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.

QWxyaWdodC EgSW1hZ2lu ZSB5b3UgaG F2ZSBhIGh1 Z2UgdG95IG NvbGxlY3Rp b24sIGFuZC B5b3Ugd2Fu dCB0byBzaG FyZSBpdCB3 aXRoIHlvdX IgZnJpZW5k cy4gVG8gZG 8gdGhhdCwg eW91IG5lZW QgYSBnb29k IHdheSB0by Bvcmdhbml6 ZSBhbmQgdH JhbnNwb3J0 IHlvdXIgdG 95cy4gTm93 LCB0aGluay BvZiBFbnRl cnByaXNlIF Byb2R1Y3Rz IFBhcnRuZX JzIGxpa2Ug YSBiaWcgY2 9tcGFueSB0 aGF0IGhlbH BzIG1vdmUg YW5kIHN0b3 JlIGVuZXJn eSBwcm9kdW N0cywga2lu ZCBvZiBsaW tlIHlvdXIg dG95cywgYn V0IGluc3Rl YWQgb2YgdG 95cywgdGhl eSBoYW5kbG UgdGhpbmdz IGxpa2Ugb2 lsIGFuZCBu YXR1cmFsIG dhcy48YnI+ SGVyZeKAmX MgaG93IGl0 IHdvcmtzOi A8YnI+MS4g PHN0cm9uZz 5Nb3Zpbmcg RW5lcmd5PC 9zdHJvbmc+ OiBFbnRlcn ByaXNlIFBy b2R1Y3RzIF BhcnRuZXJz IGhhcyBsb2 5nIHBpcGVs aW5lcywgd2 hpY2ggYXJl IGxpa2UgYm lnIHVuZGVy Z3JvdW5kIH R1YmVzLCB0 aGF0IGNhcn J5IG9pbCBh bmQgbmF0dX JhbCBnYXMg ZnJvbSBvbm UgcGxhY2Ug dG8gYW5vdG hlci4gVGhp cyBpcyBzaW 1pbGFyIHRv IGhvdyB5b3 UgbWlnaHQg dXNlIGEgdG 95IGJveCB0 byBrZWVwIG FsbCB5b3Vy IHRveXMgaW 4gb25lIHBs YWNlIGJlZm 9yZSB0YWtp bmcgdGhlbS B0byB5b3Vy IGZyaWVuZO KAmXMgaG91 c2UuPGJyPj IuIDxzdHJv bmc+U3Rvcm luZyBFbmVy Z3k8L3N0cm 9uZz46IFRo ZXkgYWxzby BoYXZlIHN0 b3JhZ2UgZm FjaWxpdGll cywgd2hpY2 ggYXJlIGJp ZyBjb250YW luZXJzIHdo ZXJlIHRoZX kgY2FuIGtl ZXAgb2lsIG FuZCBnYXMg c2FmZWx5IH VudGlsIGl0 4oCZcyBuZW VkZWQuIFRo aXMgaXMgbG lrZSBoYXZp bmcgYSBzaG VsZiB3aGVy ZSB5b3UgcH V0IHNvbWUg dG95cyBhd2 F5IGZvciBs YXRlciwgYn V0IHlvdSBr bm93IHRoZX nigJlyZSBz dGlsbCB0aG VyZSB3aGVu IHlvdSB3YW 50IHRvIHBs YXkgd2l0aC B0aGVtIGFn YWluLjxicj 4zLiA8c3Ry b25nPk1ha2 luZyBNb25l eTwvc3Ryb2 5nPjogVGhl IGNvbXBhbn kgbWFrZXMg bW9uZXkgYn kgY2hhcmdp bmcgb3RoZX IgY29tcGFu aWVzIHRvIH VzZSB0aGVp ciBwaXBlbG luZXMgYW5k IHN0b3JhZ2 UgZmFjaWxp dGllcy4gSX TigJlzIGxp a2UgaWYgeW 91ciBmcmll bmRzIHBhaW QgeW91IGEg bGl0dGxlIG JpdCBldmVy eSB0aW1lIH RoZXkgYm9y cm93ZWQgeW 91ciB0b3lz IG9yIHVzZW QgeW91ciB0 b3kgYm94Lj xicj5BcyBm b3Igd2h5IE VudGVycHJp c2UgUHJvZH VjdHMgUGFy dG5lcnMgaX Mgc3VjY2Vz c2Z1bCwgaG VyZSBhcmUg YSBmZXcgcm Vhc29uczo8 YnI+MS4gPH N0cm9uZz5T dHJvbmcgRG VtYW5kPC9z dHJvbmc+Oi BUaGVyZeKA mXMgYWx3YX lzIGEgbmVl ZCBmb3IgZW 5lcmd5LCBq dXN0IGxpa2 Uga2lkcyBh bHdheXMgd2 FudCB0byBw bGF5IHdpdG ggdG95cy4g UGVvcGxlIG FuZCBidXNp bmVzc2VzIG 5lZWQgb2ls IGFuZCBnYX MgZm9yIGhl YXRpbmcsIG Nvb2tpbmcs IGNhcnMsIG FuZCBtb3Jl LCBzbyBjb2 1wYW5pZXMg bGlrZSBFbn RlcnByaXNl IHdpbGwgYW x3YXlzIGhh dmUgY3VzdG 9tZXJzLjxi cj4yLiA8c3 Ryb25nPkxv bmctVGVybS BDb250cmFj dHM8L3N0cm 9uZz46IFRo ZXkgb2Z0ZW 4gbWFrZSBh Z3JlZW1lbn RzIHdpdGgg b3RoZXIgY2 9tcGFuaWVz IHRvIHVzZS B0aGVpciBz ZXJ2aWNlcy Bmb3IgbWFu eSB5ZWFycy 4gVGhpcyBp cyBsaWtlIG hhdmluZyBh IGZyaWVuZH NoaXAgd2hl cmUgeW91IH Byb21pc2Ug dG8gc2hhcm UgdG95cyBm b3IgYSBsb2 5nIHRpbWUu IEl0IGdpdm VzIHRoZW0g c3RlYWR5IG 1vbmV5LCBt YWtpbmcgdG hlbSBzdGFi bGUgYW5kIH JlbGlhYmxl Ljxicj4zLi A8c3Ryb25n PlNtYXJ0IE ludmVzdG1l bnRzPC9zdH Jvbmc+OiBU aGUgY29tcG FueSBpbnZl c3RzIGluIG 5ldyB0ZWNo bm9sb2dpZX MgYW5kIGlt cHJvdmVtZW 50cywgaGVs cGluZyB0aG VtIGRvIHRo aW5ncyBtb3 JlIGVmZmlj aWVudGx5Li BUaGlzIGlz IGxpa2Ugd2 hlbiB5b3Ug bGVhcm4gdG 8gb3JnYW5p emUgeW91ci B0b3lzIGJl dHRlciBvci BmaW5kIG5l dyB3YXlzIH RvIHBsYXkg d2l0aCB0aG VtLCBtYWtp bmcgeW91IG 1vcmUgZnVu IHRvIGJlIG Fyb3VuZC48 YnI+NC4gPH N0cm9uZz5H cm93aW5nIE 1hcmtldDwv c3Ryb25nPj ogQXMgcGVv cGxlIGNvbn RpbnVlIHRv IHVzZSBtb3 JlIGVuZXJn eSwgZXNwZW NpYWxseSB3 aXRoIG5ldy B0aGluZ3Mg bGlrZSBlbG VjdHJpYyBj YXJzLCB0aG VyZeKAmXMg cG90ZW50aW FsIGZvciBn cm93dGguIF RoaXMgaXMg bGlrZSBhIG 5ldyB0cmVu ZCBhdCBzY2 hvb2wgd2hl cmUgZXZlcn lvbmUgd2Fu dHMgdG8gcG xheSBhIGNl cnRhaW4gZ2 FtZSwgd2hp Y2ggbWVhbn MgbW9yZSBj aGFuY2VzIG ZvciBzaGFy aW5nIHlvdX IgdG95cy48 YnI+SW4gdG hlIGZ1dHVy ZSwgYXMgbG 9uZyBhcyBw ZW9wbGUga2 VlcCBuZWVk aW5nIGVuZX JneSBhbmQg Y29tcGFuaW VzIGNvbnRp bnVlIHRvIG xvb2sgZm9y IHNhZmUgd2 F5cyB0byB0 cmFuc3Bvcn QgYW5kIHN0 b3JlIGl0LC BFbnRlcnBy aXNlIFByb2 R1Y3RzIFBh cnRuZXJzIG lzIGxpa2Vs eSB0byBkby B3ZWxsLiBK dXN0IGxpa2 UgeW91ciB0 b3ktc2hhcm luZyBidXNp bmVzcyBtaW dodCB0aHJp dmUgYXMgbG 9uZyBhcyB0 aGVyZSBhcm UgZnJpZW5k cyB3aG8gd2 FudCB0byBw bGF5ITxicj 4=

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.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci B0aGUgZWNv bm9taWNzIG 9mIEVudGVy cHJpc2UgUH JvZHVjdHMg UGFydG5lcn MgKEVQRCks IGEgbWFqb3 Igb3BlcmF0 b3IgaW4gdG hlIG1pZHN0 cmVhbSBlbm VyZ3kgc2Vj dG9yLCB3b3 VsZCBiZSBh IHNpZ25pZm ljYW50IGFu ZCBwcm9sb2 5nZWQgZGVj bGluZSBpbi BnbG9iYWwg Zm9zc2lsIG Z1ZWwgZGVt YW5kIGR1ZS B0byBhIHJh cGlkIHNoaW Z0IHRvd2Fy ZHMgcmVuZX dhYmxlIGVu ZXJneSBzb3 VyY2VzIGFu ZCBhZ2dyZX NzaXZlIGNs aW1hdGUgcG 9saWNpZXMu IFRoaXMgc2 hpZnQgY291 bGQgYmUgcH JvbXB0ZWQg Ynkgc2V2ZX JhbCBmYWN0 b3JzLCBpbm NsdWRpbmcg dGVjaG5vbG 9naWNhbCBh ZHZhbmNlbW VudHMgaW4g cmVuZXdhYm xlIGVuZXJn eSwgc3RyaW N0ZXIgZW52 aXJvbm1lbn RhbCByZWd1 bGF0aW9ucy wgZW5oYW5j ZWQgZW5lcm d5IGVmZmlj aWVuY3kgaW 5pdGlhdGl2 ZXMsIGFuZC BhIHNvY2ll dGFsIHNoaW Z0IGF3YXkg ZnJvbSBmb3 NzaWwgZnVl bHMuPGJyPk lmIHN1Y2gg YSBzY2VuYX JpbyB3ZXJl IHRvIHVuZm 9sZCwgRVBE 4oCZcyBvcG VyYXRpb25z LCBsYXJnZW x5IGNlbnRl cmVkIG9uIG 5hdHVyYWwg Z2FzIGxpcX VpZHMsIGNy dWRlIG9pbC wgYW5kIHBl dHJvY2hlbW ljYWwgdHJh bnNwb3J0YX Rpb24gYW5k IHByb2Nlc3 NpbmcsIHdv dWxkIGJlIG FmZmVjdGVk IGluIHNldm VyYWwgd2F5 czo8YnI+MS 4gPHN0cm9u Zz5NYXJnaW 5zPC9zdHJv bmc+OiBXaX RoIGRpbWlu aXNoZWQgZG VtYW5kIGZv ciBvaWwgYW 5kIGdhcywg RVBEIGNvdW xkIGZhY2Ug cmVkdWNlZC B0aHJvdWdo cHV0IGluIG l0cyBwaXBl bGluZXMgYW 5kIHByb2Nl c3NpbmcgZm FjaWxpdGll cy4gVGhpcy Bjb3VsZCBy ZXN1bHQgaW 4gbG93ZXIg dGFyaWZmcy BhbmQgZmVl cyB0aGF0IH RoZSBjb21w YW55IGNoYX JnZXMgaXRz IGN1c3RvbW VycywgZXJv ZGluZyBwcm 9maXQgbWFy Z2lucyBzaW duaWZpY2Fu dGx5LiBBZG RpdGlvbmFs bHksIHRoZS BpbmNyZWFz aW5nIGNvc3 RzIGFzc29j aWF0ZWQgd2 l0aCBjb21w bGlhbmNlIH RvIGVudmly b25tZW50YW wgcmVndWxh dGlvbnMgY2 91bGQgZnVy dGhlciBzcX VlZXplIG1h cmdpbnMuPG JyPjIuIDxz dHJvbmc+Q2 FzaCBGbG93 PC9zdHJvbm c+OiBFUEQg cmVsaWVzIG hlYXZpbHkg b24gc3RhYm xlIGFuZCBw cmVkaWN0YW JsZSBjYXNo IGZsb3dzIG Zyb20gaXRz IGxvbmctdG VybSBjb250 cmFjdHMuIE luIGEgc2Nl bmFyaW8gb2 YgZGVjbGlu aW5nIGZvc3 NpbCBmdWVs IGRlbWFuZC wgRVBEIGNv dWxkIGV4cG VyaWVuY2Ug Y29udHJhY3 QgcmVuZWdv dGlhdGlvbn Mgb3IgZWFy bHkgdGVybW luYXRpb25z IGFzIGN1c3 RvbWVycyBw aXZvdCB0by ByZW5ld2Fi bGUgZW5lcm d5IHNvdXJj ZXMuIFRoaX MgY291bGQg bGVhZCB0by B2b2xhdGls aXR5IGluIG Nhc2ggZmxv d3MsIG1ha2 luZyBpdCBk aWZmaWN1bH QgZm9yIEVQ RCB0byBzdX N0YWluIGl0 cyBkaXN0cm lidXRpb24g dG8gdW5pdG hvbGRlcnMg YW5kIGZ1bm RpbmcgZm9y IG1haW50ZW 5hbmNlIGNh cGl0YWwgZX hwZW5kaXR1 cmVzLjxicj 4zLiA8c3Ry b25nPkJhbG FuY2UgU2hl ZXQ8L3N0cm 9uZz46IEEg ZGVjbGluZS BpbiBlYXJu aW5ncyBhbm QgY2FzaCBm bG93IGNvdW xkIGxlYWQg dG8gY3JlZG l0IHJhdGlu ZyBkb3duZ3 JhZGVzLCBt YWtpbmcgaX QgbW9yZSBl eHBlbnNpdm UgZm9yIEVQ RCB0byByYW lzZSBjYXBp dGFsLiBUaG lzIGNvdWxk IHdlYWtlbi BpdHMgYmFs YW5jZSBzaG VldCwgcG90 ZW50aWFsbH kgaW5jcmVh c2luZyBkZW J0IGxldmVs cyBhcyB0aG UgY29tcGFu eSBhdHRlbX B0cyB0byBt YWludGFpbi BvcGVyYXRp b25zIGluIG EgY2hhbGxl bmdpbmcgZW Nvbm9taWMg ZW52aXJvbm 1lbnQuIElu Y3JlYXNlZC BsZXZlcmFn ZSBjb3VsZC ByYWlzZSBj b25jZXJucy Bhcm91bmQg ZmluYW5jaW FsIHN0YWJp bGl0eSwgbG VhZGluZyB0 byBmdXJ0aG VyIHNlbGxp bmcgcHJlc3 N1cmUgb24g RVBE4oCZcy BzZWN1cml0 aWVzLiBJZi B0aGUgY29t cGFueSB3ZX JlIGZvcmNl ZCB0byBjdX Qgb3Igc3Vz cGVuZCBpdH MgZGlzdHJp YnV0aW9ucy B0byBjb25z ZXJ2ZSBjYX NoLCBpbnZl c3RvciBjb2 5maWRlbmNl IGNvdWxkIH BsdW1tZXQs IHBvdGVudG lhbGx5IGV4 YWNlcmJhdG luZyB0aGUg ZGVjbGluZS BpbiBzdG9j ayBwcmljZS 48YnI+SW4g c3VtbWFyeS wgYSBzaWdu aWZpY2FudC BhbmQgbGFz dGluZyByZW R1Y3Rpb24g aW4gZm9zc2 lsIGZ1ZWwg ZGVtYW5kIG R1ZSB0byBh IGdsb2JhbC B0cmFuc2l0 aW9uIHRvIH JlbmV3YWJs ZSBlbmVyZ3 kgc291cmNl cyBjb3VsZC BhZHZlcnNl bHkgaW1wYW N0IEVQROKA mXMgbWFyZ2 lucywgY2Fz aCBmbG93LC BhbmQgYmFs YW5jZSBzaG VldCwgbGVh ZGluZyB0by BhIGNoYWxs ZW5naW5nIG 9wZXJhdGlv bmFsIGxhbm RzY2FwZSBh bmQgZGltaW 5pc2hlZCBp bnZlc3Rvci Bjb25maWRl bmNlLjxicj 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 bG9nb3MvTl VJUlIwTU5W VjRObk50Wk s5MXIud2Vi cCIgYWx0PS JFbnRlcnBy aXNlIFByb2 R1Y3RzIFBh cnRuZXJzIi B0aXRsZT0i RW50ZXJwcm lzZSBQcm9k dWN0cyBQYX J0bmVycyIg IGNsYXNzPS JpbWctZmx1 aWQiIGhlaW dodD01MCB3 aWR0aD01MC 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 8J+TpSBHZX Qgb3VyIGZy ZWUgZUJvb2 sgbm93OiA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvcD 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTJw eDsgZm9udC 1zaXplOiAx M3B4OyBjb2 xvcjogIzQ0 NDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgU2lnbi B1cCBub3cg YW5kIGdldC BvdXIgZnJl ZSBlQm9vay AKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xiPlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3M8L2I+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxNnB4Oy Bmb250LXNp emU6IDE0cH g7IGNvbG9y OiAjNDQ0Oy Bmb250LWZh bWlseTogLW FwcGxlLXN5 c3RlbSwgQm xpbmtNYWNT eXN0ZW1Gb2 50LCBTZWdv ZSBVSSwgUm 9ib3RvLCBI ZWx2ZXRpY2 EgTmV1ZSwg c2Fucy1zZX JpZjsgbGlu ZS1oZWlnaH Q6IDEuNjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg SGF2ZSB5b3 UgaGVhcmQg YWJvdXQgb3 VyIHNob3J0 IDxzdHJvbm cgc3R5bGU9 J2ZvbnQtd2 VpZ2h0OiA2 MDA7Jz5EYW lseSBWaWRl byBOZXdzbG V0dGVyPC9z dHJvbmc+Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aHR0cHM6Ly 93d3cuaW5z aWdodGZ1bH ZhbHVlLmNv bS9uZXdzbG V0dGVyLnBo cCcgdGFyZ2 V0PSdfYmxh bmsnIHN0eW xlPSdjb2xv cjogIzAwN0 JGRjsgdGV4 dC1kZWNvcm F0aW9uOiBu b25lOyBmb2 50LXdlaWdo dDogNTAwOy BtYXJnaW4t bGVmdDogNn B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg RmluZCBvdX QgbW9yZQog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIA ogICAgICAg IAogICAgIC AgIDxzcGFu IGNsYXNzPS dibHVycmVk LXRleHQnPg ogICAgICAg ICAgICBNUz RnUlc1MFpY IEp3Y21sel pTQlEgY205 a2RXTjBjeS BCUVlYSjBi bVZ5IGN5Qn BjeUJoYmkg QkJiV1Z5YV dOaCBiaUJs Ym1WeVozIG tnWTI5dGNH RnUgZVNCb1 pXRmtjWCBW aGNuUmxjbV ZrIElHbHVJ RWh2ZFggTj BiMjRzSUZS bCBlR0Z6TG p4aWNqIDR5 TGlCVWFHVW cgWTI5dGNH RnVlUyBCM1 lYTWdabTkx IGJtUmxaQ0 JwYmkgQXhP VFk0SUdGei BJR0VnY0dG eWRHIDVsY2 5Ob2FYQWcg WW1WMGQyVm xiaSBCRVlX NGdUQzRnIF JIVnVZMkZ1 SUcgRnVaQ0 JPWlhjZyBX Vzl5YXlCaW RYIE5wYm1W emMyMWggYm lCTVpXOXVa VyB3Z1NpNG dRbXgxIGJX SmxjbWN1UE cgSnlQak11 SUVWdSBkR1 Z5Y0hKcGMy IFVnVUhKdl pIVmogZEhN Z1VHRnlkRy A1bGNuTWdh WE1nIGIyNW xJRzltSUgg Um9aU0JzWV hKbiBaWE4w SUhCMVltIH hwWTJ4NUlI UnkgWVdSbF pDQndZWCBK MGJtVnljMm hwIGNITWdZ VzVrSUcgRW diR1ZoWkds dSBaeUJPYj NKMGFDIEJC YldWeWFXTm ggYmlCd2Nt OTJhVyBSbG NpQnZaaUJ0 IGFXUnpkSE psWVcgMGda VzVsY21kNS BJSE5sY25a cFkyIFZ6TG p4aWNqNDAg TGlCVWFHVW dZMiA5dGNH RnVlU0J2IG NHVnlZWFJs Y3kgQnZkbV Z5SURVdyBM REF3TUNCdG FXIHhsY3lC dlppQncgYV hCbGJHbHVa WCBNZ1lXNW tJR2x6IElI Um9aU0JzWV ggSm5aWE4w SUhCeSBiM1 pwWkdWeUlH IDltSUcxcF pITjAgY21W aGJTQnpaWC BKMmFXTmxj eUIwIGJ5Qn djbTlrZFcg Tmxjbk1nYj JZZyBibUYw ZFhKaGJDIE JuWVhNc0lH NWggZEhWeV lXd2daMiBG eklHeHBjWF ZwIFpITWdL RTVIVEggTX BMQ0JqY25W ayBaU0J2YV d3c0lIIEps Wm1sdVpXUW cgY0hKdlpI VmpkSCBNc0 lHRnVaQ0J3 IFpYUnliMk 5vWlcgMXBZ MkZzY3k0OC BZbkkrTlM0 Z1JXIDUwWl hKd2NtbHog WlNCUWNtOW tkVyBOMGN5 QlFZWEowIG JtVnljeUJw Y3kgQmhiSE 52SUdFZyBi V0ZxYjNJZ2 NIIEp2WkhW alpYSWcgYj JZZ1RrZE1j eSBCaGJtUW dhR0Z6IElI TnBaMjVwWm 0gbGpZVzUw SUc1aCBkSF Z5WVd3Z1oy IEZ6SUhCeW IyTmwgYzNO cGJtY2dZVy A1a0lITjBi M0poIFoyVW dZMkZ3WVcg TnBkSGt1UE dKeSBQall1 SUZSb1pTIE JqYjIxd1lX NTUgNG9DWm N5QmpkWCBO MGIyMWxjaU JpIFlYTmxJ R2x1WTIgeD FaR1Z6SUhC eSBiMlIxWT JWeWN5IHdn WTI5dWMzVn QgWlhKekxD QmhibSBRZ2 RISmhibk53 IGIzSjBaWE p6SUcgOW1J RzVoZEhWeS BZV3dnWjJG ekxDIEJPUj B4ekxDQmgg Ym1RZ1kzSj FaRyBVZ2Iy bHNManhpIG NqNDNMaUJG Ym4gUmxjbk J5YVhObCBJ RkJ5YjJSMV kzIFJ6SUZC aGNuUnUgWl hKeklHbHpJ RSBadmNuUj FibVVnIE5U QXdJR052Yl ggQmhibmtn WVc1ayBJR2 hoY3lCaVpX IFZ1SUdOdm JuTnAgYzNS bGJuUnNlUy BCeVlXNXJa V1FnIFlXMX ZibWNnZEcg aGxJSFJ2Y0 NCdCBhV1J6 ZEhKbFlXID BnWTI5dGNH RnUgYVdWek lHbHVJSCBS b1pTQjNiM0 pzIFpDNDhZ bkkrT0MgNG dTVzRnTWpB eCBPU3dnUl c1MFpYIEp3 Y21selpTQl EgY205a2RX TjBjeSBCUV lYSjBibVZ5 IGN5Qm9ZV1 FnYjMgWmxj aUEzTERBdy BNQ0JsYlhC c2IzIGxsWl hNZ1lXNWsg SUhKbGNHOX lkRyBWa0lH RWdjbVYyIF pXNTFaU0J2 WmkgQWtNel l1TlNCaSBh V3hzYVc5dU xqIHhpY2o0 NUxpQlUgYU dVZ1kyOXRj RyBGdWVTQm 9ZWE1nIFlT QnpkSEp2Ym 0gY2dZMjl0 YldsMCBiV1 Z1ZENCMGJ5 IEJsYm5acG NtOXUgYldW dWRHRnNJSC BOMWMzUmhh VzVoIFltbH NhWFI1SUcg RnVaQ0JvWV hNZyBZbVZs YmlCeVpXIE 52WjI1cGVt VmsgSUdadm NpQnBkSCBN Z1pXWm1iM0 owIGN5QnBi aUJ5WlcgUj FZMmx1WnlC bCBiV2x6Yz JsdmJuIE1n WVc1a0lIQn kgYjIxdmRH bHVaeSBCeV pXNWxkMkZp IGJHVWdaVz VsY20gZDVM anhpY2o0eC BNQzRnUlc1 MFpYIEp3Y2 1selpTQlEg Y205a2RXTj BjeSBCUVlY SjBibVZ5IG N5Qm9ZWE1n WVMgQjBjbU ZqYXlCeSBa V052Y21RZ2 IyIFlnY0hK dmRtbGsgYV c1bklISmxi RyBsaFlteG xJR0Z1IFpD QnpZV1psSU ggTmxjblpw WTJWeiBJSF J2SUdsMGN5 IEJqZFhOMG IyMWwgY25N c0lIZHBkRy BnZ1lTQnpZ V1psIGRIa2 djbVZqYjMg SmtJSFJvWV hRZyBhWE1n ZDJWc2JDIE JoWW05MlpT QnAgYm1SMW MzUnllUyBC aGRtVnlZV2 RsIExnPT0K ICAgICAgIC A8L3NwYW4+ CiAgICAgIC AgCiAgICAg ICAg