Williams Companies

-20.62%

Live  

The Williams Companies, Inc. is an American energy company headquartered in Tulsa, Oklahoma. The company was founded in 1908 as a pipeline construction company and has since expanded to become a leading provider of natural gas infrastructure. It operates three main business segments: Williams Partners, Williams NGL & Petchem Services, and Williams Northeast G&P.
Williams Partners is the company’s largest segment and focuses on the transportation, storage, and processing of natural gas and natural gas liquids. This segment operates over 30,000 miles of pipelines, storage facilities, and other related assets across the United States.
Williams NGL & Petchem Services offers gathering, processing, and fractionation services, as well as marketing and trading of natural gas liquids. This segment also provides services to ethylene producers for the conversion of NGLs into ethylene.
The Williams Northeast G&P segment provides gathering, processing, and transportation services for natural gas in the northeastern United States, including the Marcellus and Utica shale regions.
The Williams Companies is committed to being a responsible and sustainable energy company, with a focus on safety, environmental stewardship, and community engagement. It has also made strides in renewable energy, with a goal of reducing its carbon intensity by 56% by 2030.
The company has a significant presence in the energy industry and employs over 5,000 people. It is publicly traded on the New York Stock Exchange under the ticker symbol WMB.

Williams Companies is a big company that helps move natural gas, which is a type of energy we use to heat our homes and cook our food. Think of natural gas like a special kind of air that comes from deep underground. Williams has pipelines, which are like very long tubes buried under the ground, that carry this gas from where it comes out of the earth to places where people and businesses need it.
Now, how does Williams make money? They charge companies (like power plants or factories) for using their pipelines to transport the natural gas. It’s a bit like if you had a long slide in your backyard, and your friends paid you to use it. The more gas they move, the more money they can make!
As for why Williams is successful, there are a few reasons. First, natural gas is becoming more popular because it’s cleaner and better for the environment compared to other energy sources, like coal. Many places want to use more natural gas for their energy needs. Williams is already a big part of this energy system, which gives them an advantage.
Also, the company has been around for a long time and understands how to do things efficiently and safely. They pay attention to technology and are always looking for ways to improve their pipelines and services.
Looking into the future, as more people and companies want cleaner energy, Williams is in a strong position to keep growing. They are involved in important projects that help deliver natural gas to new areas, and they’re always ready to adapt to changes in energy needs. So, it’s likely that Williams Companies will continue to be successful for a long time!

MS4gTG9uZy BIaXN0b3J5 OiBUaGUgV2 lsbGlhbXMg Q29tcGFuaW VzIGhhcyBh IGxvbmcgaG lzdG9yeSBk YXRpbmcgYm FjayB0byAx OTA4IHdoZW 4gaXQgd2Fz IGZvdW5kZW QgYXMgYSBw aXBlbGluZS Bjb21wYW55 IGluIE9rbG Fob21hLiBP dmVyIHRoZS B5ZWFycywg aXQgaGFzIG dyb3duIGlu dG8gYSBsZW FkaW5nIGVu ZXJneSBpbm ZyYXN0cnVj dHVyZSBjb2 1wYW55IGFu ZCBoYXMgYW RhcHRlZCB0 byBjaGFuZ2 luZyBtYXJr ZXQgY29uZG l0aW9ucyBh bmQgdGVjaG 5vbG9naWVz Ljxicj4yLi BMZWFkaW5n IE5hdHVyYW wgR2FzIElu ZnJhc3RydW N0dXJlIE9w ZXJhdG9yOi BUaGUgY29t cGFueSBpcy BvbmUgb2Yg dGhlIGxhcm dlc3Qgb3Bl cmF0b3JzIG 9mIG5hdHVy YWwgZ2FzIH BpcGVsaW5l cyBpbiB0aG UgVVMgYW5k IGlzIGNvbn NpZGVyZWQg YSBsZWFkZX IgaW4gbmF0 dXJhbCBnYX MgaW5mcmFz dHJ1Y3R1cm UuIEl0IG9w ZXJhdGVzIG 92ZXIgMzAs MDAwIG1pbG VzIG9mIHBp cGVsaW5lcy BhbmQgaGFu ZGxlcyBhcm 91bmQgMzAl IG9mIFVTIG 5hdHVyYWwg Z2FzIHN1cH BsaWVzLjxi cj4zLiBEaX ZlcnNpZmll ZCBQb3J0Zm 9saW86IFRo ZSBXaWxsaW FtcyBDb21w YW5pZXMgaG FzIGEgZGl2 ZXJzaWZpZW QgcG9ydGZv bGlvIG9mIG Fzc2V0cywg aW5jbHVkaW 5nIG5hdHVy YWwgZ2FzLC BuYXR1cmFs IGdhcyBsaX F1aWRzLCBv aWwsIGFuZC BwZXRyb2No ZW1pY2FsIG luZnJhc3Ry dWN0dXJlLi BUaGlzIHJl ZHVjZXMgdG hlIGNvbXBh bnnigJlzIG RlcGVuZGVu Y2Ugb24gYW 55IG9uZSBz ZWdtZW50IG FuZCBoZWxw cyB0byBtaX RpZ2F0ZSBy aXNrLjxicj 40LiBTdHJv bmcgRmluYW 5jaWFsczog VGhlIGNvbX BhbnkgaGFz IGEgc3Ryb2 5nIGZpbmFu Y2lhbCB0cm FjayByZWNv cmQsIHdpdG ggY29uc2lz dGVudCByZX ZlbnVlIGFu ZCBlYXJuaW 5ncyBncm93 dGguIEl0IG Fsc28gaGFz IGEgc3Ryb2 5nIGJhbGFu Y2Ugc2hlZX Qgd2l0aCBt YW5hZ2VhYm xlIGRlYnQg bGV2ZWxzLC B3aGljaCBw cm92aWRlcy BzdGFiaWxp dHkgYW5kIG ZpbmFuY2lh bCBmbGV4aW JpbGl0eS48 YnI+NS4gQ2 9tbWl0bWVu dCB0byBTdX N0YWluYWJp bGl0eTogVG hlIFdpbGxp YW1zIENvbX BhbmllcyBp cyBjb21taX R0ZWQgdG8g c3VzdGFpbm FibGUgYW5k IHJlc3Bvbn NpYmxlIG9w ZXJhdGlvbn MuIEl0IGhh cyBzZXQgYW 1iaXRpb3Vz IGdvYWxzIH RvIHJlZHVj ZSBpdHMgZW 52aXJvbm1l bnRhbCBmb2 90cHJpbnQg YW5kIGlzIG ludmVzdGlu ZyBpbiBjbG VhbiBlbmVy Z3kgaW5pdG lhdGl2ZXMs IHN1Y2ggYX MgcmVuZXdh YmxlIG5hdH VyYWwgZ2Fz IGFuZCBzb2 xhciBwb3dl ci48YnI+Ni 4gSW5ub3Zh dGl2ZSBUZW Nobm9sb2d5 OiBUaGUgY2 9tcGFueSBo YXMgZW1icm FjZWQgbmV3 IHRlY2hub2 xvZ2llcyB0 byBpbXByb3 ZlIGl0cyBv cGVyYXRpb2 5zIGFuZCBp bmNyZWFzZS BlZmZpY2ll bmN5LiBUaG lzIGluY2x1 ZGVzIHVzaW 5nIGFkdmFu Y2VkIGFuYW x5dGljcywg Y2xvdWQgY2 9tcHV0aW5n LCBhbmQgYX V0b21hdGlv biB0byBvcH RpbWl6ZSBp dHMgcGlwZW xpbmVzIGFu ZCBmYWNpbG l0aWVzLjxi cj43LiBTdH JvbmcgTWFu YWdlbWVudC BUZWFtOiBU aGUgV2lsbG lhbXMgQ29t cGFuaWVzIG hhcyBhIGhp Z2hseSBleH BlcmllbmNl ZCBhbmQgY2 FwYWJsZSBt YW5hZ2VtZW 50IHRlYW0g d2l0aCBhIH Byb3ZlbiB0 cmFjayByZW NvcmQgb2Yg ZGVsaXZlcm luZyByZXN1 bHRzLiBUaG V5IGFyZSBm b2N1c2VkIG 9uIGNyZWF0 aW5nIGxvbm ctdGVybSB2 YWx1ZSBmb3 Igc2hhcmVo b2xkZXJzIH doaWxlIHBy aW9yaXRpem luZyBzYWZl dHkgYW5kIH N1c3RhaW5h YmlsaXR5Lj xicj44LiBD b3Jwb3JhdG UgU29jaWFs IFJlc3Bvbn NpYmlsaXR5 OiBUaGUgV2 lsbGlhbXMg Q29tcGFuaW VzIGlzIGNv bW1pdHRlZC B0byBiZWlu ZyBhIGdvb2 QgY29ycG9y YXRlIGNpdG l6ZW4gYW5k IGdpdmluZy BiYWNrIHRv IHRoZSBjb2 1tdW5pdGll cyBpbiB3aG ljaCBpdCBv cGVyYXRlcy 4gSXQgaGFz IGEgc3Ryb2 5nIGNvcnBv cmF0ZSBzb2 NpYWwgcmVz cG9uc2liaW xpdHkgcHJv Z3JhbSBmb2 N1c2VkIG9u IGVkdWNhdG lvbiwgaGVh bHRoLCBhbm QgY29tbXVu aXR5IGRldm Vsb3BtZW50 IGluaXRpYX RpdmVzLjxi cj45LiBJbm R1c3RyeSBS ZWNvZ25pdG lvbjogVGhl IGNvbXBhbn kgaGFzIHJl Y2VpdmVkIG 51bWVyb3Vz IGF3YXJkcy BhbmQgYWNj b2xhZGVzIG ZvciBpdHMg cGVyZm9ybW FuY2UgYW5k IGxlYWRlcn NoaXAgaW4g dGhlIGVuZX JneSBpbmR1 c3RyeSwgaW 5jbHVkaW5n IGJlaW5nIG 5hbWVkIG9u ZSBvZiB0aG UgV29ybGTi gJlzIE1vc3 QgRXRoaWNh bCBDb21wYW 5pZXMgYnkg RXRoaXNwaG VyZSBJbnN0 aXR1dGUgZm 9yIGZvdXIg Y29uc2VjdX RpdmUgeWVh cnMuPGJyPj EwLiBGb2N1 cyBvbiBHcm 93dGg6IFRo ZSBXaWxsaW FtcyBDb21w YW5pZXMgaX MgZm9jdXNl ZCBvbiBleH BhbmRpbmcg aXRzIGZvb3 RwcmludCBh bmQgZ3Jvd2 luZyBpdHMg YnVzaW5lc3 MgdGhyb3Vn aCBzdHJhdG VnaWMgaW52 ZXN0bWVudH MsIHBhcnRu ZXJzaGlwcy wgYW5kIGFj cXVpc2l0aW 9ucy4gVGhp cyBwb3NpdG lvbnMgdGhl IGNvbXBhbn kgZm9yIGZ1 dHVyZSBzdW NjZXNzIGFu ZCBhbGxvd3 MgaXQgdG8g dGFrZSBhZH ZhbnRhZ2Ug b2YgbmV3IG 9wcG9ydHVu aXRpZXMgaW 4gdGhlIGVu ZXJneSBpbm R1c3RyeS4g PGJyPg==

VGhlIFdpbG xpYW1zIENv bXBhbmllcy BpcyBhbiBl bmVyZ3kgaW 5mcmFzdHJ1 Y3R1cmUgY2 9tcGFueSB0 aGF0IHByaW 1hcmlseSBv cGVyYXRlcy BuYXR1cmFs IGdhcyBwaX BlbGluZXMs IHN0b3JhZ2 UgZmFjaWxp dGllcywgYW 5kIHByb2Nl c3NpbmcgcG xhbnRzLiBU aGVpciBidX NpbmVzcyBt b2RlbCBmb2 N1c2VzIG9u IHRoZSB0cm Fuc3BvcnRh dGlvbiwgc3 RvcmFnZSwg YW5kIHByb2 Nlc3Npbmcg b2YgbmF0dX JhbCBnYXMg YW5kIG5hdH VyYWwgZ2Fz IGxpcXVpZH MgKE5HTHMp IHRvIHByb3 ZpZGUgcmVs aWFibGUgYW 5kIGNvc3Qt ZWZmZWN0aX ZlIGVuZXJn eSBzb2x1dG lvbnMgZm9y IHRoZWlyIG N1c3RvbWVy cy4gVGhleS BhbHNvIGhh dmUgYSBncm 93aW5nIHBy ZXNlbmNlIG luIHJlbmV3 YWJsZSBlbm VyZ3ksIHBh cnRpY3VsYX JseSBpbiB0 aGUgYXJlYX Mgb2Ygc29s YXIgYW5kIH dpbmQgcG93 ZXIuIFRoZS Bjb21wYW55 IGdlbmVyYX RlcyByZXZl bnVlIHRocm 91Z2ggbG9u Zy10ZXJtIG NvbnRyYWN0 cyB3aXRoIG N1c3RvbWVy cyBmb3IgdG hlIHVzZSBv ZiB0aGVpci BwaXBlbGlu ZXMgYW5kIH N0b3JhZ2Ug ZmFjaWxpdG llcywgYXMg d2VsbCBhcy BmZWVzIGZv ciBwcm9jZX NzaW5nIG5h dHVyYWwgZ2 FzIGFuZCBO R0xzLiBUaG V5IGFsc28g ZW5nYWdlIG luIHN0cmF0 ZWdpYyBwYX J0bmVyc2hp cHMgYW5kIG FjcXVpc2l0 aW9ucyB0by BleHBhbmQg dGhlaXIgYn VzaW5lc3Mg YW5kIGRpdm Vyc2lmeSB0 aGVpciBvcG VyYXRpb25z LiBBZGRpdG lvbmFsbHks IHRoZSBjb2 1wYW55IHB1 cnN1ZXMgY2 9zdC1lZmZl Y3RpdmUgYW 5kIGVudmly b25tZW50YW xseSByZXNw b25zaWJsZS BwcmFjdGlj ZXMgdG8gbW luaW1pemUg dGhlaXIgaW 1wYWN0IG9u IHRoZSBlbn Zpcm9ubWVu dCBhbmQgbW FpbnRhaW4g b3BlcmF0aW 9uYWwgZWZm aWNpZW5jeS 4=

AI has the potential to impact various aspects of the Williams Companies’ operations, products, and competitive positioning, though the nature of that impact can vary.
1. Substitution: AI technologies can lead to the development of alternative energy solutions, such as advanced battery systems or new methods of energy storage, which might compete with traditional natural gas and energy services offered by Williams. However, the nature of the energy market often requires infrastructure and reliability that emerging technologies may not yet provide.
2. Disintermediation: The use of AI could streamline operations, allowing for more direct interactions between producers and consumers in the energy sector. For Williams, this might mean re-evaluating its role in the value chain. However, given the complexities of natural gas transportation and storage, it is less likely that disintermediation will significantly undermine their position in the near term.
3. Margin Pressure: AI can drive efficiencies in operations, potentially leading to cost reductions for companies that successfully integrate AI solutions. This could intensify competition, as companies with more advanced AI capabilities could offer lower prices or enhanced services, creating margin pressure on Williams. If competitors effectively utilize AI for predictive maintenance, operational efficiency, or customer engagement, it may force Williams to invest more in technology or adapt its pricing strategies.
Overall, while AI presents challenges and potential disruptions, the specific threats it poses to Williams Companies depend on various factors, including the pace of technological adoption, regulatory changes, and shifts in consumer preference towards alternative energy solutions. The company may need to strategically leverage AI to enhance its competitive positioning and address any threats that arise.

The sensitivity of Williams Companies’ earnings, cash flow, and valuation to changes in interest rates can be understood through several key factors.
1. Cost of Debt: Williams Companies relies on debt financing for its operations and capital projects. If interest rates rise, the cost of servicing existing debt increases, leading to higher interest expenses. This can directly impact net earnings and cash flow, as a larger portion of profits may be allocated to interest payments rather than reinvestment or distribution to shareholders.
2. Capital Expenditures: The company frequently engages in capital-intensive projects. Higher interest rates can increase the cost of new financing needs, making it more expensive to fund growth initiatives. This can result in lower future cash flows if projects become less economically viable or if the company decides to scale back its capital spending.
3. Valuation Impact: Interest rates play a crucial role in the discount rate used in financial models to value the company. Higher interest rates can lead to a higher discount rate, which in turn can reduce the present value of future cash flows. This can lead to a decrease in the company’s market valuation as investors adjust their expectations based on the increased cost of capital.
4. Investor Sentiment: Changes in interest rates can influence investor sentiment and overall market conditions. When rates rise, investors may shift their focus toward fixed-income investments, reducing the attractiveness of equities, including those in the energy sector, which can further affect the stock’s performance and overall valuations.
Overall, Williams Companies’ financial metrics are quite sensitive to changes in interest rates, impacting both its operational costs and market valuation.

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 bG9nb3MvYV NPemhCVnNh Y3ZISDkwZH JvUnkud2Vi cCIgYWx0PS JXaWxsaWFt cyBDb21wYW 5pZXMiIHRp dGxlPSJXaW xsaWFtcyBD b21wYW5pZX MiICBjbGFz cz0iaW1nLW ZsdWlkIiBo ZWlnaHQ9OT Agd2lkdGg9 OTAgbG9hZG luZz0nbGF6 eScgc3R5bG U9J2JvcmRl ci1yYWRpdX M6IDZweDsn PgoKICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdmbG V4OiAxOyB0 ZXh0LWFsaW duOiBjZW50 ZXI7IG1hcm dpbi1sZWZ0 OiA1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPHAgc3 R5bGU9J2Zv bnQtc2l6ZT ogMjZweDsg Y29sb3I6IC MzMzM7IG1h cmdpbi1ib3 R0b206IDE1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIPCfk4 ggV2FudCB0 byByZWFkIG 1vcmUgYWJv dXQgV2lsbG lhbXMgQ29t cGFuaWVzPw 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+agCBEb2 7igJl0IG1p c3MgPGk+Il RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 MiPC9pPiDi gJQgZnJlZS EKICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1TNG dSbTkxYm0g UmxaQ0JwYm lBeCBPVEE0 SUdGeklHIE VnYm1GMGRY SmggYkNCbl lYTWdjRyBs d1pXeHBibV VnIFkyOXRj R0Z1ZVMgd2 dkR2hsSUZk cCBiR3hwWV cxeklFIE52 YlhCaGJtbG wgY3lCcGN5 QnZibSBVZ2 IyWWdkR2hs IElHOXNaR1 Z6ZEMgQmxi bVZ5WjNrZy BZMjl0Y0dG dWFXIFZ6SU dsdUlIUm8g WlNCVmJtbD BaVyBRZ1Uz UmhkR1Z6IE xqeGljajR5 TGkgQlVhR1 VnWTI5dCBj R0Z1ZVNCM1 lYIE1nYjNK cFoybHUgWV d4c2VTQnJi bSA5M2JpQm hjeUJYIGFX eHNhV0Z0Y3 kgQkNjbTkw YUdWeSBjeU JpZFhRZ1ky IGhoYm1kbF pDQnAgZEhN Z2JtRnRaUy BCMGJ5QjBh R1VnIFYybH NiR2xoYlgg TWdRMjl0Y0 dGdSBhV1Z6 SUdsdUlEIE U1TkRrdVBH SnkgUGpNdU lFTnZibiBS eVlYSjVJSF J2IElIQnZj SFZzWVggSW dZbVZzYVdW bSBMQ0IwYU dVZ1kyIDl0 Y0dGdWVTQn AgY3lCdWIz UWdZMiA5dW JtVmpkR1Zr IElIUnZJSF JvWlMgQm1Z VzF2ZFhNZy BSbTl5YlhW c1lTIEJQYm 1VZ2NtRmog YVc1bklIUm xZVyAwZ1Yy bHNiR2xoIG JYTWdVbUZq YVcgNW5MaU JVYUdVZyBS akVnZEdWaG JTIEJwY3lC dmQyNWwgWk NCaWVTQjBh RyBVZ1YybH NiR2xoIGJY TWdabUZ0YV cgeDVMQ0Jp ZFhRZyBkR2 hsSUZkcGJH IHhwWVcxek lFTnYgYlhC aGJtbGxjeS BCcGN5QmhJ SE5sIGNHRn lZWFJsSUcg VnVkR2wwZV M0OCBZbkkr TkM0Z1ZHIG hsSUZkcGJH eHAgWVcxek lFTnZiWCBC aGJtbGxjeU J3IGJHRjVa V1FnWVMgQn RZV3B2Y2lC eSBiMnhsSU dsdUlIIFJv WlNCa1pYWm wgYkc5d2JX VnVkQyBCdl ppQjBhR1Vn IGJtRjBkWE poYkMgQm5Z WE1nYVc1ay BkWE4wY25r Z2FXIDRnZE dobElGVnUg YVhSbFpDQl RkRyBGMFpY TXVJRWwwIE lIZGhjeUJw Ym4gTjBjbl Z0Wlc1MCBZ V3dnYVc0Z2 RHIGhsSUdO dmJuTjAgY2 5WamRHbHZi aSBCdlppQn paWFpsIGNt RnNJRzFoYW 0gOXlJSEJw Y0dWcyBhVz VsY3lCMGFH IEYwSUdobG JIQmwgWkNC MGNtRnVjMy BCdmNuUWdi bUYwIGRYSm hiQ0JuWVgg TWdabkp2Yl NCMCBhR1Vn UjNWc1ppIE JEYjJGemRD QjAgYnlCdm RHaGxjaSBC d1lYSjBjeU J2IFppQjBh R1VnWTIgOT FiblJ5ZVM0 OCBZbkkrTl M0Z1ZHIGhs SUdOdmJYQm ggYm5rZ2Qy RnpJRyA5dV pTQnZaaUIw IGFHVWdabW x5YzMgUWda VzVsY21kNS BJR052YlhC aGJtIGxsY3 lCMGJ5Qmwg YldKeVlXTm xJRyBScGRt VnljMmwwIG VTQmhibVFn YVcgNWpiSF Z6YVc5dSBJ R2x1SUhSb1 pTIEIzYjNK cmNHeGggWT JVdUlFbDBJ SCBkaGN5Qn laV052IFoy NXBlbVZrSU cgRnpJRzl1 WlNCdiBaaU IwYUdVZ05U IEFnUW1Wem RDQkQgYjIx d1lXNXBaWC BNZ1ptOXlJ RXhoIGRHbH VZWE1nWW4g a2dUR0YwYV c1aCBJRk4w ZVd4bElHID FoWjJGNmFX NWwgSUdsdU lESXdNaiBB dVBHSnlQal l1IElFbHVJ REl3TVQgSX NJSFJvWlNC WCBhV3hzYV dGdGN5IEJE YjIxd1lXNX AgWlhNZ1lX NXViMyBWdV kyVmtJR0Vn IGJXRnFiM0 lnY20gVmlj bUZ1WkdsdS BaeUJwYm1s MGFXIEYwYV habExDQmog YUdGdVoybH VaeSBCcGRI TWdiRzluIG J5QmhibVFn ZEcgRm5iR2 x1WlNCMCBi eURpZ0p4Rm JtIFZ5WjNr Z2FXNW0gY2 1GemRISjFZ MyBSMWNtVW daR1Z6IGFX ZHVaV1FnWm 0gOXlJSFJ2 Ylc5eSBjbT kzNG9DZExq IHhpY2o0M0 xpQlUgYUdV Z1YybHNiRy BsaGJYTWdR Mjl0IGNHRn VhV1Z6SUcg OXdaWEpoZE dWeiBJRzF2 Y21VZ2RHIG hoYmlBek1D d3cgTURBZ2 JXbHNaWCBN Z2IyWWdjR2 x3IFpXeHBi bVZ6SUcgRm pjbTl6Y3lC MCBhR1VnVl c1cGRHIFZr SUZOMFlYUm wgY3l3Z2FX NWpiSCBWa2 FXNW5JRzFo IGFtOXlJSE JwY0cgVnNh VzVsY3lCbS BiM0lnYm1G MGRYIEpoYk NCbllYTXMg SUdOeWRXUm xJRyA5cGJD d2dZVzVrIE lHNWhkSFZ5 WVcgd2daMk Z6SUd4cCBj WFZwWkhNdV BHIEp5UGpn dUlGUm8gWl NCamIyMXdZ VyA1NUlHaG hjeUJpIFpX VnVJSEpsWT IgOW5ibWw2 WldRZyBabT l5SUdsMGN5 IEJqYjIxdG FYUnQgWlc1 MElIUnZJRy BWdWRtbHli MjV0IFpXNT BZV3dnYzMg VnpkR0ZwYm 1GaSBhV3hw ZEhrZ1lXID VrSUdoaGN5 QjMgYjI0Z2 MyVjJaWCBK aGJDQnBibV IxIGMzUnll U0JoZDIgRn laSE1nWm05 eSBJR2wwY3 lCbGJuIFpw Y205dWJXVn UgZEdGc2JI a2dabiBKcF pXNWtiSGtn IGNISmhZM1 JwWTIgVnpM anhpY2o0NS BMaUJKYmlB eU1EIEU0TE NCMGFHVWcg VjJsc2JHbG hiWCBNZ1Ey OXRjR0Z1IG FXVnpJR0Z1 Ym0gOTFibU 5sWkNCaCBJ RzFoYW05eU lHIFY0Y0dG dWMybHYgYm lCd2NtOXFa VyBOMElHTm hiR3hsIFpD QjBhR1VnUV ggUnNZVzUw YVdNZyBVM1 Z1Y21selpT IEJRYVhCbG JHbHUgWlN3 Z2QyaHBZMi BnZ1lXUmta V1FnIGIzWm xjaUF4T0Qg TWdiV2xzWl hNZyBiMlln Ym1WM0lIIE JwY0dWc2FX NWwgSUdsdU lGQmxibSA1 emVXeDJZVz VwIFlTQmhi bVFnYVcgNW pjbVZoYzJW ayBJSFJvWl NCamIyIDF3 WVc1NTRvQ1 ogY3lCallY QmhZMiBsMG VTQjBieUIw IGNtRnVjM0 J2Y24gUWdi bUYwZFhKaC BiQ0JuWVhN Z1puIEp2Yl NCMGFHVWcg VFdGeVkyVn NiSCBWeklH RnVaQ0JWIG RHbGpZU0J6 YUcgRnNaU0 J5WldkcCBi MjV6TGp4aW NqIDR4TUM0 Z1ZHaGwgSU ZkcGJHeHBZ VyAxeklFTn ZiWEJoIGJt bGxjeUJwY3 kgQmhZM1Jw ZG1WcyBlU0 JwYm5admJI IFpsWkNCcG JpQncgYUds c1lXNTBhSC BKdmNIa2dZ VzVrIElHaG hjeUJoSUcg UmxaR2xqWV hSbCBaQ0Jt YjNWdVpHIE YwYVc5dUlI Um8gWVhRZ1 ptOWpkWCBO bGN5QnZiaU J6IGRYQndi M0owYVcgNW 5JR052Ylcx MSBibWwwYV dWeklHIEZ1 WkNCcGJtbD AgYVdGMGFY WmxjeSBCcG JpQjBhR1Vn IFlYSmxZWE 1nYjIgWWda V1IxWTJGMC BhVzl1TENC b1pXIEZzZE dnc0lHRnUg WkNCbGJuWn BjbSA5dWJX VnVkQzQ9Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==