Cencora

Live  

The Cencora company is a privately-owned company founded in 1996 by French businessman Pierre Cencora. The company is headquartered in Paris, France, with operations in Europe, North America, and Asia. The company specializes in the design, production, and distribution of high-end luxury goods, such as clothing, accessories, and home decor.
The company's products are known for their craftsmanship, attention to detail, and use of high-quality materials. The company's target market consists of affluent individuals who value luxury and exclusivity.
Cencora prides itself on its commitment to sustainability and ethical business practices. The company uses sustainable materials, such as organic cotton and recycled materials, in its products and ensures fair labor practices in all its production facilities.
In addition to its luxury goods, Cencora also has a philanthropic arm, the Cencora Foundation, which focuses on supporting education, healthcare, and environmental causes around the world.
Cencora has partnerships with several high-end retailers and has expanded its reach through its online presence and e-commerce platform. The company has a loyal customer base and continues to grow and innovate in the luxury goods market.

Q2VuY29yYS BpcyBhIGNv bXBhbnkgdG hhdCBoZWxw cyBnZXQgbW VkaWNpbmUg YW5kIGhlYW x0aGNhcmUg cHJvZHVjdH MgdG8gcGVv cGxlIHdoby BuZWVkIHRo ZW0uIFRoaW 5rIG9mIGl0 IGxpa2UgYS BkZWxpdmVy eSBzZXJ2aW NlLCBidXQg Zm9yIGhvc3 BpdGFscywg cGhhcm1hY2 llcywgYW5k IG90aGVyIH BsYWNlcyB3 aGVyZSBwZW 9wbGUgcmVj ZWl2ZSBoZW FsdGhjYXJl LiBUaGV5IH dvcmsgd2l0 aCBkaWZmZX JlbnQgY29t cGFuaWVzIH RoYXQgbWFr ZSB0aGVzZS BtZWRpY2lu ZXMgYW5kIH RoZW4gbWFr ZSBzdXJlIH RoZXkgYXJl IHNoaXBwZW Qgc2FmZWx5 IGFuZCBxdW lja2x5IHRv IHdoZXJlIH RoZXkgYXJl IG5lZWRlZC 48YnI+Q2Vu Y29yYSBtYW tlcyBtb25l eSBieSBjaG FyZ2luZyB0 aG9zZSBjb2 1wYW5pZXMg Zm9yIHRoZS BzZXJ2aWNl IG9mIGdldH RpbmcgdGhl aXIgbWVkaW NpbmVzIGFu ZCBwcm9kdW N0cyB0byB0 aGUgcmlnaH QgcGxhY2Vz LiBUaGV5IG 1pZ2h0IGFs c28gY2hhcm dlIGZvciBl eHRyYSBzZX J2aWNlcywg bGlrZSBoZW xwaW5nIHdp dGggdGhlIH BhcGVyd29y ayBvciBtYW tpbmcgc3Vy ZSB0aGUgb3 JkZXJzIGFy ZSBmaWxsZW QgY29ycmVj dGx5Ljxicj 5DZW5jb3Jh IGlzIHN1Y2 Nlc3NmdWwg Zm9yIGEgZm V3IHJlYXNv bnMuIEZpcn N0LCB0aGV5 IGhhdmUgYn VpbHQgc3Ry b25nIHJlbG F0aW9uc2hp cHMgd2l0aC BoZWFsdGhj YXJlIGNvbX Bhbmllcywg d2hpY2ggaG VscHMgdGhl bSBnZXQgbG 90cyBvZiBi dXNpbmVzcy 4gU2Vjb25k LCB0aGV5IG tub3cgaG93 IHRvIGhhbm RsZSBpbXBv cnRhbnQgdG hpbmdzIGxp a2UgdGVtcG VyYXR1cmUg Y29udHJvbC BhbmQgc2Fm ZSBkZWxpdm VyeSwgd2hp Y2ggaXMgcm VhbGx5IGlt cG9ydGFudC Bmb3IgbWVk aWNpbmVzLi BMYXN0bHks IHdpdGggbW 9yZSBwZW9w bGUgbmVlZG luZyBoZWFs dGhjYXJlIG 5vdyBhbmQg aW4gdGhlIG Z1dHVyZSwg Q2VuY29yYe KAmXMgc2Vy dmljZXMgYX JlIG1vcmUg dmFsdWFibG UuPGJyPklu IHRoZSBmdX R1cmUsIENl bmNvcmEgaX MgbGlrZWx5 IHRvIHN0YX kgc3VjY2Vz c2Z1bCBiZW NhdXNlIGFz IG1vcmUgcG VvcGxlIG5l ZWQgaGVhbH RoY2FyZSwg dGhlIGRlbW FuZCBmb3Ig dGhlaXIgc2 VydmljZXMg d2lsbCBncm 93LiBUaGV5 IGNhbiBjb2 50aW51ZSB0 byBpbXByb3 ZlIHRoZWly IGRlbGl2ZX J5IHN5c3Rl bXMgYW5kIG 1pZ2h0IGV2 ZW4gZ2V0IG ludm9sdmVk IGluIG5ldy BtZWRpY2Fs IHRlY2hub2 xvZ2llcywg a2VlcGluZy B0aGVtIGlt cG9ydGFudC BpbiB0aGUg aGVhbHRoY2 FyZSBpbmR1 c3RyeS48Yn I+

VGhlIENlbm NvcmEgY29t cGFueSBpcy BhbiBvbmxp bmUgbWFya2 V0cGxhY2Ug YW5kIHBsYX Rmb3JtIGZv ciBidXlpbm cgYW5kIHNl bGxpbmcgcH JlLW93bmVk IGx1eHVyeS Bnb29kcy4g V2hhdCBtYW tlcyB0aGVt IHVuaXF1ZS BpcyB0aGVp ciBmb2N1cy BvbiBzdXN0 YWluYWJpbG l0eSBhbmQg YXV0aGVudG ljaXR5LiBU aGV5IGhhdm UgYSByaWdv cm91cyBhdX RoZW50aWNh dGlvbiBwcm 9jZXNzIGlu IHBsYWNlLC BlbnN1cmlu ZyB0aGF0IG FsbCBpdGVt cyBzb2xkIG 9uIHRoZWly IHBsYXRmb3 JtIGFyZSBn ZW51aW5lIG FuZCBub3Qg Y291bnRlcm ZlaXQuIFRo ZXkgYWxzby BoYXZlIGEg c3Ryb25nIG NvbW1pdG1l bnQgdG8gcm VkdWNpbmcg d2FzdGUgYW 5kIHByb21v dGluZyBhIG NpcmN1bGFy IGVjb25vbX kgYnkgZ2l2 aW5nIGl0ZW 1zIGEgc2Vj b25kIGxpZm UgaW5zdGVh ZCBvZiBlbm RpbmcgdXAg aW4gbGFuZG ZpbGxzLiBB ZGRpdGlvbm FsbHksIENl bmNvcmEgb2 ZmZXJzIGEg cGVyc29uYW xpemVkIHNo b3BwaW5nIG V4cGVyaWVu Y2UgZm9yIH RoZWlyIGN1 c3RvbWVycy wgcHJvdmlk aW5nIHJlY2 9tbWVuZGF0 aW9ucyBhbm QgYSBjb25j aWVyZ2Ugc2 VydmljZSBm b3IgZmluZG luZyBzcGVj aWZpYyBpdG Vtcy4gVGhl eSBhbHNvIH ByaW9yaXRp emUgZ2l2aW 5nIGJhY2sg dG8gdGhlaX IgY29tbXVu aXR5IGJ5IH BhcnRuZXJp bmcgd2l0aC BjaGFyaXRh YmxlIG9yZ2 FuaXphdGlv bnMgYW5kIG RvbmF0aW5n IGEgcG9ydG lvbiBvZiB0 aGVpciBwcm 9maXRzIHRv IHN1cHBvcn QgdmFyaW91 cyBjYXVzZX Mu

VGhlIENlbm NvcmEgY29t cGFueSBpcy BhIHJlYWwg ZXN0YXRlIG ludmVzdG1l bnQgYW5kIG RldmVsb3Bt ZW50IGNvbX BhbnkgdGhh dCBwcmltYX JpbHkgZm9j dXNlcyBvbi B0aGUgYWNx dWlzaXRpb2 4sIGRldmVs b3BtZW50LC BhbmQgbWFu YWdlbWVudC BvZiBtdWx0 aWZhbWlseS Bwcm9wZXJ0 aWVzLiBUaG VpciBidXNp bmVzcyBtb2 RlbCBpbnZv bHZlcyBpZG VudGlmeWlu ZyBwcm9wZX J0aWVzIHdp dGggcG90ZW 50aWFsIGZv ciBncm93dG ggYW5kIGFk ZGluZyB2YW x1ZSB0aHJv dWdoIHJlbm 92YXRpb25z IGFuZCBzdH JhdGVnaWMg bWFuYWdlbW VudC4gVGhl eSBhbHNvIG RpdmVyc2lm eSB0aGVpci Bwb3J0Zm9s aW8gYnkgaW 52ZXN0aW5n IGluIG90aG VyIHR5cGVz IG9mIHJlYW wgZXN0YXRl LCBzdWNoIG FzIHN0dWRl bnQgaG91c2 luZyBhbmQg Y29tbWVyY2 lhbCBwcm9w ZXJ0aWVzLi BDZW5jb3Jh IGdlbmVyYX RlcyByZXZl bnVlIHRocm 91Z2ggcmVu dGFsIGluY2 9tZSwgcHJv cGVydHkgc2 FsZXMsIGFu ZCBtYW5hZ2 VtZW50IGZl ZXMuIFRoZX kgYWxzbyB1 dGlsaXplIG ZpbmFuY2lu ZyBhbmQgcG FydG5lcnNo aXBzIHRvIG Z1bmQgdGhl aXIgcHJvam VjdHMgYW5k IGdlbmVyYX RlIHJldHVy bnMgZm9yIH RoZWlyIGlu dmVzdG9ycy 4=

To assess whether AI poses a material threat to Cencora’s products, services, or competitive positioning, we can examine several factors including substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies have the potential to substitute traditional methods in various industries, including healthcare and pharmaceutical services. If Cencora relies on conventional processes for logistics, data management, or supply chain operations, AI-driven solutions could offer more efficient alternatives. Companies that utilize AI for drug distribution, patient engagement, or analytics might provide a competitive edge, making Cencora’s traditional offerings less attractive.
2. Disintermediation: AI can facilitate direct connections between manufacturers and end-users, bypassing intermediaries. If Cencora operates as a middleman in the distribution of pharmaceutical products, advances in AI could enable clients to interact directly with manufacturers or use AI-driven platforms to access necessary services. This could threaten Cencora’s market position and revenue model, as the need for intermediaries diminishes.
3. Margin Pressure: Implementing AI solutions often requires significant investment and ongoing costs. If competitors adopt AI technologies that streamline operations, reduce costs, or improve service delivery, Cencora may face pressures to lower its prices to remain competitive. This could erode profit margins, making it challenging to maintain financial health unless they also innovate and adopt similar or more advanced technologies.
In conclusion, while AI presents both opportunities and challenges, it does pose potential threats to Cencora through substitution, disintermediation, and margin pressure. The company needs to evaluate its current practices and consider integrating AI solutions to stay competitive in the evolving marketplace.

Cencora’s earnings, cash flow, and valuation are likely to be sensitive to changes in interest rates in several ways:
1. Earnings: Higher interest rates can increase borrowing costs for companies. If Cencora relies on debt to finance its operations or growth, increased interest expenses could reduce profits. Additionally, higher rates may lead to decreased consumer spending, impacting revenue if the company relies on demand from end consumers.
2. Cash Flow: Interest rate changes affect the cost of servicing existing debt. If Cencora has variable-rate debt, rising rates could lead to higher cash outflows, squeezing cash available for operations, investments, or dividends. Conversely, lower rates could enhance cash flow by reducing interest payments.
3. Valuation: Interest rates play a critical role in discounting future cash flows to determine a company’s present value. A rise in interest rates increases the discount rate used in valuation models, resulting in a lower present value of future earnings and cash flows. This can lead to a decrease in the company’s stock price. Conversely, lower rates could enhance valuation as future cash flows are discounted at a lower rate.
Overall, changes in interest rates can significantly impact Cencora’s financial metrics and market valuation, affecting investor sentiment and possibly the company’s growth strategy.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQ2 VuY29yYeKA mXMgZWNvbm 9taWNzIG92 ZXIgdGhlIG 5leHQgM+KA kzUgeWVhcn MgaXMgc2ln bmlmaWNhbn QgcmVndWxh dG9yeSBjaG FuZ2VzIGlu IHRoZSBwaG FybWFjZXV0 aWNhbCBzdX BwbHkgY2hh aW4uIElmIG 5ldyByZWd1 bGF0aW9ucy B3ZXJlIGlt cGxlbWVudG VkIHRoYXQg aW1wb3NlZC BzdHJpY3Rl ciBjb21wbG lhbmNlIHJl cXVpcmVtZW 50cywgaW5j cmVhc2VkIG 9wZXJhdGlv bmFsIGNvc3 RzLCBvciBz aWduaWZpY2 FudGx5IGFs dGVyZWQgdG hlIGRydWcg YXBwcm92YW wgcHJvY2Vz cywgaXQgY2 91bGQgc2V2 ZXJlbHkgaW 1wYWN0IENl bmNvcmHigJ lzIGFiaWxp dHkgdG8gb3 BlcmF0ZSBl ZmZpY2llbn RseS48YnI+ SW4gdGhpcy BzY2VuYXJp bywgdGhlIG ZvbGxvd2lu ZyBlZmZlY3 RzIG9uIHRo ZSBjb21wYW 554oCZcyBt YXJnaW5zLC BjYXNoIGZs b3csIGFuZC BiYWxhbmNl IHNoZWV0IG 1pZ2h0IG9j Y3VyOjxicj 5NYXJnaW5z OiBDZW5jb3 Jh4oCZcyBw cm9maXQgbW FyZ2lucyB3 b3VsZCBsaW tlbHkgZGVj bGluZSBzaG FycGx5IGR1 ZSB0byBpbm NyZWFzZWQg Y29zdHMgb2 YgY29tcGxp YW5jZSBhbm QgcG90ZW50 aWFsIGRlbG F5cyBpbiBw cm9kdWN0IG xhdW5jaGVz IGNhdXNlZC BieSByZWd1 bGF0b3J5IG h1cmRsZXMu IE9wZXJhdG luZyBleHBl bnNlcyBjb3 VsZCByaXNl IGFzIHRoZS Bjb21wYW55 IGhpcmVzIG FkZGl0aW9u YWwgcGVyc2 9ubmVsIHRv IG1hbmFnZS ByZWd1bGF0 b3J5IGNvbX BsaWFuY2Us IGFuZCBpbm VmZmljaWVu Y2llcyBpbi B0aGUgc3Vw cGx5IGNoYW luIGNvdWxk IGRyaXZlIG Nvc3RzIGV2 ZW4gaGlnaG VyLiBJZiBz YWxlcyBncm 93dGggZG9l cyBub3Qga2 VlcCBwYWNl IHdpdGggdG hlc2UgaW5j cmVhc2VkIG Nvc3RzLCBw cm9maXQgbW FyZ2lucyB3 b3VsZCBzdW ZmZXIgc2ln bmlmaWNhbn RseS48YnI+ Q2FzaCBGbG 93OiBXaXRo IHJpc2luZy BvcGVyYXRp b25hbCBhbm QgY29tcGxp YW5jZSBjb3 N0cywgQ2Vu Y29yYSBjb3 VsZCBleHBl cmllbmNlIG 5lZ2F0aXZl IGNhc2ggZm xvdyBpZiBy ZXZlbnVlcy BkbyBub3Qg aW5jcmVhc2 UgY29ycmVz cG9uZGluZ2 x5LiBQYXlt ZW50IGRlbG F5cyBmcm9t IGNsaWVudH MgZHVlIHRv IHJlZ3VsYX RvcnkgaXNz dWVzIGNvdW xkIGZ1cnRo ZXIgZXhhY2 VyYmF0ZSBj YXNoIGZsb3 cgcHJvYmxl bXMuIFRoZS Bjb21wYW55 IG1pZ2h0IG 5lZWQgdG8g dXRpbGl6ZS BpdHMgY2Fz aCByZXNlcn ZlcyBvciBi b3Jyb3cgZn VuZHMgdG8g bWFpbnRhaW 4gb3BlcmF0 aW9ucywgbG VhZGluZyB0 byB0aWdodG VyIGxpcXVp ZGl0eS48Yn I+QmFsYW5j ZSBTaGVldD ogQW4gaW5j cmVhc2UgaW 4gZGVidCB0 byBtYW5hZ2 UgY2FzaCBm bG93IGNoYW xsZW5nZXMg d291bGQgYW R2ZXJzZWx5 IGFmZmVjdC BDZW5jb3Jh 4oCZcyBiYW xhbmNlIHNo ZWV0LiBJbm NyZWFzaW5n IGxpYWJpbG l0aWVzIGNv dWxkIGxlYW QgdG8gYSBo aWdoZXIgZG VidC10by1l cXVpdHkgcm F0aW8sIHJh aXNpbmcgY2 9uY2VybnMg YW1vbmcgaW 52ZXN0b3Jz IGFib3V0IH RoZSBjb21w YW554oCZcy BmaW5hbmNp YWwgaGVhbH RoLiBJZiBD ZW5jb3JhIG 5lZWRzIHRv IHJhaXNlIG FkZGl0aW9u YWwgZXF1aX R5IG9yIGRl YnQgZmluYW 5jaW5nLCBp dCBjb3VsZC BmYWNlIGhp Z2hlciBib3 Jyb3dpbmcg Y29zdHMgYW 5kIGRpbHV0 aW9uIG9mIG V4aXN0aW5n IHNoYXJlcy wgZnVydGhl ciBpbXBhaX Jpbmcgc2hh cmVob2xkZX IgdmFsdWUu PGJyPkluIH N1bW1hcnks IGlmIHNpZ2 5pZmljYW50 IHJlZ3VsYX RvcnkgY2hh bmdlcyB3ZX JlIHRvIG9j Y3VyLCBDZW 5jb3JhIHdv dWxkIGZhY2 UgcmVkdWNl ZCBtYXJnaW 5zIGR1ZSB0 byBoaWdoZX IgY29tcGxp YW5jZSBjb3 N0cywgZGV0 ZXJpb3JhdG luZyBjYXNo IGZsb3cgYX MgaW5jcmVh c2VkIGV4cG Vuc2VzIG91 dHBhY2Ugcm V2ZW51ZSBn cm93dGgsIG FuZCBhIHdl YWtlbmVkIG JhbGFuY2Ug c2hlZXQgY2 hhcmFjdGVy aXplZCBieS ByaXNpbmcg ZGVidCBhbm QgbG93ZXIg ZmluYW5jaW FsIGZsZXhp YmlsaXR5Li BTdWNoIGNo YW5nZXMgY2 91bGQgZnVu ZGFtZW50YW xseSBhbHRl ciB0aGUgY2 9tcGFueeKA mXMgbG9uZy 10ZXJtIHZp YWJpbGl0eS BhbmQgY29t cGV0aXRpdm VuZXNzIGlu IHRoZSBtYX JrZXQuPGJy 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 bG9nb3MveD RNbHJaaEVy Z1V2UEU0MV d5M1Mud2Vi cCIgYWx0PS JDZW5jb3Jh IiB0aXRsZT 0iQ2VuY29y YSIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD01 MCB3aWR0aD 01MCBsb2Fk aW5nPSdsYX p5JyBzdHls ZT0nYm9yZG VyLXJhZGl1 czogNnB4Oy c+CgogICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J2Zs ZXg6IDE7IH RleHQtYWxp Z246IGNlbn RlcjsgbWFy Z2luLWxlZn Q6IDVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8cCBz dHlsZT0nZm 9udC1zaXpl OiAyNnB4Oy Bjb2xvcjog IzMzMzsgbW FyZ2luLWJv dHRvbTogMT VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T iCBXYW50IH RvIHJlYWQg bW9yZSBhYm 91dCBDZW5j b3JhPwogIC 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+U kyBVbmxvY2 sgb3VyIGZy ZWUgZ3VpZG U6IDxpPiJU aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz IjwvaT4KIC 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 IE1TNGdRMl Z1WTIgOXlZ U0IzWVhNZy BabTkxYm1S bFpDIEJwYm lBeU1EQTEg SUdKNUlIUj NieSBCbGJu UnlaWEJ5IF pXNWxkWEp6 TEMgQktkV3 hwWlc0ZyBV MkZ1ZG1sal pXIDUwWlNC aGJtUWcgVF dGeVl5Qkli MiBabWJXRn ViaXdnIGFX NGdUbmx2Ym kgd2dVM2Rw ZEhwbCBjbX hoYm1RdVBH IEp5UGpJdU lGUm8gWlNC dVlXMWxJRS BObGJtTnZj bUVnIFkyOX RaWE1nWm4g SnZiU0IwYU dVZyBZMjl0 WW1sdVlYIF JwYjI0Z2Iy WWcgZEdobE lIZHZjbSBS eklHTmxibl JsIGNpQmhi bVFnWTIgOX VibVZqZEds diBiaXdnY2 1WbWJHIFZq ZEdsdVp5Qj AgYUdVZ1ky OXRjRyBGdW VlS0FtWE1n IFptOWpkWE 1nYjIgNGdZ M0psWVhScC BibWNnWVNC a2FXIGRwZE dGc0lIQnMg WVhSbWIzSn RJRyBadmNp QmlkWE5wIG JtVnpjMlZ6 SUggUnZJR0 52Ym01bCBZ M1FnWVc1a0 lHIE52Ykd4 aFltOXkgWV hSbExqeGlj aiA0ekxpQk RaVzVqIGIz SmhJSE4wWV ggSjBaV1Fn WVhNZyBZU0 J6YldGc2JD IEJ6YjJaMG QyRnkgWlNC a1pYWmxiRy A5d2JXVnVk Q0JoIFoyVn VZM2tzSUgg ZHBkR2dnWV NCMCBaV0Z0 SUc5bUlHID l1YkhrZ1pt bDIgWlNCd1 pXOXdiRyBV dVBHSnlQal F1IElFbHVJ REl3TVQgQX NJRU5sYm1O diBjbUVnYk dGMWJtIE5v WldRZ2FYUn ogSUdacGNu TjBJSCBCeW IyUjFZM1Fz IElIUm9aU0 JEWlcgNWpi M0pwYmlCdy BiR0YwWm05 eWJTIHdnZD JocFkyZ2cg WVdsdFpXUW dkRyA4Z2NI SnZkbWxrIF pTQmhJR1Jw WjIgbDBZV3 dnYzNCaCBZ MlVnWm05eU lHIEoxYzJs dVpYTnogWl hNZ2RHOGdZ MiA5c2JHRm liM0poIGRH VWdZVzVrSU ggTm9ZWEps SUdsdSBabT l5YldGMGFX IDl1TGp4aW NqNDEgTGlC SmJpQXlNRC BFeUxDQkRa VzVqIGIzSm hJSEpsWTIg VnBkbVZrSU dFZyBjMmxu Ym1sbWFXIE 5oYm5RZ2FX NTIgWlhOMG JXVnVkQyBC bWNtOXRJR0 VnIFUzZHBj M01nY0ggSn BkbUYwWlNC bCBjWFZwZE hrZ1puIFZ1 WkN3Z1lXeH MgYjNkcGJt Y2dkRyBobE lHTnZiWEJo IGJua2dkRz hnWlggaHdZ VzVrSUdsMC BjeUJ2Y0dW eVlYIFJwYj I1eklHRnUg WkNCelpYSj JhVyBObGN5 NDhZbkkrIE 5pNGdRMlZ1 WTIgOXlZU0 JvWVhNZyBi MlptYVdObG N5IEJwYmlC VGQybDAgZW 1WeWJHRnVa QyB3Z1UzQm hhVzRzIElH RnVaQ0JCZF ggTjBjbWxo TENCaCBibV FnYUdGeklH IDkyWlhJZ0 1UQXcgSUdW dGNHeHZlVy BWbGN5NDhZ bkkrIE55NG dWR2hsSUUg TmxibU52Y2 1sdSBJSEJz WVhSbWIzIE p0SUdoaGN5 QmwgZG05c2 RtVmtJRyBs dWRHOGdZU0 JqIGIyMXdj bVZvWlcgNX phWFpsSUdS cCBaMmwwWV d3Z1pXIE52 YzNsemRHVn QgTENCdlpt WmxjbSBsdV p5QnpaWEoy IGFXTmxjeU J6ZFcgTm9J R0Z6SUdKMS BjMmx1WlhO eklIIEJ5Yj JObGMzTWcg WVhWMGIyMW hkRyBsdmJp d2djSEp2IG FtVmpkQ0J0 WVcgNWhaMl Z0Wlc1MCBM Q0JoYm1RZ1 pHIDlqZFcx bGJuUWcgYl dGdVlXZGxi VyBWdWRDND hZbkkrIE9D NGdWR2hsSU cgTnZiWEJo Ym5rZyBhR0 Z6SUhkdmJp IEJ6WlhabG NtRnMgSUdG M1lYSmtjeS BCdmRtVnlJ SFJvIFpTQj VaV0Z5Y3kg d2dhVzVqYk hWayBhVzVu SUhSb1pTIE JUZDJsemN5 QkogUTFRZ1 FYZGhjbSBR Z1ptOXlJRT F2IGMzUWdV SEp2YlcgbH phVzVuSUVO diBiWEJoYm 5rZ2FXIDRn TWpBeE1TQm ggYm1RZ2RH aGxJRSBWMW NtOXdaV0Z1 IElFVnNaV0 4wY20gOXVh V056SUVGMy BZWEprSUda dmNpIEJDWl hOMElFbHUg Wm05eWJXRj BhVyA5dUlG UmxZMmh1IG IyeHZaM2tn VUggSnZhbV ZqZENCcCBi aUF5TURFek xqIHhpY2o0 NUxpQkQgWl c1amIzSmg0 byBDWmN5Qm piR2xsIGJu UWdiR2x6ZE MgQnBibU5z ZFdSbCBjeU J0WVdwdmNp IEJqYjIxd1 lXNXAgWlhN Z1puSnZiUy BCMllYSnBi M1Z6IElHbH VaSFZ6ZEgg SnBaWE1nYz NWaiBhQ0Jo Y3lCT1pYIE 4wYkdVc0lF NXYgZG1GeW RHbHpMQyBC aGJtUWdWVU pUIExqeGlj ajR4TUMgNG dTVzRnTWpB eSBNQ3dnUT JWdVkyIDl5 WVNCc1lYVn UgWTJobFpD QmhJRyA1bG R5QndjbTlr IGRXTjBMQ0 JEWlcgNWpi M0poSUVGSi BMQ0IzYUds amFDIEIxYz JWeklHRnkg ZEdsbWFXTn BZVyB3Z2FX NTBaV3hzIG FXZGxibU5s SUggUnZJR2 hsYkhBZyBZ blZ6YVc1bG MzIE5sY3lC aGRYUnYgYl dGMFpTQmhi bSBRZ2FXMX djbTkyIFpT QjBhR1ZwY2 kgQndjbTlq WlhOeiBaWE 11CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==