Walmart

-7.17%

Live  

Walmart is an American multinational retail corporation that operates a chain of discount department stores, grocery stores, and hypermarkets. It was founded in 1962 by Sam Walton and has its headquarters in Bentonville, Arkansas. Walmart is the largest retailer in the world and is also the world's largest private employer, with over 2.3 million employees worldwide.
The company operates under various retail brands, including Walmart (in the United States and Canada), Asda (in the United Kingdom), Seiyu (in Japan), and Flipkart (in India). It also has a significant presence in Mexico, Central America, Brazil, and China through its subsidiary, Walmex.
Walmart offers a wide range of products, including groceries, clothing, furniture, electronics, and household goods. It also operates a growing e-commerce business, offering online shopping, grocery pickup, and delivery services.
In addition to its retail operations, Walmart is also known for its philanthropic efforts, including its commitment to sustainability and environmental initiatives. The company has also faced criticism for its labor practices and impact on local businesses in communities where it operates.

V2FsbWFydC BpcyBhIGJp ZyBzdG9yZS B3aGVyZSBw ZW9wbGUgY2 FuIGJ1eSBh bGwgc29ydH Mgb2YgdGhp bmdzLCBsaW tlIGZvb2Qs IGNsb3RoZX MsIHRveXMs IGFuZCBlbG VjdHJvbmlj cywgYWxsIG luIG9uZSBw bGFjZS4gWW 91IG1pZ2h0 IGhhdmUgc2 VlbiBhIFdh bG1hcnQgc3 RvcmUgaW4g eW91ciB0b3 duIG9yIGNp dHkuIDxicj 5XYWxtYXJ0 IG1ha2VzIG 1vbmV5IGJ5 IHNlbGxpbm cgdGhlc2Ug cHJvZHVjdH MgdG8gY3Vz dG9tZXJzLi BXaGVuIHlv dSBnbyBpbn RvIHRoZSBz dG9yZSBvci BzaG9wIG9u bGluZSBhbm QgYnV5IHNv bWV0aGluZy wgdGhlIG1v bmV5IHlvdS BwYXkgZ29l cyB0byBXYW xtYXJ0LiBU aGV5IHRyeS B0byBrZWVw IHRoZWlyIH ByaWNlcyBs b3dlciB0aG FuIG90aGVy IHN0b3Jlcy wgd2hpY2gg YXR0cmFjdH MgbW9yZSBj dXN0b21lcn MuIFRoaXMg bG93LXByaW NlIHN0cmF0 ZWd5IGhlbH BzIHRoZW0g c2VsbCBtb3 JlIGl0ZW1z LCBldmVuIG lmIHRoZXkg bWFrZSBhIG xpdHRsZSBi aXQgb2YgbW 9uZXkgb24g ZWFjaCBvbm UuPGJyPldh bG1hcnQgaX Mgc3VjY2Vz c2Z1bCBmb3 IgYSBmZXcg cmVhc29ucy 4gRmlyc3Qs IHRoZXkgaG F2ZSBtYW55 IHN0b3Jlcy BldmVyeXdo ZXJlLCBzby BpdOKAmXMg ZWFzeSBmb3 IgcGVvcGxl IHRvIGZpbm Qgb25lIG5l YXIgdGhlbS 4gU2Vjb25k LCB0aGV5IG 9mZmVyIGEg d2lkZSB2YX JpZXR5IG9m IHByb2R1Y3 RzLCBzbyBm YW1pbGllcy BjYW4gZG8g YWxsIHRoZW lyIHNob3Bw aW5nIGluIG 9uZSB0cmlw LiBUaGlyZC wgdGhleSBo YXZlIGEgc3 Ryb25nIHN5 c3RlbSBmb3 IgZ2V0dGlu ZyB0aGUgcH JvZHVjdHMg dGhleSBzZW xsLCBtYWtp bmcgc3VyZS B0aGV5IGhh dmUgd2hhdC BjdXN0b21l cnMgd2FudC BhdCB0aGUg cmlnaHQgdG ltZS48YnI+ QXMgZm9yIH RoZSBmdXR1 cmUsIFdhbG 1hcnQgaXMg bGlrZWx5IH RvIHN0YXkg c3VjY2Vzc2 Z1bCBiZWNh dXNlIHRoZX kgYXJlIGFs d2F5cyBsb2 9raW5nIGZv ciBuZXcgd2 F5cyB0byBp bXByb3ZlLi BUaGV5IGFy ZSB1c2luZy B0ZWNobm9s b2d5IHRvIG 1ha2Ugc2hv cHBpbmcgZW FzaWVyLCBz dWNoIGFzIG xldHRpbmcg cGVvcGxlIG 9yZGVyIG9u bGluZSBhbm QgcGljayB1 cCBhdCB0aG Ugc3RvcmUg b3IgZ2V0IH RoaW5ncyBk ZWxpdmVyZW QgdG8gdGhl aXIgaG9tZX MuIFRoZXkg YWxzbyBmb2 N1cyBvbiBi ZWluZyBmcm llbmRseSB0 byB0aGUgZW 52aXJvbm1l bnQgYW5kIG 9mZmVyaW5n IG1vcmUgaG VhbHRoeSBw cm9kdWN0cy wgd2hpY2gg aXMgaW1wb3 J0YW50IHRv IG1hbnkgc2 hvcHBlcnMg bm93LiBTaW 5jZSB0aGV5 IGNvbnRpbn VlIHRvIGFk YXB0IGFuZC Bncm93LCB0 aGV5IGNhbi BrZWVwIGF0 dHJhY3Rpbm cgY3VzdG9t ZXJzIGZvci B5ZWFycyB0 byBjb21lLj xicj4=

VGhlcmUgYX JlIHNldmVy YWwgdGhpbm dzIHRoYXQg bWFrZSB0aG UgV2FsbWFy dCBjb21wYW 55IHVuaXF1 ZSBhbmQgc3 BlY2lhbDo8 YnI+MS4gU2 l6ZSBhbmQg U2NhbGU6IF dhbG1hcnQg aXMgdGhlIG xhcmdlc3Qg cmV0YWlsZX IgaW4gdGhl IHdvcmxkLC B3aXRoIG92 ZXIgMTEsMD AwIHN0b3Jl cyBpbiAyNy Bjb3VudHJp ZXMgYW5kIG VtcGxveWlu ZyBvdmVyID IuMiBtaWxs aW9uIGFzc2 9jaWF0ZXMu IEl0cyBzaG VlciBzaXpl IGFuZCBnbG 9iYWwgcmVh Y2ggbWFrZS BpdCBzdGFu ZCBvdXQgYW 1vbmcgb3Ro ZXIgY29tcG FuaWVzLjxi cj4yLiBCdX NpbmVzcyBN b2RlbDogV2 FsbWFydCdz IGxvdy1jb3 N0LCBoaWdo LXZvbHVtZS BidXNpbmVz cyBtb2RlbC BoYXMgcmV2 b2x1dGlvbm l6ZWQgdGhl IHJldGFpbC BpbmR1c3Ry eS4gQnkgc2 VsbGluZyBw cm9kdWN0cy BhdCBhIGRp c2NvdW50ZW QgcHJpY2Us IGl0IGhhcy BiZWVuIGFi bGUgdG8gYX R0cmFjdCBh IGxhcmdlIG N1c3RvbWVy IGJhc2UgYW 5kIGJlY29t ZSB0aGUgZG 9taW5hbnQg cGxheWVyIG luIHRoZSBt YXJrZXQuPG JyPjMuIEN1 c3RvbWVyLW NlbnRyaWMg YXBwcm9hY2 g6IFdhbG1h cnQncyBmb2 N1cyBvbiBw cm92aWRpbm cgbG93IHBy aWNlcyBhbm QgY29udmVu aWVudCBzaG 9wcGluZyBl eHBlcmllbm NlIGZvciBp dHMgY3VzdG 9tZXJzIGhh cyBiZWVuIG Ega2V5IGZh Y3RvciBpbi BpdHMgc3Vj Y2Vzcy4gSX QgY29uc3Rh bnRseSBzdH JpdmVzIHRv IHVuZGVyc3 RhbmQgYW5k IG1lZXQgdG hlIGNoYW5n aW5nIG5lZW RzIG9mIGl0 cyBjdXN0b2 1lcnMuPGJy PjQuIFN1cH BseSBjaGFp biBtYW5hZ2 VtZW50OiBX YWxtYXJ0J3 MgZWZmaWNp ZW50IHN1cH BseSBjaGFp biBhbmQgZG lzdHJpYnV0 aW9uIG5ldH dvcmsgZW5h YmxlIGl0IH RvIGtlZXAg Y29zdHMgbG 93IGFuZCBl bnN1cmUgYS BzdGVhZHkg c3VwcGx5IG 9mIHByb2R1 Y3RzIGluIG l0cyBzdG9y ZXMuIEl0cy BhZHZhbmNl ZCBpbnZlbn RvcnkgbWFu YWdlbWVudC BzeXN0ZW0g YWxsb3dzIG l0IHRvIHJl c3RvY2sgcH JvZHVjdHMg cXVpY2tseS BhbmQgZWZm aWNpZW50bH kuPGJyPjUu IFN1c3RhaW 5hYmlsaXR5 OiBXYWxtYX J0IGlzIGNv bW1pdHRlZC B0byBzdXN0 YWluYWJpbG l0eSBhbmQg aGFzIHNldC BhbWJpdGlv dXMgZ29hbH MgdG8gcmVk dWNlIGl0cy BlbnZpcm9u bWVudGFsIG Zvb3Rwcmlu dCBhbmQgcH JvbW90ZSBz dXN0YWluYW JsZSBzb3Vy Y2luZyBhbm Qgb3BlcmF0 aW9ucy4gSX QgYWxzbyB3 b3JrcyB0b3 dhcmRzIHN1 cHBvcnRpbm cgbG9jYWwg Y29tbXVuaX RpZXMgYW5k IHByb21vdG luZyBkaXZl cnNpdHkgYW 5kIGluY2x1 c2lvbi48Yn I+Ni4gVGVj aG5vbG9naW NhbCBpbm5v dmF0aW9uOi BXYWxtYXJ0 IGhhcyBiZW VuIGF0IHRo ZSBmb3JlZn JvbnQgb2Yg dXNpbmcgdG VjaG5vbG9n eSB0byBpbX Byb3ZlIGl0 cyBvcGVyYX Rpb25zLCBm cm9tIGl0cy BhZHZhbmNl ZCBpbnZlbn RvcnkgbWFu YWdlbWVudC BzeXN0ZW0g dG8gaXRzIH VzZSBvZiBh cnRpZmljaW FsIGludGVs bGlnZW5jZS BhbmQgbWFj aGluZSBsZW FybmluZyB0 byBlbmhhbm NlIHRoZSBz aG9wcGluZy BleHBlcmll bmNlIGZvci BpdHMgY3Vz dG9tZXJzLj xicj43LiBF bXBsb3llZS BjdWx0dXJl OiBXYWxtYX J0J3Mgc3Ry b25nIGVtcG xveWVlIGN1 bHR1cmUgYW 5kIGVtcGhh c2lzIG9uIH RyYWluaW5n IGFuZCBkZX ZlbG9wbWVu dCBoYXZlIG hlbHBlZCBp dCB0byBhdH RyYWN0IGFu ZCByZXRhaW 4gdG9wIHRh bGVudC4gVG hlIGNvbXBh bnkgYWxzby BvZmZlcnMg YSByYW5nZS BvZiBiZW5l Zml0cyBhbm QgY2FyZWVy IGdyb3d0aC BvcHBvcnR1 bml0aWVzIH RvIGl0cyBl bXBsb3llZX MuPGJyPjgu IFNvY2lhbC BpbXBhY3Q6 IFRocm91Z2 ggaXRzIHBo aWxhbnRocm 9waWMgZWZm b3J0cyBhbm QgY29tbXVu aXR5IG91dH JlYWNoIHBy b2dyYW1zLC BXYWxtYXJ0 IGhhcyBtYW RlIGEgc2ln bmlmaWNhbn QgaW1wYWN0 IG9uIHNvY2 lldHkuIEl0 IGhhcyBkb2 5hdGVkIGJp bGxpb25zIG 9mIGRvbGxh cnMgdG8gY2 hhcml0YWJs ZSBjYXVzZX MgYW5kIGhh cyBzcGVhcm hlYWRlZCB2 YXJpb3VzIG luaXRpYXRp dmVzIHRvIG hlbHAgcGVv cGxlIGluIG 5lZWQu

VGhlIFdhbG 1hcnQgY29t cGFueSdzIG J1c2luZXNz IG1vZGVsIG lzIGJhc2Vk IG9uIG9mZm VyaW5nIGEg d2lkZSB2YX JpZXR5IG9m IHByb2R1Y3 RzIGF0IGxv dyBwcmljZX MgdG8gYXR0 cmFjdCBjdX N0b21lcnMg YW5kIGluY3 JlYXNlIHNh bGVzIHZvbH VtZS4gVGhp cyBpcyBhY2 hpZXZlZCB0 aHJvdWdoIG xhcmdlLXNj YWxlIHB1cm NoYXNpbmcg YW5kIGRpc3 RyaWJ1dGlv biwgZWZmaW NpZW50IHN1 cHBseSBjaG FpbiBtYW5h Z2VtZW50LC BhbmQgY29z dC1jdXR0aW 5nIG1lYXN1 cmVzLiBJbi BhZGRpdGlv biwgV2FsbW FydCBhbHNv IGVtcGhhc2 l6ZXMgb24g cHJvdmlkaW 5nIGNvbnZl bmllbmNlIH RvIGN1c3Rv bWVycyB0aH JvdWdoIGl0 cyBwaHlzaW NhbCBzdG9y ZXMgYW5kIG UtY29tbWVy Y2UgcGxhdG Zvcm1zLiBU aGUgY29tcG FueSBhbHNv IGZvY3VzZX Mgb24gZHJp dmluZyBjdX N0b21lciBs b3lhbHR5IH Rocm91Z2gg aXRzIGxvdy 1wcmljZSBn dWFyYW50ZW UsIGN1c3Rv bWVyIHNlcn ZpY2UsIGFu ZCB2YXJpb3 VzIGxveWFs dHkgcHJvZ3 JhbXMuIFdh bG1hcnQgYW xzbyB1dGls aXplcyBkYX RhIGFuYWx5 dGljcyBhbm QgdGVjaG5v bG9neSB0by BvcHRpbWl6 ZSBpdHMgb3 BlcmF0aW9u cyBhbmQgYm V0dGVyIHVu ZGVyc3Rhbm QgY3VzdG9t ZXIgYmVoYX Zpb3JzIGFu ZCBwcmVmZX JlbmNlcy4g T3ZlcmFsbC wgdGhlIGNv bXBhbnkncy BidXNpbmVz cyBtb2RlbC BpcyBidWls dCBvbiB0aG UgcHJpbmNp cGxlIG9mIG 9mZmVyaW5n IGFmZm9yZG FibGUgcHJv ZHVjdHMgdG 8gYSBtYXNz IG1hcmtldC wgd2hpbGUg YWxzbyBjb2 50aW51b3Vz bHkgaW5ub3 ZhdGluZyBh bmQgc2Vla2 luZyBjb3N0 IGVmZmljaW VuY2llcy4=

AI does pose potential threats to Walmart’s products, services, and competitive positioning in several ways:
1. Substitution: AI technologies such as automated shopping assistants, advanced recommendation algorithms, and even autonomous delivery systems may offer consumers alternatives to traditional retail shopping experiences. If competitors leverage AI to provide a more personalized and seamless shopping experience, customers might substitute Walmart’s offerings for those of online platforms or other retailers that effectively integrate these technologies.
2. Disintermediation: AI-driven platforms can facilitate direct connections between manufacturers and consumers, reducing the need for intermediaries like retailers. For instance, direct-to-consumer brands could leverage AI to optimize their marketing and logistics, thereby bypassing traditional retail channels, including Walmart’s. This could lead to a decrease in Walmart’s sales in certain product categories as brands choose to sell directly to customers.
3. Margin Pressure: As AI enhances efficiencies in supply chain management, pricing strategies, and inventory control, it could lead to increased competition among retailers. Companies that effectively implement AI might offer lower prices or better service, exerting pressure on Walmart to reduce its own margins to remain competitive. Additionally, as operational costs are reduced through AI innovations, companies may opt to pass those savings onto consumers, further intensifying price competition within the sector.
In summary, while Walmart has significant resources to invest in AI, the disruptive potential of AI technologies could challenge the company’s traditional business model, requiring it to adapt continuously to maintain its competitive position in the marketplace.

Walmart’s earnings, cash flow, and valuation can be sensitive to changes in interest rates in several ways:
1. Cost of Capital: Higher interest rates can increase Walmart’s cost of borrowing. If the company relies on debt financing for expansion or operational costs, increased interest expenses can reduce net earnings. Conversely, lower interest rates can decrease these costs, positively impacting profitability.
2. Consumer Spending: Changes in interest rates can influence consumer behavior. When interest rates rise, consumers may face higher borrowing costs on loans and credit cards, which can lead to reduced discretionary spending. Since Walmart generates significant revenue from retail sales, decreased consumer spending could negatively impact its earnings.
3. Valuation: Retail companies like Walmart are often valued based on discounted cash flow models, which are sensitive to changes in the discount rate. Rising rates can lead to higher discount rates, potentially lowering the present value of future cash flows, thus impacting the overall valuation of the company.
4. Real Estate and Investments: Walmart’s operations involve significant real estate holdings. Rising interest rates can increase capitalization rates for commercial properties, potentially impacting the value of Walmart’s real estate assets. This could also affect decisions related to expansion or new store openings.
5. Supply Chain Costs: Interest rates can impact the broader economy, including commodity prices and transportation costs. Higher interest rates may lead to increased costs in these areas, which could strain profit margins for Walmart.
Overall, while Walmart may be somewhat insulated due to its dominant market position and essential goods offerings, changes in interest rates can still have tangible effects on its financial performance and market valuation.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgV2 FsbWFydOKA mXMgZWNvbm 9taWNzIG92 ZXIgdGhlIG 5leHQgMy01 IHllYXJzIG NvdWxkIGlu dm9sdmUgYS Bjb21iaW5h dGlvbiBvZi B0ZWNobm9s b2dpY2FsIG Rpc3J1cHRp b24gaW4gdG hlIHJldGFp bCBzZWN0b3 IgYW5kIHNp Z25pZmljYW 50IHNoaWZ0 cyBpbiBjb2 5zdW1lciBi ZWhhdmlvci 4gRm9yIGV4 YW1wbGUsIH N1cHBvc2Ug YSBjb21wZX RpdG9yIHN1 Y2Nlc3NmdW xseSBkZXZl bG9wcyBhbi B1bHRyYS1l ZmZpY2llbn Qgb25saW5l IHJldGFpbC BwbGF0Zm9y bSB0aGF0IG xldmVyYWdl cyBhZHZhbm NlZCBBSSBm b3IgaW52ZW 50b3J5IG1h bmFnZW1lbn QgYW5kIHBl cnNvbmFsaX plZCBzaG9w cGluZyBleH BlcmllbmNl cywgZHJhc3 RpY2FsbHkg bG93ZXJpbm cgb3BlcmF0 aW9uYWwgY2 9zdHMuIElm IHRoaXMgY2 9tcGV0aXRv ciBhbHNvIG 1hbmFnZXMg dG8gZXN0YW JsaXNoIGEg YnJvYWQsIG xveWFsIGN1 c3RvbWVyIG Jhc2UgYnkg b2ZmZXJpbm cgZGVsaXZl cnkgc2Vydm ljZXMgdGhh dCBhcmUgZm FzdGVyIGFu ZCBtb3JlIH JlbGlhYmxl IHRoYW4gV2 FsbWFydOKA mXMsIFdhbG 1hcnQgY291 bGQgc2VlIG Egc2lnbmlm aWNhbnQgbG 9zcyBpbiBt YXJrZXQgc2 hhcmUuPGJy PkluIHRoaX Mgc2NlbmFy aW8sIHNldm VyYWwga2V5 IGZpbmFuY2 lhbCBtZXRy aWNzIGZvci BXYWxtYXJ0 IGNvdWxkIG JlIG5lZ2F0 aXZlbHkgaW 1wYWN0ZWQ6 PGJyPjEuID xzdHJvbmc+ TWFyZ2lucz wvc3Ryb25n PjogV2FsbW FydOKAmXMg b3BlcmF0aW 5nIG1hcmdp bnMgY291bG Qgc2hyaW5r IGFzIHRoZS Bjb21wYW55 IGZlZWxzIH ByZXNzdXJl ZCB0byBsb3 dlciBwcmlj ZXMgdG8gY2 9tcGV0ZSB3 aXRoIHRoZS Btb3JlIGVm ZmljaWVudC Bjb21wZXRp dG9yLiBXaX RoIHJlZHVj ZWQgcHJpY2 luZyBwb3dl ciBhbmQgaW 5jcmVhc2lu ZyBvcGVyYX Rpb25hbCBj b3N0cyB0by BpbXByb3Zl IGl0cyBvd2 4gb25saW5l IHNlcnZpY2 VzLCBXYWxt YXJ0IGNvdW xkIHNlZSBw cm9maXQgbW FyZ2lucyBk ZWNsaW5lLi BJZiBvcGVy YXRpbmcgbW FyZ2lucyB3 ZXJlIHRvIG ZhbGwgZnJv bSBhIGhpc3 RvcmljYWwg cmFuZ2Ugb2 YgYXJvdW5k IDQlIHRvIG FwcHJveGlt YXRlbHkgMi 0zJSwgdGhp cyB3b3VsZC ByZXByZXNl bnQgYSBzaW duaWZpY2Fu dCBjaGFsbG VuZ2UgZm9y IHByb2ZpdG FiaWxpdHku PGJyPjIuID xzdHJvbmc+ Q2FzaCBGbG 93PC9zdHJv bmc+OiBXaX RoIGRlY2xp bmluZyBtYX JnaW5zIGFu ZCBwb3Rlbn RpYWwgcmV2 ZW51ZSBsb3 NzZXMsIFdh bG1hcnTigJ lzIGNhc2gg ZmxvdyBnZW 5lcmF0aW9u IGNvdWxkIG Fsc28gYmUg c2V2ZXJlbH kgaW1wYWN0 ZWQuIFRoZS Bjb21wYW55 IG1pZ2h0IG hhdmUgdG8g c3BlbmQgaG VhdmlseSBv biB0ZWNobm 9sb2d5IHVw Z3JhZGVzIG FuZCBtYXJr ZXRpbmcgdG 8gcmVnYWlu IGxvc3QgbW Fya2V0IHNo YXJlLiBJZi BmcmVlIGNh c2ggZmxvdy B3ZXJlIHRv IGRlY3JlYX NlIGZyb20g YW4gYXZlcm FnZSBvZiAk MTAgYmlsbG lvbiBhbm51 YWxseSB0by BhIHJhbmdl IG9mICQ1LT cgYmlsbGlv biwgaXQgd2 91bGQgbGlt aXQgV2FsbW FydOKAmXMg YWJpbGl0eS B0byByZWlu dmVzdCBpbi Bncm93dGgg b3Bwb3J0dW 5pdGllcyBv ciByZXR1cm 4gY2FwaXRh bCB0byBzaG FyZWhvbGRl cnMuPGJyPj MuIDxzdHJv bmc+QmFsYW 5jZSBTaGVl dDwvc3Ryb2 5nPjogQXMg Y2FzaCBmbG 93IHdlYWtl bnMgYW5kIH RoZSBjb21w YW55IGVtYm Fya3Mgb24g Y29zdGx5IH RlY2hub2xv Z3kgaW52ZX N0bWVudHMg d2l0aG91dC B0aGUgaW1t ZWRpYXRlIH JldHVybiBv biBpbnZlc3 RtZW50LCBp dCBjb3VsZC BsZWFkIHRv IGEgaGlnaG VyIGRlYnQg YnVyZGVuLi BJZiBXYWxt YXJ04oCZcy B0b3RhbCBk ZWJ0IGluY3 JlYXNlZCBz dWJzdGFudG lhbGx5IHdo aWxlIGl0cy BlcXVpdHkg dmFsdWUgZG VjcmVhc2Vk IGR1ZSB0by BmYWxsaW5n IHN0b2NrIH ByaWNlcywg dGhpcyBjb3 VsZCBpbXBh aXIgdGhlIG JhbGFuY2Ug c2hlZXQgZn VydGhlci4g VGhlIGRlYn QtdG8tZXF1 aXR5IHJhdG lvIGNvdWxk IHJpc2UgZn JvbSBhIG1h bmFnZWFibG UgbGV2ZWwg KGFyb3VuZC AwLjUgb3Ig MC42KSB0by Bzb21ldGhp bmcgYWJvdm UgMS4wLCBp bmRpY2F0aW 5nIGEgcmlz a2llciBmaW 5hbmNpYWwg c2l0dWF0aW 9uLiBJZiB0 aGVzZSB0cm VuZHMgY29u dGludWVkLC BXYWxtYXJ0 IGNvdWxkIG ZpbmQgaXRz ZWxmIGluIG Egc2l0dWF0 aW9uIHdoZX JlIGl0IGhh cyBpbmFkZX F1YXRlIGxp cXVpZGl0eS BvciBpcyBs ZXNzIGFibG UgdG8gd2Vh dGhlciBlY2 9ub21pYyBk b3dudHVybn MsIGxlYWRp bmcgdG8gYS BjcmVkaXQg ZG93bmdyYW RlIGFuZCBo aWdoZXIgYm 9ycm93aW5n IGNvc3RzLj xicj5PdmVy YWxsLCB0aG lzIHNjZW5h cmlvIGNvdW xkIHBvc2l0 aW9uIFdhbG 1hcnQgaW4g YSBtb3JlIH Z1bG5lcmFi bGUgZmluYW 5jaWFsIHN0 YXRlLCBsaW 1pdGluZyBp dHMgb3Blcm F0aW9uYWwg ZmxleGliaW xpdHkgYW5k IHN0cmF0ZW dpYyBjaG9p Y2VzIHdoaW xlIGFsc28g aW1wYWN0aW 5nIGludmVz dG9yIHNlbn RpbWVudC48 YnI+

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 bG9nb3MvQ3 p4QVhIcExu MVp5elBqa1 pQTVoud2Vi cCIgYWx0PS JXYWxtYXJ0 IiB0aXRsZT 0iV2FsbWFy dCIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD01 MCB3aWR0aD 01MCBsb2Fk aW5nPSdsYX p5JyBzdHls ZT0nYm9yZG VyLXJhZGl1 czogNnB4Oy c+CgogICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J2Zs ZXg6IDE7IH RleHQtYWxp Z246IGNlbn RlcjsgbWFy Z2luLWxlZn Q6IDVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8cCBz dHlsZT0nZm 9udC1zaXpl OiAyNnB4Oy Bjb2xvcjog IzMzMzsgbW FyZ2luLWJv dHRvbTogMT VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T iCBXYW50IH RvIHJlYWQg bW9yZSBhYm 91dCBXYWxt YXJ0PwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+U kyBVbmxvY2 sgb3VyIGZy ZWUgZ3VpZG U6IDxpPiJU aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz IjwvaT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IFFua2dRbm tnZDIgOXlh Mk5vY205dS BhV05zWlR4 aWNqIDQ4WW 5JK01TNGcg VjJGc2JXRn lkQyBCM1lY TWdabTkxIG JtUmxaQ0Jw YmkgQXhPVF l5SUdKNSBJ Rk5oYlNCWF lXIHgwYjI0 Z2FXNGcgUW 1WdWRHOXVk bSBsc2JHVX NJRUZ5IGEy RnVjMkZ6TG kgQThZbkkr TWk0ZyBWR2 hsSUdOdmJY IEJoYm5uaW dKbHogSUc5 eWFXZHBibS BGc0lHNWhi V1VnIGQyRn pJRmRoYkgg UnZidUtBbV hNZyBSbWwy WlNCaGJtIF FnUkdsdFpT d2cgWVc1a0 lHbDBJSCBk aGN5QmhJSE 50IFlXeHNJ R1JwYzIgTn ZkVzUwSUhK bCBkR0ZwYk NCemRHIDl5 WlM0Z1BHSn kgUGpNdUlG Um9aUyBCbW FYSnpkQ0JY IFlXeHRZWE owSUggTjBi M0psSUc5dy BaVzVsWkNC cGJpIEJTYj JkbGNuTXMg SUVGeWEyRn VjMiBGeklH bHVJREU1IE 5qSWdZVzVr SUcgbDBJSG RoY3lCaiBZ V3hzWldRZz RvIENjVjJG c2JXRnkgZE NCRWFYTmpi MyBWdWRDQk RhWFI1IEx1 S0FuVHhpY2 ogNDBMaUJV YUdVZyBZMj l0Y0dGdWVT IEIzWlc1ME lIQjEgWW14 cFl5QnBiaS BBeE9UY3dJ R0Z1IFpDQm llU0F4T1Qg Z3dJR2wwSU doaCBaQ0J2 ZG1WeUlEIE VzTURBd0lI TjAgYjNKbG N5QmhZMyBK dmMzTWdkR2 hsIElGVnVh WFJsWkMgQl RkR0YwWlhN dSBQR0p5UG pVdUlGIFJ2 WkdGNUxDQl ggWVd4dFlY SjBJRyBsek lIUm9aU0Iz IGIzSnNaT0 tBbVggTWdi R0Z5WjJWei BkQ0JqYjIx d1lXIDU1SU dKNUlISmwg ZG1WdWRXVX NJSCBkcGRH Z2diM1psIG NpQXhNU3cx TUQgQWdjM1 J2Y21WeiBJ R2x1SURJM0 lHIE52ZFc1 MGNtbGwgY3 k0OFluSStO aSA0Z1ZHaG xJR052IGJY QmhibmtnWl cgMXdiRzk1 Y3lCdiBkbV Z5SURJdU1p IEJ0YVd4c2 FXOXUgSUdG emMyOWphVy BGMFpYTWdk Mjl5IGJHUj NhV1JsTEMg QnRZV3RwYm 1jZyBhWFFn ZEdobElHIH hoY21kbGMz UWcgY0hKcG RtRjBaUyBC bGJYQnNiM2 xsIGNpQnBi aUIwYUcgVW dkMjl5YkdR dSBQR0p5UG pjdUlGIFJv WlNCWFlXeH QgWVhKMElH eHZaMiA4Z1 kyOXNiM0p6 IElHOW1JR0 pzZFcgVWdZ VzVrSUhsbC BiR3h2ZHlC M1pYIEpsSU dOb2IzTmwg YmlCMGJ5Qn laWCBCeVpY TmxiblFnIF lTQm1aV1Zz YVcgNW5JRz ltSUdaeSBh V1Z1Wkd4cG JtIFZ6Y3l3 Z2RISjEgYz NRc0lHRnVa QyBCb1lYQn dhVzVsIGMz TXVQR0p5UG ogZ3VJRUZ3 Y0hKdiBlR2 x0WVhSbGJI IGtnTnpVbE lHOW0gSUdG c2JDQkJiVy BWeWFXTmhi bk1nIGJHbD JaU0IzYVgg Um9hVzRnTV RBZyBiV2xz WlhNZ2IyIF lnWVNCWFlX eHQgWVhKME lITjBiMyBK bExqeGljaj Q1IExpQlVh R1VnWTIgOX RjR0Z1ZWVL QSBtWE1nYz J4dloyIEZ1 SUZOaGRtVW cgVFc5dVpY a3NJRSB4cG RtVWdRbVYw IGRHVnlJSG RoY3kgQnBi blJ5YjJSMS BZMlZrSUds dUlEIEl3TU Rjc0lISmwg Y0d4aFkybH VaeSBCMGFH VWdjSEpsIG RtbHZkWE1n YzIgeHZaMk Z1SUVGcyBk MkY1Y3lCTW IzIGNnVUhK cFkyVnogTG p4aWNqNHhN QyA0Z1YyRn NiV0Z5IGRD QnBjeUJyYm 0gOTNiaUJt YjNJZyBhWF J6SUdWbVpt IGxqYVdWdW RDQnogZFhC d2JIa2dZMi BoaGFXNGdi V0Z1IFlXZG xiV1Z1ZEMg QnplWE4wWl cwcyBJR0Zz Ykc5M2FXID VuSUdsMElI UnYgSUc5bV ptVnlJRyB4 dmQyVnlJSE J5IGFXTmxj eUIwYnkgQm pkWE4wYjIx bCBjbk11UE dKeVBqIEV4 TGlCSmJpQX kgTURBMUxD QlhZVyB4dF lYSjBJSGRo IGN5QnlZVz VyWlcgUWdZ WE1nZEdobC BJSFJ2Y0NC amIyIDF3WV c1NUlHbHUg SUhSb1pTQk diMyBKMGRX NWxJRFV3IE 1DQnNhWE4w TGogeGljaj R4TWk0ZyBW MkZzYldGeW RPIEtBbVhN Z1lXNXUgZF dGc0lISmxk bSBWdWRXVW dabTl5IElH WnBjMk5oYk MgQjVaV0Z5 SURJdyBNak VnZDJGeklD IFExTlRrdU 1pQmkgYVd4 c2FXOXVMai B4aWNqNHhN eTRnIFZHaG xJR052Ylgg QmhibmtnYj NCbCBjbUYw WlhNZ2RXID VrWlhJZ2Rt RnkgYVc5MW N5QmljbSBG dVpDQnVZVz FsIGN5d2dh VzVqYkggVm thVzVuSUZk aCBiRzFoY2 5Rc0lGIGRo YkcxaGNuUW cgVG1WcFoy aGliMyBKb2 IyOWtJRTFo IGNtdGxkQ3 dnVTIgRnQ0 b0NaY3lCRC BiSFZpTENC aGJtIFFnVj JGc2JXRnkg ZENCVGRYQm xjbSBObGJu UmxjaTQ4IF luSStNVFF1 SUUgbHVJR0 ZrWkdsMCBh Vzl1SUhSdk lIIEpsZEdG cGJDQnogZE c5eVpYTXNJ RiBkaGJHMW hjblFnIFlX eHpieUJ2Y0 cgVnlZWFJs Y3lCbCBMV0 52YlcxbGNt IE5sSUhkbF luTnAgZEdW ekxDQndjbS A5MmFXUnBi bWNnIFkzVn pkRzl0Wlgg SnpJSGRwZE dnZyBkR2hs SUdOdmJuIF psYm1sbGJt TmwgSUc5bU lHOXViRyBs dVpTQnphRz l3IGNHbHVa eTQ4WW4gSS tNVFV1SUZS byBaU0JqYj Ixd1lXIDU1 SUdoaGN5Qm 0gWVdObFpD QmpjbSBsMG FXTnBjMjBn IFlXNWtJR0 52Ym4gUnli M1psY25OcC BaWE1nY21W bllYIEprYV c1bklHbDAg Y3lCMGNtVm hkRyAxbGJu UWdiMllnIF pXMXdiRzk1 WlcgVnpMQ0 JwYlhCaCBZ M1FnYjI0Z2 JHIDlqWVd3 Z1luVnogYV c1bGMzTmxj eSB3Z1lXNW tJR3h2IGR5 QjNZV2RsY3 kgNDhZbkkr TVRZdSBJRm RoYkcxaGNu IFFnYVhNZ1 kyOXQgYlds MGRHVmtJSC BSdklITjFj M1JoIGFXNW hZbWxzYVgg UjVJR0Z1Wk NCbyBZWE1n YzJWMElHIE VnWjI5aGJD QjAgYnlCaV pTQndiMyBk bGNtVmtJR0 o1IElERXdN Q1VnY20gVn VaWGRoWW14 bCBJR1Z1Wl hKbmVTIEJp ZVNBeU1EST EgTGp4aWNq NHhOeSA0Z1 ZHaGxJR052 IGJYQmhibm tnYUcgRnpJ R0VnYzNSeS BiMjVuSUda dlkzIFZ6SU c5dUlIQm8g YVd4aGJuUm 9jbSA5d2VT QmhibVFnIG FHRnpJR1J2 Ym0gRjBaV1 FnYjNabCBj aUFrTVM0ME lHIEpwYkd4 cGIyNGcgYV c0Z1kyRnph QyBCaGJtUW dhVzR0IGEy bHVaQ0JrYj IgNWhkR2x2 Ym5NZyBhVz RnUmxreU1E IEl4TGp4aW NqNHggT0M0 Z1NXNGdNai BBeE9Td2dW MkZzIGJXRn lkQ0JpWlcg TmhiV1VnZE dobCBJR3ho Y21kbGMzIF FnWjNKdlky VnkgSUdsdU lIUm9aUyBC VmJtbDBaV1 FnIFUzUmhk R1Z6TEMgQn pkWEp3WVhO eiBhVzVuSU V0eWIyIGRs Y2k0OFluSS sgTVRrdUlG Um9aUyBCam IyMXdZVzU1 IElHaGhjeU JpWlcgVnVJ SEpsWTI5bi BibWw2WldR Z1ptIDl5SU dsMGN5Qmsg YVhabGNuTn BkSCBrZ1lX NWtJR2x1IF kyeDFjMmx2 YmkgQmxabV p2Y25SeiBM Q0IzYVhSb0 lEIFE0SlNC dlppQnAgZE hNZ1ZTNVRM aSBCM2IzSn JabTl5IFky VWdZbVZwYm 0gY2djR1Z2 Y0d4bCBJRz ltSUdOdmJH IDl5TGp4aW NqNHkgTUM0 Z1NXNGdNai BBeU1Dd2dW MkZzIGJXRn lkQ0JoYm0g NXZkVzVqWl dRZyBZU0J3 WVhKMGJtIF Z5YzJocGND QjMgYVhSb0 lGTm9iMyBC cFpua2dkRz hnIGNISnZk bWxrWlMgQn piV0ZzYkNC aCBibVFnYl dWa2FYIFZ0 TFhOcGVtVm sgSUdKMWMy bHVaWCBOel pYTWdkR2hs IElHOXdjRz l5ZEggVnVh WFI1SUhSdi BJSE5sYkd3 Z2RHIGhsYV hJZ2NISnYg WkhWamRITW diMiA0Z1Yy RnNiV0Z5IG RPS0FtWE1n YjIgNXNhVz VsSUcxaCBj bXRsZEhCc1 lXIE5sTGc9 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=