Sumitomo Mitsui Trust

Live  

Sumitomo Mitsui Trust Holdings, Inc. (Sumitomo Mitsui Trust), commonly referred to as Sumitomo Mitsui Trust Group, is a Japanese company involved in banking, trust banking, and asset management. It is one of the largest financial institutions in Japan, ranking in the top ten in terms of total assets.
The company was formed in April 2011 as a result of the merger between The Sumitomo Trust and Banking Co., Ltd. and Chuo Mitsui Trust and Banking Co., Ltd. Both of these institutions have a long history, with Sumitomo Trust and Banking tracing its roots back to 1925 and Chuo Mitsui Trust and Banking to 1883.
Sumitomo Mitsui Trust offers a variety of financial services, including private banking, trust banking, global markets, and wealth management. It provides services to individuals, corporations, and institutional clients.
The company has a strong international presence, with offices and subsidiaries in countries such as the United States, United Kingdom, Singapore, and China. It is also part of the global financial network, The Sumitomo Mitsui Trust Group, which includes subsidiaries such as Sumitomo Mitsui Trust (U.S.A.) Limited and Sumitomo Mitsui Trust Bank (Europe) Ltd.
In addition to its financial services, Sumitomo Mitsui Trust is committed to responsible corporate citizenship and sustainable development. It has implemented various initiatives to support environmental conservation, promote diversity and inclusion, and contribute to the local communities where it operates.
Sumitomo Mitsui Trust is listed on the Tokyo Stock Exchange and is included in the Nikkei 225 index, one of the main stock market indices in Japan.
In summary, Sumitomo Mitsui Trust is a leading financial institution in Japan with a long history and strong international presence. It provides a range of financial services and is committed to responsible business practices.

MS4gT25lIG 9mIHRoZSBv bGRlc3QgdH J1c3QgY29t cGFuaWVzIG luIEphcGFu OiBTdW1pdG 9tbyBNaXRz dWkgVHJ1c3 QgY29tcGFu eSAoU01UKS B3YXMgb3Jp Z2luYWxseS Bmb3VuZGVk IGluIDE5Mj UsIG1ha2lu ZyBpdCBvbm Ugb2YgdGhl IG9sZGVzdC B0cnVzdCBj b21wYW5pZX MgaW4gSmFw YW4uIEl0IG hhcyBhIGxv bmcgaGlzdG 9yeSBhbmQg c29saWQgcm VwdXRhdGlv biwgd2hpY2 ggaGFzIGhl bHBlZCBpdC BidWlsZCBh IHN0cm9uZy Bmb3VuZGF0 aW9uIGFuZC BjcmVkaWJp bGl0eSBpbi B0aGUgZmlu YW5jaWFsIG luZHVzdHJ5 Ljxicj4yLi BMYXJnZSBz Y2FsZSBhbm QgZGl2ZXJz ZSBvcGVyYX Rpb25zOiBT TVQgaXMgb2 5lIG9mIHRo ZSBsYXJnZX N0IGFuZCBt b3N0IGRpdm Vyc2UgdHJ1 c3QgY29tcG FuaWVzIGlu IEphcGFuLC BvZmZlcmlu ZyBhIHdpZG UgcmFuZ2Ug b2YgZmluYW 5jaWFsIHNl cnZpY2VzIG luY2x1ZGlu ZyB0cnVzdC BiYW5raW5n LCBhc3NldC BtYW5hZ2Vt ZW50LCByZW FsIGVzdGF0 ZSwgYW5kIH BlbnNpb24g bWFuYWdlbW VudC4gSXQg aGFzIGEgZ2 xvYmFsIG5l dHdvcmsgb2 Ygb2ZmaWNl cyBhbmQgc3 Vic2lkaWFy aWVzLCBhbG xvd2luZyBp dCB0byBwcm 92aWRlIGNv bXByZWhlbn NpdmUgZmlu YW5jaWFsIH NvbHV0aW9u cyB0byBidX NpbmVzc2Vz IGFuZCBpbm RpdmlkdWFs cy48YnI+My 4gU3Ryb25n IGZpbmFuY2 lhbCBwb3Np dGlvbjogU0 1UIGlzIGtu b3duIGZvci BpdHMgc29s aWQgZmluYW 5jaWFsIHBv c2l0aW9uLC B3aXRoIGNv bnNpc3Rlbn RseSBoaWdo IGxldmVscy BvZiBjYXBp dGFsIGFkZX F1YWN5IHJh dGlvIGFuZC Bwcm9maXRh YmlsaXR5Li BUaGlzIHN0 YWJpbGl0eS BhbGxvd3Mg dGhlIGNvbX BhbnkgdG8g d2VhdGhlci BlY29ub21p YyBkb3dudH VybnMgYW5k IHByb3ZpZG UgcmVsaWFi bGUgZmluYW 5jaWFsIHNl cnZpY2VzIH RvIGl0cyBj bGllbnRzLj xicj40LiBX ZWFsdGggbW FuYWdlbWVu dCBleHBlcn Rpc2U6IFNN VCBoYXMgYS BzdHJvbmcg Zm9jdXMgb2 4gd2VhbHRo IG1hbmFnZW 1lbnQgYW5k IGFzc2V0IG 1hbmFnZW1l bnQgc2Vydm ljZXMuIEl0 IGhhcyBhIH RlYW0gb2Yg ZXhwZXJ0cy B3aG8gcHJv dmlkZSB0YW lsb3JlZCBz b2x1dGlvbn MgdG8gbWVl dCB0aGUgaW 52ZXN0bWVu dCBuZWVkcy BvZiBpdHMg Y2xpZW50cy wgbWFuYWdp bmcgdGhlaX IgYXNzZXRz IGFuZCBoZW xwaW5nIHRo ZW0gZ3Jvdy B0aGVpciB3 ZWFsdGguPG JyPjUuIEVt cGhhc2lzIG 9uIGNvcnBv cmF0ZSBzb2 NpYWwgcmVz cG9uc2liaW xpdHk6IFNN VCBoYXMgYS BzdHJvbmcg Y29tbWl0bW VudCB0byBj b3Jwb3JhdG Ugc29jaWFs IHJlc3Bvbn NpYmlsaXR5 LCB3aXRoIG luaXRpYXRp dmVzIHRoYX QgZm9jdXMg b24gc3VzdG FpbmFiaWxp dHksIGRpdm Vyc2l0eSwg YW5kIGNvbW 11bml0eSBp bnZvbHZlbW VudC4gSXQg aGFzIGJlZW 4gcmVjb2du aXplZCBmb3 IgaXRzIGVm Zm9ydHMsIG Vhcm5pbmcg dmFyaW91cy Bhd2FyZHMg YW5kIGFjY2 9sYWRlcyBm b3IgaXRzIH Jlc3BvbnNp YmxlIGJ1c2 luZXNzIHBy YWN0aWNlcy 48YnI+Ni4g VGVjaG5vbG 9neSBhbmQg aW5ub3ZhdG lvbjogU01U IGlzIGNvbW 1pdHRlZCB0 byB1dGlsaX ppbmcgdGVj aG5vbG9neS BhbmQgaW5u b3ZhdGlvbi B0byBlbmhh bmNlIGl0cy BzZXJ2aWNl cyBhbmQgaW 1wcm92ZSBj dXN0b21lci BleHBlcmll bmNlLiBJdC BoYXMgaW52 ZXN0ZWQgaW 4gdmFyaW91 cyBkaWdpdG FsIHBsYXRm b3JtcyBhbm Qgc3lzdGVt cyB0byBwcm 92aWRlIGVm ZmljaWVudC BhbmQgY29u dmVuaWVudC BmaW5hbmNp YWwgc29sdX Rpb25zIHRv IGl0cyBjbG llbnRzLjxi cj43LiBHbG 9iYWwgcGFy dG5lcnNoaX BzOiBTTVQg aGFzIHN0cm F0ZWdpYyBw YXJ0bmVyc2 hpcHMgd2l0 aCBsZWFkaW 5nIGZpbmFu Y2lhbCBpbn N0aXR1dGlv bnMgYXJvdW 5kIHRoZSB3 b3JsZCwgYW xsb3dpbmcg aXQgdG8gZX hwYW5kIGl0 cyBnbG9iYW wgcHJlc2Vu Y2UgYW5kIG FjY2VzcyB0 byBpbnRlcm 5hdGlvbmFs IG1hcmtldH MuIFRoaXMg aGFzIGNvbn RyaWJ1dGVk IHRvIGl0cy BzdHJvbmcg aW50ZXJuYX Rpb25hbCBy ZXB1dGF0aW 9uIGFuZCBt YWRlIGl0IG EgdHJ1c3Rl ZCBwYXJ0bm VyIGZvciBi dXNpbmVzc2 VzIG9wZXJh dGluZyBnbG 9iYWxseS4=

VGhlIFN1bW l0b21vIE1p dHN1aSBUcn VzdCBjb21w YW554oCZcy BidXNpbmVz cyBtb2RlbC BpcyBhIGZp bmFuY2lhbC BzZXJ2aWNl cyBidXNpbm VzcyBtb2Rl bCB0aGF0IG ZvY3VzZXMg b24gcHJvdm lkaW5nIHRy dXN0IGJhbm tpbmcgc2Vy dmljZXMsIG ludmVzdG1l bnQgbWFuYW dlbWVudCwg YW5kIG90aG VyIGZpbmFu Y2lhbCBzZX J2aWNlcy4g VGhpcyBpbm NsdWRlcyB0 cnVzdCBzZX J2aWNlcyBz dWNoIGFzIG Fzc2V0IG1h bmFnZW1lbn QgYW5kIGFk bWluaXN0cm F0aW9uLCBm aW5hbmNpYW wgY29uc3Vs dGluZywgaW 52ZXN0bWVu dCBhZHZpc2 9yeSwgYW5k IGFzc2V0IH NlY3VyaXRp emF0aW9uLi BUaGUgY29t cGFueSBhbH NvIHByb3Zp ZGVzIHZhcm lvdXMgb3Ro ZXIgc2Vydm ljZXMgc3Vj aCBhcyBjdX N0b2R5IHNl cnZpY2VzLC ByZWFsIGVz dGF0ZSBtYW 5hZ2VtZW50 LCBhbmQgb3 RoZXIgZmlu YW5jaWFsIH NlcnZpY2Vz IHJlbGF0ZW QgdG8gYmFu a2luZyBhbm QgaW52ZXN0 bWVudC4gVG hlIGNvbXBh bnkgbWFpbm x5IHNlcnZl cyBpbnN0aX R1dGlvbmFs IGNsaWVudH Mgc3VjaCBh cyBjb3Jwb3 JhdGlvbnMs IHBlbnNpb2 4gZnVuZHMs IGFuZCBnb3 Zlcm5tZW50 cywgYnV0IG Fsc28gb2Zm ZXJzIHNlcn ZpY2VzIHRv IGluZGl2aW R1YWwgY2xp ZW50cy4gVG hlIGNvbXBh bnnigJlzIG J1c2luZXNz IG1vZGVsIG lzIGRlc2ln bmVkIHRvIG dlbmVyYXRl IHJldmVudW UgYW5kIHBy b2ZpdCB0aH JvdWdoIGZl ZXMsIGNvbW 1pc3Npb25z LCBhbmQgaW 50ZXJlc3Qg aW5jb21lIG Zyb20gaXRz IHZhcmlvdX MgZmluYW5j aWFsIHNlcn ZpY2VzLiBJ dCBhaW1zIH RvIGFjaGll dmUgc3VzdG FpbmVkIGdy b3d0aCBhbm QgcHJvdmlk ZSBzdGFibG UgcmV0dXJu cyB0byBpdH Mgc3Rha2Vo b2xkZXJzIH Rocm91Z2gg c291bmQgcm lzayBtYW5h Z2VtZW50IG FuZCBhIHN0 cm9uZyBnbG 9iYWwgbmV0 d29yay4=

Sumitomo Mitsui Trust Company, like many financial institutions, has earnings, cash flow, and valuation that can be sensitive to changes in interest rates. The effects can be observed in several key areas:
1. Interest Income: The company’s earnings are heavily influenced by the interest rates it can charge on loans and earn on its investments. An increase in interest rates generally leads to higher interest income, positively impacting earnings. Conversely, falling interest rates can compress margins, reducing income.
2. Net Interest Margin: This is the difference between the interest income generated and the interest paid out to depositors. Changes in interest rates can affect this margin, with rising rates potentially enhancing the margin if the company can raise loan rates faster than deposit rates.
3. Loan Demand: Higher interest rates can dampen demand for loans as borrowing costs increase. This could lead to lower loan growth and, consequently, lower future earnings. In contrast, lower rates might spur borrowing, increasing earnings potential.
4. Asset Valuation: The valuation of Sumitomo Mitsui Trust may be sensitive to interest rates due to the present value calculations used for determining the worth of future cash flows. An increase in interest rates typically leads to a decrease in the present value of future cash flows, which could negatively impact the company’s valuation.
5. Investment Portfolio: The company’s portfolio of bonds and other fixed-income securities will also be affected by interest rate changes. Rising rates typically result in falling bond prices, which can lead to unrealized losses and affect the company’s overall financial health.
6. Cost of Capital: Changes in interest rates can impact the company’s cost of capital, affecting investment decisions and operations. Higher rates may increase the cost of borrowing for expansion initiatives or capital expenditures, potentially slowing growth.
In summary, changes in interest rates can significantly affect Sumitomo Mitsui Trust company’s earnings, cash flow, and valuation through their impact on interest income, net interest margins, loan demand, asset valuations, and the cost of capital.

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 bG9nb3Mvdm RVR2JWWHQ3 aXFWT3o5Qn lrV3gud2Vi cCIgYWx0PS JTdW1pdG9t byBNaXRzdW kgVHJ1c3Qi IHRpdGxlPS JTdW1pdG9t byBNaXRzdW kgVHJ1c3Qi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9OTAg d2lkdGg9OT 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 QgU3VtaXRv bW8gTWl0c3 VpIFRydXN0 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+TmiBZ b3VyIGZyZW UgY29weSBv ZiA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+IGlz IHdhaXRpbm cKICAgICAg 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 ICAgIFUzVn RhWFJ2Ylcg OGdUV2wwYz NWcCBJRlJ5 ZFhOMElFIE 52YlhCaGJu a3MgSUdWem RHRmliRyBs emFHVmtJSF JvIGNtOTFa MmdnZEcgaG xJRzFsY21k bCBjaUJ2Wm lCMGQyIDhn YldGcWIzSW cgU21Gd1lX NWxjMiBVZ2 RISjFjM1Fn IFltRnVhM0 1zSUcgaGhj eUJoSUhKcC BZMmdnYUds emRHIDl5ZV NCaGJtUWcg YzJsbmJtbG 1hVyBOaGJu UWdjSEpsIG MyVnVZMlVn YVcgNGdkR2 hsSUdacCBi bUZ1WTJsaG JDIEJ6WldO MGIzSXUgSU VobGNtVWdZ WCBKbElITn ZiV1VnIGFX NTBaWEpsYz MgUnBibWNn Wm1GaiBkSE 1nWVdKdmRY IFFnZEdobE lHTnYgYlhC aGJuazZQRy BKeVBqRXVJ RTl5IGFXZH Biam9nVkcg aGxJR052Yl hCaCBibmtn ZDJGeklHIF p2Y20xbFpD QnAgYmlBeU 1EQXhJRyBa eWIyMGdkR2 hsIElHMWxj bWRsY2kgQn ZaaUJFWVdr dCBhV05vYV NCTFlXIDVu ZVc4Z1ZISj EgYzNRZ1Ey OXRjRyBGdW VTQmhibVFn IFUzVnRhWF J2YlcgOGdW SEoxYzNRZy BKbUZ0Y0Rz Z1FtIEZ1YT JsdVp5NGcg VkdocGN5Qn RaWCBKblpY SWdZV2x0IF pXUWdkRzhn WlcgNW9ZVz VqWlNCMCBh R1ZwY2lCam IyIDF3WlhS cGRHbDIgWl c1bGMzTWdh VyA0Z1lTQn lZWEJwIFpH eDVJR05vWV cgNW5hVzVu SUdacCBibU Z1WTJsaGJD IEJzWVc1a2 MyTmggY0dV dVBHSnlQai BJdUlGUnlk WE4wIElFSm hibXRwYm0g Y2dVR2x2Ym 1WbCBjam9n VTNWdGFYIF J2Ylc4Z1RX bDAgYzNWcE lGUnlkWCBO MElHbHpJRz l1IFpTQnZa aUIwYUcgVW diR0Z5WjJW eiBkQ0IwY2 5WemRDIEJp WVc1cmN5Qn AgYmlCS1lY QmhiaSB3Z2 MzQmxZMmxo IGJHbDZhVz VuSUcgbHVJ R0Z6YzJWMC BJRzFoYm1G blpXIDFsYm 5RZ1lXNWsg SUhSeWRYTj BJRyBKaGJt dHBibWNnIG MyVnlkbWxq WlggTXVJRl JvWlNCbSBh WEp0SUdoaG N5IEJ3YkdG NVpXUWcgWV NCamNuVmph VyBGc0lISn ZiR1VnIGFX NGdkR2hsSU cgUmxkbVZz YjNCdCBaVz UwSUc5bUlI IFJvWlNCMG NuVnogZENC aVlXNXJhVy A1bklITmxZ M1J2IGNpQn BiaUJLWVgg QmhiaTQ4WW 5JKyBNeTRn UjJ4dlltIE ZzSUZCeVpY TmwgYm1ObE 9pQlhhRyBs c1pTQndjbW x0IFlYSnBi SGtnWm0gOW pkWE5sWkNC diBiaUIwYU dVZ1NtIEZ3 WVc1bGMyVW cgYldGeWEy VjBMQyBCMG FHVWdZMjl0 IGNHRnVlU0 JvWVggTWda WGh3WVc1ay BaV1FnYVhS eklHIDl3Wl hKaGRHbHYg Ym5NZ2FXNT BaWCBKdVlY UnBiMjVoIG JHeDVMQ0Js YzMgUmhZbX hwYzJocCBi bWNnWW5KaG JtIE5vWlhN Z1lXNWsgSU hOMVluTnBa RyBsaGNtbG xjeUJwIGJp QjJZWEpwYj MgVnpJR052 ZFc1MCBjbW xsY3lCMGJ5 IEJ6WlhKMl pTQmggSUdS cGRtVnljMi BVZ1kyeHBa VzUwIElHSm hjMlV1UEcg SnlQalF1SU VScCBkbVZ5 YzJVZ1UyIF Z5ZG1salpY TTYgSUZSb1 pTQmpiMiAx d1lXNTVJRz ltIFptVnlj eUJoSUggSm hibWRsSUc5 bSBJR1pwYm 1GdVkyIGxo YkNCelpYSj IgYVdObGN5 d2dhVyA1am JIVmthVzVu IElHRnpjMl YwSUcgMWhi bUZuWlcxbC BiblFzSUhK bFlXIHdnWl hOMFlYUmwg SUhObGNuWn BZMiBWekxD QmhibVFnIG NHVnVjMmx2 YmkgQm1kVz VrSUcxaCBi bUZuWlcxbG JuIFFzSUdO aGRHVnkgYV c1bklIUnZJ RyBKdmRHZ2 dhVzVrIGFY WnBaSFZoYk MgQmhibVFn YVc1eiBkR2 wwZFhScGIy IDVoYkNCam JHbGwgYm5S ekxqeGljai A0MUxpQkZi blpwIGNtOX ViV1Z1ZEcg RnNJRU52Yl cxcCBkRzFs Ym5RNklGIE 4xYldsMGIy MXYgSUUxcG RITjFhUyBC VWNuVnpkQ0 JvIFlYTWda VzF3YUcgRn phWHBsWkNC eiBkWE4wWV dsdVlXIEpw YkdsMGVTQm ggYm1RZ2My OWphVyBGc0 lISmxjM0J2 IGJuTnBZbW xzYVggUjVJ R2x1SUdsMC BjeUJ2Y0dW eVlYIFJwYj I1ekxpQlUg YUdVZ1ptbH liUyBCb1lY TWdhVzF3IG JHVnRaVzUw WlcgUWdkbU Z5YVc5MSBj eUJwYm1sMG FXIEYwYVha bGN5QmggYV cxbFpDQmhk QyBCd2NtOX RiM1JwIGJt Y2daVzUyYV ggSnZibTFs Ym5SaCBiQ0 JqYjI1elpY IEoyWVhScG IyNGcgWVc1 a0lHRmtaSC BKbGMzTnBi bWNnIGMyOW phV0ZzSUcg bHpjM1ZsY3 k0OCBZbkkr Tmk0Z1VtIF Z6WldGeVky Z2cgWVc1a0 lFbHVibSA5 MllYUnBiMj Q2IElGUm9a U0JqYjIgMX dZVzU1SUds dSBkbVZ6ZE hNZ2FXIDRn Y21WelpXRn kgWTJnZ1lX NWtJRyBSbG RtVnNiM0J0 IFpXNTBJSF J2SUcgVnVh R0Z1WTJVZy BhWFJ6SUhO bGNuIFpwWT JWekxDQnog ZEdGNWFXNW 5JRyBGb1pX RmtJRzltIE lHMWhjbXRs ZEMgQjBjbV Z1WkhNZyBZ VzVrSUhSbF kyIGh1YjJ4 dloybGogWV d3Z1lXUjJZ VyA1alpXMW xiblJ6IElH bHVJSFJvWl MgQm1hVzVo Ym1OcCBZV3 dnYzJWamRH IDl5TGp4aW NqNDMgTGlC VGRISnZibS BjZ1JtbHVZ VzVqIGFXRn NJRk4wWVcg NWthVzVuT2 lCVCBkVzFw ZEc5dGJ5IE JOYVhSemRX a2cgVkhKMW MzUWdhWCBN Z2EyNXZkMj RnIFptOXlJ R2wwY3kgQn liMkoxYzNR ZyBZMkZ3YV hSaGJDIEJp WVhObElHRn UgWkNCemRI SnZibSBjZ1 kzSmxaR2ww IElISmhkR2 x1WjMgTXNJ SGRvYVdOby BJR052Ym5S eWFXIEoxZE dVZ2RHOGcg YVhSeklISm xjSCBWMFlY UnBiMjRnIF lYTWdZU0J6 ZEcgRmliR1 VnWVc1ayBJ SEpsYkdsaF ltIHhsSUda cGJtRnUgWT JsaGJDQnBi biBOMGFYUj FkR2x2IGJp NDhZbkkrT0 MgNGdRMjl0 YlhWdSBhWF I1SUVWdVoy IEZuWlcxbG JuUTYgSUZS b1pTQmpiMi Axd1lXNTVJ R2x6IElHRm pkR2wyWlcg eDVJR2x1ZG 05cyBkbVZr SUdsdUlIIF poY21sdmRY TWcgYzI5am FXRnNJRyBO dmJuUnlhV0 oxIGRHbHZi aUJwYm0gbD BhV0YwYVha bCBjeXdnYz NWd2NHIDl5 ZEdsdVp5Qn MgYjJOaGJD QmpiMiAxdG RXNXBkR2xs IGN5QmhibV FnWlcgUjFZ MkYwYVc5dS BZV3dnY0hK dlozIEpoYl hNc0lISmwg Wm14bFkzUn BibSBjZ2FY UnpJR052IG JXMXBkRzFs Ym4gUWdkRz hnWTI5eSBj Rzl5WVhSbE lIIE52WTJs aGJDQnkgWl hOd2IyNXph VyBKcGJHbD BlUzQ4IFlu SStUM1psY2 0gRnNiQ3dn VTNWdCBhWF J2Ylc4Z1RX IGwwYzNWcE lGUnkgZFhO MElFTnZiWC BCaGJua2dj M1JoIGJtUn pJRzkxZEMg QmtkV1VnZE c4ZyBhWFJ6 SUdocGMzIF J2Y21sallX d2cgYzJsbm JtbG1hVyBO aGJtTmxJR2 x1IElIUm9a U0IwY24gVn pkQ0JpWVc1 ciBhVzVuSU hObFkzIFJ2 Y2l3Z2FXNX UgYjNaaGRH bDJaUyBCd2 NtRmpkR2xq IFpYTXNJR0 Z1WkMgQmpi MjF0YVhSdC BaVzUwSUhS dklIIE4xYz NSaGFXNWgg WW1sc2FYUj VJRyBGdVpD QmpiMjF0IG RXNXBkSGtn WlcgNW5ZV2 RsYldWdSBk QzQ4WW5JKw ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=
See Company Q&A