Amgen

More reviews (2)

Live  

Amgen is a biotechnology company that specializes in developing innovative therapies for serious illnesses. The company was founded in 1980 in Thousand Oaks, California, and has since become one of the leading biotechnology companies in the world. Amgen's main focus areas include oncology, hematology, cardiovascular disease, inflammation, bone health, and neuroscience.
The company's products include biologic medicines used for the treatment of conditions such as cancer, kidney disease, bone disorders, and autoimmune diseases. One of Amgen's best-known products is Enbrel, a treatment for rheumatoid arthritis. The company also has a robust pipeline of potential new medications in various stages of development.
In addition to developing and manufacturing medicines, Amgen also conducts research and collaborates with other organizations in the biotechnology and healthcare industries. The company has a strong commitment to innovation and invests heavily in research and development to bring new and better treatments to patients.
Amgen is a global company with operations in more than 100 countries and a workforce of over 25,000 employees worldwide. The company has a strong track record of financial success and is consistently ranked as one of the top biotechnology companies in terms of revenue. Amgen has a strong corporate responsibility program and actively supports various philanthropic initiatives and community engagement efforts.
Overall, Amgen is a highly respected and successful biotechnology company that is dedicated to improving the lives of patients around the world through innovative medical treatments.

QW1nZW4gaX MgYSBjb21w YW55IHRoYX QgbWFrZXMg c3BlY2lhbC BtZWRpY2lu ZXMgdG8gaG VscCBwZW9w bGUgZmVlbC BiZXR0ZXIg d2hlbiB0aG V5IGFyZSBz aWNrLiBUaG V5IGZvY3Vz IG9uIHRyZW F0aW5nIHJl YWxseSBzZX Jpb3VzIGls bG5lc3Nlcy BsaWtlIGNh bmNlciBhbm QgcHJvYmxl bXMgd2l0aC BvdXIgYmxv b2QuIFRoaW 5rIG9mIHRo ZW0gYXMgYS B0ZWFtIG9m IHNjaWVudG lzdHMgYW5k IGRvY3Rvcn Mgd2hvIHVz ZSB0aGVpci Brbm93bGVk Z2UgdG8gY3 JlYXRlIG5l dyBtZWRpY2 luZXMgdGhh dCBjYW4gaG VscCBoZWFs IHBlb3BsZS BvciBtYWtl IHRoZWlyIG xpdmVzIGVh c2llci48Yn I+QW1nZW4g bWFrZXMgbW 9uZXkgYnkg c2VsbGluZy B0aGVzZSBt ZWRpY2luZX MgdG8gaG9z cGl0YWxzIG FuZCBkb2N0 b3JzLCB3aG 8gdGhlbiBn aXZlIHRoZW 0gdG8gcGF0 aWVudHMuIF doZW4gYSBu ZXcgbWVkaW NpbmUgZ2V0 cyBhcHByb3 ZlZCBieSB0 aGUgZ292ZX JubWVudCBh cyBzYWZlIG FuZCBlZmZl Y3RpdmUsIE FtZ2VuIGNh biBzZWxsIG l0IGZvciBh IGxvbmcgdG ltZS4gVGhp cyBpcyBob3 cgdGhleSBl YXJuIHRoZW lyIGluY29t ZS48YnI+VG hlIHJlYXNv biBBbWdlbi BoYXMgYmVl biBzbyBzdW NjZXNzZnVs IGlzIHRoYX QgdGhleSBo YXZlIGEgYm lnIHRlYW0g b2Ygc21hcn QgcGVvcGxl IHdvcmtpbm cgaGFyZCB0 byBmaW5kIG 5ldyBhbmQg YmV0dGVyIH dheXMgdG8g dHJlYXQgZG lzZWFzZXMu IFRoZXkgaW 52ZXN0IGEg bG90IGluIH Jlc2VhcmNo IHRvIGRpc2 NvdmVyIG5l dyBtZWRpY2 luZXMsIGFu ZCB0aGV5IG Fsc28gZ2V0 IHBhdGVudH MsIHdoaWNo IGlzIGEgc3 BlY2lhbCBy aWdodCB0aG F0IGFsbG93 cyB0aGVtIH RvIHNlbGwg dGhlaXIgbW VkaWNpbmVz IHdpdGhvdX QgY29tcGV0 aXRpb24gZm 9yIGEgY2Vy dGFpbiBudW 1iZXIgb2Yg eWVhcnMuPG JyPkFtZ2Vu IGlzIGxpa2 VseSB0byBz dGF5IHN1Y2 Nlc3NmdWwg aW4gdGhlIG Z1dHVyZSBi ZWNhdXNlIH RoZXkgY29u dGludWUgdG 8gZmluZCBu ZXcgYnJlYW t0aHJvdWdo cyBpbiBtZW RpY2luZSBh bmQgaW52ZX N0IGluIHRl Y2hub2xvZ3 kuIFNjaWVu Y2UgaXMgYW x3YXlzIGFk dmFuY2luZy wgYW5kIEFt Z2VuIGlzIG dvb2QgYXQg c3RheWluZy BhaGVhZC4g UGx1cywgYX MgbW9yZSBw ZW9wbGUgbm VlZCBtZWRp Y2luZXMgdG 8gc3RheSBo ZWFsdGh5LC Bjb21wYW5p ZXMgbGlrZS BBbWdlbiB3 aWxsIGJlIG ltcG9ydGFu dCBpbiBoZW xwaW5nIHRo b3NlIHdoby BhcmUgc2lj ay4gQXMgbG 9uZyBhcyB0 aGV5IGtlZX AgaGVscGlu ZyBwZW9wbG UgYW5kIGZp bmRpbmcgbm V3IHdheXMg dG8gdHJlYX QgaWxsbmVz c2VzLCB0aG V54oCZbGwg aGF2ZSBhIG JyaWdodCBm dXR1cmUhPG JyPg==

MS4gUGlvbm VlcmluZyBC aW90ZWNobm 9sb2d5IExl YWRlcjogQW 1nZW4gaXMg YSBsZWFkaW 5nIGJpb3Rl Y2hub2xvZ3 kgY29tcGFu eSB3aXRoIG EgZGVlcCBl eHBlcnRpc2 UgaW4gZGV2 ZWxvcGluZy BhbmQgbWFu dWZhY3R1cm luZyBpbm5v dmF0aXZlIH RoZXJhcGll cy4gSXQgaX Mgb25lIG9m IHRoZSBmaX JzdCBjb21w YW5pZXMgdG 8gaGFybmVz cyB0aGUgcG 90ZW50aWFs IG9mIGJpb3 RlY2hub2xv Z3kgdG8gcH JvZHVjZSBs aWZlLXNhdm luZyBtZWRp Y2luZXMsIG 1ha2luZyBp dCBhbiBpbm R1c3RyeSBw aW9uZWVyLj xicj4yLiBG b2N1cyBvbi BIdW1hbiBU aGVyYXBldX RpY3M6IEFt Z2VuIGZvY3 VzZXMgc29s ZWx5IG9uIG RldmVsb3Bp bmcgYW5kIG 1hbnVmYWN0 dXJpbmcgaH VtYW4gdGhl cmFwZXV0aW NzLCBtYWtp bmcgaXQgb2 5lIG9mIHRo ZSBmZXcgYm lvdGVjaCBj b21wYW5pZX MgdG8gZG8g c28uIFRoaX MgZm9jdXMg YWxsb3dzIH RoZSBjb21w YW55IHRvIG RlZGljYXRl IGFsbCBpdH MgcmVzb3Vy Y2VzIGFuZC BleHBlcnRp c2UgdG8gZG V2ZWxvcGlu ZyB0aGVyYX BpZXMgdGhh dCBjYW4gaW 1wcm92ZSB0 aGUgbGl2ZX Mgb2YgcGF0 aWVudHMuPG JyPjMuIERp dmVyc2UgUG 9ydGZvbGlv IG9mIFByb2 R1Y3RzOiBB bWdlbiBoYX MgYSBkaXZl cnNlIHBvcn Rmb2xpbyBv ZiBwcm9kdW N0cyB0aGF0 IGFkZHJlc3 MgYSB3aWRl IHJhbmdlIG 9mIHNlcmlv dXMgaWxsbm Vzc2VzLCBz dWNoIGFzIG NhbmNlciwg Y2FyZGlvdm FzY3VsYXIg ZGlzZWFzZS wgYW5kIGJv bmUgZGlzb3 JkZXJzLiBU aGlzIGRpdm Vyc2l0eSBh bGxvd3MgdG hlIGNvbXBh bnkgdG8gd2 VhdGhlciBj aGFuZ2VzIG luIG1hcmtl dCBkZW1hbm QgYW5kIGVu c3VyZXMgYS BzdGFibGUg cmV2ZW51ZS BzdHJlYW0u PGJyPjQuIF N0cm9uZyBS ZXNlYXJjaC BhbmQgRGV2 ZWxvcG1lbn QgUGlwZWxp bmU6IEFtZ2 VuIGludmVz dHMgaGVhdm lseSBpbiBy ZXNlYXJjaC BhbmQgZGV2 ZWxvcG1lbn QsIHdpdGgg YSBzdHJvbm cgZm9jdXMg b24gY3V0dG luZy1lZGdl IHNjaWVuY2 UgYW5kIGlu bm92YXRpdm UgdGVjaG5v bG9neS4gVG hlIGNvbXBh bnkgaGFzIG Egcm9idXN0 IHBpcGVsaW 5lIG9mIHBv dGVudGlhbC BuZXcgdGhl cmFwaWVzLC BkZW1vbnN0 cmF0aW5nIG l0cyBjb21t aXRtZW50IH RvIGJyaW5n aW5nIG5ldy B0cmVhdG1l bnRzIHRvIH BhdGllbnRz Ljxicj41Li BDb21taXRt ZW50IHRvIF BhdGllbnQg QWNjZXNzOi BBbWdlbiBp cyBjb21taX R0ZWQgdG8g ZW5zdXJpbm cgYWNjZXNz IHRvIGl0cy B0aGVyYXBp ZXMgZm9yIH BhdGllbnRz IGFyb3VuZC B0aGUgd29y bGQuIFRoZS Bjb21wYW55 IGFjdGl2ZW x5IHdvcmtz IHdpdGggZ2 92ZXJubWVu dHMsIHBheW VycywgYW5k IG90aGVyIH N0YWtlaG9s ZGVycyB0by BoZWxwIG1h a2UgaXRzIG 1lZGljaW5l cyBhZmZvcm RhYmxlIGFu ZCBhY2Nlc3 NpYmxlIHRv IHRob3NlIH dobyBuZWVk IHRoZW0uPG JyPjYuIEds b2JhbCBQcm VzZW5jZTog QW1nZW4gaG FzIGEgZ2xv YmFsIHByZX NlbmNlLCB3 aXRoIG9wZX JhdGlvbnMg aW4gbW9yZS B0aGFuIDEw MCBjb3VudH JpZXMsIG1h a2luZyBpdH MgbWVkaWNp bmVzIGFjY2 Vzc2libGUg dG8gcGF0aW VudHMgd29y bGR3aWRlLi BUaGUgY29t cGFueSBhbH NvIGhhcyBh IHN0cm9uZy BtYW51ZmFj dHVyaW5nIG NhcGFiaWxp dHksIGFsbG 93aW5nIGl0 IHRvIGVmZm ljaWVudGx5 IHByb2R1Y2 UgaXRzIHRo ZXJhcGllcy BhdCBhIGxh cmdlIHNjYW xlLjxicj43 LiBTdHJvbm cgQ29ycG9y YXRlIFNvY2 lhbCBSZXNw b25zaWJpbG l0eTogQW1n ZW4gaGFzIG Egc3Ryb25n IGNvbW1pdG 1lbnQgdG8g Y29ycG9yYX RlIHNvY2lh bCByZXNwb2 5zaWJpbGl0 eSwgd2l0aC BhIGZvY3Vz IG9uIGVudm lyb25tZW50 YWwgc3VzdG FpbmFiaWxp dHksIHByb2 1vdGluZyBz Y2llbmNlIG VkdWNhdGlv biwgYW5kIG ludmVzdGlu ZyBpbiB0aG UgY29tbXVu aXRpZXMgd2 hlcmUgaXQg b3BlcmF0ZX MuPGJyPjgu IFJlY29nbm l0aW9uIGFu ZCBBd2FyZH M6IEFtZ2Vu IGhhcyBiZW VuIGNvbnNp c3RlbnRseS ByZWNvZ25p emVkIGZvci BpdHMgY29u dHJpYnV0aW 9ucyB0byB0 aGUgYmlvdG VjaG5vbG9n eSBpbmR1c3 RyeSBhbmQg Y29tbWl0bW VudCB0byBw YXRpZW50IG NhcmUuIFRo ZSBjb21wYW 55IGhhcyBy ZWNlaXZlZC BudW1lcm91 cyBhd2FyZH MgYW5kIGFj Y29sYWRlcy Bmb3IgaXRz IHByb2R1Y3 RzLCBwaXBl bGluZSwgaW 5ub3ZhdGlv biwgYW5kIG NvcnBvcmF0 ZSBjaXRpem Vuc2hpcC48 YnI+OS4gU3 Ryb25nIEZp bmFuY2lhbC BQZXJmb3Jt YW5jZTogQW 1nZW4gaGFz IGEgdHJhY2 sgcmVjb3Jk IG9mIHN0cm 9uZyBmaW5h bmNpYWwgcG VyZm9ybWFu Y2UsIHdoaW NoIGhhcyBh bGxvd2VkIG l0IHRvIGlu dmVzdCBpbi ByZXNlYXJj aCBhbmQgZG V2ZWxvcG1l bnQsIGV4cG FuZCBpdHMg cG9ydGZvbG lvLCBhbmQg ZGVsaXZlci Bsb25nLXRl cm0gdmFsdW UgdG8gc2hh cmVob2xkZX JzLjxicj4x MC4gQ29sbG Fib3JhdGlv bnMgYW5kIF BhcnRuZXJz aGlwczogQW 1nZW4gaGFz IGEgaGlzdG 9yeSBvZiBz dWNjZXNzZn VsIGNvbGxh Ym9yYXRpb2 5zIGFuZCBw YXJ0bmVyc2 hpcHMgd2l0 aCBvdGhlci BiaW90ZWNo bm9sb2d5IG NvbXBhbmll cywgYWNhZG VtaWMgaW5z dGl0dXRpb2 5zLCBhbmQg cmVzZWFyY2 ggb3JnYW5p emF0aW9ucy 4gVGhlc2Ug Y29sbGFib3 JhdGlvbnMg aGVscCB0by BhZHZhbmNl IHNjaWVudG lmaWMga25v d2xlZGdlIG FuZCBicmlu ZyBuZXcgdG hlcmFwaWVz IHRvIG1hcm tldCBtb3Jl IHF1aWNrbH ku

VGhlIEFtZ2 VuIGNvbXBh bnkncyBidX NpbmVzcyBt b2RlbCBpcy BiYXNlZCBv biB0aGUgZG V2ZWxvcG1l bnQsIHByb2 R1Y3Rpb24s IGFuZCBjb2 1tZXJjaWFs aXphdGlvbi BvZiBpbm5v dmF0aXZlIG Jpb3RlY2hu b2xvZ3kgbW VkaWNpbmVz LiBUaGlzIG luY2x1ZGVz IHJlc2Vhcm NoaW5nIGFu ZCBkaXNjb3 ZlcmluZyBu ZXcgdGhlcm FwZXV0aWMg c29sdXRpb2 5zIGZvciBk aXNlYXNlcy BhbmQgY29u ZGl0aW9ucy BzdWNoIGFz IGNhbmNlci wgY2FyZGlv dmFzY3VsYX IgZGlzZWFz ZXMsIGFuZC BpbmZsYW1t YXRvcnkgZG lzb3JkZXJz LiBBbWdlbi BhbHNvIGZv Y3VzZXMgb2 4gZ3Jvd2lu ZyBpdHMgcH JvZHVjdCBw b3J0Zm9saW 8gYW5kIGV4 cGFuZGluZy BpdHMgZ2xv YmFsIHJlYW NoIHRocm91 Z2ggY29sbG Fib3JhdGlv bnMgYW5kIH BhcnRuZXJz aGlwcy4gQW RkaXRpb25h bGx5LCBBbW dlbiBpbnZl c3RzIGluIG 5ldyB0ZWNo bm9sb2dpZX MgYW5kIGlu aXRpYXRpdm VzIHRvIGVu aGFuY2UgaX RzIHJlc2Vh cmNoIGFuZC BkZXZlbG9w bWVudCBjYX BhYmlsaXRp ZXMgYW5kIH N0cmVhbWxp bmUgaXRzIG 9wZXJhdGlv bnMuIFJldm VudWUgaXMg Z2VuZXJhdG VkIHRocm91 Z2ggdGhlIH NhbGUgb2Yg aXRzIHByb2 R1Y3RzIHRv IGhlYWx0aG NhcmUgcHJv dmlkZXJzLC BwYXRpZW50 cywgYW5kIH N0cmF0ZWdp YyBwYXJ0bm Vycy4=

AI can pose several potential threats to Amgen, a biotechnology company, in various ways:
1. Substitution: AI-driven innovations in drug discovery and development can lead to the emergence of new therapies that might effectively substitute Amgen’s existing products. For instance, AI algorithms can identify novel drug candidates more efficiently and sometimes at a lower cost, potentially leading to new entrants in the market that could outperform Amgen’s offerings.
2. Disintermediation: The rise of telemedicine and digital health solutions powered by AI could disrupt traditional healthcare pathways. If patients gain direct access to AI-driven platforms for diagnosis and treatment recommendations, this could reduce the role of Amgen’s existing distribution networks or partnerships with healthcare providers, potentially impacting sales and market access.
3. Margin Pressure: AI’s ability to optimize clinical trial processes, reduce R&D costs, and improve manufacturing efficiency could intensify competition. If competitors can leverage AI to decrease their operational costs significantly, they might offer lower-priced products or services, exerting pressure on Amgen’s profit margins. This could be especially impactful in a market where cost-effectiveness is an increasingly important factor for healthcare providers and payers.
Overall, while AI presents opportunities for innovation, it also introduces potential challenges that could impact Amgen’s competitive positioning and market dynamics. The company may need to adapt by investing in AI technologies and strategies to mitigate these risks effectively.

The sensitivity of Amgen’s earnings, cash flow, and valuation to changes in interest rates can be explained through several factors:
1. Earnings Impact: Amgen’s earnings could be sensitive to interest rate changes primarily through its cost of capital and debt servicing. Higher interest rates mean increased borrowing costs, which can impact profitability if the company has significant debt. Conversely, lower interest rates can reduce interest expenses, potentially boosting net income.
2. Cash Flow Sensitivity: Amgen generates substantial cash flow from its operations, which is typically less affected by interest rate changes directly. However, if interest rates rise, it could lead to increased costs for refinancing existing debt or for new capital projects, potentially reducing free cash flow. Additionally, higher rates may impact consumer spending and healthcare budgets, indirectly affecting demand for Amgen’s products.
3. Valuation Influence: The valuation of Amgen is often assessed using discounted cash flow models that factor in the present value of future cash flows. Higher interest rates increase the discount rate used in these calculations, leading to a lower present value of future cash flows and, therefore, a potentially lower valuation. In contrast, lower interest rates decrease the discount rate, which can enhance valuation.
Overall, while Amgen’s operational cash flows might be somewhat insulated, the broader implications of interest rate changes on cost structures, consumer behavior, and valuation models mean that the company is not entirely immune to such fluctuations.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BBbWdlbuKA mXMgZWNvbm 9taWNzIG92 ZXIgdGhlIG 5leHQgMy01 IHllYXJzIG lzIHRoZSBz dWJzdGFudG lhbCBhbmQg cmFwaWQgaW 50cm9kdWN0 aW9uIG9mIG hpZ2hseSBl ZmZlY3Rpdm UgYmlvc2lt aWxhcnMgYW 5kIGNvbXBl dGl0aXZlIH RoZXJhcGll cyBpbiB0aG UgbWFya2V0 cyBmb3Iga2 V5IGJpb2xv Z2ljIGRydW dzIHRoYXQg QW1nZW4gY3 VycmVudGx5 IGRvbWluYX Rlcy4gSWYs IGZvciBpbn N0YW5jZSwg cGF0ZW50cy Bmb3Igc2V2 ZXJhbCBvZi BBbWdlbuKA mXMgYmxvY2 tidXN0ZXIg ZHJ1Z3MsIH N1Y2ggYXMg RW5icmVsIG 9yIE5ldWxh c3RhLCB3ZX JlIHRvIGV4 cGlyZSwgYW 5kIGEgd2F2 ZSBvZiBjaG VhcGVyLCBo aWdoLXF1YW xpdHkgYmlv c2ltaWxhcn Mgd2VyZSBs YXVuY2hlZC BieSBjb21w ZXRpdG9ycy wgQW1nZW4g Y291bGQgZm FjZSBzaWdu aWZpY2FudC BwcmljaW5n IHByZXNzdX JlcywgbGVh ZGluZyB0by BhIHJhcGlk IGRlY2xpbm UgaW4gbWFy a2V0IHNoYX JlIGZvciB0 aG9zZSBwcm 9kdWN0cy48 YnI+SW4gdG hpcyBzY2Vu YXJpbywgQW 1nZW7igJlz IG1hcmdpbn Mgd291bGQg bGlrZWx5IG V4cGVyaWVu Y2UgZHJhbW F0aWMgY29t cHJlc3Npb2 4uIFRoZSBp bnRyb2R1Y3 Rpb24gb2Yg Ymlvc2ltaW xhcnMgb2Z0 ZW4gbGVhZH MgdG8gYWdn cmVzc2l2ZS BkaXNjb3Vu dGluZyBzdH JhdGVnaWVz IGZyb20gYm 90aCB0aGUg b3JpZ2luYW wgbWFudWZh Y3R1cmVycy BhbmQgbmV3 IGVudHJhbn RzLCB3aGlj aCBjb3VsZC BtZWFuIHRo YXQgQW1nZW 4gbWlnaHQg aGF2ZSB0by ByZWR1Y2Ug aXRzIHByaW NlcyB0byBt YWludGFpbi Bjb21wZXRp dGl2ZW5lc3 MuIFRoaXMg cHJpY2luZy BwcmVzc3Vy ZSB3b3VsZC BkaXJlY3Rs eSBpbXBhY3 QgZ3Jvc3Mg bWFyZ2lucy wgd2hpY2gg Y291bGQgZH JvcCBzaWdu aWZpY2FudG x5LCBwb3Rl bnRpYWxseS BieSAyMC0z MCUgb3Zlcm FsbCBkZXBl bmRpbmcgb2 4gaG93IGFn Z3Jlc3Npdm VseSBjb21w ZXRpdG9ycy BzZWVrIHRv IGNhcHR1cm UgbWFya2V0 IHNoYXJlLj xicj5DYXNo IGZsb3cgd2 91bGQgYWxz byB3aXRoc3 RhbmQgYSBz aWduaWZpY2 FudCBpbXBh Y3QgaW4gdG hpcyBzY2Vu YXJpby4gQS BkZWNsaW5l IGluIHJldm VudWVzIGFz IGEgcmVzdW x0IG9mIHJl ZHVjZWQgcH JpY2luZyBh bmQgdW5pdC BzYWxlcyB3 b3VsZCB0cm Fuc2xhdGUg aW50byBsb3 dlciBvcGVy YXRpbmcgY2 FzaCBmbG93 LiBJZiBBbW dlbuKAmXMg Y2FzaCBmbG 93IHdlcmUg dG8gc2hyaW 5rIGJ5IGFz IG11Y2ggYX MgMjUlIGR1 ZSB0byB0aG VzZSBmYWN0 b3JzLCB0aG UgY29tcGFu eSBtaWdodC BmaW5kIGl0 IGNoYWxsZW 5naW5nIHRv IHN1c3RhaW 4gaXRzIGRp dmlkZW5kIH BvbGljeSBh bmQgc2hhcm UgcmVwdXJj aGFzZSBwcm 9ncmFtcywg d2hpY2ggaG F2ZSBiZWVu IGNyaXRpY2 FsIHRvIHNo YXJlaG9sZG VyIHJldHVy bnMuIFRoZS BuZWVkIHRv IGludmVzdC BpbiBpbm5v dmF0aW9uIG FuZCBwaXBl bGluZSBkZX ZlbG9wbWVu dCBpbiByZX Nwb25zZSB0 byB0aGUgY2 9tcGV0aXRp b24gY291bG QgbGVhZCB0 byBpbmNyZW FzZWQgb3Bl cmF0aW5nIG V4cGVuc2Vz LCBjb21wb3 VuZGluZyB0 aGUgY2FzaC BmbG93IGNv bmNlcm5zLj xicj5PbiB0 aGUgYmFsYW 5jZSBzaGVl dCBmcm9udC wgdGhlIGVm ZmVjdHMgb2 YgdGhpcyBz Y2VuYXJpby B3b3VsZCBi ZWNvbWUgZX ZpZGVudCBp biBhIGZldy B3YXlzLiBB IGRlY2xpbm UgaW4gY2Fz aCBmbG93IH dvdWxkIHdl YWtlbiBBbW dlbuKAmXMg YWJpbGl0eS B0byBtYWlu dGFpbiBpdH MgZXhpc3Rp bmcgbGlxdW lkaXR5IHJh dGlvcy4gSW YgdGhlIGNv bXBhbnkgbm VlZGVkIHRv IHJlc29ydC B0byBkZWJ0 IGZpbmFuY2 luZyB0byBt YW5hZ2UgY2 FzaCBzaG9y dGZhbGxzIG 9yIHRvIGlu dmVzdCBpbi BuZXcgcHJv ZHVjdCBkZX ZlbG9wbWVu dCwgaXRzIG RlYnQgbGV2 ZWxzIGNvdW xkIGluY3Jl YXNlLiBUaG lzIG1heSBs ZWFkIHRvIG EgZGV0ZXJp b3JhdGlvbi BvZiBmaW5h bmNpYWwgcm F0aW9zIHN1 Y2ggYXMgZG VidC10by1l cXVpdHksIG 1ha2luZyBp bnZlc3Rvcn MgbW9yZSBj YXV0aW91cy BhbmQgcG90 ZW50aWFsbH kgaW1wYWN0 aW5nIHRoZS Bjb21wYW55 4oCZcyBjcm VkaXQgcmF0 aW5nLiBBcy BtYXJrZXQg Y29uZmlkZW 5jZSBkZWNs aW5lcyBkdW UgdG8gcGVy Y2VpdmVkIH Jpc2sgYXNz b2NpYXRlZC B3aXRoIGZ1 dHVyZSBlYX JuaW5ncywg dGhlIHN0b2 NrIHByaWNl IGNvdWxkIG Fsc28gc3Vm ZmVyLCBmdX J0aGVyIGNv bXBsaWNhdG luZyBlcXVp dHkgcmFpc2 luZyBlZmZv cnRzLjxicj 5PdmVyYWxs LCB1bmRlci B0aGlzIHNj ZW5hcmlvLC BBbWdlbiBm YWNlcyBhIG NoYWxsZW5n aW5nIG91dG xvb2sgd2hl cmUgaXRzIG xlZ2FjeSBz dHJlbmd0aH MgaW4gYmlv bG9naWNzIG FyZSB1bmRl cm1pbmVkIG J5IGNvbXBl dGl0aXZlIH ByZXNzdXJl cywgcmVzdW x0aW5nIGlu IGRlY2xpbm luZyBtYXJn aW5zLCBjb2 5zdHJhaW5l ZCBjYXNoIG Zsb3dzLCBh bmQgYSBwb3 RlbnRpYWxs eSB3ZWFrZW 5lZCBiYWxh bmNlIHNoZW V0LiBBZGRy ZXNzaW5nIH RoZXNlIGNo YWxsZW5nZX Mgd291bGQg cmVxdWlyZS BzdHJhdGVn aWMgcGl2b3 RzIGluIFIm YW1wO0QsIG Nvc3QgbWFu YWdlbWVudC wgYW5kIGRp dmVyc2lmaW NhdGlvbiBp bnRvIG5ldy B0aGVyYXBp ZXMgYW5kIG 1hcmtldHMu PGJyPg==

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 bG9nb3MvUG VTM1VEazVj VWl0S2RrR0 Mzd1Eud2Vi cCIgYWx0PS JBbWdlbiIg dGl0bGU9Ik FtZ2VuIiAg 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 FtZ2VuPwog 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 ICAgICAg4p yN77iPIFNp Z24gdXAgdG 8gZ2V0IDxp PiJUaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzIjwvaT 4gZm9yIGZy ZWUKICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIE1T NGdRVzFuWl cgNGdjM1Jo Ym1SeiBJR1 p2Y2lCQmNI IEJzYVdWa0 lFMXYgYkdW amRXeGhjaS BCSFpXNWxk R2xqIGN5d2 dZVzVrSUgg ZGhjeUJ2Y2 1sbiBhVzVo Ykd4NUlHIF p2ZFc1a1pX UWcgYVc0Z0 1UazRNQyBC aWVTQjBhSE psIFpTQnpZ MmxsYm4gUn BjM1J6SUhk diBjbXRwYm 1jZ1lYIFFn ZEdobElGVn UgYVhabGNu TnBkSCBrZ2 IyWWdRMkZz IGFXWnZjbT VwWVMgd2dU Rzl6SUVGdS BaMlZzWlhN dVBHIEp5UG pJdUlGUm8g WlNCamIyMX dZVyA1NTRv Q1pjeUJtIG FYSnpkQ0J3 Y20gOWtkV0 4wSUhkaCBj eUIwYUdVZ1 lXIDUwYVMx aGJtVnQgYV dFZ1pISjFa eSBCRmNubD BhSEp2IGNH OXBaWFJwYm kgd2dkMmhw WTJnZyBkMk Z6SUdGd2NI IEp2ZG1Wa0 lHSjUgSUhS b1pTQkdSRS BFZ2FXNGdN VGs0IE9TQm hibVFnY20g VjJiMngxZE dsdiBibWw2 WldRZ2RHIG hsSUhSeVpX RjAgYldWdW RDQnZaaSBC aGJtVnRhV0 VnIGFXNGdh MmxrYm0gVj VJR1JwYzJW aCBjMlVnY0 dGMGFXIFZ1 ZEhNdVBHSn kgUGpNdUlF RnRaMiBWdU lHbHpJSFJv IFpTQnNZWE puWlggTjBJ R0pwYjNSbC BZMmh1YjJ4 dlozIGtnWT I5dGNHRnUg ZVNCcGJpQj BhRyBVZ2Qy OXliR1FzIE lIZHBkR2dn WVMgQnRZWE pyWlhRZyBk bUZzZFdVZ2 IyIFlnYjNa bGNpQWsgTV RRd0lHSnBi RyB4cGIyNG dZWE1nIGIy WWdNakF5TV MgNDhZbkkr TkM0ZyBTVz RnWVdSa2FY IFJwYjI0Z2 RHOGcgUlhK NWRHaHliMy BCdmFXVjBh VzRzIElFRn RaMlZ1SUcg aGhjeUJrWl habCBiRzl3 WldRZ1lTIE IzYVdSbElI SmggYm1kbE lHOW1JRyBs dWJtOTJZWF JwIGRtVWdi V1ZrYVcgTn BibVZ6SUda diBjaUJ6Wl hKcGIzIFZ6 SUdScGMyVm ggYzJWeklI TjFZMiBnZ1 lYTWdZMkZ1 IFkyVnlMQ0 J2YzMgUmxi M0J2Y205ei BhWE1zSUdG dVpDIEJ0YV dkeVlXbHUg WlM0OFluSS tOUyA0Z1FX MW5aVzRnIG FHRnpJR0Vn YzMgUnliMj VuSUdOdiBi VzFwZEcxbG JuIFFnZEc4 Z2NtVnogWl dGeVkyZ2dZ VyA1a0lHUm xkbVZzIGIz QnRaVzUwTE MgQnBiblps YzNScCBibW NnYjNabGNp IEFrTkNCaW FXeHMgYVc5 dUlHRnVibi BWaGJHeDVJ R2x1IElIUm 9aU0JrYVgg TmpiM1psY2 5rZyBZVzVr SUdSbGRtIF ZzYjNCdFpX NTAgSUc5bU lHNWxkeSBC MGNtVmhkRz FsIGJuUnpM anhpY2ogND JMaUJVYUdV ZyBZMjl0Y0 dGdWVTIEJv WVhNZ1lTQn cgY21WelpX NWpaUyBCcG JpQnZkbVZ5 IElERXdNQ0 JqYjMgVnVk SEpwWlhNZy BZVzVrSUdW dGNHIHh2ZV hNZ2IzWmwg Y2lBeU15d3 dNRCBBZ2NH VnZjR3hsIE lIZHZjbXhr ZDIgbGtaUz Q4WW5JKyBO eTRnUVcxbl pXIDRnYUdG eklHRWcgYk c5dVp5Qm9h WCBOMGIzSj VJRzltIElH TnZiR3hoWW 0gOXlZWFJw YjI1eiBJR0 Z1WkNCd1lY IEowYm1WeW MyaHAgY0hN Z2QybDBhQy BCdmRHaGxj aUJqIGIyMX dZVzVwWlgg TWdZVzVrSU dGaiBZV1Js YldsaklHIG x1YzNScGRI VjAgYVc5dW N5d2dZVyB4 c2IzZHBibW NnIFptOXlJ SFJvWlMgQm xlR05vWVc1 biBaU0J2Wm lCcFpHIFZo Y3lCaGJtUW cgWVdOalpY TnpJSCBSdk lHTjFkSFJw IGJtY3RaV1 JuWlMgQjBa V05vYm05cy BiMmQ1TGp4 aWNqIDQ0TG lCRVpYTncg YVhSbElHbD BjeSBCemFY cGxJR0Z1IF pDQnpkV05q WlggTnpMQ0 JCYldkbCBi aUJvWVhNZ1 ptIEZqWldR Z1kyaGggYk d4bGJtZGxj eSBCcGJpQn laV05sIGJu UWdlV1ZoY2 4gTXNJR2x1 WTJ4MSBaR2 x1WnlCd1lY IFJsYm5RZ1 pYaHcgYVhK aGRHbHZibi BNZ1lXNWtJ R2x1IFkzSm xZWE5sWkMg QmpiMjF3Wl hScCBkR2x2 YmlCcGJpIE IwYUdVZ1lt bHYgY0doaG NtMWhZMiBW MWRHbGpZV3 dnIGFXNWtk WE4wY24ga3 VQR0p5UGpr dSBJRlJvWl NCamIyIDF3 WVc1NUlHbH ogSUd0dWIz ZHVJRyBadm NpQnBkSE1n IGMzUnliMj VuSUcgTnZj bkJ2Y21GMC BaU0J6YjJO cFlXIHdnY2 1WemNHOXUg YzJsaWFXeH BkSCBrZ2FX NXBkR2xoIG RHbDJaWE1z SUcgbHVZMn gxWkdsdSBa eUJ3YUdsc1 lXIDUwYUhK dmNHbGogSU dWbVptOXlk SCBNZ2RHOG dhVzVqIGNt VmhjMlVnWV cgTmpaWE56 SUhSdiBJR2 hsWVd4MGFH IE5oY21VZ1 lXNWsgSUhO MWNIQnZjbi BRZ1ptOXlJ SE5qIGFXVn VZMlVnWlcg UjFZMkYwYV c5dSBManhp Y2o0eE1DID RnUVcxblpX NGcgYUdGek lHSmxaVyA0 Z2NtVmpiMm R1IGFYcGxa Q0JtYjMgSW dhWFJ6SUd4 bCBZV1JsY2 5Ob2FYIEFn WVc1a0lHbH UgYm05MllY UnBiMiA0c0 lISmxZMlZw IGRtbHVaeU J1ZFcgMWxj bTkxY3lCaC BkMkZ5WkhN Z1lXIDVrSU dodmJtOXkg Y3lCbWNtOX RJRyA5eVoy RnVhWHBoIG RHbHZibk1n YzMgVmphQ0 JoY3lCRyBi M0ppWlhNc0 lFIFp2Y25S MWJtVXMgSU dGdVpDQjBh RyBVZ1FXMW xjbWxqIFlX NGdVMjlqYV cgVjBlU0J2 WmlCRCBiR2 x1YVdOaGJD IEJQYm1Odm JHOW4gZVM0 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=