Mitsui

Live  

Mitsui & Co., Ltd. is a global trading and investment company based in Japan. It was established in 1947 and has since expanded into various industries, including energy, chemicals, infrastructure, machinery, food, textiles, and more.
The company's main business is trading, including the import and export of commodities such as iron ore, coal, oil and gas, and agricultural products. It also engages in a range of activities such as project development, manufacturing, and marketing.
Mitsui has operations in over 65 countries and regions, with a network of approximately 1,350 subsidiaries and associated companies. Its diverse portfolio and global presence make it one of the largest general trading companies in the world.
In addition to its trading and investment activities, Mitsui is committed to sustainability and corporate social responsibility. The company has implemented an Environmental and Social Policy and is actively involved in promoting renewable energy, reducing carbon emissions, and supporting community development and education.
Mitsui has also been recognized for its efforts in technology and innovation, with its business divisions focusing on digitalization, mobility, and healthcare.
Overall, Mitsui is a diverse and global company with a strong presence and a commitment to responsible business practices.

TWl0c3VpIG lzIGEgcmVh bGx5IGJpZy Bjb21wYW55 IGZyb20gSm FwYW4gdGhh dCBkb2VzIG EgbG90IG9m IGRpZmZlcm VudCB0aGlu Z3MuIEltYW dpbmUgaXQg bGlrZSBhIG h1Z2UgdG9v bGJveCB3aX RoIG1hbnkg a2luZHMgb2 YgdG9vbHMg aW4gaXQuIF NvbWUgb2Yg dGhlIHRoaW 5ncyBNaXRz dWkgZG9lcy BpbmNsdWRl IHRyYWRpbm cgdmFyaW91 cyBwcm9kdW N0cywgaW52 ZXN0aW5nIG luIGJ1c2lu ZXNzZXMsIG FuZCBoZWxw aW5nIHRvIG 1ha2UgdGhp bmdzIGxpa2 UgZW5lcmd5 LCBjaGVtaW NhbHMsIGFu ZCBmb29kLi A8YnI+U28s IGhvdyBkb2 VzIE1pdHN1 aSBtYWtlIG 1vbmV5PyBX ZWxsLCB0aG V5IGJ1eSBw cm9kdWN0cy BvciBtYXRl cmlhbHMgZn JvbSBvbmUg cGxhY2UgYW 5kIHNlbGwg dGhlbSB0by Bhbm90aGVy IHBsYWNlIG F0IGEgaGln aGVyIHByaW NlLiBGb3Ig ZXhhbXBsZS wgdGhleSBt aWdodCBidX kgaXJvbiBv cmUgZnJvbS BhIGNvdW50 cnkgdGhhdC BoYXMgYSBs b3Qgb2YgaX QgYW5kIHNl bGwgaXQgdG 8gYSBjb3Vu dHJ5IHRoYX QgbmVlZHMg aXQgdG8gbW FrZSBzdGVl bC4gVGhleS BhbHNvIGlu dmVzdCBpbi BvdGhlciBj b21wYW5pZX MgYW5kIHRl Y2hub2xvZ2 llcywgd2hp Y2ggY2FuIG hlbHAgdGhl bSBlYXJuIG 1vbmV5IHdo ZW4gdGhvc2 UgYnVzaW5l c3NlcyBncm 93Ljxicj5N aXRzdWkgaX Mgc3VjY2Vz c2Z1bCBmb3 IgYSBmZXcg cmVhc29ucy 4gRmlyc3Qs IHRoZXkgaG F2ZSBiZWVu IGFyb3VuZC Bmb3IgYSBs b25nIHRpbW XigJRtb3Jl IHRoYW4gMT UwIHllYXJz 4oCUc28gdG hleSBoYXZl IGEgbG90IG 9mIGV4cGVy aWVuY2UuIF RoZXkga25v dyBob3cgdG 8gc3BvdCBn b29kIG9wcG 9ydHVuaXRp ZXMgYW5kIG 1ha2Ugc21h cnQgZGVjaX Npb25zLiBT ZWNvbmQsIH RoZXkgd29y ayBpbiBsb3 RzIG9mIGRp ZmZlcmVudC BhcmVhcywg d2hpY2ggaG VscHMgdGhl bSBub3Qgcm VseSBvbiBq dXN0IG9uZS B0aGluZyB0 byBtYWtlIG 1vbmV5LiBJ ZiBvbmUgcG FydCBvZiB0 aGVpciBidX NpbmVzcyBo YXMgYSB0b3 VnaCB0aW1l LCBvdGhlci BwYXJ0cyBt aWdodCBiZS Bkb2luZyB3 ZWxsLjxicj 5JbiB0aGUg ZnV0dXJlLC BNaXRzdWkg d2lsbCBsaW tlbHkgY29u dGludWUgdG 8gYmUgc3Vj Y2Vzc2Z1bC BiZWNhdXNl IHRoZXkga2 VlcCBsb29r aW5nIGZvci BuZXcgb3Bw b3J0dW5pdG llcy4gVGhl eSBhcmUgaW 52b2x2ZWQg aW4gaW1wb3 J0YW50IGFy ZWFzIGxpa2 UgcmVuZXdh YmxlIGVuZX JneSwgd2hp Y2ggaXMgc2 9tZXRoaW5n IG1hbnkgcG VvcGxlIGNh cmUgYWJvdX QgdG9kYXku IEJ5IGFkYX B0aW5nIHRv IGNoYW5nZS BhbmQgc3Rh eWluZyBpbm 5vdmF0aXZl LCB0aGV5IG NhbiBrZWVw IGdyb3dpbm cgYW5kIG1h a2luZyBtb2 5leSBmb3Ig YSBsb25nIH RpbWUuPGJy Pg==

MS4gTG9uZy BIaXN0b3J5 OiBNaXRzdW kgJiBDby4s IEx0ZC4gd2 FzIGZvdW5k ZWQgaW4gMT g3NiBhbmQg aGFzIG92ZX IgMTQwIHll YXJzIG9mIG hpc3Rvcnku IDxicj4yLi BEaXZlcnNp ZmllZCBCdX NpbmVzcyBQ b3J0Zm9saW 86IE1pdHN1 aSBoYXMgYS B3aWRlIHJh bmdlIG9mIG J1c2luZXNz IGludGVyZX N0cywgaW5j bHVkaW5nIG lyb24gYW5k IHN0ZWVsLC BtYWNoaW5l cnksIGNoZW 1pY2Fscywg ZW5lcmd5LC Bmb29kLCB0 ZXh0aWxlcy wgYW5kIElD VCwgYW1vbm cgb3RoZXJz LiBUaGlzIG RpdmVyc2Ug cG9ydGZvbG lvIGhhcyBh bGxvd2VkIE 1pdHN1aSB0 byByZW1haW 4gcmVzaWxp ZW50IGFuZC BhZGFwdGFi bGUgdG8gY2 hhbmdpbmcg ZWNvbm9taW MgY29uZGl0 aW9ucy48Yn I+My4gR2xv YmFsIFByZX NlbmNlOiBN aXRzdWkgaG FzIGEgd2Vs bC1lc3RhYm xpc2hlZCBn bG9iYWwgcH Jlc2VuY2Us IHdpdGggYS BuZXR3b3Jr IG9mIG92ZX IgMTMwIG9m ZmljZXMgaW 4gNjYgY291 bnRyaWVzLC BlbmFibGlu ZyBpdCB0by Bjb25kdWN0 IGJ1c2luZX NzIGluIGRp ZmZlcmVudC ByZWdpb25z IGFuZCBhY2 Nlc3MgdmFy aW91cyBtYX JrZXRzLjxi cj40LiBTdH JvbmcgUGFy dG5lcnNoaX BzOiBNaXRz dWkgaGFzIG Zvcm1lZCBz dHJhdGVnaW MgcGFydG5l cnNoaXBzIH dpdGggYSB2 YXJpZXR5IG 9mIGNvbXBh bmllcyBhY3 Jvc3MgZGlm ZmVyZW50IG luZHVzdHJp ZXMsIGluY2 x1ZGluZyBq b2ludCB2ZW 50dXJlcyBh bmQgYWxsaW FuY2VzLCBh bGxvd2luZy B0aGVtIHRv IHNoYXJlIH Jlc291cmNl cyBhbmQgZX hwZXJ0aXNl Ljxicj41Li BJbm5vdmF0 aW9uOiBNaX RzdWkgaXMg Y29tbWl0dG VkIHRvIGlu bm92YXRpb2 4gYW5kIGlu dmVzdHMgaG VhdmlseSBp biByZXNlYX JjaCBhbmQg ZGV2ZWxvcG 1lbnQgdG8g Y3JlYXRlIG 5ldyBwcm9k dWN0cyBhbm QgdGVjaG5v bG9naWVzIG FuZCBpbXBy b3ZlIGV4aX N0aW5nIG9u ZXMuPGJyPj YuIFN1c3Rh aW5hYmlsaX R5OiBNaXRz dWkgaXMgY2 9tbWl0dGVk IHRvIHN1c3 RhaW5hYmxl IGRldmVsb3 BtZW50IGFu ZCBoYXMgaW 50ZWdyYXRl ZCBlbnZpcm 9ubWVudGFs LCBzb2NpYW wsIGFuZCBn b3Zlcm5hbm NlIChFU0cp IGNvbnNpZG VyYXRpb25z IGludG8gaX RzIGJ1c2lu ZXNzIHByYW N0aWNlcy48 YnI+Ny4gQ2 9udHJpYnV0 aW9uIHRvIF NvY2lldHk6 IE1pdHN1aS BpcyBhY3Rp dmVseSBpbn ZvbHZlZCBp biB2YXJpb3 VzIHBoaWxh bnRocm9waW MgYW5kIGNv bW11bml0eS BkZXZlbG9w bWVudCBpbm l0aWF0aXZl cywgcHJvbW 90aW5nIGVk dWNhdGlvbi wgZW52aXJv bm1lbnRhbC Bjb25zZXJ2 YXRpb24sIG FuZCBkaXNh c3RlciByZW xpZWYgZWZm b3J0cy48Yn I+OC4gRW1w bG95ZWUgRG V2ZWxvcG1l bnQ6IE1pdH N1aSBwbGFj ZXMgYSBzdH JvbmcgZW1w aGFzaXMgb2 4gZGV2ZWxv cGluZyBpdH MgZW1wbG95 ZWVzLCBwcm 92aWRpbmcg dGhlbSB3aX RoIG9wcG9y dHVuaXRpZX MgZm9yIGdy b3d0aCBhbm QgYWR2YW5j ZW1lbnQgd2 l0aGluIHRo ZSBjb21wYW 55Ljxicj45 LiBTdHJvbm cgRmluYW5j aWFsIFBlcm Zvcm1hbmNl OiBNaXRzdW kgaGFzIGNv bnNpc3Rlbn RseSBkZWxp dmVyZWQgc3 Ryb25nIGZp bmFuY2lhbC ByZXN1bHRz LCBkZW1vbn N0cmF0aW5n IGl0cyBidX NpbmVzcyBy ZXNpbGllbm NlIGFuZCBz dGFiaWxpdH kuPGJyPjEw LiBDb3Jwb3 JhdGUgUGhp bG9zb3BoeT ogVGhlIGNv bXBhbnkncy Bjb3Jwb3Jh dGUgcGhpbG 9zb3BoeSBv ZiAiY3JlYX RpbmcgdmFs dWUgYW5kIG NvbnRyaWJ1 dGluZyB0by B0aGUgYmV0 dGVybWVudC BvZiBzb2Np ZXR5IiByZW ZsZWN0cyBp dHMgY29tbW l0bWVudCB0 byBzdXN0YW luYWJsZSBn cm93dGggYW 5kIHJlc3Bv bnNpYmxlIG J1c2luZXNz IHByYWN0aW Nlcy4=

VGhlIE1pdH N1aSBjb21w YW55IGlzIG EgSmFwYW5l c2UgbXVsdG luYXRpb25h bCBjb3Jwb3 JhdGlvbiBp bnZvbHZlZC BpbiBhIHdp ZGUgcmFuZ2 Ugb2YgaW5k dXN0cmllcy wgaW5jbHVk aW5nIHRyYW RpbmcsIGlu dmVzdG1lbn QsIGFuZCBi dXNpbmVzcy BkZXZlbG9w bWVudC4gSX RzIGJ1c2lu ZXNzIG1vZG VsIGlzIGJh c2VkIG9uIG EgZGl2ZXJz aWZpZWQgcG 9ydGZvbGlv IG9mIGJ1c2 luZXNzZXMg YWNyb3NzIH ZhcmlvdXMg c2VjdG9ycy wgaW5jbHVk aW5nIGVuZX JneSwgbWV0 YWxzLCBtYW NoaW5lcnks IGNoZW1pY2 FscywgZm9v ZCwgYW5kIG NvbnN1bWVy IHByb2R1Y3 RzLjxicj5U aGUgY29tcG FueSBvcGVy YXRlcyBwcm ltYXJpbHkg dGhyb3VnaC BpdHMgZm91 ciBidXNpbm VzcyB1bml0 czogRW5lcm d5ICYgTWlu ZXJhbCBSZX NvdXJjZXMs IE1hY2hpbm VyeSAmIElu ZnJhc3RydW N0dXJlLCBD aGVtaWNhbH MsIGFuZCBG b29kICYgUm V0YWlsLiBF YWNoIGJ1c2 luZXNzIHVu aXQgZm9jdX NlcyBvbiBp dHMgcmVzcG VjdGl2ZSBj b3JlIGNvbX BldGVuY2Ug YW5kIGNvbG xhYm9yYXRl cyB3aXRoIG 90aGVyIHVu aXRzIHRvIG 1heGltaXpl IHN5bmVyZ2 llcyBhbmQg Y3JlYXRlIG 5ldyBidXNp bmVzcyBvcH BvcnR1bml0 aWVzLjxicj 5NaXRzdWkn cyBidXNpbm VzcyBtb2Rl bCBhbHNvIG luY2x1ZGVz IHN0cmF0ZW dpYyBpbnZl c3RtZW50cy BpbiBoaWdo LWdyb3d0aC BpbmR1c3Ry aWVzIGFuZC BtYXJrZXRz LCBib3RoIG RvbWVzdGlj YWxseSBhbm QgaW50ZXJu YXRpb25hbG x5LiBUaGUg Y29tcGFueS dzIGdsb2Jh bCBuZXR3b3 JrIGFuZCBl eHBlcnRpc2 UgaW4gdmFy aW91cyBpbm R1c3RyaWVz IGFsbG93IG l0IHRvIGlk ZW50aWZ5IG FuZCBjYXBp dGFsaXplIG 9uIGVtZXJn aW5nIG1hcm tldCB0cmVu ZHMgYW5kIG 9wcG9ydHVu aXRpZXMuPG JyPkZ1cnRo ZXJtb3JlLC BNaXRzdWkg aGFzIGEgc3 Ryb25nIGZv Y3VzIG9uIH N1c3RhaW5h YmlsaXR5IG FuZCBzb2Np YWwgcmVzcG 9uc2liaWxp dHksIGluY2 9ycG9yYXRp bmcgZW52aX Jvbm1lbnRh bCwgc29jaW FsLCBhbmQg Z292ZXJuYW 5jZSAoRVNH KSBmYWN0b3 JzIGludG8g aXRzIGJ1c2 luZXNzIG9w ZXJhdGlvbn MuIFRoaXMg aW5jbHVkZX MgcHJvbW90 aW5nIHN1c3 RhaW5hYmxl IHByYWN0aW NlcyBhY3Jv c3MgaXRzIH N1cHBseSBj aGFpbiwgaW 52ZXN0aW5n IGluIHJlbm V3YWJsZSBl bmVyZ3ksIG FuZCBzdXBw b3J0aW5nIG NvbW11bml0 eSBkZXZlbG 9wbWVudCBh bmQgc29jaW FsIGluaXRp YXRpdmVzLj xicj5PdmVy YWxsLCBNaX RzdWkncyBi dXNpbmVzcy Btb2RlbCBp cyBjaGFyYW N0ZXJpemVk IGJ5IGl0cy BkaXZlcnNl IHBvcnRmb2 xpbywgZ2xv YmFsIHByZX NlbmNlLCBz dHJhdGVnaW MgaW52ZXN0 bWVudHMsIG FuZCBjb21t aXRtZW50IH RvIHN1c3Rh aW5hYmlsaX R5LCBhbGwg b2Ygd2hpY2 ggY29udHJp YnV0ZSB0by B0aGUgY29t cGFueSdzIG xvbmctdGVy bSBncm93dG ggYW5kIHN1 Y2Nlc3Mu

AI can potentially pose a material threat to Mitsui & Co. in several ways, considering its diverse portfolio that includes trading, investment, and various sectors like chemicals, energy, and food products.
1. Substitution: AI technologies may enable new products or services that can substitute traditional offerings. For example, advancements in AI-driven agriculture could lead to more efficient food production methods that reduce reliance on Mitsui’s agricultural products.
2. Disintermediation: AI can streamline supply chains and improve direct-to-consumer models, posing a threat to Mitsui’s role as an intermediary in various markets. Companies may find ways to connect directly with end-users, reducing their dependence on trading companies for logistics and distribution.
3. Margin Pressure: As AI technologies proliferate, companies adopting these innovations may achieve significant cost savings and efficiencies. This could lead to increased competition in pricing and margin pressures for Mitsui’s products and services, especially in sectors like chemicals and logistics.
In summary, while Mitsui has a robust business model, it must continuously innovate and adapt to the evolving landscape influenced by AI to mitigate these potential threats.

The sensitivity of Mitsui’s earnings, cash flow, and valuation to changes in interest rates can be assessed through several dimensions:
1. Cost of Borrowing: If interest rates rise, Mitsui’s cost of borrowing would increase, leading to higher interest expenses. This could pressure earnings, particularly if the company has a significant amount of debt.
2. Investment Activities: Mitsui is involved in various investment activities across sectors, including commodities, real estate, and infrastructure. Higher interest rates may make financing for new projects or expansions more expensive, which could slow down growth and impact cash flow.
3. Valuation Impact: Generally, rising interest rates lead to higher discount rates used in discounted cash flow (DCF) valuations. This increased rate would lower the present value of future cash flows, negatively impacting the company’s overall valuation.
4. Sector Sensitivity: Different sectors within which Mitsui operates may react differently to interest rate changes. For instance, sectors such as real estate may be more sensitive due to higher capital costs, while commodity-related businesses might experience mixed effects depending on global demand and supply dynamics.
5. Consumer Spending: Higher interest rates may reduce consumer spending and business investment, potentially leading to a decline in demand for Mitsui’s products and services, subsequently affecting both earnings and cash flows.
In summary, while Mitsui’s earnings, cash flow, and valuation are sensitive to changes in interest rates, the degree of this sensitivity will depend on the specifics of their debt levels, the sectors they operate in, and general economic conditions. Managing interest rate risk through financial strategies can help mitigate these impacts.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BNaXRzdWkg JmFtcDsgQ2 8u4oCZcyBl Y29ub21pY3 Mgb3ZlciB0 aGUgbmV4dC Az4oCTNSB5 ZWFycyBpcy BhIHNpZ25p ZmljYW50IG FuZCBzdXN0 YWluZWQgZG 93bnR1cm4g aW4gZ2xvYm FsIGNvbW1v ZGl0eSBwcm ljZXMsIHBh cnRpY3VsYX JseSBpbiB0 aGUgZW5lcm d5IGFuZCBy YXcgbWF0ZX JpYWxzIHNl Y3RvcnMgd2 hlcmUgTWl0 c3VpIGhhcy Bjb25zaWRl cmFibGUgaW 52ZXN0bWVu dHMuIEZhY3 RvcnMgY29u dHJpYnV0aW 5nIHRvIHRo aXMgc2Nlbm FyaW8gY291 bGQgaW5jbH VkZSBhIGds b2JhbCBzaG lmdCB0b3dh cmRzIHJlbm V3YWJsZSBl bmVyZ3kgc2 91cmNlcywg cmVzdWx0aW 5nIGluIGxv d2VyIGRlbW FuZCBmb3Ig Zm9zc2lsIG Z1ZWxzIGFu ZCBvdGhlci B0cmFkaXRp b25hbCBjb2 1tb2RpdGll cywgZ292ZX JubWVudGFs IHBvbGljaW VzIHByb21v dGluZyBzdX N0YWluYWJp bGl0eSwgYW 5kIGFkdmFu Y2VtZW50cy BpbiB0ZWNo bm9sb2d5IH RoYXQgZGVj cmVhc2UgZG VwZW5kZW5j eSBvbiB0aG VzZSByZXNv dXJjZXMuPG JyPklmIHRo aXMgc2Nlbm FyaW8gcGxh eWVkIG91dC wgTWl0c3Vp 4oCZcyBwcm 9maXQgbWFy Z2lucyB3b3 VsZCBsaWtl bHkgc3VmZm VyIGFzIHRo ZWlyIHJldm VudWUgZnJv bSBjb21tb2 RpdHktcmVs YXRlZCBidX NpbmVzc2Vz IGRlY2xpbm VzLiBUaGUg Y29tcGFuee KAmXMgZXhp c3RpbmcgY2 9udHJhY3Rz IHdvdWxkIG JlIGFkdmVy c2VseSBhZm ZlY3RlZCwg bGVhZGluZy B0byBsb3dl ciBzYWxlcy BwcmljZXMg YW5kIHZvbH VtZXMuIFRo aXMgd291bG QgZGVjcmVh c2Ugb3Zlcm FsbCBwcm9m aXRhYmlsaX R5LCBhbmQg b3BlcmF0aW 5nIG1hcmdp bnMgY291bG QgY29udHJh Y3Qgc2lnbm lmaWNhbnRs eS4gTG9zc2 VzIGluIHRo ZXNlIHNlY3 RvcnMgd291 bGQgb3Zlcn NoYWRvdyBw cm9maXRzIG Zyb20gb3Ro ZXIgc2VnbW VudHMsIHN1 Y2ggYXMgbG 9naXN0aWNz IG9yIG90aG VyIGRpdmVy c2lmaWVkIG J1c2luZXNz ZXMuPGJyPk Nhc2ggZmxv dyB3b3VsZC BhbHNvIHRh a2UgYSBoaX QgZHVlIHRv IHJlZHVjZW QgY2FzaCBp bmZsb3dzIG Zyb20gY29t bW9kaXRpZX MuIFRoZSBj YXNoIGdlbm VyYXRpb24g Y2FwYWNpdH kgZnJvbSBj b3JlIG9wZX JhdGlvbnMg d291bGQgZG ltaW5pc2gs IG1ha2luZy BpdCBjaGFs bGVuZ2luZy Bmb3IgTWl0 c3VpIHRvIG 1lZXQgaXRz IG9wZXJhdG lvbmFsIGV4 cGVuc2VzLC BpbnZlc3Qg aW4gZ3Jvd3 RoIG9wcG9y dHVuaXRpZX MsIG9yIHJl dHVybiB2YW x1ZSB0byBz aGFyZWhvbG RlcnMgdGhy b3VnaCBkaX ZpZGVuZHMg b3Igc2hhcm UgYnV5YmFj a3MuIElmIH RoZSBkb3du dHVybiB3ZX JlIHNldmVy ZSwgdGhlIG NvbXBhbnkg bWlnaHQgZX ZlbiBoYXZl IHRvIHJlc2 9ydCB0byBi b3Jyb3dpbm cgdG8gbWFp bnRhaW4gbG lxdWlkaXR5 LCBmdXJ0aG VyIHN0cmFp bmluZyBjYX NoIGZsb3cu PGJyPlRoZS BiYWxhbmNl IHNoZWV0IH dvdWxkIHJl ZmxlY3QgdG hpcyBlY29u b21pYyBpbX BhaXJtZW50 IHRocm91Z2 ggYSBkZWNy ZWFzZSBpbi B0b3RhbCBh c3NldCB2YW x1ZXMgYXMg Y29tbW9kaX R5LXJlbGF0 ZWQgaW52ZX N0bWVudHMg bWF5IGZhY2 UgaW1wYWly bWVudHMgb3 IgZGVjbGlu ZXMgaW4gbW Fya2V0IHZh bHVlLiBXaX RoIHJlZHVj ZWQgY2FzaC BmbG93cyBh bmQgZWFybm luZ3MsIHRo ZSBjb21wYW 55IGNvdWxk IHNlZSBpbm NyZWFzZWQg bGV2ZXJhZ2 UgcmF0aW9z LCBhcyBkZW J0IGxldmVs cyBjb3VsZC ByaXNlIHdo aWxlIGVxdW l0eSBkZWNs aW5lcyBkdW UgdG8gbG93 ZXIgcmV0YW luZWQgZWFy bmluZ3MuIF RoaXMgc2l0 dWF0aW9uIG NvdWxkIGxl YWQgdG8gY2 9uY2VybnMg YWJvdXQgc3 VzdGFpbmFi bGUgZGVidC BsZXZlbHMg YW1vbmcgaW 52ZXN0b3Jz IGFuZCBjcm VkaXRvcnMs IHBvdGVudG lhbGx5IGlt cGFjdGluZy BNaXRzdWni gJlzIGNyZW RpdCByYXRp bmcgYW5kIG JvcnJvd2lu ZyBjb3N0cy 48YnI+SW4g c3VtbWFyeS wgYSBwcm9s b25nZWQgZG 93bnR1cm4g aW4gZ2xvYm FsIGNvbW1v ZGl0eSBwcm ljZXMgY291 bGQgc2VyaW 91c2x5IGlt cGFpciBNaX RzdWnigJlz IGVjb25vbW ljIHN0YWJp bGl0eSwgbG VhZGluZyB0 byBkZWNyZW FzZWQgbWFy Z2lucywgbm VnYXRpdmUg Y2FzaCBmbG 93IGltcGFj dHMsIGFuZC BhIHdlYWtl bmVkIGJhbG FuY2Ugc2hl ZXQuIFRoZS BvdmVyYWxs IHJpc2sgcH JvZmlsZSBv ZiB0aGUgY2 9tcGFueSB3 b3VsZCBzaG lmdCwgbWFr aW5nIGl0IG xlc3MgYXR0 cmFjdGl2ZS B0byBpbnZl c3RvcnMgYW 5kIHBvdGVu dGlhbGx5IG NvbXBsaWNh dGluZyBpdH MgbG9uZy10 ZXJtIGdyb3 d0aCBwcm9z cGVjdHMuPG 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 bG9nb3MvY3 FjZ29XdjUy b0hJTDRmZE pMZUgud2Vi cCIgYWx0PS JNaXRzdWki IHRpdGxlPS JNaXRzdWki 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 QgTWl0c3Vp 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+ZjCBK b2luIG5vdy B0byBnZXQg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPiBhdCBu byBjb3N0Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvcD4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTJweDsg Zm9udC1zaX plOiAxM3B4 OyBjb2xvcj ogIzQ0NDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg U2lnbiB1cC Bub3cgYW5k IGdldCBvdX IgZnJlZSBl Qm9vayAKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxiPl RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 M8L2I+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx NnB4OyBmb2 50LXNpemU6 IDE0cHg7IG NvbG9yOiAj NDQ0OyBmb2 50LWZhbWls eTogLWFwcG xlLXN5c3Rl bSwgQmxpbm tNYWNTeXN0 ZW1Gb250LC BTZWdvZSBV SSwgUm9ib3 RvLCBIZWx2 ZXRpY2EgTm V1ZSwgc2Fu cy1zZXJpZj sgbGluZS1o ZWlnaHQ6ID EuNjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgSGF2 ZSB5b3UgaG VhcmQgYWJv dXQgb3VyIH Nob3J0IDxz dHJvbmcgc3 R5bGU9J2Zv bnQtd2VpZ2 h0OiA2MDA7 Jz5EYWlseS BWaWRlbyBO ZXdzbGV0dG VyPC9zdHJv bmc+PwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naHR0 cHM6Ly93d3 cuaW5zaWdo dGZ1bHZhbH VlLmNvbS9u ZXdzbGV0dG VyLnBocCcg dGFyZ2V0PS dfYmxhbmsn IHN0eWxlPS djb2xvcjog IzAwN0JGRj sgdGV4dC1k ZWNvcmF0aW 9uOiBub25l OyBmb250LX dlaWdodDog NTAwOyBtYX JnaW4tbGVm dDogNnB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgRmlu ZCBvdXQgbW 9yZQogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIAogIC AgICAgIAog ICAgICAgID xzcGFuIGNs YXNzPSdibH VycmVkLXRl eHQnPgogIC AgICAgICAg ICBNUzRnVk dobElFIDFw ZEhOMWFTQk ggY205MWND QnBjeSBCdm JtVWdiMlln IGRHaGxJRz lzWkcgVnpk Q0JoYm1RZy BiR0Z5WjJW emRDIEJqYj I1bmJHOXQg WlhKaGRHVn pJRyBsdUlF cGhjR0Z1IE xDQnZjbWxu YVcgNWhiR3 g1SUdadiBk VzVrWldRZ2 FXIDRnTVRZ M015QmkgZV NCTmFYUnpk VyBrZ1ZHRn JZWFJ2IGMy aHBManhpY2 ogNHlMaUJV YUdVZyBZMj l0Y0dGdWVT IEJ6ZEdGeW RHVmsgSUdG eklHRWdjRy BGM2JuTm9i M0FnIFlXNW tJSE5oYTIg VWdZbkpsZD JWeSBlU3dn WW5WMElHIF YyWlc1MGRX RnMgYkhrZ1 pYaHdZVyA1 a1pXUWdhVz UwIGJ5QnVk VzFsY20gOT FjeUJwYm1S MSBjM1J5YV dWeklIIE4x WTJnZ1lYTW cgYldsdWFX NW5MQyBCaV lXNXJhVzVu IExDQjBjbU ZrYVcgNW5M Q0JoYm1RZy BjbVZoYkNC bGMzIFJoZE dVdVBHSnkg UGpNdUlFMX BkSCBOMWFT QmlaV05oIG JXVWdkR2hs SUcgWnBjbk 4wSUVwaCBj R0Z1WlhObE lIIFJ5WVdS cGJtY2cgWT I5dGNHRnVl UyBCMGJ5Qn ZjR1Z1IElH RnVJRzltWm 0gbGpaU0Jw YmlCMCBhR1 VnVlc1cGRH IFZrSUZOMF lYUmwgY3lC cGJpQXhPVC BBNUxqeGlj ajQwIExpQk piaUF4T1Qg SXhMQ0JOYV hSeiBkV2tn Wlc1MFpYIE psWkNCMGFH VWcgYjJsc0 lHbHVaSCBW emRISjVJSF JvIGNtOTFa MmdnWVMgQn FiMmx1ZENC MiBaVzUwZF hKbElIIGRw ZEdnZ1UzUm ggYm1SaGNt UWdUMiBsc0 lHOW1JRTVs IGR5QktaWE p6Wlgga2dL RzV2ZHlCci BibTkzYmlC aGN5IEJGZU hodmJrMXYg WW1sc0tTND hZbiBJK05T NGdWR2hsIE lHTnZiWEJo Ym4ga2dkMk Z6SUdadiBj bU5sWkNCMG J5IEJrYVhO emIyeDIgWl NCa2RYSnBi bSBjZ1YyOX liR1FnIFYy RnlJRWxKSU cgUjFaU0Iw YnlCSyBZWE JoYnVLQW1Y IE1nWldOdm JtOXQgYVdN Z2NHOXNhVy BOcFpYTXNJ R0oxIGRDQj NZWE1nWVcg SnNaU0IwYn lCeSBaWE4x YldVZ2IzIE JsY21GMGFX OXUgY3lCaF puUmxjaSBC MGFHVWdkMk Z5IExqeGlj ajQyTGkgQk piaUIwYUdV ZyBNVGszTU hNc0lFIDFw ZEhOMWFTQm kgWldOaGJX VWdaRyBWbG NHeDVJR2x1 IGRtOXNkbV ZrSUcgbHVJ SFJvWlNCdy BaWFJ5YjJO b1pXIDFwWT JGc0lHbHUg WkhWemRISj VMQyBCbGMz UmhZbXhwIG MyaHBibWNn YW0gOXBibl FnZG1WdSBk SFZ5WlhNZ2 QyIGwwYUNC dFlXcHYgY2 lCamIyMXdZ VyA1cFpYTW djM1ZqIGFD QmhjeUJFYj MgY2dRMmhs YldsaiBZV3 dnWVc1a0lF IFIxVUc5dW RDNDggWW5J K055NGdUVy BsMGMzVnA0 b0NaIGN5Qn RhVzVwYm0g Y2daR2wyYV hOcCBiMjRn YVhNZ2EyID V2ZDI0Z1pt OXkgSUdsMG N5QnphVyBk dWFXWnBZMk Z1IGRDQnBi blpsYzMgUn RaVzUwY3lC cCBiaUJqYj NCd1pYIElz SUdOdllXd3 MgSUdseWIy NGdiMyBKbE xDQmhibVFn IGIzUm9aWE lnY20gVnpi M1Z5WTJWei BJR0Z5YjNW dVpDIEIwYU dVZ2QyOXkg YkdRdVBHSn lQaiBndUlG Um9aU0JqIG IyMXdZVzU1 NG8gQ1pjeU J0YjNSMCBi eXdnUjI5dl pDIEJ3Wlc5 d2JHVXMgSU dkdmIyUWdi VyBWeVkyaG hibVJwIGMy VXNJSEpsWm 0geGxZM1J6 SUdsMCBjeU JqYjIxdGFY IFJ0Wlc1ME lIUnYgSUdW MGFHbGpZVy B3Z1luVnph VzVsIGMzTW djSEpoWTMg UnBZMlZ6SU dGdSBaQ0J3 Y205MmFXIF JwYm1jZ2NY VmggYkdsMG VTQndjbSA5 a2RXTjBjeU JoIGJtUWdj MlZ5ZG0gbG paWE11UEdK eSBQamt1SU UxcGRIIE4x YVNCb1lYTW cgWVNCemRI SnZibSBjZ2 NISmxjMlZ1 IFkyVWdhVz RnZEcgaGxJ R1Z1WlhKbi BlU0J6WldO MGIzIElzSU hkcGRHZ2cg YVc1MlpYTj BiVyBWdWRI TWdhVzRnIG NtVnVaWGRo WW0geGxJR1 Z1WlhKbiBl U0J6YjNWeV kyIFZ6SUhO MVkyZ2cgWV hNZ2MyOXNZ WCBJZ1lXNW tJSGRwIGJt UWdjRzkzWl ggSXVQR0p5 UGpFdyBMaU JVYUdVZ1RX IGwwYzNWcE lFZHkgYjNW d0lHaGhjeS BCaVpXVnVJ SEpsIFkyOW 5ibWw2Wlcg UWdabTl5SU dsMCBjeUJ6 ZFhOMFlXIG x1WVdKcGJH bDAgZVNCbF ptWnZjbiBS ekxDQnBibU 5zIGRXUnBi bWNnYVggUn pJSEJzWldS biBaU0IwYn lCaVpXIE52 YldVZ1kyRn kgWW05dUlH NWxkWCBSeV lXd2dZbmtn IE1qQTFNQ0 JoYm0gUWdh WFJ6SUdsdS BkbTlzZG1W dFpXIDUwSU dsdUlIWmgg Y21sdmRYTW daVyA1MmFY SnZibTFsIG JuUmhiQ0Jq YjIgNXpaWE oyWVhScCBi MjRnY0hKdm FtIFZqZEhN dQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=