Starbucks

Live  

Starbucks is a multinational coffeehouse chain founded in 1971 in Seattle, Washington by three partners: Jerry Baldwin, Zev Siegl, and Gordon Bowker. The company is named after the first mate in the novel Moby-Dick by Herman Melville.
Starbucks is known for its high-quality coffee, as well as its unique store atmosphere and customer experience. The company is committed to ethically sourcing its coffee and has various sustainability initiatives in place.
As of 2021, Starbucks has over 32,000 locations worldwide, making it one of the largest coffee chains in the world. The company’s products include a variety of coffee and tea beverages, pastries and snacks, and merchandise such as mugs and tumblers.
In addition to its core coffee business, Starbucks has expanded into other areas, such as food service and consumer products. The company also has a strong digital presence, offering a wide range of online and mobile ordering options for its customers.
Starbucks is also known for its corporate social responsibility efforts, including charitable donations, volunteer work, and ethical sourcing initiatives. In 2015, the company launched the Starbucks Foundation, a non-profit organization focused on supporting youth and community development programs.
Overall, Starbucks is a well-established and successful company with a strong brand and a loyal customer base.

U3RhcmJ1Y2 tzIGlzIGEg Y29tcGFueS B0aGF0IG1h a2VzIGFuZC BzZWxscyBj b2ZmZWUgYW 5kIG90aGVy IGRyaW5rcy wgbGlrZSB0 ZWEgYW5kIH Ntb290aGll cy4gVGhleS BhbHNvIG9m ZmVyIHNuYW NrcyBhbmQg ZGVzc2VydH MsIGxpa2Ug cGFzdHJpZX MgYW5kIGNh a2VzLiBQZW 9wbGUgbG92 ZSBnb2luZy B0byBTdGFy YnVja3MgYm VjYXVzZSBp dOKAmXMgYS Bjb3p5IHBs YWNlIHdoZX JlIHRoZXkg Y2FuIHJlbG F4LCBtZWV0 IGZyaWVuZH MsIG9yIHN0 dWR5IHdoaW xlIGVuam95 aW5nIHRoZW lyIGZhdm9y aXRlIGRyaW 5rLjxicj5T dGFyYnVja3 MgbWFrZXMg bW9uZXkgYn kgc2VsbGlu ZyBpdHMgZH JpbmtzIGFu ZCBmb29kLi BXaGVuIHlv dSBnbyB0by BhIFN0YXJi dWNrcyBhbm QgYnV5IGEg Y29mZmVlLC BwYXJ0IG9m IHRoYXQgbW 9uZXkgZ29l cyB0byBwYX kgZm9yIHRo ZSBjb2ZmZW UgYmVhbnMg YW5kIG90aG VyIGluZ3Jl ZGllbnRzLC BidXQgdGhl IHJlc3QgaX MgcHJvZml0 LCB3aGljaC BpcyB0aGUg bW9uZXkgdG hhdCBoZWxw cyB0aGUgY2 9tcGFueSBn cm93LiBUaG V5IGFsc28g c2VsbCBwYW NrYWdlZCBj b2ZmZWUgYW 5kIHRlYXMg dGhhdCBwZW 9wbGUgY2Fu IGJ1eSB0by B0YWtlIGhv bWUgYW5kIG 1ha2UgdGhl bXNlbHZlcy 48YnI+U3Rh cmJ1Y2tzIG hhcyBiZWVu IHN1Y2Nlc3 NmdWwgZm9y IGEgZmV3IH JlYXNvbnMu IEZpcnN0LC B0aGV5IHBy b3ZpZGUgYS BuaWNlIGF0 bW9zcGhlcm UuIFRoZWly IHN0b3Jlcy BhcmUgZGVz aWduZWQgdG 8gYmUgY29t Zm9ydGFibG UsIHdpdGgg c29mdCBtdX NpYyBhbmQg Y296eSBzZW F0aW5nLiBT ZWNvbmQsIH RoZXkgZm9j dXMgb24gcX VhbGl0eS4g VGhleSB1c2 UgZ29vZCBp bmdyZWRpZW 50cywgd2hp Y2ggbWFrZX MgdGhlaXIg ZHJpbmtzIH Rhc3RlIGdy ZWF0LiBUaG lyZCwgdGhl eSBoYXZlIG EgbG95YWwg Y3VzdG9tZX IgYmFzZS4g TWFueSBwZW 9wbGUgbG92 ZSB0aGVpci Bwcm9kdWN0 cyBhbmQgY2 9tZSBiYWNr IG9mdGVuIG ZvciB0aGVp ciBmYXZvcm l0ZXMuPGJy PkluIHRoZS BmdXR1cmUs IFN0YXJidW NrcyBpcyBs aWtlbHkgdG 8gc3RheSBz dWNjZXNzZn VsIGJlY2F1 c2UgdGhleS BhcmUgYWx3 YXlzIGxvb2 tpbmcgZm9y IG5ldyBpZG Vhcy4gVGhl eSB0cnkgbm V3IGZsYXZv cnMsIGNyZW F0ZSBzZWFz b25hbCBkcm lua3MsIGFu ZCBldmVuIG ZpbmQgd2F5 cyB0byBtYW tlIG9yZGVy aW5nIGVhc2 llciwgbGlr ZSB1c2luZy BhcHBzLiBU aGV5IGFsc2 8gY2FyZSBh Ym91dCBiZW luZyByZXNw b25zaWJsZS BhbmQgaGVs cCBmYXJtZX JzIHdobyBn cm93IGNvZm ZlZSwgd2hp Y2ggbWFueS BjdXN0b21l cnMgYXBwcm VjaWF0ZS48 YnI+U28sIH doZW4geW91 IHRoaW5rIG Fib3V0IFN0 YXJidWNrcy wgcmVtZW1i ZXIgaXTigJ lzIG5vdCBq dXN0IGFib3 V0IGNvZmZl ZTsgaXTigJ lzIGFib3V0 IHRoZSBleH BlcmllbmNl IG9mIGVuam 95aW5nIGEg dGFzdHkgZH JpbmsgaW4g YSBuaWNlIH BsYWNlLiBU aGF04oCZcy B3aHkgaXQg aGFzIGEgbG 90IG9mIGhh cHB5IGN1c3 RvbWVycyBh bmQgd2lsbC Bwcm9iYWJs eSBrZWVwIG dyb3dpbmcg Zm9yIGEgbG 9uZyB0aW1l Ljxicj4=

MS4gR2xvYm FsIHByZXNl bmNlOiBTdG FyYnVja3Mg aXMgb25lIG 9mIHRoZSBs YXJnZXN0IG NvZmZlZSBj aGFpbnMgaW 4gdGhlIHdv cmxkIHdpdG ggb3ZlciAz MCwwMDAgc3 RvcmVzIGlu IG1vcmUgdG hhbiA4MCBj b3VudHJpZX MuPGJyPjIu IFVuaXF1ZS BzdG9yZSBl eHBlcmllbm NlOiBTdGFy YnVja3MgaX Mga25vd24g Zm9yIGl0cy BpbnZpdGlu ZyBzdG9yZS BhdG1vc3Bo ZXJlLCB3aX RoIGNvenkg c2VhdGluZy BhcmVhcywg ZnJlZSBXaS 1GaSwgYW5k IGEgd2lkZS BzZWxlY3Rp b24gb2YgYm V2ZXJhZ2Vz IGFuZCBzbm Fja3MuPGJy PjMuIEhpZ2 gtcXVhbGl0 eSBwcm9kdW N0czogU3Rh cmJ1Y2tzIH ByaWRlcyBp dHNlbGYgb2 4gdXNpbmcg aGlnaC1xdW FsaXR5IGNv ZmZlZSBiZW FucywgZXRo aWNhbGx5IH NvdXJjaW5n IHRoZW0gZn JvbSBhcm91 bmQgdGhlIH dvcmxkLCBh bmQgcm9hc3 RpbmcgdGhl bSBpbiBzbW FsbCBiYXRj aGVzIGZvci BvcHRpbWFs IGZsYXZvci 48YnI+NC4g U3VzdGFpbm FiaWxpdHkg ZWZmb3J0cz ogU3RhcmJ1 Y2tzIGhhcy BtYWRlIHNp Z25pZmljYW 50IGVmZm9y dHMgdG8gcH JvbW90ZSBz dXN0YWluYW JpbGl0eSBp biBpdHMgb3 BlcmF0aW9u cywgaW5jbH VkaW5nIGlu dmVzdGluZy BpbiByZW5l d2FibGUgZW 5lcmd5LCBy ZWR1Y2luZy B3YXRlciB1 c2FnZSwgYW 5kIGltcGxl bWVudGluZy BzdXN0YWlu YWJsZSBwYW NrYWdpbmcg c29sdXRpb2 5zLjxicj41 LiBFbXBsb3 llZSBiZW5l Zml0czogU3 RhcmJ1Y2tz IGlzIGtub3 duIGZvciBp dHMgZW1wbG 95ZWUgYmVu ZWZpdHMsIG luY2x1ZGlu ZyBoZWFsdG hjYXJlIGNv dmVyYWdlLC BzdG9jayBv cHRpb25zLC BhbmQgZWR1 Y2F0aW9uYW wgb3Bwb3J0 dW5pdGllcy wgbWFraW5n IGl0IGEgZG VzaXJhYmxl IHBsYWNlIH RvIHdvcmsu PGJyPjYuIE NvbXBhbnkg dmFsdWVzOi BTdGFyYnVj a3MgaGFzIG Egc3Ryb25n IGNvbW1pdG 1lbnQgdG8g c29jaWFsIH Jlc3BvbnNp YmlsaXR5LC BkaXZlcnNp dHksIGFuZC Bjb21tdW5p dHkgaW52b2 x2ZW1lbnQs IHdoaWNoIG hhcyBoZWxw ZWQgaXQgbW FpbnRhaW4g YSBwb3NpdG l2ZSBicmFu ZCBpbWFnZS 48YnI+Ny4g TW9iaWxlIG 9yZGVyaW5n IGFuZCBsb3 lhbHR5IHBy b2dyYW06IF N0YXJidWNr cyBoYXMgYm VlbiBhIHBp b25lZXIgaW 4gdGhlIHVz ZSBvZiB0ZW Nobm9sb2d5 IGluIHRoZS Bjb2ZmZWUg aW5kdXN0cn ksIGFsbG93 aW5nIGN1c3 RvbWVycyB0 byBvcmRlci BhbmQgcGF5 IGZvciB0aG VpciBkcmlu a3MgdGhyb3 VnaCB0aGVp ciBtb2JpbG UgYXBwLCBh cyB3ZWxsIG FzIGVhcm4g cmV3YXJkcy B0aHJvdWdo IGl0cyBsb3 lhbHR5IHBy b2dyYW0uPG JyPjguIElu bm92YXRpdm UgbWVudSBp dGVtczogV2 hpbGUga25v d24gZm9yIG l0cyBjb2Zm ZWUsIFN0YX JidWNrcyBj b25zdGFudG x5IGlubm92 YXRlcyBhbm QgaW50cm9k dWNlcyBuZX cgbWVudSBp dGVtcywgc3 VjaCBhcyBp dHMgcG9wdW xhciBzZWFz b25hbCBkcm lua3MsIHNh bmR3aWNoZX MsIGFuZCBw YXN0cmllcy 48YnI+OS4g QnJhbmQgbG 95YWx0eTog U3RhcmJ1Y2 tzIGhhcyBh IGRldm90ZW QgZm9sbG93 aW5nIG9mIG N1c3RvbWVy cywgbWFueS BvZiB3aG9t IGFyZSB3aW xsaW5nIHRv IHBheSBhIH ByZW1pdW0g Zm9yIGl0cy Bwcm9kdWN0 cyBhbmQgYX JlIGZpZXJj ZWx5IGxveW FsIHRvIHRo ZSBicmFuZC 48YnI+MTAu IENvbnRpbn VvdXMgZ3Jv d3RoIGFuZC Bpbm5vdmF0 aW9uOiBEZX NwaXRlIGZh Y2luZyBjb2 1wZXRpdGlv biBpbiB0aG UgY3Jvd2Rl ZCBjb2ZmZW UgbWFya2V0 LCBTdGFyYn Vja3MgY29u dGludWVzIH RvIGdyb3cg YW5kIGV4cG FuZCBpdHMg b2ZmZXJpbm dzLCBpbmNs dWRpbmcgb3 BlbmluZyBT dGFyYnVja3 MgUmVzZXJ2 ZSBSb2FzdG VyeSBhbmQg VGFzdGluZy BSb29tcywg YXMgd2VsbC BhcyBpbnRy b2R1Y2luZy BuZXcgcHJv ZHVjdCBsaW 5lcyBsaWtl IGJvdHRsZW QgY29sZCBi cmV3IGFuZC B0ZWEgaW5m dXNpb25zLg ==

VGhlIFN0YX JidWNrcyBj b21wYW55J3 MgYnVzaW5l c3MgbW9kZW wgaXMgYmFz ZWQgb24gc2 VsbGluZyBo aWdoLXF1YW xpdHkgY29m ZmVlIGJldm VyYWdlcywg Zm9vZCBpdG VtcywgYW5k IG90aGVyIH Byb2R1Y3Rz IHN1Y2ggYX MgbWVyY2hh bmRpc2UgYW 5kIHBhY2th Z2VkIGdvb2 RzLiBUaGVp ciBidXNpbm VzcyBjZW50 ZXJzIGFyb3 VuZCBjcmVh dGluZyBhIH dlbGNvbWlu ZyBhbmQgY2 9tZm9ydGFi bGUgZW52aX Jvbm1lbnQg Zm9yIGN1c3 RvbWVycyB0 byBzb2NpYW xpemUsIHN0 dWR5LCBvci B3b3JrLiBU aGUgY29tcG FueSBhbHNv IGZvY3VzZX Mgb24gcHJv dmlkaW5nIG V4Y2VsbGVu dCBjdXN0b2 1lciBzZXJ2 aWNlLCBmYW lyIHRyYWRl IGFuZCBldG hpY2FsIHNv dXJjaW5nIG 9mIGNvZmZl ZSBiZWFucy wgYW5kIHN1 c3RhaW5hYm xlIGFuZCBl bnZpcm9ubW VudGFsbHkg ZnJpZW5kbH kgcHJhY3Rp Y2VzLiBBZG RpdGlvbmFs bHksIFN0YX JidWNrcyBo YXMgZXhwYW 5kZWQgaXRz IGJ1c2luZX NzIHRvIGlu Y2x1ZGUgYS BzdHJvbmcg ZGlnaXRhbC BwcmVzZW5j ZSB0aHJvdW doIGl0cyBt b2JpbGUgYX BwIGFuZCBv bmxpbmUgb3 JkZXJpbmcg cGxhdGZvcm 0uIFRoaXMg YWxsb3dzIG N1c3RvbWVy cyB0byBlYX NpbHkgb3Jk ZXIgYW5kIH BheSBmb3Ig dGhlaXIgcH VyY2hhc2Vz IHdoaWxlIG Fsc28gZWFy bmluZyByZX dhcmRzLiBU aGUgYnVzaW 5lc3MgbW9k ZWwgYWxzby BpbmNsdWRl cyBwYXJ0bm Vyc2hpcHMg YW5kIGNvbG xhYm9yYXRp b25zIHdpdG ggb3RoZXIg Y29tcGFuaW VzIGFuZCBv cmdhbml6YX Rpb25zIHRv IGZ1cnRoZX IgZXhwYW5k IGl0cyBwcm 9kdWN0cyBh bmQgc2Vydm ljZXMu

AI can indeed pose various challenges to Starbucks, affecting its products, services, and competitive positioning in several ways:
1. Substitution: AI can enable new coffee and beverage alternatives that may not require traditional coffee shops. For instance, AI-driven automation can lead to the proliferation of coffee machines that can replicate the café experience at home, making it easier for consumers to substitute Starbucks beverages with homemade options or choices from competitors who leverage technology to offer similar convenience.
2. Disintermediation: Technology can facilitate direct-to-consumer models where producers sell coffee directly to consumers, bypassing traditional retailers like Starbucks. For example, brands could use AI to better understand consumer preferences and personalize their offerings, attracting customers directly to their products and reducing the need for brick-and-mortar coffee shops.
3. Margin Pressure: AI could lead to increased competition, as smaller or newer companies leverage technology for operational efficiency and lower costs. If these competitors can deliver similar quality at a lower price by utilizing AI for inventory management, customer service, and marketing, Starbucks may face pressure to lower its prices or invest more heavily in technology to maintain its market share, impacting profit margins.
In summary, while AI can enhance operational efficiency and customer service for Starbucks, it also introduces risks through potential substitution, disintermediation, and margin pressure from emerging competitors. Starbucks will need to adapt strategically to mitigate these threats and leverage AI to strengthen its value proposition.

Starbucks’ earnings, cash flow, and valuation can be influenced by changes in interest rates in several ways:
1. Earnings Impact: As interest rates increase, the cost of borrowing for Starbucks may rise if the company needs to finance expansion or operations through debt. Higher interest payments can reduce net income. Additionally, higher rates can lead to reduced consumer spending as individuals may allocate more of their budgets toward interest payments, potentially affecting sales.
2. Cash Flow Sensitivity: Increased interest rates can lead to higher servicing costs for any existing variable-rate debt. This can constrain cash flow, making it more challenging for Starbucks to invest in new locations, marketing, or employee wages. Additionally, if disposable income for consumers decreases due to higher borrowing costs, Starbucks may see a decline in cash inflows.
3. Valuation Effects: The valuation of Starbucks is influenced by its future cash flows, often evaluated using discounted cash flow (DCF) analysis. When interest rates rise, the discount rate applied to future cash flows increases, which can lead to a lower present value of those cash flows. This effect can depress the stock price as investors recalibrate their expectations based on altered interest rate environments.
4. Risk Perception: Higher interest rates can also shift market sentiment and risk perception. If investors perceive that rising rates could lead to an economic slowdown, they may adjust their risk appetite, affecting Starbucks’ stock price and overall market valuation.
In summary, Starbucks’ financial performance and market valuation are sensitive to fluctuations in interest rates, with potential impacts on earnings, cash flow, and investor perceptions. How these changes manifest will depend on the broader economic context and consumer behavior.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BTdGFyYnVj a3PigJkgZW Nvbm9taWNz IG92ZXIgdG hlIG5leHQg M+KAkzUgeW VhcnMgaW52 b2x2ZXMgYS BzaWduaWZp Y2FudCBhbm Qgc3VzdGFp bmVkIGluY3 JlYXNlIGlu IGNvbW1vZG l0eSBwcmlj ZXMsIHBhcn RpY3VsYXJs eSBmb3IgY2 9mZmVlIGJl YW5zLCBzdW dhciwgYW5k IGRhaXJ5IH Byb2R1Y3Rz LCBjb3VwbG VkIHdpdGgg YSBwcm9sb2 5nZWQgcGVy aW9kIG9mIG xhYm9yIHN0 cmlrZXMgb3 IgdW5yZXN0 IGFmZmVjdG luZyBpdHMg c3VwcGx5IG NoYWluLiA8 YnI+SW4gdG hpcyBzY2Vu YXJpbywgc2 V2ZXJhbCBm YWN0b3JzIG NvdWxkIHVu Zm9sZC4gRm lyc3QsIGlm IGdsb2JhbC B3ZWF0aGVy IHBhdHRlcm 5zIGNvbnRp bnVlIHRvIG JlIGVycmF0 aWMsIGl0IG NvdWxkIGxl YWQgdG8gbG 93ZXIgY29m ZmVlIHlpZW xkcywgaW5j cmVhc2luZy B0aGUgcHJp Y2Ugb2YgY2 9mZmVlIGJl YW5zLiBUaG lzIGNvdWxk IGV4YWNlcm JhdGUgc3Vw cGx5IGNoYW luIGRpc3J1 cHRpb25zIG FuZCBsZWFk IHRvIGhpZ2 hlciBvcGVy YXRpb25hbC Bjb3N0cy4g SWYgbGFib3 Igc3RyaWtl cyBvY2N1ci wgdGhpcyB3 b3VsZCBmdX J0aGVyIGlu dGVycnVwdC Bwcm9kdWN0 aW9uIGFuZC BkZWxpdmVy eSwgaW5jcm Vhc2luZyBj b3N0cyBhbm QgbGltaXRp bmcgcmV2ZW 51ZSBmcm9t IHNhbGVzIG R1cmluZyBw ZWFrIHNlYX NvbnMuPGJy PkluIHRlcm 1zIG9mIGZp bmFuY2lhbC BpbXBsaWNh dGlvbnMsIF N0YXJidWNr c+KAmSBtYX JnaW5zIHdv dWxkIGxpa2 VseSBzaHJp bmsgY29uc2 lkZXJhYmx5 LiBIaWdoZX IgaW5ncmVk aWVudCBhbm QgbGFib3Ig Y29zdHMgd2 91bGQgZXJv ZGUgcHJvZm l0YWJpbGl0 eSwgc3F1ZW V6aW5nIG9w ZXJhdGluZy BtYXJnaW5z LiBGb3IgaW 5zdGFuY2Us IGlmIGNvZm ZlZSBwcmlj ZXMgd2VyZS B0byByaXNl IGJ5IDUwJS wgYW5kIGxh Ym9yIGNvc3 RzIGluY3Jl YXNlZCBjb2 5jdXJyZW50 bHksIHRoZS Bjb21wYW55 4oCZcyBhYm lsaXR5IHRv IHBhc3MgdG hlc2UgY29z dHMgb250by Bjb25zdW1l cnMgY291bG QgYmUgbGlt aXRlZCwgZX NwZWNpYWxs eSBpZiBjdX N0b21lciBk ZW1hbmQgc3 RhcnRzIHRv IHdlYWtlbi BkdWUgdG8g cmlzaW5nIH ByaWNlcy48 YnI+Q2FzaC BmbG93IHdv dWxkIGFsc2 8gY29tZSB1 bmRlciBwcm Vzc3VyZS4g SWYgbWFyZ2 lucyBhcmUg c3F1ZWV6ZW QsIG9wZXJh dGluZyBjYX NoIGZsb3cg Y291bGQgZH JvcCBzaWdu aWZpY2FudG x5LiBTdGFy YnVja3MgdH lwaWNhbGx5 IG1haW50YW lucyBhIGhl YWx0aHkgY2 FzaCBmbG93 IGR1ZSB0by BzdHJvbmcg Y3VzdG9tZX IgbG95YWx0 eSBhbmQgcm VwZWF0IGJ1 c2luZXNzOy Bob3dldmVy LCBpZiBlY2 9ub21pYyBj b25kaXRpb2 5zIGZvcmNl IGNvbnN1bW VycyB0byBj dXQgYmFjay BvbiBkaXNj cmV0aW9uYX J5IHNwZW5k aW5nLCB0aG UgY29tcGFu eSBtaWdodC BzZWUgYSBk ZWNsaW5lIG luIHNhbGVz IHZvbHVtZX MsIGZ1cnRo ZXIgc3RyYW luaW5nIGNh c2ggZmxvdy 48YnI+T24g dGhlIGJhbG FuY2Ugc2hl ZXQsIGluY3 JlYXNlZCBk ZWJ0IGNvdW xkIHJlc3Vs dCBmcm9tIG hpZ2hlciBv cGVyYXRpb2 5hbCBleHBl bmRpdHVyZX MgYW5kIHRo ZSBuZWVkIH RvIGludmVz dCBpbiBtaX RpZ2F0aW5n IHN1cHBseS BjaGFpbiBy aXNrcyBvci BwaXZvdGlu ZyB0byBhbH Rlcm5hdGl2 ZSBzb3VyY2 luZyBzdHJh dGVnaWVzLi BUaGlzIGNv dWxkIGxlYW QgdG8gYSB3 b3JzZSBkZW J0LXRvLWVx dWl0eSByYX RpbyBhbmQg cG90ZW50aW FsbHkgaW1w YWN0IHRoZS Bjb21wYW55 4oCZcyBjcm VkaXQgcmF0 aW5nLiBJZi BuZXQgaW5j b21lIGRlY2 xpbmVzIGR1 ZSB0byB0aG VzZSBwcmVz c3VyZXMsIH JldGFpbmVk IGVhcm5pbm dzIHdvdWxk IGFsc28gc3 VmZmVyLCB3 ZWFrZW5pbm cgdGhlIG92 ZXJhbGwgZm luYW5jaWFs IHBvc2l0aW 9uIG9mIHRo ZSBjb21wYW 55Ljxicj5J biBjb25jbH VzaW9uLCBh IHNjZW5hcm lvIGludm9s dmluZyBzdX N0YWluZWQg aGlnaCBjb2 1tb2RpdHkg cHJpY2VzIG FuZCBsYWJv ciB1bnJlc3 QgY291bGQg c2V2ZXJlbH kgaW1wYWly IFN0YXJidW Nrc+KAmSBl Y29ub21pY3 MsIGxlYWRp bmcgdG8gcm VkdWNlZCBt YXJnaW5zLC B0aWdodGVy IGNhc2ggZm xvdywgYW5k IGEgY29tcH JvbWlzZWQg YmFsYW5jZS BzaGVldCwg dWx0aW1hdG VseSBhZmZl Y3RpbmcgdG hlIGNvbXBh bnnigJlzIG xvbmctdGVy bSBncm93dG ggcHJvc3Bl Y3RzIGFuZC BzaGFyZWhv bGRlciB2YW x1ZS48YnI+

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 bG9nb3MvZl NUZ2dwNmt2 N3FTSTNSSE pFN0oud2Vi cCIgYWx0PS JTdGFyYnVj a3MiIHRpdG xlPSJTdGFy YnVja3MiIC BjbGFzcz0i aW1nLWZsdW lkIiBoZWln aHQ9NTAgd2 lkdGg9NTAg bG9hZGluZz 0nbGF6eScg c3R5bGU9J2 JvcmRlci1y YWRpdXM6ID ZweDsnPgoK ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdmbGV4Oi AxOyB0ZXh0 LWFsaWduOi BjZW50ZXI7 IG1hcmdpbi 1sZWZ0OiA1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PHAgc3R5bG U9J2ZvbnQt c2l6ZTogMj ZweDsgY29s b3I6ICMzMz M7IG1hcmdp bi1ib3R0b2 06IDE1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IPCfk4ggV2 FudCB0byBy ZWFkIG1vcm UgYWJvdXQg U3RhcmJ1Y2 tzPwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+ZjC BKb2luIG5v dyB0byBnZX QgPGk+IlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3Mi PC9pPiBhdC BubyBjb3N0 CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvcD4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTJweD sgZm9udC1z aXplOiAxM3 B4OyBjb2xv cjogIzQ0ND snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgU2lnbiB1 cCBub3cgYW 5kIGdldCBv dXIgZnJlZS BlQm9vayAK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxi PlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3M8L2I+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxNnB4OyBm b250LXNpem U6IDE0cHg7 IGNvbG9yOi AjNDQ0OyBm b250LWZhbW lseTogLWFw cGxlLXN5c3 RlbSwgQmxp bmtNYWNTeX N0ZW1Gb250 LCBTZWdvZS BVSSwgUm9i b3RvLCBIZW x2ZXRpY2Eg TmV1ZSwgc2 Fucy1zZXJp ZjsgbGluZS 1oZWlnaHQ6 IDEuNjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgSG F2ZSB5b3Ug aGVhcmQgYW JvdXQgb3Vy IHNob3J0ID xzdHJvbmcg c3R5bGU9J2 ZvbnQtd2Vp Z2h0OiA2MD A7Jz5EYWls eSBWaWRlby BOZXdzbGV0 dGVyPC9zdH Jvbmc+Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naH R0cHM6Ly93 d3cuaW5zaW dodGZ1bHZh bHVlLmNvbS 9uZXdzbGV0 dGVyLnBocC cgdGFyZ2V0 PSdfYmxhbm snIHN0eWxl PSdjb2xvcj ogIzAwN0JG RjsgdGV4dC 1kZWNvcmF0 aW9uOiBub2 5lOyBmb250 LXdlaWdodD ogNTAwOyBt YXJnaW4tbG VmdDogNnB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgRm luZCBvdXQg bW9yZQogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIAog ICAgICAgIA ogICAgICAg IDxzcGFuIG NsYXNzPSdi bHVycmVkLX RleHQnPgog ICAgICAgIC AgICBNUzRn VTNSaGNtIE oxWTJ0eklI ZGggY3lCbW IzVnVaRyBW a0lHbHVJRk 5sIFlYUjBi R1VzSUYgZG hjMmhwYm1k MCBiMjRnYV c0Z01UIGsz TVNCaWVTQj AgYUhKbFpT QndZWCBKMG JtVnljeXdn IFNtVnljbm tnUW0gRnNa SGRwYml3Zy BXbVYySUZO cFpXIGRzTE NCaGJtUWcg UjI5eVpHOX VJRSBKdmQy dGxjaTQ4IF luSStNaTRn VkcgaGxJRz VoYldVZyBV M1JoY21KMV kyIHR6SUhk aGN5QnAgYm 5Od2FYSmxa QyBCaWVTQj BhR1VnIGJt OTJaV3dnVF cgOWllUzFF YVdOciBMQ0 JoYm1RZ2RH IGhsSUdOdm JYQmggYm5u aWdKbHpJRy A5eWFXZHBi bUZzIElHeH ZaMjhnYzIg aHZkMlZrSU dFZyBiV1Z5 YldGcFpDIE IzYVhSb0lH RWcgWkc5MV lteGxMWCBS aGFXeGxaQ0 J6IGFYSmxi aTQ4WW4gSS tNeTRnVTNS aCBjbUoxWT J0eklHIGx1 YVhScFlXeH MgZVNCemRH RnlkRyBWa0 lHOTFkQ0Jo IGN5QmhJSE psZEcgRnBi R1Z5SUc5bS BJR1p5WlhO b0xYIEp2WV hOMFpXUWcg WTI5bVptVm xJRyBKbFlX NXpMQ0JoIG JtUWdaR2xr SUcgNXZkQ0 J6WlhKMiBa U0JqYjJabV pXIFVnWW1W MlpYSmggWj JWeklIVnVk RyBsc0lIUm 9aU0F4IE9U Z3djeTQ4WW 4gSStOQzRn VkdobCBJR1 pwY25OMElG IE4wWVhKaW RXTnIgY3lC emRHOXlaUy BCM1lYTWdi RzlqIFlYUm xaQ0JoZEMg QlFhV3RsSU ZCcyBZV05s SUUxaGNtIH RsZENCcGJp QlQgWldGMG RHeGxMQyBC aGJtUWdhWE 1nIGMzUnBi R3dnYjMgQm xiaUIwYjJS aCBlUzQ4WW 5JK05TIDRn VkdobElHTn YgYlhCaGJu bmlnSiBsek lISmhjR2xr IElHVjRjR0 Z1YzIgbHZi aUJqWVc0Zy BZbVVnWVhS MGNtIGxpZF hSbFpDQjAg YnlCSWIzZG hjbSBRZ1Uy Tm9kV3gwIG Vpd2dkMmh2 SUcgcHZhVz VsWkNCVCBk R0Z5WW5Wam EzIE1nYVc0 Z01UazQgTW lCaGJtUWdZ bSBWallXMW xJRU5GIFR5 QnBiaUF4T1 QgZzNManhp Y2o0MiBMaU JUZEdGeVlu IFZqYTNNZ2 QyVnUgZENC d2RXSnNhVy BNZ2FXNGdN VGs1IE1pQm hibVFnYm0g OTNJR2hoY3 lCdiBkbVZ5 SURNd0xEIE F3TUNCemRH OXkgWlhNZ2 QyOXliRyBS M2FXUmxJR2 x1IElEZ3dJ R052ZFcgNT BjbWxsY3k0 OCBZbkkrTn k0Z1UzIFJo Y21KMVkydH ogNG9DWklI SmxkbSBWdW RXVWdhVzRn IE1qQXlNQ0 IzWVggTWdK REl6TGpVZy BZbWxzYkds dmJpIHdnZD JsMGFDQmgg SUhSdmRHRn NJRyA5bUlE TTBPU3d3IE 1EQWdaVzF3 YkcgOTVaV1 Z6TGp4aSBj ajQ0TGlCVW FHIFVnWTI5 dGNHRnUgZW VLQW1YTWdi VyBsemMybH ZiaUJ6IGRH RjBaVzFsYm 4gUWdhWE1z SU9LQSBuRl J2SUdsdWMz IEJwY21VZ1 lXNWsgSUc1 MWNuUjFjbS BVZ2RHaGxJ R2gxIGJXRn VJSE53YVgg SnBkQ0RpZ0 pNZyBiMjVs SUhCbGNuIE 52Yml3Z2Iy NWwgSUdOMW NDQmhibSBR Z2IyNWxJRz VsIGFXZG9Z bTl5YUcgOX ZaQ0JoZENC aCBJSFJwYl dVdTRvIENk UEdKeVBqa3 UgSUVsdUlH RmtaRyBsMG FXOXVJSFJ2 IElHTnZabV psWlMgd2dV M1JoY21KMS BZMnR6SUdG c2MyIDhnYj JabVpYSnog SUdFZ2RtRn lhVyBWMGVT QnZaaUJ6IG JtRmphM01z SUggTmhibV IzYVdObyBa WE1zSUdGdV pDIEJ6Y0dW amFXRnMgZE hrZ1pISnBi bSB0ekxDQm hjeUIzIFpX eHNJR0Z6SU cgMWxjbU5v WVc1ayBhWE 5sSUhOMVky IGdnWVhNZ2 JYVm4gY3l3 Z2RIVnRZbS B4bGNuTXNJ R0Z1IFpDQm piMlptWlcg VWdZbkpsZD JsdSBaeUJs Y1hWcGNHID FsYm5RdVBH SnkgUGpFd0 xpQlRkRyBG eVluVmphM0 1nIGFYTWdZ Mjl0YlcgbD BkR1ZrSUhS diBJSE52WT JsaGJDIEJ5 WlhOd2IyNX ogYVdKcGJH bDBlUyBCaG JtUWdjM1Z6 IGRHRnBibU ZpYVcgeHBk SGtzSUdGdS BaQ0JvWVhN Z2FXIDF3Yk dWdFpXNTAg WldRZ2RtRn lhVyA5MWN5 QnBibWwwIG FXRjBhWFps Y3kgQnpkV0 5vSUdGeiBJ SEJ5YjNacF pHIGx1WnlC bGRHaHAgWT JGc2JIa3Rj MiA5MWNtTm xaQ0JqIGIy Wm1aV1VzSU ggSmxaSFZq YVc1biBJSG RoYzNSbExD IEJoYm1RZ2 IyWm0gWlhK cGJtY2dhRy BWaGJIUm9J R05oIGNtVW dZbVZ1Wlcg WnBkSE1nZE c4ZyBhWFJ6 SUdWdGNHIH h2ZVdWbGN5 NDggWW5JK0 1URXVJRiBS b1pTQmpiMj F3IFlXNTVJ R2hoY3kgQm 1ZV05sWkNC aiBjbWwwYV dOcGMyIDBn YVc0Z2RHaG wgSUhCaGMz UWdabSA5eU lHbDBjeUJv IGFXZG9JSE J5YVcgTmxj eUJoYm1RZy BabTl5SUdO dmJuIFJ5YV dKMWRHbHUg WnlCMGJ5Qm 5aVyA1MGNt bG1hV05oIG RHbHZiaUJw YmkgQnpiMj FsSUc1bCBh V2RvWW05eW FHIDl2WkhN dVBHSnkgUG pFeUxpQlRk RyBGeVluVm phM01nIGFH RnpJR1poWT IgVmtJSE5s ZG1WeSBZV3 dnWTJoaGJH IHhsYm1kbG N5d2cgYVc1 amJIVmthVy A1bklHRWdZ bTk1IFkyOT BkQ0JwYmkg QXlNREU0SU dSMSBaU0Iw YnlCMGFHIF VnWVhKeVpY TjAgSUc5bU lIUjNieSBC aWJHRmpheU J0IFpXNGdh VzRnYjIgNW xJRzltSUds MCBjeUJ6ZE c5eVpYIE1n WVc1a0lIUm 8gWlNCcGJY QmhZMyBRZ2 IyWWdkR2hs IElFTlBWa2 xFTFQgRTVJ SEJoYm1SbC BiV2xqSUc5 dUlHIGwwY3 lCaWRYTnAg Ym1WemN5ND hZbiBJK01U TXVJRlJvIF pTQlRkR0Z5 WW4gVmphM0 1nYkc5biBi eUJvWVhNZ2 RXIDVrWlhK bmIyNWwgSU hObGRtVnlZ VyB3Z1kyaG hibWRsIGN5 QnZkbVZ5SU ggUm9aU0I1 WldGeSBjeX dnZDJsMGFD IEIwYUdVZ1 kzVnkgY21W dWRDQjJaWC BKemFXOXVJ R1psIFlYUj FjbWx1Wnkg QmhJSE5wYl hCcyBhV1pw WldRZ1ozIE psWlc0Z1lX NWsgSUhkb2 FYUmxJRyBs dFlXZGxJRz ltIElIUm9a U0J6YVggSm xiaTQ4WW5J KyBNVFF1SU ZOMFlYIEpp ZFdOcmN5Qn YgWm1abGNu TWdabiBKbF pTQlhhUzFH IGFTQnBiaU JoYkcgd2di MllnYVhSei BJSE4wYjNK bGN5IHdnYl dGcmFXNW4g SUdsMElHRW djRyA5d2RX eGhjaUJ6IG NHOTBJR1p2 Y2kgQnpkSF ZrWlc1MCBj eUJoYm1RZ2 NtIFZ0YjNS bElIZHYgY2 10bGNuTXVQ RyBKeVBqRT FMaUJVIGFH VWdZMjl0Y0 cgRnVlU0Jv WVhNZyBaR1 YyWld4dmNH IFZrSUdFZ2 JHOTUgWVd3 Z1kzVnpkRy A5dFpYSWdZ bUZ6IFpTQm hibVFnWlgg WmxiaUJvWV hNZyBZU0J5 WlhkaGNtIF J6SUhCeWIy ZHkgWVcwc0 lIZG9aWCBK bElHMWxiV0 psIGNuTWdZ MkZ1SUcgVm hjbTRnY0c5 cCBiblJ6SU dadmNpIEJt Y21WbElHUn kgYVc1cmN5 QmhibSBRZ2 IzUm9aWEln IGNHVnlhM0 11CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==