Credit Saison

Live  

Credit Saison is a Japanese financial services company that specializes in credit cards and loans. It was founded in 1951 as Saison Card Co. and was officially renamed to Credit Saison Co., Ltd. in 1992. The company is headquartered in Tokyo, Japan and has expanded its services to other countries such as the United States, Hong Kong, China, and South Korea.
Credit Saison offers a range of credit cards that cater to different individuals and businesses, including ones with cashback rewards, travel benefits, and membership perks. They also offer financial services such as personal loans, installment plans, and insurance.
As of 2021, Credit Saison has over 8.6 million credit cardholders and over 81 million installment loans. The company has a strong presence in the retail and e-commerce sectors, and has partnerships with major retailers and online platforms in Japan.
Credit Saison is committed to sustainability and has implemented initiatives to reduce its environmental impact, such as promoting paperless billing, using renewable energy, and reducing carbon emissions. They have also established a corporate social responsibility program focused on supporting education, community development, and disaster relief efforts.
Overall, Credit Saison is a reputable and established financial services company in Japan, known for its innovative products and commitment to sustainability and corporate responsibility.

Q3JlZGl0IF NhaXNvbiBp cyBhIGJpZy Bjb21wYW55 IGluIEphcG FuIHRoYXQg aGVscHMgcG VvcGxlIGFu ZCBidXNpbm Vzc2VzIHdp dGggbW9uZX kgaW4gZGlm ZmVyZW50IH dheXMuIFRo aW5rIG9mIG l0IGxpa2Ug YSBmcmllbm Qgd2hvIGxl bmRzIHlvdS Btb25leSB3 aGVuIHlvdS BuZWVkIGl0 LCBidXQgYW xzbyBoZWxw cyB5b3Uga2 VlcCB0cmFj ayBvZiB5b3 VyIHNwZW5k aW5nLiA8Yn I+SGVyZeKA mXMgaG93IG l0IHdvcmtz OiA8YnI+MS 4gPHN0cm9u Zz5MZW5kaW 5nIE1vbmV5 PC9zdHJvbm c+OiBXaGVu IHNvbWVvbm Ugd2FudHMg dG8gYnV5IH NvbWV0aGlu ZyBleHBlbn NpdmUsIGxp a2UgYSBjYX Igb3IgYSBz b2ZhLCBidX QgZG9lc27i gJl0IGhhdm UgZW5vdWdo IG1vbmV5IH JpZ2h0IG5v dywgdGhleS BjYW4gYm9y cm93IG1vbm V5IGZyb20g Q3JlZGl0IF NhaXNvbi4g VGhleSBhZ3 JlZSB0byBw YXkgaXQgYm FjayBhIGxp dHRsZSBiaX QgZXZlcnkg bW9udGguPG JyPjIuIDxz dHJvbmc+Q3 JlZGl0IENh cmRzPC9zdH Jvbmc+OiBD cmVkaXQgU2 Fpc29uIGFs c28gbWFrZX MgY3JlZGl0 IGNhcmRzLi BXaGVuIHNv bWVvbmUgdX NlcyBhIENy ZWRpdCBTYW lzb24gY2Fy ZCB0byBidX kgc29tZXRo aW5nLCB0aG V5IGNhbiBw YXkgbGF0ZX IgaW5zdGVh ZCBvZiBhbG wgYXQgb25j ZS4gVGhpcy BtYWtlcyBi dXlpbmcgdG hpbmdzIGVh c2llciwgYW 5kIENyZWRp dCBTYWlzb2 4gZWFybnMg bW9uZXkgZn JvbSBmZWVz IGFuZCBpbn RlcmVzdCB3 aGVuIHBlb3 BsZSBkb27i gJl0IHBheS BvZmYgdGhl aXIgY3JlZG l0IGNhcmQg cmlnaHQgYX dheS48YnI+ My4gPHN0cm 9uZz5IZWxw aW5nIEJ1c2 luZXNzZXM8 L3N0cm9uZz 46IFRoZSBj b21wYW55IG Fsc28gaGVs cHMgYnVzaW 5lc3NlcyBi eSBnaXZpbm cgdGhlbSBs b2FucyBzby B0aGV5IGNh biBidXkgdG hpbmdzIHRo ZXkgbmVlZC B0byBncm93 LCBsaWtlIG 5ldyBlcXVp cG1lbnQgb3 Igc3VwcGxp ZXMuPGJyPk 5vdywgbGV0 4oCZcyB0YW xrIGFib3V0 IGhvdyBDcm VkaXQgU2Fp c29uIG1ha2 VzIG1vbmV5 LiBXaGVuIH Blb3BsZSBi b3Jyb3cgbW 9uZXkgb3Ig dXNlIGNyZW RpdCBjYXJk cywgdGhleS Bzb21ldGlt ZXMgaGF2ZS B0byBwYXkg ZXh0cmEgbW 9uZXkgY2Fs bGVkIGludG VyZXN0LiBU aGlzIGlzIG hvdyBDcmVk aXQgU2Fpc2 9uIGVhcm5z IG1vc3Qgb2 YgaXRzIG1v bmV5LiBUaG V5IGFsc28g Y2hhcmdlIG ZlZXMgZm9y IHRoaW5ncy BsaWtlIGxh dGUgcGF5bW VudHMgb3Ig YW5udWFsIG ZlZXMgZm9y IGNyZWRpdC BjYXJkcy48 YnI+QXMgZm 9yIHdoeSBD cmVkaXQgU2 Fpc29uIGlz IHN1Y2Nlc3 NmdWwgYW5k IHdpbGwgbG lrZWx5IHN0 YXkgdGhhdC B3YXkgaW4g dGhlIGZ1dH VyZTogPGJy PjEuIDxzdH Jvbmc+VHJ1 c3Q8L3N0cm 9uZz46IFBl b3BsZSB0cn VzdCBDcmVk aXQgU2Fpc2 9uIGJlY2F1 c2UgdGhleS BoYXZlIGJl ZW4gYXJvdW 5kIGZvciBh IGxvbmcgdG ltZSBhbmQg aGF2ZSBhIG dvb2QgcmVw dXRhdGlvbi 4gV2hlbiBj dXN0b21lcn MgdHJ1c3Qg YSBjb21wYW 55LCB0aGV5 IGtlZXAgY2 9taW5nIGJh Y2suPGJyPj IuIDxzdHJv bmc+Q29udm VuaWVuY2U8 L3N0cm9uZz 46IENyZWRp dCBTYWlzb2 4gbWFrZXMg aXQgZWFzeS Bmb3IgcGVv cGxlIHRvIH VzZSB0aGVp ciBzZXJ2aW NlcyBvbmxp bmUgb3IgdG hyb3VnaCBh cHBzLiBUaG lzIG1hdGNo ZXMgd2hhdC BwZW9wbGUg bGlrZSB0b2 RheSwgd2hp Y2ggaXMgdG 8gaGF2ZSB0 aGluZ3MgYW NjZXNzaWJs ZSBvbiB0aG VpciBwaG9u ZXMuPGJyPj MuIDxzdHJv bmc+SW5ub3 ZhdGl2ZSBQ cm9kdWN0cz wvc3Ryb25n PjogVGhlee KAmXJlIGFs d2F5cyBsb2 9raW5nIGZv ciBuZXcgd2 F5cyB0byBo ZWxwIGN1c3 RvbWVycyB3 aXRoIG1vbm V5LiBJZiB0 aGV5IGNvbW UgdXAgd2l0 aCBuZXcgc2 VydmljZXMg b3IgcHJvZH VjdHMgdGhh dCBwZW9wbG Ugd2FudCwg dGhleSBjYW 4ga2VlcCBn cm93aW5nLj xicj40LiA8 c3Ryb25nPl NtYXJ0IFRl Y2hub2xvZ3 k8L3N0cm9u Zz46IENyZW RpdCBTYWlz b24gdXNlcy B0ZWNobm9s b2d5IHRvIG 1hbmFnZSBt b25leSBiZX R0ZXIgYW5k IHRvIGtlZX AgdGhpbmdz IHNhZmUuIF RoaXMgbWFr ZXMgaXQgZW FzaWVyIGZv ciBjdXN0b2 1lcnMgdG8g dXNlIHRoZW lyIHNlcnZp Y2VzIGFuZC BjYW4gYXR0 cmFjdCBtb3 JlIHBlb3Bs ZS48YnI+U2 8sIGJ5IGJl aW5nIHRydX N0d29ydGh5 LCBjb252ZW 5pZW50LCBh bmQgYWx3YX lzIGxvb2tp bmcgZm9yIG 5ldyBpZGVh cywgQ3JlZG l0IFNhaXNv biBpcyBzZX QgdG8gc3Rh eSBzdWNjZX NzZnVsIGlu IHRoZSBmdX R1cmUhPGJy Pg==

MS4gTG9uZy BoaXN0b3J5 OiBDcmVkaX QgU2Fpc29u IHdhcyBlc3 RhYmxpc2hl ZCBpbiAxOT UxLCBtYWtp bmcgaXQgb2 5lIG9mIEph cGFuJ3Mgb2 xkZXN0IGFu ZCBtb3N0IG V4cGVyaWVu Y2VkIGNvbn N1bWVyIGZp bmFuY2UgY2 9tcGFuaWVz Ljxicj4yLi BEaXZlcnNp ZmllZCBmaW 5hbmNpYWwg c2VydmljZX M6IFRoZSBj b21wYW55IG 9mZmVycyBh IHdpZGUgcm FuZ2Ugb2Yg ZmluYW5jaW FsIHNlcnZp Y2VzIGluY2 x1ZGluZyBj cmVkaXQgY2 FyZHMsIGxv YW5zLCBpbn N1cmFuY2Us IGFuZCBpbn Zlc3RtZW50 IHByb2R1Y3 RzLjxicj4z LiBTdHJvbm cgY3VzdG9t ZXIgYmFzZT ogQ3JlZGl0 IFNhaXNvbi BoYXMgYSBs YXJnZSBjdX N0b21lciBi YXNlIG9mIG 92ZXIgNDUg bWlsbGlvbi BwZW9wbGUs IGluY2x1ZG luZyBib3Ro IGluZGl2aW R1YWxzIGFu ZCBjb3Jwb3 JhdGlvbnMu PGJyPjQuIE lubm92YXRp b24gYW5kIH RlY2hub2xv Z3k6IFRoZS Bjb21wYW55 IGhhcyBiZW VuIGF0IHRo ZSBmb3JlZn JvbnQgb2Yg dXNpbmcgdG VjaG5vbG9n eSBhbmQgZG F0YSBhbmFs eXRpY3MgdG 8gY3JlYXRl IGlubm92YX RpdmUgZmlu YW5jaWFsIH Byb2R1Y3Rz IGFuZCBzZX J2aWNlcyBm b3IgaXRzIG N1c3RvbWVy cy48YnI+NS 4gU3Ryb25n IGZpbmFuY2 lhbCBwZXJm b3JtYW5jZT ogQ3JlZGl0 IFNhaXNvbi BoYXMgY29u c2lzdGVudG x5IGRlbGl2 ZXJlZCBzdH JvbmcgZmlu YW5jaWFsIH Jlc3VsdHMs IHdpdGggc3 RhYmxlIHJl dmVudWUgZ3 Jvd3RoIGFu ZCBwcm9maX RhYmlsaXR5 Ljxicj42Li BTb2NpYWwg cmVzcG9uc2 liaWxpdHk6 IFRoZSBjb2 1wYW55IGhh cyBhIHN0cm 9uZyBjb21t aXRtZW50IH RvIHNvY2lh bCByZXNwb2 5zaWJpbGl0 eSBhbmQgc3 VzdGFpbmFi aWxpdHksIH Byb21vdGlu ZyBmaW5hbm NpYWwgbGl0 ZXJhY3ksIG FuZCBzdXBw b3J0aW5nIH NvY2lhbCBh bmQgZW52aX Jvbm1lbnRh bCBpbml0aW F0aXZlcy48 YnI+Ny4gR2 xvYmFsIHJl YWNoOiBDcm VkaXQgU2Fp c29uIGhhcy BleHBhbmRl ZCBpdHMgcH Jlc2VuY2Ug YmV5b25kIE phcGFuIHRv IG90aGVyIG NvdW50cmll cyBpbiBBc2 lhLCBzdWNo IGFzIENoaW 5hLCBIb25n IEtvbmcsIF ZpZXRuYW0s IGFuZCBUaG FpbGFuZC48 YnI+OC4gUG FydG5lcnNo aXBzIHdpdG ggbWFqb3Ig cmV0YWlsZX JzOiBUaGUg Y29tcGFueS BoYXMgc3Ry YXRlZ2ljIH BhcnRuZXJz aGlwcyBhbm QgY28tYnJh bmRlZCBjcm VkaXQgY2Fy ZHMgd2l0aC BtYWpvciBy ZXRhaWxlcn MsIHByb3Zp ZGluZyBjdX N0b21lcnMg d2l0aCBleG NsdXNpdmUg YmVuZWZpdH MgYW5kIHJl d2FyZHMuPG JyPjkuIEVt cGxveWVlIG RpdmVyc2l0 eSBhbmQgZG V2ZWxvcG1l bnQ6IENyZW RpdCBTYWlz b24gdmFsdW VzIGRpdmVy c2l0eSBhbm QgaW52ZXN0 cyBpbiB0aG UgZGV2ZWxv cG1lbnQgb2 YgaXRzIGVt cGxveWVlcy wgY3JlYXRp bmcgYSBwb3 NpdGl2ZSBh bmQgaW5jbH VzaXZlIHdv cmsgZW52aX Jvbm1lbnQu PGJyPjEwLi BBd2FyZHMg YW5kIHJlY2 9nbml0aW9u OiBUaGUgY2 9tcGFueSBo YXMgcmVjZW l2ZWQgbnVt ZXJvdXMgYX dhcmRzIGFu ZCByZWNvZ2 5pdGlvbiBm b3IgaXRzIG ZpbmFuY2lh bCBwcm9kdW N0cyBhbmQg c2VydmljZX MsIGN1c3Rv bWVyIHNhdG lzZmFjdGlv biwgYW5kIG NvcnBvcmF0 ZSBzb2NpYW wgcmVzcG9u c2liaWxpdH kgZWZmb3J0 cy4=

VGhlIENyZW RpdCBTYWlz b24gY29tcG FueSBpcyBh IEphcGFuZX NlIGZpbmFu Y2lhbCBzZX J2aWNlcyBj b21wYW55IH RoYXQgcHJp bWFyaWx5IG 9mZmVycyBj cmVkaXQgY2 FyZHMgYW5k IGluc3RhbG xtZW50IGxv YW5zIHRvIG luZGl2aWR1 YWxzIGFuZC BidXNpbmVz c2VzLiBUaG VpciBidXNp bmVzcyBtb2 RlbCBjZW50 ZXJzIG9uIG lzc3Vpbmcg Y3JlZGl0IH Byb2R1Y3Rz IGFuZCBlYX JuaW5nIGlu dGVyZXN0IG FuZCBmZWVz IGZyb20gdG hlaXIgY3Vz dG9tZXJzLi BUaGV5IGFs c28gcHJvdm lkZSB2YXJp b3VzIG90aG VyIGZpbmFu Y2lhbCBzZX J2aWNlcyBz dWNoIGFzIG NyZWRpdCBj aGVja3MsIG NyZWRpdCBh bmFseXNpcy wgYW5kIGRl YnQgY29sbG VjdGlvbi4g SW4gYWRkaX Rpb24sIHRo ZXkgcGFydG 5lciB3aXRo IHJldGFpbG VycyBhbmQg b3RoZXIgYn VzaW5lc3Nl cyB0byBwcm 92aWRlIGlu c3RhbGxtZW 50IHBheW1l bnQgb3B0aW 9ucyBmb3Ig dGhlaXIgY3 VzdG9tZXJz LiBUaGUgY2 9tcGFueSBh bHNvIGhhcy BhIGxveWFs dHkgcHJvZ3 JhbSBhbmQg b2ZmZXJzIH Jld2FyZHMg YW5kIGJlbm VmaXRzIHRv IGl0cyBjYX JkaG9sZGVy cy4gT3Zlcm FsbCwgQ3Jl ZGl0IFNhaX NvbidzIGJ1 c2luZXNzIG 1vZGVsIGZv Y3VzZXMgb2 4gZ2VuZXJh dGluZyByZX ZlbnVlIHRo cm91Z2ggaW 50ZXJlc3Qg YW5kIGZlZX Mgd2hpbGUg YWxzbyBwcm 92aWRpbmcg Y29udmVuaW VudCBhbmQg ZmxleGlibG UgcGF5bWVu dCBvcHRpb2 5zIGZvciBj b25zdW1lcn Mu

AI presents both challenges and opportunities for companies like Credit Saison, which operates in the financial services and credit sectors. Here are some considerations regarding potential threats through substitution, disintermediation, and margin pressure:
1. Substitution: AI technologies can create new financial products and services that may substitute traditional offerings from companies like Credit Saison. For example, AI-driven lending platforms can use alternative data for credit scoring, enabling them to offer loans with faster approval times and potentially lower interest rates. If consumers find these alternatives more appealing, it could reduce demand for Credit Saison’s existing products.
2. Disintermediation: AI can facilitate direct transactions between consumers and service providers, minimizing the need for intermediaries like Credit Saison. For instance, blockchain technology, combined with AI, could enable peer-to-peer lending without traditional credit companies. If consumers can access financial services directly, it may lead to a decline in business for established players.
3. Margin Pressure: The integration of AI in the financial services sector can drive operational efficiencies, leading to lower costs for companies that adopt these technologies effectively. However, it could also create margin pressure for traditional companies that are slower to adapt. If competitors leverage AI to streamline processes, enhance customer experiences, or reduce costs, Credit Saison may need to lower its prices or invest heavily in technology to maintain its competitive position.
In summary, while AI poses potential material threats to Credit Saison through substitution, disintermediation, and margin pressure, it can also provide opportunities for innovation and improved service delivery. The company’s ability to adapt and leverage AI technologies will be crucial in mitigating these risks and maintaining competitiveness.

Credit Saison’s earnings, cash flow, and valuation are significantly influenced by changes in interest rates due to its core business in financial services, which includes lending and credit services.
1. Earnings Sensitivity: As a financial institution, Credit Saison’s earnings largely depend on the interest income earned from loans. An increase in interest rates can lead to higher interest income, potentially boosting earnings if the loan demand remains stable. However, if rates rise too much, it might deter borrowers, leading to reduced loan volumes and potentially impacting earnings negatively. Conversely, a decrease in interest rates can compress interest margins, reducing earnings if the company cannot adequately adjust its cost of funds.
2. Cash Flow Sensitivity: Cash flow from operations is closely tied to earnings, and hence, interest rates also play a pivotal role here. Higher interest rates may lead to increased cash flow from interest income, assuming loan origination remains strong. However, if higher rates lead to increased default rates or if borrowers prepay their loans to refinance at lower rates, cash flows might decline. On the other hand, lower interest rates can increase cash flows through lower financing costs, but this might also come with reduced margins.
3. Valuation Sensitivity: The valuation of Credit Saison, often assessed using discounted cash flow (DCF) models or price-to-earnings (P/E) ratios, is sensitive to interest rate changes. Higher interest rates typically increase the discount rate, which can lower the present value of future cash flows. Conversely, lower interest rates can have the opposite effect, enhancing the present value of cash flows and potentially increasing the company’s valuation. Additionally, market sentiment around the stability and growth of financial services firms can be influenced by macroeconomic conditions, including interest rate trends.
In summary, Credit Saison’s financial metrics are closely tied to interest rate fluctuations, impacting their earnings, cash flow, and overall valuation. The company must navigate these changes carefully to sustain profitability and shareholder value.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BDcmVkaXQg U2Fpc29u4o CZcyBlY29u b21pY3Mgb3 ZlciB0aGUg bmV4dCAzLT UgeWVhcnMg aXMgYSBzaW duaWZpY2Fu dCBhbmQgc3 VzdGFpbmVk IGVjb25vbW ljIGRvd250 dXJuLCBwYX J0aWN1bGFy bHkgb25lIH NpbWlsYXIg dG8gdGhlID IwMDggZmlu YW5jaWFsIG NyaXNpcywg YnV0IHRyaW dnZXJlZCBi eSBhIGNvbW JpbmF0aW9u IG9mIGZhY3 RvcnMgc3Vj aCBhcyBoaW doIGluZmxh dGlvbiwgcm lzaW5nIGlu dGVyZXN0IH JhdGVzLCBh bmQgYSBzZX ZlcmUgY3Jl ZGl0IG1hcm tldCBjb3Jy ZWN0aW9uLi BUaGlzIGRv d250dXJuIG NvdWxkIGJl IGV4YWNlcm JhdGVkIGJ5 IGdlb3BvbG l0aWNhbCB0 ZW5zaW9ucy BvciBzeXN0 ZW1pYyBmYW lsdXJlcyBp biB0aGUgZm luYW5jaWFs IHNlY3Rvci wgbGVhZGlu ZyB0byB3aW Rlc3ByZWFk IGRlZmF1bH RzIG9uIGxv YW5zIGFuZC BhIGNvbnRy YWN0aW9uIG luIGNvbnN1 bWVyIHNwZW 5kaW5nLjxi cj5JbiB0aG lzIHNjZW5h cmlvLCB0aG UgZm9sbG93 aW5nIGVmZm VjdHMgY291 bGQgYmUgb2 JzZXJ2ZWQg b24gQ3JlZG l0IFNhaXNv buKAmXMgZW Nvbm9taWNz Ojxicj4xLi A8c3Ryb25n Pk1hcmdpbn M8L3N0cm9u Zz46IDxicj 4gICBNYXJn aW5zIHdvdW xkIGxpa2Vs eSBkZWNsaW 5lIHNoYXJw bHkgYXMgdG hlIGNvbXBh bnkgZmFjZX MgaW5jcmVh c2VkIGRlZm F1bHQgcmF0 ZXMgb24gbG 9hbnMgYW5k IGEgY29ycm VzcG9uZGlu ZyByaXNlIG luIGxvYW4g bG9zcyBwcm 92aXNpb25z LiBUaGlzIH dvdWxkIGVy b2RlIHByb2 ZpdGFiaWxp dHksIHBhcn RpY3VsYXJs eSBpZiB0aG UgY29zdCBv ZiBjYXBpdG FsIHJpc2Vz IGR1ZSB0by BpbmNyZWFz ZWQgaW50ZX Jlc3QgcmF0 ZXMsIHJlZH VjaW5nIHRo ZSBzcHJlYW QgYmV0d2Vl biBib3Jyb3 dpbmcgYW5k IGxlbmRpbm cgcmF0ZXMu IEFkZGl0aW 9uYWxseSwg Y29tcGV0aX Rpb24gZm9y IGJvcnJvd2 VycyBjb3Vs ZCBmb3JjZS BDcmVkaXQg U2Fpc29uIH RvIGxvd2Vy IGludGVyZX N0IHJhdGVz LCBmdXJ0aG VyIHNxdWVl emluZyBtYX JnaW5zLjxi cj4yLiA8c3 Ryb25nPkNh c2ggRmxvdz wvc3Ryb25n PjogPGJyPi AgIENhc2gg ZmxvdyB3b3 VsZCBiZSBu ZWdhdGl2ZW x5IGltcGFj dGVkIGJ5IG hpZ2hlciBs ZXZlbHMgb2 YgZGVsaW5x dWVuY2llcy BhbmQgZGVm YXVsdHMuIE FzIGN1c3Rv bWVycyBzdH J1Z2dsZSB0 byByZXBheS B0aGVpciBk ZWJ0cywgdG hlIGNvbXBh bnkgd291bG QgZXhwZXJp ZW5jZSByZW R1Y2VkIGNh c2ggaW5mbG 93cy4gVGhp cyB3b3VsZC BhbHNvIG5l Y2Vzc2l0YX RlIGEgbGFy Z2VyIHJlc2 VydmUgZm9y IGJhZCBkZW J0cywgZnVy dGhlciBjb2 5zdHJpY3Rp bmcgY2FzaC BmbG93LiBJ ZiB0aGUgY2 9tcGFueeKA mXMgb3Blcm F0aW9uYWwg Y29zdHMgcm VtYWluIGhp Z2ggd2hpbG UgcmV2ZW51 ZXMgZGVjbG luZSwgaXQg bWF5IGZhY2 UgYSBsaXF1 aWRpdHkgY3 Jpc2lzLCBm b3JjaW5nIG l0IHRvIGN1 dCBvcGVyYX Rpb25hbCBl eHBlbnNlcy wgc3VzcGVu ZCBkaXZpZG VuZHMsIG9y IGV2ZW4gcm Fpc2UgY2Fw aXRhbCBhdC B1bmZhdm9y YWJsZSB0ZX Jtcy48YnI+ My4gPHN0cm 9uZz5CYWxh bmNlIFNoZW V0PC9zdHJv bmc+OiA8Yn I+ICAgVGhl IGJhbGFuY2 Ugc2hlZXQg d291bGQgc2 hvdyBhIGRl dGVyaW9yYX Rpb24gaW4g YXNzZXQgcX VhbGl0eSwg d2l0aCBub3 BlcmZvcm1p bmcgYXNzZX RzIGluY3Jl YXNpbmcgc2 lnbmlmaWNh bnRseS4gVG hpcyB3b3Vs ZCBsZWFkIH RvIGEgcmVk dWN0aW9uIG luIGVxdWl0 eSBhcyBhY2 N1bXVsYXRl ZCBsb3NzZX MgZnJvbSBi YWQgbG9hbn MgYW5kIGlu Y3JlYXNlZC Bwcm92aXNp b25zIGFyZS ByZWNvZ25p emVkLiBUaG UgZGVidC10 by1lcXVpdH kgcmF0aW8g Y291bGQgd2 9yc2VuLCBp bmRpY2F0aW 5nIGEgaGVh dmllciByZW xpYW5jZSBv biBib3Jyb3 dlZCBmdW5k cyB0byBtYW ludGFpbiBv cGVyYXRpb2 5zLiBJZiB0 aGUgbWFya2 V0IGNvbmRp dGlvbnMgd2 9yc2VuIHNp Z25pZmljYW 50bHksIENy ZWRpdCBTYW lzb24gbWF5 IG5lZWQgdG 8gd3JpdGUg ZG93biB0aG UgdmFsdWUg b2YgaXRzIG xvYW4gcG9y dGZvbGlvLC BmdXJ0aGVy IGltcGFpcm luZyBpdHMg YmFsYW5jZS BzaGVldCBz dHJlbmd0aC 48YnI+T3Zl cmFsbCwgaW 4gdGhpcyBz Y2VuYXJpby wgQ3JlZGl0 IFNhaXNvbi B3b3VsZCBs aWtlbHkgZW 1lcmdlIGZy b20gdGhlIG Rvd250dXJu IHdpdGggYS BtdWNoIHdl YWtlbmVkIG ZpbmFuY2lh bCBwb3NpdG lvbiwgYmVh cmluZyBoaW doIGxldmVs cyBvZiBkZW J0LCBjb21w cm9taXNlZC Bwcm9maXRh YmlsaXR5LC BhbmQgY29u c3RyYWluZW Qgb3BlcmF0 aW9uYWwgY2 FwYWJpbGl0 aWVzLiBUaG UgbG9uZy10 ZXJtIGltcG FjdCBvbiB0 aGUgY29tcG FueeKAmXMg Z3Jvd3RoIH Byb3NwZWN0 cyBjb3VsZC BhbHNvIGhp bmRlciBpdH MgYWJpbGl0 eSB0byBpbn Zlc3QgaW4g dGVjaG5vbG 9naWNhbCBh ZHZhbmNlbW VudHMgb3Ig ZXhwYW5kIG ludG8gbmV3 IG1hcmtldH MsIGxpbWl0 aW5nIGl0cy Bjb21wZXRp dGl2ZSBlZG dlIGluIHRo ZSBmdXR1cm UuPGJyPg==

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 bG9nb3MvdH hoR0dkaEJu VUltajBPUj FteWgud2Vi cCIgYWx0PS JDcmVkaXQg U2Fpc29uIi B0aXRsZT0i Q3JlZGl0IF NhaXNvbiIg IGNsYXNzPS JpbWctZmx1 aWQiIGhlaW dodD01MCB3 aWR0aD01MC Bsb2FkaW5n PSdsYXp5Jy BzdHlsZT0n Ym9yZGVyLX JhZGl1czog NnB4Oyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J2ZsZXg6 IDE7IHRleH QtYWxpZ246 IGNlbnRlcj sgbWFyZ2lu LWxlZnQ6ID VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8cCBzdHls ZT0nZm9udC 1zaXplOiAy NnB4OyBjb2 xvcjogIzMz MzsgbWFyZ2 luLWJvdHRv bTogMTVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TiCBX YW50IHRvIH JlYWQgbW9y ZSBhYm91dC BDcmVkaXQg U2Fpc29uPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+UkyBVbm xvY2sgb3Vy IGZyZWUgZ3 VpZGU6IDxp PiJUaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzIjwvaT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1TNG dSWE4wWVcg SnNhWE5vWl dRZyBhVzRn TVRrMU1TIH dnUTNKbFpH bDAgSUZOaG FYTnZiaSBC cGN5QnZibV VnIGIyWWdk R2hsSUcgeG hjbWRsYzNR ZyBZM0psWk dsMElHIE5o Y21RZ2FYTn ogZFdWeWN5 QnBiaSBCS1 lYQmhiaTRn IFBHSnlQak l1SUYgUm9a U0JqYjIxdy BZVzU1SUhk aGN5IEJ2Y2 1sbmFXNWgg Ykd4NUlHWn ZkVyA1a1pX UWdZWE1nIF ZHaGxJRWRw Ym0gdHZJRU 55WldScCBk Q0JoYm1RZ1 JtIGx1WVc1 alpTQkQgYn k0c0lFeDBa QyA0Z1luVj BJR05vIFlX NW5aV1FnYV ggUnpJRzVo YldVZyBkRz hnUTNKbFpH IGwwSUZOaG FYTnYgYmlC RGJ5NHNJRS B4MFpDNGdh VzRnIE1Uaz NOaTRnUEcg SnlQak11SU VOeSBaV1Jw ZENCVFlXIG x6YjI0Z2FY TWcgYUdWaF pIRjFZWCBK MFpYSmxaQ0 JwIGJpQlVi MnQ1Ynkgd2 dTbUZ3WVc0 ZyBZVzVrSU c5d1pYIEpo ZEdWeklETX cgSUdSdmJX VnpkRyBsak lHSnlZVzVq IGFHVnpJR0 Z1WkMgQnZa bVpwWTJWei BJSFJvY205 MVoyIGh2ZF hRZ2RHaGwg SUdOdmRXNT BjbiBrdUlE eGljajQwIE xpQlVhR1Vn WTIgOXRjR0 Z1ZVNCbCBi WEJzYjNsek lHIDkyWlhJ Z055d3cgTU RBZ1pXMXdi RyA5NVpXVn pJR0Z1IFpD Qm9ZWE1nWV MgQnRZWEpy WlhRZyBZMk Z3YVhSaGJH IGw2WVhScG IyNGcgYjJZ Z2IzWmxjaS BBa09TQmlh V3hzIGFXOX VMaUE4WW4g SStOUzRnUT NKbCBaR2ww SUZOaGFYIE 52YmlCcGMz TjEgWlhNZ1 kzSmxaRyBs MElHTmhjbV J6IElIVnVa R1Z5SUcgUn BabVpsY21W dSBkQ0JpY2 1GdVpIIE1z SUdsdVkyeD EgWkdsdVp5 QkJVRSB4Vl V5d2dWa2xG IFZ5d2dZVz VrSUUgeEpU a1VnVUdGNS BMaUE4WW5J K05pIDRnVk dobElHTnYg YlhCaGJua2 dZVyB4emJ5 QnZabVpsIG NuTWdkbUZ5 YVcgOTFjeU JtYVc1aCBi bU5wWVd3Z2 MyIFZ5ZG1s alpYTXMgSU hOMVkyZ2dZ WCBNZ1kyRn laQ0JzIGIy RnVjeXdnY0 cgVnljMjl1 WVd3ZyBiRz loYm5Nc0lH IEZ1WkNCam NtVmsgYVhR Z1ozVmhjbS BGdWRHVmxj eTRnIFBHSn lQamN1SUUg RnpJRzltSU RJdyBNakFz SUVOeVpXIF JwZENCVFlX bHogYjI0Z2 FHRmtJRyA5 MlpYSWdORG tnIGJXbHNi R2x2YmkgQm pjbVZrYVhR ZyBZMkZ5Wk NCb2IyIHhr WlhKeklHRn UgWkNCd2Nt OWpaWCBOel pXUWdiM1ps IGNpQTFNQ0 JpYVcgeHNh Vzl1SUdOaC BjbVFnZEhK aGJuIE5oWT NScGIyNXog SUhCbGNpQj VaVyBGeUxp QThZbkkrIE 9DNGdTVzRn WVcgUmthWF JwYjI0ZyBk RzhnYVhSek lHIFJ2YldW emRHbGogSU c5d1pYSmhk RyBsdmJuTX NJRU55IFpX UnBkQ0JUWV cgbHpiMjRn YUdGeiBJR1 Y0Y0dGdVpH IFZrSUdsdW RHVnkgYm1G MGFXOXVZVy B4c2VTQmhi bVFnIGJtOT NJR2hoY3kg QnpkV0p6YV dScCBZWEpw WlhNZ1lXID VrSUhCaGNu UnUgWlhKem FHbHdjeSBC cGJpQnpaWF psIGNtRnNJ R052ZFcgNT BjbWxsY3l3 ZyBhVzVqYk hWa2FXIDVu SUhSb1pTQl YgYm1sMFpX UWdVMyBSaG RHVnpMQ0JE IGFHbHVZU3 dnWVcgNWtJ RWx1Wkc5dS BaWE5wWVM0 Z1BHIEp5UG prdUlFbHUg SURJd01qQX NJRSBOeVpX UnBkQ0JUIF lXbHpiMjRn Y20gVmpaV2 wyWldRZyBk R2hsSUdGM1 lYIEprSUda dmNpQkMgWl hOMElFTnla VyBScGRDQl FjbTkyIGFX UmxjaUJwYm kgQktZWEJo YmlCbSBjbT l0SUhSb1pT IEJIYkc5aV lXd2cgUW1G dWEybHVaeS BBbUlFWnBi bUZ1IFkyVW dRWGRoY20g UnpMaUE4WW 5JKyBNVEF1 SUZSb1pTIE JqYjIxd1lX NTUgSUdsek lHTnZiVyAx cGRIUmxaQ0 IwIGJ5Qnpk WE4wWVcgbH VZV0pwYkds MCBlU0JoYm 1RZ2FHIEZ6 SUdsdWFYUn AgWVhScGRt VnpJRyBsdU lIQnNZV05s IElIUnZJSE J5YjIgMXZk R1VnY21Wei BjRzl1YzJs aWJHIFVnYk dWdVpHbHUg Wnl3Z1pHbD JaWCBKemFY UjVJR0Z1IF pDQnBibU5z ZFggTnBiMj RzSUdGdSBa Q0JqYjNKd2 IzIEpoZEdV Z2MyOWogYV dGc0lISmxj MyBCdmJuTn BZbWxzIGFY UjVMZz09Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==