Northern Trust

Live  

The Northern Trust Corporation is a global financial services company based in Chicago, Illinois. It is best known for its wealth management, asset servicing, and banking services for high-net-worth individuals and corporations. The company was founded in 1889 and has grown into one of the largest banks in the United States, with over $1 trillion in assets under management.
Northern Trust is a multinational company, with offices and operations in over 40 countries worldwide. It is also a Fortune 500 company, consistently ranked among the top 20 largest banks in the United States.
The company's services include investment management, private banking, asset servicing, and risk management. It serves clients from a variety of industries, including institutional investors, foundations, endowments, and wealthy individuals.
Northern Trust is committed to corporate social responsibility, including environmental sustainability and diversity and inclusion. The company has received numerous awards for its ethical and socially responsible business practices.
In addition to its financial services, Northern Trust also supports various philanthropic initiatives and community outreach programs through the Northern Trust Foundation.
Overall, Northern Trust is a highly respected and well-established financial institution with a strong track record of success and a commitment to ethical and responsible business practices.

QWxyaWdodC EgSW1hZ2lu ZSBOb3J0aG VybiBUcnVz dCBpcyBsaW tlIGEgYmln LCBoZWxwZn VsIGZyaWVu ZCBmb3Igcm ljaCBwZW9w bGUgYW5kIG J1c2luZXNz ZXMgdGhhdC BoYXZlIGEg bG90IG9mIG 1vbmV5LiBU aGVpciBtYW luIGpvYiBp cyB0byB0YW tlIGNhcmUg b2YgdGhhdC Btb25leS48 YnI+SGVyZe KAmXMgd2hh dCB0aGV5IG RvOiA8YnI+ MS4gPHN0cm 9uZz5UYWtp bmcgQ2FyZS BvZiBNb25l eTo8L3N0cm 9uZz4gSnVz dCBsaWtlIG hvdyB5b3Ug bWlnaHQgaG F2ZSBhIHBp Z2d5IGJhbm sgb3IgYSBz YXZpbmdzIG FjY291bnQs IE5vcnRoZX JuIFRydXN0 IGhlbHBzIH Blb3BsZSBh bmQgY29tcG FuaWVzIG1h bmFnZSB0aG VpciBtb25l eSBzbyBpdC BzdGF5cyBz YWZlIGFuZC Bncm93cy4g VGhleSBoZW xwIGludmVz dCBpdCBpbi BzdG9ja3Ms IGJvbmRzLC BhbmQgb3Ro ZXIgdGhpbm dzIHRoYXQg Y2FuIGVhcm 4gbW9yZSBt b25leSBvdm VyIHRpbWUu PGJyPjIuID xzdHJvbmc+ SGVscGluZy B3aXRoIElu dmVzdG1lbn RzOjwvc3Ry b25nPiBUaG luayBvZiB0 aGVtIGFzIG NvYWNoZXMg Zm9yIG1vbm V5ISBUaGV5 IGhlbHAgdG hlaXIgY2xp ZW50cyBkZW NpZGUgdGhl IGJlc3Qgd2 F5cyB0byBp bnZlc3QgdG hlaXIgbW9u ZXksIHNvIG l0IGNhbiBn cm93LiBUaG V5IGdpdmUg YWR2aWNlIG 9uIHdoYXQg dG8gYnV5IG 9yIHNlbGwg YW5kIHdoZW 4gdG8gZG8g aXQuPGJyPj MuIDxzdHJv bmc+TWFuYW dpbmcgV2Vh bHRoOjwvc3 Ryb25nPiBU aGV5IGFsc2 8gaGVscCBw ZW9wbGUgcG xhbiBmb3Ig dGhlIGZ1dH VyZSwgbGlr ZSBzYXZpbm cgZm9yIHJl dGlyZW1lbn Qgb3IgYnV5 aW5nIGEgaG 91c2UuIFRo aXMgaXMgc2 ltaWxhciB0 byBob3cgeW 91IG1pZ2h0 IHNhdmUgZm 9yIGEgdmlk ZW8gZ2FtZS BvciBhIHRv eS48YnI+NC 4gPHN0cm9u Zz5UcnVzdC BTZXJ2aWNl czo8L3N0cm 9uZz4gTm9y dGhlcm4gVH J1c3Qgd29y a3MgbGlrZS BhIHN1cGVy aGVybyBndW FyZGlhbiBm b3IgaW1wb3 J0YW50IHN0 dWZmLiBUaG V5IGtlZXAg dGhpbmdzIH RoYXQgYXJl IHZlcnkgdm FsdWFibGUg b3IgaW1wb3 J0YW50IGZv ciB0aGVpci BjbGllbnRz IHNhZmUsIH NvIG5vIG9u ZSBjYW4gdG FrZSBpdCBh d2F5Ljxicj 5Ob3csIGhv dyBkbyB0aG V5IG1ha2Ug bW9uZXk/IF RoZXkgZWFy biBtb25leS BieSBjaGFy Z2luZyBmZW VzIGZvciB0 aGVpciBzZX J2aWNlcy4g Rm9yIGluc3 RhbmNlLCBp ZiBzb21lb2 5lIHVzZXMg dGhlaXIgaG VscCB0byBp bnZlc3QgbW 9uZXkgb3Ig dG8gbWFuYW dlIHRoZWly IHdlYWx0aC wgTm9ydGhl cm4gVHJ1c3 Qgd2lsbCB0 YWtlIGEgc2 1hbGwgcGVy Y2VudGFnZS BvZiB0aGUg bW9uZXkgdG hleSBoZWxw IG1hbmFnZS 4gVGhpcyBp cyBob3cgdG hleSBlYXJu IHRoZWlyIG luY29tZS48 YnI+V2h5IG lzIE5vcnRo ZXJuIFRydX N0IHN1Y2Nl c3NmdWwgYW 5kIGxpa2Vs eSB0byBzdG F5IHN1Y2Nl c3NmdWwgaW 4gdGhlIGZ1 dHVyZT8gPG JyPjEuIDxz dHJvbmc+VH J1c3RlZCBS ZXB1dGF0aW 9uOjwvc3Ry b25nPiBUaG V5IGhhdmUg YmVlbiBhcm 91bmQgZm9y IGEgbG9uZy B0aW1lLCBh bmQgbWFueS BwZW9wbGUg YW5kIGJ1c2 luZXNzZXMg dHJ1c3QgdG hlbS4gVHJ1 c3QgaXMgcm VhbGx5IGlt cG9ydGFudC B3aGVuIGl0 IGNvbWVzIH RvIG1vbmV5 ITxicj4yLi A8c3Ryb25n PlNtYXJ0IF NvbHV0aW9u czo8L3N0cm 9uZz4gVGhl eSBjb25zdG FudGx5IGNv bWUgdXAgd2 l0aCBzbWFy dCBpZGVhcy BhbmQgbmV3 IHdheXMgdG 8gaGVscCB0 aGVpciBjbG llbnRzLiBU aGlzIG1lYW 5zIHRoZXkg Y2FuIGFkYX B0IHRvIGNo YW5nZXMsIG tpbmQgb2Yg bGlrZSBob3 cgeW91IGxl YXJuIG5ldy BnYW1lcyBv ciBzdHJhdG VnaWVzLjxi cj4zLiA8c3 Ryb25nPkZv Y3VzIG9uIE ltcG9ydGFu Y2U6PC9zdH Jvbmc+IFRo ZXkgZm9jdX Mgbm90IGp1 c3Qgb24gbW FraW5nIG1v bmV5IGJ1dC BhbHNvIG1h a2luZyBzdX JlIHRoYXQg dGhlaXIgY2 xpZW50cyBh cmUgaGFwcH kgYW5kIHRh a2VuIGNhcm Ugb2YuIFNh dGlzZmllZC BjbGllbnRz IHRlbmQgdG 8gc3RheSBh bmQgdGVsbC BvdGhlcnMg YWJvdXQgdG hlbSwgYXR0 cmFjdGluZy BldmVuIG1v cmUgY3VzdG 9tZXJzLjxi cj40LiA8c3 Ryb25nPlN0 ZWFkeSBHcm 93dGg6PC9z dHJvbmc+IE 5vcnRoZXJu IFRydXN0IG hlbHBzIGNs aWVudHMgd2 l0aCBsb3Rz IG9mIGRpZm ZlcmVudCBu ZWVkcywgZn JvbSBpbnZl c3RtZW50cy B0byBwbGFu bmluZyBmb3 IgdGhlIGZ1 dHVyZS4gQX MgdGhlIHdv cmxkIGdyb3 dzIGFuZCBn ZXRzIG1vcm UgY29tcGxp Y2F0ZWQsIH RoZWlyIHNl cnZpY2VzIH dpbGwgYWx3 YXlzIGJlIH ZhbHVhYmxl Ljxicj5Tby wgYmFzaWNh bGx5LCBOb3 J0aGVybiBU cnVzdCBpcy Bnb29kIGF0 IGhlbHBpbm cgcGVvcGxl IHdpdGggdG hlaXIgbW9u ZXksIHRoZX kga25vdyBo b3cgdG8ga2 VlcCBjdXN0 b21lcnMgaG FwcHksIGFu ZCB0aGV54o CZcmUgcmVh ZHkgdG8gY2 hhbmdlIGFz IHRpbWVzIG NoYW5nZS4g VGhhdOKAmX Mgd2h5IHRo ZXkgYXJlIH N1Y2Nlc3Nm dWwgbm93IG FuZCB3aWxs IGxpa2VseS Bjb250aW51 ZSB0byBiZS BpbiB0aGUg ZnV0dXJlIT xicj4=

MS4gTG9uZy BIaXN0b3J5 OiBUaGUgTm 9ydGhlcm4g VHJ1c3QgQ2 9tcGFueSBo YXMgYSBsb2 5nIGFuZCBz dWNjZXNzZn VsIGhpc3Rv cnksIHdpdG ggcm9vdHMg ZGF0aW5nIG JhY2sgdG8g MTg4OS4gVG hpcyBtYWtl cyBpdCBvbm Ugb2YgdGhl IG9sZGVzdC BiYW5rcyBp biB0aGUgVW 5pdGVkIFN0 YXRlcy48Yn I+Mi4gU3Ry b25nIEZpbm FuY2lhbCBT dGFiaWxpdH k6IFRoZSBj b21wYW55IG hhcyBtYWlu dGFpbmVkIG EgcmVwdXRh dGlvbiBmb3 IgZmluYW5j aWFsIHN0YW JpbGl0eSwg ZXZlbiBkdX JpbmcgZWNv bm9taWMgZG 93bnR1cm5z LiBJdCBoYX MgY29uc2lz dGVudGx5IG JlZW4gcmVj b2duaXplZC Bmb3IgaXRz IGZpbmFuY2 lhbCBzdHJl bmd0aCBhbm Qgc29saWQg Y3JlZGl0IH JhdGluZ3Mu PGJyPjMuIE dsb2JhbCBQ cmVzZW5jZT ogTm9ydGhl cm4gVHJ1c3 QgaGFzIGEg Z2xvYmFsIH ByZXNlbmNl LCB3aXRoIG 9mZmljZXMg aW4gMjAgY2 91bnRyaWVz IGFuZCBzZX J2aW5nIGNs aWVudHMgaW 4gb3ZlciA0 MCBjb3VudH JpZXMuIFRo aXMgYWxsb3 dzIGl0IHRv IG9mZmVyIG Egd2lkZSBy YW5nZSBvZi BmaW5hbmNp YWwgc2Vydm ljZXMgYW5k IGNhdGVyIH RvIGEgZGl2 ZXJzZSBjbG llbnQgYmFz ZS48YnI+NC 4gRm9jdXMg b24gV2VhbH RoIE1hbmFn ZW1lbnQ6IF RoZSBjb21w YW55IHNwZW NpYWxpemVz IGluIHdlYW x0aCBtYW5h Z2VtZW50IG FuZCBwcm92 aWRlcyBhIH dpZGUgcmFu Z2Ugb2Ygc2 VydmljZXMg c3VjaCBhcy BpbnZlc3Rt ZW50IG1hbm FnZW1lbnQs IHRydXN0IG FuZCBlc3Rh dGUgcGxhbm 5pbmcsIGFu ZCBwcml2YX RlIGJhbmtp bmcuPGJyPj UuIENsaWVu dC1DZW50ZX JlZCBBcHBy b2FjaDogTm 9ydGhlcm4g VHJ1c3QgcH Jpb3JpdGl6 ZXMgaXRzIG NsaWVudHMg YW5kIGZvY3 VzZXMgb24g cHJvdmlkaW 5nIHBlcnNv bmFsaXplZC BhbmQgY3Vz dG9taXplZC Bzb2x1dGlv bnMgdG8gbW VldCB0aGVp ciBmaW5hbm NpYWwgbmVl ZHMuIEl0IH ByaWRlcyBp dHNlbGYgb2 4gaXRzIGhp Z2ggbGV2ZW wgb2YgY2xp ZW50IHNhdG lzZmFjdGlv biBhbmQgbG 95YWx0eS48 YnI+Ni4gRW 1waGFzaXMg b24gVGVjaG 5vbG9neTog VGhlIGNvbX BhbnkgaGFz IGludmVzdG VkIGhlYXZp bHkgaW4gY3 V0dGluZy1l ZGdlIHRlY2 hub2xvZ3kg dG8gZW5oYW 5jZSBpdHMg c2VydmljZX MgYW5kIG9m ZmVyIGlubm 92YXRpdmUg c29sdXRpb2 5zIHRvIGl0 cyBjbGllbn RzLiBUaGlz IGhhcyBoZW xwZWQgaXQg c3RheSBhaG VhZCBvZiB0 aGUgY3Vydm UgaW4gdGhl IGV2ZXItZX ZvbHZpbmcg ZmluYW5jaW FsIGluZHVz dHJ5Ljxicj 43LiBTdHJv bmcgQ29ycG 9yYXRlIEN1 bHR1cmU6IE 5vcnRoZXJu IFRydXN0IG hhcyBhIHN0 cm9uZyBjb3 Jwb3JhdGUg Y3VsdHVyZS B0aGF0IHBy b21vdGVzIG RpdmVyc2l0 eSwgaW5jbH VzaW9uLCBh bmQgZXRoaW NhbCBiZWhh dmlvci4gVG hpcyBoYXMg aGVscGVkIG l0IGJ1aWxk IGEgcG9zaX RpdmUgcmVw dXRhdGlvbi BhbmQgYXR0 cmFjdCB0b3 AgdGFsZW50 Ljxicj44Li BDb21taXRt ZW50IHRvIF NvY2lhbCBS ZXNwb25zaW JpbGl0eTog VGhlIGNvbX BhbnkgaXMg Y29tbWl0dG VkIHRvIG1h a2luZyBhIH Bvc2l0aXZl IGltcGFjdC BpbiB0aGUg Y29tbXVuaX RpZXMgaXQg c2VydmVzIG J5IHN1cHBv cnRpbmcgdm FyaW91cyBw aGlsYW50aH JvcGljIGlu aXRpYXRpdm VzIGFuZCBw cmFjdGljaW 5nIHN1c3Rh aW5hYmxlIG J1c2luZXNz IHByYWN0aW Nlcy48YnI+ OS4gQXdhcm QtV2lubmlu ZzogTm9ydG hlcm4gVHJ1 c3QgaGFzIG JlZW4gY29u c2lzdGVudG x5IHJlY29n bml6ZWQgd2 l0aCBhd2Fy ZHMgZm9yIG l0cyBvdXRz dGFuZGluZy BzZXJ2aWNl cywgc3Ryb2 5nIHBlcmZv cm1hbmNlLC BhbmQgZXRo aWNhbCBwcm FjdGljZXMu IFRoaXMgaX MgYSB0ZXN0 YW1lbnQgdG 8gaXRzIHJl cHV0YXRpb2 4gYW5kIHN1 Y2Nlc3MgaW 4gdGhlIGZp bmFuY2lhbC BpbmR1c3Ry eS48YnI+MT AuIFdlYWx0 aCBvZiBFeH BlcmllbmNl OiBXaXRoIG 92ZXIgMTMw IHllYXJzIG 9mIGV4cGVy aWVuY2UsIE 5vcnRoZXJu IFRydXN0IG hhcyBhIHdl YWx0aCBvZi Brbm93bGVk Z2UgYW5kIG V4cGVydGlz ZSBpbiB0aG UgZmluYW5j aWFsIHNlY3 Rvci4gVGhp cyBlbmFibG VzIGl0IHRv IGVmZmVjdG l2ZWx5IG5h dmlnYXRlIG NoYW5naW5n IG1hcmtldC B0cmVuZHMg YW5kIHByb3 ZpZGUgdmFs dWFibGUgaW 5zaWdodHMg dG8gaXRzIG NsaWVudHMu

VGhlIE5vcn RoZXJuIFRy dXN0IENvbX BhbnkgaXMg YSBmaW5hbm NpYWwgc2Vy dmljZXMgY2 9tcGFueSB0 aGF0IG9mZm VycyBhIHJh bmdlIG9mIH dlYWx0aCBt YW5hZ2VtZW 50LCBhc3Nl dCBzZXJ2aW NpbmcsIGFz c2V0IG1hbm FnZW1lbnQs IGFuZCBiYW 5raW5nIHNl cnZpY2VzIH RvIGluZGl2 aWR1YWxzLC BmYW1pbGll cywgYW5kIG luc3RpdHV0 aW9ucy4gSX RzIGJ1c2lu ZXNzIG1vZG VsIGlzIGJh c2VkIG9uIH Byb3ZpZGlu ZyBwZXJzb2 5hbGl6ZWQg YW5kIGNvbX ByZWhlbnNp dmUgZmluYW 5jaWFsIHNv bHV0aW9ucy B0byBpdHMg Y2xpZW50cy wgYmFja2Vk IGJ5IGl0cy BzdHJvbmcg cmVwdXRhdG lvbiBhbmQg ZXhwZXJ0aX NlIGluIHRo ZSBpbmR1c3 RyeS4gVGhl IGNvbXBhbn kgb3BlcmF0 ZXMgdGhyb3 VnaCB2YXJp b3VzIGJ1c2 luZXNzIHNl Z21lbnRzLC BpbmNsdWRp bmcgd2VhbH RoIG1hbmFn ZW1lbnQsIG Fzc2V0IHNl cnZpY2luZy wgYW5kIGFz c2V0IG1hbm FnZW1lbnQu IEl0cyByZX ZlbnVlIGlz IHByaW1hcm lseSBnZW5l cmF0ZWQgdG hyb3VnaCBm ZWVzIGFuZC Bjb21taXNz aW9ucyBlYX JuZWQgZnJv bSBwcm92aW RpbmcgdGhl c2Ugc2Vydm ljZXMuIFRo ZSBjb21wYW 55IGFsc28g aGFzIGEgZG l2ZXJzaWZp ZWQgZ2VvZ3 JhcGhpY2Fs IHByZXNlbm NlLCB3aXRo IG9wZXJhdG lvbnMgaW4g Tm9ydGggQW 1lcmljYSwg RXVyb3BlLC B0aGUgTWlk ZGxlIEVhc3 QsIGFuZCBB c2lhLVBhY2 lmaWMgcmVn aW9ucy4gSX RzIGJ1c2lu ZXNzIHN0cm F0ZWd5IGZv Y3VzZXMgb2 4gbWFpbnRh aW5pbmcgbG 9uZy10ZXJt IHJlbGF0aW 9uc2hpcHMg d2l0aCBjbG llbnRzIGFu ZCBwcm92aW RpbmcgaGln aC1xdWFsaX R5IHNlcnZp Y2VzIHRvIG 1lZXQgdGhl aXIgZXZvbH ZpbmcgZmlu YW5jaWFsIG 5lZWRzLiBB ZGRpdGlvbm FsbHksIE5v cnRoZXJuIF RydXN0IGVt cGhhc2l6ZX MgZXRoaWNh bCBhbmQgcm VzcG9uc2li bGUgYnVzaW 5lc3MgcHJh Y3RpY2VzLC BzdXN0YWlu YWJpbGl0eS wgYW5kIGVt cGxveWVlIG RldmVsb3Bt ZW50IHRvIG FjaGlldmUg bG9uZy10ZX JtIGdyb3d0 aCBhbmQgc3 VjY2Vzcy4=

AI can potentially pose several threats to Northern Trust’s products, services, and competitive positioning in various ways:
1. Substitution: AI-driven technologies can automate many financial services traditionally offered by firms like Northern Trust, such as investment management, risk assessment, and client reporting. For instance, robo-advisors can provide automated investment advice at a lower cost, which may attract clients away from traditional asset management services.
2. Disintermediation: As AI technologies allow direct access to financial data and analytics, clients may seek to bypass traditional banking and wealth management institutions. This could lead to disintermediation, where clients use AI-powered platforms for their investment needs, reducing the necessity for intermediaries like Northern Trust.
3. Margin Pressure: The introduction of AI solutions can lead to increased competition from tech-driven firms that operate at lower costs. These firms can offer similar products and services with enhanced efficiencies, which could pressure Northern Trust to reduce its fees and profit margins to remain competitive.
Overall, while AI presents opportunities for innovation and improved services, it also poses significant challenges that could impact Northern Trust’s market position and financial performance. The company would need to strategically adapt and incorporate AI technologies to mitigate these risks and leverage potential benefits.

The sensitivity of Northern Trust’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Earnings Sensitivity: Northern Trust, as a financial services company, has a significant portion of its earnings tied to interest income from loans and other financial products. When interest rates rise, the company may benefit from higher net interest margins, which can lead to increased earnings. Conversely, declining interest rates could compress margins, negatively affecting profitability.
2. Cash Flow Sensitivity: Northern Trust’s cash flow is influenced by interest rates, primarily through its investment portfolio and client deposits. An increase in interest rates could lead to higher cash inflows from variable-rate securities and loans. On the other hand, lower interest rates could lead to reduced cash flows, especially if clients withdraw funds or if there is a decrease in the volume of loans or investment activity.
3. Valuation Sensitivity: Interest rates play a critical role in the valuation of financial institutions like Northern Trust. Higher interest rates typically lead to a decline in the present value of future cash flows, potentially lowering the stock’s valuation. Interest rate hikes can also signal a strong economy, which may boost investor sentiment and valuations. Conversely, lower interest rates often lead to higher valuations in the short term due to lower discount rates applied to future earnings.
In summary, Northern Trust’s earnings, cash flow, and valuation exhibit a moderate to high sensitivity to interest rate changes, with potential positive effects from rising rates and negative implications from falling rates. The overall impact will depend on the magnitude and direction of the interest rate shifts, as well as the broader economic context.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BOb3J0aGVy biBUcnVzdO KAmXMgZWNv bm9taWNzIG 92ZXIgdGhl IG5leHQgMy B0byA1IHll YXJzIGlzIG Egc2lnbmlm aWNhbnQgYW 5kIHN1c3Rh aW5lZCBkb3 dudHVybiBp biB0aGUgYX NzZXQgbWFu YWdlbWVudC BpbmR1c3Ry eSBkdWUgdG 8gYSBjb21i aW5hdGlvbi BvZiByZWd1 bGF0b3J5IG NoYW5nZXMs IGluY3JlYX NlZCBjb21w ZXRpdGlvbi Bmcm9tIGxv dy1jb3N0IG ZpbnRlY2gg ZmlybXMsIG FuZCBhIHBy b2xvbmdlZC BlY29ub21p YyByZWNlc3 Npb24uIDxi cj5JbiB0aG lzIHNjZW5h cmlvLCByZW d1bGF0b3J5 IGNoYW5nZX MgY291bGQg bGVhZCB0by BoaWdoZXIg Y29tcGxpYW 5jZSBjb3N0 cywgbGltaX RpbmcgTm9y dGhlcm4gVH J1c3TigJlz IGFiaWxpdH kgdG8gb3Bl cmF0ZSBwcm 9maXRhYmx5 LiBJbmNyZW FzZWQgY29t cGV0aXRpb2 4gZnJvbSBm aW50ZWNoIG NvbXBhbmll cyBvZmZlcm luZyBsb3dl ciBmZWVzIG FuZCBtb3Jl IHVzZXItZn JpZW5kbHkg cGxhdGZvcm 1zIGNvdWxk IGVyb2RlIE 5vcnRoZXJu IFRydXN04o CZcyBjdXN0 b21lciBiYX NlLCBwYXJ0 aWN1bGFybH kgYW1vbmcg c21hbGxlci BpbnN0aXR1 dGlvbmFsIG NsaWVudHMg YW5kIGluZG l2aWR1YWwg aW52ZXN0b3 JzLiBBIHBy b2xvbmdlZC BlY29ub21p YyByZWNlc3 Npb24gY291 bGQgcmVkdW NlIG92ZXJh bGwgYXNzZX RzIHVuZGVy IG1hbmFnZW 1lbnQgKEFV TSkgYXMgY2 xpZW50cyB3 aXRoZHJhdy BmdW5kcyB0 byBtYWludG FpbiBsaXF1 aWRpdHksIG Z1cnRoZXIg c3RyYWluaW 5nIHRoZSBj b21wYW554o CZcyByZXZl bnVlIHN0cm VhbXMuPGJy PklmIHRoaX Mgc2NlbmFy aW8gd2VyZS B0byBwbGF5 IG91dCwgTm 9ydGhlcm4g VHJ1c3TigJ lzIG1hcmdp bnMgd291bG QgbGlrZWx5 IGRlY2xpbm Ugc2lnbmlm aWNhbnRseS 4gVGhlIHBy ZXNzdXJlIG 9uIGZlZXMg ZHVlIHRvIG NvbXBldGl0 aW9uIHdvdW xkIG1lYW4g dGhhdCB0aG UgY29tcGFu eSBtaWdodC BoYXZlIHRv IGxvd2VyIG l0cyBwcmlj ZXMgdG8gcm V0YWluIGNs aWVudHMsIH JlZHVjaW5n IHByb2ZpdC BtYXJnaW5z LiBBZGRpdG lvbmFsbHks IG9wZXJhdG lvbmFsIGNv c3RzIG1pZ2 h0IHJpc2Ug ZHVlIHRvIG NvbXBsaWFu Y2UgcmVxdW lyZW1lbnRz IGFuZCB0aG UgbmVlZCB0 byBpbnZlc3 QgaW4gdGVj aG5vbG9neS B0byBjb21w ZXRlIGVmZm VjdGl2ZWx5 Ljxicj5DYX NoIGZsb3cg d291bGQgYW xzbyBiZSBh ZHZlcnNlbH kgYWZmZWN0 ZWQuIEFzIE FVTSBkZWNy ZWFzZXMgYW 5kIG1hcmdp bnMgc2hyaW 5rLCB0aGUg cmV2ZW51ZS BnZW5lcmF0 ZWQgZnJvbS BtYW5hZ2Vt ZW50IGZlZX Mgd291bGQg ZGVjbGluZS wgbGVhZGlu ZyB0byB0aW dodGVyIGNh c2ggZmxvdy Bjb25kaXRp b25zLiBJZi B0aGUgY29t cGFueSBpcy B1bmFibGUg dG8gYWRhcH QgcXVpY2ts eSBlbm91Z2 ggb3IgaXMg c2xvdyB0by Bpbm5vdmF0 ZSwgaXQgbW lnaHQgc2Vl IGNhc2ggZm xvdyBiZWNv bWUgbmVnYX RpdmUsIHBy b21wdGluZy BhIG5lZWQg Zm9yIGNvc3 QtY3V0dGlu ZyBtZWFzdX JlcywgaW5j bHVkaW5nIG xheW9mZnMg b3Igc2NhbG luZyBiYWNr IG9uIGludm VzdG1lbnQg aW5pdGlhdG l2ZXMuPGJy PlRoZSBiYW xhbmNlIHNo ZWV0IHdvdW xkIHJlZmxl Y3QgdGhlc2 UgY2hhbGxl bmdlcyBieS BzaG93aW5n IGFuIGluY3 JlYXNlIGlu IGxpYWJpbG l0aWVzIHJl bGF0aXZlIH RvIGFzc2V0 cy4gQSBkZW NsaW5lIGlu IHJldmVudW UgY291bGQg bGVhZCB0by ByZWR1Y2Vk IHJldGFpbm VkIGVhcm5p bmdzIGFuZC BvdmVyYWxs IHNoYXJlaG 9sZGVyIGVx dWl0eS4gSW YgY2FzaCBm bG93IHByZX NzdXJlcyBm b3JjZSB0aG UgY29tcGFu eSB0byB0YW tlIG9uIGFk ZGl0aW9uYW wgZGVidCB0 byBtYWludG FpbiBvcGVy YXRpb25zIG 9yIGludmVz dCBpbiB0ZW Nobm9sb2d5 LCB0aGUgbG V2ZXJhZ2Ug cmF0aW9zIH dvdWxkIHdv cnNlbiwgcG 90ZW50aWFs bHkgc2lnbm FsaW5nIGlu Y3JlYXNlZC BmaW5hbmNp YWwgcmlzay B0byBpbnZl c3RvcnMgYW 5kIGNyZWRp dCBhZ2VuY2 llcy48YnI+ SW4gc3VjaC BhIHNjZW5h cmlvLCBOb3 J0aGVybiBU cnVzdCB3b3 VsZCBuZWVk IHRvIHJlc3 BvbmQgd2l0 aCBzdHJhdG VnaWMgYWRq dXN0bWVudH MsIHBvc3Np Ymx5IHJlZm 9jdXNpbmcg b24gY29yZS Bjb21wZXRl bmNpZXMsIH N0cmVhbWxp bmluZyBvcG VyYXRpb25z LCBhbmQgaW 52ZXN0aW5n IGluIHRlY2 hub2xvZ3kg dG8gcmVjbG FpbSBjb21w ZXRpdGl2ZW 5lc3MgYW5k IHJlc3Rvcm UgZmluYW5j aWFsIGhlYW x0aC48YnI+

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 bG9nb3MvRT c1R0QwVmJE NmhhcE9sdk F6eFAud2Vi cCIgYWx0PS JOb3J0aGVy biBUcnVzdC IgdGl0bGU9 Ik5vcnRoZX JuIFRydXN0 IiAgY2xhc3 M9ImltZy1m bHVpZCIgaG VpZ2h0PTUw IHdpZHRoPT UwIGxvYWRp bmc9J2xhen knIHN0eWxl PSdib3JkZX ItcmFkaXVz OiA2cHg7Jz 4KCiAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nZmxl eDogMTsgdG V4dC1hbGln bjogY2VudG VyOyBtYXJn aW4tbGVmdD ogNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdmb2 50LXNpemU6 IDI2cHg7IG NvbG9yOiAj MzMzOyBtYX JnaW4tYm90 dG9tOiAxNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICDwn5OI IFdhbnQgdG 8gcmVhZCBt b3JlIGFib3 V0IE5vcnRo ZXJuIFRydX N0PwogICAg 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+Tli BHZXQgaW5z aWdodHMgZn JvbSA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+IG 5vdyEKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdWR2hs SUUgNXZjbl JvWlhKdSBJ RlJ5ZFhOME lFIE52Y25C dmNtRjAgYV c5dUlHbHpJ RyBFZ2JHVm haR2x1IFp5 Qm1hVzVoYm 0gTnBZV3dn YzJWeSBkbW xqWlhNZ1ky IDl0Y0dGdW VTQmkgWVhO bFpDQnBiaS BCRGFHbGpZ V2R2IExDQk piR3hwYm0g OXBjeTRnU1 hRZyBkMkZ6 SUdadmRXID VrWldRZ2FX NGcgTVRnNE 9TQmllUyBC Q2VYSnZiaU JNIFlXWnNh VzRnVTIgMX BkR2dnWVc1 ayBJR2x6SU dOMWNuIEps Ym5Sc2VTQn kgZFc0Z1lu a2dRMCBWUE lFMXBZMmho IFpXd2dUK0 tBbVUgZHlZ V1I1TGp4aS BjajR5TGlC VWFHIFVnWT I5dGNHRnUg ZWVLQW1YTW dhRyBWaFpI RjFZWEowIF pYSnpJR2x6 SUcgeHZZMk YwWldRZyBh VzRnWVNCb2 FYIE4wYjNK cFl5QmkgZF dsc1pHbHVa eSBCcGJpQm tiM2R1IGRH OTNiaUJEYU cgbGpZV2R2 SUd0dSBiM2 R1SUdGeklG IFJvWlNCTW IyOXcgTGlC SmRDQjNZWC BNZ1luVnBi SFFnIGFXNG dNVGt3TlMg QmhibVFnYV hNZyBZU0Jr WlhOcFoyID VoZEdWa0lF Tm8gYVdOaF oyOGdiRyBG dVpHMWhjbX N1IFBHSnlQ ak11SUUgNX ZjblJvWlhK dSBJRlJ5ZF hOMElHIGx6 SUc5dVpTQn YgWmlCMGFH VWdiMiB4a1 pYTjBJR0po IGJtdHBibW NnYVcgNXpk R2wwZFhScC BiMjV6SUds dUlIIFJvWl NCVmJtbDAg WldRZ1UzUm hkRyBWekxD QjNhWFJvIE lHOTJaWEln TVQgTXdJSG xsWVhKeiBJ RzltSUdWNG NHIFZ5YVdW dVkyVWcgYV c0Z2RHaGxJ RyBsdVpIVn pkSEo1IExq eGljajQwTG kgQlVhR1Vn WTI5dCBjR0 Z1ZVNCemNH IFZqYVdGc2 FYcGwgY3lC cGJpQmtaVy B4cGRtVnlh VzVuIElIZG xZV3gwYUMg QnRZVzVoWj JWdCBaVzUw TENCaGMzIE 5sZENCelpY SjIgYVdOcG JtY3NJRyBG emMyVjBJRz FoIGJtRm5a VzFsYm4gUX NJR0Z1WkNC aSBZVzVyYV c1bklIIE52 YkhWMGFXOX UgY3lCMGJ5 Qm9hVyBkb0 xXNWxkQzEz IGIzSjBhQ0 JwYm0gUnBk bWxrZFdGcy BjeXdnWm1G dGFXIHhwWl hNc0lHRnUg WkNCcGJuTj BhWCBSMWRH bHZibk11IF BHSnlQalV1 SUUgNXZjbl JvWlhKdSBJ RlJ5ZFhOME lIIE5sY25a bGN5QmogYk dsbGJuUnpJ RyBsdUlHOT JaWElnIE1q QWdZMjkxYm 4gUnlhV1Z6 SUdGdSBaQ0 JvWVhNZ2JX IDl5WlNCMG FHRnUgSURJ d0xEQXdNQy BCbGJYQnNi M2xsIFpYTW dkMjl5Ykcg UjNhV1JsTG p4aSBjajQy TGlCSmJpIE F5TURFNUxD Qk8gYjNKMG FHVnliaSBC VWNuVnpkQ0 IzIFlYTWdj bUZ1YTIgVm tJR0Z6SUhS byBaU0E1ZE dnZ2JHIEZ5 WjJWemRDQm kgWVc1cklH bHVJSCBSb1 pTQlZibWww IFpXUWdVM1 JoZEcgVnpJ R0o1SUdGei BjMlYwY3k0 OFluIEkrTn k0Z1NXNGcg WVdSa2FYUn BiMiA0Z2RH OGdhWFJ6IE lHWnBibUZ1 WTIgbGhiQ0 J6WlhKMiBh V05sY3l3Z1 RtIDl5ZEdo bGNtNGcgVk hKMWMzUWdh WCBNZ1lXeH pieUJyIGJt OTNiaUJtYj MgSWdhWFJ6 SUdOdiBiVz FwZEcxbGJu IFFnZEc4Z1 kyOXQgYlhW dWFYUjVJSC BObGNuWnBZ MlVnIFlXNW tJSEJvYVcg eGhiblJvY2 05dyBlUzRn VkdobElHIE 52YlhCaGJu a2cgYUdGek lHUnZibSBG MFpXUWdiM1 psIGNpQWtN VEF3SUcgMX BiR3hwYjI0 ZyBkRzhnWT JoaGNtIGww WVdKc1pTQn YgY21kaGJt bDZZWCBScG IyNXpJSE5w IGJtTmxJRE U1TkQgZ3VQ R0p5UGpndS BJRlJvWlNC amIyIDF3WV c1NUlHaGgg Y3lCaElITj BjbSA5dVp5 Qm1iMk4xIG N5QnZiaUJr YVggWmxjbk 5wZEhrZyBZ VzVrSUdsdV kyIHgxYzJs dmJpd2cgZD JsMGFDQjNi MiAxbGJpQm 9iMnhrIGFX NW5JRFEwSl MgQnZaaUJz WldGayBaWE p6YUdsd0lI IEJ2YzJsMG FXOXUgY3lC aGJtUWdORC BjbElHOW1J R0p2IFlYSm tJSEJ2YzIg bDBhVzl1Y3 k0OCBZbkkr T1M0Z1RtID l5ZEdobGNt NGcgVkhKMW MzUWdhWCBN Z1lTQkdiM0 owIGRXNWxJ RFV3TUMgQm piMjF3WVc1 NSBJR0Z1Wk NCb1lYIE1n WW1WbGJpQm ogYjI1emFY TjBaVyA1MG JIa2djbUZ1 IGEyVmtJR0 Z6SUcgOXVa U0J2WmlCMC BhR1VnZDI5 eWJHIFRpZ0 pseklHMXYg YzNRZ1lXUn RhWCBKbFpD QmpiMjF3IF lXNXBaWE1n WW4ga2dSbT l5ZEhWdSBa U0JOWVdkaG VtIGx1WlM0 OFluSSsgTV RBdUlFbHVJ RCBJd01qRX NJRTV2IGNu Um9aWEp1SU YgUnlkWE4w SUhkaCBjeU J5WldOdloy IDVwZW1Wa0 lHRnogSUc5 dVpTQnZaaS BCMGFHVWdW Mjl5IGJHVG lnSmx6SUUg MXZjM1FnUl hSbyBhV05o YkNCRGIyID F3WVc1cFpY TWcgWW5rZ2 RHaGxJRSBW MGFHbHpjR2 hsIGNtVWdT VzV6ZEcgbD BkWFJsSUda diBjaUIwYU dVZ01UIEYw YUNCamIyNX ogWldOMWRH bDJaUyBCNV pXRnlMZz09 CiAgICAgIC AgPC9zcGFu PgogICAgIC AgIAogICAg ICAgIA==