FactSet Research Systems

-14.58%

More reviews (2)

Live  

FactSet Research Systems is a financial data and software company headquartered in Norwalk, Connecticut. The company was founded in 1978 and provides financial data and analytics to investment professionals, including portfolio managers, analysts, and investment bankers.
The company's primary product is the FactSet platform, which offers access to financial information and analytics on companies, industries, and markets, as well as tools for financial analysis, portfolio management, and trading. The platform also includes news and market data from various sources and integrates with other financial software systems.
FactSet also provides consulting and integration services to help clients optimize their use of the platform and other financial systems. They serve clients in the investment management industry, including asset managers, hedge funds, and banks, as well as corporations, government agencies, and universities.
In addition to their headquarters in Norwalk, FactSet has offices in major financial centers around the world, including New York, London, Hong Kong, and Tokyo. The company has a global team of over 10,000 employees.
FactSet was ranked #44 on the Forbes list of America's Best Midsize Employers in 2021. They have also been recognized for their workplace culture and diversity and inclusion initiatives, including being named one of the Best Workplaces for Diversity by Fortune in 2020.

FactSet Research Systems is a company that helps people and companies understand the world of finance and investments better. Imagine if you wanted to buy a video game or a toy. You’d probably want to know things like how much it costs, what other people think about it, and if it’s worth buying. FactSet does something similar, but for big companies and investors who are making decisions about money.
1. What FactSet Does: FactSet gathers a lot of information about different companies, stocks, and markets. They collect data like earnings reports, stock prices, and news. Then, they organize this data and make it easy for people to access it through special software and tools. Investors and analysts use this information to make smart choices about where to put their money.
2. How It Makes Money: FactSet makes money by selling subscriptions to its software and services. This means that companies pay FactSet so they can use its tools and access all that important financial information. The company also provides extra services like training or special reports, which help it earn even more.
3. Why It’s Successful: FactSet is successful because it provides very reliable and helpful information. In finance, having the right data at the right time can make a big difference. Companies trust FactSet, so many of them choose to use its services. Plus, the world of finance is always changing, which means there’s always a need for good information to stay updated.
4. Staying Successful in the Future: To continue being successful, FactSet keeps improving its technology and tools. They also pay attention to what investors need and make sure to offer new services that help them. As the world of finance grows and changes, there will always be a need for good data, and FactSet is in a great position to provide it for many years to come.
So, just like how you rely on good reviews and information to buy something wisely, big companies rely on FactSet to make important financial decisions!

MS4gUGlvbm VlcmluZyBj b21wYW55IG luIGZpbmFu Y2lhbCBkYX RhIGFuZCBh bmFseXRpY3 M6IEZhY3RT ZXQgd2FzIG ZvdW5kZWQg aW4gMTk3OC BhbmQgaGFz IGJlZW4gYS BsZWFkZXIg aW4gcHJvdm lkaW5nIGZp bmFuY2lhbC BkYXRhIGFu ZCBhbmFseX RpY3MgdG8g aW52ZXN0bW VudCBwcm9m ZXNzaW9uYW xzIGZvciBv dmVyIDQwIH llYXJzLiBU aGV5IHdlcm Ugb25lIG9m IHRoZSBmaX JzdCBjb21w YW5pZXMgdG 8gb2ZmZXIg YSBjb21wcm VoZW5zaXZl IGRhdGFiYX NlIG9mIGZp bmFuY2lhbC BpbmZvcm1h dGlvbiwgcG F2aW5nIHRo ZSB3YXkgZm 9yIG90aGVy IGRhdGEgcH JvdmlkZXJz IGluIHRoZS BpbmR1c3Ry eS48YnI+Mi 4gR2xvYmFs IHByZXNlbm NlOiBGYWN0 U2V0IGhhcy BhIGdsb2Jh bCBwcmVzZW 5jZSB3aXRo IG9wZXJhdG lvbnMgaW4g b3ZlciAzNS Bjb3VudHJp ZXMgYW5kIH NlcnZlcyBj bGllbnRzIG luIG1vcmUg dGhhbiAxMj UgY291bnRy aWVzLiBUaG lzIGFsbG93 cyB0aGVtIH RvIHByb3Zp ZGUgbG9jYW wgZXhwZXJ0 aXNlIGFuZC BpbnNpZ2h0 cyB0byBjbG llbnRzIGFy b3VuZCB0aG Ugd29ybGQu PGJyPjMuIE RpdmVyc2Ug Y2xpZW50IG Jhc2U6IEZh Y3RTZXQgc2 VydmVzIGEg ZGl2ZXJzZS BjbGllbnQg YmFzZSBpbm NsdWRpbmcg aW52ZXN0bW VudCBiYW5r cywgYXNzZX QgbWFuYWdl cnMsIGhlZG dlIGZ1bmRz LCBwcml2YX RlIGVxdWl0 eSBmaXJtcy wgYW5kIGNv cnBvcmF0aW 9ucy4gVGhp cyBicm9hZC BjbGllbnQg cmVhY2ggZ2 l2ZXMgdGhl IGNvbXBhbn kgYSBkZWVw IHVuZGVyc3 RhbmRpbmcg b2YgdGhlIG ZpbmFuY2lh bCBpbmR1c3 RyeSBhbmQg aXRzIG5lZW RzLjxicj40 LiBDb250aW 51b3VzIGlu bm92YXRpb2 46IEZhY3RT ZXQgaXMgY2 9tbWl0dGVk IHRvIGNvbn RpbnVvdXMg aW5ub3ZhdG lvbiBhbmQg aGFzIGEgZG VkaWNhdGVk IHJlc2Vhcm NoIGFuZCBk ZXZlbG9wbW VudCB0ZWFt IHRoYXQgd2 9ya3Mgb24g ZGV2ZWxvcG luZyBuZXcg cHJvZHVjdH MgYW5kIGZl YXR1cmVzIH RvIG1lZXQg dGhlIGV2b2 x2aW5nIG5l ZWRzIG9mIH RoZSBmaW5h bmNpYWwgaW 5kdXN0cnku PGJyPjUuIE NvbXByZWhl bnNpdmUgYW 5kIHJlbGlh YmxlIGRhdG E6IEZhY3RT ZXQgb2ZmZX JzIGEgd2lk ZSByYW5nZS BvZiBkYXRh LCBhbmFseX RpY3MsIGFu ZCB0b29scy B0aGF0IGNv dmVyIGFsbC Bhc3BlY3Rz IG9mIHRoZS BpbnZlc3Rt ZW50IHByb2 Nlc3MuIFRo ZWlyIGRhdG EgaXMgY29s bGVjdGVkIG Zyb20gb3Zl ciAxMjAgZG lmZmVyZW50 IHNvdXJjZX MgYW5kIGlz IHJlZ3VsYX JseSB1cGRh dGVkIGFuZC B2ZXJpZmll ZCBmb3IgYW NjdXJhY3ku PGJyPjYuIF VzZXItZnJp ZW5kbHkgaW 50ZXJmYWNl IGFuZCBjdX N0b21pemFi bGUgc29sdX Rpb25zOiBG YWN0U2V0J3 MgcGxhdGZv cm0gaXMgdX Nlci1mcmll bmRseSBhbm Qgb2ZmZXJz IGN1c3RvbW l6YWJsZSBz b2x1dGlvbn MgdGhhdCBj YW4gYmUgdG FpbG9yZWQg dG8gdGhlIH NwZWNpZmlj IG5lZWRzIG 9mIGVhY2gg Y2xpZW50Lj xicj43LiBT dHJvbmcgYW 5hbHl0aWNz IGNhcGFiaW xpdGllczog RmFjdFNldC BvZmZlcnMg cG93ZXJmdW wgYW5hbHl0 aWNzIGNhcG FiaWxpdGll cywgaW5jbH VkaW5nIGZp bmFuY2lhbC Btb2RlbHMs IHBvcnRmb2 xpbyBhbmFs eXNpcywgYW 5kIHJpc2sg bWFuYWdlbW VudCB0b29s cy4gVGhlaX IgYW5hbHl0 aWNzIGNhcG FiaWxpdGll cyBoZWxwIG NsaWVudHMg bWFrZSBkYX RhLWRyaXZl biBpbnZlc3 RtZW50IGRl Y2lzaW9ucy 48YnI+OC4g U3Ryb25nIG JyYW5kIHJl cHV0YXRpb2 46IEZhY3RT ZXQgaGFzIG Egc3Ryb25n IGJyYW5kIH JlcHV0YXRp b24gYW5kIG lzIHdpZGVs eSByZWNvZ2 5pemVkIGFz IGEgdHJ1c3 RlZCBhbmQg cmVsaWFibG UgcHJvdmlk ZXIgb2YgZm luYW5jaWFs IGRhdGEgYW 5kIGFuYWx5 dGljcy4gVG hpcyBoYXMg aGVscGVkIH RoZW0gYnVp bGQgbG9uZy 10ZXJtIHJl bGF0aW9uc2 hpcHMgd2l0 aCBjbGllbn RzIGFuZCBl c3RhYmxpc2 ggdGhlbXNl bHZlcyBhcy BhIGxlYWRl ciBpbiB0aG UgaW5kdXN0 cnkuPGJyPj kuIENvbW1p dG1lbnQgdG 8gY29ycG9y YXRlIHJlc3 BvbnNpYmls aXR5OiBGYW N0U2V0IGlz IGNvbW1pdH RlZCB0byBz dXN0YWluYW JpbGl0eSwg ZGl2ZXJzaX R5LCBhbmQg Y29ycG9yYX RlIHJlc3Bv bnNpYmlsaX R5LiBUaGV5 IGhhdmUgaW 1wbGVtZW50 ZWQgcHJvZ3 JhbXMgYW5k IHBvbGljaW VzIHRvIHN1 cHBvcnQgc2 9jaWFsIGFu ZCBlbnZpcm 9ubWVudGFs IGNhdXNlcy BhbmQgcHJv bW90ZSBkaX ZlcnNpdHkg YW5kIGluY2 x1c2lvbiB3 aXRoaW4gdG hlaXIgY29t cGFueS48Yn I+MTAuIEV4 cGVyaWVuY2 VkIG1hbmFn ZW1lbnQgdG VhbTogRmFj dFNldCBoYX MgYSBoaWdo bHkgZXhwZX JpZW5jZWQg bWFuYWdlbW VudCB0ZWFt IHRoYXQgYn JpbmdzIGRl Y2FkZXMgb2 YgZXhwZXJp ZW5jZSBpbi B0aGUgZmlu YW5jaWFsIG luZHVzdHJ5 LiBUaGV5IG hhdmUgYSBk ZWVwIHVuZG Vyc3RhbmRp bmcgb2YgdG hlIG1hcmtl dCBhbmQgYX JlIHdlbGwt ZXF1aXBwZW QgdG8gbGVh ZCB0aGUgY2 9tcGFueSB0 b3dhcmRzIG NvbnRpbnVl ZCBncm93dG ggYW5kIHN1 Y2Nlc3Mu

RmFjdFNldC BSZXNlYXJj aCBTeXN0ZW 1zIGlzIGEg ZmluYW5jaW FsIGRhdGEg YW5kIGFuYW x5dGljcyBj b21wYW55IH RoYXQgZm9j dXNlcyBvbi Bwcm92aWRp bmcgZGF0YS wgYW5hbHl0 aWNzLCBhbm QgcmVzZWFy Y2ggc29sdX Rpb25zIHRv IGZpbmFuY2 lhbCBwcm9m ZXNzaW9uYW xzLiBUaGVp ciBidXNpbm VzcyBtb2Rl bCBpcyBiYX NlZCBvbiB0 aHJlZSBtYW luIHBpbGxh cnM6IGNvbn RlbnQsIHRl Y2hub2xvZ3 ksIGFuZCBz ZXJ2aWNlcy 48YnI+MS4g Q29udGVudD o8YnI+RmFj dFNldCBvZm ZlcnMgYSBj b21wcmVoZW 5zaXZlIGRh dGFiYXNlIG 9mIGZpbmFu Y2lhbCBpbm Zvcm1hdGlv biBmcm9tIG 92ZXIgNjcw IHNvdXJjZX MsIGluY2x1 ZGluZyByZW FsLXRpbWUg bWFya2V0IG RhdGEsIGNv bXBhbnkgZm luYW5jaWFs cywgbmV3cy wgYW5kIGlu ZHVzdHJ5IH JlcG9ydHMu IFRoaXMgY2 9udGVudCBp cyBjdXJhdG VkIGFuZCB1 cGRhdGVkIG J5IHRoZWly IHRlYW0gb2 YgYW5hbHlz dHMsIGVuc3 VyaW5nIGFj Y3VyYWN5IG FuZCByZWxl dmFuY2UgZm 9yIHRoZWly IGNsaWVudH MuPGJyPjIu IFRlY2hub2 xvZ3k6PGJy PkZhY3RTZX QncyByZXNl YXJjaCBwbG F0Zm9ybSBp cyBhIGtleS Bjb21wb25l bnQgb2YgdG hlaXIgYnVz aW5lc3MgbW 9kZWwuIFRo ZSBwbGF0Zm 9ybSwgY2Fs bGVkIEZhY3 RTZXQgV29y a3N0YXRpb2 4sIHByb3Zp ZGVzIGFjY2 VzcyB0byB0 aGVpciBmaW 5hbmNpYWwg ZGF0YSwgYW 5hbHl0aWNz IHRvb2xzLC BhbmQgaW5k dXN0cnktbG VhZGluZyBy ZXNlYXJjaC ByZXBvcnRz LiBUaGlzIH RlY2hub2xv Z3kgZW5hYm xlcyBjbGll bnRzIHRvIG FuYWx5emUg YW5kIHZpc3 VhbGl6ZSBk YXRhIHRvIG 1ha2UgaW5m b3JtZWQgaW 52ZXN0bWVu dCBkZWNpc2 lvbnMuPGJy PjMuIFNlcn ZpY2VzOjxi cj5GYWN0U2 V0IGFsc28g b2ZmZXJzIG EgcmFuZ2Ug b2YgY29uc3 VsdGluZyBh bmQgc3VwcG 9ydCBzZXJ2 aWNlcyB0by BoZWxwIGNs aWVudHMgbW F4aW1pemUg dGhlIHZhbH VlIG9mIHRo ZWlyIGRhdG EgYW5kIHRl Y2hub2xvZ3 kuIFRoZXNl IHNlcnZpY2 VzIGluY2x1 ZGUgdHJhaW 5pbmcsIGlt cGxlbWVudG F0aW9uLCBh bmQgY3VzdG 9taXphdGlv biB0byBtZW V0IHRoZSBz cGVjaWZpYy BuZWVkcyBv ZiB0aGVpci BjbGllbnRz Ljxicj5Pdm VyYWxsLCBG YWN0U2V0J3 MgYnVzaW5l c3MgbW9kZW wgcmVsaWVz IG9uIHByb3 ZpZGluZyBo aWdoLXF1YW xpdHkgZmlu YW5jaWFsIG RhdGEsIGlu bm92YXRpdm UgdGVjaG5v bG9neSwgYW 5kIHBlcnNv bmFsaXplZC BzZXJ2aWNl cyB0byB0aG UgZmluYW5j aWFsIGluZH VzdHJ5LiBC eSBjb250aW 51b3VzbHkg dXBkYXRpbm cgYW5kIGlt cHJvdmluZy B0aGVpciBj b250ZW50LC B0ZWNobm9s b2d5LCBhbm Qgc2Vydmlj ZXMsIHRoZX kgYWltIHRv IG1haW50YW luIHRoZWly IHBvc2l0aW 9uIGFzIGEg bGVhZGVyIG luIHRoZSBm aW5hbmNpYW wgZGF0YSBh bmQgYW5hbH l0aWNzIGlu ZHVzdHJ5Lg ==

AI does pose a potential threat to FactSet Research Systems in several ways, particularly through substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies, particularly in natural language processing and data analytics, can provide alternative methods for financial analysis and research. Competitors leveraging AI can develop tools that automatically generate insights, conduct sentiment analysis, or synthesize large volumes of data more efficiently than traditional methods. This could reduce the demand for FactSet’s traditional data and analytics products if users find AI-driven solutions more effective or convenient.
2. Disintermediation: AI has the potential to streamline processes that currently require intermediaries, such as financial analysts or research teams. If AI tools can perform tasks previously done by these professionals—like generating reports or advising clients—this could reduce the need for some of the services FactSet provides. As organizations increasingly turn towards AI-driven insights, FactSet may face challenges in maintaining its relevance and value proposition in the market.
3. Margin Pressure: As competitors adopt AI technologies to enhance their offerings, there could be increased pricing pressures across the industry. Companies that successfully integrate AI may operate more efficiently, allowing them to offer comparable services at lower prices. This could force FactSet to reconsider its pricing strategies and potentially reduce margins in order to remain competitive. Additionally, if AI-driven tools enter the market at lower price points, FactSet may find it challenging to justify the price of its more traditional services.
In conclusion, while AI offers significant opportunities for innovation and enhancement in financial services, it also presents material threats to FactSet’s existing product suite, service model, and overall competitive positioning. The company will need to adapt and integrate AI into its offerings to maintain its standing in an evolving market landscape.

FactSet Research Systems, like many financial services companies, can be sensitive to changes in interest rates in several ways, affecting its earnings, cash flow, and overall valuation.
Earnings: FactSet generates a significant portion of its revenue from subscription fees for its financial data and analytics services. While these fees may be relatively stable, a rising interest rate environment can impact the demand for its services. Higher interest rates can lead to increased borrowing costs for its clients, which may reduce their profitability and spending on analytics and financial tools. Additionally, if investment activity declines due to rising rates, there may be reduced demand for FactSet’s products.
Cash Flow: Changes in interest rates can also impact FactSet’s cash flow. If interest rates rise, the cost of debt servicing for companies may increase, which can lead to a tightening of budgets. If clients reduce their spending on financial services, this can directly affect FactSet’s cash inflows. Conversely, if interest rates are low, companies may have more disposable cash to invest in FactSet’s offerings, potentially leading to increased cash flow for the company.
Valuation: The valuation of FactSet is influenced by interest rates mainly through the discount rate applied to its future cash flows. In a low-interest-rate environment, the present value of future earnings and cash flows is higher, potentially leading to higher valuations. Conversely, if interest rates rise, the discount rate increases, which can lower the present value of these future cash flows and reduce the company’s overall valuation. Additionally, market sentiment often shifts with interest rate changes, impacting investor perception and valuation multiples.
In summary, FactSet’s earnings, cash flow, and valuation are influenced by changes in interest rates, primarily through client spending patterns and adjustments to the discount rates applied in valuation models. Understanding these sensitivities is crucial for assessing the potential impact of interest rate fluctuations on the company’s financial performance.

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 bG9nb3MvYm ZwM0l1MEVO dUxMOWFqaD BQbWIud2Vi cCIgYWx0PS JGYWN0U2V0 IFJlc2Vhcm NoIFN5c3Rl bXMiIHRpdG xlPSJGYWN0 U2V0IFJlc2 VhcmNoIFN5 c3RlbXMiIC BjbGFzcz0i aW1nLWZsdW lkIiBoZWln aHQ9OTAgd2 lkdGg9OTAg bG9hZGluZz 0nbGF6eScg c3R5bGU9J2 JvcmRlci1y YWRpdXM6ID ZweDsnPgoK ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdmbGV4Oi AxOyB0ZXh0 LWFsaWduOi BjZW50ZXI7 IG1hcmdpbi 1sZWZ0OiA1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PHAgc3R5bG U9J2ZvbnQt c2l6ZTogMj ZweDsgY29s b3I6ICMzMz M7IG1hcmdp bi1ib3R0b2 06IDE1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IPCfk4ggV2 FudCB0byBy ZWFkIG1vcm UgYWJvdXQg RmFjdFNldC BSZXNlYXJj aCBTeXN0ZW 1zPwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+Tli BHZXQgaW5z aWdodHMgZn JvbSA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+IG 5vdyEKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdSbUZq ZEYgTmxkQ0 JTWlhObCBZ WEpqYUNCVG VYIE4wWlcx ekxDQkogYm 1NdUlIZGhj eSBCbWIzVn VaR1ZrIElH bHVJREU1Tn ogZ2dZbmtn U0c5MyBZWE prSUZkcGJH IHhsSUdGdV pDQkQgYUdG eWJHVnpJRi BOdWVXUmxj aUJwIGJpQk 9iM0ozWVcg eHJMQ0JEYj I1dSBaV04w YVdOMWRDID Q4WW5JK01p NGcgVkdobE lHTnZiWCBC aGJubmlnSm x6IElHWnBj bk4wSUggQn liMlIxWTNR ZyBkMkZ6SU dFZ2MyIDlt ZEhkaGNtVW cgY0dGamEy Rm5aUyBCal lXeHNaV1Fn IFEyOXRjSF ZUZEcgRjBM Q0IzYUdsai BhQ0J3Y205 MmFXIFJsWk NCbWFXNWgg Ym1OcFlXd2 dhVyA1bWIz SnRZWFJwIG IyNGdabkp2 YlMgQndkV0 pzYVdOcyBl U0IwY21Ga1 pXIFFnWTI5 dGNHRnUgYV dWekxqeGlj aiA0ekxpQl VhR1VnIGJt RnRaU0JHWV cgTjBVMlYw SUdseiBJR0 VnWTI5dFlt IGx1WVhScG IyNGcgYjJZ Z1ptRmpkQy BCaGJtUWdj MlYwIExDQn laV1psY20g VnVZMmx1Wn lCMCBhR1Vn WTI5dGNHIE Z1ZWVLQW1Y TWcgWm05am RYTWdiMiA0 Z2NISnZkbW xrIGFXNW5J R0ZqWTMgVn lZWFJsSUdG dSBaQ0JqYj Ixd2NtIFZv Wlc1emFYWm wgSUdSaGRH RWdjMiBWMG N5NDhZbkkr IE5DNGdTVz RnZEcgaGxJ R0psWjJsdS BibWx1Wnl3 Z1JtIEZqZE ZObGRPS0Eg bVhNZ2RHRn laMiBWMElH MWhjbXRsIG RDQjNZWE1n ZEcgaGxJR1 pwYm1GdSBZ MmxoYkNCel pYIEoyYVdO bGN5QnAgYm 1SMWMzUnll UyB3Z2MzQm xZMmxtIGFX TmhiR3g1SU cgbHVkbVZ6 ZEcxbCBibl FnY21WelpX IEZ5WTJnZ1 ptbHkgYlhN Z1lXNWtJRy BacGJtRnVZ MmxoIGJDQn Bibk4wYVgg UjFkR2x2Ym 5NdSBQR0p5 UGpVdUlGIF J2WkdGNUxD QkcgWVdOMF UyVjBJSCBO bGNuWmxjeU JoIElIWmhj bWxsZEgga2 diMllnWTJ4 cCBaVzUwY3 lCcGJtIE5z ZFdScGJtY2 cgYVc1MlpY TjBiVyBWdW RDQnRZVzVo IFoyVnljeX dnWW0gRnVh M01zSUdobC BaR2RsSUda MWJtIFJ6TE NCd2NtbDIg WVhSbElHVn hkVyBsMGVT Qm1hWEp0IG N5d2dZVzVr SUcgTnZjbk J2Y21GMCBh Vzl1Y3k0OF luIEkrTmk0 Z1JtRmogZE ZObGRDQm9Z WCBNZ1lTQm 5iRzlpIFlX d2djSEpsYz IgVnVZMlVn ZDJsMCBhQ0 J2Wm1acFky IFZ6SUdsdU lFNXYgY25S b0lFRnRaWC BKcFkyRXNJ RVYxIGNtOX daU3dnUVgg TnBZUzFRWV dOcCBabWxq TENCaGJtIF FnZEdobElF MXAgWkdSc1 pTQkZZWCBO MExqeGljaj QzIExpQlVh R1VnWTIgOX RjR0Z1ZVNC byBZWE1nWW 1WbGJpIEJq YjI1emFYTj AgWlc1MGJI a2djbSBWam IyZHVhWHBs IFpDQmhjeU JoSUggUnZj Q0JsYlhCcy BiM2xsY2l3 Z2NtIEZ1YT JWa0lHOXUg SUVadmNtSm xjKyBLQW1T QnNhWE4wIE lHOW1JRUZ0 WlggSnBZMk hpZ0pseiBJ RUpsYzNRZ1 JXIDF3Ykc5 NVpYSnogSU dGdVpDQkdi MyBKMGRXNW w0b0NaIGN5 QXhNREFnUW 0gVnpkQ0JE YjIxdyBZVz VwWlhNZ2RH IDhnVjI5eW F5QkcgYjNJ dVBHSnlQai BndUlFWmhZ M1JUIFpYUW dhR0Z6SUcg RWdjM1J5Yj I1biBJR052 YlcxcGRHID FsYm5RZ2RH OGcgYzNWem RHRnBibSBG aWFXeHBkSG tnIFlXNWtJ R2hoY3kgQm laV1Z1SUhK bCBZMjluYm 1sNlpXIFFn Wm05eUlHbD AgY3lCbFpt WnZjbiBSek lHbHVJR1Z1 IGRtbHliMj V0WlcgNTBZ V3dzSUhOdi BZMmxoYkN3 Z1lXIDVrSU dkdmRtVnkg Ym1GdVkyVW dLRSBWVFJ5 a2dhVzVwIG RHbGhkR2wy WlggTXVJRl JvWlNCaiBi MjF3WVc1NU lHIGhoY3lC eVpXTmwgYV habFpDQmhJ SCBCbGNtWm xZM1FnIGMy TnZjbVVnYj IgNGdkR2hs SUVoMSBiV0 Z1SUZKcFoy IGgwY3lCRF lXMXcgWVds bmJpQkRiMy BKd2IzSmhk R1VnIFJYRj FZV3hwZEgg a2dTVzVrWl hnZyBabTl5 SUdacGRtIF VnWTI5dWMy VmogZFhScG RtVWdlVyBW aGNuTXVQR0 p5IFBqa3VJ RWx1SUcgRm taR2wwYVc5 dSBJSFJ2SU dsMGN5IEJr WVhSaElHRn UgWkNCaGJt RnNlWCBScF kzTWdjMlZ5 IGRtbGpaWE 1zSUUgWmhZ M1JUWlhRZy BZV3h6YnlC dlptIFpsY2 5NZ1lTQnog ZFdsMFpTQn ZaaSBCemIy WjBkMkZ5IF pTQmhjSEJz YVcgTmhkR2 x2Ym5NZyBa bTl5SUhCdm NuIFJtYjJ4 cGJ5QnQgWV c1aFoyVnRa VyA1MExDQj BjbUZrIGFX NW5MQ0J5YV ggTnJJRzFo Ym1GbiBaVz FsYm5Rc0lH IEZ1WkNCM1 pXRnMgZEdn Z2JXRnVZVy BkbGJXVnVk QzQ4IFluSS tNVEF1SUUg WmhZM1JUWl hRZyBhR0Z6 SUcxaFpHIF VnYzJWMlpY SmggYkNCem RISmhkRyBW bmFXTWdZV0 54IGRXbHph WFJwYjIgNX pJRzkyWlhJ ZyBkR2hsSU hsbFlYIEp6 TENCcGJtTn MgZFdScGJt Y2dkRyBobE lHRmpjWFZw IGMybDBhVz l1SUcgOW1J RTFoY210bC BkQ0JOWlhS eWFXIE56TE NCaElHUmgg ZEdFZ1lXNW tJSCBKbGMy VmhjbU5vIE lIQnliM1pw WkcgVnlJR1 p2Y2lCaCBj M05sZENCdF lXIDVoWjJW eWN5d2cgYV c0Z01qQXhP QyA0OFluSS tNVEV1IElF bHVJREU1T1 QgWXNJRVpo WTNSVCBaWF FnWW1WallX IDFsSUdFZ2 NIVmkgYkds amJIa2dkSC BKaFpHVmtJ R052IGJYQm hibmtnWVcg NWtJR2x6SU d4cCBjM1Js WkNCdmJpIE IwYUdVZ1Rt VjMgSUZsdm Ntc2dVMyBS dlkyc2dSWG hqIGFHRnVa MlVnZFcgNW taWElnZEdo bCBJSFJwWT J0bGNpIEJ6 ZVcxaWIyd2 cgUmtSVExq eGljaiA0eE 1pNGdWR2hs IElHTnZiWE JoYm4ga2dh R0Z6SUdOdi Bibk5wYzNS bGJuIFJzZV NCemFHOTMg YmlCbmNtOT NkRyBnZ1lX NWtJSEJ5IG IyWnBkR0Zp YVcgeHBkSG tzSUhkcCBk R2dnY21WMl pXIDUxWlNC cGJtTnkgWl dGemFXNW5J RyBaeWIyMG dKREV6IE9T QnRhV3hzYV cgOXVJR2x1 SURJdyBNRE FnZEc4Z2Iz IFpsY2lBa0 1TNDEgSUdK cGJHeHBiMi A0Z2FXNGdN akF5IE1DND hZbkkrTVQg TXVJRVpoWT NSVCBaWFFn YUdGeklIIE psWTJWcGRt VmsgSUc1MW JXVnliMyBW eklHRjNZWE prIGN5Qmhi bVFnWVcgTm piMnhoWkdW eiBMQ0JwYm 1Oc2RXIFJw Ym1jZ1ltVn AgYm1jZ2Jt RnRaVyBRZ2 RHOGdSbTl5 IGRIVnVaZU tBbVggTWdS blYwZFhKbC BJRFV3SUd4 cGMzIFFnYj JZZ2RHaGwg SUdaaGMzUm xjMyBRdFoz SnZkMmx1IF p5QmpiMjF3 WVcgNXBaWE 1nYVc0ZyBN akF4T1NCaG JtIFFnUm05 eVltVnogNG 9DWklGZHZj bSB4azRvQ1 pjeUJDIFpY TjBJRVZ0Y0 cgeHZlV1Z5 Y3lCcyBhWE 4wSUdsdUlE IEl3TWpFdV BHSnkgUGpF MExpQkdZVy BOMFUyVjA0 b0NaIGN5Qk RSVThzSUYg Qm9hV3dnU0 dGayBiR1Y1 TENCb1lYIE 1nWW1WbGJp QjMgYVhSb0 lIUm9aUyBC amIyMXdZVz U1IElITnBi bU5sSUQgRT VPREFnWVc1 ayBJR2hoY3 lCaVpXIFZ1 SUdsdWMzUn kgZFcxbGJu UmhiQyBCcG JpQnBkSE1n IFozSnZkM1 JvSUcgRnVa Q0J6ZFdOai BaWE56TGp4 aWNqIDR4Tl M0Z1NXNGcg TWpBeU1Dd2 dSbSBGamRG TmxkQ0JzIF lYVnVZMmhs WkMgQnBkSE 1nUTA5VyBT VVF0TVRrZ1 JHIEYwWVNC aGJtUWcgVm 1semRXRnNh WCBwaGRHbH ZiaUJJIGRX SXNJSEJ5Yj MgWnBaR2x1 WnlCeSBaV0 ZzTFhScGJX IFVnWkdGMF lTQmggYm1R Z2FXNXphVy Bkb2RITWdi MjRnIGRHaG xJR2x0Y0cg RmpkQ0J2Wm lCMCBhR1Vn Y0dGdVpHIF Z0YVdNZ2Iy NGcgWjJ4dl ltRnNJRyAx aGNtdGxkSE 1nIFlXNWtJ R1ZqYjIgNX ZiV2xsY3k0 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=