Air Products and Chemicals

-14.15%

More reviews (1)

Live  

Air Products and Chemicals, Inc. is a global industrial gases and chemicals company that provides atmospheric gases, process and specialty gases, performance materials, equipment, and services. Founded in 1940, the company is headquartered in Allentown, Pennsylvania and operates in over 50 countries.
Air Products serves a wide range of industries, including energy, healthcare, electronics, and transportation, providing customers with solutions for their gas supply needs. The company also offers a range of specialty materials such as polyurethane additives, epoxy curing agents, and performance coatings.
In addition to gas and material production, Air Products also offers a variety of services such as gas cylinder management, plant design and construction, and hydrogen fueling stations for clean energy. The company places a strong emphasis on research and development, investing in new technologies and innovations to meet the evolving needs of its customers.
Air Products has been consistently ranked on the Forbes Global 2000 list and is recognized as one of the world's largest producers of hydrogen and one of the leading suppliers of liquefied natural gas (LNG).
Overall, Air Products and Chemicals is a well-established company with a strong global presence and a commitment to serving its customers with high-quality products and services.

QWlyIFByb2 R1Y3RzIGFu ZCBDaGVtaW NhbHMgaXMg YSBjb21wYW 55IHRoYXQg Y3JlYXRlcy BhbmQgc2Vs bHMgc3BlY2 lhbCBnYXNl cyBhbmQgY2 hlbWljYWxz IHRoYXQgYX JlIHVzZWQg aW4gbWFueS BldmVyeWRh eSB0aGluZ3 MuIEltYWdp bmUgeW91IG hhdmUgYSBi YWxsb29uIG ZpbGxlZCB3 aXRoIGhlbG l1bTsgdGhh dCBoZWxpdW 0gY29tZXMg ZnJvbSBhIG NvbXBhbnkg bGlrZSBBaX IgUHJvZHVj dHMuIFRoZX kgYWxzbyBt YWtlIGdhc2 VzIGxpa2Ug b3h5Z2VuIG FuZCBuaXRy b2dlbiwgd2 hpY2ggYXJl IGltcG9ydG FudCBmb3Ig ZGlmZmVyZW 50IGluZHVz dHJpZXMuPG JyPlRoZSBj b21wYW55IG 1ha2VzIG1v bmV5IGJ5IH NlbGxpbmcg dGhlc2UgZ2 FzZXMgdG8g b3RoZXIgYn VzaW5lc3Nl cy4gRm9yIG V4YW1wbGUs IGhvc3BpdG FscyBuZWVk IG94eWdlbi Bmb3IgcGF0 aWVudHMsIG FuZCBmYWN0 b3JpZXMgdX NlIGdhc2Vz IGZvciBtYW tpbmcgcHJv ZHVjdHMgbG lrZSBmb29k LCBlbGVjdH Jvbmljcywg YW5kIGV2ZW 4gZW5lcmd5 LiBCeSBwcm 92aWRpbmcg dGhlc2UgZX NzZW50aWFs IG1hdGVyaW FscywgQWly IFByb2R1Y3 RzIGhlbHBz IG90aGVyIG NvbXBhbmll cyBkbyB0aG VpciBqb2Jz IGJldHRlci 48YnI+QWly IFByb2R1Y3 RzIGlzIHN1 Y2Nlc3NmdW wgZm9yIGEg ZmV3IHJlYX NvbnMuIEZp cnN0LCB0aG V5IGFyZSBy ZWFsbHkgZ2 9vZCBhdCB3 aGF0IHRoZX kgZG8sIGFu ZCB0aGV5IG hhdmUgYSBs b3Qgb2YgZX hwZXJpZW5j ZS4gVGhleS Brbm93IGhv dyB0byBwcm 9kdWNlIGFu ZCBkZWxpdm VyIHRoZXNl IGdhc2VzIH NhZmVseSBh bmQgZWZmaW NpZW50bHku IFNlY29uZC wgbWFueSBp bmR1c3RyaW VzIHJlbHkg b24gdGhlaX IgcHJvZHVj dHMsIHNvIH RoZXJlIGlz IGFsd2F5cy BhIGRlbWFu ZCBmb3Igd2 hhdCB0aGV5 IG1ha2UuIE FzIGxvbmcg YXMgdGhlcm UgYXJlIGNh cnMsIHRydW NrcywgaG9z cGl0YWxzLC BhbmQgZmFj dG9yaWVzLC BBaXIgUHJv ZHVjdHMgd2 lsbCBoYXZl IGN1c3RvbW Vycy48YnI+ TG9va2luZy BpbnRvIHRo ZSBmdXR1cm UsIEFpciBQ cm9kdWN0cy BpcyBsaWtl bHkgdG8gc3 RheSBzdWNj ZXNzZnVsIG JlY2F1c2Ug dGhleSBhcm UgYWxzbyBm b2N1c2luZy BvbiBuZXcg d2F5cyB0by BjcmVhdGUg Y2xlYW5lci BlbmVyZ3ku IFRoZXkgYX JlIHdvcmtp bmcgb24gcH JvZHVjaW5n IGh5ZHJvZ2 VuLCB3aGlj aCBjYW4gYm UgYSBjbGVh bmVyIGZ1ZW wgZm9yIGNh cnMgYW5kIG J1c2VzLiBB cyBtb3JlIH Blb3BsZSBh bmQgY29tcG FuaWVzIHdh bnQgdG8gYm UgZW52aXJv bm1lbnRhbG x5IGZyaWVu ZGx5LCBBaX IgUHJvZHVj dHMgaXMgZ2 V0dGluZyBp bnZvbHZlZC BpbiBoZWxw aW5nIHRoZS B3b3JsZCB1 c2UgbGVzcy Bwb2xsdXRp b24uPGJyPl NvLCBpbiBz aG9ydCwgQW lyIFByb2R1 Y3RzIGFuZC BDaGVtaWNh bHMgbWFrZX Mgc3BlY2lh bCBnYXNlcy Bmb3IgYSBs b3Qgb2YgYn VzaW5lc3Nl cywgdGhleS BtYWtlIG1v bmV5IGJ5IH NlbGxpbmcg dGhlc2UgZ2 FzZXMsIGFu ZCB0aGV5IH dpbGwgbGlr ZWx5IGNvbn RpbnVlIHRv IGJlIHN1Y2 Nlc3NmdWwg YnkgaGVscG luZyBvdGhl ciBjb21wYW 5pZXMgYW5k IGZvY3VzaW 5nIG9uIGNs ZWFuIGVuZX JneSBpbiB0 aGUgeWVhcn MgdG8gY29t ZS48YnI+

MS4gR2xvYm FsIHByZXNl bmNlOiBBaX IgUHJvZHVj dHMgYW5kIE NoZW1pY2Fs cyBpcyBhIG 11bHRpbmF0 aW9uYWwgY2 9ycG9yYXRp b24gd2l0aC BvcGVyYXRp b25zIGluIG 92ZXIgNTAg Y291bnRyaW VzIGFuZCBz ZXJ2aW5nIG N1c3RvbWVy cyBpbiBtb3 JlIHRoYW4g MTAwIGNvdW 50cmllcy4g SXQgaGFzIG EgYnJvYWQg Z2VvZ3JhcG hpYyBhbmQg bWFya2V0IH JlYWNoLCBt YWtpbmcgaX QgYSBnbG9i YWwgbGVhZG VyIGluIHRo ZSBpbmR1c3 RyaWFsIGdh cyBhbmQgY2 hlbWljYWxz IGluZHVzdH J5Ljxicj4y LiBEaXZlcn NlIHByb2R1 Y3QgcG9ydG ZvbGlvOiBU aGUgY29tcG FueSBvZmZl cnMgYSB3aW RlIHJhbmdl IG9mIHByb2 R1Y3RzLCBp bmNsdWRpbm cgaW5kdXN0 cmlhbCBnYX NlcywgcGVy Zm9ybWFuY2 UgbWF0ZXJp YWxzLCBhbm Qgc3BlY2lh bHR5IGNoZW 1pY2FscyBm b3IgdmFyaW 91cyBpbmR1 c3RyaWVzIH N1Y2ggYXMg aGVhbHRoY2 FyZSwgZW5l cmd5LCBhbm QgZWxlY3Ry b25pY3MuIF RoaXMgZGl2 ZXJzZSBwcm 9kdWN0IHBv cnRmb2xpby Bjb250cmli dXRlcyB0by BpdHMgc3Ry b25nIG1hcm tldCBwb3Np dGlvbiBhbm QgcmV2ZW51 ZSBncm93dG guPGJyPjMu IElubm92YX RpdmUgc29s dXRpb25zOi BBaXIgUHJv ZHVjdHMgYW 5kIENoZW1p Y2FscyBoYX MgYSBzdHJv bmcgZm9jdX Mgb24gcmVz ZWFyY2ggYW 5kIGRldmVs b3BtZW50LC BpbnZlc3Rp bmcgaGVhdm lseSBpbiBp bm5vdmF0aX ZlIHRlY2hu b2xvZ2llcy B0byBhZGRy ZXNzIGN1c3 RvbWVyIG5l ZWRzLiBJdH MgdGVjaG5p Y2FsIGV4cG VydGlzZSBh bmQgaW5ub3 ZhdGl2ZSBz b2x1dGlvbn MgbWFrZSBp dCBhIHByZW ZlcnJlZCBw YXJ0bmVyIG ZvciBjdXN0 b21lcnMgaW 4gdGhlIGlu ZHVzdHJpZX MgaXQgc2Vy dmVzLjxicj 40LiBTdXN0 YWluYWJpbG l0eSBsZWFk ZXJzaGlwOi BUaGUgY29t cGFueSBpcy Bjb21taXR0 ZWQgdG8gc3 VzdGFpbmFi bGUgZ3Jvd3 RoIGFuZCBo YXMgc2V0IG FtYml0aW91 cyBlbnZpcm 9ubWVudGFs LCBzb2NpYW wsIGFuZCBn b3Zlcm5hbm NlIChFU0cp IGdvYWxzLi BJdCBoYXMg YmVlbiByZW NvZ25pemVk IGZvciBpdH Mgc3VzdGFp bmFiaWxpdH kgZWZmb3J0 cywgaW5jbH VkaW5nIGJl aW5nIG5hbW VkIG9uZSBv ZiB0aGUgIl dvcmxkJ3Mg TW9zdCBBZG 1pcmVkIENv bXBhbmllcy IgYnkgRm9y dHVuZSBtYW dhemluZS48 YnI+NS4gU3 Ryb25nIGZp bmFuY2lhbC BwZXJmb3Jt YW5jZTogQW lyIFByb2R1 Y3RzIGFuZC BDaGVtaWNh bHMgaGFzIG EgdHJhY2sg cmVjb3JkIG 9mIGNvbnNp c3RlbnQgZm luYW5jaWFs IHBlcmZvcm 1hbmNlLCB3 aXRoIHN0cm 9uZyByZXZl bnVlIGdyb3 d0aCBhbmQg cHJvZml0YW JpbGl0eS4g SXQgaGFzIG Egc29saWQg YmFsYW5jZS BzaGVldCwg bG93IGRlYn QgbGV2ZWxz LCBhbmQgYS BzdHJvbmcg ZGl2aWRlbm QgcGF5b3V0 LCBtYWtpbm cgaXQgYW4g YXR0cmFjdG l2ZSBpbnZl c3RtZW50IG ZvciBzaGFy ZWhvbGRlcn MuPGJyPjYu IEVtcGxveW VlLWNlbnRy aWMgY3VsdH VyZTogVGhl IGNvbXBhbn kgdmFsdWVz IGl0cyBlbX Bsb3llZXMg YW5kIGhhcy BhIHN0cm9u ZyBjb21taX RtZW50IHRv IHRoZWlyIG RldmVsb3Bt ZW50IGFuZC B3ZWxsLWJl aW5nLiBJdC BoYXMgYmVl biByZWNvZ2 5pemVkIGFz IGEgdG9wIG VtcGxveWVy IGFuZCBoYX MgYSBkaXZl cnNlIHdvcm tmb3JjZSBv ZiBvdmVyID E5LDAwMCBl bXBsb3llZX MgZnJvbSBk aWZmZXJlbn QgYmFja2dy b3VuZHMgYW 5kIG5hdGlv bmFsaXRpZX MuPGJyPjcu IFN0cm9uZy BjdXN0b21l ciByZWxhdG lvbnNoaXBz OiBUaGUgY2 9tcGFueSBo YXMgbG9uZy 1zdGFuZGlu ZyByZWxhdG lvbnNoaXBz IHdpdGggaX RzIGN1c3Rv bWVycywgc2 9tZSBvZiB3 aGljaCBoYX ZlIGxhc3Rl ZCBmb3IgZG VjYWRlcy4g VGhpcyByZW ZsZWN0cyBp dHMgY29tbW l0bWVudCB0 byBjdXN0b2 1lciBzYXRp c2ZhY3Rpb2 4gYW5kIGl0 cyBhYmlsaX R5IHRvIHBy b3ZpZGUgaG lnaC1xdWFs aXR5IHByb2 R1Y3RzIGFu ZCBzZXJ2aW Nlcy48YnI+ OC4gU2FmZX R5IGN1bHR1 cmU6IEFpci BQcm9kdWN0 cyBhbmQgQ2 hlbWljYWxz IGhhcyBhIH N0cm9uZyBz YWZldHkgY3 VsdHVyZSwg d2l0aCBhIG dvYWwgb2Yg emVybyBpbm NpZGVudHMg YW5kIGluan VyaWVzLiBJ dCBoYXMgaW 1wbGVtZW50 ZWQgcm9idX N0IHNhZmV0 eSBtZWFzdX JlcyBhbmQg cmVndWxhcm x5IHRyYWlu cyBpdHMgZW 1wbG95ZWVz IG9uIHNhZm V0eSBwcm90 b2NvbHMsIG Vuc3VyaW5n IGEgc2FmZS B3b3JrcGxh Y2UgZm9yIG l0cyBlbXBs b3llZXMgYW 5kIGN1c3Rv bWVycy4gPG JyPg==

VGhlIGJ1c2 luZXNzIG1v ZGVsIG9mIE FpciBQcm9k dWN0cyBhbm QgQ2hlbWlj YWxzIGlzIG Jhc2VkIG9u IHByb3ZpZG luZyBpbmR1 c3RyaWFsIG FuZCBzcGVj aWFsdHkgZ2 FzZXMsIHBl cmZvcm1hbm NlIG1hdGVy aWFscywgZX F1aXBtZW50 IGFuZCBzZX J2aWNlcyB0 byBhIHdpZG UgcmFuZ2Ug b2YgY3VzdG 9tZXJzIGlu IGRpdmVyc2 UgaW5kdXN0 cmllcyBzdW NoIGFzIGVu ZXJneSwgbW FudWZhY3R1 cmluZywgaG VhbHRoY2Fy ZSwgZWxlY3 Ryb25pY3Ms IGFuZCBmb2 9kIGFuZCBi ZXZlcmFnZS 4=

AI can potentially pose threats to Air Products and Chemicals in several ways, impacting its products, services, and competitive positioning.
1. Substitution: AI technologies can facilitate the development of alternative energy sources and materials that could substitute for traditional products offered by the company. For instance, advancements in AI-driven processes for energy generation, storage, or carbon capture could lead to new, more efficient methods that reduce reliance on Air Products’ offerings.
2. Disintermediation: AI can streamline operations and supply chains, which might reduce the need for intermediaries in the distribution of gases and chemicals. This could enable customers to engage with suppliers directly, thereby diminishing Air Products’ role as a middleman in some transactions, potentially affecting sales and relationships with distributors.
3. Margin Pressure: As AI technologies drive efficiencies across various sectors, competitive pressure may increase, leading to lower prices for gases and chemicals. Competitors that adopt AI to optimize production processes might achieve lower operating costs, passing those savings onto customers, which could force Air Products to lower its prices and erode profit margins.
In conclusion, while AI presents opportunities for innovation and efficiency, it also poses material threats that could disrupt Air Products and Chemicals’ traditional business models and competitive positioning. The company would need to continuously adapt and leverage AI to mitigate these risks.

The sensitivity of Air Products and Chemicals’ earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Earnings Sensitivity: Air Products’ earnings can be influenced by changes in interest rates due to the cost of financing and investment in capital projects. When interest rates rise, the cost of borrowing increases, which can lead to higher interest expenses, potentially reducing net earnings. Conversely, lower interest rates reduce financing costs, which can enhance profitability.
2. Cash Flow Sensitivity: The company’s free cash flow may be affected by interest rate changes as well. Higher interest rates can lead to increased expenses associated with debt service and financing, potentially constraining the cash flow available for operations, investments, and shareholder returns. On the other hand, lower rates can contribute to increased cash flow by reducing these costs.
3. Valuation Sensitivity: The valuation of Air Products, typically assessed through discounted cash flow (DCF) analysis, is highly sensitive to interest rate changes. Higher interest rates increase the discount rate used in DCF models, reducing the present value of future cash flows and thus potentially lowering the company’s valuation. Lower interest rates have the opposite effect, raising the present value of future cash flows and supporting a higher valuation.
In summary, Air Products and Chemicals’ earnings, cash flow, and overall valuation are sensitive to changes in interest rates, largely reflecting how these changes impact borrowing costs and the discount rates used in financial modeling.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQW lyIFByb2R1 Y3RzIGFuZC BDaGVtaWNh bHPigJkgZW Nvbm9taWNz IG92ZXIgdG hlIG5leHQg MyB0byA1IH llYXJzIGNv dWxkIGludm 9sdmUgYSBz aWduaWZpY2 FudCBzaGlm dCB0b3dhcm QgcmVuZXdh YmxlIGVuZX JneSBzb3Vy Y2VzLCBjb2 1iaW5lZCB3 aXRoIHN0cm luZ2VudCBy ZWd1bGF0b3 J5IGNoYW5n ZXMgYW5kIG luY3JlYXNl ZCBjb21wZX RpdGlvbiBp biB0aGUgaH lkcm9nZW4g YW5kIGluZH VzdHJpYWwg Z2FzIG1hcm tldHMuPGJy PkFzIGdvdm Vybm1lbnRz IHdvcmxkd2 lkZSBhY2Nl bGVyYXRlIH RoZWlyIHRy YW5zaXRpb2 4gdG8gcmVu ZXdhYmxlIG VuZXJneSB0 byBjb21iYX QgY2xpbWF0 ZSBjaGFuZ2 UsIGEgc3Vi c3RhbnRpYW wgcmVkdWN0 aW9uIGluIG RlbWFuZCBm b3IgaHlkcm 9nZW4gZ2Vu ZXJhdGVkIG Zyb20gZm9z c2lsIGZ1ZW xzIGNvdWxk IG9jY3VyLi BJZiBoeWRy b2dlbiBwcm 9kdWN0aW9u IGJlY29tZX MgZG9taW5h dGVkIGJ5IG NoZWFwZXIs IHJlbmV3YW JsZSBtZXRo b2RzLCBBaX IgUHJvZHVj dHPigJkgZX hpc3Rpbmcg aW5mcmFzdH J1Y3R1cmUg YW5kIGludm VzdG1lbnRz IGluIHRyYW RpdGlvbmFs IGh5ZHJvZ2 VuIHByb2R1 Y3Rpb24gY2 91bGQgZmFj ZSBvYnNvbG VzY2VuY2Uu IFRoaXMgc2 NlbmFyaW8g Y291bGQgYm UgZXhhY2Vy YmF0ZWQgYn kgbmV3IHJl Z3VsYXRpb2 5zIGFpbWVk IGF0IG1pbm ltaXppbmcg Y2FyYm9uIG VtaXNzaW9u cywgbGVhZG luZyB0byBo aWdoZXIgY2 9tcGxpYW5j ZSBjb3N0cy Bmb3IgdHJh ZGl0aW9uYW wgcHJvZHVj dGlvbiBtZX Rob2RzLjxi cj5UaGUgaW 1wYWN0IG9u IHRoZSBjb2 1wYW554oCZ cyBtYXJnaW 5zIGNvdWxk IGJlIHNldm VyZS4gQXMg dHJhZGl0aW 9uYWwgcHJv ZHVjdGlvbi BtZXRob2Rz IGJlY29tZS BsZXNzIGVj b25vbWljYW xseSB2aWFi bGUsIG1hcm dpbnMgbWF5 IGVyb2RlIH NpZ25pZmlj YW50bHkgZH VlIHRvIGlu Y3JlYXNlZC Bjb3N0cyBv ZiBwcm9kdW N0aW9uIGFu ZCB0aGUgbm VlZCB0byBp bnZlc3QgaW 4gbmV3IHJl bmV3YWJsZS B0ZWNobm9s b2dpZXMuIF JlZHVjZWQg cHJpY2luZy Bwb3dlciBp biB0aGUgZm FjZSBvZiBn cm93aW5nIH N1cHBseSBm cm9tIGNvbX BldGl0b3Jz IHV0aWxpem luZyByZW5l d2FibGUgc2 91cmNlcyBj b3VsZCBmdX J0aGVyIGNv bXByZXNzIG 1hcmdpbnMu PGJyPlJlZ2 FyZGluZyBj YXNoIGZsb3 csIEFpciBQ cm9kdWN0cy Bjb3VsZCBz ZWUgYSBkZW NsaW5lIGlu IHJldmVudW UgYXMgZGVt YW5kIHNoaW Z0cyBhbmQg dGhlIGNvbX Bhbnkgc3Ry dWdnbGVzIH RvIHRyYW5z aXRpb24gaX RzIGFzc2V0 IGJhc2UuIE NhcGl0YWwg ZXhwZW5kaX R1cmVzIHdv dWxkIHJpc2 UgYXMgdGhl IGNvbXBhbn kgaW52ZXN0 cyBpbiBuZX cgdGVjaG5v bG9naWVzIH RvIHJlbWFp biBjb21wZX RpdGl2ZSwg cG90ZW50aW FsbHkgZm9z dGVyaW5nIG Egc3Vic3Rh bnRpYWwgc2 hvcnQtdGVy bSBzdHJhaW 4gb24gY2Fz aCBmbG93Li BJZiB0aGUg Y29tcGFueS BpcyB1bmFi bGUgdG8gYW RhcHQgcXVp Y2tseSBlbm 91Z2ggdG8g bWFya2V0IG NoYW5nZXMs IGl0IG1heS BleHBlcmll bmNlIHByb2 xvbmdlZCBu ZWdhdGl2ZS BjYXNoIGZs b3csIGFmZm VjdGluZyBp dHMgYWJpbG l0eSB0byBm dW5kIG9wZX JhdGlvbnMg YW5kIGRpc3 RyaWJ1dGlv bnMuPGJyPk 9uIHRoZSBi YWxhbmNlIH NoZWV0LCBw ZXJzaXN0ZW 50IHJlZHVj dGlvbnMgaW 4gcmV2ZW51 ZSBhbmQgcH JvZml0YWJp bGl0eSBjb3 VsZCBsZWFk IHRvIGhpZ2 hlciBkZWJ0 IGxldmVscy BpZiB0aGUg Y29tcGFueS BjaG9vc2Vz IHRvIGZpbm FuY2UgdGhl IHRyYW5zaX Rpb24gdGhy b3VnaCBib3 Jyb3dpbmcu IEFsb25nc2 lkZSBzdGFn bmFudCBvci BkZWNsaW5p bmcgcmV2ZW 51ZXMsIHRo aXMgY291bG QgcmVzdWx0 IGluIGRldG VyaW9yYXRp bmcgbGV2ZX JhZ2UgcmF0 aW9zIGFuZC BpbmNyZWFz ZWQgcmlzay BwZXJjZXB0 aW9uIGFtb2 5nIGludmVz dG9ycyBhbm QgY3JlZGl0 b3JzLiBJZi B0aGUgbWFy a2V0IHZpZX dzIEFpciBQ cm9kdWN0cy BhcyBmYWxs aW5nIGJlaG luZCBpbiB0 aGUgY2xlYW 4gZW5lcmd5 IHRyYW5zaX Rpb24sIGl0 cyBzdG9jay BwcmljZSBt YXkgc3VmZm VyLCBmdXJ0 aGVyIGltcG FjdGluZyB0 aGUgY29tcG FueeKAmXMg ZmluYW5jaW FsIGhlYWx0 aCBhbmQgYW NjZXNzIHRv IGNhcGl0YW wuPGJyPk92 ZXJhbGwsIH RoaXMgc2Nl bmFyaW8gY2 91bGQgbGVh ZCB0byBhIG xvbmctdGVy bSBzdHJ1Y3 R1cmFsIHNo aWZ0IGluIE FpciBQcm9k dWN0cyBhbm QgQ2hlbWlj YWxz4oCZIG J1c2luZXNz IG1vZGVsLC BuZWNlc3Np dGF0aW5nIG V4dGVuc2l2 ZSBhZGp1c3 RtZW50cyB0 byBlbnN1cm Ugc3VzdGFp bmFiaWxpdH kgYW5kIGNv bXBldGl0aX ZlbmVzcyBp biBhIHJhcG lkbHkgZXZv bHZpbmcgZW 5lcmd5IGxh bmRzY2FwZS 48YnI+

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 bG9nb3MvY2 5xR1RDM1k2 UzZkUFJVVU dBVG8ud2Vi cCIgYWx0PS JBaXIgUHJv ZHVjdHMgYW 5kIENoZW1p Y2FscyIgdG l0bGU9IkFp ciBQcm9kdW N0cyBhbmQg Q2hlbWljYW xzIiAgY2xh c3M9ImltZy 1mbHVpZCIg aGVpZ2h0PT UwIHdpZHRo PTUwIGxvYW Rpbmc9J2xh enknIHN0eW xlPSdib3Jk ZXItcmFkaX VzOiA2cHg7 Jz4KCiAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nZm xleDogMTsg dGV4dC1hbG lnbjogY2Vu dGVyOyBtYX JnaW4tbGVm dDogNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdm b250LXNpem U6IDI2cHg7 IGNvbG9yOi AjMzMzOyBt YXJnaW4tYm 90dG9tOiAx NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICDwn5 OIIFdhbnQg dG8gcmVhZC Btb3JlIGFi b3V0IEFpci BQcm9kdWN0 cyBhbmQgQ2 hlbWljYWxz 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+UkyBV bmxvY2sgb3 VyIGZyZWUg Z3VpZGU6ID xpPiJUaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzIjwv aT4KICAgIC 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 NGdRV2x5SU YgQnliMlIx WTNSeiBJR0 Z1WkNCRGFH IFZ0YVdOaG JITXMgSUVs dVl5NGdLRS BGUVEwa3BJ R2x6IElHRn VJRUZ0Wlgg SnBZMkZ1SU dsdSBkR1Z5 Ym1GMGFXID l1WVd3Z1ky OXkgY0c5eV lYUnBiMiA0 Z2RHaGhkQ0 J6IFpXeHNj eUJuWVggTm xjeUJoYm1R ZyBZMmhsYl dsallXIHh6 SUdadmNpQn AgYm1SMWMz UnlhVyBGc0 lIVnpaUzQ4 IFluSStNaT RnVkcgaGxJ R052YlhCaC Bibm5pZ0ps eklHIGhsWV dSeGRXRnkg ZEdWeWN5Qm hjbSBVZ2JH OWpZWFJsIF pDQnBiaUJC YkcgeGxibl J2ZDI0cyBJ RkJsYm01em VXIHgyWVc1 cFlTd2cgWV c1a0lHbDBJ RyBoaGN5Qn ZjR1Z5IFlY UnBiMjV6SU cgbHVJRzky WlhJZyBOVE FnWTI5MWJu IFJ5YVdWek xqeGkgY2o0 ekxpQkJhWC BJZ1VISnZa SFZqIGRITW dZVzVrSUUg Tm9aVzFwWT JGcyBjeUIz WVhNZ1ptID kxYm1SbFpD QnAgYmlBeE 9UUXdJRyBK NUlFeGxiMj VoIGNtUWdV QzRnVUcgOX ZiQ0IzYVhS byBJRzl1Yk hrZ0pEIEV3 TERBd01DQn AgYmlCallY QnBkRyBGc0 xpQlVhR1Vn IFkyOXRjR0 Z1ZVMgQnpk R0Z5ZEdWay BJRzltWmlC d2NtIDlrZF dOcGJtY2cg WTJobGJXbG pZVyB4eklH WnZjaUJqIG IyMXdZVzVw WlggTWdiR2 xyWlNCUSBV RWNnU1c1a2 RYIE4wY21s bGN5QmggYm 1RZ1UzVnVJ RSA5cGJDND hZbkkrIE5D NGdWR2hsSU cgTnZiWEJo Ym5uaSBnSm x6SUdacGNu IE4wSUhCeW IyUjEgWTNR Z2QyRnpJRy BFZ2MyOXNk bVZ1IGRDQm pZV3hzWlcg UWdVMjlzZF hSdiBiQ3dn ZDJocFkyIG dnYVhNZ2Mz UnAgYkd3Z2 RYTmxaQyBC MGIyUmhlU0 JwIGJpQjJZ WEpwYjMgVn pJR2x1WkhW eiBkSEpwWV d3Z1lYIEJ3 YkdsallYUn AgYjI1ekxq eGljaiA0MU xpQkJhWEln IFVISnZaSF ZqZEggTWdZ VzVrSUVOby BaVzFwWTJG c2N5IEJpWl dOaGJXVWcg WVNCbmJHOW lZVyB3Z1ky OXRjR0Z1IG VTQnBiaUF4 T1QgWXhJSG RvWlc0ZyBh WFFnYjNCbG JtIFZrSUds MGN5Qm0gYV hKemRDQnBi biBSbGNtNW hkR2x2IGJt RnNJRzltWm 0gbGpaU0Jw YmlCTiBaWG hwWTI4dVBH IEp5UGpZdU lGUm8gWlNC amIyMXdZVy A1NTRvQ1pj eUJwIGJtbD BhV0ZzSUcg WnZZM1Z6SU hkaCBjeUJ2 YmlCd2NtID lrZFdOcGJt Y2cgYkdseG RXVm1hVyBW a0lHNWhkSF Z5IFlXd2da MkZ6SUMgaE 1Ua2NwTENC aSBkWFFnYV c0Z2RHIGhs SURFNU5qQn ogSUdsMElH SmxaMiBGdU lIUnZJSE5v IGFXWjBJSF J2ZDIgRnla SE1nYVc1ay BkWE4wY21s aGJDIEJuWV hObGN5d2cg YzNWamFDQm hjeSBCdmVI bG5aVzRzIE lHNXBkSEp2 WjIgVnVMQ0 JoYm1RZyBh SGxrY205bl pXIDR1UEdK eVBqY3UgSU VsdUlERTVP RCBJc0lFRn BjaUJRIGNt OWtkV04wY3 kgQmhibVFn UTJobCBiV2 xqWVd4eklH IEpsWTJGdF pTQjAgYUdV Z1ptbHljMy BRZ1FXMWxj bWxqIFlXNG dZMjl0Y0cg RnVlU0IwYn lCaSBkV2xz WkNCaGJtIF FnYjNCbGNt RjAgWlNCaE lHaGxiRyBs MWJTQndiR0 Z1IGRDQnBi aUIwYUcgVW dVR1Z2Y0d4 bCA0b0NaY3 lCU1pYIEIx WW14cFl5Qn YgWmlCRGFH bHVZUyA0OF luSStPQzRn IFZHaGxJR0 52YlggQmhi bmtnYUdGei BJR0VnYzNS eWIyIDVuSU dOdmJXMXAg ZEcxbGJuUW dkRyA4Z2Mz VnpkR0ZwIG JtRmlhV3hw ZEgga2dZVz VrSUdoaCBj eUJpWldWdU lIIEpsWTI5 bmJtbDYgWl dRZ1ptOXlJ RyBsMGN5Qm xabVp2IGNu UnpJSFJ2SU ggSmxaSFZq WlNCbiBjbV ZsYm1odmRY IE5sSUdkaG N5QmwgYlds emMybHZibi BNZ1lXNWtJ R2x0IGNISn ZkbVVnWlcg NWxjbWQ1SU dWbSBabWxq YVdWdVkzIG t1UEdKeVBq a3UgSUVGcG NpQlFjbSA5 a2RXTjBjeU JoIGJtUWdR MmhsYlcgbG pZV3h6SUdo aCBjeUJpWl dWdUlHIGx1 ZG05c2RtVm sgSUdsdUlI TmxkbSBWeV lXd2dibTkw IFlXSnNaU0 J3Y20gOXFa V04wY3l3Zy BhVzVqYkhW a2FXIDVuSU hOMWNIQnMg ZVdsdVp5Qn NhWCBGMWFX UWdiM2g1IF oyVnVJR1p2 Y2kgQjBhR1 VnTVRrMiBP U0JCY0c5c2 JHIDhnTVRF Z2JXOXYgYm lCc1lXNWth VyA1bklHRn VaQ0J3IGNt OTJhV1JwYm 0gY2diM2g1 WjJWdSBJR1 p2Y2lCMGFH IFVnY21Wel kzVmwgSUc5 bUlETXpJSC BSeVlYQnda V1FnIGJXbH VaWEp6SUcg bHVJRU5vYV d4bCBJR2x1 SURJd01UIE F1UEdKeVBq RXcgTGlCSm JpQXlNRCBF M0xDQkJhWE lnIFVISnZa SFZqZEggTW dZVzVrSUVO byBaVzFwWT JGc2N5IEJo Ym01dmRXNW ogWldRZ1lT QWtPQyA0ek lHSnBiR3hw IGIyNGdiV1 Z5WjIgVnlJ SGRwZEdnZy BkR2hsSUds dVpIIFZ6ZE hKcFlXd2cg WjJGeklHTn ZiWCBCaGJu a2dUR2x1IF pHVWdRVWN1 SUYgUm9aU0 J0WlhKbiBa WElnZDJGek lHIE52YlhC c1pYUmwgWk NCcGJpQlBZ MyBSdlltVn lJREl3IE1U Z3NJR055Wl cgRjBhVzVu SUhSbyBaU0 IzYjNKc1pP IEtBbVhNZ2 JHRnkgWjJW emRDQnBibS BSMWMzUnlh V0ZzIElHZG hjeUJqYjIg MXdZVzU1TG c9PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=