Brookfield Infrastructure Partners

-7.24%

Live  

Brookfield Infrastructure Partners L.P. is a publicly traded limited partnership based in Canada that specializes in assets related to infrastructure. It is part of Brookfield Asset Management, a global alternative asset manager. The company focuses on owning, operating, and investing in high-quality infrastructure assets across various sectors, including utilities, transportation, and energy.
Brookfield Infrastructure Partners has a diversified portfolio, which helps mitigate risk and provides stable cash flow. The company typically invests in assets that are essential to the economy, have long-term contracts, and exhibit recessioresistant characteristics.
The firm’s investment strategy often involves acquiring underperforming or undervalued infrastructure assets, enhancing their efficiency, and increasing their value through operational improvements. Additionally, Brookfield Infrastructure Partners benefits from its experienced management team and global network, which aids in identifying potential investment opportunities.
The company operates on a distributed model, with its operations spanning regions including North America, South America, Europe, and Australia. It provides investors with a way to gain exposure to infrastructure investments, often appealing to those looking for income-generating assets through dividends.
Overall, Brookfield Infrastructure Partners is recognized for its strategic approach to infrastructure investment and its focus on generating sustainable, long-term returns for its unitholders.

QnJvb2tmaW VsZCBJbmZy YXN0cnVjdH VyZSBQYXJ0 bmVycyBpcy Bub3RhYmxl IGZvciBzZX ZlcmFsIHJl YXNvbnMuIE ZpcnN0bHks IGl0IGlzIG 9uZSBvZiB0 aGUgd29ybG TigJlzIGxh cmdlc3QgcH VibGljbHkg dHJhZGVkIG luZnJhc3Ry dWN0dXJlIG NvbXBhbmll cywgcHJpbW FyaWx5IGZv Y3VzZWQgb2 4gb3duaW5n IGFuZCBvcG VyYXRpbmcg aW5mcmFzdH J1Y3R1cmUg YXNzZXRzIG Fjcm9zcyB2 YXJpb3VzIH NlY3RvcnMs IGluY2x1ZG luZyB1dGls aXRpZXMsIH RyYW5zcG9y dCwgZW5lcm d5LCBhbmQg Y29tbXVuaW NhdGlvbnMu IFRoaXMgZG l2ZXJzZSBw b3J0Zm9saW 8gYWxsb3dz IHRoZSBjb2 1wYW55IHRv IGdlbmVyYX RlIHN0YWJs ZSBjYXNoIG Zsb3dzLjxi cj5TZWNvbm RseSwgaXQg YmVuZWZpdH MgZnJvbSB0 aGUgYmFja2 luZyBvZiBC cm9va2ZpZW xkIEFzc2V0 IE1hbmFnZW 1lbnQsIGEg bWFqb3IgZ2 xvYmFsIGFs dGVybmF0aX ZlIGFzc2V0 IG1hbmFnZW 1lbnQgZmly bSwgd2hpY2 ggcHJvdmlk ZXMgc3RyYX RlZ2ljIGFk dmFudGFnZX Mgc3VjaCBh cyBhY2Nlc3 MgdG8gc2ln bmlmaWNhbn QgcmVzb3Vy Y2VzLCBleH BlcnRpc2Us IGFuZCBjYX BpdGFsIGZv ciBncm93dG ggb3Bwb3J0 dW5pdGllcy 48YnI+VGhl IGNvbXBhbn nigJlzIGlu dmVzdG1lbn Qgc3RyYXRl Z3kgZW1waG FzaXplcyBs b25nLXRlcm 0gdmFsdWUg Y3JlYXRpb2 4sIG9mdGVu IGludm9sdm luZyB0aGUg YWNxdWlzaX Rpb24gYW5k IG1hbmFnZW 1lbnQgb2Yg ZXNzZW50aW FsIGluZnJh c3RydWN0dX JlIGFzc2V0 cyB0aGF0IH Byb3ZpZGUg Y3JpdGljYW wgc2Vydmlj ZXMuIEFkZG l0aW9uYWxs eSwgQnJvb2 tmaWVsZCBJ bmZyYXN0cn VjdHVyZSBQ YXJ0bmVycy Bmb2N1c2Vz IG9uIHN1c3 RhaW5hYmxl IHByYWN0aW NlcywgaW5j bHVkaW5nIH JlbmV3YWJs ZSBlbmVyZ3 kgaW52ZXN0 bWVudHMsIG FsaWduaW5n IHdpdGggZ2 xvYmFsIHRy ZW5kcyB0b3 dhcmRzIHN1 c3RhaW5hYm lsaXR5Ljxi cj5Nb3Jlb3 ZlciwgaXRz IHVuaXF1ZS BzdHJ1Y3R1 cmUgYWxsb3 dzIGludmVz dG9ycyB0by BnYWluIGV4 cG9zdXJlIH RvIHBoeXNp Y2FsIGFzc2 V0cyB3aXRo b3V0IGRpcm VjdGx5IGlu dmVzdGluZy BpbiBpbmRp dmlkdWFsIH Byb2plY3Rz LiBUaGUgY2 9tcGFueSBo YXMgYSBzdH JvbmcgdHJh Y2sgcmVjb3 JkIG9mIHBl cmZvcm1hbm NlIGFuZCBp cyBvZnRlbi ByZWNvZ25p emVkIGZvci BpdHMgdHJh bnNwYXJlbm N5LCBnb3Zl cm5hbmNlLC BhbmQgY29u c2lzdGVudC BkaXZpZGVu ZCBwYXlvdX RzLCBtYWtp bmcgaXQgYX R0cmFjdGl2 ZSB0byBpbm NvbWUtb3Jp ZW50ZWQgaW 52ZXN0b3Jz Ljxicj4=

QnJvb2tmaW VsZCBJbmZy YXN0cnVjdH VyZSBQYXJ0 bmVycyBpcy BwcmltYXJp bHkgZm9jdX NlZCBvbiBv d25pbmcgYW 5kIG9wZXJh dGluZyBhIG RpdmVyc2Ug cG9ydGZvbG lvIG9mIGlu ZnJhc3RydW N0dXJlIGFz c2V0cyB0aG F0IGdlbmVy YXRlIHN0YW JsZSBhbmQg cHJlZGljdG FibGUgY2Fz aCBmbG93cy 4gVGhlaXIg YnVzaW5lc3 MgbW9kZWwg Y2VudGVycy Bhcm91bmQg YWNxdWlyaW 5nLCBkZXZl bG9waW5nLC BhbmQgbWFu YWdpbmcgaW 5mcmFzdHJ1 Y3R1cmUgYX NzZXRzIGFj cm9zcyBzZW N0b3JzIHN1 Y2ggYXMgdX RpbGl0aWVz LCB0cmFuc3 BvcnQsIGVu ZXJneSwgYW 5kIGRhdGEu IDxicj5LZX kgY29tcG9u ZW50cyBvZi B0aGVpciBi dXNpbmVzcy Btb2RlbCBp bmNsdWRlOj xicj4xLiA8 c3Ryb25nPk RpdmVyc2lm aWNhdGlvbj wvc3Ryb25n PjogQnJvb2 tmaWVsZCBo b2xkcyBhIG dsb2JhbGx5 IGRpdmVyc2 UgcG9ydGZv bGlvIHRoYX Qgc3BhbnMg ZGlmZmVyZW 50IHNlY3Rv cnMgYW5kIG dlb2dyYXBo aWVzLCB3aG ljaCBoZWxw cyBtaXRpZ2 F0ZSByaXNr cyBhc3NvY2 lhdGVkIHdp dGggZWNvbm 9taWMgZG93 bnR1cm5zIG 9yIHNlY3Rv ci1zcGVjaW ZpYyBjaGFs bGVuZ2VzLj xicj4yLiA8 c3Ryb25nPk xvbmctdGVy bSBDb250cm FjdHM8L3N0 cm9uZz46IE 1hbnkgb2Yg dGhlaXIgYX NzZXRzIG9w ZXJhdGUgdW 5kZXIgbG9u Zy10ZXJtIG NvbnRyYWN0 cyB0aGF0IH Byb3ZpZGUg c3RhYmxlIG Nhc2ggZmxv d3MuIFRoaX MgaXMgZXNw ZWNpYWxseS Bjb21tb24g aW4gc2VjdG 9ycyBsaWtl IHV0aWxpdG llcyBhbmQg ZW5lcmd5LC B3aGVyZSBy ZXZlbnVlIG NhbiBiZSBk ZXJpdmVkIG Zyb20gcmVn dWxhdGVkIH ByaWNpbmcg b3IgbG9uZy 10ZXJtIHNl cnZpY2UgYW dyZWVtZW50 cy48YnI+My 4gPHN0cm9u Zz5PcGVyYX Rpb25hbCBF eHBlcnRpc2 U8L3N0cm9u Zz46IFRoZS Bjb21wYW55 IGxldmVyYW dlcyBpdHMg b3BlcmF0aW 9uYWwgZXhw ZXJ0aXNlIH RvIGVuaGFu Y2UgYXNzZX QgcGVyZm9y bWFuY2UuIF RoaXMgaW5j bHVkZXMgb3 B0aW1pemlu ZyBvcGVyYX Rpb25zLCBy ZWR1Y2luZy Bjb3N0cywg YW5kIGltcG xlbWVudGlu ZyB0ZWNobm 9sb2d5IHRv IGRyaXZlIG VmZmljaWVu Y2llcy48Yn I+NC4gPHN0 cm9uZz5Hcm 93dGggdGhy b3VnaCBBY3 F1aXNpdGlv bjwvc3Ryb2 5nPjogQnJv b2tmaWVsZC BhY3RpdmVs eSBzZWVrcy BvcHBvcnR1 bml0aWVzIH RvIGFjcXVp cmUgbmV3IG luZnJhc3Ry dWN0dXJlIG Fzc2V0cywg Zm9jdXNpbm cgb24gdGhv c2Ugd2l0aC BzdHJvbmcg cG90ZW50aW FsIGZvciB2 YWx1ZSBjcm VhdGlvbiBh bmQgY2FzaC BmbG93IGdl bmVyYXRpb2 4uPGJyPjUu IDxzdHJvbm c+VmFsdWUg Q3JlYXRpb2 48L3N0cm9u Zz46IFRoZS Bjb21wYW55 IGVtcGhhc2 l6ZXMgdmFs dWUgY3JlYX Rpb24gdGhy b3VnaCBkZX ZlbG9wbWVu dCBwcm9qZW N0cywgZXhw YW5zaW9ucy wgYW5kIGlt cHJvdmVtZW 50cyB0byBl eGlzdGluZy Bhc3NldHMs IGFpbWluZy B0byBpbmNy ZWFzZSBhc3 NldCB2YWx1 ZSBvdmVyIH RpbWUuPGJy PjYuIDxzdH Jvbmc+U3Rh YmxlIERpc3 RyaWJ1dGlv bnM8L3N0cm 9uZz46IEJy b29rZmllbG QgSW5mcmFz dHJ1Y3R1cm UgUGFydG5l cnMgaGFzIG EgZm9jdXMg b24gcHJvdm lkaW5nIGlu dmVzdG9ycy B3aXRoIHN0 YWJsZSBhbm QgZ3Jvd2lu ZyBkaXN0cm lidXRpb25z LCBtYWtpbm cgaXQgYXR0 cmFjdGl2ZS B0byBpbmNv bWUtZm9jdX NlZCBpbnZl c3RvcnMuPG JyPk92ZXJh bGwsIHRoZW lyIGJ1c2lu ZXNzIG1vZG VsIGlzIGJ1 aWx0IGFyb3 VuZCBjcmVh dGluZyBsb2 5nLXRlcm0g dmFsdWUgdG hyb3VnaCBh IGJhbGFuY2 VkIGFwcHJv YWNoIG9mIH N0ZWFkeSBj YXNoIGZsb3 cgZ2VuZXJh dGlvbiwgb3 BlcmF0aW9u YWwgaW1wcm 92ZW1lbnRz LCBhbmQgc3 RyYXRlZ2lj IGFjcXVpc2 l0aW9ucy48 YnI+

Brookfield Infrastructure Partners’ earnings, cash flow, and valuation are notably sensitive to changes in interest rates due to several interrelated factors:
1. Debt Financing: Brookfield Infrastructure Partners often uses significant leverage to finance its projects. When interest rates rise, the cost of servicing this debt increases, leading to higher expenses and potentially lower earnings and cash flow. Conversely, lower interest rates can reduce these costs, positively impacting profitability.
2. Discount Rates and Valuation: The valuation of infrastructure assets is frequently based on discounted cash flow models, which use interest rates as part of the discount rate. Higher interest rates increase the discount rate, which can lower the present value of future cash flows and result in a reduced valuation of the company. This sensitivity means that even slight increases in interest rates can lead to substantial changes in perceived value.
3. Cost of Equity: Changes in interest rates can also impact the cost of equity. Investors typically demand higher returns in a rising rate environment, which could lead Brookfield to raise its dividend yield to attract investors. This could place additional pressure on its cash flow if the company needs to adjust its payout.
4. Operational Impacts: Infrastructure assets, such as utilities and transportation, may see changes in demand based on economic conditions affected by interest rates. Higher interest rates can dampen economic growth, potentially leading to lower usage of infrastructure services and therefore impacting overall revenues and cash flows.
5. Investment Appeal: As interest rates rise, other investment vehicles might become more attractive compared to equities and infrastructure investments. This shift can influence the company’s stock price and overall market valuation, as investors might reassess their portfolios based on risk-adjusted returns.
In summary, Brookfield Infrastructure Partners is sensitive to changes in interest rates through its effects on debt servicing costs, discount rates in valuation models, and potential impacts on demand for its services. Investors need to monitor interest rate trends closely, as shifts in monetary policy can have significant repercussions on the company’s financial performance and market valuation.

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 bG9nb3MvbD c4clRleDNU dmEyYkViUF huRjQud2Vi cCIgYWx0PS JCcm9va2Zp ZWxkIEluZn Jhc3RydWN0 dXJlIFBhcn RuZXJzIiB0 aXRsZT0iQn Jvb2tmaWVs ZCBJbmZyYX N0cnVjdHVy ZSBQYXJ0bm VycyIgIGNs YXNzPSJpbW ctZmx1aWQi IGhlaWdodD 05MCB3aWR0 aD05MCBsb2 FkaW5nPSds YXp5JyBzdH lsZT0nYm9y ZGVyLXJhZG l1czogNnB4 Oyc+CgogIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 ZsZXg6IDE7 IHRleHQtYW xpZ246IGNl bnRlcjsgbW FyZ2luLWxl ZnQ6IDVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8cC BzdHlsZT0n Zm9udC1zaX plOiAyNnB4 OyBjb2xvcj ogIzMzMzsg bWFyZ2luLW JvdHRvbTog MTVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TiCBXYW50 IHRvIHJlYW QgbW9yZSBh Ym91dCBCcm 9va2ZpZWxk IEluZnJhc3 RydWN0dXJl IFBhcnRuZX JzPwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg4pqhIE luc3RhbnRs eSBhY2Nlc3 MgPGk+IlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3Mi PC9pPiDigJ QgZnJlZSEK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9wPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxMnB4Oy Bmb250LXNp emU6IDEzcH g7IGNvbG9y OiAjNDQ0Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IG5vdyBhbm QgZ2V0IG91 ciBmcmVlIG VCb29rIAog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGI+ VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr czwvYj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID E2cHg7IGZv bnQtc2l6ZT ogMTRweDsg Y29sb3I6IC M0NDQ7IGZv bnQtZmFtaW x5OiAtYXBw bGUtc3lzdG VtLCBCbGlu a01hY1N5c3 RlbUZvbnQs IFNlZ29lIF VJLCBSb2Jv dG8sIEhlbH ZldGljYSBO ZXVlLCBzYW 5zLXNlcmlm OyBsaW5lLW hlaWdodDog MS42Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBIYX ZlIHlvdSBo ZWFyZCBhYm 91dCBvdXIg c2hvcnQgPH N0cm9uZyBz dHlsZT0nZm 9udC13ZWln aHQ6IDYwMD snPkRhaWx5 IFZpZGVvIE 5ld3NsZXR0 ZXI8L3N0cm 9uZz4/CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdodH RwczovL3d3 dy5pbnNpZ2 h0ZnVsdmFs dWUuY29tL2 5ld3NsZXR0 ZXIucGhwJy B0YXJnZXQ9 J19ibGFuay cgc3R5bGU9 J2NvbG9yOi AjMDA3QkZG OyB0ZXh0LW RlY29yYXRp b246IG5vbm U7IGZvbnQt d2VpZ2h0Oi A1MDA7IG1h cmdpbi1sZW Z0OiA2cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBGaW 5kIG91dCBt b3JlCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8L2E+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgCiAg ICAgICAgCi AgICAgICAg PHNwYW4gY2 xhc3M9J2Js dXJyZWQtdG V4dCc+CiAg ICAgICAgIC AgIFFuSnZi MnRtYVcgVn NaQ0JKYm1a eSBZWE4wY2 5WamRIIFZ5 WlNCUVlYSj AgYm1WeWN5 QnBjeSBCaE lHZHNiMkpo IGJHeDVJSE psWTIgOW5i bWw2WldRZy BZMjl0Y0dG dWVTIEJwYm lCMGFHVWcg Wm1sbGJHUW diMiBZZ2FX NW1jbUZ6IG RISjFZM1Ix Y20gVWdhVz UyWlhOMCBi V1Z1ZEhNdU lFIGhsY21V Z1lYSmwgSU hOdmJXVWdh VyA1MFpYSm xjM1JwIGJt Y2dabUZqZE ggTWdZV0p2 ZFhRZyBkR2 hsSUdOdmJY IEJoYm5rNl BHSnkgUGpF dUlFWnZjbS AxaGRHbHZi am9nIFFuSn ZiMnRtYVcg VnNaQ0JKYm 1aeSBZWE4w Y25WamRIIF Z5WlNCUVlY SjAgYm1WeW N5QjNZWCBN Z1ptOXliV1 ZrIElHRnpJ SEJoY24gUW diMllnUW5K diBiMnRtYV dWc1pDIEJC YzNObGRDQk 4gWVc1aFoy VnRaVyA1ME xDQjNhR2xq IGFDQm9ZWE 1nWVMgQm9h WE4wYjNKNS BJR1JoZEds dVp5IEJpWV dOcklIUnYg SURFNE9Ua3 VJRiBSb1pT QmpiMjF3IF lXNTVJR1p2 WTMgVnpaWE 1nYjI0ZyBZ V054ZFdseW FXIDVuSUdG dVpDQnQgWV c1aFoybHVa eSBCcGJtWn lZWE4wIGNu VmpkSFZ5Wl MgQmhjM05s ZEhNZyBZV0 55YjNOeklI IFpoY21sdm RYTWcgYzJW amRHOXljeS A0OFluSStN aTRnIFJHbD JaWEp6WlMg QlFiM0owWm 05cyBhVzg2 SUVKeWIyID lyWm1sbGJH UWcgU1c1bW NtRnpkSCBK MVkzUjFjbV VnIFVHRnlk RzVsY24gTW dhR0Z6SUdF ZyBkMlZzYk Mxa2FYIFps Y25OcFptbG wgWkNCd2Iz SjBabSA5c2 FXOGdkR2ho IGRDQnBibU 5zZFcgUmxj eUJoYzNObC BkSE1nYVc0 Z2MyIFZqZE c5eWN5Qnog ZFdOb0lHRn pJSCBWMGFX eHBkR2xsIG N5d2dkSEpo Ym4gTndiM0 owTENCbCBi bVZ5WjNrc0 lHIEZ1WkNC amIyMXQgZF c1cFkyRjBh VyA5dWN5NG dWR2hwIGN5 QmthWFpsY2 4gTnBabWxq WVhScCBiMj RnYUdWc2NI IE1nYldsMG FXZGggZEdV Z2NtbHphMy BNZ1lYTnpi Mk5wIFlYUm xaQ0IzYVgg Um9JSE53Wl dOcCBabWxq SUdsdVpIIF Z6ZEhKcFpY TXUgUEdKeV BqTXVJRSBk c2IySmhiQ0 JTIFpXRmph RG9nVkcgaG xJR052YlhC aCBibmtnYj NCbGNtIEYw WlhNZ2IyNG cgWVNCbmJH OWlZVyB3Z2 MyTmhiR1Vz IElIZHBkR2 dnYVcgNTJa WE4wYldWdS BkSE1nYVc0 Z1RtIDl5ZE dnZ1FXMWwg Y21sallTd2 dVMiA5MWRH Z2dRVzFsIG NtbGpZU3dn UlggVnliM0 JsTENCaCBi bVFnUVhOcF lTIDFRWVdO cFptbGogTG lCVWFHbHpJ RyBsdWRHVn libUYwIGFX OXVZV3dnY0 ggSmxjMlZ1 WTJVZyBaVz VoWW14bGN5 IEJwZENCMG J5QmogWVhC cGRHRnNhWC BwbElHOXVJ R1JwIGRtVn ljMlVnWjMg SnZkM1JvSU c5dyBjRzl5 ZEhWdWFYIF JwWlhNZ1lX TnkgYjNOek lHUnBabSBa bGNtVnVkQ0 J0IFlYSnJa WFJ6TGogeG ljajQwTGlC VCBkWE4wWV dsdVlXIEpz WlNCUWNtRm ogZEdsalpY TTZJRSBKeW IyOXJabWxs IGJHUWdTVz VtY20gRnpk SEoxWTNSMS BjbVVnVUdG eWRHIDVsY2 5NZ1pXMXcg YUdGemFYcG xjeSBCemRY TjBZV2x1IF lXSnNaU0J3 Y20gRmpkR2 xqWlhNZyBh VzRnYVhSek lHIDl3WlhK aGRHbHYgYm 5NdUlGUm9a UyBCamIyMX dZVzU1IElH RnBiWE1nZE cgOGdhVzUy WlhOMCBJR2 x1SUhCeWIy IHBsWTNSek lIUm8gWVhR Z1kyOXVkSC BKcFluVjBa U0IwIGJ5Qm xiblpwY20g OXViV1Z1ZE dGcyBJSE4x YzNSaGFXID VoWW1sc2FY UjUgSUdGdV pDQnlaVyBS MVkyVWdZMk Z5IFltOXVJ R1p2YjMgUn djbWx1ZEhN dSBQR0p5UG pVdUlFIFpw Ym1GdVkybG ggYkNCUVpY Sm1iMyBKdF lXNWpaVG9n IFZHaGxJR0 52YlggQmhi bmtnYUdGei BJR0VnZEhK aFkyIHNnY2 1WamIzSmsg SUc5bUlHUm xiRyBsMlpY SnBibWNnIG MzUnliMjVu SUcgWnBibU Z1WTJsaCBi Q0J3WlhKbW IzIEp0WVc1 alpTd2cgYj JaMFpXNGdj SCBKdmRtbG thVzVuIElH RjBkSEpoWT MgUnBkbVVn Y21WMCBkWE p1Y3lCMGJ5 IEJwZEhNZ2 RXNXAgZEdo dmJHUmxjbi BNdUlFbDBJ SEpsIFozVn NZWEpzZVMg QmthWE4wY2 1saSBkWFJs Y3lCa2FYIF pwWkdWdVpI TXMgSUcxaG EybHVaeSBC cGRDQmhjSE JsIFlXeHBi bWNnZEcgOG dhVzVqYjIx bCBMV1p2WT NWelpXIFFn YVc1MlpYTj AgYjNKekxq eGljaiA0Mk xpQkhjbTkz IGRHZ2dVM1 J5WVggUmxa M2s2SUVKeS BiMjlyWm1s bGJHIFFnU1 c1bWNtRnog ZEhKMVkzUj FjbSBVZ1VH RnlkRzVsIG NuTWdaVzF3 YkcgOTVjeU JoSUhaaCBi SFZsTFdGa1 pDIEJwYm5a bGMzUnQgWl c1MElITjBj bSBGMFpXZD VMQ0J6IFpX VnJhVzVuSU ggVnVaR1Z5 Y0dWeSBabT l5YldsdVp5 IEJoYzNObG RITWcgZEdo aGRDQmpZVy A0Z1ltVWdh VzF3IGNtOT JaV1FnZEcg aHliM1ZuYU NCdiBjR1Z5 WVhScGIyID VoYkNCbFpt WnAgWTJsbG JtTnBaWCBN Z1lXNWtJSE 4wIGNtRjBa V2RwWXkgQm xibWhoYm1O bCBiV1Z1ZE hNdVBHIEp5 UGpjdUlGTj AgY21GMFpX ZHBZeSBCUV lYSjBibVZ5 IGMyaHBjSE 02SUYgUm9a U0JqYjIxdy BZVzU1SUc5 bWRHIFZ1SU dOdmJHeGgg WW05eVlYUm xjeSBCM2FY Um9JRzkwIG FHVnlJR2x1 YzMgUnBkSF YwYVc5dSBZ V3dnYVc1Ml pYIE4wYjNK eklHRnUgWk NCd1lYSjBi bSBWeWN5Qj BieUJqIGJ5 MXBiblpsYz MgUWdhVzRn YkdGeSBaMl VnYVc1bWNt IEZ6ZEhKMV kzUjEgY21V Z2NISnZhbS BWamRITXNJ R3hsIGRtVn lZV2RwYm0g Y2djMmhoY2 1WayBJR1Y0 Y0dWeWRHIG x6WlNCaGJt UWcgWTJGd2 FYUmhiQyA0 OFluSStPQz RnIFRHbHpk R1ZrSUUgVn VkR2wwZVRv ZyBRbkp2Yj J0bWFXIFZz WkNCSmJtWn kgWVhOMGNu VmpkSCBWeV pTQlFZWEow IGJtVnljeU JwY3kgQnNh WE4wWldRZy BiMjRnZEdo bElFIDVsZH lCWmIzSnIg SUZOMGIyTn JJRSBWNFky aGhibWRsIE lDaE9XVk5G S1MgQmhibV FnZEdobCBJ RlJ2Y205dW RHIDhnVTNS dlkyc2cgUl hoamFHRnVa MiBVZ0tGUl RSU2tzIElH MWhhMmx1Wn kgQnBkQ0Jo WTJObCBjM0 5wWW14bElI IFJ2SUdFZ2 QybGsgWlNC eVlXNW5aUy BCdlppQnBi blpsIGMzUn Zjbk11UEcg SnlQamt1SU VWNCBjR1Z5 YVdWdVkyIF ZrSUUxaGJt Rm4gWlcxbG JuUWdWRyBW aGJUb2dWR2 hsIElHMWhi bUZuWlcgMW xiblFnZEdW aCBiU0JoZE NCQ2NtIDl2 YTJacFpXeG sgSUVsdVpu SmhjMyBSeW RXTjBkWEps IElGQmhjbl J1WlggSnpJ R2hoY3lCbC BlSFJsYm5O cGRtIFVnWl hod1pYSnAg Wlc1alpTQn BiaSBCcGJt WnlZWE4wIG NuVmpkSFZ5 WlMgQmhibV FnYVc1MiBa WE4wYldWdW RDIEJ0WVc1 aFoyVnQgWl c1MExDQmpi MiA1MGNtbG lkWFJwIGJt Y2dkRzhnYV cgNW1iM0p0 WldRZyBaR1 ZqYVhOcGIy IDFoYTJsdV p5QmggYm1R Z2MzUnlZWC BSbFoybGpJ SEJzIFlXNX VhVzVuTGog eGljajR4TU M1SiBibTV2 ZG1GMGFYIF psSUVacGJt RnUgWTJsdV p6b2dWRyBo bElHTnZiWE JoIGJua2dh R0Z6SUcgSm xaVzRnYVc1 MiBiMngyWl dRZ2FXIDRn ZG1GeWFXOT EgY3lCcGJt NXZkbSBGMG FYWmxJR1pw IGJtRnVZMm x1WnkgQnpi MngxZEdsdi Bibk1nZEc4 Z1puIFZ1Wk NCcGJtWnkg WVhOMGNuVm pkSCBWeVpT QndjbTlxIF pXTjBjeXdn YVcgNWpiSF ZrYVc1biBJ R2R5WldWdU lHIEp2Ym1S eklHRnUgWk NCc2IyNW5M WCBSbGNtMG djM1J5IGRX TjBkWEpsWk MgQmtaV0ow TGp4aSBjaj VVYUdWelpT IEJsYkdWdF pXNTAgY3lC amIyeHNaVy BOMGFYWmxi SGtnIFkyOX VkSEpwWW4g VjBaU0IwYn lCQyBjbTl2 YTJacFpXIH hrSUVsdVpu SmggYzNSeW RXTjBkWCBK bElGQmhjbl J1IFpYSno0 b0NaSUggSm xjSFYwWVhS cCBiMjRnWV hNZ1lTIEJz WldGa2FXNW 4gSUhCc1lY bGxjaSBCcG JpQjBhR1Vn IFoyeHZZbU ZzSUcgbHVa bkpoYzNSeS BkV04wZFhK bElHIGx1ZG 1WemRHMWwg Ym5RZ2JHRn VaSCBOallY QmxManhpIG NqND0KICAg ICAgICA8L3 NwYW4+CiAg ICAgICAgCi AgICAgICAg
See Company Q&A