Boralex

More reviews (2)

Live  

Boralex Inc. is a Canadian renewable energy company that specializes in the development, construction, and operation of renewable energy power facilities, primarily in the wind, solar, hydroelectric, and thermal sectors. Founded in 1990 and headquartered in Kingsey Falls, Quebec, Boralex has grown to become a significant player in the North American and European renewable energy markets.
The company focuses on sustainable energy production and aims to combat climate change by investing in clean energy solutions. Boralex emphasizes the importance of innovation and sustainability in its operations, with a commitment to reducing greenhouse gas emissions.
With a diverse energy portfolio, Boralex operates numerous facilities across various regions. The company’s wind energy projects are particularly notable, contributing significantly to its overall capacity and revenue. In addition to wind, Boralex also invests in solar energy projects and manages hydroelectric facilities.
Boralex is publicly traded and listed on the Toronto Stock Exchange under the ticker symbol BLX. The company has been involved in numerous partnerships and joint ventures to expand its capabilities and reach in the renewable energy sector.
As the demand for cleaner energy solutions continues to grow, Boralex remains focused on expanding its footprint in the renewable energy market, aiming to optimize existing operations while exploring new project opportunities.

Qm9yYWxleC BpcyBhIGNv bXBhbnkgdG hhdCBoZWxw cyBtYWtlIG VsZWN0cmlj aXR5IHVzaW 5nIG5hdHVy ZS4gVGhleS Bmb2N1cyBv biBjbGVhbi BlbmVyZ3kg c291cmNlcy BsaWtlIHdp bmQsIHNvbG FyLCBhbmQg aHlkcm8gcG 93ZXIuIDxi cj5IZXJl4o CZcyBob3cg aXQgd29ya3 M6IGp1c3Qg bGlrZSBob3 cgYSB3aW5k bWlsbCB1c2 VzIHdpbmQg dG8gc3Bpbi BhbmQgY3Jl YXRlIGVuZX JneSwgQm9y YWxleCBidW lsZHMgYmln IHdpbmQgdH VyYmluZXMg dGhhdCBjYX B0dXJlIHRo ZSB3aW5k4o CZcyBlbmVy Z3kgdG8gcH JvZHVjZSBl bGVjdHJpY2 l0eS4gVGhl eSBhbHNvIG hhdmUgc29s YXIgcGFuZW xzIHRoYXQg Y2F0Y2ggc3 VubGlnaHQg YW5kIHR1cm 4gaXQgaW50 byBlbmVyZ3 ksIGFuZCB0 aGV5IHVzZS ByaXZlcnMg YW5kIGxha2 VzIHRvIGhh cm5lc3MgdG hlIHBvd2Vy IG9mIGZsb3 dpbmcgd2F0 ZXIgdG8gZ2 VuZXJhdGUg ZWxlY3RyaW NpdHkuPGJy PkJvcmFsZX ggbWFrZXMg bW9uZXkgYn kgc2VsbGlu ZyB0aGlzIG VsZWN0cmlj aXR5IHRvIG hvbWVzIGFu ZCBidXNpbm Vzc2VzLiBX aGVuIHlvdS B0dXJuIG9u IGEgbGlnaH Qgc3dpdGNo IG9yIHVzZS B5b3VyIFRW LCBzb21lIG 9mIHRoYXQg ZWxlY3RyaW NpdHkgbWln aHQgY29tZS Bmcm9tIEJv cmFsZXguIF RoZXkgaGF2 ZSBsb25nLX Rlcm0gY29u dHJhY3RzIH dpdGggbWFu eSBjdXN0b2 1lcnMsIHdo aWNoIG1lYW 5zIHRoZXkg a25vdyBob3 cgbXVjaCBt b25leSB0aG V5IHdpbGwg bWFrZSBpbi B0aGUgZnV0 dXJlLjxicj 5Cb3JhbGV4 IGlzIHN1Y2 Nlc3NmdWwg YmVjYXVzZS B0aGV5IGZv Y3VzIG9uIG NsZWFuIGVu ZXJneSwgd2 hpY2ggaXMg dmVyeSBpbX BvcnRhbnQg dG8gaGVscC BvdXIgcGxh bmV0IHN0YX kgaGVhbHRo eS4gTW9yZS BhbmQgbW9y ZSBwZW9wbG UgYW5kIGdv dmVybm1lbn RzIHdhbnQg dG8gdXNlIG xlc3MgZm9z c2lsIGZ1ZW xzIChsaWtl IGdhcyBhbm QgY29hbCkg YW5kIHN3aX RjaCB0byBj bGVhbmVyIG 9wdGlvbnMg YmVjYXVzZS B0aGV5IGFy ZSBiZXR0ZX IgZm9yIHRo ZSBlbnZpcm 9ubWVudC4g Qm9yYWxleC BpcyBpbiBh IGdvb2QgcG 9zaXRpb24g YXMgbW9yZS BwZW9wbGUg d2FudCBncm VlbiBlbmVy Z3kuPGJyPk luIHRoZSBm dXR1cmUsIE JvcmFsZXgg aXMgbGlrZW x5IHRvIGtl ZXAgYmVpbm cgc3VjY2Vz c2Z1bCBiZW NhdXNlIHRo ZSB3b3JsZC BpcyBtb3Zp bmcgdG93YX JkcyB1c2lu ZyBtb3JlIH JlbmV3YWJs ZSBlbmVyZ3 kgc291cmNl cy4gVGhleS BhcmUgY29u c3RhbnRseS BpbXByb3Zp bmcgdGhlaX IgdGVjaG5v bG9neSBhbm QgZmluZGlu ZyBuZXcgd2 F5cyB0byBj cmVhdGUgZW 5lcmd5LiBT aW5jZSBldm VyeW9uZSB3 YW50cyBjbG VhbmVyIGVu ZXJneSB0by BoZWxwIHRo ZSBFYXJ0aC wgQm9yYWxl eCB3aWxsIH Byb2JhYmx5 IGNvbnRpbn VlIHRvIGdy b3cgYW5kIG RvIHdlbGwg aW4gdGhlIH llYXJzIGFo ZWFkITxicj 4=

MS4gTGVhZG VyIGluIHJl bmV3YWJsZS BlbmVyZ3k6 IEJvcmFsZX ggaXMgYSBs ZWFkaW5nIG RldmVsb3Bl ciwgYnVpbG RlciwgYW5k IG9wZXJhdG 9yIG9mIHJl bmV3YWJsZS BlbmVyZ3kg cHJvamVjdH MsIHdpdGgg YSBmb2N1cy BvbiB3aW5k LCBoeWRyby wgc29sYXIs IGFuZCBiaW 9tYXNzIGVu ZXJneS4gVG hlIGNvbXBh bnkgaGFzIG 92ZXIgMiww MDAgTVcgb2 YgaW5zdGFs bGVkIGNhcG FjaXR5IGFu ZCBpdHMgcH JvamVjdHMg cmVkdWNlIE NPMiBlbWlz c2lvbnMgYn kgMS44IG1p bGxpb24gdG 9ucyBhbm51 YWxseS48Yn I+Mi4gRGl2 ZXJzaWZpZW QgcG9ydGZv bGlvOiBCb3 JhbGV4IGhh cyBhIGRpdm Vyc2lmaWVk IHBvcnRmb2 xpbyBvZiBw cm9qZWN0cy BpbiB2YXJp b3VzIHN0YW dlcyBvZiBk ZXZlbG9wbW VudCBhY3Jv c3MgQ2FuYW RhLCB0aGUg VW5pdGVkIF N0YXRlcywg RnJhbmNlLC BhbmQgdGhl IFVuaXRlZC BLaW5nZG9t LiBUaGlzIH Byb3ZpZGVz IHN0YWJpbG l0eSBhbmQg cmVkdWNlcy ByaXNrIGZv ciB0aGUgY2 9tcGFueS48 YnI+My4gU3 Ryb25nIGZp bmFuY2lhbC BwZXJmb3Jt YW5jZTogVG hlIGNvbXBh bnkgaGFzIG NvbnNpc3Rl bnRseSBkZW 1vbnN0cmF0 ZWQgc3Ryb2 5nIGZpbmFu Y2lhbCBwZX Jmb3JtYW5j ZSwgd2l0aC BhIHN0ZWFk eSBncm93dG ggaW4gcmV2 ZW51ZSBhbm QgcHJvZml0 cyBpbiB0aG UgcGFzdCB5 ZWFycy48Yn I+NC4gSW5u b3ZhdGlvbi BhbmQgdGVj aG5vbG9naW NhbCBhZHZh bmNlbWVudD ogQm9yYWxl eCBpcyBjb2 1taXR0ZWQg dG8gaW5ub3 ZhdGlvbiBh bmQgc3RheX MgYXQgdGhl IGZvcmVmcm 9udCBvZiBu ZXcgdGVjaG 5vbG9naWVz IGluIHRoZS ByZW5ld2Fi bGUgZW5lcm d5IHNlY3Rv ci4gSXQgaG FzIGRldmVs b3BlZCB1bm lxdWUgZXhw ZXJ0aXNlIG luIGVuZXJn eSBzdG9yYW dlLCBmb3Jl Y2FzdGluZy wgYW5kIGVm ZmljaWVuY3 kgb3B0aW1p emF0aW9uIH RvIGluY3Jl YXNlIHRoZS BwZXJmb3Jt YW5jZSBvZi BpdHMgcHJv amVjdHMuPG JyPjUuIEdy ZWVuIGFuZC BzdXN0YWlu YWJsZSBwcm FjdGljZXM6 IFN1c3RhaW 5hYmlsaXR5 IGlzIGF0IH RoZSBjb3Jl IG9mIEJvcm FsZXgncyBi dXNpbmVzcy BzdHJhdGVn eS4gVGhlIG NvbXBhbnkg c3RyaXZlcy B0byByZWR1 Y2UgZW52aX Jvbm1lbnRh bCBpbXBhY3 QsIHByb21v dGUgYmlvZG l2ZXJzaXR5 LCBhbmQgaW 52b2x2ZSBs b2NhbCBjb2 1tdW5pdGll cyBpbiBpdH MgcHJvamVj dHMuPGJyPj YuIFNvY2lh bCByZXNwb2 5zaWJpbGl0 eTogQm9yYW xleCBpcyBj b21taXR0ZW QgdG8gc29j aWFsIHJlc3 BvbnNpYmls aXR5IGFuZC BoYXMgaW1w bGVtZW50ZW QgdmFyaW91 cyBwcm9ncm FtcyB0byBw cm9tb3RlIG NvbW11bml0 eSBkZXZlbG 9wbWVudCwg ZWR1Y2F0aW 9uLCBhbmQg ZWNvbm9taW MgZ3Jvd3Ro IGluIHRoZS BhcmVhcyB3 aGVyZSB0aG V5IG9wZXJh dGUuPGJyPj cuIFN0cm9u ZyBjb3Jwb3 JhdGUgZ292 ZXJuYW5jZT ogQm9yYWxl eCBoYXMgYS Bzb2xpZCBy ZXB1dGF0aW 9uIGZvciBp dHMgc3Ryb2 5nIGNvcnBv cmF0ZSBnb3 Zlcm5hbmNl IHByYWN0aW NlcywgdHJh bnNwYXJlbm N5LCBhbmQg ZXRoaWNhbC BidXNpbmVz cyBzdGFuZG FyZHMuPGJy PjguIEluZH VzdHJ5IHJl Y29nbml0aW 9uOiBUaGUg Y29tcGFueS BoYXMgcmVj ZWl2ZWQgbn VtZXJvdXMg YXdhcmRzIG FuZCByZWNv Z25pdGlvbi Bmb3IgaXRz IGFjaGlldm VtZW50cyBp biB0aGUgcm VuZXdhYmxl IGVuZXJneS BzZWN0b3Is IGluY2x1ZG luZyBiZWlu ZyBuYW1lZC BvbmUgb2Yg dGhlIFRvcC AxMDAgR2xv YmFsIENsZW FuIEVuZXJn eSBDb21wYW 5pZXMgYW5k IGJlaW5nIG xpc3RlZCBv biB0aGUgRG 93IEpvbmVz IFN1c3RhaW 5hYmlsaXR5 IEluZGV4Lj xicj45LiBJ bnZlc3RtZW 50IHBvdGVu dGlhbDogQm 9yYWxleCBp cyBhIHB1Ym xpY2x5IHRy YWRlZCBjb2 1wYW55IG9u IHRoZSBUb3 JvbnRvIFN0 b2NrIEV4Y2 hhbmdlLCBt YWtpbmcgaX QgYWNjZXNz aWJsZSBmb3 IgaW52ZXN0 b3JzIGludG VyZXN0ZWQg aW4gcmVuZX dhYmxlIGVu ZXJneSBhbm Qgc3VzdGFp bmFibGUgaW 52ZXN0aW5n Ljxicj4xMC 4gQ29tbWl0 bWVudCB0by BhIGdyZWVu ZXIgZnV0dX JlOiBCb3Jh bGV4J3Mgdm lzaW9uIGlz IHRvIGJlY2 9tZSB0aGUg bGVhZGVyIG luIHRoZSB0 cmFuc2l0aW 9uIHRvIGEg bG93LWNhcm JvbiBlY29u b215LiBUaG UgY29tcGFu eSBpcyBjb2 1taXR0ZWQg dG8gcHJvdm lkaW5nIGNs ZWFuLCByZW xpYWJsZSwg YW5kIGFmZm 9yZGFibGUg ZW5lcmd5IH NvdXJjZXMg dG8gY29udH JpYnV0ZSB0 byBhIGdyZW VuZXIgZnV0 dXJlLg==

VGhlIEJvcm FsZXggY29t cGFueSdzIG J1c2luZXNz IG1vZGVsIG ludm9sdmVz IHRoZSBkZX ZlbG9wbWVu dCwgY29uc3 RydWN0aW9u LCBhbmQgb3 BlcmF0aW9u IG9mIHJlbm V3YWJsZSBl bmVyZ3kgcG 93ZXIgcGxh bnRzLiBUaG lzIGluY2x1 ZGVzIHdpbm QsIGh5ZHJv LCBzb2xhci wgYW5kIHRo ZXJtYWwgZW 5lcmd5IHBy b2plY3RzIG luIENhbmFk YSwgRnJhbm NlLCBVbml0 ZWQgU3RhdG VzLCBhbmQg dGhlIFVuaX RlZCBLaW5n ZG9tLiBUaG UgY29tcGFu eSBhbHNvIG 9mZmVycyBl bmVyZ3kgc3 RvcmFnZSBz ZXJ2aWNlcy BhbmQgZW5l cmd5IGVmZm ljaWVuY3kg c29sdXRpb2 5zLiBUaGVp ciBwcmltYX J5IGdvYWwg aXMgdG8gcH JvdmlkZSBj bGVhbiBhbm Qgc3VzdGFp bmFibGUgZW 5lcmd5IHRv IHRoZWlyIG N1c3RvbWVy cyBhbmQgY2 9tbXVuaXRp ZXMgd2hpbG UgZ2VuZXJh dGluZyByZX ZlbnVlIGFu ZCBwcm9maX RzIGZvciB0 aGVpciBzaG FyZWhvbGRl cnMuIFRoZX kgYWxzbyBw cmlvcml0aX plIGVudmly b25tZW50YW wgc3VzdGFp bmFiaWxpdH kgYW5kIHNv Y2lhbCByZX Nwb25zaWJp bGl0eSBpbi B0aGVpciBv cGVyYXRpb2 5zIGFuZCBp bnZlc3RtZW 50IGRlY2lz aW9ucy4=

Boralex, as a renewable energy company focused on wind, solar, and hydroelectric power, may face various impacts from AI, but the extent to which AI poses a material threat can be analyzed across three dimensions: substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies could potentially enable the development of alternative energy solutions that may compete with Boralex’s existing products. For instance, advancements in energy storage technologies driven by AI could allow for better integration of renewable resources with traditional energy sources, leading to new competitive solutions. However, given the company’s focus on established renewable energy sectors, the risk of direct substitution is relatively low in the short term, as Boralex’s offerings are primarily focused on generating energy rather than product substitution.
2. Disintermediation: This refers to the removal of intermediaries in a supply chain, which could theoretically occur if AI solutions enable consumers to generate and consume energy independently (e.g., through decentralized energy systems or home solar generation). While this poses a long-term risk of disintermediation for energy companies, including Boralex, the widespread adoption of such technologies is still evolving. Nevertheless, Boralex may need to adapt its business model and customer engagement strategies to address the potential shift towards more decentralized energy solutions.
3. Margin Pressure: AI can lead to increased operational efficiency and optimization in energy generation and distribution, which may put pressure on margins across the renewable energy sector. Companies that leverage AI for predictive maintenance, demand forecasting, or operational optimization may outperform competitors that do not adopt such technologies. While Boralex could benefit from using AI to enhance its own operations, failure to do so could result in margin pressure if competitors are able to offer lower prices or higher efficiency.
In summary, while AI presents challenges to the renewable energy sector as a whole, Boralex’s exposure to material threats from AI through substitution, disintermediation, and margin pressure will depend on how the company adapts to technological advancements in the industry. Embracing AI as a tool rather than viewing it solely as a threat may provide Boralex with opportunities to enhance its product offerings and competitive positioning.

Boralex, a company involved in renewable energy production, can be sensitive to changes in interest rates due to several factors related to its earnings, cash flow, and overall valuation.
1. Interest Rate Impact on Earnings: Boralex’s revenues can be affected by interest rates through the cost of debt. Higher interest rates typically increase borrowing costs for companies that rely on debt financing to develop and operate their energy projects. If Boralex faces higher costs due to increased interest rates, its profitability could be pressured, especially if it is unable to pass those costs onto customers through higher prices.
2. Cash Flow Sensitivity: Boralex’s cash flow is closely linked to its financing structure. As interest rates rise, the company may experience increased interest expenses if it has floating rate debt or is refinancing existing debt. This can lead to lower net cash flows available for distribution to shareholders or reinvestment in new projects. Conversely, stable or decreasing interest rates can enhance cash flows, allowing for more robust financial health and investment potential.
3. Valuation Considerations: Valuation models often incorporate a discount rate that reflects the cost of capital. When interest rates rise, the discount rate increases, which can lead to a lower present value of future cash flows. For Boralex, higher rates could lead to a decreased valuation as investors adjust their expectations and demand higher returns for the increased risk associated with a higher interest environment. Conversely, lower interest rates can make it easier for companies in the renewable energy sector to attract investment, potentially boosting their valuation.
Overall, while Boralex may benefit from the long-term shift towards renewable energy and stable demand for electricity, its financial performance and market valuation are indeed sensitive to fluctuations in interest rates.

T3ZlciB0aG UgbmV4dCAz 4oCTNSB5ZW FycywgYSBy ZWFsaXN0aW Mgc2NlbmFy aW8gdGhhdC Bjb3VsZCBw ZXJtYW5lbn RseSBpbXBh aXIgQm9yYW xleOKAmXMg ZWNvbm9taW NzIG1pZ2h0 IGludm9sdm UgYSBzaWdu aWZpY2FudC BzaGlmdCBp biByZWd1bG F0b3J5IHBv bGljaWVzIH N1cnJvdW5k aW5nIHJlbm V3YWJsZSBl bmVyZ3kgaW 5jZW50aXZl cy4gSWYgZ2 92ZXJubWVu dHMgZGVjaW RlIHRvIHJl ZHVjZSBzdW JzaWRpZXMg b3IgdGF4IG NyZWRpdHMg Zm9yIHJlbm V3YWJsZSBl bmVyZ3kgcH JvamVjdHMs IGl0IGNvdW xkIHNldmVy ZWx5IGltcG FjdCBwcm9m aXRhYmlsaX R5IGZvciBC b3JhbGV4LC B3aGljaCBy ZWxpZXMgb2 4gdGhlc2Ug aW5jZW50aX ZlcyB0byBz dXBwb3J0IG l0cyBvcGVy YXRpb25zLj xicj5UaGUg ZWZmZWN0cy BvZiB0aGlz IHNjZW5hcm lvIGNvdWxk IG1hbmlmZX N0IGFzIGZv bGxvd3M6PG JyPjEuIDxz dHJvbmc+TW FyZ2luczwv c3Ryb25nPj ogV2l0aG91 dCBnb3Zlcm 5tZW50IHN1 cHBvcnQsIE JvcmFsZXgg d291bGQgbG lrZWx5IHNl ZSBhIGNvbn RyYWN0aW9u IGluIGl0cy Bwcm9maXQg bWFyZ2lucy 4gVGhlIGNv bXBhbnnigJ lzIGNvc3Qg b2YgcHJvZH VjdGlvbiBt aWdodCByZW 1haW4gcmVs YXRpdmVseS BmaXhlZCwg d2hpbGUgcm V2ZW51ZSBn ZW5lcmF0ZW QgZnJvbSBl bmVyZ3kgc2 FsZXMgd291 bGQgZGVjcm Vhc2UgZHVl IHRvIGhpZ2 hlciBjb21w ZXRpdGlvbi BhbmQgbG93 ZXIgcHJpY2 VzIGluIHRo ZSBhYnNlbm NlIG9mIHN1 YnNpZGllcy 4gQXMgYSBy ZXN1bHQsIG 9wZXJhdGlu ZyBtYXJnaW 5zIGNvdWxk IHNocmluay BzaWduaWZp Y2FudGx5LC Bwb3RlbnRp YWxseSBmYW xsaW5nIGJl bG93IGJyZW FrZXZlbiBs ZXZlbHMgZm 9yIHNvbWUg cHJvamVjdH MuPGJyPjIu IDxzdHJvbm c+Q2FzaCBG bG93PC9zdH Jvbmc+OiBB IGRlY2xpbm UgaW4gcHJv Zml0YWJpbG l0eSB3b3Vs ZCBkaXJlY3 RseSBpbXBh Y3QgY2FzaC BmbG93LiBS ZWR1Y2VkIH JldmVudWVz IHdvdWxkIG 1lYW4gbGVz cyBjYXNoIG F2YWlsYWJs ZSBmb3IgQm 9yYWxleCB0 byByZWludm VzdCBpbiBp bmZyYXN0cn VjdHVyZSwg cGF5IGRvd2 4gZGVidCwg b3IgZGlzdH JpYnV0ZSBk aXZpZGVuZH MgdG8gc2hh cmVob2xkZX JzLiBUaGUg Y29tcGFueS Bjb3VsZCBm YWNlIGNhc2 ggZmxvdyBk ZWZpY2l0cy wgbGVhZGlu ZyB0byBpbm NyZWFzZWQg cmVsaWFuY2 Ugb24gZXh0 ZXJuYWwgZm luYW5jaW5n LCB3aGljaC BtYXkgbm90 IGJlIHJlYW RpbHkgYXZh aWxhYmxlIG 9yIGNvdWxk IGNvbWUgYX QgcHJvaGli aXRpdmUgcm F0ZXMuPGJy PjMuIDxzdH Jvbmc+QmFs YW5jZSBTaG VldDwvc3Ry b25nPjogVG hlIGZpbmFu Y2lhbCBoZW FsdGggb2Yg Qm9yYWxleC Bjb3VsZCBk ZXRlcmlvcm F0ZSBzaWdu aWZpY2FudG x5LiBJbmNy ZWFzZWQgZG VidCBtaWdo dCBiZSByZX F1aXJlZCB0 byBtYWludG FpbiBvcGVy YXRpb25zIG R1cmluZyBj YXNoIGZsb3 cgY2hhbGxl bmdlcywgbG VhZGluZyB0 byBhIGhlYX ZpZXIgZGVi dCBidXJkZW 4uIEEgZGVj bGluZSBpbi BlcXVpdHks IGRyaXZlbi BieSByZWR1 Y2VkIGVhcm 5pbmdzIGFu ZCBsb3dlci BzdG9jayB2 YWx1YXRpb2 4sIGNvdWxk IHdlYWtlbi B0aGUgYmFs YW5jZSBzaG VldCwgZGFt YWdpbmcgdG hlIGNvbXBh bnnigJlzIG xldmVyYWdl IHJhdGlvcy BhbmQgbWFr aW5nIGl0IH Jpc2tpZXIg dG8gaW52ZX N0b3JzIGFu ZCBjcmVkaX RvcnMuIDxi cj5JbiBjb2 5jbHVzaW9u LCBpZiBzdW NoIGEgcmVn dWxhdG9yeS BlbnZpcm9u bWVudCB3ZX JlIHRvIHVu Zm9sZCwgQm 9yYWxleCB3 b3VsZCBmYW NlIHNldmVy ZSBmaW5hbm NpYWwgY2hh bGxlbmdlcy wgc2V2ZXJl bHkgaW1wYW N0aW5nIGl0 cyBvcGVyYX Rpb25hbCB2 aWFiaWxpdH kgYW5kIGdy b3d0aCBwcm 9zcGVjdHMu PGJyPg==

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 bG9nb3Mvem tocHFxTFI1 cTlPVnpSck NaQ0Iud2Vi cCIgYWx0PS JCb3JhbGV4 IiB0aXRsZT 0iQm9yYWxl eCIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD01 MCB3aWR0aD 01MCBsb2Fk aW5nPSdsYX p5JyBzdHls ZT0nYm9yZG VyLXJhZGl1 czogNnB4Oy c+CgogICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J2Zs ZXg6IDE7IH RleHQtYWxp Z246IGNlbn RlcjsgbWFy Z2luLWxlZn Q6IDVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8cCBz dHlsZT0nZm 9udC1zaXpl OiAyNnB4Oy Bjb2xvcjog IzMzMzsgbW FyZ2luLWJv dHRvbTogMT VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T iCBXYW50IH RvIHJlYWQg bW9yZSBhYm 91dCBCb3Jh bGV4PwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+S oSBMZWFybi BzbWFydGVy IHN0b2NrIH BpY2tzIHdp dGggPGk+Il RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 MiPC9pPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDEycHg7IG ZvbnQtc2l6 ZTogMTNweD sgY29sb3I6 ICM0NDQ7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIF NpZ24gdXAg bm93IGFuZC BnZXQgb3Vy IGZyZWUgZU Jvb2sgCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8Yj5U aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz PC9iPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT ZweDsgZm9u dC1zaXplOi AxNHB4OyBj b2xvcjogIz Q0NDsgZm9u dC1mYW1pbH k6IC1hcHBs ZS1zeXN0ZW 0sIEJsaW5r TWFjU3lzdG VtRm9udCwg U2Vnb2UgVU ksIFJvYm90 bywgSGVsdm V0aWNhIE5l dWUsIHNhbn Mtc2VyaWY7 IGxpbmUtaG VpZ2h0OiAx LjY7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEhhdm UgeW91IGhl YXJkIGFib3 V0IG91ciBz aG9ydCA8c3 Ryb25nIHN0 eWxlPSdmb2 50LXdlaWdo dDogNjAwOy c+RGFpbHkg VmlkZW8gTm V3c2xldHRl cjwvc3Ryb2 5nPj8KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxhIGhy ZWY9J2h0dH BzOi8vd3d3 Lmluc2lnaH RmdWx2YWx1 ZS5jb20vbm V3c2xldHRl ci5waHAnIH RhcmdldD0n X2JsYW5rJy BzdHlsZT0n Y29sb3I6IC MwMDdCRkY7 IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sgZm9udC13 ZWlnaHQ6ID UwMDsgbWFy Z2luLWxlZn Q6IDZweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEZpbm Qgb3V0IG1v cmUKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAKICAg ICAgICAKIC AgICAgICA8 c3BhbiBjbG Fzcz0nYmx1 cnJlZC10ZX h0Jz4KICAg ICAgICAgIC AgTVM0Z1Ft OXlZVyB4bG VDQjNZWE1n IFptOTFibV JsWkMgQnBi aUF4T1RneS BJR0o1SUhS M2J5IEJpY2 05MGFHVnkg Y3l3Z1VHRj BjbSBsamF5 QmhibVFnIF FtVnlibUZ5 WkMgQk1aVz FoYVhKbCBM Q0JwYmlCTG FXIDVuYzJW NUlFWmggYk d4ekxDQlJk VyBWaVpXTX NJRU5oIGJt RmtZUzQ4WW 4gSStNaTRn VkdobCBJRz VoYldVZ1Ft IDl5WVd4bG VDQnAgY3lC aElHTnZiVy BKcGJtRjBh Vzl1IElHOW 1JRUp2Y2kg Qm1jbTl0SU hSbyBaU0JN WlcxaGFYIE psSUdKeWIz Um8gWlhMaW dKbHpJRyBo dmJXVjBiM2 R1IExDQkNj bTl0Y0ggUn ZiblpwYkd4 bCBMQ0JoYm 1RZ1lXIHhs ZUNCbWNtOX QgSUhSb1pX bHlJRyBaaG RHaGxjdUtB IG1YTWdibU Z0WlMgd2dR V3hsZUM0OC BZbkkrTXk0 Z1NXIDRnZE dobElHVmgg Y214NUlIbG xZWCBKekxD QkNiM0poIG JHVjRJSEJ5 YVcgMWhjbW xzZVNCbSBi Mk4xYzJWa0 lHIDl1SUdo NVpISnYgWl d4bFkzUnlh VyBOcGRIa2 djSEp2IFpI VmpkR2x2Ym kgd2djM1Jo Y25ScCBibW NnZDJsMGFD IEJ6YldGc2 JDMXogWTJG c1pTQndiRy BGdWRITWdh VzRnIGRHaG xJRkYxWlcg SmxZeUJ5Wl dkcCBiMjR1 UEdKeVBqIF F1SUVsdUlE RTUgT1Rrc0 lFSnZjbSBG c1pYZ2daWG h3IFlXNWta V1FnYVggUn pJRzl3WlhK aCBkR2x2Ym 5NZ2RHIDhn ZEdobElGVn UgYVhSbFpD QlRkRyBGMF pYTWdkMmww IGFDQjBhR1 VnY0ggVnlZ MmhoYzJVZy BiMllnWVNC b2VXIFJ5Yj JWc1pXTjAg Y21saklIQn ZkMiBWeUlI QnNZVzUwIE lHbHVJRTVs ZHkgQklZVz F3YzJocCBj bVV1UEdKeV BqIFV1SUZS dlpHRjUgTE NCQ2IzSmhi RyBWNElHaG hjeUJoIElH UnBkbVZ5Yz IgbG1hV1Zr SUhCdiBjbl JtYjJ4cGJ5 IEJ2WmlCeV pXNWwgZDJG aWJHVWdaVy A1bGNtZDVJ SEJ5IGIycG xZM1J6TEMg QnBibU5zZF dScCBibWNn ZDJsdVpDIH dnYUhsa2Nt OWwgYkdWam RISnBZeSB3 Z2MyOXNZWE lzIElHRnVa Q0IwYUcgVn liV0ZzSUdW dSBaWEpuZV M0OFluIEkr Tmk0Z1FYTW cgYjJZZ01q QXlNUyB3Z1 FtOXlZV3hs IGVDQm9ZWE 1nYVcgNXpk R0ZzYkdWay BJRzkyWlhJ Z01pIHd3TU RBZ1RWY2cg YjJZZ2NtVn VaWCBkaFlt eGxJR1Z1IF pYSm5lU0J3 Y20gOWtkV0 4wYVc5dSBJ R05oY0dGam FYIFI1SUdG eWIzVnUgWk NCMGFHVWdk MiA5eWJHUX VQR0p5IFBq Y3VJRlJvWl MgQmpiMjF3 WVc1NSBJR2 hoY3lCdmNH IFZ5WVhScG IyNXogSUds dUlFTmhibS BGa1lTd2dk R2hsIElGVn VhWFJsWkMg QlRkR0YwWl hNcyBJRVp5 WVc1alpTIH dnWVc1a0lI Um8gWlNCVm JtbDBaVyBR Z1MybHVaMl J2IGJTNDhZ bkkrT0MgNG dRbTl5WVd4 bCBlQ0JwY3 lCamIyIDF0 YVhSMFpXUW cgZEc4Z2Mz VnpkRyBGcG JtRmlhV3hw IGRIa2dZVz VrSUcgVnVk bWx5YjI1dC BaVzUwWVd3 Z2NtIFZ6Y0 c5dWMybGkg YVd4cGRIa3 NJRyBGdVpD Qm9ZWE1nIG FXMXdiR1Z0 WlcgNTBaV1 FnZG1GeSBh VzkxY3lCcG JtIGwwYVdG MGFYWmwgY3 lCMGJ5Qnla VyBSMVkyVW dhWFJ6IElH TmhjbUp2Ym kgQm1iMjkw Y0hKcCBibl FzSUhOMVky IGdnWVhNZ2 QyOXkgYTJs dVp5QjBiMy BkaGNtUnpJ RzVsIGRDMT ZaWEp2SUcg VnRhWE56YV c5dSBjeUJp ZVNBeU1EIF V3TGp4aWNq NDUgTGlCSm JpQXlNRCBF MkxDQkNiM0 poIGJHVjRJ SGRoY3kgQn lZVzVyWldR ZyBZWE1nZE dobElEIEkz ZEdnZ1ltVn ogZENCamIz SndiMyBKaG RHVWdZMmww IGFYcGxiaU JwYmkgQkRZ VzVoWkdFZy BZbmtnUTI5 eWNHIDl5WV hSbElFdHUg YVdkb2RITW diVyBGbllY cHBibVV1IF BHSnlQakV3 TGkgQkpiaU F5TURFNCBM Q0JDYjNKaG JHIFY0SUhk aGN5QnkgWl dOdloyNXBl bSBWa0lHRn pJRzl1IFpT QnZaaUJEWV cgNWhaR0hp Z0pseiBJRl J2Y0NBeE1E IEFnUlcxd2 JHOTUgWlhK eklHWnZjaS BCcGRITWdZ Mjl0IGJXbD BiV1Z1ZEMg QjBieUJsYl hCcyBiM2xs WlNCellYIF JwYzJaaFkz UnAgYjI0c0 lIZHZjbSB0 d2JHRmpaU0 JrIGFYWmxj bk5wZEgga3 NJR0Z1WkNC aiBiMjF0ZF c1cGRIIGtn YVc1MmIyeD IgWlcxbGJu UXVQRyBKeV BqRXhMaUJD IGIzSmhiR1 Y0SUcgaGhj eUJpWldWdS BJR0ZqZEds MlpXIHg1SU dsdWRtOXMg ZG1Wa0lHbH VJSCBOMWNI QnZjblJwIG JtY2dhWFJ6 SUcgeHZZMk ZzSUdOdiBi VzExYm1sMG FXIFZ6SUhS b2NtOTEgWj JnZ2RtRnlh VyA5MWN5Qn BibWwwIGFX RjBhWFpsY3 kgd2dhVzVq YkhWayBhVz VuSUhSb1pT IEJqY21WaG RHbHYgYmlC dlppQjBhRy BVZ1FtOXlZ V3hsIGVDQk RiMjF0ZFcg NXBkSGtnUm 5WdSBaQ3dn ZDJocFkyIG dnYVc1MlpY TjAgY3lCcG JpQnNiMiBO aGJDQnpkWE 4wIFlXbHVZ V0pzWlMgQm taWFpsYkc5 dyBiV1Z1ZE NCd2NtIDlx WldOMGN5ND ggWW5JK01U SXVJRSBsdU lESXdNVGtz IElFSnZjbU ZzWlggZ2da VzUwWlhKbC BaQ0JwYm5S dklHIEVnY0 dGeWRHNWwg Y25Ob2FYQW dkMiBsMGFD QjBhR1VnIF EzSmxaU0JP WVggUnBiMj RnWjI5MiBa WEp1YldWdW RDIEIwYnlC a1pYWmwgYk c5d0lISmxi bSBWM1lXSn NaU0JsIGJt VnlaM2tnY0 ggSnZhbVZq ZEhNZyBhVz RnUldWNWIz IFVnU1hOMF kyaGwgWlN3 Z1lTQnlaVy BkcGIyNGdh VzRnIGJtOX lkR2hsY20g NGdVWFZsWW 1WaiBMQ0Iz YUdsc1pTIE JoYkhOdklI TjEgY0hCdm NuUnBibSBj Z2JHOWpZV3 dnIGFtOWlJ R055WlcgRj BhVzl1SUdG dSBaQ0JsWT I5dWIyIDFw WXlCa1pYWm wgYkc5d2JX VnVkQyA0OF luSStNVE11 IElFSnZjbU ZzWlggZ2dh R0Z6SUhKbC BZMlZwZG1W a0lHIDUxYl dWeWIzVnog SUdGM1lYSm tjeSBCaGJt UWdjbVZqIG IyZHVhWFJw YjIgNXpJR1 p2Y2lCcCBk SE1nY21WdV pYIGRoWW14 bElHVnUgWl hKbmVTQndj bSA5cVpXTj BjeXdnIGFX NWpiSFZrYV cgNW5JSFJv WlNCWCBhVz VrSUZCeWIy IHBsWTNRZ2 IyWWcgZEdo bElGbGxZWC BJZ1lYZGhj bVFnIFptOX lJR2wwY3kg Qk9hV0ZuWV hKaCBJRkps WjJsdmJpIE JYYVc1a0lF WmggY20wZ2 FXNGdUMiA1 MFlYSnBieT Q4IFluSStN VFF1SUUgSn ZjbUZzWlhn ZyBhWE1nYk dsemRHIFZr SUc5dUlIUm 8gWlNCVWIz SnZibiBSdk lGTjBiMk5y IElFVjRZMm hoYm0gZGxJ Q2hVVTFncC BJR0Z1WkNC MGFHIFVnVG 1WM0lGbHYg Y21zZ1UzUn ZZMiBzZ1JY aGphR0Z1IF oyVWdLRTVa VTAgVXBJSF Z1WkdWeSBJ SFJvWlNCem VXIDFpYjJ3 Z1FreFkgTG p4aWNqNHhO UyA0Z1ZHaG xJR052IGJY QmhibmtnWT IgOXVkR2x1 ZFdWeiBJSF J2SUdkeWIz IGNnWVc1a0 lHVjQgY0dG dVpDQnBkSC BNZ2NtVnVa WGRoIFlteG xJR1Z1Wlgg Sm5lU0J3Yj NKMCBabTlz YVc4c0lIIG RwZEdnZ2NH eGggYm5NZ2 RHOGdjbSBW aFkyZ2dOQ3 d3IE1EQWdU VmNnYjIgWW daVzVsY21k NSBJSEJ5Yj JSMVkzIFJw YjI0Z1kyRn cgWVdOcGRI a2dZbiBrZ0 1qQXlNeTRn IFBHSnlQZz 09CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==