Masco

-11.53%

Live  

The Masco Corporation is a global leader in the design, manufacture and distribution of home improvement and building products. The company was founded in 1929 and is headquartered in Livonia, Michigan. It operates through various segments including Plumbing Products, Decorative Architectural Products, Cabinets and Related Products, and Other Specialty Products. These segments produce and sell products such as faucets, showerheads, kitchen and bath cabinets, decorative hardware, and windows, among others.
The Masco Corporation has a diverse portfolio of well-known and trusted brands including Delta Faucet, Behr Paint, KraftMaid cabinets, and Milgard windows. The company's products are sold through various channels including retail outlets, home centers, wholesalers, and e-commerce sites.
In addition to its strong presence in North America, the Masco Corporation has a growing international presence with operations in Europe, Asia, and Latin America. It also partners with international distributors and has joint ventures in various countries to expand its global reach.
Masco is committed to sustainability and has implemented various initiatives to reduce its environmental impact. The company has a strong focus on innovation and invests heavily in research and development to continuously improve its products and processes.
As of 2021, Masco employs approximately 19,000 people worldwide and has a strong financial performance, with 2020 net sales reaching $6.9 billion. The company is listed on the New York Stock Exchange under the ticker symbol MAS.

TWFzY28gaX MgYSBjb21w YW55IHRoYX QgbWFrZXMg YWxsIHNvcn RzIG9mIHBy b2R1Y3RzIH lvdSBtaWdo dCBzZWUgaW 4gaG9tZXMs IGxpa2UgYm F0aHR1YnMs IGZhdWNldH MsIGFuZCBw YWludC4gSW 1hZ2luZSBp ZiB5b3VyIG ZhbWlseSBp cyBmaXhpbm cgdXAgeW91 ciBiYXRocm 9vbSBvciBw YWludGluZy B5b3VyIGhv dXNlOyBNYX NjbyBtYWtl cyB0aGluZ3 MgdGhhdCBo ZWxwIHdpdG ggdGhvc2Ug cHJvamVjdH MuPGJyPk1h c2NvIG1ha2 VzIG1vbmV5 IGJ5IHNlbG xpbmcgdGhl c2UgaG9tZS BpbXByb3Zl bWVudCBwcm 9kdWN0cyB0 byBzdG9yZX Mgd2hlcmUg cGVvcGxlIG NhbiBidXkg dGhlbSwgbG lrZSBoYXJk d2FyZSBzdG 9yZXMgb3Ig aG9tZSBpbX Byb3ZlbWVu dCByZXRhaW xlcnMuIFdo ZW4gc29tZW 9uZSBnb2Vz IHRvIGJ1eS BhIG5ldyBz aW5rIG9yIH NvbWUgcGFp bnQgZm9yIH RoZWlyIHJv b20sIGlmIH RoZXkgY2hv b3NlIHNvbW V0aGluZyBt YWRlIGJ5IE 1hc2NvLCB0 aGF04oCZcy Bob3cgdGhl IGNvbXBhbn kgZWFybnMg aXRzIG1vbm V5ITxicj5O b3csIHdoeS BpcyBNYXNj byBzdWNjZX NzZnVsPyBX ZWxsLCBhIG xvdCBvZiBw ZW9wbGUgYX JlIGFsd2F5 cyBsb29raW 5nIHRvIGlt cHJvdmUgdG hlaXIgaG9t ZXMuIFdoZX RoZXIgaXTi gJlzIHBlb3 BsZSB3YW50 aW5nIHRvIG 1ha2UgdGhl aXIgYmF0aH Jvb20gbmlj ZXIgb3Igan VzdCBsb29r aW5nIHRvIG ZyZXNoZW4g dXAgdGhlaX IgbGl2aW5n IHJvb20gd2 l0aCBzb21l IG5ldyBwYW ludCwgdGhl cmUgd2lsbC BhbHdheXMg YmUgYSBuZW VkIGZvciB0 aGVzZSB0aG luZ3MuIFBs dXMsIE1hc2 NvIGhhcyBi ZWVuIGFyb3 VuZCBmb3Ig YSBsb25nIH RpbWUsIHNv IHRoZXkga2 5vdyB3aGF0 IHBlb3BsZS BsaWtlIGFu ZCBoYXZlIG JlY29tZSB0 cnVzdGVkIG ZvciBtYWtp bmcgZ29vZC Bwcm9kdWN0 cy48YnI+SW 4gdGhlIGZ1 dHVyZSwgTW FzY28gd2ls bCBsaWtlbH kgY29udGlu dWUgdG8gZG 8gd2VsbCBi ZWNhdXNlIG 1vcmUgcGVv cGxlIGFyZS BidXlpbmcg aG9tZXMgYW 5kIHdhbnRp bmcgdG8gbW FrZSB0aGVt IHNwZWNpYW wgYW5kIHBl cnNvbmFsaX plZC4gQXMg bG9uZyBhcy BwZW9wbGUg d2FudCB0by BmaXggdXAg dGhlaXIgaG 9tZXMgYW5k IG1ha2UgdG hlbSBjb21m b3J0YWJsZS wgTWFzY28g d2lsbCBiZS ByaWdodCB0 aGVyZSwgb2 ZmZXJpbmcg dGhlIHByb2 R1Y3RzIHRo ZXkgbmVlZC 4gVGhleSBh cmUgYWx3YX lzIHRoaW5r aW5nIG9mIG 5ldyBpZGVh cyBhbmQgd2 F5cyB0byBp bXByb3ZlIH RoZWlyIGl0 ZW1zIHRvby wgd2hpY2gg Y2FuIGhlbH AgdGhlbSBz dGF5IHBvcH VsYXIuIFNv LCBpdCBsb2 9rcyBsaWtl IE1hc2NvIH dpbGwga2Vl cCBiZWluZy BzdWNjZXNz ZnVsIGZvci BtYW55IHll YXJzIHRvIG NvbWUhPGJy Pg==

MS4gRGl2ZX JzZSBwb3J0 Zm9saW86IE 1hc2NvIENv cnBvcmF0aW 9uIGhhcyBh IGRpdmVyc2 UgcG9ydGZv bGlvIG9mIG xlYWRpbmcg YnJhbmRzIG luIHRoZSBo b21lIGltcH JvdmVtZW50 IGFuZCBidW lsZGluZyBw cm9kdWN0IG luZHVzdHJ5 LCBpbmNsdW RpbmcgRGVs dGEgRmF1Y2 V0LCBCZWhy IFBhaW50LC BhbmQgTWls Z2FyZCBXaW 5kb3dzLiBU aGlzIGFsbG 93cyB0aGUg Y29tcGFueS B0byByZWFj aCBhIGJyb2 FkIHJhbmdl IG9mIGN1c3 RvbWVycyBh bmQgcHJvdm lkZSBhIHdp ZGUgcmFuZ2 Ugb2YgcHJv ZHVjdHMgYW 5kIHNlcnZp Y2VzLjxicj 4yLiBTdHJv bmcgbWFya2 V0IHBvc2l0 aW9uOiBNYX NjbyBpcyBh IGxlYWRpbm cgZ2xvYmFs IHByb3ZpZG VyIG9mIGhv bWUgaW1wcm 92ZW1lbnQg YW5kIGJ1aW xkaW5nIHBy b2R1Y3RzLC B3aXRoIGEg c3Ryb25nIG 1hcmtldCBw b3NpdGlvbi BpbiBOb3J0 aCBBbWVyaW NhLiBUaGUg Y29tcGFueS dzIGJyYW5k cyBhcmUgd2 VsbC1rbm93 biBhbmQgdH J1c3RlZCBi eSBjb25zdW 1lcnMsIGdp dmluZyB0aG VtIGEgY29t cGV0aXRpdm UgZWRnZSBp biB0aGUgbW Fya2V0Ljxi cj4zLiBJbm 5vdmF0aW9u OiBNYXNjby BoYXMgYSBz dHJvbmcgZm 9jdXMgb24g aW5ub3ZhdG lvbiBhbmQg Y29uc3Rhbn RseSBzZWVr cyB0byBpbX Byb3ZlIGFu ZCBldm9sdm UgaXRzIHBy b2R1Y3RzIH RvIG1lZXQg Y2hhbmdpbm cgbWFya2V0 IGRlbWFuZH MuIFRoZSBj b21wYW55IG ludmVzdHMg aGVhdmlseS BpbiByZXNl YXJjaCBhbm QgZGV2ZWxv cG1lbnQgdG 8gZGVzaWdu IG5ldyBhbm QgaW1wcm92 ZWQgcHJvZH VjdHMgdGhh dCBtZWV0IH RoZSBuZWVk cyBvZiBjb2 5zdW1lcnMu PGJyPjQuIF N1c3RhaW5h YmxlIHByYW N0aWNlczog TWFzY28gaX MgY29tbWl0 dGVkIHRvIH N1c3RhaW5h YmlsaXR5IG FuZCBoYXMg aW1wbGVtZW 50ZWQgdmFy aW91cyBpbm l0aWF0aXZl cyB0byByZW R1Y2UgaXRz IGVudmlyb2 5tZW50YWwg aW1wYWN0Li BUaGVzZSBp bmNsdWRlIG VuZXJneSBl ZmZpY2llbm N5IHByb2dy YW1zLCB3YX N0ZSByZWR1 Y3Rpb24gZW Zmb3J0cywg YW5kIHJlc3 BvbnNpYmxl IHNvdXJjaW 5nIG9mIG1h dGVyaWFscy 48YnI+NS4g U3Ryb25nIG ZpbmFuY2lh bCBwZXJmb3 JtYW5jZTog TWFzY28gaG FzIGEgaGlz dG9yeSBvZi BzdHJvbmcg ZmluYW5jaW FsIHBlcmZv cm1hbmNlLC BnZW5lcmF0 aW5nIGNvbn Npc3RlbnQg Z3Jvd3RoIG FuZCBzdHJv bmcgcHJvZm l0YWJpbGl0 eS4gVGhpcy BhbGxvd3Mg dGhlIGNvbX BhbnkgdG8g aW52ZXN0IG luIGl0cyBi cmFuZHMsIG lubm92YXRp b24sIGFuZC BzdXN0YWlu YWJpbGl0eS Bpbml0aWF0 aXZlcywgZW 5zdXJpbmcg aXRzIGxvbm ctdGVybSBz dWNjZXNzLj xicj42LiBF bXBsb3llZS 1mb2N1c2Vk IGN1bHR1cm U6IE1hc2Nv IHZhbHVlcy BpdHMgZW1w bG95ZWVzIG FuZCBoYXMg Y3JlYXRlZC BhIHBvc2l0 aXZlIGFuZC BpbmNsdXNp dmUgd29yay BjdWx0dXJl LiBUaGUgY2 9tcGFueSBv ZmZlcnMgY2 9tcGV0aXRp dmUgYmVuZW ZpdHMgYW5k IGNhcmVlci BkZXZlbG9w bWVudCBvcH BvcnR1bml0 aWVzLCByZX N1bHRpbmcg aW4gaGlnaC BlbXBsb3ll ZSBzYXRpc2 ZhY3Rpb24g YW5kIHJldG VudGlvbiBy YXRlcy48Yn I+Ny4gU29j aWFsIHJlc3 BvbnNpYmls aXR5OiBNYX NjbyBpcyBj b21taXR0ZW QgdG8gZ2l2 aW5nIGJhY2 sgdG8gdGhl IGNvbW11bm l0aWVzIGlu IHdoaWNoIG l0IG9wZXJh dGVzLiBUaG UgY29tcGFu eSBzdXBwb3 J0cyB2YXJp b3VzIGNoYX JpdGFibGUg b3JnYW5pem F0aW9ucyBh bmQgZW5jb3 VyYWdlcyBl bXBsb3llZS B2b2x1bnRl ZXJpc20uPG JyPjguIEN1 c3RvbWVyLW NlbnRyaWMg YXBwcm9hY2 g6IE1hc2Nv IHBsYWNlcy BhIHN0cm9u ZyBlbXBoYX NpcyBvbiB1 bmRlcnN0YW 5kaW5nIGFu ZCBtZWV0aW 5nIHRoZSBu ZWVkcyBvZi BpdHMgY3Vz dG9tZXJzLi BUaGlzIGN1 c3RvbWVyLW NlbnRyaWMg YXBwcm9hY2 ggaGFzIGhl bHBlZCB0aG UgY29tcGFu eSBidWlsZC BzdHJvbmcg cmVsYXRpb2 5zaGlwcyB3 aXRoIGl0cy BjbGllbnRz IGFuZCBtYW ludGFpbiB0 aGVpciBsb3 lhbHR5Lg==

VGhlIE1hc2 NvIGNvbXBh bnkncyBidX NpbmVzcyBt b2RlbCBpcy B0byBhY3F1 aXJlLCBncm 93LCBhbmQg bWFuYWdlIG EgZGl2ZXJz aWZpZWQgcG 9ydGZvbGlv IG9mIGJ1aW xkaW5nIGFu ZCBob21lIG ltcHJvdmVt ZW50IHByb2 R1Y3RzLCB3 aXRoIGEgZm 9jdXMgb24g a2l0Y2hlbi BhbmQgYmF0 aCBjYWJpbm V0cywgcGx1 bWJpbmcgYW 5kIGNvbnN0 cnVjdGlvbi Bwcm9kdWN0 cywgYW5kIG RlY29yYXRp dmUgYXJjaG l0ZWN0dXJh bCBwcm9kdW N0cy4gVGhl eSBnZW5lcm F0ZSByZXZl bnVlIHRocm 91Z2ggdGhl IHNhbGUgb2 YgdGhlc2Ug cHJvZHVjdH MgdG8gY29u c3VtZXJzLC Bjb250cmFj dG9ycywgYW 5kIGJ1aWxk ZXJzLCBhbm QgYWxzbyBw cm92aWRlIG luc3RhbGxh dGlvbiBhbm Qgc2Vydmlj ZXMgZm9yIH RoZWlyIHBy b2R1Y3RzLi BBZGRpdGlv bmFsbHksIE 1hc2NvIGFs c28gcGFydG 5lcnMgd2l0 aCBvdGhlci Bjb21wYW5p ZXMgdG8gZG V2ZWxvcCBh bmQgbWFya2 V0IG5ldyBw cm9kdWN0cy BhbmQgdGVj aG5vbG9naW VzLg==

AI has the potential to impact companies like Masco, which specializes in home improvement and building products, in several ways.
1. Substitution: AI can lead to the development of new products or technologies that may replace traditional building materials or home improvement solutions. For example, advancements in smart home technology could create alternatives to traditional home fixtures, potentially diminishing demand for certain Masco products.
2. Disintermediation: AI can enable new business models that cut out traditional intermediaries. For instance, direct-to-consumer platforms powered by AI could allow manufacturers to sell products directly, bypassing traditional retail channels. This shift could disrupt Masco’s existing distribution strategies and relationships with retailers.
3. Margin Pressure: The integration of AI into manufacturing and supply chain processes may lead to increased efficiency and lower production costs for competitors. Companies that adopt AI-driven automation and process optimization could achieve better margins, putting pressure on Masco to adapt or reduce its pricing, thereby impacting overall profitability.
While these are potential threats, the extent of the impact will depend on how Masco responds to technological advancements. The company may also leverage AI to enhance its own products, improve customer experiences, and optimize operations, potentially turning the threat into an opportunity. Ultimately, staying attuned to AI developments and being proactive in innovation and strategy will be key for Masco to maintain its competitive positioning.

Masco Corporation, primarily engaged in the manufacturing of home improvement and building products, is sensitive to changes in interest rates due to its impact on the housing market and consumer spending behavior.
1. Earnings Sensitivity: Interest rate changes can influence Masco’s earnings indirectly through their effect on housing demand. Higher interest rates generally lead to increased mortgage rates, which can dampen home-buying activity. This decrease in demand can negatively affect Masco’s sales, especially if consumers postpone renovation projects or new home purchases. Conversely, lower interest rates can stimulate demand for housing and construction, positively impacting earnings.
2. Cash Flow Sensitivity: Cash flow for Masco can be affected by interest rates as well. When interest rates rise, borrowing costs increase, which can impact any debt service requirements and affect overall cash flow. If the housing market slows down due to higher rates, this may also lead to reduced cash inflow from sales. On the other hand, lower interest rates can ease the cost of borrowing and potentially enhance cash flow through increased sales activity.
3. Valuation Sensitivity: Masco’s valuation is influenced by interest rates as they affect discount rates used in valuation models. Higher interest rates lead to higher discount rates, which can decrease the present value of future cash flows, negating the company’s valuation. Additionally, as interest rates rise, investors might seek alternative investments, which could further pressure the stock’s valuation. In contrast, lower interest rates can enhance valuation by reducing discount rates and making the company’s growth prospects appear more attractive.
In summary, Masco’s earnings, cash flow, and valuation are all sensitive to fluctuations in interest rates through various interconnected channels, primarily influenced by the housing market dynamics and borrowing costs.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgTW FzY28gY29t cGFueeKAmX MgZWNvbm9t aWNzIG92ZX IgdGhlIG5l eHQgM+KAkz UgeWVhcnMg aXMgYSBzaW duaWZpY2Fu dCBkb3dudH VybiBpbiB0 aGUgaG91c2 luZyBtYXJr ZXQsIGRyaX ZlbiBieSBh IGNvbWJpbm F0aW9uIG9m IHJpc2luZy BpbnRlcmVz dCByYXRlcy wgc3VzdGFp bmVkIGluZm xhdGlvbiwg YW5kIGEgcG 90ZW50aWFs IHJlY2Vzc2 lvbi4gSWYg aG91c2luZy BwcmljZXMg ZGVjbGluZS BzaGFycGx5 IGFuZCBuZX cgaG9tZSBj b25zdHJ1Y3 Rpb24gc2xv d3MgZG93bi wgTWFzY28s IHdoaWNoIH NwZWNpYWxp emVzIGluIG hvbWUgaW1w cm92ZW1lbn QgcHJvZHVj dHMgYW5kIH NlcnZpY2Vz LCB3b3VsZC BmYWNlIG11 bHRpcGxlIG NoYWxsZW5n ZXMuPGJyPk lmIHRoaXMg c2NlbmFyaW 8gd2VyZSB0 byBwbGF5IG 91dCwgc2V2 ZXJhbCBrZX kgaW1wYWN0 cyBvbiBNYX Njb+KAmXMg ZmluYW5jaW FsIG1ldHJp Y3MgY291bG Qgb2NjdXI6 PGJyPjEuID xzdHJvbmc+ TWFyZ2lucz wvc3Ryb25n PjogV2l0aC ByZWR1Y2Vk IGhvdXNpbm cgZGVtYW5k LCBNYXNjby Bjb3VsZCBl eHBlcmllbm NlIGEgZGVj bGluZSBpbi BzYWxlcyB2 b2x1bWUgYW 5kIHByaWNp bmcgcG93ZX IuIFRoaXMg d291bGQgbG lrZWx5IGxl YWQgdG8gZG VjcmVhc2Vz IGluIGdyb3 NzIG1hcmdp bnMsIGFzIH RoZSBjb21w YW55IG1pZ2 h0IGJlIGZv cmNlZCB0by BvZmZlciBk aXNjb3VudH Mgb3IgcHJv bW90aW9ucy B0byBtb3Zl IGludmVudG 9yeSBhbmQg YXR0cmFjdC BjdXN0b21l cnMuIFRoaX MgY291bGQg cHVzaCBvcG VyYXRpbmcg bWFyZ2lucy BldmVuIGxv d2VyLCBlc3 BlY2lhbGx5 IGlmIHRoZS Bjb21wYW55 IGNhbm5vdC BzdWZmaWNp ZW50bHkgcm VkdWNlIGl0 cyBmaXhlZC Bjb3N0cyBp biByZXNwb2 5zZSB0byBk ZWNsaW5pbm cgc2FsZXMu PGJyPjIuID xzdHJvbmc+ Q2FzaCBGbG 93PC9zdHJv bmc+OiBDYX NoIGZsb3cg ZnJvbSBvcG VyYXRpb25z IHdvdWxkIH Byb2JhYmx5 IHRha2UgYS BoaXQsIGFz IHJlZHVjZW Qgc2FsZXMg d291bGQgdH JhbnNsYXRl IHRvIGxvd2 VyIGluZmxv d3MuIEFkZG l0aW9uYWxs eSwgYW55IG 5lZ2F0aXZl IHdvcmtpbm cgY2FwaXRh bCBhZGp1c3 RtZW50cyBj YXVzZWQgYn kgZXhjZXNz IGludmVudG 9yeSBvciBh Y2NvdW50cy ByZWNlaXZh YmxlIGNvdW xkIGZ1cnRo ZXIgc3RyYW luIGNhc2gg Zmxvdy4gSW YgY2FzaCBm bG93IGJlY2 9tZXMgaW5z dWZmaWNpZW 50IHRvIGNv dmVyIG9wZX JhdGluZyBl eHBlbnNlcy wgTWFzY28g bWlnaHQgbm VlZCB0byB0 YXAgaW50by BjcmVkaXQg ZmFjaWxpdG llcyBvciBy ZWx5IG9uIG Nhc2ggcmVz ZXJ2ZXMsIH doaWNoIGNv dWxkIGV4YW NlcmJhdGUg ZmluYW5jaW FsIGluc3Rh YmlsaXR5Lj xicj4zLiA8 c3Ryb25nPk JhbGFuY2Ug U2hlZXQ8L3 N0cm9uZz46 IFRoZSBjb2 1wYW554oCZ cyBiYWxhbm NlIHNoZWV0 IGNvdWxkIH dlYWtlbiBh cyBhIHJlc3 VsdCBvZiBp bmNyZWFzaW 5nIGRlYnQg bGV2ZWxzIG FuZCBsb3dl ciBhc3NldC B2YWx1YXRp b25zLiBSZW R1Y2VkIGNh c2ggZmxvd3 MgbWlnaHQg bmVjZXNzaX RhdGUgYm9y cm93aW5nIH RvIG1haW50 YWluIGxpcX VpZGl0eSwg aW5jcmVhc2 luZyBsZXZl cmFnZSByYX Rpb3MuIEFk ZGl0aW9uYW xseSwgaW52 ZW50b3JpZX MgbWlnaHQg YnVpbGQgdX AsIGluY3Jl YXNpbmcgY3 VycmVudCBh c3NldHMgb2 4gdGhlIGJh bGFuY2Ugc2 hlZXQgYnV0 IHJlZmxlY3 RpbmcgYSBw b3RlbnRpYW wgZnV0dXJl IGltcGFpcm 1lbnQgaW4g YXNzZXQgdm FsdWVzLiBJ ZiByZXZlbn VlcyBkZWNs aW5lIHNpZ2 5pZmljYW50 bHkgb3Zlci B0aW1lLCB0 aGUgY29tcG FueeKAmXMg ZXF1aXR5IG 1heSBhbHNv IGVyb2RlLC BhZmZlY3Rp bmcgc29sdm VuY3kgcmF0 aW9zIGFuZC BpbnZlc3Rv ciBjb25maW RlbmNlLjxi cj5JbiBzdW 1tYXJ5LCBh IGRvd250dX JuIGluIHRo ZSBob3VzaW 5nIG1hcmtl dCBjb3VsZC BsZWFkIHRv IGRlY3JlYX NlZCBtYXJn aW5zLCBzdH JhaW5lZCBj YXNoIGZsb3 csIGFuZCBh IHdlYWtlbm VkIGJhbGFu Y2Ugc2hlZX QgZm9yIE1h c2NvLiBUaG VzZSBmYWN0 b3JzIGNvdW xkIGNyZWF0 ZSBhIGxvbm ctdGVybSBu ZWdhdGl2ZS BpbXBhY3Qg b24gdGhlIG NvbXBhbnni gJlzIGFiaW xpdHkgdG8g b3BlcmF0ZS BlZmZlY3Rp dmVseSBhbm QgaW52ZXN0 IGZvciBmdX R1cmUgZ3Jv d3RoLjxicj 4=

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 bG9nb3MvSm d6eU9UUXlS a1NyeTdnUz JoNjEud2Vi cCIgYWx0PS JNYXNjbyIg dGl0bGU9Ik 1hc2NvIiAg 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 1hc2NvPwog 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 +TmiBZb3Vy IGZyZWUgY2 9weSBvZiA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+IGlzIHdh aXRpbmcKIC 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 IE1TNGdWR2 hsSUUgMWhj Mk52SUVOdi BjbkJ2Y21G MGFXIDl1SU hkaGN5Qm0g YjNWdVpHVm tJRyBsdUlG UmhlV3h2IG Npd2dUV2xq YUcgbG5ZVz RnYVc0ZyBN VGt5T1NCaW VTIEJCYkdW NElFMWggYm 05dloybGhi aSA0Z1NYUW dkMkZ6IElH OXlhV2RwYm 0gRnNiSGtn Ym1GdCBaV1 FnVFdGelky IDhnVTJOeV pYY2cgVUhK dlpIVmpkSC BNZ1EyOXRj R0Z1IGVTQm hibVFnYzMg QmxZMmxoYk dsNiBaV1Fn YVc0Z2JXIE ZyYVc1bklI TmogY21WM0 lHMWhZMiBo cGJtVnpJR1 p2IGNpQjBh R1VnWVggVj BiMjF2ZEds MiBaU0JwYm 1SMWMzIFJ5 ZVM0OFluSS sgTWk0Z1ZH aGxJRyA1aG JXVWdUV0Z6 IFkyOGdhWE 1nWkcgVnlh WFpsWkNCbS BjbTl0SUhS b1pTIEJtYV hKemRDQnMg WlhSMFpYSn pJRyA5bUlF MXBZMmhwIF oyRnVJRUYx ZEcgOXRiM1 JwZG1VZyBV M0JsWTJsaG JIIFJwWlhN Z1EyOXQgY0 dGdWVTNDhZ biBJK015NG dTVzRnIGRH aGxJR1ZoY2 0geDVJREU1 TkRCeiBMQ0 JOWVhOamJ5 IEJrYVhabG NuTnAgWm1s bFpDQnBibi BSdklHMWhi blZtIFlXTj BkWEpwYm0g Y2dabUYxWT JWMCBjeXdn ZDJocFkyIG dnWlhabGJu UjEgWVd4c2 VTQmlaVyBO aGJXVWdkR2 hsIElHTnZi WEJoYm4gbm lnSmx6SUcx aCBhVzRnWm 05amRYIE11 UEdKeVBqUX UgSUUxaGMy TnY0byBDWm N5Qm1hWEp6 IGRDQnRZV3 B2Y2kgQmhZ M0YxYVhOcC BkR2x2YmlC M1lYIE1nZE dobElIQjEg Y21Ob1lYTm xJRyA5bUlF RnljbTkzIE lFWmhjM1Js Ym0gVnlJRU 52YlhCaCBi bmtnYVc0Z0 1UIGsxT1N3 Z2QyaHAgWT JnZ1pHbDJa WCBKemFXWn BaV1FnIGRH aGxJR052Yl ggQmhibm5p Z0pseiBJSE J5YjJSMVkz IFFnYkdsdV pTQmkgWlhs dmJtUWdabS BGMVkyVjBj eTQ4IFluSS tOUzRnVkcg aHliM1ZuYU c5MSBkQ0Iw YUdVZ01UIG syTUhNZ1lX NWsgSURFNU 56QnpMQyBC TllYTmpieU JqIGIyNTBh VzUxWlcgUW dkRzhnWlho dyBZVzVrSU dsMGN5IEJ3 Y205a2RXTj AgSUd4cGJt VWdkRyBoeW IzVm5hQ0Jo IFkzRjFhWE 5wZEcgbHZi bk1zSUdsdS BZMngxWkds dVp5IEJtZF hKdWFYUjEg Y21Vc0lHSj FhVyB4a2FX NW5JRzFoIG RHVnlhV0Zz Y3kgd2dZVz VrSUdodiBi V1VnYVcxd2 NtIDkyWlcx bGJuUWcgY0 hKdlpIVmpk SCBNdVBHSn lQall1IElG Um9aU0JqYj IgMXdZVzU1 SUcxaCBaR1 VnWVNCemRI IEpoZEdWbm FXTWcgWkdW amFYTnBiMi A0Z2FXNGdk R2hsIElERT VPREJ6SUgg UnZJR1p2WT NWeiBJSE52 YkdWc2VTIE J2YmlCMGFH VWcgYUc5dF pTQnBiWCBC eWIzWmxiV1 Z1IGRDQmhi bVFnWW4gVn BiR1JwYm1j ZyBjSEp2Wk hWamRIIE1n YldGeWEyVj AgTGp4aWNq NDNMaSBCSm JpQXhPVGsw IExDQk5ZWE 5qYnkgQmla V05oYldVZy BZU0J3ZFdK c2FXIE5zZV NCMGNtRmsg WldRZ1kyOX RjRyBGdWVT QnZiaUIwIG FHVWdUbVYz SUYgbHZjbX NnVTNSdiBZ MnNnUlhoam FHIEZ1WjJV dVBHSnkgUG pndUlFMWhj MiBOdjRvQ1 pjeUJpIGNt RnVaSE1nYV cgNWpiSFZr WlNCRSBaV3 gwWVNCR1lY IFZqWlhRc0 lFSmwgYUhJ Z1VHRnBibi BRc0lFdHlZ V1owIFRXRn BaQ0JEWVcg SnBibVYwY2 5rcyBJR0Z1 WkNCV2RDIE JKYm1SMWMz UnkgYVdWek xDQmhiVyA5 dVp5QnZkR2 hsIGNuTXVQ R0p5UGoga3 VJRUZ6SUc5 bSBJREl3TW pFc0lFIDFo YzJOdklHbH ogSUc5dVpT QnZaaSBCMG FHVWdkMjl5 IGJHVGlnSm x6SUcgeGxZ V1JwYm1jZy BiV0Z1ZFda aFkzIFIxY2 1WeWN5QnYg WmlCb2IyMW xJRyBsdGNI SnZkbVZ0IF pXNTBJR0Z1 WkMgQmlkV2 xzWkdsdSBa eUJ3Y205a2 RXIE4wY3l3 Z2QybDAgYU NCdmNHVnlZ WCBScGIyNX pJR2x1IElF NXZjblJvSU UgRnRaWEpw WTJFcyBJRV YxY205d1pT IHdnWVc1a0 lFRnogYVdF dVBHSnlQai BFd0xpQk5Z WE5qIGJ5Qn BjeUJqYjIg MXRhWFIwWl dRZyBkRzhn YzNWemRHIE ZwYm1GaWFX eHAgZEhrZ1 lXNWtJRyBo aGN5QnpaWF FnIFlTQm5i MkZzSUggUn ZJSEpsWkhW aiBaU0JuY2 1WbGJtIGh2 ZFhObElHZG ggY3lCbGJX bHpjMiBsdm JuTWdZbmtn IE1qVWxJR0 o1SUQgSXdN alV1SUZSby BaU0JqYjIx d1lXIDU1SU doaGN5Qmgg YkhOdklHbH RjRyB4bGJX VnVkR1ZrIE lHVmpieTFt Y20gbGxibV JzZVNCdyBj bUZqZEdsal pYIE1nYVc0 Z2FYUnogSU cxaGJuVm1Z VyBOMGRYSn BibWNnIGNI SnZZMlZ6Yz IgVnpManhp Y2o0eCBNUz RnU1c0Z1lX IFJrYVhScG IyNGcgZEc4 Z2FYUnpJRy BodmJXVWdh VzF3IGNtOT JaVzFsYm4g UWdZVzVrSU dKMSBhV3hr YVc1bklIIE J5YjJSMVkz UnogTENCTl lYTmpieSBC aGJITnZJR2 hoIGN5QmhJ R05vWVggSn BkR0ZpYkdV ZyBaMmwyYV c1bklIIEJ5 YjJkeVlXMG cgWVc1a0lI QmhjbiBSdV pYSnpJSGRw IGRHZ2dkbU Z5YVcgOTFj eUJ2Y21kaC BibWw2WVhS cGIyIDV6SU hSdklITjEg Y0hCdmNuUW dZMiA5dGJY VnVhWFI1IE lHUmxkbVZz YjMgQnRaVz UwTENCbCBa SFZqWVhScG IyIDRzSUdG dVpDQmsgYV hOaGMzUmxj aSBCeVpXeH BaV1lnIFpX Wm1iM0owY3 kgNDhZbkkr TVRJdSBJRT FoYzJOdklH IGhoY3lCaV pXVnUgSUhK bFkyOW5ibS BsNlpXUWda bTl5IElHbD BjeUJsZUcg TmxiR3hsYm 1ObCBJR2x1 SUcxaGJtIE ZuWlcxbGJu UXMgSUhOMW MzUmhhVyA1 aFltbHNhWF I1IExDQmhi bVFnZDIgOX lhM0JzWVdO bCBJR04xYk hSMWNtIFVz SUdsdVkyeD EgWkdsdVp5 QmlaVyBsdV p5QnVZVzFs IFpDQnZibV VnYjIgWWdk R2hsSUZkdi BjbXhrNG9D WmN5IEJOYj NOMElFVjAg YUdsallXd2 dRMiA5dGNH RnVhV1Z6IE lHSjVJRVYw YUcgbHpjR2 hsY21VZyBT VzV6ZEdsMG RYIFJsSUdG dVpDQnkgWl dObGFYWnBi bSBjZ1lTQn daWEptIFpX TjBJSE5qYj MgSmxJRzl1 SUhSbyBaU0 JJZFcxaGJp IEJTYVdkb2 RITWcgUTJG dGNHRnBaMi A3aWdKbHpJ RU52IGNuQn ZjbUYwWlMg QkZjWFZoYk dsMCBlU0JK Ym1SbGVDID Q4WW5JK01U TXUgSUVsdU lESXdNaiBB c0lFMWhjMk 52IElISmxj Rzl5ZEcgVm tJR0VnY21W MiBaVzUxWl NCdlppIEJ2 ZG1WeUlDUT IgSUdKcGJH eHBiMiA0Z1 lXNWtJR1Z0 IGNHeHZlV1 ZrSUcgRndj SEp2ZUdsdC BZWFJsYkhr Z01UIGdzTU RBd0lIQmwg YjNCc1pTQj NiMyBKc1pI ZHBaR1V1IF BHSnlQZz09 CiAgICAgIC AgPC9zcGFu PgogICAgIC AgIAogICAg ICAgIA==