Rohm

Live  

Rohm is a Japanese electronic manufacturing company that was founded in 1958 by Kenichiro Sato. The company’s name is an acronym for Ranged Ohm, reflecting its focus on the production of resistors in its early years. Today, Rohm is a leading supplier of electronic components, such as semiconductors and integrated circuits, for a variety of industries including automotive, telecommunications, and consumer electronics.
The company is headquartered in Kyoto, Japan and has operations in Asia, Europe, and North America. It has over 21,000 employees and recorded net sales of 359 billion yen in the fiscal year 2020. Rohm’s products are used in a wide range of applications, from smartphones and laptops to automobiles and home appliances.
Rohm is known for its innovative and high-quality products, with a strong focus on research and development. The company invests heavily in new technologies and has established relationships with universities and research institutes to stay at the forefront of the industry. Rohm also prioritizes environmental sustainability and has implemented eco-friendly policies and technologies in its production processes.
Over the decades, Rohm has received numerous awards and recognition for its products and business practices. In 2019, the company was ranked #7 in Nikkei’s 2019 Creating the Future list of Japanese companies that excel in promoting diversity and gender equality.
Overall, Rohm is a highly respected and established company in the electronics industry, known for its advanced technology, commitment to quality, and social responsibility.

Rohm is a company that makes tiny parts that help electronic devices work better. Imagine your favorite toy, tablet, or video game console. All of these gadgets need special pieces inside them to do things like light up, make sounds, and connect to the internet. Rohm creates things like chips and sensors that help these devices function properly.
Rohm makes money by selling these parts to other companies that create electronics, like smartphones and TVs. When those companies use Rohm’s parts to build their products, they pay Rohm for those tiny pieces. The more gadgets that are made, and the more advanced they become, the more Rohm can sell its parts.
Rohm is successful because it focuses on making high-quality and reliable products. Companies like to buy from them because they know Rohm’s parts will work well and last a long time. On top of that, electronic devices are used everywhere, and technology keeps getting better and smaller. As more gadgets are created and new inventions are made, Rohm will have even more opportunities to sell its parts.
In the future, as technology continues to grow, Rohm will likely stay successful because they are always improving their products and finding new ways to help make exciting electronics. They are also investing in new ideas, like energy-saving technologies, which are important as people care more about the planet. So, Rohm’s mix of quality, constant improvement, and being ahead in technology helps them stay strong in the market!

MS4gTG9uZy BIaXN0b3J5 OiBUaGUgUm 9obSBjb21w YW55IGhhcy BhIHJpY2gg aGlzdG9yeS BkYXRpbmcg YmFjayB0by BpdHMgZXN0 YWJsaXNobW VudCBpbiAx ODk5LiBXaX RoIG92ZXIg MTIwIHllYX JzIG9mIGV4 cGVyaWVuY2 UsIHRoZSBj b21wYW55IG hhcyBldm9s dmVkIGludG 8gYSBnbG9i YWwgcGxheW VyIGluIHRo ZSBzZW1pY2 9uZHVjdG9y IGFuZCBlbG VjdHJvbmlj IGNvbXBvbm VudCBpbmR1 c3RyeS48Yn I+Mi4gSW5u b3ZhdGl2ZS B0ZWNobm9s b2d5OiBSb2 htIGlzIGtu b3duIGZvci BpdHMgaW5u b3ZhdGl2ZS B0ZWNobm9s b2d5IGFuZC BjdXR0aW5n LWVkZ2UgcH JvZHVjdHMu IFRoZSBjb2 1wYW55IGhh cyBhIHN0cm 9uZyBmb2N1 cyBvbiByZX NlYXJjaCBh bmQgZGV2ZW xvcG1lbnQs IGludmVzdG luZyBhIHNp Z25pZmljYW 50IGFtb3Vu dCBvZiBpdH MgcmV2ZW51 ZSBpbnRvIG 5ldyB0ZWNo bm9sb2dpZX MgYW5kIHBy b2R1Y3QgZG V2ZWxvcG1l bnQuPGJyPj MuIFF1YWxp dHkgcHJvZH VjdHM6IE9u ZSBvZiB0aG Uga2V5IHN0 cmVuZ3Rocy BvZiBSb2ht IGlzIGl0cy Bjb21taXRt ZW50IHRvIH Byb2R1Y2lu ZyBoaWdoLX F1YWxpdHkg cHJvZHVjdH MuIFRoZSBj b21wYW55IG hhcyBJU08g Y2VydGlmaW NhdGlvbnMg Zm9yIGl0cy BtYW51ZmFj dHVyaW5nIH Byb2Nlc3Nl cywgZW5zdX JpbmcgdGhh dCBpdHMgcH JvZHVjdHMg bWVldCBpbn Rlcm5hdGlv bmFsIHF1YW xpdHkgc3Rh bmRhcmRzLj xicj40LiBX aWRlIHJhbm dlIG9mIHBy b2R1Y3RzOi BSb2htIGhh cyBhIGRpdm Vyc2UgcHJv ZHVjdCBwb3 J0Zm9saW8s IHJhbmdpbm cgZnJvbSBz ZW1pY29uZH VjdG9ycyBh bmQgZWxlY3 Ryb25pYyBj b21wb25lbn RzIHRvIGxp Z2h0aW5nIG FuZCBwb3dl ciBzdXBwbG llcy4gVGhp cyB3aWRlIH JhbmdlIG9m IHByb2R1Y3 RzIGVuYWJs ZXMgdGhlIG NvbXBhbnkg dG8gY2F0ZX IgdG8gdmFy aW91cyBpbm R1c3RyaWVz LCBpbmNsdW RpbmcgYXV0 b21vdGl2ZS wgbWVkaWNh bCwgYW5kIE lvVC48YnI+ NS4gU3Ryb2 5nIHBhcnRu ZXJzaGlwcz ogUm9obSBo YXMgZXN0YW JsaXNoZWQg c3Ryb25nIH BhcnRuZXJz aGlwcyB3aX RoIG90aGVy IGxlYWRpbm cgY29tcGFu aWVzIGluIH RoZSBpbmR1 c3RyeSwgc3 VjaCBhcyBJ bnRlbCBhbm QgUGFuYXNv bmljLiBUaG VzZSBwYXJ0 bmVyc2hpcH MgYWxsb3cg Um9obSB0by Bjb2xsYWJv cmF0ZSBvbi BuZXcgdGVj aG5vbG9naW VzIGFuZCBl eHBhbmQgaX RzIG1hcmtl dCBwcmVzZW 5jZS48YnI+ Ni4gU3VzdG FpbmFiaWxp dHk6IFJvaG 0gaXMgY29t bWl0dGVkIH RvIHN1c3Rh aW5hYmlsaX R5IGFuZCBy ZXNwb25zaW JsZSBidXNp bmVzcyBwcm FjdGljZXMu IFRoZSBjb2 1wYW55IGhh cyBpbXBsZW 1lbnRlZCB2 YXJpb3VzIG luaXRpYXRp dmVzLCBzdW NoIGFzIHJl ZHVjaW5nIG NhcmJvbiBl bWlzc2lvbn MgYW5kIHBy b21vdGluZy ByZWN5Y2xp bmcsIHRvIH JlZHVjZSBp dHMgaW1wYW N0IG9uIHRo ZSBlbnZpcm 9ubWVudC48 YnI+Ny4gR2 xvYmFsIHBy ZXNlbmNlOi BXaXRoIGEg c3Ryb25nIH ByZXNlbmNl IGluIEFzaW EsIEV1cm9w ZSwgYW5kIE 5vcnRoIEFt ZXJpY2EsIF JvaG0gaGFz IGEgZ2xvYm FsIHJlYWNo IGFuZCBjYW 4gc2VydmUg Y3VzdG9tZX JzIGFsbCBv dmVyIHRoZS B3b3JsZC4g VGhpcyBnbG 9iYWwgbmV0 d29yayBhbH NvIGFsbG93 cyB0aGUgY2 9tcGFueSB0 byBhY2Nlc3 MgbmV3IG1h cmtldHMgYW 5kIGRpdmVy c2UgdGFsZW 50IHBvb2xz Ljxicj44Li BDdXN0b21l ci1mb2N1c2 VkIGFwcHJv YWNoOiBSb2 htIGhhcyBh IGN1c3RvbW VyLWZvY3Vz ZWQgYXBwcm 9hY2gsIGFp bWluZyB0by B1bmRlcnN0 YW5kIGFuZC BtZWV0IHRo ZSBzcGVjaW ZpYyBuZWVk cyBvZiBpdH MgY2xpZW50 cy4gVGhpcy BhcHByb2Fj aCBoYXMgaG VscGVkIHRo ZSBjb21wYW 55IGJ1aWxk IGxvbmctbG FzdGluZyBy ZWxhdGlvbn NoaXBzIHdp dGggaXRzIG N1c3RvbWVy cy48YnI+OS 4gU3Ryb25n IGZpbmFuY2 lhbCBwZXJm b3JtYW5jZT ogUm9obSBo YXMgY29uc2 lzdGVudGx5 IHNob3duIH N0cm9uZyBm aW5hbmNpYW wgcGVyZm9y bWFuY2UsIH dpdGggc3Rl YWR5IHJldm VudWUgZ3Jv d3RoIGFuZC Bwcm9maXRh YmlsaXR5Li BUaGlzIGZp bmFuY2lhbC BzdGFiaWxp dHkgYWxsb3 dzIHRoZSBj b21wYW55IH RvIGludmVz dCBpbiBuZX cgdGVjaG5v bG9naWVzIG FuZCBleHBh bmQgaXRzIG 9wZXJhdGlv bnMuPGJyPj EwLiBDb3Jw b3JhdGUgc2 9jaWFsIHJl c3BvbnNpYm lsaXR5OiBS b2htIGhhcy BhIHN0cm9u ZyBjb21taX RtZW50IHRv IGNvcnBvcm F0ZSBzb2Np YWwgcmVzcG 9uc2liaWxp dHksIGZvY3 VzaW5nIG9u IGdpdmluZy BiYWNrIHRv IHRoZSBjb2 1tdW5pdHkg YW5kIGNyZW F0aW5nIGEg cG9zaXRpdm UgaW1wYWN0 LiBUaGUgY2 9tcGFueSBo YXMgdmFyaW 91cyBwcm9n cmFtcyBpbi BwbGFjZSwg c3VjaCBhcy BzdXBwb3J0 aW5nIGVkdW NhdGlvbiBh bmQgZGlzYX N0ZXIgcmVs aWVmIGVmZm 9ydHMsIHRv IHN1cHBvcn Qgc29jaWFs IGFuZCBlbn Zpcm9ubWVu dGFsIGNhdX Nlcy4=

VGhlIFJvaG 0gY29tcGFu eSBpcyBhIE phcGFuZXNl IGVsZWN0cm 9uaWMgY29t cG9uZW50cy BtYW51ZmFj dHVyZXIgdG hhdCBvcGVy YXRlcyBvbi BhIGJ1c2lu ZXNzIG1vZG VsIGJhc2Vk IG9uIHByb3 ZpZGluZyBj dXN0b21lcn Mgd2l0aCBo aWdoLXF1YW xpdHkgcHJv ZHVjdHMgYX QgYSBjb21w ZXRpdGl2ZS BwcmljZS4g VGhlIGNvbX BhbnnigJlz IGJ1c2luZX NzIG1vZGVs IHJldm9sdm VzIGFyb3Vu ZCByZXNlYX JjaCwgZGV2 ZWxvcG1lbn QsIGFuZCBw cm9kdWN0aW 9uIG9mIGEg d2lkZSByYW 5nZSBvZiBl bGVjdHJvbm ljIGNvbXBv bmVudHMgaW 5jbHVkaW5n IGludGVncm F0ZWQgY2ly Y3VpdHMsIH RyYW5zaXN0 b3JzLCBkaW 9kZXMsIGFu ZCB2YXJpb3 VzIG90aGVy IHNlbWljb2 5kdWN0b3Jz Ljxicj5Sb2 ht4oCZcyBj b3JlIGJ1c2 luZXNzIHN0 cmF0ZWd5IG lzIHRvIGZv Y3VzIG9uIG lubm92YXRp b24gYW5kIG RldmVsb3Bp bmcgY3V0dG luZy1lZGdl IHRlY2hub2 xvZ2llcyB0 aGF0IG1lZX QgdGhlIGV2 b2x2aW5nIG 5lZWRzIG9m IGl0cyBjdX N0b21lcnMu IFRoZSBjb2 1wYW55IGlu dmVzdHMgaG VhdmlseSBp biByZXNlYX JjaCBhbmQg ZGV2ZWxvcG 1lbnQgYW5k IGhhcyBhIH RlYW0gb2Yg ZXhwZXJ0cy B3b3JraW5n IHRvd2FyZH MgY3JlYXRp bmcgbmV3IG FuZCBpbm5v dmF0aXZlIH Byb2R1Y3Rz Ljxicj5Jbi BhZGRpdGlv biB0byBpdH Mgb3duIHJl c2VhcmNoIG VmZm9ydHMs IFJvaG0gYW xzbyB3b3Jr cyBjbG9zZW x5IHdpdGgg aXRzIGN1c3 RvbWVycyB0 byB1bmRlcn N0YW5kIHRo ZWlyIG5lZW RzIGFuZCBk ZXZlbG9wIG N1c3RvbWl6 ZWQgc29sdX Rpb25zIGZv ciB0aGVpci BzcGVjaWZp YyByZXF1aX JlbWVudHMu PGJyPkFub3 RoZXIga2V5 IGFzcGVjdC BvZiBSb2ht 4oCZcyBidX NpbmVzcyBt b2RlbCBpcy BpdHMgc3Ry b25nIGZvY3 VzIG9uIGNv c3QgbWFuYW dlbWVudCBh bmQgZWZmaW NpZW5jeS4g VGhlIGNvbX BhbnkgaGFz IGltcGxlbW VudGVkIHZh cmlvdXMgY2 9zdC1jdXR0 aW5nIG1lYX N1cmVzIGFu ZCBzdHJlYW 1saW5lZCBp dHMgcHJvZH VjdGlvbiBw cm9jZXNzZX MgdG8gbWFp bnRhaW4gYS Bjb21wZXRp dGl2ZSBlZG dlIGluIHRo ZSBtYXJrZX QuPGJyPlJv aG0gYWxzby BoYXMgYSBn bG9iYWwgcH Jlc2VuY2Us IHdpdGggcH JvZHVjdGlv biBmYWNpbG l0aWVzIGFu ZCBzYWxlcy BvZmZpY2Vz IGluIHZhcm lvdXMgY291 bnRyaWVzIG Fyb3VuZCB0 aGUgd29ybG QuIFRoaXMg YWxsb3dzIH RoZSBjb21w YW55IHRvIH JlYWNoIGEg YnJvYWRlci BtYXJrZXQg YW5kIGNhdG VyIHRvIHRo ZSBuZWVkcy BvZiBpdHMg ZGl2ZXJzZS BjdXN0b21l ciBiYXNlLj xicj5PdmVy YWxsLCB0aG UgUm9obSBj b21wYW554o CZcyBidXNp bmVzcyBtb2 RlbCBpcyBi YXNlZCBvbi BhIGNvbWJp bmF0aW9uIG 9mIGlubm92 YXRpb24sIG VmZmljaWVu dCBwcm9kdW N0aW9uLCBh bmQgZ2xvYm FsIHJlYWNo LCBhbGxvd2 luZyBpdCB0 byBwcm92aW RlIGhpZ2gt cXVhbGl0eS BlbGVjdHJv bmljIGNvbX BvbmVudHMg dG8gaXRzIG N1c3RvbWVy cyB3aGlsZS ByZW1haW5p bmcgY29tcG V0aXRpdmUg aW4gdGhlIG 1hcmtldC4=

AI can indeed pose several challenges to the Rohm Company’s products, services, and competitive positioning, primarily in the following ways:
1. Substitution: AI-driven innovations could lead to the development of alternative materials or electronic components that perform better or at a lower cost. For instance, advancements in materials science could yield new semiconductor technologies that rival Rohm’s existing offerings, potentially decreasing demand for their products.
2. Disintermediation: The rise of AI can facilitate more direct connections between manufacturers and customers, reducing reliance on traditional distribution channels. With AI, companies can leverage platforms to sell directly to end-users, which might diminish Rohm’s market presence or change the dynamics of their supply chain.
3. Margin Pressure: AI applications in manufacturing can enhance efficiency and reduce production costs, leading to more competitive pricing in the market. If Rohm cannot optimize its own processes or leverage AI to maintain its margins, it may face pressure from competitors who adopt these technologies more effectively.
To summarize, while AI holds the potential to drive innovation and improve operational efficiencies, it can also challenge Rohm’s competitive positioning through substitution of products, changes in distribution strategies, and increasing pressure on profit margins.

The sensitivity of Rohm Company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Earnings Sensitivity: Rohm’s earnings may be affected by interest rates in various ways. If the company has a significant amount of debt, rising interest rates can lead to increased interest expenses, negatively impacting net income. Additionally, higher interest rates can dampen consumer spending and investment, potentially leading to reduced demand for Rohm’s products, which could also affect earnings.
2. Cash Flow Sensitivity: Cash flow is closely linked to earnings, and changes in interest rates can influence cash flow generation. Higher rates could increase financing costs, reducing cash flow from operations if the company has to allocate more cash to service its debt. Conversely, if Rohm invests in growth projects that are sensitive to interest rates, changes can directly impact the return on those investments and, therefore, cash flow.
3. Valuation Sensitivity: The valuation of Rohm, like many companies, often depends on discounted cash flow models that factor in interest rates. A rise in interest rates typically leads to a higher discount rate applied to future cash flows, resulting in a lower present value of the company’s expected earnings and cash flows. This can lead to a decline in stock price, as investors reassess the value proposition of Rohm’s future performance.
Overall, while Rohm may experience some sensitivity to changes in interest rates, the exact extent of this sensitivity will depend on its financial structure, market conditions, and operational resilience. A thorough analysis of their current debt levels, cash management strategies, and market competitiveness is essential to gauge the full impact.

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 bG9nb3MvNF RQVlRIQU40 d1k3REVkVU lsNWoud2Vi cCIgYWx0PS JSb2htIiB0 aXRsZT0iUm 9obSIgIGNs YXNzPSJpbW ctZmx1aWQi IGhlaWdodD 05MCB3aWR0 aD05MCBsb2 FkaW5nPSds YXp5JyBzdH lsZT0nYm9y ZGVyLXJhZG l1czogNnB4 Oyc+CgogIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 ZsZXg6IDE7 IHRleHQtYW xpZ246IGNl bnRlcjsgbW FyZ2luLWxl ZnQ6IDVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8cC BzdHlsZT0n Zm9udC1zaX plOiAyNnB4 OyBjb2xvcj ogIzMzMzsg bWFyZ2luLW JvdHRvbTog MTVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TiCBXYW50 IHRvIHJlYW QgbW9yZSBh Ym91dCBSb2 htPwogICAg 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+Gky BEaXNjb3Zl ciA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+IOKA lCBmcmVlIG VCb29rIQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDEycHg7IG ZvbnQtc2l6 ZTogMTNweD sgY29sb3I6 ICM0NDQ7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIF NpZ24gdXAg bm93IGFuZC BnZXQgb3Vy IGZyZWUgZU Jvb2sgCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8Yj5U aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz PC9iPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT ZweDsgZm9u dC1zaXplOi AxNHB4OyBj b2xvcjogIz Q0NDsgZm9u dC1mYW1pbH k6IC1hcHBs ZS1zeXN0ZW 0sIEJsaW5r TWFjU3lzdG VtRm9udCwg U2Vnb2UgVU ksIFJvYm90 bywgSGVsdm V0aWNhIE5l dWUsIHNhbn Mtc2VyaWY7 IGxpbmUtaG VpZ2h0OiAx LjY7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEhhdm UgeW91IGhl YXJkIGFib3 V0IG91ciBz aG9ydCA8c3 Ryb25nIHN0 eWxlPSdmb2 50LXdlaWdo dDogNjAwOy c+RGFpbHkg VmlkZW8gTm V3c2xldHRl cjwvc3Ryb2 5nPj8KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxhIGhy ZWY9J2h0dH BzOi8vd3d3 Lmluc2lnaH RmdWx2YWx1 ZS5jb20vbm V3c2xldHRl ci5waHAnIH RhcmdldD0n X2JsYW5rJy BzdHlsZT0n Y29sb3I6IC MwMDdCRkY7 IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sgZm9udC13 ZWlnaHQ6ID UwMDsgbWFy Z2luLWxlZn Q6IDZweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEZpbm Qgb3V0IG1v cmUKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAKICAg ICAgICAKIC AgICAgICA8 c3BhbiBjbG Fzcz0nYmx1 cnJlZC10ZX h0Jz4KICAg ICAgICAgIC AgTVM0Z1ZH aGxJRiBKdm FHMGdZMjl0 IGNHRnVlU0 IzWVggTWda bTkxYm1SbC BaQ0JwYmlB eE9UIEE1SU dKNUlFdHAg YW1seWJ5Qk xkVyAxaFoy RnBJR0Z6IE lHRWdjMjFo Ykcgd2dSMl Z5YldGdSBM VXBoY0dGdV pYIE5sSUhS eVlXUnAgYm 1jZ1kyOXRj RyBGdWVTQm pZV3hzIFpX UWdVc08yYU cgMGdKaUJJ WVdGeiBMan hpY2o0eUxp IEJVYUdVZ1 kyOXQgY0dG dWVTQnBibS BsMGFXRnNi SGtnIFptOW pkWE5sWkMg QnZiaUJwYl hCdiBjblJw Ym1jZ1kyIG hsYldsallX eHogSUdGdV pDQndhRyBG eWJXRmpaWF YwIGFXTmhi SE1nWm4gSn ZiU0JIWlhK dCBZVzU1TE NCaWRYIFFn YkdGMFpYSW cgWlhod1lX NWtaVyBRZ2 FXNTBieUJ0 IFlXNTFabU ZqZEggVnlh VzVuSUdsMC BjeUJ2ZDI0 Z1kyIGhsYl dsallXeHog SUdGdVpDQn dhRyBGeWJX RmpaWFYwIG FXTmhiSE11 UEcgSnlQak 11SUVsdSBJ REU1TXpNc0 lHIEZtZEdW eUlIUm8gWl NCa1pXRjBh QyBCdlppQn BkSE1nIFpt OTFibVJsY2 kgd2dkR2hs SUdOdiBiWE JoYm5rZ2Qy IEZ6SUhKbG JtRnQgWldR Z2RHOGdVcy BPMmFHMGdS MjFpIFNDND hZbkkrTkMg NGdSSFZ5YV c1biBJRmR2 Y214a0lGIG RoY2lCSlNT d2cgZEdobE lHTnZiWCBC aGJua2dZbV ZqIFlXMWxJ R0VnYlcgRn FiM0lnYzNW dyBjR3hwWl hJZ1ptIDl5 SUhSb1pTQk ggWlhKdFlX NGdiVyBsc2 FYUmhjbmtz IElIQnliMl IxWTIgbHVa eUJ6ZVc1MC BhR1YwYVdN Z2NuIFZpWW 1WeUlHRnUg WkNCdmRHaG xjaSBCdFlY UmxjbWxoIG JITXVJRlJv Wlgga2dZV3 h6YnlCdiBj R1Z5WVhSbF pDIEJtYjNK alpXUWcgYk dGaWIzSWdZ MiBGdGNITX NJSFYwIGFX eHBlbWx1Wn kgQmliM1Jv SUdOcCBkbW xzYVdGdUlH IEZ1WkNCd2 NtbHogYjI1 bGNpQnNZVy BKdmNpNDhZ bkkrIE5TNG dTVzRnTVQg azBOU3dnWm 05cyBiRzkz YVc1bklIIF JvWlNCM1lY SXMgSUhSb1 pTQmpiMiAx d1lXNTVJSG RoIGN5Qnla VzVoYlcgVm tJSFJ2SUZK diBhRzBnWV c1a0lFIGho WVhNZ1IyMW kgU0NCaGJt UWdkMiBGek lIQnNZV05s IFpDQjFibV JsY2kgQkJi R3hwWldRZy BZMjl1ZEhK dmJDIDQ4WW 5JK05pNGcg U1c0Z2RHaG xJRCBFNU5q QnpMQ0JTIG IyaHRJR0Z1 WkMgQklZV0 Z6SUdKbCBa MkZ1SUhOb2 FXIFowYVc1 bklHbDAgY3 lCbWIyTjFj eSBCbWNtOX RJSEJvIFlY SnRZV05sZF ggUnBZMkZz Y3lCMCBieU J3YkdGemRH IGxqY3l3Z1 lXNWsgSUds dUlERTVOai Bnc0lIUm9a U0JqIGIyMX dZVzU1SUcg OW1abWxqYV dGcyBiSGtn WTJoaGJtIG RsWkNCcGRI TWcgYm1GdF pTQjBieSBC U2IyaHRJRW R0IFlrZ3VQ R0p5UGogY3 VJRWx1SUhS byBaU0F4T1 Rjd2N5IHdn VW05b2JTQk ggYldKSUlH VjRjRyBGdV pHVmtJR2ww IGN5QndjbT lrZFcgTjBh Vzl1SUhSdi BJR2x1WTJ4 MVpHIFVnWl d4bFkzUnkg YjI1cFkzTX NJRyBOdmJu TjBjblZqIG RHbHVaeUJo SUcgeGhjbW RsSUhObCBi V2xqYjI1a2 RXIE4wYjNJ Z2NHeGggYm 5RZ2FXNGdW SCBOMUxDQk tZWEJoIGJp NDhZbkkrT0 MgNGdTVzRn TVRrMyBPU3 dnZEdobElH IE52YlhCaG Jua2cgWlhO MFlXSnNhWC BOb1pXUWdh WFJ6IElHWn Bjbk4wSUcg OTJaWEp6Wl dGeiBJSE4x WW5OcFpHIG xoY25rc0lG SnYgYUcwZ1 lXNWtJRSBo aFlYTWdRMj l0IGNHRnVl U3dnYVcgNG dkR2hsSUZW dSBhWFJsWk NCVGRHIEYw WlhNdUlGUm 8gYVhNZ2Mz VmljMiBsa2 FXRnllU0Iz IGIzVnNaQ0 JsZG0gVnVk SFZoYkd4NS BJR0psWTI5 dFpTIEIwYU dVZ2FHVmgg WkhGMVlYSj BaWCBKeklH OW1JSFJvIF pTQm5iRzlp WVcgd2dZMj l0Y0dGdSBl UzQ4WW5JK0 9TIDRnU1c0 Z01qQXcgT1 N3Z2RHaGxJ RyBOdmJYQm hibmtnIFky aGhibWRsWk MgQnBkSE1n Ym1GdCBaU0 IwYnlCU2Iy IGh0SUVOdk xpd2cgVEhS a0xpd2dkRy A4Z1ltVjBk R1Z5IElISm xabXhsWTMg UWdhWFJ6SU dKMSBjMmx1 WlhOeklHID l3WlhKaGRH bHYgYm5NdV BHSnlQaiBF d0xpQlViMl JoIGVTd2dV bTlvYlMgQn BjeUJoSUdk cyBiMkpoYk NCemRYIEJ3 YkdsbGNpQn YgWmlCbGJH VmpkSCBKdm JtbGpJR052 IGJYQnZibV Z1ZEggTXNJ R2x1WTJ4MS BaR2x1WnlC elpXIDFwWT I5dVpIVmog ZEc5eWN5d2 dURSBWRWN5 d2dZVzVrIE lHOTBhR1Z5 SUggQnliMl IxWTNSeiBJ SFZ6WldRZ2 FXIDRnWVNC M2FXUmwgSU hKaGJtZGxJ RyA5bUlHbH VaSFZ6IGRI SnBaWE1zSU ggTjFZMmdn WVhNZyBZWF YwYjIxdmRH IGwyWlN3Z1 kyOXUgYzNW dFpYSWdaVy B4bFkzUnli MjVwIFkzTX NJR0Z1WkMg QnBibVIxYz NSeSBhV0Zz SUcxaGJuIF ZtWVdOMGRY SnAgYm1jdQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=