EssilorLuxottica

More reviews (1)

Live  

EssilorLuxottica is a global leader in the eyewear industry, formed through a 2018 merger between Essilor and Luxottica. The company designs, manufactures, and distributes a wide range of lenses, frames, and sunglasses. It operates in over 150 countries and has a portfolio of well-known brands such as Ray-Ban, Oakley, Persol, and Varilux.
Founded in 2018, EssilorLuxottica has a strong commitment to innovation and technology, with a focus on providing high-quality, vision-correcting products to its customers. The company has a strong presence in both the wholesale and retail markets, with a network of over 170,000 eyecare professionals and a retail presence through its LensCrafters, Pearle Vision, and Sunglass Hut stores.
In addition to its eyewear business, EssilorLuxottica also has a strong philanthropic arm, the Essilor Vision Foundation, which works to eliminate poor vision and its lifelong consequences through vision screenings, outreach programs, and access to eyewear.
The company is headquartered in France and has a global workforce of over 150,000 employees. It is listed on the Euronext Paris stock exchange and is also a component of the Euro Stoxx 50 stock market index.
Overall, EssilorLuxottica is a global company with a strong commitment to providing quality eyewear products and improving people’s vision and lives through its innovative technologies and philanthropic efforts.

RXNzaWxvck x1eG90dGlj YSBpcyBhIG JpZyBjb21w YW55IHRoYX QgaGVscHMg cGVvcGxlIH NlZSBiZXR0 ZXIgYnkgbW FraW5nIGds YXNzZXMgYW 5kIHN1bmds YXNzZXMuIF lvdSBrbm93 IGhvdyBzb2 1ldGltZXMg cGVvcGxlIG 5lZWQgZ2xh c3NlcyB0by BzZWUgY2xl YXJseT8gV2 VsbCwgdGhp cyBjb21wYW 55IG1ha2Vz IHRob3NlIG dsYXNzZXMs IGFsb25nIH dpdGggdGhl IHNwZWNpYW wgbGVuc2Vz IHRoYXQgZ2 8gaW5zaWRl IHRoZW0uID xicj5IZXJl 4oCZcyBob3 cgaXQgd29y a3M6IFRoZX kgZGVzaWdu IGFuZCBjcm VhdGUgZGlm ZmVyZW50IH R5cGVzIG9m IGdsYXNzZX MsIGFuZCB0 aGV5IGFsc2 8gb3duIG1h bnkgZmFtb3 VzIGJyYW5k cyBsaWtlIF JheS1CYW4g YW5kIE9ha2 xleS4gVGhl eSBhbHNvIG RvIHNvbWV0 aGluZyBpbX BvcnRhbnQg YnkgbWFraW 5nIHN1cmUg dGhhdCB0aG UgbGVuc2Vz IGNvcnJlY3 QgcGVvcGxl 4oCZcyB2aX Npb24gcHJv YmxlbXMsIG xpa2UgbmVh cnNpZ2h0ZW RuZXNzIG9y IGZhcnNpZ2 h0ZWRuZXNz LiA8YnI+VG hlIHdheSBF c3NpbG9yTH V4b3R0aWNh IG1ha2VzIG 1vbmV5IGlz IGJ5IHNlbG xpbmcgdGhl c2UgZ2xhc3 NlcyBpbiBz aG9wcyBhbm Qgb25saW5l LiBXaGVuIH lvdSBvciBz b21lb25lIG luIHlvdXIg ZmFtaWx5IG 5lZWRzIG5l dyBnbGFzc2 VzLCB5b3Ug Z28gdG8gYS BzdG9yZSBv ciB3ZWJzaX RlIHRvIGJ1 eSB0aGVtLC BhbmQgdGhh dOKAmXMgaG 93IHRoZSBj b21wYW55IG Vhcm5zIG1v bmV5LiBUaG V5IGFsc28g cHJvdmlkZS BzZXJ2aWNl cyB0byBleW UgZG9jdG9y cywgc28gd2 hlbiBwZW9w bGUgZ2V0IH RoZWlyIGV5 ZXMgY2hlY2 tlZCwgdGhv c2UgZG9jdG 9ycyBjYW4g aGVscCB0aG VtIGZpbmQg dGhlIHJpZ2 h0IGdsYXNz ZXMgZnJvbS BFc3NpbG9y THV4b3R0aW NhLjxicj5O b3csIHdoeS BpcyB0aGlz IGNvbXBhbn kgc3VjY2Vz c2Z1bCBhbm QgbGlrZWx5 IHRvIHN0YX kgdGhhdCB3 YXk/IEZpcn N0LCBsb3Rz IG9mIHBlb3 BsZSBuZWVk IGdsYXNzZX Mgb3Igc3Vu Z2xhc3Nlcy wgYW5kIGFz IHRoZSB3b3 JsZCBnZXRz IGJpZ2dlci wgbW9yZSBw ZW9wbGUgd2 lsbCBuZWVk IHRoZW0uIF BsdXMsIHRo ZXkga2VlcC Bjb21pbmcg dXAgd2l0aC BuZXcgc3R5 bGVzIGFuZC B0ZWNobm9s b2d5LCB3aG ljaCBtZWFu cyB0aGV5IG tlZXAgdGhp bmdzIGZyZX NoIGFuZCBl eGNpdGluZy Bmb3IgY3Vz dG9tZXJzLi BUaGVpciBi aWcgYnJhbm QgbmFtZXMg YWxzbyBhdH RyYWN0IGEg bG90IG9mIG J1eWVycy48 YnI+SW4gdG hlIGZ1dHVy ZSwgdGhleS BtaWdodCBj b250aW51ZS B0byBncm93 IGJlY2F1c2 UgdGhleSBj b3VsZCB1c2 UgbmV3IHRl Y2hub2xvZ2 llcyB0byBo ZWxwIHBlb3 BsZSBzZWUg ZXZlbiBiZX R0ZXIsIGxp a2Ugc21hcn QgZ2xhc3Nl cyB0aGF0IG RvIG1vcmUg dGhhbiBqdX N0IGhlbHAg eW91IHNlZS 4gU28sIGFz IGxvbmcgYX MgcGVvcGxl IG5lZWQgaG VscCB3aXRo IHRoZWlyIH Zpc2lvbiBh bmQgd2FudC B0byBsb29r IHN0eWxpc2 ggd2hpbGUg ZG9pbmcgaX QsIEVzc2ls b3JMdXhvdH RpY2Egd2ls bCBwcm9iYW JseSBrZWVw IGRvaW5nIH dlbGwhPGJy Pg==

MS4gSW5kdX N0cnkgTGVh ZGVyOiBFc3 NpbG9yTHV4 b3R0aWNhIG lzIGEgZ2xv YmFsIGxlYW RlciBpbiB0 aGUgZXlld2 VhciBpbmR1 c3RyeSwgY2 9tYmluaW5n IHR3byBwb3 dlcmZ1bCBj b21wYW5pZX MgLSBFc3Np bG9yIGFuZC BMdXhvdHRp Y2EuIFRoaX MgbWVyZ2Vy IGNyZWF0ZW QgYSBkb21p bmFudCBwbG F5ZXIgd2l0 aCBhIHN0cm 9uZyBtYXJr ZXQgc2hhcm UgYW5kIHBy ZXNlbmNlIG luIGJvdGgg dGhlIGxlbn MgYW5kIGZy YW1lIHNlZ2 1lbnRzLjxi cj4yLiBEaX ZlcnNpZmll ZCBQb3J0Zm 9saW86IFRo ZSBjb21wYW 55IGhhcyBh IGRpdmVyc2 UgcG9ydGZv bGlvIG9mIG V5ZXdlYXIg YnJhbmRzLC BpbmNsdWRp bmcgaWNvbm ljIG5hbWVz IGxpa2UgUm F5LUJhbiwg T2FrbGV5LC BQZXJzb2ws IGFuZCBtYW 55IG90aGVy cy4gVGhpcy BhbGxvd3Mg dGhlbSB0by BjYXRlciB0 byBhIHdpZG UgcmFuZ2Ug b2YgY3VzdG 9tZXJzIHdp dGggZGlmZm VyZW50IHRh c3RlcyBhbm QgcHJlZmVy ZW5jZXMuPG JyPjMuIEV4 dGVuc2l2ZS BHbG9iYWwg UmVhY2g6IF dpdGggb3Bl cmF0aW9ucy BpbiBvdmVy IDE1MCBjb3 VudHJpZXMs IEVzc2lsb3 JMdXhvdHRp Y2EgaGFzIG FuIGV4dGVu c2l2ZSBnbG 9iYWwgcmVh Y2guIFRoaX MgZW5hYmxl cyB0aGVtIH RvIHRhcCBp bnRvIGVtZX JnaW5nIG1h cmtldHMgYW 5kIGNhcGl0 YWxpemUgb2 4gdGhlIGdy b3dpbmcgZG VtYW5kIGZv ciBleWV3ZW FyIHByb2R1 Y3RzIGFyb3 VuZCB0aGUg d29ybGQuPG JyPjQuIElu bm92YXRpdm UgUHJvZHVj dHM6IFRoZS Bjb21wYW55 IGludmVzdH MgaGVhdmls eSBpbiByZX NlYXJjaCBh bmQgZGV2ZW xvcG1lbnQs IGxlYWRpbm cgdG8gdGhl IGRldmVsb3 BtZW50IG9m IGlubm92YX RpdmUgcHJv ZHVjdHMgc3 VjaCBhcyBs aWdodC1hZG p1c3Rpbmcg bGVuc2VzLC BhbnRpLXJl ZmxlY3Rpdm UgY29hdGlu Z3MsIGFuZC BoaWdoLWRl ZmluaXRpb2 4gbGVuc2Vz LiBUaGlzIG hhcyBoZWxw ZWQgdGhlbS BzdGF5IGFo ZWFkIG9mIH RoZSBjb21w ZXRpdGlvbi BhbmQgbWVl dCB0aGUgZX ZvbHZpbmcg bmVlZHMgb2 YgY29uc3Vt ZXJzLjxicj 41LiBWZXJ0 aWNhbCBJbn RlZ3JhdGlv bjogVGhlIG NvbXBhbnkg aGFzIGEgdW 5pcXVlIGJ1 c2luZXNzIG 1vZGVsIHdp dGggYSBjb2 1wbGV0ZSBz dXBwbHkgY2 hhaW4gaW50 ZWdyYXRpb2 4sIGZyb20g ZGVzaWduIG FuZCBtYW51 ZmFjdHVyaW 5nIHRvIGRp c3RyaWJ1dG lvbiBhbmQg cmV0YWlsLi BUaGlzIHZl cnRpY2FsIG ludGVncmF0 aW9uIGFsbG 93cyB0aGVt IHRvIGhhdm UgbW9yZSBj b250cm9sIG 92ZXIgdGhl IHF1YWxpdH kgYW5kIGRl bGl2ZXJ5IG 9mIHRoZWly IHByb2R1Y3 RzLCByZXN1 bHRpbmcgaW 4gaW1wcm92 ZWQgZWZmaW NpZW5jeSBh bmQgY29zdC BzYXZpbmdz Ljxicj42Li BDb21taXRt ZW50IHRvIE NvcnBvcmF0 ZSBTb2NpYW wgUmVzcG9u c2liaWxpdH k6IEVzc2ls b3JMdXhvdH RpY2EgaXMg Y29tbWl0dG VkIHRvIHN1 c3RhaW5hYm lsaXR5IGFu ZCBldGhpY2 FsIGJ1c2lu ZXNzIHByYW N0aWNlcywg aW5jbHVkaW 5nIHJlc3Bv bnNpYmxlIH NvdXJjaW5n IG9mIG1hdG VyaWFscywg cmVkdWNpbm cgY2FyYm9u IGZvb3Rwcm ludCwgYW5k IHN1cHBvcn RpbmcgbG9j YWwgY29tbX VuaXRpZXMg dGhyb3VnaC B2YXJpb3Vz IGluaXRpYX RpdmVzLiBU aGlzIG5vdC Bvbmx5IGVu aGFuY2VzIH RoZWlyIGJy YW5kIGltYW dlIGJ1dCBh bHNvIGNvbn RyaWJ1dGVz IHRvIGEgYm V0dGVyIHdv cmxkLjxicj 43LiBTdHJv bmcgRmluYW 5jaWFsIFBl cmZvcm1hbm NlOiBXaXRo IGEgc3Ryb2 5nIG1hcmtl dCBwb3NpdG lvbiwgZGl2 ZXJzaWZpZW QgcG9ydGZv bGlvLCBhbm QgZWZmaWNp ZW50IG9wZX JhdGlvbnMs IEVzc2lsb3 JMdXhvdHRp Y2EgaGFzIG NvbnNpc3Rl bnRseSBkZW xpdmVyZWQg c3Ryb25nIG ZpbmFuY2lh bCByZXN1bH RzLiBUaGlz IGhhcyBoZW xwZWQgdGhl bSB3ZWF0aG VyIGVjb25v bWljIGRvd2 50dXJucyBh bmQgbWFpbn RhaW4gYSBz dGFibGUgZm luYW5jaWFs IHBvc2l0aW 9uLjxicj5P dmVyYWxsLC B0aGUgY29t YmluYXRpb2 4gb2YgbWFy a2V0IGxlYW RlcnNoaXAs IGlubm92YX RpdmUgcHJv ZHVjdHMsIG dsb2JhbCBy ZWFjaCwgYW 5kIGNvbW1p dG1lbnQgdG 8gc3VzdGFp bmFiaWxpdH kgbWFrZXMg RXNzaWxvck x1eG90dGlj YSBhIGhpZ2 hseSBzdWNj ZXNzZnVsIG FuZCByZXNw ZWN0ZWQgY2 9tcGFueSBp biB0aGUgZX lld2VhciBp bmR1c3RyeS 4=

RXNzaWxvck x1eG90dGlj YSBpcyBhIG dsb2JhbCBs ZWFkZXIgaW 4gdGhlIGRl c2lnbiwgbW FudWZhY3R1 cmluZywgYW 5kIGRpc3Ry aWJ1dGlvbi BvZiBleWV3 ZWFyIGFuZC BleWVjYXJl IHByb2R1Y3 RzLiBUaGUg Y29tcGFueS BvcGVyYXRl cyBhcyBhIH ZlcnRpY2Fs bHkgaW50ZW dyYXRlZCBi dXNpbmVzcy Btb2RlbCwg d2l0aCBjb2 50cm9sIG92 ZXIgZXZlcn kgc3RhZ2Ug b2YgdGhlIG V5ZXdlYXIg cHJvZHVjdG lvbiBwcm9j ZXNzLjxicj 5UaGVpciBi dXNpbmVzcy Btb2RlbCBp cyBiYXNlZC BvbiBhIGNv bWJpbmF0aW 9uIG9mIHR3 byByZW5vd2 5lZCBjb21w YW5pZXMsIE Vzc2lsb3Ig YW5kIEx1eG 90dGljYSwg d2hpY2ggbW VyZ2VkIGlu IDIwMTggdG 8gZm9ybSBF c3NpbG9yTH V4b3R0aWNh LiBUaGlzIG 1lcmdlciBi cm91Z2h0IH RvZ2V0aGVy IHRoZSBjb2 1wbGVtZW50 YXJ5IHN0cm VuZ3RocyBh bmQgY2FwYW JpbGl0aWVz IG9mIGJvdG ggY29tcGFu aWVzLCBjcm VhdGluZyBh IGxlYWRpbm cgcGxheWVy IGluIHRoZS BleWV3ZWFy IGluZHVzdH J5Ljxicj5F c3NpbG9yTH V4b3R0aWNh 4oCZcyBidX NpbmVzcyBt b2RlbCBpcy BjZW50ZXJl ZCBhcm91bm QgdGhlIGZv bGxvd2luZy BrZXkgYXNw ZWN0czo8Yn I+MS4gRGVz aWduIGFuZC BJbm5vdmF0 aW9uOiBUaG UgY29tcGFu eSBpbnZlc3 RzIGhlYXZp bHkgaW4gcm VzZWFyY2gg YW5kIGRldm Vsb3BtZW50 IHRvIGNvbn RpbnVvdXNs eSBjcmVhdG UgbmV3IGRl c2lnbnMgYW 5kIGlubm92 YXRpdmUgcH JvZHVjdHMg dGhhdCBtZW V0IHRoZSBl dm9sdmluZy BuZWVkcyBv ZiB0aGVpci BjdXN0b21l cnMuPGJyPj IuIE1hbnVm YWN0dXJpbm c6IEVzc2ls b3JMdXhvdH RpY2Egb3du cyBhIHZhc3 QgbmV0d29y ayBvZiBtYW 51ZmFjdHVy aW5nIGZhY2 lsaXRpZXMg YXJvdW5kIH RoZSB3b3Js ZCB3aGVyZS BpdCBwcm9k dWNlcyBpdH MgZXlld2Vh ciBwcm9kdW N0cy48YnI+ My4gQnJhbm QgUG9ydGZv bGlvOiBUaG UgY29tcGFu eeKAmXMgZG l2ZXJzZSBi cmFuZCBwb3 J0Zm9saW8g cmFuZ2VzIG Zyb20gaWNv bmljIGx1eH VyeSBicmFu ZHMgKGUuZy 4sIFJheS1C YW4sIE9ha2 xleSkgdG8g ZXNzZW50aW FsIGV5ZXdl YXIgYnJhbm RzIChlLmcu LCBWYXJpbH V4LCBUcmFu c2l0aW9ucy ksIHByb3Zp ZGluZyBhIG NvbXByZWhl bnNpdmUgcm FuZ2Ugb2Yg Y2hvaWNlcy Bmb3IgY3Vz dG9tZXJzLj xicj40LiBE aXN0cmlidX Rpb246IEVz c2lsb3JMdX hvdHRpY2Eg aGFzIGEgZ2 xvYmFsIGRp c3RyaWJ1dG lvbiBuZXR3 b3JrLCB3aG ljaCBpbmNs dWRlcyBib3 RoIHdob2xl c2FsZSBhbm QgcmV0YWls IGNoYW5uZW xzLCBhbGxv d2luZyB0aG VtIHRvIHJl YWNoIGN1c3 RvbWVycyBh Y3Jvc3Mgdm FyaW91cyBt YXJrZXQgc2 VnbWVudHMg YW5kIGNvdW 50cmllcy48 YnI+NS4gUm V0YWlsIFBy ZXNlbmNlOi BUaGUgY29t cGFueSBhbH NvIG9wZXJh dGVzIGEgdm FzdCByZXRh aWwgbmV0d2 9yaywgaW5j bHVkaW5nIG 9wdGljYWwg c3RvcmVzLC BkZXBhcnRt ZW50IHN0b3 JlcywgYW5k IG9ubGluZS BwbGF0Zm9y bXMsIG9mZm VyaW5nIGEg ZGlyZWN0IG Nvbm5lY3Rp b24gd2l0aC Bjb25zdW1l cnMgYW5kIG VuaGFuY2lu ZyB0aGVpci BicmFuZCBy ZWNvZ25pdG lvbiBhbmQg dmlzaWJpbG l0eS48YnI+ Ni4gRGlnaX RhbGl6YXRp b246IEVzc2 lsb3JMdXhv dHRpY2EgaX MgbGV2ZXJh Z2luZyBkaW dpdGFsIHRl Y2hub2xvZ2 llcyBhbmQg ZS1jb21tZX JjZSBjYXBh YmlsaXRpZX MgdG8gZGV2 ZWxvcCBuZX cgZGlzdHJp YnV0aW9uIG NoYW5uZWxz IGFuZCBlbm hhbmNlIHRo ZSBjdXN0b2 1lciBleHBl cmllbmNlLj xicj43LiBT dXN0YWluYW JsZSBCdXNp bmVzcyBQcm FjdGljZXM6 IFRoZSBjb2 1wYW55IG9w ZXJhdGVzIH dpdGggYSBz dHJvbmcgY2 9tbWl0bWVu dCB0byBzdX N0YWluYWJp bGl0eSwgY2 9uc2lkZXJp bmcgdGhlIG Vudmlyb25t ZW50YWwgYW 5kIHNvY2lh bCBpbXBhY3 Qgb2YgaXRz IGJ1c2luZX NzIGFjdGl2 aXRpZXMgYW 5kIHByb2R1 Y3RzLjxicj 5PdmVyYWxs LCBFc3NpbG 9yTHV4b3R0 aWNh4oCZcy BidXNpbmVz cyBtb2RlbC Bjb21iaW5l cyBkZXNpZ2 4sIGlubm92 YXRpb24sIG 1hbnVmYWN0 dXJpbmcgZW ZmaWNpZW5j eSwgZGlzdH JpYnV0aW9u IG5ldHdvcm ssIGFuZCBh IHN0cm9uZy BicmFuZCBw b3J0Zm9saW 8gdG8gY3Jl YXRlIGEgdm VydGljYWxs eSBpbnRlZ3 JhdGVkIGFu ZCBzdXN0YW luYWJsZSBi dXNpbmVzcy B0aGF0IG1l ZXRzIHRoZS BjaGFuZ2lu ZyBuZWVkcy BvZiB0aGVp ciBjdXN0b2 1lcnMu

AI does pose some potential threats to EssilorLuxottica’s products, services, and competitive positioning, primarily through substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies can lead to the development of innovative alternatives to traditional eyewear. For example, advancements in augmented reality (AR) and virtual reality (VR) lenses could offer consumers new ways to interact with their environments without needing conventional eyewear. This could reduce demand for standard optical products.
2. Disintermediation: AI may facilitate more direct transactions between consumers and manufacturers, bypassing traditional retailers. For instance, AI-driven platforms that provide personalized eyewear recommendations and allow direct purchases could diminish the role of intermediaries, affecting EssilorLuxottica’s retail channels.
3. Margin Pressure: As AI technologies improve efficiency in manufacturing and distribution, competitors may find ways to lower their costs significantly. If competitors leverage AI to produce similar or superior eyewear products at lower prices, EssilorLuxottica could face increased margin pressure, leading to a need for reevaluation of pricing strategies.
In summary, while AI presents opportunities for innovation and efficiency, it also poses risks that could disrupt EssilorLuxottica’s traditional business model and competitive advantages. The company would need to actively adapt to these changes to maintain its market position.

EssilorLuxottica’s earnings, cash flow, and valuation can be significantly sensitive to changes in interest rates due to several factors:
1. Financing Costs: Higher interest rates generally increase the cost of borrowing. If EssilorLuxottica has outstanding debt or plans to finance new initiatives through loans, increased interest rates can lead to higher interest expenses, reducing net earnings and overall cash flow.
2. Consumer Spending: Changes in interest rates influence consumer behavior. Higher rates often lead to reduced disposable income as borrowing costs rise, which can negatively impact sales for a company like EssilorLuxottica that relies on consumer purchases of eyewear and related products.
3. Discount Rate: In valuation models, particularly discounted cash flow (DCF) analyses, higher interest rates typically translate into a higher discount rate. This results in a lower present value of future cash flows, adversely affecting the company’s overall valuation.
4. Investment Decisions: Higher interest rates may cause the company to re-evaluate its capital expenditure plans. If borrowing becomes more expensive, EssilorLuxottica may delay or scale back investments in new technologies or expansion projects, potentially affecting future growth.
5. Foreign Exchange: As a global player, EssilorLuxottica’s revenues and costs are impacted by exchange rates, which can be influenced by interest rate changes in various countries. Fluctuations in currency values can affect both earnings and cash flows.
Overall, while the extent of sensitivity will depend on the company’s existing debt levels, capital structure, and the elasticity of consumer demand for its products, it is clear that interest rate fluctuations can have a meaningful impact on its financial performance and valuation.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgRX NzaWxvckx1 eG90dGljYe KAmXMgZWNv bm9taWNzIG 92ZXIgdGhl IG5leHQgM+ KAkzUgeWVh cnMgbWlnaH QgaW52b2x2 ZSBhIHNpZ2 5pZmljYW50 IGFuZCBzdX N0YWluZWQg ZG93bnR1cm 4gaW4gY29u c3VtZXIgc3 BlbmRpbmcs IHBhcnRpY3 VsYXJseSBp biB0aGUgZX lld2VhciBz ZWdtZW50Li BUaGlzIGNv dWxkIGJlIH RyaWdnZXJl ZCBieSBzZX ZlcmFsIGZh Y3RvcnMsIH N1Y2ggYXMg YSBnbG9iYW wgcmVjZXNz aW9uIGNoYX JhY3Rlcml6 ZWQgYnkgaG lnaCBpbmZs YXRpb24sIH Jpc2luZyBp bnRlcmVzdC ByYXRlcywg YW5kIGluY3 JlYXNlZCB1 bmVtcGxveW 1lbnQuIDxi cj5JbiB0aG lzIHNjZW5h cmlvLCBjb2 5zdW1lcnMg bWF5IHByaW 9yaXRpemUg ZXNzZW50aW FsIHB1cmNo YXNlcywgbG VhZGluZyB0 byBhIHN1Yn N0YW50aWFs IGRlY2xpbm UgaW4gZGVt YW5kIGZvci BsdXh1cnkg YW5kIG5vZX NzZW50aWFs IGV5ZXdlYX IgcHJvZHVj dHMuIEJyYW 5kcyB1bmRl ciB0aGUgRX NzaWxvckx1 eG90dGljYS B1bWJyZWxs YSBtYXkgc2 VlIHdlYWtl bmVkIHNhbG VzIGFzIGN1 c3RvbWVycy BzaGlmdCB0 b3dhcmRzIG 1vcmUgYWZm b3JkYWJsZS BhbHRlcm5h dGl2ZXMgb3 IgZm9yZWdv IGV5ZXdlYX IgcHVyY2hh c2VzIGFsdG 9nZXRoZXIu PGJyPklmIH RoaXMgc2Nl bmFyaW8gdW 5mb2xkcywg dGhlIGNvbX BhbnnigJlz IG1hcmdpbn MgY291bGQg dGlnaHRlbi BzaWduaWZp Y2FudGx5Li BXaXRoIGxv d2VyIHNhbG VzIHZvbHVt ZXMsIGZpeG VkIGNvc3Rz IHJlbGF0ZW QgdG8gcHJv ZHVjdGlvbi wgZGlzdHJp YnV0aW9uLC BhbmQgbWFy a2V0aW5nIH dvdWxkIG5v dCBkaW1pbm lzaCBwcm9w b3J0aW9uYX RlbHksIGxl YWRpbmcgdG 8gYSBzcXVl ZXplIG9uIG 9wZXJhdGlu ZyBtYXJnaW 5zLiBGdXJ0 aGVybW9yZS wgaW5jcmVh c2VkIGNvbX BldGl0aW9u IGZyb20gZG lzY291bnQg ZXlld2Vhci BicmFuZHMg Y291bGQgY2 9tcGVsIEVz c2lsb3JMdX hvdHRpY2Eg dG8gcmVkdW NlIHByaWNl cywgZnVydG hlciBlcm9k aW5nIHByb2 ZpdCBtYXJn aW5zLjxicj 5DYXNoIGZs b3cgd291bG QgYWxzbyBi ZSBuZWdhdG l2ZWx5IGlt cGFjdGVkLi BSZWR1Y2Vk IHJldmVudW VzIHdvdWxk IGxpbWl0IH RoZSBjb21w YW554oCZcy BhYmlsaXR5 IHRvIGdlbm VyYXRlIGNh c2gsIGNvbX BsaWNhdGlu ZyBpdHMgb3 BlcmF0aW9u YWwgbGlxdW lkaXR5LiBJ ZiB0aGUgZG 93bnR1cm4g cGVyc2lzdH MsIHRoZSBj b21wYW55IG NvdWxkIGZh Y2UgZGlmZm ljdWx0aWVz IGluIG1haW 50YWluaW5n IGl0cyBkaX ZpZGVuZCBw YXlvdXRzLC B3aGljaCBj b3VsZCBodX J0IGludmVz dG9yIGNvbm ZpZGVuY2Ug YW5kIGxlYW QgdG8gYSBk ZWNsaW5lIG luIHNoYXJl IHByaWNlLj xicj5PbiB0 aGUgYmFsYW 5jZSBzaGVl dCwgYSBkZW NsaW5lIGlu IGNhc2ggZm xvdyBjb3Vs ZCBsZWFkIH RvIGhpZ2hl ciBsZXZlcm FnZSBhcyB0 aGUgY29tcG FueSBtaWdo dCByZWx5IG 1vcmUgaGVh dmlseSBvbi BkZWJ0IHRv IGZpbmFuY2 UgaXRzIG9w ZXJhdGlvbn MgYW5kIG1h bmFnZSBjYX NoIGZsb3cg c2hvcnRmYW xscy4gVGhp cyBpbmNyZW FzZWQgZGVi dCBsb2FkIG NvdWxkIHN0 cmFpbiB0aG UgYmFsYW5j ZSBzaGVldC wgcmVmbGVj dGluZyBhIG hpZ2hlciBk ZWJ0LXRvLW VxdWl0eSBy YXRpby4gQW RkaXRpb25h bGx5LCBhc3 NldHMgcmVs YXRlZCB0by BpbnZlbnRv cnkgYW5kIH JlY2VpdmFi bGVzIG1pZ2 h0IGdyb3cg YXMgdW5zb2 xkIHByb2R1 Y3QgYWNjdW 11bGF0ZXMs IGluZGljYX RpbmcgcG9v ciBsaXF1aW RpdHkuPGJy PkluIHN1bW 1hcnksIGEg c2V2ZXJlIG NvbnN1bWVy IHNwZW5kaW 5nIGRvd250 dXJuIGNvdW xkIGNoYWxs ZW5nZSBFc3 NpbG9yTHV4 b3R0aWNh4o CZcyBtYXJn aW5zLCBpbX BhaXIgY2Fz aCBmbG93IG dlbmVyYXRp b24sIGFuZC B3ZWFrZW4g aXRzIGJhbG FuY2Ugc2hl ZXQsIGxlYW RpbmcgdG8g bG9uZy10ZX JtIGVjb25v bWljIGltcG FjdHMgb24g dGhlIGNvbX BhbnkuPGJy Pg==

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 bG9nb3MvbG dxeTRDdTlp NGp5TVQ2Wn JENzMud2Vi cCIgYWx0PS JFc3NpbG9y THV4b3R0aW NhIiB0aXRs ZT0iRXNzaW xvckx1eG90 dGljYSIgIG NsYXNzPSJp bWctZmx1aW QiIGhlaWdo dD01MCB3aW R0aD01MCBs b2FkaW5nPS dsYXp5JyBz dHlsZT0nYm 9yZGVyLXJh ZGl1czogNn B4Oyc+Cgog ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J2ZsZXg6ID E7IHRleHQt YWxpZ246IG NlbnRlcjsg bWFyZ2luLW xlZnQ6IDVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 cCBzdHlsZT 0nZm9udC1z aXplOiAyNn B4OyBjb2xv cjogIzMzMz sgbWFyZ2lu LWJvdHRvbT ogMTVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TiCBXYW 50IHRvIHJl YWQgbW9yZS BhYm91dCBF c3NpbG9yTH V4b3R0aWNh 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+OgSBG cmVlIGRvd2 5sb2FkISA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvcD 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTJw eDsgZm9udC 1zaXplOiAx M3B4OyBjb2 xvcjogIzQ0 NDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgU2lnbi B1cCBub3cg YW5kIGdldC BvdXIgZnJl ZSBlQm9vay AKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xiPlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3M8L2I+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxNnB4Oy Bmb250LXNp emU6IDE0cH g7IGNvbG9y OiAjNDQ0Oy Bmb250LWZh bWlseTogLW FwcGxlLXN5 c3RlbSwgQm xpbmtNYWNT eXN0ZW1Gb2 50LCBTZWdv ZSBVSSwgUm 9ib3RvLCBI ZWx2ZXRpY2 EgTmV1ZSwg c2Fucy1zZX JpZjsgbGlu ZS1oZWlnaH Q6IDEuNjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg SGF2ZSB5b3 UgaGVhcmQg YWJvdXQgb3 VyIHNob3J0 IDxzdHJvbm cgc3R5bGU9 J2ZvbnQtd2 VpZ2h0OiA2 MDA7Jz5EYW lseSBWaWRl byBOZXdzbG V0dGVyPC9z dHJvbmc+Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aHR0cHM6Ly 93d3cuaW5z aWdodGZ1bH ZhbHVlLmNv bS9uZXdzbG V0dGVyLnBo cCcgdGFyZ2 V0PSdfYmxh bmsnIHN0eW xlPSdjb2xv cjogIzAwN0 JGRjsgdGV4 dC1kZWNvcm F0aW9uOiBu b25lOyBmb2 50LXdlaWdo dDogNTAwOy BtYXJnaW4t bGVmdDogNn B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg RmluZCBvdX QgbW9yZQog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIA ogICAgICAg IAogICAgIC AgIDxzcGFu IGNsYXNzPS dibHVycmVk LXRleHQnPg ogICAgICAg ICAgICBNUz RnUlhOemFX IHh2Y2t4MW VHOTAgZEds allTQnBjeS BCMGFHVWdk Mjl5IGJHVG lnSmx6SUcg eGhjbWRsYz NRZyBaWGxs ZDJWaGNpIE JqYjIxd1lX NTUgTENCM2 FYUm9JRyBF Z2JXRnlhMl YwIElHTmhj Q0J2WmkgQn ZkbVZ5SUNR MiBOU0JpYV d4c2FXIDl1 TGp4aWNqNH kgTGlCVWFH VWdZMiA5dG NHRnVlU0Iz IFlYTWdabT l5YlcgVmtJ R2x1SUU5ai BkRzlpWlhJ Z01qIEF4T0 NCMGFISnYg ZFdkb0lIUm 9aUyBCdFpY Sm5aWElnIG IyWWdkSGR2 SUcgMWhhbT l5SUdWNSBa WGRsWVhJZ1 kyIDl0Y0dG dWFXVnogTE NCRmMzTnBi RyA5eUlHRn VaQ0JNIGRY aHZkSFJwWT IgRXVQR0p5 UGpNdSBJRV Z6YzJsc2Iz IEpNZFhodm RIUnAgWTJF Z2FHRnpJRy A5MlpYSWdN VFF3IExEQX dNQ0JsYlgg QnNiM2xsWl hNZyBkMjl5 YkdSM2FXIF JsSUdGdVpD QnYgY0dWeV lYUmxjeSBC cGJpQnRiM0 psIElIUm9Z VzRnTVQgVX dJR052ZFc1 MCBjbWxsY3 k0OFluIEkr TkM0Z1ZHaG wgSUdOdmJY QmhibiBuaW dKbHpJR2hs IFlXUnhkV0 Z5ZEcgVnlj eUJoY21VZy BjM0JzYVhR Z1ltIFYwZD JWbGJpQjAg ZDI4Z2JHOW pZWCBScGIy NXpMQ0IzIG FYUm9JRVZ6 YzIgbHNiM0 lnWW1GeiBa V1FnYVc0Z1 JuIEpoYm1O bElHRnUgWk NCTWRYaHZk SCBScFkyRW dhVzRnIFNY UmhiSGt1UE cgSnlQalV1 SUVWeiBjMm xzYjNKTWRY IGh2ZEhScF kySGkgZ0ps eklIQnliMi BSMVkzUnpJ R2x1IFkyeD FaR1VnYkcg VnVjMlZ6TE NCbSBjbUZ0 WlhNc0lHIE Z1WkNCemRX NW4gYkdGem MyVnpJSCBW dVpHVnlJSG RsIGJHd3Rh MjV2ZDIgNG dZbkpoYm1S eiBJSE4xWT JnZ1lYIE1n VW1GNUxVSm ggYml3Z1Qy RnJiRyBWNU xDQmhibVFn IFZtRnlhV3 gxZUMgNDhZ bkkrTmk0Zy BWR2hsSUdO dmJYIEJoYm 5rZ1lXeHog YnlCdmQyNX pJSCBObGRt VnlZV3dnIG NtVjBZV2xz SUcgTm9ZV2 x1Y3l3ZyBh VzVqYkhWa2 FXIDVuSUV4 bGJuTkQgY2 1GbWRHVnlj eSB3Z1VHVm hjbXhsIElG WnBjMmx2Ym kgd2dZVzVr SUZOMSBibW RzWVhOeklF IGgxZEM0OF luSSsgTnk0 Z1NXNGdZVy BSa2FYUnBi MjRnIGRHOG daWGxsZDIg VmhjaXdnUl hOeiBhV3h2 Y2t4MWVHID kwZEdsalll S0EgbVhNZ1 luVnphVyA1 bGMzTWdZV3 h6IGJ5QnBi bU5zZFcgUm xjeUIyYVhO cCBiMjRnWT JGeVpTIEJ6 WlhKMmFXTm wgY3lCemRX Tm9JRyBGek lHVjVaU0Js IGVHRnRjeU JoYm0gUWdj SEpsYzJOeS BhWEIwYVc5 dUlHIGRzWV hOelpYTXUg UEdKeVBqZ3 VJRiBSb1pT QmpiMjF3IF lXNTVJR2x6 SUcgRWdaMn h2WW1GcyBJ R3hsWVdSbG NpIEJwYmlC MGFHVWcgY2 1WelpXRnlZ MiBnZ1lXNW tJR1JsIGRt VnNiM0J0Wl cgNTBJRzlt SUc1bCBkeU IwWldOb2Jt IDlzYjJkcF pYTWcgWVc1 a0lIQnliMi BSMVkzUnpJ R2x1IElIUm 9aU0JsZVcg VjNaV0Z5SU dsdSBaSFZ6 ZEhKNUxqIH hpY2o0NUxp QkYgYzNOcG JHOXlUSCBW NGIzUjBhV0 5oIElHbHpJ R052YlcgMX BkSFJsWkNC MCBieUJsYm 5acGNtIDl1 YldWdWRHRn MgSUhOMWMz UmhhVyA1aF ltbHNhWFI1 IElHVm1abT l5ZEggTXNJ R2x1WTJ4MS BaR2x1WnlC eVpXIFIxWT JsdVp5QnAg ZEhNZ1kyRn lZbSA5dUlH WnZiM1J3IG NtbHVkQ0Jo Ym0gUWdhVz VqY21WaCBj Mmx1WnlCMG FHIFVnZFhO bElHOW0gSU hOMWMzUmhh VyA1aFlteG xJRzFoIGRH VnlhV0ZzY3 kgQnBiaUJw ZEhNZyBjSE p2WkhWamRI IE11UEdKeV BqRXcgTGlC VWFHVWdZMi A5dGNHRnVl ZUtBIG1YTW diV2x6YzIg bHZiaUJwY3 lCMCBieUJv Wld4d0lIIE JsYjNCc1pT QnogWldVZ1 ltVjBkRyBW eUxDQmhibV FnIGRHaGxl U0JvWVggWm xJR0VnYzNS eSBiMjVuSU dadlkzIFZ6 SUc5dUlIQn kgYjNacFpH bHVaeSBCaF kyTmxjM01n IGRHOGdkbW x6YVcgOXVJ R05oY21VZy BabTl5SUhS b2IzIE5sSU dsdUlHNWwg WldRZ2RHaH liMyBWbmFD QjJZWEpwIG IzVnpJR2x1 YVggUnBZWF JwZG1WeiBJ R0Z1WkNCd1 lYIEowYm1W eWMyaHAgY0 hNdQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=