Consolidated Edison

-14.01%

Live  

Consolidated Edison, Inc., commonly known as Con Edison, is one of the largest publicly owned energy companies in the United States. It is primarily responsible for providing electric and gas services to customers in New York City and Westchester County. The company was founded in 1823 and is headquartered in New York City.
Con Edison's main business operations include electricity generation, transmission, and distribution; natural gas transmission, distribution, and storage; and energy services such as energy efficiency and renewable energy programs. The company serves over 10 million customers in New York City and Westchester County and has a workforce of approximately 15,000 employees.
In addition to its core electric and gas services, Con Edison also owns and operates several subsidiaries and affiliates, including Con Edison Solutions (a retail energy services company), Con Edison Transmission (a transmission development company), and Con Edison Development (a renewable energy and energy infrastructure development company).
Con Edison is committed to sustainability and has several initiatives in place to reduce its carbon footprint and promote renewable energy. The company also invests in community initiatives and has a long history of charitable giving and volunteerism.
In 2021, Con Edison ranked #1 in the electric and gas utilities industry on Fortune's World's Most Admired Companies list.

Q29uc29saW RhdGVkIEVk aXNvbiwgb2 Z0ZW4gY2Fs bGVkIENvbi BFZGlzb24s IGlzIGEgYm lnIGNvbXBh bnkgdGhhdC Bwcm92aWRl cyBlbGVjdH JpY2l0eSBh bmQgZ2FzIH RvIGhvbWVz IGFuZCBidX NpbmVzc2Vz LiBJbWFnaW 5lIGlmIHlv dXIgaG91c2 UgaGFkIHRv IGhhdmUgYS BzcGVjaWFs IHBpcGVsaW 5lIHRvIGJy aW5nIGluIH Bvd2VyIHRv IHR1cm4gb2 4gdGhlIGxp Z2h0cyBvci BoZWF0IHVw IHlvdXIgc3 RvdmU7IHRo YXTigJlzIH doYXQgQ29u IEVkaXNvbi Bkb2VzISBU aGV5IGRlbG l2ZXIgZW5l cmd5IHJpZ2 h0IHRvIHlv dXIgZG9vci BzbyB5b3Ug Y2FuIHVzZS BpdCBldmVy eSBkYXkuPG JyPkNvbiBF ZGlzb24gbW FrZXMgbW9u ZXkgYnkgY2 hhcmdpbmcg Y3VzdG9tZX JzIGZvciB0 aGUgZWxlY3 RyaWNpdHkg YW5kIGdhcy B0aGV5IHVz ZS4gU28sIH doZW4geW91 ciBmYW1pbH kgZ2V0cyBh IGJpbGwgZm 9yIHVzaW5n IGxpZ2h0cy wgaGVhdGlu Zywgb3IgY2 9va2luZywg cGFydCBvZi B0aGF0IGJp bGwgZ29lcy B0byBDb24g RWRpc29uLi BUaGV5IHBs YW4gaG93IG 11Y2ggZW5l cmd5IHBlb3 BsZSB3aWxs IG5lZWQgYW 5kIG1ha2Ug c3VyZSB0aG V5IGhhdmUg ZW5vdWdoIH Jlc291cmNl cyB0byBtZW V0IHRoYXQg bmVlZCwgbG lrZSBnZW5l cmF0aW5nIG VsZWN0cmlj aXR5IG9yIG J1eWluZyBp dCBmcm9tIG 90aGVyIGNv bXBhbmllcy 48YnI+VGhl IGNvbXBhbn kgaXMgc3Vj Y2Vzc2Z1bC Bmb3Igc2V2 ZXJhbCByZW Fzb25zLiBG aXJzdCwgcG VvcGxlIHdp bGwgYWx3YX lzIG5lZWQg ZWxlY3RyaW NpdHkgYW5k IGdhcywgc2 8gdGhleSBo YXZlIHJlZ3 VsYXIgY3Vz dG9tZXJzLi BTZWNvbmQs IHRoZXkgd2 9yayBoYXJk IHRvIGtlZX AgdGhlaXIg c2VydmljZX MgcmVsaWFi bGUgYW5kIG 1ha2UgaW1w cm92ZW1lbn RzIHRvIHRo ZWlyIHRlY2 hub2xvZ3ks IHdoaWNoIG 1ha2VzIHRo ZW0gYSB0cn VzdGVkIGNo b2ljZS4gVG hleSBhbHNv IGNhcmUgYW JvdXQgdGhl IGVudmlyb2 5tZW50IGFu ZCBhcmUgd2 9ya2luZyBv biB1c2luZy BjbGVhbmVy IGVuZXJneS Bzb3VyY2Vz LCB3aGljaC BpcyBpbXBv cnRhbnQgdG 8gbWFueSBw ZW9wbGUgdG 9kYXkuPGJy Pkxvb2tpbm cgdG8gdGhl IGZ1dHVyZS wgQ29uIEVk aXNvbiB3aW xsIGxpa2Vs eSBzdGF5IH N1Y2Nlc3Nm dWwgYmVjYX VzZSBlbmVy Z3kgd2lsbC BhbHdheXMg YmUgbmVjZX NzYXJ5LCBh bmQgdGhleS BhcmUgZm9j dXNlZCBvbi BpbXByb3Zp bmcgaG93IH RoZXkgcHJv dmlkZSBpdC 4gV2l0aCBj aGFuZ2VzIG luIHRlY2hu b2xvZ3kgYW 5kIGEgcHVz aCBmb3IgY2 xlYW5lciBl bmVyZ3ksIH RoZXkgYXJl IHRyeWluZy B0byBhZGFw dCBhbmQgc3 RheSBhaGVh ZC4gVGhpcy BtZWFucyB0 aGV5IGFyZS BwcmVwYXJp bmcgZm9yIH doYXQgcGVv cGxlIHdpbG wgbmVlZCBp biB0aGUgeW VhcnMgdG8g Y29tZSwgc2 8gdGhleSBj YW4gY29udG ludWUgcHJv dmlkaW5nIG Egc2Vydmlj ZSB0aGF0IG V2ZXJ5b25l IHJlbGllcy Bvbi48YnI+

Q29uc29saW RhdGVkIEVk aXNvbiwgY2 9tbW9ubHkg a25vd24gYX MgQ29uIEVk aXNvbiwgaX Mgb25lIG9m IHRoZSBsYX JnZXN0IGlu dmVzdG9yLW 93bmVkIGVu ZXJneSBjb2 1wYW5pZXMg aW4gdGhlIF VuaXRlZCBT dGF0ZXMuIE l0IGlzIGtu b3duIGZvci Bwcm92aWRp bmcgZWxlY3 RyaWNpdHks IG5hdHVyYW wgZ2FzLCBh bmQgc3RlYW 0gdG8gb3Zl ciAxMCBtaW xsaW9uIGN1 c3RvbWVycy BpbiBOZXcg WW9yayBDaX R5IGFuZCBX ZXN0Y2hlc3 RlciBDb3Vu dHkuIEhlcm UgYXJlIHNv bWUgb2YgdG hlIHVuaXF1 ZSBhc3BlY3 RzIG9mIHRo ZSBjb21wYW 55Ojxicj4x LiBMb25nIG hpc3Rvcnk6 IENvbiBFZG lzb24gaGFz IGEgcmljaC BoaXN0b3J5 IHRoYXQgZG F0ZXMgYmFj ayB0byAxOD IzIHdoZW4g dGhlIE5ldy BZb3JrIEdh cyBMaWdodC BDb21wYW55 IHdhcyBmb3 VuZGVkLiBJ dCBoYXMgZX ZvbHZlZCB0 aHJvdWdoIH NldmVyYWwg bWVyZ2Vycy BhbmQgYWNx dWlzaXRpb2 5zIG92ZXIg dGhlIHllYX JzIHRvIGJl Y29tZSB0aG UgQ29uIEVk aXNvbiB3ZS Brbm93IHRv ZGF5Ljxicj 4yLiBDb21w bGV4IGluZn Jhc3RydWN0 dXJlOiBEdW UgdG8gaXRz IGxhcmdlIG N1c3RvbWVy IGJhc2UgYW 5kIHNlcnZp Y2UgYXJlYS wgQ29uIEVk aXNvbiBoYX MgYSBoaWdo bHkgY29tcG xleCBpbmZy YXN0cnVjdH VyZSB0aGF0 IGluY2x1ZG VzIHRob3Vz YW5kcyBvZi BtaWxlcyBv ZiB1bmRlcm dyb3VuZCBl bGVjdHJpY2 FsIGNhYmxl cywgZ2FzIH BpcGVsaW5l cywgYW5kIH N0ZWFtIHBp cGVzLiBUaG lzIG1ha2Vz IHRoZSBjb2 1wYW55IGEg Y3JpdGljYW wgcGFydCBv ZiB0aGUgTm V3IFlvcmsg Q2l0eSBpbm ZyYXN0cnVj dHVyZS48Yn I+My4gRGl2 ZXJzZSBlbm VyZ3kgbWl4 OiBVbmxpa2 UgbWFueSBv dGhlciBlbm VyZ3kgY29t cGFuaWVzLC BDb24gRWRp c29uIGhhcy BhIGRpdmVy c2UgZW5lcm d5IG1peCB3 aXRoIGEgZm 9jdXMgb24g cmVuZXdhYm xlIGVuZXJn eSBzb3VyY2 VzLiBJdCBo YXMgaW52ZX N0ZWQgaW4g c29sYXIgYW 5kIHdpbmQg ZW5lcmd5IH Byb2plY3Rz IGFuZCBhaW 1zIHRvIGlu Y3JlYXNlIH RoZSBwZXJj ZW50YWdlIG 9mIHJlbmV3 YWJsZSBlbm VyZ3kgaW4g aXRzIHBvcn Rmb2xpbyBp biB0aGUgY2 9taW5nIHll YXJzLjxicj 40LiBDb21t aXRtZW50IH RvIHN1c3Rh aW5hYmlsaX R5OiBDb24g RWRpc29uIG lzIGNvbW1p dHRlZCB0by BzdXN0YWlu YWJsZSBwcm FjdGljZXMg YW5kIGhhcy BzZXQgYW1i aXRpb3VzIH N1c3RhaW5h YmlsaXR5IG dvYWxzLCBp bmNsdWRpbm cgcmVkdWNp bmcgaXRzIG NhcmJvbiBm b290cHJpbn QgYW5kIGlu Y3JlYXNpbm cgZW5lcmd5 IGVmZmljaW VuY3kuIFRo ZSBjb21wYW 55IGhhcyBh bHNvIGJlZW 4gcmVjb2du aXplZCBmb3 IgaXRzIGVm Zm9ydHMgdG 8gcmVkdWNl IGVtaXNzaW 9ucyBhbmQg cHJvbW90ZS BjbGVhbiBl bmVyZ3kuPG JyPjUuIEVt ZXJnZW5jeS ByZXNwb25z ZSBjYXBhYm lsaXRpZXM6 IENvbiBFZG lzb24gaXMg d2VsbCBrbm 93biBmb3Ig aXRzIGVmZm ljaWVudCBl bWVyZ2VuY3 kgcmVzcG9u c2UgY2FwYW JpbGl0aWVz LiBJdCBoYX MgYSBkZWRp Y2F0ZWQgdG VhbSBvZiBl bXBsb3llZX Mgd2hvIHdv cmsgYXJvdW 5kIHRoZSBj bG9jayB0by ByZXN0b3Jl IHBvd2VyIG FuZCBnYXMg c2VydmljZX MgaW4gY2Fz ZSBvZiBvdX RhZ2VzIG9y IGVtZXJnZW 5jaWVzLjxi cj42LiBDb2 1tdW5pdHkg aW52b2x2ZW 1lbnQ6IFRo ZSBjb21wYW 55IGhhcyBh IHN0cm9uZy BwcmVzZW5j ZSBpbiB0aG UgY29tbXVu aXRpZXMgaX Qgc2VydmVz IGFuZCBpcy BhY3RpdmVs eSBpbnZvbH ZlZCBpbiB2 YXJpb3VzIG NoYXJpdGFi bGUgYW5kIG NvbW11bml0 eSBpbml0aW F0aXZlcy4g SXQgYWxzby BvZmZlcnMg cHJvZ3JhbX MgdG8gaGVs cCBjdXN0b2 1lcnMgd2l0 aCB0aGVpci BlbmVyZ3kg YmlsbHMgYW 5kIHN1cHBv cnRzIGxvY2 FsIGVjb25v bWljIGRldm Vsb3BtZW50 Ljxicj43Li BBZHZhbmNl ZCB0ZWNobm 9sb2d5OiBD b24gRWRpc2 9uIGlzIGF0 IHRoZSBmb3 JlZnJvbnQg b2YgdXNpbm cgYWR2YW5j ZWQgdGVjaG 5vbG9neSB0 byBpbXByb3 ZlIGl0cyBz ZXJ2aWNlcy 4gSXQgaGFz IGltcGxlbW VudGVkIHNt YXJ0IGdyaW QgdGVjaG5v bG9neSwgd2 hpY2ggYWxs b3dzIGZvci Btb3JlIGVm ZmljaWVudC BhbmQgcmVs aWFibGUgZG VsaXZlcnkg b2YgZW5lcm d5IHRvIGN1 c3RvbWVycy 48YnI+T3Zl cmFsbCwgdG hlIENvbnNv bGlkYXRlZC BFZGlzb24g Y29tcGFueS BzdGFuZHMg b3V0IGZvci BpdHMgbG9u ZyBoaXN0b3 J5LCBjb21w bGV4IGluZn Jhc3RydWN0 dXJlLCBjb2 1taXRtZW50 IHRvIHN1c3 RhaW5hYmls aXR5LCBhbm QgYWR2YW5j ZWQgdGVjaG 5vbG9neS4g SXQgY29udG ludWVzIHRv IHBsYXkgYS BjcnVjaWFs IHJvbGUgaW 4gcHJvdmlk aW5nIGVuZX JneSB0byBt aWxsaW9ucy BvZiBwZW9w bGUgaW4gTm V3IFlvcmsg Q2l0eSwgbW FraW5nIGl0 IGEgc3BlY2 lhbCBhbmQg ZXNzZW50aW FsIGNvbXBh bnkgaW4gdG hlIGVuZXJn eSBpbmR1c3 RyeS4=

VGhlIENvbn NvbGlkYXRl ZCBFZGlzb2 4gY29tcGFu eSdzIGJ1c2 luZXNzIG1v ZGVsIGlzIH ByaW1hcmls eSBmb2N1c2 VkIG9uIHBy b3ZpZGluZy BlbGVjdHJp Y2l0eSwgbm F0dXJhbCBn YXMsIGFuZC BzdGVhbSB0 byBjdXN0b2 1lcnMgaW4g TmV3IFlvcm sgQ2l0eSBh bmQgc3Vycm 91bmRpbmcg YXJlYXMuIF RoZXkgb3du IGFuZCBvcG VyYXRlIHZh cmlvdXMgZW 5lcmd5IGlu ZnJhc3RydW N0dXJlLCBp bmNsdWRpbm cgcG93ZXIg cGxhbnRzLC B0cmFuc21p c3Npb24gYW 5kIGRpc3Ry aWJ1dGlvbi BzeXN0ZW1z LCBhbmQgbm F0dXJhbCBn YXMgcGlwZW xpbmVzLjxi cj5JbiBhZG RpdGlvbiwg dGhlIGNvbX BhbnkgYWxz byBvZmZlcn Mgb3RoZXIg ZW5lcmd5LX JlbGF0ZWQg c2VydmljZX MsIHN1Y2gg YXMgZW5lcm d5IGVmZmlj aWVuY3kgYW 5kIHJlbmV3 YWJsZSBlbm VyZ3kgcHJv Z3JhbXMsIG FzIHdlbGwg YXMgZW5lcm d5IGNvbnN1 bHRpbmcgYW 5kIG1hbmFn ZW1lbnQgc2 VydmljZXMu PGJyPkNvbi BFZGlzb24n cyBidXNpbm VzcyBtb2Rl bCBpcyBjZW 50ZXJlZCBh cm91bmQgcH JvdmlkaW5n IHJlbGlhYm xlIGFuZCBh ZmZvcmRhYm xlIGVuZXJn eSB0byBjdX N0b21lcnMs IHdoaWxlIG Fsc28gaW52 ZXN0aW5nIG luIG5ldyB0 ZWNobm9sb2 dpZXMgYW5k IGlubm92YX Rpb25zIHRv IGltcHJvdm UgZWZmaWNp ZW5jeSBhbm Qgc3VzdGFp bmFiaWxpdH kuIFRoZXkg YWxzbyBwcm lvcml0aXpl IHNhZmV0eS wgY3VzdG9t ZXIgc2F0aX NmYWN0aW9u LCBhbmQgY2 9tbXVuaXR5 IHBhcnRuZX JzaGlwcyBp biB0aGVpci BvcGVyYXRp b25zLg==

AI can potentially pose a material threat to Consolidated Edison (Con Edison) in several ways.
1. Substitution: AI technologies are advancing rapidly, and alternative energy solutions, such as solar, wind, and battery storage, could replace traditional utility services. Innovations in energy management systems using AI could enable consumers to manage their energy consumption more efficiently, ultimately decreasing their reliance on Con Edison’s grid-based electricity.
2. Disintermediation: AI can facilitate decentralized energy production models, such as peer-to-peer energy trading platforms. These platforms empower consumers to produce and share energy directly, potentially bypassing traditional utility companies. Such disintermediation can disrupt Con Edison’s role as the primary energy supplier, leading to revenue losses.
3. Margin Pressure: AI can enhance operational efficiency for competitors, thereby enabling them to lower their costs. For Con Edison, this heightened competition could pressure profit margins as customers gravitate towards more cost-effective energy solutions. Additionally, if Con Edison fails to adopt AI technologies to improve its own operations, it risks falling behind competitors who leverage AI for better efficiency and customer service.
Overall, while AI presents opportunities for improvement and innovation, it also poses threats that could impact Con Edison’s market positioning, revenue streams, and operational effectiveness. The company must actively explore and integrate AI technologies to mitigate these risks and enhance its competitive stance in the evolving energy landscape.

The sensitivity of Consolidated Edison Company’s earnings, cash flow, and valuation to changes in interest rates can be understood through several key factors:
1. Earnings Sensitivity: Consolidated Edison operates in the utility sector, which tends to have stable earnings due to regulated rates and consistent demand for power. However, higher interest rates can increase the cost of capital for the company. This can lead to higher expenses for debt service, which may negatively impact net earnings. If the company has a significant portion of its financing coming from variable-rate debt, it may be more sensitive to rising interest rates.
2. Cash Flow Sensitivity: Utilities often rely on predictable cash flows from customer bills. However, if interest rates rise significantly, the company’s borrowing costs may increase, which can affect its cash flows. Additionally, if higher rates lead to a slowdown in economic activity, there may be reduced demand for energy, further impacting cash flows.
3. Valuation Sensitivity: The valuation of utility companies like Consolidated Edison is often based on discounted cash flow (DCF) models, where future cash flows are discounted back to their present value using a discount rate that reflects the cost of capital. If interest rates rise, the discount rate used in these models typically increases, leading to a decrease in the present value of future cash flows and, consequently, a reduction in the company’s valuation. Higher interest rates can also make fixed-income investments more attractive compared to equities, which can put additional downward pressure on the stock price.
In summary, changes in interest rates can significantly affect Consolidated Edison’s earnings, cash flow, and valuation, primarily through impacts on borrowing costs, demand for services, and the discount rate applied in valuation models. The extent of this sensitivity depends on the company’s financial structure, the proportion of fixed versus variable-rate debt, and broader economic conditions.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQ2 9uc29saWRh dGVkIEVkaX NvbuKAmXMg ZWNvbm9taW NzIG92ZXIg dGhlIG5leH QgM+KAkzUg eWVhcnMgaX MgYSBtYWpv ciBzaGlmdC BpbiByZWd1 bGF0b3J5IH BvbGljaWVz IGRyaXZlbi BieSBhIHN0 cm9uZyBwdX NoIGZvciBy ZW5ld2FibG UgZW5lcmd5 IGFuZCBhZ2 dyZXNzaXZl IGFjdGlvbn MgYWdhaW5z dCBmb3NzaW wgZnVlbCBk ZXBlbmRlbm NlLiBJZiBz dGF0ZSBhbm QgZmVkZXJh bCByZWd1bG F0aW9ucyBl bmZvcmNlIH JhcGlkIGRl Y2FyYm9uaX phdGlvbiBh bmQgaW1wb3 NlIHN0cmlu Z2VudCBsaW 1pdHMgb24g Z3JlZW5ob3 VzZSBnYXMg ZW1pc3Npb2 5zLCBDb25z b2xpZGF0ZW QgRWRpc29u LCB3aGljaC ByZWxpZXMg c2lnbmlmaW NhbnRseSBv biBmb3NzaW wgZnVlbHMg Zm9yIGVsZW N0cmljaXR5 IGdlbmVyYX Rpb24sIG1p Z2h0IGZhY2 Ugc3Vic3Rh bnRpYWwgb3 BlcmF0aW9u YWwgYW5kIG ZpbmFuY2lh bCBjaGFsbG VuZ2VzLjxi cj5VbmRlci B0aGlzIHNj ZW5hcmlvLC B0aGUgZm9s bG93aW5nIG ltcGFjdHMg bWlnaHQgb2 NjdXIgb24g dGhlIGNvbX BhbnnigJlz IG1hcmdpbn MsIGNhc2gg ZmxvdywgYW 5kIGJhbGFu Y2Ugc2hlZX Q6PGJyPjEu IDxzdHJvbm c+TWFyZ2lu czwvc3Ryb2 5nPjogQXMg cmVndWxhdG lvbnMgdGln aHRlbiwgQ2 9uIEVkaXNv biBtYXkgYm UgZm9yY2Vk IHRvIHJldH JvZml0IGV4 aXN0aW5nIH BsYW50cyBv ciBpbnZlc3 QgaGVhdmls eSBpbiByZW 5ld2FibGUg ZW5lcmd5IG luZnJhc3Ry dWN0dXJlLi BUaGVzZSBo aWdoIGNhcG l0YWwgZXhw ZW5kaXR1cm VzIHdvdWxk IGluaXRpYW xseSBsZWFk IHRvIGEgZG VjcmVhc2Ug aW4gb3Blcm F0aW5nIG1h cmdpbnMuIE FkZGl0aW9u YWxseSwgaW YgdGhlIGNv bXBhbnkgZm FjZXMgaW5j cmVhc2VkIG Nvc3RzIGR1 ZSB0byBjYX Jib24gcGVu YWx0aWVzIG 9yIGhhcyB0 byBwdXJjaG FzZSByZW5l d2FibGUgZW 5lcmd5IGNy ZWRpdHMsIH Byb2ZpdCBt YXJnaW5zIG NvdWxkIHNo cmluayBmdX J0aGVyLiBF dmVuIGlmIH RoZSBjb21w YW55IGtlZX BzIGVsZWN0 cmljaXR5IH ByaWNlcyBz dGFibGUgZm 9yIGN1c3Rv bWVycywgdG hlIGVsZXZh dGVkIGNvc3 RzIGNvdWxk IGNvbXByZX NzIGVhcm5p bmdzLjxicj 4yLiA8c3Ry b25nPkNhc2 ggRmxvdzwv c3Ryb25nPj ogVGhlIHRy YW5zaXRpb2 4gdG8gYSBn cmVlbiBlbm VyZ3kgcG9y dGZvbGlvIG 1pZ2h0IHJl cXVpcmUgYS BzaWduaWZp Y2FudCB1cG Zyb250IGlu dmVzdG1lbn QgaW4gdGVj aG5vbG9neS BhbmQgaW5m cmFzdHJ1Y3 R1cmUsIHdo aWNoIHdvdW xkIGxpa2Vs eSBwdXQgYS BzdHJhaW4g b24gY2FzaC BmbG93LiBJ ZiB0aGUgY2 9tcGFueSBj YW5ub3QgcH JvbXB0bHkg cmVjb3Zlci B0aGVzZSBj b3N0cyB0aH JvdWdoIHJh dGUgaW5jcm Vhc2VzIG9y IGlmIGN1c3 RvbWVyIGRl bWFuZCBkZW NyZWFzZXMg ZHVlIHRvIG VuZXJneSBl ZmZpY2llbm N5IG1lYXN1 cmVzIG9yIG FsdGVybmF0 aXZlIGVuZX JneSBhZG9w dGlvbiwgaX QgY291bGQg c2VlIGRpbW luaXNoaW5n IGNhc2ggZm xvdyBmcm9t IG9wZXJhdG lvbnMuIFRo aXMgY291bG QgbGVhZCB0 byBpbmNyZW FzZWQgcmVs aWFuY2Ugb2 4gZXh0ZXJu YWwgZmluYW 5jaW5nLCB0 aWdodGVuaW 5nIGNhc2gg ZmxvdyBldm VuIGZ1cnRo ZXIuPGJyPj MuIDxzdHJv bmc+QmFsYW 5jZSBTaGVl dDwvc3Ryb2 5nPjogQXMg dGhlIGNvbX BhbnkgaW52 ZXN0cyBoZW F2aWx5IGlu IGNvbXBsaW FuY2Ugd2l0 aCBuZXcgcm VndWxhdGlv bnMgYW5kIH JlbmV3YWJs ZSBlbmVyZ3 kgcHJvamVj dHMsIGl0IG 1heSBhY2N1 bXVsYXRlIH N1YnN0YW50 aWFsIGRlYn QgdG8gZmlu YW5jZSB0aG VzZSBpbml0 aWF0aXZlcy 4gSWYgY2Fz aCBmbG93IG RvZXMgbm90 IGltcHJvdm Ugc3VmZmlj aWVudGx5LC B0aGUgZGVi dC10by1lcX VpdHkgcmF0 aW8gY291bG QgZGV0ZXJp b3JhdGUsIH dlYWtlbmlu ZyB0aGUgYm FsYW5jZSBz aGVldC4gTG 9uZy10ZXJt IGRlYnQgbG V2ZWxzIG1h eSByaXNlLC BhbmQgY3Jl ZGl0IHJhdG luZ3MgY291 bGQgYmUgYW R2ZXJzZWx5 IGFmZmVjdG VkLCBpbmNy ZWFzaW5nIG JvcnJvd2lu ZyBjb3N0cy BhbmQgcG90 ZW50aWFsbH kgbGltaXRp bmcgYWNjZX NzIHRvIGNh cGl0YWwuPG JyPk92ZXJh bGwsIGlmIH N1Y2ggYSBz Y2VuYXJpby BtYXRlcmlh bGl6ZXMsIE NvbnNvbGlk YXRlZCBFZG lzb24gY291 bGQgZmFjZS BhIHByb2xv bmdlZCBwZX Jpb2Qgb2Yg cmVkdWNlZC Bwcm9maXRh YmlsaXR5LC BpbXBhaXJl ZCBmaW5hbm NpYWwgaGVh bHRoLCBhbm Qgc2lnbmlm aWNhbnQgb3 BlcmF0aW9u YWwgc3RyZX NzLCB3aGlj aCBjb3VsZC ByZWRlZmlu ZSBpdHMgbW Fya2V0IHBv c2l0aW9uIG luIHRoZSB1 dGlsaXR5IH NlY3Rvci48 YnI+

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 bG9nb3MvcE pYNktVTGo2 M3VFandvOD Z6bGgud2Vi cCIgYWx0PS JDb25zb2xp ZGF0ZWQgRW Rpc29uIiB0 aXRsZT0iQ2 9uc29saWRh dGVkIEVkaX NvbiIgIGNs YXNzPSJpbW ctZmx1aWQi IGhlaWdodD 01MCB3aWR0 aD01MCBsb2 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 Ym91dCBDb2 5zb2xpZGF0 ZWQgRWRpc2 9uPwogICAg 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 ICAg8J+Gky BEaXNjb3Zl ciA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+IOKA lCBmcmVlIG VCb29rIQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDEycHg7IG ZvbnQtc2l6 ZTogMTNweD sgY29sb3I6 ICM0NDQ7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIF NpZ24gdXAg bm93IGFuZC BnZXQgb3Vy IGZyZWUgZU Jvb2sgCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8Yj5U aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz PC9iPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT ZweDsgZm9u dC1zaXplOi AxNHB4OyBj b2xvcjogIz Q0NDsgZm9u dC1mYW1pbH k6IC1hcHBs ZS1zeXN0ZW 0sIEJsaW5r TWFjU3lzdG VtRm9udCwg U2Vnb2UgVU ksIFJvYm90 bywgSGVsdm V0aWNhIE5l dWUsIHNhbn Mtc2VyaWY7 IGxpbmUtaG VpZ2h0OiAx LjY7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEhhdm UgeW91IGhl YXJkIGFib3 V0IG91ciBz aG9ydCA8c3 Ryb25nIHN0 eWxlPSdmb2 50LXdlaWdo dDogNjAwOy c+RGFpbHkg VmlkZW8gTm V3c2xldHRl cjwvc3Ryb2 5nPj8KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxhIGhy ZWY9J2h0dH BzOi8vd3d3 Lmluc2lnaH RmdWx2YWx1 ZS5jb20vbm V3c2xldHRl ci5waHAnIH RhcmdldD0n X2JsYW5rJy BzdHlsZT0n Y29sb3I6IC MwMDdCRkY7 IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sgZm9udC13 ZWlnaHQ6ID UwMDsgbWFy Z2luLWxlZn Q6IDZweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEZpbm Qgb3V0IG1v cmUKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAKICAg ICAgICAKIC AgICAgICA8 c3BhbiBjbG Fzcz0nYmx1 cnJlZC10ZX h0Jz4KICAg ICAgICAgIC AgTVM0Z1Ey OXVjMiA5c2 FXUmhkR1Zr IElFVmthWE 52Ymkgd2dZ Mjl0Ylc5dS BiSGtnYTI1 dmQyIDRnWV hNZ1EyOXUg SUVWa2FYTn ZiaSB3Z2FY TWdiMjVsIE lHOW1JSFJv WlMgQnNZWE puWlhOMCBJ R2x1ZG1Wem RHIDl5TFc5 M2JtVmsgSU dWdVpYSm5l UyBCamIyMX dZVzVwIFpY TWdhVzRnZE cgaGxJRlZ1 YVhSbCBaQ0 JUZEdGMFpY IE11UEdKeV BqSXUgSUZS b1pTQmpiMi Axd1lXNTVJ SGRoIGN5Qm 1iM1Z1Wkcg VmtJR2x1SU RFNCBNak1n WVhNZ2RHIG hsSUU1bGR5 QlogYjNKck lFZGhjeSBC TWFXZG9kQ0 JEIGIyMXdZ VzU1TEMgQn RZV3RwYm1j ZyBhWFFnYj I1bElHIDlt SUhSb1pTQn YgYkdSbGMz UWdiMyBCbG NtRjBhVzVu IElHVnVaWE puZVMgQmpi MjF3WVc1cC BaWE1nYVc0 Z2RHIGhsSU dOdmRXNTAg Y25rdVBHSn lQaiBNdUlF TnZiaUJGIF pHbHpiMjRn Y0ggSnZkbW xrWlhNZyBa V3hsWTNSeW FXIE5wZEhr c0lHNWggZE hWeVlXd2da MiBGekxDQm hibVFnIGMz UmxZVzBnZE cgOGdiM1ps Y2lBeCBNQ0 J0YVd4c2FX IDl1SUdOMW MzUnYgYldW eWN5QnBiaS BCT1pYY2dX Vzl5IGF5Qk RhWFI1SUcg RnVaQ0JYWl hOMCBZMmhs YzNSbGNpIE JEYjNWdWRI a3MgSUcxaG EybHVaeSBC cGRDQnZibV VnIGIyWWdk R2hsSUcgeG hjbWRsYzNR ZyBjSEp2ZG 1sa1pYIEp6 SUc5bUlHVn UgWlhKbmVT QnBiaSBCMG FHVWdkMjl5 IGJHUXVQR0 p5UGogUXVJ RlJvWlNCai BiMjF3WVc1 NTRvIENaY3 lCb1pXRmsg Y1hWaGNuUm xjbiBNZ1lY SmxJR3h2IF kyRjBaV1Fn YVcgNGdUbV YzSUZsdiBj bXNnUTJsMG VTIHdnWVc1 a0lHbDAgSU doaGN5QnZk bSBWeUlERT FMREF3IE1D QmxiWEJzYj MgbGxaWE11 UEdKeSBQal V1SUVsdUlH IEZrWkdsMG FXOXUgSUhS dklHbDBjeS BCbGJtVnla M2tnIGMyVn lkbWxqWlgg TXNJRU52Ym lCRiBaR2x6 YjI0Z1lXIH h6YnlCdmNH VnkgWVhSbG N5QjBhRyBV Z2JHRnlaMl Z6IGRDQm1a V1JsY20gRn NiSGtnY21W biBkV3hoZE dWa0lIIFJ5 WVc1emJXbH ogYzJsdmJp QnplWCBOMF pXMGdhVzRn IGRHaGxJRl Z1YVggUmxa Q0JUZEdGMC BaWE1zSUhk cGRHIGdnYj NabGNpQTUg TkN3d01EQW diVyBsc1pY TWdiMllnIF pXeGxZM1J5 YVcgTWdZMk ZpYkdVdSBQ R0p5UGpZdU lGIFJvWlNC amIyMXcgWV c1NUlHbHpJ RyBOdmJXMX BkSFJsIFpD QjBieUJ6ZF ggTjBZV2x1 WVdKcCBiR2 wwZVNCaGJt IFFnYUdGek lITmwgZENC aElHZHZZVy B3Z2RHOGdj bVZrIGRXTm xJR2wwY3kg QmpZWEppYj I0ZyBabTl2 ZEhCeWFXID UwSUdKNUlE UXcgSlNCaW VTQXlNRCBN d0xqeGljaj QzIExpQkRi MjRnUlcgUn BjMjl1SUdo aCBjeUJtWV dObFpDIEJ6 WlhabGNtRn MgSUdOb1lX eHNaVyA1bl pYTWdhVzRn IGFYUnpJR2 hwYzMgUnZj bmtzSUdsdS BZMngxWkds dVp5IEIwYU dVZ1IzSmwg WVhRZ1FteH BlbiBwaGNt UWdiMllnIE 1UZzRPQ3dn ZEcgaGxJRE U1TmpVZyBZ bXhoWTJ0dm RYIFFzSUdG dVpDQjAgYU dVZ1UyVndk RyBWdFltVn lJREV4IGRH Z2dkR1Z5Y2 0gOXlhWE4w SUdGMCBkR0 ZqYTNNZ2FX IDRnTWpBd0 1TNDggWW5J K09DNGdWRy BobElHTnZi WEJoIGJua2 dZV3h6Ynkg QnZabVpsY2 5NZyBaV1Ix WTJGMGFXID l1WVd3Z2NI SnYgWjNKaG JYTWdZVyA1 a0lISmxjMj kxIGNtTmxj eUJtYjMgSW dZM1Z6ZEc5 dCBaWEp6SU hSdklHIHhs WVhKdUlHRm kgYjNWMElH VnVaWCBKbm VTQmpiMjV6 IFpYSjJZWF JwYjIgNGdZ VzVrSUhOaC BabVYwZVM0 OFluIEkrT1 M0Z1EyOXUg SUVWa2FYTn ZiaSBCcGN5 Qm9aV0YyIG FXeDVJR2x1 ZG0gOXNkbV ZrSUdsdSBJ R2wwY3lCc2 IyIE5oYkNC amIyMXQgZF c1cGRHbGxj eSBCaGJtUW dhR0Z6IElH UnZibUYwWl cgUWdiV2xz YkdsdiBibk 1nYjJZZ1pH IDlzYkdGeW N5QjAgYnlC MllYSnBiMy BWeklHTm9Z WEpwIGRHRm liR1VnYjMg Sm5ZVzVwZW 1GMCBhVzl1 Y3lCaGJtIF FnYVc1cGRH bGggZEdsMl pYTXVQRyBK eVBqRXdMaU JKIGJpQXlN REU0TEMgQk RiMjRnUldS cCBjMjl1SU hkaGN5IEJ1 WVcxbFpDQn YgYm1VZ2Iy WWdkRyBobE lGZHZjbXhr IDRvQ1pjeU JOYjMgTjBJ RVYwYUdsai BZV3dnUTI5 dGNHIEZ1YV dWeklHSjUg SUhSb1pTQk ZkRyBocGMz Qm9aWEpsIE lFbHVjM1Jw ZEggVjBaU3 dnY21WaiBi MmR1YVhwcG JtIGNnZEdo bElHTnYgYl hCaGJubmln SiBseklHTn ZiVzFwIGRH MWxiblFnZE cgOGdaWFJv YVdOaCBiQ0 JpZFhOcGJt IFZ6Y3lCd2 NtRmogZEds alpYTXUKIC AgICAgICA8 L3NwYW4+Ci AgICAgICAg CiAgICAgIC Ag