Phoenix Group Holdings

Live  

Phoenix Group Holdings is a UK-based insurance company, specializing in managing and acquiring closed life insurance and pension funds. The company was founded in 2008 and is headquartered in London, UK. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
The company's main business is to acquire closed life insurance and pension funds, which are insurance policies or pension benefits that are no longer being actively marketed to new customers. The Phoenix Group manages these funds, including handling customer communications, pay outs, and investing the funds to generate returns for policyholders.
Phoenix Group has a strong focus on responsible investing, as well as meeting regulatory requirements and ensuring good outcomes for policyholders. The company also offers services such as lifetime mortgages and asset management for third-party investors and insurers.
In addition to its UK operations, Phoenix Group has a presence in the European market, with its Horizon platform providing efficient solutions for managing closed books. The company also has a focus on digital technology and has implemented a number of digital initiatives to transform its operations and improve customer experience.
Phoenix Group has won several awards for its services and responsible approach, including being named Best Life Insurance Provider at the 2021 British Insurance Awards and winning the Corporate Social Responsibility Award at the 2020 Insurance Asset Management Awards.
Overall, Phoenix Group Holdings is a leading insurance company with a strong focus on responsible and innovative practices, making it a reputable choice for policyholders and investors alike.

UGhvZW5peC BHcm91cCBI b2xkaW5ncy BpcyBhIGNv bXBhbnkgdG hhdCBoZWxw cyBwZW9wbG Ugd2l0aCB0 aGVpciBtb2 5leSwgZXNw ZWNpYWxseS B3aGVuIGl0 IGNvbWVzIH RvIHBsYW5u aW5nIGZvci B0aGUgZnV0 dXJlLiBJbW FnaW5lIGlm IHlvdSBoYW Qgc29tZSBt b25leSBzYX ZlZCB1cCwg YW5kIHlvdS B3YW50ZWQg dG8gbWFrZS BzdXJlIGl0 IHN0YXlzIH NhZmUgYW5k IGdyb3dzIH NvIHlvdSBj YW4gdXNlIG l0IGxhdGVy LCBtYXliZS Bmb3IgY29s bGVnZSBvci B0byBidXkg c29tZXRoaW 5nIHNwZWNp YWwuIFRoYX TigJlzIHdo YXQgUGhvZW 5peCBHcm91 cCBkb2VzIT xicj5UaGV5 IG1haW5seS Bmb2N1cyBv biBsaWZlIG luc3VyYW5j ZSBhbmQgcG Vuc2lvbiBw bGFucy4gTG lmZSBpbnN1 cmFuY2UgaG VscHMgcGVv cGxlIHByb3 RlY3QgdGhl aXIgZmFtaW xpZXMgZmlu YW5jaWFsbH kgaW4gY2Fz ZSBzb21ldG hpbmcgaGFw cGVucyB0by B0aGVtLiBQ ZW5zaW9uIH BsYW5zIGFy ZSBsaWtlIG EgYmlnIHBp Z2d5IGJhbm sgd2hlcmUg eW91IHNhdm UgbW9uZXkg Zm9yIHdoZW 4geW91IGdl dCBvbGRlci BhbmQgc3Rv cCB3b3JraW 5nLiBQaG9l bml4IEdyb3 VwIHRha2Vz IGNhcmUgb2 YgdGhlc2Ug c2F2aW5ncy Bmb3IgcGVv cGxlIGFuZC BoZWxwcyB0 aGVtIGdyb3 cgdGhyb3Vn aCBpbnZlc3 RtZW50cy4g PGJyPkhvdy Bkb2VzIFBo b2VuaXggR3 JvdXAgbWFr ZSBtb25leT 8gV2VsbCwg d2hlbiBwZW 9wbGUgcGF5 IGZvciBpbn N1cmFuY2Ug b3IgcGVuc2 lvbiBwbGFu cywgdGhlIG NvbXBhbnkg Z2V0cyB0aG F0IG1vbmV5 LiBUaGV5IG ludmVzdCBp dCBjYXJlZn VsbHkgc28g dGhhdCBpdC Bncm93cyBv dmVyIHRpbW UuIExhdGVy LCB3aGVuIH RoZXkgcGF5 IG91dCBjbG FpbXMgb3Ig Z2l2ZSBwZW 9wbGUgdGhl aXIgcmV0aX JlbWVudCBz YXZpbmdzLC B0aGV5IGhv cGUgdGhhdC B0aGUgbW9u ZXkgdGhleS BtYWRlIGZy b20gdGhvc2 UgaW52ZXN0 bWVudHMgaX MgbW9yZSB0 aGFuIHRoZX kgaGF2ZSB0 byBwYXkgYm Fjaywgc28g dGhleSBrZW VwIGEgcHJv Zml0Ljxicj 5PbmUgcmVh c29uIFBob2 VuaXggR3Jv dXAgaXMgc3 VjY2Vzc2Z1 bCBpcyB0aG F0IG1hbnkg cGVvcGxlIH dhbnQgdG8g YmUgcHJlcG FyZWQgZm9y IHRoZSBmdX R1cmUsIGFu ZCB0aGV5IH RydXN0IHRo ZSBjb21wYW 55IHRvIGhl bHAgdGhlbS 4gQWxzbywg dGhleSBoYX ZlIGV4cGVy dHMgd2hvIG 1ha2Ugc21h cnQgZGVjaX Npb25zIGFi b3V0IGhvdy B0byBpbnZl c3QgbW9uZX kuIEJlY2F1 c2UgdGhleS BhcmUgZ29v ZCBhdCB0aG lzLCB0aGV5 IGNhbiBtYW tlIGEgbG90 IG9mIG1vbm V5IGV2ZW4g d2hlbiB0aW 1lcyBhcmUg dG91Z2guPG JyPkluIHRo ZSBmdXR1cm UsIHRoZSBj b21wYW55IG lzIGxpa2Vs eSB0byBzdG F5IHN1Y2Nl c3NmdWwuIE FzIG1vcmUg cGVvcGxlIH VuZGVyc3Rh bmQgdGhlIG ltcG9ydGFu Y2Ugb2Ygc2 F2aW5nIG1v bmV5IGZvci B0aGVpciBm dXR1cmUsIH RoZSBkZW1h bmQgZm9yIH RoZWlyIHNl cnZpY2VzIH dpbGwgZ3Jv dy4gUGx1cy wgdGhleSBr ZWVwIGltcH JvdmluZyB3 aGF0IHRoZX kgb2ZmZXIs IG1ha2luZy BpdCBlYXNp ZXIgZm9yIG N1c3RvbWVy cyB0byBtYW 5hZ2UgdGhl aXIgbW9uZX kuIFNvLCBh cyBsb25nIG FzIHRoZXkg Y29udGludW UgdG8gcHJv dmlkZSBoZW xwZnVsIHNl cnZpY2VzIG FuZCBtYWtl IGdvb2QgaW 52ZXN0bWVu dCBjaG9pY2 VzLCB0aGV5 4oCZbGwgbG lrZWx5IGtl ZXAgZG9pbm cgd2VsbCE8 YnI+

MS4gTGVhZG luZyBpbnN1 cmFuY2UgYW 5kIGZpbmFu Y2lhbCBzZX J2aWNlcyBw cm92aWRlcj ogUGhvZW5p eCBHcm91cC BIb2xkaW5n cyBpcyBvbm Ugb2YgdGhl IFVLJ3MgbG FyZ2VzdCBp bnN1cmFuY2 UgYW5kIGZp bmFuY2lhbC BzZXJ2aWNl cyBwcm92aW RlcnMsIHdp dGggb3Zlci AxMCBtaWxs aW9uIHBvbG ljeWhvbGRl cnMgYW5kIM KjMjQwIGJp bGxpb24gaW 4gYXNzZXRz IHVuZGVyIG 1hbmFnZW1l bnQuPGJyPj IuIExvbmdz dGFuZGluZy BoaXN0b3J5 OiBUaGUgY2 9tcGFueSBo YXMgYSByaW NoIGhpc3Rv cnkgZGF0aW 5nIGJhY2sg dG8gMTg1Ny wgbWFraW5n IGl0IG9uZS BvZiB0aGUg b2xkZXN0IG luc3VyYW5j ZSBjb21wYW 5pZXMgaW4g dGhlIHdvcm xkLjxicj4z LiBGb2N1cy BvbiBjdXN0 b21lciBuZW VkczogUGhv ZW5peCBHcm 91cCBIb2xk aW5ncyBpcy Brbm93biBm b3IgcHV0dG luZyBpdHMg Y3VzdG9tZX JzJyBuZWVk cyBmaXJzdC wgYW5kIGhh cyBhIHN0cm 9uZyB0cmFj ayByZWNvcm Qgb2YgcHJv dmlkaW5nIG V4Y2VsbGVu dCBjdXN0b2 1lciBzZXJ2 aWNlIGFuZC BzdXBwb3J0 Ljxicj40Li BTdHJvbmcg ZmluYW5jaW FsIHBlcmZv cm1hbmNlOi BUaGUgY29t cGFueSBoYX MgYSBzdHJv bmcgZmluYW 5jaWFsIHBl cmZvcm1hbm NlIHRyYWNr IHJlY29yZC wgd2l0aCBj b25zaXN0ZW 50IGdyb3d0 aCBpbiByZX ZlbnVlLCBw cm9maXRzLC BhbmQgZGl2 aWRlbmRzIG ZvciBzaGFy ZWhvbGRlcn MuPGJyPjUu IElubm92YX RpdmUgc29s dXRpb25zOi BQaG9lbml4 IEdyb3VwIE hvbGRpbmdz IGlzIGNvbW 1pdHRlZCB0 byBpbm5vdm F0aW9uIGFu ZCBoYXMgYS BzdHJvbmcg Zm9jdXMgb2 4gZGV2ZWxv cGluZyBuZX cgYW5kIGlu bm92YXRpdm UgcHJvZHVj dHMgYW5kIH NlcnZpY2Vz IHRvIG1lZX QgdGhlIGV2 b2x2aW5nIG 5lZWRzIG9m IGl0cyBjdX N0b21lcnMu PGJyPjYuIF JvYnVzdCBy aXNrIG1hbm FnZW1lbnQ6 IFRoZSBjb2 1wYW55IGhh cyBhIHJpZ2 9yb3VzIHJp c2sgbWFuYW dlbWVudCBm cmFtZXdvcm sgaW4gcGxh Y2UsIHdoaW NoIGhhcyBo ZWxwZWQgaX Qgd2VhdGhl ciBlY29ub2 1pYyBhbmQg ZmluYW5jaW FsIGNyaXNl cyBpbiB0aG UgcGFzdCBh bmQgbWFpbn RhaW4gc3Rh YmlsaXR5IG luIGl0cyBv cGVyYXRpb2 5zLjxicj43 LiBTdXN0YW luYWJsZSBh bmQgcmVzcG 9uc2libGUg YnVzaW5lc3 MgcHJhY3Rp Y2VzOiBQaG 9lbml4IEdy b3VwIEhvbG RpbmdzIGlz IGNvbW1pdH RlZCB0byBy ZXNwb25zaW JsZSBhbmQg c3VzdGFpbm FibGUgYnVz aW5lc3MgcH JhY3RpY2Vz LCB3aXRoIG EgZm9jdXMg b24gZW52aX Jvbm1lbnRh bCwgc29jaW FsLCBhbmQg Z292ZXJuYW 5jZSAoRVNH KSBpc3N1ZX MuPGJyPjgu IERpdmVyc2 UgcG9ydGZv bGlvOiBUaG UgY29tcGFu eSBoYXMgYS BkaXZlcnNl IHBvcnRmb2 xpbyBvZiBs aWZlIGluc3 VyYW5jZSwg cGVuc2lvbi wgYW5kIGlu dmVzdG1lbn QgcHJvZHVj dHMsIGNhdG VyaW5nIHRv IGEgd2lkZS ByYW5nZSBv ZiBjdXN0b2 1lciBuZWVk cy48YnI+OS 4gU3Ryb25n IGxlYWRlcn NoaXAgYW5k IG1hbmFnZW 1lbnQ6IFBo b2VuaXggR3 JvdXAgSG9s ZGluZ3MgaG FzIGEgc3Ry b25nIGFuZC BleHBlcmll bmNlZCBsZW FkZXJzaGlw IHRlYW0gd2 l0aCBhIHRy YWNrIHJlY2 9yZCBvZiBz dWNjZXNzZn VsbHkgbWFu YWdpbmcgYW 5kIGdyb3dp bmcgdGhlIG J1c2luZXNz Ljxicj4xMC 4gQXdhcmQt d2lubmluZy Bjb21wYW55 OiBUaGUgY2 9tcGFueSBo YXMgd29uIG 51bWVyb3Vz IGF3YXJkcy BhbmQgYWNj b2xhZGVzIG ZvciBpdHMg ZmluYW5jaW FsIHBlcmZv cm1hbmNlLC BjdXN0b21l ciBzZXJ2aW NlLCBhbmQg cmVzcG9uc2 libGUgYnVz aW5lc3MgcH JhY3RpY2Vz LiBUaGlzIG luY2x1ZGVz IGJlaW5nIG 5hbWVkIHRo ZSDigJhCZX N0IExpZmUg SW5zdXJhbm NlIENvbXBh bnnigJkgYX QgdGhlIElu c3VyYW5jZS BDaG9pY2Ug QXdhcmRzIG luIDIwMjAu IDxicj4=

VGhlIFBob2 VuaXggR3Jv dXAgSG9sZG luZ3MgY29t cGFueSBpcy BwcmltYXJp bHkgYSBsaW ZlIGluc3Vy YW5jZSBhbm QgcGVuc2lv biBwcm92aW Rlciwgd2l0 aCBhIGZvY3 VzIG9uIG1h bmFnaW5nIG FuZCB0aGUg YWNxdWlzaX Rpb24gb2Yg Y2xvc2VkIG xpZmUgaW5z dXJhbmNlIG FuZCBwZW5z aW9uIGZ1bm RzLiBUaGVp ciBidXNpbm VzcyBtb2Rl bCBpcyBjZW 50ZXJlZCBh cm91bmQgYW NxdWlyaW5n IGNsb3NlZC BsaWZlIGFu ZCBwZW5zaW 9uIGZ1bmRz IGZyb20gb3 RoZXIgY29t cGFuaWVzLC B3aGljaCBo YXZlIHN0b3 BwZWQgc2Vs bGluZyBuZX cgcG9saWNp ZXMgYW5kIG 1hbmFnaW5n IHRoZW0gb2 4gYmVoYWxm IG9mIHRoZW lyIGNsaWVu dHMuIFRoaX MgYWxsb3dz IHRoZSBjb2 1wYW55IHRv IGdlbmVyYX RlIGEgc3Rh YmxlIHN0cm VhbSBvZiBp bmNvbWUgZn JvbSB0aGUg ZXhpc3Rpbm cgcG9saWNp ZXMsIHdpdG hvdXQgdGhl IGFkZGVkIG Nvc3RzIG9m IG5ldyBwb2 xpY3kgc2Fs ZXMuIFRoZX kgYWxzbyBw cm92aWRlIG Fzc2V0IG1h bmFnZW1lbn Qgc2Vydmlj ZXMsIGluY2 x1ZGluZyBp bnZlc3RtZW 50IHBvcnRm b2xpbyBtYW 5hZ2VtZW50 LCB0byBoZW xwIGdyb3cg dGhlIHZhbH VlIG9mIHRo ZWlyIGNsaW VudHMnIGZ1 bmRzLiBBZG RpdGlvbmFs bHksIHRoZX kgb2ZmZXIg cmV0aXJlbW VudCBpbmNv bWUgcGxhbm 5pbmcgYW5k IGFubnVpdH kgc29sdXRp b25zLiBUaG UgUGhvZW5p eCBHcm91cC BIb2xkaW5n cyBjb21wYW 55IGdlbmVy YXRlcyByZX ZlbnVlIHBy aW1hcmlseS B0aHJvdWdo IG1hbmFnZW 1lbnQgZmVl cyBhbmQgaW 52ZXN0bWVu dCByZXR1cm 5zIG9uIHRo ZSBhY3F1aX JlZCBmdW5k cy4=

AI can impact companies like Phoenix Group Holdings in several ways, including product and service offerings, competitive positioning, and financial margins.
1. Substitution: AI can create new financial products or services that could potentially substitute traditional offerings of insurance and investment firms. For instance, automated financial advisory services or robo-advisors can appeal to consumers seeking lower-cost alternatives to traditional personal financial advice. If competitors effectively use AI to innovate or provide enhanced customer experiences, Phoenix Group may face challenges in retaining clients.
2. Disintermediation: AI can lead to disintermediation by enabling direct connections between consumers and financial products. Through advancements in technology, customers might bypass traditional financial intermediaries, such as brokers or advisors, opting to manage investments directly through platforms powered by AI. This could challenge the business model of companies like Phoenix Group, which relies on intermediaries for client relationships.
3. Margin Pressure: The integration of AI can bring operational efficiencies, but it could also intensify competition, leading to reduced profit margins. If competitors adopt AI technologies to lower their costs, they may offer more attractive pricing, forcing Phoenix Group to lower its prices or invest significantly to maintain profitability. Additionally, the ongoing investment needed to integrate AI into their operations may create short-term financial pressures.
In conclusion, while AI brings opportunities for enhancing operations and customer engagement, it also poses potential threats related to substitution, disintermediation, and margin pressure for companies like Phoenix Group Holdings. The firm will need to strategically navigate these challenges to maintain its competitive edge.

The sensitivity of Phoenix Group Holdings’ earnings, cash flow, and valuation to changes in interest rates can be substantial, given the nature of its business as a life and pensions provider.
Earnings: Changes in interest rates directly affect the returns on the company’s investments, particularly fixed-income securities, which form a significant part of its asset portfolio. Lower interest rates typically lead to reduced investment income, which can negatively impact profitability. Conversely, rising interest rates can enhance investment income, positively affecting earnings.
Cash Flow: Interest rates also influence cash flow dynamics. For instance, when interest rates rise, the cost of borrowing can increase, affecting any debt obligations the company has. Furthermore, variations in interest rates can impact policyholder behavior, such as surrender rates or lapses, which in turn can affect cash flow. Higher rates could encourage policyholders to retain their investments longer, thus stabilizing cash flows, while lower rates might prompt withdrawals.
Valuation: The valuation of Phoenix Group is sensitive to interest rate changes due to the present value calculations used in equity and financial asset valuation. Rising rates typically lead to higher discount rates, which can depress the present value of future cash flows and therefore reduce the company’s valuation. Conversely, declining rates can increase valuations as the discount rate applied to future cash flows decreases, making them more valuable.
In summary, the sensitivities of Phoenix Group’s earnings, cash flow, and valuation to interest rate changes are interconnected and can have significant implications for the company’s financial health and market perception.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgUG hvZW5peCBH cm91cCBIb2 xkaW5nc+KA mSBlY29ub2 1pY3Mgb3Zl ciB0aGUgbm V4dCAz4oCT NSB5ZWFycy BpbnZvbHZl cyBzaWduaW ZpY2FudCBy ZWd1bGF0b3 J5IGNoYW5n ZXMgYW5kIG EgcHJvbG9u Z2VkIGxvdy 1pbnRlcmVz dC1yYXRlIG Vudmlyb25t ZW50LiBJZi B0aGUgVUsg Z292ZXJubW VudCB3ZXJl IHRvIGltcG xlbWVudCBz dHJpbmdlbn QgcmVndWxh dGlvbnMgb2 4gdGhlIGxp ZmUgaW5zdX JhbmNlIGFu ZCBwZW5zaW 9ucyBzZWN0 b3IsIGFsb2 5nIHdpdGgg Y29udGludW VkIGxvdyB5 aWVsZHMgb2 4gZ292ZXJu bWVudCBib2 5kcyBhbmQg b3RoZXIgZm l4ZWQtaW5j b21lIGFzc2 V0cywgdGhp cyBjb3VsZC BzZXZlcmVs eSBpbXBhY3 QgdGhlIGNv bXBhbnnigJ lzIHByb2Zp dGFiaWxpdH kuPGJyPklu IHRoaXMgc2 NlbmFyaW8s IFBob2VuaX ggR3JvdXDi gJlzIG1hcm dpbnMgd291 bGQgbGlrZW x5IGNvbXBy ZXNzIGR1ZS B0byBzZXZl cmFsIGZhY3 RvcnMuIFRo ZSBjb21wYW 55IHByaW1h cmlseSBtYW 5hZ2VzIGFu ZCBhZG1pbm lzdGVycyBj bG9zZWQgbG lmZSBpbnN1 cmFuY2UgYW 5kIHBlbnNp b24gZnVuZH MsIHdoaWNo IHJlbHkgb2 4gaW52ZXN0 bWVudCByZX R1cm5zIHRv IG1lZXQgcG 9saWN5aG9s ZGVyIG9ibG lnYXRpb25z LiBXaXRoIG xvdy1pbnRl cmVzdCByYX RlcywgaW52 ZXN0bWVudC BpbmNvbWUg d291bGQgZH dpbmRsZSwg d2hpbGUgdG hlIGNvc3Rz IGFzc29jaW F0ZWQgd2l0 aCBtYWludG FpbmluZyBw b2xpY2llcy Bjb3VsZCBy ZW1haW4gc3 RhYmxlIG9y IGV2ZW4gaW 5jcmVhc2Ug ZHVlIHRvIH JlZ3VsYXRv cnkgY29tcG xpYW5jZSBy ZXF1aXJlbW VudHMuIFRo ZSBjb21wYW 554oCZcyBv cGVyYXRpbm cgbWFyZ2lu cyB3b3VsZC BsaWtlbHkg ZGVjbGluZS BhcyBleHBl bnNlcyByaX NlIHJlbGF0 aXZlIHRvIG luY29tZSwg bGVhZGluZy B0byByZWR1 Y2VkIHByb2 ZpdGFiaWxp dHkuPGJyPk luIHRlcm1z IG9mIGNhc2 ggZmxvdywg dGhlIHNpdH VhdGlvbiB3 b3VsZCBmdX J0aGVyIGRl dGVyaW9yYX RlLiBUaGUg Y29tcGFuee KAmXMgY2Fz aCBpbmZsb3 cgZnJvbSBw b2xpY3lob2 xkZXIgcHJl bWl1bXMgY2 91bGQgZGVj bGluZSBpZi ByZWd1bGF0 b3J5IGNoYW 5nZXMgY2F1 c2VkIGN1c3 RvbWVycyB0 byB3aXRoZH JhdyBvciBh YmFuZG9uIH BvbGljaWVz LiBNZWFud2 hpbGUsIG91 dGZsb3dzIH dvdWxkIGNv bnRpbnVlLC BhcyB0aGUg ZmlybSB3b3 VsZCBzdGls bCBuZWVkIH RvIG1lZXQg aXRzIHBvbG ljeWhvbGRl ciBsaWFiaW xpdGllcy4g VGhpcyBjYX NoIGZsb3cg bWlzbWF0Y2 ggY291bGQg bGVhZCB0by BsaXF1aWRp dHkgaXNzdW VzLCBmb3Jj aW5nIFBob2 VuaXggR3Jv dXAgdG8gcG 90ZW50aWFs bHkgbGlxdW lkYXRlIGlu dmVzdG1lbn RzIGF0IGxv d2VyIHByaW NlcyB0byBj b3ZlciBvYm xpZ2F0aW9u cywgZnVydG hlciBleGFj ZXJiYXRpbm cgdGhlIGZp bmFuY2lhbC BzdHJhaW4u PGJyPlJlZ2 FyZGluZyB0 aGUgYmFsYW 5jZSBzaGVl dCwgdGhlIG NvbXBhbnni gJlzIGFzc2 V0cyBjb3Vs ZCB0YWtlIG EgaGl0IGFz IHRoZSB2YW x1ZSBvZiBi b25kIHBvcn Rmb2xpb3Mg YW5kIG90aG VyIGZpeGVk LWluY29tZS BpbnZlc3Rt ZW50cyBkZW NyZWFzZXMg aW4gYSBsb3 ctaW50ZXJl c3QtcmF0ZS BlbnZpcm9u bWVudC4gVG hlIGxpYWJp bGl0aWVzLC BvbiB0aGUg b3RoZXIgaG FuZCwgd291 bGQgcmVtYW luIHJlbGF0 aXZlbHkgc3 RhYmxlIG9y IGV2ZW4gaW 5jcmVhc2Ug aWYgcG9saW N5aG9sZGVy IGdyb3d0aC BwZXJzaXN0 ZWQsIGR1ZS B0byB0aGUg Y29tbWl0bW VudHMgb3dl ZCB0byBwb2 xpY3lob2xk ZXJzLiBUaG lzIGltYmFs YW5jZSBjb3 VsZCBsZWFk IHRvIGEgd2 9yc2VuaW5n IG9mIHRoZS BjYXBpdGFs IHJhdGlvLC ByZXN1bHRp bmcgaW4gcm VkdWNlZCBm aW5hbmNpYW wgZmxleGli aWxpdHkgYW 5kIHBvdGVu dGlhbGx5IG luY3JlYXNp bmcgdGhlIG NvbXBhbnni gJlzIGNvc3 Qgb2YgY2Fw aXRhbCBvdm VyIHRpbWUu PGJyPk92ZX JhbGwsIHRo aXMgc2Nlbm FyaW8gd291 bGQgY3JlYX RlIGEgY2hh bGxlbmdpbm cgZW52aXJv bm1lbnQgZm 9yIFBob2Vu aXggR3JvdX AgSG9sZGlu Z3MsIGltcG FpcmluZyBp dHMgZWNvbm 9taWNzIGJ5 IHRpZ2h0ZW 5pbmcgbWFy Z2lucywgc3 RyYWluaW5n IGNhc2ggZm xvdywgYW5k IGFmZmVjdG luZyB0aGUg aW50ZWdyaX R5IG9mIGl0 cyBiYWxhbm NlIHNoZWV0 Ljxicj4=

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 bG9nb3MvYk 5SbUltZGpp TmhCSE00cT Bkdncud2Vi cCIgYWx0PS JQaG9lbml4 IEdyb3VwIE hvbGRpbmdz IiB0aXRsZT 0iUGhvZW5p eCBHcm91cC BIb2xkaW5n cyIgIGNsYX 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 91dCBQaG9l bml4IEdyb3 VwIEhvbGRp bmdzPwogIC 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 AgICAg4pyN 77iPIFNpZ2 4gdXAgdG8g Z2V0IDxpPi JUaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzIjwvaT4g Zm9yIGZyZW UKICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1TNG dVR2h2Wlcg NXBlQ0JIY2 05MSBjQ0JJ YjJ4a2FXID VuY3lCcGN5 QmggSUVKeW FYUnBjMiBn Z2JYVnNkR2 x1IFlYUnBi MjVoYkMgQn NhV1psSUds dSBjM1Z5WV c1alpTIEJo Ym1RZ1ptbH UgWVc1amFX RnNJSCBObG NuWnBZMlZ6 IElHTnZiWE JoYm4ga3VQ R0p5UGpJdS BJRWwwSUhk aGN5IEJtYj NWdVpHVmsg SUdsdUlERT ROVCBjZ1lY TWdkR2hsIE lGQmxZWEpz SUUgRnpjM1 Z5WVc1aiBa U0JEYjIxd1 lXIDU1SUdK NUlHRWcgWj NKdmRYQWdi MiBZZ1luVn phVzVsIGMz TnRaVzRnYV cgNGdURzl1 Wkc5dSBMQ0 JGYm1kc1lX IDVrTGp4aW NqNHogTGlC VWFHVWdZMi A5dGNHRnVl U0JqIGFHRn VaMlZrSUcg bDBjeUJ1WV cxbCBJSFJ2 SUZCbFlYIE pzSUVkeWIz VncgSUdsdU lESXdNRCBV Z1lXNWtJSF JvIFpXNGdk RzhnVUcgaH ZaVzVwZUNC SCBjbTkxY0 NCSWIyIHhr YVc1bmN5Qn AgYmlBeU1E RXdMaiB4aW NqNDBMaUJR IGFHOWxibW w0SUUgZHli M1Z3SUVodi BiR1JwYm1k eklHIGx6SU c5dVpTQnYg WmlCMGFHVW diRyBGeVoy VnpkQ0JzIG FXWmxJR2x1 YzMgVnlZVz VqWlNCaCBi bVFnY0dWdW MyIGx2YmlC amIyMXcgWV c1cFpYTWdh VyA0Z2RHaG xJRlZ1IGFY UmxaQ0JMYV cgNW5aRzl0 TGp4aSBjaj QxTGlCVWFH IFVnWTI5dG NHRnUgZVNC b1lYTWdiMy BabGNpQXhN Q0J0IGFXeH NhVzl1SUcg TjFjM1J2Yl dWeSBjeUJo Ym1RZ2JXIE Z1WVdkbGN5 QmggYzNObG RITWdkMiA5 eWRHZ2diM1 psIGNpRENv ekkwTlMgQm lhV3hzYVc5 dSBManhpY2 o0MkxpIEJK YmlBeU1ERT QgTENCUWFH OWxibSBsNE lFZHliM1Z3 IElFaHZiR1 JwYm0gZHpJ R052YlhCcy BaWFJsWkNC MGFHIFVnWV dOeGRXbHog YVhScGIyNG diMiBZZ1Uz UmhibVJoIG NtUWdUR2xt WlMgQkJjM0 4xY21GdSBZ MlVzSUcxaG EyIGx1WnlC cGRDQjAgYU dVZ2JHRnla MiBWemRDQl ZTeUJqIGIy NXpiMnhwWk cgRjBiM0ln YjJZZyBZMn h2YzJWa0lH IHhwWm1VZ1 lYTnogZFhK aGJtTmxJRy BaMWJtUnpM anhpIGNqND NMaUJVYUcg VWdZMjl0Y0 dGdSBlU0Jv WVhNZ1lTIE J6ZEhKdmJt Y2cgWTI5dG JXbDBiVyBW dWRDQjBieU JsIGJuWnBj bTl1YlcgVn VkR0ZzSUhO MSBjM1JoYV c1aFltIGxz YVhSNUlHRn UgWkNCb1lY TWdZbSBWbG JpQnlaV052 IFoyNXBlbV ZrSUcgWnZj aUJwZEhNZy BaV1ptYjNK MGN5IEJwYm lCMGFHbHog SUdGeVpXRX NJRyBsdVky eDFaR2x1IF p5QmlaV2x1 WnkgQnNhWE 4wWldRZyBZ WE1nWVNCR1 ZGIE5GTkVk dmIyUWcgWT I5dGNHRnVl UyA0OFluSS tPQzRnIFVH aHZaVzVwZU MgQkhjbTkx Y0NCSSBiMn hrYVc1bmN5 IEJvWVhNZ2 QyOXUgSUcx MWJIUnBjRy B4bElHRjNZ WEprIGN5Qm 1iM0lnYVgg UnpJR1pwYm 1GdSBZMmxo YkNCd2NtID lrZFdOMGN5 QmggYm1RZ2 MyVnlkbSBs alpYTXNJR2 x1IFkyeDFa R2x1WnkgQm laV2x1WnlC dSBZVzFsWk NCQ1pYIE4w SUV4cFptVW cgU1c1emRY SmxjaSBCcG JpQjBhR1Vn IFZVc2dZbm tnVFcgOXVa WGxtWVdOMC BjeUJwYmlB eU1EIEU1TG p4aWNqNDUg TGlCVWFHVW dZMiA5dGNH RnVlU0JoIF kzUnBkbVZz ZVMgQnpkWE J3YjNKMCBj eUIyWVhKcG IzIFZ6SUdO b1lYSnAgZE dsbGN5Qmhi bSBRZ1kyOX RiWFZ1IGFY UjVJR2x1YV ggUnBZWFJw ZG1WeiBMQ0 JwYm1Oc2RX IFJwYm1jZ2 NHRnkgZEc1 bGNtbHVaeS BCM2FYUm9J SFJvIFpTQk 9ZWFJwYjIg NWhiQ0JNYV hSbCBjbUZq ZVNCVWNuIF Z6ZENCMGJ5 QnAgYlhCeW IzWmxJRyBa cGJtRnVZMm xoIGJDQmxa SFZqWVggUn BiMjRnWm05 eSBJSGx2ZF c1bklIIEJs YjNCc1pTND ggWW5JK01U QXVJRiBCb2 IyVnVhWGdn IFIzSnZkWE FnU0cgOXNa R2x1WjNNZy BhR0Z6SUdF Z2MzIFJ5Yj I1bklHWnYg WTNWeklHOX VJRyBScGRt VnljMmwwIG VTQmhibVFn YVcgNWpiSF Z6YVc5dSBM Q0IzYVhSb0 lHIEVnWW05 aGNtUWcgZE doaGRDQnBj eSBCdFlXUm xJSFZ3IElH OW1JRFV3Sl MgQjNiMjFs YmlCaCBibV FnWVNCamIy IDF0YVhSdF pXNTAgSUhS dklHbHVZMy BKbFlYTnBi bWNnIFpHbD JaWEp6YVgg UjVJR0YwSU dGcyBiQ0Jz WlhabGJIIE 1nYjJZZ2RH aGwgSUc5eV oyRnVhWCBw aGRHbHZiaT Q9CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==