Carpenter Technology

Live  

Carpenter Technology is an American corporation that specializes in the production and distribution of specialty alloys, including stainless steels, titanium alloys, and superalloys. The company was founded in 1889 by James Carpenter and is headquartered in Philadelphia, Pennsylvania.
Carpenter Technology's products are used in a variety of industries, including aerospace, defense, energy, medical, and industrial. The company has manufacturing facilities throughout the United States and in Europe and Asia. In addition to manufacturing and supplying alloys, Carpenter Technology also offers a range of value-added services, such as custom melt systems, metal powder production, and heat treatment services.
The company prides itself on its advanced metallurgical expertise, innovative product development, and commitment to sustainability practices. It also has a strong focus on research and development, continually seeking to improve its products and processes to meet the evolving needs of its customers.
Carpenter Technology has earned a reputation for providing high-quality, reliable products and customer service, and is recognized as a leader in the specialty alloy industry. The company is committed to maintaining the highest standards of safety, quality, and environmental responsibility in all aspects of its operations.

Q2FycGVudG VyIFRlY2hu b2xvZ3kgaX MgYSBjb21w YW55IHRoYX QgbWFrZXMg c3BlY2lhbC BtYXRlcmlh bHMsIG1haW 5seSB0eXBl cyBvZiBtZX RhbCBhbmQg YWxsb3lzLi BUaGVzZSBt YXRlcmlhbH MgYXJlIHZl cnkgc3Ryb2 5nIGFuZCBj YW4gcmVzaX N0IGhlYXQg YW5kIGNvcn Jvc2lvbiwg d2hpY2ggaX Mgd2hlbiBt ZXRhbCBicm Vha3MgZG93 biBiZWNhdX NlIG9mIHdh dGVyIG9yIG Fpci4gQ2Fy cGVudGVyIF RlY2hub2xv Z3nigJlzIH Byb2R1Y3Rz IGFyZSB1c2 VkIGluIG1h bnkgaW1wb3 J0YW50IGlu ZHVzdHJpZX MsIGxpa2Ug YWVyb3NwYW NlICh0aGlu ayBhaXJwbG FuZXMpLCBt ZWRpY2FsIG RldmljZXMs IGFuZCBlbm VyZ3kgcHJv ZHVjdGlvbi 48YnI+VGhl IHdheSBDYX JwZW50ZXIg VGVjaG5vbG 9neSBtYWtl cyBtb25leS BpcyBieSBz ZWxsaW5nIH RoZXNlIHNw ZWNpYWwgbW F0ZXJpYWxz IHRvIG90aG VyIGNvbXBh bmllcyB0aG F0IG5lZWQg dGhlbSBmb3 IgdGhlaXIg cHJvZHVjdH MuIEZvciBl eGFtcGxlLC BhbiBhaXJw bGFuZSBtYW 51ZmFjdHVy ZXIgbWlnaH QgYnV5IHN0 cm9uZyBtZX RhbCBwYXJ0 cyBmcm9tIE NhcnBlbnRl ciB0byBtYW tlIHN1cmUg YWlycGxhbm VzIGFyZSBz YWZlIGFuZC BjYW4gZmx5 IHdlbGwuPG JyPkNhcnBl bnRlciBUZW Nobm9sb2d5 IGlzIHN1Y2 Nlc3NmdWwg Zm9yIGEgZm V3IHJlYXNv bnMuIEZpcn N0LCB0aGV5 IGZvY3VzIG 9uIG1ha2lu ZyBoaWdoLX F1YWxpdHkg bWF0ZXJpYW xzIHRoYXQg bWVldCB0aG Ugc3RyaWN0 IG5lZWRzIG 9mIHRoZWly IGN1c3RvbW Vycy4gU2Vj b25kLCB0aG V5IGtlZXAg Y29taW5nIH VwIHdpdGgg bmV3IHRlY2 hub2xvZ2ll cyBhbmQgYm V0dGVyIG1h dGVyaWFscy wgd2hpY2gg aGVscHMga2 VlcCB0aGVt IGFoZWFkIG 9mIG90aGVy IGNvbXBhbm llcy4gTGFz dGx5LCB0aG V5IGhhdmUg ZXhwZXJpZW 5jZWQgcGVv cGxlIHdoby Brbm93IGEg bG90IGFib3 V0IG1hdGVy aWFscyBhbm QgaG93IHRv IG1ha2UgdG hlbS48YnI+ TG9va2luZy B0byB0aGUg ZnV0dXJlLC BDYXJwZW50 ZXIgVGVjaG 5vbG9neSB3 aWxsIGxpa2 VseSBjb250 aW51ZSB0by BiZSBzdWNj ZXNzZnVsIG JlY2F1c2Ug b3VyIHdvcm xkIGlzIGFs d2F5cyBnb2 luZyB0byBu ZWVkIHN0cm 9uZyBhbmQg cmVsaWFibG UgbWF0ZXJp YWxzIGZvci BuZXcgdGVj aG5vbG9naW VzLCBsaWtl IGVsZWN0cm ljIGNhcnMg YW5kIG1vcm UgYWR2YW5j ZWQgYWlycG xhbmVzLiBB cyBsb25nIG FzIHRoZXkg a2VlcCBpbm 5vdmF0aW5n IGFuZCBtZW V0aW5nIHRo ZSBuZWVkcy BvZiB0aGVp ciBjdXN0b2 1lcnMsIHRo ZXkgd2lsbC BsaWtlbHkg c3RheSBhIH N0cm9uZyBw bGF5ZXIgaW 4gdGhlaXIg aW5kdXN0cn kuPGJyPg==

MS4gTG9uZy BoaXN0b3J5 OiBDYXJwZW 50ZXIgVGVj aG5vbG9neS B3YXMgZm91 bmRlZCBpbi AxODg5LCBt YWtpbmcgaX Qgb25lIG9m IHRoZSBvbG Rlc3Qgc3Bl Y2lhbHR5IH N0ZWVsIG1h bnVmYWN0dX JlcnMgaW4g dGhlIFVuaX RlZCBTdGF0 ZXMuPGJyPj IuIEV4cGVy dGlzZSBpbi BtZXRhbCBh bGxveXM6IF RoZSBjb21w YW55IHNwZW NpYWxpemVz IGluIG1hbn VmYWN0dXJp bmcgaGlnaC 1wZXJmb3Jt YW5jZSBhbG xveXMsIGlu Y2x1ZGluZy BzdGFpbmxl c3Mgc3RlZW wsIHRpdGFu aXVtLCBhbm QgSGlwZXJj byAoYSBtYW duZXRpYyBh bGxveSkuPG JyPjMuIFdp ZGUgcmFuZ2 Ugb2YgaW5k dXN0cmllcy BzZXJ2ZWQ6 IENhcnBlbn RlciBUZWNo bm9sb2d5IH N1cHBsaWVz IG1hdGVyaW FscyB0byB2 YXJpb3VzIG luZHVzdHJp ZXMsIGluY2 x1ZGluZyBh ZXJvc3BhY2 UsIGRlZmVu c2UsIGVuZX JneSwgbWVk aWNhbCwgYW 5kIHRyYW5z cG9ydGF0aW 9uLjxicj40 LiBJbm5vdm F0aXZlIHRl Y2hub2xvZ2 llczogVGhl IGNvbXBhbn kgaGFzIGNv bnRpbnVvdX NseSBpbnZl c3RlZCBpbi ByZXNlYXJj aCBhbmQgZG V2ZWxvcG1l bnQgdG8gaW 1wcm92ZSBp dHMgcHJvZH VjdHMgYW5k IGRldmVsb3 AgbmV3IGFu ZCBhZHZhbm NlZCBtYW51 ZmFjdHVyaW 5nIHRlY2hu b2xvZ2llcy 48YnI+NS4g SGlnaC1xdW FsaXR5IHBy b2R1Y3RzOi BDYXJwZW50 ZXIgVGVjaG 5vbG9neSBp cyBrbm93bi Bmb3IgcHJv ZHVjaW5nIG hpZ2gtcXVh bGl0eSBtYX RlcmlhbHMg d2l0aCB0aW dodCB0b2xl cmFuY2VzIG FuZCBzcGVj aWZpY2F0aW 9ucywgd2hp Y2ggbWVldC B0aGUgc3Ry aWN0IHJlcX VpcmVtZW50 cyBvZiBpdH MgY3VzdG9t ZXJzLjxicj 42LiBHbG9i YWwgcHJlc2 VuY2U6IFdp dGggbWFudW ZhY3R1cmlu ZyBmYWNpbG l0aWVzIGlu IHRoZSBVUy wgVUssIGFu ZCBDaGluYS wgQ2FycGVu dGVyIFRlY2 hub2xvZ3kg aGFzIGEgZ2 xvYmFsIHJl YWNoLCBhbG xvd2luZyBp dCB0byBzZX J2ZSBjdXN0 b21lcnMgZ2 xvYmFsbHku PGJyPjcuIE NvbW1pdG1l bnQgdG8gc3 VzdGFpbmFi aWxpdHk6IF RoZSBjb21w YW55IGlzIG NvbW1pdHRl ZCB0byBvcG VyYXRpbmcg aW4gYW4gZW 52aXJvbm1l bnRhbGx5IH Jlc3BvbnNp YmxlIG1hbm 5lciwgdXNp bmcgc3VzdG FpbmFibGUg cHJhY3RpY2 VzIGluIGl0 cyBvcGVyYX Rpb25zIGFu ZCBwcm9kdW N0cy48YnI+ OC4gU3Ryb2 5nIGN1c3Rv bWVyIHJlbG F0aW9uc2hp cHM6IENhcn BlbnRlciBU ZWNobm9sb2 d5IGhhcyBi dWlsdCBhIH N0cm9uZyBy ZXB1dGF0aW 9uIGZvciBy ZWxpYWJsZS BhbmQgcmVz cG9uc2l2ZS BjdXN0b21l ciBzZXJ2aW NlLCB3aXRo IGEgZm9jdX Mgb24gdW5k ZXJzdGFuZG luZyBhbmQg bWVldGluZy BpdHMgY3Vz dG9tZXJzJy BuZWVkcy48 YnI+OS4gRm luYW5jaWFs IHN0YWJpbG l0eTogVGhl IGNvbXBhbn kgaGFzIGEg c3Ryb25nIG ZpbmFuY2lh bCB0cmFjay ByZWNvcmQs IHdpdGggY2 9uc2lzdGVu dCBwcm9maX RhYmlsaXR5 IGFuZCBhIH N0cm9uZyBi YWxhbmNlIH NoZWV0LCBw cm92aWRpbm cgc3RhYmls aXR5IGZvci BpdHMgZW1w bG95ZWVzLC BjdXN0b21l cnMsIGFuZC BzdGFrZWhv bGRlcnMuPG JyPjEwLiBE ZWRpY2F0aW 9uIHRvIGVt cGxveWVlIG RldmVsb3Bt ZW50OiBDYX JwZW50ZXIg VGVjaG5vbG 9neSB2YWx1 ZXMgaXRzIG VtcGxveWVl cyBhbmQgaW 52ZXN0cyBp biB0aGVpci Bwcm9mZXNz aW9uYWwgZG V2ZWxvcG1l bnQgdGhyb3 VnaCB0cmFp bmluZyBwcm 9ncmFtcyBh bmQgb3Bwb3 J0dW5pdGll cyBmb3IgY2 FyZWVyIGFk dmFuY2VtZW 50Lg==

Q2FycGVudG VyIFRlY2hu b2xvZ3kgQ2 9ycG9yYXRp b24gaXMgYS BsZWFkaW5n IHByb2R1Y2 VyIGFuZCBk aXN0cmlidX RvciBvZiBw cmVtaXVtIH NwZWNpYWx0 eSBhbGxveX MsIGluY2x1 ZGluZyBzdG Fpbmxlc3Mg c3RlZWxzLC B0aXRhbml1 bSBhbGxveX MsIGFuZCBz dXBlcmFsbG 95cywgZm9y IGEgd2lkZS B2YXJpZXR5 IG9mIGluZH VzdHJpZXMg c3VjaCBhcy BhZXJvc3Bh Y2UsIGRlZm Vuc2UsIGVu ZXJneSwgaG VhbHRoY2Fy ZSwgdHJhbn Nwb3J0YXRp b24sIGFuZC Bjb25zdW1l ciBnb29kcy 4gVGhlaXIg YnVzaW5lc3 MgbW9kZWwg aXMgZm9jdX NlZCBvbiBy ZXNlYXJjaC BhbmQgZGV2 ZWxvcG1lbn QsIGFkdmFu Y2VkIG1hbn VmYWN0dXJp bmcgcHJvY2 Vzc2VzLCBh bmQgY3VzdG 9tZXIgY29s bGFib3JhdG lvbiB0byBw cm92aWRlIG N1c3RvbWl6 ZWQgc29sdX Rpb25zIGZv ciB0aGVpci BjbGllbnRz JyBzcGVjaW ZpYyBuZWVk cy48YnI+U2 9tZSBrZXkg ZWxlbWVudH Mgb2YgQ2Fy cGVudGVyIF RlY2hub2xv Z3kncyBidX NpbmVzcyBt b2RlbCBpbm NsdWRlOjxi cj4xLiBGb2 N1cyBvbiBB ZHZhbmNlZC BNYXRlcmlh bHM6IFRoZS Bjb21wYW55 IGludmVzdH MgaGVhdmls eSBpbiByZX NlYXJjaCBh bmQgZGV2ZW xvcG1lbnQg dG8gcHJvZH VjZSBoaWdo LXBlcmZvcm 1hbmNlIHNw ZWNpYWx0eS BhbGxveXMg dGhhdCBjYW 4gd2l0aHN0 YW5kIGV4dH JlbWUgY29u ZGl0aW9ucy BhbmQgcHJv dmlkZSBzdX BlcmlvciBz dHJlbmd0aC wgZHVyYWJp bGl0eSwgYW 5kIGNvcnJv c2lvbiByZX Npc3RhbmNl Ljxicj4yLi BDdXN0b21p emVkIFNvbH V0aW9uczog Q2FycGVudG VyIFRlY2hu b2xvZ3kgd2 9ya3MgY2xv c2VseSB3aX RoIGl0cyBj dXN0b21lcn MgdG8gdW5k ZXJzdGFuZC B0aGVpciBu ZWVkcyBhbm QgZGV2ZWxv cCBjdXN0b2 1pemVkIHNv bHV0aW9ucy B0byBtZWV0 IHRoZWlyIH NwZWNpZmlj IHJlcXVpcm VtZW50cy4g VGhpcyBhcH Byb2FjaCBo ZWxwcyB0by BidWlsZCBs b25nLXRlcm 0gcmVsYXRp b25zaGlwcy BhbmQgZGlm ZmVyZW50aW F0ZSB0aGUg Y29tcGFueS Bmcm9tIGl0 cyBjb21wZX RpdG9ycy48 YnI+My4gRG l2ZXJzaWZp ZWQgQ3VzdG 9tZXIgQmFz ZTogVGhlIG NvbXBhbnkg c2VydmVzIG EgcmFuZ2Ug b2YgaW5kdX N0cmllcywg d2hpY2ggaG VscHMgdG8g cmVkdWNlIG l0cyBkZXBl bmRlbmNlIG 9uIGFueSBz aW5nbGUgc2 VjdG9yIGFu ZCBtaXRpZ2 F0ZXMgcmlz a3MuPGJyPj QuIEdsb2Jh bCBQcmVzZW 5jZTogQ2Fy cGVudGVyIF RlY2hub2xv Z3kgaGFzIG EgZ2xvYmFs IHByZXNlbm NlLCB3aXRo IG1hbnVmYW N0dXJpbmcg ZmFjaWxpdG llcyBhbmQg c2FsZXMgb2 ZmaWNlcyBp biBOb3J0aC BBbWVyaWNh LCBFdXJvcG UsIGFuZCBB c2lhLiBUaG lzIGFsbG93 cyB0aGVtIH RvIHNlcnZl IGEgZGl2ZX JzZSBjdXN0 b21lciBiYX NlIGFuZCBj YXBpdGFsaX plIG9uIG9w cG9ydHVuaX RpZXMgaW4g ZGlmZmVyZW 50IHJlZ2lv bnMuPGJyPj UuIFZlcnRp Y2FsIEludG VncmF0aW9u OiBUaGUgY2 9tcGFueSBo YXMgYSB2ZX J0aWNhbGx5 IGludGVncm F0ZWQgYnVz aW5lc3MgbW 9kZWwsIHdo aWNoIG1lYW 5zIGl0IGNv bnRyb2xzIH RoZSBlbnRp cmUgcHJvZH VjdGlvbiBw cm9jZXNzLC Bmcm9tIG1l bHRpbmcgYW 5kIGNhc3Rp bmcgdG8gZm luaXNoaW5n IGFuZCBkaX N0cmlidXRp b24uIFRoaX MgZ2l2ZXMg dGhlbSBiZX R0ZXIgY29u dHJvbCBvdm VyIHF1YWxp dHksIGNvc3 QsIGFuZCBk ZWxpdmVyeS BvZiB0aGVp ciBwcm9kdW N0cy48YnI+ Ni4gRm9jdX Mgb24gT3Bl cmF0aW9uYW wgRXhjZWxs ZW5jZTogQ2 FycGVudGVy IFRlY2hub2 xvZ3kgY29u dGludW91c2 x5IHN0cml2 ZXMgZm9yIG 9wZXJhdGlv bmFsIGV4Y2 VsbGVuY2Ug dGhyb3VnaC BvbmdvaW5n IHByb2Nlc3 MgaW1wcm92 ZW1lbnRzIG FuZCBjb3N0 IG9wdGltaX phdGlvbiBp bml0aWF0aX Zlcy4gVGhp cyBoZWxwcy B0byBpbmNy ZWFzZSBlZm ZpY2llbmN5 LCByZWR1Y2 Ugd2FzdGUs IGFuZCBsb3 dlciBvdmVy YWxsIGNvc3 RzLjxicj5J biBzdW1tYX J5LCBDYXJw ZW50ZXIgVG VjaG5vbG9n eSdzIGJ1c2 luZXNzIG1v ZGVsIGZvY3 VzZXMgb24g cHJvZHVjaW 5nIGFuZCBk aXN0cmlidX RpbmcgaGln aC1xdWFsaX R5IHNwZWNp YWx0eSBhbG xveXMsIGNv bGxhYm9yYX Rpbmcgd2l0 aCBjdXN0b2 1lcnMgdG8g cHJvdmlkZS B0YWlsb3Jl ZCBzb2x1dG lvbnMsIGFu ZCBjb250aW 51b3VzbHkg aW1wcm92aW 5nIG9wZXJh dGlvbnMgdG 8gZHJpdmUg Z3Jvd3RoIG FuZCBwcm9m aXRhYmlsaX R5Lg==

AI can potentially pose a material threat to Carpenter Technology and its products, services, or competitive positioning in several ways:
1. Substitution: Advanced materials and manufacturing processes driven by AI could lead to the development of alternative materials that compete with Carpenter Technology’s offerings. For example, breakthroughs in AI-aided research in metallurgy or lightweight composites may result in new materials that are cheaper, lighter, or stronger, leading to customer preference shifts.
2. Disintermediation: AI technologies can streamline supply chains and production processes, allowing companies to manufacture directly at lower costs. This could reduce the need for specialized materials that Carpenter Technology provides, as manufacturers might turn to integrated solutions that bypass traditional suppliers.
3. Margin Pressure: The implementation of AI in manufacturing can improve efficiency and reduce operational costs. Competitors who leverage AI could offer similar products at lower prices, putting pressure on Carpenter Technology’s margins. If they do not innovate or enhance their value proposition, they risk losing market share to more efficient rivals.
Overall, while AI presents these potential threats, it also offers opportunities for Carpenter Technology to innovate, enhance product offerings, and optimize operations. The company’s response to these challenges will be crucial in maintaining its competitive edge.

The sensitivity of Carpenter Technology’s earnings, cash flow, and valuation to changes in interest rates can be evaluated through several key aspects:
1. Earnings Sensitivity: Carpenter’s earnings can be affected by interest rates due to their impact on borrowing costs. If interest rates rise, the company may face higher interest expenses on any outstanding debt, which can reduce net income. Conversely, lower interest rates can decrease these costs, potentially improving profitability.
2. Cash Flow Sensitivity: Interest rates also influence cash flow, particularly if Carpenter relies heavily on debt to finance operations or capital expenditures. Higher rates could lead to increased cash outflows for interest payments, subsequently impacting free cash flow. Lower rates could enhance cash flow flexibility by reducing these outflows, allowing for more reinvestment or shareholder returns.
3. Valuation Sensitivity: The valuation of Carpenter Technology is also sensitive to interest rate changes through the discount rate applied in cash flow models. An increase in interest rates typically leads to higher discount rates, which can decrease the present value of future cash flows and, therefore, lower the company’s valuation. Conversely, lower interest rates can lead to a reduced discount rate, increasing present value and enhancing valuation.
Overall, the sensitivity of Carpenter Technology’s financial metrics to interest rate changes will depend on factors such as its capital structure, operational leverage, and the broader economic environment. The company’s responsiveness to these changes can be mitigated through effective financial management and risk mitigation strategies.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BDYXJwZW50 ZXIgVGVjaG 5vbG9neeKA mXMgZWNvbm 9taWNzIG92 ZXIgdGhlIG 5leHQgM+KA kzUgeWVhcn MgaXMgYSBz aWduaWZpY2 FudCBkZWNs aW5lIGluIG RlbWFuZCBm b3IgaGlnaC 1wZXJmb3Jt YW5jZSBtYX RlcmlhbHMs IHBhcnRpY3 VsYXJseSBp biBrZXkgc2 VjdG9ycyBz dWNoIGFzIG Flcm9zcGFj ZSwgYXV0b2 1vdGl2ZSwg YW5kIGVuZX JneS4gVGhp cyBkZWNsaW 5lIGNvdWxk IGJlIGRyaX ZlbiBieSBh IGNvbWJpbm F0aW9uIG9m IGZhY3Rvcn MsIGluY2x1 ZGluZzo8Yn I+MS4gPHN0 cm9uZz5UZW Nobm9sb2dp Y2FsIEFkdm FuY2VtZW50 czwvc3Ryb2 5nPjogQSBi cmVha3Rocm 91Z2ggaW4g YWx0ZXJuYX RpdmUgbWF0 ZXJpYWxzIG 9yIG1hbnVm YWN0dXJpbm cgdGVjaG5p cXVlcyB0aG F0IG9mZmVy cyBzdXBlcm lvciBwZXJm b3JtYW5jZS BhbmQgY29z dCBlZmZpY2 llbmN5IGNv dWxkIHJlbm RlciBDYXJw ZW50ZXLigJ lzIHByb2R1 Y3Qgb2ZmZX JpbmdzIGxl c3MgY29tcG V0aXRpdmUu PGJyPjIuID xzdHJvbmc+ RWNvbm9taW MgUmVjZXNz aW9uPC9zdH Jvbmc+OiBB IGdsb2JhbC BlY29ub21p YyBkb3dudH VybiBjb3Vs ZCBsZWFkIH RvIHJlZHVj ZWQgY2FwaX RhbCBleHBl bmRpdHVyZX MgaW4gaW5k dXN0cmllcy B0aGF0IHBy aW1hcmlseS BkZXBlbmQg b24gc3BlY2 lhbHR5IGFs bG95cyBhbm Qgc3VwZXJh bGxveXMuIE lmIG1ham9y IGNsaWVudH MgaW4gYWVy b3NwYWNlIG 9yIGVuZXJn eSBjdXQgYm FjayBvbiBz cGVuZGluZy wgQ2FycGVu dGVyIGNvdW xkIGZhY2Ug YSBzdGVlcC Bkcm9wIGlu IG9yZGVyIH ZvbHVtZS48 YnI+My4gPH N0cm9uZz5T dXBwbHkgQ2 hhaW4gRGlz cnVwdGlvbn M8L3N0cm9u Zz46IFBlcn Npc3RlbnQg c3VwcGx5IG NoYWluIGNo YWxsZW5nZX Mgb3IgcmVn dWxhdGlvbn MgcmVzdHJp Y3RpbmcgdG hlIHNvdXJj aW5nIG9mIG tleSByYXcg bWF0ZXJpYW xzIG1pZ2h0 IGluY3JlYX NlIG9wZXJh dGlvbmFsIG Nvc3RzIGFu ZCBsZWFkIH RvIHByb2R1 Y3Rpb24gZG VsYXlzLCBh ZmZlY3Rpbm cgYm90aCBy ZXZlbnVlIG FuZCBwcm9m aXRhYmlsaX R5Ljxicj5J ZiBzdWNoIG Egc2NlbmFy aW8gd2VyZS B0byB1bmZv bGQsIENhcn BlbnRlciBU ZWNobm9sb2 d54oCZcyBt YXJnaW5zIG NvdWxkIGJl IHNpZ25pZm ljYW50bHkg c3F1ZWV6ZW QuIFdpdGgg ZGVjbGluaW 5nIHNhbGVz IHZvbHVtZX MsIHRoZSBj b21wYW55IG 1pZ2h0IGJl IGZvcmNlZC B0byByZWR1 Y2UgcHJpY2 VzIHRvIG1h aW50YWluIG 1hcmtldCBz aGFyZSwgZn VydGhlciBl cm9kaW5nIG dyb3NzIG1h cmdpbnMuIE 9wZXJhdGlv bmFsIGVmZm ljaWVuY2ll cyBjb3VsZC BhbHNvIGRl Y2xpbmUgYX MgZml4ZWQg Y29zdHMgcm VtYWluIGNv bnN0YW50IH doaWxlIHJl dmVudWVzIG ZhbGwuPGJy PkNhc2ggZm xvdyB3b3Vs ZCBsaWtlbH kgdGFrZSBh IGhpdCBhcy B3ZWxsLiBE ZXRlcmlvcm F0aW5nIHNh bGVzIGFuZC BtYXJnaW5z IGNvdWxkIG xlYWQgdG8g bG93ZXIgcH JvZml0YWJp bGl0eSwgYW 5kIGFueSBu ZWNlc3Nhcn kgY2FwaXRh bCBleHBlbm RpdHVyZXMg dG8ga2VlcC B1cCB3aXRo IHRlY2hub2 xvZ2ljYWwg YWR2YW5jZW 1lbnRzIG9y IHRvIGFkYX B0IHRvIHNo aWZ0aW5nIG 1hcmtldCBk ZW1hbmRzIG 1pZ2h0IGV4 YWNlcmJhdG UgY2FzaCBm bG93IGlzc3 Vlcy4gQWRk aXRpb25hbG x5LCBpbmNy ZWFzZWQgd2 9ya2luZyBj YXBpdGFsIH JlcXVpcmVt ZW50cyBkdW UgdG8gcHJv bG9uZ2VkIH Byb2R1Y3Rp b24gY3ljbG VzIG9yIGV4 Y2VzcyBpbn ZlbnRvcnkg Y291bGQgZn VydGhlciBz dHJhaW4gY2 FzaCBhdmFp bGFiaWxpdH kuPGJyPlJl Z2FyZGluZy B0aGUgYmFs YW5jZSBzaG VldCwgQ2Fy cGVudGVyIF RlY2hub2xv Z3kgbWlnaH Qgc2VlIGhp Z2hlciBkZW J0IGxldmVs cyBpZiB0aG UgY29tcGFu eSByZWxpZX Mgb24gYm9y cm93aW5nIH RvIG1haW50 YWluIG9wZX JhdGlvbnMg YW1pZCBkZW NsaW5pbmcg Y2FzaCBmbG 93cy4gQWRk aXRpb25hbG x5LCBpZiB0 aGUgY29tcG FueSBoYXMg dG8gd3JpdG UgZG93biB0 aGUgdmFsdW Ugb2YgY2Vy dGFpbiBhc3 NldHPigJRs aWtlIHVuZG VycGVyZm9y bWluZyBmYW NpbGl0aWVz IG9yIGludm VudG9yeSB0 aGF0IGNhbm 5vdCBiZSBz b2xkIGF0IG V4cGVjdGVk IHByaWNlc+ KAlHRoaXMg Y291bGQgaG F2ZSBhIGxh c3RpbmcgaW 1wYWN0IG9u IGl0cyBlcX VpdHkgcG9z aXRpb24uPG JyPk92ZXJh bGwsIHRoZS Bjb21iaW5l ZCBlZmZlY3 Qgb2YgcmVk dWNlZCByZX ZlbnVlcywg bG93ZXIgbW FyZ2lucywg Y29uc3RyYW luZWQgY2Fz aCBmbG93cy wgYW5kIHBv dGVudGlhbC Bhc3NldCB3 cml0ZS1kb3 ducyBjb3Vs ZCBsZWFkIH RvIGEgc2ln bmlmaWNhbn RseSB3ZWFr ZW5lZCBmaW 5hbmNpYWwg cG9zaXRpb2 4gZm9yIENh cnBlbnRlci BUZWNobm9s b2d5IGluIH RoaXMgc2Nl bmFyaW8uPG JyPg==

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 bG9nb3MvRT V1VW5HeU5z Q1ZTYmdCUz J1aHcud2Vi cCIgYWx0PS JDYXJwZW50 ZXIgVGVjaG 5vbG9neSIg dGl0bGU9Ik NhcnBlbnRl ciBUZWNobm 9sb2d5IiAg Y2xhc3M9Im ltZy1mbHVp ZCIgaGVpZ2 h0PTUwIHdp ZHRoPTUwIG xvYWRpbmc9 J2xhenknIH N0eWxlPSdi b3JkZXItcm FkaXVzOiA2 cHg7Jz4KCi AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nZmxleDog MTsgdGV4dC 1hbGlnbjog Y2VudGVyOy BtYXJnaW4t bGVmdDogNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdmb250LX NpemU6IDI2 cHg7IGNvbG 9yOiAjMzMz OyBtYXJnaW 4tYm90dG9t OiAxNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Dwn5OIIFdh bnQgdG8gcm VhZCBtb3Jl IGFib3V0IE NhcnBlbnRl ciBUZWNobm 9sb2d5Pwog 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 +SoSBMZWFy biBzbWFydG VyIHN0b2Nr IHBpY2tzIH dpdGggPGk+ IlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3MiPC9pPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDEycHg7 IGZvbnQtc2 l6ZTogMTNw eDsgY29sb3 I6ICM0NDQ7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IFNpZ24gdX Agbm93IGFu ZCBnZXQgb3 VyIGZyZWUg ZUJvb2sgCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8Yj 5UaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzPC9iPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID whLS0KICAg ICAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nbWFyZ2 luLXRvcDog MTZweDsgZm 9udC1zaXpl OiAxNHB4Oy Bjb2xvcjog IzQ0NDsgZm 9udC1mYW1p bHk6IC1hcH BsZS1zeXN0 ZW0sIEJsaW 5rTWFjU3lz dGVtRm9udC wgU2Vnb2Ug VUksIFJvYm 90bywgSGVs dmV0aWNhIE 5ldWUsIHNh bnMtc2VyaW Y7IGxpbmUt aGVpZ2h0Oi AxLjY7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIEhh dmUgeW91IG hlYXJkIGFi b3V0IG91ci BzaG9ydCA8 c3Ryb25nIH N0eWxlPSdm b250LXdlaW dodDogNjAw Oyc+RGFpbH kgVmlkZW8g TmV3c2xldH Rlcjwvc3Ry b25nPj8KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxhIG hyZWY9J2h0 dHBzOi8vd3 d3Lmluc2ln aHRmdWx2YW x1ZS5jb20v bmV3c2xldH Rlci5waHAn IHRhcmdldD 0nX2JsYW5r JyBzdHlsZT 0nY29sb3I6 ICMwMDdCRk Y7IHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsgZm9udC 13ZWlnaHQ6 IDUwMDsgbW FyZ2luLWxl ZnQ6IDZweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIEZp bmQgb3V0IG 1vcmUKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAKIC AgICAgICAK ICAgICAgIC A8c3BhbiBj bGFzcz0nYm x1cnJlZC10 ZXh0Jz4KIC AgICAgICAg ICAgUEdKeV BqRXVJRSBO aGNuQmxibl JsIGNpQlVa V05vYm0gOX NiMmQ1SUVO diBjbkJ2Y2 1GMGFXIDl1 SUhkaGN5Qm 0gYjNWdVpH VmtJRyBsdU lERTRPRGtn IFlua2dTbU Z0WlggTWdT R1Z1Y25rZy BRMkZ5Y0dW dWRHIFZ5SU dsdUlGSmwg WVdScGJtY3 NJRiBCbGJt NXplV3gyIF lXNXBZUzRn UEcgSnlQak l1SUZSbyBa U0JqYjIxd1 lXIDU1SUhk aGN5QnYgY2 1sbmFXNWhi RyB4NUlHTm hiR3hsIFpD QjBhR1VnUT IgRnljR1Z1 ZEdWeSBJRk 4wWldWc0lF IE52YlhCaG Jua2cgWVc1 a0lIZGhjeS BCdmJtVWdi MllnIGRHaG xJR1pwY24g TjBJR052Yl hCaCBibWxs Y3lCcGJpIE IwYUdVZ1ZX NXAgZEdWa0 lGTjBZWCBS bGN5QjBieU J6IGNHVmph V0ZzYVggcG xJR2x1SUhS byBaU0J3Y2 05a2RXIE4w YVc5dUlHOW 0gSUdocFoy Z3RjWCBWaG JHbDBlU3dn IGFHbG5hQz FqWVggSmli MjRnYzNSbC BaV3d1SUR4 aWNqIDR6TG lCRFlYSncg Wlc1MFpYSW dWRyBWamFH NXZiRzluIG VTQm9ZWE1n WVMgQnNiMj VuSUdocCBj M1J2Y25rZ2 IyIFlnYzNW d2NHeDUgYV c1bklHMWhk RyBWeWFXRn NjeUJtIGIz SWdjMjl0Wl MgQnZaaUIw YUdVZyBiVz l6ZENCemFX IGR1YVdacF kyRnUgZENC cGJtUjFjMy BSeWFXRnNM Q0JoIFpYSn ZjM0JoWTIg VXNJR0Z1Wk NCayBaV1ps Ym5ObElIIE J5YjJkeVlX MXogTENCcG JtTnNkVyBS cGJtY2dkR2 hsIElFRndi MnhzYnkgQn RiMjl1SUd4 aCBibVJwYm 1jc0lIIFJv WlNCVFVpMD MgTVNCQ2JH RmphMiBKcG NtUXNJR0Z1 IFpDQjBhR1 VnUmkgMHlN aUJTWVhCMC BiM0l1SUR4 aWNqIDQwTG lCVWFHVWcg WTI5dGNHRn VlZSBLQW1Y TWdjR0YwIF pXNTBaV1Fn UTIgRnljR1 Z1ZEdWeSBJ REUxT0NCem RHIFZsYkNC M1lYTWcgZF hObFpDQjBi eSBCamNtVm hkR1VnIGRH aGxJRTB4Tm kgQnlhV1pz WlN3ZyBZU0 J6ZEdGdVpH IEZ5WkNCM1 pXRncgYjI0 Z1ptOXlJRi BWVElHMXBi R2wwIFlYSj VJR1p2Y20g TmxjeUJ6YV c1aiBaU0Iw YUdVZ1ZtIG xsZEc1aGJT QlggWVhJdU lEeGljaiA0 MUxpQkpiaU IwIGFHVWdN VGt5TUggTX NJRU5oY25C bCBiblJsY2 lCVGRHIFZs YkNCRGIyMX cgWVc1NUlH UmxkbSBWc2 IzQmxaQ0Jo IElHNWxkeU IwZVggQmxJ RzltSUhOby BiMk5yTFhK bGMyIGx6ZE dGdWRDQnog ZEdWbGJDd2 dhMiA1dmQy NGdZWE1nIF kybHdhR1Z5 SUggTjBaV1 ZzTENCMyBh R2xqYUNCM1 lYIE1nZFhO bFpDQjAgYn lCamNtVmhk RyBVZ2RHaG xJSGR2IGNt eGs0b0NaY3 kgQm1hWEp6 ZENCMyBaV0 Z5WVdKc1pT IEIwYVcxbG EyVmwgY0ds dVp5QmtaWC BacFkyVWdM U0IwIGFHVW dTR0Z0YVcg eDBiMjRnZD JGMCBZMmd1 SUR4aWNqID QyTGlCRFlY SncgWlc1MF pYSWdWRyBW amFHNXZiRz luIGVTQkRi M0p3YjMgSm hkR2x2YmlC MyBZWE1nWV c0Z1pXIEZ5 YkhrZ1lXUn YgY0hSbGNp QnZaaSBCMG FHVWdaV3hs IFkzUnlhV0 1nWVggSmpJ R1oxY201aC BZMlVnYVc0 Z2RHIGhsSU RFNU1qQnog TENCaElIUm xZMiBodWIy eHZaM2tnIG RHaGhkQ0Jr Y20gRnpkR2 xqWVd4cyBl U0JwYlhCeW IzIFpsWkNC emRHVmwgYk NCd2NtOWtk VyBOMGFXOX VJR0Z1IFpD Qm9aV3h3Wl cgUWdkR2hs SUdOdiBiWE JoYm5rZ1oz IEp2ZHk0Z1 BHSnkgUGpj dUlGUm9aUy BCamIyMXdZ VzU1IDRvQ1 pjeUJvWlcg RmtjWFZoY2 5SbCBjbk1n YVhNZ1lTIE JvYVhOMGIz SnAgWXlCc1 lXNWtiVyBG eWF5QnBiaU JTIFpXRmth VzVuTEMgQl FaVzV1YzNs cyBkbUZ1YV dFc0lHIEZ1 WkNCM1lYTW cgWkdWemFX ZHVaVyBRZ1 lua2djbVZ1 IGIzZHVaV1 FnWVggSmph R2wwWldOMC BJRXh2ZFds eklFIHRoYU c0dUlEeGkg Y2o0NExpQk RZWCBKd1pX NTBaWElnIF ZHVmphRzV2 YkcgOW5lU0 JEYjNKdyBi M0poZEdsdm JpIEJvWVhN Z1pYaHcgWV c1a1pXUWdh WCBSeklHOX daWEpoIGRH bHZibk1nWj IgeHZZbUZz YkhrcyBJSG RwZEdnZ1pt IEZqYVd4cG RHbGwgY3lC cGJpQkRZVy A1aFpHRXNJ SFJvIFpTQl ZibWwwWlcg UWdTMmx1Wj JSdiBiU3dn WVc1a0lFIE 5vYVc1aExD QmggYlc5dV p5QnZkRyBo bGNuTXVJRH hpIGNqNDVM aUJVYUcgVW dZMjl0Y0dG dSBlU0JvWV hNZ1lTIEJ6 ZEhKdmJtY2 cgWTI5dGJX bDBiVyBWdW RDQjBieUJ6 IGRYTjBZV2 x1WVcgSnBi R2wwZVNCaC BibVFnYUdG eklIIEpsWT JWcGRtVmsg SUc1MWJXVn liMyBWeklH RjNZWEprIG N5Qm1iM0ln YVggUnpJR1 ZtWm05eSBk SE1nYVc0Z2 NtIFZrZFdO cGJtY2cgYV hSeklHVnVk bSBseWIyNX RaVzUwIFlX d2dhVzF3WV cgTjBMQ0J3 Y205dCBiM1 JwYm1jZ1pH IGwyWlhKem FYUjUgSUdG dVpDQnBibS BOc2RYTnBi MjRzIElHRn VaQ0JtYjMg TjBaWEpwYm 1jZyBZMjl0 YlhWdWFYIF I1SUdWdVoy Rm4gWlcxbG JuUXVJRCB4 aWNqNHhNQz RnIFEyRnlj R1Z1ZEcgVn lJRlJsWTJo dSBiMnh2Wj NrZ1EyIDl5 Y0c5eVlYUn AgYjI0Z2FY TWdZUyBCd2 RXSnNhV05z IGVTMTBjbU ZrWlcgUWdZ Mjl0Y0dGdS BlU0JoYm1R Z2FYIE1nYk dsemRHVmsg SUc5dUlIUm 9aUyBCT1pY Y2dXVzl5IG F5QlRkRzlq YXkgQkZlR0 5vWVc1biBa U0IxYm1SbG NpIEIwYUdV Z2MzbHQgWW 05c0lFTlNV eSA0PQogIC AgICAgIDwv c3Bhbj4KIC AgICAgICAK ICAgICAgIC A=