Zozo Inc

More reviews (4)

Live  

Zozo Inc is a Japanese fashion and technology company known for its online retail platform Zozotown. The company was founded in 2004 by Yusaku Maezawa and is headquartered in Chiba, Japan.
Zozotown is one of Japan’s largest and most successful online retail platforms, offering a wide range of fashion and lifestyle products from both international and domestic brands. It has over 800 brands and 6.9 million registered users as of 2020.
In addition to Zozotown, Zozo Inc also operates the mobile shopping app Zozo JP, which allows users to try on clothes virtually using augmented reality technology. The company has also expanded into other areas such as cosmetics, home goods, and food through its various subsidiary companies.
In 2018, Zozo Inc made headlines when its founder, Yusaku Maezawa, became the first private passenger to book a trip around the moon with SpaceX. The company also gained attention for their Zozosuit, a body-measuring suit that users could wear to get precise measurements for ordering custom-made clothing from Zozotown.
In 2020, Zozo Inc was acquired by SoftBank Group, a Japanese conglomerate, in a $3.7 billion deal. The company continues to expand and innovate in the fashion and technology industries, aiming to provide a unique and personalized shopping experience for their customers.

Zozo Inc is a company from Japan that focuses on fashion and clothing. They have a cool online store that sells different types of clothes, and they also create their own unique brand of clothing. One of the really interesting things they do is help people find clothes that fit them perfectly. They have special tools and technology, like a measuring device called Zozosuit, that can take your body’s measurements so you can order clothes that fit just right.
Zozo Inc makes money by selling these clothes directly to customers online. They also work with other brands to sell their clothes on their website, which helps them earn extra money. When people buy clothes from their website, Zozo gets a portion of that sale.
What makes Zozo Inc successful is that they understand what people want in fashion. They have embraced technology, which helps people shop smarter and more comfortably. Plus, they focus on providing a good experience for their customers, like easy returns and fast shipping.
In the future, Zozo Inc will likely stay successful because they keep innovating and finding new ways to use technology in fashion. They are also expanding their reach to more customers and improving their products. As long as they continue to listen to what people want and adapt to changes, they will likely remain a popular choice for clothing shoppers.

Wm96byBJbm MgaXMgYSBK YXBhbmVzZS BlLWNvbW1l cmNlIGNvbX BhbnkgdGhh dCBpcyBrbm 93biBmb3Ig aXRzIGlubm 92YXRpdmUg YW5kIHRlY2 hub2xvZ2lj YWxseSBhZH ZhbmNlZCBh cHByb2FjaC B0byBvbmxp bmUgc2hvcH BpbmcuIEhl cmUgYXJlIH NvbWUgb2Yg dGhlIHNwZW NpYWwgZmVh dHVyZXMgYW 5kIGhpZ2hs aWdodHMgb2 YgdGhlIGNv bXBhbnk6PG JyPjEuIE1h ZGUtdG8tbW Vhc3VyZSBj bG90aGluZz ogWm96byBJ bmPigJlzIG ZsYWdzaGlw IGJyYW5kLC BaT1pPVE9X Tiwgb2ZmZX JzIGN1c3Rv bWl6ZWQgY2 xvdGhpbmcg dGhhdCBpcy B0YWlsb3Jl ZCB0byBmaX QgZWFjaCBp bmRpdmlkdW FsIGN1c3Rv bWVy4oCZcy Bib2R5IG1l YXN1cmVtZW 50cy48YnI+ Mi4gVGVjaC 1mb2N1c2Vk OiBUaGUgY2 9tcGFueeKA mXMgZm91bm RlciBhbmQg Q0VPLCBZdX Nha3UgTWFl emF3YSwgaX MgYSB0ZWNo IGVudHJlcH JlbmV1ciBh bmQgaGFzIG J1aWx0IFpv em8gSW5jIG ludG8gYSBj dXR0aW5nLW VkZ2UgZS1j b21tZXJjZS BhbmQgdGVj aG5vbG9neS Bjb21wYW55 Ljxicj4zLi BCb2R5IG1l YXN1cmVtZW 50IHRlY2hu b2xvZ3k6IF pvem8gSW5j IGhhcyBkZX ZlbG9wZWQg YSBib2R5IG 1lYXN1cmVt ZW50IHN5c3 RlbSBjYWxs ZWQgdGhlIF pPWk9TVUlU LCB3aGljaC B1c2VzIGEg bW9iaWxlIG FwcCBhbmQg YSBzcGVjaW FsbHkgZGVz aWduZWQgYm 9keXN1aXQg dG8gYWNjdX JhdGVseSBt ZWFzdXJlIG EgcGVyc29u 4oCZcyBib2 R5IGFuZCBo ZWxwIHRoZW 0gZmluZCB0 aGUgcGVyZm VjdCBmaXR0 aW5nIGNsb3 RoZXMuPGJy PjQuIEludG VsbGlnZW50 IGZhc2hpb2 4gc2hvcHBp bmc6IFpvem 8gSW5jIHVz ZXMgYXJ0aW ZpY2lhbCBp bnRlbGxpZ2 VuY2UgYW5k IGRhdGEgYW 5hbHl0aWNz IHRvIHByb3 ZpZGUgcGVy c29uYWxpem VkIGZhc2hp b24gcmVjb2 1tZW5kYXRp b25zIHRvIG l0cyBjdXN0 b21lcnMgYm FzZWQgb24g dGhlaXIgcH JlZmVyZW5j ZXMsIHN0eW xlLCBhbmQg Ym9keSBzaG FwZS48YnI+ NS4gR2xvYm FsIGV4cGFu c2lvbjogWm 96byBJbmMg aGFzIGV4cG FuZGVkIGl0 cyBvcGVyYX Rpb25zIHRv IHNldmVyYW wgY291bnRy aWVzIGluIE FzaWEgYW5k IGlzIGFjdG l2ZWx5IGVu dGVyaW5nIH RoZSBnbG9i YWwgbWFya2 V0LCB3aXRo IHBsYW5zIH RvIGxhdW5j aCBpbiB0aG UgVW5pdGVk IFN0YXRlcy BhbmQgRXVy b3BlLjxicj 42LiBDb2xs YWJvcmF0aW 9uIHdpdGgg aGlnaC1wcm 9maWxlIGJy YW5kczogWm 96byBJbmMg aGFzIHBhcn RuZXJlZCB3 aXRoIG1ham 9yIGZhc2hp b24gYnJhbm RzIHN1Y2gg YXMgTmlrZS wgQWRpZGFz LCBhbmQgVW 5pcWxvIHRv IG9mZmVyIG V4Y2x1c2l2 ZSBwcm9kdW N0cyBhbmQg Y28tYnJhbm RlZCBjb2xs ZWN0aW9ucy B0byBpdHMg Y3VzdG9tZX JzLjxicj43 LiBJbm5vdm F0aW9uIGlu IGN1c3RvbW VyIHNlcnZp Y2U6IFRoZS Bjb21wYW55 IG9mZmVycy BhIGhpZ2hs eSBwZXJzb2 5hbGl6ZWQg YW5kIGludH VpdGl2ZSBz aG9wcGluZy BleHBlcmll bmNlIHdpdG ggZmVhdHVy ZXMgc3VjaC BhcyB2aXJ0 dWFsIHNob3 BwaW5nIGFz c2lzdGFudH MsIHZvaWNl IHJlY29nbm l0aW9uLCBh bmQgcmVhbC 10aW1lIGN1 c3RvbWVyIH N1cHBvcnQu PGJyPk92ZX JhbGwsIFpv em8gSW5jIH N0YW5kcyBv dXQgZm9yIG l0cyB1c2Ug b2YgdGVjaG 5vbG9neSwg aW5ub3ZhdG lvbiwgYW5k IGRpc3J1cH Rpb24gaW4g dGhlIHRyYW RpdGlvbmFs IGZhc2hpb2 4gaW5kdXN0 cnksIG1ha2 luZyBpdCBh IHVuaXF1ZS BhbmQgZXhj aXRpbmcgY2 9tcGFueSB0 byB3YXRjaC 4=

Wm96byBJbm MgaXMgYSBK YXBhbmVzZS BlLWNvbW1l cmNlIGNvbX BhbnkgdGhh dCBzcGVjaW FsaXplcyBp biBvbmxpbm UgcmV0YWls aW5nIGFuZC BmYXNoaW9u LiBUaGVpci BidXNpbmVz cyBtb2RlbC BpcyBiYXNl ZCBvbiBzZW xsaW5nIGEg d2lkZSByYW 5nZSBvZiBh cHBhcmVsIG FuZCBhY2Nl c3Nvcmllcy BwcmltYXJp bHkgdGhyb3 VnaCB0aGVp ciBvbmxpbm Ugc2hvcHBp bmcgcGxhdG Zvcm0sIFpv em90b3duLC B3aGljaCBp cyBvbmUgb2 YgdGhlIGxh cmdlc3QgZS 1jb21tZXJj ZSBzaXRlcy BpbiBKYXBh bi48YnI+VG hlIGNvbXBh bnnigJlzIG 1haW4gc291 cmNlIG9mIH JldmVudWUg aXMgZ2VuZX JhdGVkIHRo cm91Z2ggc2 FsZXMgb2Yg cHJvZHVjdH Mgb24gdGhl aXIgcGxhdG Zvcm0sIHdp dGggY29tbW lzc2lvbnMg ZWFybmVkIG Zyb20gZWFj aCB0cmFuc2 FjdGlvbi4g VGhleSBhbH NvIG9mZmVy IGFkdmVydG lzaW5nIGFu ZCBtYXJrZX Rpbmcgc2Vy dmljZXMgdG 8gZmFzaGlv biBicmFuZH MgYW5kIHJl dGFpbGVycy wgYWxsb3dp bmcgdGhlbS B0byByZWFj aCBhIHdpZG VyIGF1ZGll bmNlIHRocm 91Z2ggWm96 b+KAmXMgcG xhdGZvcm0u PGJyPlpvem 8gSW5jIGhh cyBhbHNvIG V4cGFuZGVk IGludG8gdG hlIHJldGFp bCBidXNpbm VzcyBieSBv cGVuaW5nIH BoeXNpY2Fs IHN0b3Jlcy wga25vd24g YXMgWm96b3 Rvd24gc3Rv cmVzLCB3aG ljaCBvZmZl ciBhIHVuaX F1ZSBzaG9w cGluZyBleH BlcmllbmNl IGJ5IGNvbW JpbmluZyBv bmxpbmUgYW 5kIG9mZmxp bmUgc2hvcH BpbmcuPGJy PkFub3RoZX Iga2V5IGFz cGVjdCBvZi Bab3pvIElu Y+KAmXMgYn VzaW5lc3Mg bW9kZWwgaX MgdGhlaXIg ZGV2ZWxvcG 1lbnQgb2Yg cHJvcHJpZX RhcnkgdGVj aG5vbG9neS wgc3VjaCBh cyB0aGUgWm 96b3N1aXQs IGEgYm9keS BtZWFzdXJl bWVudCBkZX ZpY2UgdGhh dCBhbGxvd3 MgY3VzdG9t ZXJzIHRvIG FjY3VyYXRl bHkgbWVhc3 VyZSB0aGVp ciBib2R5IG RpbWVuc2lv bnMgYW5kIG ZpbmQgdGhl IHBlcmZlY3 QgZml0dGlu ZyBjbG90aG luZyBvbiB0 aGUgcGxhdG Zvcm0uPGJy Pk92ZXJhbG wsIFpvem8g SW5j4oCZcy BidXNpbmVz cyBtb2RlbC BpcyBmb2N1 c2VkIG9uIG xldmVyYWdp bmcgdGVjaG 5vbG9neSBh bmQgYSBzdH Jvbmcgb25s aW5lIHByZX NlbmNlIHRv IG9mZmVyIG Egd2lkZSBy YW5nZSBvZi BmYXNoaW9u IHByb2R1Y3 RzIHRvIGN1 c3RvbWVycy BhbmQgcHJv dmlkZSBhIH NlYW1sZXNz IHNob3BwaW 5nIGV4cGVy aWVuY2Uu

To evaluate whether AI poses a material threat to Zozo Inc’s products, services, or competitive positioning, we need to consider several factors, including substitution, disintermediation, and margin pressure.
1. Substitution: If AI technologies enable new products or services that can fulfill the same needs as those offered by Zozo Inc, there could be a risk of substitution. For instance, if AI-driven platforms can provide fashion recommendations, virtual fitting experiences, or personalized shopping services, customers may choose these alternatives over Zozo’s offerings. This is particularly relevant in the fashion and retail sectors, where personalization and customer experience are becoming increasingly important.
2. Disintermediation: AI can streamline processes in various industries, potentially reducing the need for intermediaries. If AI tools allow consumers to connect directly with manufacturers or creators, Zozo may face challenges in maintaining its role within the supply chain. Disintermediation might also occur if customers use AI-driven platforms to find better deals or solutions without involving companies like Zozo in their purchasing process.
3. Margin Pressure: The integration of AI into business operations may lead to increased efficiency and productivity, allowing competitors to reduce costs and pricing. If Zozo cannot match these efficiencies due to technological gaps, it might experience margin pressure. Additionally, AI can enable competitors to offer more cost-effective solutions or innovative features that attract customers, further impacting Zozo’s market position.
In conclusion, while Zozo Inc may have strong brand recognition and existing customer loyalty, AI does pose potential threats through substitution, disintermediation, and margin pressure. The extent of these threats will depend on how effectively Zozo can leverage AI within its own operations and adapt to changing market dynamics.

The sensitivity of Zozo Inc’s earnings, cash flow, and valuation to changes in interest rates can be assessed from several angles:
1. Earnings: Changes in interest rates can affect consumer spending behavior, especially in the retail sector where Zozo operates. If interest rates rise, consumers may have less disposable income due to higher borrowing costs, which can lead to decreased sales and, consequently, lower earnings. Conversely, lower interest rates may encourage consumer spending, boosting earnings.
2. Cash Flow: Interest rate fluctuations can also impact Zozo’s cash flow, particularly if the company has any outstanding debt. Higher interest rates would increase interest expenses, squeezing cash flow. Conversely, if interest rates decrease, Zozo could benefit from lower interest payments, leading to improved cash flow. Additionally, if consumers are spending less due to higher rates, cash inflows from sales may decline.
3. Valuation: Interest rates play a crucial role in valuation models, particularly those that use discounted cash flow (DCF) analysis. Higher interest rates typically lead to higher discount rates, which can lower the present value of future cash flows and thus decrease the company’s valuation. On the other hand, lower interest rates reduce the discount rate, potentially enhancing the company’s valuation.
Overall, while interest rates may not be the only factor influencing Zozo Inc’s financial performance, they certainly play a significant role. In times of rising rates, the company may face challenges in terms of demand, cash flow, and valuation, whereas falling rates could present opportunities for growth.

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 bG9nb3MvV3 pKQ0VhTkhi Umg3SjdkRV BPbEUud2Vi cCIgYWx0PS Jab3pvIElu YyIgdGl0bG U9Ilpvem8g SW5jIiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTkwIHdpZH RoPTkwIGxv 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 Fib3V0IFpv em8gSW5jPw 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 BNUzRnV205 NmJ5IEJKYm 1NZ2QyRnog SUdadmRXNW taVyBRZ2FX NGdNVGs1IE 9DQmllU0JL WVggQmhibV Z6WlNCbCBi blJ5WlhCeV pXIDVsZFhJ Z1dYVnogWV d0MUlFMWha WCBwaGQyRX VQR0p5IFBq SXVJRlJvWl MgQmpiMjF3 WVc1NSBJSG RoY3lCdmNt IGxuYVc1aG JHeDUgSUc1 aGJXVmtJRi BOMFlYSjBJ RlJ2IFpHRj VJRU52TGkg Qk1kR1F1SU dGdSBaQ0J6 ZEdGeWRHIF ZrSUdGeklH RnUgSUc5dW JHbHVaUyBC emFHOXdjR2 x1IFp5QjNa V0p6YVggUm xManhpY2o0 eiBMaUJKYm lBeU1EIEEw TENCMGFHVW cgWTI5dGNH RnVlUyBCc1 lYVnVZMmhs IFpDQnBkSE 1nWm0gbHlj M1FnWVhCdy BZWEpsYkNC aWNtIEZ1Wk NCallXeHMg WldRZzRvQ2 NXbSA5NmIz TjFhWFRpIG dKMGdkMmhw WTIgZ2dZMj l1YzJseiBk R1ZrSUc5bU lHIDFoWkdV dGRHOHQgYl dWaGMzVnla UyBCamJHOT BhR2x1IFp5 QjFjMmx1Wn kgQmliMlI1 SUcxbCBZWE 4xY21WdFpX IDUwY3lCam IyeHMgWldO MFpXUWdkRy BoeWIzVm5h Q0JoIElHSn ZaSGtnYzIg TmhibTVwYm 1jZyBjM2x6 ZEdWdExqIH hpY2o0MExp QkogYmlBeU 1ERXlMQyBC YWIzcHZJRW x1IFl5QnNZ WFZ1WTIgaG xaQ0JwZEhN ZyBiM2R1SU daaGMyIGhw YjI0Z1pTMW ogYjIxdFpY SmpaUyBCem FYUmxJR05o IGJHeGxaQ0 JhYjMgcHZk RzkzYml3Zy BkMmhwWTJn Z2FHIEZ6SU dKbFkyOXQg WlNCdmJtVW diMiBZZ2RH aGxJR3hoIG NtZGxjM1Fn YjIgNXNhVz VsSUdaaCBj MmhwYjI0Z2 MyIGh2Y0hC cGJtY2cgYz JsMFpYTWdh VyA0Z1NtRn dZVzR1IFBH SnlQalV1SU UgbHVJREl3 TVRncyBJRn B2ZW04Z1NX IDVqSUdsdW RISnYgWkhW alpXUWdkRy BobElGcHZl bTl6IGRXbD BJRElzSUcg RnVJSFZ3Wk dGMCBaV1Fn ZG1WeWMyIG x2YmlCdlpp QjAgYUdVZ2 IzSnBaMiBs dVlXd2dXbT k2IGIzTjFh WFFzSUggZG 9hV05vSUhW eiBaWE1nWV NCemJXIEZ5 ZEhCb2IyNW wgSUdGd2ND QmhibSBRZ1 lTQndiMnhy IFlTQmtiM1 F0Y0cgRjBk R1Z5Ym1Way BJR0p2Wkhs emRXIGwwSU hSdklIUmgg YTJVZ1ltOW tlUyBCdFpX RnpkWEpsIG JXVnVkSE11 UEcgSnlQal l1SUVsdSBJ REl3TVRnc0 lGIHB2ZW04 Z1NXNWogSU cxaFpHVWdh RyBWaFpHeH BibVZ6IElI ZG9aVzRnYV ggUWdZVzV1 YjNWdSBZMl ZrSUhSb1lY IFFnYVhRZ2 QyOTEgYkdR Z1ltVWdkRy BobElHWnBj bk4wIElIQn lhWFpoZEcg VWdZMjl0Y0 dGdSBlU0Iw YnlCbWJIIG tnWVNCdGFY TnogYVc5dU lHRnliMyBW dVpDQjBhR1 VnIGJXOXZi aUIzYVggUm 9JRk53WVdO bCBXQ0JwYm lBeU1EIEl6 TGlCWmRYTm ggYTNVZ1RX RmxlbSBGM1 lTQnBjeUJ6 IFpYUWdkRz hnWW0gVWdk R2hsSUdacC Bjbk4wSUhC aGVXIGx1Wn lCd1lYTnog Wlc1blpYSW diMiA0Z1Uz QmhZMlZZID RvQ1pjeUJ3 YkcgRnVibV ZrSUUxdiBi MjRnYkc5dm NDIDQ4WW5J K055NGcgU1 c0Z01qQXhP UyB3Z1dtOT ZieUJKIGJt TWdZVzV1Yj MgVnVZMlZr SUdsMCBjeU JsYm5SeWVT IEJwYm5Sdk lIUm8gWlNC bmJHOWlZVy B3Z2JXRnlh MlYwIElIZH BkR2dnZEcg aGxJR3hoZF c1aiBhQ0J2 WmlCcGRIIE 1nWm1seWMz UWcgYVc1MF pYSnVZWCBS cGIyNWhiQ0 JsIExXTnZi VzFsY20gTm xJSE5wZEdV cyBJRnB2ZW 04Z1YyIDl5 YkdRdVBHSn kgUGpndUlF RnpJRyA5bU lESXdNakFz IElGcHZlbT hnU1cgNWpJ R2hoY3lCbC BlSEJoYm1S bFpDIEJwZE hNZ1luVnog YVc1bGMzTW dkRyA4Z2FX NWpiSFZrIF pTQmhJSEpo Ym0gZGxJRz ltSUhCeSBi MlIxWTNSek lHIEZ1WkNC elpYSjIgYV dObGN5d2dh VyA1amJIVm thVzVuIElH RWdiVzlpYV cgeGxJSEJo ZVcxbCBibl FnYzJWeWRt IGxqWlN3Z1 lTQm0gWVhO b2FXOXVJRy BOdmIzSmth VzVoIGRHbH ZiaUJoY0gg QXNJR0Z1Wk NCaCBJSFpw Y25SMVlXIH dnWm1GemFH bHYgYmlCaG MzTnBjMyBS aGJuUXVQR0 p5IFBqa3VJ RWx1SUQgSX dNakVzSUZs MSBjMkZyZF NCTllXIFY2 WVhkaElHRn UgYm05MWJt TmxaQyBCb1 pTQjNiM1Zz IFpDQmlaU0 J6ZEcgVndj R2x1WnlCay BiM2R1SUdG eklFIE5GVH lCdlppQmEg YjNwdklFbH VZeSBCMGJ5 Qm1iMk4xIG N5QnZiaUJv YVggTWdibV YzSUhabCBi blIxY21Vc0 lFIFJsWVhK TmIyOXUgTE NCM2FHbGph QyBCaGFXMX pJSFJ2IElI TmxibVFnWV MgQm5jbTkx Y0NCdiBaaU JoY25ScGMz IFJ6SUc5dU lHRWcgZEhK cGNDQmhjbS A5MWJtUWdk R2hsIElHMX ZiMjR1UEcg SnlQakV3TG lCQiBjeUJ2 WmlCTllYIE pqYUNBeU1E SXggTENCYW IzcHZJRSBs dVl5Qm9ZWE 1nIFlTQnRZ WEpyWlggUW dkbUZzZFdV ZyBiMllnYj NabGNpIEFr T1NCaWFXeH MgYVc5dUlH RnVaQyBCbG JYQnNiM2x6 IElHOTJaWE lnTkMgd3dN REFnY0dWdi BjR3hsTGc9 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=