International Paper Company

-10.42%

More reviews (1)

Live  

The International Paper Company is an American multinational corporation that produces paper and packaging products. It was founded in 1898 and is headquartered in Memphis, Tennessee.
The company is one of the largest producers of packaging products in the world, with operations in North America, Europe, Latin America, Russia, Asia and North Africa. It provides a wide range of products, including corrugated packaging, paper and pulp, coatings, and building materials. It also offers recycling and waste management services.
The International Paper Company has a strong commitment to sustainability and has set ambitious goals to reduce its environmental impact. It is also actively involved in supporting local communities and promoting education and literacy.
The company has a diverse workforce of over 50,000 employees and believes in fostering a culture of inclusion and diversity. It has been recognized as a top employer for its commitment to diversity and inclusion by organizations such as DiversityInc and the Human Rights Campaign Foundation.
Overall, the International Paper Company is a global leader in the paper and packaging industry, with a strong focus on sustainability and community involvement.

SW50ZXJuYX Rpb25hbCBQ YXBlciBDb2 1wYW55IGlz IGEgYmlnIG J1c2luZXNz IHRoYXQgbW FrZXMgcGFw ZXIgcHJvZH VjdHMgYW5k IHBhY2thZ2 luZyBtYXRl cmlhbHMuIF lvdSBrbm93 IGhvdyB5b3 UgdXNlIHBh cGVyIGZvci BkcmF3aW5n IG9yIHdyaX Rpbmc/IFdl bGwsIHRoZX kgbWFrZSBh IGxvdCBvZi BkaWZmZXJl bnQga2luZH Mgb2YgcGFw ZXIsIGxpa2 UgdGhlIHBh cGVyIHVzZW QgaW4gYm9v a3MsIG5vdG Vib29rcywg YW5kIGV2ZW 4gY2FyZGJv YXJkIGJveG VzIHRoYXQg aG9sZCB0b3 lzIGFuZCBm b29kITxicj 5UaGUgd2F5 IHRoZXkgbW FrZSBtb25l eSBpcyBieS BzZWxsaW5n IGFsbCB0aG VzZSBwYXBl ciBwcm9kdW N0cyB0byBz dG9yZXMgYW 5kIGNvbXBh bmllcy4gV2 hlbiBwZW9w bGUgYnV5IG 5vdGVib29r cyBmb3Igc2 Nob29sIG9y IHdoZW4gc3 RvcmVzIG5l ZWQgYm94ZX MgdG8gc2hp cCB0aGluZ3 MsIHRoZXkg Z2V0IHRob3 NlIGl0ZW1z IGZyb20gY2 9tcGFuaWVz IGxpa2UgSW 50ZXJuYXRp b25hbCBQYX Blci4gU28s IHRoZSBtb3 JlIHBlb3Bs ZSBhbmQgYn VzaW5lc3Nl cyBuZWVkIH BhcGVyIGFu ZCBwYWNrYW dpbmcsIHRo ZSBtb3JlIG 1vbmV5IElu dGVybmF0aW 9uYWwgUGFw ZXIgY2FuIG 1ha2UuPGJy PkludGVybm F0aW9uYWwg UGFwZXIgaX Mgc3VjY2Vz c2Z1bCBmb3 IgYSBmZXcg cmVhc29ucy 4gRmlyc3Qs IHRoZXkgaG F2ZSBiZWVu IGFyb3VuZC Bmb3IgYSBs b25nIHRpbW UsIHdoaWNo IG1lYW5zIH RoZXkga25v dyBhIGxvdC BhYm91dCBt YWtpbmcgcG FwZXIuIFRo ZXkgYWxzby BoYXZlIGZh Y3Rvcmllcy BhbGwgb3Zl ciB0aGUgd2 9ybGQsIGFs bG93aW5nIH RoZW0gdG8g cHJvZHVjZS BhIGxvdCBv ZiBwYXBlci BhbmQgZGVs aXZlciBpdC BxdWlja2x5 IHRvIHdoZX JlIGl04oCZ cyBuZWVkZW QuIFBsdXMs IHRoZXkgY2 FyZSBhYm91 dCBiZWluZy BmcmllbmRs eSB0byB0aG UgZW52aXJv bm1lbnQuIF RoZXkgcGxh bnQgdHJlZX MgYW5kIHJl Y3ljbGUgYS Bsb3Qgb2Yg cGFwZXIsIH doaWNoIG1h a2VzIG1vcm UgcGVvcGxl IHdhbnQgdG 8gYnV5IGZy b20gdGhlbS BiZWNhdXNl IHRoZXkgYX JlIGhlbHBp bmcgdG8gcH JvdGVjdCBu YXR1cmUuPG JyPkxvb2tp bmcgdG8gdG hlIGZ1dHVy ZSwgSW50ZX JuYXRpb25h bCBQYXBlci B3aWxsIGxp a2VseSBzdG F5IHN1Y2Nl c3NmdWwgYm VjYXVzZSBw YXBlciBwcm 9kdWN0cyBh cmUgc3RpbG wgdmVyeSBp bXBvcnRhbn QgaW4gb3Vy IGV2ZXJ5ZG F5IGxpdmVz LCBldmVuIH dpdGggbW9y ZSBkaWdpdG FsIHN0dWZm IGxpa2UgdG FibGV0cyBh bmQgY29tcH V0ZXJzLiBQ ZW9wbGUgd2 lsbCBhbHdh eXMgbmVlZC BwYXBlciBm b3IgYm9va3 MgYW5kIHBh Y2thZ2luZy Bmb3Igc2hp cHBpbmcgaX RlbXMuIEFs c28sIGFzIG 1vcmUgY29t cGFuaWVzIG ZvY3VzIG9u IGJlaW5nIG Vjby1mcmll bmRseSwgSW 50ZXJuYXRp b25hbCBQYX BlcuKAmXMg Y29tbWl0bW VudCB0byBy ZWN5Y2xpbm cgYW5kIHN1 c3RhaW5hYm xlIHByYWN0 aWNlcyB3aW xsIGNvbnRp bnVlIHRvIG F0dHJhY3Qg Y3VzdG9tZX JzLjxicj5T bywgaW4gYS BudXRzaGVs bCwgSW50ZX JuYXRpb25h bCBQYXBlci BtYWtlcyBh bGwga2luZH Mgb2YgcGFw ZXIgcHJvZH VjdHMsIG1h a2VzIG1vbm V5IGJ5IHNl bGxpbmcgdG hvc2UgcHJv ZHVjdHMsIG FuZCBpcyBz ZXQgdXAgZm 9yIHN1Y2Nl c3MgaW4gdG hlIGZ1dHVy ZSBiZWNhdX NlIHRoZXkg a25vdyB0aG VpciBidXNp bmVzcyB3ZW xsLCBjYXJl IGFib3V0IH RoZSBlbnZp cm9ubWVudC wgYW5kIHBy b3ZpZGUgaX RlbXMgdGhh dCBwZW9wbG Ugd2lsbCBh bHdheXMgbm VlZCE8YnI+

MS4gR2xvYm FsIFByZXNl bmNlOiBJbn Rlcm5hdGlv bmFsIFBhcG VyIENvbXBh bnkgaXMgYS BsZWFkaW5n IGdsb2JhbC BtYW51ZmFj dHVyZXIgb2 YgcmVuZXdh YmxlIGZpYm VyLWJhc2Vk IHBhY2thZ2 luZywgcHVs cCwgYW5kIH BhcGVyIHBy b2R1Y3RzLC B3aXRoIG9w ZXJhdGlvbn MgaW4gTm9y dGggQW1lcm ljYSwgRXVy b3BlLCBMYX RpbiBBbWVy aWNhLCBBc2 lhLCBhbmQg Tm9ydGggQW ZyaWNhLiBU aGlzIGdsb2 JhbCBwcmVz ZW5jZSBhbG xvd3MgdGhl IGNvbXBhbn kgdG8gc2Vy dmUgYSBkaX ZlcnNlIHJh bmdlIG9mIG N1c3RvbWVy cyBhcm91bm QgdGhlIHdv cmxkLjxicj 4yLiBTdXN0 YWluYWJsZS BQcmFjdGlj ZXM6IFRoZS Bjb21wYW55 IGlzIGNvbW 1pdHRlZCB0 byBzdXN0YW luYWJpbGl0 eSBhbmQgaG FzIHNldCBh Z2dyZXNzaX ZlIGdvYWxz IHRvIHJlZH VjZSBpdHMg ZW52aXJvbm 1lbnRhbCBm b290cHJpbn QuIEl0IGhh cyBhIGxvbm cgaGlzdG9y eSBvZiBzdX N0YWluYWJs ZSBmb3Jlc3 RyeSBwcmFj dGljZXMgYW 5kIHVzZXMg cmVuZXdhYm xlIHJlc291 cmNlcyB0by Bwcm9kdWNl IGl0cyBwcm 9kdWN0cy48 YnI+My4gVm FyaWVkIFBy b2R1Y3QgUG 9ydGZvbGlv OiBJbnRlcm 5hdGlvbmFs IFBhcGVyIG 9mZmVycyBh IHdpZGUgcm FuZ2Ugb2Yg cHJvZHVjdH MsIGluY2x1 ZGluZyBjb3 JydWdhdGVk IHBhY2thZ2 luZywgaW5k dXN0cmlhbC BwYWNrYWdp bmcsIGNvbn N1bWVyIHBh Y2thZ2luZy wgYW5kIHB1 bHAgYW5kIH BhcGVyIHBy b2R1Y3RzLi BUaGlzIGRp dmVyc2l0eS BoZWxwcyB0 aGUgY29tcG FueSB3aXRo c3RhbmQgZW Nvbm9taWMg Zmx1Y3R1YX Rpb25zIGlu IGFueSBvbm Ugc2VjdG9y IG9yIHJlZ2 lvbi48YnI+ NC4gSW5kdX N0cnkgTGVh ZGVyOiBUaG UgY29tcGFu eSBpcyBhIG xlYWRlciBp biB0aGUgcG FwZXIgYW5k IHBhY2thZ2 luZyBpbmR1 c3RyeSwgd2 l0aCBhIGhp c3RvcnkgZG F0aW5nIGJh Y2sgdG8gMT g5OC4gSXQg aGFzIGEgc3 Ryb25nIGZp bmFuY2lhbC BwZXJmb3Jt YW5jZSBhbm QgaXMgY29u c2lzdGVudG x5IHJhbmtl ZCBhbW9uZy B0aGUgdG9w IGNvbXBhbm llcyBpbiBp dHMgaW5kdX N0cnkuPGJy PjUuIElubm 92YXRpb246 IEludGVybm F0aW9uYWwg UGFwZXIgaW 52ZXN0cyBo ZWF2aWx5IG luIHJlc2Vh cmNoIGFuZC BkZXZlbG9w bWVudCB0by Bjb250aW51 b3VzbHkgaW 1wcm92ZSBp dHMgcHJvZH VjdHMsIHBy b2Nlc3Nlcy wgYW5kIHRl Y2hub2xvZ2 llcy4gVGhp cyBhbGxvd3 MgdGhlIGNv bXBhbnkgdG 8gc3RheSBj b21wZXRpdG l2ZSBhbmQg bWVldCB0aG UgZXZvbHZp bmcgbmVlZH Mgb2YgaXRz IGN1c3RvbW VycyBhbmQg aW5kdXN0cm llcy48YnI+ Ni4gQ29tbW l0bWVudCB0 byBFbXBsb3 llZXM6IFdp dGggYXJvdW 5kIDUyLDAw MCBlbXBsb3 llZXMgd29y bGR3aWRlLC BJbnRlcm5h dGlvbmFsIF BhcGVyIGlz IGNvbW1pdH RlZCB0byBj cmVhdGluZy BhIHNhZmUg YW5kIGluY2 x1c2l2ZSB3 b3JrcGxhY2 UgY3VsdHVy ZSB3aGVyZS BlbXBsb3ll ZXMgZmVlbC B3ZWxjb21l ZCwgc3VwcG 9ydGVkLCBh bmQgdmFsdW VkLiBUaGUg Y29tcGFueS BhbHNvIG9m ZmVycyB2YX Jpb3VzIHRy YWluaW5nIG FuZCBkZXZl bG9wbWVudC Bwcm9ncmFt cyBmb3IgaX RzIGVtcGxv eWVlcy48Yn I+Ny4gQ29y cG9yYXRlIF NvY2lhbCBS ZXNwb25zaW JpbGl0eTog VGhlIGNvbX BhbnkgaGFz IGEgc3Ryb2 5nIGNvbW1p dG1lbnQgdG 8gZ2l2aW5n IGJhY2sgdG 8gdGhlIGNv bW11bml0aW VzIGluIHdo aWNoIGl0IG 9wZXJhdGVz LiBJdCBzdX Bwb3J0cyB2 YXJpb3VzIH BoaWxhbnRo cm9waWMgaW 5pdGlhdGl2 ZXMgYW5kIH ZvbHVudGVl ciBlZmZvcn RzLCBmb2N1 c2luZyBvbi BlZHVjYXRp b24sIGh1bm dlciByZWxp ZWYsIGFuZC BkaXNhc3Rl ciByZWxpZW YuPGJyPjgu IFN0cm9uZy BFdGhpY2Fs IFN0YW5kYX JkczogSW50 ZXJuYXRpb2 5hbCBQYXBl ciBoYXMgYS BDb2RlIG9m IENvbmR1Y3 QgdGhhdCBv dXRsaW5lcy BldGhpY2Fs IHN0YW5kYX JkcyBhbmQg Y29tcGxpYW 5jZSByZXF1 aXJlbWVudH MgZm9yIGl0 cyBlbXBsb3 llZXMsIGVu c3VyaW5nIH RoYXQgdGhl IGNvbXBhbn kgb3BlcmF0 ZXMgd2l0aC BpbnRlZ3Jp dHkgYW5kIH RyYW5zcGFy ZW5jeS48Yn I+OS4gQ3Vz dG9tZXItRm 9jdXNlZDog VGhlIGNvbX BhbnkgcHV0 cyBjdXN0b2 1lciBzYXRp c2ZhY3Rpb2 4gYXQgdGhl IGNlbnRlci BvZiBpdHMg b3BlcmF0aW 9ucyBhbmQg c3RyaXZlcy B0byBtZWV0 IHRoZWlyIG 5lZWRzIGFu ZCBleHBlY3 RhdGlvbnMg dGhyb3VnaC BoaWdoLXF1 YWxpdHkgcH JvZHVjdHMs IHJlbGlhYm xlIGRlbGl2 ZXJ5LCBhbm QgZXhjZWxs ZW50IGN1c3 RvbWVyIHNl cnZpY2UuPG JyPjEwLiBG aW5hbmNpYW wgU3RhYmls aXR5OiBJbn Rlcm5hdGlv bmFsIFBhcG VyIGhhcyBh IHN0cm9uZy BmaW5hbmNp YWwgdHJhY2 sgcmVjb3Jk LCB3aXRoIG Egc29saWQg YmFsYW5jZS BzaGVldCBh bmQgY29uc2 lzdGVudCBk aXZpZGVuZC BwYXltZW50 cyB0byBpdH Mgc2hhcmVo b2xkZXJzLi BUaGlzIHN0 YWJpbGl0eS BtYWtlcyB0 aGUgY29tcG FueSBhIHJl bGlhYmxlIG FuZCBhdHRy YWN0aXZlIG ludmVzdG1l bnQgb3B0aW 9uIGZvciBp bnZlc3Rvcn Mu

VGhlIEludG VybmF0aW9u YWwgUGFwZX IgQ29tcGFu eSBpcyBh

AI presents both opportunities and challenges for companies like International Paper. When considering the potential threats from AI in terms of substitution, disintermediation, and margin pressure, the following points can be made:
1. Substitution: AI can lead to the development of alternative materials and products that could substitute for traditional paper products. Innovations in digital communication and packaging materials (such as biodegradable plastics or advanced digital media) might reduce the demand for paper products. Companies leveraging AI for developing innovative materials could pose a direct threat to International Paper by capturing market share.
2. Disintermediation: AI can streamline supply chains and reduce reliance on traditional distribution channels. Technologies such as automated manufacturing and direct-to-consumer sales models could allow new entrants to bypass traditional paper suppliers. This shift might threaten International Paper’s market position by enabling competitors to offer similar products more efficiently or at lower costs.
3. Margin Pressure: The use of AI in production processes can enhance operational efficiency, potentially driving down costs for competitors. If these competitors can produce paper products more cheaply or at a higher quality than International Paper, it may force the company to lower its prices or increase its spending on technology and innovation to remain competitive. This could result in margin pressure, affecting profitability.
In summary, while AI could pose certain threats to International Paper’s products and competitive positioning, it also offers opportunities for innovation and efficiency that the company could leverage. The ultimate impact would depend on how well International Paper adapts to these changes and invests in technology to maintain its market position.

The sensitivity of International Paper Company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Sensitivity: Higher interest rates can lead to increased borrowing costs for companies. If International Paper relies on debt for financing operations or expansion projects, a rise in rates can eat into profit margins due to higher interest expenses. However, if the company has significant pricing power and can pass on costs to customers, the impact on earnings may be somewhat mitigated.
2. Cash Flow Sensitivity: Cash flow is also affected by interest rates, particularly in terms of operational financing and capital expenditures. Increased interest rates may reduce cash flow if International Paper faces higher interest payments. Additionally, if the company experiences a slowdown in sales due to economic conditions influenced by rising rates, this could further strain cash flow.
3. Valuation Sensitivity: Valuation models, such as Discounted Cash Flow (DCF), are sensitive to interest rates because the discount rate used to determine the present value of future cash flows typically includes a risk-free rate component that rises with higher interest rates. An increase in interest rates can lead to a reduced present value of the company’s future earnings, negatively affecting its stock valuation.
Overall, while the company may have some mechanisms to offset these impacts, it is generally sensitive to interest rate changes, which can influence its financial performance and market valuation. The magnitude of the sensitivity can vary based on the company’s financial structure, market conditions, and economic environment.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BJbnRlcm5h dGlvbmFsIF BhcGVyIENv bXBhbnnigJ lzIGVjb25v bWljcyBvdm VyIHRoZSBu ZXh0IDPigJ M1IHllYXJz IGlzIGEgc2 lnbmlmaWNh bnQgYW5kIH N1c3RhaW5l ZCBkZWNsaW 5lIGluIGRl bWFuZCBmb3 IgdHJhZGl0 aW9uYWwgcG FwZXIgcHJv ZHVjdHMgZH VlIHRvIGEg cGVydmFzaX ZlIHNoaWZ0 IHRvd2FyZH MgZGlnaXRh bCBjb21tdW 5pY2F0aW9u IGFuZCBwYW NrYWdpbmcg YWx0ZXJuYX RpdmVzLiBU aGlzIHNoaW Z0IGNvdWxk IGJlIGFjY2 VsZXJhdGVk IGJ5IGFkdm FuY2VtZW50 cyBpbiB0ZW Nobm9sb2d5 IGFuZCBjaG FuZ2luZyBj b25zdW1lci BiZWhhdmlv ciwgcmVzdW x0aW5nIGlu IGEgbG9uZy 10ZXJtIGNv bnRyYWN0aW 9uIGluIHRo ZSBwYXBlci BhbmQgcGFj a2FnaW5nIG 1hcmtldHMu PGJyPklmIH RoaXMgc2Nl bmFyaW8gd2 VyZSB0byBw bGF5IG91dC wgdGhlIGNv bXBhbnnigJ lzIG1hcmdp bnMgd291bG QgbGlrZWx5 IHN1ZmZlci BkdWUgdG8g c2V2ZXJhbC BmYWN0b3Jz LiBGaXJzdC wgYSBkZWNs aW5lIGluIG RlbWFuZCBj b3VsZCBsZW FkIHRvIGlu Y3JlYXNlZC BwcmljZSBj b21wZXRpdG lvbiBhbW9u ZyBpbmR1c3 RyeSBwbGF5 ZXJzLCB0aG VyZWJ5IGNv bXByZXNzaW 5nIHByb2Zp dCBtYXJnaW 5zLiBBcyBw cm9kdWN0aW 9uIGNhcGFj aXR5IG91dH N0cmlwcyBk ZW1hbmQsIE ludGVybmF0 aW9uYWwgUG FwZXIgbWF5 IGhhdmUgdG 8gcmVkdWNl IHByaWNlcy B0byBtYWlu dGFpbiB2b2 x1bWUsIHdo aWNoIHdvdW xkIGZ1cnRo ZXIgZXJvZG UgbWFyZ2lu cy48YnI+Q2 FzaCBmbG93 IGNvdWxkIG Fsc28gYmUg YWR2ZXJzZW x5IGFmZmVj dGVkLiBXaX RoIGRlY2xp bmluZyByZX ZlbnVlcyBm cm9tIGNvcm UgcGFwZXIg cHJvZHVjdH MsIHRoZSBj b21wYW55IG 1pZ2h0IGV4 cGVyaWVuY2 UgbG93ZXIg Y2FzaCBpbm Zsb3dzLiBU byBtYWludG FpbiBvcGVy YXRpb25hbC BlZmZpY2ll bmN5LCBJbn Rlcm5hdGlv bmFsIFBhcG VyIG1pZ2h0 IGJlIGNvbX BlbGxlZCB0 byBjdXQgY2 9zdHMsIHdo aWNoIGNvdW xkIGluY2x1 ZGUgbGF5b2 ZmcywgY2xv c2luZyBmYW NpbGl0aWVz LCBvciBkZW xheWluZyBj YXBpdGFsIG V4cGVuZGl0 dXJlcy4gSG 93ZXZlciwg dGhlc2UgbW Vhc3VyZXMg bWlnaHQgbm 90IHN1ZmZp Y2UgdG8gb2 Zmc2V0IHRo ZSBjYXNoIG Zsb3cgZGVj bGluZSwgcG FydGljdWxh cmx5IGlmIH RoZSBjb21w YW55IGhhcy BzaWduaWZp Y2FudCBmaX hlZCBjb3N0 cyBhc3NvY2 lhdGVkIHdp dGggaXRzIG 9wZXJhdGlv bnMuPGJyPk 9uIHRoZSBi YWxhbmNlIH NoZWV0LCB0 aGUgY29tcG FueSBtYXkg ZmFjZSBpbm NyZWFzZWQg bGV2ZXJhZ2 UgaWYgaXQg Y2hvb3Nlcy B0byB0YWtl IG9uIGRlYn QgdG8gZnVu ZCBvcGVyYX Rpb25zIGR1 cmluZyBwZX Jpb2RzIG9m IGRlY3JlYX NlZCBjYXNo IGZsb3cuIF RoZSBkZWNs aW5lIGluIH JldmVudWVz IGNvdWxkIG xlYWQgdG8g cmVkdWNlZC ByZXRhaW5l ZCBlYXJuaW 5ncywgd2Vh a2VuaW5nIG VxdWl0eSBv dmVyIHRpbW UuIEFkZGl0 aW9uYWxseS wgdGhlIGNv bXBhbnkgbW lnaHQgc2Vl IGFzc2V0IG ltcGFpcm1l bnRzLCBwYX J0aWN1bGFy bHkgcmVsYX RlZCB0byBt YWNoaW5lcn kgYW5kIGZh Y2lsaXRpZX Mgbm8gbG9u Z2VyIGFsaW duZWQgd2l0 aCB0aGUgbW Fya2V0IGRl bWFuZCwgbG VhZGluZyB0 byBpbmNyZW FzZWQgZGVw cmVjaWF0aW 9uIGFuZCBw b3RlbnRpYW wgd3JpdGUt ZG93bnMuPG JyPkluIHN1 bW1hcnksIG Egc3VzdGFp bmVkIGRlY2 xpbmUgaW4g ZGVtYW5kIG ZvciB0cmFk aXRpb25hbC BwYXBlciBw cm9kdWN0cy Bjb3VsZCBy ZXN1bHQgaW 4gY29tcHJl c3NlZCBtYX JnaW5zIGR1 ZSB0byBwcm ljZSBjb21w ZXRpdGlvbi wgbmVnYXRp dmUgY2FzaC BmbG93IGlt cGFjdHMgZn JvbSBkZWNs aW5pbmcgcm V2ZW51ZXMs IGFuZCBhIH dlYWtlbmVk IGJhbGFuY2 Ugc2hlZXQg Y2hhcmFjdG VyaXplZCBi eSBpbmNyZW FzZWQgZGVi dCBhbmQgcm VkdWNlZCBl cXVpdHkuIF RoZSBsb25n LXRlcm0gdm lhYmlsaXR5 IG9mIHRoZS Bjb21wYW55 IGNvdWxkIG JlIHRocmVh dGVuZWQgaW YgaXQgZmFp bHMgdG8gcG l2b3QgZWZm ZWN0aXZlbH kgdG93YXJk cyBhbHRlcm 5hdGl2ZSBn cm93dGggYX ZlbnVlcywg c3VjaCBhcy BzdXN0YWlu YWJsZSBwYW NrYWdpbmcg b3IgaW5ub3 ZhdGl2ZSBw cm9kdWN0IG 9mZmVyaW5n 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 bG9nb3Mvb3 M3WWFHQlVj cnVoSko5Ul E2TzMud2Vi cCIgYWx0PS JJbnRlcm5h dGlvbmFsIF BhcGVyIENv bXBhbnkiIH RpdGxlPSJJ bnRlcm5hdG lvbmFsIFBh cGVyIENvbX BhbnkiICBj bGFzcz0iaW 1nLWZsdWlk IiBoZWlnaH Q9NTAgd2lk dGg9NTAgbG 9hZGluZz0n bGF6eScgc3 R5bGU9J2Jv cmRlci1yYW RpdXM6IDZw eDsnPgoKIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dmbGV4OiAx OyB0ZXh0LW FsaWduOiBj ZW50ZXI7IG 1hcmdpbi1s ZWZ0OiA1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPH Agc3R5bGU9 J2ZvbnQtc2 l6ZTogMjZw eDsgY29sb3 I6ICMzMzM7 IG1hcmdpbi 1ib3R0b206 IDE1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIP Cfk4ggV2Fu dCB0byByZW FkIG1vcmUg YWJvdXQgSW 50ZXJuYXRp b25hbCBQYX BlciBDb21w YW55PwogIC 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+S oSBMZWFybi BzbWFydGVy IHN0b2NrIH BpY2tzIHdp dGggPGk+Il RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 MiPC9pPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDEycHg7IG ZvbnQtc2l6 ZTogMTNweD sgY29sb3I6 ICM0NDQ7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIF NpZ24gdXAg bm93IGFuZC BnZXQgb3Vy IGZyZWUgZU Jvb2sgCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8Yj5U aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz PC9iPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT ZweDsgZm9u dC1zaXplOi AxNHB4OyBj b2xvcjogIz Q0NDsgZm9u dC1mYW1pbH k6IC1hcHBs ZS1zeXN0ZW 0sIEJsaW5r TWFjU3lzdG VtRm9udCwg U2Vnb2UgVU ksIFJvYm90 bywgSGVsdm V0aWNhIE5l dWUsIHNhbn Mtc2VyaWY7 IGxpbmUtaG VpZ2h0OiAx LjY7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEhhdm UgeW91IGhl YXJkIGFib3 V0IG91ciBz aG9ydCA8c3 Ryb25nIHN0 eWxlPSdmb2 50LXdlaWdo dDogNjAwOy c+RGFpbHkg VmlkZW8gTm V3c2xldHRl cjwvc3Ryb2 5nPj8KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxhIGhy ZWY9J2h0dH BzOi8vd3d3 Lmluc2lnaH RmdWx2YWx1 ZS5jb20vbm V3c2xldHRl ci5waHAnIH RhcmdldD0n X2JsYW5rJy BzdHlsZT0n Y29sb3I6IC MwMDdCRkY7 IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sgZm9udC13 ZWlnaHQ6ID UwMDsgbWFy Z2luLWxlZn Q6IDZweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEZpbm Qgb3V0IG1v cmUKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAKICAg ICAgICAKIC AgICAgICA8 c3BhbiBjbG Fzcz0nYmx1 cnJlZC10ZX h0Jz4KICAg ICAgICAgIC AgTFNCVWFH VWdTVyA1MF pYSnVZWFJw IGIyNWhiQ0 JRWVggQmxj aUJEYjIxdy BZVzU1SUhk aGN5IEJtYj NWdVpHVmsg SUdsdUlERT RPVCBnZ1lu a2dTSFZuIG FDQktMaUJE YUcgbHphRz lzYlN3ZyBZ U0JzZFcxaV pYIElnWW1G eWIyNGcgWm 5KdmJTQk5Z VyBsdVpTNG dQR0p5IFBp MGdWR2hsSU cgTnZiWEJo Ym5uaSBnSm x6SUdacGNu IE4wSUhCeW IyUjEgWTNR Z2QyRnpJRy BOeVlXTnJa WEppIGIyRn laQ3dnWVMg QndZV05yWV dkcCBibWNn YldGMFpYIE pwWVd3Z2RY TmwgWkNCbW IzSWdZMyBK aFkydGxjbk 1nIFlXNWtJ R052YjIgdH BaWE11SUR4 aSBjajR0SU ZSb1pTIEJK Ym5SbGNtNW ggZEdsdmJt RnNJRiBCaG NHVnlJRU52 IGJYQmhibm tnYVggTWdh R1ZoWkhGMS BZWEowWlhK bFpDIEJwYm lCTlpXMXcg YUdsekxDQl VaVyA1dVpY TnpaV1V1IE lEeGljajR0 SUYgUm9aU0 JqYjIxdyBZ VzU1SUdsek lHIDl1WlNC dlppQjAgYU dVZ2JHRnla MiBWemRDQn dkV3h3IElH RnVaQ0J3WV ggQmxjaUJq YjIxdyBZVz VwWlhNZ2FX IDRnZEdobE lIZHYgY214 a0xDQjNhWC BSb0lHOXda WEpoIGRHbH Zibk1nYVcg NGdUbTl5ZE dnZyBRVzFs Y21sallTIH dnUlhWeWIz QmwgTENCTV lYUnBiaSBC QmJXVnlhV0 5oIExDQlNk WE56YVcgRX NJRUZ6YVdF cyBJR0Z1Wk NCMGFHIFVn VFdsa1pHeG wgSUVWaGMz UXVJRCB4aW NqNHRJRWx1 IElESXdNVG tzSUggUm9a U0JqYjIxdy BZVzU1SUdo aFpDIEJ2ZG 1WeUlEVXgg TERBd01DQm xiWCBCc2Iz bGxaWE1nIF lXNWtJSEps WTIgOXlaR1 ZrSUc5MiBa WElnSkRJeU lHIEpwYkd4 cGIyNGcgYV c0Z2NtVjJa VyA1MVpTNG dQR0p5IFBp MGdWR2hsSU UgbHVkR1Z5 Ym1GMCBhVz l1WVd3Z1VH IEZ3WlhJZ1 EyOXQgY0dG dWVTQnBjeS BCa1pXUnBZ MkYwIFpXUW dkRzhnYzMg VnpkR0ZwYm 1GaSBiR1Vn Wm05eVpYIE 4wY25rZ2NI SmggWTNScF kyVnpJRyBG dVpDQm9ZWE 1nIFltVmxi aUJ5WlcgTn ZaMjVwZW1W ayBJR1p2Y2 lCcGRIIE1n WldabWIzSj AgY3lCcGJp QmxibiBacG NtOXViV1Z1 IGRHRnNJSE 4xYzMgUmhh VzVoWW1scy BhWFI1TGlB OFluIEkrTF NCVWFHVWcg WTI5dGNHRn VlUyBCb1lY TWdZU0JzIG IyNW5MWE4w WVcgNWthVz VuSUdOdiBi VzFwZEcxbG JuIFFnZEc4 Z1pHbDIgWl hKemFYUjVJ RyBGdVpDQn BibU5zIGRY TnBiMjRzSU cgRnVaQ0Jv WVhNZyBZbV ZsYmlCeVpX IE52WjI1cG VtVmsgSUdG eklHRWdkRy A5d0lHVnRj R3h2IGVXVn lJR1p2Y2kg QmthWFpsY2 5OcCBkSGtn WW5rZ2IzIE puWVc1cGVt RjAgYVc5dW N5QnpkVyBO b0lHRnpJRV JwIGRtVnlj MmwwZVUgbH VZeUJoYm1R ZyBkR2hsSU VoMWJXIEZ1 SUZKcFoyaD AgY3lCRFlX MXdZVyBsbm JpNGdQR0p5 IFBpMGdTVz UwWlggSnVZ WFJwYjI1aC BiQ0JRWVhC bGNpIEJvWV hNZ1ltVmwg YmlCeVlXNX JaVyBRZ1lY TWdiMjVsIE lHOW1JRVp2 Y24gUjFibV VnYldGbiBZ WHBwYm1YaW dKIGx6SUUx dmMzUWcgUV dSdGFYSmxa QyBCRGIyMX dZVzVwIFpY TWdiWFZzZE cgbHdiR1Vn ZEdsdCBaWE 11SUR4aWNq IDR0SUZSb1 pTQmogYjIx d1lXNTU0by BDWmN5QnNi MmR2IElHbH pJR0VnYzMg UjViR2w2Wl dRZyBhVzFo WjJVZ2IyIF lnWVNCMGNt VmwgTENCeV pYQnlaWCBO bGJuUnBibW NnIGFYUnpJ R1p2WTMgVn pJRzl1SUda diBjbVZ6ZE hKNUlHIEZ1 WkNCemRYTj AgWVdsdVlX SnBiRyBsMG VTNGdQR0p5 IFBpMGdTVz RnWVcgUmth WFJwYjI0Zy BkRzhnY0hK dlpIIFZqYV c1bklIQmgg Y0dWeUlIQn liMiBSMVkz UnpMQ0JKIG JuUmxjbTVo ZEcgbHZibU ZzSUZCaCBj R1Z5SUdGc2 MyIDhnY0hK dlpIVmogWl hNZ2NHRmph MiBGbmFXNW 5JSEJ5IGIy UjFZM1J6SU ggTjFZMmdn WVhNZyBZbT k0WlhNc0lH IEpoWjNNc0 lHRnUgWkNC amIyNTBZVy BsdVpYSnpM Zz09CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==