Sumitomo Mitsui Financial Group

Live  

Sumitomo Mitsui Financial Group (SMFG) is a Japanese financial services group headquartered in Tokyo. It is one of the largest banking and financial groups in the world, with over $1.9 trillion in total assets as of 2020.
SMFG was formed in 2002 through the merger of two major Japanese banks, Sumitomo Bank and Mitsui Bank. The group is currently composed of several main subsidiaries, including Sumitomo Mitsui Banking Corporation, SMBC Trust Bank, SMBC Nikko Securities, Sumitomo Mitsui Finance and Leasing, and others.
The group operates globally, with a strong presence in Asia, Europe, and the United States. It offers a wide range of financial services, including commercial banking, investment banking, asset management, leasing, and securities trading. SMFG also has a number of strategic partnerships and collaborations with other financial institutions and companies around the world.
SMFG is committed to sustainable development and has implemented various initiatives to promote environmental and social responsibility. It has also received recognition for its efforts in corporate governance and risk management.
In addition to its financial services, SMFG is also involved in philanthropic activities through its Sumitomo Mitsui Banking Corporation Foundation, which supports various educational, cultural, and community organizations.
Overall, SMFG is a highly reputable and influential financial group in Japan and globally, with a strong track record of success and a commitment to responsible business practices.

Sumitomo Mitsui Financial Group, or SMFG for short, is a big company based in Japan that works in the money world. Think of it as a giant bank that helps people and businesses with their finances.
Here’s how it works:
1. Banking Services: SMFG offers services like saving accounts for people, loans for when you want to buy a house or start a business, and credit cards that let you buy things and pay later.
2. Investments: The company also helps people and businesses invest their money. They might suggest putting money into stocks (parts of a company), bonds (loans to companies or governments), or other things that can grow in value over time.
3. Fees and Interest: SMFG makes money in a few ways. When people save money in their accounts, the bank uses that money to give loans to others. The bank charges interest (extra money) on those loans, so when someone pays back the money, they pay a little more than what they borrowed. SMFG keeps that extra money, which is one way they earn profits.
4. Successful Partnerships: SMFG has strong connections and partnerships with many companies around the world. This helps them offer more services and grow their business.
As for why SMFG is successful and likely will be in the future:
1. Smart Decisions: They employ smart and experienced people who understand the money business. This helps them make wise choices about lending money and investing.
2. Global Reach: They work not just in Japan, but in many countries. This global presence means they have more opportunities to earn money.
3. Technology: They are working on using new technology to make banking easier for people. This can be things like mobile banking apps that allow you to handle your money from your phone.
4. Strong Reputation: Over the years, they have built a solid reputation. People trust them with their money, which is very important in the banking world.
So, in simple terms, SMFG is a big company that helps people and businesses with their money. They make money by providing banking services, giving out loans, charging fees, and investing. Because they are smart, work well around the world, and use new technology, they will likely keep being successful in the future.

MS4gR2xvYm FsIFByZXNl bmNlOiBTdW 1pdG9tbyBN aXRzdWkgRm luYW5jaWFs IEdyb3VwIC hTTUZHKSBp cyBvbmUgb2 YgdGhlIGxl YWRpbmcgZm luYW5jaWFs IGdyb3Vwcy BpbiB0aGUg d29ybGQgd2 l0aCBhIHN0 cm9uZyBnbG 9iYWwgcHJl c2VuY2UuIE l0IGhhcyBv cGVyYXRpb2 5zIGFjcm9z cyBBc2lhLC BFdXJvcGUs IHRoZSBNaW RkbGUgRWFz dCwgYW5kIH RoZSBBbWVy aWNhcy48Yn I+Mi4gRGl2 ZXJzZSBCdX NpbmVzcyBQ b3J0Zm9saW 86IFNNRkcg aGFzIGEgZG l2ZXJzaWZp ZWQgYnVzaW 5lc3MgcG9y dGZvbGlvLC B3aGljaCBp bmNsdWRlcy BiYW5raW5n LCBsZWFzaW 5nLCBzZWN1 cml0aWVzLC BhbmQgY3Jl ZGl0IGNhcm Qgc2Vydmlj ZXMuIFRoaX MgZGl2ZXJz ZSByYW5nZS BvZiBidXNp bmVzc2VzIG FsbG93cyB0 aGUgY29tcG FueSB0byBn ZW5lcmF0ZS BzdGFibGUg cmV2ZW51ZX MgYW5kIG1p dGlnYXRlIH Jpc2tzLjxi cj4zLiBTdH JvbmcgRmlu YW5jaWFscz ogU01GRyBo YXMgYSBzdH JvbmcgZmlu YW5jaWFsIH Bvc2l0aW9u LCB3aXRoIG Egc29saWQg YmFsYW5jZS BzaGVldCBh bmQgYW1wbG UgbGlxdWlk aXR5LiBUaG UgY29tcGFu eSBoYXMgY2 9uc2lzdGVu dGx5IHJlcG 9ydGVkIHN0 cm9uZyBmaW 5hbmNpYWwg cmVzdWx0cy wgd2l0aCBz dGFibGUgcm V2ZW51ZXMg YW5kIHByb2 ZpdHMuPGJy PjQuIFRlY2 hub2xvZ2lj YWwgQWR2YW 5jZW1lbnRz OiBTTUZHIG lzIGF0IHRo ZSBmb3JlZn JvbnQgb2Yg YWRvcHRpbm cgbmV3IHRl Y2hub2xvZ2 llcyBpbiB0 aGUgZmluYW 5jaWFsIGlu ZHVzdHJ5Li BJdCBoYXMg aW52ZXN0ZW QgaGVhdmls eSBpbiBkaW dpdGFsIGJh bmtpbmcgYW 5kIGhhcyBh IHN0cm9uZy BwcmVzZW5j ZSBpbiB0aG UgZmludGVj aCBzcGFjZS 48YnI+NS4g Q3VzdG9tZX ItQ2VudHJp YyBBcHByb2 FjaDogU01G RyBoYXMgYS BjdXN0b21l ci1jZW50cm ljIGFwcHJv YWNoLCBhbm QgdGhlIGNv bXBhbnkgc3 RyaXZlcyB0 byBjcmVhdG UgdmFsdWUg Zm9yIGl0cy BjdXN0b21l cnMgdGhyb3 VnaCBpbm5v dmF0aXZlIH Byb2R1Y3Rz IGFuZCBzZX J2aWNlcy4g SXQgaGFzIG Egc3Ryb25n IGZvY3VzIG 9uIGN1c3Rv bWVyIHNhdG lzZmFjdGlv biBhbmQgbG 95YWx0eS48 YnI+Ni4gQ2 9ycG9yYXRl IFNvY2lhbC BSZXNwb25z aWJpbGl0eT ogU01GRyBp cyBjb21taX R0ZWQgdG8g Y3JlYXRpbm cgYSBwb3Np dGl2ZSBpbX BhY3Qgb24g c29jaWV0eS B0aHJvdWdo IGl0cyBjb3 Jwb3JhdGUg c29jaWFsIH Jlc3BvbnNp YmlsaXR5IG luaXRpYXRp dmVzLiBJdC BoYXMgaW1w bGVtZW50ZW QgdmFyaW91 cyBzdXN0YW luYWJpbGl0 eSBwcm9ncm FtcyB0byBz dXBwb3J0IH RoZSBjb21t dW5pdGllcy BpdCBzZXJ2 ZXMuPGJyPj cuIFN0cm9u ZyBHb3Zlcm 5hbmNlOiBT TUZHIGhhcy BhIHJvYnVz dCBjb3Jwb3 JhdGUgZ292 ZXJuYW5jZS BzeXN0ZW0g aW4gcGxhY2 UsIHdoaWNo IGVuc3VyZX MgdHJhbnNw YXJlbmN5LC BhY2NvdW50 YWJpbGl0eS wgYW5kIGV0 aGljYWwgYn VzaW5lc3Mg cHJhY3RpY2 VzLiBUaGUg Y29tcGFueS BoYXMgZWFy bmVkIGhpZ2 ggcmF0aW5n cyBmb3IgaX RzIGdvdmVy bmFuY2UgcH JhY3RpY2Vz IGZyb20gdm FyaW91cyBn bG9iYWwgb3 JnYW5pemF0 aW9ucy48Yn I+OC4gSW5u b3ZhdGlvbi BhbmQgQ3Jl YXRpdml0eT ogU01GRyBl bmNvdXJhZ2 VzIGEgY3Vs dHVyZSBvZi Bpbm5vdmF0 aW9uIGFuZC BjcmVhdGl2 aXR5LCB3aG ljaCBoZWxw cyB0aGUgY2 9tcGFueSBz dGF5IGFoZW FkIGluIHRo ZSByYXBpZG x5IGNoYW5n aW5nIGZpbm FuY2lhbCBs YW5kc2NhcG UuIEl0IHBy b21vdGVzIG EgZHluYW1p YyBhbmQgZW 50cmVwcmVu ZXVyaWFsIG 1pbmRzZXQg YW1vbmcgaX RzIGVtcGxv eWVlcy48Yn I+OS4gRW1w bG95ZWUgRG V2ZWxvcG1l bnQ6IFNNRk cgaW52ZXN0 cyBpbiB0aG UgZGV2ZWxv cG1lbnQgb2 YgaXRzIGVt cGxveWVlcy BhbmQgcHJv dmlkZXMgb3 Bwb3J0dW5p dGllcyBmb3 IgY2FyZWVy IGdyb3d0aC 4gVGhlIGNv bXBhbnkgaG FzIGEgZGl2 ZXJzZSB3b3 JrZm9yY2Ug YW5kIHByb2 1vdGVzIGEg Y3VsdHVyZS BvZiBkaXZl cnNpdHkgYW 5kIGluY2x1 c2lvbi48Yn I+MTAuIFN0 cm9uZyBCcm FuZCBJbWFn ZTogU01GRy BoYXMgYSBz dHJvbmcgYn JhbmQgaW1h Z2UgZ2xvYm FsbHksIGtu b3duIGZvci BpdHMgcmVs aWFiaWxpdH ksIHN0YWJp bGl0eSwgYW 5kIGN1c3Rv bWVyLWZvY3 VzZWQgYXBw cm9hY2guIE l0IGhhcyBy ZWNlaXZlZC BudW1lcm91 cyBhd2FyZH MgYW5kIHJl Y29nbml0aW 9ucyBmb3Ig aXRzIGJ1c2 luZXNzIHBl cmZvcm1hbm NlLCBsZWFk ZXJzaGlwLC BhbmQgY29y cG9yYXRlIG N1bHR1cmUu

VGhlIGJ1c2 luZXNzIG1v ZGVsIG9mIF N1bWl0b21v IE1pdHN1aS BGaW5hbmNp YWwgR3JvdX AgKFNNRkcp IGlzIGEgZG l2ZXJzaWZp ZWQgZmluYW 5jaWFsIHNl cnZpY2VzIG 9yZ2FuaXph dGlvbiB0aG F0IHByb3Zp ZGVzIGEgcm FuZ2Ugb2Yg YmFua2luZy wgbGVhc2lu Zywgc2VjdX JpdGllcywg Y3JlZGl0IG NhcmRzLCBh bmQgb3RoZX IgZmluYW5j aWFsIHNlcn ZpY2VzIHRv IGN1c3RvbW VycyBpbiBK YXBhbiBhbm QgaW50ZXJu YXRpb25hbG x5LiA8YnI+ VGhlIG1haW 4gY29tcG9u ZW50cyBvZi BTTUZHJ3Mg YnVzaW5lc3 MgbW9kZWwg aW5jbHVkZT o8YnI+MS4g Q29tcHJlaG Vuc2l2ZSBG aW5hbmNpYW wgU2Vydmlj ZXM6IFRocm 91Z2ggaXRz IGdyb3VwIG NvbXBhbmll cywgU01GRy BvZmZlcnMg YSBjb21wcm VoZW5zaXZl IHJhbmdlIG 9mIGZpbmFu Y2lhbCBzZX J2aWNlcywg aW5jbHVkaW 5nIHJldGFp bCBhbmQgY2 9ycG9yYXRl IGJhbmtpbm csIGludmVz dG1lbnQgYm Fua2luZywg YXNzZXQgbW FuYWdlbWVu dCwgbGVhc2 luZywgY3Jl ZGl0IGNhcm RzLCBhbmQg c2VjdXJpdG llcyBzZXJ2 aWNlcy4gVG hpcyBhbGxv d3MgdGhlIG NvbXBhbnkg dG8gY2F0ZX IgdG8gdGhl IGZpbmFuY2 lhbCBuZWVk cyBvZiB2YX Jpb3VzIHR5 cGVzIG9mIG N1c3RvbWVy cywgZnJvbS BpbmRpdmlk dWFscyB0by BsYXJnZSBj b3Jwb3JhdG lvbnMsIGFu ZCB0byBjYX B0dXJlIGEg bGFyZ2VyIG 1hcmtldCBz aGFyZS48Yn I+Mi4gU3Ry b25nIERvbW VzdGljIFBy ZXNlbmNlOi BBcyBvbmUg b2YgdGhlIG xhcmdlc3Qg ZmluYW5jaW FsIGluc3Rp dHV0aW9ucy BpbiBKYXBh biwgU01GRy BoYXMgYSBz dHJvbmcgZG 9tZXN0aWMg cHJlc2VuY2 Ugd2l0aCBh IGxhcmdlIG 5ldHdvcmsg b2YgYnJhbm NoZXMgYW5k IEFUTXMgYW Nyb3NzIHRo ZSBjb3VudH J5LiBUaGlz IGFsbG93cy B0aGUgY29t cGFueSB0by ByZWFjaCBh IHdpZGVyIG N1c3RvbWVy IGJhc2UgYW 5kIGVzdGFi bGlzaCBhIH N0cm9uZyBi cmFuZCByZX B1dGF0aW9u IGluIGl0cy Bob21lIG1h cmtldC48Yn I+My4gRGl2 ZXJzaWZpY2 F0aW9uOiBT TUZHIGhhcy BhIGRpdmVy c2lmaWVkIG J1c2luZXNz IHBvcnRmb2 xpbywgd2hp Y2ggaGVscH MgdG8gcmVk dWNlIGl0cy ByaXNrIGV4 cG9zdXJlIG FuZCBlbmhh bmNlIGl0cy ByZXZlbnVl IHN0cmVhbX MuIFRoaXMg aW5jbHVkZX MgYSBtaXgg b2YgYm90aC B0cmFkaXRp b25hbCBiYW 5raW5nIHNl cnZpY2VzIG FuZCBub24t dHJhZGl0aW 9uYWwgZmlu YW5jaWFsIH NlcnZpY2Vz IHN1Y2ggYX MgbGVhc2lu ZyBhbmQgc2 VjdXJpdGll cy48YnI+NC 4gSW50ZXJu YXRpb25hbC BFeHBhbnNp b246IFNNRk cgaGFzIGJl ZW4gZXhwYW 5kaW5nIGl0 cyBidXNpbm VzcyBnbG9i YWxseSB0aH JvdWdoIGlu dmVzdG1lbn RzLCBwYXJ0 bmVyc2hpcH MsIGFuZCBh Y3F1aXNpdG lvbnMsIHBh cnRpY3VsYX JseSBpbiBl bWVyZ2luZy BtYXJrZXRz IGluIEFzaW EuIFRoaXMg YWxsb3dzIH RoZSBjb21w YW55IHRvIH RhcCBpbnRv IG5ldyBtYX JrZXRzIGFu ZCBkaXZlcn NpZnkgaXRz IHJldmVudW Ugc291cmNl cy48YnI+NS 4gQ29zdCBF ZmZpY2llbm N5OiBTTUZH IGZvY3VzZX Mgb24gY29z dCBlZmZpY2 llbmN5IGJ5 IHN0cmVhbW xpbmluZyBp dHMgb3Blcm F0aW9ucyBh bmQgbGV2ZX JhZ2luZyB0 ZWNobm9sb2 d5LiBUaGlz IGhlbHBzIH RoZSBjb21w YW55IHRvIH JlZHVjZSBp dHMgZXhwZW 5zZXMgYW5k IGltcHJvdm UgaXRzIHBy b2ZpdGFiaW xpdHkuPGJy PjYuIEZvY3 VzIG9uIFJp c2sgTWFuYW dlbWVudDog U01GRyBoYX MgYSBzdHJv bmcgcmlzay BtYW5hZ2Vt ZW50IGZyYW 1ld29yayBp biBwbGFjZS B0byBpZGVu dGlmeSwgbW 9uaXRvciwg YW5kIG1hbm FnZSBwb3Rl bnRpYWwgcm lza3MgYW5k IG1pbmltaX plIHRoZWly IGltcGFjdC BvbiB0aGUg Y29tcGFueS dzIGZpbmFu Y2lhbCBwZX Jmb3JtYW5j ZS4gVGhpcy BlbmFibGVz IHRoZSBjb2 1wYW55IHRv IG1haW50YW luIHN0YWJp bGl0eSBhbm Qgc2FmZWd1 YXJkIGl0cy Bhc3NldHMu PGJyPk92ZX JhbGwsIFNN RkcncyBidX NpbmVzcyBt b2RlbCBpcy BjZW50ZXJl ZCBhcm91bm QgcHJvdmlk aW5nIGEgZG l2ZXJzZSBy YW5nZSBvZi BmaW5hbmNp YWwgc2Vydm ljZXMgdG8g Y3VzdG9tZX JzIGFuZCBh Y2hpZXZpbm cgc3VzdGFp bmFibGUgZ3 Jvd3RoIHRo cm91Z2ggc3 Ryb25nIHJp c2sgbWFuYW dlbWVudCBw cmFjdGljZX MsIGNvc3Qt ZWZmaWNpZW 5jeSwgYW5k IGludGVybm F0aW9uYWwg ZXhwYW5zaW 9uLg==

AI does pose potential threats to financial institutions like Sumitomo Mitsui Financial Group in several ways, including substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies can automate various financial services and products that traditionally require human intervention. For instance, robo-advisors can replace financial advisors by providing automated investment advice. Similarly, AI-driven chatbots can handle customer service inquiries, reducing the need for human customer service representatives. As AI continues to improve, customers may gravitate towards these automated and potentially lower-cost solutions, which could threaten the existing offerings of traditional financial institutions.
2. Disintermediation: The rise of AI in fintech could lead to disintermediation, where new platforms or technologies facilitate direct transactions between consumers and service providers without the need for traditional banks or financial intermediaries. For example, peer-to-peer lending platforms, driven by AI algorithms for risk assessment, allow individuals to lend and borrow money directly from each other. This trend can undermine the role of banks in transaction processing and financing, posing a significant challenge to their business model.
3. Margin Pressure: The implementation of AI can significantly reduce operational costs, but it can also intensify competition. As more financial institutions adopt AI tools to enhance efficiency and reduce costs, price competition may escalate, leading to reduced profit margins. Additionally, if banks do not invest in AI themselves, they risk losing market share to more technologically advanced competitors who can offer better pricing or superior services.
In conclusion, while AI can provide significant opportunities for innovation and efficiency in the financial sector, it also poses substantial risks to traditional financial institutions like Sumitomo Mitsui Financial Group through substitution, disintermediation, and margin pressure. Adapting to these challenges will be crucial for maintaining competitive positioning in an increasingly digital landscape.

The sensitivity of Sumitomo Mitsui Financial Group’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through a few key factors:
1. Earnings Impact: Financial institutions like Sumitomo Mitsui typically have earnings that are sensitive to interest rate changes due to their business models, which include interest income from loans and interest expenses on deposits and borrowings. When interest rates increase, the spread between what they earn on loans and what they pay on deposits can widen, potentially boosting net interest income. Conversely, if rates decline, the spread may compress, negatively impacting earnings.
2. Cash Flow Sensitivity: The cash flow of the company may also be affected by interest rate changes. In a rising interest rate environment, borrowers may face higher repayment costs, which can lead to increased defaults and affect overall cash flow. Conversely, a lower interest rate can encourage borrowing and improve cash flows through increased lending activities.
3. Valuation Sensitivity: The valuation of Sumitomo Mitsui Financial Group can be influenced by interest rates in several ways. Higher interest rates typically lead to lower present values of future cash flows, which can dampen the valuation multiples applied to earnings or cash flows. On the other hand, if the market anticipates higher interest rates to signal a strengthening economy, it could lead to a more favorable view of the bank’s growth potential, which could support its valuation.
Overall, while Sumitomo Mitsui Financial Group is dependent on interest rates, the magnitude and direction of the impact on earnings, cash flow, and valuation can vary based on the prevailing economic conditions, regulatory environment, and the company’s specific strategies in managing its interest rate exposure.

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 bG9nb3MvMU k3TWFWV2ZG MEs4eGdnUX lhanYud2Vi cCIgYWx0PS JTdW1pdG9t byBNaXRzdW kgRmluYW5j aWFsIEdyb3 VwIiB0aXRs ZT0iU3VtaX RvbW8gTWl0 c3VpIEZpbm FuY2lhbCBH cm91cCIgIG 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 dW1pdG9tby BNaXRzdWkg RmluYW5jaW FsIEdyb3Vw 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 Ag4pyN77iP IFNpZ24gdX AgdG8gZ2V0 IDxpPiJUaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzIj wvaT4gZm9y IGZyZWUKIC 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 IE1TNGdVM1 Z0YVggUnZi VzhnVFdsMC BjM1ZwSUVa cGJtIEZ1WT JsaGJDQkgg Y205MWNDQW 9VMCAxR1J5 a2dhWE1nIG RHaGxJSFJv YVggSmtJR3 hoY21kbCBj M1FnWW1GdW F5IEJwYmlC S1lYQmggYm lCaWVTQjBi MyBSaGJDQm hjM05sIGRI TXNJR0Z1Wk MgQnZibVVn YjJZZyBkR2 hsSUd4aGNt IGRsYzNRZ1 ptbHUgWVc1 amFXRnNJRy BsdWMzUnBk SFYwIGFXOX VjeUJwYmkg QjBhR1VnZD I5eSBiR1F1 UEdKeVBqIE l1SUZOTlJr Y2cgZDJGek lHWnZjbSAx bFpDQnBiaU F5IE1EQXlJ SFJvY20gOT FaMmdnZEdo bCBJRzFsY2 1kbGNpIEJ2 WmlCMGQyOG cgU21Gd1lX NWxjMiBVZ1 ltRnVhM01n IExTQlRkVz FwZEcgOXRi eUJDWVc1ci BJR0Z1WkNC VFlXIHQxY2 1FZ1FtRnUg YXk0OFluSS tNeSA0Z1ZH aGxJRk4xIG JXbDBiMjF2 SUUgSmhibX NnZDJGeiBJ R1p2ZFc1a1 pXIFFnYVc0 Z01UZzUgTl NCaWVTQjBh RyBVZ1UzVn RhWFJ2IGJX OGdSM0p2ZF ggQXNJRzl1 WlNCdiBaaU IwYUdVZ2Iy IHhrWlhOME lHRnUgWkNC c1lYSm5aWC BOMElHTnZj bkJ2IGNtRj BaU0JqYjIg NW5iRzl0Wl hKaCBkR1Z6 SUdsdUlFIH BoY0dGdUxq eGkgY2o0ME xpQlRUVSBa SDRvQ1pjeU JvIFpXRmtj WFZoY24gUm xjbk1nWVhK bCBJR3h2WT JGMFpXIFFn YVc0Z1ZHOX IgZVc4c0lF cGhjRyBGdU xDQmhibVFn IGRHaGxJR0 52YlggQmhi bmtnYUdGei BJR0VnWjJ4 dlltIEZzSU hCeVpYTmwg Ym1ObElIZH BkRyBnZ2Iy Wm1hV05sIG N5QnBiaUJ2 ZG0gVnlJRF F3SUdOdiBk VzUwY21sbG N5IDQ4WW5J K05TNGcgVk dobElHSmhi bSB2aWdKbH pJRzVoIGJX VWdhWE1nWk cgVnlhWFps WkNCbSBjbT l0SUhSb1pT IEIwYUhKbF pTQnQgWVds dUlHTnZiWC BCdmJtVnVk SE1nIGIyWW dhWFJ6SUcg SjFjMmx1Wl hOeiBJQzBn VTNWdGFYIF J2Ylc4Z2Nt VncgY21Wel pXNTBjeSBC cGRITWdkR2 xsIElIUnZJ SFJvWlMgQl RkVzFwZEc5 dCBieUJIY2 05MWNDIHdn VFdsMGMzVn AgSUhKbGNI SmxjMiBWdW RITWdhWFJ6 IElIUnBaU0 IwYnkgQjBh R1VnVFdsMC BjM1ZwSUVk eWIzIFZ3TE NCaGJtUWcg Um1sdVlXNW phVyBGc0lF ZHliM1Z3IE lHUmxibTkw WlggTWdhWF J6SUhOMCBZ WFIxY3lCaG N5IEJoSUda cGJtRnUgWT JsaGJDQnBi biBOMGFYUj FkR2x2IGJp NDhZbkkrTm kgNGdVMDFH UnlCdiBabV psY25NZ1lT IEIzYVdSbE lISmggYm1k bElHOW1JRy BacGJtRnVZ MmxoIGJDQn paWEoyYVcg TmxjeXdnYV c1aiBiSFZr YVc1bklHIE 52YlcxbGNt TnAgWVd3Z1 ltRnVhMiBs dVp5d2dhVz UyIFpYTjBi V1Z1ZEMgQm lZVzVyYVc1 biBMQ0IwY2 5WemRDIEJp WVc1cmFXNW 4gTENCaGMz TmxkQyBCdF lXNWhaMlZ0 IFpXNTBMQ0 JoYm0gUWdi R1ZoYzJsdS BaeTQ4WW5J K055IDRnVk dobElHTnYg YlhCaGJua2 dhRyBGeklH RWdjM1J5IG IyNW5JR1p2 WTMgVnpJRz l1SUdOdiBj bkJ2Y21GMF pTIEJ6YjJO cFlXd2cgY2 1WemNHOXVj MiBsaWFXeH BkSGtnIFlX NWtJR2hoY3 kgQnBiWEJz WlcxbCBibl JsWkNCMllY IEpwYjNWek lHbHUgYVhS cFlYUnBkbS BWeklIUnZJ SEJ5IGIyMX ZkR1VnWlcg NTJhWEp2Ym 0xbCBiblJo YkNCemRYIE 4wWVdsdVlX SnAgYkdsMG VTQmhibSBR Z1kyOXVkSE pwIFluVjBa U0IwYnkgQn NiMk5oYkNC aiBiMjF0ZF c1cGRHIGxs Y3k0OFluSS sgT0M0Z1NX NGdZVyBSa2 FYUnBiMjRn IGRHOGdhWF J6SUcgTnZj bVVnWW1GdS BhMmx1WnlC aWRYIE5wYm 1WemN5d2cg VTAxR1J5Qn BjeSBCaGJI TnZJR2x1IG RtOXNkbVZr SUcgbHVJRz kwYUdWeSBJ R2x1WkhWem RIIEpwWlhN Z2RHaHkgYj NWbmFDQnBk SCBNZ2MzVm ljMmxrIGFX RnlhV1Z6TE MgQnBibU5z ZFdScCBibW NnYVc1emRY IEpoYm1ObE xDQnkgWldG c0lHVnpkRy BGMFpTd2dZ VzVrIElITm xZM1Z5YVgg UnBaWE11UE dKeSBQamt1 SUZOTlJrIG NnYUdGeklH RWcgYzNSeW IyNW5JRyBs dWRHVnlibU YwIGFXOXVZ V3dnY0ggSm xjMlZ1WTJV cyBJSGRwZE dnZ2IzIFps Y25ObFlYTW cgYzNWaWMy bGthVyBGeW FXVnpJR2x1 IElIUm9aU0 JWYm0gbDBa V1FnVTNSaC BkR1Z6TENC RmRYIEp2Y0 dVc0lHRnUg WkNCQmMybG hMaiB4aWNq NHhNQzRnIF ZHaGxJR052 YlggQmhibm tnYUdGeiBJ R0VnWkdsMl pYIEp6WlNC bGJYQnMgYj NsbFpTQmlZ WCBObExDQj NhWFJvIElH OTJaWElnTn ogVXNNREF3 SUdWdCBjR3 h2ZVdWbGN5 IEJtY205dE lIWmggY21s dmRYTWdZbS BGamEyZHli M1Z1IFpITW dZVzVrSUcg NWhkR2x2Ym 1GcyBhWFJw WlhNdUlGIF JvYVhNZ1pH bDIgWlhKem FYUjVJRyBs eklISmxabX hsIFkzUmxa Q0JwYmkgQj BhR1VnWTI5 dCBjR0Z1ZW VLQW1YIE1n WTI5eWNHOX kgWVhSbElH TjFiSCBSMW NtVWdZVzVr IElIWmhiSF ZsY3kgNDhZ bkkrTVRFdS BJRWx1SUdG a1pHIGwwYV c5dUlIUnYg SUdsMGN5Qm 1hVyA1aGJt TnBZV3dnIG MyVnlkbWxq WlggTXNJRk 5OUmtjZyBh WE1nWVd4em J5IEJyYm05 M2JpQm0gYj NJZ2FYUnpJ RyBOdmJuUn lhV0oxIGRH bHZibk1nZE cgOGdkR2hs SUdGeSBkSE 1nWVc1a0lH IE4xYkhSMW NtVXUgSUZS b1pTQmpiMi Axd1lXNTVJ R2hoIGN5Qm hJR3h2Ym0g Y2dhR2x6ZE c5eSBlU0J2 WmlCemRYIE J3YjNKMGFX NW4gSUhSeV lXUnBkRyBs dmJtRnNJRX BoIGNHRnVa WE5sSUcgRn lkSE1nWVc1 ayBJR2x6SU dFZ2JXIEZx YjNJZ2MzQn YgYm5OdmNp QnZaaSBCel pYWmxjbUZz IElIQnlaWE 4wYVcgZHBi M1Z6SUdWMi BaVzUwY3l3 Z2MzIFZqYU NCaGN5QjAg YUdVZ1MyRm lkVyB0cElG Um9aV0YwIF pYSWdZVzVr SUggUm9aU0 JMYjJSdiBJ RlJoYVd0dk lFIFJ5ZFcx dFpYSnogTG p4aWNqNHhN aSA0Z1UwMU dSeUJwIGN5 QnNhWE4wWl cgUWdiMjRn ZEdobCBJRl J2YTNsdklG IE4wYjJOck lFVjQgWTJo aGJtZGxJRy BGdVpDQjBh R1VnIFRtVj NJRmx2Y20g c2dVM1J2WT JzZyBSWGhq YUdGdVoyIF VzSUdGdVpD QnAgY3lCcG JtTnNkVyBS bFpDQnBiaU IwIGFHVWdU bWxyYTIgVn BJREl5TlNC cCBibVJsZU N3Z1lTIEJ0 WVdwdmNpQn ogZEc5amF5 QnRZWCBKcl pYUWdhVzVr IFpYZ2dhVz RnU20gRndZ VzR1UEdKeS BQakV6TGlC SmJpIEJ5Wl dObGJuUWcg ZVdWaGNuTX NJRiBOTlJr Y2dhR0Z6IE lHSmxaVzRn WlggaHdZVz VrYVc1biBJ R0Z1WkNCa2 FYIFpsY25O cFpubHAgYm 1jZ2FYUnpJ RyBKMWMybH VaWE56IElI Um9jbTkxWj IgZ2djM1J5 WVhSbCBaMm xqSUdGamNY IFZwYzJsMG FXOXUgY3lC aGJtUWdjRy BGeWRHNWxj bk5vIGFYQn pMaUJKYmkg QXlNREV5TE NCMCBhR1Vn WTI5dGNHIE Z1ZVNCaFkz RjEgYVhKbF pDQjBhRyBV Z1ZVc3RZbU Z6IFpXUWdZ WE56WlggUW diV0Z1WVdk bCBjaXdnUm laRElFIGx1 ZG1WemRHMW wgYm5SekxD QmhibSBRZ2 FXNGdNakF4 IE55d2dhWF FnWm0gOXli V1ZrSUdFZy BjM1J5WVhS bFoyIGxqSU hCaGNuUnUg WlhKemFHbH dJSCBkcGRH Z2dSblZzIG JHVnlkRzl1 SUUgWjFibV FnVFdGdSBZ V2RsYldWdW RDIHdnWVNC c1pXRmsgYV c1bklHRnpj MiBWMElHMW hibUZuIFpX MWxiblFnWT IgOXRjR0Z1 ZVNCcCBiaU JUYVc1bllY IEJ2Y21VdV BHSnkgUGpF MExpQkpiaS BBeU1ESXdM Q0JUIFRVWk hJR0Z1Ym0g OTFibU5sWk NCdyBiR0Z1 Y3lCMGJ5IE JsYzNSaFlt eHAgYzJnZ1 lTQmthVyBk cGRHRnNJR0 poIGJtc2dh VzRnUlggVn liM0JsTENC MyBhR2xqYU NCM2FXIHhz SUdKbElIUm 8gWlNCbWFY SnpkQyBCcG JuUmxjbTVo IGRHbHZibU ZzSUcgUnBj bVZqZEMxMC BieTFqYjI1 emRXIDFsY2 lCaVlXNXIg YVc1bklITm xjbiBacFky VWdabTl5IE lIUm9aU0Jq YjIgMXdZVz U1TGp4aSBj ajR4TlM0Z1 FYIE1nYjJZ Z01qQXkgTV N3Z1UwMUdS eSBCcGN5Qn lZVzVyIFpX UWdNemgwYU MgQnZiaUIw YUdVZyBSbT l5ZEhWdVpT IEJIYkc5aV lXd2cgTlRB d0lHeHBjMy BRZ2IyWWdk R2hsIElIZH ZjbXhrNG8g Q1pjeUJzWV hKbiBaWE4w SUdOdmJYIE JoYm1sbGN5 QmkgZVNCeV pYWmxibiBW bExnPT0KIC AgICAgICA8 L3NwYW4+Ci AgICAgICAg CiAgICAgIC Ag