Emerson Electric

-13.79%

Live  

Emerson Electric is a multinational manufacturing and technology company headquartered in St. Louis, Missouri. It was founded in 1890 by John W. Emerson and initially produced electric motors and fans. Today, it has grown into a diversified company with operations in over 150 countries and approximately 88,000 employees.
The company operates through five business segments: Automation Solutions, Climate Technologies, Tools and Home Products, Commercial and Residential Solutions, and Climate Technologies. These segments provide a wide range of products and services in areas such as heating and air conditioning, commercial and industrial equipment, technology and software solutions, and lighting and control systems.
Emerson's products are used in a variety of industries, including energy, industrial, commercial, and residential. The company is known for its innovation and commitment to sustainability, with a focus on developing products that reduce energy consumption and improve efficiency.
Throughout its history, Emerson has expanded through both organic growth and numerous acquisitions. Some of its notable acquisitions include the climate control business of General Electric in 1986, the leading motor manufacturer Leroy-Somer in 1990, and the intelligent flow solutions company Valve Automation in 2017.
Emerson is committed to corporate responsibility and has various initiatives in place to promote environmental sustainability, community involvement, and ethical business practices. The company has also received recognition for its workplace diversity and inclusion efforts.
Overall, Emerson Electric is a global leader in providing innovative solutions for a wide range of industries and continues to drive growth through its commitment to excellence, sustainability, and corporate responsibility.

Okay! So, Emerson Electric is a company that makes important tools and technology for many different industries, like heating, cooling, and managing big machines. Imagine you have a cool toy that needs batteries to work. Emerson makes things that help machines and buildings work better, kind of like how batteries power your toys.
Emerson makes money by selling these tools and technologies to other businesses. For example, if a factory needs a system to control its machines or if a big building needs to manage its temperature, they can buy Emerson’s products. That’s how the company earns money.
Now, why is Emerson successful? First, they have been around for a long time and know how to make good products. They also keep coming up with new ideas to help people save energy and make things work more smoothly. Companies like to buy from them because they trust that their products will last and work well.
Looking into the future, Emerson is likely to stay successful because they focus on being innovative. They are always thinking about ways to improve technology and meet the needs of customers. Plus, as the world wants to use less energy and be more efficient, Emerson is in a good position to provide the solutions people need.
So, in summary, Emerson Electric makes tools that help machines and buildings run better, makes money by selling them to other businesses, and will likely keep being successful because they’re good at what they do and keep inventing new ideas!

MS4gTG9uZy BIaXN0b3J5 OiBFbWVyc2 9uIEVsZWN0 cmljIHdhcy Bmb3VuZGVk IGluIDE4OT AgYW5kIGhh cyBiZWVuIG luIGJ1c2lu ZXNzIGZvci BvdmVyIDEz MCB5ZWFycy 4gVGhpcyBs b25nIGhpc3 RvcnkgZGVt b25zdHJhdG VzIGl0cyBz dGFiaWxpdH kgYW5kIGFi aWxpdHkgdG 8gYWRhcHQg dG8gY2hhbm dpbmcgbWFy a2V0IGNvbm RpdGlvbnMu PGJyPjIuIE dsb2JhbCBQ cmVzZW5jZT ogRW1lcnNv biBFbGVjdH JpYyBvcGVy YXRlcyBpbi BvdmVyIDE1 MCBjb3VudH JpZXMgYXJv dW5kIHRoZS B3b3JsZCwg bWFraW5nIG l0IG9uZSBv ZiB0aGUgbG FyZ2VzdCBt YW51ZmFjdH VyaW5nIGNv bXBhbmllcy BpbiB0aGUg d29ybGQuPG JyPjMuIERp dmVyc2lmaW VkIFBvcnRm b2xpbzogVG hlIGNvbXBh bnkgb3Blcm F0ZXMgaW4g YSB3aWRlIH JhbmdlIG9m IGluZHVzdH JpZXMgc3Vj aCBhcyBhdX RvbWF0aW9u LCBjbGltYX RlIGNvbnRy b2wsIHBvd2 VyIHN5c3Rl bXMsIGFuZC Bjb21tZXJj aWFsICYgcm VzaWRlbnRp YWwgc29sdX Rpb25zLiBU aGlzIGRpdm Vyc2lmaWVk IHBvcnRmb2 xpbyByZWR1 Y2VzIHRoZS ByaXNrIG9m IHJlbHlpbm cgb24gYSBz aW5nbGUgaW 5kdXN0cnkg Zm9yIHJldm VudWUuPGJy PjQuIElubm 92YXRpb246 IEVtZXJzb2 4gRWxlY3Ry aWMgaGFzIG Egc3Ryb25n IGZvY3VzIG 9uIGlubm92 YXRpb24gYW 5kIGludmVz dHMgaGVhdm lseSBpbiBy ZXNlYXJjaC BhbmQgZGV2 ZWxvcG1lbn QuIFRoaXMg aGFzIHJlc3 VsdGVkIGlu IHRoZSBjb2 1wYW55IGhv bGRpbmcgb3 ZlciA4LDAw MCBhY3Rpdm UgcGF0ZW50 cyBhbmQgY2 9uc3RhbnRs eSBpbnRyb2 R1Y2luZyBu ZXcgYW5kIG ltcHJvdmVk IHByb2R1Y3 RzIHRvIHRo ZSBtYXJrZX QuPGJyPjUu IFN1c3RhaW 5hYmxlIFBy YWN0aWNlcz ogVGhlIGNv bXBhbnkgaX MgY29tbWl0 dGVkIHRvIH N1c3RhaW5h YmxlIHByYW N0aWNlcyBh bmQgaGFzIH NldCBhbWJp dGlvdXMgZ2 9hbHMgdG8g cmVkdWNlIG l0cyBncmVl bmhvdXNlIG dhcyBlbWlz c2lvbnMsIH dhc3RlIGdl bmVyYXRpb2 4sIGFuZCB3 YXRlciB1c2 FnZSBieSAy MDI4Ljxicj 42LiBTdHJv bmcgRmluYW 5jaWFsIFBl cmZvcm1hbm NlOiBFbWVy c29uIEVsZW N0cmljIGhh cyBhIHN0cm 9uZyBmaW5h bmNpYWwgdH JhY2sgcmVj b3JkLCB3aX RoIGNvbnNp c3RlbnQgcm V2ZW51ZSBn cm93dGggYW 5kIHByb2Zp dGFiaWxpdH kuIFRoaXMg aGFzIGFsbG 93ZWQgdGhl IGNvbXBhbn kgdG8gd2Vh dGhlciBlY2 9ub21pYyBk b3dudHVybn MgYW5kIG1h aW50YWluIG l0cyBsZWFk ZXJzaGlwIH Bvc2l0aW9u IGluIHRoZS BtYXJrZXQu PGJyPjcuIE N1c3RvbWVy IEZvY3VzOi BUaGUgY29t cGFueSBwbG FjZXMgc3Ry b25nIGVtcG hhc2lzIG9u IGN1c3RvbW VyIHNhdGlz ZmFjdGlvbi BhbmQgd29y a3MgY2xvc2 VseSB3aXRo IGl0cyBjdX N0b21lcnMg dG8gdW5kZX JzdGFuZCB0 aGVpciBuZW VkcyBhbmQg ZGV2ZWxvcC BjdXN0b21p emVkIHNvbH V0aW9ucy48 YnI+OC4gRW 1wbG95ZWUg RGV2ZWxvcG 1lbnQ6IEVt ZXJzb24gRW xlY3RyaWMg aGFzIGEgc3 Ryb25nIGZv Y3VzIG9uIG VtcGxveWVl IGRldmVsb3 BtZW50IGFu ZCBvZmZlcn MgdmFyaW91 cyB0cmFpbm luZyBhbmQg ZGV2ZWxvcG 1lbnQgcHJv Z3JhbXMgdG 8gaGVscCBl bXBsb3llZX MgZ3JvdyBh bmQgYWR2YW 5jZSBpbiB0 aGVpciBjYX JlZXJzLjxi cj45LiBDb3 Jwb3JhdGUg U29jaWFsIF Jlc3BvbnNp YmlsaXR5Oi BUaGUgY29t cGFueSBpcy Bjb21taXR0 ZWQgdG8gZ2 l2aW5nIGJh Y2sgdG8gdG hlIGNvbW11 bml0eSBhbm QgaGFzIHZh cmlvdXMgaW 5pdGlhdGl2 ZXMgaW4gcG xhY2UgdG8g c3VwcG9ydC BlZHVjYXRp b24sIGhlYW x0aCwgYW5k IGVudmlyb2 5tZW50YWwg c3VzdGFpbm FiaWxpdHku PGJyPjEwLi BTdHJvbmcg TGVhZGVyc2 hpcDogRW1l cnNvbiBFbG VjdHJpYyBo YXMgYSBzdH JvbmcgbGVh ZGVyc2hpcC B0ZWFtIHdp dGggYSBjbG VhciB2aXNp b24gYW5kIH N0cmF0ZWd5 IGZvciB0aG UgY29tcGFu eS4gVGhpcy BoYXMgY29u dHJpYnV0ZW QgdG8gaXRz IGxvbmctdG VybSBzdWNj ZXNzIGFuZC Bncm93dGgu

VGhlIHByaW 1hcnkgYnVz aW5lc3Mgb2 YgRW1lcnNv biBFbGVjdH JpYyBjb21w YW55IGlzIH RoZSBkZXNp Z24sIG1hbn VmYWN0dXJl LCBhbmQgZG lzdHJpYnV0 aW9uIG9mIG Egd2lkZSBy YW5nZSBvZi B0ZWNobm9s b2d5IGFuZC BpbmR1c3Ry aWFsIHByb2 R1Y3RzIGFu ZCBzZXJ2aW Nlcy4gVGhl IGNvbXBhbn kgb3BlcmF0 ZXMgdGhyb3 VnaCBmaXZl IGJ1c2luZX NzIHNlZ21l bnRzOiBBdX RvbWF0aW9u IFNvbHV0aW 9ucywgd2hp Y2ggcHJvdm lkZXMgYSBy YW5nZSBvZi Bwcm9kdWN0 cyBhbmQgc2 VydmljZXMg dG8gaXRzIG N1c3RvbWVy cyBpbiBhdX RvbWF0ZWQg YW5kIHJlZ3 VsYXRlZCBp bmR1c3RyaW VzOyBDbGlt YXRlIFRlY2 hub2xvZ2ll cywgd2hpY2 ggb2ZmZXJz IHByb2R1Y3 RzIGFuZCBz ZXJ2aWNlcy B0byBjdXN0 b21lcnMgaW 4gdGhlIHJl c2lkZW50aW FsLCBjb21t ZXJjaWFsLC BhbmQgaW5k dXN0cmlhbC BIVkFDIG1h cmtldHM7IE NvbW1lcmNp YWwgJiBSZX NpZGVudGlh bCBTb2x1dG lvbnMsIHdo aWNoIHByb3 ZpZGVzIHRv b2xzLCBzdG 9yYWdlIHBy b2R1Y3RzLC B3ZXQvZHJ5 IHZhY3V1bX MsIGFuZCBt b3JlIGZvci Bwcm9mZXNz aW9uYWxzIG FuZCBob21l b3duZXJzOy BJbmR1c3Ry aWFsIFRlY2 hub2xvZ2ll cywgd2hpY2 ggZGVzaWdu cyBhbmQgbW FudWZhY3R1 cmVzIHBvd2 VyIGdlbmVy YXRpb24sIG ZsdWlkIGhh bmRsaW5nLC BhbmQgbWF0 ZXJpYWxzIG pvaW5pbmcg c29sdXRpb2 5zIGZvciBh IHZhcmlldH kgb2YgaW5k dXN0cmllcz sgYW5kIE5l dHdvcmsgUG 93ZXIsIHdo aWNoIHByb3 ZpZGVzIGNy aXRpY2FsIG luZnJhc3Ry dWN0dXJlIH RlY2hub2xv Z2llcyBhbm QgbGlmZSBj eWNsZSBzZX J2aWNlcyBm b3IgaW5mb3 JtYXRpb24g YW5kIGNvbW 11bmljYXRp b25zIHRlY2 hub2xvZ3kg c3lzdGVtcy 4=

AI can potentially pose several risks to Emerson Electric’s products, services, and competitive positioning, which can manifest through substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies, especially in automation and industrial IoT, can lead to the development of alternative solutions that compete with Emerson Electric’s offerings. For instance, advanced AI systems can enhance efficiency and reduce the need for traditional control systems or equipment that Emerson manufactures. If competitors integrate AI more effectively into their products, they could provide solutions that replace the need for certain Emerson products.
2. Disintermediation: As AI becomes more prevalent in industries served by Emerson Electric, there is a possibility for direct-to-consumer models to emerge. Companies might leverage AI to optimize supply chains or develop bespoke solutions that eliminate the need for certain intermediaries, including traditional distributors or service providers that Emerson relies on. This could disrupt existing business models and relationships Emerson has established over time.
3. Margin Pressure: The integration of AI may lead to increased competition, as new entrants with innovative AI-driven solutions could offer comparable or superior products at lower prices. This increased competition could force Emerson to reduce its prices or invest heavily in R&D to maintain its market position, both of which could put pressure on profit margins.
In summary, while AI presents opportunities for Emerson Electric to innovate and improve efficiency, it also poses material risks through substitution by alternative technologies, the potential for disintermediation in supply chains, and pressure on margins from increased competition. Embracing AI strategically may help mitigate these risks and enhance Emerson’s competitive positioning in the long run.

Emerson Electric Company’s earnings, cash flow, and valuation are sensitive to changes in interest rates for several reasons:
1. Cost of Borrowing: Emerson, like many companies, relies on borrowing for various purposes including financing operations, investments, and acquisitions. An increase in interest rates raises the cost of servicing debt. This can lead to lower net income if the company has significant borrowing needs or existing debt with variable interest rates.
2. Investment Decisions: Higher interest rates can make financing new projects and capital expenditures more expensive. This may lead to delays or reductions in investment in growth initiatives, which could adversely affect the company’s long-term earnings potential and cash flow.
3. Discount Rates in Valuation: Valuation models often incorporate discount rates that are sensitive to prevailing interest rates. When interest rates rise, the discount rate increases, which typically reduces the present value of future cash flows. This can lead to a decline in the company’s market valuation as investors adjust their expectations based on higher required returns.
4. Economic Impact: Rising interest rates can slow down economic growth by reducing consumer spending and business investment. This could lead to decreased demand for Emerson’s products and services, impacting sales, earnings, and cash flows.
5. Competitive Position: If Emerson operates in a capital-intensive industry, higher interest rates can affect its competitive positioning relative to peers. Companies with stronger balance sheets might be better positioned to weather rate increases, affecting Emerson’s market share and profitability.
6. Dividends: For investors, higher interest rates could create a more attractive environment for fixed-income investments, which could drive down the relative attractiveness of stocks. If Emerson offers dividends, rising rates could pressure the company to maintain its dividend payout, impacting cash flow if earnings do not support it.
In summary, changes in interest rates can have a multifaceted impact on Emerson Electric’s earnings, cash flow, and valuation through increased borrowing costs, investment opportunities, and overall economic conditions.

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 bG9nb3MvWG NWWFFMOHpJ bmZmVENpQU pHOG0ud2Vi cCIgYWx0PS JFbWVyc29u IEVsZWN0cm ljIiB0aXRs ZT0iRW1lcn NvbiBFbGVj dHJpYyIgIG NsYXNzPSJp bWctZmx1aW QiIGhlaWdo dD05MCB3aW R0aD05MCBs b2FkaW5nPS dsYXp5JyBz dHlsZT0nYm 9yZGVyLXJh ZGl1czogNn B4Oyc+Cgog ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J2ZsZXg6ID E7IHRleHQt YWxpZ246IG NlbnRlcjsg bWFyZ2luLW xlZnQ6IDVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 cCBzdHlsZT 0nZm9udC1z aXplOiAyNn B4OyBjb2xv cjogIzMzMz sgbWFyZ2lu LWJvdHRvbT ogMTVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TiCBXYW 50IHRvIHJl YWQgbW9yZS BhYm91dCBF bWVyc29uIE VsZWN0cmlj PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+agCBE b27igJl0IG 1pc3MgPGk+ IlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3MiPC9pPi DigJQgZnJl ZSEKICAgIC 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 NGdSVzFsY2 4gTnZiaUJG YkdWaiBkSE pwWXlCM1lY IE1nWm05MW JtUmwgWkNC cGJpQXhPRC Brd0lHSjVJ RXB2IGFHNG dWMlZ6Ykcg VjVJRVZ0Wl hKeiBiMjRn YVc0Z1UzIF F1SUV4dmRX bHogTENCTm FYTnpiMyBW eWFTNDhZbk krIE1pNGdW R2hsSUcgTn ZiWEJoYm5r ZyBiM0pwWj JsdVlXIHhz ZVNCdFlXNT EgWm1GamRI VnlaVyBRZ1 pXeGxZM1J5 IGFXTWdiVz kwYjMgSnpJ R0Z1WkNCbS BZVzV6TENC aGJtIFFnYV hSeklHWnAg Y25OMElHMW hhbSA5eUlH SnlaV0ZyIG RHaHliM1Zu YUMgQmpZVz FsSUdsdSBJ REU0T1RJZ2 QyIGwwYUNC MGFHVWcgYV c1MlpXNTBh VyA5dUlHOW 1JSFJvIFpT QkZiV1Z5Yz IgOXVJRTl5 YVdacCBZMl VnVW1WbmRX IHhoZEc5eU xDQmggSUdS bGRtbGpaUy BCMWMyVmtJ SFJ2IElHTn ZiblJ5YjIg d2daMkZ6SU dacyBiM2Nn YVc0Z2FHID l0WlhNZ1lX NWsgSUdKMW MybHVaWCBO elpYTXVQR0 p5IFBqTXVJ RWx1SUggUm 9aU0JsWVhK cyBlU0F5TU hSb0lHIE5s Ym5SMWNua3 MgSUVWdFpY SnpiMiA0Z1 JXeGxZM1J5 IGFXTWdaWG h3WVcgNWta V1FnYVhSei BJSEJ5YjJS MVkzIFFnYk dsdVpTQjAg YnlCcGJtTn NkVyBSbElI TmxkMmx1IF p5QnRZV05v YVcgNWxjeX dnWld4bCBZ M1J5YVdNZ2 JXIEZ1WjJ4 bGN5d2cgWV c1a0lHVnNa VyBOMGNtbG pJR2x5IGIy NXpManhpY2 ogNDBMaUJF ZFhKcCBibW NnZEdobElE IEU1TXpCek xDQjAgYUdV Z1kyOXRjRy BGdWVTQmla V05oIGJXVW dZU0J0WVcg cHZjaUJ6ZF hCdyBiR2xs Y2lCdlppIE JsYkdWamRI SnAgWTJGc2 JIa2djRyA5 M1pYSmxaQ0 IwIGIyOXNj eUJoYm0gUW daWEYxYVhC dCBaVzUwSU hSdklIIFJv WlNCVkxsTX UgSUcxcGJH bDBZWCBKNU xDQmpiMjUw IGNtbGlkWF JwYm0gY2dk RzhnZEdobC BJSGRoY2lC bFptIFp2Y2 5RZ2FXNGcg WW05MGFDQl hiMyBKc1pD QlhZWElnIF NTQmhibVFn VjIgOXliR1 FnVjJGeSBJ RWxKTGp4aW NqIDQxTGlC SmJpQjAgYU dVZ01UazFN SCBNc0lFVn RaWEp6IGIy NGdSV3hsWT MgUnlhV01n WVdOeCBkV2 x5WldRZ2RH IGhsSUVOdm NHVnMgWVc1 a0lGSmxabi BKcFoyVnlZ WFJwIGIyNG dRMjl5Y0cg OXlZWFJwYj I0cyBJSGRv YVdOb0lHIE psWTJGdFpT QnAgZEhNZ2 JHRnlaMiBW emRDQmthWF pwIGMybHZi aUJoYm0gUW dZU0JzWldG ayBaWElnYV c0Z2RHIGhs SUhCeWIyUj EgWTNScGIy NGdiMiBZZ2 NtVm1jbWxu IFpYSmhkR2 x2YmkgQmhi bVFnYUdWaC BkR2x1WnlC bGNYIFZwY0 cxbGJuUXUg UEdKeVBqWX VJRSBsdUlI Um9aU0F4IE 9UY3djeXdn UlcgMWxjbk 52YmlCRiBi R1ZqZEhKcF l5IEJpWldk aGJpQmwgZU hCaGJtUnBi bSBjZ2FXNT BieUIwIGFH VWdhVzUwWl ggSnVZWFJw YjI1aCBiQ0 J0WVhKclpY IFFzSUdGdV pDQjAgYjJS aGVTQjBhRy BVZ1kyOXRj R0Z1IGVTQm 9ZWE1nYjMg QmxjbUYwYV c5dSBjeUJw YmlCdmRtIF Z5SURFMU1D QmogYjNWdW RISnBaWCBN dVBHSnlQam N1IElFbHVJ SFJvWlMgQX hPVGd3Y3l3 ZyBSVzFsY2 5OdmJpIEJG YkdWamRISn AgWXlCa2FY WmxjbiBOcF ptbGxaQ0Jw IGRITWdjSE p2WkggVmpk Q0J2Wm1abC BjbWx1WjNN Z2RHIDhnYV c1amJIVmsg WlNCd2NtOW paWCBOeklH TnZiblJ5IG Iyd2djM2x6 ZEcgVnRjeX dnWTI5dCBi V1Z5WTJsaG JDIEJoYm1R Z2NtVnogYV dSbGJuUnBZ VyB3Z1pXeG xZM1J5IGIy NXBZeUJ0Yj IgNXBkRzl5 YVc1biBJSE 41YzNSbGJY IE1zSUdGdV pDQjAgWldO b2JtOXNiMi BkNUlHWnZj aUIwIGFHVW dkR1ZzWlcg TnZiVzExYm 1saiBZWFJw YjI1ekxDIE JoZFhSdmJX OTAgYVhabE xDQmhibSBR Z1lXVnliM0 53IFlXTmxJ R2x1WkggVn pkSEpwWlhN dSBQR0p5UG pndUlFIGx1 SURJd01EQX MgSUVWdFpY SnpiMiA0Z1 JXeGxZM1J5 IGFXTWdZV0 54ZFcgbHla V1FnVEdsbC BZbVZ5ZENC RGIzIEp3Yj NKaGRHbHYg Yml3Z1lTQn NaVyBGa2FX NW5JSEJ5IG IzWnBaR1Z5 SUcgOW1JR1 JoZEdFZyBZ MlZ1ZEdWeU lHIGx1Wm5K aGMzUnkgZF dOMGRYSmxJ SCBONWMzUm xiWE1zIElH RnVaQ0JsYm 4gUmxjbVZr SUhSbyBaU0 JuY205M2FX IDVuSUdSaG RHRWcgWTJW dWRHVnlJRy BsdVpIVnpk SEo1IExqeG ljajQ1TGkg QkpiaUF5TU RFMiBMQ0JG YldWeWMyID l1SUVWc1pX TjAgY21sak lHRnVibSA5 MWJtTmxaQ0 JwIGRITWda R1ZqYVggTn BiMjRnZEc4 ZyBjM0JwYm lCdlptIFln YVhSeklHNW wgZEhkdmNt c2djRyA5M1 pYSWdZblZ6 IGFXNWxjM0 1zSUcgTnla V0YwYVc1bi BJSFIzYnlC cGJtIFJsY0 dWdVpHVnUg ZENCd2RXSn NhVyBOc2VT QjBjbUZrIF pXUWdZMjl0 Y0cgRnVhV1 Z6T2lCRiBi V1Z5YzI5dU lFIFZzWldO MGNtbGogTE NCM2FHbGph QyBCM2IzVn NaQ0JtIGIy TjFjeUJ2Ym kgQnBkSE1n WTI5eSBaU0 JpZFhOcGJt IFZ6YzJWek lHOW0gSUhC eWIyTmxjMy BNZ2JXRnVZ V2RsIGJXVn VkQ3dnYVcg NWtkWE4wY2 1saCBiQ0Jo ZFhSdmJXIE YwYVc5dUxD QmggYm1RZ1 kyOXRiVyBW eVkybGhiQ0 JoIGJtUWdj bVZ6YVcgUm xiblJwWVd3 ZyBjMjlzZF hScGIyIDV6 TENCaGJtUW cgVm1WeWRH bDJMQyBCM2 FHbGphQ0Iz IGIzVnNaQ0 IwWVcgdGxJ RzkyWlhJZy BkR2hsSUc1 bGRIIGR2Y2 1zZ2NHOTMg WlhJZ1luVn phVyA1bGMz TXVQR0p5IF BqRXdMaUJV YjIgUmhlU3 dnUlcxbCBj bk52YmlCRm JHIFZqZEhK cFl5QnAgY3 lCdmJtVWdi MiBZZ2RHaG xJR3hoIGNt ZGxjM1FnWj IgeHZZbUZz SUcxaCBibl ZtWVdOMGRY IEpwYm1jZ1 lXNWsgSUhS bFkyaHViMi B4dloza2dZ Mjl0IGNHRn VhV1Z6TEMg QnpaWEoyYV c1biBJR04x YzNSdmJXIF Z5Y3lCcGJp QmggSUhkcF pHVWdjbSBG dVoyVWdiMl lnIGFXNWtk WE4wY20gbG xjeUJwYm1O cyBkV1JwYm 1jZ1pXIDVs Y21kNUxDQm 0gYjI5a0lH RnVaQyBCaV pYWmxjbUZu IFpTd2dhR1 ZoYkggUm9Z MkZ5WlN3Zy BZVzVrSUdO dmJuIE4wY2 5WamRHbHYg Ymk0Z1ZHaG xJRyBOdmJY QmhibmtnIG FHRnpJR0Z3 Y0ggSnZlR2 x0WVhSbCBi SGtnT1RBc0 1EIEF3SUdW dGNHeHYgZV dWbGN5Qmhi bSBRZ1lXNX VkV0ZzIElI SmxkbVZ1ZF cgVWdiMlln YjNabCBjaU FrTVRjZ1lt IGxzYkdsdm JpND0KICAg ICAgICA8L3 NwYW4+CiAg ICAgICAgCi AgICAgICAg