbnkgaGFz IGEgc3Ryb2 5nIGNvbW1p dG1lbnQgdG 8gc3VzdGFp bmFiaWxpdH kgYW5kIGhh cyBzZXQgYW 1iaXRpb3Vz IHRhcmdldH MgdG8gcmVk dWNlIGl0cy BjYXJib24g Zm9vdHByaW 50LCByZWR1 Y2Ugd2F0ZX IgbGVha2Fn ZSwgYW5kIH Byb3RlY3Qg YmlvZGl2ZX JzaXR5IHdp dGhpbiBpdH Mgb3BlcmF0 aW9ucy48Yn I+Ni4gU3Ry b25nIGZpbm FuY2lhbCBw ZXJmb3JtYW 5jZTogU2V2 ZXJuIFRyZW 50IGhhcyBh IHN0cm9uZy B0cmFjayBy ZWNvcmQgb2 YgZGVsaXZl cmluZyBnb2 9kIGZpbmFu Y2lhbCByZX N1bHRzLCB3 aXRoIGNvbn Npc3RlbnQg cmV2ZW51ZS Bncm93dGgg YW5kIHN0cm 9uZyBwcm9m aXRhYmlsaX R5Ljxicj43 LiBDdXN0b2 1lciBmb2N1 czogVGhlIG NvbXBhbnkg aGFzIGEgc3 Ryb25nIGN1 c3RvbWVyLW NlbnRyaWMg YXBwcm9hY2 gsIG9mZmVy aW5nIHZhcm lvdXMgd2F5 cyBmb3IgY3 VzdG9tZXJz IHRvIG1hbm FnZSBhbmQg cGF5IHRoZW lyIGJpbGxz LCBhbmQgYW N0aXZlbHkg c2Vla2luZy BjdXN0b21l ciBmZWVkYm FjayB0byBj b250aW51b3 VzbHkgaW1w cm92ZSBpdH Mgc2Vydmlj ZXMuPGJyPj guIENvbW11 bml0eSBpbn ZvbHZlbWVu dDogU2V2ZX JuIFRyZW50 IGlzIGFjdG l2ZWx5IGlu dm9sdmVkIG luIHRoZSBj b21tdW5pdG llcyBpdCBz ZXJ2ZXMsIH Rocm91Z2gg dmFyaW91cy Bzb2NpYWwg YW5kIGVudm lyb25tZW50 YWwgaW5pdG lhdGl2ZXMs IGFuZCBoYX MgYSBkZWRp Y2F0ZWQgY2 9tbXVuaXR5 IGZ1bmQgdG 8gc3VwcG9y dCBsb2NhbC Bwcm9qZWN0 cy48YnI+OS 4gRGl2ZXJz ZSBwb3J0Zm 9saW86IElu IGFkZGl0aW 9uIHRvIGl0 cyBjb3JlIH dhdGVyIGFu ZCB3YXN0ZX dhdGVyIHNl cnZpY2VzLC BTZXZlcm4g VHJlbnQgYW xzbyBzZXJ2 ZXMgY29tbW VyY2lhbCBh bmQgaW5kdX N0cmlhbCBj dXN0b21lcn MsIHByb3Zp ZGluZyB3YX RlciBhbmQg d2FzdGV3YX RlciB0cmVh dG1lbnQgc2 9sdXRpb25z IHRhaWxvcm VkIHRvIHRo ZWlyIG5lZW RzLjxicj4x MC4gU3Ryb2 5nIGNvcnBv cmF0ZSBnb3 Zlcm5hbmNl OiBUaGUgY2 9tcGFueSBo YXMgYSBzdH JvbmcgY29t bWl0bWVudC B0byBjb3Jw b3JhdGUgZ2 92ZXJuYW5j ZSBhbmQgaG FzIGJlZW4g cmVjb2duaX plZCBmb3Ig aXRzIGV0aG ljYWwgYW5k IHRyYW5zcG FyZW50IGJ1 c2luZXNzIH ByYWN0aWNl cy4gSXQgYW xzbyBoYXMg YSBkaXZlcn NlIGFuZCBl eHBlcmllbm NlZCBib2Fy ZCBvZiBkaX JlY3RvcnMu

VGhlIFNldm VybiBUcmVu dCBjb21wYW 55J3MgYnVz aW5lc3MgbW 9kZWwgaXMg Y2VudGVyZW QgYXJvdW5k IHByb3ZpZG luZyB3YXRl ciBhbmQgd2 FzdGV3YXRl ciBzZXJ2aW NlcyB0byBj dXN0b21lcn MgaW4gdGhl IFVuaXRlZC BLaW5nZG9t LiBUaGV5IG 93biBhbmQg b3BlcmF0ZS BhIG5ldHdv cmsgb2YgcG lwZXMsIHRy ZWF0bWVudC BwbGFudHMs IGFuZCByZX NlcnZvaXJz IHRvIGNvbG xlY3QsIHRy ZWF0LCBhbm Qgc3VwcGx5 IGNsZWFuIG RyaW5raW5n IHdhdGVyIH RvIGhvdXNl aG9sZHMgYW 5kIGJ1c2lu ZXNzZXMuIF RoZXkgYWxz byBwcm92aW RlIHNld2Fn ZSB0cmVhdG 1lbnQgYW5k IGRpc3Bvc2 FsIHNlcnZp Y2VzLCBlbn N1cmluZyB0 aGUgc2FmZS BhbmQgcHJv cGVyIHRyZW F0bWVudCBv ZiB3YXN0ZX dhdGVyIGJl Zm9yZSBpdC BpcyByZWxl YXNlZCBiYW NrIGludG8g dGhlIGVudm lyb25tZW50 LiBJbiBhZG RpdGlvbiB0 byB0aGVpci Bjb3JlIHdh dGVyIGFuZC B3YXN0ZXdh dGVyIHNlcn ZpY2VzLCBT ZXZlcm4gVH JlbnQgYWxz byBvZmZlcn MgYSByYW5n ZSBvZiBvdG hlciBzZXJ2 aWNlcyBzdW NoIGFzIGJp bGxpbmcsIG 1ldGVyaW5n LCBhbmQgbG VhayBkZXRl Y3Rpb24uIF RoZXkgZ2Vu ZXJhdGUgcm V2ZW51ZSB0 aHJvdWdoIG N1c3RvbWVy IGNoYXJnZX MgZm9yIHRo ZWlyIHNlcn ZpY2VzIGFu ZCB3b3JrIH RvIGNvbnRp bnVvdXNseS BpbXByb3Zl IGVmZmljaW VuY3kgYW5k IGludmVzdC BpbiB0aGVp ciBpbmZyYX N0cnVjdHVy ZSB0byBwcm 92aWRlIHN1 c3RhaW5hYm xlIGFuZCBy ZWxpYWJsZS BzZXJ2aWNl cyB0byB0aG VpciBjdXN0 b21lcnMu

AI can potentially pose material threats to Severn Trent’s products, services, and competitive positioning in several ways.
1. Substitution: AI technologies, especially in water management, can lead to the development of alternative products and services that may compete with Severn Trent’s offerings. For example, advancements in water purification or desalination systems using AI could offer more efficient or cost-effective solutions, challenging traditional services provided by Severn Trent.
2. Disintermediation: AI can enable customers to bypass traditional service providers like Severn Trent by directly accessing or managing services through smart technologies. For instance, smart home water management systems may allow consumers to optimize their own water usage without needing to rely on utility providers, reducing Severn Trent’s role in the supply chain.
3. Margin Pressure: The integration of AI may lead to increased competition as new market entrants leverage AI for operational efficiencies. These companies may offer lower prices or improved services, putting pressure on Severn Trent to reduce its own margins to remain competitive. Additionally, the high costs associated with implementing AI technologies could strain profit margins if they do not lead to a proportional increase in efficiency or revenue.
Overall, while AI presents opportunities for innovation and efficiency, it also poses threats that Severn Trent must strategically address to maintain its market position.

The sensitivity of Severn Trent’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Debt Levels: Severn Trent operates with a significant amount of debt due to the capital-intensive nature of the water utility industry. Changes in interest rates can affect the cost of servicing this debt. An increase in interest rates generally raises interest expense, which can reduce net earnings and cash flow.
2. Regulatory Framework: The water utility sector is heavily regulated, and companies like Severn Trent often operate under price controls set by regulatory bodies. If interest rates rise, regulators may adjust allowed returns on capital, which could impact the company’s revenues and profits.
3. Investment and Capital Expenditures: Interest rate changes can influence Severn Trent’s capital expenditure plans. Higher interest rates might lead to increased borrowing costs for funding infrastructure projects. This could slow down the pace of investment in necessary upgrades and expansions, affecting long-term growth and cash flow.
4. Discount Rates and Valuation: The valuation of Severn Trent is often evaluated using discounted cash flow models. Rising interest rates typically increase the discount rate used to value future cash flows. This can lead to a lower present value, negatively impacting the company’s stock price and overall valuation.
5. Economic Environment: Interest rates often correlate with the broader economic environment. Changes in interest rates can affect consumer spending and economic growth, which in turn may influence demand for water services. A downturn in the economy could lead to reduced revenue growth.
6. Inflation: Interest rates are also influenced by inflation. If inflation increases and interest rates rise, Severn Trent may face higher operational costs, which could squeeze margins if such costs cannot be passed on to consumers through higher tariffs.
In summary, Severn Trent’s earnings, cash flow, and valuation are sensitive to interest rate changes due to their debt levels, regulatory context, capital expenditure needs, valuation models, economic conditions, and inflation dynamics. The overall impact will depend on the magnitude and direction of interest rate changes as well as the company’s ability to adapt to these shifts.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BTZXZlcm4g VHJlbnTigJ lzIGVjb25v bWljcyBvdm VyIHRoZSBu ZXh0IDPigJ M1IHllYXJz IGlzIGEgc2 lnbmlmaWNh bnQgc2hpZn QgaW4gcmVn dWxhdG9yeS BmcmFtZXdv cmtzIGNvbW JpbmVkIHdp dGggc2V2ZX JlIGNsaW1h dGUtcmVsYX RlZCBjaGFs bGVuZ2VzLi BUaGlzIHNj ZW5hcmlvIG NvdWxkIGFy aXNlIGZyb2 0gdGhlIGlu dHJvZHVjdG lvbiBvZiBz dHJpbmdlbn QgcmVndWxh dGlvbnMgYW ltZWQgYXQg ZW52aXJvbm 1lbnRhbCBz dXN0YWluYW JpbGl0eSwg cGFydGljdW xhcmx5IGlu IHdhdGVyIH F1YWxpdHkg YW5kIHJlc2 91cmNlIG1h bmFnZW1lbn QsIGNvdXBs ZWQgd2l0aC BpbmNyZWFz aW5nbHkgZn JlcXVlbnQg YW5kIHNldm VyZSBkcm91 Z2h0cyBvci BmbG9vZHMg Y2F1c2VkIG J5IGNsaW1h dGUgY2hhbm dlLiA8YnI+ SW4gdGhpcy BzY2VuYXJp bywgdGhlIH JlZ3VsYXRv cnkgcHJlc3 N1cmVzIG1p Z2h0IHJlcX VpcmUgU2V2 ZXJuIFRyZW 50IHRvIHVu ZGVydGFrZS BzdWJzdGFu dGlhbCBpbn Zlc3RtZW50 cyB0byB1cG dyYWRlIGlu ZnJhc3RydW N0dXJlLCBp bXByb3ZlIH dhdGVyIHRy ZWF0bWVudC Bwcm9jZXNz ZXMsIG9yIG ltcGxlbWVu dCBtb3JlIG FkdmFuY2Vk IGxlYWsgZG V0ZWN0aW9u IHN5c3RlbX MuIFRoZXNl IGNhcGl0YW wgZXhwZW5k aXR1cmVzIH dvdWxkIGlu Y3JlYXNlIG 9wZXJhdGlv bmFsIGNvc3 RzIHN1YnN0 YW50aWFsbH kuIEZ1cnRo ZXJtb3JlLC BpZiBleHRy ZW1lIHdlYX RoZXIgcGF0 dGVybnMgYW ZmZWN0IHdh dGVyIGF2YW lsYWJpbGl0 eSwgdGhlIG NvbXBhbnkg bWlnaHQgZm FjZSBpbmNy ZWFzZWQgY2 9zdHMgYXNz b2NpYXRlZC B3aXRoIHNv dXJjaW5nIG FsdGVybmF0 aXZlIHdhdG VyIHN1cHBs aWVzIG9yIG ludmVzdGlu ZyBpbiBkZX NhbGluYXRp b24gdGVjaG 5vbG9naWVz Ljxicj5Bcy BhIHJlc3Vs dCBvZiB0aG VzZSBmYWN0 b3JzLCBTZX Zlcm4gVHJl bnTigJlzIG 1hcmdpbnMg Y291bGQgYm Ugc3F1ZWV6 ZWQsIGV4cG VyaWVuY2lu ZyBhIGRlY3 JlYXNlIGlu IHByb2ZpdG FiaWxpdHkg ZHVlIHRvIG hpZ2hlciBv cGVyYXRpb2 5hbCBjb3N0 cywgZXZlbi BhcyByZXZl bnVlcyBtaW dodCBzdGFn bmF0ZSBvci BmYWxsIGR1 ZSB0byBjb2 5zdW1lciBy ZXNpc3Rhbm NlIHRvIGhp Z2hlciB3YX RlciBiaWxs cy4gVGhlIG luY3JlYXNl ZCBsZXZlcm FnZSBmcm9t IHRoZSBuZW Nlc3Nhcnkg aW52ZXN0bW VudHMgd291 bGQgbGlrZW x5IGxlYWQg dG8gZGltaW 5pc2hlZCBj YXNoIGZsb3 csIGFzIG1v cmUgZnVuZH Mgd291bGQg bmVlZCB0by BiZSBhbGxv Y2F0ZWQgdG 8gc2Vydmlj aW5nIGRlYn QgYW5kIG1h aW50YWluaW 5nIG9wZXJh dGlvbmFsIH ZpYWJpbGl0 eSByYXRoZX IgdGhhbiB0 byBzaGFyZW hvbGRlciBy ZXR1cm5zIG 9yIHJlaW52 ZXN0bWVudC BpbnRvIHRo ZSBidXNpbm Vzcy48YnI+ T24gdGhlIG JhbGFuY2Ug c2hlZXQsIH RoZSBzY2Vu YXJpbyBjb3 VsZCBsZWFk IHRvIGEgaG lnaGVyIGRl YnQtdG8tZX F1aXR5IHJh dGlvIGFzIF NldmVybiBU cmVudCB0YW tlcyBvbiBh ZGRpdGlvbm FsIGRlYnQg dG8gZnVuZC ByZXF1aXJl ZCBpbmZyYX N0cnVjdHVy ZSBjaGFuZ2 VzLiBUaGlz IGNvdWxkIH JhaXNlIGNv bmNlcm5zIG Ftb25nIGlu dmVzdG9ycy ByZWdhcmRp bmcgdGhlIG NvbXBhbnni gJlzIGZpbm FuY2lhbCBo ZWFsdGgsIH BvdGVudGlh bGx5IGltcG FjdGluZyBp dHMgY3JlZG l0IHJhdGlu Zy4gT3Zlcm FsbCwgaWYg dGhpcyBzY2 VuYXJpbyBw bGF5cyBvdX QsIFNldmVy biBUcmVudC Bjb3VsZCBm YWNlIGEgY2 hhbGxlbmdp bmcgZWNvbm 9taWMgZW52 aXJvbm1lbn QgY2hhcmFj dGVyaXplZC BieSB0aWdo dGVyIG1hcm dpbnMsIGNv bnN0cmFpbm VkIGNhc2gg ZmxvdywgYW 5kIGEgd2Vh a2VuZWQgYm FsYW5jZSBz aGVldCwgbG ltaXRpbmcg aXRzIG9wZX JhdGlvbmFs IGZsZXhpYm lsaXR5IGFu ZCBncm93dG ggcHJvc3Bl Y3RzLjxicj 4=

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 dzSXVSR25a dVR3UzFMTn VZaWIud2Vi cCIgYWx0PS JTZXZlcm4g VHJlbnQiIH RpdGxlPSJT ZXZlcm4gVH JlbnQiICBj 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 YWJvdXQgU2 V2ZXJuIFRy ZW50PwogIC 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 AgICAg4pyF IERvd25sb2 FkIDxpPiJU aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz IjwvaT4g4o CUIHRvdGFs bHkgZnJlZS EKICAgICAg 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 dVMlYyWlgg SnVJRlJ5Wl c1MCBJR2x6 SUdGdUlFIF Z1WjJ4cGMy Z2cgZDJGMF pYSWdjMyBW d2NHeDVJR0 Z1IFpDQjNZ WE4wWlggZG hkR1Z5SUhS eSBaV0YwYl dWdWRDIEJq YjIxd1lXNT UgSUdKaGMy VmtJRyBsdU lFTnZkbVZ1 IGRISjVMQ0 JGYm0gZHNZ VzVrTGp4aS BjajR5TGlC SmRDIEIzWV hNZ1ptOTEg Ym1SbFpDQn BiaSBBeE9U YzBJR0Z6IE lHRWdjbVZu YVcgOXVZV3 dnZDJGMCBa WElnWVhWMG FHIDl5YVhS NUxDQm0gYj J4c2IzZHBi bSBjZ2RHaG xJSEJoIGMz TnBibWNnYj IgWWdkR2hs SUZkaCBkR1 Z5SUVGamRD IEF4T1Rjek xqeGkgY2o0 ekxpQlVhRy BVZ1kyOXRj R0Z1IGVTQj NZWE1nYm0g RnRaV1FnWV daMCBaWEln ZEdobElIIF IzYnlCdFlX cHYgY2lCeW FYWmxjbiBN Z2FXNGdhWF J6IElISmxa Mmx2Ymkgd2 dkR2hsSUZK cCBkbVZ5SU ZObGRtIFZ5 YmlCaGJtUW cgZEdobElG SnBkbSBWeU lGUnlaVzUw IExqeGljaj QwTGkgQkRk WEp5Wlc1MC BiSGtzSUZO bGRtIFZ5Ym lCVWNtVnUg ZENCd2NtOT JhVyBSbGN5 QjNZWFJsIG NpQmhibVFn ZDIgRnpkR1 YzWVhSbCBj aUJ6WlhKMm FXIE5sY3lC MGJ5QnYgZG 1WeUlEUXVN eSBCdGFXeH NhVzl1IElH aHZkWE5sYU cgOXNaSE1n WVc1ayBJR0 oxYzJsdVpY IE56WlhNZ2 FXNGcgZEdo bElFVmhjMy BRZ1lXNWtJ RmRsIGMzUW dUV2xrYkcg RnVaSE1zSU dsdSBZMngx WkdsdVp5IE IwYUdVZ1ky bDAgYVdWek lHOW1JRSBK cGNtMXBibW RvIFlXMHNJ RU52ZG0gVn VkSEo1TENC RSBaWEppZV N3Z1RHIFZw WTJWemRHVn kgTENCaGJt UWdUbSA5MG RHbHVaMmho IGJTNDhZbk krTlMgNGdW R2hsSUdOdi BiWEJoYm5r Z2FYIE1nWV d4emJ5Qnkg WlhOd2IyNX phVyBKc1pT Qm1iM0lnIG JXRnBiblJo YVcgNXBibW NnYjNabCBj aUEwT1N3d0 1EIEFnYTJs c2IyMWwgZE dWeWN5QnZa aSBCM1lYUm xjaUJ0IFlX bHVjeUJoYm 0gUWdiVzl5 WlNCMCBhR0 Z1SURReExE IEF3TUNCcm FXeHYgYldW MFpYSnpJRy A5bUlITmxk MlZ5IGN5ND hZbkkrTmkg NGdTVzRnWV dSayBhWFJw YjI0Z2RHID hnYVhSeklI ZGggZEdWeU lHRnVaQyBC M1lYTjBaWG RoIGRHVnlJ SE5sY24gWn BZMlZ6TENC VCBaWFpsY2 00Z1ZIIEps Ym5RZ1lXeH ogYnlCblpX NWxjbSBGMF pYTWdaV3hs IFkzUnlhV0 5wZEgga2dk R2h5YjNWbi BhQ0JoSUc1 MWJXIEpsY2 lCdlppQnkg Wlc1bGQyRm liRyBVZ1lX NWtJSGRoIG MzUmxMWFJ2 TFcgVnVaWE puZVNCbSBZ V05wYkdsMG FXIFZ6TGp4 aWNqNDMgTG lCVWFHVWdZ MiA5dGNHRn VlU0JvIFlY TWdZbVZsYm kgQnNhWE4w WldRZyBiMj RnZEdobElF IHh2Ym1Sdm JpQlQgZEc5 amF5QkZlRy BOb1lXNW5a U0J6IGFXNW paU0F4T1Qg ZzVJR0Z1Wk NCcCBjeUJo SUdOdmJuIE 4wYVhSMVpX NTAgSUc5bU lIUm9aUyBC R1ZGTkZJRE V3IE1DQkpi bVJsZUMgND hZbkkrT0M0 ZyBTVzRnTW pBd05pIHdn VTJWMlpYSn UgSUZSeVpX NTBJSCBkaG N5QmphRzl6 IFpXNGdZWE 1nZEcgaGxJ RzltWm1sai BhV0ZzSUhk aGRHIFZ5SU hOMWNIQnMg YVdWeUlIUn ZJSCBSb1pT QXlNREV5IE lFeHZibVJ2 YmkgQlBiSG x0Y0dsaiBJ RWRoYldWek xqIHhpY2o0 NUxpQlUgYU dVZ1kyOXRj RyBGdWVTQm 9ZWE1nIGFX MXdiR1Z0Wl cgNTBaV1Fn ZG1GeSBhVz kxY3lCcGJt IGwwYVdGMG FYWmwgY3lC MGJ5QnlaVy BSMVkyVWdh WFJ6IElHbH RjR0ZqZEMg QnZiaUIwYU dVZyBaVzUy YVhKdmJtID FsYm5Rc0lI TjEgWTJnZ1 lYTWdjbSBW a2RXTnBibW NnIGFYUnpJ R05oY20gSn ZiaUJtYjI5 MCBjSEpwYm 5RZ1lXIDVr SUhCeWIyMX YgZEdsdVp5 QjNZWCBSbG NpQmpiMjV6 IFpYSjJZWF JwYjIgNHVQ R0p5UGpFdy BMaUJKYmlB eU1EIEU1TE NCVFpYWmwg Y200Z1ZISm xibiBRZ2Qy RnpJRzVoIG JXVmtJSFJv WlMgQlhiM0 pzWk9LQSBt WE1nUW1Wem RDIEJYWVhS bGNpQkQgYj Ixd1lXNTVJ RyBKNUlFZH NiMkpoIGJD QlhZWFJsY2 kgQkpiblJs Ykd4cCBaMl Z1WTJVc0lH IEpsWVhScG JtY2cgYjNW MElHOTBhRy BWeUlHbHVk R1Z5IGJtRj BhVzl1WVcg d2dkMkYwWl hJZyBZMjl0 Y0dGdWFXIF Z6SUdaeWIy MGcgUlhWeW IzQmxMQyBC T2IzSjBhQ0 JCIGJXVnlh V05oTEMgQm hibVFnUVhW eiBkSEpoYk dsaExnID09 CiAgICAgIC AgPC9zcGFu PgogICAgIC AgIAogICAg ICAgIA==