IGM Financial

Live  

IGM Financial is a diversified financial services company based in Winnipeg, Manitoba, Canada. It was founded in 1976 and is one of the largest financial services companies in Canada, with over $200 billion in assets under management. IGM Financial operates through its three main operating companies: Investors Group, Mackenzie Investments, and Investment Planning Counsel. Together, these companies offer a range of financial products and services including mutual funds, advisory services, retirement planning, and insurance products. IGM Financial is a subsidiary of Power Corporation of Canada, a diversified international management and holding company. The company is publicly traded on the Toronto Stock Exchange under the ticker symbol IGM.

SUdNIEZpbm FuY2lhbCBp cyBhIGNvbX BhbnkgdGhh dCBoZWxwcy BwZW9wbGUg bWFuYWdlIH RoZWlyIG1v bmV5IGFuZC BwbGFuIGZv ciB0aGVpci BmdXR1cmUu IFRoaW5rIG 9mIGl0IGxp a2UgYSB2ZX J5IHdpc2Ug ZnJpZW5kIH dobyBrbm93 cyBhIGxvdC BhYm91dCBz YXZpbmcsIG ludmVzdGlu ZywgYW5kIG 1ha2luZyBz bWFydCBjaG 9pY2VzIHdp dGggbW9uZX kuIFRoZSBj b21wYW55IG 9mZmVycyBk aWZmZXJlbn Qgc2Vydmlj ZXMsIGxpa2 UgaGVscGlu ZyBwZW9wbG UgaW52ZXN0 IGluIHN0b2 NrcywgYm9u ZHMsIGFuZC BvdGhlciB0 aGluZ3MgdG hhdCBjYW4g Z3JvdyB0aG VpciBtb25l eSBvdmVyIH RpbWUuPGJy PklHTSBGaW 5hbmNpYWwg bWFrZXMgbW 9uZXkgaW4g YSBjb3VwbG Ugb2Ygd2F5 cy4gRmlyc3 QsIHRoZXkg Y2hhcmdlIH Blb3BsZSBh IGZlZSBmb3 IgZ2l2aW5n IGFkdmljZS BhbmQgaGVs cGluZyB0aG VtIHdpdGgg dGhlaXIgaW 52ZXN0bWVu dHMuIFRoaX MgaXMga2lu ZCBvZiBsaW tlIHBheWlu ZyBhIHRlYW NoZXIgd2hv IGhlbHBzIH lvdSB1bmRl cnN0YW5kIG Egc3ViamVj dCBiZXR0ZX IuIFNlY29u ZCwgdGhleS BlYXJuIG1v bmV5IGZyb2 0gdGhlIGlu dmVzdG1lbn RzIHRoZXkg bWFuYWdlLi BXaGVuIHRo ZSBtb25leS B0aGV5IGhl bHAgaW52ZX N0IG1ha2Vz IGEgcHJvZm l0LCB0aGV5 IGdldCBhIH NtYWxsIHBv cnRpb24gb2 YgdGhhdCBw cm9maXQgYX MgYSByZXdh cmQgZm9yIH RoZWlyIHdv cmsuPGJyPk 5vdywgd2h5 IGlzIElHTS BGaW5hbmNp YWwgc3VjY2 Vzc2Z1bD8g VGhleSBoYX ZlIGEgZ3Jl YXQgcmVwdX RhdGlvbiBm b3IgaGVscG luZyBwZW9w bGUgYW5kIG hhdmUgYnVp bHQgdHJ1c3 Qgb3ZlciBt YW55IHllYX JzLiBQZW9w bGUgZmVlbC Bjb21mb3J0 YWJsZSB3b3 JraW5nIHdp dGggdGhlbS BiZWNhdXNl IHRoZXkga2 5vdyB0aGF0 IElHTSBpcy Brbm93bGVk Z2VhYmxlIG FuZCBoYXMg YSBnb29kIH RyYWNrIHJl Y29yZC4gVG hleSBhbHNv IGtlZXAgdX Agd2l0aCBu ZXcgaWRlYX MgYW5kIHRy ZW5kcyBpbi B0aGUgbW9u ZXkgd29ybG QsIHdoaWNo IGhlbHBzIH RoZW0gc3Rh eSBhaGVhZC BhbmQgcHJv dmlkZSB0aG UgYmVzdCBz ZXJ2aWNlIH RvIHRoZWly IGNsaWVudH MuPGJyPkFz IGZvciB0aG UgZnV0dXJl LCBJR00gRm luYW5jaWFs IGlzIGxpa2 VseSB0byBj b250aW51ZS BiZWluZyBz dWNjZXNzZn VsIGJlY2F1 c2UgdGhleS BoZWxwIHBl b3BsZSB3aX RoIHNvbWV0 aGluZyB2ZX J5IGltcG9y dGFudOKAlG 1vbmV5LiBT aW5jZSBtYW 55IHBlb3Bs ZSB3YW50IH RvIHNhdmUg Zm9yIHRoaW 5ncyBsaWtl IHNjaG9vbC wgYSBob3Vz ZSwgb3Igcm V0aXJlbWVu dCwgdGhlcm Ugd2lsbCBh bHdheXMgYm UgYSBuZWVk IGZvciBjb2 1wYW5pZXMg dGhhdCBjYW 4gaGVscCB3 aXRoIHRoYX QuIFBsdXMs IGFzIG1vcm UgcGVvcGxl IHVuZGVyc3 RhbmQgdGhl IGltcG9ydG FuY2Ugb2Yg aW52ZXN0aW 5nIGFuZCBw bGFubmluZy Bmb3IgdGhl aXIgZmluYW 5jaWFsIGZ1 dHVyZSwgSU dNIGNhbiBh dHRyYWN0IG V2ZW4gbW9y ZSBjbGllbn RzLiBUaGlz IG1lYW5zIH RoZXnigJls bCBrZWVwIG dyb3dpbmcg YW5kIGhlbH BpbmcgbW9y ZSBwZW9wbG Ugd2hpbGUg bWFraW5nIG 1vbmV5IGlu IHRoZSBwcm 9jZXNzLjxi cj4=

MS4gTGVhZG luZyBJbmRl cGVuZGVudC BGaW5hbmNp YWwgU2Vydm ljZXMgQ29t cGFueTogSU dNIEZpbmFu Y2lhbCBpcy BvbmUgb2Yg dGhlIGxlYW RpbmcgaW5k ZXBlbmRlbn QgZmluYW5j aWFsIHNlcn ZpY2VzIGNv bXBhbmllcy BpbiBDYW5h ZGEsIG9mZm VyaW5nIGEg d2lkZSByYW 5nZSBvZiBw cm9kdWN0cy BhbmQgc2Vy dmljZXMgdG 8gbWVldCB0 aGUgZGl2ZX JzZSBmaW5h bmNpYWwgbm VlZHMgb2Yg aXRzIGNsaW VudHMuPGJy PjIuIFN0cm 9uZyBhbmQg U3RhYmxlIE ZpbmFuY2lh bCBQZXJmb3 JtYW5jZTog SUdNIEZpbm FuY2lhbCBo YXMgY29uc2 lzdGVudGx5 IGRlbGl2ZX JlZCBzdHJv bmcgYW5kIH N0YWJsZSBm aW5hbmNpYW wgcGVyZm9y bWFuY2UsIH dpdGggYSB0 cmFjayByZW NvcmQgb2Yg c3VzdGFpbm FibGUgZ3Jv d3RoIGFuZC Bzb2xpZCBm aW5hbmNpYW wgcmVzdWx0 cy4gVGhpcy BtYWtlcyBp dCBhIHJlbG lhYmxlIGFu ZCB0cnVzdH dvcnRoeSBj aG9pY2UgZm 9yIGludmVz dG9ycy48Yn I+My4gRGl2 ZXJzaWZpZW QgUG9ydGZv bGlvOiBUaG UgY29tcGFu eSBoYXMgYS B3ZWxsLWRp dmVyc2lmaW VkIHBvcnRm b2xpbyBvZi BidXNpbmVz cyBzZWdtZW 50cywgaW5j bHVkaW5nIG Z1bmQgbWFu YWdlbWVudC wgd2VhbHRo IG1hbmFnZW 1lbnQsIGFu ZCBpbnN1cm FuY2UuIFRo aXMgaGVscH MgdGhlIGNv bXBhbnkgbW l0aWdhdGUg cmlza3MgYW 5kIGFkYXB0 IHRvIGNoYW 5naW5nIG1h cmtldCBjb2 5kaXRpb25z Ljxicj40Li BQYXJ0bmVy c2hpcCB3aX RoIEluZHVz dHJ5LUxlYW RpbmcgQnJh bmRzOiBJR0 0gRmluYW5j aWFsIGhhcy BwYXJ0bmVy c2hpcHMgd2 l0aCBzb21l IG9mIHRoZS Btb3N0IHJl bm93bmVkIG FuZCB0cnVz dGVkIGJyYW 5kcyBpbiB0 aGUgZmluYW 5jaWFsIGlu ZHVzdHJ5LC BzdWNoIGFz IEludmVzdG 9ycyBHcm91 cCwgTWFja2 VuemllIElu dmVzdG1lbn RzLCBhbmQg Q291bnNlbC BQb3J0Zm9s aW8gU2Vydm ljZXMuIFRo aXMgYWxsb3 dzIHRoZSBj b21wYW55IH RvIG9mZmVy IGhpZ2gtcX VhbGl0eSBw cm9kdWN0cy BhbmQgc2Vy dmljZXMgdG 8gaXRzIGNs aWVudHMuPG JyPjUuIEZv Y3VzIG9uIE lubm92YXRp b24gYW5kIF RlY2hub2xv Z3k6IElHTS BGaW5hbmNp YWwgaXMgY2 9tbWl0dGVk IHRvIGlubm 92YXRpb24g YW5kIGVtYn JhY2VzIG5l dyB0ZWNobm 9sb2dpZXMg dG8gZW5oYW 5jZSBpdHMg cHJvZHVjdC BhbmQgc2Vy dmljZSBvZm ZlcmluZ3Mu IFRoaXMgYW xsb3dzIHRo ZSBjb21wYW 55IHRvIHN0 YXkgY29tcG V0aXRpdmUg YW5kIG1lZX QgdGhlIGV2 b2x2aW5nIG 5lZWRzIG9m IGl0cyBjbG llbnRzLjxi cj42LiBTdH JvbmcgQ29y cG9yYXRlIE dvdmVybmFu Y2U6IFRoZS Bjb21wYW55 IGhhcyBhIH N0cm9uZyBj b21taXRtZW 50IHRvIGNv cnBvcmF0ZS Bnb3Zlcm5h bmNlLCBlbn N1cmluZyB0 cmFuc3Bhcm VuY3ksIGFj Y291bnRhYm lsaXR5LCBh bmQgZXRoaW NhbCBwcmFj dGljZXMgaW 4gYWxsIGl0 cyBvcGVyYX Rpb25zLjxi cj43LiBTb2 NpYWwgUmVz cG9uc2liaW xpdHk6IElH TSBGaW5hbm NpYWwgaXMg Y29tbWl0dG VkIHRvIGNv cnBvcmF0ZS Bzb2NpYWwg cmVzcG9uc2 liaWxpdHks IHdpdGggYS Bmb2N1cyBv biBlbnZpcm 9ubWVudGFs IHN1c3RhaW 5hYmlsaXR5 LCBjb21tdW 5pdHkgaW52 b2x2ZW1lbn QsIGFuZCBl dGhpY2FsIG J1c2luZXNz IHByYWN0aW Nlcy48YnI+ OC4gSW5kdX N0cnkgQXdh cmRzIGFuZC BSZWNvZ25p dGlvbjogVG hlIGNvbXBh bnkgaGFzIG JlZW4gY29u c2lzdGVudG x5IHJlY29n bml6ZWQgYW 5kIGF3YXJk ZWQgZm9yIG l0cyBmaW5h bmNpYWwgcG VyZm9ybWFu Y2UsIGNvcn BvcmF0ZSBn b3Zlcm5hbm NlLCBhbmQg Y29tbWl0bW VudCB0byBp bm5vdmF0aW 9uIGFuZCBz b2NpYWwgcm VzcG9uc2li aWxpdHkuPG JyPjkuIFN0 cm9uZyBEaX N0cmlidXRp b24gTmV0d2 9yazogSUdN IEZpbmFuY2 lhbCBoYXMg YSBzdHJvbm cgZGlzdHJp YnV0aW9uIG 5ldHdvcmsg dGhyb3VnaC BpdHMgc3Vi c2lkaWFyaW VzLCB3aGlj aCBhbGxvd3 MgdGhlIGNv bXBhbnkgdG 8gcmVhY2gg YSBsYXJnZS BhbmQgZGl2 ZXJzZSBjdX N0b21lciBi YXNlLjxicj 4xMC4gRXhw ZXJpZW5jZW QgTWFuYWdl bWVudCBUZW FtOiBUaGUg Y29tcGFueS BoYXMgYW4g ZXhwZXJpZW 5jZWQgYW5k IGtub3dsZW RnZWFibGUg bWFuYWdlbW VudCB0ZWFt IHdpdGggYS Bwcm92ZW4g dHJhY2sgcm Vjb3JkIG9m IHN1Y2Nlc3 MgaW4gdGhl IGZpbmFuY2 lhbCBpbmR1 c3RyeSwgcH JvdmlkaW5n IHN0cm9uZy BsZWFkZXJz aGlwIGFuZC BzdHJhdGVn aWMgZGlyZW N0aW9uIGZv ciB0aGUgY2 9tcGFueS4=

SUdNIEZpbm FuY2lhbCBp cyBhIENhbm FkaWFuIGZp bmFuY2lhbC BzZXJ2aWNl cyBjb21wYW 55IHRoYXQg b3BlcmF0ZX MgdGhyb3Vn aCBpdHMgc3 Vic2lkaWFy eSBjb21wYW 5pZXMsIGlu Y2x1ZGluZy BJbnZlc3Rv cnMgR3JvdX AsIE1hY2tl bnppZSBJbn Zlc3RtZW50 cywgYW5kIE ludmVzdG1l bnQgUGxhbm 5pbmcgQ291 bnNlbC4gSX RzIGJ1c2lu ZXNzIG1vZG VsIGlzIGZv Y3VzZWQgb2 4gcHJvdmlk aW5nIGEgcm FuZ2Ugb2Yg ZmluYW5jaW FsIHByb2R1 Y3RzIGFuZC BzZXJ2aWNl cyB0byBpbm RpdmlkdWFs IGFuZCBpbn N0aXR1dGlv bmFsIGNsaW VudHMgaW4g Q2FuYWRhIG FuZCBpbnRl cm5hdGlvbm FsbHkuPGJy PklHTSBGaW 5hbmNpYWwn cyBtYWluIG FjdGl2aXRp ZXMgaW5jbH VkZTo8YnI+ MS4gV2VhbH RoIG1hbmFn ZW1lbnQ6IF RoZSBjb21w YW55IG9mZm VycyBhIGNv bXByZWhlbn NpdmUgcmFu Z2Ugb2YgaW 52ZXN0bWVu dCBhbmQgd2 VhbHRoIG1h bmFnZW1lbn Qgc2Vydmlj ZXMsIGluY2 x1ZGluZyBt dXR1YWwgZn VuZHMsIGV4 Y2hhbmdlLX RyYWRlZCBm dW5kcyAoRV RGcyksIHNl Z3JlZ2F0ZW QgZnVuZHMs IGFuZCBvdG hlciBpbnZl c3RtZW50IH Byb2R1Y3Rz IGZvciBpbm RpdmlkdWFs cyBhbmQgaW 5zdGl0dXRp b25zLjxicj 4yLiBGaW5h bmNpYWwgcG xhbm5pbmc6 IFRocm91Z2 ggaXRzIHN1 YnNpZGlhcn kgSW52ZXN0 b3JzIEdyb3 VwLCBJR00g RmluYW5jaW FsIHByb3Zp ZGVzIGZpbm FuY2lhbCBw bGFubmluZy BzZXJ2aWNl cyB0byBoZW xwIGNsaWVu dHMgYWNoaW V2ZSB0aGVp ciBmaW5hbm NpYWwgZ29h bHMgYW5kIG 9iamVjdGl2 ZXMuPGJyPj MuIEFzc2V0 IG1hbmFnZW 1lbnQ6IE1h Y2tlbnppZS BJbnZlc3Rt ZW50cywgYW 5vdGhlciBz dWJzaWRpYX J5IG9mIElH TSBGaW5hbm NpYWwsIG9m ZmVycyBhIH dpZGUgcmFu Z2Ugb2YgaW 52ZXN0bWVu dCBzb2x1dG lvbnMgZm9y IGluZGl2aW R1YWwgYW5k IGluc3RpdH V0aW9uYWwg Y2xpZW50cy wgaW5jbHVk aW5nIG11dH VhbCBmdW5k cywgRVRGcy wgYW5kIGFs dGVybmF0aX ZlIGludmVz dG1lbnRzLj xicj40LiBJ bnN1cmFuY2 U6IElHTSBG aW5hbmNpYW wgYWxzbyBw cm92aWRlcy BpbnN1cmFu Y2UgcHJvZH VjdHMsIGlu Y2x1ZGluZy BsaWZlLCBj cml0aWNhbC BpbGxuZXNz LCBhbmQgZG lzYWJpbGl0 eSBpbnN1cm FuY2UsIHRv IHByb3RlY3 QgYW5kIHN1 cHBvcnQgY2 xpZW50cyBp biB0aGVpci Bsb25nLXRl cm0gZmluYW 5jaWFsIHBs YW5uaW5nLj xicj41LiBC cm9rZXJhZ2 Ugc2Vydmlj ZXM6IFRocm 91Z2ggaXRz IHN1YnNpZG lhcnkgSW52 ZXN0bWVudC BQbGFubmlu ZyBDb3Vuc2 VsLCBJR00g RmluYW5jaW FsIG9mZmVy cyBicm9rZX JhZ2Ugc2Vy dmljZXMsIG luY2x1ZGlu ZyB0cmFkaW 5nIHNlY3Vy aXRpZXMsIG ludmVzdG1l bnQgcmVzZW FyY2gsIGFu ZCBmaW5hbm NpYWwgYWR2 aWNlLjxicj 42LiBPbmxp bmUgaW52ZX N0bWVudCBw bGF0Zm9ybT ogVGhlIGNv bXBhbnkncy BvbmxpbmUg YnJva2VyYW dlIHBsYXRm b3JtLCBXZW FsdGhzaW1w bGUsIGFsbG 93cyBjbGll bnRzIHRvIG ludmVzdCBp biBhIHZhcm lldHkgb2Yg aW52ZXN0bW VudHMsIGlu Y2x1ZGluZy BzdG9ja3Ms IEVURnMsIG FuZCBtdXR1 YWwgZnVuZH MuPGJyPklH TSBGaW5hbm NpYWwncyBi dXNpbmVzcy Btb2RlbCBp cyBiYXNlZC BvbiBwcm92 aWRpbmcgcG Vyc29uYWxp emVkIGFuZC Bjb21wcmVo ZW5zaXZlIG ZpbmFuY2lh bCBzb2x1dG lvbnMgdG8g aXRzIGNsaW VudHMsIHN1 cHBvcnRlZC BieSBhIHRl YW0gb2YgZm luYW5jaWFs IGFkdmlzb3 JzIGFuZCBp bnZlc3RtZW 50IHByb2Zl c3Npb25hbH MuIFRoZSBj b21wYW55IG FpbXMgdG8g aGVscCBjbG llbnRzIGFj aGlldmUgdG hlaXIgZmlu YW5jaWFsIG dvYWxzIGFu ZCBidWlsZC Bsb25nLXRl cm0gcmVsYX Rpb25zaGlw cyB0aHJvdW doIGl0cyBk aXZlcnNpZm llZCBwcm9k dWN0IG9mZm VyaW5ncywg dGVjaG5vbG 9neSwgYW5k IHRydXN0ZW QgYWR2aWNl Lg==

AI can potentially pose several risks to IGM Financial’s products, services, and competitive positioning.
1. Substitution: AI technologies may enable the creation of financial products or services that could directly compete with those offered by IGM Financial. For example, robo-advisors and AI-driven investment platforms can offer automated investment services at lower costs, which may attract clients seeking more affordable options. This could lead to a shift in customer preferences towards these AI-driven alternatives.
2. Disintermediation: Advances in AI can result in the reduction of intermediaries within financial services. Clients may choose to bypass traditional advisory services in favor of direct access to AI tools that provide personalized investment advice or automated trading strategies. This potential disintermediation could challenge IGM Financial’s traditional business model and revenue streams.
3. Margin Pressure: The adoption of AI by competitors may lead to increased competition and lower profit margins across the financial services industry. If competitors can use AI to deliver better customer experiences or more efficient operations at a lower cost, IGM Financial may face pressure to reduce its prices or enhance its service offerings to retain clients, which could erode profitability.
Overall, while AI presents opportunities for innovation and improved efficiency, it also poses material threats that IGM Financial will need to address strategically to maintain its competitive position.

The sensitivity of IGM Financial’s earnings, cash flow, and valuation to changes in interest rates can be understood from different perspectives.
1. Earnings Sensitivity: A rise in interest rates can affect IGM Financial’s earnings in several ways. Higher interest rates often lead to increased borrowing costs, which can affect consumer behavior and spending on financial products. This, in turn, may reduce the demand for investment and wealth management services. Conversely, if interest rates rise, the company may benefit from improved margins on interest income from its lending activities or cash balances. Therefore, earnings can be positively or negatively impacted depending on the prevailing economic environment and how the company adjusts its business strategy.
2. Cash Flow Sensitivity: Cash flows are directly impacted by changes in interest rates since they affect the cost of capital. Higher interest rates increase the cost of debt for companies, which may lead to reduced cash flow if the company has significant interest obligations. Additionally, if clients face increased borrowing costs, their investment activities may decline, further impacting cash flows. On the other hand, if IGM Financial’s investments generate higher yields due to rising interest rates, cash flows from those sources may improve.
3. Valuation Sensitivity: Interest rates are a critical component in the discounted cash flow (DCF) valuation method. Higher interest rates typically lead to a higher discount rate, which can reduce the present value of future cash flows from the company. This can negatively affect the valuation multiples applied to earnings or cash flows. Furthermore, market sentiment often correlates interest rates with risk assessments; rising rates may lead investors to demand higher returns, thus compressing valuations of financial firms.
In summary, IGM Financial’s earnings, cash flow, and valuation are sensitive to changes in interest rates, with variations depending on market conditions and the company’s strategic responses. The overall impact can be complex, incorporating both potential advantages and disadvantages.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgSU dNIEZpbmFu Y2lhbOKAmX MgZWNvbm9t aWNzIG92ZX IgdGhlIG5l eHQgM+KAkz UgeWVhcnMg aXMgYSBzaW duaWZpY2Fu dCBhbmQgcH JvbG9uZ2Vk IGRvd250dX JuIGluIHRo ZSBmaW5hbm NpYWwgbWFy a2V0cywgZH JpdmVuIGJ5 IGEgc3VzdG FpbmVkIGlu Y3JlYXNlIG luIGludGVy ZXN0IHJhdG VzIGNvbWJp bmVkIHdpdG ggYSByZWNl c3Npb24uIF N1Y2ggYSBz Y2VuYXJpby Bjb3VsZCBs ZWFkIHRvIG xvd2VyIGFz c2V0cyB1bm RlciBtYW5h Z2VtZW50IC hBVU0pLCBy ZWR1Y2VkIG NsaWVudCBw b3J0Zm9saW 8gcGVyZm9y bWFuY2UsIG FuZCBhIGdl bmVyYWwgZG VjcmVhc2Ug aW4gZGVtYW 5kIGZvciBm aW5hbmNpYW wgYWR2aXNv cnkgc2Vydm ljZXMuIDxi cj5JbiB0aG lzIHNjZW5h cmlvLCB0aG UgY29tcGFu eeKAmXMgbW FyZ2lucyB3 b3VsZCBmYW NlIHN1YnN0 YW50aWFsIH ByZXNzdXJl LiBBcyBBVU 0gZGVjbGlu ZXMgZHVlIH RvIG1hcmtl dCBsb3NzZX MgYW5kIHBv dGVudGlhbC BjbGllbnQg d2l0aGRyYX dhbHMsIHRo ZSByZXZlbn VlIGdlbmVy YXRlZCBmcm 9tIG1hbmFn ZW1lbnQgZm VlcyB3b3Vs ZCBkaW1pbm lzaCwgbGVh ZGluZyB0by B0aWdodGVy IG1hcmdpbn MuIEFkZGl0 aW9uYWxseS wgdGhlIGNv c3Qgc3RydW N0dXJlIG1h eSBub3QgZG VjcmVhc2Ug aW4gcHJvcG 9ydGlvbiB0 byByZXZlbn VlIGRlY2xp bmVzLCBhcy BmaXhlZCBj b3N0cyBzdW NoIGFzIHNh bGFyaWVzLC B0ZWNobm9s b2d5IGludm VzdG1lbnRz LCBhbmQgY2 9tcGxpYW5j ZSBjb3VsZC ByZW1haW4g aW50YWN0Li A8YnI+Q2Fz aCBmbG93IH dvdWxkIGFs c28gc3VmZm VyIGFzIGNs aWVudHMgbW F5IHB1bGwg YmFjayBvbi BuZXcgaW52 ZXN0bWVudH MgYW5kIGZl d2VyIHRyYW 5zYWN0aW9u cyBvY2N1ci wgbGVhZGlu ZyB0byBkZW NyZWFzZWQg Y29tbWlzc2 lvbnMgYW5k IGFkdmlzb3 J5IGZlZXMu IFRoZSByZX N1bHQgd291 bGQgYmUgYS BzaWduaWZp Y2FudCBkcm 9wIGluIGZy ZWUgY2FzaC BmbG93LCB3 aGljaCBjb3 VsZCByZXN0 cmljdCB0aG UgY29tcGFu eeKAmXMgYW JpbGl0eSB0 byByZWludm VzdCBpbiBn cm93dGggb3 Bwb3J0dW5p dGllcywgcG F5IGRpdmlk ZW5kcywgb3 IgcmVkdWNl IGRlYnQuPG JyPk9uIHRo ZSBiYWxhbm NlIHNoZWV0 IHNpZGUsIG EgZGVjbGlu ZSBpbiBBVU 0gY291bGQg aW1wYWN0IH RoZSBjb21w YW554oCZcy BsaXF1aWRp dHkgcmF0aW 9zLCBhcyB0 aGVyZSBtYX kgYmUgaGln aGVyIHdpdG hkcmF3YWwg cmVxdWVzdH MgZnJvbSBj bGllbnRzLi BJZiBJR00g RmluYW5jaW FsIGhhcyBh IHN1YnN0YW 50aWFsIGFt b3VudCBvZi BkZWJ0LCB0 aGUgaW5jcm Vhc2VkIGlu dGVyZXN0IG J1cmRlbuKA lGR1ZSB0by ByaXNpbmcg cmF0ZXPigJ Rjb3VsZCBm dXJ0aGVyIH N0cmFpbiB0 aGUgYmFsYW 5jZSBzaGVl dC4gSWYgdG hlIGRvd250 dXJuIGlzIH NldmVyZSBl bm91Z2gsIG l0IG1pZ2h0 IG5lY2Vzc2 l0YXRlIGFj dGlvbnMgbG lrZSByZWR1 Y2luZyBkaX ZpZGVuZHMg b3IgdGFraW 5nIG9uIG5l dyBsaWFiaW xpdGllcyB0 byBtYWludG FpbiBvcGVy YXRpb25zLC BuZWdhdGl2 ZWx5IGFmZm VjdGluZyBv dmVyYWxsIG VxdWl0eSBh bmQgZmluYW 5jaWFsIGhl YWx0aC48Yn I+SW4gc3Vt bWFyeSwgdW 5kZXIgdGhp cyBzY2VuYX JpbywgSUdN IEZpbmFuY2 lhbCBjb3Vs ZCBzZWUgc2 lnbmlmaWNh bnRseSByZW R1Y2VkIG1h cmdpbnMsIG 5lZ2F0aXZl IGNhc2ggZm xvdywgYW5k IGEgZGV0ZX Jpb3JhdGlu ZyBiYWxhbm NlIHNoZWV0 IGNoYXJhY3 Rlcml6ZWQg YnkgZGVjcm Vhc2VkIGxp cXVpZGl0eS BhbmQgaGln aGVyIGxldm VyYWdlLCB3 aGljaCB3b3 VsZCB1bHRp bWF0ZWx5IG ltcGFpciBp dHMgZWNvbm 9taWMgc3Rh YmlsaXR5IG FuZCBncm93 dGggcHJvc3 BlY3RzLjxi 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 bG9nb3MvYW 05WElqQmRh Y0VQMWhwOG FSU3Uud2Vi cCIgYWx0PS JJR00gRmlu YW5jaWFsIi B0aXRsZT0i SUdNIEZpbm FuY2lhbCIg IGNsYXNzPS JpbWctZmx1 aWQiIGhlaW dodD01MCB3 aWR0aD01MC Bsb2FkaW5n PSdsYXp5Jy BzdHlsZT0n Ym9yZGVyLX JhZGl1czog NnB4Oyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J2ZsZXg6 IDE7IHRleH QtYWxpZ246 IGNlbnRlcj sgbWFyZ2lu LWxlZnQ6ID VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8cCBzdHls ZT0nZm9udC 1zaXplOiAy NnB4OyBjb2 xvcjogIzMz MzsgbWFyZ2 luLWJvdHRv bTogMTVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TiCBX YW50IHRvIH JlYWQgbW9y ZSBhYm91dC BJR00gRmlu YW5jaWFsPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TmiBZb3 VyIGZyZWUg Y29weSBvZi A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+IGlzIH dhaXRpbmcK 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 AgIFNVZE5J RVpwYm0gRn VZMmxoYkNC cCBjeUJoSU hCeWIyIDFw Ym1WdWRDQm 0gYVc1aGJt TnBZVyB3Z2 MyVnlkbWxq IFpYTWdZMj l0Y0cgRnVl U0JpWVhObC BaQ0JwYmlC RFlXIDVoWk dFc0lIZHAg ZEdnZ1lTQn lhVyBOb0lH aHBjM1J2IG Nua2dZVzVr SUcgRWdkbU Z5YVdWMCBl U0J2WmlCcG JuIFJsY21W emRHbHUgWn lCaGRIUnlh VyBKMWRHVn pMaUJJIFpY SmxJR0Z5Wl MgQnpiMjFs SUd0bCBlU0 JtWVdOMGN5 IEJoWW05MW RDQjAgYUdV Z1kyOXRjRy BGdWVUbzhZ bkkrIE1TNG dTVWROSUUg WnBibUZ1WT JsaCBiQ0Jw Y3lCdmJtIF VnYjJZZ2RH aGwgSUd4aG NtZGxjMyBR Z1ptbHVZVz VqIGFXRnNJ SE5sY24gWn BZMlZ6SUdO diBiWEJoYm 1sbGN5IEJw YmlCRFlXNW ggWkdFc0lH OXdaWCBKaG RHbHVaeUJw IGJpQjBhR1 VnWVggSmxZ WE1nYjJZZy BkMlZoYkhS b0lHIEZ1Wk NCaGMzTmwg ZENCdFlXNW haMiBWdFpX NTBManhpIG NqNHlMaUJV YUcgVWdZMj l0Y0dGdSBl U0JwY3lCaE lIIE4xWW5O cFpHbGggY2 5rZ2IyWWdV RyA5M1pYSW dRMjl5IGNH OXlZWFJwYj IgNGdiMlln UTJGdSBZV1 JoTENCM2FH IGxqYUNCcG N5QmggSUdS cGRtVnljMi BsbWFXVmtJ RzFoIGJtRm 5aVzFsYm4g UWdZVzVrSU dodiBiR1Jw Ym1jZ1kyID l0Y0dGdWVT NDggWW5JK0 15NGdTVSBk TklFWnBibU Z1IFkybGhi Q0IzWVggTW dabTkxYm1S bCBaQ0JwYm lBeE9UIFkx TENCaGJtUW cgYVhSeklH aGxZVyBSeG RXRnlkR1Z5 IGN5QnBjeU JzYjIgTmhk R1ZrSUdsdS BJRmRwYm01 cGNHIFZuTE NCTllXNXAg ZEc5aVlTND hZbiBJK05D NGdWR2hsIE lHTnZiWEJo Ym4ga2diM0 JsY21GMCBa WE1nZEdoeW IzIFZuYUNC elpYWmwgY2 1Gc0lIZGxi RyB3dGEyNX ZkMjRnIFlu SmhibVJ6TE MgQnBibU5z ZFdScCBibW NnU1c1MlpY IE4wYjNKek lFZHkgYjNW d0xDQk5ZVy BOclpXNTZh V1VnIFNXNT JaWE4wYlcg VnVkSE1zSU dGdSBaQ0JP YjNKMGFIIG R2YjJRZ1FX eDAgWlhKdV lYUnBkbSBV Z1FYTnpaWF FnIFRXRnVZ V2RsYlcgVn VkQzQ4WW5J KyBOUzRnU1 VkTklFIFpw Ym1GdVkybG ggYkNCb1lY TWdZUyBCem FXZHVhV1pw IFkyRnVkQ0 J3Y20gVnpa VzVqWlNCcC BiaUIwYUdV Z2JYIFYwZF dGc0lHWjEg Ym1RZ2FXNW tkWCBOMGNu a3NJRzFoIG JtRm5hVzVu SUcgSnBiR3 hwYjI1eiBJ R2x1SUdGem MyIFYwY3lC bWIzSWcgYV hSeklHTnNh VyBWdWRITX VQR0p5IFBq WXVJRlJvWl MgQmpiMjF3 WVc1NSBJR2 hoY3lCaElI IE4wY205dV p5Qm0gYjJO MWN5QnZiaS BCeVpYTndi MjV6IGFXSn NaU0JwYm4g WmxjM1JwYm 1jZyBZVzVr SUdoaGN5IE JwYm1OeVpX RnogYVc1bm JIa2dhVyA1 amIzSndiM0 poIGRHVmtJ R1Z1ZG0gbH liMjV0Wlc1 MCBZV3dzSU hOdlkyIGxo YkN3Z1lXNW sgSUdkdmRt VnlibSBGdV kyVWdLRVZU IFJ5a2dabU ZqZEcgOXlj eUJwYm5Sdi BJR2wwY3lC cGJuIFpsYz NSdFpXNTAg SUhOMGNtRj BaVyBkcFpY TXVQR0p5IF BqY3VJRWxI VFMgQkdhVz VoYm1OcCBZ V3dnWlcxd2 FHIEZ6YVhw bGN5QmogYk dsbGJuUWdj bSBWc1lYUn BiMjV6IGFH bHdjeUJoYm 0gUWdiMlpt WlhKeiBJSE JsY25OdmJt IEZzYVhwbF pDQm0gYVc1 aGJtTnBZVy B3Z2NHeGhi bTVwIGJtY2 djMlZ5ZG0g bGpaWE1zSU dGcCBiV2x1 WnlCMGJ5IE JvWld4d0lH TnMgYVdWdW RITWdZVyBO b2FXVjJaU0 IwIGFHVnBj aUJtYVcgNW hibU5wWVd3 ZyBaMjloYk hNdVBHIEp5 UGpndUlGUm 8gWlNCamIy MXdZVyA1NU lHbHpJSEIx IFlteHBZMn g1SUggUnlZ V1JsWkNCdi BiaUIwYUdV Z1ZHIDl5Yj I1MGJ5QlQg ZEc5amF5Qk ZlRyBOb1lX NW5aU0IxIG JtUmxjaUIw YUcgVWdkR2 xqYTJWeSBJ SE41YldKdm JDIEJKUjAw dVBHSnkgUG prdUlFbEhU UyBCR2FXNW hibU5wIFlX d2dhWE1nYT IgNXZkMjRn Wm05eSBJR2 wwY3lCamIy IDF0YVhSdF pXNTAgSUhS dklHTnZiVy AxMWJtbDBl U0JwIGJuWn ZiSFpsYlcg VnVkQ0JoYm 1RZyBjR2hw YkdGdWRHIG h5YjNCNUxD QnogZFhCd2 IzSjBhVyA1 bklIWmhjbW x2IGRYTWdZ MmhoY20gbD BZV0pzWlNC diBjbWRoYm 1sNllYIFJw YjI1eklHRn UgWkNCcGJt bDBhVyBGMG FYWmxjeUJo IFkzSnZjM0 1nUTIgRnVZ V1JoTGp4aS BjajR4TUM0 Z1ZHIGhsSU dOdmJYQmgg Ym5rZ2FHRn pJSCBKbFky VnBkbVZrIE lISmxZMjlu Ym0gbDBhVz l1SUdadiBj aUJwZEhNZ2 QyIDl5YTNC c1lXTmwgSU dOMWJIUjFj bSBVZ1lXNW tJSEJ5IFlX TjBhV05sY3 kgd2diMlow Wlc0ZyBjbU Z1YTJsdVp5 IEJwYmlCc2 FYTjAgY3lC dlppQjBiMy BBZ1pXMXdi Rzk1IFpYSn pJR2x1SUUg TmhibUZrWV M0OCBZbkkr VkdobGMyIF VnWm1GamRI TWcgYUdsbm FHeHBaMiBo MElFbEhUU0 JHIGFXNWhi bU5wWVcgem lnSmx6SUhK diBiR1VnWV hNZ1lTIEJy WlhrZ2NHeG ggZVdWeUlH bHVJSCBSb1 pTQkRZVzVo IFpHbGhiaU JtYVcgNWhi bU5wWVd3Zy BjMlZ5ZG1s alpYIE1nYV c1a2RYTjAg Y25rZ1lXNW tJRyBsMGN5 QnZibWR2IG FXNW5JR052 YlcgMXBkRz FsYm5RZyBk RzhnWTJ4cF pXIDUwSUhO bGNuWnAgWT JVZ1lXNWtJ SCBKbGMzQn Zibk5wIFlt eGxJR0oxYz IgbHVaWE56 SUhCeSBZV0 4wYVdObGN5 IDQ4WW5JKw ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=