KB Financial Group

-15.18%

Live  

KB Financial Group is a financial services company that is based in South Korea. The company was founded in 2008 and is currently the largest financial services group in South Korea. KB Financial Group offers a wide range of financial products and services, including banking, insurance, credit card, and asset management services.
As of 2021, KB Financial Group has over 40,000 employees and operates through various subsidiaries, including KB Kookmin Bank, KB Securities, KB Insurance, and KB Asset Management. The company is headquartered in Seoul, South Korea and has a strong presence in the Korean financial market.
KB Financial Group is known for its strong commitment to innovation and technology, and the company has been at the forefront of digital transformations in the financial industry. It has launched various mobile and online banking services to provide convenient and efficient financial services to its customers.
KB Financial Group is also committed to sustainability and corporate social responsibility. The company has implemented various initiatives to promote environmental and social sustainability, and it has been recognized for its efforts by various organizations.
Overall, KB Financial Group is a leading financial services group in South Korea, known for its strong financial performance, innovation, and commitment to sustainability.

S0IgRmluYW 5jaWFsIEdy b3VwIGlzIG EgYmlnIGNv bXBhbnkgZn JvbSBTb3V0 aCBLb3JlYS B0aGF0IGhl bHBzIHBlb3 BsZSBhbmQg YnVzaW5lc3 NlcyB3aXRo IHRoZWlyIG 1vbmV5LiBU aGluayBvZi BpdCBsaWtl IGEgcmVhbG x5IHNtYXJ0 IGJhbmsgdG hhdCBkb2Vz IGEgbG90IG 9mIGltcG9y dGFudCB0aG luZ3MuPGJy PkZpcnN0LC B0aGV5IHRh a2UgY2FyZS BvZiBwZW9w bGXigJlzIH NhdmluZ3Mg YW5kIGNoZW NraW5nIGFj Y291bnRzIH doZXJlIHBl b3BsZSBjYW 4ga2VlcCB0 aGVpciBtb2 5leSBzYWZl LiBXaGVuIH lvdSBwdXQg bW9uZXkgaW 4gYSBiYW5r LCB0aGUgYm FuayBjYW4g dXNlIHNvbW Ugb2YgdGhh dCBtb25leS B0byBsZW5k IHRvIG90aG Vycy4gVGhp cyBpcyBvbm Ugd2F5IEtC IEZpbmFuY2 lhbCBHcm91 cCBtYWtlcy Btb25leS4g VGhleSBjaG FyZ2UgcGVv cGxlIGEgbG l0dGxlIGV4 dHJhIG1vbm V5LCBjYWxs ZWQgaW50ZX Jlc3QsIGZv ciBib3Jyb3 dpbmcgdGhl IGJhbmvigJ lzIG1vbmV5 LCB3aGlsZS B0aGV5IGFs c28gZ2l2ZS B5b3UgYSBs aXR0bGUgbW 9uZXkgZm9y IGtlZXBpbm cgeW91ciBz YXZpbmdzIH RoZXJlLjxi cj5TZWNvbm QsIHRoZXkg aGVscCBwZW 9wbGUgZ2V0 IGxvYW5zIH RvIGJ1eSB0 aGluZ3MgbG lrZSBob3Vz ZXMgb3IgY2 Fycy4gV2hl biBzb21lb2 5lIHdhbnRz IHRvIGJ1eS BhIGhvdXNl IGJ1dCBkb2 VzbuKAmXQg aGF2ZSBhbG wgdGhlIG1v bmV5LCB0aG V5IGNhbiBi b3Jyb3cgZn JvbSBLQiBG aW5hbmNpYW wgR3JvdXAg YW5kIHBheS BpdCBiYWNr IGEgbGl0dG xlIGF0IGEg dGltZSB3aX RoIGludGVy ZXN0Ljxicj 5LQiBGaW5h bmNpYWwgR3 JvdXAgYWxz byBvZmZlcn Mgc29tZXRo aW5nIGNhbG xlZCBpbnZl c3RtZW50cy 4gVGhleSBo ZWxwIHBlb3 BsZSBncm93 IHRoZWlyIG 1vbmV5IGJ5 IGludmVzdG luZyBpbiBk aWZmZXJlbn QgdGhpbmdz IGxpa2UgYn VzaW5lc3Nl cyBvciB0aG Ugc3RvY2sg bWFya2V0Li BXaGVuIHRo ZXNlIGludm VzdG1lbnRz IGRvIHdlbG wsIHRoZXkg Y2FuIGVhcm 4gZXZlbiBt b3JlIG1vbm V5LCB3aGlj aCBoZWxwcy Bib3RoIHRo ZSBiYW5rIG FuZCB0aGUg cGVvcGxlIH dobyBpbnZl c3RlZC48Yn I+VGhlIGNv bXBhbnkgaX Mgc3VjY2Vz c2Z1bCBiZW NhdXNlIGl0 IGhhcyBiZW VuIGFyb3Vu ZCBmb3IgYS Bsb25nIHRp bWUsIGFuZC BtYW55IHBl b3BsZSB0cn VzdCBpdCB3 aXRoIHRoZW lyIG1vbmV5 LiBUaGV5IG hhdmUgYSBs b3Qgb2YgZ2 9vZCBlbXBs b3llZXMgd2 hvIGtub3cg aG93IHRvIG hlbHAgdGhl aXIgY3VzdG 9tZXJzLCBh bmQgdGhleS BvZmZlciBk aWZmZXJlbn Qgc2Vydmlj ZXMgdGhhdC BtZWV0IHZh cmlvdXMgbm VlZHMuPGJy Pkxvb2tpbm cgYWhlYWQg aW50byB0aG UgZnV0dXJl LCBLQiBGaW 5hbmNpYWwg R3JvdXAgd2 lsbCBsaWtl bHkgc3RheS BzdWNjZXNz ZnVsIGJlY2 F1c2UgbW9y ZSBhbmQgbW 9yZSBwZW9w bGUgd2lsbC B3YW50IHRv IHNhdmUgbW 9uZXksIGJv cnJvdyBtb2 5leSwgYW5k IGludmVzdC 4gVGhlIHdv cmxkIGlzIG JlY29taW5n IG1vcmUgY2 9ubmVjdGVk LCBhbmQgYX MgdGVjaG5v bG9neSBpbX Byb3Zlcywg YmFua3MgY2 FuIG9mZmVy IGV2ZW4gYm V0dGVyIHNl cnZpY2VzLi BTbywgS0Ig RmluYW5jaW FsIEdyb3Vw IGlzIHByZX BhcmVkIHRv IGtlZXAgZ3 Jvd2luZyBh bmQgaGVscG luZyB0aGVp ciBjdXN0b2 1lcnMgd2l0 aCB0aGVpci Btb25leSBm b3IgYSBsb2 5nIHRpbWUh PGJyPg==

VGhlcmUgYX JlIGEgZmV3 IGtleSBhc3 BlY3RzIHRo YXQgbWFrZS BLQiBGaW5h bmNpYWwgR3 JvdXAgc3Rh bmQgb3V0IG FzIGEgY29t cGFueTo8Yn I+MS4gTGVh ZGluZyBmaW 5hbmNpYWwg Z3JvdXAgaW 4gU291dGgg S29yZWE6IE tCIEZpbmFu Y2lhbCBHcm 91cCBpcyB0 aGUgbGFyZ2 VzdCBmaW5h bmNpYWwgZ3 JvdXAgaW4g U291dGggS2 9yZWEsIHdp dGggYSBtYX JrZXQgY2Fw aXRhbGl6YX Rpb24gb2Yg b3ZlciAkMj UgYmlsbGlv bi4gSXQgaX MgYWxzbyBv bmUgb2YgdG hlIHRvcCBi YW5rcyBpbi B0ZXJtcyBv ZiBhc3NldH MsIGRlcG9z aXRzLCBhbm QgbG9hbnMu PGJyPjIuIE RpdmVyc2lm aWVkIHBvcn Rmb2xpbzog VGhlIGNvbX BhbnkgaGFz IGEgd2VsbC 1kaXZlcnNp ZmllZCBidX NpbmVzcyBw b3J0Zm9saW 8sIHdpdGgg c3Vic2lkaW FyaWVzIGlu IGJhbmtpbm csIGluc3Vy YW5jZSwgY3 JlZGl0IGNh cmRzLCBhc3 NldCBtYW5h Z2VtZW50LC BhbmQgb3Ro ZXIgZmluYW 5jaWFsIHNl cnZpY2VzLi BUaGlzIGFs bG93cyBLQi BGaW5hbmNp YWwgR3JvdX AgdG8gZ2Vu ZXJhdGUgc3 RhYmxlIGlu Y29tZSBmcm 9tIG11bHRp cGxlIHNvdX JjZXMgYW5k IGVmZmVjdG l2ZWx5IG1h bmFnZSByaX NrLjxicj4z LiBTdHJvbm cgZmluYW5j aWFsIHBlcm Zvcm1hbmNl OiBLQiBGaW 5hbmNpYWwg R3JvdXAgaG FzIGNvbnNp c3RlbnRseS BzaG93biBz dHJvbmcgZm luYW5jaWFs IHBlcmZvcm 1hbmNlLCB3 aXRoIGhpZ2 ggcHJvZml0 YWJpbGl0eS BhbmQgc3Rh YmxlIGdyb3 d0aC4gVGhp cyBoYXMgbW FkZSBpdCBh IGhpZ2hseS BhdHRyYWN0 aXZlIGNvbX BhbnkgZm9y IGludmVzdG 9ycy48YnI+ NC4gRm9jdX Mgb24gY3Vz dG9tZXIgc2 F0aXNmYWN0 aW9uOiBUaG UgY29tcGFu eSBwbGFjZX MgYSBzdHJv bmcgZW1waG FzaXMgb24g Y3VzdG9tZX Igc2F0aXNm YWN0aW9uLC Bjb250aW51 b3VzbHkgaW 1wcm92aW5n IGl0cyBwcm 9kdWN0cyBh bmQgc2Vydm ljZXMgdG8g bWVldCB0aG UgY2hhbmdp bmcgbmVlZH Mgb2YgaXRz IGNsaWVudH MuIFRoaXMg aGFzIGhlbH BlZCBLQiBG aW5hbmNpYW wgR3JvdXAg bWFpbnRhaW 4gYSBsb3lh bCBjdXN0b2 1lciBiYXNl IGFuZCBnYW luIGEgc3Ry b25nIHJlcH V0YXRpb24g aW4gdGhlIG 1hcmtldC48 YnI+NS4gQ2 9tbWl0bWVu dCB0byBzb2 NpYWwgcmVz cG9uc2liaW xpdHk6IEtC IEZpbmFuY2 lhbCBHcm91 cCBoYXMgYS BzdHJvbmcg Y29tbWl0bW VudCB0byBz b2NpYWwgcm VzcG9uc2li aWxpdHkgYW 5kIGFjdGl2 ZWx5IGVuZ2 FnZXMgaW4g dmFyaW91cy Bpbml0aWF0 aXZlcyB0by BnaXZlIGJh Y2sgdG8gdG hlIGNvbW11 bml0eS4gVG hpcyBpbmNs dWRlcyBzdX Bwb3J0aW5n IGVkdWNhdG lvbiwgZW52 aXJvbm1lbn RhbCBzdXN0 YWluYWJpbG l0eSwgYW5k IHNvY2lhbC B3ZWxmYXJl IHByb2dyYW 1zLjxicj42 LiBJbm5vdm F0aXZlIHRl Y2hub2xvZ3 kgYWRvcHRp b246IFRoZS Bjb21wYW55 IGhhcyBlbW JyYWNlZCB0 ZWNobm9sb2 d5IGFuZCBo YXMgYmVlbi BxdWljayB0 byBhZG9wdC Bpbm5vdmF0 aXZlIHNvbH V0aW9ucyB0 byBpbXByb3 ZlIGl0cyBw cm9jZXNzZX MgYW5kIGN1 c3RvbWVyIG V4cGVyaWVu Y2UuIFRoaX MgaGFzIGhl bHBlZCBLQi BGaW5hbmNp YWwgR3JvdX Agc3RheSBh aGVhZCBvZi BpdHMgY29t cGV0aXRvcn MgYW5kIG1h aW50YWluIG l0cyBwb3Np dGlvbiBhcy BhIGxlYWRl ciBpbiB0aG UgZmluYW5j aWFsIGluZH VzdHJ5Lg==

S0IgRmluYW 5jaWFsIEdy b3VwIGlzIG EgZmluYW5j aWFsIHNlcn ZpY2VzIGNv bXBhbnkgYm FzZWQgaW4g U291dGggS2 9yZWEuIEl0 cyBidXNpbm VzcyBtb2Rl bCBjYW4gYm UgZGl2aWRl ZCBpbnRvIG ZvdXIgbWFp biBzZWdtZW 50czogYmFu a2luZywgY3 JlZGl0IGNh cmQsIGFzc2 V0IG1hbmFn ZW1lbnQsIG FuZCBpbnN1 cmFuY2UuPG JyPjEuIEJh bmtpbmc6IE tCIEZpbmFu Y2lhbCBHcm 91cCBvcGVy YXRlcyBhcy BhIGNvbW1l cmNpYWwgYm FuaywgcHJv dmlkaW5nIH ZhcmlvdXMg YmFua2luZy BzZXJ2aWNl cyBzdWNoIG FzIGRlcG9z aXRzLCBsb2 FucywgZm9y ZWlnbiBleG NoYW5nZSwg YW5kIHRyYW RlIGZpbmFu Y2luZy4gSX RzIGJhbmtp bmcgYnVzaW 5lc3MgaXMg dGhlIGxhcm dlc3Qgc2Vn bWVudCBhbm QgZ2VuZXJh dGVzIHRoZS BtYWpvcml0 eSBvZiB0aG UgY29tcGFu eeKAmXMgcm V2ZW51ZS48 YnI+Mi4gQ3 JlZGl0IENh cmQ6IEtCIE ZpbmFuY2lh bCBHcm91cC BhbHNvIG9w ZXJhdGVzIG FzIGEgY3Jl ZGl0IGNhcm QgaXNzdWVy LCBvZmZlcm luZyBjcmVk aXQgYW5kIG RlYml0IGNh cmRzIHRvIG luZGl2aWR1 YWxzIGFuZC BidXNpbmVz c2VzLiBJdH MgY3JlZGl0 IGNhcmQgYn VzaW5lc3Mg cHJvdmlkZX MgdmFyaW91 cyBiZW5lZm l0cyBhbmQg cmV3YXJkcy B0byBjdXN0 b21lcnMsIG luY2x1ZGlu ZyBjYXNoYm FjayBhbmQg bG95YWx0eS Bwcm9ncmFt cy48YnI+My 4gQXNzZXQg TWFuYWdlbW VudDogS0Ig RmluYW5jaW FsIEdyb3Vw IG9mZmVycy Bhc3NldCBt YW5hZ2VtZW 50IHNlcnZp Y2VzIHRocm 91Z2ggaXRz IHN1YnNpZG lhcnksIEtC IEFzc2V0IE 1hbmFnZW1l bnQuIEl0IG 1hbmFnZXMg dmFyaW91cy BpbnZlc3Rt ZW50IHByb2 R1Y3RzIHN1 Y2ggYXMgbX V0dWFsIGZ1 bmRzLCBwZW 5zaW9uIGZ1 bmRzLCBhbm QgdHJ1c3Qg ZnVuZHMgZm 9yIGluZGl2 aWR1YWxzIG FuZCBpbnN0 aXR1dGlvbm FsIGludmVz dG9ycy48Yn I+NC4gSW5z dXJhbmNlOi BUaGUgY29t cGFueSBhbH NvIG9mZmVy cyBpbnN1cm FuY2UgcHJv ZHVjdHMgc3 VjaCBhcyBs aWZlIGluc3 VyYW5jZSwg cHJvcGVydH kgYW5kIGNh c3VhbHR5IG luc3VyYW5j ZSwgYW5kIG Fzc2V0IG1h bmFnZW1lbn Qgc2Vydmlj ZXMgdGhyb3 VnaCBpdHMg c3Vic2lkaW FyeSwgS0Ig SW5zdXJhbm NlLiBUaGlz IHNlZ21lbn QgcHJvdmlk ZXMgaW5zdX JhbmNlIHNv bHV0aW9ucy B0byBpbmRp dmlkdWFscy BhbmQgYnVz aW5lc3Nlcy B0byBwcm90 ZWN0IGFnYW luc3QgdmFy aW91cyByaX Nrcy48YnI+ T3ZlcmFsbC wgS0IgRmlu YW5jaWFsIE dyb3Vw4oCZ cyBidXNpbm VzcyBtb2Rl bCBmb2N1c2 VzIG9uIHBy b3ZpZGluZy BhIHdpZGUg cmFuZ2Ugb2 YgZmluYW5j aWFsIHNlcn ZpY2VzIHRv IG1lZXQgdG hlIGRpdmVy c2UgbmVlZH Mgb2YgaXRz IGN1c3RvbW Vycy4gSXQg bGV2ZXJhZ2 VzIGl0cyBk aXZlcnNlIH BvcnRmb2xp byBhbmQgZX hwZXJ0aXNl IGluIHRoZS BmaW5hbmNp YWwgaW5kdX N0cnkgdG8g Z2VuZXJhdG UgcmV2ZW51 ZSBhbmQgcH JvZml0cy4g VGhlIGNvbX BhbnkgYWxz byBhaW1zIH RvIG1haW50 YWluIGEgc3 Ryb25nIGJy YW5kIGFuZC BjdXN0b21l ciBsb3lhbH R5IHRocm91 Z2ggaXRzIG VmZmljaWVu dCBhbmQgcm VsaWFibGUg c2VydmljZX Mu

AI does present potential challenges and threats to KB Financial Group’s products, services, and competitive positioning in several ways:
1. Substitution: AI technologies, particularly in fintech, can offer services that directly compete with traditional banking products. For instance, AI-driven platforms can provide automated investment advice, personal finance management, and lending services at a lower cost and with greater efficiency than traditional banks. This could lead to customers substituting KB Financial’s offerings with those from tech-savvy competitors.
2. Disintermediation: The rise of AI can facilitate disintermediation, where consumers bypass traditional financial institutions. Technologies like blockchain and decentralized finance (DeFi) leverage AI to enable peer-to-peer transactions, potentially reducing the need for traditional banking intermediaries. As consumers increasingly understand and adopt these technologies, KB Financial might face pressure to adapt its business model.
3. Margin Pressure: The integration of AI can lead to lower operational costs and improved efficiencies for competitors, putting margin pressure on traditional financial institutions. If competitors utilize AI to streamline processes or reduce labor costs, they may offer similar products at lower prices, making it challenging for KB Financial to maintain its profit margins without improving its own technological capabilities.
In conclusion, while AI offers opportunities for innovation and improvements in efficiency, KB Financial Group must remain vigilant regarding these potential threats. Adapting to incorporate AI into its strategy would likely be critical for sustaining its competitive position and responding effectively to the evolving landscape of financial services.

The sensitivity of KB Financial Group’s earnings, cash flow, and valuation to changes in interest rates can vary based on several factors inherent to the nature of its business model, the structure of its balance sheet, and the economic environment.
1. Earnings Sensitivity: KB Financial Group, as a financial institution, derives a significant portion of its earnings from interest income generated through loans and other interest-earning assets. An increase in interest rates can lead to higher net interest margins, as the bank may be able to charge higher rates on loans than it pays on deposits. Conversely, if interest rates decline, the bank’s interest income may decrease, potentially putting pressure on profitability, especially if the cost of funds remains stable.
2. Cash Flow Sensitivity: Cash flow for KB Financial Group is closely tied to its interest income and the volume of lending activities. Higher interest rates can lead to increased cash flows from lending activities in the short term. However, if rates rise too quickly, it could dampen demand for new loans, leading to reduced cash flows in the long term. Additionally, the bank may experience elevated default rates on existing loans as borrowers struggle to keep up with higher payments, negatively impacting cash flows.
3. Valuation Sensitivity: The valuation of KB Financial Group can be sensitive to changes in interest rates due to their influence on future earnings expectations and discount rates used in valuation models. Typically, higher interest rates can lead to higher discount rates, which would reduce the present value of expected future cash flows, potentially lowering the valuation. On the other hand, if higher rates lead to improved net interest margins and stronger earnings, this could enhance the company’s valuation.
Overall, the sensitivity to interest rate changes can be complex and multifaceted. It depends on the speed and magnitude of the rate changes, the overall economic context, and the company’s specific strategies for managing interest rate risk.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BLQiBGaW5h bmNpYWwgR3 JvdXDigJlz IGVjb25vbW ljcyBpcyBh IHNpZ25pZm ljYW50IGFu ZCBwcm9sb2 5nZWQgZWNv bm9taWMgZG 93bnR1cm4g aW4gU291dG ggS29yZWEs IHBvc3NpYm x5IHRyaWdn ZXJlZCBieS BhIGNvbWJp bmF0aW9uIG 9mIGZhY3Rv cnMgc3VjaC BhcyByaXNp bmcgaW50ZX Jlc3QgcmF0 ZXMsIGEgaG 91c2luZyBt YXJrZXQgY2 9sbGFwc2Us IGFuZCBhIH dlYWtlbmlu ZyBjb25zdW 1lciBjb25m aWRlbmNlLj xicj5JbiB0 aGlzIHNjZW 5hcmlvLCB0 aGUgZm9sbG 93aW5nIGlt cGFjdHMgY2 91bGQgYmUg ZXhwZWN0ZW Q6PGJyPjEu IDxzdHJvbm c+TWFyZ2lu czwvc3Ryb2 5nPjogVGhl IGNvbXBhbn nigJlzIHBy b2ZpdCBtYX JnaW5zIHdv dWxkIGxpa2 VseSBzaHJp bmsgc2lnbm lmaWNhbnRs eSBkdWUgdG 8gaW5jcmVh c2VkIGxvYW 4gZGVmYXVs dHMgYW5kIH Byb3Zpc2lv bnMgZm9yIG JhZCBkZWJ0 cy4gQXMgY2 9uc3VtZXJz IGFuZCBidX NpbmVzc2Vz IHN0cnVnZ2 xlIGZpbmFu Y2lhbGx5LC BLQiBGaW5h bmNpYWwgR3 JvdXAgd291 bGQgZmFjZS BoZWlnaHRl bmVkIGNyZW RpdCByaXNr LCByZXN1bH RpbmcgaW4g aGlnaGVyIG xvYW4gbG9z c2VzLiBUaG lzIHdvdWxk IGxlYWQgdG 8gYSBjb250 cmFjdGlvbi BpbiBuZXQg aW50ZXJlc3 QgbWFyZ2lu cywgZXNwZW NpYWxseSBp ZiB0aGUgYm FuayBuZWVk cyB0byByYW lzZSBpbnRl cmVzdCByYX RlcyBvbiBu ZXcgbG9hbn MgdG8gb2Zm c2V0IHJpc2 tzIHdoaWxl IHNpbXVsdG FuZW91c2x5 IGxvd2VyaW 5nIHJhdGVz IG9uIGRlcG 9zaXRzIHRv IHJldGFpbi BjdXN0b21l cnMuPGJyPj IuIDxzdHJv bmc+Q2FzaC BGbG93PC9z dHJvbmc+Oi BDYXNoIGZs b3cgd291bG QgYmUgbmVn YXRpdmVseS BhZmZlY3Rl ZCBhcyB0aG UgaW5jcmVh c2UgaW4gbG 9hbiBkZWZh dWx0cyB3b3 VsZCByZXF1 aXJlIEtCIE ZpbmFuY2lh bCBHcm91cC B0byBzZXQg YXNpZGUgc3 Vic3RhbnRp YWwgcmVzZX J2ZXMgZm9y IGJhZCBkZW J0cywgd2hp Y2ggd291bG QgY29uc3Vt ZSBjYXNoLi BBZGRpdGlv bmFsbHksIH dpdGggZHdp bmRsaW5nIG NvbnN1bWVy IHNwZW5kaW 5nIGFuZCBi dXNpbmVzcy BpbnZlc3Rt ZW50LCB0aG UgZGVtYW5k IGZvciBuZX cgbG9hbnMg d291bGQgZG VjbGluZSwg ZnVydGhlci ByZWR1Y2lu ZyBpbmZsb3 cgZnJvbSBs ZW5kaW5nIG 9wZXJhdGlv bnMuIFRoZS BvdmVyYWxs IGNhc2ggZm xvdyBmcm9t IG9wZXJhdG luZyBhY3Rp dml0aWVzIG NvdWxkIHNl ZSBhIGRlY2 xpbmUsIG1h a2luZyBpdC BkaWZmaWN1 bHQgZm9yIH RoZSBjb21w YW55IHRvIG 1haW50YWlu IGl0cyBkaX ZpZGVuZCBw YXlvdXRzIG FuZCByZWlu dmVzdCBmdW xseSBpbiBn cm93dGggb3 Bwb3J0dW5p dGllcy48Yn I+My4gPHN0 cm9uZz5CYW xhbmNlIFNo ZWV0PC9zdH Jvbmc+OiBP biB0aGUgYm FsYW5jZSBz aGVldCwgdG hlIGNvbXBh bnkgd291bG QgZXhwZXJp ZW5jZSBhIG RldGVyaW9y YXRpb24gaW 4gYXNzZXQg cXVhbGl0eS wgYXMgbm9w ZXJmb3JtaW 5nIGxvYW5z IGluY3JlYX NlLiBUaGlz IGNvdWxkIG xlYWQgdG8g YSBzaWduaW ZpY2FudCBy aXNlIGluIH RoZSByYXRp byBvZiBub3 BlcmZvcm1p bmcgYXNzZX RzIHRvIHRv dGFsIGFzc2 V0cy4gVGhl IGVxdWl0eS BiYXNlIG1h eSBhbHNvIH NocmluayBh cyByZXRhaW 5lZCBlYXJu aW5ncyBkZW NsaW5lIGR1 ZSB0byByZW R1Y2VkIHBy b2ZpdGFiaW xpdHksIHBv c3NpYmx5IG xlYWRpbmcg S0IgRmluYW 5jaWFsIEdy b3VwIHRvIH JhaXNlIGNh cGl0YWwgdG hyb3VnaCBz dG9jayBvZm ZlcmluZ3Mg b3Igb3RoZX IgbWVhbnMs IGRpbHV0aW 5nIGV4aXN0 aW5nIHNoYX JlaG9sZGVy cy4gQWRkaX Rpb25hbGx5 LCBoaWdoIG xldmVscyBv ZiBiYWQgZG VidCBwcm92 aXNpb25zIG 1heSBpbXBh aXIgdGhlIG Jvb2sgdmFs dWUgb2YgdG hlIGNvbXBh bnksIHdoaW xlIG92ZXJh bGwgbGV2ZX JhZ2UgcmF0 aW9zIG1pZ2 h0IGluY3Jl YXNlIGFzIH RoZSBjb21w YW55IG5hdm lnYXRlcyB0 aHJvdWdoIG ZpbmFuY2lh bCBzdGFiaW xpdHkuPGJy PkluIHN1bW 1hcnksIGEg cHJvbG9uZ2 VkIGVjb25v bWljIGRvd2 50dXJuIGNv dWxkIGxlYW QgdG8gc2hy aW5raW5nIG 1hcmdpbnMs IHNpZ25pZm ljYW50bHkg d2Vha2VuZW QgY2FzaCBm bG93LCBhbm QgYSBkZXRl cmlvcmF0aW 5nIGJhbGFu Y2Ugc2hlZX QgZm9yIEtC IEZpbmFuY2 lhbCBHcm91 cC4gVGhlIG NvbWJpbmVk IGVmZmVjdC B3b3VsZCBj aGFsbGVuZ2 UgdGhlIGNv bXBhbnnigJ lzIGxvbmct dGVybSBvcG VyYXRpb25h bCB2aWFiaW xpdHkgYW5k IG1heSBuZW Nlc3NpdGF0 ZSBzdHJhdG VnaWMgcmVz dHJ1Y3R1cm luZyBvciBv cGVyYXRpb2 5hbCBhZGp1 c3RtZW50cy B0byBhZGFw dCB0byB0aG UgbmV3IGVj b25vbWljIH JlYWxpdHku PGJyPg==

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 bG9nb3MvR2 ZsYUFlak9t TExleFU3NG 5FNjAud2Vi cCIgYWx0PS JLQiBGaW5h bmNpYWwgR3 JvdXAiIHRp dGxlPSJLQi BGaW5hbmNp YWwgR3JvdX AiICBjbGFz 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 dXQgS0IgRm luYW5jaWFs IEdyb3VwPw 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+SoSBMZW FybiBzbWFy dGVyIHN0b2 NrIHBpY2tz IHdpdGggPG k+IlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3MiPC9p PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDEycH g7IGZvbnQt c2l6ZTogMT NweDsgY29s b3I6ICM0ND Q7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIFNpZ24g dXAgbm93IG FuZCBnZXQg b3VyIGZyZW UgZUJvb2sg CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 Yj5UaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzPC9iPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTZweDsg Zm9udC1zaX plOiAxNHB4 OyBjb2xvcj ogIzQ0NDsg Zm9udC1mYW 1pbHk6IC1h cHBsZS1zeX N0ZW0sIEJs aW5rTWFjU3 lzdGVtRm9u dCwgU2Vnb2 UgVUksIFJv Ym90bywgSG VsdmV0aWNh IE5ldWUsIH NhbnMtc2Vy aWY7IGxpbm UtaGVpZ2h0 OiAxLjY7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIE hhdmUgeW91 IGhlYXJkIG Fib3V0IG91 ciBzaG9ydC A8c3Ryb25n IHN0eWxlPS dmb250LXdl aWdodDogNj AwOyc+RGFp bHkgVmlkZW 8gTmV3c2xl dHRlcjwvc3 Ryb25nPj8K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxh IGhyZWY9J2 h0dHBzOi8v d3d3Lmluc2 lnaHRmdWx2 YWx1ZS5jb2 0vbmV3c2xl dHRlci5waH AnIHRhcmdl dD0nX2JsYW 5rJyBzdHls ZT0nY29sb3 I6ICMwMDdC RkY7IHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsgZm9u dC13ZWlnaH Q6IDUwMDsg bWFyZ2luLW xlZnQ6IDZw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIE ZpbmQgb3V0 IG1vcmUKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAK ICAgICAgIC AKICAgICAg ICA8c3Bhbi BjbGFzcz0n Ymx1cnJlZC 10ZXh0Jz4K ICAgICAgIC AgICAgTVM0 Z1MwSWdSbS BsdVlXNWph V0ZzIElFZH liM1Z3SUcg bHpJR0VnYk dWaCBaR2x1 WnlCbWFXID VoYm1OcFlX d2cgYVc1em RHbDBkWCBS cGIyNGdhVz RnIFUyOTFk R2dnUzIgOX laV0VzSUhk cCBkR2dnWV NCb2FYIE4w YjNKNUlHUm ggZEdsdVp5 QmlZVyBOck lIUnZJREU1 IE1EVXVJRW wwSUggZGhj eUJ2Y21sbi BhVzVoYkd4 NUlHIFZ6ZE dGaWJHbHog YUdWa0lHRn pJSCBSb1pT QkxiMjlyIG JXbHVJRUpo Ym0gc2daSF Z5YVc1biBJ SFJvWlNCS1 lYIEJoYm1W elpTQnYgWT JOMWNHRjBh VyA5dUxDQm hibVFnIGJH RjBaWElnWW 0gVmpZVzFs SUhSbyBaU0 JMYjNKbFlT IEJGZUdOb1 lXNW4gWlNC Q1lXNXJJRy BsdUlERTVO amN1IFBHSn lQakl1SUYg Um9aU0JqYj IxdyBZVzU1 NG9DWmN5IE JqZFhKeVpX NTAgSUc1aG JXVXNJRSB0 Q0lFWnBibU Z1IFkybGhi Q0JIY20gOT FjQ3dnZDJG eiBJR0ZrYj NCMFpXIFFn YVc0Z01qQX cgTXl3Z1lX WjBaWCBJZ1 lTQnpaWEpw IFpYTWdiMl lnYlcgVnla MlZ5Y3lCaC BibVFnWVdO eGRXIGx6YV hScGIyNXog SUhSb1lYUW djMyBSeVpX NW5kR2hsIG JtVmtJR2ww Y3kgQndiM0 5wZEdsdiBi aUJwYmlCMG FHIFVnWm1s dVlXNWogYV dGc0lHMWhj bSB0bGRDND hZbkkrIE15 NGdTMElnUm 0gbHVZVzVq YVdGcyBJRW R5YjNWd0lH IGx6SUhSb1 pTQnMgWVhK blpYTjBJRy BKaGJtdHBi bWNnIFozSn ZkWEFnYVcg NGdVMjkxZE dnZyBTMjl5 WldFZ1luIG tnWVhOelpY UnogTENCM2 FYUm9JRyBF Z2RHOTBZV3 dnIFlYTnpa WFFnZG0gRn NkV1VnYjJZ ZyBiM1psY2 lCVlUwIFFn TkRZNElHSn AgYkd4cGIy NGdZWCBNZ2 IyWWdNakF5 IE1TNDhZbk krTkMgNGdW R2hsSUdkeS BiM1Z3SUdo aGN5IEJoSU hOMGNtOXUg WnlCcGJuUm xjbSA1aGRH bHZibUZzIE lIQnlaWE5s Ym0gTmxMQ0 IzYVhSbyBJ Rzl3WlhKaG RHIGx2Ym5N Z2FXNGcgYT JWNUlHWnBi bSBGdVkybG hiQ0JqIFpX NTBaWEp6SU ggTjFZMmdn WVhNZyBUbV YzSUZsdmNt IHNzSUV4dm JtUnYgYml3 Z1ZHOXJlVy A4c0lHRnVa Q0JJIGIyNW 5JRXR2Ym0g Y3VQR0p5UG pVdSBJRXRD SUVacGJtIE Z1WTJsaGJD QkggY205MW NDQnBjeSBC amIyMXdiM0 5sIFpDQnZa aUJ0ZFcgeD BhWEJzWlNC eiBkV0p6YV dScFlYIEpw WlhNZ1lXNW sgSUdGbVpt bHNhVyBGMF pYTXNJR2x1 IFkyeDFaR2 x1WnkgQkxR aUJMYjI5ci BiV2x1SUVK aGJtIHNzSU V0dmNtVmgg SUVsdWRtVn pkRyAxbGJu UWdKaUJUIF pXTjFjbWww YVcgVnpMQ0 JMUWlCSiBi bk4xY21GdV kyIFVzSUV0 Q0lFTmggY0 dsMFlXd3NJ RyBGdVpDQk xRaUJNIGFX WmxJRWx1Yz MgVnlZVzVq WlM0OCBZbk krTmk0Z1ZH IGhsSUdkeW IzVncgSUc5 bVptVnljeS BCaElIZHBa R1VnIGNtRn VaMlVnYjIg WWdabWx1WV c1aiBhV0Zz SUhObGNuIF pwWTJWekxD QnAgYm1Oc2 RXUnBibSBj Z2NtVjBZV2 xzIElHSmhi bXRwYm0gY3 NJR052Y25C diBjbUYwWl NCaVlXIDVy YVc1bkxDQn AgYm5abGMz UnRaVyA1ME lHSmhibXRw IGJtY3NJR0 Z6YzIgVjBJ RzFoYm1Gbi BaVzFsYm5R c0lHIEZ1Wk NCcGJuTjEg Y21GdVkyVX VQRyBKeVBq Y3VJRXRDIE lFWnBibUZ1 WTIgbGhiQ0 JIY205MSBj Q0IzWVhNZ2 RHIGhsSUda cGNuTjAgSU dacGJtRnVZ MiBsaGJDQn Bibk4wIGFY UjFkR2x2Ym kgQnBiaUJM YjNKbCBZU0 IwYnlCcGJY IEJzWlcxbG JuUWcgWVNC amRYTjBiMi AxbGNpQnpZ WFJwIGMyWm hZM1JwYjIg NGdhVzVrWl hnZyBLRU5U U1NrZ2MzIG x6ZEdWdExD QjMgYUdsam FDQnRaVyBG emRYSmxjeU JqIGRYTjBi MjFsY2kgQn pZWFJwYzJa aCBZM1JwYj I0Z2JHIFYy Wld4eklHRn UgWkNCMWMy VnpJSCBSb1 pTQnlaWE4x IGJIUnpJSF J2SUcgbHRj SEp2ZG1VZy BjMlZ5ZG1s alpYIE11UE dKeVBqZ3Ug SUVsdUlESX dNVCBrc0lF dENJRVpwIG JtRnVZMmxo YkMgQkhjbT kxY0NCcyBZ WFZ1WTJobF pDIEJoSUZO dFlYSjAgSU ZOaGRtbHVa eSBCd2NtOW 5jbUZ0IExD QjNhR2xqYU MgQjFjMlZ6 SUdGeSBkR2 xtYVdOcFlX IHdnYVc1MF pXeHMgYVdk bGJtTmxJRy BGdVpDQmlh V2NnIFpHRj BZU0JoYm0g RnNlWFJwWT NNZyBkRzhn YUdWc2NDIE JqZFhOMGIy MWwgY25NZ2 JXRnVZVyBk bElIUm9aV2 x5IElHWnBi bUZ1WTIgVn pJR0Z1WkNC eiBZWFpsSU cxdmJtIFY1 TGp4aWNqND UgTGlCVWFH VWdZMiA5dG NHRnVlU0Jv IFlYTWdjbV ZqWlcgbDJa V1FnYm5WdC BaWEp2ZFhN Z1lYIGRoY2 1SeklHRnUg WkNCeVpXTn ZaMiA1cGRH bHZibk1nIF ptOXlJR2ww Y3kgQm1hVz VoYm1OcCBZ V3dnY0dWeV ptIDl5YldG dVkyVWcgWV c1a0lHTnZj biBCdmNtRj BaU0J3IGNt RmpkR2xqWl ggTXVJRWx1 SURJdyBNak FzSUV0Q0lF IFpwYm1GdV kybGggYkNC SGNtOTFjQy BCM1lYTWdi bUZ0IFpXUW dkR2hsSUUg SmxjM1FnUW 1GdSBheUJw YmlCVGIzIF YwYUNCTGIz SmwgWVNCaW VTQkhiRyA5 aVlXd2dSbW x1IFlXNWpa U0J0WVcgZG hlbWx1WlM0 OCBZbkkrTV RBdUlFIHRD SUVacGJtRn UgWTJsaGJD QkhjbSA5MW NDQm9ZWE1n IFlTQnpkSE p2Ym0gY2dZ Mjl0YldsMC BiV1Z1ZENC MGJ5IEJqYj NKd2IzSmgg ZEdVZ2MyOW phVyBGc0lI SmxjM0J2IG JuTnBZbWxz YVggUjVJR0 Z1WkNCbyBZ WE1nYVcxd2 JHIFZ0Wlc1 MFpXUWcgZG 1GeWFXOTFj eSBCcGJtbD BhV0YwIGFY WmxjeUIwYn kgQnpkWEJ3 YjNKMCBJSF JvWlNCc2Iy IE5oYkNCam IyMXQgZFc1 cGRIa2dZVy A1a0lIQnli MjF2IGRHVW djM1Z6ZEcg RnBibUZpYV d4cCBkSGt1 SUZSb1pTIE JqYjIxd1lX NTUgSUdoaG N5QmlaVyBW dUlHbHVZMn gxIFpHVmtJ R2x1SUggUm 9aU0JFYjNj ZyBTbTl1Wl hNZ1UzIFZ6 ZEdGcGJtRm kgYVd4cGRI a2dTVyA1a1 pYZ2dabTl5 IElESXhJR0 52Ym4gTmxZ M1YwYVhabC BJSGxsWVhK ekxnID09Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==