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.

Shoprite Holdings is a big grocery store company that sells lots of different food and household items. They have many stores in different places, especially in Africa. You can think of it like a giant supermarket where you can buy everything from fresh fruits and vegetables to snacks, drinks, and cleaning products.
They make money by selling these items to people. When you or your family goes shopping and buys groceries, the money you spend goes to Shoprite. They also sometimes sell special things like clothes or toys, which can bring in even more money.
Shoprite is successful for a few reasons. First, they have many stores in different areas, so lots of people can shop there. They also have good prices, which means people feel like they’re getting a good deal when they buy things. Plus, they are known for having a wide variety of products, so you can find almost everything you need in one place.
In the future, Shoprite will likely continue to be successful because they are always looking for ways to improve. They might add new technology to make shopping easier or find new places to open stores. Also, as more people continue to shop online or want to buy local food, Shoprite can adapt to those changes and keep people happy. This careful thinking about what customers want helps them stay popular and make money.

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.

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 Z2h0PTkwIH dpZHRoPTkw 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+a gCBEb27igJ l0IG1pc3Mg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPiDigJQg ZnJlZSEKIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1TNGdVMm h2Y0ggSnBk R1VnU0c5cy BaR2x1WjNN Z2FYIE1nZE dobElHeGgg Y21kbGMzUW djbSBWMFlX bHNaWElnIG FXNGdRV1p5 YVcgTmhMQ0 IzYVhSbyBJ RzkyWlhJZ0 1pIHc0TURB Z2MzUnYgY2 1WeklHbHVJ RCBFMUlHTn ZkVzUwIGNt bGxjeTQ4WW 4gSStNaTRn VkdobCBJR0 52YlhCaGJu IGtnZDJGek lHWnYgZFc1 a1pXUWdhVy A0Z01UazNP U0JpIGVTQl RiM1YwYUMg QkJabkpwWT JGdSBJR1Z1 ZEhKbGNIIE psYm1WMWNp QlMgWVhsdG IyNWtJRSBG amEyVnliV0 Z1IElIZHBk R2dnZEcgaG xJSEIxY21O byBZWE5sSU c5bUlHIFp2 ZFhJZ2MyMW ggYkd3Z2Mz VndaWCBKdF lYSnJaWFJ6 IExqeGljaj R6TGkgQlRh Rzl3Y21sMC BaU0JJYjJ4 a2FXIDVuY3 lCcGN5QnMg YVhOMFpXUW diMiA0Z2RH aGxJRXB2IG FHRnVibVZ6 WW4gVnlaeU JUZEc5aiBh eUJGZUdOb1 lXIDVuWlNC aGJtUWcgYU dGeklHRWdj MiBWamIyNW tZWEo1IElH eHBjM1JwYm 0gY2diMjRn ZEdobCBJRT VoYldsaWFX IEZ1SUZOMG IyTnIgSUVW NFkyaGhibS BkbExqeGlj ajQwIExpQl VhR1VnWTIg OXRjR0Z1ZW VLQSBtWE1n YUdWaFpIIE YxWVhKMFpY SnogSUdGeV pTQnNiMiBO aGRHVmtJR2 x1IElFTmhj R1VnVkcgOT NiaXdnVTI5 MSBkR2dnUV daeWFXIE5o TGp4aWNqND EgTGlCVGFH OXdjbSBsMF pTQkliMnhr IGFXNW5jeU JwY3kgQnRZ V1JsSUhWdy BJRzltSUdS cFptIFpsY2 1WdWRDQnkg WlhSaGFXd2 dZMiBoaGFX NXpJR2x1IF kyeDFaR2x1 WnkgQlRhRz l3Y21sMCBa U3dnUTJobF kyIHRsY25N c0lGVnogWV habExDQmhi bSBRZ1NIVn VaM0o1IElF eHBiMjR1UE cgSnlQall1 SUVsMCBJR2 x6SUhSb1pT IEJ6WldOdm JtUXQgYkdG eVoyVnpkQy BCdWIyNHRa M0p2IFkyVn llU0J5Wlgg UmhhV3hsY2 lCcCBiaUJU YjNWMGFDIE JCWm5KcFky RXMgSUdGbW RHVnlJRiBk dmIyeDNiM0 owIGFITWdT RzlzWkcgbH VaM011UEdK eSBQamN1SU ZSb1pTIEJq YjIxd1lXNT UgSUdWdGNH eHZlWCBNZ2 IzWmxjaUF4 IE5UQXNNRE F3SUggQmxi M0JzWlN3Zy BiV0ZyYVc1 bklHIGwwSU c5dVpTQnYg WmlCMGFHVW diRyBGeVoy VnpkQ0JsIG JYQnNiM2xs Y24gTWdhVz RnUVdaeSBh V05oTGp4aW NqIDQ0TGlC VGFHOXcgY2 1sMFpTQkli MiB4a2FXNW 5jeUJwIGN5 QnlaV052Wj IgNXBlbVZr SUdGeiBJRz l1WlNCdlpp IEIwYUdVZ0 5UQWcgWW1W emRDQndaWC BKbWIzSnRh VzVuIElHTn ZiWEJoYm0g bGxjeUJwYm lCMCBhR1Vn ZDI5eWJHIF FnWW5rZ1Jt OXkgWW1Wek xqeGljaiA0 NUxpQkpiaU F5IE1ERTVM Q0JUYUcgOX djbWwwWlNC SSBiMnhrYV c1bmN5IEIz WVhNZ2NtRn UgYTJWa0lH RnpJSCBSb1 pTQjBiM0Fn IGNtVjBZV2 xzWlggSWdh VzRnUVdaeS BhV05oSUdK NUlFIFJsYk c5cGRIUmwg NG9DWmN5Qk hiRyA5aVlX d2dVRzkzIF pYSnpJRzlt SUYgSmxkR0 ZwYkdsdSBa eUJ5WlhCdm NuIFF1UEdK eVBqRXcgTG lCVWFHVWdZ MiA5dGNHRn VlU0JvIFlY TWdZU0J6ZE ggSnZibWNn Wm05aiBkWE 1nYjI0Z1ky IDl5Y0c5eV lYUmwgSUhO dlkybGhiQy BCeVpYTndi MjV6IGFXSn BiR2wwZVMg d2dkMmwwYU NCcCBibWww YVdGMGFYIF psY3lCemRX Tm8gSUdGek lITjFjSCBC dmNuUnBibW NnIGJHOWpZ V3dnWm0gRn liV1Z5Y3lC aCBibVFnY0 hKdmRtIGxr YVc1bklHRm 0gWm05eVpH RmliRyBVZ2 FHVmhiSFJv IFkyRnlaU0 J6WlggSjJh V05sY3lCMC BieUJwZEhN Z1pXIDF3Yk c5NVpXVnog TGp4aWNqNH hNUyA0Z1NX NGdNakF4IE 55d2dVMmh2 Y0ggSnBkR1 VnU0c5cyBa R2x1WjNNZ1 lXIE54ZFds eVpXUWcgZE dobElFNXBa MiBWeWFXRn VJSEpsIGRH RnBiQ0JqYU cgRnBiaXdn VTFCQiBVaX dnYldGcmFX IDVuSUdsME lIUm8gWlNC c1pXRmthVy A1bklISmxk R0ZwIGJHVn lJR2x1SUgg Um9aU0JqYj NWdSBkSEo1 TGp4aWNqID R4TWk0Z1ZH aGwgSUdOdm JYQmhibiBr Z2FHRnpJR0 VnIGMzUnli MjVuSUcgOX ViR2x1WlNC dyBjbVZ6Wl c1alpTIHdn ZDJsMGFDQn AgZEhNZ1pT MWpiMiAxdF pYSmpaU0J3 IGJHRjBabT l5YlMgd2dV Mmh2Y0hKcC BkR1VnVDI1 c2FXIDVsTE NCaGRtRnAg YkdGaWJHVW dhVyA0Z1Uy OTFkR2dnIF FXWnlhV05o TEMgQk9ZVz FwWW1saCBM Q0JoYm1RZ1 RtIGxuWlhK cFlTNDggWW 5JK01UTXVJ RiBOb2IzQn lhWFJsIElF aHZiR1JwYm 0gZHpJR2ho Y3lCbCBlSE JoYm1SbFpD IEJpWlhsdm JtUWcgZEhK aFpHbDBhVy A5dVlXd2dj bVYwIFlXbH NMQ0IzYVgg Um9JR2x1ZG 1WeiBkRzFs Ym5SeklHIG x1SUdsdVpI VnogZEhKcF pYTWdjMyBW amFDQmhjeU J3IGNtOXda WEowZVMgQm taWFpsYkc5 dyBiV1Z1ZE N3Z1ptIGx1 WVc1amFXRn MgSUhObGNu WnBZMiBWek xDQmhibVFn IFpYWmxiaU J0YjIgSnBi R1VnYm1WMC BkMjl5YXlC elpYIEoyYV dObGN5NDgg WW5JK01UUX VJRiBSb1pT QmpiMjF3IF lXNTVJR2ho Y3kgQmlaV1 Z1SUhKbCBZ MjluYm1sNl pXIFFnWm05 eUlHbDAgY3 lCbFptWnZj biBSeklIUn ZkMkZ5IFpI TWdjM1Z6ZE cgRnBibUZp YVd4cCBkSG tzSUhKbFky IFZwZG1sdV p5QmggZDJG eVpITWdabS A5eUlHbDBj eUJsIFkyOH RabkpwWlcg NWtiSGtnY0 hKaCBZM1Jw WTJWeklHIE Z1WkNCcGJt bDAgYVdGMG FYWmxjeSA0 OFluSStNVF V1IElFbHVJ REl3TWogRX NJRk5vYjNC eSBhWFJsSU VodmJHIFJw Ym1keklHRn UgYm05MWJt TmxaQyBCMG FHRjBJR2ww IElIZHBiR3 dnWW0gVWda WGhwZEdsdS BaeUIwYUdV Z1RtIGxuWl hKcFlXNGcg YldGeWEyVj BJRyBGbWRH VnlJREUyIE lIbGxZWEp6 TEMgQmphWF JwYm1jZyBa V052Ym05dG FXIE1nWTJo aGJHeGwgYm 1kbGN5Qmhi bSBRZ1kzVn ljbVZ1IFkz a2daR1YyWV cgeDFZWFJw YjI0dQogIC AgICAgIDwv c3Bhbj4KIC AgICAgICAK ICAgICAgIC A=