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.

RXVyb25leH QgTlYgaXMg bGlrZSBhIG JpZyBtYXJr ZXRwbGFjZS B3aGVyZSBw ZW9wbGUgYn V5IGFuZCBz ZWxsIHNoYX JlcyBvZiBj b21wYW5pZX MsIG11Y2gg bGlrZSBhIG Zhcm1lcuKA mXMgbWFya2 V0IHdoZXJl IHBlb3BsZS B0cmFkZSBm cnVpdHMgYW 5kIHZlZ2V0 YWJsZXMuIE luc3RlYWQg b2YgdHJhZG luZyBhcHBs ZXMgb3IgdG 9tYXRvZXMs IGF0IEV1cm 9uZXh0LCBw ZW9wbGUgdH JhZGUgcGll Y2VzIG9mIG 93bmVyc2hp cCBpbiBkaW ZmZXJlbnQg Y29tcGFuaW VzLiBUaGVz ZSBwaWVjZX MgYXJlIGNh bGxlZCBzaG FyZXMuPGJy PkV1cm9uZX h0IG1ha2Vz IG1vbmV5IG luIGEgZmV3 IHdheXM6PG JyPjEuIDxz dHJvbmc+VH JhZGluZyBG ZWVzPC9zdH Jvbmc+OiBF dmVyeSB0aW 1lIHNvbWVv bmUgYnV5cy BvciBzZWxs cyBzaGFyZX Mgb24gdGhl aXIgcGxhdG Zvcm0sIEV1 cm9uZXh0IG NoYXJnZXMg YSBzbWFsbC BmZWUuIEp1 c3QgbGlrZS Bob3cgYSBm YXJtZXLigJ lzIG1hcmtl dCBtaWdodC BjaGFyZ2Ug c2VsbGVycy BhIGxpdHRs ZSBtb25leS B0byBzZXQg dXAgdGhlaX Igc3RhbGwu PGJyPjIuID xzdHJvbmc+ TGlzdGluZy BGZWVzPC9z dHJvbmc+Oi BDb21wYW5p ZXMgdGhhdC B3YW50IHRv IHNlbGwgdG hlaXIgc2hh cmVzIG9uIE V1cm9uZXh0 IGhhdmUgdG 8gcGF5IGEg ZmVlIHRvIG JlIGxpc3Rl ZCBvbiB0aG UgbWFya2V0 cGxhY2UuIF RoaXMgaXMg bGlrZSBhIH N0b3JlIHBh eWluZyByZW 50IHRvIGJl IGluIGEgc2 hvcHBpbmcg bWFsbC48Yn I+My4gPHN0 cm9uZz5NYX JrZXQgRGF0 YTwvc3Ryb2 5nPjogVGhl eSBzZWxsIG luZm9ybWF0 aW9uIGFib3 V0IHN0b2Nr IHByaWNlcy BhbmQgdHJh ZGluZyBhY3 Rpdml0eSB0 byBvdGhlci BidXNpbmVz c2VzLiBUaG lzIGlzIHNp bWlsYXIgdG 8gaG93IGEg ZmFybWVyIG 1pZ2h0IHNl bGwgaW5mb3 JtYXRpb24g YWJvdXQgdG hlIGJlc3Qg c2VsbGluZy BhcHBsZXMg dG8gb3RoZX IgZmFybWVy cyB0byBoZW xwIHRoZW0g aW1wcm92ZS B0aGVpciBz YWxlcy48Yn I+RXVyb25l eHQgaXMgc3 VjY2Vzc2Z1 bCBmb3IgYS BmZXcgcmVh c29uczo8Yn I+LSA8c3Ry b25nPlRydX N0ZWQgUGxh dGZvcm08L3 N0cm9uZz46 IFBlb3BsZS B0cnVzdCBF dXJvbmV4dC B0byBiZSBm YWlyIGFuZC BzYWZlIHdo ZW4gdGhleS B0cmFkZSBz aGFyZXMsIH doaWNoIG1h a2VzIG1vcm UgcGVvcGxl IHdhbnQgdG 8gdXNlIGl0 Ljxicj4gID xicj4tIDxz dHJvbmc+RG l2ZXJzZSBD b21wYW5pZX M8L3N0cm9u Zz46IEl0IG hhcyBsb3Rz IG9mIGRpZm ZlcmVudCBj b21wYW5pZX MgbGlzdGVk LCBzbyBwZW 9wbGUgY2Fu IGNob29zZS B0byBpbnZl c3QgaW4gbW FueSBhcmVh cywgbGlrZS B0ZWNobm9s b2d5LCBmb2 9kLCBhbmQg bW9yZS4gVG hpcyBhdHRy YWN0cyBkaW ZmZXJlbnQg a2luZHMgb2 YgaW52ZXN0 b3JzLjxicj 4tIDxzdHJv bmc+R29vZC BUZWNobm9s b2d5PC9zdH Jvbmc+OiBF dXJvbmV4dC B1c2VzIGFk dmFuY2VkIH RlY2hub2xv Z3kgdG8gbW FrZSB0cmFk aW5nIGZhc3 QgYW5kIGVm ZmljaWVudC wgd2hpY2gg a2VlcHMgY3 VzdG9tZXJz IGhhcHB5Lj xicj5Mb29r aW5nIHRvIH RoZSBmdXR1 cmUsIEV1cm 9uZXh0IGlz IGxpa2VseS B0byBjb250 aW51ZSBiZW luZyBzdWNj ZXNzZnVsIG JlY2F1c2U6 PGJyPi0gPH N0cm9uZz5H cm93aW5nIE Vjb25vbXk8 L3N0cm9uZz 46IEFzIG1v cmUgcGVvcG xlIGFuZCBj b21wYW5pZX MgZ3Jvdywg bW9yZSBpbn Zlc3RvcnMg d2lsbCBiZS Bsb29raW5n IHRvIHRyYW RlLCB3aGlj aCBtZWFucy Btb3JlIHBl b3BsZSB3aW xsIHVzZSBF dXJvbmV4dC 48YnI+LSA8 c3Ryb25nPk lubm92YXRp b25zPC9zdH Jvbmc+OiBF dXJvbmV4dC BrZWVwcyBp bXByb3Zpbm cgYW5kIGFk ZGluZyBuZX cgZmVhdHVy ZXMgdG8gYX R0cmFjdCBi b3RoIG5ldy BpbnZlc3Rv cnMgYW5kIG NvbXBhbmll cyB0aGF0IH dhbnQgdG8g bGlzdC48Yn I+LSA8c3Ry b25nPkdsb2 JhbCBUcmVu ZHM8L3N0cm 9uZz46IElu dmVzdGluZy BpbiBzdG9j a3MgaXMgYm Vjb21pbmcg bW9yZSBwb3 B1bGFyIHdv cmxkd2lkZS 4gRXVyb25l eHQgY2FuIG JlbmVmaXQg ZnJvbSB0aG lzIHRyZW5k IGFzIG1vcm UgcGVvcGxl IHN0YXJ0IH RvIGludmVz dCBpbiBkaW ZmZXJlbnQg bWFya2V0cy 48YnI+SW4g c2ltcGxlIH Rlcm1zLCBF dXJvbmV4dC BpcyBhIGJ1 c3kgYW5kIH RydXN0ZWQg cGxhY2UgZm 9yIGJ1eWlu ZyBhbmQgc2 VsbGluZyBj b21wYW55IH NoYXJlcywg YW5kIGJlY2 F1c2UgdGhl eSBrZWVwIG dyb3dpbmcs IGltcHJvdm luZywgYW5k IGFkYXB0aW 5nLCB0aGV5 IGFyZSBsaW tlbHkgdG8g a2VlcCBiZW luZyBzdWNj ZXNzZnVsIG luIHRoZSBm dXR1cmUhPG JyPg==

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.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgRX Vyb25leHQg TlbigJlzIG Vjb25vbWlj cyBvdmVyIH RoZSBuZXh0 IDPigJM1IH llYXJzIGlz IHRoZSBncm FkdWFsIGRl Y2xpbmUgaW 4gdHJhZGlu ZyB2b2x1bW VzIGR1ZSB0 byB0aGUgd2 lkZXNwcmVh ZCBhZG9wdG lvbiBvZiBk ZWNlbnRyYW xpemVkIGZp bmFuY2UgKE RlRmkpIGFu ZCBibG9ja2 NoYWliYXNl ZCB0cmFkaW 5nIHBsYXRm b3Jtcy4gQX MgdGhlc2Ug dGVjaG5vbG 9naWVzIG1h dHVyZSBhbm QgYmVjb21l IG1vcmUgdX Nlci1mcmll bmRseSwgdH JhZGl0aW9u YWwgZXhjaG FuZ2VzIGxp a2UgRXVyb2 5leHQgbWF5 IHN0cnVnZ2 xlIHRvIGNv bXBldGUgd2 l0aCB0aGUg bG93ZXIgZm VlcyBhbmQg Z3JlYXRlci BhY2Nlc3Np YmlsaXR5IG 9mZmVyZWQg YnkgZGVjZW 50cmFsaXpl ZCBwbGF0Zm 9ybXMuIDxi cj5JbiB0aG lzIHNjZW5h cmlvLCB3ZS Bjb3VsZCBz ZWUgYSBzaW duaWZpY2Fu dCByZWR1Y3 Rpb24gaW4g dHJhbnNhY3 Rpb24gZmVl cywgd2hpY2 ggYXJlIGEg a2V5IHJldm VudWUgZHJp dmVyIGZvci BFdXJvbmV4 dC4gQXMgdH JhZGluZyB2 b2x1bWVzIG RpbWluaXNo LCB0aGUgY2 9tcGFueeKA mXMgbWFyZ2 lucyB3b3Vs ZCBsaWtlbH kgc2hyaW5r LCBsZWFkaW 5nIHRvIGxv d2VyIHByb2 ZpdGFiaWxp dHkuIFRoZS ByZWxpYW5j ZSBvbiB0cm FkaW5nLXJl bGF0ZWQgcm V2ZW51ZXMg bWVhbnMgdG hhdCBhIHN1 YnN0YW50aW FsIGRlY2xp bmUgY291bG QgbGVhZCB0 byBvcGVyYX RpbmcgbWFy Z2lucyBmYW xsaW5nIGJl bG93IGhpc3 RvcmljYWwg YXZlcmFnZX MsIHBlcmhh cHMgZHJvcH BpbmcgZnJv bSBhIG5vcm 1hbGl6ZWQg bGV2ZWwgb2 YgNDAlIHRv IGFyb3VuZC AyNSUgb3Ig bG93ZXIuPG JyPkNhc2gg ZmxvdyB3b3 VsZCBhbHNv IGJlIG5lZ2 F0aXZlbHkg aW1wYWN0ZW QuIEV1cm9u ZXh04oCZcy BvcGVyYXRp bmcgY2FzaC BmbG93LCB3 aGljaCBoYX MgdHJhZGl0 aW9uYWxseS BiZWVuIHJv YnVzdCBkdW UgdG8gY29u c2lzdGVudC B0cmFkaW5n IGFjdGl2aX R5LCBjb3Vs ZCB0dXJuIG 5lZ2F0aXZl IGFzIGZpeG VkIGNvc3Rz IHJlbWFpbi BoaWdoIHdo aWxlIHJldm VudWVzIGZy b20gdHJhZG luZyBmZWVz IGRyb3Agc2 hhcnBseS4g VGhpcyBjb3 VsZCByZXN1 bHQgaW4gY2 FzaCByZXNl cnZlcyBiZW luZyBkcmF3 biBkb3duIH RvIGNvdmVy IG9wZXJhdG lvbmFsIGV4 cGVuc2VzIG FuZCBwb3Rl bnRpYWxseS BsZWFkIHRv IGluY3JlYX NlZCBib3Jy b3dpbmcuPG JyPk9uIHRo ZSBiYWxhbm NlIHNoZWV0 LCBhIHJlZH VjdGlvbiBp biBjYXNoIG Zsb3cgbWF5 IG5lY2Vzc2 l0YXRlIHRh a2luZyBvbi BkZWJ0IHRv IG1haW50YW luIG9wZXJh dGlvbmFsIG xpcXVpZGl0 eS4gQ29uc2 VxdWVudGx5 LCB3ZSBjb3 VsZCBzZWUg YSBkZXRlcm lvcmF0aW9u IGluIGZpbm FuY2lhbCBt ZXRyaWNzLC BzdWNoIGFz IGFuIGluY3 JlYXNlIGlu IHRoZSBkZW J0LXRvLWVx dWl0eSByYX Rpbywgd2hp Y2ggY291bG QgcmlzZSBz aWduaWZpY2 FudGx5IGlm IHRoZSBjb2 1wYW55IG9w dHMgdG8gZm luYW5jZSBp dHMgb25nb2 luZyBvcGVy YXRpb25zIH Rocm91Z2gg Ym9ycm93aW 5nLiBBZGRp dGlvbmFsbH ksIHdpdGgg bG93ZXIgcm V2ZW51ZXMs IHRoZSBvdm VyYWxsIGFz c2V0IGJhc2 UgbWF5IHNo cmluayBhcy BpbnZlc3Rt ZW50cyBpbi B0ZWNobm9s b2d5IGFuZC BpbmZyYXN0 cnVjdHVyZS Bjb3VsZCBi ZSBzY2FsZW QgYmFjayBp biByZXNwb2 5zZSB0byBk ZWNsaW5pbm cgcHJvZml0 YWJpbGl0eS BhbmQgY2Fz aCBmbG93Lj xicj5JbiBj b25jbHVzaW 9uLCBpZiBF dXJvbmV4dC B3ZXJlIHRv IGV4cGVyaW VuY2UgYSBw ZXJtYW5lbn QgZGVjbGlu ZSBpbiB0cm FkaW5nIHZv bHVtZXMgZH VlIHRvIHRo ZSByaXNlIG 9mIERlRmks IHRoZSBjb2 1wYW554oCZ cyBtYXJnaW 5zIHdvdWxk IGNvbnRyYW N0LCBjYXNo IGZsb3cgY2 91bGQgYmVj b21lIG5lZ2 F0aXZlLCBh bmQgaXRzIG JhbGFuY2Ug c2hlZXQgd2 91bGQgcmVm bGVjdCBoaW doZXIgaW5k ZWJ0ZWRuZX NzIHdpdGgg c3RyYWluZW QgbGlxdWlk aXR5LCB1bH RpbWF0ZWx5 IGltcGFpcm luZyBpdHMg bG9uZy10ZX JtIHN0YWJp bGl0eSBhbm QgZ3Jvd3Ro IHByb3NwZW N0cy48YnI+

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 UwIHdpZHRo PTUwIGxvYW 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