Hammond Power Solutions

-7.77%

Live  

Hammond Power Solutions (HPS) is a global manufacturer of dry-type electrical transformers, reactors, and related components. The company was founded in 1917 and is headquartered in Guelph, Ontario, Canada. HPS has several manufacturing facilities in Canada, the United States, Mexico, India, and Italy.
HPS primarily serves the electrical power and distribution industry, providing transformers and related products for a variety of applications, including industrial, commercial, and renewable energy projects. The company’s products are used in a wide range of industries, such as oil and gas, mining, pulp and paper, and water treatment.
HPS is committed to sustainability and has implemented numerous initiatives to reduce its environmental impact. These include using recycled materials, implementing energy-efficient processes, and reducing waste.
HPS has a global footprint, with sales and distribution networks in over 80 countries. The company is known for its high-quality products, efficient production processes, and excellent customer service. HPS has received several awards for its products and services, including the Canada’s Best Managed Companies award and the Top 50 Best Places to Work award.
In addition to its manufacturing capabilities, HPS offers custom engineering and design services for specialized transformer solutions. The company also provides training and technical support for its products.

SGFtbW9uZC BQb3dlciBT b2x1dGlvbn MgaXMgYSBj b21wYW55IH RoYXQgbWFr ZXMgc3BlY2 lhbCBlbGVj dHJpY2FsIH BhcnRzIGNh bGxlZCB0cm Fuc2Zvcm1l cnMuIFRoaW 5rIG9mIGEg dHJhbnNmb3 JtZXIgbGlr ZSBhIGhlbH BlciBmb3Ig ZWxlY3RyaW NpdHkuIEp1 c3QgbGlrZS Bob3cgeW91 IG1pZ2h0IG 5lZWQgYSBi YXR0ZXJ5IG ZvciB5b3Vy IHRveSB0by B3b3JrLCB0 cmFuc2Zvcm 1lcnMgaGVs cCBtb3ZlIG VsZWN0cmlj aXR5IGFyb3 VuZCBzbyBp dCBjYW4gcG 93ZXIgdGhp bmdzIGluIG hvbWVzLCBm YWN0b3JpZX MsIGFuZCBi dWlsZGluZ3 Mgc2FmZWx5 IGFuZCBlZm ZpY2llbnRs eS48YnI+VG hlIGNvbXBh bnkgbWFrZX MgbW9uZXkg Ynkgc2VsbG luZyB0aGVz ZSB0cmFuc2 Zvcm1lcnMg YW5kIG90aG VyIHJlbGF0 ZWQgcHJvZH VjdHMgdG8g YnVzaW5lc3 NlcyBhbmQg bWFudWZhY3 R1cmVycyB3 aG8gbmVlZC B0aGVtLiBU aGVzZSBjdX N0b21lcnMg dXNlIEhhbW 1vbmTigJlz IHByb2R1Y3 RzIHRvIGtl ZXAgdGhlaX IgbWFjaGlu ZXMgYW5kIG VxdWlwbWVu dCBydW5uaW 5nIHByb3Bl cmx5LiBTaW 5jZSBlbGVj dHJpY2l0eS BpcyB1c2Vk IGV2ZXJ5d2 hlcmUsIHRo ZXJl4oCZcy BhbHdheXMg YSBkZW1hbm QgZm9yIHRy YW5zZm9ybW Vycy48YnI+ SGFtbW9uZC BpcyBzdWNj ZXNzZnVsIG ZvciBhIGZl dyByZWFzb2 5zLiBGaXJz dCwgdGhleS BoYXZlIGJl ZW4gYXJvdW 5kIGZvciBh IGxvbmcgdG ltZSwgc2lu Y2UgMTkxNy wgc28gdGhl eSBrbm93IG EgbG90IGFi b3V0IGhvdy B0byBtYWtl IHF1YWxpdH kgcHJvZHVj dHMuIFNlY2 9uZCwgdGhl eSBmb2N1cy BvbiBtYWtp bmcgdGhlaX IgdHJhbnNm b3JtZXJzIH ZlcnkgcmVs aWFibGUsIG Vuc3VyaW5n IHRoYXQgdG hlaXIgY3Vz dG9tZXJzIG NhbiB0cnVz dCB0aGVtLi BHb29kIHF1 YWxpdHkgaG VscHMga2Vl cCBjdXN0b2 1lcnMgY29t aW5nIGJhY2 sgZm9yIG1v cmUuPGJyPk ZvciB0aGUg ZnV0dXJlLC BIYW1tb25k IFBvd2VyIF NvbHV0aW9u cyBpcyBsaW tlbHkgdG8g Y29udGludW UgZG9pbmcg d2VsbCBiZW NhdXNlIHRo ZXJlIGFyZS Bsb3RzIG9m IG5ldyB0ZW Nobm9sb2dp ZXMgYmVpbm cgZGV2ZWxv cGVkIHRoYX QgbmVlZCBi ZXR0ZXIgYW 5kIG1vcmUg ZWZmaWNpZW 50IHdheXMg dG8gbWFuYW dlIGVsZWN0 cmljaXR5LC BsaWtlIHNv bGFyIGVuZX JneSBhbmQg ZWxlY3RyaW MgdmVoaWNs ZXMuIEFzIH RoZXNlIHRl Y2hub2xvZ2 llcyBncm93 LCBIYW1tb2 5kIGNhbiBj cmVhdGUgbm V3IHByb2R1 Y3RzIHRvIG 1lZXQgdGhv c2UgbmVlZH MuIEFsc28s IGJlaW5nIG Egc3Ryb25n IGNvbXBhbn kgd2l0aCBh IGdvb2Qgcm VwdXRhdGlv biBtZWFucy B0aGV5IGNh biBhZGFwdC BhbmQgc3Rh eSByZWxldm FudCBpbiBh IGNoYW5naW 5nIHdvcmxk LiBUaGlzIG NvbWJpbmF0 aW9uIG9mIG V4cGVyaWVu Y2UsIHF1YW xpdHksIGFu ZCB3aWxsaW 5nbmVzcyB0 byBlbWJyYW NlIG5ldyBp ZGVhcyB3aW xsIGhlbHAg SGFtbW9uZC BQb3dlciBT b2x1dGlvbn Mgc3RheSBz dWNjZXNzZn VsIGZvciBt YW55IHllYX JzIHRvIGNv bWUuPGJyPg ==

MS4gSGlnaG x5IFNwZWNp YWxpemVkIF Byb2R1Y3Rz OiBIYW1tb2 5kIFBvd2Vy IFNvbHV0aW 9ucyBpcyBh IGxlYWRpbm cgbWFudWZh Y3R1cmVyIG 9mIGRyeS10 eXBlIGFuZC BjYXN0IHJl c2luIHRyYW 5zZm9ybWVy cyBhbmQgcm VsYXRlZCBt YWduZXRpYy Bwcm9kdWN0 cy4gVGhleS BoYXZlIG92 ZXIgMTAwIH llYXJzIG9m IGV4cGVyaW VuY2UgaW4g ZGVzaWduaW 5nIGFuZCBw cm9kdWNpbm cgaGlnaC1x dWFsaXR5LC BjdXN0b21p emVkIHRyYW 5zZm9ybWVy cyBmb3IgYS B2YXJpZXR5 IG9mIGluZH VzdHJpZXMu PGJyPjIuIE xhcmdlIEds b2JhbCBQcm VzZW5jZTog V2l0aCBmYW NpbGl0aWVz IGluIENhbm FkYSwgdGhl IFVTQSwgTW V4aWNvLCBJ dGFseSwgYW 5kIENoaW5h LCBIYW1tb2 5kIFBvd2Vy IFNvbHV0aW 9ucyBoYXMg YSBzaWduaW ZpY2FudCBn bG9iYWwgcH Jlc2VuY2Uu IFRoaXMgYW xsb3dzIHRo ZW0gdG8gc2 VydmUgY3Vz dG9tZXJzIG Fyb3VuZCB0 aGUgd29ybG QgYW5kIHBy b3ZpZGUgcX VpY2sgdHVy bmFyb3VuZC B0aW1lcyBv biBvcmRlcn MuPGJyPjMu IEluZHVzdH J5IEV4cGVy dGlzZTogVG hlIGNvbXBh bnkgaGFzIG J1aWx0IGEg c3Ryb25nIH JlcHV0YXRp b24gZm9yIG JlaW5nIGFu IGluZHVzdH J5IGV4cGVy dCBpbiB0cm Fuc2Zvcm1l ciBkZXNpZ2 4gYW5kIHBy b2R1Y3Rpb2 4uIFRoZXkg Y29udGludW 91c2x5IGlu dmVzdCBpbi ByZXNlYXJj aCBhbmQgZG V2ZWxvcG1l bnQgdG8gc3 RheSBhaGVh ZCBvZiBpbm R1c3RyeSB0 cmVuZHMgYW 5kIG1lZXQg dGhlIGV2b2 x2aW5nIG5l ZWRzIG9mIH RoZWlyIGN1 c3RvbWVycy 48YnI+NC4g SGlnaC1RdW FsaXR5IFN0 YW5kYXJkcz ogSGFtbW9u ZCBQb3dlci BTb2x1dGlv bnMgaXMgY2 9tbWl0dGVk IHRvIHByb2 R1Y2luZyBo aWdoLXF1YW xpdHkgdHJh bnNmb3JtZX JzIHRoYXQg bWVldCBvci BleGNlZWQg aW50ZXJuYX Rpb25hbCBz dGFuZGFyZH MgZm9yIHBl cmZvcm1hbm NlIGFuZCBy ZWxpYWJpbG l0eS4gVGhl eSBoYXZlIG 51bWVyb3Vz IGNlcnRpZm ljYXRpb25z IGFuZCBhY2 NyZWRpdGF0 aW9uLCBzdW NoIGFzIElT TyA5MDAxIG FuZCBJU08g MTQwMDEsIH doaWNoIGRl bW9uc3RyYX RlIHRoZWly IGNvbW1pdG 1lbnQgdG8g cXVhbGl0eS 48YnI+NS4g Q3VzdG9tIF NvbHV0aW9u czogVGhlIG NvbXBhbnkg cHJpZGVzIG l0c2VsZiBv biBpdHMgYW JpbGl0eSB0 byBwcm92aW RlIGN1c3Rv bWl6ZWQgc2 9sdXRpb25z IHRvIG1lZX QgdGhlIHVu aXF1ZSBuZW VkcyBvZiB0 aGVpciBjdX N0b21lcnMu IFdpdGggYS B0ZWFtIG9m IGV4cGVyaW VuY2VkIGVu Z2luZWVycy BhbmQgYSBt b2Rlcm4gbW FudWZhY3R1 cmluZyBmYW NpbGl0eSwg dGhleSBoYX ZlIHRoZSBj YXBhYmlsaX RpZXMgdG8g ZGVzaWduIG FuZCBwcm9k dWNlIHRyYW 5zZm9ybWVy cyBmb3Igdm FyaW91cyBh cHBsaWNhdG lvbnMuPGJy PjYuIEZvY3 VzIG9uIFN1 c3RhaW5hYm lsaXR5OiBI YW1tb25kIF Bvd2VyIFNv bHV0aW9ucy BpcyBjb21t aXR0ZWQgdG 8gc3VzdGFp bmFibGUgYn VzaW5lc3Mg cHJhY3RpY2 VzIGFuZCBp bmNvcnBvcm F0ZXMgZW52 aXJvbm1lbn RhbGx5IGZy aWVuZGx5IH Byb2Nlc3Nl cyBpbiB0aG VpciBvcGVy YXRpb25zLi BUaGV5IHN0 cml2ZSB0by ByZWR1Y2Ug dGhlaXIgY2 FyYm9uIGZv b3RwcmludC BhbmQgcHJv bW90ZSB0aG UgdXNlIG9m IGVuZXJneS 1lZmZpY2ll bnQgcHJvZH VjdHMuPGJy PjcuIFN0cm 9uZyBDdXN0 b21lciBSZW xhdGlvbnNo aXBzOiBUaG UgY29tcGFu eSB2YWx1ZX Mgc3Ryb25n LCBsb25nLX Rlcm0gcmVs YXRpb25zaG lwcyB3aXRo IHRoZWlyIG N1c3RvbWVy cyBhbmQgZ2 9lcyBhYm92 ZSBhbmQgYm V5b25kIHRv IG1lZXQgdG hlaXIgbmVl ZHMuIFRoZX kgb2ZmZXIg dGVjaG5pY2 FsIHN1cHBv cnQsIHRyYW luaW5nLCBh bmQgb3RoZX IgcmVzb3Vy Y2VzIHRvIG Vuc3VyZSB0 aGVpciBjdX N0b21lcnMg Z2V0IHRoZS Btb3N0IG91 dCBvZiB0aG VpciBwcm9k dWN0cy48Yn I+

VGhlIEhhbW 1vbmQgUG93 ZXIgU29sdX Rpb25zIGNv bXBhbnnigJ lzIGJ1c2lu ZXNzIG1vZG VsIGlzIHBy aW1hcmlseS Bmb2N1c2Vk IG9uIHRoZS BkZXNpZ24s IGRldmVsb3 BtZW50LCBh bmQgcHJvZH VjdGlvbiBv ZiBjdXN0b2 0gdHJhbnNm b3JtZXJzLC ByZWFjdG9y cywgYW5kIH JlbGF0ZWQg bWFnbmV0aW MgY29tcG9u ZW50cyBmb3 IgZWxlY3Ry aWNhbCBzeX N0ZW1zLiBU aGV5IGFsc2 8gb2ZmZXIg YSByYW5nZS BvZiBwb3dl ciBjb252ZX JzaW9uIGFu ZCBzdXBwbH kgcHJvZHVj dHMsIGFzIH dlbGwgYXMg ZW5naW5lZX JpbmcgYW5k IHRlY2huaW NhbCBzdXBw b3J0IHNlcn ZpY2VzIGZv ciB2YXJpb3 VzIG1hcmtl dHMgaW5jbH VkaW5nIGlu ZHVzdHJpYW wsIGNvbW1l cmNpYWwsIG FuZCBhbHRl cm5hdGl2ZS BlbmVyZ3ku IFRoZSBjb2 1wYW55IG9w ZXJhdGVzIG 9uIGEgZ2xv YmFsIHNjYW xlLCBwcm92 aWRpbmcgc2 9sdXRpb25z IHRvIGN1c3 RvbWVycyB0 aHJvdWdoIG RpcmVjdCBz YWxlcywgZG lzdHJpYnV0 b3JzLCBhbm QgcGFydG5l cnNoaXBzLi BUaGV5IHBy aW9yaXRpem UgdGVjaG5v bG9neSBhbm QgaW5ub3Zh dGlvbiwgYX Mgd2VsbCBh cyBhIGNvbW 1pdG1lbnQg dG8gcXVhbG l0eSwgc3Vz dGFpbmFiaW xpdHksIGFu ZCBjdXN0b2 1lciBzYXRp c2ZhY3Rpb2 4gaW4gdGhl aXIgb3Zlcm FsbCBidXNp bmVzcyBzdH JhdGVneS4=

AI does not pose a significant material threat to Hammond Power Solutions in terms of substitution, disintermediation, or margin pressure, but certain factors should be considered.
1. Substitution: AI technologies may automate specific functions or enhance competences in power solutions, but it is unlikely to fully replace products like transformers and power system components. Hammond Power Solutions has established itself in a niche market where the complexity and reliability of electrical components are crucial. While AI could optimize design or operational efficiencies, direct substitution of their core products remains improbable.
2. Disintermediation: AI may streamline supply chains and improve customer interactions through automation and enhanced data analytics. However, Hammond Power Solutions has a well-established reputation and distribution network that provides value through customer service, technical support, and tailored solutions. While AI can enhance operational efficiencies, it is not likely to eliminate the need for established brands that offer reliability and expertise, especially in specialized electrical applications.
3. Margin Pressure: AI-driven efficiency improvements on the part of competitors could lead to increased competitive pressure, potentially affecting profit margins. Nonetheless, the long-standing reputation and trusted quality of Hammond Power Solutions’ offerings may insulate it from the worst effects of margin erosion. The company can adapt by leveraging AI within its own operations to enhance efficiency, thus maintaining its competitive edge.
In summary, while AI may influence the landscape of the industry, Hammond Power Solutions is positioned well to integrate technological advancements into its operations rather than facing direct threats.

The sensitivity of Hammond Power Solutions’ earnings, cash flow, and valuation to changes in interest rates can be analyzed through several factors.
1. Interest Expense: If Hammond Power Solutions has debt, an increase in interest rates could lead to higher interest expenses. This would negatively impact earnings and cash flow, as more funds would be allocated to servicing debt rather than being available for operations or reinvestment.
2. Cost of Capital: Higher interest rates generally increase the overall cost of capital. This can affect investment decisions and potentially slow down growth if projects that might have been viable at lower rates become less attractive. Reduced growth can have a long-term impact on earnings and valuation.
3. Consumer Demand: Interest rates can influence consumer and business borrowing. If rates rise significantly, consumers may reduce spending, and businesses may defer or scale back investments. For a company like Hammond Power Solutions, which provides electrical solutions, a slowdown in demand can directly impact sales, revenue, and ultimately earnings.
4. Valuation Methods: The valuation of Hammond Power Solutions may be highly sensitive to interest rate changes, particularly if discounted cash flow (DCF) analysis is used. In DCF, future cash flows are discounted back to their present value using a discount rate that reflects the risk and time value of money. Higher interest rates increase the discount rate, which decreases the present value of future cash flows, leading to a lower valuation.
5. Investment in Growth: If Hammond Power Solutions relies on financing for expansion, higher interest rates can limit access to affordable capital. This could hinder growth initiatives, affecting long-term market positioning and profitability.
Overall, the extent of sensitivity will depend on Hammond Power Solutions’ financial structure, including its leverage, cost of debt, revenue sensitivity to economic conditions, and the overall strategic approach to managing interest rate exposure.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgSG FtbW9uZCBQ b3dlciBTb2 x1dGlvbnPi gJkgZWNvbm 9taWNzIG92 ZXIgdGhlIG 5leHQgM+KA kzUgeWVhcn Mgd291bGQg YmUgYSBzaW duaWZpY2Fu dCBzaGlmdC BpbiBlbmVy Z3kgcG9saW N5IGFuZCBy ZWd1bGF0b3 J5IGZyYW1l d29ya3MsIH BhcnRpY3Vs YXJseSBvbm UgdGhhdCBt YW5kYXRlcy BhIHRyYW5z aXRpb24gYX dheSBmcm9t IHRyYWRpdG lvbmFsIHBv d2VyIGRpc3 RyaWJ1dGlv biBtZXRob2 RzLiBGb3Ig aW5zdGFuY2 UsIGlmIGEg c3VkZGVuIG dsb2JhbCBw dXNoIHRvd2 FyZCByZW5l d2FibGUgZW 5lcmd5IGFu ZCBkZWNlbn RyYWxpemVk IHBvd2VyIG dlbmVyYXRp b24gb2NjdX JzLCBIYW1t b25kIFBvd2 VyIFNvbHV0 aW9ucywgd2 hpY2ggc3Bl Y2lhbGl6ZX MgaW4gY3Vz dG9tIHRyYW 5zZm9ybWVy cyBhbmQgb3 RoZXIgcG93 ZXIgc29sdX Rpb25zLCBt aWdodCBmYW NlIHNldmVy ZSBjaGFsbG VuZ2VzIGlu IGFkYXB0aW 5nIHRvIG5l dyB0ZWNobm 9sb2dpZXMg YW5kIHN0YW 5kYXJkcy4g PGJyPkluIH RoaXMgc2Nl bmFyaW8sIH RoZSBjb21w YW554oCZcy BtYXJnaW5z IHdvdWxkIG xpa2VseSBk ZWNsaW5lIG FzIHRoZXkg c3RydWdnbG UgdG8gcGl2 b3QgdGhlaX IgcHJvZHVj dCBvZmZlcm luZ3MuIElm IHRoZWlyIG V4aXN0aW5n IHByb2R1Y3 RzIGJlY29t ZSBsZXNzIH JlbGV2YW50 IG9yIGZhY2 UgZGltaW5p c2hlZCBkZW 1hbmQsIHRo ZXkgbWF5IG hhdmUgdG8g ZW5nYWdlIG luIGNvc3Qt Y3V0dGluZy BtZWFzdXJl cywgbGVhZG luZyB0byBy ZWR1Y2VkIH Byb2ZpdGFi aWxpdHkuIF RoZSBwcmVz c3VyZSBvbi BtYXJnaW5z IGNvdWxkIG JlIGV4YWNl cmJhdGVkIG J5IGluY3Jl YXNlZCBjb2 1wZXRpdGlv biBmcm9tIG 5ldyBlbnRy YW50cyBmb2 N1c2VkIG9u IGlubm92YX RpdmUgc29s dXRpb25zIG 9yIGFsdGVy bmF0aXZlIG VuZXJneSB0 ZWNobm9sb2 dpZXMuPGJy PkNhc2ggZm xvdyBjb3Vs ZCBiZSBzaW duaWZpY2Fu dGx5IGltcG FjdGVkIGFz IHJldmVudW Ugc3RyZWFt cyBkcnkgdX Agb3IgdHJh bnNpdGlvbi B0b3dhcmQg bG93ZXItbW FyZ2luIGFs dGVybmF0aX Zlcy4gSWYg dGhlIGNvbX BhbnkgaXMg c2xvdyB0by BhZGFwdCwg dGhleSBtaW dodCBleHBl cmllbmNlIG EgcHJvbG9u Z2VkIHBlcm lvZCBvZiBk ZWNyZWFzZW QgY2FzaCBp bmZsb3dzLC Bmb3JjaW5n IHRoZW0gdG 8gcG90ZW50 aWFsbHkgcm VseSBvbiBk ZWJ0IHRvIG ZpbmFuY2Ug b3BlcmF0aW 9ucyBvciBp bnZlc3QgaW 4gbmV3IHRl Y2hub2xvZ2 llcy4gVGhp cyBzaXR1YX Rpb24gY291 bGQgbGVhZC B0byBhIG5l Z2F0aXZlIG N5Y2xlOyBy ZWR1Y2VkIG Nhc2ggZmxv dyBjb25zdH JhaW5zIGdy b3d0aCBpbm l0aWF0aXZl cywgd2hpY2 ggaW4gdHVy biBmdXJ0aG VyIGRpbWlu aXNoZXMgY2 9tcGV0aXRp dmUgc3Rhbm RpbmcuPGJy Pk9uIHRoZS BiYWxhbmNl IHNoZWV0LC B0aGUgaW1w bGljYXRpb2 5zIGNvdWxk IGJlIGRpcm UuIEEgZGVj bGluZSBpbi ByZXZlbnVl IGFuZCBwcm 9maXRhYmls aXR5IHdvdW xkIGxpa2Vs eSBsZWFkIH RvIGRlY3Jl YXNlZCByZX RhaW5lZCBl YXJuaW5ncy BhbmQgY291 bGQgaW5jcm Vhc2UgdGhl IGxldmVyYW dlIHJhdGlv IGR1ZSB0by ByaXNpbmcg ZGVidCBsZX ZlbHMuIElm IGNhc2ggZm xvdyBiZWNv bWVzIGNvbn N0cmFpbmVk LCBIYW1tb2 5kIFBvd2Vy IFNvbHV0aW 9ucyBtYXkg ZmluZCBpdH NlbGYgd2l0 aCBhIHdlYW tlciBsaXF1 aWRpdHkgcG 9zaXRpb24s IGNoYXJhY3 Rlcml6ZWQg YnkgcmVkdW NlZCBjdXJy ZW50IHJhdG lvcy4gTG9u Zy10ZXJtIG Fzc2V0IHZh bHVhdGlvbn MgY291bGQg YmUgaW1wYW N0ZWQgYXMg d2VsbCwgZX NwZWNpYWxs eSBpZiBlcX VpcG1lbnQg YW5kIGZhY2 lsaXRpZXMg YXJlIG5vIG xvbmdlciBh bGlnbmVkIH dpdGggdGhl IG5lY2Vzc2 FyeSB0ZWNo bm9sb2dpY2 FsIGFkdmFu Y2VtZW50cy 48YnI+T3Zl cmFsbCwgaW YgdGhpcyBz Y2VuYXJpby B3ZXJlIHRv IHVuZm9sZC wgSGFtbW9u ZCBQb3dlci BTb2x1dGlv bnMgY291bG QgZmFjZSBh IHByb2xvbm dlZCBwZXJp b2Qgb2YgZW Nvbm9taWMg ZGlzdHJlc3 MsIGNoYXJh Y3Rlcml6ZW QgYnkgc2hy aW5raW5nIG 1hcmdpbnMs IG5lZ2F0aX ZlIGNhc2gg ZmxvdywgYW 5kIGEgYmFs YW5jZSBzaG VldCB0aGF0 IHJlZmxlY3 RzIGluY3Jl YXNlZCBkZW J0IGFuZCBy ZWR1Y2VkIG Fzc2V0IHZh bHVlcywgc2 V2ZXJlbHkg aGFtcGVyaW 5nIGl0cyBs b25nLXRlcm 0gdmlhYmls aXR5Ljxicj 4=

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 bG9nb3MvNU w5WEw5RnlO ZVZtZHNvQU ZmQzIud2Vi cCIgYWx0PS JIYW1tb25k IFBvd2VyIF NvbHV0aW9u cyIgdGl0bG U9IkhhbW1v bmQgUG93ZX IgU29sdXRp b25zIiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTUwIHdpZH RoPTUwIGxv YWRpbmc9J2 xhenknIHN0 eWxlPSdib3 JkZXItcmFk aXVzOiA2cH g7Jz4KCiAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n ZmxleDogMT sgdGV4dC1h bGlnbjogY2 VudGVyOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dmb250LXNp emU6IDI2cH g7IGNvbG9y OiAjMzMzOy BtYXJnaW4t Ym90dG9tOi AxNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICDw n5OIIFdhbn QgdG8gcmVh ZCBtb3JlIG Fib3V0IEhh bW1vbmQgUG 93ZXIgU29s dXRpb25zPw 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+OgSBGcm VlIGRvd25s b2FkISA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvcD4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTJweD sgZm9udC1z aXplOiAxM3 B4OyBjb2xv cjogIzQ0ND snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgU2lnbiB1 cCBub3cgYW 5kIGdldCBv dXIgZnJlZS BlQm9vayAK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxi PlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3M8L2I+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxNnB4OyBm b250LXNpem U6IDE0cHg7 IGNvbG9yOi AjNDQ0OyBm b250LWZhbW lseTogLWFw cGxlLXN5c3 RlbSwgQmxp bmtNYWNTeX N0ZW1Gb250 LCBTZWdvZS BVSSwgUm9i b3RvLCBIZW x2ZXRpY2Eg TmV1ZSwgc2 Fucy1zZXJp ZjsgbGluZS 1oZWlnaHQ6 IDEuNjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgSG F2ZSB5b3Ug aGVhcmQgYW JvdXQgb3Vy IHNob3J0ID xzdHJvbmcg c3R5bGU9J2 ZvbnQtd2Vp Z2h0OiA2MD A7Jz5EYWls eSBWaWRlby BOZXdzbGV0 dGVyPC9zdH Jvbmc+Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naH R0cHM6Ly93 d3cuaW5zaW dodGZ1bHZh bHVlLmNvbS 9uZXdzbGV0 dGVyLnBocC cgdGFyZ2V0 PSdfYmxhbm snIHN0eWxl PSdjb2xvcj ogIzAwN0JG RjsgdGV4dC 1kZWNvcmF0 aW9uOiBub2 5lOyBmb250 LXdlaWdodD ogNTAwOyBt YXJnaW4tbG VmdDogNnB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgRm luZCBvdXQg bW9yZQogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIAog ICAgICAgIA ogICAgICAg IDxzcGFuIG NsYXNzPSdi bHVycmVkLX RleHQnPgog ICAgICAgIC AgICBNUzRn U0dGdGJXID l1WkNCUWIz ZGwgY2lCVG IyeDFkRyBs dmJuTWdLRW hRIFV5a2dh WE1nWVMgQn NaV0ZrYVc1 biBJRzFoYm 5WbVlXIE4w ZFhKbGNpQn YgWmlCa2Nu a3RkSCBsd1 pTQmxiR1Zq IGRISnBZMk ZzSUggUnlZ VzV6Wm05eS BiV1Z5Y3lC aGJtIFFnY2 1Wc1lYUmwg WkNCdFlXZH VaWCBScFl5 QndjbTlrIG RXTjBjeUJt YjMgSWdkR2 hsSUdsdSBa SFZ6ZEhKcF lXIHdnWVc1 a0lHTnYgYl cxbGNtTnBZ VyB3Z2JXRn lhMlYwIGN5 NGdWR2hsSU cgTnZiWEJo Ym5uaSBnSm x6SUhCeWIy IFIxWTNSek lHRnkgWlNC MWMyVmtJRy BsdUlHRWdk MmxrIFpTQn lZVzVuWlMg QnZaaUJoY0 hCcyBhV05o ZEdsdmJuIE 1zSUdsdVky eDEgWkdsdV p5QndiMyBk bGNpQm5aVz VsIGNtRjBh Vzl1TEMgQj BjbUZ1YzNC diBjblJoZE dsdmJpIHdn YldsdWFXNW 4gTENCdmFX d2dZVyA1a0 lHZGhjeXdn IFlXNWtJSE psYm0gVjNZ V0pzWlNCbC BibVZ5WjNr dVBHIEp5UG pJdUlFaFEg VXlCM1lYTW dabSA5MWJt UmxaQ0JwIG JpQXhPVEUz SUcgRnpJSF JvWlNCSSBZ VzF0YjI1a0 lFIDFoYm5W bVlXTjAgZF hKcGJtY2dR MiA5dGNHRn VlU0JwIGJp QkhkV1ZzY0 cgZ3NJRTl1 ZEdGeSBhVz hzSUVOaGJt IEZrWVM0Z1 NYUWcgYVc1 cGRHbGhiRy B4NUlIQnli MlIxIFkyVm tJR1ZzWlcg TjBjbWxqWV d3ZyBiVzkw YjNJZ1kyID l1ZEhKdmJI TWcgWm05eU lIUm9aUyBC aFozSnBZM1 ZzIGRIVnlZ V3dnYVcgNW tkWE4wY25r dSBQR0p5UG pNdUlFIGx1 SUhSb1pTQX ggT1RVd2N5 d2dTRiBCVE lHVjRjR0Z1 IFpHVmtJR2 wwY3kgQndj bTlrZFdOMC BJR3hwYm1V Z2RHIDhnYV c1amJIVmsg WlNCbGJHVm pkSCBKcFky RnNJSFJ5IF lXNXpabTl5 YlcgVnljeU JoYm1RZyBa VzUwWlhKbF pDIEIwYUdV Z2FXNWsgZF hOMGNtbGhi QyBCdFlYSn JaWFF1IFBH SnlQalF1SU YgUm9aU0Jq YjIxdyBZVz U1SUdOb1lX IDVuWldRZ2 FYUnogSUc1 aGJXVWdkRy A4Z1NHRnRi Vzl1IFpDQl FiM2RsY2kg QlRiMngxZE dsdiBibk1n U1c1akxpIE JwYmlBeE9U a3ogSUhSdk lISmxabSB4 bFkzUWdhWF J6IElHWnZZ M1Z6SUcgOX VJSEJ2ZDJW eSBJSE52Yk hWMGFXIDl1 Y3k0OFluSS sgTlM0Z1ZH OWtZWCBrc0 lFaFFVeUJv IFlYTWdiV0 Z1ZFcgWmhZ M1IxY21sdS BaeUJtWVdO cGJHIGwwYV dWeklHbHUg SUVOaGJtRm tZUyB3Z2RH aGxJRlZ1IG FYUmxaQ0JU ZEcgRjBaWE 1zSUdGdSBa Q0JOWlhocF kyIDhzSUhk cGRHZ2cgWk dsemRISnBZ biBWMGFXOX VJR05sIGJu Umxjbk1nYV cgNGdRMkZ1 WVdSaCBMQ0 IwYUdVZ1ZX IDVwZEdWa0 lGTjAgWVhS bGN5d2dZVy A1a0lFVjFj bTl3IFpTND hZbkkrTmkg NGdTRkJUSU dseiBJR0Vn Y0hWaWJHIG xqYkhrZ2RI SmggWkdWa0 lHTnZiWCBC aGJua3NJSG RwIGRHZ2dj MmhoY20gVn pJR3hwYzNS bCBaQ0J2Ym lCMGFHIFVn Vkc5eWIyNT AgYnlCVGRH OWpheSBCRm VHTm9ZVzVu IFpTQjFibV JsY2kgQjBh R1VnYzNsdC BZbTlzSUVo UVV5IDFCTG p4aWNqNDMg TGlCVWFHVW dZMiA5dGNH RnVlU0JvIF lYTWdZU0Jr YVggWmxjbk 5sSUhKaCBi bWRsSUc5bU lHIE4xYzNS dmJXVnkgY3 l3Z2FXNWpi SCBWa2FXNW 5JRzFoIGFt OXlJR052Yl ggQmhibWxs Y3lCcCBiaU IwYUdVZ1pX IDVsY21kNU xDQjAgY21G dWMzQnZjbi BSaGRHbHZi aXdnIFlXNW tJR2x1Wkgg VnpkSEpwWV d3ZyBjMlZq ZEc5eWN5ID RnU1hRZ1lX eHogYnlCel pYSjJaWCBN Z2MyMWhiR3 hsIGNpd2di bWxqYUcgVW diV0Z5YTJW MCBjeUJwYm lCMGFHIFVn YldWa2FXTm ggYkN3Z2JX bHNhWCBSaG Nua3NJR0Z1 IFpDQjBaV0 5vYm0gOXNi MmQ1SUdsdS BaSFZ6ZEhK cFpYIE11UE dKeVBqZ3Ug SUVoUVV5Qm 9ZWCBNZ1lT QnpkSEp2IG JtY2dZMjl0 YlcgbDBiV1 Z1ZENCMCBi eUJ6ZFhOMF lXIGx1WVdK cGJHbDAgZV N3Z2QybDBh QyBCaElHWn ZZM1Z6IElH OXVJSEpsWk ggVmphVzVu SUdWdSBaWE puZVNCamIy IDV6ZFcxd2 RHbHYgYmlC aGJtUWdiVy BsdWFXMXBl bWx1IFp5Qm xiblpwY20g OXViV1Z1ZE dGcyBJR2x0 Y0dGamRDIE JwYmlCcGRI TWcgYldGdW RXWmhZMyBS MWNtbHVaeU J3IGNtOWpa WE56WlggTX VJRlJvWlNC aiBiMjF3WV c1NUlHIEZz YzI4Z2IyWm 0gWlhKeklH RWdjbSBGdV oyVWdiMlln IFpXNWxjbW Q1TFcgVm1a bWxqYVdWdS BkQ0J3Y205 a2RXIE4wY3 lCMGJ5Qm8g Wld4d0lHbD BjeSBCamRY TjBiMjFsIG NuTWdjbVZr ZFcgTmxJSF JvWldseSBJ R1Z1WlhKbm VTIEIxYzJG blpTNDggWW 5JK09TNGdT VyA0Z1lXUm thWFJwIGIy NGdkRzhnYV ggUnpJR052 Y21VZyBjSE p2WkhWamRD IEJzYVc1bE lHOW0gSUdW c1pXTjBjbS BsallXd2dk SEpoIGJuTm 1iM0p0Wlgg SnpMQ0JJVU ZNZyBZV3h6 YnlCdlptIF psY25NZ1lT QnkgWVc1bl pTQnZaaSBC d2NtOWtkV0 4wIGN5Qnpk V05vSUcgRn pJSEpsWVdO MCBiM0p6TE NCdFlXIGR1 WlhScFl5Qn cgY205a2RX TjBjeSB3Z1 lXNWtJR2x1 IFpIVnpkSE pwWVcgd2da V3hsWTNSeS BiMjFsWTJo aGJtIGxqWV d3Z1lYTnog WlcxaWJHbG xjeSA0OFlu SStNVEF1IE lFaFFVeUJv WVggTWdZU0 JzYjI1biBJ R2hwYzNSdm NuIGtnYjJZ Z2FXNXUgYj NaaGRHbHZi aSBCaGJtUW dhR0Z6IElI SmxZMlZwZG 0gVmtJRzUx YldWeSBiM1 Z6SUdGM1lY IEprY3lCbW IzSWcgYVhS eklIQnliMi BSMVkzUnpJ R0Z1IFpDQm lkWE5wYm0g VnpjeUJ3Y2 1GaiBkR2xq WlhNdUlFIG x1SURJd01U UXMgSUhSb1 pTQmpiMiAx d1lXNTVJSG RoIGN5Qnla V052WjIgNX BlbVZrSUdG eiBJRzl1Wl NCdlppIEJE WVc1aFpHSG kgZ0pseklF SmxjMyBRZ1 RXRnVZV2Rs IFpDQkRiMj F3WVcgNXBa WE1nWm05eS BJSFJvWlNC elpYIFpsYm 5Sb0lHTnYg Ym5ObFkzVj BhWCBabElI bGxZWEl1Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==