Taiwan Semiconductor

Live  

Taiwan Semiconductor Manufacturing Company (TSMC) is a semiconductor manufacturing company headquartered in Taiwan. It was founded in 1987 and has grown to become the world's largest dedicated independent semiconductor foundry. TSMC is a contract manufacturer and produces chips for a wide range of customers, including fabless semiconductor companies, integrated device manufacturers, and design services companies.
TSMC's primary business is the design and fabrication of integrated circuits (ICs) and other semiconductor devices. It offers a broad array of services, including IC design, mask making, wafer probing, packaging, and testing. TSMC's advanced manufacturing processes have enabled it to become a leader in the production of logic, mixed-signal, and memory chips.
TSMC operates multiple fabrication plants (fabs) in Taiwan, as well as in other locations worldwide, including the United States, China, and Singapore. Its fabs use the most advanced and sophisticated manufacturing processes, enabling TSMC to produce chips with higher performance, smaller form factors, and lower power consumption.
TSMC is known for its strong financial performance, technological leadership, and commitment to environmental sustainability. It invests heavily in research and development to continuously improve its manufacturing processes and support its customers' innovation.
TSMC's customers include some of the biggest names in the technology industry, such as Apple, AMD, Nvidia, Qualcomm, and Broadcom. Its chips are found in a wide range of products, including smartphones, computers, networking equipment, and consumer electronics.
In addition to its manufacturing operations, TSMC also actively engages in corporate social responsibility initiatives, focusing on education, environmental sustainability, and community development. TSMC has received numerous accolades for its corporate social responsibility efforts, including being named one of the World's Most Ethical Companies by the Ethisphere Institute for several years in a row.
Overall, TSMC is a global leader in the semiconductor industry, with a strong track record of performance, innovation, and responsibility.

Taiwan Semiconductor Manufacturing Company, or TSMC for short, is like a factory that makes tiny, super powerful brain parts for electronic devices. You know how your smartphone, tablet, and computer all need brains to work? Those brain parts are called chips or semiconductors, and TSMC makes them.
To make money, TSMC takes orders from other companies, like Apple, Nvidia, and many others, who design their own chips but don’t have the factories to make them. TSMC has special machines that can create these chips, making them very tiny and very powerful. When these companies sell their gadgets that use TSMC’s chips, they pay TSMC for making them. So, TSMC earns money every time they help create a new gadget that needs a chip.
Now, why is TSMC successful and likely to stay that way in the future? First, they have really advanced technology and make some of the best chips in the world. Other companies trust them because they can produce chips that work really well and are efficient. Also, as more and more devices around the world need chips—like cars, smart gadgets, and even appliances—TSMC is in a great position to keep getting lots of orders.
Moreover, technology is always changing and improving. As new things come out, like artificial intelligence or virtual reality, they need even more advanced chips. TSMC is working on making those next-generation chips that will be super fast and super tiny. Since they keep innovating and advancing their technology, it means they’ll likely stay important and successful for many years to come!

MS4gTGVhZG luZyBnbG9i YWwgbWFudW ZhY3R1cmVy OiBUYWl3YW 4gU2VtaWNv bmR1Y3Rvci BNYW51ZmFj dHVyaW5nIE NvbXBhbnkg KFRTTUMpIG lzIHRoZSB3 b3JsZCdzIG xhcmdlc3Qg cHVyZS1wbG F5IHNlbWlj b25kdWN0b3 IgZm91bmRy eS4gSXQgaX MgcmVzcG9u c2libGUgZm 9yIHByb2R1 Y2luZyBhIH NpZ25pZmlj YW50IHBvcn Rpb24gb2Yg dGhlIHdvcm xkJ3Mgc2Vt aWNvbmR1Y3 RvciBjaGlw cywgbWFraW 5nIGl0IGEg Y3JpdGljYW wgcGxheWVy IGluIHRoZS BnbG9iYWwg dGVjaG5vbG 9neSBpbmR1 c3RyeS48Yn I+Mi4gQWR2 YW5jZWQgdG VjaG5vbG9n eSBhbmQgcH JvZHVjdGlv biBwcm9jZX NzZXM6IFRT TUMgaXMga2 5vd24gZm9y IGl0cyBjdX R0aW5nLWVk Z2UgdGVjaG 5vbG9neSBh bmQgcHJvZH VjdGlvbiBw cm9jZXNzZX MsIHdoaWNo IGFsbG93IG l0IHRvIG1h bnVmYWN0dX JlIGNoaXBz IHdpdGggaG lnaGVyIHBl cmZvcm1hbm NlLCBzbWFs bGVyIHNpem VzLCBhbmQg bG93ZXIgcG 93ZXIgY29u c3VtcHRpb2 4uIFRoaXMg aGFzIGhlbH BlZCBUU01D IGF0dHJhY3 QgdG9wIHNl bWljb25kdW N0b3IgY29t cGFuaWVzIH N1Y2ggYXMg QXBwbGUsIF F1YWxjb21t LCBhbmQgTn ZpZGlhIGFz IGNsaWVudH MuPGJyPjMu IElubm92YX Rpb24gYW5k IHJlc2Vhcm NoOiBUU01D IGludmVzdH MgaGVhdmls eSBpbiByZX NlYXJjaCBh bmQgZGV2ZW xvcG1lbnQs IHdpdGggYS BkZWRpY2F0 ZWQgdGVhbS BvZiBzY2ll bnRpc3RzIG FuZCBlbmdp bmVlcnMgY2 9uc3RhbnRs eSBwdXNoaW 5nIHRoZSBi b3VuZGFyaW VzIG9mIHNl bWljb25kdW N0b3IgdGVj aG5vbG9neS 4gVGhpcyBo YXMgcmVzdW x0ZWQgaW4g c2V2ZXJhbC BicmVha3Ro cm91Z2hzIG FuZCBpbm5v dmF0aW9ucy BpbiBjaGlw IGRlc2lnbi BhbmQgcHJv ZHVjdGlvbi 48YnI+NC4g U3Ryb25nIG ZpbmFuY2lh bCBwZXJmb3 JtYW5jZTog VFNNQyBoYX MgYSBzdHJv bmcgdHJhY2 sgcmVjb3Jk IG9mIGZpbm FuY2lhbCBz dWNjZXNzLC Bjb25zaXN0 ZW50bHkgcm Vwb3J0aW5n IGhpZ2ggcm V2ZW51ZXMg YW5kIHByb2 ZpdHMuIEl0 IGlzIGFsc2 8gb25lIG9m IHRoZSBmZX cgc2VtaWNv bmR1Y3Rvci Bjb21wYW5p ZXMgd2l0aC BhIEFBQSBj cmVkaXQgcm F0aW5nLCBp bmRpY2F0aW 5nIGl0cyBm aW5hbmNpYW wgc3RhYmls aXR5IGFuZC BjcmVkaWJp bGl0eS48Yn I+NS4gSGln aC1xdWFsaX R5IHByb2R1 Y3RzIGFuZC ByZWxpYWJp bGl0eTogVF NNQyBpcyBr bm93biBmb3 IgaXRzIGhp Z2gtcXVhbG l0eSBwcm9k dWN0cyBhbm QgcmVsaWFi aWxpdHksIH dpdGggYSBk ZWZlY3Qgcm F0ZSBvZiBs ZXNzIHRoYW 4gMSBvdXQg b2YgMSwwMD AgY2hpcHMg cHJvZHVjZW QuIFRoaXMg aGFzIGVhcm 5lZCB0aGUg Y29tcGFueS BhIHJlcHV0 YXRpb24gZm 9yIGV4Y2Vs bGVuY2UgaW 4gdGhlIGlu ZHVzdHJ5Lj xicj42LiBT dXN0YWluYW JsZSBhbmQg cmVzcG9uc2 libGUgcHJh Y3RpY2VzOi BUU01DIGlz IGNvbW1pdH RlZCB0byBz dXN0YWluYW JpbGl0eSBh bmQgcmVzcG 9uc2libGUg cHJhY3RpY2 VzLCBpbXBs ZW1lbnRpbm cgbWVhc3Vy ZXMgdG8gcm VkdWNlIGVu ZXJneSBjb2 5zdW1wdGlv biBhbmQgZ3 JlZW5ob3Vz ZSBnYXMgZW 1pc3Npb25z IGluIGl0cy BvcGVyYXRp b25zLiBJdC BoYXMgYWxz byBzZXQgZ2 9hbHMgdG8g cmVkdWNlIH dhdGVyIHVz YWdlIGFuZC BpbmNyZWFz ZSByZW5ld2 FibGUgZW5l cmd5IHVzYW dlLjxicj43 LiBTdHJvbm cgcmVsYXRp b25zaGlwcy B3aXRoIGNs aWVudHM6IF RTTUMgaGFz IGJ1aWx0IH N0cm9uZyBy ZWxhdGlvbn NoaXBzIHdp dGggaXRzIG NsaWVudHMs IHRoYW5rcy B0byBpdHMg aGlnaC1xdW FsaXR5IHBy b2R1Y3RzLC ByZWxpYWJs ZSBzdXBwbH kgY2hhaW4s IGFuZCBjdX N0b21lci1j ZW50cmljIG FwcHJvYWNo LiBUaGlzIG hhcyBoZWxw ZWQgdGhlIG NvbXBhbnkg c2VjdXJlIG xvbmctdGVy bSBwYXJ0bm Vyc2hpcHMg YW5kIG1haW 50YWluIGl0 cyBwb3NpdG lvbiBhcyBh IHRvcCBwcm 92aWRlciBp biB0aGUgaW 5kdXN0cnku PGJyPjguIE NvbnRyaWJ1 dGlvbiB0by B0aGUgbG9j YWwgZWNvbm 9teTogQXMg YSBtYWpvci BlbXBsb3ll ciBpbiBUYW l3YW4sIFRT TUMgaGFzIH BsYXllZCBh IHNpZ25pZm ljYW50IHJv bGUgaW4gdG hlIGNvdW50 cnkncyBlY2 9ub21pYyBk ZXZlbG9wbW VudC4gSXQg aGFzIGFsc2 8gZXN0YWJs aXNoZWQgcH JvZ3JhbXMg YW5kIGluaX RpYXRpdmVz IHRvIHN1cH BvcnQgYW5k IG51cnR1cm UgbG9jYWwg dGFsZW50LC Bjb250cmli dXRpbmcgdG 8gdGhlIGdy b3d0aCBvZi BUYWl3YW4n cyBoaWdoLX RlY2ggaW5k dXN0cnku

VGFpd2FuIF NlbWljb25k dWN0b3IgTW FudWZhY3R1 cmluZyBDb2 1wYW55IChU U01DKSBpcy BhIGZhYmxl c3Mgc2VtaW NvbmR1Y3Rv ciBjb21wYW 55IHRoYXQg c3BlY2lhbG l6ZXMgaW4g bWFudWZhY3 R1cmluZyBh bmQgc3VwcG x5IGNoYWlu IG1hbmFnZW 1lbnQgc2Vy dmljZXMuIE l0cyBwcmlt YXJ5IGJ1c2 luZXNzIG1v ZGVsIGNhbi BiZSBzdW1t YXJpemVkIG FzIGZvbGxv d3M6PGJyPj EuIERlc2ln biBhbmQgRG V2ZWxvcG1l bnQgb2YgRm 91bmRyeSBQ cm9jZXNzZX M6IFRTTUMg aW52ZXN0cy BoZWF2aWx5 IGluIHJlc2 VhcmNoIGFu ZCBkZXZlbG 9wbWVudCAo UiZEKSB0by BkZXNpZ24g YW5kIGRldm Vsb3Agc2Vt aWNvbmR1Y3 RvciBtYW51 ZmFjdHVyaW 5nIHByb2Nl c3Nlcy4gVG hlc2UgcHJv Y2Vzc2VzIG luY2x1ZGUg dGVjaG5vbG 9naWVzIHN1 Y2ggYXMgNW 5tLCA3bm0s IDEwbm0sIG FuZCAxNm5t LiBUaGlzIG FsbG93cyBU U01DIHRvIH N0YXkgYXQg dGhlIGN1dH RpbmcgZWRn ZSBvZiBzZW 1pY29uZHVj dG9yIGZhYn JpY2F0aW9u IHRlY2hub2 xvZ3kuPGJy PjIuIEZvdW 5kcnkgU2Vy dmljZXM6IF RTTUMgb2Zm ZXJzIGZvdW 5kcnkgc2Vy dmljZXMgdG 8gaXRzIGN1 c3RvbWVycy wgd2hpY2gg bWFpbmx5IG NvbnNpc3Qg b2YgaW50ZW dyYXRlZCBk ZXZpY2UgbW FudWZhY3R1 cmVycyAoSU RNcykgYW5k IGZhYmxlc3 Mgc2VtaWNv bmR1Y3Rvci Bjb21wYW5p ZXMuIFRTTU MgbWFudWZh Y3R1cmVzIH RoZSBjaGlw cyB0aGF0IH RoZXNlIGNv bXBhbmllcy BkZXNpZ24s IHVzaW5nIG l0cyBzdGF0 ZS1vZi10aG UtYXJ0IHBy b2Nlc3Nlcy 4gRm9yIGlu c3RhbmNlLC BBcHBsZSdz IEEtc2VyaW VzIGFuZCBR dWFsY29tbS dzIFNuYXBk cmFnb24gY2 hpcHMgYXJl IG1hbnVmYW N0dXJlZCBi eSBUU01DLj xicj4zLiBD dXN0b21pem F0aW9uIFNl cnZpY2VzOi BUU01DIG9m ZmVycyBjdX N0b21pemF0 aW9uIHNlcn ZpY2VzIHRv IGl0cyBjdX N0b21lcnMg dG8gbWVldC B0aGVpciBz cGVjaWZpYy BuZWVkcy4g VGhpcyBpbm NsdWRlcyBt b2RpZnlpbm cgYW5kIG9w dGltaXppbm cgdGhlIGZv dW5kcnkgcH JvY2VzcyB0 byBzdWl0IH RoZSBkZXNp Z24gb2YgdG hlIGN1c3Rv bWVyJ3MgY2 hpcC48YnI+ NC4gU3VwcG x5IENoYWlu IE1hbmFnZW 1lbnQ6IFRT TUMgbWFuYW dlcyB0aGUg ZW50aXJlIH N1cHBseSBj aGFpbiwgZn JvbSBvcmRl cmluZyByYX cgbWF0ZXJp YWxzIHRvIG RlbGl2ZXJp bmcgdGhlIG ZpbmFsIGNo aXBzIHRvIG l0cyBjdXN0 b21lcnMuIF RoaXMgYWxs b3dzIGl0cy BjdXN0b21l cnMgdG8gZm 9jdXMgb24g dGhlaXIgY2 9yZSBjb21w ZXRlbmNpZX MgYW5kIHJl ZHVjZSB0aG VpciB0aW1l LXRvLW1hcm tldC48YnI+ NS4gV2FmZX IgTWFudWZh Y3R1cmluZy BhbmQgVGVz dGluZzogVF NNQyBtYW51 ZmFjdHVyZX MgYW5kIHRl c3RzIHNlbW ljb25kdWN0 b3Igd2FmZX JzIHRvIGVu c3VyZSB0aG UgcXVhbGl0 eSBhbmQgcm VsaWFiaWxp dHkgb2YgdG hlIGNoaXBz IHByb2R1Y2 VkLiBUaGlz IGluY2x1ZG VzIHdhZmVy IGZhYnJpY2 F0aW9uLCBw YWNrYWdpbm csIGFuZCBm aW5hbCB0ZX N0aW5nIHNl cnZpY2VzLj xicj42LiBJ bnRlbGxlY3 R1YWwgUHJv cGVydHkgKE lQKSBMaWNl bnNpbmc6IF RTTUMgbGlj ZW5zZXMgaX RzIGludGVs bGVjdHVhbC Bwcm9wZXJ0 eSB0byBpdH MgY3VzdG9t ZXJzLCB3aG ljaCBpbmNs dWRlcyBpdH MgYWR2YW5j ZWQgc2VtaW NvbmR1Y3Rv ciBwcm9jZX NzZXMgYW5k IGRlc2lnbi BsaWJyYXJp ZXMuIFRoaX MgYWxsb3dz IGl0cyBjdX N0b21lcnMg dG8gZGVzaW duIHRoZWly IGNoaXBzIH dpdGggdGhl IGhlbHAgb2 YgVFNNQydz IHByb3ByaW V0YXJ5IHRl Y2hub2xvZ2 llcyBhbmQg aW1wcm92ZS B0aGVpciBw cm9kdWN0IH BlcmZvcm1h bmNlLjxicj 5PdmVyYWxs LCBUU01DJ3 MgYnVzaW5l c3MgbW9kZW wgcmV2b2x2 ZXMgYXJvdW 5kIHByb3Zp ZGluZyBmb3 VuZHJ5IGFu ZCBzdXBwbH kgY2hhaW4g c2VydmljZX MgdG8gaXRz IGN1c3RvbW Vycywgd2hp bGUgYWxzby Bjb250aW51 b3VzbHkgaW 52ZXN0aW5n IGluIFImRC B0byBtYWlu dGFpbiBpdH MgY29tcGV0 aXRpdmUgZW RnZSBpbiB0 aGUgaW5kdX N0cnku

AI has the potential to impact Taiwan Semiconductor Manufacturing Company (TSMC) in several ways, though its effects would likely be nuanced.
1. Substitution: The risk of direct substitution of TSMC’s products by AI-driven technologies is relatively low in the short term. TSMC is a leader in semiconductor manufacturing, producing advanced chips for a myriad of applications, including AI, consumer electronics, and automotive sectors. While AI developments may lead to new architectures or types of chips, such as neuromorphic computing, these technologies would still require advanced semiconductor fabrication capabilities typically provided by companies like TSMC.
2. Disintermediation: Disintermediation could occur if AI allows companies to develop their chips ihouse without relying on external foundries. Some large technology firms are investing heavily in their semiconductor manufacturing capabilities, partly motivated by supply chain security and a desire for more tailored solutions. This trend may pose a longer-term risk to TSMC’s business model if significant customers successfully establish their semiconductor production.
3. Margin Pressure: AI can drive increased demand for chips optimized for AI workloads, which TSMC can capitalize on through high-value products. However, greater competition could emerge as more companies pivot to AI, leading to overcapacity in certain segments. If new entrants or existing competitors offer similar or better performance at lower costs, TSMC could experience pressure on its pricing and margins.
In summary, while AI does pose some potential risks to TSMC’s market position, especially concerning ihouse production by large tech companies and the competitive landscape, the fundamental demand for advanced semiconductors remains strong. TSMC’s ability to innovate and adapt to evolving market needs will be critical in maintaining its leadership role in the semiconductor industry.

The sensitivity of Taiwan Semiconductor Manufacturing Company (TSMC)’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Earnings Sensitivity: Higher interest rates can lead to an increase in borrowing costs. If TSMC relies on debt to finance expansion or operational activities, higher rates could reduce net income due to increased interest expenses. Additionally, if consumer demand for electronics decreases because of higher borrowing costs in the broader economy, TSMC’s sales could be adversely affected, impacting earnings.
2. Cash Flow Sensitivity: Cash flows can be sensitive to interest rate changes as well. With increased rates, TSMC’s financing costs could rise, affecting free cash flow generation. Moreover, if higher rates lead to slower growth in the semiconductor market, cash flows from operations could also be impacted. However, TSMC’s strong market position and high margins can help mitigate this effect to some degree.
3. Valuation Sensitivity: The valuation of TSMC, like many companies, is heavily influenced by the discount rates used in financial models. When interest rates rise, the discount rate applied to future cash flows increases, leading to a lower present value of those cash flows. This can reduce TSMC’s market valuation. Conversely, in a lower interest rate environment, the opposite would occur, potentially boosting the company’s valuation.
Overall, while TSMC is well-positioned in the semiconductor industry, changes in interest rates can have a noticeable impact on its earnings, cash flow, and overall valuation, largely influenced by the company’s financing structure, market demand for semiconductor products, and prevailing economic conditions.

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 bG9nb3MvdW 9GZ0tNRlUx cEpzZFZmTF JaTEsud2Vi cCIgYWx0PS JUYWl3YW4g U2VtaWNvbm R1Y3RvciIg dGl0bGU9Il RhaXdhbiBT ZW1pY29uZH VjdG9yIiAg Y2xhc3M9Im ltZy1mbHVp ZCIgaGVpZ2 h0PTkwIHdp ZHRoPTkwIG xvYWRpbmc9 J2xhenknIH N0eWxlPSdi b3JkZXItcm FkaXVzOiA2 cHg7Jz4KCi AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nZmxleDog MTsgdGV4dC 1hbGlnbjog Y2VudGVyOy BtYXJnaW4t bGVmdDogNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdmb250LX NpemU6IDI2 cHg7IGNvbG 9yOiAjMzMz OyBtYXJnaW 4tYm90dG9t OiAxNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Dwn5OIIFdh bnQgdG8gcm VhZCBtb3Jl IGFib3V0IF RhaXdhbiBT ZW1pY29uZH VjdG9yPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg4p qhIEluc3Rh bnRseSBhY2 Nlc3MgPGk+ IlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3MiPC9pPi DigJQgZnJl ZSEKICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIE1T NGdWR2hsSU YgUmhhWGRo YmlCVCBaVz FwWTI5dVpI IFZqZEc5eU lFMWggYm5W bVlXTjBkWC BKcGJtY2dR Mjl0IGNHRn VlU0FvVkYg Tk5ReWtnYV hNZyBkR2hs SUhkdmNtIH hrNG9DWmN5 QnMgWVhKbl pYTjBJRyBs dVpHVndaVz VrIFpXNTBJ SE5sYlcgbG piMjVrZFdO MCBiM0lnWm 05MWJtIFJ5 ZVN3Z2JXVm ggYm1sdVp5 QnBkQyBCd2 NtOWtkV05s IGN5QmphR2 x3Y3kgQm1i M0lnYjNSby BaWElnWTI5 dGNHIEZ1YV dWeklIZHAg ZEdodmRYUW daRyBWemFX ZHVhVzVuIE lIUm9aVzBn YVggUnpaV3 htTGlBOCBZ bkkrTWk0Z1 NYIFFnZDJG eklHWnYgZF c1a1pXUWdh VyA0Z01Uaz ROeUJpIGVT Qk5iM0p5YV ggTWdRMmho Ym1jcyBJSG RvYnlCd2Nt IFYyYVc5MW MyeDUgSUhk dmNtdGxaQy BCaGRDQlVa WGhoIGN5Qk pibk4wY24g VnRaVzUwY3 lCaCBibVFn UjJWdVpYIE poYkNCSmJu TjAgY25WdF pXNTBJRSBO dmNuQnZjbU YwIGFXOXVM anhpY2ogNH pMaUJVVTAx RCBJR2x6SU dobFlXIFJ4 ZFdGeWRHVn kgWldRZ2FX NGdTSCBOcG JtTm9kU3dn IFZHRnBkMk Z1SUcgRnVa Q0JvWVhNZy BiV0Z1ZFda aFkzIFIxY2 1sdVp5Qncg YkdGdWRITW dhVyA0Z1ZH RnBkMkZ1IE xDQkRhR2x1 WVMgd2dZVz VrSUhSbyBa U0JWYm1sMF pXIFFnVTNS aGRHVnogTG p4aWNqNDBM aSBCVWFHVW dZMjl0IGNH RnVlZUtBbV ggTWdiV0Z5 YTJWMCBJR0 5oY0dsMFlX IHhwZW1GMG FXOXUgSUdG eklHOW1JRC BJd01qRWdh WE1nIGIzWm xjaUFrTmog QXdJR0pwYk d4cCBiMjRz SUcxaGEyIG x1WnlCcGRD QnYgYm1VZ2 IyWWdkRyBo bElHMXZjM1 FnIGRtRnNk V0ZpYkcgVW dZMjl0Y0dG dSBhV1Z6SU dsdUlFIEZ6 YVdFdVBHSn kgUGpVdUlG UlRUVSBNZ2 FYTWdjbVZ6 IGNHOXVjMm xpYkcgVWda bTl5SUhCeS BiMlIxWTJs dVp5IEJqYU dsd2N5Qm0g YjNJZ2MyOX RaUyBCdlpp QjBhR1VnIF ltbG5aMlZ6 ZEMgQjBaV0 5vYm05cyBi MmQ1SUdOdm JYIEJoYm1s bGN5QnAgYm lCMGFHVWdk MiA5eWJHUX NJR2x1IFky eDFaR2x1Wn kgQkJjSEJz WlN3ZyBVWF ZoYkdOdmJX IDBzSUdGdV pDQk8gZG1s a2FXRXVQRy BKeVBqWXVJ RWwwIElHbH pJR3R1YjMg ZHVJR1p2Y2 lCcCBkSE1n WVdSMllXID VqWldRZ2JX RnUgZFdaaF kzUjFjbSBs dVp5QjBaV0 5vIGJtbHhk V1Z6TEMgQn BibU5zZFdS cCBibWNnZE dobElIIFZ6 WlNCdlppQm wgZUhSeVpX MWxJSCBWc2 RISmhkbWx2 IGJHVjBJR3 hwZEcgaHZa M0poY0doNS BJQ2hGVlZZ cElIIFJ2SU hCeWIyUjEg WTJVZ2MyMW hiRyB4bGNp QmhibVFnIG JXOXlaU0Js Wm0gWnBZMm xsYm5RZyBZ MmhwY0hNdV BHIEp5UGpj dUlGUlQgVF VNZ2FHRnpJ RyBFZ2NtVn dkWFJoIGRH bHZiaUJtYj MgSWdhVzUy WlhOMCBhVz VuSUdobFlY IFpwYkhrZ2 FXNGcgY21W elpXRnlZMi BnZ1lXNWtJ R1JsIGRtVn NiM0J0Wlcg NTBMQ0IzYV hSbyBJRzVs WVhKc2VTIE E0SlNCdlpp QnAgZEhNZ2 NtVjJaVyA1 MVpTQm5iMm x1IFp5QjBi M2RoY20gUn pJRkltUkM0 OCBZbkkrT0 M0Z1ZHIGhs SUdOdmJYQm ggYm5rZ1lX eHpieSBCb1 lYTWdZU0J6 IGRISnZibW NnWTIgOXRi V2wwYldWdS BkQ0IwYnlC emRYIE4wWV dsdVlXSnAg YkdsMGVTd2 dkMiBsMGFD QmhJR2R2IF lXd2dkRzhn WVcgTm9hV1 YyWlNBeSBN Q1VnY21WdV pYIGRoWW14 bElHVnUgWl hKbmVTQjFj MiBGblpTQm llU0F5IE1E STFManhpY2 ogNDVMaUJV VTAxRCBJR2 hoY3lCaVpX IFZ1SUdFZ2 JXRnEgYjNJ Z1kyOXVkSC BKcFluVjBi M0lnIGRHOG dWR0ZwZDIg RnU0b0NaY3 lCbCBZMjl1 YjIxNUxDIE IzYVhSb0lH bDAgY3lCaG JtNTFZVyB3 Z2NtVjJaVz UxIFpTQmhZ Mk52ZFcgNT BhVzVuSUda diBjaUJoY2 05MWJtIFFn TkNVZ2IyWW cgZEdobElH TnZkVyA1MG NubmlnSmx6 IElFZEVVQz Q4WW4gSStN VEF1SUVsdS BJREl3TWpB c0lGIFJUVF VNZ1lXNXUg YjNWdVkyVm tJSCBCc1lX NXpJSFJ2IE lHSjFhV3hr SUcgRWdibV YzSUNReCBN aUJpYVd4c2 FXIDl1SUdO b2FYQWcgWm 1GamRHOXll UyBCcGJpQk JjbWw2IGIy NWhMQ0J0WV ggSnJhVzVu SUhSbyBaU0 JqYjIxd1lX IDU1NG9DWm N5Qm0gYVhK emRDQndjbS A5a2RXTjBh Vzl1IElIQn NZVzUwSUcg bHVJSFJvWl NCViBibWww WldRZ1UzIF JoZEdWekxn PT0KICAgIC AgICA8L3Nw YW4+CiAgIC AgICAgCiAg ICAgICAg