Morningstar Inc

-7.14%

More reviews (6)

Live  

Morningstar Inc is an investment research firm that provides data, analytics, and research reports to help investors make informed decisions. The company was founded in 1984 by Joe Mansueto and is headquartered in Chicago, Illinois. Morningstar's core business is providing independent investment research and ratings on mutual funds, stocks, and other securities.
The company's name comes from the inspiration that investors should be armed with the best information and intelligence to make smart decisions, just as a star can guide a traveler on a journey. Morningstar's mission is to create great products that help investors reach their financial goals.
Morningstar serves individual investors, financial advisors, and asset managers through its flagship product, Morningstar.com, which offers comprehensive research and analysis tools. The company also offers investment advisors and financial professionals with Morningstar Direct, a data and research platform.
In addition to its research products, Morningstar has also expanded into investment management with its Morningstar Investment Management business. This division offers managed portfolios, retirement planning services, and consulting services to financial advisors, institutions, and individual investors.
Morningstar has a global presence, with operations in 27 countries and regions across North America, Europe, Asia, Australia, and Africa. The company has over 6,300 employees and serves millions of investors worldwide. Morningstar is publicly traded on the NASDAQ under the ticker symbol MORN.

TW9ybmluZ3 N0YXIgSW5j IGlzIGEgY2 9tcGFueSB0 aGF0IGhlbH BzIHBlb3Bs ZSB1bmRlcn N0YW5kIGhv dyB0byBpbn Zlc3QgdGhl aXIgbW9uZX kgYmV0dGVy LiBJbWFnaW 5lIHlvdSBo YXZlIGEgcG lnZ3kgYmFu ayB3aGVyZS B5b3Uga2Vl cCB5b3VyIH NhdmluZ3Ms IGFuZCB5b3 Ugd2FudCB0 byBtYWtlIH N1cmUgdGhh dCB5b3VyIG 1vbmV5IGdy b3dzIG92ZX IgdGltZS4g TW9ybmluZ3 N0YXIgcHJv dmlkZXMgdG 9vbHMgYW5k IGluZm9ybW F0aW9uIHRo YXQgaGVscC BwZW9wbGUg YW5kIGJ1c2 luZXNzZXMg ZmlndXJlIG 91dCB0aGUg YmVzdCB3YX lzIHRvIGlu dmVzdCB0aG VpciBtb25l eSBzbyB0aG V5IGNhbiBl YXJuIG1vcm UuPGJyPk1v cm5pbmdzdG FyIG1ha2Vz IG1vbmV5IG J5IHNlbGxp bmcgaXRzIG luZm9ybWF0 aW9uIGFuZC B0b29scyB0 byBwZW9wbG UgYW5kIGNv bXBhbmllcy 4gVGhleSBw cm92aWRlIH JlcG9ydHMg YW5kIHJhdG luZ3Mgb24g ZGlmZmVyZW 50IGludmVz dG1lbnRzLC BsaWtlIHN0 b2NrcyBhbm QgbXV0dWFs IGZ1bmRzLC B3aGljaCBh cmUgZ3JvdX BzIG9mIGlu dmVzdG1lbn RzLiBJbnZl c3RvcnMgcG F5IE1vcm5p bmdzdGFyIH RvIGFjY2Vz cyB0aGVzZS ByZXBvcnRz IGJlY2F1c2 UgdGhleSBo ZWxwIHRoZW 0gbWFrZSBz bWFydCBjaG 9pY2VzIGFi b3V0IHdoZX JlIHRvIHB1 dCB0aGVpci Btb25leS4g VGhleSBhbH NvIG9mZmVy IHN1YnNjcm lwdGlvbnMg dG8gdGhlaX Igb25saW5l IHNlcnZpY2 VzLCB3aGVy ZSBwZW9wbG UgY2FuIGdl dCBldmVuIG 1vcmUgaW5m b3JtYXRpb2 4gYW5kIGFk dmljZS48Yn I+VGhlIHJl YXNvbiBNb3 JuaW5nc3Rh ciBpcyBzdW NjZXNzZnVs IGlzIHRoYX QgdGhleSBo YXZlIGEgbG 9uZyBoaXN0 b3J5IGFuZC BhIGdvb2Qg cmVwdXRhdG lvbiBmb3Ig cHJvdmlkaW 5nIHJlbGlh YmxlIGluZm 9ybWF0aW9u LiBQZW9wbG UgdHJ1c3Qg d2hhdCB0aG V5IHNheSwg YW5kIHRoZX kgY29udGlu dWUgdG8gaW 1wcm92ZSB0 aGVpciBzZX J2aWNlcy4g SW4gdGhlIG Z1dHVyZSwg dGhleSBhcm UgbGlrZWx5 IHRvIHN0YX kgc3VjY2Vz c2Z1bCBiZW NhdXNlIG1v cmUgcGVvcG xlIGFyZSBi ZWNvbWluZy BpbnRlcmVz dGVkIGluIG ludmVzdGlu ZywgZXNwZW NpYWxseSBh cyB0ZWNobm 9sb2d5IG1h a2VzIGl0IG Vhc2llciBm b3IgZXZlcn lvbmUgdG8g bWFuYWdlIH RoZWlyIG1v bmV5LiBBbH NvLCBhcyBu ZXcgdHlwZX Mgb2YgaW52 ZXN0bWVudH MgY29tZSBh bG9uZywgTW 9ybmluZ3N0 YXIgd2lsbC BrZWVwIGFk YXB0aW5nIG FuZCBwcm92 aWRpbmcgdX NlZnVsIGlu c2lnaHRzLC BtYWtpbmcg aXQgZWFzaW VyIGZvciBw ZW9wbGUgdG 8gbWFrZSBz bWFydCBpbn Zlc3RtZW50 IGNob2ljZX MuPGJyPg==

MS4gTGVhZG luZyBwcm92 aWRlciBvZi BpbmRlcGVu ZGVudCBpbn Zlc3RtZW50 IHJlc2Vhcm NoOiBNb3Ju aW5nc3Rhci BJbmMgaXMg b25lIG9mIH RoZSBtb3N0 IHJlc3BlY3 RlZCBuYW1l cyBpbiB0aG UgaW52ZXN0 bWVudCBpbm R1c3RyeSwg a25vd24gZm 9yIGl0cyBj b21wcmVoZW 5zaXZlIGFu ZCB1bmJpYX NlZCBpbnZl c3RtZW50IH Jlc2VhcmNo LiBUaGUgY2 9tcGFueSBw cm92aWRlcy BkYXRhLCBp bnNpZ2h0cy wgYW5kIGFu YWx5c2lzIH RvIGhlbHAg aW52ZXN0b3 JzIG1ha2Ug YmV0dGVyLW luZm9ybWVk IGRlY2lzaW 9ucy48YnI+ Mi4gR2xvYm FsIHByZXNl bmNlOiBNb3 JuaW5nc3Rh ciBvcGVyYX RlcyBpbiBt b3JlIHRoYW 4gMjcgY291 bnRyaWVzIG FuZCBoYXMg b2ZmaWNlcy BpbiAyNyBj aXRpZXMgd2 9ybGR3aWRl LiBUaGlzIG dsb2JhbCBw cmVzZW5jZS BtYWtlcyBp dCBhIHZhbH VhYmxlIHJl c291cmNlIG ZvciBpbnZl c3RvcnMgbG 9va2luZyBm b3IgcmVzZW FyY2ggYW5k IGluc2lnaH RzIG9uIGNv bXBhbmllcy BhbmQgbWFy a2V0cyBhcm 91bmQgdGhl IHdvcmxkLj xicj4zLiBE aXZlcnNlIH JhbmdlIG9m IHByb2R1Y3 RzIGFuZCBz ZXJ2aWNlcz ogVGhlIGNv bXBhbnkgb2 ZmZXJzIGEg d2lkZSByYW 5nZSBvZiBw cm9kdWN0cy BhbmQgc2Vy dmljZXMsIG luY2x1ZGlu ZyBpbnZlc3 RtZW50IHJl c2VhcmNoIG FuZCBkYXRh LCBpbnZlc3 RtZW50IGNv bnN1bHRpbm csIGFzc2V0 IG1hbmFnZW 1lbnQsIHJl dGlyZW1lbn QgcGxhbm5p bmcgdG9vbH MsIGFuZCBt b3JlLiBUaG lzIGRpdmVy c2l0eSBhbG xvd3MgdGhl IGNvbXBhbn kgdG8gY2F0 ZXIgdG8gdm FyaW91cyBj dXN0b21lci BzZWdtZW50 cyBhbmQgbW VldCB0aGUg ZGlmZmVyZW 50IG5lZWRz IG9mIGludm VzdG9ycy48 YnI+NC4gRm 9jdXMgb24g dHJhbnNwYX JlbmN5IGFu ZCBpbmRlcG VuZGVuY2U6 IEFzIGFuIG luZGVwZW5k ZW50IGNvbX BhbnksIE1v cm5pbmdzdG FyIGlzIG5v dCBpbmZsdW VuY2VkIGJ5 IGFueSBleH Rlcm5hbCBm YWN0b3JzIG FuZCBoYXMg bm8gY29uZm xpY3RzIG9m IGludGVyZX N0cy4gVGhp cyBlbmFibG VzIHRoZSBj b21wYW55IH RvIHByb3Zp ZGUgb2JqZW N0aXZlIGFu ZCB1bmJpYX NlZCByZXNl YXJjaCB0by BpdHMgY2xp ZW50cywgZ2 l2aW5nIHRo ZW0gY29uZm lkZW5jZSBp biB0aGUgaW 5mb3JtYXRp b24gdGhleS ByZWNlaXZl Ljxicj41Li BJbm5vdmF0 aXZlIHRvb2 xzIGFuZCB0 ZWNobm9sb2 d5OiBNb3Ju aW5nc3Rhci BpcyBrbm93 biBmb3IgaX RzIGlubm92 YXRpdmUgdG 9vbHMgYW5k IHRlY2hub2 xvZ3ksIHdo aWNoIGhhdm UgcmV2b2x1 dGlvbml6ZW QgdGhlIGlu dmVzdG1lbn QgaW5kdXN0 cnkuIFRoaX MgaW5jbHVk ZXMgaXRzIG ZsYWdzaGlw IGludmVzdG 1lbnQgcmVz ZWFyY2ggcG xhdGZvcm0s IE1vcm5pbm dzdGFyIERp cmVjdCwgYX Mgd2VsbCBh cyB2YXJpb3 VzIGRhdGEg YW5kIGFuYW x5c2lzIHRv b2xzIHRoYX QgaGVscCBp bnZlc3Rvcn MgbWFrZSBi ZXR0ZXIgaW 52ZXN0bWVu dCBkZWNpc2 lvbnMuPGJy PjYuIFN0cm 9uZyByZXB1 dGF0aW9uIG FuZCB0cmFj ayByZWNvcm Q6IE1vcm5p bmdzdGFyIG hhcyBhIGxv bmcgaGlzdG 9yeSBvZiBw cm92aWRpbm cgcmVsaWFi bGUgYW5kIG hpZ2gtcXVh bGl0eSByZX NlYXJjaCwg d2hpY2ggaG FzIGVhcm5l ZCB0aGUgY2 9tcGFueSBh IHN0cm9uZy ByZXB1dGF0 aW9uIGluIH RoZSBpbnZl c3RtZW50IG NvbW11bml0 eS4gSXRzIH RyYWNrIHJl Y29yZCBvZi Bjb25zaXN0 ZW50bHkgZG VsaXZlcmlu ZyB2YWx1ZS B0byBpbnZl c3RvcnMgaG FzIG1hZGUg aXQgYSB0cn VzdGVkIG5h bWUgaW4gdG hlIGluZHVz dHJ5Ljxicj 43LiBDb21t aXRtZW50IH RvIHN1c3Rh aW5hYmxlIG ludmVzdGlu ZzogTW9ybm luZ3N0YXIg aXMgY29tbW l0dGVkIHRv IHByb21vdG luZyBzdXN0 YWluYWJsZS BhbmQgcmVz cG9uc2libG UgaW52ZXN0 aW5nIHByYW N0aWNlcy4g VGhlIGNvbX BhbnkgcHJv dmlkZXMgRV NHIChFbnZp cm9ubWVudG FsLCBTb2Np YWwsIGFuZC BHb3Zlcm5h bmNlKSByYX RpbmdzIGFu ZCBhbmFseX NpcyBmb3Ig Y29tcGFuaW VzIGFuZCBp bnZlc3RtZW 50IHByb2R1 Y3RzIHRvIG hlbHAgaW52 ZXN0b3JzIG 1ha2UgaW5m b3JtZWQgZG VjaXNpb25z IHRoYXQgYW xpZ24gd2l0 aCB0aGVpci B2YWx1ZXMu PGJyPjguIE VtcGhhc2lz IG9uIGludm VzdG9yIGVk dWNhdGlvbj ogSW4gYWRk aXRpb24gdG 8gaXRzIHJl c2VhcmNoIG FuZCBhbmFs eXNpcywgTW 9ybmluZ3N0 YXIgYWxzby BvZmZlcnMg ZWR1Y2F0aW 9uYWwgcmVz b3VyY2VzIG ZvciBpbnZl c3RvcnMsIG luY2x1ZGlu ZyBhcnRpY2 xlcywgd2Vi aW5hcnMsIG FuZCBwb2Rj YXN0cy4gVG hlIGNvbXBh bnkncyBmb2 N1cyBvbiBl ZHVjYXRpb2 4gaGVscHMg aW52ZXN0b3 JzIHVuZGVy c3RhbmQgYW 5kIG5hdmln YXRlIHRoZS Bjb21wbGV4 IHdvcmxkIG 9mIGludmVz dGluZy48Yn I+OS4gU3Ry b25nIGZpbm FuY2lhbCBw ZXJmb3JtYW 5jZTogTW9y bmluZ3N0YX IgaGFzIGRl bGl2ZXJlZC Bjb25zaXN0 ZW50IGZpbm FuY2lhbCBw ZXJmb3JtYW 5jZSwgd2l0 aCBhIHRyYW NrIHJlY29y ZCBvZiBwcm 9maXRhYmxl IGdyb3d0aC 4gVGhpcyBm aW5hbmNpYW wgc3RhYmls aXR5IHByb3 ZpZGVzIGlu dmVzdG9ycy B3aXRoIGNv bmZpZGVuY2 UgaW4gdGhl IGNvbXBhbn kncyBsb25n LXRlcm0gcH Jvc3BlY3Rz Ljxicj4xMC 4gQ3VsdHVy ZSBvZiBpbm 5vdmF0aW9u IGFuZCBleG NlbGxlbmNl OiBNb3JuaW 5nc3RhciBm b3N0ZXJzIG EgY3VsdHVy ZSBvZiBpbm 5vdmF0aW9u IGFuZCBleG NlbGxlbmNl LCBlbmNvdX JhZ2luZyBp dHMgZW1wbG 95ZWVzIHRv IGNvbnN0YW 50bHkgZGV2 ZWxvcCBuZX cgaWRlYXMg YW5kIGltcH JvdmUgaXRz IHByb2R1Y3 RzIGFuZCBz ZXJ2aWNlcy 4gVGhpcyBo YXMgaGVscG VkIHRoZSBj b21wYW55IH N0YXkgYWhl YWQgb2YgaX RzIGNvbXBl dGl0aW9uIG FuZCBtYWlu dGFpbiBpdH MgcG9zaXRp b24gYXMgYS BsZWFkZXIg aW4gdGhlIG ludmVzdG1l bnQgaW5kdX N0cnku

TW9ybmluZ3 N0YXIgSW5j IGlzIGEgbG VhZGluZyBw cm92aWRlci BvZiBpbmRl cGVuZGVudC BpbnZlc3Rt ZW50IHJlc2 VhcmNoLCBk YXRhLCBhbm FseXRpY3Ms IGFuZCBpbn Zlc3RtZW50 IG1hbmFnZW 1lbnQgc2Vy dmljZXMgdG 8gZmluYW5j aWFsIGFkdm lzb3JzLCBh c3NldCBtYW 5hZ2Vycywg YW5kIGluZG l2aWR1YWwg aW52ZXN0b3 JzLiBUaGUg Y29tcGFueS dzIGJ1c2lu ZXNzIG1vZG VsIGlzIGJh c2VkIG9uIH Byb3ZpZGlu ZyBjb21wcm VoZW5zaXZl IGFuZCBvYm plY3RpdmUg ZGF0YSBhbm QgcmVzZWFy Y2ggdG8gaG VscCBpbnZl c3RvcnMgbW FrZSBpbmZv cm1lZCBkZW Npc2lvbnMg YWJvdXQgdG hlaXIgaW52 ZXN0bWVudH MuIE1vcm5p bmdzdGFyIG dlbmVyYXRl cyByZXZlbn VlIHRocm91 Z2ggYSBtaX ggb2Ygc3Vi c2NyaXB0aW 9uIGZlZXMs IGludmVzdG 1lbnQgbWFu YWdlbWVudC BmZWVzLCBh bmQgYWR2ZX J0aXNpbmcg cmV2ZW51ZS 48YnI+VGhl IGNvbXBhbn kgb2ZmZXJz IGEgd2lkZS ByYW5nZSBv ZiBwcm9kdW N0cyBhbmQg c2VydmljZX MgaW5jbHVk aW5nIG11dH VhbCBmdW5k IHJlc2Vhcm NoLCBzdG9j ayBhbmFseX NpcywgaW52 ZXN0bWVudC BkYXRhIGFu ZCByYXRpbm dzLCBmaW5h bmNpYWwgcG xhbm5pbmcg dG9vbHMsIG FuZCBhc3Nl dCBhbGxvY2 F0aW9uIGFk dmljZS4gVG hlc2Ugb2Zm ZXJpbmdzIG FyZSBhdmFp bGFibGUgdG 8gaW5kaXZp ZHVhbCBpbn Zlc3RvcnMg dGhyb3VnaC BhIHN1YnNj cmlwdGlvbi 1iYXNlZCBt b2RlbCB3aG lsZSBpbnN0 aXR1dGlvbm FsIGNsaWVu dHMgc3VjaC BhcyBmaW5h bmNpYWwgYW R2aXNvcnMg YW5kIGFzc2 V0IG1hbmFn ZXJzIHBheS Bmb3IgYWNj ZXNzIHRvIH ByZW1pdW0g cmVzZWFyY2 ggYW5kIGRh dGEgc2Vydm ljZXMuPGJy PkluIGFkZG l0aW9uIHRv IGl0cyByZX NlYXJjaCBh bmQgZGF0YS BvZmZlcmlu Z3MsIE1vcm 5pbmdzdGFy IGFsc28gb2 ZmZXJzIGlu dmVzdG1lbn QgbWFuYWdl bWVudCBzZX J2aWNlcyB0 aHJvdWdoIG l0cyByZWdp c3RlcmVkIG ludmVzdG1l bnQgYWR2aX NvciBzdWJz aWRpYXJ5Li BUaGlzIGlu Y2x1ZGVzIG FjdGl2ZWx5 IG1hbmFnZW QgYW5kIGlu ZGV4LWJhc2 VkIHBvcnRm b2xpb3MsIG FzIHdlbGwg YXMgcmV0aX JlbWVudCBh bmQgZmluYW 5jaWFsIHBs YW5uaW5nIH NlcnZpY2Vz Ljxicj5Nb3 JuaW5nc3Rh ciBhbHNvIG dlbmVyYXRl cyByZXZlbn VlIHRocm91 Z2ggYWR2ZX J0aXNpbmcg b24gaXRzIH dlYnNpdGVz IGFuZCB0aH JvdWdoIHBh cnRuZXJzaG lwcyB3aXRo IGZpbmFuY2 lhbCBpbnN0 aXR1dGlvbn MgYW5kIG1l ZGlhIG91dG xldHMuIFRo ZXNlIHBhcn RuZXJzaGlw cyBhbGxvdy B0aGUgY29t cGFueSB0by ByZWFjaCBh IHdpZGVyIG 1hcmtldCBh bmQgcHJvbW 90ZSBpdHMg YnJhbmQgYW 5kIHNlcnZp Y2VzLjxicj 5PdmVyYWxs LCBNb3JuaW 5nc3Rhcidz IGJ1c2luZX NzIG1vZGVs IGlzIGJ1aW x0IG9uIHBy b3ZpZGluZy BoaWdoLXF1 YWxpdHkgYW 5kIHJlbGlh YmxlIGludm VzdG1lbnQg aW5mb3JtYX Rpb24gYW5k IHNlcnZpY2 VzIHRvIGhl bHAgaW52ZX N0b3JzIG1h a2UgYmV0dG VyIGRlY2lz aW9ucywgd2 hpbGUgYWxz byBnZW5lcm F0aW5nIHJl dmVudWUgdG hyb3VnaCBz dWJzY3JpcH Rpb24gZmVl cywgaW52ZX N0bWVudCBt YW5hZ2VtZW 50IGZlZXMs IGFuZCBhZH ZlcnRpc2lu Zy4=

AI has the potential to impact Morningstar Inc’s products and services, as well as its competitive positioning, in several ways.
Firstly, substitution could occur if AI-driven tools provide investment analysis, portfolio management, or financial advice more efficiently or at a lower cost than Morningstar’s traditional offerings. Automated solutions that leverage machine learning can analyze vast amounts of financial data and generate insights faster than human analysts, potentially attracting customers away from traditional firms.
Secondly, disintermediation is a risk, as AI platforms could allow consumers to access financial data and tools directly, bypassing traditional advisory services. This trend is evident in the rise of robo-advisors and AI-driven investment platforms that offer services without the need for intermediaries, which could disrupt Morningstar’s existing business model and client relationships.
Lastly, margin pressure could arise as increased competition from AI-based solutions drives down prices for financial analysis and advisory services. If competitors can offer similar or superior services at a lower cost due to AI efficiencies, Morningstar may be compelled to reduce prices, impacting its profit margins.
In summary, while AI presents opportunities for innovation and efficiency, it also poses material threats to Morningstar’s products, services, and competitive positioning through potential substitution, disintermediation, and margin pressure.

The sensitivity of Morningstar Inc’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Sensitivity: Morningstar derives a significant portion of its revenues from subscriptions, analytics, and advisory services. While these revenue streams may have some resilience to slight increases in interest rates, larger rate hikes could lead to reduced consumer spending and lower investment activity, potentially impacting demand for its services. Additionally, higher interest rates might influence the performance of the investment products it evaluates, which could indirectly affect its revenues.
2. Cash Flow Sensitivity: The company’s cash flow can also be impacted by interest rate changes. Higher interest rates may increase borrowing costs if the company has any debt, which could reduce net cash flows. Conversely, if Morningstar holds cash or cash equivalents, higher interest rates could improve the returns on those holdings, potentially enhancing cash flow.
3. Valuation Sensitivity: Valuation is often sensitive to interest rates because they impact the discount rate used in discounted cash flow (DCF) analysis. Rising interest rates typically lead to higher discount rates, which can reduce the present value of future cash flows, thus lowering the overall valuation of the company. Conversely, lower interest rates can increase valuations as future cash flows are discounted at a lower rate.
Overall, while Morningstar might not be as directly affected by interest rate changes as some financial institutions, shifts in interest rates can influence its earnings, cash flow, and valuation indirectly through the broader economic environment and market conditions.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BNb3JuaW5n c3RhciBJbm Mu4oCZcyBl Y29ub21pY3 Mgb3ZlciB0 aGUgbmV4dC Az4oCTNSB5 ZWFycyBpbn ZvbHZlcyBz aWduaWZpY2 FudCByZWd1 bGF0b3J5IG NoYW5nZXMg aW4gdGhlIG ZpbmFuY2lh bCBzZXJ2aW NlcyBpbmR1 c3RyeS4gQX MgYSBjb21w YW55IHRoYX Qgc3BlY2lh bGl6ZXMgaW 4gaW52ZXN0 bWVudCByZX NlYXJjaCwg ZGF0YSBhbm FseXRpY3Ms IGFuZCBpbn Zlc3RtZW50 IG1hbmFnZW 1lbnQgc2Vy dmljZXMsIE 1vcm5pbmdz dGFyIGlzIG hlYXZpbHkg ZGVwZW5kZW 50IG9uIGl0 cyByZXB1dG F0aW9uIGZv ciBwcm92aW RpbmcgcmVs aWFibGUsIH VuYmlhc2Vk IGluZm9ybW F0aW9uIHRv IGludmVzdG 9ycy4gSWYg bmV3IHJlZ3 VsYXRpb25z IHdlcmUgZW 5hY3RlZCB0 aGF0IGltcG 9zZWQgc3Ry aWN0IGNvbX BsaWFuY2Ug cmVxdWlyZW 1lbnRzIG9y IGRyYXN0aW NhbGx5IGFs dGVyZWQgaG 93IGZpbmFu Y2lhbCBkYX RhIGNvdWxk IGJlIHNoYX JlZCBhbmQg dXRpbGl6ZW QsIHRoaXMg Y291bGQgbm VnYXRpdmVs eSBhZmZlY3 QgdGhlIGNv bXBhbnnigJ lzIGFiaWxp dHkgdG8gb3 BlcmF0ZSBl ZmZpY2llbn RseS48YnI+ SW4gdGhpcy BzY2VuYXJp bywgdGhlIG luY3JlYXNl IGluIGNvbX BsaWFuY2Ug Y29zdHMgY2 91bGQgbGVh ZCB0byBhIH NpZ25pZmlj YW50IHJpc2 UgaW4gb3Bl cmF0aW5nIG V4cGVuc2Vz LiBNb3JuaW 5nc3RhciB3 b3VsZCBsaW tlbHkgbmVl ZCB0byBpbn Zlc3QgaGVh dmlseSBpbi BsZWdhbCwg Y29tcGxpYW 5jZSwgYW5k IHRlY2hub2 xvZ3kgaW5m cmFzdHJ1Y3 R1cmUgdG8g YWRhcHQsIH doaWNoIHdv dWxkIGluaX RpYWxseSBz dHJhaW4gbW FyZ2lucy4g RnVydGhlcm 1vcmUsIGlm IHRoZSByZW d1bGF0aW9u cyBsZWFkIH RvIGNvbXBl dGl0aW9uIG Zyb20gbW9y ZSBuaW1ibG Ugc3RhcnR1 cHMgb3Igc2 hpZnRzIGlu IGNvbnN1bW VyIGJlaGF2 aW9yLCBNb3 JuaW5nc3Rh ciBjb3VsZC BmaW5kIGl0 c2VsZiBzcX VlZXplZCBv biBwcmljaW 5nIHBvd2Vy LiBUaGlzIH dvdWxkIHBy ZXNzdXJlIH Byb2ZpdCBt YXJnaW5zIG Z1cnRoZXIs IGFzIHRoZS Bjb21wYW55 IG1heSBoYX ZlIHRvIHJl ZHVjZSBwcm ljZXMgb3Ig aW5jcmVhc2 UgbWFya2V0 aW5nIHNwZW 5kaW5nIHRv IHJldGFpbi BjbGllbnRz Ljxicj5DYX NoIGZsb3cg d291bGQgYW xzbyBiZSBu ZWdhdGl2ZW x5IGltcGFj dGVkLiBIaW doZXIgb3Bl cmF0aW9uYW wgY29zdHMg Y29tYmluZW Qgd2l0aCBw b3RlbnRpYW xseSBkZWNs aW5pbmcgcm V2ZW51ZSBn cm93dGggY2 91bGQgbGVh ZCB0byB0aW dodGVyIGNh c2ggZmxvdy 4gSWYgdGhl IGNvbXBhbn kgY2Fubm90 IGdlbmVyYX RlIHN1ZmZp Y2llbnQgY2 FzaCB0byBm dW5kIGl0cy BvcGVyYXRp b25zIG9yIH RvIGludmVz dCBpbiBidX NpbmVzcyBk ZXZlbG9wbW VudCwgaXQg bWF5IHJlc2 9ydCB0byB0 YWtpbmcgb2 4gbW9yZSBk ZWJ0IG9yIG RlcGxldGlu ZyBpdHMgY2 FzaCByZXNl cnZlcy4gVG hpcyB3b3Vs ZCBzdWJzZX F1ZW50bHkg YWx0ZXIgdG hlIGJhbGFu Y2Ugc2hlZX QsIGluY3Jl YXNpbmcgbG lhYmlsaXRp ZXMsIHJlZH VjaW5nIGF2 YWlsYWJsZS BlcXVpdHks IGFuZCBwb3 NzaWJseSBp bXBhaXJpbm cgTW9ybmlu Z3N0YXLigJ lzIGZpbmFu Y2lhbCBmbG V4aWJpbGl0 eS48YnI+SW 4gc3VtbWFy eSwgYSByZW d1bGF0b3J5 IG92ZXJoYX VsIGNvdWxk IGxlYWQgdG 8gZGltaW5p c2hlZCBwcm 9maXQgbWFy Z2lucywgc3 RyYWluZWQg Y2FzaCBmbG 93LCBhbmQg YSB3ZWFrZW 5lZCBiYWxh bmNlIHNoZW V0LCB3aXRo IGluY3JlYX NlZCBkZWJ0 IGxldmVscy BhbmQgbG93 ZXIgZXF1aX R5IHJhdGlv cywgcG90ZW 50aWFsbHkg cG9zaW5nIG xvbmctdGVy bSBjaGFsbG VuZ2VzIGZv ciBNb3JuaW 5nc3RhciBJ bmMuPGJyPg ==

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 bG9nb3MvTG cyQkNnY0x0 U2hRcGFjdm 5INEMud2Vi cCIgYWx0PS JNb3JuaW5n c3RhciBJbm MiIHRpdGxl PSJNb3JuaW 5nc3RhciBJ bmMiICBjbG Fzcz0iaW1n LWZsdWlkIi BoZWlnaHQ9 NTAgd2lkdG g9NTAgbG9h ZGluZz0nbG F6eScgc3R5 bGU9J2Jvcm Rlci1yYWRp dXM6IDZweD snPgoKICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdm bGV4OiAxOy B0ZXh0LWFs aWduOiBjZW 50ZXI7IG1h cmdpbi1sZW Z0OiA1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPHAg c3R5bGU9J2 ZvbnQtc2l6 ZTogMjZweD sgY29sb3I6 ICMzMzM7IG 1hcmdpbi1i b3R0b206ID E1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIPCf k4ggV2FudC B0byByZWFk IG1vcmUgYW JvdXQgTW9y bmluZ3N0YX IgSW5jPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TmiBZb3Vy IGZyZWUgY2 9weSBvZiA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+IGlzIHdh aXRpbmcKIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1TNGdSbT kxYm0gUmxa Q0JwYmlBeC BPVGcwSUdK NUlFIHB2Wl NCTllXNXog ZFdWMGJ5d2 dUVyA5eWJt bHVaM04wIF lYSWdTVzVq TGkgQnBjeU JoSUVObyBh V05oWjI4dF ltIEZ6WldR Z2FXNTIgWl hOMGJXVnVk QyBCeVpYTm xZWEpqIGFD Qm1hWEp0SU ggUm9ZWFFn Y0hKdiBkbW xrWlhNZ1pH IEYwWVN3Z2 NtVnogWldG eVkyZ3NJRy BGdVpDQmhi bUZzIGVYTn BjeUJtYjMg SWdabWx1WV c1aiBhV0Zz SUdGa2RtIG x6YjNKekxD QnAgYm5abG MzUnZjbiBN c0lHRnVaQ0 JwIGJuTjBh WFIxZEcgbH Zibk11UEdK eSBQakl1SU ZSb1pTIEJq YjIxd1lXNT UgNG9DWmN5 QnVZVyAxbE xDQk5iM0p1 IGFXNW5jM1 JoY2kgd2dh WE1nWkdWeS BhWFpsWkNC bWNtIDl0SU hSb1pTQnMg WVhOMElITm xibiBSbGJt TmxJR2x1IE lGZGhiR1Js Ymkgd2dZU0 JpYjI5ciBJ R0o1SUVobG JuIEo1SUVS aGRtbGsgSU ZSb2IzSmxZ WCBVNklGUm 9aU0J6IGRX NGdhWE1nWW 4gVjBJR0Vn Ylc5eSBibW x1WnlCemRH IEZ5TGp4aW NqNHogTGlC TmIzSnVhVy A1bmMzUmhj aUJwIGN5Qm laWE4wSUcg dHViM2R1SU dadiBjaUJw ZEhNZ2MzIF JoY2lCeVlY UnAgYm1jZ2 MzbHpkRyBW dElIUm9ZWF FnIFpYWmhi SFZoZEcgVn pJRzExZEhW aCBiQ0JtZF c1a2N5IEJp WVhObFpDQn YgYmlCMGFH VnBjaSBCd1 lYTjBJSEJs IGNtWnZjbT FoYm0gTmxJ R0Z1WkNCeS BhWE5ySUd4 bGRtIFZzTG lCVWFHVWcg YzNsemRHVn RJSCBWelpY TWdZU0J6IF kyRnNaU0J2 WmkgQnZibV VnZEc4ZyBa bWwyWlNCem RHIEZ5Y3l3 Z2QybDAgYU NCbWFYWmxJ SCBOMFlYSn pJSEpsIGNI SmxjMlZ1ZE cgbHVaeUIw YUdVZyBZbV Z6ZENCd1pY IEptYjNKdG FXNW4gSUda MWJtUnpMai B4aWNqNDBM aUJKIGJpQm haR1JwZEcg bHZiaUIwYn lCdCBkWFIx WVd3Z1puIF Z1WkhNc0lF MXYgY201cG JtZHpkRyBG eUlHRnNjMj hnIGNISnZk bWxrWlggTW djbVZ6WldG eSBZMmdnWV c1a0lIIEpo ZEdsdVozTW cgWm05eUlI TjBiMiBOcm N5d2dSVlJH IGN5d2dZMn h2YzIgVmtM V1Z1WkNCbS BkVzVrY3l3 Z1lXIDVrSU dGdWJuVnAg ZEdsbGN5ND hZbiBJK05T NGdWR2hsIE lHTnZiWEJo Ym4ga2dkMl Z1ZENCdyBk V0pzYVdNZ2 FXIDRnTWpB d05TQmggYm 1RZ2FYTWdi RyBsemRHVm tJRzl1IElI Um9aU0JPUV YgTkVRVkVn ZFc1ayBaWE lnZEdobElI IFJwWTJ0bG NpQnogZVcx aWIyd2dUVS A5U1RpNDhZ bkkrIE5pNG dUVzl5Ym0g bHVaM04wWV hJZyBiM0Js Y21GMFpYIE 1nYVc0Z01q Y2cgWTI5MW JuUnlhVyBW eklHRnVaQ0 JvIFlYTWdZ WEJ3Y20gOT RhVzFoZEdW cyBlU0EwTE RBd01DIEJs YlhCc2IzbG wgWlhNZ2Qy OXliRyBSM2 FXUmxManhp IGNqNDNMaU JVYUcgVWdZ Mjl0Y0dGdS BlZUtBbVhN Z2FHIFZoWk hGMVlYSjAg WlhKeklHbH VJRSBOb2FX TmhaMjhzIE lHdHViM2R1 SUcgRnpJSF JvWlNCTiBi M0p1YVc1bm MzIFJoY2lC SGJHOWkgWV d3Z1NHVmha SCBGMVlYSj BaWEp6IExD QnBjeUJoSU UgeEZSVVF0 WTJWeSBkR2 xtYVdWa0lH IGR5WldWdU lHSjEgYVd4 a2FXNW5JRy BSbGMybG5i bVZrIElHSj VJSFJvWlMg QmhkMkZ5Wk MxMyBhVzV1 YVc1bklHIE Z5WTJocGRH VmogZEhWeV pTQm1hWCBK dElGQmxjbX RwIGJuTXJW MmxzYkMgND hZbkkrT0M0 ZyBTVzRnTW pBeE55IHdn VFc5eWJtbH UgWjNOMFlY SWdZVyBOeG RXbHlaV1Fn IFVHbDBZMm hDYjIgOXJM Q0JoSUdacC BibUZ1WTJs aGJDIEJrWV hSaElHRnUg WkNCemIyWj BkMiBGeVpT QmpiMjF3IF lXNTVJSE53 WlcgTnBZV3 hwZW1sdSBa eUJwYmlCd2 NtIGwyWVhS bElHMWggY2 10bGRDQnla WCBObFlYSm phQ3dnIFpt OXlJQ1F5TW ogVWdiV2xz YkdsdiBiaT Q4WW5JK09T IDRnU1c0Z0 1qQXggT0N3 Z1RXOXlibS BsdVozTjBZ WElnIGJHRj FibU5vWlcg UWdZU0J6ZE hKaCBkR1Zu YVdNZ2NHIE Z5ZEc1bGNu Tm8gYVhBZ2 QybDBhQyBC TmFXTnliM0 52IFpuUWdk RzhnY0ggSn ZkbWxrWlNC cCBiblpsYz NSdFpXIDUw SUdGdVlXeD UgZEdsamN5 QmhibSBRZ2 RHOXZiSE1n IGIyNGdUV2 xqY20gOXpi MlowSUVGNi BkWEpsTENC MGFHIFVnWT I5dGNHRnUg ZWVLQW1YTW dZMiB4dmRX UWdZMjl0IG NIVjBhVzVu SUggQnNZWF JtYjNKdCBM anhpY2o0eE 1DIDRnVFc5 eWJtbHUgWj NOMFlYTGln SiBseklISm xjMlZoIGNt Tm9JR0Z1Wk MgQmhibUZz ZVhOcCBjeU JvWVhabElH IEpsWlc0Z1 kybDAgWldR Z2FXNGdibi BWdFpYSnZk WE1nIGNIVm liR2xqWVgg UnBiMjV6TE NCcCBibU5z ZFdScGJtIG NnVkdobElG ZGggYkd3Z1 UzUnlaVyBW MElFcHZkWE p1IFlXd3NJ RlJvWlMgQk 9aWGNnV1c5 eSBheUJVYV cxbGN5IHdn WVc1a0lFWn YgY21KbGN5 NGdWRyBobE lHTnZiWEJo IGJua2dhR0 Z6SUcgRnNj MjhnWW1WbC BiaUJ5WldO dloyIDVwZW 1Wa0lHWnYg Y2lCcGRITW dkMiA5eWEz QnNZV05sIE lHTjFiSFIx Y20gVXNJR0 Z3Y0dWaCBj bWx1WnlCdm JpIEJ1ZFcx bGNtOTEgY3 lCaVpYTjBJ SCBCc1lXTm xjeUIwIGJ5 QjNiM0pySU cgeHBjM1J6 TENCcCBibU 5zZFdScGJt IGNnUm05eW RIVnUgWmVL QW1YTWdNVC BBd0lFSmxj M1FnIFEyOX RjR0Z1YVcg VnpJSFJ2SU ZkdiBjbXNn Um05eUlHIG x1SURJd01U a3UKICAgIC AgICA8L3Nw YW4+CiAgIC AgICAgCiAg ICAgICAg