Snap-on

-13.3%

Live  

Snap-on Inc. is an American manufacturer and distributor of high-end tools and equipment for professional mechanics and technicians. The company was founded in 1920 by Joseph Johnson and William Seidemann in Milwaukee, Wisconsin. It is headquartered in Kenosha, Wisconsin.
Snap-on offers a wide range of tools and equipment including hand tools, power tools, diagnostic tools, tool storage units, and shop equipment. The company sells its products primarily through its network of independent franchised dealers, online, and through government/military sales channels.
The company has a strong focus on innovation, quality, and customer service. It is known for its high-quality and durable tools that are designed to meet the specific needs of professional technicians. Snap-on also offers a variety of training programs and solutions to help technicians improve their skills and productivity.
Snap-on has a global presence, with operations in over 130 countries. It has 11 manufacturing facilities and employs over 14,000 people worldwide. The company has been consistently ranked among the top 100 most innovative companies in the world by Forbes.
In addition to its main tool business, Snap-on also owns other companies in the automotive industry, including Snap-on Diagnostics, Sun Electric, and Challenger Lifts. The company also sponsors motorsports teams and events, further solidifying its presence in the automotive industry.
Overall, Snap-on is a reputable and well-respected company in the tool and automotive industry, known for its high-quality products, innovation, and commitment to serving the needs of its customers.

U25hcC1vbi BpcyBhIGNv bXBhbnkgdG hhdCBtYWtl cyBzcGVjaW FsIHRvb2xz IGFuZCBlcX VpcG1lbnQs IG1vc3RseS Bmb3IgZml4 aW5nIGNhcn MgYW5kIG1h Y2hpbmVyeS 4gWW91IGtu b3cgaG93IH doZW4gc29t ZXRoaW5nIG lzIGJyb2tl biwgeW91IG 5lZWQgdGhl IHJpZ2h0IH Rvb2xzIHRv IHJlcGFpci BpdD8gV2Vs bCwgU25hcC 1vbiBjcmVh dGVzIGhpZ2 gtcXVhbGl0 eSB3cmVuY2 hlcywgcmF0 Y2hldHMsIG FuZCBvdGhl ciB0b29scy B0aGF0IHBy b2Zlc3Npb2 5hbCBtZWNo YW5pY3MgdX NlIGluIHRo ZWlyIGdhcm FnZXMgb3Ig cmVwYWlyIH Nob3BzLjxi cj5TbmFwLW 9uIG1ha2Vz IG1vbmV5IG J5IHNlbGxp bmcgdGhlc2 UgdG9vbHMs IHdoaWNoIG NhbiBiZSBx dWl0ZSBleH BlbnNpdmUg YmVjYXVzZS B0aGV5IGFy ZSB2ZXJ5IH dlbGwgbWFk ZSBhbmQgb2 Z0ZW4gdXNl ZCBieSBwZW 9wbGUgd2hv IHJlbHkgb2 4gdGhlbSBm b3IgdGhlaX Igam9icy4g VGhleSBhbH NvIHByb3Zp ZGUgdG9vbG JveGVzIGFu ZCBzdG9yYW dlIHNvbHV0 aW9ucyB3aG VyZSBtZWNo YW5pY3MgY2 FuIGtlZXAg YWxsIHRoZW lyIHRvb2xz IG9yZ2FuaX plZC48YnI+ VGhlIGNvbX BhbnkgaXMg c3VjY2Vzc2 Z1bCBiZWNh dXNlIGl0IG hhcyBhIHN0 cm9uZyByZX B1dGF0aW9u IGZvciBtYW tpbmcgZHVy YWJsZSBhbm QgcmVsaWFi bGUgdG9vbH MuIE1hbnkg bWVjaGFuaW NzIHRydXN0 IFNuYXAtb2 4gYW5kIG9m dGVuIGNob2 9zZSB0aGVp ciB0b29scy BvdmVyIG90 aGVyIGJyYW 5kcy4gVGhl eSBhbHNvIG hhdmUgYSB1 bmlxdWUgc2 VsbGluZyBt ZXRob2QgY2 FsbGVkIG1v YmlsZSB0b2 9sIHRydWNr cy4gVGhlc2 UgdHJ1Y2tz IHRyYXZlbC Bhcm91bmQg dG8gZGlmZm VyZW50IGFy ZWFzIGFuZC BzdG9wIGF0 IHNob3BzIG 9yIGdhcmFn ZXMsIGFsbG 93aW5nIG1l Y2hhbmljcy B0byBzZWUg YW5kIGJ1eS B0aGUgdG9v bHMgcmlnaH QgdGhlcmUu PGJyPkxvb2 tpbmcgdG8g dGhlIGZ1dH VyZSwgU25h cC1vbiBpcy BsaWtlbHkg dG8gc3RheS BzdWNjZXNz ZnVsIGJlY2 F1c2UgdGhl eSBhcmUgYW x3YXlzIGlt cHJvdmluZy B0aGVpciB0 b29scyBhbm QgZmluZGlu ZyBuZXcgd2 F5cyB0byBo ZWxwIG1lY2 hhbmljcy4g VGhleSBhcm UgYWxzbyBl eHBhbmRpbm cgaW50byBu ZXcgYXJlYX MsIGxpa2Ug ZGlmZmVyZW 50IHR5cGVz IG9mIGluZH VzdHJpZXMs IHNvIHRoZX kgY2FuIHJl YWNoIG1vcm UgY3VzdG9t ZXJzLiBBcy Bsb25nIGFz IHBlb3BsZS BuZWVkIHRv b2xzIGZvci BmaXhpbmcg dGhpbmdzLC Blc3BlY2lh bGx5IHdpdG ggYWxsIHRo ZSBjYXJzIG FuZCBtYWNo aW5lcyBpbi B0aGUgd29y bGQsIFNuYX Atb24gd2ls bCBwcm9iYW JseSBjb250 aW51ZSB0by BkbyB3ZWxs Ljxicj4=

MS4gUXVhbG l0eSBUb29s czogU25hcC 1vbiBpcyBr bm93biBmb3 IgaXRzIGhp Z2gtcXVhbG l0eSwgZHVy YWJsZSB0b2 9scyB0aGF0 IGFyZSBidW lsdCB0byBs YXN0LiBUaG VpciBjb21t aXRtZW50IH RvIHByb2R1 Y2luZyB0b3 AtcXVhbGl0 eSBwcm9kdW N0cyBoYXMg ZWFybmVkIH RoZW0gYSBy ZXB1dGF0aW 9uIGFzIG9u ZSBvZiB0aG UgYmVzdCB0 b29sIGNvbX BhbmllcyBp biB0aGUgd2 9ybGQuPGJy PjIuIFdpZG UgUHJvZHVj dCBSYW5nZT ogU25hcC1v biBvZmZlcn MgYSB3aWRl IHJhbmdlIG 9mIHByb2R1 Y3RzIHRvIG NhdGVyIHRv IHRoZSBuZW VkcyBvZiB2 YXJpb3VzIG luZHVzdHJp ZXMsIGluY2 x1ZGluZyBh dXRvbW90aX ZlLCBhdmlh dGlvbiwgYW 5kIGFncmlj dWx0dXJlLi BUaGV5IGhh dmUgYSB2YX N0IGNhdGFs b2cgb2YgdG 9vbHMsIGVx dWlwbWVudC wgYW5kIGRp YWdub3N0aW Mgc29sdXRp b25zLCBtYW tpbmcgdGhl bSBhIG9uZS 1zdG9wLXNo b3AgZm9yIG 1hbnkgcHJv ZmVzc2lvbm Fscy48YnI+ My4gSW5ub3 ZhdGlvbjog VGhlIGNvbX BhbnkgaGFz IGEgc3Ryb2 5nIGZvY3Vz IG9uIGlubm 92YXRpb24g YW5kIGltcH JvdmluZyB0 aGVpciBwcm 9kdWN0cyBi YXNlZCBvbi BjdXN0b21l ciBmZWVkYm FjayBhbmQg bWFya2V0IH RyZW5kcy4g VGhleSBhcm UgY29uc3Rh bnRseSBpbn Zlc3Rpbmcg aW4gcmVzZW FyY2ggYW5k IGRldmVsb3 BtZW50IHRv IGJyaW5nIG 5ldywgaW5u b3ZhdGl2ZS B0b29scyB0 byB0aGUgbW Fya2V0Ljxi cj40LiBDdX N0b21pemF0 aW9uIE9wdG lvbnM6IFNu YXAtb24gb2 ZmZXJzIGN1 c3RvbWl6YX Rpb24gb3B0 aW9ucywgYW xsb3dpbmcg Y3VzdG9tZX JzIHRvIHBl cnNvbmFsaX plIHRoZWly IHRvb2xzIH dpdGggZGlm ZmVyZW50IG NvbG9ycywg ZW5ncmF2aW 5ncywgYW5k IG1vcmUuIF RoaXMgbm90 IG9ubHkgYW RkcyBhIHBl cnNvbmFsIH RvdWNoIGJ1 dCBhbHNvIG 1ha2VzIHRo ZSB0b29scy BlYXNpbHkg ZGlzdGluZ3 Vpc2hhYmxl IGluIGEgYn VzeSB3b3Jr c3BhY2UuPG JyPjUuIFNl cnZpY2UgYW 5kIFN1cHBv cnQ6IFNuYX Atb24gaGFz IGFuIGV4dG Vuc2l2ZSBu ZXR3b3JrIG 9mIHRyYWlu ZWQgcHJvZm Vzc2lvbmFs cyB3aG8gcH JvdmlkZSBl eGNlbGxlbn QgY3VzdG9t ZXIgc2Vydm ljZSBhbmQg c3VwcG9ydC 4gVGhleSBv ZmZlciB0cm FpbmluZywg dGVjaG5pY2 FsIHN1cHBv cnQsIGFuZC Bvbi1zaXRl IGFzc2lzdG FuY2UgdG8g ZW5zdXJlIH RoYXQgY3Vz dG9tZXJzIG dldCB0aGUg bW9zdCBvdX Qgb2YgdGhl aXIgdG9vbH MuPGJyPjYu IEhlcml0YW dlOiBUaGUg Y29tcGFueS BoYXMgYSBy aWNoIGhpc3 RvcnksIGRh dGluZyBiYW NrIHRvIDE5 MjAgd2hlbi BpdCB3YXMg Zm91bmRlZC BieSBKb3Nl cGggSm9obn NvbiBhbmQg V2lsbGlhbS BTZWlkZW1h bi4gSXQgaG FzIGEgbG9u Zy1zdGFuZG luZyByZXB1 dGF0aW9uIG ZvciBxdWFs aXR5LCByZW xpYWJpbGl0 eSwgYW5kIG N1c3RvbWVy IHNhdGlzZm FjdGlvbi48 YnI+Ny4gU2 9jaWFsIFJl c3BvbnNpYm lsaXR5OiBT bmFwLW9uIG lzIGNvbW1p dHRlZCB0by BiZWluZyBh IHJlc3Bvbn NpYmxlIGFu ZCBldGhpY2 FsIGNvbXBh bnksIGJvdG ggaW4gdGVy bXMgb2YgdG hlaXIgcHJv ZHVjdHMgYW 5kIHRoZWly IGltcGFjdC BvbiBzb2Np ZXR5LiBUaG V5IGhhdmUg aW5pdGlhdG l2ZXMgaW4g cGxhY2UgdG 8gcmVkdWNl IHRoZWlyIG NhcmJvbiBm b290cHJpbn QgYW5kIHBy b21vdGUgZG l2ZXJzaXR5 IGFuZCBpbm NsdXNpb24g d2l0aGluIH RoZWlyIHdv cmtmb3JjZS 48YnI+OC4g V2FycmFudH kgYW5kIFJl cGFpcjogU2 5hcC1vbiBv ZmZlcnMgYS BsaWZldGlt ZSB3YXJyYW 50eSBvbiBt YW55IG9mIH RoZWlyIHBy b2R1Y3RzLC BkZW1vbnN0 cmF0aW5nIH RoZWlyIGNv bW1pdG1lbn QgdG8gc3Rh bmRpbmcgYm VoaW5kIHRo ZSBxdWFsaX R5IGFuZCBk dXJhYmlsaX R5IG9mIHRo ZWlyIHRvb2 xzLiBUaGV5 IGFsc28gaG F2ZSBhIGNv bXByZWhlbn NpdmUgcmVw YWlyIHNlcn ZpY2UgYXZh aWxhYmxlIG ZvciBhbnkg ZGFtYWdlZC B0b29scy48 YnI+OS4gR2 xvYmFsIFBy ZXNlbmNlOi BXaXRoIGEg cHJlc2VuY2 UgaW4gb3Zl ciAxMzAgY2 91bnRyaWVz LCBTbmFwLW 9uIGhhcyBh IGdsb2JhbC ByZWFjaCBh bmQgaXMgdH J1c3RlZCBi eSBwcm9mZX NzaW9uYWxz IHdvcmxkd2 lkZS48YnI+ MTAuIEJyYW 5kIFJlY29n bml0aW9uOi BUaGUgU25h cC1vbiBicm FuZCBpcyBo aWdobHkgcm Vjb2duaXpl ZCBhbmQgcm VzcGVjdGVk LCBtYWtpbm cgaXQgYSBz dGF0dXMgc3 ltYm9sIGlu IHRoZSBwcm 9mZXNzaW9u YWwgdG9vbC BpbmR1c3Ry eS4gTWFueS Bwcm9mZXNz aW9uYWxzIH Rha2UgcHJp ZGUgaW4gb3 duaW5nIFNu YXAtb24gdG 9vbHMgYW5k IGNvbnNpZG VyIHRoZW0g YSB2YWx1YW JsZSBpbnZl c3RtZW50IG luIHRoZWly IHRyYWRlLg ==

VGhlIFNuYX Atb24gY29t cGFueSdzIG J1c2luZXNz IG1vZGVsIG lzIGNlbnRl cmVkIGFyb3 VuZCBzZWxs aW5nIGhpZ2 gtcXVhbGl0 eSB0b29scy wgZXF1aXBt ZW50LCBhbm Qgc2Vydmlj ZXMgdG8gcH JvZmVzc2lv bmFsIHRlY2 huaWNpYW5z IGFuZCBhdX RvIHJlcGFp ciBzaG9wcy 4gVGhlaXIg cHJvZHVjdH MgYXJlIHNv bGQgdGhyb3 VnaCBhIG5l dHdvcmsgb2 YgZnJhbmNo aXNlZXMgYW 5kIGluZGVw ZW5kZW50IH NhbGVzIHJl cHJlc2VudG F0aXZlcy4g U25hcC1vbi BhbHNvIG9m ZmVycyBmaW 5hbmNpbmcg b3B0aW9ucy BhbmQgdGVj aG5pY2FsIH RyYWluaW5n IHNlcnZpY2 VzIHRvIHRo ZWlyIGN1c3 RvbWVycy4g QWRkaXRpb2 5hbGx5LCB0 aGV5IGhhdm UgZGl2ZXJz aWZpZWQgdG hlaXIgYnVz aW5lc3MgdG 8gaW5jbHVk ZSBvdGhlci BpbmR1c3Ry aWVzIHN1Y2 ggYXMgYWVy b3NwYWNlLC BhZ3JpY3Vs dHVyZSwgYW 5kIGNvbnN0 cnVjdGlvbi 4gVGhlaXIg Z29hbCBpcy B0byBwcm92 aWRlIGN1c3 RvbWVycyB3 aXRoIGlubm 92YXRpdmUs IHJlbGlhYm xlLCBhbmQg ZHVyYWJsZS B0b29scyB0 aGF0IGltcH JvdmUgdGhl aXIgcHJvZH VjdGl2aXR5 IGFuZCBlZm ZpY2llbmN5 IGluIHRoZW lyIHdvcmsu IFRoZXkgYW xzbyBwbGFj ZSBhIHN0cm 9uZyBlbXBo YXNpcyBvbi BjdXN0b21l ciByZWxhdG lvbnNoaXBz IGFuZCBjb2 50aW51b3Vz bHkgc3RyaX ZlIHRvIG1l ZXQgdGhlaX IgZXZvbHZp bmcgbmVlZH Mu

AI does pose certain risks to Snap-on Company, particularly in areas related to substitution, disintermediation, and margin pressure.
1. Substitution: As AI continues to advance, there are emerging technologies that can potentially substitute traditional tools and diagnostic equipment offered by Snap-on. For example, smart diagnostic tools that utilize AI for real-time data analysis can automate some functions traditionally performed by technicians using Snap-on products. This kind of substitution might appeal to customers seeking more advanced, efficient solutions, threatening Snap-on’s market share.
2. Disintermediation: The rise of AI-powered platforms and applications can facilitate direct connections between customers and service providers, potentially bypassing traditional tool manufacturers like Snap-on. For instance, if auto repair shops adopt AI solutions that integrate directly with vehicle data, they may prioritize software and tech over physical tools. This could disrupt Snap-on’s traditional distribution channels and customer relationships, impacting sales.
3. Margin Pressure: As AI technologies become more prevalent, competition in the tools and equipment sector may intensify. Companies that leverage AI to streamline production and offer innovative features at lower costs may drive down prices across the industry. This increased competition could apply margin pressure on Snap-on’s products, prompting the company to either reduce prices or invest more in R&D to differentiate its offerings, which could impact profitability.
In summary, while Snap-on has established a strong brand and customer loyalty, the rise of AI technologies creates potential challenges that the company needs to address in order to maintain its competitive positioning.

The sensitivity of Snap-on’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Cost of Debt: If Snap-on has existing debt, an increase in interest rates would raise its interest expense, which can negatively impact earnings and cash flow. Conversely, if interest rates decline, the cost of servicing debt would decrease, potentially increasing net income.
2. Investment Decisions: Snap-on may rely on borrowed capital for expansion or new product development. Higher interest rates might deter investment due to increased borrowing costs, potentially limiting growth opportunities and future earnings.
3. Consumer Spending: Snap-on’s sales are influenced by consumer confidence and spending patterns. As interest rates rise, consumer borrowing costs increase, possibly leading to reduced discretionary spending, which could adversely affect sales and earnings.
4. Valuation Metrics: Higher interest rates can impact the discount rates used in valuation models. As interest rates rise, the present value of future cash flows decreases, leading to a lower valuation for Snap-on. This is particularly relevant for companies with significant cash flows expected in the future.
5. Market Dynamics: Snap-on operates in a competitive market where pricing power may be influenced by broader economic conditions. Rising interest rates can lead to tighter consumer budgets and increased competition, placing additional pressure on both revenue and margins.
In summary, Snap-on’s earnings, cash flow, and valuation are sensitive to changes in interest rates primarily due to their effects on debt costs, investment decisions, consumer behavior, and valuation models. The overall impact would depend on the company’s current financial structure, market conditions, and economic environment.

T25lIHBvc3 NpYmxlIHJl YWxpc3RpYy BzY2VuYXJp byB0aGF0IG NvdWxkIHBl cm1hbmVudG x5IGltcGFp ciBTbmFwLW 9u4oCZcyBl Y29ub21pY3 Mgb3ZlciB0 aGUgbmV4dC Az4oCTNSB5 ZWFycyBpcy BhIHNpZ25p ZmljYW50IG FuZCBwcm9s b25nZWQgZG 93bnR1cm4g aW4gdGhlIG F1dG9tb3Rp dmUgYW5kIG 1hbnVmYWN0 dXJpbmcgc2 VjdG9ycy4g VGhpcyBjb3 VsZCBvY2N1 ciBkdWUgdG 8gc2V2ZXJh bCBmYWN0b3 JzLCBzdWNo IGFzIGEgZG VlcCByZWNl c3Npb24gdH JpZ2dlcmVk IGJ5IGVjb2 5vbWljIGlu c3RhYmlsaX R5LCBkaXNy dXB0aW9uIG luIHN1cHBs eSBjaGFpbn MsIG9yIGEg bWFqb3IgdG VjaG5vbG9n aWNhbCBzaG lmdCB0b3dh cmRzIGVsZW N0cmljIHZl aGljbGVzIC hFVnMpIHRo YXQgb3V0ZG F0ZXMgdHJh ZGl0aW9uYW wgdG9vbHMg YW5kIHByb2 R1Y3RzIFNu YXAtb24gb2 ZmZXJzLjxi cj5JbiB0aG lzIHNjZW5h cmlvLCBTbm FwLW9u4oCZ cyBtYXJnaW 5zIHdvdWxk IGxpa2VseS BkZXRlcmlv cmF0ZSBzaW duaWZpY2Fu dGx5LiBBcy ByZXZlbnVl cyBkZWNsaW 5lIGR1ZSB0 byByZWR1Y2 VkIGRlbWFu ZCBmb3IgdG 9vbHMsIGF1 dG9tb3Rpdm UgcmVwYWly IGFuZCBtYW ludGVuYW5j ZSBzZXJ2aW NlcywgdGhl IGNvbXBhbn kgd291bGQg YmUgZm9yY2 VkIHRvIGxv d2VyIHByaW NlcyB0byBh dHRyYWN0IG N1c3RvbWVy cy4gVGhpcy BwcmljZSBw cmVzc3VyZS Bjb3VsZCBs ZWFkIHRvIG RlY3JlYXNl ZCBncm9zcy BtYXJnaW5z LCBwYXJ0aW N1bGFybHkg aWYgZml4ZW QgY29zdHMg cmVtYWluIG hpZ2guIEFk ZGl0aW9uYW wgZXhwZW5k aXR1cmVzIH RvIGFkYXB0 IHRvIG5ldy B0ZWNobm9s b2dpZXMgb3 IgaW52ZXN0 IGluIEVWLX JlbGF0ZWQg cHJvZHVjdH MgbWlnaHQg ZnVydGhlci BzdHJhaW4g cHJvZml0IG 1hcmdpbnMu PGJyPkNhc2 ggZmxvdyB3 b3VsZCBhbH NvIGJlIG5l Z2F0aXZlbH kgaW1wYWN0 ZWQuIFdpdG ggbG93ZXIg c2FsZXMgYW 5kIHBvdGVu dGlhbGx5IG hpZ2hlciBv cGVyYXRpbm cgY29zdHMs IHRoZSBjb2 1wYW554oCZ cyBhYmlsaX R5IHRvIGdl bmVyYXRlIG ZyZWUgY2Fz aCBmbG93IG NvdWxkIGRp bWluaXNoLi BTbmFwLW9u IG1heSBmYW NlIGNoYWxs ZW5nZXMgaW 4gbWVldGlu ZyBmaW5hbm NpYWwgb2Js aWdhdGlvbn MsIGxlYWRp bmcgdG8gY2 FzaCBmbG93 IGNvbnN0cm FpbnRzLiBB cyBhIHJlc3 VsdCwgdGhl IGNvbXBhbn kgY291bGQg YmUgZm9yY2 VkIHRvIGN1 dCBjb3N0cy B0aHJvdWdo IGxheW9mZn MsIHJlZHVj aW5nIFImYW 1wO0QgYnVk Z2V0cywgb3 IgZGVsYXlp bmcgY2FwaX RhbCBleHBl bmRpdHVyZX MsIHdoaWNo IHdvdWxkIG ltcGFpciBp dHMgbG9uZy 10ZXJtIGNv bXBldGl0aX ZlbmVzcy48 YnI+VGhlIG JhbGFuY2Ug c2hlZXQgY2 91bGQgc2hv dyBzaWducy BvZiBzdHJl c3MgdW5kZX IgdGhpcyBz Y2VuYXJpby 4gQSBkZWNs aW5lIGluIH NhbGVzIGFu ZCBwcm9maX RhYmlsaXR5 IGNvdWxkIH Jlc3VsdCBp biBpbmNyZW FzZWQgbGV2 ZXJhZ2UgaW YgdGhlIGNv bXBhbnkgdG FrZXMgb24g ZGVidCB0by BtYWludGFp biBvcGVyYX Rpb25zIG9y IGludmVzdC BpbiB0ZWNo bm9sb2d5IH RyYW5zaXRp b25zLiBUaG lzIHdvdWxk IGxlYWQgdG 8gYSBoaWdo ZXIgZGVidC 10by1lcXVp dHkgcmF0aW 8sIGluY3Jl YXNpbmcgZm luYW5jaWFs IHJpc2suIE lmIGVjb25v bWljIGNvbm RpdGlvbnMg d2VyZSB0by BsZWFkIHRv IG9uZ29pbm cgbG9zc2Vz LCB0aGUgY2 9tcGFueSBt aWdodCBoYX ZlIHRvIHdy aXRlIGRvd2 4gdGhlIHZh bHVlIG9mIG Fzc2V0cyBh c3NvY2lhdG VkIHdpdGgg dW5kZXJwZX Jmb3JtaW5n IHByb2R1Y3 QgbGluZXMs IGFkdmVyc2 VseSBhZmZl Y3RpbmcgZX F1aXR5IGFu ZCBvdmVyYW xsIGZpbmFu Y2lhbCBoZW FsdGguPGJy PkluIHN1bW 1hcnksIGlu IGEgc2l0dW F0aW9uIHdo ZXJlIHRoZS BhdXRvbW90 aXZlIGFuZC BtYW51ZmFj dHVyaW5nIG 1hcmtldHMg ZmFjZSBhIH NldmVyZSBk b3dudHVybi wgU25hcC1v buKAmXMgZW Nvbm9taWNz IGNvdWxkIG JlIHBlcm1h bmVudGx5IG ltcGFpcmVk IHdpdGggcm VkdWNlZCBt YXJnaW5zLC B3ZWFrZW5l ZCBjYXNoIG Zsb3csIGFu ZCBhIGRldG VyaW9yYXRp bmcgYmFsYW 5jZSBzaGVl dC4gVGhpcy Bjb3VsZCBj aGFsbGVuZ2 UgdGhlIGNv bXBhbnnigJ lzIGFiaWxp dHkgdG8gbW FpbnRhaW4g aXRzIG1hcm tldCBwb3Np dGlvbiBhbm QgaW52ZXN0 IGluIGZ1dH VyZSBncm93 dGggb3Bwb3 J0dW5pdGll cy48YnI+

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 bG9nb3MvZV FmVENySUZm Mjk1eHAzeD dFQkcud2Vi cCIgYWx0PS JTbmFwLW9u IiB0aXRsZT 0iU25hcC1v biIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD01 MCB3aWR0aD 01MCBsb2Fk aW5nPSdsYX p5JyBzdHls ZT0nYm9yZG VyLXJhZGl1 czogNnB4Oy c+CgogICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J2Zs ZXg6IDE7IH RleHQtYWxp Z246IGNlbn RlcjsgbWFy Z2luLWxlZn Q6IDVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8cCBz dHlsZT0nZm 9udC1zaXpl OiAyNnB4Oy Bjb2xvcjog IzMzMzsgbW FyZ2luLWJv dHRvbTogMT VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T iCBXYW50IH RvIHJlYWQg bW9yZSBhYm 91dCBTbmFw LW9uPwogIC 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+T nSBKb2luIH VzIGFuZCBn cmFiIHlvdX IgY29weSBv ZiA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvcD4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID whLS0KICAg ICAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nbWFyZ2 luLXRvcDog MTJweDsgZm 9udC1zaXpl OiAxM3B4Oy Bjb2xvcjog IzQ0NDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgU2 lnbiB1cCBu b3cgYW5kIG dldCBvdXIg ZnJlZSBlQm 9vayAKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxiPlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3M8 L2I+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxNn B4OyBmb250 LXNpemU6ID E0cHg7IGNv bG9yOiAjND Q0OyBmb250 LWZhbWlseT ogLWFwcGxl LXN5c3RlbS wgQmxpbmtN YWNTeXN0ZW 1Gb250LCBT ZWdvZSBVSS wgUm9ib3Rv LCBIZWx2ZX RpY2EgTmV1 ZSwgc2Fucy 1zZXJpZjsg bGluZS1oZW lnaHQ6IDEu NjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgSGF2ZS B5b3UgaGVh cmQgYWJvdX Qgb3VyIHNo b3J0IDxzdH Jvbmcgc3R5 bGU9J2Zvbn Qtd2VpZ2h0 OiA2MDA7Jz 5EYWlseSBW aWRlbyBOZX dzbGV0dGVy PC9zdHJvbm c+PwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naHR0cH M6Ly93d3cu aW5zaWdodG Z1bHZhbHVl LmNvbS9uZX dzbGV0dGVy LnBocCcgdG FyZ2V0PSdf YmxhbmsnIH N0eWxlPSdj b2xvcjogIz AwN0JGRjsg dGV4dC1kZW NvcmF0aW9u OiBub25lOy Bmb250LXdl aWdodDogNT AwOyBtYXJn aW4tbGVmdD ogNnB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgRmluZC BvdXQgbW9y ZQogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgIAogICAg ICAgIAogIC AgICAgIDxz cGFuIGNsYX NzPSdibHVy cmVkLXRleH QnPgogICAg ICAgICAgIC BNUzRnVTI1 aGNDIDF2Ym lCM1lYTWcg Wm05MWJtUm xaQyBCcGJp QXhPVEl3IE lHSjVJRXB2 YzIgVndhQ0 JLYjJodSBj Mjl1SUdGdV pDIEJYYVd4 c2FXRnQgSU ZObGFXUmxi VyBGdWJpQn BiaUJOIGFX eDNZWFZyWl cgVXNJRmRw YzJOdiBibk 5wYmk0OFlu IEkrTWk0Z1 NtOW8gYm5O dmJpQmhibS BRZ1UyVnBa R1Z0IFlXNX VJR0psWjIg RnVJR0o1SU hObCBiR3hw Ym1jZ01UIE FnYzI5amEy VjAgY3lCbW NtOXRJRyBF Z2QyRm5iMj R1IFBHSnlQ ak11SUYgUm 9aU0JqYjIx dyBZVzU1NG 9DWmN5IEJt YVhKemRDQn cgY205a2RX TjBJSCBkaG N5QmhJSE52 IFkydGxkQ0 IzY20gVnVZ MmdnZDJsMC BhQ0JwYm5S bGNtIE5vWV c1blpXRmkg YkdVZ2MyOW phMiBWMGN5 NDhZbkkrIE 5DNGdWR2hs SUcgNWhiV1 VnVTI1aCBj QzF2YmlCam IyIDFsY3lC bWNtOXQgSU hSb1pTQnBi bSA1dmRtRj BhWFpsIElH MWxZMmhoYm 0gbHpiU0Ix YzJWayBJSF J2SUhObFkz IFZ5WlNCMG FHVWcgYzI5 amEyVjBjeS BCdmJuUnZJ SFJvIFpTQj NjbVZ1WTIg Z3VQR0p5UG pVdSBJRWx1 SUhSb1pTIE JsWVhKc2VT QmsgWVhsek xDQjBhRyBV Z1kyOXRjR0 Z1IGVTQndj bWx0WVggSn BiSGtnYzI5 cyBaQ0JwZE hNZ2RHIDl2 YkhNZ2RHOG cgWVhWMGJ5 QnRaVyBOb1 lXNXBZM01n IFlXNWtJRz kwYUcgVnlJ SEpsY0dGcC BjaUJ3Y205 bVpYIE56YV c5dVlXeHog TGp4aWNqND JMaSBCSmJp QjBhR1VnIE 1Ua3pNSE1z SUYgTnVZWE F0YjI0ZyBh VzUwY205a2 RXIE5sWkNC MGFHVWcgWm 1seWMzUWda WCBabGNpQm phSEp2IGJX VXRjR3hoZE cgVmtMQ0F6 THpndCBhVz VqYUNCa2Nt IGwyWlNCeV lYUmogYUdW MElPS0FreS BCaElHUmxj MmxuIGJpQj BhR0YwSUcg bHpJSE4wYV d4cyBJSFZ6 WldRZ2RHID lrWVhrdVBH SnkgUGpjdU lGTnVZWCBB dGIyNGdhR0 Z6IElHSmxa VzRnYkcgbH pkR1ZrSUc5 dSBJSFJvWl NCR2IzIEow ZFc1bElEVX cgTUNCc2FY TjBJRyA5bU lFRnRaWEpw IFkySGlnSm x6SUcgeGhj bWRsYzNRZy BZMjl0Y0dG dWFXIFZ6SU hOcGJtTmwg SURJd01EUX VQRyBKeVBq Z3VJRlJvIF pTQmpiMjF3 WVcgNTVJR2 hoY3lCaCBJ R1JsWkdsal lYIFJsWkNC eVpYTmwgWV hKamFDQmhi bSBRZ1pHVj JaV3h2IGNH MWxiblFnWT IgVnVkR1Z5 TENCciBibT kzYmlCaGN5 IEIwYUdVZ1 UyNWggY0Mx dmJpQkpibS A1dmRtRjBh Vzl1IElGZH ZjbXR6TEMg QjNhR1Z5Wl NCMCBhR1Y1 SUdSbGRtIF ZzYjNBZ2Jt VjMgSUhSdm IyeHpJRyBG dVpDQjBaV0 5vIGJtOXNi MmRwWlggTX VQR0p5UGpr dSBJRk51WV hBdGIyIDRn YUdGeklHRW cgYzNSeWIy NW5JSCBCeV pYTmxibU5s IElHbHVJSF JvWlMgQnRi M1J2Y25Ody BiM0owY3lC cGJtIFIxYz NSeWVTQmgg Ym1RZ2FHRn pJRyBKbFpX NGdkR2hsIE lHOW1abWxq YVcgRnNJSF J2YjJ3ZyBj M0J2Ym5Odm NpIEJ2WmlC T1FWTkQgUV ZJZ2MybHVZ MiBVZ01Uaz VPQzQ4IFlu SStNVEF1SU YgUm9aU0Jq YjIxdyBZVz U1SUdGc2My IDhnYUdGek lHRWcgY0dG eWRHNWxjbi BOb2FYQWdk MmwwIGFDQj BhR1VnY20g VmhiR2wwZV NCVSBWaUJ6 YUc5M0lFID kyWlhKb1lY VnMgYVc3aW dKa3NJSCBk b1pYSmxJSF JvIFpYa2dj M1Z3Y0cgeD VJSFJvWlNC MCBiMjlzY3 lCMWMyIFZr SUhSdklISm wgYzNSdmNt VWdZMiB4aG MzTnBZeUJq IFlYSnpMan hpY2ogNHhN UzRnU1c0Zy BZV1JrYVhS cGIyIDRnZE c4Z2RHOXYg YkhNc0lGTn VZWCBBdGIy NGdZV3h6IG J5QnZabVps Y24gTWdkRz l2YkNCeiBk Rzl5WVdkbE lIIE52YkhW MGFXOXUgY3 l3Z1pHbGha MiA1dmMzUn BZeUJsIGNY VnBjRzFsYm 4gUXNJR0Z1 WkNCMiBZWE pwYjNWeklH IDkwYUdWeU lIQnkgYjJS MVkzUnpJRy BGdVpDQnpa WEoyIGFXTm xjeUJtYjMg SWdiV1ZqYU dGdSBhV056 SUdGdVpDIE IwWldOb2Jt bGogYVdGdW N5NDhZbiBJ K01USXVJRk 51IFlYQXRi MjRnZEcgOX ZiSE1nWVhK bCBJSE52Yk dRZ2RHIGh5 YjNWbmFDQm ggSUhaaGNt bGxkSCBrZ2 IyWWdZMmho IGJtNWxiSE 1zSUcgbHVZ MngxWkdsdS BaeUJ0YjJK cGJHIFVnZE c5dmJDQjAg Y25WamEzTX NJRyBaeVlX NWphR2x6IF pXUWdaR1Zo YkcgVnljMm hwY0hNcyBJ R0Z1WkNCdm JtIHhwYm1V dVBHSnkgUG pFekxpQlVh RyBVZ1kyOX RjR0Z1IGVT Qm9ZWE1nWV MgQm5iRzlp WVd3ZyBjSE psYzJWdVky IFVzSUhkcG RHZ2cgYjNC bGNtRjBhVy A5dWN5QnBi aUJ2IGRtVn lJREV6TUMg QmpiM1Z1ZE hKcCBaWE11 UEdKeVBqIE UwTGlCSmJp QXkgTURJd0 xDQlRibSBG d0xXOXVJR0 5sIGJHVmlj bUYwWlcgUW dhWFJ6SURF dyBNSFJvSU dGdWJtIGwy WlhKellYSj UgTENCdFlX dHBibSBjZ2 FYUWdiMjVs IElHOW1JSF JvWlMgQnZi R1JsYzNRZy BZVzVrSUcx dmMzIFFnWl hOMFlXSnMg YVhOb1pXUW dkRyA5dmJD QmpiMjF3IF lXNXBaWE1n YVcgNGdkR2 hsSUhkdiBj bXhrTGp4aW NqIDR4TlM0 Z1UyNWggY0 MxdmJpQmhi SCBOdklHaG hjeUJoIElI TjBjbTl1Wn kgQm1iMk4x Y3lCdiBiaU JuYVhacGJt IGNnWW1Gam F5QjAgYnlC MGFHVWdZMi A5dGJYVnVh WFI1IExDQj NhWFJvSUcg bHVhWFJwWV hScCBkbVZ6 SUhOMVkyIG dnWVhNZ2RH aGwgSUZOdV lYQXRiMiA0 Z1JtOTFibV JoIGRHbHZi aUIwYUcgRj BJSE4xY0hC diBjblJ6SU hSbFkyIGh1 YVdOaGJDQm wgWkhWallY UnBiMiA0Z1 lXNWtJRk5V IFJVMGdjSE p2WjMgSmhi WE11CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==