Warsaw Stock Exchange

-8.68%

Live  

when it was established and key milestones in its history:
The Warsaw Stock Exchange (WSE) was established on April 12, 1991 following the transformation of the former Warsaw Commodity Exchange into a modern exchange. It was the first modern stock exchange in Poland and played a crucial role in the development of the Polish capital market.
Some key milestones in the history of the WSE include:
- The first trading session on April 16, 1991, with 5 listed companies and 9 brokerage houses participating
- Launch of the WIG index on April 16, 1994, which serves as a benchmark for the performance of the Polish stock market
- Introduction of electronic trading on the WSE in 1995, replacing the traditional trading floor
- Privatization of the WSE in 1999, with the majority of shares sold to a group of private investors
- Merger with the Warsaw Futures and Options Exchange in 2002, creating a multi-asset-class exchange offering trading in stocks, bonds, derivatives, and commodities
- Launch of the NewConnect market in 2007 for small and medium-sized companies seeking capital
- Introduction of the Catalyst market in 2009 for trading in corporate and municipal bonds
- Obtaining full membership in the World Federation of Exchanges in 2010
- Launch of the TGE (Polish Power Exchange) in 2012 as a subsidiary of the WSE, offering trading in electricity and natural gas derivatives
- Alliance formed in 2013 with the Vienna Stock Exchange to strengthen cooperation and cross-listing opportunities
- Record high of 500 listed companies reached in 2015
- Strategic cooperation agreement signed with the Shanghai Stock Exchange in 2016, allowing for mutual promotion and market access
- Introduction of the WSE Growth market in 2017 for smaller companies with high growth potential
- Implementation of a new IT trading platform in 2018 to increase efficiency and attract more foreign investors
- Launch of the Catalyst+ market in 2019 to provide access to capital for large and medium-sized enterprises
- Record high of 770 billion PLN in market capitalization reached in August 2020.

VGhlIFdhcn NhdyBTdG9j ayBFeGNoYW 5nZSAoV1NF KSBpcyB0aG UgbWFpbiBz ZWN1cml0aW VzIGV4Y2hh bmdlIGluIF BvbGFuZCBh bmQgb25lIG 9mIHRoZSBs YXJnZXN0IG 1hcmtldHBs YWNlcyBpbi BDZW50cmFs IGFuZCBFYX N0ZXJuIEV1 cm9wZS4gVG hlIFdTRSBj b21wYW55IG 9wZXJhdGVz IGFzIGEgc2 VsZi1yZWd1 bGF0ZWQgb3 JnYW5pemF0 aW9uLCBwcm 92aWRpbmcg YSBwbGF0Zm 9ybSBmb3Ig dHJhZGluZy BzdG9ja3Ms IGJvbmRzLC BhbmQgY29t bW9kaXRpZX MuIDxicj5T b21lIGtleS BmYWN0b3Jz IHRoYXQgbW FrZSB0aGUg V1NFIGNvbX Bhbnkgc3Bl Y2lhbCBpbm NsdWRlOjxi cj4xLiBTdH JvbmcgZWNv bm9taWMgcG VyZm9ybWFu Y2U6IFRoZS BXU0UgaXMg b2Z0ZW4gc2 VlbiBhcyBh IHN5bWJvbC BvZiBQb2xh bmQncyBlY2 9ub21pYyBn cm93dGggYW 5kIHN0YWJp bGl0eS4gSX QgaGFzIHBs YXllZCBhIH NpZ25pZmlj YW50IHJvbG UgaW4gZmFj aWxpdGF0aW 5nIHRoZSBj b3VudHJ5J3 MgdHJhbnNp dGlvbiB0by BhIGZyZWUt bWFya2V0IG Vjb25vbXkg YW5kIGF0dH JhY3Rpbmcg Zm9yZWlnbi BpbnZlc3Rt ZW50Ljxicj 4yLiBSZWdp b25hbCBsZW FkZXJzaGlw OiBUaGUgV1 NFIGlzIHRo ZSBsZWFkaW 5nIGV4Y2hh bmdlIGluIE NlbnRyYWwg YW5kIEVhc3 Rlcm4gRXVy b3BlLCBhY2 NvdW50aW5n IGZvciBhIH NpZ25pZmlj YW50IHNoYX JlIG9mIHRo ZSByZWdpb2 4ncyB0b3Rh bCBtYXJrZX QgY2FwaXRh bGl6YXRpb2 4gYW5kIHRy YWRpbmcgdm 9sdW1lLiBJ dCBhbHNvIH NlcnZlcyBh cyBhbiBpbX BvcnRhbnQg Z2F0ZXdheS Bmb3IgY29t cGFuaWVzIG Zyb20gdGhl IHJlZ2lvbi B0byBhY2Nl c3MgZ2xvYm FsIGNhcGl0 YWwgbWFya2 V0cy48YnI+ My4gRGl2ZX JzaWZpZWQg bWFya2V0Oi BUaGUgV1NF IG9mZmVycy BhIHdpZGUg cmFuZ2Ugb2 YgZmluYW5j aWFsIGluc3 RydW1lbnRz LCBpbmNsdW Rpbmcgc3Rv Y2tzLCBib2 5kcywgaW5k ZXggZnV0dX JlcywgYW5k IG9wdGlvbn MuIFRoaXMg cHJvdmlkZX MgaW52ZXN0 b3JzIHdpdG ggZGl2ZXJz ZSBpbnZlc3 RtZW50IG9w cG9ydHVuaX RpZXMgYW5k IHJpc2sgbW FuYWdlbWVu dCB0b29scy 48YnI+NC4g VGVjaC1zYX Z2aW5lc3M6 IFRoZSBXU0 UgaGFzIGJl ZW4gYXQgdG hlIGZvcmVm cm9udCBvZi B0ZWNobm9s b2dpY2FsIG lubm92YXRp b24sIGNvbn RpbnVvdXNs eSB1cGdyYW RpbmcgaXRz IHRyYWRpbm cgcGxhdGZv cm0gYW5kIG ludHJvZHVj aW5nIG5ldy Bwcm9kdWN0 cyBhbmQgc2 VydmljZXMu IFRoaXMgaG FzIGhlbHBl ZCB0aGUgZX hjaGFuZ2Ug dG8gcmVtYW luIGNvbXBl dGl0aXZlIG FuZCBhdHRy YWN0IGEgZ2 xvYmFsIGlu dmVzdG9yIG Jhc2UuPGJy PjUuIFN0cm 9uZyByZWd1 bGF0b3J5IG ZyYW1ld29y azogVGhlIF dTRSBvcGVy YXRlcyB1bm RlciBhIHRy YW5zcGFyZW 50IGFuZCBy b2J1c3Qgcm VndWxhdG9y eSBmcmFtZX dvcmssIHdo aWNoIGVuc3 VyZXMgaW52 ZXN0b3IgcH JvdGVjdGlv biBhbmQgbW Fya2V0IGlu dGVncml0eS 4gVGhpcyBo YXMgaGVscG VkIHRvIGJ1 aWxkIHRydX N0IGFuZCBj b25maWRlbm NlIGluIHRo ZSBleGNoYW 5nZSBhbW9u ZyBkb21lc3 RpYyBhbmQg aW50ZXJuYX Rpb25hbCBp bnZlc3Rvcn MuPGJyPjYu IFByb21vdG luZyBzdXN0 YWluYWJpbG l0eTogVGhl IFdTRSBwbG FjZXMgYSBz dHJvbmcgZW 1waGFzaXMg b24gcHJvbW 90aW5nIHN1 c3RhaW5hYm xlIHByYWN0 aWNlcyBhbW 9uZyBsaXN0 ZWQgY29tcG FuaWVzLCBl bmNvdXJhZ2 luZyB0aGVt IHRvIGRpc2 Nsb3NlIGlu Zm9ybWF0aW 9uIG9uIGVu dmlyb25tZW 50YWwsIHNv Y2lhbCwgYW 5kIGdvdmVy bmFuY2UgKE VTRykgZmFj dG9ycy4gVG hpcyBoYXMg bWFkZSBpdC BhbiBhdHRy YWN0aXZlIG Rlc3RpbmF0 aW9uIGZvci BpbnZlc3Rv cnMgc2Vla2 luZyByZXNw b25zaWJsZS BpbnZlc3Rt ZW50IG9wcG 9ydHVuaXRp ZXMuPGJyPj cuIFN0cmF0 ZWdpYyBwYX J0bmVyc2hp cHM6IFRoZS BXU0UgaGFz IGVzdGFibG lzaGVkIHBh cnRuZXJzaG lwcyB3aXRo IG90aGVyIG xlYWRpbmcg ZXhjaGFuZ2 VzIGdsb2Jh bGx5LCBzdW NoIGFzIHRo ZSBMb25kb2 4gU3RvY2sg RXhjaGFuZ2 UgYW5kIE5h c2RhcSwgdG 8gb2ZmZXIg aW52ZXN0b3 JzIGFjY2Vz cyB0byBhIG Jyb2FkZXIg cmFuZ2Ugb2 YgcHJvZHVj dHMgYW5kIH NlcnZpY2Vz LiBUaGlzIG hhcyBmdXJ0 aGVyIGVuaG FuY2VkIGl0 cyBwb3NpdG lvbiBhcyBh IHJlZ2lvbm FsIGxlYWRl ciBpbiB0aG UgZmluYW5j aWFsIG1hcm tldHMu

VGhlIFdhcn NhdyBTdG9j ayBFeGNoYW 5nZSAoV1NF KSBpcyBhIG ZpbmFuY2lh bCBpbnN0aX R1dGlvbiB0 aGF0IHNlcn ZlcyBhcyB0 aGUgcHJpbW FyeSBzdG9j ayBleGNoYW 5nZSBpbiBQ b2xhbmQuIF RoZSBjb21w YW55J3MgYn VzaW5lc3Mg bW9kZWwgaX MgcHJpbWFy aWx5IGJhc2 VkIG9uIGNy ZWF0aW5nIG FuZCBtYWlu dGFpbmluZy BhIHBsYXRm b3JtIGZvci BidXlpbmcg YW5kIHNlbG xpbmcgc2Vj dXJpdGllcy wgaW5jbHVk aW5nIHN0b2 NrcywgYm9u ZHMsIGludm VzdG1lbnQg Y2VydGlmaW NhdGVzLCBh bmQgb3RoZX IgZmluYW5j aWFsIGluc3 RydW1lbnRz Ljxicj5UaG UgV1NFIGdl bmVyYXRlcy ByZXZlbnVl IHRocm91Z2 ggdmFyaW91 cyBzZXJ2aW NlcywgaW5j bHVkaW5nIG xpc3Rpbmcg ZmVlcywgdH JhbnNhY3Rp b24gZmVlcy wgYW5kIG1h cmtldCBkYX RhIHNlcnZp Y2VzLiBDb2 1wYW5pZXMg bG9va2luZy B0byBnbyBw dWJsaWMgbX VzdCBwYXkg YSBsaXN0aW 5nIGZlZSB0 byBiZSBpbm NsdWRlZCBv biB0aGUgZX hjaGFuZ2Us IGFuZCB0aG V5IGFsc28g cGF5IHllYX JseSBsaXN0 aW5nIG1haW 50ZW5hbmNl IGZlZXMuPG JyPlRoZSBl eGNoYW5nZS BhbHNvIGVh cm5zIHJldm VudWUgZnJv bSB0cmFuc2 FjdGlvbiBm ZWVzLCB3aG ljaCBhcmUg Y2hhcmdlZC B0byBicm9r ZXJzIGZvci BldmVyeSB0 cmFkZSBtYW RlIG9uIHRo ZSBXU0UgcG xhdGZvcm0u IE1hcmtldC BkYXRhIHNl cnZpY2VzLC BzdWNoIGFz IHJlYWwtdG ltZSBzdG9j ayBxdW90ZX MsIGFyZSBh bHNvIGF2YW lsYWJsZSBm b3IgYSBmZW UgdG8gdHJh ZGVycyBhbm QgaW52ZXN0 b3JzLjxicj 5JbiBhZGRp dGlvbiB0by BpdHMgcHJp bWFyeSByb2 xlIGFzIGEg c3RvY2sgZX hjaGFuZ2Us IHRoZSBXU0 UgYWxzbyBv ZmZlcnMgYS ByYW5nZSBv ZiBvdGhlci BzZXJ2aWNl cywgaW5jbH VkaW5nIHRy YWRpbmcgb2 YgZGVyaXZh dGl2ZSBpbn N0cnVtZW50 cywgY2xlYX JpbmcgYW5k IHNldHRsZW 1lbnQsIGFu ZCBpbmZvcm 1hdGlvbiBh bmQgYW5hbH l0aWNhbCBz ZXJ2aWNlcy 4gVGhlc2Ug c2VydmljZX MgYXJlIGFk ZGl0aW9uYW wgc291cmNl cyBvZiByZX ZlbnVlIGZv ciB0aGUgY2 9tcGFueS48 YnI+T3Zlcm FsbCwgdGhl IFdTRSdzIG J1c2luZXNz IG1vZGVsIG lzIGNlbnRl cmVkIGFyb3 VuZCBwcm92 aWRpbmcgYS BzZWN1cmUg YW5kIHJlZ3 VsYXRlZCBt YXJrZXQgZm 9yIGNvbXBh bmllcyB0by ByYWlzZSBj YXBpdGFsIG FuZCBmb3Ig aW52ZXN0b3 JzIHRvIHRy YWRlIHNlY3 VyaXRpZXMu IEl0cyByZX ZlbnVlIHN0 cmVhbXMgYX JlIHByaW1h cmlseSB0aW VkIHRvIHRo ZSB2b2x1bW UgYW5kIHZh bHVlIG9mIH RyYW5zYWN0 aW9ucyBvbi BpdHMgcGxh dGZvcm0u

AI can pose a material threat to the Warsaw Stock Exchange and its associated companies in several ways:
1. Substitution: AI technologies enable the development of alternative trading platforms and products that can automate trading decisions, analyze market trends, and optimize investment strategies more efficiently than traditional methods. As these AI-driven solutions become more accessible, they could attract traders away from conventional exchanges, potentially undermining the Warsaw Stock Exchange’s market share.
2. Disintermediation: AI’s ability to facilitate direct trading between buyers and sellers can lead to disintermediation. This means that companies may no longer rely on the services of traditional exchanges for transactions, opting instead for decentralized platforms powered by AI algorithms. This shift could erode the traditional roles and fees associated with exchanges, impacting their revenue streams.
3. Margin Pressure: The implementation of AI can lead to increased competition by lowering operational costs for financial services and firms. Enhanced algorithmic trading enabled by AI can drive down trading costs, which could result in pressures on the margins of traditional services offered by the Warsaw Stock Exchange. If competitors leverage AI effectively, they might be able to offer lower fees and better services, potentially reducing the exchange’s profitability.
Overall, the integration and advancement of AI technologies present significant challenges that could disrupt the traditional operational framework of the Warsaw Stock Exchange and necessitate strategic adaptations to remain competitive.
1213254

The sensitivity of a company’s earnings, cash flow, and valuation to changes in interest rates can vary significantly based on several factors, including the industry, the company’s capital structure, and its overall financial health.
1. Earnings Sensitivity: Companies with significant amounts of debt are typically more sensitive to interest rate changes because higher interest rates can increase borrowing costs, leading to reduced profit margins. Conversely, companies with low or no debt may be less affected, as their cost of financing remains stable. Additionally, firms in interest-sensitive sectors, such as real estate and utilities, may see more pronounced impacts on their earnings due to changes in demand and financing conditions tied to interest rates.
2. Cash Flow Sensitivity: Cash flow can also be significantly affected by interest rate changes. Higher interest rates can lead to increased interest expenses, impacting cash flows negatively. In contrast, if a company can pass on increased costs to consumers through price increases, it may mitigate the impact on cash flow. Companies that rely heavily on credit for their operations may experience cash flow issues if rates rise, while those with stable cash flows may weather the changes better.
3. Valuation Sensitivity: Valuation, often assessed through discounted cash flow (DCF) models, is directly influenced by interest rates. Higher rates increase the discount rate applied to future cash flows, leading to lower present values and thus, lower valuations. Conversely, lower interest rates reduce the discount rate, increasing valuations. This effect is particularly pronounced in growth companies, which rely on future cash flows for their current valuations. Market sentiment can also shift based on interest rate expectations, influencing stock prices.
In summary, companies listed on the Warsaw Stock Exchange, like those elsewhere, experience varying degrees of sensitivity in earnings, cash flow, and valuation to changes in interest rates. The specific impact depends on their financial structures, the economic environment, and the sectors they operate in.

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 bG9nb3MvVF NHa2lUUVp0 RU1NQ2o1bH ZLSlUud2Vi cCIgYWx0PS JXYXJzYXcg U3RvY2sgRX hjaGFuZ2Ui IHRpdGxlPS JXYXJzYXcg U3RvY2sgRX hjaGFuZ2Ui 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 QgV2Fyc2F3 IFN0b2NrIE V4Y2hhbmdl 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 dWR2hsSUYg ZGhjbk5oZH lCVCBkRzlq YXlCRmVHIE 5vWVc1blpT QjMgWVhNZ1 ptOTFibSBS bFpDQnBiaU F4IE9Ua3hJ R0Z1WkMgQn BjeUIwYUdV ZyBiR0Z5Wj JWemRDIEJ6 ZEc5amF5Qm wgZUdOb1lX NW5aUyBCcG JpQkRaVzUw IGNtRnNJR0 Z1WkMgQkZZ WE4wWlhKdS BJRVYxY205 d1pTIDQ4WW 5JK01pNGcg VkdobElHWn BjbiBOMElI UnlZV1JsIE lHOXVJSFJv WlMgQlhZWE p6WVhjZyBV M1J2WTJzZ1 JYIGhqYUdG dVoyVWcgZD JGeklHMWha RyBVZ2IyNG dRWEJ5IGFX d2dNVFlzSU QgRTVPVEVz SUhkcCBkR2 dnYjI1c2VT IEF5TUNCam IyMXcgWVc1 cFpYTWdiRy BsemRHVmtM aUE4IFluSS tNeTRnVkcg aGxJRmRUUl NCMyBZWE1n ZEdobElHIF pwY25OMElI TjAgYjJOck lHVjRZMiBo aGJtZGxJR2 x1IElIUm9a U0IzYjMgSn NaQ0IwYnlC aiBjbVZoZE dVZ1lTIEJ0 WVhKclpYUW cgYzJWbmJX VnVkQyBCa1 pXUnBZMkYw IFpXUWdkRz hnYzIgOWph V0ZzYkhrZy BjbVZ6Y0c5 dWMyIGxpYk dVZ2FXNTIg WlhOMGJXVn VkQyBBb1Ux SkpLU0JwIG JpQXlNREF6 TGkgQThZbk krTkM0ZyBR WE1nYjJZZ0 1qIEF5TVN3 Z2RHaGwgSU ZkaGNuTmhk eSBCVGRHOW pheUJGIGVH Tm9ZVzVuWl MgQm9ZWE1n YjNabCBjaU EwTURBZ1ky IDl0Y0dGdW FXVnogSUd4 cGMzUmxaQy BCdmJpQnBk SE1nIGJXRn BiaUJ0WVgg SnJaWFFzSU hkcCBkR2dn WVNCamIyID FpYVc1bFpD QnQgWVhKcl pYUWdZMiBG d2FYUmhiR2 w2IFlYUnBi MjRnYjIgWW diM1psY2lB eCBMalVnZE hKcGJHIHhw YjI0Z1pYVn kgYjNNdUlE eGljaiA0MU xpQlVhR1Vn IFYxTkZJSG RoY3kgQjBh R1VnWm1seS BjM1FnYzNS dlkyIHNnWl hoamFHRnUg WjJVZ2FXNG dSWCBWeWIz QmxJSFJ2IE lHbHVkSEp2 WkggVmpaU0 JoSUhSeSBZ V1JwYm1jZ2 FXIDVrWlhn Z2FXNGcgTV RrNU5Dd2dZ MiBGc2JHVm tJSFJvIFpT QlhTVWNnS0 YgZGhjbk5o ZHlCVCBkRz lqYXlCRmVH IE5vWVc1bl pTQkggWlc1 bGNtRnNJRS BsdVpHVjRL UzQ4IFluSS tOaTRnU1cg NGdNVGs1T1 N3ZyBkR2hs SUZkVFJTIE JzWVhWdVky aGwgWkNCMG FHVWdUbSBW M1EyOXVibV ZqIGRDQnRZ WEpyWlggUX NJR0ZwYldW ayBJR0YwSU hOdFlXIHhz SUdGdVpDQn QgWldScGRX MHRjMiBsNl pXUWdZMjl0 IGNHRnVhV1 Z6SUggTmxa V3RwYm1jZy BZMkZ3YVhS aGJDIHdnYl dGcmFXNW4g SUdsMElIUm 9aUyBCbWFY SnpkQ0J6IG RHOWpheUJs ZUcgTm9ZVz VuWlNCcCBi aUJGZFhKdm NHIFVnZEc4 Z2FHRjIgWl NCaElITmxj RyBGeVlYUm xJRzFoIGNt dGxkQ0JtYj MgSWdkR2hs YzJVZyBkSG x3WlhNZ2Iy IFlnWTI5dG NHRnUgYVdW ekxpQThZbi BJK055NGdT VzRnIE1qQX hNeXdnZEcg aGxJRmRoY2 5OaCBkeUJU ZEc5amF5IE JGZUdOb1lX NW4gWlNCdF pYSm5aVyBR Z2QybDBhQ0 IwIGFHVWdW bWxsYm0gNW hJRk4wYjJO ciBJRVY0WT JoaGJtIGRs SUdGdVpDQj AgYUdVZ1Fu VmtZWCBCbG MzUWdVM1J2 IFkyc2dSWG hqYUcgRnVa MlVnZEc4Zy BabTl5YlNC MGFHIFVnUT BWRklGTjAg YjJOcklFVj RZMiBoaGJt ZGxJRWR5IG IzVndMQ0Jq Y20gVmhkR2 x1WnlCdiBi bVVnYjJZZ2 RHIGhsSUd4 aGNtZGwgYz NRZ1pYaGph RyBGdVoyVW daM0p2IGRY QnpJR2x1SU UgVjFjbTl3 WlM0ZyBQR0 p5UGpndUlG IFJvWlNCWF UwVWcgYUdG eklHSmxaVy A0Z2NtVmpi MmR1IGFYcG xaQ0JoY3kg QnZibVVnYj JZZyBkR2hs SUhSdmNDIE J3WlhKbWIz SnQgWlhKek lHbHVJSCBS bGNtMXpJRz ltIElFbFFU M01nS0UgbH VhWFJwWVd3 ZyBVSFZpYk dsaklFIDlt Wm1WeWFXNW 4gY3lrZ2FX NGdSWCBWeW IzQmxMQ0Iz IGFYUm9JRz kyWlggSWdN ekF3SUVsUS BUM01nYzJs dVkyIFVnYV hSeklHbHUg WTJWd2RHbH ZiaSBCcGJp QXhPVGt4IE xqeGljajQ1 TGkgQlVhR1 VnVjJGeSBj MkYzSUZOMG IyIE5ySUVW NFkyaGggYm 1kbElHeGhk VyA1amFHVm tJR2wwIGN5 QmxiR1ZqZE ggSnZibWxq SUhSeSBZV1 JwYm1jZ2NH IHhoZEdadm NtMHMgSUZS SFJTQW9WRy A5M1lYSnZk MkVnIFIybG x4WUprWVMg QkZibVZ5Wj JsaCBLU3dn YVc0Z01qIE F4TWl3Z1pH VmsgYVdOaG RHVmtJRyBW NFkyeDFjMm wyIFpXeDVJ SFJ2SUcgVn NaV04wY21s aiBhWFI1SU hSeVlXIFJw Ym1jdUlEeG kgY2o0eE1D NGdTVyA0Z0 1qQXhPU3dn IGRHaGxJRm RUUlMgQmla V2RoYmlCMC BjbUZrYVc1 bklHIGx1SU hOMWMzUmgg YVc1aFltbH NhWCBSNUlH WjFkSFZ5IF pYTXNJR0ps WTIgOXRhVz VuSUhSbyBa U0JtYVhKem RDIEJ6ZEc5 amF5QmwgZU dOb1lXNW5a UyBCcGJpQj BhR1VnIGQy OXliR1FnZE cgOGdiMlpt WlhJZyBkR2 hwY3lCMGVY IEJsSUc5bU lHWnAgYm1G dVkybGhiQy BCcGJuTjBj blZ0IFpXNT BManhpY2og NHhNUzRnU1 c0ZyBNakF5 TUN3Z2RHIG hsSUZkaGNu TmggZHlCVG RHOWpheSBC RmVHTm9ZVz VuIFpTQnNh WE4wWlcgUW dhWFJ6SUda cCBjbk4wSU VObGNuIFJw Wm1sbFpDQk ggY21WbGJp QkNiMiA1a0 xDQm1kWEow IGFHVnlJSE J5YjIgMXZk R2x1WnlCei BkWE4wWVds dVlXIEpzWl NCcGJuWmwg YzNSdFpXNT BjeSA0Z1BH SnlQakV5IE xpQlVhR1Vn VjEgTkZJR2 hoY3lCaSBa V1Z1SUdOdm JuIE5wYzNS bGJuUnMgZV NCeVpXTnZa MiA1cGVtVm tJR1p2IGNp QnBkSE1nYV cgNXViM1po ZEdsdiBiaU JoYm1RZ2RH IFZqYUc1dm JHOW4gZVN3 Z2QybHVibS BsdVp5Qmhk MkZ5IFpITW djM1ZqYUMg QmhjeUIwYU dVZyA0b0Na UW1WemRDIE JVWldOb2Jt OXMgYjJkNU lFbHVhWCBS cFlYUnBkbV hpIGdKa2dZ WGRoY20gUW dZWFFnZEdo bCBJRmR2Y2 14a0lFIFY0 WTJoaGJtZG wgY3lCRGIy NW5jbSBWem N5QnBiaUF5 IE1ERTJJR0 Z1WkMgRGln SmxOYjNOMC BJRWx1Ym05 MllYIFJwZG 1VZ1JYaGog YUdGdVoyVn pJRiBSbFky aHViMnh2IF oza2dNakF4 T08gS0FtU0 JpZVNCRCBS a2t1WTI4dV BHIEp5UGpF ekxpQlUgYU dVZ1YyRnlj MiBGM0lGTj BiMk5yIElF VjRZMmhoYm 0gZGxJR2ho Y3lCaiBiMn hzWVdKdmNt IEYwWldRZ2 QybDAgYUNC dmRHaGxjaS BCdFlXcHZj aUJGIGRYSn ZjR1ZoYmkg QnpkRzlqYX lCbCBlR05v WVc1blpYIE 1zSUhOMVky Z2cgWVhNZ1 JYVnliMiA1 bGVIUWdZVz VrIElFUmxk WFJ6WTIgaG xJRUxEdG5K eiBaU3dnZE c4Z1pHIFYy Wld4dmNDQm ggSUdOdmJX MXZiaSBCMG NtRmthVzVu IElIQnNZWF JtYjMgSnRJ R1p2Y2lCRi BkWEp2Y0dW aGJpIEJ0WV hKclpYUnog TGlBOFluSS tNVCBRdUlG Um9aU0JYIF UwVWdhWE1n WVcgeHpieU JyYm05MyBi aUJtYjNJZ2 FYIFJ6SUhO MGNtOXUgWn lCamIzSndi MyBKaGRHVW daMjkyIFpY SnVZVzVqWl MgQndjbUZq ZEdsaiBaWE 1zSUdKbGFX IDVuSUhSb1 pTQm0gYVhK emRDQnpkRy A5amF5Qmxl R05vIFlXNW 5aU0JwYmkg QjBhR1VnZD I5eSBiR1Fn ZEc4Z1kzIE psWVhSbElH RWcgUTI5eW NHOXlZWCBS bElFZHZkbV Z5IGJtRnVZ MlVnU1cgNW taWGdnYVc0 ZyBNakF3Tl M0OFluIEkr TVRVdUlFbH UgSURJd01q RXNJSCBSb1 pTQlhZWEp6 IFlYY2dVM1 J2WTIgc2dS WGhqYUdGdS BaMlVnWTJo aGJtIGRsWk NCcGRITWcg Ym1GdFpTQj BieSBCMGFH VWdSMUJYIE lDaEhhV1hG Z20gUmhJRk JoY0dsbCBj c096ZHlCWF lYIEowYjhX YlkybHYgZD NsamFDQjNJ RiBkaGNuTj ZZWGRwIFpT a2dkRzhnWW 0gVjBkR1Z5 SUhKbCBabX hsWTNRZ2FY IFJ6SUdsdW RHVnkgYm1G MGFXOXVZVy B3Z2NISmxj MlZ1IFkyVW dZVzVrSUcg SnlZVzVrTG c9PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=
See Company Q&A