United Utilities Group US

-48.99%

Live  

United Utilities Group is a multi-utility company based in the United Kingdom. It is one of the largest water companies in England and Wales with a customer base of around 7 million people. The company provides water and wastewater services to the North West of England, as well as operating a number of gas and electricity networks.
History
United Utilities Group was originally formed in 1995 through the merger of North West Water and Norweb. In 2000, the company's electricity operations were sold to Scottish Power, leaving the company solely focused on water and wastewater services.
In 2005, United Utilities acquired Gloucestershire-based Wessex Water, expanding its operations outside of the North West of England for the first time.
In recent years, the company has invested heavily in improving its infrastructure and services, with a focus on reducing leakage and promoting water efficiency.
Services
United Utilities Group provides water and wastewater services to around 7 million people in the North West of England, and also holds contracts to supply water to businesses in Scotland, Northern Ireland and Ireland.
The company also operates a number of gas and electricity networks, including the North West Gas Distribution Network and the North West Electricity Distribution Network.
In addition, United Utilities Group offers a range of services for businesses, including water efficiency audits and leak detection services.
Sustainability
United Utilities Group is committed to sustainability and has set ambitious targets to reduce its carbon emissions, increase renewable energy use, and promote biodiversity in the areas it serves.
The company has invested in renewable energy sources such as wind, solar, and hydro power, and has implemented a range of initiatives to reduce its carbon footprint, including switching to electric-powered vehicles and installing energy-efficient technologies.
In terms of water management, United Utilities is dedicated to reducing water leakage and promoting water efficiency among its customers. The company has also implemented a Water Resource Management Plan to ensure a sustainable supply of water for the future.
Community involvement
United Utilities Group is actively involved in the communities it serves, supporting local initiatives and charities. The company also offers educational resources and programs for schools to raise awareness about water conservation and environmental sustainability.
In addition, United Utilities Group has a Customer Assistance Fund that provides support to customers who are struggling to pay their water bills, and a Priority Services Register for vulnerable customers who may need extra support.
Conclusion
United Utilities Group is a leading multi-utility company in the UK, providing water, wastewater, and energy services to millions of customers. The company's commitment to sustainability and community involvement make it a responsible and ethical business, playing an important role in ensuring a sustainable supply of water and energy for the future.

VW5pdGVkIF V0aWxpdGll cyBHcm91cC BpcyBhIGNv bXBhbnkgaW 4gdGhlIFVu aXRlZCBLaW 5nZG9tIHRo YXQgcHJvdm lkZXMgd2F0 ZXIgYW5kIH dhc3Rld2F0 ZXIgc2Vydm ljZXMuIFRo aXMgbWVhbn MgdGhleSBt YWtlIHN1cm UgcGVvcGxl IGhhdmUgY2 xlYW4gZHJp bmtpbmcgd2 F0ZXIgaW4g dGhlaXIgaG 9tZXMgYW5k IG1hbmFnZS B0aGUgd2F0 ZXIgdGhhdC Bnb2VzIGRv d24gdGhlIG RyYWluIGFm dGVyIHdlIH VzZSBpdCwg bGlrZSB3aG VuIHdlIGZs dXNoIHRoZS B0b2lsZXQg b3IgdGFrZS BhIHNob3dl ci48YnI+VG hlIHdheSBV bml0ZWQgVX RpbGl0aWVz IG1ha2VzIG 1vbmV5IGlz IGJ5IGNoYX JnaW5nIGN1 c3RvbWVycy Bmb3IgdGhl IHdhdGVyIH RoZXkgdXNl IGFuZCBmb3 IgdGFraW5n IGNhcmUgb2 YgdGhlIHdh c3Rld2F0ZX IuIFRoZXkg c3VwcGx5IH dhdGVyIHRv IGhvbWVzIG FuZCBidXNp bmVzc2VzIG FuZCBtYWtl IHN1cmUgdG hlIHBpcGVz IHRoYXQgY2 FycnkgZGly dHkgd2F0ZX IgYXJlIHdv cmtpbmcgcH JvcGVybHku IFBlb3BsZS BwYXkgYmls bHMgZm9yIH RoZXNlIHNl cnZpY2VzLC BhbmQgdGhh dCBtb25leS BoZWxwcyB0 aGUgY29tcG FueSB0byBv cGVyYXRlIG FuZCBpbXBy b3ZlIGl0cy BzZXJ2aWNl cy48YnI+VW 5pdGVkIFV0 aWxpdGllcy BpcyBzdWNj ZXNzZnVsIG ZvciBhIGZl dyByZWFzb2 5zLiBGaXJz dCwgZXZlcn lvbmUgbmVl ZHMgd2F0ZX IgYW5kIHNh bml0YXRpb2 4sIHNvIHRo ZXkgaGF2ZS BhIHN0ZWFk eSBudW1iZX Igb2YgY3Vz dG9tZXJzIH dobyB3aWxs IGFsd2F5cy BuZWVkIHRo ZWlyIHNlcn ZpY2VzLiBT ZWNvbmQsIH RoZSBjb21w YW55IGludm VzdHMgaW4g dGVjaG5vbG 9neSBhbmQg aW5mcmFzdH J1Y3R1cmUg dG8gbWFrZS BzdXJlIHRo ZSB3YXRlci BpcyBzYWZl IGFuZCBjYW 4gYmUgZGVs aXZlcmVkIG VmZmljaWVu dGx5LiBBbH NvLCB0aGV5 IGFyZSBmb2 N1c2VkIG9u IGJlaW5nIG Vudmlyb25t ZW50YWxseS BmcmllbmRs eSwgd2hpY2 ggaXMgYmVj b21pbmcgbW 9yZSBpbXBv cnRhbnQgdG 8gcGVvcGxl Ljxicj5Jbi B0aGUgZnV0 dXJlLCBVbm l0ZWQgVXRp bGl0aWVzIG lzIGxpa2Vs eSB0byBzdG F5IHN1Y2Nl c3NmdWwgYm VjYXVzZSB3 YXRlciBpcy BhIGJhc2lj IG5lZWQgdG hhdCB3aWxs IGFsd2F5cy BiZSBpbXBv cnRhbnQuIF BsdXMsIGFz IGNvbW11bm l0aWVzIGdy b3cgYW5kIG 1vcmUgcGVv cGxlIG5lZW Qgd2F0ZXIs IHRoZSBjb2 1wYW55IGNh biBleHBhbm QgaXRzIHNl cnZpY2VzLi BUaGV5IGFy ZSBhbHNvIH dvcmtpbmcg b24gcHJvam VjdHMgdG8g dXNlIHdhdG VyIHNtYXJ0 ZXIgYW5kIH dhc3RlIGxl c3MsIHdoaW NoIGNhbiBo ZWxwIHRoZW 0gc2F2ZSBt b25leSBhbm QgbWVldCBu ZXcgcnVsZX MgYWJvdXQg cHJvdGVjdG luZyB0aGUg ZW52aXJvbm 1lbnQuIFRo aXMgZm9jdX Mgb24gaW1w cm92ZW1lbn QgYW5kIGNh cmUgZm9yIH RoZSBFYXJ0 aCBjYW4ga2 VlcCBtYWtp bmcgdGhlbS BhIHN0cm9u ZyBjb21wYW 55IGZvciB5 ZWFycyB0by Bjb21lLjxi cj4=

VW5pdGVkIF V0aWxpdGll cyBHcm91cC BpcyBzcGVj aWFsIGJlY2 F1c2UgaXQg aXMgb25lIG 9mIHRoZSBs YXJnZXN0IH dhdGVyIGFu ZCB3YXN0ZX dhdGVyIHNl cnZpY2UgY2 9tcGFuaWVz IGluIHRoZS BVbml0ZWQg S2luZ2RvbS 4gSXQgaXMg YWxzbyB0aG Ugb25seSBs aXN0ZWQgd2 F0ZXIgY29t cGFueSBpbi B0aGUgY291 bnRyeSwgbW FraW5nIGl0 IGEgbWFqb3 IgcGxheWVy IGluIHRoZS BpbmR1c3Ry eS48YnI+VG hlIGNvbXBh bnkgaGFzIG EgbG9uZyBo aXN0b3J5LC BkYXRpbmcg YmFjayB0by B0aGUgbGF0 ZSAxOXRoIG NlbnR1cnks IGFuZCBoYX MgcGxheWVk IGEgY3J1Y2 lhbCByb2xl IGluIHRoZS BkZXZlbG9w bWVudCBhbm QgbWFpbnRl bmFuY2Ugb2 YgdGhlIHJl Z2lvbidzIH dhdGVyIGlu ZnJhc3RydW N0dXJlLiBV bml0ZWQgVX RpbGl0aWVz IEdyb3VwIH Byb3ZpZGVz IGNsZWFuIG RyaW5raW5n IHdhdGVyIH RvIG1pbGxp b25zIG9mIH Blb3BsZSBh bmQgdHJlYX RzIGFuZCBy ZWN5Y2xlcy B3YXN0ZXdh dGVyIHRvIH Byb3RlY3Qg dGhlIGVudm lyb25tZW50 Ljxicj5Jbi BhZGRpdGlv biB0byBpdH MgY29yZSBi dXNpbmVzcy wgdGhlIGNv bXBhbnkgYW xzbyBoYXMg YSBzdHJvbm cgZm9jdXMg b24gc3VzdG FpbmFiaWxp dHkgYW5kIH NvY2lhbCBy ZXNwb25zaW JpbGl0eS4g SXQgaGFzIG ltcGxlbWVu dGVkIHZhcm lvdXMgaW5p dGlhdGl2ZX MgdG8gcmVk dWNlIGl0cy BjYXJib24g Zm9vdHByaW 50IGFuZCBw cm9tb3RlIG NvbW11bml0 eSBlbmdhZ2 VtZW50LCBz dWNoIGFzIG 9mZmVyaW5n IGdyYW50cy B0byBzdXBw b3J0IGxvY2 FsIHByb2pl Y3RzIGFuZC B2b2x1bnRl ZXJpbmcgb3 Bwb3J0dW5p dGllcyBmb3 IgaXRzIGVt cGxveWVlcy 48YnI+VW5p dGVkIFV0aW xpdGllcyBH cm91cCBhbH NvIGhhcyBh IHJlcHV0YX Rpb24gZm9y IGlubm92YX Rpb24gYW5k IHRlY2hub2 xvZ2ljYWwg YWR2YW5jZW 1lbnQgaW4g dGhlIHdhdG VyIGluZHVz dHJ5LiBJdC BoYXMgaW52 ZXN0ZWQgaW 4gYWR2YW5j ZWQgc3lzdG VtcyBhbmQg cHJvY2Vzc2 VzIHRvIGlt cHJvdmUgZW ZmaWNpZW5j eSBhbmQgZW ZmZWN0aXZl bmVzcywgYW 5kIGhhcyBy ZWNlaXZlZC BudW1lcm91 cyBhd2FyZH MgZm9yIGl0 cyBlZmZvcn RzLjxicj5P dmVyYWxsLC BVbml0ZWQg VXRpbGl0aW VzIEdyb3Vw IHBsYXlzIG Egdml0YWwg cm9sZSBpbi BlbnN1cmlu ZyB0aGUgcm VsaWFibGUg YW5kIHN1c3 RhaW5hYmxl IGRlbGl2ZX J5IG9mIGVz c2VudGlhbC BzZXJ2aWNl cyB0byBjb2 1tdW5pdGll cyBpbiB0aG UgVW5pdGVk IEtpbmdkb2 0u

VGhlIFVuaX RlZCBVdGls aXRpZXMgR3 JvdXAgaXMg YSB3YXRlci BhbmQgd2Fz dGV3YXRlci BzZXJ2aWNl cyBjb21wYW 55IGluIHRo ZSBVbml0ZW QgS2luZ2Rv bS4gSXRzIG J1c2luZXNz IG1vZGVsIG lzIGJhc2Vk IG9uIHRoZS BzdXBwbHkg b2YgY2xlYW 4gd2F0ZXIg YW5kIHRoZS Bjb2xsZWN0 aW9uLCB0cm VhdG1lbnQs IGFuZCBkaX Nwb3NhbCBv ZiB3YXN0ZX dhdGVyIGZv ciBpdHMgY3 VzdG9tZXJz LiBUaGlzIG luY2x1ZGVz IHByb3ZpZG luZyB3YXRl ciBhbmQgd2 FzdGV3YXRl ciBpbmZyYX N0cnVjdHVy ZSwgbWFpbn RlbmFuY2Ug YW5kIHJlcG FpciBzZXJ2 aWNlcywgYW 5kIGN1c3Rv bWVyIHN1cH BvcnQuIFRo ZSBjb21wYW 55IGFsc28g aGFzIGEgZm 9jdXMgb24g c3VzdGFpbm FiaWxpdHkg YW5kIGlubm 92YXRpb24s IGNvbnN0YW 50bHkgc2Vl a2luZyB0by BpbXByb3Zl IGVmZmljaW VuY3kgYW5k IHJlZHVjZS BpdHMgZW52 aXJvbm1lbn RhbCBpbXBh Y3QuIEl0IG 9wZXJhdGVz IGFzIGEgcm VndWxhdGVk IG1vbm9wb2 x5LCB3aXRo IGl0cyBwcm ljZXMgYW5k IHNlcnZpY2 VzIG92ZXJz ZWVuIGJ5IH RoZSBVSydz IHdhdGVyIH JlZ3VsYXRv ciwgT2Z3YX QuIFRoZSBj b21wYW55IG dlbmVyYXRl cyByZXZlbn VlIHRocm91 Z2ggd2F0ZX IgYW5kIHdh c3Rld2F0ZX IgY2hhcmdl cyBwYWlkIG J5IGl0cyBj dXN0b21lcn MgYW5kIGFs c28gb3Blcm F0ZXMgaW4g dmFyaW91cy Bub24tcmVn dWxhdGVkIG J1c2luZXNz ZXMgc3VjaC BhcyByZW5l d2FibGUgZW 5lcmd5IGdl bmVyYXRpb2 4gYW5kIHBy b3BlcnR5IG 1hbmFnZW1l bnQuIEl0cy B1bHRpbWF0 ZSBnb2FsIG lzIHRvIHBy b3ZpZGUgc2 FmZSBhbmQg cmVsaWFibG Ugd2F0ZXIg YW5kIHdhc3 Rld2F0ZXIg c2VydmljZX MgdG8gaXRz IGN1c3RvbW VycyB3aGls ZSBhbHNvIG NvbnRyaWJ1 dGluZyB0by B0aGUgbG9j YWwgZWNvbm 9teSBhbmQg Y29tbXVuaX R5Lg==

AI can indeed pose a material threat to a company like United Utilities Group, which operates in the water and wastewater services sector, through several potential pathways:
1. Substitution: AI technologies could lead to the development of alternative solutions for water management and wastewater treatment. For example, AI-driven technologies might enable decentralized water purification systems or advanced water recycling processes that could compete with traditional utility services. If consumers and businesses can access effective alternatives, it could reduce demand for United Utilities’ services.
2. Disintermediation: AI can change how services are delivered and consumed. For instance, AI could facilitate peer-to-peer water trading or automated systems that allow individuals to manage their own water resources more effectively, bypassing traditional utility companies. This could erode United Utilities’ customer base and disrupt established business models.
3. Margin Pressure: The implementation of AI can lead to cost efficiencies, which might be beneficial in the long run. However, if competitors adopt AI technologies more rapidly or effectively, they could offer lower prices or enhanced services, thereby putting pressure on United Utilities to reduce their margins. Moreover, high initial investments in AI technology could strain financial resources if not managed properly.
Overall, while AI also presents opportunities for United Utilities to improve operational efficiency, enhance customer service, and innovate, it is essential to recognize the potential risks related to competition, market dynamics, and changing consumer behavior. Adaptation and strategic investment in AI could be crucial for mitigating these threats.

The sensitivity of United Utilities Group’s earnings, cash flow, and valuation to changes in interest rates can be assessed through several channels:
1. Cost of Debt: If United Utilities has a significant amount of variable-rate debt, rising interest rates will increase its interest expenses. This could lead to reduced earnings and cash flow, as more profits would be allocated to servicing debt.
2. Capital Expenditure: Utility companies like United Utilities often require substantial investment in infrastructure. Higher interest rates can make borrowing more expensive, potentially resulting in delayed or reduced capital expenditures. This could impact long-term growth prospects and operational efficiency.
3. Discount Rates and Valuation: Rising interest rates typically lead to increased discount rates used in discounted cash flow (DCF) valuation models. Higher discount rates reduce the present value of future cash flows, which can negatively affect the company’s valuation in the eyes of investors and analysts.
4. Consumer Demand and Pricing Power: Higher interest rates can impact consumer spending and demand for water and wastewater services. If consumers face higher costs in other areas due to increased borrowing costs, there could be reduced demand or pressure on the company to maintain pricing power.
5. Regulatory Environment: The utility sector is often regulated, and regulators may adjust pricing mechanisms in response to changing economic conditions, including interest rates.
In summary, each of these factors illustrates different dimensions of sensitivity to interest rate changes for United Utilities Group, affecting earnings, cash flows, and overall valuation significantly.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BVbml0ZWQg VXRpbGl0aW VzIEdyb3Vw 4oCZcyBlY2 9ub21pY3Mg b3ZlciB0aG UgbmV4dCAz 4oCTNSB5ZW FycyBpcyB0 aGUgaW1wbG VtZW50YXRp b24gb2Ygc3 RyaW5nZW50 IHJlZ3VsYX RvcnkgY2hh bmdlcyByZW xhdGVkIHRv IGVudmlyb2 5tZW50YWwg c3VzdGFpbm FiaWxpdHkg YW5kIHdhdG VyIHJlc291 cmNlIG1hbm FnZW1lbnQu IFRoaXMgY2 91bGQgb2Nj dXIgaW4gcm VzcG9uc2Ug dG8gaW5jcm Vhc2luZyBj b25jZXJucy BhYm91dCBj bGltYXRlIG NoYW5nZSwg d2F0ZXIgc2 NhcmNpdHks IGFuZCBwb2 xsdXRpb24u PGJyPklmIH JlZ3VsYXRv cnkgYXV0aG 9yaXRpZXMg d2VyZSB0by BpbXBvc2Ug c3RyaWN0ZX IgbGltaXRz IG9uIGVtaX NzaW9ucywg d2F0ZXIgZX h0cmFjdGlv biwgYW5kIG Rpc2NoYXJn ZSwgVW5pdG VkIFV0aWxp dGllcyB3b3 VsZCBmYWNl IHNpZ25pZm ljYW50IGNv bXBsaWFuY2 UgY29zdHMu IFRoZXNlIG NvdWxkIGlu Y2x1ZGUgaW 52ZXN0bWVu dHMgaW4gbm V3IHRlY2hu b2xvZ3kgZm 9yIHdhdGVy IHRyZWF0bW VudCwgdXBn cmFkaW5nIG luZnJhc3Ry dWN0dXJlLC BhbmQgcG90 ZW50aWFsbH kgZXZlbiBw ZW5hbHRpZX MgZm9yIHZp b2xhdGlvbn MuIFRoZSBj b21wYW55IG 1heSBuZWVk IHRvIGFsbG 9jYXRlIGEg bGFyZ2VyIH BvcnRpb24g b2YgaXRzIG NhcGl0YWwg ZXhwZW5kaX R1cmUgdG8g bWVldCB0aG VzZSBuZXcg cmVndWxhdG lvbnMgcmF0 aGVyIHRoYW 4gaW52ZXN0 aW5nIGluIG dyb3d0aCBv ciBtb2Rlcm 5pemF0aW9u IGluaXRpYX RpdmVzLjxi cj5JbiB0aG lzIHNjZW5h cmlvLCB0aG UgY29tcGFu eeKAmXMgcH JvZml0IG1h cmdpbnMgd2 91bGQgbGlr ZWx5IHNocm luayBhcyBv cGVyYXRpb2 5hbCBjb3N0 cyByaXNlLi BJbmNyZWFz ZWQgc3Blbm Rpbmcgb24g Y29tcGxpYW 5jZSBhbmQg dGVjaG5vbG 9neSBpbnZl c3RtZW50cy B3b3VsZCBy ZWR1Y2UgdG hlIG1hcmdp bnMsIG1ha2 luZyBpdCBo YXJkZXIgZm 9yIFVuaXRl ZCBVdGlsaX RpZXMgdG8g bWFpbnRhaW 4gaXRzIHBy ZXZpb3VzIH Byb2ZpdCBs ZXZlbHMuIE FkZGl0aW9u YWxseSwgaW YgdGhlc2Ug Y29zdHMgd2 VyZSBwYXNz ZWQgb24gdG 8gY29uc3Vt ZXJzLCBpdC BtaWdodCBs ZWFkIHRvIG N1c3RvbWVy IGRpc3NhdG lzZmFjdGlv biBhbmQgYS Bwb3NzaWJs ZSBkZWNsaW 5lIGluIGN1 c3RvbWVyIG Jhc2UsIGZ1 cnRoZXIgaW 1wYWN0aW5n IHJldmVudW UuPGJyPkNh c2ggZmxvdy B3b3VsZCBi ZSBhZHZlcn NlbHkgYWZm ZWN0ZWQgYX MgdGhlIGNv bXBhbnkgZG l2ZXJ0cyBm dW5kcyBmcm 9tIG9wZXJh dGlvbmFsIH VzZXMgdG8g bWVldCBjb2 1wbGlhbmNl IHJlcXVpcm VtZW50cy4g SGlnaCBjYX BpdGFsIGV4 cGVuZGl0dX JlIGNvbWJp bmVkIHdpdG ggcG90ZW50 aWFsbHkgbG 93ZXIgcmV2 ZW51ZXMgY2 91bGQgcmVz dWx0IGluIG EgY29uc3Ry aWN0ZWQgY2 FzaCBmbG93 LCBtYWtpbm cgaXQgY2hh bGxlbmdpbm cgZm9yIHRo ZSBjb21wYW 55IHRvIGNv dmVyIGl0cy BvcGVyYXRp b25hbCBleH BlbnNlcywg aW52ZXN0b3 IgcmV0dXJu cywgYW5kIG RlYnQgb2Js aWdhdGlvbn MuPGJyPlJl Z2FyZGluZy B0aGUgYmFs YW5jZSBzaG VldCwgdGhl IGNvbXBhbn kgbWlnaHQg c2VlIGFuIG luY3JlYXNl IGluIGxldm VyYWdlIGlm IGl0IG9wdH MgdG8gdGFr ZSBvbiBkZW J0IHRvIGZp bmFuY2UgdG hlIHJlcXVp cmVkIGludm VzdG1lbnRz LiBUaGlzIG NvdWxkIGxl YWQgdG8gYS BoaWdoZXIg ZGVidC10by 1lcXVpdHkg cmF0aW8sIH JhaXNpbmcg Y29uY2Vybn MgYW1vbmcg aW52ZXN0b3 JzIGFib3V0 IHRoZSBzdX N0YWluYWJp bGl0eSBvZi B0aGUgYnVz aW5lc3MgbW 9kZWwuIFRo ZSBpbmNyZW FzZWQgY2Fw aXRhbCBleH BlbmRpdHVy ZXMgYW5kIH RoZSBwb3Rl bnRpYWwgZH JvcCBpbiBl YXJuaW5ncy Bjb3VsZCB3 ZWFrZW4gbG lxdWlkaXR5 IHJhdGlvcy wgaW5kaWNh dGluZyB0aG F0IHRoZSBj b21wYW55IG 1heSBzdHJ1 Z2dsZSB0by BtZWV0IHNo b3J0LXRlcm 0gbGlhYmls aXRpZXMuPG JyPkluIHN1 bW1hcnksIH N0cmluZ2Vu dCByZWd1bG F0b3J5IGNo YW5nZXMgY2 91bGQgcHJv ZHVjZSBhIG RldHJpbWVu dGFsIGltcG FjdCBvbiBV bml0ZWQgVX RpbGl0aWVz IEdyb3Vw4o CZcyBvcGVy YXRpb25hbC BlZmZpY2ll bmN5LCBmaW 5hbmNpYWwg aGVhbHRoLC BhbmQgbG9u Zy10ZXJtIG Vjb25vbWlj IHZpYWJpbG l0eSwgcmVz dWx0aW5nIG luIGxvd2Vy IHByb2ZpdC BtYXJnaW5z LCBjb25zdH JpY3RlZCBj YXNoIGZsb3 csIGFuZCBh IHBvdGVudG lhbGx5IHdl YWtlbmVkIG JhbGFuY2Ug c2hlZXQuPG JyPg==

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 bG9nb3MvaD ZSYmw2R3dq Wjd2OVpRcW FleE8ud2Vi cCIgYWx0PS JVbml0ZWQg VXRpbGl0aW VzIEdyb3Vw IFVTIiB0aX RsZT0iVW5p dGVkIFV0aW xpdGllcyBH cm91cCBVUy IgIGNsYXNz PSJpbWctZm x1aWQiIGhl aWdodD01MC B3aWR0aD01 MCBsb2FkaW 5nPSdsYXp5 JyBzdHlsZT 0nYm9yZGVy LXJhZGl1cz ogNnB4Oyc+ CgogICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J2ZsZX g6IDE7IHRl eHQtYWxpZ2 46IGNlbnRl cjsgbWFyZ2 luLWxlZnQ6 IDVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8cCBzdH lsZT0nZm9u dC1zaXplOi AyNnB4OyBj b2xvcjogIz MzMzsgbWFy Z2luLWJvdH RvbTogMTVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+TiC BXYW50IHRv IHJlYWQgbW 9yZSBhYm91 dCBVbml0ZW QgVXRpbGl0 aWVzIEdyb3 VwIFVTPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg4p qhIEluc3Rh bnRseSBhY2 Nlc3MgPGk+ IlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3MiPC9pPi DigJQgZnJl ZSEKICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIE1T NGdWR2hsSU cgTnZiWEJo Ym5rZyBkMk Z6SUdadmRX IDVrWldRZ2 FXNGcgTVRr NU5TQmhjeS BCaElISmxj M1ZzIGRDQn ZaaUIwYUcg VWdiV1Z5Wj JWeSBJR0ps ZEhkbFpXID RnVG05eWRH Z2cgVjJWem RDQlhZWCBS bGNpQmhibV FnIFRrOVNW MFZDSUMgaE 9iM0owYUNC WCBaWE4wSU ZKbFoyIGx2 Ym1Gc0lFVn MgWldOMGNt bGphWCBSNU lFSnZZWEpr IEtTNDhZbk krTWkgNGdW VzVwZEdWay BJRlYwYVd4 cGRHIGxsY3 lCcGN5Qm8g WldGa2NYVm hjbiBSbGNt VmtJR2x1IE lGZGhjbkpw Ym0gZDBiMj RzSUVObyBa WE5vYVhKbE xDIEJWU3k0 OFluSSsgTX k0Z1ZHaGxJ RyBOdmJYQm hibmtnIGFY TWdiR2x6ZE cgVmtJRzl1 SUhSbyBaU0 JNYjI1a2Iy IDRnVTNSdl kyc2cgUlho amFHRnVaMi BVZ1lXNWtJ R2x6IElHRW dZMjl1YzMg UnBkSFZsYm 5RZyBiMlln ZEdobElFIF pVVTBVZ01U QXcgSUVsdV pHVjRMaiB4 aWNqNDBMaU JWIGJtbDBa V1FnVlggUn BiR2wwYVdW eiBJR2x6SU hKbGMzIEJ2 Ym5OcFlteG wgSUdadmNp QndjbSA5Mm FXUnBibWNn IGQyRjBaWE lnWVcgNWtJ SGRoYzNSbC BkMkYwWlhJ Z2MyIFZ5ZG 1salpYTWcg ZEc4Z1lYQn djbSA5NGFX MWhkR1ZzIG VTQXpJRzFw YkcgeHBiMj RnYUc5MSBj MlZvYjJ4a2 N5IEJoYm1R Z01qQXcgTE RBd01DQmlk WCBOcGJtVn pjMlZ6IElH bHVJSFJvWl MgQk9iM0ow YUNCWCBaWE 4wSUc5bUlF IFZ1WjJ4aG JtUXUgUEdK eVBqVXVJRi BSb1pTQmpi MjF3IFlXNT VJR0ZzYzIg OGdiM0JsY2 1GMCBaWE1n Wld4bFkzIF J5YVdOcGRI a2cgWkdsem RISnBZbiBW MGFXOXVJRz VsIGRIZHZj bXR6SUcgbH VJRTV2Y25S byBJRmRsYz NRZ1JXIDVu YkdGdVpDd2 cgYzJWeWRt bHVaeSBCdm RtVnlJREl1 IE5DQnRhV3 hzYVcgOXVJ R04xYzNSdi BiV1Z5Y3k0 OFluIEkrTm k0Z1ZXNXAg ZEdWa0lGVj BhVyB4cGRH bGxjeUJvIF lYTWdZU0Iz YjMgSnJabT l5WTJVZyBi MllnWVhCd2 NtIDk0YVcx aGRHVnMgZV NBMUxEQXdN QyBCbGJYQn NiM2xsIFpY TXVQR0p5UG ogY3VJRlJv WlNCaiBiMj F3WVc1NUlH IGhoY3lCcG JuWmwgYzNS bFpDQnZkbS BWeUlNS2pO aUJpIGFXeH NhVzl1SUcg bHVJR2x0Y0 hKdiBkbWx1 WnlCcGRIIE 1nYVc1bWNt RnogZEhKMV kzUjFjbSBV Z1lXNWtJSE 5sIGNuWnBZ MlZ6SUggTn BibU5sSUds MCBjeUJtYj NKdFlYIFJw YjI0dVBHSn kgUGpndUlG VnVhWCBSbF pDQlZkR2xz IGFYUnBaWE 1nYlcgRnVZ V2RsY3lCdi BkbVZ5SURJ d01DIEJ5Wl hObGNuWnYg YVhKekxDQT BNQyB3d01E QWdhMjBnIG IyWWdkMkYw WlggSWdjR2 x3WlhNcyBJ R0Z1WkNBM0 5TIHd3TURB Z2EyMGcgYj JZZ2MyVjNa WCBKekxqeG ljajQ1IExp QlVhR1VnWT IgOXRjR0Z1 ZVNCbyBZWE 1nWVNCamIy IDF0YVhSdF pXNTAgSUhS dklHVnVkbS BseWIyNXRa VzUwIFlXd2 djM1Z6ZEcg RnBibUZpYV d4cCBkSGtn WVc1a0lHIG hoY3lCelpY UWcgWVNCMF lYSm5aWCBR Z2RHOGdjbV ZrIGRXTmxJ SFJvWlcgbH lJR05oY21K diBiaUJtYj I5MGNIIEpw Ym5RZ1lua2 cgTkRBbElH SjVJRCBJd0 1qQXVQR0p5 IFBqRXdMaU JWYm0gbDBa V1FnVlhScC BiR2wwYVdW eklHIGhoY3 lCM2IyNGcg Ym5WdFpYSn ZkWCBNZ1lY ZGhjbVJ6IE lHWnZjaUJw ZEggTWdjMl Z5ZG1saiBa WE1zSUdsdV kyIHgxWkds dVp5QjAgYU dVZ1VYVmxa VyA3aWdKbH pJRUYzIFlY SmtJR1p2Y2 kgQkZiblJs Y25CeSBhWE 5sSUdadmNp IEJUZFhOMF lXbHUgWVdK c1pTQkVaWC BabGJHOXdi V1Z1IGRDQn BiaUF5TUQg RTFJR0Z1Wk NBeSBNREU0 TGp4aWNqID R4TVM0Z1ZH aGwgSUdOdm JYQmhibiBr Z2FHRnpJR0 ZzIGMyOGdZ bVZsYmkgQn laV052WjI1 cCBlbVZrSU dadmNpIEJw ZEhNZ1pXWm 0gYjNKMGN5 QnBiaSBCd2 NtOXRiM1Jw IGJtY2daR2 wyWlggSnph WFI1SUdGdS BaQ0JwYm1O c2RYIE5wYj I0c0lISmwg WTJWcGRtbH VaeSBCMGFH VWdUbUYwIG FXOXVZV3dn UTIgVnVkSE psSUdadiBj aUJFYVhabG NuIE5wZEhu aWdKbHogSU VsdWRtVnpk RyA5eWN5Qn BiaUJFIGFY Wmxjbk5wZE gga2dZWGRo Y21RZyBhVz RnTWpBeE9D IDQ4WW5JK0 1USXUgSUVs dUlHRmtaRy BsMGFXOXVJ SFJ2IElHbD BjeUJqYjMg SmxJSE5sY2 5acCBZMlZ6 TENCVmJtIG wwWldRZ1ZY UnAgYkdsMG FXVnpJRyBG c2MyOGdiMl ptIFpYSnpJ SGRoZEcgVn lJR0Z1WkNC MyBZWE4wWl hkaGRHIFZ5 SUdOdmJuTj EgYkhSaGJt TjVJSCBObG NuWnBZMlZ6 IElIUnZJRz kwYUcgVnlJ R052YlhCaC BibWxsY3lC aGJtIFFnYj NKbllXNXAg ZW1GMGFXOX VjeSA0OFlu SStNVE11IE lGUm9aU0Jq YjIgMXdZVz U1SUdseiBJ R2x1ZG05c2 RtIFZrSUds dUlIWmggY2 1sdmRYTWdZ MiA5dGJYVn VhWFI1IElH RnVaQ0JqYU cgRnlhWFJo WW14bCBJR2 x1YVhScFlY IFJwZG1Wek xDQnAgYm1O c2RXUnBibS BjZ2NHRnlk RzVsIGNuTm 9hWEJ6SUgg ZHBkR2dnYk c5aiBZV3dn WTJoaGNtIG wwYVdWekxD QjIgYjJ4MW JuUmxaWCBK cGJtY2djSE p2IFozSmhi WE1zSUcgRn VaQ0JsWkhW aiBZWFJwYj I1aGJDIEJ2 ZFhSeVpXRm ogYUNCd2Nt OW5jbSBGdG N5NDhZbkkr IE1UUXVJRl Z1YVggUmxa Q0JWZEdscy BhWFJwWlhN Z2FHIEZ6SU daaFkyVmsg SUdOeWFYUn BZMiBsemJT QmhibVFnIG NHVnVZV3gw YVcgVnpJR2 x1SUhSbyBa U0J3WVhOME lHIFp2Y2lC M1lYUmwgY2 lCemRYQndi SCBrZ1pHbH pjblZ3IGRH bHZibk1nWV cgNWtJR1Z1 ZG1seSBiMj V0Wlc1MFlX IHdnZG1sdm JHRjAgYVc5 dWN5d2dZbi BWMElHaGhj eUIzIGIzSn JaV1FnZEcg OGdhVzF3Y2 05MiBaU0Jo Ym1RZ1lXIF JrY21WemN5 QjAgYUdWel pTQnBjMyBO MVpYTXVQR0 p5IFBqRTFM aUJCY3kgQn ZaaUJOWVhK aiBhQ0F5TU RJeExDIEIw YUdVZ1kyOX QgY0dGdWVT Qm9ZWCBNZ1 lTQjBiM1Jo IGJDQnlaWF psYm4gVmxJ RzltSU1Lai BNUzQ0SUdK cGJHIHhwYj I0dQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=