Seven i Holdings

Live  

Seven i Holdings Co., Ltd. is a Japanese corporation that operates as a holding company for various retail and financial service businesses. The company was formed in September 2019 when Seven & I Holdings Co. and its convenience store subsidiary, Seven-Eleven Japan Co., Ltd., merged with the retail and financial holding company, Ito-Yokado Co., Ltd. The merger created a comprehensive retail and financial conglomerate with over 55,000 stores globally.
Seven i Holdings has four main business segments: convenience stores, superstores, financial services, and specialty stores. The convenience store segment is the largest and most profitable, with over 20,000 stores under the Seven-Eleven Japan brand. The superstore segment includes supermarkets and hypermarkets under the Ito-Yokado and Sogo & Seibu brands. The financial services segment offers credit cards, bank services, and insurance through its subsidiary Seven Bank. The specialty store segment includes businesses such as department stores, restaurants, and wholesale distribution.
Seven i Holdings also has a strong presence outside of Japan, with operations in countries such as the United States, Canada, Mexico, and China. Its brands include 7-Eleven, Denny's, and Sogo & Seibu.
The company has a vision to become the "No. 1 Lifestyle Information Platform in the World" and is constantly expanding and diversifying its business to achieve this goal. Seven i Holdings is also committed to social responsibility, with a focus on environmental sustainability, community development, and diversity and inclusion in the workplace.
In addition to its retail and financial businesses, Seven i Holdings also has a sports division, Seven Sports, which owns the professional baseball team, the Hokkaido Nippon-Ham Fighters, and the professional soccer team, the Sanfrecce Hiroshima FC. The company also has a pharmaceutical division, Seven Pharmaceutical, which operates drugstores in Japan.
Overall, Seven i Holdings is a diverse and influential company with significant presence in the retail, financial, sports, and pharmaceutical industries in Japan and around the world.

Seven i Holdings is a big company in Japan that does a lot of different things, mainly in retail and technology. Imagine a big store where you can buy snacks, drinks, and everyday stuff. Seven i Holdings owns a chain of stores called 7-Eleven, which you may have seen. They sell things like sandwiches, drinks, and candy, much like a convenience store.
Now, how does Seven i Holdings make money? Whenever someone buys something from their stores or their other businesses, the company earns money. They also have other ways to make money, like selling food and drinks to other places and running online stores where people can buy things on the internet. So, more people shopping at their stores means more money for the company!
Seven i Holdings is successful for several reasons. First, they provide a lot of convenience. People love going to stores like 7-Eleven because they’re open late and have almost everything they need. They also make sure to offer fresh and delicious food, so customers keep coming back. They are good at adapting to what people want and even use technology to make shopping easier.
Looking to the future, Seven i Holdings is likely to stay successful. More people are shopping online these days, and the company is good at using technology to meet those needs. They are also exploring ways to make shopping even more convenient. With their strong brand and trusted products, they’ll likely keep attracting customers for many years to come!

MS4gTXVsdG ktSW5kdXN0 cnkgQ29uZ2 xvbWVyYXRl OiBTZXZlbi BpIEhvbGRp bmdzIGlzIG EgbGFyZ2Us IG11bHRpLW luZHVzdHJ5 IGNvbmdsb2 1lcmF0ZSwg d2l0aCBpbn RlcmVzdHMg aW4gYSBkaX ZlcnNlIHJh bmdlIG9mIG luZHVzdHJp ZXMgc3VjaC BhcyByZXRh aWwsIGUtY2 9tbWVyY2Us IG1hbnVmYW N0dXJpbmcs IGZpbmFuY2 UsIGFuZCBt ZWRpYS48Yn I+Mi4gU3Ry b25nIE1hcm tldCBQcmVz ZW5jZTogVG hlIGNvbXBh bnkgaGFzIG Egc3Ryb25n IG1hcmtldC BwcmVzZW5j ZSBpbiBKYX Bhbiwgd2l0 aCBhIG5ldH dvcmsgb2Yg b3ZlciAxNy wwMDAgc3Rv cmVzIGFjcm 9zcyB0aGUg Y291bnRyeS 4gSXQgaXMg YWxzbyBleH BhbmRpbmcg aXRzIHByZX NlbmNlIGds b2JhbGx5LC B3aXRoIGEg Zm9jdXMgb2 4gU291dGhl YXN0IEFzaW EsIENoaW5h LCBhbmQgdG hlIFVuaXRl ZCBTdGF0ZX MuPGJyPjMu IEJyb2FkIE J1c2luZXNz IFBvcnRmb2 xpbzogU2V2 ZW4gaSBIb2 xkaW5ncyBo YXMgYSBicm 9hZCBhbmQg YmFsYW5jZW QgYnVzaW5l c3MgcG9ydG ZvbGlvLCB3 aXRoIGEgbW l4IG9mIGhp Z2gtZ3Jvd3 RoIGFuZCBz dGFibGUgYn VzaW5lc3Nl cywgcHJvdm lkaW5nIGEg c3RhYmxlIH JldmVudWUg YmFzZS48Yn I+NC4gQ3Vz dG9tZXItQ2 VudHJpYyBB cHByb2FjaD ogVGhlIGNv bXBhbnkgaG FzIGEgc3Ry b25nIGNvbW 1pdG1lbnQg dG8gcHJvdm lkaW5nIGl0 cyBjdXN0b2 1lcnMgd2l0 aCBoaWdoLX F1YWxpdHkg cHJvZHVjdH MgYW5kIHNl cnZpY2VzLi BJdCBsZXZl cmFnZXMgZG F0YSBhbmQg dGVjaG5vbG 9neSB0byB1 bmRlcnN0YW 5kIGN1c3Rv bWVyIG5lZW RzIGFuZCBk ZXZlbG9wIG lubm92YXRp dmUgc29sdX Rpb25zLjxi cj41LiBJbm 5vdmF0aW9u IGFuZCBEaW dpdGFsIFN0 cmF0ZWd5Oi BTZXZlbiBp IEhvbGRpbm dzIGhhcyBh IHN0cm9uZy Bmb2N1cyBv biBpbm5vdm F0aW9uIGFu ZCBkaWdpdG FsIHRyYW5z Zm9ybWF0aW 9uLiBJdCBo YXMgbGF1bm NoZWQgc2V2 ZXJhbCBpbm l0aWF0aXZl cywgc3VjaC BhcyA3cGF5 IGFuZCBpdH MgZS1jb21t ZXJjZSBwbG F0Zm9ybSwg dG8gZW5oYW 5jZSBjdXN0 b21lciBleH BlcmllbmNl IGFuZCBkcm l2ZSBncm93 dGguPGJyPj YuIFN0cm9u ZyBGaW5hbm NpYWwgUGVy Zm9ybWFuY2 U6IE92ZXIg dGhlIHllYX JzLCBTZXZl biBpIEhvbG RpbmdzIGhh cyBjb25zaX N0ZW50bHkg ZGVsaXZlcm VkIHN0cm9u ZyBmaW5hbm NpYWwgcGVy Zm9ybWFuY2 UsIHdpdGgg c3RlYWR5IH JldmVudWUg Z3Jvd3RoIG FuZCBoaWdo IHByb2ZpdG FiaWxpdHku PGJyPjcuIF NvY2lhbCBS ZXNwb25zaW JpbGl0eTog VGhlIGNvbX BhbnkgaXMg Y29tbWl0dG VkIHRvIGJl aW5nIGEgcm VzcG9uc2li bGUgY29ycG 9yYXRlIGNp dGl6ZW4gYW 5kIGhhcyBz ZXZlcmFsIH Byb2dyYW1z IGluIHBsYW NlIHRvIHN1 cHBvcnQgdG hlIGVudmly b25tZW50LC Bzb2NpZXR5 LCBhbmQgaX RzIGVtcGxv eWVlcy48Yn I+OC4gU3Ry b25nIE1hbm FnZW1lbnQg VGVhbTogU2 V2ZW4gaSBI b2xkaW5ncy BoYXMgYSBz dHJvbmcgbW FuYWdlbWVu dCB0ZWFtIH dpdGggZXh0 ZW5zaXZlIG V4cGVyaWVu Y2UgaW4gdG hlaXIgcmVz cGVjdGl2ZS BpbmR1c3Ry aWVzLiBUaG UgdGVhbSBp cyBrbm93bi Bmb3IgaXRz IHN0cmF0ZW dpYyB2aXNp b24sIGV4ZW N1dGlvbiBh YmlsaXRpZX MsIGFuZCBp bm5vdmF0aW 9uLjxicj45 LiBCcmFuZC BWYWx1ZTog VGhlIGNvbX BhbnkncyBi cmFuZCB2YW x1ZSBoYXMg YmVlbiBjb2 5zaXN0ZW50 bHkgcmFua2 VkIGhpZ2gg YnkgdmFyaW 91cyByZXB1 dGFibGUgb3 JnYW5pemF0 aW9ucywgc2 hvd2Nhc2lu ZyBpdHMgc3 Ryb25nIHJl cHV0YXRpb2 4gYW5kIGJy YW5kIHJlY2 9nbml0aW9u Ljxicj4xMC 4gRnV0dXJl IEdyb3d0aC BQb3RlbnRp YWw6IFdpdG ggYSBzdHJv bmcgbWFya2 V0IHByZXNl bmNlLCBicm 9hZCBidXNp bmVzcyBwb3 J0Zm9saW8s IGFuZCBmb2 N1cyBvbiBp bm5vdmF0aW 9uLCBTZXZl biBpIEhvbG RpbmdzIGhh cyBhIHByb2 1pc2luZyBm dXR1cmUgYW hlYWQsIHdp dGggcG90ZW 50aWFsIGZv ciBjb250aW 51ZWQgZ3Jv d3RoIGFuZC BzdWNjZXNz Lg==

VGhlIFNldm VuIGkgSG9s ZGluZ3MgY2 9tcGFueSdz IGJ1c2luZX NzIG1vZGVs IGlzIGEgZG l2ZXJzaWZp ZWQgYnVzaW 5lc3MgbW9k ZWwsIGZvY3 VzaW5nIG9u IHNldmVuIG 1haW4gYXJl YXMgb2Ygb3 BlcmF0aW9u OiBtZWRpYS BhbmQgZGln aXRhbCBjb2 50ZW50LCBy ZXRhaWwsIG ZpbmFuY2lh bCBzZXJ2aW NlcywgaW50 ZXJuYXRpb2 5hbCBidXNp bmVzcywgY2 9tbWVyY2lh bCBidXNpbm VzcywgbGVp c3VyZSBhbm QgZW50ZXJ0 YWlubWVudC wgYW5kIG90 aGVyIGJ1c2 luZXNzIHZl bnR1cmVzLi BUaGlzIG11 bHRpLXNlY3 RvciBhcHBy b2FjaCBhbG xvd3MgdGhl IGNvbXBhbn kgdG8gZ2Vu ZXJhdGUgcm V2ZW51ZSBm cm9tIHZhcm lvdXMgaW5k dXN0cmllcy BhbmQgbWl0 aWdhdGUgcm lza3MuICBU aGUgY29tcG FueSBhbHNv IHBsYWNlcy BhIHN0cm9u ZyBlbXBoYX NpcyBvbiBp bm5vdmF0aW 9uIGFuZCBi dWlsZGluZy BwYXJ0bmVy c2hpcHMgdG 8gZHJpdmUg Z3Jvd3RoIG FuZCBleHBh bmQgaXRzIG J1c2luZXNz IGdsb2JhbG x5Lg==

AI can potentially pose a material threat to Seven i Holdings, particularly in the retail and convenience store sectors where it operates. Below are some ways in which AI may impact the company’s products, services, and competitive positioning:
1. Substitution: AI-driven technologies, such as automated checkout systems and advanced inventory management solutions, could lead to alternatives that reduce the need for traditional retail experiences. Consumers might opt for online shopping options that leverage AI for personalized recommendations, potentially drawing customers away from physical stores.
2. Disintermediation: AI enables direct-to-consumer models that can eliminate intermediaries. Companies leveraging AI for supply chain optimization or personalized marketing could bypass traditional retail structures. As consumers increasingly seek convenience and tailored experiences, Seven i Holdings may face challenges from new entrants that utilize AI to provide better services.
3. Margin Pressure: Implementing AI technologies can require significant upfront investment. However, competitors that successfully adopt these technologies could achieve greater efficiency and cost savings, thereby applying pressure on Seven i Holdings’ profit margins. Additionally, AI-driven pricing strategies from competitors could compel Seven i Holdings to revise its pricing to remain competitive, further squeezing margins.
In summary, while AI offers opportunities for improvement and innovation, it also poses risks of substitution, disintermediation, and margin pressure that Seven i Holdings must navigate to maintain its competitive position in the market.

The sensitivity of Seven i Holdings’ earnings, cash flow, and valuation to changes in interest rates can be assessed through several interconnected factors:
1. Earnings Sensitivity: Interest rates can directly impact consumer spending behavior, particularly in sectors like retail, where Seven i operates. Higher interest rates typically lead to increased borrowing costs, which may reduce consumer spending and, consequently, affect the company’s sales and earnings negatively. Moreover, if Seven i has significant debt, increased rates could raise interest expenses, further compressing profit margins.
2. Cash Flow Sensitivity: Like earnings, cash flow is sensitive to interest rate changes. Increased interest rates can lead to higher debt servicing costs, thus reducing free cash flow available for operations, investments, or shareholder returns. Conversely, if rates rise, the cost of capital increases, which may discourage investment in new projects or expansions, leading to slower cash flow growth.
3. Valuation Sensitivity: Valuation of Seven i Holdings, as with most companies, is often assessed using discounted cash flow (DCF) models. Higher interest rates lead to higher discount rates, which reduce the present value of future cash flows. This can result in a lower valuation for the company. Moreover, if the market anticipates that rising interest rates will negatively impact future earnings and cash flows, it could lead to a decline in the stock’s market price.
In summary, an increase in interest rates generally puts downward pressure on Seven i Holdings’ earnings, cash flow, and valuation due to reduced consumer spending, increased financing costs, and lower present value of future cash flows. Conversely, lower interest rates could support enhanced profit margins, improved cash flow, and higher valuations.

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 bG9nb3MvcG VycVoxM3ZN WnJzUTFadF dQeFkud2Vi cCIgYWx0PS JTZXZlbiBp IEhvbGRpbm dzIiB0aXRs ZT0iU2V2ZW 4gaSBIb2xk aW5ncyIgIG NsYXNzPSJp bWctZmx1aW QiIGhlaWdo dD05MCB3aW R0aD05MCBs b2FkaW5nPS dsYXp5JyBz dHlsZT0nYm 9yZGVyLXJh ZGl1czogNn B4Oyc+Cgog ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J2ZsZXg6ID E7IHRleHQt YWxpZ246IG NlbnRlcjsg bWFyZ2luLW xlZnQ6IDVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 cCBzdHlsZT 0nZm9udC1z aXplOiAyNn B4OyBjb2xv cjogIzMzMz sgbWFyZ2lu LWJvdHRvbT ogMTVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TiCBXYW 50IHRvIHJl YWQgbW9yZS BhYm91dCBT ZXZlbiBpIE hvbGRpbmdz 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+SoSBM ZWFybiBzbW FydGVyIHN0 b2NrIHBpY2 tzIHdpdGgg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDEy cHg7IGZvbn Qtc2l6ZTog MTNweDsgY2 9sb3I6ICM0 NDQ7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIFNpZ2 4gdXAgbm93 IGFuZCBnZX Qgb3VyIGZy ZWUgZUJvb2 sgCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8Yj5UaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzPC9i PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTZweD sgZm9udC1z aXplOiAxNH B4OyBjb2xv cjogIzQ0ND sgZm9udC1m YW1pbHk6IC 1hcHBsZS1z eXN0ZW0sIE JsaW5rTWFj U3lzdGVtRm 9udCwgU2Vn b2UgVUksIF JvYm90bywg SGVsdmV0aW NhIE5ldWUs IHNhbnMtc2 VyaWY7IGxp bmUtaGVpZ2 h0OiAxLjY7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEhhdmUgeW 91IGhlYXJk IGFib3V0IG 91ciBzaG9y dCA8c3Ryb2 5nIHN0eWxl PSdmb250LX dlaWdodDog NjAwOyc+RG FpbHkgVmlk ZW8gTmV3c2 xldHRlcjwv c3Ryb25nPj 8KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xhIGhyZWY9 J2h0dHBzOi 8vd3d3Lmlu c2lnaHRmdW x2YWx1ZS5j b20vbmV3c2 xldHRlci5w aHAnIHRhcm dldD0nX2Js YW5rJyBzdH lsZT0nY29s b3I6ICMwMD dCRkY7IHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsgZm 9udC13ZWln aHQ6IDUwMD sgbWFyZ2lu LWxlZnQ6ID ZweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEZpbmQgb3 V0IG1vcmUK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AKICAgICAg ICAKICAgIC AgICA8c3Bh biBjbGFzcz 0nYmx1cnJl ZC10ZXh0Jz 4KICAgICAg ICAgICAgTV M0Z1UyVjJa VyA0Z2FTQk liMnhrIGFX NW5jeUJwY3 kgQmhJR3ho Y21kbCBJRX BoY0dGdVpY IE5sSUdOdm JtZHMgYjIx bGNtRjBaUy BCamIzSndi M0poIGRHbH ZiaXdnWlgg TjBZV0pzYV hObyBaV1Fn YVc0Z01qIE F3TlNCaGN5 QmggSUhKbG MzVnNkQyBC dlppQmhJRz FsIGNtZGxj aUJpWlggUj NaV1Z1SUhS MyBieUJ0WV dwdmNpIEJq YjIxd1lXNX AgWlhNc0lF bDBieSAxWm IydGhaRzhn IFlXNWtJRk 5sZG0gVnVM VVZzWlhabC BiaUJLWVhC aGJpIDQ4WW 5JK01pNGcg VkdobElHNW hiVyBVZ1Uy VjJaVzRnIG FTQmpiMjFs Y3kgQm1jbT l0SUhSbyBa U0JqYjIxaW FXIDVoZEds dmJpQnYgWm lCMGFHVWdk SCBkdklHTn ZiWEJoIGJt bGxjK0tBbV MgQnVZVzFs Y3l3ZyBZVz VrSUdGc2My IDhnY21Wd2 NtVnogWlc1 MGN5QjBhRy BVZ1kyOXRj R0Z1IGVlS0 FtWE1nWTIg OXlaU0IyWV d4MSBaWE1n YjJZZ2FXID V1YjNaaGRH bHYgYml3Z2 FXNTBaVyBk eWFYUjVMQ0 JwIGJuWnZi SFpsYlcgVn VkQ3dnYVc1 eiBjR2x5WV hScGIyIDRz SUdsdGNISn YgZG1WdFpX NTBMQyBCcG JXRm5hVzVo IGRHbHZiaX dnWVcgNWtJ R2x0Y0dGai BkQzQ4WW5J K015IDRnVT JWMlpXNGcg YVNCSWIyeG thVyA1bmN5 Qm9ZWE1nIF lTQmthWFps Y24gTmxJSE J2Y25SbSBi MnhwYnlCdl ppIEJpZFhO cGJtVnogYz JWekxDQnBi bSBOc2RXUn BibWNnIGNt VjBZV2xzSU MgaERiMjUy Wlc1cCBaVz VqWlNCVGRH IDl5WlhNc0 lFUmwgY0dG eWRHMWxibi BRZ1UzUnZj bVZ6IExDQl RkWEJsY20g MWhjbXRsZE hNcyBJRk53 WldOcFlXIH gwZVNCVGRH OXkgWlhNc0 lHRnVaQyBC U1pXRnNJRV Z6IGRHRjBa U2tzSUcgWn BibUZ1WTJs aCBiQ0J6Wl hKMmFXIE5s Y3l3Z1NWUX MgSUdGdVpD Qm9aVyBGc2 RHaGpZWEps IExqeGljaj QwTGkgQlVh R1VnWTI5dC BjR0Z1ZWVL QW1YIE1nY2 1WMFlXbHMg SUdScGRtbH phVyA5dUlH bHVZMngxIF pHVnpJR0p5 WVcgNWtjeU J6ZFdObyBJ R0Z6SUZObG RtIFZ1TFVW c1pYWmwgYm l3Z1UyVnBZ biBVc0lGTn ZaMjhzIElF eHZablFzSU cgRnVaQ0JK ZEc4dCBXVz lyWVdSdkxD IEIzYUdsam FDQmggY21V Z2QyVnNiQy AxcmJtOTNi aUJwIGJpQk tZWEJoYmkg QmhibVFnYU dGMiBaU0Jo SUhOMGNtID l1WnlCd2Nt VnogWlc1al pTQmliMyBS b0lHNWhkR2 x2IGJtRnNi SGtnWVcgNW tJR2x1ZEdW eSBibUYwYV c5dVlXIHhz ZVM0OFluSS sgTlM0Z1Uy VjJaVyA0Z2 FTQkliMnhr IGFXNW5jeU JwY3kgQjBh R1VnYkdGeS BaMlZ6ZENC amIyIDUyWl c1cFpXNWog WlNCemRHOX laUyBCdmNH VnlZWFJ2IG NpQnBiaUJL WVggQmhiaU JoYm1RZyBi MjVsSUc5bU lIIFJvWlNC c1lYSm4gWl hOMElHbHVJ SCBSb1pTQj NiM0pzIFpD d2dkMmwwYU MgQnZkbVZ5 SURJeSBMRE F3TUNCamIy IDUyWlc1cF pXNWogWlNC emRHOXlaWC BNZ2IzQmxj bUYwIGFXNW 5JR2RzYjIg SmhiR3g1TG p4aSBjajQy TGlCSmJpIE JoWkdScGRH bHYgYmlCMG J5QnBkSCBN Z2NtVjBZV2 xzIElHRnVa Q0JtYVcgNW hibU5wWVd3 ZyBZblZ6YV c1bGMzIE5s Y3l3Z1UyVj IgWlc0Z2FT QkliMiB4a2 FXNW5jeUJo IGJITnZJR2 hoY3kgQmhJ SE5wWjI1cC BabWxqWVc1 MElIIEJ5Wl hObGJtTmwg SUdsdUlIUm 9aUyBCSlZD QnpaV04wIG IzSXNJSGRw ZEcgZ2dZMj l0Y0dGdSBh V1Z6SUd4cG EyIFVnVTJW MlpXNGcgUW 1GdWF5d2dV MiBWMlpXNG dVR0Y1IExD QmhibVFnVT IgVjJaVzRn Vm1WdSBkSF Z5WlhNZ1pt IDlqZFhOcG JtY2cgYjI0 Z2FXNXViMy BaaGRHbHZi aUJoIGJtUW daR2xuYVgg UmhiQ0J6Wl hKMiBhV05s Y3k0OFluIE krTnk0Z1ZH aGwgSUdOdm JYQmhibiBu aWdKbHpJR2 hsIFlXeDBh R05oY20gVW daR2wyYVhO cCBiMjRnYV c1amJIIFZr WlhNZ1lTQn MgWVhKblpT QnVaWCBSM2 IzSnJJRzlt IElHUnlkV2 R6ZEcgOXla WE1zSUdodi BjM0JwZEdG c2N5IHdnWV c1a0lHOTAg YUdWeUlHaG xZVyB4MGFH TmhjbVVnIF ptRmphV3hw ZEcgbGxjeX dnY0hKdiBk bWxrYVc1bk lHIEVnZDJs a1pTQnkgWV c1blpTQnZa aSBCdFpXUn BZMkZzIElH RnVaQ0J3YU cgRnliV0Zq WlhWMCBhV0 5oYkNCelpY IEoyYVdObG N5QjAgYnlC MGFHVWdTbS BGd1lXNWxj MlVnIGJXRn lhMlYwTGog eGljajQ0TG lCVCBaWFps YmlCcElFIG h2YkdScGJt ZHogSUdsek lHTnZiVyAx cGRIUmxaQ0 IwIGJ5Qnpk WE4wWVcgbH VZV0pwYkds MCBlU0JoYm 1RZ2MyIDlq YVdGc0lISm wgYzNCdmJu TnBZbSBsc2 FYUjVMQ0Jo IGJtUWdhR0 Z6SUcgbHRj R3hsYldWdS BkR1ZrSUhO bGRtIFZ5WV d3Z2FXNXAg ZEdsaGRHbD JaWCBNZ2RH OGdjbVZrIG RXTmxJR2ww Y3kgQmxibl pwY205dSBi V1Z1ZEdGc0 lHIGx0Y0dG amRDQmggYm 1RZ1kyOXVk SCBKcFluVj BaU0IwIGJ5 QjBhR1VnYk cgOWpZV3dn WTI5dCBiWF Z1YVhSNUxq IHhpY2o0NU xpQlUgYUdV Z1kyOXRjRy BGdWVlS0Ft WE1nIFEwVl BMQ0JTZVgg VnBZMmhwSU VseiBZV3Ro TENCb1lYIE 1nWW1WbGJp QjMgYVhSb0 lGTmxkbSBW dUlHa2dTRz lzIFpHbHVa M01nYzIgbH VZMlVnYVhS eiBJR2x1WT JWd2RHIGx2 YmlCcGJpQX kgTURBMUlH RnVaQyBCb1 lYTWdjR3ho IGVXVmtJR0 VnWTMgSjFZ MmxoYkNCeS BiMnhsSUds dUlHIGwwY3 lCbmNtOTMg ZEdnZ1lXNW tJSCBOMVky TmxjM011IF BHSnlQakV3 TGkgQlRaWF psYmlCcCBJ RWh2YkdScG JtIGR6SUdo aGN5QmggSU hOMGNtOXVa eSBCbmJHOW lZV3dnIGNI SmxjMlZ1WT IgVXNJSGRw ZEdnZyBiM0 JsY21GMGFX IDl1Y3lCcG JpQnYgZG1W eUlESXpJRy BOdmRXNTBj bWxsIGN5Qm hibVFnY20g Vm5hVzl1Y3 l3ZyBhVzVq YkhWa2FXID VuSUVOb2FX NWggTENCV2 FXVjBibSBG dExDQjBhR1 VnIFZXNXBk R1ZrSUYgTj BZWFJsY3l3 ZyBZVzVrSU VOaGJtIEZr WVM0PQogIC AgICAgIDwv c3Bhbj4KIC AgICAgICAK ICAgICAgIC A=