Nomura Research Institute

-15.68%

Live  

The Nomura Research Institute (NRI) is a leading consulting and IT services firm headquartered in Tokyo, Japan. It was founded in 1965 as a subsidiary of Nomura Securities Co., Ltd. and became an independent company in 1994. NRI provides a wide range of consulting, financial IT solutions, and system integration services to clients in various industries, including financial services, government, and healthcare.
NRI has a global presence with offices in Asia, the Americas, and Europe. It has over 15,000 employees and serves clients in more than 70 countries. The company's mission is to contribute to the sustainable growth of society by leveraging its technology and expertise.
NRI's consulting services cover a wide range of areas, including strategy, operations, risk management, and digital transformation. The company's IT solutions and services include systems development, data analytics, cloud computing, and cybersecurity.
NRI has received various awards and recognition for its consulting and IT services, including being ranked as the largest consulting firm in Japan by the Japan Management Association Consulting Research Institute.
In addition to its business activities, NRI also takes initiatives to contribute to society, such as promoting diversity and inclusion and environmental sustainability. The company also supports various philanthropic causes and disaster relief efforts.
In summary, the Nomura Research Institute is a reputable and established consulting and IT services firm with a global presence and a mission to contribute to the sustainable growth of society.

Nomura Research Institute, or NRI for short, is a company that helps other businesses and organizations make smart decisions. Think of it like a team of experts who study markets, technology, and social trends to give advice on how to grow and be successful.
NRI makes money in a few ways. First, they offer consulting services, meaning they help companies by providing valuable information and advice based on their research. They also create software and technology solutions that other businesses pay for to help them run better. Finally, they help with financial services, like managing investments and analyzing risks.
NRI is successful because they have a lot of skilled professionals who know a lot about different fields. They keep up with changes in the world, like new technologies and market changes, and that helps them stay relevant. In the future, NRI is likely to continue being successful as the world becomes more complex and businesses will need expert advice to navigate challenges. Plus, as technology keeps evolving, their expertise will be even more important, ensuring they remain a trusted partner for many companies.

MS4gU3Ryb2 5nIFJlcHV0 YXRpb24gaW 4gQ29uc3Vs dGluZyBhbm QgUmVzZWFy Y2g6IE5vbX VyYSBSZXNl YXJjaCBJbn N0aXR1dGUg KE5SSSkgaX Mgd2lkZWx5 IHJlc3BlY3 RlZCBpbiB0 aGUgaW5kdX N0cnkgZm9y IGl0cyBoaW doLXF1YWxp dHkgY29uc3 VsdGluZyBz ZXJ2aWNlcy BhbmQgcmVz ZWFyY2ggY2 FwYWJpbGl0 aWVzLiBJdC BoYXMgYmVl biBjb25zaX N0ZW50bHkg cmFua2VkIG Ftb25nIHRo ZSB0b3AgY2 9uc3VsdGlu ZyBmaXJtcy BpbiBKYXBh biBhbmQgZ2 xvYmFsbHku PGJyPjIuIE RpdmVyc2Ug UmFuZ2Ugb2 YgRXhwZXJ0 aXNlOiBOUk kgb2ZmZXJz IGEgd2lkZS ByYW5nZSBv ZiBzZXJ2aW NlcyBhY3Jv c3MgdmFyaW 91cyBpbmR1 c3RyaWVzIG FuZCBidXNp bmVzcyBmdW 5jdGlvbnMs IGNhdGVyaW 5nIHRvIHRo ZSBkaXZlcn NlIG5lZWRz IG9mIGl0cy BjbGllbnRz LiBJdHMgZX hwZXJ0aXNl IGluY2x1ZG VzIGFyZWFz IHN1Y2ggYX Mgc3RyYXRl Z3kgY29uc3 VsdGluZywg SVQgY29uc3 VsdGluZywg bWFuYWdlbW VudCBjb25z dWx0aW5nLC BmaW5hbmNp YWwgc2Vydm ljZXMsIGFu ZCBtb3JlLj xicj4zLiBF eHRlbnNpdm UgR2xvYmFs IFByZXNlbm NlOiBOUkkg aGFzIGEgc3 Ryb25nIGds b2JhbCBwcm VzZW5jZSB3 aXRoIG9wZX JhdGlvbnMg aW4gb3Zlci AyMCBjb3Vu dHJpZXMsIG luY2x1ZGlu ZyB0aGUgVV MsIEV1cm9w ZSwgYW5kIE FzaWEuIFRo aXMgYWxsb3 dzIHRoZSBj b21wYW55IH RvIHdvcmsg d2l0aCBjbG llbnRzIGZy b20gZGlmZm VyZW50IHJl Z2lvbnMgYW 5kIHByb3Zp ZGUgdGhlbS B3aXRoIGNv bXByZWhlbn NpdmUgYW5k IHRhaWxvcm VkIHNvbHV0 aW9ucy48Yn I+NC4gSW5u b3ZhdGl2ZS BTb2x1dGlv bnMgYW5kIF RlY2hub2xv Z2llczogTl JJIGlzIGtu b3duIGZvci BpdHMgaW5u b3ZhdGl2ZS BhbmQgY3V0 dGluZy1lZG dlIHNvbHV0 aW9ucywgbG V2ZXJhZ2lu ZyB0ZWNobm 9sb2dpZXMg c3VjaCBhcy BBSSwgYmxv Y2tjaGFpbi wgYW5kIElv VCB0byBkcm l2ZSBidXNp bmVzcyB0cm Fuc2Zvcm1h dGlvbiBhbm QgZ3Jvd3Ro IGZvciBpdH MgY2xpZW50 cy48YnI+NS 4gU3Ryb25n IENsaWVudC BCYXNlOiBO Ukkgc2Vydm VzIGEgd2lk ZSByYW5nZS BvZiBjbGll bnRzLCBpbm NsdWRpbmcg bWFqb3IgSm FwYW5lc2Ug YW5kIGludG VybmF0aW9u YWwgY29ycG 9yYXRpb25z LCBnb3Zlcm 5tZW50IGFn ZW5jaWVzLC BhbmQgZmlu YW5jaWFsIG luc3RpdHV0 aW9ucy4gSX RzIGxvbmct c3RhbmRpbm cgcmVsYXRp b25zaGlwcy B3aXRoIHRo ZXNlIGNsaW VudHMgcmVm bGVjdCBpdH MgdHJ1c3R3 b3J0aGluZX NzIGFuZCBl eHBlcnRpc2 UuPGJyPjYu IEVtcGhhc2 lzIG9uIENv cnBvcmF0ZS BTb2NpYWwg UmVzcG9uc2 liaWxpdHk6 IE5SSSBoYX MgYSBzdHJv bmcgY29tbW l0bWVudCB0 byBjb3Jwb3 JhdGUgc29j aWFsIHJlc3 BvbnNpYmls aXR5IChDU1 IpIGFuZCBz dXN0YWluYW JpbGl0eSwg YWN0aXZlbH kgcGFydGlj aXBhdGluZy BpbiB2YXJp b3VzIGVudm lyb25tZW50 YWwgYW5kIH NvY2lhbCBp bml0aWF0aX ZlcyBhbmQg cHJvZ3JhbX MuPGJyPjcu IEVtcGxveW VlIERldmVs b3BtZW50IG FuZCBEaXZl cnNpdHk6IE 5SSSBwbGFj ZXMgYSBzdH JvbmcgZm9j dXMgb24gZW 1wbG95ZWUg ZGV2ZWxvcG 1lbnQgYW5k IGRpdmVyc2 l0eSwgcHJv dmlkaW5nIG l0cyBlbXBs b3llZXMgd2 l0aCBvcHBv cnR1bml0aW VzIGZvciBj b250aW51b3 VzIGxlYXJu aW5nIGFuZC BjYXJlZXIg Z3Jvd3RoLi BJdCBhbHNv IGFjdGl2ZW x5IHByb21v dGVzIGRpdm Vyc2l0eSBh bmQgaW5jbH VzaW9uIGlu IGl0cyB3b3 JrcGxhY2Uu PGJyPjguIF N0cm9uZyBG aW5hbmNpYW wgUGVyZm9y bWFuY2U6IE 5SSSBoYXMg YSBzdGFibG UgYW5kIHN0 cm9uZyBmaW 5hbmNpYWwg cGVyZm9ybW FuY2UsIHJl Y29yZGluZy Bjb25zaXN0 ZW50IHJldm VudWUgZ3Jv d3RoIG92ZX IgdGhlIHll YXJzLiBUaG lzIGZpbmFu Y2lhbCBzdG FiaWxpdHkg YWxsb3dzIH RoZSBjb21w YW55IHRvIG ludmVzdCBp biByZXNlYX JjaCBhbmQg ZGV2ZWxvcG 1lbnQgYW5k IGRlbGl2ZX IgaGlnaC1x dWFsaXR5IH NlcnZpY2Vz IHRvIGl0cy BjbGllbnRz Lg==

VGhlIE5vbX VyYSBSZXNl YXJjaCBJbn N0aXR1dGUg KE5SSSkgaX MgYSBKYXBh bmVzZSBjb2 5zdWx0aW5n IGFuZCBJVC Bzb2x1dGlv bnMgZmlybS B0aGF0IG9m ZmVycyBhIH dpZGUgcmFu Z2Ugb2Ygc2 VydmljZXMg dG8gYnVzaW 5lc3NlcyBh bmQgb3JnYW 5pemF0aW9u cy4gSXRzIG J1c2luZXNz IG1vZGVsIG NhbiBiZSBk ZXNjcmliZW QgYXMgYSBj b21iaW5hdG lvbiBvZiBj b25zdWx0aW 5nLCByZXNl YXJjaCwgYW 5kIHRlY2hu b2xvZ3kgc2 VydmljZXMu PGJyPkNvbn N1bHRpbmcg U2VydmljZX M6PGJyPk5S SSBwcm92aW RlcyBjb25z dWx0aW5nIH NlcnZpY2Vz IGluIHZhcm lvdXMgaW5k dXN0cmllcy wgaW5jbHVk aW5nIGZpbm FuY2lhbCBz ZXJ2aWNlcy wgcHVibGlj IHNlY3Rvci wgaGVhbHRo Y2FyZSwgYW 5kIHJldGFp bC4gSXRzIG NvbnN1bHRh bnRzIHdvcm sgY2xvc2Vs eSB3aXRoIG NsaWVudHMg dG8gaWRlbn RpZnkgdGhl aXIgY2hhbG xlbmdlcyBh bmQgb2ZmZX Igc3RyYXRl Z2ljIHNvbH V0aW9ucyB0 aGF0IGhlbH AgaW1wcm92 ZSB0aGVpci BidXNpbmVz cyBvcGVyYX Rpb25zIGFu ZCBhY2hpZX ZlIHRoZWly IGdvYWxzLj xicj5SZXNl YXJjaCBTZX J2aWNlczo8 YnI+TlJJIG Fsc28gY29u ZHVjdHMgcm VzZWFyY2gg b24gdmFyaW 91cyB0b3Bp Y3MgYW5kIG luZHVzdHJp ZXMsIHByb3 ZpZGluZyBp bnNpZ2h0cy BhbmQgYW5h bHlzZXMgdG 8gc3VwcG9y dCBpdHMgY2 9uc3VsdGlu ZyBzZXJ2aW Nlcy4gVGhp cyByZXNlYX JjaCBpcyBz aGFyZWQgdG hyb3VnaCBy ZXBvcnRzLC BhcnRpY2xl cywgYW5kIH doaXRlcGFw ZXJzLCBib3 RoIGludGVy bmFsbHkgYW 5kIHdpdGgg Y2xpZW50cy 48YnI+VGVj aG5vbG9neS BTZXJ2aWNl czo8YnI+Tl JJIG9mZmVy cyB0ZWNobm 9sb2d5IHNv bHV0aW9ucy BzdWNoIGFz IHN5c3RlbS BpbnRlZ3Jh dGlvbiwgSV QgaW5mcmFz dHJ1Y3R1cm UsIGFuZCBj eWJlcnNlY3 VyaXR5IHNl cnZpY2VzIH RvIGhlbHAg Y2xpZW50cy BpbXByb3Zl IHRoZWlyIG VmZmljaWVu Y3kgYW5kIG 9wdGltaXpl IHRoZWlyIG 9wZXJhdGlv bnMuIEl0IG Fsc28gcHJv dmlkZXMgY2 xvdWQtYmFz ZWQgc29sdX Rpb25zLCBh cnRpZmljaW FsIGludGVs bGlnZW5jZS AoQUkpLCBh bmQgSW50ZX JuZXQgb2Yg VGhpbmdzIC hJb1QpIHNl cnZpY2VzIH RvIGhlbHAg Y2xpZW50cy BzdGF5IGFo ZWFkIG9mIH RoZSBjdXJ2 ZSBpbiB0aG UgZGlnaXRh bCBhZ2UuPG JyPlJldmVu dWUgU3RyZW Ftczo8YnI+ VGhlIGNvbX BhbnkgZ2Vu ZXJhdGVzIH JldmVudWUg dGhyb3VnaC Bjb25zdWx0 aW5nIGFuZC Bwcm9qZWN0 LWJhc2VkIG ZlZXMsIHJl c2VhcmNoIH JlcG9ydHMg YW5kIHN1Yn NjcmlwdGlv bnMsIGFuZC B0ZWNobm9s b2d5IHNlcn ZpY2VzLiBO UkkgYWxzby BlYXJucyBp bmNvbWUgZn JvbSBzb2Z0 d2FyZSBsaW NlbnNpbmcg YW5kIGRldm Vsb3BtZW50 LCBhcyB3ZW xsIGFzIHRo cm91Z2ggcG FydG5lcnNo aXBzIGFuZC Bqb2ludCB2 ZW50dXJlcy B3aXRoIG90 aGVyIGNvbX Bhbmllcy48 YnI+Q2xpZW 50IEZvY3Vz Ojxicj5OUk kgY2F0ZXJz IHRvIGEgZG l2ZXJzZSBy YW5nZSBvZi BjbGllbnRz LCBpbmNsdW RpbmcgY29y cG9yYXRpb2 5zLCBnb3Zl cm5tZW50IG FnZW5jaWVz LCBmaW5hbm NpYWwgaW5z dGl0dXRpb2 5zLCBhbmQg bm9uLXByb2 ZpdCBvcmdh bml6YXRpb2 5zLiBJdHMg Z2xvYmFsIH ByZXNlbmNl IGFuZCBleH BlcnRpc2Ug aW4gdmFyaW 91cyBpbmR1 c3RyaWVzIG FsbG93IGl0 IHRvIHNlcn ZlIGNsaWVu dHMgZnJvbS BkaWZmZXJl bnQgcmVnaW 9ucyBhbmQg aW5kdXN0cm llcywgcHJv dmlkaW5nIG FuIGV4dGVu c2l2ZSBuZX R3b3JrIGFu ZCBwb3Rlbn RpYWwgZm9y IGdyb3d0aC 48YnI+T3Zl cmFsbCwgTl JJJ3MgYnVz aW5lc3MgbW 9kZWwgaXMg YmFzZWQgb2 4gcHJvdmlk aW5nIGNvbX ByZWhlbnNp dmUgc3VwcG 9ydCB0byBj bGllbnRzIH Rocm91Z2gg YSBjb21iaW 5hdGlvbiBv ZiBjb25zdW x0aW5nLCBy ZXNlYXJjaC wgYW5kIHRl Y2hub2xvZ3 kgc2Vydmlj ZXMsIGxldm VyYWdpbmcg aXRzIGV4cG VydGlzZSBh bmQgZ2xvYm FsIG5ldHdv cmsgdG8gZH JpdmUgZ3Jv d3RoIGFuZC BzdWNjZXNz Lg==

AI has the potential to influence various aspects of the Nomura Research Institute’s products, services, and competitive positioning. As a research and consulting organization, Nomura may face several challenges related to substitution, disintermediation, and margin pressure due to advancements in AI technologies.
1. Substitution: AI could lead to the creation of automated solutions that replicate certain research and consulting services traditionally offered by firms like Nomura. For instance, machine learning algorithms can analyze vast datasets more rapidly than human analysts, potentially providing insights that compete with Nomura’s research outputs. This could erode the demand for certain types of humadriven analysis.
2. Disintermediation: The rise of AI-driven platforms may allow businesses and clients to access data and analysis directly, bypassing traditional research firms. Companies could leverage AI tools to conduct their own research and decisiomaking processes without needing third-party expertise, challenging Nomura’s role as an intermediary and adviser.
3. Margin Pressure: As AI-driven solutions become more prevalent and cost-effective, Nomura may face increased competition from firms that can offer similar services at lower prices or more quickly. This could lead to pressure on profit margins as clients seek more affordable alternatives, and Nomura may need to invest in its own AI capabilities to remain competitive.
In summary, while AI offers opportunities for innovation and efficiency, it also poses material threats to the Nomura Research Institute in terms of substitution of services, potential disintermediation by clients, and competitive pressure on profit margins. Adapting to these changes will be crucial for maintaining their relevance in the evolving market landscape.

The sensitivity of Nomura Research Institute’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors.
1. Earnings Sensitivity: Interest rates can affect Nomura’s earnings primarily through its financing costs and investment returns. If interest rates rise, the cost of borrowing may increase, potentially leading to higher expenses. Conversely, if the company has substantial cash reserves earning interest, then higher rates could boost investment income. The overall impact on earnings would depend on the balance between these factors.
2. Cash Flow Sensitivity: Cash flow is influenced by operating margins and financing activities. Higher interest rates may lead to increased interest expenses for existing debt, negatively impacting cash flows. However, improved interest rates can enhance cash flow from investments. The net effect will depend on the composition of the company’s debt and financial management strategies.
3. Valuation Sensitivity: Interest rates are a key component in discounting future cash flows, which affects valuation through the discounted cash flow (DCF) method. Higher interest rates typically lead to higher discount rates, reducing the present value of future cash flows and thus lowering overall valuations. If the market perceives a risk of rising rates, it may also lead to increased volatility in the company’s stock price.
In summary, Nomura Research Institute’s earnings, cash flow, and valuation are all sensitive to changes in interest rates. The precise impact will depend on the company’s financial structure, the economic environment, and how effectively it manages its debt and investments.

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 bG9nb3MvRz FrM1Yzdkxx N1d6YWVJdG 5VTk4ud2Vi cCIgYWx0PS JOb211cmEg UmVzZWFyY2 ggSW5zdGl0 dXRlIiB0aX RsZT0iTm9t dXJhIFJlc2 VhcmNoIElu c3RpdHV0ZS IgIGNsYXNz PSJpbWctZm x1aWQiIGhl aWdodD05MC B3aWR0aD05 MCBsb2FkaW 5nPSdsYXp5 JyBzdHlsZT 0nYm9yZGVy LXJhZGl1cz ogNnB4Oyc+ CgogICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J2ZsZX g6IDE7IHRl eHQtYWxpZ2 46IGNlbnRl cjsgbWFyZ2 luLWxlZnQ6 IDVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8cCBzdH lsZT0nZm9u dC1zaXplOi AyNnB4OyBj b2xvcjogIz MzMzsgbWFy Z2luLWJvdH RvbTogMTVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+TiC BXYW50IHRv IHJlYWQgbW 9yZSBhYm91 dCBOb211cm EgUmVzZWFy Y2ggSW5zdG l0dXRlPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg4p qhIEluc3Rh bnRseSBhY2 Nlc3MgPGk+ IlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3MiPC9pPi DigJQgZnJl ZSEKICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIE1T NGdWR2hsSU cgTnZiWEJo Ym5rZyBkMk Z6SUdadmRX IDVrWldRZ2 FXNGcgTVRr Mk5TQmhjeS BCaElHcHZh VzUwIElIWm xiblIxY20g VWdZbVYwZD JWbCBiaUJP YjIxMWNtIE VnVTJWamRY SnAgZEdsbG N5QkRieSA0 c0lFeDBaQz RnIFlXNWtJ SFJvWlMgQk pibVIxYzNS eSBhV0ZzSU VKaGJtIHNn YjJZZ1NtRn cgWVc0c0lF eDBaQyA0OF luSStNaTRn IFNYUnpJR2 hsWVcgUnhk V0Z5ZEdWeS BjeUJoY21V Z2JHIDlqWV hSbFpDQnAg YmlCVWIydD VieSB3Z1Nt RndZVzR1IF BHSnlQak11 SUYgUm9aU0 JqYjIxdyBZ VzU1SUdsek lHIE52Ym5O cFpHVnkgWl dRZ2IyNWxJ RyA5bUlIUm 9aU0JzIFlY Sm5aWE4wSU cgTnZibk4x YkhScCBibW NnWVc1a0lI IEpsYzJWaG NtTm8gSUda cGNtMXpJRy BsdUlFcGhj R0Z1IExDQj NhWFJvSUcg OTJaWElnTV RBdyBJRzlt Wm1salpYIE 1nZDI5eWJH UjMgYVdSbE xqeGljaiA0 MExpQkpkQ0 IzIFlYTWdj bUZ1YTIgVm tJR0Z6SUhS byBaU0EwZE dnZ2JHIEZ5 WjJWemRDQn QgWVc1aFoy VnRaVyA1ME lHTnZibk4x IGJIUnBibW NnWm0gbHli U0JwYmlCMC BhR1VnZDI5 eWJHIFFnYV c0Z01qQXkg TUNCaWVTQl dZWCBWc2RD NDhZbkkrIE 5TNGdWR2hs SUcgTnZiWE JoYm5rZyBh R0Z6SUdFZ1 pHIGwyWlhK elpTQnkgWV c1blpTQnZa aSBCaWRYTn BibVZ6IGN5 QmhjbVZoY3 kgd2dhVzVq YkhWayBhVz VuSUVsVUlH IE52Ym5OMW JIUnAgYm1j c0lHWnBibS BGdVkybGhi Q0J6IFpYSj JhV05sY3kg d2djbVZoYk NCbCBjM1Jo ZEdVc0lHIE Z1WkNCbmJH OWkgWVd3Z1 luVnphVyA1 bGMzTXVQR0 p5IFBqWXVJ RWx1SUcgRm taR2wwYVc5 dSBJSFJ2SU dsMGN5IEJq YjI1emRXeD AgYVc1bklI TmxjbiBacF kyVnpMQ0Iw IGFHVWdZMj l0Y0cgRnVl U0JoYkhOdi BJR052Ym1S MVkzIFJ6SU dWNGRHVnUg YzJsMlpTQn laWCBObFlY SmphQ0J2IG JpQjJZWEpw YjMgVnpJSF J2Y0dsaiBj eXdnYzNWam FDIEJoY3lC bFkyOXUgYj IxcFkzTXNJ SCBSbFkyaH ViMnh2IFoz a3NJR0Z1Wk MgQnpiMk5w WVd3ZyBhWE 56ZFdWekxq IHhpY2o0M0 xpQlUgYUdV Z1kyOXRjRy BGdWVTQnBj eUJvIGFXZG 9iSGtnY20g Vm5ZWEprWl dRZyBabTl5 SUdsMGN5IE JsZUhCbGNu UnAgYzJVZ2 FXNGdkRyBo bElHWnBaV3 hrIGN5QnZa aUJtYVcgNW hibU5sTENC MCBaV05vYm 05c2IyIGQ1 TENCaGJtUW cgY0hWaWJH bGpJSCBCdm JHbGplUzQ4 IFluSStPQz RnVG0gOXRk WEpoSUZKbC BjMlZoY21O b0lFIGx1Yz NScGRIVjAg WlNCM1lYTW dkRyBobElH WnBjbk4wIE lFcGhjR0Z1 WlggTmxJR0 52Ym5OMSBi SFJwYm1jZ1 ptIGx5YlNC MGJ5QmwgYz NSaFlteHBj MiBnZ1lTQn djbVZ6IFpX NWpaU0JwYm kgQkZkWEp2 Y0dVcyBJSG RwZEdnZ2FY IFJ6SUdacG NuTjAgSUc5 bVptbGpaUy BCdmNHVnVh VzVuIElHbH VJRXh2Ym0g UnZiaUJwYm lBeCBPVGd6 TGp4aWNqID Q1TGlCSmRD Qm8gWVhNZ2 NtVmpaVyBs MlpXUWdibl Z0IFpYSnZk WE1nWVggZG hjbVJ6SUdG dSBaQ0JoWT JOdmJHIEZr WlhNc0lHbH UgWTJ4MVpH bHVaeSBCaV pXbHVaeUJ1 IFlXMWxaQ0 J2Ym0gVWdi MllnZEdobC BJREV3TUNC dGIzIE4wSU dsdWJtOTIg WVhScGRtVW dZMiA5dGNH RnVhV1Z6IE lHbHVJRXBo Y0cgRnVJR0 o1SUVadiBj bUpsY3lCS1 lYIEJoYmlC cGJpQXkgTU RFNUxqeGlj aiA0eE1DNG dWR2hsIElH TnZiWEJoYm 4ga2dhR0Z6 SUdFZyBjM1 J5YjI1bklH IE52YlcxcG RHMWwgYm5R Z2RHOGdZMi A5eWNHOXlZ WFJsIElITn ZZMmxoYkMg QnlaWE53Yj I1eiBhV0pw YkdsMGVTIE JoYm1RZ2FH RnogSUdKbF pXNGdjbSBW amIyZHVhWH BsIFpDQm1i M0lnYVggUn pJR1ZtWm05 eSBkSE1nYV c0Z2MzIFZ6 ZEdGcGJtRm kgYVd4cGRI a2dZVyA1a0 lHUnBkbVZ5 IGMybDBlU0 JoYm0gUWdh VzVqYkhWei BhVzl1TGp4 aWNqIDR4TV M0Z1NYUWcg YUdGeklIQm hjbiBSdVpY SnphR2x3IG N5QmhibVFn WTIgOXNiR0 ZpYjNKaCBk R2x2Ym5NZ2 QyIGwwYUNC c1pXRmsgYV c1bklHTnZi WCBCaGJtbG xjeXdnIGRX NXBkbVZ5Yz IgbDBhV1Z6 TENCaCBibV FnY21WelpX IEZ5WTJnZ2 FXNXogZEds MGRYUnBiMi A1eklHRnli M1Z1IFpDQj BhR1VnZDIg OXliR1F1UE dKeSBQakV5 TGlCSmJpIE F5TURJd0xD Qk8gYjIxMW NtRWdVbSBW elpXRnlZMm dnIFNXNXpk R2wwZFggUm xJR0Z1Ym05 MSBibU5sWk NCd2JHIEZ1 Y3lCMGJ5Qm wgYzNSaFlt eHBjMiBnZ1 lTQnVaWGNn IGNtVnpaV0 Z5WTIgZ2dZ MlZ1ZEdWeS BJR2x1SUZO cGJHIGxqYj I0Z1ZtRnMg YkdWNUxDQm 1kWCBKMGFH VnlJR1Y0IG NHRnVaR2x1 WnkgQnBkSE 1nWjJ4diBZ bUZzSUhCeV pYIE5sYm1O bExqeGkgY2 o0eE15NGdW RyBobElHTn ZiWEJoIGJu bmlnSmx6SU cgWnZkVzVr WlhJcyBJRl J2YTNWMFlY IEp2SUU1dm JYVnkgWVN3 Z2QyRnpJRy BFZ2NHbHZi bVZsIGNpQn BiaUIwYUcg VWdTbUZ3WV c1bCBjMlVn WTI5dWMzIF ZzZEdsdVp5 QnAgYm1SMW MzUnllUyBC aGJtUWdkMk Z6IElHdHVi M2R1SUcgWn ZjaUJvYVhN ZyBZMjl1ZE hKcFluIFYw YVc5dWN5Qn AgYmlCd2Nt OXRiMyBScG JtY2dkR2hs IElHUmxkbV ZzYjMgQnRa VzUwSUc5bS BJRXBoY0dG dTRvIENaY3 lCbFkyOXUg YjIxNUxqeG ljaiA0eE5D NGdTWFFnIG FHRnpJRzky WlggSWdNVE lzTURBdyBJ R1Z0Y0d4dm VXIFZsY3lC M2IzSnMgWk hkcFpHVXNJ SCBkcGRHZ2 dZU0JrIGFY Wmxjbk5sSU ggZHZjbXRt YjNKaiBaU0 J5WlhCeVpY IE5sYm5ScG JtY2cgYjNa bGNpQTFNQy BCdVlYUnBi MjVoIGJHbD BhV1Z6TGog eGljajR4Tl M0ZyBUbTl0 ZFhKaElGIE psYzJWaGNt Tm8gSUVsdW MzUnBkSCBW MFpTQnBjeU JzIGFYTjBa V1FnYjIgNG dkR2hsSUZS diBhM2x2SU ZOMGIyIE5y SUVWNFkyaG ggYm1kbElH RnVaQyBCb1 lYTWdZU0J0 IFlYSnJaWF FnWTIgRndh WFJoYkdsNi BZWFJwYjI0 Z2IyIFlnYj NabGNpQWsg TmlCaWFXeH NhVyA5dUlG VlRSQ0FvIF lYTWdiMlln VG0gOTJaVz FpWlhJZyBN akF5TVNrdQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=