Siemens

Live  

Siemens is a German multinational conglomerate company based in Munich and Berlin. The company operates in a variety of industries such as energy, healthcare, infrastructure, and industrial automation. It was founded in 1847 by Werner von Siemens and has since grown to become one of the largest and most prestigious companies in Europe. Siemens is known for its innovative technology and has a strong presence in many countries around the world. The company has a diverse portfolio of products and services, including power generation equipment, medical devices, transportation systems, and digital solutions. Siemens also has a strong commitment to sustainability and social responsibility, with a focus on reducing its environmental impact and promoting ethical business practices.

U2llbWVucy BpcyBhIGJp ZyBjb21wYW 55IHRoYXQg ZG9lcyBsb3 RzIG9mIGRp ZmZlcmVudC B0aGluZ3Mh IE9uZSBvZi B0aGUgbWFp biB0aGluZ3 MgaXQgZG9l cyBpcyBoZW xwIGNyZWF0 ZSBhbmQgaW 1wcm92ZSBt YWNoaW5lcy BhbmQgdGVj aG5vbG9neS B0aGF0IHdl IHVzZSBpbi BvdXIgZXZl cnlkYXkgbG l2ZXMuIEZv ciBleGFtcG xlLCB0aGV5 IG1ha2UgdG hpbmdzIGxp a2UgdHJhaW 5zLCBwb3dl ciBwbGFudH MsIGFuZCBl dmVuIG1lZG ljYWwgZXF1 aXBtZW50IH VzZWQgaW4g aG9zcGl0YW xzLjxicj5T aWVtZW5zIG 1ha2VzIG1v bmV5IGJ5IH NlbGxpbmcg dGhlc2UgbW FjaGluZXMg YW5kIHNlcn ZpY2VzIHRv IGJ1c2luZX NzZXMgYW5k IGdvdmVybm 1lbnRzLiBG b3IgaW5zdG FuY2UsIGlm IGEgY2l0eS B3YW50cyB0 byBoYXZlIG EgZmFzdGVy IHRyYWluIH N5c3RlbSwg dGhleSBtaW dodCBidXkg dHJhaW5zIG FuZCB0ZWNo bm9sb2d5IG Zyb20gU2ll bWVucy4gQW xzbywgdGhl eSBwcm92aW RlIHNlcnZp Y2VzIHRvIG tlZXAgZXZl cnl0aGluZy BydW5uaW5n IHNtb290aG x5IGFuZCBo ZWxwIGNvbX BhbmllcyB1 c2UgZW5lcm d5IG1vcmUg ZWZmaWNpZW 50bHkuPGJy PlNpZW1lbn MgaXMgc3Vj Y2Vzc2Z1bC Bmb3IgYSBm ZXcgcmVhc2 9ucy4gRmly c3QsIHRoZX kgaGF2ZSBi ZWVuIGFyb3 VuZCBmb3Ig YSBsb25nIH RpbWUsIHNv IHRoZXkgaG F2ZSBhIGxv dCBvZiBleH BlcmllbmNl IGFuZCBrbm 93bGVkZ2Uu IFNlY29uZC wgdGhleSBp bnZlc3QgaW 4gbmV3IHRl Y2hub2xvZ2 llcywgbGlr ZSByZW5ld2 FibGUgZW5l cmd5LCB3aG ljaCBpcyBp bXBvcnRhbn QgZm9yIGhl bHBpbmcgdG hlIGVudmly b25tZW50Li BNYW55IHBl b3BsZSBjYX JlIGFib3V0 IHRoaXMgYW 5kIHdhbnQg dG8gc3VwcG 9ydCBjb21w YW5pZXMgdG hhdCBhcmUg cmVzcG9uc2 libGUuIExh c3RseSwgU2 llbWVucyBp cyBhbHdheX MgbG9va2lu ZyBmb3Igbm V3IG1hcmtl dHMgYW5kIH Byb2JsZW1z IHRvIHNvbH ZlLCB3aGlj aCBoZWxwcy B0aGVtIHN0 YXkgYWhlYW Qgb2Ygb3Ro ZXIgY29tcG FuaWVzLjxi cj5Mb29raW 5nIHRvIHRo ZSBmdXR1cm UsIFNpZW1l bnMgd2lsbC BsaWtlbHkg Y29udGludW UgdG8gZG8g d2VsbCBiZW NhdXNlIHRo ZXkgYXJlIH dvcmtpbmcg b24gdGhpbm dzIHRoYXQg bWF0dGVyIH RvIHBlb3Bs ZSB0b2RheS wgbGlrZSBj bGVhbiBlbm VyZ3kgYW5k IHNtYXJ0IG NpdGllcy4g Qnkgc3RheW luZyBpbm5v dmF0aXZlIG FuZCBmb2N1 c2luZyBvbi B3aGF0IHBl b3BsZSBuZW VkLCB0aGV5 IHdpbGwgYm UgYWJsZSB0 byBncm93IG FuZCBoZWxw IHRoZSB3b3 JsZCBldmVu IG1vcmUhPG JyPg==

MS4gR2xvYm FsIHJlYWNo IGFuZCBwcm VzZW5jZTog U2llbWVucy BpcyBvbmUg b2YgdGhlIG xhcmdlc3Qg YW5kIG1vc3 QgaW5mbHVl bnRpYWwgY2 9uZ2xvbWVy YXRlcyBpbi B0aGUgd29y bGQsIHdpdG ggb3BlcmF0 aW9ucyBpbi BvdmVyIDIw MCBjb3VudH JpZXMgYW5k IHRlcnJpdG 9yaWVzLiBU aGlzIGdsb2 JhbCByZWFj aCBhbGxvd3 MgdGhlIGNv bXBhbnkgdG 8gc2VydmUg YSBkaXZlcn NlIHJhbmdl IG9mIGluZH VzdHJpZXMg YW5kIGN1c3 RvbWVycy48 YnI+Mi4gSW 5ub3ZhdGlv biBhbmQgdG VjaG5vbG9n eTogU2llbW VucyBoYXMg YSBzdHJvbm cgaGlzdG9y eSBvZiBpbm 5vdmF0aW9u IGFuZCBpcy Brbm93biBm b3IgaXRzIG N1dHRpbmct ZWRnZSB0ZW Nobm9sb2d5 IGFjcm9zcy B2YXJpb3Vz IGluZHVzdH JpZXMsIGlu Y2x1ZGluZy BhdXRvbWF0 aW9uLCBlbm VyZ3ksIGhl YWx0aGNhcm UsIGFuZCB0 cmFuc3Bvcn RhdGlvbi4g VGhlIGNvbX BhbnkgYWxz byBpbnZlc3 RzIGhlYXZp bHkgaW4gcm VzZWFyY2gg YW5kIGRldm Vsb3BtZW50 IHRvIHN0YX kgYWhlYWQg b2YgdGhlIG N1cnZlLjxi cj4zLiBEaX ZlcnNlIHBv cnRmb2xpbz ogU2llbWVu cyBoYXMgYS BkaXZlcnNl IHBvcnRmb2 xpbyBvZiBw cm9kdWN0cy BhbmQgc2Vy dmljZXMsIH Jhbmdpbmcg ZnJvbSBpbm R1c3RyaWFs IGVxdWlwbW VudCB0byBk aWdpdGFsIH NvbHV0aW9u cy4gVGhpcy BhbGxvd3Mg dGhlIGNvbX BhbnkgdG8g Y2F0ZXIgdG 8gYSB3aWRl IHJhbmdlIG 9mIG1hcmtl dHMgYW5kIG N1c3RvbWVy cy48YnI+NC 4gU3VzdGFp bmFiaWxpdH k6IFNpZW1l bnMgaXMgY2 9tbWl0dGVk IHRvIHN1c3 RhaW5hYmls aXR5IGFuZC BoYXMgc2V0 IGFtYml0aW 91cyBnb2Fs cyB0byByZW R1Y2UgaXRz IGNhcmJvbi Bmb290cHJp bnQgYW5kIH Byb21vdGUg ZW52aXJvbm 1lbnRhbCBy ZXNwb25zaW JpbGl0eS4g VGhlIGNvbX BhbnkgYWxz byBvZmZlcn Mgc3VzdGFp bmFibGUgc2 9sdXRpb25z IHRvIGl0cy BjbGllbnRz IHRvIGhlbH AgdGhlbSBy ZWR1Y2UgdG hlaXIgZW52 aXJvbm1lbn RhbCBpbXBh Y3QuPGJyPj UuIFN0cm9u ZyBjdXN0b2 1lciBmb2N1 czogU2llbW VucyBwcmlv cml0aXplcy BjdXN0b21l ciBzYXRpc2 ZhY3Rpb24g YW5kIGhhcy BhIHN0cm9u ZyBmb2N1cy BvbiB1bmRl cnN0YW5kaW 5nIHRoZSBu ZWVkcyBhbm QgcHJlZmVy ZW5jZXMgb2 YgaXRzIGNs aWVudHMuIF RoaXMgaGVs cHMgdGhlIG NvbXBhbnkg dG8gZGV2ZW xvcCB0YWls b3JlZCBzb2 x1dGlvbnMg YW5kIGJ1aW xkIGxvbmct dGVybSByZW xhdGlvbnNo aXBzIHdpdG ggaXRzIGN1 c3RvbWVycy 48YnI+Ni4g RW1wbG95ZW UgZGV2ZWxv cG1lbnQ6IF NpZW1lbnMg b2ZmZXJzIH ZhcmlvdXMg dHJhaW5pbm cgYW5kIGRl dmVsb3BtZW 50IHByb2dy YW1zIGZvci BpdHMgZW1w bG95ZWVzLC BlbmNvdXJh Z2luZyBhIG N1bHR1cmUg b2YgY29udG ludW91cyBs ZWFybmluZy BhbmQgZ3Jv d3RoLiBUaG lzIGhhcyBo ZWxwZWQgdG hlIGNvbXBh bnkgdG8gYX R0cmFjdCB0 b3AgdGFsZW 50IGFuZCBm b3N0ZXIgYS BkaXZlcnNl IGFuZCBpbm NsdXNpdmUg d29yayBlbn Zpcm9ubWVu dC48YnI+Ny 4gU29jaWFs IHJlc3Bvbn NpYmlsaXR5 OiBTaWVtZW 5zIHRha2Vz IGl0cyBzb2 NpYWwgcmVz cG9uc2liaW xpdHkgc2Vy aW91c2x5IG FuZCBpcyBh Y3RpdmVseS BpbnZvbHZl ZCBpbiB2YX Jpb3VzIGNo YXJpdGFibG UgYW5kIGNv bW11bml0eS BkZXZlbG9w bWVudCBpbm l0aWF0aXZl cy4gVGhlIG NvbXBhbnkg YWxzbyBwcm 9tb3RlcyBk aXZlcnNpdH kgYW5kIGlu Y2x1c2lvbi BpbiBpdHMg d29ya2Zvcm NlIGFuZCBv cGVyYXRpb2 5zLjxicj44 LiBTdHJvbm cgZmluYW5j aWFsIHBlcm Zvcm1hbmNl OiBTaWVtZW 5zIGhhcyBh IHN0cm9uZy B0cmFjayBy ZWNvcmQgb2 YgZmluYW5j aWFsIHBlcm Zvcm1hbmNl LCB3aXRoIG NvbnNpc3Rl bnQgcmV2ZW 51ZSBncm93 dGggYW5kIH Byb2ZpdGFi aWxpdHkuIF RoaXMgbWFr ZXMgaXQgYS ByZWxpYWJs ZSBhbmQgc3 RhYmxlIGNv bXBhbnkgZm 9yIGludmVz dG9ycyBhbm Qgc3Rha2Vo b2xkZXJzLg ==

U2llbWVucy BpcyBhIGds b2JhbCB0ZW Nobm9sb2d5 IGNvbXBhbn kgdGhhdCBm b2N1c2VzIG 9uIGVsZWN0 cmlmaWNhdG lvbiwgYXV0 b21hdGlvbi wgYW5kIGRp Z2l0YWxpem F0aW9uLiBJ dHMgYnVzaW 5lc3MgbW9k ZWwgY2FuIG JlIGJyb2tl biBkb3duIG ludG8gdGhy ZWUgbWFpbi BwYXJ0czo8 YnI+MS4gUH JvZHVjdC1C YXNlZCBCdX NpbmVzczog U2llbWVucy BkZXNpZ25z LCBtYW51Zm FjdHVyZXMs IGFuZCBzZW xscyBhIHdp ZGUgcmFuZ2 Ugb2YgcHJv ZHVjdHMgc3 VjaCBhcyBw b3dlciBhbm QgZ2FzIHR1 cmJpbmVzLC BtZWRpY2Fs IGVxdWlwbW VudCwgYXV0 b21hdGlvbi BzeXN0ZW1z LCBhbmQgaW 5kdXN0cmlh bCBtYWNoaW 5lcnkuPGJy PjIuIFNvbH V0aW9ucyBh bmQgU2Vydm ljZXM6IFNp ZW1lbnMgb2 ZmZXJzIGVu ZC10by1lbm Qgc29sdXRp b25zIGFuZC BzZXJ2aWNl cyB0byBpdH MgY3VzdG9t ZXJzLCB3aG ljaCBpbmNs dWRlIGNvbn N1bHRpbmcs IHByb2plY3 QgbWFuYWdl bWVudCwgYW 5kIG1haW50 ZW5hbmNlIH NlcnZpY2Vz LiBUaGVzZS Bzb2x1dGlv bnMgaGVscC B0aGVpciBj dXN0b21lcn Mgb3B0aW1p emUgdGhlaX IgcHJvY2Vz c2VzLCBpbm NyZWFzZSBl ZmZpY2llbm N5LCBhbmQg cmVkdWNlIG Nvc3RzLjxi cj4zLiBEaW dpdGFsaXph dGlvbjogU2 llbWVucyBp cyBoZWF2aW x5IGludmVz dGVkIGluIG RpZ2l0YWxp emF0aW9uIG FuZCBvZmZl cnMgc29mdH dhcmUgYW5k IGNsb3VkLW Jhc2VkIHNl cnZpY2VzIH RvIGhlbHAg YnVzaW5lc3 NlcyBpbXBy b3ZlIHRoZW lyIHByb2R1 Y3Rpdml0eS BhbmQgcGVy Zm9ybWFuY2 UuIFRoaXMg aW5jbHVkZX MgYXBwbGlj YXRpb25zIG ZvciBkYXRh IGFuYWx5c2 lzLCBzaW11 bGF0aW9uLC BhbmQgbW9u aXRvcmluZy 48YnI+SW4g YWRkaXRpb2 4gdG8gdGhl c2UgY29yZS Bjb21wb25l bnRzLCBTaW VtZW5zIGFs c28gaGFzIG Egc3Ryb25n IHJlc2Vhcm NoIGFuZCBk ZXZlbG9wbW VudCBmb2N1 cyBhbmQgY2 9udGludW91 c2x5IGludm VzdHMgaW4g bmV3IHRlY2 hub2xvZ2ll cyBhbmQgaW 5ub3ZhdGlv bnMuIFRoZS Bjb21wYW55 IGFsc28gaG FzIGEgc3Ry b25nIHByZX NlbmNlIGlu IGdsb2JhbC BtYXJrZXRz LCB3aXRoIG 9wZXJhdGlv bnMgaW4gb3 ZlciAyMDAg Y291bnRyaW VzLg==

AI does pose potential challenges to Siemens in several ways, but whether it constitutes a material threat depends on various factors.
1. Substitution: AI technologies can create products and services that may serve as direct substitutes for Siemens’ offerings, particularly in sectors like automation, manufacturing, and smart infrastructure. For example, AI-driven automation solutions can potentially reduce the need for certain Siemens products, especially if competitors develop more advanced or cost-effective AI-enabled alternatives.
2. Disintermediation: As AI advances, there’s a risk that customers could bypass traditional suppliers, including Siemens, by utilizing AI tools or platforms that connect them directly to manufacturers or providers of parts and services. This could reduce Siemens’ market share and disrupt traditional sales and distribution channels.
3. Margin Pressure: The integration of AI in products and services may lead to increased competition, as new entrants and established players alike adopt AI to enhance efficiency and reduce costs. This heightened competition could result in price pressure on Siemens’ products and services, potentially affecting profit margins.
In summary, while AI can pose challenges related to substitution, disintermediation, and margin pressure, the extent of the threat depends on Siemens’ ability to innovate, adapt, and leverage AI to enhance its own product and service offerings. The company’s proactive approach in integrating AI into its solutions could mitigate these risks and even position it as a leader in the evolving landscape.

The sensitivity of Siemens’ earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Sensitivity: As a diversified industrial company, Siemens operates in sectors such as automation, digitalization, and mobility, which may have varying sensitivities to interest rate changes. Higher interest rates can increase borrowing costs for Siemens, affecting its operational financing. Additionally, if rates rise, it may lead to reduced consumer spending and slower investment in infrastructure, potentially impacting demand for Siemens’ products and services. Conversely, lower interest rates can stimulate economic activity, benefiting Siemens’ sales.
2. Cash Flow Sensitivity: Cash flow is influenced by both operational performance and financing costs. Higher interest rates can lead to increased interest expenses on debt, reducing free cash flow. In contrast, lower rates can enhance cash flow through reduced financing costs. Additionally, if higher rates lead to a slowdown in business activity, cash inflows may decrease, further affecting liquidity.
3. Valuation Sensitivity: Siemens’ valuation is typically assessed using discounted cash flow (DCF) models, which are sensitive to the discount rate used. An increase in interest rates raises the discount rate, reducing the present value of future cash flows and potentially leading to a lower valuation. Conversely, if interest rates decrease, the present value of cash flows increases, positively impacting Siemens’ valuation.
Overall, Siemens’ financial metrics are interconnected with interest rates, and changes can significantly influence its operational health and market valuation. The extent of this sensitivity would depend on the specific economic context, the company’s exposure to debt, and the state of the markets it operates in.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BTaWVtZW5z 4oCZIGVjb2 5vbWljcyBv dmVyIHRoZS BuZXh0IDMg dG8gNSB5ZW FycyBpcyB0 aGUgYWNjZW xlcmF0ZWQg Z2xvYmFsIH B1c2ggdG93 YXJkcyBncm VlbiBlbmVy Z3kgYW5kIG RpZ2l0YWxp emF0aW9uLC Bjb3VwbGVk IHdpdGggYS BtYWpvciB0 ZWNobm9sb2 dpY2FsIGRp c3J1cHRpb2 4gdGhhdCBT aWVtZW5zIG ZhaWxzIHRv IGFkYXB0IH RvLiBUaGlz IHNjZW5hcm lvIGNvdWxk IGludm9sdm UgYSBwb3dl cmZ1bCBjb2 1wZXRpdG9y IGVtZXJnaW 5nIGluIHRo ZSByZW5ld2 FibGUgZW5l cmd5IG9yIG F1dG9tYXRp b24gc2VjdG 9ycywgb2Zm ZXJpbmcgc2 lnbmlmaWNh bnRseSBsb3 dlciBjb3N0 cyBhbmQgaW 5ub3ZhdGl2 ZSBzb2x1dG lvbnMgdGhh dCBTaWVtZW 5zIGlzIHVu YWJsZSB0by BtYXRjaCBk dWUgdG8gaX RzIGVudHJl bmNoZWQgbG VnYWN5IHN5 c3RlbXMgYW 5kIHNsb3dl ciBpbm5vdm F0aW9uIGN5 Y2xlcy48Yn I+SW4gdGhp cyBzY2VuYX JpbywgU2ll bWVucyB3b3 VsZCBmYWNl IHNldmVyYW wgZWNvbm9t aWMgY2hhbG xlbmdlcy4g PGJyPk1hcm dpbnM6IEFz IG5ldyBjb2 1wZXRpdG9y cyBlbnRlci B0aGUgbWFy a2V0IHdpdG ggbGVhbmVy IG9wZXJhdG lvbnMgYW5k IG1vcmUgYW R2YW5jZWQg dGVjaG5vbG 9naWVzLCBT aWVtZW5zIG NvdWxkIGV4 cGVyaWVuY2 UgYSBzdWJz dGFudGlhbC BkZWNsaW5l IGluIGl0cy Bwcm9maXQg bWFyZ2lucy 4gSW5jcmVh c2VkIGNvbX BldGl0aW9u IGNvdWxkIG ZvcmNlIHRo ZSBjb21wYW 55IHRvIGxv d2VyIHByaW NlcyBvbiBp dHMgcHJvZH VjdHMgYW5k IHNlcnZpY2 VzLCBjcmVh dGluZyBhIG RvbWlubyBl ZmZlY3QgdG hhdCB3b3Vs ZCBsb3dlci BvcGVyYXRp bmcgbWFyZ2 lucy4gT3Zl ciB0aW1lLC BhcyBTaWVt ZW5zIHN0cn VnZ2xlcyB0 byBtYWludG FpbiBpdHMg bWFya2V0IH NoYXJlLCBp dCBtaWdodC BoYXZlIHRv IG1ha2Ugc2 lnbmlmaWNh bnQgc2Fjcm lmaWNlcyBp biBSJmFtcD tEIHNwZW5k aW5nLCBmdX J0aGVyIGNv bXBvdW5kaW 5nIG1hcmdp biBlcm9zaW 9uLjxicj5D YXNoIEZsb3 c6IFdpdGgg c2hyaW5raW 5nIG1hcmdp bnMsIFNpZW 1lbnMgd291 bGQgbGlrZW x5IHNlZSBh IHNpZ25pZm ljYW50IGRy b3AgaW4gY2 FzaCBmbG93 LiBJZiBpdC BjYW5ub3Qg cGl2b3QgcX VpY2tseSB0 byBvZmZlcm luZyBtb3Jl IGNvbXBldG l0aXZlIHBy b2R1Y3RzIG 9yIHNlcnZp Y2VzIGluIG hpZ2gtZGVt YW5kIHNlY3 RvcnMgbGlr ZSByZW5ld2 FibGUgZW5l cmd5LCB0aG UgY29tcGFu eSBtaWdodC BmYWNlIGR3 aW5kbGluZy ByZXZlbnVl cy4gVGhpcy ByZWR1Y3Rp b24gaW4gY2 FzaCBmbG93 IGNvdWxkIG hhbXBlciBp dHMgYWJpbG l0eSB0byBy ZWludmVzdC BpbiBpbm5v dmF0aW9uLC BwYXkgZGl2 aWRlbmRzLC BvciBtYW5h Z2UgZXhpc3 RpbmcgZGVi dCwgY3JlYX RpbmcgYSB2 aWNpb3VzIG N5Y2xlIG9m IGZpbmFuY2 lhbCBwcmVz c3VyZS48Yn I+QmFsYW5j ZSBTaGVldD ogQXMgY2Fz aCBmbG93IG RlY2xpbmVz IGFuZCBwcm 9maXQgbWFy Z2lucyB0aW dodGVuLCBT aWVtZW5z4o CZIGJhbGFu Y2Ugc2hlZX QgY291bGQg ZGV0ZXJpb3 JhdGUuIElm IHRoZSBjb2 1wYW55IG9w dHMgdG8gdG FrZSBvbiBh ZGRpdGlvbm FsIGRlYnQg dG8gZnVuZC BvcGVyYXRp b25zIG9yIG F0dGVtcHQg YSB0dXJuYX JvdW5kLCBp dHMgbGV2ZX JhZ2UgcmF0 aW9zIHdvdW xkIHdvcnNl bi4gU3VjaC BhIHNpdHVh dGlvbiBjb3 VsZCByYWlz ZSBjb25jZX JucyBhbW9u ZyBpbnZlc3 RvcnMgYW5k IGNyZWRpdG 9ycyBhYm91 dCBTaWVtZW 5z4oCZIGZp bmFuY2lhbC BoZWFsdGgs IGxlYWRpbm cgdG8gaGln aGVyIGJvcn Jvd2luZyBj b3N0cyBvci BjaGFsbGVu Z2VzIGluIH JlZmluYW5j aW5nIGV4aX N0aW5nIGxp YWJpbGl0aW VzLiBNb3Jl b3ZlciwgaW YgU2llbWVu cyB3ZXJlIH RvIHdyaXRl IGRvd24gdW 5kZXJwZXJm b3JtaW5nIG Fzc2V0cyBv ciBpbnZlc3 RtZW50cyBp biBsZWdhY3 kgc3lzdGVt cyB0aGF0IG hhdmUgYmVj b21lIG9ic2 9sZXRlLCBp dCBjb3VsZC BuZWdhdGl2 ZWx5IGltcG FjdCBzaGFy ZWhvbGRlcn PigJkgZXF1 aXR5Ljxicj 5JbiBzdW1t YXJ5LCBpZi BTaWVtZW5z IGZhaWxzIH RvIGFkYXB0 IHRvIHNpZ2 5pZmljYW50 IHRlY2hub2 xvZ2ljYWwg ZGlzcnVwdG lvbnMgYW5k IGluY3JlYX NpbmcgZGVt YW5kIGZvci BncmVlbiBl bmVyZ3ksIG l0IGNvdWxk IGZhY2UgbG 9uZy10ZXJt IGNoYWxsZW 5nZXMgdG8g aXRzIG1hcm dpbnMsIGNh c2ggZmxvdy wgYW5kIGJh bGFuY2Ugc2 hlZXQgc3Rh YmlsaXR5LC B1bHRpbWF0 ZWx5IHVuZG VybWluaW5n IGl0cyBjb2 1wZXRpdGl2 ZSBwb3NpdG lvbiBpbiB0 aGUgbWFya2 V0Ljxicj4=

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 bG9nb3MvUD NyZWpHekRz c2xzVDd3Mk VSREwud2Vi cCIgYWx0PS JTaWVtZW5z IiB0aXRsZT 0iU2llbWVu cyIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD01 MCB3aWR0aD 01MCBsb2Fk 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 91dCBTaWVt ZW5zPwogIC 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+O gSBGcmVlIG Rvd25sb2Fk ISA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvcD4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID whLS0KICAg ICAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nbWFyZ2 luLXRvcDog MTJweDsgZm 9udC1zaXpl OiAxM3B4Oy Bjb2xvcjog IzQ0NDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgU2 lnbiB1cCBu b3cgYW5kIG dldCBvdXIg ZnJlZSBlQm 9vayAKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxiPlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3M8 L2I+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxNn B4OyBmb250 LXNpemU6ID E0cHg7IGNv bG9yOiAjND Q0OyBmb250 LWZhbWlseT ogLWFwcGxl LXN5c3RlbS wgQmxpbmtN YWNTeXN0ZW 1Gb250LCBT ZWdvZSBVSS wgUm9ib3Rv LCBIZWx2ZX RpY2EgTmV1 ZSwgc2Fucy 1zZXJpZjsg bGluZS1oZW lnaHQ6IDEu NjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgSGF2ZS B5b3UgaGVh cmQgYWJvdX Qgb3VyIHNo b3J0IDxzdH Jvbmcgc3R5 bGU9J2Zvbn Qtd2VpZ2h0 OiA2MDA7Jz 5EYWlseSBW aWRlbyBOZX dzbGV0dGVy PC9zdHJvbm c+PwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naHR0cH M6Ly93d3cu aW5zaWdodG Z1bHZhbHVl LmNvbS9uZX dzbGV0dGVy LnBocCcgdG FyZ2V0PSdf YmxhbmsnIH N0eWxlPSdj b2xvcjogIz AwN0JGRjsg dGV4dC1kZW NvcmF0aW9u OiBub25lOy Bmb250LXdl aWdodDogNT AwOyBtYXJn aW4tbGVmdD ogNnB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgRmluZC BvdXQgbW9y ZQogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgIAogICAg ICAgIAogIC AgICAgIDxz cGFuIGNsYX NzPSdibHVy cmVkLXRleH QnPgogICAg ICAgICAgIC BNUzRnVTJs bGJXIFZ1Y3 lCM1lYTWcg Wm05MWJtUm xaQyBCcGJp QkhaWEp0IF lXNTVJR2x1 SUQgRTRORG NnWW5rZyBW MlZ5Ym1WeU lIIFp2YmlC VGFXVnQgWl c1eklHRnVa QyBCS2IyaG hibTRnIFIy VnZjbWNnU0 cgRnNjMnRs SUdGeiBJR0 VnZEdWc1pX IGR5WVhCb0 lHTnYgYlhC aGJua3VQRy BKeVBqSXVJ RlJvIFpTQm piMjF3WVcg NTVJSGRoY3 lCdiBjbWxu YVc1aGJHIH g1SUc1aGJX VmsgSU9LQW 5GUmxiRyBW bmNtRndhR1 Z1IExVSmhk V0Z1YzMgUm hiSFFnZG05 dSBJRk5wWl cxbGJuIE1n SmlCSVlXeH ogYTJYaWdK MGdZVyA1a0 lHaGhaQ0J2 IGJteDVJRE V3SUcgVnRj R3h2ZVdWbC BjeUJoZENC MGFHIFVnZE dsdFpTQnYg WmlCcGRITW dabSA5MWJt UnBibWN1IF BHSnlQak11 SUYgTnBaVz FsYm5NZyBj R3hoZVdWa0 lHIEVnYldG cWIzSWcgY2 05c1pTQnBi aSBCMGFHVW daR1YyIFpX eHZjRzFsYm 4gUWdiMlln ZEdobCBJR1 pwY25OMElH IFZzWldOMG NtbGogSUhK aGFXeDNZWC BrZ2FXNGdN VGczIE9TQm hibVFnZEcg aGxJR1pwY2 5OMCBJR1Zz WldOMGNtIG xqSUhOMGNt VmwgZENCc2 FXZG9kRyBs dVp5QnBiaU JDIFpYSnNh VzRnYVcgNG dNVGc0TWk0 OCBZbkkrTk M0Z1ZHIGhs SUdOdmJYQm ggYm5rZ1pY aHdZVyA1a1 pXUWdjbUZ3 IGFXUnNlU0 JoYm0gUWdZ bmtnZEdobC BJR1ZoY214 NUlEIEU1TU RCekxDQm8g WVdRZ2IyWm 1hVyBObGN5 QnBiaUJNIG IyNWtiMjRz SUYgQmhjbW x6TENCVCBZ V2x1ZENCUV pYIFJsY25O aWRYSm4gTE NCaGJtUWdT bSBGd1lXNH VQR0p5IFBq VXVJRVIxY2 0gbHVaeUJY YjNKcyBaQ0 JYWVhJZ1NV IGtzSUZOcF pXMWwgYm5N Z2NISnZaSC BWalpXUWdj bUZrIGFXOG dZVzVrSUcg TnZiVzExYm 1saiBZWFJw YjI0Z1pYIE YxYVhCdFpX NTAgSUdadm NpQjBhRyBV Z1IyVnliV0 Z1IElHMXBi R2wwWVggSj VManhpY2o0 MiBMaUJCWm 5SbGNpIEIw YUdVZ2QyRn kgTENCVGFX VnRaVyA1ek lHUnBkbVZ5 IGMybG1hV1 ZrSUcgbDBj eUJ3Y205ay BkV04wSUd4 cGJtIFVnWV c1a0lHVjQg Y0dGdVpHVm tJRyBsdWRH OGdkR2hsIE lHVnNaV04w Y20gOXVhV0 56TENCdCBa V1JwWTJGc0 lHIFZ4ZFds d2JXVnUgZE N3Z1lXNWtJ SCBSeVlXNX pjRzl5IGRH RjBhVzl1SU cgbHVaSFZ6 ZEhKcCBaWE 11UEdKeVBq IGN1SUVsdU lERTUgTlRV c0lGTnBaVy AxbGJuTWda R1YyIFpXeH ZjR1ZrSUgg Um9aU0JtYV hKeiBkQ0Jt ZFd4c2VTIE IwY21GdWMy bHogZEc5eW FYcGxaQyBC b1pXRnlhVz VuIElHRnBa Q3dnY20gVj JiMngxZEds diBibWw2YV c1bklIIFJv WlNCdFpXUn AgWTJGc0lH UmxkbSBsal pTQnBibVIx IGMzUnllUz Q4WW4gSStP QzRnVkdobC BJR052YlhC aGJuIGtnY0 d4aGVXVmsg SUdFZ1kzSj FZMiBsaGJD QnliMnhsIE lHbHVJSFJv WlMgQmtaWF psYkc5dyBi V1Z1ZENCdl ppIEJIWlhK dFlXNGcgYV c1bWNtRnpk SCBKMVkzUj FjbVVnIFlX NWtJR2hsYk ggQmxaQ0J5 WldKMSBhV3 hrSUhSb1pT IEJqYjNWdW RISjUgSUdG bWRHVnlJSC BSb1pTQmta WFpoIGMzUm hkR2x2Ymkg QnZaaUJYYj NKcyBaQ0JY WVhJZ1NVIG t1UEdKeVBq a3UgSUVsdU lERTVPVCBn c0lGTnBaVz FsIGJuTWdZ V054ZFcgbH laV1FnZEdo bCBJSFJsYk dWamIyIDF0 ZFc1cFkyRj AgYVc5dWN5 QmpiMiAxd1 lXNTVMQ0JK IGJtWnBibV Z2Ymkgd2di V0ZyYVc1bi BJR2wwSUc5 dVpTIEJ2Wm lCMGFHVWcg YkdGeVoyVn pkQyBCMFpX eGxZMjl0IG JYVnVhV05o ZEcgbHZibk 1nWVc1ayBJ R2x1Wm05eW JXIEYwYVc5 dUlIUmwgWT JodWIyeHZa MyBrZ1kyOX RjR0Z1IGFX VnpJR2x1SU ggUm9aU0Iz YjNKcyBaQz Q4WW5JK01U IEF1SUVsdU lESXcgTURj c0lGTnBaVy AxbGJuTWdk MkZ6IElHbH VkbTlzZG0g VmtJR2x1SU c5dSBaU0J2 WmlCMGFHIF VnWW1sbloy VnogZENCam IzSndiMyBK aGRHVWdjMk 5oIGJtUmhi SE1nYVcgNG dhR2x6ZEc5 eSBlU0IzYU dWdUlHIGww SUhkaGN5Qm sgYVhOamIz WmxjbSBWa0 lIUm9ZWFFn IFpXMXdiRz k1WlcgVnpJ R2hoWkNCdy BZV2xrSUdK eWFXIEpsY3 lCMGJ5QjMg YVc0Z1kyOX VkSCBKaFkz UnpMaUJVIG FHbHpJSEps YzMgVnNkR1 ZrSUdsdSBJ R0VnY21Wam IzIEprTFdK eVpXRnIgYV c1bklHWnBi bSBVZ2IyWW dKREV1IE5p QmlhV3hzYV cgOXVJR0Z1 WkNCdCBZV3 B2Y2lCamFH IEZ1WjJWek lIUnYgSUhS b1pTQmpiMi Axd1lXNTU0 b0NaIGN5Qn NaV0ZrWlgg SnphR2x3SU dGdSBaQ0Jp ZFhOcGJtIF Z6Y3lCd2Nt RmogZEdsal pYTXVQRyBK eVBqRXhMaU JUIGFXVnRa VzV6SUcgaG hjeUJpWldW dSBJSEpsWT I5bmJtIGw2 WldRZ1lYTW cgWVNCd2FX OXVaVyBWeU lHbHVJSE4x IGMzUmhhVz VoWW0geGxJ R1Z1WlhKbi BlU3dnZDJs MGFDIEJwYm 01dmRtRjAg YVc5dWN5Qn BiaSBCM2FX NWtJSFIxIG NtSnBibVZ6 SUcgRnVaQ0 J2ZEdobCBj aUJ5Wlc1bG QyIEZpYkdV Z1pXNWwgY2 1kNUlIUmxZ MiBodWIyeH ZaMmxsIGN5 NDhZbkkrTV QgSXVJRlJv WlNCaiBiMj F3WVc1NUlH IGhoY3lCaE lHeHYgYm1j Z2FHbHpkRy A5eWVTQnZa aUJ6IGRYQn diM0owSUcg WnZjaUIwYU dVZyBZWEow Y3lCaGJtIF FnYUdGeklI TncgYjI1em IzSmxaQyBC MllYSnBiM1 Z6IElHTjFi SFIxY20gRn NJR1YyWlc1 MCBjeUJoYm 1RZ2FXIDV6 ZEdsMGRYUn AgYjI1ekxD QnBibSBOc2 RXUnBibWNn IGRHaGxJRl pwWlcgNXVZ U0JRYUdscy BhR0Z5Ylc5 dWFXIE1nVD NKamFHVnog ZEhKaElHRn VaQyBCMGFH VWdUWFZ1IG FXTm9JRTl3 WlggSmhMan hpY2o0eCBN eTRnVTJsbG JXIFZ1YytL QW1TQmogZF hKeVpXNTBJ SCBOc2IyZG hiaUJwIGN5 QkpibWRsYm 4gVnBkSGtn Wm05eSBJRX hwWm1Vc0lI IEpsWm14bF kzUnAgYm1j Z2FYUnpJRy BOdmJXMXBk RzFsIGJuUW dkRzhnZFgg TnBibWNnZE dWaiBhRzV2 Ykc5bmVTIE IwYnlCcGJY QnkgYjNabE lIUm9aUyBC M2IzSnNaQz Q4IFluSStN VFF1SUYgUn ZaR0Y1TENC VCBhV1Z0Wl c1eklHIFZ0 Y0d4dmVYTW cgYjNabGNp QXpPRCBBc0 1EQXdJSEJs IGIzQnNaU0 IzYjMgSnNa SGRwWkdVZy BZVzVrSUdo aGN5IEJoSU dkc2IySmgg YkNCd2NtVn paVyA1alpT QnBiaUJ2IG RtVnlJREl3 TUMgQmpiM1 Z1ZEhKcCBa WE11SUR4aW NqIDR4TlM0 Z1FYTWcgYj JZZ01qQXlN QyB3Z1UybG xiV1Z1IGN5 QnBjeUIwYU cgVWdiR0Z5 WjJWeiBkQ0 JwYm1SMWMz IFJ5YVdGc0 lHMWggYm5W bVlXTjBkWC BKcGJtY2dZ Mjl0IGNHRn VlU0JwYmkg QkZkWEp2Y0 dVZyBZVzVr SUc5dVpTIE J2WmlCMGFH VWcgYkdGeV oyVnpkQyBC amIyNW5iRz l0IFpYSmhk R1Z6SUcgbH VJSFJvWlNC MyBiM0pzWk M0PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=