Vienna Insurance Group

Live  

The Vienna Insurance Group is an Austrian insurance company established in 1824 and headquartered in Vienna, Austria. It is the largest insurance group in Central and Eastern Europe and one of the leading international insurance companies in the region.
The Vienna Insurance Group operates in 30 countries and offers a wide range of insurance products, such as life and health insurance, property and casualty insurance, and reinsurance. The company also provides financial services, including asset management and bancassurance.
The company’s core markets are Austria, Czech Republic, Slovakia, Poland, Hungary, Romania, Croatia, and Bulgaria. It also has a strong presence in the other countries in Central and Eastern Europe, such as Serbia, Slovenia, Belarus, and Turkey.
The Vienna Insurance Group is listed on the Vienna Stock Exchange and has a strong financial position, with total assets of EUR 32 billion and a market share of around 20% in its core markets. The company is committed to sustainable growth and has a strong record in corporate social responsibility and community investment.
In addition to its insurance business, the Vienna Insurance Group is also focused on digitalization and innovation. It has established partnerships with technology companies and has launched several digital initiatives to improve customer experience and business processes.
Overall, the Vienna Insurance Group is a well-established and reputable insurance company that serves millions of customers in Central and Eastern Europe and is committed to providing innovative and sustainable insurance solutions.

Vmllbm5hIE luc3VyYW5j ZSBHcm91cC BpcyBhIGNv bXBhbnkgdG hhdCBoZWxw cyBwZW9wbG UgcHJvdGVj dCB0aGVpci B0aGluZ3Mg YW5kIHRoZW 1zZWx2ZXMu IEltYWdpbm UgaWYgeW91 IGhhZCBhIH JlYWxseSBj b29sIGJpa2 Ugb3IgYSBu aWNlIHRveS wgYW5kIHlv dSB3YW50ZW QgdG8gbWFr ZSBzdXJlIH RoYXQgaWYg c29tZXRoaW 5nIGJhZCBo YXBwZW5lZC B0byBpdCwg bGlrZSBpZi BpdCBnb3Qg YnJva2VuIG 9yIHN0b2xl biwgeW91IH dvdWxkbuKA mXQgbG9zZS BhbGwgeW91 ciBtb25leS 4gVGhhdOKA mXMgd2hlcm UgYSBjb21w YW55IGxpa2 UgVmllbm5h IEluc3VyYW 5jZSBHcm91 cCBjb21lcy BpbiE8YnI+ SGVyZeKAmX MgaG93IGl0 IHdvcmtzOi BXaGVuIHBl b3BsZSBidX kgaW5zdXJh bmNlLCB0aG V5IHBheSBh IGxpdHRsZS BiaXQgb2Yg bW9uZXkgcm VndWxhcmx5 LCBsaWtlIG EgbW9udGhs eSBhbGxvd2 FuY2UuIFRo aXMgaXMgY2 FsbGVkIGEg cHJlbWl1bS 4gSW4gcmV0 dXJuLCBpZi Bzb21ldGhp bmcgYmFkIG hhcHBlbnMs IHRoZSBpbn N1cmFuY2Ug Y29tcGFueS Bwcm9taXNl cyB0byBoZW xwIHBheSBm b3IgdGhlIH JlcGFpcnMg b3IgcmVwbG FjZSB3aGF0 IHdhcyBsb3 N0LiBTbywg aWYgeW91ci BiaWtlIGdv dCBzdG9sZW 4sIHRoZSBp bnN1cmFuY2 Ugd291bGQg aGVscCB5b3 UgYnV5IGEg bmV3IG9uZS E8YnI+VGhl IHdheSBWaW VubmEgSW5z dXJhbmNlIE dyb3VwIG1h a2VzIG1vbm V5IGlzIGJ5 IGNvbGxlY3 RpbmcgdGhl c2UgcHJlbW l1bXMgZnJv bSBsb3RzIG 9mIHBlb3Bs ZS4gTW9zdC BvZiB0aGUg dGltZSwgbm 90IGV2ZXJ5 b25lIGhhcy BhY2NpZGVu dHMgb3IgbG 9zZXMgdGhp bmdzIGF0IH RoZSBzYW1l IHRpbWUsIH NvIHRoZSBj b21wYW55IG NvbGxlY3Rz IG1vcmUgbW 9uZXkgZnJv bSBwZW9wbG UgdGhhbiBp dCBwYXlzIG 91dCBpbiBo ZWxwIHdoZW 4gc29tZXRo aW5nIGdvZX Mgd3Jvbmcu IDxicj5WaW VubmEgSW5z dXJhbmNlIE dyb3VwIGlz IHN1Y2Nlc3 NmdWwgZm9y IGEgZmV3IH JlYXNvbnM6 IDxicj4xLi BUcnVzdDog UGVvcGxlIH dhbnQgdG8g bWFrZSBzdX JlIHRoZWly IHRoaW5ncy BhcmUgc2Fm ZSwgYW5kIH RoZXkgdHJ1 c3QgVmllbm 5hIEluc3Vy YW5jZSBHcm 91cCB0byB0 YWtlIGNhcm Ugb2YgdGhl bSB3aGVuIH RoaW5ncyBn byB3cm9uZy 48YnI+ICA8 YnI+Mi4gRX hwZXJpZW5j ZTogVGhlIG NvbXBhbnkg aGFzIGJlZW 4gYXJvdW5k IGZvciBhIG xvbmcgdGlt ZSwgc28gdG hleSBrbm93 IGhvdyB0by BkbyB0aGVp ciBqb2Igcm VhbGx5IHdl bGwuPGJyPi AgPGJyPjMu IERpZmZlcm VudCBPcHRp b25zOiBUaG V5IG9mZmVy IHZhcmlvdX MgdHlwZXMg b2YgaW5zdX JhbmNlIGZv ciBjYXJzLC Bob21lcywg aGVhbHRoLC BhbmQgbW9y ZSwgd2hpY2 ggbWVhbnMg dGhleSBjYW 4gaGVscCBt YW55IGRpZm ZlcmVudCBw ZW9wbGUuPG JyPkFzIGZv ciB0aGUgZn V0dXJlLCBW aWVubmEgSW 5zdXJhbmNl IEdyb3VwIG lzIGxpa2Vs eSB0byBzdG F5IHN1Y2Nl c3NmdWwgYm VjYXVzZSB0 aGV5IGtlZX AgbGVhcm5p bmcgYWJvdX Qgd2hhdCBw ZW9wbGUgbm VlZCwgYWRh cHRpbmcgdG 8gbmV3IGNo YWxsZW5nZX MsIGFuZCBm aW5kaW5nIG JldHRlciB3 YXlzIHRvIG hlbHAgdGhl aXIgY3VzdG 9tZXJzLiBQ bHVzLCBhcy Bsb25nIGFz IHRoZXJlIG FyZSBwZW9w bGUgYW5kIH RoaW5ncyB0 byBwcm90ZW N0LCB0aGVy ZSB3aWxsIG Fsd2F5cyBi ZSBhIG5lZW QgZm9yIGlu c3VyYW5jZS E8YnI+

MS4gSGlzdG 9yeTogVmll bm5hIEluc3 VyYW5jZSBH cm91cCAoVk lHKSBpcyBv bmUgb2YgdG hlIG9sZGVz dCBhbmQgbG FyZ2VzdCBp bnRlcm5hdG lvbmFsIGlu c3VyYW5jZS Bncm91cHMg aW4gRXVyb3 BlLCB3aXRo IGEgaGlzdG 9yeSBkYXRp bmcgYmFjay B0byB0aGUg ZWFybHkgMT l0aCBjZW50 dXJ5Ljxicj 4yLiBTdHJv bmcgcHJlc2 VuY2UgaW4g Q2VudHJhbC BhbmQgRWFz dGVybiBFdX JvcGU6IFZJ RyBoYXMgYS BzdHJvbmcg cHJlc2VuY2 UgaW4gQ2Vu dHJhbCBhbm QgRWFzdGVy biBFdXJvcG UsIHdpdGgg c3Vic2lkaW FyaWVzIGlu IDI1IGNvdW 50cmllcyBh bmQgYSBtYX JrZXQgc2hh cmUgb2Ygb3 ZlciAyMCUg aW4gbWFueS BvZiB0aGVz ZSBtYXJrZX RzLjxicj4z LiBEaXZlcn NpZmllZCBw b3J0Zm9saW 86IFZJRyBv ZmZlcnMgYS Bjb21wcmVo ZW5zaXZlIH JhbmdlIG9m IGluc3VyYW 5jZSBwcm9k dWN0cyBmb3 IgaW5kaXZp ZHVhbHMgYW 5kIGJ1c2lu ZXNzZXMsIG luY2x1ZGlu ZyBsaWZlLC BoZWFsdGgs IHByb3Blcn R5LCBhbmQg Y2FzdWFsdH kgaW5zdXJh bmNlLCBtYW tpbmcgaXQg YSBvbmUtc3 RvcC1zaG9w IGZvciBhbG wgaW5zdXJh bmNlIG5lZW RzLjxicj40 LiBGaW5hbm NpYWwgc3Ry ZW5ndGg6IF ZJRyBpcyBm aW5hbmNpYW xseSBzdHJv bmcgYW5kIG hhcyBjb25z aXN0ZW50bH kgYWNoaWV2 ZWQgaGlnaC ByYXRpbmdz IGZyb20gbW Fqb3IgY3Jl ZGl0IHJhdG luZyBhZ2Vu Y2llcywgc3 VjaCBhcyBT dGFuZGFyZC AmIFBvb3Li gJlzIGFuZC BNb29keeKA mXMuPGJyPj UuIElubm92 YXRpb246IF ZJRyBpcyBj b21taXR0ZW QgdG8gc3Rh eWluZyBhdC B0aGUgZm9y ZWZyb250IG 9mIGlubm92 YXRpb24gaW 4gdGhlIGlu c3VyYW5jZS BpbmR1c3Ry eS4gSXQgY2 9udGludW91 c2x5IGRldm Vsb3BzIG5l dyBhbmQgaW 1wcm92ZWQg cHJvZHVjdH MgYW5kIHNl cnZpY2VzIH RvIG1lZXQg dGhlIGV2b2 x2aW5nIG5l ZWRzIG9mIG l0cyBjdXN0 b21lcnMuPG JyPjYuIENv cnBvcmF0ZS Bzb2NpYWwg cmVzcG9uc2 liaWxpdHk6 IFZJRyBpcy Bjb21taXR0 ZWQgdG8gYm VpbmcgYSBy ZXNwb25zaW JsZSBjb3Jw b3JhdGUgY2 l0aXplbiBh bmQgYWN0aX ZlbHkgcGFy dGljaXBhdG VzIGluIHNv Y2lhbCBhbm QgZW52aXJv bm1lbnRhbC Bpbml0aWF0 aXZlcywgc3 VjaCBhcyBz dXBwb3J0aW 5nIGVkdWNh dGlvbiBhbm Qgc3VzdGFp bmFiaWxpdH kgcHJvamVj dHMuPGJyPj cuIEV4cGVy aWVuY2VkIG 1hbmFnZW1l bnQgdGVhbT ogVklHIGlz IGxlZCBieS BhbiBleHBl cmllbmNlZC BhbmQga25v d2xlZGdlYW JsZSBtYW5h Z2VtZW50IH RlYW0sIHdp dGggYSBkZW VwIHVuZGVy c3RhbmRpbm cgb2YgdGhl IGluc3VyYW 5jZSBpbmR1 c3RyeSBhbm QgdGhlIG1h cmtldHMgaW 4gd2hpY2gg dGhlIGNvbX Bhbnkgb3Bl cmF0ZXMuPG JyPjguIEN1 c3RvbWVyLW NlbnRyaWMg YXBwcm9hY2 g6IFZJRyBw dXRzIGl0cy BjdXN0b21l cnMgYXQgdG hlIGNlbnRl ciBvZiBldm VyeXRoaW5n IGl0IGRvZX MsIGFpbWlu ZyB0byBwcm 92aWRlIGV4 Y2VwdGlvbm FsIGN1c3Rv bWVyIHNlcn ZpY2UgYW5k IGVuc3VyZS BjdXN0b21l ciBzYXRpc2 ZhY3Rpb24u PGJyPjkuIE ludGVybmF0 aW9uYWwgbm V0d29yazog VklH4oCZcy BleHRlbnNp dmUgaW50ZX JuYXRpb25h bCBuZXR3b3 JrIGVuYWJs ZXMgaXQgdG 8gcHJvdmlk ZSBpbnN1cm FuY2Ugc29s dXRpb25zIG FuZCBzZXJ2 aWNlcyB0by BpdHMgY3Vz dG9tZXJzIG dsb2JhbGx5 Ljxicj4xMC 4gQXdhcmRz IGFuZCByZW NvZ25pdGlv bnM6IFZJRy BoYXMgcmVj ZWl2ZWQgbn VtZXJvdXMg YXdhcmRzIG FuZCByZWNv Z25pdGlvbn MgZm9yIGl0 cyBleGNlbG xlbmNlIGlu IHRoZSBpbn N1cmFuY2Ug aW5kdXN0cn ksIGluY2x1 ZGluZyBiZW luZyBuYW1l ZCBCZXN0IE luc3VyYW5j ZSBDb21wYW 55IGluIENl bnRyYWwgYW 5kIEVhc3Rl cm4gRXVyb3 BlIG11bHRp cGxlIHRpbW VzIGJ5IHJl cHV0YWJsZS BpbmR1c3Ry eSBwdWJsaW NhdGlvbnMu

VGhlIFZpZW 5uYSBJbnN1 cmFuY2UgR3 JvdXAgKFZJ RykgaXMgYW 4gaW5zdXJh bmNlIGNvbX BhbnkgYmFz ZWQgaW4gQX VzdHJpYSB0 aGF0IG9wZX JhdGVzIHBy aW1hcmlseS BpbiBDZW50 cmFsIGFuZC BFYXN0ZXJu IEV1cm9wZS 4gSXRzIGJ1 c2luZXNzIG 1vZGVsIGZv Y3VzZXMgb2 4gcHJvdmlk aW5nIGEgd2 lkZSByYW5n ZSBvZiBpbn N1cmFuY2Ug cHJvZHVjdH MgYW5kIHNl cnZpY2VzIH RvIGluZGl2 aWR1YWxzIG FuZCBidXNp bmVzc2VzLC BpbmNsdWRp bmcgbGlmZS wgaGVhbHRo LCBwcm9wZX J0eSwgYW5k IGNhc3VhbH R5IGluc3Vy YW5jZS4gPG JyPlZJRyBv cGVyYXRlcy B0aHJvdWdo IGEgbXVsdG ktYnJhbmQg c3RyYXRlZ3 ksIG9mZmVy aW5nIGl0cy Bwcm9kdWN0 cyB0aHJvdW doIHdlbGwt a25vd24gYW 5kIHRydXN0 ZWQgYnJhbm RzIGluIGVh Y2ggb2YgdG hlIGNvdW50 cmllcyBpdC BvcGVyYXRl cyBpbi4gVG hpcyBhbGxv d3MgdGhlIG NvbXBhbnkg dG8gdGFpbG 9yIGl0cyBv ZmZlcmluZ3 MgdG8gdGhl IHNwZWNpZm ljIG5lZWRz IGFuZCBwcm VmZXJlbmNl cyBvZiBlYW NoIG1hcmtl dC4gPGJyPk 9uZSBvZiBW SUfigJlzIG tleSBzdHJh dGVnaWVzIG lzIGl0cyBj dXN0b21lci 1jZW50cmlj IGFwcHJvYW NoLCB3aXRo IGEgZm9jdX Mgb24gcHJv dmlkaW5nIG hpZ2gtcXVh bGl0eSwgY3 VzdG9taXpl ZCBzb2x1dG lvbnMgdG8g bWVldCB0aG UgdW5pcXVl IG5lZWRzIG 9mIGl0cyBj bGllbnRzLi BUaGUgY29t cGFueSBhbH NvIHBsYWNl cyBzdHJvbm cgZW1waGFz aXMgb24gZG lnaXRhbGl6 YXRpb24gYW 5kIGxldmVy YWdpbmcgdG VjaG5vbG9n eSB0byBpbX Byb3ZlIGVm ZmljaWVuY3 kgYW5kIGVu aGFuY2UgY3 VzdG9tZXIg ZXhwZXJpZW 5jZS4gPGJy PkluIGFkZG l0aW9uIHRv IHRyYWRpdG lvbmFsIGlu c3VyYW5jZS Bwcm9kdWN0 cywgVklHIG Fsc28gb2Zm ZXJzIHZhcm lvdXMgZmlu YW5jaWFsIH NlcnZpY2Vz LCBpbmNsdW RpbmcgYXNz ZXQgbWFuYW dlbWVudCwg YmFua2luZy wgYW5kIHJl YWwgZXN0YX RlIHNlcnZp Y2VzLiBUaG lzIGRpdmVy c2lmaWVzIG l0cyByZXZl bnVlIHN0cm VhbXMgYW5k IGFsbG93cy BpdCB0byBj YXB0dXJlIG 5ldyBtYXJr ZXQgb3Bwb3 J0dW5pdGll cy4gPGJyPl ZJR+KAmXMg YnVzaW5lc3 MgbW9kZWwg YWxzbyBpbn ZvbHZlcyBh IHN0cm9uZy ByaXNrIG1h bmFnZW1lbn QgYXBwcm9h Y2ggdG8gZW 5zdXJlIGxv bmctdGVybS BzdGFiaWxp dHkgYW5kIH N1c3RhaW5h YmlsaXR5Li BUaGUgY29t cGFueSBtYW ludGFpbnMg YSBzdHJvbm cgZmluYW5j aWFsIHBvc2 l0aW9uIGFu ZCBhIHNvbG lkIGludmVz dG1lbnQgcG 9ydGZvbGlv IHRvIHN1cH BvcnQgaXRz IG9wZXJhdG lvbnMgYW5k IGdyb3d0aC 48YnI+T3Zl cmFsbCwgVk lH4oCZcyBi dXNpbmVzcy Btb2RlbCBp cyBidWlsdC BvbiBhIGNv bWJpbmF0aW 9uIG9mIGN1 c3RvbWVyIG ZvY3VzLCBk aXZlcnNpZm ljYXRpb24s IGFuZCByaX NrIG1hbmFn ZW1lbnQsIG FsbG93aW5n IGl0IHRvIH Byb3ZpZGUg cmVsaWFibG UgaW5zdXJh bmNlIHNlcn ZpY2VzIHdo aWxlIGRyaX Zpbmcgc3Vz dGFpbmFibG UgZ3Jvd3Ro IGFuZCBwcm 9maXRhYmls aXR5Lg==

AI can indeed pose a material threat to the Vienna Insurance Group’s products, services, and competitive positioning in several ways:
1. Substitution: AI technology has enabled the development of alternative insurance models and platforms that can potentially replace traditional insurance products. Companies using AI for risk assessment and pricing can offer more tailored and competitive insurance products, attracting customers away from established firms like the Vienna Insurance Group.
2. Disintermediation: The rise of insurtech companies using AI means that consumers can access insurance products directly, bypassing traditional insurance agents and brokers. This disintermediation could severely impact the sales channels of Vienna Insurance Group, making it vital for the company to adapt its distribution strategy to stay relevant.
3. Margin Pressure: AI-driven efficiencies can lower operational costs for competitors, allowing them to offer lower premiums or improved services without sacrificing profitability. This can lead to margin pressure on the Vienna Insurance Group, requiring them to enhance their operational efficiencies or innovate product offerings to maintain competitive prices.
To remain competitive, the Vienna Insurance Group may need to invest in its own AI capabilities, enhance customer engagement strategies, and possibly collaborate with emerging technologies to ensure they are not only keeping pace with the market but also meeting evolving customer expectations.

The sensitivity of Vienna Insurance Group’s earnings, cash flow, and valuation to changes in interest rates can be significant, given the nature of its business in the insurance sector.
1. Earnings Sensitivity: Changes in interest rates can directly impact the investment income that insurance companies earn on their bond portfolios. When interest rates rise, the new bonds issued tend to offer higher yields, which can enhance future earnings. Conversely, lower interest rates can lead to reduced investment income as older bonds with lower yields mature. Additionally, interest rates affect the cost of liabilities and reserves that the company must maintain, which can also influence overall earnings.
2. Cash Flow Sensitivity: The cash flow of Vienna Insurance Group is affected by interest rates since investment returns on their portfolio generate cash inflows. Rising interest rates can lead to improved cash flows from new investments. However, lower rates can create challenges in generating adequate cash flows to meet obligations, especially if the company must pay out higher claims or manage longer-term liabilities without corresponding increases in investment income.
3. Valuation Sensitivity: The valuation of an insurance company like Vienna Insurance Group is often influenced by discounted cash flow models, where future cash flows are discounted back to their present value using an interest rate. Higher interest rates generally lead to lower present values for future cash flows, potentially decreasing the company’s valuation. Conversely, a lower interest rate environment can increase valuations as future cash flows, when discounted at a lower rate, appear more valuable.
Overall, Vienna Insurance Group, like other insurance companies, faces notable sensitivity to changes in interest rates, impacting earnings, cash flow, and overall valuation. These effects underline the importance of interest rate risk management in the company’s strategic planning.

QSBwbGF1c2 libGUgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgdG hlIGVjb25v bWljcyBvZi BWaWVubmEg SW5zdXJhbm NlIEdyb3Vw IChWSUcpIG 92ZXIgdGhl IG5leHQgM+ KAkzUgeWVh cnMgaXMgYS BzaWduaWZp Y2FudCBhbm QgcHJvbG9u Z2VkIGRvd2 50dXJuIGlu IHRoZSBFdX JvcGVhbiBl Y29ub215LC BwYXJ0aWN1 bGFybHkgYW ZmZWN0aW5n IENlbnRyYW wgYW5kIEVh c3Rlcm4gRX Vyb3BlYW4g bWFya2V0cy B3aGVyZSBW SUcgaGFzIH N1YnN0YW50 aWFsIG9wZX JhdGlvbnMu IFRoaXMgY2 91bGQgYmUg dHJpZ2dlcm VkIGJ5IGEg Y29tYmluYX Rpb24gb2Yg ZmFjdG9ycy wgaW5jbHVk aW5nIGEgc2 V2ZXJlIHJl Y2Vzc2lvbi wgaGlnaCBp bmZsYXRpb2 4gcmF0ZXMg cGVyc2lzdG luZyBkdWUg dG8gc3VwcG x5IGNoYWlu IGRpc3J1cH Rpb25zIG9y IGVuZXJneS BjcmlzZXMs IGFuZCBnZW 9wb2xpdGlj YWwgaW5zdG FiaWxpdHkg dGhhdCBsZW FkcyB0byBk ZWNyZWFzZW QgY29uc3Vt ZXIgY29uZm lkZW5jZSBh bmQgbG93ZX IgZGVtYW5k IGZvciBpbn N1cmFuY2Ug cHJvZHVjdH MuPGJyPklm IHRoaXMgc2 NlbmFyaW8g d2VyZSB0by B1bmZvbGQs IHNldmVyYW wgZWZmZWN0 cyBjb3VsZC BiZSBvYnNl cnZlZDo8Yn I+MS4gPHN0 cm9uZz5NYX JnaW5zPC9z dHJvbmc+Oi BUaGUgY29t cGFueeKAmX MgcHJvZml0 IG1hcmdpbn MgY291bGQg c2hyaW5rIH NpZ25pZmlj YW50bHkgZH VlIHRvIGlu Y3JlYXNlZC BjbGFpbXMg cmVsYXRlZC B0byBlY29u b21pYyBoYX Jkc2hpcHMs IHN1Y2ggYX MgaGlnaGVy IHVuZW1wbG 95bWVudCBs ZWFkaW5nIH RvIG1vcmUg Y2xhaW1zIG luIGhlYWx0 aCBhbmQgcH JvcGVydHkg aW5zdXJhbm NlLiBBZGRp dGlvbmFsbH ksIGNvbXBl dGl0aXZlIH ByZXNzdXJl IG1heSBmb3 JjZSBWSUcg dG8gcmVkdW NlIHByZW1p dW1zIHRvIH JldGFpbiBt YXJrZXQgc2 hhcmUsIGZ1 cnRoZXIgc3 F1ZWV6aW5n IG1hcmdpbn MuIEEgZGVj bGluZSBpbi BpbnZlc3Rt ZW50IHJldH VybnMgZnJv bSBmaXhlZC BpbmNvbWUg c2VjdXJpdG llcywgYXMg aW50ZXJlc3 QgcmF0ZXMg cmVtYWluIG xvdyBvciBu ZWdhdGl2ZS wgd291bGQg YWxzbyBuZW dhdGl2ZWx5 IGltcGFjdC B0aGUgcHJv Zml0YWJpbG l0eSBvZiBp bnN1cmFuY2 UgY29udHJh Y3RzLjxicj 4yLiA8c3Ry b25nPkNhc2 ggRmxvdzwv c3Ryb25nPj ogVGhlIGNh c2ggZmxvdy Bjb3VsZCBi ZWNvbWUgY2 9uc3RyYWlu ZWQgYXMgcG 9saWN5aG9s ZGVycyBtaW dodCBkZWxh eSBwcmVtaX VtIHBheW1l bnRzIG9yIH JlZHVjZSB0 aGVpciBjb3 ZlcmFnZS4g VGhlIGluY3 JlYXNlIGlu IGNsYWltcy Bjb3VsZCBs ZWFkIHRvIG hpZ2hlciBw YXlvdXQgcm F0aW9zLCB0 aHVzIHByZX NzdXJpbmcg dGhlIGNhc2 ggZmxvdyBm cm9tIG9wZX JhdGlvbnMu IEluIGEgcG 9vciBlY29u b21pYyBjbG ltYXRlLCB0 aGUgb3Zlcm FsbCBjb25z dW1lciBzcG VuZGluZyBk cm9wIGNvdW xkIGFsc28g bGVhZCB0by Bsb3dlciBu ZXcgcG9saW N5IHNhbGVz LCBmdXJ0aG VyIGV4YWNl cmJhdGluZy BjYXNoIGZs b3cgaXNzdW VzLjxicj4z LiA8c3Ryb2 5nPkJhbGFu Y2UgU2hlZX Q8L3N0cm9u Zz46IFRoZS BiYWxhbmNl IHNoZWV0IG NvdWxkIGRl dGVyaW9yYX RlIHdpdGgg YW4gaW5jcm Vhc2UgaW4g bGlhYmlsaX RpZXMgZHVl IHRvIHJpc2 luZyBjbGFp bXMgYW5kIH BvdGVudGlh bGx5IGxvd2 VyIGFzc2V0 IHZhbHVhdG lvbnMuIFRo ZSBjb21wYW 55IG1pZ2h0 IGV4cGVyaW VuY2UgaGln aGVyIGxvc3 MgcmVzZXJ2 ZXMgcmVxdW lyZW1lbnRz LCBhbmQgaW YgdGhlIGVj b25vbWljIG Rvd250dXJu IGlzIHByb2 xvbmdlZCwg dGhlcmUgY2 91bGQgYmUg YSBzaWduaW ZpY2FudCBp bXBhY3Qgb2 4gdGhlIGlu dmVzdG1lbn QgcG9ydGZv bGlvLCBsZW FkaW5nIHRv IGFzc2V0IH dyaXRlLWRv d25zLiBUaG UgY29tcGFu eeKAmXMgY2 FwaXRhbCBy YXRpb3MgbW lnaHQgZmFs bCwgcG90ZW 50aWFsbHkg cmVzdWx0aW 5nIGluIHJl Z3VsYXRvcn kgY29uY2Vy bnMgcmVnYX JkaW5nIHNv bHZlbmN5Lj xicj5JbiBz dW1tYXJ5LC BpZiBhIHBy b2xvbmdlZC BlY29ub21p YyBkb3dudH VybiBvY2N1 cnMsIFZpZW 5uYSBJbnN1 cmFuY2UgR3 JvdXAgY291 bGQgc2VlIG RlY3JlYXNl ZCBtYXJnaW 5zIGR1ZSB0 byByaXNpbm cgY2xhaW1z IGFuZCBjb2 1wZXRpdGl2 ZSBwcmVzc3 VyZXMsIHN0 cmFpbmVkIG Nhc2ggZmxv dyBmcm9tIH JlZHVjZWQg cHJlbWl1bS BpbmNvbWUg YW5kIGhpZ2 hlciBwYXlv dXRzLCBhbm QgYSB3ZWFr ZW5lZCBiYW xhbmNlIHNo ZWV0IGZyb2 0gaW5jcmVh c2VkIGxpYW JpbGl0aWVz IGFuZCBhc3 NldCBkZXBy ZWNpYXRpb2 4uIFRoZSBj b21iaW5hdG lvbiBvZiB0 aGVzZSBmYW N0b3JzIGNv dWxkIGltcG FpciB0aGUg Y29tcGFuee KAmXMgYWJp bGl0eSB0by BvcGVyYXRl IGVmZmVjdG l2ZWx5IGlu IHRoZSBsb2 5nIHRlcm0u 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 bG9nb3MvSk QyVW1aMEFJ dlM5cGUzdE o2TWYud2Vi cCIgYWx0PS JWaWVubmEg SW5zdXJhbm NlIEdyb3Vw IiB0aXRsZT 0iVmllbm5h IEluc3VyYW 5jZSBHcm91 cCIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD01 MCB3aWR0aD 01MCBsb2Fk aW5nPSdsYX p5JyBzdHls ZT0nYm9yZG VyLXJhZGl1 czogNnB4Oy c+CgogICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J2Zs ZXg6IDE7IH RleHQtYWxp Z246IGNlbn RlcjsgbWFy Z2luLWxlZn Q6IDVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8cCBz dHlsZT0nZm 9udC1zaXpl OiAyNnB4Oy Bjb2xvcjog IzMzMzsgbW FyZ2luLWJv dHRvbTogMT VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T iCBXYW50IH RvIHJlYWQg bW9yZSBhYm 91dCBWaWVu bmEgSW5zdX JhbmNlIEdy b3VwPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T pSBHZXQgb3 VyIGZyZWUg ZUJvb2sgbm 93OiA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvcD4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTJweDsg Zm9udC1zaX plOiAxM3B4 OyBjb2xvcj ogIzQ0NDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg U2lnbiB1cC Bub3cgYW5k IGdldCBvdX IgZnJlZSBl Qm9vayAKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxiPl RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 M8L2I+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx NnB4OyBmb2 50LXNpemU6 IDE0cHg7IG NvbG9yOiAj NDQ0OyBmb2 50LWZhbWls eTogLWFwcG xlLXN5c3Rl bSwgQmxpbm tNYWNTeXN0 ZW1Gb250LC BTZWdvZSBV SSwgUm9ib3 RvLCBIZWx2 ZXRpY2EgTm V1ZSwgc2Fu cy1zZXJpZj sgbGluZS1o ZWlnaHQ6ID EuNjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgSGF2 ZSB5b3UgaG VhcmQgYWJv dXQgb3VyIH Nob3J0IDxz dHJvbmcgc3 R5bGU9J2Zv bnQtd2VpZ2 h0OiA2MDA7 Jz5EYWlseS BWaWRlbyBO ZXdzbGV0dG VyPC9zdHJv bmc+PwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naHR0 cHM6Ly93d3 cuaW5zaWdo dGZ1bHZhbH VlLmNvbS9u ZXdzbGV0dG VyLnBocCcg dGFyZ2V0PS dfYmxhbmsn IHN0eWxlPS djb2xvcjog IzAwN0JGRj sgdGV4dC1k ZWNvcmF0aW 9uOiBub25l OyBmb250LX dlaWdodDog NTAwOyBtYX JnaW4tbGVm dDogNnB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgRmlu ZCBvdXQgbW 9yZQogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIAogIC AgICAgIAog ICAgICAgID xzcGFuIGNs YXNzPSdibH VycmVkLXRl eHQnPgogIC AgICAgICAg ICBNUzRnVm 1sbGJtIDVo SUVsdWMzVn kgWVc1alpT QkhjbSA5MW NDQnBjeUIw IGFHVWdiR0 Z5WjIgVnpk Q0JwYm5OMS BjbUZ1WTJV Z1kyIDl0Y0 dGdWVTQnAg YmlCQmRYTj BjbSBsaExp QThZbkkrIE 1pNGdTWFFn ZDIgRnpJR1 p2ZFc1ayBa V1FnYVc0Z0 1UIGd5TkNC aGN5QjAgYU dVZ2F5NXJM aSBCd2NtbD JMaUJ3IGNt bDJhV3hwWj IgbHlkR1Vn YjJWeiBkR1 Z5Y21WcFky IGhwYzJOb1 pTQk0gdzZS dVpHVnlMVi BabGNuTnBZ MmhsIGNuVn VaM010UVcg NXpkR0ZzZE NBbyBTVzF3 WlhKcFlXIH dnWVc1a0lG SnYgZVdGc0 lGQnlhWCBa cGJHVm5aV1 FnIFFYVnpk SEpwWVcgNG dUR0Z1WkhN ZyBTVzV6ZF hKaGJtIE5s SUVsdWMzUn AgZEhWMGFX OXVLUyA0Z1 BHSnlQak11 IElGUm9aU0 JqYjIgMXdZ VzU1SUhkaC BjeUJ2Y21s bmFXIDVoYk d4NUlHWnYg WTNWelpXUW diMiA0Z1lX ZHlhV04xIG JIUjFjbVVn WVcgNWtJR1 pwY21VZyBh VzV6ZFhKaG JtIE5sTENC aWRYUWcgYU dGeklITnBi bSBObElHVj RjR0Z1IFpH VmtJSFJ2SU cgOW1abVZ5 SUdFZyBkMm xrWlNCeVlX IDVuWlNCdl ppQnAgYm5O MWNtRnVZMi BVZ2NISnZa SFZqIGRITX NJR2x1WTIg eDFaR2x1Wn lCcyBhV1ps TENCb1pXIE ZzZEdnc0lH MXYgZEc5eU xDQmhibSBR Z2NISnZjR1 Z5IGRIa2dh VzV6ZFggSm hibU5sTGlB OCBZbkkrTk M0Z1ZtIGxs Ym01aElFbH UgYzNWeVlX NWpaUyBCSG NtOTFjQ0Jv IFlYTWdZU0 J6ZEggSnZi bWNnY0hKbC BjMlZ1WTJV Z2FXIDRnUT JWdWRISmgg YkNCaGJtUW dSVyBGemRH VnliaUJGIG RYSnZjR1Vz SUggZHBkR2 dnYzNWaSBj MmxrYVdGeW FXIFZ6SUds dUlESTEgSU dOdmRXNTBj bSBsbGN5NG dQR0p5IFBq VXVJRWx1SU QgSXdNVGtz SUhSbyBaU0 JqYjIxd1lX IDU1SUhKbG NHOXkgZEdW a0lHRWdkRy A5MFlXd2dk bTlzIGRXMW xJRzltSUgg QnlaVzFwZF cxeiBJRzlt SURFd0xqIF VnWW1sc2JH bHYgYmlCbG RYSnZjeSA0 Z1BHSnlQal l1IElGWnBa VzV1WVMgQk pibk4xY21G dSBZMlVnUj NKdmRYIEFn YVhNZ2JHbH ogZEdWa0lH OXVJSCBSb1 pTQldhV1Z1 IGJtRWdVM1 J2WTIgc2dS WGhqYUdGdS BaMlVnWVc1 a0lHIGx6SU dFZ1kyOXQg Y0c5dVpXNT BJRyA5bUlI Um9aU0JCIG RYTjBjbWxo YmkgQlVjbU ZrWldRZyBT VzVrWlhnZ0 tFIEZVV0Nr dUlEeGkgY2 o0M0xpQlVh RyBVZ1kyOX RjR0Z1IGVT Qm9ZWE1nWV MgQnpkSEp2 Ym1jZyBZMj l0YldsMGJX IFZ1ZENCMG J5QmogYjNK d2IzSmhkRy BVZ2MyOWph V0ZzIElISm xjM0J2Ym4g TnBZbWxzYV hSNSBJR0Z1 WkNCb1lYIE 1nYVcxd2JH VnQgWlc1MF pXUWdkbSBG eWFXOTFjeU J6IGRYTjBZ V2x1WVcgSn NaU0JwYm1s MCBhV0YwYV habGN5IHdn YzNWamFDQm ggY3lCd2Nt OXRiMyBScG JtY2daVzVs IGNtZDVJR1 ZtWm0gbGph V1Z1WTNrZy BZVzVrSUhO d2IyIDV6Yj NKcGJtY2cg YzI5amFXRn NJRyBGdVpD QmpkV3gwIG RYSmhiQ0J3 Y20gOXFaV0 4wY3k0ZyBQ R0p5UGpndU lGIFpwWlc1 dVlTQkogYm 5OMWNtRnVZ MiBVZ1IzSn ZkWEFnIGFH RnpJR0psWl cgNGdjbVZq YjJkdSBhWH BsWkNCbWIz IElnYVhSek lHWnAgYm1G dVkybGhiQy BCemRHRmlh V3hwIGRIa2 dZVzVrSUgg TjBjbTl1Wn lCdyBaWEpt YjNKdFlXID VqWlN3Z2Nt VmogWldsMm FXNW5JRyBo cFoyZ2djbU YwIGFXNW5j eUJtY20gOX RJR055WldS cCBkQ0J5WV hScGJtIGNn WVdkbGJtTn AgWlhNZ2Mz VmphQyBCaG N5QlRkR0Z1 IFpHRnlaQ0 FtSUYgQnZi M0xpZ0psei BJR0Z1WkNC TmIyIDlrZW VLQW1YTXUg SUR4aWNqND VMaSBCSmJp QmhaR1JwIG RHbHZiaUIw YnkgQjBjbU ZrYVhScCBi MjVoYkNCcG JuIE4xY21G dVkyVWcgY0 hKdlpIVmpk SCBNc0lIUm 9aU0JqIGIy MXdZVzU1SU cgRnNjMjhn YjJabSBaWE p6SUdsdWJt IDkyWVhScG RtVWcgWkds bmFYUmhiQy BCemIyeDFk R2x2IGJuTX NJSE4xWTIg Z2dZWE1nWV NCdCBiMkpw YkdVZ1lYIE J3SUdadmNp QnQgWVc1aF oybHVaeSBC cGJuTjFjbU Z1IFkyVWdj RzlzYVcgTn BaWE1nWVc1 ayBJR0VnY0 d4aGRHIFp2 Y20wZ1ptOX kgSUdOaGNp MXphRyBGeW FXNW5JR2x1 IGMzVnlZVz VqWlMgNGdQ R0p5UGpFdy BMaUJXYVdW dWJtIEVnU1 c1emRYSmgg Ym1ObElFZH liMyBWd0lH aGhjeUJoIE lHeHZibWNn YUcgbHpkRz l5ZVNCdiBa aUJ6ZFhCd2 IzIEowYVc1 bklHTjEgYk hSMWNtRnNJ RyBGdVpDQn pjRzl5IGRH bHVaeUJsZG 0gVnVkSE1z SUdsdSBZMn gxWkdsdVp5 IEIwYUdVZ1 lXNXUgZFdG c0lGWnBaVy A1dVlTQkRh WFI1IElFMW hjbUYwYUcg OXVJR0Z1Wk NCeiBjRzl1 YzI5eWFXID VuSUdGeWRD QmwgZUdocF ltbDBhVyA5 dWN5QmhkQ0 IwIGFHVWdR bVZzZG0gVm taWEpsSUUx MSBjMlYxYl NCcGJpIEJX YVdWdWJtRX UKICAgICAg ICA8L3NwYW 4+CiAgICAg ICAgCiAgIC AgICAg