Ross Stores

-13.8%

Live  

Ross Stores, Inc. is an American chain of off-price department stores headquartered in Dublin, California. The company was founded in 1950 by Morris Ross and currently operates over 1,500 stores in 39 states, the District of Columbia, and Guam. Ross offers a wide selection of name-brand and designer clothing, accessories, home decor, and other merchandise for discounted prices.
Ross Stores operates under two primary store banners: Ross Dress for Less and dd's DISCOUNTS. Ross Dress for Less offers designer and name-brand clothing for women, men, and children, as well as shoes, accessories, and home decor. dd's DISCOUNTS offers a similar selection, with an added emphasis on trendy and affordable options.
The company's business model is based on buying merchandise directly from manufacturers, eliminating the middleman and passing on the savings to customers. This allows Ross Stores to offer deep discounts on a wide variety of products.
In addition to its retail stores, Ross also operates an e-commerce website where customers can purchase a selection of merchandise online. The company also has a strong commitment to giving back to the community and partners with various organizations to support education, health, and environmental initiatives.
Overall, Ross Stores is known for offering customers a treasure hunt shopping experience, with constantly changing inventory and unbeatable prices on brand-name and designer products.

Um9zcyBTdG 9yZXMgaXMg YSBjb21wYW 55IHRoYXQg c2VsbHMgY2 xvdGhlcywg c2hvZXMsIG FuZCBob21l IGl0ZW1zIG F0IGxvd2Vy IHByaWNlcy B0aGFuIG1h bnkgb3RoZX Igc3RvcmVz LiBJdCBoYX Mgc3RvcmVz IGNhbGxlZC BSb3NzIERy ZXNzIGZvci BMZXNzIHdo ZXJlIHlvdS BjYW4gZmlu ZCBicmFuZC 1uYW1lIGl0 ZW1zIGF0IG Rpc2NvdW50 cy4gPGJyPk hlcmXigJlz IGhvdyBSb3 NzIG1ha2Vz IG1vbmV5Oi B3aGVuIHBl b3BsZSBnby B0byB0aGVp ciBzdG9yZX MgYW5kIGJ1 eSB0aGluZ3 MsIHRoZXkg cGF5IG1vbm V5IGZvciB0 aG9zZSBpdG Vtcy4gUm9z cyBidXlzIH Rob3NlIGl0 ZW1zIGZyb2 0gb3RoZXIg Y29tcGFuaW VzIGZvciBs ZXNzIHRoYW 4gd2hhdCB0 aGV5IHNlbG wgdGhlbSBm b3IsIHNvIH RoZXkgbWFr ZSBhIHByb2 ZpdC4gVGhl eSBvZnRlbi BzZWxsIGl0 ZW1zIHRoYX QgY29tZSBm cm9tIGxhc3 Qgc2Vhc29u IG9yIHRoYX QgZGlkbuKA mXQgc2VsbC B3ZWxsIGF0 IG90aGVyIH N0b3Jlcywg d2hpY2ggaX Mgd2h5IHRo ZXkgY2FuIG 9mZmVyIHRo ZW0gYXQgbG 93ZXIgcHJp Y2VzLjxicj 5Sb3NzIGlz IHN1Y2Nlc3 NmdWwgZm9y IGEgZmV3IH JlYXNvbnMu IEZpcnN0LC BtYW55IHBl b3BsZSBsb3 ZlIHRvIHNh dmUgbW9uZX ksIHNvIHRo ZXkgZW5qb3 kgc2hvcHBp bmcgYXQgYS BwbGFjZSB3 aGVyZSB0aG V5IGNhbiBm aW5kIGdvb2 QgZGVhbHMu IFNlY29uZC wgUm9zcyBo YXMgYSBsb3 Qgb2YgZGlm ZmVyZW50IG l0ZW1zLCBz byB0aGVyZe KAmXMgc29t ZXRoaW5nIG ZvciBldmVy eW9uZSwgd2 hldGhlciB5 b3UgbmVlZC BjbG90aGVz IGZvciBzY2 hvb2wgb3Ig bmV3IGRlY2 9yYXRpb25z IGZvciB5b3 VyIHJvb20u IDxicj5Jbi B0aGUgZnV0 dXJlLCBSb3 NzIGlzIGxp a2VseSB0by BzdGF5IHN1 Y2Nlc3NmdW wgYmVjYXVz ZSB0aGUgY2 9tcGFueSBo YXMgYSBzdH Jvbmcgd2F5 IG9mIGZpbm RpbmcgZ29v ZCBkZWFscy BhbmQga2Vl cGluZyBwcm ljZXMgbG93 LiBQbHVzLC BzaW5jZSBw ZW9wbGUgYW x3YXlzIGxp a2UgdG8gZm luZCBiYXJn YWlucywgbW 9yZSBhbmQg bW9yZSBzaG 9wcGVycyBt YXkgY2hvb3 NlIHRvIHZp c2l0IFJvc3 MgaW5zdGVh ZCBvZiBwYX lpbmcgZnVs bCBwcmljZS BhdCBvdGhl ciBzdG9yZX MuIEFzIGxv bmcgYXMgdG hleSBrZWVw IG9mZmVyaW 5nIGdyZWF0 IHByb2R1Y3 RzIGF0IGFm Zm9yZGFibG UgcHJpY2Vz LCB0aGV5IH dpbGwga2Vl cCBhdHRyYW N0aW5nIGN1 c3RvbWVycy 48YnI+

MS4gTG93LU Nvc3QgUmV0 YWlsZXI6IF Jvc3MgU3Rv cmVzIGlzIG tub3duIGZv ciBvZmZlcm luZyBicmFu ZC1uYW1lIG FuZCBkZXNp Z25lciBwcm 9kdWN0cyBh dCBkaXNjb3 VudGVkIHBy aWNlcywgbW FraW5nIGl0 IGEgcG9wdW xhciBjaG9p Y2UgZm9yIG J1ZGdldC1j b25zY2lvdX Mgc2hvcHBl cnMuPGJyPj IuIE9mZi1Q cmljZSBCdX NpbmVzcyBN b2RlbDogUm 9zcyBTdG9y ZXMgZm9sbG 93cyBhbiBv ZmYtcHJpY2 UgYnVzaW5l c3MgbW9kZW wsIHdoaWNo IG1lYW5zIG l0IGJ1eXMg ZXhjZXNzIG 9yIG92ZXJz dG9jayBpbn ZlbnRvcnkg ZnJvbSBmdW xsLXByaWNl IHJldGFpbG VycyBhbmQg c2VsbHMgaX QgYXQgYSBk aXNjb3VudG VkIHByaWNl LiBUaGlzIG FsbG93cyB0 aGUgY29tcG FueSB0byBv ZmZlciBwcm 9kdWN0cyBh dCBsb3dlci BwcmljZXMg Y29tcGFyZW QgdG8gdHJh ZGl0aW9uYW wgcmV0YWls ZXJzLjxicj 4zLiBXaWRl IFByb2R1Y3 QgUmFuZ2U6 IFRoZSBjb2 1wYW55IGhh cyBhIHdpZG UgcmFuZ2Ug b2YgcHJvZH VjdHMgdGhh dCBpbmNsdW RlcyBjbG90 aGluZywgc2 hvZXMsIGFj Y2Vzc29yaW VzLCBob21l IGdvb2RzLC BhbmQgYmVh dXR5IHByb2 R1Y3RzLiBU aGlzIHZhcm lldHkgb2Yg b2ZmZXJpbm dzIG1ha2Vz IGl0IGEgb2 5lLXN0b3Ag ZGVzdGluYX Rpb24gZm9y IGN1c3RvbW Vycy48YnI+ NC4gUmFwaW QgR3Jvd3Ro IGFuZCBFeH BhbnNpb246 IFNpbmNlIG l0cyBpbmNl cHRpb24gaW 4gMTk4Miwg Um9zcyBTdG 9yZXMgaGFz IGdyb3duIH JhcGlkbHkg YW5kIGN1cn JlbnRseSBo YXMgb3Zlci AxLDUwMCBz dG9yZXMgaW 4gMzkgc3Rh dGVzLCBtYW tpbmcgaXQg dGhlIGxhcm dlc3Qgb2Zm LXByaWNlIH JldGFpbGVy IGluIHRoZS BVbml0ZWQg U3RhdGVzLj xicj41LiBU cmVuZC1TYX Z2eSBNZXJj aGFuZGlzZT ogUm9zcyBT dG9yZXMga2 VlcHMgYSBj bG9zZSBleW Ugb24gdGhl IGxhdGVzdC BmYXNoaW9u IHRyZW5kcy BhbmQgb2Zm ZXJzIGEgY2 9uc3RhbnRs eSBjaGFuZ2 luZyBzZWxl Y3Rpb24gb2 YgbWVyY2hh bmRpc2UgdG 8gYXR0cmFj dCBjdXN0b2 1lcnMgYW5k IHN0YXkgYW hlYWQgb2Yg aXRzIGNvbX BldGl0b3Jz Ljxicj42Li BTdHJvbmcg QmFyZ2Fpbm luZyBQb3dl cjogVGhlIG NvbXBhbnkn cyBzdHJvbm cgYmFyZ2Fp bmluZyBwb3 dlciBhbGxv d3MgaXQgdG 8gbmVnb3Rp YXRlIGJldH RlciBkZWFs cyB3aXRoIG l0cyBzdXBw bGllcnMsIH Jlc3VsdGlu ZyBpbiBsb3 dlciBwcmlj ZXMgZm9yIG l0cyBjdXN0 b21lcnMuPG JyPjcuIEFn aWxlIEludm VudG9yeSBN YW5hZ2VtZW 50OiBSb3Nz IFN0b3Jlcy B1dGlsaXpl cyBhbiBlZm ZpY2llbnQg aW52ZW50b3 J5IG1hbmFn ZW1lbnQgc3 lzdGVtIHRo YXQgYWxsb3 dzIGl0IHRv IHF1aWNrbH kgYWRhcHQg dG8gY2hhbm dpbmcgbWFy a2V0IHRyZW 5kcyBhbmQg Y3VzdG9tZX IgZGVtYW5k cy48YnI+OC 4gQ3VzdG9t ZXIgTG95YW x0eTogUm9z cyBTdG9yZX MgaGFzIGEg bG95YWwgY3 VzdG9tZXIg YmFzZSwgd2 l0aCBtYW55 IGN1c3RvbW VycyBiZWlu ZyByZWd1bG FyIHNob3Bw ZXJzIGR1ZS B0byB0aGUg Y29tcGFueS dzIGF0dHJh Y3RpdmUgcH JpY2luZyBh bmQgbWVyY2 hhbmRpc2Ug b2ZmZXJpbm dzLjxicj45 LiBDb3Jwb3 JhdGUgU29j aWFsIFJlc3 BvbnNpYmls aXR5OiBUaG UgY29tcGFu eSBoYXMgYS BzdHJvbmcg Y29tbWl0bW VudCB0byBj b3Jwb3JhdG Ugc29jaWFs IHJlc3Bvbn NpYmlsaXR5 LCBpbmNsdW RpbmcgaW5p dGlhdGl2ZX MgZm9yIGVu ZXJneSBjb2 5zZXJ2YXRp b24gYW5kIH N1c3RhaW5h YmlsaXR5LC BjaGFyaXRh YmxlIGdpdm luZywgYW5k IGVtcGxveW VlIHZvbHVu dGVlciBwcm 9ncmFtcy48 YnI+MTAuIE ZpbmFuY2lh bCBTdGFiaW xpdHkgYW5k IFN1Y2Nlc3 M6IFJvc3Mg U3RvcmVzIG hhcyBjb25z aXN0ZW50bH kgZGVtb25z dHJhdGVkIH N0cm9uZyBm aW5hbmNpYW wgcGVyZm9y bWFuY2UsIG V2ZW4gZHVy aW5nIGVjb2 5vbWljIGRv d250dXJucy wgd2hpY2gg aGFzIGZ1cn RoZXIgYm9v c3RlZCBpdH MgcmVwdXRh dGlvbiBhcy BhIHJlbGlh YmxlIGFuZC BzdWNjZXNz ZnVsIGNvbX Bhbnku

Um9zcyBTdG 9yZXMgaXMg YSByZXRhaW wgY29tcGFu eSB0aGF0IG 9wZXJhdGVz IG9mZi1wcm ljZSByZXRh aWwgYXBwYX JlbCBhbmQg aG9tZSBmYX NoaW9uIHN0 b3Jlcy4gSX RzIGJ1c2lu ZXNzIG1vZG VsIGlzIGZv Y3VzZWQgb2 4gb2ZmZXJp bmcgYSB3aW RlIHNlbGVj dGlvbiBvZi BicmFuZC1u YW1lIGFuZC BkZXNpZ25l ciBtZXJjaG FuZGlzZSwg YXQgcHJpY2 VzIHRoYXQg YXJlIHR5cG ljYWxseSAy MCUgdG8gNj AlIGJlbG93 IHJlZ3VsYX IgZGVwYXJ0 bWVudCBhbm Qgc3BlY2lh bHR5IHN0b3 JlIHByaWNl cy4gVGhlIG NvbXBhbnkg c291cmNlcy BpdHMgbWVy Y2hhbmRpc2 UgZnJvbSBh IHZhcmlldH kgb2Ygc3Vw cGxpZXJzIG luY2x1ZGlu ZyBjbG9zZW 91dHMsIG92 ZXJydW5zLC BhbmQgZXhj ZXNzIGludm VudG9yeSBm cm9tIG90aG VyIHJldGFp bGVycy4gPG JyPlRoZSBj b21wYW55J3 Mgc3RvcmVz IGFyZSBkZX NpZ25lZCB0 byBvZmZlci BhIHRyZWFz dXJlLWh1bn Qgc2hvcHBp bmcgZXhwZX JpZW5jZSBm b3IgY3VzdG 9tZXJzLCB3 aXRoIGNvbn N0YW50bHkg Y2hhbmdpbm cgYXNzb3J0 bWVudHMgb2 YgbWVyY2hh bmRpc2UgYX QgZGVlcGx5 IGRpc2NvdW 50ZWQgcHJp Y2VzLiBUaG lzIG1vZGVs IGF0dHJhY3 RzIHZhbHVl LWNvbnNjaW 91cyBzaG9w cGVycyB3aG 8gYXJlIGxv b2tpbmcgZm 9yIHF1YWxp dHkgcHJvZH VjdHMgYXQg YWZmb3JkYW JsZSBwcmlj ZXMuIDxicj 5JbiBhZGRp dGlvbiB0by BpdHMgb2Zm LXByaWNlIG 1vZGVsLCBS b3NzIFN0b3 JlcyB1c2Vz IGEgbG93LW Nvc3Qgb3Bl cmF0aW5nIH N0cnVjdHVy ZSB0byBrZW VwIGl0cyBl eHBlbnNlcy Bsb3cgYW5k IGVuYWJsZS BpdCB0byBv ZmZlciBsb3 dlciBwcmlj ZXMgdG8gY3 VzdG9tZXJz LiBJdCBhbH NvIGVtcGhh c2l6ZXMgcX VpY2sgaW52 ZW50b3J5IH R1cm5vdmVy LCB3aXRoIG l0cyBzdG9y ZXMgcmVjZW l2aW5nIHNo aXBtZW50cy BvZiBuZXcg bWVyY2hhbm Rpc2UgbXVs dGlwbGUgdG ltZXMgYSB3 ZWVrLiBUaG lzICJmYXN0 IGZhc2hpb2 4iIGFwcHJv YWNoIGFsbG 93cyB0aGUg Y29tcGFueS B0byBvZmZl ciBhIGNvbn N0YW50IHN0 cmVhbSBvZi BuZXcgYW5k IGV4Y2l0aW 5nIHByb2R1 Y3RzIHRvIG l0cyBjdXN0 b21lcnMuID xicj5PdmVy YWxsLCB0aG UgYnVzaW5l c3MgbW9kZW wgb2YgUm9z cyBTdG9yZX MgaXMgY2Vu dGVyZWQgb2 4gcHJvdmlk aW5nIGN1c3 RvbWVycyB3 aXRoIGRpc2 NvdW50ZWQs IGhpZ2gtcX VhbGl0eSBt ZXJjaGFuZG lzZSB0aHJv dWdoIGEgbG 93LWNvc3Qs IGZhc3QtZm FzaGlvbiBy ZXRhaWwgb3 BlcmF0aW9u Lg==

AI does present both challenges and opportunities for Ross Stores, particularly in relation to its products, services, and competitive positioning.
1. Substitution: While AI itself may not directly substitute Ross Stores’ core products, it can impact consumer preferences and shopping behaviors. For example, AI-driven personalization platforms or virtual shopping assistants could influence how customers choose to shop, potentially favoring direct-to-consumer brands that leverage advanced technology for simplified shopping experiences. Ross must remain vigilant in adapting to these changing preferences to maintain relevance.
2. Disintermediation: AI could enable new business models that bypass traditional retailers. For instance, brands might opt to sell directly to consumers through AI-powered platforms that provide personalized shopping experiences. This could decrease foot traffic and sales for physical retailers like Ross Stores, which could face increased competition from brands that leverage technology to enhance their customer engagement.
3. Margin Pressure: The integration of AI in retail can streamline operations, optimize inventory management, and enhance customer service. While this can lead to cost savings, it may also necessitate significant investments in technology, which could put pressure on margins if not managed correctly. Furthermore, if competitors adopt AI more effectively, they could offer lower prices or improved services, further squeezing Ross’s profit margins.
In conclusion, while AI poses potential risks through substitution, disintermediation, and margin pressure, it also offers opportunities for Ross Stores to innovate and enhance its operational efficiencies. The key will be for the company to strategically incorporate AI into its business model while addressing these competitive threats.

The sensitivity of Ross Stores’ earnings, cash flow, and valuation to changes in interest rates can be assessed through a few key factors:
1. Earnings Sensitivity: Changes in interest rates can affect consumer spending behavior. Higher interest rates often lead to increased borrowing costs for consumers, potentially reducing disposable income and, subsequently, spending on noessential goods like apparel and home goods. If consumer spending decreases, Ross Stores may experience a decline in sales and earnings. Conversely, lower interest rates can stimulate consumer spending, positively impacting earnings.
2. Cash Flow Sensitivity: Ross Stores’ cash flow can be influenced by interest rates in two primary ways. First, the cost of borrowing can rise with increased interest rates, which can affect the company’s financing costs and operational cash flow. If the company relies on debt for growth or operations, higher interest expenses can reduce net cash flow. Second, if consumer spending declines due to higher rates, it could also lead to lower cash inflows from sales.
3. Valuation Sensitivity: The valuation of Ross Stores is often linked to its cash flow and earnings. Discounted cash flow (DCF) analysis, a common method of valuation, uses a discount rate that is influenced by prevailing interest rates. When interest rates rise, the discount rate typically increases, which lowers the present value of future cash flows and can lead to a decrease in stock valuation. Conversely, lower interest rates can increase valuations as the present value of future cash flows rises.
In summary, Ross Stores’ earnings, cash flow, and valuation are sensitive to changes in interest rates due to the indirect effects on consumer spending, borrowing costs, and discount rates applied in valuation models. Close monitoring of interest rate trends is essential for understanding the potential impacts on the company’s financial performance.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgUm 9zcyBTdG9y ZXPigJkgZW Nvbm9taWNz IG92ZXIgdG hlIG5leHQg M+KAkzUgeW VhcnMgaXMg YSBzaWduaW ZpY2FudCBh bmQgc3VzdG FpbmVkIGVj b25vbWljIG Rvd250dXJu LCBjaGFyYW N0ZXJpemVk IGJ5IGhpZ2 ggaW5mbGF0 aW9uLCBpbm NyZWFzZWQg dW5lbXBsb3 ltZW50IHJh dGVzLCBhbm QgZGVjbGlu aW5nIGNvbn N1bWVyIGNv bmZpZGVuY2 UuIEluIHN1 Y2ggYSBzY2 VuYXJpbywg Y29uc3VtZX JzIHdvdWxk IGxpa2VseS Bwcmlvcml0 aXplIGVzc2 VudGlhbCBw dXJjaGFzZX Mgb3ZlciBk aXNjcmV0aW 9uYXJ5IHNw ZW5kaW5nLC BsZWFkaW5n IHRvIGEgc2 hhcnAgZGVj cmVhc2UgaW 4gc2FsZXMg YXQgZGlzY2 91bnQgcmV0 YWlsZXJzIG xpa2UgUm9z cyBTdG9yZX MsIHdoaWNo IHByaW1hcm lseSByZWx5 IG9uIGNvbn N1bWVyIGRp c2NyZXRpb2 5hcnkgc3Bl bmRpbmcgZm 9yIHRoZWly IG9mZi1wcm ljZSBtZXJj aGFuZGlzZS 48YnI+SWYg dGhpcyBzY2 VuYXJpbyBw bGF5cyBvdX QsIFJvc3Mg U3RvcmVzIG 1pZ2h0IGV4 cGVyaWVuY2 UgdGhlIGZv bGxvd2luZy BpbXBhY3Rz IG9uIGl0cy BtYXJnaW5z LCBjYXNoIG Zsb3csIGFu ZCBiYWxhbm NlIHNoZWV0 Ojxicj4xLi BNYXJnaW5z OiBUaGUgY2 9tcGFueeKA mXMgcHJvZm l0IG1hcmdp bnMgd291bG QgbGlrZWx5 IHNocmluay BkdWUgdG8g dGhlIGluY3 JlYXNlZCBj b3N0IHByZX NzdXJlcyBm cm9tIHN1cH BsaWVycyBh bmQgdGhlIG 5lZWQgdG8g b2ZmZXIgZG VlcGVyIGRp c2NvdW50cy B0byBlbnRp Y2UgcHJpY2 Utc2Vuc2l0 aXZlIGNvbn N1bWVycy4g QXMgc2FsZX Mgdm9sdW1l IGRlY2xpbm VzIGFuZCBt YXJrZG93bn MgYmVjb21l IG1vcmUgZn JlcXVlbnQs IFJvc3MgY2 91bGQgZmFj ZSBjaGFsbG VuZ2VzIG1h aW50YWluaW 5nIGl0cyBo aXN0b3JpY2 FsIGdyb3Nz IG1hcmdpbi BsZXZlbHMu IEFkZGl0aW 9uYWxseSwg Zml4ZWQgY2 9zdHMgc3Vj aCBhcyByZW 50IGFuZCBz YWxhcmllcy B3b3VsZCBy ZW1haW4gY2 9uc3RhbnQg aW4gdGhlIH Nob3J0IHRl cm0sIGZ1cn RoZXIgY29t cHJlc3Npbm cgb3BlcmF0 aW5nIG1hcm dpbnMuPGJy PjIuIENhc2 ggRmxvdzog V2l0aCBhIG RlY2xpbmUg aW4gc2FsZX MgcmV2ZW51 ZSBhbmQgcm lzaW5nIG9w ZXJhdGlvbm FsIGNvc3Rz LCBSb3NzIF N0b3JlcyB3 b3VsZCBsaW tlbHkgc2Vl IGEgZHJvcC BpbiBjYXNo IGZsb3cgZn JvbSBvcGVy YXRpb25zLi BOZWdhdGl2 ZSBjYXNoIG Zsb3cgY291 bGQgaW1wZW RlIHRoZSBj b21wYW554o CZcyBhYmls aXR5IHRvIH JlaW52ZXN0 IGluIGl0cy BidXNpbmVz cywgcGF5IG RpdmlkZW5k cywgb3Igcm VkdWNlIGRl YnQuIFRoZS B0aWdodGVu aW5nIGNhc2 ggZmxvdyBt aWdodCBuZW Nlc3NpdGF0 ZSBhZGp1c3 RtZW50cyB0 byBjYXBpdG FsIGV4cGVu ZGl0dXJlcy wgbGVhZGlu ZyB0byBhIH Nsb3dkb3du IGluIHN0b3 JlIG9wZW5p bmdzIG9yIH Jlbm92YXRp b25zIHRoYX QgYXJlIGNy aXRpY2FsIG ZvciBsb25n LXRlcm0gZ3 Jvd3RoLjxi cj4zLiBCYW xhbmNlIFNo ZWV0OiBUaG UgYmFsYW5j ZSBzaGVldC Bjb3VsZCB3 ZWFrZW4gYX MgY2FzaCBy ZXNlcnZlcy Bkd2luZGxl LCBhbmQgaW 52ZW50b3J5 IGxldmVscy Bjb3VsZCBy aXNlIGR1ZS B0byB3ZWFr ZW5lZCBzYW xlcy4gVGhp cyBzaXR1YX Rpb24gbWln aHQgbGVhZC B0byBhbiBp bmNyZWFzZW QgaW52ZW50 b3J5IHR1cm 5vdmVyIHJh dGlvLCB3aG ljaCBpcyBj b25jZXJuaW 5nIGFzIGl0 IGluZGljYX RlcyBvdXRk YXRlZCBvci B1bnNvbGQg c3RvY2suIF RoZSBjb21w YW55IG1heS BhbHNvIGlu Y3JlYXNlIG l0cyByZWxp YW5jZSBvbi BkZWJ0IHRv IG1haW50YW luIG9wZXJh dGlvbnMsIG FkdmVyc2Vs eSBhZmZlY3 RpbmcgaXRz IGRlYnQtdG 8tZXF1aXR5 IHJhdGlvLi BBIGRldGVy aW9yYXRpbm cgYmFsYW5j ZSBzaGVldC Bjb3VsZCBp bXBhY3QgUm 9zc+KAmXMg Y3JlZGl0IH JhdGluZywg bWFraW5nIG JvcnJvd2lu ZyBtb3JlIG V4cGVuc2l2 ZSBhbmQgbG ltaXRpbmcg ZnV0dXJlIG ZpbmFuY2lu ZyBvcHRpb2 5zLjxicj5P dmVyYWxsLC B0aGUgY29t YmluYXRpb2 4gb2YgcmVk dWNlZCBzYW xlcywgdGln aHRlciBtYX JnaW5zLCBh bmQgYSBzdH JhaW5lZCBi YWxhbmNlIH NoZWV0IGlu IGEgcHJvbG 9uZ2VkIGVj b25vbWljIG Rvd250dXJu IGNvdWxkIH NpZ25pZmlj YW50bHkgaW 1wYWlyIFJv c3MgU3Rvcm Vz4oCZIGZp bmFuY2lhbC BoZWFsdGgs IGFmZmVjdG luZyBpdHMg YWJpbGl0eS B0byBjb21w ZXRlIGluIH RoZSBsb25n IHRlcm0uPG 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 bG9nb3MvbF pZWVdod2JU TVc3QkM4S2 lWNjAud2Vi cCIgYWx0PS JSb3NzIFN0 b3JlcyIgdG l0bGU9IlJv c3MgU3Rvcm VzIiAgY2xh c3M9ImltZy 1mbHVpZCIg aGVpZ2h0PT UwIHdpZHRo PTUwIGxvYW Rpbmc9J2xh enknIHN0eW xlPSdib3Jk ZXItcmFkaX VzOiA2cHg7 Jz4KCiAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nZm xleDogMTsg dGV4dC1hbG lnbjogY2Vu dGVyOyBtYX JnaW4tbGVm dDogNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdm b250LXNpem U6IDI2cHg7 IGNvbG9yOi AjMzMzOyBt YXJnaW4tYm 90dG9tOiAx NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICDwn5 OIIFdhbnQg dG8gcmVhZC Btb3JlIGFi b3V0IFJvc3 MgU3RvcmVz 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+GkyBE aXNjb3Zlci A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+IOKAlC BmcmVlIGVC b29rIQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID EycHg7IGZv bnQtc2l6ZT ogMTNweDsg Y29sb3I6IC M0NDQ7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIFNp Z24gdXAgbm 93IGFuZCBn ZXQgb3VyIG ZyZWUgZUJv b2sgCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8Yj5UaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzPC 9iPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgLS 0+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTZw eDsgZm9udC 1zaXplOiAx NHB4OyBjb2 xvcjogIzQ0 NDsgZm9udC 1mYW1pbHk6 IC1hcHBsZS 1zeXN0ZW0s IEJsaW5rTW FjU3lzdGVt Rm9udCwgU2 Vnb2UgVUks IFJvYm90by wgSGVsdmV0 aWNhIE5ldW UsIHNhbnMt c2VyaWY7IG xpbmUtaGVp Z2h0OiAxLj Y7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIEhhdmUg eW91IGhlYX JkIGFib3V0 IG91ciBzaG 9ydCA8c3Ry b25nIHN0eW xlPSdmb250 LXdlaWdodD ogNjAwOyc+ RGFpbHkgVm lkZW8gTmV3 c2xldHRlcj wvc3Ryb25n Pj8KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDxhIGhyZW Y9J2h0dHBz Oi8vd3d3Lm luc2lnaHRm dWx2YWx1ZS 5jb20vbmV3 c2xldHRlci 5waHAnIHRh cmdldD0nX2 JsYW5rJyBz dHlsZT0nY2 9sb3I6ICMw MDdCRkY7IH RleHQtZGVj b3JhdGlvbj ogbm9uZTsg Zm9udC13ZW lnaHQ6IDUw MDsgbWFyZ2 luLWxlZnQ6 IDZweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIEZpbmQg b3V0IG1vcm UKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAKICAgIC AgICAKICAg ICAgICA8c3 BhbiBjbGFz cz0nYmx1cn JlZC10ZXh0 Jz4KICAgIC AgICAgICAg TVM0Z1ZHaG xJRyBOdmJY QmhibmtnIG QyRnpJR1p2 ZFcgNWtaV1 FnYVc0ZyBN VGsxTUNCcG JpIEJUWVc0 Z1FuSjEgYm 04c0lFTmhi RyBsbWIzSn VhV0VnIFlu a2dUVzl5Y2 0gbHpJRTF2 Y25KcCBaU0 JTYjNOekxD IEIzYUc4Z2 IzQmwgYm1W a0lIUm9aUy BCbWFYSnpk Q0J6IGRHOX laU0JqWVcg eHNaV1FnVW 05eiBjeUJF WlhCaGNuIF J0Wlc1MElG TjAgYjNKbE xqeGljaiA0 eUxpQlVhR1 VnIFkyOXRj R0Z1ZVMgQn BibWwwYVdG cyBiSGtnYz I5c1pDIEJr YVhOamIzVn UgZEdWa0lH UnlaWCBOek lHRnVaQ0Jq IGJHOXpaVz kxZEMgQnRa WEpqYUdGdS BaR2x6WlM0 OFluIEkrTX k0Z1NXNGcg TVRrNE1pd2 dkRyBobElH TnZiWEJoIG Jua2dkMkZ6 SUcgRmpjWF ZwY21WayBJ R0o1SUUxbG NuIFo1Ym5N c0lHRWcgWk dWd1lYSjBi VyBWdWRDQn pkRzl5IFpT QmphR0ZwYm kgd2dZblYw SUhkaCBjeU JzWVhSbGNp IEJ6YjJ4a0 lHRm4gWVds dUlHbHVJRC BFNU9ETWdk RzhnIFlTQm 5jbTkxY0Mg QnZaaUJwYm 5abCBjM1J2 Y25NdVBHIE p5UGpRdUlG Um8gWlNCam IyMXdZVyA1 NUlIZGhjeU J5IFpXSnlZ VzVrWlcgUW dZWE1nVW05 eiBjeUJFY2 1WemN5IEJt YjNJZ1RHVn ogY3lCcGJp QXhPVCBnMU xqeGljajQx IExpQlNiM0 56SUYgTjBi M0psY3lCaS BaV05oYldV Z1lTIEJ3ZF dKc2FXTnMg ZVNCMGNtRm taVyBRZ1ky OXRjR0Z1IG VTQnBiaUF4 T1QgZzFMQ0 IzYVhSbyBJ R2wwY3lCcG JtIGwwYVdG c0lIQjEgWW 14cFl5QnZa bSBabGNtbH VaeUFvIFNW QlBLU0J2Ym kgQjBhR1Vn VGtGVCBSRU ZSSUhOMGIy IE5ySUdWNF kyaGggYm1k bExqeGljai A0MkxpQkJj eUJ2IFppQX lNREl4TEMg QjBhR1Z5Wl NCaCBjbVVn YjNabGNpIE F4TERVMU1D QlMgYjNOek lFUnlaWCBO eklHWnZjaU JNIFpYTnpJ R0Z1WkMgQn ZkbVZ5SURJ MyBNQ0JrWk 9LQW1YIE1n UkVsVFEwOV YgVGxSVElI TjBiMyBKbG N5QnBiaUEw IE1DQnpkR0 YwWlggTXNJ RzFoYTJsdS BaeUJwZENC MGFHIFVnYk dGeVoyVnog ZENCdlptWX RjSCBKcFky VWdjbVYwIF lXbHNJR05v WVcgbHVJR2 x1SUhSbyBa U0JWTGxNdV BHIEp5UGpj dUlGUm8gWl NCamIyMXdZ VyA1NTRvQ1 pjeUJpIGRY TnBibVZ6Y3 kgQnRiMlJs YkNCbSBiMk 4xYzJWeklH IDl1SUc5bV ptVnkgYVc1 bklHNWhiVy BVdFluSmhi bVFnIFlXNW tJR1JsYzIg bG5ibVZ5SU cxbCBjbU5v WVc1a2FYIE 5sSUdGMElH UnAgYzJOdm RXNTBaVyBR Z2NISnBZMl Z6IExDQjNh WFJvSUggUm 9aU0J0WVdw diBjbWwwZV NCdlppIEJw ZEdWdGN5Qn QgWVhKclpX UWdNaiBBdE 5qQWxJRzlt IFppQmtaWE JoY24gUnRa VzUwSUdGdS BaQ0J6Y0dW amFXIEZzZE hrZ2MzUnYg Y21VZ2NISn BZMiBWekxq eGljajQ0IE xpQlNiM056 SUYgTjBiM0 psY3lCbyBZ WE1nWVNCem RIIEp2Ym1j Z2NISmwgYz JWdVkyVWdh VyA0Z1EyRn NhV1p2IGNt NXBZU3dnZD IgbDBhQ0J2 ZG1WeSBJRE 13TUNCemRH IDl5WlhNZ2 FXNGcgZEdo bElITjBZWC BSbExqeGlj ajQ1IExpQl VhR1VnWTIg OXRjR0Z1ZW VLQSBtWE1n WTI5eWNHID l5WVhSbElH aGwgWVdSeG RXRnlkRyBW eWN5QnBjeU JzIGIyTmhk R1ZrSUcgbH VJRVIxWW14 cCBiaXdnUT JGc2FXIFp2 Y201cFlTND ggWW5JK01U QXVJRSBsdU lESXdNakFz IElGSnZjM0 1nVTMgUnZj bVZ6SUhCdi BjM1JsWkNC eVpYIFpsYm 5WbGN5QnYg WmlBa01USX VPUyBCaWFX eHNhVzl1IE xDQnRZV3Rw Ym0gY2dhWF FnYjI1bCBJ RzltSUhSb1 pTIEIwYjNB Z016QWcgY2 1WMFlXbHNa WCBKeklHbH VJSFJvIFpT QlZMbE11UE cgSnlQakV4 TGlCVSBhR1 VnWTI5dGNH IEZ1ZVNCb1 lYTWcgY21W alpXbDJaVy BRZ2JuVnRa WEp2IGRYTW dZWGRoY20g UnpJR0Z1Wk NCaCBZMk52 YkdGa1pYIE 1zSUdsdVky eDEgWkdsdV p5QmlaVyBs dVp5QnVZVz FsIFpDQnZi bVVnYjIgWW dSbTl5ZEhW dSBaZUtBbV hNZ01UIEF3 SUVKbGMzUW cgUTI5dGNH RnVhVyBWek lIUnZJRmR2 IGNtc2dSbT l5SUggTmxk bVZ5WVd3Zy BlV1ZoY25N Z2FXIDRnWV NCeWIzY3Ug UEdKeVBqRX lMaSBCU2Iz TnpJRk4wIG IzSmxjeUJw Y3kgQmpiMj F0YVhSMCBa V1FnZEc4Z2 MzIFZ6ZEdG cGJtRmkgYV d4cGRIa2dZ VyA1a0lHaG hjeUJwIGJY QnNaVzFsYm 4gUmxaQ0Jw Ym1sMCBhV0 YwYVhabGN5 IEJ6ZFdOb0 lHRnogSUdW dVpYSm5lUy AxbFptWnBZ MmxsIGJuUW diR2xuYUgg UnBibWNnWV c1ayBJSEJo WTJ0aFoyIG x1Wnl3Z1lY TWcgZDJWc2 JDQmhjeSBC aElISmxZM2 xqIGJHbHVa eUJ3Y20gOW 5jbUZ0SUda diBjaUJ3Yk dGemRHIGxq SUdKaFozTX UgUEdKeVBq RXpMaSBCSm JpQXlNREl4 IExDQlNiM0 56SUYgTjBi M0psY3lCaC BibTV2ZFc1 alpXIFFnY0 d4aGJuTWcg ZEc4Z1pYaH dZVyA1a0lH bHVkR1Z5IG JtRjBhVzl1 WVcgeHNlU3 dnZDJsMCBh Q0IwYUdVZ2 IzIEJsYm1s dVp5QnYgWm lCcGRITWda bSBseWMzUW djM1J2IGNt VWdhVzRnUj MgVmhiUzQ4 WW5JKyBNVF F1SUZSb1pT IEJqYjIxd1 lXNTUgSUdG c2MyOGdiMy BCbGNtRjBa WE1nIFlTQn dhR2xzWVcg NTBhSEp2Y0 dsaiBJSEJ5 YjJkeVlXID BnWTJGc2JH VmsgSUZKdm MzTWdRMiBG eVpYTXNJSG RvIGFXTm9J SE4xY0ggQn ZjblJ6SUd4 diBZMkZzSU dOdmJXIDEx Ym1sMGFXVn ogSUhSb2Nt OTFaMiBnZ1 pHOXVZWFJw IGJtY2dkRz hnZG0gRnlh VzkxY3lCai BhR0Z5YVhS cFpYIE1nWV c1a0lITmog YUc5dmJITX VQRyBKeVBq RTFMaUJVIG FHVWdZMjl0 Y0cgRnVlZU tBbVhNZyBi RzluYnl3Z1 lTIEI1Wld4 c2IzY2cgZE dGbklIZHBk RyBnZ2RHaG xJR3hsIGRI Umxjbk1nWk cgVGlnSmx6 TENCdiBjbW xuYVc1aGRH IFZrSUdaeW IyMGcgZEdo bElHbGtaVy BFZ2IyWWda R1Z6IGFXZH VaWElnWkcg bHpZMjkxYm 5SeiBJR0Z1 WkNCM1lYIE 1nWm1seWMz UWcgZFhObF pDQnBiaSBB eU1EQTBJSG RvIFpXNGdV bTl6Y3kgQl RkRzl5WlhN ZyBiM0JsYm 1Wa0lHIGww Y3lCbWFYSn ogZENCa1pP S0FtWCBNZ1 JFbFRRMDlW IFRsUlRJSE 4wYjMgSmxM Zz09CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==