IG Group Holdings

Live  

IG Group Holdings plc is a publicly traded company listed on the London Stock Exchange. It is a multinational company operating in the financial services sector, primarily in the provision of online trading and investment services. The company was founded in 1974 and is headquartered in London, United Kingdom. It has offices in 16 countries worldwide, including Europe, Africa, Asia, and Australia.
IG Group Holdings offers a wide range of trading instruments including stocks, indices, forex, and commodities. The company serves over 239,000 clients globally, helping them trade over 17,000 financial markets. The company’s mission is to empower individuals to access global financial markets by providing them with innovative trading tools, expert analysis, and educational resources.
IG Group Holdings has won multiple awards for its services, including “Best Multi-Platform Provider” and “Best Spread Betting Provider” at the 2021 ADVFN International Financial Awards. The company has also been recognized for its commitment to responsible trading, financial transparency, and customer service.
In addition to its trading services, IG Group Holdings has a strong community and education program, offering webinars, seminars, and online educational resources to help clients improve their trading skills and knowledge. The company also supports various charitable initiatives and is dedicated to making a positive impact on the communities in which it operates.
Overall, IG Group Holdings is a reputable and well-established company in the financial services sector, offering a wide range of products and services to clients globally.

SUcgR3JvdX AgSG9sZGlu Z3MgaXMgYS Bjb21wYW55 IHRoYXQgaG VscHMgcGVv cGxlIHRyYW RlIGluIGZp bmFuY2lhbC BtYXJrZXRz LCB3aGljaC BpcyB3aGVy ZSB0aGluZ3 MgbGlrZSBz dG9ja3MsIG N1cnJlbmNp ZXMsIGFuZC Bjb21tb2Rp dGllcyAobG lrZSBnb2xk IG9yIG9pbC kgYXJlIGJv dWdodCBhbm Qgc29sZC4g SW1hZ2luZS BpdCBhcyBh IGJpZyBtYX JrZXRwbGFj ZSB3aGVyZS BwZW9wbGUg Y2FuIGJ1eS BhbmQgc2Vs bCB0aGluZ3 MsIGJ1dCBp bnN0ZWFkIG 9mIHBoeXNp Y2FsIGl0ZW 1zLCB0aGV5 IGFyZSB0cm FkaW5nIG1v bmV5IGFuZC BmaW5hbmNp YWwgcHJvZH VjdHMuPGJy PkhvdyBJRy BHcm91cCBt YWtlcyBtb2 5leSBpcyBi eSBjaGFyZ2 luZyBmZWVz IHdoZW4gcG VvcGxlIHRy YWRlLiBXaG VuIHlvdSBi dXkgb3Igc2 VsbCBzb21l dGhpbmcsIE lHIG1pZ2h0 IHRha2UgYS BzbWFsbCBh bW91bnQgb2 YgbW9uZXkg ZnJvbSBlYW NoIHRyYWRl LiBUaGV5IG Fsc28gcHJv dmlkZSBzcG VjaWFsIHNl cnZpY2VzIH doZXJlIHBl b3BsZSBjYW 4gdHJhZGUg b24gY3JlZG l0LCB3aGlj aCBtZWFucy B0aGV5IGNh biB0cmFkZS B3aXRoIG1v cmUgbW9uZX kgdGhhbiB0 aGV5IGFjdH VhbGx5IGhh dmUgaW4gdG hlaXIgYWNj b3VudCwgYn V0IHRoZXkg cGF5IGEgZm VlIGZvciB0 aGF0LiA8Yn I+SUcgR3Jv dXAgaXMgc3 VjY2Vzc2Z1 bCBiZWNhdX NlIHRoZXkg aGF2ZSBiZW VuIGFyb3Vu ZCBmb3IgYS Bsb25nIHRp bWUgYW5kIG hhdmUgYnVp bHQgYSBnb2 9kIHJlcHV0 YXRpb24uIF RoZXkgaGF2 ZSBhIHN0cm 9uZyBvbmxp bmUgcGxhdG Zvcm0gdGhh dCBtYWtlcy B0cmFkaW5n IGVhc3kgZm 9yIHRoZWly IGN1c3RvbW Vycy4gUGVv cGxlIHRydX N0IHRoZW0g dG8gcHJvdm lkZSBhY2N1 cmF0ZSBpbm Zvcm1hdGlv biBhbmQgZ2 9vZCBjdXN0 b21lciBzZX J2aWNlLiBB bHNvLCB0aG V5IG9mZmVy IGxvdHMgb2 YgZWR1Y2F0 aW9uYWwgdG 9vbHMsIHdo aWNoIGhlbH AgbmV3IHRy YWRlcnMgbG Vhcm4gaG93 IHRvIHRyYW RlIGJldHRl ci48YnI+SW 4gdGhlIGZ1 dHVyZSwgSU cgR3JvdXAg aXMgbGlrZW x5IHRvIHN0 YXkgc3VjY2 Vzc2Z1bCBi ZWNhdXNlIG 1vcmUgcGVv cGxlIGFyZS BpbnRlcmVz dGVkIGluIH RyYWRpbmcg YW5kIGludm VzdGluZyB0 aGVpciBtb2 5leSBvbmxp bmUuIFRoZS B3b3JsZCBp cyBiZWNvbW luZyBtb3Jl IGRpZ2l0YW wsIGFuZCBt YW55IHBlb3 BsZSB3YW50 IHRvIHRyeS B0cmFkaW5n IGFzIGEgd2 F5IHRvIGdy b3cgdGhlaX Igc2F2aW5n cy4gSUcgR3 JvdXAgaGFz IHRoZSBleH BlcmllbmNl IGFuZCB0b2 9scyB0byBr ZWVwIGF0dH JhY3Rpbmcg dGhlc2Ugbm V3IHRyYWRl cnMsIHdoaW NoIHdpbGwg aGVscCB0aG VtIGNvbnRp bnVlIHRvIG 1ha2UgbW9u ZXkuIFBsdX MsIHRoZXkg a2VlcCBhZG FwdGluZyB0 byB3aGF0IH Blb3BsZSBu ZWVkLCBsaW tlIG9mZmVy aW5nIG5ldy B0eXBlcyBv ZiB0cmFkZX MgYW5kIHVz aW5nIHRlY2 hub2xvZ3kg dG8gbWFrZS B0cmFkaW5n IGV2ZW4gZW FzaWVyLjxi cj4=

MS4gRXN0YW JsaXNoZWQg SGlzdG9yeT ogSUcgR3Jv dXAgSG9sZG luZ3MgaGFz IGJlZW4gb3 BlcmF0aW5n IHNpbmNlID E5NzQsIG1h a2luZyBpdC BvbmUgb2Yg dGhlIG9sZG VzdCBhbmQg bW9zdCBlc3 RhYmxpc2hl ZCBvbmxpbm UgdHJhZGlu ZyBjb21wYW 5pZXMgaW4g dGhlIHdvcm xkLjxicj4y LiBHbG9iYW wgUHJlc2Vu Y2U6IFRoZS Bjb21wYW55 IGhhcyBhIH N0cm9uZyBn bG9iYWwgcH Jlc2VuY2Us IHdpdGggb2 ZmaWNlcyBp biAxNiBjb3 VudHJpZXMg YW5kIG1vcm UgdGhhbiAx NzgsMDAwIG NsaWVudHMg d29ybGR3aW RlLjxicj4z LiBEaXZlcn NlIFByb2R1 Y3QgT2ZmZX Jpbmc6IElH IEdyb3VwIG 9mZmVycyBh IGRpdmVyc2 UgcmFuZ2Ug b2YgZmluYW 5jaWFsIHBy b2R1Y3RzIH RvIHRyYWRl LCBpbmNsdW Rpbmcgc3Rv Y2tzLCBmb3 JleCwgY29t bW9kaXRpZX MsIGNyeXB0 b2N1cnJlbm NpZXMsIGFu ZCBtb3JlLC Bwcm92aWRp bmcgY2xpZW 50cyB3aXRo IGFtcGxlIG 9wcG9ydHVu aXRpZXMgdG 8gZGl2ZXJz aWZ5IHRoZW lyIHBvcnRm b2xpb3MuPG JyPjQuIElu bm92YXRpdm UgVGVjaG5v bG9neTogVG hlIGNvbXBh bnkgaGFzIG Fsd2F5cyBi ZWVuIGF0IH RoZSBmb3Jl ZnJvbnQgb2 YgdGVjaG5v bG9naWNhbC BhZHZhbmNl bWVudHMsIH Byb3ZpZGlu ZyBjbGllbn RzIHdpdGgg YSBjdXR0aW 5nLWVkZ2Ug dHJhZGluZy BwbGF0Zm9y bSB0aGF0IG lzIHVzZXIt ZnJpZW5kbH kgYW5kIG9m ZmVycyBzb3 BoaXN0aWNh dGVkIGFuYW x5c2lzIHRv b2xzLjxicj 41LiBTdHJv bmcgUmVndW xhdG9yeSBT dGFuZGluZz ogSUcgR3Jv dXAgaXMgaG lnaGx5IHJl Z3VsYXRlZC BhbmQgc3Vw ZXJ2aXNlZC BieSBtYWpv ciBmaW5hbm NpYWwgYXV0 aG9yaXRpZX Mgc3VjaCBh cyB0aGUgVU sncyBGaW5h bmNpYWwgQ2 9uZHVjdCBB dXRob3JpdH kgKEZDQSkg YW5kIHRoZS BBdXN0cmFs aWFuIFNlY3 VyaXRpZXMg YW5kIEludm VzdG1lbnRz IENvbW1pc3 Npb24gKEFT SUMpLjxicj 42LiBDdXN0 b21lciBTdX Bwb3J0OiBU aGUgY29tcG FueSBvZmZl cnMgMjQvNy BjdXN0b21l ciBzdXBwb3 J0IGFuZCBh c3Npc3Rhbm NlIHRvIGl0 cyBjbGllbn RzLCBlbnN1 cmluZyB0aG F0IHRoZWly IG5lZWRzIG FuZCBjb25j ZXJucyBhcm UgYWRkcmVz c2VkIHByb2 1wdGx5IGFu ZCBlZmZlY3 RpdmVseS48 YnI+Ny4gRW R1Y2F0aW9u YWwgUmVzb3 VyY2VzOiBJ RyBHcm91cC BvZmZlcnMg YSByYW5nZS BvZiBlZHVj YXRpb25hbC ByZXNvdXJj ZXMsIGluY2 x1ZGluZyB3 ZWJpbmFycy wgc2VtaW5h cnMsIGFuZC BleHBlcnQg YW5hbHlzaX MsIHRvIGhl bHAgY2xpZW 50cyBtYWtl IGluZm9ybW VkIHRyYWRp bmcgZGVjaX Npb25zLjxi cj44LiBBd2 FyZHMgYW5k IFJlY29nbm l0aW9uOiBU aGUgY29tcG FueSBoYXMg YmVlbiByZW NvZ25pemVk IGZvciBpdH MgZXhjZWxs ZW50IHNlcn ZpY2VzIGFu ZCBwcm9kdW N0cywgd2lu bmluZyBtdW x0aXBsZSBh d2FyZHMgb3 ZlciB0aGUg eWVhcnMsIG luY2x1ZGlu ZyAiQmVzdC BGb3JleCBQ cm92aWRlci IgYW5kICJC ZXN0IFNwcm VhZCBCZXR0 aW5nIFByb3 ZpZGVyLiI8 YnI+OS4gU2 9jaWFsIFJl c3BvbnNpYm lsaXR5OiBJ RyBHcm91cC BpcyBjb21t aXR0ZWQgdG 8gcHJvbW90 aW5nIHJlc3 BvbnNpYmxl IHRyYWRpbm cgcHJhY3Rp Y2VzIGFuZC BzdXBwb3J0 aW5nIGxvY2 FsIGNvbW11 bml0aWVzIH Rocm91Z2gg dmFyaW91cy Bpbml0aWF0 aXZlcyBhbm QgcHJvamVj dHMuPGJyPj EwLiBJbm5v dmF0aW9uIG luIFN1c3Rh aW5hYmlsaX R5OiBUaGUg Y29tcGFueS BoYXMgbWFk ZSBzaWduaW ZpY2FudCBz dHJpZGVzIG luIHByb21v dGluZyBzdX N0YWluYWJp bGl0eSBhbm QgcmVkdWNp bmcgaXRzIG Vudmlyb25t ZW50YWwgZm 9vdHByaW50 LCBtYWtpbm cgaXQgYW4g aW5kdXN0cn kgbGVhZGVy IGluIHRoaX MgYXNwZWN0 Lg==

SUcgR3JvdX AgSG9sZGlu Z3MgaXMgYS BnbG9iYWwg ZmluYW5jaW FsIHNlcnZp Y2VzIGNvbX BhbnkgdGhh dCBvcGVyYX RlcyBhbiBv bmxpbmUgdH JhZGluZyBw bGF0Zm9ybS Bmb3IgcmV0 YWlsIGFuZC BpbnN0aXR1 dGlvbmFsIG NsaWVudHMu IFRoZSBjb2 1wYW55J3Mg YnVzaW5lc3 MgbW9kZWwg aXMgZm9jdX NlZCBvbiBw cm92aWRpbm cgYWNjZXNz IHRvIGZpbm FuY2lhbCBt YXJrZXRzIG ZvciB0cmFk ZXJzIGFuZC BpbnZlc3Rv cnMsIGZhY2 lsaXRhdGlu ZyB0aGUgYn V5aW5nIGFu ZCBzZWxsaW 5nIG9mIHZh cmlvdXMgZm luYW5jaWFs IGluc3RydW 1lbnRzIHN1 Y2ggYXMgc3 RvY2tzLCBj b21tb2RpdG llcywgY3Vy cmVuY2llcy wgYW5kIGRl cml2YXRpdm VzLjxicj5U aGUgY29tcG FueSBnZW5l cmF0ZXMgcm V2ZW51ZSB0 aHJvdWdoIH ZhcmlvdXMg c3RyZWFtcy BpbmNsdWRp bmcgdHJhbn NhY3Rpb24g ZmVlcywgY2 9tbWlzc2lv bnMsIGludG VyZXN0IG9u IGNsaWVudC BkZXBvc2l0 cywgYW5kIH NwcmVhZCBi ZXR0aW5nLi BJRyBHcm91 cCBhbHNvIG 9mZmVycyBv dGhlciBzZX J2aWNlcyBz dWNoIGFzIH Jlc2VhcmNo IGFuZCBhbm FseXNpcyB0 b29scywgZW R1Y2F0aW9u YWwgbWF0ZX JpYWxzLCBh bmQgY3VzdG 9tZXIgc3Vw cG9ydCB0by BpdHMgY2xp ZW50cy48Yn I+SUcgR3Jv dXAncyBidX NpbmVzcyBt b2RlbCBpcy BiYXNlZCBv biBhIGxvdy 1jb3N0LCBo aWdoLXZvbH VtZSB0cmFk aW5nIG1vZG VsLCB3aGlj aCBhbGxvd3 MgdGhlIGNv bXBhbnkgdG 8gb2ZmZXIg Y29tcGV0aX RpdmUgcHJp Y2luZyBhbm QgYXR0cmFj dCBhIGxhcm dlIG51bWJl ciBvZiBjbG llbnRzLiBU aGUgY29tcG FueSBhbHNv IHVzZXMgYW R2YW5jZWQg dGVjaG5vbG 9neSBhbmQg cHJvcHJpZX RhcnkgdHJh ZGluZyBwbG F0Zm9ybXMg dG8gcHJvdm lkZSBlZmZp Y2llbnQgYW 5kIHJlbGlh YmxlIHNlcn ZpY2VzIHRv IGl0cyBjbG llbnRzLjxi cj5JRyBHcm 91cCdzIHRh cmdldCBtYX JrZXQgaW5j bHVkZXMgaW 5kaXZpZHVh bCB0cmFkZX JzIGFuZCBp bnN0aXR1dG lvbmFsIGlu dmVzdG9ycy Bmcm9tIGFy b3VuZCB0aG Ugd29ybGQs IHdobyBhcm UgbG9va2lu ZyBmb3IgYS BkaXZlcnNl IHJhbmdlIG 9mIGZpbmFu Y2lhbCBwcm 9kdWN0cyBh bmQgdG9vbH MgdG8gbWFu YWdlIHRoZW lyIGludmVz dG1lbnQgcG 9ydGZvbGlv cy4gVGhlIG NvbXBhbnkg Y29udGludW 91c2x5IGlu bm92YXRlcy BhbmQgZXhw YW5kcyBpdH MgcHJvZHVj dCBvZmZlcm luZ3MgdG8g YXR0cmFjdC BhbmQgcmV0 YWluIGl0cy BjdXN0b21l ciBiYXNlLj xicj5PdmVy YWxsLCBJRy BHcm91cCBI b2xkaW5ncy cgYnVzaW5l c3MgbW9kZW wgaXMgY2Vu dGVyZWQgYX JvdW5kIHBy b3ZpZGluZy Bjb252ZW5p ZW50LCBlZm ZpY2llbnQs IGFuZCBjb3 N0LWVmZmVj dGl2ZSB0cm FkaW5nIHNl cnZpY2VzIH RvIGl0cyBj bGllbnRzLC B3aGlsZSBh bHNvIGVuc3 VyaW5nIHBy b2ZpdGFiaW xpdHkgYW5k IGdyb3d0aC Bmb3IgdGhl IGNvbXBhbn ku

AI does pose potential threats to IG Group Holdings, particularly in terms of products, services, and competitive positioning. Here are some key points to consider:
1. Substitution: AI can enable the development of automated trading platforms, robo-advisors, and other financial services that could directly compete with IG’s offerings. As these technologies become more sophisticated, they may attract customers away from traditional CFD (Contracts for Difference) and forex trading platforms, compelling IG to innovate continually.
2. Disintermediation: AI-driven platforms could allow individual traders to execute trades and access information directly, bypassing intermediaries like IG. This can disrupt the traditional brokerage model, reducing the need for a broker in some instances and thereby threatening IG’s customer base and its revenue streams.
3. Margin Pressure: As competition increases due to AI-driven solutions that can offer lower fees or better trading conditions, IG may face downward pressure on its margins. If competitors leverage AI to optimize operations and reduce costs, IG might need to lower its pricing strategy to remain competitive, impacting profitability.
In summary, while AI presents significant opportunities for improving services and efficiency, it also poses material threats to IG Group Holdings through potential substitution, disintermediation, and margin pressure. It will be crucial for the company to stay ahead of technological advancements and adapt its strategies accordingly to maintain its competitive edge.

The sensitivity of IG Group Holdings’ earnings, cash flow, and valuation to changes in interest rates can vary based on several factors:
1. Earnings Sensitivity: IG Group operates in the financial services sector, specifically in online trading and contracts for difference (CFDs). Changes in interest rates can impact trading volumes and customer behavior. For instance, if interest rates rise, it might affect the cost of borrowing for clients who trade on margin, potentially reducing trading activity and commissions earned by IG Group. Conversely, in a low-interest-rate environment, client activity might be more robust, positively impacting earnings.
2. Cash Flow Sensitivity: Interest rates also affect cash flow, particularly regarding the cost of funding. If IG Group borrows funds to finance its operations or expand, higher interest rates can increase interest expenses, thereby reducing net cash flow. Additionally, lower interest rates might facilitate greater liquidity and capital availability for customers, potentially enhancing their trading activity, which may positively influence cash flow.
3. Valuation Sensitivity: Valuations of financial services firms like IG Group are often assessed using discounted cash flow (DCF) methods where interest rates play a key role in determining the discount rate. Higher interest rates increase the discount rate, which can lead to lower present values of future cash flows, negatively affecting valuation. Conversely, lower interest rates may result in a more favorable valuation as future cash flows are discounted less heavily.
In summary, changes in interest rates can significantly affect IG Group’s earnings through customer behavior and trading activity, cash flow via funding costs, and valuation due to the impact on discount rates applied to projected cash flows. The overall impact will also depend on broader economic conditions and the specific context in which these changes occur.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgSU cgR3JvdXAg SG9sZGluZ3 PigJkgZWNv bm9taWNzIG 92ZXIgdGhl IG5leHQgM+ KAkzUgeWVh cnMgaXMgYS BzaWduaWZp Y2FudCByZW d1bGF0b3J5 IGNoYW5nZS BpbiB0aGUg ZmluYW5jaW FsIHRyYWRp bmcgc2VjdG 9yLCBwYXJ0 aWN1bGFybH kgaW4gdGhl IFVLIGFuZC BFdXJvcGVh biBtYXJrZX RzIHdoZXJl IHRoZSBjb2 1wYW55IG9w ZXJhdGVzLi BUaGlzIGNv dWxkIGluY2 x1ZGUgdGhl IGludHJvZH VjdGlvbiBv ZiBzdHJpbm dlbnQgcmVz dHJpY3Rpb2 5zIG9uIGxl dmVyYWdlLC BoaWdoZXIg Y2FwaXRhbC ByZXF1aXJl bWVudHMsIG 9yIGV2ZW4g YmFucyBvbi BjZXJ0YWlu IHRyYWRpbm cgcHJvZHVj dHMgdGhhdC BhcmUgY3Vy cmVudGx5IH BvcHVsYXIg d2l0aCByZX RhaWwgaW52 ZXN0b3JzLj xicj5JZiBz dWNoIHJlZ3 VsYXRpb25z IHdlcmUgaW 1wbGVtZW50 ZWQsIHRoZS Bjb21wYW55 4oCZcyBwcm 9maXQgbWFy Z2lucyBjb3 VsZCBiZSBh ZHZlcnNlbH kgYWZmZWN0 ZWQuIFRoZS ByZXN0cmlj dGlvbnMgb2 4gbGV2ZXJh Z2Ugd291bG QgbGlrZWx5 IGxlYWQgdG 8gcmVkdWNl ZCB0cmFkaW 5nIHZvbHVt ZXMgYXMgbW FueSByZXRh aWwgdHJhZG VycyBtaWdo dCBiZSBkZX RlcnJlZCBm cm9tIGVuZ2 FnaW5nIGlu IHRyYWRpbm cgYWN0aXZp dGllcyBnaX ZlbiB0aGUg aW5jcmVhc2 VkIGNhcGl0 YWwgcmVxdW lyZW1lbnRz LiBUaGlzIG NvdWxkIGNv bnRyaWJ1dG UgdG8gYSBk ZWNsaW5lIG luIHJldmVu dWUgZnJvbS BzcHJlYWRz IGFuZCBjb2 1taXNzaW9u cywgd2hpY2 ggYXJlIGtl eSBjb250cm lidXRvcnMg dG8gdGhlIG NvbXBhbnni gJlzIHByb2 ZpdGFiaWxp dHkuIE1hcm dpbnMgY291 bGQgdGlnaH RlbiBzaWdu aWZpY2FudG x5IGFzIGZp eGVkIGNvc3 RzIHJlbWFp biBjb25zdG FudCB3aGls ZSByZXZlbn VlcyBkZWNy ZWFzZSwgbG VhZGluZyB0 byBwb3Rlbn RpYWwgam9i IGN1dHMgYW 5kIHJlZHVj dGlvbnMgaW 4gb3BlcmF0 aW9uYWwgY2 FwYWNpdGll cyB0byBwcm VzZXJ2ZSBj YXNoIGZsb3 cuPGJyPklu IHRlcm1zIG 9mIGNhc2gg ZmxvdywgdG hlIGNvbXBh bnkgbWlnaH QgaW5pdGlh bGx5IHNlZS BhbiBpbmNy ZWFzZSBpbi BvdXRmbG93 cyBhcyB0aG V5IHJlc3Bv bmQgdG8gcm VndWxhdG9y eSBjaGFuZ2 VzLCBpbnZl c3RpbmcgaW 4gY29tcGxp YW5jZSBhbm QgdGVjaG5v bG9neSB0by BhZGFwdCB0 byBuZXcgcm VxdWlyZW1l bnRzLiBIb3 dldmVyLCB3 aXRoIGRlY3 JlYXNlZCB0 cmFkaW5nIG FjdGl2aXR5 LCBjYXNoIG Zsb3dzIGZy b20gb3Blcm F0aW9ucyBj b3VsZCBkaW 1pbmlzaCBz aWduaWZpY2 FudGx5IG92 ZXIgdGhlIG xvbmdlciB0 ZXJtLCBwb3 RlbnRpYWxs eSBsZWFkaW 5nIHRvIGNh c2ggZmxvdy BjaGFsbGVu Z2VzLiBJZi B0aGUgcmVn dWxhdGlvbn MgYXJlIGV4 dGVuc2l2ZS Blbm91Z2gs IHRoaXMgY2 91bGQgcmVz dWx0IGluIG FuIG92ZXJh bGwgcmVkdW N0aW9uIGlu IG1hcmtldC BzaGFyZSwg YXMgY3VzdG 9tZXJzIG1h eSBtaWdyYX RlIHRvIG5v Y29tcGxpYW 50IG9yIGxl c3MtcmVndW xhdGVkIHBs YXRmb3Jtcy wgZnVydGhl ciBzdHJhbm dsaW5nIGNh c2ggZ2VuZX JhdGlvbi48 YnI+T24gdG hlIGJhbGFu Y2Ugc2hlZX QsIElHIEdy b3VwIGNvdW xkIHNlZSBp bmNyZWFzZW QgbGlhYmls aXR5IGlmIH RoZXkgbmVl ZCB0byBhY2 N1bXVsYXRl IGRlYnQgdG 8gbWFpbnRh aW4gb3Blcm F0aW9ucyBk dXJpbmcgYS Bkb3dudHVy biBpbiByZX ZlbnVlLiBJ ZiB0aGUgZm lybSBhbHNv IGZhY2VzIH ByZXNzdXJl cyByZWxhdG VkIHRvIG1h aW50YWluaW 5nIGFkZXF1 YXRlIGxpcX VpZGl0eSB0 byBjb21wbH kgd2l0aCBu ZXcgY2FwaX RhbCByZXF1 aXJlbWVudH MsIHRoaXMg Y291bGQgZn VydGhlciBz dHJhaW4gdG hlaXIgZmlu YW5jaWFsIG hlYWx0aC4g VGhlIG92ZX JhbGwgYXNz ZXQgdmFsdW UgbWlnaHQg ZGVjbGluZS BhcyBtYXJr ZXQgcGVyY2 VwdGlvbnMg c2hpZnQgdW 5mYXZvcmFi bHksIGNhdX NpbmcgcHJl c3N1cmUgb2 4gdGhlaXIg c3RvY2sgcH JpY2UgYW5k IHBvdGVudG lhbGx5IGlt cGFjdGluZy B0aGVpciBh YmlsaXR5IH RvIHJhaXNl IGNhcGl0YW wuPGJyPklu IHN1bW1hcn ksIHRoaXMg c2NlbmFyaW 8gb2Ygc2ln bmlmaWNhbn QgcmVndWxh dG9yeSBjaG FuZ2UgY291 bGQgbGVhZC B0byByZWR1 Y2VkIG1hcm dpbnMgZHVl IHRvIGxvd2 VyIHRyYWRp bmcgdm9sdW 1lcywgc3Ry YWluZWQgY2 FzaCBmbG93 cyBmcm9tIG RpbWluaXNo ZWQgb3Blcm F0aW9uIGFj dGl2aXR5LC BhbmQgYSB3 ZWFrZW5lZC BiYWxhbmNl IHNoZWV0IG R1ZSB0byBp bmNyZWFzZW QgbGlhYmls aXRpZXMgYW 5kIHJlZHVj ZWQgYXNzZX QgdmFsdWVz LiBUaGUgbG 9uZy10ZXJt IGltcGFjdC Bjb3VsZCBo aW5kZXIgSU cgR3JvdXDi gJlzIGNvbX BldGl0aXZl bmVzcyBhbm QgbWFya2V0 IHBvc2l0aW 9uIHdpdGhp biB0aGUgZm luYW5jaWFs IHNlcnZpY2 VzIGluZHVz dHJ5Ljxicj 4=

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 bG9nb3MvMm w3MXRkcnVO NWU1T0xsYX Jadlkud2Vi cCIgYWx0PS JJRyBHcm91 cCBIb2xkaW 5ncyIgdGl0 bGU9IklHIE dyb3VwIEhv bGRpbmdzIi AgY2xhc3M9 ImltZy1mbH VpZCIgaGVp Z2h0PTUwIH dpZHRoPTUw IGxvYWRpbm c9J2xhenkn IHN0eWxlPS dib3JkZXIt cmFkaXVzOi A2cHg7Jz4K CiAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nZmxleD ogMTsgdGV4 dC1hbGlnbj ogY2VudGVy OyBtYXJnaW 4tbGVmdDog NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdmb250 LXNpemU6ID I2cHg7IGNv bG9yOiAjMz MzOyBtYXJn aW4tYm90dG 9tOiAxNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICDwn5OIIF dhbnQgdG8g cmVhZCBtb3 JlIGFib3V0 IElHIEdyb3 VwIEhvbGRp bmdzPwogIC 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+S oSBMZWFybi BzbWFydGVy IHN0b2NrIH BpY2tzIHdp dGggPGk+Il RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 MiPC9pPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDEycHg7IG ZvbnQtc2l6 ZTogMTNweD sgY29sb3I6 ICM0NDQ7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIF NpZ24gdXAg bm93IGFuZC BnZXQgb3Vy IGZyZWUgZU Jvb2sgCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8Yj5U aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz PC9iPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT ZweDsgZm9u dC1zaXplOi AxNHB4OyBj b2xvcjogIz Q0NDsgZm9u dC1mYW1pbH k6IC1hcHBs ZS1zeXN0ZW 0sIEJsaW5r TWFjU3lzdG VtRm9udCwg U2Vnb2UgVU ksIFJvYm90 bywgSGVsdm V0aWNhIE5l dWUsIHNhbn Mtc2VyaWY7 IGxpbmUtaG VpZ2h0OiAx LjY7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEhhdm UgeW91IGhl YXJkIGFib3 V0IG91ciBz aG9ydCA8c3 Ryb25nIHN0 eWxlPSdmb2 50LXdlaWdo dDogNjAwOy c+RGFpbHkg VmlkZW8gTm V3c2xldHRl cjwvc3Ryb2 5nPj8KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxhIGhy ZWY9J2h0dH BzOi8vd3d3 Lmluc2lnaH RmdWx2YWx1 ZS5jb20vbm V3c2xldHRl ci5waHAnIH RhcmdldD0n X2JsYW5rJy BzdHlsZT0n Y29sb3I6IC MwMDdCRkY7 IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sgZm9udC13 ZWlnaHQ6ID UwMDsgbWFy Z2luLWxlZn Q6IDZweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEZpbm Qgb3V0IG1v cmUKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAKICAg ICAgICAKIC AgICAgICA8 c3BhbiBjbG Fzcz0nYmx1 cnJlZC10ZX h0Jz4KICAg ICAgICAgIC AgTVM0Z1NV Y2dSMyBKdm RYQWdTRzlz IFpHbHVaM0 1nYVggTWdZ U0JuYkc5aS BZV3dnYkdW aFpHIFZ5SU dsdUlHOXUg YkdsdVpTQj BjbSBGa2FX NW5JR0Z1IF pDQnBiblps YzMgUnBibW NzSUhkcCBk R2dnWVNCdF lYIEpyWlhR Z1kyRncgYV hSaGJHbDZZ WCBScGIyNG diMllnIGIz WmxjaURDb3 ogSWdZbWxz YkdsdiBiaT Q4WW5JK01p IDRnVkdobE lHTnYgYlhC aGJua2dkMi BGeklHWnZk VzVrIFpXUW dhVzRnTVQg azNOQ0JpZV NCVCBkSFZo Y25RZ1YyIG hsWld4bGNp QmggY3lCSl J5QkpibSBS bGVDd2dkMm wwIGFDQjBh R1VnWVcgbH RJRzltSUhC eSBiM1pwWk dsdVp5IEJo SUhCc1lYUm 0gYjNKdElH WnZjaSBCcG JtUnBkbWxr IGRXRnNjeU IwYnkgQnpj R1ZqZFd4aC BkR1VnYjI0 Z1oyIDlzWk NCd2NtbGog WlhNdVBHSn lQaiBNdUlF bHVJREU1IE 9ESXNJRWxI SUUgbHVaR1 Y0SUdKbCBZ MkZ0WlNCMG FHIFVnWm1s eWMzUWcgWm 1sdVlXNWph VyBGc0lITn djbVZoIFpD QmlaWFIwYV cgNW5JR052 YlhCaCBibm tnZEc4Z1lt IFVnYkdsem RHVmsgSUc5 dUlIUm9aUy BCTWIyNWti MjRnIFUzUn ZZMnNnUlgg aGphR0Z1Wj JVdSBQR0p5 UGpRdUlFIG x1SURJd01E TXMgSUhSb1 pTQmpiMiAx d1lXNTVJSE psIFluSmhi bVJsWkMgQm hjeUJKUnlC SCBjbTkxY0 NCSWIyIHhr YVc1bmN5Qm ggYm1RZ1pY aHdZVyA1a1 pXUWdhWFJ6 IElITmxjbl pwWTIgVnpJ SFJ2SUdsdS BZMngxWkdV Z1kyIDl1ZE hKaFkzUnog SUdadmNpQm thVyBabVpY SmxibU5sIE lDaERSa1J6 S1MgQmhibV FnYjNSbyBa WElnY0hKdl pIIFZqZEhN dVBHSnkgUG pVdUlFbEhJ RSBkeWIzVn dJRWh2IGJH UnBibWR6SU cgaGhjeUJ2 Wm1acCBZMl Z6SUdsdUlE IEUxSUdOdm RXNTAgY21s bGN5d2dhVy A1amJIVmth VzVuIElIUm 9aU0JWU3kg d2dVMmx1Wj JGdyBiM0ps TENCaGJtIF FnUVhWemRI SmggYkdsaE xDQmhibSBR Z2MyVnlkbV Z6IElHTnNh V1Z1ZEggTW dhVzRnYjNa bCBjaUF4T0 RBZ1kyIDkx Ym5SeWFXVn ogTGp4aWNq NDJMaSBCVW FHVWdZMjl0 IGNHRnVlU0 J2Wm0gWmxj bk1nWVNCMy BhV1JsSUhK aGJtIGRsSU c5bUlIQnkg YjJSMVkzUn pMQyBCcGJt TnNkV1JwIG JtY2dabTl5 WlggZ3NJSE 4wYjJOciBj eXdnYVc1a2 FXIE5sY3l3 Z1kyOXQgYl c5a2FYUnBa WCBNc0lHOX dkR2x2IGJu TXNJR0Z1Wk MgQnRiM0ps TENCMCBhSE p2ZFdkb0lH IGwwY3lCcG JtNXYgZG1G MGFYWmxJSC BSeVlXUnBi bWNnIGNHeG hkR1p2Y20g MXpManhpY2 o0MyBMaUJK UnlCSGNtID kxY0NCSWIy eGsgYVc1bm N5Qm9ZWCBN Z2QyOXVJRz UxIGJXVnli M1Z6SUcgRj NZWEprY3l3 ZyBhVzVqYk hWa2FXIDVu SUVKbGMzUW cgVTNCeVpX RmtJRSBKbG RIUnBibWNn IFVISnZkbW xrWlggSWdZ WFFnZEdobC BJRU5wZEhr Z2IyIFlnVE c5dVpHOXUg SUZkbFlXeD BhQyBCTllX NWhaMlZ0IF pXNTBJRUYz WVggSmtjeU JtYjNJZyBa V3hsZG1WdU lHIE52Ym5O bFkzVjAgYV habElIbGxZ WCBKekxqeG ljajQ0IExp QkpiaUF5TU QgRTRMQ0Iw YUdVZyBZMj l0Y0dGdWVT IEJzWVhWdV kyaGwgWkNC cGRITWdiMy BkdUlHTnll WEIwIGIyTj FjbkpsYm0g TjVJSFJ5WV dScCBibWNn Y0d4aGRHIF p2Y20wc0lH RnMgYkc5M2 FXNW5JRyBO c2FXVnVkSE 1nIGRHOGdk SEpoWkcgVW diMjRnZEdo bCBJSEJ5YV dObElHIDF2 ZG1WdFpXNT AgY3lCdlpp QndiMyBCMW JHRnlJR055 IGVYQjBiMk 4xY24gSmxi bU5wWlhNcy BJSE4xWTJn Z1lYIE1nUW 1sMFkyOXAg YmlCaGJtUW dSWCBSb1pY SmxkVzB1IF BHSnlQamt1 SUUgbEhJRW R5YjNWdyBJ RWh2YkdScG JtIGR6SUds eklHeHAgYz NSbFpDQnZi aSBCMGFHVW dSbFJUIFJT QXlOVEFnU1 cgNWtaWGdz SUdFZyBjM1 J2WTJzZ2JX IEZ5YTJWME lHbHUgWkdW NElHOW1JSC BSb1pTQjBi M0FnIE1qVX dJR052Ylgg QmhibWxsY3 lCdiBiaUIw YUdVZ1RHID l1Wkc5dUlG TjAgYjJOck lFVjRZMiBo aGJtZGxJQ2 hNIFUwVXBM anhpY2ogNH hNQzRnVkdo bCBJR052Yl hCaGJuIGtn ZEdGclpYTW cgYVhSeklH TnZjbiBCdm NtRjBaU0J6 IGIyTnBZV3 dnY20gVnpj Rzl1YzJsaS BhV3hwZEhr Z2MyIFZ5YV c5MWMyeDUg TENCemRYQn diMyBKMGFX NW5JSFpoIG NtbHZkWE1n WTIgaGhjbW wwYVdWeiBJ R0Z1WkNCdm NtIGRoYm1s NllYUnAgYj I1ekxDQnBi bSBOc2RXUn BibWNnIGRH aGxJRlZMTF cgSmhjMlZr SUdObyBZWE pwZEhrZ1RX IGx1WkN3Z2 QyaHAgWTJn Z1ptOWpkWC BObGN5QnZi aUJ0IFpXNT BZV3dnYUcg VmhiSFJvSU dseiBjM1Zs Y3k0Z1NYIF FnWVd4emJ5 QmwgYm1Odm RYSmhaMiBW eklHbDBjeU JsIGJYQnNi M2xsWlggTW dkRzhnZG05 cyBkVzUwWl dWeUlHIEZ1 WkNCamIyNT AgY21saWRY UmxJSCBSdk lIUm9aV2x5 IElHeHZZMk ZzSUcgTnZi VzExYm1sMC BhV1Z6TGc9 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=