Power Assets Holdings

Live  

Power Assets Holdings Limited is a Hong Kong-based investment holding company primarily engaged in the electricity and energy infrastructure business. The company was formed in 1976 as Hongkong Electric Holdings Limited and underwent its current name change in 2011 following the reorganisation of its parent company, Hongkong Electric Company, into a vertically-integrated energy group.
Power Assets Holdings operates through its two main subsidiaries: Hongkong Electric Company Limited, which provides electricity to Hong Kong Island and Lamma Island, and HK Electric Investments, which includes the group’s overseas electricity business and other related activities. The company also has investments in other energy-related businesses such as gas transmission and distribution, renewable energy, and metering services.
Power Assets Holdings is a listed company on the Hong Kong Stock Exchange, with majority ownership by Cheung Kong Infrastructure Holdings Limited (CKI), a large infrastructure company in Hong Kong. The company’s current Chairman is Victor K. Fung, a prominent businessman and economist in Hong Kong.
The company’s main goal is to provide reliable and sustainable energy solutions to its customers, while also operating in an environmentally responsible manner. It is committed to investing in innovative technologies and renewable energy sources to support the transition to a low-carbon economy. Power Assets Holdings also prides itself on its strong corporate governance and accountability, as well as its commitment to giving back to the community through various social and charitable initiatives.
In addition to its operations in Hong Kong, Power Assets Holdings has a growing footprint in various international markets, including the United Kingdom, Australia, Canada, and mainland China. As of 2021, the company’s total assets were valued at HK$81.6 billion.

UG93ZXIgQX NzZXRzIEhv bGRpbmdzIG lzIGEgYmln IGNvbXBhbn kgdGhhdCB0 YWtlcyBjYX JlIG9mIGVs ZWN0cmljaX R5IGFuZCBv dGhlciBmb3 JtcyBvZiBl bmVyZ3kuIE ltYWdpbmUg dGhleSBhcm UgbGlrZSB0 aGUgZnJpZW 5kbHkgZ2lh bnRzIHRoYX QgaGVscCBr ZWVwIHRoZS BsaWdodHMg b24gaW4gaG 9tZXMsIHNj aG9vbHMsIG FuZCBidXNp bmVzc2VzLi BUaGV5IG93 biBwb3dlci BwbGFudHMg dGhhdCBwcm 9kdWNlIGVu ZXJneSBhbm QgYWxzbyBp bnZlc3QgaW 4gb3RoZXIg Y29tcGFuaW VzIHRoYXQg aGVscCBwcm 92aWRlIGVs ZWN0cmljaX R5IGFuZCBl bmVyZ3kgc2 VydmljZXMu PGJyPkhlcm XigJlzIGhv dyB0aGV5IG 1ha2UgbW9u ZXk6IFdoZW 4gcGVvcGxl IGFuZCBidX NpbmVzc2Vz IHVzZSBlbG VjdHJpY2l0 eSwgdGhleS BwYXkgZm9y IGl0LiBUaG UgbW9yZSBl bmVyZ3kgdG hleSBwcm92 aWRlLCB0aG UgbW9yZSBt b25leSBQb3 dlciBBc3Nl dHMgbWFrZX MuIFRoZXkg YWxzbyBoYX ZlIHByb2pl Y3RzIGluIG RpZmZlcmVu dCBjb3VudH JpZXMsIHNv IHdoZW4gdG hleSBpbnZl c3QgaW4gZW 5lcmd5IGNv bXBhbmllcy Bhcm91bmQg dGhlIHdvcm xkLCB0aGV5 IGVhcm4gbW 9uZXkgZnJv bSB0aG9zZS B0b28uICA8 YnI+UG93ZX IgQXNzZXRz IGhhcyBiZW VuIHN1Y2Nl c3NmdWwgZm 9yIGEgZmV3 IHJlYXNvbn MuIEZpcnN0 LCBlbmVyZ3 kgaXMgc29t ZXRoaW5nIG V2ZXJ5b25l IG5lZWRzLC BzbyB0aGVy ZeKAmXMgYW x3YXlzIGEg ZGVtYW5kIG ZvciBpdC4g U2Vjb25kLC B0aGV5IGNh cmVmdWxseS BwbGFuIGFu ZCBpbnZlc3 Qgd2lzZWx5 IGluIG5ldy B0ZWNobm9s b2dpZXMgYW 5kIHByb2pl Y3RzLCB3aG ljaCBoZWxw cyB0aGVtIH N0YXkgYWhl YWQgb2YgdG hlaXIgY29t cGV0aXRvcn MuIExhc3Rs eSwgdGhleS Bmb2N1cyBv biBiZWluZy BlbnZpcm9u bWVudGFsbH kgZnJpZW5k bHkgYnkgZX hwbG9yaW5n IHJlbmV3YW JsZSBlbmVy Z3kgc291cm NlcyBsaWtl IHdpbmQgYW 5kIHNvbGFy IHBvd2VyLj xicj5JbiB0 aGUgZnV0dX JlLCB0aGV5 IGFyZSBsaW tlbHkgdG8g c3RheSBzdW NjZXNzZnVs IGJlY2F1c2 UgYXMgbW9y ZSBwZW9wbG Ugd2FudCB0 byB1c2UgY2 xlYW5lciBl bmVyZ3kgYW 5kIGFzIHRl Y2hub2xvZ3 kgaW1wcm92 ZXMsIHRoZX kgd2lsbCBi ZSByZWFkeS B0byBhZGFw dCBhbmQgcH JvdmlkZSB3 aGF0IGlzIG 5lZWRlZC4g V2l0aCB0aG VpciBleHBl cmllbmNlIG FuZCBzbWFy dCBwbGFubm luZywgdGhl eSBjYW4gY2 9udGludWUg dG8gYmUgYS BsZWFkZXIg aW4gdGhlIG VuZXJneSB3 b3JsZCE8Yn I+

VGhlcmUgYX JlIGEgZmV3 IG5vdGFibG UgYXNwZWN0 cyB0aGF0IH NldCBQb3dl ciBBc3NldH MgSG9sZGlu Z3MgYXBhcn Q6PGJyPjEu IERpdmVyc2 lmaWVkIHBv cnRmb2xpbz ogUG93ZXIg QXNzZXRzIE hvbGRpbmdz IGlzIGEgbG VhZGluZyBn bG9iYWwgdX RpbGl0eSBh bmQgaW5mcm FzdHJ1Y3R1 cmUgY29tcG FueSB3aXRo IGEgZGl2ZX JzZSBwb3J0 Zm9saW8gb2 YgYXNzZXRz LCBpbmNsdW RpbmcgZWxl Y3RyaWNpdH kgYW5kIGdh cyBkaXN0cm lidXRpb24s IHJlbmV3YW JsZSBlbmVy Z3ksIGFuZC B3YXRlciBz dXBwbHkuIF RoaXMgZGl2 ZXJzaWZpY2 F0aW9uIGhl bHBzIHRvIG 1pdGlnYXRl IHJpc2sgYW 5kIHByb3Zp ZGVzIHN0YW JsZSBsb25n LXRlcm0gaW 5jb21lIGZv ciB0aGUgY2 9tcGFueS48 YnI+Mi4gU3 Ryb25nIHBy ZXNlbmNlIG luIEFzaWE6 IFRoZSBjb2 1wYW55IGhh cyBhIHN0cm 9uZyBwcmVz ZW5jZSBpbi B0aGUgQXNp YS1QYWNpZm ljIHJlZ2lv biwgcGFydG ljdWxhcmx5 IGluIEhvbm cgS29uZywg Q2hpbmEsIE F1c3RyYWxp YSwgYW5kIE 5ldyBaZWFs YW5kLiBUaG lzIGdpdmVz IGl0IGEgc2 lnbmlmaWNh bnQgYWR2YW 50YWdlIGlu IHRhcHBpbm cgaW50byB0 aGUgcmFwaW RseSBncm93 aW5nIGVuZX JneSBkZW1h bmQgaW4gdG hlIHJlZ2lv bi48YnI+My 4gQ29uc2lz dGVudCBhbm Qgc3RhYmxl IHBlcmZvcm 1hbmNlOiBQ b3dlciBBc3 NldHMgSG9s ZGluZ3MgaG FzIGEgdHJh Y2sgcmVjb3 JkIG9mIGRl bGl2ZXJpbm cgY29uc2lz dGVudCBhbm Qgc3RhYmxl IGZpbmFuY2 lhbCBwZXJm b3JtYW5jZS wgd2l0aCBh IHN0cm9uZy Bmb2N1cyBv biBjb3N0IG 1hbmFnZW1l bnQgYW5kIG 9wZXJhdGlv bmFsIGVmZm ljaWVuY3ku PGJyPjQuIE ZvY3VzIG9u IHN1c3RhaW 5hYmlsaXR5 OiBUaGUgY2 9tcGFueSBp cyBjb21taX R0ZWQgdG8g b3BlcmF0aW 5nIGl0cyBi dXNpbmVzc2 VzIGluIGEg c3VzdGFpbm FibGUgYW5k IHJlc3Bvbn NpYmxlIG1h bm5lci4gSX QgaGFzIHNl dCBhbWJpdG lvdXMgdGFy Z2V0cyBmb3 IgcmVkdWNp bmcgaXRzIG NhcmJvbiBm b290cHJpbn QgYW5kIGlu Y3JlYXNpbm cgaXRzIHVz ZSBvZiByZW 5ld2FibGUg ZW5lcmd5Lj xicj41LiBF eHBlcmllbm NlZCBtYW5h Z2VtZW50IH RlYW06IFBv d2VyIEFzc2 V0cyBIb2xk aW5ncyBpcy BsZWQgYnkg YSBoaWdobH kgZXhwZXJp ZW5jZWQgYW 5kIHNraWxs ZWQgbWFuYW dlbWVudCB0 ZWFtIHdpdG ggYSBkZWVw IHVuZGVyc3 RhbmRpbmcg b2YgdGhlIG VuZXJneSBh bmQgaW5mcm FzdHJ1Y3R1 cmUgc2VjdG 9ycy48YnI+ Ni4gU3Ryb2 5nIGZpbmFu Y2lhbCBwb3 NpdGlvbjog VGhlIGNvbX BhbnkgaGFz IGEgc3Ryb2 5nIGJhbGFu Y2Ugc2hlZX QgYW5kIGEg c29saWQgZm luYW5jaWFs IHBvc2l0aW 9uLCBhbGxv d2luZyBpdC B0byBpbnZl c3QgaW4gZ3 Jvd3RoIG9w cG9ydHVuaX RpZXMgYW5k IHdlYXRoZX IgZWNvbm9t aWMgZG93bn R1cm5zLjxi cj43LiBMb2 5nLXRlcm0g cGVyc3BlY3 RpdmU6IFBv d2VyIEFzc2 V0cyBIb2xk aW5ncyB0YW tlcyBhIGxv bmctdGVybS B2aWV3IGlu IGl0cyBpbn Zlc3RtZW50 cyBhbmQgb3 BlcmF0aW9u cywgd2l0aC BhIGZvY3Vz IG9uIGNyZW F0aW5nIGxv bmctdGVybS B2YWx1ZSBm b3Igc2hhcm Vob2xkZXJz IGFuZCBzdG FrZWhvbGRl cnMu

UG93ZXIgQX NzZXRzIEhv bGRpbmdzIG lzIGEgY29t cGFueSB0aG F0IGZvY3Vz ZXMgb24gaW 52ZXN0aW5n IGluIGFuZC BvcGVyYXRp bmcgYnVzaW 5lc3NlcyBp biB0aGUgcG 93ZXIgYW5k IHV0aWxpdH kgc2VjdG9y LiBUaGUgY2 9tcGFueSdz IGJ1c2luZX NzIG1vZGVs IGNvbnNpc3 RzIG9mIGZv dXIgbWFpbi Bjb21wb25l bnRzOiBhc3 NldCBhY3F1 aXNpdGlvbi wgYXNzZXQg bWFuYWdlbW VudCwgZW5l cmd5IGdlbm VyYXRpb24g YW5kIHN1cH BseSwgYW5k IGVuZXJneS BpbmZyYXN0 cnVjdHVyZS BkZXZlbG9w bWVudC48Yn I+MS4gQXNz ZXQgQWNxdW lzaXRpb246 IFBvd2VyIE Fzc2V0cyBI b2xkaW5ncy BhY3F1aXJl cyBvd25lcn NoaXAgc3Rh a2VzIGFuZC Bjb250cm9s IG9mIHBvd2 VyIGFuZCB1 dGlsaXR5IG Fzc2V0cywg cHJpbWFyaW x5IGluIEhv bmcgS29uZy wgQXVzdHJh bGlhLCBhbm QgdGhlIFVu aXRlZCBLaW 5nZG9tLiBU aGVzZSBhc3 NldHMgbWF5 IGluY2x1ZG UgZWxlY3Ry aWNpdHksIG dhcywgYW5k IHdhdGVyIG Rpc3RyaWJ1 dGlvbiBuZX R3b3Jrcywg YXMgd2VsbC BhcyByZW5l d2FibGUgZW 5lcmd5IHBy b2plY3RzLj xicj4yLiBB c3NldCBNYW 5hZ2VtZW50 OiBUaGUgY2 9tcGFueSBl bXBsb3lzIG Egcmlnb3Jv dXMgYXNzZX QgbWFuYWdl bWVudCBhcH Byb2FjaCB0 byBvcHRpbW l6ZSB0aGUg cGVyZm9ybW FuY2Ugb2Yg aXRzIGFzc2 V0cy4gVGhp cyBpbmNsdW RlcyBpbXBs ZW1lbnRpbm cgY29zdC1z YXZpbmcgbW Vhc3VyZXMs IHVwZ3JhZG luZyBhbmQg bWFpbnRhaW 5pbmcgaW5m cmFzdHJ1Y3 R1cmUsIGFu ZCBlbnN1cm luZyByZWd1 bGF0b3J5IG NvbXBsaWFu Y2UuPGJyPj MuIEVuZXJn eSBHZW5lcm F0aW9uIGFu ZCBTdXBwbH k6IFBvd2Vy IEFzc2V0cy BIb2xkaW5n cyBvd25zIG FuZCBvcGVy YXRlcyBwb3 dlciBnZW5l cmF0aW9uIG ZhY2lsaXRp ZXMsIGluY2 x1ZGluZyBj b2FsLCBnYX MsIGFuZCBy ZW5ld2FibG UgZW5lcmd5 IHBsYW50cy 4gVGhlIGNv bXBhbnkncy Bwb3dlciBn ZW5lcmF0aW 9uIGFzc2V0 cyBwcm92aW RlIGVsZWN0 cmljaXR5IH RvIGl0cyBj dXN0b21lcn MgdGhyb3Vn aCBsb25nLX Rlcm0gc3Vw cGx5IGNvbn RyYWN0cy48 YnI+NC4gRW 5lcmd5IElu ZnJhc3RydW N0dXJlIERl dmVsb3BtZW 50OiBBcyBh IGxvbmctdG VybSBpbnZl c3RvciwgUG 93ZXIgQXNz ZXRzIEhvbG RpbmdzIGFs c28gZm9jdX NlcyBvbiBk ZXZlbG9waW 5nIG5ldyBl bmVyZ3kgaW 5mcmFzdHJ1 Y3R1cmUgcH JvamVjdHMu IFRoZXNlIG 1heSBpbmNs dWRlIGJ1aW xkaW5nIG5l dyBwb3dlci BwbGFudHMs IGV4cGFuZG luZyBleGlz dGluZyBmYW NpbGl0aWVz LCBvciBkZX ZlbG9waW5n IHJlbmV3YW JsZSBlbmVy Z3kgcHJvam VjdHMuPGJy Pk92ZXJhbG wsIHRoZSBj b21wYW55J3 MgYnVzaW5l c3MgbW9kZW wgaXMgY2Vu dGVyZWQgYX JvdW5kIGFj cXVpcmluZy BhbmQgbWFu YWdpbmcgYS BkaXZlcnNl IHBvcnRmb2 xpbyBvZiBw b3dlciBhbm QgdXRpbGl0 eSBhc3NldH MsIHByb3Zp ZGluZyByZW xpYWJsZSBh bmQgYWZmb3 JkYWJsZSBl bmVyZ3kgdG 8gaXRzIGN1 c3RvbWVycy wgYW5kIGlu dmVzdGluZy BpbiB0aGUg ZGV2ZWxvcG 1lbnQgb2Yg bmV3IGVuZX JneSBpbmZy YXN0cnVjdH VyZSB0byBz dXBwb3J0IH RoZSBncm93 aW5nIGRlbW FuZCBmb3Ig ZWxlY3RyaW NpdHku

AI can pose several potential threats to Power Assets Holdings, affecting its products, services, and competitive positioning in a few key ways:
1. Substitution: AI technologies could lead to the development of alternative energy solutions, such as renewable energy sources or energy-efficient technologies, which might substitute for traditional energy generation methods. If AI-driven solutions can provide cleaner, cheaper, or more efficient energy options, this could undermine the demand for Power Assets’ conventional offerings.
2. Disintermediation: The rise of AI and smart grid technologies can enable consumers to manage their own energy usage more effectively, potentially reducing reliance on traditional utility models. Distributed energy resources, such as solar panels combined with AI-driven energy management systems, could empower consumers to generate and manage their own energy, bypassing traditional utility companies.
3. Margin Pressure: If AI technologies lead to increased efficiencies in energy production and distribution, they could result in lower operational costs for competitors. This might force Power Assets to lower its prices to remain competitive, thereby exerting margin pressure. Additionally, if AI enables the entry of new players with lower-cost solutions, existing companies may struggle to maintain market share while facing cost pressures.
Overall, Power Assets Holdings needs to remain vigilant in adopting AI technologies and adapting its strategy to mitigate these potential threats while also exploring opportunities to enhance its offerings through innovation.

The sensitivity of Power Assets Holdings’ earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Sensitivity: Power Assets Holdings generates a significant portion of its earnings from regulated utilities and energy investments. Changes in interest rates can impact the cost of debt financing, which in turn affects earnings. Higher interest rates increase the cost of borrowing, leading to potential reductions in profitability if the company has substantial debt. Conversely, lower rates could improve earnings by reducing interest expenses.
2. Cash Flow Sensitivity: Cash flow is directly influenced by interest rates through variables such as interest payments on debt and the returns on investment. If interest rates rise, the company’s cash outflows for interest payments increase, potentially constraining available cash for dividends, maintenance, and growth investments. On the other hand, lower interest rates can enhance cash flow, making it easier for the company to manage its operations and fulfill obligations.
3. Valuation Sensitivity: Interest rates play a critical role in determining the valuation of utility companies like Power Assets Holdings, primarily through their impact on the discount rate used in discounted cash flow analyses. Higher interest rates lead to a higher discount rate, which can reduce the present value of future cash flows and lower the company’s overall valuation. Conversely, lower interest rates typically result in a lower discount rate, enhancing the attractiveness and valuation of the company.
In summary, Power Assets Holdings’ earnings, cash flow, and valuation are sensitive to changes in interest rates due to the interplay of debt costs, cash management, and discount rates. However, the extent of this sensitivity will depend on the company’s capital structure, interest rate hedging strategies, and overall market conditions.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgUG 93ZXIgQXNz ZXRzIEhvbG Rpbmdz4oCZ IGVjb25vbW ljcyBvdmVy IHRoZSBuZX h0IDPigJM1 IHllYXJzIH dvdWxkIGJl IGEgc2lnbm lmaWNhbnQg c2hpZnQgaW 4gZW5lcmd5 IHBvbGljaW VzIHRvd2Fy ZCByZW5ld2 FibGUgZW5l cmd5IGFuZC BkZWNhcmJv bml6YXRpb2 4sIGNvdXBs ZWQgd2l0aC BhZHZhbmNl bWVudHMgaW 4gZW5lcmd5 IHN0b3JhZ2 UgYW5kIGdy aWQgdGVjaG 5vbG9neSB0 aGF0IHJlbm RlciB0cmFk aXRpb25hbC Bwb3dlciBn ZW5lcmF0aW 9uIGFzc2V0 cyBsZXNzIG NvbXBldGl0 aXZlLjxicj 5JbiB0aGlz IHNjZW5hcm lvLCB2YXJp b3VzIGdvdm Vybm1lbnRz IG1pZ2h0IG ltcGxlbWVu dCBhZ2dyZX NzaXZlIHJl Z3VsYXRpb2 5zIGFuZCBw b2xpY2llcy BhaW1lZCBh dCBkcmFzdG ljYWxseSBy ZWR1Y2luZy BjYXJib24g ZW1pc3Npb2 5zLiBUaGlz IGNvdWxkIG luY2x1ZGUg c3RyaWN0ZX IgZW1pc3Np b25zIHRhcm dldHMsIGlu Y3JlYXNlZC BjYXJib24g dGF4ZXMsIG 9yIHN1YnN0 YW50aWFsIH N1YnNpZGll cyBmb3Igcm VuZXdhYmxl IGVuZXJneS Bwcm9qZWN0 cy4gSWYgUG 93ZXIgQXNz ZXRzIEhvbG RpbmdzIHJl bGllcyBoZW F2aWx5IG9u IGZvc3NpbC BmdWVsIGdl bmVyYXRpb2 4sIHRoZSBj b21wYW55IG NvdWxkIGZh Y2Ugc3Vic3 RhbnRpYWwg ZmluYW5jaW FsIGNoYWxs ZW5nZXMgYX MgaXRzIGV4 aXN0aW5nIG Fzc2V0cyBi ZWNvbWUgbG VzcyB2YWx1 YWJsZSBhbm QgcG90ZW50 aWFsbHkgb2 Jzb2xldGUu PGJyPkNvbn NlcXVlbnRs eSwgdGhlIG NvbXBhbnni gJlzIG1hcm dpbnMgd291 bGQgc2hyaW 5rIGR1ZSB0 byBpbmNyZW FzZWQgb3Bl cmF0aW9uYW wgY29zdHMg cmVsYXRlZC B0byBjb21w bGlhbmNlIG FuZCB0aGUg cG90ZW50aW FsIG5lZWQg dG8gaW52ZX N0IGluIHJl dHJvZml0dG luZyBleGlz dGluZyBwbG FudHMgb3Ig ZGV2ZWxvcG luZyBuZXcg cmVuZXdhYm xlIGVuZXJn eSBwcm9qZW N0cy4gUHJv Zml0IG1hcm dpbnMgbWln aHQgZGVjcm Vhc2UgYXMg cmV2ZW51ZX MgZGVjbGlu ZSBmcm9tIH RyYWRpdGlv bmFsIGVsZW N0cmljaXR5 IHNhbGVzLC B3aGlsZSBj b3N0cyByaX NlIGFzc29j aWF0ZWQgd2 l0aCB0cmFu c2l0aW9uaW 5nIHRvIGNs ZWFuZXIgdG VjaG5vbG9n aWVzLjxicj 5DYXNoIGZs b3cgY291bG QgYWxzbyBi ZSBzaWduaW ZpY2FudGx5 IGFmZmVjdG VkLiBXaXRo IHJlZHVjZW QgaW5jb21l IGZyb20gY2 9udmVudGlv bmFsIHBvd2 VyIGdlbmVy YXRpb24gYW 5kIHBvdGVu dGlhbCBoZW Z0eSBjYXBp dGFsIGV4cG VuZGl0dXJl cyByZXF1aX JlZCB0byBh ZGFwdCB0by BuZXcgdGVj aG5vbG9naW VzLCB0aGUg Y29tcGFueS BtaWdodCBz dHJ1Z2dsZS B0byBtYWlu dGFpbiBjb2 5zaXN0ZW50 IGNhc2ggZm xvdy4gSWYg YW55IG9mIG l0cyBleGlz dGluZyBjb2 50cmFjdHMg b3IgcG93ZX IgcHVyY2hh c2UgYWdyZW VtZW50cyBh cmUgcmVuZW dvdGlhdGVk IHVuZGVyIG 5ldyBlbnZp cm9ubWVudG FsIHN0YW5k YXJkcywgdG hpcyBtaWdo dCBmdXJ0aG VyIGRlcHJl c3MgY2FzaC BmbG93Ljxi cj5PbiB0aG UgYmFsYW5j ZSBzaGVldC wgdGhlIGNv bXBhbnkgbW lnaHQgc2hv dyBpbmNyZW FzZWQgbGlh YmlsaXRpZX MgZHVlIHRv IGxvYW5zIH Rha2VuIG9u IHRvIGZpbm FuY2UgbmV3 IHJlbmV3YW JsZSBpbml0 aWF0aXZlcy BvciByZXRy b2ZpdHRpbm cgb2xkIHBs YW50cywgbG VhZGluZyB0 byBhIGhpZ2 hlciBkZWJ0 LXRvLWVxdW l0eSByYXRp by4gSW4gYW RkaXRpb24s IGlmIGludm VzdG1lbnRz IGluIHRyYW RpdGlvbmFs IGFzc2V0cy BsZWFkIHRv IGltcGFpcm 1lbnQgbG9z c2VzLCB0aG lzIHdvdWxk IHJlZmxlY3 QgbmVnYXRp dmVseSBvbi B0aGUgYXNz ZXQgc2lkZS BvZiB0aGUg YmFsYW5jZS BzaGVldCwg cmVkdWNpbm cgb3ZlcmFs bCBhc3NldC B2YWx1ZS48 YnI+T3Zlcm FsbCwgdGhp cyBzY2VuYX JpbyBjb3Vs ZCBsZWFkIF Bvd2VyIEFz c2V0cyBIb2 xkaW5ncyB0 byBleHBlcm llbmNlIHRp Z2h0ZXIgbW FyZ2lucywg Y29uc3RyYW luZWQgY2Fz aCBmbG93LC BhbmQgYSB3 ZWFrZW5lZC BiYWxhbmNl IHNoZWV0IH N0cnVjdHVy ZSwgbWFraW 5nIGl0IG1v cmUgY2hhbG xlbmdpbmcg dG8gZmluYW 5jZSBmdXR1 cmUgZ3Jvd3 RoIGFuZCBt YWludGFpbi BpbnZlc3Rv ciBjb25maW RlbmNlLjxi cj4=

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 bG9nb3MvYk pBMENRZjBy N3hFRks5Vk w3V0Mud2Vi cCIgYWx0PS JQb3dlciBB c3NldHMgSG 9sZGluZ3Mi IHRpdGxlPS JQb3dlciBB c3NldHMgSG 9sZGluZ3Mi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9NTAg d2lkdGg9NT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgUG93ZXIg QXNzZXRzIE hvbGRpbmdz 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+TmiBZ b3VyIGZyZW UgY29weSBv ZiA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+IGlz IHdhaXRpbm cKICAgICAg 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 dVRzkzWlgg SWdRWE56Wl hSeiBJRWh2 YkdScGJtIG R6SUdseklH RWcgU0c5dV p5QkxiMiA1 bkxXSmhjMl ZrIElHTnZi WEJoYm4ga2 dkR2hoZENC cCBjeUJ3Y2 1sdFlYIEpw YkhrZ1ptOW ogZFhObFpD QnZiaSBCcG JuWmxjM1J0 IFpXNTBJR2 x1SUcgVnNa V04wY21sai BhWFI1SUdG dVpDIEJsYm 1WeVoza3Qg Y21Wc1lYUm xaQyBCaWRY TnBibVZ6IG MyVnpManhp Y2ogNHlMaU JVYUdVZyBZ Mjl0Y0dGdW VTIEIzWVhN Z2NISmwgZG 1sdmRYTnNl UyBCcmJtOT NiaUJoIGN5 QkliMjVuYT IgOXVaeUJG YkdWaiBkSE pwWXlCSWIy IHhrYVc1bm N5Qk0gYVcx cGRHVmtJSC BWdWRHbHNJ R2wwIGN5Qn VZVzFsSUcg Tm9ZVzVuWl NCcCBiaUF5 TURFeUxqIH hpY2o0ekxp QlEgYjNkbG NpQkJjMyBO bGRITWdTRz lzIFpHbHVa M01nYVggTW dZU0J6ZFdK eiBhV1JwWV hKNUlHIDlt SUhSb1pTQn MgWVhKblpY SWdZMiA5dV oyeHZiV1Z5 IFlYUmxMQ0 JEU3kgQklk WFJqYUdsei BiMjRnU0c5 c1pHIGx1Wj NNZ1RHbHQg YVhSbFpDd2 dkMiBocFky Z2dhWE1nIG IzZHVaV1Fn WW4ga2dTRz l1WnlCTCBi MjVuSUdKcG JHIHhwYjI1 aGFYSmwgSU V4cElFdGhM WCBOb2FXNW 5ManhpIGNq NDBMaUJVYU cgVWdZMjl0 Y0dGdSBlU0 IzWVhNZ2Iz IEpwWjJsdV lXeHMgZVNC bWIzVnVaRy BWa0lHbHVJ REU0IE9Ea2 dZWE1nZEcg aGxJRWh2Ym 1kciBiMjVu SUVWc1pXIE 4wY21saklF TnYgYlhCaG Jua3NJRyAx aGEybHVaeU JwIGRDQnZi bVVnYjIgWW dkR2hsSUc5 cyBaR1Z6ZE NCMWRHIGxz YVhSNUlHTn YgYlhCaGJt bGxjeSBCcG JpQkliMjVu IElFdHZibW N1UEcgSnlQ alV1SUZCdi BkMlZ5SUVG emMyIFYwY3 lCSWIyeGsg YVc1bmN5Qm 9ZWCBNZ2Iz QmxjbUYwIG FXOXVjeUJw YmkgQkJjMm xoTENCQiBk WE4wY21Gc2 FXIEVzSUVW MWNtOXcgWl N3Z1lXNWtJ RSA1dmNuUm 9JRUZ0IFpY SnBZMkVzSU ggZHBkR2dn WVNCeiBkSE p2Ym1jZ2NI IEpsYzJWdV kyVWcgYVc0 Z1NHOXVaeS BCTGIyNW5M Q0IwIGFHVW dWVzVwZEcg VmtJRXRwYm 1kayBiMjBz SUdGdVpDIE JCZFhOMGNt RnMgYVdFdV BHSnlQaiBZ dUlGUm9aU0 JqIGIyMXdZ VzU1NG8gQ1 pjeUJ0WVds dSBJR0oxYz JsdVpYIE56 SUdseklIUm 8gWlNCblpX NWxjbSBGMG FXOXVMQ0Iw IGNtRnVjMj FwYzMgTnBi MjRzSUdGdS BaQ0JrYVhO MGNtIGxpZF hScGIyNGcg YjJZZ1pXeG xZMyBSeWFX TnBkSGtzIE lHSjFkQ0Jw ZEMgQmhiSE 52SUdoaCBj eUJwYm5abG MzIFJ0Wlc1 MGN5QnAgYm lCeVpXNWxk MiBGaWJHVW daVzVsIGNt ZDVMQ0JuWV ggTWdaR2x6 ZEhKcCBZbl YwYVc5dUxD IEJoYm1RZ1 pXNWwgY21k NUlISmxkRy BGcGJHbHVa eTQ4IFluSS tOeTRnU1cg NGdNakF4T0 N3ZyBVRzkz WlhJZ1FYIE 56WlhSeklF aHYgYkdScG JtZHpJRyBG dWJtOTFibU 5sIFpDQjBh R0YwSUcgbD BJSGR2ZFd4 ayBJRzV2SU d4dmJtIGRs Y2lCcGJuWm wgYzNRZ2FX NGdibSBWM0 lHTnZZV3d0 IFptbHlaV1 FnY0cgOTNa WElnY0d4aC BiblJ6TENC cGJpIEJzYV c1bElIZHAg ZEdnZ2FYUn pJRyBOdmJX MXBkRzFsIG JuUWdkRzhn WlcgNTJhWE p2Ym0xbCBi blJoYkNCem RYIE4wWVds dVlXSnAgYk dsMGVTNDhZ biBJK09DNG dWR2hsIElH TnZiWEJoYm 4ga2dhR0Z6 SUdFZyBjMm xuYm1sbWFX IE5oYm5RZ2 NHOXkgZEda dmJHbHZJRy A5bUlISmxi bVYzIFlXSn NaU0JsYm0g VnlaM2tnWV hOeiBaWFJ6 TENCcGJtIE 5zZFdScGJt Y2cgZDJsdV pDd2djMiA5 c1lYSXNJR0 Z1IFpDQm9l V1J5YnkgQn diM2RsY2lC dyBjbTlxWl dOMGN5IDQ4 WW5JK09TNG cgVUc5M1pY SWdRWCBOel pYUnpJRWh2 IGJHUnBibW R6SUcgbHpJ R3hwYzNSbC BaQ0J2YmlC MGFHIFVnU0 c5dVp5Qkwg YjI1bklGTj BiMiBOcklF VjRZMmhoIG JtZGxJR0Z1 WkMgQnBjeU JoSUdOdiBi bk4wYVhSMV pXIDUwSUc5 bUlIUm8gWl NCSVlXNW5J RiBObGJtY2 dTVzVrIFpY Z3NJR0VnYl cgRnFiM0ln YzNSdiBZMn NnYldGeWEy IFYwSUdsdV pHVjQgSUds dUlFaHZibS BjZ1MyOXVa eTQ4IFluSS tNVEF1SUUg bHVJR0ZrWk dsMCBhVzl1 SUhSdklHIG wwY3lCamIz SmwgSUdKMW MybHVaWCBO ekxDQjBhR1 VnIFkyOXRj R0Z1ZVMgQm hiSE52SUhC eSBiM1pwWk dWeklIIFJs YkdWamIyMX QgZFc1cFky RjBhVyA5dW N5QmhibVFn IGNISnZjR1 Z5ZEgga2di V0Z1WVdkbC BiV1Z1ZENC elpYIEoyYV dObGN5QjAg YUhKdmRXZG 9JRyBsMGN5 QnpkV0p6IG FXUnBZWEpw WlggTXUKIC AgICAgICA8 L3NwYW4+Ci AgICAgICAg CiAgICAgIC Ag