Oracle

-10.83%

Live  

Oracle Corporation is a multinational technology company headquartered in Redwood Shores, California. It was founded in 1977 by Larry Ellison, Bob Miner, and Ed Oates and specializes in developing and marketing database software and technology, cloud engineered systems, and enterprise software products.
The company initially focused on developing databases, but has since expanded its offerings to include human resource management, supply chain management, marketing, and customer relationship management software. Oracle also offers consulting, training, and support services for its products.
Oracle has grown significantly over the years and is now one of the largest technology companies in the world, with annual revenues of over $39 billion in fiscal year 2020. It has a global presence, with operations in over 150 countries and over 135,000 employees.
Oracle serves a wide range of industries, including financial services, healthcare, retail, telecommunications, and government organizations. It has a large portfolio of customers, ranging from small businesses to Fortune 500 companies.
In recent years, Oracle has been expanding into the cloud computing market, offering cloud-based versions of its software and platforms. It also acquired several companies to enhance its cloud offerings, including NetSuite, a leading cloud-based financial management software company.
The company has a strong commitment to innovation and invests a significant amount of its revenue in research and development. This has helped Oracle stay at the forefront of the rapidly evolving technology landscape.
In addition to its business operations, Oracle is also known for its philanthropic efforts. The company has a strong corporate social responsibility program, focusing on education, health, and human services, and disaster relief efforts around the world.

U3VyZSEgT3 JhY2xlIGlz IGEgYmlnIG NvbXBhbnkg dGhhdCBtYW tlcyBzb2Z0 d2FyZSBhbm QgdGVjaG5v bG9neSB0aG F0IGhlbHBz IG90aGVyIG J1c2luZXNz ZXMgd29yay BiZXR0ZXIu IEltYWdpbm UgeW91IGhh dmUgYSB0b3 kgc3RvcmUs IGFuZCB5b3 UgbmVlZCB0 byBrZWVwIH RyYWNrIG9m IGFsbCB0aG UgdG95cyB5 b3UgaGF2ZS wgaG93IG11 Y2ggdGhleS Bjb3N0LCBh bmQgd2hhdC B5b3VyIGN1 c3RvbWVycy BhcmUgYnV5 aW5nLiBPcm FjbGUgY3Jl YXRlcyBzcG VjaWFsIGNv bXB1dGVyIH Byb2dyYW1z IHRoYXQgaG VscCBzdG9y ZXMgbGlrZS B5b3VycyBt YW5hZ2UgYW xsIHRoYXQg aW5mb3JtYX Rpb24gZWFz aWx5Ljxicj 5PcmFjbGUg bWFrZXMgbW 9uZXkgYnkg c2VsbGluZy B0aGVzZSBj b21wdXRlci Bwcm9ncmFt cyBhbmQgc2 VydmljZXMg dG8gb3RoZX IgY29tcGFu aWVzLiBNYW 55IGJpZyBi dXNpbmVzc2 VzLCBiYW5r cywgYW5kIG V2ZW4gc2No b29scyB1c2 UgT3JhY2xl 4oCZcyBzb2 Z0d2FyZSB0 byBrZWVwIH RoZWlyIGlu Zm9ybWF0aW 9uIG9yZ2Fu aXplZCBhbm Qgc2VjdXJl LiBUaGV5IG Fsc28gcHJv dmlkZSBzdX Bwb3J0IGFu ZCBoZWxwIG lmIHRoZXJl IGFyZSBwcm 9ibGVtcywg YW5kIHRoYX TigJlzIGFu b3RoZXIgd2 F5IHRoZXkg ZWFybiBtb2 5leS48YnI+ T3JhY2xlIG lzIHN1Y2Nl c3NmdWwgYm VjYXVzZSBp dCBoYXMgYm VlbiBhcm91 bmQgZm9yIG EgbG9uZyB0 aW1lIGFuZC BpcyB0cnVz dGVkIGJ5IG 1hbnkgY29t cGFuaWVzLi BUaGV5IGtl ZXAgbWFraW 5nIG5ldyBh bmQgYmV0dG VyIHNvZnR3 YXJlIHRvIG tlZXAgdXAg d2l0aCBjaG FuZ2luZyB0 ZWNobm9sb2 d5LCBsaWtl IHVzaW5nIG Nsb3VkIHNl cnZpY2VzLi BUaGUgY2xv dWQgaXMgYS BiaXQgbGlr ZSBhIGdpYW 50IG9ubGlu ZSBzdG9yYW dlIHJvb20g d2hlcmUgYn VzaW5lc3Nl cyBjYW4ga2 VlcCB0aGVp ciBkYXRhIH NhZmVseSB3 aXRob3V0IG 5lZWRpbmcg YSBsb3Qgb2 YgY29tcHV0 ZXJzLjxicj 5BcyBmb3Ig dGhlIGZ1dH VyZSwgT3Jh Y2xlIGlzIG xpa2VseSB0 byBzdGF5IH N1Y2Nlc3Nm dWwgYmVjYX VzZSB0aGV5 IGFyZSBhbH dheXMgaW5u b3ZhdGluZy BhbmQgaW1w cm92aW5nIH RoZWlyIHBy b2R1Y3RzLi BUaGV5IGFy ZSBhbHNvIG FkYXB0aW5n IHRvIG5ldy B0cmVuZHMs IGxpa2UgYX J0aWZpY2lh bCBpbnRlbG xpZ2VuY2Us IHdoaWNoIG hlbHBzIGJ1 c2luZXNzZX MgbWFrZSBi ZXR0ZXIgZG VjaXNpb25z LiBTbywgYX MgbG9uZyBh cyB0aGV5IG tlZXAgaGVs cGluZyBjb2 1wYW5pZXMg c29sdmUgcH JvYmxlbXMg YW5kIGltcH JvdmluZyB0 aGVpciB0ZW Nobm9sb2d5 LCB0aGV54o CZbGwgbGlr ZWx5IGNvbn RpbnVlIHRv IGJlIGEgYm lnIHBsYXll ciBpbiB0aG UgYnVzaW5l c3Mgd29ybG QhPGJyPg==

MS4gV2lkZS BSYW5nZSBv ZiBQcm9kdW N0cyBhbmQg U2VydmljZX M6IE9yYWNs ZSBvZmZlcn MgYSBjb21w cmVoZW5zaX ZlIHJhbmdl IG9mIHByb2 R1Y3RzIGFu ZCBzZXJ2aW NlcyBpbmNs dWRpbmcgZG F0YWJhc2Ug bWFuYWdlbW VudCwgY2xv dWQgaW5mcm FzdHJ1Y3R1 cmUsIGVudG VycHJpc2Ug c29mdHdhcm UsIGFuZCBo YXJkd2FyZS BzeXN0ZW1z LiBUaGlzIG 1ha2VzIGl0 IGEgb25lLX N0b3Agc29s dXRpb24gZm 9yIGJ1c2lu ZXNzZXMgbG 9va2luZyBm b3IgdGVjaG 5vbG9naWNh bCBzb2x1dG lvbnMuPGJy PjIuIElubm 92YXRpb24g YW5kIFJlc2 VhcmNoOiBP cmFjbGUgaG FzIGEgc3Ry b25nIGZvY3 VzIG9uIHJl c2VhcmNoIG FuZCBkZXZl bG9wbWVudC wgd2l0aCB0 aG91c2FuZH Mgb2YgZW5n aW5lZXJzIG FuZCByZXNl YXJjaGVycy Bjb25zdGFu dGx5IHdvcm tpbmcgdG8g aW1wcm92ZS BpdHMgcHJv ZHVjdHMgYW 5kIHNlcnZp Y2VzLiBUaG lzIGNvbW1p dG1lbnQgdG 8gaW5ub3Zh dGlvbiBoYX MgaGVscGVk IE9yYWNsZS ByZW1haW4g YXQgdGhlIG ZvcmVmcm9u dCBvZiB0aG UgdGVjaG5v bG9neSBpbm R1c3RyeS48 YnI+My4gR2 xvYmFsIFBy ZXNlbmNlOi BPcmFjbGUg aGFzIGEgc3 Ryb25nIGds b2JhbCBwcm VzZW5jZSB3 aXRoIG9wZX JhdGlvbnMg aW4gb3Zlci AxNDUgY291 bnRyaWVzLi BUaGlzIGVu YWJsZXMgdG hlIGNvbXBh bnkgdG8gc2 VydmUgYSBk aXZlcnNlIH JhbmdlIG9m IGNsaWVudH MgYW5kIGFk YXB0IHRvIG xvY2FsIG1h cmtldCBuZW Vkcy48YnI+ NC4gU3Ryb2 5nIEN1c3Rv bWVyIEJhc2 U6IE9yYWNs ZSBoYXMgYS Bsb3lhbCBh bmQgZGl2ZX JzZSBjdXN0 b21lciBiYX NlLCBpbmNs dWRpbmcgRm 9ydHVuZSA1 MDAgY29tcG FuaWVzLCBn b3Zlcm5tZW 50IGFnZW5j aWVzLCBhbm Qgc21hbGwg YnVzaW5lc3 Nlcy4gVGhp cyBpcyBhIH Rlc3RhbWVu dCB0byB0aG UgY29tcGFu eeKAmXMgcm VsaWFiaWxp dHkgYW5kIH F1YWxpdHkg b2YgcHJvZH VjdHMgYW5k IHNlcnZpY2 VzLjxicj41 LiBJbmR1c3 RyeSBFeHBl cnRpc2U6IE 9yYWNsZSBo YXMgYSBkZW VwIHVuZGVy c3RhbmRpbm cgb2YgdmFy aW91cyBpbm R1c3RyaWVz IHN1Y2ggYX MgZmluYW5j ZSwgaGVhbH RoY2FyZSwg ZWR1Y2F0aW 9uLCBhbmQg cmV0YWlsLC BhbW9uZyBv dGhlcnMuIF RoaXMgZXhw ZXJ0aXNlIG FsbG93cyB0 aGVtIHRvIG RldmVsb3Ag dGFpbG9yZW Qgc29sdXRp b25zIHRvIG 1lZXQgdGhl IHVuaXF1ZS BuZWVkcyBv ZiBlYWNoIG luZHVzdHJ5 Ljxicj42Li BDbG91ZCBD b21wdXRpbm c6IE9yYWNs ZSBoYXMgbW FkZSBzaWdu aWZpY2FudC BpbnZlc3Rt ZW50cyBpbi BjbG91ZCBp bmZyYXN0cn VjdHVyZSwg bWFraW5nIG l0IGEgbGVh ZGVyIGluIH RoaXMgc3Bh Y2UuIEl0cy BjbG91ZCBv ZmZlcmluZ3 MgYXJlIGtu b3duIGZvci B0aGVpciBz Y2FsYWJpbG l0eSwgc2Vj dXJpdHksIG FuZCByZWxp YWJpbGl0eS 48YnI+Ny4g QWNxdWlzaX Rpb24gU3Ry YXRlZ3k6IE 9yYWNsZSBo YXMgYSBoaX N0b3J5IG9m IHN1Y2Nlc3 NmdWwgYWNx dWlzaXRpb2 5zLCBhbGxv d2luZyB0aG UgY29tcGFu eSB0byBleH BhbmQgaXRz IHByb2R1Y3 Qgb2ZmZXJp bmdzIGFuZC BzdGF5IGNv bXBldGl0aX ZlIGluIHRo ZSBtYXJrZX QuPGJyPjgu IFN0cm9uZy BQYXJ0bmVy c2hpcCBFY2 9zeXN0ZW06 IE9yYWNsZS BoYXMgc3Ry YXRlZ2ljIH BhcnRuZXJz aGlwcyB3aX RoIG90aGVy IGxlYWRpbm cgdGVjaCBj b21wYW5pZX MsIGFsbG93 aW5nIHRoZW 0gdG8gaW50 ZWdyYXRlIH RoZWlyIHBy b2R1Y3RzIG FuZCBzZXJ2 aWNlcyBzZW FtbGVzc2x5 LCBwcm92aW RpbmcgbW9y ZSB2YWx1ZS B0byB0aGVp ciBjdXN0b2 1lcnMuPGJy PjkuIEVtcG hhc2lzIG9u IENvcnBvcm F0ZSBDaXRp emVuc2hpcD ogT3JhY2xl IHByaW9yaX RpemVzIGNv cnBvcmF0ZS Bzb2NpYWwg cmVzcG9uc2 liaWxpdHkg aW5pdGlhdG l2ZXMgc3Vj aCBhcyBlZH VjYXRpb24s IGVudmlyb2 5tZW50YWwg c3VzdGFpbm FiaWxpdHks IGFuZCBjaG FyaXRhYmxl IGdpdmluZy wgc2hvd2lu ZyBpdHMgY2 9tbWl0bWVu dCB0byBtYW tpbmcgYSBw b3NpdGl2ZS BpbXBhY3Qg aW4gdGhlIH dvcmxkLjxi cj4xMC4gTG VhZGVyc2hp cCBhbmQgVm lzaW9uOiBP cmFjbGXigJ lzIGxlYWRl cnNoaXAgdG VhbSwgaW5j bHVkaW5nIG ZvdW5kZXIg TGFycnkgRW xsaXNvbiwg aXMga25vd2 4gZm9yIHRo ZWlyIHZpc2 lvbmFyeSB0 aGlua2luZy BhbmQgYWJp bGl0eSB0by BhZGFwdCB0 byBjaGFuZ2 luZyBtYXJr ZXQgZHluYW 1pY3MsIGtl ZXBpbmcgdG hlIGNvbXBh bnkgYXQgdG hlIGZvcmVm cm9udCBvZi B0aGUgaW5k dXN0cnku

T3JhY2xlIG lzIHByaW1h cmlseSBhIH NvZnR3YXJl IGFuZCBjbG 91ZCBzZXJ2 aWNlcyBjb2 1wYW55IHRo YXQgcHJvdm lkZXMgZW50 ZXJwcmlzZS Bzb2Z0d2Fy ZSBwcm9kdW N0cyBhbmQg c2VydmljZX MgdGFyZ2V0 aW5nIG1hcm tldHMgc3Vj aCBhcyBDbG 91ZCBDb21w dXRpbmcsIE RhdGEgTWFu YWdlbWVudC wgQnVzaW5l c3MgQW5hbH l0aWNzLCBh bmQgRW50ZX JwcmlzZSBS ZXNvdXJjZS BQbGFubmlu ZyAoRVJQKS 4gVGhlaXIg YnVzaW5lc3 MgbW9kZWwg aW52b2x2ZX Mgc2VsbGlu ZyBzb2Z0d2 FyZSBsaWNl bnNlcywgaG FyZHdhcmUs IGFuZCBjb2 5zdWx0aW5n IGFuZCBzdX Bwb3J0IHNl cnZpY2VzIH RvIGJ1c2lu ZXNzZXMgYW 5kIG9yZ2Fu aXphdGlvbn Mgb2YgYWxs IHNpemVzLi BUaGV5IGhh dmUgYSB3aW RlIHJhbmdl IG9mIG9mZm VyaW5ncyBh bmQgb2Z0ZW 4gYnVuZGxl IG11bHRpcG xlIHByb2R1 Y3RzIGFuZC BzZXJ2aWNl cyB0b2dldG hlciB0byBj cmVhdGUgY2 9tcHJlaGVu c2l2ZSBzb2 x1dGlvbnMg Zm9yIHRoZW lyIGN1c3Rv bWVycy4gQW RkaXRpb25h bGx5LCBPcm FjbGUgYWxz byBoYXMgYS BzdHJvbmcg Zm9jdXMgb2 4gaW5ub3Zh dGlvbiBhbm QgcmVndWxh cmx5IGFjcX VpcmVzIG90 aGVyIGNvbX BhbmllcyBh bmQgdGVjaG 5vbG9naWVz IHRvIGV4cG FuZCBpdHMg b2ZmZXJpbm dzIGFuZCBz dGF5IGNvbX BldGl0aXZl IGluIHRoZS BtYXJrZXQu IFRoZXkgYW xzbyBoYXZl IGEgc2lnbm lmaWNhbnQg cHJlc2VuY2 UgaW4gdGhl IGNsb3VkIG hvc3Rpbmcg YW5kIGluZn Jhc3RydWN0 dXJlIG1hcm tldCwgcHJv dmlkaW5nIG Nsb3VkLWJh c2VkIHNvbH V0aW9ucyBh bmQgc2Vydm ljZXMgdG8g YnVzaW5lc3 Nlcy4=

AI does pose potential threats to Oracle’s products, services, and competitive positioning in several ways:
1. Substitution: AI-driven solutions can offer alternatives to Oracle’s traditional database and enterprise software products. For instance, cloud-based and AI-enabled databases might emerge that can provide similar functionalities with enhanced performance and flexibility, making Oracle’s offerings less attractive to businesses looking for modern solutions.
2. Disintermediation: As industries increasingly adopt AI technologies, there is a risk that firms may bypass traditional enterprise software providers like Oracle in favor of more direct, AI-focused solutions that can operate without intermediaries. This could lead to reduced demand for Oracle’s suite of products as companies opt for streamlined, AI-centric tools.
3. Margin Pressure: The rise of AI solutions can lead to increased competition, particularly from companies that leverage AI to drive down costs or provide superior performance. This could pressure Oracle to reduce its pricing or invest more in innovation, potentially squeezing its margins. Lower-cost alternatives could attract customers away from Oracle’s premium offerings.
4. Innovation Pace: The rapid evolution of AI technology can outpace Oracle’s ability to adapt its product offerings. If Oracle can’t keep up with the evolving needs of its clients who are seeking AI capabilities, it risks losing market share to agile competitors who can better integrate AI into their services.
5. Skill Set Changes: The shift to AI may require different skill sets than those Oracle traditionally catered to. If Oracle cannot effectively transition its workforce and customers to embrace AI technologies, it may find itself at a disadvantage compared to newer players that have been built around AI from the ground up.
In summary, while Oracle remains a strong player in the enterprise software landscape, the increasing integration of AI into business processes presents significant challenges that could impact its products, services, and competitive positioning. Oracle needs to continually innovate and adapt in response to these emerging technologies to mitigate potential threats.

The sensitivity of Oracle’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Sensitivity: Oracle’s earnings may be affected by interest rates through several channels. Higher interest rates can increase borrowing costs for the company, especially if it relies on debt for financing. This could lead to reduced profitability if the additional costs are not passed on to customers. Conversely, lower interest rates can reduce financing costs, potentially enhancing earnings.
2. Cash Flow Sensitivity: Cash flows are also sensitive to interest rate changes. If Oracle has significant outstanding debt, an increase in interest rates could adversely impact its cash flow due to higher interest payments. Additionally, changes in interest rates can affect customer behavior; for instance, if rates rise, customers may delay IT spending, impacting Oracle’s cash flow. Lower interest rates could stimulate demand and potentially lead to increased cash flows.
3. Valuation Sensitivity: The valuation of Oracle is typically assessed using Discounted Cash Flow (DCF) models, which are highly sensitive to the discount rate, often influenced by prevailing interest rates. Higher interest rates generally increase the discount rate applied to future cash flows, resulting in a lower present value and reduced valuation. On the other hand, lower rates tend to decrease the discount rate, leading to higher valuations.
In summary, Oracle’s earnings and cash flow are sensitive to interest rates primarily through changes in borrowing costs, customer spending behavior, and overall demand in the technology sector. Its valuation is particularly sensitive to interest rate changes due to the impact on discounted cash flow calculations. The overall effect is that significant fluctuations in interest rates can lead to notable variations in Oracle’s financial performance and market valuation.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BPcmFjbGXi gJlzIGVjb2 5vbWljcyBv dmVyIHRoZS BuZXh0IDPi gJM1IHllYX JzIGlzIGEg c2lnbmlmaW NhbnQgYW5k IHN1c3RhaW 5lZCBzaGlm dCB0b3dhcm QgY2xvdWQt bmF0aXZlIG FyY2hpdGVj dHVyZXMgYW 5kIGEgZHJh c3RpYyBkZW NsaW5lIGlu IGRlbWFuZC Bmb3IgdHJh ZGl0aW9uYW wgb3ByZW1p c2VzIGRhdG FiYXNlIHNv bHV0aW9ucy 4gPGJyPkFz IGVudGVycH Jpc2VzIGNv bnRpbnVlIH RvIGFkb3B0 IGNsb3VkLW Jhc2VkIHNv bHV0aW9ucy wgdGhleSBt YXkgaW5jcm Vhc2luZ2x5 IHByZWZlci BmdWxseSBt YW5hZ2VkIG Nsb3VkIHNl cnZpY2VzIG Zyb20gY29t cGV0aXRvcn MgbGlrZSBB bWF6b24gV2 ViIFNlcnZp Y2VzIChBV1 MpLCBNaWNy b3NvZnQgQX p1cmUsIGFu ZCBHb29nbG UgQ2xvdWQg UGxhdGZvcm 0uIElmIHRo aXMgdHJlbm QgYWNjZWxl cmF0ZXMsIG VzcGVjaWFs bHkgZm9yIG NyaXRpY2Fs IGluZnJhc3 RydWN0dXJl IHNlcnZpY2 VzLCBPcmFj bGUgY291bG QgZmFjZSBh dHRyaXRpb2 4gaW4gaXRz IGNvcmUgZG F0YWJhc2Ug YnVzaW5lc3 MsIHdoaWNo IGhhcyB0cm FkaXRpb25h bGx5IGRyaX ZlbiBhIHNp Z25pZmljYW 50IHBvcnRp b24gb2YgaX RzIHJldmVu dWUuIDxicj 5TaG91bGQg dGhpcyBzY2 VuYXJpbyB1 bmZvbGQsIE 9yYWNsZeKA mXMgbWFyZ2 lucyBjb3Vs ZCBiZSBhZH ZlcnNlbHkg YWZmZWN0ZW QuIFRoZSBj b21wYW55IH R5cGljYWxs eSBlbmpveX MgaGlnaCBt YXJnaW5zIG Zyb20gaXRz IG9wcmVtaX NlcyBzb2Z0 d2FyZSBhbm QgbGljZW5z ZXM7IGhvd2 V2ZXIsIHRo ZSB0cmFuc2 l0aW9uIHRv IGxvd2VyLW 1hcmdpbiBj bG91ZC1iYX NlZCBzZXJ2 aWNlcyB3b3 VsZCBkaWx1 dGUgdGhvc2 UgbWFyZ2lu cy4gVGhlIH NoaWZ0IGNv dWxkIHJlc3 VsdCBpbiBv dmVyYWxsIG dyb3NzIG1h cmdpbnMgZG VjbGluaW5n IGZyb20gdG hlIGhpZ2gg NzBzIHBlcm NlbnRpbGUg dG8gcG90ZW 50aWFsbHkg dGhlIG1pZC 02MHMgcGVy Y2VudGlsZS 4gPGJyPklu IHRlcm1zIG 9mIGNhc2gg ZmxvdywgaW YgT3JhY2xl 4oCZcyByZX ZlbnVlIGRl Y2xpbmVzIG 9yIGdyb3dz IGF0IGEgc2 xvd2VyIHBh Y2UgZHVlIH RvIHJlZHVj ZWQgZGVtYW 5kIGZvciBp dHMgY29yZS Bwcm9kdWN0 cywgY2FzaC BmbG93IGZy b20gb3Blcm F0aW9ucyBj b3VsZCBzaH JpbmsuIEFk ZGl0aW9uYW xseSwgdGhl IG5lZWQgdG 8gaW52ZXN0 IGhlYXZpbH kgaW4gY2xv dWQgaW5mcm FzdHJ1Y3R1 cmUgYW5kIG 1hcmtldGlu ZyB0byBjb2 1wZXRlIGVm ZmVjdGl2ZW x5IHdvdWxk IG1lYW4gT3 JhY2xlIGNv dWxkIGJlIG ZhY2luZyBo aWdoZXIgY2 FwaXRhbCBl eHBlbmRpdH VyZXMsIGZ1 cnRoZXIgcH Jlc3N1cmlu ZyBmcmVlIG Nhc2ggZmxv dy4gVGhpcy ByZWR1Y2Vk IGNhc2ggZm xvdyB3b3Vs ZCBsaW1pdC BPcmFjbGXi gJlzIGFiaW xpdHkgdG8g cmVpbnZlc3 QgaW4gZ3Jv d3RoIG9wdG lvbnMsIHBh eSBkaXZpZG VuZHMsIG9y IGJ1eSBiYW NrIHNoYXJl cywgd2hpY2 ggY291bGQg bGVhZCB0by BhIGRldGVy aW9yYXRpb2 4gb2YgaW52 ZXN0b3IgY2 9uZmlkZW5j ZS48YnI+TG FzdGx5LCB0 aGUgYmFsYW 5jZSBzaGVl dCBjb3VsZC ByZWZsZWN0 IHRoZXNlIG NoYWxsZW5n ZXMgaWYgT3 JhY2xlIGJl Z2lucyBhY2 N1bXVsYXRp bmcgbW9yZS BkZWJ0IHRv IHN1c3RhaW 4gb3BlcmF0 aW9ucyBvci BmdW5kIGNs b3VkIGluaX RpYXRpdmVz IHdpdGhvdX Qgc2lnbmlm aWNhbnQgcm V2ZW51ZSBn cm93dGggdG 8gb2Zmc2V0 IHRoaXMgb2 JsaWdhdGlv bi4gSWYgcm V2ZW51ZXMg ZmFsdGVyLC BPcmFjbGUg Y291bGQgc2 VlIGFuIGlu Y3JlYXNlIG luIGl0cyBk ZWJ0LXRvLW VxdWl0eSBy YXRpbywgY2 FzdGluZyBk b3VidCBvbi BpdHMgZmlu YW5jaWFsIH N0YWJpbGl0 eS4gTW9yZW 92ZXIsIGEg bmVnYXRpdm Ugc2VudGlt ZW50IGluIH RoZSBtYXJr ZXQgY291bG QgaW1wYWN0 IGl0cyBzdG 9jayB2YWx1 YXRpb24sIG FzIGludmVz dG9ycyByZS 1ldmFsdWF0 ZSBPcmFjbG XigJlzIGZ1 dHVyZSBncm 93dGggcHJv c3BlY3RzIG FnYWluc3Qg aXRzIGxlZ2 FjeSBidXNp bmVzcy48Yn I+SW4gc3Vt bWFyeSwgaW YgYSBwcm9m b3VuZCBzaG lmdCB0byBj bG91ZC1uYX RpdmUgdGVj aG5vbG9naW VzIG9jY3Vy cywgT3JhY2 xlIGNvdWxk IGV4cGVyaW VuY2Ugc2ln bmlmaWNhbn QgZGV0ZXJp b3JhdGlvbi BpbiBpdHMg bWFyZ2lucy wgZmFjZSBj aGFsbGVuZ2 VzIGluIG1h aW50YWluaW 5nIGhlYWx0 aHkgY2FzaC BmbG93LCBh bmQgc2VlIG Egd2Vha2Vu ZWQgYmFsYW 5jZSBzaGVl dCBhcyBpdC BzdHJ1Z2ds ZXMgdG8gYW RhcHQgdG8g YSByYXBpZG x5IHRyYW5z Zm9ybWluZy BJVCBsYW5k c2NhcGUuPG JyPg==

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 bG9nb3MvYU pCV0xXcTdz ODhhdXhYQk Z4QW4ud2Vi cCIgYWx0PS JPcmFjbGUi IHRpdGxlPS JPcmFjbGUi 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 QgT3JhY2xl 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+TmCBD bGFpbSB5b3 VyIGZyZWUg ZUJvb2s6ID 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 NGdUM0poWT IgeGxJSGRo Y3lCbSBiM1 Z1WkdWa0lH IGx1SURFNU 56Y2cgWW5r Z1RHRnljbi BrZ1JXeHNh WE52IGJpd2 dRbTlpSUUg MXBibVZ5TE NCaCBibVFn UldRZ1QyIE YwWlhNdVBH SnkgUGpJdU lGUm9aUyBC amIyMXdZVz U1IDRvQ1pj eUJ1WVcgMW xJSGRoY3lC diBjbWxuYV c1aGJHIHg1 SUZKbGJHRj AgYVc5dVlX d2dVMiA5bW RIZGhjbVVz IElFbHVZeT RnWW4gVjBJ SGRoY3lCai BhR0Z1WjJW a0lIIFJ2SU U5eVlXTnMg WlNCRGIzSn diMyBKaGRH bHZiaUJwIG JpQXhPVGd5 TGogeGljaj R6TGlCUCBj bUZqYkdVZ2 FYIE1nYUdW aFpIRjEgWV hKMFpYSmxa QyBCcGJpQl NaV1IzIGIy OWtJRk5vYj MgSmxjeXdn UTJGcyBhV1 p2Y201cFlT IHdnWVc1a0 lHaGggY3lC dlptWnBZMi BWeklHbHVJ RzkyIFpYSW dNVFExSUcg TnZkVzUwY2 1sbCBjeTQ4 WW5JK05DID RnVEdGeWNu a2cgUld4c2 FYTnZiaSB3 Z2IyNWxJRz ltIElIUm9a U0JqYnkgMW 1iM1Z1WkdW eSBjeXdnZD JGeklIIFJv WlNCRFJVOG cgYjJZZ1Qz SmhZMiB4bE lIVnVkR2xz IElESXdNVF F1SUUgaGxJ R2x6SUc1di BkeUIwYUdV Z1kyIDl0Y0 dGdWVlS0Eg bVhNZ1kyaG hhWCBKdFlX NGdZVzVrIE lHTm9hV1Zt SUggUmxZMm h1YjJ4diBa M2tnYjJabW FXIE5sY2k0 OFluSSsgTl M0Z1ZHaGxJ RyBOdmJYQm hibm5pIGdK bHpJR1pwY2 4gTjBJSEJ5 YjJSMSBZM1 FnZDJGeklH IDVoYldWa0 lFOXkgWVdO c1pTQkVZWC BSaFltRnpa U3dnIFlXNW tJR2wwSUgg ZGhjeUIwYU dVZyBabWx5 YzNRZ1kyID l0YldWeVky bGggYkd4NU lHRjJZVyBs c1lXSnNaU0 J5IFpXeGhk R2x2Ym0gRn NJR1JoZEdG aSBZWE5sSU cxaGJtIEZu WlcxbGJuUW cgYzNsemRH VnRMaiB4aW NqNDJMaUJQ IGNtRmpiR1 hpZ0ogbHpJ SEJ5YVcxaC BjbmtnWTI5 dGNHIFYwYV hSdmNpQnAg Y3lCTmFXTn liMyBOdlpu UXNJSGRwIG RHZ2dhWFJ6 SUcgOTNiaU J5Wld4aCBk R2x2Ym1Gc0 lHIFJoZEdG aVlYTmwgSU cxaGJtRm5a VyAxbGJuUW djM2x6IGRH VnRMQ0JUVV Ugd2dVMlZ5 ZG1WeSBMan hpY2o0M0xp IEJQY21Gam JHVWcgYUdG eklHRmpjWC BWcGNtVmtJ RzkyIFpYSW dNVGd3SUcg TnZiWEJoYm 1sbCBjeUJ6 YVc1alpTIE JwZEhNZ2FX NWogWlhCMG FXOXVMQyBC M2FYUm9JR2 wwIGN5QnRi M04wSUcgNX ZkR0ZpYkdV ZyBZV054ZF dsemFYIFJw YjI1eklHSm wgYVc1bklG TjFiaSBCTm FXTnliM041 IGMzUmxiWE 1nYVcgNGdN akF4TUNCaC BibVFnVUdW dmNHIHhsVT I5bWRDQnAg YmlBeU1EQT FMaiB4aWNq NDRMaUJQIG NtRmpiR1hp Z0ogbHpJR0 4xY25KbCBi blFnUTBWUE lHIEZ1WkNC bGVHVmogZF hScGRtVWdZ MiBoaGFYSn RZVzRzIElG TmhabkpoSU UgTmhkSG9z SUhkaCBjeU IwYUdVZ2FH IGxuYUdWem RDQncgWVds a0lHWmxiVy BGc1pTQmxl R1ZqIGRYUn BkbVVnYVcg NGdkR2hsSU ZWdSBhWFJs WkNCVGRHIE YwWlhNZ2FX NGcgTWpBeE 9TNDhZbiBJ K09TNGdWR2 hsIElHTnZi WEJoYm4ga2 dhR0Z6SUdK bCBaVzRnYV c1MmIyIHgy WldRZ2FXNG cgYzJWMlpY SmhiQyBCb2 FXZG9MWEJ5 IGIyWnBiR1 VnYkcgVm5Z V3dnWW1GMC BkR3hsY3l3 Z2FXIDVqYk hWa2FXNW4g SUdFZ2JHOX VaeSAxeWRX NXVhVzVuIE lHTmhjMlVn WVcgZGhhVz V6ZENCSCBi MjluYkdVZ2 IzIFpsY2lC amIzQjUgY2 1sbmFIUWdh VyA1bWNtbH VaMlZ0IFpX NTBJSEpsYk cgRjBaV1Fn ZEc4ZyBkR2 hsSUVGdVpI IEp2YVdRZ2 IzQmwgY21G MGFXNW5JSC BONWMzUmxi UzQ4IFluSS tNVEF1SUUg OXlZV05zWl NCcCBjeUJo SUcxaGFtID l5SUhCc1lY bGwgY2lCcG JpQjBhRyBV Z1kyeHZkV1 FnIFkyOXRj SFYwYVcgNW 5JRzFoY210 bCBkQ3dnZD JsMGFDIEJw ZEhNZ1kyeH YgZFdRZ2FX NW1jbSBGem RISjFZM1Ix IGNtVWdZVz VrSUggTnZa blIzWVhKbC BJSE5sY25a cFkyIFZ6SU dKeWFXNW4g YVc1bklHbH VJRyA5MlpY SWdKRFlnIF ltbHNiR2x2 YmkgQnBiaU J5WlhabCBi blZsSUdsdU lEIEl3TWpF dQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=