Paul Hartmann

Live  

The Paul Hartmann company is a leading international supplier of medical and hygiene products. It was founded in Heidenheim, Germany in 1818 by Ludwig von Hartmann as a small textile and linen business. In 1872, his son Paul Hartmann took over the business and shifted its focus to medical products, growing the company into what it is today.
Today, Hartmann's product range includes wound care, incontinence management, disinfection, compression therapy, and personal care. Their products are used in hospitals, clinics, care homes, and home care settings.
The company has a strong commitment to innovation and sustainability, with a focus on developing products that meet the highest quality and safety standards. They also prioritize corporate social responsibility, working to improve healthcare systems and support communities in need.
With over 10,000 employees worldwide and operations in over 30 countries, Paul Hartmann is dedicated to improving the health and well-being of people around the world.

VGhlIFBhdW wgSGFydG1h bm4gY29tcG FueSBpcyBh IGJ1c2luZX NzIHRoYXQg bWFrZXMgYW 5kIHNlbGxz IHByb2R1Y3 RzIHVzZWQg aW4gaG9zcG l0YWxzIGFu ZCBmb3IgcG Vyc29uYWwg Y2FyZS4gVG hpbmsgb2Yg dGhpbmdzIG xpa2Ugc3Bl Y2lhbCBiYW 5kYWdlcywg ZHJlc3Npbm dzIGZvciB3 b3VuZHMsIG FuZCBvdGhl ciBtZWRpY2 FsIHN1cHBs aWVzIHRoYX QgaGVscCBw ZW9wbGUgaG VhbCBhbmQg c3RheSBoZW FsdGh5LiA8 YnI+VGhleS BtYWtlIG1v bmV5IGJ5IH NlbGxpbmcg dGhlc2UgcH JvZHVjdHMg dG8gaG9zcG l0YWxzLCBj bGluaWNzLC BhbmQgc29t ZXRpbWVzIG V2ZW4gc3Rv cmVzIHdoZX JlIHBlb3Bs ZSBjYW4gYn V5IHRoZW0g Zm9yIGhvbW UgdXNlLiBX aGVuIHNvbW VvbmUgbmVl ZHMgYSBiYW 5kYWdlIGZv ciBhIGN1dC BvciBhIGRy ZXNzaW5nIG ZvciBhIHN1 cmdlcnksIH RoZXkgYnV5 IGl0LCBhbm QgdGhhdOKA mXMgaG93IF BhdWwgSGFy dG1hbm4gZW FybnMgbW9u ZXkuPGJyPl RoZSBjb21w YW55IGlzIH N1Y2Nlc3Nm dWwgZm9yIG EgZmV3IHJl YXNvbnMuIE ZpcnN0LCB0 aGV5IHByb2 R1Y2UgaGln aC1xdWFsaX R5IHByb2R1 Y3RzIHRoYX QgcGVvcGxl IGNhbiB0cn VzdC4gSG9z cGl0YWxzIG FuZCBkb2N0 b3JzIHdhbn QgdG8gdXNl IHRoZSBiZX N0IHN1cHBs aWVzIHRvIH Rha2UgY2Fy ZSBvZiBwYX RpZW50cywg YW5kIEhhcn RtYW5uIHBy b3ZpZGVzIH RoYXQuIFNl Y29uZCwgdG hleSBoYXZl IGJlZW4gYX JvdW5kIGZv ciBhIGxvbm cgdGltZSBh bmQgYnVpbH QgYSBnb29k IHJlcHV0YX Rpb24sIHNv IG1hbnkgY3 VzdG9tZXJz IGNvbWUgYm FjayB0byB0 aGVtIGFnYW luIGFuZCBh Z2Fpbi48Yn I+Rm9yIHRo ZSBmdXR1cm UsIFBhdWwg SGFydG1hbm 4gaXMgbGlr ZWx5IHRvIH N0YXkgc3Vj Y2Vzc2Z1bC BiZWNhdXNl IHRoZXJlIH dpbGwgYWx3 YXlzIGJlIG EgbmVlZCBm b3IgaGVhbH RoY2FyZSBw cm9kdWN0cy BhcyBwZW9w bGUgd2lsbC BhbHdheXMg bmVlZCB0by B0cmVhdCBp bmp1cmllcy BhbmQgc3Rh eSBoZWFsdG h5LiBQbHVz LCB0aGV5IG FyZSBsaWtl bHkgdG8ga2 VlcCBpbm5v dmF0aW5nIG FuZCBjcmVh dGluZyBuZX cgcHJvZHVj dHMgdG8gbW VldCBjaGFu Z2luZyBuZW VkcyBpbiBo ZWFsdGhjYX JlLCB3aGlj aCB3aWxsIG hlbHAgdGhl bSBzdGF5IG FoZWFkIG9m IHRoZWlyIG NvbXBldGl0 b3JzLiBPdm VyYWxsLCBi eSBtYWtpbm cgcmVsaWFi bGUgcHJvZH VjdHMgYW5k IGFkYXB0aW 5nIHRvIG5l dyBoZWFsdG hjYXJlIG5l ZWRzLCBQYX VsIEhhcnRt YW5uIGNhbi Bjb250aW51 ZSB0byBkby B3ZWxsIGZv ciBtYW55IH llYXJzIHRv IGNvbWUuPG JyPg==

VGhlcmUgYX JlIGEgZmV3 IHRoaW5ncy B0aGF0IG1h a2UgdGhlIF BhdWwgSGFy dG1hbm4gY2 9tcGFueSBz cGVjaWFsOj xicj4xLiBI aXN0b3J5IG FuZCBleHBl cmllbmNlOi BUaGUgY29t cGFueSB3YX MgZm91bmRl ZCBpbiB0aG UgMTl0aCBj ZW50dXJ5IG FuZCBoYXMg YmVlbiBpbi BidXNpbmVz cyBmb3Igb3 ZlciAyMDAg eWVhcnMuIF RoaXMgbG9u ZyBoaXN0b3 J5IGhhcyBn aXZlbiB0aG UgY29tcGFu eSBhIHdlYW x0aCBvZiBl eHBlcmllbm NlIGFuZCBr bm93bGVkZ2 UgaW4gdGhl IGhlYWx0aG NhcmUgYW5k IGh5Z2llbm UgaW5kdXN0 cnkuPGJyPj IuIEZvY3Vz IG9uIGlubm 92YXRpb246 IFRoZSBjb2 1wYW55IGhh cyBhIHN0cm 9uZyBlbXBo YXNpcyBvbi Bpbm5vdmF0 aW9uIGFuZC BpcyBjb25z dGFudGx5IG RldmVsb3Bp bmcgbmV3IG FuZCBpbXBy b3ZlZCBwcm 9kdWN0cyB0 byBtZWV0IH RoZSBldmVy LWNoYW5naW 5nIG5lZWRz IG9mIHRoZS BoZWFsdGhj YXJlIGluZH VzdHJ5Ljxi cj4zLiBRdW FsaXR5IHBy b2R1Y3RzOi BQYXVsIEhh cnRtYW5uIG lzIGtub3du IGZvciBpdH MgaGlnaC1x dWFsaXR5IH Byb2R1Y3Rz IHRoYXQgYX JlIHRydXN0 ZWQgYW5kIH V0aWxpemVk IGJ5IGhlYW x0aGNhcmUg cHJvZmVzc2 lvbmFscyBh cm91bmQgdG hlIHdvcmxk Ljxicj40Li BTdXN0YWlu YWJpbGl0eT ogVGhlIGNv bXBhbnkgcG xhY2VzIGEg c3Ryb25nIG ZvY3VzIG9u IHN1c3RhaW 5hYmlsaXR5 IGFuZCBoYX MgaW1wbGVt ZW50ZWQgZW 52aXJvbm1l bnRhbGx5LW ZyaWVuZGx5 IHByYWN0aW NlcyBpbiBp dHMgcHJvZH VjdGlvbiBh bmQgZGlzdH JpYnV0aW9u IHByb2Nlc3 Nlcy48YnI+ NS4gR2xvYm FsIHByZXNl bmNlOiBXaX RoIG9wZXJh dGlvbnMgaW 4gb3ZlciAz MCBjb3VudH JpZXMsIFBh dWwgSGFydG 1hbm4gaGFz IGEgc3Ryb2 5nIGdsb2Jh bCBwcmVzZW 5jZSBhbmQg aXMgYWJsZS B0byBzZXJ2 ZSBjdXN0b2 1lcnMgYW5k IG1lZXQgdG hlaXIgbmVl ZHMgb24gYS BnbG9iYWwg c2NhbGUuPG JyPjYuIENv bW1pdG1lbn QgdG8gaGVh bHRoY2FyZT ogVGhlIGNv bXBhbnkgaX MgZGVkaWNh dGVkIHRvIG ltcHJvdmlu ZyBoZWFsdG hjYXJlIGFu ZCBoeWdpZW 5lIHByYWN0 aWNlcyB0aH JvdWdoIGl0 cyBwcm9kdW N0cyBhbmQg c2VydmljZX MsIG1ha2lu ZyBhIHBvc2 l0aXZlIGlt cGFjdCBpbi B0aGUgaGVh bHRoY2FyZS BpbmR1c3Ry eS4=

VGhlIFBhdW wgSGFydG1h bm4gY29tcG FueSdzIGJ1 c2luZXNzIG 1vZGVsIGlz IGZvY3VzZW Qgb24gcHJv dmlkaW5nIG lubm92YXRp dmUgYW5kIG hpZ2gtcXVh bGl0eSBtZW RpY2FsIGFu ZCBoeWdpZW 5lIHByb2R1 Y3RzIHRvIG hlYWx0aGNh cmUgZmFjaW xpdGllcywg cHJvZmVzc2 lvbmFscywg YW5kIGluZG l2aWR1YWxz LiBUaGV5IG Fsc28gb2Zm ZXIgc29sdX Rpb25zIGFu ZCBzZXJ2aW NlcyBmb3Ig d291bmQgY2 FyZSBtYW5h Z2VtZW50LC BpbmZlY3Rp b24gcHJldm VudGlvbiwg YW5kIHBlcn NvbmFsIGNh cmUuIFRoZS Bjb21wYW55 IHdvcmtzIG Nsb3NlbHkg d2l0aCBpdH MgY3VzdG9t ZXJzIHRvIH VuZGVyc3Rh bmQgdGhlaX IgbmVlZHMg YW5kIHByb3 ZpZGUgdGFp bG9yZWQgc2 9sdXRpb25z LiBUaGV5IG Fsc28gcHJp b3JpdGl6ZS BzdXN0YWlu YWJpbGl0eS wgZW52aXJv bm1lbnRhbC ByZXNwb25z aWJpbGl0eS wgYW5kIHNv Y2lhbCByZX Nwb25zaWJp bGl0eSBpbi B0aGVpciBv cGVyYXRpb2 5zLiBUaGVp ciBidXNpbm VzcyBtb2Rl bCBpbmNsdW RlcyBtYW51 ZmFjdHVyaW 5nIGFuZCBk aXN0cmlidX RpbmcgcHJv ZHVjdHMsIH BhcnRuZXJp bmcgd2l0aC BoZWFsdGhj YXJlIGluc3 RpdHV0aW9u cyBhbmQgcH JvZmVzc2lv bmFscywgYW 5kIGludmVz dGluZyBpbi ByZXNlYXJj aCBhbmQgZG V2ZWxvcG1l bnQgdG8gY2 9udGludW91 c2x5IGltcH JvdmUgdGhl aXIgb2ZmZX JpbmdzLg==

Assessing the impact of AI on the Paul Hartmann company’s products, services, and competitive positioning involves analyzing several factors.
1. Substitution: AI technology could potentially lead to the development of alternative products that compete with Hartmann’s offerings. For example, in the healthcare sector, AI could enable more effective remote monitoring or personalized medicine solutions that might reduce the demand for traditional medical products. However, Hartmann specializes in high-quality medical and hygiene products, which typically require regulatory approvals and trust in established brands. Thus, direct substitution may be limited but could increase in niche areas.
2. Disintermediation: AI can streamline processes and reduce the need for intermediaries in the supply chain and distribution of healthcare products. For Hartmann, this could mean that digital platforms allow end-users, such as hospitals and clinics, to procure supplies directly from manufacturers, potentially affecting traditional distribution channels. However, Hartmann’s established relationships and brand reputation may help mitigate this risk.
3. Margin Pressure: As AI technology improves operational efficiencies, it can lead to increased competition driven by lower-cost solutions. Smart manufacturing processes and AI-driven logistics could enable competitors to reduce costs and offer lower prices, putting pressure on Hartmann’s margins. To counter this, Hartmann would need to invest in its own technological advancements and focus on value-added services that differentiate it from competitors, such as enhanced customer support or product innovation.
In conclusion, while AI poses potential threats in terms of substitution, disintermediation, and margin pressure, Hartmann’s established brand, product quality, and market position could provide a buffer against these challenges. However, continuous innovation and adaptation to emerging technologies will be crucial for maintaining its competitive edge.

The sensitivity of the Paul Hartmann company’s earnings, cash flow, and valuation to changes in interest rates can be understood through several interrelated factors.
1. Earnings Sensitivity:
Earnings can be sensitive to interest rates through various channels. If the company has outstanding debt, an increase in interest rates can lead to higher interest expenses, which would negatively impact net income. Additionally, if higher rates slow down economic growth, it could lead to reduced demand for the company’s products, further affecting earnings. Conversely, if rates decrease, interest expenses could decline, potentially improving profitability.
2. Cash Flow Sensitivity:
Cash flows are also influenced by interest rate changes, particularly if the company relies on debt financing. Increased rates can lead to higher interest payments, squeezing operating cash flow. Furthermore, if consumer spending decreases due to higher borrowing costs, sales could drop, leading to lower cash inflows. On the other hand, lower interest rates could enhance cash flows by reducing the cost of debt and potentially boosting sales through increased consumer spending.
3. Valuation Sensitivity:
The company’s valuation is typically derived from discounted cash flows, making it sensitive to changes in interest rates. An increase in interest rates raises the discount rate used in valuation models, which can lower the present value of future cash flows and, consequently, the overall valuation of the company. Conversely, lower interest rates will decrease the discount rate, potentially increasing the company’s valuation.
Overall, while specific quantification would depend on the company’s financial structure and market conditions, it is clear that Paul Hartmann’s earnings, cash flow, and valuation are sensitive to changes in interest rates through mechanisms that affect cost of capital, consumer demand, and profit margins.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgdG hlIFBhdWwg SGFydG1hbm 4gY29tcGFu eeKAmXMgZW Nvbm9taWNz IG92ZXIgdG hlIG5leHQg M+KAkzUgeW VhcnMgaXMg YSBzaWduaW ZpY2FudCBz aGlmdCBpbi ByZWd1bGF0 b3J5IGZyYW 1ld29ya3Mg cmVnYXJkaW 5nIG1lZGlj YWwgZGV2aW NlcyBhbmQg cGVyc29uYW wgaHlnaWVu ZSBwcm9kdW N0cy4gRm9y IGluc3Rhbm NlLCBpZiBu ZXcgcmVndW xhdGlvbnMg bWFuZGF0ZW QgYW4gaW5j cmVhc2UgaW 4gcHJvZHVj dCBzYWZldH kgc3RhbmRh cmRzLCByZX F1aXJpbmcg ZXh0ZW5zaX ZlIHJlc2Vh cmNoLCB0ZX N0aW5nLCBh bmQgcmVkZX NpZ24gb2Yg ZXhpc3Rpbm cgcHJvZHVj dHMsIHRoaX MgY291bGQg bGVhZCB0by BzdWJzdGFu dGlhbCBpbm NyZWFzZXMg aW4gb3Blcm F0aW9uYWwg Y29zdHMuIF RoZSB0cmFu c2l0aW9uIG NvdWxkIGJl IHBhcnRpY3 VsYXJseSBi dXJkZW5zb2 1lIGZvciBh IGNvbXBhbn kgbGlrZSBQ YXVsIEhhcn RtYW5uLCB3 aGljaCBvcG VyYXRlcyBp biBzZWN0b3 JzIHJlbGlh bnQgb24gY2 9tcGxpYW5j ZSB3aXRoIH N0cmluZ2Vu dCByZWd1bG F0aW9ucy48 YnI+SW4gdG hpcyBzY2Vu YXJpbywgdG hlIGNvbXBh bnkgd291bG QgZmFjZSBp bW1lZGlhdG VseSBlc2Nh bGF0aW5nIG Nvc3RzIHJl bGF0ZWQgdG 8gcHJvZHVj dCByZWRlc2 lnbiwgZW5o YW5jZWQgdG VzdGluZyBw cm90b2NvbH MsIGFuZCBw b3RlbnRpYW wgZGVsYXlz IGluIGJyaW 5naW5nIHBy b2R1Y3RzIH RvIG1hcmtl dC4gQWRkaX Rpb25hbGx5 LCBpZiBjb2 1wZXRpdG9y cyBhZGFwdC Btb3JlIHN3 aWZ0bHkgdG 8gdGhlc2Ug cmVndWxhdG lvbnMgb3Ig aWYgdGhleS BjYW4gbmF2 aWdhdGUgdG hlc2UgY2hh bmdlcyBhdC BhIGxvd2Vy IGNvc3QsIF BhdWwgSGFy dG1hbm4gY2 91bGQgbG9z ZSBtYXJrZX Qgc2hhcmUs IGltcGFjdG luZyByZXZl bnVlIGdlbm VyYXRpb24u PGJyPlRoZS Bjb21wYW55 4oCZcyBtYX JnaW5zIGNv dWxkIGJlIH NpZ25pZmlj YW50bHkgYW ZmZWN0ZWQs IGFzIGluY3 JlYXNlZCBj b21wbGlhbm NlIGNvc3Rz IGFuZCBwb3 RlbnRpYWwg ZGVsYXlzIG NvdWxkIGxl YWQgdG8gcm VkdWNlZCBw cmljaW5nIH Bvd2VyLiBU aGlzIGNvdW xkIHNxdWVl emUgcHJvZm l0IG1hcmdp bnMsIGVzcG VjaWFsbHkg aWYgdGhlIG NvbXBhbnkg aXMgdW5hYm xlIHRvIHBh c3Mgb24gdG hlc2UgY29z dHMgdG8gY3 VzdG9tZXJz IGR1ZSB0by Bjb21wZXRp dGl2ZSBwcm Vzc3VyZXMu IE92ZXIgdG ltZSwgaWYg dGhlc2UgY2 9zdHMgYXJl IG5vdCBtYW 5hZ2VkIGVm ZmVjdGl2ZW x5LCBvcGVy YXRpbmcgbW FyZ2lucyBj b3VsZCBmYW xsIGZyb20g aGVhbHRoeS BsZXZlbHMg dG8gYmVsb3 cgaW5kdXN0 cnkgYXZlcm FnZXMuPGJy PkNhc2ggZm xvdyB3b3Vs ZCBsaWtlbH kgZGV0ZXJp b3JhdGUgYX Mgd2VsbC4g SW5pdGlhbC BpbnZlc3Rt ZW50cyBpbi Bjb21wbGlh bmNlIGFuZC Bwcm9kdWN0 IGVuaGFuY2 VtZW50cyB3 b3VsZCBkaX ZlcnQgY2Fz aCBhd2F5IG Zyb20gb3Ro ZXIgb3Blcm F0aW9uYWwg bmVlZHMuIF RoaXMsIGNv dXBsZWQgd2 l0aCBwb3Rl bnRpYWxseS Bsb3dlciBz YWxlcyBkdW UgdG8gbWFy a2V0IHNoYX JlIGVyb3Np b24sIHdvdW xkIG1lYW4g dGhhdCBjYX NoIGZsb3cg bWlnaHQgdH VybiBuZWdh dGl2ZSBhdC BjZXJ0YWlu IHRpbWVzIG R1cmluZyB0 aGUgdHJhbn NpdGlvbiBi dXQgY291bG Qgc3RhYmls aXplIGF0IG xvd2VyIGxl dmVscywgcm VmbGVjdGlu ZyBjb25zdH JhaW5lZCBn cm93dGggYW 5kIG9uZ29p bmcgcmVndW xhdG9yeSBj b3N0cy48Yn I+T24gdGhl IGJhbGFuY2 Ugc2hlZXQs IHRoZXNlIG R5bmFtaWNz IGNvdWxkIG xlYWQgdG8g aW5jcmVhc2 VkIGRlYnQg bGV2ZWxzIG lmIHRoZSBj b21wYW55IG JvcnJvd3Mg dG8gZmluYW 5jZSBjb21w bGlhbmNlLX JlbGF0ZWQg ZXhwZW5zZX MuIEEgYnVy ZGVuZWQgYm FsYW5jZSBz aGVldCBtaW dodCBzaG93 IGhpZ2hlci BsaWFiaWxp dGllcyBhbG 9uZyB3aXRo IHJlZHVjZW QgZXF1aXR5 IGFzIHJldG FpbmVkIGVh cm5pbmdzIH Rha2UgYSBo aXQgZHVlIH RvIGRpbWlu aXNoZWQgcH JvZml0YWJp bGl0eS4gSW YgdGhlIGNv bXBhbnnigJ lzIGZpbmFu Y2lhbCBwb3 NpdGlvbiBk ZXRlcmlvcm F0ZXMgc2ln bmlmaWNhbn RseSwgaXQg Y291bGQgYW xzbyBmYWNl IGNoYWxsZW 5nZXMgaW4g bWFpbnRhaW 5pbmcgaW52 ZXN0b3IgY2 9uZmlkZW5j ZSwgcG90ZW 50aWFsbHkg bGVhZGluZy B0byBpbmNy ZWFzZWQgYm 9ycm93aW5n IGNvc3RzIG FuZCByZWR1 Y2VkIGNhcG l0YWwgZm9y IGlubm92YX Rpb24gYW5k IGV4cGFuc2 lvbi48YnI+ SW4gc3VtbW FyeSwgYSBz aGlmdCBpbi ByZWd1bGF0 b3J5IHJlcX VpcmVtZW50 cyB0aGF0IG luY3JlYXNl cyBvcGVyYX Rpb25hbCBj b3N0cyBjb3 VsZCBsZWFk IHRvIGRlY3 JlYXNlZCBt YXJnaW5zLC B3b3JzZW5l ZCBjYXNoIG Zsb3csIGFu ZCBhIHN0cm FpbmVkIGJh bGFuY2Ugc2 hlZXQgZm9y IFBhdWwgSG FydG1hbm4s IGltcGFjdG luZyBpdHMg bG9uZy10ZX JtIHZpYWJp bGl0eSBpbi BhIGNvbXBl dGl0aXZlIG 1hcmtldC48 YnI+

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 bG9nb3MvWk hvNEtucXhu Q0R3YVhnMV k2WGwud2Vi cCIgYWx0PS JQYXVsIEhh cnRtYW5uIi B0aXRsZT0i UGF1bCBIYX J0bWFubiIg IGNsYXNzPS JpbWctZmx1 aWQiIGhlaW dodD01MCB3 aWR0aD01MC Bsb2FkaW5n PSdsYXp5Jy BzdHlsZT0n Ym9yZGVyLX JhZGl1czog NnB4Oyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J2ZsZXg6 IDE7IHRleH QtYWxpZ246 IGNlbnRlcj sgbWFyZ2lu LWxlZnQ6ID VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8cCBzdHls ZT0nZm9udC 1zaXplOiAy NnB4OyBjb2 xvcjogIzMz MzsgbWFyZ2 luLWJvdHRv bTogMTVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TiCBX YW50IHRvIH JlYWQgbW9y ZSBhYm91dC BQYXVsIEhh cnRtYW5uPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TmiBZb3 VyIGZyZWUg Y29weSBvZi A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+IGlzIH dhaXRpbmcK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9wPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxMnB4Oy Bmb250LXNp emU6IDEzcH g7IGNvbG9y OiAjNDQ0Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IG5vdyBhbm QgZ2V0IG91 ciBmcmVlIG VCb29rIAog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGI+ VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr czwvYj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID E2cHg7IGZv bnQtc2l6ZT ogMTRweDsg Y29sb3I6IC M0NDQ7IGZv bnQtZmFtaW x5OiAtYXBw bGUtc3lzdG VtLCBCbGlu a01hY1N5c3 RlbUZvbnQs IFNlZ29lIF VJLCBSb2Jv dG8sIEhlbH ZldGljYSBO ZXVlLCBzYW 5zLXNlcmlm OyBsaW5lLW hlaWdodDog MS42Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBIYX ZlIHlvdSBo ZWFyZCBhYm 91dCBvdXIg c2hvcnQgPH N0cm9uZyBz dHlsZT0nZm 9udC13ZWln aHQ6IDYwMD snPkRhaWx5 IFZpZGVvIE 5ld3NsZXR0 ZXI8L3N0cm 9uZz4/CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdodH RwczovL3d3 dy5pbnNpZ2 h0ZnVsdmFs dWUuY29tL2 5ld3NsZXR0 ZXIucGhwJy B0YXJnZXQ9 J19ibGFuay cgc3R5bGU9 J2NvbG9yOi AjMDA3QkZG OyB0ZXh0LW RlY29yYXRp b246IG5vbm U7IGZvbnQt d2VpZ2h0Oi A1MDA7IG1h cmdpbi1sZW Z0OiA2cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBGaW 5kIG91dCBt b3JlCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8L2E+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgCiAg ICAgICAgCi AgICAgICAg PHNwYW4gY2 xhc3M9J2Js dXJyZWQtdG V4dCc+CiAg ICAgICAgIC AgIExTQlVh R1VnWTIgOX RjR0Z1ZVNC MyBZWE1nWm 05MWJtIFJs WkNCcGJpQk kgWldsa1pX NW9aVyBsdE xDQkhaWEp0 IFlXNTVJR2 x1SUQgRTRN VGdzSUcxaC BhMmx1WnlC cGRDIEJ2Ym 1VZ2IyWWcg ZEdobElHOX NaRyBWemRD Qm9aV0ZzIG RHaGpZWEps SUcgTnZiWE JoYm1sbCBj eUJwYmlCMG FHIFVnZDI5 eWJHUXUgUE dKeVBpMGdT WCBRZ2QyRn pJR2x1IGFY UnBZV3hzZV MgQnpkR0Z5 ZEdWayBJR0 Z6SUdFZ2RH IFY0ZEdsc1 pTQnQgWVc1 MVptRmpkSC BWeWFXNW5J R0oxIGMybH VaWE56TEMg QndjbTlrZF dOcCBibWNn YkdsdVpXID RnWVc1a0lH TnYgZEhSdm JpQm1ZVyBK eWFXTnpJR1 p2IGNpQnRa V1JwWTIgRn NJR0Z1WkNC byBiM1Z6Wl dodmJHIFFn ZFhObExqeG kgY2o0dElF bHVJSCBSb1 pTQXhPWFJv IElHTmxibl IxY24ga3NJ SFJvWlNCai BiMjF3WVc1 NUlHIFY0Y0 dGdVpHVmsg SUdsMGN5Qn ZabSBabGNt bHVaM01nIG RHOGdhVzVq YkggVmtaU0 JoWkdobCBj MmwyWlNCa2 NtIFZ6YzJs dVozTWcgWV c1a0lIZHZk VyA1a0lHTm hjbVVnIGNI SnZaSFZqZE ggTXVQR0p5 UGkwZyBUMj VsSUc5bUlI IFJvWlNCcl pYa2cgYVc1 dWIzWmhkRy BsdmJuTWdi MllnIGRHaG xJR052Ylgg QmhibmtnZD JGeiBJSFJv WlNCa1pYIF psYkc5d2JX VnUgZENCdl ppQmthWCBO d2IzTmhZbX hsIElITjFj bWRwWTIgRn NJR2R2ZDI1 eiBJR2x1SU hSb1pTIEJs WVhKc2VTQX kgTUhSb0lH TmxibiBSMW Nua3NJSGRv IGFXTm9JR2 hsYkggQmxa Q0JrWldOeS BaV0Z6WlNC MGFHIFVnY2 1semF5QnYg WmlCcGJtWm xZMyBScGIy NXpJR1IxIG NtbHVaeUJ6 ZFggSm5aWE o1TGp4aSBj ajR0SUZSb1 pTIEJRWVhW c0lFaGggY2 5SdFlXNXVJ RyBOdmJYQm hibmtnIGFY TWdibTkzSU cgRWdjM1Zp YzJsayBhV0 Z5ZVNCdlpp IEIwYUdVZ1 VHRjEgYkNC SVlYSjBiVy BGdWJpQkJS eXdnIFlTQm 5iRzlpWVcg d2dhR1ZoYk hSbyBZMkZ5 WlNCamIzIE p3YjNKaGRH bHYgYmlCMG FHRjBJRyA5 d1pYSmhkR1 Z6IElHbHVJ RzkyWlggSW dNekFnWTI5 MSBiblJ5YV dWekxqIHhp Y2o0dElGUm 8gWlNCamIy MXdZVyA1NU lHaGhjeUJo IElITjBjbT l1WnkgQm1i Mk4xY3lCdi BiaUJ6ZFhO MFlXIGx1WV dKcGJHbDAg ZVNCaGJtUW dhRyBGeklH bHRjR3hsIG JXVnVkR1Zr SUggWmhjbW x2ZFhNZyBa VzUyYVhKdm JtIDFsYm5S aGJDQmggYm 1RZ2MyOWph VyBGc0lHbH VhWFJwIFlY UnBkbVZ6TE MgQnpkV05v SUdGeiBJSF Z6YVc1bklI IEpsYm1WM1 lXSnMgWlNC bGJtVnlaMy BrZ2MyOTFj bU5sIGN5Qm hibVFnY0gg SnZiVzkwYV c1biBJR1po YVhJZ2QyID l5YTJsdVp5 QmogYjI1a2 FYUnBiMiA1 ekxqeGljaj R0IElFbHVJ R0ZrWkcgbD BhVzl1SUhS diBJR2wwY3 lCdFpXIFJw WTJGc0lIQn kgYjJSMVkz UnpMQyBCMG FHVWdZMjl0 IGNHRnVlU0 JoYkggTnZJ RzltWm1WeS BjeUJoSUhK aGJtIGRsSU c5bUlHaDUg WjJsbGJtVW dZVyA1a0lI Qmxjbk52IG JtRnNJR05o Y20gVWdjSE p2WkhWaiBk SE1nZFc1a1 pYIElnYVhS eklHSnkgWV c1a0lHNWhi VyBVZ1FtOW taUzRnIFZH aGxjMlVnYV cgNWpiSFZr WlNCbyBZVz VrSUhOaGJt IGwwYVhwbG NuTXMgSUdS cGMybHVabS BWamRHRnVk SE1zIElHRn VaQ0JpYjIg UjVJR3h2ZE dsdiBibk11 UEdKeVBpID BnVkdobElG QmggZFd3Z1 NHRnlkRyAx aGJtNGdZMj l0IGNHRnVl U0JvWVggTW dZbVZsYmlC eSBaV052Wj I1cGVtIFZr SUdadmNpQn AgZEhNZ1ky OXVkSCBKcF luVjBhVzl1 IGN5QjBieU IwYUcgVWdh R1ZoYkhSby BZMkZ5WlNC cGJtIFIxYz NSeWVTd2cg Y21WalpXbD JhVyA1bklH NTFiV1Z5IG IzVnpJR0Yz WVggSmtjeU JoYm1RZyBZ V05qYjJ4aF pHIFZ6SUda dmNpQnAgZE hNZ2NISnZa SCBWamRITW dZVzVrIElI TmxjblpwWT IgVnpManhp Y2o0dCBJRW wwSUdoaGN5 IEJoSUhOMG NtOXUgWnlC amIyMXRhWC BSdFpXNTBJ SFJ2IElISm xjMlZoY20g Tm9JR0Z1Wk NCayBaWFps Ykc5d2JXIF Z1ZEN3Z2FX NTIgWlhOMG FXNW5JRyBF Z2MybG5ibW xtIGFXTmhi blFnY0cgOX lkR2x2YmlC diBaaUJwZE hNZ2NtIFYy Wlc1MVpTQn AgYm5SdklH bHRjSCBKdm RtbHVaeUJs IGVHbHpkR2 x1WnkgQndj bTlrZFdOMC BjeUJoYm1R Z1pHIFYyWl d4dmNHbHUg WnlCdVpYY2 diMiA1bGN5 NDhZbkkrIE xTQlVhR1Vn WTIgOXRjR0 Z1ZVNCbyBZ WE1nWVNCc2 IyIDVuSUdo cGMzUnYgY2 5rZ2IyWWdj RyBocGJHRn VkR2h5IGIz QjVMQ0IzYV ggUm9JSFJv WlNCUSBZWF ZzSUVoaGNu IFJ0WVc1dU lFWnYgZFc1 a1lYUnBiMi A0Z2MzVndj Rzl5IGRHbH VaeUIyWVgg SnBiM1Z6SU dObyBZWEpw ZEdGaWJHIF VnWTJGMWMy VnogSUdGdV pDQnBibSBs MGFXRjBhWF psIGN5Qmhj bTkxYm0gUW dkR2hsSUhk diBjbXhrTG c9PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=