Sojitz

-7.32%

Live  

Sojitz Corporation is a multinational trading company based in Japan, established in 1892. It operates as a general trading firm, focusing on a variety of businesses across several sectors, including machinery, chemicals, food, textiles, and more.
Sojitz is known for its strong presence in both domestic and international markets, engaging in trading, investment, and various business operations globally. The company’s business model is characterized by its diverse portfolio, which allows it to mitigate risks and capitalize on opportunities across different industries and geographies.
The company has been involved in various projects and partnerships worldwide, including investments in renewable energy, infrastructure, and resource development. Sojitz is committed to sustainability and contributes to social development through its operations.
Headquartered in Tokyo, Sojitz has a wide network of subsidiaries and offices globally, enabling it to connect with various markets and industries. The company is publicly traded on the Tokyo Stock Exchange and is a member of the Nikkei 225 index.
Overall, Sojitz plays a significant role in facilitating international trade and investment, contributing to economic development and collaboration among nations.

U29qaXR6IG lzIGEgYmln IGNvbXBhbn kgZnJvbSBK YXBhbiB0aG F0IGRvZXMg bWFueSBkaW ZmZXJlbnQg dGhpbmdzLi BJbWFnaW5l IHlvdSBoYX ZlIGEgcmVh bGx5IGJpZy B0b3kgYm94 IGZpbGxlZC B3aXRoIG1h bnkga2luZH Mgb2YgdG95 cy4gU29tZS B0b3lzIGFy ZSBjYXJzLC Bzb21lIGFy ZSBkb2xscy wgYW5kIHNv bWUgYXJlIG J1aWxkaW5n IGJsb2Nrcy 4gU29qaXR6 IGlzIGtpbm Qgb2YgbGlr ZSB0aGF0IH RveSBib3gs IGJ1dCBpbn N0ZWFkIG9m IHRveXMsIH RoZXkgd29y ayB3aXRoIG RpZmZlcmVu dCBidXNpbm Vzc2VzIGFy b3VuZCB0aG Ugd29ybGQh PGJyPkZpcn N0LCBTb2pp dHogaGVscH MgdG8gYnJp bmcgcHJvZH VjdHMgYW5k IG1hdGVyaW FscyBmcm9t IG9uZSBwbG FjZSB0byBh bm90aGVyLC BsaWtlIHNl bmRpbmcgZm 9vZCBmcm9t IGZhcm1zIG 9yIGJyaW5n aW5nIG1ldG FsIGZvciBi dWlsZGluZy B0aGluZ3Mu IFRoZXkgYn V5IHRoaW5n cyB3aGVuIH RoZXkgYXJl IGNoZWFwIG FuZCBzZWxs IHRoZW0gd2 hlbiB0aGV5 IGFyZSBtb3 JlIHZhbHVh YmxlLiBUaG lzIGlzIGhv dyB0aGV5IG 1ha2UgbW9u ZXkuIFRoaW 5rIG9mIGl0 IGxpa2UgdH JhZGluZyB5 b3VyIHRveX Mgd2l0aCB5 b3VyIGZyaW VuZHMg4oCT IGlmIHlvdS BoYXZlIGEg dG95IHRoZX kgd2FudCBh bmQgeW91IG dldCBhIGJl dHRlciB0b3 kgaW4gZXhj aGFuZ2UsIH RoZW4geW91 IGZlZWwgZ2 9vZCBhYm91 dCBpdCE8Yn I+U2Vjb25k LCBTb2ppdH ogYWxzbyBp bnZlc3RzIG luIG5ldyBj b21wYW5pZX Mgb3IgcHJv amVjdHMuIF RoaXMgbWVh bnMgdGhleS BnaXZlIG1v bmV5IHRvIG hlbHAgdGhl c2UgYnVzaW 5lc3NlcyBn cm93LCBhbm QgaW4gcmV0 dXJuLCB0aG V5IGNhbiBl YXJuIG1vbm V5IHdoZW4g dGhvc2UgYn VzaW5lc3Nl cyBkbyB3ZW xsLiBJdOKA mXMgbGlrZS B3aGVuIHlv dSBoZWxwIG EgZnJpZW5k IHN0YXJ0IG EgbGVtb25h ZGUgc3Rhbm QsIGFuZCB0 aGVuIHlvdS BnZXQgYSBz aGFyZSBvZi B0aGUgbW9u ZXkgdGhleS BtYWtlLjxi cj5Ob3csIH doeSBpcyBT b2ppdHogc3 VjY2Vzc2Z1 bD8gV2VsbC wgdGhleSBh cmUgYWx3YX lzIGxvb2tp bmcgZm9yIG 5ldyBvcHBv cnR1bml0aW VzIHRvIGV4 cGxvcmUgYW 5kIGFkYXB0 IHRvIGNoYW 5nZXMgaGFw cGVuaW5nIG luIHRoZSB3 b3JsZC4gVG hpcyBjb3Vs ZCBiZSBmaW 5kaW5nIG5l dyB3YXlzIH RvIGRvIGJ1 c2luZXNzIG 9yIHdvcmtp bmcgd2l0aC BkaWZmZXJl bnQgY291bn RyaWVzLiBU aGV5IGFyZS B2ZXJ5IGdv b2QgYXQgbW FraW5nIGZy aWVuZHMgaW 4gZGlmZmVy ZW50IGluZH VzdHJpZXMg YW5kIHBsYW Nlcywgd2hp Y2ggaGVscH MgdGhlbSBm aW5kIGNoYW 5jZXMgdG8g Z3JvdyBhbm QgbWFrZSBt b25leS48Yn I+QXMgZm9y IHRoZSBmdX R1cmUsIFNv aml0eiBpcy BsaWtlbHkg dG8gc3RheS BzdWNjZXNz ZnVsIGJlY2 F1c2UgdGhl eSBrZWVwIG V2b2x2aW5n IHdpdGggdG VjaG5vbG9n eSBhbmQgbW Fya2V0IG5l ZWRzLiBUaG V54oCZcmUg YWxzbyBmb2 N1c2VkIG9u IGltcG9ydG FudCBhcmVh cywgbGlrZS BoZWxwaW5n IHdpdGggY2 xlYW4gZW5l cmd5IGFuZC BzdXN0YWlu YWJsZSBwcm 9qZWN0cy4g QmVjYXVzZS B0aGV54oCZ cmUgYWx3YX lzIHRoaW5r aW5nIGFoZW FkIGFuZCBj aGFuZ2luZy B3aXRoIHRo ZSB0aW1lcy wgdGhleSB3 aWxsIGNvbn RpbnVlIHRv IGJlIGEgYm lnIHBsYXll ciBpbiB0aG Ugd29ybGQg b2YgYnVzaW 5lc3MhPGJy Pg==

MS4gRGl2ZX JzaWZpZWQg QnVzaW5lc3 MgUG9ydGZv bGlvOiBTb2 ppdHogb3Bl cmF0ZXMgaW 4gYSB3aWRl IHJhbmdlIG 9mIGluZHVz dHJpZXMgaW 5jbHVkaW5n IG1hY2hpbm VyeSwgZW5l cmd5LCBjaG VtaWNhbHMs IG1ldGFscy wgbWFjaGlu ZXJ5LCBmb2 9kLCBhbmQg aW5mcmFzdH J1Y3R1cmUu IFRoaXMgZG l2ZXJzaWZp Y2F0aW9uIG hlbHBzIHRo ZSBjb21wYW 55IG1pdGln YXRlIHJpc2 tzIGFuZCBy ZW1haW4gcm VzaWxpZW50 IGFnYWluc3 QgbWFya2V0 IGZsdWN0dW F0aW9ucy48 YnI+Mi4gR2 xvYmFsIFBy ZXNlbmNlOi BTb2ppdHog aGFzIGEgc3 Ryb25nIGds b2JhbCBwcm VzZW5jZSB3 aXRoIG9wZX JhdGlvbnMg aW4gb3Zlci A1MCBjb3Vu dHJpZXMgYW 5kIHJlZ2lv bnMuIFRoaX MgYWxsb3dz IHRoZSBjb2 1wYW55IHRv IGFjY2Vzcy BhbmQgbGV2 ZXJhZ2UgZG l2ZXJzZSBt YXJrZXRzLC ByZXNvdXJj ZXMsIGFuZC BleHBlcnRp c2UsIGdpdm luZyBpdCBh IGNvbXBldG l0aXZlIGVk Z2UuPGJyPj MuIFN0cm9u ZyBQYXJ0bm Vyc2hpcHM6 IFNvaml0ei BoYXMgZXN0 YWJsaXNoZW Qgc3RyYXRl Z2ljIHBhcn RuZXJzaGlw cyB3aXRoIG xlYWRpbmcg Y29tcGFuaW VzIGFyb3Vu ZCB0aGUgd2 9ybGQsIGVu YWJsaW5nIG l0IHRvIGFj Y2VzcyBuZX cgdGVjaG5v bG9naWVzLC BtYXJrZXRz LCBhbmQgcm Vzb3VyY2Vz LiBUaGlzIG hlbHBzIHRo ZSBjb21wYW 55IHRvIGV4 cGFuZCBpdH MgYnVzaW5l c3MgYW5kIH N0YXkgY29t cGV0aXRpdm UgaW4gdGhl IGdsb2JhbC BtYXJrZXQu PGJyPjQuIE ZvY3VzIG9u IFN1c3RhaW 5hYmlsaXR5 OiBTb2ppdH ogaXMgY29t bWl0dGVkIH RvIHN1c3Rh aW5hYmxlIG J1c2luZXNz IHByYWN0aW NlcyBhbmQg aGFzIGEgc3 Ryb25nIGZv Y3VzIG9uIG Vudmlyb25t ZW50YWwsIH NvY2lhbCwg YW5kIGdvdm VybmFuY2Ug aXNzdWVzLi BUaGUgY29t cGFueSdzIH N1c3RhaW5h YmlsaXR5IG luaXRpYXRp dmVzIGluY2 x1ZGUgcHJv bW90aW5nIH JlbmV3YWJs ZSBlbmVyZ3 ksIHJlZHVj aW5nIGNhcm JvbiBlbWlz c2lvbnMsIG FuZCBzdXBw b3J0aW5nIG xvY2FsIGNv bW11bml0aW VzLjxicj41 LiBJbm5vdm F0aXZlIGFu ZCBDcmVhdG l2ZSBBcHBy b2FjaDogU2 9qaXR6IGVu Y291cmFnZX MgYSBjdWx0 dXJlIG9mIG NyZWF0aXZp dHkgYW5kIG lubm92YXRp b24sIGFsbG 93aW5nIGVt cGxveWVlcy B0byB0aGlu ayBvdXRzaW RlIHRoZSBi b3ggYW5kIG NvbWUgdXAg d2l0aCBuZX cgaWRlYXMg YW5kIHNvbH V0aW9ucy4g VGhpcyBhcH Byb2FjaCBo YXMgaGVscG VkIHRoZSBj b21wYW55IH RvIGNvbnRp bnVvdXNseS BhZGFwdCB0 byBjaGFuZ2 luZyBtYXJr ZXQgY29uZG l0aW9ucyBh bmQgc3RheS BhaGVhZCBv ZiBjb21wZX RpdGlvbi48 YnI+Ni4gU3 Ryb25nIEZp bmFuY2lhbC BQZXJmb3Jt YW5jZTogU2 9qaXR6IGhh cyBhIHNvbG lkIGZpbmFu Y2lhbCBzdG FuZGluZywg d2l0aCBhIH RyYWNrIHJl Y29yZCBvZi BzdGFibGUg YW5kIHByb2 ZpdGFibGUg Z3Jvd3RoLi BUaGlzIHBy b3ZpZGVzIG Egc3Ryb25n IGZvdW5kYX Rpb24gZm9y IHRoZSBjb2 1wYW55IHRv IHB1cnN1ZS BuZXcgb3Bw b3J0dW5pdG llcyBhbmQg aW52ZXN0IG luIGZ1dHVy ZSBncm93dG guPGJyPjcu IEluY2x1c2 l2ZSBhbmQg RGl2ZXJzZS BXb3JrZm9y Y2U6IFNvam l0eiB2YWx1 ZXMgZGl2ZX JzaXR5IGFu ZCBpbmNsdX Npdml0eSwg Y3JlYXRpbm cgYSBkeW5h bWljIGFuZC BpbmNsdXNp dmUgd29yay BlbnZpcm9u bWVudC4gVG hpcyBmb3N0 ZXJzIGNyZW F0aXZpdHks IGVuY291cm FnZXMgZGlm ZmVyZW50IH BlcnNwZWN0 aXZlcywgYW 5kIGhlbHBz IHRoZSBjb2 1wYW55IGF0 dHJhY3QgYW 5kIHJldGFp biB0b3AgdG FsZW50IGZy b20gZGl2ZX JzZSBiYWNr Z3JvdW5kcy 48YnI+OC4g Q29tbWl0bW VudCB0byBD U1I6IFNvam l0eiB0YWtl cyBpdHMgY2 9ycG9yYXRl IHNvY2lhbC ByZXNwb25z aWJpbGl0eS AoQ1NSKSBz ZXJpb3VzbH kgYW5kIGlz IGludm9sdm VkIGluIGEg dmFyaWV0eS BvZiBDU1Ig YWN0aXZpdG llcywgaW5j bHVkaW5nIG Rpc2FzdGVy IHJlbGllZi wgZW52aXJv bm1lbnRhbC Bjb25zZXJ2 YXRpb24sIG FuZCBjb21t dW5pdHkgZG V2ZWxvcG1l bnQuIFRoaX MgZGVtb25z dHJhdGVzIH RoZSBjb21w YW55J3MgY2 9tbWl0bWVu dCB0byBtYW tpbmcgYSBw b3NpdGl2ZS BpbXBhY3Qg b24gc29jaW V0eS48YnI+

U29qaXR6IE NvcnBvcmF0 aW9uIGlzIG EgdHJhZGlu ZyBjb21wYW 55IGJhc2Vk IGluIEphcG FuLiBJdCBv cGVyYXRlcy B0aHJvdWdo IHRocmVlIH NlZ21lbnRz OiBNZXRhbC BQcm9kdWN0 cywgRW5lcm d5IGFuZCBD aGVtaWNhbH MsIGFuZCBP dGhlcnMuIF RoZSBjb21w YW55J3MgYn VzaW5lc3Mg bW9kZWwgaX MgYmFzZWQg b24gdGhlIH B1cmNoYXNl IGFuZCBzYW xlIG9mIHZh cmlvdXMgcH JvZHVjdHMg YW5kIHNlcn ZpY2VzLCBh cyB3ZWxsIG FzIGludmVz dG1lbnQgYW N0aXZpdGll cy48YnI+T2 5lIGFzcGVj dCBvZiBTb2 ppdHoncyBi dXNpbmVzcy Btb2RlbCBp cyB0cmFkaW 5nLiBUaGUg Y29tcGFueS BidXlzIGFu ZCBzZWxscy BhIHdpZGUg cmFuZ2Ugb2 YgY29tbW9k aXRpZXMgYW 5kIHByb2R1 Y3RzLCBzdW NoIGFzIG1l dGFscywgY2 hlbWljYWxz LCBtYWNoaW 5lcnksIGFu ZCBjb25zdW 1lciBnb29k cy4gSXQgYW xzbyBwcm92 aWRlcyBsb2 dpc3RpY3Ms IGZpbmFuY2 luZywgYW5k IG90aGVyIH NlcnZpY2Vz IHJlbGF0ZW QgdG8gdGhl IGhhbmRsaW 5nIGFuZCBk aXN0cmlidX Rpb24gb2Yg dGhlc2UgcH JvZHVjdHMu IFNvaml0ei BoYXMgYSBn bG9iYWwgbm V0d29yayBv ZiBzdXBwbG llcnMgYW5k IGN1c3RvbW Vycywgd2hp Y2ggYWxsb3 dzIGl0IHRv IGxldmVyYW dlIGVjb25v bWllcyBvZi BzY2FsZSBh bmQgbmVnb3 RpYXRlIGZh dm9yYWJsZS BwcmljZXMg Zm9yIGl0cy BjbGllbnRz Ljxicj5UaG UgY29tcGFu eSdzIEVuZX JneSBhbmQg Q2hlbWljYW xzIHNlZ21l bnQgZGVhbH Mgd2l0aCB0 aGUgcHJvY3 VyZW1lbnQs IHNhbGUsIG FuZCBpbnZl c3RtZW50IG 9mIHZhcmlv dXMgZW5lcm d5LXJlbGF0 ZWQgcHJvZH VjdHMsIHN1 Y2ggYXMgb2 lsIGFuZCBn YXMsIGNvYW wsIGFuZCBy ZW5ld2FibG UgZW5lcmd5 LiBTb2ppdH ogYWxzbyBp bnZlc3RzIG luIHByb2pl Y3RzIHJlbG F0ZWQgdG8g dGhlIHByb2 R1Y3Rpb24g YW5kIGRpc3 RyaWJ1dGlv biBvZiBwZX Ryb2NoZW1p Y2FscyBhbm Qgb3RoZXIg Y2hlbWljYW xzLjxicj5J biBhZGRpdG lvbiwgU29q aXR6IGhhcy BhIGRpdmVy c2UgcmFuZ2 Ugb2Ygb3Ro ZXIgYnVzaW 5lc3MgYWN0 aXZpdGllcy wgaW5jbHVk aW5nIHJlYW wgZXN0YXRl LCBpbmZyYX N0cnVjdHVy ZSwgYWVyb3 NwYWNlLCBp bmZvcm1hdG lvbiBhbmQg Y29tbXVuaW NhdGlvbiB0 ZWNobm9sb2 d5LCBhbmQg aGVhbHRoY2 FyZS4gVGhl IGNvbXBhbn kgYWxzbyBl bmdhZ2VzIG luIG1lcmdl cnMgYW5kIG FjcXVpc2l0 aW9ucywgd2 l0aCBhIGZv Y3VzIG9uIG FjcXVpcmlu ZyBidXNpbm Vzc2VzIHRo YXQgYWxpZ2 4gd2l0aCBp dHMgYnVzaW 5lc3Mgc3Ry YXRlZ3kgYW 5kIGFkZCB2 YWx1ZSB0by BpdHMgcG9y dGZvbGlvLj xicj5PdmVy YWxsLCBTb2 ppdHoncyBi dXNpbmVzcy Btb2RlbCBp cyBiYXNlZC BvbiBsZXZl cmFnaW5nIG l0cyBnbG9i YWwgbmV0d2 9yaywgZXhw ZXJ0aXNlLC BhbmQgZGl2 ZXJzZSBwb3 J0Zm9saW8g dG8gZ2VuZX JhdGUgcHJv Zml0cyB0aH JvdWdoIHRy YWRpbmcsIG ludmVzdG1l bnQsIGFuZC BvdGhlciBy ZWxhdGVkIG FjdGl2aXRp ZXMuIFRoZS Bjb21wYW55 J3MgYWltIG lzIHRvIHBy b3ZpZGUgdm FsdWUgdG8g aXRzIHN0YW tlaG9sZGVy cywgaW5jbH VkaW5nIGN1 c3RvbWVycy wgc3VwcGxp ZXJzLCBzaG FyZWhvbGRl cnMsIGFuZC BlbXBsb3ll ZXMsIGJ5IG RlbGl2ZXJp bmcgaGlnaC 1xdWFsaXR5 IHByb2R1Y3 RzIGFuZCBz ZXJ2aWNlcy B3aGlsZSBt YWludGFpbm luZyBzdXN0 YWluYWJsZS Bncm93dGgu

AI can potentially impact Sojitz, a diversified general trading company, in several ways. The threat level varies depending on specific products, services, and sectors within which Sojitz operates.
1. Substitution: Certain AI technologies can lead to the development of alternative products or services that could substitute for those offered by Sojitz. For instance, in sectors like logistics or supply chain management, AI-driven solutions can optimize processes and reduce reliance on traditional trading services. If competitors adopt advanced AI technologies to offer better alternatives, Sojitz might face challenges maintaining its market share.
2. Disintermediation: AI can enable direct transactions between producers and consumers, bypassing intermediaries like trading companies. If buyers and sellers can engage directly through AI-powered platforms, it could reduce the necessity for Sojitz’s intermediary services. This trend could disrupt traditional business models and threaten the company’s relevance in specific segments.
3. Margin Pressure: AI can enhance operational efficiency, enabling competitors to lower costs and offer more competitive pricing. If Sojitz cannot leverage AI to maintain or improve its operational efficiencies, it may face margin pressures. Companies that successfully integrate AI could gain a cost advantage, making it difficult for Sojitz to compete effectively.
In conclusion, while AI presents opportunities for innovation and efficiency, it also poses material threats through substitution, disintermediation, and margin pressure. Sojitz will need to actively invest in AI technologies and adapt its business model to mitigate these risks and remain competitive in an evolving market landscape.

The sensitivity of Sojitz Company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Impact: Sojitz’s earnings could be directly affected by interest rate fluctuations, particularly through its borrowing costs. An increase in interest rates typically leads to higher interest expenses for companies with variable-rate debt, which could compress margins and negatively impact net income. Conversely, if the company has fixed-rate debt, the immediate impact may be less pronounced, although it can still affect future borrowing costs if the company seeks to refinance or raise additional capital.
2. Cash Flow Sensitivity: Cash flows, particularly operating cash flows, may also be impacted depending on the company’s debt structure. Higher interest rates may increase cash outflows due to elevated interest payments, thereby reducing available cash for reinvestment, dividends, or other strategic initiatives. If Sojitz is involved in financing activities or has significant exposure to interest-sensitive sectors, its operational cash flow could become more volatile in a rising rate environment.
3. Valuation Effects: The company’s valuation, often calculated using discounted cash flow analysis, is sensitive to changes in interest rates. Higher interest rates lead to increased discount rates, which can reduce the present value of future cash flows. This can result in a lower valuation for the company as investors demand higher returns to compensate for increased borrowing costs and reduced cash flow projections.
4. Sector Sensitivity: As a trading company involved in various sectors (such as chemicals, machinery, and food), the impact of interest rate changes may vary by segment. For instance, sectors heavily reliant on financing for capital expenditures could be more sensitive to interest rate hikes. Additionally, interest rate changes may affect consumer demand and economic activity, further influencing the company’s performance across its operating segments.
In conclusion, Sojitz’s earnings, cash flow, and valuation are moderately sensitive to changes in interest rates, primarily through the impact on borrowing costs, cash flow availability, and the discounting of future cash flows in valuation models. The extent of this sensitivity may depend on the structure of its debt, the economic environment, and the industries in which it operates.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BTb2ppdHog Q29ycG9yYX Rpb27igJlz IGVjb25vbW ljcyBvdmVy IHRoZSBuZX h0IDPigJM1 IHllYXJzIG lzIGEgc2ln bmlmaWNhbn QgYW5kIHBy b2xvbmdlZC Bkb3dudHVy biBpbiB0aG UgZ2xvYmFs IGNvbW1vZG l0eSBtYXJr ZXRzLCBwYX J0aWN1bGFy bHkgZm9yIH RoZSBuYXR1 cmFsIHJlc2 91cmNlcyBh bmQgbWF0ZX JpYWxzIHNl Y3RvcnMgaW 4gd2hpY2gg U29qaXR6IG 9wZXJhdGVz LiBUaGlzIG Rvd250dXJu IGNvdWxkIG JlIHRyaWdn ZXJlZCBieS BzZXZlcmFs IGZhY3Rvcn MsIGluY2x1 ZGluZyBhIG dsb2JhbCBy ZWNlc3Npb2 4sIGEgc3Vz dGFpbmVkIH NoaWZ0IHRv d2FyZHMgcm VuZXdhYmxl IGVuZXJneS ByZWR1Y2lu ZyBkZW1hbm QgZm9yIGZv c3NpbCBmdW Vscywgb3Ig Z2VvcG9saX RpY2FsIHRl bnNpb25zIH RoYXQgZGlz cnVwdCBzdX BwbHkgY2hh aW5zLjxicj 5JZiBzdWNo IGEgc2Nlbm FyaW8gd2Vy ZSB0byB1bm ZvbGQsIFNv aml0euKAmX MgbWFyZ2lu cyBtaWdodC BzaHJpbmsg Y29uc2lkZX JhYmx5LiBU aGlzIGNvdW xkIGhhcHBl biBhcyB0aG UgcHJpY2Vz IG9mIGNvbW 1vZGl0aWVz IHN1Y2ggYX MgY29hbCwg bWV0YWxzLC BhbmQgb2ls IGRlY2xpbm UsIGxlYWRp bmcgdG8gbG 93ZXIgcmV2 ZW51ZXMgZn JvbSB0cmFk aW5nIGFuZC ByZXNvdXJj ZSBleHRyYW N0aW9uIGFj dGl2aXRpZX MuIEEgZGVj bGluZSBpbi Bwcm9maXRh YmlsaXR5IH dvdWxkIHJl c3VsdCBpbi Bsb3dlciBv cGVyYXRpbm cgaW5jb21l LCBwb3Rlbn RpYWxseSBs ZWFkaW5nIH RvIG5ldCBs b3NzZXMgaW YgZXhwZW5z ZXMgcmVtYW luIGNvbnN0 YW50IG9yIG luY3JlYXNl IGR1ZSB0by BpbmZsYXRp b24uPGJyPk Nhc2ggZmxv dyB3b3VsZC BhbHNvIGJl IGFkdmVyc2 VseSBhZmZl Y3RlZCBpbi B0aGlzIHNj ZW5hcmlvLi BBIGRyb3Ag aW4gcmV2ZW 51ZSB3b3Vs ZCBkZWNyZW FzZSBvcGVy YXRpbmcgY2 FzaCBmbG93 LCBtYWtpbm cgaXQgY2hh bGxlbmdpbm cgZm9yIHRo ZSBjb21wYW 55IHRvIGZ1 bmQgb3Blcm F0aW9ucywg cGF5IGRpdm lkZW5kcywg b3IgcmVpbn Zlc3QgaW4g Z3Jvd3RoIG 9wcG9ydHVu aXRpZXMuIE lmIHRoZSBl Y29ub21pYy BlbnZpcm9u bWVudCBsZW FkcyB0byBo aWdoZXIgZG VmYXVsdCBy YXRlcyBpbi B0aGUgbWFy a2V0cyB0aG V5IGludmVz dCBpbiwgb3 IgaWYgdGhl eSBuZWVkIH RvIHdyaXRl IGRvd24gYX NzZXRzLCB0 aGlzIGNvdW xkIGZ1cnRo ZXIgY29uc3 RyYWluIGNh c2ggYXZhaW xhYmlsaXR5 Ljxicj5Pbi B0aGUgYmFs YW5jZSBzaG VldCwgdGhl IGltcGFjdC B3b3VsZCBi ZSB0d29mb2 xkLiBGaXJz dCwgYSBkZW NsaW5lIGlu IGFzc2V0IH ZhbHVlcyBh c3NvY2lhdG VkIHdpdGgg bG93ZXIgY2 9tbW9kaXR5 IHByaWNlcy Bjb3VsZCBs ZWFkIHRvIG ltcGFpcm1l bnRzLCBuZW dhdGl2ZWx5 IGFmZmVjdG luZyBzaGFy ZWhvbGRlcn PigJkgZXF1 aXR5LiBTZW NvbmQsIGlm IFNvaml0ei B3ZXJlIHRv IGxldmVyYW dlIG1vcmUg ZGVidCB0by BtYW5hZ2Ug Y2FzaCBmbG 93IHNob3J0 ZmFsbHMgb3 IgdG8gdGFr ZSBhZHZhbn RhZ2Ugb2Yg ZGlzdHJlc3 NlZCBhc3Nl dCBwcmljZX MsIHRoaXMg Y291bGQgZW xldmF0ZSBp dHMgZGVidC 10by1lcXVp dHkgcmF0aW 8sIGluY3Jl YXNpbmcgZm luYW5jaWFs IHJpc2suID xicj5JbiBz dW1tYXJ5LC BpZiBhIHNp Z25pZmljYW 50IGRvd250 dXJuIGluIG NvbW1vZGl0 eSBtYXJrZX RzIG9jY3Vy cywgU29qaX R64oCZcyBt YXJnaW5zIG NvdWxkIGNv bXByZXNzLC BsZWFkaW5n IHRvIGNhc2 ggZmxvdyBj aGFsbGVuZ2 VzLCB3aGls ZSB0aGUgYm FsYW5jZSBz aGVldCBtaW dodCByZWZs ZWN0IGhpZ2 hlciBkZWJ0 IGxldmVscy BhbmQgcmVk dWNlZCBlcX VpdHkgZHVl IHRvIGFzc2 V0IGltcGFp cm1lbnRzLi BUaGlzIHNj ZW5hcmlvIG NvdWxkIGNy ZWF0ZSBhbi BlbnZpcm9u bWVudCB3aG VyZSB0aGUg Y29tcGFuee KAmXMgbG9u Zy10ZXJtIG ZpbmFuY2lh bCBoZWFsdG ggYW5kIGdy b3d0aCBwcm 9zcGVjdHMg YXJlIHNlcm lvdXNseSB1 bmRlcm1pbm VkLjxicj4=

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 bG9nb3MvWm xuQTZHckhv MHdzS3duV1 lXeloud2Vi cCIgYWx0PS JTb2ppdHoi IHRpdGxlPS JTb2ppdHoi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9NTAg d2lkdGg9NT 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 QgU29qaXR6 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+UkyBV bmxvY2sgb3 VyIGZyZWUg Z3VpZGU6ID xpPiJUaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzIjwv aT4KICAgIC 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 NGdWR2hsSU YgTnZhbWww ZWlCRCBiM0 p3YjNKaGRH IGx2YmlCM1 lYTWcgWm05 MWJtUmxaQy BCcGJpQXlN REF6IElIUm 9jbTkxWjIg Z2dZU0J0Wl hKbiBaWEln YjJZZ2RIIG R2SUcxaGFt OXkgSUVwaG NHRnVaWCBO bElIUnlZV1 JwIGJtY2dZ Mjl0Y0cgRn VhV1Z6TENC TyBhWE56YU c4Z1NYIGRo YVNCRGIzSn cgYjNKaGRH bHZiaSBCaG JtUWdUbWxq IGFHbHRaVz RnUTIgOXlj Rzl5WVhScC BiMjR1UEdK eVBqIEl1SU ZSb1pTQmog YjIxd1lXNT U0byBDWmN5 QnVZVzFsIE xDQlRiMnBw ZEggb3NJR2 x6SUdSbCBj bWwyWldRZ1 puIEp2YlNC MGFHVWcgU2 1Gd1lXNWxj MiBVZ2QyOX laQ0J6IGIy cHBMQ0J0Wl cgRnVhVzVu SUcxMSBkSF ZoYkNCemRY IEJ3YjNKME lHOXkgSUdO dmIzQmxjbS BGMGFXOXVM anhpIGNqNH pMaUJUYjIg cHBkSG9nYV hNZyBiMjVs SUc5bUlIIF JvWlNCc1lY Sm4gWlhOME lIUnlZVyBS cGJtY2dZVz VrIElHbHVk bVZ6ZEcgMW xiblFnWTI5 dCBjR0Z1YV dWeklHIGx1 SUVwaGNHRn UgTENCM2FY Um9JRyA5d1 pYSmhkR2x2 IGJuTWdhVz RnYjMgWmxj aUExTUNCai BiM1Z1ZEhK cFpYIE1nWV c1a0lISmwg WjJsdmJuTW dkMiA5eWJH UjNhV1JsIE xqeGljajQw TGkgQlVhR1 VnWTI5dCBj R0Z1ZVNCb1 lYIE1nWVNC a2FYWmwgY2 5ObElHSjFj MiBsdVpYTn pJSEJ2IGNu Um1iMnhwYn kgd2dkMmww YUNCaCBJR1 p2WTNWeklH IDl1SUdWdV pYSm4gZVN3 Z1lYVjBiMi AxdmRHbDJa U3dnIFkyaG xiV2xqWVcg eHpMQ0J0YV c1bCBjbUZz SUhKbGMyID kxY21ObGN5 d2cgWm05dl pDQmhibSBR Z1lXZHlhV0 oxIGMybHVa WE56TEMgQm hibVFnYVc1 ayBkWE4wY2 1saGJDIEJ0 WVdOb2FXNW wgY25rdVBH SnlQaiBVdU lFbHVJREl3 IE1UY3NJRk 52YW0gbDBl aUJpWldOaC BiV1VnZEdo bElHIFpwY2 5OMElFcGgg Y0dGdVpYTm xJSCBSeVlX UnBibWNnIF kyOXRjR0Z1 ZVMgQjBieU J2ZDI0ZyBZ VzVrSUc5d1 pYIEpoZEdV Z1lTQmogYj JGc0lHMXBi bSBVZ2FXNG dRMjlzIGIy MWlhV0V1UE cgSnlQall1 SUZOdiBhbW wwZWlCb1lY IE1nWW1WbG JpQnkgWldO dloyNXBlbS BWa0lHWnZj aUJwIGRITW dZMjl0Ylcg bDBiV1Z1ZE NCMCBieUJ6 ZFhOMFlXIG x1WVdKcGJH bDAgZVNCaG JtUWdZMiA5 eWNHOXlZWF JsIElITnZZ MmxoYkMgQn laWE53YjI1 eiBhV0pwYk dsMGVTIHdn WVc1a0lHaG ggY3lCaVpX VnVJRyB4cG MzUmxaQ0J2 IGJpQjBhR1 VnUkcgOTNJ RXB2Ym1Wei BJRk4xYzNS aGFXIDVoWW 1sc2FYUjUg SUVsdVpHVj RJRyBadmNp QmxhV2RvIG RDQmpiMjV6 WlcgTjFkR2 wyWlNCNSBa V0Z5Y3k0OF luIEkrTnk0 Z1ZHaGwgSU dOdmJYQmhi biBrZ2FHRn pJR0VnIGMz VmljMmxrYV cgRnllU0Jq WVd4cyBaV1 FnUTJWc2JH IFZpWld4c2 RXMHMgSUhk b2FXTm9JRy BadlkzVnpa WE1nIGIyNG djSEp2Wkgg VmphVzVuSU dGdSBaQ0Jr YVhOMGNtIG xpZFhScGJt Y2cgWTI5em JXVjBhVyBO eklHMWhaR1 VnIFpuSnZi U0J1WVggUj FjbUZzSUVw aCBjR0Z1Wl hObElHIGx1 WjNKbFpHbG wgYm5Sekxq eGljaiA0NE xpQlRiMnBw IGRIb2dhR0 Z6SUcgRWdi Rzl1WnlCby BhWE4wYjNK NUlHIDltSU dsdWRtOXMg ZG1WdFpXNT BJRyBsdUlI Um9aU0JoIF pYSnZjM0Jo WTIgVWdhVz VrZFhOMCBj bmtzSUhOMF lYIEowYVc1 bklIZHAgZE dnZ2RHaGxJ SCBSeVlXUn BibWNnIGIy WWdZV2x5WT MgSmhablFn Y0dGeSBkSE 1nYVc0Z2RH IGhsSURFNU 56QnogTGlC VWIyUmhlUy B3Z2RHaGxJ R052IGJYQm hibmtnYVgg TWdhVzUyYj J4MiBaV1Fn YVc0Z2RHIG hsSUhCeWIy UjEgWTNScG IyNGdiMiBZ Z2RtRnlhVz kxIGN5Qmha WEp2YzMgQm hZMlVnWTI5 dCBjRzl1Wl c1MGN5IEJo Ym1RZ2JXRj AgWlhKcFlX eHpMaiB4aW NqNDVMaUJV IGFHVWdZMj l0Y0cgRnVl U0JvWVhNZy BZU0J6ZEhK dmJtIGNnWm 05amRYTWcg YjI0Z1pHbD JaWCBKemFY UjVJR0Z1IF pDQnBibU5z ZFggTnBiMj RzSUhkcCBk R2dnWVNCbm IyIEZzSUhS dklHaGggZG 1VZ2QyOXRa VyA0Z2JXRn JaU0IxIGND QmhkQ0JzWl cgRnpkQ0F4 TlNVZyBiMl lnYVhSeklH IDFoYm1Gbl pXMWwgYm5R Z2NHOXphWC BScGIyNXpJ R0o1IElESX dNekF1UEcg SnlQakV3TG lCVCBiMnBw ZEhvZ2FYIE 1nWVd4emJ5 QmggWTNScG RtVnNlUyBC cGJuWmxjM1 JwIGJtY2dh VzRnY20gVn VaWGRoWW14 bCBJR1Z1Wl hKbmVTIEJ3 Y205cVpXTj AgY3l3Z2Mz VmphQyBCaG N5QnpiMnho IGNpQmhibV FnZDIgbHVa Q0J3YjNkbC BjaXdnWVhN Z2NHIEZ5ZE NCdlppQnAg ZEhNZ1pXWm 1iMyBKMGN5 QjBieUJ5IF pXUjFZMlVn YVggUnpJR0 5oY21KdiBi aUJtYjI5MG NIIEpwYm5R Z1lXNWsgSU dOdmJuUnlh VyBKMWRHVW dkRzhnIFlT QnRiM0psSU ggTjFjM1Jo YVc1aCBZbX hsSUhOdlky IGxsZEhrdQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=