Yum! Brands

-13.93%

Live  

Yum! Brands is a multinational fast food company based in Louisville, Kentucky. It is one of the largest fast food companies in the world, with over 50,000 restaurants in more than 150 countries. The company was founded in 1997 as a spin-off of PepsiCo and originally consisted of two brands, KFC and Pizza Hut. Today, it also includes the popular chains Taco Bell and WingStreet.
The company's mission statement is "to build the world’s most loved, trusted and fastest growing restaurant brands." Yum! Brands is known for its global presence, innovative menu offerings, and commitment to social responsibility.
History
Yum! Brands was officially formed in 1997 when PepsiCo decided to spin off its restaurant division, which consisted of Pizza Hut, KFC, and Taco Bell. The company's name is based on its founders' goal of creating a brand that would make people say "wow!"
In 2002, Yum! Brands acquired the fast casual chain Long John Silver's and A&W Restaurants. In 2011, they announced the spin-off of their China division, which became a separate publicly traded company, Yum China Holdings, Inc.
In 2016, Yum! Brands announced a major rebranding effort, with a focus on driving growth for its core brands KFC, Pizza Hut, and Taco Bell. This included updating menus, restaurant designs, and digital and delivery capabilities.
In recent years, Yum! Brands has also focused on expanding its plant-based offerings and reducing its environmental impact through initiatives such as sustainable packaging and renewable energy.
Brands and operations
As of 2021, Yum! Brands operates over 50,000 restaurants globally, making it one of the largest fast food companies in the world.
KFC: Kentucky Fried Chicken, now known simply as KFC, was founded in 1930 by Harland Sanders. It is known for its signature fried chicken and has a strong presence in the United States and internationally, with over 24,000 restaurants in more than 145 countries.
Pizza Hut: Founded in 1958, Pizza Hut is a popular pizza chain with over 18,000 restaurants in over 100 countries. It is known for its customizable pizzas and has expanded its menu to include pasta, wings, and other side dishes.
Taco Bell: With origins dating back to 1962, Taco Bell is known for its Tex-Mex inspired menu, including tacos, burritos, and nachos. It has over 7,000 restaurants in over 30 countries.
WingStreet: WingStreet is a wing restaurant chain that was launched in 2003 and is incorporated into Pizza Hut locations.
Other brands under the Yum! Brands umbrella include Long John Silver's, A&W Restaurants, and KFC Super Chix. The company also has a significant presence in China through its subsidiary, Yum China Holdings.
Social responsibility
Yum! Brands is committed to social responsibility and sustainability, with a focus on three main areas:
1. Food: The company is working to reduce its environmental impact by sourcing sustainable ingredients and reducing waste. This includes efforts to source more humane and sustainable meat and seafood products.
2. Planet: Yum! Brands is committed to reducing its carbon footprint and has set a goal to reduce greenhouse gas emissions in its restaurants by 25% by 2030. This includes initiatives such as implementing renewable energy sources and investing in more sustainable packaging options.
3. People: The company has a strong commitment to its employees, franchisees, and communities. This includes initiatives such as providing training and development opportunities for employees, promoting diversity and inclusion, and investing in community programs.
Yum! Brands also has a global partnership with the World Food Program to fight global hunger and has teamed up with organizations to support disaster relief efforts.

WXVtISBCcm FuZHMgaXMg YSBiaWcgY2 9tcGFueSB0 aGF0IG93bn Mgc29tZSBv ZiB0aGUgbW 9zdCBmYW1v dXMgcmVzdG F1cmFudHMg aW4gdGhlIH dvcmxkLCBs aWtlIFRhY2 8gQmVsbCwg S0ZDICh3aG ljaCBzdGFu ZHMgZm9yIE tlbnR1Y2t5 IEZyaWVkIE NoaWNrZW4p LCBhbmQgUG l6emEgSHV0 LiBUaGluay BvZiB0aGVt IGxpa2UgYS BzdXBlcmhl cm8gdGVhbS wgYnV0IGlu c3RlYWQgb2 YgZmlnaHRp bmcgdmlsbG FpbnMsIHRo ZXkgc2Vydm UgeXVtbXkg Zm9vZCE8Yn I+U28sIGhv dyBkb2VzIF l1bSEgQnJh bmRzIG1ha2 UgbW9uZXk/ IFdoZW4gcG VvcGxlIGdv IHRvIHRoZW lyIHJlc3Rh dXJhbnRzLC B0aGV5IGJ1 eSBmb29kIG xpa2UgdGFj b3MsIGZyaW VkIGNoaWNr ZW4sIGFuZC BwaXp6YS4g RWFjaCB0aW 1lIHNvbWVv bmUgYnV5cy BhIG1lYWws IFl1bSEgQn JhbmRzIGVh cm5zIG1vbm V5LiBUaGV5 IGFsc28gaG F2ZSBhIHNw ZWNpYWwgYW dyZWVtZW50 IHdpdGggb3 RoZXIgcmVz dGF1cmFudH MgYXJvdW5k IHRoZSB3b3 JsZCwgYWxs b3dpbmcgdG hlbSB0byB1 c2UgdGhlaX IgYnJhbmQg bmFtZXMuIF RoaXMgd2F5 LCB0aG9zZS ByZXN0YXVy YW50cyBwYX kgWXVtISBC cmFuZHMgdG 8gc2VsbCB0 aGVpciBmb2 9kLCB0b28h PGJyPk5vdy wgd2h5IGlz IFl1bSEgQn JhbmRzIHN1 Y2Nlc3NmdW w/IFdlbGws IGZpcnN0LC B0aGV5IG1h a2UgZm9vZC B0aGF0IG1h bnkgcGVvcG xlIGxvdmUu IEV2ZXJ5b2 5lIGVuam95 cyBkaWZmZX JlbnQgdGhp bmdzLCBsaW tlIHRhY29z LCBwaXp6YS wgb3IgZnJp ZWQgY2hpY2 tlbiwgd2hp Y2ggaGVscH MgdGhlbSBh dHRyYWN0IG xvdHMgb2Yg Y3VzdG9tZX JzLiBUaGV5 IGFsc28gYW R2ZXJ0aXNl IGEgbG90LC BzbyBwZW9w bGUga25vdy BhYm91dCB0 aGVpciB0YX N0eSBtZWFs cy4gUGx1cy wgWXVtISBC cmFuZHMgaX MgYWx3YXlz IHRyeWluZy B0byBjcmVh dGUgbmV3IG FuZCBleGNp dGluZyBtZW 51IGl0ZW1z IHRoYXQga2 VlcCBwZW9w bGUgY29taW 5nIGJhY2sg Zm9yIG1vcm UhPGJyPkxv b2tpbmcgYW hlYWQsIFl1 bSEgQnJhbm RzIHdpbGwg bGlrZWx5IH N0YXkgc3Vj Y2Vzc2Z1bC Bmb3IgYSBm ZXcgcmVhc2 9ucy4gVGhl eSBrZWVwIH BheWluZyBh dHRlbnRpb2 4gdG8gd2hh dCBjdXN0b2 1lcnMgd2Fu dCwgbGlrZS BvZmZlcmlu ZyBoZWFsdG hpZXIgb3Ig bW9yZSB1bm lxdWUgbWVh bCBvcHRpb2 5zLiBUaGV5 IGFsc28gZX hwYW5kIHRv IG5ldyBwbG FjZXMgYXJv dW5kIHRoZS B3b3JsZCwg c28gZXZlbi Btb3JlIHBl b3BsZSBjYW 4gZW5qb3kg dGhlaXIgZm 9vZC4gQW5k IGJlY2F1c2 UgdGhleSBo YXZlIHBvcH VsYXIgYnJh bmRzLCBwZW 9wbGUgYXJl IGxpa2VseS B0byBrZWVw IHZpc2l0aW 5nIHRoZWly IHJlc3RhdX JhbnRzLiBU aGUgY29tYm luYXRpb24g b2YgZ3JlYX QgZm9vZCwg c21hcnQgaW RlYXMsIGFu ZCByZWFjaG luZyBtb3Jl IGN1c3RvbW VycyBtZWFu cyBZdW0hIE JyYW5kcyBj YW4ga2VlcC BiZWluZyBh IGJpZyBwbG F5ZXIgaW4g dGhlIHJlc3 RhdXJhbnQg d29ybGQgZm 9yIGEgbG9u ZyB0aW1lIT xicj4=

VGhlcmUgYX JlIHNldmVy YWwgdGhpbm dzIHRoYXQg YXJlIHNwZW NpYWwgYWJv dXQgWXVtIS BCcmFuZHM6 PGJyPjEuIE RpdmVyc2Ug cG9ydGZvbG lvIG9mIHdl bGwta25vd2 4gYnJhbmRz OiBZdW0hIE JyYW5kcyBv d25zIGFuZC BvcGVyYXRl cyBzb21lIG 9mIHRoZSBt b3N0IHBvcH VsYXIgcmVz dGF1cmFudC BjaGFpbnMg aW4gdGhlIH dvcmxkLCBp bmNsdWRpbm cgS0ZDLCBQ aXp6YSBIdX QsIFRhY28g QmVsbCwgYW 5kIFRoZSBI YWJpdCBCdX JnZXIgR3Jp bGwuPGJyPj IuIEdsb2Jh bCBwcmVzZW 5jZTogWXVt ISBCcmFuZH MgaGFzIGEg c3Ryb25nIG dsb2JhbCBw cmVzZW5jZS wgd2l0aCBv dmVyIDUwLD AwMCByZXN0 YXVyYW50cy BpbiBtb3Jl IHRoYW4gMT UwIGNvdW50 cmllcy48Yn I+My4gRm9j dXMgb24gZ3 Jvd3RoIGFu ZCBpbm5vdm F0aW9uOiBU aGUgY29tcG FueSBpcyBj b25zdGFudG x5IGxvb2tp bmcgZm9yIG 5ldyB3YXlz IHRvIGdyb3 cgYW5kIGlu bm92YXRlLC B3aGV0aGVy IGl0J3MgdG hyb3VnaCBu ZXcgbWVudS BpdGVtcywg YWR2ZXJ0aX NpbmcgY2Ft cGFpZ25zLC BvciB0ZWNo bm9sb2dpY2 FsIGFkdmFu Y2VtZW50cy 48YnI+NC4g Q29tbWl0bW VudCB0byBz b2NpYWwgcm VzcG9uc2li aWxpdHk6IF l1bSEgQnJh bmRzIGhhcy BhIHN0cm9u ZyBjb21taX RtZW50IHRv IHNvY2lhbC ByZXNwb25z aWJpbGl0eS BhbmQgc3Vz dGFpbmFiaW xpdHksIHdp dGggaW5pdG lhdGl2ZXMg Zm9jdXNlZC BvbiByZWR1 Y2luZyB0aG VpciBjYXJi b24gZm9vdH ByaW50LCBw cm9tb3Rpbm cgZGl2ZXJz aXR5IGFuZC BpbmNsdXNp b24sIGFuZC BnaXZpbmcg YmFjayB0by Bsb2NhbCBj b21tdW5pdG llcy48YnI+ NS4gRW50cm VwcmVuZXVy aWFsIHNwaX JpdDogWXVt ISBCcmFuZH MgZW5jb3Vy YWdlcyBhbi BlbnRyZXBy ZW5ldXJpYW wgYW5kIGNv bGxhYm9yYX RpdmUgY3Vs dHVyZSwgd2 hpY2ggYWxs b3dzIGVtcG xveWVlcyB0 byB0YWtlIG 93bmVyc2hp cCBvZiB0aG VpciB3b3Jr IGFuZCBjb2 50cmlidXRl IHRvIHRoZS BzdWNjZXNz IG9mIHRoZS Bjb21wYW55 Ljxicj42Li BTdHJvbmcg ZmluYW5jaW FsIHBlcmZv cm1hbmNlOi BZdW0hIEJy YW5kcyBoYX MgYSBzb2xp ZCBmaW5hbm NpYWwgdHJh Y2sgcmVjb3 JkLCB3aXRo IGNvbnNpc3 RlbnQgZ3Jv d3RoIGluIH JldmVudWUg YW5kIHByb2 ZpdHMsIG1h a2luZyBpdC BhIHJlbGlh YmxlIGNob2 ljZSBmb3Ig aW52ZXN0b3 JzLjxicj4=

WXVtISBCcm FuZHMgaXMg YSBtdWx0aW 5hdGlvbmFs IGNvcnBvcm F0aW9uIHRo YXQgb3Blcm F0ZXMgYSBw b3J0Zm9saW 8gb2YgcmVz dGF1cmFudC BicmFuZHMg aW5jbHVkaW 5nIEtGQywg UGl6emEgSH V0LCBUYWNv IEJlbGwsIG FuZCBUaGUg SGFiaXQgQn VyZ2VyIEdy aWxsLiBJdH MgYnVzaW5l c3MgbW9kZW wgaXMgcHJp bWFyaWx5IG ZvY3VzZWQg b24gdGhlIG RldmVsb3Bt ZW50LCBvcG VyYXRpb24s IGFuZCBmcm FuY2hpc2lu ZyBvZiB0aG VzZSByZXN0 YXVyYW50IG NvbmNlcHRz Ljxicj5UaG UgY29tcGFu eSdzIHByaW 1hcnkgc291 cmNlIG9mIH JldmVudWUg aXMgdGhyb3 VnaCB0aGUg c2FsZSBvZi Bmb29kIGFu ZCBiZXZlcm FnZXMgYXQg aXRzIHJlc3 RhdXJhbnQg bG9jYXRpb2 5zLCBhcyB3 ZWxsIGFzIH Rocm91Z2gg ZnJhbmNoaX NlIGZlZXMg YW5kIHJveW FsdGllcyBm cm9tIGl0cy BmcmFuY2hp c2Vlcy4gWX VtISBCcmFu ZHMgYWxzby BnZW5lcmF0 ZXMgcmV2ZW 51ZSB0aHJv dWdoIGxpY2 Vuc2luZyBh bmQgdGhpcm QtcGFydHkg cGFydG5lcn NoaXBzLCBh cyB3ZWxsIG FzIHRocm91 Z2ggdGhlIH NhbGUgb2Yg YnJhbmRlZC BtZXJjaGFu ZGlzZS48Yn I+WXVtISBC cmFuZHMnIG J1c2luZXNz IG1vZGVsIG Fsc28gaW5j bHVkZXMgYS BzdHJvbmcg ZW1waGFzaX Mgb24gaW50 ZXJuYXRpb2 5hbCBleHBh bnNpb24sIH dpdGggYSBz aWduaWZpY2 FudCBwcmVz ZW5jZSBpbi BvdmVyIDE1 MCBjb3VudH JpZXMuIFRo ZSBjb21wYW 55IHN0cml2 ZXMgdG8gYW RhcHQgaXRz IHJlc3RhdX JhbnQgY29u Y2VwdHMgYW 5kIG1lbnVz IHRvIGxvY2 FsIHRhc3Rl cyBhbmQgcH JlZmVyZW5j ZXMgaW4gZW FjaCBtYXJr ZXQgaXQgb3 BlcmF0ZXMg aW4uPGJyPk Z1cnRoZXJt b3JlLCBZdW 0hIEJyYW5k cyBmb2N1c2 VzIG9uIGxl dmVyYWdpbm cgdGVjaG5v bG9neSBhbm QgZGF0YSB0 byBpbXByb3 ZlIHRoZSBj dXN0b21lci BleHBlcmll bmNlIGFuZC Bkcml2ZSBz YWxlcy4gVG hpcyBpbmNs dWRlcyBpbm l0aWF0aXZl cyBzdWNoIG FzIG1vYmls ZSBvcmRlcm luZyBhbmQg ZGVsaXZlcn ksIGxveWFs dHkgcHJvZ3 JhbXMsIGFu ZCBkYXRhIG FuYWx5dGlj cyB0byBpbm Zvcm0gbWVu dSBvZmZlcm luZ3MgYW5k IG1hcmtldG luZyBjYW1w YWlnbnMuPG JyPk92ZXJh bGwsIFl1bS EgQnJhbmRz JyBidXNpbm VzcyBtb2Rl bCBpcyBjZW 50ZXJlZCBv biB0aGUgZG V2ZWxvcG1l bnQgYW5kIG ZyYW5jaGlz aW5nIG9mIG l0cyByZXN0 YXVyYW50IG JyYW5kcywg d2l0aCBhIG ZvY3VzIG9u IGludGVybm F0aW9uYWwg ZXhwYW5zaW 9uLCB0ZWNo bm9sb2dpY2 FsIGlubm92 YXRpb24sIG FuZCBhZGFw dGluZyB0by Bsb2NhbCBt YXJrZXRzLg ==

AI has the potential to influence various aspects of Yum! Brands’ operations and competitive positioning, but whether it poses a material threat depends on several factors.
1. Substitution: AI could facilitate the development of new food products or alternative dining experiences that may rival Yum! Brands’ offerings. For instance, advancements in food technology could lead to innovative plant-based or lab-grown foods that could substitute traditional fast food. Additionally, AI-driven meal delivery services could also change consumer preferences, impacting the traffic to traditional fast-food outlets.
2. Disintermediation: AI technologies enable direct-to-consumer models that could bypass traditional restaurant service models. For instance, AI-powered platforms may connect consumers directly with food producers or meal prep services, potentially reducing the demand for fast-food outlets. This could impact Yum! Brands if consumers opt for these alternatives instead of their restaurants.
3. Margin Pressure: AI can lead to increased competition by optimizing operational efficiencies for other food businesses, which could drive down prices across the industry. As competitors use AI to enhance supply chain management, reduce costs, and improve customer experience, Yum! Brands might face pressure to keep prices competitive while maintaining profitability.
Overall, while AI presents opportunities for operational improvements within Yum! Brands, it also introduces risks that could impact their market position and profitability. The company’s response to these challenges, including innovation and adapting to changes in consumer behavior, will be crucial in mitigating potential threats.

The sensitivity of Yum! Brands’ earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key aspects:
1. Debt Obligations: Yum! Brands has a certain level of debt, and fluctuations in interest rates affect the cost of servicing that debt. Higher interest rates can lead to increased interest expenses, which may reduce net earnings and cash flow. Conversely, lower rates can lower those expenses, potentially enhancing profitability.
2. Capital Expenditures: Changes in interest rates can influence Yum! Brands’ decisions on capital expenditures, including new store openings, renovations, or technology investments. If interest rates are high, the company may delay or scale back such investments, which could have a long-term effect on growth and cash flow.
3. Valuation: The valuation of Yum! Brands is often assessed through discounted cash flow (DCF) models, where future cash flows are discounted back to present value using a discount rate that is influenced by prevailing interest rates. An increase in interest rates raises the discount rate, which can decrease the present value of expected cash flows and, thus, reduce the company’s overall valuation. Conversely, lower interest rates can enhance valuation through a lower discount rate.
4. Consumer Spending: Interest rates can also impact consumer spending behavior. Higher interest rates may reduce disposable income and consumer confidence, leading to decreased spending at restaurants, which directly affects Yum! Brands’ revenues and cash flow. If consumers are less willing to spend on dining out, it can negatively impact earnings.
5. Overall Economic Impact: The macroeconomic environment shaped by changing interest rates can influence restaurant industry trends, competition, and market dynamics. Yum! Brands operates in many international markets, and changes in interest rates can also affect foreign investment, currency fluctuations, and economic stability in those regions.
In summary, Yum! Brands’ earnings, cash flow, and valuation display sensitivity to interest rate changes due to debt servicing costs, investment decisions, valuation metrics, consumer spending, and broader economic conditions. Monitoring interest rate trends is vital for understanding the potential financial impact on the company.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BZdW0hIEJy YW5kc+KAmS BlY29ub21p Y3Mgb3Zlci B0aGUgbmV4 dCAzLTUgeW VhcnMgY291 bGQgYmUgYS BzaWduaWZp Y2FudCBhbm Qgc3VzdGFp bmVkIGRlY3 JlYXNlIGlu IGNvbnN1bW VyIHNwZW5k aW5nIGR1ZS B0byBhIHBy b2xvbmdlZC BlY29ub21p YyByZWNlc3 Npb24uIElu IHN1Y2ggYS BzY2VuYXJp bywgc2V2ZX JhbCBmYWN0 b3JzIHdvdW xkIGxpa2Vs eSBjb21lIG ludG8gcGxh eTo8YnI+MS 4gRGVjcmVh c2VkIENvbn N1bWVyIFNw ZW5kaW5nOi BJZiBhIHJl Y2Vzc2lvbi BsZWFkcyB0 byBoaWdoIH VuZW1wbG95 bWVudCByYX RlcyBhbmQg cmVkdWNlZC BkaXNwb3Nh YmxlIGluY2 9tZSwgY29u c3VtZXJzIG 1heSBjdXQg YmFjayBvbi BkaW5pbmcg b3V0IG9yIG 9wdGluZyBm b3IgY2hlYX BlciBmYXN0 LWZvb2Qgb3 B0aW9ucy4g VGhpcyB3b3 VsZCBuZWdh dGl2ZWx5IG ltcGFjdCBZ dW0hIEJyYW 5kc+KAmSBz YWxlcyBhY3 Jvc3MgaXRz IHZhcmlvdX MgZnJhbmNo aXNlcywgaW 5jbHVkaW5n IFRhY28gQm VsbCwgS0ZD LCBhbmQgUG l6emEgSHV0 Ljxicj4yLi BTaGlmdCBp biBDb25zdW 1lciBQcmVm ZXJlbmNlcz ogRHVyaW5n IGVjb25vbW ljIGRvd250 dXJucywgY2 9uc3VtZXJz IG1heSBzaG lmdCB0aGVp ciBwcmVmZX JlbmNlcyB0 b3dhcmQgbW 9yZSB2YWx1 ZS1vcmllbn RlZCBvciBo b21lLWNvb2 tlZCBtZWFs cyByYXRoZX IgdGhhbiBk aW5pbmcgb3 V0IG9yIG9y ZGVyaW5nIH Rha2VvdXQu IFRoaXMgY2 91bGQgZnVy dGhlciBzcX VlZXplIHRo ZSBtYXJnaW 5zIG9mIGZh c3QtZm9vZC BvcGVyYXRv cnMgbGlrZS BZdW0hIEJy YW5kcywgbW FraW5nIGl0 IGRpZmZpY3 VsdCBmb3Ig dGhlbSB0by BtYWludGFp biB0aGVpci BwcmljaW5n IHN0cmF0ZW dpZXMuPGJy PklmIHRoaX Mgc2NlbmFy aW8gdW5mb2 xkZWQsIHRo ZSBjb21wYW 554oCZcyBt YXJnaW5zIH dvdWxkIGxp a2VseSBjb2 1wcmVzcyBz aWduaWZpY2 FudGx5LiBP cGVyYXRpbm cgbWFyZ2lu cyBjb3VsZC BkZWNyZWFz ZSBkdWUgdG 8gcmVkdWNl ZCBzYWxlcy B2b2x1bWVz IGFuZCBpbm NyZWFzZWQg cHJvbW90aW 9uYWwgc3Bl bmRpbmcgYW ltZWQgYXQg ZW50aWNpbm cgY29zdC1j b25zY2lvdX MgY29uc3Vt ZXJzLiBUaG lzIGNvdWxk IGxlYWQgdG 8gb3ZlcmFs bCBzcXVlZX plZCBwcm9m aXQgbWFyZ2 lucywgZXNw ZWNpYWxseS BpZiBjb3N0 cyBvZiBnb2 9kcyBzb2xk IHJlbWFpbm VkIGVsZXZh dGVkIGR1ZS B0byBpbmZs YXRpb25hcn kgcHJlc3N1 cmVzIG9yIH N1cHBseSBj aGFpbiBjaG FsbGVuZ2Vz Ljxicj5DYX NoIGZsb3cg d291bGQgYW xzbyBiZSBp bXBhY3RlZC 4gTG93ZXIg cmV2ZW51ZX MgYW5kIGRp bWluaXNoZW QgbWFyZ2lu cyB3b3VsZC BsaWtlbHkg cmVzdWx0IG luIGEgc3Vi c3RhbnRpYW wgZGVjbGlu ZSBpbiBvcG VyYXRpbmcg Y2FzaCBmbG 93LiBUaGUg Y29tcGFuee KAmXMgYWJp bGl0eSB0by BmdW5kIGl0 cyBvcGVyYX Rpb25zLCBp bnZlc3QgaW 4gbmV3IGlu aXRpYXRpdm VzLCBvciBy ZXR1cm4gY2 FwaXRhbCB0 byBzaGFyZW hvbGRlcnMg dGhyb3VnaC BkaXZpZGVu ZHMgb3Igc2 hhcmUgcmVw dXJjaGFzZX MgY291bGQg YmUgc2V2ZX JlbHkgaGFt cGVyZWQuID xicj5PbiB0 aGUgYmFsYW 5jZSBzaGVl dCwgaWYgWX VtISBCcmFu ZHMgd2VyZS B0byBmYWNl IHN1c3RhaW 5lZCBmaW5h bmNpYWwgcH Jlc3N1cmUs IGl0IGNvdW xkIHNlZSBh IGRldGVyaW 9yYXRpb24g aW4ga2V5IG 1ldHJpY3Mu IFRoZSBjb2 1wYW55IG1p Z2h0IGV4cG VyaWVuY2Ug YSByaXNlIG luIGl0cyBk ZWJ0LXRvLW VxdWl0eSBy YXRpbyBpZi BpdCB0b29r IG9uIGFkZG l0aW9uYWwg ZGVidCB0by BtYWludGFp biBsaXF1aW RpdHkgb3Ig c3VwcG9ydC BvcGVyYXRp b25zLiBUaG lzIGNvdWxk IHJhaXNlIG NvbmNlcm5z IGFtb25nIG ludmVzdG9y cyByZWdhcm RpbmcgaXRz IGZpbmFuY2 lhbCBzdGFi aWxpdHkuIE Nhc2ggcmVz ZXJ2ZXMgbW lnaHQgZHdp bmRsZSBhcy B3ZWxsLCBt YWtpbmcgaX QgbW9yZSBj aGFsbGVuZ2 luZyBmb3Ig dGhlIGNvbX BhbnkgdG8g d2VhdGhlci Bsb25nZXIt dGVybSBlY2 9ub21pYyBp bnN0YWJpbG l0eS48YnI+ SW4gc3VtbW FyeSwgaWYg YSBzaWduaW ZpY2FudCBl Y29ub21pYy ByZWNlc3Np b24gb2NjdX JyZWQsIFl1 bSEgQnJhbm RzIHdvdWxk IGxpa2VseS BzZWUgaXRz IG1hcmdpbn MgZGVjcmVh c2UsIGNhc2 ggZmxvdyBi ZWNvbWUgY2 9uc3RyYWlu ZWQsIGFuZC BiYWxhbmNl IHNoZWV0IG 1ldHJpY3Mg d2Vha2VuLC ByZXN1bHRp bmcgaW4gYS BjaGFsbGVu Z2luZyBvcG VyYXRpbmcg ZW52aXJvbm 1lbnQgdGhh dCBjb3VsZC B0YWtlIHll YXJzIHRvIH JlY292ZXIg ZnJvbS48Yn I+

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 bG9nb3Mvam FDRTQ4UGR2 eG1hWnkzOD BMVGIud2Vi cCIgYWx0PS JZdW0hIEJy YW5kcyIgdG l0bGU9Ill1 bSEgQnJhbm RzIiAgY2xh c3M9ImltZy 1mbHVpZCIg aGVpZ2h0PT UwIHdpZHRo PTUwIGxvYW Rpbmc9J2xh enknIHN0eW xlPSdib3Jk ZXItcmFkaX VzOiA2cHg7 Jz4KCiAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nZm xleDogMTsg dGV4dC1hbG lnbjogY2Vu dGVyOyBtYX JnaW4tbGVm dDogNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdm b250LXNpem U6IDI2cHg7 IGNvbG9yOi AjMzMzOyBt YXJnaW4tYm 90dG9tOiAx NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICDwn5 OIIFdhbnQg dG8gcmVhZC Btb3JlIGFi b3V0IFl1bS EgQnJhbmRz 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+RpSBG cmVlIGVCb2 9rIGZvciBu ZXcgdXNlcn M6IDxpPiJU aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz IjwvaT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1TNGdXWF Z0SVMgQkNj bUZ1WkhNZy BkMkZ6SUc5 eWFXIGRwYm 1Gc2JIa2cg Wm05MWJtUm xaQyBCcGJp QXhPVGszIE lHRnpJRlJ5 YVcgTnZiaU JIYkc5aSBZ V3dnVW1Wem RHIEYxY21G dWRITXMgSU dKbFptOXla UyBCamFHRn VaMmx1IFp5 QnBkSE1nYm 0gRnRaU0Iw YnlCWiBkVz BoSUVKeVlX IDVrY3lCcG JpQk4gWVhr Z01qQXdNaS A0OFluSStN aTRnIFZHaG xJR052Ylgg Qmhibm5pZ0 pseiBJR2hs WVdSeGRXIE Z5ZEdWeWN5 QmggY21VZ2 JHOWpZWCBS bFpDQnBiaU JNIGIzVnBj M1pwYkcgeG xMQ0JMWlc1 MCBkV05yZV M0OFluIEkr TXk0Z1dYVn QgSVNCQ2Nt RnVaSCBNZ2 FYTWdiMjVs IElHOW1JSF JvWlMgQnNZ WEpuWlhOMC BJSEpsYzNS aGRYIEpoYm 5RZ1kyOXQg Y0dGdWFXVn pJRyBsdUlI Um9aU0IzIG IzSnNaQ3dn ZDIgbDBhQ0 J2ZG1WeSBJ RFV3TERBd0 1DIEJ5WlhO MFlYVnkgWV c1MGN5QnBi aSBCdGIzSm xJSFJvIFlX NGdNVFV3SU cgTnZkVzUw Y21sbCBjeT Q4WW5JK05D IDRnVUc5d2 RXeGggY2lC aWNtRnVaSC BNZ2RXNWta WElnIFdYVn RJU0JDY20g RnVaSE1nYV c1aiBiSFZr WlNCTFJrIE 1zSUZCcGVu cGggSUVoMW RDd2dWRyBG amJ5QkNaV3 hzIExDQmhi bVFnVjIgbH VaMU4wY21W bCBkQzQ4WW 5JK05TIDRn VkdobElHTn YgYlhCaGJu bmlnSiBsek lHWnBjbk4w IElISmxjM1 JoZFggSmhi blFnZDJGei BJRzl3Wlc1 bFpDIEJwYm lBeE9UY3gg TENCM2FHVn VJRSBOdmJH OXVaV3dnIF NHRnliR0Z1 WkMgQlRZVz VrWlhKeiBJ Q2htYjNWdV pHIFZ5SUc5 bUlFdEcgUX lrZ2JHVmhj MiBWa0lHRW djbVZ6IGRH RjFjbUZ1ZE MgQm1jbTl0 SUZCbCBkR1 VnU0dGeWJX IEZ1SUdsdU lGTmggYkhR Z1RHRnJaUy BCRGFYUjVM Q0JWIGRHRm 9ManhpY2og NDJMaUJaZF cwaCBJRUp5 WVc1a2N5IE JwY3lCMGFH VWcgZDI5eW JHVGlnSiBs eklHeGhjbW RsIGMzUWdj WFZwWTIgc3 RjMlZ5ZG1s aiBaU0J5Wl hOMFlYIFZ5 WVc1MElHTn YgYlhCaGJu a2dhVyA0Z2 RHVnliWE1n IGIyWWdjM2 x6ZEcgVnRJ SFZ1YVhSei BMQ0IzYVhS b0lHIDF2Y2 1VZ2RHaGgg YmlBME1Dd3 dNRCBBZ2JH OWpZWFJwIG IyNXpJSGR2 Y20geGtkMm xrWlM0OCBZ bkkrTnk0Z1 ZHIGhsSUdO dmJYQmggYm 5rZ2FHRnpJ RyBFZ2MzUn liMjVuIElI QnlaWE5sYm 0gTmxJR2x1 SUhSbyBaU0 JEYUdsdVpY IE5sSUcxaG NtdGwgZEN3 Z2QyaGxjbS BVZ2FYUWdi M0JsIGNtRj BaWE1nWVgg TWdXWFZ0SU VObyBhVzVo SUdGdVpDIE JvWVhNZ2Iz WmwgY2lBNE xEQXdNQyBC eVpYTjBZWF Z5IFlXNTBj eTQ4WW4gSS tPQzRnV1hW dCBJU0JDY2 1GdVpIIE1n YUdGeklHSm wgWlc0Z2Nt VmpiMiBkdW FYcGxaQ0Jo IGN5QnZibV VnYjIgWWdk R2hsSUdKbC BjM1FnWTI5 dGNHIEZ1YV dWeklHWnYg Y2lCa2FYWm xjbiBOcGRI a2dZVzVrIE lHbHVZMngx YzIgbHZiaX dnWldGeSBi bWx1WnlCaE lIIE53YjNR Z2IyNGcgZE dobElFUnBk bSBWeWMybD BlVWx1IFl5 QlViM0FnTl QgQWdRMjl0 Y0dGdSBhV1 Z6SUdadmNp IEJFYVhabG NuTnAgZEhr Z2JHbHpkQy BCcGJpQXlN REl3IExqeG ljajQ1TGkg QlVhR1VnWT I5dCBjR0Z1 ZVNCcGN5IE JqYjIxdGFY UjAgWldRZ2 RHOGdjMyBW emRHRnBibU ZpIGFXeHBk SGtnWVcgNW tJR2hoY3lC eiBaWFFnWV cxaWFYIFJw YjNWeklHZH YgWVd4eklI UnZJSCBKbF pIVmpaU0Jw IGRITWdZMk Z5WW0gOXVJ R1p2YjNSdy BjbWx1ZEN3 Z2NtIFZrZF dObElIZGgg YzNSbExDQm hibSBRZ2NI SnZiVzkwIF pTQnpkWE4w WVcgbHVZV0 pzWlNCeiBi M1Z5WTJsdV p5IEJ3Y21G amRHbGogWl hNZ1lXTnli MyBOeklHbD BjeUJ5IFpY TjBZWFZ5WV cgNTBjeTQ4 WW5JKyBNVE F1SUVsdUlE IEl3TVRZc0 lGbDEgYlNF Z1FuSmhibS BSeklIZGhj eUJ1IFlXMW xaQ0J2Ym0g VWdiMllnZE dobCBJRlJ2 Y0NBeE1DIE JOYjNOMElF bHUgYm05Ml lYUnBkbSBV Z1EyOXRjR0 Z1IGFXVnpJ R2x1SUggUm 9aU0JYYjNK cyBaQ0JpZV NCR1lYIE4w SUVOdmJYQm ggYm5rZ1pt OXlJRyBsMG N5QjFjMlVn IGIyWWdkR1 ZqYUcgNXZi RzluZVNCaC BibVFnWkdG MFlTIDFrY2 1sMlpXNGcg YVc1emFXZG 9kSCBNZ2RH OGdhVzF3IG NtOTJaU0Jq ZFggTjBiMj FsY2lCbCBl SEJsY21sbG JtIE5sTGc9 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=