BAE Systems

Live  

BAE Systems is a global defense, aerospace, and security company headquartered in London, England. It was formed in 1999 through the merger of British Aerospace (BAe) and Marconi Electronic Systems (MES). BAE Systems designs, develops, manufactures, and supports military aircraft, weapons systems, and electronics. It also offers a wide range of land, sea, and cyber solutions for both military and commercial customers.
As of 2021, BAE Systems has operations in over 40 countries and employs around 90,000 people globally. It is one of the largest defense contractors in the world, with its main customers being the United Kingdom and United States governments. BAE Systems is also involved in joint ventures with other major defense companies, including Airbus and Leonardo.
History of BAE Systems
BAE Systems can trace its roots back to several historic companies that have played significant roles in the development of British aviation and defense. The roots of British Aerospace can be traced back to 1910 when the first aircraft manufacturing company in Britain, The British Aircraft Company, was established. Over the years, the company went through various mergers and acquisitions, resulting in the formation of British Aerospace as a nationalized company in 1977.
In 1999, British Aerospace merged with Marconi Electronic Systems (formerly GEC-Marconi) to form BAE Systems. This merger brought together the aircraft, naval, and electronic capabilities of both companies and positioned BAE Systems as one of the world's leading defense and aerospace companies.
Since its formation, BAE Systems has continued to grow and expand its offerings through strategic acquisitions and partnerships. In recent years, the company has increased its focus on emerging technologies, such as autonomous systems, artificial intelligence, and cyber security.
Products and services
As a global defense and aerospace company, BAE Systems offers a wide range of products and services in the following areas:
1. Aircraft: BAE Systems designs, develops, and manufactures advanced military aircraft, including fighter jets, trainers, and unmanned aerial vehicles (UAVs). Its flagship products include the Typhoon fighter jet, F-35 Lightning II aircraft, and Hawk trainer jet.
2. Land and Armaments: BAE Systems provides a variety of land systems and weapons, such as armored vehicles, artillery systems, and munitions, to customers around the world. It also offers specialized services in vehicle maintenance, upgrade, and support.
3. Maritime: BAE Systems designs and manufactures naval ships, submarines, and weapons systems. It also provides integration, support, and modernization services for naval fleets worldwide.
4. Electronics and Cyber: BAE Systems provides advanced electronic systems and solutions for military and commercial applications. This includes communication systems, radar and sensor technology, and cyber security solutions.
5. Services and Support: BAE Systems offers a range of post-delivery services, including maintenance, repair, overhaul, and logistics support for its products. It also provides training, modernization, and support services for defense and security systems.
Global presence
BAE Systems has a strong global presence, with operations in over 40 countries and partnerships and joint ventures in many others. Its main markets are in the United States and United Kingdom, but the company also has a significant presence in Australia, Saudi Arabia, and other countries in Europe and the Middle East.
In the United States, BAE Systems is one of the largest defense contractors, working closely with the U.S. Department of Defense on a range of programs. In the United Kingdom, BAE Systems plays a critical role in supporting the country's armed forces and partnering with other defense and technology companies to deliver advanced capabilities.
Community involvement and ethical practices
BAE Systems is committed to being a responsible corporate citizen and upholds high standards of ethical business practices. The company supports various charitable organizations and initiatives in the areas of education, veterans, and STEM (science, technology, engineering, math) education.
BAE Systems also has a comprehensive Code of Conduct and a strong commitment to sustainability, diversity, and inclusion. The company strives to create a work environment where all employees feel valued and included, and it has received recognition for its efforts in these areas.

BAE Systems is a company that makes different kinds of machines and technology to help keep countries safe. Think of it like a big toolbox for the military and other government organizations. They build things like airplanes, ships, tanks, and even special technology that can help protect people or gather information.
BAE Systems makes money by selling these products and services to governments and other organizations that need them. When a country wants to buy new fighter jets or upgrade its navy ships, they might choose BAE Systems because of its strong reputation and the quality of its products. They also provide maintenance and support for the things they sell, which helps them earn even more money.
BAE Systems has been successful for several reasons. First, they invest a lot in research and development to create better technology, so they stay ahead of other companies. They also have experienced workers who know a lot about what they do, which helps them build reliable products. Additionally, there is always a need for safety and defense, so they have a steady demand for their products.
In the future, BAE Systems is likely to remain successful because security concerns around the world continue to grow. Countries will always need to protect themselves, and as technology advances, there will be even more opportunities for companies that can provide the latest and greatest tools. BAE Systems is already well-established, and as they keep innovating, they will likely stay a big player in the defense industry.

QkFFIFN5c3 RlbXMgaXMg YSBnbG9iYW wgZGVmZW5z ZSwgc2VjdX JpdHksIGFu ZCBhZXJvc3 BhY2UgY29t cGFueSB3aX RoIGEgcmVw dXRhdGlvbi Bmb3IgZGV2 ZWxvcGluZy BjdXR0aW5n LWVkZ2UgdG VjaG5vbG9n eSBhbmQgcH JvZHVjdHMu IFRoZXJlIG FyZSBhIGZl dyB0aGluZ3 MgdGhhdCBt YWtlIEJBRS BTeXN0ZW1z IGEgdW5pcX VlIGFuZCBz cGVjaWFsIG NvbXBhbnk6 PGJyPjEuIE xvbmctc3Rh bmRpbmcgaG lzdG9yeSBh bmQgZXhwZX JpZW5jZTog QkFFIFN5c3 RlbXMgaGFz IGEgaGlzdG 9yeSBkYXRp bmcgYmFjay B0byB0aGUg MTl0aCBjZW 50dXJ5IGFu ZCBoYXMgYm VlbiBpbnZv bHZlZCBpbi Bzb21lIG9m IHRoZSBtb3 N0IHNpZ25p ZmljYW50IG V2ZW50cyBh bmQgY29uZm xpY3RzIGlu IG1vZGVybi BoaXN0b3J5 LiBUaGlzIG xvbmctc3Rh bmRpbmcgZX hwZXJpZW5j ZSBnaXZlcy B0aGUgY29t cGFueSBhIG RlZXAgdW5k ZXJzdGFuZG luZyBvZiB0 aGUgZGVmZW 5zZSwgc2Vj dXJpdHksIG FuZCBhZXJv c3BhY2UgaW 5kdXN0cmll cy48YnI+Mi 4gTGVhZGlu ZyBzdXBwbG llciBvZiBk ZWZlbnNlIG VxdWlwbWVu dDogQkFFIF N5c3RlbXMg aXMgb25lIG 9mIHRoZSB3 b3JsZCdzIG xhcmdlc3Qg c3VwcGxpZX JzIG9mIGRl ZmVuc2UgZX F1aXBtZW50 LCB3aXRoIG Egc2lnbmlm aWNhbnQgcH Jlc2VuY2Ug aW4gYm90aC B0aGUgVW5p dGVkIFN0YX RlcyBhbmQg dGhlIFVuaX RlZCBLaW5n ZG9tLiBUaG UgY29tcGFu eSBwcm92aW RlcyBhIHdp ZGUgcmFuZ2 Ugb2YgcHJv ZHVjdHMgYW 5kIHNlcnZp Y2VzLCBpbm NsdWRpbmcg Y29tYmF0IH ZlaGljbGVz LCBuYXZhbC BzaGlwcywg ZWxlY3Ryb2 5pYyBzeXN0 ZW1zLCBhbm QgaW50ZWxs aWdlbmNlLC BzdXJ2ZWls bGFuY2UsIG FuZCByZWNv bm5haXNzYW 5jZSBzeXN0 ZW1zLjxicj 4zLiBJbm5v dmF0aW9uIG FuZCB0ZWNo bm9sb2d5Oi BCQUUgU3lz dGVtcyBoYX MgYSByZXB1 dGF0aW9uIG ZvciBkZXZl bG9waW5nIG N1dHRpbmct ZWRnZSB0ZW Nobm9sb2d5 IGZvciBkZW ZlbnNlIGFu ZCBzZWN1cm l0eSBwdXJw b3Nlcy4gVG hlIGNvbXBh bnkgaW52ZX N0cyBoZWF2 aWx5IGluIH Jlc2VhcmNo IGFuZCBkZX ZlbG9wbWVu dCwgYW5kIG l0cyBza2ls bGVkIHRlYW 0gb2YgZW5n aW5lZXJzIG FuZCBzY2ll bnRpc3RzIG FyZSBjb25z dGFudGx5IH B1c2hpbmcg dGhlIGJvdW 5kYXJpZXMg b2Ygd2hhdC BpcyBwb3Nz aWJsZSwgbG VhZGluZyB0 byBpbm5vdm F0aXZlIHNv bHV0aW9ucy Bmb3IgY3Vz dG9tZXJzLj xicj40LiBE aXZlcnNlIH Byb2R1Y3Qg cG9ydGZvbG lvOiBCQUUg U3lzdGVtcy BoYXMgYSBk aXZlcnNlIH Byb2R1Y3Qg cG9ydGZvbG lvLCB3aGlj aCBpbmNsdW RlcyBwcm9k dWN0cyBhbm Qgc2Vydmlj ZXMgZm9yIG FpciwgbGFu ZCwgYW5kIH NlYS4gVGhp cyBhbGxvd3 MgdGhlIGNv bXBhbnkgdG 8gcHJvdmlk ZSBjb21wcm VoZW5zaXZl IHNvbHV0aW 9ucyB0byBp dHMgY3VzdG 9tZXJzLCBt YWtpbmcgaX QgYSBvbmUt c3RvcC1zaG 9wIGZvciBk ZWZlbnNlIG FuZCBzZWN1 cml0eSBuZW Vkcy48YnI+ NS4gU3RyYX RlZ2ljIHBh cnRuZXJzaG lwczogQkFF IFN5c3RlbX MgaGFzIGZv cm1lZCBzdH JhdGVnaWMg cGFydG5lcn NoaXBzIHdp dGggb3RoZX IgbGVhZGlu ZyBjb21wYW 5pZXMgaW4g dGhlIGluZH VzdHJ5LCBh bGxvd2luZy Bmb3IgY29s bGFib3JhdG lvbiBhbmQg a25vd2xlZG dlIHNoYXJp bmcuIFRoaX Mgbm90IG9u bHkgc3RyZW 5ndGhlbnMg QkFFIFN5c3 RlbXMnIHBv c2l0aW9uIG luIHRoZSBt YXJrZXQgYn V0IGFsc28g YWxsb3dzIG ZvciB0aGUg ZGV2ZWxvcG 1lbnQgb2Yg bW9yZSBhZH ZhbmNlZCBh bmQgZWZmZW N0aXZlIHBy b2R1Y3RzIG FuZCBzZXJ2 aWNlcy48Yn I+Ni4gUmVz cG9uc2libG UgYnVzaW5l c3MgcHJhY3 RpY2VzOiBC QUUgU3lzdG VtcyBpcyBj b21taXR0ZW QgdG8gcmVz cG9uc2libG UgYnVzaW5l c3MgcHJhY3 RpY2VzLCBp bmNsdWRpbm cgc3VzdGFp bmFiaWxpdH ksIGRpdmVy c2l0eSBhbm QgaW5jbHVz aW9uLCBhbm QgZXRoaWNh bCBjb25kdW N0LiBUaGUg Y29tcGFueS BoYXMgYmVl biByZWNvZ2 5pemVkIGZv ciBpdHMgZW Zmb3J0cyBp biB0aGVzZS BhcmVhcywg bWFraW5nIG l0IGEgZGVz aXJhYmxlIH BhcnRuZXIg Zm9yIGN1c3 RvbWVycyBh bmQgZW1wbG 95ZWVzIGFs aWtlLjxicj 5PdmVyYWxs LCB0aGUgY2 9tYmluYXRp b24gb2YgZX hwZXJpZW5j ZSwgaW5ub3 ZhdGlvbiwg YSBkaXZlcn NlIHByb2R1 Y3QgcG9ydG ZvbGlvLCBz dHJhdGVnaW MgcGFydG5l cnNoaXBzLC BhbmQgcmVz cG9uc2libG UgYnVzaW5l c3MgcHJhY3 RpY2VzIG1h a2VzIEJBRS BTeXN0ZW1z IGEgc3BlY2 lhbCBhbmQg aGlnaGx5IH JlZ2FyZGVk IGNvbXBhbn kgaW4gdGhl IGRlZmVuc2 UsIHNlY3Vy aXR5LCBhbm QgYWVyb3Nw YWNlIGluZH VzdHJpZXMu

QkFFIFN5c3 RlbXMgaXMg YSBnbG9iYW wgZGVmZW5z ZSwgc2VjdX JpdHksIGFu ZCBhZXJvc3 BhY2UgY29t cGFueSB0aG F0IHByb3Zp ZGVzIGFkdm FuY2VkIHRl Y2hub2xvZ3 ksIHByb2R1 Y3RzLCBhbm Qgc2Vydmlj ZXMgdG8gZ2 92ZXJubWVu dGFsIGFuZC Bjb21tZXJj aWFsIGN1c3 RvbWVycy4g SXRzIGJ1c2 luZXNzIG1v ZGVsIGlzIG Jhc2VkIG9u IGhhdmluZy BhIHN0cm9u ZyBmb290aG 9sZCBpbiB0 aGUgZGVmZW 5zZSBhbmQg c2VjdXJpdH kgaW5kdXN0 cnksIHdpdG ggYSBmb2N1 cyBvbiBpbm 5vdmF0aW9u LCBlZmZpY2 llbmN5LCBh bmQgbWVldG luZyB0aGUg c3BlY2lmaW MgbmVlZHMg b2YgaXRzIG N1c3RvbWVy cy48YnI+VG hpcyBpcyBh Y2hpZXZlZC B0aHJvdWdo IHRocmVlIG tleSBzdHJh dGVnaWVzOj xicj4xLiBD dXN0b21lci 1mb2N1c2Vk IGFwcHJvYW NoOiBCQUUg U3lzdGVtcy Bwcmlvcml0 aXplcyBidW lsZGluZyBz dHJvbmcgcm VsYXRpb25z aGlwcyB3aX RoIGl0cyBj dXN0b21lcn MgYnkgdW5k ZXJzdGFuZG luZyB0aGVp ciBzcGVjaW ZpYyBuZWVk cyBhbmQgcH JvdmlkaW5n IHRhaWxvcm VkIHNvbHV0 aW9ucyB0by BtZWV0IHRo b3NlIG5lZW RzLiBUaGlz IGFwcHJvYW NoIGhlbHBz IHRvIGJ1aW xkIGxvbmct dGVybSBwYX J0bmVyc2hp cHMgYW5kIG Vuc3VyZSBj dXN0b21lci BzYXRpc2Zh Y3Rpb24uPG JyPjIuIFRl Y2hub2xvZ3 kgYW5kIGlu bm92YXRpb2 46IEJBRSBT eXN0ZW1zIG lzIGtub3du IGZvciBpdH MgY3V0dGlu Zy1lZGdlIH RlY2hub2xv Z3kgYW5kIG NvbnRpbnVv dXMgaW5ub3 ZhdGlvbi4g VGhlIGNvbX BhbnkgaW52 ZXN0cyBoZW F2aWx5IGlu IHJlc2Vhcm NoIGFuZCBk ZXZlbG9wbW VudCB0byBj cmVhdGUgbm V3IHByb2R1 Y3RzIGFuZC BzZXJ2aWNl cyB0aGF0IG dpdmUgaXQg YSBjb21wZX RpdGl2ZSBh ZHZhbnRhZ2 UgaW4gdGhl IG1hcmtldC 48YnI+My4g R2VvZ3JhcG hpYyBhbmQg cHJvZHVjdC BkaXZlcnNp ZmljYXRpb2 46IEJBRSBT eXN0ZW1zIG 9wZXJhdGVz IGluIG11bH RpcGxlIHJl Z2lvbnMsIG luY2x1ZGlu ZyB0aGUgVW 5pdGVkIFN0 YXRlcywgVU ssIGFuZCBB dXN0cmFsaW EsIGFsbG93 aW5nIGl0IH RvIGRpdmVy c2lmeSBpdH MgY3VzdG9t ZXIgYmFzZS BhbmQgcmVk dWNlIHRoZS BpbXBhY3Qg b2YgbWFya2 V0IGZsdWN0 dWF0aW9ucy 4gVGhlIGNv bXBhbnkgYW xzbyBoYXMg YSBkaXZlcn NlIHBvcnRm b2xpbyBvZi Bwcm9kdWN0 cyBhbmQgc2 VydmljZXMg YWNyb3NzIH RoZSBkZWZl bnNlLCBzZW N1cml0eSwg YW5kIGFlcm 9zcGFjZSBz ZWN0b3JzLC B3aGljaCBo ZWxwcyBtaX RpZ2F0ZSBy aXNrcyBhbm QgZW5zdXJl cyByZXZlbn VlIHN0YWJp bGl0eS48Yn I+T3ZlcmFs bCwgQkFFIF N5c3RlbXMn IGJ1c2luZX NzIG1vZGVs IGlzIGZvY3 VzZWQgb24g bWVldGluZy B0aGUgZXZv bHZpbmcgbm VlZHMgb2Yg aXRzIGN1c3 RvbWVycyB0 aHJvdWdoIH RlY2hub2xv Z3kgYW5kIG lubm92YXRp b24gd2hpbG UgZGl2ZXJz aWZ5aW5nIG l0cyBvcGVy YXRpb25zIH RvIG1haW50 YWluIGEgc3 Ryb25nIG1h cmtldCBwb3 NpdGlvbi4=

AI can potentially pose a material threat to BAE Systems in several ways, affecting its products, services, and competitive positioning. Here are a few considerations:
1. Substitution: AI technologies could lead to the development of new defense systems and solutions that replace traditional platforms offered by BAE Systems. For instance, advancements in autonomous systems, drone technology, and AI-enhanced decisiomaking could provide alternatives to conventional military hardware. If competitors successfully integrate AI into their products, they could offer enhanced capabilities that might attract customers away from BAE Systems.
2. Disintermediation: The increasing use of AI in defense and security may lead to a shift in supply chains and procurement processes. Companies leveraging AI might streamline operations, allowing them to bypass traditional intermediaries or contractors that BAE Systems typically relies on. This could reduce BAE’s relevance in certain markets or project opportunities, particularly if clients seek more direct, cost-effective solutions.
3. Margin Pressure: As the defense industry increasingly adopts AI-driven technologies, there might be intense competition around pricing and performance. If new entrants or existing competitors leverage AI to reduce costs and improve efficiency, BAE Systems could face pressure to lower its prices to remain competitive. Additionally, growing capabilities in AI could enable competitors to deliver projects faster and at a reduced expense, thereby squeezing the margins of traditional defense contractors.
4. Emerging Threats: AI’s evolving nature could also result in emerging threats to security and defense strategies. For example, adversaries might use AI for cyberattacks, drone swarms, or other advanced weaponry that could undermine current defense technologies developed by BAE Systems. The company would need to adapt continually to counter these developing threats, which could strain resources and focus on innovation.
In conclusion, while AI presents opportunities for BAE Systems to enhance its offerings, it also poses significant challenges that could affect its market position, profitability, and relevance in the rapidly changing landscape of defense technologies. The company would need to strategically invest in AI capabilities and innovate continually to mitigate these potential threats.

BAE Systems’ sensitivity to changes in interest rates can be analyzed through its earnings, cash flow, and overall valuation.
1. Earnings Sensitivity: BAE Systems’ earnings may be impacted by interest rates primarily through its cost of debt. If interest rates rise, the cost of borrowing increases, which can lead to higher expenses if the company has significant debt. This could potentially reduce net earnings. Additionally, if interest rates affect government budgets or defense spending, it could influence revenue, particularly since a substantial portion of BAE’s contracts are with government entities.
2. Cash Flow Sensitivity: Changes in interest rates can affect BAE Systems’ cash flow in a few ways. An increase in interest rates may lead to higher interest payments on variable-rate debt, reducing free cash flow. Conversely, higher interest rates might also result in larger returns on cash reserves, potentially increasing cash flow in that area. Furthermore, cash flow can be affected by the timing of government contracts and associated payments, which may fluctuate with economic conditions influenced by interest rates.
3. Valuation Sensitivity: The valuation of BAE Systems is typically assessed using discounted cash flow (DCF) analysis, where future cash flows are discounted back to their present value using a discount rate that often reflects current interest rates. A rise in interest rates generally increases the discount rate, which can diminish the present value of future cash flows, potentially leading to a lower valuation. Additionally, higher interest rates can impact market sentiment toward equities, affecting overall valuation multiples.
In summary, BAE Systems’ earnings, cash flow, and valuation are all sensitive to changes in interest rates, primarily through the effects on cost of debt, government spending, and discounted cash flow calculations. The magnitude of this sensitivity would depend on the company’s leverage, the nature of its contracts, and the broader economic environment.

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 bG9nb3MvUE VmYVBDbnVh dGRnQjhLSH hxbDYud2Vi cCIgYWx0PS JCQUUgU3lz dGVtcyIgdG l0bGU9IkJB RSBTeXN0ZW 1zIiAgY2xh c3M9ImltZy 1mbHVpZCIg aGVpZ2h0PT kwIHdpZHRo PTkwIGxvYW Rpbmc9J2xh enknIHN0eW xlPSdib3Jk ZXItcmFkaX VzOiA2cHg7 Jz4KCiAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nZm xleDogMTsg dGV4dC1hbG lnbjogY2Vu dGVyOyBtYX JnaW4tbGVm dDogNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdm b250LXNpem U6IDI2cHg7 IGNvbG9yOi AjMzMzOyBt YXJnaW4tYm 90dG9tOiAx NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICDwn5 OIIFdhbnQg dG8gcmVhZC Btb3JlIGFi b3V0IEJBRS BTeXN0ZW1z 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+OgSBG cmVlIGRvd2 5sb2FkISA8 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 RnUWtGRklG IE41YzNSbG JYTWcgYVhN Z1lTQkNjbS BsMGFYTm9J RzExIGJIUn BibUYwYVcg OXVZV3dnWT I5dCBjR0Z1 ZVNCMGFHIE YwSUhOd1pX TnAgWVd4cG VtVnpJRyBs dUlIUm9aU0 JrIFpYTnBa MjRzSUcgUm xkbVZzYjNC dCBaVzUwTE NCaGJtIFFn Y0hKdlpIVm ogZEdsdmJp QnZaaSBCa1 pXWmxibk5s IExDQnpaV0 4xY20gbDBl U3dnWVc1ay BJR0ZsY205 emNHIEZqWl NCemVYTjAg WlcxeklHRn VaQyBCbGNY VnBjRzFsIG JuUXVQR0p5 UGogSXVJRW wwY3lCdiBj bWxuYVc1ek lHIE5oYmlC aVpTQjAgY2 1GalpXUWdZ bSBGamF5Qj BieUJoIElH MWxjbWRsY2 kgQmlaWFIz WldWdSBJSF JvWlNCQ2Nt IGwwYVhOb0 lFRnAgY21O eVlXWjBJRS BOdmNuQnZj bUYwIGFXOX VMQ0JJWVgg ZHJaWElnVT JsayBaR1Zz Wlhrc0lHIE Z1WkNCVFky OTAgZEdsem FDQkJkbSBs aGRHbHZiaX dnIGQyaHBZ MmdnWm0gOX liV1ZrSUVK eSBhWFJwYz JnZ1FXIFZ5 YjNOd1lXTm wgSUNoQ1FX VXBJRyBsdU lERTVOemN1 IFBHSnlQak 11SUUgSkJS U0JUZVhOMC BaVzF6SUds eklHIDl1Wl NCdlppQjAg YUdVZ2QyOX liRyBUaWdK bHpJR3hoIG NtZGxjM1Fn WkcgVm1aVz V6WlNCaiBi MjUwY21Gam RHIDl5Y3l3 Z2QybDAgYU NCdmRtVnlJ RCBnMUxEQX dNQ0JsIGJY QnNiM2xsWl ggTWdhVzRn Ykc5aiBZWF JwYjI1eklH IEZqY205em N5QjAgYUdV Z1oyeHZZbS BVdVBHSnlQ alF1IElGUm 9aU0JqYjIg MXdZVzU1SU doaCBjeUJo SUhOMGNtID l1WnlCd2Nt VnogWlc1al pTQnBiaSBC MGFHVWdWVz VwIGRHVmtJ RXRwYm0gZG tiMjBnWVc1 ayBJRlZ1YV hSbFpDIEJU ZEdGMFpYTX MgSUdKMWRD QmhiSCBOdk lHaGhjeUJ2 IGNHVnlZWF JwYjIgNXpJ R2x1SUdOdi BkVzUwY21s bGN5IEJ6ZF dOb0lHRnog SUZOaGRXUn BJRSBGeVlX SnBZU3dnIF FYVnpkSEpo YkcgbGhMQ0 JKYm1ScCBZ U3dnWVc1a0 lGIEJ2YkdG dVpDNDggWW 5JK05TNGdR ayBGRklGTj VjM1JsIGJY TWdhR0Z6SU cgRWdkMmxr WlNCeSBZVz VuWlNCdlpp IEJ3Y205a2 RXTjAgY3lC aGJtUWdjMi BWeWRtbGpa WE1zIElHbH VZMngxWkcg bHVaeUJ0YV d4cCBkR0Z5 ZVNCaGFYIE pqY21GbWRD d2cgYm1GMl lXd2djMiBo cGNITXNJR0 Z5IGRHbHNi R1Z5ZVMgQn plWE4wWlcx eiBMQ0JsYk dWamRIIEp2 Ym1samN5Qm ggYm1RZ1NW UWdjMyBsem RHVnRjeXdn IGFXNTBaV3 hzYVcgZGxi bU5sSUdGdS BaQ0JqZVdK bGNuIE5sWT NWeWFYUjUg SUhOdmJIVj BhVyA5dWN5 d2dZVzVrIE lHMXZjbVV1 UEcgSnlQal l1SUVsdSBJ R0ZrWkdsMG FXIDl1SUhS dklHUmwgWm 1WdWMyVWdZ VyA1a0lITm xZM1Z5IGFY UjVMQ0JDUV UgVWdVM2x6 ZEdWdCBjeU JoYkhOdklH IGhoY3lCaE lITnAgWjI1 cFptbGpZVy A1MElIQnla WE5sIGJtTm xJR2x1SUgg Um9aU0JqYj IxdCBaWEpq YVdGc0lHIE ZsY205emNH RmogWlNCcG JtUjFjMyBS eWVTd2djM1 Z3IGNHeDVh VzVuSUcgTn ZiWEJ2Ym1W dSBkSE1nWm 05eUlHIEZw Y21OeVlXWj AgSUcxaGJu Vm1ZVyBOMG RYSmxjbk1n IGMzVmphQ0 JoY3kgQkNi MlZwYm1jZy BZVzVrSUVG cGNtIEoxY3 k0OFluSSsg Tnk0Z1FrRk ZJRiBONWMz UmxiWE1nIG FYTWdhVzUy YjIgeDJaV1 FnYVc0ZyBi blZ0WlhKdm RYIE1nYUds bmFDMXcgY2 05bWFXeGxJ SCBCeWIycG xZM1J6IExD QnpkV05vSU cgRnpJSFJv WlNCayBaWF psYkc5d2JX IFZ1ZENCdl ppQjAgYUdV Z1JpMHpOUy BCTWFXZG9k RzVwIGJtY2 dTVWtnWm0g bG5hSFJsY2 lCcSBaWFFz SUhSb1pTIE JGZFhKdlpt bG4gYUhSbG NpQlVlWCBC b2IyOXVMQ0 JoIGJtUWdk R2hsSUYgRj FaV1Z1SUVW cyBhWHBoWW 1WMGFDIDFq YkdGemN5Qm ggYVhKamNt Rm1kQyBCal lYSnlhV1Z5 IGN5Qm1iM0 lnZEcgaGxJ Rkp2ZVdGcy BJRTVoZG5r dVBHIEp5UG pndUlGUm8g WlNCamIyMX dZVyA1NUlH aGhjeUJoIE lITjBjbTl1 WnkgQmpiMj F0YVhSdCBa VzUwSUhSdk lIIE4xYzNS aGFXNWggWW 1sc2FYUjVJ RyBGdVpDQm 9ZWE1nIGFX MXdiR1Z0Wl cgNTBaV1Fn ZG1GeSBhVz kxY3lCcGJt IGwwYVdGMG FYWmwgY3lC aGJtUWdjSC BKdmFtVmpk SE1nIGRHOG djbVZrZFcg TmxJR2wwY3 lCbCBiblpw Y205dWJXIF Z1ZEdGc0lH bHQgY0dGam RDd2dhVyA1 amJIVmthVz VuIElIUm9a U0IxYzIgVW diMllnY21W dSBaWGRoWW 14bElHIFZ1 WlhKbmVTQn ogYjNWeVky VnpJRyBGdV pDQnlaV1Ix IFkzUnBiMj RnYjIgWWdZ MkZ5WW05dS BJR1Z0YVhO emFXIDl1Y3 k0OFluSSsg T1M0Z1FrRk ZJRiBONWMz UmxiWE1nIG FHRnpJR0ps WlcgNGdkR2 hsSUhSaCBj bWRsZENCdl ppIEJ6Wlha bGNtRnMgSU dOdmJuUnli MyBabGNuTn BaWE1zIElH bHVZMngxWk cgbHVaeUJo Ykd4bCBaMk YwYVc5dWN5 IEJ2WmlCam IzSnkgZFhC MGFXOXVJRy BGdVpDQjFi bVYwIGFHbG pZV3dnWW4g VnphVzVsYz NNZyBjSEpo WTNScFkyIF Z6TGlCVWFH VWcgWTI5dG NHRnVlUyBC b1lYTWdZV3 h6IGJ5Qm1Z V05sWkMgQm pjbWwwYVdO cCBjMjBnWm 05eUlHIGww Y3lCeWIyeG wgSUdsdUlI TjFjSCBCc2 VXbHVaeUJo IGNtMXpJSF J2SUcgTnZk VzUwY21sbC BjeUIzYVhS b0lIIEYxWl hOMGFXOXUg WVdKc1pTQm 9kVyAxaGJp QnlhV2RvIG RITWdjbVZq YjMgSmtjeT Q4WW5JKyBN VEF1SUVKQl JTIEJUZVhO MFpXMXogSU doaGN5QmhJ RyB4dmJtY2 dhR2x6IGRH OXllU0J2Wm kgQndhR2xz WVc1MCBhSE p2Y0hrZ1lX IDVrSUdOdm JXMTEgYm1s MGVTQnBibi BadmJIWmxi V1Z1IGRDd2 dkMmwwYUMg QmhJR1p2WT NWeiBJRzl1 SUhCeWIyID F2ZEdsdVp5 QmwgWkhWal lYUnBiMiA0 Z1lXNWtJSE 4xIGNIQnZj blJwYm0gY2 dkbVYwWlhK aCBibk1nWV c1a0lIIFJv WldseUlHWm ggYldsc2FX VnpMaiB4aW NqNHhNUzRn IFZHaGxJR0 52YlggQmhi bm5pZ0psei BJRzVoYldV Z2QyIEZ6SU c5eWFXZHAg Ym1Gc2JIa2 dRbiBKcGRH bHphQ0JCIF pYSnZjM0Jo WTIgVWdkVz UwYVd3ZyBZ U0J0WlhKbl pYIElnZDJs MGFDQk4gWV hKamIyNXBJ RSBWc1pXTj BjbTl1IGFX TWdVM2x6ZE cgVnRjeUJw YmlBeCBPVG s1SUhKbGMz IFZzZEdWa0 lHbHUgSUhS b1pTQnVZVy AxbElHTm9Z VzVuIFpTQj BieUJDUVUg VWdVM2x6ZE dWdCBjeTQ4 WW5JK01UIE l1SUVKQlJT QlQgZVhOMF pXMXpJRyBs eklIUm9aU0 IwIGFHbHla QzFzWVggSm 5aWE4wSUdS bCBabVZ1Yz JVZ1kyIDl0 Y0dGdWVTQn AgYmlCMGFH VWdkMiA5eW JHUWdZbmtn IFpHVm1aVz V6WlMgQnla WFpsYm5WbC BMQ0JoWm5S bGNpIEJWVX kxaVlYTmwg WkNCTWIyTn JhRyBWbFpD Qk5ZWEowIG FXNGdZVzVr SUUgTmhibU ZrWVMxaSBZ WE5sWkNCSF pXIDVsY21G c0lFUjUgYm 1GdGFXTnpM aiB4aWNqNH hNeTRnIFFr RkZJRk41Yz MgUmxiWE1n YUdGeiBJR0 VnY0dGeWRH IDVsY25Ob2 FYQWcgZDJs MGFDQjBhRy BVZ1FuSnBk R2x6IGFDQm 1ZWE5vYVcg OXVJR1JsYz JsbiBibVZ5 SUZCaGRXIH dnVTIxcGRH Z3MgSUhkb2 J5Qm9ZWCBN Z1pHVnphV2 R1IFpXUWdZ U0JzYVcgNW xJRzltSUdw aCBZMnRsZE hNZ1lXIDVr SUdGalkyVn ogYzI5eWFX VnpJRyBadm NpQjBhR1Vn IFkyOXRjR0 Z1ZWUgS0Ft WE1nWlcxdy BiRzk1WldW ekxqIHhpY2 o0eE5DNGcg VkdobElHTn ZiWCBCaGJu a2dhR0Z6IE lHRWdiRzl1 WnkgMXpkR0 Z1WkdsdSBa eUJ5Wld4aG RHIGx2Ym5O b2FYQWcgZD JsMGFDQjBh RyBVZ1FuSn BkR2x6IGFD QlNiM2xoYk MgQkdZVzFw YkhrZyBZVz VrSUdoaGN5 IEJpWldWdU lHbHUgZG05 c2RtVmtJRy BsdUlHUmxj MmxuIGJtbH VaeUJoYm0g UWdiV0Z1ZF daaCBZM1Ix Y21sdVp5IE JsY1hWcGNH MWwgYm5RZ1 ptOXlJSCBS b1pXbHlJSF Z6IFpTd2dh VzVqYkggVm thVzVuSUZK diBiR3h6TF ZKdmVXIE5s SUZCb1lXNT AgYjIwZ2JH bHRiMyBWem FXNWxjeTQ4 IFluSStNVF V1SUUgbHVJ REl3TWpBcy BJRUpCUlNC VGVYIE4wWl cxeklIZGgg Y3lCeVlXNX JaVyBRZ1lY TWdkR2hsIE lHeGhjbWRs YzMgUWdaR1 ZtWlc1eiBa U0JqYjIxd1 lXIDU1SUds dUlFVjEgY2 05d1pTQmll UyBCR2IzSj BkVzVsIElF ZHNiMkpoYk MgQTFNREF1 CiAgICAgIC AgPC9zcGFu PgogICAgIC AgIAogICAg ICAgIA==