Kurita Water Industries

-10.69%

Live  

Kurita Water Industries is a Japanese water treatment company that was founded in 1949. The company provides water treatment and environmental solutions to a wide range of industries, including power plants, oil and gas, chemical, and food and beverage.
Kurita Water Industries offers a variety of products and services, such as water treatment chemicals, membrane systems, and recycling systems. The company also provides technical consulting and maintenance services to help customers optimize their water treatment processes.
Kurita Water Industries is committed to sustainability and focuses on developing innovative solutions that reduce the environmental impact of its operations. The company also works to promote responsible water usage and conservation through education and outreach programs.
Kurita Water Industries has a global presence, with offices and facilities in over 62 countries. The company has a team of over 6,000 employees who are dedicated to providing high-quality and sustainable water treatment solutions to their customers.

S3VyaXRhIF dhdGVyIElu ZHVzdHJpZX MgaXMgYSBj b21wYW55IH RoYXQgaGVs cHMgb3RoZX IgYnVzaW5l c3NlcyB0YW tlIGNhcmUg b2Ygd2F0ZX IuIFRoZXkg bWFrZSB0aG Ugd2F0ZXIg Y2xlYW5lci BhbmQgc2Fm ZXIgZm9yIH Blb3BsZSBh bmQgaW5kdX N0cmllcyB0 byB1c2UuIF RoaW5rIG9m IHRoZW0gbG lrZSB3YXRl ciBzdXBlcm hlcm9lcyEg VGhleSBoZW xwIGZhY3Rv cmllcywgcG 93ZXIgcGxh bnRzLCBhbm Qgb3RoZXIg cGxhY2VzIH RoYXQgbmVl ZCBhIGxvdC BvZiB3YXRl ciB0byB1c2 UgaXQgaW4g dGhlIGJlc3 Qgd2F5IHBv c3NpYmxlLi A8YnI+S3Vy aXRhIG1ha2 VzIG1vbmV5 IGJ5IHNlbG xpbmcgc3Bl Y2lhbCBwcm 9kdWN0cyBh bmQgc2Vydm ljZXMgdGhh dCBoZWxwIG NsZWFuIGFu ZCBpbXByb3 ZlIHRoZSBx dWFsaXR5IG 9mIHdhdGVy LiBUaGlzIG 1lYW5zIHRo YXQgd2hlbi Bjb21wYW5p ZXMgbmVlZC B3YXRlciBm b3IgdGhlaX Igb3BlcmF0 aW9ucywgdG hleSBtaWdo dCBidXkgS3 VyaXRh4oCZ cyBzcGVjaW FsIGNoZW1p Y2FscyBvci BlcXVpcG1l bnQuIFRoZX kgYWxzbyBw cm92aWRlIH NlcnZpY2Vz IHRoYXQgaG VscCB0aGVz ZSBjb21wYW 5pZXMgbWFu YWdlIHRoZW lyIHdhdGVy IGJldHRlci 48YnI+VGhl IGNvbXBhbn kgaXMgc3Vj Y2Vzc2Z1bC ByaWdodCBu b3cgYmVjYX VzZSB0aGVy ZeKAmXMgYS BiaWcgbmVl ZCBmb3IgY2 xlYW4gd2F0 ZXIgd29ybG R3aWRlLiBB cyBwZW9wbG UgYXJlIGJl Y29taW5nIG 1vcmUgYXdh cmUgb2YgaG 93IGltcG9y dGFudCBpdC BpcyB0byBw cm90ZWN0IG 91ciBwbGFu ZXQgYW5kIH VzZSB3YXRl ciB3aXNlbH ksIEt1cml0 YSBjYW4ga2 VlcCBoZWxw aW5nIG1vcm UgYnVzaW5l c3Nlcy4gSW 4gdGhlIGZ1 dHVyZSwgYX MgdGVjaG5v bG9neSBhbm QgZW52aXJv bm1lbnRhbC BydWxlcyBj aGFuZ2UsIH RoZXkgd2ls bCBmaW5kIG 5ldyB3YXlz IHRvIGNyZW F0ZSBldmVu IGJldHRlci Bzb2x1dGlv bnMgZm9yIH dhdGVyIHBy b2JsZW1zLj xicj5CZWNh dXNlIG9mIG FsbCB0aGVz ZSB0aGluZ3 MsIEt1cml0 YSBXYXRlci BJbmR1c3Ry aWVzIGlzIG xpa2VseSB0 byBrZWVwIG JlaW5nIHN1 Y2Nlc3NmdW wuIFRoZXkg bWFrZSBzdX JlIHRoYXQg d2F0ZXIgaX MgdHJlYXRl ZCB3ZWxsLC B3aGljaCBo ZWxwcyBldm VyeW9uZSB1 c2UgaXQgaW 4gYSBzbWFy dCB3YXkhPG JyPg==

MS4gUGlvbm VlcmluZyBX YXRlciBTZX J2aWNlczog S3VyaXRhIF dhdGVyIElu ZHVzdHJpZX MgaGFzIGJl ZW4gYSBwaW 9uZWVyIGlu IHRoZSBmaW VsZCBvZiB3 YXRlciB0cm VhdG1lbnQg YW5kIG1hbm FnZW1lbnQg c2luY2UgaX RzIGVzdGFi bGlzaG1lbn QgaW4gMTk0 OS4gVGhlIG NvbXBhbnkg aGFzIGEgbG 9uZyBoaXN0 b3J5IG9mIH Byb3ZpZGlu ZyBpbm5vdm F0aXZlIGFu ZCBlZmZlY3 RpdmUgd2F0 ZXIgc29sdX Rpb25zIHRv IHZhcmlvdX MgaW5kdXN0 cmllcyBhbm QgbXVuaWNp cGFsaXRpZX MgYXJvdW5k IHRoZSB3b3 JsZC48YnI+ Mi4gR2xvYm FsIFJlYWNo OiBLdXJpdG EgV2F0ZXIg SW5kdXN0cm llcyBoYXMg YSBzdHJvbm cgZ2xvYmFs IHByZXNlbm NlIHdpdGgg b3BlcmF0aW 9ucyBpbiBv dmVyIDI1IG NvdW50cmll cyBhbmQgcm VnaW9ucywg cHJvdmlkaW 5nIHRoZWly IHNlcnZpY2 VzIHRvIG1v cmUgdGhhbi AxMywwMDAg Y3VzdG9tZX JzLiBUaGlz IGdsb2JhbC BuZXR3b3Jr IGFsbG93cy B0aGUgY29t cGFueSB0by BkZWxpdmVy IHRoZWlyIG V4cGVydGlz ZSBhbmQgc2 9sdXRpb25z IHRvIGEgZG l2ZXJzZSBy YW5nZSBvZi BjbGllbnRz Ljxicj4zLi BDb21wcmVo ZW5zaXZlIF dhdGVyIFNv bHV0aW9ucz ogS3VyaXRh IFdhdGVyIE luZHVzdHJp ZXMgb2ZmZX JzIGEgd2lk ZSByYW5nZS BvZiB3YXRl ciBzb2x1dG lvbnMgaW5j bHVkaW5nIH dhdGVyIHRy ZWF0bWVudC BjaGVtaWNh bHMsIGVxdW lwbWVudCwg YW5kIHNlcn ZpY2VzIGZv ciB2YXJpb3 VzIGluZHVz dHJpZXMgbG lrZSBwb3dl ciBnZW5lcm F0aW9uLCBv aWwgYW5kIG dhcywgZm9v ZCBhbmQgYm V2ZXJhZ2Us IGFuZCBtb3 JlLiBUaGlz IGNvbXByZW hlbnNpdmUg YXBwcm9hY2 ggbWFrZXMg dGhlbSBhIG 9uZS1zdG9w LXNob3AgZm 9yIGFsbCB3 YXRlci1yZW xhdGVkIG5l ZWRzLjxicj 40LiBGb2N1 cyBvbiBTdX N0YWluYWJp bGl0eTogQX MgYSBjb21w YW55IHRoYX QgZGVhbHMg d2l0aCB0aG UgbW9zdCB2 YWx1YWJsZS BuYXR1cmFs IHJlc291cm NlLCBLdXJp dGEgV2F0ZX IgSW5kdXN0 cmllcyBwbG FjZXMgYSBz dHJvbmcgZW 1waGFzaXMg b24gc3VzdG FpbmFiaWxp dHkgaW4gYW xsIGFzcGVj dHMgb2YgaX RzIGJ1c2lu ZXNzLiBUaG V5IGhhdmUg ZGV2ZWxvcG VkIHN1c3Rh aW5hYmxlIH dhdGVyIG1h bmFnZW1lbn Qgc29sdXRp b25zIGFuZC BoYXZlIHJl Y2VpdmVkIH ZhcmlvdXMg YXdhcmRzIG ZvciB0aGVp ciBlZmZvcn RzIGluIHRo aXMgYXJlYS 48YnI+NS4g Q3V0dGluZy 1lZGdlIFRl Y2hub2xvZ3 k6IEt1cml0 YSBXYXRlci BJbmR1c3Ry aWVzIGludm VzdHMgaGVh dmlseSBpbi ByZXNlYXJj aCBhbmQgZG V2ZWxvcG1l bnQgdG8gcH JvdmlkZSB0 aGUgbW9zdC BhZHZhbmNl ZCBhbmQgZW ZmaWNpZW50 IHdhdGVyIH NvbHV0aW9u cyB0byB0aG VpciBjbGll bnRzLiBUaG V5IGhhdmUg cGFydG5lcn NoaXBzIHdp dGggYWNhZG VtaWMgYW5k IHJlc2Vhcm NoIGluc3Rp dHV0aW9ucy wgYWxsb3dp bmcgdGhlbS B0byBjb25z dGFudGx5IG lubm92YXRl IGFuZCBpbX Byb3ZlIHRo ZWlyIG9mZm VyaW5ncy48 YnI+Ni4gQ2 9tbWl0bWVu dCB0byBDb3 Jwb3JhdGUg U29jaWFsIF Jlc3BvbnNp YmlsaXR5Oi BLdXJpdGEg V2F0ZXIgSW 5kdXN0cmll cyBpcyBjb2 1taXR0ZWQg dG8gZ2l2aW 5nIGJhY2sg dG8gc29jaW V0eSBhbmQg bWFraW5nIG EgcG9zaXRp dmUgaW1wYW N0IGluIHRo ZSBjb21tdW 5pdGllcyB0 aGV5IG9wZX JhdGUgaW4u IFRoZXkgZW 5nYWdlIGlu IHZhcmlvdX MgQ1NSIGFj dGl2aXRpZX Mgc3VjaCBh cyBlbnZpcm 9ubWVudGFs IGNvbnNlcn ZhdGlvbiwg ZWR1Y2F0aW 9uYWwgc3Vw cG9ydCwgYW 5kIGRpc2Fz dGVyIHJlbG llZiBlZmZv cnRzLjxicj 43LiBTdHJv bmcgRmluYW 5jaWFsIFBl cmZvcm1hbm NlOiBXaXRo IGEgc3Ryb2 5nIGdsb2Jh bCBwcmVzZW 5jZSwgZGl2 ZXJzaWZpZW QgcG9ydGZv bGlvLCBhbm QgZm9jdXMg b24gaW5ub3 ZhdGlvbiwg S3VyaXRhIF dhdGVyIElu ZHVzdHJpZX MgaGFzIGNv bnNpc3Rlbn RseSBkZWxp dmVyZWQgc3 Ryb25nIGZp bmFuY2lhbC ByZXN1bHRz LiBUaGlzIG hhcyBhbGxv d2VkIHRoZS Bjb21wYW55 IHRvIGNvbn RpbnVlIGlu dmVzdGluZy BpbiByZXNl YXJjaCBhbm QgZGV2ZWxv cG1lbnQgYW 5kIGV4cGFu ZCBpdHMgb3 BlcmF0aW9u cyBnbG9iYW xseS4=

VGhlIGJ1c2 luZXNzIG1v ZGVsIG9mIE t1cml0YSBX YXRlciBJbm R1c3RyaWVz IGlzIGZvY3 VzZWQgb24g cHJvdmlkaW 5nIGNvbXBy ZWhlbnNpdm Ugd2F0ZXIg dHJlYXRtZW 50IHNvbHV0 aW9ucyB0by BhIHdpZGUg cmFuZ2Ugb2 YgaW5kdXN0 cmllcywgaW 5jbHVkaW5n IG9pbCBhbm QgZ2FzLCBw b3dlciBnZW 5lcmF0aW9u LCBjaGVtaW NhbCwgYW5k IGdlbmVyYW wgbWFudWZh Y3R1cmluZy 4gVGhlIGNv bXBhbnkgdX NlcyBhZHZh bmNlZCB0ZW Nobm9sb2dp ZXMgYW5kIH Byb2R1Y3Rz IHRvIHByb3 ZpZGUgY3Vz dG9taXplZC Bzb2x1dGlv bnMgdGFpbG 9yZWQgdG8g bWVldCB0aG Ugc3BlY2lm aWMgbmVlZH MgYW5kIGNo YWxsZW5nZX Mgb2YgaXRz IGNsaWVudH MuIFRoaXMg aW5jbHVkZX Mgd2F0ZXIg dHJlYXRtZW 50IGNoZW1p Y2FscywgZX F1aXBtZW50 LCBhbmQgc3 lzdGVtcyBm b3IgcHJvY2 VzcyB3YXRl ciwgd2FzdG V3YXRlciwg YW5kIHJlY3 ljbGluZy4g S3VyaXRhIG Fsc28gb2Zm ZXJzIGEgcm FuZ2Ugb2Yg c2VydmljZX Mgc3VjaCBh cyBlbmdpbm VlcmluZywg b3BlcmF0aW 9uIGFuZCBt YWludGVuYW 5jZSwgYW5k IGNvbnN1bH RpbmcgdG8g aGVscCBjbG llbnRzIG9w dGltaXplIH RoZWlyIHdh dGVyIHVzYW dlIGFuZCBy ZWR1Y2UgdG hlaXIgZW52 aXJvbm1lbn RhbCBpbXBh Y3QuIFRoZS Bjb21wYW55 J3MgYnVzaW 5lc3MgbW9k ZWwgaXMgYm FzZWQgb24g bG9uZy10ZX JtIHBhcnRu ZXJzaGlwcy B3aXRoIGl0 cyBjbGllbn RzLCBwcm92 aWRpbmcgb2 5nb2luZyBz dXBwb3J0IG FuZCBzb2x1 dGlvbnMgdG 8gY29udGlu dW91c2x5IG ltcHJvdmUg d2F0ZXIgbW FuYWdlbWVu dCBhbmQgc3 VzdGFpbmFi aWxpdHkuIE FkZGl0aW9u YWxseSwgS3 VyaXRhIGVu Z2FnZXMgaW 4gcmVzZWFy Y2ggYW5kIG RldmVsb3Bt ZW50IHRvIG RldmVsb3Ag bmV3IGFuZC Bpbm5vdmF0 aXZlIHNvbH V0aW9ucyBm b3Igd2F0ZX IgdHJlYXRt ZW50IGFuZC Bjb25zZXJ2 YXRpb24u

AI does pose certain material threats to Kurita Water Industries’ products, services, and competitive positioning, primarily through substitution, disintermediation, and margin pressure.
1. Substitution: Advancements in AI technology can lead to the development of alternative water treatment methods that are more efficient or cost-effective. For example, AI-driven solutions can optimize water management, recycling, and wastewater treatment by using predictive analytics and machine learning. This could lead to substitutes for some of Kurita’s chemical products or treatment systems, reducing demand.
2. Disintermediation: AI can enable end-users to access water treatment solutions directly, bypassing traditional suppliers like Kurita. With the rise of smart technologies and IoT, businesses can implement AI-powered systems that allow them to manage their water treatment processes without needing extensive external support. This could threaten Kurita’s traditional business model and customer relationships.
3. Margin Pressure: As competitors adopt AI technologies, they may be able to offer more competitive pricing or enhanced service offerings. This could lead to increased competition and subsequently, pressure on Kurita to lower prices or invest in innovation to maintain market share. If competitors can efficiently leverage AI to reduce operational costs, Kurita may face shrinking profit margins.
While AI presents potential threats, it can also offer opportunities for Kurita to innovate and enhance its offerings. Adopting AI technologies could help improve efficiency, customer service, and product development, enabling the company to strengthen its competitive positioning in response to these challenges.

The sensitivity of Kurita Water Industries’ earnings, cash flow, and valuation to changes in interest rates can be assessed through several key factors:
1. Cost of Capital: Changes in interest rates influence the cost of borrowing. An increase in rates can lead to higher interest expenses on debt, which can impact net earnings and cash flow. Conversely, lower rates can reduce borrowing costs, positively affecting profitability.
2. Discount Rate for Valuation: When calculating the present value of future cash flows, an increase in interest rates raises the discount rate applied, lowering the company’s valuation. Higher rates typically suggest a higher required return, which can diminish how much investors are willing to pay for future earnings.
3. Investment Decisions: Kurita Water Industries may be sensitive to interest rate changes in terms of their capital investment decisions. Higher interest rates could make financing new projects more expensive, potentially slowing growth and affecting cash flow.
4. Economic Conditions: Interest rates can impact overall economic conditions. If rising rates lead to slower economic growth or reduced industrial activity, demand for Kurita’s products and services could decrease, negatively affecting revenues and cash flows.
5. Cash Flow Sensitivity: If the company relies on variable-rate debt, changes in interest rates can directly affect cash flow. Fixed-rate debt would insulate the company from immediate rate changes, but overall, cash flow projections will still need to account for market conditions associated with interest rate changes.
Overall, while the exact sensitivity would depend on the company’s financial structure and market conditions, increased interest rates generally pose risks to earnings, cash flow, and valuation, while declines in rates usually provide supportive effects.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgS3 VyaXRhIFdh dGVyIEluZH VzdHJpZXPi gJkgZWNvbm 9taWNzIG92 ZXIgdGhlIG 5leHQgM+KA kzUgeWVhcn MgaXMgdGhl IGFjY2VsZX JhdGVkIGFk b3B0aW9uIG 9mIGRlY2Vu dHJhbGl6ZW Qgd2F0ZXIg dHJlYXRtZW 50IHRlY2hu b2xvZ2llcy Bjb21iaW5l ZCB3aXRoIG Egc2lnbmlm aWNhbnQgcm VndWxhdG9y eSBzaGlmdC B0b3dhcmRz IHN1c3RhaW 5hYmlsaXR5 IGFuZCBlbn Zpcm9ubWVu dGFsIHByb3 RlY3Rpb24u PGJyPkluIH RoaXMgc2Nl bmFyaW8sIG RlY2VudHJh bGl6ZWQgc3 lzdGVtc+KA lHN1Y2ggYX Mgc21hbGwt c2NhbGUgd2 F0ZXIgcmVj eWNsaW5nIG FuZCB0cmVh dG1lbnQgcG xhbnRz4oCU Z2FpbiB0cm FjdGlvbiBh bW9uZyBpbm R1c3RyaWFs IGNsaWVudH MgYW5kIG11 bmljaXBhbG l0aWVzLiBU aGVzZSB0ZW Nobm9sb2dp ZXMgcHJvbW 90ZSBlZmZp Y2llbmN5LC ByZWR1Y2Ug dHJhbnNwb3 J0YXRpb24g Y29zdHMsIG FuZCBhbGxv dyB1c2Vycy B0byB0YWls b3Igc29sdX Rpb25zIHRv IHRoZWlyIH NwZWNpZmlj IG5lZWRzLi BUaGlzIHNo aWZ0IHJlZH VjZXMgZGVt YW5kIGZvci BsYXJnZS1z Y2FsZSBjZW 50cmFsaXpl ZCB3YXRlci B0cmVhdG1l bnQgc29sdX Rpb25zLCB3 aGljaCBLdX JpdGEgdHJh ZGl0aW9uYW xseSBwcm92 aWRlcy48Yn I+U2ltdWx0 YW5lb3VzbH ksIGlmIGdv dmVybm1lbn RzIGltcGxl bWVudCBzdH JpbmdlbnQg cmVndWxhdG lvbnMgYWlt ZWQgYXQgbW luaW1pemlu ZyBlbnZpcm 9ubWVudGFs IGltcGFjdC wgdHJhZGl0 aW9uYWwgd2 F0ZXIgdHJl YXRtZW50IG 1ldGhvZHMg bWF5IGJlY2 9tZSBsZXNz IHZpYWJsZS 4gVGhpcyBp bmNyZWFzZW QgcmVndWxh dGlvbiBtaW dodCBlbmZv cmNlIGhpZ2 hlciBjb21w bGlhbmNlIG Nvc3RzLCBm b3JjaW5nIE t1cml0YSB0 byBpbnZlc3 QgaGVhdmls eSBpbiBhZG FwdGluZyBp dHMgcHJvZH VjdHMgb3Ig cmlzayBmYW xsaW5nIGJl aGluZCBjb2 1wZXRpdG9y cyB3aG8gYX JlIG1vcmUg YWdpbGUgaW 4gZW1icmFj aW5nIHN1c3 RhaW5hYmxl IHRlY2hub2 xvZ2llcy48 YnI+U2hvdW xkIHRoaXMg c2NlbmFyaW 8gdW5mb2xk LCBLdXJpdG HigJlzIG1h cmdpbnMgY2 91bGQgY29u dHJhY3Qgc2 lnbmlmaWNh bnRseS4gVG hlIGluaXRp YWwgaW52ZX N0bWVudCBp biBhZGFwdG luZyB0byBu ZXcgdGVjaG 5vbG9naWVz LCBjb3VwbG VkIHdpdGgg dGhlIHBvdG VudGlhbCBs b3NzIG9mIG 1hcmtldCBz aGFyZSB0by BkZWNlbnRy YWxpemVkIG NvbXBldGl0 b3JzLCB3b3 VsZCBwcmVz c3VyZSBwcm 9maXRhYmls aXR5LiBIaW doIGNvbXBs aWFuY2UgY2 9zdHMgY291 bGQgZnVydG hlciBlcm9k ZSBtYXJnaW 5zLCBsZWFk aW5nIHRvIG xvd2VyIG92 ZXJhbGwgcH JvZml0YWJp bGl0eS48Yn I+Q2FzaCBm bG93IHdvdW xkIGxpa2Vs eSBiZSBuZW dhdGl2ZWx5 IGltcGFjdG VkIGFzIHRo ZSBjb21wYW 55IHRyYW5z aXRpb25zIH RvIG5ldyB0 ZWNobm9sb2 dpZXMgd2hp bGUgZ3JhcH BsaW5nIHdp dGggcmVkdW NlZCByZXZl bnVlcyBmcm 9tIGl0cyB0 cmFkaXRpb2 5hbCBwcm9k dWN0IGxpbm VzLiBUaGUg bmVjZXNzaX R5IGZvciBy ZWludmVzdG 1lbnQgaW4g UiZhbXA7RC BhbmQgcG90 ZW50aWFsIH Jlc3RydWN0 dXJpbmcgY2 91bGQgc3Ry YWluIGZyZW UgY2FzaCBm bG93LCBtYW tpbmcgaXQg Y2hhbGxlbm dpbmcgdG8g bWFpbnRhaW 4gcHJldmlv dXMgbGV2ZW xzIG9mIGZp bmFuY2lhbC BmbGV4aWJp bGl0eS48Yn I+T24gdGhl IGJhbGFuY2 Ugc2hlZXQs IEt1cml0YS BtaWdodCBz ZWUgYSBkZX RlcmlvcmF0 aW9uIGluIG tleSBtZXRy aWNzLiBBbi BpbmNyZWFz ZSBpbiBkZW J0IGxldmVs cyBjb3VsZC BvY2N1ciBp ZiB0aGUgY2 9tcGFueSBi b3Jyb3dzIH RvIGZpbmFu Y2UgdGhlIH RyYW5zaXRp b24sIGxlYW RpbmcgdG8g aGlnaGVyIG xldmVyYWdl IHJhdGlvcy 4gQWRkaXRp b25hbGx5LC B0aGUgdmFs dWUgb2YgdH JhZGl0aW9u YWwgYXNzZX RzLCBzdWNo IGFzIGxhcm dlIGNlbnRy YWwgdHJlYX RtZW50IGZh Y2lsaXRpZX MsIGNvdWxk IGRlY3JlYX NlIGlmIG1h cmtldCBkZW 1hbmQgc2hp ZnRzIGF3YX kgZnJvbSB0 aGVzZSBzb2 x1dGlvbnMu IFRoaXMgY2 91bGQgaW1w YWN0IHRoZS Bjb21wYW55 4oCZcyBhc3 NldCB2YWx1 ZXMgYW5kIG 92ZXJhbGwg ZXF1aXR5IH Bvc2l0aW9u Ljxicj5Pdm VyYWxsLCBp ZiBLdXJpdG EgV2F0ZXIg SW5kdXN0cm llcyBmYWls cyB0byBhZG FwdCB0byB0 aGUgc2hpZn RzIHRvd2Fy ZHMgZGVjZW 50cmFsaXpl ZCB0ZWNobm 9sb2dpZXMg YW5kIHN1c3 RhaW5hYmxl IHByYWN0aW NlcyB3aGls ZSBmYWNpbm cgaW5jcmVh c2VkIHJlZ3 VsYXRvcnkg Y29zdHMsIH RoZSByZXN1 bHQgY291bG QgYmUgYSBs b25nLXRlcm 0gaW1wYWly bWVudCBvZi BpdHMgZWNv bm9taWNzLC BjaGFyYWN0 ZXJpemVkIG J5IHJlZHVj ZWQgbWFyZ2 lucywgd2Vh a2VyIGNhc2 ggZmxvdywg YW5kIGEgY2 9tcHJvbWlz ZWQgYmFsYW 5jZSBzaGVl dC48YnI+

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 bG9nb3MvNU x3TDdnRWVw dFpYS3cwYk N5aU0ud2Vi cCIgYWx0PS JLdXJpdGEg V2F0ZXIgSW 5kdXN0cmll cyIgdGl0bG U9Ikt1cml0 YSBXYXRlci BJbmR1c3Ry aWVzIiAgY2 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 Fib3V0IEt1 cml0YSBXYX RlciBJbmR1 c3RyaWVzPw 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+GkyBEaX Njb3ZlciA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+IOKAlCBm cmVlIGVCb2 9rIQogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDEy cHg7IGZvbn Qtc2l6ZTog MTNweDsgY2 9sb3I6ICM0 NDQ7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIFNpZ2 4gdXAgbm93 IGFuZCBnZX Qgb3VyIGZy ZWUgZUJvb2 sgCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8Yj5UaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzPC9i PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTZweD sgZm9udC1z aXplOiAxNH B4OyBjb2xv cjogIzQ0ND sgZm9udC1m YW1pbHk6IC 1hcHBsZS1z eXN0ZW0sIE JsaW5rTWFj U3lzdGVtRm 9udCwgU2Vn b2UgVUksIF JvYm90bywg SGVsdmV0aW NhIE5ldWUs IHNhbnMtc2 VyaWY7IGxp bmUtaGVpZ2 h0OiAxLjY7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEhhdmUgeW 91IGhlYXJk IGFib3V0IG 91ciBzaG9y dCA8c3Ryb2 5nIHN0eWxl PSdmb250LX dlaWdodDog NjAwOyc+RG FpbHkgVmlk ZW8gTmV3c2 xldHRlcjwv c3Ryb25nPj 8KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xhIGhyZWY9 J2h0dHBzOi 8vd3d3Lmlu c2lnaHRmdW x2YWx1ZS5j b20vbmV3c2 xldHRlci5w aHAnIHRhcm dldD0nX2Js YW5rJyBzdH lsZT0nY29s b3I6ICMwMD dCRkY7IHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsgZm 9udC13ZWln aHQ6IDUwMD sgbWFyZ2lu LWxlZnQ6ID ZweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEZpbmQgb3 V0IG1vcmUK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AKICAgICAg ICAKICAgIC AgICA8c3Bh biBjbGFzcz 0nYmx1cnJl ZC10ZXh0Jz 4KICAgICAg ICAgICAgTV M0Z1MzVnlh WCBSaElGZG hkR1Z5IElF bHVaSFZ6ZE ggSnBaWE1n YVhNZyBZU0 JzWldGa2FX IDVuSUhkaG RHVnkgSUhS eVpXRjBiVy BWdWRDQmpi MjF3IFlXNT VJR0poYzIg VmtJR2x1SU VwaCBjR0Z1 TGlCSmRDIE IzWVhNZ1pt OTEgYm1SbF pDQnBiaSBB eE9UUTVJR2 x1IElGUnZh M2x2SUcgSj VJRTFoWjJG diBJRXQxY2 1sMFlTIDRn UEdKeVBqSX UgSUZSb1pT QmpiMiAxd1 lXNTU0b0Na IGN5QnRiM1 IwYnkgQnBj eUJHYjNJZy BkR2hsSUVa MWRIIFZ5Wl NCdlppQlgg WVhSbGNpd2 djbSBWbWJH VmpkR2x1IF p5QnBkSE1n WTIgOXRiV2 wwYldWdSBk Q0IwYnlCem RYIE4wWVds dVlXSnAgYk dsMGVTQmhi bSBRZ1pXNT JhWEp2IGJt MWxiblJoYk MgQnpkR1Yz WVhKayBjMm hwY0M0Z1BH IEp5UGpNdU lFdDEgY21s MFlTQlhZWC BSbGNpQkpi bVIxIGMzUn lhV1Z6SUgg QnliM1pwWk dWeiBJR0Vn ZDJsa1pTIE J5WVc1blpT QnYgWmlCM1 lYUmxjaSBC MGNtVmhkRz FsIGJuUWdj MjlzZFggUn BiMjV6SUda diBjaUIyWV hKcGIzIFZ6 SUdsdVpIVn ogZEhKcFpY TWdhVyA1am JIVmthVzVu IElHVnVaWE puZVMgd2dZ MmhsYldsai BZV3h6TENC aGJtIFFnWm 05dlpDQmgg Ym1RZ1ltVj JaWCBKaFoy VXVJRHhpIG NqNDBMaUJV YUcgVWdZMj l0Y0dGdSBl U0JvWVhNZ2 IzIFpsY2lB NExEQXcgTU NCbGJYQnNi MyBsbFpYTW dZVzVrIElH OXdaWEpoZE cgbHZibk1n YVc0ZyBiVz l5WlNCMGFH IEZ1SURNd0 lHTnYgZFc1 MGNtbGxjeS A0Z1BHSnlQ alV1IElFdD FjbWwwWVMg QlhZWFJsY2 lCSiBibVIx YzNSeWFXIF Z6SUdseklI Um8gWlNCc1 lYSm5aWCBO MElITjFjSE JzIGFXVnlJ RzltSUggZG hkR1Z5SUhS eSBaV0YwYl dWdWRDIEJq YUdWdGFXTm ggYkhNZ2FX NGdTbSBGd1 lXNGdZVzVr IElHOXVaU0 J2WmkgQjBh R1VnYkdGeS BaMlZ6ZENC cGJpIEIwYU dVZ2QyOXkg YkdRdUlEeG ljaiA0Mkxp QkpiaUJoIF pHUnBkR2x2 YmkgQjBieU IzWVhSbCBj aUIwY21WaG RHIDFsYm5R Z1kyaGwgYl dsallXeHpM QyBCMGFHVW dZMjl0IGNH RnVlU0JoYk ggTnZJRzlt Wm1WeSBjeU JqYjI1emRX IHgwYVc1bk lITmwgY25a cFkyVnpMQy BCbGNYVnBj RzFsIGJuUX NJR0Z1WkMg QnRZV2x1ZE dWdSBZVzVq WlNCbWIzIE lnYVc1a2RY TjAgY21saG JDQjNZWCBS bGNpQjBjbV ZoIGRHMWxi blFnYzMgbH pkR1Z0Y3k0 ZyBQR0p5UG pjdUlGIFJv WlNCamIyMX cgWVc1NUlH aGhjeSBCaE lITjBjbTl1 IFp5Qm1iMk 4xY3kgQnZi aUJ5WlhObC BZWEpqYUNC aGJtIFFnWk dWMlpXeHYg Y0cxbGJuUX NJSCBkcGRH Z2diM1psIG NpQXlNREFn Y20gVnpaV0 Z5WTJobCBj bk1nWVc1a0 lHIFZ1WjJs dVpXVnkgY3 lCM2IzSnJh VyA1bklIUn ZJR1JsIGRt VnNiM0FnYV cgNXViM1po ZEdsMiBaU0 J6YjJ4MWRH IGx2Ym5NZ1 ptOXkgSUhk aGRHVnlJSC BSeVpXRjBi V1Z1IGRDNG dQR0p5UGog Z3VJRWx1SU RJdyBNVGdz SUV0MWNtIG wwWVNCWFlY UmwgY2lCSm JtUjFjMyBS eWFXVnpJSG RoIGN5Qnla V052WjIgNX BlbVZrSUdK NSBJRVp2Y2 1KbGN5IEJo Y3lCdmJtVW cgYjJZZ2RH aGxJSCBkdm NteGs0b0Na IGN5QXhNRE FnYlcgOXpk Q0JwYm01di BkbUYwYVha bElHIE52Yl hCaGJtbGwg Y3k0Z1BHSn lQaiBrdUlG Um9aU0JqIG IyMXdZVzU1 NG8gQ1pjeU JqYjNKdyBi M0poZEdVZ2 MyIDlqYVdG c0lISmwgYz NCdmJuTnBZ bSBsc2FYUj VJR2x1IGFY UnBZWFJwZG 0gVnpJR2x1 WTJ4MSBaR1 VnY0hKdmRt IGxrYVc1bk lHTnMgWldG dUlIZGhkRy BWeUlIUnZJ R052IGJXMT FibWwwYVcg VnpJR2x1SU dSbCBkbVZz YjNCcGJtIG NnWTI5MWJu UnkgYVdWek lHRnVaQyBC d2NtOXRiM1 JwIGJtY2da V1IxWTIgRj BhVzl1SUc5 dSBJSGRoZE dWeUlHIE52 Ym5ObGNuWm ggZEdsdmJp QmhibSBRZ1 pXNTJhWEp2 IGJtMWxibl JoYkMgQndj bTkwWldOMC BhVzl1TGlB OFluIEkrTV RBdUlFdDEg Y21sMFlTQl hZWCBSbGNp QkpibVIxIG MzUnlhV1Z6 SUcgaGhjeU J3WVhKMCBi bVZ5YzJocG NIIE1nZDJs MGFDQnYgY2 1kaGJtbDZZ WCBScGIyNX pJSE4xIFky Z2dZWE1nZE cgaGxJRlZ1 YVhSbCBaQ0 JPWVhScGIy IDV6SUdGdV pDQjAgYUdV Z1YyOXliRy BRZ1YybHNa R3hwIFptVW dSblZ1WkMg QjBieUJ3Y2 05dCBiM1Js SUhOMWMzIF JoYVc1aFlt eGwgSUhkaG RHVnlJRyAx aGJtRm5aVz FsIGJuUWdj SEpoWTMgUn BZMlZ6SUdk cyBiMkpoYk d4NUxnID09 CiAgICAgIC AgPC9zcGFu PgogICAgIC AgIAogICAg ICAgIA==