Linamar

-7.5%

Live  

Linamar Corporation is a Canadian multinational manufacturing company headquartered in Guelph, Ontario. The company was founded in 1966 by Frank Hasenfratz and currently has operations in 17 countries around the world. Linamar specializes in the design, development, and manufacturing of precision metallic components, modules, and systems for the automotive industry. They also have operations in the agricultural, industrial, and energy sectors.
Linamar’s products include powertrain components such as engine cranks, camshafts, and transmission pumps, as well as driveline components like gears, shafts, and hubs. They also produce aerial work platforms, agricultural equipment, and construction equipment.
The company has a strong focus on research and development, investing heavily in new technologies and processes. They have a dedicated research and innovation center and have also entered into partnerships with universities and other research institutions to further advance their capabilities and product offerings.
Linamar has a workforce of over 29,000 employees globally and is committed to sustainability and social responsibility. They have implemented various initiatives to reduce their environmental impact and also support community programs in the areas where they operate.
In addition to its headquarters in Canada, Linamar has manufacturing facilities in the United States, Mexico, Germany, Hungary, Poland, and China, among others. They also have joint ventures and partnerships in other countries. The company has consistently ranked among the top global automotive suppliers and has received various awards and recognitions for its operations and products.

Linamar is a company that makes parts for different types of machines and vehicles. Imagine if you built a super cool toy car, but you needed special pieces to make it go. That’s what Linamar does! They create important parts that help cars, trucks, and even big machines like tractors work properly.
The company makes money by selling these parts to other companies that make cars and machines. So, just like you might sell lemonade at a stand, Linamar sells its special parts to businesses that need them.
Linamar has been successful for a few reasons. First, they are really good at making high-quality parts that other companies trust. This means more people want to buy from them. Second, they are always looking for new ideas and better ways to make things, which helps them stay ahead of other companies.
In the future, Linamar will likely continue to be successful because as more people around the world buy cars and machines, there will be a bigger need for the parts they create. Plus, they are always working on new technologies that will help them make even better products. This way, they’ll keep growing and earning money!

MS4gRmFzdC 1Hcm93aW5n IEdsb2JhbC BFbnRlcnBy aXNlOiBMaW 5hbWFyIGhh cyBleHBlcm llbmNlZCBz aWduaWZpY2 FudCBncm93 dGggb3Zlci B0aGUgeWVh cnMsIGV4cG FuZGluZyBp dHMgb3Blcm F0aW9ucyB0 byBvdmVyID YwIG1hbnVm YWN0dXJpbm cgZmFjaWxp dGllcyBpbi AxNyBjb3Vu dHJpZXMgYW Nyb3NzIHRo ZSBnbG9iZS 4gVGhlIGNv bXBhbnkgaG FzIGVzdGFi bGlzaGVkIG Egc3Ryb25n IGdsb2JhbC BwcmVzZW5j ZSBhbmQgY2 9udGludWVz IHRvIGV4cG FuZCBpdHMg cmVhY2ggaW 4gbmV3IG1h cmtldHMuPG JyPjIuIERp dmVyc2lmaW VkIFByb2R1 Y3QgUG9ydG ZvbGlvOiBM aW5hbWFyIG 1hbnVmYWN0 dXJlcyBhIG RpdmVyc2Ug cmFuZ2Ugb2 YgcHJvZHVj dHMsIGluY2 x1ZGluZyBw cmVjaXNpb2 4gbWV0YWwg Y29tcG9uZW 50cywgZW5n aW5lcywgYW 5kIGRyaXZl bGluZSBzeX N0ZW1zLCBz ZXJ2aW5nIG EgdmFyaWV0 eSBvZiBpbm R1c3RyaWVz IHN1Y2ggYX MgYXV0b21v dGl2ZSwgYW dyaWN1bHR1 cmUsIGFuZC BpbmR1c3Ry aWFsIGVxdW lwbWVudC4g VGhpcyBkaX ZlcnNpdHkg aGVscHMgdG hlIGNvbXBh bnkgbWl0aW dhdGUgcmlz a3MgYW5kIG 1haW50YWlu IGEgc3RlYW R5IHJldmVu dWUgc3RyZW FtLjxicj4z LiBJbm5vdm F0aW9uIGFu ZCBBZHZhbm NlZCBUZWNo bm9sb2d5Oi BMaW5hbWFy IGlzIGNvbW 1pdHRlZCB0 byBpbm5vdm F0aW9uIGFu ZCB1c2VzIG FkdmFuY2Vk IHRlY2hub2 xvZ2llcyB0 byBkZXZlbG 9wIG5ldyBw cm9kdWN0cy BhbmQgcHJv Y2Vzc2VzLi BUaGUgY29t cGFueSBpbn Zlc3RzIGhl YXZpbHkgaW 4gcmVzZWFy Y2ggYW5kIG RldmVsb3Bt ZW50IGFuZC BoYXMgYSBk ZWRpY2F0ZW QgZW5naW5l ZXJpbmcgdG VhbSB0aGF0 IGNvbnRpbn VhbGx5IHdv cmtzIG9uIG 5ldyBhbmQg aW1wcm92ZW QgcHJvZHVj dHMgdG8gbW VldCB0aGUg Y2hhbmdpbm cgbmVlZHMg b2YgaXRzIG N1c3RvbWVy cy48YnI+NC 4gU3Ryb25n IEluZHVzdH J5IFBhcnRu ZXJzaGlwcz ogTGluYW1h ciBjb2xsYW JvcmF0ZXMg d2l0aCBsZW FkaW5nIE9F TXMgKG9yaW dpbmFsIGVx dWlwbWVudC BtYW51ZmFj dHVyZXJzKS BpbiB0aGUg YXV0b21vdG l2ZSwgYWdy aWN1bHR1cm FsLCBhbmQg aW5kdXN0cm lhbCBzZWN0 b3JzLiBUaG UgY29tcGFu eSBoYXMgZX N0YWJsaXNo ZWQgc3Ryb2 5nIHJlbGF0 aW9uc2hpcH Mgd2l0aCBp dHMgcGFydG 5lcnMsIGVu YWJsaW5nIG l0IHRvIHNl Y3VyZSBsb2 5nLXRlcm0g Y29udHJhY3 RzIGFuZCBk cml2ZSBncm 93dGguPGJy PjUuIEVtcG hhc2lzIG9u IFF1YWxpdH kgYW5kIEVm ZmljaWVuY3 k6IExpbmFt YXIgaXMga2 5vd24gZm9y IGl0cyBkZW RpY2F0aW9u IHRvIHF1YW xpdHkgYW5k IGVmZmljaW VuY3kgaW4g YWxsIGFzcG VjdHMgb2Yg aXRzIG9wZX JhdGlvbnMu IFRoZSBjb2 1wYW55IGhh cyBpbXBsZW 1lbnRlZCBs ZWFuIG1hbn VmYWN0dXJp bmcgcHJpbm NpcGxlcyBh bmQgaW52ZX N0cyBpbiBh ZHZhbmNlZC BtYW51ZmFj dHVyaW5nIH Byb2Nlc3Nl cyB0byBkZW xpdmVyIGhp Z2gtcXVhbG l0eSBwcm9k dWN0cyBhbm QgbWVldCBj dXN0b21lci BkZW1hbmQg aW4gYSB0aW 1lbHkgYW5k IGNvc3QtZW ZmZWN0aXZl IG1hbm5lci 48YnI+Ni4g Q29tbWl0bW VudCB0byBT dXN0YWluYW JpbGl0eTog TGluYW1hci BpcyBjb21t aXR0ZWQgdG 8gc3VzdGFp bmFiaWxpdH kgYW5kIGhh cyBpbXBsZW 1lbnRlZCB2 YXJpb3VzIG luaXRpYXRp dmVzIHRvIH JlZHVjZSBp dHMgZW52aX Jvbm1lbnRh bCBpbXBhY3 QsIGluY2x1 ZGluZyBpbn Zlc3Rpbmcg aW4gYWx0ZX JuYXRpdmUg ZW5lcmd5IH NvdXJjZXMs IHJlZHVjaW 5nIHdhc3Rl LCBhbmQgaW 1wbGVtZW50 aW5nIGdyZW VuIG1hbnVm YWN0dXJpbm cgcHJhY3Rp Y2VzLjxicj 43LiBTdHJv bmcgRmluYW 5jaWFsIFBl cmZvcm1hbm NlOiBMaW5h bWFyIGhhcy BhIHN0cm9u ZyBmaW5hbm NpYWwgdHJh Y2sgcmVjb3 JkIHdpdGgg Y29uc2lzdG VudCByZXZl bnVlIGdyb3 d0aCBhbmQg cHJvZml0YW JpbGl0eS4g VGhlIGNvbX BhbnnigJlz IGZpbmFuY2 lhbCBzdGFi aWxpdHkgYW 5kIGxvbmct dGVybSBncm 93dGggc3Ry YXRlZ3kgbW FrZSBpdCBh biBhdHRyYW N0aXZlIGlu dmVzdG1lbn Qgb3Bwb3J0 dW5pdHkgaW 4gdGhlIG1h cmtldC48Yn I+OC4gRW1w bG95ZWUtQ2 VudHJpYyBD dWx0dXJlOi BMaW5hbWFy IHBsYWNlcy BncmVhdCB2 YWx1ZSBvbi BpdHMgZW1w bG95ZWVzIG FuZCBoYXMg YSBzdHJvbm cgZW1wbG95 ZWUtY2VudH JpYyBjdWx0 dXJlLiBUaG UgY29tcGFu eSBvZmZlcn MgY29tcGV0 aXRpdmUgZW 1wbG95ZWUg YmVuZWZpdH MgYW5kIGlu dmVzdHMgaW 4gZW1wbG95 ZWUgdHJhaW 5pbmcgYW5k IGRldmVsb3 BtZW50LCBw cm9tb3Rpbm cgYSBtb3Rp dmF0ZWQgYW 5kIGVuZ2Fn ZWQgd29ya2 ZvcmNlLg==

VGhlIExpbm FtYXIgY29t cGFueSBpcy BhIGRpdmVy c2lmaWVkIG 1hbnVmYWN0 dXJpbmcgY2 9tcGFueSB0 aGF0IG9wZX JhdGVzIGlu IHRoZSBhdX RvbW90aXZl LCBhZ3JpY3 VsdHVyYWws IGFuZCBpbm R1c3RyaWFs IHNlY3Rvcn MuIEl0cyBi dXNpbmVzcy Btb2RlbCBm b2N1c2VzIG 9uIHRocmVl IG1haW4gYX JlYXM6IHBy b2R1Y3QgaW 5ub3ZhdGlv biwgb3Blcm F0aW9uYWwg ZXhjZWxsZW 5jZSwgYW5k IHN0cmF0ZW dpYyBhY3F1 aXNpdGlvbn MuPGJyPlBy b2R1Y3QgaW 5ub3ZhdGlv bjogTGluYW 1hciBpcyBj b21taXR0ZW QgdG8gZGV2 ZWxvcGluZy Bpbm5vdmF0 aXZlIHByb2 R1Y3RzIGFu ZCB0ZWNobm 9sb2dpZXMg dGhhdCBjYX RlciB0byB0 aGUgY2hhbm dpbmcgbmVl ZHMgb2YgaX RzIGN1c3Rv bWVycy4gVG hlIGNvbXBh bnkgaW52ZX N0cyBoZWF2 aWx5IGluIH Jlc2VhcmNo IGFuZCBkZX ZlbG9wbWVu dCB0byBjcm VhdGUgbmV3 IGFuZCBpbX Byb3ZlZCBw cm9kdWN0cy B0aGF0IGNh biBlbmhhbm NlIGl0cyBj b21wZXRpdG l2ZSBwb3Np dGlvbiBpbi B0aGUgbWFy a2V0Ljxicj 5PcGVyYXRp b25hbCBleG NlbGxlbmNl OiBMaW5hbW FyIHN0cml2 ZXMgdG8gbW FpbnRhaW4g b3BlcmF0aW 9uYWwgZXhj ZWxsZW5jZS BieSBpbXBs ZW1lbnRpbm cgZWZmaWNp ZW50IG1hbn VmYWN0dXJp bmcgcHJvY2 Vzc2VzLCBp bnZlc3Rpbm cgaW4gc3Rh dGUtb2YtdG hlLWFydCBl cXVpcG1lbn QgYW5kIHRl Y2hub2xvZ3 ksIGFuZCBj b250aW51b3 VzbHkgaW1w cm92aW5nIG l0cyBzdXBw bHkgY2hhaW 4gbWFuYWdl bWVudC4gVG hpcyBub3Qg b25seSBoZW xwcyB0aGUg Y29tcGFueS B0byByZWR1 Y2UgY29zdH MgYW5kIGlt cHJvdmUgcH JvZHVjdGl2 aXR5IGJ1dC BhbHNvIGVu c3VyZXMgaG lnaC1xdWFs aXR5IHByb2 R1Y3RzIGZv ciBpdHMgY3 VzdG9tZXJz Ljxicj5TdH JhdGVnaWMg YWNxdWlzaX Rpb25zOiBM aW5hbWFyIG Fsc28gcHVy c3VlcyBzdH JhdGVnaWMg YWNxdWlzaX Rpb25zIHRv IGV4cGFuZC BpdHMgcHJv ZHVjdCBwb3 J0Zm9saW8s IGVudGVyIG 5ldyBtYXJr ZXRzLCBhbm Qgc3RyZW5n dGhlbiBpdH MgY29tcGV0 aXRpdmUgcG 9zaXRpb24u IFRoZSBjb2 1wYW55IGhh cyBhIGhpc3 Rvcnkgb2Yg c3VjY2Vzc2 Z1bCBhY3F1 aXNpdGlvbn MgdGhhdCBo YXZlIGNvbn RyaWJ1dGVk IHRvIGl0cy Bncm93dGgg YW5kIHByb2 ZpdGFiaWxp dHkuPGJyPk 92ZXJhbGws IExpbmFtYX LigJlzIGJ1 c2luZXNzIG 1vZGVsIGlz IGNlbnRlcm VkIGFyb3Vu ZCBpbm5vdm F0aW9uLCBl ZmZpY2llbm N5LCBhbmQg ZXhwYW5zaW 9uLCBhbGxv d2luZyB0aG UgY29tcGFu eSB0byBzdG F5IGNvbXBl dGl0aXZlIG FuZCBwcm9m aXRhYmxlIG luIHRoZSBo aWdobHkgY2 9tcGV0aXRp dmUgbWFudW ZhY3R1cmlu ZyBpbmR1c3 RyeS4=

Assessing whether AI poses a material threat to Linamar’s products, services, or competitive positioning involves analyzing several factors related to substitution, disintermediation, and margin pressure.
1. Substitution: AI has the potential to enable new technologies and processes that could substitute traditional manufacturing methods used by Linamar. For instance, advancements in AI-driven automation and robotics may lead to more efficient production processes in the automotive and industrial sectors. If competitors leverage AI to produce similar products more efficiently or at a lower cost, Linamar could face challenges in maintaining market share.
2. Disintermediation: While disintermediation is more common in service-oriented industries, AI could streamline supply chain processes or manufacturing operations, allowing companies to bypass traditional suppliers or intermediaries. If AI technologies make it possible for manufacturers to source materials or components directly from alternative providers without significant overhead, Linamar could find itself at a competitive disadvantage if it cannot adapt to these changes.
3. Margin Pressure: The integration of AI can lead to cost reductions and efficiency improvements, which might pressure margins across the industry. If Linamar does not adopt AI solutions and competitors do, Linamar could face higher operational costs, making it difficult to compete on price. Additionally, if customers expect AI-driven innovations in products and services, Linamar may need to invest heavily in technology to meet these demands, further impacting margins.
In summary, while AI presents opportunities for innovation and improvement, it also poses potential threats to Linamar through substitution and competitive pressures that could impact pricing and operational efficiency. Continuous investment in AI and staying ahead of technological trends will be crucial for Linamar to mitigate these risks effectively.

Linamar’s earnings, cash flow, and valuation are influenced by changes in interest rates due to several factors. Firstly, interest rates affect the cost of borrowing. If interest rates increase, Linamar’s interest expense on any outstanding debt may rise, which can negatively impact net earnings. Conversely, lower interest rates can reduce borrowing costs, potentially boosting profits.
Secondly, interest rates can influence consumer spending and investment. Higher interest rates generally lead to decreased consumer borrowing and spending, which can slow down demand for Linamar’s products, potentially impacting revenues and cash flows. In contrast, lower rates may encourage spending and investment, which can positively affect the company.
Valuation is also sensitive to interest rates through the discount rate applied to future cash flows. A higher interest rate increases the discount rate, leading to a lower present value of future earnings. Conversely, lower rates decrease the discount rate, increasing the present value of earnings and improving the company’s valuation.
In summary, Linamar’s earnings, cash flows, and valuation are moderately sensitive to interest rate changes through mechanisms such as borrowing costs, consumer spending, and discounting of future cash flows.

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 bG9nb3MvRE NSNTVFTEl2 dnczWVM5a2 9QUEIud2Vi cCIgYWx0PS JMaW5hbWFy IiB0aXRsZT 0iTGluYW1h ciIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD05 MCB3aWR0aD 05MCBsb2Fk aW5nPSdsYX p5JyBzdHls ZT0nYm9yZG VyLXJhZGl1 czogNnB4Oy c+CgogICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J2Zs ZXg6IDE7IH RleHQtYWxp Z246IGNlbn RlcjsgbWFy Z2luLWxlZn Q6IDVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8cCBz dHlsZT0nZm 9udC1zaXpl OiAyNnB4Oy Bjb2xvcjog IzMzMzsgbW FyZ2luLWJv dHRvbTogMT VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T iCBXYW50IH RvIHJlYWQg bW9yZSBhYm 91dCBMaW5h bWFyPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+a gCBEb27igJ l0IG1pc3Mg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPiDigJQg ZnJlZSEKIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1TNGdUR2 x1WVcgMWhj aUJwY3lCaC BJRU5oYm1G a2FXIEZ1SU cxMWJIUnAg Ym1GMGFXOX VZVyB3Z2JX RnVkV1poIF kzUjFjbWx1 WnkgQmpiMj F3WVc1NSBJ SFJvWVhRZ2 MzIEJsWTJs aGJHbDYgWl hNZ2FXNGdk RyBobElIQn liMlIxIFkz UnBiMjRnYj IgWWdjSEps WTJseiBhVz l1SUcxbGRH IEZzSUdOdm JYQnYgYm1W dWRITXNJRy AxdlpIVnNa WE1nIFlXNW tJSE41YzMg UmxiWE1nWm 05eSBJSFJv WlNCaGRYIF J2Ylc5MGFY WmwgTENCaF ozSnBZMyBW c2RIVnlZV3 dzIElHRnVa Q0JwYm0gUj FjM1J5YVdG cyBJRzFoY2 10bGRIIE11 UEdKeVBqSX UgSUZSb1pT QmpiMiAxd1 lXNTVJSGRo IGN5Qm1iM1 Z1WkcgVmtJ R2x1SURFNS BOallnWW5r Z1JuIEpoYm 1zZ1NHRnog Wlc1bWNtRj BlaSBCcGJp QjBhR1VnIG MyMWhiR3dn ZEcgOTNiaU J2WmlCTSBh VzUzYjI5a0 xDIEJQYm5S aGNtbHYgTE NCM2FHVnla UyBCcGRDQm 5aWFJ6IElH bDBjeUJ1WV cgMWxJR1p5 YjIwdSBQR0 p5UGpNdUlG IFJvWlNCam IyMXcgWVc1 NUlITjBZWC BKMFpXUWdZ WE1nIFlTQn piV0ZzYkMg QnRZV05vYV c1bCBJSE5v YjNBZ2QyIG wwYUNCdmJt eDUgSURjZ1 pXMXdiRyA5 NVpXVnpJR0 Z1IFpDQm9Z WE1nYm0gOT NJR2R5YjNk dSBJSFJ2SU dKbFkyIDl0 WlNCaElHZH MgYjJKaGJD QnNaVyBGa1 pYSWdhVzRn IGRHaGxJRz FoYm4gVm1Z V04wZFhKcC BibWNnYVc1 a2RYIE4wY2 5rZ2QybDAg YUNCdmRtVn lJRCBNeExE QXdNQ0JsIG JYQnNiM2xs WlggTWdhVz RnTmpFZyBi V0Z1ZFdaaF kzIFIxY21s dVp5Qm0gWV dOcGJHbDBh VyBWeklHRn VaQ0E0IElI SmxjMlZoY2 0gTm9JR0Z1 WkNCayBaWF psYkc5d2JX IFZ1ZENCal pXNTAgWlhK eklIZHZjbS B4a2QybGta UzQ4IFluSS tOQzRnVEcg bHVZVzFoY2 lCbyBZWE1n WVNCemRIIE p2Ym1jZ1pt OWogZFhNZ2 IyNGdhVyA1 dWIzWmhkR2 x2IGJpQmhi bVFnYVcgNT JaWE4wY3lC byBaV0YyYV d4NUlHIGx1 SUhKbGMyVm ggY21Ob0lH RnVaQyBCa1 pYWmxiRzl3 IGJXVnVkQ3 dnZDIgbDBh Q0JoYmlCaC BibTUxWVd3 Z1VpIFpFSU dKMVpHZGwg ZENCdlppQm hjbSA5MWJt UWdKREV3IE 1DQnRhV3hz YVcgOXVMan hpY2o0MSBM aUJVYUdVZ1 kyIDl0Y0dG dWVlS0EgbV hNZ2JXRnBi aSBCdFlXNT FabUZqIGRI VnlhVzVuSU cgeHZZMkYw YVc5dSBjeU JoY21VZ2FX IDRnUTJGdV lXUmggTENC MGFHVWdWVy A1cGRHVmtJ Rk4wIFlYUm xjeXdnUlgg VnliM0JsTE NCaCBibVFn UVhOcFlTIH dnYVc1amJI VmsgYVc1bk lHTnZkVyA1 MGNtbGxjeU J6IGRXTm9J R0Z6SUUgTm 9hVzVoTENC SCBaWEp0WV c1NUxDIEJO WlhocFkyOH MgSUVoMWJt ZGhjbiBrc0 lGQnZiR0Z1 IFpDd2dZVz VrSUUgbHVa R2xoTGp4aS BjajQyTGlC TWFXIDVoYl dGeTRvQ1og Y3lCd2NtOW tkVyBOMGN5 Qm9ZWFpsIE lHRWdkMmxr WlMgQnlZVz VuWlNCdiBa aUJoY0hCc2 FXIE5oZEds dmJuTXMgSU dsdVkyeDFa RyBsdVp5Qm xibWRwIGJt VnpMQ0IwY2 0gRnVjMjFw YzNOcCBiMj V6TENCa2Nt IGwyWld4cG JtVnogTENC amFHRnpjMi BsekxDQmhi bVFnIGNHOT NaWEowY20g RnBiaUJ6ZV hOMCBaVzF6 SUdadmNpIE IyWldocFky eGwgY3l3Z1 lYTWdkMiBW c2JDQmhjeU JoIFozSnBZ M1ZzZEggVn lZV3dnYUdG eSBkbVZ6ZE dsdVp5IEJs Y1hWcGNHMW wgYm5Rc0lH RmxjbSBsaG JDQjNiM0py IElIQnNZWF JtYjMgSnRj eXdnWVc1ay BJR2x1WkhW emRIIEpwWV d3Z1pYRjEg YVhCdFpXNT BMaiB4aWNq NDNMaUJNIG FXNWhiV0Z5 NG8gQ1pjeU J3Y205ayBk V04wY3lCaG NtIFVnZFhO bFpDQmkgZV NCdFlXcHZj aSBCaGRYUn ZiVzkwIGFY WmxJR052Yl ggQmhibWxs Y3lCeiBkV0 5vSUdGeklF IFp2Y21Rc0 lFZGwgYm1W eVlXd2dUVy A5MGIzSnpM Q0JoIGJtUW dUV1Z5WTIg VmtaWE10UW 1WdSBlaXdn YldGcmFXID VuSUdsMElH OXUgWlNCdl ppQjBhRyBV Z2JHRnlaMl Z6IGRDQmhk WFJ2YlcgOT BhWFpsSUhC aCBjblJ6SU cxaGJuIFZt WVdOMGRYSm wgY25NZ2FX NGdkRyBobE lIZHZjbXhr IExqeGljaj Q0TGkgQlVh R1VnWTI5dC BjR0Z1ZVNC b1lYIE1nY2 1WalpXbDIg WldRZ2JuVn RaWCBKdmRY TWdZWGRoIG NtUnpJR0Z1 WkMgQnlaV0 52WjI1cCBk R2x2Ym5NZ1 ptIDl5SUds MGN5QncgWl hKbWIzSnRZ VyA1alpTd2 dhVzV1IGIz WmhkR2x2Ym kgd2dZVzVr SUdOdiBjbk J2Y21GMFpT IEJqZFd4MG RYSmwgTENC cGJtTnNkVy BScGJtY2dZ bVZwIGJtY2 dibUZ0Wlcg UWdiMjVsSU c5bSBJRU5o Ym1Ga1llIE tBbVhNZ1ZH OXcgSURFd0 1DQkZiWCBC c2IzbGxjbk 1zIElGUnZj Q0JGYlggQn NiM2xsY2lC bSBiM0lnV1 c5MWJtIGNn VUdWdmNHeG wgTENCaGJt UWdRbSBWem RDQkZiWEJz IGIzbGxjbk 1nYVcgNGdR MkZ1WVdSaC BManhpY2o0 NUxpIEJNYV c1aGJXRnkg SUdseklHTn ZiVyAxcGRI UmxaQ0IwIG J5QnpkWE4w WVcgbHVZV0 pwYkdsMCBl U0JoYm1RZ2 NtIFZrZFdO cGJtY2cgYV hSeklHVnVk bSBseWIyNX RaVzUwIFlX d2dhVzF3WV cgTjBJSFJv Y205MSBaMm dnYVc1cGRH IGxoZEdsMl pYTWcgYzNW amFDQmhjeS BCM1lYTjBa U0J5IFpXUj FZM1JwYjIg NHNJR1Z1Wl hKbiBlU0Js Wm1acFkyIG xsYm1ONUxD QmggYm1RZ1 pXTnZMVyBa eWFXVnVaR3 g1IElHMWhi blZtWVcgTj BkWEpwYm1j ZyBjSEp2WT JWemMyIFZ6 TGp4aWNqNH ggTUM0Z1NX NGdZVyBSa2 FYUnBiMjRn IGRHOGdhWF J6SUcgMWhi blZtWVdOMC BkWEpwYm1j Z2IzIEJsY2 1GMGFXOXUg Y3l3Z1RHbH VZVyAxaGNp QmhiSE52IE lHaGhjeUJo SUggTjBjbT l1WnlCbSBi Mk4xY3lCdm JpIEJ3YUds c1lXNTAgYU hKdmNHbGpJ RyBWbVptOX lkSE1nIFlX NWtJR2hoY3 kgQmtiMjVo ZEdWayBJRz FwYkd4cGIy IDV6SUhSdk lIWmggY21s dmRYTWdZMi BoaGNtbDBZ V0pzIFpTQn ZjbWRoYm0g bDZZWFJwYj I1eiBJR0Z1 WkNCamIyID F0ZFc1cGRI a2cgYVc1cG RHbGhkRyBs MlpYTXUKIC AgICAgICA8 L3NwYW4+Ci AgICAgICAg CiAgICAgIC Ag