Powszechny Zaklad Ubezpieczen

Live  

Powszechny Zaklad Ubezpieczen (PZU) is a Polish insurance company that was founded in 1803. It is the largest insurance company in Central and Eastern Europe, with operations in Poland and other countries, including Lithuania, Estonia, Latvia, and Ukraine. PZU offers a wide range of insurance products, including life insurance, property insurance, health insurance, and investment products. The company has over 30,000 employees and serves over 22 million customers. PZU is listed on the Warsaw Stock Exchange and is majority-owned by the Polish government. It is known for its strong financial stability and long history in the insurance industry.

UG93c3plY2 hueSBaYWvF gmFkIFViZX pwaWVjemXF hCwgb2Z0ZW 4gY2FsbGVk IFBaVSwgaX MgYSBjb21w YW55IGZyb2 0gUG9sYW5k IHRoYXQgaG VscHMgcGVv cGxlIHByb3 RlY3QgdGhl aXIgbW9uZX kgYW5kIGJl bG9uZ2luZ3 MuIFRoaW5r IG9mIGl0IG xpa2UgYSBn aWFudCBzYW ZldHkgbmV0 LiBXaGVuIH lvdSBoYXZl IHNvbWV0aG luZyB2YWx1 YWJsZSwgbG lrZSBhIGNh ciBvciBhIG hvdXNlLCB5 b3UgbWlnaH Qgd29ycnkg YWJvdXQgaX QgZ2V0dGlu ZyBkYW1hZ2 VkIG9yIGxv c3QuIFBaVS BvZmZlcnMg c29tZXRoaW 5nIGNhbGxl ZCBpbnN1cm FuY2UsIHdo aWNoIGlzIG xpa2UgaGF2 aW5nIGEgcH JvbWlzZSB0 aGF0IGlmIH NvbWV0aGlu ZyBiYWQgaG FwcGVucyB0 byB5b3VyIH N0dWZmLCB0 aGV54oCZbG wgaGVscCB5 b3UgcGF5IG ZvciB0aGUg cmVwYWlycy BvciByZXBs YWNlbWVudH MuPGJyPkhv dyBkb2VzIF BaVSBtYWtl IG1vbmV5Py BXZWxsLCBw ZW9wbGUgcG F5IFBaVSBh IGxpdHRsZS BiaXQgb2Yg bW9uZXkgcm VndWxhcmx5 LCB3aGljaC BpcyBjYWxs ZWQgYSBwcm VtaXVtLCBz byB0aGV5IG NhbiBoYXZl IHRoYXQgc2 FmZXR5IG5l dC4gTW9zdC BvZiB0aGUg dGltZSwgbm 90aGluZyBi YWQgaGFwcG VucywgYW5k IFBaVSBrZW VwcyB0aGUg bW9uZXkuIE lmIHNvbWVv bmUgZG9lcy BuZWVkIGhl bHAgYmVjYX VzZSBzb21l dGhpbmcgd2 VudCB3cm9u ZywgUFpVIH VzZXMgc29t ZSBvZiB0aG UgbW9uZXkg dGhleeKAmX ZlIGNvbGxl Y3RlZCB0by BoZWxwIHRo YXQgcGVyc2 9uLiBUaGV5 IGFsc28gaW 52ZXN0IHNv bWUgb2YgdG hlIG1vbmV5 IHRvIGVhcm 4gZXZlbiBt b3JlLCB3aG ljaCBoZWxw cyB0aGUgY2 9tcGFueSBn cm93Ljxicj 5UaGUgcmVh c29uIFBaVS BpcyBzdWNj ZXNzZnVsIG lzIHRoYXQg bWFueSBwZW 9wbGUgd2Fu dCB0byBmZW VsIHNhZmUg YWJvdXQgdG hlaXIgYmVs b25naW5ncy BhbmQgbW9u ZXkuIFBaVS BoYXMgYmVl biBhcm91bm QgZm9yIGEg bG9uZyB0aW 1lLCBzbyBw ZW9wbGUgdH J1c3QgdGhl bS4gVGhleS BoYXZlIGEg Z29vZCByZX B1dGF0aW9u LCBhbmQgdG hleSBrbm93 IGhvdyB0by B0YWtlIGNh cmUgb2YgdG hlaXIgY3Vz dG9tZXJzLj xicj5Gb3Ig dGhlIGZ1dH VyZSwgUFpV IGlzIGxpa2 VseSB0byBz dGF5IHN1Y2 Nlc3NmdWwg YmVjYXVzZS Btb3JlIHBl b3BsZSB3aW xsIGNvbnRp bnVlIHRvIG 5lZWQgaW5z dXJhbmNlIG FzIHRoZXkg YnV5IGhvbW VzLCBjYXJz LCBhbmQgb3 RoZXIgZXhw ZW5zaXZlIH RoaW5ncy4g UGx1cywgdG hleSBhcmUg Y29uc3Rhbn RseSBpbXBy b3ZpbmcgdG hlaXIgc2Vy dmljZXMgYW 5kIHVzaW5n IHRlY2hub2 xvZ3kgdG8g bWFrZSB0aG luZ3MgZWFz aWVyIGZvci BjdXN0b21l cnMuIFRoaX MgbWVhbnMg dGhleSBjYW 4ga2VlcCB3 aW5uaW5nIH RoZSB0cnVz dCBvZiBuZX cgY3VzdG9t ZXJzIGFuZC BrZWVwIGV4 aXN0aW5nIG 9uZXMgaGFw cHkuIFNvLC B0aGV54oCZ cmUgaW4gYS Bnb29kIHBv c2l0aW9uIH RvIHN0YXkg c3Ryb25nIG luIHRoZSBp bnN1cmFuY2 Ugd29ybGQh PGJyPg==

UG93c3plY2 hueSBaYWts YWQgVWJlen BpZWN6ZW4g KFBaVSkgaX MgdGhlIGxh cmdlc3QgaW 5zdXJhbmNl IGNvbXBhbn kgaW4gUG9s YW5kIGFuZC BvbmUgb2Yg dGhlIGxlYW RpbmcgaW5z dXJhbmNlIG dyb3VwcyBp biBDZW50cm FsIGFuZCBF YXN0ZXJuIE V1cm9wZS4g SXQgaGFzIG EgbG9uZyBo aXN0b3J5LC BkYXRpbmcg YmFjayB0by AxODAzLCBh bmQgaXMgZG VlcGx5IHJv b3RlZCBpbi B0aGUgUG9s aXNoIG1hcm tldC4gSGVy ZSBhcmUgc2 9tZSBvdGhl ciB1bmlxdW UgZmVhdHVy ZXMgb2YgUF pVOjxicj4x LiBTdHJvbm cgZmluYW5j aWFsIHN0YW JpbGl0eTog UFpVIGlzIG EgZmluYW5j aWFsbHkgc3 Ryb25nIGNv bXBhbnkgd2 l0aCBhIHNv bGlkIGNyZW RpdCByYXRp bmcgZnJvbS BhZ2VuY2ll cyBzdWNoIG FzIEZpdGNo LCBTJlAsIG FuZCBNb29k eeKAmXMuPG JyPjIuIERp dmVyc2lmaW VkIHBvcnRm b2xpbzogUF pVIG9mZmVy cyBhIHdpZG UgcmFuZ2Ug b2YgaW5zdX JhbmNlIHBy b2R1Y3RzLC BpbmNsdWRp bmcgbGlmZS wgaGVhbHRo LCBwcm9wZX J0eSwgYW5k IGxpYWJpbG l0eSBpbnN1 cmFuY2UsIG FzIHdlbGwg YXMgcGVuc2 lvbiBmdW5k cyBhbmQgaW 52ZXN0bWVu dCBwcm9kdW N0cy48YnI+ My4gTGVhZG Vyc2hpcCBp biB0aGUgUG 9saXNoIG1h cmtldDogUF pVIGhvbGRz IGEgZG9taW 5hbnQgcG9z aXRpb24gaW 4gdGhlIFBv bGlzaCBpbn N1cmFuY2Ug bWFya2V0LC B3aXRoIG92 ZXIgMzAlIG 1hcmtldCBz aGFyZSBpbi Btb3N0IG9m IGl0cyBidX NpbmVzcyBz ZWdtZW50cy 48YnI+NC4g SW5ub3ZhdG lvbiBhbmQg dGVjaG5vbG 9neTogUFpV IGludmVzdH MgaGVhdmls eSBpbiBpbm 5vdmF0aW9u IGFuZCB0ZW Nobm9sb2d5 LCBjb25zdG FudGx5IGlt cHJvdmluZy BpdHMgY3Vz dG9tZXIgc2 VydmljZSBh bmQgZXhwYW 5kaW5nIGl0 cyBkaWdpdG FsIG9mZmVy aW5ncy48Yn I+NS4gU29j aWFsIGltcG FjdDogUFpV IGlzIGFjdG l2ZWx5IGlu dm9sdmVkIG luIHZhcmlv dXMgc29jaW FsIGFuZCBj b21tdW5pdH kgaW5pdGlh dGl2ZXMsIH Byb21vdGlu ZyBjb3Jwb3 JhdGUgc29j aWFsIHJlc3 BvbnNpYmls aXR5IGFuZC Bjb250cmli dXRpbmcgdG 8gdGhlIGRl dmVsb3BtZW 50IG9mIGxv Y2FsIGNvbW 11bml0aWVz Ljxicj42Li BTdXN0YWlu YWJpbGl0eT ogUFpVIGhh cyBhIHN0cm 9uZyBmb2N1 cyBvbiBlbn Zpcm9ubWVu dGFsIGFuZC Bzb2NpYWwg c3VzdGFpbm FiaWxpdHks IGltcGxlbW VudGluZyBn cmVlbiBzb2 x1dGlvbnMg YW5kIHByb2 1vdGluZyBy ZXNwb25zaW JsZSBidXNp bmVzcyBwcm FjdGljZXMu PGJyPjcuIE ludGVybmF0 aW9uYWwgcH Jlc2VuY2U6 IFBaVSBoYX MgYSBzdHJv bmcgcHJlc2 VuY2UgaW4g b3RoZXIgQ2 VudHJhbCBh bmQgRWFzdG VybiBFdXJv cGVhbiBjb3 VudHJpZXMs IGluY2x1ZG luZyBMaXRo dWFuaWEsIE xhdHZpYSwg VWtyYWluZS wgYW5kIEJl bGFydXMuPG JyPjguIEF3 YXJkLXdpbm 5pbmcgY29t cGFueTogUF pVIGhhcyB3 b24gbnVtZX JvdXMgYXdh cmRzIGFuZC ByZWNvZ25p dGlvbnMgZm 9yIGl0cyBm aW5hbmNpYW wgcGVyZm9y bWFuY2UsIG N1c3RvbWVy IHNlcnZpY2 UsIGlubm92 YXRpb24sIG FuZCBzb2Np YWwgcmVzcG 9uc2liaWxp dHkuPGJyPj kuIFN0cm9u ZyBicmFuZC BpbWFnZTog UFpVIGlzIG Egd2VsbC1y ZWNvZ25pem VkIGFuZCB0 cnVzdGVkIG JyYW5kIGlu IFBvbGFuZC wga25vd24g Zm9yIGl0cy ByZWxpYWJp bGl0eSwgcH JvZmVzc2lv bmFsIGFwcH JvYWNoLCBh bmQgaGlnaC 1xdWFsaXR5 IHByb2R1Y3 RzIGFuZCBz ZXJ2aWNlcy 48YnI+MTAu IEV4cGVyaW VuY2VkIGFu ZCBkZWRpY2 F0ZWQgdGVh bTogUFpVIG hhcyBhIHRl YW0gb2YgZX hwZXJpZW5j ZWQgYW5kIG RlZGljYXRl ZCBwcm9mZX NzaW9uYWxz LCBjb21taX R0ZWQgdG8g cHJvdmlkaW 5nIHRvcC1u b3RjaCBpbn N1cmFuY2Ug c29sdXRpb2 5zIGFuZCBp bXByb3Zpbm cgdGhlIG92 ZXJhbGwgY3 VzdG9tZXIg ZXhwZXJpZW 5jZS4=

UG93c3plY2 hueSBaYWts YWQgVWJlen BpZWN6ZW4g KFBaVSkgaX MgYSBQb2xp c2ggaW5zdX JhbmNlIGNv bXBhbnkgdG hhdCBvcGVy YXRlcyBvbi BhIG11dHVh bCBiYXNpcy 4gSXQgcHJv dmlkZXMgdm FyaW91cyB0 eXBlcyBvZi BpbnN1cmFu Y2UgcHJvZH VjdHMgYW5k IHNlcnZpY2 VzIHRvIGlu ZGl2aWR1YW xzLCBidXNp bmVzc2VzLC BhbmQgaW5z dGl0dXRpb2 5hbCBjbGll bnRzLiBUaG UgY29tcGFu eeKAmXMgYn VzaW5lc3Mg bW9kZWwgaW 5jbHVkZXM6 PGJyPjEuIF VuZGVyd3Jp dGluZzogUF pVIHVuZGVy d3JpdGVzIH ZhcmlvdXMg dHlwZXMgb2 YgaW5zdXJh bmNlIHBvbG ljaWVzLCBz dWNoIGFzIH Byb3BlcnR5 LCBjYXN1YW x0eSwgbGlm ZSwgYW5kIG hlYWx0aCBp bnN1cmFuY2 UsIHRvIGlu ZGl2aWR1YW xzIGFuZCBi dXNpbmVzc2 VzLiBUaGlz IGludm9sdm VzIGFzc2Vz c2luZyByaX Nrcywgc2V0 dGluZyBwcm VtaXVtcywg YW5kIGNvbG xlY3Rpbmcg cHJlbWl1bX MgZnJvbSBj bGllbnRzLj xicj4yLiBJ bnZlc3RtZW 50OiBQWlUg YWxzbyBpbn Zlc3RzIHRo ZSBwcmVtaX VtcyBpdCBj b2xsZWN0cy Bmcm9tIGl0 cyBjbGllbn RzIGluIHZh cmlvdXMgZm luYW5jaWFs IGluc3RydW 1lbnRzLCBz dWNoIGFzIH N0b2Nrcywg Ym9uZHMsIG FuZCByZWFs IGVzdGF0ZS wgdG8gZ2Vu ZXJhdGUgaW 5jb21lIGFu ZCBlbnN1cm UgaXRzIHN1 c3RhaW5hYm lsaXR5Ljxi cj4zLiBEaX ZlcnNpZmlj YXRpb246IF BaVSBvcGVy YXRlcyBpbi BkaWZmZXJl bnQgc2VnbW VudHMgb2Yg dGhlIGluc3 VyYW5jZSBt YXJrZXQgdG 8gcmVkdWNl IGl0cyBleH Bvc3VyZSB0 byByaXNrcy BhbmQgbWF4 aW1pemUgaX RzIHBvdGVu dGlhbCBmb3 IgZ3Jvd3Ro LiBUaGlzIG luY2x1ZGVz IG9mZmVyaW 5nIGEgd2lk ZSByYW5nZS BvZiBpbnN1 cmFuY2UgcH JvZHVjdHMg YW5kIHNlcn ZpY2VzIGZv ciBib3RoIH BlcnNvbmFs IGFuZCBjb2 1tZXJjaWFs IGNsaWVudH MuPGJyPjQu IFN0cmF0ZW dpYyBwYXJ0 bmVyc2hpcH M6IFBaVSBo YXMgZm9ybW VkIHN0cmF0 ZWdpYyBwYX J0bmVyc2hp cHMgd2l0aC BvdGhlciBj b21wYW5pZX MgdG8gZXhw YW5kIGl0cy BidXNpbmVz cyBhbmQgb2 ZmZXIgY29t cGxlbWVudG FyeSBwcm9k dWN0cy4gRm 9yIGV4YW1w bGUsIGl0IG hhcyBwYXJ0 bmVyc2hpcH Mgd2l0aCBi YW5rcyBhbm QgY29vcGVy YXRlcyB3aX RoIG90aGVy IGluc3VyZX JzIHRvIHNo YXJlIHJpc2 tzLjxicj41 LiBUZWNobm 9sb2d5OiBQ WlUgaGFzIG ludmVzdGVk IGluIHRlY2 hub2xvZ3kg dG8gaW1wcm 92ZSBpdHMg b3BlcmF0aW 9ucyBhbmQg b2ZmZXIgZG lnaXRhbCBz ZXJ2aWNlcy B0byBpdHMg Y2xpZW50cy 4gVGhpcyBp bmNsdWRlcy BvbmxpbmUg cGxhdGZvcm 1zIGZvciBz ZWxsaW5nIG luc3VyYW5j ZSBwcm9kdW N0cywgYXV0 b21hdGluZy BjbGFpbXMg cHJvY2Vzc2 luZywgYW5k IHByb3ZpZG luZyBzZWxm LXNlcnZpY2 Ugb3B0aW9u cyBmb3IgY2 xpZW50cy48 YnI+Ni4gQ3 VzdG9tZXIt Y2VudHJpYy BhcHByb2Fj aDogUFpV4o CZcyBidXNp bmVzcyBtb2 RlbCBpcyBm b2N1c2VkIG 9uIHByb3Zp ZGluZyBoaW doLXF1YWxp dHkgY3VzdG 9tZXIgc2Vy dmljZSBhbm QgdGFpbG9y aW5nIGl0cy Bwcm9kdWN0 cyBhbmQgc2 VydmljZXMg dG8gbWVldC B0aGUgbmVl ZHMgb2YgaX RzIGNsaWVu dHMuPGJyPj cuIFNvY2lh bCByZXNwb2 5zaWJpbGl0 eTogUFpVIG Fsc28gZm9j dXNlcyBvbi BiZWluZyBh IHNvY2lhbG x5IHJlc3Bv bnNpYmxlIG NvbXBhbnkg YnkgcHJvbW 90aW5nIHN1 c3RhaW5hYm lsaXR5LCBz dXBwb3J0aW 5nIGxvY2Fs IGNvbW11bm l0aWVzLCBh bmQgZW5nYW dpbmcgaW4g Y2hhcml0YW JsZSBhY3Rp dml0aWVzLi BUaGlzIGhl bHBzIHRvIG J1aWxkIGFu ZCBtYWludG FpbiBhIHBv c2l0aXZlIH JlcHV0YXRp b24gZm9yIH RoZSBjb21w YW55Lg==

AI does pose several potential threats to Powszechny Zakład Ubezpieczeń (PZU) and similar insurance companies regarding their products, services, and competitive positioning. Here are some key areas to consider:
1. Substitution: AI-driven technologies can lead to the emergence of new insurance models. For example, insurtech companies may leverage AI to create personalized policies or use data analytics to provide better pricing models, which could substitute traditional offerings by PZU. Additionally, the use of AI in peer-to-peer insurance models could attract customers looking for alternatives to conventional insurers.
2. Disintermediation: AI can facilitate direct interactions between customers and service providers, potentially bypassing traditional intermediaries such as brokers and agents. This direct distribution model can reduce the need for agents, impacting PZU’s sales channels and potentially shrinking its market share if customers increasingly prefer direct access to insurance products.
3. Margin Pressure: AI technologies can optimize operational efficiency and reduce costs for firms that adopt them. If competitors leverage AI effectively to improve claims processing, underwriting, and customer service, they may offer lower premiums or better coverage options. This could exert margin pressure on PZU, forcing the company to reduce prices or increase its own efficiency to remain competitive.
4. Enhanced Customer Expectations: As customers experience improved service through AI in other industries, they may expect similar advancements from insurance providers. Failure to meet these expectations could lead to customer attrition and damage PZU’s competitive positioning.
5. Fraud Detection and Risk Assessment: Competitors that utilize AI for better fraud detection, risk assessment, and claims management may gain significant advantages, leading to lower operational risks and increased profitability. PZU needs to invest in AI for these purposes to maintain competitive parity.
In summary, while AI presents opportunities for enhancing products and services, it also poses material threats through substitution by new models, disintermediation, margin pressures, and rising customer expectations. PZU must adapt to these challenges to safeguard its market position.

The sensitivity of Powszechny Zakład Ubezpieczeń (PZU) company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several dimensions:
1. Earnings Sensitivity: PZU’s earnings can be influenced by interest rates due to its investment portfolio, which consists of fixed income securities. When interest rates rise, the market value of existing bonds decreases, potentially reducing unrealized gains or increasing losses in the investment portfolio. Conversely, higher rates can lead to increased interest income from new investments. The net effect on earnings will depend on the duration of the assets and liabilities on their balance sheet.
2. Cash Flow Sensitivity: Interest rates impact the cash flows from PZU’s insurance underwriting activities and investment income. Higher interest rates may improve cash flow from investments, while also affecting the cash flows from policyholder liabilities, which are often discounted at current interest rates. Changes in rates can alter the timing and amount of future cash flows, impacting liquidity and operational capacity.
3. Valuation Sensitivity: The valuation of PZU is often approached through discounted cash flow (DCF) models. Changes in interest rates directly affect the discount rate used in these models. A higher discount rate decreases the present value of future cash flows, potentially leading to a lower valuation. Conversely, lower interest rates typically result in a higher valuation due to lower discount rates applied to expected cash flows.
4. Overall Market Impact: Broader economic conditions influenced by interest rates, such as consumer spending and borrowing costs, can also have resultant effects on PZU’s business operations, affecting premiums, claims, and overall profitability.
Overall, PZU’s sensitivity to interest rates encapsulates multiple channels through which changes can affect earnings, cash flows, and valuation, making it crucial for the company to actively manage its exposure to interest rate fluctuations.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgdG hlIGVjb25v bWljcyBvZi BQb3dzemVj aG55IFpha8 WCYWQgVWJl enBpZWN6Zc WEIChQWlUp IG92ZXIgdG hlIG5leHQg My01IHllYX JzIGNvdWxk IGJlIGEgc2 lnbmlmaWNh bnQgYW5kIH Byb2xvbmdl ZCBlY29ub2 1pYyBkb3du dHVybiBpbi BQb2xhbmQg b3IgdGhlIG Jyb2FkZXIg RXVyb3BlYW 4gVW5pb24u IEZhY3Rvcn MgY29udHJp YnV0aW5nIH RvIHN1Y2gg YSBkb3dudH VybiBtYXkg aW5jbHVkZS BhIGZpbmFu Y2lhbCBjcm lzaXMsIGEg cmVjZXNzaW 9uIHJlc3Vs dGluZyBmcm 9tIGhpZ2gg aW5mbGF0aW 9uLCBnZW9w b2xpdGljYW wgdGVuc2lv bnMsIG9yIG EgbWFqb3Ig cHVibGljIG hlYWx0aCBj cmlzaXMgbG lrZSBDT1ZJ RC0xOSBvY2 N1cnJpbmcg YWdhaW4gaW 4gYSBtb3Jl IHNldmVyZS Bmb3JtLjxi cj5JbiB0aG lzIHNjZW5h cmlvLCB0aG UgZWNvbm9t aWMgY2hhbG xlbmdlcyB3 b3VsZCBsZW FkIHRvIHJl ZHVjZWQgY2 9uc3VtZXIg YW5kIGJ1c2 luZXNzIGNv bmZpZGVuY2 UsIHJlc3Vs dGluZyBpbi BkZWNyZWFz ZWQgZGVtYW 5kIGZvciBp bnN1cmFuY2 UgcHJvZHVj dHMuIE1hbn kgaW5kaXZp ZHVhbHMgYW 5kIGJ1c2lu ZXNzZXMgbW lnaHQgY2hv b3NlIHRvIG N1dCBiYWNr IG9uIGV4cG Vuc2VzLCBp bmNsdWRpbm cgcHJlbWl1 bSBwYXltZW 50cyBmb3Ig aW5zdXJhbm NlLCBsZWFk aW5nIHRvIG EgZGVjbGlu ZSBpbiBuZX cgcG9saWN5 IHNhbGVzIG FuZCByZW5l d2Fscy4gVG hpcyBzaXR1 YXRpb24gd2 91bGQgcmVz dWx0IGluIG RlY2xpbmlu ZyByZXZlbn VlcyBmb3Ig UFpVLjxicj 5NYXJnaW5z IGNvdWxkIG JlIG5lZ2F0 aXZlbHkgaW 1wYWN0ZWQg ZHVlIHRvIH NldmVyYWwg ZmFjdG9ycy wgaW5jbHVk aW5nIGluY3 JlYXNlZCBw cmVzc3VyZS BvbiBwcmlj aW5nIGR1ZS B0byBjb21w ZXRpdGlvbi BpbiBhIHNo cmlua2luZy BtYXJrZXQs IGhpZ2hlci BjbGFpbXMg cmF0aW9zIG Zyb20gcG9s aWN5aG9sZG VycyBmYWNp bmcgZWNvbm 9taWMgaGFy ZHNoaXAsIG FuZCBwb3Rl bnRpYWwgZG VmYXVsdHMg b24gcHJlbW l1bXMgZnJv bSBidXNpbm Vzc2VzIGFu ZCBpbmRpdm lkdWFscyB3 aG8gY2FuIG 5vIGxvbmdl ciBhZmZvcm QgaW5zdXJh bmNlLiBDb2 5zZXF1ZW50 bHksIFBaVe KAmXMgdW5k ZXJ3cml0aW 5nIHByb2Zp dGFiaWxpdH kgY291bGQg c2lnbmlmaW NhbnRseSBk aW1pbmlzaC wgbGVhZGlu ZyB0byBsb3 dlciBwcm9m aXQgbWFyZ2 lucy48YnI+ Q2FzaCBmbG 93IHdvdWxk IGFsc28gZm FjZSBzdWJz dGFudGlhbC BjaGFsbGVu Z2VzLiBXaX RoIHJlZHVj ZWQgcHJlbW l1bSBpbmNv bWUgZmxvd2 luZyBpbnRv IHRoZSBjb2 1wYW55LCBQ WlUgY291bG Qgc3RydWdn bGUgdG8gbW FpbnRhaW4g cG9zaXRpdm UgY2FzaCBm bG93cy4gQW RkaXRpb25h bGx5LCBpZi BjbGFpbXMg cmlzZSBkdW UgdG8gZWNv bm9taWMgZG lmZmljdWx0 aWVz4oCUc3 VjaCBhcyBp bmNyZWFzZX MgaW4gZnJh dWR1bGVudC BjbGFpbXMg b3IgaGlnaG VyIGluY2lk ZW5jZXMgb2 YgaW5zdXJl ZCBldmVudH MgZHVlIHRv IHJlZHVjZW QgbWFpbnRl bmFuY2Ugb2 YgcHJvcGVy dGllc+KAlH RoaXMgY291 bGQgZnVydG hlciBzdHJh aW4gY2FzaC ByZXNlcnZl cy48YnI+T2 4gdGhlIGJh bGFuY2Ugc2 hlZXQsIHRo ZSBpbXBsaW NhdGlvbnMg d291bGQgaW 5jbHVkZSBh IHBvdGVudG lhbCBpbmNy ZWFzZSBpbi BsaWFiaWxp dGllcyBpZi ByZXNlcnZl cyBmb3IgZn V0dXJlIGNs YWltcyBtdX N0IGJlIGJv bHN0ZXJlZC BkdWUgdG8g cmlzaW5nIG NsYWltcyBh Y3Rpdml0eS 4gSWYgdGhl IG1hcmtldC Bjb250aW51 ZXMgdG8gY2 9udHJhY3Qg YW5kIHJldm VudWUgZmFs bHMsIFBaVS BtaWdodCBh bHNvIG5lZW QgdG8gd3Jp dGUgZG93bi BjZXJ0YWlu IGFzc2V0cy wgcGFydGlj dWxhcmx5IH Rob3NlIGlu IGVxdWl0aW VzIG9yIHJl YWwgZXN0YX RlIHRoYXQg ZGVjbGluZS BpbiByZXNw b25zZSB0by B0aGUgZWNv bm9taWMgZG 93bnR1cm4u IEluY3JlYX NlZCBsZXZl cmFnZSBjb3 VsZCBhcmlz ZSBpZiB0aG UgY29tcGFu eSBuZWVkcy B0byByZWx5 IG9uIGRlYn QgdG8gZmlu YW5jZSBvcG VyYXRpb25z IG9yIG1haW 50YWluIGxp cXVpZGl0eS wgbmVnYXRp dmVseSBhZm ZlY3Rpbmcg aXRzIGRlYn QtdG8tZXF1 aXR5IHJhdG lvIGFuZCBv dmVyYWxsIG ZpbmFuY2lh bCBzdGFiaW xpdHkuPGJy PkluIGNvbm NsdXNpb24s IGlmIHN1Y2 ggYSBkb3du dHVybiBvY2 N1cnJlZCwg dGhlIG92ZX JhbGwgcGlj dHVyZSBvZi BQWlXigJlz IGVjb25vbW ljcyB3b3Vs ZCByZWZsZW N0IHJlZHVj ZWQgbWFyZ2 lucywgd2Vh a2VuZWQgY2 FzaCBmbG93 LCBhbmQgYS Btb3JlIHN0 cmFpbmVkIG JhbGFuY2Ug c2hlZXQsIH BvdGVudGlh bGx5IGxlYW RpbmcgdG8g bG9uZy10ZX JtIGRhbWFn ZSB0byB0aG UgY29tcGFu eeKAmXMgZm luYW5jaWFs IGhlYWx0aC BhbmQgbWFy a2V0IHBvc2 l0aW9uLjxi cj4=

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 bG9nb3MvWV ZINDg3dFBJ RXo1SXRDYn RMaksud2Vi cCIgYWx0PS JQb3dzemVj aG55IFpha2 xhZCBVYmV6 cGllY3plbi IgdGl0bGU9 IlBvd3N6ZW NobnkgWmFr bGFkIFViZX pwaWVjemVu IiAgY2xhc3 M9ImltZy1m bHVpZCIgaG VpZ2h0PTUw IHdpZHRoPT UwIGxvYWRp bmc9J2xhen knIHN0eWxl PSdib3JkZX ItcmFkaXVz OiA2cHg7Jz 4KCiAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nZmxl eDogMTsgdG V4dC1hbGln bjogY2VudG VyOyBtYXJn aW4tbGVmdD ogNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdmb2 50LXNpemU6 IDI2cHg7IG NvbG9yOiAj MzMzOyBtYX JnaW4tYm90 dG9tOiAxNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICDwn5OI IFdhbnQgdG 8gcmVhZCBt b3JlIGFib3 V0IFBvd3N6 ZWNobnkgWm FrbGFkIFVi ZXpwaWVjem VuPwogICAg 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+Tmi BZb3VyIGZy ZWUgY29weS BvZiA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+IG lzIHdhaXRp bmcKICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIE1T NGdVRzkzYz MgcGxZMmh1 ZVNCYSBZV3 RzWVdRZ1ZX IEpsZW5CcF pXTjYgWlc0 Z0tGQmFWUy BrZ2FYTWdk R2hsIElHeG hjbWRsYzMg UWdhVzV6ZF hKaCBibU5s SUdOdmJYIE JoYm5rZ2FX NGcgUTJWdW RISmhiQyBC aGJtUWdSV0 Z6IGRHVnli aUJGZFggSn ZjR1VnWVc1 ayBJRzl1Wl NCdlppIEIw YUdVZ2IyeG sgWlhOMElH bHVjMyBWeV lXNWpaU0Jq IGIyMXdZVz VwWlggTWdh VzRnUlhWeS BiM0JsTGp4 aWNqIDR5TG lCSmRDQjMg WVhNZ1ptOT FibSBSbFpD QnBiaUF4IE 9EQXpJR0o1 SUggUm9aU0 JRYjJ4cCBj MmdnUzJsdV p5IEJUZEdG dWFYUEYgZ2 1GM0lFRjFa MyBWemRDQl FiMjVwIFlY UnZkM05yYV MgQmhibVFn ZDJGeiBJR2 x1YVhScFlX IHhzZVNCal lXeHMgWldR Z1ZHOTNZWC BKNmVYTjBk MjhnIFZXSm xlbkJwWlcg TjZaY1dFSU U1aCBJTVc3 ZVdOcFpTIE FvVEdsbVpT QkogYm5OMW NtRnVZMiBV Z1UyOWphV1 YwIGVTa3VQ R0p5UGogTX VJRWx1SURF NCBNVGtzSU hSb1pTIEJq YjIxd1lXNT UgSUdOb1lX NW5aVyBRZ2 FYUnpJRzVo IGJXVWdkRz hnVkcgOTNZ WEo2ZVhOMC BkMjhnVldK bGVuIEJwWl dONlpjV0Ug SUZkNllXcG xiVyA1NVky Z2dVSEo2IF pYb2dRMkhG Z20gVWd4Yn Q1WTJsbCBJ Q2hOZFhSMV lXIHdnVEds bVpTQkogYm 5OMWNtRnVZ MiBVZ1UyOW phV1YwIGVT a2dZVzVrSU cgSmxaMkZ1 SUc5bSBabV Z5YVc1bklH IDV2Ymkxc2 FXWmwgSUds dWMzVnlZVy A1alpTQndi MnhwIFkybG xjeTQ4WW4g SStOQzRnVU ZwViBJR2ho Y3lCdmRtIF Z5SURJd01D QjUgWldGeW N5QnZaaSBC bGVIQmxjbW xsIGJtTmxJ R2x1SUggUm 9aU0JwYm5O MSBjbUZ1WT JVZ2FXIDVr ZFhOMGNua2 cgWVc1a0lH aGhjeSBCaV pXVnVJRzl3 IFpYSmhkR2 x1WnkgQmpi MjUwYVc1MS BiM1Z6Ykhr Z2MyIGx1WT JVZ2FYUnog SUdadmRXNW thVyA1bkxq eGljajQxIE xpQkpiaUF4 T1QgUTFMQ0 JoWm5SbCBj aUJYYjNKc1 pDIEJYWVhJ Z1NVa3MgSU hSb1pTQmpi MiAxd1lXNT VJSGRoIGN5 QnVZWFJwYj IgNWhiR2w2 WldRZyBZbm tnZEdobElH IE52YlcxMW JtbHogZENC bmIzWmxjbS A1dFpXNTBJ R0Z1IFpDQn laVzVoYlcg VmtJRkJhVl M0OCBZbkkr Tmk0Z1VGIH BWSUhKbGJX RnAgYm1Wa0 lHRWdjMyBS aGRHVXRiM2 R1IFpXUWdZ Mjl0Y0cgRn VlU0IxYm5S cCBiQ0F4T1 RreElIIGRv Wlc0Z2FYUW cgZDJGeklI UnlZVyA1el ptOXliV1Zr IElHbHVkRz hnWVMgQnFi Mmx1ZEMxei BkRzlqYXlC amIyIDF3WV c1NUlHRnUg WkNCd1lYSj BhVyBGc2JI a2djSEpwIG RtRjBhWHBs WkMgNDhZbk krTnk0ZyBW RzlrWVhrc0 lGIEJhVlNC cGN5QnMgYV hOMFpXUWdi MiA0Z2RHaG xJRmRoIGNu TmhkeUJUZE cgOWpheUJG ZUdObyBZVz VuWlNCaGJt IFFnZEdobE lHTnYgYlhC aGJubmlnSi BseklITm9Z WEpsIGN5Qm hjbVVnWVcg eHpieUIwY2 1GayBaV1Fn YjI0Z2RHIG hsSUV4dmJt UnYgYmlCVG RHOWpheSBC RmVHTm9ZVz VuIFpTNDhZ bkkrT0MgNG dVRnBWSUc5 bSBabVZ5Y3 lCaElIIGRw WkdVZ2NtRn UgWjJVZ2Iy WWdhVyA1em RYSmhibU5s IElIQnliMl IxWTMgUnpM Q0JwYm1Ocy BkV1JwYm1j Z2JHIGxtWl NCcGJuTjEg Y21GdVkyVX NJSCBCeWIz QmxjblI1IE lHRnVaQ0Jq WVggTjFZV3 gwZVNCcCBi bk4xY21GdV kyIFVzSUdG dVpDQm8gWl dGc2RHZ2dh VyA1emRYSm hibU5sIExq eGljajQ1TG kgQlFXbFVn YVhNZyBZV3 h6YnlCcGJu IFp2YkhabF pDQnAgYmlC MGFHVWdhVy A1MlpYTjBi V1Z1IGRDQm hibVFnY0cg VnVjMmx2Ym lCbSBkVzVr SUcxaGJtIE ZuWlcxbGJu UWcgYzJWam RHOXlMQyBC M2FYUm9JR2 wwIGN5Qnpk V0p6YVcgUn BZWEo1SUZC VSBSU0JRV2 xVZ2JXIEZ1 WVdkcGJtY2 cgYzJWMlpY SmhiQyBCd1 pXNXphVzl1 IElHWjFibV J6SUcgbHVJ RkJ2YkdGdS BaQzQ4WW5J K01UIEF1SU ZCYVZTQm8g WVhNZ1lTQn pkSCBKdmJt Y2djSEpsIG MyVnVZMlVn YVcgNGdibl Z0WlhKdiBk WE1nUlhWeW IzIEJsWVc0 Z1kyOTEgYm 5SeWFXVnpM QyBCcGJtTn NkV1JwIGJt Y2dVRzlzWV cgNWtMQ0JN YVhSbyBkV0 Z1YVdFc0lG IFZyY21GcG JtVXMgSUVK MWJHZGhjbS BsaExDQlNi MjFoIGJtbG hMQ0JoYm0g UWdWSFZ5YT JWNSBManhp Y2o0eE1TID RnVUZwVklH bHogSUdGc2 MyOGdhVyA1 MmIyeDJaV1 FnIGFXNGdk bUZ5YVcgOT FjeUJ6YjJO cCBZV3dnWV c1a0lHIE4x YkhSMWNtRn MgSUdsdWFY UnBZWCBScG RtVnpMQ0Jw IGJtTnNkV1 JwYm0gY2dj M1Z3Y0c5eS BkR2x1WnlC amRXIHgwZF hKaGJDQnAg Ym5OMGFYUj FkRyBsdmJu TWdZVzVrIE lIQnliMjF2 ZEcgbHVaeU J6YjJOcCBZ V3dnY21Wem NHIDl1YzJs aWFXeHAgZE hrZ1lXNWtJ RyBWdWRtbH liMjV0IFpX NTBZV3dnYz MgVnpkR0Zw Ym1GaSBhV3 hwZEhrdQog ICAgICAgID wvc3Bhbj4K ICAgICAgIC AKICAgICAg ICA=