ORIX

Live  

ORIX Corporation is a diversified financial services company based in Japan. Established in 1964, ORIX initially focused on leasing and has since expanded its operations to encompass a wide range of financial services, including finance, investment, insurance, real estate, and asset management.
The company operates internationally, with a presence in various countries across Asia, North America, and Europe. ORIX’s business segments include leasing, corporate financing, investment in infrastructure and development projects, and environmental and renewable energy solutions.
The firm is known for its innovative financial solutions and its commitment to sustainability. Through its ventures in renewable energy and eco-friendly investment projects, ORIX has positioned itself as a leader in environmentally responsible business practices.
As a publicly traded company, ORIX is listed on the Tokyo Stock Exchange, and it continually adapts its strategies to meet changing market demands. The company’s mission revolves around creating value for customers, shareholders, and society as a whole.
Overall, ORIX Corporation exemplifies a modern, dynamic financial institution with a focus on diversification and sustainability in its global operations.

T1JJWCBpcy BhIGJpZyBj b21wYW55IG Jhc2VkIGlu IEphcGFuIH RoYXQgZG9l cyBtYW55IH RoaW5ncyB0 byBoZWxwIH Blb3BsZSBh bmQgYnVzaW 5lc3NlcyB3 aXRoIHRoZW lyIG1vbmV5 LiBUaGluay BvZiBpdCBs aWtlIGEgaG VscGZ1bCBm cmllbmQgd2 hvIG1ha2Vz IHN1cmUgeW 91IGhhdmUg d2hhdCB5b3 UgbmVlZCB0 byBidXkgY2 9vbCBzdHVm ZiBvciBzdG FydCBuZXcg cHJvamVjdH MuPGJyPk9u ZSBvZiB0aG UgbWFpbiB0 aGluZ3MgT1 JJWCBkb2Vz IGlzIGNhbG xlZCBsZWFz aW5nLiBMZW FzaW5nIGlz IGxpa2UgYm 9ycm93aW5n IGJ1dCB3aX RoIGEgc3Bl Y2lhbCB0d2 lzdC4gRm9y IGV4YW1wbG UsIGlmIGEg Y29tcGFueS BuZWVkcyB0 byB1c2UgYS B0cnVjayBi dXQgZG9lc2 7igJl0IHdh bnQgdG8gYn V5IGl0LCB0 aGV5IGNhbi BsZWFzZSBp dCBmcm9tIE 9SSVguIFRo YXQgbWVhbn MgdGhleSBj YW4gcGF5IG Egc21hbGxl ciBhbW91bn QgZXZlcnkg bW9udGggdG 8gdXNlIHRo ZSB0cnVjay B3aXRob3V0 IGhhdmluZy B0byBvd24g aXQgcmlnaH QgYXdheS4g VGhpcyBoZW xwcyBidXNp bmVzc2VzIH NhdmUgbW9u ZXkgYW5kIG dldCB3aGF0 IHRoZXkgbm VlZCB0byBn cm93Ljxicj 5PUklYIGFs c28gcHJvdm lkZXMgbG9h bnMsIHdoaW NoIGFyZSBs aWtlIGdpdm luZyBtb25l eSB0byBzb2 1lb25lIHdp dGggdGhlIH Byb21pc2Ug dGhhdCB0aG V5IHdpbGwg cGF5IGl0IG JhY2sgbGF0 ZXIuIEJ5IG xlbmRpbmcg bW9uZXkgdG 8gYnVzaW5l c3NlcyBhbm QgcGVvcGxl IHdobyB3YW 50IHRvIGJ1 eSB0aGluZ3 MgbGlrZSBl cXVpcG1lbn Qgb3IgaG9t ZXMsIE9SSV ggZWFybnMg bW9uZXkgZn JvbSB0aGUg aW50ZXJlc3 Qgb24gdGhv c2UgbG9hbn MuPGJyPkFu b3RoZXIgd2 F5IE9SSVgg bWFrZXMgbW 9uZXkgaXMg YnkgaW52ZX N0aW5nIGlu IGRpZmZlcm VudCBraW5k cyBvZiBidX NpbmVzc2Vz IGFuZCBwcm 9qZWN0cywg c28gd2hlbi B0aG9zZSBi dXNpbmVzc2 VzIGRvIHdl bGwsIE9SSV ggY2FuIGVh cm4gZXZlbi Btb3JlIG1v bmV5Ljxicj 5Ob3csIHdo eSBpcyBPUk lYIHN1Y2Nl c3NmdWw/IF dlbGwsIHRo ZXkgd29yay BoYXJkIHRv IHVuZGVyc3 RhbmQgd2hh dCBidXNpbm Vzc2VzIG5l ZWQgYW5kIG hvdyB0byBo ZWxwIHRoZW 0uIFRoZXkg YWx3YXlzIH RyeSB0byBi ZSBmcmllbm RseSBhbmQg c3VwcG9ydG l2ZS4gQWxz bywgdGhleS BrZWVwIGxv b2tpbmcgZm 9yIG5ldyB3 YXlzIHRvIG hlbHAgcGVv cGxlLCB3aG ljaCBtZWFu cyB0aGV5IG NhbiBmaW5k IG5ldyBvcH BvcnR1bml0 aWVzIHRvIG 1ha2UgbW9u ZXkuPGJyPk FzIGZvciB0 aGUgZnV0dX JlLCBPUklY IHdpbGwgbG lrZWx5IGtl ZXAgZG9pbm cgd2VsbCBi ZWNhdXNlIH RoZXkgYXJl IGdvb2QgYX QgYWRhcHRp bmcgdG8gY2 hhbmdlcy4g VGhleSBhcm UgYWx3YXlz IHJlYWR5IH RvIGZpbmQg bmV3IGlkZW FzIGFuZCB3 YXlzIHRvIH N1cHBvcnQg YnVzaW5lc3 Nlcywgd2hp Y2ggbWVhbn MgdGhleSBj YW4gY29udG ludWUgdG8g Z3JvdyBhbm QgYmUgaGVs cGZ1bCBmb3 IgYSBsb25n IHRpbWUuIE p1c3QgbGlr ZSBhIGdvb2 QgZnJpZW5k LCBPUklYIG JlbGlldmVz IGluIGhlbH Bpbmcgb3Ro ZXJzIHN1Y2 NlZWQhPGJy Pg==

MS4gRGl2ZX JzZSBidXNp bmVzcyBwb3 J0Zm9saW86 IE9SSVggaX MgYSBkaXZl cnNpZmllZC BmaW5hbmNp YWwgc2Vydm ljZSBjb21w YW55IHdpdG ggYSB3aWRl IHJhbmdlIG 9mIGJ1c2lu ZXNzIGFyZW FzIGluY2x1 ZGluZyBsZW FzaW5nLCBs b2Fucywgcm VhbCBlc3Rh dGUsIGludm VzdG1lbnQg YmFua2luZy wgYXNzZXQg bWFuYWdlbW VudCwgYW5k IG1vcmUuIF RoaXMgZGl2 ZXJzZSBwb3 J0Zm9saW8g YWxsb3dzIH RoZSBjb21w YW55IHRvIG FkYXB0IHRv IGNoYW5naW 5nIG1hcmtl dCBjb25kaX Rpb25zIGFu ZCBtYWludG FpbiBzdGFi bGUgZ3Jvd3 RoLjxicj4y LiBHbG9iYW wgcHJlc2Vu Y2U6IE9SSV ggaGFzIGEg c3Ryb25nIG dsb2JhbCBw cmVzZW5jZS B3aXRoIG9w ZXJhdGlvbn MgaW4gb3Zl ciA0MCBjb3 VudHJpZXMg YW5kIHJlZ2 lvbnMsIGVu YWJsaW5nIG l0IHRvIHNl cnZlIGEgZG l2ZXJzZSBy YW5nZSBvZi BjdXN0b21l cnMgYW5kIH RhcCBpbnRv IHZhcmlvdX MgbWFya2V0 cyBhcm91bm QgdGhlIHdv cmxkLjxicj 4zLiBDdXN0 b21lci1jZW 50cmljIGFw cHJvYWNoOi BUaGUgY29t cGFueSBwbG FjZXMgZ3Jl YXQgaW1wb3 J0YW5jZSBv biB1bmRlcn N0YW5kaW5n IGFuZCBtZW V0aW5nIHRo ZSBuZWVkcy BvZiBpdHMg Y3VzdG9tZX JzLiBJdCBz dHJpdmVzIH RvIHByb3Zp ZGUgaW5ub3 ZhdGl2ZSBh bmQgdGFpbG 9yZWQgc29s dXRpb25zIH RvIGl0cyBj bGllbnRzLC B3aGljaCBo YXMgaGVscG VkIGl0IGJ1 aWxkIGxvbm ctdGVybSBy ZWxhdGlvbn NoaXBzIHdp dGggY3VzdG 9tZXJzLjxi cj40LiBTdH JvbmcgZmlu YW5jaWFsIH BlcmZvcm1h bmNlOiBPUk lYIGhhcyBh IHN0cm9uZy B0cmFjayBy ZWNvcmQgb2 YgZmluYW5j aWFsIHBlcm Zvcm1hbmNl LCB3aXRoIH N0YWJsZSBy ZXZlbnVlIG FuZCBwcm9m aXQgZ3Jvd3 RoIG92ZXIg dGhlIHllYX JzLiBUaGlz IGhhcyBoZW xwZWQgdGhl IGNvbXBhbn kgdG8gbWFp bnRhaW4gYS BzdHJvbmcg Y3JlZGl0IH JhdGluZyBh bmQgYXR0cm FjdCBpbnZl c3RvcnMuPG JyPjUuIENv bW1pdG1lbn QgdG8gc3Vz dGFpbmFiaW xpdHk6IE9S SVggaXMgY2 9tbWl0dGVk IHRvIHN1c3 RhaW5hYmxl IGJ1c2luZX NzIHByYWN0 aWNlcyBhbm QgaGFzIGVt YmVkZGVkIG Vudmlyb25t ZW50YWwsIH NvY2lhbCwg YW5kIGdvdm VybmFuY2Ug KEVTRykgY2 9uc2lkZXJh dGlvbnMgaW 50byBpdHMg b3BlcmF0aW 9ucy4gVGhl IGNvbXBhbn kgaGFzIGFs c28gc2V0IG FtYml0aW91 cyBjYXJib2 4gcmVkdWN0 aW9uIHRhcm dldHMgYW5k IHByb21vdG VzIHN1c3Rh aW5hYmlsaX R5IGluaXRp YXRpdmVzIH dpdGhpbiBp dHMgYnVzaW 5lc3MgYWN0 aXZpdGllcy 48YnI+Ni4g Q29ycG9yYX RlIHNvY2lh bCByZXNwb2 5zaWJpbGl0 eTogT1JJWC BoYXMgYSBz dHJvbmcgZm 9jdXMgb24g Z2l2aW5nIG JhY2sgdG8g c29jaWV0eS B0aHJvdWdo IHZhcmlvdX Mgc29jaWFs IGFuZCBjdW x0dXJhbCBp bml0aWF0aX Zlcy4gVGhl IGNvbXBhbn kgaGFzIGVz dGFibGlzaG VkIHRoZSBP UklYIEZvdW 5kYXRpb24s IHdoaWNoIH N1cHBvcnRz IHZhcmlvdX MgZWR1Y2F0 aW9uYWwgYW 5kIGN1bHR1 cmFsIHByb2 dyYW1zLjxi cj43LiBJbm 5vdmF0aXZl IGFuZCB0ZW Nobm9sb2d5 LWRyaXZlbj ogT1JJWCBp cyBrbm93bi Bmb3IgaXRz IGlubm92YX RpdmUgYXBw cm9hY2ggdG 8gYnVzaW5l c3MgYW5kIG NvbnN0YW50 bHkgc2Vla3 MgbmV3IG9w cG9ydHVuaX RpZXMgZm9y IGdyb3d0aC BhbmQgZGV2 ZWxvcG1lbn QuIFRoZSBj b21wYW55IG hhcyBhbHNv IGVtYnJhY2 VkIHRlY2hu b2xvZ3ksIG ludmVzdGlu ZyBpbiBkaW dpdGFsIGNh cGFiaWxpdG llcyB0byBl bmhhbmNlIG l0cyBzZXJ2 aWNlcyBhbm QgY3VzdG9t ZXIgZXhwZX JpZW5jZS48 YnI+OC4gU3 Ryb25nIGxl YWRlcnNoaX A6IE9SSVgg aGFzIGEgc3 Ryb25nIGFu ZCBleHBlcm llbmNlZCBs ZWFkZXJzaG lwIHRlYW0s IHdpdGggYS BjbGVhciB2 aXNpb24gYW 5kIHN0cmF0 ZWd5IGZvci B0aGUgY29t cGFueeKAmX MgZ3Jvd3Ro LiBUaGlzIG hhcyBoZWxw ZWQgT1JJWC B0byBuYXZp Z2F0ZSB0aH JvdWdoIGNo YWxsZW5nZX MgYW5kIG1h aW50YWluIG l0cyBwb3Np dGlvbiBhcy BhIGxlYWRl ciBpbiB0aG UgZmluYW5j aWFsIHNlcn ZpY2VzIGlu ZHVzdHJ5Lg ==

VGhlIE9SSV ggY29tcGFu eSdzIGJ1c2 luZXNzIG1v ZGVsIGlzIH ByaW1hcmls eSBmb2N1c2 VkIG9uIGxl YXNpbmcgYW 5kIGxlbmRp bmcgc2Vydm ljZXMsIGVx dWlwbWVudC ByZW50YWwg YW5kIHNhbG VzLCBsZWFz ZSBhbmQgcm VudGFsIGFz c2V0IG1hbm FnZW1lbnQs IGFuZCBhdX RvbW9iaWxl IG9wZXJhdG lvbnMuIFRo ZXkgYWxzby Bwcm92aWRl IGludmVzdG 1lbnQgYW5k IGZpbmFuY2 lhbCBzZXJ2 aWNlcyBzdW NoIGFzIGxl YXNpbmcsIG xlbmRpbmcs IGFuZCBpbn Zlc3RtZW50 IGJhbmtpbm csIGFzIHdl bGwgYXMgcm VhbCBlc3Rh dGUgc2Vydm ljZXMgaW5j bHVkaW5nIG RldmVsb3Bt ZW50LCBsZW FzaW5nLCBh bmQgbWFuYW dlbWVudC4g VGhlIGNvbX BhbnkncyBn b2FsIGlzIH RvIG9mZmVy IGNvbXByZW hlbnNpdmUg c29sdXRpb2 5zIHRvIGlu ZGl2aWR1YW xzIGFuZCBi dXNpbmVzc2 VzIHdpdGgg dmFyeWluZy BmaW5hbmNp YWwgbmVlZH MgYW5kIHRv IGV4cGFuZC B0aGVpciBn bG9iYWwgcH Jlc2VuY2Ug dGhyb3VnaC BzdHJhdGVn aWMgcGFydG 5lcnNoaXBz IGFuZCBpbn Zlc3RtZW50 cy4gQWRkaX Rpb25hbGx5 LCBPUklYIG VtcGhhc2l6 ZXMgc3VzdG FpbmFibGUg cHJhY3RpY2 VzIGFuZCBy ZXNwb25zaW JsZSBjb3Jw b3JhdGUgY2 l0aXplbnNo aXAgYXMgaW 50ZWdyYWwg YXNwZWN0cy BvZiB0aGVp ciBidXNpbm VzcyBtb2Rl bC4=

AI has the potential to impact companies like ORIX, depending on the specific products and services offered. Here are some ways AI could pose a material threat:
1. Substitution: AI technologies, particularly in finance and asset management, can automate certain tasks traditionally performed by human analysts, such as risk assessment, credit scoring, and investment analysis. This could lead to new competitors entering the market with automated solutions that may provide similar or better services at a lower cost.
2. Disintermediation: If AI enables better direct access to financial markets or services, it could bypass traditional intermediaries like ORIX. This could occur through platforms that leverage AI for better pricing, faster transactions, or personalized financial advice, which could erode ORIX’s market share.
3. Margin Pressure: As AI technologies become more widespread, companies that adopt these technologies could operate with lower overhead costs. This might lead to aggressive pricing strategies by competitors, which could put pressure on ORIX’s margins, forcing them to innovate or lower their prices to remain competitive.
However, it’s also important to consider that AI can be a tool for ORIX to enhance its own offerings, improve operational efficiency, and create new revenue streams. The impact of AI will depend on how the company adapts to these changes and leverages technology in its own strategy.

The sensitivity of ORIX company’s earnings, cash flow, and valuation to changes in interest rates can be understood through several key factors:
1. Earnings Sensitivity: ORIX is involved in various financial services, including leasing, lending, and asset management. Changes in interest rates can directly impact the company’s borrowing costs. If interest rates rise, ORIX’s cost of borrowing will increase, potentially leading to lower profit margins on its lending operations. Conversely, lower interest rates can enhance earnings by reducing borrowing costs and stimulating demand for loans.
2. Cash Flow Sensitivity: Cash flows from financing activities are significantly influenced by interest rates. Higher rates can lead to increased interest expenses, reducing overall cash flow. Furthermore, if rates rise, it could also affect the repayment behavior of borrowers, possibly resulting in higher default rates and impacts on cash inflows. On the other hand, an environment of low rates can promote borrowing and leasing activities, enhancing cash inflows for ORIX.
3. Valuation Sensitivity: The valuation of ORIX can be influenced by interest rates through the discount rate applied in discounted cash flow (DCF) valuation methods. A higher interest rate typically implies a higher discount rate, which can lower the present value of future cash flows, thus decreasing the company’s valuation. Falling rates may lead to a higher valuation for the same reason, as future cash flows are discounted less aggressively.
In summary, changes in interest rates have a notable impact on ORIX’s earnings, cash flow, and valuation. The company’s performance may improve in a low-interest-rate environment while facing challenges in a rising interest rate scenario. The specific sensitivity will depend on ORIX’s capital structure, asset-liability mix, and the overall economic environment.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgT1 JJWCBjb21w YW554oCZcy BlY29ub21p Y3Mgb3Zlci B0aGUgbmV4 dCAzLTUgeW VhcnMgaXMg YSBzaWduaW ZpY2FudCBh bmQgcHJvbG 9uZ2VkIGVj b25vbWljIG Rvd250dXJu LCBzdWNoIG FzIGEgZ2xv YmFsIHJlY2 Vzc2lvbi4g VGhpcyBjb3 VsZCBiZSB0 cmlnZ2VyZW QgYnkgdmFy aW91cyBmYW N0b3JzLCBp bmNsdWRpbm cgZ2VvcG9s aXRpY2FsIH RlbnNpb25z LCByaXNpbm cgaW50ZXJl c3QgcmF0ZX MsIG9yIGEg cGFuZGVtaW MgcmVzdXJn ZW5jZS4gPG JyPkluIHRo aXMgc2Nlbm FyaW8sIE9S SVggY291bG QgZmFjZSBz ZXZlcmFsIG 5lZ2F0aXZl IGltcGFjdH M6PGJyPjEu IDxzdHJvbm c+TWFyZ2lu czwvc3Ryb2 5nPjogVGhl IGNvbXBhbn nigJlzIHBy b2ZpdCBtYX JnaW5zIGNv dWxkIHNocm luayBkdWUg dG8gaW5jcm Vhc2VkIGNv bXBldGl0aW 9uIGluIHRo ZSBmaW5hbm NpYWwgc2Vy dmljZXMgc2 VjdG9yLCBs ZWFkaW5nIH RvIHByaWNl IHdhcnMgYW 5kIGxvd2Vy IHJldHVybn Mgb24gaW52 ZXN0bWVudH MuIEFkZGl0 aW9uYWxseS wgaWYgT1JJ WOKAmXMgaW 52ZXN0bWVu dCBwb3J0Zm 9saW8gaW5j bHVkZXMgYX NzZXRzIHZ1 bG5lcmFibG UgdG8gZWNv bm9taWMgZG 93bnR1cm5z LCBsaWtlIG NvbW1lcmNp YWwgcmVhbC Blc3RhdGUg b3IgbGV2ZX JhZ2VkIGxv YW5zLCB0aG UgcmlzayBv ZiBkZWZhdW x0cyBjb3Vs ZCBpbmNyZW FzZSwgZnVy dGhlciBjb2 1wcmVzc2lu ZyBtYXJnaW 5zLjxicj4y LiA8c3Ryb2 5nPkNhc2gg Rmxvdzwvc3 Ryb25nPjog VGhlIGRvd2 50dXJuIG1h eSBsZWFkIH RvIGEgZGVj cmVhc2UgaW 4gZGVtYW5k IGZvciBmaW 5hbmNpbmcg YW5kIGxlYX Npbmcgc29s dXRpb25zIH RoYXQgT1JJ WCBwcm92aW RlcywgcmVz dWx0aW5nIG luIGxvd2Vy IHJldmVudW VzLiBBcyBj dXN0b21lcn Mgc3RydWdn bGUgdG8gbW FpbnRhaW4g b3BlcmF0aW 9ucywgbGF0 ZSBwYXltZW 50cyBhbmQg ZGVmYXVsdH MgY291bGQg d29yc2VuIG Nhc2ggZmxv dy4gRnVydG hlcm1vcmUs IE9SSVggbW lnaHQgaGF2 ZSB0byBpbm NyZWFzZSBw cm92aXNpb2 5zIGZvciBi YWQgZGVidH MsIGZ1cnRo ZXIgc3RyYW luaW5nIGNh c2ggZmxvd3 MuPGJyPjMu IDxzdHJvbm c+QmFsYW5j ZSBTaGVldD wvc3Ryb25n PjogSWYgYX NzZXQgdmFs dWVzIGRlY2 xpbmUgc2ln bmlmaWNhbn RseSBkdXJp bmcgYSByZW Nlc3Npb24s IHRoZSBjb2 1wYW55IG1h eSBmYWNlIG ltcGFpcm1l bnRzIG9uIG l0cyBpbnZl c3RtZW50cy wgcmVzdWx0 aW5nIGluIG xvd2VyIG5l dCBhc3NldC B2YWx1ZXMu IEluIGNvbm p1bmN0aW9u IHdpdGggZG V0ZXJpb3Jh dGluZyBjYX NoIGZsb3dz LCBPUklYIG 1heSBuZWVk IHRvIHJhaX NlIGNhcGl0 YWwgdG8gbW FpbnRhaW4g bGlxdWlkaX R5IG9yIG1l ZXQgcmVndW xhdG9yeSBy ZXF1aXJlbW VudHMsIHBv dGVudGlhbG x5IGRpbHV0 aW5nIGV4aX N0aW5nIHNo YXJlaG9sZG Vycy4gRGVi dCBsZXZlbH MgY291bGQg YWxzbyByaX NlIGlmIHRo ZSBjb21wYW 55IHJlc29y dHMgdG8gYm 9ycm93aW5n IHRvIGNvdm VyIG9wZXJh dGlvbmFsIG RlZmljaXRz LCBhZHZlcn NlbHkgYWZm ZWN0aW5nIG l0cyBsZXZl cmFnZSByYX Rpb3MgYW5k IG92ZXJhbG wgZmluYW5j aWFsIHN0YW JpbGl0eS48 YnI+T3Zlcm FsbCwgaWYg dGhpcyBzY2 VuYXJpbyB3 ZXJlIHRvIG 1hdGVyaWFs aXplLCBPUk lY4oCZcyBm aW5hbmNpYW wgaGVhbHRo IHdvdWxkIG JlIHNldmVy ZWx5IGltcG FjdGVkLCBy ZWR1Y2luZy BpdHMgYWJp bGl0eSB0by BpbnZlc3Qg aW4gZ3Jvd3 RoIG9wcG9y dHVuaXRpZX MsIG1haW50 YWluIGNvbX BldGl0aXZl IGFkdmFudG FnZSwgb3Ig cmV0dXJuIH ZhbHVlIHRv IHNoYXJlaG 9sZGVycy4g VGhlIGNvbX BhbnkgbWln aHQgcmVxdW lyZSByZXN0 cnVjdHVyaW 5nIG1lYXN1 cmVzLCB1bH RpbWF0ZWx5 IGFsdGVyaW 5nIGl0cyBs b25nLXRlcm 0gc3RyYXRl Z2ljIGRpcm VjdGlvbi48 YnI+

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 bG9nb3MvUF VBbmxQbGtF aXFvSTBNbX FoWEIud2Vi cCIgYWx0PS JPUklYIiB0 aXRsZT0iT1 JJWCIgIGNs 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 Ym91dCBPUk lYPwogICAg 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+Tmi BZb3VyIGZy ZWUgY29weS BvZiA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+IG lzIHdhaXRp bmcKICAgIC 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 NGdUMUpKV0 MgQkRiM0p3 YjNKaCBkR2 x2YmlCM1lY IE1nWm05MW JtUmwgWkNC cGJpQXhPVC BZMExDQjFi bVJsIGNpQj BhR1VnYm0g RnRaU0JQY2 1sbCBiblFn VEdWaGMyIG x1WnlCRGJ5 NHMgSUV4MF pDNGdTWCBR Z2QyRnpJR1 Z6IGRHRmli R2x6YUcgVm tJR0Z6SUdF ZyBabWx1WV c1alpTIEJq YjIxd1lXNT UgSUhOd1pX TnBZVyB4cG VtbHVaeUJw IGJpQnNaV0 Z6YVcgNW5J R0Z1WkNCcC Bibk4wWVd4 c2JXIFZ1ZE NCellXeGwg Y3k0OFluSS tNaSA0Z1ZH aGxJR052IG JYQmhibmtn YVcgNXBkR2 xoYkd4NSBJ R1p2WTNWel pXIFFnYjI0 Z2NISnYgZG 1sa2FXNW5J RyBacGJtRn VZMmx1IFp5 Qm1iM0lnYV cgNWtkWE4w Y21saCBiQ0 JsY1hWcGNH IDFsYm5Rc0 lHSjEgZENC c1lYUmxjaS BCbGVIQmhi bVJsIFpDQn BiblJ2SUcg OTBhR1Z5SU dGeSBaV0Z6 SUhOMVkyIG dnWVhNZ2Nt VmggYkNCbG MzUmhkRyBV c0lHTnZiVz FsIGNtTnBZ V3dnZG0gVm 9hV05zWlhN cyBJR0Z1Wk NCamIyIDV6 ZFcxbGNpQm 0gYVc1aGJt TmxMaiB4aW NqNHpMaUJV IGFHVWdibU Z0WlMgQlBV a2xZSUhkaC BjeUJoWkc5 d2RHIFZrSU dsdUlERTUg T0Rrc0lHRn VaQyBCemRH RnVaSE1nIF ptOXlJRTl5 YVcgZHBiaU J2WmlCSiBi bTV2ZG1GMG FXIDl1SUds dUlFWnAgYm 1GdVkyVXVQ RyBKeVBqUX VJRTlTIFNW Z2daWGh3WV cgNWtaV1Fn YVhSeiBJR0 oxYzJsdVpY IE56SUdkc2 IySmggYkd4 NUxDQmhibS BRZ2JtOTNJ R2hoIGN5Qn ZjR1Z5WVgg UnBiMjV6SU dsdSBJRzky WlhJZ016IE FnWTI5MWJu UnkgYVdWek lHRnVaQyBC eVpXZHBiMj V6IElHbHVZ MngxWkcgbH VaeUJWVTBF cyBJRU5vYV c1aExDIEJo Ym1RZ1JYVn kgYjNCbExq eGljaiA0MU xpQkpiaUF5 IE1ERXlMQ0 JQVWsgbFlJ R0ZqY1hWcC BjbVZrSUdF Z09UIEFsSU hOMFlXdGwg SUdsdUlIUm 9aUyBCUWNt OW1aWE56IG FXOXVZV3dn UW0gRnpaV0 poYkd3ZyBW R1ZoYlN3Z2 RHIGhsSUU5 eWFYZ2cgUW 5WbVptRnNi MiBWekxDQn RZV3RwIGJt Y2dhWFFnZE cgaGxJR1pw Y25OMCBJRz V2YmkxdFpX IFJwWVNCam IyMXcgWVc1 NUlIUnZJRy A5M2JpQmhJ SEJ5IGIyWm xjM05wYjIg NWhiQ0JpWV hObCBZbUZz YkNCMFpXIE Z0SUdsdUlF cGggY0dGdU xqeGljaiA0 MkxpQlVhR1 VnIFkyOXRj R0Z1ZVMgQn BjeUJyYm05 MyBiaUJtYj NJZ2FYIFJ6 SUhWdWFYRj EgWlNCamIz SndiMyBKaG RHVWdZM1Zz IGRIVnlaU3 dnZDIgaHBZ MmdnYVc1ai BiSFZrWlhN Z1lTIEJPYn lCVWFXVWcg UkdGNUlIQn ZiRyBsamVT QjNhR1Z5IF pTQmxiWEJz YjMgbGxaWE 1nWVhKbCBJ R0ZzYkc5M1 pXIFFnZEc4 Z1pISmwgYz NNZ2JXOXla UyBCallYTj FZV3hzIGVT QnZiaUJrWl ggTnBaMjVo ZEdWayBJR1 JoZVhNdVBH IEp5UGpjdU lFbHUgSUdG a1pHbDBhVy A5dUlIUnZJ R2wwIGN5Qm 1hVzVoYm0g TnBZV3dnYz JWeSBkbWxq WlhNc0lFID lTU1ZnZ2FY TWcgWVd4em J5QnBibiBa dmJIWmxaQ0 JwIGJpQjJZ WEpwYjMgVn pJR0oxYzJs dSBaWE56Wl hNZ2MzIFZq YUNCaGN5Qj MgYVc1a0lH RnVaQyBCem IyeGhjaUJ3 IGIzZGxjaX dnZEggSmhi bk53YjNKMC BZWFJwYjI0 c0lHIEZ1Wk NCb1pXRnMg ZEdoallYSm xMaiB4aWNq NDRMaUJQIF VrbFlJR2x6 SUcgTnZiVz FwZEhSbCBa Q0IwYnlCem RYIE4wWVds dVlXSnAgYk dsMGVTQmhi bSBRZ2FHRn pJRzFoIFpH VWdjM1J5YV cgUmxjeUJw YmlCdyBjbT l0YjNScGJt IGNnWlc1Mm FYSnYgYm0x bGJuUmhiRy B4NUxXWnlh V1Z1IFpHeD VJR2x1YVgg UnBZWFJwZG 1WeiBMQ0J6 ZFdOb0lHIE Z6SUdsdWRt VnogZEdsdV p5QnBiaSBC eVpXNWxkMk ZpIGJHVWda VzVsY20gZD VJSEJ5YjJw bCBZM1J6SU dGdVpDIEJw YlhCc1pXMW wgYm5ScGJt Y2daVyBOdk xXWnlhV1Z1 IFpHeDVJRz ltWm0gbGpa U0J3YjJ4cC BZMmxsY3k0 OFluIEkrT1 M0Z1ZHaGwg SUdOdmJYQm hibiBrZ2FH RnpJR0psIF pXNGdjbVZq YjIgZHVhWH BsWkNCbSBi M0lnYVhSek lHIEoxYzJs dVpYTnogSU hCeVlXTjBh VyBObGN5Qm hibVFnIGQy RnpJSEpoYm 0gdGxaQ0Jo Y3lCdiBibV VnYjJZZ2RH IGhsSUZkdm NteGsgNG9D WmN5Qk5iMy BOMElFRmti V2x5IFpXUW dRMjl0Y0cg RnVhV1Z6SU dKNSBJRVp2 Y25SMWJtIF VnVFdGbllY cHAgYm1VZ2 FXNGdNaiBB eU1TNDhZbk krIE1UQXVJ RWx1SUQgSX dNakFzSUU5 UyBTVmdnWV c1dWIzIFZ1 WTJWa0lHbD AgY3lCbmIy RnNJSCBSdk lHRmphR2xs IGRtVWdZMk Z5WW0gOXVJ RzVsZFhSeS BZV3hwZEhr Z1luIGtnTW pBMU1Dd2cg WVdsdGFXNW 5JSCBSdklI SmxaSFZqIF pTQnBkSE1n WjMgSmxaVz VvYjNWeiBa U0JuWVhNZ1 pXIDFwYzNO cGIyNXogSU dGdVpDQnBi biBabGMzUW dhVzRnIFoz SmxaVzRnWl cgNWxjbWQ1 SUhSdiBJRz ltWm5ObGRD IEJoYm5rZ2 NtVnQgWVds dWFXNW5JRy BWdGFYTnph Vzl1IGN5ND 0KICAgICAg ICA8L3NwYW 4+CiAgICAg ICAgCiAgIC AgICAg