Kao

More reviews (4)

Live  

Kao Corporation is a Japanese chemical and cosmetics company headquartered in Tokyo, Japan. It was founded in 1887 as a soap and detergent manufacturer and has grown to become one of the largest consumer goods companies in Japan. Kao's product portfolio includes personal care products, cosmetics, and pharmaceuticals, as well as home care products, food and beverage products, and chemical materials.
The company is known for its focus on research and development, consistently rolling out innovative products in the areas of hygiene, skin care, hair care, and cosmetics. It has a number of popular brands, including Biore, Jergens, Bioré, Attack, and Kao Sofina.
Kao also has a strong commitment to sustainability and social responsibility. It has set ambitious environmental targets to reduce its carbon and water footprint, and has implemented various initiatives to support the community and promote diversity and inclusion within the company.
Today, Kao has operations in over 30 countries and regions, and its products are sold in more than 100 countries worldwide. It continues to expand its global presence through strategic partnerships and acquisitions, and remains a leader in the consumer goods industry.

S2FvIENvcn BvcmF0aW9u IGlzIGEgYm lnIGNvbXBh bnkgdGhhdC BtYWtlcyBs b3RzIG9mIG V2ZXJ5ZGF5 IHByb2R1Y3 RzIHRoYXQg cGVvcGxlIG FsbCBhcm91 bmQgdGhlIH dvcmxkIHVz ZS4gVGhleS BjcmVhdGUg dGhpbmdzIG xpa2Ugc29h cCwgc2hhbX BvbywgYW5k IG90aGVyIH BlcnNvbmFs IGNhcmUgaX RlbXMuIFRo ZXkgYWxzby BtYWtlIHBy b2R1Y3RzIG ZvciBjbGVh bmluZyBob2 1lcyBhbmQg ZXZlbiBzb2 1lIHNwZWNp YWwgdGhpbm dzIGZvciBi dXNpbmVzc2 VzLjxicj5L YW8gbWFrZX MgbW9uZXkg Ynkgc2VsbG luZyB0aGVz ZSBwcm9kdW N0cyBpbiBz dG9yZXMgYW 5kIG9ubGlu ZS4gV2hlbi B5b3UgZ28g dG8gdGhlIH N0b3JlIGFu ZCBidXkgYS Bib3R0bGUg b2Ygc2hhbX BvbyBvciBz b21lIGxhdW 5kcnkgZGV0 ZXJnZW50LC B5b3XigJly ZSBoZWxwaW 5nIEthbyBl YXJuIG1vbm V5LiBUaGV5 IHRyeSB0by BtYWtlIHRo ZWlyIHByb2 R1Y3RzIHNw ZWNpYWwgYW 5kIGRpZmZl cmVudCBzby B0aGF0IHBl b3BsZSB3YW 50IHRvIGJ1 eSB0aGVtIG luc3RlYWQg b2Ygb3RoZX IgYnJhbmRz Ljxicj5Pbm Ugb2YgdGhl IHJlYXNvbn MgS2FvIGlz IHN1Y2Nlc3 NmdWwgaXMg YmVjYXVzZS B0aGV5IHJl YWxseSBjYX JlIGFib3V0 IG1ha2luZy BoaWdoLXF1 YWxpdHkgcH JvZHVjdHMg dGhhdCB3b3 JrIHdlbGwu IFRoZXkgYW xzbyBwYXkg YXR0ZW50aW 9uIHRvIHdo YXQgcGVvcG xlIHdhbnQg YW5kIG5lZW QuIEZvciBl eGFtcGxlLC B0aGV5IGhh dmUgcHJvZH VjdHMgdGhh dCBhcmUgZ2 9vZCBmb3Ig dGhlIGVudm lyb25tZW50 LCB3aGljaC BtYW55IHBl b3BsZSBsaW tlLiA8YnI+ TG9va2luZy B0byB0aGUg ZnV0dXJlLC BLYW8gd2ls bCBsaWtlbH kgc3RheSBz dWNjZXNzZn VsIGJlY2F1 c2UgdGhleS BhcmUgYWx3 YXlzIHRyeW luZyB0byBp bm5vdmF0ZS wgd2hpY2gg bWVhbnMgY3 JlYXRpbmcg bmV3IGFuZC BiZXR0ZXIg cHJvZHVjdH MuIFRoZXkg YWxzbyBmb2 N1cyBvbiBi ZWluZyByZX Nwb25zaWJs ZSBhbmQgc3 VzdGFpbmFi bGUsIHdoaW NoIGlzIGlt cG9ydGFudC B0byBtYW55 IGN1c3RvbW VycyB0b2Rh eS4gQnkgbG lzdGVuaW5n IHRvIHdoYX QgcGVvcGxl IHdhbnQgYW 5kIG1ha2lu ZyBncmVhdC Bwcm9kdWN0 cywgS2FvIG NhbiBrZWVw IGdyb3dpbm cgYW5kIG1h a2luZyBtb2 5leSBmb3Ig YSBsb25nIH RpbWUuPGJy Pg==

MS4gSGlzdG 9yeTogVGhl IEthbyBDb3 Jwb3JhdGlv biBoYXMgYS Bsb25nIGFu ZCByaWNoIG hpc3Rvcnks IGRhdGluZy BiYWNrIHRv IGl0cyBmb3 VuZGluZyBp biAxODg3IG FzIGEgbWFu dWZhY3R1cm VyIG9mIHRy YWRpdGlvbm FsIEphcGFu ZXNlIHNvYX AgYW5kIG90 aGVyIGhvdX NlaG9sZCBw cm9kdWN0cy 4gVG9kYXks IGl0IGlzIG 9uZSBvZiB0 aGUgb2xkZX N0IGNvbnN1 bWVyIGdvb2 RzIGNvbXBh bmllcyBpbi BKYXBhbi48 YnI+Mi4gSW 5ub3ZhdGlv bjogS2FvIG lzIGtub3du IGZvciBpdH MgaW5ub3Zh dGl2ZSBwcm 9kdWN0cyBh bmQgdGVjaG 5vbG9naWVz LCBwYXJ0aW N1bGFybHkg aW4gdGhlIG ZpZWxkcyBv ZiBiZWF1dH kgYW5kIGh5 Z2llbmUuIF RoZSBjb21w YW55IGhhcy BmaWxlZCBu dW1lcm91cy BwYXRlbnRz IGZvciBpdH MgdW5pcXVl IGZvcm11bG F0aW9ucyBh bmQgcGFja2 FnaW5nIGRl c2lnbnMsIG FuZCBpcyBj b25zdGFudG x5IHJlc2Vh cmNoaW5nIG FuZCBkZXZl bG9waW5nIG 5ldyBwcm9k dWN0cyB0by BtZWV0IGNv bnN1bWVyIG 5lZWRzLjxi cj4zLiBHbG 9iYWwgUHJl c2VuY2U6IE thbyBoYXMg YSBzdHJvbm cgZ2xvYmFs IHByZXNlbm NlLCB3aXRo IG9wZXJhdG lvbnMgaW4g b3ZlciAzMC Bjb3VudHJp ZXMgYW5kIH JlZ2lvbnMg YXJvdW5kIH RoZSB3b3Js ZC4gVGhpcy BpbnRlcm5h dGlvbmFsIH JlYWNoIGFs bG93cyB0aG UgY29tcGFu eSB0byBjYX RlciB0byBh IGRpdmVyc2 UgcmFuZ2Ug b2YgY29uc3 VtZXJzIGFu ZCBhZGFwdC B0byBsb2Nh bCBtYXJrZX RzLjxicj40 LiBTb2NpYW wgUmVzcG9u c2liaWxpdH k6IEthbyBp cyBjb21taX R0ZWQgdG8g c29jaWFsIH Jlc3BvbnNp YmlsaXR5IG FuZCBzdXN0 YWluYWJpbG l0eS4gVGhl IGNvbXBhbn kgaGFzIHNl dCBhbWJpdG lvdXMgZ29h bHMgZm9yIH JlZHVjaW5n IGl0cyBlbn Zpcm9ubWVu dGFsIGltcG FjdCwgc3Vj aCBhcyBhY2 hpZXZpbmcg Y2FyYm9uIG 5ldXRyYWxp dHkgYnkgMj A0MCBhbmQg dXNpbmcgMT AwJSByZW5l d2FibGUgZW 5lcmd5IGJ5 IDIwMzAuPG JyPjUuIEZv Y3VzIG9uIE NvbnN1bWVy IE5lZWRzOi BLYW8ncyBw cm9kdWN0IG RldmVsb3Bt ZW50IGFuZC BtYXJrZXRp bmcgc3RyYX RlZ2llcyBh cmUgY2VudG VyZWQgYXJv dW5kIHVuZG Vyc3RhbmRp bmcgYW5kIG 1lZXRpbmcg dGhlIG5lZW RzIG9mIGl0 cyBjb25zdW 1lcnMuIFRo ZSBjb21wYW 55IGNvbmR1 Y3RzIGV4dG Vuc2l2ZSBy ZXNlYXJjaC BhbmQgY29s bGFib3JhdG VzIHdpdGgg Y29uc3VtZX JzIHRvIGNy ZWF0ZSBwcm 9kdWN0cyB0 aGF0IGFkZH Jlc3MgdGhl aXIgc3BlY2 lmaWMgY29u Y2VybnMgYW 5kIHByZWZl cmVuY2VzLj xicj42LiBE aXZlcnNlIF Byb2R1Y3Qg UG9ydGZvbG lvOiBLYW8g b2ZmZXJzIG Egd2lkZSBy YW5nZSBvZi Bwcm9kdWN0 cyBpbiB2YX Jpb3VzIGNh dGVnb3JpZX MsIGluY2x1 ZGluZyBiZW F1dHksIHNr aW4gYW5kIG hhaXIgY2Fy ZSwgaG9tZS BjYXJlLCBh bmQgZmFicm ljIGFuZCBw YXBlciBwcm 9kdWN0cy4g VGhpcyBkaX ZlcnNpdHkg YWxsb3dzIH RoZSBjb21w YW55IHRvIG FwcGVhbCB0 byBhIGJyb2 FkIHJhbmdl IG9mIGNvbn N1bWVycyBh bmQgbWFpbn RhaW4gYSBz dHJvbmcgcH Jlc2VuY2Ug aW4gbXVsdG lwbGUgbWFy a2V0cy48Yn I+Ny4gU3Ry b25nIFJlcH V0YXRpb246 IFRoZSBLYW 8gQ29ycG9y YXRpb24gaG FzIGVhcm5l ZCBhIHN0cm 9uZyByZXB1 dGF0aW9uIG ZvciBpdHMg aGlnaC1xdW FsaXR5LCBy ZWxpYWJsZS Bwcm9kdWN0 cy4gTWFueS BvZiBpdHMg YnJhbmRzLC BzdWNoIGFz IEJpb3LDqS wgSmVyZ2Vu cywgYW5kIE JhbiwgaGF2 ZSBiZWNvbW UgaG91c2Vo b2xkIG5hbW VzIGFuZCBh cmUgdHJ1c3 RlZCBieSBj b25zdW1lcn MgZ2xvYmFs bHkuPGJyPj guIEludmVz dG1lbnQgaW 4gUmVzZWFy Y2ggYW5kIF RlY2hub2xv Z3k6IEthby BpbnZlc3Rz IGhlYXZpbH kgaW4gcmVz ZWFyY2ggYW 5kIHRlY2hu b2xvZ3ksIH dpdGggZGVk aWNhdGVkIH Jlc2VhcmNo IGNlbnRlcn MgYW5kIGlu c3RpdHV0ZX MgYXJvdW5k IHRoZSB3b3 JsZC4gVGhp cyBhbGxvd3 MgdGhlIGNv bXBhbnkgdG 8gc3RheSBh dCB0aGUgZm 9yZWZyb250 IG9mIGluZH VzdHJ5IHRy ZW5kcyBhbm QgbWFpbnRh aW4gYSBjb2 1wZXRpdGl2 ZSBlZGdlLj xicj45LiBF bXBsb3llZS BDdWx0dXJl OiBLYW8gcG xhY2VzIGEg c3Ryb25nIG VtcGhhc2lz IG9uIGVtcG xveWVlIHdl bGwtYmVpbm cgYW5kIGRl dmVsb3BtZW 50LiBUaGUg Y29tcGFueS BoYXMgYmVl biByZWNvZ2 5pemVkIGZv ciBpdHMgcG 9zaXRpdmUg d29yayBjdW x0dXJlLCBk aXZlcnNpdH kgYW5kIGlu Y2x1c2lvbi Bpbml0aWF0 aXZlcywgYW 5kIHRyYWlu aW5nIHByb2 dyYW1zIGZv ciBjYXJlZX IgZ3Jvd3Ro Ljxicj4xMC 4gQ29tbWl0 bWVudCB0by BRdWFsaXR5 OiBRdWFsaX R5IGlzIGEg Y29yZSB2YW x1ZSBhdCBL YW8sIGFuZC B0aGUgY29t cGFueSBpcy BkZWRpY2F0 ZWQgdG8gbW FpbnRhaW5p bmcgaGlnaC BzdGFuZGFy ZHMgaW4gYW xsIGFzcGVj dHMgb2YgaX RzIGJ1c2lu ZXNzLiBUaG lzIGRlZGlj YXRpb24gdG 8gcXVhbGl0 eSBpcyByZW ZsZWN0ZWQg aW4gaXRzIH Byb2R1Y3Rz LCBvcGVyYX Rpb25zLCBh bmQgY29tbW l0bWVudCB0 byBjdXN0b2 1lciBzYXRp c2ZhY3Rpb2 4u

VGhlIEthby Bjb21wYW55 J3MgYnVzaW 5lc3MgbW9k ZWwgaXMgZm 9jdXNlZCBv biBjcmVhdG luZyBhbmQg c2VsbGluZy B2YWx1ZS1h ZGRlZCBjb2 5zdW1lciBn b29kcyBpbi B2YXJpb3Vz IGNhdGVnb3 JpZXMgc3Vj aCBhcyBjb3 NtZXRpY3Ms IHBlcnNvbm FsIGNhcmUs IGhvdXNlaG 9sZCBwcm9k dWN0cywgYW 5kIGhlYWx0 aGNhcmUuIF RoZXkgYWxz byBwcm92aW RlIGNoZW1p Y2FsIGFuZC BwaGFybWFj ZXV0aWNhbC Bwcm9kdWN0 cyBmb3IgaW 5kdXN0cmlh bCBhbmQgaW 5zdGl0dXRp b25hbCB1c2 UuIEthbydz IGNvcmUgc3 RyYXRlZ2ll cyBpbmNsdW RlIHByb2R1 Y3QgaW5ub3 ZhdGlvbiwg c3VzdGFpbm FibGUgYW5k IHJlc3Bvbn NpYmxlIG1h bmFnZW1lbn QsIGFuZCBh IHN0cm9uZy Bmb2N1cyBv biBjdXN0b2 1lciBzYXRp c2ZhY3Rpb2 4uIFRoZXkg YWxzbyBoYX ZlIGEgZ2xv YmFsIHByZX NlbmNlIGFu ZCBvcGVyYX RlIHRocm91 Z2ggbWFudW ZhY3R1cmlu ZywgbWFya2 V0aW5nLCBh bmQgZGlzdH JpYnV0aW9u IG5ldHdvcm tzIGluIHZh cmlvdXMgY2 91bnRyaWVz Lg==

AI could pose several potential threats to Kao Company’s products, services, and competitive positioning in various ways:
1. Substitution: AI can facilitate the development of new, innovative products that may substitute existing offerings from Kao. For instance, advanced materials and formulations aided by AI could lead to the creation of alternatives in the beauty and personal care space, potentially affecting market share.
2. Disintermediation: With the rise of AI-driven direct-to-consumer platforms, brands may bypass traditional retail and wholesale channels. This dynamic could diminish the role of established distributors and retailers, impacting Kao’s distribution strategy and market reach.
3. Margin Pressure: AI can streamline operations, enhance product development efficiency, and optimize marketing strategies. Competitors leveraging AI effectively might reduce costs and improve pricing strategies, leading to margin pressure on Kao if they cannot match these efficiencies.
4. Consumer Insights: AI tools provide enhanced data analytics, allowing companies to gather consumer insights more effectively. If competitors leverage AI to understand consumer preferences and market trends better than Kao, they could gain a competitive edge, challenging Kao’s market leadership.
In conclusion, while AI also presents opportunities for innovation and improved efficiency, it does pose several material threats to Kao’s existing business model that the company will need to address proactively.

The sensitivity of Kao Company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Debt Levels: If Kao has significant debt, higher interest rates could increase interest expenses, thereby reducing net income and cash flow. Conversely, lower rates would decrease borrowing costs, potentially enhancing earnings.
2. Consumer Spending: Kao operates in the consumer goods sector, where demand can be sensitive to interest rates. Higher rates may lead to reduced consumer spending as borrowing costs rise, potentially impacting sales and, consequently, earnings. If consumers cut back on discretionary purchases due to higher rates, Kao’s revenue could be negatively affected.
3. Discounted Cash Flow Valuation: Changes in interest rates impact the discount rate used in valuation models like Discounted Cash Flow (DCF). An increase in interest rates raises the discount rate, which can lower the present value of future cash flows, thus reducing the company’s valuation. Conversely, lower interest rates generally lead to higher valuations.
4. Cost of Capital: Rising interest rates can increase Kao’s weighted average cost of capital (WACC), making it more expensive for the company to finance projects or investments. A higher WACC may affect investment decisions and future growth prospects, impacting long-term earnings.
5. Economic Conditions: Interest rate changes often indicate shifts in overall economic conditions. Higher rates can lead to slower economic growth, affecting consumer confidence and spending. Kao’s performance could be influenced by these broader economic trends.
Overall, while the exact sensitivity would depend on specific financial metrics and market conditions, changes in interest rates can significantly influence Kao’s earnings, cash flow, and valuation through various channels.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BLYW8gQ29y cG9yYXRpb2 7igJlzIGVj b25vbWljcy BvdmVyIHRo ZSBuZXh0ID PigJM1IHll YXJzIGlzIG Egc2lnbmlm aWNhbnQgYW 5kIHN1c3Rh aW5lZCBpbm NyZWFzZSBp biByYXcgbW F0ZXJpYWwg Y29zdHMgY2 91cGxlZCB3 aXRoIHJlZ3 VsYXRvcnkg Y2hhbmdlcy BhaW1lZCBh dCBlbnZpcm 9ubWVudGFs IHN1c3RhaW 5hYmlsaXR5 LiBLYW8sIH doaWNoIG9w ZXJhdGVzIG luIGNvbnN1 bWVyIGdvb2 RzIGFuZCBj aGVtaWNhbC BzZWN0b3Jz LCByZWxpZX MgaGVhdmls eSBvbiBwZX Ryb2NoZW1p Y2FscyBhbm Qgb3RoZXIg cmF3IG1hdG VyaWFscyBm b3IgaXRzIH Byb2R1Y3Qg Zm9ybXVsYX Rpb25zLiBJ ZiBnbG9iYW wgZGVtYW5k IGZvciB0aG VzZSBtYXRl cmlhbHMgc3 VyZ2VzIGR1 ZSB0byBnZW 9wb2xpdGlj YWwgdGVuc2 lvbnMgb3Ig c3VwcGx5IG NoYWluIGRp c3J1cHRpb2 5zLCB0aGlz IGNvdWxkIG xlYWQgdG8g aW5jcmVhc2 VkIGNvc3Rz IHRoYXQgdG hlIGNvbXBh bnkgbWlnaH QgYmUgdW5h YmxlIHRvIG Z1bGx5IHBh c3Mgb24gdG 8gY29uc3Vt ZXJzIGR1ZS B0byBjb21w ZXRpdGl2ZS BwcmVzc3Vy ZXMgb3IgY2 9uc3VtZXIg cHJpY2Ugc2 Vuc2l0aXZp dHkuPGJyPk FkZGl0aW9u YWxseSwgaW Ygc3RyaWN0 ZXIgZW52aX Jvbm1lbnRh bCByZWd1bG F0aW9ucyBh cmUgaW1wbG VtZW50ZWQs IEthbyBtYX kgYmUgcmVx dWlyZWQgdG 8gaW52ZXN0 IGhlYXZpbH kgaW4gUiZh bXA7RCB0by ByZWZvcm11 bGF0ZSBwcm 9kdWN0cyBv ciBpbiBuZX cgbWFudWZh Y3R1cmluZy Bwcm9jZXNz ZXMgdGhhdC ByZWR1Y2Ug ZW1pc3Npb2 5zIG9yIHdh c3RlLiBUaG VzZSBjaGFu Z2VzIHR5cG ljYWxseSBp bnZvbHZlIH NpZ25pZmlj YW50IHVwZn JvbnQgY2Fw aXRhbCBleH BlbmRpdHVy ZXMgdGhhdC Bjb3VsZCBz dHJhaW4gY2 FzaCBmbG93 IGluIHRoZS BzaG9ydCB0 ZXJtLjxicj 5JbiB0aGlz IHNjZW5hcm lvLCBLYW/i gJlzIHByb2 ZpdCBtYXJn aW5zIHdvdW xkIGxpa2Vs eSBkZWNsaW 5lIGFzIHRo ZSBjb3N0IG 9mIGdvb2Rz IHNvbGQgcm lzZXMgd2l0 aG91dCBhIH Byb3BvcnRp b25hbCBpbm NyZWFzZSBp biBzZWxsaW 5nIHByaWNl cy4gTG93ZX IgbWFyZ2lu cyBjb3VsZC BsZWFkIHRv IHJlZHVjZW QgcHJvZml0 YWJpbGl0eS wgYWZmZWN0 aW5nIHRoZS Bjb21wYW55 4oCZcyBvdm VyYWxsIGZp bmFuY2lhbC BoZWFsdGgu IENhc2ggZm xvdyBmcm9t IG9wZXJhdG lvbnMgbWF5 IGJlIG5lZ2 F0aXZlbHkg aW1wYWN0ZW QgYXMgY2Fz aCBpcyBkaX ZlcnRlZCB0 b3dhcmQgaW 52ZXN0bWVu dHMgaW4gY2 9tcGxpYW5j ZSBhbmQgc3 VzdGFpbmFi aWxpdHksIH doaWxlIGFs c28gZGVhbG luZyB3aXRo IGluY3JlYX NlZCBpbnB1 dCBjb3N0cy 4gPGJyPk9u IHRoZSBiYW xhbmNlIHNo ZWV0LCB0aG UgY29tcGFu eSBjb3VsZC BzZWUgYW4g aW5jcmVhc2 UgaW4gbGlh YmlsaXRpZX MgYXMgaXQg dGFrZXMgb2 4gZGVidCB0 byBmaW5hbm NlIG5lY2Vz c2FyeSBjaG FuZ2VzLCBw YXJ0aWN1bG FybHkgaWYg Y2FzaCByZX NlcnZlcyBh cmUgaW5zdW ZmaWNpZW50 IHRvIGNvdm VyIHRoZSBz dWRkZW4gbm VlZCBmb3Ig Y2FwaXRhbC 4gTG9uZy10 ZXJtIGFzc2 V0IHZhbHVl cyBtaWdodC BhbHNvIGJl IGFmZmVjdG VkIGlmIGlu dmVzdG1lbn RzIGluIG5l dyB0ZWNobm 9sb2dpZXMg ZG8gbm90IH lpZWxkIHRo ZSBleHBlY3 RlZCByZXR1 cm5zIG9yIG lmIG1hcmtl dCBjb25kaX Rpb25zIHNo aWZ0IHVuZm F2b3JhYmx5 Ljxicj5Pdm VyYWxsLCB0 aGlzIHNjZW 5hcmlvIGNv dWxkIGxlYW QgdG8gYSBw cm9sb25nZW QgcGVyaW9k IG9mIGZpbm FuY2lhbCBz dHJhaW4gZm 9yIEthbywg Y2hhcmFjdG VyaXplZCBi eSBkaW1pbm lzaGVkIHBy b2ZpdGFiaW xpdHksIHRp Z2h0ZXIgY2 FzaCBmbG93 cywgYW5kIH BvdGVudGlh bGx5IHdlYW tlciBjcmVk aXQgbWV0cm ljcywgd2hp Y2ggd291bG QgbmVnYXRp dmVseSBpbX BhY3QgaXRz IGF0dHJhY3 RpdmVuZXNz IHRvIGludm VzdG9ycyBh bmQgaXRzIG 92ZXJhbGwg bWFya2V0IH ZhbHVhdGlv bi48YnI+

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 bG9nb3MvN1 ZZM1hFeFV3 VTZYSEVkdW 0yZGMud2Vi cCIgYWx0PS JLYW8iIHRp dGxlPSJLYW 8iICBjbGFz cz0iaW1nLW ZsdWlkIiBo ZWlnaHQ9NT Agd2lkdGg9 NTAgbG9hZG luZz0nbGF6 eScgc3R5bG U9J2JvcmRl ci1yYWRpdX M6IDZweDsn PgoKICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdmbG V4OiAxOyB0 ZXh0LWFsaW duOiBjZW50 ZXI7IG1hcm dpbi1sZWZ0 OiA1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPHAgc3 R5bGU9J2Zv bnQtc2l6ZT ogMjZweDsg Y29sb3I6IC MzMzM7IG1h cmdpbi1ib3 R0b206IDE1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIPCfk4 ggV2FudCB0 byByZWFkIG 1vcmUgYWJv dXQgS2FvPw 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+SoSBMZW FybiBzbWFy dGVyIHN0b2 NrIHBpY2tz IHdpdGggPG k+IlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3MiPC9p PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDEycH g7IGZvbnQt c2l6ZTogMT NweDsgY29s b3I6ICM0ND Q7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIFNpZ24g dXAgbm93IG FuZCBnZXQg b3VyIGZyZW UgZUJvb2sg CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 Yj5UaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzPC9iPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTZweDsg Zm9udC1zaX plOiAxNHB4 OyBjb2xvcj ogIzQ0NDsg Zm9udC1mYW 1pbHk6IC1h cHBsZS1zeX N0ZW0sIEJs aW5rTWFjU3 lzdGVtRm9u dCwgU2Vnb2 UgVUksIFJv Ym90bywgSG VsdmV0aWNh IE5ldWUsIH NhbnMtc2Vy aWY7IGxpbm UtaGVpZ2h0 OiAxLjY7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIE hhdmUgeW91 IGhlYXJkIG Fib3V0IG91 ciBzaG9ydC A8c3Ryb25n IHN0eWxlPS dmb250LXdl aWdodDogNj AwOyc+RGFp bHkgVmlkZW 8gTmV3c2xl dHRlcjwvc3 Ryb25nPj8K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxh IGhyZWY9J2 h0dHBzOi8v d3d3Lmluc2 lnaHRmdWx2 YWx1ZS5jb2 0vbmV3c2xl dHRlci5waH AnIHRhcmdl dD0nX2JsYW 5rJyBzdHls ZT0nY29sb3 I6ICMwMDdC RkY7IHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsgZm9u dC13ZWlnaH Q6IDUwMDsg bWFyZ2luLW xlZnQ6IDZw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIE ZpbmQgb3V0 IG1vcmUKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAK ICAgICAgIC AKICAgICAg ICA8c3Bhbi BjbGFzcz0n Ymx1cnJlZC 10ZXh0Jz4K ICAgICAgIC AgICAgTVM0 Z1MyRnZJRS BOdmNuQnZj bUYwIGFXOX VJSGRoY3kg Qm1iM1Z1Wk dWayBJR2x1 SURFNE9EIG NnWVhNZ1lT QnQgWVc1MV ptRmpkSCBW eVpYSWdiMl lnIFpHOXRa WE4wYVcgTW dkRzlwYkdW MCBjbmtnYz I5aGNDIEJq WVd4c1pXUW cgUzJGdklG TnZZWCBBdV BHSnlQakl1 IElGUm9aU0 JqYjIgMXdZ VzU1NG9DWi BjeUJ1WVcx bExDIEJMWV c4c0lHTnYg YldWeklHWn liMiAwZ2RH aGxJRXBoIG NHRnVaWE5s SUggZHZjbV FnWm05eSBJ R1poWTJVdV BHIEp5UGpN dUlFbHUgSU RFNU5EQXNJ RSB0aGJ5Qk RiM0p3IGIz SmhkR2x2Ym kgQnBiblJ5 YjJSMSBZMl ZrSUdsMGN5 IEJtYVhKem RDQmsgWlhS bGNtZGxibi BRZ2NISnZa SFZqIGRDd2 dWMmhwZEcg VWdVMjloY0 N3ZyBkMmhw WTJnZ2NYIF ZwWTJ0c2VT QmkgWldOaG JXVWdjRyA5 d2RXeGhjaU JwIGJpQktZ WEJoYmkgND hZbkkrTkM0 ZyBTMkZ2SU dWdWRHIFZ5 WldRZ2RHaG wgSUdOdmMy MWxkRyBsam N5QnBibVIx IGMzUnllU0 JwYmkgQXhP VFEzSUhkcC BkR2dnZEdo bElHIHhoZF c1amFDQnYg WmlCcGRITW dhVyBOdmJt bGpJR0p5IF lXNWtMQ0JD YVcgOXl3Nm tzSUdFZyBj MnRwYm1OaG NtIFVnYkds dVpTQjAgYU dGMElHWnZZ MyBWelpYTW diMjRnIGNH OXlaUzFqYk cgVmhibk5w Ym1jZyBjSE p2WkhWamRI IE11UEdKeV BqVXUgSUV0 aGIrS0FtWC BNZ1ozSnZk VzVrIFluSm xZV3RwYm0g Y2djbVZ6Wl dGeSBZMmdn WVc1a0lHIF JsZG1Wc2Iz QnQgWlc1ME lHbHVJSCBS b1pTQXhPVF l3IGN5QnNa V1FnZEcgOG dkR2hsSUds dSBkbVZ1ZE dsdmJpIEJ2 WmlCTlpYSn kgYVdWekxD QjBhRyBVZ1 ptbHljM1Fn IFpHbHpjRz l6WVcgSnNa U0JrYVdGdy BaWElnYVc0 Z1NtIEZ3WV c0c0lHRnUg WkNCMGFHVW dabSBseWMz UWdabUZpIG NtbGpJSE52 Wm4gUmxibV Z5TENCVCBi MlowWlc1dm JpIDQ4WW5J K05pNGcgVk dobElHTnZi WCBCaGJubm lnSmx6IElH ZHNiMkpoYk MgQmxlSEJo Ym5OcCBiMj RnWW1WbllX IDRnYVc0Z2 RHaGwgSURF NU56QnpJSC BkcGRHZ2dk R2hsIElHVn pkR0ZpYkcg bHphRzFsYm 5RZyBiMlln YVhSeklHIF pwY25OMElH bHUgZEdWeW JtRjBhVyA5 dVlXd2djM1 ZpIGMybGth V0Z5ZVMgQn BiaUIwYUdV ZyBWVzVwZE dWa0lFIHRw Ym1ka2IyMH UgUEdKeVBq Y3VJRSB0aG J5QkRiM0p3 IGIzSmhkR2 x2YmkgQnBj eUJ2Ym1VZy BiMllnZEdo bElHIHhoY2 1kbGMzUWcg Y0hKdmRtbG taWCBKeklH OW1JR2hoIG FYSWdZMkZ5 WlMgQndjbT lrZFdOMCBj eUJwYmlCMG FHIFVnZDI5 eWJHUXMgSU hkcGRHZ2dk RyBobGFYSW dSWE56IFpX NTBhV0ZzTE MgQkJjMmxs Ym1ObCBMQ0 JoYm1RZ1Ft IGx2TFZOdl puUWcgWW5K aGJtUnpJRy BKbGFXNW5J SFJ2IGNDQn paV3hzWlgg SnpJR2x1SU VwaCBjR0Z1 TGp4aWNqID Q0TGlCSmJp QXggT1RrME xDQkxZVyA4 Z1EyOXljRz l5IFlYUnBi MjRnWW0gVm pZVzFsSUhS byBaU0JtYV hKemRDIEJL WVhCaGJtVn ogWlNCamIy MXdZVyA1NU lIUnZJR0Zr IGIzQjBJSF JvWlMgQlRV RVZGUkNCSi BibTV2ZG1G MGFXIDl1SU hOMGNtRjAg WldkNUxDQj NhRyBsamFD Qm1iMk4xIG MyVnpJRzl1 SUcgRmpZMl ZzWlhKaCBk R2x1WnlCMG FHIFVnY0dG alpTQnYgWm lCd2NtOWtk VyBOMElHRn VaQ0IwIFpX Tm9ibTlzYj IgZDVJR1Js ZG1WcyBiM0 J0Wlc1MExq IHhpY2o0NU xpQlUgYUdV Z1kyOXRjRy BGdWVTQm9Z WE1nIFlTQn pkSEp2Ym0g Y2dZMjl0Yl dsMCBiV1Z1 ZENCMGJ5IE J6ZFhOMFlX bHUgWVdKcG JHbDBlUyBC aGJtUWdhR0 Z6IElHSmxa VzRnYkcgbH pkR1ZrSUc5 dSBJSFJvWl NCRWIzIGNn U205dVpYTW cgVTNWemRH RnBibSBGaW FXeHBkSGtn IFYyOXliR1 FnU1cgNWta WGdnWm05eS BJR1ZwWjJo MElHIE52Ym 5ObFkzVjAg YVhabElIbG xZWCBKekxq eGljajR4IE 1DNGdTMkZ2 SUUgTnZjbk J2Y21GMCBh Vzl1SUdsek lHIGx1ZG05 c2RtVmsgSU dsdUlIWmhj bSBsdmRYTW djR2hwIGJH RnVkR2h5Yj MgQnBZeUJw Ym1sMCBhV0 YwYVhabGN5 IHdnYVc1am JIVmsgYVc1 bklIUm9aUy BCVGJXbHNa U0JRIGNtOX FaV04wTEMg QjNhR2xqYU NCdyBjbTky YVdSbGN5IE J6ZFhCd2Iz SjAgSUdGdV pDQnlaWCBO dmRYSmpaWE 1nIFptOXlJ R05vYVcgeG tjbVZ1SUds dSBJSFZ1Wk dWeWNIIEpw ZG1sc1pXZG wgWkNCaGNt VmhjeSA0PQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=