Keyera

Live  

Keyera is a Canadian energy company that specializes in the transportation, storage, and processing of natural gas and natural gas liquids (NGLs). The company was founded in 1998 and is headquartered in Calgary, Alberta.
Keyera operates a network of infrastructure assets, including pipelines, processing plants, storage facilities, and fractionation plants, which allow for the gathering, processing, and marketing of NGLs and natural gas. The company also offers midstream energy services, such as crude oil and condensate logistics, as well as terminal and storage solutions for products like diluent and petrochemical feedstock.
Keyera's operations are primarily focused in the Western Canadian Sedimentary Basin, but the company also has facilities in other areas of Canada and the United States. It serves a variety of customers, including producers, refiners, and midstream companies, and has strategic partnerships with other energy companies to enhance its service offerings.
The company is committed to sustainability and has implemented practices to mitigate its environmental impact, such as reducing emissions and implementing waste management programs. Keyera also has a strong focus on safety, with a goal of zero workplace incidents.
In addition to its core operations, Keyera also has a commitment to giving back to the communities where it operates. Through its Community Matters program, the company supports local organizations and initiatives related to health and wellness, education, and the environment.
Overall, Keyera is a well-established and reputable energy company with a diverse portfolio of assets and a strong focus on sustainability and community involvement.

S2V5ZXJhIG lzIGEgY29t cGFueSB0aG F0IGhlbHBz IHdpdGggdG hlIG9pbCBh bmQgZ2FzIG luZHVzdHJ5 IGluIENhbm FkYS4gSW1h Z2luZSBpZi B5b3UgaGFk IGEgZnJpZW 5kIHdobyBi dWlsdCBhIG JpZywgY29v bCB0b3kgdH JhY2sgYW5k IGhlbHBlZC BvdGhlcnMg dXNlIHRoZS B0cmFjayB0 byBzZW5kIH RveSBjYXJz IGZyb20gb2 5lIHBsYWNl IHRvIGFub3 RoZXIuIEtl eWVyYSBkb2 VzIHNvbWV0 aGluZyBzaW 1pbGFyLCBi dXQgaW5zdG VhZCBvZiB0 b3lzLCB0aG V5IHdvcmsg d2l0aCBvaW wgYW5kIG5h dHVyYWwgZ2 FzLjxicj5L ZXllcmEgaG FzIHNwZWNp YWwgcGlwZW xpbmVzIGFu ZCBwcm9jZX NzaW5nIHBs YW50cy4gUG lwZWxpbmVz IGFyZSBsaW tlIGxvbmcg cm9hZHMgdG hhdCBjYXJy eSBvaWwgYW 5kIGdhcyBm cm9tIHdoZX JlIGl04oCZ cyBmb3VuZC BkZWVwIGlu IHRoZSBncm 91bmQgdG8g cGxhY2VzIH doZXJlIGl0 IGNhbiBiZS B1c2VkLCBs aWtlIHBvd2 VyIHBsYW50 cyBhbmQgZm FjdG9yaWVz LiBUaGVpci Bwcm9jZXNz aW5nIHBsYW 50cyBtYWtl IHN1cmUgdG hlIG9pbCBh bmQgZ2FzIG FyZSBjbGVh biBhbmQgcm VhZHkgdG8g YmUgdXNlZC 4gPGJyPktl eWVyYSBtYW tlcyBtb25l eSBieSBjaG FyZ2luZyBj b21wYW5pZX MgdG8gdXNl IHRoZWlyIH BpcGVsaW5l cyBhbmQgcH JvY2Vzc2lu ZyBzZXJ2aW Nlcy4gSXTi gJlzIGxpa2 Ugd2hlbiB5 b3UgbGV0IH lvdXIgZnJp ZW5kcyB1c2 UgeW91ciB0 b3kgdHJhY2 sgYW5kIHRo ZXkgZ2l2ZS B5b3UgYSBs aXR0bGUgdH JlYXQgaW4g ZXhjaGFuZ2 UuIDxicj5U aGUgcmVhc2 9uIEtleWVy YSBpcyBzdW NjZXNzZnVs IGlzIHRoYX Qgb2lsIGFu ZCBnYXMgYX JlIHZlcnkg aW1wb3J0YW 50IGFuZCB0 aGVyZSB3aW xsIGFsd2F5 cyBiZSBhIG 5lZWQgZm9y IHRoZW0uIF BsdXMsIHRo ZXkgaGF2ZS BhIGxvdCBv ZiBleHBlcm llbmNlIGFu ZCBrbm93LW hvdyBpbiB0 aGlzIGJ1c2 luZXNzLiBU aGV5IGFsc2 8gd29yayBo YXJkIHRvIH Rha2UgY2Fy ZSBvZiB0aG UgZW52aXJv bm1lbnQgYW 5kIGZpbmQg bmV3IHdheX MgdG8gYmUg c2FmZSBhbm QgZWZmaWNp ZW50LCB3aG ljaCBtYWtl cyBjb21wYW 5pZXMgd2Fu dCB0byB3b3 JrIHdpdGgg dGhlbS4gPG JyPkluIHRo ZSBmdXR1cm UsIGFzIHBl b3BsZSBzdG lsbCBuZWVk IGVuZXJneS BhbmQgcmVz b3VyY2VzLC BLZXllcmEg d2lsbCBsaW tlbHkga2Vl cCBiZWluZy BpbXBvcnRh bnQuIFRoZX nigJlyZSBh bHNvIGxvb2 tpbmcgZm9y IHdheXMgdG 8gdXNlIGNs ZWFuZXIgZW 5lcmd5LCB3 aGljaCBpcy BhIGJpZyBk ZWFsLCBhbm QgdGhhdCBj YW4gaGVscC B0aGVtIHN0 YXkgc3VjY2 Vzc2Z1bCBh cyB0aGUgd2 9ybGQgY2hh bmdlcy48Yn I+

MS4gSW5kdX N0cnkgbGVh ZGVyOiBLZX llcmEgaXMg b25lIG9mIH RoZSBsYXJn ZXN0IG5hdH VyYWwgZ2Fz IHByb2Nlc3 NpbmcgYW5k IGxpcXVpZC BoYW5kbGlu ZyBjb21wYW 5pZXMgaW4g Q2FuYWRhLC Bwcm92aWRp bmcga2V5IG luZnJhc3Ry dWN0dXJlIG ZvciBlbmVy Z3kgcHJvZH VjZXJzLiBJ dCBpcyBhIG xlYWRpbmcg cGxheWVyIG luIHRoZSBv aWwgYW5kIG dhcyBpbmR1 c3RyeSwgcH JvdmlkaW5n IHJlbGlhYm xlIGFuZCBz dXN0YWluYW JsZSBzb2x1 dGlvbnMgdG 8gY3VzdG9t ZXJzLjxicj 4yLiBEaXZl cnNlIGJ1c2 luZXNzIHNl Z21lbnRzOi BUaGUgY29t cGFueSBoYX MgYSBkaXZl cnNlIHBvcn Rmb2xpbyBv ZiBidXNpbm VzcyBzZWdt ZW50cywgaW 5jbHVkaW5n IG5hdHVyYW wgZ2FzIGdh dGhlcmluZy BhbmQgcHJv Y2Vzc2luZy wgTkdMIHRy YW5zcG9ydG F0aW9uIGFu ZCBzdG9yYW dlLCBjcnVk ZSBvaWwgc3 RvcmFnZSBh bmQgYmxlbm RpbmcsIGFu ZCBtYXJrZX RpbmcgYW5k IGxvZ2lzdG ljcy4gVGhp cyBkaXZlcn NpdHkgYnJp bmdzIHN0YW JpbGl0eSB0 byB0aGUgY2 9tcGFueSdz IG9wZXJhdG lvbnMgYW5k IHJldmVudW Ugc3RyZWFt cy48YnI+My 4gU3RyYXRl Z2ljIGxvY2 F0aW9uczog S2V5ZXJhIG 9wZXJhdGVz IGluIHN0cm F0ZWdpYyBs b2NhdGlvbn MgaW4gV2Vz dGVybiBDYW 5hZGEsIHdp dGggYWNjZX NzIHRvIGtl eSByZXNvdX JjZSBiYXNp bnMgYW5kIG 1hcmtldHMu IFRoaXMgYW xsb3dzIHRo ZSBjb21wYW 55IHRvIGVm ZmljaWVudG x5IGFuZCBl ZmZlY3Rpdm VseSBzZXJ2 ZSBpdHMgY3 VzdG9tZXJz IGFuZCBtYX hpbWl6ZSBp dHMgcG90ZW 50aWFsIGZv ciBncm93dG ggYW5kIGV4 cGFuc2lvbi 48YnI+NC4g Q29tbWl0bW VudCB0byBz dXN0YWluYW JpbGl0eTog S2V5ZXJhIG lzIGNvbW1p dHRlZCB0by BzdXN0YWlu YWJsZSBkZX ZlbG9wbWVu dCwgd2l0aC BhIGZvY3Vz IG9uIG1pbm ltaXppbmcg aXRzIGVudm lyb25tZW50 YWwgaW1wYW N0IGFuZCBw cm9tb3Rpbm cgcmVzcG9u c2libGUgcm Vzb3VyY2Ug ZGV2ZWxvcG 1lbnQuIFRo aXMgaW5jbH VkZXMgaW52 ZXN0aW5nIG luIHJlbmV3 YWJsZSBlbm VyZ3kgcHJv amVjdHMgYW 5kIHJlZHVj aW5nIGVtaX NzaW9ucyBm cm9tIGl0cy BvcGVyYXRp b25zLjxicj 41LiBTdHJv bmcgZmluYW 5jaWFsIHBl cmZvcm1hbm NlOiBUaGUg Y29tcGFueS BoYXMgYSBz dHJvbmcgZm luYW5jaWFs IHRyYWNrIH JlY29yZCwg d2l0aCBjb2 5zaXN0ZW50 IGdyb3d0aC BpbiByZXZl bnVlIGFuZC BlYXJuaW5n cyBvdmVyIH RoZSB5ZWFy cy4gSXRzIH NvdW5kIGZp bmFuY2lhbC BtYW5hZ2Vt ZW50IGFuZC BkaXNjaXBs aW5lZCBhcH Byb2FjaCB0 byBpbnZlc3 RtZW50cyBo YXZlIGhlbH BlZCBpdCBt YWludGFpbi BhIHNvbGlk IGNyZWRpdC ByYXRpbmcg YW5kIHN0cm 9uZyBmaW5h bmNpYWwgcG 9zaXRpb24u PGJyPjYuIE V4cGVyaWVu Y2VkIG1hbm FnZW1lbnQg dGVhbTogS2 V5ZXJhIGhh cyBhIGhpZ2 hseSBleHBl cmllbmNlZC BhbmQga25v d2xlZGdlYW JsZSBtYW5h Z2VtZW50IH RlYW0sIHdp dGggYSBwcm 92ZW4gdHJh Y2sgcmVjb3 JkIG9mIHN1 Y2Nlc3MgaW 4gdGhlIGVu ZXJneSBpbm R1c3RyeS4g VGhpcyB0ZW FtIHByb3Zp ZGVzIHN0cm 9uZyBsZWFk ZXJzaGlwIG FuZCBzdHJh dGVnaWMgdm lzaW9uIGZv ciB0aGUgY2 9tcGFueSdz IGdyb3d0aC BhbmQgc3Vj Y2Vzcy48Yn I+Ny4gSW5u b3ZhdGlvbi BhbmQgdGVj aG5vbG9neT ogS2V5ZXJh IGNvbnRpbn VvdXNseSBp bnZlc3RzIG luIGlubm92 YXRpdmUgdG VjaG5vbG9n aWVzIGFuZC Bwcm9jZXNz ZXMgdG8gaW 1wcm92ZSBl ZmZpY2llbm N5IGFuZCBy ZWR1Y2UgaX RzIGVudmly b25tZW50YW wgZm9vdHBy aW50LiBUaG lzIGhhcyBo ZWxwZWQgdG hlIGNvbXBh bnkgc3RheS BhaGVhZCBv ZiBpbmR1c3 RyeSB0cmVu ZHMgYW5kIG 1haW50YWlu IGl0cyBjb2 1wZXRpdGl2 ZSBlZGdlLj xicj44LiBT dHJvbmcgY2 9tbWl0bWVu dCB0byBzYW ZldHk6IFRo ZSBzYWZldH kgb2YgZW1w bG95ZWVzLC Bjb250cmFj dG9ycywgYW 5kIHRoZSBj b21tdW5pdH kgaXMgYSB0 b3AgcHJpb3 JpdHkgZm9y IEtleWVyYS 4gVGhlIGNv bXBhbnkgaG FzIGltcGxl bWVudGVkIH JvYnVzdCBz YWZldHkgcH JvZ3JhbXMg YW5kIHByb2 NlZHVyZXMg YW5kIHJlZ3 VsYXJseSBt b25pdG9ycy BhbmQgcmV2 aWV3cyBpdH Mgc2FmZXR5 IHBlcmZvcm 1hbmNlLjxi cj45LiBDb3 Jwb3JhdGUg c29jaWFsIH Jlc3BvbnNp YmlsaXR5Oi BLZXllcmEg aXMgY29tbW l0dGVkIHRv IG1ha2luZy Bwb3NpdGl2 ZSBjb250cm lidXRpb25z IHRvIHRoZS Bjb21tdW5p dGllcyB3aG VyZSBpdCBv cGVyYXRlcy B0aHJvdWdo IHZhcmlvdX MgaW5pdGlh dGl2ZXMuIF RoaXMgaW5j bHVkZXMgc3 VwcG9ydGlu ZyBsb2NhbC BjaGFyaXRp ZXMsIHByb2 1vdGluZyBJ bmRpZ2Vub3 VzIHJlbGF0 aW9ucywgYW 5kIHBhcnRu ZXJpbmcgd2 l0aCBjb21t dW5pdGllcy BvbiBlbnZp cm9ubWVudG FsIHByb2pl Y3RzLjxicj 4xMC4gU3Ry b25nIGdyb3 d0aCBwb3Rl bnRpYWw6IF dpdGggaXRz IHNvbGlkIG ZpbmFuY2lh bCBwb3NpdG lvbiwgZGl2 ZXJzZSBidX NpbmVzcyBz ZWdtZW50cy wgYW5kIHN0 cmF0ZWdpYy Bsb2NhdGlv biwgS2V5ZX JhIGlzIHdl bGwtcG9zaX Rpb25lZCBm b3IgZnV0dX JlIGdyb3d0 aCBvcHBvcn R1bml0aWVz LiBUaGUgY2 9tcGFueSBj b250aW51ZX MgdG8gcHVy c3VlIG5ldy Bwcm9qZWN0 cyBhbmQgcG FydG5lcnNo aXBzIHRvIG V4cGFuZCBp dHMgcmVhY2 ggYW5kIGVu aGFuY2UgaX RzIHZhbHVl IGZvciBzaG FyZWhvbGRl cnMu

S2V5ZXJhIG lzIGEgQ2Fu YWRpYW4gbm F0dXJhbCBn YXMgbWlkc3 RyZWFtIGNv bXBhbnkgdG hhdCBvd25z IGFuZCBvcG VyYXRlcyBh IGxhcmdlIG 5ldHdvcmsg b2YgZ2F0aG VyaW5nIGFu ZCBwcm9jZX NzaW5nIGZh Y2lsaXRpZX MsIGFzIHdl bGwgYXMgc3 RvcmFnZSBh bmQgdHJhbn Nwb3J0YXRp b24gaW5mcm FzdHJ1Y3R1 cmUuIEl0cy BidXNpbmVz cyBtb2RlbC BpcyBiYXNl ZCBvbiBwcm 92aWRpbmcg aW50ZWdyYX RlZCBtaWRz dHJlYW0gc2 VydmljZXMg dG8gaXRzIG N1c3RvbWVy cywgd2hvIG FyZSBwcmlt YXJpbHkgb2 lsIGFuZCBn YXMgcHJvZH VjZXJzLjxi cj5LZXllcm EncyBtYWlu IGFjdGl2aX RpZXMgaW5j bHVkZSBnYX RoZXJpbmcg YW5kIHByb2 Nlc3Npbmcg bmF0dXJhbC BnYXMgYW5k IG5hdHVyYW wgZ2FzIGxp cXVpZHMgKE 5HTHMpLCBz dG9yaW5nIE 5HTHMgYW5k IGNydWRlIG 9pbCwgYW5k IHRyYW5zcG 9ydGluZyB0 aGVzZSBwcm 9kdWN0cyB0 byBtYXJrZX QgdGhyb3Vn aCBwaXBlbG luZXMgYW5k IHRydWNraW 5nLiBUaGUg Y29tcGFueS BhbHNvIG9m ZmVycyBtYX JrZXRpbmcg YW5kIG90aG VyIHNlcnZp Y2VzIHRvIG l0cyBjdXN0 b21lcnMuPG JyPktleWVy YSBnZW5lcm F0ZXMgcmV2 ZW51ZSBieS BjaGFyZ2lu ZyBmZWVzIG ZvciBzZXJ2 aWNlcyBwcm 92aWRlZCwg c3VjaCBhcy BnYXRoZXJp bmcsIHByb2 Nlc3Npbmcs IGFuZCB0cm Fuc3BvcnRh dGlvbiwgYX Mgd2VsbCBh cyB0aHJvdW doIHRoZSBz YWxlIG9mIG 5hdHVyYWwg Z2FzLCBOR0 xzLCBhbmQg Y3J1ZGUgb2 lsLiBJdHMg YnVzaW5lc3 MgbW9kZWwg aXMgYnVpbH Qgb24gbG9u Zy10ZXJtIG NvbnRyYWN0 cyB3aXRoIG l0cyBjdXN0 b21lcnMsIH Byb3ZpZGlu ZyBzdGFibG UgYW5kIHBy ZWRpY3RhYm xlIGNhc2gg Zmxvd3MuPG JyPkluIGFk ZGl0aW9uIH RvIGl0cyBj b3JlIG1pZH N0cmVhbSBv cGVyYXRpb2 5zLCBLZXll cmEgYWxzby BwdXJzdWVz IGdyb3d0aC BvcHBvcnR1 bml0aWVzIH Rocm91Z2gg c3RyYXRlZ2 ljIGFjcXVp c2l0aW9ucy wgam9pbnQg dmVudHVyZX MsIGFuZCBv cmdhbmljIG RldmVsb3Bt ZW50IHByb2 plY3RzLiBJ dHMgYnVzaW 5lc3MgbW9k ZWwgZm9jdX NlcyBvbiBt YXhpbWl6aW 5nIHJldHVy bnMgZm9yIG l0cyBzaGFy ZWhvbGRlcn Mgd2hpbGUg bWFpbnRhaW 5pbmcgYW4g ZW52aXJvbm 1lbnRhbGx5 IHJlc3Bvbn NpYmxlIGFw cHJvYWNoIH RvIGl0cyBv cGVyYXRpb2 5zLg==

Keyera Corporation operates in the energy sector, specifically in natural gas processing and transportation. The potential threat from AI to Keyera’s products, services, or competitive positioning can be evaluated in several dimensions:
1. Substitution: AI technologies could enable the development of alternative energy sources or more efficient energy production methods, potentially substituting the need for traditional natural gas services. However, while AI has the potential to optimize energy use and increase efficiency, the immediate substitution of natural gas is unlikely due to the current energy infrastructure and the time required to transition to renewables on a wide scale.
2. Disintermediation: AI could streamline operations in the energy sector, potentially reducing the need for certain intermediary services. For Keyera, this might mean increased competition from AI-driven companies that offer more efficient logistics or processing capabilities. If AI enables competitors to offer similar services at a lower cost or with higher efficiency, Keyera could face disintermediation pressures.
3. Margin Pressure: The implementation of AI can lead to increased operational efficiencies, potentially reducing costs for companies that adopt these technologies. If competitors leverage AI to improve their margins, Keyera might face pressure to adopt similar technologies or risk losing market share. This could result in margin compression if Keyera cannot match the efficiency benefits achieved by its competitors.
In summary, while AI presents some risks to Keyera’s competitive positioning primarily through operational efficiency and cost optimization, the fundamental demand for natural gas and current energy infrastructure provide some insulation against immediate material threats. The overall impact would depend on how quickly and effectively Keyera integrates AI into its operations and the broader developments in the energy market.

Keyera’s earnings, cash flow, and valuation can be significantly influenced by changes in interest rates due to several factors:
1. Cost of Debt: Keyera, being involved in the energy sector, often relies on debt for financing capital projects and operational expenses. If interest rates rise, the cost of borrowing increases, which can negatively impact net income and cash flow. Higher interest expenses reduce the amount of earnings available for distribution to shareholders.
2. Capital Expenditures: The company’s investment in infrastructure, such as pipelines and processing facilities, can be adversely affected by higher interest rates. If financing costs increase, Keyera might delay or scale back capital projects, which could lead to reduced growth prospects and future revenue.
3. Discount Rates in Valuation: When valuing Keyera using discounted cash flow analysis, higher interest rates result in higher discount rates. This can lead to a lower present value of expected future cash flows, thereby reducing the company’s overall valuation. Investors typically require higher returns when interest rates rise, making it more challenging for companies to justify higher valuations.
4. Consumer Demand and Commodity Prices: Interest rate fluctuations can impact economic growth, which in turn affects energy demand and commodity prices. A slowdown in economic activity due to higher interest rates may reduce demand for energy, affecting Keyera’s revenues and overall market conditions.
5. Dividend Yield and Investor Sentiment: Keyera may be perceived as a dividend-focused investment. As interest rates rise, alternative income-generating investments (such as bonds) may become more attractive, potentially leading to a decline in Keyera’s stock price as investors shift their portfolios.
Overall, while Keyera may have some natural hedges against interest rate fluctuations, such as long-term contracts or inflatiolinked revenues, its earnings, cash flow, and valuation remain sensitive to changes in interest rates, impacting its financial health and attractiveness to investors.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BLZXllcmEg Q29ycG9yYX Rpb27igJlz IGVjb25vbW ljcyBvdmVy IHRoZSBuZX h0IDMtNSB5 ZWFycyBpcy B0aGUgc2ln bmlmaWNhbn QgYW5kIHN1 c3RhaW5lZC BkZWNsaW5l IGluIGRlbW FuZCBmb3Ig bmF0dXJhbC BnYXMgYW5k IGdhcyBwcm 9jZXNzaW5n IHNlcnZpY2 VzLCBkcml2 ZW4gYnkgYS Bjb21iaW5h dGlvbiBvZi BmYWN0b3Jz IGluY2x1ZG luZyBhIHJh cGlkIHRyYW 5zaXRpb24g dG8gcmVuZX dhYmxlIGVu ZXJneSBzb3 VyY2VzLCBz dHJpbmdlbn QgcmVndWxh dG9yeSBwb2 xpY2llcyBh aW1lZCBhdC BkZWNhcmJv bml6YXRpb2 4sIGFuZCB0 ZWNobm9sb2 dpY2FsIGFk dmFuY2VtZW 50cyBpbiBh bHRlcm5hdG l2ZSBlbmVy Z3kgc29sdX Rpb25zLjxi cj5JbiB0aG lzIHNjZW5h cmlvLCBpZi BrZXkgbWFy a2V0cyBmb3 IgbmF0dXJh bCBnYXMsIH N1Y2ggYXMg cG93ZXIgZ2 VuZXJhdGlv biBhbmQgaW 5kdXN0cmlh bCB1c2UsIG JlZ2luIHRy YW5zaXRpb2 5pbmcgdG93 YXJkcyBsb3 dlci1jYXJi b24gYWx0ZX JuYXRpdmVz IGF0IGFuIG FjY2VsZXJh dGVkIHBhY2 UsIEtleWVy YSBjb3VsZC BmYWNlIHN1 YnN0YW50aW FsIHJlZHVj dGlvbnMgaW 4gZGVtYW5k IGZvciBpdH MgcHJvY2Vz c2luZyBhbm QgdHJhbnNw b3J0YXRpb2 4gc2Vydmlj ZXMuIFRoaX Mgc2hpZnQg Y291bGQgYm UgZXhhY2Vy YmF0ZWQgYn kgZ292ZXJu bWVudCBwb2 xpY2llcyBp bmNlbnRpdm l6aW5nIHJl bmV3YWJsZS BlbmVyZ3kg YW5kIHBlbm FsaXppbmcg Zm9zc2lsIG Z1ZWwgdXNh Z2UsIHJlc3 VsdGluZyBp biBsb3dlci B1dGlsaXph dGlvbiByYX RlcyBvZiBL ZXllcmHigJ lzIGluZnJh c3RydWN0dX JlLjxicj5U aGUgaW1wbG ljYXRpb25z IGZvciBLZX llcmHigJlz IG1hcmdpbn MsIGNhc2gg ZmxvdywgYW 5kIGJhbGFu Y2Ugc2hlZX Qgd291bGQg YmUgYXMgZm 9sbG93czo8 YnI+MS4gPH N0cm9uZz5N YXJnaW5zPC 9zdHJvbmc+ OiBUaGUgY2 9tcGFueeKA mXMgb3Blcm F0aW5nIG1h cmdpbnMgd2 91bGQgbGlr ZWx5IGRlY2 xpbmUgc2ln bmlmaWNhbn RseS4gUmVk dWNlZCBkZW 1hbmQgd291 bGQgbGVhZC B0byBsb3dl ciB0aHJvdW docHV0IGlu IHRoZWlyIG dhcyBwcm9j ZXNzaW5nIH BsYW50cyBh bmQgcGlwZW xpbmVzLCBj YXVzaW5nIG ZpeGVkIGNv c3RzIHRvIG JlIHNwcmVh ZCBvdmVyIG Egc2hyaW5r aW5nIHJldm VudWUgYmFz ZS4gVGhpcy B3b3VsZCBy ZXN1bHQgaW 4gaGlnaGVy IHJlbGF0aX ZlIGNvc3Rz IHBlciB1bm l0IHByb2Nl c3NlZCwgd2 Vha2VuaW5n IG92ZXJhbG wgcHJvZml0 YWJpbGl0eS 48YnI+Mi4g PHN0cm9uZz 5DYXNoIEZs b3c8L3N0cm 9uZz46IFdp dGggZGltaW 5pc2hlZCBy ZXZlbnVlIH Byb2plY3Rp b25zLCBLZX llcmHigJlz IG9wZXJhdG luZyBjYXNo IGZsb3cgd2 91bGQgYmUg YWR2ZXJzZW x5IGFmZmVj dGVkLiBMb3 dlciBjYXNo IGluZmxvd3 MgY291bGQg aGluZGVyIH RoZSBjb21w YW554oCZcy BhYmlsaXR5 IHRvIGNvdm VyIG9wZXJh dGlvbmFsIG V4cGVuc2Vz LCBzZXJ2aW NlIGRlYnQs IG9yIGZ1bm QgY2FwaXRh bCBleHBlbm RpdHVyZXMu IElmIHRoZS BkZWNsaW5l IGlzIHNldm VyZSwgS2V5 ZXJhIG1pZ2 h0IGFsc28g c3RydWdnbG UgdG8gbWFp bnRhaW4gaX RzIGRpdmlk ZW5kIHBheW 91dHMsIHdo aWNoIGhhdm UgaGlzdG9y aWNhbGx5IG JlZW4gYW4g aW1wb3J0YW 50IHBhcnQg b2YgaXRzIH ZhbHVlIHBy b3Bvc2l0aW 9uIHRvIGlu dmVzdG9ycy 48YnI+My4g PHN0cm9uZz 5CYWxhbmNl IFNoZWV0PC 9zdHJvbmc+ OiBBIHByb2 xvbmdlZCBk b3dudHVybi BpbiBkZW1h bmQgY291bG Qgd2Vha2Vu IEtleWVyYe KAmXMgYmFs YW5jZSBzaG VldC4gUmVk dWNlZCBjYX NoIGZsb3cg bWlnaHQgbG VhZCB0byBp bmNyZWFzZW QgbGV2ZXJh Z2UgYXMgdG hlIGNvbXBh bnkgbWF5IG 5lZWQgdG8g Ym9ycm93IH RvIHN1c3Rh aW4gb3Blcm F0aW9ucyBv ciBpbnZlc3 QgaW4gbmVj ZXNzYXJ5IH RyYW5zaXRp b25zIHRvIH JlbWFpbiBj b21wZXRpdG l2ZS4gQSBn cm93aW5nIG RlYnQgYnVy ZGVuIHdpdG hvdXQgY29y cmVzcG9uZG luZyBhc3Nl dCBncm93dG ggb3IgcmV2 ZW51ZSBjb3 VsZCBuZWdh dGl2ZWx5IG ltcGFjdCBr ZXkgZmluYW 5jaWFsIHJh dGlvcywgbG VhZGluZyB0 byBjcmVkaX QgcmF0aW5n IGRvd25ncm FkZXMuIEFz IGEgcmVzdW x0LCBLZXll cmHigJlzIG Nvc3Qgb2Yg Y2FwaXRhbC Bjb3VsZCBp bmNyZWFzZS wgZXhhY2Vy YmF0aW5nIG ZpbmFuY2lh bCBwcmVzc3 VyZS48YnI+ T3ZlcmFsbC wgdGhpcyBz Y2VuYXJpby B3b3VsZCBw YWludCBhIG NoYWxsZW5n aW5nIHBpY3 R1cmUgZm9y IEtleWVyYS wgY2F1c2lu ZyBhIGZ1bm RhbWVudGFs IHJlYXNzZX NzbWVudCBv ZiBpdHMgYn VzaW5lc3Mg c3RyYXRlZ3 ksIGludmVz dG1lbnQgZm 9jdXMsIGFu ZCBvcGVyYX Rpb25hbCBl ZmZpY2llbm N5IHRvIGFk YXB0IHRvIG EgY2hhbmdp bmcgZW5lcm d5IGxhbmRz Y2FwZS4gTG 9uZy10ZXJt IGFkanVzdG 1lbnRzIG1h eSBiZSByZX F1aXJlZCB0 byBwaXZvdC B0b3dhcmRz IG1vcmUgc3 VzdGFpbmFi bGUgcHJhY3 RpY2VzLCBi dXQgdGhlIH RyYW5zaXRp b24gY291bG QgYmUgY29z dGx5IGFuZC B0aW1lLWNv bnN1bWluZy wgZnVydGhl ciBpbXBhY3 RpbmcgdGhl IGNvbXBhbn nigJlzIHNo b3J0LXRlcm 0gZmluYW5j aWFsIGhlYW x0aC48YnI+

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 bG9nb3MveD BuaGpOMVg2 Wk9ScmxFVW kwV1cud2Vi cCIgYWx0PS JLZXllcmEi IHRpdGxlPS JLZXllcmEi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9NTAg d2lkdGg9NT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgS2V5ZXJh PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag4pyFIERv d25sb2FkID xpPiJUaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzIjwv aT4g4oCUIH RvdGFsbHkg ZnJlZSEKIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1TNGdTMl Y1WlggSmhJ R2x6SUc5dS BaU0J2WmlC MGFHIFVnYk dGeVoyVnog ZENCdGFXUn pkSCBKbFlX MGdaVzVsIG NtZDVJR052 YlggQmhibW xsY3lCcCBi aUJEWVc1aF pHIEVzSUhk cGRHZ2cgYj NabGNpQTBM RCBBd01DQn JhV3h2IGJX VjBaWEp6SU cgOW1JSEJw Y0dWcyBhVz VsY3lCaGJt IFFnTVRjZ2 MzUnYgY21G blpTQm1ZVy BOcGJHbDBh V1Z6IExqeG ljajR5TGkg QlVhR1VnWT I5dCBjR0Z1 ZVNCM1lYIE 1nWm05MWJt UmwgWkNCcG JpQXhPVCBr NElHRnVaQ0 JwIGN5Qm9a V0ZrY1ggVm hjblJsY21W ayBJR2x1SU VOaGJHIGRo Y25rc0lFRn MgWW1WeWRH RXVQRyBKeV BqTXVJRXRs IGVXVnlZZU tBbVggTWdi M0JsY21GMC BhVzl1Y3lC aGNtIFVnWm 05amRYTmwg WkNCdmJpQj BhRyBVZ1oy RjBhR1Z5IG FXNW5MQ0J3 Y20gOWpaWE 56YVc1biBM Q0J6ZEc5eV lXIGRsTENC aGJtUWcgZE hKaGJuTndi MyBKMFlYUn BiMjRnIGIy WWdibUYwZF ggSmhiQ0Ju WVhNcyBJRz VoZEhWeVlX IHdnWjJGek lHeHAgY1hW cFpITXNJRy BOeWRXUmxJ RzlwIGJDd2 dZVzVrSUgg QmxkSEp2Yk dWMSBiU0J3 Y205a2RXIE 4wY3k0OFlu SSsgTkM0Z1 ZHaGxJRyBO dmJYQmhibm 5pIGdKbHpJ RzVoYlcgVX NJRXRsZVdW eSBZU3dnYV hNZ1lTIEJq YjIxaWFXNW ggZEdsdmJp QnZaaSBCMG FHVWdkMjl5 IFpITWdhMl Y1SUcgRnVa Q0JsY21Fcy BJSE41YldK dmJHIGw2YV c1bklIUm8g WldseUlHTn ZiVyAxcGRH MWxiblFnIG RHOGdjSEp2 ZG0gbGthVz VuSUd0bCBl U0JsYm1WeV ozIGtnYzI5 c2RYUnAgYj I1eklHWnZj aSBCMGFHVW diVzlrIFpY SnVJR1Z5WV MgNDhZbkkr TlM0ZyBTVz RnTWpBeE9T IHdnUzJWNV pYSmggSUhk aGN5QnVZVy AxbFpDQnZi bVVnIGIyWW dRV3hpWlgg SjBZZUtBbV hNZyBWRzl3 SUVWdGNHIH h2ZVdWeWN5 d2cgY21Wam IyZHVhWCBw cGJtY2dkR2 hsIGFYSWdZ Mjl0YlcgbD BiV1Z1ZENC MCBieUJsYl hCc2IzIGxs WlNCa1pYWm wgYkc5d2JX VnVkQyB3Z2 QyOXlheTFz IGFXWmxJR0 poYkcgRnVZ MlVzSUdGdS BaQ0JqYjIx dGRXIDVwZE hrZ2FXNTIg YjJ4MlpXMW xibiBRdVBH SnlQall1IE lFdGxlV1Z5 WVMgQm9ZWE 1nWVNCeiBk SEp2Ym1jZ1 ptIDlqZFhN Z2IyNGcgYz NWemRHRnBi bSBGaWFXeH BkSGtnIFlX NWtJSEpsWk ggVmphVzVu SUhSbyBaV2 x5SUdWdWRt IGx5YjI1dF pXNTAgWVd3 Z2FXMXdZVy BOMExpQlVh R1Y1IElHaG hkbVVnYVcg MXdiR1Z0Wl c1MCBaV1Fn ZG1GeWFXID kxY3lCcGJt bDAgYVdGMG FYWmxjeSBC emRXTm9JR0 Z6IElISmxa SFZqYVcgNW 5JR2R5WldW dSBhRzkxYz JVZ1oyIEZ6 SUdWdGFYTn ogYVc5dWN5 d2dhVyA1Ml pYTjBhVzVu IElHbHVJSE psYm0gVjNZ V0pzWlNCbC BibVZ5WjNr c0lHIEZ1Wk NCM2IzSnIg YVc1bklIUn ZkMiBGeVpI TWdiR0Z1IF pDQnlaV05z WVcgMWhkR2 x2YmlCaCBi bVFnWTI5dW MyIFZ5ZG1G MGFXOXUgTG p4aWNqNDNM aSBCVWFHVW dZMjl0IGNH RnVlU0JoYk ggTnZJR2ho Y3lCaCBJSE 4wY205dVp5 IEJqYjIxdG FYUnQgWlc1 MElIUnZJRS BsdVpHbG5a VzV2IGRYTW djR0Z5ZEcg NWxjbk5vYV hCeiBJR0Z1 WkNCb1lYIE 1nWlhOMFlX SnMgYVhOb1 pXUWdjbSBW c1lYUnBiMj V6IGFHbHdj eUIzYVggUm 9JRzkyWlhJ ZyBOVEFnU1 c1a2FXIGRs Ym05MWN5Qm ogYjIxdGRX NXBkRyBsbG N5QmhZM0p2 IGMzTWdRMk Z1WVcgUmhM anhpY2o0NC BMaUJMWlhs bGNtIEVnYU dGeklHSmwg Wlc0Z2NtVm piMiBkdWFY cGxaQ0JtIG IzSWdhWFJ6 SUcgTnZjbk J2Y21GMCBa U0J5WlhOd2 IyIDV6YVdK cGJHbDAgZV NCbFptWnZj biBSekxDQn laV05sIGFY WnBibWNnZE cgaGxJREl3 TVRrZyBVMj lqYVdGc0lG IEpsYzNCdm JuTnAgWW1s c2FYUjVJRS BGM1lYSmtJ R1p5IGIyMG dkR2hsSUUg TmhibUZrYV dGdSBJRUZ6 YzI5amFXIE YwYVc5dUlH OW0gSUZCbG RISnZiRyBW MWJTQlFjbT lrIGRXTmxj bk11UEcgSn lQamt1SUZS byBaU0JqYj Ixd1lXIDU1 SUdoaGN5Qm ggSUdScGRt VnljMiBVZ2 NHOXlkR1p2 IGJHbHZJRz ltSUcgRnpj MlYwY3l3Zy BhVzVqYkhW a2FXIDVuSU c5cGJDQnog WVc1a2N5Qn ZjRyBWeVlY UnBiMjV6IE xDQnVZWFIx Y20gRnNJR2 RoY3lCdyBj bTlqWlhOem FXIDVuSUhC c1lXNTAgY3 l3Z1lXNWtJ SCBSbGNtMX BibUZzIGJH bHVaeUJoYm 0gUWdjM1J2 Y21GbiBaU0 JtWVdOcGJH IGwwYVdWek xqeGkgY2o0 eE1DNGdTVy A0Z1lXUmth WFJwIGIyNG dkRzhnYVgg UnpJRzl3Wl hKaCBkR2x2 Ym5NZ2FXID RnUTJGdVlX UmggTENCTF pYbGxjbSBF Z1lXeHpieU JvIFlYTWdZ U0J3Y20gVn paVzVqWlNC cCBiaUIwYU dVZ1ZXIDVw ZEdWa0lGTj AgWVhSbGN5 QjBhSCBKdm RXZG9JR2ww IGN5QnZkMj VsY24gTm9h WEFnYjJZZy BkR2hsSUZk cGJHIFFnUj I5dmMyVWcg WVc1a0lGbH ZkVyA1blpY SWdjR2x3IF pXeHBibVVn YzMgbHpkR1 Z0Y3lCcCBi aUJQYTJ4aG FHIDl0WVNC aGJtUWcgVk dWNFlYTXUK ICAgICAgIC A8L3NwYW4+ CiAgICAgIC AgCiAgICAg ICAg