Essity

More reviews (1)

Live  

Essity is a Swedish hygiene and health company that produces personal care, consumer tissue, and professional hygiene products. The company was founded in 2017 when SCA, a Swedish paper and pulp company, split into two separate companies – Essity and SCA.
With over 48,000 employees, Essity operates in approximately 150 countries and has a strong presence in North America, Europe, and Asia. The company's global headquarters is located in Stockholm, Sweden.
Essity's product portfolio includes well-known brands such as TENA, Tork, Libresse, Tempo, and Cushelle. The products are used by millions of people every day in homes, hospitals, and other public spaces.
In addition to its focus on hygiene and health, Essity is committed to sustainability and has set ambitious targets to reduce its environmental impact. This includes sourcing renewable materials, reducing carbon emissions, and promoting circularity in its products and packaging.
Overall, Essity is a leading player in the global hygiene and health market, with a strong commitment to innovation, sustainability, and improving the lives of its customers.

RXNzaXR5IG lzIGEgY29t cGFueSB0aG F0IG1ha2Vz IHByb2R1Y3 RzIHRoYXQg aGVscCBwZW 9wbGUgc3Rh eSBjbGVhbi BhbmQgY29t Zm9ydGFibG UuIFRoZXkg Y3JlYXRlIH RoaW5ncyBs aWtlIHRvaW xldCBwYXBl ciwgdGlzc3 VlcywgZGlh cGVycyBmb3 IgYmFiaWVz LCBhbmQgcG FkcyBmb3Ig d29tZW4uIE FsbCBvZiB0 aGVzZSBwcm 9kdWN0cyBo ZWxwIHdpdG ggZXZlcnlk YXkgaHlnaW VuZSwgd2hp Y2ggbWVhbn Mga2VlcGlu ZyBvdXJzZW x2ZXMgYW5k IG91ciBzdX Jyb3VuZGlu Z3MgY2xlYW 4gYW5kIGhl YWx0aHkuPG JyPkVzc2l0 eSBtYWtlcy Btb25leSBi eSBzZWxsaW 5nIHRoZXNl IHByb2R1Y3 RzLiBUaGV5 IGhhdmUgZm FjdG9yaWVz IHdoZXJlIH RoZXNlIHBy b2R1Y3RzIG FyZSBtYWRl LCBhbmQgdG hlbiB0aGV5 IHNlbGwgdG hlbSB0byBz dG9yZXMgb3 IgZGlyZWN0 bHkgdG8gY3 VzdG9tZXJz LiBQZW9wbG UgYnV5IHRo ZXNlIGl0ZW 1zIHJlZ3Vs YXJseSBiZW NhdXNlIHRo ZXkgYXJlIG 5lZWRlZCBp biBhbG1vc3 QgZXZlcnkg aG91c2Vob2 xkLiBJdOKA mXMganVzdC BsaWtlIGJ1 eWluZyBmb2 9kOyB3ZSBu ZWVkIHRoZX NlIGh5Z2ll bmUgcHJvZH VjdHMgZXZl cnkgZGF5Lj xicj5Fc3Np dHkgaXMgc3 VjY2Vzc2Z1 bCBmb3IgYS BmZXcgcmVh c29ucy4gRm lyc3QsIHRo ZXkgZm9jdX Mgb24gbWFr aW5nIGhpZ2 gtcXVhbGl0 eSBwcm9kdW N0cyB0aGF0 IHBlb3BsZS B0cnVzdCBh bmQgbGlrZS 4gV2hlbiBw ZW9wbGUgZm luZCBzb21l dGhpbmcgdG hhdCB3b3Jr cyB3ZWxsLC B0aGV5IHRl bmQgdG8gc3 RpY2sgd2l0 aCBpdC4gU2 Vjb25kLCB0 aGV5IGFyZS Bnb29kIGF0 IGNvbWluZy B1cCB3aXRo IG5ldyBpZG VhcyBhbmQg cHJvZHVjdH MgdGhhdCBt ZWV0IHBlb3 BsZeKAmXMg bmVlZHMuIE ZvciBleGFt cGxlLCB0aG V5IG1pZ2h0 IGNyZWF0ZS Btb3JlIGNv bWZvcnRhYm xlIGRpYXBl cnMgb3Igc3 Ryb25nZXIg cGFwZXIgdG 93ZWxzLjxi cj5JbiB0aG UgZnV0dXJl LCBFc3NpdH kgaXMgbGlr ZWx5IHRvIG tlZXAgZG9p bmcgd2VsbC BiZWNhdXNl IGV2ZXJ5b2 5lIHdpbGwg YWx3YXlzIG 5lZWQgaHln aWVuZSBwcm 9kdWN0cy4g UGx1cywgdG hleSBrZWVw IHdvcmtpbm cgb24gbWFr aW5nIHRoZW lyIHByb2R1 Y3RzIGJldH RlciBhbmQg bW9yZSBzdX N0YWluYWJs ZSwgd2hpY2 ggbWVhbnMg YmV0dGVyIG ZvciB0aGUg ZW52aXJvbm 1lbnQuIEFz IGxvbmcgYX MgdGhleSBr ZWVwIGxpc3 RlbmluZyB0 byBjdXN0b2 1lcnMgYW5k IGtlZXAgaW 1wcm92aW5n LCB0aGV5IG NhbiBtYWlu dGFpbiB0aG VpciBzdWNj ZXNzLjxicj 4=

MS4gR2xvYm FsIHJlYWNo OiBFc3NpdH kgaXMgYSBn bG9iYWwgY2 9tcGFueSB3 aXRoIG9wZX JhdGlvbnMg aW4gbW9yZS B0aGFuIDE1 MCBjb3VudH JpZXMsIG1h a2luZyBpdC BvbmUgb2Yg dGhlIHdvcm xkJ3MgbGFy Z2VzdCBoeW dpZW5lIGFu ZCBoZWFsdG ggY29tcGFu aWVzLjxicj 4yLiBEaXZl cnNlIHByb2 R1Y3QgcG9y dGZvbGlvOi BFc3NpdHkg b2ZmZXJzIG EgZGl2ZXJz ZSByYW5nZS BvZiBwZXJz b25hbCBjYX JlIGFuZCBo eWdpZW5lIH Byb2R1Y3Rz IHN1Y2ggYX MgdG9pbGV0 IHBhcGVyLC BiYWJ5IGRp YXBlcnMsIG luY29udGlu ZW5jZSBwcm 9kdWN0cywg YW5kIGZlbW luaW5lIGNh cmUgcHJvZH VjdHMsIGFz IHdlbGwgYX MgbWVkaWNh bCBzb2x1dG lvbnMsIGlu Y2x1ZGluZy B3b3VuZCBj YXJlIGFuZC BzdXJnaWNh bCBnbG92ZX MuPGJyPjMu IFN1c3RhaW 5hYmxlIHBy YWN0aWNlcz ogRXNzaXR5 IGlzIGNvbW 1pdHRlZCB0 byBzdXN0YW luYWJsZSBw cmFjdGljZX MgYW5kIGhh cyBzZXQgYW 1iaXRpb3Vz IGVudmlyb2 5tZW50YWwg dGFyZ2V0cy wgc3VjaCBh cyByZWR1Y2 luZyBncmVl bmhvdXNlIG dhcyBlbWlz c2lvbnMgYW 5kIGluY3Jl YXNpbmcgdG hlIHVzZSBv ZiByZW5ld2 FibGUgcmVz b3VyY2VzLj xicj40LiBJ bm5vdmF0aW 9uOiBUaGUg Y29tcGFueS BpbnZlc3Rz IGhlYXZpbH kgaW4gcmVz ZWFyY2ggYW 5kIGRldmVs b3BtZW50IH RvIGRldmVs b3AgaW5ub3 ZhdGl2ZSBw cm9kdWN0cy B0aGF0IG1l ZXQgdGhlIG V2b2x2aW5n IG5lZWRzIG 9mIGNvbnN1 bWVycyBhbm QgaGVhbHRo Y2FyZSBwcm 9mZXNzaW9u YWxzLjxicj 41LiBTdHJv bmcgZXRoaW NzIGFuZCB2 YWx1ZXM6IE Vzc2l0eSBv cGVyYXRlcy B3aXRoIGEg c3Ryb25nIG V0aGljYWwg ZnJhbWV3b3 JrIGFuZCB2 YWx1ZXMsIG luY2x1ZGlu ZyBkaXZlcn NpdHkgYW5k IGluY2x1c2 lvbiwgcmVz cGVjdCBmb3 IgaHVtYW4g cmlnaHRzLC BhbmQgcmVz cG9uc2libG UgbWFya2V0 aW5nIHByYW N0aWNlcy48 YnI+Ni4gU2 9jaWFsIHJl c3BvbnNpYm lsaXR5OiBF c3NpdHkgaX MgZGVkaWNh dGVkIHRvIG ltcHJvdmlu ZyB0aGUgd2 VsbC1iZWlu ZyBvZiBwZW 9wbGUgdGhy b3VnaCBwYX J0bmVyc2hp cHMgd2l0aC Bvcmdhbml6 YXRpb25zIH RoYXQgcHJv bW90ZSBoeW dpZW5lIGFu ZCBoZWFsdG gsIGFzIHdl bGwgYXMgdG hyb3VnaCBp dHMgb3duIG luaXRpYXRp dmVzIHN1Y2 ggYXMgdGhl IEh5Z2llbm UgTWF0dGVy cyBjYW1wYW lnbi48YnI+ Ny4gQ29ycG 9yYXRlIHJl c3BvbnNpYm lsaXR5OiBU aGUgY29tcG FueSBpcyBj b21taXR0ZW QgdG8gcmVz cG9uc2libG UgYnVzaW5l c3MgcHJhY3 RpY2VzLCBp bmNsdWRpbm cgZ29vZCBn b3Zlcm5hbm NlLCBldGhp Y2FsIGJ1c2 luZXNzIGNv bmR1Y3QsIG FuZCB0cmFu c3BhcmVuY3 kgaW4gcmVw b3J0aW5nLj xicj44LiBF bXBsb3llZS BkZXZlbG9w bWVudDogRX NzaXR5IHBy aW9yaXRpem VzIGVtcGxv eWVlIGRldm Vsb3BtZW50 IGFuZCBvZm ZlcnMgYSBy YW5nZSBvZi B0cmFpbmlu ZyBhbmQgZG V2ZWxvcG1l bnQgcHJvZ3 JhbXMsIGlu Y2x1ZGluZy BsZWFkZXJz aGlwIGRldm Vsb3BtZW50 IGFuZCBkaX ZlcnNpdHkg YW5kIGluY2 x1c2lvbiBp bml0aWF0aX Zlcy48YnI+ OS4gU3Ryb2 5nIGZpbmFu Y2lhbCBwZX Jmb3JtYW5j ZTogRXNzaX R5IGhhcyBh IHRyYWNrIH JlY29yZCBv ZiBzdHJvbm cgZmluYW5j aWFsIHBlcm Zvcm1hbmNl LCBhbGxvd2 luZyB0aGUg Y29tcGFueS B0byBjb250 aW51ZSBpdH MgZ3Jvd3Ro IGFuZCBpbn Zlc3RtZW50 cyBpbiBzdX N0YWluYWJp bGl0eSBhbm QgaW5ub3Zh dGlvbi48Yn I+MTAuIEF3 YXJkLXdpbm 5pbmcgY29t cGFueTogRX NzaXR5IGhh cyByZWNlaX ZlZCBudW1l cm91cyBhd2 FyZHMgYW5k IHJlY29nbm l0aW9ucyBm b3IgaXRzIH N1c3RhaW5h YmlsaXR5IG luaXRpYXRp dmVzLCBwcm 9kdWN0cywg YW5kIGNvcn BvcmF0ZSBw cmFjdGljZX MsIGluY2x1 ZGluZyBiZW luZyBuYW1l ZCBvbmUgb2 YgdGhlIFdv cmxkJ3MgTW 9zdCBFdGhp Y2FsIENvbX BhbmllcyBi eSBFdGhpc3 BoZXJlIElu c3RpdHV0ZS 4=

RXNzaXR5IG lzIGEgZ2xv YmFsIGh5Z2 llbmUgYW5k IGhlYWx0aC Bjb21wYW55 IHRoYXQgb2 ZmZXJzIGEg d2lkZSByYW 5nZSBvZiBw cm9kdWN0cy BhbmQgc29s dXRpb25zIG ZvciBwZXJz b25hbCBjYX JlLCBjb25z dW1lciB0aX NzdWUsIGFu ZCBwcm9mZX NzaW9uYWwg aHlnaWVuZS 4gVGhlaXIg YnVzaW5lc3 MgbW9kZWwg aXMgZm9jdX NlZCBvbiBw cm92aWRpbm cgc3VzdGFp bmFibGUgc2 9sdXRpb25z IHRoYXQgaW 1wcm92ZSBw ZW9wbGUncy B3ZWxsLWJl aW5nLCBhbm QgdGhlIGNv bXBhbnkgaW 50ZWdyYXRl cyBzdXN0YW luYWJpbGl0 eSBhbmQgaW 5ub3ZhdGlv biBpbnRvIG FsbCBhc3Bl Y3RzIG9mIG l0cyBvcGVy YXRpb25zLj xicj5Fc3Np dHkncyBtYW luIGJ1c2lu ZXNzIGFyZW FzIGFyZSBk aXZpZGVkIG ludG8gUGVy c29uYWwgQ2 FyZSwgQ29u c3VtZXIgVG lzc3VlLCBh bmQgUHJvZm Vzc2lvbmFs IEh5Z2llbm UuIFRoZXNl IGFyZWFzIG NvdmVyIGEg dmFyaWV0eS BvZiBwcm9k dWN0cyBhbm Qgc29sdXRp b25zLCBzdW NoIGFzIGlu Y29udGluZW 5jZSBwcm9k dWN0cywgYm FieSBkaWFw ZXJzLCBmZW 1pbmluZSBj YXJlIHByb2 R1Y3RzLCB0 b2lsZXQgcG FwZXIsIHBh cGVyIHRvd2 VscywgYW5k IGRpc3Bvc2 FibGUgZ2xv dmVzIGZvci BoZWFsdGhj YXJlIHNldH RpbmdzLjxi cj5UaGUgY2 9tcGFueSdz IGJ1c2luZX NzIG1vZGVs IGlzIGJ1aW x0IG9uIGZp dmUga2V5IH BpbGxhcnM6 PGJyPjEuIE N1c3RvbWVy LWZvY3VzZW QgaW5ub3Zh dGlvbjogRX NzaXR5IGNv bnRpbnVvdX NseSBkZXZl bG9wcyBuZX cgcHJvZHVj dHMgYW5kIH NvbHV0aW9u cyB0byBtZW V0IHRoZSBj aGFuZ2luZy BuZWVkcyBv ZiBpdHMgY3 VzdG9tZXJz IGFuZCBjb2 5zdW1lcnMu PGJyPjIuIF N1c3RhaW5h YmxlIHByb2 R1Y3RzIGFu ZCBzb2x1dG lvbnM6IFRo ZSBjb21wYW 55IGFpbXMg dG8gbWluaW 1pemUgaXRz IGVudmlyb2 5tZW50YWwg aW1wYWN0IG J5IHVzaW5n IHN1c3RhaW 5hYmxlIG1h dGVyaWFscy wgcmVkdWNp bmcgd2FzdG UsIGFuZCBv cHRpbWl6aW 5nIHRyYW5z cG9ydCBhbm QgbG9naXN0 aWNzLjxicj 4zLiBFZmZp Y2llbnQgb3 BlcmF0aW9u czogRXNzaX R5IHN0cml2 ZXMgZm9yIG VmZmljaWVu dCBvcGVyYX Rpb25zIGJ5 IGNvbnRpbn VvdXNseSBp bXByb3Zpbm cgcHJvY2Vz c2VzIGFuZC BvcHRpbWl6 aW5nIGNvc3 RzLjxicj40 LiBTdHJvbm cgYnJhbmRz OiBFc3NpdH kgaGFzIGEg bGFyZ2UgcG 9ydGZvbGlv IG9mIHN0cm 9uZyBicmFu ZHMsIHN1Y2 ggYXMgVG9y aywgVEVOQS wgTGliZXJv LCBMb3R1cy wgYW5kIFBs ZW50eSwgd2 hpY2ggYXJl IHRydXN0ZW QgYnkgY29u c3VtZXJzIG FuZCBwcm9m ZXNzaW9uYW xzIHdvcmxk d2lkZS48Yn I+NS4gR2xv YmFsIHByZX NlbmNlOiBX aXRoIG9wZX JhdGlvbnMg aW4gbW9yZS B0aGFuIDE1 MCBjb3VudH JpZXMsIEVz c2l0eSBoYX MgYSBzdHJv bmcgZ2xvYm FsIHByZXNl bmNlLCBhbG xvd2luZyB0 aGUgY29tcG FueSB0byBy ZWFjaCBhIH dpZGUgcmFu Z2Ugb2YgY3 VzdG9tZXJz IGFuZCBjb2 5zdW1lcnMu PGJyPk92ZX JhbGwsIEVz c2l0eSdzIG J1c2luZXNz IG1vZGVsIG lzIGZvY3Vz ZWQgb24gcH JvdmlkaW5n IGhpZ2gtcX VhbGl0eSwg c3VzdGFpbm FibGUgcHJv ZHVjdHMgYW 5kIHNvbHV0 aW9ucyB0by BpbXByb3Zl IHBlb3BsZS dzIGh5Z2ll bmUgYW5kIG hlYWx0aCB3 aGlsZSBtYW ludGFpbmlu ZyBvcGVyYX Rpb25hbCBl ZmZpY2llbm N5IGFuZCBh IHN0cm9uZy BnbG9iYWwg cHJlc2VuY2 Uu

AI does carry potential implications for Essity’s products, services, and competitive positioning. Here are some key factors to consider:
1. Substitution: AI can lead to the development of new products that may substitute traditional offerings. For example, advancements in materials science through AI could result in innovative, eco-friendly alternatives to conventional hygiene and personal care products. These new products could attract consumers looking for sustainable options.
2. Disintermediation: AI-driven direct-to-consumer models can disrupt traditional distribution channels. Companies leveraging AI could potentially bypass intermediaries, selling directly to customers and thus affecting Essity’s market reach and partnerships. If competitors adopt effective AI strategies for customer engagement, it could lead to reduced market share for Essity.
3. Margin Pressure: AI can increase operational efficiency in production, logistics, and customer service, potentially leading competitors to lower prices. If competitors utilize AI to streamline processes and reduce costs, Essity may face pressure to follow suit, which could impact profit margins if pricing strategies are not adjusted accordingly.
4. Enhanced Consumer Insights: AI can enable competitors to gain better insights into consumer behavior and preferences, leading to more tailored products and marketing strategies. If Essity does not leverage AI in a similar manner, it could fall behind in understanding and meeting consumer expectations.
5. Innovation and R&D: AI can accelerate research and development processes, allowing companies to bring innovative products to market more quickly. Essity must invest in AI technologies to stay competitive in innovation or risk losing its edge.
In conclusion, while AI presents opportunities for enhancing efficiency and innovation, it also poses significant challenges that could affect Essity’s competitiveness and market positioning. The company must strategically integrate AI into its operations and product development to mitigate potential risks and leverage the benefits of this technology.

The sensitivity of Essity’s earnings, cash flow, and valuation to changes in interest rates can be assessed from several angles:
1. Earnings Sensitivity: Changes in interest rates can affect Essity’s earnings primarily through their impact on borrowing costs. If interest rates rise, the cost of financing debt increases, which can reduce net income if the company has significant leverage. Additionally, higher rates can lead to reduced consumer spending on hygiene and personal care products, potentially affecting sales.
2. Cash Flow Sensitivity: Cash flow is sensitive to interest rate changes due to the cost of servicing debt. Increased interest rates can lead to higher interest payments, which reduce the amount of cash available for operations, investments, or dividends. Furthermore, if consumers start to cut back on spending due to higher rates, it could also negatively impact cash flow.
3. Valuation Sensitivity: The valuation of Essity, like many companies, is influenced by the discount rate used in valuation models. When interest rates rise, the discount rate typically increases as well, leading to lower present values for future cash flows. This change can lead to a reduction in the company’s market valuation. Higher interest rates can also signal tighter monetary policy, which can create broader economic challenges that may further impact the company’s stock price.
In summary, Essity’s earnings, cash flow, and valuation are all sensitive to changes in interest rates, with potential negative impacts stemming from increased borrowing costs, reduced consumer spending, and higher discount rates affecting capital valuations. The overall impact will depend on the company’s financial structure, market conditions, and consumer behavior in response to interest rate changes.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BFc3NpdHni gJlzIGVjb2 5vbWljcyBv dmVyIHRoZS BuZXh0IDPi gJM1IHllYX JzIGlzIGEg c2lnbmlmaW NhbnQgYW5k IHByb2xvbm dlZCBzaGlm dCBpbiBjb2 5zdW1lciBw cmVmZXJlbm NlcyB0b3dh cmRzIHN1c3 RhaW5hYmxl IGFuZCBlY2 8tZnJpZW5k bHkgcHJvZH VjdHMsIGNv dXBsZWQgd2 l0aCBzdHJp Y3RlciBnb3 Zlcm5tZW50 YWwgcmVndW xhdGlvbnMg b24gcGFja2 FnaW5nIGFu ZCB3YXN0ZS BtYW5hZ2Vt ZW50LiBUaG lzIHNoaWZ0 IGNvdWxkIG xlYWQgdG8g aW5jcmVhc2 VkIHJhdyBt YXRlcmlhbC Bjb3N0cywg bmVlZCBmb3 IgZXhwZW5z aXZlIGlubm 92YXRpb25z LCBhbmQgcG 90ZW50aWFs IGxvc3Mgb2 YgbWFya2V0 IHNoYXJlIH RvIG1vcmUg YWdpbGUgY2 9tcGV0aXRv cnMgd2hvIG FkYXB0IHF1 aWNrZXIgdG 8gdGhlc2Ug cHJlZmVyZW 5jZXMuPGJy PklmIHRoaX Mgc2NlbmFy aW8gcGxheW VkIG91dCwg RXNzaXR5IG NvdWxkIGZh Y2Ugc2V2ZX JhbCBpbXBh Y3RzOjxicj 4xLiBNYXJn aW5zOiBUaG UgY29tcGFu eeKAmXMgcH JvZml0IG1h cmdpbnMgY2 91bGQgZGVj bGluZSBhcy B0aGUgY29z dCBvZiBzdX N0YWluYWJs ZSBtYXRlcm lhbHMgYW5k IHRlY2hub2 xvZ2llcyBt YXkgYmUgaG lnaGVyIHRo YW4gdHJhZG l0aW9uYWwg b25lcy4gQW RkaXRpb25h bGx5LCBpZi BFc3NpdHkg aXMgc2xvdy B0byBhZGFw dCwgaXQgbW F5IG5lZWQg dG8gaGVhdm lseSBpbnZl c3QgaW4gbW Fya2V0aW5n IHRvIHJlZ2 FpbiBjb25z dW1lciB0cn VzdCBhbmQg aW50ZXJlc3 QsIGZ1cnRo ZXIgc3F1ZW V6aW5nIG1h cmdpbnMuPG JyPjIuIENh c2ggRmxvdz ogQ2FzaCBm bG93IG1pZ2 h0IGJlIG5l Z2F0aXZlbH kgYWZmZWN0 ZWQgZHVlIH RvIGluY3Jl YXNlZCBjYX BpdGFsIGV4 cGVuZGl0dX JlcyBpbiBS JmFtcDtEIG FuZCBwcm9k dWN0aW9uIG FkanVzdG1l bnRzIHRvIG NvbXBseSB3 aXRoIG5ldy ByZWd1bGF0 aW9ucyBhbm QgY29uc3Vt ZXIgZGVtYW 5kcy4gSWYg c2FsZXMgdm 9sdW1lIGRl Y2xpbmVzIG FzIGEgcmVz dWx0IG9mIG xvc2luZyBt YXJrZXQgc2 hhcmUgdG8g bW9yZSBhZG FwdGl2ZSBj b21wZXRpdG 9ycywgdGhl cmUgY291bG QgYmUgZnVy dGhlciBzdH JhaW4gb24g Y2FzaCBmbG 93Ljxicj4z LiBCYWxhbm NlIFNoZWV0 OiBBIGNvbW JpbmF0aW9u IG9mIGRlY2 xpbmluZyBy ZXZlbnVlcy wgcmVkdWNl ZCBtYXJnaW 5zLCBhbmQg aGlnaCBjYX BpdGFsIGV4 cGVuZGl0dX JlIGNvdWxk IGxlYWQgdG 8gaW5jcmVh c2VkIGRlYn QgbGV2ZWxz IG9uIHRoZS BiYWxhbmNl IHNoZWV0Li BJZiBFc3Np dHkgaXMgY2 9tcGVsbGVk IHRvIGZpbm FuY2UgaXRz IHRyYW5zaX Rpb24gc3Ry YXRlZ2llcy B3aGlsZSBm YWNpbmcgbG 93ZXIgZWFy bmluZ3MsIH RoaXMgY291 bGQgcmVzdW x0IGluIHdl YWtlbmVkIG ZpbmFuY2lh bCBzdGFiaW xpdHkgYW5k IHJhaXNlIG NvbmNlcm5z IGFtb25nIG ludmVzdG9y cyBhbmQgY3 JlZGl0b3Jz LiBUaGlzIG NvdWxkIGFs c28gaW1wYW N0IGxpcXVp ZGl0eSByYX Rpb3MsIG1h a2luZyBpdC BoYXJkZXIg Zm9yIEVzc2 l0eSB0byBu YXZpZ2F0ZS BvdGhlciB1 bmZvcmVzZW VuIGZpbmFu Y2lhbCBjaG FsbGVuZ2Vz Ljxicj5Pdm VyYWxsLCBh IGZhaWx1cm UgdG8gYWRh cHQgaW4gdG hlIGNvbnRl eHQgb2YgY2 hhbmdpbmcg Y29uc3VtZX IgcHJlZmVy ZW5jZXMgYW 5kIHJlZ3Vs YXRvcnkgcm VxdWlyZW1l bnRzIGNvdW xkIHNpZ25p ZmljYW50bH kgYWx0ZXIg RXNzaXR54o CZcyBlY29u b21pYyBwcm 9zcGVjdHMs IHBsYWNpbm cgaXQgdW5k ZXIgY29uc2 lkZXJhYmxl IGZpbmFuY2 lhbCBwcmVz c3VyZS48Yn 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 bG9nb3MvcW 1jcDlhalFF YzdxM0RFRH lFTHIud2Vi cCIgYWx0PS JFc3NpdHki IHRpdGxlPS JFc3NpdHki 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 QgRXNzaXR5 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+TnSBK b2luIHVzIG FuZCBncmFi IHlvdXIgY2 9weSBvZiA8 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 RnUlhOemFY IFI1SUhkaG N5Qm0gYjNW dVpHVmtJRy BsdUlERTVN amtnIFlYTW dZU0J3WVgg QmxjaUJ0WV c1MSBabUZq ZEhWeVpYIE lnWVc1a0lH bHogSUdobF lXUnhkVyBG eWRHVnlaV1 FnIGFXNGdV M1J2WTIgdG 9iMnh0TENC VCBkMlZrWl c0dVBHIEp5 UGpJdUlGUm 8gWlNCamIy MXdZVyA1NU lIZGhjeUJ2 IGNtbG5hVz VoYkcgeDVJ RzVoYldWay BJRk5EUVNB b1UzIFpsYm 5OcllTQkQg Wld4c2RXeH ZjMiBFZ1FX dDBhV1ZpIG IyeGhaMlYw S1MgQmhibV FnZDJGeiBJ SEJ5YVcxaG NtIGxzZVNC bWIyTjEgYz JWa0lHOXVJ RyAxaGJuVm 1ZV04wIGRY SnBibWNnY0 ggSnZaSFZq ZEhNZyBjM1 ZqYUNCaGN5 IEJ3WVhCbG Npd2cgY0hW c2NDd2dhSC BsbmFXVnVa U0J3IGNtOW tkV04wY3kg d2dZVzVrSU hCaCBZMnRo WjJsdVp5ID Q4WW5JK015 NGcgU1c0Z0 1qQXhOeSB3 Z2RHaGxJR0 52IGJYQmhi bmtnYzMgQn NhWFFnYVc1 MCBieUIwZD I4Z2MyIFZ3 WVhKaGRHVW cgWlc1MGFY UnBaWCBNc0 lIZHBkR2dn IFUwTkJJR1 p2WTMgVnph VzVuSUc5dS BJR2g1WjJs bGJtIFVnWV c1a0lHWnYg Y21WemRDQn djbSA5a2RX TjBjeXdnIF lXNWtJRVZ6 YzIgbDBlU0 JtYjJOMSBj Mmx1WnlCdm JpIEJ3WlhK emIyNWggYk NCallYSmxJ RyBGdVpDQm 9lV2RwIFpX NWxJSEJ5Yj IgUjFZM1J6 TGp4aSBjaj QwTGlCRmMz IE5wZEhrZ2 FYTWcgWTNW eWNtVnVkRy B4NUlIUm9a U0IzIGIzSn NaT0tBbVgg TWdjMlZqYj I1ayBMV3ho Y21kbGMzIF FnYzNWd2NH eHAgWlhJZ2 IyWWdZMiA5 dWMzVnRaWE lnIGRHbHpj M1ZsSUggQn liMlIxWTNS eiBJR0Z1Wk NCMGFHIFVn ZDI5eWJHVG kgZ0pseklH eGhjbSBkbG MzUWdjM1Z3 IGNHeHBaWE lnYjIgWWdh VzVqYjI1MC BhVzVsYm1O bElIIEJ5Yj JSMVkzUnog TGp4aWNqND FMaSBCVWFH VWdZMjl0IG NHRnVlZUtB bVggTWdjSE p2WkhWaiBk SE1nWVhKbE lIIE52YkdR Z2FXNGcgYj NabGNpQXhO VCBBZ1kyOT FiblJ5IGFX VnpMQ0IzYV ggUm9JSFJ2 Y0NCdCBZWE pyWlhSeklH IGx1WTJ4MV pHbHUgWnlC T2IzSjBhQy BCQmJXVnlh V05oIExDQk ZkWEp2Y0cg VXNJR0Z1Wk NCQiBjMmxo TGp4aWNqID QyTGlCSmJp QXkgTURJd0 xDQkZjMyBO cGRIa2dkMk Z6IElHNWhi V1ZrSUcgOX VaU0J2WmlC MCBhR1VnVj I5eWJHIFRp Z0pseklFMX YgYzNRZ1JY Um9hVyBOaG JDQmpiMjF3 IFlXNXBaWE 1nWW4ga2dk R2hsSUVWMC BhR2x6Y0do bGNtIFVnU1 c1emRHbDAg ZFhSbElHWn ZjaSBCMGFH VWdkR2hwIG NtUWdZMjl1 YzIgVmpkWF JwZG1VZyBl V1ZoY2k0OF luIEkrTnk0 Z1ZHaGwgSU dOdmJYQmhi biBrZ2FYTW dZMjl0IGJX bDBkR1ZrSU ggUnZJSE4x YzNSaCBhVz VoWW1sc2FY IFI1SUdGdV pDQm8gWVhN Z2MyVjBJSC BSaGNtZGxk SE1nIGRHOG djbVZrZFcg TmxJR2wwY3 lCaiBZWEpp YjI0Z1pXID FwYzNOcGIy NXogTENCMW MyVWdNVCBB d0pTQnlaVz VsIGQyRmli R1VnWlcgeG xZM1J5YVdO cCBkSGtzSU dGdVpDIEJ5 WldONVkyeG wgSURrNEpT QnZaaSBCcG RITWdjSEp2 IFpIVmpkR2 x2YmkgQjNZ WE4wWlNCaS BlU0F5TURN d0xqIHhpY2 o0NExpQkYg YzNOcGRIa2 dhWCBNZ1lX eHpieUJoIE lHeGxZV1Jw Ym0gY2djSE p2WkhWaiBa WElnYjJZZ2 FIIGxuYVdW dVpTQncgY2 05a2RXTjBj eSBCbWIzSW dkR2hsIElH aGxZV3gwYU cgTmhjbVVn YzJWaiBkRz l5TENCcGJt IE5zZFdScG JtY2cgYUdG dVpDQm9lVy BkcFpXNWxM Q0IzIGIzVn VaQ0JqWVgg SmxMQ0JoYm 1RZyBjM1Z5 WjJsallXIH dnY0hKdlpI VmogZEhNdV BHSnlQaiBr dUlFbHVJRE l3IE1qRXNJ SFJvWlMgQm piMjF3WVc1 NSBJR0Z1Ym 05MWJtIE5s WkNCaElHNW wgZHlCd1lY SjBibSBWeW MyaHBjQ0Iz IGFYUm9JRW R2YjIgZHNa U0JEYkc5MS BaQ0IwYnlC MWMyIFVnYl dGamFHbHUg WlNCc1pXRn libSBsdVp5 QmhibVFnIF pHRjBZU0Jo Ym0gRnNlWF JwWTNNZyBk RzhnYVcxd2 NtIDkyWlNC cGRITWcgYz NWd2NHeDVJ RyBOb1lXbH VJR0Z1IFpD QnBibU55Wl cgRnpaU0Js Wm1acCBZMm xsYm1ONUxq IHhpY2o0eE 1DNGcgUlhO emFYUjVJRy BoaGN5QmhJ SE4wIGNtOX VaeUJtYjIg TjFjeUJ2Ym lCcCBibTV2 ZG1GMGFXID l1SUdGdVpD QnAgYm5abG MzUnpJRyBF Z2MybG5ibW xtIGFXTmhi blFnWVcgMX ZkVzUwSUc5 bSBJSEpsYz I5MWNtIE5s Y3lCcGJuUn YgSUhKbGMy VmhjbSBOb0 lHRnVaQ0Jr IFpYWmxiRz l3YlcgVnVk Q0JwYmlCdi BjbVJsY2lC MGJ5IEJqYj I1MGFXNTEg YjNWemJIa2 dhVyAxd2Nt OTJaU0JwIG RITWdjSEp2 WkggVmpkSE 1nWVc1ayBJ SEJ5YjJObG MzIE5sY3k0 Z1BHSnkgUG c9PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=