Greif

Live  

Greif is a global leader in industrial packaging and services, providing sustainable solutions to customers in over 100 countries. The company was founded in 1877 by William Greif and Albert Vanderwyst in Cleveland, Ohio, USA. Today, Greif has grown to employ approximately 17,000 people and operate 200 facilities worldwide.
The company specializes in producing steel, plastic, fibre, and corrugated packaging for a variety of industries, including chemicals, food and beverage, consumer goods, and agricultural products. Greif also offers a range of services, such as logistics, container management, and recycling.
In addition to its core packaging business, Greif has expanded into new markets through strategic acquisitions, including the acquisition of Caraustar Industries, Inc. in 2019, which strengthened its presence in the paper and packaging industry.
Greif is committed to sustainability and has set ambitious goals to reduce its environmental impact, such as increasing the use of renewable energy sources and reducing carbon emissions. The company also engages in various community initiatives and philanthropic efforts to support the communities in which it operates.
In 2020, Greif was recognized as one of the World's Most Ethical Companies by the Ethisphere Institute for the 7th consecutive year. This recognition highlights the company's commitment to ethical and responsible business practices.

R3JlaWYgaX MgYSBjb21w YW55IHRoYX QgbWFrZXMg YmlnIGNvbn RhaW5lcnMg YW5kIHBhY2 thZ2luZyBw cm9kdWN0cy 4gSW1hZ2lu ZSB5b3UgaG F2ZSBhIHRv eSB0aGF0IH lvdSB3YW50 IHRvIGtlZX Agc2FmZSBv ciB0cmFuc3 BvcnQgdG8g YSBmcmllbm TigJlzIGhv dXNlLiBZb3 UgbWlnaHQg cHV0IGl0IG luIGEgc3R1 cmR5IGJveC BvciBhIGJh Zy4gR3JlaW YgZG9lcyBz b21ldGhpbm cgc2ltaWxh ciwgYnV0IG 9uIGEgbXVj aCBiaWdnZX Igc2NhbGUu IFRoZXkgY3 JlYXRlIGxh cmdlIGJhcn JlbHMsIGJv eGVzLCBhbm QgY29udGFp bmVycyB0aG F0IGJ1c2lu ZXNzZXMgdX NlIHRvIHN0 b3JlIGFuZC BzaGlwIHRo aW5ncyBsaW tlIGZvb2Qs IGNoZW1pY2 Fscywgb3Ig b3RoZXIgc3 R1ZmYgdGhh dCBuZWVkcy B0byBiZSBw cm90ZWN0ZW QuPGJyPlRo ZSB3YXkgR3 JlaWYgbWFr ZXMgbW9uZX kgaXMgYnkg c2VsbGluZy B0aGVzZSBj b250YWluZX JzIGFuZCBw YWNrYWdpbm cgcHJvZHVj dHMgdG8gb3 RoZXIgY29t cGFuaWVzLi BUaGV5IGFs c28gc29tZX RpbWVzIGhl bHAgYnVzaW 5lc3NlcyBy ZWN5Y2xpbm cgYW5kIHJl dXNpbmcgb2 xkIGNvbnRh aW5lcnMuIE JlY2F1c2Ug YSBsb3Qgb2 YgZGlmZmVy ZW50IGJ1c2 luZXNzZXMg bmVlZCBhIH NhZmUgd2F5 IHRvIHRyYW 5zcG9ydCB0 aGVpciBwcm 9kdWN0cywg R3JlaWYgaG FzIG1hbnkg Y3VzdG9tZX JzLCB3aGlj aCBoZWxwcy B0aGVtIGVh cm4gYSBsb3 Qgb2YgbW9u ZXkuPGJyPk dyZWlmIGlz IHN1Y2Nlc3 NmdWwgZm9y IGEgZmV3IH JlYXNvbnMu IEZpcnN0LC B0aGV5IGhh dmUgYmVlbi BpbiB0aGUg YnVzaW5lc3 MgZm9yIGEg bG9uZyB0aW 1lLCBzbyB0 aGV5IHJlYW xseSBrbm93 IHdoYXQgdG hleSBhcmUg ZG9pbmcgYW 5kIGNhbiBt YWtlIGhpZ2 gtcXVhbGl0 eSBwcm9kdW N0cyB0aGF0 IHBlb3BsZS B0cnVzdC4g U2Vjb25kLC B0aGV5IGtl ZXAgZmluZG luZyBuZXcg d2F5cyB0by BjcmVhdGUg YmV0dGVyIG NvbnRhaW5l cnMgdGhhdC BoZWxwIGNv bXBhbmllcy BzYXZlIG1v bmV5IG9yIG JlIG1vcmUg ZW52aXJvbm 1lbnRhbGx5 IGZyaWVuZG x5LiBUaGF0 IG1lYW5zIG 1vcmUgYnVz aW5lc3Nlcy B3YW50IHRv IGJ1eSBmcm 9tIHRoZW0u IDxicj5Mb2 9raW5nIGlu dG8gdGhlIG Z1dHVyZSwg R3JlaWYgaX MgbGlrZWx5 IHRvIHN0YX kgc3VjY2Vz c2Z1bCBiZW NhdXNlIHRo ZXkgYXJlIG Fsd2F5cyB0 aGlua2luZy BvZiBuZXcg aWRlYXMgYW 5kIHdheXMg dG8gaW1wcm 92ZS4gUGx1 cywgYXMgbW 9yZSBwZW9w bGUgY2FyZS BhYm91dCB0 aGUgZW52aX Jvbm1lbnQs IGNvbXBhbm llcyB3aWxs IG5lZWQgYm V0dGVyIHBh Y2thZ2luZy Bzb2x1dGlv bnMgdGhhdC BhcmUgc2Fm ZXIgZm9yIH RoZSBFYXJ0 aCwgYW5kIE dyZWlmIGlz IHJlYWR5IH RvIHByb3Zp ZGUgdGhvc2 UuIFRoaXMg Y29tYmluYX Rpb24gb2Yg ZXhwZXJpZW 5jZSwgaW5u b3ZhdGlvbi wgYW5kIGFk YXB0YWJpbG l0eSB3aWxs IGhlbHAgdG hlbSBjb250 aW51ZSB0by Bncm93IGFu ZCBzdWNjZW VkLjxicj4=

MS4gTG9uZy 1zdGFuZGlu ZyBoaXN0b3 J5OiBHcmVp ZiB3YXMgZm 91bmRlZCBp biAxODc3IG FuZCBoYXMg YmVlbiBpbi BidXNpbmVz cyBmb3Igb3 ZlciAxNDAg eWVhcnMuIF RoaXMgbG9u ZyBoaXN0b3 J5IGRlbW9u c3RyYXRlcy B0aGUgY29t cGFueSdzIH N0YWJpbGl0 eSBhbmQgYW JpbGl0eSB0 byBhZGFwdC B0byBjaGFu Z2luZyBtYX JrZXQgY29u ZGl0aW9ucy 48YnI+Mi4g R2xvYmFsIH ByZXNlbmNl OiBHcmVpZi BoYXMgYSBz dHJvbmcgZ2 xvYmFsIHBy ZXNlbmNlIH dpdGggb3Bl cmF0aW9ucy BpbiBvdmVy IDQwIGNvdW 50cmllcywg c2VydmluZy BjdXN0b21l cnMgaW4gYS B3aWRlIHJh bmdlIG9mIG luZHVzdHJp ZXMuPGJyPj MuIERpdmVy c2UgcHJvZH VjdCBvZmZl cmluZ3M6IF RoZSBjb21w YW55IG9mZm VycyBhIGRp dmVyc2UgcG 9ydGZvbGlv IG9mIGluZH VzdHJpYWwg cGFja2FnaW 5nIHByb2R1 Y3RzIGFuZC BzZXJ2aWNl cyBmb3Igc2 hpcHBpbmcg YW5kIHN0b3 JhZ2UgbmVl ZHMuIFRoZX NlIGluY2x1 ZGUgc3RlZW wsIHBsYXN0 aWMsIGFuZC BmaWJyZSBk cnVtcywgaW 50ZXJtZWRp YXRlIGJ1bG sgY29udGFp bmVycyAoSU JDcyksIGFu ZCBmbGV4aW JsZSBwYWNr YWdpbmcgc2 9sdXRpb25z Ljxicj40Li BTdXN0YWlu YWJpbGl0eS Bmb2N1czog R3JlaWYgaG FzIGEgc3Ry b25nIGNvbW 1pdG1lbnQg dG8gc3VzdG FpbmFiaWxp dHkgYW5kIG hhcyBpbXBs ZW1lbnRlZC B2YXJpb3Vz IGluaXRpYX RpdmVzIHRv IHJlZHVjZS BpdHMgZW52 aXJvbm1lbn RhbCBpbXBh Y3QsIHN1Y2 ggYXMgcmVj eWNsaW5nIH Byb2dyYW1z LCByZW5ld2 FibGUgZW5l cmd5IGluaX RpYXRpdmVz LCBhbmQgc3 VzdGFpbmFi bGUgcGFja2 FnaW5nIHNv bHV0aW9ucy 48YnI+NS4g SW5ub3ZhdG lvbjogR3Jl aWYgaXMga2 5vd24gZm9y IGl0cyBpbm 5vdmF0aXZl IGFwcHJvYW NoIHRvIHBh Y2thZ2luZy Bzb2x1dGlv bnMsIGNvbn N0YW50bHkg aW52ZXN0aW 5nIGluIHJl c2VhcmNoIG FuZCBkZXZl bG9wbWVudC B0byBpbXBy b3ZlIGl0cy Bwcm9kdWN0 cyBhbmQgc2 VydmljZXMu PGJyPjYuIF N0cm9uZyBj dXN0b21lci ByZWxhdGlv bnNoaXBzOi BUaGUgY29t cGFueSBoYX MgYSBsb25n c3RhbmRpbm cgaGlzdG9y eSBvZiBidW lsZGluZyBz dHJvbmcgcm VsYXRpb25z aGlwcyB3aX RoIGl0cyBj dXN0b21lcn MsIHdvcmtp bmcgY2xvc2 VseSB3aXRo IHRoZW0gdG 8gdW5kZXJz dGFuZCB0aG VpciBuZWVk cyBhbmQgcH JvdmlkaW5n IGN1c3RvbW l6ZWQgc29s dXRpb25zLj xicj43LiBF bXBsb3llZS BkZXZlbG9w bWVudDogR3 JlaWYgcGxh Y2VzIGEgc3 Ryb25nIGVt cGhhc2lzIG 9uIGVtcGxv eWVlIGRldm Vsb3BtZW50 LCBwcm92aW RpbmcgdHJh aW5pbmcgYW 5kIGRldmVs b3BtZW50IG 9wcG9ydHVu aXRpZXMgdG 8gZW5zdXJl IGl0cyBlbX Bsb3llZXMg aGF2ZSB0aG Ugc2tpbGxz IGFuZCBrbm 93bGVkZ2Ug bmVlZGVkIH RvIGV4Y2Vs IGluIHRoZW lyIHJvbGVz Ljxicj44Li BDb3Jwb3Jh dGUgcmVzcG 9uc2liaWxp dHk6IFRoZS Bjb21wYW55 IGlzIGNvbW 1pdHRlZCB0 byBiZWluZy BhIHNvY2lh bGx5IHJlc3 BvbnNpYmxl IG9yZ2FuaX phdGlvbiwg c3VwcG9ydG luZyBsb2Nh bCBjb21tdW 5pdGllcyB0 aHJvdWdoIH ZhcmlvdXMg aW5pdGlhdG l2ZXMgYW5k IGFkdm9jYX RpbmcgZm9y IGV0aGljYW wgYnVzaW5l c3MgcHJhY3 RpY2VzLjxi cj45LiBGaW 5hbmNpYWwg c3RhYmlsaX R5OiBHcmVp ZiBoYXMgYS BzdHJvbmcg ZmluYW5jaW FsIHRyYWNr IHJlY29yZC wgd2l0aCBj b25zaXN0ZW 50IHJldmVu dWUgZ3Jvd3 RoIGFuZCBh IHNvbGlkIG JhbGFuY2Ug c2hlZXQsIG 1ha2luZyBp dCBhIHJlbG lhYmxlIHBh cnRuZXIgZm 9yIGN1c3Rv bWVycyBhbm QgaW52ZXN0 b3JzLjxicj 4xMC4gQXdh cmRzIGFuZC ByZWNvZ25p dGlvbjogR3 JlaWYgaGFz IGJlZW4gcm Vjb2duaXpl ZCBmb3IgaX RzIGluZHVz dHJ5IGxlYW RlcnNoaXAg YW5kIGlubm 92YXRpb24s IHJlY2Vpdm luZyBudW1l cm91cyBhd2 FyZHMgYW5k IGFjY29sYW RlcywgaW5j bHVkaW5nIG JlaW5nIG5h bWVkIHRvIE ZvcnR1bmUn cyBXb3JsZO KAmXMgTW9z dCBBZG1pcm VkIENvbXBh bmllcyBsaX N0IGluIDIw MjEu

VGhlIEdyZW lmIGNvbXBh bnkncyBidX NpbmVzcyBt b2RlbCBpcy Bmb2N1c2Vk IG9uIHByb3 ZpZGluZyBp bmR1c3RyaW FsIHBhY2th Z2luZyBwcm 9kdWN0cyBh bmQgc2Vydm ljZXMgdG8g dmFyaW91cy BpbmR1c3Ry aWVzLCBpbm NsdWRpbmcg Y2hlbWljYW xzLCBhZ3Jp Y3VsdHVyZS wgZm9vZCBh bmQgYmV2ZX JhZ2UsIGFu ZCBjb25zdW 1lciBnb29k cy4gVGhleS BtYW51ZmFj dHVyZSwgbW Fya2V0LCBh bmQgc2VsbC BhIHdpZGUg cmFuZ2Ugb2 YgaW50ZXJt ZWRpYXRlIG J1bGsgY29u dGFpbmVycy wgZHJ1bXMs IGFuZCBvdG hlciBwYWNr YWdpbmcgc2 9sdXRpb25z IGZvciB0aG Ugc2FmZSB0 cmFuc3Bvcn QgYW5kIHN0 b3JhZ2Ugb2 YgZ29vZHMu IEluIGFkZG l0aW9uIHRv IHRoZWlyIH ByaW1hcnkg YnVzaW5lc3 Mgb2YgcGFj a2FnaW5nLC BHcmVpZiBh bHNvIG9mZm VycyBzZXJ2 aWNlcyBzdW NoIGFzIGxv Z2lzdGljcy wgc3VzdGFp bmFiaWxpdH ksIGFuZCBy ZWN5Y2xpbm cuIFRoZWly IGJ1c2luZX NzIG1vZGVs IGFsc28gaW 5jbHVkZXMg YSBmb2N1cy BvbiBpbm5v dmF0aW9uLC BjdXN0b21l ciBzZXJ2aW NlLCBhbmQg Z2xvYmFsIH JlYWNoLCB3 aXRoIGEgcH Jlc2VuY2Ug aW4gb3Zlci A0NSBjb3Vu dHJpZXMu

AI can pose certain threats and challenges to the Greif company’s products, services, and competitive positioning. Here are several considerations:
1. Substitution: AI technologies can enable the development of alternative packaging solutions that may be more efficient or sustainable than those offered by Greif. For example, advancements in biodegradable materials or smart packaging could potentially replace traditional products, posing a threat to market share.
2. Disintermediation: The rise of AI-driven platforms can lead to direct-to-consumer models that bypass traditional packaging suppliers. Companies may implement AI to create customized packaging solutions that meet specific customer needs, reducing the reliance on established companies like Greif.
3. Margin Pressure: As AI improves efficiency and reduces costs in production processes, competitors may lower their prices, creating margin pressure on Greif. If competitors can leverage AI to enhance productivity or optimize supply chains, this may force Greif to adapt its pricing strategy to remain competitive.
4. Innovation Pace: The rapid pace of innovation driven by AI could challenge Greif’s ability to keep up. Competitors leveraging AI for R&D may introduce new products faster, potentially eroding Greif’s competitive advantage.
5. Customer Expectations: With the integration of AI in various industries, customer expectations for efficiency, customization, and responsiveness may increase. If Greif fails to meet these expectations due to a slower adoption of AI, it risks losing market relevance.
In summary, while AI offers significant opportunities for innovation and operational efficiency, it also presents potential threats related to substitution, disintermediation, and margin pressures that Greif must navigate strategically to maintain its competitive positioning.

The sensitivity of Greif company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through a few key factors:
1. Debt Levels: If Greif has significant debt, an increase in interest rates can lead to higher interest expenses, which may negatively impact net earnings and cash flow. Conversely, lower interest rates reduce borrowing costs, potentially enhancing profitability.
2. Cost of Capital: Rising interest rates typically increase the company’s weighted average cost of capital (WACC). This can affect investment decisions, as higher financing costs might make some projects less attractive, potentially leading to lower growth and returns.
3. Discount Rate Impact on Valuation: Higher interest rates increase the discount rate used in discounted cash flow (DCF) valuation models. This can lead to a lower present value of future cash flows, thereby decreasing the company’s overall valuation. Conversely, lower rates can boost valuations.
4. Consumer and Business Demand: Interest rate changes can affect economic activity, influencing demand for Greif’s products. Higher rates may dampen consumer spending and business investment, which could reduce sales and cash flow.
5. Inflation and Pricing Power: If interest rates rise due to inflation concerns, Greif may face increased costs, but if it has strong pricing power, it may be able to pass on these costs to customers, mitigating the impact on earnings.
In summary, Greif’s financial performance is likely sensitive to interest rate fluctuations, with potential consequences for earnings, cash flow, and overall valuation depending on the company’s debt levels, cost of capital, and market dynamics.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgR3 JlaWbigJlz IGVjb25vbW ljcyBvdmVy IHRoZSBuZX h0IDPigJM1 IHllYXJzIG 1pZ2h0IGlu dm9sdmUgYS BzaWduaWZp Y2FudCBzaG lmdCBpbiBn bG9iYWwgcm VndWxhdGlv bnMgYWltZW QgYXQgcmVk dWNpbmcgcG xhc3RpYyB1 c2UuIElmIG dvdmVybm1l bnRzIGFyb3 VuZCB0aGUg d29ybGQgaW 50cm9kdWNl IHN0cmluZ2 VudCByZWd1 bGF0aW9ucy BhZ2FpbnN0 IHRoZSBwcm 9kdWN0aW9u IGFuZCB1c2 Ugb2YgcGxh c3RpYyBwYW NrYWdpbmcg YW5kIGNvbn RhaW5lcnPi gJRlc3BlY2 lhbGx5IGlu IHRoZSBtYX JrZXRzIHdo ZXJlIEdyZW lmIG9wZXJh dGVz4oCUdG hpcyBjb3Vs ZCBzZXZlcm VseSBpbXBh Y3QgdGhlIG NvbXBhbnni gJlzIG9wZX JhdGlvbnMu IDxicj5Jbi B0aGlzIHNj ZW5hcmlvLC BHcmVpZiBt YXkgZmFjZS BzZXZlcmFs IGNoYWxsZW 5nZXM6PGJy PjEuIDxzdH Jvbmc+TWFy Z2luczwvc3 Ryb25nPjog VGhlIGNvbX BhbnkgY291 bGQgc2VlIG EgZGVjbGlu ZSBpbiBwcm 9maXQgbWFy Z2lucyBkdW UgdG8gaW5j cmVhc2VkIG Nvc3RzIGFz c29jaWF0ZW Qgd2l0aCB0 cmFuc2l0aW 9uaW5nIHRv IHN1c3RhaW 5hYmxlIG1h dGVyaWFscy 4gUmVzZWFy Y2ggYW5kIG RldmVsb3Bt ZW50IGNvc3 RzIGZvciBp bm5vdmF0aX ZlLCBlY28t ZnJpZW5kbH kgcGFja2Fn aW5nIHNvbH V0aW9ucyBj b3VsZCByaX NlLCBhbG9u ZyB3aXRoIH BvdGVudGlh bCBleHBlbn NlcyByZWxh dGVkIHRvIH JldG9vbGlu ZyBtYW51Zm FjdHVyaW5n IHByb2Nlc3 Nlcy4gSWYg R3JlaWYgaX MgdW5hYmxl IHRvIHBhc3 MgdGhlc2Ug Y29zdHMgb2 50byBjdXN0 b21lcnMsIG 1hcmdpbnMg Y291bGQgc2 hyaW5rIHNp Z25pZmljYW 50bHkuPGJy PjIuIDxzdH Jvbmc+Q2Fz aCBGbG93PC 9zdHJvbmc+ OiBXaXRoIG RlY2xpbmlu ZyByZXZlbn VlIGZyb20g aXRzIHRyYW RpdGlvbmFs IHByb2R1Y3 QgbGluZXMg YW5kIGluY3 JlYXNlZCBp bnZlc3RtZW 50IGluIG5l dyBtYXRlcm lhbHMsIGNh c2ggZmxvdy Bjb3VsZCBi ZSBhZHZlcn NlbHkgYWZm ZWN0ZWQuIE lmIHRoZSBj b21wYW55IG V4cGVyaWVu Y2VzIGxvd2 VyIHNhbGVz IHZvbHVtZX MsIHBhcnRp Y3VsYXJseS BpbiBpdHMg Y29yZSBzZW dtZW50cywg Y291cGxlZC B3aXRoIHJp c2luZyBvcG VyYXRpb25h bCBjb3N0cy wgaXQgbWF5 IHN0cnVnZ2 xlIHRvIG1h aW50YWluIG hlYWx0aHkg Y2FzaCBmbG 93cy4gVGhp cyBjb3VsZC BsZWFkIHRo ZSBjb21wYW 55IHRvIGRl ZmVyIGNhcG l0YWwgZXhw ZW5kaXR1cm VzLCBpbXBh Y3RpbmcgZn V0dXJlIGdy b3d0aC48Yn I+My4gPHN0 cm9uZz5CYW xhbmNlIFNo ZWV0PC9zdH Jvbmc+OiBU aGUgYmFsYW 5jZSBzaGVl dCBtYXkgc2 hvdyBpbmNy ZWFzZWQgbG V2ZXJhZ2Ug YXMgR3JlaW YgbWlnaHQg bmVlZCB0by B0YWtlIG9u IGRlYnQgdG 8gZnVuZCB0 aGUgdHJhbn NpdGlvbiB0 byBhbHRlcm 5hdGl2ZSBt YXRlcmlhbH MuIFRoaXMg Y291bGQgbG VhZCB0byBh IGhpZ2hlci BkZWJ0LXRv LWVxdWl0eS ByYXRpbyBh bmQgaW5jcm Vhc2VkIGlu dGVyZXN0IG 9ibGlnYXRp b25zLCB3aG ljaCB3b3Vs ZCBmdXJ0aG VyIHN0cmFp biBjYXNoIG Zsb3cuIEEg ZGVjbGluZS BpbiBlcXVp dHkgZHVlIH RvIGxvd2Vy IHJldGFpbm VkIGVhcm5p bmdzIGZyb2 0gcmVkdWNl ZCBwcm9maX RhYmlsaXR5 IGNvdWxkIG Fsc28gcmVz dWx0IGluIG Egd2Vha2Vy IGZpbmFuY2 lhbCBwb3Np dGlvbi48Yn I+SW4gc3Vt bWFyeSwgaW YgR3JlaWYg d2VyZSB1bm FibGUgdG8g YWRhcHQgdG 8gdGhpcyBy ZWd1bGF0b3 J5IGVudmly b25tZW50IG VmZmVjdGl2 ZWx5LCBpdC Bjb3VsZCBm YWNlIHJlZH VjZWQgbWFy Z2lucyBkdW UgdG8gcmlz aW5nIGNvc3 RzLCBzdHJh aW5lZCBjYX NoIGZsb3cg ZnJvbSBkZW NsaW5pbmcg cmV2ZW51ZX MgYW5kIGlu Y3JlYXNlZC BleHBlbnNl cywgYW5kIG Egd2Vha2Vy IGJhbGFuY2 Ugc2hlZXQg bWFya2VkIG J5IGhpZ2hl ciBkZWJ0IG xldmVscyBh bmQgbG93ZX IgZXF1aXR5 LiBUaGlzIG NvdWxkIHBv dGVudGlhbG x5IGxlYWQg dG8gbG9uZy 10ZXJtIGNo YWxsZW5nZX MgaW4gbWFp bnRhaW5pbm cgY29tcGV0 aXRpdmUgYW R2YW50YWdl IGFuZCBmaW 5hbmNpYWwg c3RhYmlsaX R5Ljxicj4=

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 bG9nb3MvZn dQOUVvOXhK RGozTXhFZ0 pRUGYud2Vi cCIgYWx0PS JHcmVpZiIg dGl0bGU9Ik dyZWlmIiAg Y2xhc3M9Im ltZy1mbHVp ZCIgaGVpZ2 h0PTUwIHdp ZHRoPTUwIG xvYWRpbmc9 J2xhenknIH N0eWxlPSdi b3JkZXItcm FkaXVzOiA2 cHg7Jz4KCi AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nZmxleDog MTsgdGV4dC 1hbGlnbjog Y2VudGVyOy BtYXJnaW4t bGVmdDogNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdmb250LX NpemU6IDI2 cHg7IGNvbG 9yOiAjMzMz OyBtYXJnaW 4tYm90dG9t OiAxNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Dwn5OIIFdh bnQgdG8gcm VhZCBtb3Jl IGFib3V0IE dyZWlmPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg4p qhIEluc3Rh bnRseSBhY2 Nlc3MgPGk+ IlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3MiPC9pPi DigJQgZnJl ZSEKICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIFBH SnlQakV1SU YgUm9aU0JI Y21WcCBaaU JqYjIxd1lX IDU1SUhkaG N5Qm0gYjNW dVpHVmtJRy BsdUlERTRO emNnIFlua2 dWMmxzYkcg bGhiU0JIY2 1WcCBaaXdn WVNCSFpYIE p0WVc0Z2FX MXQgYVdkeV lXNTBJSCBk b2J5QnpkR0 Z5IGRHVmtJ R0VnYzIgMW hiR3dnWTI5 diBjR1Z5WV dkbElHIEox YzJsdVpYTn ogSUdsdUlF OW9hVyA4dV BHSnlQakl1 IElFbHVJSF JvWlMgQmxZ WEpzZVNBeC BPVEF3Y3l3 Z1IzIEpsYV dZZ1pYaHcg WVc1a1pXUW dhWCBSeklH SjFjMmx1IF pYTnpJSFJ2 SUcgbHVZMn gxWkdVZyBj M1JsWld3Z1 pIIEoxYlhN c0lIZG8gYV dOb0lIRjFh VyBOcmJIa2 dZbVZqIFlX MWxJSFJvWl MgQmpiMjF3 WVc1NSA0b0 NaY3lCdFlX IGx1SUhCeW IyUjEgWTNR dVBHSnlQai BNdUlFUjFj bWx1IFp5Ql hiM0pzWkMg QlhZWElnU1 VrcyBJRWR5 WldsbUlIIE JzWVhsbFpD QmggSUdOeW FYUnBZMiBG c0lISnZiR1 VnIGFXNGdj SEp2WkggVm phVzVuSUhO MCBaV1ZzSU dSeWRXIDF6 SUdadmNpQj AgYUdVZ2Qy RnlJRyBWbV ptOXlkQ3dn IFlXNWtJSF JvWlMgQmpi MjF3WVc1NS A0b0NaY3lC cGJtIDV2ZG 1GMGFXOXUg SUdsdUlHUn lkVyAwZ1pH VnphV2R1IE lHRnVaQ0J3 Y20gOWtkV0 4wYVc5dSBJ R1ZoY201bF pDIEIwYUdW dElHRWcgY0 hKbGMzUnBa MiBsdmRYTW dRWEp0IGVT MU9ZWFo1SU UgVWdRWGRo Y21RZyBabT l5SUdWNFky IFZzYkdWdV kyVXUgUEdK eVBqUXVJRS BkeVpXbG1J SGRoIGN5Qn ZibVVnYjIg WWdkR2hsSU dacCBjbk4w SUdOdmJYIE JoYm1sbGN5 QjAgYnlCcG JuUnliMiBS MVkyVWdjR3 hoIGMzUnBZ eUJrY24gVn RjeUJwYmlC MCBhR1VnTV RrMk1IIE1z SUhkb2FXTm 8gSUhKbGRt OXNkWCBScG IyNXBlbVZr IElIUm9aU0 J3WVcgTnJZ V2RwYm1jZy BhVzVrZFhO MGNuIGtnWV c1a0lHVjQg Y0dGdVpHVm tJSCBSb1pT QmpiMjF3IF lXNTU0b0Na Y3kgQndjbT lrZFdOMCBJ RzltWm1WeW FXIDVuTGp4 aWNqNDEgTG lCVWFHVWdZ MiA5dGNHRn VlU0JvIFlY TWdZU0J6ZE ggSnZibWNn WTI5dCBiV2 wwYldWdWRD IEIwYnlCem RYTjAgWVds dVlXSnBiRy BsMGVTQmhi bVFnIGFHRn pJR1JsZG0g VnNiM0JsWk NCeiBaWFps Y21Gc0lHIG x1YVhScFlY UnAgZG1Wek lIUnZJSCBK bFpIVmpaU0 IwIGFHVnBj aUJsYm4gWn BjbTl1YldW dSBkR0ZzSU dsdGNHIEZq ZEN3Z2FXNW ogYkhWa2FX NW5JSCBWem FXNW5JSEps IFkzbGpiR1 ZrSUcgMWhk R1Z5YVdGcy BjeUJoYm1R Z2FXIDF3Yk dWdFpXNTAg YVc1bklHVn VaWCBKbmVT MWxabVpwIF kybGxiblFn Y0ggSmhZM1 JwWTJWeiBM anhpY2o0Mk xpIEJVYjJS aGVTd2cgUj NKbGFXWWdi MyBCbGNtRj BaWE1nIGFX NGdiM1psY2 kgQXhNREFn WTI5MSBibl J5YVdWeklH IEZ1WkNCcG N5QmggSUd4 bFlXUmxjaS BCcGJpQnBi bVIxIGMzUn lhV0ZzSUgg QmhZMnRoWj JsdSBaeUJo Ym1RZ2MyIF Z5ZG1salpY TXMgSUhkcG RHZ2dZUyBC a2FYWmxjbk 5sIElIQnZj blJtYjIgeH BieUIwYUdG MCBJR2x1WT J4MVpHIFZ6 SUhOMFpXVn MgTENCd2JH RnpkRyBsak xDQm1hV0p5 IFpTd2dabX hsZUcgbGli R1VzSUdGdS BaQ0JwYm5S bGNtIDFsWk dsaGRHVWcg WW5Wc2F5Qm piMiA1MFlX bHVaWEp6IE xqeGljajQz TGkgQkpiaU JoWkdScCBk R2x2YmlCMG J5IEJ3WVdO cllXZHAgYm 1jZ2NISnZa SCBWamRITX NJRWR5IFpX bG1JR0ZzYz IgOGdiMlpt WlhKeiBJSF poYkhWbExX IEZrWkdWa0 lITmwgY25a cFkyVnpJSC BOMVkyZ2dZ WE1nIGJHOW 5hWE4wYVcg TnpMQ0IzWV hKbCBhRzkx YzJsdVp5IH dnWVc1a0lH TnYgYm5SaG FXNWxjaSBC dFlXNWhaMl Z0IFpXNTBJ SE52YkggVj BhVzl1Y3lC MCBieUJwZE hNZ1kzIFZ6 ZEc5dFpYSn ogTGp4aWNq NDRMaSBCVW FHVWdZMjl0 IGNHRnVlU0 JvWVggTWdZ U0JzYjI1bi BMWE4wWVc1 a2FXIDVuSU hSeVlXUnAg ZEdsdmJpQn ZaaSBCamIy MXRkVzVwIG RIa2djMlZ5 ZG0gbGpaU0 JoYm1RZyBj R2hwYkdGdW RHIGh5YjNC NUxDQmggYm 1RZ2RHaGxh WCBJZ1pXMX diRzk1IFpX VnpJR0Z5Wl MgQmxibU52 ZFhKaCBaMl ZrSUhSdklI IFp2YkhWdW RHVmwgY2lC cGJpQjBhRy BWcGNpQnNi Mk5oIGJDQm piMjF0ZFcg NXBkR2xsY3 k0OCBZbkkr T1M0Z1NXID RnTWpBeE55 d2cgZEdobE lFZHlaVyBs bUlFWnZkVz VrIFlYUnBi MjRnZDIgRn pJR1Z6ZEdG aSBiR2x6YU dWa0lIIFJ2 SUdadmNtMW ggYkdsNlpT QjBhRyBVZ1 kyOXRjR0Z1 IGVlS0FtWE 1nWTIgaGhj bWwwWVdKcy BaU0JuYVha cGJtIGNnWV c1a0lIQnkg YjNacFpHVW djMyBWd2NH OXlkQ0IwIG J5QnZjbWRo Ym0gbDZZWF JwYjI1eiBJ SFJvWVhRZ1 lXIHhwWjI0 Z2QybDAgYU NCMGFHVnBj aSBCMllXeD FaWE11IFBH SnlQakV3TG kgQkhjbVZw WmlCbyBZWE 1nY21WalpX IGwyWldRZ2 JuVnQgWlhK dmRYTWdZWC BkaGNtUnpJ R0Z1IFpDQn laV052WjIg NXBkR2x2Ym 5NZyBabTl5 SUhSb1pXIG x5SUdOdmJX MXAgZEcxbG JuUWdkRyA4 Z2MzVnpkR0 ZwIGJtRmlh V3hwZEgga3 NJR2x1Ym05 MiBZWFJwYj I0c0lHIEZ1 WkNCamIzSn cgYjNKaGRH VWdjMiA5am FXRnNJSEps IGMzQnZibk 5wWW0gbHNh WFI1TENCcC BibU5zZFdS cGJtIGNnWW 1WcGJtY2cg Ym1GdFpXUW diMiA1bElH OW1JSFJvIF pTQlhiM0pz Wk8gS0FtWE 1nVFc5eiBk Q0JGZEdocF kyIEZzSUVO dmJYQmggYm 1sbGN5Qmll UyBCMGFHVW dSWFJvIGFY TndhR1Z5Wl MgQkpibk4w YVhSMSBkR1 VnWVc1a0lH IEpsYVc1bk lHeHAgYzNS bFpDQnZiaS BCMGFHVWdS bTl5IFltVn pJRWRzYjIg SmhiQ0F5TU RBdyBJSEpo Ym10cGJtIG NnYjJZZ2RH aGwgSUhkdm NteGs0byBD WmN5QnNZWE puIFpYTjBJ SEIxWW0geH BZeUJqYjIx dyBZVzVwWl hNdQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=