NTT Inc.

More reviews (1)

Live  

Nippon Telegraph and Telephone Corporation, commonly known as NTT, is a leading Japanese telecommunications company headquartered in Tokyo, Japan. It was established in 1952 as a government-owned public corporation and was privatized in 1985. NTT provides a wide range of telecommunications services, including fixed-line phone, mobile phone, internet, and data services.
NTT operates through various subsidiaries and affiliates, including NTT East and NTT West, which provide fixed-line services in different regions of Japan. The company also has a significant presence in global markets through its subsidiaries and partnerships.
NTT is considered a pioneer in the telecommunications industry, and has played a crucial role in developing Japan's telecommunications infrastructure and technologies. It is also one of the largest telecommunications companies in the world, with over 100 million subscribers in Japan alone.
In addition to its telecommunications services, NTT also offers a range of other services, including system integration, data centers, and cloud computing. The company is also involved in research and development of cutting-edge technologies, including 5G, artificial intelligence, and Internet of Things (IoT).
NTT is listed on the Tokyo, Osaka, Nagoya, and New York stock exchanges, with the Japanese government still holding a significant stake in the company. Its mission is to contribute to the development of a sustainable and harmonious society through its advanced telecommunications technologies and services.

TlRUIEluYy 4gaXMgYSBi aWcgY29tcG FueSB0aGF0 IGhlbHBzIG 90aGVyIGJ1 c2luZXNzZX MgdXNlIHRl Y2hub2xvZ3 kgYmV0dGVy LiBJbWFnaW 5lIGlmIHlv dSBoYXZlIG EgcmVhbGx5 IGNvb2wgY2 9tcHV0ZXIg b3IgdmlkZW 8gZ2FtZSwg YnV0IHlvdS BuZWVkIGhl bHAgdG8gbW FrZSBpdCB3 b3JrIGZhc3 RlciBvciBj b25uZWN0IH RvIHRoZSBp bnRlcm5ldC BzbW9vdGhs eS4gVGhhdO KAmXMgd2hh dCBOVFQgZG 9lcyEgVGhl eSBoZWxwIG NvbXBhbmll cyB3aXRoIH RoaW5ncyBs aWtlIGhvdy B0byBzdG9y ZSB0aGVpci BpbmZvcm1h dGlvbiBzYW ZlbHksIGhv dyB0byB1c2 UgdGhlIGlu dGVybmV0IG Zhc3Rlciwg YW5kIGhvdy B0byBrZWVw IHRoZWlyIG NvbXB1dGVy cyBydW5uaW 5nIHdlbGwu PGJyPk5UVC BtYWtlcyBt b25leSBieS BzZWxsaW5n IHRoZXNlIH NlcnZpY2Vz IGFuZCBwcm 9kdWN0cyB0 byBvdGhlci Bjb21wYW5p ZXMuIEJ1c2 luZXNzZXMg cGF5IE5UVC B0byBzZXQg dXAgdGhlaX IgdGVjaG5v bG9neSwgZm l4IHByb2Js ZW1zLCBhbm QgbWFrZSBz dXJlIGV2ZX J5dGhpbmcg d29ya3MgcG VyZmVjdGx5 LiBUaGlzIG lzIGEgYml0 IGxpa2UgaG 93IHlvdSBt aWdodCBwYX kgZm9yIGEg c3Vic2NyaX B0aW9uIHRv IGEgdmlkZW 8gZ2FtZSBv ciBhcHAgdG hhdCB5b3Ug bG92ZS48Yn I+T25lIHJl YXNvbiBOVF QgaXMgc3Vj Y2Vzc2Z1bC BpcyB0aGF0 IHRlY2hub2 xvZ3kgaXMg YWx3YXlzIG NoYW5naW5n IGFuZCBiZW NvbWluZyBt b3JlIGltcG 9ydGFudCBp biBvdXIgbG l2ZXMuIFRo YXTigJlzIH doeSBidXNp bmVzc2VzIG 5lZWQgaGVs cCBmcm9tIG NvbXBhbmll cyBsaWtlIE 5UVCB0byBr ZWVwIHVwLi BBbHNvLCBO VFQgaGFzIG xvdHMgb2Yg c2tpbGxlZC B3b3JrZXJz IHdobyBrbm 93IGEgbG90 IGFib3V0IH RlY2hub2xv Z3ksIHdoaW NoIG1ha2Vz IHRoZW0gcm VhbGx5IGdv b2QgYXQgd2 hhdCB0aGV5 IGRvLjxicj 5JbiB0aGUg ZnV0dXJlLC BhcyBtb3Jl IHBlb3BsZS BhbmQgY29t cGFuaWVzIH VzZSB0ZWNo bm9sb2d5LC BOVFQgd2ls bCBsaWtlbH kga2VlcCBi ZWluZyBzdW NjZXNzZnVs IGJlY2F1c2 UgdGhleSBj YW4gaGVscC Bzb2x2ZSBu ZXcgcHJvYm xlbXMgdGhh dCBjb21lIH VwIGFuZCBj cmVhdGUgbm V3IHdheXMg Zm9yIGJ1c2 luZXNzZXMg dG8gdXNlIH RlY2guIFNv LCB0aGV54o CZcmUgaW4g YSBnb29kIH Bvc2l0aW9u IHRvIGdyb3 cgYW5kIHN0 YXkgaW1wb3 J0YW50ITxi cj4=

MS4gTGFyZ2 VzdCB0ZWxl Y29tbXVuaW NhdGlvbnMg Y29tcGFueS BpbiBKYXBh bjogTmlwcG 9uIFRlbGVn cmFwaCBhbm QgVGVsZXBo b25lIENvcn BvcmF0aW9u IChOVFQpIG lzIHRoZSBs YXJnZXN0IH RlbGVjb21t dW5pY2F0aW 9ucyBjb21w YW55IGluIE phcGFuLCBw cm92aWRpbm cgZml4ZWQg YW5kIG1vYm lsZSBwaG9u ZSBzZXJ2aW NlcywgaW50 ZXJuZXQgc2 VydmljZXMs IGFuZCBkYX RhIGNvbW11 bmljYXRpb2 4gc2Vydmlj ZXMuPGJyPj IuIE9uZSBv ZiB0aGUgbG FyZ2VzdCBj b21wYW5pZX MgaW4gdGhl IHdvcmxkOi BOVFQgaXMg cmFua2VkIG Ftb25nIHRo ZSB0b3AgMT AwIGNvbXBh bmllcyBpbi B0aGUgd29y bGQgaW4gdG VybXMgb2Yg cmV2ZW51ZS 4gSXQgaXMg YWxzbyBrbm 93biBhcyBv bmUgb2YgdG hlICJzdXBl ci1tYWpvci IgZ2xvYmFs IGNvbXBhbm llcywgd2l0 aCBhIHN0cm 9uZyBwcmVz ZW5jZSBpbi B0aGUgdGVs ZWNvbW11bm ljYXRpb25z IGluZHVzdH J5Ljxicj4z LiBQaW9uZW VyIGluIHRl Y2hub2xvZ2 ljYWwgaW5u b3ZhdGlvbj ogTlRUIGhh cyBhIGxvbm cgaGlzdG9y eSBvZiBwaW 9uZWVyaW5n IHRlY2hub2 xvZ2ljYWwg YWR2YW5jZW 1lbnRzIGlu IHRoZSB0ZW xlY29tbXVu aWNhdGlvbn MgaW5kdXN0 cnkuIEl0IH dhcyB0aGUg Zmlyc3QgY2 9tcGFueSB0 byBpbnRyb2 R1Y2Ugb3B0 aWNhbCBmaW JlciB0ZWNo bm9sb2d5IG luIEphcGFu IGFuZCBoYX MgY29udGlu dWVkIHRvIG ludmVzdCBp biBlbWVyZ2 luZyB0ZWNo bm9sb2dpZX Mgc3VjaCBh cyA1RyBhbm QgYXJ0aWZp Y2lhbCBpbn RlbGxpZ2Vu Y2UuPGJyPj QuIERpdmVy c2lmaWVkIG J1c2luZXNz IHBvcnRmb2 xpbzogTlRU IGhhcyBhIG RpdmVyc2lm aWVkIGJ1c2 luZXNzIHBv cnRmb2xpby wgZW5jb21w YXNzaW5nIG Egd2lkZSBy YW5nZSBvZi BzZXJ2aWNl cyBzdWNoIG FzIHRlbGVj b21tdW5pY2 F0aW9uLCBt b2JpbGUsIG ludGVybmV0 LCBjbG91ZC wgZGF0YSBj ZW50ZXIsIG FuZCBmaW5h bmNlLiBUaG lzIGFsbG93 cyB0aGUgY2 9tcGFueSB0 byBhZGFwdC B0byBjaGFu Z2luZyBtYX JrZXQgZHlu YW1pY3MgYW 5kIGdlbmVy YXRlIHN0YW JsZSByZXZl bnVlIHN0cm VhbXMuPGJy PjUuIFN0cm 9uZyBnbG9i YWwgcHJlc2 VuY2U6IE5U VCBoYXMgYS BzdHJvbmcg Z2xvYmFsIH ByZXNlbmNl IHdpdGggb3 BlcmF0aW9u cyBpbiBvdm VyIDcwIGNv dW50cmllcy BhbmQgcmVn aW9ucyB3b3 JsZHdpZGUu IEl0IGhhcy Blc3RhYmxp c2hlZCBwYX J0bmVyc2hp cHMgd2l0aC BsZWFkaW5n IGNvbXBhbm llcyBpbiB2 YXJpb3VzIH NlY3RvcnMg YW5kIGhhcy BhIHNpZ25p ZmljYW50IG 1hcmtldCBz aGFyZSBpbi B0aGUgQXNp YS1QYWNpZm ljIGFuZCBF dXJvcGVhbi ByZWdpb25z Ljxicj42Li BDb21taXRt ZW50IHRvIG NvcnBvcmF0 ZSBzb2NpYW wgcmVzcG9u c2liaWxpdH k6IE5UVCBw bGFjZXMgZ3 JlYXQgZW1w aGFzaXMgb2 4gY29ycG9y YXRlIHNvY2 lhbCByZXNw b25zaWJpbG l0eSBhbmQg aXMgYWN0aX ZlbHkgaW52 b2x2ZWQgaW 4gaW5pdGlh dGl2ZXMgdG 8gcHJvbW90 ZSBlbnZpcm 9ubWVudGFs IHN1c3RhaW 5hYmlsaXR5 LCBzb2NpYW wgd2VsZmFy ZSwgYW5kIG Rpc2FzdGVy IHJlbGllZi BlZmZvcnRz LiBJdCBoYX MgYmVlbiBy ZWNvZ25pem VkIGZvciBp dHMgZWZmb3 J0cyBpbiBz dXN0YWluYW JpbGl0eSBh bmQgaGFzIG JlZW4gbGlz dGVkIG9uIH ZhcmlvdXMg Y29ycG9yYX RlIHJlc3Bv bnNpYmlsaX R5IGluZGlj ZXMuPGJyPj cuIEZvY3Vz IG9uIHJlc2 VhcmNoIGFu ZCBkZXZlbG 9wbWVudDog TlRUIGhhcy BhIGRlZGlj YXRlZCByZX NlYXJjaCBh bmQgZGV2ZW xvcG1lbnQg YXJtLCB0aG UgTlRUIEdy b3VwIFImRC BDZW50ZXIs IHdoaWNoIG lzIGZvY3Vz ZWQgb24gZG V2ZWxvcGlu ZyBpbm5vdm F0aXZlIHRl Y2hub2xvZ2 llcyBhbmQg c2VydmljZX MgZm9yIHRo ZSBmdXR1cm UuIFRoZSBj b21wYW55IG ludmVzdHMg YSBzaWduaW ZpY2FudCBh bW91bnQgb2 YgaXRzIHJl dmVudWUgaW 4gUiZEIGVh Y2ggeWVhci wgaGlnaGxp Z2h0aW5nIG l0cyBjb21t aXRtZW50IH RvIHN0YXlp bmcgYXQgdG hlIGZvcmVm cm9udCBvZi B0ZWNobm9s b2dpY2FsIG FkdmFuY2Vt ZW50cy48Yn I+OC4gU3Ry b25nIGN1c3 RvbWVyIGJh c2U6IE5UVC BoYXMgYSBs YXJnZSBhbm QgbG95YWwg Y3VzdG9tZX IgYmFzZSwg aW5jbHVkaW 5nIGluZGl2 aWR1YWxzLC BzbWFsbCBh bmQgbWVkaX VtLXNpemVk IGJ1c2luZX NzZXMsIGFu ZCBsYXJnZS Bjb3Jwb3Jh dGlvbnMuIF RoZSBjb21w YW55IGlzIG tub3duIGZv ciBpdHMgaG lnaC1xdWFs aXR5IHNlcn ZpY2VzIGFu ZCBjdXN0b2 1lci1jZW50 cmljIGFwcH JvYWNoLCBs ZWFkaW5nIH RvIGhpZ2gg Y3VzdG9tZX Igc2F0aXNm YWN0aW9uIG FuZCByZXRl bnRpb24gcm F0ZXMuPGJy PjkuIFN0cm 9uZyBmaW5h bmNpYWwgcG VyZm9ybWFu Y2U6IE5UVC BoYXMgY29u c2lzdGVudG x5IGRlbGl2 ZXJlZCBzdH JvbmcgZmlu YW5jaWFsIH Jlc3VsdHMs IHdpdGggYS BzdGFibGUg cmV2ZW51ZS BzdHJlYW0g YW5kIHN0ZW FkeSBncm93 dGggaW4gcH JvZml0cy4g VGhpcyBoYX MgYWxsb3dl ZCB0aGUgY2 9tcGFueSB0 byBjb250aW 51ZSBpbnZl c3RpbmcgaW 4gbmV3IHRl Y2hub2xvZ2 llcyBhbmQg ZXhwYW5kIG l0cyBidXNp bmVzcyBnbG 9iYWxseS48 YnI+MTAuIE NvcnBvcmF0 ZSBjdWx0dX JlOiBOVFQg aGFzIGEgdW 5pcXVlIGNv cnBvcmF0ZS BjdWx0dXJl IHRoYXQgZW 1waGFzaXpl cyBpbm5vdm F0aW9uLCBj b2xsYWJvcm F0aW9uLCBh bmQgcmVzcG VjdCBmb3Ig dGhlIGluZG l2aWR1YWwu IFRoZSBjb2 1wYW55IHZh bHVlcyBkaX ZlcnNpdHkg YW5kIGluY2 x1c2lvbiwg YW5kIGZvc3 RlcnMgYSBz dXBwb3J0aX ZlIGFuZCBp bmNsdXNpdm Ugd29yayBl bnZpcm9ubW VudCBmb3Ig aXRzIGVtcG xveWVlcy4=

VGhlIE5pcH BvbiBUZWxl Z3JhcGggYW 5kIFRlbGVw aG9uZSAoTl RUKSBjb21w YW55IGlzIG EgdGVsZWNv bW11bmljYX Rpb25zIGFu ZCBpbmZvcm 1hdGlvbiB0 ZWNobm9sb2 d5IGNvcnBv cmF0aW9uIG Jhc2VkIGlu IEphcGFuLi BJdHMgYnVz aW5lc3MgbW 9kZWwgaXMg cHJpbWFyaW x5IGZvY3Vz ZWQgb24gcH JvdmlkaW5n IGEgd2lkZS ByYW5nZSBv ZiBjb21tdW 5pY2F0aW9u LCBuZXR3b3 JraW5nLCBh bmQgSVQgc2 9sdXRpb25z IGFuZCBzZX J2aWNlcyB0 byBjdXN0b2 1lcnMgaW4g SmFwYW4gYW 5kIGFyb3Vu ZCB0aGUgd2 9ybGQuPGJy Pk5UVCdzIG 1haW4gYnVz aW5lc3Mgc2 VnbWVudHMg aW5jbHVkZT o8YnI+MS4g UmVnaW9uYW wgQ29tbXVu aWNhdGlvbn MgQnVzaW5l c3M6IFRoaX Mgc2VnbWVu dCBpbmNsdW RlcyBmaXhl ZC1saW5lIG FuZCBtb2Jp bGUgdGVsZW NvbW11bmlj YXRpb24gc2 VydmljZXMg Zm9yIGNvbn N1bWVycyBh bmQgYnVzaW 5lc3Nlcywg c3VjaCBhcy BsYW5kbGlu ZSBwaG9uZX MsIHNtYXJ0 cGhvbmVzLC BhbmQgYnJv YWRiYW5kIG ludGVybmV0 Ljxicj4yLi BMb25nLURp c3RhbmNlIG FuZCBJbnRl cm5hdGlvbm FsIENvbW11 bmljYXRpb2 5zIEJ1c2lu ZXNzOiBUaG lzIHNlZ21l bnQgcHJvdm lkZXMgbG9u Zy1kaXN0YW 5jZSBhbmQg aW50ZXJuYX Rpb25hbCBj b21tdW5pY2 F0aW9uIHNl cnZpY2VzIH Rocm91Z2gg c3VibWFyaW 5lIGNhYmxl cywgc2F0ZW xsaXRlIGNv bW11bmljYX Rpb25zLCBh bmQgZmliZX Itb3B0aWMg bmV0d29ya3 MuPGJyPjMu IE1vYmlsZS BDb21tdW5p Y2F0aW9ucy BCdXNpbmVz czogTlRUIG 93bnMgTlRU IERvY29tby wgb25lIG9m IHRoZSBsYX JnZXN0IG1v YmlsZSBuZX R3b3JrIG9w ZXJhdG9ycy BpbiBKYXBh biwgcHJvdm lkaW5nIG1v YmlsZSB2b2 ljZSBhbmQg ZGF0YSBzZX J2aWNlcyB0 byBtaWxsaW 9ucyBvZiB1 c2Vycy48Yn I+NC4gRGF0 YSBDb21tdW 5pY2F0aW9u cyBCdXNpbm VzczogVGhp cyBzZWdtZW 50IG9mZmVy cyBkYXRhIG NlbnRlcnMs IGNsb3VkIG NvbXB1dGlu ZyBzZXJ2aW NlcywgYW5k IG90aGVyIG RhdGEtcmVs YXRlZCBzb2 x1dGlvbnMg Zm9yIGJ1c2 luZXNzZXMg YW5kIG9yZ2 FuaXphdGlv bnMuPGJyPj UuIFN5c3Rl bSBJbnRlZ3 JhdGlvbiAo U0kpIEJ1c2 luZXNzOiBO VFQgcHJvdm lkZXMgYSB2 YXJpZXR5IG 9mIElUIGNv bnN1bHRpbm csIHN5c3Rl bSBpbnRlZ3 JhdGlvbiwg YW5kIG91dH NvdXJjaW5n IHNlcnZpY2 VzIHRvIGhl bHAgY3VzdG 9tZXJzIGRl c2lnbiwgYn VpbGQsIGFu ZCBtYW5hZ2 UgdGhlaXIg SVQgaW5mcm FzdHJ1Y3R1 cmUuPGJyPj YuIE90aGVy IEJ1c2luZX NzZXM6IE5U VCBhbHNvIG hhcyBkaXZl cnNlIGJ1c2 luZXNzIGlu dGVyZXN0cy BpbiBhcmVh cyBzdWNoIG FzIHJlc2Vh cmNoIGFuZC BkZXZlbG9w bWVudCwgcm VhbCBlc3Rh dGUsIGZpbm FuY2UsIGFu ZCBhZHZlcn Rpc2luZy48 YnI+T3Zlcm FsbCwgTlRU J3MgYnVzaW 5lc3MgbW9k ZWwgaXMgY2 VudGVyZWQg YXJvdW5kIH Byb3ZpZGlu ZyBoaWdoLX F1YWxpdHkg YW5kIHJlbG lhYmxlIHRl bGVjb21tdW 5pY2F0aW9u cyBhbmQgSV Qgc2Vydmlj ZXMgdG8gbW VldCB0aGUg bmVlZHMgb2 YgYSBjb25z dGFudGx5IG V2b2x2aW5n IGRpZ2l0YW wgd29ybGQu IFRoZSBjb2 1wYW55IGFs c28gaGFzIG Egc3Ryb25n IGZvY3VzIG 9uIGlubm92 YXRpb24gYW 5kIGludmVz dGluZyBpbi BuZXcgdGVj aG5vbG9naW VzIHRvIHN0 YXkgY29tcG V0aXRpdmUg aW4gdGhlIG dsb2JhbCBt YXJrZXQu

AI does present potential challenges to companies like NTT Inc., particularly in terms of their products, services, or competitive positioning. Here are a few key areas to consider:
1. Substitution: AI technologies can automate certain IT services and processes that NTT Inc. offers, such as IT support, network management, and data analysis. If competitors adopt advanced AI solutions, they may provide faster, more cost-effective services that could substitute those offered by NTT Inc., impacting their market share.
2. Disintermediation: As AI-driven platforms begin to offer integrated solutions directly to businesses, the need for traditional service providers like NTT Inc. could diminish. Companies may choose to invest in AI tools directly, bypassing intermediaries altogether, which could affect NTT’s customer base.
3. Margin Pressure: The adoption of AI can lead to more efficient operations, which might push down prices in the industry. Competitors leveraging AI effectively could provide similar services at lower costs, leading to margin pressure for NTT Inc. If NTT does not adapt its pricing or enhance its value proposition, its profitability could be adversely affected.
In summary, while AI presents opportunities for innovation and growth, it also poses material threats that NTT Inc. needs to navigate carefully to maintain its competitive positioning and market relevance.

The sensitivity of NTT Inc.’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Sensitivity: Changes in interest rates can impact NTT’s borrowing costs if the company has outstanding debt. Higher interest rates generally lead to increased interest expenses, which can reduce net income. Additionally, if NTT relies on consumer spending for its services, higher rates may dampen economic activity, potentially reducing demand for its offerings and affecting revenue.
2. Cash Flow Sensitivity: Cash flow is directly influenced by interest rates through financing costs. Increased rates can lead to higher interest payments on any variable-rate debt. Furthermore, if customers face higher borrowing costs, they may delay or reduce spending on NTT’s services. Overall, tighter monetary policy can decrease cash inflows from operational activities.
3. Valuation Sensitivity: The valuation of NTT is typically assessed using discounted cash flow (DCF) models, which are sensitive to changes in the discount rate. An increase in interest rates raises the discount rate, resulting in a lower present value of future cash flows. This can lead to a decline in market valuation for the company, as projected growth rates may need to be reassessed in the context of higher borrowing costs.
In summary, NTT Inc.’s earnings, cash flows, and valuations are sensitive to interest rate changes primarily through impacts on borrowing costs and consumer behavior. Higher rates can negatively affect profitability and cash flows while also decreasing firm valuation in financial markets.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgTl RUIEluYy7i gJlzIGVjb2 5vbWljcyBv dmVyIHRoZS BuZXh0IDMt NSB5ZWFycy Bjb3VsZCBp bnZvbHZlIG Egc2lnbmlm aWNhbnQgYW 5kIHN1c3Rh aW5lZCBkb3 dudHVybiBp biBnbG9iYW wgZGVtYW5k IGZvciB0ZW xlY29tbXVu aWNhdGlvbn MgYW5kIElU IHNlcnZpY2 VzLiBUaGlz IGNvdWxkIG FyaXNlIGZy b20gc2V2ZX JhbCBmYWN0 b3JzLCBpbm NsdWRpbmcg YW4gZWNvbm 9taWMgcmVj ZXNzaW9uLC ByYXBpZCB0 ZWNobm9sb2 dpY2FsIGNo YW5nZXMgbG VhZGluZyB0 byByZWR1Y2 VkIGRlbWFu ZCBmb3IgdH JhZGl0aW9u YWwgc2Vydm ljZXMsIG9y IGluY3JlYX NlZCBjb21w ZXRpdGlvbi Bmcm9tIG5l dyBtYXJrZX QgZW50cmFu dHMgdGhhdC BvZmZlciBp bm5vdmF0aX ZlIHNvbHV0 aW9ucyBhdC Bsb3dlciBw cmljZXMuPG JyPklmIHN1 Y2ggYSBzY2 VuYXJpbyBw bGF5ZWQgb3 V0LCBOVFQg SW5jLiBjb3 VsZCBleHBl cmllbmNlIG EgZHJhbWF0 aWMgZXJvc2 lvbiBvZiBp dHMgcmV2ZW 51ZSBiYXNl LiBUaGUgcm VzdWx0aW5n IGRlY2xpbm UgaW4gc2Fs ZXMgY291bG QgbGVhZCB0 byBsb3dlci BtYXJnaW5z LCBhcyBmaX hlZCBjb3N0 cyByZW1haW 4gcmVsYXRp dmVseSBzdG FibGUgcmVn YXJkbGVzcy BvZiByZXZl bnVlIGZsdW N0dWF0aW9u cy4gV2l0aC BkaW1pbmlz aGluZyBpbm NvbWUsIHRo ZSBjb21wYW 554oCZcyBv cGVyYXRpb2 5hbCBtYXJn aW5zIG1heS BkZWNsaW5l IHNpZ25pZm ljYW50bHks IHBvc3NpYm x5IGRyb3Bw aW5nIGJlbG 93IGJyZWFr ZXZlbiBsZX ZlbHMgaW4g dGhlIG1vc3 Qgc2V2ZXJl IGNhc2VzLj xicj5DYXNo IGZsb3cgd2 91bGQgYWxz byBiZSBhZH ZlcnNlbHkg aW1wYWN0ZW QuIFRoZSBj b21iaW5hdG lvbiBvZiBy ZWR1Y2VkIH JldmVudWUg YW5kIHBvdG VudGlhbCBp bnZlc3RtZW 50cyBpbiB0 ZWNobm9sb2 d5IHRvIHJl bWFpbiBjb2 1wZXRpdGl2 ZSBjb3VsZC BsZWFkIHRv IG5lZ2F0aX ZlIGNhc2gg ZmxvdyBvci BkZWNyZWFz ZWQgZnJlZS BjYXNoIGZs b3csIGhhbX BlcmluZyB0 aGUgY29tcG FueeKAmXMg YWJpbGl0eS B0byByZWlu dmVzdCBvci ByZXR1cm4g Y2FwaXRhbC B0byBzaGFy ZWhvbGRlcn MuIEluIHR1 cm4sIHRoaX MgY291bGQg Zm9yY2UgdG hlIGNvbXBh bnkgdG8gbW FrZSBkaWZm aWN1bHQgZG VjaXNpb25z IHJlZ2FyZG luZyBzdGFm ZmluZywgb3 BlcmF0aW9u cywgYW5kIH N0cmF0ZWdp YyBpbml0aW F0aXZlcy48 YnI+UmVnYX JkaW5nIHRo ZSBiYWxhbm NlIHNoZWV0 LCB0aGUgc2 NlbmFyaW8g Y291bGQgcm VzdWx0IGlu IGluY3JlYX NlZCBkZWJ0 IGxldmVscy BpZiB0aGUg Y29tcGFueS ByZXNvcnRz IHRvIGJvcn Jvd2luZyB0 byBtYWludG FpbiBsaXF1 aWRpdHkuIE RlY2xpbmlu ZyBwcm9maX RhYmlsaXR5 IGNvdWxkIG Fsc28gd2Vh a2VuIGVxdW l0eSwgbGVh ZGluZyB0by BhIGxvd2Vy IGRlYnQtdG 8tZXF1aXR5 IHJhdGlvIG J1dCBhdCB0 aGUgc2FtZS B0aW1lIGlu Y3JlYXNpbm cgbGV2ZXJh Z2Ugcmlza3 MuIEFkZGl0 aW9uYWxseS wgYXNzZXQg dmFsdWF0aW 9ucyBtaWdo dCBkZWNsaW 5lIGFzIGNs aWVudHMgcm VkdWNlIHNw ZW5kaW5nLC BpbXBhY3Rp bmcgdGhlIG 92ZXJhbGwg YmFsYW5jZS BzaGVldCBz dHJlbmd0aC 48YnI+SW4g c3VtbWFyeS wgaWYgYSBw cm9sb25nZW QgZG93bnR1 cm4gaW4gZG VtYW5kIGZv ciBzZXJ2aW NlcyBvY2N1 cnMsIE5UVC BJbmMuIG1p Z2h0IGZhY2 Ugc2V2ZXJl IGNoYWxsZW 5nZXMgY2hh cmFjdGVyaX plZCBieSBz aHJpbmtpbm cgbWFyZ2lu cywgYWR2ZX JzZSBjYXNo IGZsb3cgZH luYW1pY3Ms IGFuZCBhIH dlYWtlbmVk IGJhbGFuY2 Ugc2hlZXQs IHdoaWNoIG luIHR1cm4g Y291bGQgam VvcGFyZGl6 ZSB0aGUgY2 9tcGFueeKA mXMgbG9uZy 10ZXJtIHZp YWJpbGl0eS BhbmQgc3Ry YXRlZ2ljIH Bvc2l0aW9u aW5nIGluIH RoZSBtYXJr ZXQuPGJyPg ==

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 bG9nb3MvOU ZlSHdQZEFX RWp5OEtrd1 NoNVkud2Vi cCIgYWx0PS JOVFQgSW5j LiIgdGl0bG U9Ik5UVCBJ bmMuIiAgY2 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 Fib3V0IE5U VCBJbmMuPw 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+ZjCBKb2 luIG5vdyB0 byBnZXQgPG k+IlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3MiPC9p PiBhdCBuby Bjb3N0CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvcD4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID whLS0KICAg ICAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nbWFyZ2 luLXRvcDog MTJweDsgZm 9udC1zaXpl OiAxM3B4Oy Bjb2xvcjog IzQ0NDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgU2 lnbiB1cCBu b3cgYW5kIG dldCBvdXIg ZnJlZSBlQm 9vayAKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxiPlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3M8 L2I+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxNn B4OyBmb250 LXNpemU6ID E0cHg7IGNv bG9yOiAjND Q0OyBmb250 LWZhbWlseT ogLWFwcGxl LXN5c3RlbS wgQmxpbmtN YWNTeXN0ZW 1Gb250LCBT ZWdvZSBVSS wgUm9ib3Rv LCBIZWx2ZX RpY2EgTmV1 ZSwgc2Fucy 1zZXJpZjsg bGluZS1oZW lnaHQ6IDEu NjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgSGF2ZS B5b3UgaGVh cmQgYWJvdX Qgb3VyIHNo b3J0IDxzdH Jvbmcgc3R5 bGU9J2Zvbn Qtd2VpZ2h0 OiA2MDA7Jz 5EYWlseSBW aWRlbyBOZX dzbGV0dGVy PC9zdHJvbm c+PwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naHR0cH M6Ly93d3cu aW5zaWdodG Z1bHZhbHVl LmNvbS9uZX dzbGV0dGVy LnBocCcgdG FyZ2V0PSdf YmxhbmsnIH N0eWxlPSdj b2xvcjogIz AwN0JGRjsg dGV4dC1kZW NvcmF0aW9u OiBub25lOy Bmb250LXdl aWdodDogNT AwOyBtYXJn aW4tbGVmdD ogNnB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgRmluZC BvdXQgbW9y ZQogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgIAogICAg ICAgIAogIC AgICAgIDxz cGFuIGNsYX NzPSdibHVy cmVkLXRleH QnPgogICAg ICAgICAgIC BMQ0J2Y2lC T1ZGIFE4WW 5JK01TNGcg VGxSVUlIZG hjeSBCbWIz VnVaR1ZrIE lHbHVJREU1 TlQgSWdZWE 1nWVNCbiBi M1psY201dF pXIDUwTFc5 M2JtVmsgSU dOdmJYQmhi biBrZ2FXNG dTbUZ3IFlX NGdkRzhnYl cgRnVZV2Rs SUdGdSBaQ0 JwYlhCeWIz IFpsSUhSb1 pTQmogYjNW dWRISjU0by BDWmN5QjBa V3hsIFkyOX RiWFZ1YVcg TmhkR2x2Ym 5NZyBhVzVt Y21GemRIIE oxWTNSMWNt VXUgUEdKeV BqSXVJRiBS b1pTQmpiMj F3IFlXNTU0 b0NaY3kgQn BibWwwYVdG cyBJRzVoYl dVZ2QyIEZ6 SUhSb1pTQk 8gYVhCd2Iy NGdWRyBWc1 pYQm9iMjVs IElHRnVaQ0 JVWlcgeGxa M0poY0dnZy BVSFZpYkds aklFIE52Y2 5CdmNtRjAg YVc5dUlHRn VaQyBCcGRD QjNZWE1nIG JHRjBaWEln WTIgaGhibW RsWkNCMCBi eUJPYVhCd2 IyIDRnVkdW c1pXZHkgWV hCb0lHRnVa QyBCVVpXeG xjR2h2IGJt VWdRMjl5Y0 cgOXlZWFJw YjI0ZyBkMm hsYmlCcGRD IEIzWVhNZ2 NISnAgZG1G MGFYcGxaQy BCcGJpQXhP VGcxIExqeG ljajR6TGkg Qk9WRlFnYV hNZyBZM1Z5 Y21WdWRHIH g1SUc5dVpT QnYgWmlCMG FHVWdiRyBG eVoyVnpkQ0 IwIFpXeGxZ Mjl0YlggVn VhV05oZEds diBibk1nWT I5dGNHIEZ1 YVdWeklHbH UgSUhSb1pT QjNiMyBKc1 pDd2dkMmww IGFDQmhJRz FoY20gdGxk Q0IyWVd4MS BaU0J2WmlC dmRtIFZ5SU NReE1EQWcg WW1sc2JHbH ZiaSA0OFlu SStOQzRnIF ZHaGxJR052 YlggQmhibm tnY0hKdiBk bWxrWlhNZ1 lTIEIzYVdS bElISmggYm 1kbElHOW1J SCBObGNuWn BZMlZ6IElH bHVZMngxWk cgbHVaeUJt YVhobCBaQz FzYVc1bElH IEZ1WkNCdG IySnAgYkdV Z2RHVnNaWC BCb2IyNTVM Q0JwIGJuUm xjbTVsZEMg d2daR0YwWV NCaiBiMjF0 ZFc1cFkyIE YwYVc5dUxD QmggYm1RZ1 NWUWdjMiBW eWRtbGpaWE 11IFBHSnlQ alV1SUUgNV VWQ0JvWVhN ZyBZU0JuYk c5aVlXIHdn Y0hKbGMyVn UgWTJVc0lI ZHBkRyBnZ2 IzQmxjbUYw IGFXOXVjeU JwYmkgQnZk bVZ5SURjeC BJR052ZFc1 MGNtIGxsY3 lCaGJtUWcg Y21WbmFXOX VjeSB3Z1lX NWtJRzkyIF pYSWdNamt3 TEQgQXdNQ0 JsYlhCcyBi M2xsWlhNZ2 QyIDl5YkdS M2FXUmwgTG p4aWNqNDJM aSBCSmJpQX hPVGcyIExD Qk9WRlFnYk cgRjFibU5v WldRZyBkR2 hsSUdacGNu IE4wSUdOdm JXMWwgY21O cFlXd2dZMi BWc2JIVnNZ WElnIGNHaH ZibVVnYzIg VnlkbWxqWl NCcCBiaUJL WVhCaGJpIH dnWTJGc2JH VmsgSUhSb1 pTQk5iMiBK cGJHVWdWR1 ZzIFpYQm9i MjVsSUYgTj VjM1JsYlNB byBUVlJUS1 M0OFluIEkr Tnk0Z1RsUl UgSUdGc2My OGdhRyBGek lHRWdjM1J5 IGIyNW5JSE J5WlggTmxi bU5sSUdsdS BJSFJvWlNC emRXIEp6Wl dFZ1kyRmkg YkdVZ2FXNW tkWCBOMGNu a3NJRzkzIG JtbHVaeUJo Ym0gUWdiM0 JsY21GMCBh VzVuSUc5dV pTIEJ2WmlC MGFHVWcgZD I5eWJHVGln SiBseklHeG hjbWRsIGMz UWdibVYwZD IgOXlhM01n YjJZZyBhVz UwWlhKdVlY IFJwYjI1aG JDQnogZFdK dFlYSnBibS BVZ1kyRmli R1Z6IExqeG ljajQ0TGkg Qk9WRlFnYU dGeiBJR0ps Wlc0Z1lYIF FnZEdobElH WnYgY21WbW NtOXVkQyBC dlppQnBibT V2IGRtRjBh WFpsSUggUm xZMmh1YjJ4 diBaM2tnWV c1a0lHIGho Y3lCaVpXVn UgSUdGM1lY SmtaVyBRZ2 RHaGxJRzF2 IGMzUWdhVz UwWlggSnVZ WFJwYjI1aC BiQ0J3WVhS bGJuIFJ6SU dsdUlIUm8g WlNCMFpXeG xZMiA5dGJY VnVhV05oIG RHbHZibk1n YVcgNWtkWE 4wY25rZyBa bTl5SUhObG RtIFZ5WVd3 Z2VXVmggY2 5NdVBHSnlQ aiBrdUlGUm 9aU0JqIGIy MXdZVzU1SU cgaGhjeUJ0 WVdSbCBJSE 5wWjI1cFpt IGxqWVc1ME lHbHUgZG1W emRHMWxibi BSeklHbHVJ SEpsIGMyVm hjbU5vSUcg RnVaQ0JrWl habCBiRzl3 YldWdWRDIH dnZDJsMGFD QnAgZEhNZ1 VpWkVJRyBS cGRtbHphVz l1IElHRmpZ MjkxYm4gUn BibWNnWm05 eSBJRzkyWl hJZ01UIEFs SUc5bUlHbD AgY3lCaGJt NTFZVyB3Z2 MyRnNaWE11 IFBHSnlQak V3TGkgQk9W RlFnYUdGei BJR0psWlc0 Z2NtIFZqYj JkdWFYcGwg WkNCbWIzSW dhWCBSeklI TjFjM1JoIG FXNWhZbWxz YVggUjVJR1 ZtWm05eSBk SE1zSUhKaG JtIHRwYm1j Z1lYTWcgYj I1bElHOW1J SCBSb1pTQj BiM0FnIFky OXRjR0Z1YV cgVnpJR2x1 SUhSbyBaU0 IzYjNKc1pD IEJtYjNJZ1 pXNTIgYVhK dmJtMWxibi BSaGJDQmhi bVFnIGMyOW phV0ZzSUgg SmxjM0J2Ym 5OcCBZbWxz YVhSNUxnID 09CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==