Kroger

Live  

Kroger is a retail company that operates a chain of supermarkets and department stores in the United States. The company was founded in 1883 by Bernard Kroger in Cincinnati, Ohio. Over the years, Kroger has grown to become the largest supermarket chain in the country and the second-largest general retailer.
Kroger offers a wide variety of products including groceries, pharmacy items, household essentials, electronics, apparel, and more. The company also offers online shopping and grocery delivery services in select locations.
Kroger operates under different banners, including Kroger, Ralphs, Fred Meyer, Fry's, and Harris Teeter. The company also owns several other retail chains, such as Food 4 Less and Owen's Market.
In addition to its retail operations, Kroger also has a strong commitment to giving back to the community through its Zero Hunger | Zero Waste initiative. The company aims to end hunger and food waste in the communities it serves by 2025.
Kroger is also committed to diversity and inclusion, with a focus on creating an inclusive workplace and supporting diverse suppliers. The company has been recognized for its efforts, including being named one of the Top 50 Companies for Diversity by DiversityInc.

S3JvZ2VyIG lzIGEgYmln IGdyb2Nlcn kgc3RvcmUg Y29tcGFueS B0aGF0IHNl bGxzIG1hbn kgZGlmZmVy ZW50IHR5cG VzIG9mIGZv b2QgYW5kIG 90aGVyIGhv dXNlaG9sZC BpdGVtcy4g WW91IGNhbi B0aGluayBv ZiB0aGVtIG FzIGEgZ2lh bnQgc3VwZX JtYXJrZXQg d2hlcmUgcG VvcGxlIGdv IHRvIHNob3 AgZm9yIHRo aW5ncyB0aG V5IG5lZWQs IGxpa2UgZn J1aXRzLCB2 ZWdldGFibG VzLCBzbmFj a3MsIGFuZC BldmVuIHRo aW5ncyBsaW tlIHNvYXAg YW5kIGNsZW FuaW5nIHN1 cHBsaWVzLj xicj5Lcm9n ZXIgbWFrZX MgbW9uZXkg Ynkgc2VsbG luZyB0aGVz ZSBwcm9kdW N0cyB0byBj dXN0b21lcn MuIFdoZW4g eW91IGdvIH RvIHRoZSBz dG9yZSBhbm QgYnV5IGdy b2Nlcmllcy wgcGFydCBv ZiB0aGUgbW 9uZXkgeW91 IHNwZW5kIG dvZXMgdG8g S3JvZ2VyLi BUaGV5IGFs c28gaGF2ZS B0aGVpciBv d24gYnJhbm RzIG9mIHBy b2R1Y3RzLC B3aGljaCBj YW4gYmUgY2 hlYXBlciB0 aGFuIG90aG VyIGJyYW5k cywgYW5kIH RoZXkgbWFr ZSBtb25leS Bmcm9tIHRo b3NlIHNhbG VzIHRvby4g U29tZXRpbW VzLCBwZW9w bGUgYWxzby BvcmRlciBn cm9jZXJpZX Mgb25saW5l IGZvciBkZW xpdmVyeSBv ciBwaWNrLX VwLCB3aGlj aCBpcyBhbm 90aGVyIHdh eSBLcm9nZX Igc2VsbHMg cHJvZHVjdH MuPGJyPkty b2dlciBpcy BzdWNjZXNz ZnVsIGZvci BzZXZlcmFs IHJlYXNvbn MuIEZpcnN0 LCB0aGV5IG hhdmUgbWFu eSBzdG9yZX MgaW4gZGlm ZmVyZW50IH BsYWNlcywg c28gYSBsb3 Qgb2YgcGVv cGxlIGNhbi BzaG9wIHRo ZXJlLiBTZW NvbmQsIHRo ZXkgb2ZmZX IgYSB2YXJp ZXR5IG9mIH Byb2R1Y3Rz LCB3aGljaC BtZWFucyBw ZW9wbGUgY2 FuIGZpbmQg YWxtb3N0IG V2ZXJ5dGhp bmcgdGhleS BuZWVkIGlu IG9uZSBwbG FjZS4gVGhl eSBhbHNvIG hhdmUgc3Bl Y2lhbCBkZW FscyBhbmQg ZGlzY291bn RzIHRoYXQg YXR0cmFjdC BjdXN0b21l cnMuIEtyb2 dlciBpcyBh bHdheXMgdH J5aW5nIHRv IGltcHJvdm UsIGxpa2Ug YWRkaW5nIG 9ubGluZSBz aG9wcGluZy BvcHRpb25z IG9yIG1ha2 luZyB0aGVp ciBzdG9yZX MgbW9yZSBm cmllbmRseS B0byBjdXN0 b21lcnMuPG JyPkluIHRo ZSBmdXR1cm UsIEtyb2dl ciBjYW4gY2 9udGludWUg dG8gYmUgc3 VjY2Vzc2Z1 bCBpZiB0aG V5IGtlZXAg YWRhcHRpbm cgdG8gd2hh dCBwZW9wbG Ugd2FudC4g Rm9yIGluc3 RhbmNlLCBh cyBtb3JlIH Blb3BsZSBz aG9wIG9ubG luZSwgS3Jv Z2VyIGlzIG ZvY3VzaW5n IG9uIGltcH JvdmluZyB0 aGVpciBkZW xpdmVyeSBz ZXJ2aWNlcy 4gVGhleSBh bHNvIHBheS BhdHRlbnRp b24gdG8gaG VhbHRoeSBm b29kIGNob2 ljZXMsIHdo aWNoIG1hbn kgY3VzdG9t ZXJzIGNhcm UgYWJvdXQu IEJ5IGxpc3 RlbmluZyB0 byB0aGVpci BjdXN0b21l cnMgYW5kIG NoYW5naW5n IHdpdGggdG hlIHRpbWVz LCBLcm9nZX IgY2FuIHN0 YXkgc3VjY2 Vzc2Z1bCBm b3IgYSBsb2 5nIHRpbWUu PGJyPg==

MS4gTG9uZy BIaXN0b3J5 OiBLcm9nZX Igd2FzIGZv dW5kZWQgaW 4gMTg4MyBh bmQgaGFzIG JlZW4gb3Bl cmF0aW5nIG ZvciBvdmVy IDEzNSB5ZW FycywgbWFr aW5nIGl0IG 9uZSBvZiB0 aGUgb2xkZX N0IGFuZCBt b3N0IGVzdG FibGlzaGVk IHJldGFpbG VycyBpbiB0 aGUgVW5pdG VkIFN0YXRl cy48YnI+Mi 4gRGl2ZXJz ZSBPcGVyYX Rpb25zOiBL cm9nZXIgb3 BlcmF0ZXMg b3ZlciAyLD cwMCBzdXBl cm1hcmtldH MgYW5kIG11 bHRpLWRlcG FydG1lbnQg c3RvcmVzIG luIDM1IHN0 YXRlcyB1bm RlciB2YXJp b3VzIGJhbm 5lcnMsIG1h a2luZyBpdC BvbmUgb2Yg dGhlIGxhcm dlc3QgcmV0 YWlsZXJzIG luIHRoZSBj b3VudHJ5Li BJdCBhbHNv IG9wZXJhdG VzIG92ZXIg MSw1MDAgcG hhcm1hY2ll cywgMiwzMD AgZnVlbCBj ZW50ZXJzLC BhbmQgYSBu dW1iZXIgb2 Ygb3RoZXIg cmV0YWlsIG 91dGxldHMu PGJyPjMuIE RpdmVyc2Ug UHJvZHVjdC BPZmZlcmlu Z3M6IEtyb2 dlciBvZmZl cnMgYSB3aW RlIHJhbmdl IG9mIHByb2 R1Y3RzIGlu Y2x1ZGluZy Bncm9jZXJp ZXMsIGJha2 VyeSBpdGVt cywgZGVsaS BhbmQgbWVh dCBwcm9kdW N0cywgZnJl c2ggcHJvZH VjZSwgaGVh bHRoIGFuZC BiZWF1dHkg cHJvZHVjdH MsIGVsZWN0 cm9uaWNzLC Bob21lIGdv b2RzLCBhcH BhcmVsLCBh bmQgbW9yZS 4gVGhpcyBk aXZlcnNpdH kgaW4gcHJv ZHVjdHMgYW xsb3dzIHRo ZSBjb21wYW 55IHRvIGNh dGVyIHRvIH RoZSBuZWVk cyBvZiBhIH dpZGUgcmFu Z2Ugb2YgY3 VzdG9tZXJz Ljxicj40Li BQcml2YXRl IExhYmVsIE JyYW5kczog S3JvZ2VyIG hhcyBhIHN0 cm9uZyBwcm l2YXRlIGxh YmVsIGJyYW 5kIHBvcnRm b2xpbywgd2 l0aCBvdmVy IDMwIGRpZm ZlcmVudCBi cmFuZHMsIG 9mZmVyaW5n IGN1c3RvbW VycyBoaWdo LXF1YWxpdH kgcHJvZHVj dHMgYXQgYW Zmb3JkYWJs ZSBwcmljZX MuIFRoZXNl IGJyYW5kcy BnZW5lcmF0 ZSBzaWduaW ZpY2FudCBy ZXZlbnVlIG ZvciB0aGUg Y29tcGFueS 48YnI+NS4g SW5ub3ZhdG l2ZSBUZWNo bm9sb2d5Oi BLcm9nZXIg aXMga25vd2 4gZm9yIGl0 cyBpbm5vdm F0aW9uIGlu IHRoZSByZX RhaWwgaW5k dXN0cnkuIE l0IGhhcyBp bnRyb2R1Y2 VkIGluaXRp YXRpdmVzIH N1Y2ggYXMg U2NhbiwgQm FnLCBHbywg YW5kIENsaW NrTGlzdCwg d2hpY2ggdX NlIHRlY2hu b2xvZ3kgdG 8gZW5oYW5j ZSB0aGUgY3 VzdG9tZXIg c2hvcHBpbm cgZXhwZXJp ZW5jZS48Yn I+Ni4gU3Ry b25nIEZpbm FuY2lhbCBQ ZXJmb3JtYW 5jZTogS3Jv Z2VyIGNvbn Npc3RlbnRs eSByYW5rcy BhbW9uZyB0 aGUgdG9wIH JldGFpbGVy cyBpbiB0ZX JtcyBvZiBy ZXZlbnVlLC B3aXRoIHJl cG9ydGVkIH NhbGVzIG9m IG92ZXIgJD EyMSBiaWxs aW9uIGluID IwMTkuIEl0 IGlzIGFsc2 8gb25lIG9m IHRoZSBtb3 N0IHByb2Zp dGFibGUgcm V0YWlsZXJz IGluIHRoZS BpbmR1c3Ry eSwgd2l0aC BhIHN0cm9u ZyB0cmFjay ByZWNvcmQg b2YgZ2VuZX JhdGluZyBz aGFyZWhvbG RlciB2YWx1 ZS48YnI+Ny 4gQ29tbXVu aXR5IEludm 9sdmVtZW50 OiBLcm9nZX IgaXMgY29t bWl0dGVkIH RvIGdpdmlu ZyBiYWNrIH RvIHRoZSBj b21tdW5pdG llcyBpdCBz ZXJ2ZXMuIE l0IGhhcyBp bXBsZW1lbn RlZCB2YXJp b3VzIHByb2 dyYW1zIGZv Y3VzZWQgb2 4gaHVuZ2Vy IHJlbGllZi wgc3VzdGFp bmFiaWxpdH ksIGFuZCBs b2NhbCBjb2 1tdW5pdHkg aW5pdGlhdG l2ZXMuPGJy PjguIEVtcG xveWVlIEZv Y3VzOiBLcm 9nZXIgaGFz IGJlZW4gcm Vjb2duaXpl ZCBmb3IgaX RzIGVtcGxv eWVlLWZyaW VuZGx5IHBv bGljaWVzLC BpbmNsdWRp bmcgY29tcG V0aXRpdmUg d2FnZXMgYW 5kIGJlbmVm aXRzLCBvcH BvcnR1bml0 aWVzIGZvci BhZHZhbmNl bWVudCwgYW 5kIGEgZGl2 ZXJzZSBhbm QgaW5jbHVz aXZlIHdvcm sgZW52aXJv bm1lbnQuIF RoZSBjb21w YW55IGhhcy BhbHNvIGJl ZW4gb24gRm 9ydHVuZSdz IGxpc3Qgb2 YgIjEwMCBC ZXN0IENvbX BhbmllcyB0 byBXb3JrIE ZvciIgZm9y IDE0IGNvbn NlY3V0aXZl IHllYXJzLj xicj45LiBD b21taXRtZW 50IHRvIFN1 c3RhaW5hYm lsaXR5OiBL cm9nZXIgaG FzIHNldCBh bWJpdGlvdX Mgc3VzdGFp bmFiaWxpdH kgZ29hbHMs IGluY2x1ZG luZyBhIHpl cm8td2FzdG UgcGxhbiBh bmQgYSBnb2 FsIHRvIHNv dXJjZSAxMD AlIHN1c3Rh aW5hYmxlIH NlYWZvb2Qg YnkgMjAyMC 4gVGhlIGNv bXBhbnkgaG FzIGFsc28g YmVlbiByZW NvZ25pemVk IGZvciBpdH MgZWZmb3J0 cyBpbiByZW R1Y2luZyBm b29kIHdhc3 RlIGFuZCBw cm9tb3Rpbm cgc3VzdGFp bmFibGUgZm FybWluZyBw cmFjdGljZX MuPGJyPjEw LiBTdHJvbm cgQ3VzdG9t ZXIgTG95YW x0eTogS3Jv Z2VyIGhhcy BhIGxhcmdl IGFuZCBsb3 lhbCBjdXN0 b21lciBiYX NlLCB3aXRo IGEgc3Ryb2 5nIGZvY3Vz IG9uIGN1c3 RvbWVyIHNh dGlzZmFjdG lvbi4gSXQg b2ZmZXJzIH ZhcmlvdXMg cmV3YXJkcy Bwcm9ncmFt cyBhbmQgaG FzIG9uZSBv ZiB0aGUgbG FyZ2VzdCBj dXN0b21lci Bsb3lhbHR5 IHByb2dyYW 1zIGluIHRo ZSBjb3VudH J5LCB3aXRo IG92ZXIgNj AgbWlsbGlv biBhY3Rpdm UgbWVtYmVy cy4=

VGhlIEtyb2 dlciBDb21w YW55IGlzIG EgcmV0YWls IGNvbXBhbn kgdGhhdCBv cGVyYXRlcy BhIGNoYWlu IG9mIHN1cG VybWFya2V0 cywgbXVsdG ktZGVwYXJ0 bWVudCBzdG 9yZXMsIG1h cmtldHBsYW NlIHN0b3Jl cywgYW5kIH ByaWNlLWlt cGFjdCB3YX JlaG91c2Ug c3RvcmVzLi BJdHMgcHJp bWFyeSBidX NpbmVzcyBt b2RlbCBpcy BiYXNlZCBv biBwcm92aW RpbmcgY3Vz dG9tZXJzIH dpdGggYSB3 aWRlIHJhbm dlIG9mIGdy b2NlcnkgYW 5kIGhvdXNl aG9sZCBpdG VtcyBhdCBh ZmZvcmRhYm xlIHByaWNl cy4gS3JvZ2 VyIGFsc28g b2ZmZXJzIG luLXN0b3Jl IHBoYXJtYW N5IHNlcnZp Y2VzLCBmdW VsIGNlbnRl cnMsIGFuZC BvbmxpbmUg Z3JvY2VyeS BkZWxpdmVy eSBhbmQgcG lja3VwIHNl cnZpY2VzLj xicj5Lcm9n ZXIncyBidX NpbmVzcyBt b2RlbCBhbH NvIGZvY3Vz ZXMgb24gY3 VzdG9tZXIg c2VydmljZS BhbmQgY29u dmVuaWVuY2 UuIFRoZSBj b21wYW55IG FpbXMgdG8g Y3JlYXRlIG EgcGVyc29u YWxpemVkIH Nob3BwaW5n IGV4cGVyaW VuY2UgZm9y IGl0cyBjdX N0b21lcnMg Ynkgb2ZmZX JpbmcgbG95 YWx0eSBwcm 9ncmFtcywg ZGlnaXRhbC Bjb3Vwb25z LCBhbmQgcG Vyc29uYWxp emVkIHJlY2 9tbWVuZGF0 aW9ucyBiYX NlZCBvbiBw YXN0IHB1cm NoYXNlcy48 YnI+QWRkaX Rpb25hbGx5 LCBLcm9nZX IgbWFpbnRh aW5zIGEgc3 Ryb25nIHN1 cHBseSBjaG FpbiBhbmQg cHVyY2hhc2 luZyBwb3dl ciwgYWxsb3 dpbmcgdGhl bSB0byBuZW dvdGlhdGUg YmV0dGVyIG RlYWxzIHdp dGggc3VwcG xpZXJzIGFu ZCBwYXNzIG 9uIHNhdmlu Z3MgdG8gY3 VzdG9tZXJz LiBUaGUgY2 9tcGFueSBh bHNvIGZvY3 VzZXMgb24g c3VzdGFpbm FiaWxpdHks IHdpdGggaW 5pdGlhdGl2 ZXMgc3VjaC BhcyByZWR1 Y2luZyBmb2 9kIHdhc3Rl LCB1c2luZy BlY28tZnJp ZW5kbHkgcG Fja2FnaW5n LCBhbmQgb2 ZmZXJpbmcg bW9yZSBvcm dhbmljIGFu ZCBuYXR1cm FsIHByb2R1 Y3RzLjxicj 5PdmVyYWxs LCBLcm9nZX IncyBidXNp bmVzcyBtb2 RlbCBjZW50 ZXJzIGFyb3 VuZCBwcm92 aWRpbmcgY3 VzdG9tZXJz IHdpdGggYW Zmb3JkYWJs ZSwgaGlnaC 1xdWFsaXR5 IHByb2R1Y3 RzIGFuZCBz ZXJ2aWNlcy B3aGlsZSBh bHNvIHByaW 9yaXRpemlu ZyBjdXN0b2 1lciBzYXRp c2ZhY3Rpb2 4sIGNvbnZl bmllbmNlLC BhbmQgc3Vz dGFpbmFiaW xpdHku

AI has the potential to pose a material threat to Kroger’s products, services, and competitive position in several ways, including through substitution, disintermediation, and margin pressure.
1. Substitution: AI can enhance the capabilities of competitors offering alternative grocery shopping experiences, such as online-only retailers or meal kit delivery services. These companies can leverage AI to optimize their logistics, create personalized shopping experiences, and improve inventory management. If customers perceive these alternatives as more convenient or better tailored to their preferences, it could lead to a shift away from traditional grocery shopping.
2. Disintermediation: AI enables direct-to-consumer models that bypass traditional retailers. For instance, food producers or manufacturers can use AI-powered platforms to sell directly to consumers, reducing reliance on intermediaries like Kroger. This model could significantly impact Kroger’s market share, as customers might prefer buying directly from producers who can offer fresher products or lower prices due to reduced overhead costs.
3. Margin Pressure: The increasing implementation of AI technologies can lead to heightened competition among grocery retailers, driving prices down. If competitors adopt AI to improve efficiency and reduce costs while offering lower prices, Kroger may face pressure to lower its own prices to remain competitive. This dynamic could compress profit margins, particularly if Kroger cannot equally leverage AI to enhance its operational efficiency or improve customer service.
Overall, while AI presents opportunities for Kroger to innovate and improve its offerings, it also introduces significant risks that could impact its competitive positioning in the grocery market. To mitigate these threats, Kroger will need to invest in AI technologies and adapt its strategies to leverage the advantages they provide.

The sensitivity of Kroger’s earnings, cash flow, and valuation to changes in interest rates can be assessed through several key factors:
1. Earnings Sensitivity: Kroger’s earnings can be affected by changes in interest rates primarily through its financing costs. If interest rates rise, the cost of debt servicing increases, which can lead to lower net income. Conversely, lower interest rates can reduce these costs, potentially boosting earnings.
2. Cash Flow Sensitivity: Kroger’s cash flow from operations is less directly affected by interest rate changes compared to earnings. However, higher interest rates could lead to decreased consumer spending, impacting sales and, therefore, operating cash flow. Additionally, higher financing costs from variable rate debt can squeeze cash flow available for reinvestment or dividends.
3. Valuation Sensitivity: The valuation of Kroger, like many companies, is sensitive to changes in interest rates due to their impact on the discount rate applied to future cash flows in a discounted cash flow (DCF) analysis. Higher interest rates increase the discount rate, which can reduce the present value of future cash flows, leading to a lower valuation. On the other hand, if rates lower, the present value of future earnings and cash flows may increase, enhancing valuation.
Overall, while Kroger’s operational performance may be relatively insulated from interest rate fluctuations compared to more cyclical industries, its financial metrics, including earnings, cash flow, and valuation, are still impacted by prevailing interest rate conditions.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgS3 JvZ2Vy4oCZ cyBlY29ub2 1pY3Mgb3Zl ciB0aGUgbm V4dCAz4oCT NSB5ZWFycy BpbnZvbHZl cyBhIHNpZ2 5pZmljYW50 IGFuZCBzdX N0YWluZWQg c2hpZnQgaW 4gY29uc3Vt ZXIgYmVoYX Zpb3VyIHRv d2FyZHMgZS 1jb21tZXJj ZSBhbmQgb2 5saW5lIGdy b2NlcnkgZG VsaXZlcnku IFN1cHBvc2 UgYSBuZXcg Y29tcGV0aX RvciBlbWVy Z2VzIHRoYX Qgc3BlY2lh bGl6ZXMgaW 4gdWx0cmEt ZWZmaWNpZW 50LCBsb3ct Y29zdCBncm 9jZXJ5IGZ1 bGZpbGxtZW 50IHVzaW5n IGFkdmFuY2 VkIHRlY2hu b2xvZ2llcy wgaW5jbHVk aW5nIGFydG lmaWNpYWwg aW50ZWxsaW dlbmNlLCBk cm9uZXMsIG FuZCBhdXRv bm9tb3VzIH ZlaGljbGUg ZGVsaXZlcn kuIFRoaXMg Y29tcGV0aX RvciBjb3Vs ZCBkaXNydX B0IHRoZSB0 cmFkaXRpb2 5hbCBncm9j ZXJ5IHN1cH BseSBjaGFp biBieSBvZm ZlcmluZyBs b3dlciBwcm ljZXMgYW5k IGZhc3Rlci BkZWxpdmVy eSB0aW1lcy wgYXR0cmFj dGluZyBhIH N1YnN0YW50 aWFsIHBvcn Rpb24gb2Yg S3JvZ2Vy4o CZcyBjdXN0 b21lciBiYX NlLjxicj5B cyBjdXN0b2 1lciBwcmVm ZXJlbmNlIH NoaWZ0cyBh d2F5IGZyb2 0gdHJhZGl0 aW9uYWwgYn JpY2stYW5k LW1vcnRhci BzaG9wcGlu ZyB0b3dhcm RzIHRoaXMg ZW1lcmdpbm cgY29tcGV0 aXRvciwgS3 JvZ2VyIG1p Z2h0IGV4cG VyaWVuY2Ug YSBub3RhYm xlIGRlY2xp bmUgaW4gaX N0b3JlIHNh bGVzLCBsZW FkaW5nIHRv IGEgZHJvcC BpbiByZXZl bnVlcy4gQX MgcmV2ZW51 ZXMgZGVjbG luZSwgdGhl IGNvbXBhbn kgd291bGQg bGlrZWx5IG JlIGZvcmNl ZCB0byBsb3 dlciBwcmlj ZXMgdG8gcm VtYWluIGNv bXBldGl0aX ZlLCBmdXJ0 aGVyIHNxdW VlemluZyBt YXJnaW5zLi BBZGRpdGlv bmFsbHksIG luY3JlYXNl ZCBjb21wZX RpdGlvbiB3 b3VsZCBsZW FkIEtyb2dl ciB0byBpbn Zlc3QgaGVh dmlseSBpbi B0ZWNobm9s b2d5IGFuZC Bsb2dpc3Rp Y3MgdG8gaW 1wcm92ZSBp dHMgb3duIG UtY29tbWVy Y2UgY2FwYW JpbGl0aWVz LCB3aGljaC Bjb3VsZCBy ZXN1bHQgaW 4gaGlnaGVy IG9wZXJhdG lvbmFsIGNv c3RzIGR1cm luZyBhIHRp bWUgb2YgZG VjbGluaW5n IHNhbGVzLj xicj5UaGUg aW1wYWN0IG 9uIEtyb2dl cuKAmXMgbW FyZ2lucyB3 b3VsZCBiZS BzaWduaWZp Y2FudC4gV2 l0aCBpbmNy ZWFzZWQgY2 9tcGV0aXRp b24gYW5kIG EgcG90ZW50 aWFsbHkgbG 93ZXIgcHJp Y2UgcG9pbn QsIGdyb3Nz IG1hcmdpbn Mgd291bGQg bGlrZWx5IG RlY2xpbmUg YXMgdGhlIG NvbXBhbnkg YXR0ZW1wdH MgdG8gbWFp bnRhaW4gbW Fya2V0IHNo YXJlLiBJZi BLcm9nZXLi gJlzIG9wZX JhdGluZyBt YXJnaW5zIG ZhbGwsIGl0 IHJlZmxlY3 RzIGJvdGgg cmVkdWNlZC BwcmljaW5n IHBvd2VyIG FuZCBpbmNy ZWFzZWQgY2 9zdHMgYXNz b2NpYXRlZC B3aXRoIHRl Y2hub2xvZ3 kgaW52ZXN0 bWVudCBhbm Qgb25saW5l IGZ1bGZpbG xtZW50Ljxi cj5DYXNoIG Zsb3cgY291 bGQgYWxzby B0YWtlIGEg aGl0LiBXaX RoIGxvd2Vy IHJldmVudW VzIGFuZCBw b3RlbnRpYW xseSBkZWNs aW5pbmcgcH JvZml0IG1h cmdpbnMsIE tyb2dlciBt YXkgZmluZC BpdCBjaGFs bGVuZ2luZy B0byBnZW5l cmF0ZSBzdW ZmaWNpZW50 IGZyZWUgY2 FzaCBmbG93 IHRvIGZ1bm QgbmV3IGlu aXRpYXRpdm VzIG9yIHJl dHVybiB2YW x1ZSB0byBz aGFyZWhvbG RlcnMgdGhy b3VnaCBkaX ZpZGVuZHMg YW5kIHNoYX JlIGJ1eWJh Y2tzLiBUaG UgcmVsaWFu Y2Ugb24gZG VidCBmaW5h bmNpbmcgdG 8gaW52ZXN0 IGluIHRlY2 hub2xvZ3kg b3Igb2Zmc2 V0IGFyZWFz IG9mIHJldm VudWUgbG9z cyBjb3VsZC BmdXJ0aGVy IGNvbXBsaW NhdGUgdGhl IGNhc2ggZm xvdyBwaWN0 dXJlLjxicj 5Gcm9tIGEg YmFsYW5jZS BzaGVldCBw ZXJzcGVjdG l2ZSwgaWYg S3JvZ2VyIG NvbnRpbnVl cyB0byB0YW tlIG9uIGRl YnQgdG8gZm luYW5jZSBp dHMgaW52ZX N0bWVudHMg d2l0aG91dC BhIGNvcnJl c3BvbmRpbm cgaW5jcmVh c2UgaW4gYX NzZXRzIG9y IHJldmVudW VzLCBsZXZl cmFnZSByYX Rpb3MgbGlr ZSBkZWJ0LX RvLWVxdWl0 eSBtYXkgcm lzZS4gVGhp cyBjb3VsZC BsZWFkIHRv IGluY3JlYX NlZCBzY3J1 dGlueSBmcm 9tIGludmVz dG9ycyBhbm QgcG90ZW50 aWFsIGNyZW RpdCByYXRp bmcgYWdlbm NpZXMsIHJl c3VsdGluZy BpbiBoaWdo ZXIgYm9ycm 93aW5nIGNv c3RzIGFuZC BmdXJ0aGVy IGNvbnN0cm FpbmluZyBm aW5hbmNpYW wgZmxleGli aWxpdHkuIE 92ZXIgdGlt ZSwgaWYgb3 BlcmF0aW9u YWwgZWZmaW NpZW5jaWVz IGFuZCBncm 93dGggZG8g bm90IG1hdG VyaWFsaXpl IGZyb20gdG hlc2UgaW52 ZXN0bWVudH MsIEtyb2dl cuKAmXMgb3 ZlcmFsbCBm aW5hbmNpYW wgaGVhbHRo IGNvdWxkIG JlIGltcGFp cmVkLCByZX N1bHRpbmcg aW4gYSBsb3 NzIG9mIGlu dmVzdG9yIG NvbmZpZGVu Y2UgYW5kIH BvdGVudGlh bCBtYXJrZX Qgc2hhcmUg ZXJvc2lvbi 48YnI+SW4g c3VtbWFyeS wgaWYgYSBu ZXcgYW5kIG VmZmljaWVu dCBjb21wZX RpdG9yIGRp c3J1cHRzIH RoZSBncm9j ZXJ5IHNlY3 RvciwgS3Jv Z2Vy4oCZcy BlY29ub21p YyBwZXJmb3 JtYW5jZSBj b3VsZCBzdW ZmZXIgc2ln bmlmaWNhbn RseSBkdWUg dG8gZGVjbG luaW5nIG1h cmdpbnMsIG NvbnN0cmFp bmVkIGNhc2 ggZmxvdywg YW5kIGEgcG 90ZW50aWFs bHkgd2Vha2 VuZWQgYmFs YW5jZSBzaG VldCwgZXN0 YWJsaXNoaW 5nIGEgY2hh bGxlbmdpbm cgZW52aXJv bm1lbnQgZm 9yIHRoZSBj b21wYW55Lj xicj4=

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 bG9nb3MvaW lublRCdkFO TTVFVGV2Q1 N1OVYud2Vi cCIgYWx0PS JLcm9nZXIi IHRpdGxlPS JLcm9nZXIi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9NTAg d2lkdGg9NT 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 QgS3JvZ2Vy 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 ICBNUzRnUz NKdloyIFZ5 SUhkaGN5Qm 0gYjNWdVpH VmtJRyBsdU lERTRPRE1n IFlua2dRbV Z5Ym0gRnla Q0JMY205bi BaWElnYVc0 Z1EyIGx1WT JsdWJtRjAg YVN3Z1QyaH BieSA0Z1NY UWdkMkZ6IE lHOXlhV2Rw Ym0gRnNiSG tnWVNCeiBi V0ZzYkNCbm NtIDlqWlhK NUlITjAgYj NKbElHTmhi RyB4bFpDQj BhR1VnIFIz SmxZWFFnVj IgVnpkR1Z5 YmlCVSBaV0 VnUTI5dGNH IEZ1ZVM0OF luSSsgTWk0 Z1ZHaGxJRy BOdmJYQmhi bm5pIGdKbH pJR1pwY24g TjBJSE4wYj NKbCBJSGRo Y3lCdmJtIH g1SURReE5T QnogY1hWaG NtVWdabSBW bGRDd2dZbl YwIElHbDBJ SEYxYVcgTn JiSGtnWlho dyBZVzVrWl dRZ1lXIDVr SUdKNUlERT UgTURJc0lF dHliMiBkbG NpQm9ZV1Fn IGMzUnZjbV Z6SUcgbHVJ RzExYkhScC BjR3hsSUhO MFlYIFJsY3 k0OFluSSsg TXk0Z1NXNG dNVCBrek1D d2dTM0p2IF oyVnlJR0ps WTIgRnRaU0 IwYUdVZyBa bWx5YzNRZ1 ozIEp2WTJW eWVTQnogZE c5eVpTQmph RyBGcGJpQj BieUJvIFlY WmxJR2wwY3 kgQnZkMjRn WW1GciBaWE o1TGlCVWFH IGx6SUdobG JIQmwgWkNC MGFHVnRJRy A5bVptVnlJ RzF2IGNtVW dZV1ptYjMg SmtZV0pzWl NCdyBjbWxq WlhNZ2RHID hnWTNWemRH OXQgWlhKek xqeGljaiA0 MExpQkxjbT luIFpYSWdk MkZ6SUggUm 9aU0JtYVhK eiBkQ0JuY2 05alpYIEo1 SUhOMGIzSm wgSUhSdklI VnpaUyBCbG JHVmpkSEp2 IGJtbGpJSE 5qWVcgNXVa WEp6SUdGMC BJSFJvWlds eUlHIE5vWl dOcmIzVjAg SUd4aGJtVn pJRyBsdUlE RTVOekl1IF BHSnlQalV1 SUUgbHVJRE U1T0RNcyBJ RXR5YjJkbG NpIEJpWldO aGJXVWcgZE dobElHWnBj biBOMElHZH liMk5sIGNu a2djM1J2Y2 0gVWdkRzhn YUdGMiBaU0 JwZEhNZ2Iz IGR1SUhCeW FYWmggZEdV Z2JHRmlaVy B3Z1luSmhi bVFzIElIZG 9hV05vSUcg bHpJSE4wYV d4cyBJR2x1 SUhWelpTIE IwYjJSaGVT NDggWW5JK0 5pNGdTMyBK dloyVnlJR2 x6IElHTjFj bkpsYm4gUn NlU0IwYUdV ZyBiR0Z5Wj JWemRDIEJ6 ZFhCbGNtMW ggY210bGRD QmphRyBGcG JpQnBiaUIw IGFHVWdWVz VwZEcgVmtJ Rk4wWVhSbC BjeXdnZDJs MGFDIEJ2ZG 1WeUlESXMg TnpBd0lHeH ZZMiBGMGFX OXVjeUJwIG JpQXpOU0J6 ZEcgRjBaWE 11UEdKeSBQ amN1SUZSb1 pTIEJqYjIx d1lXNTUgSU dGc2MyOGdi MyBkdWN5Qm hibVFnIGIz QmxjbUYwWl ggTWdiM1Jv WlhJZyBjbV YwWVdsc0lH IEp5WVc1a2 N5d2cgYVc1 amJIVmthVy A1bklGSmhi SEJvIGN5d2 dSbkpsWkMg Qk5aWGxsY2 l3ZyBTR0Z5 Y21seklGIF JsWlhSbGNp d2cgWVc1a0 lGSnZkVyA1 a2VlS0FtWE 11IFBHSnlQ amd1SUUgdH liMmRsY2lC bCBiWEJzYj NseklHIDky WlhJZ05EQX cgTERBd01D QndaVyA5d2 JHVWdZVzVr IElHbHpJR0 Z0YjIgNW5J SFJvWlNCMC BiM0FnTVRB Z2JHIEZ5Wj JWemRDQmwg YlhCc2IzbG xjbiBNZ2FX NGdkR2hsIE lGVnVhWFJs WkMgQlRkR0 YwWlhNdSBQ R0p5UGprdU lGIFJvWlNC amIyMXcgWV c1NUlHaGhj eSBCaElITj BjbTl1IFp5 Qm1iMk4xY3 kgQnZiaUJ6 ZFhOMCBZV2 x1WVdKcGJH IGwwZVNCaG JtUWcgYUdG eklHSmxaVy A0Z2JHbHpk R1ZrIElHOX VJSFJvWlMg QkViM2NnU2 05dSBaWE1n VTNWemRHIE ZwYm1GaWFX eHAgZEhrZ1 NXNWtaWCBn Z1ptOXlJRE V3IElHTnZi bk5sWTMgVj BhWFpsSUhs bCBZWEp6TG p4aWNqIDR4 TUM0Z1MzSn YgWjJWeUlH UnZibSBGMF pYTWdiM1ps IGNpQWtNak F3SUcgMXBi R3hwYjI0Zy BZVzV1ZFdG c2JIIGtnZE c4Z2JHOWog WVd3Z1kyOX RiWCBWdWFY UnBaWE1nIG RHaHliM1Zu YUMgQnBkSE 1nWTJoaCBj bWwwWVdKc1 pTIEJtYjNW dVpHRjAgYV c5dUxqeGlj aiA0eE1TNG dWR2hsIElH TnZiWEJoYm 4gbmlnSmx6 SUd4diBaMj hzSUdFZ2Mz IFI1YkdsNl pXUWcgU3l3 Z2QyRnpJRy BOeVpXRjBa V1FnIGFXNG dNVGsyTVMg QmhibVFnYU dGeiBJSEps YldGcGJtIF ZrSUd4aGNt ZGwgYkhrZ2 RXNWphRyBG dVoyVmtJSE 5wIGJtTmxJ SFJvWlcgNH VQR0p5UGpF eSBMaUJMY2 05blpYIEln YVhNZ1lXeH ogYnlCcGJu WnZiSCBabF pDQnBiaUJt IGRXVnNJR0 5sYm4gUmxj aUJ2Y0dWeS BZWFJwYjI1 ekxDIEJ2Wm 1abGNtbHUg WnlCbWRXVn NJRyBScGMy TnZkVzUwIG N5QjBieUJq ZFggTjBiMj FsY25NZyBk R2h5YjNWbm FDIEIwYUdW cGNpQncgWV hKMGJtVnlj MiBocGNDQj NhWFJvIElG Tm9aV3hzTG ogeGljajR4 TXk0ZyBTVz RnTWpBeE9T IHdnUzNKdl oyVnkgSUdG dWJtOTFibS BObFpDQndi R0Z1IGN5Qj BieUJ3YUcg RnpaU0J2ZF hRZyBjR3ho YzNScFl5IE JpWVdkeklH bHUgSUdGc2 JDQnBkSCBN Z2MzUnZjbV Z6IElHSjVJ REl3TWogVX VQR0p5UGpF MCBMaUJVYU dVZ1kyIDl0 Y0dGdWVlS0 EgbVhNZ1lX NXVkVyBGc0 lISmxkbVZ1 IGRXVWdhVz RnTWogQXlN Q0IzWVhNZy BiM1psY2lB a01UIEl5SU dKcGJHeHAg YjI0dVBHSn lQaiBFMUxp QkxjbTluIF pYSWdhR0Z6 SUcgSmxaVz RnYkdseiBk R1ZrSUc5dU lFIFp2Y25S MWJtVWcgYl dGbllYcHBi bSBYaWdKbH pJRmR2IGNt eGs0b0NaY3 kgQk5iM04w SUVGayBiV2 x5WldRZ1Ey IDl0Y0dGdW FXVnogSUd4 cGMzUWdaWC BabGNua2dl V1ZoIGNpQn phVzVqWlMg QXlNREF6TE NCaiBiMjV6 YVhOMFpXID UwYkhrZ2Nt RnUgYTJsdV p5QmhiVyA5 dVp5QjBhR1 VnIGRHOXdJ R1pwZG0gVW dhVzRnZEdo bCBJR1p2Yj JRZ1lXIDVr SUdSeWRXY2 cgYzNSdmNt VWdZMiBGMF pXZHZjbmt1 CiAgICAgIC AgPC9zcGFu PgogICAgIC AgIAogICAg ICAgIA==