VZ Holding

Live  

VZ Holding AG is a Swiss financial services company that provides a range of financial planning and investment services to private clients, businesses, and institutions. The company is listed on the SIX Swiss Exchange and is headquartered in Zurich, Switzerland.
Founded in 1993, VZ Holding has over 25 years of experience in the financial services industry. The company’s business model is based on providing personalized, independent financial advice to its clients. VZ Holding operates through three business units: VZ VermögensZentrum, VZ Depository Bank, and VZ Insurance Services.
VZ VermögensZentrum is the main business unit of the company, offering financial planning and investment advice to private clients. The company’s services include retirement planning, tax optimization, wealth management, and investment management.
VZ Depository Bank is a subsidiary of VZ Holding, providing custodian and securities and derivatives trading services to VZ VermögensZentrum’s clients. The bank also offers investment funds, savings accounts, and securities lending services.
VZ Insurance Services offers insurance solutions to private and corporate clients, including life insurance, health insurance, and property and liability insurance. The company also provides risk management and pension solutions for businesses.
VZ Holding has a strong presence in Switzerland, with over 30 offices located throughout the country. The company also has offices in Germany and Austria. As of 2020, VZ Holding has over 1,000 employees and manages assets of over CHF 30 billion.
The company has a strong commitment to sustainability and responsible investing, and it has been recognized for its efforts in this area. It has received awards such as the Swiss Sustainable Funds Award and the Swiss Climate Foundation Climate Award.
In addition to its core business, VZ Holding is also involved in various social and cultural initiatives. The company has established the VZ Foundation, which supports projects in the fields of education, science, culture, and social welfare.
Overall, VZ Holding is a leading financial services company in Switzerland, known for its personalized and independent approach to financial planning and investment management. With its strong commitment to sustainability and community involvement, the company continues to maintain a strong reputation in the industry.

VlogSG9sZG luZyBDb21w YW55IGlzIG EgZ3JvdXAg dGhhdCBvd2 5zIGEgZmV3 IGRpZmZlcm VudCBidXNp bmVzc2VzLC BtYWlubHkg Zm9jdXNlZC BvbiBtYWtp bmcgYW5kIH NlbGxpbmcg d2F0Y2hlcy BhbmQgamV3 ZWxyeS4gSW 1hZ2luZSB5 b3UgaGF2ZS BhIGZhdm9y aXRlIHRveS BzdG9yZSB0 aGF0IHNlbG xzIGxvdHMg b2YgY29vbC B0b3lzOyBW WiBIb2xkaW 5nIGlzIHNv cnQgb2YgbG lrZSB0aGF0 LCBidXQgaW 5zdGVhZCBv ZiB0b3lzLC B0aGV5IGRl YWwgd2l0aC BiZWF1dGlm dWwgd2F0Y2 hlcyBhbmQg c2hpbnkgam V3ZWxyeS48 YnI+VGhleS BtYWtlIG1v bmV5IGJ5IH NlbGxpbmcg dGhlc2Ugd2 F0Y2hlcyBh bmQgamV3ZW xyeSB0byBw ZW9wbGUgYW xsIG92ZXIg dGhlIHdvcm xkLiBKdXN0 IGxpa2Ugd2 hlbiB5b3Ug YnV5IGEgdG 95IG9yIGdh bWUsIHdoZW 4gc29tZW9u ZSBidXlzIG Egd2F0Y2gg ZnJvbSB0aG VtLCB0aGUg Y29tcGFueS BlYXJucyBt b25leS4gVG hleSBhbHNv IGhlbHAgb3 RoZXIgY29t cGFuaWVzIH RoYXQgc2Vs bCB3YXRjaG VzLCBzbyB0 aGV5IGNhbi BtYWtlIG1v bmV5IGZyb2 0gdGhhdCB0 b28hPGJyPl ZaIEhvbGRp bmcgaXMgc3 VjY2Vzc2Z1 bCBmb3IgYS BmZXcgcmVh c29ucy4gRm lyc3QsIHRo ZXkgaGF2ZS BhIGxvbmcg aGlzdG9yeS wgd2hpY2gg bWVhbnMgcG VvcGxlIHRy dXN0IHRoZW 0gYW5kIGtu b3cgdGhhdC B0aGV5IHNl bGwgZ29vZC BxdWFsaXR5 IHByb2R1Y3 RzLiBXaGVu IHlvdSBidX kgc29tZXRo aW5nIGZyb2 0gc29tZW9u ZSB5b3UgdH J1c3QsIHlv dSBmZWVsIG dvb2QgYWJv dXQgeW91ci BwdXJjaGFz ZS4gU2Vjb2 5kLCB0aGV5 IGNyZWF0ZS BiZWF1dGlm dWwgZGVzaW ducyBhbmQg d29yayB3aX RoIHRhbGVu dGVkIGFydG lzdHMgYW5k IHdhdGNobW FrZXJzIHRv IG1ha2UgdW 5pcXVlIGFu ZCBzdHlsaX NoIGl0ZW1z IHRoYXQgcG VvcGxlIHJl YWxseSB3YW 50IHRvIGJ1 eS48YnI+SW 4gdGhlIGZ1 dHVyZSwgdG hleSB3aWxs IGxpa2VseS Bjb250aW51 ZSB0byBiZS BzdWNjZXNz ZnVsIGZvci BhIGNvdXBs ZSBvZiByZW Fzb25zLiBP bmUgaXMgdG hhdCBwZW9w bGUgd2lsbC BhbHdheXMg d2FudCBuaW NlIHdhdGNo ZXMgYW5kIG pld2Vscnks IGp1c3QgbG lrZSB0aGV5 IHdhbnQgdG 8gYnV5IGNv b2wgdG95cy BvciBjbG90 aGVzLiBBbH NvLCB0aGV5 IGtlZXAgY2 9taW5nIHVw IHdpdGggbm V3IGRlc2ln bnMgYW5kIG lkZWFzIHRo YXQgYXR0cm FjdCBuZXcg Y3VzdG9tZX JzLCBzbyBh cyBsb25nIG FzIHRoZXkg Y29udGludW UgdG8gaW5u b3ZhdGUgYW 5kIGNyZWF0 ZSBleGNpdG luZyBwcm9k dWN0cywgdG hleSB3aWxs IGxpa2VseS BzdGF5IGEg cG9wdWxhci BjaG9pY2Ug Zm9yIHNob3 BwZXJzLiBQ bHVzLCB0aG V5IGNhbiB1 c2UgdGhlIG ludGVybmV0 IHRvIHJlYW NoIGV2ZW4g bW9yZSBwZW 9wbGUgYXJv dW5kIHRoZS B3b3JsZCwg d2hpY2ggaG VscHMgdGhl bSBzZWxsIG 1vcmUgaXRl bXMuPGJyPg ==

MS4gTG9uZy 1zdGFuZGlu ZyBoaXN0b3 J5OiBWWiBI b2xkaW5nIG hhcyBiZWVu IGluIG9wZX JhdGlvbiBz aW5jZSB0aG UgZWFybHkg MTkwMHMsIG 1ha2luZyBp dCBvbmUgb2 YgdGhlIG9s ZGVzdCBjb2 1wYW5pZXMg aW4gU3dpdH plcmxhbmQu IEl0IGhhcy Bjb25zaXN0 ZW50bHkgYW RhcHRlZCB0 byBjaGFuZ2 luZyBtYXJr ZXQgY29uZG l0aW9ucyBh bmQgcmVtYW luZWQgcmVs ZXZhbnQgaW 4gdGhlIGZp bmFuY2lhbC BzZWN0b3Iu PGJyPjIuIE ZvY3VzIG9u IGZpbmFuY2 lhbCBzZXJ2 aWNlczogVl ogSG9sZGlu ZyBvcGVyYX RlcyBwcmlt YXJpbHkgaW 4gdGhlIGZp bmFuY2lhbC BzZWN0b3Is IG9mZmVyaW 5nIGEgd2lk ZSByYW5nZS BvZiBzZXJ2 aWNlcyBzdW NoIGFzIGFz c2V0IG1hbm FnZW1lbnQs IGZpbmFuY2 lhbCBwbGFu bmluZywgaW 5zdXJhbmNl LCBhbmQgbW 9ydGdhZ2Vz LiBUaGlzIH NwZWNpYWxp emF0aW9uIG hhcyBhbGxv d2VkIHRoZS Bjb21wYW55 IHRvIGJ1aW xkIGV4cGVy dGlzZSBhbm QgZ2FpbiBh IGNvbXBldG l0aXZlIGVk Z2UgaW4gdG hlIGluZHVz dHJ5Ljxicj 4zLiBTdHJv bmcgZmluYW 5jaWFsIHBl cmZvcm1hbm NlOiBWWiBI b2xkaW5nIG hhcyBjb25z aXN0ZW50bH kgc2hvd24g c3Ryb25nIG ZpbmFuY2lh bCBwZXJmb3 JtYW5jZSwg d2l0aCBzdG VhZHkgcmV2 ZW51ZSBncm 93dGggYW5k IGhpZ2ggcH JvZml0YWJp bGl0eS4gVG hpcyBoYXMg ZW5hYmxlZC B0aGUgY29t cGFueSB0by BpbnZlc3Qg aW4gbmV3IH ZlbnR1cmVz IGFuZCBleH BhbmQgaXRz IG9wZXJhdG lvbnMuPGJy PjQuIERpdm Vyc2lmaWVk IGJ1c2luZX NzIHNlZ21l bnRzOiBWWi BIb2xkaW5n IGhhcyBhIG RpdmVyc2lm aWVkIGJ1c2 luZXNzIHBv cnRmb2xpby wgd2l0aCBp dHMgb3Blcm F0aW9ucyBz cHJlYWQgb3 V0IGFjcm9z cyB2YXJpb3 VzIHNlZ21l bnRzIHdpdG hpbiB0aGUg ZmluYW5jaW FsIHNlY3Rv ci4gVGhpcy BoZWxwcyBt aXRpZ2F0ZS ByaXNrcyBh bmQgcHJvdm lkZXMgc3Rh YmlsaXR5IH RvIHRoZSBj b21wYW554o CZcyBvdmVy YWxsIHBlcm Zvcm1hbmNl Ljxicj41Li BDdXN0b21l ci1jZW50cm ljIGFwcHJv YWNoOiBWWi BIb2xkaW5n IHBsYWNlcy BhIHN0cm9u ZyBlbXBoYX NpcyBvbiBj dXN0b21lci BzYXRpc2Zh Y3Rpb24gYW 5kIGhhcyBi dWlsdCBhIH JlcHV0YXRp b24gZm9yIH Byb3ZpZGlu ZyBoaWdoLX F1YWxpdHkg c2VydmljZX MuIFRoaXMg aGFzIHJlc3 VsdGVkIGlu IGEgbG95YW wgY3VzdG9t ZXIgYmFzZS BhbmQgY29u dHJpYnV0ZW QgdG8gdGhl IGNvbXBhbn nigJlzIHN1 Y2Nlc3MuPG JyPjYuIElu bm92YXRpb2 4gYW5kIHRl Y2hub2xvZ3 k6IFZaIEhv bGRpbmcgaX Mga25vd24g Zm9yIGl0cy Bpbm5vdmF0 aXZlIGFuZC B0ZWNobm9s b2dpY2FsbH kgYWR2YW5j ZWQgc29sdX Rpb25zIGlu IHRoZSBmaW 5hbmNpYWwg aW5kdXN0cn kuIFRoaXMg aGFzIGhlbH BlZCB0aGUg Y29tcGFueS BzdGF5IGFo ZWFkIG9mIG l0cyBjb21w ZXRpdG9ycy BhbmQgYXR0 cmFjdCBuZX cgY3VzdG9t ZXJzLjxicj 43LiBTdHJv bmcgY29ycG 9yYXRlIGN1 bHR1cmU6IF ZaIEhvbGRp bmcgaGFzIG Egc3Ryb25n IGNvcnBvcm F0ZSBjdWx0 dXJlIHRoYX QgdmFsdWVz IGludGVncm l0eSwgdHJh bnNwYXJlbm N5LCBhbmQg ZXRoaWNhbC BiZWhhdmlv ci4gVGhpcy BoYXMgZWFy bmVkIHRoZS Bjb21wYW55 IGEgZ29vZC ByZXB1dGF0 aW9uIGFuZC Bjb250cmli dXRlZCB0by BpdHMgc3Vj Y2Vzcy48Yn I+OC4gU29j aWFsIHJlc3 BvbnNpYmls aXR5OiBWWi BIb2xkaW5n IGhhcyBhIH N0cm9uZyBj b21taXRtZW 50IHRvIHNv Y2lhbCByZX Nwb25zaWJp bGl0eSBhbm QgaGFzIGlt cGxlbWVudG VkIHZhcmlv dXMgc3VzdG FpbmFiaWxp dHkgaW5pdG lhdGl2ZXMu IFRoaXMgaG FzIGhlbHBl ZCB0aGUgY2 9tcGFueSB0 byBjcmVhdG UgYSBwb3Np dGl2ZSBpbX BhY3Qgb24g c29jaWV0eS BhbmQgdGhl IGVudmlyb2 5tZW50Lg==

VGhlIFZaIE hvbGRpbmcg Y29tcGFueS BpcyBhIFN3 aXNzIGZpbm FuY2lhbCBz ZXJ2aWNlcy Bjb21wYW55 IHRoYXQgc3 BlY2lhbGl6 ZXMgaW4gcH JvdmlkaW5n IGZpbmFuY2 lhbCBhbmQg cmV0aXJlbW VudCBwbGFu bmluZyBzZX J2aWNlcyB0 byBpbmRpdm lkdWFscyBh bmQgYnVzaW 5lc3Nlcy4g VGhlaXIgYn VzaW5lc3Mg bW9kZWwgcm V2b2x2ZXMg YXJvdW5kIG 9mZmVyaW5n IHBlcnNvbm FsaXplZCBm aW5hbmNpYW wgYWR2aWNl IGFuZCBwcm 9kdWN0cyBz dWNoIGFzIG luc3VyYW5j ZSwgaW52ZX N0bWVudCBm dW5kcywgYW 5kIHBlbnNp b24gcGxhbn MgdG8gaGVs cCBjbGllbn RzIGFjaGll dmUgdGhlaX IgZmluYW5j aWFsIGdvYW xzLiBUaGV5 IGFsc28gb2 ZmZXIgZWR1 Y2F0aW9uYW wgcmVzb3Vy Y2VzIGFuZC B0b29scyB0 byBoZWxwIG NsaWVudHMg bWFrZSBpbm Zvcm1lZCBm aW5hbmNpYW wgZGVjaXNp b25zLiBWWi BIb2xkaW5n IGdlbmVyYX RlcyByZXZl bnVlIHRocm 91Z2ggZmVl cyBhbmQgY2 9tbWlzc2lv bnMgZnJvbS B0aGUgc2Fs ZSBvZiB0aG VzZSBmaW5h bmNpYWwgcH JvZHVjdHMg YW5kIHNlcn ZpY2VzLiBU aGV5IGFsc2 8gaGF2ZSBh IHN1YnNpZG lhcnkgdGhh dCBvcGVyYX RlcyBhIGRp Z2l0YWwgcG xhdGZvcm0g Zm9yIG9ubG luZSBicm9r ZXJhZ2UgYW 5kIGludmVz dG1lbnQgbW FuYWdlbWVu dC4gVGhlIG NvbXBhbnkg aGFzIGEgc3 Ryb25nIGZv Y3VzIG9uIG N1c3RvbWVy IHNhdGlzZm FjdGlvbiBh bmQgbG9uZy 10ZXJtIHJl bGF0aW9uc2 hpcHMsIGFz IGV2aWRlbm NlZCBieSB0 aGVpciBoaW doIGNsaWVu dCByZXRlbn Rpb24gcmF0 ZXMu

AI can potentially pose various threats to VZ Holding company’s products, services, and competitive positioning in several ways:
1. Substitution: AI technologies could create alternatives to VZ Holding’s offerings by providing similar services or products with enhanced features, improved efficiency, or lower costs. For example, if VZ Holding operates in sectors like finance or retail, AI-driven platforms could automate processes or provide personalized recommendations that might reduce the need for traditional offerings.
2. Disintermediation: The rise of AI can lead to disintermediation, where direct channels between producers and consumers are established, bypassing traditional intermediaries. If VZ Holding relies on intermediaries in its business model, AI solutions could empower customers to interact directly with service providers or manufacturers, undermining VZ Holding’s role in the value chain.
3. Margin Pressure: The integration of AI can lead to increased competition as new market entrants leverage advanced technologies to optimize their operations and reduce costs. VZ Holding may face margin pressure if it fails to adopt similar efficiencies or innovative practices. Competitors using AI capabilities may be able to offer lower prices or enhanced services, compelling VZ Holding to respond either by investing in AI or risking reduced market share.
To mitigate these risks, VZ Holding should consider investing in AI capabilities to enhance its own products and services, improving operational efficiencies, and fortifying its competitive positioning. Additionally, staying informed about industry trends and customer preferences will be critical in navigating the evolving market landscape shaped by AI advancements.

The sensitivity of VZ Holding Company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed in several ways:
1. Earnings Sensitivity: If interest rates rise, the cost of borrowing increases, which may lead to higher interest expenses for VZ Holding if it has significant debt. This can reduce net earnings. Conversely, if the company is able to pass on costs to customers through higher prices, earnings might remain stable, but this depends on the elasticity of demand for its products.
2. Cash Flow Sensitivity: Higher interest rates can impact cash flows negatively if the company needs to make larger interest payments. If the company’s cash flow from operations is strong, it may absorb some of the shocks from increased interest payments. However, if cash flows are tight, rising rates could largely affect liquidity and financial flexibility.
3. Valuation Sensitivity: Interest rates have a direct impact on discount rates used in valuation models. When rates increase, the present value of future cash flows decreases, leading to a lower valuation for the company. Investors typically demand higher returns when interest rates rise, which decreases the attractiveness of equities compared to fixed-income investments.
In conclusion, VZ Holding’s earnings, cash flow, and valuation can be sensitive to interest rate changes, with rising rates generally having a negative impact. The specific effects would depend on the company’s capital structure, operational efficiency, and market conditions at the time.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgVl ogSG9sZGlu ZyBDb21wYW 554oCZcyBl Y29ub21pY3 Mgb3ZlciB0 aGUgbmV4dC AzIHRvIDUg eWVhcnMgaX MgYSBzaWdu aWZpY2FudC BkZWNsaW5l IGluIGNvbn N1bWVyIGRl bWFuZCBmb3 IgbHV4dXJ5 IGdvb2RzLC BwYXJ0aWN1 bGFybHkgaW 4gd2F0Y2hl cyBhbmQgYW NjZXNzb3Jp ZXMsIGRyaX ZlbiBieSBl Y29ub21pYy Bkb3dudHVy bnMsIGNoYW 5nZXMgaW4g Y29uc3VtZX IgcHJlZmVy ZW5jZXMsIG 9yIGluY3Jl YXNlZCBjb2 1wZXRpdGlv biBmcm9tIG 1vcmUgYWZm b3JkYWJsZS BicmFuZHMu PGJyPkluIH RoaXMgc2Nl bmFyaW8sIH NldmVyYWwg ZmFjdG9ycy B3b3VsZCBj b250cmlidX RlIHRvIHRo ZSBjb21wYW 554oCZcyBl Y29ub21pYy BkZWNsaW5l Ojxicj4xLi A8c3Ryb25n PkVjb25vbW ljIFJlY2Vz c2lvbjwvc3 Ryb25nPjog QSBnbG9iYW wgb3IgcmVn aW9uYWwgZW Nvbm9taWMg ZG93bnR1cm 4gY291bGQg bGVhZCB0by ByZWR1Y2Vk IGRpc3Bvc2 FibGUgaW5j b21lIGZvci Bjb25zdW1l cnMsIHBhcn RpY3VsYXJs eSBpbXBhY3 RpbmcgbHV4 dXJ5IHNwZW 5kaW5nLiBI aWdoIHVuZW 1wbG95bWVu dCByYXRlcy BhbmQgcmVk dWNlZCBjb2 5zdW1lciBj b25maWRlbm NlIGNvdWxk IHNoaWZ0IG NvbnN1bWVy IGJlaGF2aW 9yIGF3YXkg ZnJvbSBwcm VtaXVtLXBy aWNlZCBpdG Vtcy48YnI+ Mi4gPHN0cm 9uZz5TaGlm dHMgaW4gQ2 9uc3VtZXIg UHJlZmVyZW 5jZXM8L3N0 cm9uZz46IE FuIG9uZ29p bmcgdHJlbm QgdG93YXJk IG1pbmltYW xpc20gb3Ig c3VzdGFpbm FibGUgbGl2 aW5nIGNvdW xkIHJlc3Vs dCBpbiBjb2 5zdW1lcnMg cHJpb3JpdG l6aW5nIGV4 cGVyaWVuY2 VzIG92ZXIg bWF0ZXJpYW wgZ29vZHMu IFRoaXMgc2 hpZnQgY291 bGQgbGVhZC B0byBhIGRl Y2xpbmUgaW 4gZGVtYW5k IGZvciBsdX h1cnkgd2F0 Y2hlcyBhbm QgYWNjZXNz b3JpZXMuPG JyPjMuIDxz dHJvbmc+SW 5jcmVhc2Vk IENvbXBldG l0aW9uPC9z dHJvbmc+Oi BUaGUgZW50 cnkgb2Ygbm V3IGJyYW5k cywgZXNwZW NpYWxseSB0 aG9zZSBmb2 N1c2VkIG9u IGhpZ2gtcX VhbGl0eSwg YWZmb3JkYW JsZSBhbHRl cm5hdGl2ZX MsIGNvdWxk IGVyb2RlIF ZaIEhvbGRp bmfigJlzIG 1hcmtldCBz aGFyZS4gRW 5oYW5jZWQg Y29tcGV0aX Rpb24gZnJv bSBib3RoIG VzdGFibGlz aGVkIGJyYW 5kcyBhbmQg bmV3IGVudH JhbnRzIGNv dWxkIGxlYW QgdG8gYWdn cmVzc2l2ZS BwcmljaW5n IHN0cmF0ZW dpZXMgdGhh dCB3b3VsZC BmdXJ0aGVy IHByZXNzdX JlIG1hcmdp bnMuPGJyPj QuIDxzdHJv bmc+VGVjaG 5vbG9naWNh bCBEaXNydX B0aW9uPC9z dHJvbmc+Oi BBbHRlcm5h dGl2ZWx5LC B0aGUgcmlz ZSBvZiBzbW FydHdhdGNo ZXMgYW5kIH RlY2hub2xv Z2ljYWwgYW NjZXNzb3Jp ZXMgY291bG Qgb3ZlcnNo YWRvdyB0cm FkaXRpb25h bCBsdXh1cn kgdGltZXBp ZWNlcy4gSW YgVlogSG9s ZGluZyBmYW lscyB0byBh ZGFwdCB0by B0aGVzZSB0 cmVuZHMgYn kgaW50ZWdy YXRpbmcgc2 1hcnQgdGVj aG5vbG9neS BpbiB0aGVp ciBwcm9kdW N0cyBvciBj b2xsYWJvcm F0aW5nIHdp dGggdGVjaC Bjb21wYW5p ZXMsIHRoZX kgY291bGQg bG9zZSByZW xldmFuY2Ug aW4gdGhlIG 1hcmtldC48 YnI+SWYgc3 VjaCBhIHNj ZW5hcmlvIH dlcmUgdG8g cGxheSBvdX QsIHRoZSBj b21wYW554o CZcyBmaW5h bmNpYWwgbW V0cmljcyB3 b3VsZCBsaW tlbHkgcmVm bGVjdCB0aG UgYWR2ZXJz ZSBpbXBhY3 RzOjxicj4t IDxzdHJvbm c+TWFyZ2lu czwvc3Ryb2 5nPjogUHJv Zml0IG1hcm dpbnMgd291 bGQgbGlrZW x5IHNocmlu ayBzaWduaW ZpY2FudGx5 LiBUaGUgY2 9tYmluYXRp b24gb2YgbG 93ZXIgc2Fs ZXMgYW5kIH RoZSBuZWVk IHRvIHJlZH VjZSBwcmlj ZXMgaW4gYS Bjb21wZXRp dGl2ZSBsYW 5kc2NhcGUg Y291bGQgcm VzdWx0IGlu IGEgZGVjbG luZSBpbiBn cm9zcyBhbm Qgb3BlcmF0 aW5nIG1hcm dpbnMuIEZp eGVkIGNvc3 RzLCBzdWNo IGFzIG1hbn VmYWN0dXJp bmcgYW5kIG 92ZXJoZWFk LCB3b3VsZC ByZW1haW4g cmVsYXRpdm VseSBjb25z dGFudCwgdG hlcmVieSBm dXJ0aGVyIH NxdWVlemlu ZyBtYXJnaW 5zLjxicj4t IDxzdHJvbm c+Q2FzaCBG bG93PC9zdH Jvbmc+OiBD YXNoIGZsb3 cgZnJvbSBv cGVyYXRpb2 5zIHdvdWxk IGFsc28gYm UgbmVnYXRp dmVseSBpbX BhY3RlZC4g UmVkdWNlZC BzYWxlcyB3 b3VsZCBsZW FkIHRvIGxv d2VyIHJldm VudWUsIHdo aWNoLCBpbi B0dXJuLCB3 b3VsZCBkZW NyZWFzZSBu ZXQgY2FzaC BmbG93LiBJ ZiB0aGUgY2 9tcGFueSBh dHRlbXB0ZW QgdG8gbWFp bnRhaW4gaX RzIGxldmVs cyBvZiBtYX JrZXRpbmcg YW5kIHNhbG VzIHN0YWZm aW5nIHRvIH RyeSBhbmQg c3RpbXVsYX RlIGRlbWFu ZCwgdGhlIG Nhc2ggYnVy biBjb3VsZC BhY2NlbGVy YXRlLCBwbG FjaW5nIGFk ZGl0aW9uYW wgc3RyZXNz IG9uIGxpcX VpZGl0eS48 YnI+LSA8c3 Ryb25nPkJh bGFuY2UgU2 hlZXQ8L3N0 cm9uZz46IF RoZSBiYWxh bmNlIHNoZW V0IHdvdWxk IHNob3cgaW 5jcmVhc2lu ZyBkZWJ0IG xldmVscyBp ZiB0aGUgY2 9tcGFueSBz b3VnaHQgZm luYW5jaW5n IHRvIGNvdm VyIHNob3J0 LXRlcm0gY2 FzaCBmbG93 IHNob3J0YW dlcy4gRGVj cmVhc2VkIH JldmVudWVz IG1pZ2h0IG xlYWQgdG8g bG93ZXIgYX NzZXQgdmFs dWVzLCBwYX J0aWN1bGFy bHkgaWYgaW 52ZW50b3J5 IGxldmVscy ByaXNlIGR1 ZSB0byB1bn NvbGQgcHJv ZHVjdHMuIE FkZGl0aW9u YWxseSwgbG 9uZy10ZXJt IGFzc2V0cy ByZWxhdGVk IHRvIHByb2 R1Y3Rpb24g Y2FwYWNpdG llcyBtYXkg bmVlZCB0by BiZSB3cml0 dGVuIGRvd2 4gaWYgdGhl eSBhcmUgbm 8gbG9uZ2Vy IHJlcXVpcm VkIG9yIGlm IHRoZSBjb2 1wYW55IGRv d25zaXplcy 4gSW5jcmVh c2VkIGxpYW JpbGl0aWVz IGZyb20gZm luYW5jaW5n IGVmZm9ydH MgY291bGQg YWxzbyBsZW FkIHRvIGEg aGlnaGVyIG RlYnQtdG8t ZXF1aXR5IH JhdGlvLCBy ZWZsZWN0aW 5nIG92ZXJh bGwgZmluYW 5jaWFsIGlu c3RhYmlsaX R5Ljxicj5J biBzdW1tYX J5LCBhIHBy b2xvbmdlZC BlY29ub21p YyBkb3dudH VybiBhbmQg c2hpZnRzIG luIGNvbnN1 bWVyIGJlaG F2aW9yIGNv dWxkIG1hdG VyaWFsbHkg aW1wYWlyIF ZaIEhvbGRp bmcgQ29tcG FueeKAmXMg cHJvZml0YW JpbGl0eSBh bmQgb3Zlcm FsbCBmaW5h bmNpYWwgaG VhbHRoLCBs ZWFkaW5nIH RvIGxvd2Vy ZWQgbWFyZ2 lucywgY2Fz aCBmbG93IG NoYWxsZW5n ZXMsIGFuZC BhIHdlYWtl bmVkIGJhbG FuY2Ugc2hl ZXQuPGJyPg ==

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 bG9nb3MvYT FPYm81WWtK M0Nvc01Zen ZDTGMud2Vi cCIgYWx0PS JWWiBIb2xk aW5nIiB0aX RsZT0iVlog SG9sZGluZy IgIGNsYXNz PSJpbWctZm x1aWQiIGhl aWdodD01MC B3aWR0aD01 MCBsb2FkaW 5nPSdsYXp5 JyBzdHlsZT 0nYm9yZGVy LXJhZGl1cz ogNnB4Oyc+ CgogICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J2ZsZX g6IDE7IHRl eHQtYWxpZ2 46IGNlbnRl cjsgbWFyZ2 luLWxlZnQ6 IDVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8cCBzdH lsZT0nZm9u dC1zaXplOi AyNnB4OyBj b2xvcjogIz MzMzsgbWFy Z2luLWJvdH RvbTogMTVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+TiC BXYW50IHRv IHJlYWQgbW 9yZSBhYm91 dCBWWiBIb2 xkaW5nPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +agCBEb27i gJl0IG1pc3 MgPGk+IlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3Mi PC9pPiDigJ QgZnJlZSEK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9wPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxMnB4Oy Bmb250LXNp emU6IDEzcH g7IGNvbG9y OiAjNDQ0Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IG5vdyBhbm QgZ2V0IG91 ciBmcmVlIG VCb29rIAog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGI+ VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr czwvYj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID E2cHg7IGZv bnQtc2l6ZT ogMTRweDsg Y29sb3I6IC M0NDQ7IGZv bnQtZmFtaW x5OiAtYXBw bGUtc3lzdG VtLCBCbGlu a01hY1N5c3 RlbUZvbnQs IFNlZ29lIF VJLCBSb2Jv dG8sIEhlbH ZldGljYSBO ZXVlLCBzYW 5zLXNlcmlm OyBsaW5lLW hlaWdodDog MS42Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBIYX ZlIHlvdSBo ZWFyZCBhYm 91dCBvdXIg c2hvcnQgPH N0cm9uZyBz dHlsZT0nZm 9udC13ZWln aHQ6IDYwMD snPkRhaWx5 IFZpZGVvIE 5ld3NsZXR0 ZXI8L3N0cm 9uZz4/CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdodH RwczovL3d3 dy5pbnNpZ2 h0ZnVsdmFs dWUuY29tL2 5ld3NsZXR0 ZXIucGhwJy B0YXJnZXQ9 J19ibGFuay cgc3R5bGU9 J2NvbG9yOi AjMDA3QkZG OyB0ZXh0LW RlY29yYXRp b246IG5vbm U7IGZvbnQt d2VpZ2h0Oi A1MDA7IG1h cmdpbi1sZW Z0OiA2cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBGaW 5kIG91dCBt b3JlCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8L2E+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgCiAg ICAgICAgCi AgICAgICAg PHNwYW4gY2 xhc3M9J2Js dXJyZWQtdG V4dCc+CiAg ICAgICAgIC AgIE1TNGdW bG9nU0cgOX NaR2x1WnlC QiBSeUJwY3 lCaElGIE4z YVhOeklHWn AgYm1GdVky bGhiQyBCel pYSjJhV05s IGN5QmpiMj F3WVcgNTVM Q0JvWldGay BjWFZoY25S bGNtIFZrSU dsdUlGcDEg Y21samFDNG dTWCBRZ2FY TWdiMjVsIE lHOW1JSFJv WlMgQnNZWE puWlhOMCBJ R052YlhCaG JtIGxsY3lC cGJpQlQgZD JsMGVtVnli RyBGdVpDd2 dkMmwwIGFD QmhJRzFoY2 0gdGxkQ0Jq WVhCcCBkR0 ZzYVhwaGRH IGx2YmlCdl ppQnYgZG1W eUlERXdJRy BKcGJHeHBi MjRnIFUzZH BjM01nWm4g SmhibU56TG p4aSBjajR5 TGlCVWFHIF VnWTI5dGNH RnUgZVNCM1 lYTWdabSA5 MWJtUmxaQ0 JwIGJpQXhP VGt6SUcgSj VJRkpsYnNP cCBJRXh2WT JobGNpIEJo Ym1RZ1VtOX MgWmlCRXc3 WnlhVyBjc0 lIZHBkR2dn IGRHaGxJR2 R2WVcgd2di MllnY0hKdi BkbWxrYVc1 bklHIGx1Wk dWd1pXNWsg Wlc1MElHWn BibSBGdVky bGhiQ0JoIF pIWnBZMlVn WVcgNWtJSG RsWVd4MCBh Q0J0WVc1aF oyIFZ0Wlc1 MElITmwgY2 5acFkyVnpJ SCBSdklHTn NhV1Z1IGRI TXVQR0p5UG ogTXVJRlJv WlNCaiBiMj F3WVc1NUlH IDl3WlhKaG RHVnogSUhS b2NtOTFaMi BnZ2FYUnpJ SFpoIGNtbH ZkWE1nYzMg VmljMmxrYV dGeSBhV1Z6 TENCcGJtIE 5zZFdScGJt Y2cgVmxvZ1 ZtVnliYyBP MloyVnVjMX BsIGJuUnlk VzBzSUYgWm FJRVJsY0c5 eiBhWFJ2Y2 5rZ1FtIEZ1 YXl3Z1lXNW sgSUZaYUlF bHVjMyBWeV lXNWpaU0JU IFpYSjJhV0 5sY3kgNGdW RzluWlhSby BaWElzSUhS b1pYIGtnYj JabVpYSWcg WVNCM2FXUm xJSCBKaGJt ZGxJRzltIE lHWnBibUZ1 WTIgbGhiQ0 J6WlhKMiBh V05sY3l3Z2 FXIDVqYkhW a2FXNW4gSU dsdWRtVnpk RyAxbGJuUW dZV1IyIGFX TmxMQ0JoYz MgTmxkQ0J0 WVc1aCBaMl Z0Wlc1MExD IEJ0YjNKMF oyRm4gWlhN c0lHRnVaQy BCcGJuTjFj bUZ1IFkyVX VQR0p5UGog UXVJRlphSU VodiBiR1Jw Ym1jZ2FHIE Z6SUc5MlpY SWcgTXpBZ1 luSmhibSBO b1pYTWdhVz RnIFUzZHBk SHBsY20geG hibVFzSUdG eiBJSGRsYk d3Z1lYIE1n YVc1MFpYSn UgWVhScGIy NWhiQyBCdl ptWnBZMlZ6 IElHbHVJRW RsY20gMWhi bmtnWVc1ay BJRk5wYm1k aGNHIDl5Wl M0OFluSSsg TlM0Z1NXNG dNaiBBeU1D d2dkR2hsIE lHTnZiWEJo Ym4ga2dhR0 ZrSUdGdyBj SEp2ZUdsdF lYIFJsYkhr Z01Td3ogTU RBZ1pXMXdi RyA5NVpXVn pMQ0J6IFpY SjJhVzVuSU cgOTJaWEln TVRBdyBMRE F3TUNCamJH IGxsYm5Sek xqeGkgY2o0 MkxpQldXaS BCSWIyeGth VzVuIElHbH pJR3hwYzMg UmxaQ0J2Ym lCMCBhR1Vn VTNkcGMzIE 1nYzNSdlky c2cgWlhoam FHRnVaMiBV Z1lXNWtJR2 x6IElHRWdZ Mjl1YzMgUn BkSFZsYm5R ZyBiMllnZE dobElGIE4z YVhOeklFMW ggY210bGRD QkpibSBSbG VDQW9VMDFK IEtTNDhZbk krTnkgNGdW R2hsSUdOdi BiWEJoYm5r Z2FHIEZ6SU dFZ2MzUnkg YjI1bklHWn ZZMyBWeklH OXVJSE4xIG MzUmhhVzVo WW0gbHNhWF I1SUdGdSBa Q0J5WlhOd2 IyIDV6YVdK c1pTQnAgYm 5abGMzUnBi bSBjc0lHOW 1abVZ5IGFX NW5JR05zYV cgVnVkSE1n YjNCMCBhVz l1Y3lCbWIz IElnYzI5am FXRnMgYkhr Z2NtVnpjRy A5dWMybGli R1VnIFlXNW tJSE4xYzMg UmhhVzVoWW 14bCBJR2x1 ZG1WemRHID FsYm5Sekxq eGkgY2o0NE xpQkpiaSBC aFpHUnBkR2 x2IGJpQjBi eUJwZEggTW dabWx1WVc1 aiBhV0ZzSU hObGNuIFpw WTJWekxDQl cgV2lCSWIy eGthVyA1bk lHbHpJR0Zz IGMyOGdhVz UyYjIgeDJa V1FnYVc0Zy BkbUZ5YVc5 MWN5IEJ3YU dsc1lXNTAg YUhKdmNHbG pJRyBsdWFY UnBZWFJwIG RtVnpJR0Z1 WkMgQnpkWE J3YjNKMCBj eUJqYUdGeW FYIFJoWW14 bElHOXkgWj JGdWFYcGhk RyBsdmJuTW dkR2h5IGIz Vm5hQ0JwZE ggTWdWbG9n Um05MSBibV JoZEdsdmJp IDQ4WW5JK0 9TNGcgVkdo bElHTnZiWC BCaGJua2dh R0Z6IElIZH ZiaUJ1ZFcg MWxjbTkxY3 lCaCBkMkZ5 WkhNZ1lXID VrSUdGalky OXMgWVdSbG N5Qm1iMyBJ Z2FYUnpJSE 5sIGNuWnBZ MlZ6TEMgQn BibU5zZFdS cCBibWNnWW 1WcGJtIGNn Ym1GdFpXUW cgUW1WemRD QkJjMyBObG RDQk5ZVzVo IFoyVnlJR2 x1SUYgTjNh WFI2WlhKcy BZVzVrSUdK NUlFIFYxY2 05dGIyNWwg ZVNCdFlXZG hlbSBsdVpT NDhZbkkrIE 1UQXVJRlJv WlMgQndZVz VrWlcxcCBZ eUJvWVdRZ1 lTIEJ3YjNO cGRHbDIgWl NCcGJYQmhZ MyBRZ2IyNG dWbG9nIFNH OXNaR2x1Wn kgd2dkMmww YUNCMCBhR1 VnWTI5dGNH IEZ1ZVNCeV pYQnYgY25S cGJtY2dZUy BBeE15VWdh VzVqIGNtVm hjMlVnYVcg NGdibVYwSU hCeSBiMlpw ZEhNZ2FXID RnTWpBeU1D QmogYjIxd1 lYSmxaQyBC MGJ5QjBhR1 VnIGNISmxk bWx2ZFggTW dlV1ZoY2k0 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=