Kennametal

-13.33%

Live  

Kennametal is a global company that specializes in manufacturing and distributing cutting tools, metalworking solutions, and wear-resistant parts for industrial applications. The company was founded in 1938 in Latrobe, Pennsylvania, USA and has since expanded to have operations in over 60 countries worldwide.
The company’s products are used in various industries such as aerospace, automotive, energy, construction, and agriculture. Kennametal prides itself on providing innovative solutions and high-quality products that help its customers improve their productivity and efficiency.
In addition to its main focus on cutting tools and metalworking solutions, Kennametal also offers a range of services such as training, technical support, and e-commerce solutions to assist its customers with their specific needs.
The company has a strong commitment to sustainability and is focused on reducing its environmental impact through various initiatives such as reducing waste, energy consumption, and emissions. Kennametal also actively supports the communities in which it operates through education, volunteerism, and other charitable efforts.
Overall, Kennametal is a well-established and reputable company that has been a leader in the manufacturing industry for over 80 years. Its commitment to innovation, quality, and sustainability makes it a trusted partner for industries around the world.

QWxyaWdodC EgU28sIEtl bm5hbWV0YW wgaXMgYSBj b21wYW55IH RoYXQgbWFr ZXMgc3BlY2 lhbCB0b29s cyBhbmQgcG FydHMgdGhh dCBoZWxwIG 90aGVyIGJ1 c2luZXNzZX MgYnVpbGQg dGhpbmdzLi BJbWFnaW5l IGlmIHlvdS BoYWQgdG8g bWFrZSBhIH JlYWxseSBj b29sIHRveS wgYnV0IHlv dSBuZWVkZW Qgc29tZSBz dHJvbmcgdG 9vbHMgdG8g Y3V0LCBzaG FwZSwgb3Ig am9pbiB0aG UgcGllY2Vz IHRvZ2V0aG VyLiBLZW5u YW1ldGFsIG 1ha2VzIHRo b3NlIGtpbm RzIG9mIHRv b2xzLCBidX QgZm9yIGJp Z2dlciB0aG luZ3MgbGlr ZSBjYXJzLC BhaXJwbGFu ZXMsIGFuZC BtYWNoaW5l cy48YnI+VG hlIHdheSBL ZW5uYW1ldG FsIG1ha2Vz IG1vbmV5IG lzIGJ5IHNl bGxpbmcgdG hlc2UgdG9v bHMgYW5kIH BhcnRzIHRv IG90aGVyIG NvbXBhbmll cyB0aGF0IG 5lZWQgdGhl bS4gVGhleS BhbHNvIHBy b3ZpZGUgc2 VydmljZXMg dG8gaGVscC B0aG9zZSBj b21wYW5pZX MgdXNlIHRo ZSB0b29scy BiZXR0ZXIg YW5kIGtlZX AgdGhlbSBp biBnb29kIH NoYXBlLiBX aGVuIGNvbX BhbmllcyB1 c2UgS2Vubm FtZXRhbOKA mXMgcHJvZH VjdHMsIHRo ZXkgY2FuIG 1ha2UgdGhl aXIgb3duIH Byb2R1Y3Rz IGZhc3Rlci BhbmQgYmV0 dGVyLCB3aG ljaCBtYWtl cyB0aGVtIG hhcHBpZXIs IGFuZCB0aG V5IGtlZXAg Y29taW5nIG JhY2sgdG8g YnV5IG1vcm UuPGJyPk5v dywgS2Vubm FtZXRhbCBp cyBzdWNjZX NzZnVsIGZv ciBhIGZldy ByZWFzb25z LiBGaXJzdC wgdGhleSBm b2N1cyBvbi BtYWtpbmcg cmVhbGx5IG hpZ2gtcXVh bGl0eSBwcm 9kdWN0cyB0 aGF0IGxhc3 QgYSBsb25n IHRpbWUuIF RoaXMgbWVh bnMgY29tcG FuaWVzIHRy dXN0IHRoZW 0gYW5kIHdh bnQgdG8ga2 VlcCB1c2lu ZyB0aGVpci B0b29scy4g U2Vjb25kLC B0aGV5IGFy ZSBhbHdheX MgdHJ5aW5n IHRvIGltcH JvdmUgYW5k IGNvbWUgdX Agd2l0aCBu ZXcgaWRlYX MsIGxpa2Ug dXNpbmcgbm V3IG1hdGVy aWFscyBvci B0ZWNobm9s b2dpZXMgdG hhdCBtYWtl IHRoZWlyIH Rvb2xzIGV2 ZW4gYmV0dG VyLjxicj5J biB0aGUgZn V0dXJlLCBL ZW5uYW1ldG FsIGlzIGxp a2VseSB0by BrZWVwIGJl aW5nIHN1Y2 Nlc3NmdWwu IFRoZXkgYX JlIGluIGEg Z29vZCBpbm R1c3RyeSBi ZWNhdXNlIG 1hbnkgYnVz aW5lc3Nlcy B3aWxsIGFs d2F5cyBuZW VkIHRvb2xz IHRvIGhlbH AgdGhlbSBi dWlsZCB0aG luZ3MuIFBs dXMsIGFzIH RlY2hub2xv Z3kgYWR2YW 5jZXMsIHRo ZXJlIHdpbG wgYmUgYSBu ZWVkIGZvci BldmVuIHNt YXJ0ZXIgYW 5kIG1vcmUg ZWZmaWNpZW 50IHRvb2xz LCBhbmQgS2 VubmFtZXRh bCBpcyBhbH JlYWR5IHdv cmtpbmcgb2 4gdGhhdC4g U28sIGJlY2 F1c2UgdGhl eSBhcmUgZ2 9vZCBhdCB3 aGF0IHRoZX kgZG8sIGtl ZXAgaW5ub3 ZhdGluZywg YW5kIGFyZS BpbiBhbiBp bXBvcnRhbn QgZmllbGQs IHRoZXkgYX JlIHNldCB1 cCBmb3IgYS BicmlnaHQg ZnV0dXJlIT xicj4=

MS4gUGlvbm VlcmluZyBJ bm5vdmF0aW 9uczogS2Vu bmFtZXRhbC BpcyBrbm93 biBmb3IgaX RzIHBpb25l ZXJpbmcgaW 5ub3ZhdGlv bnMgaW4gdG hlIGZpZWxk IG9mIGluZH VzdHJpYWwg dG9vbGluZy Bzb2x1dGlv bnMuIFRoZS Bjb21wYW55 IGhhcyBhIH RyYWNrIHJl Y29yZCBvZi BpbnRyb2R1 Y2luZyBuZX cgYW5kIGlu bm92YXRpdm UgcHJvZHVj dHMgdGhhdC BoYXZlIHNp Z25pZmljYW 50bHkgaW1w cm92ZWQgdG hlIHBlcmZv cm1hbmNlIG FuZCBlZmZp Y2llbmN5IG 9mIGluZHVz dHJpYWwgb3 BlcmF0aW9u cy48YnI+Mi 4gR2xvYmFs IFByZXNlbm NlOiBXaXRo IG9wZXJhdG lvbnMgaW4g bW9yZSB0aG FuIDYwIGNv dW50cmllcy wgS2VubmFt ZXRhbCBoYX MgYSBzdHJv bmcgZ2xvYm FsIHByZXNl bmNlIGFuZC BpdHMgcHJv ZHVjdHMgYX JlIHVzZWQg YnkgY3VzdG 9tZXJzIGFs bCBvdmVyIH RoZSB3b3Js ZC4gVGhpcy BhbGxvd3Mg dGhlIGNvbX BhbnkgdG8g aGF2ZSBhIG RpdmVyc2Ug Y3VzdG9tZX IgYmFzZSBh bmQgYSBkZW VwIHVuZGVy c3RhbmRpbm cgb2YgZGlm ZmVyZW50IG 1hcmtldHMu PGJyPjMuIE N1c3RvbWVy IENlbnRyaW MgQXBwcm9h Y2g6IEtlbm 5hbWV0YWwg aGFzIGEgc3 Ryb25nIGZv Y3VzIG9uIH VuZGVyc3Rh bmRpbmcgYW 5kIG1lZXRp bmcgdGhlIG 5lZWRzIG9m IGl0cyBjdX N0b21lcnMu IFRoZSBjb2 1wYW55IHdv cmtzIGNsb3 NlbHkgd2l0 aCBpdHMgY3 VzdG9tZXJz IHRvIGRldm Vsb3AgY3Vz dG9taXplZC Bzb2x1dGlv bnMgdGhhdC BoZWxwIHRo ZW0gaW1wcm 92ZSB0aGVp ciBvcGVyYX Rpb25zIGFu ZCBhY2hpZX ZlIHRoZWly IGJ1c2luZX NzIGdvYWxz Ljxicj40Li BFeHRlbnNp dmUgUHJvZH VjdCBSYW5n ZTogS2Vubm FtZXRhbCBv ZmZlcnMgYS B3aWRlIHJh bmdlIG9mIH Byb2R1Y3Rz LCBpbmNsdW RpbmcgY3V0 dGluZyB0b2 9scywgdG9v bGhvbGRlcn MsIGFuZCBp bnNlcnRzLC BhbW9uZyBv dGhlcnMuIE l0cyBwcm9k dWN0IHJhbm dlIGNhdGVy cyB0byB2YX Jpb3VzIGlu ZHVzdHJpZX MsIHN1Y2gg YXMgYWVyb3 NwYWNlLCBh dXRvbW90aX ZlLCBlbmVy Z3ksIGFuZC BnZW5lcmFs IGVuZ2luZW VyaW5nLjxi cj41LiBDb2 1taXRtZW50 IHRvIFN1c3 RhaW5hYmls aXR5OiBLZW 5uYW1ldGFs IGlzIGNvbW 1pdHRlZCB0 byBzdXN0YW luYWJpbGl0 eSBhbmQgaG FzIGltcGxl bWVudGVkIH ZhcmlvdXMg aW5pdGlhdG l2ZXMgdG8g cmVkdWNlIG l0cyBlbnZp cm9ubWVudG FsIGZvb3Rw cmludC4gVG hlc2UgaW5j bHVkZSBpbX Byb3Zpbmcg ZW5lcmd5IG VmZmljaWVu Y3ksIHJlZH VjaW5nIHdh c3RlLCBhbm QgdXNpbmcg c3VzdGFpbm FibGUgbWF0 ZXJpYWxzIG luIGl0cyBw cm9kdWN0cy 48YnI+Ni4g U3Ryb25nIF Jlc2VhcmNo IGFuZCBEZX ZlbG9wbWVu dCBDYXBhYm lsaXRpZXM6 IFRoZSBjb2 1wYW55IGhh cyBhIGRlZG ljYXRlZCB0 ZWFtIG9mIH NjaWVudGlz dHMgYW5kIG VuZ2luZWVy cyB3aG8gYX JlIGZvY3Vz ZWQgb24gZG V2ZWxvcGlu ZyBjdXR0aW 5nLWVkZ2Ug dGVjaG5vbG 9naWVzIGFu ZCBwcm9kdW N0cy4gVGhp cyBoZWxwcy BLZW5uYW1l dGFsIHN0YX kgYWhlYWQg b2YgaXRzIG NvbXBldGl0 b3JzIGFuZC Bwcm92aWRl IGN1c3RvbW VycyB3aXRo IHRoZSBsYX Rlc3QgYW5k IG1vc3QgYW R2YW5jZWQg c29sdXRpb2 5zLjxicj43 LiBFbXBoYX NpcyBvbiBF bXBsb3llZS BEZXZlbG9w bWVudDogS2 VubmFtZXRh bCBiZWxpZX ZlcyBpbiBp bnZlc3Rpbm cgaW4gaXRz IGVtcGxveW VlcyBhbmQg cHJvdmlkaW 5nIHRoZW0g d2l0aCBvcH BvcnR1bml0 aWVzIGZvci Bncm93dGgg YW5kIGRldm Vsb3BtZW50 LiBUaGUgY2 9tcGFueSBv ZmZlcnMgdm FyaW91cyB0 cmFpbmluZy Bwcm9ncmFt cyBhbmQgY2 FyZWVyIGFk dmFuY2VtZW 50IG9wcG9y dHVuaXRpZX MgdG8gaXRz IGVtcGxveW VlcywgbWFr aW5nIGl0IG FuIGF0dHJh Y3RpdmUgcG xhY2UgdG8g d29yay48Yn I+OC4gU3Ry b25nIEZpbm FuY2lhbCBQ ZXJmb3JtYW 5jZTogS2Vu bmFtZXRhbC BoYXMgYSBz dHJvbmcgZm luYW5jaWFs IHRyYWNrIH JlY29yZCB3 aXRoIGNvbn Npc3RlbnQg cmV2ZW51ZS Bncm93dGgg YW5kIHByb2 ZpdGFiaWxp dHkuIFRoaX MgaGFzIGhl bHBlZCB0aG UgY29tcGFu eSBlc3RhYm xpc2ggaXRz ZWxmIGFzIG EgbGVhZGVy IGluIHRoZS BpbmR1c3Ry aWFsIHRvb2 xpbmcgc29s dXRpb25zIG 1hcmtldC48 YnI+OS4gQ2 9ycG9yYXRl IFNvY2lhbC BSZXNwb25z aWJpbGl0eT ogS2VubmFt ZXRhbCBpcy Bjb21taXR0 ZWQgdG8gZ2 l2aW5nIGJh Y2sgdG8gdG hlIGNvbW11 bml0eSBhbm Qgc3VwcG9y dHMgdmFyaW 91cyBzb2Np YWwgYW5kIG Vudmlyb25t ZW50YWwgY2 F1c2VzIHRo cm91Z2ggaX RzIGNvcnBv cmF0ZSBzb2 NpYWwgcmVz cG9uc2liaW xpdHkgaW5p dGlhdGl2ZX MuIFRoaXMg aGFzIGhlbH BlZCB0aGUg Y29tcGFueS BidWlsZCBh IHBvc2l0aX ZlIHJlcHV0 YXRpb24gYW 5kIGNyZWF0 ZSBhIHN0cm 9uZyBzZW5z ZSBvZiBwdX Jwb3NlIGFt b25nIGl0cy BlbXBsb3ll ZXMuPGJyPj EwLiBBd2Fy ZHMgYW5kIE FjY29sYWRl czogS2Vubm FtZXRhbCBo YXMgYmVlbi ByZWNvZ25p emVkIGZvci BpdHMgZXhj ZWxsZW5jZS BhbmQgYWNo aWV2ZW1lbn RzIHdpdGgg dmFyaW91cy Bhd2FyZHMg YW5kIGFjY2 9sYWRlcywg aW5jbHVkaW 5nIGJlaW5n IG5hbWVkIG FzIG9uZSBv ZiB0aGUgV2 9ybGTigJlz IE1vc3QgRX RoaWNhbCBD b21wYW5pZX MgYnkgdGhl IEV0aGlzcG hlcmUgSW5z dGl0dXRlIG FuZCBiZWlu ZyBsaXN0ZW QgaW4gRm9y YmVz4oCZIE FtZXJpY2Hi gJlzIEJlc3 QgRW1wbG95 ZXJzIGxpc3 Qu

S2VubmFtZX RhbCBpcyBh IGdsb2JhbC Bjb21wYW55 IHRoYXQgc3 BlY2lhbGl6 ZXMgaW4gdG hlIG1hbnVm YWN0dXJlIG FuZCBzYWxl IG9mIHRvb2 xzIGFuZCBl bmdpbmVlcm VkIGNvbXBv bmVudHMgdX NlZCBpbiBp bmR1c3RyaW FsIGFwcGxp Y2F0aW9ucy wgc3VjaCBh cyBtZXRhbC BjdXR0aW5n LCBtaW5pbm csIGNvbnN0 cnVjdGlvbi wgYW5kIGFl cm9zcGFjZS 4gVGhlaXIg YnVzaW5lc3 MgbW9kZWwg aXMgYmFzZW Qgb24gdGhl IGRlc2lnbi wgcHJvZHVj dGlvbiwgYW 5kIGRpc3Ry aWJ1dGlvbi BvZiBhIGRp dmVyc2Ugcm FuZ2Ugb2Yg aGlnaC1xdW FsaXR5IHBy b2R1Y3RzIH RoYXQgY2F0 ZXIgdG8gdG hlIHNwZWNp ZmljIG5lZW RzIG9mIHRo ZWlyIGN1c3 RvbWVycyBh Y3Jvc3Mgdm FyaW91cyBp bmR1c3RyaW VzLiA8YnI+ VGhlIGNvbX BhbnnigJlz IHByaW1hcn kgYnVzaW5l c3Mgc3RyYX RlZ3kgaXMg dG8gcHJvdm lkZSBpbm5v dmF0aXZlIH NvbHV0aW9u cyB0byB0aG VpciBjdXN0 b21lcnMsIG hlbHBpbmcg dGhlbSB0by BpbmNyZWFz ZSBwcm9kdW N0aXZpdHkg YW5kIGVmZm ljaWVuY3ks IHJlZHVjZS Bjb3N0cywg YW5kIGltcH JvdmUgcHJv ZHVjdCBxdW FsaXR5IGFu ZCBwZXJmb3 JtYW5jZS4g VGhleSBhY2 hpZXZlIHRo aXMgdGhyb3 VnaCBhIGNv bWJpbmF0aW 9uIG9mIGFk dmFuY2VkIG 1hdGVyaWFs cywgY3V0dG luZy1lZGdl IHRlY2hub2 xvZ2llcywg YW5kIHN1cG VyaW9yIHBy b2R1Y3QgZG V2ZWxvcG1l bnQgYW5kIH Rlc3Rpbmcg cHJvY2Vzc2 VzLjxicj5L ZW5uYW1ldG Fs4oCZcyBi dXNpbmVzcy Btb2RlbCBh bHNvIGluY2 x1ZGVzIGEg c3Ryb25nIG ZvY3VzIG9u IHJlc2Vhcm NoIGFuZCBk ZXZlbG9wbW VudCwgd2l0 aCBzaWduaW ZpY2FudCBp bnZlc3RtZW 50cyBtYWRl IGluIGRldm Vsb3Bpbmcg bmV3IHByb2 R1Y3RzIGFu ZCBpbXByb3 ZpbmcgZXhp c3Rpbmcgb2 5lcy4gVGhp cyBlbmFibG VzIHRoZSBj b21wYW55IH RvIHN0YXkg YWhlYWQgb2 YgbWFya2V0 IHRyZW5kcy BhbmQgcHJv dmlkZSBjdX N0b21lcnMg d2l0aCB0aG UgbGF0ZXN0 IGFuZCBtb3 N0IGVmZmVj dGl2ZSBzb2 x1dGlvbnMu PGJyPlRoZW lyIGRpc3Ry aWJ1dGlvbi BjaGFubmVs cyBpbmNsdW RlIGRpcmVj dCBzYWxlcy wgb25saW5l IHNhbGVzLC BhbmQgcGFy dG5lcnNoaX BzIHdpdGgg ZGlzdHJpYn V0b3JzIGFu ZCBjaGFubm VsIHBhcnRu ZXJzLCBlbn N1cmluZyB3 aWRlc3ByZW FkIGF2YWls YWJpbGl0eS BvZiB0aGVp ciBwcm9kdW N0cyBnbG9i YWxseS4gSW 4gYWRkaXRp b24sIEtlbm 5hbWV0YWwg aGFzIGEgc3 Ryb25nIGN1 c3RvbWVyIH NlcnZpY2Ug YW5kIHRlY2 huaWNhbCBz dXBwb3J0IH RlYW0sIHBy b3ZpZGluZy Bhc3Npc3Rh bmNlIGFuZC BndWlkYW5j ZSB0byBjdX N0b21lcnMg dGhyb3VnaG 91dCB0aGUg c2FsZXMgYW 5kIHBvc3Qt c2FsZXMgcH JvY2Vzcy48 YnI+T3Zlcm FsbCwgS2Vu bmFtZXRhbO KAmXMgYnVz aW5lc3MgbW 9kZWwgaXMg Y2VudGVyZW QgYXJvdW5k IGRlbGl2ZX JpbmcgaW5u b3ZhdGl2ZS BhbmQgaGln aC1xdWFsaX R5IHByb2R1 Y3RzLCBiYW NrZWQgYnkg ZXhjZXB0aW 9uYWwgY3Vz dG9tZXIgc2 VydmljZSwg dG8gbWVldC B0aGUgZXZv bHZpbmcgbm VlZHMgb2Yg dGhlIGluZH VzdHJpYWwg bWFya2V0Lg ==

AI can potentially pose several threats to Kennametal, a company that specializes in advanced materials and tooling solutions, through various mechanisms:
1. Substitution: AI-driven automation and new manufacturing technologies could lead to the development of alternative materials or cutting solutions that may outperform traditional Kennametal products. If competitors leverage AI to create superior tools or processes more efficiently, Kennametal may face challenges in maintaining its market share.
2. Disintermediation: AI can facilitate direct connections between manufacturers and end-users, potentially bypassing companies like Kennametal. For example, advanced AI-based design software could enable companies to produce custom tools odemand without relying on established manufacturers. This shift could disrupt traditional business models and supply chains.
3. Margin Pressure: The integration of AI in production and supply chain optimization can lead to lower operational costs for competitors. If these companies can offer similar or even better products at competitive prices, Kennametal could experience pressure on its profit margins. Moreover, if industry standards shift towards AI-enhanced solutions, the company may need to invest significantly in new technologies to keep up, further affecting margins.
In summary, while AI presents numerous opportunities for innovation and efficiency, it also poses material threats to Kennametal’s products, services, and competitive positioning that the company must actively address.

The sensitivity of Kennametal’s earnings, cash flow, and valuation to changes in interest rates can be considered from several perspectives:
1. Interest Expense: Higher interest rates typically lead to increased borrowing costs. If Kennametal has significant debt, an increase in interest rates can reduce net income due to higher interest expenses. This can directly affect earnings and cash flow as more resources are allocated to servicing debt rather than funding operations or investments.
2. Cost of Capital: Rising interest rates often increase the overall cost of capital for companies. This might lead to higher discount rates used in valuation models, which can decrease the present value of future cash flows. Therefore, the company’s valuation could be negatively impacted as investor expectations adjust to reflect the higher cost of borrowing.
3. Investment Decisions: Changes in interest rates can influence management’s capital expenditure decisions. If borrowing costs rise, Kennametal might be more cautious about undertaking new projects or expanding its operations, potentially leading to slower growth and reduced future cash flows.
4. Consumer Demand: Higher interest rates can impact economic activity, potentially lowering consumer and business spending. If Kennametal’s end markets experience reduced demand due to higher borrowing costs for customers, this could subsequently affect sales, earnings, and cash flow.
5. Inflation and Economic Conditions: If interest rates are rising as a response to inflation or an overheating economy, Kennametal may face rising costs for materials and labor, affecting margins. Alternatively, if rates rise and slow down economic growth, this could taper demand for the company’s products, impacting revenue.
In summary, Kennametal’s earnings, cash flow, and valuation are sensitive to interest rate changes, primarily through impacts on interest expenses, cost of capital, investment decisions, consumer demand, and economic conditions. Therefore, monitoring interest rate trends is important for assessing the company’s financial health and strategic decisions.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgS2 VubmFtZXRh bOKAmXMgZW Nvbm9taWNz IG92ZXIgdG hlIG5leHQg M+KAkzUgeW VhcnMgaXMg YSBzaWduaW ZpY2FudCBh bmQgcHJvbG 9uZ2VkIGRl Y2xpbmUgaW 4gdGhlIGds b2JhbCBtYW 51ZmFjdHVy aW5nIGFuZC BpbmR1c3Ry aWFsIHNlY3 RvciwgZHJp dmVuIGJ5IG EgY29tYmlu YXRpb24gb2 YgZmFjdG9y cyBzdWNoIG FzIGEgZGVl cCByZWNlc3 Npb24sIGFj Y2VsZXJhdG VkIGF1dG9t YXRpb24sIG FuZCBzaGlm dHMgdG93YX JkIHN1c3Rh aW5hYmxlIG 1hdGVyaWFs cyB0aGF0IG RpbWluaXNo IHRoZSBkZW 1hbmQgZm9y IHRyYWRpdG lvbmFsIG1l dGFsd29ya2 luZyBzb2x1 dGlvbnMuPG JyPkluIHRo aXMgc2Nlbm FyaW8sIHRo ZSBkb3dudH VybiBpbiB0 aGUgbWFudW ZhY3R1cmlu ZyBzZWN0b3 Igd291bGQg bGVhZCB0by ByZWR1Y2Vk IGNhcGl0YW wgZXhwZW5k aXR1cmVzIG J5IGtleSBj dXN0b21lcn MgaW4gaW5k dXN0cmllcy BsaWtlIGFl cm9zcGFjZS wgYXV0b21v dGl2ZSwgYW 5kIGluZHVz dHJpYWwgbW FjaGluZXJ5 LiBBcyBjb2 1wYW5pZXMg Zm9jdXMgb2 4gY29zdC1j dXR0aW5nIG FuZCBvcGVy YXRpb25hbC BlZmZpY2ll bmN5LCB0aG V5IG1pZ2h0 IGNob29zZS B0byBpbnZl c3QgaW4gYX V0b21hdGlv biB0ZWNobm 9sb2dpZXMg aW5zdGVhZC BvZiB0cmFk aXRpb25hbC BtYWNoaW5p bmcgcHJvY2 Vzc2VzIHRo YXQgcmVseS BoZWF2aWx5 IG9uIEtlbm 5hbWV0YWzi gJlzIHByb2 R1Y3RzLiBU aGlzIGNvdW xkIGxlYWQg dG8gYSBsb2 5nLXRlcm0g cmVkdWN0aW 9uIGluIGRl bWFuZCBmb3 IgY3V0dGlu ZyB0b29scy wgbWF0ZXJp YWxzLCBhbm Qgc2Vydmlj ZXMgdGhhdC BLZW5uYW1l dGFsIHByb3 ZpZGVzLjxi cj5BcyBhIH Jlc3VsdCBv ZiB0aGlzIH NjZW5hcmlv LCBLZW5uYW 1ldGFs4oCZ cyBtYXJnaW 5zIHdvdWxk IGxpa2VseS BzaHJpbmsg Y29uc2lkZX JhYmx5LiBU aGUgY29tcG FueSB3b3Vs ZCBmYWNlIH ByaWNpbmcg cHJlc3N1cm UgYXMgY29t cGV0aXRpb2 4gaW50ZW5z aWZpZXMgZH VlIHRvIGRl Y3JlYXNlZC BkZW1hbmQs IGxlYWRpbm cgdG8gcG90 ZW50aWFsIH ByaWNlIHdh cnMgYW1vbm cgc3VwcGxp ZXJzLiBDb2 5zZXF1ZW50 bHksIHByb2 ZpdCBtYXJn aW5zIGNvdW xkIGRlY2xp bmUgc2lnbm lmaWNhbnRs eSwgbW92aW 5nIGZyb20g YW4gb3Blcm F0aW5nIG1h cmdpbiBpbi B0aGUgcmFu Z2Ugb2YgMT DigJMxNSUg ZG93biB0by Bwb3RlbnRp YWxseSA1JS BvciBsb3dl ciwgYXMgZm l4ZWQgY29z dHMgcmVtYW luIGNvbnN0 YW50IHdoaW xlIHJldmVu dWVzIGZhbG wuPGJyPkNh c2ggZmxvdy B3b3VsZCBh bHNvIGJlIG FkdmVyc2Vs eSBpbXBhY3 RlZC4gV2l0 aCBsb3dlci BzYWxlcyBh bmQgcG90ZW 50aWFsIGlu dmVudG9yeS BidWlsZHVw IGR1ZSB0by BkZWNyZWFz ZWQgb3JkZX JzLCBLZW5u YW1ldGFsIG 1pZ2h0IGV4 cGVyaWVuY2 UgbmVnYXRp dmUgY2FzaC BmbG93IGZy b20gb3Blcm F0aW9ucy4g VGhlIGNvbX BhbnnigJlz IGFiaWxpdH kgdG8gZ2Vu ZXJhdGUgY2 FzaCB3b3Vs ZCBiZSBzdH JhaW5lZCwg cG9zc2libH kgbGVhZGlu ZyB0byBsaX F1aWRpdHkg Y2hhbGxlbm dlcy4gSWYg dGhlIHNpdH VhdGlvbiBw ZXJzaXN0cy wgS2VubmFt ZXRhbCBtYX kgbmVlZCB0 byBib3Jyb3 cgbW9yZSBv ciB1bmRlcn Rha2UgcmVz dHJ1Y3R1cm luZyBpbml0 aWF0aXZlcy B0byBtYW5h Z2UgY29zdH MsIGltcGFj dGluZyBpdH Mgb3ZlcmFs bCBmaW5hbm NpYWwgaGVh bHRoLjxicj 5JbiB0ZXJt cyBvZiB0aG UgYmFsYW5j ZSBzaGVldC wgYSBzdXN0 YWluZWQgZG VjbGluZSBp biBwZXJmb3 JtYW5jZSBj b3VsZCB0cm lnZ2VyIGFu IGluY3JlYX NlIGluIGRl YnQgbGV2ZW xzIGlmIHRo ZSBjb21wYW 55IHJlc29y dHMgdG8gYm 9ycm93aW5n IHRvIG1haW 50YWluIG9w ZXJhdGlvbn MuIFRoaXMg Y291bGQgZn VydGhlciBk ZXRlcmlvcm F0ZSBmaW5h bmNpYWwgcm F0aW9zLCBz dWNoIGFzIG RlYnQtdG8t ZXF1aXR5IG FuZCBpbnRl cmVzdCBjb3 ZlcmFnZSBy YXRpb3MsIG luZGljYXRp bmcgZWxldm F0ZWQgZmlu YW5jaWFsIH Jpc2suIFRo ZSBjb21wYW 55IG1heSBh bHNvIGJlIG NvbXBlbGxl ZCB0byB3cm l0ZSBkb3du IHRoZSB2YW x1ZSBvZiBp bnZlbnRvcn kgYW5kIGZp eGVkIGFzc2 V0cywgdGhl cmVieSBpbX BhaXJpbmcg aXRzIGVxdW l0eSBwb3Np dGlvbi4gV2 l0aG91dCBh IHN0cmF0ZW dpYyBwaXZv dCBvciByZW NvdmVyeSBp biBkZW1hbm QsIHRoZXNl IGZhY3Rvcn MgY291bGQg c3Vic3Rhbn RpYWxseSB3 ZWFrZW4gS2 VubmFtZXRh bOKAmXMgb3 ZlcmFsbCBm aW5hbmNpYW wgc3RhbmRp bmcsIG1ha2 luZyBpdCBt b3JlIHZ1bG 5lcmFibGUg dG8gbWFya2 V0IGZsdWN0 dWF0aW9ucy BhbmQgcmVk dWNpbmcgaX RzIGF0dHJh Y3RpdmVuZX NzIHRvIGlu dmVzdG9ycy 48YnI+

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 bG9nb3MvQ1 JXcWxKcEh4 QUluYVU2cG dLbVQud2Vi cCIgYWx0PS JLZW5uYW1l dGFsIiB0aX RsZT0iS2Vu bmFtZXRhbC IgIGNsYXNz PSJpbWctZm x1aWQiIGhl aWdodD01MC B3aWR0aD01 MCBsb2FkaW 5nPSdsYXp5 JyBzdHlsZT 0nYm9yZGVy LXJhZGl1cz ogNnB4Oyc+ CgogICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J2ZsZX g6IDE7IHRl eHQtYWxpZ2 46IGNlbnRl cjsgbWFyZ2 luLWxlZnQ6 IDVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8cCBzdH lsZT0nZm9u dC1zaXplOi AyNnB4OyBj b2xvcjogIz MzMzsgbWFy Z2luLWJvdH RvbTogMTVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+TiC BXYW50IHRv IHJlYWQgbW 9yZSBhYm91 dCBLZW5uYW 1ldGFsPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +ZjCBKb2lu IG5vdyB0by BnZXQgPGk+ IlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3MiPC9pPi BhdCBubyBj b3N0CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv cD4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT JweDsgZm9u dC1zaXplOi AxM3B4OyBj b2xvcjogIz Q0NDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgU2ln biB1cCBub3 cgYW5kIGdl dCBvdXIgZn JlZSBlQm9v ayAKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDxiPlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3M8L2 I+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxNnB4 OyBmb250LX NpemU6IDE0 cHg7IGNvbG 9yOiAjNDQ0 OyBmb250LW ZhbWlseTog LWFwcGxlLX N5c3RlbSwg QmxpbmtNYW NTeXN0ZW1G b250LCBTZW dvZSBVSSwg Um9ib3RvLC BIZWx2ZXRp Y2EgTmV1ZS wgc2Fucy1z ZXJpZjsgbG luZS1oZWln aHQ6IDEuNj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgSGF2ZSB5 b3UgaGVhcm QgYWJvdXQg b3VyIHNob3 J0IDxzdHJv bmcgc3R5bG U9J2ZvbnQt d2VpZ2h0Oi A2MDA7Jz5E YWlseSBWaW RlbyBOZXdz bGV0dGVyPC 9zdHJvbmc+ PwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naHR0cHM6 Ly93d3cuaW 5zaWdodGZ1 bHZhbHVlLm NvbS9uZXdz bGV0dGVyLn BocCcgdGFy Z2V0PSdfYm xhbmsnIHN0 eWxlPSdjb2 xvcjogIzAw N0JGRjsgdG V4dC1kZWNv cmF0aW9uOi Bub25lOyBm b250LXdlaW dodDogNTAw OyBtYXJnaW 4tbGVmdDog NnB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgRmluZCBv dXQgbW9yZQ ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgLS 0+CiAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg IAogICAgIC AgIAogICAg ICAgIDxzcG FuIGNsYXNz PSdibHVycm VkLXRleHQn PgogICAgIC AgICAgICBN UzRnUm05MW JtIFJsWkNC cGJpQXggT1 RNNElHRnpJ SCBSb1pTQk 5ZMHRsIGJt NWhJRTFsZE cgRnNjeUJE YjIxdyBZVz U1SUdKNUlH IDFsZEdGc2 JIVnkgWjJs emRDQlFhRy Bsc2FYQWdU UzRnIFRXTk xaVzV1WVMg d2dkR2hsSU dOdiBiWEJo Ym5rZ2QyIE Z6SUhKbGJt RnQgWldRZ1 MyVnVibSBG dFpYUmhiQ0 JwIGJpQXhP VFF6SUcgRn VaQ0JsZUhC aCBibVJsWk NCcGRIIE1n Y0hKdlpIVm ogZEhNZ2RH OGdhVyA1am JIVmtaU0Iw IGRXNW5jM1 JsYmkgQmpZ WEppYVdSbC BManhpY2o0 eUxpIEJVYU dVZ2JtRnQg WlNCTFpXNX VZVyAxbGRH RnNJSGRoIG N5QmtaWEpw ZG0gVmtJR1 p5YjIwZyBk R2hsSUhkdm NtIFJ6SUd0 bGJtNWggTE NCM2FHbGph QyBCdFpXRn VjeUJ5IGFX Um5aWE1zSU cgRnVaQ0J0 WlhSaCBiQ3 dnY21WbVpY IEp5YVc1bk lIUnYgSUhS b1pTQmpiMi Axd1lXNTU0 b0NaIGN5Qn pjR1ZqYVcg RnNkSGtnYV c0ZyBZM1Yw ZEdsdVp5IE IwYjI5c2N5 Qm0gYjNJZ2 NtbGtaMiBV Z2JXbHNiR2 x1IFp5NDhZ bkkrTXkgNG dTVzRnTVRr MiBOaXdnUz JWdWJtIEZ0 WlhSaGJDQm kgWldkaGJp QjBjbSBGa2 FXNW5JRzl1 IElIUm9aU0 JPWlggY2dX Vzl5YXlCVC BkRzlqYXlC RmVHIE5vWV c1blpTNDgg WW5JK05DNG dTMiBWdWJt RnRaWFJoIG JDQnZjR1Z5 WVggUmxjeU JuYkc5aSBZ V3hzZVNCM2 FYIFJvSUc5 MlpYSWcgTm pBZ2JXRnVk VyBaaFkzUj FjbWx1IFp5 Qm1ZV05wYk cgbDBhV1Z6 SUdGdSBaQ0 J6WVd4bGN5 IEJoYm1RZ2 MyVnkgZG1s alpTQmpaVy A1MFpYSnpJ R2x1IElHOT JaWElnTmog QWdZMjkxYm 5SeSBhV1Z6 TGp4aWNqID QxTGlCSmJp QmggWkdScG RHbHZiaSBC MGJ5QmpkWF IwIGFXNW5J SFJ2YjIgeH pMQ0JMWlc1 dSBZVzFsZE dGc0lHIEZz YzI4Z2NISn YgWkhWalpY TWdZUyBCM2 FXUmxJSEpo IGJtZGxJRz ltSUcgbHVa SFZ6ZEhKcC BZV3dnWVc1 a0lHIGx1Wm 5KaGMzUnkg ZFdOMGRYSm xJRyAxaGRH VnlhV0ZzIG N5d2djM1Zq YUMgQmhjeU J3YjNkayBa WEp6TENCam IyIEYwYVc1 bmN5d2cgWV c1a0lHVnVa MiBsdVpXVn laV1FnIFky OXRjRzl1Wl cgNTBjeTQ4 WW5JKyBOaT RnUzJWdWJt IEZ0WlhSaG JDQm8gWVhN Z1lTQnpkSC BKdmJtY2da bTlqIGRYTW diMjRnYzMg VnpkR0ZwYm 1GaSBhV3hw ZEhrc0lIIG RwZEdnZ2FX NXAgZEdsaG RHbDJaWCBN Z2FXNWpiSF ZrIGFXNW5J R1Z1WlggSm 5lU0JqYjI1 eiBaWEoyWV hScGIyIDRz SUhkaGMzUm wgSUhKbFpI VmpkRyBsdm Jpd2dZVzVr IElHZHlaV1 Z1SUcgSjFh V3hrYVc1bi BJSEJ5WVdO MGFXIE5sY3 k0OFluSSsg Tnk0Z1ZHaG xJRyBOdmJY QmhibmtnIG FHOXNaSE1n YjMgWmxjaU EwTURBZyBj R0YwWlc1MG N5IEJtYjNJ Z2FYUnogSU dsdWJtOTJZ WCBScGRtVW djSEp2IFpI VmpkSE1nWV cgNWtJSFJs WTJodSBiMn h2WjJsbGN5 IDQ4WW5JK0 9DNGcgUzJW dWJtRnRaWC BSaGJPS0Ft WE1nIGNISn ZaSFZqZEgg TWdZWEpsSU hWeiBaV1Fn YVc0Z1lTIE IyWVhKcFpY UjUgSUc5bU lHbHVaSCBW emRISnBaWE 1nIGFXNWpi SFZrYVcgNW 5JR0ZsY205 eiBjR0ZqWl N3Z1lYIFYw YjIxdmRHbD IgWlN3Z1pX NWxjbSBkNU xDQmhibVFn IFkyOXVjM1 J5ZFcgTjBh Vzl1TGp4aS BjajQ1TGlC SmJpIEF5TU RFNExDQkwg Wlc1dVlXMW xkRyBGc0lI ZGhjeUJ5IF pXTnZaMjVw ZW0gVmtJR0 Z6SUc5dSBa U0J2WmlCMG FHIFVnVjI5 eWJHVGkgZ0 pseklFMXZj MyBRZ1JYUm 9hV05oIGJD QkRiMjF3WV cgNXBaWE1n WW5rZyBkR2 hsSUVWMGFH IGx6Y0dobG NtVWcgU1c1 emRHbDBkWC BSbElHWnZj aUIwIGFHVW djMlYyWlcg NTBhQ0JqYj I1eiBaV04x ZEdsMlpTIE I1WldGeUxq eGkgY2o0eE 1DNGdTMiBW dWJtRnRaWF JoIGJDQm9Z WE1nWW0gVm xiaUJoSUhC cCBiMjVsWl hJZ2FXIDRn WjJWdVpHVn kgSUdScGRt VnljMiBsMG VTd2dkMmww IGFDQjBhR1 VnWVggQndi Mmx1ZEcxbC BiblFnYjJZ Z2FYIFJ6SU dacGNuTjAg SUdabGJXRn NaUyBCaWIy RnlaQ0J0IF pXMWlaWEln YVcgNGdNVG t5TnlCaCBi bVFnWm1seW MzIFFnWm1W dFlXeGwgSU VORlR5QnBi aSBBeU1EQT JMZz09CiAg ICAgICAgPC 9zcGFuPgog ICAgICAgIA ogICAgICAg IA==