Bouygues

Live  

Bouygues is a French conglomerate company that specializes in construction, telecommunications, and media. It was founded in 1952 by Francis Bouygues and is headquartered in Paris, France. The company has a presence in over 90 countries and employs over 129,000 people worldwide.
Construction
Bouygues is one of the largest construction companies in the world. It has built iconic structures such as the Stade de France in Paris and the Millennium Dome in London. The company is also involved in building transportation infrastructure, including highways, bridges, and airports. It has a strong focus on sustainability and has successfully completed several green building projects.
Telecommunications
Bouygues is a major player in the telecommunications industry, with its subsidiary Bouygues Telecom being the third-largest mobile network operator in France. The company offers a range of services, including mobile, fixed-line, and Internet services. Bouygues Telecom has been a pioneer in implementing 5G technology in France.
Media
Bouygues also has a presence in the media industry through its subsidiary TF1. TF1 is one of the leading television channels in France and also has a major presence in digital media. It produces and broadcasts a variety of content, including news, sports, and entertainment programs. Bouygues also owns a majority stake in the French newspaper Le Monde.
Corporate social responsibility
Bouygues has a strong commitment to corporate social responsibility and sustainability. The company has implemented various policies and programs to reduce its environmental impact, promote diversity and inclusion, and support local communities. It has also set ambitious targets to reduce its carbon footprint and increase the use of renewable energy in its operations.
Conclusion
Bouygues is a diverse and globally recognized company with a strong focus on construction, telecommunications, and media industries. It has a long history of success and a commitment to sustainability and social responsibility. With its innovative projects and strong international presence, Bouygues is a major player in the global business landscape.

Qm91eWd1ZX MgaXMgYSBi aWcgY29tcG FueSBmcm9t IEZyYW5jZS B0aGF0IGRv ZXMgYSBsb3 Qgb2YgZGlm ZmVyZW50IH RoaW5ncy4g SW1hZ2luZS BpdCBsaWtl IGEgZ2lhbn QgdG9vbGJv eCB0aGF0IG NhbiBidWls ZCwgY3JlYX RlLCBhbmQg Y29ubmVjdC B0aGluZ3Mh PGJyPk9uZS BvZiB0aGUg bWFpbiB0aG luZ3MgQm91 eWd1ZXMgZG 9lcyBpcyBj b25zdHJ1Y3 Rpb24uIFRo ZXkgYnVpbG Qgcm9hZHMs IGJ1aWxkaW 5ncywgYW5k IGV2ZW4gYn JpZGdlcy4g VGhpcyBoZW xwcyBjaXRp ZXMgZ3Jvdy BhbmQgbWFr ZXMgbGlmZS BlYXNpZXIg Zm9yIHBlb3 BsZS4gQW5v dGhlciBwYX J0IG9mIHRo ZWlyIHdvcm sgaXMgaW4g dGVsZWNvbW 11bmljYXRp b25zLCB3aG ljaCBtZWFu cyB0aGV5IH Byb3ZpZGUg cGhvbmUgYW 5kIGludGVy bmV0IHNlcn ZpY2VzIHNv IHBlb3BsZS BjYW4gdGFs ayB0byBlYW NoIG90aGVy IGFuZCBnby BvbmxpbmUu IFRoZXkgYW xzbyB3b3Jr IGluIHRoZS BtZWRpYSBh bmQgYnJvYW RjYXN0aW5n LCB3aGljaC BtZWFucyB0 aGV5IGNyZW F0ZSBUViBj aGFubmVscy BhbmQgc2hv d3MgZm9yIH Blb3BsZSB0 byBlbmpveS 48YnI+Qm91 eWd1ZXMgbW FrZXMgbW9u ZXkgYnkgcH JvdmlkaW5n IHRoZXNlIH NlcnZpY2Vz LiBGb3IgZX hhbXBsZSwg d2hlbiB0aG V5IGJ1aWxk IGEgbmV3IG J1aWxkaW5n IGZvciBhIG NvbXBhbnkg b3IgYSBzY2 hvb2wsIHRo ZXkgZ2V0IH BhaWQgZm9y IHRoZWlyIH dvcmsuIFRo ZXkgYWxzby BlYXJuIG1v bmV5IGZyb2 0gc2VsbGlu ZyBpbnRlcm 5ldCBhbmQg cGhvbmUgcG xhbnMgdG8g Y3VzdG9tZX JzLjxicj5C b3V5Z3Vlcy BpcyBzdWNj ZXNzZnVsIG ZvciBhIGZl dyByZWFzb2 5zLiBGaXJz dCwgdGhleS BoYXZlIGJl ZW4gYXJvdW 5kIGZvciBh IGxvbmcgdG ltZSwgc28g dGhleSBoYX ZlIGEgbG90 IG9mIGV4cG VyaWVuY2Ug YW5kIGtub3 cgaG93IHRv IGRvIHRoaW 5ncyB3ZWxs LiBUaGV5IG Fsc28gd29y ayBvbiBtYW 55IGRpZmZl cmVudCBwcm 9qZWN0cywg d2hpY2ggbW VhbnMgdGhl eSBkb27igJ l0IGp1c3Qg cmVseSBvbi BvbmUgdGhp bmcgdG8gbW FrZSBtb25l eS4gVGhpcy BoZWxwcyB0 aGVtIHN0YX kgc3Ryb25n IGV2ZW4gd2 hlbiB0aW1l cyBhcmUgdG 91Z2guPGJy PkluIHRoZS BmdXR1cmUs IEJvdXlndW VzIGlzIGxp a2VseSB0by BrZWVwIGJl aW5nIHN1Y2 Nlc3NmdWwg YmVjYXVzZS B0aGV5IGFy ZSBhbHdheX MgbG9va2lu ZyBmb3Igbm V3IHdheXMg dG8gaGVscC BwZW9wbGUu IFdpdGggbW 9yZSBwZW9w bGUgbmVlZG luZyBnb29k IGludGVybm V0IGFuZCBi ZXR0ZXIgYn VpbGRpbmdz LCBCb3V5Z3 VlcyBpcyBp biBhIGdyZW F0IHBvc2l0 aW9uIHRvIG dyb3cgYW5k IHByb3ZpZG Ugd2hhdCBw ZW9wbGUgd2 lsbCBuZWVk IG1vcmUgb2 YuIFBsdXMs IHRoZXkgYX JlIHdvcmtp bmcgb24gdG hpbmdzIHRo YXQgYXJlIG ltcG9ydGFu dCBmb3IgdG hlIHBsYW5l dCwgbGlrZS BoZWxwaW5n IHRvIGJ1aW xkIGVjby1m cmllbmRseS BidWlsZGlu Z3MsIHdoaW NoIGlzIHJl YWxseSB2YW x1YWJsZSB0 b2RheS4gU2 8sIGFzIGxv bmcgYXMgdG hleSBrZWVw IGFkYXB0aW 5nIGFuZCBw cm92aWRpbm cgcXVhbGl0 eSBzZXJ2aW NlcywgdGhl eSBhcmUgbG lrZWx5IHRv IGRvIHdlbG whPGJyPg==

MS4gRGl2ZX JzaWZpZWQg QnVzaW5lc3 MgUG9ydGZv bGlvOiBCb3 V5Z3VlcyBp cyBhIGRpdm Vyc2lmaWVk IGNvbXBhbn kgd2l0aCBi dXNpbmVzc2 VzIGluIGNv bnN0cnVjdG lvbiwgcmVh bCBlc3RhdG UsIHRlbGVj b21tdW5pY2 F0aW9ucywg YW5kIG1lZG lhLiBUaGlz IGRpdmVyc2 UgcG9ydGZv bGlvIG9mIG FjdGl2aXRp ZXMgaGVscH MgdGhlIGNv bXBhbnkgdG 8gd2l0aHN0 YW5kIG1hcm tldCBmbHVj dHVhdGlvbn MgYW5kIHJl ZHVjZXMgZG VwZW5kZW5j ZSBvbiBhIH NpbmdsZSBp bmR1c3RyeS 48YnI+Mi4g R2xvYmFsIE Zvb3Rwcmlu dDogVGhlIG NvbXBhbnkg aGFzIGEgc3 Ryb25nIGds b2JhbCBwcm VzZW5jZSB3 aXRoIG9wZX JhdGlvbnMg aW4gbW9yZS B0aGFuIDEw MCBjb3VudH JpZXMuIFRo aXMgZW5hYm xlcyBCb3V5 Z3VlcyB0by B0YXAgaW50 byBlbWVyZ2 luZyBtYXJr ZXRzIGFuZC BkaXZlcnNp ZnkgaXRzIH JldmVudWUg c291cmNlcy 48YnI+My4g U3Ryb25nIE ZpbmFuY2lh bCBQZXJmb3 JtYW5jZTog Qm91eWd1ZX MgaGFzIGEg c3Ryb25nIG ZpbmFuY2lh bCB0cmFjay ByZWNvcmQs IHdpdGggY2 9uc2lzdGVu dCByZXZlbn VlIGdyb3d0 aCBhbmQgcH JvZml0YWJp bGl0eS4gVG hlIGNvbXBh bnkgaGFzIG EgaGVhbHRo eSBiYWxhbm NlIHNoZWV0 IHdpdGggbG 93IGRlYnQg bGV2ZWxzLC Bwcm92aWRp bmcgc3RhYm lsaXR5IGFu ZCBmaW5hbm NpYWwgcmVz aWxpZW5jZS 48YnI+NC4g SW5ub3ZhdG lvbiBhbmQg VGVjaG5vbG 9neTogQm91 eWd1ZXMgaX MgY29tbWl0 dGVkIHRvIG lubm92YXRp b24gYW5kIH RlY2hub2xv Z3ksIHdoaW NoIGhhcyBo ZWxwZWQgdG hlIGNvbXBh bnkgdG8gc3 RheSBhaGVh ZCBvZiBpdH MgY29tcGV0 aXRvcnMuIE JvdXlndWVz IGltcGxlbW VudHMgaW5u b3ZhdGl2ZS Bwcm9jZXNz ZXMgYW5kIH VzZXMgY3V0 dGluZy1lZG dlIHRlY2hu b2xvZ3kgdG 8gaW1wcm92 ZSBlZmZpY2 llbmN5LCBy ZWR1Y2UgY2 9zdHMsIGFu ZCBkZWxpdm VyIGhpZ2gt cXVhbGl0eS Bwcm9qZWN0 cy48YnI+NS 4gU3VzdGFp bmFiaWxpdH k6IFRoZSBj b21wYW55IG hhcyBhIHN0 cm9uZyBjb2 1taXRtZW50 IHRvIHN1c3 RhaW5hYmls aXR5IGFuZC BoYXMgaW1w bGVtZW50ZW QgaW5pdGlh dGl2ZXMgdG 8gcmVkdWNl IGl0cyBlbn Zpcm9ubWVu dGFsIGltcG FjdC4gQm91 eWd1ZXMgaX MgZm9jdXNl ZCBvbiBkZW xpdmVyaW5n IHByb2plY3 RzIHVzaW5n IHN1c3RhaW 5hYmxlIG1h dGVyaWFscy BhbmQgcHJh Y3RpY2VzLC BhbmQgaXQg YWxzbyBvZm ZlcnMgc3Vz dGFpbmFibG Ugc29sdXRp b25zIHRvIG l0cyBjbGll bnRzLjxicj 42LiBFbXBs b3llZSBEZX ZlbG9wbWVu dDogQm91eW d1ZXMgaXMg Y29tbWl0dG VkIHRvIGRl dmVsb3Bpbm cgaXRzIGVt cGxveWVlcy B0aHJvdWdo IHRyYWluaW 5nIGFuZCBk ZXZlbG9wbW VudCBwcm9n cmFtcy4gVG hlIGNvbXBh bnkgdmFsdW VzIGl0cyBl bXBsb3llZX MgYW5kIHBy b21vdGVzIG EgY3VsdHVy ZSBvZiBkaX ZlcnNpdHks IGVxdWFsaX R5LCBhbmQg aW5jbHVzaW 9uLjxicj43 LiBTdHJvbm cgQnJhbmQg UmVjb2duaX Rpb246IEJv dXlndWVzIG lzIGEgd2Vs bC1rbm93bi BhbmQgcmVz cGVjdGVkIG JyYW5kLCBi b3RoIGluIE ZyYW5jZSBh bmQgZ2xvYm FsbHkuIFRo ZSBjb21wYW 55IGhhcyBi dWlsdCBhIH JlcHV0YXRp b24gZm9yIG RlbGl2ZXJp bmcgaGlnaC 1xdWFsaXR5 IHByb2plY3 RzIGFuZCBz ZXJ2aWNlcy wgd2hpY2gg aGFzIGhlbH BlZCBpdCB0 byBhdHRyYW N0IHRvcCB0 YWxlbnQsIH BhcnRuZXJz LCBhbmQgY2 xpZW50cy48 YnI+OC4gU2 9jaWFsIFJl c3BvbnNpYm lsaXR5OiBC b3V5Z3Vlcy BpcyBhY3Rp dmVseSBpbn ZvbHZlZCBp biB2YXJpb3 VzIHNvY2lh bCByZXNwb2 5zaWJpbGl0 eSBpbml0aW F0aXZlcywg c3VjaCBhcy Bwcm9tb3Rp bmcgZWR1Y2 F0aW9uLCBz dXBwb3J0aW 5nIGVjb25v bWljIGRldm Vsb3BtZW50 LCBhbmQgcH JvdmlkaW5n IGRpc2FzdG VyIHJlbGll Zi4gVGhpcy BoZWxwcyB0 byBzdHJlbm d0aGVuIHRo ZSBjb21wYW 55J3MgcmVs YXRpb25zaG lwIHdpdGgg bG9jYWwgY2 9tbXVuaXRp ZXMgYW5kIG J1aWxkIGEg cG9zaXRpdm UgYnJhbmQg aW1hZ2Uu

VGhlIEJvdX lndWVzIGNv bXBhbnkncy BidXNpbmVz cyBtb2RlbC ByZXZvbHZl cyBhcm91bm QgZGl2ZXJz aWZpZWQgYW N0aXZpdGll cyBpbiBjb2 5zdHJ1Y3Rp b24sIG1lZG lhLCBhbmQg dGVsZWNvbW 11bmljYXRp b25zLjxicj 5JbiBjb25z dHJ1Y3Rpb2 4sIEJvdXln dWVzIG9wZX JhdGVzIGFz IGEgZ2VuZX JhbCBjb250 cmFjdG9yIG FuZCByZWFs IGVzdGF0ZS BkZXZlbG9w ZXIsIHdvcm tpbmcgb24g bGFyZ2Utc2 NhbGUgcHJv amVjdHMgc3 VjaCBhcyBi dWlsZGluZ3 MsIGluZnJh c3RydWN0dX JlLCBhbmQg c3VzdGFpbm FibGUgZGV2 ZWxvcG1lbn Qgc29sdXRp b25zLjxicj 5JbiBtZWRp YSwgQm91eW d1ZXMgb3du cyBhbmQgb3 BlcmF0ZXMg dGVsZXZpc2 lvbiwgcmFk aW8sIGFuZC BuZXdzcGFw ZXIgb3V0bG V0cywgaW5j bHVkaW5nIH RoZSB3ZWxs LWtub3duIE ZyZW5jaCBi cm9hZGNhc3 RlciBURjEu PGJyPkluIH RlbGVjb21t dW5pY2F0aW 9ucywgQm91 eWd1ZXMgcH JvdmlkZXMg bW9iaWxlLC BpbnRlcm5l dCwgYW5kIG xhbmRsaW5l IHNlcnZpY2 VzIHRocm91 Z2ggaXRzIH N1YnNpZGlh cnkgQm91eW d1ZXMgVGVs ZWNvbS48Yn I+VGhlIGNv bXBhbnkncy BidXNpbmVz cyBtb2RlbC BpcyBiYXNl ZCBvbiBsZX ZlcmFnaW5n IGl0cyBkaX ZlcnNlIHBv cnRmb2xpby BvZiBhY3Rp dml0aWVzIH RvIGNyZWF0 ZSBzeW5lcm d5IGFuZCBi ZW5lZml0IG Zyb20gY3Jv c3Mtc2VsbG luZyBvcHBv cnR1bml0aW VzLiBUaGlz IGFwcHJvYW NoIGFsbG93 cyBCb3V5Z3 VlcyB0byBy ZW1haW4gY2 9tcGV0aXRp dmUgYW5kIG V4cGFuZCBp dHMgcHJlc2 VuY2UgYm90 aCBkb21lc3 RpY2FsbHkg YW5kIGludG VybmF0aW9u YWxseS4gQW RkaXRpb25h bGx5LCBCb3 V5Z3VlcyBh aW1zIHRvIG NvbnN0YW50 bHkgaW5ub3 ZhdGUgYW5k IGFkYXB0IH RvIGNoYW5n aW5nIG1hcm tldCBuZWVk cyBhbmQgdH JlbmRzIHRv IHN0YXkgYX QgdGhlIGZv cmVmcm9udC BvZiBpdHMg aW5kdXN0cm llcy4=

AI can pose several potential threats to Bouygues’ products, services, and competitive positioning in various ways.
1. Substitution: AI technologies can lead to the development of new products and services that may substitute traditional offerings from Bouygues. For instance, in the construction sector, AI-driven automation and robotics could streamline processes, reduce labor costs, or improve project timelines, potentially giving competitors who adopt these technologies a significant edge. If Bouygues does not adapt to this trend, it could face a loss of market share.
2. Disintermediation: AI can enable more direct transactions between consumers and service providers, reducing the role of intermediaries. In areas such as smart homes or telecommunications, platforms powered by AI could connect customers directly with service providers, bypassing traditional companies like Bouygues. This shift could erode Bouygues’ customer base and disrupt established business models.
3. Margin Pressure: The integration of AI can drive down operational costs for competitors who leverage these technologies effectively, leading to increased competition and pressure on margins. If Bouygues fails to enhance its operational efficiency through AI, its competitors may offer more competitive pricing, putting pressure on Bouygues to lower its prices as well, thereby impacting profitability.
To mitigate these risks, Bouygues may need to invest in AI solutions, innovate its product offerings, and rethink its business models to stay competitive in an increasingly AI-driven landscape.

The sensitivity of Bouygues company’s earnings, cash flow, and valuation to changes in interest rates can be assessed through several key factors:
1. Cost of Debt: Bouygues relies on debt to finance its operations and projects. When interest rates increase, the cost of borrowing rises, which can lead to higher interest expenses. This may reduce net income and cash flows, particularly if the company has a significant amount of variable-rate debt.
2. Capital Expenditure: Bouygues operates in sectors like construction and telecommunications that often require substantial capital investment. Higher interest rates can lead to reduced investment in new projects due to increased financing costs, potentially impacting future growth and revenue generation.
3. Discounted Cash Flow Valuation: Valuations based on discounted cash flow (DCF) models are sensitive to changes in interest rates. An increase in interest rates raises the discount rate used in these calculations, which can result in a lower present value of future cash flows, negatively impacting the overall valuation of the company.
4. Consumer Spending: Interest rate increases can lead to reduced consumer spending and investment, particularly in housing and infrastructure sectors. This may adversely affect Bouygues’ revenues from its construction and real estate segments.
5. Financial Flexibility: Higher interest rates might reduce Bouygues’ financial flexibility by consuming a larger portion of cash flows for interest payments, limiting the company’s ability to invest in growth opportunities or pay dividends.
In summary, Bouygues’ earnings, cash flow, and valuation are substantially sensitive to changes in interest rates, influenced by factors such as increased borrowing costs, impacts on investment decisions, and valuation metrics. Changes in the economic environment, such as shifts in demand or consumer behavior, can further amplify these effects.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BCb3V5Z3Vl c+KAmSBlY2 9ub21pY3Mg b3ZlciB0aG UgbmV4dCAz 4oCTNSB5ZW FycyBpcyBh IHNldmVyZS BhbmQgcHJv bG9uZ2VkIG Rvd250dXJu IGluIHRoZS Bjb25zdHJ1 Y3Rpb24gYW 5kIHRlbGVj b21tdW5pY2 F0aW9ucyBz ZWN0b3JzLC B3aGljaCBh cmUgY29yZS BhcmVhcyBv ZiB0aGUgY2 9tcGFueeKA mXMgb3Blcm F0aW9ucy4g VGhpcyBkb3 dudHVybiBj b3VsZCBiZS B0cmlnZ2Vy ZWQgYnkgbX VsdGlwbGUg ZmFjdG9ycy wgaW5jbHVk aW5nIGEgc2 lnbmlmaWNh bnQgaW5jcm Vhc2UgaW4g cmF3IG1hdG VyaWFsIGNv c3RzLCBhIG hvdXNpbmcg bWFya2V0IG NyYXNoLCBy ZWd1bGF0b3 J5IGNoYW5n ZXMgdGhhdC Bjb21wbGlj YXRlIGNvbn N0cnVjdGlv biBwZXJtaX RzLCBvciBh IHRlY2hub2 xvZ2ljYWwg c2hpZnQgdG hhdCByZWR1 Y2VzIGRlbW FuZCBmb3Ig dHJhZGl0aW 9uYWwgdGVs ZWNvbW11bm ljYXRpb25z IGluZnJhc3 RydWN0dXJl Ljxicj5JZi BzdWNoIGEg c2NlbmFyaW 8gd2VyZSB0 byBwbGF5IG 91dCwgdGhl IGZvbGxvd2 luZyBpbXBh Y3RzIGNvdW xkIGJlIGV4 cGVjdGVkIG 9uIHRoZSBj b21wYW554o CZcyBtYXJn aW5zLCBjYX NoIGZsb3cs IGFuZCBiYW xhbmNlIHNo ZWV0Ojxicj 4xLiA8c3Ry b25nPk1hcm dpbnM8L3N0 cm9uZz46IE JvdXlndWVz 4oCZIHByb2 ZpdCBtYXJn aW5zIGNvdW xkIGRlY2xp bmUgc2lnbm lmaWNhbnRs eSBhcyBjb2 5zdHJ1Y3Rp b24gcHJvam VjdHMgYmVj b21lIGxlc3 MgcHJvZml0 YWJsZSBkdW UgdG8gcmlz aW5nIGNvc3 RzIGFuZCBk ZWNyZWFzZW QgZGVtYW5k LiBDb21wZX RpdGl2ZSBw cmVzc3VyZS BtYXkgZm9y Y2UgdGhlIG NvbXBhbnkg dG8gbG93ZX IgcHJpY2Vz LCBmdXJ0aG VyIHNxdWVl emluZyBtYX JnaW5zLiBB ZGRpdGlvbm FsbHksIG9u Z29pbmcgcH JvamVjdHMg Y291bGQgZX hwZXJpZW5j ZSBjb3N0IG 92ZXJydW5z LCBsZWFkaW 5nIHRvIHJl ZHVjZWQgcH JvZml0YWJp bGl0eSBvbi BleGlzdGlu ZyBjb250cm FjdHMuIEFz IGEgcmVzdW x0LCBtYXJn aW5zIGNvdW xkIGZhbGwg aW50byB0aG UgbG93IHNp bmdsZSBkaW dpdHMgb3Ig ZXZlbiBuZW dhdGl2ZSB0 ZXJyaXRvcn kgZm9yIGNl cnRhaW4gZG l2aXNpb25z Ljxicj4yLi A8c3Ryb25n PkNhc2ggRm xvdzwvc3Ry b25nPjogVG hlIGNhc2gg ZmxvdyBzaX R1YXRpb24g d291bGQgbG lrZWx5IHR1 cm4gbmVnYX RpdmUgb3Ig YmVjb21lIH NldmVyZWx5 IGNvbnN0cm FpbmVkLiBX aXRoIGEgcm VkdWNlZCB2 b2x1bWUgb2 YgbmV3IGNv bnRyYWN0cy BhbmQgb25n b2luZyBwcm 9qZWN0cyBz dHJ1Z2dsaW 5nIHRvIHR1 cm4gYSBwcm 9maXQsIGNh c2ggaW5mbG 93cyBmcm9t IG9wZXJhdG lvbnMgd291 bGQgZGltaW 5pc2guIERl bGF5cyBpbi Bwcm9qZWN0 IGNvbXBsZX Rpb25zIGFu ZCBhbiBpbm NyZWFzZSBp biBhY2NvdW 50cyByZWNl aXZhYmxlIH dvdWxkIGZ1 cnRoZXIgZX hhY2VyYmF0 ZSBjYXNoIG Zsb3cgaXNz dWVzLiBCb3 V5Z3VlcyBj b3VsZCBmaW 5kIGl0c2Vs ZiBpbiBhIH Bvc2l0aW9u IHdoZXJlIG l0IHN0cnVn Z2xlcyB0by Bjb3ZlciBv cGVyYXRpbm cgZXhwZW5z ZXMsIGxlYW RpbmcgdG8g cG90ZW50aW FsIGN1dGJh Y2tzIGluIG NhcGl0YWwg ZXhwZW5kaX R1cmVzIGFu ZCBzdGFmZm luZy48YnI+ My4gPHN0cm 9uZz5CYWxh bmNlIFNoZW V0PC9zdHJv bmc+OiBUaG UgYmFsYW5j ZSBzaGVldC B3b3VsZCBy ZWZsZWN0IH RoZSB0b2xs IG9mIHRoZS BlY29ub21p YyBkb3dudH Vybi4gV2l0 aCBkaW1pbm lzaGluZyBj YXNoIGZsb3 dzLCBCb3V5 Z3VlcyBtYX kgaGF2ZSB0 byBkcmF3IG 9uIGl0cyBj cmVkaXQgbG luZXMgb3Ig dGFrZSBvbi BuZXcgZGVi dCB0byBzdX N0YWluIG9w ZXJhdGlvbn MsIGluY3Jl YXNpbmcgaX RzIGxldmVy YWdlIHJhdG lvLiBBc3Nl dCB2YWx1ZX MgY291bGQg ZGVjbGluZS wgcGFydGlj dWxhcmx5IG ZvciByZWFs IGVzdGF0ZS Bob2xkaW5n cyBhbmQgY2 9uc3RydWN0 aW9uIGVxdW lwbWVudCwg ZnVydGhlci B3ZWFrZW5p bmcgdGhlIG JhbGFuY2Ug c2hlZXQuIE lmIG9uZ29p bmcgZmluYW 5jaWFsIHN0 cmFpbiB3ZX JlIHRvIHBl cnNpc3QsIE JvdXlndWVz IG1pZ2h0IG ZhY2UgYSBj cmVkaXQgcm F0aW5nIGRv d25ncmFkZS wgcmFpc2lu ZyBib3Jyb3 dpbmcgY29z dHMgYW5kIG FkZGluZyB0 byBmaW5hbm NpYWwgcHJl c3N1cmVzLj xicj5PdmVy YWxsLCBpZi B0aGlzIHNj ZW5hcmlvIH dlcmUgdG8g bWF0ZXJpYW xpemUsIEJv dXlndWVzIG NvdWxkIGV4 cGVyaWVuY2 UgYSBwZXJz aXN0ZW50IG FuZCBwcm9m b3VuZCBpbX BhY3Qgb24g aXRzIG9wZX JhdGlvbnMs IGxlYWRpbm cgdG8gYSBz aWduaWZpY2 FudGx5IHdl YWtlbmVkIG ZpbmFuY2lh bCBwb3NpdG lvbiB0aGF0 IG1heSB0YW tlIHllYXJz IHRvIHJlY2 92ZXIgZnJv bSwgaWYgcm Vjb3Zlcnkg d2VyZSBldm VuIHBvc3Np YmxlLjxicj 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 bG9nb3MvYm l2RmFublcw aEJvcHBiNW VmdFcud2Vi cCIgYWx0PS JCb3V5Z3Vl cyIgdGl0bG U9IkJvdXln dWVzIiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTUwIHdpZH RoPTUwIGxv YWRpbmc9J2 xhenknIHN0 eWxlPSdib3 JkZXItcmFk aXVzOiA2cH g7Jz4KCiAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n ZmxleDogMT sgdGV4dC1h bGlnbjogY2 VudGVyOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dmb250LXNp emU6IDI2cH g7IGNvbG9y OiAjMzMzOy BtYXJnaW4t Ym90dG9tOi AxNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICDw n5OIIFdhbn QgdG8gcmVh ZCBtb3JlIG Fib3V0IEJv dXlndWVzPw 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+GkyBEaX Njb3ZlciA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+IOKAlCBm cmVlIGVCb2 9rIQogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDEy cHg7IGZvbn Qtc2l6ZTog MTNweDsgY2 9sb3I6ICM0 NDQ7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIFNpZ2 4gdXAgbm93 IGFuZCBnZX Qgb3VyIGZy ZWUgZUJvb2 sgCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8Yj5UaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzPC9i PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTZweD sgZm9udC1z aXplOiAxNH B4OyBjb2xv cjogIzQ0ND sgZm9udC1m YW1pbHk6IC 1hcHBsZS1z eXN0ZW0sIE JsaW5rTWFj U3lzdGVtRm 9udCwgU2Vn b2UgVUksIF JvYm90bywg SGVsdmV0aW NhIE5ldWUs IHNhbnMtc2 VyaWY7IGxp bmUtaGVpZ2 h0OiAxLjY7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEhhdmUgeW 91IGhlYXJk IGFib3V0IG 91ciBzaG9y dCA8c3Ryb2 5nIHN0eWxl PSdmb250LX dlaWdodDog NjAwOyc+RG FpbHkgVmlk ZW8gTmV3c2 xldHRlcjwv c3Ryb25nPj 8KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xhIGhyZWY9 J2h0dHBzOi 8vd3d3Lmlu c2lnaHRmdW x2YWx1ZS5j b20vbmV3c2 xldHRlci5w aHAnIHRhcm dldD0nX2Js YW5rJyBzdH lsZT0nY29s b3I6ICMwMD dCRkY7IHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsgZm 9udC13ZWln aHQ6IDUwMD sgbWFyZ2lu LWxlZnQ6ID ZweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEZpbmQgb3 V0IG1vcmUK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AKICAgICAg ICAKICAgIC AgICA8c3Bh biBjbGFzcz 0nYmx1cnJl ZC10ZXh0Jz 4KICAgICAg ICAgICAgTV M0Z1ZHaGxJ RSBKdmRYbG 5kV1Z6IElH TnZiWEJoYm 4ga2dkMkZ6 SUdadiBkVz VrWldRZ2FX IDRnTVRrMU 1pQmkgZVNC R2NtRnVZMi BseklFSnZk WGxuIGRXVn pMQ0IzYUcg OGdjM1JoY2 5SbCBaQ0J2 ZFhRZ1lYIE 1nWVNCemJX RnMgYkNCam IyNXpkSCBK MVkzUnBiMj RnIFkyOXRj R0Z1ZVMgQj NhWFJvSUc5 dSBiSGtnWV NCb1lXIDVr Wm5Wc0lHOW 0gSUdWdGNH eHZlVyBWbG N5NDhZbkkr IE1pNGdWR2 hsSUcgTnZi WEJoYm5uaS BnSmx6SUda cGNuIE4wSU cxaGFtOXkg SUhCeWIycG xZMyBRZ2Qy RnpJSFJvIF pTQmpiMjV6 ZEggSjFZM1 JwYjI0ZyBi MllnWVNCb2 VXIFJ5YjJW c1pXTjAgY2 1saklIQnZk MiBWeUlIQn NZVzUwIElH bHVJSFJvWl MgQkdjbVZ1 WTJnZyBRV3 h3Y3k0OFlu IEkrTXk0Z1 ZHaGwgSUdO dmJYQmhibi BuaWdKbHpJ R3h2IFoyOH NJR0VnYzMg UjViR2w2Wl dRZyA0b0Nj UXVLQW5TIH dnZDJGeklH UmwgYzJsbm JtVmtJRyBK NUlHRnlkR2 x6IGRDQmhi bVFnWkcgVn phV2R1WlhJ ZyBVbUY1Yl c5dVpDIEJN YjJWM2VTd2 cgZDJodklH RnNjMiA4Z1 pHVnphV2R1 IFpXUWdiRz luYjMgTWda bTl5SUdOdi BiWEJoYm1s bGN5IEJzYV d0bElGTm8g Wld4c0xDQk RiMiBOaExV TnZiR0VzIE lHRnVaQ0JI Y20gVjVhRz kxYm1RdSBQ R0p5UGpRdU lFIGx1SURF NU56QXMgSU VKdmRYbG5k VyBWeklHSm xZMkZ0IFpT QjBhR1VnWm 0gbHljM1Fn WTI5dSBjM1 J5ZFdOMGFX IDl1SUdOdm JYQmggYm5r Z2FXNGdSbi BKaGJtTmxJ SFJ2IElHSm xJR3hwYzMg UmxaQ0J2Ym lCMCBhR1Vn YzNSdlkyIH NnYldGeWEy VjAgTGp4aW NqNDFMaSBC VWFHVWdZMj l0IGNHRnVl U0JwY3kgQm 9aV0YyYVd4 NSBJR2x1ZG 05c2RtIFZr SUdsdUlITj EgYzNSaGFX NWhZbSBsc2 FYUjVJR0Z1 IFpDQm9ZWE 1nWW0gVmxi aUJ5WldOdi BaMjVwZW1W a0lHIFp2Y2 lCcGRITWcg WTI5dGJXbD BiVyBWdWRD QjBieUJuIG NtVmxiaUJp ZFcgbHNaR2 x1WnlCdyBj bUZqZEdsal pYIE1nWVc1 a0lHVnUgZG 1seWIyNXRa VyA1MFlXd2 djSEp2IGRH VmpkR2x2Ym kgNDhZbkkr Tmk0ZyBRbT kxZVdkMVpY IE1nYVhNZ1 lXeHogYnlC a1pXUnBZMi BGMFpXUWdk RzhnIFpHbD JaWEp6YVgg UjVJR0Z1Wk NCbCBjWFZo YkNCdmNIIE J2Y25SMWJt bDAgYVdWek xDQjNhWCBS b0lETXdKU0 J2IFppQnBk SE1nWlcgMX diRzk1WldW eiBJR0psYV c1bklIIGR2 YldWdUlHRn UgWkNCaElI TjBjbSA5dV p5Qm1iMk4x IGN5QnZiaU J3Y20gOXRi M1JwYm1jZy BaR2wyWlhK emFYIFI1SU dGdVpDQnAg Ym1Oc2RYTn BiMiA0Z2FX NGdkR2hsIE lIZHZjbXR3 YkcgRmpaUz Q4WW5JKyBO eTRnVkdobE lHIGR5YjNW d0lHaGggY3 lCaElIQnla WCBObGJtTm xJR2x1IElH OTJaWElnT0 QgQWdZMjkx Ym5SeSBhV1 Z6SUdGdVpD IEJsYlhCc2 IzbHogSUc5 MlpYSWdNVC BNd0xEQXdN Q0J3IFpXOX diR1VnZDIg OXliR1IzYV dSbCBManhp Y2o0NExpIE JDYjNWNVoz VmwgY3lCcG N5QmpkWCBK eVpXNTBiSG tnIGIyNWxJ RzltSUggUm 9aU0IzYjNK cyBaT0tBbV hNZ2JHIFZo WkdsdVp5Qm ogYjI1emRI SjFZMyBScG IyNGdZMjl0 IGNHRnVhV1 Z6TEMgQjNh WFJvSUdFZy BjM1J5YjI1 bklIIEJ5Wl hObGJtTmwg SUdsdUlIUm 9aUyBCMFpX eGxZMjl0IG JYVnVhV05o ZEcgbHZibk 1zSUcxbCBa R2xoTENCaG JtIFFnWlc1 bGNtZDUgSU dsdVpIVnpk SCBKcFpYTX VQR0p5IFBq a3VJRlJvWl MgQm5jbTkx Y09LQSBtWE 1nYzNWaWMy IGxrYVdGeW FXVnogSUds dVkyeDFaRy BVZ1FtOTFl V2QxIFpYTW dRMjl1YzMg UnlkV04wYV c5dSBMQ0JD YjNWNVozIF ZsY3lCSmJX MXYgWW1sc2 FXVnlMQyBC Q2IzVjVaM1 ZsIGN5QlVa V3hsWTIgOX RMQ0JEYjJ4 aCBjeXdnWV c1a0lGIFJH TVN3Z1lXMX YgYm1jZ2Iz Um9aWCBKek xqeGljajR4 IE1DNGdTVz RnWVcgUmth WFJwYjI0Zy BkRzhnWTI5 dWMzIFJ5ZF dOMGFXOXUg SUdGdVpDQn laVyBGc0lH VnpkR0YwIF pTd2dkR2hs SUcgTnZiWE JoYm5rZyBh WE1nWVd4em J5IEJwYm5a dmJIWmwgWk NCcGJpQjBh RyBVZ2NISn ZaSFZqIGRH bHZiaUJ2Wm kgQnliMkZr TFdKMSBhV3 hrYVc1bklH IDFoZEdWeW FXRnMgY3l3 Z1lXbHlJRy BGdVpDQnlZ V2xzIElIUn lZVzV6Y0cg OXlkQ3dnZE dWcyBaWFpw YzJsdmJpIE JpY205aFpH TmggYzNScG JtY3NJRyBG dVpDQnRiM0 psIExqeGlj ajR4TVMgNG dWR2hsSUVK diBkWGxuZF dWeklHIGR5 YjNWd0lHaG ggY3lCaVpX VnVJRyBsdW RtOXNkbVZr IElHbHVJRz FoYm4ga2dh R2xuYUMxdy BjbTltYVd4 bElIIEJ5Yj JwbFkzUnog TENCcGJtTn NkVyBScGJt Y2dkR2hsIE lGQmhjbWx6 SUggSnBibW NnY205aCBa Q3dnZEdobE lFIE5vWVc1 dVpXd2cgVk hWdWJtVnNM QyBCaGJtUW dkR2hsIElF aHBibXRzWl gga2dVRzlw Ym5RZyBReU J1ZFdOc1pX IEZ5SUhCdm QyVnkgSUhO MFlYUnBiMi A0Z2FXNGdk R2hsIElGVk xManhpY2og NHhNaTRnVk dobCBJR052 YlhCaGJuIG tnYVhNZ1lX eHogYnlCcm JtOTNiaSBC bWIzSWdhWF J6IElIQm9h V3hoYm4gUm 9jbTl3YVdN ZyBaV1ptYj NKMGN5IHdn YzNWd2NHOX kgZEdsdVp5 QjJZWCBKcG IzVnpJR05o IGRYTmxjeU J5WlcgeGhk R1ZrSUhSdi BJR1ZrZFdO aGRHIGx2Ym l3Z2MyOWog YVdGc0lHbH VZMiB4MWMy bHZiaXdnIF lXNWtJR2hs WVcgeDBhR0 5oY21VdQog ICAgICAgID wvc3Bhbj4K ICAgICAgIC AKICAgICAg ICA=