Applied Materials

Live  

Applied Materials is a globally recognized leader in materials engineering solutions for the semiconductor and display industries. The company was founded in 1967 by Michael A. McNeilly and is headquartered in Santa Clara, California. Applied Materials designs and builds equipment and software used in the production of semiconductors, flat panel displays, and solar cells. The company also offers consulting, support, and other services to help customers maximize their production capabilities.
Applied Materials is known for its continual innovation and research and development efforts, constantly striving to improve technology and processes in the manufacturing of electronic devices. Their solutions help customers produce cutting-edge products that are used in industries such as consumer electronics, transportation, healthcare, and energy. Applied Materials has built a strong reputation for providing high-quality products and services, making them a trusted partner for many of the world's leading semiconductor and display manufacturers.
With a global manufacturing footprint encompassing North America, Europe, and Asia, Applied Materials serves clients in various countries around the world. The company employs over 24,000 people and generated $17.2 billion in revenue in fiscal year 2020.
Overall, Applied Materials is a major player in the technology industry, offering innovative solutions and driving advancements in the semiconductor and display industries.

QXBwbGllZC BNYXRlcmlh bHMgaXMgYS Bjb21wYW55 IHRoYXQgbW FrZXMgc3Bl Y2lhbCBtYW NoaW5lcyB1 c2VkIHRvIG hlbHAgY3Jl YXRlIGNvbX B1dGVyIGNo aXBzIGFuZC BzY3JlZW5z IGZvciBhbG wgc29ydHMg b2YgZWxlY3 Ryb25pY3Ms IGxpa2Ugc2 1hcnRwaG9u ZXMsIHRhYm xldHMsIGFu ZCBsYXB0b3 BzLiBJbWFn aW5lIGlmIH lvdSB3ZXJl IGJ1aWxkaW 5nIGEgcmVh bGx5IGNvb2 wgbW9kZWwg b3V0IG9mIH RpbnkgTGVn byBwaWVjZX MuIFRvIGRv IHRoYXQsIH lvdSB3b3Vs ZCBuZWVkIH NvbWUgc3Bl Y2lhbCB0b2 9scyB0aGF0 IGhlbHAgeW 91IHNoYXBl IGFuZCBnbH VlIGV2ZXJ5 dGhpbmcgdG 9nZXRoZXIu IEFwcGxpZW QgTWF0ZXJp YWxzIG1ha2 VzIHRob3Nl IGtpbmRzIG 9mIHRvb2xz IGZvciBjaG lwIG1ha2Vy cywgYnV0IG luc3RlYWQg b2YgTGVnb3 MsIHRoZXkg d29yayB3aX RoIHJlYWxs eSB0aW55LC B0aW55IHBp ZWNlcyB0aG F0IHdlIGNh buKAmXQgZX ZlbiBzZWUh PGJyPkFwcG xpZWQgTWF0 ZXJpYWxzIG 1ha2VzIG1v bmV5IGJ5IH NlbGxpbmcg dGhlc2UgbW FjaGluZXMg YW5kIGFsc2 8gYnkgcHJv dmlkaW5nIH NlcnZpY2Vz IHRvIGhlbH AgdGhlIGNv bXBhbmllcy B0aGF0IG1h a2UgY2hpcH MuIFdoZW4g dGhlc2UgY2 9tcGFuaWVz IHdhbnQgdG 8gcHJvZHVj ZSBtb3JlIG VsZWN0cm9u aWNzLCB0aG V5IG5lZWQg bW9yZSBtYW NoaW5lcywg YW5kIHRoYX TigJlzIGhv dyBBcHBsaW VkIE1hdGVy aWFscyBlYX JucyBtb25l eS4gVGhleS BhbHNvIHNl bGwgcGFydH MgYW5kIHNv ZnR3YXJlIH RvIGtlZXAg dGhlIG1hY2 hpbmVzIHJ1 bm5pbmcgc2 1vb3RobHku PGJyPlRoZS Bjb21wYW55 IGlzIHN1Y2 Nlc3NmdWwg Zm9yIGEgZm V3IHJlYXNv bnMuIEZpcn N0LCB0aGUg d29ybGQgaX MgdXNpbmcg bW9yZSBlbG VjdHJvbmlj cyB0aGFuIG V2ZXIgYmVm b3JlLiBBbG 1vc3QgZXZl cnlvbmUgaG FzIGEgc21h cnRwaG9uZS BvciBhIGNv bXB1dGVyLC BhbmQgYWxs IHRob3NlIG RldmljZXMg bmVlZCBjaG lwcyB0byB3 b3JrLiBBcy B0ZWNobm9s b2d5IGtlZX BzIGdldHRp bmcgYmV0dG VyIGFuZCBw ZW9wbGUgd2 FudCBtb3Jl IGdhZGdldH MsIHRoZSBk ZW1hbmQgZm 9yIGNoaXBz IGdvZXMgdX AsIHdoaWNo IGhlbHBzIE FwcGxpZWQg TWF0ZXJpYW xzIHNlbGwg bW9yZSBtYW NoaW5lcy48 YnI+U2Vjb2 5kLCBBcHBs aWVkIE1hdG VyaWFscyBz cGVuZHMgYS Bsb3Qgb2Yg dGltZSBhbm QgbW9uZXkg b24gcmVzZW FyY2ggYW5k IGRldmVsb3 BtZW50LiBU aGlzIG1lYW 5zIHRoZXni gJlyZSBhbH dheXMgd29y a2luZyBvbi BuZXcgYW5k IGJldHRlci B0b29scywg c3RheWluZy BhaGVhZCBv ZiB0aGVpci Bjb21wZXRp dG9ycy4gVG hleSBkb27i gJl0IGp1c3 Qgd2FudCB0 byBrZWVwIH VwOyB0aGV5 IHdhbnQgdG 8gYmUgdGhl IGJlc3QhPG JyPkZpbmFs bHksIHRoZS Bjb21wYW55 IGhhcyBncm VhdCByZWxh dGlvbnNoaX BzIHdpdGgg aXRzIGN1c3 RvbWVycywg d2hpY2ggaW 5jbHVkZSBt YWpvciB0ZW NoIGNvbXBh bmllcyBhcm 91bmQgdGhl IHdvcmxkLi BJZiB0aGV5 IGtlZXAgbW FraW5nIGdv b2QgcHJvZH VjdHMgYW5k IHByb3ZpZG luZyBleGNl bGxlbnQgc2 VydmljZSwg dGhvc2UgY3 VzdG9tZXJz IHdpbGwga2 VlcCBjb21p bmcgYmFjay 48YnI+TG9v a2luZyB0b3 dhcmRzIHRo ZSBmdXR1cm UsIGFzIG1v cmUgdGhpbm dzIGxpa2Ug Y2FycywgaG 9tZSBhcHBs aWFuY2VzLC BhbmQgZXZl biB0b3lzIG dldCBzbWFy dGVyIHdpdG ggdGVjaG5v bG9neSwgY2 hpcHMgd2ls bCBiZSBuZW VkZWQgZXZl biBtb3JlLi BUaGlzIG1l YW5zIGNvbX BhbmllcyBs aWtlIEFwcG xpZWQgTWF0 ZXJpYWxzIH dpbGwgY29u dGludWUgdG 8gYmUgaW1w b3J0YW50Li BTbywgYXMg bG9uZyBhcy B0ZWNobm9s b2d5IGtlZX BzIGFkdmFu Y2luZywgQX BwbGllZCBN YXRlcmlhbH MgaXMgbGlr ZWx5IHRvIH N0YXkgc3Vj Y2Vzc2Z1bC E8YnI+

MS4gSW5kdX N0cnkgTGVh ZGVyOiBBcH BsaWVkIE1h dGVyaWFscy BpcyBhIGds b2JhbCBsZW FkZXIgaW4g bWF0ZXJpYW xzIGVuZ2lu ZWVyaW5nIH NvbHV0aW9u cyBmb3IgdG hlIHNlbWlj b25kdWN0b3 IsIGRpc3Bs YXksIGFuZC Bzb2xhciBp bmR1c3RyaW VzLjxicj4y LiBJbm5vdm F0aW9uOiBU aGUgY29tcG FueSBoYXMg YSBzdHJvbm cgZm9jdXMg b24gcmVzZW FyY2ggYW5k IGRldmVsb3 BtZW50LCBp bnZlc3Rpbm cgb3ZlciAk MSBiaWxsaW 9uIGFubnVh bGx5IHRvIG RyaXZlIGlu bm92YXRpb2 4gaW4gaXRz IHRlY2hub2 xvZ3kgYW5k IHByb2R1Y3 RzLjxicj4z LiBHbG9iYW wgUHJlc2Vu Y2U6IEFwcG xpZWQgTWF0 ZXJpYWxzIG hhcyBhIHBy ZXNlbmNlIG luIG92ZXIg OTMgbG9jYX Rpb25zIGFy b3VuZCB0aG Ugd29ybGQs IG1ha2luZy BpdCBhIHRy dWx5IGdsb2 JhbCBjb21w YW55Ljxicj 40LiBEaXZl cnNlIFByb2 R1Y3QgUG9y dGZvbGlvOi BUaGUgY29t cGFueSBvZm ZlcnMgYSB3 aWRlIHJhbm dlIG9mIHBy b2R1Y3RzIG FuZCBzb2x1 dGlvbnMsIG luY2x1ZGlu ZyBlcXVpcG 1lbnQsIHNv ZnR3YXJlLC BhbmQgc2Vy dmljZXMsIH RvIHN1cHBv cnQgdmFyaW 91cyBtYW51 ZmFjdHVyaW 5nIHByb2Nl c3NlcyBpbi B0aGUgc2Vt aWNvbmR1Y3 RvciBhbmQg cmVsYXRlZC BpbmR1c3Ry aWVzLjxicj 41LiBTdXN0 YWluYWJsZS BQcmFjdGlj ZXM6IEFwcG xpZWQgTWF0 ZXJpYWxzIG lzIGNvbW1p dHRlZCB0by BzdXN0YWlu YWJpbGl0eS BhbmQgaGFz IGltcGxlbW VudGVkIHZh cmlvdXMgaW 5pdGlhdGl2 ZXMgdG8gcm VkdWNlIGl0 cyBlbnZpcm 9ubWVudGFs IGltcGFjdC wgc3VjaCBh cyBlbmVyZ3 ktZWZmaWNp ZW50IG1hbn VmYWN0dXJp bmcgcHJvY2 Vzc2VzIGFu ZCByZWN5Y2 xpbmcgcHJv Z3JhbXMuPG JyPjYuIEN1 c3RvbWVyLU NlbnRyaWMg QXBwcm9hY2 g6IFRoZSBj b21wYW55IH BsYWNlcyBh IHN0cm9uZy BlbXBoYXNp cyBvbiB1bm RlcnN0YW5k aW5nIGFuZC BtZWV0aW5n IHRoZSBuZW VkcyBvZiBp dHMgY3VzdG 9tZXJzLCB3 aGljaCBoYX MgaGVscGVk IGl0IGJ1aW xkIGxvbmct bGFzdGluZy ByZWxhdGlv bnNoaXBzIG FuZCBzdGF5 IGFoZWFkIG 9mIHRoZSBj b21wZXRpdG lvbi48YnI+ Ny4gU3Ryb2 5nIEZpbmFu Y2lhbCBQZX Jmb3JtYW5j ZTogQXBwbG llZCBNYXRl cmlhbHMgaG FzIGEgc3Ry b25nIGZpbm FuY2lhbCB0 cmFjayByZW NvcmQsIHdp dGggY29uc2 lzdGVudCBy ZXZlbnVlIG dyb3d0aCBh bmQgcHJvZm l0YWJpbGl0 eSwgbWFraW 5nIGl0IGEg cmVsaWFibG UgYW5kIHN0 YWJsZSBpbn Zlc3RtZW50 IG9wdGlvbi 48YnI+OC4g SW5jbHVzaX ZlIFdvcmtw bGFjZTogVG hlIGNvbXBh bnkgdmFsdW VzIGRpdmVy c2l0eSBhbm QgaW5jbHVz aW9uLCBhbm QgaGFzIGJl ZW4gcmVjb2 duaXplZCBm b3IgaXRzIG VmZm9ydHMg aW4gY3JlYX RpbmcgYW4g aW5jbHVzaX ZlIHdvcmtw bGFjZSBmb3 IgZW1wbG95 ZWVzIGZyb2 0gZGl2ZXJz ZSBiYWNrZ3 JvdW5kcy48 YnI+OS4gU2 9jaWFsIFJl c3BvbnNpYm lsaXR5OiBB cHBsaWVkIE 1hdGVyaWFs cyBpcyBjb2 1taXR0ZWQg dG8gZ2l2aW 5nIGJhY2sg dG8gdGhlIG NvbW11bml0 aWVzIGluIH doaWNoIGl0 IG9wZXJhdG VzLiBUaGUg Y29tcGFueS BoYXMgdmFy aW91cyBwcm 9ncmFtcyBp biBwbGFjZS B0byBzdXBw b3J0IGVkdW NhdGlvbiwg ZW52aXJvbm 1lbnRhbCBj b25zZXJ2YX Rpb24sIGFu ZCBvdGhlci BjaGFyaXRh YmxlIGNhdX Nlcy48YnI+ MTAuIFRlY2 hub2xvZ2lj YWwgQWR2YW 5jZW1lbnRz OiBXaXRoIG EgaGlzdG9y eSBkYXRpbm cgYmFjayB0 byAxOTY3LC BBcHBsaWVk IE1hdGVyaW FscyBoYXMg cGxheWVkIG Egc2lnbmlm aWNhbnQgcm 9sZSBpbiBk cml2aW5nIH RoZSB0ZWNo bm9sb2dpY2 FsIGFkdmFu Y2VtZW50cy BpbiB0aGUg c2VtaWNvbm R1Y3RvciBp bmR1c3RyeS wgYW5kIGNv bnRpbnVlcy B0byBiZSBh dCB0aGUgZm 9yZWZyb250 IG9mIGlubm 92YXRpb24u

VGhlIEFwcG xpZWQgTWF0 ZXJpYWxzIG NvbXBhbnkn cyBidXNpbm VzcyBtb2Rl bCBpcyBjZW 50ZXJlZCBh cm91bmQgZG V2ZWxvcGlu ZyBhbmQgbW FudWZhY3R1 cmluZyBhZH ZhbmNlZCBl cXVpcG1lbn QsIHNvZnR3 YXJlLCBhbm Qgc2Vydmlj ZXMgdXNlZC BpbiB0aGUg cHJvZHVjdG lvbiBvZiBz ZW1pY29uZH VjdG9ycyBh bmQgZGlzcG xheSB0ZWNo bm9sb2dpZX MuIFRoZWly IHByb2R1Y3 RzIGFuZCBz ZXJ2aWNlcy BlbmFibGUg dGhlaXIgY3 VzdG9tZXJz LCB3aGljaC BpbmNsdWRl IHNlbWljb2 5kdWN0b3Ig YW5kIGRpc3 BsYXkgbWFu dWZhY3R1cm VycywgdG8g cHJvZHVjZS BoaWdoLXBl cmZvcm1hbm NlIGFuZCBj b3N0LWVmZm VjdGl2ZSBl bGVjdHJvbm ljIGRldmlj ZXMuIDxicj 5UaGUgY29t cGFueSBhbH NvIGZvY3Vz ZXMgb24gcm VzZWFyY2gg YW5kIGRldm Vsb3BtZW50 IHRvIGRyaX ZlIGlubm92 YXRpb24gaW 4gdGhlIHNl bWljb25kdW N0b3IgYW5k IGRpc3BsYX kgaW5kdXN0 cmllcy4gVG hleSB3b3Jr IGNsb3NlbH kgd2l0aCB0 aGVpciBjdX N0b21lcnMg dG8gdW5kZX JzdGFuZCB0 aGVpciBuZW VkcyBhbmQg Y29sbGFib3 JhdGUgb24g c29sdXRpb2 5zIHRvIGhl bHAgdGhlbS BhY2hpZXZl IHRoZWlyIG dvYWxzLiA8 YnI+QXBwbG llZCBNYXRl cmlhbHMgYW xzbyBoYXMg YSBzdHJvbm cgZm9jdXMg b24gc3VzdG FpbmFiaWxp dHkgYW5kIH dvcmtzIHRv IHJlZHVjZS B0aGUgZW52 aXJvbm1lbn RhbCBpbXBh Y3Qgb2YgaX RzIG1hbnVm YWN0dXJpbm cgcHJvY2Vz c2VzIGFuZC Bwcm9kdWN0 cy4gPGJyPk 92ZXJhbGws IHRoZWlyIG J1c2luZXNz IG1vZGVsIG lzIGJhc2Vk IG9uIHByb3 ZpZGluZyBj dXR0aW5nLW VkZ2UgdGVj aG5vbG9neS BhbmQgc29s dXRpb25zIH RvIGVuYWJs ZSB0aGVpci BjdXN0b21l cnMnIHN1Y2 Nlc3MsIHdo aWxlIGFsc2 8gc3RyaXZp bmcgZm9yIG Vudmlyb25t ZW50YWwgc3 VzdGFpbmFi aWxpdHku

Artificial intelligence (AI) can influence the semiconductor and materials industry in several ways, but whether it poses a material threat to Applied Materials depends on various factors.
1. Substitution: AI technologies could lead to the development of new materials or processing techniques that might compete with traditional semiconductor manufacturing methods. Companies leveraging AI for research and development could potentially create substitutes for the products and services offered by Applied Materials, especially if those alternatives offer better performance or lower costs.
2. Disintermediation: There’s a potential for disruption in the supply chain, particularly if AI enables companies to manufacture components more efficiently or autonomously. If manufacturers can bypass traditional suppliers or reduce their reliance on outsourced services through AI-driven automation, it could diminish demand for Applied Materials’ offerings.
3. Margin Pressure: As AI-driven solutions become more prevalent, competition could intensify, leading to potential price erosion in certain product categories. Companies that successfully incorporate AI might be able to deliver equivalent or superior results at lower costs, which could pressure margins for Applied Materials.
However, it is essential to also consider AI’s potential benefits for Applied Materials. The company could leverage AI to enhance its own manufacturing processes, improve R&D efficiency, or develop advanced materials and tools, thereby maintaining or even strengthening its competitive positioning.
Overall, while there are risks associated with AI that could impact Applied Materials, the overall effect will depend on how the company adapts to these changes and the strategies it employs to remain competitive in the evolving landscape.

The sensitivity of Applied Materials’ earnings, cash flow, and valuation to changes in interest rates can be analyzed through several perspectives:
1. Earnings Sensitivity: Higher interest rates can impact Applied Materials’ earnings by increasing borrowing costs for the company and its customers. If customers face higher financing costs, they may reduce capital expenditures on semiconductor manufacturing equipment, directly affecting Applied Materials’ sales. Additionally, elevated interest rates may signal slower economic growth, potentially leading to reduced demand for semiconductor equipment.
2. Cash Flow Sensitivity: The company’s cash flow could also be impacted by interest rate changes. Increased rates would raise the costs of servicing debt, which could reduce free cash flow available for investment or shareholder returns. If customers have tighter cash flow due to rising borrowing costs, they may delay or scale back purchases, impacting Applied Materials’ operating cash flow.
3. Valuation Sensitivity: The valuation of Applied Materials, often assessed through discounted cash flow (DCF) models, is inversely related to interest rates. Higher discount rates (increased by rising interest rates) would decrease the present value of future cash flows, thus negatively affecting the company’s valuation. As interest rates rise, investors might also demand higher returns on investment, further impacting the stock’s attractiveness and resulting in lower valuation multiples.
In summary, Applied Materials is materially sensitive to interest rate fluctuations. Rising rates can lead to increased costs and dampened demand, impacting earnings and cash flow, while also potentially lowering the valuation due to higher discount rates applied in financial models.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BBcHBsaWVk IE1hdGVyaW Fsc+KAmSBl Y29ub21pY3 Mgb3ZlciB0 aGUgbmV4dC AzIHRvIDUg eWVhcnMgaX MgdGhlIHNp Z25pZmljYW 50IGFuZCBz dXN0YWluZW Qgc2xvd2Rv d24gaW4gdG hlIGRlbWFu ZCBmb3Igc2 VtaWNvbmR1 Y3RvciBtYW 51ZmFjdHVy aW5nIGVxdW lwbWVudCBk dWUgdG8gZ2 VvcG9saXRp Y2FsIHRlbn Npb25zIGFu ZCBzdXBwbH kgY2hhaW4g ZGlzcnVwdG lvbnMuIElm IGEgbWFqb3 IgY29uc3Vt ZXIgZWxlY3 Ryb25pY3Mg bWFya2V0IC hzdWNoIGFz IHNtYXJ0cG hvbmVzIG9y IGNvbXB1dG VycykgZXhw ZXJpZW5jZX MgYSBzdGVl cCBkZWNsaW 5lIGluIGRl bWFuZCwgaX QgY291bGQg cmVzdWx0IG luIHJlZHVj ZWQgY2FwaX RhbCBleHBl bmRpdHVyZX MgZnJvbSBz ZW1pY29uZH VjdG9yIG1h bnVmYWN0dX JlcnMuIDxi cj5Db25zZX F1ZW50bHks IEFwcGxpZW QgTWF0ZXJp YWxzIGNvdW xkIGZhY2Ug YSBzaWduaW ZpY2FudCBk cm9wIGluIH JldmVudWUs IGxlYWRpbm cgdG8gdGln aHRlciBtYX JnaW5zLiBB cyBjdXN0b2 1lcnMgZGVs YXkgb3Igcm VkdWNlIHRo ZWlyIGludm VzdG1lbnRz IGluIG5ldy B0ZWNobm9s b2dpZXMsIH RoZSBjb21w YW55IG1pZ2 h0IHNlZSBv cmRlciBjYW 5jZWxsYXRp b25zIG9yIG RlZmVycmFs cywgYWR2ZX JzZWx5IGlt cGFjdGluZy BpdHMgdG9w IGxpbmUuIE ZvciBpbnN0 YW5jZSwgaW YgcmV2ZW51 ZXMgd2VyZS B0byBkcm9w IGJ5IDIwJS BkdWUgdG8g dGhpcyBzY2 VuYXJpbywg QXBwbGllZC BNYXRlcmlh bHPigJkgb3 BlcmF0aW5n IG1hcmdpbn MsIHdoaWNo IGFyZSB0eX BpY2FsbHkg cm9idXN0LC BtaWdodCBz aHJpbmsgY2 9uc2lkZXJh Ymx5LCBwb3 RlbnRpYWxs eSBmYWxsaW 5nIGZyb20g YXJvdW5kID IwJSB0byB0 aGUgbG93IH RlZW5zLjxi cj5DYXNoIG Zsb3cgd291 bGQgYmUgYW ZmZWN0ZWQg YXMgd2VsbC 4gV2l0aCBh IGRlY2xpbm UgaW4gcmV2 ZW51ZSwgb3 BlcmF0aW5n IGNhc2ggZm xvdyB3b3Vs ZCBsaWtlbH kgZGVjcmVh c2Ugc2hhcn BseS4gVGhl IGNvbXBhbn kgbWlnaHQg bmVlZCB0by BzcGVuZCBt b3JlIG9uIG ludmVudG9y eSBtYW5hZ2 VtZW50IHRv IGFkanVzdC B0byBsb3dl ciBkZW1hbm QsIGZ1cnRo ZXIgc3RyYW luaW5nIGNh c2ggZmxvdy 4gRnJlZSBj YXNoIGZsb3 cgY291bGQg ZGltaW5pc2 ggc2lnbmlm aWNhbnRseS wgcG90ZW50 aWFsbHkgZH JvcHBpbmcg dG8gbmVhci B6ZXJvIG9y IGV2ZW4gYm Vjb21pbmcg bmVnYXRpdm UgaWYgdGhl IGRvd250dX JuIGxhc3Rz IGZvciBhbi BleHRlbmRl ZCBwZXJpb2 QuPGJyPk9u IHRoZSBiYW xhbmNlIHNo ZWV0LCBpZi B0aGUgc2Nl bmFyaW8gbG VhZHMgdG8g cHJvbG9uZ2 VkIGZpbmFu Y2lhbCBzdH JhaW4sIEFw cGxpZWQgTW F0ZXJpYWxz IG1pZ2h0IH NlZSBhbiBp bmNyZWFzZS BpbiBkZWJ0 IGxldmVscy BhcyB0aGUg Y29tcGFueS BlbmdhZ2Vz IGluIGRlZm Vuc2l2ZSBz dHJhdGVnaW VzIHRvIG1h aW50YWluIG xpcXVpZGl0 eS4gQSBzaG FycCBkZWNs aW5lIGluIG VxdWl0eSB2 YWx1ZSBkdW UgdG8gcmVk dWNlZCBtYX JrZXQgY29u ZmlkZW5jZS Bjb3VsZCBh bHNvIGxlYW QgdG8gYSBo aWdoZXIgZG VidC10by1l cXVpdHkgcm F0aW8sIGlu ZGljYXRpbm cgYSB3ZWFr ZXIgZmluYW 5jaWFsIHBv c2l0aW9uLi BUaGVpciBh YmlsaXR5IH RvIGludmVz dCBpbiByZX NlYXJjaCBh bmQgZGV2ZW xvcG1lbnQg bWlnaHQgYW xzbyBiZSBj dXJ0YWlsZW QsIHdoaWNo IGNvdWxkIG ltcGFpciB0 aGVpciBsb2 5nLXRlcm0g Y29tcGV0aX RpdmVuZXNz LCBjcmVhdG luZyBhIGN5 Y2xlIG9mIG RpbWluaXNo aW5nIHJldH VybnMuPGJy PkluIHN1bW 1hcnksIHRo aXMgc2Nlbm FyaW8gd291 bGQgbGlrZW x5IHJlc3Vs dCBpbiByZW R1Y2VkIG1h cmdpbnMsIH N0cmFpbmVk IGNhc2ggZm xvd3MsIGFu ZCBhIGRldG VyaW9yYXRp bmcgYmFsYW 5jZSBzaGVl dCwgZnVuZG FtZW50YWxs eSBhbHRlcm luZyBBcHBs aWVkIE1hdG VyaWFsc+KA mSBlY29ub2 1pYyBsYW5k c2NhcGUgZm 9yIHRoZSBm b3Jlc2VlYW JsZSBmdXR1 cmUuPGJyPg ==

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 bG9nb3MvZG pVUEdoVThW NjloNllsS0 xmYngud2Vi cCIgYWx0PS JBcHBsaWVk IE1hdGVyaW FscyIgdGl0 bGU9IkFwcG xpZWQgTWF0 ZXJpYWxzIi AgY2xhc3M9 ImltZy1mbH VpZCIgaGVp Z2h0PTUwIH dpZHRoPTUw IGxvYWRpbm c9J2xhenkn IHN0eWxlPS dib3JkZXIt cmFkaXVzOi A2cHg7Jz4K CiAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nZmxleD ogMTsgdGV4 dC1hbGlnbj ogY2VudGVy OyBtYXJnaW 4tbGVmdDog NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdmb250 LXNpemU6ID I2cHg7IGNv bG9yOiAjMz MzOyBtYXJn aW4tYm90dG 9tOiAxNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICDwn5OIIF dhbnQgdG8g cmVhZCBtb3 JlIGFib3V0 IEFwcGxpZW QgTWF0ZXJp YWxzPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+G kyBEaXNjb3 ZlciA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+IO KAlCBmcmVl IGVCb29rIQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDEycHg7 IGZvbnQtc2 l6ZTogMTNw eDsgY29sb3 I6ICM0NDQ7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IFNpZ24gdX Agbm93IGFu ZCBnZXQgb3 VyIGZyZWUg ZUJvb2sgCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8Yj 5UaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzPC9iPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID whLS0KICAg ICAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nbWFyZ2 luLXRvcDog MTZweDsgZm 9udC1zaXpl OiAxNHB4Oy Bjb2xvcjog IzQ0NDsgZm 9udC1mYW1p bHk6IC1hcH BsZS1zeXN0 ZW0sIEJsaW 5rTWFjU3lz dGVtRm9udC wgU2Vnb2Ug VUksIFJvYm 90bywgSGVs dmV0aWNhIE 5ldWUsIHNh bnMtc2VyaW Y7IGxpbmUt aGVpZ2h0Oi AxLjY7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIEhh dmUgeW91IG hlYXJkIGFi b3V0IG91ci BzaG9ydCA8 c3Ryb25nIH N0eWxlPSdm b250LXdlaW dodDogNjAw Oyc+RGFpbH kgVmlkZW8g TmV3c2xldH Rlcjwvc3Ry b25nPj8KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxhIG hyZWY9J2h0 dHBzOi8vd3 d3Lmluc2ln aHRmdWx2YW x1ZS5jb20v bmV3c2xldH Rlci5waHAn IHRhcmdldD 0nX2JsYW5r JyBzdHlsZT 0nY29sb3I6 ICMwMDdCRk Y7IHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsgZm9udC 13ZWlnaHQ6 IDUwMDsgbW FyZ2luLWxl ZnQ6IDZweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIEZp bmQgb3V0IG 1vcmUKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAKIC AgICAgICAK ICAgICAgIC A8c3BhbiBj bGFzcz0nYm x1cnJlZC10 ZXh0Jz4KIC AgICAgICAg ICAgUVhCd2 JHbGxaQyBC TllYUmxjbW xoIGJITXNJ RWx1WXkgNG dhWE1nWVNC dyBjbTl0YV c1bGJuIFFn WTI5dGNHRn UgZVNCcGJp QjBhRyBVZ2 MyVnRhV052 IGJtUjFZM1 J2Y2kgQmhi bVFnWkdsei BjR3hoZVNC dFlXIDUxWm 1GamRIVnkg YVc1bklHbH VaSCBWemRI SnBaWE11IE lFaGxjbVVn WVggSmxJSE 52YldVZyBh VzUwWlhKbG MzIFJwYm1j Z1ptRmogZE hNZ1lXSnZk WCBRZ2RHaG xJR052IGJY Qmhibms2UE cgSnlQakV1 SUVadiBkVz VrWldRZ2FX IDRnTVRrMk 56b2cgUVhC d2JHbGxaQy BCTllYUmxj bWxoIGJITW dkMkZ6SUcg VnpkR0ZpYk dseiBhR1Zr SUdKNUlFID FwWTJoaFpX d2cgUVM0Z1 RXTk9aVyBG c2VTd2dkMm h2IElHRnBi V1ZrSUggUn ZJR055WldG MCBaU0JwYm 01dmRtIEYw YVhabElHVn ggZFdsd2JX VnVkQyBCaG JtUWdjMlZ5 IGRtbGpaWE 1nWm0gOXlJ SFJvWlNCei BaVzFwWTI5 dVpIIFZqZE c5eUlHbHUg WkhWemRISj VMaSBBOFlu SStNaTRnIF NHVmhaSEYx WVggSjBaWE p6T2lCVSBh R1VnWTI5dG NHIEZ1ZWVL QW1YTWcgYU dWaFpIRjFZ WCBKMFpYSn pJR2x6IElH eHZZMkYwWl cgUWdhVzRn VTJGdSBkR0 VnUTJ4aGNt IEVzSUVOaG JHbG0gYjNK dWFXRXNJSC Bkb2FXTm9J R2x6IElHbH VJSFJvWlMg Qm9aV0Z5ZE NCdiBaaUJU YVd4cFkyID l1SUZaaGJH eGwgZVN3Z1 lXNGdZWCBK bFlTQnJibT kzIGJpQm1i M0lnYVggUn pJR052Ym1O bCBiblJ5WV hScGIyIDRn YjJZZ2RHVm ogYUNCamIy MXdZVyA1cF pYTWdZVzVr IElHbHVibT kyWVggUnBi MjR1UEdKeS BQak11SUVS cGRtIFZ5Yz JVZ1VISnYg WkhWamRDQl FiMyBKMFpt OXNhVzg2IE lFRndjR3hw WlcgUWdUV0 YwWlhKcCBZ V3h6SUhOd1 pXIE5wWVd4 cGVtVnogSU dsdUlHMWhi biBWbVlXTj BkWEpwIGJt Y2daWEYxYV ggQnRaVzUw SUhWeiBaV1 FnYVc0Z2RH IGhsSUdaaF luSnAgWTJG MGFXOXVJRy A5bUlITmxi V2xqIGIyNW tkV04wYjMg SWdaR1YyYV dObCBjeXdn Wm14aGRDIE J3WVc1bGJD QmsgYVhOd2 JHRjVjeSB3 Z1lXNWtJSE 52IGJHRnlJ SEJvYjMgUn ZkbTlzZEdG cCBZeUJ3Y2 05a2RXIE4w Y3k0Z1ZHaG wgYVhJZ2RH VmphRyA1dm JHOW5lU0Jo IGNIQnNhV1 Z6SUggUnZJ RzExYkhScC BjR3hsSUds dVpIIFZ6ZE hKcFpYTXMg SUdsdVkyeD FaRyBsdVp5 QmpiMjV6IG RXMWxjaUJs YkcgVmpkSE p2Ym1saiBj eXdnWVhWMG IyIDF2ZEds MlpTd2cgWV c1a0lIUmxi RyBWamIyMX RkVzVwIFky RjBhVzl1Y3 kgNDhZbkkr TkM0ZyBUV0 ZxYjNJZ1VH IHhoZVdWeU lHbHUgSUZO bGJXbGpiMi A1a2RXTjBi M0lnIFRXRn VkV1poWTMg UjFjbWx1Wn pvZyBWR2hs SUdOdmJYIE JoYm5rZ2FY TWcgWVNCc1 pXRmthVyA1 bklITjFjSE JzIGFXVnlJ RzltSUcgVn hkV2x3YldW dSBkQ0IxYz JWa0lHIGx1 SUhSb1pTQn cgY205a2RX TjBhVyA5dU lHOW1JR2x1 IGRHVm5jbU YwWlcgUWdZ Mmx5WTNWcC BkSE1nS0Vs RGN5IGtzSU cxaGEybHUg WnlCcGRDQm hiaSBCbGMz TmxiblJwIF lXd2djR3ho ZVcgVnlJR2 x1SUhSbyBa U0J6WlcxcF kyIDl1WkhW amRHOXkgSU hOMWNIQnNl UyBCamFHRn BiaTQ4IFlu SStOUzRnVW kgWmhiWEE3 UkNCRCBiMj F0YVhSdFpX IDUwT2lCQm NIQnMgYVdW a0lFMWhkRy BWeWFXRnNj eUJwIGJuWm xjM1J6SUcg aGxZWFpwYk hrZyBhVzRn Y21WelpXIE Z5WTJnZ1lX NWsgSUdSbG RtVnNiMyBC dFpXNTBMQ0 JqIGIyNTBh VzUxWVcgeH NlU0JoWkha aCBibU5wYm 1jZ2FYIFJ6 SUhSbFkyaH UgYjJ4dloy bGxjeSBCMG J5QnpkWEJ3 IGIzSjBJSF JvWlMgQnlZ WEJwWkd4NS BJR1YyYjJ4 MmFXIDVuSU c1bFpXUnog SUc5bUlIUm 9aUyBCelpX MXBZMjl1IF pIVmpkRzl5 SUcgMWhibl ZtWVdOMCBk WEpwYm1jZ2 FXIDVrZFhO MGNua3UgUE dKeVBqWXVJ RSBkc2IySm hiQ0JRIGNt VnpaVzVqWl Qgb2dWR2hs SUdOdiBiWE JoYm5rZ2FH IEZ6SUdFZ2 MzVmkgYzNS aGJuUnBZVy B3Z2FXNTBa WEp1IFlYUn BiMjVoYkMg Qm1iMjkwY0 hKcCBiblFz SUhkcGRHIG dnYldGdWRX WmggWTNSMW NtbHVaeSBC aGJtUWdjMl Z5IGRtbGpa U0J2Y0cgVn lZWFJwYjI1 eiBJR2x1SU c1MWJXIFZ5 YjNWeklHTn YgZFc1MGNt bGxjeSBCaG NtOTFibVFn IGRHaGxJSG R2Y20geGtM Q0JsYm1GaS BiR2x1WnlC cGRDIEIwYn lCelpYSjIg WlNCaElHUn BkbSBWeWMy VWdZM1Z6IG RHOXRaWEln WW0gRnpaUz Q4WW5JKyBO eTRnVTNWem RHIEZwYm1G aWFXeHAgZE hrZ1NXNXBk RyBsaGRHbD JaWE02IElF RndjR3hwWl cgUWdUV0Yw WlhKcCBZV3 h6SUdseklH IE52YlcxcG RIUmwgWkNC MGJ5QnpkWC BOMFlXbHVZ V0pwIGJHbD BlU3dnWm0g OWpkWE5wYm 1jZyBiMjRn Y21Wa2RXIE 5wYm1jZ2RH aGwgSUdWdW RtbHliMiA1 dFpXNTBZV3 dnIGFXMXdZ V04wSUcgOW 1JSE5sYlds aiBiMjVrZF dOMGIzIEln YldGdWRXWm ggWTNSMWNt bHVaeSBCd2 NtOWpaWE56 IFpYTWdZVz VrSUcgbHRj SEp2ZG1sdS BaeUJsYm1W eVozIGtnWl dabWFXTnAg Wlc1amVTQn BiaSBCcGRI TWdaWEYxIG FYQnRaVzUw TGogeGljaj Q0TGlCTSBa V0ZrYVc1bk lFIGx1Wkds allYUnYgY2 lCdlppQlVa VyBOb0lFUm xiV0Z1IFpE b2dRbVZqWV ggVnpaU0Iw YUdWcCBjaU J3Y205a2RX IE4wY3lCaG NtVWcgYVc1 MFpXZHlZVy B3Z2RHOGdk R2hsIElIQn liMlIxWTMg UnBiMjRnYj JZZyBjMlZ0 YVdOdmJtIF IxWTNSdmNu TXMgSUVGd2 NHeHBaVyBR Z1RXRjBaWE pwIFlXeHo0 b0NaSUggQm xjbVp2Y20x aCBibU5sSU dseklHIDlt ZEdWdUlHTn YgYm5OcFpH VnlaVyBRZ1 lXNGdhVzVr IGFXTmhkRz l5SUcgOW1J RzkyWlhKaC BiR3dnWkdW dFlXIDVrSU dsdUlIUm8g WlNCMFpXTm 9ibSA5c2Iy ZDVJSE5sIF kzUnZjaTQ4 WW4gSStPUz RnUm05eSBk SFZ1WlNBMU 1EIEFnUTI5 dGNHRnUgZV RvZ1FYQndi RyBsbFpDQk 5ZWFJsIGNt bGhiSE1nWT IgOXVjMmx6 ZEdWdSBkR3 g1SUhKaGJt IHR6SUdGdG IyNW4gSUhS b1pTQkdiMy BKMGRXNWxJ RFV3IE1DQn NhWE4wTEMg Qm9hV2RvYk dsbiBhSFJw Ym1jZ2FYIF J6SUhOcFoy NXAgWm1sal lXNWpaUyBC aGJtUWdhVz F3IFlXTjBJ R2x1SUggUm 9aU0JuYkc5 aSBZV3dnYl dGeWEyIFYw TGp4aWNqNH ggTUM0Z1Uz UnZZMiBzZ1 RXRnlhMlYw IE9pQlVhR1 VnWTIgOXRj R0Z1ZVNCcC BjeUJ3ZFdK c2FXIE5zZV NCMGNtRmsg WldRZ2IyNG dkRyBobElF NUJVMFJCIF VTQjFibVJs Y2kgQjBhR1 VnZEdsaiBh MlZ5SUhONW JXIEp2YkNC QlRVRlUgTE NCaGJtUWdh WCBRZ2FYTW dZU0JqIGIy MXdiMjVsYm 4gUWdiMlln ZEdobCBJRT VCVTBSQlVT IDB4TURBZ2 FXNWsgWlhn dVBHSnlQbC BSb1pYTmxJ R1poIFkzUn pJSEpsWm0g eGxZM1FnUV hCdyBiR2xs WkNCTllYIF JsY21saGJI UGkgZ0prZ2 NtOXNaUyBC aGN5QmhJR0 55IGFYUnBZ MkZzSUggQn NZWGxsY2lC cCBiaUIwYU dVZ2RHIFZq YUNCcGJtUj EgYzNSeWVT d2djRyBGeW RHbGpkV3ho IGNteDVJR2 x1SUggTmxi V2xqYjI1ay BkV04wYjNJ Z2JXIEZ1ZF daaFkzUjEg Y21sdVp5Qm hibSBRZ2Nt VnNZWFJsIF pDQjBaV05v Ym0gOXNiMm RwWlhNdSBQ R0p5UGc9PQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=