Macquarie Group

Live  

Macquarie Group Limited is a leading global investment banking and diversified financial services group, headquartered in Sydney, Australia. With operations in 31 countries, Macquarie Group is known for its expertise in asset management, infrastructure, corporate and structured finance, commodities, and equities.
The company was founded in 1969 as Hill Samuel Australia before being acquired by Macquarie Bank Limited in 1985. Since then, it has grown both organically and through mergers and acquisitions, becoming a major player in the global financial services industry.
Macquarie Group has a highly diversified business model, with operations in a range of industries including aviation, renewable energy, real estate, telecommunications, and more. It also provides a range of financial services to clients, including wealth management, private banking, and investment management.
Among its notable achievements, Macquarie Group has been ranked as the world's top infrastructure investor by Infrastructure Investor magazine for seven consecutive years (2012-2019). It has also been recognized for its focus on sustainability and corporate responsibility, receiving top scores in industry benchmarks such as the Dow Jones Sustainability Index.
Today, Macquarie Group has a strong global presence, with offices in North and South America, Europe, Asia, and the Middle East. It continues to expand its operations and offerings, aiming to provide innovative and tailored financial solutions to its clients.

MS4gRGl2ZX JzaWZpZWQg QnVzaW5lc3 MgTW9kZWw6 IFRoZSBNYW NxdWFyaWUg R3JvdXAgaG FzIGEgZGl2 ZXJzZSByYW 5nZSBvZiBi dXNpbmVzc2 VzIGluY2x1 ZGluZyBjb3 Jwb3JhdGUg YmFua2luZy wgYXNzZXQg bWFuYWdlbW VudCwgYW5k IGZpbmFuY2 lhbCBzZXJ2 aWNlcywgd2 hpY2ggYWxs b3dzIGl0IH RvIG1pdGln YXRlIHJpc2 tzIGFuZCBj YXBpdGFsaX plIG9uIG9w cG9ydHVuaX RpZXMgaW4g dmFyaW91cy BtYXJrZXRz Ljxicj4yLi BHbG9iYWwg UHJlc2VuY2 U6IFRoZSBj b21wYW55IG hhcyBhIHN0 cm9uZyBnbG 9iYWwgcHJl c2VuY2Ugd2 l0aCBvcGVy YXRpb25zIG luIG92ZXIg MzEgY291bn RyaWVzLCBt YWtpbmcgaX Qgb25lIG9m IHRoZSBsYX JnZXN0IGlu dmVzdG1lbn QgYmFua3Mg aW4gdGhlIH dvcmxkLjxi cj4zLiBTdH JvbmcgRmlu YW5jaWFsIF BlcmZvcm1h bmNlOiBNYW NxdWFyaWUg R3JvdXAgaG FzIGNvbnNp c3RlbnRseS BkZWxpdmVy ZWQgc3Ryb2 5nIGZpbmFu Y2lhbCBwZX Jmb3JtYW5j ZSBldmVuIG R1cmluZyBt YXJrZXQgZG 93bnR1cm5z LCB3aXRoIG EgdHJhY2sg cmVjb3JkIG 9mIDUxIHll YXJzIG9mIH VuYnJva2Vu IHByb2ZpdG FiaWxpdHku PGJyPjQuIE lubm92YXRp dmUgQ3VsdH VyZTogTWFj cXVhcmllIE dyb3VwIGhh cyBhIGN1bH R1cmUgb2Yg Y29uc3Rhbn QgaW5ub3Zh dGlvbiBhbm QgaXMga25v d24gZm9yIG JlaW5nIGF0 IHRoZSBmb3 JlZnJvbnQg b2YgbmV3IG ZpbmFuY2lh bCB0cmVuZH MgYW5kIHRl Y2hub2xvZ3 ksIHdoaWNo IGhhcyBoZW xwZWQgaXQg c3RheSBhaG VhZCBvZiBp dHMgY29tcG V0aXRvcnMu PGJyPjUuIE ZvY3VzIG9u IFN1c3RhaW 5hYmlsaXR5 OiBUaGUgY2 9tcGFueSBo YXMgYSBzdH JvbmcgZm9j dXMgb24gc3 VzdGFpbmFi aWxpdHkgYW 5kIGlzIGNv bW1pdHRlZC B0byByZXNw b25zaWJsZS BpbnZlc3Rp bmcsIG1ha2 luZyBpdCBh IGxlYWRlci BpbiBzdXN0 YWluYWJsZS BmaW5hbmNl Ljxicj42Li BFeHBlcnRp c2UgaW4gSW 5mcmFzdHJ1 Y3R1cmUgSW 52ZXN0bWVu dDogTWFjcX VhcmllIEdy b3VwIGlzIG EgZ2xvYmFs IGxlYWRlci BpbiBpbmZy YXN0cnVjdH VyZSBpbnZl c3RtZW50IH dpdGggYSBw b3J0Zm9saW 8gb2Ygb3Zl ciAxNTAgaW 5mcmFzdHJ1 Y3R1cmUgYX NzZXRzLCBt YWtpbmcgaX QgYSB0cnVz dGVkIHBhcn RuZXIgZm9y IGdvdmVybm 1lbnRzIGFu ZCBpbnN0aX R1dGlvbnMu PGJyPjcuIF N0cm9uZyBS aXNrIE1hbm FnZW1lbnQ6 IFRoZSBjb2 1wYW55IGhh cyBhIHJvYn VzdCByaXNr IG1hbmFnZW 1lbnQgZnJh bWV3b3JrIH RoYXQgaGFz IGhlbHBlZC BpdCB3ZWF0 aGVyIHRoZS AyMDA4IGZp bmFuY2lhbC BjcmlzaXMg YW5kIG90aG VyIG1hcmtl dCBkb3dudH VybnMuPGJy PjguIFN0cm 9uZyBMZWFk ZXJzaGlwOi BNYWNxdWFy aWUgR3JvdX AgaXMgcmVu b3duZWQgZm 9yIGl0cyBz dHJvbmcgbG VhZGVyc2hp cCBhbmQgbW FuYWdlbWVu dCB0ZWFtLC B3aXRoIGEg bG9uZyBoaX N0b3J5IG9m IHN0YWJpbG l0eSBhbmQg Y29uc2lzdG VuY3kgaW4g aXRzIGxlYW RlcnNoaXAu PGJyPjkuIE VtcGxveWVl LUZyaWVuZG x5IEN1bHR1 cmU6IFRoZS Bjb21wYW55 IGlzIGtub3 duIGZvciBp dHMgZW1wbG 95ZWUtZnJp ZW5kbHkgY3 VsdHVyZSwg cHJvdmlkaW 5nIGl0cyBz dGFmZiB3aX RoIGEgY29u ZHVjaXZlIH dvcmsgZW52 aXJvbm1lbn QsIGEgc3Ry b25nIGVtcG hhc2lzIG9u IHdvcmstbG lmZSBiYWxh bmNlLCBhbm Qgb3Bwb3J0 dW5pdGllcy Bmb3IgY2Fy ZWVyIGdyb3 d0aC48YnI+ MTAuIFNvY2 lhbCBSZXNw b25zaWJpbG l0eTogTWFj cXVhcmllIE dyb3VwIGlz IGNvbW1pdH RlZCB0byBt YWtpbmcgYS Bwb3NpdGl2 ZSBpbXBhY3 Qgb24gc29j aWV0eSB0aH JvdWdoIHZh cmlvdXMgY2 9ycG9yYXRl IHNvY2lhbC ByZXNwb25z aWJpbGl0eS Bpbml0aWF0 aXZlcywgaW 5jbHVkaW5n IGNoYXJpdG FibGUgZ2l2 aW5nIGFuZC B2b2x1bnRl ZXIgcHJvZ3 JhbXMu

TWFjcXVhcm llIEdyb3Vw IGlzIGEgZ2 xvYmFsIGZp bmFuY2lhbC BzZXJ2aWNl cyBjb21wYW 55IGhlYWRx dWFydGVyZW QgaW4gQXVz dHJhbGlhLi BJdHMgYnVz aW5lc3MgbW 9kZWwgaXMg YmFzZWQgb2 4gcHJvdmlk aW5nIGEgcm FuZ2Ugb2Yg ZmluYW5jaW FsIHNlcnZp Y2VzIGFuZC Bwcm9kdWN0 cyB0byBjbG llbnRzIHdv cmxkd2lkZS wgaW5jbHVk aW5nIGNvcn BvcmF0ZSBh bmQgaW5zdG l0dXRpb25h bCBjbGllbn RzLCBnb3Zl cm5tZW50cy wgYW5kIGlu ZGl2aWR1YW xzLjxicj5U aGUgY29tcG FueSBvcGVy YXRlcyB0aH JvdWdoIGZp dmUgYnVzaW 5lc3Mgc2Vn bWVudHM6IE 1hY3F1YXJp ZSBBc3NldC BNYW5hZ2Vt ZW50LCBCYW 5raW5nIGFu ZCBGaW5hbm NpYWwgU2Vy dmljZXMsIE NvbW1vZGl0 aWVzIGFuZC BHbG9iYWwg TWFya2V0cy wgTWFjcXVh cmllIENhcG l0YWwsIGFu ZCBDb3Jwb3 JhdGUuPGJy Pk1hY3F1YX JpZSBBc3Nl dCBNYW5hZ2 VtZW50IHBy b3ZpZGVzIG ludmVzdG1l bnQgbWFuYW dlbWVudCBz ZXJ2aWNlcy B0byBpbnN0 aXR1dGlvbm FsIGFuZCBy ZXRhaWwgY2 xpZW50cywg aW5jbHVkaW 5nIGFzc2V0 IG1hbmFnZW 1lbnQsIGlu ZnJhc3RydW N0dXJlLCBw cml2YXRlIG 1hcmtldCwg YW5kIHJlYW wgZXN0YXRl IGludmVzdG 1lbnRzLjxi cj5CYW5raW 5nIGFuZCBG aW5hbmNpYW wgU2Vydmlj ZXMgb2ZmZX IgYmFua2lu Zywgd2VhbH RoIG1hbmFn ZW1lbnQsIG FuZCBmaW5h bmNpYWwgYW R2aXNvcnkg c2VydmljZX MgdG8gcmV0 YWlsIGNsaW VudHMsIHNt YWxsLSBhbm QgbWVkaXVt LXNpemVkIG VudGVycHJp c2VzLCBhbm QgaGlnaCBu ZXQgd29ydG ggaW5kaXZp ZHVhbHMuPG JyPkNvbW1v ZGl0aWVzIG FuZCBHbG9i YWwgTWFya2 V0cyBmb2N1 c2VzIG9uIH Byb3ZpZGlu ZyBjb21tb2 RpdHksIGVx dWl0aWVzLC BmaXhlZCBp bmNvbWUsIG N1cnJlbmNp ZXMsIGFuZC BmdXR1cmVz IG1hcmtldH Mgc2Vydmlj ZXMgdG8gY2 xpZW50cy48 YnI+TWFjcX VhcmllIENh cGl0YWwgb2 ZmZXJzIE0m QSBhZHZpc2 9yeSwgZXF1 aXR5IGFuZC BkZWJ0IGNh cGl0YWwgbW Fya2V0IHNl cnZpY2VzLC BhbmQgcHJp bmNpcGFsIG ludmVzdG1l bnRzIHRvIG NvcnBvcmF0 ZSBjbGllbn RzLjxicj5D b3Jwb3JhdG UgcHJvdmlk ZXMgbWFuYW dlbWVudCwg Y29ycG9yYX RlIGdvdmVy bmFuY2UsIG FuZCBjb21t dW5pY2F0aW 9uIHNlcnZp Y2VzIHRvIH RoZSBjb21w YW55IGFuZC BpdHMgc3Vi c2lkaWFyaW VzLjxicj5N YWNxdWFyaW UgR3JvdXAn cyBidXNpbm VzcyBtb2Rl bCBhbHNvIG luY2x1ZGVz IGEgZGl2ZX JzaWZpZWQg ZnVuZGluZy BzdHJhdGVn eSwgZm9jdX Npbmcgb24g bG9uZy10ZX JtIGZ1bmRp bmcgc291cm NlcyBzdWNo IGFzIGRlcG 9zaXRzLCBl cXVpdHksIG FuZCBsb25n LXRlcm0gZG VidCB0byBz dXBwb3J0IG l0cyBsZW5k aW5nIGFuZC BpbnZlc3Rt ZW50IGFjdG l2aXRpZXMu PGJyPk92ZX JhbGwsIE1h Y3F1YXJpZS BHcm91cCdz IGJ1c2luZX NzIG1vZGVs IGlzIGNlbn RlcmVkIGFy b3VuZCBwcm 92aWRpbmcg YSBicm9hZC ByYW5nZSBv ZiBmaW5hbm NpYWwgc2Vy dmljZXMgYW 5kIHByb2R1 Y3RzIHRvIG NsaWVudHMg YWNyb3NzIH ZhcmlvdXMg bWFya2V0cy wgd2hpbGUg YWxzbyBtYW ludGFpbmlu ZyBhIHN0cm 9uZyBmb2N1 cyBvbiByaX NrIG1hbmFn ZW1lbnQgYW 5kIHN1c3Rh aW5hYmxlIG dyb3d0aC4=

The sensitivity of Macquarie Group’s earnings, cash flow, and valuation to changes in interest rates can be significant, given its diverse financial operations, which include asset management, investment, and banking services.
Earnings: Macquarie’s earnings are affected by interest rates primarily through their lending and investment activities. When interest rates rise, the company may benefit from higher net interest margins on its lending operations. However, higher rates can also lead to increased borrowing costs for customers, which may negatively impact loan demand and credit quality. Conversely, declining interest rates can squeeze margins but may boost loan volume and the performance of certain asset classes.
Cash Flow: Changes in interest rates can impact Macquarie’s cash flow in multiple ways. A rise in interest rates may increase cash inflows from floating-rate assets while raising the cost of servicing debt. This dynamic can lead to greater variability in cash flow. Additionally, changes in rates can influence market conditions and client behavior, affecting the timing and volume of business transactions, particularly in investment banking and asset management.
Valuation: Interest rates are a critical factor in the valuation of financial institutions like Macquarie. Higher rates may lead to an increase in discount rates used in valuation models, potentially lowering the present value of future cash flows. However, if higher rates signal a strengthening economy, this could enhance the perceived growth prospects for the company, potentially offsetting some negative impacts on valuation. Additionally, lower interest rates often support higher asset valuations across many markets, benefiting Macquarie’s investment portfolio.
Overall, while Macquarie Group’s business model provides some resilience against interest rate fluctuations, its earnings, cash flow, and valuation are inherently sensitive to changes in the interest rate environment. Monitoring economic indicators and interest rate trends is essential for assessing the potential impacts on the company’s financial performance.

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvdX A5NUR1aGtB N3hjMmozNT I1eHQud2Vi cCIgYWx0PS JNYWNxdWFy aWUgR3JvdX AiIHRpdGxl PSJNYWNxdW FyaWUgR3Jv dXAiICBjbG Fzcz0iaW1n LWZsdWlkIi BoZWlnaHQ9 OTAgd2lkdG g9OTAgbG9h ZGluZz0nbG F6eScgc3R5 bGU9J2Jvcm Rlci1yYWRp dXM6IDZweD snPgoKICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdm bGV4OiAxOy B0ZXh0LWFs aWduOiBjZW 50ZXI7IG1h cmdpbi1sZW Z0OiA1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPHAg c3R5bGU9J2 ZvbnQtc2l6 ZTogMjZweD sgY29sb3I6 ICMzMzM7IG 1hcmdpbi1i b3R0b206ID E1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIPCf k4ggV2FudC B0byByZWFk IG1vcmUgYW JvdXQgTWFj cXVhcmllIE dyb3VwPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +UkyBVbmxv Y2sgb3VyIG ZyZWUgZ3Vp ZGU6IDxpPi JUaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzIjwvaT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9wPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxMnB4Oy Bmb250LXNp emU6IDEzcH g7IGNvbG9y OiAjNDQ0Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IG5vdyBhbm QgZ2V0IG91 ciBmcmVlIG VCb29rIAog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGI+ VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr czwvYj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID E2cHg7IGZv bnQtc2l6ZT ogMTRweDsg Y29sb3I6IC M0NDQ7IGZv bnQtZmFtaW x5OiAtYXBw bGUtc3lzdG VtLCBCbGlu a01hY1N5c3 RlbUZvbnQs IFNlZ29lIF VJLCBSb2Jv dG8sIEhlbH ZldGljYSBO ZXVlLCBzYW 5zLXNlcmlm OyBsaW5lLW hlaWdodDog MS42Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBIYX ZlIHlvdSBo ZWFyZCBhYm 91dCBvdXIg c2hvcnQgPH N0cm9uZyBz dHlsZT0nZm 9udC13ZWln aHQ6IDYwMD snPkRhaWx5 IFZpZGVvIE 5ld3NsZXR0 ZXI8L3N0cm 9uZz4/CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdodH RwczovL3d3 dy5pbnNpZ2 h0ZnVsdmFs dWUuY29tL2 5ld3NsZXR0 ZXIucGhwJy B0YXJnZXQ9 J19ibGFuay cgc3R5bGU9 J2NvbG9yOi AjMDA3QkZG OyB0ZXh0LW RlY29yYXRp b246IG5vbm U7IGZvbnQt d2VpZ2h0Oi A1MDA7IG1h cmdpbi1sZW Z0OiA2cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBGaW 5kIG91dCBt b3JlCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8L2E+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgCiAg ICAgICAgCi AgICAgICAg PHNwYW4gY2 xhc3M9J2Js dXJyZWQtdG V4dCc+CiAg ICAgICAgIC AgIFRXRmpj WFZoY20gbG xJRWR5YjNW dyBJR2x6SU dGdUlHIGx1 ZEdWeWJtRj AgYVc5dVlX d2dabSBsdV lXNWphV0Zz IElITmxjbl pwWTIgVnpJ R052YlhCaC BibmtnYUdW aFpIIEYxWV hKMFpYSmwg WkNCcGJpQl RlVyBSdVpY a3NJRUYxIG MzUnlZV3hw WVMgNDhZbk krTVM0ZyBW R2hsSUdOdm JYIEJoYm5r Z2QyRnogSU dadmRXNWta VyBRZ2FXNG dNVGsyIE9T QmhjeUJJYV cgeHNJRk5o YlhWbCBiQ0 JCZFhOMGNt IEZzYVdFc0 lHRWcgYzNW aWMybGthVy BGeWVTQnZa aUIwIGFHVW dRbkpwZEcg bHphQ0JwYm 5abCBjM1J0 Wlc1MElHIE poYm1zZ1NH bHMgYkNCVF lXMTFaVyB3 Z0ppQkRieT Q4IFluSStN aTRnU1ggUW dkMkZ6SUda cCBjbk4wSU d4cGMzIFJs WkNCdmJpQj AgYUdVZ1FY VnpkSCBKaG JHbGhiaUJU IFpXTjFjbW wwYVcgVnpJ RVY0WTJoaC BibWRsSUNo QlUxIGdwSU dsdUlERTUg TnpFZ1lXNW tJRyB4aGRH VnlJR05vIF lXNW5aV1Fn YVggUnpJRz VoYldVZyBk RzhnVFdGam NYIFZoY21s bElFSmggYm 1zZ1RHbHRh WCBSbFpDND hZbkkrIE15 NGdTVzRnTW ogQXdOeXdn ZEdobCBJR0 52YlhCaGJu IGtnWTJoaG JtZGwgWkNC cGRITWdibS BGdFpTQjBi eUJOIFlXTn hkV0Z5YVcg VWdSM0p2ZF hBZyBUR2x0 YVhSbFpDIE IwYnlCeVpX WnMgWldOME lHbDBjeSBC a2FYWmxjbk 5sIElISmhi bWRsSUcgOW 1JR1pwYm1G dSBZMmxoYk NCelpYIEoy YVdObGN5ND ggWW5JK05D NGdUVyBGam NYVmhjbWxs IElFZHliM1 Z3SUcgOXda WEpoZEdWei BJR2x1SUc5 MlpYIElnTW pVZ1kyOTEg Ym5SeWFXVn pJRyBGdVpD Qm9ZWE1nIG JXOXlaU0Iw YUcgRnVJRE UxTERBdyBN Q0JsYlhCc2 IzIGxsWlhN Z2QyOXkgYk dSM2FXUmxM aiB4aWNqND FMaUJVIGFH VWdZMjl0Y0 cgRnVlU0Jv WVhNZyBZU0 J0WVhKclpY IFFnWTJGd2 FYUmggYkds NllYUnBiMi A0Z2IyWWdi M1psIGNpQW tNekFnWW0g bHNiR2x2Ym lCaCBibVFn YVhNZ1kyID l1YzJsemRH VnUgZEd4NU lISmhibSB0 bFpDQmhjeU J2IGJtVWdi MllnUVggVn pkSEpoYkds aCA0b0NaY3 lCc1lYIEpu WlhOMElHTn YgYlhCaGJt bGxjeSA0OF luSStOaTRn IFRXRmpjWF ZoY20gbGxJ RWR5YjNWdy A0b0NaY3lC amIzIEpsSU dKMWMybHUg WlhOeklHRn laVyBGeklH bHVZMngxIF pHVWdZWE56 WlggUWdiV0 Z1WVdkbCBi V1Z1ZEN3Z1 kyIDl5Y0c5 eVlYUmwgSU dacGJtRnVZ MiBVc0lHeG xZWE5wIGJt Y3NJR0Z1Wk MgQmpiMjF0 YjJScCBkR2 xsY3k0OFlu IEkrTnk0Z1 ZHaGwgSUdO dmJYQmhibi BrZ2FHRnpJ R0VnIGMzUn liMjVuSUgg QnlaWE5sYm 1ObCBJR2x1 SUhSb1pTIE JwYm1aeVlY TjAgY25Wam RIVnlaUyBC elpXTjBiM0 lzIElIQmhj blJwWTMgVn NZWEpzZVNC cCBiaUIwYU dVZ2JXIEZ1 WVdkbGJXVn UgZENCdlpp QjBiMiB4c0 lISnZZV1J6 IExDQmhhWE p3YjMgSjBj eXdnWVc1ay BJSFYwYVd4 cGRHIGxsY3 k0OFluSSsg T0M0Z1RXRm pjWCBWaGNt bGxJRWR5IG IzVndJR2x6 SUcgdHViM2 R1SUdadiBj aUJwZEhNZ2 FXIDV1YjNa aGRHbDIgWl NCaGJtUWda VyA1MGNtVn djbVZ1IFpY VnlhV0ZzSU cgTjFiSFIx Y21VcyBJRz ltZEdWdUlI IEpsWm1WeW NtVmsgSUhS dklHRnpJSC BSb1pTQnRh V3hzIGFXOX VZV2x5Wlgg UGlnSmtnWm 1GaiBkRzl5 ZVM0OFluIE krT1M0Z1NX NGcgTWpBeE 9Td2dUVyBG amNYVmhjbW xsIElFZHli M1Z3SUggZG hjeUJ5WVc1 ciBaV1FnWV hNZ2RHIGhs SUhkdmNteG sgNG9DWmN5 QnNaVyBGa2 FXNW5JR2x1 IFpuSmhjM1 J5ZFcgTjBk WEpsSUdsdS BkbVZ6ZEc5 eUlHIEo1SU VsdVpuSmgg YzNSeWRXTj BkWCBKbElF bHVkbVZ6IG RHOXlJRzFo WjIgRjZhVz VsTGp4aSBj ajR4TUM0Z1 ZHIGhsSUdO dmJYQmggYm 5rZ2FHRnpJ RyBKbFpXNG djbVZqIGIy ZHVhWHBsWk MgQm1iM0ln YVhSeiBJR0 52YlcxcGRH IDFsYm5RZ2 RHOGcgYzNW emRHRnBibS BGaWFXeHBk SGtzIElHaG hkbWx1Wnkg QmlaV1Z1SU dsdSBZMngx WkdWa0lHIG x1SUhSb1pT QkUgYjNjZ1 NtOXVaWCBN Z1UzVnpkR0 ZwIGJtRmlh V3hwZEgga2 dTVzVrWlhn ZyBaWFpsY2 5rZ2VXIFZo Y2lCemFXNW ogWlNBeU1E QTNMaiB4aW NqNHhNUzRn IFRXRmpjWF ZoY20gbGxJ RWR5YjNWdy BJR2hoY3lC aElHIHh2Ym 1jZ2FHbHog ZEc5eWVTQn ZaaSBCemRY QndiM0owIG FXNW5JSEJv YVcgeGhibl JvY205dyBh V01nYVc1cG RHIGxoZEds MlpYTXMgSU hkcGRHZ2da RyA5dVlYUn BiMjV6IElI UnZJSFpoY2 0gbHZkWE1n WTJoaCBjbW wwWVdKc1pT IEJ2Y21kaG JtbDYgWVhS cGIyNXpJRy BGdVpDQmpi MjF0IGRXNX BkSGtnY0gg SnZhbVZqZE hNdSBQR0p5 UGpFeUxpIE JVYUdVZ1ky OXQgY0dGdW VTQm9ZWCBN Z1ptRmpaV1 FnIFkzSnBk R2xqYVggTn RJR2x1SUhS byBaU0J3WV hOMElHIFp2 Y2lCcGRITW cgYVc1MmIy eDJaVyAxbG JuUWdhVzRn IFkyOXVkSE p2ZG0gVnlj MmxoYkNCdy BjbTlxWldO MGN5IHdnYz NWamFDQmgg Y3lCMGFHVW dabSBsdVlX NWphVzVuIE lHOW1JSFJv WlMgQkVZV3 R2ZEdFZyBR V05qWlhOek lGIEJwY0dW c2FXNWwgTG p4aWNqNHhN eSA0Z1RXRm pjWFZoIGNt bGxJRWR5Yj MgVndJR2ho Y3lCeSBaV0 5sYVhabFpD IEJ1ZFcxbG NtOTEgY3lC aGQyRnlaSC BNZ1lXNWtJ R0ZqIFkyOX NZV1JsY3kg Qm1iM0lnYV hSeiBJR1pw Ym1GdVkyIG xoYkNCd1pY Sm0gYjNKdF lXNWpaUyB3 Z1kyOXljRz l5IFlYUmxJ R2R2ZG0gVn libUZ1WTJV cyBJR0Z1Wk NCM2IzIEpy Y0d4aFkyVW cgWTNWc2RI VnlaUyA0OF luSStNVFF1 IElFbHVJRE l3TVQgZ3NJ SFJvWlNCai BiMjF3WVc1 NUlIIGRoY3 lCdVlXMWwg WkNCaGN5Qj BhRyBVZ2Qy OXliR1RpIG dKbHpJRzF2 YzMgUWdkbU ZzZFdGaSBi R1VnYVc1bW NtIEZ6ZEhK MVkzUjEgY2 1VZ1luSmhi bSBRZ1lua2 dRbkpoIGJt UWdSbWx1WV cgNWpaUzQ4 WW5JKyBNVF V1SUUxaFkz IEYxWVhKcF pTQkggY205 MWNDQm9ZWC BNZ1lTQnpk SEp2IGJtY2 djSEpsYzIg VnVZMlVnYV c0ZyBaR1Yy Wld4dmNHIG x1WnlCdFlY SnIgWlhSek xDQndZWCBK MGFXTjFiR0 Z5IGJIa2dh VzRnUVggTn BZUzFRWVdO cCBabWxqTE NCM2FHIFZ5 WlNCcGRDQm 8gWVhNZ2Iy Wm1hVyBObG N5QnBiaUJq IGIzVnVkSE pwWlggTWdj M1ZqYUNCaC BjeUJEYUds dVlTIHdnU1 c1a2FXRXMg SUdGdVpDQl RiMyBWMGFD QkxiM0psIF lTND0KICAg ICAgICA8L3 NwYW4+CiAg ICAgICAgCi AgICAgICAg
See Company Q&A