First American Financial

-10.98%

Live  

First American Financial Corporation is a leading provider of title insurance, settlement services, and risk solutions for real estate transactions. The company was founded in 1889 and is headquartered in Santa Ana, California. It is a publicly traded company listed on the New York Stock Exchange under the ticker symbol FAF.
The company operates through several subsidiaries, including First American Title Insurance Company, First American Trust, and First American Home Warranty. It also offers services in other areas, such as data and analytics, property valuation, and mortgage services.
First American Financial has a presence in all 50 states of the United States and in several international locations. The company has over 18,000 employees and serves customers in the real estate and mortgage industries.
The company's mission is to be the most trusted provider of comprehensive solutions that protect homeowners, preserve their investments, and promote their dreams of homeownership. First American Financial is committed to providing exceptional service and innovative solutions to its customers, while maintaining a strong focus on ethics, integrity, and responsible business practices.
In addition to its core business, the company also supports various philanthropic causes through the First American Financial Corporation Foundation. It also has a commitment to environmental sustainability and has implemented initiatives to reduce its carbon footprint and promote eco-friendly practices.
Overall, First American Financial is a reputable and well-established company in the real estate industry, known for its high-quality services and commitment to its customers and the community.

Rmlyc3QgQW 1lcmljYW4g RmluYW5jaW FsIGlzIGEg Y29tcGFueS B0aGF0IGhl bHBzIHBlb3 BsZSB3aGVu IHRoZXkgYn V5IG9yIHNl bGwgaG9tZX MuIFdoZW4g c29tZW9uZS B3YW50cyB0 byBidXkgYS Bob3VzZSwg dGhlcmUgYX JlIG1hbnkg aW1wb3J0YW 50IGRvY3Vt ZW50cyBhbm QgZGV0YWls cyB0byB0YW tlIGNhcmUg b2YsIG1ha2 luZyBzdXJl IGV2ZXJ5dG hpbmcgaXMg c2FmZSBhbm QgbGVnYWwu IEZpcnN0IE FtZXJpY2Fu IGhlbHBzIG J5IG1ha2lu ZyBzdXJlIH RoYXQgdGhl IHByb3Blcn R5IGJlbG9u Z3MgdG8gdG hlIHJpZ2h0 IHBlcnNvbi BhbmQgdGhh dCB0aGVyZS BhcmUgbm8g cHJvYmxlbX MgdGhhdCBj b3VsZCBjYX VzZSB0cm91 YmxlIGxhdG VyLiBUaGlz IHByb2Nlc3 MgaXMgY2Fs bGVkIHRpdG xlIGluc3Vy YW5jZS4gPG JyPlRoZSBj b21wYW55IG 1ha2VzIG1v bmV5IGJ5IG NoYXJnaW5n IHBlb3BsZS BhIGZlZSBm b3IgdGhpcy B0aXRsZSBp bnN1cmFuY2 Ugc2Vydmlj ZSB3aGVuIH RoZXkgYnV5 IGEgaG91c2 UuIFRoZXkg YWxzbyBoZW xwIHdpdGgg b3RoZXIgdG hpbmdzIGxp a2UgY2xvc2 luZyB0aGUg ZGVhbCBvbi B0aGUgaG9t ZSwgd2hpY2 ggaW5jbHVk ZXMgaGFuZG xpbmcgdGhl IHBhcGVyd2 9yayBhbmQg bWFraW5nIH N1cmUgZXZl cnl0aGluZy Bnb2VzIHNt b290aGx5IG R1cmluZyB0 aGUgc2FsZS 48YnI+Rmly c3QgQW1lcm ljYW4gaXMg c3VjY2Vzc2 Z1bCBmb3Ig YSBmZXcgcm Vhc29ucy4g Rmlyc3QsIG J1eWluZyBh IGhvbWUgaX MgYSBiaWcg cGFydCBvZi BsaWZlIGZv ciBtYW55IH Blb3BsZSwg c28gdGhleS BhbHdheXMg bmVlZCBoZW xwIHdpdGgg aXQuIFRoZS Bjb21wYW55 IGhhcyBiZW VuIGFyb3Vu ZCBmb3IgYS Bsb25nIHRp bWUsIHNvIH RoZXkgaGF2 ZSBsb3RzIG 9mIGV4cGVy aWVuY2UgYW 5kIGEgZ29v ZCByZXB1dG F0aW9uLiBQ bHVzLCB0aG V5IHVzZSB0 ZWNobm9sb2 d5IHRvIG1h a2UgdGhlaX Igc2Vydmlj ZXMgZmFzdG VyIGFuZCBl YXNpZXIsIH doaWNoIHBl b3BsZSBhcH ByZWNpYXRl LiA8YnI+SW 4gdGhlIGZ1 dHVyZSwgRm lyc3QgQW1l cmljYW4gd2 lsbCBsaWtl bHkgY29udG ludWUgdG8g YmUgc3VjY2 Vzc2Z1bCBi ZWNhdXNlIG FzIGxvbmcg YXMgcGVvcG xlIGJ1eSBh bmQgc2VsbC Bob21lcywg dGhlcmUgd2 lsbCBhbHdh eXMgYmUgYS BuZWVkIGZv ciB0aGVpci BzZXJ2aWNl cy4gQWRkaX Rpb25hbGx5 LCB0aGV5IG tlZXAgaW1w cm92aW5nIH RoZWlyIHRl Y2hub2xvZ3 kgYW5kIGZp bmRpbmcgbm V3IHdheXMg dG8gaGVscC BjdXN0b21l cnMsIG1ha2 luZyBzdXJl IHRoZXkgc3 RheSBhaGVh ZCBvZiB0aG UgY29tcGV0 aXRpb24uPG JyPg==

VGhlcmUgYX JlIGEgZmV3 IHRoaW5ncy B0aGF0IG1h a2UgRmlyc3 QgQW1lcmlj YW4gRmluYW 5jaWFsIENv cnBvcmF0aW 9uIHN0YW5k IG91dDo8Yn I+MS4gTG9u ZyBIaXN0b3 J5OiBGaXJz dCBBbWVyaW NhbiBGaW5h bmNpYWwgd2 FzIGZvdW5k ZWQgaW4gMT g4OSwgbWFr aW5nIGl0IG 9uZSBvZiB0 aGUgb2xkZX N0IGFuZCBt b3N0IGVzdG FibGlzaGVk IHRpdGxlIG luc3VyYW5j ZSBjb21wYW 5pZXMgaW4g dGhlIFVuaX RlZCBTdGF0 ZXMuPGJyPj IuIFNpemUg YW5kIFJlYW NoOiBJdCBp cyBvbmUgb2 YgdGhlIGxh cmdlc3QgcH JvdmlkZXJz IG9mIHRpdG xlIGluc3Vy YW5jZSwgZX Njcm93LCBh bmQgc2V0dG xlbWVudCBz ZXJ2aWNlcy BpbiB0aGUg d29ybGQsIH dpdGggb3Bl cmF0aW9ucy BpbiB0aGUg VS5TLiBhbm QgNjAgb3Ro ZXIgY291bn RyaWVzLjxi cj4zLiBGaW 5hbmNpYWwg U3RhYmlsaX R5OiBXaXRo IG92ZXIgJD UgYmlsbGlv biBpbiBhc3 NldHMgYW5k IG92ZXIgJD EgYmlsbGlv biBpbiByZX ZlbnVlLCBG aXJzdCBBbW VyaWNhbiBG aW5hbmNpYW wgaGFzIGEg c3Ryb25nIG ZpbmFuY2lh bCBmb3VuZG F0aW9uIGFu ZCBoYXMgY2 9uc2lzdGVu dGx5IHJlY2 VpdmVkIGhp Z2ggcmF0aW 5ncyBmcm9t IGluZGVwZW 5kZW50IHJh dGluZyBhZ2 VuY2llcy48 YnI+NC4gVG VjaG5vbG9n eSBJbm5vdm F0aW9uOiBU aGUgY29tcG FueSBoYXMg YmVlbiBhdC B0aGUgZm9y ZWZyb250IG 9mIGRpZ2l0 YWwgaW5ub3 ZhdGlvbiBp biB0aGUgdG l0bGUgaW5z dXJhbmNlIG luZHVzdHJ5 LCB1c2luZy BhZHZhbmNl ZCB0ZWNobm 9sb2d5IGFu ZCBkYXRhIG FuYWx5dGlj cyB0byBzdH JlYW1saW5l IHByb2Nlc3 NlcyBhbmQg cHJvdmlkZS Btb3JlIGFj Y3VyYXRlIG FuZCBlZmZp Y2llbnQgc2 VydmljZXMu PGJyPjUuIE N1c3RvbWVy IEZvY3VzOi BGaXJzdCBB bWVyaWNhbi BGaW5hbmNp YWwgcHJpZG VzIGl0c2Vs ZiBvbiBpdH MgY3VzdG9t ZXItY2VudH JpYyBhcHBy b2FjaCwgb2 ZmZXJpbmcg cGVyc29uYW xpemVkIHNv bHV0aW9ucy BhbmQgZXhj ZXB0aW9uYW wgc2Vydmlj ZSB0byBpdH MgY2xpZW50 cy48YnI+Ni 4gRGl2ZXJz aWZpZWQgQn VzaW5lc3M6 IFRoZSBjb2 1wYW55IGhh cyBhIGRpdm Vyc2lmaWVk IGJ1c2luZX NzIG1vZGVs LCBwcm92aW Rpbmcgbm90 IGp1c3QgdG l0bGUgaW5z dXJhbmNlIG J1dCBhbHNv IHByb3Blcn R5IGFuZCBj YXN1YWx0eS BpbnN1cmFu Y2UsIGhvbW Ugd2FycmFu dGllcywgYW 5kIG90aGVy IHJlYWwgZX N0YXRlLXJl bGF0ZWQgc2 VydmljZXMu PGJyPjcuIE NvbW1pdG1l bnQgdG8gU3 VzdGFpbmFi aWxpdHk6IE ZpcnN0IEFt ZXJpY2FuIE ZpbmFuY2lh bCBpcyBjb2 1taXR0ZWQg dG8gc3VzdG FpbmFiaWxp dHkgYW5kIG hhcyBpbXBs ZW1lbnRlZC B2YXJpb3Vz IGVudmlyb2 5tZW50YWwg YW5kIHNvY2 lhbCByZXNw b25zaWJpbG l0eSBpbml0 aWF0aXZlcy B0byByZWR1 Y2UgdGhlaX IgY2FyYm9u IGZvb3Rwcm ludCBhbmQg cHJvbW90ZS BldGhpY2Fs IHByYWN0aW Nlcy48YnI+ OC4gQ29ycG 9yYXRlIFNv Y2lhbCBSZX Nwb25zaWJp bGl0eTogVG hlIGNvbXBh bnkgaXMgYW N0aXZlbHkg aW52b2x2ZW QgaW4gcGhp bGFudGhyb3 BpYyBpbml0 aWF0aXZlcy wgc3VwcG9y dGluZyB2YX Jpb3VzIGNv bW11bml0eS BhbmQgZWR1 Y2F0aW9uYW wgcHJvZ3Jh bXMgdGhyb3 VnaCBpdHMg Y2hhcml0YW JsZSBmb3Vu ZGF0aW9uLg ==

VGhlIEZpcn N0IEFtZXJp Y2FuIEZpbm FuY2lhbCBj b21wYW55IG lzIHByaW1h cmlseSBhIH RpdGxlIGlu c3VyYW5jZS BhbmQgc2V0 dGxlbWVudC BzZXJ2aWNl cyBwcm92aW Rlci4gVGhl eSBvZmZlci BzZXJ2aWNl cyByZWxhdG VkIHRvIHJl c2lkZW50aW FsIGFuZCBj b21tZXJjaW FsIHJlYWwg ZXN0YXRlIH RyYW5zYWN0 aW9ucywgaW 5jbHVkaW5n IHRpdGxlIG luc3VyYW5j ZSwgZXNjcm 93IGFuZCBj bG9zaW5nIH NlcnZpY2Vz LCBhbmQgcH JvcGVydHkg ZGF0YSBhbm QgYW5hbHl0 aWNzLiBUaG V5IGFsc28g cHJvdmlkZS ByaXNrIG1p dGlnYXRpb2 4gYW5kIGZy YXVkIHByb3 RlY3Rpb24g c2VydmljZX MgZm9yIGZp bmFuY2lhbC BpbnN0aXR1 dGlvbnMgYW 5kIG1vcnRn YWdlIGxlbm RlcnMuIFRo ZSBjb21wYW 55J3MgYnVz aW5lc3MgbW 9kZWwgaXMg YmFzZWQgb2 4gZ2VuZXJh dGluZyByZX ZlbnVlIHRo cm91Z2ggZm VlcyBmb3Ig dGhlaXIgdm FyaW91cyBz ZXJ2aWNlcy wgYXMgd2Vs bCBhcyB0aH JvdWdoIGlu dmVzdG1lbn RzIGluIHRl Y2hub2xvZ3 kgYW5kIGRh dGEgYW5hbH l0aWNzIHRv IGltcHJvdm UgZWZmaWNp ZW5jeSBhbm QgYWNjdXJh Y3kgaW4gcm VhbCBlc3Rh dGUgdHJhbn NhY3Rpb25z LiBUaGV5IG Fsc28gaGF2 ZSBhIGZvY3 VzIG9uIGN1 c3RvbWVyIH NlcnZpY2Ug YW5kIG1haW 50YWluaW5n IHN0cm9uZy ByZWxhdGlv bnNoaXBzIH dpdGggdGhl aXIgY2xpZW 50cy4=

AI has the potential to impact First American Financial’s products, services, and competitive positioning in various ways, including substitution, disintermediation, and margin pressure.
1. Substitution: AI-driven technologies may lead to the development of new products or services that can replace traditional offerings. For example, smart algorithms and automated processes in underwriting, title search, and real estate transactions can enhance efficiency and accuracy. If competitors leverage AI technologies faster or more effectively, there could be a risk that their offerings become more appealing to consumers, leading to potential substitution of First American’s products.
2. Disintermediation: AI can facilitate peer-to-peer transactions in real estate and financial services, potentially reducing the need for intermediaries like title insurance companies. Blockchain technology, for instance, enables secure and transparent transactions without traditional intermediaries. If consumers increasingly choose to conduct transactions directly, First American may face disintermediation, threatening its core business model.
3. Margin Pressure: The adoption of AI may also lead to margin pressure as companies compete to lower prices while improving efficiency. As processes become more automated through AI, firms might reduce operational costs and pass some of those savings on to consumers, resulting in a pricing war. If First American cannot match these efficiencies or maintain its pricing structure, it may experience decreased profit margins.
Overall, while AI presents opportunities for innovation and operational improvement, it also represents a challenge to traditional business models in the financial and real estate sectors. Companies like First American will need to adapt and invest in AI technologies to maintain competitiveness and mitigate these threats.

First American Financial’s earnings, cash flow, and valuation can be significantly sensitive to changes in interest rates, primarily due to its role in the real estate and mortgage markets.
1. Earnings Sensitivity: First American’s earnings are closely tied to the health of the housing market, which is influenced by interest rates. When interest rates rise, borrowing costs increase, potentially cooling demand for new mortgages and home purchases. This can lead to a decrease in title insurance and closing services, which are critical to First American’s revenue stream. Conversely, falling interest rates can stimulate the housing market, increasing demand for these services and boosting earnings.
2. Cash Flow Sensitivity: Cash flow is also affected by interest rates through the company’s operational activities. Higher interest rates may lead to increased costs of capital, affecting liquidity and cash flow from operations. Additionally, any slowdown in transactions due to rising rates can reduce cash inflows from title and settlement services.
3. Valuation Sensitivity: Valuation metrics, such as price-to-earnings ratios, may fluctuate with changes in interest rates. Investors often adjust their expectations for future earnings growth based on interest rate trends. Rising rates could lead to a reassessment of the growth potential for First American, resulting in downward pressure on its stock price and valuation multiples. Conversely, declining rates might enhance investor sentiment and lead to higher valuations.
Overall, First American Financial’s performance is intertwined with interest rate conditions, and changes can have cascading effects on its financial metrics and market valuation. Companies in the financial services sector, particularly those linked to real estate, are generally more vulnerable to interest rate fluctuations.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgRm lyc3QgQW1l cmljYW4gRm luYW5jaWFs 4oCZcyBlY2 9ub21pY3Mg b3ZlciB0aG UgbmV4dCAz LTUgeWVhcn MgaXMgYSBz aWduaWZpY2 FudCwgcHJv bG9uZ2VkIG Rvd250dXJu IGluIHRoZS BVLlMuIHJl YWwgZXN0YX RlIG1hcmtl dCwgY29tcG 91bmRlZCBi eSBhIHN1Yn N0YW50aWFs IGluY3JlYX NlIGluIGlu dGVyZXN0IH JhdGVzLiBT dWNoIGEgc2 NlbmFyaW8g Y291bGQgbG VhZCB0byBk ZWNyZWFzZW QgdHJhbnNh Y3Rpb24gdm 9sdW1lcyBp biBob21lIH NhbGVzIGFu ZCByZWZpbm FuY2luZyBh Y3Rpdml0aW VzLCBib3Ro IG9mIHdoaW NoIGFyZSBj cml0aWNhbC B0byB0aGUg Y29tcGFuee KAmXMgcmV2 ZW51ZSBnZW 5lcmF0aW9u Ljxicj5GaX JzdGx5LCBh cyBob21lIH ZhbHVlcyBk ZWNsaW5lLC B0aGVyZSBt YXkgYmUgYS ByZWR1Y3Rp b24gaW4gbm V3IGhvbWVi dXllcnMgZW 50ZXJpbmcg dGhlIG1hcm tldCwgd2hp Y2ggZGlyZW N0bHkgYWZm ZWN0cyB0aX RsZSBpbnN1 cmFuY2Ugc2 FsZXMuIElm IGludGVyZX N0IHJhdGVz IHJpc2UgZH JhbWF0aWNh bGx5LCBtb3 J0Z2FnZSBy ZWZpbmFuY2 luZyBhY3Rp dml0eSB3b3 VsZCBsaWtl bHkgZGVjcm Vhc2UgZXZl biBmdXJ0aG VyLCBsZWFk aW5nIHRvIG Egc3Vic3Rh bnRpYWwgZH JvcCBpbiB2 b2x1bWUgZm 9yIHRpdGxl IGluc3VyYW 5jZSBwb2xp Y2llcyBhbm QgcmVsYXRl ZCBzZXJ2aW Nlcy4gQWRk aXRpb25hbG x5LCBpZiB0 aGUgZWNvbm 9teSBlbnRl cnMgYSByZW Nlc3Npb24s IGNvbnN1bW VyIGNvbmZp ZGVuY2UgbW F5IHBsdW1t ZXQsIGZ1cn RoZXIgZGFt cGVuaW5nIG hvdXNpbmcg ZGVtYW5kLj xicj5JbiB0 aGlzIHNjZW 5hcmlvLCBG aXJzdCBBbW VyaWNhbiBG aW5hbmNpYW zigJlzIG1h cmdpbnMgd2 91bGQgYmUg bmVnYXRpdm VseSBpbXBh Y3RlZCBhcy ByZXZlbnVl cyBkZWNsaW 5lIGR1ZSB0 byBsb3dlci B0cmFuc2Fj dGlvbiB2b2 x1bWVzLiBG aXhlZCBjb3 N0cywgc3Vj aCBhcyBzYW xhcmllcywg cmVudCwgYW 5kIHRlY2hu b2xvZ3kgaW 52ZXN0bWVu dHMsIHdvdW xkIHJlbWFp biByZWxhdG l2ZWx5IHN0 YWJsZSwgbG VhZGluZyB0 byBoaWdoZX Igb3BlcmF0 aW5nIGNvc3 RzIGFzIGEg cGVyY2VudG FnZSBvZiBy ZXZlbnVlLi BDb25zZXF1 ZW50bHksIH Byb2ZpdCBt YXJnaW5zIH dvdWxkIHNo cmluayBzaW duaWZpY2Fu dGx5Ljxicj 5DYXNoIGZs b3cgd291bG QgYWxzbyBk ZXRlcmlvcm F0ZSwgYXMg dGhlIGNvbX Bhbnkgd291 bGQgbGlrZW x5IGV4cGVy aWVuY2UgYS BkZWNsaW5l IGluIGJvdG ggb3BlcmF0 aW5nIGluY2 9tZSBhbmQg Y2FzaCBmcm 9tIGZpbmFu Y2luZyBhY3 Rpdml0aWVz LiBJZiBwcm 9wZXJ0eSB2 YWx1ZXMgZG VjcmVhc2Vk IHNpZ25pZm ljYW50bHks IHRoaXMgY2 91bGQgbGVh ZCB0byBhbi BpbmNyZWFz ZSBpbiBjbG FpbXMgaWYg Zm9yZWNsb3 N1cmVzIHJp c2UsIGZ1cn RoZXIgc3Ry YWluaW5nIG Nhc2ggcmVz ZXJ2ZXMuPG JyPk9uIHRo ZSBiYWxhbm NlIHNoZWV0 LCBGaXJzdC BBbWVyaWNh biBGaW5hbm NpYWwgbWln aHQgc2VlIG FuIGluY3Jl YXNlIGluIG xpYWJpbGl0 aWVzIGR1ZS B0byBoaWdo ZXIgY2xhaW 1zIGFuZCBv cGVyYXRpb2 5hbCBjb3N0 cy4gSWYgdG hlIGVjb25v bWljIGVudm lyb25tZW50 IHJlbWFpbn MgY2hhbGxl bmdpbmcsIH RoZSBjb21w YW554oCZcy BlcXVpdHkg Y291bGQgYm UgbmVnYXRp dmVseSBpbX BhY3RlZCBh cyByZXRhaW 5lZCBlYXJu aW5ncyBkZW NyZWFzZSwg YW5kIGFueS BmdXJ0aGVy IGludmVzdG 1lbnQgaW4g dGVjaG5vbG 9neSBvciBl eHBhbnNpb2 4gaW5pdGlh dGl2ZXMgbW F5IGFsc28g YmUgY3VydG FpbGVkLjxi cj5JbiBzdW 1tYXJ5LCBp ZiBhIHN1c3 RhaW5lZCBk b3dudHVybi BpbiB0aGUg cmVhbCBlc3 RhdGUgbWFy a2V0IGNvbW JpbmVkIHdp dGggaGlnaC 1pbnRlcmVz dCByYXRlcy BvY2N1cnMs IEZpcnN0IE FtZXJpY2Fu IEZpbmFuY2 lhbCBjb3Vs ZCBmYWNlIH Blcm1hbmVu dCBpbXBhaX JtZW50IG9m IGl0cyBlY2 9ub21pY3Mg dGhyb3VnaC BzaGFycGx5 IGRlY2xpbm luZyBtYXJn aW5zLCByZW R1Y2VkIGNh c2ggZmxvd3 MsIGFuZCBh IHdlYWtlbm VkIGJhbGFu Y2Ugc2hlZX QuIFRoaXMg c2NlbmFyaW 8gY291bGQg c2hpZnQgdG hlIGNvbXBh bnnigJlzIG xvbmctdGVy bSB2aWFiaW xpdHkgYW5k IHJlcXVpcm Ugc2lnbmlm aWNhbnQgc3 RyYXRlZ2lj IGFkanVzdG 1lbnRzIHRv IG5hdmlnYX RlIHRoZSBu ZXcgbWFya2 V0IGNvbmRp dGlvbnMuPG JyPg==

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 w2UjRodzRP YW82bG1NaX ViM3oud2Vi cCIgYWx0PS JGaXJzdCBB bWVyaWNhbi BGaW5hbmNp YWwiIHRpdG xlPSJGaXJz dCBBbWVyaW NhbiBGaW5h bmNpYWwiIC BjbGFzcz0i aW1nLWZsdW lkIiBoZWln aHQ9NTAgd2 lkdGg9NTAg bG9hZGluZz 0nbGF6eScg c3R5bGU9J2 JvcmRlci1y YWRpdXM6ID ZweDsnPgoK ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdmbGV4Oi AxOyB0ZXh0 LWFsaWduOi BjZW50ZXI7 IG1hcmdpbi 1sZWZ0OiA1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PHAgc3R5bG U9J2ZvbnQt c2l6ZTogMj ZweDsgY29s b3I6ICMzMz M7IG1hcmdp bi1ib3R0b2 06IDE1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IPCfk4ggV2 FudCB0byBy ZWFkIG1vcm UgYWJvdXQg Rmlyc3QgQW 1lcmljYW4g RmluYW5jaW FsPwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+OgS BGcmVlIGRv d25sb2FkIS A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv cD4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT JweDsgZm9u dC1zaXplOi AxM3B4OyBj b2xvcjogIz Q0NDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgU2ln biB1cCBub3 cgYW5kIGdl dCBvdXIgZn JlZSBlQm9v ayAKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDxiPlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3M8L2 I+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxNnB4 OyBmb250LX NpemU6IDE0 cHg7IGNvbG 9yOiAjNDQ0 OyBmb250LW ZhbWlseTog LWFwcGxlLX N5c3RlbSwg QmxpbmtNYW NTeXN0ZW1G b250LCBTZW dvZSBVSSwg Um9ib3RvLC BIZWx2ZXRp Y2EgTmV1ZS wgc2Fucy1z ZXJpZjsgbG luZS1oZWln aHQ6IDEuNj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgSGF2ZSB5 b3UgaGVhcm QgYWJvdXQg b3VyIHNob3 J0IDxzdHJv bmcgc3R5bG U9J2ZvbnQt d2VpZ2h0Oi A2MDA7Jz5E YWlseSBWaW RlbyBOZXdz bGV0dGVyPC 9zdHJvbmc+ PwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naHR0cHM6 Ly93d3cuaW 5zaWdodGZ1 bHZhbHVlLm NvbS9uZXdz bGV0dGVyLn BocCcgdGFy Z2V0PSdfYm xhbmsnIHN0 eWxlPSdjb2 xvcjogIzAw N0JGRjsgdG V4dC1kZWNv cmF0aW9uOi Bub25lOyBm b250LXdlaW dodDogNTAw OyBtYXJnaW 4tbGVmdDog NnB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgRmluZCBv dXQgbW9yZQ ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgLS 0+CiAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg IAogICAgIC AgIAogICAg ICAgIDxzcG FuIGNsYXNz PSdibHVycm VkLXRleHQn PgogICAgIC AgICAgICBN UzRnVkdobE lFIFpwY25O MElFRnQgWl hKcFkyRnVJ RSBacGJtRn VZMmxoIGJD QkRiM0p3Yj MgSmhkR2x2 YmlCMyBZWE 1nWm05MWJt IFJsWkNCcG JpQXggT0Rn NUlHSjVJRS BaeVlXNXJJ Rk11IElGQn ZiV1Z5YjMg a2dZWE1nWV NCMCBhWFJz WlNCcGJuIE 4xY21GdVky VWcgWTI5dG NHRnVlUyA0 Z1NYUWdkMk Z6IElHOXlh V2RwYm0gRn NiSGtnYTI1 diBkMjRnWV hNZ2RHIGhs SUU5eVlXNW 4gWlNCRGIz VnVkSCBrZ1 ZHbDBiR1Vn IFEyOXRjR0 Z1ZVMgNDhZ bkkrTWk0Zy BWR2hsSUdO dmJYIEJoYm 5uaWdKbHog SUdobFlXUn hkVyBGeWRH VnljeUJwIG N5QnNiMk5o ZEcgVmtJR2 x1SUZOaCBi blJoSUVGdV lTIHdnUTJG c2FXWnYgY2 01cFlTNDhZ biBJK015NG dTWFFnIGFY TWdiMjVsSU cgOW1JSFJv WlNCcyBZWE puWlhOMElI IEJ5YjNacF pHVnkgY3lC dlppQjBhWC BSc1pTQnBi bk4xIGNtRn VZMlVnWVcg NWtJRzkwYU dWeSBJR1pw Ym1GdVkyIG xoYkNCaGJt UWcgYVc1bW IzSnRZWCBS cGIyNGdjMl Z5IGRtbGpa WE1nYVcgNG dkR2hsSUZW dSBhWFJsWk NCVGRHIEYw WlhNdUlFbD AgSUc5d1pY SmhkRyBWek lHbHVJR0Zz IGJDQTFNQ0 J6ZEcgRjBa WE1nWVc1ay BJR2hoY3lC cGJuIFJsY2 01aGRHbHYg Ym1Gc0lHOX daWCBKaGRH bHZibk1nIG FXNGdRMkZ1 WVcgUmhMQ0 IwYUdVZyBW VzVwZEdWa0 lFIHRwYm1k a2IyMHMgSU dGdVpDQjBh RyBVZ1RtVj BhR1Z5IGJH RnVaSE11UE cgSnlQalF1 SUVsdSBJRE U1TXprc0lI IFJvWlNCam IyMXcgWVc1 NUlHTm9ZVy A1blpXUWdh WFJ6IElHNW hiV1VnZEcg OGdSbWx5Yz NRZyBRVzFs Y21sallXID RnUm1sdVlX NWogYVdGc0 lFTnZjbiBC dmNtRjBhVz l1IElHRnVa Q0JsZUggQm hibVJsWkNC cCBkSE1nYz JWeWRtIGxq WlhNZ2RHOG cgYVc1amJI VmtaUyBCaF luTjBjbUZq IGRHbHVaeU JoYm0gUWda WE5qY205My BJSE5sY25a cFkyIFZ6TG p4aWNqNDEg TGlCSmJpQj BhRyBVZ01U azJNSE1zIE lFWnBjbk4w SUUgRnRaWE pwWTJGdSBJ RVpwYm1GdV kyIGxoYkNC RGIzSncgYj NKaGRHbHZi aSBCM1lYTW diMjVsIElH OW1JSFJvWl MgQm1hWEp6 ZENCaiBiMj F3WVc1cFpY IE1nZEc4Z2 RYTmwgSUdO dmJYQjFkRy BWeWN5Qm1i M0lnIGRHbD BiR1VnY20g VnpaV0Z5WT JnZyBZVzVr SUhCeWIyIF IxWTJVZ1lY VjAgYjIxaG RHVmtJSCBS cGRHeGxJSE JzIFlXNTBj eTQ4WW4gSS tOaTRnU1c0 ZyBkR2hsSU d4aGRHIFVn TVRrM01ITX MgSUhSb1pT QmpiMiAxd1 lXNTVJR2x1 IGRISnZaSF ZqWlcgUWdR VzFsY21sai BZZUtBbVhN Z1JtIGx5Yz NRZ1ZHbDAg YkdVZ1NXNX pkWCBKaGJt TmxJRk41IG MzUmxiU0Fv UVUgWlVTVk 1wTENCaCBJ R052YlhCMW RHIFZ5YVhw bFpDQjAgYV hSc1pTQndi RyBGdWRDQj BhR0YwIElI SmxkbTlzZF ggUnBiMjVw ZW1WayBJSF JvWlNCMGFY IFJzWlNCcG JuTjEgY21G dVkyVWdhVy A1a2RYTjBj bmt1IFBHSn lQamN1SUUg bHVJREU1T1 RrcyBJRVpw Y25OMElFIE Z0WlhKcFky RnUgSUVacG JtRnVZMiBs aGJDQkRiM0 p3IGIzSmhk R2x2YmkgQm laV05oYldV ZyBZU0J3ZF dKc2FXIE5z ZVNCMGNtRm sgWldRZ1ky OXRjRyBGdW VTQnZiaUIw IGFHVWdUbV YzSUYgbHZj bXNnVTNSdi BZMnNnUlho amFHIEZ1Wj JVZ2RXNWsg WlhJZ2RHaG xJSCBScFky dGxjaUJ6IG VXMWliMndn UmsgRkdMan hpY2o0NCBM aUJHYVhKem RDIEJCYldW eWFXTmggYm lCR2FXNWhi bSBOcFlXd2 dRMjl5IGNH OXlZWFJwYj IgNGdhR0Z6 SUdWNCBjR0 Z1WkdWa0lH IGwwY3lCel pYSjIgYVdO bGN5QjBieS BCcGJtTnNk V1JsIElIQn liM0JsY24g UjVJR0Z1Wk NCaiBZWE4x WVd4MGVTIE JwYm5OMWNt RnUgWTJVc0 lHaHZiVyBV Z2QyRnljbU Z1IGRIa2dj SEp2WkggVm pkSE1zSUdG dSBaQ0JuYk c5aVlXIHdn Y0hKdmNHVn kgZEhrZ2FX NW1iMyBKdF lYUnBiMjRn IFlXNWtJR0 Z1WVcgeDVk R2xqY3k0OC BZbkkrT1M0 Z1ZHIGhsSU dOdmJYQmgg Ym5rZ2FHRn pJRyBKbFpX NGdjbVZqIG IyZHVhWHBs WkMgQmhjeU J2Ym1VZyBi MllnUm05eW RIIFZ1WmVL QW1YTWcgTV RBd0lFSmxj MyBRZ1EyOX RjR0Z1IGFX VnpJSFJ2SU YgZHZjbXNn Um05eSBJR0 Z1WkNCb1lY IE1nY21Wal pXbDIgWldR Z2JuVnRaWC BKdmRYTWdZ WGRoIGNtUn pJR1p2Y2kg QnBkSE1nWT I5dCBiV2ww YldWdWRDIE IwYnlCa2FY WmwgY25OcG RIa2dZVyA1 a0lHbHVZMn gxIGMybHZi aTQ4WW4gSS tNVEF1SUVa cCBjbk4wSU VGdFpYIEpw WTJGdUlFWn AgYm1GdVky bGhiQyBCRG IzSndiM0po IGRHbHZidU tBbVggTWdj R2hwYkdGdS BkR2h5YjNC cFl5IEJsWm 1admNuUnog SUdsdVkyeD FaRyBVZ2FY UnpJRVpwIG NuTjBJRUZ0 WlggSnBZMk Z1SUVOaCBj bVZ6SUhCeW IyIGR5WVcw c0lIZG8gYV dOb0lITjFj SCBCdmNuUn pJR3h2IFky RnNJR052Yl cgMTFibWww YVdWeiBJSF JvY205MVoy IGdnZG05c2 RXNTAgWldW eUlIZHZjbS Bzc0lHUnZi bUYwIGFXOX VjeXdnWVcg NWtJR1Z0Y0 d4diBlV1Zs SUdsdWRtID lzZG1WdFpX NTAgTGc9PQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=