Aon

-15.18%

Live  

Aon is a global professional services firm that provides risk, retirement, and health solutions to clients. It was founded in 1982 and is headquartered in London, England, with operations in more than 120 countries. Aon employs over 50,000 people and serves clients in a range of industries including financial services, technology, healthcare, and energy. The company offers a variety of services including insurance brokerage, retirement consulting, and data analytics. Aon's mission is to empower economic and human possibility, helping clients seize opportunities while managing risk.

QW9uIGlzIG EgYmlnIGNv bXBhbnkgdG hhdCBoZWxw cyBvdGhlci BidXNpbmVz c2VzIHdpdG ggdHdvIG1h aW4gdGhpbm dzOiBpbnN1 cmFuY2UgYW 5kIGh1bWFu IHJlc291cm Nlcy4gPGJy PkZpcnN0LC BsZXTigJlz IHRhbGsgYW JvdXQgaW5z dXJhbmNlLi BJbWFnaW5l IHlvdSBoYX ZlIGEgdG95 LCBhbmQgeW 914oCZcmUg d29ycmllZC BpdCBtaWdo dCBicmVhay 4gSWYgaXQg ZG9lcyBicm VhaywgeW91 IHdvdWxkIH dhbnQgc29t ZW9uZSB0by BoZWxwIHlv dSBwYXkgZm 9yIGEgbmV3 IG9uZS4gSW 5zdXJhbmNl IGlzIGtpbm Qgb2YgbGlr ZSB0aGF0IG J1dCBmb3Ig Y29tcGFuaW VzLiBBb24g aGVscHMgYn VzaW5lc3Nl cyBmaW5kIH RoZSByaWdo dCBpbnN1cm FuY2UgdG8g cHJvdGVjdC B0aGVtIGZy b20gbG9zaW 5nIG1vbmV5 IGlmIHNvbW V0aGluZyBi YWQgaGFwcG VucywgbGlr ZSBhIGZpcm UsIGEgZmxv b2QsIG9yIG lmIHNvbWVv bmUgZ2V0cy BodXJ0IHdo aWxlIHVzaW 5nIHRoZWly IHByb2R1Y3 RzLiBUaGUg YnVzaW5lc3 NlcyBwYXkg QW9uIHRvIG hlbHAgdGhl bSBmaWd1cm Ugb3V0IHRo ZSBiZXN0IG luc3VyYW5j ZSwgYW5kIH RoYXTigJlz IGhvdyBBb2 4gbWFrZXMg bW9uZXkuPG JyPk5vdywg YWJvdXQgaH VtYW4gcmVz b3VyY2VzLC B3aGljaCBp cyBhbGwgYW JvdXQgaGVs cGluZyBjb2 1wYW5pZXMg bWFuYWdlIH RoZWlyIGVt cGxveWVlcy 4gQW9uIHdv cmtzIHdpdG ggYnVzaW5l c3NlcyB0by BtYWtlIHN1 cmUgdGhleS BoYXZlIHRo ZSByaWdodC BwZW9wbGUg Zm9yIHRoZS ByaWdodCBq b2JzLCBoZW xwIHdpdGgg dHJhaW5pbm csIGFuZCBl dmVuIHN1Z2 dlc3Qgd2F5 cyB0byBrZW VwIGVtcGxv eWVlcyBoYX BweSBzbyB0 aGV5IGRvbu KAmXQgbGVh dmUuIFdoZW 4gYnVzaW5l c3NlcyBuZW VkIGhlbHAg d2l0aCB0aG VzZSB0aGlu Z3MsIHRoZX kgcGF5IEFv biBmb3IgdG hlaXIgYWR2 aWNlIGFuZC BzZXJ2aWNl cy48YnI+QW 9uIGlzIHN1 Y2Nlc3NmdW wgZm9yIGEg ZmV3IHJlYX NvbnMuIEZp cnN0LCB0aG V5IHJlYWxs eSBrbm93IH RoZWlyIHN0 dWZmISBUaG V5IGhhdmUg bG90cyBvZi BleHBlcnRz IHdobyB1bm RlcnN0YW5k IGluc3VyYW 5jZSBhbmQg aG93IGJ1c2 luZXNzZXMg d29yaywgd2 hpY2ggbWVh bnMgdGhleS BjYW4gaGVs cCBjb21wYW 5pZXMgaW4g YSB2ZXJ5IH NtYXJ0IHdh eS4gU2Vjb2 5kLCBtYW55 IGJ1c2luZX NzZXMgbmVl ZCBoZWxwIH dpdGggaW5z dXJhbmNlIG FuZCBtYW5h Z2luZyB0aG VpciB3b3Jr ZXJzLCBzby B0aGVyZSB3 aWxsIGFsd2 F5cyBiZSBh IGJpZyBuZW VkIGZvciBB b27igJlzIH NlcnZpY2Vz LiA8YnI+TG 9va2luZyBp bnRvIHRoZS BmdXR1cmUs IEFvbiB3aW xsIGxpa2Vs eSBjb250aW 51ZSB0byBi ZSBzdWNjZX NzZnVsIGJl Y2F1c2UgYX MgY29tcGFu aWVzIGdyb3 cgYW5kIGNo YW5nZSwgdG hleSB3aWxs IGFsd2F5cy BuZWVkIGhl bHAgbWFuYW dpbmcgcmlz a3MgYW5kIH RoZWlyIHBl b3BsZS4gUG x1cywgQW9u IGtlZXBzIG ltcHJvdmlu ZyB0aGVpci BzZXJ2aWNl cyBhbmQgY3 JlYXRpbmcg bmV3IHdheX MgdG8gaGVs cCBidXNpbm Vzc2VzLCB3 aGljaCBtZW FucyB0aGV5 IGNhbiBrZW VwIGF0dHJh Y3RpbmcgbW 9yZSBjdXN0 b21lcnMgYW 5kIG1ha2lu ZyBtb25leS 4gU28sIEFv biBpcyBpbi BhIHN0cm9u ZyBwb3NpdG lvbiB0byBk byB3ZWxsIG ZvciBhIGxv bmcgdGltZS E8YnI+

VGhlcmUgYX JlIHNldmVy YWwgdW5pcX VlIGFzcGVj dHMgb2YgdG hlIEFvbiBj b21wYW55IH RoYXQgc2V0 IGl0IGFwYX J0IGZyb20g b3RoZXJzIG luIHRoZSBp bmR1c3RyeT o8YnI+MS4g R2xvYmFsIH JlYWNoOiBB b24gaGFzIG EgcHJlc2Vu Y2UgaW4gb3 ZlciAxMjAg Y291bnRyaW VzLCBtYWtp bmcgaXQgb2 5lIG9mIHRo ZSBsYXJnZX N0IGFuZCBt b3N0IGdlb2 dyYXBoaWNh bGx5IGRpdm Vyc2UgaW5z dXJhbmNlIG FuZCByaXNr IG1hbmFnZW 1lbnQgY29t cGFuaWVzIG luIHRoZSB3 b3JsZC48Yn I+Mi4gRGl2 ZXJzZSBwb3 J0Zm9saW86 IEFvbiBvZm ZlcnMgYSB3 aWRlIHJhbm dlIG9mIHNl cnZpY2VzLC BpbmNsdWRp bmcgcmlzay BtYW5hZ2Vt ZW50LCBpbn N1cmFuY2Us IHJldGlyZW 1lbnQgc29s dXRpb25zLC BhbmQgaGVh bHRoIGFuZC B3ZWxsbmVz cyBwcm9ncm FtcywgY2F0 ZXJpbmcgdG 8gYm90aCBp bmRpdmlkdW FscyBhbmQg YnVzaW5lc3 Nlcy48YnI+ My4gVGVjaG 5vbG9neS1k cml2ZW46IE FvbiBoYXMg aW52ZXN0ZW QgaGVhdmls eSBpbiB0ZW Nobm9sb2d5 LCB1dGlsaX ppbmcgZGF0 YSBhbmFseX RpY3MsIGFy dGlmaWNpYW wgaW50ZWxs aWdlbmNlLC BhbmQgb3Ro ZXIgaW5ub3 ZhdGl2ZSB0 b29scyB0by Bwcm92aWRl IGN1dHRpbm ctZWRnZSBz b2x1dGlvbn MgdG8gaXRz IGNsaWVudH MuPGJyPjQu IEluZHVzdH J5IGV4cGVy dGlzZTogQW 9uIGhhcyBh IHRlYW0gb2 YgZXhwZXJ0 cyB3aXRoIG RlZXAgaW5k dXN0cnkga2 5vd2xlZGdl IGFuZCBleH BlcmllbmNl LCBhbGxvd2 luZyB0aGVt IHRvIHVuZG Vyc3RhbmQg dGhlIHVuaX F1ZSByaXNr cyBhbmQgY2 hhbGxlbmdl cyBmYWNlZC BieSBkaWZm ZXJlbnQgc2 VjdG9ycyBh bmQgY3JlYX RlIGN1c3Rv bWl6ZWQgc2 9sdXRpb25z Ljxicj41Li BDbGllbnQt Y2VudHJpYy BhcHByb2Fj aDogQW9uIH ByaW9yaXRp emVzIHVuZG Vyc3RhbmRp bmcgYW5kIG 1lZXRpbmcg dGhlIHNwZW NpZmljIG5l ZWRzIG9mIG l0cyBjbGll bnRzLCBidW lsZGluZyBs b25nLXRlcm 0gcmVsYXRp b25zaGlwcy BhbmQgcHJv dmlkaW5nIH BlcnNvbmFs aXplZCBzb2 x1dGlvbnMg YW5kIHN1cH BvcnQuPGJy PjYuIENvbW 1pdG1lbnQg dG8gc29jaW FsIHJlc3Bv bnNpYmlsaX R5OiBBb24g aGFzIGEgc3 Ryb25nIGNv bW1pdG1lbn QgdG8gc29j aWFsIHJlc3 BvbnNpYmls aXR5IGFuZC BzdXN0YWlu YWJpbGl0eS wgYWN0aXZl bHkgc3VwcG 9ydGluZyBj aGFyaXRhYm xlIGNhdXNl cyBhbmQgaW 1wbGVtZW50 aW5nIGVudm lyb25tZW50 YWxseSBmcm llbmRseSBw cmFjdGljZX MuPGJyPk92 ZXJhbGwsIE FvbidzIGds b2JhbCBwcm VzZW5jZSwg ZGl2ZXJzZS Bwb3J0Zm9s aW8sIHRlY2 hub2xvZ2lj YWwgYWR2YW 5jZW1lbnRz LCBpbmR1c3 RyeSBleHBl cnRpc2UsIG NsaWVudC1j ZW50cmljIG FwcHJvYWNo LCBhbmQgY2 9tbWl0bWVu dCB0byBzb2 NpYWwgcmVz cG9uc2liaW xpdHkgbWFr ZSBpdCBhIH VuaXF1ZSBh bmQgaGlnaG x5IHJlcHV0 YWJsZSBjb2 1wYW55IGlu IHRoZSBpbn N1cmFuY2Ug YW5kIHJpc2 sgbWFuYWdl bWVudCBpbm R1c3RyeS4=

VGhlIEFvbi Bjb21wYW55 IGlzIGEgbX VsdGluYXRp b25hbCBwcm 9mZXNzaW9u YWwgc2Vydm ljZXMgZmly bSB0aGF0IH ByaW1hcmls eSBvcGVyYX RlcyBpbiB0 aGUgaW5zdX JhbmNlIGFu ZCByaXNrIG 1hbmFnZW1l bnQgaW5kdX N0cnkuIFRo ZWlyIGJ1c2 luZXNzIG1v ZGVsIGlzIG Jhc2VkIG9u IHByb3ZpZG luZyBhIHJh bmdlIG9mIH NlcnZpY2Vz IHRvIHN1cH BvcnQgdGhl aXIgY2xpZW 50cycgcmlz ayBtYW5hZ2 VtZW50IGFu ZCBodW1hbi ByZXNvdXJj ZXMgbmVlZH MuIFRoZXNl IHNlcnZpY2 VzIGluY2x1 ZGUgcmlzay Bjb25zdWx0 aW5nLCBpbn N1cmFuY2Ug YnJva2VyYW dlLCByZWlu c3VyYW5jZS wgYW5kIGh1 bWFuIHJlc2 91cmNlIGNv bnN1bHRpbm cuPGJyPkFv bidzIGJ1c2 luZXNzIG1v ZGVsIGlzIG ZvY3VzZWQg b24gZGVsaX ZlcmluZyBp bnRlZ3JhdG VkIHNvbHV0 aW9ucyB0by B0aGVpciBj bGllbnRzIG J5IGNvbWJp bmluZyB0aG VpciBleHBl cnRpc2UgaW 4gcmlzayBt YW5hZ2VtZW 50IGFuZCBo dW1hbiByZX NvdXJjZXMu IFRoZXkgb2 ZmZXIgYSB3 aWRlIHJhbm dlIG9mIHBy b2R1Y3RzIG FuZCBzZXJ2 aWNlcyB0by BjYXRlciB0 byB0aGUgZG l2ZXJzZSBu ZWVkcyBvZi B0aGVpciBj bGllbnRzLC BpbmNsdWRp bmcgZW1wbG 95ZWUgYmVu ZWZpdHMsIH JldGlyZW1l bnQsIGhlYW x0aCBhbmQg d29ya2Vycy cgY29tcGVu c2F0aW9uLC BhbmQgcHJv cGVydHkgYW 5kIGNhc3Vh bHR5IGluc3 VyYW5jZS48 YnI+QW9uIG Fsc28gdXRp bGl6ZXMgYS BjbGllbnQt Y2VudHJpYy BhcHByb2Fj aCwgd2hlcm UgdGhleSBj b2xsYWJvcm F0ZSBjbG9z ZWx5IHdpdG ggdGhlaXIg Y2xpZW50cy B0byB1bmRl cnN0YW5kIH RoZWlyIHNw ZWNpZmljIG 5lZWRzIGFu ZCBwcm92aW RlIGN1c3Rv bWl6ZWQgc2 9sdXRpb25z LiBUaGlzIG FsbG93cyB0 aGVtIHRvIG J1aWxkIGxv bmctdGVybS ByZWxhdGlv bnNoaXBzIH dpdGggdGhl aXIgY2xpZW 50cywgY3Jl YXRpbmcgYS BzdGVhZHkg c3RyZWFtIG 9mIHJldmVu dWVzLjxicj 5JbiBhZGRp dGlvbiB0by B0aGVpciBj b3JlIHNlcn ZpY2VzLCBB b24gYWxzby BnZW5lcmF0 ZXMgcmV2ZW 51ZSBmcm9t IG90aGVyIH NvdXJjZXMs IHN1Y2ggYX MgaW52ZXN0 bWVudCBpbm NvbWUgZnJv bSB0aGVpci BpbnN1cmFu Y2UgYW5kIH JlaW5zdXJh bmNlIG9wZX JhdGlvbnMs IGNvbnN1bH RpbmcgZmVl cywgYW5kIG ZlZXMgZnJv bSBtZXJnZX IgYW5kIGFj cXVpc2l0aW 9uIHRyYW5z YWN0aW9ucy 48YnI+T3Zl cmFsbCwgQW 9uJ3MgYnVz aW5lc3MgbW 9kZWwgaXMg Y2VudGVyZW QgYXJvdW5k IHByb3ZpZG luZyBjb21w cmVoZW5zaX ZlIHJpc2sg bWFuYWdlbW VudCBhbmQg aHVtYW4gcm Vzb3VyY2Vz IHNvbHV0aW 9ucyB0byBj bGllbnRzIH RvIGhlbHAg dGhlbSBtaW 5pbWl6ZSBh bmQgbWFuYW dlIHRoZWly IHJpc2tzLC BpbXByb3Zl IHRoZWlyIG 92ZXJhbGwg cGVyZm9ybW FuY2UsIGFu ZCBvcHRpbW l6ZSB0aGVp ciBpbnZlc3 RtZW50cy4=

AI does have the potential to pose certain threats to Aon’s products, services, and competitive positioning in several ways, but the impact depends on various factors including Aon’s ability to adapt and integrate AI into its offerings.
1. Substitution: AI could lead to the development of automated solutions that substitute traditional insurance and risk management services provided by Aon. Insurtech companies leveraging AI for underwriting, claims processing, and risk assessment may offer more streamlined, cost-effective alternatives, challenging Aon’s traditional business model.
2. Disintermediation: Increased automation and the rise of direct-to-consumer platforms could disintermediate Aon by reducing the need for intermediaries in insurance brokerage and risk management. Consumers may increasingly opt for AI-driven platforms that provide personalized insurance solutions without a broker, thereby impacting Aon’s role in the market.
3. Margin Pressure: The integration of AI technologies could intensify competition in the insurance and risk management sectors. Companies that effectively utilize AI might achieve greater efficiencies, allowing them to offer lower prices and better services, which could pressure Aon’s margins. If Aon fails to innovate and incorporate AI effectively, it may struggle to maintain its market share and profitability.
However, Aon also has the opportunity to harness AI to enhance its services, improve customer experiences, and drive operational efficiencies, which could mitigate some of these threats if approached strategically. Adapting to the evolving landscape by leveraging AI can provide Aon with a competitive edge rather than presenting a material threat. The key will be how Aon navigates this transition and incorporates AI into its business model.

Aon’s sensitivity to changes in interest rates can impact its earnings, cash flow, and overall valuation in several ways.
1. Earnings Sensitivity: Aon’s earnings can be affected by interest rates primarily through its investment portfolio. When interest rates rise, the yields on fixed-income securities improve, which can enhance investment income. Conversely, if interest rates decline, the return on these investments may diminish, potentially lowering earnings. Additionally, higher interest rates can affect the demand for insurance products, as businesses may reassess their risk exposure and adjust their insurance purchases accordingly.
2. Cash Flow Sensitivity: Aon generates cash flows from its operations and investments. Rising interest rates may increase cash flows from its fixed-income investments, improving liquidity. However, if increased interest rates lead to lower demand for certain services or products, this may negatively affect cash flow from operations. Furthermore, higher rates can impact customer financing costs, possibly leading clients to reduce spending on risk management and consulting services.
3. Valuation Sensitivity: Aon’s valuation is closely tied to its future cash flows, which can be discounted at higher rates. Rising interest rates lead to a higher discount rate applied to future earnings, potentially reducing present value assessments. Conversely, when rates are lower, the present value of future earnings increases. Aon operates in a competitive market; therefore, changes in the macroeconomic environment—including shifts in interest rates—can also influence investor sentiment, potentially affecting stock price volatility.
In summary, changes in interest rates can significantly influence Aon’s earnings, cash flow, and valuation through their effects on investment income, customer spending, and the value of future cash flows. The overall sensitivity will depend on the magnitude and direction of interest rate changes, as well as broader economic conditions.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQW 9u4oCZcyBl Y29ub21pY3 Mgb3ZlciB0 aGUgbmV4dC Az4oCTNSB5 ZWFycyBpcy BhIHNpZ25p ZmljYW50IG Rvd250dXJu IGluIHRoZS BnbG9iYWwg aW5zdXJhbm NlIGFuZCBy aXNrIG1hbm FnZW1lbnQg bWFya2V0cy Bkcml2ZW4g YnkgYSBjb2 1iaW5hdGlv biBvZiBmYW N0b3JzIHN1 Y2ggYXMgc2 V2ZXJlIHJl Z3VsYXRvcn kgY2hhbmdl cywgZWNvbm 9taWMgcmVj ZXNzaW9uLC BhbmQgdW5w cmVjZWRlbn RlZCBjb21w ZXRpdGlvbi Bmcm9tIGlu c3VydGVjaC Bjb21wYW5p ZXMuPGJyPk lmIHRoZSBn bG9iYWwgZW Nvbm9taWMg ZW52aXJvbm 1lbnQgZGV0 ZXJpb3JhdG VzLCBpdCBt YXkgbGVhZC B0byByZWR1 Y2VkIGRlbW FuZCBmb3Ig aW5zdXJhbm NlIHByb2R1 Y3RzIGFzIG J1c2luZXNz ZXMgY3V0IG Nvc3RzIGFu ZCBpbmRpdm lkdWFscyBi ZWNvbWUgbW 9yZSByaXNr LWF2ZXJzZS 4gQWRkaXRp b25hbGx5LC BuZXcgcmVn dWxhdG9yeS BtZWFzdXJl cyBjb3VsZC BpbXBvc2Ug c3RyaWN0ZX IgY29tcGxp YW5jZSByZX F1aXJlbWVu dHMsIGluY3 JlYXNpbmcg b3BlcmF0aW 9uYWwgY29z dHMgYW5kIG xpbWl0aW5n IHByb2ZpdG FiaWxpdHku IEEgc3VyZ2 UgaW4gaW5z dXJ0ZWNoIG Zpcm1zIGNv dWxkIGFsc2 8gZGlzcnVw dCB0cmFkaX Rpb25hbCBi dXNpbmVzcy Btb2RlbHMs IGxlYWRpbm cgdG8gY29t cHJlc3NlZC BtYXJnaW5z IGR1ZSB0by BpbmNyZWFz ZWQgY29tcG V0aXRpb24g YW5kIHRoZS BuZWVkIGZv ciBBb24gdG 8gaW52ZXN0 IGhlYXZpbH kgaW4gdGVj aG5vbG9neS B0byBzdGF5 IHJlbGV2YW 50Ljxicj5J biB0aGlzIH NjZW5hcmlv LCBBb27igJ lzIG1hcmdp bnMgd291bG QgbGlrZWx5 IGRlY2xpbm Ugc2lnbmlm aWNhbnRseS 4gVGhlIGNv bXBhbnnigJ lzIG9wZXJh dGluZyBtYX JnaW4gY291 bGQgc2hyaW 5rIGZyb20g Y3VycmVudC BsZXZlbHMs IGFzIHRoZS BmaXJtIHdv dWxkIG5lZW QgdG8gaW52 ZXN0IGhlYX ZpbHkgaW4g dGVjaG5vbG 9neSBhbmQg Y3VzdG9tZX IgZW5nYWdl bWVudCB0by Bjb21wZXRl IHdpdGggYW dpbGUgc3Rh cnR1cHMuIF RoZSBwcmVz c3VyZSBvbi BwcmljaW5n IGFuZCBzZX J2aWNlIGRp ZmZlcmVudG lhdGlvbiB3 b3VsZCBmdX J0aGVyIHJl ZHVjZSByZX ZlbnVlIHBl ciBjbGllbn QuPGJyPkNh c2ggZmxvdy B3b3VsZCBh bHNvIGJlIG FmZmVjdGVk IGFkdmVyc2 VseS4gV2l0 aCBkZWNsaW 5pbmcgcmV2 ZW51ZXMgYW 5kIGhpZ2hl ciBvcGVyYX Rpb25hbCBj b3N0cywgQW 9uIG1pZ2h0 IGV4cGVyaW VuY2UgbmVn YXRpdmUgY2 FzaCBmbG93 IGZyb20gb3 BlcmF0aW9u cywgZXNwZW NpYWxseSBp ZiB0aGUgZW Nvbm9taWMg cmVjZXNzaW 9uIGxlYWRz IHRvIGluY3 JlYXNlZCBj bGFpbXMgYW 5kIHBheW91 dCByYXRpb3 MuIFRoZSBj b21wYW55IG 1pZ2h0IGZh Y2UgY2hhbG xlbmdlcyBp biBtYWludG FpbmluZyBm YXZvcmFibG UgdGVybXMg d2l0aCBmaW 5hbmNpYWwg aW5zdGl0dX Rpb25zLCBs ZWFkaW5nIH RvIGluY3Jl YXNlZCBib3 Jyb3dpbmcg Y29zdHMuPG JyPk9uIHRo ZSBiYWxhbm NlIHNoZWV0 IGZyb250LC BBb27igJlz IGxpcXVpZG l0eSByYXRp b3MgY291bG QgYmVjb21l IHN0cmFpbm VkLiBUaGUg aW5jcmVhc2 UgaW4gZGVi dCB0byBmdW 5kIHRlY2hu b2xvZ3kgaW 52ZXN0bWVu dHMgYW5kIG NvdmVyIG9w ZXJhdGluZy Bsb3NzZXMg Y291bGQgbG VhZCB0byBh IGRldGVyaW 9yYXRpb24g b2YgdGhlIG RlYnQtdG8t ZXF1aXR5IH JhdGlvLiBB b24gbWF5IG Fsc28gZmlu ZCBpdCBjaG FsbGVuZ2lu ZyB0byBtYW ludGFpbiBp dHMgY2FwaX RhbCBhZGVx dWFjeSwgd2 hpY2ggY291 bGQgcmVzdW x0IGluIGEg ZG93bmdyYW RlIG9mIGl0 cyBjcmVkaX QgcmF0aW5n LCBmdXJ0aG VyIGNvbXBv dW5kaW5nIG l0cyBmaW5h bmNpYWwgZG lmZmljdWx0 aWVzLjxicj 5PdmVyYWxs LCBpZiB0aG lzIHNjZW5h cmlvIG1hdG VyaWFsaXpl cywgQW9uIH dvdWxkIGZh Y2UgYSBwZX JtYW5lbnQg aW1wYWlybW VudCBpbiBp dHMgZWNvbm 9taWNzLCBy ZXN1bHRpbm cgaW4gZGV0 ZXJpb3JhdG VkIG1hcmdp bnMsIHN0cm FpbmVkIGNh c2ggZmxvd3 MsIGFuZCBh IHdlYWtlci BiYWxhbmNl IHNoZWV0LC BqZW9wYXJk aXppbmcgaX RzIGxvbmct dGVybSB2aW FiaWxpdHkg YW5kIGNvbX BldGl0aXZl IHBvc2l0aW 9uIGluIHRo ZSBtYXJrZX QuPGJyPg==

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 bG9nb3MvQk kwNkk4M0ds bXNWZzdCSE VFRHQud2Vi cCIgYWx0PS JBb24iIHRp dGxlPSJBb2 4iICBjbGFz cz0iaW1nLW ZsdWlkIiBo ZWlnaHQ9NT Agd2lkdGg9 NTAgbG9hZG luZz0nbGF6 eScgc3R5bG U9J2JvcmRl ci1yYWRpdX M6IDZweDsn PgoKICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdmbG V4OiAxOyB0 ZXh0LWFsaW duOiBjZW50 ZXI7IG1hcm dpbi1sZWZ0 OiA1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPHAgc3 R5bGU9J2Zv bnQtc2l6ZT ogMjZweDsg Y29sb3I6IC MzMzM7IG1h cmdpbi1ib3 R0b206IDE1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIPCfk4 ggV2FudCB0 byByZWFkIG 1vcmUgYWJv dXQgQW9uPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+agCBEb2 7igJl0IG1p c3MgPGk+Il RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 MiPC9pPiDi gJQgZnJlZS EKICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1TNG dRVzl1SUgg ZGhjeUJtYj NWdSBaR1Zr SUdsdUlEIE U1T0RJZ2RH aHkgYjNWbm FDQjBhRyBV Z2JXVnlaMl Z5IElHOW1J Rko1WVcgNG dTVzV6ZFhK aCBibU5sSU VkeWIzIFZ3 SUdGdVpDQk QgYjIxaWFX NWxaQyBCSm JuUmxjbTVo IGRHbHZibU ZzSUUgTnZj bkJ2Y21GMC BhVzl1TGlC VWFHIGx6SU cxbGNtZGwg Y2lCamNtVm hkRyBWa0lH OXVaU0J2IF ppQjBhR1Vn YkcgRnlaMl Z6ZENCcCBi bk4xY21GdV kyIFVnWW5K dmEyVnkgWV dkbElHRnVa QyBCeWFYTn JJRzFoIGJt Rm5aVzFsYm 4gUWdabWx5 YlhNZyBhVz RnZEdobElI IGR2Y214a0 xqeGkgY2o0 eUxpQlVhRy BVZ2JtRnRa U0JCIGIyNG dhWE1nWkcg VnlhWFpsWk NCbSBjbTl0 SUhSb1pTIE JIWVdWc2FX TWcgZDI5eV pDQmhiMiA0 Z2JXVmhibW x1IFp5QnZi bVV1UEcgSn lQak11SUVG diBiaUJwY3 lCamRYIEp5 Wlc1MGJIa2 cgYUdWaFpI RjFZWCBKMF pYSmxaQ0Jw IGJpQk1iMj VrYjIgNHNJ RVZ1WjJ4aC BibVF1UEdK eVBqIFF1SU VGdmJpQncg Y205MmFXUm xjeSBCeWFY TnJJRzFoIG JtRm5aVzFs Ym4gUXNJR2 x1YzNWeSBZ VzVqWlN3Z1 lXIDVrSUhK bGFXNXogZF hKaGJtTmxJ RyBKeWIydG xjbUZuIFpT QnpaWEoyYV cgTmxjeXdn WVhNZyBkMl ZzYkNCaGN5 IEJvZFcxaG JpQnkgWlhO dmRYSmpaUy BCamIyNXpk V3gwIGFXNW 5JR0Z1WkMg QnZkWFJ6Yj NWeSBZMmx1 WnlCelpYIE oyYVdObGN5 NDggWW5JK0 5TNGdWRyBo bElHTnZiWE JoIGJua2dh R0Z6SUcgMX ZjbVVnZEdo aCBiaUExTU RBZ2IyIFpt YVdObGN5Qn AgYmlCdmRt VnlJRCBFeU 1DQmpiM1Z1 IGRISnBaWE 1zSUcgMWhh Mmx1WnlCcC BkQ0J2Ym1V Z2IyIFlnZE dobElHeGgg Y21kbGMzUW daMiB4dllt RnNJSEJ5IG IyWmxjM05w YjIgNWhiQ0 J6WlhKMiBh V05sY3lCbW FYIEp0Y3k0 OFluSSsgTm k0Z1FXOXVJ RyBoaGN5Qm hjSEJ5IGIz aHBiV0YwWl cgeDVJRFV3 TERBdyBNQ0 JsYlhCc2Iz IGxsWlhNZ2 QyOXkgYkdS M2FXUmxMQy BCcGJtTnNk V1JwIGJtY2 djbWx6YXkg QnRZVzVoWj JWdCBaVzUw SUdGdVpDIE JwYm5OMWNt RnUgWTJVZ1 pYaHdaWCBK MGN5d2dZMj l1IGMzVnNk R0Z1ZEggTX NJR0Z1WkNC ayBZWFJoSU dGdVlXIHg1 YzNSekxqeG kgY2o0M0xp QkJiMiA0Z2 FHRnpJR0ps IFpXNGdibU Z0WlcgUWdZ WE1nZEdobC BJSGR2Y214 azRvIENaY3 lCaVpYTjAg SUdsdWMzVn lZVyA1alpT QmljbTlyIF pYSWdabTl5 SUQgRXpJR0 52Ym5ObCBZ M1YwYVhabE lIIGxsWVhK eklHSjUgSU VWMWNtOXRi MiA1bGVTQn RZV2RoIGVt bHVaUzQ4WW 4gSStPQzRn VkdobCBJR0 52YlhCaGJu IGtnYVhNZ1 lTQnMgWldG a2FXNW5JSC BCeWIzWnBa R1Z5IElHOW 1JR041WW0g VnlJSEpwYz JzZyBZWE56 WlhOemJXIF Z1ZEhNZ1lX NWsgSUhOdm JIVjBhVyA5 dWN5d2daWE 53IFpXTnBZ V3hzZVMgQm hablJsY2lC MCBhR1VnWj J4dlltIEZz SUZkaGJtNW ggUTNKNUlI SmhibiBOdm JYZGhjbVVn IFlYUjBZV0 5ySUcgbHVJ REl3TVRjdS BQR0p5UGpr dUlFIEZ2Ym lCb1lYTWcg WW1WbGJpQn BibiBadmJI WmxaQ0JwIG JpQnpaWFps Y20gRnNJRz FoYW05eSBJ SE53YjNKMG N5IEJsZG1W dWRITXMgSU dsdVkyeDFa RyBsdVp5Qm laV2x1IFp5 QjBhR1VnYj IgWm1hV05w WVd3ZyBjbW x6YXlCaFpI IFpwYzI5eU lHWnYgY2lC MGFHVWdSay BsR1FTQlhi M0pzIFpDQk RkWEFnWVcg NWtJSEJ5Yj NacCBaR2x1 WnlCcGJuIE 4xY21GdVky VWcgWm05eU lIUm9aUyBC UGJIbHRjR2 xqIElFZGhi V1Z6TGogeG ljajR4TUM0 ZyBWR2hsSU dOdmJYIEJo Ym5rZ2FYTW cgWVd4emJ5 QmpiMiAxdG FYUjBaV1Fn IGRHOGdjMj lqYVcgRnNJ SEpsYzNCdi Bibk5wWW1s c2FYIFI1SU dGdVpDQm8g WVhNZ2FXMX diRyBWdFpX NTBaV1FnIG MzVnpkR0Zw Ym0gRmlhV3 hwZEhrZyBh VzVwZEdsaG RHIGwyWlhN Z2MzVmogYU NCaGN5Qnla VyBSMVkybH VaeUJwIGRI TWdZMkZ5WW 0gOXVJR1p2 YjNSdyBjbW x1ZENCaGJt IFFnY0hKdm JXOTAgYVc1 bklHUnBkbS BWeWMybDBl U0JoIGJtUW dhVzVqYkgg VnphVzl1SU hkcCBkR2hw YmlCMGFHIF VnWTI5dGNH RnUgZVM0OF luSStNVCBF dUlFbHVJRE l3IE1qQXNJ RUZ2YmkgQm hibTV2ZFc1 aiBaV1FnYV hSeklHIDFs Y21kbGNpQj MgYVhSb0lG ZHBiRyB4cG N5QlViM2Rs IGNuTWdWMk YwYzIgOXVM Q0IzYUdsai BhQ3dnYVdZ Z1lYIEJ3Y2 05MlpXUXMg SUhkcGJHd2 dZMyBKbFlY UmxJRzl1IF pTQnZaaUIw YUcgVWdiR0 Z5WjJWeiBk Q0JuYkc5aV lXIHdnY0hK dlptVnogYz JsdmJtRnNJ SCBObGNuWn BZMlZ6IElH WnBjbTF6SU ggZHBkR2dn WVNCbSBiMk 4xY3lCdmJp IEJ5YVhOck xDQnkgWlhS cGNtVnRaVy A1MExDQmhi bVFnIGFHVm hiSFJvSUgg TmxjblpwWT JWeiBManhp Y2o0eE1pID RnUVc5dUlH aGggY3lCeV pXTmxhWCBa bFpDQnpaWF psIGNtRnNJ SEpsWTIgOW 5ibWwwYVc5 dSBjeUJoYm 1RZ1lYIGRo Y21SeklHWn YgY2lCcGRI TWdZMiA5dG NHRnVlU0Jq IGRXeDBkWE psTEMgQnBi bU5zZFdScC BibWNnWW1W cGJtIGNnYm 1GdFpXUWcg WVhNZ2IyNW xJRyA5bUlI Um9aU0JpIF pYTjBJSEJz WVcgTmxjeU IwYnlCMyBi M0pySUdKNU lFIFp2Y25S MWJtVWcgYl dGbllYcHBi bSBVdVBHSn lQakV6IExp QlVhR1VnWT IgOXRjR0Z1 ZVNCbyBZWE 1nWVNCemRI IEp2Ym1jZ1 ptOWogZFhN Z2IyNGdhVy A1dWIzWmhk R2x2IGJpQm hibVFnZEcg VmphRzV2Yk c5biBlU3dn ZDJsMGFDIE JoSUdSbFpH bGogWVhSbF pDQmthVyBk cGRHRnNJSE JzIFlYUm1i M0p0SUcgWn ZjaUJwZEhN ZyBZM1Z6ZE c5dFpYIEp6 SUhSdklHRm ogWTJWemN5 QnBibSBadm NtMWhkR2x2 IGJpQmhibV FnY20gVnpi M1Z5WTJWei BManhpY2o0 eE5DIDRnUV c5dUlHOXcg WlhKaGRHVn pJSCBObGRt VnlZV3dnIG NtVnpaV0Z5 WTIgZ2dZMl Z1ZEdWeSBj eUJoYm1RZ2 FXIDV6ZEds MGRYUmwgY3 l3Z2FXNWpi SCBWa2FXNW 5JSFJvIFpT QkJiMjRnUW 0gVnVabWxs YkdRZyBWVU 5NSUVoaGVt IEZ5WkNCRF pXNTAgY21V c0lIZG9hVy BOb0lHTnZi bVIxIFkzUn pJSEpsYzIg VmhjbU5vSU c5dSBJRzVo ZEhWeVlXIH dnWTJGMFlY TjAgY205d2 FHVnpJRyBG dVpDQmthWE 5oIGMzUmxj aTF5YVggTn JJSEpsWkhW aiBkR2x2Ym k0OFluIEkr TVRVdUlFbH UgSUdGa1pH bDBhVyA5dU lIUnZJR2ww IGN5QnpaWE oyYVcgTmxj eXdnUVc5dS BJR2hoY3lC aElHIFp2ZF c1a1lYUnAg YjI0Z2RHaG hkQyBCd2Nt OTJhV1JsIG N5Qm5jbUZ1 ZEggTXNJSF p2YkhWdSBk R1ZsY2lCdm NIIEJ2Y25S MWJtbDAgYV dWekxDQmhi bSBRZ2FXNH RhMmx1IFpD QmtiMjVoZE cgbHZibk1n ZEc4ZyBjM1 Z3Y0c5eWRD IEJqYjIxdG RXNXAgZEds bGN5QmhibS BRZ2IzSm5Z VzVwIGVtRj BhVzl1Y3kg QmhjbTkxYm 1RZyBkR2hs SUhkdmNtIH hrTGc9PQog ICAgICAgID wvc3Bhbj4K ICAgICAgIC AKICAgICAg ICA=