DHL Group

-4.92%

in 2021
The DHL Group is a global logistics company headquartered in Bonn, Germany. It is one of the largest logistics companies in the world, providing a wide range of services such as international express delivery, freight forwarding, supply chain management, and e-commerce solutions. The company operates in over 220 countries and territories, with a workforce of approximately 380,000 employees.
History
The DHL Group was founded in 1969 by three businessmen in San Francisco, California. Adrian Dalsey, Larry Hillblom, and Robert Lynn (the D, H, and L in the company name) began by shipping small documents by air freight between San Francisco and Honolulu. The company expanded rapidly, opening its first international office in Japan in 1971 and establishing a presence in Europe in 1974.
In 1998, Deutsche Post, a German postal and logistics company, acquired a 25% share in DHL and increased its share to a controlling stake in 2001. This acquisition allowed DHL to expand its global reach and service offerings.
Services
DHL offers a wide range of services to its customers, including international express delivery, freight transportation, warehousing and distribution, customs clearance, and supply chain solutions. Its express delivery service, DHL Express, is the most well-known and widely used service, providing urgent delivery of documents and parcels worldwide. DHL's freight transportation services include air, ocean, and road freight, and its supply chain solutions include warehousing, inventory management, and transportation management.
The company also offers e-commerce solutions for businesses of all sizes. Its services include e-commerce fulfillment, webshop integration, and online marketplace shipping.
Sustainability
The DHL Group is committed to sustainability and has set ambitious goals to reduce its environmental impact. These goals include achieving net-zero emissions by 2050 and increasing its use of electric vehicles and alternative fuels, as well as improving the energy efficiency of its facilities.
The company is also involved in various community and social responsibility initiatives such as disaster relief efforts and environmental conservation projects.
Financial performance
In 2020, the DHL Group reported a revenue of €66.8 billion and a net profit of €2.4 billion. Its express division, DHL Express, accounted for the majority of the company's revenue. Despite the challenges posed by the COVID-19 pandemic, the company's revenue and profit both increased in 2020 compared to the previous year.
The DHL Group's stock is listed on the Frankfurt Stock Exchange and has been performing well, reaching an all-time high in early 2021. It is also a component of the DAX 30 index, which tracks the performance of the 30 largest and most liquid companies in Germany.
Impact of COVID-19
Like many companies, the DHL Group has been impacted by the COVID-19 pandemic. The company has implemented various measures to ensure the safety of its employees and customers, such as implementing social distancing protocols, providing personal protective equipment, and introducing contactless delivery options.
The pandemic has also accelerated the growth of e-commerce, which has increased demand for DHL's services in this sector. However, the company has faced challenges such as reduced air freight capacity and increased costs due to the pandemic. Overall, the DHL Group has shown resilience in the face of the pandemic and continues to adapt to the changing market conditions.

LSBESEwgR3 JvdXAgaXMg dGhlIGxhcm dlc3QgbG9n aXN0aWNzIG NvbXBhbnkg aW4gdGhlIH dvcmxkLCB3 aXRoIGEgcH Jlc2VuY2Ug aW4gb3Zlci AyMjAgY291 bnRyaWVzIG FuZCB0ZXJy aXRvcmllcy 48YnI+LSBJ dCBvZmZlcn MgYSB3aWRl IHJhbmdlIG 9mIHNlcnZp Y2VzIGluY2 x1ZGluZyBw YXJjZWwgYW 5kIGV4cHJl c3MgZGVsaX ZlcnksIGZy ZWlnaHQgdH JhbnNwb3J0 YXRpb24sIH dhcmVob3Vz aW5nLCBhbm Qgc3VwcGx5 IGNoYWluIG 1hbmFnZW1l bnQuPGJyPi 0gVGhlIGNv bXBhbnkgaX Mga25vd24g Zm9yIGl0cy BlZmZpY2ll bnQgYW5kIH JlbGlhYmxl IGdsb2JhbC BuZXR3b3Jr LCBhbGxvd2 luZyBmb3Ig ZmFzdCBhbm Qgc2VjdXJl IGRlbGl2ZX J5IG9mIGdv b2RzLjxicj 4tIERITCBo YXMgYSBzdH JvbmcgZm9j dXMgb24gc3 VzdGFpbmFi aWxpdHkgYW 5kIGlzIGNv bW1pdHRlZC B0byByZWR1 Y2luZyBpdH MgY2FyYm9u IGZvb3Rwcm ludCB0aHJv dWdoIGluaX RpYXRpdmVz IHN1Y2ggYX MgdXNpbmcg YWx0ZXJuYX RpdmUgZnVl bHMgYW5kIG ltcGxlbWVu dGluZyBlY2 8tZnJpZW5k bHkgZGVsaX ZlcnkgbWV0 aG9kcy48Yn I+LSBUaGUg Y29tcGFueS BoYXMgYSBz dHJvbmcgY2 9ycG9yYXRl IHNvY2lhbC ByZXNwb25z aWJpbGl0eS Bwcm9ncmFt LCBzdXBwb3 J0aW5nIHZh cmlvdXMgY2 hhcml0YWJs ZSBhbmQgY2 9tbXVuaXR5 IGluaXRpYX RpdmVzIGFy b3VuZCB0aG Ugd29ybGQu PGJyPi0gRE hMIGhhcyBh IGN1c3RvbW VyLWNlbnRy aWMgYXBwcm 9hY2ggYW5k IGNvbnRpbn VvdXNseSBp bnZlc3RzIG luIHRlY2hu b2xvZ3kgYW 5kIGlubm92 YXRpb24gdG 8gaW1wcm92 ZSBpdHMgc2 VydmljZXMg YW5kIG1lZX QgdGhlIGNo YW5naW5nIG 5lZWRzIG9m IGl0cyBjdX N0b21lcnMu PGJyPi0gSX QgaGFzIGEg ZGl2ZXJzZS BhbmQgaW5j bHVzaXZlIH dvcmtwbGFj ZSwgd2l0aC BlbXBsb3ll ZXMgZnJvbS BvdmVyIDE1 MCBuYXRpb2 5hbGl0aWVz IGFuZCBjdW x0dXJlcy48 YnI+LSBUaG UgY29tcGFu eSBoYXMgd2 9uIG51bWVy b3VzIGF3YX JkcyBhbmQg cmVjb2duaX Rpb25zLCBp bmNsdWRpbm cgIldvcmxk J3MgTW9zdC BJbnRlcm5h dGlvbmFsIE NvbXBhbnki IGFuZCAiVG 9wIEVtcGxv eWVyIiBpbi BtdWx0aXBs ZSBjb3VudH JpZXMuPGJy Pi0gREhMIG hhcyBhIHN0 cm9uZyBjb2 1taXRtZW50 IHRvIGVudm lyb25tZW50 YWwgcHJvdG VjdGlvbiBh bmQgYmlvZG l2ZXJzaXR5 LCBhY3Rpdm VseSB3b3Jr aW5nIHRvIH JlZHVjZSBp dHMgaW1wYW N0IG9uIHRo ZSBlbnZpcm 9ubWVudC48 YnI+LSBUaG UgY29tcGFu eSBhbHNvIH BsYXlzIGEg dml0YWwgcm 9sZSBpbiB0 aGUgZ2xvYm FsIGVjb25v bXkgYW5kIH RyYWRlLCBj b25uZWN0aW 5nIGJ1c2lu ZXNzZXMgYW 5kIGNvbnN1 bWVycyBhY3 Jvc3MgdGhl IHdvcmxkLg ==

VGhlIERITC BHcm91cCBj b21wYW55J3 MgYnVzaW5l c3MgbW9kZW wgaXMgYmFz ZWQgb24gcH JvdmlkaW5n IGxvZ2lzdG ljcyBhbmQg aW50ZXJuYX Rpb25hbCBl eHByZXNzIG RlbGl2ZXJ5 IHNlcnZpY2 VzLiBUaGlz IGluY2x1ZG VzIHNoaXBw aW5nIGFuZC B0cmFuc3Bv cnRhdGlvbi BvZiBnb29k cyBhbmQgZG 9jdW1lbnRz LCB3YXJlaG 91c2luZyBh bmQgZGlzdH JpYnV0aW9u LCBhbmQgc3 VwcGx5IGNo YWluIG1hbm FnZW1lbnQg c29sdXRpb2 5zLiBUaGUg Y29tcGFueS BvcGVyYXRl cyBpbiBmb3 VyIGRpdmlz aW9uczogRE hMIEV4cHJl c3MsIERITC BHbG9iYWwg Rm9yd2FyZG luZywgREhM IFN1cHBseS BDaGFpbiwg YW5kIERITC BlQ29tbWVy Y2UuIEl0cy BidXNpbmVz cyBtb2RlbC BhbHNvIGlu Y2x1ZGVzIG EgZm9jdXMg b24gZGlnaX RhbGl6YXRp b24sIHN1c3 RhaW5hYmls aXR5LCBhbm QgY3VzdG9t ZXItY2VudH JpYyBzZXJ2 aWNlcy4gQW RkaXRpb25h bGx5LCBESE wgR3JvdXAg b2ZmZXJzIH NwZWNpYWxp emVkIHNlcn ZpY2VzIGlu IGhlYWx0aG NhcmUsIHRl Y2hub2xvZ3 ksIGF1dG9t b3RpdmUsIG FuZCBlbmVy Z3kgc2VjdG 9ycy4gVGhl IGNvbXBhbn kgYWxzbyBv cGVyYXRlcy BhIGdsb2Jh bCBuZXR3b3 JrIG9mIHBh cnRuZXJzIG FuZCBhZ2Vu dHMgdG8gcH JvdmlkZSBj b3ZlcmFnZS BpbiBvdmVy IDIyMCBjb3 VudHJpZXMg YW5kIHRlcn JpdG9yaWVz IHdvcmxkd2 lkZS4=

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 bmc6IDIwcH 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 bG9nb3MvUn hLd0c3TERB SXAzdUFsUE FJZTkud2Vi cCIgYWx0PS JESEwgR3Jv dXAiIHRpdG xlPSJESEwg R3JvdXAiIC BjbGFzcz0i aW1nLWZsdW lkIiBoZWln aHQ9OTAgd2 lkdGg9OTAg bG9hZGluZz 0nbGF6eScg c3R5bGU9J2 JvcmRlci1y YWRpdXM6ID ZweDsnPgoK ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdmbGV4Oi AxOyB0ZXh0 LWFsaWduOi BjZW50ZXI7 IG1hcmdpbi 1sZWZ0OiA1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PHAgc3R5bG U9J2ZvbnQt c2l6ZTogMj ZweDsgY29s b3I6ICMzMz M7IG1hcmdp bi1ib3R0b2 06IDE1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IPCfk4ggV2 FudCB0byBy ZWFkIG1vcm UgYWJvdXQg REhMIEdyb3 VwPwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT JweDsgZm9u dC1zaXplOi AxM3B4OyBj b2xvcjogIz Q0NDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgSGF2 ZSB5b3UgaG VhcmQgYWJv dXQgb3VyIH Nob3J0IDxi PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L2I+Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naH R0cHM6Ly93 d3cuaW5zaW dodGZ1bHZh bHVlLmNvbS 9uZXdzbGV0 dGVyLnBocC cgdGFyZ2V0 PSdfYmxhbm snIHN0eWxl PSdjb2xvcj ogIzAwN0JG RjsgdGV4dC 1kZWNvcmF0 aW9uOiBub2 5lOyBmb250 LXdlaWdodD ogNTAwOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgRm luZCBvdXQg bW9yZQogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIE1T NGdSRWhNSU ggZGhjeUJt YjNWdSBaR1 ZrSUdsdUlG IE5oYmlCR2 NtRnUgWTJs elkyOGdhVy A0Z01UazJP U0JpIGVTQj BhSEpsWlMg QkJiV1Z5YV dOaCBiaUJs Ym5SeVpYIE J5Wlc1bGRY SnogSU9LQW t5QkJaSCBK cFlXNGdSR0 ZzIGMyVjVM Q0JNWVggSn llU0JJYVd4 cyBZbXh2Yl N3Z1lXIDVr SUZKdlltVn kgZENCTWVX NXVMaSBCVW FHVWdZMjl0 IGNHRnVlZU tBbVggTWdi bUZ0WlNCMy BZWE1nWkdW eWFYIFpsWk NCbWNtOXQg SUhSb1pTQm 1hWCBKemRD QnNaWFIwIF pYSWdiMlln ZEcgaGxJR3 hoYzNRZyBi bUZ0WlhNZ2 IyIFlnZEdo bElHWnYgZF c1a1pYSnpM aiB4aWNqNH lMaUJFIFNF d2dhWE1nWT MgVnljbVZ1 ZEd4NSBJSF JvWlNCM2Iz IEpzWk9LQW 1YTWcgYkdG eVoyVnpkQy BCc2IyZHBj M1JwIFkzTW dZMjl0Y0cg RnVlU3dnZD JsMCBhQ0Jo SUhCeVpYIE 5sYm1ObElH bHUgSUc5Ml pYSWdNaiBJ d0lHTnZkVz UwIGNtbGxj eUJoYm0gUW dkR1Z5Y21s MCBiM0pwWl hNdUlFIGww SUdWdGNHeH YgZVhNZ2Iz WmxjaSBBek 9EQXNNREF3 IElIQmxiM0 JzWlMgQm5i RzlpWVd4cy BlU0JoYm1R Z2IzIEJsY2 1GMFpYTWcg WVNCbWJHVm xkQyBCdlpp QnZkbVZ5IE lESTFNQ0Jo YVggSmpjbU ZtZEM0OCBZ bkkrTXk0Z1 ZHIGhsSUdO dmJYQmggYm 5uaWdKbHpJ RyBsamIyNX BZeUJ5IFpX UWdZVzVrSU ggbGxiR3h2 ZHlCcyBiMm R2SUhkaGN5 IEJrWlhOcF oyNWwgWkNC aWVTQm5jbS BGd2FHbGpJ R1JsIGMybG 5ibVZ5SUUg SnlZV1JpZF hKNSBJRlJv YjIxd2MyID l1SUdsdUlE RTUgTnpBdU lGUm9aUyBC a1pYTnBaMj RnIGQyRnpJ R05vYjMgTm xiaUIwYnlC dCBZV3RsSU hSb1pTIEJq YjIxd1lXNT UgSUhOMFlX NWtJRyA5MW RDQmhibVFn IFltVWdaV0 Z6YVcgeDVJ SEpsWTI5bi BibWw2WVdK c1pTIDQ4WW 5JK05DNGcg UkVoTUlIZG hjeSBCMGFH VWdabWx5IG MzUWdhVzUw WlggSnVZWF JwYjI1aCBi Q0JqYjNWeW FXIFZ5SUhO bGNuWnAgWT JVZ2RHOGda VyA1MFpYSW dkR2hsIElF Tm9hVzVsYz IgVWdiV0Z5 YTJWMCBJR2 x1SURFNU9E IEFzSUcxaG EybHUgWnlC cGRDQnZibS BVZ2IyWWdk R2hsIElHeH ZibWRsYzMg UXRjMlZ5ZG 1sdSBaeUJt YjNKbGFXIG R1SUd4dloy bHogZEdsam N5QmpiMiAx d1lXNXBaWE 1nIGFXNGdk R2hsSUcgTn ZkVzUwY25r dSBQR0p5UG pVdUlGIFJv WlNCamIyMX cgWVc1NUlI QnNZWCBsbF pDQmhJR055 IGRXTnBZV3 dnY20gOXNa U0JwYmlCMC BhR1VnTVRr M01pIEJOZF c1cFkyZ2cg VDJ4NWJYQn BZMyBNZ1lu a2djSEp2IG RtbGthVzVu SUcgeHZaMm x6ZEdsaiBj eUJ6ZFhCd2 IzIEowSUda dmNpQjAgYU dVZ1oyRnRa WCBNdUlGUm 9hWE1nIGQy RnpJR0VnYz IgbG5ibWxt YVdOaCBibl FnYldsc1pY IE4wYjI1bE lHWnYgY2lC RVNFd3NJRy BGeklHbDBJ SGRoIGN5Qj BhR1ZwY2kg Qm1hWEp6ZE NCdCBZV3B2 Y2lCemNHID l5ZEhNZ2Mz QnYgYm5Odm NuTm9hWCBB dVBHSnlQal l1IElFUklU T0tBbVggTW djMlZ5ZG1s aiBaWE1nYV c1amJIIFZr WlNCdWIzUW cgYjI1c2VT QmxlSCBCeV pYTnpJR1Js IGJHbDJaWE o1SUcgSjFk Q0JoYkhOdi BJR052Ym5S eVlXIE4wSU d4dloybHog ZEdsamN5d2 dabiBKbGFX ZG9kQ0IwIG NtRnVjM0J2 Y24gUmhkR2 x2Yml3ZyBZ VzVrSUhOMW NIIEJzZVNC amFHRnAgYm lCamIyNXpk VyB4MGFXNW 5MaUJVIGFH VjVJRzltWm 0gVnlJR0Vn ZDJsayBaU0 J5WVc1blpT IEJ2WmlCel pYSjIgYVdO bGN5QjBieS BCallYUmxj aUIwIGJ5Qj BhR1VnYm0g VmxaSE1nYj JZZyBaR2xt Wm1WeVpXID UwSUdKMWMy bHUgWlhOel pYTWdZVyA1 a0lHbHVaSF Z6IGRISnBa WE11UEcgSn lQamN1SUVs dSBJREl3TU RJc0lFIFJJ VENCc1lYVn UgWTJobFpD QnBkSCBNZ1 kyRnlZbTl1 IExXNWxkWF J5WVcgd2dj MmhwY0hCcC BibWNnYzJW eWRtIGxqWl N3Z1lXeHMg YjNkcGJtY2 dZMyBWemRH OXRaWEp6IE lIUnZJRzlt Wm4gTmxkQ0 IwYUdVZyBZ MkZ5WW05dU lHIFZ0YVhO emFXOXUgY3 lCbWNtOXRJ SCBSb1pXbH lJSE5vIGFY QnRaVzUwY3 kgQmllU0Jw Ym5abCBjM1 JwYm1jZ2FX IDRnWlc1Mm FYSnYgYm0x bGJuUmhiQy BCd2NtOXFa V04wIGN5ND hZbkkrT0Mg NGdSRWhNNG 9DWiBjeUJr YVhOaGMzIF JsY2lCeVpY TncgYjI1el pTQjBaVyBG dExDQkVhWE 5oIGMzUmxj aUJTWlggTn diMjV6WlNC VSBaV0Z0SU NoRVVsIFFw TENCcGN5Qm ogYjIxd2Iz TmxaQyBCdl ppQjBjbUZw IGJtVmtJRV JJVEMgQmxi WEJzYjNsbC BaWE1nZDJo dklIIEJ5Yj NacFpHVWcg Ykc5bmFYTj BhVyBOeklI TjFjSEJ2IG NuUWdaSFZ5 YVcgNW5JRz VoZEhWeSBZ V3dnWkdsel lYIE4wWlhK eklHRnUgWk NCb2RXMWhi bSBsMFlYSn BZVzRnIFkz SnBjMlZ6SU cgRnliM1Z1 WkNCMCBhR1 VnZDI5eWJH IFF1SUVsME lIZGggY3lC amNtVmhkRy BWa0lHbHVJ REl3IE1EVW dZV1owWlgg SWdkR2hsSU VsdSBaR2xo YmlCUFkyIF ZoYmlCMGMz VnUgWVcxcE xqeGljaiA0 NUxpQkVTRX dnIGFYTWdZ U0JrYVggWn BjMmx2YmlC diBaaUJFWl hWMGMyIE5v WlNCUWIzTj AgSUVSSVRD QkhjbSA5MW NDd2dkMmhw IFkyZ2dhWE 1nYkcgbHpk R1ZrSUc5dS BJSFJvWlNC R2NtIEZ1YT JaMWNuUWcg VTNSdlkyc2 dSWCBoamFH RnVaMlV1IE lGUm9aU0Jq YjIgMXdZVz U1SUdseiBJ R1JwZG1sa1 pXIFFnYVc1 MGJ5Qm0gYj NWeUlHMWhh VyA0Z1luVn phVzVsIGMz TWdkVzVwZE ggTWc0b0NU SUVSSSBUQ0 JGZUhCeVpY IE56TENCRV NFd2cgUjJ4 dlltRnNJRS BadmNuZGhj bVJwIGJtY3 NJRVJJVEMg QlRkWEJ3Yk hrZyBRMmho YVc0c0lHIE Z1WkNCRVNF d2cgWlVOdm JXMWxjbSBO bElGTnZiSF YwIGFXOXVj eTQ4WW4gSS tNVEF1SUVS SSBUQ0JvWV hNZ2QyIDl1 SUc1MWJXVn kgYjNWeklH RjNZWCBKa2 N5QmhibVFn IFlXTmpiMn hoWkcgVnpM Q0JwYm1Ocy BkV1JwYm1j Z1ltIFZwYm 1jZ2JtRnQg WldRZ2RHaG xJRiBSdmND QkZiWEJzIG IzbGxjaUJw YmkgQXlNRE l3SUdKNSBJ SFJvWlNCVW IzIEFnUlcx d2JHOTUgWl hKeklFbHVj MyBScGRIVj BaU0JoIGJt UWdZbVZwYm 0gY2diR2x6 ZEdWayBJR0 Z6SUc5dVpT IEJ2WmlCMG FHVWcgVjI5 eWJHVGlnSi BseklFMXZj M1FnIFFXUn RhWEpsWkMg QkRiMjF3WV c1cCBaWE1n WW5rZ1JtID l5ZEhWdVpT QnAgYmlBeU 1ESXhMZyA9 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=
See Company Q&A