Enterprise Products Partners

Live  

Enterprise Products Partners is a midstream energy company based in Houston, Texas. It was founded in 1968 and is one of the largest publicly traded partnerships and a leading provider of midstream energy services in North America.
The company's primary operations include natural gas gathering, processing, pipeline transportation, storage, and liquid fractionation. It also provides services for natural gas liquids, crude oil, refined products, and petrochemicals.
Enterprise Products Partners has an extensive network of assets including approximately 50,000 miles of pipelines, 260 million barrels of storage capacity, and 14 billion cubic feet of natural gas storage capacity.
The company serves a diverse range of customers, including producers, refiners, and transportation companies. It also has contracts with major oil and gas companies such as ExxonMobil, Chevron, and ConocoPhillips.
Enterprise Products Partners is committed to sustainable practices and has implemented various environmental and social responsibility initiatives, such as reducing emissions, promoting renewable energy, and supporting local communities.
In addition to its operations in the United States, Enterprise Products Partners has a presence in Canada and the Gulf of Mexico. It is also expanding its international presence through joint ventures and partnerships in crude oil, refined products, and natural gas markets.
As of 2021, the company has a market capitalization of approximately $50 billion and employs over 6,000 people. It has consistently been recognized for its strong financial performance and has been named one of the "World's Most Admired Companies" by Fortune magazine.

Alright! Imagine you have a huge toy collection, and you want to share it with your friends. To do that, you need a good way to organize and transport your toys. Now, think of Enterprise Products Partners like a big company that helps move and store energy products, kind of like your toys, but instead of toys, they handle things like oil and natural gas.
Here’s how it works:
1. Moving Energy: Enterprise Products Partners has long pipelines, which are like big underground tubes, that carry oil and natural gas from one place to another. This is similar to how you might use a toy box to keep all your toys in one place before taking them to your friend’s house.
2. Storing Energy: They also have storage facilities, which are big containers where they can keep oil and gas safely until it’s needed. This is like having a shelf where you put some toys away for later, but you know they’re still there when you want to play with them again.
3. Making Money: The company makes money by charging other companies to use their pipelines and storage facilities. It’s like if your friends paid you a little bit every time they borrowed your toys or used your toy box.
As for why Enterprise Products Partners is successful, here are a few reasons:
1. Strong Demand: There’s always a need for energy, just like kids always want to play with toys. People and businesses need oil and gas for heating, cooking, cars, and more, so companies like Enterprise will always have customers.
2. Long-Term Contracts: They often make agreements with other companies to use their services for many years. This is like having a friendship where you promise to share toys for a long time. It gives them steady money, making them stable and reliable.
3. Smart Investments: The company invests in new technologies and improvements, helping them do things more efficiently. This is like when you learn to organize your toys better or find new ways to play with them, making you more fun to be around.
4. Growing Market: As people continue to use more energy, especially with new things like electric cars, there’s potential for growth. This is like a new trend at school where everyone wants to play a certain game, which means more chances for sharing your toys.
In the future, as long as people keep needing energy and companies continue to look for safe ways to transport and store it, Enterprise Products Partners is likely to do well. Just like your toy-sharing business might thrive as long as there are friends who want to play!

MS4gRm9sbG 93cyBhIHBh cnRuZXJzaG lwIGJ1c2lu ZXNzIG1vZG VsOiBUaGUg Y29tcGFueS BvcGVyYXRl cyBhcyBhIG 1hc3RlciBs aW1pdGVkIH BhcnRuZXJz aGlwIChNTF ApIHdoaWNo IG1lYW5zIH RoYXQgaXQg aXMgc3RydW N0dXJlZCBh cyBhIHRheC 1hZHZhbnRh Z2VkIHBhcn RuZXJzaGlw IGFuZCBkaX N0cmlidXRl cyBtb3N0IG 9mIGl0cyBp bmNvbWUgdG 8gaXRzIHBh cnRuZXJzIC hzaGFyZWhv bGRlcnMpIH dpdGhvdXQg YmVpbmcgc3 ViamVjdCB0 byBpbmNvbW UgdGF4IGF0 IHRoZSBjb3 Jwb3JhdGUg bGV2ZWwuPG JyPjIuIExh cmdlIGFuZC BkaXZlcnNl IHBvcnRmb2 xpbzogRW50 ZXJwcmlzZS BoYXMgYSB2 YXN0IHBvcn Rmb2xpbyBv ZiBlbmVyZ3 kgYXNzZXRz IGluY2x1ZG luZyBuYXR1 cmFsIGdhcy BwaXBlbGlu ZXMsIGNydW RlIG9pbCBw aXBlbGluZX MsIGFuZCBw ZXRyb2NoZW 1pY2FsIHBs YW50cy4gVG hpcyBkaXZl cnNpZmljYX Rpb24gYWxs b3dzIHRoZS Bjb21wYW55 IHRvIGJlIG xlc3MgaW1w YWN0ZWQgYn kgc2hpZnRz IGluIHNwZW NpZmljIGVu ZXJneSBtYX JrZXRzIGFu ZCBwcm92aW RlcyBzdGFi bGUgY2FzaC BmbG93Ljxi cj4zLiBMb2 5nLXRlcm0g Y29udHJhY3 RzOiBFbnRl cnByaXNlIG hhcyBsb25n LXRlcm0gY2 9udHJhY3Rz IHdpdGggaX RzIGN1c3Rv bWVycywgd2 hpY2ggcHJv dmlkZSBzdG FibGUgYW5k IHByZWRpY3 RhYmxlIGNh c2ggZmxvd3 MgZm9yIHRo ZSBjb21wYW 55Ljxicj40 LiBQcmVzZW 5jZSBpbiBz dHJhdGVnaW MgbWFya2V0 czogVGhlIG NvbXBhbnkg aGFzIGEgc3 Ryb25nIHBy ZXNlbmNlIG luIHN0cmF0 ZWdpYyBsb2 NhdGlvbnMg YWNyb3NzIH RoZSBVbml0 ZWQgU3RhdG VzLCBpbmNs dWRpbmcgYW xvbmcgdGhl IEd1bGYgQ2 9hc3QsIHdo aWNoIGlzIG EgbWFqb3Ig aHViIGZvci BlbmVyZ3kg aW5mcmFzdH J1Y3R1cmUg YW5kIHByb2 R1Y3Rpb24u PGJyPjUuIF N0cm9uZyBm aW5hbmNpYW wgcGVyZm9y bWFuY2U6IE VudGVycHJp c2UgaGFzIG EgaGlzdG9y eSBvZiBzdH JvbmcgZmlu YW5jaWFsIH BlcmZvcm1h bmNlLCB3aX RoIGNvbnNp c3RlbnQgYW 5kIGdyb3dp bmcgcmV2ZW 51ZXMsIGVh cm5pbmdzLC BhbmQgZGlz dHJpYnV0aW 9ucyB0byBz aGFyZWhvbG RlcnMuPGJy PjYuIEZvY3 VzIG9uIHN1 c3RhaW5hYm lsaXR5IGFu ZCBzYWZldH k6IEVudGVy cHJpc2UgaX MgY29tbWl0 dGVkIHRvIG Vudmlyb25t ZW50YWwgc3 VzdGFpbmFi aWxpdHkgYW 5kIHNhZmV0 eSBpbiBpdH Mgb3BlcmF0 aW9ucywgd2 l0aCBhIGZv Y3VzIG9uIH JlZHVjaW5n IGVtaXNzaW 9ucyBhbmQg bWluaW1pem luZyB0aGUg aW1wYWN0IG 9mIGl0cyBh Y3Rpdml0aW VzIG9uIHRo ZSBlbnZpcm 9ubWVudC48 YnI+Ny4gRW 1wbG95ZWUg YW5kIGNvbW 11bml0eS1k cml2ZW4gY2 9tcGFueTog VGhlIGNvbX BhbnkgaGFz IGEgc3Ryb2 5nIGZvY3Vz IG9uIGNvcn BvcmF0ZSBz b2NpYWwgcm VzcG9uc2li aWxpdHkgYW 5kIGhhcyBl c3RhYmxpc2 hlZCBwcm9n cmFtcyB0by BzdXBwb3J0 IGl0cyBlbX Bsb3llZXMg YW5kIHRoZS Bjb21tdW5p dGllcyBpbi B3aGljaCBp dCBvcGVyYX Rlcy48YnI+ OC4gVGVjaG 5vbG9naWNh bCBhZHZhbm NlbWVudHM6 IEVudGVycH Jpc2UgY29u dGludW91c2 x5IGludmVz dHMgaW4gdG VjaG5vbG9n eSBhbmQgaW 5ub3ZhdGlv biB0byBpbX Byb3ZlIHRo ZSBlZmZpY2 llbmN5IGFu ZCByZWxpYW JpbGl0eSBv ZiBpdHMgb3 BlcmF0aW9u cywgdGhlcm VieSBlbmhh bmNpbmcgaX RzIGNvbXBl dGl0aXZlIG FkdmFudGFn ZSBpbiB0aG UgaW5kdXN0 cnku

VGhlIEVudG VycHJpc2Ug UHJvZHVjdH MgUGFydG5l cnMgY29tcG FueSBpcyBh IG11bHRpbm F0aW9uYWwg Y29tcGFueS B0aGF0IHBy b3ZpZGVzIG 1pZHN0cmVh bSBlbmVyZ3 kgc2Vydmlj ZXMuIEl0cy BidXNpbmVz cyBtb2RlbC BpcyBiYXNl ZCBvbiBwcm 92aWRpbmcg YSBjb21wcm VoZW5zaXZl IHJhbmdlIG 9mIHNlcnZp Y2VzLCBpbm NsdWRpbmcg Z2F0aGVyaW 5nLCBwcm9j ZXNzaW5nLC B0cmFuc3Bv cnRhdGlvbi wgYW5kIHN0 b3JhZ2Ugb2 YgbmF0dXJh bCBnYXMsIG 5hdHVyYWwg Z2FzIGxpcX VpZHMsIGNy dWRlIG9pbC wgcmVmaW5l ZCBwcm9kdW N0cywgYW5k IHBldHJvY2 hlbWljYWxz Ljxicj5UaG UgY29tcGFu eSBvcGVyYX RlcyBhbiBl eHRlbnNpdm UgbmV0d29y ayBvZiBwaX BlbGluZXMs IHN0b3JhZ2 UgZmFjaWxp dGllcywgYW 5kIHByb2Nl c3NpbmcgcG xhbnRzIHRo YXQgY29ubm VjdCBwcm9k dWNlcnMgb2 YgZW5lcmd5 IHByb2R1Y3 RzIHRvIGVu ZC11c2Vycy wgc3VjaCBh cyByZWZpbm VyaWVzLCBj aGVtaWNhbC BwbGFudHMs IGFuZCBleH BvcnQgdGVy bWluYWxzLi BJdCBhbHNv IG9mZmVycy BtYXJrZXRp bmcgYW5kIG Rpc3RyaWJ1 dGlvbiBzZX J2aWNlcyBm b3IgbmF0dX JhbCBnYXMs IG5hdHVyYW wgZ2FzIGxp cXVpZHMsIG FuZCBjcnVk ZSBvaWwuPG JyPkZ1cnRo ZXJtb3JlLC BFbnRlcnBy aXNlIFByb2 R1Y3RzIFBh cnRuZXJzIG 9wZXJhdGVz IHRocm91Z2 ggYSBmZWUt YmFzZWQgYn VzaW5lc3Mg bW9kZWwsIG Vhcm5pbmcg cmV2ZW51ZS BwcmltYXJp bHkgZnJvbS Bsb25nLXRl cm0gY29udH JhY3RzIHdp dGggaXRzIG N1c3RvbWVy cy4gVGhpcy Btb2RlbCBw cm92aWRlcy BzdGFibGUg YW5kIHByZW RpY3RhYmxl IGNhc2ggZm xvd3MsIG1h a2luZyBpdC BsZXNzIHZ1 bG5lcmFibG UgdG8gZmx1 Y3R1YXRpb2 5zIGluIGNv bW1vZGl0eS BwcmljZXMu PGJyPlRoZS Bjb21wYW55 IGFsc28gZm 9jdXNlcyBv biBtYWludG FpbmluZyBh IHN0cm9uZy BiYWxhbmNl IHNoZWV0LC BkaXNjaXBs aW5lZCBjYX BpdGFsIGFs bG9jYXRpb2 4sIGFuZCBz dHJhdGVnaW MgaW52ZXN0 bWVudHMgdG 8gY3JlYXRl IHZhbHVlIG ZvciBpdHMg c2hhcmVob2 xkZXJzLiBJ dCBoYXMgYS BkaXZlcnNp ZmllZCBwb3 J0Zm9saW8g b2YgYXNzZX RzIGluIG1h am9yIHByb2 R1Y2luZyBi YXNpbnMgaW 4gTm9ydGgg QW1lcmljYS wgYXMgd2Vs bCBhcyBpbn Rlcm5hdGlv bmFsIG9wZX JhdGlvbnMg aW4gdGhlIF VuaXRlZCBL aW5nZG9tLC B0aGUgTmV0 aGVybGFuZH MsIGFuZCBD YW5hZGEuPG JyPk92ZXJh bGwsIHRoZS BFbnRlcnBy aXNlIFByb2 R1Y3RzIFBh cnRuZXJzIG J1c2luZXNz IG1vZGVsIH Jldm9sdmVz IGFyb3VuZC Bwcm92aWRp bmcgcmVsaW FibGUgYW5k IGVmZmljaW VudCBtaWRz dHJlYW0gZW 5lcmd5IHNl cnZpY2VzIH RvIHN1cHBv cnQgdGhlIH Byb2R1Y3Rp b24gYW5kIH RyYW5zcG9y dGF0aW9uIG 9mIGVuZXJn eSBwcm9kdW N0cy4=

AI can potentially pose a material threat to a company like Enterprise Products Partners, which operates in the energy sector, through several mechanisms, although the impact may vary depending on specific circumstances.
1. Substitution: AI technologies could enable the development of alternative energy sources or more efficient energy solutions that could replace traditional oil and gas products. For example, advancements in energy storage, renewable energy technologies, and AI-driven energy management systems could lead to increased competition for fossil fuels. If consumers or businesses shift toward these alternatives, it could reduce demand for the products offered by Enterprise Products Partners.
2. Disintermediation: AI can streamline processes and reduce reliance on traditional distribution and supply chain methods. Advanced data analytics and machine learning can enhance decisiomaking in energy consumption and supply, which might enable customers to connect directly with producers, bypassing intermediaries like Enterprise Products Partners. As a result, the company’s role in the supply chain could be threatened if it cannot adapt to these changes.
3. Margin Pressure: AI can drive operational efficiencies, potentially allowing competitors to reduce their costs and improve their pricing strategies. If competitors leverage AI to lower production costs or optimize their supply chains more effectively, it could exert pressure on Enterprise Products Partners to reduce its own prices, which may lead to diminished profit margins.
In summary, while AI presents opportunities for innovation and increased efficiency, it also poses risks through potential substitution of products, disintermediation in the supply chain, and margin pressures. The company’s ability to navigate these challenges will depend on its strategic initiatives, investment in technology, and adaptability to changing market dynamics.

Enterprise Products Partners, a major player in the midstream energy sector, has certain sensitivities to changes in interest rates that can impact its earnings, cash flow, and overall valuation.
1. Earnings Sensitivity: The company’s earnings can be affected by interest rates primarily through its debt servicing costs. Higher interest rates increase the cost of borrowing, which can lead to reduced profit margins if the company borrows to finance its operations, acquisitions, or capital expenditures. Additionally, if interest rates rise, it may dampen economic growth, potentially leading to lower demand for energy infrastructure and services, which can also impact earnings negatively.
2. Cash Flow Sensitivity: Enterprise Products Partners typically relies on a steady flow of cash from its operations to fund distributions to unitholders and other investments. Increased interest rates can raise financing costs and can also lead to higher operational expenses, reducing available cash flow. Furthermore, if interest rates rise, it may affect consumer and business spending, which could lead to fluctuations in demand for natural gas, crude oil, and NGLs, further impacting cash flows.
3. Valuation Sensitivity: The valuation of Enterprise Products Partners is often assessed using discounted cash flow models and yield analysis. Rising interest rates generally lead to higher discount rates used in valuations, which can diminish the present value of future cash flows, leading to a potential decline in the company’s equity value. Additionally, if interest rates rise significantly, investors may seek higher yields from fixed-income investments, which could divert capital away from dividend-paying stocks like Enterprise Products Partners, negatively impacting its stock price.
Overall, while Enterprise Products Partners has a robust business model and revenue base, changes in interest rates can have tangible effects on its financial performance and market valuation. Investors should closely monitor interest rate trends, particularly considering the company’s capital structure and reliance on capital markets for financing.

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 bG9nb3MvTl VJUlIwTU5W VjRObk50Wk s5MXIud2Vi cCIgYWx0PS JFbnRlcnBy aXNlIFByb2 R1Y3RzIFBh cnRuZXJzIi B0aXRsZT0i RW50ZXJwcm lzZSBQcm9k dWN0cyBQYX J0bmVycyIg IGNsYXNzPS JpbWctZmx1 aWQiIGhlaW dodD05MCB3 aWR0aD05MC Bsb2FkaW5n PSdsYXp5Jy BzdHlsZT0n Ym9yZGVyLX JhZGl1czog NnB4Oyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J2ZsZXg6 IDE7IHRleH QtYWxpZ246 IGNlbnRlcj sgbWFyZ2lu LWxlZnQ6ID VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8cCBzdHls ZT0nZm9udC 1zaXplOiAy NnB4OyBjb2 xvcjogIzMz MzsgbWFyZ2 luLWJvdHRv bTogMTVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TiCBX YW50IHRvIH JlYWQgbW9y ZSBhYm91dC BFbnRlcnBy aXNlIFByb2 R1Y3RzIFBh cnRuZXJzPw 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 4pqhIEluc3 RhbnRseSBh Y2Nlc3MgPG k+IlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3MiPC9p PiDigJQgZn JlZSEKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdSVzUw WlggSndjbW x6WlNCUSBj bTlrZFdOMG N5IEJRWVhK MGJtVnkgY3 lCcGN5Qmhi aSBCQmJXVn lhV05oIGJp QmxibVZ5Wj Mga2dZMjl0 Y0dGdSBlU0 JvWldGa2NY IFZoY25SbG NtVmsgSUds dUlFaHZkWC BOMGIyNHNJ RlJsIGVHRn pManhpY2og NHlMaUJVYU dVZyBZMjl0 Y0dGdWVTIE IzWVhNZ1pt OTEgYm1SbF pDQnBiaSBB eE9UWTRJR0 Z6IElHRWdj R0Z5ZEcgNW xjbk5vYVhB ZyBZbVYwZD JWbGJpIEJF WVc0Z1RDNG cgUkhWdVky RnVJRyBGdV pDQk9aWGNn IFdXOXlheU JpZFggTnBi bVZ6YzIxaC BiaUJNWlc5 dVpXIHdnU2 k0Z1FteDEg YldKbGNtY3 VQRyBKeVBq TXVJRVZ1IG RHVnljSEpw YzIgVWdVSE p2WkhWaiBk SE1nVUdGeW RHIDVsY25N Z2FYTWcgYj I1bElHOW1J SCBSb1pTQn NZWEpuIFpY TjBJSEIxWW 0geHBZMng1 SUhSeSBZV1 JsWkNCd1lY IEowYm1WeW MyaHAgY0hN Z1lXNWtJRy BFZ2JHVmha R2x1IFp5Qk 9iM0owYUMg QkJiV1Z5YV dOaCBiaUJ3 Y205MmFXIF JsY2lCdlpp QnQgYVdSem RISmxZVyAw Z1pXNWxjbW Q1IElITmxj blpwWTIgVn pManhpY2o0 MCBMaUJVYU dVZ1kyIDl0 Y0dGdWVTQn YgY0dWeVlY UmxjeSBCdm RtVnlJRFV3 IExEQXdNQ0 J0YVcgeGxj eUJ2WmlCdy BhWEJsYkds dVpYIE1nWV c1a0lHbHog SUhSb1pTQn NZWCBKblpY TjBJSEJ5IG IzWnBaR1Z5 SUcgOW1JRz FwWkhOMCBj bVZoYlNCel pYIEoyYVdO bGN5QjAgYn lCd2NtOWtk VyBObGNuTW diMllnIGJt RjBkWEpoYk MgQm5ZWE1z SUc1aCBkSF Z5WVd3Z1oy IEZ6SUd4cG NYVnAgWkhN Z0tFNUhUSC BNcExDQmpj blZrIFpTQn ZhV3dzSUgg SmxabWx1Wl dRZyBjSEp2 WkhWamRIIE 1zSUdGdVpD QncgWlhSeW IyTm9aVyAx cFkyRnNjeT Q4IFluSStO UzRnUlcgNT BaWEp3Y21s eiBaU0JRY2 05a2RXIE4w Y3lCUVlYSj AgYm1WeWN5 QnBjeSBCaG JITnZJR0Vn IGJXRnFiM0 lnY0ggSnZa SFZqWlhJZy BiMllnVGtk TWN5IEJoYm 1RZ2FHRnog SUhOcFoyNX BabSBsallX NTBJRzVoIG RIVnlZV3dn WjIgRnpJSE J5YjJObCBj M05wYm1jZ1 lXIDVrSUhO MGIzSmggWj JVZ1kyRndZ VyBOcGRIa3 VQR0p5IFBq WXVJRlJvWl MgQmpiMjF3 WVc1NSA0b0 NaY3lCamRY IE4wYjIxbG NpQmkgWVhO bElHbHVZMi B4MVpHVnpJ SEJ5IGIyUj FZMlZ5Y3kg d2dZMjl1Yz NWdCBaWEp6 TENCaGJtIF FnZEhKaGJu TncgYjNKMF pYSnpJRyA5 bUlHNWhkSF Z5IFlXd2da MkZ6TEMgQk 9SMHh6TENC aCBibVFnWT NKMVpHIFVn YjJsc0xqeG kgY2o0M0xp QkZibiBSbG NuQnlhWE5s IElGQnliMl IxWTMgUnpJ RkJoY25SdS BaWEp6SUds eklFIFp2Y2 5SMWJtVWcg TlRBd0lHTn ZiWCBCaGJu a2dZVzVrIE lHaGhjeUJp WlcgVnVJR0 52Ym5OcCBj M1JsYm5Sc2 VTIEJ5WVc1 clpXUWcgWV cxdmJtY2dk RyBobElIUn ZjQ0J0IGFX UnpkSEpsWV cgMGdZMjl0 Y0dGdSBhV1 Z6SUdsdUlI IFJvWlNCM2 IzSnMgWkM0 OFluSStPQy A0Z1NXNGdN akF4IE9Td2 dSVzUwWlgg SndjbWx6Wl NCUSBjbTlr ZFdOMGN5IE JRWVhKMGJt VnkgY3lCb1 lXUWdiMyBa bGNpQTNMRE F3IE1DQmxi WEJzYjMgbG xaWE1nWVc1 ayBJSEpsY0 c5eWRHIFZr SUdFZ2NtVj IgWlc1MVpT QnZaaSBBa0 16WXVOU0Jp IGFXeHNhVz l1TGogeGlj ajQ1TGlCVS BhR1VnWTI5 dGNHIEZ1ZV NCb1lYTWcg WVNCemRISn ZibSBjZ1ky OXRiV2wwIG JXVnVkQ0Iw YnkgQmxibl pwY205dSBi V1Z1ZEdGc0 lIIE4xYzNS aGFXNWggWW 1sc2FYUjVJ RyBGdVpDQm 9ZWE1nIFlt VmxiaUJ5Wl cgTnZaMjVw ZW1WayBJR1 p2Y2lCcGRI IE1nWldabW IzSjAgY3lC cGJpQnlaVy BSMVkybHVa eUJsIGJXbH pjMmx2Ym4g TWdZVzVrSU hCeSBiMjF2 ZEdsdVp5IE J5Wlc1bGQy RmkgYkdVZ1 pXNWxjbSBk NUxqeGljaj R4IE1DNGdS VzUwWlggSn djbWx6WlNC USBjbTlrZF dOMGN5IEJR WVhKMGJtVn kgY3lCb1lY TWdZUyBCMG NtRmpheUJ5 IFpXTnZjbV FnYjIgWWdj SEp2ZG1say BhVzVuSUhK bGJHIGxoWW 14bElHRnUg WkNCellXWm xJSCBObGNu WnBZMlZ6IE lIUnZJR2ww Y3kgQmpkWE 4wYjIxbCBj bk1zSUhkcG RHIGdnWVNC ellXWmwgZE hrZ2NtVmpi MyBKa0lIUm 9ZWFFnIGFY TWdkMlZzYk MgQmhZbTky WlNCcCBibV IxYzNSeWVT IEJoZG1WeV lXZGwgTGc9 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=