Principal Financial Group

More reviews (1)

Live  

Principal Financial Group is a global financial services company headquartered in Des Moines, Iowa. It was founded in 1879 and has since become one of the largest and most respected providers of retirement plans, insurance, and asset management services in the world.
The company operates in over 80 countries and has more than 17,000 employees serving over 31 million customers. It is consistently recognized for its strong financial performance, customer service excellence, and commitment to corporate responsibility.
Principal Financial Group offers a wide range of financial products and services, including retirement and investment solutions, life and health insurance, and other financial planning services. The company's core businesses include retirement and income solutions, investment management, and insurance.
The company is known for its innovative approach to helping customers plan for their financial goals and secure their financial future. Through its diverse range of products and services, Principal Financial Group aims to provide customers with tailored solutions that meet their specific needs and help them achieve their financial goals.
In addition to its commitment to financial stability and customer satisfaction, Principal Financial Group is also dedicated to making a positive impact through its corporate responsibility efforts. The company supports community initiatives and advocates for environmental sustainability, diversity, and inclusivity.
Overall, Principal Financial Group is a reputable and established company that strives to help individuals and businesses achieve financial security and success.

Principal Financial Group is a big company that helps people with their money. Think of it like a financial helper that provides services related to saving and investing. Here’s how it works:
1. What They Do: Principal helps people and businesses save money for the future. They provide things like retirement accounts, which are special savings accounts that help people save money for when they are older and can’t work anymore. They also offer insurance to help protect people and their families from unexpected problems, like accidents or health issues.
2. How They Make Money: The company makes money in a few ways. First, when people invest their money in retirement accounts or savings plans, Principal charges a small fee for managing that money. This is like a service fee for helping people grow their savings. Second, when they provide insurance, they collect money from customers in the form of premiums (kind of like paying for a subscription). If something happens and the insurance needs to pay out, they use that money.
3. Why They Are Successful: Principal Financial Group has become successful because they have a lot of experience helping people manage their money and plan for the future. They know a lot about investing and protecting money, which builds trust with their customers. They also have a variety of products, so different people can find something that suits their needs.
4. Future Success: They are likely to be successful in the future because people will always need help with their finances—whether it’s saving for retirement, getting insurance, or investing money. As more people understand the importance of planning for their financial future, they will look for companies like Principal to help them out. Plus, technology is making it easier for companies to provide these services, so Principal can keep improving and helping even more people.
In short, Principal Financial Group helps people manage their money, makes money by offering services and insurance, and is set to continue being successful because many people will always need financial help.

MS4gTG9uZy BIaXN0b3J5 OiBQcmluY2 lwYWwgRmlu YW5jaWFsIE dyb3VwIGhh cyBiZWVuIG luIGJ1c2lu ZXNzIGZvci BvdmVyIDE0 MCB5ZWFycy wgbWFraW5n IGl0IG9uZS BvZiB0aGUg b2xkZXN0IG FuZCBtb3N0 IGVzdGFibG lzaGVkIGZp bmFuY2lhbC BzZXJ2aWNl cyBjb21wYW 5pZXMgaW4g dGhlIHdvcm xkLjxicj4y LiBHbG9iYW wgUHJlc2Vu Y2U6IFRoZS Bjb21wYW55 IGhhcyBhIH N0cm9uZyBp bnRlcm5hdG lvbmFsIHBy ZXNlbmNlLC B3aXRoIG9w ZXJhdGlvbn MgaW4gb3Zl ciA3MCBjb3 VudHJpZXMg YW5kIGN1c3 RvbWVycyBp biBtb3JlIH RoYW4gODAg Y291bnRyaW VzLjxicj4z LiBEaXZlcn NlIE9mZmVy aW5nczogUH JpbmNpcGFs IEZpbmFuY2 lhbCBHcm91 cCBvZmZlcn MgYSB3aWRl IHJhbmdlIG 9mIGZpbmFu Y2lhbCBwcm 9kdWN0cyBh bmQgc2Vydm ljZXMsIGlu Y2x1ZGluZy ByZXRpcmVt ZW50IHBsYW 5zLCBpbnZl c3RtZW50IG 1hbmFnZW1l bnQsIGluc3 VyYW5jZSwg YW5kIGJhbm tpbmcgc29s dXRpb25zLj xicj40LiBT dHJvbmcgRm luYW5jaWFs IFBlcmZvcm 1hbmNlOiBU aGUgY29tcG FueSBoYXMg Y29uc2lzdG VudGx5IGRl bGl2ZXJlZC BzdHJvbmcg ZmluYW5jaW FsIHJlc3Vs dHMsIHdpdG ggc3RlYWR5 IHJldmVudW UgZ3Jvd3Ro IGFuZCBzb2 xpZCBwcm9m aXRhYmlsaX R5Ljxicj41 LiBFbXBsb3 llZS1Gb2N1 c2VkOiBQcm luY2lwYWwg RmluYW5jaW FsIEdyb3Vw IGhhcyBhIH N0cm9uZyBj b21taXRtZW 50IHRvIGl0 cyBlbXBsb3 llZXMsIG9m ZmVyaW5nIG NvbXBldGl0 aXZlIGJlbm VmaXRzLCBk ZXZlbG9wbW VudCBvcHBv cnR1bml0aW VzLCBhbmQg YSBwb3NpdG l2ZSB3b3Jr IGN1bHR1cm UuPGJyPjYu IFNvY2lhbC BSZXNwb25z aWJpbGl0eT ogVGhlIGNv bXBhbnkgaG FzIGEgc3Ry b25nIGZvY3 VzIG9uIGNv cnBvcmF0ZS Bzb2NpYWwg cmVzcG9uc2 liaWxpdHks IHN1cHBvcn RpbmcgdmFy aW91cyBjb2 1tdW5pdHkg aW5pdGlhdG l2ZXMgYW5k IHByb21vdG luZyBzdXN0 YWluYWJsZS BidXNpbmVz cyBwcmFjdG ljZXMuPGJy PjcuIEN1c3 RvbWVyLUNl bnRyaWM6IF ByaW5jaXBh bCBGaW5hbm NpYWwgR3Jv dXAgcHJpb3 JpdGl6ZXMg Y3VzdG9tZX Igc2F0aXNm YWN0aW9uIG FuZCBoYXMg YmVlbiByZW NvZ25pemVk IGZvciBpdH MgZXhjZXB0 aW9uYWwgY3 VzdG9tZXIg c2VydmljZS 48YnI+OC4g SW5kdXN0cn kgUmVjb2du aXRpb246IF RoZSBjb21w YW55IGhhcy ByZWNlaXZl ZCBudW1lcm 91cyBhd2Fy ZHMgYW5kIG FjY29sYWRl cyBmb3IgaX RzIGZpbmFu Y2lhbCBwZX Jmb3JtYW5j ZSwgYnVzaW 5lc3MgcHJh Y3RpY2VzLC BhbmQgd29y a3BsYWNlIG N1bHR1cmUu PGJyPjkuIE lubm92YXRp b246IFByaW 5jaXBhbCBG aW5hbmNpYW wgR3JvdXAg Y29udGludW 91c2x5IHN0 cml2ZXMgdG 8gaW5ub3Zh dGUgYW5kIG ltcHJvdmUg aXRzIHByb2 R1Y3RzIGFu ZCBzZXJ2aW NlcywgbGV2 ZXJhZ2luZy B0ZWNobm9s b2d5IGFuZC BkYXRhIGFu YWx5dGljcy B0byBwcm92 aWRlIGJldH RlciBzb2x1 dGlvbnMgdG 8gaXRzIGN1 c3RvbWVycy 48YnI+MTAu IEZpbmFuY2 lhbCBFZHVj YXRpb246IF RoZSBjb21w YW55IGlzIG NvbW1pdHRl ZCB0byBwcm 9tb3Rpbmcg ZmluYW5jaW FsIGxpdGVy YWN5IGFuZC BvZmZlcnMg cmVzb3VyY2 VzIGFuZCB0 b29scyB0by BoZWxwIGlu ZGl2aWR1YW xzIGFuZCBi dXNpbmVzc2 VzIG1ha2Ug aW5mb3JtZW QgZmluYW5j aWFsIGRlY2 lzaW9ucy4=

UHJpbmNpcG FsIEZpbmFu Y2lhbCBHcm 91cCBpcyBh IGdsb2JhbC BmaW5hbmNp YWwgaW52ZX N0bWVudCBj b21wYW55IH RoYXQgcHJv dmlkZXMgYS B3aWRlIHJh bmdlIG9mIG ZpbmFuY2lh bCBwcm9kdW N0cyBhbmQg c2VydmljZX MgdG8gaGVs cCBpbmRpdm lkdWFscywg YnVzaW5lc3 NlcywgYW5k IGluc3RpdH V0aW9ucyBh Y2hpZXZlIH RoZWlyIGZp bmFuY2lhbC Bnb2Fscy4g SXRzIGJ1c2 luZXNzIG1v ZGVsIGNhbi BiZSBwcmlt YXJpbHkgc3 VtbWFyaXpl ZCBhcyBmb2 xsb3dzOjxi cj4xLiBBc3 NldCBNYW5h Z2VtZW50Oi BQcmluY2lw YWwgRmluYW 5jaWFsIEdy b3VwIG1hbm FnZXMgYW5k IGludmVzdH MgYXNzZXRz IG9uIGJlaG FsZiBvZiBp dHMgY2xpZW 50cywgaW5j bHVkaW5nIG luZGl2aWR1 YWxzLCBpbn N0aXR1dGlv bmFsIGludm VzdG9ycywg YW5kIHJldG lyZW1lbnQg cGxhbnMuIF RoZXNlIGFz c2V0cyBtYX kgaW5jbHVk ZSBzdG9ja3 MsIGJvbmRz LCByZWFsIG VzdGF0ZSwg YW5kIG90aG VyIHR5cGVz IG9mIHNlY3 VyaXRpZXMu PGJyPjIuIF JldGlyZW1l bnQgYW5kIE luc3VyYW5j ZSBQcm9kdW N0czogVGhl IGNvbXBhbn kgb2ZmZXJz IHZhcmlvdX MgcmV0aXJl bWVudCBwbG Fucywgc3Vj aCBhcyA0MD EoaykgcGxh bnMgYW5kIH BlbnNpb24g cGxhbnMgZm 9yIGVtcGxv eWVycywgYX Mgd2VsbCBh cyBhbm51aX RpZXMgYW5k IGxpZmUgaW 5zdXJhbmNl IHByb2R1Y3 RzIGZvciBp bmRpdmlkdW Fscy48YnI+ My4gRW1wbG 95ZXItc3Bv bnNvcmVkIE JlbmVmaXQg UGxhbnM6IF ByaW5jaXBh bCBGaW5hbm NpYWwgR3Jv dXAgcHJvdm lkZXMgYSB2 YXJpZXR5IG 9mIGVtcGxv eWVlIGJlbm VmaXRzIGFu ZCBncm91cC BpbnN1cmFu Y2UgcHJvZH VjdHMsIGlu Y2x1ZGluZy BkZW50YWws IHZpc2lvbi wgYW5kIGRp c2FiaWxpdH kgaW5zdXJh bmNlLCBhcy B3ZWxsIGFz IGZsZXhpYm xlIHNwZW5k aW5nIGFjY2 91bnRzIGFu ZCBoZWFsdG ggc2F2aW5n cyBhY2NvdW 50cy48YnI+ NC4gR2xvYm FsIEludmVz dG1lbnQgTW FuYWdlbWVu dDogVGhlIG NvbXBhbnkg YWxzbyBoYX MgYSBnbG9i YWwgcHJlc2 VuY2UgYW5k IHByb3ZpZG VzIGludmVz dG1lbnQgbW FuYWdlbWVu dCBzZXJ2aW NlcyB0byBj bGllbnRzIG luIGNvdW50 cmllcyBhcm 91bmQgdGhl IHdvcmxkLj xicj41LiBU ZWNobm9sb2 d5IFNvbHV0 aW9uczogUH JpbmNpcGFs IEZpbmFuY2 lhbCBHcm91 cCBvZmZlcn MgdGVjaG5v bG9neSBzb2 x1dGlvbnMg Zm9yIGZpbm FuY2lhbCBh ZHZpc29ycy wgZW1wbG95 ZXJzLCBhbm QgaW5kaXZp ZHVhbHMsIH N1Y2ggYXMg cmV0aXJlbW VudCBwbGFu IGFuZCBpbn Zlc3RtZW50 IG1hbmFnZW 1lbnQgc29m dHdhcmUuPG JyPjYuIEFk dmlzb3J5IF NlcnZpY2Vz OiBUaGUgY2 9tcGFueSBw cm92aWRlcy BmaW5hbmNp YWwgcGxhbm 5pbmcgYW5k IGFkdmlzb3 J5IHNlcnZp Y2VzIHRvIG hlbHAgaW5k aXZpZHVhbH MgYW5kIGJ1 c2luZXNzZX MgbWFrZSBp bmZvcm1lZC BmaW5hbmNp YWwgZGVjaX Npb25zIGFu ZCBhY2hpZX ZlIHRoZWly IGxvbmctdG VybSBmaW5h bmNpYWwgZ2 9hbHMuPGJy PjcuIEluZG l2aWR1YWwg UmV0aXJlbW VudCBBY2Nv dW50cyAoSV JBKTogUHJp bmNpcGFsIE ZpbmFuY2lh bCBHcm91cC BvZmZlcnMg SVJBIGFjY2 91bnRzIHRo YXQgYWxsb3 cgaW5kaXZp ZHVhbHMgdG 8gc2F2ZSBm b3IgcmV0aX JlbWVudCBh bmQgdGFrZS BhZHZhbnRh Z2Ugb2YgdG F4IGJlbmVm aXRzLjxicj 5PdmVyYWxs LCBQcmluY2 lwYWwgRmlu YW5jaWFsIE dyb3VwJ3Mg YnVzaW5lc3 MgbW9kZWwg aXMgZm9jdX NlZCBvbiBo ZWxwaW5nIG NsaWVudHMg YnVpbGQgYW 5kIHByb3Rl Y3QgdGhlaX Igd2VhbHRo IHRocm91Z2 ggYSBjb21i aW5hdGlvbi BvZiBhc3Nl dCBtYW5hZ2 VtZW50LCBy ZXRpcmVtZW 50IGFuZCBp bnN1cmFuY2 UgcHJvZHVj dHMsIGJlbm VmaXQgcGxh bnMsIGFuZC BhZHZpc29y eSBzZXJ2aW Nlcy4=

AI does pose both opportunities and challenges for financial services companies like Principal Financial Group. There are several ways in which AI might impact their products, services, or competitive positioning.
1. Substitution: AI can automate many processes traditionally performed by financial professionals, such as investment management, risk assessment, and customer service. This could lead to the development of new products that are fully automated, potentially substituting for more traditional financial advisory roles or products. If competitors leverage AI more effectively, they could offer similar or superior products at lower costs.
2. Disintermediation: As AI-powered platforms become more prevalent, there is a risk that consumers might bypass traditional financial intermediaries like Principal Financial Group. Direct-to-consumer models enabled by AI could allow individuals to manage their finances, retirement accounts, and investments without needing a traditional financial advisor, which could erode Principal’s market share.
3. Margin Pressure: The increasing use of AI technology may also lead to margin compression. As firms adopt AI to streamline operations and reduce costs, competition could drive down prices for financial products and services. This could impact Principal’s profitability if the company does not adapt quickly to evolving market conditions.
4. Enhanced Competition: Other financial services firms, especially fintech startups, are heavily investing in AI. This creates pressure for more established companies like Principal Financial Group to innovate continually to maintain their competitive edge. Failure to keep pace with technological advancements could diminish their competitive position.
In conclusion, while AI presents significant potential to transform the financial services industry, it also poses material threats to traditional companies like Principal Financial Group in terms of substitution, disintermediation, and margin pressure. Companies that effectively embrace and integrate AI into their strategies may be better positioned to mitigate these risks.

The sensitivity of Principal Financial Group’s earnings, cash flow, and valuation to changes in interest rates is significant, as is the case for many financial institutions, particularly those involved in insurance and investment management.
1. Earnings Sensitivity: Principal Financial Group’s earnings can be affected by interest rates in several ways. Low interest rates typically compress the margins on products like life insurance and annuities, where the company is required to offer guaranteed returns to policyholders. When interest rates rise, the company may be able to increase its margins, leading to higher earnings from these products. Conversely, declining interest rates can lead to lower investment income from their fixed-income portfolios, affecting overall profitability.
2. Cash Flow Sensitivity: Interest rates impact cash flows through investment income and the demand for financial products. Higher interest rates can stimulate demand for fixed-income products but may slow down loan origination and other financial services. On the other hand, lower rates can lead to increased borrowing but can also decrease cash flows from investments. Cash flows are particularly sensitive to the duration of the company’s liabilities, which can be affected by shifts in interest rates.
3. Valuation Sensitivity: The valuation of Principal Financial Group is tied to interest rates since lower rates generally increase the present value of future cash flows. When rates rise, the discount rate used in valuation models also rises, which can negatively impact the present value of future earnings and cash flows, leading to a decrease in overall valuation. Investors often adjust their expectations for growth and profitability based on interest rate trends, adding another layer of sensitivity.
In summary, all three aspects—earnings, cash flow, and valuation—are sensitive to changes in interest rates, with the potential for substantial impacts depending on the direction and magnitude of those changes. Companies like Principal Financial Group must actively manage their interest rate risk to mitigate potential adverse effects.

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 bG9nb3Mva0 1NNmN6VGlu U3U3TVplaU dONU8ud2Vi cCIgYWx0PS JQcmluY2lw YWwgRmluYW 5jaWFsIEdy b3VwIiB0aX RsZT0iUHJp bmNpcGFsIE ZpbmFuY2lh bCBHcm91cC IgIGNsYXNz PSJpbWctZm x1aWQiIGhl aWdodD05MC B3aWR0aD05 MCBsb2FkaW 5nPSdsYXp5 JyBzdHlsZT 0nYm9yZGVy LXJhZGl1cz ogNnB4Oyc+ CgogICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J2ZsZX g6IDE7IHRl eHQtYWxpZ2 46IGNlbnRl cjsgbWFyZ2 luLWxlZnQ6 IDVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8cCBzdH lsZT0nZm9u dC1zaXplOi AyNnB4OyBj b2xvcjogIz MzMzsgbWFy Z2luLWJvdH RvbTogMTVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+TiC BXYW50IHRv IHJlYWQgbW 9yZSBhYm91 dCBQcmluY2 lwYWwgRmlu YW5jaWFsIE dyb3VwPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TmiBZb3Vy IGZyZWUgY2 9weSBvZiA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+IGlzIHdh aXRpbmcKIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IFVISnBibU 5wY0cgRnNJ RVpwYm1GdS BZMmxoYkNC SGNtIDkxY0 NCcGN5Qmgg SUd4bFlXUn BibSBjZ2NI SnZkbWxrIF pYSWdiMlln Wm0gbHVZVz VqYVdGcyBJ SE5sY25acF kyIFZ6TENC emNHVmogYV dGc2FYcHBi bSBjZ2FXNG djbVYwIGFY SmxiV1Z1ZE Mgd2dZWE56 WlhRZyBiV0 Z1WVdkbGJX IFZ1ZEN3Z1 lXNWsgSUds dWMzVnlZVy A1alpTQnpi MngxIGRHbH Zibk11SUUg aGxjbVVnWV hKbCBJSE52 YldVZ2FXID UwWlhKbGMz UnAgYm1jZ1 ptRmpkSCBN Z1lXSnZkWF FnIGRHaGxJ R052YlggQm hibms2UEdK eSBQakV1SU R4emRIIEp2 Ym1jK1JtOT EgYm1ScGJt YzhMMyBOMG NtOXVaejQ2 IElGQnlhVz VqYVggQmhi Q0JHYVc1aC BibU5wWVd3 Z1IzIEp2ZF hBZ2QyRnog SUdadmRXNW taVyBRZ2FX NGdNVGczIE 9TQnBiaUJF WlggTWdUVz lwYm1WeiBM Q0JKYjNkaE xDIEJ2Y21s bmFXNWggYk d4NUlHRnpJ RyBFZ2JYVj BkV0ZzIElH eHBabVVnYV cgNXpkWEpo Ym1ObCBJR0 52YlhCaGJu IGt1UEdKeV BqSXUgSUR4 emRISnZibS BjK1IyeHZZ bUZzIElGSm xZV05vUEMg OXpkSEp2Ym 1jKyBPaUJV YUdVZ1kyID l0Y0dGdWVT QnYgY0dWeV lYUmxjeSBC cGJpQnRiM0 psIElIUm9Z VzRnTVQgZ2 dZMjkxYm5S eSBhV1Z6TE NCd2NtIDky YVdScGJtY2 cgWm1sdVlX NWphVyBGc0 lITmxjblpw IFkyVnpJSF J2SUcgMXBi R3hwYjI1ei BJRzltSUdO MWMzIFJ2Yl dWeWN5QjMg YjNKc1pIZH BaRyBVdVBH SnlQak11IE lEeHpkSEp2 Ym0gYytSR2 wyWlhKeiBa U0JQWm1abG NtIGx1WjNN OEwzTjAgY2 05dVp6NDZJ RiBCeWFXNW phWEJoIGJD QnZabVpsY2 4gTWdZU0Iz YVdSbCBJSE poYm1kbElH IDltSUhCeW IyUjEgWTNS eklHbHVZMi B4MVpHbHVa eUJ5IFpYUn BjbVZ0Wlcg NTBJSEJzWV c1eiBMQ0Jw Ym5abGMzIF J0Wlc1MElH MWggYm1Gbl pXMWxibiBR c0lHbHVjM1 Z5IFlXNWpa U0J3Y20gOW tkV04wY3l3 ZyBZVzVrSU dWdGNHIHh2 ZVdWbElHSm wgYm1WbWFY UnpMaiB4aW NqNDBMaUE4 IGMzUnliMj VuUGsgWnZj blIxYm1VZy BOVEF3UEM5 emRIIEp2Ym 1jK09pQlEg Y21sdVkybH dZVyB3Z1Jt bHVZVzVqIG FXRnNJRWR5 YjMgVndJR0 52Ym5OcCBj M1JsYm5Sc2 VTIEJ5WVc1 cmN5QmggYl c5dVp5QjBh RyBVZ1JtOX lkSFZ1IFpT QTFNREFnYk cgbHpkQ3dn Y21WbSBiR1 ZqZEdsdVp5 IEJwZEhNZ2 MybG4gYm1s bWFXTmhibi BRZ2NtVjJa VzUxIFpTQm hibVFnYVcg MXdZV04wSU dsdSBJSFJv WlNCbWFXID VoYm1OcFlX d2cgYzJWeW RtbGpaWCBN Z2FXNWtkWE 4wIGNua3VQ R0p5UGogVX VJRHh6ZEhK diBibWMrUT I5eWNHIDl5 WVhSbElGSm wgYzNCdmJu TnBZbSBsc2 FYUjVQQzl6 IGRISnZibW MrT2kgQlVh R1VnWTI5dC BjR0Z1ZVNC cGN5IEJqYj IxdGFYUjAg WldRZ2RHOG dZMiA5eWNH OXlZWFJsIE lITnZZMmxo YkMgQnlaWE 53YjI1eiBh V0pwYkdsMG VTIHdnWm05 amRYTnAgYm 1jZ2IyNGdj MyBWemRHRn BibUZpIGFX eHBkSGtzSU cgTnZiVzEx Ym1sMCBlU0 JwYm5admJI IFpsYldWdW RDd2cgWVc1 a0lHUnBkbS BWeWMybDBl U0JoIGJtUW dhVzVqYkgg VnphVzl1SU dsdSBhWFJw WVhScGRtIF Z6TGp4aWNq NDIgTGlBOG MzUnliMiA1 blBsSmxkR2 x5IFpXMWxi blFnVTIgOX NkWFJwYjI1 eiBQQzl6ZE hKdmJtIGMr T2lCUWNtbH UgWTJsd1lX d2dhWCBNZ2 IyNWxJRzlt IElIUm9aU0 JzWVggSm5a WE4wSUhCeS BiM1pwWkdW eWN5IEJ2Wm lCeVpYUnAg Y21WdFpXNT BJSCBOdmJI VjBhVzl1IG N5QnBiaUIw YUcgVWdWVz VwZEdWayBJ Rk4wWVhSbG N5IHdnYldG dVlXZHAgYm 1jZ1ltbHNi RyBsdmJuTW dhVzRnIFlY TnpaWFJ6SU cgRnVaQ0J6 WlhKMiBhVz VuSUcxaGJu IGtnWTI5eW NHOXkgWVhS bElISmxkRy BseVpXMWxi blFnIGNHeG hibk11UEcg SnlQamN1SU R4eiBkSEp2 Ym1jK1NXID UyWlhOMGJX VnUgZENCTl lXNWhaMiBW dFpXNTBQQz l6IGRISnZi bWMrT2kgQl VhR1VnYVc1 MiBaWE4wYl dWdWRDIEJ0 WVc1aFoyVn QgWlc1MElH RnliUyBCdl ppQlFjbWx1 IFkybHdZV3 dnYVggTWdh MjV2ZDI0Zy BabTl5SUds MGN5IEJoWT NScGRtVWcg YldGdVlXZG xiVyBWdWRD QmhjSEJ5IG IyRmphQ0Jo Ym0gUWdiMl ptWlhKeiBJ SFpoY21sdm RYIE1nYlhW MGRXRnMgSU daMWJtUnpJ RyBGdVpDQn BiblpsIGMz UnRaVzUwSU ggTjBjbUYw WldkcCBaWE 11UEdKeVBq IGd1SUR4em RISnYgYm1j K1ZHVmphRy A1dmJHOW5l U0JKIGJtNX ZkbUYwYVcg OXVQQzl6ZE hKdiBibWMr T2lCUWNtIG x1WTJsd1lX d2cgYUdGek lHMWhaRyBV Z2MybG5ibW xtIGFXTmhi blFnYVcgNT JaWE4wYldW dSBkSE1nYV c0Z2RHIFZq YUc1dmJHOW 4gZVNCMGJ5 QmxibSBoaG JtTmxJR04x IGMzUnZiV1 Z5SUcgVjRj R1Z5YVdWdS BZMlVnWVc1 a0lIIE4wY2 1WaGJXeHAg Ym1VZ1ptbH VZVyA1amFX RnNJSEJzIF lXNXVhVzVu SUcgRnVaQ0 J0WVc1aCBa MlZ0Wlc1ME lIIEJ5YjJO bGMzTmwgY3 k0OFluSStP UyA0Z1BITj BjbTl1IFp6 NUJZM0YxYV ggTnBkR2x2 Ym5NOCBMM0 4wY205dVp6 IDQ2SUZSb2 NtOTEgWjJo dmRYUWdhWC BSeklHaHBj M1J2IGNua3 NJRkJ5YVcg NWphWEJoYk NCbyBZWE1n WjNKdmQyID RnZEdoeWIz Vm4gYUNCem RISmhkRyBW bmFXTWdZV0 54IGRXbHph WFJwYjIgNX pMQ0JsZUhC aCBibVJwYm 1jZ2FYIFJ6 SUdOaGNHRm kgYVd4cGRH bGxjeSBCaG JtUWdjbVZo IFkyaHBibW NnYm0gVjNJ RzFoY210bC BkSE11UEdK eVBqIEV3TG lBOGMzUnkg YjI1blBsTj BjbSA5dVp5 QlNZWFJwIG JtZHpQQzl6 ZEggSnZibW MrT2lCVSBh R1VnWTI5dG NHIEZ1ZVNC cGN5QnkgWl dOdloyNXBl bSBWa0lHWn ZjaUJwIGRI TWdabWx1WV cgNWphV0Zz SUhOMCBjbV Z1WjNSb0lH IEZ1WkNCem RHRmkgYVd4 cGRIa3NJRy BWaGNtNXBi bWNnIGFHbG 5hQ0J5WVgg UnBibWR6SU daeSBiMjBn YldGcWIzIE lnWTNKbFpH bDAgSUhKaG RHbHVaeSBC aFoyVnVZMm xsIGN5Qm1i M0lnYVggUn pJR2x1YzNW eSBZVzVqWl NCd2NtIDlr ZFdOMGN5Qm ggYm1RZ2Iz WmxjbSBGc2 JDQm1hVzVo IGJtTnBZV3 dnYUcgVmhi SFJvTGp4aS BjajVVYUdW elpTIEJtWV dOMGN5Qnkg Wldac1pXTj BJRiBCeWFX NWphWEJoIG JDQkdhVzVo Ym0gTnBZV3 dnUjNKdiBk WERpZ0psek lHIHh2Ym1j dGMzUmggYm 1ScGJtY2dj SCBKbGMyVn VZMlVnIGFX NGdkR2hsSU cgWnBibUZ1 WTJsaCBiQ0 JwYm1SMWMz IFJ5ZVNCaG JtUWcgYVhS eklHTnZiVy AxcGRHMWxi blFnIGRHOG djSEp2ZG0g bGthVzVuSU dOdiBiWEJ5 WldobGJuIE 5wZG1VZ2My VnkgZG1sal pYTWdkRyA4 Z2FYUnpJR0 5zIGFXVnVk SE11UEcgSn lQZz09CiAg ICAgICAgPC 9zcGFuPgog ICAgICAgIA ogICAgICAg IA==