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+ZjCBK b2luIG5vdy B0byBnZXQg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPiBhdCBu byBjb3N0Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvcD4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTJweDsg Zm9udC1zaX plOiAxM3B4 OyBjb2xvcj ogIzQ0NDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg U2lnbiB1cC Bub3cgYW5k IGdldCBvdX IgZnJlZSBl Qm9vayAKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxiPl RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 M8L2I+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx NnB4OyBmb2 50LXNpemU6 IDE0cHg7IG NvbG9yOiAj NDQ0OyBmb2 50LWZhbWls eTogLWFwcG xlLXN5c3Rl bSwgQmxpbm tNYWNTeXN0 ZW1Gb250LC BTZWdvZSBV SSwgUm9ib3 RvLCBIZWx2 ZXRpY2EgTm V1ZSwgc2Fu cy1zZXJpZj sgbGluZS1o ZWlnaHQ6ID EuNjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgSGF2 ZSB5b3UgaG VhcmQgYWJv dXQgb3VyIH Nob3J0IDxz dHJvbmcgc3 R5bGU9J2Zv bnQtd2VpZ2 h0OiA2MDA7 Jz5EYWlseS BWaWRlbyBO ZXdzbGV0dG VyPC9zdHJv bmc+PwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naHR0 cHM6Ly93d3 cuaW5zaWdo dGZ1bHZhbH VlLmNvbS9u ZXdzbGV0dG VyLnBocCcg dGFyZ2V0PS dfYmxhbmsn IHN0eWxlPS djb2xvcjog IzAwN0JGRj sgdGV4dC1k ZWNvcmF0aW 9uOiBub25l OyBmb250LX dlaWdodDog NTAwOyBtYX JnaW4tbGVm dDogNnB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgRmlu ZCBvdXQgbW 9yZQogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIAogIC AgICAgIAog ICAgICAgID xzcGFuIGNs YXNzPSdibH VycmVkLXRl eHQnPgogIC AgICAgICAg ICBNUzRnVl ZCVElHIDl5 YVdkcGJtRj AgWldRZ1pu SnZiUyBCQm JXVnlhV05o IGJpQk5aWE 56WlcgNW5a WElnUTI5dC BjR0Z1ZVN3 Z2QyIGhwWT JnZ2QyRnog SUdadmRXNW taVyBRZ2FX NGdVMlZoIG RIUnNaU3dn VjIgRnphR2 x1WjNSdiBi aUJwYmlBeE 9UIEEzTGlC SmRDQjMgWV hNZ2IzSnBa MiBsdVlXeH NlU0JoIElH SnBZM2xqYk cgVWdiV1Z6 YzJWdSBaMl Z5SUhObGNu IFpwWTJVdV BHSnkgUGpJ dUlGUm9aUy BCamRYSnla VzUwIElHNW hiV1VnVlcg NXBkR1ZrSU ZCaCBjbU5s YkNCVFpYIE oyYVdObElI ZGggY3lCaF pHOXdkRyBW a0lHbHVJRE U1IE1Ua3NJ SGRvWlcgNG dkR2hsSUdO diBiWEJoYm 5rZ1pYIGh3 WVc1a1pXUW cgYVhSeklI TmxjbiBacF kyVnpJSFJ2 IElHbHVZMn gxWkcgVWdj R0Z5WTJWcy BJR1JsYkds MlpYIEo1TG p4aWNqNHog TGlCVlVGTW dhRyBGeklH RWdjM1J5IG IyNW5JSEJ5 WlggTmxibU 5sSUdkcyBi MkpoYkd4NU xDIEJ6WlhK MmFXNW4gSU cxdmNtVWdk RyBoaGJpQX lNakFnIFky OTFiblJ5YV cgVnpJR0Z1 WkNCMCBaWE p5YVhSdmNt IGxsY3lCaG JtUWcgWkdW c2FYWmxjbS BsdVp5Qmhi aUJoIGRtVn lZV2RsSUcg OW1JREl4SU cxcCBiR3hw YjI0Z2NHIE ZqYTJGblpY TWcgWVc1a0 lHUnZZMyBW dFpXNTBjeU JsIFlXTm9J R1JoZVMgND hZbkkrTkM0 ZyBWVkJUSU c5d1pYIEpo ZEdWeklHRW cgYkdGeVoy VWdZVyBseU lHTmhjbWR2 IElHWnNaV1 YwTEMgQjNh WFJvSUc5Mi BaWElnTlRB d0lHIEZwY2 1OeVlXWjAg TENCdFlXdH BibSBjZ2FY UWdiMjVsIE lHOW1JSFJv WlMgQnNZWE puWlhOMCBJ R0ZwY214cG JtIFZ6SUds dUlIUm8gWl NCM2IzSnNa QyA0OFluSS tOUzRnIFZH aGxJR0p5Yj MgZHVJR052 Ykc5eSBJRz ltSUZWUVV5 IEIwY25Wam EzTWcgWVc1 a0lIVnVhVy BadmNtMXpJ SGRoIGN5Qn ZjbWxuYVcg NWhiR3g1SU dObyBiM05s YmlCaVpXIE 5oZFhObElH bDAgSUhkaG N5QmtaVyBW dFpXUWdZU0 J6IFlXWmxJ R0Z1WkMgQm 1jbWxsYm1S cyBlU0JqYj J4dmNpIEJp ZVNCMGFHVW cgWTI5dGNH RnVlZSBLQW 1YTWdabTkx IGJtUmxjaT Q4WW4gSStO aTRnVkdobC BJRlZRVXlC c2IyIGR2TE NCcmJtOTMg YmlCaGN5Qj BhRyBVZ2My aHBaV3hrIE xDQjNZWE1n Wm0gbHljM1 FnZFhObCBa Q0JwYmlBeE 9UIEUySUdG dVpDQm8gWV hNZ2NtVnRZ VyBsdVpXUW djbVZzIFlY UnBkbVZzZV MgQjFibU5v WVc1biBaV1 FnYzJsdVky IFVnZEdobG JpNDggWW5J K055NGdWVi BCVElHbHpJ SFJvIFpTQn NZWEpuWlgg TjBJSEJoWT J0aCBaMlVn WkdWc2FYIF psY25rZ1ky OXQgY0dGdW VTQnBiaSBC MGFHVWdkMj l5IGJHUXNJ SGRwZEcgZ2 dZMjl0Y0dW MCBhWFJ2Y2 5NZ2FXIDVq YkhWa2FXNW 4gSUVabFpF VjRMQyBCRV NFd3NJR0Z1 IFpDQkJiV0 Y2YjIgNHVQ R0p5UGpndS BJRlJvWlNC amIyIDF3WV c1NUlHbHog SUd0dWIzZH VJRyBadmNp QnBkSE1nIF kyVnVkSEpo YkcgbDZaV1 FnY0dGaiBh MkZuWlNCMG NtIEZqYTJs dVp5QnogZV hOMFpXMHNJ SCBkb2FXTm 9JSGRoIGN5 QnBiblJ5Yj IgUjFZMlZr SUdsdSBJRE U1T0RVZ1lX IDVrSUdsek lITjAgYVd4 c0lIZHBaRy BWc2VTQjFj MlZrIElHSj VJR04xYzMg UnZiV1Z5Y3 lCMCBiMlJo ZVM0OFluIE krT1M0Z1ZW QlQgSUdsek lHRWdiRyBW aFpHVnlJR2 x1IElITjFj M1JoYVcgNW hZbXhsSUhS eSBZVzV6Y0 c5eWRHIEYw YVc5dUlIQn kgWVdOMGFX TmxjeSB3Z2 QybDBhQ0Jo IElHZHZZV3 dnZEcgOGdj bVZrZFdObC BJR2wwY3lC allYIEppYj I0Z2FXNTAg Wlc1emFYUj VJRyBKNUlE SXdKU0JpIG VTQXlNREl3 TGogeGljaj R4TUM0ZyBW VkJUSUdoaG N5IEJoSUdS bFpHbGogWV hSbFpDQm5j bSA5MWNDQm pZV3hzIFpX UWdkR2hsSU YgVlFVeUJF YjJkeiBJSG RvYVdOb0lI IE5vYjNkal lYTmwgY3lC MGFHVWdabi BKcFpXNWti SGtnIFpHOW 5jeUIwYUcg RjBJRlZRVX lCayBjbWwy WlhKeklHIF Z1WTI5MWJu UmwgY2lCdm JpQjBhRyBW cGNpQmtaV3 hwIGRtVnll U0J5YjMgVj BaWE11UEdK eSBQakV4TG lCVWFHIFVn VlZCVElGZH YgY214a2NH OXlkQyB3Z2 JHOWpZWFJs IFpDQnBiaU JNYjMgVnBj M1pwYkd4bC BMQ0JMWlc1 MGRXIE5yZV N3Z2FYTWcg ZEdobElHeG hjbSBkbGMz UWdZWFYwIG IyMWhkR1Zr SUggQmhZMn RoWjJVZyBh R0Z1Wkd4cG JtIGNnWm1G amFXeHAgZE hrZ2FXNGdk RyBobElIZH ZjbXhrIExD QndjbTlqWl ggTnphVzVu SUdGdSBJR0 YyWlhKaFoy IFVnYjJZZ0 1TNDIgSUcx cGJHeHBiMi A0Z2NHRmph MkZuIFpYTW djR1Z5SUcg UmhlUzQ4WW 5JKyBNVEl1 SUZWUVV5IE JrY21sMlpY SnogTENCcm JtOTNiaSBC aGN5QndZV0 5yIFlXZGxJ R1JsYkcgbD JaWEo1SUdS eSBhWFpsY2 5Nc0lHIEZ5 WlNCeVpYRj EgYVhKbFpD QjBieSBCMW JtUmxjbWR2 IElHVjRkR1 Z1YzIgbDJa U0IwY21GcC BibWx1Wnl3 Z2FXIDVqYk hWa2FXNW4g SUhOaFptVW daSCBKcGRt bHVaeUIwIF pXTm9ibWx4 ZFcgVnpJR0 Z1WkNCaiBk WE4wYjIxbG NpIEJ6WlhK MmFXTmwgSU hOcmFXeHNj eSA0OFluSS tNVE11IElF bHVJR0ZrWk cgbDBhVzl1 SUhSdiBJR2 wwY3lCd1lX IE5yWVdkbE lHUmwgYkds MlpYSjVJSC BObGNuWnBZ MlZ6IExDQl ZVRk1nWVcg eHpieUJ2Wm 1abCBjbk1n WVNCM2FXIF JsSUhKaGJt ZGwgSUc5bU lITjFjSCBC c2VTQmphR0 ZwIGJpQmhi bVFnYkcgOW 5hWE4wYVdO eiBJSE52Yk hWMGFXIDl1 Y3lCbWIzSW cgWW5WemFX NWxjMyBObG N5NDhZbkkr IE1UUXVJRl ZRVXkgQm9Z WE1nWVNCei BkSEp2Ym1j Z1kyIDl0Yl dsMGJXVnUg ZENCMGJ5Qn dhRyBsc1lX NTBhSEp2IG NIa2dZVzVr SUcgaGhjeU JrYjI1aCBk R1ZrSUc5Ml pYIElnSkRF Z1ltbHMgYk dsdmJpQjBi eSBCamFHRn lhWFJoIFlt eGxJRzl5Wj IgRnVhWHBo ZEdsdiBibk 1nYzJsdVky IFVnTVRrNE 9TNDggWW5J K01UVXVJRi BSb1pTQmpi MjF3IFlXNT U0b0NaY3kg QnZabVpwWT JsaCBiQ0J6 Ykc5bllXID RnYVhNZ1ZX NXAgZEdWa0 lGQnliMiBK c1pXMGdVMj lzIGRtVnlj eXdnY20gVm 1iR1ZqZEds dSBaeUJwZE hNZ1pHIFZr YVdOaGRHbH YgYmlCMGJ5 Qm1hVyA1a2 FXNW5JSE52 IGJIVjBhVz l1Y3kgQm1i M0lnYVhSei BJR04xYzNS dmJXIFZ5Yy tLQW1TQnUg WldWa2N5ND 0KICAgICAg ICA8L3NwYW 4+CiAgICAg ICAgCiAgIC AgICAg