PICC Property and Casualty

-7.34%

Live  

PICC Property and Casualty Company Limited (PICC P&C) is a leading property and casualty insurance company in China and a key player in the global insurance market. It was established in 1949 and was one of the first insurance companies to be founded in the People's Republic of China.
PICC P&C offers a wide range of property and casualty insurance products and services, including property, liability, casualty, credit, marine, and motor insurance. It also provides reinsurance services and offers risk management and consulting services to its clients.
The company has a strong presence in China, with over 2,600 branches and offices across the country. It also has a growing international presence, with operations in over 60 countries and regions.
PICC P&C is listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange, and is a constituent of the Hang Seng China-Affiliated Corporations Index.
As of 2020, PICC P&C has a market capitalization of approximately US $28 billion and is ranked as the 7th largest property and casualty insurer in the world by market share.
The company is committed to providing high-quality insurance products and services to its customers and has received numerous awards and recognitions for its strong financial performance and exceptional customer service.
In addition to its insurance business, PICC P&C also actively engages in corporate social responsibility initiatives, including disaster relief, poverty alleviation, and environmental protection projects.

UElDQyBQcm 9wZXJ0eSBh bmQgQ2FzdW FsdHkgQ29t cGFueSBpcy BsaWtlIGEg YmlnIGhlbH BlciB0aGF0 IG1ha2VzIH N1cmUgcGVv cGxlIGFuZC BidXNpbmVz c2VzIGFyZS BzYWZlIGZy b20gdW5leH BlY3RlZCBw cm9ibGVtcy wgbGlrZSBh Y2NpZGVudH Mgb3IgbmF0 dXJhbCBkaX Nhc3RlcnMu IDxicj5JbW FnaW5lIGlm IHlvdSBoYX ZlIGEgdG95 LCBhbmQgeW 91IHJlYWxs eSBsaWtlIG l0LiBZb3Ug bWlnaHQgd2 FudCB0byBr ZWVwIGl0IH NhZmUgaW4g Y2FzZSBpdC BnZXRzIGJy b2tlbiBvci Bsb3N0LiBJ biBhIHNpbW lsYXIgd2F5 LCBQSUNDIG hlbHBzIHBl b3BsZSBieS BnaXZpbmcg dGhlbSBzb2 1ldGhpbmcg Y2FsbGVkIG luc3VyYW5j ZS4gV2hlbi Bzb21lb25l IHBheXMgYS BzbWFsbCBh bW91bnQgb2 YgbW9uZXkg cmVndWxhcm x5IChraW5k IG9mIGxpa2 UgcGF5aW5n IGZvciBhIH N1YnNjcmlw dGlvbiksIF BJQ0MgcHJv bWlzZXMgdG 8gaGVscCBw YXkgZm9yIH Ryb3VibGVz IHRoYXQgbW lnaHQgaGFw cGVuLCBsaW tlIGEgY2Fy IGFjY2lkZW 50IG9yIGEg aG91c2UgZ2 V0dGluZyBk YW1hZ2VkLj xicj5QSUND IG1ha2VzIG 1vbmV5IG1h aW5seSBpbi B0d28gd2F5 cy4gRmlyc3 QsIHBlb3Bs ZSBhbmQgYn VzaW5lc3Nl cyBwYXkgZm 9yIHRoaXMg aW5zdXJhbm NlLCB3aGlj aCBpcyBjYW xsZWQgYSBw cmVtaXVtLi BJdOKAmXMg bGlrZSBwYX lpbmcgYSBt b250aGx5IG ZlZSBmb3Ig a2VlcGluZy B5b3VyIGZh dm9yaXRlIH RveSBzYWZl LiBTZWNvbm QsIHRoZSBj b21wYW55IH Rha2VzIHRo ZSBtb25leS BpdCBnYXRo ZXJzIGZyb2 0gZmVlcyBh bmQgaW52ZX N0cyBpdCBp biB0aGluZ3 MgbGlrZSBz dG9ja3Mgb3 IgYm9uZHMu IFdoZW4gdG hvc2UgaW52 ZXN0bWVudH MgbWFrZSBt b25leSwgaX QgaGVscHMg dGhlIGNvbX BhbnkgZWFy biBldmVuIG 1vcmUhPGJy PlBJQ0MgaX Mgc3VjY2Vz c2Z1bCBmb3 IgYSBmZXcg cmVhc29ucy 4gRmlyc3Qs IG1hbnkgcG VvcGxlIGFu ZCBidXNpbm Vzc2VzIG5l ZWQgaW5zdX JhbmNlIHRv IGZlZWwgc2 FmZSBhYm91 dCB0aGVpci B0aGluZ3Ms IHNvIGxvdH Mgb2YgcGVv cGxlIHdhbn QgdG8gYnV5 IGZyb20gdG hlbS4gU2Vj b25kLCB0aG V5IGRvIGEg Z29vZCBqb2 Igb2Yga2Vl cGluZyB0cm FjayBvZiBy aXNrcyBhbm QgbWFuYWdp bmcgdGhlaX IgbW9uZXkg d2lzZWx5Li BUaGlzIG1l YW5zIHRoZX kgY2FuIHBh eSBmb3IgYW NjaWRlbnRz IHdoZW4gdG hleSBoYXBw ZW4sIHdoaW NoIGhlbHBz IHBlb3BsZS B0cnVzdCB0 aGVtIG1vcm UuIDxicj5G b3IgdGhlIG Z1dHVyZSwg UElDQyB3aW xsIHByb2Jh Ymx5IHN0YX kgc3VjY2Vz c2Z1bCBiZW NhdXNlIG1v cmUgcGVvcG xlIGFuZCBi dXNpbmVzc2 VzIHdpbGwg YWx3YXlzIG 5lZWQgcHJv dGVjdGlvbi 4gUGx1cywg dGhleSBhcm UgbGlrZWx5 IHRvIGtlZX AgaW1wcm92 aW5nIHRoZW lyIHNlcnZp Y2VzIGFuZC BmaW5kaW5n IG5ldyB3YX lzIHRvIHdv cmsgd2l0aC B0ZWNobm9s b2d5LCB3aG ljaCBjYW4g bWFrZSB0aG VtIGV2ZW4g YmV0dGVyIG F0IGhlbHBp bmcgcGVvcG xlIHN0YXkg c2FmZS4gU2 8sIGp1c3Qg bGlrZSB5b3 Uga2VlcCB5 b3VyIHRveX Mgc2FmZSwg UElDQyBoZW xwcyBtYW55 IHBlb3BsZS BrZWVwIHRo ZWlyIGltcG 9ydGFudCB0 aGluZ3Mgc2 FmZSB0b28h PGJyPg==

MS4gSGlzdG 9yeSBhbmQg UmVwdXRhdG lvbjogUElD QyBQcm9wZX J0eSBhbmQg Q2FzdWFsdH kgaXMgYSBs ZWFkaW5nIH Byb3BlcnR5 IGFuZCBjYX N1YWx0eSBp bnN1cmFuY2 UgY29tcGFu eSBpbiBDaG luYSwgd2l0 aCBhIGhpc3 RvcnkgZGF0 aW5nIGJhY2 sgb3ZlciA3 MCB5ZWFycy 4gV2l0aCBh IHN0cm9uZy BmaW5hbmNp YWwgc3Rhbm RpbmcgYW5k IHNvbGlkIH JlcHV0YXRp b24sIGl0IG lzIG9uZSBv ZiB0aGUgbW 9zdCB0cnVz dGVkIGluc3 VyYW5jZSBi cmFuZHMgaW 4gdGhlIGNv dW50cnkuPG JyPjIuIEV4 dGVuc2l2ZS BQcm9kdWN0 IFJhbmdlOi BUaGUgY29t cGFueSBvZm ZlcnMgYSB3 aWRlIHJhbm dlIG9mIGlu c3VyYW5jZS Bwcm9kdWN0 cyBhbmQgc2 VydmljZXMs IGluY2x1ZG luZyBwcm9w ZXJ0eSwgbG lhYmlsaXR5 LCBtYXJpbm UsIG1vdG9y LCBhbmQgb3 RoZXIgc3Bl Y2lhbHR5IG luc3VyYW5j ZSBjb3Zlcn MsIGNhdGVy aW5nIHRvIH RoZSBuZWVk cyBvZiBib3 RoIGluZGl2 aWR1YWxzIG FuZCBidXNp bmVzc2VzLj xicj4zLiBT dHJvbmcgTW Fya2V0IFBy ZXNlbmNlOi BQSUNDIFBy b3BlcnR5IG FuZCBDYXN1 YWx0eSBoYX MgYSBkb21p bmFudCBtYX JrZXQgcHJl c2VuY2UgaW 4gQ2hpbmEs IHdpdGggYS BsYXJnZSBu ZXR3b3JrIG 9mIGJyYW5j aGVzIGFuZC BzYWxlcyBv dXRsZXRzIH NwcmVhZCBh Y3Jvc3MgdG hlIGNvdW50 cnkuIEl0IG hhcyBhIHN0 cm9uZyBjdX N0b21lciBi YXNlIGFuZC BhIHNpZ25p ZmljYW50IG 1hcmtldCBz aGFyZSBpbi B0aGUgQ2hp bmVzZSBpbn N1cmFuY2Ug aW5kdXN0cn kuPGJyPjQu IFN0YXRlLW 93bmVkIEVu dGVycHJpc2 U6IFRoZSBj b21wYW55IG lzIGEgc3Vi c2lkaWFyeS BvZiBDaGlu YSdzIHN0YX RlLW93bmVk IGVudGVycH Jpc2UsIFBl b3BsZSdzIE luc3VyYW5j ZSBDb21wYW 55IG9mIENo aW5hIChQSU NDKS4gVGhp cyBlbnN1cm VzIGZpbmFu Y2lhbCBzdG FiaWxpdHkg YW5kIGdvdm Vybm1lbnQg c3VwcG9ydC wgZ2l2aW5n IGN1c3RvbW VycyBjb25m aWRlbmNlIG luIHRoZSBj b21wYW55J3 MgYWJpbGl0 eSB0byBob2 5vciBjbGFp bXMgYW5kIG Z1bGZpbGwg aXRzIG9ibG lnYXRpb25z Ljxicj41Li BTdHJvbmcg RmluYW5jaW FsIFBlcmZv cm1hbmNlOi BJbiByZWNl bnQgeWVhcn MsIFBJQ0Mg UHJvcGVydH kgYW5kIENh c3VhbHR5IG hhcyBkZW1v bnN0cmF0ZW Qgc3Ryb25n IGZpbmFuY2 lhbCBwZXJm b3JtYW5jZS wgd2l0aCBj b25zaXN0ZW 50bHkgaGln aCBwcm9maX RzIGFuZCBh IHNvdW5kIG NhcGl0YWwg cG9zaXRpb2 4uIFRoaXMg cmVmbGVjdH MgdGhlIGNv bXBhbnkncy BzdGFibGUg YW5kIHN1c3 RhaW5hYmxl IGJ1c2luZX NzIG1vZGVs Ljxicj42Li BUZWNobm9s b2dpY2FsIE FkdmFuY2Vt ZW50czogVG hlIGNvbXBh bnkgaGFzIG JlZW4gYXQg dGhlIGZvcm Vmcm9udCBv ZiBhZG9wdG luZyBuZXcg dGVjaG5vbG 9naWVzIGFu ZCBkaWdpdG FsIGlubm92 YXRpb24gaW 4gdGhlIGlu c3VyYW5jZS BpbmR1c3Ry eS4gSXQgaG FzIGludmVz dGVkIGhlYX ZpbHkgaW4g aXRzIG9ubG luZSBhbmQg bW9iaWxlIH BsYXRmb3Jt cywgYWxsb3 dpbmcgY3Vz dG9tZXJzIH RvIGVhc2ls eSBwdXJjaG FzZSBhbmQg bWFuYWdlIH RoZWlyIGlu c3VyYW5jZS Bwb2xpY2ll cy48YnI+Ny 4gRm9jdXMg b24gQ3VzdG 9tZXIgU2Vy dmljZTogUE lDQyBQcm9w ZXJ0eSBhbm QgQ2FzdWFs dHkgcHV0cy BhIHN0cm9u ZyBlbXBoYX NpcyBvbiBw cm92aWRpbm cgZXhjZWxs ZW50IGN1c3 RvbWVyIHNl cnZpY2UuIE l0IGhhcyB3 b24gbnVtZX JvdXMgYXdh cmRzIGFuZC BhY2NvbGFk ZXMgZm9yIG l0cyBjdXN0 b21lci1jZW 50cmljIGFw cHJvYWNoLC BtYWtpbmcg aXQgYSBwcm VmZXJyZWQg Y2hvaWNlIG Ftb25nIGlu c3VyYW5jZS BidXllcnMu PGJyPjguIE NvcnBvcmF0 ZSBTb2NpYW wgUmVzcG9u c2liaWxpdH k6IFRoZSBj b21wYW55IG lzIGNvbW1p dHRlZCB0by BiZWluZyBh IHJlc3Bvbn NpYmxlIGNv cnBvcmF0ZS BjaXRpemVu LCBhbmQgaX QgYWN0aXZl bHkgcGFydG ljaXBhdGVz IGluIHZhcm lvdXMgY2hh cml0YWJsZS BhbmQgY29t bXVuaXR5IG RldmVsb3Bt ZW50IGluaX RpYXRpdmVz LiBUaGlzIH JlaW5mb3Jj ZXMgaXRzIH Bvc2l0aXZl IGltYWdlIG FuZCBzdHJl bmd0aGVucy BpdHMgcmVs YXRpb25zaG lwIHdpdGgg Y3VzdG9tZX JzLg==

VGhlIFBJQ0 MgUHJvcGVy dHkgYW5kIE Nhc3VhbHR5 IGNvbXBhbn kgaXMgYSBD aGluZXNlIH N0YXRlLW93 bmVkIGVudG VycHJpc2Ug dGhhdCBwcm 92aWRlcyBw cm9wZXJ0eS BhbmQgY2Fz dWFsdHkgaW 5zdXJhbmNl IHNlcnZpY2 VzLiBJdHMg YnVzaW5lc3 MgbW9kZWwg aXMgYmFzZW Qgb24gdW5k ZXJ3cml0aW 5nIGFuZCBz ZWxsaW5nIG luc3VyYW5j ZSBwb2xpY2 llcyB0byBp bmRpdmlkdW FscyBhbmQg YnVzaW5lc3 NlcywgbWFu YWdpbmcgcm lzayBhbmQg cHJvdmlkaW 5nIGZpbmFu Y2lhbCBwcm 90ZWN0aW9u IGluIHRoZS BldmVudCBv ZiBsb3NzZX Mgb3IgZGFt YWdlcy48Yn I+VGhlIGNv bXBhbnkncy BwcmltYXJ5 IHNvdXJjZS BvZiByZXZl bnVlIGlzIH RoZSBwcmVt aXVtcyBwYW lkIGJ5IGl0 cyBwb2xpY3 lob2xkZXJz LCB3aGljaC BhcmUgY2Fs Y3VsYXRlZC BiYXNlZCBv biB0aGUgcG 90ZW50aWFs IHJpc2sgYW 5kIHBvdGVu dGlhbCBlY2 9ub21pYyBp bXBhY3Qgb2 YgdGhlIGlu c3VyZWQgcH JvcGVydHkg b3IgbGlhYm lsaXR5LiBQ SUNDIFByb3 BlcnR5IGFu ZCBDYXN1YW x0eSBhbHNv IGVhcm5zIG luY29tZSBm cm9tIGludm VzdG1lbnQg YWN0aXZpdG llcywgc3Vj aCBhcyBpbn Zlc3Rpbmcg dGhlIHByZW 1pdW1zIHJl Y2VpdmVkIG luIHZhcmlv dXMgZmluYW 5jaWFsIGlu c3RydW1lbn RzLjxicj5U aGUgY29tcG FueSBvZmZl cnMgYSByYW 5nZSBvZiBp bnN1cmFuY2 UgcHJvZHVj dHMsIGluY2 x1ZGluZyBt b3RvciwgcH JvcGVydHks IGxpYWJpbG l0eSwgYWNj aWRlbnQsIG FuZCBoZWFs dGggaW5zdX JhbmNlLiBJ dHMgdGFyZ2 V0IGN1c3Rv bWVycyBpbm NsdWRlIGlu ZGl2aWR1YW xzLCBzbWFs bCBhbmQgbW VkaXVtLXNp emVkIGVudG VycHJpc2Vz LCBhbmQgbG FyZ2UgY29y cG9yYXRpb2 5zLjxicj5U byBtYW5hZ2 UgaXRzIGJ1 c2luZXNzLC BQSUNDIFBy b3BlcnR5IG FuZCBDYXN1 YWx0eSBvcG VyYXRlcyB0 aHJvdWdoIG EgbmV0d29y ayBvZiBicm FuY2hlcywg c3Vic2lkaW FyaWVzLCBh bmQgYWdlbn RzIGFjcm9z cyBDaGluYS 4gVGhlIGNv bXBhbnkgYW xzbyB1c2Vz IGFkdmFuY2 VkIHRlY2hu b2xvZ2llcy wgc3VjaCBh cyBiaWcgZG F0YSBhbmQg YXJ0aWZpY2 lhbCBpbnRl bGxpZ2VuY2 UsIHRvIGlt cHJvdmUgaX RzIHVuZGVy d3JpdGluZy BlZmZpY2ll bmN5IGFuZC ByaXNrIG1h bmFnZW1lbn QgY2FwYWJp bGl0aWVzLj xicj5PdmVy YWxsLCBQSU NDIFByb3Bl cnR5IGFuZC BDYXN1YWx0 eSdzIGJ1c2 luZXNzIG1v ZGVsIGlzIG ZvY3VzZWQg b24gcHJvdm lkaW5nIGNv bXByZWhlbn NpdmUgaW5z dXJhbmNlIG NvdmVyYWdl IGFuZCByaX NrIG1hbmFn ZW1lbnQgc2 9sdXRpb25z IHRvIG1lZX QgdGhlIGRp dmVyc2Ugbm VlZHMgb2Yg aXRzIGN1c3 RvbWVycyBh bmQgZ2VuZX JhdGUgc3Vz dGFpbmFibG UgcHJvZml0 cyBmb3IgaX RzIHNoYXJl aG9sZGVycy 4=

AI has the potential to impact companies like PICC Property and Casualty in several significant ways, particularly through substitution, disintermediation, and margin pressure.
1. Substitution: AI could enable the development of alternative insurance models or products that compete directly with those offered by PICC. For example, peer-to-peer insurance platforms or blockchaibased insurance solutions may provide consumers with new options that eliminate traditional insurance intermediaries and offer potentially lower costs. If these alternatives gain traction, they could substitute traditional insurance offerings, impacting PICC’s market share.
2. Disintermediation: AI can enhance the digital customer experience and streamline processes, allowing consumers to purchase insurance products directly online without needing agents or brokers. This disintermediation can reduce the reliance on traditional distribution channels, which may challenge PICC’s business model that traditionally involves intermediaries. Furthermore, as consumers become more comfortable with technology-driven solutions, they may prefer direct interactions with AI-driven platforms rather than traditional agents, increasing competition from insurtech startups.
3. Margin Pressure: The implementation of AI can lead to more efficient operations; however, widespread AI adoption in the insurance industry may also create margin pressure. Competitors using AI to optimize pricing, underwriting, and claims processes could offer lower premiums or improved services, thereby attracting customers away from PICC. This could force PICC to lower its prices to remain competitive while managing the operational costs associated with integrating AI technologies.
In summary, AI poses material threats to PICC Property and Casualty’s products and services through potential substitution and disintermediation, alongside the risk of margin pressure stemming from increased competition in the insurance market. To mitigate these risks, PICC would need to invest in its own AI capabilities, enhance customer engagement, and innovate its product offerings.

The sensitivity of PICC Property and Casualty’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several dimensions:
1. Earnings Sensitivity: Interest rates can significantly affect the earnings of insurance companies like PICC. Higher interest rates may increase investment income from fixed-income securities held in their investment portfolios. Conversely, if rates decline, the yield on newly purchased bonds would also decrease, potentially leading to lower investment income. Furthermore, interest rates may impact the underlying underwriting profitability, as they influence claims costs and pricing strategies.
2. Cash Flow Sensitivity: Cash flows for property and casualty insurers often correlate with interest rates through their investment activities. Increased interest rates typically enhance cash flows from investments, assuming that the company can maintain its investment portfolio’s yield. However, if rates rise too quickly, it could lead to increased claims and pay-out speed, potentially straining cash flows. Additionally, if the market is volatile, clients may be reluctant to invest in new policies or renew existing ones, impacting cash inflow.
3. Valuation Sensitivity: The valuation of PICC Property and Casualty can be affected by discount rates used in valuation models. Higher interest rates typically lead to higher discount rates, reducing the present value of future cash flows, which may negatively impact the company’s market valuation. Additionally, the market may respond to interest rate changes with shifts in investor sentiment towards insurance stocks, further influencing valuation metrics like price-to-earnings and price-to-book ratios.
In summary, changes in interest rates can significantly impact PICC Property and Casualty’s earnings, cash flow, and overall valuation by influencing investment income, underwriting profitability, and market valuation perceptions. The extent of these effects also depends on the duration and nature of the interest rate changes.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgdG hlIFBJQ0Mg UHJvcGVydH kgYW5kIENh c3VhbHR5IG NvbXBhbnni gJlzIGVjb2 5vbWljcyBv dmVyIHRoZS BuZXh0IDMt NSB5ZWFycy BpcyBhIHNp Z25pZmljYW 50IGFuZCBz dXN0YWluZW QgaW5jcmVh c2UgaW4gbm F0dXJhbCBk aXNhc3Rlcn MgZXhhY2Vy YmF0ZWQgYn kgY2xpbWF0 ZSBjaGFuZ2 UuIFRoaXMg c2NlbmFyaW 8gY291bGQg bGVhZCB0by BhIGRyYW1h dGljIHJpc2 UgaW4gY2xh aW1zIHJlbG F0ZWQgdG8g cHJvcGVydH kgZGFtYWdl LCBmbG9vZG luZywgYW5k IGJ1c2luZX NzIGludGVy cnVwdGlvbn MsIHB1dHRp bmcgaW1tZW 5zZSBwcmVz c3VyZSBvbi B0aGUgY29t cGFueeKAmX MgdW5kZXJ3 cml0aW5nIH BlcmZvcm1h bmNlLjxicj 5JZiB0aGlz IHNjZW5hcm lvIHdlcmUg dG8gdW5mb2 xkLCB0aGUg Y29tcGFuee KAmXMgbWFy Z2lucyB3b3 VsZCBsaWtl bHkgc2hyaW 5rIGNvbnNp ZGVyYWJseS 4gQXMgY2xh aW1zIHBheW 91dHMgc3Vy Z2UsIHRoZS Bjb21iaW5l ZCByYXRpb+ KAlGV4cGVu c2VzIG9mIH RoZSBjb21w YW55IGRpdm lkZWQgYnkg aXRzIGVhcm 5lZCBwcmVt aXVtc+KAlH dvdWxkIGxp a2VseSBleG NlZWQgMTAw JSwgaW5kaW NhdGluZyB0 aGF0IHRoZS Bjb21wYW55 IGlzIHBheW luZyBvdXQg bW9yZSBpbi BjbGFpbXMg YW5kIGV4cG Vuc2VzIHRo YW4gaXQgaX MgZWFybmlu ZyBpbiBwcm VtaXVtcy4g VGhlIHJlc3 VsdGluZyBk ZXRlcmlvcm F0aW9uIGlu IHByb2ZpdG FiaWxpdHkg Y291bGQgbG VhZCB0byBu ZXQgbG9zc2 VzIGluIHNl dmVyYWwgZm lzY2FsIHll YXJzLCBmb3 JjaW5nIHRo ZSBjb21wYW 55IHRvIHJl YXNzZXNzIG l0cyBwcmlj aW5nIHN0cm F0ZWdpZXMg YW5kIHBvdG VudGlhbGx5 IGluY3JlYX NlIHByZW1p dW1zIHNpZ2 5pZmljYW50 bHkgZm9yIH BvbGljeWhv bGRlcnMuIE hvd2V2ZXIs IHJhaXNpbm cgcHJlbWl1 bXMgbWF5IG xlYWQgdG8g Y3VzdG9tZX IgYXR0cml0 aW9uLCBmdX J0aGVyIGlt cGFjdGluZy ByZXZlbnVl Ljxicj5DYX NoIGZsb3cg d291bGQgYW xzbyBiZSBu ZWdhdGl2ZW x5IGFmZmVj dGVkLiBBIH Jpc2UgaW4g Y2xhaW1zIH dvdWxkIG1l YW4gdGhhdC BjYXNoIG91 dGZsb3dzIG luIHRoZSBm b3JtIG9mIG NsYWltIHNl dHRsZW1lbn RzIHdvdWxk IGFjY2VsZX JhdGUsIGxl YWRpbmcgdG 8gYSBjYXNo IGNydW5jaC 4gVGhpcyB3 b3VsZCByZW R1Y2UgdGhl IGNvbXBhbn nigJlzIGFi aWxpdHkgdG 8gaW52ZXN0 IGluIGdyb3 d0aCBpbml0 aWF0aXZlcy BvciBwYXkg ZGl2aWRlbm RzIHRvIHNo YXJlaG9sZG Vycy4gSW4g ZXh0cmVtZS BjYXNlcywg dGhlIGNvbX BhbnkgbWF5 IG5lZWQgdG 8gZGlwIGlu dG8gaXRzIH Jlc2VydmVz LCByZWR1Y2 luZyBpdHMg ZmluYW5jaW FsIGZsZXhp YmlsaXR5IG luIHRoZSBm YWNlIG9mIG Z1dHVyZSBy aXNrcy48Yn I+T24gdGhl IGJhbGFuY2 Ugc2hlZXQs IHRoZSBzY2 VuYXJpbyBj b3VsZCBtYW 5pZmVzdCBh cyBhIHNpZ2 5pZmljYW50 IGluY3JlYX NlIGluIGxp YWJpbGl0aW VzIGR1ZSB0 byB0aGUgaG lnaGVyIHZv bHVtZSBvZi B1bnBhaWQg Y2xhaW1zIG FuZCByZXNl cnZlcy4gQW RkaXRpb25h bGx5LCBpZi B0aGUgY29t cGFueSBpcy Bmb3JjZWQg dG8gcmFpc2 UgY2FwaXRh bCB0byBjb3 ZlciBsb3Nz ZXMgb3Igc3 RyZW5ndGhl biBpdHMgYm FsYW5jZSBz aGVldCwgdG hpcyBjb3Vs ZCBkaWx1dG UgZXhpc3Rp bmcgZXF1aX R5IGFuZCBz dHJhaW4gdG hlIGJhbGFu Y2Ugc2hlZX QgZnVydGhl ci4gRGVidC BsZXZlbHMg bWF5IGluY3 JlYXNlIGlm IHRoZSBjb2 1wYW55IG9w dHMgZm9yIG JvcnJvd2lu ZyB0byBtZW V0IGl0cyBv YmxpZ2F0aW 9ucywgbGVh ZGluZyB0by BoaWdoZXIg aW50ZXJlc3 QgZXhwZW5z ZXMgYW5kIG EgbGVzcyBm YXZvcmFibG UgY3JlZGl0 IHJhdGluZy 48YnI+SW4g c3VtbWFyeS wgYSBzY2Vu YXJpbyBpbn ZvbHZpbmcg YSBzaWduaW ZpY2FudCBp bmNyZWFzZS BpbiBuYXR1 cmFsIGRpc2 FzdGVycyB3 b3VsZCBsaW tlbHkgbGVh ZCB0byBkZX RlcmlvcmF0 aW5nIG1hcm dpbnMgZHVl IHRvIHJpc2 luZyBleHBl bnNlcyBhbm QgY2xhaW1z LCBuZWdhdG l2ZSBjYXNo IGZsb3cgaW 1wYWN0aW5n IG9wZXJhdG lvbmFsIHZp YWJpbGl0eS wgYW5kIGEg d2Vha2VyIG JhbGFuY2Ug c2hlZXQgbW Fya2VkIGJ5 IGluY3JlYX NlZCBsaWFi aWxpdGllcy BhbmQgcG90 ZW50aWFsbH kgaGlnaGVy IGRlYnQgbG V2ZWxzLiBU aGUgbG9uZy 10ZXJtIGVj b25vbWljIG hlYWx0aCBv ZiBQSUNDIF Byb3BlcnR5 IGFuZCBDYX N1YWx0eSB3 b3VsZCB0aH VzIGJlIGpl b3BhcmRpem VkLCByZXF1 aXJpbmcgc3 Vic3RhbnRp YWwgc3RyYX RlZ2ljIHJl dmlzaW9ucy B0byBzdGFi aWxpemUgaX RzIGZpbmFu Y2lhbCBmb2 90aW5nLjxi 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 bG9nb3Mvak RVMHNxMnVj QThxSjFoZV gwSjIud2Vi cCIgYWx0PS JQSUNDIFBy b3BlcnR5IG FuZCBDYXN1 YWx0eSIgdG l0bGU9IlBJ Q0MgUHJvcG VydHkgYW5k IENhc3VhbH R5IiAgY2xh c3M9ImltZy 1mbHVpZCIg aGVpZ2h0PT UwIHdpZHRo PTUwIGxvYW Rpbmc9J2xh enknIHN0eW xlPSdib3Jk ZXItcmFkaX VzOiA2cHg7 Jz4KCiAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nZm xleDogMTsg dGV4dC1hbG lnbjogY2Vu dGVyOyBtYX JnaW4tbGVm dDogNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdm b250LXNpem U6IDI2cHg7 IGNvbG9yOi AjMzMzOyBt YXJnaW4tYm 90dG9tOiAx NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICDwn5 OIIFdhbnQg dG8gcmVhZC Btb3JlIGFi b3V0IFBJQ0 MgUHJvcGVy dHkgYW5kIE Nhc3VhbHR5 PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+GkyBE aXNjb3Zlci A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+IOKAlC BmcmVlIGVC b29rIQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID EycHg7IGZv bnQtc2l6ZT ogMTNweDsg Y29sb3I6IC M0NDQ7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIFNp Z24gdXAgbm 93IGFuZCBn ZXQgb3VyIG ZyZWUgZUJv b2sgCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8Yj5UaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzPC 9iPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgLS 0+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTZw eDsgZm9udC 1zaXplOiAx NHB4OyBjb2 xvcjogIzQ0 NDsgZm9udC 1mYW1pbHk6 IC1hcHBsZS 1zeXN0ZW0s IEJsaW5rTW FjU3lzdGVt Rm9udCwgU2 Vnb2UgVUks IFJvYm90by wgSGVsdmV0 aWNhIE5ldW UsIHNhbnMt c2VyaWY7IG xpbmUtaGVp Z2h0OiAxLj Y7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIEhhdmUg eW91IGhlYX JkIGFib3V0 IG91ciBzaG 9ydCA8c3Ry b25nIHN0eW xlPSdmb250 LXdlaWdodD ogNjAwOyc+ RGFpbHkgVm lkZW8gTmV3 c2xldHRlcj wvc3Ryb25n Pj8KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDxhIGhyZW Y9J2h0dHBz Oi8vd3d3Lm luc2lnaHRm dWx2YWx1ZS 5jb20vbmV3 c2xldHRlci 5waHAnIHRh cmdldD0nX2 JsYW5rJyBz dHlsZT0nY2 9sb3I6ICMw MDdCRkY7IH RleHQtZGVj b3JhdGlvbj ogbm9uZTsg Zm9udC13ZW lnaHQ6IDUw MDsgbWFyZ2 luLWxlZnQ6 IDZweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIEZpbmQg b3V0IG1vcm UKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAKICAgIC AgICAKICAg ICAgICA8c3 BhbiBjbGFz cz0nYmx1cn JlZC10ZXh0 Jz4KICAgIC AgICAgICAg TVM0Z1VFbE RReSBCUWNt OXdaWEowIG VTQmhibVFn UTIgRnpkV0 ZzZEhrZyBL RkJKUTBNZ1 VDIFpES1NC cGN5QnYgYm 1VZ2IyWWdk RyBobElHeG hjbWRsIGMz UWdZVzVrSU cgOXNaR1Z6 ZENCcCBibk 4xY21GdVky IFVnWTI5dG NHRnUgYVdW eklHbHVJRS BOb2FXNWhM aUJKIGRDQj NZWE1nWlgg TjBZV0pzYV hObyBaV1Fn YVc0Z01UIG swT1NCaGN5 QmggSUhOMF lYUmxMVyA5 M2JtVmtJR1 Z1IGRHVnlj SEpwYzIgVW dZVzVrSUds eiBJR04xY2 5KbGJuIFJz ZVNCc2FYTj AgWldRZ2Iy NGdkRyBobE lGTm9ZVzVu IGFHRnBJRk 4wYjIgTnJJ RVY0WTJoaC BibWRsSUdG dVpDIEJJYj I1bklFdHYg Ym1jZ1UzUn ZZMiBzZ1JY aGphR0Z1IF oyVXVQR0p5 UGogSXVJRl JvWlNCaiBi MjF3WVc1NU lHIDltWm1W eWN5QmggSU hkcFpHVWdj bSBGdVoyVW diMllnIGNI SnZjR1Z5ZE gga2dZVzVr SUdOaCBjM1 ZoYkhSNUlH IGx1YzNWeV lXNWogWlNC d2NtOWtkVy BOMGN5d2dh VzVqIGJIVm thVzVuSUgg Qmxjbk52Ym 1GcyBJR3hw Ym1WekxDIE JqYjIxdFpY SmogYVdGc0 lHeHBibSBW ekxDQnNhV0 ZpIGFXeHBk SGtzSUcgRn VaQ0JoWTJO cCBaR1Z1ZE NCaGJtIFFn YUdWaGJIUm 8gSUdsdWMz VnlZVyA1al pTNDhZbkkr IE15NGdVRW xEUXkgQlFK a01nYVhNZy BkR2hsSUd4 aGNtIGRsYz NRZ2NISnYg Y0dWeWRIa2 dZVyA1a0lH TmhjM1ZoIG JIUjVJR2x1 YzMgVnlaWE lnYVc0ZyBR MmhwYm1Fc0 lIIGRwZEdn Z1lTQnQgWV hKclpYUWdj MiBoaGNtVW diMllnIGIz WmxjaUF6TU MgVWdhVzRn WW05MCBhQ0 IwYUdVZ2Jt IDl1TFd4cF ptVWcgWVc1 a0lHeHBabS BVZ2FXNXpk WEpoIGJtTm xJRzFoY20g dGxkSE11UE dKeSBQalF1 SUZSb1pTIE JqYjIxd1lX NTUgSUdoaG N5QmhJSCBO MGNtOXVaeU J3IGNtVnpa VzVqWlMgQn BiaUIwYUdV ZyBhVzUwWl hKdVlYIFJw YjI1aGJDQn QgWVhKclpY UXNJSCBkcG RHZ2diM0Js IGNtRjBhVz l1Y3kgQnBi aUJqYjNWdS BkSEpwWlhN Z2MzIFZqYU NCaGN5QjAg YUdVZ1ZXNX BkRyBWa0lF dHBibWRrIG IyMHNJRVp5 WVcgNWpaU3 dnU0c5dSBa eUJMYjI1bk xDIEJoYm1R Z1UybHUgWj JGd2IzSmxM aiB4aWNqND FMaUJKIGJp QXlNREU1TE MgQlFTVU5E SUZBbSBReU IzWVhNZ2Nt IEZ1YTJWa0 lEUXcgZEdn Z2IyNGdkRy BobElFWnZj bUpsIGN5Qk hiRzlpWVcg d2dNakF3TU NCcyBhWE4w SUc5bUlHIH hoY21kbGMz UWcgY0hWaW JHbGpJRyBO dmJYQmhibW xsIGN5QnBi aUIwYUcgVW dkMjl5YkdR ZyBZVzVrSU hkaGN5IEJo YkhOdklHeH AgYzNSbFpD QnZiaSBCMG FHVWdSbTl5 IGRIVnVaU0 JIYkcgOWlZ V3dnTlRBdy BJR3hwYzNR dVBHIEp5UG pZdUlGQkog UTBNZ1VDWk RJRyBseklH dHViM2R1IE lHWnZjaUJw ZEggTWdhVz V1YjNaaCBk R2wyWlNCcG JuIE4xY21G dVkyVWcgY0 hKdlpIVmpk SCBNc0lITj FZMmdnIFlY TWdkR2hsSU 8gS0FuRUZu Y21saiBkV3 gwZFhKaGJD IEJEYjI5d1 pYSmggZEds MlpTQkpibi BOMWNtRnVZ MlhpIGdKMG djSEp2YW0g VmpkQ3dnZD JocCBZMmdn Y0hKdmRtIG xrWlhNZ2FX NXogZFhKaG JtTmxJSCBO bGNuWnBZMl Z6IElHWnZj aUJtWVggSn RaWEp6SUds dSBJSEoxY2 1Gc0lHIEZ5 WldGeklHOW 0gSUVOb2FX NWhMaiB4aW NqNDNMaUJV IGFHVWdZMj l0Y0cgRnVl U0JvWVhNZy BZU0J6ZEhK dmJtIGNnWm 05amRYTWcg YjI0Z1kyOX ljRyA5eVlY UmxJSE52IF kybGhiQ0J5 WlggTndiMj V6YVdKcCBi R2wwZVNCaG JtIFFnYUdG eklHbHQgY0 d4bGJXVnVk RyBWa0lIWm hjbWx2IGRY TWdhVzVwZE cgbGhkR2wy WlhNZyBkRz hnY0hKdmJX IDkwWlNCbG JuWnAgY205 dWJXVnVkRy BGc0lIQnli M1JsIFkzUn BiMjRzSUgg QnZkbVZ5ZE hrZyBZV3hz WlhacFlYIF JwYjI0c0lH RnUgWkNCa2 FYTmhjMyBS bGNpQnlaV3 hwIFpXWXVQ R0p5UGogZ3 VJRWx1SUdG ayBaR2wwYV c5dUlIIFJ2 SUdsdWMzVn kgWVc1alpT d2dVRSBsRF F5QlFKa01n IFlXeHpieU J2Wm0gWmxj bk1nWm1sdS BZVzVqYVdG c0lIIE5sY2 5acFkyVnog SUhOMVkyZ2 dZWCBNZ2FX NTJaWE4wIG JXVnVkQ0J0 WVcgNWhaMl Z0Wlc1MCBM Q0JoYzNObG RDIEJ0WVc1 aFoyVnQgWl c1MExDQmhi bSBRZ2NtVn Bibk4xIGNt RnVZMlV1UE cgSnlQamt1 SUZSbyBaU0 JqYjIxd1lX IDU1SUdoaG N5QnkgWldO bGFYWmxaQy BCdWRXMWxj bTkxIGN5Qm hkMkZ5Wkgg TWdZVzVrSU dGaiBZMjlz WVdSbGN5IH dnYVc1amJI VmsgYVc1bk lHSmxhVyA1 bklISmxZMj luIGJtbDZa V1FnWVggTW dkR2hsSU9L QSBuRWx1Yz NWeVlXIDVq WlNCRGIyMX cgWVc1NUlH OW1JSCBSb1 pTQlpaV0Z5 IDRvQ2RJR0 YwSUggUm9a U0JEYUdsdS BZU0JKYm5O MWNtIEZ1WT JVZ1UzVnQg YldsMElHbH VJRCBJd01q QXVQR0p5IF BqRXdMaUJC Y3kgQnZaaU F5TURJdyBM Q0JRU1VORE lGIEFtUXlC b1lYTWcgYj NabGNpQXhN VCBBc01EQX dJR1Z0IGNH eHZlV1ZsY3 kgQmhibVFn YzJWeSBkbV Z6SUcxdmNt IFVnZEdoaG JpQXogTURB Z2JXbHNiRy BsdmJpQmpk WE4wIGIyMW xjbk11SUUg bDBJR052Ym 5ScCBiblZs Y3lCMGJ5IE JpWlNCaElH eGwgWVdSbG NpQnBiaSBC MGFHVWdRMm hwIGJtVnpa U0JwYm4gTj FjbUZ1WTJV ZyBiV0Z5YT JWMElHIEZ1 WkNCcGN5Qm ogYjIxdGFY UjBaVyBRZ2 RHOGdjSEp2 IGRtbGthVz VuSUggUm9a U0JpWlhOMC BJR2x1YzNW eVlXIDVqWl NCemIyeDEg ZEdsdmJuTW dZVyA1a0lI TmxjblpwIF kyVnpJSFJ2 SUcgbDBjeU JqZFhOMCBi MjFsY25NdQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=