Visa

Live  

Visa is a multinational financial services company that connects consumers, businesses, banks, and governments in over 200 countries and territories worldwide through electronic payments. It was originally founded in 1958 as BankAmericard, the first consumer credit card program, by Bank of America and expanded internationally in the 1970s. In 1976, the company was renamed Visa as part of a global rebranding effort.
Today, Visa is the largest payment network in the world, processing over 100 billion transactions each year and handling trillions of dollars in payments. It offers credit, debit, and prepaid cards under the Visa brand, as well as services such as fraud detection and prevention, mobile payments, and data analytics.
Visa does not issue cards directly to consumers or set interest rates or fees, but rather partners with banks and financial institutions to offer their products. Merchants who accept Visa cards pay a small fee, known as an interchange fee, for each transaction, while cardholders may be charged fees by their issuer. Visa also earns revenue through network fees and data processing.
In addition to its core payment services, Visa is also committed to promoting financial inclusion and sustainability. It has initiatives to help underserved populations access financial services and promotes the use of electronic payments to reduce the environmental impact of cash and checks.
Visa's headquarters are located in Foster City, California, and it has regional headquarters in cities such as London, Dubai, and Singapore. Its current CEO is Alfred F. Kelly Jr. and its board of directors is made up of leaders from various industries and organizations.
As of 2021, Visa's market capitalization is over $500 billion, making it one of the most valuable financial services companies in the world.

T2theSEgU2 8sIGltYWdp bmUgeW91IH dhbnQgdG8g YnV5IGEgdG 95IGZyb20g YSBzdG9yZS wgYnV0IHlv dSBkb27igJ l0IGhhdmUg YW55IGNhc2 ggaW4geW91 ciBwb2NrZX QuIFRoYXTi gJlzIHdoZX JlIFZpc2Eg Y29tZXMgaW 4hIFZpc2Eg aXMgYSBjb2 1wYW55IHRo YXQgaGVscH MgcGVvcGxl IHBheSBmb3 IgdGhpbmdz IHVzaW5nIG NhcmRzLCBp bnN0ZWFkIG 9mIGNhc2gu IFdoZW4geW 91IHVzZSBh IFZpc2EgY2 FyZCwgaXQg YWxsb3dzIH lvdSB0byBi dXkgdGhlIH RveSBhbmQg dGhlbiBsYX RlciwgeW91 IG9yIHlvdX IgcGFyZW50 cyBwYXkgYm FjayBWaXNh IHRvIGNvdm VyIHRoZSBj b3N0LiA8Yn I+Tm93LCBW aXNhIG1ha2 VzIG1vbmV5 IGluIGEgY2 91cGxlIG9m IHdheXMuIE ZpcnN0LCB3 aGVuZXZlci Bzb21lb25l IHVzZXMgYS BWaXNhIGNh cmQgdG8gYn V5IHNvbWV0 aGluZywgdG hlIHN0b3Jl IGhhcyB0by BwYXkgVmlz YSBhIHNtYW xsIGZlZSBm b3IgaGVscG luZyB3aXRo IHRoZSBwYX ltZW50LiBU aGluayBvZi BpdCBsaWtl IGEgdGlwIG ZvciBoZWxw aW5nIHRoZS BzdG9yZSBz ZWxsIHRoaW 5ncyEgTmV4 dCwgVmlzYS BhbHNvIGNo YXJnZXMgYm Fua3MgYSBm ZWUgZm9yIH VzaW5nIHRo ZWlyIHN5c3 RlbSB0byBw cm9jZXNzIH BheW1lbnRz LiA8YnI+Vm lzYSBpcyBy ZWFsbHkgc3 VjY2Vzc2Z1 bCBmb3IgYS BmZXcgcmVh c29ucy4gRm lyc3QsIGxv dHMgb2YgcG VvcGxlIGFu ZCBzdG9yZX MgdHJ1c3Qg VmlzYSBiZW NhdXNlIGl0 4oCZcyBiZW VuIGFyb3Vu ZCBmb3IgYS Bsb25nIHRp bWUgYW5kIG lzIGtub3du IHRvIGJlIH NhZmUgYW5k IHJlbGlhYm xlLiBUaGlz IG1lYW5zIG 1hbnkgcGVv cGxlIHdhbn QgdG8gdXNl IFZpc2EgY2 FyZHMgdG8g cGF5LiBTZW NvbmQsIGFs bW9zdCBhbG wgc3RvcmVz IGFjY2VwdC BWaXNhLCBz byBpdOKAmX MgdmVyeSB1 c2VmdWwgZm 9yIGN1c3Rv bWVycy4gPG JyPkluIHRo ZSBmdXR1cm UsIFZpc2Eg d2lsbCBsaW tlbHkgc3Rh eSBzdWNjZX NzZnVsIGJl Y2F1c2UgbW 9yZSBhbmQg bW9yZSBwZW 9wbGUgYXJl IHVzaW5nIG NhcmRzIGlu c3RlYWQgb2 YgY2FzaCwg ZXNwZWNpYW xseSB3aXRo IHRlY2hub2 xvZ3kgY2hh bmdpbmcuIF Blb3BsZSBh cmUgYWxzby B1c2luZyB0 aGVpciBjYX JkcyBvbiBw aG9uZXMgYW 5kIG9ubGlu ZSBmb3Igc2 hvcHBpbmcu IFNvIGFzIG xvbmcgYXMg cGVvcGxlIG tlZXAgYnV5 aW5nIHRoaW 5ncyB3aXRo IGNhcmRzLC BWaXNhIHdp bGwga2VlcC BtYWtpbmcg bW9uZXkhIF RoZXnigJly ZSBhbHdheX MgZmluZGlu ZyBuZXcgd2 F5cyB0byBt YWtlIHBheW luZyBlYXNp ZXIsIHdoaW NoIGhlbHBz IHRoZW0gc3 RheSBwb3B1 bGFyLjxicj 4=

MS4gR2xvYm FsIFJlYWNo OiBWaXNhIG lzIGEgZ2xv YmFsIGNvbX Bhbnkgd2l0 aCBvZmZpY2 VzIGluIG92 ZXIgMjAwIG NvdW50cmll cyBhbmQgdG Vycml0b3Jp ZXMsIG1ha2 luZyBpdCBv bmUgb2YgdG hlIG1vc3Qg d2lkZWx5IH JlY29nbml6 ZWQgYW5kIG FjY2VwdGVk IHBheW1lbn QgbmV0d29y a3MgaW4gdG hlIHdvcmxk Ljxicj4yLi BJbm5vdmF0 aW9uIGFuZC BUZWNobm9s b2d5OiBWaX NhIGhhcyBi ZWVuIGF0IH RoZSBmb3Jl ZnJvbnQgb2 YgaW5ub3Zh dGlvbiBhbm QgdGVjaG5v bG9neSBpbi B0aGUgcGF5 bWVudHMgaW 5kdXN0cnks IGNvbnN0YW 50bHkgaW50 cm9kdWNpbm cgbmV3IHBy b2R1Y3RzIG FuZCBzZXJ2 aWNlcyB0by BpbXByb3Zl IHRoZSBwYX ltZW50IGV4 cGVyaWVuY2 UgZm9yIGNv bnN1bWVycy BhbmQgYnVz aW5lc3Nlcy 48YnI+My4g U2VjdXJlIG FuZCBSZWxp YWJsZTogVm lzYSBpcyBr bm93biBmb3 IgaXRzIHNl Y3VyZSBhbm QgcmVsaWFi bGUgcGF5bW VudCBuZXR3 b3JrcywgdX RpbGl6aW5n IGFkdmFuY2 VkIGZyYXVk IGRldGVjdG lvbiBhbmQg cHJldmVudG lvbiBtZWFz dXJlcyB0by Bwcm90ZWN0 IGN1c3RvbW VycycgZmlu YW5jaWFsIG luZm9ybWF0 aW9uLjxicj 40LiBQYXJ0 bmVyc2hpcH M6IFZpc2Eg aGFzIGVzdG FibGlzaGVk IHBhcnRuZX JzaGlwcyB3 aXRoIHZhcm lvdXMgZmlu YW5jaWFsIG luc3RpdHV0 aW9ucywgbW VyY2hhbnRz LCBhbmQgdG VjaG5vbG9n eSBjb21wYW 5pZXMgdG8g cHJvdmlkZS BhIHdpZGUg cmFuZ2Ugb2 YgcGF5bWVu dCBzb2x1dG lvbnMgYW5k IGVuaGFuY2 UgdGhlIG92 ZXJhbGwgcG F5bWVudHMg ZWNvc3lzdG VtLjxicj41 LiBDb21taX RtZW50IHRv IEZpbmFuY2 lhbCBJbmNs dXNpb246IF Zpc2EgaXMg Y29tbWl0dG VkIHRvIHBy b21vdGluZy BmaW5hbmNp YWwgaW5jbH VzaW9uIGFu ZCBlbXBvd2 VyaW5nIHVu ZGVyc2Vydm VkIGNvbW11 bml0aWVzIG J5IG9mZmVy aW5nIGFsdG VybmF0aXZl IHBheW1lbn Qgc29sdXRp b25zIGFuZC Bwcm9tb3Rp bmcgZmluYW 5jaWFsIGVk dWNhdGlvbi 48YnI+Ni4g Q29ycG9yYX RlIFNvY2lh bCBSZXNwb2 5zaWJpbGl0 eTogVmlzYS BpcyBkZWRp Y2F0ZWQgdG 8gYmVpbmcg YSByZXNwb2 5zaWJsZSBj b3Jwb3JhdG UgY2l0aXpl biBhbmQgaG FzIGltcGxl bWVudGVkIH ZhcmlvdXMg c3VzdGFpbm FiaWxpdHkg YW5kIGNvbW 11bml0eSBl bmdhZ2VtZW 50IGluaXRp YXRpdmVzLj xicj43LiBE aXZlcnNpdH kgYW5kIElu Y2x1c2lvbj ogVmlzYSBw bGFjZXMgYS BzdHJvbmcg ZW1waGFzaX Mgb24gZGl2 ZXJzaXR5IG FuZCBpbmNs dXNpb24gd2 l0aGluIGl0 cyB3b3JrZm 9yY2UgYW5k IGhhcyBiZW VuIHJlY29n bml6ZWQgZm 9yIGl0cyBl ZmZvcnRzIH RvIGNyZWF0 ZSBhbiBpbm NsdXNpdmUg d29ya3BsYW NlLjxicj44 LiBDdXN0b2 1lciBGb2N1 czogVmlzYS BwdXRzIGl0 cyBjdXN0b2 1lcnMgYXQg dGhlIGNlbn RlciBvZiBl dmVyeXRoaW 5nIGl0IGRv ZXMsIHN0cm l2aW5nIHRv IHByb3ZpZG UgdGhlIGJl c3QgcG9zc2 libGUgcGF5 bWVudCBleH BlcmllbmNl IGFuZCBjb2 50aW51b3Vz bHkgaW1wcm 92aW5nIGl0 cyBwcm9kdW N0cyBhbmQg c2VydmljZX MgdG8gbWVl dCB0aGVpci Bldm9sdmlu ZyBuZWVkcy 4gPGJyPg==

VGhlIFZpc2 EgY29tcGFu eSdzIGJ1c2 luZXNzIG1v ZGVsIGlzIG Jhc2VkIG9u IGZhY2lsaX RhdGluZyBl bGVjdHJvbm ljIGZ1bmRz IHRyYW5zZm VycyBiZXR3 ZWVuIGluZG l2aWR1YWxz LCBidXNpbm Vzc2VzLCBh bmQgZmluYW 5jaWFsIGlu c3RpdHV0aW 9ucy4gVGhl eSBjaGFyZ2 UgZmVlcyBm b3IgdGhlaX Igc2Vydmlj ZXMsIGluY2 x1ZGluZyB0 cmFuc2FjdG lvbiBmZWVz LCBhcyB3ZW xsIGFzIGFu bnVhbCBmZW VzIGZyb20g bWVtYmVyIG JhbmtzLiBW aXNhIGFsc2 8gZWFybnMg cmV2ZW51ZS B0aHJvdWdo IGludGVyZX N0IGNoYXJn ZXMgb24gY3 JlZGl0IGNh cmQgYmFsYW 5jZXMgYW5k IHRocm91Z2 ggcGFydG5l cnNoaXBzIH dpdGggbWVy Y2hhbnRzIH dobyBvZmZl ciBzcGVjaW FsIGRlYWxz IGFuZCBkaX Njb3VudHMg dG8gVmlzYS BjYXJkaG9s ZGVycy4gQW RkaXRpb25h bGx5LCBWaX NhIGVhcm5z IGluY29tZS Bmcm9tIGRh dGEgYW5hbH l0aWNzIGFu ZCBmcmF1ZC BwcmV2ZW50 aW9uIHNlcn ZpY2VzLg==

AI has potential implications for Visa’s products, services, and competitive positioning in several ways, including substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies, particularly in fintech, can introduce alternatives to traditional payment processing. For instance, digital wallets and blockchaibased solutions can offer consumers and businesses new methods for transactions that bypass traditional card networks. If these alternatives gain traction, they could substitute some of the services that Visa currently provides.
2. Disintermediation: With the rise of decentralized finance (DeFi) and peer-to-peer payment systems, AI can facilitate direct transactions without the need for intermediaries like Visa. This could lead to reduced transaction volumes for Visa and lessen its role as a middleman in payment processing, diminishing its traditional revenue streams.
3. Margin Pressure: AI can drive operational efficiencies that reduce costs, both for Visa and its competitors. If other payment processors leverage AI to process transactions more cheaply or enhance customer experiences, Visa may feel pressured to lower its fees to remain competitive. This could compress margins across the industry, affecting Visa’s profitability.
Overall, while Visa has significant brand strength and infrastructure, it must adapt to the evolving landscape shaped by AI to maintain its competitive position and address the threats posed by new technologies.

Visa’s earnings, cash flow, and valuation can indeed be sensitive to changes in interest rates, though the impact can vary based on several factors.
1. Earnings Sensitivity: Visa’s revenue primarily comes from transaction fees, which are largely based on the volume of transactions processed. While transaction volumes may not be directly tied to interest rates, higher interest rates can affect consumer spending and borrowing. If consumers face higher costs for borrowing (e.g., credit card interest rates), they may reduce spending, potentially impacting Visa’s transaction volumes and thus its earnings.
2. Cash Flow Sensitivity: Cash flow is closely linked to Visa’s earnings, so similar factors apply. Additionally, Visa may have some exposure to the interest rates through its cash management strategies and investment portfolios. In a rising interest rate environment, the company could see changes in interest income on its cash reserves, which could influence overall cash flow. However, fluctuations in cash flow would likely be more muted compared to consumer-facing businesses directly impacted by interest rates.
3. Valuation Sensitivity: Valuation is often influenced by the discount rate used in discounted cash flow (DCF) models. As interest rates rise, the discount rate typically increases, leading to a lower present value of future cash flows, which could negatively impact Visa’s valuation. Furthermore, if higher interest rates lead to a slowdown in economic growth or consumer spending, investors may adjust their expectations for future growth, further impacting valuation.
In summary, while Visa is not as directly exposed to interest rate changes as some financial institutions, its earnings, cash flow, and valuation can still be affected through broader economic impacts and interest rate changes on consumer behavior and investment income.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BWaXNh4oCZ cyBlY29ub2 1pY3Mgb3Zl ciB0aGUgbm V4dCAz4oCT NSB5ZWFycy BpbnZvbHZl cyBhIHNpZ2 5pZmljYW50 IGFuZCBzdX N0YWluZWQg c2hpZnQgdG 93YXJkcyBk ZWNlbnRyYW xpemVkIGZp bmFuY2UgKE RlRmkpIGFu ZCBkaWdpdG FsIGN1cnJl bmNpZXMsIG RyaXZlbiBi eSBjaGFuZ2 VzIGluIGNv bnN1bWVyIG JlaGF2aW9y IGFuZCByZW d1bGF0b3J5 IGVudmlyb2 5tZW50cy48 YnI+QXMgbW 9yZSBwZW9w bGUgYW5kIG J1c2luZXNz ZXMgYmVnaW 4gdG8gYWRv cHQgYmxvY2 tjaGFpbiB0 ZWNobm9sb2 d5IGFuZCBk aWdpdGFsIG N1cnJlbmNp ZXMsIHRoZS BuZWVkIGZv ciB0cmFkaX Rpb25hbCBw YXltZW50IH Byb2Nlc3Nv cnMgbGlrZS BWaXNhIGNv dWxkIGRpbW luaXNoLiBJ ZiBhIHNpZ2 5pZmljYW50 IHBvcnRpb2 4gb2YgdGhl IGdsb2JhbC Bwb3B1bGF0 aW9uIGJlZ2 lucyB1c2lu ZyBkZWNlbn RyYWxpemVk IHBheW1lbn Qgc3lzdGVt cyB0aGF0IG J5cGFzcyB0 cmFkaXRpb2 5hbCBmaW5h bmNpYWwgaW 5zdGl0dXRp b25zLCBWaX Nh4oCZcyBy ZXZlbnVlIH N0cmVhbXMg ZnJvbSB0cm Fuc2FjdGlv biBmZWVzIG 1heSBkZWNs aW5lIHN1Yn N0YW50aWFs bHkuIEFuIG luY3JlYXNl IGluIHBlZX ItdG8tcGVl ciBwYXltZW 50IHBsYXRm b3JtcyBjb3 VsZCByZWR1 Y2UgdGhlIH JlbGlhbmNl IG9uIFZpc2 HigJlzIG5l dHdvcmssIG xlYWRpbmcg dG8gYSBkZW NyZWFzZSBp biB0cmFuc2 FjdGlvbiB2 b2x1bWVzIH Byb2Nlc3Nl ZCBieSB0aG UgY29tcGFu eS48YnI+SW YgdGhpcyBz Y2VuYXJpby BtYXRlcmlh bGl6ZXMsIF Zpc2HigJlz IG1hcmdpbn MgY291bGQg YmUgYWZmZW N0ZWQgYXMg Zm9sbG93cz o8YnI+LSA8 c3Ryb25nPk 1hcmdpbnM8 L3N0cm9uZz 46IFdpdGgg YSBkcm9wIG luIHRyYW5z YWN0aW9uIH ZvbHVtZSwg VmlzYSB3b3 VsZCBmYWNl IHByZXNzdX JlIG9uIGl0 cyBtYXJnaW 5zLiBDb21w ZXRpdGl2ZS BwcmljaW5n IGZyb20gZW 1lcmdpbmcg ZGlnaXRhbC BwYXltZW50 IHNvbHV0aW 9ucyBjb3Vs ZCBmb3JjZS BWaXNhIHRv IGxvd2VyIG ZlZXMsIHNo cmlua2luZy Bncm9zcyBt YXJnaW5zLi BUaGUgY29t cGFueeKAmX Mgb3BlcmF0 aW9uYWwgY2 9zdHMgcmVt YWluIHJlbG F0aXZlbHkg Zml4ZWQsIG xlYWRpbmcg dG8gYSBtb3 JlIHByb25v dW5jZWQgZG VjbGluZSBp biBwcm9maX RhYmlsaXR5 Ljxicj4tID xzdHJvbmc+ Q2FzaCBGbG 93PC9zdHJv bmc+OiBSZW R1Y2VkIHRy YW5zYWN0aW 9uIHZvbHVt ZXMgd291bG QgcmVzdWx0 IGluIGEgZG VjbGluZSBp biBjYXNoIG Zsb3cgZnJv bSBvcGVyYX Rpb25zLiBB cyBmZWVzIG RlY3JlYXNl IGFuZCBmZX dlciB0cmFu c2FjdGlvbn MgYXJlIHBy b2Nlc3NlZC wgVmlzYSB3 b3VsZCBzZW UgbGVzcyBj YXNoIGNvbW luZyBpbi4g VGhpcyBkaW 1pbmlzaGVk IGNhc2ggZm xvdyBtYXkg aW1wYWN0IG l0cyBhYmls aXR5IHRvIG ludmVzdCBp biB0ZWNobm 9sb2d5IGFu ZCBpbm5vdm F0aW9uLCBm dXJ0aGVyIG V4YWNlcmJh dGluZyB0aG UgY29tcGV0 aXRpdmUgZG lzYWR2YW50 YWdlIGFnYW luc3QgbW9y ZSBhZ2lsZS BmaW50ZWNo IGZpcm1zLj xicj4tIDxz dHJvbmc+Qm FsYW5jZSBT aGVldDwvc3 Ryb25nPjog T24gdGhlIG JhbGFuY2Ug c2hlZXQsIF Zpc2EgbWF5 IGV4cGVyaW VuY2UgYSBk ZWNsaW5lIG luIGl0cyB0 b3RhbCBhc3 NldHMgYXMg dGhlIGNvbX Bhbnkgc3Ry dWdnbGVzIH RvIG1haW50 YWluIGl0cy BtYXJrZXQg cG9zaXRpb2 4gYW5kIHBy b2ZpdGFiaW xpdHkuIFJl ZHVjZWQgY2 FzaCBmbG93 IGNvdWxkIG xlYWQgdG8g bG93ZXIgcm V0YWluZWQg ZWFybmluZ3 MsIGFmZmVj dGluZyBlcX VpdHkuIEFk ZGl0aW9uYW xseSwgaWYg VmlzYSBvcH RzIHRvIG1h aW50YWluIG 9wZXJhdGlv bmFsIGNhcG FjaXR5IGlu IGEgZGVjbG luaW5nIG1h cmtldCwgaX QgbWlnaHQg YWNjdW11bG F0ZSBtb3Jl IGRlYnQgdG 8gc3VwcG9y dCBpdHMgb3 BlcmF0aW9u cywgbGVhZG luZyB0byBh IGhpZ2hlci BkZWJ0LXRv LWVxdWl0eS ByYXRpby48 YnI+SW4gc3 VtbWFyeSwg YSBzaWduaW ZpY2FudCBz aGlmdCB0b3 dhcmQgZGVj ZW50cmFsaX plZCBmaW5h bmNlIGFuZC BkaWdpdGFs IGN1cnJlbm NpZXMgdGhh dCB1bmRlcm 1pbmVzIHRo ZSB0cmFkaX Rpb25hbCBw YXltZW50IH Byb2Nlc3Np bmcgbW9kZW wgY291bGQg bGVhZCB0by ByZWR1Y2Vk IG1hcmdpbn MsIG5lZ2F0 aXZlIGNhc2 ggZmxvdywg YW5kIGEgc3 RyYWluZWQg YmFsYW5jZS BzaGVldCBm b3IgVmlzYS wgZnVuZGFt ZW50YWxseS BhbHRlcmlu ZyB0aGUgY2 9tcGFueeKA mXMgZWNvbm 9taWNzIGlu IGEgcGVybW FuZW50IHdh eS48YnI+

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 bG9nb3MvTG R2YnV5eWZF T2RZTThoU0 hTZGkud2Vi cCIgYWx0PS JWaXNhIiB0 aXRsZT0iVm lzYSIgIGNs YXNzPSJpbW ctZmx1aWQi IGhlaWdodD 01MCB3aWR0 aD01MCBsb2 FkaW5nPSds YXp5JyBzdH lsZT0nYm9y ZGVyLXJhZG l1czogNnB4 Oyc+CgogIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 ZsZXg6IDE7 IHRleHQtYW xpZ246IGNl bnRlcjsgbW FyZ2luLWxl ZnQ6IDVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8cC BzdHlsZT0n Zm9udC1zaX plOiAyNnB4 OyBjb2xvcj ogIzMzMzsg bWFyZ2luLW JvdHRvbTog MTVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TiCBXYW50 IHRvIHJlYW QgbW9yZSBh Ym91dCBWaX NhPwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+RpS BGcmVlIGVC b29rIGZvci BuZXcgdXNl cnM6IDxpPi JUaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzIjwvaT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9wPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxMnB4Oy Bmb250LXNp emU6IDEzcH g7IGNvbG9y OiAjNDQ0Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IG5vdyBhbm QgZ2V0IG91 ciBmcmVlIG VCb29rIAog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGI+ VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr czwvYj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID E2cHg7IGZv bnQtc2l6ZT ogMTRweDsg Y29sb3I6IC M0NDQ7IGZv bnQtZmFtaW x5OiAtYXBw bGUtc3lzdG VtLCBCbGlu a01hY1N5c3 RlbUZvbnQs IFNlZ29lIF VJLCBSb2Jv dG8sIEhlbH ZldGljYSBO ZXVlLCBzYW 5zLXNlcmlm OyBsaW5lLW hlaWdodDog MS42Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBIYX ZlIHlvdSBo ZWFyZCBhYm 91dCBvdXIg c2hvcnQgPH N0cm9uZyBz dHlsZT0nZm 9udC13ZWln aHQ6IDYwMD snPkRhaWx5 IFZpZGVvIE 5ld3NsZXR0 ZXI8L3N0cm 9uZz4/CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdodH RwczovL3d3 dy5pbnNpZ2 h0ZnVsdmFs dWUuY29tL2 5ld3NsZXR0 ZXIucGhwJy B0YXJnZXQ9 J19ibGFuay cgc3R5bGU9 J2NvbG9yOi AjMDA3QkZG OyB0ZXh0LW RlY29yYXRp b246IG5vbm U7IGZvbnQt d2VpZ2h0Oi A1MDA7IG1h cmdpbi1sZW Z0OiA2cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBGaW 5kIG91dCBt b3JlCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8L2E+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgCiAg ICAgICAgCi AgICAgICAg PHNwYW4gY2 xhc3M9J2Js dXJyZWQtdG V4dCc+CiAg ICAgICAgIC AgIE1TNGdW bWx6WVMgQj NZWE1nWm05 MSBibVJsWk NCcGJpIEF4 T1RVNElHRn ogSUVKaGJt c2diMiBZZ1 FXMWxjbWxq IFllS0FtWE 1nUW0gRnVh MEZ0WlhKcC BZMkZ5WkNC d2NtIDluY2 1GdExpQkog ZENCM1lYTW dkRyBobElH WnBjbk4wIE lHTnZibk4x YlcgVnlJR0 55WldScCBk Q0JqWVhKa0 lIIEJ5YjJk eVlXMGcgWV haaGFXeGhZ bSB4bElIUn ZJR0ZzIGJD QmpZWEprYU cgOXNaR1Z5 Y3k0OCBZbk krTWk0Z1NX IDRnTVRrM0 5pd2cgUW1G dWEwRnRaWC BKcFkyRnla Q0JqIGFHRn VaMlZrSUcg bDBjeUJ1WV cxbCBJSFJ2 SUZacGMyIE VzSUhOMFlX NWsgYVc1bk lHWnZjaSBE aWdKeFdhWE 5oIElFbHVk R1Z5Ym0gRj BhVzl1WVd3 ZyBVMlZ5ZG 1salpTIEJC YzNOdlkybG ggZEdsdmJp N2lnSiAwOF luSStNeTRn IFZHaGxJR0 52YlggQmhi bm5pZ0psei BJR2hsWVdS eGRXIEZ5ZE dWeWN5Qmgg Y21VZ2JHOW pZWCBSbFpD QnBiaUJUIF lXNGdSbkpo Ym0gTnBjMk 52TENCRCBZ V3hwWm05eW JtIGxoTGp4 aWNqNDAgTG lCV2FYTmhJ RyBseklHRW daMnh2IFlt RnNJSEJoZV cgMWxiblJ6 SUhSbCBZMm h1YjJ4dloz IGtnWTI5dG NHRnUgZVNC MGFHRjBJRy A5d1pYSmhk R1Z6IElHbH VJRzF2Y20g VWdkR2hoYm lBeSBNREFn WTI5MWJuIF J5YVdWeklH RnUgWkNCMF pYSnlhWCBS dmNtbGxjeT Q4IFluSStO UzRnVkcgaG xJR052YlhC aCBibm5pZ0 pseklIIEJ5 YVcxaGNua2 cgWW5WemFX NWxjMyBNZ2 FYTWdkRzhn IFptRmphV3 hwZEcgRjBa U0JsYkdWai BkSEp2Ym1s aklHIFoxYm 1SeklIUnkg WVc1elptVn ljeSBBb1JV WlVLU0IwIG FISnZkV2Rv YjMgVjBJSF JvWlNCMyBi M0pzWkM0OF luIEkrTmk0 Z1ZtbHogWV NCd2NtOWpa WCBOelpXUW diM1psIGNp QXhPRGNnWW 0gbHNiR2x2 YmlCMCBjbU Z1YzJGamRH IGx2Ym5NZ2 FXNGcgTWpB eE9Td2dkMi BocFkyZ2dZ VzF2IGRXNT BaV1FnZEcg OGdKREV4TG pZZyBkSEpw Ykd4cGIyID RnYVc0Z2RH OTAgWVd3Z2 NHRjViVyBW dWRDQjJiMn gxIGJXVXVQ R0p5UGogY3 VJRlJvWlNC aiBiMjF3WV c1NUlHIDl3 WlhKaGRHVn ogSUhSb1pT QjNiMyBKc1 pPS0FtWE1n IGJHRnlaMl Z6ZEMgQnla WFJoYVd3Zy BaV3hsWTNS eWIyIDVwWX lCd1lYbHQg Wlc1MGN5Qn VaWCBSM2Iz SnJMQ0IzIG FYUm9JR0Zp YjMgVjBJRE 11TmlCaSBh V3hzYVc5dU lHIE5oY21S eklHbHUgSU dOcGNtTjFi RyBGMGFXOX VJSGR2IGNt eGtkMmxrWl MgNDhZbkkr T0M0ZyBRV3 h2Ym1jZ2Qy IGwwYUNCTl lYTjAgWlhK allYSmtMQy BCV2FYTmhJ R2x6IElHOX VaU0J2Wmkg QjBhR1VnZE hkdiBJRzFo YW05eUlIIE JoZVcxbGJu UWcgYm1WMG QyOXlhMyBN Z2RHaGhkQ0 J5IFpYUmhh V3hsY24gTW dZVzVrSUcx bCBjbU5vWV c1MGN5IEJo WTJObGNIUW cgWm05eUlH TnlaVyBScG RDQmhibVFn IFpHVmlhWF FnWTIgRnla Q0IwY21GdS BjMkZqZEds dmJuIE11UE dKeVBqa3Ug SUZacGMySG lnSiBseklH NWxkSGR2IG Ntc2dhWE1n WTIgRndZV0 pzWlNCdiBa aUJ3Y205al pYIE56YVc1 bklHMXYgY2 1VZ2RHaGhi aSBBMk5Td3 dNREFnIGRI Smhibk5oWT MgUnBiMjRn YldWeiBjMk ZuWlhNZ2NH IFZ5SUhObF kyOXUgWkM0 OFluSStNVC BBdUlGWnBj MkVnIGFYTW dZMjl1YzIg bGtaWEpsWk NCMCBhR1Vn Ylc5emRDIE IyWVd4MVlX SnMgWlNCal lYSmtJRyA1 bGRIZHZjbX NnIFluSmhi bVFnYVcgNG dkR2hsSUhk diBjbXhrTE NCM2FYIFJv SUdFZ1luSm ggYm1RZ2Rt RnNkVyBVZ2 IyWWdiM1ps IGNpQWtNak EzSUcgSnBi R3hwYjI0Zy BhVzRnTWpB eU1DIDQ4WW 5JK01URXUg SUVsdUlESX dNRCBjc0lG WnBjMkVnIG QyVnVkQ0J3 ZFcgSnNhV0 1nYjI0ZyBk R2hsSUU1bG R5IEJaYjNK cklGTjAgYj JOcklFVjRZ MiBoaGJtZG xMQ0J0IFlX dHBibWNnYV ggUWdkR2hs SUd4aCBjbW RsYzNRZ2FX IDVwZEdsaG JDQncgZFdK c2FXTWdiMi BabVpYSnBi bWNnIEtFbF FUeWtnYVcg NGdWVk1nYU dseiBkRzl5 ZVNCaGRDIE IwYUdGMElI UnAgYldVdV BHSnlQaiBF eUxpQldhWE 5oIElHbHpJ R052YlcgMX BkSFJsWkNC MCBieUJsYm 5acGNtIDl1 YldWdWRHRn MgSUhOMWMz UmhhVyA1aF ltbHNhWFI1 IElHRnVaQ0 JvWVggTWdj MlYwSUdFZy BaMjloYkNC MGJ5IEJ2Y0 dWeVlYUmwg SUdGeklHRW dZMiBGeVlt OXVMVzVsIG RYUnlZV3dn WTIgOXRjR0 Z1ZVNCaSBl U0F5TURJd0 xqIHhpY2o0 eE15NGcgVm 1sellTQm9Z WCBNZ2MyVj JaWEpoIGJD QnRZV3B2Y2 kgQnpjRzl5 ZEhNZyBjM0 J2Ym5OdmNu IE5vYVhCek xDQnAgYm1O c2RXUnBibS BjZ2RHaGxJ RTlzIGVXMX dhV01nUjIg RnRaWE1zSU hSbyBaU0JP Umt3c0lIIF JvWlNCR1NV WkIgSUZkdm NteGtJRSBO MWNDd2dZVz VrIElIUm9a U0JKYm4gUm xjbTVoZEds diBibUZzSU VOeWFXIE5y WlhRZ1EyOT EgYm1OcGJD NDhZbiBJK0 1UUXVJRlJv IFpTQmpiMj F3WVcgNTVJ R2x6SUdGcy BjMjhnYTI1 dmQyIDRnWm 05eUlHbDAg Y3lCd2FHbH NZVyA1MGFI SnZjSGtnIF lXNWtJR2ho Y3kgQmtiMj VoZEdWayBJ RzkyWlhJZ0 pEIEV5TlNC dGFXeHMgYV c5dUlIUnZJ SCBaaGNtbH ZkWE1nIFky aGhjbWwwWV cgSnNaU0J2 Y21kaCBibW w2WVhScGIy IDV6SUhOcG JtTmwgSURJ d01EY3VQRy BKeVBqRTFM aUJXIGFYTm hJR2hoY3kg QmhJRzFoY2 10bCBkQ0J3 Y21WelpXID VqWlNCcGJp QnogYVhnZ1 kyOXVkRyBs dVpXNTBjeX dnIGQybDBh Q0J2ZG0gVn lJREUxTERB dyBNQ0JsYl hCc2IzIGxs WlhNZ2QyOX kgYkdSM2FX UmxMaiB4aW NqND0KICAg ICAgICA8L3 NwYW4+CiAg ICAgICAgCi AgICAgICAg