Tootsie Roll Industries

Live  

Tootsie Roll Industries is an American confectionery company that produces and sells various candies, including the iconic Tootsie Roll. The company was founded in 1896 by Leo Hirshfield in a small shop in New York City, where he created the Tootsie Roll, a chewy, chocolate-flavored candy that is still popular today.
Over the years, Tootsie Roll Industries has expanded its product line to include other well-known candies such as Tootsie Pops, Junior Mints, Dots, and Charleston Chew. The company also acquired other confectionery brands, including Andes Candies and Cella's, expanding its portfolio.
Tootsie Roll Industries is still a family-owned and operated company, with chairman and CEO Melvin Gordon, the grandson of the company's founder, leading the company. Headquartered in Chicago, Illinois, the company has manufacturing facilities in the United States and Mexico.
The company has a strong focus on quality and is committed to using natural ingredients, such as real cocoa and milk, in its products. Tootsie Roll Industries also strives to be environmentally responsible, using sustainable resources and implementing energy-efficient practices in its operations.
Tootsie Roll Industries continues to be a popular choice for candy lovers, with its diverse range of products and its iconic Tootsie Roll still being enjoyed by people of all ages.

Tootsie Roll Industries is a company that makes candy, and one of their most famous candies is called the Tootsie Roll. They create all sorts of sweet treats, like chocolates, fruit chews, and lollipops. You might see their candies at the store or in your Halloween bag!
The way they make money is by selling all these delicious candies to stores, which then sell them to people like you and me. When people buy their candies, Tootsie Roll Industries earns money. They make sure their candies taste great and are fun to eat, so many people want to buy them again and again.
Tootsie Roll Industries has been successful for a long time, and there are a few reasons for that. First, they make really popular candies that lots of kids and adults enjoy, so their products have a big fan base. Second, they have a strong brand that many people recognize, which helps them sell more candy. Lastly, they keep coming up with new and exciting products that attract even more customers.
In the future, Tootsie Roll Industries is likely to stay successful because they have a good reputation for making tasty treats, and people will always love candy! Plus, as long as they keep making fun and delicious sweets, they will continue to find new fans and keep their loyal customers happy.

MS4gSWNvbm ljIFByb2R1 Y3RzOiBUb2 90c2llIFJv bGwgSW5kdX N0cmllcyBp cyBiZXN0IG tub3duIGZv ciBpdHMgaW NvbmljIHBy b2R1Y3RzLC BzdWNoIGFz IFRvb3RzaW UgUm9sbCwg VG9vdHNpZS BQb3AsIERv dHMsIEp1bm lvciBNaW50 cywgYW5kIE NoYXJsZXN0 b24gQ2hldy wgd2hpY2gg aGF2ZSBiZW VuIGVuam95 ZWQgYnkgZ2 VuZXJhdGlv bnMuPGJyPj IuIExvbmcg SGlzdG9yeT ogVGhlIGNv bXBhbnkgaG FzIGEgbG9u ZyBoaXN0b3 J5LCBkYXRp bmcgYmFjay B0byAxODk2 IHdoZW4gaX Qgd2FzIGZv dW5kZWQgYn kgTGVvIEhp cnNoZmllbG QuIFRvb3Rz aWUgUm9sbC BJbmR1c3Ry aWVzIGhhcy BiZWVuIHBy b2R1Y2luZy BpdHMgZmFt b3VzIFRvb3 RzaWUgUm9s bHMgZm9yIG 92ZXIgYSBj ZW50dXJ5Lj xicj4zLiBG YW1pbHktT3 duZWQ6IFRo ZSBjb21wYW 55IGhhcyBi ZWVuIGZhbW lseS1vd25l ZCBhbmQgb3 BlcmF0ZWQg c2luY2UgaX RzIGluY2Vw dGlvbiwgd2 l0aCB0aGUg Y3VycmVudC BjaGFpcm1h biBhbmQgQ0 VPIGJlaW5n IHRoZSBncm VhdC1ncmFu ZHNvbiBvZi B0aGUgZm91 bmRlci48Yn I+NC4gTG9u Z2V2aXR5Oi BUb290c2ll IFJvbGwgSW 5kdXN0cmll cyBoYXMgYm VlbiBpbiBi dXNpbmVzcy Bmb3Igb3Zl ciAxMjUgeW VhcnMsIG1h a2luZyBpdC BvbmUgb2Yg dGhlIG9sZG VzdCBtYWpv ciBjYW5keS Bjb21wYW5p ZXMgaW4gdG hlIFVuaXRl ZCBTdGF0ZX MuPGJyPjUu IENvbnNpc3 RlbnQgUXVh bGl0eTogVG hlIGNvbXBh bnkgaGFzIG 1haW50YWlu ZWQgdGhlIH NhbWUgcmVj aXBlIGFuZC BoaWdoLXF1 YWxpdHkgaW 5ncmVkaWVu dHMgZm9yIG l0cyBwcm9k dWN0cyBmb3 IgZGVjYWRl cywgZW5zdX JpbmcgdGhh dCBjdXN0b2 1lcnMgY2Fu IGFsd2F5cy BleHBlY3Qg dGhlIHNhbW UgZ3JlYXQg dGFzdGUuPG JyPjYuIERp dmVyc2UgUH JvZHVjdCBM aW5lOiBUb2 90c2llIFJv bGwgSW5kdX N0cmllcyBv ZmZlcnMgYS B3aWRlIHJh bmdlIG9mIH Byb2R1Y3Rz LCBpbmNsdW RpbmcgY2Fu ZHksIHNuYW NrcywgYW5k IG90aGVyIG NvbmZlY3Rp b25lcnkgaX RlbXMsIG1h a2luZyBpdC BhIG9uZS1z dG9wLXNob3 AgZm9yIHN3 ZWV0IHRyZW F0cy48YnI+ Ny4gU3Ryb2 5nIEJyYW5k IFJlY29nbm l0aW9uOiBU aGUgY29tcG FueSBoYXMg c3Ryb25nIG JyYW5kIHJl Y29nbml0aW 9uLCB3aXRo IGl0cyBwcm 9kdWN0cyBi ZWluZyBlYX NpbHkgcmVj b2duaXphYm xlIGFyb3Vu ZCB0aGUgd2 9ybGQuPGJy PjguIElubm 92YXRpb246 IFRvb3RzaW UgUm9sbCBJ bmR1c3RyaW VzIGhhcyBj b250aW51ZW QgdG8gaW5u b3ZhdGUgYW 5kIGV4cGFu ZCBpdHMgcH JvZHVjdCBs aW5lLCBpbn Ryb2R1Y2lu ZyBuZXcgZm xhdm9ycyBh bmQgdmFyaW F0aW9ucyBv ZiBpdHMgY2 xhc3NpYyBw cm9kdWN0cy B0byBhcHBl YWwgdG8gY2 hhbmdpbmcg Y29uc3VtZX IgcHJlZmVy ZW5jZXMuPG JyPjkuIFNv Y2lhbCBSZX Nwb25zaWJp bGl0eTogVG hlIGNvbXBh bnkgaXMgY2 9tbWl0dGVk IHRvIHNvY2 lhbCByZXNw b25zaWJpbG l0eSBhbmQg aGFzIHJlY2 VpdmVkIHJl Y29nbml0aW 9uIGZvciBp dHMgZWZmb3 J0cyBpbiBz dXN0YWluYW JpbGl0eSwg ZWNvLWZyaW VuZGxpbmVz cywgYW5kIG NvbW11bml0 eSBpbnZvbH ZlbWVudC48 YnI+MTAuIE ZpbmFuY2lh bCBTdWNjZX NzOiBUb290 c2llIFJvbG wgSW5kdXN0 cmllcyBoYX MgYmVlbiBh IGZpbmFuY2 lhbGx5IHN1 Y2Nlc3NmdW wgY29tcGFu eSwgY29uc2 lzdGVudGx5 IHJlcG9ydG luZyBwcm9m aXRzIGFuZC BtYWludGFp bmluZyBhIH N0cm9uZyBw cmVzZW5jZS BpbiB0aGUg Y2FuZHkgbW Fya2V0Lg==

VG9vdHNpZS BSb2xsIElu ZHVzdHJpZX MgaXMgYSBj b25mZWN0aW 9uZXJ5IGNv bXBhbnkgdG hhdCBwcmlt YXJpbHkgcH JvZHVjZXMg YW5kIHNlbG xzIFRvb3Rz aWUgUm9sbC BjYW5kaWVz IGFuZCBvdG hlciByZWxh dGVkIHByb2 R1Y3RzLiBU aGUgY29tcG FueSdzIGJ1 c2luZXNzIG 1vZGVsIGNh biBiZSBkZX NjcmliZWQg YXMgYSBmYX N0LW1vdmlu ZyBjb25zdW 1lciBnb29k cyAoRk1DRy kgbW9kZWws IHdoZXJlIH RoZXkgZm9j dXMgb24gcH JvZHVjaW5n IGEgbGFyZ2 Ugdm9sdW1l IG9mIGFmZm 9yZGFibGUg YW5kIHBvcH VsYXIgcHJv ZHVjdHMgZm 9yIGZyZXF1 ZW50IGNvbn N1bXB0aW9u Ljxicj5UaG UgY29tcGFu eSBvcGVyYX RlcyB0aHJv dWdoIGEgY2 9tYmluYXRp b24gb2YgaW 4taG91c2Ug cHJvZHVjdG lvbiBhbmQg b3V0c291cm NlZCBtYW51 ZmFjdHVyaW 5nLCBhbGxv d2luZyBmb3 IgY29zdCBl ZmZpY2llbm N5IGFuZCBz Y2FsYWJpbG l0eS4gVG9v dHNpZSBSb2 xsIGFsc28g aGFzIGEgc3 Ryb25nIGRp c3RyaWJ1dG lvbiBuZXR3 b3JrLCBzZW xsaW5nIGl0 cyBwcm9kdW N0cyB0aHJv dWdoIHZhcm lvdXMgcmV0 YWlsIGNoYW 5uZWxzLCBp bmNsdWRpbm cgc3VwZXJt YXJrZXRzLC Bjb252ZW5p ZW5jZSBzdG 9yZXMsIGFu ZCBvbmxpbm UgcmV0YWls ZXJzLjxicj 5JbiBhZGRp dGlvbiB0by BpdHMgY29y ZSBwcm9kdW N0IGxpbmUs IFRvb3RzaW UgUm9sbCBh bHNvIGV4cG FuZHMgaXRz IGJ1c2luZX NzIHRocm91 Z2ggYnJhbm QgZXh0ZW5z aW9ucywgc3 VjaCBhcyBm bGF2b3JlZC B2YXJpYXRp b25zIG9mIH RoZWlyIHNp Z25hdHVyZS BjYW5kaWVz IGFuZCBuZX cgcHJvZHVj dCBvZmZlcm luZ3Mgc3Vj aCBhcyBjYW 5keSBiYXJz IGFuZCBsb2 xsaXBvcHMu IFRoZSBjb2 1wYW55IGFs c28gYWN0aX ZlbHkgc2Vl a3Mgb3V0IH N0cmF0ZWdp YyBwYXJ0bm Vyc2hpcHMg YW5kIGFjcX Vpc2l0aW9u cyB0byBkaX ZlcnNpZnkg aXRzIHByb2 R1Y3QgcG9y dGZvbGlvIG FuZCBleHBh bmQgaXRzIG 1hcmtldCBy ZWFjaC48Yn I+VG9vdHNp ZSBSb2xsJ3 MgYnVzaW5l c3MgbW9kZW wgaXMgZm9j dXNlZCBvbi Bwcm92aWRp bmcgYSBjb2 5zaXN0ZW50 IGFuZCByZW xpYWJsZSBz dXBwbHkgb2 YgYmVsb3Zl ZCBjYW5keS Bwcm9kdWN0 cyBhdCBhbi BhZmZvcmRh YmxlIHByaW NlIHBvaW50 LCB3aXRoIG EgdGFyZ2V0 ZWQgbWFya2 V0aW5nIGFw cHJvYWNoIH RvIGFwcGVh bCB0byBhIH dpZGUgcmFu Z2Ugb2YgY2 9uc3VtZXJz LiBUaGlzIG 1vZGVsIGhh cyBhbGxvd2 VkIHRoZSBj b21wYW55IH RvIG1haW50 YWluIGEgc3 Ryb25nIHBy ZXNlbmNlIG luIHRoZSBj b25mZWN0aW 9uZXJ5IG1h cmtldCBmb3 Igb3ZlciBh IGNlbnR1cn ku

AI could have various implications for Tootsie Roll Industries in terms of its products, services, and competitive positioning, but the extent of the threat depends on several factors.
1. Substitution: AI in product development could lead to the creation of new confectionery products that could replace traditional offerings like Tootsie Rolls. For instance, AI could help develop healthier or more innovative candy alternatives that appeal to changing consumer preferences. This could pose a substitution threat if consumers choose these new options over Tootsie Roll products.
2. Disintermediation: The rise of direct-to-consumer sales channels, enabled by AI-driven marketing and e-commerce strategies, could challenge Tootsie Roll’s traditional distribution methods. If consumers increasingly buy sweets online, bypassing traditional retailers, this could disrupt Tootsie Roll’s established supply chain and relationships with retailers.
3. Margin Pressure: AI can help improve production efficiency and reduce costs, which competitors might leverage to offer lower-priced products. If competitors employ AI to optimize their operations faster and more effectively than Tootsie Roll, they may create margin pressure, forcing Tootsie Roll to either lower prices or increase investment in innovation to maintain its competitive edge.
Overall, while there are potential threats posed by AI in the confectionery industry, the actual impact would depend on how Tootsie Roll Industries adapts to technological changes and evolving market dynamics. The company can mitigate these risks through strategic innovation, effective marketing, and embracing AI technologies itself to enhance its products and services.

Tootsie Roll Industries’ earnings, cash flow, and valuation can be sensitive to changes in interest rates, although this sensitivity may not be as pronounced as in highly leveraged companies or those heavily reliant on debt.
1. Earnings Sensitivity: Tootsie Roll’s earnings can be influenced by interest rates mainly through consumer spending patterns. Higher interest rates can lead to increased borrowing costs for consumers, which may reduce discretionary spending on confectionery products. Conversely, lower interest rates may encourage consumer spending, potentially boosting sales and earnings.
2. Cash Flow Sensitivity: Cash flow may be affected as higher interest rates can increase financing costs if the company has variable-rate debt. However, Tootsie Roll has historically maintained a conservative balance sheet with lower levels of debt, so the immediate impact on cash flow might be less pronounced. Additionally, cash flow from operations could be impacted by reduced consumer spending in a high-interest rate environment.
3. Valuation Sensitivity: The valuation of Tootsie Roll Industries could be impacted by interest rates through the discount rate applied in valuation models. Higher interest rates typically lead to a higher discount rate, which can decrease the present value of future cash flows, thereby lowering the company’s valuation. Conversely, lower interest rates would decrease the discount rate and potentially increase valuation.
In summary, while Tootsie Roll Industries is sensitive to interest rate changes, the extent of sensitivity in earnings, cash flow, and valuation may be moderated by its financial structure and the nature of its product demand.

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 bG9nb3MvQ0 lXc2NDaUJr MHFmaWxwa1 ZNeWkud2Vi cCIgYWx0PS JUb290c2ll IFJvbGwgSW 5kdXN0cmll cyIgdGl0bG U9IlRvb3Rz aWUgUm9sbC BJbmR1c3Ry aWVzIiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTkwIHdpZH RoPTkwIGxv 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 Fib3V0IFRv b3RzaWUgUm 9sbCBJbmR1 c3RyaWVzPw 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 4pyN77iPIF NpZ24gdXAg dG8gZ2V0ID xpPiJUaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzIjwv aT4gZm9yIG ZyZWUKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdWR2hs SUYgUnZiM1 J6YVdVZyBV bTlzYkNCSm JtIFIxYzNS eWFXVnogSU dOdmJYQmhi biBrZ2QyRn pJR1p2IGRX NWtaV1FnYV cgNGdNVGc1 TmlCaSBlU0 JNWlc4Z1NH IGx5YzJobW FXVnMgWkN3 Z1lXNGdRWC BWemRISnBZ VzRnIGFXMX RhV2R5WVcg NTBMQ0JwYm lCTyBaWGNn V1c5eWF5IE JEYVhSNUxp QlUgYUdVZ1 kyOXRjRyBG dWVTQnBjeU J6IGRHbHNi Q0J5ZFcgNG dZbmtnZEdo bCBJSE5oYl dVZ1ptIEZ0 YVd4NUlHOT IgWlhJZ01U QXdJSCBsbF lYSnpJR3ho IGRHVnlMan hpY2ogNHlM aUJVYUdVZy BZMjl0Y0dG dWVTIEJuYj NRZ2FYUnog SUc1aGJXVW dabiBKdmJT Qk1aVzhnIF NHbHljMmht YVcgVnNaT0 tBbVhNZyBa bWwyWlMxNV pXIEZ5TFc5 c1pDQmsgWV hWbmFIUmxj aSBCM2FHOG dhR1VnIFlX Wm1aV04wYV cgOXVZWFJs YkhrZyBZMk ZzYkdWa0lP IEtBbkZSdm IzUnogYVdY aWdKMHVQRy BKeVBqTXVJ RlJ2IGIzUn phV1VnVW0g OXNiSE1nZD JWeSBaU0Iw YUdVZ1ptIG x5YzNRZ2NH VnUgYm5rZ1 kyRnVaSCBr Z2RHOGdZbV VnIGFXNWth WFpwWkggVm hiR3g1SUhk eSBZWEJ3Wl dRc0lHIDFo YTJsdVp5Qj AgYUdWdElI QmxjbSBabF kzUWdabTl5 IElIQnZZMn RsZEMgQmph R0Z1WjJVZy BZVzVrSUdW aGMzIGtnZE c4Z1pHbHog ZEhKcFluVj BaUyA0OFlu SStOQzRnIF ZHaGxJRzl5 YVcgZHBibU ZzSUZSdiBi M1J6YVdVZ1 VtIDlzYkNC M1lYTWcgWT NKbFlYUmxa QyBCcGJpQX hPRGsyIElH RnVaQ0JwY3 kgQnpkR2xz YkNCdCBZV1 JsSUhkcGRH IGdnZEdobE lITmggYldV Z2NtVmphWC BCbElIUnZa R0Y1IExpQk pkQ0JqYjIg NXphWE4wY3 lCdiBaaUJo SUdoaGNtIF FzSUdOb1pY ZDUgTENCam FHOWpiMiB4 aGRHVXRabX hoIGRtOXla V1FnWTIgRn VaSGtnY205 cyBiR1ZrSU dsdWRHIDhn WVNCamVXeH AgYm1SbGNp QnphRyBGd1 pTNDhZbkkr IE5TNGdSSF Z5YVcgNW5J RmR2Y214ay BJRmRoY2lC SlNTIHdnVk c5dmRITnAg WlNCU2IyeH NjeSBCM1pY SmxJR2x1IF kyeDFaR1Zr SUcgbHVJSE 52YkdScCBa WEp6NG9DWk lIIEpoZEds dmJuTWcgWk hWbElIUnZJ SCBSb1pXbH lJR1IxIGNt RmlhV3hwZE gga2dZVzVr SUd4diBibW NnYzJobGJH IFlnYkdsbV pTNGcgVTI5 c1pHbGxjbi BNZ1lXeHpi eUIxIGMyVm tJSFJvWlcg MGdkRzhnYz JWaCBiQ0Jq Y21GamEzIE 1nYVc0Z2RH aGwgYVhJZ2 RHVnVkSCBN Z1lXNWtJR0 Z6IElHRWdZ V1JvWlggTn BkbVVnWm05 eSBJR1Z4ZF dsd2JXIFZ1 ZEM0OFluSS sgTmk0Z1ZH OXZkSCBOcF pTQlNiMnhz IElFbHVaSF Z6ZEggSnBa WE1nWTNKbC BZWFJsWkNC MGFHIFVnWm 1seWMzUWcg WTJodlkyOX NZWCBSbExX TnZkbVZ5IF pXUWdZMmhs Y24gSjVJR0 5oYm1SNSBJ R2x1SURFNU 1qIGtzSUdO aGJHeGwgWk NCMGFHVWc0 byBDY1EyVn NiR0hpIGdK bHpJRU5vWl ggSnllZUtB blM0OCBZbk krTnk0Z1ZH IGhsSUdOdm JYQmggYm5r Z2FXNTBjbS A5a2RXTmxa Q0IwIGFHVW dZMjl1WTIg VndkQ0J2Wm lEaSBnSnhL ZFc1cGIzIE lnVFdsdWRI UGkgZ0owZ2 FXNGdkRyBo bElERTVORE J6IExDQjNh R2xqYUMgQj NaWEpsSUd4 aCBjbWRsY2 lCMGFHIEZ1 SUhKbFozVn MgWVhJZ2JX bHVkSCBNZ1 lXNWtJR052 IFlYUmxaQ0 JwYmkgQmph RzlqYjJ4aC BkR1V1UEdK eVBqIGd1SU ZSdmIzUnog YVdVZ1VtOX NiQyBCSmJt UjFjM1J5IG FXVnpJR0Zq Y1ggVnBjbV ZrSUhSbyBa U0JEYUdGeW JYIE1nUTJG dVpIa2cgUT I5dGNHRnVl UyBCcGJpQX hPVFkyIExD Qm5hWFpwYm 0gY2dkR2hs YlNCaCBZMk 5sYzNNZ2RH IDhnY0c5d2 RXeGggY2lC allXNWthVy BWeklITjFZ MmdnIFlYTW dRbXh2ZHkg QlFiM0J6TE NCRSBiM1J6 TENCaGJtIF FnUTJoaGNt MXogSUVKc2 IzY2dVRyA5 d2N5NDhZbk krIE9TNGdT VzRnTVQgaz VNeXdnZEdo bCBJR052Yl hCaGJuIGtn WTNKbFlYUm wgWkNCMGFH VWc0byBDY1 JteDFabVo1 IElGTjBkV1 ptNG8gQ2RJ R0p5WVc1ay BMQ0IzYUds amFDIEJ3Y2 05a2RXTmwg Y3lCamIzUj BiMiA0Z1ky RnVaSGtnIG FXNGdZU0Iy WVggSnBaWF I1SUc5bSBJ R1pzWVhadm NuIE11UEdK eVBqRXcgTG lCVWIyOTBj MiBsbElGSn ZiR3dnIFNX NWtkWE4wY2 0gbGxjeUJw Y3lCMCBhR1 VnYkdGeVoy IFZ6ZENCc2 IyeHMgYVhC dmNDQndjbS A5a2RXTmxj aUJwIGJpQj BhR1VnZDIg OXliR1FzSU hCeSBiMlIx WTJsdVp5IE J2ZG1WeUlE RTIgSUcxcG JHeHBiMiA0 Z2JHOXNiR2 x3IGIzQnpJ R1ZoWTIgZ2 daR0Y1TGp4 aSBjajR4TV M0Z1ZHIGhs SUdOdmJYQm ggYm5rZ2FH RnpJRyBsMG N5QnZkMjRn IGNHVnljMj l1WVcgd2dZ Mmh2WTI5cy BZWFJsSUdK eVlXIDVrSU dOaGJHeGwg WkNCQmJtUm xjeSBCTmFX NTBjeXdnIG FXNTBjbTlr ZFcgTmxaQ0 JwYmlBeCBP VFV3TGp4aW NqIDR4TWk0 Z1ZHOXYgZE hOcFpTQlNi MiB4c0lFbH VaSFZ6IGRI SnBaWE1nYU cgRnpJR0Vn Wm1GaiBkRz l5ZVNCcGJp IEJEYUdsal lXZHYgTENC SmJHeHBibS A5cGN5d2dk MmhwIFkyZ2 dhWE1nYjIg NWxJRzltSU hSbyBaU0Jz WVhKblpYIE 4wSUdOaGJt UjUgSUdaaF kzUnZjbSBs bGN5QnBiaU IwIGFHVWdk Mjl5YkcgUX NJSEJ5YjJS MSBZMmx1Wn lCdmRtIFZ5 SURZMElHMX AgYkd4cGIy NGdWRyA5dm RITnBaU0JT IGIyeHNjeU JoSUcgUmhl UzQ4WW5JKy BNVE11SUVS bGMzIEJwZE dVZ2FYUnog SUc1aGJXVX NJRiBSdmIz UnphV1VnIF VtOXNiQ0JK Ym0gUjFjM1 J5YVdWeiBJ R0ZzYzI4Z2 NIIEp2WkhW alpYTWcgYm 05dUxXTmhi bSBSNUlHbD BaVzF6IElI TjFZMmdnWV ggTWdRMkZ5 WVcxbCBiQ0 JCY0hCc1pT IEJRYjNCek xDQkggYjJ4 a1pXNWlaWC BKbjRvQ1pj eUJRIFpXRn VkWFFnUTIg aGxkM01zSU dGdSBaQ0J0 WVc1NUlHID kwYUdWeUlH Tm8gYjJOdm JHRjBaUyBC aGJtUWdibT l1IExXTm9i Mk52YkcgRj BaU0JqWVc1 ayBhV1Z6TG p4aWNqIDR4 TkM0Z1NXNG cgTWpBd09T d2dWRyA5dm RITnBaU0JT IGIyeHNJRW x1WkggVnpk SEpwWlhNZy BjbVZzWldG elpXIFFnWV NCc2FXMXAg ZEdWa0lHVm thWCBScGIy NGdWRzl2IG RITnBaU0JT YjIgeHNJRV pzWVhadiBj aUJTYjJ4c0 lIIFJvWVhR Z2FXNWogYk hWa1pXUWda bSB4aGRtOX ljeUJ6IGRX Tm9JR0Z6SU cgTm9aWEp5 ZVN3ZyBkbU Z1YVd4c1lT IHdnYkdWdG IyNHMgSUd4 cGJXVXNJRy BGdVpDQnZj bUZ1IFoyVX VQR0p5UGog RTFMaUJVYU dVZyBZMjl0 Y0dGdWVTIE JvWVhNZ1lt VmogYjIxbE lIQmhjbiBR Z2IyWWdjRz l3IGRXeGhj aUJqZFcgeD BkWEpsSUhk cCBkR2dnY2 1WbVpYIEps Ym1ObGN5Qn AgYmlCdGIz WnBaWCBNc0 lGUldJSE5v IGIzZHpMQ0 JoYm0gUWda WFpsYmlCei BiMjVuY3lC emRXIE5vSU dGeklPS0Eg bkZSdmIzUn phVyBVZ1Vt OXNiT0tBIG 5TQmllU0Iw YUcgVWdOam tnUW05NSBl aTQ4WW5JK0 1UIFl1SUZS dmIzUnogYV dVZ1VtOXNi SCBNZ2QyVn laU0IxIGMy VmtJR0Z6SU cgRWdZMjlr WlNCdSBZVz FsSUdadmNp IEIwYUdVZ2 JtRjIgWVd3 Z1ltOXRZbS BGeVpHMWxi blFnIGRHaG hkQ0IwYjIg OXJJSEJzWV dObCBJR0ps Wm05eVpTIE IwYUdVZ1JD MUUgWVhrZ2 FXNTJZWCBO cGIyNGdaSF Z5IGFXNW5J RmR2Y20geG tJRmRoY2lC SiBTUzQ4WW 5JK01UIGN1 SUVsdUlESX cgTVRRc0lG UnZiMyBSem FXVWdVbTlz IGJDQkpibV IxYzMgUnlh V1Z6NG9DWi BJRXAxYm1s dmNpIEJOYV c1MGN5QjMg WlhKbElHWm xZWCBSMWNt VmtJR2x1IE lIUm9aU0J3 YjMgQjFiR0 Z5SUZSVyBJ SE5vYjNjZ1 UyIFZwYm1a bGJHUXMgSU dsdUlIUm9a UyBCbGNHbH piMlJsIElP S0FuRlJvWl MgQktkVzVw YjNJZyBUV2 x1ZEhQaWdK IDB1UEdKeV BqRTQgTGlC VWFHVWdZMi A5dGNHRnVl U0JvIFlYTW dZU0JzYVcg NWxJRzltSU dkcyBkWFJs YmkxbWNtIF ZsSUdOaGJt UnAgWlhNc0 lHbHVZMiB4 MVpHbHVaeU JFIGIzUnpJ R0Z1WkMgQl VjbTl3YVdO aCBiQ0JFYj NSekxDIEJo Y3lCM1pXeH MgSUdGeklH ZHNkWCBSbG JpMW1jbVZs IElGUnZiM1 J6YVcgVWdV bTlzYkNCTi BhV1JuWldW ekxqIHhpY2 o0eE9TNGcg Vkc5dmRITn BaUyBCU2Iy eHNJRWx1IF pIVnpkSEpw WlggTWdaRz l1WVhSbCBj eUJoSUhCdm NuIFJwYjI0 Z2IyWWcgZE dobGFYSWdj SCBKdlptbD BjeUIwIGJ5 QjJZWEpwYj MgVnpJR05v WVhKcCBkR2 xsY3l3Z2FX IDVqYkhWa2 FXNW4gSUZO MExpQktkVy BSbElFTm9h V3hrIGNtVn U0b0NaY3kg QlNaWE5sWV hKaiBhQ0JJ YjNOd2FYIF JoYkNCaGJt UWcgZEdobE lFUmhibSBF dFJtRnlZbV Z5IElFTmhi bU5sY2kgQk pibk4wYVhS MSBkR1V1UE dKeVBqIEl3 TGlCVWIyOT AgYzJsbElF WnliMiA5MG FXVnpMQ0Jo IElHNWxkMl Z5SUggWmxj bk5wYjI0Zy BiMllnVkc5 dmRIIE5wWl NCU2IyeHMg Y3l3Z2QyVn laUyBCcGJu UnliMlIxIF kyVmtJR2x1 SUQgRTVOek FnWVc1ayBJ R052YldVZ2 FXIDRnWVNC MllYSnAgWl hSNUlHOW1J RyBaeWRXbD BJR1pzIFlY WnZjbk1nYz MgVmphQ0Jo Y3lCbiBjbU Z3WlN3Z1ky IGhsY25KNU xDQmggYm1R Z1ozSmxaVy A0Z1lYQndi R1V1CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==