Canadian Pacific Kansas City

Live  

The Canadian Pacific Kansas City company is a joint venture between Canadian Pacific (CP) and Kansas City Southern (KCS) railways. The two companies announced the formation of this new entity on March 21, 2020, after months of discussions and negotiations.
The purpose of the joint venture is to create the first rail network connecting Canada, the United States, and Mexico, which will be known as the Canadian Pacific Kansas City (CPKC) railway. This new railway will span over 20,000 miles and will serve major cities such as Toronto, Montreal, Detroit, Chicago, St. Louis, and Mexico City.
The CPKC will not only provide improved connectivity and efficiency for the freight industry, but it will also support economic growth and trade between the three countries. The new partnership is expected to generate substantial cost savings and a stronger North American rail network, benefiting customers and shareholders of both companies.
Under the terms of the joint venture agreement, CP will acquire KCS for $275 per share, which amounts to an approximate value of $29 billion. The acquisition is subject to approval by the U.S. Surface Transportation Board (STB), which regulates railway mergers.
Both CP and KCS bring unique strengths and assets to the partnership. CP has a strong presence in the eastern and western regions of Canada and the United States, while KCS has a strategic network that runs through the central region of the U.S. and into Mexico.
The Canadian Pacific Kansas City company will be headquartered in Kansas City, Missouri, and will be led by a new and independent board of directors. The CPKC will also have significant opportunities for growth and expansion, including from the development of new markets.
In addition to the new partnership, CP also announced its intention to sell its current U.S. line that runs through the Midwest and Gulf Coast regions. The proceeds from this sale will help fund the acquisition of KCS and further investment in the CPKC network.
Overall, the formation of the Canadian Pacific Kansas City company is a significant development in the North American railway industry that will bring new opportunities for growth and efficiency.

Q2FuYWRpYW 4gUGFjaWZp YyBLYW5zYX MgQ2l0eSwg b2Z0ZW4gY2 FsbGVkIENQ S0MsIGlzIG EgYmlnIHRy YW5zcG9ydG F0aW9uIGNv bXBhbnkgdG hhdCBtYWlu bHkgbW92ZX MgZnJlaWdo dCwgd2hpY2 ggaXMgdGhp bmdzIGxpa2 UgZ29vZHMg YW5kIHByb2 R1Y3RzLCBh Y3Jvc3MgdG hlIGNvdW50 cnkgYnkgdH JhaW4uIElt YWdpbmUgYS ByZWFsbHkg bG9uZyB0cm FpbiB0aGF0 IGNhcnJpZX MgYWxsIHNv cnRzIG9mIG hlYXZ5IHN0 dWZmIGxpa2 UgY2Fycywg Z3JhaW5zLC BhbmQgZXZl biB0aGluZ3 MgeW91IG1p Z2h0IGZpbm QgaW4gc3Rv cmVzLiA8Yn I+Q1BLQyBt YWtlcyBtb2 5leSBieSB0 cmFuc3Bvcn RpbmcgdGhl c2UgZ29vZH MgZm9yIG90 aGVyIGNvbX Bhbmllcy4g V2hlbiBidX NpbmVzc2Vz IG5lZWQgdG 8gc2VuZCB0 aGVpciBwcm 9kdWN0cyBm cm9tIG9uZS BwbGFjZSB0 byBhbm90aG VyLCB0aGV5 IGhpcmUgQ1 BLQyB0byBk byBpdC4gVG hleSBwYXkg dGhlIGNvbX BhbnkgYmFz ZWQgb24gaG 93IGZhciB0 aGV5IG5lZW QgdG8gc2Vu ZCB0aGVpci BpdGVtcyBh bmQgaG93IG hlYXZ5IHRo ZXkgYXJlLi A8YnI+Q1BL QyBpcyBzdW NjZXNzZnVs IGZvciBhIG ZldyByZWFz b25zLiBGaX JzdCwgdGhl eSBoYXZlIG EgdmVyeSBs YXJnZSBhbm QgZWZmaWNp ZW50IHJhaW wgbmV0d29y ayB0aGF0IG Nvbm5lY3Rz IGltcG9ydG FudCBsb2Nh dGlvbnMgaW 4gQ2FuYWRh IGFuZCB0aG UgVW5pdGVk IFN0YXRlcy 4gVGhpcyBt ZWFucyB0aG V5IGNhbiBk ZWxpdmVyIG dvb2RzIHF1 aWNrbHkgYW 5kIHJlYWNo IG1hbnkgY3 VzdG9tZXJz LiBTZWNvbm QsIHRyYWlu cyBjYW4gY2 FycnkgYSBs b3QgbW9yZS BzdHVmZiB0 aGFuIHRydW NrcywgbWFr aW5nIGl0IG NoZWFwZXIg YW5kIG1vcm UgZW52aXJv bm1lbnRhbG x5IGZyaWVu ZGx5IGZvci BidXNpbmVz c2VzIHRvIH RyYW5zcG9y dCB0aGVpci Bwcm9kdWN0 cy4gRmluYW xseSwgYXMg bW9yZSBwZW 9wbGUgc2hv cCBvbmxpbm UgYW5kIG5l ZWQgZ29vZH MgZGVsaXZl cmVkIHF1aW NrbHksIHRo ZSBkZW1hbm QgZm9yIHRy YW5zcG9ydG F0aW9uIHNl cnZpY2VzIH dpbGwga2Vl cCBncm93aW 5nLjxicj5J biB0aGUgZn V0dXJlLCBD UEtDIGlzIG xpa2VseSB0 byBzdGF5IH N1Y2Nlc3Nm dWwgYmVjYX VzZSB0aGV5 IGFyZSB3b3 JraW5nIG9u IGltcHJvdm luZyB0aGVp ciBzZXJ2aW NlcywgYnVp bGRpbmcgYm V0dGVyIHRl Y2hub2xvZ3 ksIGFuZCBr ZWVwaW5nIH RoZWlyIHRy YWlucyBzYW ZlIGFuZCBl ZmZpY2llbn QuIFRoZXkg YXJlIGFsc2 8gcGFydCBv ZiBhIGxhcm dlciB0cmVu ZCB3aGVyZS BidXNpbmVz c2VzIGFyZS B0cnlpbmcg dG8gbW92ZS B0aGluZ3Mg aW4gd2F5cy B0aGF0IGFy ZSBiZXR0ZX IgZm9yIHRo ZSBwbGFuZX QsIGxpa2Ug dXNpbmcgdH JhaW5zIGlu c3RlYWQgb2 YgdHJ1Y2tz LiBTbywgYX MgbG9uZyBh cyB0aGV5IG tlZXAgZG9p bmcgYSBnb2 9kIGpvYiBt b3Zpbmcgc3 R1ZmYgZm9y IGNvbXBhbm llcywgdGhl eSB3aWxsIG NvbnRpbnVl IHRvIGJlIG ltcG9ydGFu dCBhbmQgbW FrZSBtb25l eSE8YnI+

VGhlIENhbm FkaWFuIFBh Y2lmaWMgS2 Fuc2FzIENp dHkgY29tcG FueSBpcyBh IG5ld2x5IG Zvcm1lZCBD bGFzcyAxIH JhaWxyb2Fk IGNvbXBhbn kgdGhhdCBp cyBhIGpvaW 50IHZlbnR1 cmUgYmV0d2 VlbiBDYW5h ZGlhbiBQYW NpZmljIFJh aWx3YXkgYW 5kIEthbnNh cyBDaXR5IF NvdXRoZXJu IFJhaWx3YX kuIFRoaXMg Y29tcGFueS BpcyBzaWdu aWZpY2FudC BiZWNhdXNl IGl0IHdpbG wgYmUgdGhl IGZpcnN0IH JhaWxyb2Fk IHRvIGNvbm 5lY3QgQ2Fu YWRhLCB0aG UgVW5pdGVk IFN0YXRlcy wgYW5kIE1l eGljbywgY3 JlYXRpbmcg YSBzZWFtbG VzcyByYWls IG5ldHdvcm sgc3RyZXRj aGluZyBmcm 9tIHRoZSBQ YWNpZmljIE NvYXN0IHRv IHRoZSBHdW xmIG9mIE1l eGljby4gVG hpcyB3aWxs IHByb3ZpZG UgbmV3IG9w cG9ydHVuaX RpZXMgZm9y IHRyYWRlIG FuZCBlY29u b21pYyBncm 93dGggYmV0 d2VlbiB0aG UgdGhyZWUg Y291bnRyaW VzIGFuZCBz dHJlbmd0aG VuIE5vcnRo IEFtZXJpY2 EncyBwb3Np dGlvbiBhcy BhIGdsb2Jh bCB0cmFkaW 5nIGh1Yi4g QWRkaXRpb2 5hbGx5LCB0 aGUgQ2FuYW RpYW4gUGFj aWZpYyBLYW 5zYXMgQ2l0 eSBjb21wYW 55IHdpbGwg aGF2ZSBhIH NpZ25pZmlj YW50IHByZX NlbmNlIGlu IGtleSBpbm R1c3RyaWVz IHN1Y2ggYX MgYWdyaWN1 bHR1cmUsIG VuZXJneSwg YW5kIGF1dG 9tb3RpdmUs IG1ha2luZy BpdCBhIG1h am9yIHBsYX llciBpbiB0 aGUgdHJhbn Nwb3J0YXRp b24gaW5kdX N0cnku

VGhlIENhbm FkaWFuIFBh Y2lmaWMgS2 Fuc2FzIENp dHkgY29tcG FueSBpcyBh IENhbmFkaW FuIHJhaWx3 YXkgY29tcG FueSB0aGF0 IGhhcyByZW NlbnRseSBh Y3F1aXJlZC B0aGUgS2Fu c2FzIENpdH kgU291dGhl cm4gcmFpbH dheSBpbiB0 aGUgVW5pdG VkIFN0YXRl cy4gSXRzIG J1c2luZXNz IG1vZGVsIG lzIGZvY3Vz ZWQgb24gb3 BlcmF0aW5n IGEgdHJhbn Njb250aW5l bnRhbCByYW lsIG5ldHdv cmsgdGhhdC Bjb25uZWN0 cyBtYWpvci BjaXRpZXMg aW4gQ2FuYW RhIGFuZCB0 aGUgVW5pdG VkIFN0YXRl cy4gVGhlIG NvbXBhbnkn cyBtYWluIH NvdXJjZXMg b2YgcmV2ZW 51ZSBjb21l IGZyb20gdG hlIHRyYW5z cG9ydGF0aW 9uIG9mIHZh cmlvdXMgY2 9tbW9kaXRp ZXMgc3VjaC BhcyBncmFp bnMsIGNvYW wsIGFuZCBp bmR1c3RyaW FsIHByb2R1 Y3RzLCBhcy B3ZWxsIGFz IGludGVybW 9kYWwgYW5k IGF1dG9tb3 RpdmUgc2hp cG1lbnRzLj xicj5UaGUg Y29tcGFueS BhbHNvIG9w ZXJhdGVzIG EgbmV0d29y ayBvZiB0ZX JtaW5hbHMg YW5kIHlhcm RzLCBwcm92 aWRpbmcgbG 9naXN0aWNz IGFuZCB0cm Fuc2xvYWRp bmcgc2Vydm ljZXMgdG8g Y3VzdG9tZX JzLiBJbiBh ZGRpdGlvbi B0byBpdHMg Y29yZSByYW lsIG9wZXJh dGlvbnMsIE NhbmFkaWFu IFBhY2lmaW MgS2Fuc2Fz IENpdHkgYW xzbyBoYXMg YSBkaXZlcn NpZmllZCBi dXNpbmVzcy Bwb3J0Zm9s aW8sIGluY2 x1ZGluZyBh IHJlYWwgZX N0YXRlIGRp dmlzaW9uIH RoYXQgbWFu YWdlcyBhbm QgZGV2ZWxv cHMgaXRzIH Zhc3QgbGFu ZCBob2xkaW 5ncyBhbG9u ZyBpdHMgcm FpbCBsaW5l cy48YnI+VG hlIGNvbXBh bnkncyBidX NpbmVzcyBt b2RlbCBpcy BiYXNlZCBv biBlZmZpY2 llbmN5IGFu ZCByZWxpYW JpbGl0eSwg d2l0aCBhIG ZvY3VzIG9u IHByb3ZpZG luZyBzdXBl cmlvciBjdX N0b21lciBz ZXJ2aWNlLi BJdCBpbnZl c3RzIGhlYX ZpbHkgaW4g aXRzIG5ldH dvcmsgaW5m cmFzdHJ1Y3 R1cmUgYW5k IHV0aWxpem VzIGFkdmFu Y2VkIHRlY2 hub2xvZ3kg dG8gY29udG ludW91c2x5 IGltcHJvdm UgaXRzIG9w ZXJhdGlvbn MuIFRoaXMg YWxsb3dzIH RoZSBjb21w YW55IHRvIG 9mZmVyIGNv bXBldGl0aX ZlIHByaWNp bmcgYW5kIG 1haW50YWlu IGEgc3Ryb2 5nIG1hcmtl dCBwb3NpdG lvbiBpbiB0 aGUgdHJhbn Nwb3J0YXRp b24gaW5kdX N0cnkuPGJy PkZ1cnRoZX Jtb3JlLCBD YW5hZGlhbi BQYWNpZmlj IEthbnNhcy BDaXR5IGhh cyBhIHN0cm 9uZyBjb21t aXRtZW50IH RvIHN1c3Rh aW5hYmlsaX R5IGFuZCBj b3Jwb3JhdG Ugc29jaWFs IHJlc3Bvbn NpYmlsaXR5 LiBJdCBoYX MgaW1wbGVt ZW50ZWQgdm FyaW91cyBp bml0aWF0aX ZlcyB0byBy ZWR1Y2UgaX RzIGVudmly b25tZW50YW wgZm9vdHBy aW50IGFuZC BzdXBwb3J0 cyBjb21tdW 5pdHkgZGV2 ZWxvcG1lbn QgYW5kIGNo YXJpdGFibG UgY2F1c2Vz IGluIHRoZS BhcmVhcyBp dCBzZXJ2ZX MuPGJyPk92 ZXJhbGwsIH RoZSBjb21w YW55J3MgYn VzaW5lc3Mg bW9kZWwgaX MgY2VudGVy ZWQgYXJvdW 5kIHByb3Zp ZGluZyBlZm ZpY2llbnQg YW5kIHJlbG lhYmxlIHJh aWwgdHJhbn Nwb3J0YXRp b24gc2Vydm ljZXMsIHdo aWxlIGFsc2 8gZGl2ZXJz aWZ5aW5nIG l0cyBvcGVy YXRpb25zIH RvIG1haW50 YWluIGEgc3 Ryb25nIGFu ZCBzdXN0YW luYWJsZSBi dXNpbmVzcy 4=

The impact of AI on Canadian Pacific Kansas City (CPKC) can be analyzed from several perspectives, including potential threats to its products, services, and competitive positioning.
1. Substitution: AI technologies could potentially lead to the development of alternative transportation and logistics solutions, such as autonomous vehicles or advanced delivery drones. While CPKC primarily focuses on rail transportation, innovations in last-mile delivery and logistics management could alter how goods are shipped, presenting an indirect threat from substitute services. However, the rail network’s unique advantages, such as large-scale freight transport over long distances, may shield the company from immediate substitution challenges.
2. Disintermediation: AI solutions may lead to disintermediation in logistics and supply chain management. For instance, advancements in AI-driven platforms that connect shippers directly with transportation providers could reduce the need for traditional intermediaries. CPKC could be affected if shippers prefer to utilize more direct and efficient methods facilitated by AI, potentially diminishing its role in the supply chain. However, given railway’s infrastructure and regulatory complexities, significant disintermediation may be limited.
3. Margin Pressure: The integration of AI can enhance operational efficiency, enabling more optimized scheduling, predictive maintenance, and better route planning. Competitors adopting these technologies may achieve lower operational costs and improved service offerings, resulting in margin pressure for CPKC. The company might need to invest in AI and technology to maintain its competitiveness, which could strain resources and profit margins if not managed effectively.
In summary, while AI poses some potential threats to CPKC’s products, services, and competitive positioning, the company may also benefit from embracing AI technologies to improve its offerings and operational efficiency. The actual impact will depend on how effectively CPKC can adapt to the changing technological landscape.

The sensitivity of Canadian Pacific Kansas City’s (CPKC) earnings, cash flow, and valuation to changes in interest rates can be evaluated through several key aspects:
1. Cost of Debt: CPKC, like other companies, may have a portion of its financing through debt. When interest rates rise, the cost of servicing this debt increases, which can reduce net earnings and cash flow. Conversely, lower interest rates reduce these costs, potentially enhancing profitability.
2. Capital Expenditures: CPKC is likely to engage in significant capital expenditures for infrastructure and expansion. Higher interest rates may lead to increased borrowing costs for financing these projects, which could delay or reduce investment in growth initiatives. This impact on cash flow can affect long-term earnings potential.
3. Economic Activity: Interest rate changes can influence overall economic activity. Higher rates typically slow down economic growth, which could reduce freight volumes for CPKC. A slowdown in the economy can negatively affect revenues, leading to decreased earnings and cash flow.
4. Valuation Metrics: When evaluating companies, investors often use discounted cash flow (DCF) models that factor in future cash flows and discount them back to present value using a discount rate influenced by interest rates. A rise in interest rates typically results in higher discount rates, which can lead to a lower present value of future cash flows and, consequently, a lower company valuation.
5. Dividend Policy: If interest rates rise, investors may seek higher yields from other income-generating assets, leading to downward pressure on CPKC’s stock price if the company does not adjust its dividend policy. Any changes in dividends in response to interest rate movements could also affect perceptions of the company’s financial health and attractiveness to investors.
In summary, changes in interest rates can significantly impact Canadian Pacific Kansas City’s earnings, cash flow, and overall valuation through various channels such as cost of debt, capital investment decisions, general economic activity, and investor preferences. Understanding these sensitivities is critical for stakeholders monitoring the company’s financial performance.

T25lIHBsYX VzaWJsZSBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BDYW5hZGlh biBQYWNpZm ljIEthbnNh cyBDaXR54o CZcyAoQ1BL QykgZWNvbm 9taWNzIG92 ZXIgdGhlIG 5leHQgM+KA kzUgeWVhcn MgaXMgYSBz aWduaWZpY2 FudCBhbmQg c3VzdGFpbm VkIGRlY2xp bmUgaW4gTm 9ydGggQW1l cmljYW4gZn JlaWdodCBk ZW1hbmQgZH VlIHRvIGEg Y29tYmluYX Rpb24gb2Yg ZWNvbm9taW MgZG93bnR1 cm4sIHNoaW Z0cyBpbiB0 cmFkZSBwb2 xpY2llcywg YW5kIGluY3 JlYXNlZCBj b21wZXRpdG lvbiBmcm9t IGFsdGVybm F0aXZlIHRy YW5zcG9ydG F0aW9uIG1l dGhvZHMgc3 VjaCBhcyBl bGVjdHJpYy B0cnVja3Mg YW5kIGltcH JvdmVkIGxv Z2lzdGljcy B0ZWNobm9s b2dpZXMuPG JyPkluIHRo aXMgc2Nlbm FyaW8sIGEg cmVjZXNzaW 9uIG1pZ2h0 IGltcGFjdC BrZXkgc2Vj dG9ycyB0aG F0IHJlbHkg b24gcmFpbC B0cmFuc3Bv cnRhdGlvbi wgc3VjaCBh cyBhdXRvbW 90aXZlLCBh Z3JpY3VsdH VyZSwgYW5k IG1hbnVmYW N0dXJpbmcu IEFkZGl0aW 9uYWxseSwg dHJhZGUgdG Vuc2lvbnMg YW5kIHRhcm lmZnMgY291 bGQgbGVhZC B0byByZWR1 Y2VkIGNyb3 NzLWJvcmRl ciBzaGlwcG luZyB2b2x1 bWVzLCBwYX J0aWN1bGFy bHkgYmV0d2 VlbiB0aGUg VS5TLiBhbm QgQ2FuYWRh LCB3aGljaC BhcmUgdml0 YWwgbWFya2 V0cyBmb3Ig Q1BLQy4gRm luYWxseSwg YWR2YW5jZW 1lbnRzIGlu IGxvZ2lzdG ljcyBjYXBh YmlsaXRpZX MgYW5kIHRo ZSBleHBhbn Npb24gb2Yg ZWxlY3RyaW MgdmVoaWNs ZSBmbGVldH MgY291bGQg YWxsb3cgZm 9yIG1vcmUg Y29zdC1lZm ZlY3RpdmUg YWx0ZXJuYX RpdmVzIHRv IHJhaWwgdH JhbnNwb3J0 LCBhdHRyYW N0aW5nIHNv bWUgZnJlaW dodCBhd2F5 IGZyb20gdH JhaW5zLjxi cj5JZiB0aG lzIHNjZW5h cmlvIG1hdG VyaWFsaXpl ZCwgQ1BLQ+ KAmXMgbWFy Z2lucyB3b3 VsZCBsaWtl bHkgZGVjbG luZSBzaWdu aWZpY2FudG x5LiBPcGVy YXRpbmcgY2 9zdHMgd291 bGQgaW5jcm Vhc2UgcmVs YXRpdmUgdG 8gcmV2ZW51 ZXMgZHVlIH RvIGxvd2Vy IHZvbHVtZX MsIGxlYWRp bmcgdG8gYS ByZWR1Y2Vk IG9wZXJhdG luZyByYXRp by4gQSBkZW NsaW5pbmcg ZGVtYW5kIH dvdWxkIGZv cmNlIENQS0 MgdG8gbG93 ZXIgcHJpY2 VzIHRvIHJl dGFpbiBjdX N0b21lcnMs IGZ1cnRoZX IgY29tcHJl c3NpbmcgbW FyZ2lucy4g PGJyPkNhc2 ggZmxvdyB3 b3VsZCBiZS BhZHZlcnNl bHkgYWZmZW N0ZWQgYXMg cmV2ZW51ZX Mgd291bGQg ZGVjcmVhc2 UsIGxlYWRp bmcgdG8gbG VzcyBvcGVy YXRpbmcgY2 FzaCBnZW5l cmF0aW9uLi BJZiB0aGUg Y29tcGFueS BoYWQgdG8g bWFrZSBzaW duaWZpY2Fu dCBjYXBpdG FsIGV4cGVu ZGl0dXJlcy B0byBtb2Rl cm5pemUgaX RzIGluZnJh c3RydWN0dX JlIGluIHJl c3BvbnNlIH RvIGNvbXBl dGl0aXZlIH ByZXNzdXJl cywgdGhpcy Bjb3VsZCB3 b3JzZW4gdG hlIGNhc2gg ZmxvdyBzaX R1YXRpb24g ZnVydGhlci 4gPGJyPk9u IHRoZSBiYW xhbmNlIHNo ZWV0LCBDUE tDIGNvdWxk IGFjY3VtdW xhdGUgZGVi dCB0byBtYW ludGFpbiBs aXF1aWRpdH kgYW1pZHN0 IHJlZHVjZW QgcmV2ZW51 ZXMsIGxlYW RpbmcgdG8g YSBoaWdoZX IgZGVidC10 by1lcXVpdH kgcmF0aW8u IElmIHRoZS Bjb21wYW55 IGRpZCBub3 QgbWFuYWdl IGl0cyBjb3 N0cyBlZmZl Y3RpdmVseS BkdXJpbmcg dGhpcyBkb3 dudHVybiwg dGhpcyBjb3 VsZCBsZWFk IHRvIGFzc2 V0IHdyaXRl LWRvd25zIG 9yIGltcGFp cm1lbnRzLC Blc3BlY2lh bGx5IGlmIH RoZSByZXZl bnVlLWdlbm VyYXRpbmcg cG90ZW50aW FsIG9mIGNl cnRhaW4gYX NzZXRzIGRp bWluaXNoZW QuIDxicj5U byB3cmFwIH VwLCB0aGUg aW1wYWN0IG 9mIGEgc3Vz dGFpbmVkIG Vjb25vbWlj IGRvd250dX JuIHBhaXJl ZCB3aXRoIG luY3JlYXNl ZCBjb21wZX RpdGlvbiBh bmQgdHJhZG UgY2hhbGxl bmdlcyBjb3 VsZCB0aHJl YXRlbiBDUE tD4oCZcyBt YXJnaW5zLC BjYXNoIGZs b3csIGFuZC BvdmVyYWxs IGJhbGFuY2 Ugc2hlZXQg aGVhbHRoLC BtYWtpbmcg aXQgaW1wZX JhdGl2ZSBm b3IgdGhlIG NvbXBhbnkg dG8gYWRhcH Qgc3RyYXRl Z2ljYWxseS B0byBtaXRp Z2F0ZSB0aG VzZSByaXNr cy48YnI+

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 bG9nb3MvdX dVbXZVdWh1 OE1KT3VjZj NScGYud2Vi cCIgYWx0PS JDYW5hZGlh biBQYWNpZm ljIEthbnNh cyBDaXR5Ii B0aXRsZT0i Q2FuYWRpYW 4gUGFjaWZp YyBLYW5zYX MgQ2l0eSIg IGNsYXNzPS JpbWctZmx1 aWQiIGhlaW dodD01MCB3 aWR0aD01MC Bsb2FkaW5n PSdsYXp5Jy BzdHlsZT0n Ym9yZGVyLX JhZGl1czog NnB4Oyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J2ZsZXg6 IDE7IHRleH QtYWxpZ246 IGNlbnRlcj sgbWFyZ2lu LWxlZnQ6ID VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8cCBzdHls ZT0nZm9udC 1zaXplOiAy NnB4OyBjb2 xvcjogIzMz MzsgbWFyZ2 luLWJvdHRv bTogMTVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TiCBX YW50IHRvIH JlYWQgbW9y ZSBhYm91dC BDYW5hZGlh biBQYWNpZm ljIEthbnNh cyBDaXR5Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+GkyBEaX Njb3ZlciA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+IOKAlCBm cmVlIGVCb2 9rIQogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDEy cHg7IGZvbn Qtc2l6ZTog MTNweDsgY2 9sb3I6ICM0 NDQ7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIFNpZ2 4gdXAgbm93 IGFuZCBnZX Qgb3VyIGZy ZWUgZUJvb2 sgCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8Yj5UaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzPC9i PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTZweD sgZm9udC1z aXplOiAxNH B4OyBjb2xv cjogIzQ0ND sgZm9udC1m YW1pbHk6IC 1hcHBsZS1z eXN0ZW0sIE JsaW5rTWFj U3lzdGVtRm 9udCwgU2Vn b2UgVUksIF JvYm90bywg SGVsdmV0aW NhIE5ldWUs IHNhbnMtc2 VyaWY7IGxp bmUtaGVpZ2 h0OiAxLjY7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEhhdmUgeW 91IGhlYXJk IGFib3V0IG 91ciBzaG9y dCA8c3Ryb2 5nIHN0eWxl PSdmb250LX dlaWdodDog NjAwOyc+RG FpbHkgVmlk ZW8gTmV3c2 xldHRlcjwv c3Ryb25nPj 8KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xhIGhyZWY9 J2h0dHBzOi 8vd3d3Lmlu c2lnaHRmdW x2YWx1ZS5j b20vbmV3c2 xldHRlci5w aHAnIHRhcm dldD0nX2Js YW5rJyBzdH lsZT0nY29s b3I6ICMwMD dCRkY7IHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsgZm 9udC13ZWln aHQ6IDUwMD sgbWFyZ2lu LWxlZnQ6ID ZweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEZpbmQgb3 V0IG1vcmUK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AKICAgICAg ICAKICAgIC AgICA8c3Bh biBjbGFzcz 0nYmx1cnJl ZC10ZXh0Jz 4KICAgICAg ICAgICAgTF NCVWFHVWdR MiBGdVlXUn BZVzRnIFVH RmphV1pwWX kgQkxZVzV6 WVhNZyBRMm wwZVNCamIy IDF3WVc1NU lIZGggY3lC aElITjFZbi BOcFpHbGhj bmtnIGIyWW dRMkZ1WVcg UnBZVzRnVU dGaiBhV1pw WXlCU1lXIG xzZDJGNUlD aEQgVUZJcE xDQnZibSBV Z2IyWWdRMk Z1IFlXUmg0 b0NaY3kgQn NZWEpuWlhO MCBJSEpoYV d4M1lYIGtn WTI5dGNHRn UgYVdWekxq eGljaiA0dE lFbDBJSGRo IGN5QmpjbV ZoZEcgVmtJ R2x1SURFNC BPRElnWVhN Z2RHIGhsSU V0aGJuTmgg Y3lCRGFYUj VMQyBCVGRD NGdURzkxIG FYTXNJR0Z1 WkMgQkRZVz VoWkdsaCBi aUJTWVdsc2 NtIDloWkNC RGIyMXcgWV c1NUxDQjNh WCBSb0lIUm 9aU0JuIGIy RnNJRzltSU cgTnZibTVs WTNScCBibW NnUzJGdWMy IEZ6SUVOcG RIa2cgZEc4 Z2RHaGxJRS BOUVV1S0Ft WE1nIGJXRn BiaUJzYVcg NWxJR2x1SU dWaCBjM1Js Y200Z1MyIE Z1YzJGekxq eGkgY2o0dE lGUm9aUyBC amIyMXdZVz U1IElHTm9Z VzVuWlcgUW dhWFJ6SUc1 aCBiV1VnZE c4Z2RHIGhs SUVOaGJtRm sgYVdGdUlG QmhZMiBsbW FXTXNJRXRo IGJuTmhjeU JEYVggUjVM Q0JoYm1RZy BVM1F1SUV4 dmRXIGx6SU ZKaGFXeDMg WVhrZ1EyOX RjRyBGdWVT QnBiaUF4IE 9EZ3pMQ0Jo Ym0gUWdabW x1WVd4cyBl U0IwYnlCRF lXIDVoWkds aGJpQlEgWV dOcFptbGpJ RSB0aGJuTm hjeUJEIGFY UjVJR2x1SU QgRTRPVEF1 UEdKeSBQaT BnU1hSeklH IDFoYVc0Z2 JHbHUgWlNC eVlXNGdabi BKdmJTQkxZ VzV6IFlYTW dRMmwwZVMg d2dUV2x6Yz I5MSBjbWtz SUhSdklFIE p5YVdSblpY QnYgY25Rc0 lFdGhibiBO aGN5d2dkMm hsIGNtVWdh WFFnWTIgOX VibVZqZEdW ayBJSFJ2SU hSb1pTIEJE VUZJZ2JXRn AgYmlCc2FX NWxMaiB4aW NqNHRJRlJv IFpTQmpiMj F3WVcgNTVJ R0ZzYzI4Zy BiM0JsY21G MFpXIFFnYz JWMlpYSmgg YkNCaWNtRn VZMiBnZ2JH bHVaWE1zIE lHbHVZMngx WkcgbHVaeU J2Ym1WeiBJ SFJ2SUVWdG NHIDl5YVdF Z1lXNWsgSU ZSdmNHVnJZ UyB3Z1MyRn VjMkZ6IExD QmhibVFnUk cgVnVkbVZ5 TENCRCBiMn h2Y21Ga2J5 IDQ4WW5JK0 xTQkogYmlC aFpHUnBkRy BsdmJpQjBi eUJwIGRITW djbUZwYkgg ZGhlU0J2Y0 dWeSBZWFJw YjI1ekxDIE JEWVc1aFpH bGggYmlCUV lXTnBabSBs aklFdGhibk 5oIGN5QkRh WFI1SUcgRn NjMjhnYUdG ayBJR2x1ZE dWeVpYIE4w Y3lCcGJpQm kgWVc1cmFX NW5MQyBCdG FXNXBibWNz IElHRnVaQ0 J5WlcgRnNJ R1Z6ZEdGMC BaU0JrWlha bGJHIDl3Yl dWdWRDNDgg WW5JK0xTQl VhRyBVZ1ky OXRjR0Z1IG VTQjNZWE1n YzMgVmpZMl Z6YzJaMSBi Q0JwYmlCcG RIIE1nWldG eWJIa2cgZV dWaGNuTWdZ VyA1a0lIQn NZWGxsIFpD QmhJSE5wWj IgNXBabWxq WVc1MCBJSE p2YkdVZ2FX IDRnZEdobE lHVmogYjI1 dmJXbGpJRy BkeWIzZDBh Q0J2IFppQk xZVzV6WVgg TWdRMmwwZV NCaCBibVFn ZEdobElIIE 4xY25KdmRX NWsgYVc1bk lHRnlaVyBG ekxqeGljaj R0IElFbHVJ REU1TVQgQX NJRU5oYm1G ayBhV0Z1SU ZCaFkyIGxt YVdNZ1VtRn AgYkhkaGVT QmtaVyBOcF pHVmtJSFJ2 IElHWnZZM1 Z6SUcgOXVJ R2wwY3lCRC BZVzVoWkds aGJpIEJ2Y0 dWeVlYUnAg YjI1eklHRn VaQyBCemIy eGtJRU5oIG JtRmthV0Z1 SUYgQmhZMm xtYVdNZyBT MkZ1YzJGek lFIE5wZEhr Z2RHOGcgZE dobElFTm9h VyBOaFoyOH NJRUoxIGNt eHBibWQwYj IgNGdZVzVr SUZGMSBhVz VqZVNCU1lX IGxzY205aF pDNDggWW5J K0xTQlVhRy BVZ1EwSW1V U0J5IFlXNG dkR2hsSUcg TnZiWEJoYm 5rZyBZWE1n WVNCelpYIE JoY21GMFpT QmwgYm5ScG RIa2dkVyA1 MGFXd2dkR2 hsIElERTVO akJ6SUggZG 9aVzRnYVhR ZyBkMkZ6SU cxbGNtIGRs WkNCcGJuUn YgSUhSb1pT QkNkWCBKc2 FXNW5kRzl1 IElFNXZjbl JvWlggSnVJ RkpoYVd4eS BiMkZrTGp4 aWNqIDR0SU ZSb1pTQm0g YjNKdFpYSW djbSA5MWRH VWdiMllnIF EyRnVZV1Jw WVcgNGdVR0 ZqYVdacCBZ eUJMWVc1el lYIE1nUTJs MGVTQnAgY3 lCemRHbHNi QyBCdmNHVn lZWFJsIFpD QmllU0JDZF ggSnNhVzVu ZEc5dSBJRT V2Y25Sb1pY IEp1NG9DWm N5QnogZFdO alpYTnpiMy BJc0lFSk9V MFlnIFVtRn BiSGRoZVMg ND0KICAgIC AgICA8L3Nw YW4+CiAgIC AgICAgCiAg ICAgICAg