SCOR

Live  

SCOR is a French reinsurance company founded in 1970. The company is headquartered in Paris and operates in over 160 countries, offering a wide range of reinsurance products and services. SCOR's main lines of business include property and casualty reinsurance, life reinsurance, and asset management.
SCOR's mission is to help its clients manage risk and to contribute to the stability and security of the global economy. The company is committed to sustainable business practices and is recognized as a leader in corporate social responsibility.
SCOR is the fifth-largest reinsurer in the world, with a market share of about 6%. The company has a strong financial position, with a A+ rating from Standard & Poor's and Aa3 from Moody's. SCOR's net income in 2020 was 234 million euros, and its total assets were worth 61.3 billion euros as of December 2020.
SCOR is also known for its innovation and use of technology in its operations. The company has a dedicated research and development team, and in recent years, it has launched initiatives such as the SCOR Global Risk Center, which focuses on identifying emerging risks and developing risk management solutions.
SCOR is dedicated to serving the needs of its clients, and its global network allows it to offer tailor-made solutions for local markets. The company has a strong emphasis on building long-term partnerships with its clients and continuously works to improve its services and products.
In addition to its business operations, SCOR is also involved in philanthropic efforts through its foundation, the SCOR Foundation for Science. The foundation supports scientific research and education in the fields of risk management and sustainable development.
Overall, SCOR is a well-established and reputable company in the reinsurance industry, known for its financial stability, innovation, and commitment to sustainability.

SCOR is a big company that focuses on insurance. But instead of just protecting personal things like cars or houses, SCOR helps other companies by providing insurance for risks related to things like natural disasters, accidents, or even when people have to cancel events.
SCOR makes money by charging these companies a fee for the insurance it provides. If something goes wrong and the company has to pay out money because of an accident or disaster, SCOR steps in to help cover those costs, but only if the company has paid for that insurance coverage.
One reason SCOR is successful is because it understands how to manage risks really well. They use a lot of math and data to figure out how likely it is that certain events will happen, which helps them set fair prices for their services. They also have a strong reputation and build good relationships with companies, which means more businesses want to work with them.
In the future, SCOR is likely to stay successful because the world will always have risks that need to be managed, like natural disasters and business interruptions. As companies grow and expand, more will need insurance to protect themselves. Plus, SCOR is always looking for ways to improve and adapt, so they can help their clients face new challenges as they come up.

VGhlcmUgYX JlIGEgZmV3 IGtleSBhc3 BlY3RzIHRo YXQgbWFrZS B0aGUgU0NP UiBjb21wYW 55IHN0YW5k IG91dDo8Yn I+MS4gU3Vw cGx5IENoYW luIEV4cGVy dGlzZTogU0 NPUiBpcyBh IGdsb2JhbC Bvcmdhbml6 YXRpb24gdG hhdCBwcm92 aWRlcyBjb2 1wYW5pZXMg d2l0aCBzdG FuZGFyZGl6 ZWQgYW5kIG Jlc3QgcHJh Y3RpY2UgZm 9yIHN1cHBs eSBjaGFpbi BtYW5hZ2Vt ZW50LiBUaG lzIGluY2x1 ZGVzIGd1aW RhbmNlIG9u IHN0cmF0ZW d5LCBwcm9j ZXNzZXMsIH BlcmZvcm1h bmNlIG1lYX N1cmVtZW50 LCBhbmQgdG VjaG5vbG9n eS48YnI+Mi 4gQ29sbGFi b3JhdGl2ZS BBcHByb2Fj aDogU0NPUi Bwcm9tb3Rl cyBhIGNvbG xhYm9yYXRp dmUgYXBwcm 9hY2ggdG8g c3VwcGx5IG NoYWluIG1h bmFnZW1lbn QsIGJyaW5n aW5nIHRvZ2 V0aGVyIGRp ZmZlcmVudC BzdGFrZWhv bGRlcnMgYW 5kIHBhcnRu ZXJzIHRvIH dvcmsgdG9n ZXRoZXIgdG 93YXJkcyBh IGNvbW1vbi Bnb2FsIG9m IGltcHJvdm luZyBzdXBw bHkgY2hhaW 4gZWZmaWNp ZW5jeSBhbm QgZWZmZWN0 aXZlbmVzcy 48YnI+My4g Q29tcHJlaG Vuc2l2ZSBG cmFtZXdvcm s6IFRoZSBT Q09SIG1vZG VsIGlzIGEg Y29tcHJlaG Vuc2l2ZSBm cmFtZXdvcm sgdGhhdCBj b3ZlcnMgYW xsIGFzcGVj dHMgb2Ygc3 VwcGx5IGNo YWluIG1hbm FnZW1lbnQs IGluY2x1ZG luZyBwbGFu bmluZywgc2 91cmNpbmcs IG1hbnVmYW N0dXJpbmcs IGRlbGl2ZX J5LCBhbmQg cmV2ZXJzZS Bsb2dpc3Rp Y3MuIFRoaX MgYWxsb3dz IGNvbXBhbm llcyB0byBh ZG9wdCBhIG hvbGlzdGlj IGFwcHJvYW NoIHRvIHN1 cHBseSBjaG FpbiBtYW5h Z2VtZW50IH JhdGhlciB0 aGFuIGZvY3 VzaW5nIG9u IGluZGl2aW R1YWwgcHJv Y2Vzc2VzLj xicj40LiBJ bmR1c3RyeS BTdGFuZGFy ZDogU0NPUi BpcyB3aWRl bHkgcmVjb2 duaXplZCBh cyB0aGUgaW 5kdXN0cnkg c3RhbmRhcm QgZm9yIHN1 cHBseSBjaG FpbiBtYW5h Z2VtZW50Li BJdCBpcyB1 c2VkIGJ5IG 1hbnkgZ2xv YmFsIG9yZ2 FuaXphdGlv bnMsIGluY2 x1ZGluZyBG b3J0dW5lID UwMCBjb21w YW5pZXMsIG FuZCBoYXMg YmVlbiBhZG 9wdGVkIGJ5 IHZhcmlvdX MgaW5kdXN0 cmllcywgaW 5jbHVkaW5n IG1hbnVmYW N0dXJpbmcs IHJldGFpbC wgYW5kIGhl YWx0aGNhcm UuPGJyPjUu IENvbnRpbn VvdXMgSW1w cm92ZW1lbn Q6IFNDT1Ig ZW1waGFzaX plcyB0aGUg aW1wb3J0YW 5jZSBvZiBj b250aW51b3 VzIGltcHJv dmVtZW50IG luIHN1cHBs eSBjaGFpbi BtYW5hZ2Vt ZW50LiBUaG UgbW9kZWwg cHJvdmlkZX MgYSByb2Fk bWFwIGZvci Bjb21wYW5p ZXMgdG8gYX NzZXNzIHRo ZWlyIHN1cH BseSBjaGFp biBwZXJmb3 JtYW5jZSBh bmQgaWRlbn RpZnkgYXJl YXMgZm9yIG ltcHJvdmVt ZW50IHRvIG FjaGlldmUg Y29tcGV0aX RpdmUgYWR2 YW50YWdlLj xicj42LiBH bG9iYWwgUm VhY2g6IFND T1IgaGFzIG EgZ2xvYmFs IHJlYWNoIH dpdGggZXh0 ZW5zaXZlIG ludGVybmF0 aW9uYWwgY2 92ZXJhZ2Ug YW5kIGEgbm V0d29yayBv ZiBsaWNlbn NlZCBwYXJ0 bmVycyBpbi B2YXJpb3Vz IGNvdW50cm llcy4gVGhp cyBhbGxvd3 MgY29tcGFu aWVzIHRvIG ltcGxlbWVu dCB0aGUgU0 NPUiBtb2Rl bCBnbG9iYW xseSBhbmQg YWRhcHQgaX QgdG8gdGhl aXIgc3BlY2 lmaWMgbWFy a2V0IG5lZW RzLjxicj43 LiBUcmFjay BSZWNvcmQg b2YgU3VjY2 VzczogU0NP UiBoYXMgYS BzdHJvbmcg dHJhY2sgcm Vjb3JkIG9m IHN1Y2Nlc3 MsIHdpdGgg bWFueSBjb2 1wYW5pZXMg cmVwb3J0aW 5nIHNpZ25p ZmljYW50IG ltcHJvdmVt ZW50cyBpbi B0aGVpciBz dXBwbHkgY2 hhaW4gcGVy Zm9ybWFuY2 UgYWZ0ZXIg aW1wbGVtZW 50aW5nIHRo ZSBtb2RlbC 4gVGhpcyBo YXMgaGVscG VkIHRvIGVz dGFibGlzaC BTQ09SIGFz IGEgdHJ1c3 RlZCBhbmQg cmVsaWFibG Ugc291cmNl IGZvciBzdX BwbHkgY2hh aW4gbWFuYW dlbWVudCBi ZXN0IHByYW N0aWNlcy4=

VGhlIFNDT1 IgY29tcGFu eSdzIGJ1c2 luZXNzIG1v ZGVsIGlzIG NlbnRlcmVk IGFyb3VuZC Bwcm92aWRp bmcgc3VwcG x5IGNoYWlu IG1hbmFnZW 1lbnQgc29m dHdhcmUgYW 5kIHNlcnZp Y2VzIHRvIG 9yZ2FuaXph dGlvbnMuIF RoaXMgaW5j bHVkZXMgdG 9vbHMgYW5k IHNvbHV0aW 9ucyBmb3Ig c3VwcGx5IG NoYWluIHBs YW5uaW5nLC BleGVjdXRp b24sIGFuZC BvcHRpbWl6 YXRpb24uIF RoZXkgYWxz byBvZmZlci Bjb25zdWx0 aW5nIHNlcn ZpY2VzIHRv IGhlbHAgYn VzaW5lc3Nl cyBpbXByb3 ZlIHRoZWly IHN1cHBseS BjaGFpbiBw cm9jZXNzZX MgYW5kIG9w ZXJhdGlvbn MuIFNDT1In cyBidXNpbm VzcyBtb2Rl bCBmb2N1c2 VzIG9uIHBy b3ZpZGluZy B2YWx1ZSB0 byB0aGVpci BjbGllbnRz IGJ5IGhlbH BpbmcgdGhl bSBpbmNyZW FzZSBlZmZp Y2llbmN5LC ByZWR1Y2Ug Y29zdHMsIG FuZCBpbXBy b3ZlIHRoZW lyIG92ZXJh bGwgc3VwcG x5IGNoYWlu IHBlcmZvcm 1hbmNlLiBU aGV5IGdlbm VyYXRlIHJl dmVudWUgdG hyb3VnaCB0 aGUgc2FsZS BhbmQgbGlj ZW5zaW5nIG 9mIHRoZWly IHNvZnR3YX JlLCBhcyB3 ZWxsIGFzIH Rocm91Z2gg dGhlaXIgY2 9uc3VsdGlu ZyBzZXJ2aW Nlcy4gU0NP UidzIGJ1c2 luZXNzIG1v ZGVsIGlzIH ByaW1hcmls eSBCMkIsIH RhcmdldGlu ZyBsYXJnZS Bvcmdhbml6 YXRpb25zIG luIHZhcmlv dXMgaW5kdX N0cmllcyBz dWNoIGFzIG 1hbnVmYWN0 dXJpbmcsIH JldGFpbCwg YW5kIGhlYW x0aGNhcmUu

AI has the potential to impact SCOR, an insurance and reinsurance company, in several ways regarding its products, services, and competitive positioning.
1. Substitution: AI can enhance existing products or develop new ones that may substitute traditional insurance offerings. For example, AI-driven underwriting and risk assessment models can offer more tailored products, potentially making some existing products obsolete if they do not adapt.
2. Disintermediation: The rise of AI and insurtech companies may lead to disintermediation, where traditional roles in the insurance value chain are bypassed. This can allow customers to obtain services directly through AI platforms, reducing the need for intermediaries like brokers. SCOR may face competition from such new entrants that leverage AI for customer engagement and service delivery.
3. Margin Pressure: AI can drive operational efficiencies and cost savings, leading to increased competition in pricing among insurance providers. If competitors using AI can offer lower premiums while maintaining profitability, SCOR may experience margin pressure. It will be essential for SCOR to invest in AI technologies to keep up with cost efficiencies and maintain their competitive edge.
In summary, AI does present material threats to SCOR’s products, services, and competitive positioning through potential substitution, disintermediation, and margin pressure. Addressing these challenges proactively will be crucial for SCOR to remain competitive in a rapidly evolving market.

The sensitivity of SCOR’s earnings, cash flow, and valuation to changes in interest rates can be understood through several key factors:
1. Earnings Sensitivity: SCOR, as a global reinsurance and insurance company, is likely to be sensitive to interest rate changes due to its large investment portfolio. Rising interest rates can lead to higher investment income, positively impacting earnings. Conversely, declining rates may reduce investment returns, negatively affecting earnings.
2. Cash Flow Sensitivity: Interest rates can also impact SCOR’s cash flows, particularly through investment income generated from its fixed-income securities. Higher interest rates could improve cash flow from investments, while lower rates could constrain cash flows, affecting the company’s liquidity and ability to meet its obligations.
3. Valuation Sensitivity: SCOR’s valuation is often influenced by discount rates used in discounted cash flow models. An increase in interest rates generally results in a higher discount rate, which can decrease the present value of future cash flows, thereby lowering the company’s valuation. Conversely, lower interest rates can lead to a higher present value of future cash flows and an increase in valuation.
Overall, SCOR’s financial metrics are interconnected with interest rate movements, impacting profitability, cash generation, and market valuation. The extent of this sensitivity can vary based on the existing interest rate environment, the company’s asset-liability management strategies, and the composition of its investment portfolio.

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 bG9nb3MvSW s0STFUUUkx blpMdGRLcz g0T3Eud2Vi cCIgYWx0PS JTQ09SIiB0 aXRsZT0iU0 NPUiIgIGNs YXNzPSJpbW ctZmx1aWQi IGhlaWdodD 05MCB3aWR0 aD05MCBsb2 FkaW5nPSds YXp5JyBzdH lsZT0nYm9y ZGVyLXJhZG l1czogNnB4 Oyc+CgogIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 ZsZXg6IDE7 IHRleHQtYW xpZ246IGNl bnRlcjsgbW FyZ2luLWxl ZnQ6IDVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8cC BzdHlsZT0n Zm9udC1zaX plOiAyNnB4 OyBjb2xvcj ogIzMzMzsg bWFyZ2luLW JvdHRvbTog MTVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TiCBXYW50 IHRvIHJlYW QgbW9yZSBh Ym91dCBTQ0 9SPwogICAg 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+RpS BGcmVlIGVC b29rIGZvci BuZXcgdXNl cnM6IDxpPi JUaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzIjwvaT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9wPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxMnB4Oy Bmb250LXNp emU6IDEzcH g7IGNvbG9y OiAjNDQ0Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IG5vdyBhbm QgZ2V0IG91 ciBmcmVlIG VCb29rIAog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGI+ VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr czwvYj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID E2cHg7IGZv bnQtc2l6ZT ogMTRweDsg Y29sb3I6IC M0NDQ7IGZv bnQtZmFtaW x5OiAtYXBw bGUtc3lzdG VtLCBCbGlu a01hY1N5c3 RlbUZvbnQs IFNlZ29lIF VJLCBSb2Jv dG8sIEhlbH ZldGljYSBO ZXVlLCBzYW 5zLXNlcmlm OyBsaW5lLW hlaWdodDog MS42Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBIYX ZlIHlvdSBo ZWFyZCBhYm 91dCBvdXIg c2hvcnQgPH N0cm9uZyBz dHlsZT0nZm 9udC13ZWln aHQ6IDYwMD snPkRhaWx5 IFZpZGVvIE 5ld3NsZXR0 ZXI8L3N0cm 9uZz4/CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdodH RwczovL3d3 dy5pbnNpZ2 h0ZnVsdmFs dWUuY29tL2 5ld3NsZXR0 ZXIucGhwJy B0YXJnZXQ9 J19ibGFuay cgc3R5bGU9 J2NvbG9yOi AjMDA3QkZG OyB0ZXh0LW RlY29yYXRp b246IG5vbm U7IGZvbnQt d2VpZ2h0Oi A1MDA7IG1h cmdpbi1sZW Z0OiA2cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBGaW 5kIG91dCBt b3JlCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8L2E+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgCiAg ICAgICAgCi AgICAgICAg PHNwYW4gY2 xhc3M9J2Js dXJyZWQtdG V4dCc+CiAg ICAgICAgIC AgIE1TNGdV ME5QVWkgQn BjeUJoSUVa eSBaVzVqYU NCeVpXIGx1 YzNWeVlXNW ogWlNCamIy MXdZVyA1NU xDQm1iM1Z1 IFpHVmtJR2 x1SUQgRTVO ekFnWVc1ay BJR2hsWVdS eGRXIEZ5ZE dWeVpXUWcg YVc0Z1VHRn lhWCBNc0lF WnlZVzVqIF pTNDhZbkkr TWkgNGdWR2 hsSUdOdiBi WEJoYm5uaW dKIGx6SUc1 aGJXVWcgYV hNZ1lXNGdZ VyBOeWIyNT ViU0JtIGIz SWdVMjlqYW MgT3BkTU9w SUVOdiBiVz FsY21OcFlX IHhsSUdSbE lGTEQgcVdG emMzVnlZVy A1alpTNDhZ bkkrIE15NG dVME5QVWkg QnBjeUJ2Ym 1VZyBiMlln ZEdobElHIH hsWVdScGJt Y2cgY21WcG JuTjFjbSBG dVkyVWdZMj l0IGNHRnVh V1Z6SUcgbH VJSFJvWlNC MyBiM0pzWk N3Z2QyIGww YUNCaElIQn kgWlhObGJt TmxJRyBsdU lHMXZjbVVn IGRHaGhiaU F4TmogQWdZ MjkxYm5SeS BhV1Z6SUdG dVpDIEJoYm lCaGJtNTEg WVd3Z2RIVn libSA5MlpY SWdiMllnIG IzWmxjaUFr TVQgUWdZbW xzYkdsdiBi aUJwYmlBeU 1EIEl3TGp4 aWNqNDAgTG lCVWFHVWdZ MiA5dGNHRn VlU0J6IGNH VmphV0ZzYV ggcGxjeUJw YmlCdyBjbT kyYVdScGJt IGNnY21sem F5QnQgWVc1 aFoyVnRaVy A1MElITnZi SFYwIGFXOX VjeUIwYnkg QnBibk4xY2 1GdSBZMlVn WTI5dGNHIE Z1YVdWekxD QncgWVhKMG FXTjFiRyBG eWJIa2dhVz RnIGRHaGxJ R0Z5WlcgRn pJRzltSUd4 cCBabVVnWV c1a0lHIGhs WVd4MGFDQn AgYm5OMWNt RnVZMiBVc0 lIQnliM0Js IGNuUjVJR0 Z1WkMgQmpZ WE4xWVd4MC BlU0JwYm5O MWNtIEZ1WT JVc0lHRnUg WkNCemNHVm phVyBGc2RI a2diR2x1IF pYTXVQR0p5 UGogVXVJRk 5EVDFJZyBh WE1nYkdsem RHIFZrSUc5 dUlIUm8gWl NCRmRYSnZi bSBWNGRDQl FZWEpwIGN5 QnpkRzlqYX kgQmxlR05v WVc1biBaU0 JoYm1RZ2FY IE1nY0dGeW RDQnYgWmlC MGFHVWdSbi BKbGJtTm9J SE4wIGIyTn JJRzFoY20g dGxkQ0JwYm 1SbCBlQ0JE UVVNZ05EIE F1UEdKeVBq WXUgSUZSb1 pTQmpiMiAx d1lXNTVJR2 hoIGN5QnZk bVZ5SUQgTX NNekF3SUdW dCBjR3h2ZV dWbGN5IEIz YjNKc1pIZH AgWkdVc0lI ZHBkRyBnZ1 lTQnRZV3B2 IGNtbDBlU0 J2WmkgQnBk SE1nZDI5eS BhMlp2Y21O bElHIHh2WT JGMFpXUWcg YVc0Z1JYVn liMyBCbExD Qm1iMnhzIG IzZGxaQ0Jp ZVMgQk9iM0 owYUNCQiBi V1Z5YVdOaE lHIEZ1WkNC QmMybGggTG p4aWNqNDNM aSBCVFEwOV NJR2hoIGN5 QmhJSE4wY2 0gOXVaeUJt YVc1aCBibU 5wWVd3Z2NH IDl6YVhScG IyNHMgSUhk cGRHZ2dZUy BCamNtVmth WFFnIGNtRj BhVzVuSUcg OW1JRUZCTF NCbSBjbTl0 SUZOMFlXID VrWVhKa0lD WWcgVUc5dm N1S0FtWCBN Z1lXNWtJRU ZoIE15Qm1j bTl0SUUgMX ZiMlI1NG9D WiBjeTQ4WW 5JK09DIDRn U1c0Z1lXUm sgYVhScGIy NGdkRyA4Z2 FYUnpJR052 IGNtVWdjbV ZwYm4gTjFj bUZ1WTJVZy BZblZ6YVc1 bGMzIE1zSU ZORFQxSWcg WVd4emJ5Qn ZjRyBWeVlY UmxjeUJoIE lHeHBabVVn YVcgNXpkWE poYm1ObCBJ R0oxYzJsdV pYIE56SUhS b2NtOTEgWj JnZ2FYUnpJ SCBOMVluTn BaR2xoIGNu a2dVME5QVW kgQkhiRzlp WVd3ZyBUR2 xtWlM0OFlu IEkrT1M0Z1 ZHaGwgSUdO dmJYQmhibi BrZ2FYTWdZ V3h6IGJ5Qm piMjF0YVgg UjBaV1FnZE c4ZyBZMjl5 Y0c5eVlYIF JsSUhOdlky bGggYkNCeV pYTndiMiA1 emFXSnBiR2 wwIGVTd2dk MmwwYUMgQm hJR1p2WTNW eiBJRzl1SU hOMWMzIFJo YVc1aFltbH MgYVhSNUxD QmthWCBabG NuTnBkSGtn IFlXNWtJR2 x1WTIgeDFj Mmx2Yml3Zy BZVzVrSUdO dmNuIEJ2Y2 1GMFpTQm4g YjNabGNtNW hibSBObExq eGljajR4IE 1DNGdTVzRn TWogQXhPU3 dnVTBOUCBV aUJpWldOaG JXIFVnZEdo bElHWnAgY2 5OMElISmxh VyA1emRYSm xjaUIwIGJ5 QnBjM04xWl MgQmhJRlJw WlhJZyBNaU J6ZFdKdmNt IFJwYm1GMF pXUWcgWjNK bFpXNGdZbS A5dVpDd2da R1Z0IGIyNX pkSEpoZEcg bHVaeUJwZE hNZyBZMjl0 YldsMGJXIF Z1ZENCMGJ5 QmwgYm5acG NtOXViVyBW dWRHRnNJSE psIGMzQnZi bk5wWW0gbH NhWFI1TGc9 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=