CITIC

Live  

document
CITIC (China International Trust and Investment Corporation) is a Chinese state-owned conglomerate company. It was founded in 1979 by Rong Yiren, also known as "the Red Capitalist" due to his ties to the Communist Party of China.
CITIC's origins date back to 1978, when Rong Yiren took over a small state-owned trading company in Hong Kong to form what would become CITIC. The company initially focused on international trade, but quickly diversified into other industries such as finance, manufacturing, real estate, and telecommunications.
Today, CITIC has become one of the largest and most important state-owned enterprises in China, with assets worth over $900 billion. It operates in over 100 countries and regions, with a presence in industries such as banking, energy, infrastructure, engineering, and technology.
CITIC has also been involved in many large-scale international projects, such as the development of the Three Gorges Dam and the construction of the Papua New Guinea liquefied natural gas project. It has also made significant investments and partnerships with companies around the world, including Kazakhstan, Australia, and the United States.
The company is known for its strong ties to the Chinese government and its influence in the country's economy. It is also actively involved in social and community development projects, such as poverty alleviation and education initiatives.
CITIC's mission is to become a global leader in diverse industries, while also promoting sustainable development and corporate responsibility. Its vision is to be a respected and trusted company that contributes to the prosperity of China and the world.

CITIC is a big company from China that does a lot of different things to help people and businesses. Think of it like a giant toolbox that has many tools inside, each for a different job.
One of the main things CITIC does is invest money to help other businesses grow. They might put money into a factory to help it build more toys, or support a new technology company that creates cool apps for phones. When those businesses do well and make a profit, CITIC gets a share of that money, which is how it makes money.
CITIC is also involved in banking, which means they help people save money or borrow money when they need it for things like buying a house or starting a business. When people pay back their loans, CITIC earns interest, which is like extra money for providing the loan.
Another way CITIC makes money is by doing things like building roads, bridges, and even helping with energy projects. When these projects are completed, they can charge fees for using the roads or selling energy to homes and businesses.
CITIC is successful for a few reasons. First, it has been around for a long time, and over the years, it has built strong relationships with many different companies and governments. This means they have a lot of opportunities to invest in and support a wide range of projects.
Second, they are very smart with their money and know where to invest for the best returns. They keep looking for new ideas and markets where they can help businesses grow, which keeps them ahead of others.
As for the future, CITIC is likely to stay successful because the world is always changing and there will always be new businesses that need help and investment. Plus, as technology and industries grow, there will be more opportunities for CITIC to explore and invest in. So, as long as CITIC continues to adapt and make smart choices, they are set to succeed for a long time!

VGhlcmUgYX JlIGEgZmV3 IG5vdGFibG UgZmVhdHVy ZXMgdGhhdC BzZXQgQ0lU SUMgKENoaW 5hIEludGVy bmF0aW9uYW wgVHJ1c3Qg YW5kIEludm VzdG1lbnQg Q29ycG9yYX Rpb24pIGFw YXJ0IGZyb2 0gb3RoZXIg Y29tcGFuaW VzOjxicj4x LiBTdGF0ZS 1vd25lZCBj b25nbG9tZX JhdGU6IENJ VElDIGlzIG Egc3RhdGUt b3duZWQgZW 50ZXJwcmlz ZSB1bmRlci B0aGUgZGly ZWN0IHN1cG VydmlzaW9u IG9mIHRoZS BTdGF0ZSBD b3VuY2lsIG 9mIENoaW5h LiBJdCB3YX MgZm91bmRl ZCBpbiAxOT c5IGFzIHBh cnQgb2YgQ2 hpbmEncyBl Y29ub21pYy ByZWZvcm0g YW5kIG9wZW 5pbmcgdXAg cG9saWNpZX MgdG8gcHJv bW90ZSBmb3 JlaWduIGlu dmVzdG1lbn QgYW5kIGlu dGVybmF0aW 9uYWwgdHJh ZGUuPGJyPj IuIERpdmVy c2lmaWVkIG J1c2luZXNz IHBvcnRmb2 xpbzogQ0lU SUMgaGFzIG EgZGl2ZXJz ZSByYW5nZS BvZiBidXNp bmVzc2VzIG Fjcm9zcyB2 YXJpb3VzIG luZHVzdHJp ZXMgc3VjaC BhcyBmaW5h bmNlLCByZX NvdXJjZXMg YW5kIGVuZX JneSwgbWFu dWZhY3R1cm luZywgZW5n aW5lZXJpbm cgY29udHJh Y3RpbmcsIH JlYWwgZXN0 YXRlLCBhbm QgaW5mcmFz dHJ1Y3R1cm UuIFRoaXMg YWxsb3dzIH RoZSBjb21w YW55IHRvIG hhdmUgYSBz dGFibGUgYW 5kIHJvYnVz dCByZXZlbn VlIHN0cmVh bS48YnI+My 4gR2xvYmFs IHByZXNlbm NlOiBDSVRJ QyBoYXMgYS BzdHJvbmcg Z2xvYmFsIH ByZXNlbmNl IHdpdGggb3 BlcmF0aW9u cyBpbiBvdm VyIDEwMCBj b3VudHJpZX MgYW5kIHJl Z2lvbnMsIG 1ha2luZyBp dCBvbmUgb2 YgdGhlIGxh cmdlc3QgaW 50ZXJuYXRp b25hbCBjb2 5nbG9tZXJh dGVzIGluIE NoaW5hLjxi cj40LiBJbm ZsdWVuY2Ug b24gQ2hpbm EncyBlY29u b215OiBBcy BhIG1ham9y IHBsYXllci BpbiB0aGUg Q2hpbmVzZS BlY29ub215 LCBDSVRJQy BoYXMgc2ln bmlmaWNhbn QgaW5mbHVl bmNlIGFuZC BpbXBhY3Qg b24gdGhlIG NvdW50cnkn cyBlY29ub2 1pYyBwb2xp Y2llcyBhbm QgZGV2ZWxv cG1lbnQuPG JyPjUuIEdv dmVybm1lbn QgdGllczog QmVpbmcgYS BzdGF0ZS1v d25lZCBlbn RlcnByaXNl LCBDSVRJQy BoYXMgc3Ry b25nIHRpZX Mgd2l0aCB0 aGUgQ2hpbm VzZSBnb3Zl cm5tZW50LC B3aGljaCBn aXZlcyBpdC BzaWduaWZp Y2FudCBwb2 xpdGljYWwg c3VwcG9ydC BhbmQgcmVz b3VyY2VzLj xicj42LiBG aW5hbmNpYW wgcG93ZXI6 IFdpdGggb3 ZlciAkMTIw IGJpbGxpb2 4gaW4gdG90 YWwgYXNzZX RzLCBDSVRJ QyBpcyBvbm Ugb2YgdGhl IGxhcmdlc3 QgZmluYW5j aWFsIGluc3 RpdHV0aW9u cyBpbiB0aG Ugd29ybGQs IGdpdmluZy BpdCB0cmVt ZW5kb3VzIG ZpbmFuY2lh bCBwb3dlci BhbmQgcmVz b3VyY2VzIH RvIGNhcnJ5 IG91dCBsYX JnZS1zY2Fs ZSBwcm9qZW N0cyBhbmQg aW52ZXN0bW VudHMuPGJy PjcuIEZvY3 VzIG9uIGlu bm92YXRpb2 4gYW5kIHRl Y2hub2xvZ3 k6IENJVElD IGhhcyBhIH N0cm9uZyBm b2N1cyBvbi Bpbm5vdmF0 aW9uIGFuZC B0ZWNobm9s b2d5LCBpbn Zlc3Rpbmcg aW4gcmVzZW FyY2ggYW5k IGRldmVsb3 BtZW50IHRv IGRyaXZlIG l0cyBncm93 dGggYW5kIH N0YXkgYWhl YWQgaW4gdG hlIG1hcmtl dC48YnI+OC 4gU29jaWFs IHJlc3Bvbn NpYmlsaXR5 OiBDSVRJQy BpcyBjb21t aXR0ZWQgdG 8gY29ycG9y YXRlIHNvY2 lhbCByZXNw b25zaWJpbG l0eSBhbmQg aGFzIHZhcm lvdXMgaW5p dGlhdGl2ZX MgaW4gcGxh Y2UgdG8gc3 VwcG9ydCBz dXN0YWluYW JsZSBkZXZl bG9wbWVudC BhbmQgZ2l2 ZSBiYWNrIH RvIHRoZSBj b21tdW5pdH ku

Q0lUSUMgaX MgYSBDaGlu ZXNlIHN0YX RlLW93bmVk IGNvbmdsb2 1lcmF0ZSBj b21wYW55IH dpdGggYSBk aXZlcnNlIH BvcnRmb2xp byBvZiBidX NpbmVzc2Vz IGFuZCBpbn Zlc3RtZW50 cy4gSXRzIG J1c2luZXNz IG1vZGVsIG NhbiBiZSBz dW1tYXJpem VkIGFzIGEg bWl4IG9mIG ZpbmFuY2lh bCBzZXJ2aW NlcywgcmVz b3VyY2VzIG FuZCBlbmVy Z3ksIG1hbn VmYWN0dXJp bmcsIGVuZ2 luZWVyaW5n LCBhbmQgcm VhbCBlc3Rh dGUuPGJyPk ZpbmFuY2lh bCBTZXJ2aW Nlczo8YnI+ Q0lUSUMgb2 ZmZXJzIGEg cmFuZ2Ugb2 YgZmluYW5j aWFsIHNlcn ZpY2VzIGlu Y2x1ZGluZy Bjb21tZXJj aWFsIGFuZC BpbnZlc3Rt ZW50IGJhbm tpbmcsIHNl Y3VyaXRpZX MgdHJhZGlu ZywgYXNzZX QgbWFuYWdl bWVudCwgaW 5zdXJhbmNl LCBhbmQgb3 RoZXIgZmlu YW5jaWFsIH Byb2R1Y3Rz LiBUaHJvdW doIGl0cyBz dWJzaWRpYX J5IENJVElD IEludGVybm F0aW9uYWwg RmluYW5jaW FsIEhvbGRp bmdzIExpbW l0ZWQsIHRo ZSBjb21wYW 55IGFsc28g b3BlcmF0ZX MgaW4gb3Zl cnNlYXMgZm luYW5jaWFs IG1hcmtldH MuPGJyPlJl c291cmNlcy BhbmQgRW5l cmd5Ojxicj 5DSVRJQyBp cyBpbnZvbH ZlZCBpbiB0 aGUgZXhwbG 9yYXRpb24s IHByb2R1Y3 Rpb24sIGFu ZCBkaXN0cm lidXRpb24g b2YgdmFyaW 91cyBuYXR1 cmFsIHJlc2 91cmNlcywg aW5jbHVkaW 5nIG9pbCBh bmQgZ2FzLC Bjb2FsLCBp cm9uIG9yZS wgY29wcGVy LCBhbmQgb3 RoZXIgbWlu ZXJhbHMuIE l0IGFsc28g aGFzIGludm VzdG1lbnRz IGluIHJlbm V3YWJsZSBl bmVyZ3kgcH JvamVjdHMu PGJyPk1hbn VmYWN0dXJp bmcgYW5kIE VuZ2luZWVy aW5nOjxicj 5UaGUgY29t cGFueSBoYX MgbXVsdGlw bGUgbWFudW ZhY3R1cmlu ZyBvcGVyYX Rpb25zLCBw cm9kdWNpbm cgYSB3aWRl IHJhbmdlIG 9mIHByb2R1 Y3RzIGluY2 x1ZGluZyBh dXRvbW9iaW xlcywgaGVh dnkgbWFjaG luZXJ5LCBp bmR1c3RyaW FsIGVxdWlw bWVudCwgYW 5kIHN0ZWVs IHByb2R1Y3 RzLiBJdCBh bHNvIGhhcy BlbmdpbmVl cmluZyBhbm QgY29uc3Ry dWN0aW9uIG NhcGFiaWxp dGllcywgd2 l0aCBwcm9q ZWN0cyBib3 RoIGluIENo aW5hIGFuZC BvdmVyc2Vh cy48YnI+Um VhbCBFc3Rh dGU6PGJyPk NJVElDIGhh cyBhIHNpZ2 5pZmljYW50 IHByZXNlbm NlIGluIHRo ZSByZWFsIG VzdGF0ZSBz ZWN0b3IsIG RldmVsb3Bp bmcgcmVzaW RlbnRpYWws IGNvbW1lcm NpYWwsIGFu ZCBpbmR1c3 RyaWFsIHBy b3BlcnRpZX MgaW4gdmFy aW91cyBjaX RpZXMgaW4g Q2hpbmEuIE l0IGFsc28g b3ducyBhbm Qgb3BlcmF0 ZXMgYSBudW 1iZXIgb2Yg aG90ZWxzIG FuZCByZXNv cnRzLjxicj 5JbnZlc3Rt ZW50cyBhbm QgRGl2ZXJz aWZpY2F0aW 9uOjxicj5D SVRJQyBhbH NvIG1ha2Vz IHN0cmF0ZW dpYyBpbnZl c3RtZW50cy BpbiB2YXJp b3VzIGluZH VzdHJpZXMs IGluY2x1ZG luZyB0ZWxl Y29tbXVuaW NhdGlvbnMs IG1lZGlhLC BoZWFsdGhj YXJlLCBhbm QgdGVjaG5v bG9neS4gSX RzIGRpdmVy c2lmaWVkIH BvcnRmb2xp byBhbGxvd3 MgdGhlIGNv bXBhbnkgdG 8gbWl0aWdh dGUgcmlza3 MgYW5kIGNh cHR1cmUgb3 Bwb3J0dW5p dGllcyBpbi BkaWZmZXJl bnQgc2VjdG 9ycy48YnI+ QWRkaXRpb2 5hbGx5LCB0 aGUgY29tcG FueSB1dGls aXplcyBpdH MgZXh0ZW5z aXZlIG5ldH dvcmsgYW5k IHJlc291cm NlcyB0byBm YWNpbGl0YX RlIGNyb3Nz LWJvcmRlci BpbnZlc3Rt ZW50cyBhbm QgaW50ZXJu YXRpb25hbC B0cmFkZSBh Y3Rpdml0aW VzLiBJdCBh bHNvIGhhcy BhIHN0cm9u ZyBwcmVzZW 5jZSBpbiB0 aGUgQmVsdC BhbmQgUm9h ZCBJbml0aW F0aXZlLCBp bnZlc3Rpbm cgaW4gaW5m cmFzdHJ1Y3 R1cmUgcHJv amVjdHMgaW 4gY291bnRy aWVzIGFsb2 5nIHRoZSBy b3V0ZS48Yn I+T3ZlcmFs bCwgQ0lUSU MncyBidXNp bmVzcyBtb2 RlbCBpcyBj aGFyYWN0ZX JpemVkIGJ5 IGl0cyBkaX ZlcnNpZmll ZCBwb3J0Zm 9saW8sIHN0 cmF0ZWdpYy BpbnZlc3Rt ZW50cywgYW 5kIHN0cm9u ZyBmaW5hbm NpYWwgY2Fw YWJpbGl0aW VzLCBtYWtp bmcgaXQgYS BrZXkgcGxh eWVyIGluIE NoaW5hJ3Mg ZWNvbm9teS BhbmQgZ2xv YmFsIGJ1c2 luZXNzIGxh bmRzY2FwZS 4=

Assessing whether AI poses a material threat to CITIC’s products, services, or competitive positioning involves considering various factors such as industry trends, the nature of CITIC’s offerings, and the potential impact of AI.
1. Substitution: AI can lead to the development of new products or services that may replace existing ones. For CITIC, which is involved in a diverse range of sectors like finance, real estate, and industrial manufacturing, AI could enhance or replace traditional methods. For example, in finance, AI-driven algorithms could outperform human analysts in trading or market predictions, potentially threatening CITIC’s financial services.
2. Disintermediation: AI can create direct connections between producers and consumers, bypassing traditional intermediaries. In sectors like finance or real estate, automated platforms using AI can disrupt conventional business models. If CITIC is reliant on intermediation services, it might face challenges in maintaining its market share as more customers turn to AI-driven platforms.
3. Margin Pressure: The implementation of AI can lead to increased efficiency and reduced operational costs for competitors, potentially driving prices down across the industry. If CITIC does not adopt AI technologies, it could see its margins pressured by more efficient competitors. Those who successfully leverage AI may offer lower prices, which could erode CITIC’s competitive advantage.
4. Investment in AI: On the other hand, if CITIC invests in AI to enhance its capabilities, it could leverage these technologies to offer superior products and services, thus potentially neutralizing the threats posed by competitors.
5. Customer Expectations: As AI shapes customer behavior and expectations, CITIC may face pressure to innovate and integrate AI into its offerings. Failure to do so could result in a decline in competitive positioning as customers gravitate towards more tech-savvy competitors.
In conclusion, while AI does pose potential threats to CITIC via substitution, disintermediation, and margin pressure, proactive investment and adaptation to these technologies could also provide significant opportunities for growth and competitive advantage. Assessing the impact requires continuous monitoring of industry developments and potential disruptions.

The sensitivity of CITIC’s earnings, cash flow, and valuation to changes in interest rates can be assessed through several key factors:
1. Earnings Sensitivity: Interest rates affect borrowing costs. If CITIC has significant debt, higher interest rates could lead to increased interest expenses, thereby reducing net income. Conversely, lower interest rates would decrease these expenses, potentially boosting earnings. Additionally, interest rates influence consumer spending and investment, which can impact CITIC’s revenue, especially if it operates in sectors sensitive to economic cycles.
2. Cash Flow Sensitivity: Cash flow is directly impacted by changes in interest rates through interest payments on debt. Higher rates can strain cash flow, particularly if CITIC relies heavily on credit for operational funding or expansion. Additionally, the company’s cash flow from operations may be influenced by the economic environment shaped by interest rate changes, which can affect customer purchasing behavior and overall market demand.
3. Valuation Sensitivity: The valuation of CITIC is often tied to its discount rate, which is influenced by prevailing interest rates. When rates rise, the discount rate used in discounted cash flow models increases, leading to lower present values of future cash flows and consequently lower valuations. Conversely, lower interest rates would reduce the discount rate, potentially resulting in higher valuations.
Overall, an increase in interest rates typically poses risks to CITIC’s earnings, cash flow, and valuation, while decreases in rates might provide opportunities for growth and enhancement in these areas. The exact sensitivity would depend on the company’s capital structure, operational focus, and market conditions.

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 bG9nb3Mvd3 I2RXIwOEFP b2wzWU9COX lXa2Iud2Vi cCIgYWx0PS JDSVRJQyIg dGl0bGU9Ik NJVElDIiAg Y2xhc3M9Im ltZy1mbHVp ZCIgaGVpZ2 h0PTkwIHdp ZHRoPTkwIG xvYWRpbmc9 J2xhenknIH N0eWxlPSdi b3JkZXItcm FkaXVzOiA2 cHg7Jz4KCi AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nZmxleDog MTsgdGV4dC 1hbGlnbjog Y2VudGVyOy BtYXJnaW4t bGVmdDogNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdmb250LX NpemU6IDI2 cHg7IGNvbG 9yOiAjMzMz OyBtYXJnaW 4tYm90dG9t OiAxNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Dwn5OIIFdh bnQgdG8gcm VhZCBtb3Jl IGFib3V0IE NJVElDPwog 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 NGdRMGxVU1 UgTWdhWE1n WVNCeiBkR0 YwWlMxdmQy IDVsWkNCam IyNW4gYkc5 dFpYSmhkRy BVZ1ltRnpa V1FnIGFXNG dRbVZwYW0g bHVaeXdnUT JocCBibUV1 SUR4aWNqID R5TGlCSmRD QjMgWVhNZ1 ptOTFibSBS bFpDQnBiaU F4IE9UYzVJ R0Z6SUggQm hjblFnYjJZ ZyBRMmhwYm 1IaWdKIGx6 SUdWamIyNX YgYldsaklI SmxabSA5eW JYTWdZVzVr IElIZGhjeU J2Y20gbG5h VzVoYkd4NS BJR3R1YjNk dUlHIEZ6SU VOb2FXNWgg SUVsdWRHVn libSBGMGFX OXVZV3dnIF ZISjFjM1Fn WVcgNWtJRW x1ZG1WeiBk RzFsYm5RZ1 EyIDl5Y0c5 eVlYUnAgYj I0dUlEeGlj aiA0ekxpQl VhR1VnIFky OXRjR0Z1ZV MgQnBjeUIx Ym1SbCBjaU IwYUdVZ2Mz IFZ3WlhKMm FYTnAgYjI0 Z2IyWWdkRy BobElGTjBZ WFJsIExXOT NibVZrSUUg RnpjMlYwY3 lCVCBkWEJs Y25acGMyIG x2YmlCaGJt UWcgUVdSdG FXNXBjMyBS eVlYUnBiMj RnIFEyOXRi V2x6YzIgbH ZiaUJ2WmlC MCBhR1VnVT NSaGRHIFVn UTI5MWJtTn AgYkNCdlpp QkRhRyBsdV lTNGdQR0p5 IFBqUXVJRU 5KVkUgbERJ R2hoY3lCay BhWFpsY25O bElHIEoxYz JsdVpYTnog SUdsdWRHVn laWCBOMGN5 QnBiaUJtIG FXNWhibU5s TEMgQmxibV Z5WjNrcyBJ SEpsYzI5MW NtIE5sY3l3 Z2NtVmggYk NCbGMzUmhk RyBVc0lHRn VaQ0JsIGJt ZHBibVZsY2 0gbHVaeTRn UEdKeSBQal V1SUVsMElH IGx6SUc5dV pTQnYgWmlC MGFHVWdiRy BGeVoyVnpk Q0J6IGRHRj BaUzF2ZDIg NWxaQ0JsYm 5SbCBjbkJ5 YVhObGN5IE FvVTA5RmN5 a2cgYVc0Z1 EyaHBibSBF Z1lXNWtJR2 x6IElHTnZi bk5wWkcgVn laV1FnWVNC RyBiM0owZF c1bElFIGRz YjJKaGJDQT EgTURBZ1ky OXRjRyBGdW VTd2djbUZ1 IGEybHVaeU JoZEMgQXhO VFowYUNCcC BiaUF5TURJ eExpIEE4WW 5JK05pNGcg UVhNZ2IyWW dNaiBBeU1T d2dkR2hsIE lHTnZiWEJo Ym4ga2dhR0 Z6SUc5MiBa WElnTVRZd0 xEIEF3TUNC bGJYQnMgYj NsbFpYTWdk MiA5eWJHUj NhV1JsIExp QThZbkkrTn kgNGdRMGxV U1VNZyBhR0 Z6SUdFZ1oy IHh2WW1Gc0 lIQnkgWlhO bGJtTmxJSC BkcGRHZ2di M0JsIGNtRj BhVzl1Y3kg QnBiaUJ2ZG 1WeSBJREV3 TUNCamIzIF Z1ZEhKcFpY TWcgWVc1a0 lISmxaMiBs dmJuTXVJRH hpIGNqNDRM aUJKYmkgQm haR1JwZEds diBiaUIwYn lCcGRIIE1n WW5WemFXNW wgYzNNZ2Iz QmxjbSBGMG FXOXVjeXdn IFEwbFVTVU 1nYVggTWdZ V3h6YnlCcC Biblp2Ykha bFpDIEJwYm lCd2FHbHMg WVc1MGFISn ZjSCBrZ1lX NWtJR2hoIG N5QmtiMjVo ZEcgVmtJRz FwYkd4cCBi MjV6SUc5bU lHIFJ2Ykd4 aGNuTWcgZE c4Z2MzVndj RyA5eWRDQn djbTlxIFpX TjBjeUJwYm kgQndiM1ps Y25SNSBJR0 ZzYkdWMmFX IEYwYVc5dU xDQmwgWkhW allYUnBiMi A0c0lHUnBj MkZ6IGRHVn lJSEpsYkcg bGxaaXdnWV c1ayBJR1Z1 ZG1seWIyID V0Wlc1MFlX d2cgY0hKdm RHVmpkRyBs dmJpNGdQR0 p5IFBqa3VJ RWx1SUQgSX dNVFlzSUVO SiBWRWxESU VkeWIzIFZ3 SUVOdmNuQn YgY21GMGFX OXVJRyAxbG NtZGxaQ0Iz IGFYUm9JRU 5vYVcgNWhJ RU5KVkVsRC BJRUpoYm1z Z2RHIDhnWm 05eWJTQkQg YUdsdVlTQk RTViBSSlF5 QkhjbTkxIG NDd2dZU0Jq YjIgMXdZVz U1SUhkcCBk R2dnYjNabG NpIEFrTVNC MGNtbHMgYk dsdmJpQnBi aSBCaGMzTm xkSE11IElE eGljajR4TU MgNGdRWE1n YjJZZyBNak F5TVN3Z2RH IGhsSUVOb1 lXbHkgYldG dUlHOW1JRS BOSlZFbERJ RWR5IGIzVn dJR2x6SUUg Tm9ZVzVuSU ZwbyBaVzV0 YVc1bkxDIE JoYm1RZ2RH aGwgSUVORl R5QnBjeSBC RGFHVnVJRm hwIFlXOXFh V0V1CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==