Tsingtao Brewery

More reviews (3)

Live  

Tsingtao Brewery Company Limited is a Chinese brewery founded in 1903 by German settlers in Qingdao, Shandong Province, China. It is the second largest brewery in China and one of the top ten beer producers in the world.
History:
The company was originally called the Germania-Brauerei and was established by German brewers in 1903. In 1916, it was renamed to the "Tsingtao Brewery Company Limited" and became a publicly traded company. During World War II, the brewery was under Japanese control, but was later returned to Chinese control after the war.
In 1949, after the Chinese civil war, the brewery was nationalized by the Chinese government and production was focused on the domestic market. In the 1970s, with the opening up of China's economy, Tsingtao Brewery became one of the first Chinese companies to start exporting beer to the US and Europe.
In 1993, Tsingtao Brewery Company Limited went public and became the first Chinese company to be listed on the Hong Kong Stock Exchange. It also has a listing on the Shanghai Stock Exchange.
Products:
Tsingtao Brewery produces a variety of beers, including the well-known Tsingtao Beer, which is its flagship product. Other popular brands include Tsingtao Pure Draft, Tsingtao Honor, and Tsingtao Wheat Beer. The company also produces non-alcoholic beverages, such as soft drinks, juices, and bottled water.
International Presence:
Tsingtao Brewery has expanded its reach internationally and has established a global presence in over 100 countries and regions. It operates breweries in various countries including Australia, Canada, Germany, and the US. Its beers are also widely available in international markets, especially in Asian countries, where Chinese cuisine is popular.
Sustainability and Community Involvement:
In recent years, Tsingtao Brewery has made efforts to become more environmentally sustainable by implementing initiatives such as water conservation and energy efficiency programs. The company also partners with local communities and organizations to promote responsible drinking and support various social causes. It also hosts cultural events and activities to promote Chinese culture and traditions.

VHNpbmd0YW 8gQnJld2Vy eSBpcyBhIG NvbXBhbnkg dGhhdCBtYW tlcyBiZWVy LCB3aGljaC BpcyBhIGRy aW5rIGVuam 95ZWQgYnkg bWFueSBhZH VsdHMgYXJv dW5kIHRoZS B3b3JsZC4g VGhleSBzdG FydGVkIG1h a2luZyBiZW VyIGluIENo aW5hIGEgbG 9uZyB0aW1l IGFnbywgaW 4gMTkwMywg YW5kIHRoZW lyIGJlZXIg aXMgb25lIG 9mIHRoZSBt b3N0IGZhbW 91cyBicmFu ZHMgeW91IG NhbiBmaW5k IGluIG1hbn kgY291bnRy aWVzIHRvZG F5Ljxicj5I ZXJl4oCZcy Bob3cgdGhl eSBtYWtlIG 1vbmV5OiBU c2luZ3Rhby BCcmV3ZXJ5 IGJyZXdzIG JlZXIgaW4g bGFyZ2UgYW 1vdW50cyBh bmQgdGhlbi BzZWxscyBp dCBpbiBzdG 9yZXMgYW5k IHJlc3RhdX JhbnRzLiBQ ZW9wbGUgYn V5IHRoZSBi ZWVyIHRvIG Vuam95IHdp dGggdGhlaX IgZnJpZW5k cyBhbmQgZH VyaW5nIGNl bGVicmF0aW 9ucy4gVG8g a2VlcCBtYW tpbmcgbW9u ZXksIHRoZS Bjb21wYW55 IGFsc28gbW FrZXMgZGlm ZmVyZW50IH R5cGVzIG9m IGJlZXIsIH NvIHRoZXJl 4oCZcyBzb2 1ldGhpbmcg Zm9yIGV2ZX J5b25lLiBU aGV5IGFsc2 8gZXhwb3J0 IHRoZWlyIG JlZXIgdG8g b3RoZXIgY2 91bnRyaWVz LCB3aGljaC BtZWFucyB0 aGV5IHNlbG wgaXQgdG8g cGVvcGxlIH dobyBsaXZl IGZhciBhd2 F5IGZyb20g Q2hpbmEuPG JyPlRzaW5n dGFvIEJyZX dlcnkgaXMg c3VjY2Vzc2 Z1bCBiZWNh dXNlIHRoZX kgb2ZmZXIg YSBwcm9kdW N0IHRoYXQg bWFueSBwZW 9wbGUgbGlr ZSwgYW5kIH RoZXkgaGF2 ZSBiZWVuIG Fyb3VuZCBm b3IgYSBsb2 5nIHRpbWUs IHNvIHRoZX kga25vdyB3 aGF0IHdvcm tzLiBUaGV5 IGFsc28gcG F5IGF0dGVu dGlvbiB0by Bob3cgdG8g aW1wcm92ZS B0aGVpciBi ZWVyIGFuZC BtYWtlIGl0 IHRhc3RlIG V2ZW4gYmV0 dGVyLiBQbH VzLCB0aGV5 IGhhdmUgZ2 9vZCBhZHZl cnRpc2luZy wgd2hpY2gg aGVscHMgbW 9yZSBwZW9w bGUgbGVhcm 4gYWJvdXQg dGhlaXIgYn JhbmQuPGJy Pkxvb2tpbm cgdG8gdGhl IGZ1dHVyZS wgVHNpbmd0 YW8gQnJld2 VyeSBpcyBs aWtlbHkgdG 8gc3RheSBz dWNjZXNzZn VsIGJlY2F1 c2UgdGhleS BjYW4ga2Vl cCBncm93aW 5nIGFuZCBy ZWFjaGluZy BuZXcgY3Vz dG9tZXJzLi BUaGUgd29y bGQgbG92ZX MgYmVlciwg YW5kIGFzIG xvbmcgYXMg dGhleSBrZW VwIG1ha2lu ZyB0YXN0eS BvcHRpb25z IGFuZCBleH Bsb3Jpbmcg bmV3IGZsYX ZvcnMsIG1h bnkgcGVvcG xlIHdpbGwg Y29udGludW UgdG8gZW5q b3kgdGhlaX IgZHJpbmtz LiBBbHNvLC B0aGV5IG1p Z2h0IGZpbm QgbmV3IHdh eXMgdG8gdX NlIHRlY2hu b2xvZ3kgdG 8gbWFrZSB0 aGVpciBiZW VyIGV2ZW4g YmV0dGVyIG 9yIGZpbmQg bmV3IHBsYW NlcyB0byBz ZWxsIGl0Li BTbywgd2l0 aCB0aGVpci BiYXNlIG9m IGxveWFsIG N1c3RvbWVy cyBhbmQgbm V3IGlkZWFz LCBUc2luZ3 RhbyBCcmV3 ZXJ5IGhhcy BhIGJyaWdo dCBmdXR1cm UgYWhlYWQh PGJyPg==

MS4gT2xkZX N0IEJyZXdl cnkgaW4gQ2 hpbmE6IFRz aW5ndGFvIE JyZXdlcnkg d2FzIGZvdW 5kZWQgaW4g MTkwMyBieS BHZXJtYW4g YW5kIEJyaX Rpc2ggc2V0 dGxlcnMgaW 4gdGhlIGNv YXN0YWwgY2 l0eSBvZiBR aW5nZGFvLC BtYWtpbmcg aXQgdGhlIG 9sZGVzdCBi cmV3ZXJ5IG luIENoaW5h Ljxicj4yLi BVbmlxdWUg QmxlbmQgb2 YgRWFzdGVy biBhbmQgV2 VzdGVybiBD dWx0dXJlOi BXaXRoIGl0 cyBHZXJtYW 4gcm9vdHMg YW5kIGxvY2 F0aW9uIGlu IENoaW5hLC BUc2luZ3Rh byBCcmV3ZX J5IGhhcyBh IHVuaXF1ZS BibGVuZCBv ZiBFYXN0ZX JuIGFuZCBX ZXN0ZXJuIG N1bHR1cmUs IHdoaWNoIG lzIHJlZmxl Y3RlZCBpbi BpdHMgYnJl d2luZyB0ZW NobmlxdWVz LCB0YXN0ZS wgYW5kIG1h cmtldGluZy 48YnI+My4g UXVhbGl0eS BJbmdyZWRp ZW50czogVH Npbmd0YW8g dXNlcyBwcm VtaXVtIGlu Z3JlZGllbn RzIHN1Y2gg YXMgZnJlc2 ggc3ByaW5n IHdhdGVyIG Zyb20gTGFv c2hhbiBNb3 VudGFpbiwg aGlnaC1xdW FsaXR5IGJh cmxleSwgbW FsdCwgYW5k IGhvcHMsIG dpdmluZyBp dHMgYmVlci BhIGRpc3Rp bmN0IGFuZC BwcmVtaXVt IHRhc3RlLj xicj40LiBJ bnRlcm5hdG lvbmFsIFBy ZXNlbmNlOi BUc2luZ3Rh byBCcmV3ZX J5IGhhcyBh IHN0cm9uZy BnbG9iYWwg cHJlc2VuY2 UgYW5kIGlz IGV4cG9ydG VkIHRvIG92 ZXIgMTAwIG NvdW50cmll cywgbWFraW 5nIGl0IG9u ZSBvZiB0aG UgdG9wIENo aW5lc2UgYm VlciBicmFu ZHMgaW4gdG hlIHdvcmxk Ljxicj41Li BNdWx0aXBs ZSBWYXJpZX RpZXM6IElu IGFkZGl0aW 9uIHRvIGl0 cyBmbGFnc2 hpcCBUc2lu Z3RhbyBiZW VyLCB0aGUg Y29tcGFueS BhbHNvIHBy b2R1Y2VzIG EgcmFuZ2Ug b2Ygb3RoZX IgYmVlcnMs IGluY2x1ZG luZyBUc2lu Z3RhbyBQdX JlIERyYWZ0 LCBUc2luZ3 RhbyBHcmVl biBCZWVyIG FuZCBUc2lu Z3RhbyBTdG 91dC48YnI+ Ni4gQWRoZX JlcyB0byBU cmFkaXRpb2 5hbCBCcmV3 aW5nIE1ldG hvZHM6IFRz aW5ndGFvIH N0aWxsIGZv bGxvd3MgaX RzIHRyYWRp dGlvbmFsIG JyZXdpbmcg bWV0aG9kcy wgd2hpY2gg aGF2ZSBiZW VuIHBhc3Nl ZCBkb3duIG Zyb20gaXRz IEdlcm1hbi Bmb3VuZGVy cywgd2hpbG UgYWxzbyBp bmNvcnBvcm F0aW5nIG1v ZGVybiB0ZW Nobm9sb2d5 IGFuZCB0ZW NobmlxdWVz Ljxicj43Li BDb21taXRt ZW50IHRvIF N1c3RhaW5h YmlsaXR5Oi BUc2luZ3Rh byBCcmV3ZX J5IGhhcyBt YWRlIGVmZm 9ydHMgdG8g cmVkdWNlIG l0cyBjYXJi b24gZm9vdH ByaW50IGFu ZCBwcm9tb3 RlIHN1c3Rh aW5hYmlsaX R5IGJ5IGlt cGxlbWVudG luZyBlbnZp cm9ubWVudG FsbHkgZnJp ZW5kbHkgcH JhY3RpY2Vz IGluIGl0cy Bwcm9kdWN0 aW9uIHByb2 Nlc3MuPGJy PjguIENvbG xhYm9yYXRp b24gd2l0aC BJbnRlcm5h dGlvbmFsIE JyYW5kczog VHNpbmd0YW 8gaGFzIGNv bGxhYm9yYX RlZCB3aXRo IGludGVybm F0aW9uYWwg YnJhbmRzIH N1Y2ggYXMg Q29jYS1Db2 xhLCBDYXJs c2JlcmcsIG FuZCBTQUJN aWxsZXIsIH RvIGV4cGFu ZCBpdHMgcm VhY2ggYW5k IGVuaGFuY2 UgaXRzIGJy YW5kIGltYW dlLjxicj45 LiBQYXJ0aW NpcGF0aW9u IGluIE1ham 9yIEV2ZW50 czogVGhlIG NvbXBhbnkg aXMgYSBtYW pvciBzcG9u c29yIG9mIG ludGVybmF0 aW9uYWwgZX ZlbnRzIHN1 Y2ggYXMgdG hlIE9seW1w aWNzIGFuZC B0aGUgRklG QSBXb3JsZC BDdXAsIGlu Y3JlYXNpbm cgaXRzIGds b2JhbCB2aX NpYmlsaXR5 Ljxicj4xMC 4gQ3VsdHVy YWwgSWNvbj ogVHNpbmd0 YW8gQnJld2 VyeSBoYXMg YmVjb21lIG EgY3VsdHVy YWwgaWNvbi BpbiBDaGlu YSBhbmQgaX MgY2xvc2Vs eSBhc3NvY2 lhdGVkIHdp dGggQ2hpbm VzZSBjdWlz aW5lLCBhcy B3ZWxsIGFz IHRyYWRpdG lvbmFsIGZl c3RpdmFscy BhbmQgY2Vs ZWJyYXRpb2 5zLg==

VGhlIFRzaW 5ndGFvIEJy ZXdlcnkgY2 9tcGFueSdz IGJ1c2luZX NzIG1vZGVs IGlzIHByaW 1hcmlseSBm b2N1c2VkIG 9uIHByb2R1 Y2luZyBhbm Qgc2VsbGlu ZyBiZWVyIG FuZCByZWxh dGVkIHByb2 R1Y3RzLiBU aGV5IGFsc2 8gZW5nYWdl IGluIG1hcm tldGluZywg ZGlzdHJpYn V0aW9uLCBh bmQgc3RyYX RlZ2ljIHBh cnRuZXJzaG lwcyB0byBl eHBhbmQgdG hlaXIgY3Vz dG9tZXIgYm FzZSBhbmQg bWFya2V0IH JlYWNoLiBU aGVpciBidX NpbmVzcyBt b2RlbCBpcy BiYXNlZCBv biBhIGNvbW JpbmF0aW9u IG9mIHRyYW RpdGlvbmFs IGJyZXdpbm cgdGVjaG5p cXVlcyBhbm QgbW9kZXJu IHByb2R1Y3 Rpb24gcHJv Y2Vzc2VzLC B3aXRoIGEg c3Ryb25nIG VtcGhhc2lz IG9uIHF1YW xpdHkgYW5k IGlubm92YX Rpb24uIFRo ZXkgYWxzby Bwcmlvcml0 aXplIHN1c3 RhaW5hYmls aXR5IGFuZC Bzb2NpYWwg cmVzcG9uc2 liaWxpdHkg aW4gdGhlaX Igb3BlcmF0 aW9ucy4gVG hlIGNvbXBh bnkncyBtYW luIHNvdXJj ZXMgb2Ygcm V2ZW51ZSBh cmUgZnJvbS B0aGUgc2Fs ZSBvZiBpdH MgYmVlciBw cm9kdWN0cy wgYXMgd2Vs bCBhcyBpbm NvbWUgZnJv bSBsaWNlbn NpbmcsIGNv bnRyYWN0IG 1hbnVmYWN0 dXJpbmcsIG FuZCBpbnRl cm5hdGlvbm FsIGJ1c2lu ZXNzLg==

AI can impact Tsingtao Brewery’s products, services, and competitive positioning in several ways, although whether it poses a material threat depends on various factors.
1. Substitution: AI can enable new beverage alternatives or enhance existing products. For instance, AI could facilitate the development of innovative noalcoholic beverages or flavored beers that better cater to changing consumer preferences. Additionally, AI-driven startups could emerge, creating unique alternatives that might compete with traditional beer offerings. However, as long as Tsingtao maintains its brand loyalty and product quality, it may not face immediate substitution threats.
2. Disintermediation: AI can streamline operations and supply chains, potentially reducing the need for intermediaries in the distribution process. Companies leveraging AI can optimize logistics and inventory management, possibly allowing for direct-to-consumer sales. While Tsingtao has established distribution channels, it may need to enhance its direct engagement with consumers through digital platforms to avoid being bypassed by tech-savvy competitors.
3. Margin Pressure: The use of AI can drive efficiencies in production, marketing, and distribution, which could lead to lower operational costs. Competitors adopting AI may be able to offer lower prices for their products, putting pressure on Tsingtao’s profit margins. Additionally, as the industry embraces data analytics for targeted marketing and consumer engagement, Tsingtao will need to invest in similar technologies to remain competitive, potentially increasing its expenses.
Overall, while AI presents opportunities for innovation and efficiency, it also introduces potential threats that Tsingtao Brewery will need to navigate in order to maintain its competitive positioning in the market. The company’s ability to adapt to these changes will be crucial in mitigating any material threats.

The sensitivity of Tsingtao Brewery’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Earnings Sensitivity: Tsingtao Brewery’s earnings can be influenced by interest rates primarily through borrowing costs. If interest rates rise, the cost of financing debt increases, which can squeeze margins and reduce net income. Conversely, lower interest rates can reduce financing costs, thereby potentially boosting earnings.
2. Cash Flow Sensitivity: Cash flow is closely tied to earnings but also affected by working capital needs and capital expenditures. Higher interest rates can lead to increased debt service payments, which may limit the amount of cash available for operations or investments. Additionally, consumer behavior may shift with changing rates; for instance, if rates rise and consumer spending decreases, sales may decline, negatively impacting cash flow.
3. Valuation Sensitivity: The valuation of Tsingtao Brewery is often assessed using discounted cash flow models, which rely on the cost of capital as a key variable. An increase in interest rates raises the discount rate used in these models, which can lead to a lower present value of future cash flows and, consequently, a lower valuation. On the other hand, a decrease in interest rates could lead to a higher valuation.
In summary, Tsingtao Brewery’s financial performance and valuation are indeed sensitive to interest rate changes, with potential negative impacts on earnings and cash flow from rising rates, while lower rates could present opportunities for enhancing both profitability and valuation.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BUc2luZ3Rh byBCcmV3ZX J54oCZcyBl Y29ub21pY3 Mgb3ZlciB0 aGUgbmV4dC AzIHRvIDUg eWVhcnMgaX MgYSBzaWdu aWZpY2FudC BkZWNsaW5l IGluIGRvbW VzdGljIGJl ZXIgY29uc3 VtcHRpb24g aW4gQ2hpbm EgZHVlIHRv IGEgY29tYm luYXRpb24g b2YgaGVhbH RoIHRyZW5k cyBhbmQgcm VndWxhdG9y eSBjaGFuZ2 VzLiBBcyBt b3JlIENoaW 5lc2UgY29u c3VtZXJzIG JlY29tZSBo ZWFsdGgtY2 9uc2Npb3Vz LCB0aGVyZS Bjb3VsZCBi ZSBhIHNoaW Z0IHRvd2Fy ZHMgbm9hbG NvaG9saWMg YmV2ZXJhZ2 VzIGFuZCBs b3ctYWxjb2 hvbCBwcm9k dWN0cy4gQW RkaXRpb25h bGx5LCBpZi B0aGUgZ292 ZXJubWVudC BpbXBsZW1l bnRzIHN0cm ljdGVyIGFs Y29ob2wgcm VndWxhdGlv bnMsIHN1Y2 ggYXMgaW5j cmVhc2VkIH RheGF0aW9u IG9uIGFsY2 9ob2xpYyBi ZXZlcmFnZX Mgb3Igc3Ry aW5nZW50IG FkdmVydGlz aW5nIHJlc3 RyaWN0aW9u cywgaXQgY2 91bGQgZnVy dGhlciBsZW FkIHRvIGEg ZGVjbGluZS BpbiBiZWVy IHNhbGVzLj xicj5JbiB0 aGlzIHNjZW 5hcmlvLCBU c2luZ3Rhby BCcmV3ZXJ5 IHdvdWxkIG xpa2VseSBz ZWUgYSBzaG FycCByZWR1 Y3Rpb24gaW 4gaXRzIHJl dmVudWUgc3 RyZWFtcywg bGVhZGluZy B0byBkZWNy ZWFzZWQgbW FyZ2lucy4g V2l0aCBkZW NsaW5pbmcg c2FsZXMsIH RoZSBjb21w YW55IHdvdW xkIHN0cnVn Z2xlIHRvIG 1haW50YWlu IGl0cyBwcm 9maXRzLCBh cyBmaXhlZC Bjb3N0cyBm b3Igb3Blcm F0aW9ucywg bWFya2V0aW 5nLCBhbmQg ZGlzdHJpYn V0aW9uIHdv dWxkIHJlbW FpbiByZWxh dGl2ZWx5IG NvbnN0YW50 LiBUaGlzIG RpbWluaXNo ZWQgcHJvZm l0YWJpbGl0 eSBjb3VsZC BsZWFkIHRv IGdyb3NzIG 1hcmdpbnMg dGlnaHRlbm luZyBzaWdu aWZpY2FudG x5LCBwYXJ0 aWN1bGFybH kgaWYgY29t cGV0aXRpdm UgcHJlc3N1 cmVzIGZvcm NlIFRzaW5n dGFvIHRvIG xvd2VyIGl0 cyBwcmljZX MgdG8gcmV0 YWluIG1hcm tldCBzaGFy ZS48YnI+Q2 FzaCBmbG93 IHdvdWxkIG Fsc28gYmUg YWR2ZXJzZW x5IGFmZmVj dGVkLiBBcy ByZXZlbnVl IGRlY2xpbm VzLCB0aGUg Y29tcGFuee KAmXMgYWJp bGl0eSB0by BnZW5lcmF0 ZSBmcmVlIG Nhc2ggZmxv dyB3b3VsZC BkaW1pbmlz aCwgbGVhdm luZyBsZXNz IGNhcGl0YW wgdG8gcmVp bnZlc3QgaW 4gb3BlcmF0 aW9ucyBvci ByZXR1cm4g dG8gc2hhcm Vob2xkZXJz LiBUc2luZ3 RhbyBtaWdo dCBldmVuIG ZhY2UgY2hh bGxlbmdlcy BpbiBzZXJ2 aWNpbmcgaX RzIGRlYnQs IHBhcnRpY3 VsYXJseSBp ZiBpdCBoYX MgZXhpc3Rp bmcgbG9hbn MgdGllZCB0 byBvcGVyYX Rpb25hbCB0 YXJnZXRzIG Jhc2VkIG9u IHJldmVudW UgZ3Jvd3Ro LiBUaGUgcm VkdWNlZCBj YXNoIGZsb3 cgY291bGQg bmVjZXNzaX RhdGUgY29z dC1jdXR0aW 5nIG1lYXN1 cmVzLCB3aG ljaCwgd2hp bGUgcG90ZW 50aWFsbHkg YmVuZWZpY2 lhbCBpbiB0 aGUgc2hvcn QgdGVybSwg bWF5IGZ1cn RoZXIgY29t cHJvbWlzZS Bwcm9kdWN0 IHF1YWxpdH kgb3IgYnJh bmQgZXF1aX R5IGluIHRo ZSBsb25nIH J1bi48YnI+ T24gdGhlIG JhbGFuY2Ug c2hlZXQgZn JvbnQsIGEg c3VzdGFpbm VkIGRyb3Ag aW4gcmV2ZW 51ZSBhbmQg cHJvZml0YW JpbGl0eSBj b3VsZCBsZW FkIHRvIGFu IGluY3JlYX NlIGluIGxp YWJpbGl0aW VzIHJlbGF0 aXZlIHRvIG Fzc2V0cy4g VHNpbmd0YW 8gbWF5IGhh dmUgdG8gbG V2ZXJhZ2Ug aXRzZWxmIG Z1cnRoZXIg dG8gbWFpbn RhaW4gb3Bl cmF0aW9ucy wgbGVhZGlu ZyB0byBncm VhdGVyIGxv bmctdGVybS BkZWJ0IGxl dmVscyBhbm QgYSBoaWdo ZXIgZGVidC 10by1lcXVp dHkgcmF0aW 8uIElmIHRo ZSBjb21wYW 554oCZcyBz dG9jayBwcm ljZSBmYWxs cyBkdWUgdG 8gd2FuaW5n IGludmVzdG 9yIGNvbmZp ZGVuY2UsIH RoZXJlIG1h eSBhbHNvIG JlIGEgZGVj cmVhc2VkIG VxdWl0eSBi YXNlLiBGdX J0aGVybW9y ZSwgaWYgYX NzZXQgdmFs dWVzIGRlY2 xpbmUgZHVl IHRvIHVuZG VycGVyZm9y bWFuY2UgaW 4gdGhlIG1h cmtldCwgdG hlIGNvbXBh bnkgY291bG QgZmFjZSBp bXBhaXJtZW 50cyB0aGF0 IHdvdWxkIG Z1cnRoZXIg d2Vha2VuIG l0cyBiYWxh bmNlIHNoZW V0Ljxicj5J biBzdW1tYX J5LCB1bmRl ciB0aGlzIH NjZW5hcmlv IG9mIGRlY2 xpbmluZyBi ZWVyIGNvbn N1bXB0aW9u LCBUc2luZ3 RhbyBCcmV3 ZXJ54oCZcy BtYXJnaW5z IHdvdWxkIG RpbWluaXNo LCBjYXNoIG Zsb3dzIHdv dWxkIGJlY2 9tZSBjb25z dHJhaW5lZC wgYW5kIGl0 cyBiYWxhbm NlIHNoZWV0 IGNvdWxkIH JlZmxlY3Qg aW5jcmVhc2 VkIGRlYnQg YW5kIGRpbW luaXNoZWQg ZXF1aXR5LC ByZXN1bHRp bmcgaW4gYS BjaGFsbGVu Z2luZyBlY2 9ub21pYyBl bnZpcm9ubW VudCBmb3Ig dGhlIGNvbX BhbnkuPGJy 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 bG9nb3MvYm FrZmFWYjdI UzBvNUhPNE 5wMlgud2Vi cCIgYWx0PS JUc2luZ3Rh byBCcmV3ZX J5IiB0aXRs ZT0iVHNpbm d0YW8gQnJl d2VyeSIgIG NsYXNzPSJp bWctZmx1aW QiIGhlaWdo dD01MCB3aW R0aD01MCBs b2FkaW5nPS dsYXp5JyBz dHlsZT0nYm 9yZGVyLXJh ZGl1czogNn B4Oyc+Cgog ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J2ZsZXg6ID E7IHRleHQt YWxpZ246IG NlbnRlcjsg bWFyZ2luLW xlZnQ6IDVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 cCBzdHlsZT 0nZm9udC1z aXplOiAyNn B4OyBjb2xv cjogIzMzMz sgbWFyZ2lu LWJvdHRvbT ogMTVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TiCBXYW 50IHRvIHJl YWQgbW9yZS BhYm91dCBU c2luZ3Rhby BCcmV3ZXJ5 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+TmiBZ b3VyIGZyZW UgY29weSBv ZiA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+IGlz IHdhaXRpbm cKICAgICAg 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 ICAgIE1TNG dWSE5wYm0g ZDBZVzhnUW 5KbCBkMlZ5 ZVNCM1lYIE 1nWm05MWJt UmwgWkNCcG JpQXhPVCBB eklHbHVJRk ZwIGJtZGtZ VzhzSUUgTm 9hVzVoTGlC SiBkQ0IzWV hNZ2RHIGhs SUdacGNuTj AgSUdKeVpY ZGxjbiBrZ2 FXNGdRMmhw IGJtRWdkRz hnZFggTmxJ SGRsYzNSbC BjbTRnZEdW amFHIDV2Yk c5bmVTQmgg Ym1RZ2NISn ZaSCBWalpT QkhaWEp0IF lXNHRjM1I1 YkcgVWdZbV ZsY2k0OCBZ bkkrTWk0Z1 ZHIGhsSUdK eVpYZGwgY2 5rZ2QyRnpJ RyA5eWFXZH BibUZzIGJI a2dabTl5Yl cgVmtJR0Z6 SUdFZyBhbT lwYm5RZ2Rt IFZ1ZEhWeV pTQmkgWlhS M1pXVnVJRS BkbGNtMWhi aUJoIGJtUW dRbkpwZEcg bHphQ0JsYm 5SeSBaWEJ5 Wlc1bGRYIE p6TGlCVWFH VWcgYm1GdF pTRGlnSiB4 VWMybHVaM1 JoIGIrS0Fu U0JwY3kgQm hJRWRsY20x aCBiaUIwY2 1GdWMyIHhw ZEdWeVlYUn AgYjI0Z2Iy WWc0byBDY1 VXbHVaMlJo IGIrS0FuU3 dnZEcgaGxJ R05wZEhrZy BhVzRnZDJo cFkyIGdnZE dobElHSnkg WlhkbGNua2 dhWCBNZ2JH OWpZWFJsIF pDNDhZbkkr TXkgNGdWSE 5wYm1kMCBZ VzhnUW5KbG QyIFZ5ZVNC M1lYTWcgYV c1cGRHbGhi RyB4NUlHRW djMjFoIGJH d3RjMk5oYk cgVWdiM0Js Y21GMCBhVz l1TENCd2Nt IDlrZFdOcG JtY2cgYjI1 c2VTQmhjbS A5MWJtUWdN akF3IElHSm hjbkpsYkgg TWdiMllnWW 1WbCBjaUJ3 WlhJZ2VXIF ZoY2k0Z1NH OTMgWlhabG Npd2dkRyBo bElHSnlaWG RsIGNua2da WGh3WlggSn BaVzVqWldR ZyBjbUZ3YV dRZ1ozIEp2 ZDNSb0lHRn UgWkNCbGVI QmhibiBOcG IyNHNJR1Z6 IGNHVmphV0 ZzYkgga2dZ V1owWlhJZy BRMmhwYm1F Z2IzIEJsYm 1Wa0lIVncg SUhSdklIUm 9aUyBCcGJu UmxjbTVoIG RHbHZibUZz SUcgMWhjbX RsZENCcCBi aUIwYUdVZ0 1UIGs0TUhN dVBHSnkgUG pRdUlGUnph VyA1bmRHRn ZJRUp5IFpY ZGxjbmtnWW 0gVmpZVzFs SUhSbyBaU0 JzWVhKblpY IE4wSUdKeV pYZGwgY25r Z2FXNGdRMi BocGJtRWdZ V1owIFpYSW dZV054ZFcg bHlhVzVuSU hObCBkbVZ5 WVd3Z2IzIF JvWlhJZ2JH OWogWVd3Z1 luSmxkMiBs dVp5QmpiMj F3IFlXNXBa WE11SUUgbD BJSGRoY3lC aCBiSE52SU hSb1pTIEJt YVhKemRDQk QgYUdsdVpY TmxJRyBOdm JYQmhibmtn IGRHOGdZbV VnYkcgbHpk R1ZrSUc5dS BJSFJvWlNC SWIyIDVuSU V0dmJtY2cg YzNSdlkyc2 daWCBoamFH RnVaMlVnIG FXNGdNVGs1 TXkgNDhZbk krTlM0ZyBW R2hsSUdKeV pYIGRsY25u aWdKbHogSU cxdmMzUWdj RyA5d2RXeG hjaUJpIFpX VnlJR2x6SU ggUm9aU0JV YzJsdSBaM1 JoYnlCQ1pX IFZ5TENCM2 FHbGogYUNC cGN5QmhJRS BkbGNtMWhi aTF6IGRIbH NaU0J3YVcg eHpibVZ5SU cxaCBaR1Vn ZDJsMGFDIE JvYjNCekxD QmkgWVhKc1 pYa3NJRyBG dVpDQnlhV0 5sIExpQkpk Q0JvWVggTW dkMjl1SUcx MSBiSFJwY0 d4bElHIGx1 ZEdWeWJtRj AgYVc5dVlX d2dZWCBkaG NtUnpJR0Z1 IFpDQnBjeU J6YjIgeGtJ R2x1SUc5Mi BaWElnTVRB d0lHIE52ZF c1MGNtbGwg Y3k0OFluSS tOaSA0Z1NX NGdZV1JrIG FYUnBiMjRn ZEcgOGdhWF J6SUdSdiBi V1Z6ZEdsak lHIDFoY210 bGRDd2cgVk hOcGJtZDBZ VyA4Z1FuSm xkMlZ5IGVT QmhiSE52SU cgVjRjRzl5 ZEhNZyBkRz hnYjNSb1pY IElnWTI5MW JuUnkgYVdW ekxDQjNhWC BSb0lIUm9a U0JWIGJtbD BaV1FnVTMg UmhkR1Z6SU dKbCBhVzVu SUdsMGN5IE JzWVhKblpY TjAgSUdWNG NHOXlkQyBC dFlYSnJaWF F1IFBHSnlQ amN1SUYgUm 9aU0JpY21W MyBaWEo1SU hOd2IyIDV6 YjNKeklHRW cgZG1GeWFX VjBlUyBCdl ppQmxkbVZ1 IGRITWdZVz VrSUggTndi M0owY3lCMC BaV0Z0Y3l3 Z2FXIDVqYk hWa2FXNW4g SUhSb1pTQk RhRyBsdVpY TmxJR1p2IG IzUmlZV3hz SUcgTnNkV0 lnVVdsdSBa MlJoYnlCSW RXIEZ1WjJo aGFTNGcgU1 hRZ1lXeHpi eSBCemNHOX VjMjl5IFpX UWdkR2hsSU QgSXdNRGdn VTNWdCBiV1 Z5SUU5c2VX IDF3YVdOek lHbHUgSUVK bGFXcHBibS BjdVBHSnlQ amd1IElGUn phVzVuZEcg RnZJRUp5Wl hkbCBjbmtn YUdGeklHIE ZzYzI4Z1pY aHcgWVc1a1 pXUWdhWCBS eklHSjFjMm x1IFpYTnpJ SFJ2SUcgbH VZMngxWkdV ZyBibTl1TF dGc1kyIDlv YjJ4cFl5Qm kgWlhabGNt Rm5aWCBNc0 lITjFZMmdn IFlYTWdZbT kwZEcgeGxa Q0IzWVhSbC BjaUJoYm1R Z1ozIEpsWl c0Z2RHVmgg TENCaGN5Qj NaVyB4c0lH RnpJR0VnIG JHbHVaU0J2 WmkgQm1iMj lrY3l3ZyBh VzVqYkhWa2 FXIDVuSUda eWIzcGwgYm lCa2RXMXdi RyBsdVozTW dZVzVrIElH bGpaU0JqY2 0gVmhiUzQ4 WW5JKyBPUz RnU1c0Z01q IEF3TXl3Z1 ZITnAgYm1k MFlXOGdRbi BKbGQyVnll U0JpIFpXTm hiV1VnWVMg QnRaVzFpWl hJZyBiMlln ZEdobElFIE Z1YUdWMWMy VnkgTFVKMW MyTm9JRSBs dVFtVjJJR1 poIGJXbHNl U3dnZEcgaG xJR3hoY21k bCBjM1FnWW 5KbGQyIFZ5 ZVNCcGJpQj AgYUdVZ2Qy OXliRyBRdU lGUnZaR0Y1 IExDQnBkQ0 JwY3kgQnpk R2xzYkNCdC BZV3B2Y21s MGVTIDF2ZD I1bFpDQmkg ZVNCRGFHbH VaWCBObElI Tm9ZWEpsIG FHOXNaR1Z5 Y3kgNDhZbk krTVRBdSBJ RlJvWlNCaW NtIFYzWlhK NUlHaGggY3 lCaElITjBj bSA5dVp5Qm piMjF0IGFY UnRaVzUwSU ggUnZJSE4x YzNSaCBhVz VoWW1sc2FY IFI1SUdGdV pDQmwgYm5a cGNtOXViVy BWdWRHRnNJ SEJ5IGIzUm xZM1JwYjIg NHVJRWwwSU doaCBjeUJw YlhCc1pXID FsYm5SbFpD QnAgYm1sMG FXRjBhWCBa bGN5QnpkV0 5vIElHRnpJ SGRoZEcgVn lJR0Z1WkNC bCBibVZ5Wj NrdGMyIEYy YVc1bklIUm wgWTJodWIy eHZaMiBsbG N5d2dkMkZ6 IGRHVWdjbV ZrZFcgTjBh Vzl1SUdGdS BaQ0J5WldO NVkyIHhwYm 1jc0lHRnUg WkNCd2NtOX RiMyBScGJt Y2djM1Z6IG RHRnBibUZp YkcgVWdjMj kxY21OcCBi bWNnYjJZZ2 NtIEYzSUcx aGRHVnkgYV dGc2N5ND0K ICAgICAgIC A8L3NwYW4+ CiAgICAgIC AgCiAgICAg ICAg