Nasdaq

-9.39%

Live  

Nasdaq is a global electronic marketplace for buying and selling securities, including stocks, bonds, and options. It is the second-largest stock exchange in the world by market capitalization, behind only the New York Stock Exchange.
Founded in 1971, Nasdaq originally stood for the National Association of Securities Dealers Automated Quotations. In 2006, it became a publicly traded company and is now known as Nasdaq, Inc.
The company’s primary business is operating stock markets, including the Nasdaq Composite Index, which tracks the performance of over 3,300 companies listed on the Nasdaq exchange. Nasdaq also offers technology solutions and professional services to financial institutions and corporations, such as market data and trade surveillance systems.
Nasdaq has a strong global presence, with offices in the United States, Europe, Asia, and the Middle East. Over 4,000 companies from over 60 countries are listed on Nasdaq’s exchanges, and it handles an average daily trading volume of over 2 billion shares.
In addition to its core business, Nasdaq is also involved in corporate governance and sustainability initiatives, and has won numerous awards for its commitment to diversity and inclusion, innovation, and corporate responsibility.

Okay! Imagine Nasdaq is like a big marketplace where people can buy and sell pieces of companies, called stocks. These stocks are like tiny pieces of ownership in a company. Nasdaq doesn’t own these companies; it helps other people and companies trade their stocks.
Nasdaq makes money in a couple of ways. First, when someone wants to buy or sell stocks on Nasdaq, they pay a small fee for using the marketplace. This is similar to how you might pay a little bit when you buy something at a store. Additionally, Nasdaq also makes money by offering special services to companies, like helping them with getting listed on the stock market or providing information about stocks and the market.
Nasdaq is successful for a few reasons. One reason is that it has lots of well-known companies listed on it, like Apple and Amazon, which makes it a popular place for people to trade stocks. Another reason is that Nasdaq uses advanced technology to make trading fast and efficient, which attracts more people who want to buy and sell stocks.
Looking ahead, Nasdaq will likely continue to be successful because it keeps improving and adapting to new technology and the needs of traders. As more people and companies invest in the stock market, Nasdaq will be there to help them do that, which means more business for them in the future!

VGhlIE5hc2 RhcSBjb21w YW55IGlzIG 9uZSBvZiB0 aGUgd29ybG QncyBsYXJn ZXN0IHN0b2 NrIGV4Y2hh bmdlcywgYW xvbmdzaWRl IHRoZSBOZX cgWW9yayBT dG9jayBFeG NoYW5nZS4g SXQgaXMga2 5vd24gZm9y IHBpb25lZX JpbmcgdGhl IHVzZSBvZi BlbGVjdHJv bmljIHRyYW RpbmcgYW5k IGZvciBpdH MgZm9jdXMg b24gdGVjaG 5vbG9neSBh bmQgZ3Jvd3 RoLW9yaWVu dGVkIGNvbX Bhbmllcy4g QWRkaXRpb2 5hbGx5LCB0 aGUgTmFzZG FxIGlzIHdp ZGVseSBjb2 5zaWRlcmVk IHRvIGJlIH RoZSBob21l IG9mIG1hbn kgb2YgdGhl IHdvcmxkJ3 MgbW9zdCBp bm5vdmF0aX ZlIGFuZCBj dXR0aW5nLW VkZ2UgY29t cGFuaWVzLC BzdWNoIGFz IEFwcGxlLC BBbWF6b24s IGFuZCBNaW Nyb3NvZnQu IFRoZSBOYX NkYXEgYWxz byBvZmZlcn MgYSB3aWRl IHJhbmdlIG 9mIGZpbmFu Y2lhbCBwcm 9kdWN0cyBh bmQgc2Vydm ljZXMsIGlu Y2x1ZGluZy BzdG9jayBt YXJrZXQgaW 5kZXhlcywg b3B0aW9ucy wgYW5kIGZ1 dHVyZXMgY2 9udHJhY3Rz LiBJdCBpcy BhbHNvIGtu b3duIGZvci BpdHMgaGln aC1wZXJmb3 JtYW5jZSBh bmQgcmVsaW FiaWxpdHks IHdpdGggYS ByZXBvcnRl ZCB1cHRpbW Ugb2Ygb3Zl ciA5OS45OS UuIE92ZXJh bGwsIHRoZS BOYXNkYXEg aXMgY29uc2 lkZXJlZCBh IHN5bWJvbC BvZiBtb2Rl cm5pemF0aW 9uIGFuZCBw cm9ncmVzcy BpbiB0aGUg ZmluYW5jaW FsIGluZHVz dHJ5Lg==

VGhlIE5hc2 RhcSBpcyBu b3QgYSBjb2 1wYW55LCBp dCBpcyBhIH N0b2NrIGV4 Y2hhbmdlLi BJdHMgYnVz aW5lc3MgbW 9kZWwgaXMg dG8gcHJvdm lkZSBhIHBs YXRmb3JtIG ZvciBidXlp bmcgYW5kIH NlbGxpbmcg c3RvY2tzIG FuZCBvdGhl ciBzZWN1cm l0aWVzLCBh bmQgdG8gZm FjaWxpdGF0 ZSB0aGUgZX hjaGFuZ2Ug b2YgZmluYW 5jaWFsIGlu Zm9ybWF0aW 9uIGFtb25n IGNvbXBhbm llcywgaW52 ZXN0b3JzLC BhbmQgZmlu YW5jaWFsIG luc3RpdHV0 aW9ucy4gVG hlIE5hc2Rh cSBhbHNvIG 9mZmVycyBs aXN0aW5nIH NlcnZpY2Vz LCBtYXJrZX QgZGF0YSwg YW5kIHRlY2 hub2xvZ3kg c29sdXRpb2 5zIHRvIGl0 cyBjbGllbn RzLiBJdHMg cmV2ZW51ZS BpcyBwcmlt YXJpbHkgZ2 VuZXJhdGVk IHRocm91Z2 ggdHJhbnNh Y3Rpb24gZm VlcywgbGlz dGluZyBmZW VzLCBhbmQg dGVjaG5vbG 9neSBsaWNl bnNpbmcgZm Vlcy4=

AI has the potential to pose a material threat to Nasdaq companies in several ways, particularly through substitution, disintermediation, and margin pressure:
1. Substitution: As AI technologies continue to advance, they may enable the development of more efficient trading algorithms, automated financial advice platforms, and enhanced analytics tools. These innovations could replace traditional methods that Nasdaq companies rely on, leading to a shift in how trading and investment services are delivered. Companies that fail to adapt to these changes risk losing market share to those that leverage AI effectively.
2. Disintermediation: The rise of AI-driven platforms can facilitate direct transactions between buyers and sellers, potentially reducing the need for intermediaries like traditional stock exchanges. This disintermediation threatens Nasdaq’s core business model, as it may lead to a decrease in trading volumes and lower transaction fees. Additionally, AI-based platforms can offer personalized investment solutions that bypass traditional financial advisors, further eroding the client base that Nasdaq companies depend on.
3. Margin Pressure: The integration of AI can lead to increased competition in the financial services sector, often resulting in lower fees for clients. As AI-powered solutions provide cost-effective alternatives, Nasdaq companies could face pressure to reduce their own fees and improve efficiency. This increasing competition can erode profit margins, making it difficult for traditional players to maintain their financial performance.
In summary, while AI presents opportunities for innovation and enhanced services, it also poses significant challenges to Nasdaq companies by potentially substituting existing products and services, enabling disintermediation, and exerting downward pressure on margins. Companies need to recognize these threats and proactively adapt their strategies to remain competitive in an evolving landscape.

The sensitivity of Nasdaq companies’ earnings, cash flow, and valuation to changes in interest rates can vary significantly based on several factors, including the nature of their businesses, their debt levels, and their growth prospects. Here are key points to consider:
1. Earnings Sensitivity: Companies that are heavily reliant on borrowing, such as those with significant debt, may face increased interest expenses when rates rise. This can negatively affect earnings. Additionally, if interest rates increase, consumer spending may decline, potentially leading to lower sales for many Nasdaq companies, especially in discretionary sectors. Conversely, tech companies that have lower debt and high growth potential might be less sensitive to immediate changes in rates.
2. Cash Flow Sensitivity: Interest rates directly impact cash flow for companies with variable-rate debt. Higher interest rates can reduce cash flow due to increased interest payments. Companies that generate stable and predictable cash flows might be better insulated during rising rate environments. However, those with more volatile income streams may experience heightened sensitivity to economic shifts driven by rate changes.
3. Valuation Sensitivity: The valuation of growth-oriented Nasdaq companies is particularly sensitive to interest rates. Since many of these firms rely on projected future cash flows for their valuations, higher discount rates resulting from increased interest rates can significantly reduce their present value. This relationship is particularly evident in discounted cash flow (DCF) analyses, where a small change in the discount rate can lead to a substantial change in valuations.
4. Market Sentiment: Broader market sentiment can also affect how Nasdaq companies react to changes in interest rates. For example, a general rise in rates can lead to a rotation out of growth stocks (common in the Nasdaq) into value stocks, affecting their overall demand and market capitalization.
In summary, while Nasdaq companies vary widely, those with higher debt levels and future cash flow expectations are more sensitive to interest rate changes. The tech-centric nature of many of these companies means shifts in interest rates can have pronounced impacts on their earnings, cash flows, and valuation metrics.

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 bG9nb3MvOH NpNEdFbjdE VFhnb2FSMW NSTjEud2Vi cCIgYWx0PS JOYXNkYXEi IHRpdGxlPS JOYXNkYXEi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9OTAg d2lkdGg9OT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgTmFzZGFx PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TmiBZ b3VyIGZyZW UgY29weSBv ZiA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+IGlz IHdhaXRpbm cKICAgICAg 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 dWR2hsSUUg NWhjMlJoY1 NCVCBkRzlq YXlCTllYIE pyWlhRZ2FY TWcgZEdobE lITmxZMiA5 dVpDQnNZWE puIFpYTjBJ R1Z4ZFcgbD BhV1Z6SUdW NCBZMmhoYm 1kbElHIGx1 SUhSb1pTQj MgYjNKc1pD QmllUyBCdF lYSnJaWFFn IFkyRndhWF JoYkcgbDZZ WFJwYjI0cy BJR0ZtZEdW eUlIIFJvWl NCT1pYY2cg V1c5eWF5Ql RkRyA5amF5 QkZlR05vIF lXNW5aUzQ4 WW4gSStNaT RnVkdobCBJ RTVoYzJSaG NTIEIzWVhN Z1ptOTEgYm 1SbFpDQnBi aSBBeE9UY3 hJR0o1IElI Um9aU0JPWV ggUnBiMjVo YkNCQiBjM0 52WTJsaGRH IGx2YmlCdl ppQlQgWldO MWNtbDBhVy BWeklFUmxZ V3hsIGNuTW dLRTVCVTAg UXBJR0Z6SU hSbyBaU0Iz YjNKc1pPIE tBbVhNZ1pt bHkgYzNRZ1 pXeGxZMyBS eWIyNXBZeU J6IGRHOWph eUJ0WVggSn JaWFF1UEdK eSBQak11SU ZSb1pTIEJP WVhOa1lYRW cgYjNKcFoy bHVZVyB4c2 VTQnpkRzl2 IFpDQm1iM0 lnNG8gQ2NU bUYwYVc5dS BZV3dnUVhO emIyIE5wWV hScGIyNGcg YjJZZ1UyVm pkWCBKcGRH bGxjeUJFIF pXRnNaWEp6 SUUgRjFkRz l0WVhSbCBa Q0JSZFc5MF lYIFJwYjI1 ejRvQ2QgTG p4aWNqNDBM aSBCVWFHVW dabWx5IGMz UWdZMjl0Y0 cgRnVlU0Iw YnlCaSBaU0 JzYVhOMFpX IFFnYjI0Z2 RHaGwgSUU1 aGMyUmhjUy BCM1lYTWdk R2hsIElHTn ZiWEIxZEcg VnlJR052Yl hCaCBibmtn VFdsamNtID hnU1c1emRI SjEgYldWdW RHRjBhVyA5 dUlHRnVaQ0 JVIFpXeGxi V1YwY24ga2 dVM2x6ZEdW dCBjeUFvVF VsVVV5IGtz SUhkb2FXTm 8gSUdseklH dHViMyBkdU lHWnZjaUJq IGNtVmhkR2 x1WnkgQjBh R1VnUVd4MC BZV2x5SURn NE1EIEFnWT I5dGNIVjAg WlhJc0lIUm 9aUyBCbWFY SnpkQ0J3IF pYSnpiMjVo YkMgQmpiMj F3ZFhSbCBj aTQ4WW5JK0 5TIDRnVkdo bElFNWggYz JSaGNTQkRi MiAxd2IzTn BkR1VnIFNX NWtaWGdnYV ggTWdZU0J0 WVhKciBaWF FnWTJGd2FY IFJoYkdsNl lYUnAgYjI0 dGQyVnBaMi BoMFpXUWdh VzVrIFpYZ2 diMllnYjMg WmxjaUF6TE RBdyBNQ0Jq YjIxdGIyID RnYzNSdlky dHogSUdGdV pDQnphVyAx cGJHRnlJSE 5sIFkzVnlh WFJwWlggTW dkSEpoWkdW ayBJRzl1SU hSb1pTIEJP WVhOa1lYRX UgUEdKeVBq WXVJRiBSb1 pTQk9ZWE5r IFlYRWdiM2 R1Y3kgQmhi bVFnYjNCbC BjbUYwWlhN Z01qIFlnYl dGeWEyVjAg Y3l3Z2FXNW piSCBWa2FX NW5JSFJvIF pTQk9ZWE5r WVggRWdVM1 J2WTJzZyBU V0Z5YTJWME xDIEIwYUdV Z1RtRnogWk dGeElFNXZj bSBScFl5d2 dZVzVrIElI Um9aU0JPWV ggTmtZWEVn UW1GcyBkR2 xqTGp4aWNq IDQzTGlCUG JtVWcgYjJZ Z2RHaGxJRy AxdmMzUWdh V052IGJtbG pJR1psWVgg UjFjbVZ6SU c5bSBJSFJv WlNCT1lYIE 5rWVhFZ2FY TWcgYVhSek lHUnBaMiBs MFlXd2dkR2 xqIGEyVnlJ SFJoY0cgVW daR2x6Y0d4 aCBlU0JwYm lCVWFXIDFs Y3lCVGNYVm ggY21Vc0lI ZG9hVyBOb0 lIZGhjeUJw IGJuTjBZV3 hzWlcgUWdh VzRnTVRrNS BPUzQ4WW5J K09DIDRnVk dobElFNWgg YzJSaGNTQm 9ZWCBNZ2FH RmtJR0VnIG JuVnRZbVZ5 SUcgOW1JR2 hwWjJnZyBj SEp2Wm1sc1 pTIEJzYVhO MGFXNW4gY3 lCdmRtVnlJ SCBSb1pTQj VaV0Z5IGN5 d2dhVzVqYk ggVmthVzVu SUhSbCBZMm dnWjJsaGJu IFJ6SUUxcF kzSnYgYzI5 bWRDd2dRVy AxaGVtOXVM Q0JoIGJtUW dSMjl2WjIg eGxManhpY2 o0NSBMaUJK YmlBeU1EIE F3TENCMGFH VWcgVG1Gel pHRnhJRyBW NGNHVnlhV1 Z1IFkyVmtJ R0VnYlcgRn FiM0lnWTNK aCBjMmdnYT I1dmQyIDRn WVhNZ2RHaG wgSUdSdmRD MWpiMiAwZ1 luVmlZbXhs IExDQjNhR1 Z5WlMgQjBh R1VnYVc1ay BaWGdnYkc5 emRDIEEzT0 NVZ2IyWWcg YVhSeklIWm hiSCBWbElH UjFaU0IwIG J5QmhJSE53 WlcgTjFiR0 YwYVhabCBJ R1p5Wlc1Nm VTIEJwYmlC cGJuUmwgY2 01bGRDQnpk RyA5amEzTX VQR0p5IFBq RXdMaUJVYU cgVWdUbUZ6 WkdGeCBJR2 x6SUhSb1pT IEJvYjIxbE lHVjQgWTJo aGJtZGxJRy BadmNpQnpi MjFsIElHOW 1JSFJvWlMg QnRiM04wSU hkbCBiR3d0 YTI1dmQyID RnZEdWamFH NXYgYkc5bm VTQmpiMiAx d1lXNXBaWE 1zIElHbHVZ MngxWkcgbH VaeUJCY0hC cyBaU3dnUm 1GalpXIEp2 YjJzc0lHRn UgWkNCVVpY TnNZUyA0OF luSStNVEV1 IElFbHVJR0 ZrWkcgbDBh Vzl1SUhSdi BJR2wwY3lC eWIyIHhsSU dGeklHRWcg YzNSdlkyc2 daWCBoamFH RnVaMlVzIE lIUm9aU0JP WVggTmtZWE VnWVd4eiBi eUJ3Y205Mm FXIFJsY3lC MFpXTm8gYm 05c2IyZDVJ RyBGdVpDQm tZWFJoIElI TnZiSFYwYV cgOXVjeUIw YnlCdiBkR2 hsY2lCbGVH IE5vWVc1bl pYTWcgWVc1 a0lHWnBibS BGdVkybGhi Q0JwIGJuTj BhWFIxZEcg bHZibk1nWV hKdiBkVzVr SUhSb1pTIE IzYjNKc1pD NDggWW5JK0 1USXVJRiBS b1pTQmpkWE p5IFpXNTBJ RU5GVHkgQn ZaaUIwYUdV ZyBUbUZ6Wk dGeElHIGx6 SUVGa1pXNW ggSUVaeWFX VmtiVyBGdU xDQjNhRzhn IFltVmpZVz FsSUggUm9a U0JtYVhKei BkQ0JtWlcx aGJHIFVnUT BWUElHOW0g SUdFZ2JXRn FiMyBJZ1ZT NVRMaUJ6IG RHOWpheUJs ZUcgTm9ZVz VuWlNCMyBh R1Z1SUhOb1 pTIEIwYjI5 cklHOXUgSU hSb1pTQnli MiB4bElHbH VJREl3IE1U Y3VQR0p5UG ogRXpMaUJV YUdVZyBUbU Z6WkdGeElH IGhoY3lCcG RITWcgYUdW aFpIRjFZWC BKMFpYSnpJ R2x1IElFNW xkeUJaYjMg SnJJRU5wZE hrZyBZVzVr SUdGc2MyID hnYUdGeklH OW0gWm1sal pYTWdhVyA0 Z2IzUm9aWE lnIFkybDBh V1Z6SUcgRn liM1Z1WkNC MCBhR1VnZD I5eWJHIFFz SUdsdVkyeD EgWkdsdVp5 Qk1iMiA1a2 IyNHNJRk4w IGIyTnJhRz lzYlMgd2dZ VzVrSUZOby BZVzVuYUdG cExqIHhpY2 o0eE5DNGcg U1c0Z01qQX lNQyB3Z2RH aGxJRTVoIG MyUmhjU0Jp WlcgTmhiV1 VnZEdobCBJ R1pwY25OME lHIDFoYW05 eUlITjAgYj JOcklHVjRZ MiBoaGJtZG xJSFJ2IElH eHBjM1FnWV MgQmpZVzV1 WVdKcCBjeU JqYjIxd1lX IDU1SUhkb1 pXNGcgYVhR Z1lYQndjbS A5MlpXUWdi R2x6IGRHbH VaM01nWm0g OXlJRU55Yj I1diBjeUJI Y205MWNDIE JoYm1RZ1Ey RnUgYjNCNU lFZHliMyBk MGFDQkRiM0 p3IGIzSmhk R2x2YmkgND hZbkkrTVRV dSBJRlJvWl NCT1lYIE5r WVhFZ2FHRn ogSUdFZ2My VndZWCBKaG RHVWdiV0Z5 IGEyVjBJSE 53WlcgTnBa bWxqWVd4cy BlU0JtYjNJ Z2MyIDFoYk d4bGNpQmgg Ym1RZ2JtVj NaWCBJZ1ky OXRjR0Z1IG FXVnpMQ0Jq WVcgeHNaV1 FnZEdobCBJ RTVoYzJSaG NTIEJUYldG c2JDQkQgWV hBZ1RXRnlh MiBWMExDQj NhR2xqIGFD QnNhWE4wY3 kgQnZkbVZ5 SURFcyBNVE F3SUhOMGIy IE5yY3lCM2 FYUm8gSUdF Z2JXRnlhMi BWMElHTmhj R2wwIFlXeH BlbUYwYVcg OXVJRzltSU hWdSBaR1Z5 SUNRMU1EIE FnYldsc2JH bHYgYmk0PQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=