British American Tobacco

Live  

British American Tobacco (BAT) is a multinational tobacco company headquartered in London, United Kingdom. It is one of the largest tobacco companies in the world, with a presence in over 180 countries.
The company was founded in 1902 when the United Kingdom's Imperial Tobacco Company merged with the American Tobacco Company, forming British-American Tobacco. It was renamed British American Tobacco in 1976.
BAT's portfolio includes some of the world's best-selling cigarette brands such as Dunhill, Lucky Strike, and Pall Mall. The company also produces other tobacco products, including cigars, smokeless tobacco, and e-cigarettes.
Aside from tobacco, BAT has diversified into other product categories, including nicotine pouches, oral tobacco, and CBD (cannabidiol) products. It also has a significant presence in the emerging market of reduced-risk products (RRPs), such as tobacco heating products.
Corporate Responsibility and Sustainability are key priorities for BAT. The company has made significant progress in reducing its environmental impact and promoting sustainable and responsible business practices. It has also invested in programs to support tobacco farmers and promote responsible consumption.
BAT has faced criticism and legal challenges over its marketing practices, health impacts of its products, and involvement in controversial markets such as Africa and Asia. The company has implemented various initiatives to address these challenges and improve its public image.
Today, BAT continues to grow and adapt to changing consumer preferences and regulatory environments. It remains a dominant player in the tobacco industry and is committed to remaining a leading provider of quality, innovative, and responsibly-produced products.

British American Tobacco, or BAT for short, is a company that makes and sells cigarettes and other products related to smoking. Think of it like a company that produces things that many people use, but instead of toys or candy, they make products that have tobacco in them, which is a plant that can be rolled into cigarettes.
Here’s how they make money: People buy their products, like cigarettes, and BAT sells them at a price higher than what it costs to make or buy the tobacco and other materials. This way, the company earns a profit every time they sell something.
BAT is successful for a few reasons. First, a lot of people around the world still smoke, and they keep buying cigarettes regularly. Second, BAT has been around for a long time, so it has a lot of experience in making and selling its products. They also have many different brands, which means they can attract different types of customers.
As for the future, BAT is trying to adapt to changes. Some people are moving away from traditional cigarettes, so the company is also making new products, like e-cigarettes and other smoking alternatives. By developing these new products, they hope to keep attracting customers who might not want to smoke regular cigarettes anymore.
Even though there are concerns about health and smoking, BAT has a lot of resources and is finding ways to innovate. So, they might continue to be successful by focusing on new types of products that people want to use.

VGhlcmUgYX JlIHNldmVy YWwgdGhpbm dzIHRoYXQg bWF5IGJlIG NvbnNpZGVy ZWQgc3BlY2 lhbCBhYm91 dCB0aGUgQn JpdGlzaCBB bWVyaWNhbi BUb2JhY2Nv IChCQVQpIG NvbXBhbnk6 PGJyPjEuIE dsb2JhbCBQ cmVzZW5jZT ogQkFUIGlz IG9uZSBvZi B0aGUgbGFy Z2VzdCBtdW x0aW5hdGlv bmFsIHRvYm FjY28gY29t cGFuaWVzIG luIHRoZSB3 b3JsZCwgd2 l0aCBvcGVy YXRpb25zIG luIG92ZXIg MTgwIGNvdW 50cmllcy4g SXQgaGFzIG Egc3Ryb25n IHByZXNlbm NlIGluIGJv dGggZGV2ZW xvcGVkIGFu ZCBlbWVyZ2 luZyBtYXJr ZXRzLCBtYW tpbmcgaXQg YSB0cnVseS BnbG9iYWwg Y29tcGFueS 48YnI+Mi4g V2lkZSBSYW 5nZSBvZiBQ cm9kdWN0cz ogVGhlIGNv bXBhbnkgcH JvZHVjZXMg YSBkaXZlcn NlIHJhbmdl IG9mIHRvYm FjY28gcHJv ZHVjdHMsIG luY2x1ZGlu ZyBjaWdhcm V0dGVzLCBj aWdhcnMsIG FuZCBzbW9r ZWxlc3MgdG 9iYWNjbywg YXMgd2VsbC BhcyBhIGdy b3dpbmcgcG 9ydGZvbGlv IG9mIG5vbi 10b2JhY2Nv IHByb2R1Y3 RzIHN1Y2gg YXMgbmljb3 RpbmUgcG91 Y2hlcyBhbm QgaGVhdGVk IHRvYmFjY2 8gcHJvZHVj dHMuPGJyPj MuIFN0cm9u ZyBCcmFuZC BQb3J0Zm9s aW86IEJBVC BoYXMgYW4g aW1wcmVzc2 l2ZSBwb3J0 Zm9saW8gb2 Ygd2VsbC1r bm93biBhbm QgcG9wdWxh ciBicmFuZH MsIHN1Y2gg YXMgRHVuaG lsbCwgTHVj a3kgU3RyaW tlLCBQYWxs IE1hbGwsIG FuZCBSb3Ro bWFucy4gVG hlc2UgYnJh bmRzIGhhdm UgYSBzdHJv bmcgaW50ZX JuYXRpb25h bCByZXB1dG F0aW9uIGFu ZCBhcmUgdH J1c3RlZCBi eSBjb25zdW 1lcnMuPGJy PjQuIENvbW 1pdG1lbnQg dG8gU3VzdG FpbmFiaWxp dHk6IEJBVC BpcyBjb21t aXR0ZWQgdG 8gc3VzdGFp bmFibGUgYn VzaW5lc3Mg cHJhY3RpY2 VzIGFuZCBo YXMgc2V0IG FtYml0aW91 cyB0YXJnZX RzIHRvIHJl ZHVjZSBpdH MgZW52aXJv bm1lbnRhbC BpbXBhY3Qs IGltcHJvdm Ugd29ya2lu ZyBjb25kaX Rpb25zLCBh bmQgc3VwcG 9ydCBzdXN0 YWluYWJsZS BmYXJtaW5n IHByYWN0aW Nlcy48YnI+ NS4gSW52ZX N0bWVudCBp biBSZXNlYX JjaCBhbmQg RGV2ZWxvcG 1lbnQ6IFRo ZSBjb21wYW 55IGludmVz dHMgaGVhdm lseSBpbiBy ZXNlYXJjaC BhbmQgZGV2 ZWxvcG1lbn QgdG8gaW1w cm92ZSB0aG UgcXVhbGl0 eSwgc2FmZX R5LCBhbmQg YXBwZWFsIG 9mIGl0cyBw cm9kdWN0cy wgYXMgd2Vs bCBhcyB0by BkZXZlbG9w IG5ldyBhbm QgaW5ub3Zh dGl2ZSBwcm 9kdWN0cy48 YnI+Ni4gRm 9jdXMgb24g SGFybSBSZW R1Y3Rpb246 IEJBVCBpcy BvbmUgb2Yg dGhlIGxlYW RpbmcgY29t cGFuaWVzIG luIHRoZSBk ZXZlbG9wbW VudCBhbmQg cHJvbW90aW 9uIG9mIHJl ZHVjZWQtcm lzayBwcm9k dWN0cywgc3 VjaCBhcyBo ZWF0ZWQgdG 9iYWNjbyBh bmQgbmljb3 RpbmUgcG91 Y2hlcywgYX MgYWx0ZXJu YXRpdmVzIH RvIHRyYWRp dGlvbmFsIG NpZ2FyZXR0 ZXMuPGJyPj cuIFN0cm9u ZyBGaW5hbm NpYWwgUGVy Zm9ybWFuY2 U6IERlc3Bp dGUgdGhlIG RlY2xpbmlu ZyB0cmVuZC BpbiBnbG9i YWwgdG9iYW NjbyBjb25z dW1wdGlvbi wgQkFUIGhh cyBjb25zaX N0ZW50bHkg ZGVsaXZlcm VkIHN0cm9u ZyBmaW5hbm NpYWwgcGVy Zm9ybWFuY2 UsIHdpdGgg YSB0cmFjay ByZWNvcmQg b2YgaW5jcm Vhc2luZyBy ZXZlbnVlcy BhbmQgcHJv Zml0cy48Yn I+OC4gQ29y cG9yYXRlIF NvY2lhbCBS ZXNwb25zaW JpbGl0eTog QkFUIGhhcy BhIHN0cm9u ZyBjb21taX RtZW50IHRv IGNvcnBvcm F0ZSBzb2Np YWwgcmVzcG 9uc2liaWxp dHkgYW5kIG ludmVzdHMg aW4gdmFyaW 91cyBpbml0 aWF0aXZlcy BhbmQgcHJv Z3JhbXMgdG 8gc3VwcG9y dCB0aGUgY2 9tbXVuaXRp ZXMgaW4gd2 hpY2ggaXQg b3BlcmF0ZX MuPGJyPjku IEV0aGljYW wgU3RhbmRh cmRzOiBUaG UgY29tcGFu eSBoYXMgYS BzdHJpY3Qg Y29kZSBvZi Bjb25kdWN0 IGFuZCBldG hpY2FsIHN0 YW5kYXJkcy Bmb3IgaXRz IGVtcGxveW Vlcywgc3Vw cGxpZXJzLC BhbmQgcGFy dG5lcnMsIG FuZCBpcyBj b21taXR0ZW QgdG8gcmVz cG9uc2libG UgbWFya2V0 aW5nIGFuZC BhZHZlcnRp c2luZyBwcm FjdGljZXMu PGJyPjEwLi BSZWNvZ25p dGlvbiBhbm QgQXdhcmRz OiBCQVQgaG FzIGJlZW4g cmVjb2duaX plZCBmb3Ig aXRzIGVmZm 9ydHMgaW4g c3VzdGFpbm FiaWxpdHks IGlubm92YX Rpb24sIGFu ZCBjb3Jwb3 JhdGUgc29j aWFsIHJlc3 BvbnNpYmls aXR5LCByZW NlaXZpbmcg bnVtZXJvdX MgYXdhcmRz IGFuZCBhY2 NvbGFkZXMg ZnJvbSB2YX Jpb3VzIG9y Z2FuaXphdG lvbnMgYW5k IHB1YmxpY2 F0aW9ucy4=

VGhlIEJyaX Rpc2ggQW1l cmljYW4gVG 9iYWNjbyBj b21wYW55J3 MgYnVzaW5l c3MgbW9kZW wgaW52b2x2 ZXMgaW52ZX N0aW5nIGlu IGEgZGl2ZX JzaWZpZWQg cG9ydGZvbG lvIG9mIGJy YW5kcywgbW Fya2V0cywg YW5kIHByb2 R1Y3RzIGlu IHRoZSB0b2 JhY2NvIGFu ZCBuaWNvdG luZSBpbmR1 c3RyeSwgd2 l0aCBhIGZv Y3VzIG9uIG NyZWF0aW5n IGxvbmctdG VybSBzdXN0 YWluYWJsZS Bncm93dGgu IFRoaXMgaW 5jbHVkZXMg bWFudWZhY3 R1cmluZywg bWFya2V0aW 5nLCBhbmQg c2VsbGluZy BhIHJhbmdl IG9mIHRvYm FjY28gYW5k IG5pY290aW 5lIHByb2R1 Y3RzLCBzdW NoIGFzIGNp Z2FyZXR0ZX MsIGNpZ2Fy cywgYW5kIH ZhcGluZyBw cm9kdWN0cy wgdG8gY29u c3VtZXJzIG Fjcm9zcyB0 aGUgd29ybG QuIFRoZXkg YWxzbyBoYX ZlIGEgc3Ry b25nIGZvY3 VzIG9uIGlu bm92YXRpb2 4gYW5kIHN1 c3RhaW5hYm lsaXR5LCBj b25zdGFudG x5IHJlc2Vh cmNoaW5nIG FuZCBkZXZl bG9waW5nIG 5ldyBwcm9k dWN0cyB0by BtZWV0IGNo YW5naW5nIG NvbnN1bWVy IHByZWZlcm VuY2VzIGFu ZCByZWd1bG F0b3J5IHJl cXVpcmVtZW 50cy4gQWRk aXRpb25hbG x5LCB0aGUg Y29tcGFueS Bmb2xsb3dz IGEgbXVsdG ktY2hhbm5l bCBkaXN0cm lidXRpb24g c3RyYXRlZ3 ksIHV0aWxp emluZyBib3 RoIHRyYWRp dGlvbmFsIG FuZCBkaWdp dGFsIGNoYW 5uZWxzIHRv IHJlYWNoIG NvbnN1bWVy cy4gQnJpdG lzaCBBbWVy aWNhbiBUb2 JhY2NvIGFs c28gaGFzIG Egc3Ryb25n IHByZXNlbm NlIGluIHRv YmFjY28gbG VhZiBncm93 aW5nIGFuZC B3b3JrcyBj bG9zZWx5IH dpdGggZmFy bWVycyB0by BzdXN0YWlu YWJseSBzb3 VyY2UgdGhl aXIgdG9iYW NjbyBjcm9w cy4gT3Zlcm FsbCwgdGhl aXIgYnVzaW 5lc3MgbW9k ZWwgY2VudG VycyBhcm91 bmQgY3JlYX RpbmcgdmFs dWUgZm9yIH NoYXJlaG9s ZGVycyB3aG lsZSBvcGVy YXRpbmcgcm VzcG9uc2li bHkgYW5kIH N1c3RhaW5h Ymx5Lg==

AI can pose a material threat to the British American Tobacco company’s products, services, or competitive positioning in several ways:
1. Substitution: AI-driven innovations in smoking alternatives, such as vaping and heated tobacco products, can diversify consumer preferences away from traditional cigarettes. Smart algorithms may identify trends in consumer behavior that support the growth of these alternatives, intensifying competition with British American Tobacco’s core products. Additionally, advancements in AI can lead to the development of more appealing and refined alternatives that may further draw consumers away from conventional tobacco products.
2. Disintermediation: AI can facilitate direct-to-consumer models, allowing new entrants and startups to bypass traditional distribution channels that British American Tobacco relies on. Enhanced digital marketing strategies powered by AI can drive customer engagement and loyalty for emerging brands, potentially eroding the market share of established players. If consumers increasingly favor brands that leverage AI for personalization and immediate access, British American Tobacco could face significant challenges in retaining its customer base.
3. Margin Pressure: The incorporation of AI in production processes can lead to increased efficiency and lower costs for competitors, placing margin pressure on British American Tobacco’s operations. AI can optimize supply chains, improve quality control, and reduce waste, allowing competitors to offer similar products at lower prices. Furthermore, AI-driven consumer insights can help smaller brands tailor their offerings more effectively, challenging British American Tobacco’s pricing strategies and overall profitability.
In summary, while British American Tobacco is a strong player in the tobacco industry, the advancements in AI technology could significantly influence market dynamics, competitive positioning, and consumer behaviors, representing real threats to the company’s traditional business model.

The sensitivity of British American Tobacco’s earnings, cash flow, and valuation to changes in interest rates is influenced by several factors typical for companies in the consumer staples sector, particularly those dealing with tobacco products.
1. Earnings Sensitivity: British American Tobacco’s earnings are relatively less sensitive to interest rates compared to companies in more cyclical sectors. However, changes in interest rates can still affect consumer spending habits. For instance, if interest rates rise significantly, consumer disposable income may decline, potentially leading to decreased demand for tobacco products. Conversely, lower interest rates can stimulate consumer spending. Additionally, rising interest rates can increase the company’s interest expenses on debt, impacting net earnings.
2. Cash Flow Sensitivity: The company’s cash flows may also show sensitivity to interest rate changes. Higher rates can lead to increased borrowing costs, which could reduce free cash flow available for dividends and reinvestment. Conversely, lower interest rates can ease debt service costs, improving cash flow metrics. The stability and predictability of cash flows from tobacco sales generally provide some cushioning against these fluctuations, but the impact is still notable if the rates significantly alter financing conditions.
3. Valuation Sensitivity: The valuation of British American Tobacco is primarily affected by the discount rate used in discounted cash flow (DCF) models. When interest rates rise, the discount rate increases, leading to lower present values of future cash flows and, therefore, a decrease in company valuation. If rates fall, the opposite occurs, resulting in higher valuations. The company’s perceived risk, including regulatory and market factors, also affects valuation, but the sensitivity to interest rates remains substantial as investors seek returns that match or exceed the risk-adjusted return implied by prevailing rates.
Overall, British American Tobacco’s earnings, cash flow, and valuation exhibit some sensitivity to interest rate changes, primarily influenced by consumer behavior, financing costs, and the broader economic environment. However, the extent of this sensitivity can be moderated by the relatively stable demand for tobacco products.

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 bG9nb3MvdG VnTmswMm5h Y1kwRkZoeU NsQ1Aud2Vi cCIgYWx0PS JCcml0aXNo IEFtZXJpY2 FuIFRvYmFj Y28iIHRpdG xlPSJCcml0 aXNoIEFtZX JpY2FuIFRv YmFjY28iIC BjbGFzcz0i aW1nLWZsdW lkIiBoZWln aHQ9OTAgd2 lkdGg9OTAg 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 QnJpdGlzaC BBbWVyaWNh biBUb2JhY2 NvPwogICAg 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+Uky BVbmxvY2sg b3VyIGZyZW UgZ3VpZGU6 IDxpPiJUaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzIj wvaT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdRbkpw ZEcgbHphQ0 JCYldWeSBh V05oYmlCVW IyIEpoWTJO dklDaEMgUV ZRcElHbHpJ RyA5dVpTQn ZaaUIwIGFH VWdiR0Z5Wj IgVnpkQ0Iw YjJKaCBZMk 52SUdOdmJY IEJoYm1sbG N5QnAgYmlC MGFHVWdkMi A5eWJHUXNJ Rzl3IFpYSm hkR2x1Wnkg QnBiaUJ2ZG 1WeSBJREU0 TUNCamIzIF Z1ZEhKcFpY TWcgZDJsMG FDQnRiMyBK bElIUm9ZVz RnIE1qQXdJ R0p5WVcgNW tjeTQ4WW5J KyBNaTRnVk dobElHIE52 YlhCaGJua2 cgZDJGeklH WnZjbSAxbF pDQnBiaUF4 IE9UQXlJSG RvWlcgNGdk R2hsSUZWdS BhWFJsWkNC TGFXIDVuWk c5dDRvQ1og Y3lCSmJYQm xjbSBsaGJD QlViMkpoIF kyTnZJRU52 YlggQmhibm tnWVc1ayBJ SFJvWlNCQm JXIFZ5YVdO aGJpQlUgYj JKaFkyTnZJ RSBOdmJYQm hibmtnIGIy WWdkR2hsSU YgVnVhWFJs WkNCVCBkR0 YwWlhNZ1lX IGR5WldWa0 lIUnYgSUda dmNtMGdZUy BCcWIybHVk Q0IyIFpXNT BkWEpsTGog eGljajR6TG lCVSBhR1Vn Wm1seWMzIF FnYVc1MFpY SnUgWVhScG IyNWhiQyBC aWNtRnVaQ0 J2IFppQjBh R1VnWTIgOX RjR0Z1ZVNC MyBZWE1nUk hWclpTIEJ2 WmlCRWRYSm 8gWVcwc0lH NWhiVyBWa0 lHRm1kR1Z5 IElIUm9aU0 JFZFcgdGxJ RzltSUVSMS BjbWhoYlNC M2FHIDhnZD JGeklHRWcg Y0hKdmJXbH VaVyA1MElI Tm9ZWEpsIG FHOXNaR1Z5 SUcgbHVJSF JvWlNCaiBi MjF3WVc1NU xqIHhpY2o0 MExpQkMgUV ZUaWdKbHpJ RyAxdmMzUW dabUZ0IGIz VnpJR0p5WV cgNWtJR2x6 SUhSbyBaU0 JNZFdOcmVT IEJUZEhKcG EyVWcgWTJs bllYSmxkSC BSbExDQjNh R2xqIGFDQj NZWE1nWm0g bHljM1FnYV c1MCBjbTlr ZFdObFpDIE JwYmlCMGFH VWcgVlc1cG RHVmtJRiBO MFlYUmxjeU JwIGJpQXhP VEUzTGkgQk pkQ0JpWldO aCBiV1VnZE dobElHIE52 YlhCaGJubm kgZ0pseklH eGxZVyBScG JtY2dZbkpo IGJtUWdabT l5SUcgMWhi bmtnZVdWaC Bjbk1nWVc1 a0lHIGx6SU hOMGFXeHMg SUhOdmJHUW dhVyA0Z2Iz WmxjaUE0IE 1DQmpiM1Z1 ZEggSnBaWE 11UEdKeSBQ alV1SUZSb1 pTIEJqYjIx d1lXNTUgNG 9DWmN5Qnpi RyA5bllXNG dRU0JVIGIy RnpkQ0IwYn kgQlViMkZ6 ZEdWayBJSG RoY3lCMWMy IFZrSUhSdk lIQnkgYjIx dmRHVWdUSC BWamEza2dV M1J5IGFXdG xJR2x1SUgg Um9aU0JsWV hKcyBlU0F5 TUhSb0lHIE 5sYm5SMWNu a2cgWVc1a0 lISmxabSBW eWNtVmtJSF J2IElIUm9a U0IxYm0gbH hkV1VnY0hK diBZMlZ6Y3 lCdlppIEIw YjJGemRHbH UgWnlCMGIy SmhZMiBOdk lHeGxZWFps IGN5QmlaV1 p2Y20gVWdk R2hsZVNCMy BaWEpsSUhK dmJHIHhsWk NCcGJuUnYg SUdOcFoyRn laWCBSMFpY TXVQR0p5IF BqWXVJRUpC Vk8gS0FtWE 1nWVc1dSBk V0ZzSUhKbG RtIFZ1ZFdV Z2FXNGcgTW pBeU1DQjNZ WCBNZ2IzWm xjaURDIG96 STFJR0pwYk cgeHBiMjRz SUhkcCBkR2 dnWVNCdVpY IFFnY0hKdl ptbDAgSUc5 bUlHOTJaWC BJZ3dxTTNJ R0pwIGJHeH BiMjR1UEcg SnlQamN1SU ZSbyBaU0Jq YjIxd1lXID U1SUdoaGN5 QmggSUd4dm JtY2dhRyBs emRHOXllU0 J2IFppQmpi M0p3YjMgSm hkR1VnWVdO eCBkV2x6YV hScGIyIDV6 SUdGdVpDQn QgWlhKblpY SnpMaSBCSm JpQXhPVGs1 IExDQkNRVl FnWVcgTnhk V2x5WldRZy BVbTkwYUcx aGJuIE1nU1 c1MFpYSnUg WVhScGIyNW hiQyB3Z1lX NWtJR2x1IE lESXdNRFFz SUggUm9aWG tnYldWeSBa MlZrSUhkcG RHIGdnZEdo bElGSXUgU2 k0Z1VtVjVi bSA5c1pITW dWRzlpIFlX TmpieUJEYj IgMXdZVzU1 TENCbSBiM0 p0YVc1bklH IEVnYm1WM0 lHTnYgYlhC aGJua2dZMi BGc2JHVmtJ RkpsIGVXNX ZiR1J6SUUg RnRaWEpwWT JGdSBJRWx1 WXk0OFluIE krT0M0Z1Fr RlUgSUdoaG N5Qm1ZVyBO bFpDQmpiMj UwIGNtOTJa WEp6ZVMgQm hibVFnYkdG MyBjM1ZwZE hNZ2IzIFps Y2lCMGFHVW cgZVdWaGNu TXNJSCBCaG NuUnBZM1Zz IFlYSnNlU0 J5WlcgZGhj bVJwYm1jZy BkR2hsYVhJ Z2JXIEZ5YT JWMGFXNW4g SUdGdVpDQn djbSA5dGIz UnBiMjRnIG IyWWdZMmxu WVggSmxkSF JsY3k0ZyBT VzRnTWpBd0 1TIHdnZEdo bGVTQnogWl hSMGJHVmtJ RyBFZ1kyeG hjM010IFlX TjBhVzl1SU cgeGhkM04x YVhRZyBhVz RnZEdobElG IFZ1YVhSbF pDQlQgZEdG MFpYTWdabS A5eUlDUTBM aklnIFltbH NiR2x2Ymkg d2dZVzVrSU dsdSBJREl3 TVRVc0lIIF JvWlhrZ2Qy VnkgWlNCdm NtUmxjbSBW a0lIUnZJSE JoIGVTQWtN ak1nWW0gbH NiR2x2YmlC cCBiaUJrWV cxaFoyIFZ6 SUdadmNpQm ggSUdOaGMy VWdhVyA0Z1 EyRnVZV1Jo IExqeGljaj Q1TGkgQkNR VlFnYUdGei BJR1JwZG1W eWMyIGxtYV dWa0lHbDAg Y3lCd2NtOW tkVyBOMGN5 QnBiaUJ5IF pXTmxiblFn ZVcgVmhjbk 1nZEc4ZyBh VzVqYkhWa1 pTIEJsYkdW amRISnYgYm 1saklHTnBa MiBGeVpYUj BaWE1nIFlX NWtJRzkwYU cgVnlJRzV2 YmkxMCBiMk poWTJOdklI IEJ5YjJSMV kzUnogTGlC VWFHbHpJRy BseklHbHVJ SEpsIGMzQn Zibk5sSUgg UnZJR1JsWT J4cCBibWx1 WnlCemJXID lyYVc1bklI SmggZEdWek lHRnVaQyBC cGJtTnlaV0 Z6IGFXNW5J SEpsWjMgVn NZWFJwYjI1 eiBJRzl1SU hSdlltIEZq WTI4Z2NISn YgWkhWamRI TWdhVyA0Z2 JXRnVlU0Jq IGIzVnVkSE pwWlggTXVQ R0p5UGpFdy BMaUJVYUdV Z1kyIDl0Y0 dGdWVTQnAg Y3lCamIyMX RhWCBSMFpX UWdkRzhnIG MzVnpkR0Zw Ym0gRmlhV3 hwZEhrZyBZ VzVrSUdoaG N5IEJ6WlhR Z1lXMWkgYV hScGIzVnpJ RyBkdllXeH pJSFJ2IElI SmxaSFZqWl MgQnBkSE1n Wlc1MiBhWE p2Ym0xbGJu IFJoYkNCcG JYQmggWTNR c0lITjFZMi BnZ1lYTWdj bVZrIGRXTn BibWNnWTIg RnlZbTl1SU dWdCBhWE56 YVc5dWN5IE JoYm1RZ2Qy RnogZEdVc0 lHRnVaQyBC bGJtaGhibU 5wIGJtY2dj M1Z6ZEcgRn BibUZpYkdV ZyBZV2R5YV dOMWJIIFIx Y21VZ2NISm ggWTNScFky VnpJRyBsdU lIUm9aV2x5 IElITjFjSE JzZVMgQmph R0ZwYmk0OC BZbkkrCiAg ICAgICAgPC 9zcGFuPgog ICAgICAgIA ogICAgICAg IA==