Euronext NV

Live  

Euronext NV is a European stock exchange, headquartered in Amsterdam, Netherlands. It was formed in 2000 through the merger of the exchanges of Amsterdam, Brussels, and Paris and expanded in 2002 with the acquisition of the Portuguese Stock Exchange. Euronext became a publicly traded company in 2014 with its initial public offering (IPO) on its own exchange. It operates multiple financial markets in Europe, including:
1. Euronext Amsterdam: This is the national stock exchange of the Netherlands and the largest exchange within the Euronext group. It deals mainly with equities, bonds, derivatives, and exchange-traded funds (ETFs).
2. Euronext Brussels: This is the national stock exchange of Belgium and the second-largest exchange within the Euronext group. It deals mainly with equities, bonds, and investment funds.
3. Euronext Lisbon: This is the national stock exchange of Portugal and the third-largest exchange within the Euronext group. It deals mainly with equities, bonds, investment funds, and derivatives.
4. Euronext Paris: This is the national stock exchange of France and the last major exchange within the Euronext group. It deals mainly with equities, bonds, and derivatives, and also hosts the market for dairy products.
In addition to these main financial markets, Euronext also operates a number of smaller markets, including the AEX index options market, the AEX options and futures market, and the Euronext Growth and Euronext Access markets for small and medium-sized companies.
Euronext NV is regulated by the Dutch Authority for the Financial Markets (AFM) and the Autorité des Marchés Financiers (AMF) in France. It is also listed on its own exchange, under the ticker symbol ENX, and on the OTC Pink Market in the United states.
As of 2021, Euronext operates in 8 European countries and has a combined market capitalization of over €5 trillion. It is one of the largest and most liquid stock exchange groups in the world.

Euronext NV is like a big marketplace where people buy and sell shares of companies, much like a farmer’s market where people trade fruits and vegetables. Instead of trading apples or tomatoes, at Euronext, people trade pieces of ownership in different companies. These pieces are called shares.
Euronext makes money in a few ways:
1. Trading Fees: Every time someone buys or sells shares on their platform, Euronext charges a small fee. Just like how a farmer’s market might charge sellers a little money to set up their stall.
2. Listing Fees: Companies that want to sell their shares on Euronext have to pay a fee to be listed on the marketplace. This is like a store paying rent to be in a shopping mall.
3. Market Data: They sell information about stock prices and trading activity to other businesses. This is similar to how a farmer might sell information about the best selling apples to other farmers to help them improve their sales.
Euronext is successful for a few reasons:
- Trusted Platform: People trust Euronext to be fair and safe when they trade shares, which makes more people want to use it.

- Diverse Companies: It has lots of different companies listed, so people can choose to invest in many areas, like technology, food, and more. This attracts different kinds of investors.
- Good Technology: Euronext uses advanced technology to make trading fast and efficient, which keeps customers happy.
Looking to the future, Euronext is likely to continue being successful because:
- Growing Economy: As more people and companies grow, more investors will be looking to trade, which means more people will use Euronext.
- Innovations: Euronext keeps improving and adding new features to attract both new investors and companies that want to list.
- Global Trends: Investing in stocks is becoming more popular worldwide. Euronext can benefit from this trend as more people start to invest in different markets.
In simple terms, Euronext is a busy and trusted place for buying and selling company shares, and because they keep growing, improving, and adapting, they are likely to keep being successful in the future!

VGhlcmUgYX JlIHNldmVy YWwgdGhpbm dzIHRoYXQg YXJlIHNwZW NpYWwgYWJv dXQgdGhlIE V1cm9uZXh0 IE5WIGNvbX Bhbnk6PGJy PjEuIExhcm dlc3QgU3Rv Y2sgRXhjaG FuZ2U6IEV1 cm9uZXh0IE 5WIGlzIHRo ZSBsYXJnZX N0IHBhbi1F dXJvcGVhbi BzdG9jayBl eGNoYW5nZS wgd2l0aCBv cGVyYXRpb2 5zIGluIEFt c3RlcmRhbS wgQnJ1c3Nl bHMsIER1Ym xpbiwgTGlz Ym9uLCBMb2 5kb24sIE9z bG8sIFBhcm lzIGFuZCBh IGJyYW5jaC BpbiBOZXcg WW9yay48Yn I+Mi4gRGl2 ZXJzZSBSYW 5nZSBvZiBQ cm9kdWN0cz ogVGhlIGNv bXBhbnkgb2 ZmZXJzIGEg ZGl2ZXJzZS ByYW5nZSBv ZiBwcm9kdW N0cyBhbmQg c2VydmljZX MsIGluY2x1 ZGluZyBlcX VpdGllcywg aW5kZXggZG VyaXZhdGl2 ZXMsIGNvbW 1vZGl0aWVz LCBib25kcy wgRVRGcywg YW5kIGN1cn JlbmNpZXMu PGJyPjMuIE ludGVybmF0 aW9uYWwgUH Jlc2VuY2U6 IEV1cm9uZX h0IE5WIGhh cyBhIGdsb2 JhbCBwcmVz ZW5jZSB3aX RoIGl0cyBt dWx0aXBsZS Bsb2NhdGlv bnMsIG1ha2 luZyBpdCBh IG1ham9yIH BsYXllciBp biB0aGUgZ2 xvYmFsIGZp bmFuY2lhbC BtYXJrZXQu PGJyPjQuIF RlY2hub2xv Z2ljYWwgQW R2YW5jZW1l bnRzOiBUaG UgY29tcGFu eSBpcyBrbm 93biBmb3Ig aXRzIGFkdm FuY2VkIGFu ZCBpbm5vdm F0aXZlIHRy YWRpbmcgdG VjaG5vbG9n eSwgcHJvdm lkaW5nIGZh c3QsIGVmZm ljaWVudCwg YW5kIHNlY3 VyZSB0cmFk aW5nIHNlcn ZpY2VzLjxi cj41LiBNdW x0aS1DdXJy ZW5jeSBUcm FkaW5nOiBF dXJvbmV4dC BOViBvZmZl cnMgbXVsdG ktY3VycmVu Y3kgdHJhZG luZywgYWxs b3dpbmcgaW 52ZXN0b3Jz IHRvIHRyYW RlIGluIGRp ZmZlcmVudC BjdXJyZW5j aWVzLCBtYW tpbmcgdGhl aXIgb3Blcm F0aW9ucyBt b3JlIGZsZX hpYmxlLjxi cj42LiBTdH JvbmcgTmV0 d29yayBvZi BQYXJ0bmVy czogRXVyb2 5leHQgTlYg aGFzIGEgc3 Ryb25nIG5l dHdvcmsgb2 YgcGFydG5l cnMgYW5kIG FsbGlhbmNl cywgaW5jbH VkaW5nIHBh cnRuZXJzaG lwcyB3aXRo IG90aGVyIG V4Y2hhbmdl cywgY2xlYX Jpbmdob3Vz ZXMsIGFuZC BkYXRhIHBy b3ZpZGVycy wgdG8gcHJv dmlkZSBhIG NvbXByZWhl bnNpdmUgcm FuZ2Ugb2Yg c2VydmljZX MgdG8gaXRz IGNsaWVudH MuPGJyPjcu IFN0cm9uZy BGb2N1cyBv biBTdXN0YW luYWJpbGl0 eTogVGhlIG NvbXBhbnkg aGFzIGEgc3 Ryb25nIGZv Y3VzIG9uIH N1c3RhaW5h YmlsaXR5IG FuZCBpcyBj b21taXR0ZW QgdG8gcHJv bW90aW5nIH Jlc3BvbnNp YmxlIGFuZC BzdXN0YWlu YWJsZSBpbn Zlc3RtZW50 IHByYWN0aW Nlcy48YnI+ OC4gRGl2ZX JzZSBDbGll bnQgQmFzZT ogRXVyb25l eHQgTlYgaG FzIGEgZGl2 ZXJzZSBjbG llbnQgYmFz ZSwgaW5jbH VkaW5nIGlu c3RpdHV0aW 9uYWwgaW52 ZXN0b3JzLC ByZXRhaWwg aW52ZXN0b3 JzLCBhbmQg Y29tcGFuaW VzIG9mIGFs bCBzaXplcy wgbWFraW5n IGl0IGEgcm VsaWFibGUg YW5kIHJlcH V0YWJsZSBw YXJ0bmVyIG luIHRoZSBm aW5hbmNpYW wgbWFya2V0 Ljxicj45Li BSZWd1bGF0 b3J5IENvbX BsaWFuY2U6 IFRoZSBjb2 1wYW55IGFk aGVyZXMgdG 8gc3RyaWN0 IHJlZ3VsYX Rvcnkgc3Rh bmRhcmRzLC Bwcm92aWRp bmcgYSBoaW doIGxldmVs IG9mIHRyYW 5zcGFyZW5j eSBhbmQgdH J1c3QgdG8g aXRzIHN0YW tlaG9sZGVy cy48YnI+MT AuIENvcnBv cmF0ZSBTb2 NpYWwgUmVz cG9uc2liaW xpdHk6IEV1 cm9uZXh0IE 5WIHRha2Vz IGl0cyByb2 xlIGFzIGEg cmVzcG9uc2 libGUgY29y cG9yYXRlIG NpdGl6ZW4g c2VyaW91c2 x5IGFuZCBp cyBjb21taX R0ZWQgdG8g cHJvbW90aW 5nIGRpdmVy c2l0eSwgZX F1YWxpdHks IGFuZCBpbm NsdXNpdml0 eSBpbiBpdH Mgb3BlcmF0 aW9ucywgYX Mgd2VsbCBh cyBzdXBwb3 J0aW5nIGxv Y2FsIGNvbW 11bml0aWVz IHRocm91Z2 ggaXRzIENT UiBpbml0aW F0aXZlcy4=

RXVyb25leH QgTlYgaXMg YSBtdWx0aW 5hdGlvbmFs IGZpbmFuY2 lhbCBzZXJ2 aWNlcyBjb2 1wYW55IHRo YXQgb3Blcm F0ZXMgRXVy b3BlYW4gc3 RvY2sgZXhj aGFuZ2VzIG luIEFtc3Rl cmRhbSwgQn J1c3NlbHMs IER1Ymxpbi wgTGlzYm9u LCBhbmQgUG FyaXMuIEl0 cyBidXNpbm VzcyBtb2Rl bCBpcyBiYX NlZCBvbiBw cm92aWRpbm cgYSBwbGF0 Zm9ybSBmb3 IgY29tcGFu aWVzIHRvIG xpc3QgdGhl aXIgc3RvY2 tzIGFuZCBm b3IgaW52ZX N0b3JzIHRv IGJ1eSBhbm Qgc2VsbCB0 aG9zZSBzdG 9ja3MuPGJy PkV1cm9uZX h0IGdlbmVy YXRlcyByZX ZlbnVlIHRo cm91Z2ggdm FyaW91cyBz ZXJ2aWNlcy BhbmQgcHJv ZHVjdHMsIG luY2x1ZGlu Zzo8YnI+MS 4gTGlzdGlu ZyBmZWVzOi BDb21wYW5p ZXMgdGhhdC B3YW50IHRv IGxpc3QgdG hlaXIgc3Rv Y2tzIG9uIE V1cm9uZXh0 J3MgZXhjaG FuZ2VzIHBh eSBhIGZlZS Bmb3IgdGhl IHByaXZpbG VnZS48YnI+ Mi4gVHJhZG luZyBhbmQg dHJhbnNhY3 Rpb24gZmVl czogRXVyb2 5leHQgY2hh cmdlcyBmZW VzIGZvciBl dmVyeSB0cm FkZSBhbmQg dHJhbnNhY3 Rpb24gZXhl Y3V0ZWQgb2 4gaXRzIGV4 Y2hhbmdlcy 48YnI+My4g Q2xlYXJpbm cgYW5kIHNl dHRsZW1lbn Qgc2Vydmlj ZXM6IEV1cm 9uZXh0IHBy b3ZpZGVzIG NsZWFyaW5n IGFuZCBzZX R0bGVtZW50 IHNlcnZpY2 VzIGZvciB0 cmFuc2FjdG lvbnMgbWFk ZSBvbiBpdH MgZXhjaGFu Z2VzLCBlYX JuaW5nIGZl ZXMgZm9yIH RoZXNlIHNl cnZpY2VzLj xicj40LiBN YXJrZXQgZG F0YSBhbmQg aW5mb3JtYX Rpb24gc2Vy dmljZXM6IE V1cm9uZXh0 IG9mZmVycy ByZWFsLXRp bWUgbWFya2 V0IGRhdGEg YW5kIGluZm 9ybWF0aW9u IHRvIGludm VzdG9ycyBh bmQgZmluYW 5jaWFsIGlu c3RpdHV0aW 9ucyBmb3Ig YSBmZWUuPG JyPjUuIFRl Y2hub2xvZ3 kgYW5kIGNv bm5lY3Rpdm l0eSBzZXJ2 aWNlczogRX Vyb25leHQg cHJvdmlkZX MgdGVjaG5v bG9neSBhbm QgY29ubmVj dGl2aXR5IH NlcnZpY2Vz IHRvIGZhY2 lsaXRhdGUg dHJhZGluZy BvbiBpdHMg ZXhjaGFuZ2 VzLCBlYXJu aW5nIGZlZX MgZm9yIHRo ZXNlIHNlcn ZpY2VzLjxi cj42LiBDb3 Jwb3JhdGUg c2VydmljZX M6IEV1cm9u ZXh0IG9mZm VycyBhIHJh bmdlIG9mIG NvcnBvcmF0 ZSBzZXJ2aW Nlcywgc3Vj aCBhcyBpbn Zlc3RvciBy ZWxhdGlvbn MgYW5kIGNv cnBvcmF0ZS Bnb3Zlcm5h bmNlIHNvbH V0aW9ucywg dG8gbGlzdG VkIGNvbXBh bmllcyBmb3 IgYSBmZWUu PGJyPjcuIE luZGljZXMg YW5kIGJlbm NobWFya3M6 IEV1cm9uZX h0IG9mZmVy cyBhIHZhcm lldHkgb2Yg aW5kaWNlcy BhbmQgYmVu Y2htYXJrcy wgc3VjaCBh cyB0aGUgQU VYIGFuZCBD QUMgNDAsIH doaWNoIGFy ZSB1c2VkIG FzIGJlbmNo bWFya3MgZm 9yIGludmVz dG1lbnQgcH JvZHVjdHMs IGdlbmVyYX RpbmcgcmV2 ZW51ZSBmcm 9tIGxpY2Vu c2luZyBmZW VzLjxicj5F dXJvbmV4dC dzIGJ1c2lu ZXNzIG1vZG VsIHJlbGll cyBvbiBtYW ludGFpbmlu ZyBhIHdlbG wtZnVuY3Rp b25pbmcgYW 5kIGxpcXVp ZCBtYXJrZX QgZm9yIGlu dmVzdG9ycy BhbmQgY29t cGFuaWVzIH RvIHRyYWRl IGFuZCBwYX J0aWNpcGF0 ZSBpbi4gSX QgYWxzbyBh aW1zIHRvIG F0dHJhY3Qg bmV3IGxpc3 RpbmdzIGFu ZCBpbmNyZW FzZSB0cmFk aW5nIHZvbH VtZSB0aHJv dWdoIGlubm 92YXRpb24g YW5kIHN0cm F0ZWdpYyBw YXJ0bmVyc2 hpcHMu

AI can indeed pose material threats to Euronext NV’s products, services, and competitive positioning in several ways.
Firstly, substitution can occur as AI-driven trading and investment platforms become increasingly popular. These platforms can execute trades faster and more efficiently than traditional methods, potentially attracting clients away from Euronext’s trading services. If competitors leverage AI to provide more innovative features or better customer experiences, Euronext might face challenges in retaining its client base.
Disintermediation is another concern. As AI technology evolves, it may enable direct trading between parties without the need for intermediaries like exchanges. This could reduce the volume of transactions processed by Euronext, impacting its revenue stream. Additionally, as blockchain technology and decentralized finance (DeFi) solutions gain traction, they may further challenge traditional exchange models by allowing for peer-to-peer transactions.
Lastly, margin pressure can arise from the cost efficiencies that AI allows competitors to achieve. Firms that utilize AI can streamline operations, reduce costs, and offer lower fees to attract clients. If Euronext is unable to match these efficiencies, it may face pressure to lower its own pricing, which could erode profit margins.
In summary, while AI presents opportunities for innovation and improvement, it also poses significant risks to Euronext NV through substitution, disintermediation, and margin pressure. The company will need to actively adapt and innovate to mitigate these threats.

The sensitivity of Euronext NV’s earnings, cash flow, and valuation to changes in interest rates can be assessed in several ways:
1. Earnings Sensitivity: Euronext, as a financial markets operator, may experience fluctuations in its earnings due to changes in interest rates. Higher interest rates can potentially reduce trading volumes as investors may be more cautious, leading to lower transaction fees and service revenues. Conversely, lower interest rates can stimulate borrowing and investment, potentially increasing trading activities.
2. Cash Flow Sensitivity: Cash flow is also directly influenced by interest rates. If rates rise, the cost of borrowing for companies may increase, which could lead to reduced financing activities within the market and less liquidity. This can impact the overall trading volume and affect Euronext’s cash flow from trading and listed companies. Additionally, if interest rates increase significantly, it may also affect the valuation of existing debt instruments and equity, influencing investor behavior and therefore cash flows.
3. Valuation Sensitivity: Valuation of Euronext is often tied to market conditions and can be impacted by interest rates. Higher rates typically lead to higher discount rates applied to future cash flows, resulting in a lower present value of those cash flows. Therefore, if market interest rates rise, the valuation of Euronext may decline as investors seek higher returns and assess risk differently. In contrast, lower rates can lead to higher valuations as the cost of capital decreases and more capital flows into equities.
Overall, Euronext’s earnings, cash flow, and valuation can be sensitive to interest rate changes, with impacts manifesting in trading volumes, investment behaviors, and overall market liquidity.

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 bG9nb3MvZH N6dkY0M09w OU1BTkY1eX dRRFQud2Vi cCIgYWx0PS JFdXJvbmV4 dCBOViIgdG l0bGU9IkV1 cm9uZXh0IE 5WIiAgY2xh 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 b3V0IEV1cm 9uZXh0IE5W 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 ICAgICBSbT kxYm1SbFpD IEJwYmlBeU 1EQXcgTENC RmRYSnZibS BWNGRDQk9W aUJwIGN5Qm hJRVYxY20g OXdaV0Z1SU hOMCBiMk5y SUdWNFkyIG hoYm1kbElI Um8gWVhRZ2 IzQmxjbSBG MFpYTWdiV0 Z5IGEyVjBj eUJwYmkgQk JiWE4wWlhK ayBZVzBzSU VKeWRYIE56 Wld4ekxDQk UgZFdKc2FX NHNJRSB4cG MySnZiaXdn IFQzTnNieX dnWVcgNWtJ RkJoY21sei BManhpY2o0 dElFIGx1SU RJd01EQXMg SUhOcGVDQm xlRyBOb1lX NW5aWE1zIE lHbHVZMngx WkcgbHVaeU IwYUdVZyBR VzF6ZEdWeV pHIEZ0SUZO MGIyTnIgSU VWNFkyaGhi bSBkbExDQk NjblZ6IGMy VnNjeUJUZE cgOWpheUJG ZUdObyBZVz VuWlN3Z1lX IDVrSUZCaG NtbHogSUVK dmRYSnpaUy B3Z2FtOXBi bVZrIElHWn ZjbU5sY3kg QjBieUJqY2 1WaCBkR1Vn UlhWeWIyID VsZUhRZ1Rs WXUgUEdKeV BpMGdSWCBW eWIyNWxlSF FnIFRsWWdh WE1nYUcgVm haSEYxWVhK MCBaWEpsWk NCcGJpIEJC YlhOMFpYSm sgWVcwc0lF NWxkRyBobG NteGhibVJ6 IExqeGljaj R0SUUgbHVJ REl3TURFcy BJRVYxY205 dVpYIGgwSU U1V0lHRmog Y1hWcGNtVm tJSCBSb1pT Qk1iMjVrIG IyNGdTVzUw WlggSnVZWF JwYjI1aCBi Q0JHYVc1aG JtIE5wWVd3 Z1JuVjAgZF hKbGN5Qmhi bSBRZ1QzQj BhVzl1IGN5 QkZlR05vWV cgNW5aU0Fv VEVsRyBSa1 VwTENCbGVI IEJoYm1ScG JtY2cgYVhS eklHWnZiMy BSd2NtbHVk Q0JwIGJuUn ZJSFJvWlMg QlZTeUJ0WV hKciBaWFF1 UEdKeVBpID BnU1c0Z01q QXggTml3Z1 JYVnliMiA1 bGVIUWdUbF lnIFlXTnhk V2x5WlcgUW dkR2hsSUVs eSBhWE5vSU ZOMGIyIE5y SUVWNFkyaG ggYm1kbExD QnpiMiB4cF pHbG1lV2x1 IFp5QnBkSE 1nY0cgOXph WFJwYjI0Zy BZWE1nZEdo bElHIHhsWV dScGJtY2cg WlhoamFHRn VaMiBVZ2FX NGdkR2hsIE lFVjFjbTk2 YjIgNWxMan hpY2o0dCBJ RWx1SURJd0 1UIGNzSUVW MWNtOXUgWl hoMElFNVdJ RyAxaFpHVW dZU0JpIGFX UWdkRzhnWV cgTnhkV2x5 WlNCMCBhR1 VnVEc5dVpH IDl1SUZOMG IyTnIgSUVW NFkyaGhibS BkbElDaE1V MFVwIExDQm lkWFFnZEcg aGxJRzltWm 1WeSBJSGRo Y3lCMWJIIF JwYldGMFpX eDUgSUhKbG FtVmpkRyBW a0xqeGljaj R0IElFVjFj bTl1WlggaD BJRTVXSUc5 dyBaWEpoZE dWeklHIDEx YkhScGNHeG wgSUcxaGNt dGxkSCBCc1 lXTmxjeXdn IGFXNWpiSF ZrYVcgNW5J R05oYzJnZy BaWEYxYVhS cFpYIE1zSU dSbGNtbDIg WVhScGRtVn pMQyBCamIy MXRiMlJwIG RHbGxjeXdn WVcgNWtJRV ZVUm5NcyBJ SGRwZEdnZ2 IzIFpsY2lB eExEVXcgTU NCc2FYTjBa VyBRZ1kyOX RjR0Z1IGFX VnpManhpY2 ogNHRJRVYx Y205dSBaWG gwSUU1V0lH IGx6SUd0dW IzZHUgSUda dmNpQnBkSC BNZ1pteGha M05vIGFYQW dhVzVrWlgg Z3NJSFJvWl NCRCBRVU1n TkRBc0lHIE 52YlhCdmMy VmsgSUc5bU lIUm9aUyBB ME1DQnNZWE puIFpYTjBJ R0Z1WkMgQn RiM04wSUd4 cCBjWFZwWk NCemRHIDlq YTNNZ2JHbH ogZEdWa0lH OXVJSCBSb1 pTQkZkWEp2 IGJtVjRkQ0 JRWVggSnBj eTQ4WW5JKy BMU0JKYmlB eU1EIEl3TE NCRmRYSnYg Ym1WNGRDQk 9WaSBCaFkz RjFhWEpsIF pDQjBhR1Vn UW0gOXljMk VnU1hSaCBi R2xoYm1FZ1 IzIEp2ZFhB c0lIZG8gYV dOb0lHbHVZ MiB4MVpHVn pJSFJvIFpT QkpkR0ZzYV cgRnVJSE4w YjJOciBJR1 Y0WTJoaGJt IGRsTENCaG N5QjMgWld4 c0lHRnpJSC BSb1pTQmli MjVrIElHMW hjbXRsZEMg Qk5WRk1nWV c1ayBJRzFo Y210bGRDIE JrWVhSaElI QnkgYjNacF pHVnlJRSBG c1oyOXRhUz Q4IFluSStM U0JVYUcgVW dRMFZQSUc5 bSBJRVYxY2 05dVpYIGgw SUU1V0lHbH ogSUZOMHc2 bHdhRyBGdV pTQkNiM1Zx IGJtRm9MQ0 IzYUcgOGdh R0Z6SUdKbC BaVzRnZDJs MGFDIEIwYU dVZ1kyOXQg Y0dGdWVTQn phVyA1alpT QXlNREUyIE xnPT0KICAg ICAgICA8L3 NwYW4+CiAg ICAgICAgCi AgICAgICAg