Saputo

Live  

Saputo is a Canadian-based dairy company with operations in Canada, the United States, Argentina, Australia, and the United Kingdom. The company produces, markets, and distributes a wide range of dairy products, including cheeses, fluid milk, cream, yogurt, butter, and dairy ingredients.
Saputo was founded in 1954 by an Italian immigrant named Giuseppe Saputo, who started by delivering milk and making cheese in his family's basement. Today, the company has become one of the world's top 10 dairy processors, with over 12,500 employees and annual revenues of over $14 billion.
The company's products are sold under various brands such as Saputo, Armstrong, Dairyland, Frigo Cheese Heads, Stella, Friendship Dairies, and Morningstar Foods. Saputo also has a strong presence in the foodservice industry, supplying its products to restaurants, hotels, and other food businesses.
In addition to its dairy operations, Saputo has also expanded into other food sectors, including the acquisition of snack company Garden Fresh Gourmet in 2015 and the launch of a plant-based dairy alternative line in 2019.
Saputo is committed to sustainability and has implemented numerous initiatives to reduce its environmental impact, such as investing in renewable energy sources, reducing water usage, and implementing waste reduction practices.
The company is publicly traded on the Toronto Stock Exchange and is also listed on the New York Stock Exchange. Its headquarters are located in Montreal, Quebec, Canada.

Saputo is a big company that makes delicious dairy products, like cheese, milk, and yogurt. You can find their tasty products in many grocery stores!
The way Saputo makes money is by selling these yummy dairy items to people and businesses, like restaurants and stores. When we buy cheese for our sandwiches or yogurt for breakfast, that’s how Saputo earns cash.
Now, why is Saputo successful? First, they make high-quality products that many people love, so they have lots of happy customers. They also work with farmers to get the best milk, which helps them make great cheese and other dairy products.
Another reason they do well is that they keep growing. They buy other companies or farms to make even more products, and they sell in many countries around the world.
In the future, Saputo will probably stay successful because dairy products will always be popular. People and families will keep buying cheese, milk, and yogurt. Plus, Saputo is good at adapting to what customers want, like making healthier options or new flavors. This means they can keep making products that everyone loves!

MS4gRmFtaW x5LW93bmVk IGJ1c2luZX NzOiBTYXB1 dG8gd2FzIG ZvdW5kZWQg aW4gMTk1NC BieSBMaW5v IFNhcHV0by wgU3IuIGFu ZCBpcyBub3 cgcnVuIGJ5 IGhpcyBzb2 4sIExpbm8g U2FwdXRvLC BKci4gSXQg cmVtYWlucy BhIGZhbWls eS1vd25lZC BidXNpbmVz cywgd2l0aC BhIHN0cm9u ZyBjb21taX RtZW50IHRv IHBlcnNvbm FsIHZhbHVl cyBhbmQgcH JpbmNpcGxl cy48YnI+Mi 4gR2xvYmFs IHByZXNlbm NlOiBTYXB1 dG8gaXMgb2 5lIG9mIHRo ZSB0b3AgdG VuIGRhaXJ5 IHByb2Nlc3 NvcnMgaW4g dGhlIHdvcm xkLCB3aXRo IGEgcHJlc2 VuY2UgaW4g b3ZlciA1MC Bjb3VudHJp ZXMuIEl0IG hhcyBvdmVy IDY1IG1hbn VmYWN0dXJp bmcgZmFjaW xpdGllcyBh bmQgZW1wbG 95cyBtb3Jl IHRoYW4gMT csMDAwIHBl b3BsZSB3b3 JsZHdpZGUu PGJyPjMuIE RpdmVyc2Ug cHJvZHVjdC Bwb3J0Zm9s aW86IFNhcH V0byBvZmZl cnMgYSB3aW RlIHJhbmdl IG9mIGRhaX J5IHByb2R1 Y3RzIGluY2 x1ZGluZyBj aGVlc2UsIG ZsdWlkIG1p bGssIHlvZ3 VydCwgY3Jl YW0sIGJ1dH RlciwgYW5k IGRhaXJ5IG luZ3JlZGll bnRzLiBJdC BhbHNvIGhh cyBhIHNpZ2 5pZmljYW50 IHByZXNlbm NlIGluIG5v bi1kYWlyeS Bwcm9kdWN0 cyBzdWNoIG FzIHBsYW50 LWJhc2VkIG JldmVyYWdl cyBhbmQgc2 5hY2sgZm9v ZHMuPGJyPj QuIFF1YWxp dHkgYW5kIG lubm92YXRp b246IFNhcH V0byBpcyBj b21taXR0ZW QgdG8gZGVs aXZlcmluZy BoaWdoLXF1 YWxpdHkgcH JvZHVjdHMg dG8gaXRzIG N1c3RvbWVy cyBhbmQgaG FzIGEgc3Ry b25nIGZvY3 VzIG9uIGlu bm92YXRpb2 4gYW5kIGNv bnRpbnVvdX MgaW1wcm92 ZW1lbnQuIE l0IGludmVz dHMgaGVhdm lseSBpbiBy ZXNlYXJjaC BhbmQgZGV2 ZWxvcG1lbn QgdG8gZGV2 ZWxvcCBuZX cgcHJvZHVj dHMsIHByb2 Nlc3Nlcywg YW5kIHRlY2 hub2xvZ2ll cy48YnI+NS 4gU3VzdGFp bmFiaWxpdH k6IFRoZSBj b21wYW55IG lzIGNvbW1p dHRlZCB0by ByZWR1Y2lu ZyBpdHMgZW 52aXJvbm1l bnRhbCBpbX BhY3QgYW5k IHByb21vdG luZyBzdXN0 YWluYWJsZS BwcmFjdGlj ZXMgaW4gaX RzIG9wZXJh dGlvbnMuIE l0IGhhcyB2 YXJpb3VzIG luaXRpYXRp dmVzIGluIH BsYWNlLCBz dWNoIGFzIH JlZHVjaW5n IGVuZXJneS Bjb25zdW1w dGlvbiBhbm QgdXNpbmcg c3VzdGFpbm FibGUgcGFj a2FnaW5nIG 1hdGVyaWFs cy48YnI+Ni 4gU3Ryb25n IHZhbHVlcz ogU2FwdXRv J3MgY29yZS B2YWx1ZXMg b2YgZXhjZW xsZW5jZSwg Z3Jvd3RoLC BldGhpY3Ms IGFuZCBjb2 1taXRtZW50 IGFyZSBkZW VwbHkgaW5n cmFpbmVkIG luIHRoZSBj b21wYW55IG N1bHR1cmUg YW5kIGd1aW RlIHRoZSBj b21wYW55J3 MgZGVjaXNp b25zIGFuZC BhY3Rpb25z Ljxicj43Li BDb21tdW5p dHkgaW52b2 x2ZW1lbnQ6 IFRoZSBjb2 1wYW55IGlz IGFjdGl2ZW x5IGludm9s dmVkIGluIG dpdmluZyBi YWNrIHRvIH RoZSBjb21t dW5pdHkgdG hyb3VnaCB2 YXJpb3VzIG luaXRpYXRp dmVzLCBzdW NoIGFzIGRv bmF0aW9ucy B0byBmb29k IGJhbmtzLC BzcG9uc29y c2hpcHMsIG FuZCB2b2x1 bnRlZXJpbm cuPGJyPjgu IFN0cm9uZy BmaW5hbmNp YWwgcGVyZm 9ybWFuY2U6 IFNhcHV0by BoYXMgYSB0 cmFjayByZW NvcmQgb2Yg c3Ryb25nIG ZpbmFuY2lh bCBwZXJmb3 JtYW5jZSwg d2l0aCBjb2 5zaXN0ZW50 IHJldmVudW UgZ3Jvd3Ro IGFuZCBwcm 9maXRhYmls aXR5LiBUaG lzIGhhcyBh bGxvd2VkIH RoZSBjb21w YW55IHRvIG ludmVzdCBp biBpdHMgb3 BlcmF0aW9u cyBhbmQgcH Vyc3VlIGV4 cGFuc2lvbi BvcHBvcnR1 bml0aWVzLj xicj45LiBF bXBsb3llZS BkZXZlbG9w bWVudDogVG hlIGNvbXBh bnkgdmFsdW VzIGl0cyBl bXBsb3llZX MgYW5kIGlu dmVzdHMgaW 4gdGhlaXIg ZGV2ZWxvcG 1lbnQgYW5k IHdlbGwtYm VpbmcgdGhy b3VnaCB0cm FpbmluZyBw cm9ncmFtcy wgZGl2ZXJz aXR5IGFuZC BpbmNsdXNp b24gaW5pdG lhdGl2ZXMs IGFuZCBlbX Bsb3llZSBl bmdhZ2VtZW 50IHByb2dy YW1zLjxicj 4xMC4gQXdh cmRzIGFuZC ByZWNvZ25p dGlvbjogU2 FwdXRvIGhh cyByZWNlaX ZlZCBudW1l cm91cyBhd2 FyZHMgYW5k IHJlY29nbm l0aW9uIGZv ciBpdHMgcH JvZHVjdHMs IHN1c3RhaW 5hYmlsaXR5 IGVmZm9ydH MsIGFuZCBj b3Jwb3JhdG UgcmVzcG9u c2liaWxpdH kuIFRoaXMg aW5jbHVkZX MgYmVpbmcg bmFtZWQgb2 5lIG9mIHRo ZSAyMDIxIF dvcmxk4oCZ cyBNb3N0IE V0aGljYWwg Q29tcGFuaW VzIGJ5IEV0 aGlzcGhlcm UgSW5zdGl0 dXRlLg==

VGhlIFNhcH V0byBjb21w YW55J3MgYn VzaW5lc3Mg bW9kZWwgaX MgZm9jdXNl ZCBvbiBjcm VhdGluZyBh bmQgZGlzdH JpYnV0aW5n IGhpZ2gtcX VhbGl0eSBk YWlyeSBwcm 9kdWN0cyB0 byBtZWV0IH RoZSBldm9s dmluZyBuZW VkcyBvZiBj b25zdW1lcn MuIFRoaXMg aXMgZG9uZS B0aHJvdWdo IGEgY29tYm luYXRpb24g b2YgaW5pdG lhdGl2ZXMs IGluY2x1ZG luZyBzdHJh dGVnaWMgdG VjaG5vbG9n aWNhbCBpbn Zlc3RtZW50 cywgZ3Jvd3 RoIHRocm91 Z2ggYWNxdW lzaXRpb25z LCBhbmQgY2 9udGludWVk IGRldmVsb3 BtZW50IG9m IGl0cyB3b3 JrZm9yY2Uu IFRoZSBjb2 1wYW55IG9w ZXJhdGVzIH dpdGggYSB2 ZXJ0aWNhbG x5IGludGVn cmF0ZWQgbW 9kZWwsIG1h bmFnaW5nIH RoZSBlbnRp cmUgc3VwcG x5IGNoYWlu IGZyb20gc2 91cmNpbmcg cmF3IG1hdG VyaWFscyB0 byBkaXN0cm lidXRpb24g dG8gcmV0YW lsZXJzIGFu ZCBmb29kc2 VydmljZSBw cm92aWRlcn MuIFNhcHV0 byBhbHNvIG ZvY3VzZXMg b24gaW5ub3 ZhdGlvbiwg c3VzdGFpbm FiaWxpdHks IGFuZCBvcG VyYXRpb25h bCBlZmZpY2 llbmN5IHRv IG1haW50YW luIGl0cyBj b21wZXRpdG l2ZSBlZGdl IGluIHRoZS BkYWlyeSBp bmR1c3RyeS 4gQWRkaXRp b25hbGx5LC B0aGUgY29t cGFueSBoYX MgYSBzdHJv bmcgY29tbW l0bWVudCB0 byBjb21tdW 5pdHkgaW52 b2x2ZW1lbn QgYW5kIHN1 cHBvcnRzIH ZhcmlvdXMg c29jaWFsIH Jlc3BvbnNp YmlsaXR5IG luaXRpYXRp dmVzLg==

AI can potentially pose a threat to any company, including Saputo, in several ways, though the severity and immediacy of these threats can vary.
1. Substitution: AI technologies can lead to the development of alternative products that meet the same consumer needs. For example, advances in food technology might create plant-based dairy substitutes that could appeal to health-conscious or environmentally-aware consumers. If these alternatives become widely accepted, they could impact the demand for traditional dairy products, including those produced by Saputo.
2. Disintermediation: AI can streamline supply chains and enhance direct-to-consumer sales models. If AI-driven platforms enable consumers to purchase dairy products directly from producers or alternative suppliers without going through traditional retail channels, Saputo could face increased competition and pressure on its distribution footprint.
3. Margin Pressure: Automation and AI can lead to efficiencies in production, allowing competitors to lower costs and improve productivity. If competitors adopt AI technologies to enhance their operations, it could put pressure on Saputo to invest in similar technologies or risk losing market share due to higher operational costs. Additionally, consumer expectations might shift due to personalized AI-driven marketing strategies from competitors, forcing Saputo to adjust its pricing and promotional strategies.
While AI presents these potential threats, it also offers opportunities for enhancement in efficiency, product innovation, and customer engagement. Saputo can leverage AI technologies to optimize its processes, improve product quality, and enhance customer experiences. The net impact of AI will depend on how effectively the company navigates these changes and integrates technology into its business model.

Saputo’s earnings, cash flow, and valuation can be quite sensitive to changes in interest rates, primarily for several reasons:
1. Cost of Borrowing: If interest rates rise, the cost of borrowing increases for companies like Saputo. Higher interest expenses can reduce net income and cash flow, especially if the company has significant debt.
2. Consumer Demand: Higher interest rates can lead to reduced consumer spending as borrowing costs increase for individuals. This can impact demand for dairy products, potentially affecting Saputo’s revenues and profitability.
3. Valuation Impact: Interest rates play a crucial role in discounting future cash flows in valuation models. An increase in rates generally leads to a higher discount rate, which can decrease the present value of future cash flows and thus reduce the company’s valuation.
4. Investment Decisions: Rising interest rates can affect Saputo’s decisions regarding capital expenditures and expansion plans. Increased financing costs may lead the company to defer or scale back investments, impacting future growth prospects.
5. Currency Fluctuations: Changes in interest rates can influence currency exchange rates, which could affect Saputo’s international sales and costs, particularly if it operates in multiple currencies.
In summary, changes in interest rates can have ripple effects on Saputo’s earnings, cash flow, and overall valuation, making the company sensitive to these fluctuations.

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 bG9nb3MvbX B4Y1JXdmtG U0szYlNQdn hCclQud2Vi cCIgYWx0PS JTYXB1dG8i IHRpdGxlPS JTYXB1dG8i ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9OTAg d2lkdGg9OT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgU2FwdXRv 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+SoSBM ZWFybiBzbW FydGVyIHN0 b2NrIHBpY2 tzIHdpdGgg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDEy cHg7IGZvbn Qtc2l6ZTog MTNweDsgY2 9sb3I6ICM0 NDQ7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIFNpZ2 4gdXAgbm93 IGFuZCBnZX Qgb3VyIGZy ZWUgZUJvb2 sgCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8Yj5UaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzPC9i PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTZweD sgZm9udC1z aXplOiAxNH B4OyBjb2xv cjogIzQ0ND sgZm9udC1m YW1pbHk6IC 1hcHBsZS1z eXN0ZW0sIE JsaW5rTWFj U3lzdGVtRm 9udCwgU2Vn b2UgVUksIF JvYm90bywg SGVsdmV0aW NhIE5ldWUs IHNhbnMtc2 VyaWY7IGxp bmUtaGVpZ2 h0OiAxLjY7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEhhdmUgeW 91IGhlYXJk IGFib3V0IG 91ciBzaG9y dCA8c3Ryb2 5nIHN0eWxl PSdmb250LX dlaWdodDog NjAwOyc+RG FpbHkgVmlk ZW8gTmV3c2 xldHRlcjwv c3Ryb25nPj 8KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xhIGhyZWY9 J2h0dHBzOi 8vd3d3Lmlu c2lnaHRmdW x2YWx1ZS5j b20vbmV3c2 xldHRlci5w aHAnIHRhcm dldD0nX2Js YW5rJyBzdH lsZT0nY29s b3I6ICMwMD dCRkY7IHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsgZm 9udC13ZWln aHQ6IDUwMD sgbWFyZ2lu LWxlZnQ6ID ZweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEZpbmQgb3 V0IG1vcmUK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AKICAgICAg ICAKICAgIC AgICA8c3Bh biBjbGFzcz 0nYmx1cnJl ZC10ZXh0Jz 4KICAgICAg ICAgICAgTV M0Z1ZHaGxJ RiBOaGNIVj BieUJqIGIy MXdZVzU1SU ggZGhjeUJt YjNWdSBaR1 ZrSUdsdUlE IEU1TlRRZ1 lua2cgU1hS aGJHbGhiaS BCcGJXMXBa M0poIGJuUW dSMmwxYzIg VndjR1VnVT JGdyBkWFJ2 TENCM2FHID hnWW1WbllX NGcgY0hKdl pIVmphVyA1 bklHTm9aV1 Z6IFpTQnBi aUIwYUcgVW dZbUZ6Wlcx bCBiblFnYj JZZ2FHIGx6 SUdodmJXVW cgYVc0Z1RX OXVkSCBKbF lXd3NJRU5o IGJtRmtZUz Q4WW4gSStN aTRnVTJGdy BkWFJ2SUds eklHIDl1Wl NCdlppQjAg YUdVZ2RHOX dJSCBSbGJp QmtZV2x5IG VTQndjbTlq WlggTnpiM0 p6SUdsdSBJ SFJvWlNCM2 IzIEpzWkN3 Z2QybDAgYU NCdmNHVnlZ WCBScGIyNX pJR2x1IElE UTBJR052ZF cgNTBjbWxs Y3k0OCBZbk krTXk0Z1ZH IGhsSUdOdm JYQmggYm5u aWdKbHpJSC BCeWIyUjFZ M1J6IElHRn laU0J6YjIg eGtJSFZ1Wk dWeSBJR0Vn ZG1GeWFXIF YwZVNCdlpp QmkgY21GdV pITXNJRyBs dVkyeDFaR2 x1IFp5QlRZ WEIxZEcgOH NJRVJoYVhK NSBiR0Z1Wk N3Z1FYIEp0 YzNSeWIyNW 4gTENCaGJt UWdUbSBWcG JITnZiaXdn IFlXMXZibW NnYjMgUm9a WEp6TGp4aS BjajQwTGlC VFlYIEIxZE c4Z2FHRnog SUdFZ2MzUn liMiA1bklH WnZZM1Z6IE lHOXVJSE4x YzMgUmhhVz VoWW1scyBh WFI1TENCcG JYIEJzWlcx bGJuUnAgYm 1jZ2NISnZa MyBKaGJYTW dZVzVrIElH bHVhWFJwWV ggUnBkbVZ6 SUhSdiBJSE psWkhWalpT IEIwYUdWcG NpQmwgYm5a cGNtOXViVy BWdWRHRnNJ R2x0IGNHRm pkQ0JoYm0g UWdjSEp2Yl c5MCBaU0J5 WlhOd2IyID V6YVdKc1pT QnogYjNWeV kybHVaeSA0 OFluSStOUz RnIFQyNWxJ RzltSUggUm 9aU0JqYjIx dyBZVzU1NG 9DWmN5IEJp YVdkblpYTj AgSUdGamNY VnBjMiBsMG FXOXVjeUIz IFlYTWdhVz RnTWogQXhO U0IzYUdWdS BJSFJvWlhr Z2NIIFZ5WT JoaGMyVmsg SUVGdFpYSn BZMiBGdUlH UmhhWEo1IE lHZHBZVzUw TEMgQkVaV0 Z1SUVadiBi MlJ6TENCbW IzIElnSkRF dU5EVWcgWW 1sc2JHbHZi aSA0OFluSS tOaTRnIFUy RndkWFJ2SU ggZGhjeUIw YUdVZyBabW x5YzNRZ1Ey IEZ1WVdScF lXNGcgWTI5 dGNHRnVlUy BCMGJ5Qnla V05sIGFYWm xJSFJvWlMg QndjbVZ6ZE dsbiBhVzkx Y3lCSmJuIF JsY201aGRH bHYgYm1Gc0 lFaHBaMiBn Z1VYVmhiR2 wwIGVTQlVj bTl3YUgga2 dRWGRoY21R ZyBhVzRnTV RrNU55IEJt YjNJZ2RHaG wgYVhJZ1Iy OTFaRyBFZ1 kyaGxaWE5s IExqeGljaj QzTGkgQkpi aUF5TURFeS BMQ0JUWVhC MWRHIDhnZD JGeklIUm8g WlNCdlptWn BZMiBsaGJD QmphR1ZsIG MyVWdjSEp2 ZG0gbGtaWE lnWm05eSBJ SFJvWlNCVG RXIDF0WlhJ Z1QyeDUgYl hCcFkzTWdh VyA0Z1RHOX VaRzl1IExD QndjbTkyYV cgUnBibWNn YjNabCBjaU F5TnpBc01E IEF3SUhCdm RXNWsgY3lC dlppQmphRy BWbGMyVWda bTl5IElIUm 9aU0JoZEcg aHNaWFJsY3 lCaCBibVFn YzNCbFkzIF JoZEc5eWN5 NDggWW5JK0 9DNGdVMiBG d2RYUnZJSG RoIGN5Qm1a V0YwZFggSm xaQ0JwYmlC MCBhR1VnTW pBeE5TIEJH YjNKaVpYTW cgYkdsemRD QnZaaSBCMG FHVWdWMjl5 IGJHVGlnSm x6SUQgSXNN REF3SUV4aC BjbWRsYzNR Z1VIIFZpYk dsaklFTnYg YlhCaGJtbG xjeSB3Z2Nt RnVhMmx1IF p5QmhkQ0Fq T1QgQTFMan hpY2o0NSBM aUJVYUdVZ1 kyIDl0Y0dG dWVTQm8gWV hNZ1lTQnNi MiA1bklHaH BjM1J2IGNu a2diMllnYz MgVndjRzl5 ZEdsdSBaeU IyWVhKcGIz IFZ6SUdOb1 lYSnAgZEdG aWJHVWdiMy BKbllXNXBl bUYwIGFXOX VjeUJoYm0g UWdhVzVwZE dsaCBkR2wy WlhNc0lHIG x1WTJ4MVpH bHUgWnlCa2 IyNWhkRyBs dmJuTWdkRz hnIFptOXZa Q0JpWVcgNX JjeUJoYm1R ZyBaR2x6WV hOMFpYIEln Y21Wc2FXVm 0gSUdWbVpt OXlkSCBNdV BHSnlQakV3 IExpQkpiaU F5TUQgRTNM Q0JUWVhCMS BkRzhnYkdG MWJtIE5vWl dRZ1lTQnMg YVc1bElHOW 1JSCBCc1lX NTBMV0poIG MyVmtJR1Jo YVggSjVJR0 ZzZEdWeSBi bUYwYVhabG N5IEIxYm1S bGNpQjAgYU dVZ1luSmhi bSBRZ2JtRn RaU0JFIFlX bHllUzFHY2 0gVmxJRWR2 YjJSdSBaWE 56SUhSdklH IDFsWlhRZ2 RHaGwgSUdk eWIzZHBibS BjZ1pHVnRZ VzVrIElHWn ZjaUIyWlcg ZGhiaUJ3Y2 05ayBkV04w Y3k0PQogIC AgICAgIDwv c3Bhbj4KIC AgICAgICAK ICAgICAgIC A=