Ennis

-8.81%

More reviews (1)

Live  

Ennis is a company that provides custom printing and promotional products to businesses and organizations. The company was founded in 1909 in Ennis, Texas and has grown to become one of the top printing and promotional product suppliers in North America.
Ennis offers a wide range of products and services, including checks and forms, business envelopes, custom labels and tags, presentation folders, and personalized promotional products. The company also offers e-commerce solutions, warehousing and fulfillment services, and mail and distribution services.
Ennis is known for its high-quality products and exceptional customer service. The company has a strong focus on sustainability and uses eco-friendly materials and processes in its production.
Ennis has a national presence with over 50 facilities across the United States and Canada. The company has a team of over 5,500 employees dedicated to providing the best printing and promotional products to its customers.
Ennis has established itself as a reliable and trusted partner for businesses of all sizes and industries. The company is committed to helping its customers grow and succeed by providing them with top-notch printing and promotional products and services.

Ennis is a company that makes a lot of different printed products, like forms for businesses, custom printing for special events, and even promotional items like t-shirts and stickers. You know when you go to a store and see a cool t-shirt with a logo? That might be something Ennis helps create!
The way Ennis makes money is pretty simple. They print these items for other companies and businesses that need them. When a company wants to make a lot of flyers or business cards, they can order them from Ennis. Ennis charges for the printing services and products they provide, which is how they earn their money.
Ennis is successful for several reasons. First, they have been around for a long time, so many businesses trust them to deliver good quality products. They also have a wide range of items they can print, which means they can attract many different types of customers.
Looking into the future, Ennis is likely to stay successful. As businesses continue to need printed materials to promote themselves and connect with customers, Ennis will be there to provide those products. They also embrace new technology, which helps them keep making their printing services better and faster. So, as long as there are businesses that need printing, Ennis will probably keep doing well!

MS4gTG9uZy BIaXN0b3J5 OiBUaGUgRW 5uaXMgY29t cGFueSBoYX MgYmVlbiBp biBidXNpbm VzcyBmb3Ig b3ZlciAxMD AgeWVhcnMs IGVzdGFibG lzaGluZyBh IHN0cm9uZy ByZXB1dGF0 aW9uIGFuZC BkZWVwIGlu ZHVzdHJ5IG tub3dsZWRn ZS48YnI+Mi 4gRGl2ZXJz aWZpZWQgUH JvZHVjdCBQ b3J0Zm9saW 86IFRoZSBj b21wYW55IG 9mZmVycyBh IHdpZGUgcm FuZ2Ugb2Yg cHJvZHVjdH MgaW5jbHVk aW5nIGJ1c2 luZXNzIGZv cm1zLCBwYW NrYWdpbmcs IHRhZ3MsIG xhYmVscywg YW5kIG90aG VyIGN1c3Rv bSBwcmludG VkIHByb2R1 Y3RzLCBjYX RlcmluZyB0 byBhIGRpdm Vyc2UgY3Vz dG9tZXIgYm FzZS48YnI+ My4gU3Ryb2 5nIERpc3Ry aWJ1dGlvbi BOZXR3b3Jr OiBFbm5pcy BoYXMgYSB3 ZWxsLWVzdG FibGlzaGVk IGRpc3RyaW J1dGlvbiBu ZXR3b3JrLC B3aXRoIG1h bnVmYWN0dX JpbmcgZmFj aWxpdGllcy Bsb2NhdGVk IGFjcm9zcy B0aGUgVW5p dGVkIFN0YX RlcywgcHJv dmlkaW5nIG VmZmljaWVu dCBhbmQgdG ltZWx5IGRl bGl2ZXJ5IH RvIGN1c3Rv bWVycy48Yn I+NC4gQ3Vz dG9tZXIgRm 9jdXM6IEVu bmlzIHByaW RlcyBpdHNl bGYgb24gaX RzIGN1c3Rv bWVyLWNlbn RyaWMgYXBw cm9hY2gsIH Byb3ZpZGlu ZyBwZXJzb2 5hbGl6ZWQg c29sdXRpb2 5zIGFuZCBl eGNlbGxlbn QgY3VzdG9t ZXIgc2Vydm ljZSB0byBj bGllbnRzLj xicj41LiBG aW5hbmNpYW wgU3RhYmls aXR5OiBUaG UgY29tcGFu eSBoYXMgbW FpbnRhaW5l ZCBzdGVhZH kgZmluYW5j aWFsIGdyb3 d0aCwgd2l0 aCBhIHNvbG lkIGJhbGFu Y2Ugc2hlZX QgYW5kIGNv bnNpc3Rlbn QgcHJvZml0 YWJpbGl0eS BvdmVyIHRo ZSB5ZWFycy 48YnI+Ni4g RW1waGFzaX Mgb24gU3Vz dGFpbmFiaW xpdHk6IEVu bmlzIGlzIG NvbW1pdHRl ZCB0byBzdX N0YWluYWJs ZSBwcmFjdG ljZXMgYW5k IGhhcyBpbm NvcnBvcmF0 ZWQgdmFyaW 91cyBlbnZp cm9ubWVudG FsbHkgZnJp ZW5kbHkgaW 5pdGlhdGl2 ZXMgaW4gaX RzIG9wZXJh dGlvbnMgc3 VjaCBhcyB1 c2luZyByZW N5Y2xlZCBt YXRlcmlhbH MgYW5kIHJl ZHVjaW5nIH dhc3RlLjxi cj43LiBJbm 5vdmF0aXZl bmVzczogRW 5uaXMgaXMg Y29uc3Rhbn RseSBsb29r aW5nIGZvci BuZXcgYW5k IGlubm92YX RpdmUgd2F5 cyB0byBpbX Byb3ZlIGl0 cyBwcm9kdW N0cyBhbmQg c2VydmljZX MsIHN0YXlp bmcgYWhlYW Qgb2YgdGhl IGNvbXBldG l0aW9uLjxi cj44LiBTdH JvbmcgRXRo aWNhbCBWYW x1ZXM6IFRo ZSBjb21wYW 55IGhhcyBh IHN0cm9uZy BldGhpY2Fs IGNvZGUgb2 YgY29uZHVj dCBhbmQgZm 9zdGVycyBh IGN1bHR1cm Ugb2YgaW50 ZWdyaXR5LC B0cmFuc3Bh cmVuY3ksIG FuZCByZXNw ZWN0IHdpdG hpbiB0aGUg b3JnYW5pem F0aW9uLjxi cj45LiBFbX Bsb3llZSBE ZXZlbG9wbW VudDogRW5u aXMgaW52ZX N0cyBpbiBp dHMgZW1wbG 95ZWVz4oCZ IGRldmVsb3 BtZW50LCBw cm92aWRpbm cgb3Bwb3J0 dW5pdGllcy Bmb3IgZ3Jv d3RoIGFuZC Bwcm9tb3Rp bmcgYSBjdW x0dXJlIG9m IGNvbnRpbn VvdXMgbGVh cm5pbmcuPG JyPjEwLiBD b21tdW5pdH kgSW52b2x2 ZW1lbnQ6IF RoZSBjb21w YW55IGlzIG FjdGl2ZWx5 IGludm9sdm VkIGluIHN1 cHBvcnRpbm cgbG9jYWwg Y29tbXVuaX RpZXMgYW5k IGNoYXJpdG FibGUgY2F1 c2VzLCBkZW 1vbnN0cmF0 aW5nIGl0cy Bjb21taXRt ZW50IHRvIH NvY2lhbCBy ZXNwb25zaW JpbGl0eS4=

VGhlIEVubm lzIGNvbXBh bnnigJlzIG J1c2luZXNz IG1vZGVsIG lzIHByaW1h cmlseSBmb2 N1c2VkIG9u IHByb3ZpZG luZyBwcmlu dGVkIGFuZC BwZXJzb25h bGl6ZWQgcH JvZHVjdHMg YW5kIHNlcn ZpY2VzIHRv IGJ1c2luZX NzZXMgYW5k IGluZGl2aW R1YWxzLiBU aGV5IG9mZm VyIGEgd2lk ZSByYW5nZS BvZiBwcm9k dWN0cywgaW 5jbHVkaW5n IGVudmVsb3 BlcywgZm9y bXMsIGxhYm VscywgcGFj a2FnaW5nLC BncmVldGlu ZyBjYXJkcy wgYW5kIG1h bnkgbW9yZS wgYW5kIGFs c28gcHJvdm lkZSBkZXNp Z24sIHByaW 50aW5nLCBh bmQgZGlzdH JpYnV0aW9u IHNlcnZpY2 VzLiBUaGUg Y29tcGFueS BvcGVyYXRl cyB0aHJvdW doIGEgbmV0 d29yayBvZi BzdWJzaWRp YXJpZXMgYW 5kIGRpc3Ry aWJ1dG9ycy wgYWxsb3dp bmcgdGhlbS B0byByZWFj aCBhIGRpdm Vyc2UgY3Vz dG9tZXIgYm FzZSBhbmQg b2ZmZXIgYS B2YXJpZXR5 IG9mIHByb2 R1Y3RzIGFu ZCBzZXJ2aW Nlcy4gVGhl aXIgYnVzaW 5lc3MgbW9k ZWwgaXMgY2 VudGVyZWQg YXJvdW5kIH Byb3ZpZGlu ZyBoaWdoLX F1YWxpdHkg cHJvZHVjdH MgYW5kIHNl cnZpY2VzLC BtYWludGFp bmluZyBzdH JvbmcgcmVs YXRpb25zaG lwcyB3aXRo IGN1c3RvbW VycyBhbmQg c3VwcGxpZX JzLCBhbmQg Y29udGludW 91c2x5IGlu dmVzdGluZy BpbiB0ZWNo bm9sb2d5IG FuZCBpbm5v dmF0aW9uIH RvIHN0YXkg Y29tcGV0aX RpdmUgaW4g dGhlIG1hcm tldC4=

To evaluate whether AI poses a material threat to the Ennis company’s products, services, or competitive positioning, we can consider three key areas: substitution, disintermediation, and margin pressure.
1. Substitution: AI can potentially offer alternatives to Ennis’s products or services. If competitors leverage AI to create more efficient or innovative solutions, they may attract customers away from Ennis. For example, if Ennis specializes in traditional printing and design and competitors use AI to automate these processes and reduce costs or enhance quality, there could be a significant risk of substitution. However, this also depends on how well Ennis adapts to technological changes and whether it can integrate AI into its offerings.
2. Disintermediation: AI can streamline processes, reducing the need for intermediaries. If Ennis operates in a value chain that involves multiple players, AI technology could enable customers to bypass certain steps or stakeholders. For example, if AI-driven platforms allow customers to design and order products directly without going through traditional channels, Ennis might face disintermediation, which could disrupt its existing business model.
3. Margin Pressure: The introduction of AI can lead to increased competition and efficiency, which may drive down prices across the industry. If competitors use AI to optimize production and reduce costs, they could offer lower prices that pressure Ennis’s profit margins. This scenario could compel Ennis to invest in AI technologies to maintain competitiveness, which could also strain its financial resources if not managed properly.
In summary, AI poses potential threats to Ennis through substitution, disintermediation, and margin pressure. The company’s ability to adapt to these challenges and incorporate AI into its operations will be crucial in mitigating these risks and maintaining its competitive positioning.

To assess the sensitivity of Ennis Company’s earnings, cash flow, and valuation to changes in interest rates, we must consider various factors:
1. Earnings Sensitivity: If interest rates rise, borrowing costs for the company may increase. Higher interest expenses can reduce net income, especially if the company has significant debt. Conversely, if interest rates decrease, the cost of borrowing may become more favorable, potentially boosting earnings.
2. Cash Flow Sensitivity: Changes in interest rates can also affect cash flow. Increased rates can limit consumer spending and affect demand for the company’s products or services, resulting in lower cash inflows. Additionally, if the company has variable-rate debt, rising interest rates will lead to higher interest payments, further affecting operational cash flow. On the other hand, lower rates can increase cash flow through reduced financing costs.
3. Valuation Sensitivity: Valuation models often use discounted cash flow (DCF) approaches, which are sensitive to the discount rate. Higher interest rates generally lead to a higher discount rate, reducing the present value of expected future cash flows and negatively impacting the company’s valuation. Conversely, lower interest rates can increase present values and the company’s overall valuation.
Overall, the sensitivity of Ennis Company’s earnings, cash flow, and valuation to interest rate changes depends on its debt levels, sensitivity of revenue to consumer behavior, and the structure of its financial obligations. A thorough analysis of these factors is crucial to understand the company’s vulnerability to interest rate fluctuations effectively.

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 bG9nb3MvVW 92czlNck5R Q0ZGYm5tRk JqcUQud2Vi cCIgYWx0PS JFbm5pcyIg dGl0bGU9Ik VubmlzIiAg Y2xhc3M9Im ltZy1mbHVp ZCIgaGVpZ2 h0PTkwIHdp ZHRoPTkwIG 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 VubmlzPwog 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 +OgSBGcmVl IGRvd25sb2 FkISA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvcD4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTJweDsg Zm9udC1zaX plOiAxM3B4 OyBjb2xvcj ogIzQ0NDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg U2lnbiB1cC Bub3cgYW5k IGdldCBvdX IgZnJlZSBl Qm9vayAKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxiPl RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 M8L2I+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx NnB4OyBmb2 50LXNpemU6 IDE0cHg7IG NvbG9yOiAj NDQ0OyBmb2 50LWZhbWls eTogLWFwcG xlLXN5c3Rl bSwgQmxpbm tNYWNTeXN0 ZW1Gb250LC BTZWdvZSBV SSwgUm9ib3 RvLCBIZWx2 ZXRpY2EgTm V1ZSwgc2Fu cy1zZXJpZj sgbGluZS1o ZWlnaHQ6ID EuNjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgSGF2 ZSB5b3UgaG VhcmQgYWJv dXQgb3VyIH Nob3J0IDxz dHJvbmcgc3 R5bGU9J2Zv bnQtd2VpZ2 h0OiA2MDA7 Jz5EYWlseS BWaWRlbyBO ZXdzbGV0dG VyPC9zdHJv bmc+PwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naHR0 cHM6Ly93d3 cuaW5zaWdo dGZ1bHZhbH VlLmNvbS9u ZXdzbGV0dG VyLnBocCcg dGFyZ2V0PS dfYmxhbmsn IHN0eWxlPS djb2xvcjog IzAwN0JGRj sgdGV4dC1k ZWNvcmF0aW 9uOiBub25l OyBmb250LX dlaWdodDog NTAwOyBtYX JnaW4tbGVm dDogNnB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgRmlu ZCBvdXQgbW 9yZQogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIAogIC AgICAgIAog ICAgICAgID xzcGFuIGNs YXNzPSdibH VycmVkLXRl eHQnPgogIC AgICAgICAg ICBSVzUyWl d4dmNHIFVn YzNWd2NHeH AgWlhJZ1JX NXVhWCBNc0 lFbHVZeTRz IElHbHpJR3 R1YjMgZHVJ R1p2Y2lCcC BkSE1nYUds bmFDIDF4ZF dGc2FYUjUg SUdOdmJXMW xjbSBOcFlX d2dZVzVrIE lHUnBaMmww WVcgd2djSE pwYm5ScCBi bWNnYzJWeW RtIGxqWlhN dUlGUm8gWl NCamIyMXdZ VyA1NUlIZG hjeUJtIGIz VnVaR1ZrSU cgbHVJREU1 TURrZyBZbm tnU205b2Jp IEJRTGlCRm JtNXAgY3l3 Z1UzSXVJRy BGdVpDQm9Z WE1nIGMybH VZMlVnWW0g VmpiMjFsSU dFZyBiR1Zo WkdsdVp5IE J3Y205MmFX UmwgY2lCdl ppQndjbSBs dWRDQmhibV FnIGNISnZi VzkwYVcgOX VZV3dnYzI5 cyBkWFJwYj I1eklIIFJ2 SUdKMWMybH UgWlhOelpY TWdZVyA1a0 lHOXlaMkZ1 IGFYcGhkR2 x2Ym4gTWdZ V055YjNOei BJSFJvWlNC VmJtIGwwWl dRZ1UzUmgg ZEdWekxqeG ljaiA1SVpY SmxJR0Z5IF pTQnpiMjFs SUcgbHVkR1 Z5WlhOMCBh VzVuSUdaaF kzIFJ6SUdG aWIzVjAgSU hSb1pTQkZi bSA1cGN5Qm piMjF3IFlX NTVPanhpY2 ogNHhMaUJV YUdVZyBZMj l0Y0dGdWVT IEIzWVhNZ2 FXNXAgZEds aGJHeDVJRy A1aGJXVmtJ SFJvIFpTQk ZibTVwY3kg QlRZV3hsY3 lCRCBiMjF3 WVc1NUlHIE Z1WkNCbWIy TjEgYzJWa0 lHOXVJSCBO bGJHeHBibW NnIGMzUmhk R2x2Ym0gVn llU3dnYjJa bSBhV05sSU hOMWNIIEJz YVdWekxDQm ggYm1RZ2NI SnBibiBScG JtY2daWEYx IGFYQnRaVz UwTGogeGlj ajR5TGlCSi BiaUIwYUdV Z01UIGt5TU hNc0lFVnUg Ym1seklHSm xaMiBGdUlI QnlhVzUwIG FXNW5JR0Z1 WkMgQnRZVz UxWm1GaiBk SFZ5YVc1bk lHIFZ1ZG1W c2IzQmwgY3 lCcGJpQmha RyBScGRHbH ZiaUIwIGJ5 QnpaV3hzYV cgNW5JRzlt Wm1saiBaU0 J6ZFhCd2JH IGxsY3k0OF luSSsgTXk0 Z1NXNGdkRy BobElERTVO akJ6IExDQj BhR1VnWTIg OXRjR0Z1ZV NCbCBlSEJo Ym1SbFpDIE JwZEhNZ2Iz QmwgY21GMG FXOXVjeSBC MGJ5QnBibU 5zIGRXUmxJ R04xYzMgUn ZiU0J3Y21s dSBkR1ZrSU dadmNtIDF6 SUdGdVpDQn MgWVdKbGJI TXVQRyBKeV BqUXVJRWx1 IElIUm9aU0 JzWVggUmxJ REU1TnpCei BMQ0JGYm01 cGN5IEJ0WV dSbElHRWcg YzNSeVlYUm xaMiBsaklH UmxZMmx6IG FXOXVJSFJ2 SUcgWnZZM1 Z6SUhOdiBi R1ZzZVNCdm JpIEIwYUdV Z1pXNTIgWl d4dmNHVWdi VyBGeWEyVj BMQ0JzIFpX RmthVzVuSU ggUnZJR2ww Y3lCeiBkV0 5qWlhOeklH IEZ6SUdFZ2 JHVmggWkds dVp5Qmxibi BabGJHOXda U0J6IGRYQn diR2xsY2kg NDhZbkkrTl M0ZyBSVzV1 YVhNZ2FHIE Z6SUdFZ2Jt VjAgZDI5eW F5QnZaaSBC dmRtVnlJRF V3IElHWmhZ MmxzYVggUn BaWE1nYm1G MCBhVzl1ZD Jsa1pTIHdn Y0hKdmRtbG sgYVc1bklH Vm1abSBsam FXVnVkQ0Jo IGJtUWdkR2 x0WlcgeDVJ R1JsYkdsMi BaWEo1SUc5 bUlHIGwwY3 lCd2NtOWsg ZFdOMGN5ND hZbiBJK05p NGdWR2hsIE lHTnZiWEJo Ym4ga2dhR0 Z6SUhKbCBZ MlZwZG1Wa0 lHIDUxYldW eWIzVnogSU dGM1lYSmtj eSBCaGJtUW djbVZqIGIy ZHVhWFJwYj IgNGdabTl5 SUdsMCBjeU JqYjIxdGFY IFJ0Wlc1ME lIUnYgSUdW dWRtbHliMi A1dFpXNTBZ V3dnIGMzVn pkR0ZwYm0g RmlhV3hwZE hrcyBJR2x1 WTJ4MVpHIG x1WnlCMGFH VWcgTWpBeE 5TRGlnSiB4 UWFXOXVaV1 Z5IElFRjNZ WEprNG8gQ2 RJR1p5YjIw ZyBkR2hsSU VWdWRtIFZz YjNCbElFMW ggYm5WbVlX TjBkWCBKbG NuTWdRWE56 IGIyTnBZWF JwYjIgNHVQ R0p5UGpjdS BJRWx1SURJ d01UIGdzSU VWdWJtbHog SUdGamNYVn BjbSBWa0lI Um9aU0JoIG MzTmxkSE1n YjIgWWdVMj kyWlhKbCBh V2R1SUVKMW MyIGx1WlhO eklFWnYgY2 0xekxDQkpi bSBNdUlHRn VaQ0JKIGJu UmxaM0poZE cgVmtJRkJ5 YVc1MCBJQ1 lnUjNKaGNH IGhwWTNNc0 lHVjQgY0dG dVpHbHVaeS BCcGRITWdj bVZoIFkyZ2 dhVzUwYnkg QjBhR1VnWT NWeiBkRzl0 SUdadmNtID F6SUdGdVpD QnMgWVdKbG JDQnRZWCBK clpYUnpMan hpIGNqNDRM aUJGYm0gNX BjeUJvWVhN ZyBZU0JzYj I1bkxYIE4w WVc1a2FXNW 4gSUhKbGJH RjBhVyA5dW MyaHBjQ0Iz IGFYUm9JSF JvWlMgQlZi bWwwWldRZy BVM1JoZEdW eklGIEJ2Yz NSaGJDQlQg WlhKMmFXTm xMQyBCd2Nt OTJhV1JwIG JtY2dZU0Iy WVggSnBaWF I1SUc5bSBJ R1Z1ZG1Wc2 IzIEJsY3lC MGFHRjAgSU cxbFpYUWdW ViBOUVV5Qn pjR1ZqIGFX WnBZMkYwYV cgOXVjeUJt YjNJZyBZWF YwYjIxaGRH IGx2YmlCaG JtUWcgY0hK bGMyOXlkQy BCdFlXbHNh VzVuIGN5ND hZbkkrT1Mg NGdWR2hsSU dOdiBiWEJo Ym5rZ2IyIF ptWlhKeklH RWcgZDJsa1 pTQnlZVyA1 blpTQnZaaU JsIGJuWmxi Rzl3WlMgQn djbTlrZFdO MCBjeXdnYV c1amJIIFZr YVc1bklHTn YgYlcxbGNt TnBZVyB3c0 lHSnZiMnRz IFpYUXNJR0 5oZEcgRnNi MmNzSUdGdS BaQ0J6Y0dW amFXIEZzZE hrZ1pXNTIg Wld4dmNHVn pMQyBCaGN5 QjNaV3hzIE lHRnpJR04x YzMgUnZiV2 w2WldRZyBj MjlzZFhScG IyIDV6SUda dmNpQnogY0 dWamFXWnBZ eSBCaWRYTn BibVZ6IGN5 QnVaV1ZrY3 kgNDhZbkkr TVRBdSBJRV Z1Ym1seklH IGhoY3lCaE lITjAgY205 dVp5QmpiMi AxdGFYUnRa VzUwIElIUn ZJR2RwZG0g bHVaeUJpWV dOciBJSFJ2 SUhSb1pTIE JqYjIxdGRX NXAgZEhrZ2 RHaHliMyBW bmFDQjJZWE pwIGIzVnpJ R05vWVggSn BkR0ZpYkdV ZyBZMjl1ZE hKcFluIFYw YVc5dWN5Qm ggYm1RZ2Rt OXNkVyA1MF pXVnlJR1Zt IFptOXlkSE 11UEcgSnlQ a1p5YjIwZy BhWFJ6SUdo MWJXIEpzWl NCaVpXZHAg Ym01cGJtZH pJRyBGeklH RWdjMjFoIG JHd2diMlpt YVcgTmxJSE 4xY0hCcyBl U0JoYm1RZ2 NIIEpwYm5S cGJtY2cgWl hGMWFYQnRa VyA1MElITm xiR3hsIGNp d2dkR2hsSU UgVnVibWx6 SUdOdiBiWE JoYm5rZ2FH IEZ6SUdkeW IzZHUgSUds dWRHOGdZUy BCc1pXRmth VzVuIElHVn VkbVZzYjMg QmxJSE4xY0 hCcyBhV1Z5 SUhkcGRHIG dnWVNCdVlY UnAgYjI1aG JDQnlaVyBG amFDNGdTWF J6IElHUmxa R2xqWVggUn BiMjRnZEc4 ZyBjWFZoYk dsMGVTIHdn YVc1dWIzWm ggZEdsdmJp d2dZVyA1a0 lHTjFjM1J2 IGJXVnlJSE 5sY24gWnBZ MlVnYUdGei BJSE52Ykds a2FXIFpwWl dRZ2FYUnog SUhCdmMybD BhVyA5dUlH RnpJR0VnIG RISjFjM1Js WkMgQndZWE owYm1WeSBJ R1p2Y2lCaW RYIE5wYm1W emMyVnogSU c5bUlHRnNi QyBCemFYcG xjeTQ9CiAg ICAgICAgPC 9zcGFuPgog ICAgICAgIA ogICAgICAg IA==