Public Service Enterprise Group

-15.34%

Live  

Public Service Enterprise Group (PSEG) is a publicly traded diversified energy company headquartered in Newark, New Jersey. PSEG operates primarily in the Northeastern and Midwestern United States, with a focus on electric and gas utility operations. The company was formed in 1985 as a result of the merger between Public Service Electric and Gas Company (PSE&G) and New Jersey Power & Light Company (NJPL).
PSEG's electricity segment operates primarily through PSE&G, which serves nearly three-quarters of the state's population in New Jersey. The company also has a power generation segment, which owns and operates a diverse fleet of power plants using nuclear, natural gas, solar, coal, and oil as fuel sources. Additionally, PSEG has a competitive energy supply and services segment, which provides energy-related products and services to various customers, including homeowners, businesses, and government entities.
PSEG has a strong commitment to sustainability and has set a goal to achieve net-zero carbon emissions by 2050. The company has already made significant strides in reducing its carbon footprint, with more than half of its energy production coming from carbon-free sources.
PSEG also has a strong focus on community involvement and has established various programs to support education, environmental conservation, and economic development in the communities it serves. The company also actively encourages and supports its employees' volunteer efforts and charitable giving.
PSEG has been recognized for its sustainable practices and community involvement, receiving numerous awards and accolades, including being named one of the World's Most Ethical Companies by Ethisphere Institute for 14 consecutive years.

UHVibGljIF NlcnZpY2Ug RW50ZXJwcm lzZSBHcm91 cCwgb3IgUF NFRywgaXMg YSBjb21wYW 55IHRoYXQg aGVscHMgZm FtaWxpZXMg YW5kIGJ1c2 luZXNzZXMg Z2V0IHRoZS BlbGVjdHJp Y2l0eSBhbm QgZ2FzIHRo ZXkgbmVlZC B0byBwb3dl ciB0aGVpci Bob21lcyBh bmQgb2ZmaW Nlcy4gVGhp bmsgb2YgaX QgbGlrZSBh IGJpZyBoZW xwZXIgdGhh dCBtYWtlcy BzdXJlIHdo ZW4geW91IG ZsaXAgYSBs aWdodCBzd2 l0Y2gsIHRo ZSBsaWdodH MgdHVybiBv biwgb3Igd2 hlbiB5b3Ug dHVybiBvbi B0aGUgc3Rv dmUsIGl0IG hlYXRzIHVw Ljxicj5QU0 VHIG1ha2Vz IG1vbmV5IG J5IHNlbGxp bmcgZWxlY3 RyaWNpdHkg YW5kIG5hdH VyYWwgZ2Fz IHRvIGN1c3 RvbWVycy4g VGhleSBhbH NvIG1hbmFn ZSBwb3dlci BwbGFudHMg dGhhdCBjcm VhdGUgZWxl Y3RyaWNpdH kgYW5kIHBy b3ZpZGUgc2 VydmljZXMg dG8ga2VlcC BldmVyeXRo aW5nIHdvcm tpbmcgc21v b3RobHkuIF doZW4geW91 IHBheSB5b3 VyIGVsZWN0 cmljaXR5IG JpbGwgZWFj aCBtb250aC wgdGhhdCBt b25leSBnb2 VzIHRvIFBT RUcsIHdoaW NoIGhlbHBz IHRoZW0gcG F5IGZvciB0 aGUgcG93ZX IgdGhleSBw cm9kdWNlIG FuZCB0aGUg cGVvcGxlIH dobyB3b3Jr IGZvciB0aG VtLjxicj5Q U0VHIGlzIH N1Y2Nlc3Nm dWwgZm9yIG EgZmV3IHJl YXNvbnMuIE ZpcnN0LCBl bmVyZ3kgaX Mgc29tZXRo aW5nIGV2ZX J5b25lIG5l ZWRzLCBzby B0aGVyZSB3 aWxsIGFsd2 F5cyBiZSBh IGRlbWFuZC Bmb3Igd2hh dCB0aGV5IH Byb3ZpZGUu IFNlY29uZC wgdGhleSBh cmUgY2FyZW Z1bCB0byB0 YWtlIGNhcm Ugb2YgdGhl IGVudmlyb2 5tZW50IGFu ZCB1c2UgY2 xlYW4gZW5l cmd5IHNvdX JjZXMsIGxp a2Ugd2luZC BhbmQgc29s YXIgcG93ZX IuIFRoaXMg aXMgaW1wb3 J0YW50IGJl Y2F1c2UgbW 9yZSBwZW9w bGUgd2FudC B0byB1c2Ug ZW5lcmd5IH RoYXQgZG9l c27igJl0IG h1cnQgdGhl IHBsYW5ldC 48YnI+TG9v a2luZyB0by B0aGUgZnV0 dXJlLCBQU0 VHIHdpbGwg bGlrZWx5IH N0YXkgc3Vj Y2Vzc2Z1bC BiZWNhdXNl IHRoZXkgYX JlIGludmVz dGluZyBpbi BuZXcgdGVj aG5vbG9naW VzLCBsaWtl IHJlbmV3YW JsZSBlbmVy Z3ksIHdoaW NoIGlzIHRo ZSBjbGVhbi BlbmVyZ3kg ZnJvbSBuYX R1cmFsIHNv dXJjZXMuIE FzIG1vcmUg cGVvcGxlIH dhbnQgdGhp cyB0eXBlIG 9mIHBvd2Vy LCBQU0VHIH dpbGwgYmUg cmVhZHkgdG 8gbWVldCB0 aGF0IG5lZW QuIFBsdXMs IHRoZXkgYX JlIGFsd2F5 cyB3b3JraW 5nIHRvIGlt cHJvdmUgdG hlaXIgc2Vy dmljZXMsIG 1ha2luZyBz dXJlIHRoYX Qgd2hlbiB5 b3UgZmxpcC B0aGF0IHN3 aXRjaCwgdG hlIGxpZ2h0 cyBjb21lIG 9uLCBhbmQg dGhhdCBrZW VwcyB0aGVp ciBjdXN0b2 1lcnMgaGFw cHkuPGJyPg ==

MS4gRGl2ZX JzZSBQb3J0 Zm9saW86IF B1YmxpYyBT ZXJ2aWNlIE VudGVycHJp c2UgR3JvdX AgKFBTRUcp IGhhcyBhIG RpdmVyc2Ug cG9ydGZvbG lvLCB3aXRo IGEgbWl4IG 9mIHJlZ3Vs YXRlZCBhbm Qgbm9uLXJl Z3VsYXRlZC BidXNpbmVz c2VzLiBUaG lzIGluY2x1 ZGVzIHV0aW xpdHkgc2Vy dmljZXMsIH Bvd2VyIGdl bmVyYXRpb2 4sIGFuZCBl bmVyZ3kgdH JhZGluZy48 YnI+Mi4gQ2 xlYW4gRW5l cmd5IEZvY3 VzOiBQU0VH IGhhcyBhIH N0cm9uZyBm b2N1cyBvbi BjbGVhbiBl bmVyZ3ksIH dpdGggYSBj b21taXRtZW 50IHRvIHJl ZHVjZSBpdH MgY2FyYm9u IGVtaXNzaW 9ucyBhbmQg ZXhwYW5kIG l0cyByZW5l d2FibGUgZW 5lcmd5IHBv cnRmb2xpby 4gSXQgd2Fz IHJhbmtlZC BhcyBvbmUg b2YgdGhlIG dyZWVuZXN0 IGNvbXBhbm llcyBpbiB0 aGUgVS5TLi BieSBOZXdz d2VlayBpbi AyMDIwLjxi cj4zLiBTdH JvbmcgRmlu YW5jaWFsIF BlcmZvcm1h bmNlOiBQU0 VHIGhhcyBj b25zaXN0ZW 50bHkgZGVs aXZlcmVkIH N0cm9uZyBm aW5hbmNpYW wgcmVzdWx0 cywgd2l0aC BhIHNvbGlk IGNyZWRpdC ByYXRpbmcg YW5kIHN0YW JsZSBlYXJu aW5ncy4gVG hpcyBkZW1v bnN0cmF0ZX MgdGhlIGNv bXBhbnkncy BmaW5hbmNp YWwgc3RhYm lsaXR5IGFu ZCBhYmlsaX R5IHRvIHdl YXRoZXIgZW Nvbm9taWMg ZG93bnR1cm 5zLjxicj40 LiBDdXN0b2 1lci1DZW50 cmljIEFwcH JvYWNoOiBQ U0VHIGhhcy BhIGN1c3Rv bWVyLWNlbn RyaWMgYXBw cm9hY2gsIH dpdGggYSBm b2N1cyBvbi Bwcm92aWRp bmcgcmVsaW FibGUsIGFm Zm9yZGFibG UsIGFuZCBz dXN0YWluYW JsZSBlbmVy Z3kgc29sdX Rpb25zIHRv IGl0cyBjdX N0b21lcnMu IEl0IGhhcy BhbHNvIGlt cGxlbWVudG VkIHZhcmlv dXMgcHJvZ3 JhbXMgdG8g YXNzaXN0IG N1c3RvbWVy cyB3aXRoIH RoZWlyIGVu ZXJneSBiaW xscy48YnI+ NS4gQ29tbW l0bWVudCB0 byBJbm5vdm F0aW9uOiBQ U0VHIGlzIG NvbW1pdHRl ZCB0byBpbm 5vdmF0aW9u IGFuZCBpbn Zlc3Rpbmcg aW4gbmV3IH RlY2hub2xv Z2llcyB0by BpbXByb3Zl IGl0cyBvcG VyYXRpb25z IGFuZCBwcm 92aWRlIGN1 c3RvbWVycy B3aXRoIG1v cmUgZWZmaW NpZW50IGFu ZCBlbnZpcm 9ubWVudGFs bHkgZnJpZW 5kbHkgZW5l cmd5IG9wdG lvbnMuPGJy PjYuIFNvY2 lhbCBSZXNw b25zaWJpbG l0eTogUFNF RyBpcyBkZW RpY2F0ZWQg dG8gYmVpbm cgYSBzb2Np YWxseSByZX Nwb25zaWJs ZSBjb21wYW 55LCB3aXRo IGluaXRpYX RpdmVzIGZv Y3VzZWQgb2 4gZGl2ZXJz aXR5IGFuZC BpbmNsdXNp dml0eSwgY2 9tbXVuaXR5 IGVuZ2FnZW 1lbnQsIGFu ZCBlbXBsb3 llZSB3ZWxs LWJlaW5nLj xicj43LiBJ bmR1c3RyeS BSZWNvZ25p dGlvbjogUF NFRyBoYXMg cmVjZWl2ZW QgbnVtZXJv dXMgYXdhcm RzIGFuZCBy ZWNvZ25pdG lvbiBmb3Ig aXRzIGxlYW RlcnNoaXAg aW4gdGhlIG VuZXJneSBp bmR1c3RyeS wgaW5jbHVk aW5nIGJlaW 5nIG5hbWVk IG9uZSBvZi B0aGUgV29y bGQncyBNb3 N0IEV0aGlj YWwgQ29tcG FuaWVzIGJ5 IHRoZSBFdG hpc3BoZXJl IEluc3RpdH V0ZSBhbmQg YSBUb3AgQ2 9tcGFueSBm b3IgRGl2ZX JzaXR5IGJ5 IERpdmVyc2 l0eUluYy48 YnI+OC4gU3 Ryb25nIENv cnBvcmF0ZS BHb3Zlcm5h bmNlOiBQU0 VHIGhhcyBh IHN0cm9uZy Bjb3Jwb3Jh dGUgZ292ZX JuYW5jZSBz dHJ1Y3R1cm UsIHdpdGgg YSBkaXZlcn NlIGFuZCBl eHBlcmllbm NlZCBib2Fy ZCBvZiBkaX JlY3RvcnMg YW5kIGEgcm 9idXN0IGNv ZGUgb2YgZX RoaWNzLiBU aGlzIGVuc3 VyZXMgdGhl IGNvbXBhbn kgb3BlcmF0 ZXMgd2l0aC BpbnRlZ3Jp dHkgYW5kIG FjY291bnRh YmlsaXR5Lj xicj45LiBD b21taXRtZW 50IHRvIEVt cGxveWVlIE RldmVsb3Bt ZW50OiBQU0 VHIHByaW9y aXRpemVzIH RoZSBkZXZl bG9wbWVudC BhbmQgd2Vs bC1iZWluZy BvZiBpdHMg ZW1wbG95ZW VzLCBvZmZl cmluZyB2YX Jpb3VzIHRy YWluaW5nIG FuZCBkZXZl bG9wbWVudC Bwcm9ncmFt cywgY29tcG V0aXRpdmUg YmVuZWZpdH MsIGFuZCBh IHNhZmUgd2 9ya2luZyBl bnZpcm9ubW VudC48YnI+ MTAuIEVudm lyb25tZW50 YWwgU3Rld2 FyZHNoaXA6 IFBTRUcgaG FzIGEgc3Ry b25nIGNvbW 1pdG1lbnQg dG8gZW52aX Jvbm1lbnRh bCBzdGV3YX Jkc2hpcCwg aW5jbHVkaW 5nIHJlZHVj aW5nIGFuZC BtYW5hZ2lu ZyBpdHMgY2 FyYm9uIGZv b3RwcmludC wgaW52ZXN0 aW5nIGluIH JlbmV3YWJs ZSBlbmVyZ3 ksIGFuZCBw cm9tb3Rpbm cgc3VzdGFp bmFibGUgcH JhY3RpY2Vz IHRocm91Z2 hvdXQgaXRz IG9wZXJhdG lvbnMu

UHVibGljIF NlcnZpY2Ug RW50ZXJwcm lzZSBHcm91 cCAoUFNFRy kgaXMgYSBw dWJsaWNseS B0cmFkZWQg ZGl2ZXJzaW ZpZWQgZW5l cmd5IGNvbX BhbnkuIEl0 cyBidXNpbm VzcyBtb2Rl bCBpcyBmb2 N1c2VkIG9u IHByb3ZpZG luZyBzYWZl LCByZWxpYW JsZSwgYW5k IGFmZm9yZG FibGUgZW5l cmd5LCBhbm QgZGVsaXZl cmluZyBzdX N0YWluYWJs ZSB2YWx1ZS B0byBpdHMg Y3VzdG9tZX JzLCBzaGFy ZWhvbGRlcn MsIGVtcGxv eWVlcywgYW 5kIGNvbW11 bml0aWVzLj xicj5QU0VH IG9wZXJhdG VzIGluIHRo cmVlIG1haW 4gYnVzaW5l c3Mgc2VnbW VudHM6IDxi cj4xLiBQU0 UmRyAoUHVi bGljIFNlcn ZpY2UgRWxl Y3RyaWMgYW 5kIEdhcyk6 IDxicj5UaG lzIHNlZ21l bnQgaXMgcm VzcG9uc2li bGUgZm9yIH RoZSBkZWxp dmVyeSBvZi BlbGVjdHJp Y2l0eSBhbm QgbmF0dXJh bCBnYXMgdG 8gb3ZlciAy LjMgbWlsbG lvbiBjdXN0 b21lcnMgaW 4gTmV3IEpl cnNleS4gUF NFJkcgYWxz byBvcGVyYX RlcyBhbmQg bWFpbnRhaW 5zIHRoZSBs b2NhbCBlbm VyZ3kgaW5m cmFzdHJ1Y3 R1cmUsIGlu Y2x1ZGluZy B0cmFuc21p c3Npb24gYW 5kIGRpc3Ry aWJ1dGlvbi BsaW5lcywg c3Vic3RhdG lvbnMsIGFu ZCBwb3dlci BwbGFudHMu PGJyPjIuIF BTRUcgUG93 ZXI6IDxicj 5QU0VHIFBv d2VyIGlzIG Egd2hvbGVz YWxlIGVuZX JneSBzdXBw bHkgY29tcG FueSwgZ2Vu ZXJhdGluZy BhbmQgc2Vs bGluZyBlbG VjdHJpY2l0 eSBpbiBjb2 1wZXRpdGl2 ZSBtYXJrZX RzLiBJdCBv cGVyYXRlcy BhIGRpdmVy c2UgcG9ydG ZvbGlvIG9m IGZvc3NpbC wgbnVjbGVh ciwgYW5kIH JlbmV3YWJs ZSBlbmVyZ3 kgcGxhbnRz LCB3aXRoIG EgdG90YWwg Z2VuZXJhdG luZyBjYXBh Y2l0eSBvZi BvdmVyIDEz LDAwMCBtZW dhd2F0dHMu PGJyPjMuIF BTRUcgTG9u ZyBJc2xhbm Q6IDxicj5U aHJvdWdoIG Egc3Vic2lk aWFyeSwgUF NFRyBMb25n IElzbGFuZC wgdGhlIGNv bXBhbnkgcH JvdmlkZXMg ZWxlY3RyaW NpdHkgdG8g b3ZlciAxLj EgbWlsbGlv biBjdXN0b2 1lcnMgaW4g TG9uZyBJc2 xhbmQgYW5k IHRoZSBSb2 NrYXdheXMg aW4gTmV3IF lvcmsuPGJy PlBTRUcncy BidXNpbmVz cyBtb2RlbC BpcyBhbHNv IGNlbnRlcm VkIG9uIHN1 c3RhaW5hYm lsaXR5IGFu ZCBpbm5vdm F0aW9uLiBU aGUgY29tcG FueSBoYXMg c2V0IGFtYm l0aW91cyBl bnZpcm9ubW VudGFsIGdv YWxzLCBpbm NsdWRpbmcg cmVkdWNpbm cgY2FyYm9u IGVtaXNzaW 9ucyBhbmQg aW5jcmVhc2 luZyB0aGUg dXNlIG9mIH JlbmV3YWJs ZSBlbmVyZ3 kgc291cmNl cy4gSXQgYW xzbyBpbnZl c3RzIGluIG lubm92YXRp dmUgdGVjaG 5vbG9naWVz IGFuZCBlbm VyZ3kgaW5m cmFzdHJ1Y3 R1cmUgdG8g ZW5oYW5jZS B0aGUgcmVs aWFiaWxpdH kgYW5kIHJl c2lsaWVuY2 Ugb2YgaXRz IHNlcnZpY2 VzLjxicj5Q U0VHIGFsc2 8gaGFzIGEg Zm9jdXMgb2 4gY29ycG9y YXRlIHNvY2 lhbCByZXNw b25zaWJpbG l0eSwgc3Vw cG9ydGluZy BlY29ub21p YyBkZXZlbG 9wbWVudCwg ZWR1Y2F0aW 9uLCBhbmQg Y29tbXVuaX R5IHByb2dy YW1zIGluIH RoZSByZWdp b25zIGl0IH NlcnZlcy4g T3ZlcmFsbC wgUFNFRyBh aW1zIHRvIG JhbGFuY2Ug dGhlIGludG VyZXN0cyBv ZiBhbGwgc3 Rha2Vob2xk ZXJzIHdoaW xlIG1haW50 YWluaW5nIG l0cyBwb3Np dGlvbiBhcy BhIGxlYWRl ciBpbiB0aG UgZW5lcmd5 IGluZHVzdH J5Lg==

AI has the potential to impact companies like Public Service Enterprise Group (PSEG) in several ways, but the extent and nature of that impact can vary depending on various factors.
1. Substitution: AI technologies can develop alternative solutions for energy management, grid optimization, and predictive maintenance. While AI can enhance existing services, it might also offer opportunities for new competitors to provide similar services more efficiently, which could lead to some level of substitution.
2. Disintermediation: AI could enable customers to interact directly with energy services without traditional intermediaries. For example, smart home technologies and decentralized energy resources like solar panels could allow customers to manage their energy consumption independently. This trend might reduce the demand for traditional utility services, posing challenges for companies like PSEG.
3. Margin Pressure: The implementation of AI can lead to operational efficiencies, which might reduce costs. However, if these efficiencies drive down prices in the energy market, companies may experience margin pressure. Additionally, if competitors leverage AI more effectively, it could lead to a competitive disadvantage for PSEG in terms of profitability and service offerings.
Overall, while AI brings opportunities for enhanced service delivery and operational efficiency, it also introduces potential threats through substitution, disintermediation, and margin pressure. The impact will largely depend on how PSEG adapts to these technological shifts and integrates AI into its business model.

The sensitivity of Public Service Enterprise Group (PSEG) to changes in interest rates can be analyzed through several key financial elements: earnings, cash flow, and valuation.
1. Earnings: PSEG’s earnings can be negatively impacted by rising interest rates. As interest rates increase, the cost of borrowing for the company rises, which might lead to higher expenses related to financing projects and capital expenditures. Additionally, if the company has a significant amount of variable-rate debt, the interest payments will increase, impacting net income. Conversely, if interest rates fall, PSEG may benefit from lower borrowing costs, potentially enhancing earnings.
2. Cash Flow: Interest rates also affect PSEG’s cash flow, particularly in terms of financing activities. Higher interest rates may lead to increased cash outflows for interest payments, which can strain operational cash flow. PSEG’s ability to generate surplus cash flow for investments, dividends, and debt repayments could be jeopardized in a rising rate environment. On the other hand, lower interest rates generally improve cash flow dynamics by reducing interest expenses, allowing for better liquidity.
3. Valuation: Valuation metrics, particularly discounted cash flow (DCF) analysis, are highly sensitive to interest rate changes. Higher interest rates typically result in a higher discount rate applied to future cash flows, which can lower the present value of the company, leading to a decrease in its valuation. Conversely, lower interest rates decrease discount rates, potentially increasing the present value of future cash flows and enhancing the company’s valuation.
Overall, PSEG’s financial performance and market position are significantly influenced by interest rate movements, with heightened sensitivity during periods of volatility. Investors typically monitor interest rate trends closely, as these can substantially impact investment decisions related to utility companies like PSEG.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgdG hlIGVjb25v bWljcyBvZi BQdWJsaWMg U2VydmljZS BFbnRlcnBy aXNlIEdyb3 VwIChQU0VH KSBvdmVyIH RoZSBuZXh0 IDMtNSB5ZW FycyB3b3Vs ZCBiZSBhIH NpZ25pZmlj YW50IHJlZ3 VsYXRvcnkg c2hpZnQgdG 93YXJkcyBt b3JlIGFnZ3 Jlc3NpdmUg ZGVjYXJib2 5pemF0aW9u IHBvbGljaW VzIGFuZCB0 aGUgYWNjZW xlcmF0ZWQg cGhhc2Utb3 V0IG9mIGZv c3NpbCBmdW VsIGdlbmVy YXRpb24uIF RoaXMgY291 bGQgaGFwcG VuIGlmIGZl ZGVyYWwgYW 5kIHN0YXRl IGdvdmVybm 1lbnRzIHNp Z25pZmljYW 50bHkgdGln aHRlbiBlbW lzc2lvbnMg cmVndWxhdG lvbnMsIGlt cGxlbWVudC BzdHJpY3Rl ciByZW5ld2 FibGUgZW5l cmd5IG1hbm RhdGVzLCBv ciBpbXBvc2 UgaGVhdnkg cGVuYWx0aW VzIG9uIGNh cmJvbiBlbW lzc2lvbnMu PGJyPkluIH RoaXMgc2Nl bmFyaW8sIF BTRUcgY291 bGQgZmFjZS B0aGUgZm9s bG93aW5nIG NvbnNlcXVl bmNlczo8Yn I+MS4gPHN0 cm9uZz5NYX JnaW5zPC9z dHJvbmc+Oi BUaGUgY29t cGFueeKAmX MgcHJvZml0 IG1hcmdpbn Mgd291bGQg bGlrZWx5IG JlIHNldmVy ZWx5IGFmZm VjdGVkLiBJ ZiBQU0VHIG lzIGZvcmNl ZCB0byByZX RpcmUgZm9z c2lsIGZ1ZW wgcGxhbnRz IHdpdGhvdX Qgc3VmZmlj aWVudCBjb2 1wZW5zYXRp b24gb3IgYS BmbGV4aWJs ZSB0cmFuc2 l0aW9uIHBs YW4sIHRoZW lyIG9wZXJh dGlvbmFsIG Nvc3RzIGNv dWxkIHJpc2 UgZHJhbWF0 aWNhbGx5IG FzIHRoZXkg aW52ZXN0IG luIHJlbmV3 YWJsZSB0ZW Nobm9sb2dp ZXMuIElmIF BTRUcgY2Fu bm90IHBhc3 MgdGhlc2Ug Y29zdHMgb2 4gdG8gY29u c3VtZXJzIC hkdWUgdG8g cmVndWxhdG 9yeSBjYXBz IG9uIHJhdG UgaW5jcmVh c2VzKSwgdG hlaXIgbWFy Z2lucyB3b3 VsZCBjb21w cmVzcy48Yn I+Mi4gPHN0 cm9uZz5DYX NoIEZsb3c8 L3N0cm9uZz 46IFBTRUfi gJlzIGNhc2 ggZmxvdyB3 b3VsZCBiZS BzdHJhaW5l ZCBkdWUgdG 8gdGhlIGlu Y3JlYXNlZC BjYXBpdGFs IGV4cGVuZG l0dXJlcyBu ZWVkZWQgZm 9yIHRyYW5z aXRpb25pbm cgdG8gcmVu ZXdhYmxlIG VuZXJneS4g VGhlIGNvbX Bhbnkgd291 bGQgbmVlZC B0byBpbnZl c3QgaGVhdm lseSBpbiBu ZXcgdGVjaG 5vbG9naWVz LCB0cmFuc2 1pc3Npb24g aW5mcmFzdH J1Y3R1cmUs IGFuZCBwb3 NzaWJseSBl dmVuIGJhdH Rlcnkgc3Rv cmFnZSBzb2 x1dGlvbnMg dG8gbWFpbn RhaW4gZ3Jp ZCByZWxpYW JpbGl0eS4g SWYgdGhlIH JldHVybnMg b24gdGhlc2 UgaW52ZXN0 bWVudHMgdG FrZSBsb25n ZXIgdGhhbi BleHBlY3Rl ZCB0byBtYX RlcmlhbGl6 ZSwgUFNFRy Bjb3VsZCBl eHBlcmllbm NlIG5lZ2F0 aXZlIGNhc2 ggZmxvdy4g QWRkaXRpb2 5hbGx5LCBh bnkgZm9yY2 VkIHNodXRk b3ducyBvZi Bmb3NzaWwg ZnVlbCBwbG FudHMgY291 bGQgcmVzdW x0IGluIGxv c3QgcmV2ZW 51ZS48YnI+ My4gPHN0cm 9uZz5CYWxh bmNlIFNoZW V0PC9zdHJv bmc+OiBUaG UgY29tcGFu eeKAmXMgYm FsYW5jZSBz aGVldCB3b3 VsZCBsaWtl bHkgcmVmbG VjdCBpbmNy ZWFzZWQgbG lhYmlsaXRp ZXMgc3RlbW 1pbmcgZnJv bSBjYXBpdG FsIGV4cGVu ZGl0dXJlcy BhbmQgcG9z c2libGUgYW RkaXRpb25h bCBkZWJ0IH Rha2VuIG9u IHRvIGZpbm FuY2UgdGhl IHRyYW5zaX Rpb24uIElm IHRoZSBpbn Zlc3RtZW50 cyBkbyBub3 QgeWllbGQg ZXhwZWN0ZW QgcmV0dXJu cyBvciByZX N1bHQgaW4g b25nb2luZy BvcGVyYXRp b25hbCBpbm VmZmljaWVu Y2llcywgdG hlIGNvbXBh bnkgbWlnaH Qgc2VlIGEg ZGVjbGluZS BpbiBhc3Nl dCB2YWx1ZX MgYXNzb2Np YXRlZCB3aX RoIGl0cyB0 cmFkaXRpb2 5hbCBnZW5l cmF0aW9uIG ZsZWV0LiBU aGlzIGNvdW xkIGxlYWQg dG8gaW5jcm Vhc2VkIGxl dmVyYWdlIH JhdGlvcywg cmFpc2luZy BpbnZlc3Rv ciBjb25jZX JucyBhYm91 dCBjcmVkaX QgcmF0aW5n cyBhbmQgZm luYW5jaW5n IGNvc3RzLj xicj5PdmVy YWxsLCBpZi BzdWNoIGEg c2NlbmFyaW 8gd2VyZSB0 byBwbGF5IG 91dCwgUFNF RyBtYXkgZm luZCBpdHNl bGYgaW4gYS BkaWZmaWN1 bHQgcG9zaX Rpb24sIGxh Y2tpbmcgdG hlIGZpbmFu Y2lhbCBmbG V4aWJpbGl0 eSB0byBuYX ZpZ2F0ZSB0 aGUgdHJhbn NpdGlvbiBl ZmZlY3Rpdm VseS4gSW52 ZXN0b3Igc2 VudGltZW50 IGNvdWxkIH N3YXkgbmVn YXRpdmVseS wgYWZmZWN0 aW5nIHN0b2 NrIHByaWNl cyBhbmQgbW Fya2V0IGNh cGl0YWxpem F0aW9uIGFz IGZpbmFuY2 lhbCBtZXRy aWNzIGRldG VyaW9yYXRl Ljxicj4=

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 bG9nb3MvTU s5ZHJ3aFVr TjRnUktpdE 1mNHEud2Vi cCIgYWx0PS JQdWJsaWMg U2VydmljZS BFbnRlcnBy aXNlIEdyb3 VwIiB0aXRs ZT0iUHVibG ljIFNlcnZp Y2UgRW50ZX JwcmlzZSBH cm91cCIgIG NsYXNzPSJp bWctZmx1aW QiIGhlaWdo dD01MCB3aW R0aD01MCBs b2FkaW5nPS dsYXp5JyBz dHlsZT0nYm 9yZGVyLXJh ZGl1czogNn B4Oyc+Cgog ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J2ZsZXg6ID E7IHRleHQt YWxpZ246IG NlbnRlcjsg bWFyZ2luLW xlZnQ6IDVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 cCBzdHlsZT 0nZm9udC1z aXplOiAyNn B4OyBjb2xv cjogIzMzMz sgbWFyZ2lu LWJvdHRvbT ogMTVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TiCBXYW 50IHRvIHJl YWQgbW9yZS BhYm91dCBQ dWJsaWMgU2 VydmljZSBF bnRlcnByaX NlIEdyb3Vw 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+TpSBH ZXQgb3VyIG ZyZWUgZUJv b2sgbm93Oi A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv cD4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT JweDsgZm9u dC1zaXplOi AxM3B4OyBj b2xvcjogIz Q0NDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgU2ln biB1cCBub3 cgYW5kIGdl dCBvdXIgZn JlZSBlQm9v ayAKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDxiPlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3M8L2 I+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxNnB4 OyBmb250LX NpemU6IDE0 cHg7IGNvbG 9yOiAjNDQ0 OyBmb250LW ZhbWlseTog LWFwcGxlLX N5c3RlbSwg QmxpbmtNYW NTeXN0ZW1G b250LCBTZW dvZSBVSSwg Um9ib3RvLC BIZWx2ZXRp Y2EgTmV1ZS wgc2Fucy1z ZXJpZjsgbG luZS1oZWln aHQ6IDEuNj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgSGF2ZSB5 b3UgaGVhcm QgYWJvdXQg b3VyIHNob3 J0IDxzdHJv bmcgc3R5bG U9J2ZvbnQt d2VpZ2h0Oi A2MDA7Jz5E YWlseSBWaW RlbyBOZXdz bGV0dGVyPC 9zdHJvbmc+ PwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naHR0cHM6 Ly93d3cuaW 5zaWdodGZ1 bHZhbHVlLm NvbS9uZXdz bGV0dGVyLn BocCcgdGFy Z2V0PSdfYm xhbmsnIHN0 eWxlPSdjb2 xvcjogIzAw N0JGRjsgdG V4dC1kZWNv cmF0aW9uOi Bub25lOyBm b250LXdlaW dodDogNTAw OyBtYXJnaW 4tbGVmdDog NnB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgRmluZCBv dXQgbW9yZQ ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgLS 0+CiAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg IAogICAgIC AgIAogICAg ICAgIDxzcG FuIGNsYXNz PSdibHVycm VkLXRleHQn PgogICAgIC AgICAgICBN U2tnVkdobE lGIEIxWW14 cFl5QlQgWl hKMmFXTmxJ RSBWdWRHVn ljSEpwIGMy VWdSM0p2ZF ggQWdLRkJU UlVjcCBJR2 x6SUdFZ1Jt IDl5ZEhWdV pTQTEgTURB Z1kyOXRjRy BGdWVTQjBh R0YwIElIQn liM1pwWkcg VnpJR1Z1Wl hKbiBlU0Jo Ym1RZ2RYIF JwYkdsMGVT QnogWlhKMm FXTmxjeSBC MGJ5QnRhV3 hzIGFXOXVj eUJ2WmkgQm pkWE4wYjIx bCBjbk1nYV c0Z1RtIFYz SUVwbGNuTm wgZVNCaGJt UWdjMyBWeW NtOTFibVJw IGJtY2dZWE psWVggTXVQ R0p5UGpJcC BJRkJUUlVj Z2QyIEZ6SU dadmRXNWsg WldRZ2FXNG dNVCBrd015 QmhjeUIwIG FHVWdVSFZp YkcgbGpJRk 5sY25acCBZ MlVnUTI5eW NHIDl5WVhS cGIyNGcgYj JZZ1RtVjNJ RSBwbGNuTm xlU0JoIGJt UWdkMkZ6SU cgOXVaU0J2 WmlCMCBhR1 VnWm1seWMz IFFnWld4bF kzUnkgYVdN Z1kyOXRjRy BGdWFXVnpJ R2x1IElIUm 9aU0JWYm0g bDBaV1FnVT NSaCBkR1Z6 TGp4aWNqID R6S1NCVWFH VWcgWTI5dG NHRnVlZSBL QW1YTWdhR1 ZoIFpIRjFZ WEowWlggSn pJR0Z5WlNC cyBiMk5oZE dWa0lHIGx1 SUU1bGQyRn kgYXl3Z1Rt VjNJRSBwbG NuTmxlU3dn IFlXNWtJSF JvWlgga2dh R0YyWlNCaC BjbTkxYm1R Z01UIElzTU RBd0lHVnQg Y0d4dmVXVm xjeSA0OFlu SStOQ2tnIF VGTkZSeUJw Y3kgQjBhR1 VnYkdGeSBa MlZ6ZENCd2 NtIDkyYVdS bGNpQnYgWm lCbGJHVmpk SCBKcFl5Qm hibVFnIFoy RnpJSE5sY2 4gWnBZMlVn YVc0ZyBUbV YzSUVwbGNu IE5sZVN3Z2 MyVnkgZG1s dVp5QnRiMy BKbElIUm9Z VzRnIE15ND NJRzFwYkcg eHBiMjRnWl d4bCBZM1J5 YVdNZ1kzIF Z6ZEc5dFpY SnogSUdGdV pDQXlMaiBF Z2JXbHNiR2 x2IGJpQm5Z WE1nWTMgVn pkRzl0WlhK eiBManhpY2 o0MUtTIEJK YmlCaFpHUn AgZEdsdmJp QjBieSBCd2 NtOTJhV1Jw IGJtY2daVz VsY20gZDVJ SE5sY25acC BZMlZ6TENC UVUwIFZISU dseklHRnMg YzI4Z1lTQn RZVyBwdmNp QndiR0Y1IF pYSWdhVzRn ZEcgaGxJSE psYm1WMyBZ V0pzWlNCbG JtIFZ5WjNr Z2FXNWsgZF hOMGNua3NJ RyBsdWRtVn pkR2x1IFp5 QnBiaUJ3Y2 0gOXFaV04w Y3lCeiBkV0 5vSUdGeklH IDltWm5Ob2 IzSmwgSUhk cGJtUWdabS BGeWJYTWdZ VzVrIElITn ZiR0Z5SUgg QnZkMlZ5TG p4aSBjajQy S1NCUVUwIF ZISUdoaGN5 QmkgWldWdU lISmxZMiA5 bmJtbDZaV1 FnIFptOXlJ R2wwY3kgQm piMjF0YVhS dCBaVzUwSU hSdklIIE4x YzNSaGFXNW ggWW1sc2FY UjVJRyBGdV pDQm9ZWE1n IGNtVmpaV2 wyWlcgUWdj MlYyWlhKaC BiQ0JoZDJG eVpIIE1nWm 05eUlHbDAg Y3lCbGJuWn BjbSA5dWJX VnVkR0ZzIE lHbHVhWFJw WVggUnBkbV Z6TGp4aSBj ajQzS1NCUV UwIFZISUds eklHaGwgWV hacGJIa2dh VyA1MmIyeD JaV1FnIGFX NGdkR2hsSU cgTnZiVzEx Ym1sMCBhV1 Z6SUdsMElI IE5sY25abG N5d2cgYzNW d2NHOXlkRy BsdVp5QnVk VzFsIGNtOT FjeUJqYUcg RnlhWFJoWW 14bCBJRzl5 WjJGdWFYIH BoZEdsdmJu TWcgWVc1a0 lIQnliMiBk eVlXMXpMan hpIGNqNDRL U0JKYmkgQX lNREU1TENC USBVMFZISU hkaGN5IEJ1 WVcxbFpDQn YgYm1VZ2Iy WWdkRyBobE lGZHZjbXhr IDRvQ1pjeU JOYjMgTjBJ RVYwYUdsai BZV3dnUTI5 dGNHIEZ1YV dWeklHSjUg SUhSb1pTQk ZkRyBocGMz Qm9aWEpsIE lFbHVjM1Jw ZEggVjBaU0 JtYjNJZyBk R2hsSURFeW RHIGdnZVdW aGNpQnAgYm lCaElISnZk eSA0OFluSS tPU2tnIFVG TkZSeUJvWV ggTWdZU0Jr YVhabCBjbk 5sSUhkdmNt IHRtYjNKal pTd2cgZDJs MGFDQjNiMi AxbGJpQnRZ V3RwIGJtY2 dkWEFnTkQg VWxJRzltSU hSbyBaV2x5 SUd4bFlXIF JsY25Ob2FY QWcgWVc1a0 lHMXBibSA5 eWFYUnBaWE 1nIFkyOXRj SEpwYzIgbH VaeUEwTVNV ZyBiMllnZE dobGFYIEln YjNabGNtRn MgYkNCM2Iz SnJabSA5eV kyVXVQR0p5 IFBqRXdLU0 JVYUcgVWdZ Mjl0Y0dGdS BlZUtBbVhN Z2MzIFZpYz Jsa2FXRnkg ZVN3Z1VGTk ZSeSBCUWIz ZGxjaXdnIG FYTWdiMjVs SUcgOW1JSF JvWlNCcyBZ WEpuWlhOME lHIGx1WkdW d1pXNWsgWl c1MElIQnZk MiBWeUlIQn liMlIxIFky VnljeUJwYm kgQjBhR1Vn Vlc1cCBkR1 ZrSUZOMFlY IFJsY3l3Z2 IzZHUgYVc1 bklHRnVaQy BCdmNHVnlZ WFJwIGJtY2 diM1psY2kg QXhNeXd3TU RBZyBiV1Zu WVhkaGRIIF J6SUc5bUlH ZGwgYm1WeV lYUnBibSBj Z1kyRndZV0 5wIGRIa3UK ICAgICAgIC A8L3NwYW4+ CiAgICAgIC AgCiAgICAg ICAg