North American Construction Group

More reviews (1)

Live  

North American Construction Group (NACG) is a leading provider of heavy construction and mining services in Canada and abroad. The company was founded in 1953 and is headquartered in Edmonton, Alberta. NACG’s services include construction and maintenance of mines, pipelines, roads, bridges, oil sands developments, and tailings facilities.
NACG has a strong presence in the oil sands industry, with major clients including Syncrude, Suncor Energy, and Canadian Natural Resources. The company also provides services to the transportation, infrastructure, and forestry industries.
In addition to its domestic operations, NACG has expanded internationally, undertaking projects in the United States, Mexico, and Australia. The company has a workforce of approximately 4,000 employees and maintains a diverse fleet of heavy equipment for its projects.
NACG places a strong emphasis on safety, sustainability, and community involvement. The company has been recognized for its commitment to workplace safety and environmental stewardship.
Overall, NACG is a well-respected company in the construction and mining industry, known for its reliable and high-quality services.

Tm9ydGggQW 1lcmljYW4g Q29uc3RydW N0aW9uIEdy b3VwIGlzIG EgY29tcGFu eSB0aGF0IG RvZXMgYmln IGpvYnMsIG 1vc3RseSBy ZWxhdGVkIH RvIGJ1aWxk aW5nIGFuZC B0YWtpbmcg Y2FyZSBvZi B0aGluZ3Mg aW4gdGhlIG VuZXJneSBh bmQgY29uc3 RydWN0aW9u IGluZHVzdH JpZXMuIFRo ZXkgZm9jdX Mgb24gd29y a2luZyBpbi BwbGFjZXMg d2hlcmUgdG hleSBuZWVk IHRvIGdldC BuYXR1cmFs IHJlc291cm NlcyBsaWtl IG9pbCBhbm QgZ2FzIG91 dCBvZiB0aG UgZ3JvdW5k LiBUaGluay BvZiBpdCBs aWtlIGEgcm VhbGx5IHN0 cm9uZyB0ZW FtIGhlbHBp bmcgdG8gYn VpbGQgdGhp bmdzLCBsaW tlIHJvYWRz LCBidWlsZG luZ3MsIGFu ZCBlcXVpcG 1lbnQgdGhh dCBoZWxwIH Blb3BsZSBn ZXQgdGhlIH Bvd2VyIHRo ZXkgbmVlZC B0byBoZWF0 IHRoZWlyIG hvbWVzIGFu ZCBwb3dlci B0aGVpciBj YXJzLjxicj 5UaGUgY29t cGFueSBtYW tlcyBtb25l eSBieSB1c2 luZyBpdHMg bWFjaGluZX MgYW5kIHdv cmtlcnMgdG 8gaGVscCBv dGhlciBjb2 1wYW5pZXMg d2l0aCBwcm 9qZWN0cy4g VGhleSBnZX QgcGFpZCBm b3IgdGhlIH dvcmsgdGhl eSBkbywgYW 5kIHNvbWV0 aW1lcyB0aG V5IGFsc28g cmVudCBvdX QgdGhlaXIg bWFjaGluZX Mgb3IgdG9v bHMgdG8gb3 RoZXIgcGVv cGxlIHdoby BuZWVkIHRo ZW0gZm9yIH RoZWlyIG93 biBqb2JzLi BUaGlzIHdh eSwgdGhleS BlYXJuIG1v bmV5IGV2ZW 4gd2hlbiB0 aGV54oCZcm Ugbm90IGRp cmVjdGx5IH dvcmtpbmcg b24gYSBwcm 9qZWN0Ljxi cj5Ob3J0aC BBbWVyaWNh biBDb25zdH J1Y3Rpb24g R3JvdXAgaX Mgc3VjY2Vz c2Z1bCBmb3 IgYSBmZXcg cmVhc29ucy 4gRmlyc3Qs IHRoZXkgaG F2ZSBsb3Rz IG9mIGV4cG VyaWVuY2Ug YW5kIGtub3 cgaG93IHRv IGRvIGJpZy Bwcm9qZWN0 cyB3ZWxsLi BUaGV5IGhh dmUgYSByZX B1dGF0aW9u IGZvciBiZW luZyByZWxp YWJsZSwgd2 hpY2ggbWVh bnMgb3RoZX IgY29tcGFu aWVzIHRydX N0IHRoZW0g dG8gZ2V0IH RoZSBqb2Ig ZG9uZSByaW dodC4gU2Vj b25kLCB0aG V5IGhhdmUg c3Ryb25nIH JlbGF0aW9u c2hpcHMgd2 l0aCBvdGhl ciBjb21wYW 5pZXMgaW4g dGhlIGVuZX JneSBpbmR1 c3RyeSwgd2 hpY2ggZ2l2 ZXMgdGhlbS Btb3JlIGNo YW5jZXMgdG 8gd29yayBv biBpbXBvcn RhbnQgcHJv amVjdHMuPG JyPkxvb2tp bmcgdG8gdG hlIGZ1dHVy ZSwgdGhlIG NvbXBhbnkg d2lsbCBwcm 9iYWJseSBj b250aW51ZS B0byBiZSBz dWNjZXNzZn VsLiBUaGVy ZSB3aWxsIG Fsd2F5cyBi ZSBhIG5lZW QgZm9yIGVu ZXJneSwgYW 5kIG1hbnkg Y291bnRyaW VzIHdhbnQg dG8gZmluZC BjbGVhbmVy IGFuZCBzYW ZlciB3YXlz IHRvIGdldC B0aGUgcmVz b3VyY2VzIH RoZXkgbmVl ZC4gVGhpcy BtZWFucyBt b3JlIHdvcm sgZm9yIGNv bXBhbmllcy BsaWtlIE5v cnRoIEFtZX JpY2FuIENv bnN0cnVjdG lvbiBHcm91 cC4gUGx1cy wgdGhleSBj YW4gYWRhcH QgdG8gbmV3 IHRlY2hub2 xvZ2llcyBh bmQgbWV0aG 9kcywgd2hp Y2ggd2lsbC BoZWxwIHRo ZW0gc3RheS BhaGVhZCBh bmQga2VlcC Bkb2luZyB3 ZWxsLjxicj 4=

MS4gRXh0ZW 5zaXZlIEV4 cGVyaWVuY2 U6IFRoZSBO b3J0aCBBbW VyaWNhbiBD b25zdHJ1Y3 Rpb24gR3Jv dXAgKE5BQ0 cpIGhhcyBi ZWVuIGluIG 9wZXJhdGlv biBmb3Igb3 ZlciA2NSB5 ZWFycywgcH JvdmlkaW5n IGNvbnN0cn VjdGlvbiBz ZXJ2aWNlcy BhY3Jvc3Mg Tm9ydGggQW 1lcmljYS4g VGhpcyBsb2 5nLXN0YW5k aW5nIGV4cG VyaWVuY2Ug Z2l2ZXMgdG hlbSBhIGRl ZXAgdW5kZX JzdGFuZGlu ZyBvZiB0aG UgbWFya2V0 IGFuZCBlbm FibGVzIHRo ZW0gdG8gZG VsaXZlciBo aWdoLXF1YW xpdHkgcHJv amVjdHMuPG JyPjIuIERp dmVyc2UgQ2 FwYWJpbGl0 aWVzOiBOQU NHIG9mZmVy cyBhIHdpZG UgcmFuZ2Ug b2YgY29uc3 RydWN0aW9u IHNlcnZpY2 VzLCBpbmNs dWRpbmcgZW FydGh3b3Jr cywgaGVhdn kgY29uc3Ry dWN0aW9uLC BwaXBlbGlu ZSBjb25zdH J1Y3Rpb24s IGFuZCBtaW 5pbmcgc3Vw cG9ydC4gVG hpcyBhbGxv d3MgdGhlbS B0byB0YWtl IG9uIGNvbX BsZXggYW5k IGRpdmVyc2 UgcHJvamVj dHMsIGNhdG VyaW5nIHRv IGEgdmFyaW V0eSBvZiBj bGllbnRzLj xicj4zLiBT dHJvbmcgU2 FmZXR5IFJl Y29yZDogTk FDRyBwbGFj ZXMgYSBoaW doIGVtcGhh c2lzIG9uIH NhZmV0eSBh bmQgaGFzIG Egcm9idXN0 IHNhZmV0eS Bwcm9ncmFt IHRvIGVuc3 VyZSB0aGUg d2VsbC1iZW luZyBvZiBp dHMgZW1wbG 95ZWVzLCBj bGllbnRzLC BhbmQgc3Rh a2Vob2xkZX JzLiBBcyBh IHJlc3VsdC wgdGhleSBo YXZlIGFuIG ltcHJlc3Np dmUgc2FmZX R5IHJlY29y ZCB3aXRoIG EgbG93IGlu Y2lkZW50IH JhdGUuPGJy PjQuIE1vZG VybiBGbGVl dDogTkFDRy BoYXMgYSBs YXJnZSBhbm QgbW9kZXJu IGZsZWV0IG 9mIGVxdWlw bWVudCB0aG F0IGlzIHJl Z3VsYXJseS BtYWludGFp bmVkIGFuZC B1cGdyYWRl ZCB0byBlbn N1cmUgZWZm aWNpZW5jeS BhbmQgcHJv ZHVjdGl2aX R5IG9uIHBy b2plY3RzLj xicj41LiBD b21taXRtZW 50IHRvIFN1 c3RhaW5hYm lsaXR5OiBU aGUgY29tcG FueSBpcyBj b21taXR0ZW QgdG8gc3Vz dGFpbmFibG UgcHJhY3Rp Y2VzIGFuZC BoYXMgaW50 ZWdyYXRlZC BlbnZpcm9u bWVudGFsLC Bzb2NpYWws IGFuZCBnb3 Zlcm5hbmNl IHByaW5jaX BsZXMgaW50 byBpdHMgb3 BlcmF0aW9u cy4gVGhleS BoYXZlIGlt cGxlbWVudG VkIHByb2dy YW1zIHRvIH JlZHVjZSB3 YXN0ZSwgY2 9uc2VydmUg ZW5lcmd5LC BhbmQgcHJv bW90ZSBlbn Zpcm9ubWVu dGFsIHJlc3 BvbnNpYmls aXR5Ljxicj 42LiBDb2xs YWJvcmF0aX ZlIEFwcHJv YWNoOiBOQU NHIGJlbGll dmVzIGluIG J1aWxkaW5n IHN0cm9uZy BwYXJ0bmVy c2hpcHMgYW 5kIHdvcmtp bmcgY2xvc2 VseSB3aXRo IGNsaWVudH MgdG8gdW5k ZXJzdGFuZC B0aGVpciBu ZWVkcyBhbm QgZGVsaXZl ciB0aGUgYm VzdCBzb2x1 dGlvbnMuIF RoaXMgY29s bGFib3JhdG l2ZSBhcHBy b2FjaCBoYX MgaGVscGVk IHRoZW0gYn VpbGQgbG9u Zy10ZXJtIH JlbGF0aW9u c2hpcHMgYW 5kIGEgc29s aWQgcmVwdX RhdGlvbiBp biB0aGUgaW 5kdXN0cnku PGJyPjcuIF N0cm9uZyBG aW5hbmNpYW wgQmFja2lu ZzogQXMgYS BwdWJsaWNs eSB0cmFkZW QgY29tcGFu eSwgTkFDRy BoYXMgYSBz dHJvbmcgZm luYW5jaWFs IGJhY2tpbm csIGVuYWJs aW5nIHRoZW 0gdG8gdGFr ZSBvbiBsYX JnZSBhbmQg Y29tcGxleC Bwcm9qZWN0 cy4gVGhpcy Bwcm92aWRl cyBhc3N1cm FuY2UgdG8g Y2xpZW50cy BhbmQgc3Rh a2Vob2xkZX JzIHRoYXQg dGhlIGNvbX BhbnkgaXMg ZmluYW5jaW FsbHkgc3Rh YmxlIGFuZC BjYXBhYmxl IG9mIGRlbG l2ZXJpbmcg b24gaXRzIG NvbW1pdG1l bnRzLg==

VGhlIE5vcn RoIEFtZXJp Y2FuIENvbn N0cnVjdGlv biBHcm91cC AoTkFDRykg aXMgYSBsZW FkaW5nIHBy b3ZpZGVyIG 9mIGhlYXZ5 IGNvbnN0cn VjdGlvbiBh bmQgbWluaW 5nIHNlcnZp Y2VzLCBwcm ltYXJpbHkg aW4gdGhlIG 9pbCBzYW5k cyBpbmR1c3 RyeSBpbiBX ZXN0ZXJuIE NhbmFkYS4g VGhlaXIgYn VzaW5lc3Mg bW9kZWwgaX MgYmFzZWQg b24gcHJvdm lkaW5nIGNv bXByZWhlbn NpdmUsIHR1 cm5rZXkgc2 9sdXRpb25z IHRvIHRoZW lyIGNsaWVu dHMsIHdpdG ggYSBmb2N1 cyBvbiBzYW ZldHksIHF1 YWxpdHksIG FuZCBjb3N0 LWVmZmVjdG l2ZW5lc3Mu PGJyPk5BQ0 cgaXMgcHJp bWFyaWx5IG ludm9sdmVk IGluIHRoZS Bjb25zdHJ1 Y3Rpb24gYW 5kIG1haW50 ZW5hbmNlIG 9mIGxhcmdl LXNjYWxlIG VuZXJneSBh bmQgaW5mcm FzdHJ1Y3R1 cmUgcHJvam VjdHMuIFRo ZWlyIHNlcn ZpY2VzIGlu Y2x1ZGUgZW FydGh3b3Jr cywgcGlwZW xpbmUgY29u c3RydWN0aW 9uLCBzaXRl IHByZXBhcm F0aW9uLCB0 YWlsaW5ncy BhbmQgZW52 aXJvbm1lbn RhbCBtYW5h Z2VtZW50LC BhbmQgaGln aHdheSBhbm Qgcm9hZCBt YWludGVuYW 5jZS4gVGhl eSBhbHNvIG 9mZmVyIHNw ZWNpYWxpem VkIHNlcnZp Y2VzIHN1Y2 ggYXMgbWlu ZSBwbGFubm luZyBhbmQg Ymxhc3Rpbm csIGFuZCBv cGVyYXRlIG EgZmxlZXQg b2YgaGVhdn kgZXF1aXBt ZW50IGZvci BtaW5pbmcg b3BlcmF0aW 9ucy48YnI+ TkFDR+KAmX MgYnVzaW5l c3MgbW9kZW wgaXMgYnVp bHQgb24gbG 9uZy10ZXJt IHJlbGF0aW 9uc2hpcHMg d2l0aCB0aG VpciBjbGll bnRzLCB3aG ljaCBpbmNs dWRlIG1ham 9yIG9pbCBh bmQgZ2FzIG NvbXBhbmll cyBzdWNoIG FzIFN1bmNv ciwgU3luY3 J1ZGUsIGFu ZCBDTlJMLi BUaGV5IHBy b3ZpZGUgYS BmdWxsIHJh bmdlIG9mIH NlcnZpY2Vz LCBmcm9tIH Byb2plY3Qg cGxhbm5pbm cgYW5kIG1h bmFnZW1lbn QgdG8gZXhl Y3V0aW9uIG FuZCBvbmdv aW5nIG1haW 50ZW5hbmNl LiBUaGlzIG FsbG93cyB0 aGVtIHRvIG 9mZmVyIGEg c2VhbWxlc3 MgYW5kIGlu dGVncmF0ZW QgYXBwcm9h Y2ggdG8gdG hlaXIgY2xp ZW50c+KAmS BuZWVkcy48 YnI+SW4gYW RkaXRpb24g dG8gdGhlaX IgY29uc3Ry dWN0aW9uIG FuZCBtaW5p bmcgc2Vydm ljZXMsIE5B Q0cgYWxzby BvZmZlcnMg cmVudGFsIG VxdWlwbWVu dCBhbmQgaG FzIGEgZGVk aWNhdGVkIG RpdmlzaW9u IGZvciBoYX VsaW5nIGFu ZCB0cmFuc3 BvcnRhdGlv bi4gVGhleS BhbHNvIGhh dmUgYSBzdH JvbmcgY29t bWl0bWVudC B0byBzYWZl dHkgYW5kIH N1c3RhaW5h YmlsaXR5LC BpbXBsZW1l bnRpbmcgdm FyaW91cyBp bml0aWF0aX ZlcyB0byBy ZWR1Y2UgdG hlaXIgZW52 aXJvbm1lbn RhbCBpbXBh Y3QgYW5kIH Byb21vdGUg dGhlIHdlbG wtYmVpbmcg b2YgdGhlaX IgZW1wbG95 ZWVzIGFuZC B0aGUgY29t bXVuaXRpZX MgaW4gd2hp Y2ggdGhleS BvcGVyYXRl Ljxicj5Pdm VyYWxsLCBO QUNH4oCZcy BidXNpbmVz cyBtb2RlbC BpcyBjZW50 ZXJlZCBvbi Bwcm92aWRp bmcgcmVsaW FibGUgYW5k IGNvc3QtZW ZmZWN0aXZl IHNvbHV0aW 9ucyB0byB0 aGVpciBjbG llbnRzLCB3 aGlsZSBtYW ludGFpbmlu ZyBhIHN0cm 9uZyBmb2N1 cyBvbiBzYW ZldHkgYW5k IHN1c3RhaW 5hYmlsaXR5 Lg==

AI can potentially pose a material threat to the North American Construction Group’s products, services, or competitive positioning in several ways:
1. Substitution: AI technologies can lead to the development of innovative construction methodologies or materials that may replace traditional products. For example, advancements in automated construction processes, such as 3D printing, could reduce the demand for conventional construction services and materials offered by the company.
2. Disintermediation: The rise of AI-driven platforms and tools may streamline construction projects by connecting clients directly with contractors and suppliers, bypassing traditional intermediaries. This could disrupt existing business models and reduce the company’s market share if clients can access services more efficiently through AI-enabled platforms.
3. Margin Pressure: As AI tools and technologies become more prevalent, competition in the construction sector could intensify. Companies that leverage AI to optimize project management, reduce costs, and improve productivity may be able to offer lower prices or enhanced services, putting pressure on the profit margins of traditional construction firms, including North American Construction Group.
Overall, while AI presents opportunities for innovation and efficiency within the construction industry, it also poses risks that could impact the company’s operations, market position, and profitability.

The sensitivity of North American Construction Group’s earnings, cash flow, and valuation to changes in interest rates can be assessed through several key factors:
1. Debt Levels: If the company has significant debt, higher interest rates could increase interest expenses, thereby reducing net earnings and cash flow. Conversely, lower interest rates would decrease these expenses, improving profitability.
2. Capital Expenditures: Construction companies often rely on external financing for large projects. Changes in interest rates can affect the cost of borrowing. Higher rates may lead to delays in capital projects due to increased financing costs, impacting future revenues and cash flows.
3. Discount Rates: Higher interest rates typically lead to higher discount rates used in discounted cash flow (DCF) valuation models. This can reduce the present value of future cash flows, decreasing the company’s valuation. Conversely, lower rates would have the opposite effect.
4. Investment Climate: Interest rates influence the overall economic environment and construction activity. Higher rates could lead to a slowdown in construction projects as businesses may be hesitant to invest in new developments. This would negatively impact the company’s revenues and cash flows.
5. Customer Demand: If interest rates rise significantly, it could affect customers’ borrowing costs, reducing demand for construction services. This would further impact revenues and cash flow.
In summary, North American Construction Group’s earnings, cash flow, and valuation are sensitive to changes in interest rates, particularly due to the effects on debt servicing, capital expenditures, and the overall investment climate in the construction industry. As rates fluctuate, monitoring these impacts is crucial for assessing the company’s financial health and performance.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgTm 9ydGggQW1l cmljYW4gQ2 9uc3RydWN0 aW9uIEdyb3 Vw4oCZcyBl Y29ub21pY3 Mgb3ZlciB0 aGUgbmV4dC Az4oCTNSB5 ZWFycyBjb3 VsZCBpbnZv bHZlIGEgY2 9tYmluYXRp b24gb2YgYS BzaWduaWZp Y2FudCBkb3 dudHVybiBp biB0aGUgcm Vzb3VyY2Ug ZXh0cmFjdG lvbiBzZWN0 b3LigJRwYX J0aWN1bGFy bHkgaW4gb2 lsIGFuZCBn YXMsIHdoaW NoIGlzIGEg cHJpbWFyeS Bmb2N1cyBv ZiB0aGUgY2 9tcGFueeKA lGFuZCBhIH N1c3RhaW5l ZCByaXNlIG luIG9wZXJh dGluZyBjb3 N0cyBkcml2 ZW4gYnkgcm VndWxhdG9y eSBjaGFuZ2 VzIGFuZCBs YWJvciBzaG 9ydGFnZXMu PGJyPkluIH RoaXMgc2Nl bmFyaW8sIG EgcHJvbG9u Z2VkIGRyb3 AgaW4gb2ls IHByaWNlcy BkdWUgdG8g YSBnbG9iYW wgc2hpZnQg dG93YXJkIH JlbmV3YWJs ZSBlbmVyZ3 kgYW5kIGlu Y3JlYXNlZC BlZmZpY2ll bmN5IGluIG VuZXJneSBj b25zdW1wdG lvbiBjb3Vs ZCBsZWFkIH RvIHJlZHVj ZWQgY2FwaX RhbCBleHBl bmRpdHVyZX MgZnJvbSBj bGllbnRzIG luIHRoZSBy ZXNvdXJjZS BleHRyYWN0 aW9uIHNlY3 Rvci4gQXMg Y2xpZW50cy BzY2FsZSBi YWNrIHRoZW lyIHByb2pl Y3RzIG9yIG RlbGF5IGlu dmVzdG1lbn RzIGluIGlu ZnJhc3RydW N0dXJlLCBO b3J0aCBBbW VyaWNhbiBD b25zdHJ1Y3 Rpb24gR3Jv dXAgd291bG QgbGlrZWx5 IHNlZSBhIH N1YnN0YW50 aWFsIGRlY3 JlYXNlIGlu IGRlbWFuZC Bmb3IgaXRz IHNlcnZpY2 VzLjxicj5T aW11bHRhbm VvdXNseSwg aWYgbmV3IG Vudmlyb25t ZW50YWwgcm VndWxhdGlv bnMgYXJlIG ludHJvZHVj ZWQgdGhhdC BpbmNyZWFz ZSBjb21wbG lhbmNlIGNv c3RzIG9yIG lmIHRoZXJl IGlzIGEgdG lnaHRlbmlu ZyBsYWJvci BtYXJrZXQg dGhhdCBkcm l2ZXMgdXAg d2FnZSByYX RlcyBmb3Ig c2tpbGxlZC B3b3JrZXJz LCBOb3J0aC BBbWVyaWNh biBDb25zdH J1Y3Rpb24g R3JvdXDigJ lzIG9wZXJh dGluZyBleH BlbnNlcyB3 b3VsZCByaX NlLiBUaGlz IGNvdWxkIH NxdWVlemUg cHJvZml0IG 1hcmdpbnMg YXMgdGhlIG NvbXBhbnkg c3RydWdnbG VzIHRvIHBh c3Mgb24gaG lnaGVyIGNv c3RzIHRvIG NsaWVudHMg d2hvIGFyZS BmYWNpbmcg dGhlaXIgb3 duIGZpbmFu Y2lhbCBjb2 5zdHJhaW50 cy48YnI+SW YgdGhpcyBz Y2VuYXJpby BwbGF5cyBv dXQsIHRoZS Bjb21wYW55 IGNvdWxkIG V4cGVyaWVu Y2UgdGhlIG ZvbGxvd2lu ZyBpbXBhY3 RzOjxicj4x LiA8c3Ryb2 5nPk1hcmdp bnM8L3N0cm 9uZz46IFRo ZSBjb21iaW 5hdGlvbiBv ZiByZWR1Y2 VkIGRlbWFu ZCBhbmQgaW 5jcmVhc2Vk IGNvc3RzIH dvdWxkIGxp a2VseSBsZW FkIHRvIGEg c2lnbmlmaW NhbnQgY29u dHJhY3Rpb2 4gaW4gdGhl IGNvbXBhbn nigJlzIHBy b2ZpdCBtYX JnaW5zLiBN YXJnaW5zIH RoYXQgd2Vy ZSBwcmV2aW 91c2x5IHN0 YWJsZSBtYX kgc2hyaW5r LCBwbGFjaW 5nIGZ1cnRo ZXIgcHJlc3 N1cmUgb24g dGhlIGNvbX BhbnnigJlz IHByaWNpbm cgc3RyYXRl Z3kgYW5kIG NvbXBldGl0 aXZlbmVzcy BpbiB0aGUg bWFya2V0Lj xicj4yLiA8 c3Ryb25nPk Nhc2ggRmxv dzwvc3Ryb2 5nPjogV2l0 aCB3ZWFrZW 5pbmcgZGVt YW5kLCByZX ZlbnVlcyBj b3VsZCBkZW NsaW5lIHNo YXJwbHksIH Jlc3VsdGlu ZyBpbiBuZW dhdGl2ZSBj YXNoIGZsb3 cuIElmIHRo ZSBjb21wYW 55IGlzIHVu YWJsZSB0by ByZWR1Y2Ug aXRzIGNvc3 Qgc3RydWN0 dXJlIHF1aW NrbHkgZW5v dWdoIHRvIG 1hdGNoIHRo ZSBmYWxsaW 5nIHJldmVu dWVzLCBpdC BtYXkgZmFj ZSBsaXF1aW RpdHkgaXNz dWVzLCBsZW FkaW5nIHRv IHBvdGVudG lhbCBjaGFs bGVuZ2VzIG luIG1lZXRp bmcgc2hvcn QtdGVybSBv YmxpZ2F0aW 9ucy48YnI+ My4gPHN0cm 9uZz5CYWxh bmNlIFNoZW V0PC9zdHJv bmc+OiBPdm VyIHRpbWUs IHRoZSBuZW dhdGl2ZSBp bXBhY3Qgb2 4gY2FzaCBm bG93IHdvdW xkIHJlZmxl Y3QgaW4gdG hlIGJhbGFu Y2Ugc2hlZX QuIERlY3Jl YXNlZCByZX ZlbnVlcyBj b3VsZCBsZW FkIHRvIGEg ZGVjbGluZS BpbiBhc3Nl dHMsIHBhcn RpY3VsYXJs eSBpZiB0aG UgY29tcGFu eSBuZWVkcy B0byB3cml0 ZSBkb3duIH Vuc29sZCBp bnZlbnRvcn kgb3IgcmVk dWNlIHRoZS B2YWx1ZSBv ZiBpdHMgY2 9udHJhY3Rz LiBBZGRpdG lvbmFsbHks IGlmIHRoZS Bjb21wYW55 IGluY3Vycy BkZWJ0IHRv IG1hbmFnZS BjYXNoIGZs b3cgaXNzdW VzLCBpdHMg bGlhYmlsaX RpZXMgd291 bGQgaW5jcm Vhc2UsIGZ1 cnRoZXIgZG V0ZXJpb3Jh dGluZyBpdH MgZmluYW5j aWFsIGhlYW x0aC4gVGhp cyBjb3VsZC BsZWFkIHRv IGEgaGlnaG VyIGRlYnQt dG8tZXF1aX R5IHJhdGlv LCByZXN1bH RpbmcgaW4g YSBtb3JlIG xldmVyYWdl ZCBwb3NpdG lvbiB0aGF0 IGxpbWl0cy BmaW5hbmNp YWwgZmxleG liaWxpdHkg YW5kIGluY3 JlYXNlcyBy aXNrLjxicj 5JbiBzdW1t YXJ5LCB0aG lzIHNjZW5h cmlvIGNvdW xkIGNyZWF0 ZSBhIHZpY2 lvdXMgY3lj bGUgb2YgZG VjbGluaW5n IHJldmVudW VzLCBzaHJp bmtpbmcgbW FyZ2lucywg YW5kIGRldG VyaW9yYXRp bmcgY2FzaC BmbG93LCB1 bHRpbWF0ZW x5IHdlYWtl bmluZyBOb3 J0aCBBbWVy aWNhbiBDb2 5zdHJ1Y3Rp b24gR3JvdX DigJlzIGJh bGFuY2Ugc2 hlZXQgYW5k IGxvbmctdG VybSB2aWFi aWxpdHkgaW 4gdGhlIGNv bnN0cnVjdG lvbiBzZWN0 b3IuPGJyPg ==

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 bG9nb3MvV0 g0eEVZRDBi U3RXTGdXNF pueTYud2Vi cCIgYWx0PS JOb3J0aCBB bWVyaWNhbi BDb25zdHJ1 Y3Rpb24gR3 JvdXAiIHRp dGxlPSJOb3 J0aCBBbWVy aWNhbiBDb2 5zdHJ1Y3Rp b24gR3JvdX AiICBjbGFz cz0iaW1nLW ZsdWlkIiBo ZWlnaHQ9NT Agd2lkdGg9 NTAgbG9hZG luZz0nbGF6 eScgc3R5bG U9J2JvcmRl ci1yYWRpdX M6IDZweDsn PgoKICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdmbG V4OiAxOyB0 ZXh0LWFsaW duOiBjZW50 ZXI7IG1hcm dpbi1sZWZ0 OiA1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPHAgc3 R5bGU9J2Zv bnQtc2l6ZT ogMjZweDsg Y29sb3I6IC MzMzM7IG1h cmdpbi1ib3 R0b206IDE1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIPCfk4 ggV2FudCB0 byByZWFkIG 1vcmUgYWJv dXQgTm9ydG ggQW1lcmlj YW4gQ29uc3 RydWN0aW9u IEdyb3VwPw 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+UkyBVbm xvY2sgb3Vy IGZyZWUgZ3 VpZGU6IDxp PiJUaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzIjwvaT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1TNG dUbTl5ZEcg Z2dRVzFsY2 1saiBZVzRn UTI5dWMzIF J5ZFdOMGFX OXUgSUVkeW IzVndJRyBs eklHRWdiR1 ZoIFpHbHVa eUJ3Y20gOT JhV1JsY2lC diBaaUJvWl dGMmVTIEJq YjI1emRISj EgWTNScGIy NGdZVyA1a0 lHMXBibWx1 IFp5QnpaWE oyYVcgTmxj eUJwYmlCTy BiM0owYUNC QmJXIFZ5YV dOaExpQlUg YUdWcGNpQn ZjRyBWeVlY UnBiMjV6IE lITndZVzRn WVcgTnliM0 56SUhSbyBa U0JWYm1sMF pXIFFnVTNS aGRHVnogSU dGdVpDQkRZ VyA1aFpHRX VQR0p5IFBq SXVJRlJvWl MgQmpiMjF3 WVc1NSBJSG RoY3lCdmNt IGxuYVc1aG JHeDUgSUda dmRXNWtaVy BRZ2FXNGdN VGsxIE15Qj FibVJsY2kg QjBhR1VnYm 1GdCBaU0J2 WmlEaWdKIH hPYjNKMGFD QkIgYldWeW FXTmhiaSBC QmMzQm9ZV3 gwIElFTnZi WEJoYm4gbm lnSjBnWW5W MCBJSEpsWW 5KaGJtIFJs WkNCaGN5Qk 8gYjNKMGFD QkJiVyBWeW FXTmhiaUJE IGIyNXpkSE oxWTMgUnBi MjRnUjNKdi BkWEFnYVc0 Z01UIGs1Tn k0OFluSSsg TXk0Z1RtOX lkRyBnZ1FX MWxjbWxqIF lXNGdRMjl1 YzMgUnlkV0 4wYVc5dSBJ RWR5YjNWd0 lHIGhoY3lC aElITjAgY2 05dVp5Qndj bSBWelpXNW paU0JwIGJp QjBhR1VnYj IgbHNJSE5o Ym1SeiBJSE psWjJsdmJp IEJ2WmlCQm JHSmwgY25S aExDQkRZVy A1aFpHRXNJ R0Z1IFpDQm 9ZWE1nWW0g VmxiaUJwYm 5adiBiSFps WkNCcGJpIE J0WVdwdmNp QncgY205cV pXTjBjeSBC bWIzSWdZMj l0IGNHRnVh V1Z6SUggTj FZMmdnWVhN ZyBVM1Z1WT I5eUxDIEJU ZVc1amNuVm sgWlN3Z1lX NWtJRSBOaG JtRmthV0Z1 IElFNWhkSF Z5WVcgd2dV bVZ6YjNWeS BZMlZ6SUV4 cGJXIGwwWl dRdVBHSnkg UGpRdUlGUm 9aUyBCamIy MXdZVzU1IE lHbHpJR3R1 YjMgZHVJR1 p2Y2lCcCBk SE1nWlhod1 pYIEowYVhO bElHbHUgSU dWaGNuUm9k MiA5eWEzTX NJSEJwIGNH VnNhVzVsSU cgTnZibk4w Y25WaiBkR2 x2Yml3Z1lX IDVrSUdobF lYWjUgSUdO cGRtbHNJRy BOdmJuTjBj blZqIGRHbH ZiaUJ3Y20g OXFaV04wY3 k0OCBZbkkr TlM0Z1NXID RnTWpBd05p d2cgVG05eW RHZ2dRVyAx bGNtbGpZVz RnIFEyOXVj M1J5ZFcgTj BhVzl1SUVk eSBiM1Z3SU hkaGN5IEJo WTNGMWFYSm wgWkNCaWVT QlFRMCB3Z1 EyOXVjM1J5 IGRXTjBhVz l1TEMgQnZi bVVnYjJZZy BUbTl5ZEdn Z1FXIDFsY2 1salllS0Eg bVhNZ2JHRn laMiBWemRD QmpiMjUwIG NtRmpkR2x1 WnkgQnZjbW RoYm1sNiBZ WFJwYjI1ek xqIHhpY2o0 MkxpQkogYm lBeU1ERTRM QyBCMGFHVW dZMjl0IGNH RnVlU0IzWV ggTWdjbVZq YjJkdSBhWH BsWkNCaGN5 IEJ2Ym1VZ2 IyWWcgUTJG dVlXUmg0by BDWmN5QlVi M0FnIE1UQX dJRVZ0Y0cg eHZlV1Z5Y3 k0OCBZbkkr Tnk0Z1RtID l5ZEdnZ1FX MWwgY21sal lXNGdRMiA5 dWMzUnlkV0 4wIGFXOXVJ RWR5YjMgVn dJR2hoY3lC aSBaV1Z1SU dsdWRtIDlz ZG1Wa0lHbH UgSUcxaGJu a2dhRyBsbm FDMXdjbTlt IGFXeGxJSE J5YjIgcGxZ M1J6TENCcC BibU5zZFdS cGJtIGNnZE dobElHTnYg Ym5OMGNuVm pkRyBsdmJp QnZaaUIwIG FHVWdUMng1 YlggQnBZeU JXYVd4cyBZ V2RsSUdsdU lGIFpoYm1O dmRYWmwgY2 lCbWIzSWdk RyBobElESX dNVEFnIFYy bHVkR1Z5SU UgOXNlVzF3 YVdOeiBMan hpY2o0NExp IEJVYUdVZ1 kyOXQgY0dG dWVlS0FtWC BNZ1pteGxa WFFnIGIyWW dhR1ZoZG4g a2daWEYxYV hCdCBaVzUw SUdsdVkyIH gxWkdWeklH OTIgWlhJZ0 9EQXdJSCBC cFpXTmxjeU J2IFppQmxj WFZwY0cgMW xiblFzSUds dSBZMngxWk dsdVp5IEJr YjNwbGNuTX MgSUdkeVlX UmxjbiBNc0 lHaGhkV3dn IGRISjFZMn R6TEMgQmhi bVFnWlhoai BZWFpoZEc5 eWN5IDQ4WW 5JK09TNGcg VG05eWRHZ2 dRVyAxbGNt bGpZVzRnIF EyOXVjM1J5 ZFcgTjBhVz l1SUVkeSBi M1Z3SUdoaG N5IEJpWldW dUlHTnYgYm 5OcGMzUmxi biBSc2VTQn lZVzVyIFpX UWdZWE1nYj IgNWxJRzlt SUVGcyBZbV Z5ZEdIaWdK IGx6SUZSdm NDQTEgTUNC RmJYQnNiMy BsbGNuTXNJ R0Z6IElIZG xiR3dnWVgg TWdiMjVsSU c5bSBJRU5o Ym1Ga1llIE tBbVhNZ1Ft VnogZENCTl lXNWhaMiBW a0lFTnZiWE JoIGJtbGxj eTQ4WW4gSS tNVEF1SUVs dSBJR0ZrWk dsMGFXIDl1 SUhSdklIUm 8gWldseUlH TnZibiBOMG NuVmpkR2x2 IGJpQnpaWE oyYVcgTmxj eXdnZEdobC BJR052YlhC aGJuIGtnWV d4emJ5QnYg Wm1abGNuTW dZMiA5dGNI SmxhR1Z1IG MybDJaU0J6 YVggUmxJRz FoYVc1MCBa VzVoYm1ObE xDIEJ5WldO c1lXMWggZE dsdmJpd2dZ VyA1a0lHeG hibVFnIGJX RnVZV2RsYl cgVnVkQ0J6 WlhKMiBhV0 5sY3k0PQog ICAgICAgID wvc3Bhbj4K ICAgICAgIC AKICAgICAg ICA=