Primerica

-13.75%

Live  

Primerica, officially known as Primerica Inc., is a financial services company that offers various financial products and services, including life insurance, mutual funds, and other investment products. The company was founded in 1977 and is headquartered in Duluth, Georgia.
Primerica operates through its network of independent representatives, who are licensed and trained to offer financial products and services to their clients. The company's mission is to "help families become financially independent" by providing them with affordable and accessible financial products.
The company is a subsidiary of Primerica Financial Services since 1995, which is a publicly traded company listed on the New York Stock Exchange (NYSE) under the symbol "PRI."
Primerica is also known for its multi-level distribution system, where representatives can earn both commission from sales and recruiting bonuses by building and managing their own team of representatives.
Aside from its core financial products and services, Primerica also offers financial education and training to its representatives and clients to help them make informed financial decisions.
In addition to its operations in the United States, Primerica has expanded its presence to Canada, Puerto Rico, and Guam. As of 2021, the company has over 140,000 representatives and serves over 6 million clients.

UHJpbWVyaW NhIGlzIGEg Y29tcGFueS B0aGF0IGhl bHBzIGZhbW lsaWVzIHdp dGggdGhlaX IgbW9uZXku IFRoZXkgdG VhY2ggcGVv cGxlIGhvdy B0byBtYW5h Z2UgdGhlaX IgZmluYW5j ZXMgYmV0dG VyLCBzYXZl IGZvciB0aG UgZnV0dXJl LCBhbmQgcH JvdGVjdCB0 aGVtc2Vsdm VzIHdpdGgg aW5zdXJhbm NlLiBJbWFn aW5lIGlmIH lvdSBoYWQg YSBiaWcgcG lnZ3kgYmFu aywgYW5kIF ByaW1lcmlj YSBoZWxwcy B5b3UgbWFr ZSBzdXJlIH RoYXQgeW91 ciBwaWdneS BiYW5rIGlz IGZ1bGwgYW 5kIHRoYXQg eW91ciBtb2 5leSBpcyBz YWZlLjxicj 5UaGUgd2F5 IFByaW1lcm ljYSBtYWtl cyBtb25leS BpcyBieSBz ZWxsaW5nIG ZpbmFuY2lh bCBwcm9kdW N0cywgbGlr ZSBsaWZlIG luc3VyYW5j ZSBhbmQgaW 52ZXN0bWVu dCBwbGFucy 4gV2hlbiBw ZW9wbGUgYn V5IHRoZXNl IHByb2R1Y3 RzLCBQcmlt ZXJpY2EgZW FybnMgYSBj b21taXNzaW 9uLCB3aGlj aCBpcyBhIG xpdHRsZSBi aXQgb2YgbW 9uZXkgZm9y IGhlbHBpbm cgdGhvc2Ug cGVvcGxlIG Nob29zZSB3 aGF04oCZcy BiZXN0IGZv ciB0aGVtLj xicj5Qcmlt ZXJpY2EgaX Mgc3VjY2Vz c2Z1bCBiZW NhdXNlIGEg bG90IG9mIG ZhbWlsaWVz IG5lZWQgaG VscCB3aXRo IHRoZWlyIG 1vbmV5LCBl c3BlY2lhbG x5IHdoZW4g aXQgY29tZX MgdG8gc2F2 aW5nIGFuZC BwbGFubmlu ZyBmb3IgdG hpbmdzIGxp a2UgcmV0aX JlbWVudCwg Y29sbGVnZS wgb3IgZXZl biBqdXN0IG 1ha2luZyBz dXJlIHRoZX kgaGF2ZSBl bm91Z2ggbW 9uZXkgaWYg c29tZXRoaW 5nIGJhZCBo YXBwZW5zLi BUaGV5IGFy ZSBmcmllbm RseSBhbmQg dGVhY2ggcG VvcGxlIGFi b3V0IG1vbm V5IGluIGVh c3kgd2F5cy 48YnI+Rm9y IHRoZSBmdX R1cmUsIFBy aW1lcmljYS B3aWxsIGxp a2VseSBzdG F5IHN1Y2Nl c3NmdWwgYm VjYXVzZSBt b3JlIGFuZC Btb3JlIHBl b3BsZSBhcm UgbG9va2lu ZyBmb3IgZ3 VpZGFuY2Ug d2l0aCB0aG VpciBmaW5h bmNlcy4gQX MgdGltZSBn b2VzIG9uLC BmYW1pbGll cyB3aWxsIG NvbnRpbnVl IHRvIHNlZW sgaGVscCwg YW5kIFByaW 1lcmljYSBp cyBnb29kIG F0IHByb3Zp ZGluZyB0aG F0IHN1cHBv cnQuIFBsdX MsIHRoZXkg a2VlcCBsZW FybmluZyBh bmQgYWRhcH RpbmcgdG8g bmV3IGZpbm FuY2lhbCB0 cmVuZHMsIH doaWNoIGhl bHBzIHRoZW 0gc3RheSBp bXBvcnRhbn QgaW4gdGhl IHdvcmxkIG 9mIG1vbmV5 Ljxicj4=

U29tZSB1bm lxdWUgYXNw ZWN0cyBvZi BQcmltZXJp Y2EgaW5jbH VkZSBpdHMg c3Ryb25nIG ZvY3VzIG9u IGZpbmFuY2 lhbCBlZHVj YXRpb24gYW 5kIGVtcG93 ZXJpbmcgaW 5kaXZpZHVh bHMgdG8gdG FrZSBjb250 cm9sIG9mIH RoZWlyIGZp bmFuY2lhbC BmdXR1cmUu IFRoZSBjb2 1wYW55IGFs c28gaGFzIG EgZGl2ZXJz ZSByYW5nZS BvZiBwcm9k dWN0cyBhbm Qgc2Vydmlj ZXMsIGluY2 x1ZGluZyBs aWZlIGluc3 VyYW5jZSwg aW52ZXN0bW VudHMsIGFu ZCBkZWJ0IG 1hbmFnZW1l bnQuIFByaW 1lcmljYSBh bHNvIGhhcy BhIG5ldHdv cmsgb2YgaW 5kZXBlbmRl bnQgcmVwcm VzZW50YXRp dmVzIHdoby BhcmUgYWJs ZSB0byBvZm ZlciBwZXJz b25hbGl6ZW QgZmluYW5j aWFsIGFkdm ljZSB0byBj bGllbnRzLi BBZGRpdGlv bmFsbHksIH RoZSBjb21w YW55IGhhcy BhIHN0cm9u ZyBjb21taX RtZW50IHRv IGdpdmluZy BiYWNrIHRv IHRoZSBjb2 1tdW5pdHkg dGhyb3VnaC BpdHMgY2hh cml0YWJsZS Bmb3VuZGF0 aW9uLCB0aG UgUHJpbWVy aWNhIEZvdW 5kYXRpb24u

UHJpbWVyaW NhIGlzIGEg ZmluYW5jaW FsIHNlcnZp Y2VzIGNvbX BhbnkgdGhh dCBvcGVyYX RlcyBwcmlt YXJpbHkgdG hyb3VnaCBh IGRpcmVjdC BzZWxsaW5n IGJ1c2luZX NzIG1vZGVs LiBUaGlzIG 1lYW5zIHRo YXQgdGhlIG NvbXBhbnkg bWFya2V0cy BhbmQgc2Vs bHMgaXRzIH Byb2R1Y3Rz IGFuZCBzZX J2aWNlcyBk aXJlY3RseS B0byBjb25z dW1lcnMgdG hyb3VnaCBh IG5ldHdvcm sgb2YgaW5k ZXBlbmRlbn QgcmVwcmVz ZW50YXRpdm VzLCBrbm93 biBhcyAiUH JpbWVyaWNh IGFnZW50cy 4iPGJyPlRo ZSBjb21wYW 55J3MgYnVz aW5lc3MgbW 9kZWwgaXMg YmFzZWQgb2 4gcHJvdmlk aW5nIHZhcm lvdXMgZmlu YW5jaWFsIH Byb2R1Y3Rz IGFuZCBzZX J2aWNlcywg c3VjaCBhcy BsaWZlIGlu c3VyYW5jZS wgbXV0dWFs IGZ1bmRzLC BhbmQgb3Ro ZXIgaW52ZX N0bWVudCBh bmQgZmluYW 5jaWFsIHBs YW5uaW5nIH NlcnZpY2Vz LCB0byBtaW RkbGUtaW5j b21lIGZhbW lsaWVzLiBQ cmltZXJpY2 EgYWdlbnRz IHR5cGljYW xseSB3b3Jr IHdpdGggdG hlaXIgY2xp ZW50cyB0by Bhc3Nlc3Mg dGhlaXIgZm luYW5jaWFs IG5lZWRzIG FuZCBnb2Fs cywgYW5kIH RoZW4gcmVj b21tZW5kIG FuZCBzZWxs IGFwcHJvcH JpYXRlIGZp bmFuY2lhbC Bwcm9kdWN0 cyBmcm9tIF ByaW1lcmlj YSdzIHBvcn Rmb2xpby48 YnI+SW4gYW RkaXRpb24g dG8gZGlyZW N0IHNlbGxp bmcsIFByaW 1lcmljYSBh bHNvIGhhcy BhIG11bHRp LWxldmVsIG 1hcmtldGlu ZyBzdHJ1Y3 R1cmUsIHdo ZXJlIGFnZW 50cyBjYW4g cmVjcnVpdC BhbmQgYnVp bGQgdGhlaX Igb3duIHRl YW0gb2YgYW dlbnRzIGFu ZCBlYXJuIG NvbW1pc3Np b25zIGZyb2 0gdGhlaXIg c2FsZXMuIF RoaXMgZW5j b3VyYWdlcy BhIHNlbnNl IG9mIGVudH JlcHJlbmV1 cnNoaXAgYW 1vbmcgYWdl bnRzIGFuZC Bwcm92aWRl cyB0aGVtIH dpdGggdGhl IG9wcG9ydH VuaXR5IHRv IGVhcm4gYS BoaWdoZXIg aW5jb21lLj xicj5Qcmlt ZXJpY2Ency BidXNpbmVz cyBtb2RlbC BhbHNvIGlu Y2x1ZGVzIG Egc3Ryb25n IGVtcGhhc2 lzIG9uIGZp bmFuY2lhbC BlZHVjYXRp b24gYW5kIG xpdGVyYWN5 LiBUaGUgY2 9tcGFueSBv ZmZlcnMgdH JhaW5pbmcg YW5kIHN1cH BvcnQgZm9y IGl0cyBhZ2 VudHMgdG8g aGVscCB0aG VtIGVkdWNh dGUgdGhlaX IgY2xpZW50 cyBvbiBmaW 5hbmNpYWwg bWFuYWdlbW VudCBhbmQg cGxhbm5pbm cuPGJyPk92 ZXJhbGwsIF ByaW1lcmlj YSdzIGJ1c2 luZXNzIG1v ZGVsIGZvY3 VzZXMgb24g cHJvdmlkaW 5nIGFjY2Vz c2libGUgYW 5kIGFmZm9y ZGFibGUgZm luYW5jaWFs IHByb2R1Y3 RzIGFuZCBz ZXJ2aWNlcy B0byBtaWRk bGUtaW5jb2 1lIGZhbWls aWVzIHRocm 91Z2ggYSBu ZXR3b3JrIG 9mIGluZGVw ZW5kZW50IH JlcHJlc2Vu dGF0aXZlcy 4=

The potential impact of AI on Primerica’s products, services, and competitive positioning can be analyzed through different lenses:
1. Substitution: AI technologies could lead to the development of alternative financial products and services that might compete with those offered by Primerica. For instance, robo-advisors and AI-driven financial planning tools could provide similar services at a lower cost, appealing especially to a younger demographic that is more tech-savvy. This could threaten Primerica’s traditional model, which relies on personal financial advisors to deliver customized advice.
2. Disintermediation: AI facilitates direct access to financial products and services, potentially diminishing the role of intermediaries like Primerica’s financial representatives. Consumers may choose to use AI-enhanced platforms for insurance, investment, or financial planning without needing an intermediary. This could disrupt Primerica’s business model, which depends on human advisors for selling and promoting their products.
3. Margin Pressure: The implementation of AI could also lead to margin pressure for Primerica. As competitors adopt AI technologies to streamline operations and reduce costs, Primerica may feel compelled to lower prices to stay competitive. This could erode profit margins, especially if they cannot match the efficiency and cost-effectiveness of AI-driven organizations.
In summary, while AI presents opportunities for innovation and efficiency, it also poses potential threats to Primerica’s business model through substitution, disintermediation, and margin pressure. Adapting to these changes will be crucial for maintaining competitive positioning in the financial services industry.

The sensitivity of Primerica’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Earnings Sensitivity: Primerica operates in the life insurance and financial services sectors, where interest rates play a critical role. Rising interest rates can lead to higher investment income, as the company may earn more on its bond portfolio and other investments. Conversely, falling interest rates can compress these earnings, as returns on fixed-income investments decline. Additionally, higher rates may impact the demand for certain financial products, as borrowing costs increase for consumers.
2. Cash Flow Sensitivity: Cash flow is directly influenced by interest rates, especially in the context of the company’s investment income. An increase in rates can enhance cash flows from investments, while a decline can limit available cash. Moreover, if higher interest rates lead to an economic slowdown, it could also affect the cash flow generation from insurance premiums and other services, as customers may have reduced disposable income or be less willing to invest in financial products.
3. Valuation Sensitivity: The valuation of Primerica is often influenced by the discount rates used in valuation models. Higher interest rates typically lead to higher discount rates, which can lower the present value of future cash flows, thereby reducing the company’s valuation. Conversely, lower interest rates can have the opposite effect, making future earnings and cash flows appear more valuable. Additionally, the comparative attractiveness of alternative investments changes with interest rate fluctuations, impacting market sentiment and, consequently, Primerica’s stock price.
In summary, Primerica’s earnings, cash flow, and valuation are significantly affected by interest rate fluctuations. A careful assessment of these sensitivities is crucial for stakeholders to understand the potential impact of changes in the interest rate environment on the company’s financial health.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BQcmltZXJp Y2HigJlzIG Vjb25vbWlj cyBvdmVyIH RoZSBuZXh0 IDMtNSB5ZW FycyBpcyBh IHNpZ25pZm ljYW50IGFu ZCBzdXN0YW luZWQgZGVj bGluZSBpbi B0aGUgZmlu YW5jaWFsIH NlcnZpY2Vz IGluZHVzdH J5IGR1ZSB0 byByZWd1bG F0b3J5IGNo YW5nZXMsIG Vjb25vbWlj IGRvd250dX Jucywgb3Ig c2hpZnRzIG luIGNvbnN1 bWVyIGJlaG F2aW9yLiBI ZXJl4oCZcy BhIGJyZWFr ZG93biBvZi Bob3cgdGhp cyBzY2VuYX JpbyBtaWdo dCBkZXZlbG 9wIGFuZCBp dHMgcG90ZW 50aWFsIGlt cGFjdCBvbi BQcmltZXJp Y2HigJlzIG 1hcmdpbnMs IGNhc2ggZm xvdywgYW5k IGJhbGFuY2 Ugc2hlZXQu PGJyPlNjZW 5hcmlvIE92 ZXJ2aWV3Oj xicj5Bc3N1 bWUgdGhhdC ByZWd1bGF0 b3J5IGNoYW 5nZXMgbGVh ZCB0byBpbm NyZWFzZWQg Y29tcGxpYW 5jZSBjb3N0 cyBmb3IgYW xsIGZpbmFu Y2lhbCBzZX J2aWNlIGNv bXBhbmllcy wgaW5jbHVk aW5nIFByaW 1lcmljYS4g VGhpcyBtaW dodCBpbnZv bHZlIHN0cm ljdGVyIGFk dmVydGlzaW 5nIGxhd3Ms IGVuaGFuY2 VkIGZpZHVj aWFyeSBkdX RpZXMsIGFu ZCBoaWdoZX IgZmVlcyBm b3IgY29tcG xpYW5jZSBh bmQgcmVwb3 J0aW5nLiBT aW11bHRhbm VvdXNseSwg YSByZWNlc3 Npb24gY291 bGQgbGVhZC B0byBkZWNy ZWFzZWQgY2 9uc3VtZXIg c3BlbmRpbm cgb24gZmlu YW5jaWFsIH Byb2R1Y3Rz LCByZXN1bH RpbmcgaW4g bG93ZXIgc2 FsZXMgdm9s dW1lcyBhbm QgcmVkdWNl ZCBkZW1hbm QgZm9yIGlu dmVzdG1lbn QgYW5kIGlu c3VyYW5jZS Bwcm9kdWN0 cy48YnI+SW 1wYWN0IG9u IEVjb25vbW ljczo8YnI+ MS4gPHN0cm 9uZz5NYXJn aW5zPC9zdH Jvbmc+OiBB cyBjb21wbG lhbmNlIGNv c3RzIHJpc2 UgYW5kIHNh bGVzIHZvbH VtZXMgZGVj cmVhc2UsIF ByaW1lcmlj YeKAmXMgcH JvZml0IG1h cmdpbnMgd2 91bGQgbGlr ZWx5IHNocm luay4gUmVk dWNlZCBwcm VtaXVtIHJl dmVudWUgZn JvbSBpbnN1 cmFuY2Ugc2 FsZXMgYW5k IGZld2VyIG NsaWVudHMg c2Vla2luZy BpbnZlc3Rt ZW50IHNlcn ZpY2VzIHdv dWxkIGZ1cn RoZXIgY29t cHJlc3MgbW FyZ2lucy4g VGhlIGNvbW JpbmF0aW9u IG9mIHN0YW duYW50IG9y IGRlY2xpbm luZyByZXZl bnVlcyBhbm QgcmlzaW5n IGNvc3RzIG NvdWxkIGxl YWQgdG8gYS BzaWduaWZp Y2FudCBkZW NyZWFzZSBp biBvcGVyYX RpbmcgbWFy Z2lucywgcG 90ZW50aWFs bHkgZHJvcH BpbmcgdGhl bSBiZWxvdy BoaXN0b3Jp Y2FsIGF2ZX JhZ2VzLjxi cj4yLiA8c3 Ryb25nPkNh c2ggRmxvdz wvc3Ryb25n PjogV2l0aC ByZWR1Y2Vk IHNhbGVzIG FuZCBoaWdo ZXIgb3Blcm F0aW9uYWwg ZXhwZW5zZX MsIFByaW1l cmljYSB3b3 VsZCBsaWtl bHkgZXhwZX JpZW5jZSBh IGRlY2xpbm UgaW4gY2Fz aCBmbG93IG Zyb20gb3Bl cmF0aW9ucy 4gVGhpcyBk b3dudHVybi Bjb3VsZCBi ZSBleGFjZX JiYXRlZCBp ZiB0aGUgY2 9tcGFueSBm YWNlcyBpbm NyZWFzZWQg Y2xhaW1zIG FnYWluc3Qg aXRzIGluc3 VyYW5jZSBw b2xpY2llcy BkdWUgdG8g aGVpZ2h0ZW 5lZCBmaW5h bmNpYWwgaW 5zdGFiaWxp dHkgYW1vbm cgY29uc3Vt ZXJzLiBBcy BhIHJlc3Vs dCwgUHJpbW VyaWNhIG1h eSBzdHJ1Z2 dsZSB0byBt YWludGFpbi Bwb3NpdGl2 ZSBjYXNoIG Zsb3dzLCBs ZWFkaW5nIH RvIG9wZXJh dGlvbmFsIG NoYWxsZW5n ZXMsIHBvdG VudGlhbCBs YXlvZmZzLC BhbmQgcmVk dWNlZCBpbn Zlc3RtZW50 IGluIGdyb3 d0aCBpbml0 aWF0aXZlcy 48YnI+My4g PHN0cm9uZz 5CYWxhbmNl IFNoZWV0PC 9zdHJvbmc+ OiBBIGRlY2 xpbmUgaW4g cmV2ZW51ZX MgYW5kIGNh c2ggZmxvdy BtYXkgYWZm ZWN0IHRoZS BzdHJlbmd0 aCBvZiBQcm ltZXJpY2Hi gJlzIGJhbG FuY2Ugc2hl ZXQuIFRoZS Bjb21wYW55 IG1pZ2h0IH NlZSBhIGRl Y3JlYXNlIG luIHJldGFp bmVkIGVhcm 5pbmdzIGFz IHByb2ZpdG FiaWxpdHkg c3VmZmVycy wgd2hpY2gg Y291bGQgaW 1wYWN0IGVx dWl0eS4gSW YgY2FzaCBm bG93cyBiZW NvbWUgbmVn YXRpdmUgb3 IgaW5zdWZm aWNpZW50IH RvIG1lZXQg b3BlcmF0aW 9uYWwgbmVl ZHMsIFByaW 1lcmljYSBt YXkgaGF2ZS B0byBpbmNy ZWFzZSBpdH MgZGVidCBs b2FkIHRvIG 1haW50YWlu IGxpcXVpZG l0eS4gVGhp cyBjb3VsZC ByZXN1bHQg aW4gYSB3ZW FrZXIgb3Zl cmFsbCBmaW 5hbmNpYWwg cG9zaXRpb2 4sIHdpdGgg aGlnaGVyIG xldmVyYWdl IHJhdGlvcy BhbmQgaW50 ZXJlc3Qgb2 JsaWdhdGlv bnMsIHBvdG VudGlhbGx5 IGltcGFjdG luZyB0aGUg Y29tcGFuee KAmXMgY3Jl ZGl0IHJhdG luZy48YnI+ SW4gc3VtbW FyeSwgaWYg c3VjaCBhIH NjZW5hcmlv IG1hdGVyaW FsaXplcywg UHJpbWVyaW NhIGNvdWxk IGZpbmQgaX RzZWxmIGlu IGEgY2hhbG xlbmdpbmcg ZWNvbm9taW MgcG9zaXRp b24sIGNoYX JhY3Rlcml6 ZWQgYnkgc2 hyaW5raW5n IG1hcmdpbn MsIGRlY2xp bmluZyBjYX NoIGZsb3dz LCBhbmQgYS B3ZWFrZW5l ZCBiYWxhbm NlIHNoZWV0 LiBMb25nLX Rlcm0gc3Vz dGFpbmFiaW xpdHkgbWF5 IGJlIHRocm VhdGVuZWQg aWYgdGhlIG NvbXBhbnkg Y2Fubm90IG FkYXB0IHRv IHRoZSBuZX cgcmVndWxh dG9yeSBsYW 5kc2NhcGUg b3Igc2hpZn QgY29uc3Vt ZXIgcHJlZm VyZW5jZXMg ZWZmZWN0aX ZlbHkuPGJy Pg==

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 bG9nb3MvZn IzSm9pd0Ux b0Z3ckxDej lrVDYud2Vi cCIgYWx0PS JQcmltZXJp Y2EiIHRpdG xlPSJQcmlt ZXJpY2EiIC BjbGFzcz0i aW1nLWZsdW lkIiBoZWln aHQ9NTAgd2 lkdGg9NTAg bG9hZGluZz 0nbGF6eScg c3R5bGU9J2 JvcmRlci1y YWRpdXM6ID ZweDsnPgoK ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdmbGV4Oi AxOyB0ZXh0 LWFsaWduOi BjZW50ZXI7 IG1hcmdpbi 1sZWZ0OiA1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PHAgc3R5bG U9J2ZvbnQt c2l6ZTogMj ZweDsgY29s b3I6ICMzMz M7IG1hcmdp bi1ib3R0b2 06IDE1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IPCfk4ggV2 FudCB0byBy ZWFkIG1vcm UgYWJvdXQg UHJpbWVyaW NhPwogICAg 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+Uky BVbmxvY2sg b3VyIGZyZW UgZ3VpZGU6 IDxpPiJUaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzIj wvaT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdVSEpw YlcgVnlhV0 5oSUhkaCBj eUJtYjNWdV pHIFZrSUds dUlERTUgTn pjZ1lua2dR WCBKMGFIVn lJRXd1IElG ZHBiR3hwWV cgMXpJRXB5 TGlCcCBiaU JFZFd4MWRH IGdzSUVkbG IzSm4gYVdF dVBHSnlQai BJdUlGUm9a U0JqIGIyMX dZVzU1SUgg ZGhjeUJ2Y2 1sbiBhVzVo Ykd4NUlHID VoYldWa0lF RXUgVEM0Z1 YybHNiRyBs aGJYTWdKaU JCIGMzTnZZ MmxoZEcgVn pMQ0JpZFhR ZyBhWFFnZD JGeklIIEps WW5KaGJtUm wgWkNCaGN5 QlFjbSBsdF pYSnBZMkVn IGFXNGdNVG s1TVMgNDhZ bkkrTXk0Zy BVSEpwYldW eWFXIE5oSU dseklHRWcg YlhWc2RHa3 RiRyBWMlpX d2diV0Z5IG EyVjBhVzVu SUcgTnZiWE JoYm5rcyBJ R0ZzYzI4Z2 EyIDV2ZDI0 Z1lYTWcgYm 1WMGQyOXlh eSBCdFlYSn JaWFJwIGJt Y3NJSGRvYV cgTm9JRzFs WVc1eiBJSF JvWVhRZ2FY IFJ6SUhKbG NISmwgYzJW dWRHRjBhWC BabGN5QmxZ WEp1IElHTn ZiVzFwYzMg TnBiMjV6SU c5dSBJR0p2 ZEdnZ2RHIG hsYVhJZ2Iz ZHUgSUhOaG JHVnpJRyBG dVpDQjBhR1 VnIGMyRnNa WE1nYjIgWW dkR2hsSUhC bCBiM0JzWl NCMGFHIFY1 SUhKbFkzSj EgYVhRZ2FX NTBieSBCMG FHVWdZblZ6 IGFXNWxjM0 11UEcgSnlQ alF1SUZCeS BhVzFsY21s allTIEJwY3 lCbWIyTjEg YzJWa0lHOX VJSCBCeWIz WnBaR2x1IF p5Qm1hVzVo Ym0gTnBZV3 dnY0hKdiBa SFZqZEhNZ1 lXIDVrSUhO bGNuWnAgWT JWekxDQnBi bSBOc2RXUn BibWNnIGRH VnliU0JzYV cgWmxJR2x1 YzNWeSBZVz VqWlN3Z2JY IFYwZFdGc0 lHWjEgYm1S ekxDQmhibS A1MWFYUnBa WE1zIElHRn VaQ0JrWlcg SjBJR052Ym 5OdiBiR2xr WVhScGIyID RnYkc5aGJu TXUgUEdKeV BqVXVJRiBS b1pTQmpiMj F3IFlXNTU0 b0NaY3kgQj BZWEpuWlhR ZyBiV0Z5YT JWMElHIGx6 SUcxcFpHUn MgWlMxcGJt TnZiVyBVZ1 ptRnRhV3hw IFpYTXNJR0 Z1WkMgQnBk Q0JoYVcxei BJSFJ2SUhC eWIzIFpwWk dVZ1ptbHUg WVc1amFXRn NJRyBWa2RX TmhkR2x2IG JpQmhibVFn WVcgWm1iM0 prWVdKcyBa U0J6YjJ4MW RHIGx2Ym5N Z2RHOGcgYV hSeklHTnNh VyBWdWRITX VQR0p5IFBq WXVJRkJ5YV cgMWxjbWxq WWVLQSBtWE 1nY21WMlpX IDUxWlNCbW IzSWcgTWpB eU1DQjNZWC BNZ2IzWmxj aUFrIE1pQm lhV3hzYVcg OXVMQ0JoYm 1RZyBhWFJ6 SUc1bGRDIE JwYm1OdmJX VWcgZDJGek lHOTJaWCBJ Z0pETXdNQ0 J0IGFXeHNh Vzl1TGogeG ljajQzTGlC VSBhR1VnWT I5dGNHIEZ1 ZVNCb1lYTW cgYjNabGNp QXhNeiBJc0 1EQXdJR3hw IFkyVnVjMl ZrSUggSmxj SEpsYzJWdS BkR0YwYVha bGN5IEJwYm lCMGFHVWcg Vlc1cGRHVm tJRiBOMFlY UmxjeXdnIF EyRnVZV1Jo TEMgQlFkV1 Z5ZEc4ZyBV bWxqYnl3Z1 lXIDVrSUZO d1lXbHUgTG p4aWNqNDRM aSBCSmJpQX lNREV3IExD QlFjbWx0Wl ggSnBZMkVn WW1WaiBZVz FsSUdFZ2NI IFZpYkdsam JIa3QgZEhK aFpHVmtJRy BOdmJYQmhi bmtnIGIyNG dkR2hsSUUg NWxkeUJaYj NKciBJRk4w YjJOcklFIF Y0WTJoaGJt ZGwgTGp4aW NqNDVMaSBC UWNtbHRaWE pwIFkySGln Smx6SUcgNW hkR2x2Ym1G cyBJR052Ym 5abGJuIFJw YjI0Z2FYTW cgYTI1dmQy NGdZWCBNZ1 VISnBiV1Z5 IGFXTmhJRk JoYkcgOXZl bUVnWVc1ay BJR2x6SUdG MGRHIFZ1Wk dWa0lHSjUg SUhSb2IzVn pZVyA1a2N5 QnZaaUJ5IF pYQnlaWE5s Ym4gUmhkR2 wyWlhNZyBa bkp2YlNCaG NtIDkxYm1R Z2RHaGwgSU hkdmNteGtM aiB4aWNqNH hNQzRnIFVI SnBiV1Z5YV cgTmhJR2ho Y3lCaSBaV1 Z1SUc1aGJX IFZrSUc5dV pTQnYgWmlC MGFHVWdOVC BBZ1RXOXpk Q0JCIFpHMX BjbVZrSUUg TnZiWEJoYm 1sbCBjeUJw YmlCMGFHIF VnVjI5eWJH UWcgWW5rZ1 JtOXlkSCBW dVpTQk5ZV2 RoIGVtbHVa UzQ4WW4gSS tNVEV1SUZS byBaU0JqYj Ixd1lXIDU1 SUdseklHRW cgYldWdFlt VnlJRyA5bU lIUm9aU0JF IGFYSmxZM1 FnVTIgVnNi R2x1WnlCQi BjM052WTJs aGRHIGx2Ym lCaGJtUWcg YVhNZ1kyOX RiVyBsMGRH VmtJSFJ2IE lHVjBhR2xq WVcgd2dZVz VrSUhKbCBj M0J2Ym5OcF ltIHhsSUdK MWMybHUgWl hOeklIQnlZ VyBOMGFXTm xjeTQ4IFlu SStNVEl1SU YgQnlhVzFs Y21saiBZU0 JvWVhNZ1lT IEJ6ZEhKdm JtY2cgWTI5 dGJXbDBiVy BWdWRDQjBi eUJqIGIyMX RkVzVwZEgg a2djMlZ5ZG 1saiBaU0Jo Ym1RZ2FHIE Z6SUhKaGFY TmwgWkNCdm RtVnlJQyBR eUlHMXBiR3 hwIGIyNGda bTl5SUggWm hjbWx2ZFhN ZyBZMmhoY2 1sMGFXIFZ6 SUdGdVpDQn YgY21kaGJt bDZZWCBScG IyNXpManhp IGNqNHhNeT RnVTIgOXRa U0IzWld4cy BMV3R1YjNk dUlHIFpwWj NWeVpYTWcg ZDJodklHaG hkbSBVZ2Qy OXlhMlZrIE lIZHBkR2dn VUggSnBiV1 Z5YVdOaCBJ R2x1WTJ4MV pHIFVnVGtK QklITjEgY0 dWeWMzUmhj aSBCVGFHRn hkV2xzIGJH VWdUK0tBbV UgNWxZV3dz SUdadiBjbT FsY2lCT1Jr IHdnY0d4aG VXVnkgSUV0 MWNuUWdWMi BGeWJtVnlM Q0JoIGJtUW daVzUwY20g VndjbVZ1Wl hWeSBJR0Z1 WkNCdGIzIF JwZG1GMGFX OXUgWVd3Z2 MzQmxZVyB0 bGNpQkZjbW xqIElGUm9i MjFoY3kgND hZbkkrTVRR dSBJRkJ5YV cxbGNtIGxq WVNCb1lYTW cgWW1WbGJp QnlaVyBOdl oyNXBlbVZr IElHRnpJR0 VnZEcgOXdJ R1Z0Y0d4di BlV1Z5SUdK NUlFIFp2Y2 1KbGN5Qmgg Ym1RZ1IyeG hjMyBOa2Iy OXlMQ0JoIG JXOXVaeUJ2 ZEcgaGxjaU J3ZFdKcyBh V05oZEdsdm JuIE11UEdK eVBqRTEgTG lCVWFHVWdZ MiA5dGNHRn VlZUtBIG1Y TWdjMnh2Wj IgRnVJR2x6 SUZkbCBJRz FoYTJVZ2JH IGxtWlNCaV pYUjAgWlhJ Z1ptOXlJRy BaaGJXbHNh V1Z6IExDQn laV1pzWlcg TjBhVzVuSU dsMCBjeUJt YjJOMWN5IE J2YmlCb1pX eHcgYVc1bk lHMXBaRyBS c1pTMXBibU 52IGJXVWda bUZ0YVcgeH BaWE1nWVdO byBhV1YyWl NCbWFXIDVo Ym1OcFlXd2 cgYzJWamRY SnBkSCBrZ1 lXNWtJR2x1 IFpHVndaVz VrWlcgNWpa UzQ9CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==