Mondelez International

More reviews (4)

Live  

Mondelez International is a multinational food and beverage company headquartered in Deerfield, Illinois. The company was formed in 2012 after a split from Kraft Foods, and is one of the largest snack companies in the world.
Mondelez's portfolio includes popular brands such as Oreo, Cadbury, Toblerone, Trident, Halls, and Sour Patch Kids, among others. The company has a strong presence in over 150 countries and employs over 80,000 people worldwide.
Mondelez's mission is to "create scrumptious moments of joy" for its consumers through its wide range of snack products. The company focuses on innovation and sustainability to continuously improve its products and operations. Mondelez is also committed to promoting healthy snacking habits and reducing its environmental impact through responsible sourcing and packaging initiatives.
Mondelez's global reach, diverse portfolio, and strong reputation make it a leader in the food and beverage industry.

TW9uZGVsZX ogSW50ZXJu YXRpb25hbC BpcyBhIGJp ZyBjb21wYW 55IHRoYXQg bWFrZXMgYW 5kIHNlbGxz IGxvdHMgb2 YgeXVtbXkg c25hY2tzIG FuZCB0cmVh dHMuIFRoaW 5rIG9mIHRo aW5ncyBsaW tlIGNob2Nv bGF0ZSBiYX JzLCBjb29r aWVzLCBhbm QgZ3VtISBZ b3UgbWlnaH QgaGF2ZSBo ZWFyZCBvZi Bwb3B1bGFy IGJyYW5kcy BsaWtlIE9y ZW8sIENhZG J1cnksIGFu ZCBUcmlzY3 VpdCwgd2hp Y2ggYXJlIG FsbCBtYWRl IGJ5IE1vbm RlbGV6Ljxi cj5Ob3csIG hvdyBkb2Vz IE1vbmRlbG V6IG1ha2Ug bW9uZXk/IF RoZXkgY3Jl YXRlIGRlbG ljaW91cyBz bmFja3MsIG FuZCB0aGVu IHRoZXkgc2 VsbCB0aGVt IGluIHN0b3 JlcyBhbGwg YXJvdW5kIH RoZSB3b3Js ZC4gV2hlbi BwZW9wbGUg YnV5IHRob3 NlIHNuYWNr cywgTW9uZG VsZXogZWFy bnMgbW9uZX kuIFRoZXkg YWxzbyB3b3 JrIGhhcmQg dG8gbWFrZS BzdXJlIHRo ZWlyIHByb2 R1Y3RzIGFy ZSBmdW4gYW 5kIHRhc3R5 LCBzbyBsb3 RzIG9mIHBl b3BsZSB3YW 50IHRvIGtl ZXAgYnV5aW 5nIHRoZW0g b3ZlciBhbm Qgb3ZlciBh Z2Fpbi48Yn I+TW9uZGVs ZXogaXMgc3 VjY2Vzc2Z1 bCBmb3IgYS BmZXcgcmVh c29ucy4gRm lyc3QsIHRo ZXkgaGF2ZS BhIHN0cm9u ZyBicmFuZC BhbmQgbWFu eSB5dW1teS Bwcm9kdWN0 cyB0aGF0IH Blb3BsZSBs b3ZlLiBTZW NvbmQsIHRo ZXkga25vdy Bob3cgdG8g Y29tZSB1cC B3aXRoIG5l dyBmbGF2b3 JzIGFuZCBz bmFja3MgdG 8ga2VlcCB0 aGluZ3MgZX hjaXRpbmcg YW5kIGludG VyZXN0aW5n LiBUaGlyZC wgdGhleSBz ZWxsIHRoZW lyIHRyZWF0 cyBpbiBtYW 55IGNvdW50 cmllcywgc2 8gdGhleSBo YXZlIGxvdH Mgb2YgY3Vz dG9tZXJzLi A8YnI+TG9v a2luZyB0by B0aGUgZnV0 dXJlLCBNb2 5kZWxleiB3 aWxsIGxpa2 VseSBjb250 aW51ZSB0by BiZSBzdWNj ZXNzZnVsIG JlY2F1c2Ug cGVvcGxlIH dpbGwgYWx3 YXlzIHdhbn QgdGFzdHkg c25hY2tzLC Blc3BlY2lh bGx5IHdoZW 4gdGhleSBm aW5kIG5ldy BvbmVzIHRo YXQgdGhleS Bsb3ZlLiBQ bHVzLCBhcy B0aGV5IGtl ZXAgaW52ZW 50aW5nIG5l dyBzbmFja3 MgYW5kIG1h a2luZyBzdX JlIHRoZWly IHByb2R1Y3 RzIGFyZSBo ZWFsdGh5IG FuZCBmdW4s IHRoZXkgY2 FuIGFkYXB0 IHRvIHdoYX QgcGVvcGxl IHdhbnQsIG hlbHBpbmcg dGhlbSBzdG F5IHBvcHVs YXIhPGJyPg ==

MS4gR2xvYm FsIFByZXNl bmNlOiBNb2 5kZWxleiBJ bnRlcm5hdG lvbmFsIGlz IG9uZSBvZi B0aGUgbGFy Z2VzdCBzbm FjayBjb21w YW5pZXMgaW 4gdGhlIHdv cmxkLCB3aX RoIGEgcHJl c2VuY2UgaW 4gb3ZlciAx NTAgY291bn RyaWVzLiBJ dCBoYXMgYS B3aWRlIGds b2JhbCByZW FjaCBhbmQg aXMgYWJsZS B0byBjYXRl ciB0byBhIG RpdmVyc2Ug cmFuZ2Ugb2 YgY29uc3Vt ZXIgcHJlZm VyZW5jZXMg YW5kIHRhc3 RlcyBhY3Jv c3MgY3VsdH VyZXMuPGJy PjIuIEljb2 5pYyBCcmFu ZHM6IFRoZS Bjb21wYW55 IGhhcyBhIH BvcnRmb2xp byBvZiBpY2 9uaWMgYnJh bmRzIGluY2 x1ZGluZyBP cmVvLCBDYW RidXJ5LCBU cmlkZW50LC BUb2JsZXJv bmUsIGFuZC BSaXR6LCB3 aGljaCBhcm Ugd2VsbC1r bm93biBhbm QgbG92ZWQg YnkgY29uc3 VtZXJzIGFy b3VuZCB0aG Ugd29ybGQu IFRoZXNlIG JyYW5kcyBo YXZlIGEgc3 Ryb25nIGhl cml0YWdlIG FuZCBob2xk IGEgc2lnbm lmaWNhbnQg bWFya2V0IH NoYXJlIGlu IHRoZWlyIH Jlc3BlY3Rp dmUgY2F0ZW dvcmllcy48 YnI+My4gRG l2ZXJzaWZp ZWQgUHJvZH VjdCBSYW5n ZTogTW9uZG VsZXogb2Zm ZXJzIGEgZG l2ZXJzZSBy YW5nZSBvZi Bwcm9kdWN0 cywgaW5jbH VkaW5nIGNo b2NvbGF0ZX MsIGJpc2N1 aXRzLCBndW 0gYW5kIGNh bmR5LCBiaX NjdWl0cywg YW5kIHNhdm 9yeSBzbmFj a3MuIFRoaX MgYWxsb3dz IHRoZSBjb2 1wYW55IHRv IGNhdGVyIH RvIGRpZmZl cmVudCBzbm Fja2luZyBv Y2Nhc2lvbn MgYW5kIGNv bnN1bWVyIG 5lZWRzLCBt YWtpbmcgaX QgYSBvbmUt c3RvcC1zaG 9wIGZvciBh bGwgc25hY2 tpbmcgZGVz aXJlcy48Yn I+NC4gQ29t bWl0bWVudC B0byBTdXN0 YWluYWJpbG l0eTogVGhl IGNvbXBhbn kgaGFzIGEg c3Ryb25nIG NvbW1pdG1l bnQgdG8gc3 VzdGFpbmFi aWxpdHkgYW 5kIGhhcyBz ZXQgYW1iaX Rpb3VzIGdv YWxzIHRvIH JlZHVjZSBp dHMgZW52aX Jvbm1lbnRh bCBmb290cH JpbnQgYW5k IGltcHJvdm UgdGhlIHdl bGwtYmVpbm cgb2YgdGhl IGNvbW11bm l0aWVzIGl0 IG9wZXJhdG VzIGluLiBN b25kZWxlei BoYXMgYmVl biByZWNvZ2 5pemVkIGZv ciBpdHMgZW Zmb3J0cyBp biBzdXN0YW luYWJsZSBz b3VyY2luZy wgcmVkdWNp bmcgZ3JlZW 5ob3VzZSBn YXMgZW1pc3 Npb25zLCBh bmQgcHJvbW 90aW5nIGhl YWx0aGllci BzbmFja2lu ZyBjaG9pY2 VzLjxicj41 LiBJbm5vdm F0aW9uIGFu ZCBSZXNlYX JjaDogTW9u ZGVsZXogcG xhY2VzIGEg c3Ryb25nIG VtcGhhc2lz IG9uIGlubm 92YXRpb24g YW5kIGludm VzdGluZyBp biByZXNlYX JjaCBhbmQg ZGV2ZWxvcG 1lbnQgdG8g Y29udGludW 91c2x5IGlt cHJvdmUgaX RzIHByb2R1 Y3Qgb2ZmZX JpbmdzLiBU aGUgY29tcG FueSBoYXMg ZGVkaWNhdG VkIGlubm92 YXRpb24gY2 VudGVycyBh bmQgY29sbG Fib3JhdGVz IHdpdGggdW 5pdmVyc2l0 aWVzIGFuZC BzdGFydHVw cyB0byBkZX ZlbG9wIG5l dyBwcm9kdW N0cyBhbmQg dGVjaG5vbG 9naWVzLjxi cj42LiBFbX Bsb3llZS1E aXZlcnNpdH k6IE1vbmRl bGV6IGhhcy BhIGRpdmVy c2UgYW5kIG luY2x1c2l2 ZSB3b3JrZm 9yY2UsIHdp dGggZW1wbG 95ZWVzIGZy b20gb3Zlci AxNjcgbmF0 aW9uYWxpdG llcy4gVGhl IGNvbXBhbn kgdmFsdWVz IGRpdmVyc2 l0eSBhbmQg YmVsaWV2ZX MgdGhhdCBh IGRpdmVyc2 Ugd29ya2Zv cmNlIGJyaW 5ncyBmcmVz aCBwZXJzcG VjdGl2ZXMg YW5kIGVucm ljaGVzIHRo ZSBjb21wYW 55IGN1bHR1 cmUuPGJyPj cuIFN0cm9u ZyBGaW5hbm NpYWwgUGVy Zm9ybWFuY2 U6IE1vbmRl bGV6IGhhcy Bjb25zaXN0 ZW50bHkgZG VsaXZlcmVk IHN0cm9uZy BmaW5hbmNp YWwgcGVyZm 9ybWFuY2Us IHdpdGggYS BzdGVhZHkg aW5jcmVhc2 UgaW4gcmV2 ZW51ZSBhbm QgcHJvZml0 cy4gVGhpcy BoYXMgaGVs cGVkIHRoZS Bjb21wYW55 IG1haW50YW luIGl0cyBw b3NpdGlvbi BhcyBhIGxl YWRlciBpbi B0aGUgc25h Y2tpbmcgaW 5kdXN0cnkg YW5kIGFsc2 8gaW52ZXN0 IGluIG5ldy Bncm93dGgg c3RyYXRlZ2 llcy48YnI+ OC4gQ29uc3 VtZXItQ2Vu dHJpYyBBcH Byb2FjaDog VGhlIGNvbX BhbnkgaGFz IGEgc3Ryb2 5nIGZvY3Vz IG9uIHVuZG Vyc3RhbmRp bmcgYW5kIG 1lZXRpbmcg Y29uc3VtZX IgbmVlZHMg YW5kIHByZW ZlcmVuY2Vz LiBJdCBjb2 5kdWN0cyBl eHRlbnNpdm UgY29uc3Vt ZXIgcmVzZW FyY2ggYW5k IHVzZXMgaW 5ub3ZhdGl2 ZSBtYXJrZX RpbmcgdGVj aG5pcXVlcy B0byBjb25u ZWN0IHdpdG ggaXRzIHRh cmdldCBhdW RpZW5jZSBh bmQgc3RheS BhaGVhZCBv ZiB0aGUgY2 9tcGV0aXRp b24uPGJyPj kuIENvcnBv cmF0ZSBTb2 NpYWwgUmVz cG9uc2liaW xpdHk6IE1v bmRlbGV6IG lzIGNvbW1p dHRlZCB0by BtYWtpbmcg YSBwb3NpdG l2ZSBpbXBh Y3Qgb24gc2 9jaWV0eSB0 aHJvdWdoIH ZhcmlvdXMg c29jaWFsIG luaXRpYXRp dmVzIGFuZC BwYXJ0bmVy c2hpcHMuIF RoZSBjb21w YW55IGFpbX MgdG8gZW1w b3dlciBpdH MgZW1wbG95 ZWVzLCByZW R1Y2UgaXRz IGVudmlyb2 5tZW50YWwg aW1wYWN0LC BhbmQgc3Vw cG9ydCBsb2 NhbCBjb21t dW5pdGllcy B0aHJvdWdo IGl0cyBDU1 IgcHJvZ3Jh bXMuPGJyPj EwLiBTdHJv bmcgTWFuYW dlbWVudCBU ZWFtOiBNb2 5kZWxleiBp cyBsZWQgYn kgYSB0ZWFt IG9mIGV4cG VyaWVuY2Vk IGFuZCBkZW RpY2F0ZWQg bGVhZGVycy wgd2hvIGJy aW5nIGEgd2 VhbHRoIG9m IGtub3dsZW RnZSBhbmQg ZXhwZXJ0aX NlIHRvIHRo ZSBjb21wYW 55LiBUaGUg dGVhbSBoYX MgYSBjbGVh ciB2aXNpb2 4gZm9yIHRo ZSBjb21wYW 55J3MgZnV0 dXJlIGFuZC BpcyBmb2N1 c2VkIG9uIG RlbGl2ZXJp bmcgc3VzdG FpbmFibGUg YW5kIHByb2 ZpdGFibGUg Z3Jvd3RoLg ==

VGhlIE1vbm RlbGV6IElu dGVybmF0aW 9uYWwgY29t cGFueSdzIG J1c2luZXNz IG1vZGVsIG lzIGZvY3Vz ZWQgb24gY3 JlYXRpbmcg YW5kIHNlbG xpbmcgc25h Y2tzLCBjb2 5mZWN0aW9u ZXJ5LCBhbm QgYmV2ZXJh Z2VzIGdsb2 JhbGx5LiBU aGlzIGluY2 x1ZGVzIGlj b25pYyBicm FuZHMgc3Vj aCBhcyBPcm VvLCBDYWRi dXJ5LCBUb2 JsZXJvbmUs IGFuZCBUcm lkZW50LiBU aGUgY29tcG FueSBvcGVy YXRlcyBpbi BvdmVyIDE1 MCBjb3VudH JpZXMgYW5k IGFpbXMgdG 8gZ3JvdyBp dHMgcHJlc2 VuY2UgaW4g ZW1lcmdpbm cgbWFya2V0 cy4gPGJyPk 1vbmRlbGV6 J3MgYnVzaW 5lc3MgbW9k ZWwgaW52b2 x2ZXMgYSBz dHJvbmcgZm 9jdXMgb24g aW5ub3ZhdG lvbiBhbmQg Y29udGludW 91cyBwcm9k dWN0IGRldm Vsb3BtZW50 IHRvIG1lZX QgY2hhbmdp bmcgY29uc3 VtZXIgcHJl ZmVyZW5jZX MuIFRoZSBj b21wYW55IG Fsc28gbGV2 ZXJhZ2VzIG l0cyBzdHJv bmcgZGlzdH JpYnV0aW9u IG5ldHdvcm sgYW5kIHJl bGF0aW9uc2 hpcHMgd2l0 aCByZXRhaW xlcnMgdG8g ZW5zdXJlIG l0cyBwcm9k dWN0cyBhcm Ugd2lkZWx5 IGF2YWlsYW JsZSB0byBj dXN0b21lcn MuIDxicj5B bm90aGVyIG tleSBhc3Bl Y3Qgb2YgTW 9uZGVsZXon cyBidXNpbm VzcyBtb2Rl bCBpcyBpdH MgY29tbWl0 bWVudCB0by BzdXN0YWlu YWJpbGl0eS BhbmQgcmVz cG9uc2libG Ugc291cmNp bmcuIFRoaX MgaW5jbHVk ZXMgZWZmb3 J0cyB0byBy ZWR1Y2UgZW 52aXJvbm1l bnRhbCBpbX BhY3QsIHBy b21vdGUgc3 VzdGFpbmFi bGUgZmFybW luZyBwcmFj dGljZXMsIG FuZCBzdXBw b3J0IGxvY2 FsIGNvbW11 bml0aWVzLi A8YnI+VGhl IGNvbXBhbn kgYWxzbyBl bXBoYXNpem VzIGRpZ2l0 YWwgYW5kIG UtY29tbWVy Y2UgY2hhbm 5lbHMgdG8g cmVhY2ggY2 9uc3VtZXJz IGFuZCBkcm l2ZSBzYWxl cy4gVGhpcy BpbmNsdWRl cyBpbnZlc3 RpbmcgaW4g b25saW5lIH JldGFpbCBw bGF0Zm9ybX MgYW5kIGRl dmVsb3Bpbm cgbmV3IHRl Y2hub2xvZ2 llcyB0byBl bmhhbmNlIH RoZSBjb25z dW1lciBleH BlcmllbmNl LiA8YnI+SW 4gdGVybXMg b2YgcmV2ZW 51ZSwgTW9u ZGVsZXogZ2 VuZXJhdGVz IG1vc3Qgb2 YgaXRzIGVh cm5pbmdzIG Zyb20gdGhl IHNhbGUgb2 YgaXRzIHBy b2R1Y3RzLC BidXQgYWxz byBoYXMgYS Bmb2N1cyBv biBjb3N0IH JlZHVjdGlv biBhbmQgZW ZmaWNpZW5j eSBpbml0aW F0aXZlcyB0 byBtYXhpbW l6ZSBwcm9m aXRhYmlsaX R5LiBVbHRp bWF0ZWx5LC B0aGUgY29t cGFueSdzIG J1c2luZXNz IG1vZGVsIG lzIGJ1aWx0 IG9uIGEgc3 Ryb25nIHBv cnRmb2xpby BvZiB3ZWxs LWtub3duIG JyYW5kcywg Z2xvYmFsIH JlYWNoLCBp bm5vdmF0aW 9uLCBzdXN0 YWluYWJpbG l0eSwgYW5k IGEgc3Ryb2 5nIGZvY3Vz IG9uIG1lZX RpbmcgY29u c3VtZXIgbm VlZHMu

AI can pose potential threats to Mondelez International in several ways, including substitution, disintermediation, and margin pressure.
1. Substitution: AI-driven innovations could lead to the development of alternative snacks and products that appeal to health-conscious consumers. Machine learning algorithms can identify market trends and consumer preferences, enabling competitors to create new snacks that directly substitute for Mondelez’s offerings. This could lead to a decline in market share, especially if these substitutes are perceived as healthier or more innovative.
2. Disintermediation: AI technologies can streamline supply chains and improve direct-to-consumer sales models, minimizing the need for traditional distributors and retailers. Companies that leverage AI effectively may create more direct relationships with consumers, reducing the role of traditional retailers in the distribution of Mondelez’s products. This could disrupt Mondelez’s existing distribution partnerships and impact its sales channels.
3. Margin Pressure: The use of AI in manufacturing and logistics can lead to more efficient operations for competitors, allowing them to lower costs and potentially undercut prices. If competitors adopt AI technologies faster than Mondelez, it could create margin pressure for Mondelez, forcing the company to either lower its prices or invest in its own technology to maintain competitiveness.
Overall, while AI offers many opportunities for enhancing product development, marketing, and operational efficiency, it also poses strategic challenges that Mondelez International must address to protect its market position and profitability.

Mondelez International’s earnings, cash flow, and valuation are sensitive to changes in interest rates, primarily due to the nature of its business, capital structure, and financial market dynamics.
1. Earnings: Higher interest rates can lead to increased borrowing costs for Mondelez, prompting the company to allocate more profits toward interest expenses. This could reduce net earnings, especially if the company has significant debt. Conversely, if rates rise due to strong economic conditions, consumers may have more disposable income, potentially increasing demand for Mondelez products.
2. Cash Flow: Cash flows, particularly free cash flow, can be impacted by interest rates. Increased rates generally mean higher financing costs, which can squeeze cash flow if the company needs to pay more in interest on its debt. However, if interest rates rise alongside economic growth, it could benefit Mondelez through stronger sales, potentially offsetting some of the negative impacts on cash flow.
3. Valuation: The valuation of Mondelez, often assessed through discounted cash flow models, is heavily influenced by interest rates. Higher rates typically increase the discount rate used to calculate the present value of future cash flows, leading to lower valuations. Alternatively, in a low-interest-rate environment, the present value of future cash flows increases, potentially enhancing the company’s valuation.
In conclusion, while rising interest rates can negatively impact Mondelez’s earnings, cash flow, and valuation, the broader economic context and market conditions play a critical role in determining the overall sensitivity.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BNb25kZWxl eiBJbnRlcm 5hdGlvbmFs 4oCZcyBlY2 9ub21pY3Mg b3ZlciB0aG UgbmV4dCAz 4oCTNSB5ZW FycyBpcyBh IHNpZ25pZm ljYW50IGFu ZCBzdXN0YW luZWQgaW5j cmVhc2UgaW 4gY29tbW9k aXR5IHByaW NlcywgcGFy dGljdWxhcm x5IGZvciBr ZXkgaW5ncm VkaWVudHMg c3VjaCBhcy Bjb2NvYSwg c3VnYXIsIG FuZCBkYWly eS4gVGhpcy Bjb3VsZCBi ZSBkcml2ZW 4gYnkgZmFj dG9ycyBzdW NoIGFzIGNs aW1hdGUgY2 hhbmdlIGlt cGFjdHMgb2 4gYWdyaWN1 bHR1cmUsIG dlb3BvbGl0 aWNhbCB0ZW 5zaW9ucyBh ZmZlY3Rpbm cgdHJhZGUg cm91dGVzLC BvciBzaGlm dHMgaW4gZ2 xvYmFsIHN1 cHBseSBhbm QgZGVtYW5k IGR1ZSB0by BlY29ub21p YyBjb25kaX Rpb25zLjxi cj5JZiB0aG lzIHNjZW5h cmlvIHdlcm UgdG8gbWF0 ZXJpYWxpem UsIE1vbmRl bGV6IHdvdW xkIGxpa2Vs eSBmYWNlIH NldmVyYWwg cmVwZXJjdX NzaW9uczo8 YnI+MS4gPH N0cm9uZz5N YXJnaW5zOj wvc3Ryb25n PiBUaGUgY2 9tcGFueeKA mXMgcHJvZm l0IG1hcmdp bnMgd291bG QgYmUgYWR2 ZXJzZWx5IG FmZmVjdGVk IGFzIHJpc2 luZyBpbnB1 dCBjb3N0cy B3b3VsZCBz cXVlZXplIG 1hcmdpbnMu IE1vbmRlbG V6IG1pZ2h0 IGF0dGVtcH QgdG8gcGFz cyBvbiBzb2 1lIG9mIHRo ZSBjb3N0cy B0byBjb25z dW1lcnMgdG hyb3VnaCBw cmljZSBpbm NyZWFzZXM7 IGhvd2V2ZX IsIGRlcGVu ZGluZyBvbi B0aGUgbWFy a2V04oCZcy BwcmljZSBz ZW5zaXRpdm l0eSwgdGhp cyBjb3VsZC BsZWFkIHRv IHJlZHVjZW QgZGVtYW5k IGZvciBzb2 1lIHByb2R1 Y3RzLiBJbi B0aGUgd29y c3QtY2FzZS BzY2VuYXJp bywgaWYgcH JpY2VzIHJp c2Ugc2lnbm lmaWNhbnRs eSBhbmQgY2 9uc3VtZXIg cHVyY2hhc2 luZyBwb3dl ciBkZWNsaW 5lcywgdGhl IGNvbXBhbn kgY291bGQg ZXhwZXJpZW 5jZSBhIGRy b3AgaW4gc2 FsZXMgdm9s dW1lLCBmdX J0aGVyIGNv bXByZXNzaW 5nIG1hcmdp bnMuPGJyPj IuIDxzdHJv bmc+Q2FzaC BGbG93Ojwv c3Ryb25nPi BIaWdoZXIg Y29zdHMgYW 5kIHBvdGVu dGlhbGx5IG xvd2VyIHNh bGVzIHdvdW xkIGxlYWQg dG8gcmVkdW NlZCBvcGVy YXRpbmcgY2 FzaCBmbG93 LiBXaXRoIH ByZXNzdXJl IG9uIHByb2 ZpdGFiaWxp dHksIE1vbm RlbGV6IG1p Z2h0IGhhdm UgbGVzcyBj YXNoIGF2YW lsYWJsZSBm b3IgcmVpbn Zlc3RtZW50 IGludG8gdG hlIGJ1c2lu ZXNzLCBzaG FyZSBidXli YWNrcywgb3 IgZGl2aWRl bmQgcGF5bW VudHMsIGFm ZmVjdGluZy BpdHMgYWJp bGl0eSB0by BwdXJzdWUg Z3Jvd3RoIG luaXRpYXRp dmVzLiBJZi BjYXNoIGZs b3dzIGJlY2 9tZSBzaWdu aWZpY2FudG x5IGNvbnN0 cmFpbmVkLC B0aGUgY29t cGFueSBjb3 VsZCBmYWNl IGRpZmZpY3 VsdGllcyBp biBtYWludG FpbmluZyBp dHMgcHJlZm VycmVkIGZp bmFuY2lhbC BzdHJhdGVn aWVzLjxicj 4zLiA8c3Ry b25nPkJhbG FuY2UgU2hl ZXQ6PC9zdH Jvbmc+IEFu IGFkdmVyc2 Ugc2NlbmFy aW8gb2Ygc3 VzdGFpbmVk IGhpZ2ggY2 9zdHMgYW5k IGRlY2xpbm luZyBzYWxl cyBtYXkgZm 9yY2UgTW9u ZGVsZXogdG 8gdGFrZSBv biBhZGRpdG lvbmFsIGRl YnQgdG8gbW FpbnRhaW4g aXRzIG9wZX JhdGlvbnMg YW5kIGZ1bm RpbmcgZm9y IGNhcGl0YW wgaW52ZXN0 bWVudHMuIF RoaXMgY291 bGQgbGVhZC B0byBpbmNy ZWFzZWQgbG V2ZXJhZ2Ug YW5kIGEgd2 Vha2VuZWQg YmFsYW5jZS BzaGVldCwg bWFraW5nIG l0IGxlc3Mg cmVzaWxpZW 50IHRvIGZ1 dHVyZSBlY2 9ub21pYyBk b3dudHVybn MuIEZ1cnRo ZXJtb3JlLC BpZiBjYXNo IGZsb3cgcm VtYWlucyB1 bmRlciBwcm Vzc3VyZSwg aXQgY291bG QgbGVhZCB0 byBhIGRvd2 5ncmFkZSBp biB0aGUgY2 9tcGFueeKA mXMgY3JlZG l0IHJhdGlu ZywgcmFpc2 luZyBib3Jy b3dpbmcgY2 9zdHMgYW5k IGZ1cnRoZX Igc3RyYWlu aW5nIGZpbm FuY2lhbCBm bGV4aWJpbG l0eS48YnI+ SW4gc3VtbW FyeSwgaWYg Y29tbW9kaX R5IHByaWNl cyByaXNlIH N1YnN0YW50 aWFsbHkgYW 5kIHBlcnNp c3RlbnRseS wgTW9uZGVs ZXogY291bG Qgc2VlIGl0 cyBtYXJnaW 5zIGRlY2xp bmUgc2hhcn BseSwgY2Fz aCBmbG93cy BiZWNvbWUg bGVzcyBwcm VkaWN0YWJs ZSBvciBkZW NsaW5lLCBh bmQgaXRzIG JhbGFuY2Ug c2hlZXQgY2 91bGQgd2Vh a2VuIGR1ZS B0byBpbmNy ZWFzZWQgZG VidCBsZXZl bHMuIFRoaX Mgc2NlbmFy aW8gd291bG QgaGF2ZSBs b25nLXRlcm 0gaW1wbGlj YXRpb25zIG ZvciB0aGUg Y29tcGFuee KAmXMgcHJv Zml0YWJpbG l0eSBhbmQg b3ZlcmFsbC BmaW5hbmNp YWwgaGVhbH RoLjxicj4=

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 bG9nb3MvS0 M1V2x2N2hh SWJNR2tSSV U1Nkoud2Vi cCIgYWx0PS JNb25kZWxl eiBJbnRlcm 5hdGlvbmFs IiB0aXRsZT 0iTW9uZGVs ZXogSW50ZX JuYXRpb25h bCIgIGNsYX 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 91dCBNb25k ZWxleiBJbn Rlcm5hdGlv bmFsPwogIC 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 AgICAg4pqh IEluc3Rhbn RseSBhY2Nl c3MgPGk+Il RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 MiPC9pPiDi gJQgZnJlZS EKICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIExTQk 5iMjVrWlcg eGxlaUJKYm 5SbCBjbTVo ZEdsdmJtIE ZzSUdseklH RWcgYlhWc2 RHbHVZWCBS cGIyNWhiQ0 JtIGIyOWtJ R0Z1WkMgQm laWFpsY21G biBaU0JqYj Ixd1lXIDU1 SUhSb1lYUW cgYjNCbGNt RjBaWCBNZ2 FXNGdiM1ps IGNpQXhOVE FnWTIgOTFi blJ5YVdWei BManhpY2o0 dElGIFJvWl NCamIyMXcg WVc1NUlIZG hjeSBCbWIz SnRaV1FnIG FXNGdNakF4 TWkgQmhabl JsY2lCMCBh R1VnYzNCc2 FYIFFnYjJZ Z1MzSmggWm 5RZ1JtOXZa SCBNZ1NXNW pMaUJwIGJu UnZJSFIzYn kgQnpaWEJo Y21GMCBaU0 JqYjIxd1lX IDVwWlhNc0 lFMXYgYm1S bGJHVjZJRS BsdWRHVnli bUYwIGFXOX VZV3dnWVcg NWtJRXR5WV daMCBJRVp2 YjJSeklFIG R5YjNWd0xq eGkgY2o0dE lFMXZibSBS bGJHVjZJRW x1IGRHVnli bUYwYVcgOX VZV3ppZ0ps eiBJRzVoYl dVZ2FYIE1n WkdWeWFYWm wgWkNCbWNt OXRJSCBSb1 pTQjNiM0pr IElHMTFibV IxY3kgd2dk MmhwWTJnZy BiV1ZoYm5N Z2QyIDl5Yk dRZ2FXNGcg VEdGMGFXNH NJRyBGdVpD QmtaV3hsIG Vpd2dkMmhw WTIgZ2dhWE 1nWVNCdyBi R0Y1SUc5dU lIIFJvWlNC M2IzSmsgSU dSbGJHbGph VyA5MWN5ND hZbkkrIExT Qk5iMjVrWl cgeGxlaUJK Ym5SbCBjbT VoZEdsdmJt IEZzNG9DWm N5QmogYjNK d2IzSmhkRy BVZ2FHVmha SEYxIFlYSj BaWEp6SUcg RnlaU0JzYj JOaCBkR1Zr SUdsdUlFIF JsWlhKbWFX VnMgWkN3Z1 NXeHNhVyA1 dmFYTXNJR0 oxIGRDQjBh R1VnWTIgOX RjR0Z1ZWVL QSBtWE1nYk dGeVoyIFZ6 ZENCdFlYSn IgWlhRZ2FY TWdhVyA0Z1 JYVnliM0Js IExqeGljaj R0SUYgTnZi V1VnYjJZZy BkR2hsSUhk bGJHIHd0YT I1dmQyNGcg WW5KaGJtUn pJRyA5M2Jt VmtJR0o1IE lFMXZibVJs YkcgVjZJRW x1ZEdWeSBi bUYwYVc5dV lXIHdnYVc1 amJIVmsgWl NCRFlXUmlk WCBKNUxDQl BjbVZ2IExD QlViMkpzWl ggSnZibVVz SUZSeSBhV1 JsYm5Rc0lH IEZ1WkNCU2 FYUjYgTGp4 aWNqNHRJRi BSb1pTQmpi MjF3IFlXNT U0b0NaY3kg QmhibTUxWV d3ZyBjbVYy Wlc1MVpTIE JwY3lCdmRt VnkgSUNReU 5TQmlhVyB4 c2FXOXVMan hpIGNqNHRJ RTF2Ym0gUm xiR1Y2SUVs dSBkR1Z5Ym 1GMGFXIDl1 WVd3Z2FHRn ogSUdFZ2Mz UnliMiA1bk lHTnZiVzFw IGRHMWxibl FnZEcgOGdj M1Z6ZEdGcC BibUZpYVd4 cGRIIGtnWV c1a0lHaGgg Y3lCelpYUW daMiA5aGJI TWdkRzhnIG NtVmtkV05s SUcgbDBjeU JsYm5acCBj bTl1YldWdW RHIEZzSUds dGNHRmogZE NCaGJtUWdj SCBKdmJXOT BaU0J6IGRY TjBZV2x1WV cgSnNaU0Jt WVhKdCBhVz VuSUhCeVlX IE4wYVdObG N5NDggWW5J K0xTQlVhRy BVZ1kyOXRj R0Z1IGVTQm 9ZWE1nWVMg QnNiMjVuSU docCBjM1J2 Y25rZ2IyIF lnY0docGJH RnUgZEdoeW IzQnBZeSBC bFptWnZjbl J6IExDQnBi bU5zZFcgUn BibWNnY0dG eSBkRzVsY2 5Ob2FYIEJ6 SUhkcGRHZ2 cgYjNKbllX NXBlbSBGMG FXOXVjeUJt IGIyTjFjMl ZrSUcgOXVJ R2gxYm1kbC BjaUJ5Wld4 cFpXIFlnWV c1a0lHTnYg YlcxMWJtbD BlUyBCa1pY WmxiRzl3IG JXVnVkQzQ4 WW4gSStMU0 JOYjI1ayBa V3hsZWlCSm JuIFJsY201 aGRHbHYgYm 1Gc0lHaGhj eSBCaVpXVn VJSEpsIFky OW5ibWw2Wl cgUWdZWE1n YjI1bCBJRz ltSUhSb1pT IEIwYjNBZ0 1qVWcgWTI5 dGNHRnVhVy BWeklHWnZj aUJrIGFYWm xjbk5wZEgg a2dZVzVrSU dsdSBZMngx YzJsdmJpIE JpZVNCRWFY WmwgY25OcG RIbEpibSBN dVBHSnlQaT BnIFZHaGxJ R052YlggQm hibmtnYVhN ZyBZV3h6Yn lCcmJtIDkz YmlCbWIzSW cgYVhSeklH UnBkbSBWeW MyVWdZVzVr IElHbHVZMn gxYzIgbDJa U0IzYjNKci BjR3hoWTJV Z1kzIFZzZE hWeVpTd2cg ZDJsMGFDQm xiWCBCc2Iz bGxaWE1nIF puSnZiU0J2 ZG0gVnlJRE UyTlNCdSBZ WFJwYjI1aG JHIGwwYVdW eklHRnUgWk NCaElITjBj bSA5dVp5Qm 1iMk4xIGN5 QnZiaUJ3Y2 0gOXRiM1Jw Ym1jZyBaR2 wyWlhKemFY IFI1SUdGdV pDQjMgYjIx bGJ1S0FtWC BNZ2JHVmha R1Z5IGMyaH BjQ0IzYVgg Um9hVzRnZE dobCBJR052 YlhCaGJuIG t1CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==