United Parcel Service

More reviews (3)

Live  

The United Parcel Service (UPS) is a global logistics and package delivery company headquartered in Atlanta, Georgia. It was founded in 1907 as a messenger company in Seattle, Washington and has since grown into one of the largest and most successful shipping companies in the world.
UPS operates in over 220 countries and territories worldwide, employing over 500,000 people. It delivers about 20 million packages and documents daily, using a fleet of over 100,000 vehicles and 500 aircraft.
The company's primary service is package delivery, but it also offers supply chain management, freight forwarding, and international trade management services. Its diverse customer base includes individuals, small businesses, and large corporations.
UPS is known for its brown delivery trucks and uniforms, as well as its highly efficient and reliable delivery network. It has a strong commitment to sustainability and has implemented several initiatives to reduce its carbon footprint.
The company is also known for its philanthropic efforts through the UPS Foundation, which focuses on humanitarian relief, community safety, and environmental sustainability.
Overall, UPS is a well-respected and trusted company that plays a vital role in the global economy through its efficient and reliable delivery services.

VW5pdGVkIF BhcmNlbCBT ZXJ2aWNlLC BvciBVUFMs IGlzIGEgYm lnIGNvbXBh bnkgdGhhdC BoZWxwcyBw ZW9wbGUgYW 5kIGJ1c2lu ZXNzZXMgc2 VuZCBhbmQg cmVjZWl2ZS BwYWNrYWdl cyBhbmQgbG V0dGVycy4g SW1hZ2luZS B5b3UgaGF2 ZSBhIGJpcn RoZGF5IHBy ZXNlbnQgZm 9yIGEgZnJp ZW5kIHdoby BsaXZlcyBm YXIgYXdheS 4gSW5zdGVh ZCBvZiBkZW xpdmVyaW5n IGl0IHlvdX JzZWxmLCB5 b3Ugd291bG QgYXNrIFVQ UyB0byB0YW tlIGl0IGZv ciB5b3UuIF RoZXkgaGF2 ZSBhIGxvdC BvZiB0cnVj a3MgYW5kIH BsYW5lcyB0 aGF0IHRyYX ZlbCBhbGwg b3ZlciB0aG Ugd29ybGQg dG8gZGVsaX ZlciBwYWNr YWdlcyBxdW lja2x5IGFu ZCBzYWZlbH kuPGJyPlVQ UyBtYWtlcy Btb25leSBi eSBjaGFyZ2 luZyBwZW9w bGUgYW5kIG J1c2luZXNz ZXMgdG8gZG VsaXZlciB0 aGVzZSBwYW NrYWdlcy4g U28gd2hlbi B5b3Ugc2Vu ZCBhIGdpZn Qgb3IgYSBj b21wYW55IH NlbmRzIGEg cHJvZHVjdC B0byBhIGN1 c3RvbWVyLC B0aGV5IHBh eSBVUFMgZm 9yIHRoYXQg c2VydmljZS 4gVGhlIG1v cmUgcGFja2 FnZXMgdGhl eSBkZWxpdm VyLCB0aGUg bW9yZSBtb2 5leSB0aGV5 IG1ha2UhPG JyPlVQUyBp cyBzdWNjZX NzZnVsIGZv ciBhIGZldy ByZWFzb25z LiBGaXJzdC wgdGhleSBh cmUgcmVhbG x5IGdvb2Qg YXQgd2hhdC B0aGV5IGRv LiBUaGV5IG hhdmUgYSBs b3Qgb2YgZX hwZXJpZW5j ZSBkZWxpdm VyaW5nIHBh Y2thZ2VzLC B3aGljaCBo ZWxwcyB0aG VtIGRvIGl0 IHF1aWNrbH kgYW5kIGVm ZmljaWVudG x5LiBUaGV5 IGFsc28gaG F2ZSBhIGJp ZyBuZXR3b3 JrIG9mIHRy dWNrcyBhbm QgcGxhbmVz LCBzbyB0aG V5IGNhbiBy ZWFjaCBhbG 1vc3QgYW55 IHBsYWNlIH lvdSBjYW4g dGhpbmsgb2 YuPGJyPkFu b3RoZXIgcm Vhc29uIHRo ZXkgd2lsbC BsaWtlbHkg Y29udGludW UgdG8gYmUg c3VjY2Vzc2 Z1bCBpbiB0 aGUgZnV0dX JlIGlzIHRo YXQgbW9yZS BhbmQgbW9y ZSBwZW9wbG UgYXJlIHNo b3BwaW5nIG 9ubGluZS4g VGhpcyBtZW FucyB0aGVy ZSB3aWxsIG JlIGV2ZW4g bW9yZSBwYW NrYWdlcyB0 byBkZWxpdm VyISBVUFMg aGFzIGJlZW 4gZ2V0dGlu ZyBiZXR0ZX IgYXQgdXNp bmcgdGVjaG 5vbG9neSB0 byB0cmFjay BwYWNrYWdl cyBhbmQgbW FrZSBkZWxp dmVyaWVzIG Zhc3Rlciwg d2hpY2ggaG VscHMgdGhl bSBzdGF5IG FoZWFkIG9m IHRoZSBjb2 1wZXRpdGlv bi48YnI+T3 ZlcmFsbCwg VVBTIGlzIG EgcmVsaWFi bGUgZGVsaX Zlcnkgc2Vy dmljZSB0aG F0IG1lZXRz IHRoZSBuZW VkcyBvZiBw ZW9wbGUgYW 5kIGJ1c2lu ZXNzZXMsIG FuZCB3aXRo IHRoZSBncm 93dGggb2Yg b25saW5lIH Nob3BwaW5n LCBpdOKAmX MgbGlrZWx5 IHRvIGtlZX AgZG9pbmcg d2VsbCBpbi B0aGUgZnV0 dXJlITxicj 4=

MS4gR2xvYm FsIFByZXNl bmNlOiBVUF MgaGFzIGEg c3Ryb25nIG dsb2JhbCBw cmVzZW5jZS B3aXRoIG9w ZXJhdGlvbn MgaW4gb3Zl ciAyMjAgY2 91bnRyaWVz IGFuZCB0ZX JyaXRvcmll cywgbWFraW 5nIGl0IG9u ZSBvZiB0aG UgbGFyZ2Vz dCBwYXJjZW wgZGVsaXZl cnkgY29tcG FuaWVzIGlu IHRoZSB3b3 JsZC48YnI+ Mi4gV2lkZS BSYW5nZSBv ZiBTZXJ2aW NlczogVVBT IG9mZmVycy BhIHdpZGUg cmFuZ2Ugb2 Ygc2Vydmlj ZXMgaW5jbH VkaW5nIHBh Y2thZ2UgZG VsaXZlcnks IGZyZWlnaH QgdHJhbnNw b3J0YXRpb2 4sIGFuZCBs b2dpc3RpY3 Mgc29sdXRp b25zIGZvci BidXNpbmVz c2VzIG9mIG FsbCBzaXpl cy48YnI+My 4gQWR2YW5j ZWQgVGVjaG 5vbG9neTog VGhlIGNvbX BhbnkgaW52 ZXN0cyBoZW F2aWx5IGlu IHRlY2hub2 xvZ3kgYW5k IGlubm92YX Rpb24gdG8g aW1wcm92ZS BpdHMgb3Bl cmF0aW9ucy wgaW5jcmVh c2UgZWZmaW NpZW5jeSwg YW5kIHByb3 ZpZGUgYmV0 dGVyIHNlcn ZpY2VzIHRv IGl0cyBjdX N0b21lcnMu PGJyPjQuIE NvbW1pdG1l bnQgdG8gU3 VzdGFpbmFi aWxpdHk6IF VQUyBpcyBj b21taXR0ZW QgdG8gc3Vz dGFpbmFiaW xpdHkgYW5k IGhhcyBpbX BsZW1lbnRl ZCB2YXJpb3 VzIGluaXRp YXRpdmVzIH RvIHJlZHVj ZSBpdHMgY2 FyYm9uIGZv b3RwcmludC wgc3VjaCBh cyBhbHRlcm 5hdGl2ZSBm dWVsIHZlaG ljbGVzLCBy ZW5ld2FibG UgZW5lcmd5 IHNvdXJjZX MsIGFuZCBz dXN0YWluYW JsZSBwYWNr YWdpbmcuPG JyPjUuIFN0 cm9uZyBDdX N0b21lciBT ZXJ2aWNlOi BVUFMgaXMg a25vd24gZm 9yIGl0cyBl eGNlbGxlbn QgY3VzdG9t ZXIgc2Vydm ljZSwgb2Zm ZXJpbmcgdm FyaW91cyBj b21tdW5pY2 F0aW9uIGNo YW5uZWxzIG ZvciBjdXN0 b21lcnMgdG 8gdHJhY2sg dGhlaXIgcG Fja2FnZXMg YW5kIHJlc2 9sdmUgYW55 IGlzc3Vlcy B0aGV5IG1h eSBlbmNvdW 50ZXIuPGJy PjYuIEVtcG xveWVlIFRy YWluaW5nIG FuZCBEZXZl bG9wbWVudD ogVVBTIGhh cyBhIHN0cm 9uZyBmb2N1 cyBvbiBlbX Bsb3llZSB0 cmFpbmluZy BhbmQgZGV2 ZWxvcG1lbn QsIGVuc3Vy aW5nIHRoYX QgaXRzIGVt cGxveWVlcy BhcmUgZXF1 aXBwZWQgd2 l0aCB0aGUg bmVjZXNzYX J5IHNraWxs cyBhbmQga2 5vd2xlZGdl IHRvIHByb3 ZpZGUgaGln aC1xdWFsaX R5IHNlcnZp Y2VzLjxicj 43LiBFbXBo YXNpcyBvbi BEaXZlcnNp dHkgYW5kIE luY2x1c2lv bjogVVBTIH ZhbHVlcyBk aXZlcnNpdH kgYW5kIGlu Y2x1c2lvbi BhbmQgaGFz IGltcGxlbW VudGVkIHZh cmlvdXMgaW 5pdGlhdGl2 ZXMgdG8gY3 JlYXRlIGFu IGluY2x1c2 l2ZSBhbmQg ZXF1YWwgd2 9ya3BsYWNl IGZvciBpdH MgZW1wbG95 ZWVzLjxicj 44LiBTb2Np YWwgUmVzcG 9uc2liaWxp dHk6IFRoZS Bjb21wYW55 IGlzIGFjdG l2ZWx5IGlu dm9sdmVkIG luIHZhcmlv dXMgc29jaW FsIGNhdXNl cyBhbmQgc3 VwcG9ydHMg aW5pdGlhdG l2ZXMgZm9y IHRoZSBiZX R0ZXJtZW50 IG9mIGxvY2 FsIGNvbW11 bml0aWVzIG FuZCB0aGUg ZW52aXJvbm 1lbnQuPGJy PjkuIElubm 92YXRpdmUg TWFya2V0aW 5nOiBVUFMg aXMga25vd2 4gZm9yIGl0 cyBjcmVhdG l2ZSBhbmQg bWVtb3JhYm xlIGFkdmVy dGlzaW5nIG NhbXBhaWdu cywgaGVscG luZyB0byBi dWlsZCBhIH N0cm9uZyBi cmFuZCBpbW FnZSBhbmQg aW5jcmVhc2 UgYnJhbmQg YXdhcmVuZX NzLjxicj4x MC4gQ29uc2 lzdGVudCBH cm93dGggYW 5kIFN1Y2Nl c3M6IERlc3 BpdGUgZmFj aW5nIGZpZX JjZSBjb21w ZXRpdGlvbi BpbiB0aGUg bG9naXN0aW NzIGluZHVz dHJ5LCBVUF MgaGFzIGNv bnNpc3Rlbn RseSBzaG93 biBzdHJvbm cgZmluYW5j aWFsIHBlcm Zvcm1hbmNl LCBkZW1vbn N0cmF0aW5n IGl0cyBhYm lsaXR5IHRv IGFkYXB0IG FuZCB0aHJp dmUgaW4gYS Bjb25zdGFu dGx5IGV2b2 x2aW5nIG1h cmtldC4=

VGhlIFVuaX RlZCBQYXJj ZWwgU2Vydm ljZSAoVVBT KSBjb21wYW 55J3MgYnVz aW5lc3MgbW 9kZWwgaXMg YmFzZWQgb2 4gdGhlIHRy YW5zcG9ydG F0aW9uIGFu ZCBkZWxpdm VyeSBvZiBw YWNrYWdlcy BhbmQgZnJl aWdodCB3b3 JsZHdpZGUu IFRoZWlyIG NvcmUgYnVz aW5lc3MgaX MgZGl2aWRl ZCBpbnRvIH RocmVlIHNl Z21lbnRzOi BVLlMuIERv bWVzdGljIF BhY2thZ2Us IEludGVybm F0aW9uYWwg UGFja2FnZS wgYW5kIFN1 cHBseSBDaG FpbiAmIEZy ZWlnaHQuIF VQUyBwcm92 aWRlcyBhIH dpZGUgcmFu Z2Ugb2YgZG VsaXZlcnkg c2VydmljZX Mgc3VjaCBh cyBncm91bm QsIGFpciwg YW5kIG9jZW FuIGZyZWln aHQgc2hpcH BpbmcsIGFz IHdlbGwgYX Mgc3BlY2lh bGl6ZWQgdH JhbnNwb3J0 YXRpb24gYW 5kIGxvZ2lz dGljcyBzb2 x1dGlvbnMg Zm9yIGJ1c2 luZXNzZXMu IFRoZXkgYW xzbyBvZmZl ciB0ZWNobm 9sb2d5IGFu ZCBjb25zdW x0aW5nIHNl cnZpY2VzIH RvIGhlbHAg YnVzaW5lc3 NlcyBpbXBy b3ZlIHRoZW lyIHN1cHBs eSBjaGFpbi BhbmQgd2Fy ZWhvdXNpbm cgcHJvY2Vz c2VzLiBUaG UgY29tcGFu eSBnZW5lcm F0ZXMgcmV2 ZW51ZSB0aH JvdWdoIHNo aXBwaW5nIG ZlZXMsIGN1 c3RvbXMgYn Jva2VyYWdl LCBhbmQgb3 RoZXIgdmFs dWUtYWRkZW Qgc2Vydmlj ZXMuIFRoZX kgYWxzbyBo YXZlIGEgc3 Ryb25nIGN1 c3RvbWVyIG ZvY3VzLCB3 aXRoIGEgY2 9tbWl0bWVu dCB0byBwcm 92aWRpbmcg cmVsaWFibG UgYW5kIHRp bWVseSBkZW xpdmVyaWVz IHRvIHRoZW lyIGN1c3Rv bWVycy4=

AI does pose potential threats and opportunities for the United Parcel Service (UPS) in several ways, though these effects can be both beneficial and detrimental.
First, regarding substitution, AI can enhance or create alternative delivery solutions, such as drone delivery systems or autonomous vehicles. If competitors or startups successfully implement these technologies, they could provide services that rival traditional logistics, including UPS. While UPS is investing in innovation, the rapid pace of technological development could mean that UPS faces increased competition if it doesn’t adapt quickly enough.
Second, disintermediation is a concern as AI can facilitate direct connections between consumers and suppliers, effectively bypassing traditional shipping companies. For instance, businesses could leverage AI-driven logistics platforms that allow them to organize deliveries without relying on established carriers like UPS, potentially putting pressure on UPS’s market position.
Lastly, margin pressure could arise from the adoption of AI by competitors who optimize their operations and reduce costs. AI can streamline logistics through improved route optimization, inventory management, and demand forecasting. If rival companies successfully lower their operating costs through AI, they could undercut UPS’s pricing or improve their service offerings, leading to reduced margins for UPS.
Overall, while AI does present some material threats to UPS, the company also has opportunities to leverage AI to enhance its own capabilities, improve operational efficiency, and maintain its competitive edge in the logistics sector. The key for UPS will be to stay ahead of technological trends and continuously innovate to adapt to the evolving landscape.

The sensitivity of United Parcel Service’s (UPS) earnings, cash flow, and valuation to changes in interest rates can be understood through several interconnected factors.
1. Earnings Sensitivity: Rising interest rates typically lead to higher borrowing costs for companies, including UPS. If UPS needs to finance operations or expand its fleet, higher interest rates could reduce net earnings due to increased interest expense. Additionally, consumer spending tends to slow when interest rates rise, which may reduce demand for shipping services and, consequently, UPS’s revenue. Conversely, falling interest rates can enhance earnings by lowering borrowing costs and stimulating consumer spending, potentially increasing package volumes.
2. Cash Flow Sensitivity: Cash flow is also affected by interest rate changes. Higher rates can lead to increased financing costs, which may impact free cash flow. If UPS experiences higher operational costs due to interest payments or sees reduced demand, its cash flows could be constrained. On the other hand, a low-interest-rate environment can improve cash flow conditions by lowering servicing costs on debt and influencing a more favorable operational climate.
3. Valuation Sensitivity: The valuation of UPS is closely tied to its future cash flows, which are discounted back to present value using a discount rate that reflects interest rates. An increase in interest rates typically raises the discount rate, which can lead to a lower present value of future cash flows, thereby reducing the overall valuation of the company. Investors may also require higher returns, further detracting from valuation in a high-interest environment. In contrast, lower interest rates can boost valuations by lowering the discount rates applied to expected cash flows.
In summary, UPS’s earnings, cash flow, and valuation are all sensitive to changes in interest rates, with higher rates imposing additional costs and potentially reducing demand, while lower rates can enhance profitability and valuation.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgVW 5pdGVkIFBh cmNlbCBTZX J2aWNl4oCZ cyAoVVBTKS BlY29ub21p Y3Mgb3Zlci B0aGUgbmV4 dCAz4oCTNS B5ZWFycyBp bnZvbHZlcy BhIHNpZ25p ZmljYW50IH NoaWZ0IHRv d2FyZHMgd2 lkZXNwcmVh ZCBhdXRvbW F0aW9uIGFu ZCBkcm9uZS BkZWxpdmVy eSB3aXRoaW 4gdGhlIGxv Z2lzdGljcy BpbmR1c3Ry eSwgY291cG xlZCB3aXRo IGVzY2FsYX RpbmcgbGFi b3IgY29zdH MgZHVlIHRv IG5ldyByZW d1bGF0aW9u cyBvciB1bm lvbiBwcmVz c3VyZXMuPG JyPkluIHRo aXMgc2Nlbm FyaW8sIGlm IGNvbXBldG l0b3JzIGxp a2UgRmVkRX gsIEFtYXpv biwgb3Igbm V3ZXIgZW50 cmFudHMgYW NjZWxlcmF0 ZSB0aGVpci BhZG9wdGlv biBvZiBhZH ZhbmNlZCBs b2dpc3RpY3 MgdGVjaG5v bG9naWVzIG FuZCBhdXRv bWF0ZWQgZG VsaXZlcnkg c3lzdGVtcy wgVVBTIGNv dWxkIGZpbm QgaXRzZWxm IGF0IGEgZG lzYWR2YW50 YWdlLiBUaG VzZSBjb21w YW5pZXMgbW lnaHQgaGFy bmVzcyBjdX R0aW5nLWVk Z2UgdGVjaG 5vbG9neSB0 byBkcmFzdG ljYWxseSBy ZWR1Y2Ugb3 BlcmF0aW9u YWwgY29zdH MgYW5kIGlt cHJvdmUgZG VsaXZlcnkg ZWZmaWNpZW 5jeSwgY2Fw dHVyaW5nIG 1hcmtldCBz aGFyZSBmcm 9tIFVQUy48 YnI+QXMgYX V0b21hdGlv biByZWR1Y2 VzIHRoZSBu ZWVkIGZvci BodW1hbiBs YWJvciwgVV BTIG1heSBm YWNlIGluY3 JlYXNlZCBw cmVzc3VyZS Bmcm9tIGxh Ym9yIHVuaW 9ucyBvciBy ZWd1bGF0b3 J5IGJvZGll cyBhZHZvY2 F0aW5nIGZv ciBpbXByb3 ZlZCB3YWdl cyBhbmQgd2 9ya2luZyBj b25kaXRpb2 5zLiBJZiBz b21lIHN0YX RlcyBvciBt dW5pY2lwYW xpdGllcyBl bmZvcmNlIH N0cmljdGVy IGxhYm9yIG xhd3MsIFVQ UyBjb3VsZC BleHBlcmll bmNlIHJpc2 luZyBsYWJv ciBjb3N0cy B0aGF0IG1h eSBub3QgYm Ugc3VzdGFp bmFibGUsIG VzcGVjaWFs bHkgaW4gdG hlIGZhY2Ug b2Ygc2hyaW 5raW5nIG1h cmdpbnMgZH VlIHRvIGNv bXBldGl0aW 9uLjxicj5J ZiB0aGlzIH NjZW5hcmlv IHBsYXlzIG 91dCwgVVBT 4oCZcyBwcm 9maXQgbWFy Z2lucyB3b3 VsZCBsaWtl bHkgc2hyaW 5rIGNvbnNp ZGVyYWJseS 4gVGhlIGNv bXBhbnnigJ lzIGNvc3Rz IG1heSByaX NlIGZhc3Rl ciB0aGFuIG l0cyByZXZl bnVlcywgcH JpbWFyaWx5 IGR1ZSB0by Blc2NhbGF0 aW5nIGxhYm 9yIGNvc3Rz IGFuZCB0aG UgaW5hYmls aXR5IHRvIG 1hdGNoIGNv bXBldGl0b3 Jz4oCZIHBy aWNpbmcgb3 dpbmcgdG8g aW5zdWZmaW NpZW50IGlu dmVzdG1lbn QgaW4gYXV0 b21hdGlvbi B0ZWNobm9s b2d5LiBUaG lzIHdvdWxk IGxlYWQgdG 8gcmVkdWNl ZCBvcGVyYX RpbmcgaW5j b21lLjxicj 5DYXNoIGZs b3cgd291bG QgYWxzbyBi ZSBhZHZlcn NlbHkgYWZm ZWN0ZWQuIE EgcmVkdWN0 aW9uIGluIH Byb2ZpdCBt YXJnaW5zIH dvdWxkIHJl c3VsdCBpbi BsZXNzIGZy ZWUgY2FzaC BmbG93LCBs aW1pdGluZy BVUFPigJlz IGFiaWxpdH kgdG8gcmVp bnZlc3QgaW 4gdGVjaG5v bG9neSwgaW 5mcmFzdHJ1 Y3R1cmUsIG 9yIHNoYXJl aG9sZGVyIH JldHVybnMu IFRoaXMgcm VkdWNlZCBj YXNoIGZsb3 cgY291bGQg bGVhZCB0by Bjb25zdHJh aW5lZCBncm 93dGggb3Bw b3J0dW5pdG llcywgZm9y Y2luZyBVUF MgdG8gYm9y cm93IG9yIH NjYWxlIGJh Y2sgY2FwaX RhbCBleHBl bmRpdHVyZX MuPGJyPk9u IHRoZSBiYW xhbmNlIHNo ZWV0LCB0aG UgY29tYmlu YXRpb24gb2 YgbG93ZXIg Y2FzaCBmbG 93IGFuZCBw b3RlbnRpYW xseSByaXNp bmcgZGVidC BsZXZlbHMg dG8gZnVuZC BvcGVyYXRp b25zIGNvdW xkIHdlYWtl biBsaXF1aW RpdHkgcmF0 aW9zLiBVUF MgbWF5IGhh dmUgdG8gaW 5jcmVhc2Ug aXRzIGxldm VyYWdlIHRv IG1haW50YW luIG9wZXJh dGlvbmFsIH N0YWJpbGl0 eSwgdGhyZW F0ZW5pbmcg aXRzIGRlYn QgY292ZXJh Z2UgcmF0aW 9zLiBJbiBh IGxvbmctdG VybSBwZXJz cGVjdGl2ZS wgaWYgdGhl IGNvbXBhbn kgZmFpbHMg dG8gYWRhcH QgdG8gdGVj aG5vbG9naW NhbCBhZHZh bmNlbWVudH MgZWZmZWN0 aXZlbHksIG l0IGNvdWxk IHNlZSBhIG RlY2xpbmUg aW4gY29tcG V0aXRpdmUg cG9zaXRpb2 5pbmcuPGJy PkluIHN1bW 1hcnksIGlm IFVQUyBkb2 VzIG5vdCBl ZmZlY3Rpdm VseSBuYXZp Z2F0ZSB0aG UgZHVhbCBj aGFsbGVuZ2 VzIG9mIGNv bXBldGl0b3 JzIGFkdmFu Y2luZyBpbi B0ZWNobm9s b2d5IGFuZC ByaXNpbmcg bGFib3IgY2 9zdHMsIGl0 IGNvdWxkIG V4cGVyaWVu Y2UgcGVybW FuZW50bHkg aW1wYWlyZW QgZWNvbm9t aWNzIGNoYX JhY3Rlcml6 ZWQgYnkgZG ltaW5pc2hl ZCBtYXJnaW 5zLCBjb25z dHJhaW5lZC BjYXNoIGZs b3csIGFuZC BhIHdlYWtl bmVkIGJhbG FuY2Ugc2hl ZXQsIHBvc3 NpYmx5IGlt cGFjdGluZy BpdHMgbG9u Zy10ZXJtIH ZpYWJpbGl0 eSBpbiB0aG UgbG9naXN0 aWNzIHNlY3 Rvci48YnI+

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 bG9nb3MvN3 JXeHBRWm5n bFlkS3FJND dXdk4ud2Vi cCIgYWx0PS JVbml0ZWQg UGFyY2VsIF NlcnZpY2Ui IHRpdGxlPS JVbml0ZWQg UGFyY2VsIF NlcnZpY2Ui 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 QgVW5pdGVk IFBhcmNlbC BTZXJ2aWNl 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 Ag8J+GkyBE aXNjb3Zlci A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+IOKAlC BmcmVlIGVC b29rIQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID EycHg7IGZv bnQtc2l6ZT ogMTNweDsg Y29sb3I6IC M0NDQ7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIFNp Z24gdXAgbm 93IGFuZCBn ZXQgb3VyIG ZyZWUgZUJv b2sgCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8Yj5UaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzPC 9iPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgLS 0+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTZw eDsgZm9udC 1zaXplOiAx NHB4OyBjb2 xvcjogIzQ0 NDsgZm9udC 1mYW1pbHk6 IC1hcHBsZS 1zeXN0ZW0s IEJsaW5rTW FjU3lzdGVt Rm9udCwgU2 Vnb2UgVUks IFJvYm90by wgSGVsdmV0 aWNhIE5ldW UsIHNhbnMt c2VyaWY7IG xpbmUtaGVp Z2h0OiAxLj Y7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIEhhdmUg eW91IGhlYX JkIGFib3V0 IG91ciBzaG 9ydCA8c3Ry b25nIHN0eW xlPSdmb250 LXdlaWdodD ogNjAwOyc+ RGFpbHkgVm lkZW8gTmV3 c2xldHRlcj wvc3Ryb25n Pj8KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDxhIGhyZW Y9J2h0dHBz Oi8vd3d3Lm luc2lnaHRm dWx2YWx1ZS 5jb20vbmV3 c2xldHRlci 5waHAnIHRh cmdldD0nX2 JsYW5rJyBz dHlsZT0nY2 9sb3I6ICMw MDdCRkY7IH RleHQtZGVj b3JhdGlvbj ogbm9uZTsg Zm9udC13ZW lnaHQ6IDUw MDsgbWFyZ2 luLWxlZnQ6 IDZweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIEZpbmQg b3V0IG1vcm UKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAKICAgIC AgICAKICAg ICAgICA8c3 BhbiBjbGFz cz0nYmx1cn JlZC10ZXh0 Jz4KICAgIC AgICAgICAg TVM0Z1ZWQl RJRyA5eWFX ZHBibUYwIF pXUWdabkp2 YlMgQkJiV1 Z5YVdOaCBi aUJOWlhOel pXIDVuWlhJ Z1EyOXQgY0 dGdWVTd2dk MiBocFkyZ2 dkMkZ6IElH WnZkVzVrWl cgUWdhVzRn VTJWaCBkSF JzWlN3Z1Yy IEZ6YUdsdV ozUnYgYmlC cGJpQXhPVC BBM0xpQkpk Q0IzIFlYTW diM0pwWjIg bHVZV3hzZV NCaCBJR0pw WTNsamJHIF VnYldWemMy VnUgWjJWeU lITmxjbiBa cFkyVXVQR0 p5IFBqSXVJ RlJvWlMgQm pkWEp5Wlc1 MCBJRzVoYl dVZ1ZXIDVw ZEdWa0lGQm ggY21ObGJD QlRaWCBKMm FXTmxJSGRo IGN5QmhaRz l3ZEcgVmtJ R2x1SURFNS BNVGtzSUhk b1pXIDRnZE dobElHTnYg YlhCaGJua2 daWCBod1lX NWtaV1FnIG FYUnpJSE5s Y24gWnBZMl Z6SUhSdiBJ R2x1WTJ4MV pHIFVnY0dG eVkyVnMgSU dSbGJHbDJa WCBKNUxqeG ljajR6IExp QlZVRk1nYU cgRnpJR0Vn YzNSeSBiMj VuSUhCeVpY IE5sYm1ObE lHZHMgYjJK aGJHeDVMQy BCelpYSjJh VzVuIElHMX ZjbVVnZEcg aGhiaUF5TW pBZyBZMjkx Ym5SeWFXIF Z6SUdGdVpD QjAgWlhKeW FYUnZjbSBs bGN5QmhibV FnIFpHVnNh WFpsY20gbH VaeUJoYmlC aCBkbVZ5WV dkbElHIDlt SURJeElHMX AgYkd4cGIy NGdjRyBGam EyRm5aWE1n IFlXNWtJR1 J2WTMgVnRa VzUwY3lCbC BZV05vSUdS aGVTIDQ4WW 5JK05DNGcg VlZCVElHOX daWCBKaGRH VnpJR0VnIG JHRnlaMlVn WVcgbHlJR0 5oY21kdiBJ R1pzWldWME xDIEIzYVhS b0lHOTIgWl hJZ05UQXdJ RyBGcGNtTn lZV1owIExD QnRZV3RwYm 0gY2dhWFFn YjI1bCBJRz ltSUhSb1pT IEJzWVhKbl pYTjAgSUdG cGNteHBibS BWeklHbHVJ SFJvIFpTQj NiM0pzWkMg NDhZbkkrTl M0ZyBWR2hs SUdKeWIzIG R1SUdOdmJH OXkgSUc5bU lGVlFVeSBC MGNuVmphM0 1nIFlXNWtJ SFZ1YVcgWn ZjbTF6SUhk aCBjeUJ2Y2 1sbmFXIDVo Ykd4NUlHTm 8gYjNObGJp QmlaVyBOaG RYTmxJR2ww IElIZGhjeU JrWlcgVnRa V1FnWVNCei BZV1psSUdG dVpDIEJtY2 1sbGJtUnMg ZVNCamIyeH ZjaSBCaWVT QjBhR1VnIF kyOXRjR0Z1 ZWUgS0FtWE 1nWm05MSBi bVJsY2k0OF luIEkrTmk0 Z1ZHaGwgSU ZWUVV5QnNi MiBkdkxDQn JibTkzIGJp QmhjeUIwYU cgVWdjMmhw Wld4ayBMQ0 IzWVhNZ1pt IGx5YzNRZ2 RYTmwgWkNC cGJpQXhPVC BFMklHRnVa Q0JvIFlYTW djbVZ0WVcg bHVaV1FnY2 1WcyBZWFJw ZG1Wc2VTIE IxYm1Ob1lX NW4gWldRZ2 MybHVZMiBV Z2RHaGxiaT Q4IFluSStO eTRnVlYgQl RJR2x6SUhS byBaU0JzWV hKblpYIE4w SUhCaFkydG ggWjJVZ1pH VnNhWCBabG Nua2dZMjl0 IGNHRnVlU0 JwYmkgQjBh R1VnZDI5eS BiR1FzSUhk cGRHIGdnWT I5dGNHVjAg YVhSdmNuTW dhVyA1amJI VmthVzVuIE lFWmxaRVY0 TEMgQkVTRX dzSUdGdSBa Q0JCYldGNm IyIDR1UEdK eVBqZ3UgSU ZSb1pTQmpi MiAxd1lXNT VJR2x6IElH dHViM2R1SU cgWnZjaUJw ZEhNZyBZMl Z1ZEhKaGJH IGw2WldRZ2 NHRmogYTJG blpTQjBjbS BGamEybHVa eUJ6IGVYTj BaVzBzSUgg ZG9hV05vSU hkaCBjeUJw Ym5SeWIyIF IxWTJWa0lH bHUgSURFNU 9EVWdZVyA1 a0lHbHpJSE 4wIGFXeHNJ SGRwWkcgVn NlU0IxYzJW ayBJR0o1SU dOMWMzIFJ2 YldWeWN5Qj AgYjJSaGVT NDhZbiBJK0 9TNGdWVkJU IElHbHpJR0 VnYkcgVmha R1Z5SUdsdS BJSE4xYzNS aGFXIDVoWW 14bElIUnkg WVc1emNHOX lkRyBGMGFX OXVJSEJ5IF lXTjBhV05s Y3kgd2dkMm wwYUNCaCBJ R2R2WVd3Z2 RHIDhnY21W a2RXTmwgSU dsMGN5QmpZ WCBKaWIyNG dhVzUwIFpX NXphWFI1SU cgSjVJREl3 SlNCaSBlU0 F5TURJd0xq IHhpY2o0eE 1DNGcgVlZC VElHaGhjeS BCaElHUmxa R2xqIFlYUm xaQ0JuY20g OTFjQ0JqWV d4cyBaV1Fn ZEdobElGIF ZRVXlCRWIy ZHogSUhkb2 FXTm9JSCBO b2IzZGpZWE 5sIGN5QjBh R1VnWm4gSn BaVzVrYkhr ZyBaRzluY3 lCMGFHIEYw SUZWUVV5Qm sgY21sMlpY SnpJRyBWdV kyOTFiblJs IGNpQnZiaU IwYUcgVnBj aUJrWld4cC BkbVZ5ZVNC eWIzIFYwWl hNdVBHSnkg UGpFeExpQl VhRyBVZ1ZW QlRJRmR2IG NteGtjRzl5 ZEMgd2diRz lqWVhSbCBa Q0JwYmlCTW IzIFZwYzNa cGJHeGwgTE NCTFpXNTBk VyBOcmVTd2 dhWE1nIGRH aGxJR3hoY2 0gZGxjM1Fn WVhWMCBiMj FoZEdWa0lI IEJoWTJ0aF oyVWcgYUdG dVpHeHBibS BjZ1ptRmph V3hwIGRIa2 dhVzRnZEcg aGxJSGR2Y2 14ayBMQ0J3 Y205alpYIE 56YVc1bklH RnUgSUdGMl pYSmhaMiBV Z2IyWWdNUz QyIElHMXBi R3hwYjIgNG djR0ZqYTJG biBaWE1nY0 dWeUlHIFJo ZVM0OFluSS sgTVRJdUlG VlFVeSBCa2 NtbDJaWEp6 IExDQnJibT kzYmkgQmhj eUJ3WVdOci BZV2RsSUdS bGJHIGwyWl hKNUlHUnkg YVhabGNuTX NJRyBGeVpT QnlaWEYxIG FYSmxaQ0Iw YnkgQjFibV JsY21kdiBJ R1Y0ZEdWdW MyIGwyWlNC MGNtRnAgYm 1sdVp5d2dh VyA1amJIVm thVzVuIElI TmhabVVnWk ggSnBkbWx1 WnlCMCBaV0 5vYm1seGRX IFZ6SUdGdV pDQmogZFhO MGIyMWxjaS BCelpYSjJh V05sIElITn JhV3hzY3kg NDhZbkkrTV RNdSBJRWx1 SUdGa1pHIG wwYVc5dUlI UnYgSUdsMG N5QndZVyBO cllXZGxJR1 JsIGJHbDJa WEo1SUggTm xjblpwWTJW eiBMQ0JWVU ZNZ1lXIHh6 YnlCdlptWm wgY25NZ1lT QjNhVyBSbE lISmhibWRs IElHOW1JSE 4xY0ggQnNl U0JqYUdGcC BiaUJoYm1R Z2JHIDluYV hOMGFXTnog SUhOdmJIVj BhVyA5dWN5 Qm1iM0lnIF luVnphVzVs YzMgTmxjeT Q4WW5JKyBN VFF1SUZWUV V5IEJvWVhN Z1lTQnogZE hKdmJtY2dZ MiA5dGJXbD BiV1Z1IGRD QjBieUJ3YU cgbHNZVzUw YUhKdiBjSG tnWVc1a0lH IGhoY3lCa2 IyNWggZEdW a0lHOTJaWC BJZ0pERWdZ bWxzIGJHbH ZiaUIwYnkg QmphR0Z5YV hSaCBZbXhs SUc5eVoyIE Z1YVhwaGRH bHYgYm5NZ2 MybHVZMiBV Z01UazRPUz Q4IFluSStN VFV1SUYgUm 9aU0JqYjIx dyBZVzU1NG 9DWmN5IEJ2 Wm1acFkybG ggYkNCemJH OW5ZVyA0Z2 FYTWdWVzVw IGRHVmtJRk J5YjIgSnNa VzBnVTI5cy BkbVZ5Y3l3 Z2NtIFZtYk dWamRHbHUg WnlCcGRITW daRyBWa2FX TmhkR2x2IG JpQjBieUJt YVcgNWthVz VuSUhOdiBi SFYwYVc5dW N5IEJtYjNJ Z2FYUnogSU dOMWMzUnZi VyBWeWMrS0 FtU0J1IFpX VmtjeTQ9Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==