Diageo

-12.96%

More reviews (5)

Live  

Diageo is a multinational British company that produces and distributes alcoholic beverages. It was established in 1997 through the merger of Grand Metropolitan and Guinness, two leading companies in the drinks industry. Its headquarters are located in London, England.
The name Diageo is derived from the Latin word "dies" which means day and the Greek word "geo" which means world. This name reflects the company's global presence and its goal to be the leader in the drinks industry.
The company's products include various brands of spirits, beer, and wine. Some of its most well-known brands include Johnnie Walker, Smirnoff, Guinness, Captain Morgan, and Baileys. The company also has a significant presence in the premium spirits market with its luxury brands such as Ciroc, Tanqueray, and Don Julio.
Diageo has a strong presence in over 180 countries and employs over 30,000 people. The company's global reach allows it to cater to a diverse range of customers and cultures, making it a well-respected and trusted brand in the drinks industry.
In addition to producing and distributing alcohol, Diageo also has a strong commitment to corporate social responsibility. The company is dedicated to promoting responsible drinking, reducing its environmental impact, and uplifting communities through various social initiatives.
Overall, Diageo is a well-established and successful company with a strong global presence and a wide range of popular brands. It continues to innovate and expand, maintaining its position as a leader in the drinks industry.

Diageo is a big company that makes and sells drinks, especially alcoholic ones like beer, whiskey, vodka, and rum. Some of their well-known brands include Guinness, Smirnoff, and Johnnie Walker. They sell these drinks in many countries around the world.
Diageo makes money by selling these drinks to stores, bars, and restaurants. When people buy a bottle of whiskey for their home or order a drink like beer at a restaurant, that money goes to Diageo. The company also spends a lot of time and money making sure their drinks taste really good and are packaged nicely, so people want to buy them.
There are a few reasons why Diageo has been successful and is likely to stay successful in the future. First, they have popular brands that many people know and enjoy. If you go into a store or restaurant, you will often see their drinks, which helps them sell more. Second, they are great at marketing, which means they know how to tell people about their products in a fun and appealing way. Lastly, Diageo is good at managing their business, keeping an eye on what customers want, and creating new drink options to attract more buyers.
Overall, as long as people enjoy having drinks like beer and whiskey, and as long as Diageo continues to make products that people love, they are likely to keep being a successful company in the future.

MS4gR2xvYm FsIFByZXNl bmNlOiBEaW FnZW8gaXMg YSBCcml0aX NoIG11bHRp bmF0aW9uYW wgY29tcGFu eSB3aXRoIG EgcHJlc2Vu Y2UgaW4gb3 ZlciAxODAg Y291bnRyaW VzLCBtYWtp bmcgaXQgb2 5lIG9mIHRo ZSBsYXJnZX N0IGFsY29o b2xpYyBiZX ZlcmFnZSBj b21wYW5pZX MgaW4gdGhl IHdvcmxkLj xicj4yLiBE aXZlcnNlIF BvcnRmb2xp bzogVGhlIG NvbXBhbnkn cyBwb3J0Zm 9saW8gaW5j bHVkZXMgb3 ZlciAyMDAg cHJlbWl1bS BhbmQgcG9w dWxhciBicm FuZHMsIHJh bmdpbmcgZn JvbSBzcGly aXRzIGFuZC BiZWVyIHRv IHdpbmUgYW 5kIG5vbi1h bGNvaG9saW MgYmV2ZXJh Z2VzLiBUaG lzIGRpdmVy c2l0eSBhbG xvd3MgRGlh Z2VvIHRvIG NhdGVyIHRv IGEgd2lkZS ByYW5nZSBv ZiBjb25zdW 1lcnMgYW5k IG1hcmtldH MuPGJyPjMu IFN0cm9uZy BCcmFuZCBS ZWNvZ25pdG lvbjogU29t ZSBvZiBEaW FnZW8ncyBi cmFuZHMsIH N1Y2ggYXMg Sm9obm5pZS BXYWxrZXIs IEd1aW5uZX NzLCBTbWly bm9mZiwgYW 5kIEJhaWxl eXMsIGhhdm Ugc3Ryb25n IGludGVybm F0aW9uYWwg cmVjb2duaX Rpb24gYW5k IGFyZSBjb2 5zaWRlcmVk IGhvdXNlaG 9sZCBuYW1l cy48YnI+NC 4gSGVyaXRh Z2UgYW5kIE hpc3Rvcnk6 IERpYWdlby BoYXMgYSBs b25nIGhpc3 RvcnksIHdp dGggc29tZS BvZiBpdHMg YnJhbmRzIG RhdGluZyBi YWNrIGNlbn R1cmllcy4g VGhpcyBoaX N0b3JpY2Fs IGxlZ2FjeS BhZGRzIGNy ZWRpYmlsaX R5IGFuZCBh dXRoZW50aW NpdHkgdG8g aXRzIHByb2 R1Y3RzLjxi cj41LiBFbX BoYXNpcyBv biBRdWFsaX R5OiBEaWFn ZW8gaXMga2 5vd24gZm9y IGl0cyBjb2 1taXRtZW50 IHRvIHF1YW xpdHkgYW5k IGhhcyB3b2 4gbnVtZXJv dXMgYXdhcm RzIGZvciBp dHMgcHJvZH VjdHMuIFRo ZSBjb21wYW 55IGhhcyBz dHJpY3QgcX VhbGl0eSBj b250cm9sIH Byb2Nlc3Nl cyBpbiBwbG FjZSB0byBl bnN1cmUgY2 9uc2lzdGVu Y3kgYW5kIG V4Y2VsbGVu Y2UgaW4gZX ZlcnkgYm90 dGxlLjxicj 42LiBDb3Jw b3JhdGUgUm VzcG9uc2li aWxpdHk6IF RoZSBjb21w YW55IGhhcy BhIHN0cm9u ZyBjb21taX RtZW50IHRv IHJlc3Bvbn NpYmxlIGRy aW5raW5nIG FuZCBzdXN0 YWluYWJpbG l0eS4gRGlh Z2VvIGhhcy BpbXBsZW1l bnRlZCB2YX Jpb3VzIGlu aXRpYXRpdm VzIGFuZCBw YXJ0bmVyc2 hpcHMgdG8g cHJvbW90ZS ByZXNwb25z aWJsZSBjb2 5zdW1wdGlv biBhbmQgcm VkdWNlIGl0 cyBlbnZpcm 9ubWVudGFs IGltcGFjdC 48YnI+Ny4g SW5ub3ZhdG lvbjogRGlh Z2VvIGlzIG NvbnN0YW50 bHkgaW5ub3 ZhdGluZyBh bmQgbGF1bm NoaW5nIG5l dyBwcm9kdW N0cyB0byBt ZWV0IGNvbn N1bWVyIHBy ZWZlcmVuY2 VzIGFuZCBt YXJrZXQgdH JlbmRzLiBU aGUgY29tcG FueSBpbnZl c3RzIGhlYX ZpbHkgaW4g cmVzZWFyY2 ggYW5kIGRl dmVsb3BtZW 50IHRvIGNv bnRpbnVvdX NseSBpbXBy b3ZlIGl0cy Bwcm9kdWN0 cyBhbmQgc3 RheSBhaGVh ZCBvZiB0aG UgY29tcGV0 aXRpb24uPG JyPjguIEZv Y3VzIG9uIE RpdmVyc2l0 eSBhbmQgSW 5jbHVzaW9u OiBEaWFnZW 8gaXMgZGVk aWNhdGVkIH RvIHByb21v dGluZyBkaX ZlcnNpdHkg YW5kIGluY2 x1c2lvbiB3 aXRoaW4gaX RzIHdvcmtm b3JjZSBhbm QgYmV5b25k LiBUaGUgY2 9tcGFueSBo YXMgdmFyaW 91cyBpbml0 aWF0aXZlcy BpbiBwbGFj ZSB0byBlbn N1cmUgYSBk aXZlcnNlIG FuZCBpbmNs dXNpdmUgd2 9ya3BsYWNl IGZvciBhbG wgZW1wbG95 ZWVzLjxicj 45LiBTdHJv bmcgRmluYW 5jaWFsIFBl cmZvcm1hbm NlOiBEaWFn ZW8gaGFzIG NvbnNpc3Rl bnRseSBkZW xpdmVyZWQg c3Ryb25nIG ZpbmFuY2lh bCByZXN1bH RzIGFuZCBo YXMgYSB0cm FjayByZWNv cmQgb2YgZ2 VuZXJhdGlu ZyBoaWdoIH JldHVybnMg Zm9yIHNoYX JlaG9sZGVy cy4gVGhpcy BmaW5hbmNp YWwgc3RhYm lsaXR5IGFu ZCBzdWNjZX NzIG1ha2Ug aXQgYSByZW xpYWJsZSBh bmQgYXR0cm FjdGl2ZSBp bnZlc3RtZW 50IG9wdGlv bi48YnI+MT AuIFB1cnBv c2UtRHJpdm VuIENvbXBh bnk6IERpYW dlbydzIHB1 cnBvc2UgaX MgdG8gImNl bGVicmF0ZS BsaWZlIGV2 ZXJ5IGRheS wgZXZlcnl3 aGVyZSIgYW 5kIGl0IHJl ZmxlY3RzIG luIGV2ZXJ5 dGhpbmcgdG hlIGNvbXBh bnkgZG9lcy wgZnJvbSBp dHMgcHJvZH VjdHMgdG8g aXRzIGNvcn BvcmF0ZSBy ZXNwb25zaW JpbGl0eSBl ZmZvcnRzLi BUaGlzIHB1 cnBvc2UtZH JpdmVuIGFw cHJvYWNoIH Jlc29uYXRl cyB3aXRoIG NvbnN1bWVy cyBhbmQgZW 1wbG95ZWVz IGFsaWtlLC BtYWtpbmcg RGlhZ2VvIG EgcmVzcGVj dGVkIGFuZC BhZG1pcmVk IGNvbXBhbn ku

RGlhZ2VvIG lzIGEgbXVs dGluYXRpb2 5hbCBiZXZl cmFnZSBjb2 1wYW55IHRo YXQgcHJvZH VjZXMgYW5k IHNlbGxzIG Egd2lkZSBy YW5nZSBvZi BhbGNvaG9s aWMgYmV2ZX JhZ2VzLCBp bmNsdWRpbm cgc3Bpcml0 cywgYmVlci wgYW5kIHdp bmUuIFRoZW lyIGJ1c2lu ZXNzIG1vZG VsIGlzIGJh c2VkIG9uIG EgdmFsdWUt ZHJpdmVuIH N0cmF0ZWd5 LCB3aXRoIG EgZm9jdXMg b24gcHJlbW l1bSBhbmQg c3VwZXItcH JlbWl1bSBi cmFuZHMuIF RoZXkgb3Bl cmF0ZSBpbi Btb3JlIHRo YW4gMTgwIG NvdW50cmll cyBhbmQgaG F2ZSBhIGRp dmVyc2UgcG 9ydGZvbGlv IG9mIG92ZX IgMjAwIGJy YW5kcywgaW 5jbHVkaW5n IHBvcHVsYX IgbmFtZXMg bGlrZSBKb2 hubmllIFdh bGtlciwgU2 1pcm5vZmYs IEd1aW5uZX NzLCBhbmQg QmFpbGV5cy 48YnI+VGhl IGNvbXBhbn kncyBidXNp bmVzcyBtb2 RlbCBjb25z aXN0cyBvZi Bmb3VyIGtl eSBwaWxsYX JzOjxicj4x LiBTdHJhdG VnaWMgRm9j dXMgb24gUH JlbWl1bSBC cmFuZHMgLS BEaWFnZW8n cyBidXNpbm VzcyBtb2Rl bCBpcyBidW lsdCBvbiBh IHN0cm9uZy Bmb2N1cyBv biBwcmVtaX VtIGFuZCBz dXBlci1wcm VtaXVtIGJy YW5kcywgd2 hpY2ggb2Zm ZXIgaGlnaG VyIG1hcmdp bnMgYW5kIH Byb2ZpdGFi aWxpdHkuIF RoZXkgaW52 ZXN0IGhlYX ZpbHkgaW4g bWFya2V0aW 5nIGFuZCBp bm5vdmF0aW 9uIHRvIG1h aW50YWluIH RoZSBoaWdo IHF1YWxpdH kgYW5kIGRl c2lyYWJpbG l0eSBvZiB0 aGVpciBicm FuZHMuPGJy PjIuIEdlb2 dyYXBoaWMg RGl2ZXJzaW ZpY2F0aW9u IC0gRGlhZ2 VvIG9wZXJh dGVzIGluIG 1hbnkgbWFy a2V0cyBhY3 Jvc3MgdGhl IGdsb2JlLC B3aXRoIGEg cHJlc2VuY2 UgaW4gYm90 aCBtYXR1cm UgYW5kIGVt ZXJnaW5nIG 1hcmtldHMu IFRoaXMgZ2 VvZ3JhcGhp YyBkaXZlcn NpZmljYXRp b24gaGVscH MgdGhlIGNv bXBhbnkgbW l0aWdhdGUg cmlza3MgYW 5kIHRha2Ug YWR2YW50YW dlIG9mIGdy b3d0aCBvcH BvcnR1bml0 aWVzIGluIG RpZmZlcmVu dCByZWdpb2 5zLjxicj4z LiBQcm9kdW N0IERpdmVy c2lmaWNhdG lvbiAtIERp YWdlbyBoYX MgYW4gZXh0 ZW5zaXZlIH BvcnRmb2xp byBvZiBicm FuZHMgdGhh dCBjYXRlci B0byBkaWZm ZXJlbnQgdG FzdGVzLCBv Y2Nhc2lvbn MsIGFuZCBk ZW1vZ3JhcG hpY3MuIFRo aXMgcHJvZH VjdCBkaXZl cnNpZmljYX Rpb24gYWxs b3dzIHRoZS Bjb21wYW55 IHRvIGFwcG VhbCB0byBh IGJyb2FkIG N1c3RvbWVy IGJhc2UgYW 5kIGVudGVy IG5ldyBncm 93dGggbWFy a2V0cy48Yn I+NC4gRWZm aWNpZW50IF N1cHBseSBD aGFpbiAtIE RpYWdlbyBo YXMgYSByb2 J1c3QgYW5k IGVmZmljaW VudCBzdXBw bHkgY2hhaW 4gbmV0d29y ayB0aGF0IG VuYWJsZXMg dGhlbSB0by Bwcm9kdWNl IGFuZCBkaX N0cmlidXRl IHRoZWlyIH Byb2R1Y3Rz IGdsb2JhbG x5LiBUaGV5 IGhhdmUgaW 52ZXN0ZWQg aW4gbW9kZX JuIHByb2R1 Y3Rpb24gZm FjaWxpdGll cywgbG9naX N0aWNzLCBh bmQgZGlzdH JpYnV0aW9u IHN5c3RlbX MgdG8gZW5z dXJlIHRpbW VseSBkZWxp dmVyeSBvZi B0aGVpciBw cm9kdWN0cy B0byBtYXJr ZXRzIHdvcm xkd2lkZS48 YnI+T3Zlcm FsbCwgRGlh Z2VvJ3MgYn VzaW5lc3Mg bW9kZWwgcm V2b2x2ZXMg YXJvdW5kIG Egc3Ryb25n IGZvY3VzIG 9uIHByZW1p dW0gYnJhbm RzLCBnZW9n cmFwaGljIG FuZCBwcm9k dWN0IGRpdm Vyc2lmaWNh dGlvbiwgYW 5kIGVmZmlj aWVudCBzdX BwbHkgY2hh aW4gb3Blcm F0aW9ucy4g VGhpcyBoYX MgYWxsb3dl ZCB0aGUgY2 9tcGFueSB0 byBhY2hpZX ZlIHN1c3Rh aW5lZCBncm 93dGggYW5k IG1haW50YW luIGl0cyBw b3NpdGlvbi BhcyBvbmUg b2YgdGhlIG xlYWRpbmcg cGxheWVycy BpbiB0aGUg Z2xvYmFsIG JldmVyYWdl IGluZHVzdH J5Lg==

AI can indeed pose threats to Diageo, particularly through several key mechanisms:
1. Substitution: AI can enable the development of alternative beverages, including noalcoholic options, that appeal to health-conscious consumers. The rise of smart beverage creation technologies using AI can lead to personalized drink options that may rival traditional alcoholic beverages. Additionally, the proliferation of craft and local brands facilitated by AI-driven marketing can shift consumer preferences away from established brands like those owned by Diageo.
2. Disintermediation: With the growth of direct-to-consumer (DTC) platforms and AI-driven e-commerce solutions, retailers can bypass traditional distribution channels. This impacts Diageo’s traditional sales model by enabling consumers to purchase directly from producers or online retailers without going through intermediaries. Moreover, AI can help startups and smaller brands leverage data analytics and consumer insights effectively, which can disrupt Diageo’s market position.
3. Margin Pressure: AI can drive efficiencies in production, logistics, and supply chains across the beverage industry. Competitors leveraging AI could significantly reduce their operational costs, allowing them to compete on price, which may lead to margin pressure for Diageo. Additionally, AI-enabled marketing strategies could create a more competitive landscape where consumer loyalty is harder to maintain, further affecting profit margins.
Overall, while AI offers opportunities for innovation and efficiency, it also presents material risks to Diageo’s established products, services, and competitive positioning. The company will need to adapt proactively to navigate these challenges effectively.

Diageo’s earnings, cash flow, and overall valuation can be sensitive to changes in interest rates in several ways:
1. Cost of Debt: Diageo has a significant amount of debt on its balance sheet. In a rising interest rate environment, the company’s interest expenses would increase, which could lead to a decline in net earnings. Higher interest payments would consume more of the revenue, potentially reducing overall profitability.
2. Refinancing Risk: If Diageo needs to refinance existing debt or raise new debt when interest rates are high, the cost of borrowing will increase. This can lead to higher leverage ratios and potentially impact credit ratings, which could further increase borrowing costs.
3. Investment Decisions: Higher interest rates can affect Diageo’s investment decisions. As the cost of capital rises, certain projects or expansions that would have been favorable at lower rates might be reconsidered or delayed, impacting future growth and cash flow.
4. Consumer Spending: Interest rates can impact consumer spending behaviors. Higher rates generally lead to higher borrowing costs for consumers, which may reduce discretionary spending, including spending on premium beverages. This could negatively affect sales and revenue for Diageo.
5. Valuation Impact: Diageo’s valuation is influenced by discounted cash flow (DCF) models, where future cash flows are discounted back to present value using an assumed discount rate. In an environment of rising interest rates, the discount rate increases, leading to a lower present value of future cash flows and, consequently, a lower valuation.
6. Foreign Exchange Rates: Changes in interest rates can impact currency values, especially if Diageo operates in multiple countries. Fluctuations in currency exchange rates can affect earnings reported in the home currency, impacting overall cash flow and profitability.
In summary, while Diageo may manage some of its financial exposure to interest rates through hedging and careful financial planning, changes in interest rates can have significant direct and indirect effects on its earnings, cash flow, and valuation.

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 bG9nb3MvZH ZLbkRxdUg0 VkY1QjJRNk 1aMXEud2Vi cCIgYWx0PS JEaWFnZW8i IHRpdGxlPS JEaWFnZW8i ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9OTAg d2lkdGg9OT 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 QgRGlhZ2Vv 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+ZjCBK b2luIG5vdy B0byBnZXQg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPiBhdCBu byBjb3N0Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvcD4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTJweDsg Zm9udC1zaX plOiAxM3B4 OyBjb2xvcj ogIzQ0NDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg U2lnbiB1cC Bub3cgYW5k IGdldCBvdX IgZnJlZSBl Qm9vayAKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxiPl RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 M8L2I+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx NnB4OyBmb2 50LXNpemU6 IDE0cHg7IG NvbG9yOiAj NDQ0OyBmb2 50LWZhbWls eTogLWFwcG xlLXN5c3Rl bSwgQmxpbm tNYWNTeXN0 ZW1Gb250LC BTZWdvZSBV SSwgUm9ib3 RvLCBIZWx2 ZXRpY2EgTm V1ZSwgc2Fu cy1zZXJpZj sgbGluZS1o ZWlnaHQ6ID EuNjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgSGF2 ZSB5b3UgaG VhcmQgYWJv dXQgb3VyIH Nob3J0IDxz dHJvbmcgc3 R5bGU9J2Zv bnQtd2VpZ2 h0OiA2MDA7 Jz5EYWlseS BWaWRlbyBO ZXdzbGV0dG VyPC9zdHJv bmc+PwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naHR0 cHM6Ly93d3 cuaW5zaWdo dGZ1bHZhbH VlLmNvbS9u ZXdzbGV0dG VyLnBocCcg dGFyZ2V0PS dfYmxhbmsn IHN0eWxlPS djb2xvcjog IzAwN0JGRj sgdGV4dC1k ZWNvcmF0aW 9uOiBub25l OyBmb250LX dlaWdodDog NTAwOyBtYX JnaW4tbGVm dDogNnB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgRmlu ZCBvdXQgbW 9yZQogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIAogIC AgICAgIAog ICAgICAgID xzcGFuIGNs YXNzPSdibH VycmVkLXRl eHQnPgogIC AgICAgICAg ICBNUzRnUk dsaFoyIFZ2 SUhkaGN5Qm 0gYjNWdVpH VmtJRyBsdU lERTVPVGNn IGRHaHliM1 ZuYUMgQjBh R1VnYldWeS BaMlZ5SUc5 bUlFIGR5WV c1a0lFMWwg ZEhKdmNHOX NhWCBSaGJp QmhibVFnIF IzVnBibTVs YzMgTXVJRH hpY2o0eSBM aUJFYVdGbl pXIDhnYVhN Z2FHVmggWk hGMVlYSjBa WCBKbFpDQn BiaUJNIGIy NWtiMjRzSU UgVnVaMnho Ym1RZyBZVz VrSUc5d1pY IEpoZEdWek lHbHUgSUc5 MlpYSWdNVC Bnd0lHTnZk VzUwIGNtbG xjeUJoY20g OTFibVFnZE dobCBJSGR2 Y214a0xpIE E4WW5JK015 NGcgUkdsaF oyVnZJRyBW dGNHeHZlWE 1nIGIzWmxj aUF6TXkgd3 dNREFnY0dW diBjR3hsSU dkc2IyIEpo Ykd4NUlHRn UgWkNCb1lY TWdZUyBCdF lYSnJaWFFn IFkyRndhWF JoYkcgbDZZ WFJwYjI0Zy BiMllnYjNa bGNpIEFrT1 RBZ1ltbHMg YkdsdmJpQl ZVMCBRdUlE eGljajQwIE xpQlVhR1Vn Ym0gRnRaU0 JFYVdGbiBa VzhnYVhNZ1 lTIEJqYjIx aWFXNWggZE dsdmJpQnZa aSBCMGFHVW dUR0YwIGFX NGdkMjl5Wk MgQmthV0Z6 SUcxbCBZVz VwYm1jZ1pH IEY1SUdGdV pDQjAgYUdV Z1IzSmxaVy BzZ2QyOXla Q0JuIFpXOG diV1ZoYm0g bHVaeUIzYj NKcyBaQ3dn Y21Wd2NtIF Z6Wlc1MGFX NW4gSUhSb1 pTQmpiMiAx d1lXNTU0b0 NaIGN5Qm5i RzlpWVcgd2 djSEpsYzJW dSBZMlV1SU R4aWNqIDQx TGlCRWFXRm 4gWlc4Z2FY TWdkRyBobE lIZHZjbXhr IDRvQ1pjeU JzWVggSm5a WE4wSUhCeS BiMlIxWTJW eUlHIDltSU hOd2FYSnAg ZEhNc0lIZH BkRyBnZ1lT QndiM0owIF ptOXNhVzhn ZEcgaGhkQ0 JwYm1OcyBk V1JsY3lCd2 IzIEIxYkdG eUlHSnkgWV c1a2N5Qnpk VyBOb0lHRn pJRXB2IGFH NXVhV1VnVj IgRnNhMlZ5 TENCVCBiV2 x5Ym05bVpp IHdnUW1GcG JHVjUgY3l3 Z1lXNWtJRi BSaGJuRjFa WEpoIGVTNG dQR0p5UGog WXVJRlJvWl NCaiBiMjF3 WVc1NUlHIE ZzYzI4Z2FH RnogSUdFZ2 MybG5ibSBs bWFXTmhibl FnIGNISmxj MlZ1WTIgVW dhVzRnZEdo bCBJR0psWl hJZ1lXIDVr SUhkcGJtVW cgYVc1a2RY TjBjbSBsbG N5d2dkMmww IGFDQmljbU Z1WkggTWdi R2xyWlNCSC BkV2x1Ym1W emN5IHdnU0 dGeWNDd2cg WVc1a0lGTj BaWCBKc2FX NW5JRlpwIG JtVjVZWEpr Y3kgNGdQR0 p5UGpjdSBJ RVJwWVdkbG J5IEJvWVhN Z1lTQnogZE hKdmJtY2dZ MiA5dGJXbD BiV1Z1IGRD QjBieUJ6ZF ggTjBZV2x1 WVdKcCBiR2 wwZVNCaGJt IFFnYUdGek lHbHQgY0d4 bGJXVnVkRy BWa0lHNTFi V1Z5IGIzVn pJR2x1YVgg UnBZWFJwZG 1WeiBJSFJ2 SUhKbFpIIF ZqWlNCcGRI TWcgWlc1Mm FYSnZibSAx bGJuUmhiQ0 JwIGJYQmhZ M1FnWVcgNW tJSEJ5YjIx diBkR1VnY2 1WemNHIDl1 YzJsaWJHVW cgWTI5dWMz VnRjSCBScG IyNGdiMlln IGFYUnpJSE J5YjIgUjFZ M1J6TGlBOC BZbkkrT0M0 Z1NXIDRnWV dSa2FYUnAg YjI0Z2RHOG dhWCBSeklH WnZZM1Z6IE lHOXVJSE53 YVggSnBkSE 1nWVc1ayBJ R0ZzWTI5b2 IyIHhwWXlC aVpYWmwgY2 1GblpYTXNJ RSBScFlXZG xieUJoIGJI TnZJR2hoY3 kgQmhJR2R5 YjNkcCBibW NnY0hKbGMy IFZ1WTJVZ2 FXNGcgZEdo bElHNXZiaS AxaGJHTnZh RzlzIGFXTW dZbVYyWlgg SmhaMlVnYl dGeSBhMlYw SUhkcGRHIG dnWW5KaGJt UnogSUd4cG EyVWdURyBs d2RHOXVJR0 Z1IFpDQlNi MkpwYm4gTn Zibk11SUR4 aSBjajQ1TG lCRWFXIEZu Wlc4Z2FHRn ogSUdFZ2Nt bGphQyBCb2 FYTjBiM0o1 IExDQjNhWF JvSUggTnZi V1VnYjJZZy BhWFJ6SUc5 c1pHIFZ6ZE NCaWNtRnUg WkhNZ1pHRj BhVyA1bklH SmhZMnNnIG RHOGdkR2hs SUQgRTNNRE J6TGlBOCBZ bkkrTVRBdU lGIFJvWlNC amIyMXcgWV c1NUlHaGhj eSBCaElITj BjbTl1IFp5 QndjbVZ6Wl cgNWpaU0Jw YmlCMCBhR1 VnYzNCdmNu IFJ6SUdGdV pDQmwgYm5S bGNuUmhhVy A1dFpXNTBJ R2x1IFpIVn pkSEo1TEMg QnpjRzl1Yz I5eSBhVzVu SUcxaGFtID l5SUdWMlpX NTAgY3lCem RXTm9JRyBG eklIUm9aU0 JTIGRXZGll U0JYYjMgSn NaQ0JEZFhB ZyBZVzVrSU hSb1pTIEJD Y21sMGFYTm 8gSUVGallX UmxiWCBrZ1 JtbHNiU0JC IGQyRnlaSE 11SUQgeGlj ajR4TVM0Zy BTVzRnTWpB eU1DIHdnUk dsaFoyVnYg SUdGdWJtOT FibSBObFpD QmhJREV3IE xYbGxZWEln YzMgVnpkR0 ZwYm1GaSBh V3hwZEhrZ1 lXIE4wYVc5 dUlIQnMgWV c0Z2QybDBh QyBCbmIyRn NjeUJwIGJt TnNkV1JwYm 0gY2dZV05v YVdWMiBhVz VuSUc1bGRD IEI2WlhKdk lHTmggY21K dmJpQmxiVy BsemMybHZi bk1nIGFXNG dhWFJ6SUcg OXdaWEpoZE dsdiBibk1n WVc1a0lIIE 52ZFhKamFX NW4gSURFd0 1DVWdjbSBW dVpYZGhZbX hsIElHVnNa V04wY20gbG phWFI1SUdK NSBJREl3TX pBdUlEIHhp Y2o0eE1pNG cgVkdobElH TnZiWCBCaG Jua2dhR0Z6 IElHSmxaVz RnY20gVmpi MmR1YVhwbC BaQ0JtYjNJ Z2FYIFJ6SU dWbVptOXkg ZEhNZ2FXNG daRyBsMlpY SnphWFI1IE lHRnVaQ0Jw Ym0gTnNkWE 5wYjI0cyBJ SGRwZEdnZ2 FXIDVwZEds aGRHbDIgWl hNZ2JHbHJa UyBCMGFHVW dSR2xoIFoy VnZJRVZ0Y0 cgOTNaWEp0 Wlc1MCBJRV Y0WTJoaGJt IGRsTENCM2 FHbGogYUNC emRYQndiMy BKMGN5QkNi R0ZqIGF5MX ZkMjVsWkMg QmlkWE5wYm 1WeiBjMlZ6 TGlBOFluIE krTVRNdUlF UnAgWVdkbG J5Qm9ZWCBN Z1lTQm5iRz lpIFlXd2dj R0Z5ZEcgNW xjbk5vYVhB ZyBkMmwwYU NCaFkzIFJ2 Y2lCaGJtUW cgY0hKdlpI VmpaWCBJZ1 JHRjJhV1Fn IFFtVmphMm hoYlMgd2dk Mmh2SUhObC BjblpsY3lC aGN5IEJoSU dKeVlXNWsg SUdGdFltRn pjMiBGa2Iz SWdabTl5IE lFaGhhV2Nn UTIgeDFZaU IzYUdseiBh M2t1SUR4aW NqIDR4TkM0 Z1NXNGcgTW pBeU1Td2dS RyBsaFoyVn ZJSGRoIGN5 QnlZVzVyWl cgUWdkR2hs SUhSdiBjQ0 J6Y0dseWFY IFJ6SUdOdm JYQmggYm5r Z2IyNGdSbS A5eVltVno0 b0NaIElHeH BjM1FnYjIg WWdWMjl5Yk dUaSBnSmx6 SUUxdmMzIF FnVm1Gc2RX RmkgYkdVZ1 FuSmhibSBS ekxpQThZbk krIE1UVXVJ RVJsYzMgQn BkR1VnZEdo bCBJR05vWV d4c1pXIDVu WlhNZ2IyWW cgZEdobElF TlBWayBsRU xURTVJSEJo IGJtUmxiV2 xqTEMgQkVh V0ZuWlc4Zy BhR0Z6SUdO dmJuIFJwYm 5WbFpDQjAg YnlCelpXVW daMyBKdmQz Um9JR2x1IE lHbDBjeUJ6 WVcgeGxjeX dnY0dGeSBk R2xqZFd4aG NtIHg1SUds dUlIUm8gWl NCVmJtbDBa VyBRZ1UzUm hkR1Z6IElH RnVaQ0JEYU cgbHVZUzQ9 CiAgICAgIC AgPC9zcGFu PgogICAgIC AgIAogICAg ICAgIA==