Russel Metals

Live  

Russel Metals Inc. is a Canadian distribution and processing company that specializes in metal products. The company was founded in 1911 as Russel Brothers Limited and has grown to become one of the largest metals distribution and processing companies in North America.
Russel Metals operates in three main segments: metal service centers, energy products, and steel distributors. The metal service centers segment distributes a wide range of metal products, including carbon steel, stainless steel, aluminum, and other specialty metals, to various industries such as construction, automotive, and agriculture. The energy products segment supplies pipe, valves, fittings, flanges, and related products to the oil and gas industry. The steel distributors segment provides steel and steel products to customers in the energy, manufacturing, and construction sectors.
The company has operations in Canada and the United States, with over 65 locations across North America. Russel Metals has a diverse customer base that includes small businesses, large corporations, and government agencies.
In addition to distribution and processing, Russel Metals also has a strong focus on sustainability and environmental responsibility. The company has implemented various initiatives to reduce its carbon footprint and minimize waste, such as using green energy sources and implementing recycling programs.
In recent years, Russel Metals has also expanded its product offerings through strategic acquisitions, partnerships, and investments in new technologies. These efforts have helped the company remain competitive and maintain its position as a leading provider of metal products in North America.
The company is publicly traded on the Toronto Stock Exchange under the symbol RUS and is included in the S&P/TSX Composite Index. Russel Metals has a strong financial track record, with consistent profitability and a history of paying dividends to its shareholders.

UnVzc2VsIE 1ldGFscyBp cyBhIGNvbX BhbnkgdGhh dCBkZWFscy B3aXRoIHNv bWV0aGluZy B2ZXJ5IGlt cG9ydGFudC BpbiBvdXIg ZXZlcnlkYX kgbGl2ZXM6 IG1ldGFsIS BZb3UgY2Fu IHRoaW5rIG 9mIG1ldGFs IGFzIHN0cm 9uZyBhbmQg c2hpbnkgbW F0ZXJpYWwg dXNlZCB0by BtYWtlIGxv dHMgb2YgdG hpbmdzLCBs aWtlIGNhcn MsIGJ1aWxk aW5ncywgYW 5kIGV2ZW4g eW91ciBiaW tlcy48YnI+ SGVyZeKAmX MgaG93IHRo ZSBjb21wYW 55IHdvcmtz OiA8YnI+MS 4gPHN0cm9u Zz5HZXR0aW 5nIE1ldGFs PC9zdHJvbm c+OiBUaGV5 IGJ1eSBiaW cgcGllY2Vz IG9mIG1ldG FsLCBsaWtl IHN0ZWVsIG FuZCBhbHVt aW51bSwgZn JvbSBtYW51 ZmFjdHVyZX JzLiA8YnI+ Mi4gPHN0cm 9uZz5TZWxs aW5nIE1ldG FsPC9zdHJv bmc+OiBBZn RlciB0aGV5 IGhhdmUgdG hlIG1ldGFs LCB0aGV5IG N1dCBpdCBp bnRvIHNtYW xsZXIgcGll Y2VzIGFuZC BzZWxsIGl0 IHRvIGRpZm ZlcmVudCBi dXNpbmVzc2 VzIHRoYXQg bmVlZCBpdC 4gVGhlc2Ug YnVzaW5lc3 NlcyBtaWdo dCBtYWtlIH RoaW5ncyBs aWtlIGZ1cm 5pdHVyZSwg dG9vbHMsIG 9yIGV2ZW4g bWFjaGluZX MuIDxicj4z LiA8c3Ryb2 5nPkV4dHJh IFNlcnZpY2 VzPC9zdHJv bmc+OiBCZX NpZGVzIGp1 c3Qgc2VsbG luZyBtZXRh bCwgUnVzc2 VsIE1ldGFs cyBhbHNvIH Byb3ZpZGVz IHNlcnZpY2 VzIGxpa2Ug c3RvcmluZy B0aGUgbWV0 YWxzIG9yIG hlbHBpbmcg Y3VzdG9tZX JzIHNlZSB3 aGF0IHRoZX kgbmVlZC4g VGhpcyBtYW tlcyBzdXJl IHRoYXQgdG hlaXIgY3Vz dG9tZXJzIG hhdmUgZXhh Y3RseSB3aG F0IHRoZXkg d2FudCB3aG VuIHRoZXkg d2FudCBpdC 48YnI+Tm93 LCBsZXTigJ lzIHRhbGsg YWJvdXQgaG 93IFJ1c3Nl bCBNZXRhbH MgbWFrZXMg bW9uZXkuIF RoZXkgYnV5 IHRoZSBtZX RhbCBhdCBv bmUgcHJpY2 UsIGFuZCB0 aGVuIHRoZX kgc2VsbCBp dCBhdCBhIG hpZ2hlciBw cmljZS4gVG hlIGRpZmZl cmVuY2UgYm V0d2VlbiB3 aGF0IHRoZX kgcGF5IGFu ZCB3aGF0IH RoZXkgc2Vs bCBpdCBmb3 IgaXMgaG93 IHRoZXkgZW FybiB0aGVp ciBtb25leS 4gVGhleSBh bHNvIG1ha2 UgbW9uZXkg YnkgcHJvdm lkaW5nIHRo b3NlIGV4dH JhIHNlcnZp Y2VzIHRoYX QgaGVscCB0 aGVpciBjdX N0b21lcnMu PGJyPldoeS BpcyBSdXNz ZWwgTWV0YW xzIHN1Y2Nl c3NmdWw/IF dlbGwsIGEg ZmV3IHJlYX NvbnMhIEZp cnN0LCB0aG V5IGhhdmUg YmVlbiBhcm 91bmQgZm9y IGEgbG9uZy B0aW1lLCBz byBwZW9wbG UgdHJ1c3Qg dGhlbSB0by Bwcm92aWRl IGdvb2QgcX VhbGl0eSBt ZXRhbC4gU2 Vjb25kLCBi dXNpbmVzc2 VzIGFsd2F5 cyBuZWVkIG 1ldGFsIGZv ciBtYWtpbm cgcHJvZHVj dHMsIHNvIH RoZXkgaGF2 ZSBhIHN0ZW FkeSBncm91 cCBvZiBjdX N0b21lcnMu IFRoaXJkLC B0aGV5IGFy ZSBhbHdheX MgbG9va2lu ZyBmb3Igbm V3IHdheXMg dG8gaW1wcm 92ZSBhbmQg bWFrZSB0aG VpciBzZXJ2 aWNlcyBiZX R0ZXIuPGJy PkFzIGZvci B0aGUgZnV0 dXJlLCBSdX NzZWwgTWV0 YWxzIGlzIG xpa2VseSB0 byBjb250aW 51ZSBkb2lu ZyB3ZWxsIG JlY2F1c2Ug dGhlIGRlbW FuZCBmb3Ig bWV0YWwgd2 lsbCBwcm9i YWJseSBzdG F5IHN0cm9u Zy4gQXMgbW 9yZSBwZW9w bGUgYnVpbG QgbmV3IHRo aW5ncyBvci BldmVuIHdv cmsgb24gY2 9vbCB0ZWNo bm9sb2d5LC B0aGV5IHdp bGwgbmVlZC BtZXRhbC4g UGx1cywgYX MgdGhleSBr ZWVwIGZpbm RpbmcgYmV0 dGVyIHdheX MgdG8gc2Vy dmUgdGhlaX IgY3VzdG9t ZXJzLCB0aG V5IHdpbGwg c3RheSBhaG VhZCBvZiB0 aGUgY29tcG V0aXRpb24u PGJyPlNvLC BSdXNzZWwg TWV0YWxzIG hlbHBzIG1h a2Ugc3VyZS B3ZSBoYXZl IHRoZSBtZX RhbCB3ZSBu ZWVkIGZvci BvdXIgZGFp bHkgbGl2ZX MsIG1ha2lu ZyBpdCBhIH N0cm9uZyBh bmQgc3VjY2 Vzc2Z1bCBj b21wYW55IT xicj4=

MS4gTG9uZy BoaXN0b3J5 IGFuZCBlc3 RhYmxpc2hl ZCByZXB1dG F0aW9uOiBS dXNzZWwgTW V0YWxzIHdh cyBmb3VuZG VkIGluIDE3 ODEsIG1ha2 luZyBpdCBv bmUgb2YgdG hlIG9sZGVz dCBhbmQgbW 9zdCBlc3Rh Ymxpc2hlZC Bjb21wYW5p ZXMgaW4gdG hlIG1ldGFs cyBpbmR1c3 RyeS4gSXQg aGFzIGJ1aW x0IGEgc3Ry b25nIHJlcH V0YXRpb24g Zm9yIGl0c2 VsZiBvdmVy IHRoZSB5ZW FycyBhbmQg aXMgd2lkZW x5IGtub3du IGFuZCByZX NwZWN0ZWQg YnkgY3VzdG 9tZXJzIGFu ZCBpbmR1c3 RyeSBwZWVy cy48YnI+Mi 4gRGl2ZXJz aWZpZWQgcG 9ydGZvbGlv OiBUaGUgY2 9tcGFueSBo YXMgYSBkaX ZlcnNlIHBv cnRmb2xpby BvZiBwcm9k dWN0cyBhbm Qgc2Vydmlj ZXMsIGluY2 x1ZGluZyBt ZXRhbHMgcH JvY2Vzc2lu ZywgZGlzdH JpYnV0aW9u LCBhbmQgdm FsdWUtYWRk ZWQgc2Vydm ljZXMuIFRo aXMgYWxsb3 dzIGl0IHRv IGNhdGVyIH RvIGEgd2lk ZSByYW5nZS BvZiBpbmR1 c3RyaWVzIG FuZCBjdXN0 b21lcnMsIH Byb3ZpZGlu ZyBzdGFiaW xpdHkgYW5k IHJlc2lsaW VuY2UgdG8g bWFya2V0IG ZsdWN0dWF0 aW9ucy48Yn I+My4gU3Ry b25nIGN1c3 RvbWVyIHJl bGF0aW9uc2 hpcHM6IFJ1 c3NlbCBNZX RhbHMgaGFz IGxvbmctc3 RhbmRpbmcg cmVsYXRpb2 5zaGlwcyB3 aXRoIGl0cy BjdXN0b21l cnMsIGJ1aW x0IG9uIGEg c3Ryb25nIG NvbW1pdG1l bnQgdG8gcX VhbGl0eSwg c2VydmljZS wgYW5kIHJl bGlhYmlsaX R5LiBUaGlz IGhhcyByZX N1bHRlZCBp biBhIGxveW FsIGN1c3Rv bWVyIGJhc2 UgYW5kIHJl cGVhdCBidX NpbmVzcy48 YnI+NC4gRX h0ZW5zaXZl IGdlb2dyYX BoaWMgcmVh Y2g6IFRoZS Bjb21wYW55 IGhhcyBhIH Zhc3QgbmV0 d29yayBvZi Bsb2NhdGlv bnMgYWNyb3 NzIENhbmFk YSBhbmQgdG hlIFVuaXRl ZCBTdGF0ZX MsIHByb3Zp ZGluZyBpdC B3aXRoIGEg d2lkZSBnZW 9ncmFwaGlj IHJlYWNoIG FuZCBhY2Nl c3MgdG8gZG lmZmVyZW50 IG1hcmtldH MgYW5kIGlu ZHVzdHJpZX MuPGJyPjUu IEVtcGhhc2 lzIG9uIHN1 c3RhaW5hYm lsaXR5OiBS dXNzZWwgTW V0YWxzIGlz IGNvbW1pdH RlZCB0byBz dXN0YWluYW JsZSBidXNp bmVzcyBwcm FjdGljZXMg YW5kIGhhcy BpbXBsZW1l bnRlZCB2YX Jpb3VzIGlu aXRpYXRpdm VzIHRvIHJl ZHVjZSBpdH MgZW52aXJv bm1lbnRhbC BpbXBhY3Qu IFRoaXMgaW 5jbHVkZXMg dGhlIHVzZS BvZiBlY28t ZnJpZW5kbH kgcHJvZHVj dHMgYW5kIH Byb2Nlc3Nl cywgZW5lcm d5IGNvbnNl cnZhdGlvbi wgYW5kIHJl c3BvbnNpYm xlIHdhc3Rl IG1hbmFnZW 1lbnQuPGJy PjYuIFN0cm 9uZyBmaW5h bmNpYWwgcG VyZm9ybWFu Y2U6IFJ1c3 NlbCBNZXRh bHMgaGFzIG EgdHJhY2sg cmVjb3JkIG 9mIHN0ZWFk eSBmaW5hbm NpYWwgcGVy Zm9ybWFuY2 UsIHdpdGgg Y29uc2lzdG VudCByZXZl bnVlIGdyb3 d0aCBhbmQg cHJvZml0YW JpbGl0eS4g VGhpcyByZW ZsZWN0cyBp dHMgc3Ryb2 5nIGJ1c2lu ZXNzIG1vZG VsLCBlZmZl Y3RpdmUgbW FuYWdlbWVu dCwgYW5kIG FkYXB0YWJp bGl0eSB0by BjaGFuZ2lu ZyBtYXJrZX QgY29uZGl0 aW9ucy48Yn I+Ny4gRXhw ZXJpZW5jZW QgYW5kIHNr aWxsZWQgd2 9ya2ZvcmNl OiBUaGUgY2 9tcGFueSBo YXMgYSBoaW dobHkgZXhw ZXJpZW5jZW QgYW5kIHNr aWxsZWQgd2 9ya2ZvcmNl LCB3aXRoIH llYXJzIG9m IGV4cGVydG lzZSBpbiB0 aGUgbWV0YW xzIGluZHVz dHJ5LiBUaG lzIGFsbG93 cyBpdCB0by Bwcm92aWRl IGhpZ2gtcX VhbGl0eSBw cm9kdWN0cy BhbmQgc2Vy dmljZXMgdG 8gaXRzIGN1 c3RvbWVycy BhbmQgbWFp bnRhaW4gaX RzIGNvbXBl dGl0aXZlIG VkZ2UuPGJy PjguIENvbW 1pdG1lbnQg dG8gaW5ub3 ZhdGlvbjog UnVzc2VsIE 1ldGFscyBw bGFjZXMgYS BzdHJvbmcg ZW1waGFzaX Mgb24gaW5u b3ZhdGlvbi BhbmQgY29u dGludW91c2 x5IGludmVz dHMgaW4gcm VzZWFyY2gg YW5kIGRldm Vsb3BtZW50 IHRvIGltcH JvdmUgaXRz IHByb2Nlc3 NlcyBhbmQg cHJvZHVjdH MuIFRoaXMg aGFzIGVuYW JsZWQgdGhl IGNvbXBhbn kgdG8gc3Rh eSBhaGVhZC BvZiB0aGUg Y29tcGV0aX Rpb24gYW5k IG1lZXQgY2 hhbmdpbmcg Y3VzdG9tZX IgbmVlZHMu

VGhlIGJ1c2 luZXNzIG1v ZGVsIG9mIF J1c3NlbCBN ZXRhbHMgaX MgdG8gYmUg YSBsZWFkaW 5nIGRpc3Ry aWJ1dG9yIG FuZCBwcm9j ZXNzb3Igb2 YgbWV0YWxz IGluIE5vcn RoIEFtZXJp Y2EuIFRoZX kgc291cmNl IGFuZCBwcm 9jZXNzIGEg d2lkZSByYW 5nZSBvZiBz dGVlbCBhbm Qgb3RoZXIg bWV0YWxzLC BpbmNsdWRp bmcgYWx1bW ludW0sIGNv cHBlciwgYW 5kIHN0YWlu bGVzcyBzdG VlbC4gVGhl aXIgZm9jdX MgaXMgb24g cHJvdmlkaW 5nIGhpZ2gt cXVhbGl0eS Bwcm9kdWN0 cyBhbmQgc2 VydmljZXMg dG8gY3VzdG 9tZXJzIGlu IHZhcmlvdX MgaW5kdXN0 cmllcywgc3 VjaCBhcyBl bmVyZ3ksIG NvbnN0cnVj dGlvbiwgdH JhbnNwb3J0 YXRpb24sIG FuZCBtYW51 ZmFjdHVyaW 5nLjxicj5S dXNzZWwgTW V0YWxzIG9w ZXJhdGVzIG EgbmV0d29y ayBvZiBtZX RhbHMgc2Vy dmljZSBjZW 50ZXJzIGFu ZCBwcm9jZX NzaW5nIGZh Y2lsaXRpZX MgdGhyb3Vn aG91dCBOb3 J0aCBBbWVy aWNhLCBhbG xvd2luZyB0 aGVtIHRvIG VmZmljaWVu dGx5IGRpc3 RyaWJ1dGUg cHJvZHVjdH MgYW5kIHBy b3ZpZGUgdm FsdWUtYWRk ZWQgc2Vydm ljZXMgc3Vj aCBhcyBjdX R0aW5nLCBk cmlsbGluZy wgYW5kIHdl bGRpbmcuIF RoZXkgYWxz byBoYXZlIG Egc3Ryb25n IGZvY3VzIG 9uIHN1c3Rh aW5hYmlsaX R5IGFuZCBj b250aW51b3 VzbHkgc3Ry aXZlIHRvIG ltcHJvdmUg dGhlaXIgZW 52aXJvbm1l bnRhbCBwZX Jmb3JtYW5j ZS48YnI+VG hlaXIgYnVz aW5lc3MgbW 9kZWwgYWxz byBpbmNsdW RlcyBzdHJv bmcgcmVsYX Rpb25zaGlw cyB3aXRoIH N1cHBsaWVy cyBhbmQgc3 RyYXRlZ2lj IHBhcnRuZX JzaGlwcyB3 aXRoIGN1c3 RvbWVycywg YWxsb3dpbm cgdGhlbSB0 byBwcm92aW RlIGEgcmVs aWFibGUgYW 5kIGNvc3Qt ZWZmZWN0aX ZlIHN1cHBs eSBjaGFpbi Bmb3IgYm90 aCBwYXJ0aW VzLiBSdXNz ZWwgTWV0YW xzIGFsc28g c3RheXMgdX AtdG8tZGF0 ZSB3aXRoIG luZHVzdHJ5 IHRyZW5kcy BhbmQgdGVj aG5vbG9neS B0byBpbm5v dmF0ZSBhbm QgcmVtYWlu IGNvbXBldG l0aXZlIGlu IHRoZSBtYX JrZXQuIE92 ZXJhbGwsIH RoZWlyIGJ1 c2luZXNzIG 1vZGVsIGlz IGJ1aWx0IG 9uIHByb3Zp ZGluZyBoaW doLXF1YWxp dHkgcHJvZH VjdHMsIGVm ZmljaWVudC BkaXN0cmli dXRpb24gYW 5kIHByb2Nl c3NpbmcsIG FuZCBzdHJv bmcgcmVsYX Rpb25zaGlw cyB3aXRoIG JvdGggc3Vw cGxpZXJzIG FuZCBjdXN0 b21lcnMu

AI could indeed pose potential threats to a company like Russel Metals, though the extent and nature of these threats would depend on various factors specific to the metal industry and the applications of AI.
1. Substitution: AI technologies, particularly advancements in materials science and manufacturing processes, could lead to the development of alternative materials that substitute traditional metals. For example, the rise of advanced composites or other emerging materials might reduce demand for specific metal products. Additionally, AI-driven automation and robotics in manufacturing could improve efficiency and reduce the need for metals in certain applications.
2. Disintermediation: AI can streamline supply chains and improve procurement processes, allowing end-users to bypass traditional distributors like Russel Metals. Solutions powered by AI could enable companies to connect directly with manufacturers, potentially reducing reliance on intermediaries for sourcing metal products, which could disrupt Russel Metals’ business model.
3. Margin Pressure: The ability to optimize production and inventory management through AI could lead to increased competition from other metal suppliers who can operate more efficiently and offer lower prices. If competitors leverage AI to enhance their operations, Russel Metals might face margin pressure due to pricing competition, as well as the need to invest in technology to maintain competitiveness.
To mitigate these threats, Russel Metals would need to embrace technological advancements, invest in AI solutions for their operational processes, and continuously innovate their product offerings to stay relevant in an evolving market landscape.

Russel Metals’ earnings, cash flow, and valuation are significantly sensitive to changes in interest rates, primarily due to its operation in the metals and industrial sector. Here’s a breakdown of how they are impacted:
1. Earnings Sensitivity: Changes in interest rates can have a direct impact on the company’s borrowing costs. If interest rates rise, the cost of financing for working capital and capital expenditures increases, which can reduce net earnings. Additionally, higher rates can slow down economic activity, potentially leading to decreased demand for metals, further impacting revenues.
2. Cash Flow Sensitivity: Similar to earnings, cash flow is affected by interest rates due to increased interest expenses on debt. Higher rates can reduce free cash flow as more cash is allocated to debt servicing rather than reinvestment or distribution to shareholders. Furthermore, if higher interest rates dampen economic growth, cash inflows from operations can also be squeezed.
3. Valuation Sensitivity: The valuation of Russel Metals can be affected by changes in interest rates as well. Higher rates typically lead to higher discount rates used in discounted cash flow analysis, reducing the present value of future cash flows. Investors may also adjust their required rates of return based on prevailing interest rates, further impacting stock valuations.
In summary, increased interest rates present challenges for Russel Metals by impacting earnings through higher financing costs and potential demand reduction, decreasing cash flow due to rising interest expenses, and negatively influencing valuation through higher discount rates. Conversely, lower interest rates would generally have the opposite effects, potentially boosting the company’s financial performance and valuation.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BSdXNzZWwg TWV0YWxz4o CZIGVjb25v bWljcyBvdm VyIHRoZSBu ZXh0IDMgdG 8gNSB5ZWFy cyBpcyBhIH NpZ25pZmlj YW50IGFuZC Bwcm9sb25n ZWQgZG93bn R1cm4gaW4g dGhlIGNvbn N0cnVjdGlv biBhbmQgaW 5mcmFzdHJ1 Y3R1cmUgc2 VjdG9ycywg ZHJpdmVuIG J5IGEgY29t YmluYXRpb2 4gb2YgZmFj dG9ycyBzdW NoIGFzIGVj b25vbWljIH JlY2Vzc2lv biwgcmlzaW 5nIGludGVy ZXN0IHJhdG VzLCBhbmQg c2hpZnRzIH Rvd2FyZCBz dXN0YWluYW JsZSBtYXRl cmlhbHMuIF RoaXMgZG93 bnR1cm4gY2 91bGQgbGVh ZCB0byBhIH N1YnN0YW50 aWFsIGRlY3 JlYXNlIGlu IGRlbWFuZC Bmb3Igc3Rl ZWwgYW5kIG 1ldGFsIHBy b2R1Y3RzLC B3aGljaCBh cmUgcHJpbW FyeSBvZmZl cmluZ3Mgb2 YgUnVzc2Vs IE1ldGFscy 48YnI+SW4g dGhpcyBzY2 VuYXJpbywg dGhlIGNvbX BhbnnigJlz IG1hcmdpbn Mgd291bGQg bGlrZWx5IH NocmluayBz aWduaWZpY2 FudGx5LiBX aXRoIHJlZH VjZWQgZGVt YW5kLCBwcm ljZXMgZm9y IG1ldGFscy Bjb3VsZCBm YWxsIGR1ZS B0byBvdmVy c3VwcGx5IG luIHRoZSBt YXJrZXQsIG xlYWRpbmcg dG8gYSBkZW NsaW5lIGlu IHJldmVudW UgcGVyIHVu aXQgc29sZC 4gVGhlIGZp eGVkIGNvc3 RzIGFzc29j aWF0ZWQgd2 l0aCBvcGVy YXRpb25zIH dvdWxkIGNv bnRpbnVlLC BwdXR0aW5n IHByZXNzdX JlIG9uIHBy b2ZpdCBtYX JnaW5zLiBJ biBhIGhpZ2 hseSBjb21w ZXRpdGl2ZS BpbmR1c3Ry eSwgY29tcG V0aXRvcnMg bWF5IGFsc2 8gbG93ZXIg cHJpY2VzIG Z1cnRoZXIs IGV4YWNlcm JhdGluZyBt YXJnaW4gY2 9tcHJlc3Np b24gYW5kIG 1ha2luZyBp dCBkaWZmaW N1bHQgZm9y IFJ1c3NlbC BNZXRhbHMg dG8gbWFpbn RhaW4gcHJv Zml0YWJpbG l0eS48YnI+ Q2FzaCBmbG 93IHdvdWxk IGJlIGFmZm VjdGVkIGFk dmVyc2VseS BpbiB0aGlz IHNjZW5hcm lvLiBXaXRo IGRlY2xpbm luZyBzYWxl cywgb3Blcm F0aW9uYWwg Y2FzaCBmbG 93IHdvdWxk IGRlY3JlYX NlIGFzIGNv bGxlY3Rpb2 5zIGZyb20g Y3VzdG9tZX JzIGR3aW5k bGUuIElmIH RoZSBjb21w YW55IHRyaW VzIHRvIG1h aW50YWluIG l0cyB3b3Jr Zm9yY2Ugb3 Igb3BlcmF0 aW9uYWwgY2 FwYWNpdHkg aW4gdGhlIG hvcGVzIG9m IGEgbWFya2 V0IHJlY292 ZXJ5LCBpdC Bjb3VsZCBs ZWFkIHRvIG Nhc2ggYnVy biBvdmVyIG FuIGV4dGVu ZGVkIHBlcm lvZC4gRmFp bHVyZSB0by BnZW5lcmF0 ZSBzdWZmaW NpZW50IGNh c2ggZmxvdy BtYXkgZm9y Y2UgUnVzc2 VsIE1ldGFs cyB0byByZW NvbnNpZGVy IGNhcGl0YW wgZXhwZW5k aXR1cmVzLC ByZXN1bHRp bmcgaW4gZG VsYXllZCBp bnZlc3RtZW 50cyBvciBk b3duc2l6aW 5nIG9wZXJh dGlvbnMuPG JyPlRoZSBi YWxhbmNlIH NoZWV0IHdv dWxkIGxpa2 VseSByZWZs ZWN0IGluY3 JlYXNlZCBs ZXZlcmFnZS BpZiB0aGUg Y29tcGFueS B0YWtlcyBv biBkZWJ0IH RvIGNvdmVy IG9wZXJhdG lvbmFsIHNo b3J0ZmFsbH MuIElmIHJl dmVudWVzIG RlY2xpbmUg c2lnbmlmaW NhbnRseSwg cmV0YWluZW QgZWFybmlu Z3Mgd291bG QgZGltaW5p c2gsIGFuZC BjdW11bGF0 aXZlIGxvc3 NlcyBjb3Vs ZCBlcm9kZS BzaGFyZWhv bGRlciBlcX VpdHkuIEFz IGxpcXVpZG l0eSBiZWNv bWVzIHRpZ2 h0ZXIsIHRo ZSBjb21wYW 55IG1heSBm YWNlIGNoYW xsZW5nZXMg aW4gcmVmaW 5hbmNpbmcg ZXhpc3Rpbm cgZGVidHMg b3Igb2J0YW luaW5nIG5l dyBmaW5hbm NpbmcsIGxl YWRpbmcgdG 8gcG90ZW50 aWFsIGNyZW RpdCByYXRp bmcgZG93bm dyYWRlcy4g TGVuZGVycy BtaWdodCBp bXBvc2Ugc3 RyaWN0ZXIg Y292ZW5hbn RzLCB3aGlj aCBjb3VsZC BpbmhpYml0 IG9wZXJhdG lvbmFsIGZs ZXhpYmlsaX R5Ljxicj5J biBzdW1tYX J5LCBpZiBh IHByb2xvbm dlZCBkb3du dHVybiBpbi Bjb25zdHJ1 Y3Rpb24gYW 5kIGluZnJh c3RydWN0dX JlIG9jY3Vy cywgUnVzc2 VsIE1ldGFs cyB3b3VsZC BsaWtlbHkg ZXhwZXJpZW 5jZSBzcXVl ZXplZCBtYX JnaW5zLCBy ZWR1Y2VkIG Nhc2ggZmxv dywgYW5kIG Egd2Vha2Vu ZWQgYmFsYW 5jZSBzaGVl dCwgd2hpY2 ggY291bGQg aGluZGVyIG l0cyBsb25n LXRlcm0gc3 VzdGFpbmFi aWxpdHkgYW 5kIGdyb3d0 aCBwcm9zcG VjdHMuPGJy Pg==

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 bG9nb3MvQX hDWm1ZZWtC emZTNDBEY0 lTcjIud2Vi cCIgYWx0PS JSdXNzZWwg TWV0YWxzIi B0aXRsZT0i UnVzc2VsIE 1ldGFscyIg IGNsYXNzPS JpbWctZmx1 aWQiIGhlaW dodD01MCB3 aWR0aD01MC Bsb2FkaW5n PSdsYXp5Jy BzdHlsZT0n Ym9yZGVyLX JhZGl1czog NnB4Oyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J2ZsZXg6 IDE7IHRleH QtYWxpZ246 IGNlbnRlcj sgbWFyZ2lu LWxlZnQ6ID VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8cCBzdHls ZT0nZm9udC 1zaXplOiAy NnB4OyBjb2 xvcjogIzMz MzsgbWFyZ2 luLWJvdHRv bTogMTVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TiCBX YW50IHRvIH JlYWQgbW9y ZSBhYm91dC BSdXNzZWwg TWV0YWxzPw 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+GkyBEaX Njb3ZlciA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+IOKAlCBm cmVlIGVCb2 9rIQogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDEy cHg7IGZvbn Qtc2l6ZTog MTNweDsgY2 9sb3I6ICM0 NDQ7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIFNpZ2 4gdXAgbm93 IGFuZCBnZX Qgb3VyIGZy ZWUgZUJvb2 sgCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8Yj5UaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzPC9i PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTZweD sgZm9udC1z aXplOiAxNH B4OyBjb2xv cjogIzQ0ND sgZm9udC1m YW1pbHk6IC 1hcHBsZS1z eXN0ZW0sIE JsaW5rTWFj U3lzdGVtRm 9udCwgU2Vn b2UgVUksIF JvYm90bywg SGVsdmV0aW NhIE5ldWUs IHNhbnMtc2 VyaWY7IGxp bmUtaGVpZ2 h0OiAxLjY7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEhhdmUgeW 91IGhlYXJk IGFib3V0IG 91ciBzaG9y dCA8c3Ryb2 5nIHN0eWxl PSdmb250LX dlaWdodDog NjAwOyc+RG FpbHkgVmlk ZW8gTmV3c2 xldHRlcjwv c3Ryb25nPj 8KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xhIGhyZWY9 J2h0dHBzOi 8vd3d3Lmlu c2lnaHRmdW x2YWx1ZS5j b20vbmV3c2 xldHRlci5w aHAnIHRhcm dldD0nX2Js YW5rJyBzdH lsZT0nY29s b3I6ICMwMD dCRkY7IHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsgZm 9udC13ZWln aHQ6IDUwMD sgbWFyZ2lu LWxlZnQ6ID ZweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEZpbmQgb3 V0IG1vcmUK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AKICAgICAg ICAKICAgIC AgICA8c3Bh biBjbGFzcz 0nYmx1cnJl ZC10ZXh0Jz 4KICAgICAg ICAgICAgTV M0Z1ZHaGxJ RyBOdmJYQm hibmtnIGQy RnpJR1p2ZF cgNWtaV1Fn YVc0ZyBNVG t4TWlCaWVT IEIwYUdVZ1 VuVnogYzJW c0lHWmhiVy Bsc2VTQnBi aUJGIFpHMX ZiblJ2Ymkg d2dRV3hpWl hKMCBZU0Jo Y3lCaElIIE 5qY21Gd0lH MWwgZEdGc0 lHSjFjMiBs dVpYTnpMan hpIGNqNHlM aUJVYUcgVW diM0pwWjJs dSBZV3dnYm 1GdFpTIEJ2 WmlCMGFHVW cgWTI5dGNH RnVlUyBCM1 lYTWdVblZ6 IGMyVnNJRU p5YjMgUm9a WEp6SUV4cC BiV2wwWldR c0lHIEoxZE NCcGRDQjMg WVhNZ2IyWm 1hVyBOcFlX eHNlU0JqIG FHRnVaMlZr SUggUnZJRk oxYzNObCBi Q0JOWlhSaG JIIE1nU1c1 akxpQnAgYm lBeU1EQTBM aiB4aWNqNH pMaUJTIGRY TnpaV3dnVF cgVjBZV3h6 SUdseiBJRz l1WlNCdlpp IEIwYUdVZ2 JHRnkgWjJW emRDQnRaWC BSaGJITWda R2x6IGRISn BZblYwYVcg OXVJR0Z1Wk NCdyBjbTlq WlhOemFXID VuSUdOdmJY QmggYm1sbG N5QnBiaSBC T2IzSjBhQ0 JCIGJXVnlh V05oTEMgQj NhWFJvSUc5 dyBaWEpoZE dsdmJuIE1n YVc0Z1EyRn UgWVdSaElH RnVaQyBCMG FHVWdWVzVw IGRHVmtJRk 4wWVggUmxj eTQ4WW5JKy BOQzRnVkdo bElHIE52Yl hCaGJua2cg YUdGeklHOT JaWCBJZ05q QWdiRzlqIF lYUnBiMjV6 SUcgRmpjbT l6Y3lCTyBi M0owYUNCQm JXIFZ5YVdO aExDQnAgYm 1Oc2RXUnBi bSBjZ2QyRn laV2h2IGRY TmxjeXdnY0 ggSnZZMlZ6 YzJsdSBaeU JtWVdOcGJH IGwwYVdWek xDQmggYm1R Z2MyRnNaWC BNZ2IyWm1h V05sIGN5ND hZbkkrTlMg NGdVblZ6Yz JWcyBJRTFs ZEdGc2N5IE JvWVhNZ1lT QmsgYVhabG NuTmxJSCBC dmNuUm1iMn hwIGJ5QnZa aUJ3Y20gOW tkV04wY3l3 ZyBhVzVqYk hWa2FXIDVu SUdOaGNtSn YgYmlCemRH VmxiQyB3Z2 MzUmhhVzVz IFpYTnpJSE 4wWlcgVnNM Q0JoYkhWdC BhVzUxYlN3 Z1lXIDVrSU hOd1pXTnAg WVd4MGVTQn RaWCBSaGJI TXVQR0p5IF BqWXVJRWx1 SUcgRmtaR2 wwYVc5dSBJ SFJ2SUdScG MzIFJ5YVdK MWRHbHYgYm lCaGJtUWdj SCBKdlkyVn pjMmx1IFp5 d2dkR2hsSU cgTnZiWEJo Ym5rZyBZV3 h6YnlCdlpt IFpsY25NZ2 RtRnMgZFdV dFlXUmtaVy BRZ2MyVnlk bWxqIFpYTW djM1ZqYUMg QmhjeUJ6WV hkcCBibWNz SUhOb1pXIE Z5YVc1bkxD QmggYm1RZ2 NHeGhjMiAx aElHTjFkSF JwIGJtY3VQ R0p5UGogY3 VJRkoxYzNO bCBiQ0JOWl hSaGJIIE1n YzJWeWRtVn ogSUdFZ2Qy bGtaUyBCeV lXNW5aU0J2 IFppQnBibV IxYzMgUnlh V1Z6TENCcC BibU5zZFdS cGJtIGNnWT I5dWMzUnkg ZFdOMGFXOX VMQyBCbGJt VnlaM2tzIE lIUnlZVzV6 Y0cgOXlkR0 YwYVc5dSBM Q0JoYm1RZ2 FXIDVrZFhO MGNtbGggYk NCdFlXNTFa bSBGamRIVn lhVzVuIExq eGljajQ0TG kgQlVhR1Vn WTI5dCBjR0 Z1ZVNCcGN5 IEJqYjIxdG FYUjAgWldR Z2RHOGdjMy BWemRHRnBi bUZpIGJHVW diM0JsY20g RjBhVzl1Y3 lCaCBibVFn YUdGeklHIG x0Y0d4bGJX VnUgZEdWa0 lHVnVkbSBs eWIyNXRaVz UwIFlXeHNl U0JtY20gbG xibVJzZVNC dyBjbUZqZE dsalpYIE1n WVc1a0lHbH UgYVhScFlY UnBkbSBWek xDQnpkV05v IElHRnpJSF Z6YVcgNW5J R1Z1WlhKbi BlUzFsWm1a cFkyIGxsYm 5RZ1pYRjEg YVhCdFpXNT BJRyBGdVpD QnlaV041IF kyeHBibWNn YzIgTnlZWE FnYldWMCBZ V3d1UEdKeV BqIGt1SUZK MWMzTmwgYk NCTlpYUmhi SCBNZ2FHRn pJR0psIFpX NGdjbVZqYj IgZHVhWHBs WkNCbSBiM0 lnYVhSeklI IE4wY205dV p5Qm0gYVc1 aGJtTnBZVy B3Z2NHVnla bTl5IGJXRn VZMlVnWVcg NWtJR2x6SU d4cCBjM1Js WkNCdmJpIE IwYUdVZ1ZH OXkgYjI1MG J5QlRkRyA5 amF5QkZlR0 5vIFlXNW5a U0IxYm0gUm xjaUIwYUdV ZyBjM2x0WW 05c0lGIEpW VXk0OFluSS sgTVRBdUlG Um9aUyBCam IyMXdZVzU1 IElHaGhjeU JoSUcgeHZi bWNnYUdsei BkRzl5ZVNC dlppIEJqYj IxdGRXNXAg ZEhrZ2FXNT JiMiB4MlpX MWxiblFnIF lXNWtJR05v WVggSnBkR0 ZpYkdVZyBa MmwyYVc1bk xDIEJ6ZFhC d2IzSjAgYV c1bklHOXla MiBGdWFYcG hkR2x2IGJu TWdjM1ZqYU MgQmhjeUIw YUdVZyBWVz VwZEdWa0lG IGRoZVNCaG JtUWcgYkc5 allXd2dabS A5dlpDQmlZ VzVyIGN5ND 0KICAgICAg ICA8L3NwYW 4+CiAgICAg ICAgCiAgIC AgICAg