Shoprite Holdings

Live  

Shoprite Holdings is a South African-based international retail company that operates a chain of grocery stores across Africa. It is the largest retailer in Africa in terms of sales and market capitalization. The company was founded in 1979 by Christo Wiese and has its headquarters in Western Cape, South Africa.
Shoprite operates under different brands including Shoprite, Checkers, and Usave, catering to different customer segments. It has over 2,840 outlets in 15 countries, including South Africa, Nigeria, Namibia, and Angola. The company’s primary focus is on offering affordable and high-quality products to its customers.
Shoprite Holdings is listed on the Johannesburg Stock Exchange and has a secondary listing on the Namibian Stock Exchange. It is also a constituent of the JSE Top 40 index, which reflects the performance of the top 40 companies listed on the JSE.
The company has a diverse workforce of over 147,000 employees, with a strong culture of promoting from within. It also has a strong commitment to corporate social responsibility, with initiatives focused on education, healthcare, and community development.
In recent years, Shoprite has expanded its presence in Africa through mergers and acquisitions, as well as opening new stores in emerging markets. It also operates a network of pharmacies, liquor stores, and furniture stores under different brands.
Shoprite’s success and growth can be attributed to its focus on providing affordable products, maintaining good supplier relationships, and investing in innovation and technology. The company has received various awards and recognitions for its performance and social responsibility initiatives.

U2hvcHJpdG UgSG9sZGlu Z3MgaXMgYS BiaWcgZ3Jv Y2VyeSBzdG 9yZSBjb21w YW55IHRoYX Qgc2VsbHMg bG90cyBvZi BkaWZmZXJl bnQgZm9vZC BhbmQgaG91 c2Vob2xkIG l0ZW1zLiBU aGV5IGhhdm UgbWFueSBz dG9yZXMgaW 4gZGlmZmVy ZW50IHBsYW NlcywgZXNw ZWNpYWxseS BpbiBBZnJp Y2EuIFlvdS BjYW4gdGhp bmsgb2YgaX QgbGlrZSBh IGdpYW50IH N1cGVybWFy a2V0IHdoZX JlIHlvdSBj YW4gYnV5IG V2ZXJ5dGhp bmcgZnJvbS BmcmVzaCBm cnVpdHMgYW 5kIHZlZ2V0 YWJsZXMgdG 8gc25hY2tz LCBkcmlua3 MsIGFuZCBj bGVhbmluZy Bwcm9kdWN0 cy4gPGJyPl RoZXkgbWFr ZSBtb25leS BieSBzZWxs aW5nIHRoZX NlIGl0ZW1z IHRvIHBlb3 BsZS4gV2hl biB5b3Ugb3 IgeW91ciBm YW1pbHkgZ2 9lcyBzaG9w cGluZyBhbm QgYnV5cyBn cm9jZXJpZX MsIHRoZSBt b25leSB5b3 Ugc3BlbmQg Z29lcyB0by BTaG9wcml0 ZS4gVGhleS BhbHNvIHNv bWV0aW1lcy BzZWxsIHNw ZWNpYWwgdG hpbmdzIGxp a2UgY2xvdG hlcyBvciB0 b3lzLCB3aG ljaCBjYW4g YnJpbmcgaW 4gZXZlbiBt b3JlIG1vbm V5LiA8YnI+ U2hvcHJpdG UgaXMgc3Vj Y2Vzc2Z1bC Bmb3IgYSBm ZXcgcmVhc2 9ucy4gRmly c3QsIHRoZX kgaGF2ZSBt YW55IHN0b3 JlcyBpbiBk aWZmZXJlbn QgYXJlYXMs IHNvIGxvdH Mgb2YgcGVv cGxlIGNhbi BzaG9wIHRo ZXJlLiBUaG V5IGFsc28g aGF2ZSBnb2 9kIHByaWNl cywgd2hpY2 ggbWVhbnMg cGVvcGxlIG ZlZWwgbGlr ZSB0aGV54o CZcmUgZ2V0 dGluZyBhIG dvb2QgZGVh bCB3aGVuIH RoZXkgYnV5 IHRoaW5ncy 4gUGx1cywg dGhleSBhcm Uga25vd24g Zm9yIGhhdm luZyBhIHdp ZGUgdmFyaW V0eSBvZiBw cm9kdWN0cy wgc28geW91 IGNhbiBmaW 5kIGFsbW9z dCBldmVyeX RoaW5nIHlv dSBuZWVkIG luIG9uZSBw bGFjZS48Yn I+SW4gdGhl IGZ1dHVyZS wgU2hvcHJp dGUgd2lsbC BsaWtlbHkg Y29udGludW UgdG8gYmUg c3VjY2Vzc2 Z1bCBiZWNh dXNlIHRoZX kgYXJlIGFs d2F5cyBsb2 9raW5nIGZv ciB3YXlzIH RvIGltcHJv dmUuIFRoZX kgbWlnaHQg YWRkIG5ldy B0ZWNobm9s b2d5IHRvIG 1ha2Ugc2hv cHBpbmcgZW FzaWVyIG9y IGZpbmQgbm V3IHBsYWNl cyB0byBvcG VuIHN0b3Jl cy4gQWxzby wgYXMgbW9y ZSBwZW9wbG UgY29udGlu dWUgdG8gc2 hvcCBvbmxp bmUgb3Igd2 FudCB0byBi dXkgbG9jYW wgZm9vZCwg U2hvcHJpdG UgY2FuIGFk YXB0IHRvIH Rob3NlIGNo YW5nZXMgYW 5kIGtlZXAg cGVvcGxlIG hhcHB5LiBU aGlzIGNhcm VmdWwgdGhp bmtpbmcgYW JvdXQgd2hh dCBjdXN0b2 1lcnMgd2Fu dCBoZWxwcy B0aGVtIHN0 YXkgcG9wdW xhciBhbmQg bWFrZSBtb2 5leS48YnI+

MS4gT25lIG 9mIHRoZSBs YXJnZXN0IH JldGFpbGVy cyBpbiBBZn JpY2E6IFNo b3ByaXRlIE hvbGRpbmdz IGlzIHRoZS BsYXJnZXN0 IHJldGFpbG VyIGluIEFm cmljYSBhbm Qgb25lIG9m IHRoZSBsYX JnZXN0IGlu IHRoZSB3b3 JsZC4gSXQg aGFzIG92ZX IgMiw4MDAg c3RvcmVzIG Fjcm9zcyAx NSBjb3VudH JpZXMgaW4g QWZyaWNhLj xicj4yLiBE aXZlcnNlIH Byb2R1Y3Qg b2ZmZXJpbm dzOiBTaG9w cml0ZSBvZm ZlcnMgYSB3 aWRlIHJhbm dlIG9mIHBy b2R1Y3RzLC BpbmNsdWRp bmcgZ3JvY2 VyaWVzLCBj bG90aGluZy wgaG91c2Vo b2xkIGdvb2 RzLCBhbmQg ZWxlY3Ryb2 5pY3MsIG1h a2luZyBpdC BhIG9uZS1z dG9wLXNob3 AgZm9yIGN1 c3RvbWVycy 48YnI+My4g Rm9jdXMgb2 4gYWZmb3Jk YWJpbGl0eT ogU2hvcHJp dGUgaXMga2 5vd24gZm9y IG9mZmVyaW 5nIGFmZm9y ZGFibGUgcH JpY2VzIG9u IGl0cyBwcm 9kdWN0cywg bWFraW5nIG l0IGEgcG9w dWxhciBjaG 9pY2UgZm9y IGJ1ZGdldC 1jb25zY2lv dXMgY3VzdG 9tZXJzLjxi cj40LiBTdH Jvbmcgc3Vw cGx5IGNoYW luIG1hbmFn ZW1lbnQ6IF RoZSBjb21w YW55IGhhcy BhIHdlbGwt ZXN0YWJsaX NoZWQgc3Vw cGx5IGNoYW luIHRoYXQg aGVscHMgaX QgdG8gbWFp bnRhaW4gaG lnaCBsZXZl bHMgb2YgZW ZmaWNpZW5j eSBhbmQga2 VlcCBjb3N0 cyBsb3cuPG JyPjUuIENv cnBvcmF0ZS Bzb2NpYWwg cmVzcG9uc2 liaWxpdHk6 IFNob3ByaX RlIGhhcyBh IHN0cm9uZy Bjb21taXRt ZW50IHRvIG NvcnBvcmF0 ZSBzb2NpYW wgcmVzcG9u c2liaWxpdH ksIHdpdGgg aW5pdGlhdG l2ZXMgZm9j dXNpbmcgb2 4gcG92ZXJ0 eSBhbGxldm lhdGlvbiwg ZWR1Y2F0aW 9uLCBhbmQg ZW52aXJvbm 1lbnRhbCBz dXN0YWluYW JpbGl0eS48 YnI+Ni4gSW 5ub3ZhdGlv biBhbmQgdG VjaG5vbG9n eTogU2hvcH JpdGUgaGFz IGVtYnJhY2 VkIHRlY2hu b2xvZ3kgYW 5kIGlubm92 YXRpb24gdG 8gZW5oYW5j ZSBpdHMgb3 BlcmF0aW9u cyBhbmQgaW 1wcm92ZSBj dXN0b21lci BleHBlcmll bmNlLiBGb3 IgZXhhbXBs ZSwgaXQgd2 FzIHRoZSBm aXJzdCBBZn JpY2FuIHJl dGFpbGVyIH RvIGludHJv ZHVjZSBhIG 1vYmlsZSBt b25leSB0cm Fuc2ZlciBz ZXJ2aWNlIG luIGl0cyBz dG9yZXMuPG JyPjcuIFN0 cm9uZyBmaW 5hbmNpYWwg cGVyZm9ybW FuY2U6IFRo ZSBjb21wYW 55IGhhcyBj b25zaXN0ZW 50bHkgYWNo aWV2ZWQgc3 Ryb25nIGZp bmFuY2lhbC ByZXN1bHRz LCB3aXRoIG EgdHJhY2sg cmVjb3JkIG 9mIGdyb3d0 aCBhbmQgcH JvZml0YWJp bGl0eS48Yn I+OC4gSW52 ZXN0bWVudC BpbiBsb2Nh bCBjb21tdW 5pdGllczog U2hvcHJpdG UgaXMgZGVk aWNhdGVkIH RvIGludmVz dGluZyBpbi B0aGUgY29t bXVuaXRpZX Mgd2hlcmUg aXQgb3Blcm F0ZXMsIGNy ZWF0aW5nIG pvYiBvcHBv cnR1bml0aW VzIGFuZCBz dXBwb3J0aW 5nIGxvY2Fs IGJ1c2luZX NzZXMuPGJy PjkuIEV0aG ljYWwgYnVz aW5lc3MgcH JhY3RpY2Vz OiBTaG9wcm l0ZSBoYXMg YSBzdHJvbm cgY29kZSBv ZiBldGhpY3 MgYW5kIGNv bmR1Y3RzIG l0cyBidXNp bmVzcyB3aX RoIGludGVn cml0eSBhbm QgdHJhbnNw YXJlbmN5LC BtYWtpbmcg aXQgYSB0cn VzdGVkIGJy YW5kIGFtb2 5nIGl0cyBj dXN0b21lcn MuPGJyPjEw LiBFbXBsb3 llZSBkZXZl bG9wbWVudD ogVGhlIGNv bXBhbnkgdm FsdWVzIGl0 cyBlbXBsb3 llZXMgYW5k IGludmVzdH MgaW4gdGhl aXIgZGV2ZW xvcG1lbnQg dGhyb3VnaC B0cmFpbmlu ZyBhbmQgY2 FyZWVyIGFk dmFuY2VtZW 50IG9wcG9y dHVuaXRpZX MsIGNyZWF0 aW5nIGEgbG 95YWwgYW5k IG1vdGl2YX RlZCB3b3Jr Zm9yY2Uu

U2hvcHJpdG UgSG9sZGlu Z3MgaXMgYS ByZXRhaWwg Y29tcGFueS B0aGF0IG9w ZXJhdGVzIG EgY2hhaW4g b2YgZ3JvY2 VyeSBzdG9y ZXMgYW5kIH N1cGVybWFy a2V0cyBpbi BTb3V0aCBB ZnJpY2EgYW 5kIG90aGVy IEFmcmljYW 4gY291bnRy aWVzLiBUaG VpciBidXNp bmVzcyBtb2 RlbCBpcyBm b2N1c2VkIG 9uIHByb3Zp ZGluZyBjdX N0b21lcnMg d2l0aCBhIH dpZGUgcmFu Z2Ugb2YgaG lnaC1xdWFs aXR5IHByb2 R1Y3RzIGF0 IGFmZm9yZG FibGUgcHJp Y2VzLjxicj 5UaGlzIGlz IGFjaGlldm VkIHRocm91 Z2ggYSBmZX cga2V5IHN0 cmF0ZWdpZX M6PGJyPjEu IExvdy1jb3 N0IGFwcHJv YWNoOiBTaG 9wcml0ZeKA mXMgcHJpbW FyeSBmb2N1 cyBpcyBvbi BvZmZlcmlu ZyBwcm9kdW N0cyBhdCBs b3cgcHJpY2 VzLCB3aGlj aCBhbGxvd3 MgdGhlbSB0 byBhdHRyYW N0IHByaWNl LXNlbnNpdG l2ZSBjdXN0 b21lcnMgYW 5kIHJldGFp biB0aGVpci Bsb3lhbHR5 Ljxicj4yLi BMYXJnZSBz Y2FsZSBwdX JjaGFzaW5n OiBUaGUgY2 9tcGFueSBs ZXZlcmFnZX MgaXRzIGxh cmdlIGN1c3 RvbWVyIGJh c2UgYW5kIG J1eWluZyBw b3dlciB0by BuZWdvdGlh dGUgd2l0aC BzdXBwbGll cnMgZm9yIG xvd2VyIHBy aWNlcywgYW 5kIGluIHR1 cm4sIHBhc3 Mgb24gdGhl IHNhdmluZ3 MgdG8gY3Vz dG9tZXJzLj xicj4zLiBQ cml2YXRlIG xhYmVsIGJy YW5kczogU2 hvcHJpdGUg YWxzbyBvZm ZlcnMgaXRz IG93biBwcm l2YXRlIGxh YmVsIGJyYW 5kcyB0aGF0 IGFyZSBvZn RlbiBjaGVh cGVyIHRoYW 4gd2VsbC1r bm93biBicm FuZHMsIG1h a2luZyB0aG VtIGFuIGF0 dHJhY3Rpdm Ugb3B0aW9u IGZvciBidW RnZXQtY29u c2Npb3VzIG N1c3RvbWVy cy48YnI+NC 4gRXhwYW5z aW9uIGFuZC BkaXZlcnNp ZmljYXRpb2 46IFNob3By aXRlIGhhcy BzdWNjZXNz ZnVsbHkgZX hwYW5kZWQg aXRzIG9wZX JhdGlvbnMg aW50byB2YX Jpb3VzIGNv dW50cmllcy BpbiBBZnJp Y2EsIGRpdm Vyc2lmeWlu ZyBpdHMgcm V2ZW51ZSBz dHJlYW1zIG FuZCByZWR1 Y2luZyBpdH MgcmVsaWFu Y2Ugb24gb2 5lIG1hcmtl dC48YnI+NS 4gRWZmaWNp ZW50IHN1cH BseSBjaGFp bjogVGhlIG NvbXBhbnkg aGFzIGEgaG lnaGx5IGVm ZmljaWVudC BzdXBwbHkg Y2hhaW4gdG hhdCBlbmFi bGVzIHRoZW 0gdG8gZGVs aXZlciBwcm 9kdWN0cyB0 byB0aGVpci BzdG9yZXMg cXVpY2tseS BhbmQgYXQg YSBsb3cgY2 9zdC48YnI+ Ni4gRW1waG FzaXMgb24g Y3VzdG9tZX IgZXhwZXJp ZW5jZTogU2 hvcHJpdGUg cHJpb3JpdG l6ZXMgcHJv dmlkaW5nIG EgcG9zaXRp dmUgc2hvcH BpbmcgZXhw ZXJpZW5jZS Bmb3IgaXRz IGN1c3RvbW VycyB0aHJv dWdoIHZhcm lvdXMgaW5p dGlhdGl2ZX MsIHN1Y2gg YXMgd2VsbC 1zdG9ja2Vk IHNoZWx2ZX MsIGNsZWFu IHN0b3Jlcy wgYW5kIGhl bHBmdWwgZW 1wbG95ZWVz Ljxicj5Pdm VyYWxsLCBT aG9wcml0Ze KAmXMgYnVz aW5lc3MgbW 9kZWwgcmV2 b2x2ZXMgYX JvdW5kIG9m ZmVyaW5nIG Egd2lkZSBz ZWxlY3Rpb2 4gb2YgcHJv ZHVjdHMgYX QgY29tcGV0 aXRpdmUgcH JpY2VzIHdo aWxlIGNvbn RpbnVvdXNs eSBzZWVraW 5nIHdheXMg dG8gaW1wcm 92ZSB0aGUg c2hvcHBpbm cgZXhwZXJp ZW5jZSBmb3 IgaXRzIGN1 c3RvbWVycy 4=

AI can pose a material threat to Shoprite Holdings in several ways regarding its products, services, and competitive positioning.
1. Substitution: AI-driven technologies can lead to the emergence of new product alternatives or services that may replace traditional grocery offerings. For instance, advancements in meal kit delivery services or personalized nutrition based on AI analysis of consumer preferences could attract customers away from traditional supermarkets. Additionally, AI can facilitate new channels for consumers to purchase groceries, such as through virtual reality shopping experiences or fully automated online platforms.
2. Disintermediation: As AI enhances direct-to-consumer models, it may reduce the need for intermediaries and traditional retail environments. Companies that leverage AI to optimize supply chains and streamline the purchasing process can sell directly to consumers, bypassing traditional retailers like Shoprite. This can threaten Shoprite’s market share, particularly if consumers find these AI-driven services more convenient or cost-effective.
3. Margin Pressure: The implementation of AI in retail can lead to increased competition, as AI technologies allow competitors to optimize their operations, reduce costs, and offer lower prices. This can force Shoprite to lower its prices to remain competitive, which could compress margins. Additionally, as AI facilitates personalized pricing and promotions, customers may come to expect lower prices and tailored offers, putting further pressure on Shoprite’s profitability.
Overall, while AI presents opportunities for innovation and efficiency, it also poses significant threats to traditional retail models and established players like Shoprite Holdings that must adapt to sustain their competitive positioning.

The sensitivity of Shoprite Holdings’ earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Impact: Increased interest rates can lead to higher borrowing costs for Shoprite, especially if the company relies on debt financing for expansion or operational needs. This can reduce net income as interest expenses increase. Conversely, if interest rates rise while the economy remains strong, consumer spending can increase, potentially boosting sales and offsetting some of the negative effects of interest expense increases.
2. Cash Flow Sensitivity: Higher interest rates may also affect Shoprite’s cash flow. Elevated rates could reduce disposable income for consumers, leading to decreased consumer spending at the stores. Additionally, increased interest expenses can directly reduce operating cash flows. However, if Shoprite can maintain solid sales growth even during periods of rising rates, cash flow effects may be mitigated.
3. Valuation Considerations: Interest rates have a significant impact on the discount rate used in valuation models, such as the discounted cash flow (DCF) method. An increase in interest rates generally raises the discount rate, which can lower the present value of future cash flows, leading to a decrease in valuation. This effect is compounded if rates rise significantly or if the market perceives that higher rates will persist, as the risk premium may also increase for equity investments.
4. Operational and Competitive Factors: The overall market and competitive landscape also influence how interest rates affect Shoprite. If competitors are more sensitive to interest rate changes, Shoprite may benefit from increased market share during tighter monetary conditions. Conversely, if the entire sector faces challenges due to rising rates, Shoprite may not be immune.
5. Long-Term vs. Short-Term Effects: In the short term, rising interest rates can create volatility and uncertainty, impacting investment decisions and consumer behavior. In the long term, if interest rates stabilize at a higher level, Shoprite may adjust its operations, pricing, and debt management strategies accordingly, potentially leading to a recovery in earnings and cash flow.
Overall, the degree of sensitivity of Shoprite’s financials to interest rate changes will depend on the broader economic context, management strategies, and consumer behavior.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BTaG9wcml0 ZSBIb2xkaW 5nc+KAmSBl Y29ub21pY3 Mgb3ZlciB0 aGUgbmV4dC Az4oCTNSB5 ZWFycyBpcy BhIHN1c3Rh aW5lZCBkb3 dudHVybiBp biB0aGUgU2 91dGggQWZy aWNhbiBlY2 9ub215IGR1 ZSB0byBhIG NvbWJpbmF0 aW9uIG9mIG hpZ2ggaW5m bGF0aW9uLC BpbmNyZWFz ZWQgY29tcG V0aXRpb24g ZnJvbSBib3 RoIGZvcm1h bCBhbmQgaW 5mb3JtYWwg cmV0YWlsZX JzLCBhbmQg cG90ZW50aW FsIHN1cHBs eSBjaGFpbi BkaXNydXB0 aW9ucy48Yn I+SWYgU291 dGggQWZyaW NhIGV4cGVy aWVuY2VzIH Byb2xvbmdl ZCBoaWdoIG luZmxhdGlv biwgY29uc3 VtZXJzIG1h eSByZWR1Y2 Ugc3BlbmRp bmcgb24gbm 9lc3NlbnRp YWwgZ29vZH MsIGNhdXNp bmcgYSBkZW NyZWFzZSBp biBmb290IH RyYWZmaWMg YW5kIHNhbG VzIGZvciBT aG9wcml0Ze KAmXMgc3Rv cmVzLiBJbm NyZWFzZWQg Y29tcGV0aX Rpb24gZnJv bSBkaXNjb3 VudCByZXRh aWxlcnMgYW 5kIG9ubGlu ZSBwbGF0Zm 9ybXMgY291 bGQgZnVydG hlciBwcmVz c3VyZSBtYX JnaW5zLCBs ZWFkaW5nIH RvIGEgcHJp Y2Ugd2FyIH RoYXQgZXJv ZGVzIHByb2 ZpdGFiaWxp dHkuIEFkZG l0aW9uYWxs eSwgZ2xvYm FsIHN1cHBs eSBjaGFpbi BjaGFsbGVu Z2VzIG1pZ2 h0IGFmZmVj dCBpbnZlbn RvcnkgYXZh aWxhYmlsaX R5IGFuZCBj b3N0cywgZn VydGhlciBz dHJhaW5pbm cgdGhlIGNv bXBhbnnigJ lzIG9wZXJh dGlvbnMuPG JyPkluIHRo aXMgc2Nlbm FyaW8sIFNo b3ByaXRl4o CZcyBtYXJn aW5zIHdvdW xkIGxpa2Vs eSBkZWNsaW 5lIHNpZ25p ZmljYW50bH kuIFRoZSBj b21iaW5hdG lvbiBvZiBo aWdoZXIgb3 BlcmF0aW5n IGNvc3RzIG R1ZSB0byBp bmZsYXRpb2 4gYW5kIHRo ZSBuZWVkIH RvIGxvd2Vy IHByaWNlcy B0byBjb21w ZXRlIHdvdW xkIHNxdWVl emUgcHJvZm l0IG1hcmdp bnMsIHBvdG VudGlhbGx5 IGJyaW5naW 5nIG5ldCBw cm9maXQgbW FyZ2lucyBk b3duIGZyb2 0gdGhlaXIg aGlzdG9yaW NhbCBhdmVy YWdlcyBvZi Bhcm91bmQg My01JSB0by BiZWxvdyAx LTIlLjxicj 5DYXNoIGZs b3cgd291bG QgYWxzbyBi ZSBuZWdhdG l2ZWx5IGlt cGFjdGVkLi BXaXRoIGxv d2VyIHNhbG VzIGFuZCB0 aWdodGVyIG 1hcmdpbnMs IG9wZXJhdG luZyBjYXNo IGZsb3cgbW F5IGRlY3Jl YXNlIHNpZ2 5pZmljYW50 bHksIHdoaW NoIGNvdWxk IGxpbWl0IH RoZSBjb21w YW554oCZcy BhYmlsaXR5 IHRvIGludm VzdCBpbiBl eHBhbnNpb2 4gb3IgbWFp bnRhaW4gaX RzIGRpdmlk ZW5kIHBheW 1lbnRzLiBU aGV5IG1pZ2 h0IGZhY2Ug ZGlmZmljdW x0aWVzIGlu IG1haW50YW luaW5nIHBv c2l0aXZlIG ZyZWUgY2Fz aCBmbG93LC Bwb3RlbnRp YWxseSBsZW FkaW5nIHRv IGluY3JlYX NlZCByZWxp YW5jZSBvbi BleHRlcm5h bCBkZWJ0IG ZpbmFuY2lu Zywgd2hpY2 ggd291bGQg ZnVydGhlci BzdHJhaW4g dGhlaXIgZm luYW5jaWFs IHNpdHVhdG lvbi48YnI+ T24gdGhlIG JhbGFuY2Ug c2hlZXQsIG RldGVyaW9y YXRpbmcgcH JvZml0YWJp bGl0eSBjb3 VsZCBsZWFk IHRvIGEgZG VjbGluZSBp biByZXRhaW 5lZCBlYXJu aW5ncyBhbm QgdWx0aW1h dGVseSBhZm ZlY3QgZXF1 aXR5LiBTaG 9wcml0ZSBt YXkgZmluZC BpdHMgZGVi dC10by1lcX VpdHkgcmF0 aW8gaW5jcm Vhc2luZyBp ZiBpdCBzZW VrcyBhZGRp dGlvbmFsIG ZpbmFuY2lu ZyB0byBjb3 ZlciBvcGVy YXRpb25hbC BzaG9ydGZh bGxzLiBJZi BjcmVkaXQg bWFya2V0cy B0aWdodGVu IGluIHJlc3 BvbnNlIHRv IHRoZSBkZX RlcmlvcmF0 aW5nIGVjb2 5vbWljIGNv bmRpdGlvbn MsIHRoZSBj b21wYW55IG NvdWxkIGZh Y2UgaGlnaG VyIGJvcnJv d2luZyBjb3 N0cywgd2hp Y2ggd291bG QgY29tcG91 bmQgdGhlIG NoYWxsZW5n ZXMgb2YgbW FuYWdpbmcg aXRzIGJhbG FuY2Ugc2hl ZXQuPGJyPk luIHN1bW1h cnksIGEgc3 VzdGFpbmVk IGRvd250dX JuIGluIHRo ZSBTb3V0aC BBZnJpY2Fu IGVjb25vbX ksIGNoYXJh Y3Rlcml6ZW QgYnkgaGln aCBpbmZsYX Rpb24sIGlu Y3JlYXNlZC Bjb21wZXRp dGlvbiwgYW 5kIHN1cHBs eSBjaGFpbi Bpc3N1ZXMs IGNvdWxkIG xlYWQgdG8g bG93ZXIgbW FyZ2lucywg d2Vha2VuZW QgY2FzaCBm bG93LCBhbm QgYSBzdHJh aW5lZCBiYW xhbmNlIHNo ZWV0IGZvci BTaG9wcml0 ZSBIb2xkaW 5ncyBvdmVy IHRoZSBuZX h0IDPigJM1 IHllYXJzLj xicj4=

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 bG9nb3MvWj dvampYZk13 S2NIN2xCYj JPWkwud2Vi cCIgYWx0PS JTaG9wcml0 ZSBIb2xkaW 5ncyIgdGl0 bGU9IlNob3 ByaXRlIEhv bGRpbmdzIi AgY2xhc3M9 ImltZy1mbH VpZCIgaGVp Z2h0PTUwIH dpZHRoPTUw IGxvYWRpbm c9J2xhenkn IHN0eWxlPS dib3JkZXIt cmFkaXVzOi A2cHg7Jz4K CiAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nZmxleD ogMTsgdGV4 dC1hbGlnbj ogY2VudGVy OyBtYXJnaW 4tbGVmdDog NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdmb250 LXNpemU6ID I2cHg7IGNv bG9yOiAjMz MzOyBtYXJn aW4tYm90dG 9tOiAxNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICDwn5OIIF dhbnQgdG8g cmVhZCBtb3 JlIGFib3V0 IFNob3ByaX RlIEhvbGRp bmdzPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T miBZb3VyIG ZyZWUgY29w eSBvZiA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ IGlzIHdhaX RpbmcKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdVMmh2 Y0ggSnBkR1 VnU0c5cyBa R2x1WjNNZ2 FYIE1nZEdo bElHeGggY2 1kbGMzUWdj bSBWMFlXbH NaWElnIGFX NGdRV1p5YV cgTmhMQ0Iz YVhSbyBJRz kyWlhJZ01p IHc0TURBZ2 MzUnYgY21W eklHbHVJRC BFMUlHTnZk VzUwIGNtbG xjeTQ4WW4g SStNaTRnVk dobCBJR052 YlhCaGJuIG tnZDJGeklH WnYgZFc1a1 pXUWdhVyA0 Z01UazNPU0 JpIGVTQlRi M1YwYUMgQk JabkpwWTJG dSBJR1Z1ZE hKbGNIIEps Ym1WMWNpQl MgWVhsdGIy NWtJRSBGam EyVnliV0Z1 IElIZHBkR2 dnZEcgaGxJ SEIxY21Oby BZWE5sSUc5 bUlHIFp2ZF hJZ2MyMWgg Ykd3Z2MzVn daWCBKdFlY SnJaWFJ6IE xqeGljajR6 TGkgQlRhRz l3Y21sMCBa U0JJYjJ4a2 FXIDVuY3lC cGN5QnMgYV hOMFpXUWdi MiA0Z2RHaG xJRXB2IGFH RnVibVZ6WW 4gVnlaeUJU ZEc5aiBheU JGZUdOb1lX IDVuWlNCaG JtUWcgYUdG eklHRWdjMi BWamIyNWtZ WEo1IElHeH BjM1JwYm0g Y2diMjRnZE dobCBJRTVo YldsaWFXIE Z1SUZOMGIy TnIgSUVWNF kyaGhibSBk bExqeGljaj QwIExpQlVh R1VnWTIgOX RjR0Z1ZWVL QSBtWE1nYU dWaFpIIEYx WVhKMFpYSn ogSUdGeVpT QnNiMiBOaG RHVmtJR2x1 IElFTmhjR1 VnVkcgOTNi aXdnVTI5MS BkR2dnUVda eWFXIE5oTG p4aWNqNDEg TGlCVGFHOX djbSBsMFpT QkliMnhrIG FXNW5jeUJw Y3kgQnRZV1 JsSUhWdyBJ RzltSUdScF ptIFpsY21W dWRDQnkgWl hSaGFXd2dZ MiBoaGFXNX pJR2x1IFky eDFaR2x1Wn kgQlRhRzl3 Y21sMCBaU3 dnUTJobFky IHRsY25Nc0 lGVnogWVha bExDQmhibS BRZ1NIVnVa M0o1IElFeH BiMjR1UEcg SnlQall1SU VsMCBJR2x6 SUhSb1pTIE J6WldOdmJt UXQgYkdGeV oyVnpkQyBC dWIyNHRaM0 p2IFkyVnll U0J5WlggUm hhV3hsY2lC cCBiaUJUYj NWMGFDIEJC Wm5KcFkyRX MgSUdGbWRH VnlJRiBkdm IyeDNiM0ow IGFITWdTRz lzWkcgbHVa M011UEdKeS BQamN1SUZS b1pTIEJqYj Ixd1lXNTUg SUdWdGNHeH ZlWCBNZ2Iz WmxjaUF4IE 5UQXNNREF3 SUggQmxiM0 JzWlN3ZyBi V0ZyYVc1bk lHIGwwSUc5 dVpTQnYgWm lCMGFHVWdi RyBGeVoyVn pkQ0JsIGJY QnNiM2xsY2 4gTWdhVzRn UVdaeSBhV0 5oTGp4aWNq IDQ0TGlCVG FHOXcgY21s MFpTQkliMi B4a2FXNW5j eUJwIGN5Qn laV052WjIg NXBlbVZrSU dGeiBJRzl1 WlNCdlppIE IwYUdVZ05U QWcgWW1Wem RDQndaWCBK bWIzSnRhVz VuIElHTnZi WEJoYm0gbG xjeUJwYmlC MCBhR1VnZD I5eWJHIFFn WW5rZ1JtOX kgWW1Wekxq eGljaiA0NU xpQkpiaUF5 IE1ERTVMQ0 JUYUcgOXdj bWwwWlNCSS BiMnhrYVc1 bmN5IEIzWV hNZ2NtRnUg YTJWa0lHRn pJSCBSb1pT QjBiM0FnIG NtVjBZV2xz WlggSWdhVz RnUVdaeSBh V05oSUdKNU lFIFJsYkc5 cGRIUmwgNG 9DWmN5Qkhi RyA5aVlXd2 dVRzkzIFpY SnpJRzltSU YgSmxkR0Zw YkdsdSBaeU J5WlhCdmNu IFF1UEdKeV BqRXcgTGlC VWFHVWdZMi A5dGNHRnVl U0JvIFlYTW dZU0J6ZEgg SnZibWNnWm 05aiBkWE1n YjI0Z1kyID l5Y0c5eVlY UmwgSUhOdl kybGhiQyBC eVpYTndiMj V6IGFXSnBi R2wwZVMgd2 dkMmwwYUNC cCBibWwwYV dGMGFYIFps Y3lCemRXTm 8gSUdGeklI TjFjSCBCdm NuUnBibWNn IGJHOWpZV3 dnWm0gRnli V1Z5Y3lCaC BibVFnY0hK dmRtIGxrYV c1bklHRm0g Wm05eVpHRm liRyBVZ2FH VmhiSFJvIF kyRnlaU0J6 WlggSjJhV0 5sY3lCMCBi eUJwZEhNZ1 pXIDF3Ykc5 NVpXVnogTG p4aWNqNHhN UyA0Z1NXNG dNakF4IE55 d2dVMmh2Y0 ggSnBkR1Vn U0c5cyBaR2 x1WjNNZ1lX IE54ZFdseV pXUWcgZEdo bElFNXBaMi BWeWFXRnVJ SEpsIGRHRn BiQ0JqYUcg RnBiaXdnVT FCQiBVaXdn YldGcmFXID VuSUdsMElI Um8gWlNCc1 pXRmthVyA1 bklISmxkR0 ZwIGJHVnlJ R2x1SUggUm 9aU0JqYjNW dSBkSEo1TG p4aWNqIDR4 TWk0Z1ZHaG wgSUdOdmJY QmhibiBrZ2 FHRnpJR0Vn IGMzUnliMj VuSUcgOXVi R2x1WlNCdy BjbVZ6Wlc1 alpTIHdnZD JsMGFDQnAg ZEhNZ1pTMW piMiAxdFpY SmpaU0J3IG JHRjBabTl5 YlMgd2dVMm h2Y0hKcCBk R1VnVDI1c2 FXIDVsTENC aGRtRnAgYk dGaWJHVWdh VyA0Z1UyOT FkR2dnIFFX WnlhV05oTE MgQk9ZVzFw WW1saCBMQ0 JoYm1RZ1Rt IGxuWlhKcF lTNDggWW5J K01UTXVJRi BOb2IzQnlh WFJsIElFaH ZiR1JwYm0g ZHpJR2hoY3 lCbCBlSEJo Ym1SbFpDIE JpWlhsdmJt UWcgZEhKaF pHbDBhVyA5 dVlXd2djbV YwIFlXbHNM Q0IzYVggUm 9JR2x1ZG1W eiBkRzFsYm 5SeklHIGx1 SUdsdVpIVn ogZEhKcFpY TWdjMyBWam FDQmhjeUJ3 IGNtOXdaWE owZVMgQmta WFpsYkc5dy BiV1Z1ZEN3 Z1ptIGx1WV c1amFXRnMg SUhObGNuWn BZMiBWekxD QmhibVFnIF pYWmxiaUJ0 YjIgSnBiR1 VnYm1WMCBk Mjl5YXlCel pYIEoyYVdO bGN5NDggWW 5JK01UUXVJ RiBSb1pTQm piMjF3IFlX NTVJR2hoY3 kgQmlaV1Z1 SUhKbCBZMj luYm1sNlpX IFFnWm05eU lHbDAgY3lC bFptWnZjbi BSeklIUnZk MkZ5IFpITW djM1Z6ZEcg RnBibUZpYV d4cCBkSGtz SUhKbFkyIF ZwZG1sdVp5 QmggZDJGeV pITWdabSA5 eUlHbDBjeU JsIFkyOHRa bkpwWlcgNW tiSGtnY0hK aCBZM1JwWT JWeklHIEZ1 WkNCcGJtbD AgYVdGMGFY WmxjeSA0OF luSStNVFV1 IElFbHVJRE l3TWogRXNJ Rk5vYjNCeS BhWFJsSUVo dmJHIFJwYm 1keklHRnUg Ym05MWJtTm xaQyBCMGFH RjBJR2wwIE lIZHBiR3dn WW0gVWdaWG hwZEdsdSBa eUIwYUdVZ1 RtIGxuWlhK cFlXNGcgYl dGeWEyVjBJ RyBGbWRHVn lJREUyIElI bGxZWEp6TE MgQmphWFJw Ym1jZyBaV0 52Ym05dGFX IE1nWTJoaG JHeGwgYm1k bGN5QmhibS BRZ1kzVnlj bVZ1IFkza2 daR1YyWVcg eDFZWFJwYj I0dQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=