State Street

Live  

State Street Corporation is a financial services and bank holding company headquartered in Boston, Massachusetts. It is one of the largest asset management companies globally, primarily known for its investment management and servicing services. Founded in 1792, State Street has built a reputation for providing a diverse range of financial solutions, including investment management, investment research and trading, and securities servicing.
The company serves a variety of clients, including institutional investors, pension funds, mutual funds, and other financial institutions. State Street is particularly recognized for its expertise in exchange-traded funds (ETFs) through its State Street Global Advisors division, which is one of the largest asset managers in the world.
In addition to asset management, State Street also offers services such as asset servicing, risk and performance analytics, and compliance and regulatory reporting, positioning itself as a comprehensive partner for investment firms. The company is publicly traded on the New York Stock Exchange under the symbol STT and is part of the S&P 500 index.
State Street operates globally, with offices in North America, Europe, Asia, and the Asia-Pacific region. The company emphasizes innovation and technology in its operations, often focusing on enhancing its services through digital solutions to meet the evolving needs of its clients.
Overall, State Street plays a significant role in the global financial landscape, leveraging its long-standing history and extensive expertise to support investors and financial institutions worldwide.

U3RhdGUgU3 RyZWV0IGlz IGEgYmlnIG NvbXBhbnkg dGhhdCBoZW xwcyBvdGhl ciBjb21wYW 5pZXMgYW5k IHBlb3BsZS BtYW5hZ2Ug dGhlaXIgbW 9uZXkuIFRo aW5rIG9mIG l0IGxpa2Ug YSBmaW5hbm NpYWwgaGVs cGVyIG9yIG Fkdmlzb3Iu IFRoZXkgZG 8gdGhpbmdz IGxpa2Uga2 VlcGluZyB0 cmFjayBvZi Bob3cgbXVj aCBtb25leS BwZW9wbGUg aGF2ZSwgaG VscGluZyB0 aGVtIGludm VzdCBpdCB3 aXNlbHksIG FuZCBwcm92 aWRpbmcgYW R2aWNlIG9u IGhvdyB0by Bncm93IHRo YXQgbW9uZX kgb3ZlciB0 aW1lLjxicj 5TdGF0ZSBT dHJlZXQgbW FrZXMgbW9u ZXkgaW4gYS BmZXcgd2F5 cy4gT25lIH dheSBpcyBi eSBjaGFyZ2 luZyBmZWVz IHRvIHRoZS Bjb21wYW5p ZXMgYW5kIG ludmVzdG9y cyB3aG8gdX NlIHRoZWly IHNlcnZpY2 VzLiBGb3Ig ZXhhbXBsZS wgaWYgYSBj b21wYW55IH dhbnRzIFN0 YXRlIFN0cm VldCB0byBo ZWxwIG1hbm FnZSBpdHMg aW52ZXN0bW VudHMsIFN0 YXRlIFN0cm VldCB3aWxs IGNoYXJnZS B0aGVtIGEg ZmVlIGZvci B0aGF0IHNl cnZpY2UuIF RoZXkgYWxz byBlYXJuIG 1vbmV5IGJ5 IGludmVzdG luZyBtb25l eSBvbiBiZW hhbGYgb2Yg b3RoZXJzIG FuZCB0YWtp bmcgYSBzbW FsbCBwZXJj ZW50YWdlIG 9mIHRoZSBw cm9maXRzLj xicj5Ob3cs IHdoeSBpcy BTdGF0ZSBT dHJlZXQgc3 VjY2Vzc2Z1 bD8gT25lIH JlYXNvbiBp cyB0aGF0IH RoZXkgaGF2 ZSBhIGxvdC BvZiBleHBl cmllbmNlIG FuZCBrbm93 LWhvdyBpbi B0aGUgZmlu YW5jaWFsIH dvcmxkLiBU aGV5IGhhdm UgYmVlbiBh cm91bmQgZm 9yIGEgbG9u ZyB0aW1lLC BzbyB0aGV5 IHVuZGVyc3 RhbmQgaG93 IHRvIGhlbH AgcGVvcGxl IG1ha2UgZ2 9vZCBmaW5h bmNpYWwgZG VjaXNpb25z LiBUaGV5IG Fsc28gdXNl IHRlY2hub2 xvZ3kgdG8g bWFrZSB0aG VpciBzZXJ2 aWNlcyBmYX N0ZXIgYW5k IG1vcmUgZW ZmaWNpZW50 LCB3aGljaC BpcyB2ZXJ5 IGFwcGVhbG luZyB0byB0 aGVpciBjdX N0b21lcnMu PGJyPkxvb2 tpbmcgaW50 byB0aGUgZn V0dXJlLCBT dGF0ZSBTdH JlZXQgaXMg bGlrZWx5IH RvIHN0YXkg c3VjY2Vzc2 Z1bCBiZWNh dXNlIHRoZX kgYXJlIGFs d2F5cyBhZG FwdGluZyB0 byBjaGFuZ2 VzIGluIHRo ZSBlY29ub2 15IGFuZCB0 ZWNobm9sb2 d5LiBUaGV5 IGFyZSBncm 93aW5nIHRo ZWlyIHNlcn ZpY2VzIGlu IGFyZWFzIG xpa2Ugc3Vz dGFpbmFibG UgaW52ZXN0 bWVudHMsIH doaWNoIG1h bnkgcGVvcG xlIGFyZSBp bnRlcmVzdG VkIGluIG5v d2FkYXlzLi BQbHVzLCBh cyBtb3JlIH Blb3BsZSBh bmQgY29tcG FuaWVzIGxv b2sgZm9yIG hlbHAgbWFu YWdpbmcgdG hlaXIgbW9u ZXksIFN0YX RlIFN0cmVl dCB3aWxsIG JlIHJlYWR5 IHRvIHByb3 ZpZGUgdGhv c2Ugc2Vydm ljZXMuIFNv LCB0aGV5IG hhdmUgYSBz dHJvbmcgY2 hhbmNlIG9m IGNvbnRpbn VpbmcgdG8g ZG8gd2VsbC E8YnI+

VGhlcmUgYX JlIGEgZmV3 IHRoaW5ncy B0aGF0IHN0 YW5kIG91dC BhYm91dCBT dGF0ZSBTdH JlZXQ6PGJy PjEuIEhpc3 Rvcnk6IFN0 YXRlIFN0cm VldCBpcyBv bmUgb2YgdG hlIG9sZGVz dCBmaW5hbm NpYWwgaW5z dGl0dXRpb2 5zIGluIHRo ZSBVbml0ZW QgU3RhdGVz LCBmb3VuZG VkIGluIDE3 OTIuIEl0IG hhcyBhIGxv bmcgaGlzdG 9yeSBvZiBw cm92aWRpbm cgZmluYW5j aWFsIHNlcn ZpY2VzIGFu ZCBoYXMgc3 Vydml2ZWQg bXVsdGlwbG UgZWNvbm9t aWMgZG93bn R1cm5zLjxi cj4yLiBTaX plIGFuZCBy ZWFjaDogU3 RhdGUgU3Ry ZWV0IGlzIG 9uZSBvZiB0 aGUgbGFyZ2 VzdCBmaW5h bmNpYWwgaW 5zdGl0dXRp b25zIGluIH RoZSB3b3Js ZCwgd2l0aC BvcGVyYXRp b25zIGluIG 1vcmUgdGhh biAxMDAgbW Fya2V0cyB3 b3JsZHdpZG UuIEl0IGhh cyBhIGdsb2 JhbCBwcmVz ZW5jZSBhbm Qgc2VydmVz IGEgd2lkZS ByYW5nZSBv ZiBjbGllbn RzLCBpbmNs dWRpbmcgY2 9ycG9yYXRp b25zLCBpbn N0aXR1dGlv bmFsIGludm VzdG9ycywg YW5kIGdvdm Vybm1lbnQg YWdlbmNpZX MuPGJyPjMu IEZvY3VzIG 9uIGluc3Rp dHV0aW9uYW wgaW52ZXN0 b3JzOiBTdG F0ZSBTdHJl ZXQgcHJpbW FyaWx5IHNl cnZlcyBpbn N0aXR1dGlv bmFsIGludm VzdG9ycywg c3VjaCBhcy BwZW5zaW9u IGZ1bmRzLC BtdXR1YWwg ZnVuZHMsIG FuZCBpbnN1 cmFuY2UgY2 9tcGFuaWVz LiBUaGlzIG ZvY3VzIGhh cyBhbGxvd2 VkIGl0IHRv IGRldmVsb3 Agc3BlY2lh bGl6ZWQgZX hwZXJ0aXNl IGluIHByb3 ZpZGluZyBp bnZlc3RtZW 50IHNlcnZp Y2VzIHRhaW xvcmVkIHRv IHRoZSBuZW VkcyBvZiB0 aGVzZSBjbG llbnRzLjxi cj40LiBFeH BlcnRpc2Ug aW4gYXNzZX QgbWFuYWdl bWVudCBhbm QgY3VzdG9k eSBzZXJ2aW NlczogU3Rh dGUgU3RyZW V0IGlzIGEg bGVhZGVyIG luIGFzc2V0 IG1hbmFnZW 1lbnQsIG9m ZmVyaW5nIG Egd2lkZSBy YW5nZSBvZi BpbnZlc3Rt ZW50IHNvbH V0aW9ucyBm b3IgY2xpZW 50cy4gSXQg YWxzbyBoYX MgYSBzdHJv bmcgcmVwdX RhdGlvbiBm b3IgaXRzIG N1c3RvZHkg c2VydmljZX MsIHdoaWNo IGludm9sdm Ugc2FmZWd1 YXJkaW5nIG ZpbmFuY2lh bCBhc3NldH MgYW5kIHBy b3ZpZGluZy BiYWNrLW9m ZmljZSBzdX Bwb3J0IGZv ciB0cmFuc2 FjdGlvbnMu PGJyPjUuIF RlY2hub2xv Z3kgYW5kIG lubm92YXRp b246IFN0YX RlIFN0cmVl dCBoYXMgYm VlbiByZWNv Z25pemVkIG ZvciBpdHMg dXNlIG9mIH RlY2hub2xv Z3kgYW5kIG lubm92YXRp b24gaW4gdG hlIGZpbmFu Y2lhbCBpbm R1c3RyeS4g SXQgaGFzIG ludmVzdGVk IGhlYXZpbH kgaW4gZGln aXRhbCB0cm Fuc2Zvcm1h dGlvbiBhbm QgaGFzIGEg ZGVkaWNhdG VkIHRlY2hu b2xvZ3kgZG l2aXNpb24g dG8gZGV2ZW xvcCBpbm5v dmF0aXZlIH NvbHV0aW9u cyBmb3IgaX RzIGNsaWVu dHMuPGJyPj YuIENvbW1p dG1lbnQgdG 8gZGl2ZXJz aXR5IGFuZC BpbmNsdXNp b246IFN0YX RlIFN0cmVl dCBpcyBrbm 93biBmb3Ig aXRzIGNvbW 1pdG1lbnQg dG8gZGl2ZX JzaXR5IGFu ZCBpbmNsdX Npb24sIGJv dGggd2l0aG luIGl0cyBv d24gb3JnYW 5pemF0aW9u IGFuZCBpbi B0aGUgY29t cGFuaWVzIG l0IGludmVz dHMgaW4uIE l0IGhhcyBy ZWNlaXZlZC ByZWNvZ25p dGlvbiBmb3 IgaXRzIGVm Zm9ydHMgdG 8gcHJvbW90 ZSBnZW5kZX IgZXF1YWxp dHkgYW5kIG RpdmVyc2l0 eSBpbiB0aG Ugd29ya3Bs YWNlLg==

U3RhdGUgU3 RyZWV0IGlz IGEgZmluYW 5jaWFsIHNl cnZpY2VzIG FuZCBpbnZl c3RtZW50IG 1hbmFnZW1l bnQgY29tcG FueSB0aGF0 IHByb3ZpZG VzIGEgcmFu Z2Ugb2YgcH JvZHVjdHMg YW5kIHNlcn ZpY2VzIHRv IGluc3RpdH V0aW9uYWwg aW52ZXN0b3 JzLCBpbmNs dWRpbmcgbX V0dWFsIGZ1 bmRzLCBwZW 5zaW9uIHBs YW5zLCBpbn N1cmFuY2Ug Y29tcGFuaW VzLCBhbmQg Z292ZXJubW VudCBlbnRp dGllcy4gSX RzIGJ1c2lu ZXNzIG1vZG VsIGlzIGJh c2VkIG9uIG ZvdXIga2V5 IHNlZ21lbn RzOjxicj4x LiBJbnZlc3 RtZW50IFNl cnZpY2luZz ogVGhpcyBz ZWdtZW50IG 9mZmVycyBz ZXJ2aWNlcy BzdWNoIGFz IGN1c3RvZH ksIGZ1bmQg YWNjb3VudG luZywgdHJh bnNmZXIgYW dlbnQgc2Vy dmljZXMsIE VURiBzZXJ2 aWNlcywgYW 5kIHBlcmZv cm1hbmNlIG FuZCByaXNr IGFuYWx5dG ljcyB0byBp bnN0aXR1dG lvbmFsIGlu dmVzdG9ycy 4gU3RhdGUg U3RyZWV0IH ByaW1hcmls eSBlYXJucy ByZXZlbnVl IHRocm91Z2 ggZmVlcyBi YXNlZCBvbi B0aGUgYXNz ZXRzIHVuZG VyIGN1c3Rv ZHkuPGJyPj IuIEludmVz dG1lbnQgTW FuYWdlbWVu dDogVGhpcy BzZWdtZW50 IG9mZmVycy BhIHZhcmll dHkgb2YgaW 52ZXN0bWVu dCBtYW5hZ2 VtZW50IHNl cnZpY2VzIH Rocm91Z2gg aXRzIFN0YX RlIFN0cmVl dCBHbG9iYW wgQWR2aXNv cnMgKFNTR0 EpIGRpdmlz aW9uLCBpbm NsdWRpbmcg YWN0aXZlIG FuZCBwYXNz aXZlIGludm VzdG1lbnQg c3RyYXRlZ2 llcywgbXVs dGktYXNzZX QgY2xhc3Mg c29sdXRpb2 5zLCBhbmQg YWx0ZXJuYX RpdmUgaW52 ZXN0bWVudC BzdHJhdGVn aWVzLiBTU0 dBIGVhcm5z IHJldmVudW UgdGhyb3Vn aCBtYW5hZ2 VtZW50IGZl ZXMgYmFzZW Qgb24gdGhl IGFzc2V0cy B1bmRlciBt YW5hZ2VtZW 50Ljxicj4z LiBJbnZlc3 RtZW50IFJl c2VhcmNoIG FuZCBUcmFk aW5nOiBUaG lzIHNlZ21l bnQgcHJvdm lkZXMgcmVz ZWFyY2gsIH RyYWRpbmcs IHNlY3VyaX RpZXMgbGVu ZGluZywgYW 5kIGZvcmVp Z24gZXhjaG FuZ2Ugc2Vy dmljZXMgdG 8gaW5zdGl0 dXRpb25hbC BpbnZlc3Rv cnMuIFN0YX RlIFN0cmVl dCBlYXJucy ByZXZlbnVl cyB0aHJvdW doIGNvbW1p c3Npb25zIG FuZCBmZWVz IGZyb20gY2 xpZW50cyBm b3IgdGhlc2 Ugc2Vydmlj ZXMuPGJyPj QuIE90aGVy OiBUaGlzIH NlZ21lbnQg aW5jbHVkZX Mgb3RoZXIg YWN0aXZpdG llcywgc3Vj aCBhcyBzZW N1cml0aWVz IGZpbmFuY2 UgYW5kIGZv cmVpZ24gZX hjaGFuZ2Ug dHJhZGluZy wgd2hpY2gg YXJlIG5vdC BkaXJlY3Rs eSByZWxhdG VkIHRvIHRo ZSB0aHJlZS BwcmltYXJ5 IHNlZ21lbn RzIG1lbnRp b25lZCBhYm 92ZS4gVGhp cyBzZWdtZW 50IGFkZHMg ZGl2ZXJzaW ZpY2F0aW9u IHRvIHRoZS Bjb21wYW55 J3MgcmV2ZW 51ZSBzdHJl YW0uPGJyPl N0YXRlIFN0 cmVldCdzIG J1c2luZXNz IG1vZGVsIG lzIGhlYXZp bHkgcmVsaW FudCBvbiB0 aGUgYXNzZX RzIHVuZGVy IGN1c3RvZH kgYW5kIG1h bmFnZW1lbn QsIGFzIHdl bGwgYXMgdG hlIGxldmVs IG9mIHRyYW RpbmcgYWN0 aXZpdHkgYn kgaXRzIGNs aWVudHMuIF RoZSBjb21w YW55IGFpbX MgdG8gcHJv dmlkZSB0aG VzZSBjbGll bnRzIHdpdG ggYSBjb21w cmVoZW5zaX ZlIHJhbmdl IG9mIGZpbm FuY2lhbCBz ZXJ2aWNlcy B0byBoZWxw IHRoZW0gYW NoaWV2ZSB0 aGVpciBpbn Zlc3RtZW50 IGdvYWxzIG FuZCBvYmpl Y3RpdmVzLg ==

AI has the potential to impact State Street and its offerings in several ways, potentially posing material threats to its products, services, and competitive positioning.
1. Substitution: AI-driven financial technologies and algorithms can replace traditional methods of asset management, research, and transaction processing. Automated investment platforms, robo-advisors, or AI-based trading systems could provide financial services that are cheaper and more efficient, potentially diverting clients away from State Street’s conventional offerings.
2. Disintermediation: The rise of blockchain technology and decentralized finance (DeFi) could reduce the need for traditional intermediaries in financial transactions and asset management. If clients start to favor direct access to markets or services facilitated by AI and blockchain solutions, State Street could find its role as an intermediary diminished, impacting its revenue streams.
3. Margin Pressure: AI can enhance operational efficiencies and cost-effectiveness for companies that adopt it effectively. If competitors leverage AI to streamline their processes, reduce costs, and improve service delivery, State Street may face margin pressure as it could need to reduce its prices or invest heavily in upgrading its own technology to remain competitive.
In summary, while AI poses significant opportunities for enhancing efficiency and innovation, it also introduces risks related to substitution, disintermediation, and margin pressure that State Street will need to navigate carefully. The firm’s ability to adapt to these challenges will be crucial for maintaining its competitive position in the financial services industry.

State Street’s earnings, cash flow, and valuation can be significantly sensitive to changes in interest rates due to its role as a financial services provider, particularly in investment management and servicing.
1. Earnings: A rise in interest rates can impact the company’s earnings in several ways. Higher interest rates may lead to increased interest income from float balances and other interest-earning assets. However, they could also pressure the demand for investment products, as higher rates may make debt securities more attractive than equities, potentially leading to reduced asset inflows. Conversely, declining interest rates can compress net interest margins, negatively affecting earnings.
2. Cash Flow: Cash flow is directly related to interest rate changes, especially for firms that manage large investment portfolios. When rates rise, the value of existing fixed-income securities might decline, potentially reducing the cash flow from those investments. Additionally, changes in interest rates can affect client behaviors and investment strategies, which, in turn, influence cash inflows and outflows.
3. Valuation: State Street’s valuation could be sensitive to interest rate changes as well. Higher interest rates typically increase the discount rate used in valuation models, which can lower the present value of future cash flows. This can negatively affect stock prices and market capitalization. On the other hand, higher rates can signal a strengthening economy, which may enhance growth prospects for asset management firms like State Street, potentially mitigating some adverse effects on valuation.
In summary, State Street’s financial metrics and overall valuation are intertwined with interest rate movements, making sensitivity to interest rate changes a key consideration for investors and analysts assessing the company’s performance and outlook.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BTdGF0ZSBT dHJlZXTigJ lzIGVjb25v bWljcyBvdm VyIHRoZSBu ZXh0IDPigJ M1IHllYXJz IGlzIGEgc2 lnbmlmaWNh bnQgYW5kIH Byb2xvbmdl ZCBkZWNsaW 5lIGluIHRo ZSBhc3NldC BtYW5hZ2Vt ZW50IGluZH VzdHJ5IGR1 ZSB0byBhIG NvbWJpbmF0 aW9uIG9mIH JlZ3VsYXRv cnkgY2hhbm dlcywgdGVj aG5vbG9naW NhbCBkaXNy dXB0aW9uLC BhbmQgc2hp ZnRzIGluIG ludmVzdG9y IGJlaGF2aW 9yLiA8YnI+ SW4gdGhpcy BzY2VuYXJp bywgbmV3IH JlZ3VsYXRp b25zIGNvdW xkIGltcG9z ZSBzdHJpY3 RlciBjb21w bGlhbmNlIG J1cmRlbnMs IGluY3JlYX NpbmcgY29z dHMgZm9yIG Fzc2V0IG1h bmFnZW1lbn QgZmlybXMg YW5kIHJlZH VjaW5nIHBy b2ZpdGFiaW xpdHkuIEFk ZGl0aW9uYW xseSwgdGVj aG5vbG9naW NhbCBhZHZh bmNlcyBtaW dodCBlbmFi bGUgbG93LW Nvc3QsIGF1 dG9tYXRlZC BpbnZlc3Rt ZW50IHBsYX Rmb3JtcyB0 byBjYXB0dX JlIGEgc3Vi c3RhbnRpYW wgbWFya2V0 IHNoYXJlLC BsZWFkaW5n IHRvIGZlZS Bjb21wcmVz c2lvbiBpbi B0cmFkaXRp b25hbCBhc3 NldCBtYW5h Z2VtZW50IH NlcnZpY2Vz LiBBcyBpbn Zlc3RvcnMg aW5jcmVhc2 luZ2x5IGdy YXZpdGF0ZS B0b3dhcmQg cGFzc2l2ZS BpbnZlc3Rt ZW50IHN0cm F0ZWdpZXMg YW5kIGFsdG VybmF0aXZl IGFzc2V0cy wgU3RhdGUg U3RyZWV0IG 1heSBzZWUg YSBzaGlmdC BpbiBjbGll bnQgcHJlZm VyZW5jZXMg YXdheSBmcm 9tIGl0cyBo aWdoZXItbW FyZ2luIHBy b2R1Y3RzLj xicj5JZiB0 aGlzIHNjZW 5hcmlvIHBs YXllZCBvdX QsIHNldmVy YWwga2V5IG ZpbmFuY2lh bCBpbmRpY2 F0b3JzIGZv ciBTdGF0ZS BTdHJlZXQg d291bGQgbG lrZWx5IGJl IGFmZmVjdG VkOjxicj4x LiBNYXJnaW 5zOiBUaGUg Y29tcGFuee KAmXMgcHJv Zml0IG1hcm dpbnMgd291 bGQgbGlrZW x5IGNvbnRy YWN0IHNpZ2 5pZmljYW50 bHkgZHVlIH RvIGluY3Jl YXNlZCBjb3 N0cyBmcm9t IGNvbXBsaW FuY2Ugd2l0 aCBuZXcgcm VndWxhdGlv bnMgYW5kIH JlZHVjZWQg cmV2ZW51ZS Bmcm9tIGxv d2VyIG1hbm FnZW1lbnQg ZmVlcy4gVG hlIHByZXNz dXJlIG9uIG 1hcmdpbnMg Y291bGQgcm VzdWx0IGlu IGEgZG93bn dhcmQgdHJl bmQgZm9yIG 9wZXJhdGlu ZyBpbmNvbW UgYXMgU3Rh dGUgU3RyZW V0IHN0cnVn Z2xlcyB0by BtYWludGFp biBwcmljaW 5nIHBvd2Vy Ljxicj4yLi BDYXNoIEZs b3c6IFN0YX RlIFN0cmVl dOKAmXMgY2 FzaCBmbG93 IHdvdWxkIG xpa2VseSBi ZSBhZHZlcn NlbHkgaW1w YWN0ZWQgYX MgYSByZXN1 bHQgb2YgbG 93ZXIgcmV2 ZW51ZXMgYW 5kIHBvdGVu dGlhbGx5IG luY3JlYXNl ZCBvcGVyYX Rpb25hbCBj b3N0cy4gVG hlIGNvbWJp bmF0aW9uIG 9mIHNocmlu a2luZyBtYX JnaW5zIGFu ZCBzdGFnbm FudCBvciBk ZWNsaW5pbm cgcmV2ZW51 ZXMgY291bG QgbGVhZCB0 byBhIG1vcm Ugdm9sYXRp bGUgY2FzaC BmbG93IHBy b2ZpbGUsIG 1ha2luZyBp dCBtb3JlIG NoYWxsZW5n aW5nIGZvci B0aGUgY29t cGFueSB0by BmdW5kIGlu dmVzdG1lbn RzIGluIHRl Y2hub2xvZ3 kgb3Igb3Ro ZXIgZ3Jvd3 RoIGluaXRp YXRpdmVzLj xicj4zLiBC YWxhbmNlIF NoZWV0OiBJ biByZXNwb2 5zZSB0byBk ZWNsaW5pbm cgcHJvZml0 YWJpbGl0eS BhbmQgY2Fz aCBmbG93LC BTdGF0ZSBT dHJlZXQgbW F5IGZhY2Ug ZGlmZmljdW x0aWVzIG1h aW50YWluaW 5nIGEgaGVh bHRoeSBiYW xhbmNlIHNo ZWV0LiBUaG UgY29tcGFu eSBjb3VsZC BzZWUgYW4g aW5jcmVhc2 UgaW4gZGVi dCBsZXZlbH MgaWYgaXQg cmVzb3J0cy B0byBib3Jy b3dpbmcgdG 8gZnVuZCBv bmdvaW5nIG 9wZXJhdGlv bnMgb3IgaW 52ZXN0bWVu dCBpbiB0ZW Nobm9sb2d5 LiBBIHdlYW tlbmVkIGJh bGFuY2Ugc2 hlZXQgY291 bGQgbWFuaW Zlc3QgaW4g bG93ZXIgbG lxdWlkaXR5 IHJhdGlvcy BhbmQgaW5j cmVhc2VkIG xldmVyYWdl IHJhdGlvcy wgcmFpc2lu ZyBjb25jZX JucyBhbW9u ZyBpbnZlc3 RvcnMgYW5k IGNyZWRpdC ByYXRpbmcg YWdlbmNpZX MuPGJyPk92 ZXJhbGwsIH RoaXMgc2Nl bmFyaW8gd2 91bGQgcHJl c2VudCBzaW duaWZpY2Fu dCBjaGFsbG VuZ2VzIGZv ciBTdGF0ZS BTdHJlZXQs IGZvcmNpbm cgaXQgdG8g YWRhcHQgaX RzIGJ1c2lu ZXNzIG1vZG VsIG9yIGZh Y2UgbG9uZy 10ZXJtIGVj b25vbWljIG RlY2xpbmUu IE1haW50YW luaW5nIGNv bXBldGl0aX ZlbmVzcyBt YXkgcmVxdW lyZSBzdWJz dGFudGlhbC BpbnZlc3Rt ZW50cyBpbi Bpbm5vdmF0 aW9uIG9yIG Egc2hpZnQg aW4gc3RyYX RlZ3ksIHdo aWNoIGNvdW xkIGZ1cnRo ZXIgY29tcG xpY2F0ZSBp dHMgZmluYW 5jaWFsIG91 dGxvb2suPG 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 bG9nb3MvNX lVRkx6MlFK N3ZvR2JmUG FkRDQud2Vi cCIgYWx0PS JTdGF0ZSBT dHJlZXQiIH RpdGxlPSJT dGF0ZSBTdH JlZXQiICBj bGFzcz0iaW 1nLWZsdWlk IiBoZWlnaH Q9NTAgd2lk dGg9NTAgbG 9hZGluZz0n bGF6eScgc3 R5bGU9J2Jv cmRlci1yYW RpdXM6IDZw eDsnPgoKIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dmbGV4OiAx OyB0ZXh0LW FsaWduOiBj ZW50ZXI7IG 1hcmdpbi1s ZWZ0OiA1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPH Agc3R5bGU9 J2ZvbnQtc2 l6ZTogMjZw eDsgY29sb3 I6ICMzMzM7 IG1hcmdpbi 1ib3R0b206 IDE1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIP Cfk4ggV2Fu dCB0byByZW FkIG1vcmUg YWJvdXQgU3 RhdGUgU3Ry ZWV0PwogIC 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+T nSBKb2luIH VzIGFuZCBn cmFiIHlvdX IgY29weSBv ZiA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvcD4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID whLS0KICAg ICAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nbWFyZ2 luLXRvcDog MTJweDsgZm 9udC1zaXpl OiAxM3B4Oy Bjb2xvcjog IzQ0NDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgU2 lnbiB1cCBu b3cgYW5kIG dldCBvdXIg ZnJlZSBlQm 9vayAKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxiPlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3M8 L2I+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxNn B4OyBmb250 LXNpemU6ID E0cHg7IGNv bG9yOiAjND Q0OyBmb250 LWZhbWlseT ogLWFwcGxl LXN5c3RlbS wgQmxpbmtN YWNTeXN0ZW 1Gb250LCBT ZWdvZSBVSS wgUm9ib3Rv LCBIZWx2ZX RpY2EgTmV1 ZSwgc2Fucy 1zZXJpZjsg bGluZS1oZW lnaHQ6IDEu NjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgSGF2ZS B5b3UgaGVh cmQgYWJvdX Qgb3VyIHNo b3J0IDxzdH Jvbmcgc3R5 bGU9J2Zvbn Qtd2VpZ2h0 OiA2MDA7Jz 5EYWlseSBW aWRlbyBOZX dzbGV0dGVy PC9zdHJvbm c+PwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naHR0cH M6Ly93d3cu aW5zaWdodG Z1bHZhbHVl LmNvbS9uZX dzbGV0dGVy LnBocCcgdG FyZ2V0PSdf YmxhbmsnIH N0eWxlPSdj b2xvcjogIz AwN0JGRjsg dGV4dC1kZW NvcmF0aW9u OiBub25lOy Bmb250LXdl aWdodDogNT AwOyBtYXJn aW4tbGVmdD ogNnB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgRmluZC BvdXQgbW9y ZQogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgIAogICAg ICAgIAogIC AgICAgIDxz cGFuIGNsYX NzPSdibHVy cmVkLXRleH QnPgogICAg ICAgICAgIC BNUzRnVTNS aGRHIFVnVT NSeVpXVjAg SUVOdmNuQn ZjbSBGMGFX OXVJR2x6IE lHRWdaMnh2 WW0gRnNJR1 pwYm1GdSBZ MmxoYkNCel pYIEoyYVdO bGN5Qm0gYV hKdElHaGxZ VyBSeGRXRn lkR1Z5IFpX UWdhVzRnUW 0gOXpkRzl1 TENCTiBZWE 56WVdOb2RY IE5sZEhSek xpQkogZENC M1lYTWdabS A5MWJtUmxa Q0JwIGJpQX hOemt5SUcg RnVaQ0JwY3 lCdiBibVVn YjJZZ2RHIG hsSUc5c1pH VnogZENCbW FXNWhibSBO cFlXd2dhVz V6IGRHbDBk WFJwYjIgNX pJR2x1SUhS byBaU0JWYm 1sMFpXIFFn VTNSaGRHVn ogTGp4aWNq NHlMaSBCVW FHVWdZMjl0 IGNHRnVlU0 J2Wm0gWmxj bk1nWVNCeS BZVzVuWlNC dlppIEJ6Wl hKMmFXTmwg Y3lCcGJtTn NkVyBScGJt Y2dhVzUyIF pYTjBiV1Z1 ZEMgQnRZVz VoWjJWdCBa VzUwTENCeV pYIE5sWVhK amFDd2cgYz JWamRYSnBk RyBsbGN5Qn NaVzVrIGFX NW5MQ0JoYm 0gUWdiM1Jv WlhJZyBabW x1WVc1amFX IEZzSUhObG NuWnAgWTJW eklIUnZJRy BsdWMzUnBk SFYwIGFXOX VZV3dnYVcg NTJaWE4wYj NKeiBJSE4x WTJnZ1lYIE 1nY0dWdWMy bHYgYmlCbW RXNWtjeSB3 Z1pXNWtiM2 R0IFpXNTBj eXdnWVcgNW tJR0poYm10 eiBManhpY2 o0ekxpIEJU ZEdGMFpTQl QgZEhKbFpY UWdhWCBNZ2 IyNWxJRzlt IElIUm9aU0 JzWVggSm5a WE4wSUdOMS BjM1J2Wkds aGJpIEJpWV c1cmN5QnAg YmlCMGFHVW dkMiA5eWJH UXNJSGRwIG RHZ2diM1ps Y2kgQWtNem dnZEhKcCBi R3hwYjI0Z2 FXIDRnWVhO elpYUnogSU hWdVpHVnlJ RyBOMWMzUn ZaSGtnIFlX NWtJR0ZrYl cgbHVhWE4w Y21GMCBhVz l1TGp4aWNq IDQwTGlCVW FHVWcgWTI5 eWNHOXlZWC BScGIyNGdh R0Z6IElHRW daMnh2WW0g RnNJSEJ5Wl hObCBibU5s TENCM2FYIF JvSUc5d1pY SmggZEdsdm JuTWdhVyA0 Z2JXOXlaU0 IwIGFHRnVJ REV3TUMgQn RZWEpyWlhS eiBJSGR2Y2 14a2QyIGxr WlN3Z2FXNW ogYkhWa2FX NW5JRSA1dm NuUm9JRUZ0 IFpYSnBZMk VzSUUgVjFj bTl3WlN3Zy BRWE5wWVNC UVlXIE5wWm 1sakxDQmgg Ym1RZ2RHaG xJRSAxcFpH UnNaU0JGIF lYTjBManhp Y2ogNDFMaU JKYmlCaCBa R1JwZEdsdm JpIEIwYnlC cGRITWcgWm 1sdVlXNWph VyBGc0lITm xjblpwIFky VnpMQ0JUZE cgRjBaU0JU ZEhKbCBaWF FnYVhNZ1lX IHh6YnlCcm JtOTMgYmlC bWIzSWdhWC BSeklISnZi R1VnIGFXNG dkR2hsSUcg UmxkbVZzYj NCdCBaVzUw SUc5bUlIIF JvWlNCVGRH RnUgWkdGeV pDQW1JRiBC dmIzTGlnSm x6IElEVXdN Q0JKYm0gUm xlQ0FvVXla USBJRFV3TU Nrc0lHIDl1 WlNCdlppQj AgYUdVZ2JX OXpkQyBCM2 FXUmxiSGtn IGRYTmxaQ0 J6ZEcgOWph eUJ0WVhKci BaWFFnYVc1 a2FXIE5sY3 lCcGJpQjAg YUdVZ2QyOX liRyBRdVBH SnlQall1IE lGUm9aU0Jq YjIgMXdZVz U1SUdoaCBj eUJoSUd4dm JtIGNnYUds emRHOXkgZV NCdlppQnBi bSA1dmRtRj BhVzl1IElH RnVaQ0IzWV ggTWdkR2hs SUdacCBjbk 4wSUhSdklH IDltWm1WeU lIVnUgYVhR Z2FXNTJaWC BOMGJXVnVk Q0IwIGNuVn pkSE1nWVcg NWtJSFJvWl NCbSBhWEp6 ZENCMGJ5IE JzWVhWdVky Z2cgWVc0Z1 pYaGphRyBG dVoyVXRkSE poIFpHVmtJ R1oxYm0gUW dLRVZVUmlr dSBQR0p5UG pjdUlGIE4w WVhSbElGTj AgY21WbGRD Qm9ZWCBNZ1 ltVmxiaUJ5 IFpXTnZaMj VwZW0gVmtJ R1p2Y2lCcC BkSE1nWTI5 dGJXIGwwYl dWdWRDQjAg YnlCa2FYWm xjbiBOcGRI a2dZVzVrIE lHbHVZMngx YzIgbHZiaX dnY21GdSBh Mmx1WnlCcG JpIEIwYUdV Z2RHOXcgSU RFd0lHOW1J RSBScGRtVn ljMmwwIGVV bHVZK0tBbV ggTWdWRzl3 SURVdyBJRU 52YlhCaGJt IGxsY3lCbW IzSWcgUkds MlpYSnphWC BSNUlHbHVJ REl3IE1qQX VQR0p5UGog Z3VJRlJvWl NCaiBiM0p3 YjNKaGRHIG x2YmlCaGJI TnYgSUdoaG N5QmhJSCBO MGNtOXVaeU JtIGIyTjFj eUJ2YmkgQn pkWE4wWVds dSBZV0pwYk dsMGVTIEJo Ym1RZ2FHRn ogSUdKbFpX NGdibSBGdF pXUWdiMjVs IElHOW1JSF JvWlMgQlhi M0pzWk9LQS BtWE1nVFc5 emRDIEJGZE docFkyRnMg SUVOdmJYQm hibSBsbGN5 QmllU0IwIG FHVWdSWFJv YVggTndhR1 Z5WlNCSiBi bk4wYVhSMW RHIFVnWm05 eUlERXkgSU dOdmJuTmxZ MyBWMGFYWm xJSGxsIFlY SnpManhpY2 ogNDVMaUJK YmlBeSBNRE V4TENCVGRH IEYwWlNCVG RISmwgWlhR Z1ltVmpZVy AxbElIUm9a U0JtIGFYSn pkQ0JqYjIg MXdZVzU1SU hSdiBJSE5w WjI0Z2RHIG hsSUZWdWFY UmwgWkNCT1 lYUnBiMiA1 ejRvQ1pJRk J5IGFXNWph WEJzWlggTW dabTl5SUZK bCBjM0J2Ym 5OcFltIHhs SUVsdWRtVn ogZEcxbGJu UXNJSCBOb2 IzZHBibWNn IGFYUnpJR0 52YlcgMXBk RzFsYm5RZy BkRzhnYVc1 amIzIEp3Yj NKaGRHbHUg WnlCbGJuWn BjbSA5dWJX VnVkR0ZzIE xDQnpiMk5w WVcgd3NJR0 Z1WkNCbiBi M1psY201aG JtIE5sSUNo RlUwY3AgSU daaFkzUnZj biBNZ2FXNT BieUJwIGRI TWdhVzUyWl ggTjBiV1Z1 ZENCeiBkSE poZEdWbmFX IFZ6TGp4aW NqNHggTUM0 Z1UzUmhkRy BVZ1UzUnla V1YwIElHaG hjeUJoSUcg eHZibWNnYU dseiBkRzl5 ZVNCdlppIE J3YUdsc1lX NTAgYUhKdm NIa2dZVyA1 a0lITnZZMm xoIGJDQnla WE53YjIgNX phV0pwYkds MCBlU3dnZD JsMGFDIEJo SUdadlkzVn ogSUc5dUlI TjFjSCBCdm NuUnBibWNn IFpXUjFZMk YwYVcgOXVM Q0JsWTI5dS BiMjFwWXlC a1pYIFpsYk c5d2JXVnUg ZEN3Z1lXNW tJRyBOdmJX MTFibWwwIG VTQmtaWFps YkcgOXdiV1 Z1ZENCcCBi bWwwYVdGMG FYIFpsY3k0 Z1NXNGcgTW pBeE9Td2dk RyBobElHTn ZjbkJ2IGNt RjBhVzl1SU cgUnZibUYw WldRZyBiM1 psY2lBa01q IFVnYldsc2 JHbHYgYmlC MGJ5QmphRy BGeWFYUmhZ bXhsIElHOX laMkZ1YVgg cGhkR2x2Ym 5NZyBaMnh2 WW1Gc2JIIG t1CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==