Eli Lilly and Company

-7.79%

More reviews (2)

Live  

Eli Lilly and Company is an American pharmaceutical company headquartered in Indianapolis, Indiana. It was founded in 1876 by Colonel Eli Lilly, a pharmaceutical chemist, and is one of the largest pharmaceutical companies in the world.
The company's primary focus is on the development and production of prescription medications in various therapeutic areas, including neuroscience, oncology, immunology, and diabetes. Some of its most well-known products include the antidepressant Prozac, the erectile dysfunction drug Cialis, and the insulin Humalog.
Eli Lilly and Company also has a strong global presence, with operations in over 125 countries and sales in more than 120 countries. The company has a long history of innovation and has been responsible for groundbreaking medical discoveries, such as the first commercially available insulin in 1923.
In addition to its pharmaceutical business, Eli Lilly and Company also has a strong commitment to corporate responsibility and sustainability. The company has implemented various initiatives to reduce its environmental impact, improve access to healthcare, and support local communities.
Eli Lilly and Company employs over 35,000 people worldwide and has been consistently ranked as one of the top places to work by various publications. The company continues to invest in research and development to bring new and innovative treatments to patients around the world.

RWxpIExpbG x5IGFuZCBD b21wYW55IG lzIGEgYmln IGNvbXBhbn kgdGhhdCBt YWtlcyBtZW RpY2luZSB0 byBoZWxwIH Blb3BsZSBm ZWVsIGJldH RlciB3aGVu IHRoZXnigJ lyZSBzaWNr LiBJbWFnaW 5lIGlmIHlv dSBoYWQgYS Bjb2xkIG9y IGlmIHNvbW VvbmUgaGFk IGEgbW9yZS BzZXJpb3Vz IGlsbG5lc3 MgbGlrZSBk aWFiZXRlcy BvciBjYW5j ZXI7IEVsaS BMaWxseSBj cmVhdGVzIH NwZWNpYWwg dHJlYXRtZW 50cyBhbmQg bWVkaWNpbm VzIHRoYXQg Y2FuIGhlbH Agd2l0aCB0 aG9zZS48Yn I+VGhlIHdh eSBFbGkgTG lsbHkgbWFr ZXMgbW9uZX kgaXMgYnkg c2VsbGluZy B0aGVzZSBt ZWRpY2luZX MgdG8gaG9z cGl0YWxzLC BwaGFybWFj aWVzLCBhbm QgZG9jdG9y cy4gV2hlbi Bzb21lb25l IGJ1eXMgdG hlaXIgbWVk aWNpbmUsIE VsaSBMaWxs eSBlYXJucy Btb25leS4g SXTigJlzIG xpa2Ugd2hl biB5b3Ugc2 VsbCBsZW1v bmFkZSBhdC BhIHN0YW5k OyBpZiBwZW 9wbGUgYnV5 IHlvdXIgbG Vtb25hZGUs IHlvdSBlYX JuIHNvbWUg bW9uZXkgdG 9vITxicj5F bGkgTGlsbH kgaXMgc3Vj Y2Vzc2Z1bC BiZWNhdXNl IHRoZXkgaW 52ZXN0IGEg bG90IG9mIH RpbWUgYW5k IG1vbmV5IG ludG8gcmVz ZWFyY2guIF RoZXkgaGF2 ZSBzY2llbn Rpc3RzIHdv cmtpbmcgdG 8gZGlzY292 ZXIgbmV3IG 1lZGljaW5l cyB0aGF0IG NhbiBtYWtl IHBlb3BsZS BoZWFsdGhp ZXIuIFRoZX kgYWxzbyBt YWtlIHN1cm UgdGhhdCB0 aGVpciBwcm 9kdWN0cyBh cmUgdmVyeS BzYWZlIGFu ZCBlZmZlY3 RpdmUgYmVm b3JlIHNlbG xpbmcgdGhl bS4gVGhpcy BpcyBpbXBv cnRhbnQgYm VjYXVzZSBw ZW9wbGUgdH J1c3QgdGhl bSwgYW5kIH doZW4gcGVv cGxlIHRydX N0IGEgY29t cGFueSwgdG hleSBhcmUg bW9yZSBsaW tlbHkgdG8g YnV5IGl0cy Bwcm9kdWN0 cy48YnI+RW xpIExpbGx5 IGlzIGxpa2 VseSB0byBz dGF5IHN1Y2 Nlc3NmdWwg aW4gdGhlIG Z1dHVyZSBm b3IgYSBmZX cgcmVhc29u cy4gRmlyc3 QsIHRoZXJl IGFyZSBhbH dheXMgbmV3 IGhlYWx0aC BjaGFsbGVu Z2VzIHRoYX QgcGVvcGxl IGZhY2UsIH NvIHRoZXJl IHdpbGwgYm UgYSBuZWVk IGZvciBuZX cgbWVkaWNp bmVzLiBTZW NvbmQsIHRo ZXkga2VlcC BpbXByb3Zp bmcgdGhlaX IgZXhpc3Rp bmcgbWVkaW NpbmVzIGFu ZCBmaW5kaW 5nIG5ldyB3 YXlzIHRvIG hlbHAgcGVv cGxlLiBMYX N0bHksIGFz IHRlY2hub2 xvZ3kgYW5k IHNjaWVuY2 UgY29udGlu dWUgdG8gZ2 V0IGJldHRl ciwgRWxpIE xpbGx5IHdp bGwgYmUgYW JsZSB0byBj cmVhdGUgZX ZlbiBtb3Jl IGVmZmVjdG l2ZSB0cmVh dG1lbnRzLC B3aGljaCB3 aWxsIGhlbH AgbW9yZSBw ZW9wbGUgYW 5kIGtlZXAg dGhlaXIgYn VzaW5lc3Mg c3Ryb25nLj xicj4=

MS4gTG9uZy BoaXN0b3J5 OiBFbGkgTG lsbHkgYW5k IENvbXBhbn kgaGFzIGEg cmljaCBoaX N0b3J5IGRh dGluZyBiYW NrIHRvIGl0 cyBmb3VuZG luZyBpbiAx ODc2IGJ5IE NvbG9uZWwg RWxpIExpbG x5LiBPdmVy IHRoZSB5ZW FycywgdGhl IGNvbXBhbn kgaGFzIG92 ZXJjb21lIG 51bWVyb3Vz IGNoYWxsZW 5nZXMgYW5k IGFkYXB0ZW QgdG8gY2hh bmdpbmcgbW Fya2V0IGNv bmRpdGlvbn MsIG1ha2lu ZyBpdCBvbm Ugb2YgdGhl IG9sZGVzdC BhbmQgbW9z dCBlbmR1cm luZyBwaGFy bWFjZXV0aW NhbCBjb21w YW5pZXMgaW 4gdGhlIHdv cmxkLjxicj 4yLiBEaXZl cnNlIHBvcn Rmb2xpbzog VGhlIGNvbX BhbnkgaGFz IGEgZGl2ZX JzZSBwb3J0 Zm9saW8gb2 YgcHJvZHVj dHMsIGVuY2 9tcGFzc2lu ZyBhIHdpZG UgcmFuZ2Ug b2YgdGhlcm FwZXV0aWMg YXJlYXMgc3 VjaCBhcyBu ZXVyb3NjaW VuY2UsIGVu ZG9jcmlub2 xvZ3ksIG9u Y29sb2d5LC BhbmQgaW1t dW5vbG9neS 4gVGhpcyBw cm92aWRlcy BhIHNvbGlk IGZvdW5kYX Rpb24gZm9y IHN1c3RhaW 5lZCBncm93 dGggYW5kIH Byb2ZpdGFi aWxpdHkuPG JyPjMuIFN0 cm9uZyBSJk QgZm9jdXM6 IEVsaSBMaW xseSBhbmQg Q29tcGFueS BpbnZlc3Rz IGhlYXZpbH kgaW4gcmVz ZWFyY2ggYW 5kIGRldmVs b3BtZW50LC Bjb25zdGFu dGx5IHNlZW tpbmcgbmV3 IHRyZWF0bW VudHMgYW5k IGN1cmVzIG ZvciBpbGxu ZXNzZXMuIF RoZSBjb21w YW55IHNwZW 5kcyBiaWxs aW9ucyBvZi Bkb2xsYXJz IGVhY2ggeW VhciBvbiBS JkQgYW5kIG hhcyBhIHJv YnVzdCBwaX BlbGluZSBv ZiBwb3Rlbn RpYWwgbmV3 IGRydWdzLj xicj40LiBH bG9iYWwgcm VhY2g6IFdp dGggb3Blcm F0aW9ucyBp biBvdmVyID EyNSBjb3Vu dHJpZXMsIE VsaSBMaWxs eSBhbmQgQ2 9tcGFueSBo YXMgYSB0cn VseSBnbG9i YWwgZm9vdH ByaW50LiBU aGlzIGFsbG 93cyB0aGUg Y29tcGFueS B0byByZWFj aCBhIHdpZG UgbWFya2V0 IGFuZCBtYW ludGFpbiBh IHN0cm9uZy BwcmVzZW5j ZSBpbiBib3 RoIGRldmVs b3BlZCBhbm QgZW1lcmdp bmcgbWFya2 V0cy48YnI+ NS4gQ29tbW l0bWVudCB0 byBpbm5vdm F0aW9uOiBU aGUgY29tcG FueSBoYXMg YSBzdHJvbm cgdHJhY2sg cmVjb3JkIG 9mIGlubm92 YXRpb24sIG JyaW5naW5n IGxpZmUtY2 hhbmdpbmcg dHJlYXRtZW 50cyB0byBt YXJrZXQuIE VsaSBMaWxs eSBhbmQgQ2 9tcGFueSBo YXMgYSBjdW x0dXJlIHRo YXQgZW5jb3 VyYWdlcyBy aXNrLXRha2 luZyBhbmQg Y3JlYXRpdm l0eSwgYW5k IGludmVzdH MgaW4gZW1l cmdpbmcgdG VjaG5vbG9n aWVzIHRvIG RyaXZlIGlu bm92YXRpb2 4uPGJyPjYu IFNvY2lhbC ByZXNwb25z aWJpbGl0eT ogRWxpIExp bGx5IGFuZC BDb21wYW55 IGhhcyBhIH N0cm9uZyBz ZW5zZSBvZi Bzb2NpYWwg cmVzcG9uc2 liaWxpdHkg YW5kIGlzIG NvbW1pdHRl ZCB0byBpbX Byb3Zpbmcg dGhlIHdlbG wtYmVpbmcg b2YgY29tbX VuaXRpZXMg d2hlcmUgaX Qgb3BlcmF0 ZXMuIFRoZS Bjb21wYW55 IGhhcyBpbm l0aWF0aXZl cyBmb2N1c2 VkIG9uIHBy b3ZpZGluZy BhY2Nlc3Mg dG8gbWVkaW NpbmVzIGZv ciB1bmRlcn NlcnZlZCBw b3B1bGF0aW 9ucywgcmVk dWNpbmcgaX RzIGVudmly b25tZW50YW wgZm9vdHBy aW50LCBhbm QgcHJvbW90 aW5nIGRpdm Vyc2UgYW5k IGluY2x1c2 l2ZSB3b3Jr cGxhY2VzLj xicj43LiBT dHJvbmcgZm luYW5jaWFs IHBlcmZvcm 1hbmNlOiBP dmVyIHRoZS B5ZWFycywg dGhlIGNvbX BhbnkgaGFz IG1haW50YW luZWQgYSBz b2xpZCBmaW 5hbmNpYWwg cGVyZm9ybW FuY2UgZGVz cGl0ZSBjaG FsbGVuZ2lu ZyBtYXJrZX QgY29uZGl0 aW9ucy4gRW xpIExpbGx5 IGFuZCBDb2 1wYW55IGhh cyBjb25zaX N0ZW50bHkg ZGVsaXZlcm VkIHN0cm9u ZyByZXZlbn VlIGdyb3d0 aCBhbmQgcH JvZml0YWJp bGl0eSwgbW FraW5nIGl0 IGEgZmluYW 5jaWFsbHkg c3RhYmxlIG FuZCByZWxp YWJsZSBjb2 1wYW55Ljxi cj44LiBFbX Bsb3llZS1j ZW50cmljIG N1bHR1cmU6 IFRoZSBjb2 1wYW55IHZh bHVlcyBpdH MgZW1wbG95 ZWVzIGFuZC BoYXMgYSBz dHJvbmcgZm 9jdXMgb24g Y3JlYXRpbm cgYSBwb3Np dGl2ZSB3b3 JrIGVudmly b25tZW50Li BFbGkgTGls bHkgYW5kIE NvbXBhbnkg b2ZmZXJzIG NvbXBldGl0 aXZlIGJlbm VmaXRzLCBv cHBvcnR1bm l0aWVzIGZv ciBjYXJlZX IgZ3Jvd3Ro LCBhbmQgYS BzdXBwb3J0 aXZlIGFuZC BpbmNsdXNp dmUgY3VsdH VyZSB0aGF0 IGZvc3Rlcn MgaW5ub3Zh dGlvbiBhbm QgY29sbGFi b3JhdGlvbi 4=

RWxpIExpbG x5IGFuZCBD b21wYW55IG lzIGEgZ2xv YmFsIHBoYX JtYWNldXRp Y2FsIGNvbX BhbnkgdGhh dCBmb2N1c2 VzIG9uIGRp c2NvdmVyaW 5nLCBkZXZl bG9waW5nLC BhbmQgbWFy a2V0aW5nIG lubm92YXRp dmUgbWVkaW NpbmVzIHRv IGltcHJvdm UgcGVvcGxl J3MgbGl2ZX MuIFRoZSBj b21wYW55J3 MgYnVzaW5l c3MgbW9kZW wgaXMgdG8g aW52ZXN0IG hlYXZpbHkg aW4gcmVzZW FyY2ggYW5k IGRldmVsb3 BtZW50IHRv IGNyZWF0ZS BuZXcgZHJ1 Z3MgYW5kIH RyZWF0bWVu dHMgZm9yIG EgdmFyaWV0 eSBvZiBtZW RpY2FsIGNv bmRpdGlvbn MuIFRoaXMg aXMgZG9uZS B0aHJvdWdo IGEgY29tYm luYXRpb24g b2YgaW50ZX JuYWwgcmVz ZWFyY2ggZW Zmb3J0cywg cGFydG5lcn NoaXBzIHdp dGggb3RoZX IgY29tcGFu aWVzLCBhbm QgYWNxdWlz aXRpb25zIG 9mIHNtYWxs ZXIgYmlvdG VjaCBmaXJt cy48YnI+RW xpIExpbGx5 J3MgYnVzaW 5lc3MgbW9k ZWwgYWxzby BpbmNsdWRl cyBhIHN0cm 9uZyBmb2N1 cyBvbiBtYX JrZXRpbmcg YW5kIGJyYW 5kaW5nIHRv IGVmZmVjdG l2ZWx5IHBy b21vdGUgaX RzIHByb2R1 Y3RzIGFuZC BidWlsZCBi cmFuZCByZW NvZ25pdGlv bi4gVGhlIG NvbXBhbnkg aGVhdmlseS BpbnZlc3Rz IGluIHNhbG VzIGFuZCBt YXJrZXRpbm cgZWZmb3J0 cywgaW5jbH VkaW5nIGRp cmVjdC10by 1jb25zdW1l ciBhZHZlcn Rpc2luZyBh bmQgcGFydG 5lcnNoaXBz IHdpdGggaG VhbHRoY2Fy ZSBwcm92aW RlcnMuPGJy PkluIGFkZG l0aW9uIHRv IGRldmVsb3 BpbmcgYW5k IHNlbGxpbm cgcHJlc2Ny aXB0aW9uIG 1lZGljaW5l cywgRWxpIE xpbGx5IGFs c28gaGFzIG EgYnVzaW5l c3Mgc2VnbW VudCBkZWRp Y2F0ZWQgdG 8gYW5pbWFs IGhlYWx0aC Bwcm9kdWN0 cywgd2hpY2 ggaW5jbHVk ZXMgdmFjY2 luZXMgYW5k IHByZXNjcm lwdGlvbiBt ZWRpY2luZX MgZm9yIHBl dHMgYW5kIG xpdmVzdG9j ay48YnI+VG hlIGNvbXBh bnkncyBidX NpbmVzcyBt b2RlbCBhbH NvIGluY2x1 ZGVzIGEgc3 Ryb25nIGNv bW1pdG1lbn QgdG8gY29y cG9yYXRlIH NvY2lhbCBy ZXNwb25zaW JpbGl0eSwg d2l0aCBhIG ZvY3VzIG9u IHN1c3RhaW 5hYmxlIGFu ZCBldGhpY2 FsIHByYWN0 aWNlcywgY2 hhcml0YWJs ZSBnaXZpbm csIGFuZCBj b21tdW5pdH kgaW52b2x2 ZW1lbnQuPG JyPk92ZXJh bGwsIEVsaS BMaWxseSdz IGJ1c2luZX NzIG1vZGVs IGlzIGNlbn RlcmVkIG9u IHNjaWVudG lmaWMgaW5u b3ZhdGlvbi wgc3RyYXRl Z2ljIHBhcn RuZXJzaGlw cywgZWZmZW N0aXZlIG1h cmtldGluZy wgYW5kIGEg Y29tbWl0bW VudCB0byBz b2NpYWwgcm VzcG9uc2li aWxpdHksIG FsbCB3aXRo IHRoZSBnb2 FsIG9mIGlt cHJvdmluZy BwYXRpZW50 IGhlYWx0aC BhbmQgd2Vs bC1iZWluZy 4=

AI presents both opportunities and challenges for Eli Lilly and Company.
1. Substitution: AI technologies, particularly in drug discovery and development, could lead to new competitors emerging that utilize advanced algorithms to identify and develop alternatives to Eli Lilly’s products. These competitors may be able to bring drugs to market more efficiently and with potentially lower costs, which could threaten Eli Lilly’s market share in specific therapeutic areas.
2. Disintermediation: AI can enable new approaches to healthcare delivery and patient management, potentially reducing the need for traditional pharmaceutical distribution channels. For instance, direct-to-consumer models powered by AI advancements in diagnostics or personalized medicine may diminish the role of established pharmaceutical companies. This could lead to a reevaluation of Eli Lilly’s distribution strategies and partnerships.
3. Margin Pressure: As AI drives efficiencies in drug development and production processes, competitors utilizing these technologies may be able to produce drugs at lower costs. This could result in price pressures within the pharmaceutical industry, impacting Eli Lilly’s profit margins. Furthermore, if AI leads to the rapid introduction of generic versions of brand-name drugs, Eli Lilly’s revenue streams could be affected.
Overall, while AI poses some risks regarding substitution, disintermediation, and margin pressure, it also offers Eli Lilly the potential to enhance its own research capabilities, streamline operations, and improve patient outcomes. The company will need to strategically integrate AI technologies to mitigate these threats and leverage the advantages they offer.

The sensitivity of Eli Lilly and Company’s earnings, cash flow, and valuation to changes in interest rates can be attributed to several factors:
1. Earnings Sensitivity: Eli Lilly’s earnings can be impacted by interest rates through the cost of debt. If interest rates rise, the company’s borrowing costs may increase. This can affect net income, especially if the company relies on debt for expansion or operational funding. Conversely, lower interest rates can enhance profitability by reducing interest expenses.
2. Cash Flow Sensitivity: Interest rates can influence cash flow, particularly in terms of financing activities. As rates rise, cash outflows for interest payments may increase, affecting free cash flow. Additionally, if clients or partners are sensitive to interest rates—like healthcare providers that may face budget constraints—this could impact the company’s cash flow.
3. Valuation Sensitivity: The valuation of Eli Lilly is often assessed using discounted cash flow (DCF) models. Higher interest rates increase the discount rate applied to future cash flows, which can lower the present value of those cash flows and potentially decrease the company’s stock price. Lower rates would have the opposite effect, making the company’s future cash flows appear more valuable.
In summary, while Eli Lilly is fundamentally a pharmaceutical company with its own unique cash flow drivers, it is still susceptible to shifts in interest rates, particularly through financing costs and valuation implications.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgRW xpIExpbGx5 IGFuZCBDb2 1wYW554oCZ cyBlY29ub2 1pY3Mgb3Zl ciB0aGUgbm V4dCAzLTUg eWVhcnMgaX MgdGhlIGlu dHJvZHVjdG lvbiBvZiBz aWduaWZpY2 FudCByZWd1 bGF0b3J5IG NoYW5nZXMg dGhhdCBsZW FkIHRvIHN0 cmljdGVyIH ByaWNpbmcg Y29udHJvbH Mgb24gcGhh cm1hY2V1dG ljYWxzLCBw YXJ0aWN1bG FybHkgaW4g a2V5IG1hcm tldHMgbGlr ZSB0aGUgVW 5pdGVkIFN0 YXRlcyBhbm QgRXVyb3Bl LiBUaGVzZS BjaGFuZ2Vz IGNvdWxkIG FyaXNlIGZy b20gb25nb2 luZyBoZWFs dGhjYXJlIH JlZm9ybXMg YWltZWQgYX QgcmVkdWNp bmcgdGhlIG Nvc3Qgb2Yg bWVkaWNhdG lvbnMgYXMg Z292ZXJubW VudHMgYW5k IGluc3VyYW 5jZSBwcm92 aWRlcnMgc2 VlayB3YXlz IHRvIG1hbm FnZSBoZWFs dGhjYXJlIG V4cGVuZGl0 dXJlcyBtb3 JlIGVmZmVj dGl2ZWx5Lj xicj5JbiB0 aGlzIHNjZW 5hcmlvLCBr ZXkgZWxlbW VudHMgdGhh dCBjb3VsZC BpbXBhY3Qg RWxpIExpbG x5IHdvdWxk IGluY2x1ZG U6PGJyPjEu IDxzdHJvbm c+UHJpY2Ug Q29udHJvbH M8L3N0cm9u Zz46IElmIG dvdmVybm1l bnRzIHNldC BjYXBzIG9u IHRoZSBwcm ljZXMgb2Yg ZHJ1Z3Mgb3 IgZW5mb3Jj ZSBzdHJpbm dlbnQgbmVn b3RpYXRpb2 4gcHJvY2Vz c2VzIHRoYX QgbG93ZXIg dGhlIHByaW NlcyBvZiBF bGkgTGlsbH nigJlzIGJs b2NrYnVzdG VyIGRydWdz LCB0aGlzIH dvdWxkIGRp cmVjdGx5IH JlZHVjZSB0 aGUgY29tcG FueeKAmXMg cmV2ZW51ZS Bmcm9tIHNh bGVzLiBGb3 IgZXhhbXBs ZSwgaWYgdG hlIGNvbXBh bnnigJlzIG 1vc3QgcHJv Zml0YWJsZS Bwcm9kdWN0 c+KAlGxpa2 UgaW5zdWxp biBvciBvdG hlciBjaHJv bmljIGRpc2 Vhc2UgbWVk aWNhdGlvbn PigJRzYXcg dGhlaXIgcH JpY2VzIGN1 dCB3aXRob3 V0IGEgY29y cmVzcG9uZG luZyByZWR1 Y3Rpb24gaW 4gcHJvZHVj dGlvbiBjb3 N0cywgbWFy Z2lucyB3b3 VsZCBiZSBz aWduaWZpY2 FudGx5IGNv bXByZXNzZW QuPGJyPjIu IDxzdHJvbm c+SW5jcmVh c2VkIENvbX BldGl0aW9u PC9zdHJvbm c+OiBTdHJp Y3RlciBwcm ljaW5nIHJl Z3VsYXRpb2 5zIG1pZ2h0 IGFsc28gbG VhZCB0byBh biBpbmNyZW FzZSBpbiBj b21wZXRpdG lvbiBmcm9t IGdlbmVyaW MgYW5kIGJp b3NpbWlsYX IgcHJvZHVj dHMsIGZ1cn RoZXIgZXJv ZGluZyBtYX JrZXQgc2hh cmUgZm9yIE VsaSBMaWxs eeKAmXMgcH JvcHJpZXRh cnkgZHJ1Z3 MuIFRoZSBp bnRyb2R1Y3 Rpb24gb2Yg Y2hlYXBlci BhbHRlcm5h dGl2ZXMgY2 91bGQgZHJp dmUgZG93bi B0aGUgb3Zl cmFsbCBwcm ljZSBvZiBt ZWRpY2luZX MgaW4gdGhl IG1hcmtldC wgcmVzdWx0 aW5nIGluIG xvd2VyIHJl dmVudWVzIG ZvciBFbGkg TGlsbHkuPG JyPjMuIDxz dHJvbmc+Um VzZWFyY2gg JmFtcDsgRG V2ZWxvcG1l bnQgKFImYW 1wO0QpIEN1 dHM8L3N0cm 9uZz46IFRv IGNvcGUgd2 l0aCB0aGUg cmVkdWNlZC BjYXNoIGZs b3cgcmVzdW x0aW5nIGZy b20gbG93ZX IgcmV2ZW51 ZXMsIEVsaS BMaWxseSBt aWdodCBiZS Bjb21wZWxs ZWQgdG8gY3 V0IGJhY2sg b24gaXRzIF ImYW1wO0Qg c3BlbmRpbm cuIFRoaXMg Y291bGQgaG luZGVyIGl0 cyBhYmlsaX R5IHRvIGlu bm92YXRlIG FuZCBicmlu ZyBuZXcgZH J1Z3MgdG8g bWFya2V0LC B3aGljaCBp cyB2aXRhbC Bmb3IgbG9u Zy10ZXJtIG dyb3d0aCwg ZXNwZWNpYW xseSBhcyBv bGRlciBwYX RlbnRzIGV4 cGlyZS4gPG JyPkFzIGEg Y29uc2VxdW VuY2Ugb2Yg dGhlc2UgZm FjdG9ycywg dGhlIGNvbX BhbnnigJlz IHByb2ZpdC BtYXJnaW5z IHdvdWxkIH Nocmluaywg bGVhZGluZy B0byBzaWdu aWZpY2FudG x5IGxvd2Vy IGVhcm5pbm dzIGJlZm9y ZSBpbnRlcm VzdCBhbmQg dGF4ZXMgKE VCSVQpIGFu ZCBuZXQgaW 5jb21lLiBU aGlzIGRlY2 xpbmUgaW4g cHJvZml0YW JpbGl0eSB3 b3VsZCBsaW tlbHkgdHJp Z2dlciBhIH JlZXZhbHVh dGlvbiBvZi BpdHMgc3Rv Y2sgcHJpY2 UsIGFzIGlu dmVzdG9yIG NvbmZpZGVu Y2Ugd2FuZX MgaW4gbGln aHQgb2Ygcm VkdWNlZCBn cm93dGggcH Jvc3BlY3Rz Ljxicj5UaG UgY2FzaCBm bG93IHNpdH VhdGlvbiBt aWdodCBhbH NvIGRldGVy aW9yYXRlLi BMb3dlciBy ZXZlbnVlcy B3b3VsZCBt ZWFuIGxlc3 Mgb3BlcmF0 aW5nIGNhc2 ggZmxvdywg cG90ZW50aW FsbHkgYWZm ZWN0aW5nIE VsaSBMaWxs eeKAmXMgYW JpbGl0eSB0 byBpbnZlc3 QgaW4gbmV3 IG9wcG9ydH VuaXRpZXMg b3IgcmV0dX JuIGNhcGl0 YWwgdG8gc2 hhcmVob2xk ZXJzIHRocm 91Z2ggZGl2 aWRlbmRzIG FuZCBidXli YWNrcy4gSW YgdGhlIGNv bXBhbnkgcH Jpb3JpdGl6 ZXMgbWFpbn RhaW5pbmcg b3BlcmF0aW 9uYWwgc3Rh YmlsaXR5LC BpdCBjb3Vs ZCByZXN1bH QgaW4gaGln aGVyIGxldm VscyBvZiBk ZWJ0IHRvIG Z1bmQgb25n b2luZyBvcG VyYXRpb25z LCB0aGVyZW J5IGltcGFj dGluZyB0aG UgYmFsYW5j ZSBzaGVldC BuZWdhdGl2 ZWx5Ljxicj 5EZWJ0IGxl dmVscyBjb3 VsZCBpbmNy ZWFzZSBzaW duaWZpY2Fu dGx5IGFzIE VsaSBMaWxs eSBib3Jyb3 dzIHRvIHN1 c3RhaW4gb3 BlcmF0aW9u cyBpbiB0aG UgZmFjZSBv ZiBkZWNsaW 5pbmcgY2Fz aCBmbG93cy BhbmQgcHJv Zml0IG1hcm dpbnMuIFRo aXMgd291bG QgbGVhZCB0 byBhIGhpZ2 hlciBkZWJ0 LXRvLWVxdW l0eSByYXRp bywgcmVmbG VjdGluZyBp bmNyZWFzZW QgZmluYW5j aWFsIHJpc2 suIFRoZSBj b21wYW55IG 1pZ2h0IGZp bmQgaXRzZW xmIHdpdGgg YSB3ZWFrZX IgY3JlZGl0 IHJhdGluZy wgcG90ZW50 aWFsbHkgbG VhZGluZyB0 byBoaWdoZX IgYm9ycm93 aW5nIGNvc3 RzIGFuZCBm dXJ0aGVyIG NvbnN0cmFp bmluZyBjYX NoIGZsb3cu PGJyPkluIH N1bW1hcnks IGlmIEVsaS BMaWxseSB3 ZXJlIHRvIG VuY291bnRl ciByZWd1bG F0b3J5IGNo YW5nZXMgbG VhZGluZyB0 byBwcmljZS Bjb250cm9s cyBhbmQgaW 5jcmVhc2Vk IGNvbXBldG l0aW9uIG92 ZXIgdGhlIG 5leHQgMy01 IHllYXJzLC B0aGUgaW1w bGljYXRpb2 5zIGZvciBp dHMgZWNvbm 9taWMgaGVh bHRoIGNvdW xkIGJlIHNl dmVyZTogbG 93ZXIgcHJv Zml0IG1hcm dpbnMsIGNv bnN0cmFpbm VkIGNhc2gg ZmxvdywgYW 5kIGEgd2Vh a2VuZWQgYm FsYW5jZSBz aGVldCBkdW UgdG8gcmlz aW5nIGRlYn QgbGV2ZWxz LCB3aGljaC Bjb3VsZCB1 bHRpbWF0ZW x5IGFmZmVj dCBpdHMgbG 9uZy10ZXJt IHZpYWJpbG l0eSBhbmQg Y29tcGV0aX RpdmUgcG9z aXRpb24gaW 4gdGhlIHBo YXJtYWNldX RpY2FsIG1h cmtldC48Yn I+

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 bG9nb3MvcV FuWXVOdTNz Nkg3S2NCeW ZWdUYud2Vi cCIgYWx0PS JFbGkgTGls bHkgYW5kIE NvbXBhbnki IHRpdGxlPS JFbGkgTGls bHkgYW5kIE NvbXBhbnki ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9NTAg d2lkdGg9NT 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 QgRWxpIExp bGx5IGFuZC BDb21wYW55 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 Ag4pqhIElu c3RhbnRseS BhY2Nlc3Mg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPiDigJQg ZnJlZSEKIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1TNGdSV3 hwSUUgeHBi R3g1SUdGdS BaQ0JEYjIx d1lXIDU1SU dseklHRnUg SUVGdFpYSn BZMiBGdUlH MTFiSFJwIG JtRjBhVzl1 WVcgd2djR2 hoY20xaCBZ MlYxZEdsal lXIHdnWTI5 dGNHRnUgZV NCb1pXRmtj WCBWaGNuUm xjbVZrIElH bHVJRWx1Wk cgbGhibUZ3 YjJ4cCBjeX dnU1c1a2FX IEZ1WVM0OF luSSsgTWk0 Z1ZHaGxJRy BOdmJYQmhi bmtnIGQyRn pJR1p2ZFcg NWtaV1FnYV c0ZyBNVGcz TmlCaWVTIE JEYjJ4dmJt VnMgSUVWc2 FTQk1hVyB4 c2VTd2dZU0 J3IGFHRnli V0ZqWlggVj BhV05oYkNC aiBhR1Z0YV hOMExDIEJo Ym1RZ2FYTW cgYzNScGJH d2dibSBGdF pXUWdZV1ow IFpYSWdhR2 x0TGogeGlj ajR6TGlCSi BiaUJwZEhN Z1pXIEZ5Yk hrZ2VXVmgg Y25Nc0lFVn NhUyBCTWFX eHNlU0JoIG JtUWdRMjl0 Y0cgRnVlU0 J3Y21sdCBZ WEpwYkhrZ2 NIIEp2WkhW alpXUWcgYl dWa2FXTnBi bSBWeklHUm xjbWwyIFpX UWdabkp2Yl MgQmhibWx0 WVd3ZyBiM0 puWVc1ekxD IEJ6ZFdOb0 lHRnogSUds dWMzVnNhVy A0Z1puSnZi U0IwIGFHVW djR0Z1WTMg SmxZWE1nYj JZZyBZMjkz Y3lCaGJtIF FnY0dsbmN5 NDggWW5JK0 5DNGdWRyA5 a1lYa3NJRV ZzIGFTQk1h V3hzZVMgQm hibVFnUTI5 dCBjR0Z1ZV NCcGN5IEJ2 Ym1VZ2IyWW cgZEdobElH eGhjbSBkbG MzUWdZVzVr IElHMXZjM1 FnYzMgVmpZ MlZ6YzJaMS BiQ0J3YUdG eWJXIEZqWl hWMGFXTmgg YkNCamIyMX dZVyA1cFpY TWdhVzRnIG RHaGxJSGR2 Y20geGtMaU JKZENCcCBj eUJsYzNScG JXIEYwWldR Z2RHOGcgWW 1VZ2QyOXlk RyBnZ2IzWm xjaUFrIE1U VXdJR0pwYk cgeHBiMjR1 UEdKeSBQal V1SUZSb1pT IEJqYjIxd1 lXNTUgSUdo aGN5QmhJSC BOMGNtOXVa eUJtIGIyTj FjeUJ2Ymkg QnlaWE5sWV hKaiBhQ0Jo Ym1RZ1pHIF YyWld4dmNH MWwgYm5RZ2 IyWWdibSBW M0lIUnlaV0 YwIGJXVnVk SE1nWm0gOX lJSFpoY21s diBkWE1nWk dselpXIEZ6 WlhNc0lIZH AgZEdnZ2Iz WmxjaSBBM0 xEQXdNQ0J6 IFkybGxibl JwYzMgUnpJ R0Z1WkNCeS BaWE5sWVhK amFHIFZ5Y3 lCbGJYQnMg YjNsbFpDQm 5iRyA5aVlX eHNlUzQ4IF luSStOaTRn UlcgeHBJRX hwYkd4NSBJ R0Z1WkNCRG IyIDF3WVc1 NUlHbHogSU cxdmMzUWdk MiBWc2JDMX JibTkzIGJp Qm1iM0lnYV ggUnpJR1Js ZG1WcyBiM0 J0Wlc1MElH IEZ1WkNCd2 NtOWsgZFdO MGFXOXVJRy A5bUlGQnli M3BoIFl5d2 dZU0J3YjMg QjFiR0Z5SU dGdSBkR2xr WlhCeVpYIE 56WVc1MElH MWwgWkdsal lYUnBiMiA0 c0lHbHVJSF JvIFpTQnNZ WFJsSUQgRT VPREJ6TGp4 aSBjajQzTG lCVWFHIFVn WTI5dGNHRn UgZVNCb1lY TWdZVyB4em J5QnRZV1Js IElITnBaMj VwWm0gbGpZ VzUwSUdOdi BiblJ5YVdK MWRHIGx2Ym 5NZ2FXNGcg ZEdobElHWn BaVyB4a2N5 QnZaaUJrIG FXRmlaWFJs Y3kgd2dZMk Z1WTJWeSBM Q0JoYm1RZ2 JtIFYxY205 elkybGwgYm 1ObElIUnla VyBGMGJXVn VkSE11IFBH SnlQamd1SU UgVnNhU0JN YVd4cyBlU0 JoYm1RZ1Ey IDl0Y0dGdW VTQm8gWVhN Z1lTQndjbS BWelpXNWpa U0JwIGJpQn ZkbVZ5SUQg RXlOU0JqYj NWdSBkSEpw WlhNZ1lXID VrSUhObGJH eHogSUhCeW IyUjFZMyBS eklHbHVJR0 Z3IGNISnZl R2x0WVggUm xiSGtnTVRJ dyBJR052ZF c1MGNtIGxs Y3lCM2IzSn MgWkhkcFpH VXVQRyBKeV Bqa3VJRlJv IFpTQmpiMj F3WVcgNTVJ R2hoY3lCaC BJR3h2Ym1j Z2FHIGx6ZE c5eWVTQnYg WmlCd2FHbH NZVyA1MGFI SnZjSGtzIE lIZHBkR2dn WVMgQm1iMk 4xY3lCdiBi aUJwYlhCeW IzIFpwYm1j Z1oyeHYgWW 1Gc0lHaGxZ VyB4MGFDQm hibVFnIGMz VndjRzl5ZE cgbHVaeUJq YjIxdCBkVz VwZEdsbGN5 IDRnU1hRZ2 FHRnogSUdS dmJtRjBaVy BRZ2IzWmxj aUFrIE56QX dJRzFwYkcg eHBiMjRnYV c0ZyBjSEp2 WkhWamRIIE 1nWVc1a0lH TmggYzJnZ2 RHOGdkbSBG eWFXOTFjeU J2IGNtZGhi bWw2WVggUn BiMjV6SUdG dSBaQ0JwYm 1sMGFXIEYw YVhabGN5Qn ogYVc1alpT QXlNRCBBME xqeGljajR4 IE1DNGdTVz RnTWogQXlN Q3dnUld4cC BJRXhwYkd4 NUlHIEZ1Wk NCRGIyMXcg WVc1NUlIZG hjeSBCcGJu WnZiSFpsIF pDQnBiaUIw YUcgVWdaR1 YyWld4diBj RzFsYm5RZ2 IyIFlnWVc0 Z1lXNTAgYV dKdlpIa2dk SCBKbFlYUn RaVzUwIElH WnZjaUJEVD EgWkpSQzB4 T1N3ZyBkMm hwWTJnZ2Qy IEZ6SUdkeV lXNTAgWldR Z1pXMWxjbS BkbGJtTjVJ SFZ6IFpTQm hkWFJvYjMg SnBlbUYwYV c5dSBJR0o1 SUhSb1pTIE JWTGxNdUlF WnYgYjJRZ1 lXNWtJRSBS eWRXY2dRV1 J0IGFXNXBj M1J5WVggUn BiMjR1CiAg ICAgICAgPC 9zcGFuPgog ICAgICAgIA ogICAgICAg IA==