JB Hi-Fi

Live  

JB Hi-Fi is a leading Australian retailer of consumer electronics, household appliances, and entertainment products. Established in 1974, the company has grown to become one of the most recognized and trusted brands in the Australian retail industry.
The company's core business is focused on supplying a wide range of products, including TVs, computers, smartphones, gaming consoles, cameras, refrigerators, washing machines, and other household appliances. Additionally, JB Hi-Fi also offers a variety of entertainment products, such as DVDs, CDs, books, and games.
JB Hi-Fi operates both physical stores and an online store, allowing customers to shop at their convenience. The company has a strong presence in major cities across Australia, with over 300 stores in operation. The company's success can be attributed to its competitive pricing, diverse product range, and excellent customer service.
In recent years, JB Hi-Fi has expanded its product offerings to include digital content and subscription services, such as music and video streaming. This move reflects the company's efforts to adapt to the changing retail landscape and cater to the evolving needs of its customers.
One of the key highlights of the company's success is its strong focus on customer satisfaction. JB Hi-Fi has a dedicated team of staff who are trained to provide personalized assistance and make shopping a pleasant experience for customers. As a result, the company has received numerous awards and recognition for its exceptional customer service.
In addition to its retail operations, JB Hi-Fi is also committed to supporting the communities in which it operates. The company has a comprehensive corporate social responsibility program that focuses on making a positive impact on society through various initiatives, such as environmental sustainability, supporting local charities, and promoting diversity and inclusion.
Overall, JB Hi-Fi has established itself as a household name in Australia, and its commitment to providing quality products and exceptional customer service has made it a trusted and reliable retailer in the country.

SkIgSGktRm kgaXMgYSBz dG9yZSB3aG VyZSBwZW9w bGUgY2FuIG J1eSBhbGwg c29ydHMgb2 YgZWxlY3Ry b25pYyB0aG luZ3MgbGlr ZSBUVnMsIG NvbXB1dGVy cywgdmlkZW 8gZ2FtZXMs IG11c2ljLC BhbmQgbW92 aWVzLiBJbW FnaW5lIGEg YmlnIHRveS BzdG9yZSBi dXQgaW5zdG VhZCBvZiB0 b3lzLCBpdO KAmXMgZmls bGVkIHdpdG ggY29vbCBn YWRnZXRzIG FuZCBmdW4g c3R1ZmYgdG 8gZW5qb3ku PGJyPlRoZS B3YXkgSkIg SGktRmkgbW FrZXMgbW9u ZXkgaXMgYn kgc2VsbGlu ZyB0aGVzZS BlbGVjdHJv bmljcyBhbm QgZW50ZXJ0 YWlubWVudC BpdGVtcyB0 byBjdXN0b2 1lcnMuIFdo ZW4geW91IG J1eSBzb21l dGhpbmcgZn JvbSB0aGUg c3RvcmUsIH RoYXQgbW9u ZXkgZ29lcy B0byBKQiBI aS1GaS4gVG hleSBhbHNv IG1pZ2h0IG J1eSB0aGVp ciBwcm9kdW N0cyBhdCBh IGxvd2VyIH ByaWNlIGZy b20gb3RoZX IgY29tcGFu aWVzLCBzby B3aGVuIHRo ZXkgc2VsbC B0aGVtIHRv IGN1c3RvbW VycywgdGhl eSBjYW4gbW FrZSBhIHBy b2ZpdCwgd2 hpY2ggaXMg dGhlIGV4dH JhIG1vbmV5 IHRoZXkga2 VlcCBhZnRl ciBwYXlpbm cgZm9yIHRo ZSBpdGVtcy 48YnI+SkIg SGktRmkgaG FzIGJlZW4g c3VjY2Vzc2 Z1bCBmb3Ig YSBmZXcgcm Vhc29ucy4g Rmlyc3QsIH RoZXkgaGF2 ZSBsb3RzIG 9mIGRpZmZl cmVudCBwcm 9kdWN0cywg c28gdGhlcm XigJlzIHNv bWV0aGluZy Bmb3IgZXZl cnlvbmUuIF NlY29uZCwg dGhleSBvZn RlbiBoYXZl IGdvb2QgcH JpY2VzLCB3 aGljaCBtYW tlcyBwZW9w bGUgd2FudC B0byBzaG9w IHRoZXJlIG luc3RlYWQg b2Ygb3RoZX Igc3RvcmVz LiBUaGlyZC wgdGhleSBo YXZlIGZyaW VuZGx5IGFu ZCBoZWxwZn VsIHN0YWZm IHdobyBjYW 4gYXNzaXN0 IGN1c3RvbW VycyB3aXRo IHRoZWlyIH F1ZXN0aW9u cy48YnI+SW 4gdGhlIGZ1 dHVyZSwgSk IgSGktRmkg aXMgbGlrZW x5IHRvIGtl ZXAgZG9pbm cgd2VsbCBi ZWNhdXNlIH RlY2hub2xv Z3kga2VlcH MgY2hhbmdp bmcgYW5kIG dldHRpbmcg YmV0dGVyLi BQZW9wbGUg d2lsbCBhbH dheXMgd2Fu dCBuZXcgZ2 FkZ2V0cyBh bmQgZW50ZX J0YWlubWVu dCwgYW5kIE pCIEhpLUZp IGlzIGdyZW F0IGF0IG9m ZmVyaW5nIH Rob3NlLiBQ bHVzLCB0aG V5IHBheSBh dHRlbnRpb2 4gdG8gd2hh dCBjdXN0b2 1lcnMgd2Fu dCwgc28gdG hleeKAmXJl IHJlYWR5IH RvIHNlbGwg d2hhdCBwZW 9wbGUgYXJl IGxvb2tpbm cgZm9yIG5l eHQuIFdpdG ggYWxsIHRo aXMgZ29pbm cgZm9yIHRo ZW0sIEpCIE hpLUZpIGlz IHNldCB0by Bjb250aW51 ZSBiZWluZy BhIHBvcHVs YXIgcGxhY2 UgdG8gc2hv cCBmb3IgZW xlY3Ryb25p Y3MuPGJyPg ==

MS4gRXh0ZW 5zaXZlIFBy b2R1Y3QgUm FuZ2U6IEpC IEhpLUZpIG 9mZmVycyBh IHdpZGUgcm FuZ2Ugb2Yg cHJvZHVjdH MgaW5jbHVk aW5nIGVsZW N0cm9uaWNz LCBob21lIG FwcGxpYW5j ZXMsIGNvbX B1dGVycywg Z2FtaW5nIG FjY2Vzc29y aWVzLCBhbm QgbXVzaWMg YW5kIG1vdm llIG1lcmNo YW5kaXNlLj xicj4yLiBD b21wZXRpdG l2ZSBQcmlj ZXM6IFRoZS Bjb21wYW55 IGlzIGtub3 duIGZvciBp dHMgY29tcG V0aXRpdmUg cHJpY2luZy wgb2ZmZXJp bmcgY3VzdG 9tZXJzIHRo ZSBiZXN0IG RlYWxzIGFu ZCBkaXNjb3 VudHMgb24g YSB2YXJpZX R5IG9mIHBy b2R1Y3RzLj xicj4zLiBT dHJvbmcgQn JhbmQgUmVw dXRhdGlvbj ogSkIgSGkt RmkgaGFzIG Egc3Ryb25n IGJyYW5kIG ltYWdlIGlu IHRoZSBtYX JrZXQsIHdp dGggYSByZX B1dGF0aW9u IGZvciBvZm ZlcmluZyBo aWdoLXF1YW xpdHkgcHJv ZHVjdHMgYW 5kIGV4Y2Vs bGVudCBjdX N0b21lciBz ZXJ2aWNlLj xicj40LiBT dG9yZSBFeH BlcmllbmNl OiBUaGUgY2 9tcGFueSBo YXMgYSB1bm lxdWUgYW5k IGVudGVydG FpbmluZyBz dG9yZSBleH BlcmllbmNl IHdpdGggYS B2aWJyYW50 IGFuZCBsaX ZlbHkgZW52 aXJvbm1lbn QsIG1ha2lu ZyBpdCBhIH BvcHVsYXIg ZGVzdGluYX Rpb24gZm9y IGN1c3RvbW Vycy48YnI+ NS4gQ3VzdG 9tZXIgU2Vy dmljZTogSk IgSGktRmkg aGFzIGEgZm 9jdXMgb24g cHJvdmlkaW 5nIGV4Y2Vw dGlvbmFsIG N1c3RvbWVy IHNlcnZpY2 UsIGFuZCB0 aGVpciBzdG FmZiBpcyBo aWdobHkga2 5vd2xlZGdl YWJsZSBhbm QgaGVscGZ1 bCB3aGVuIG l0IGNvbWVz IHRvIGFzc2 lzdGluZyBj dXN0b21lcn MuPGJyPjYu IE9ubGluZS BQcmVzZW5j ZTogVGhlIG NvbXBhbnkg aGFzIGEgc3 Ryb25nIG9u bGluZSBwcm VzZW5jZSwg b2ZmZXJpbm cgY3VzdG9t ZXJzIHRoZS Bjb252ZW5p ZW5jZSBvZi BzaG9wcGlu ZyBmcm9tIG FueXdoZXJl IGFuZCBhbn l0aW1lLjxi cj43LiBTdW NjZXNzZnVs IEdyb3d0aD ogSkIgSGkt RmkgaGFzIG NvbnNpc3Rl bnRseSByZX BvcnRlZCBz dHJvbmcgZm luYW5jaWFs IHJlc3VsdH MgYW5kIGhh cyBzdWNjZX NzZnVsbHkg ZXhwYW5kZW QgaXRzIG9w ZXJhdGlvbn MgdGhyb3Vn aG91dCBBdX N0cmFsaWEg YW5kIE5ldy BaZWFsYW5k Ljxicj44Li BDb21wYW55 IEN1bHR1cm U6IFRoZSBj b21wYW55IG hhcyBhIHN0 cm9uZyBhbm QgcG9zaXRp dmUgY29tcG FueSBjdWx0 dXJlLCB3aX RoIGEgZm9j dXMgb24gZW 1wbG95ZWUg c2F0aXNmYW N0aW9uIGFu ZCB3b3JrLW xpZmUgYmFs YW5jZS48Yn I+OS4gUGhp bGFudGhyb3 BpYyBJbml0 aWF0aXZlcz ogSkIgSGkt RmkgcmVndW xhcmx5IHN1 cHBvcnRzIH ZhcmlvdXMg Y2hhcml0eS BhbmQgY29t bXVuaXR5IG luaXRpYXRp dmVzLCBtYW tpbmcgdGhl bSBhIHNvY2 lhbGx5IHJl c3BvbnNpYm xlIGNvbXBh bnkuPGJyPj EwLiBJbm5v dmF0aW9uOi BUaGUgY29t cGFueSBpcy Brbm93biBm b3IgZW1icm FjaW5nIG5l dyB0ZWNobm 9sb2d5IGFu ZCBpcyBhbH dheXMgYXQg dGhlIGZvcm Vmcm9udCBv ZiBpbmR1c3 RyeSB0cmVu ZHMsIG1ha2 luZyB0aGVt IGEgbGVhZG VyIGluIHRo ZWlyIGZpZW xkLg==

SkIgSGktRm kgaXMgYW4g QXVzdHJhbG lhbiByZXRh aWwgY29tcG FueSB0aGF0 IHNlbGxzIG Egd2lkZSBy YW5nZSBvZi Bwcm9kdWN0 cyBpbmNsdW RpbmcgY29u c3VtZXIgZW xlY3Ryb25p Y3MsIGhvbW UgZW50ZXJ0 YWlubWVudC wgYXBwbGlh bmNlcywgYW 5kIG11c2lj LiBUaGUgY2 9tcGFueSdz IGJ1c2luZX NzIG1vZGVs IGlzIGJhc2 VkIG9uIGEg Y29tYmluYX Rpb24gb2Yg bG93LXByaW NlIHN0cmF0 ZWd5IGFuZC BoaWdoLXZv bHVtZSBzYW xlcy48YnI+ VGhlIG1haW 4gc291cmNl cyBvZiByZX ZlbnVlIGZv ciBKQiBIaS 1GaSBpbmNs dWRlIHRoZS BkaXJlY3Qg cmV0YWlsIH NhbGUgb2Yg cHJvZHVjdH MgdG8gY29u c3VtZXJzLC BhcyB3ZWxs IGFzIGFuY2 lsbGFyeSBz ZXJ2aWNlcy BzdWNoIGFz IHdhcnJhbn RpZXMsIHRy YWRlLWlucy wgYW5kIHJl cGFpcnMuIF RoZSBjb21w YW55IG9wZX JhdGVzIGJv dGggYnJpY2 stYW5kLW1v cnRhciBzdG 9yZXMgaW4g c2hvcHBpbm cgY2VudGVy cyBhbmQgb2 5saW5lIHNh bGVzIGNoYW 5uZWxzLjxi cj5KQiBIaS 1GaSdzIGJ1 c2luZXNzIG 1vZGVsIGlz IGFsc28gYm FzZWQgb24g aXRzIGFiaW xpdHkgdG8g bmVnb3RpYX RlIGZhdm9y YWJsZSBwcm ljaW5nIGFu ZCBwcm9tb3 Rpb25hbCBk ZWFscyB3aX RoIHN1cHBs aWVycy4gVG hpcyBhbGxv d3MgdGhlIG NvbXBhbnkg dG8gb2ZmZX IgaXRzIHBy b2R1Y3RzIG F0IGNvbXBl dGl0aXZlIH ByaWNlcyBh bmQgdHVybi BvdmVyIGlu dmVudG9yeS BxdWlja2x5 Ljxicj5Jbi BhZGRpdGlv biwgdGhlIG NvbXBhbnkg dXRpbGl6ZX MgYSBjb3N0 LWVmZmljaW VudCBvcGVy YXRpbmcgbW 9kZWwgdG8g a2VlcCBpdH Mgb3Zlcmhl YWQgY29zdH MgbG93LCBy ZXN1bHRpbm cgaW4gaGln aGVyIHByb2 ZpdCBtYXJn aW5zLiBUaG lzIGluY2x1 ZGVzIG1haW 50YWluaW5n IGEgY2VudH JhbGl6ZWQg ZGlzdHJpYn V0aW9uIHN5 c3RlbSBhbm Qgb3B0aW1p emluZyBpdH Mgc3VwcGx5 IGNoYWluIG xvZ2lzdGlj cy48YnI+Sk IgSGktRmkg YWxzbyBlbX Bsb3lzIGEg Y3VzdG9tZX ItY2VudHJp YyBhcHByb2 FjaCBhbmQg cHJvdmlkZX MgYSByYW5n ZSBvZiB2YW x1ZS1hZGRl ZCBzZXJ2aW NlcyBzdWNo IGFzIGluc3 RhbGxtZW50 IHBheW1lbn Qgb3B0aW9u cywgcHJpY2 UgbWF0Y2hp bmcsIGFuZC BleHRlbmRl ZCB3YXJyYW 50aWVzIHRv IGVuaGFuY2 UgdGhlIGN1 c3RvbWVyIG V4cGVyaWVu Y2UgYW5kIG J1aWxkIGN1 c3RvbWVyIG xveWFsdHku PGJyPk92ZX JhbGwsIEpC IEhpLUZpJ3 MgYnVzaW5l c3MgbW9kZW wgaXMgZm9j dXNlZCBvbi Bwcm92aWRp bmcgY3VzdG 9tZXJzIHdp dGggaGlnaC 1xdWFsaXR5 IHByb2R1Y3 RzIGF0IGxv dyBwcmljZX Mgd2hpbGUg bWFpbnRhaW 5pbmcgYSBs ZWFuIGFuZC BlZmZpY2ll bnQgb3Blcm F0aW9uYWwg c3RydWN0dX JlLg==

AI does pose some level of threat to JB Hi-Fi, particularly in the areas of substitution and margin pressure, although the extent of the threat can vary based on several factors.
1. Substitution: AI-driven technologies can create new products that serve similar functions as those sold by JB Hi-Fi, particularly in the consumer electronics sector. For example, advancements in smart home technology and AI-enhanced devices might lead consumers to opt for integrated solutions rather than purchasing individual components. Additionally, virtual reality (VR) and augmented reality (AR) applications may replace traditional media formats that JB Hi-Fi sells, affecting demand.
2. Disintermediation: The rise of direct-to-consumer models powered by AI can challenge traditional retail models. Companies leveraging AI for personalized marketing and sales might attract customers away from physical retailers like JB Hi-Fi. E-commerce platforms using AI can offer tailored shopping experiences that meet consumer needs more efficiently, potentially reducing foot traffic and sales for physical stores.
3. Margin Pressure: As AI technologies make supply chains more efficient and optimize pricing strategies, competition in the electronics market could intensify. Competitors using AI might operate with lower overhead costs or more effective pricing models, putting pressure on JB Hi-Fi’s margins. The company’s ability to maintain profitability may be challenged as it competes with these more agile, tech-savvy competitors.
Overall, while AI presents certain threats, JB Hi-Fi can strategically leverage technology to enhance its operations, improve customer engagement, and adapt its product offerings. The key will be how effectively the company can navigate these challenges and incorporate AI into its business model.

The sensitivity of JB Hi-Fi’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Sensitivity: JB Hi-Fi’s earnings are affected by consumer spending behavior, which can be influenced by interest rates. Higher interest rates typically lead to increased borrowing costs for consumers, potentially reducing discretionary spending on items sold by the company, such as electronics and home appliances. Conversely, lower interest rates can encourage consumer spending, benefiting the company’s earnings.
2. Cash Flow Sensitivity: Interest rates impact JB Hi-Fi’s cash flow through changes in consumer credit. As borrowing costs rise, customers may opt to delay purchases or cut back on spending, directly affecting sales and cash inflow. Additionally, if JB Hi-Fi carries debt, higher interest rates would increase interest expenses, reducing cash flow. On the other hand, favorable interest rates can enhance cash flow by encouraging consumer financing options.
3. Valuation Sensitivity: The valuation of JB Hi-Fi is influenced by discount rates used in financial modeling, which are affected by interest rates. An increase in interest rates can lead to higher discount rates, lowering the present value of future earnings and cash flows, thereby reducing the company’s valuation. Conversely, lower interest rates typically lead to lower discount rates, resulting in higher valuations.
Overall, JB Hi-Fi’s financial performance and valuation are quite sensitive to changes in interest rates, with potential implications for earnings, cash flow, and market perception of the company’s value amidst economic fluctuations.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BKQiBIaS1G aeKAmXMgZW Nvbm9taWNz IG92ZXIgdG hlIG5leHQg My01IHllYX JzIGlzIGEg c3VzdGFpbm VkIGRlY2xp bmUgaW4gYn JpY2stYW5k LW1vcnRhci ByZXRhaWwg ZHVlIHRvIG EgY29tYmlu YXRpb24gb2 Ygc2V2ZXJh bCBmYWN0b3 JzLCBpbmNs dWRpbmcgdG hlIGFjY2Vs ZXJhdGlvbi BvZiBvbmxp bmUgcmV0YW lsIGRvbWlu YW5jZSwgYS BzaWduaWZp Y2FudCBzaG lmdCBpbiBj b25zdW1lci BiZWhhdmlv ciwgYW5kIH dvcnNlbmlu ZyBlY29ub2 1pYyBjb25k aXRpb25zLj xicj5BcyBv bmxpbmUgcm V0YWlsZXJz IGxpa2UgQW 1hem9uIGFu ZCBzcGVjaW FsaXN0IHBs YXRmb3Jtcy Bjb250aW51 ZSB0byBpbX Byb3ZlIHRo ZWlyIGxvZ2 lzdGljcywg cHJvZHVjdC BvZmZlcmlu Z3MsIGFuZC BwcmljaW5n IHN0cmF0ZW dpZXMsIGNv bnN1bWVycy BtYXkgaW5j cmVhc2luZ2 x5IHByZWZl ciB0aGUgY2 9udmVuaWVu Y2Ugb2Ygc2 hvcHBpbmcg ZnJvbSBob2 1lLiBDb3Vw bGVkIHdpdG ggaW5jcmVh c2luZyBpbm ZsYXRpb24g YW5kIHJpc2 luZyBpbnRl cmVzdCByYX RlcywgY29u c3VtZXJzIG 1heSBzdGFy dCB0byBwcm lvcml0aXpl IGVzc2VudG lhbCBnb29k cyBvdmVyIG Rpc2NyZXRp b25hcnkgc3 BlbmRpbmcs IHdoaWNoIG VuY29tcGFz c2VzIGVsZW N0cm9uaWNz LCBob21lIG FwcGxpYW5j ZXMsIGFuZC BlbnRlcnRh aW5tZW50IH Byb2R1Y3Rz IHR5cGljYW xseSBzb2xk IGJ5IEpCIE hpLUZpLiA8 YnI+SW4gdG hpcyBzY2Vu YXJpbywgSk IgSGktRmkg Y291bGQgc2 VlIGEgc3Vz dGFpbmVkIH JlZHVjdGlv biBpbiBmb2 90IHRyYWZm aWMgdG8gaX RzIHN0b3Jl cywgaW1wYW N0aW5nIHNh bGVzIHZvbH VtZS4gV2l0 aCBsb3dlci ByZXZlbnVl IGFuZCBkZW NyZWFzZWQg Y3VzdG9tZX IgZW5nYWdl bWVudCwgdG hlIGNvbXBh bnkgbWlnaH QgZmFjZSBj aGFsbGVuZ2 VzIGluIG1h aW50YWluaW 5nIGl0cyBw cm9maXQgbW FyZ2lucy4g SWYgcHJvZm l0IG1hcmdp bnMgdGlnaH Rlbiwgb3Bl cmF0aW5nIG Nvc3RzIHdp bGwgYmVjb2 1lIG1vcmUg YnVyZGVuc2 9tZSwgZXNw ZWNpYWxseS BpZiBmaXhl ZCBjb3N0cy ByZW1haW4g cmVsYXRpdm VseSB1bmNo YW5nZWQgZH VlIHRvIGxl YXNlIGFncm VlbWVudHMg YW5kIHN0YW ZmaW5nIGNv bW1pdG1lbn RzLjxicj5D YXNoIGZsb3 cgY291bGQg YWxzbyBiZS BpbXBhY3Rl ZCBuZWdhdG l2ZWx5LiBX aXRoIGR3aW 5kbGluZyBy ZXZlbnVlLC BjYXNoIGZs b3cgZnJvbS BvcGVyYXRp b25zIGNvdW xkIGRlY3Jl YXNlIHNpZ2 5pZmljYW50 bHksIHBvdG VudGlhbGx5 IGxlYWRpbm cgdG8gZGlm ZmljdWx0aW VzIGluIGZ1 bmRpbmcgY2 FwaXRhbCBl eHBlbmRpdH VyZXMgb3Ig cmV0dXJuaW 5nIHZhbHVl IHRvIHNoYX JlaG9sZGVy cyB0aHJvdW doIGRpdmlk ZW5kcyBvci BzaGFyZSBi dXliYWNrcy 4gSWYgSkIg SGktRmkgc3 RydWdnbGVz IHRvIGNvbn ZlcnQgaXRz IHNhbGVzIH RvIGNhc2gg ZWZmZWN0aX ZlbHksIGl0 IGNvdWxkIG ltcGFjdCB0 aGUgY29tcG FueeKAmXMg bGlxdWlkaX R5IHNpdHVh dGlvbiwgbG VhZGluZyB0 byBpbmNyZW FzZWQgYm9y cm93aW5nIG 9yIGRlbGF5 aW5nIGVzc2 VudGlhbCBp bnZlc3RtZW 50cy48YnI+ T24gdGhlIG JhbGFuY2Ug c2hlZXQsIH Byb2xvbmdl ZCB1bmRlcn BlcmZvcm1h bmNlIGNvdW xkIHJlc3Vs dCBpbiBoaW doZXIgbGV2 ZWxzIG9mIG RlYnQgYXMg dGhlIGNvbX BhbnkgYXR0 ZW1wdHMgdG 8gbmF2aWdh dGUgdGhyb3 VnaCBjaGFs bGVuZ2luZy Bjb25kaXRp b25zLiBJZi BjYXNoIHJl c2VydmVzIG FyZSBkZXBs ZXRlZCwgdG hlIGNvbXBh bnkgbWlnaH QgbmVlZCB0 byByZWx5IG 9uIGV4dGVy bmFsIGZpbm FuY2luZywg aW5jcmVhc2 luZyBsZXZl cmFnZSBhbm QgZmluYW5j aWFsIHJpc2 suIEFkZGl0 aW9uYWxseS wgaWYgdGhl IGRlY2xpbm UgaW4gc2Fs ZXMgYW5kIG 1hcmdpbnMg bGVhZHMgdG 8gcmVkdWNl ZCBhc3NldC B2YWx1YXRp b25zLCB0aG UgY29tcGFu eSBtaWdodC BoYXZlIHRv IHJlY29nbm l6ZSBpbXBh aXJtZW50IG xvc3Nlcywg YWR2ZXJzZW x5IGFmZmVj dGluZyBlcX VpdHkuPGJy PkluIHN1bW 1hcnksIGlm IEpCIEhpLU ZpIGZhY2Vz IHByb2xvbm dlZCBjaGFs bGVuZ2VzIG Zyb20gYSBz aGlmdCB0by BvbmxpbmUg cmV0YWlsLC BjaGFuZ2Vz IGluIGNvbn N1bWVyIGJl aGF2aW9yLC BhbmQgYWR2 ZXJzZSBlY2 9ub21pYyBj b25kaXRpb2 5zLCBpdHMg bWFyZ2lucy Bjb3VsZCBu YXJyb3cgZH VlIHRvIGZp eGVkIGNvc3 RzIHByZXNz dXJlLCBjYX NoIGZsb3dz IGNvdWxkIH R1cm4gbmVn YXRpdmUgYX Mgc2FsZXMg ZGVjbGluZS wgYW5kIHRo ZSBiYWxhbm NlIHNoZWV0 IGNvdWxkIH Nob3cgaW5j cmVhc2VkIG xldmVyYWdl IGFuZCBwb3 RlbnRpYWwg aW1wYWlybW VudCBsb3Nz ZXMsIHB1dH RpbmcgdGhl IGNvbXBhbn kgYXQgYSBs b25nLXRlcm 0gZGlzYWR2 YW50YWdlLj 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 bG9nb3MvMj Y1dFdVMllk enYxa2w3eE 5oUkIud2Vi cCIgYWx0PS JKQiBIaS1G aSIgdGl0bG U9IkpCIEhp LUZpIiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTUwIHdpZH RoPTUwIGxv YWRpbmc9J2 xhenknIHN0 eWxlPSdib3 JkZXItcmFk aXVzOiA2cH g7Jz4KCiAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n ZmxleDogMT sgdGV4dC1h bGlnbjogY2 VudGVyOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dmb250LXNp emU6IDI2cH g7IGNvbG9y OiAjMzMzOy BtYXJnaW4t Ym90dG9tOi AxNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICDw n5OIIFdhbn QgdG8gcmVh ZCBtb3JlIG Fib3V0IEpC IEhpLUZpPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+UkyBVbm xvY2sgb3Vy IGZyZWUgZ3 VpZGU6IDxp PiJUaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzIjwvaT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1TNG dTa0lnU0cg a3RSbWtnZD JGeiBJR1p2 ZFc1a1pXIF FnYVc0Z01U azMgTkNCaW VTQktiMiBo dUlFSmhjbU oxIGRHOGdh VzRnVFcgVn NZbTkxY201 bCBMQ0JCZF hOMGNtIEZz YVdFdUlGUm 8gWlNCamIy MXdZVyA1NT RvQ1pjeUJ1 IFlXMWxJR2 x6SUcgUmxj bWwyWldRZy Babkp2YlNC Q1lYIEppZF hSdjRvQ1og Y3lCcGJtbD BhVyBGc2N5 QW9Ta0lwIE lHRnVaQ0Jv YVggTWdkMm xtWmVLQSBt WE1nYldGcF pHIFZ1SUc1 aGJXVXMgSU VocExVWnBM aiB4aWNqNH lMaUJVIGFH VWdabWx5Yz MgUWdTa0ln U0drdCBSbW tnYzNSdmNt IFVnZDJGek lHRWcgYUhW dFlteGxJRy BWc1pXTjBj bWxqIFlXd2 djM1J2Y20g VWdhVzRnUl dGeiBkQ0JM Wldsc2IzIE lzSUUxbGJH SnYgZFhKdV pTd2dZVyA1 a0lIUm9aU0 JqIGIyMXdZ VzU1NG8gQ1 pjeUJ6ZFdO aiBaWE56SU d4bFpDIEIw YnlCMGFHVW cgYjNCbGJt bHVaeSBCdl ppQnRiM0ps IElITjBiM0 psY3kgQmhZ M0p2YzNNZy BRWFZ6ZEhK aGJHIGxoSU dGdVpDQk8g WlhjZ1dtVm hiRyBGdVpD NDhZbkkrIE 15NGdWR2hs SUcgTnZiWE JoYm5uaSBn Smx6SUd4dl oyIDhzSUdF Z2NtVmsgSU dGdVpDQjVa VyB4c2IzY2 dZMjl0IFlt bHVZWFJwYj IgNHNJSGRo Y3lCcCBibk 53YVhKbFpD IEJpZVNCMG FHVWcgWTI5 c2IzSnpJRy A5bUlIUm9a U0JCIGRYTj BjbUZzYVcg RnVJR1pzWV djdSBQR0p5 UGpRdUlFIG x1SURFNU9U SXMgSUhSb1 pTQmpiMiAx d1lXNTVJSG RsIGJuUWdj SFZpYkcgbG pJR0Z1WkNC MyBZWE1nYk dsemRHIFZr SUc5dUlIUm 8gWlNCQmRY TjBjbSBGc2 FXRnVJRk5s IFkzVnlhWF JwWlggTWdS WGhqYUdGdS BaMlV1UEdK eVBqIFV1SU VwQ0lFaHAg TFVacElHbH pJRyB0dWIz ZHVJR1p2IG NpQnBkSE1n YkcgOTNMV0 52YzNRZyBZ blZ6YVc1bG MzIE1nYlc5 a1pXd3MgSU c5bVptVnlh VyA1bklHTn ZiWEJsIGRH bDBhWFpsSU ggQnlhV05s Y3lCdiBiaU JoSUhkcFpH IFVnY21GdV oyVWcgYjJZ Z2NISnZaSC BWamRITWdh VzVqIGJIVm thVzVuSUcg TnZibk4xYl dWeSBJR1Zz WldOMGNtID l1YVdOekxD QnogYjJaMG QyRnlaUyB3 Z1lXNWtJR0 Z3IGNHeHBZ VzVqWlggTX VQR0p5UGpZ dSBJRWx1SU RJd01EIGNz SUVwQ0lFaH AgTFVacElH VjRjRyBGdV pHVmtJR2x1 IGRHOGdkR2 hsSUcgMTFj MmxqSUcxaC BjbXRsZENC M2FYIFJvSU hSb1pTQmgg WTNGMWFYTn BkRyBsdmJp QnZaaUJVIG FHVWdWMkZ5 WlcgaHZkWE 5sNG9DWiBj eUJ0ZFhOcF l5IEJoYm1R Z1oyRnQgWl NCemRHOXla WCBNdVBHSn lQamN1IElG Um9aU0JqYj IgMXdZVzU1 NG9DWiBjeU J6ZEhKaGRH IFZuZVNCdl ppQnYgWm1a bGNtbHVaeS BCaElIZHBa R1VnIGNtRn VaMlVnYjIg WWdjSEp2Wk hWaiBkSE1n WVhRZ2JHID kzSUhCeWFX TmwgY3lCd2 NtOTJaVyBR Z2MzVmpZMl Z6IGMyWjFi Q3dnYkcgVm haR2x1WnlC MCBieUJoYm lCcGJtIE55 WldGelpTQn AgYmlCeVpY WmxibiBWbE lHRnVaQ0J3 IGNtOW1hWF J6TGogeGlj ajQ0TGlCSi BiaUF5TURF MExDIEJLUW lCSWFTMUcg YVNCd2RYSm phRyBGelpX UWdkR2hsIE lFNWxkeUJh WlcgRnNZVz VrSUdWcyBa V04wY205dW FXIE56SUdO b1lXbHUgTE NCVWFHVWdS MiA5dlpDQk hkWGx6IExD QmxlSEJoYm 0gUnBibWNn YVhSeiBJSE psWVdOb0lH IGx1ZEc4Z2 RHaGwgSUd0 cGRHTm9aVy A0Z1lXNWtJ R2h2IGJXVW dZWEJ3Ykcg bGhibU5sSU cxaCBjbXRs ZEM0OFluIE krT1M0Z1Nr SWcgU0drdF Jta2dhRyBG eklHRnNjMj hnIGRtVnVk SFZ5WlcgUW dhVzUwYnlC MCBhR1VnWk dsbmFYIFJo YkNCdFlYSn IgWlhRZ2Qy bDBhQyBCMG FHVWdiR0Yx IGJtTm9JRz ltSUcgbDBj eUJ6ZEhKbC BZVzFwYm1j Z2JYIFZ6YV dNZ2MyVnkg ZG1salpTd2 dTayBJZ1NH a3RSbWtnIF RrOVhMQ0Jo Ym0gUWdhWF J6SUdScCBa MmwwWVd3Z2 JXIDkyYVdV Z2NtVnUgZE dGc0lITmxj biBacFkyVX NJRXBDIElF aHBMVVpwSU UgNVBWeUJX YVdSbCBieT Q4WW5JK01U IEF1SUZSb1 pTQmogYjIx d1lXNTVJRy BoaGN5QjNi MjRnIGMyVj JaWEpoYkMg QmhkMkZ5Wk hNZyBZVzVr SUdGalkyID lzWVdSbGN5 d2cgYVc1am JIVmthVyA1 bklHSmxhVz VuIElHNWhi V1ZrSUQgSX dNakFnUVhW eiBkSEpoYk dsaGJpIEJT WlhSaGFXeG wgY2lCdlpp QjBhRyBVZ1 dXVmhjaUJo IGRDQjBhR1 VnVG0gRjBh Vzl1WVd3Zy BVbVYwWVds c0lFIEYzWV hKa2N5NDgg WW5JK01URX VJRSBwQ0lF aHBMVVpwIE lHbHpJR3R1 YjMgZHVJR1 p2Y2lCcCBk SE1nYzNWd2 NHIDl5ZENC dlppQnMgYj JOaGJDQmpi MiAxdGRXNX BkSGtnIFpY WmxiblJ6SU cgRnVaQ0Jq YUdGeSBhWF JwWlhNc0lH IGx1WTJ4MV pHbHUgWnlC MGFHVWdTRy BWaGNuUWdS bTkxIGJtUm hkR2x2Ymkg QmhibVFnUz JsayBjeUJJ Wld4d2JHIG x1WlM0OFlu SSsgTVRJdU lFRnpJRyA5 bUlESXdNak VzIElFcENJ RWhwTFUgWn BJRzl3WlhK aCBkR1Z6SU c5MlpYIEln TXpBd0lITj AgYjNKbGN5 QmhZMyBKdm MzTWdRWFZ6 IGRISmhiR2 xoSUcgRnVa Q0JPWlhjZy BXbVZoYkdG dVpDIDQ4WW 5JK01UTXUg SUZSb1pTQm piMiAxd1lX NTVJR2hoIG N5QmhiSE52 SUcgVjRjR0 Z1WkdWayBJ R2RzYjJKaG JHIHg1TENC dmNHVnUgYV c1bklITjBi MyBKbGN5Qn BiaUJOIFlX eGhlWE5wWV MgQmhibVFn VTJsdSBaMk Z3YjNKbElI IFZ1WkdWeU lIUm8gWlNC aWNtRnVaQy BCS1FpQklh UzFHIGFTQk liMjFsTGog eGljajR4Tk M0ZyBTVzRn TWpBeU1DIH dnU2tJZ1NH a3QgUm1rZ2 MyRjNJRyBF Z2MzVnlaMl VnIGFXNGdi MjVzYVcgNW xJSE5oYkdW eiBMQ0IzYV hSb0lHIEVn TWpBd0pTQn AgYm1OeVpX RnpaUyBCcG JpQnZibXhw IGJtVWdiM0 prWlggSnpJ R052YlhCaC BjbVZrSUhS dklIIFJvWl NCd2NtVjIg YVc5MWN5Qj VaVyBGeUxq eGljajR4IE 5TNGdTa0ln U0cga3RSbW tnYUdGeiBJ R0VnYzNSeW IyIDVuSUda dlkzVnogSU c5dUlITjFj MyBSaGFXNW hZbWxzIGFY UjVMQ0IzYV ggUm9JR2x1 YVhScCBZWF JwZG1WeklI IE4xWTJnZ1 lYTWcgY21W amVXTnNhVy A1bklHVXRk MkZ6IGRHVW dZVzVrSUgg SmxaSFZqYV c1biBJSEJz WVhOMGFXIE 1nZFhObElH bHUgSUhOMG IzSmxjeSA0 Z1ZHaGxJR0 52IGJYQmhi bmtnYVggTW dZV3h6YnlC aCBJSE5wWj I1aGRHIDl5 ZVNCMGJ5Qj AgYUdVZ1FY VnpkSCBKaG JHbGhiaUJR IFlXTnJZV2 RwYm0gY2dR MjkyWlc1aC BiblFnVDNK bllXIDVwZW 1GMGFXOXUg TENCamIyMX RhWCBSMGFX NW5JSFJ2IE lITjFjM1Jo YVcgNWhZbX hsSUhCaCBZ MnRoWjJsdV p5IEJ3Y21G amRHbGogWl hNdQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=