Bachem Holding

Live  

Bachem Holding AG is a leading global contract manufacturer and supplier of active pharmaceutical ingredients (APIs) and related services traditionally created through innovative chemistry both organic and biologic.
Founded in 1971, Bachem is headquartered in Bubendorf, Switzerland and has production sites in Switzerland, Germany, the UK, and the US. The company offers a comprehensive range of services that includes process development, custom synthesis, and manufacturing of APIs and intermediates for the pharmaceutical and biotechnology industries.
Bachem's mission is to provide its customers with high-quality products and services to support the development and manufacturing of life-saving and life-improving medicines. The company is committed to innovation, quality, and sustainability, and has a strong focus on customer satisfaction.
In addition to its manufacturing and development services, Bachem also offers a wide range of analytical services, including method development and validation, stability testing, and impurity identification.
Bachem's customers include some of the largest pharmaceutical companies in the world, as well as small biotech and start-up companies. The company's extensive experience and expertise in the production of complex molecules and peptides make it a trusted partner for drug development and manufacturing.
In 2020, Bachem reported sales of CHF 411.2 million and has a global workforce of approximately 1,500 employees. The company remains privately owned and is committed to sustainable growth and long-term success.

QmFjaGVtIE hvbGRpbmcg aXMgYSBjb2 1wYW55IHRo YXQgbWFrZX Mgc3BlY2lh bCB0aGluZ3 MgY2FsbGVk IHBlcHRpZG VzLCB3aGlj aCBhcmUgdG lueSBidWls ZGluZyBibG 9ja3MgbWFk ZSBvZiBwcm 90ZWlucy4g UGVwdGlkZX MgYXJlIGlt cG9ydGFudC Bmb3IgbWFu eSB0aGluZ3 MgaW4gb3Vy IGJvZGllcy wgbGlrZSBo ZWxwaW5nIG 91ciBob3Jt b25lcyBhbm QgbWVkaWNp bmVzIHdvcm sgYmV0dGVy LiA8YnI+Qm FjaGVtIG1h a2VzIHRoZX NlIHBlcHRp ZGVzIGZvci BvdGhlciBj b21wYW5pZX MgdGhhdCBj cmVhdGUgbW VkaWNpbmVz IG9yIGRvIH Jlc2VhcmNo IGluIHNjaW VuY2UuIFRo ZXkgd29yay BvbiBtYWtp bmcgbmV3IG 1lZGljaW5l cyBmb3IgZG lzZWFzZXMs IGhlbHBpbm cgcGVvcGxl IGZlZWwgYm V0dGVyLiBT bywgd2hlbi BCYWNoZW0g c2VsbHMgdG hlc2UgcGVw dGlkZXMgdG 8gb3RoZXIg Y29tcGFuaW VzLCB0aGV5 IG1ha2UgbW 9uZXkuPGJy PlRoZSByZW Fzb24gQmFj aGVtIGlzIH N1Y2Nlc3Nm dWwgaXMgYm VjYXVzZSB0 aGV5IGFyZS ByZWFsbHkg Z29vZCBhdC B3aGF0IHRo ZXkgZG8uIF RoZXkgaGF2 ZSBhIGxvdC BvZiBleHBl cmllbmNlIG FuZCB1c2Ug YWR2YW5jZW QgdGVjaG5v bG9neSB0by BjcmVhdGUg aGlnaC1xdW FsaXR5IHBl cHRpZGVzLi BUaGV5IGFs c28gaGF2ZS BhIGdvb2Qg cmVwdXRhdG lvbiwgd2hp Y2ggbWVhbn MgdGhhdCBv dGhlciBjb2 1wYW5pZXMg dHJ1c3QgdG hlbSBhbmQg d2FudCB0by B3b3JrIHdp dGggdGhlbS 48YnI+SW4g dGhlIGZ1dH VyZSwgQmFj aGVtIGlzIG xpa2VseSB0 byBzdGF5IH N1Y2Nlc3Nm dWwgYmVjYX VzZSB0aGUg ZGVtYW5kIG ZvciBuZXcg bWVkaWNpbm VzIGFuZCBz Y2llbnRpZm ljIHJlc2Vh cmNoIGtlZX BzIGdyb3dp bmcuIEFzIG 1vcmUgcGVv cGxlIGxvb2 sgZm9yIGJl dHRlciB0cm VhdG1lbnRz IGZvciBkaW ZmZXJlbnQg ZGlzZWFzZX MsIGNvbXBh bmllcyB3aW xsIG5lZWQg bW9yZSBwZX B0aWRlcywg YW5kIEJhY2 hlbSBpcyBp biBhIGdyZW F0IHBvc2l0 aW9uIHRvIH Byb3ZpZGUg dGhvc2UuIF BsdXMsIHRo ZXkgYXJlIG Fsd2F5cyBp bXByb3Zpbm cgdGhlaXIg cHJvY2Vzc2 VzIGFuZCBw cm9kdWN0cy wgd2hpY2gg aGVscHMgdG hlbSBzdGF5 IGFoZWFkIG 9mIHRoZSBj b21wZXRpdG lvbi48YnI+

QmFjaGVtIE hvbGRpbmcg aXMgYSBTd2 lzcyBjb21w YW55IHRoYX Qgc3BlY2lh bGl6ZXMgaW 4gdGhlIHBy b2R1Y3Rpb2 4gb2YgcGhh cm1hY2V1dG ljYWwgYW5k IGJpb2NoZW 1pY2FsIHBy b2R1Y3RzIH Rocm91Z2gg b3JnYW5pYy BzeW50aGVz aXMgYW5kIG Jpb3RlY2hu b2xvZ3kuIE l0IGlzIGNv bnNpZGVyZW QgYSBsZWFk ZXIgaW4gdG hlIHByb2R1 Y3Rpb24gb2 YgcGVwdGlk ZXMsIGFtaW 5vIGFjaWRz LCBhbmQgb3 RoZXIgY29t cGxleCBvcm dhbmljIG1v bGVjdWxlcy B1c2VkIGlu IHRoZSBkZX ZlbG9wbWVu dCBhbmQgcH JvZHVjdGlv biBvZiBkcn VncyBmb3Ig YSB3aWRlIH JhbmdlIG9m IG1lZGljYW wgY29uZGl0 aW9ucy48Yn I+V2hhdCBz ZXRzIEJhY2 hlbSBIb2xk aW5nIGFwYX J0IGZyb20g b3RoZXIgcG hhcm1hY2V1 dGljYWwgY2 9tcGFuaWVz IGlzIGl0cy B1bmlxdWUg ZXhwZXJ0aX NlIGluIHBl cHRpZGUgY2 hlbWlzdHJ5 IGFuZCBpdH MgY29tbWl0 bWVudCB0by Bpbm5vdmF0 aW9uIGFuZC Bjb250aW51 b3VzIGltcH JvdmVtZW50 IGluIGl0cy Bwcm9kdWN0 aW9uIHByb2 Nlc3Nlcy4g VGhlIGNvbX BhbnkgaW52 ZXN0cyBoZW F2aWx5IGlu IHJlc2Vhcm NoIGFuZCBk ZXZlbG9wbW VudCB0byBj b25zdGFudG x5IGV4cGFu ZCBpdHMgcH JvZHVjdCBw b3J0Zm9saW 8gYW5kIGlt cHJvdmUgaX RzIHByb2R1 Y3Rpb24gY2 FwYWJpbGl0 aWVzLjxicj 5BZGRpdGlv bmFsbHksIE JhY2hlbSBI b2xkaW5nIG hhcyBhIHN0 cm9uZyBmb2 N1cyBvbiBx dWFsaXR5IG FuZCByZWd1 bGF0b3J5IG NvbXBsaWFu Y2UsIGVuc3 VyaW5nIHRo YXQgaXRzIH Byb2R1Y3Rz IG1lZXQgdG hlIGhpZ2hl c3Qgc3Rhbm RhcmRzIG9m IHNhZmV0eS BhbmQgZWZm aWNhY3kuIF RoaXMgYXR0 ZW50aW9uIH RvIHF1YWxp dHkgaGFzIG Vhcm5lZCB0 aGUgY29tcG FueSBhIHN0 cm9uZyByZX B1dGF0aW9u IGFuZCB0cn VzdCBhbW9u ZyBjdXN0b2 1lcnMgYW5k IHJlZ3VsYX RvcnkgYm9k aWVzLjxicj 5GdXJ0aGVy bW9yZSwgQm FjaGVtIEhv bGRpbmcgb3 BlcmF0ZXMg aXRzIG93bi BtYW51ZmFj dHVyaW5nIG ZhY2lsaXRp ZXMsIGdpdm luZyBpdCBm dWxsIGNvbn Ryb2wgb3Zl ciB0aGUgcH JvZHVjdGlv biBwcm9jZX NzIGFuZCBh bGxvd2luZy Bmb3IgZWZm aWNpZW50IG FuZCBjb3N0 LWVmZmVjdG l2ZSBwcm9k dWN0aW9uLi BUaGlzIHZl cnRpY2FsIG ludGVncmF0 aW9uIGFsc2 8gYWxsb3dz IHRoZSBjb2 1wYW55IHRv IG9mZmVyIG N1c3RvbWl6 ZWQgc29sdX Rpb25zIGFu ZCBhIGhpZ2 ggbGV2ZWwg b2YgZmxleG liaWxpdHkg dG8gaXRzIG NsaWVudHMu PGJyPk92ZX JhbGwsIEJh Y2hlbSBIb2 xkaW5nJ3Mg Y29tYmluYX Rpb24gb2Yg ZXhwZXJ0aX NlLCBpbm5v dmF0aW9uLC BxdWFsaXR5 LCBhbmQgdm VydGljYWwg aW50ZWdyYX Rpb24gbWFr ZXMgaXQgYS BsZWFkaW5n IHBsYXllci BpbiB0aGUg cGhhcm1hY2 V1dGljYWwg aW5kdXN0cn kgYW5kIHNl dHMgaXQgYX BhcnQgZnJv bSBpdHMgY2 9tcGV0aXRv cnMu

QmFjaGVtIE hvbGRpbmcg QUcgaXMgYS BTd2lzcyBw aGFybWFjZX V0aWNhbCBj b21wYW55IH RoYXQgc3Bl Y2lhbGl6ZX MgaW4gdGhl IGRldmVsb3 BtZW50IGFu ZCBwcm9kdW N0aW9uIG9m IHBlcHRpZG UtYmFzZWQg YWN0aXZlIH BoYXJtYWNl dXRpY2FsIG luZ3JlZGll bnRzIChBUE lzKSBhbmQg cGhhcm1hY2 V1dGljYWwg cHJvZHVjdH MuIFRoZSBj b21wYW55J3 MgYnVzaW5l c3MgbW9kZW wgY2FuIGJl IGRlc2NyaW JlZCBhcyBh IHZlcnRpY2 FsbHkgaW50 ZWdyYXRlZC Btb2RlbCwg YXMgaXQgY2 92ZXJzIHRo ZSBlbnRpcm UgdmFsdWUg Y2hhaW4gZn JvbSByZXNl YXJjaCBhbm QgZGV2ZWxv cG1lbnQgdG 8gY29tbWVy Y2lhbCBwcm 9kdWN0aW9u IGFuZCBzYW xlcyBvZiBp dHMgcHJvZH VjdHMuPGJy PkJhY2hlbS dzIGJ1c2lu ZXNzIG1vZG VsIHJldm9s dmVzIGFyb3 VuZCB0aHJl ZSBtYWluIG FyZWFzOiBj dXN0b20gc3 ludGhlc2lz LCBnZW5lcm ljIEFQSXMs IGFuZCBwaG FybWFjZXV0 aWNhbHMuID xicj4xLiBD dXN0b20gU3 ludGhlc2lz Ojxicj5CYW NoZW0ncyBj dXN0b20gc3 ludGhlc2lz IHNlcnZpY2 VzIGludm9s dmUgdGhlIG RldmVsb3Bt ZW50IGFuZC Bwcm9kdWN0 aW9uIG9mIH BlcHRpZGVz IGFuZCBvcm dhbmljIG1v bGVjdWxlcy BvbiBhIGNv bnRyYWN0IG Jhc2lzIGZv ciBwaGFybW FjZXV0aWNh bCBhbmQgYm lvdGVjaG5v bG9neSBjb2 1wYW5pZXMu IFRoaXMgaW 5jbHVkZXMg cHJvY2Vzcy BkZXZlbG9w bWVudCwgYW 5hbHl0aWNh bCBkZXZlbG 9wbWVudCwg YW5kIHNtYW xsIHRvIGxh cmdlLXNjYW xlIG1hbnVm YWN0dXJpbm cuIFRoZXNl IHNlcnZpY2 VzIGFyZSB0 YWlsb3JlZC B0byB0aGUg c3BlY2lmaW MgbmVlZHMg b2YgdGhlIG N1c3RvbWVy IGFuZCBjYW 4gY292ZXIg YSB3aWRlIH JhbmdlIG9m IHByb2R1Y3 RzLCBpbmNs dWRpbmcgZ2 VuZXJpYyBB UElzLCBhcy B3ZWxsIGFz IGlubm92YX RpdmUgYW5k IGNvbXBsZX ggcHJvZHVj dHMuPGJyPj IuIEdlbmVy aWMgQVBJcz o8YnI+QmFj aGVtIGFsc2 8gcHJvZHVj ZXMgYW5kIH N1cHBsaWVz IGdlbmVyaW MgQVBJcywg d2hpY2ggYX JlIGFjdGl2 ZSBpbmdyZW RpZW50cyB1 c2VkIGluIH RoZSBtYW51 ZmFjdHVyaW 5nIG9mIGdl bmVyaWMgZH J1Z3MuIFRo ZXNlIEFQSX MgYXJlIHBy b2R1Y2VkIG luIGxhcmdl IHF1YW50aX RpZXMgYW5k IHNvbGQgdG 8gcGhhcm1h Y2V1dGljYW wgY29tcGFu aWVzIHRoYX QgdXNlIHRo ZW0gYXMgdG hlIGJhc2lz IGZvciB0aG VpciBmaW5h bCBkcnVnIH Byb2R1Y3Rz LiBCYWNoZW 0ncyBnZW5l cmljIEFQSX MgYXJlIHVz ZWQgaW4gYS B2YXJpZXR5 IG9mIHRoZX JhcGV1dGlj IGFyZWFzLC BzdWNoIGFz IG9uY29sb2 d5LCBkaWFi ZXRlcywgYW 5kIGNhcmRp b3Zhc2N1bG FyIGRpc2Vh c2VzLjxicj 4zLiBQaGFy bWFjZXV0aW NhbHM6PGJy PkJhY2hlbS dzIHBoYXJt YWNldXRpY2 FsIGJ1c2lu ZXNzIGludm 9sdmVzIHRo ZSBkZXZlbG 9wbWVudCwg cHJvZHVjdG lvbiwgYW5k IGNvbW1lcm NpYWxpemF0 aW9uIG9mIG l0cyBvd24g cHJvcHJpZX RhcnkgZHJ1 Z3MuIFRoZS Bjb21wYW55 IGZvY3VzZX Mgb24gaW5u b3ZhdGl2ZS BwZXB0aWRl LWJhc2VkIH RoZXJhcGV1 dGljcyBmb3 IgdGhlIHRy ZWF0bWVudC BvZiBkaXNl YXNlcyB3aX RoIGhpZ2gg dW5tZXQgbW VkaWNhbCBu ZWVkcywgc3 VjaCBhcyBt dWx0aXBsZS BzY2xlcm9z aXMsIGRpYW JldGVzLCBh bmQgaG9ybW 9uZS1yZWxh dGVkIGNhbm NlcnMuIEJh Y2hlbSBtYX JrZXRzIGl0 cyBwaGFybW FjZXV0aWNh bCBwcm9kdW N0cyB0aHJv dWdoIGl0cy Bvd24gc2Fs ZXMgZm9yY2 UgYW5kIGFs c28gY29sbG Fib3JhdGVz IHdpdGggcG hhcm1hY2V1 dGljYWwgY2 9tcGFuaWVz IGZvciBjby 1kZXZlbG9w bWVudCBhbm QgbGljZW5z aW5nIG9wcG 9ydHVuaXRp ZXMuPGJyPk 92ZXJhbGws IEJhY2hlbS dzIGJ1c2lu ZXNzIG1vZG VsIGlzIGNl bnRlcmVkIG Fyb3VuZCBp dHMgZXhwZX J0aXNlIGlu IHBlcHRpZG VzIGFuZCBv cmdhbmljIG 1vbGVjdWxl cywgYXMgd2 VsbCBhcyBp dHMgY2FwYW JpbGl0aWVz IGluIHByb2 Nlc3MgZGV2 ZWxvcG1lbn QgYW5kIGNv bW1lcmNpYW wgcHJvZHVj dGlvbi4gVG hlIGNvbXBh bnkncyB2ZX J0aWNhbGx5 IGludGVncm F0ZWQgYXBw cm9hY2ggYW xsb3dzIGl0 IHRvIG9mZm VyIGEgd2lk ZSByYW5nZS BvZiBzZXJ2 aWNlcyBhbm QgcHJvZHVj dHMsIGZyb2 0gY3VzdG9t IHN5bnRoZX NpcyB0byBn ZW5lcmljIE FQSXMgYW5k IHByb3ByaW V0YXJ5IHBo YXJtYWNldX RpY2Fscywg bWFraW5nIG l0IGEgbGVh ZGluZyBwbG F5ZXIgaW4g dGhlIGdsb2 JhbCBwZXB0 aWRlIG1hcm tldC4=

To assess whether AI poses a material threat to Bachem Holding company’s products, services, or competitive positioning, we can analyze several aspects: substitution, disintermediation, and margin pressure.
1. Substitution: Bachem specializes in the development and manufacturing of peptides and related products for pharmaceutical and biotechnological applications. AI could potentially lead to the development of alternative methods or compounds that substitute for the peptides offered by Bachem. For example, advancements in synthetic biology or gene editing could provide alternatives to traditional peptide therapies. However, peptides have unique properties and applications, particularly in drug discovery and development, which are not easily substituted by AI-driven alternatives. Therefore, while there is a theoretical risk of substitution, the specificity and complexity of peptide-based products may limit this risk significantly.
2. Disintermediation: Disintermediation typically refers to the removal of intermediaries in supply chains or distribution channels, often facilitated by technology. In the case of Bachem, the company acts as a crucial supplier of specialized products to pharmaceutical firms. While AI could enhance manufacturing efficiency, it may not lead to disintermediation in the same way it could in other industries (e.g., retail). Bachem’s expertise in peptides requires significant scientific knowledge and technical skill, which may not be easily replicated or bypassed using AI. Thus, the risk of disintermediation appears limited in Bachem’s context.
3. Margin Pressure: AI has the potential to increase productivity and reduce costs across various sectors. For Bachem, the implementation of AI in research, development, and production processes may yield operational efficiencies, potentially leading to higher margins. However, if competitors adopt similar AI technologies, it could lead to increased competition, price reductions, or margin compression in the peptide market. Companies that can leverage AI to reduce their own costs while maintaining quality may exert pressure on Bachem’s pricing strategies. Therefore, while AI can enhance margins through efficiency, it may also lead to increased competition and potential margin pressure if not managed effectively.
In summary, while AI presents some risks in terms of substitution and margin pressure, the specific nature of Bachem’s products and services may limit these threats. Disintermediation seems unlikely due to the specialized expertise required in peptide manufacturing. Overall, Bachem may need to stay vigilant in adopting AI technologies to enhance its own offerings while monitoring competitive dynamics in its industry.

The sensitivity of Bachem Holding company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Earnings Sensitivity: Bachem’s earnings could be affected by interest rate changes primarily through their impact on the cost of borrowing. If the company has existing debt, higher interest rates would increase interest expenses, potentially lowering net income. Conversely, if rates decrease, the cost of servicing debt could become cheaper, boosting earnings. Additionally, if interest rates rise, it may impact demand for Bachem’s products, as higher rates can lead to reduced capital expenditures by clients.
2. Cash Flow Sensitivity: Cash flows can also be affected by interest rates. Increased interest rates generally lead to higher financing costs and may strain the cash flow of companies that rely on debt financing for growth or operations. On the other hand, if Bachem operates with a healthy balance sheet and has minimal debt, the impact on cash flow may be less pronounced. Moreover, if higher rates hamper economic growth, this could lead to reduced demand for Bachem’s products, negatively impacting cash flow.
3. Valuation Sensitivity: The valuation of Bachem is often assessed through discounted cash flow (DCF) analysis, which factors in future cash flows discounted back to present value using an appropriate discount rate. As interest rates rise, the discount rate typically increases, which can result in a lower present value of future cash flows. This is particularly relevant in the context of long-term growth assumptions. If investors perceive higher rates as indicative of economic strain, they may also require a higher risk premium, further impacting valuation.
In summary, while Bachem’s earnings, cash flow, and valuation can be sensitive to changes in interest rates, the actual impact will depend on the company’s leverage, financial management, market conditions, and the broader economic environment.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQm FjaGVtIEhv bGRpbmfigJ lzIGVjb25v bWljcyBvdm VyIHRoZSBu ZXh0IDPigJ M1IHllYXJz IGNvdWxkIG ludm9sdmUg c2lnbmlmaW NhbnQgcmVn dWxhdG9yeS BjaGFuZ2Vz IGluIHRoZS BwaGFybWFj ZXV0aWNhbC BtYW51ZmFj dHVyaW5nIG luZHVzdHJ5 LCBwYXJ0aW N1bGFybHkg Y29uY2Vybm luZyB0aGUg cHJvZHVjdG lvbiBvZiBw ZXB0aWRlcy BhbmQgYWN0 aXZlIHBoYX JtYWNldXRp Y2FsIGluZ3 JlZGllbnRz IChBUElzKS 4gSWYgc3Vk ZGVubHksIH RoZXJlIHdl cmUgc3RyaW 5nZW50IHJl Z3VsYXRpb2 5zIGFyb3Vu ZCBxdWFsaX R5IGNvbnRy b2wsIGVudm lyb25tZW50 YWwgY29tcG xpYW5jZSwg YW5kIHByb2 R1Y3Rpb24g cHJvY2Vzc2 VzIGR1ZSB0 byBzYWZldH kgY29uY2Vy bnMgb3IgZW 52aXJvbm1l bnRhbCBpbX BhY3RzLCBC YWNoZW0gY2 91bGQgZmFj ZSBpbmNyZW FzZWQgb3Bl cmF0aW9uYW wgY29zdHMg YW5kIGEgbm VlZCBmb3Ig c3Vic3Rhbn RpYWwgaW52 ZXN0bWVudC BpbiBjb21w bGlhbmNlIG 1lYXN1cmVz Ljxicj5Jbi B0aGlzIHNj ZW5hcmlvLC BCYWNoZW0g bWlnaHQgaG F2ZSB0byBh bGxvY2F0ZS BzaWduaWZp Y2FudCBjYX BpdGFsIGV4 cGVuZGl0dX JlcyB0byB1 cGdyYWRlIH RoZWlyIGZh Y2lsaXRpZX MsIGltcGxl bWVudCBuZX cgdGVjaG5v bG9naWVzLC BhbmQgZW5z dXJlIGNvbX BsaWFuY2Ug d2l0aCB0aG UgbmV3IHJl Z3VsYXRpb2 5zLiBUaGlz IGNvdWxkIG xlYWQgdG8g YSByaXNlIG luIHByb2R1 Y3Rpb24gY2 9zdHMgYW5k IG5lZ2F0aX ZlbHkgaW1w YWN0IHRoZW lyIHByb2Zp dCBtYXJnaW 5zLiBGdXJ0 aGVybW9yZS wgaWYgdGhl c2UgaW52ZX N0bWVudHMg ZGlkIG5vdC B5aWVsZCBj b3JyZXNwb2 5kaW5nIGlu Y3JlYXNlcy BpbiBwcm9k dWN0aXZpdH kgb3IgZWZm aWNpZW5jeS wgaXQgY291 bGQgYWZmZW N0IHRoZWly IGFiaWxpdH kgdG8gbWFp bnRhaW4gaG VhbHRoeSBj YXNoIGZsb3 dzLjxicj5B cyBtYXJnaW 5zIGRlY3Jl YXNlIGR1ZS B0byBoZWln aHRlbmVkIG Nvc3RzLCB0 aGUgY29tcG FueeKAmXMg RUJJVERBIG NvdWxkIGRl Y2xpbmUsIG xlYWRpbmcg dG8gbG93ZX Igb3BlcmF0 aW5nIGluY2 9tZSBhbmQg dWx0aW1hdG VseSBhZmZl Y3Rpbmcgbm V0IGluY29t ZS4gQ2FzaC BmbG93IG1h eSBhbHNvIG JlIGNvbXBy b21pc2VkIG FzIGNhcGl0 YWwgaXMgZG l2ZXJ0ZWQg dG93YXJkcy Bjb21wbGlh bmNlIGFuZC BvcGVyYXRp b25hbCBhZG p1c3RtZW50 cyByYXRoZX IgdGhhbiBn cm93dGggaW 5pdGlhdGl2 ZXMgb3Igc2 hhcmVob2xk ZXIgcmV0dX Jucy4gSWYg dGhlIG1hcm tldCByZXNw b25kcyBuZW dhdGl2ZWx5 IHRvIEJhY2 hlbeKAmXMg ZGltaW5pc2 hlZCBwcm9m aXRhYmlsaX R5IGFuZCBj YXNoIGZsb3 cgY29uY2Vy bnMsIHRoZS BzdG9jayBw cmljZSBjb3 VsZCBzdWZm ZXIsIHBvdG VudGlhbGx5 IGNhdXNpbm cgZnVydGhl ciBkYW1hZ2 UgdG8gaW52 ZXN0b3Igc2 VudGltZW50 IGFuZCBjb2 1wYW55IHZh bHVhdGlvbi 48YnI+T24g dGhlIGJhbG FuY2Ugc2hl ZXQgc2lkZS wgdGhlIHNp dHVhdGlvbi Bjb3VsZCBs ZWFkIHRvIG luY3JlYXNl ZCBkZWJ0IG lmIEJhY2hl bSBuZWVkcy BmaW5hbmNp bmcgdG8gY2 92ZXIgdGhl IGVsZXZhdG VkIGNhcGl0 YWwgZXhwZW 5kaXR1cmVz LiBBIHJpc2 UgaW4gZGVi dCBsZXZlbH MgY291bGQg YWx0ZXIga2 V5IGZpbmFu Y2lhbCByYX Rpb3MsIG5l Z2F0aXZlbH kgaW1wYWN0 aW5nIHRoZW lyIGxldmVy YWdlIHByb2 ZpbGUuIFRo ZSBjdXJyZW 50IHJhdGlv IG1pZ2h0IG Fsc28gYmUg YWZmZWN0ZW QgaWYgY2Fz aCByZXNlcn ZlcyB3ZXJl IGRlcGxldG VkIGluIHRo ZSBwcm9jZX NzIG9mIGFk ZHJlc3Npbm cgdGhlc2Ug cmVndWxhdG 9yeSBjaGFu Z2VzLjxicj 5PdmVyYWxs LCBpZiBzdW NoIGEgc2Nl bmFyaW8gdH JhbnNwaXJl ZCwgQmFjaG VtIEhvbGRp bmcgY291bG QgZmFjZSBh IG1hdGVyaW FsIGRvd250 dXJuIGluIH Byb2ZpdGFi aWxpdHksIG Nhc2ggZmxv dyBzdGFiaW xpdHksIGFu ZCBiYWxhbm NlIHNoZWV0 IHN0cmVuZ3 RoLCBwb3Rl bnRpYWxseS ByZXN1bHRp bmcgaW4gYS Bwcm9sb25n ZWQgcGVyaW 9kIG9mIGZp bmFuY2lhbC BjaGFsbGVu Z2UgYW5kIG NvbXBldGl0 aXZlIGRpc2 FkdmFudGFn ZSB3aXRoaW 4gdGhlIHBo YXJtYWNldX RpY2FsIG1h bnVmYWN0dX JpbmcgbGFu ZHNjYXBlLj 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 bG9nb3Mvd2 E1bHJBa3hn SU83STZpVE p1ekMud2Vi cCIgYWx0PS JCYWNoZW0g SG9sZGluZy IgdGl0bGU9 IkJhY2hlbS BIb2xkaW5n IiAgY2xhc3 M9ImltZy1m bHVpZCIgaG VpZ2h0PTUw IHdpZHRoPT UwIGxvYWRp bmc9J2xhen knIHN0eWxl PSdib3JkZX ItcmFkaXVz OiA2cHg7Jz 4KCiAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nZmxl eDogMTsgdG V4dC1hbGln bjogY2VudG VyOyBtYXJn aW4tbGVmdD ogNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdmb2 50LXNpemU6 IDI2cHg7IG NvbG9yOiAj MzMzOyBtYX JnaW4tYm90 dG9tOiAxNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICDwn5OI IFdhbnQgdG 8gcmVhZCBt b3JlIGFib3 V0IEJhY2hl bSBIb2xkaW 5nPwogICAg 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 ICAg4pyFIE Rvd25sb2Fk IDxpPiJUaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzIj wvaT4g4oCU IHRvdGFsbH kgZnJlZSEK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9wPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxMnB4Oy Bmb250LXNp emU6IDEzcH g7IGNvbG9y OiAjNDQ0Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IG5vdyBhbm QgZ2V0IG91 ciBmcmVlIG VCb29rIAog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGI+ VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr czwvYj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID E2cHg7IGZv bnQtc2l6ZT ogMTRweDsg Y29sb3I6IC M0NDQ7IGZv bnQtZmFtaW x5OiAtYXBw bGUtc3lzdG VtLCBCbGlu a01hY1N5c3 RlbUZvbnQs IFNlZ29lIF VJLCBSb2Jv dG8sIEhlbH ZldGljYSBO ZXVlLCBzYW 5zLXNlcmlm OyBsaW5lLW hlaWdodDog MS42Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBIYX ZlIHlvdSBo ZWFyZCBhYm 91dCBvdXIg c2hvcnQgPH N0cm9uZyBz dHlsZT0nZm 9udC13ZWln aHQ6IDYwMD snPkRhaWx5 IFZpZGVvIE 5ld3NsZXR0 ZXI8L3N0cm 9uZz4/CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdodH RwczovL3d3 dy5pbnNpZ2 h0ZnVsdmFs dWUuY29tL2 5ld3NsZXR0 ZXIucGhwJy B0YXJnZXQ9 J19ibGFuay cgc3R5bGU9 J2NvbG9yOi AjMDA3QkZG OyB0ZXh0LW RlY29yYXRp b246IG5vbm U7IGZvbnQt d2VpZ2h0Oi A1MDA7IG1h cmdpbi1sZW Z0OiA2cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBGaW 5kIG91dCBt b3JlCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8L2E+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgCiAg ICAgICAgCi AgICAgICAg PHNwYW4gY2 xhc3M9J2Js dXJyZWQtdG V4dCc+CiAg ICAgICAgIC AgIE1TNGdR bUZqYUcgVn RJRWh2YkdS cCBibWNnUV VjZ2FYIE1n WVNCVGQybH ogY3lCamIy MXdZVyA1NU lIUm9ZWFFn IGMzQmxZMm xoYkcgbDZa WE1nYVc0Zy BkR2hsSUhC eWIyIFIxWT NScGIyNGcg YjJZZ2NHVn dkRyBsa1pY TWdZVzVrIE lHTnZiWEJz WlggZ2diM0 puWVc1cCBZ eUJ0YjJ4bF kzIFZzWlhN Z1ptOXkgSU hCb1lYSnRZ VyBObGRYUn BZMkZzIElH RnVaQ0JpYV cgOTBaV05v SUhKbCBjMl ZoY21Ob0xq IHhpY2o0eU xpQlUgYUdV Z1kyOXRjRy BGdWVTQjNZ WE1nIFptOT FibVJsWkMg QnBiaUF4T1 RjeCBJR0o1 SUZCbGRHIF Z5SUVkeWIy ZG4gSUdGek lHRWdjMyBC cGJpMXZabV lnIGIyWWdk R2hsSUggQm 9ZWEp0WVdO bCBkWFJwWT JGc0lHIE52 YlhCaGJua2 cgVW05amFH VXVQRyBKeV BqTXVJRUpo IFkyaGxiU0 JJYjIgeGth VzVuSUVGSC BJR2x6SUdo bFlXIFJ4ZF dGeWRHVnkg WldRZ2FXNG dRbiBWaVpX NWtiM0ptIE xDQlRkMmww ZW0gVnliR0 Z1WkNCaCBi bVFnYUdGek lIIEJ5YjJS MVkzUnAgYj I0Z1ptRmph VyB4cGRHbG xjeUJwIGJp QkZkWEp2Y0 cgVXNJSFJv WlNCViBibW wwWldRZ1Uz IFJoZEdWek xDQmggYm1R Z1FYTnBZUy A0OFluSStO QzRnIFZHaG xJR052Ylgg QmhibmtnWl cxdyBiRzk1 Y3lCdmRtIF Z5SURFc016 QXcgSUhCbG IzQnNaUyBC M2IzSnNaSG RwIFpHVWdZ VzVrSUcgaG hjeUJoSUc1 bCBkSGR2Y2 1zZ2IyIFln YzJGc1pYTW cgYjJabWFX TmxjeSBCcG JpQnRiM0ps IElIUm9ZVz RnTkQgQWdZ MjkxYm5SeS BhV1Z6TGp4 aWNqIDQxTG lCQ1lXTm8g WlcwZ1NHOX NaRyBsdVp5 QkJSeUJwIG N5QnNhWE4w WlcgUWdiMj RnZEdobCBJ Rk4zYVhOek lIIE4wYjJO cklHVjQgWT JoaGJtZGxJ RyBGdVpDQm 9ZWE1nIFlT QnRZWEpyWl ggUWdZMkZ3 YVhSaCBiR2 w2WVhScGIy IDRnYjJZZ2 IzWmwgY2lB a01pNDFJRy BKcGJHeHBi MjR1IFBHSn lQall1SUYg Um9aU0JqYj IxdyBZVzU1 NG9DWmN5IE J3Y205a2RX TjAgY3lCaG NtVWdkWCBO bFpDQm1iM0 lnIGNtVnpa V0Z5WTIgZ2 dhVzRnWVhK bCBZWE1nYz NWamFDIEJo Y3lCallXNW ogWlhJZ2RH aGxjbSBGd2 VTd2daR2xo IFltVjBaWE 1zSUcgRnVa Q0JqWVhKay BhVzkyWVhO amRXIHhoY2 lCa2FYTmwg WVhObGN5ND hZbiBJK055 NGdRbUZqIG FHVnRJRWh2 YkcgUnBibW NnUVVjZyBh R0Z6SUhCaG NuIFJ1WlhK emFHbHcgY3 lCaGJtUWdZ MiA5c2JHRm liM0poIGRH bHZibk1nZD IgbDBhQ0Jz WldGayBhVz VuSUhCb1lY IEp0WVdObG RYUnAgWTJG c0lHRnVaQy BCaWFXOTBa V05vIElHTn ZiWEJoYm0g bGxjeUJoY2 05MSBibVFn ZEdobElIIG R2Y214a0xq eGkgY2o0NE xpQkpiaSBC aFpHUnBkR2 x2IGJpQjBi eUJwZEggTW dZMjl5WlNC aSBkWE5wYm 1WemN5IEJ2 WmlCd1pYQj AgYVdSbElI QnliMiBSMV kzUnBiMjRz IElIUm9aU0 JqYjIgMXdZ VzU1SUdGcy BjMjhnYjJa bVpYIEp6SU dOMWMzUnYg YlNCemVXNT BhRyBWemFY TXNJSEJ5IG IyTmxjM01n WkcgVjJaV3 h2Y0cxbCBi blFzSUdGdV pDIEJoYm1G c2VYUnAgWT JGc0lITmxj biBacFkyVn pManhpIGNq NDVMaUJDWV cgTm9aVzBn U0c5cyBaR2 x1WnlCQlJ5 IEIzWVhNZ2 RHaGwgSUda cGNuTjBJRy BOdmJYQmhi bmtnIGFXNG dkR2hsSUgg ZHZjbXhrSU hSdiBJSE41 Ym5Sb1pYIE 5wZW1VZ2FX NXogZFd4cG JpQnBiaSBC c1lYSm5aU0 J4IGRXRnVk R2wwYVcgVn pMaUJVYUds eiBJR0p5Wl dGcmRHIGh5 YjNWbmFDQn MgWldRZ2RH OGdjMiBsbm JtbG1hV05o IGJuUWdZV1 IyWVcgNWpa VzFsYm5Sei BJR2x1SUdS cFlXIEpsZE dWeklIUnkg WldGMGJXVn VkQyA0OFlu SStNVEF1IE lGUm9aU0Jq YjIgMXdZVz U1SUdoaCBj eUIzYjI0Z2 JuIFZ0WlhK dmRYTWcgWV hkaGNtUnpJ RyBadmNpQn BkSE1nIGFX NXViM1poZE cgbHZiaUJo Ym1RZyBZMj l1ZEhKcFlu IFYwYVc5dW N5QjAgYnlC MGFHVWdiRy BsbVpTQnpZ MmxsIGJtTm xjeUJwYm0g UjFjM1J5ZV N3ZyBhVzVq YkhWa2FXID VuSUhSb1pT QkMgWlhOME lFbHVibSA5 MllYUnBiMj RnIFFYZGhj bVFnWm4gSn ZiU0IwYUdV ZyBSWFZ5Yj NCbFlXIDRn VUdWd2RHbG sgWlNCVGVX MXdiMyBOcG RXMGdhVzRn IE1qQXhOaT Q9CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==