Lincoln National

-14.5%

Live  

Lincoln National Corporation, also known as Lincoln Financial Group, is a Fortune 500 American holding company which operates multiple insurance and investment management businesses through its subsidiaries. It was founded in 1905 and is headquartered in Radnor, Pennsylvania.
The company offers a range of financial products and services, including life insurance, annuities, retirement planning, and investment management. They also provide employer-sponsored retirement plans, group benefits, and executive benefits programs. Their customer base includes individuals, businesses, and institutional clients.
Lincoln National Corporation has a strong financial standing, with over $325 billion in assets under management and $16 billion in annual revenues. They have been recognized for their financial stability and customer satisfaction, consistently receiving high ratings from independent rating agencies such as A.M. Best and Standard & Poor's.
In addition to their main headquarters in Pennsylvania, Lincoln National also has a strong presence in other major cities such as New York, Chicago, and Atlanta. The company employs over 9,000 people and serves customers in the United States, Canada, and the United Kingdom.
Lincoln National is committed to corporate social responsibility and is actively involved in philanthropic initiatives, including programs to support education, healthcare, and community development. They have also been recognized for their commitment to diversity and inclusion in the workplace.
In summary, Lincoln National Corporation is a leading financial services company with a long history of success and a strong commitment to its customers, employees, and the communities it serves.

TGluY29sbi BOYXRpb25h bCBDb21wYW 55IGlzIGEg YmlnIGJ1c2 luZXNzIHRo YXQgaGVscH MgcGVvcGxl IGluIGltcG 9ydGFudCB3 YXlzLiBJdC BtYWlubHkg ZGVhbHMgd2 l0aCB0aGlu Z3MgbGlrZS BsaWZlIGlu c3VyYW5jZS wgcmV0aXJl bWVudCBwbG FubmluZywg YW5kIGludm VzdG1lbnQg c2VydmljZX MuIExldCBt ZSBleHBsYW luIHdoYXQg dGhhdCBtZW Fuczo8YnI+ MS4gPHN0cm 9uZz5MaWZl IEluc3VyYW 5jZTwvc3Ry b25nPjogSW 1hZ2luZSBp ZiBzb21ldG hpbmcgYmFk IGhhcHBlbn MgdG8geW91 LCBhbmQgeW 91ciBmYW1p bHkgbmVlZH MgbW9uZXkg dG8gcGF5IG ZvciB0aGlu Z3MgbGlrZS B0aGUgaG91 c2UsIHNjaG 9vbCwgb3Ig Zm9vZC4gTG luY29sbiBO YXRpb25hbC BzZWxscyBs aWZlIGluc3 VyYW5jZSB0 byBwZW9wbG UuIFdoZW4g c29tZW9uZS BidXlzIGl0 LCB0aGV5IH BheSBhIGxp dHRsZSBiaX Qgb2YgbW9u ZXkgcmVndW xhcmx5LiBJ ZiBzb21ldG hpbmcgaGFw cGVucyB0by B0aGVtLCBM aW5jb2xuIE 5hdGlvbmFs IGdpdmVzIG 1vbmV5IHRv IHRoZWlyIG ZhbWlseSB0 byBoZWxwIH RoZW0gb3V0 LiBUaGlzIG 1ha2VzIHBl b3BsZSBmZW VsIHNlY3Vy ZSBiZWNhdX NlIHRoZXkg a25vdyB0aG VpciBsb3Zl ZCBvbmVzIH dpbGwgYmUg dGFrZW4gY2 FyZSBvZi48 YnI+Mi4gPH N0cm9uZz5S ZXRpcmVtZW 50IFBsYW5u aW5nPC9zdH Jvbmc+OiBX aGVuIHBlb3 BsZSBnZXQg b2xkZXIsIH RoZXkgd2Fu dCB0byBtYW tlIHN1cmUg dGhleSBoYX ZlIGVub3Vn aCBtb25leS B0byBsaXZl IGNvbWZvcn RhYmx5IHdo ZW4gdGhleS BzdG9wIHdv cmtpbmcuIE xpbmNvbG4g TmF0aW9uYW wgaGVscHMg cGVvcGxlIH NhdmUgZm9y IHRoZWlyIH JldGlyZW1l bnQgYnkgb2 ZmZXJpbmcg cGxhbnMgdG hhdCBoZWxw IHRoZW0gc2 F2ZSBtb25l eSBvdmVyIH RoZSB5ZWFy cyBzbyB0aG V5IGhhdmUg ZW5vdWdoIH doZW4gdGhl eSBhcmUgb2 xkZXIuPGJy PjMuIDxzdH Jvbmc+SW52 ZXN0bWVudC BTZXJ2aWNl czwvc3Ryb2 5nPjogVGhp cyBwYXJ0IG lzIGFib3V0 IGhlbHBpbm cgcGVvcGxl IGdyb3cgdG hlaXIgbW9u ZXkuIExpbm NvbG4gTmF0 aW9uYWwgb2 ZmZXJzIHdh eXMgZm9yIH Blb3BsZSB0 byBpbnZlc3 QgdGhlaXIg bW9uZXksIG xpa2UgaW4g c3RvY2tzIG 9yIGJvbmRz LCBzbyBpdC BjYW4gZ3Jv dyBvdmVyIH RpbWUuIFRo aXMgaXMgaW 1wb3J0YW50 IGJlY2F1c2 UgaWYgeW91 IHdhbnQgdG 8gYnV5IGEg aG91c2Ugb3 IgZ28gdG8g Y29sbGVnZS BsYXRlciwg aGF2aW5nIG 1vcmUgbW9u ZXkgc2F2ZW QgaGVscHMg YSBsb3QuPG JyPk5vdywg TGluY29sbi BOYXRpb25h bCBtYWtlcy Btb25leSBi eSBjaGFyZ2 luZyBwZW9w bGUgYSBmZW UgZm9yIHRo ZWlyIGluc3 VyYW5jZSwg YW5kIGZyb2 0gdGhlIG1v bmV5IHBlb3 BsZSBwdXQg aW4gdGhlaX IgcmV0aXJl bWVudCBwbG FucyBhbmQg aW52ZXN0bW VudHMuIFRo ZXkgYWxzby BlYXJuIG1v bmV5IGZyb2 0gdGhlIGlu dmVzdG1lbn RzIHRoZXkg bWFuYWdlLj xicj5MaW5j b2xuIE5hdG lvbmFsIGlz IHN1Y2Nlc3 NmdWwgZm9y IGEgZmV3IH JlYXNvbnM6 PGJyPi0gPH N0cm9uZz5U cnVzdDwvc3 Ryb25nPjog UGVvcGxlIH RydXN0IExp bmNvbG4gTm F0aW9uYWwg YmVjYXVzZS B0aGV5IGhh dmUgYmVlbi Bhcm91bmQg Zm9yIGEgbG 9uZyB0aW1l IGFuZCBoYX ZlIGhlbHBl ZCBtYW55IG ZhbWlsaWVz Ljxicj4tID xzdHJvbmc+ TmVlZDwvc3 Ryb25nPjog RXZlcnlvbm UgbmVlZHMg aW5zdXJhbm NlIGFuZCBy ZXRpcmVtZW 50IHBsYW5z LiBBcyBsb2 5nIGFzIHBl b3BsZSBsaX ZlLCB0aGV5 IHdpbGwgYW x3YXlzIG5l ZWQgdGhlc2 Ugc2Vydmlj ZXMuPGJyPi 0gPHN0cm9u Zz5TbWFydC BJbnZlc3Rt ZW50czwvc3 Ryb25nPjog VGhlIGNvbX Bhbnkga25v d3MgaG93IH RvIG1hbmFn ZSBhbmQgaW 52ZXN0IG1v bmV5IHdpc2 VseSwgd2hp Y2ggaGVscH MgdGhlbSBn cm93Ljxicj 5JbiB0aGUg ZnV0dXJlLC BMaW5jb2xu IE5hdGlvbm FsIHdpbGwg bGlrZWx5IH N0YXkgc3Vj Y2Vzc2Z1bC BiZWNhdXNl IHBlb3BsZS B3aWxsIGFs d2F5cyB3YW 50IHRvIHBy ZXBhcmUgZm 9yIHRoZWly IGZhbWlsaW VzIGFuZCB0 aGVpciBmdX R1cmVzLiBB cyBsb25nIG FzIHRoZXkg a2VlcCBwcm 92aWRpbmcg Z29vZCBzZX J2aWNlcyBh bmQgc3RheW luZyB0cnVz dHdvcnRoeS wgdGhleSB3 aWxsIGNvbn RpbnVlIHRv IGRvIHdlbG wuPGJyPg==

VGhlIExpbm NvbG4gTmF0 aW9uYWwgY2 9tcGFueSwg YWxzbyBrbm 93biBhcyBM aW5jb2xuIE ZpbmFuY2lh bCBHcm91cC wgaXMgb25l IG9mIHRoZS BsZWFkaW5n IGZpbmFuY2 lhbCBhbmQg aW5zdXJhbm NlIGNvbXBh bmllcyBpbi B0aGUgVW5p dGVkIFN0YX Rlcy4gSXQg d2FzIGZvdW 5kZWQgaW4g MTkwNSBpbi BGb3J0IFdh eW5lLCBJbm RpYW5hIGFu ZCBoYXMgc2 luY2UgZXhw YW5kZWQgdG 8gYmVjb21l IGEgRm9ydH VuZSAyNTAg Y29tcGFueS B3aXRoIG92 ZXIgMTcgbW lsbGlvbiBj dXN0b21lcn MuPGJyPk9u ZSBvZiB0aG UgbWFpbiBm YWN0b3JzIH RoYXQgbWFr ZSBMaW5jb2 xuIE5hdGlv bmFsIHN0YW 5kIG91dCBp cyBpdHMgbG 9uZyBhbmQg c3VjY2Vzc2 Z1bCBoaXN0 b3J5LiBUaG UgY29tcGFu eSBoYXMgYm VlbiBpbiBi dXNpbmVzcy Bmb3Igb3Zl ciAxMTUgeW VhcnMsIHN1 cnZpdmluZy B0d28gV29y bGQgV2Fycy wgdGhlIEdy ZWF0IERlcH Jlc3Npb24s IGFuZCBudW 1lcm91cyBv dGhlciBlY2 9ub21pYyBj cmlzZXMuPG JyPkxpbmNv bG4gTmF0aW 9uYWwgaXMg YWxzbyBrbm 93biBmb3Ig aXRzIHN0cm 9uZyBjb21t aXRtZW50IH RvIGl0cyBj dXN0b21lcn MgYW5kIHN0 YWtlaG9sZG Vycy4gVGhl IGNvbXBhbn kgcGxhY2Vz IGEgaGlnaC B2YWx1ZSBv biBpbnRlZ3 JpdHksIGhv bmVzdHksIG FuZCB0cmFu c3BhcmVuY3 ksIHdoaWNo IGhhcyBoZW xwZWQgYnVp bGQgYW5kIG 1haW50YWlu IHRydXN0IH dpdGggaXRz IGNsaWVudH Mgb3ZlciB0 aGUgeWVhcn MuPGJyPkFk ZGl0aW9uYW xseSwgTGlu Y29sbiBOYX Rpb25hbCBo YXMgYSBkaX ZlcnNlIHBv cnRmb2xpby BvZiBwcm9k dWN0cyBhbm Qgc2Vydmlj ZXMsIGluY2 x1ZGluZyBs aWZlIGluc3 VyYW5jZSwg cmV0aXJlbW VudCBwbGFu bmluZywgYW 5kIGludmVz dG1lbnQgbW FuYWdlbWVu dC4gVGhpcy BhbGxvd3Mg dGhlIGNvbX BhbnkgdG8g Y2F0ZXIgdG 8gYSB3aWRl IHJhbmdlIG 9mIGZpbmFu Y2lhbCBuZW VkcyBhbmQg Z29hbHMgZm 9yIGluZGl2 aWR1YWxzIG FuZCBidXNp bmVzc2VzLj xicj5Bbm90 aGVyIGFyZW Egd2hlcmUg TGluY29sbi BOYXRpb25h bCBleGNlbH MgaXMgaW4g aW5ub3ZhdG lvbiBhbmQg dGVjaG5vbG 9neS4gVGhl IGNvbXBhbn kgY29udGlu dW91c2x5IG ludmVzdHMg aW4gbmV3IH RlY2hub2xv Z2llcyBhbm Qgc3RyYXRl Z2llcyB0by BpbXByb3Zl IGl0cyBwcm 9kdWN0cyBh bmQgc2Vydm ljZXMgYW5k IGVuaGFuY2 UgY3VzdG9t ZXIgZXhwZX JpZW5jZS48 YnI+RmluYW xseSwgTGlu Y29sbiBOYX Rpb25hbCBo YXMgYSBzdH JvbmcgY29y cG9yYXRlIH Jlc3BvbnNp YmlsaXR5IH Byb2dyYW0s IGZvY3VzaW 5nIG9uIHBo aWxhbnRocm 9weSwgZW52 aXJvbm1lbn RhbCBzdXN0 YWluYWJpbG l0eSwgYW5k IGRpdmVyc2 l0eSBhbmQg aW5jbHVzaW 9uIGluaXRp YXRpdmVzLi BUaGlzIGNv bW1pdG1lbn QgdG8gc29j aWFsIHJlc3 BvbnNpYmls aXR5IGhhcy BlYXJuZWQg dGhlIGNvbX BhbnkgbnVt ZXJvdXMgYX dhcmRzIGFu ZCByZWNvZ2 5pdGlvbi4=

VGhlIExpbm NvbG4gTmF0 aW9uYWwgY2 9tcGFueSBp cyBhIGZpbm FuY2lhbCBz ZXJ2aWNlcy BhbmQgaW5z dXJhbmNlIH Byb3ZpZGVy LiBUaGVpci BidXNpbmVz cyBtb2RlbC BpcyBmb2N1 c2VkIG9uIG hlbHBpbmcg aW5kaXZpZH VhbHMgYW5k IGJ1c2luZX NzZXMgYWNo aWV2ZSBmaW 5hbmNpYWwg c2VjdXJpdH kgYW5kIHBy b3RlY3Rpb2 4gdGhyb3Vn aCB2YXJpb3 VzIGluc3Vy YW5jZSBhbm QgcmV0aXJl bWVudCBwbG FubmluZyBw cm9kdWN0cy 4gVGhleSBv ZmZlciBhIH dpZGUgcmFu Z2Ugb2YgcH JvZHVjdHMg YW5kIHNlcn ZpY2VzIHN1 Y2ggYXMgbG lmZSBpbnN1 cmFuY2UsIG FubnVpdGll cywgZ3JvdX AgYmVuZWZp dHMsIGFuZC B3ZWFsdGgg bWFuYWdlbW VudCBzb2x1 dGlvbnMuIF RoZWlyIGJ1 c2luZXNzIG 1vZGVsIGlz IGJhc2VkIG 9uIHByb3Zp ZGluZyBjdX N0b21pemVk IHNvbHV0aW 9ucyBhbmQg cGVyc29uYW xpemVkIHNl cnZpY2UgdG 8gdGhlaXIg Y2xpZW50cy wgYXMgd2Vs bCBhcyB1dG lsaXppbmcg dGVjaG5vbG 9neSBhbmQg ZGlnaXRhbC B0b29scyB0 byBlbmhhbm NlIHRoZSBj dXN0b21lci BleHBlcmll bmNlLiBUaG V5IGFsc28g aGF2ZSBhIH N0cm9uZyBm b2N1cyBvbi BzdXN0YWlu YWJpbGl0eS BhbmQgY29y cG9yYXRlIH NvY2lhbCBy ZXNwb25zaW JpbGl0eSwg YWltaW5nIH RvIG1ha2Ug YSBwb3NpdG l2ZSBpbXBh Y3Qgb24gc2 9jaWV0eSBh bmQgdGhlIG Vudmlyb25t ZW50Lg==

Artificial Intelligence (AI) has the potential to impact companies in the financial services sector, including Lincoln National, in several ways.
1. Substitution: AI can enhance or substitute certain aspects of traditional financial products and services. For example, robo-advisors can provide investment advice that traditionally required human financial advisors. If consumers opt for AI-driven solutions that offer lower costs or more personalized experiences, Lincoln National may face challenges in retaining customers, especially younger demographics that are more tech-savvy.
2. Disintermediation: AI can streamline processes and reduce the need for intermediaries. In insurance and investment management, AI-driven platforms can connect consumers directly with services, minimizing the role of agents and brokers. This disintermediation can lead to reduced revenue for companies like Lincoln National, as the traditional distribution channels become less relevant.
3. Margin Pressure: The increasing use of AI can lead to greater competition, particularly from tech-driven startups that can operate with lower overhead costs. These companies can leverage AI for analytics, customer service, and payment processing, allowing them to offer competitive pricing. As a result, Lincoln National may experience margin pressure as they adjust to compete with these emerging players that utilize technology more efficiently.
In conclusion, while AI presents opportunities for enhancing service delivery and operational efficiency, it also poses threats through substitution, disintermediation, and margin pressure. It is crucial for Lincoln National to adapt by embracing AI technologies to complement their offerings and maintain a competitive edge in the evolving market landscape.

The sensitivity of Lincoln National Company’s earnings, cash flow, and valuation to changes in interest rates can be significant, largely due to its involvement in the insurance and investment sectors.
1. Earnings Sensitivity: Lincoln National’s earnings are influenced by interest rates primarily through its investment portfolio, which includes fixed-income securities. When interest rates rise, existing bonds may lose value, impacting investment income and portfolio performance. Conversely, lower interest rates can lead to lower investment yields, affecting the overall earnings of the company.
2. Cash Flow Sensitivity: The company’s cash flow can also be sensitive to interest rates. Higher rates may reduce the cash inflows from fixed-income investments while increasing the liability costs for long-term obligations. Conversely, a falling interest rate environment may lower the overall returns on investments but might also ease liability costs if the company has floating-rate loans.
3. Valuation Sensitivity: Interest rates play a crucial role in discounting future cash flows for valuation purposes. Higher interest rates typically lead to higher discount rates, which can reduce the present value of expected future cash flows, thereby lowering the company’s valuation. On the other hand, a drop in interest rates can enhance valuation by lowering discount rates, making future earnings more valuable in present terms.
Overall, Lincoln National’s financial performance and market perception are closely linked to the prevailing interest rate environment, influencing both short-term results and long-term strategic planning.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgTG luY29sbiBO YXRpb25hbO KAmXMgZWNv bm9taWNzIG 92ZXIgdGhl IG5leHQgM+ KAkzUgeWVh cnMgbWlnaH QgaW5jbHVk ZSBhIHNldm VyZSwgcHJv bG9uZ2VkIG Vjb25vbWlj IGRvd250dX JuIGNvdXBs ZWQgd2l0aC BzaWduaWZp Y2FudCByZW d1bGF0b3J5 IGNoYW5nZX MgaW4gdGhl IGluc3VyYW 5jZSBhbmQg ZmluYW5jaW FsIHNlcnZp Y2VzIGluZH VzdHJ5LiA8 YnI+RHVyaW 5nIHN1Y2gg YSBkb3dudH Vybiwgc2V2 ZXJhbCBmYW N0b3JzIGNv dWxkIGNvbW UgaW50byBw bGF5LiBGaX JzdCwgcmlz aW5nIHVuZW 1wbG95bWVu dCByYXRlcy Bjb3VsZCBs ZWFkIHRvIG luY3JlYXNl ZCBjbGFpbX MgaW4gbGlm ZSBhbmQgZG lzYWJpbGl0 eSBpbnN1cm FuY2Ugc2Vn bWVudHMsIG FmZmVjdGlu ZyB0aGUgY2 9tcGFueeKA mXMgcHJvZm l0YWJpbGl0 eS4gQWRkaX Rpb25hbGx5 LCBmYWxsaW 5nIGludGVy ZXN0IHJhdG VzIG1pZ2h0 IGNvbXByZX NzIG5ldCBp bnZlc3RtZW 50IGluY29t ZSwgd2hpY2 ggaGFzIHRy YWRpdGlvbm FsbHkgc3Vw cG9ydGVkIH RoZSBtYXJn aW5zIG9mIG luc3VyYW5j ZSBjb21wYW 5pZXMuIElm IHRoZSBGZW RlcmFsIFJl c2VydmUgaW 1wbGVtZW50 ZWQgc3RyaW N0IHJlZ3Vs YXRpb25zIH RvIGVuc3Vy ZSBmaW5hbm NpYWwgc3Rh YmlsaXR5LC BMaW5jb2xu IE5hdGlvbm FsIG1pZ2h0 IGZhY2UgaW 5jcmVhc2Vk IGNvbXBsaW FuY2UgY29z dHMgYW5kIH JlZHVjZWQg ZmxleGliaW xpdHkgaW4g aXRzIGludm VzdG1lbnQg c3RyYXRlZ2 llcy48YnI+ SWYgdGhpcy BzY2VuYXJp byBwbGF5ZW Qgb3V0LCBo ZXJl4oCZcy Bob3cgaXQg bWlnaHQgYW ZmZWN0IHRo ZSBjb21wYW 554oCZcyBm aW5hbmNpYW wgbWV0cmlj czo8YnI+TW FyZ2luczog VGhlIGNvbX BhbnnigJlz IG9wZXJhdG luZyBtYXJn aW5zIHdvdW xkIGxpa2Vs eSBzaHJpbm sgY29uc2lk ZXJhYmx5Li BIaWdoZXIg Y2xhaW1zIG FuZCBsb3dl ciBpbnZlc3 RtZW50IGlu Y29tZSB3b3 VsZCBwdXQg cHJlc3N1cm Ugb24gcHJv Zml0YWJpbG l0eSwgcmVz dWx0aW5nIG luIHJlZHVj ZWQgZWFybm luZ3MgYmVm b3JlIGludG VyZXN0LCB0 YXhlcywgZG VwcmVjaWF0 aW9uLCBhbm QgYW1vcnRp emF0aW9uIC hFQklUREEp LiBJZiB0aG UgZG93bnR1 cm4gcGVyc2 lzdHMsIExp bmNvbG4gTm F0aW9uYWwg bWlnaHQgc3 RydWdnbGUg dG8gbWFpbn RhaW4gaXRz IGhpc3Rvcm ljYWwgcmV0 dXJuIG9uIG VxdWl0eSwg bGVhZGluZy B0byBhIG1v cmUgc2lnbm lmaWNhbnQg ZGVjbGluZS BpbiBwcm9m aXRhYmlsaX R5IHJhdGlv cy48YnI+Q2 FzaCBGbG93 OiBGcmVlIG Nhc2ggZmxv dyBjb3VsZC BiZSBuZWdh dGl2ZWx5IG ltcGFjdGVk LCBhcyByaX NpbmcgY2xh aW1zIGFuZC ByZWR1Y2Vk IGludmVzdG 1lbnQgaW5j b21lIHJlc3 RyaWN0IGF2 YWlsYWJsZS BmdW5kcyBm b3IgcmVpbn Zlc3RtZW50 IG9yIHNoYX JlaG9sZGVy IHJldHVybn MuIElmIHRo ZSBjb21wYW 554oCZcyBw YXlvdXQgcm F0aW9zIGlu Y3JlYXNlIG luIHJlc3Bv bnNlIHRvIH BvbGljeWhv bGRlciBjbG FpbXMsIGl0 IGNvdWxkIG Z1cnRoZXIg c3RyYWluIG Nhc2ggcmVz ZXJ2ZXMuIE EgZGV0ZXJp b3JhdGluZy BjYXNoIGZs b3cgc2l0dW F0aW9uIGNv dWxkIGFsc2 8gbGltaXQg dGhlIGNvbX BhbnnigJlz IGFiaWxpdH kgdG8gZnVu ZCBuZXcgYn VzaW5lc3Mg b3Bwb3J0dW 5pdGllcyBv ciBwYXkgZG l2aWRlbmRz Ljxicj5CYW xhbmNlIFNo ZWV0OiBUaG UgY29tcGFu eeKAmXMgYm FsYW5jZSBz aGVldCB3b3 VsZCBsaWtl bHkgZGV0ZX Jpb3JhdGUg dW5kZXIgdG hpcyBzY2Vu YXJpby4gV2 l0aCBpbmNy ZWFzaW5nIG xpYWJpbGl0 aWVzIGR1ZS B0byBoaWdo ZXIgY2xhaW 0gcGF5b3V0 cyBhbmQgcG 90ZW50aWFs bHkgZGVjbG luaW5nIGFz c2V0IHZhbH VlcyBpbiBh IGJlYXIgbW Fya2V0LCB0 aGUgbGV2ZX JhZ2UgcmF0 aW8gY291bG Qgd29yc2Vu LiBUaGlzIG 1pZ2h0IHBy b21wdCBjcm VkaXQgcmF0 aW5nIGFnZW 5jaWVzIHRv IGRvd25ncm FkZSBMaW5j b2xuIE5hdG lvbmFs4oCZ cyByYXRpbm dzLCBsZWFk aW5nIHRvIG hpZ2hlciBi b3Jyb3dpbm cgY29zdHMu IEFkZGl0aW 9uYWxseSwg YW55IHJlZ3 VsYXRvcnkg Y2FwaXRhbC ByZXF1aXJl bWVudHMgdG llZCB0byBy aXNraWVyIG ludmVzdG1l bnQgcHJvZm lsZXMgY291 bGQgZm9yY2 UgdGhlIGNv bXBhbnkgdG 8gcmFpc2Ug Y2FwaXRhbC wgcG9zc2li bHkgZGlsdX RpbmcgZXhp c3Rpbmcgc2 hhcmVob2xk ZXJzIG9yIH B1dHRpbmcg YWRkaXRpb2 5hbCBzdHJh aW4gb24gaX RzIGZpbmFu Y2lhbCBmbG V4aWJpbGl0 eS48YnI+T3 ZlcmFsbCwg dGhlIGNvbW JpbmF0aW9u IG9mIGluY3 JlYXNlZCBv cGVyYXRpbm cgbG9zc2Vz LCByZWR1Y2 VkIGNhc2gg ZmxvdywgYW 5kIGEgd2Vh a2VuZWQgYm FsYW5jZSBz aGVldCB3b3 VsZCBwb3Nl IGEgc2V2ZX JlIHRocmVh dCB0byBMaW 5jb2xuIE5h dGlvbmFs4o CZcyBsb25n LXRlcm0gZW Nvbm9taWMg dmlhYmlsaX R5LCBwb3Rl bnRpYWxseS Bmb3JjaW5n IGl0IHRvIH JlYXNzZXNz IGl0cyBidX NpbmVzcyBt b2RlbCBhbm QgbWFya2V0 IHN0cmF0ZW dpZXMuPGJy 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 bG9nb3MvcW FEbWpTYThY UUtwRDRGNn ZobjYud2Vi cCIgYWx0PS JMaW5jb2xu IE5hdGlvbm FsIiB0aXRs ZT0iTGluY2 9sbiBOYXRp b25hbCIgIG NsYXNzPSJp bWctZmx1aW QiIGhlaWdo dD01MCB3aW R0aD01MCBs b2FkaW5nPS dsYXp5JyBz dHlsZT0nYm 9yZGVyLXJh ZGl1czogNn B4Oyc+Cgog ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J2ZsZXg6ID E7IHRleHQt YWxpZ246IG NlbnRlcjsg bWFyZ2luLW xlZnQ6IDVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 cCBzdHlsZT 0nZm9udC1z aXplOiAyNn B4OyBjb2xv cjogIzMzMz sgbWFyZ2lu LWJvdHRvbT ogMTVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TiCBXYW 50IHRvIHJl YWQgbW9yZS BhYm91dCBM aW5jb2xuIE 5hdGlvbmFs 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 VEdsdVkyOX NiaSBCT1lY UnBiMjVoIG JDQkRiM0p3 YjMgSmhkR2 x2Yml3ZyBZ Mjl0Ylc5dW JIIGtnY21W bVpYSnkgWl dRZ2RHOGdZ WCBNZ1RHbH VZMjlzIGJp QkdhVzVoYm 0gTnBZV3dn UjNKdiBkWE FzSUdseklH IEVnZDJWc2 JDMXIgYm05 M2JpQm1hVy A1aGJtTnBZ V3dnIGMyVn lkbWxqWlgg TWdZMjl0Y0 dGdSBlUzRn U0dWeVpTIE JoY21VZ2My OXQgWlNCcG JuUmxjbSBW emRHbHVaeU JtIFlXTjBj eUJoWW0gOT FkQ0IwYUdV ZyBZMjl0Y0 dGdWVUIG84 WW5JK01TNG cgUm05MWJt UmhkRyBsdm Jqb2dUR2x1 IFkyOXNiaU JHYVcgNWhi bU5wWVd3Zy BSM0p2ZFhB Z2QyIEZ6SU dadmRXNWsg WldRZ2FXNG dNVCBrd05T d2diM0pwIF oybHVZV3hz ZVMgQmhjeU JoSUd4cCBa bVVnYVc1em RYIEpoYm1O bElHTnYgYl hCaGJua3VJ RSBsMElHaG hjeUJ6IGFX NWpaU0JsZU ggQmhibVJs WkNCcCBkSE 1nYjJabVpY IEpwYm1kek lHRnUgWkNC elpYSjJhVy BObGN5NDhZ bkkrIE1pNG dUbUZ0WlMg QlBjbWxuYV c0NiBJRlJv WlNCamIyID F3WVc1NUlH bHogSUc1aG JXVmtJRyBG bWRHVnlJRk J5IFpYTnBa R1Z1ZEMgQk JZbkpoYUdG dCBJRXhwYm 1OdmJHIDRz SUhONWJXSn YgYkdsNmFX NW5JSCBSb1 pTQjJZV3gx IFpYTWdiMl lnYVcgNTBa V2R5YVhSNS BJR0Z1WkNC MGNuIFZ6ZE hkdmNuUm8g YVc1bGMzTX VQRyBKeVBq TXVJRVJwIG RtVnljMlVn VTIgVnlkbW xqWlhNNiBJ RXhwYm1Odm JHIDRnUm1s dVlXNWogYV dGc0lHOW1a bSBWeWN5Qm hJSEpoIGJt ZGxJRzltSU cgWnBibUZ1 WTJsaCBiQ0 J3Y205a2RX IE4wY3l3Z2 FXNWogYkhW a2FXNW5JRy B4cFptVWdh VzV6IGRYSm hibU5sTEMg QnlaWFJwY2 1WdCBaVzUw SUhOdmJIIF YwYVc5dWN5 d2cgWVc1dW RXbDBhVyBW ekxDQmhibV FnIGFXNTJa WE4wYlcgVn VkQ0J0WVc1 aCBaMlZ0Wl c1MExqIHhp Y2o0MExpQk kgWldGa2NY VmhjbiBSbG NuTTZJRlJv IFpTQmpiMj F3WVcgNTU0 b0NaY3lCby BaV0ZrY1hW aGNuIFJsY2 5NZ2FYTWcg Ykc5allYUm xaQyBCcGJp QlNZV1J1IG IzSXNJRkJs Ym0gNXplV3 gyWVc1cCBZ U3dnZDJocF kyIGdnYVhN Z2NHRnkgZE NCdlppQjBh RyBVZ1ozSm xZWFJsIGNp QlFhR2xzWV cgUmxiSEJv YVdFZyBZWE psWVM0OFlu IEkrTlM0Z1 JtOXkgZEhW dVpTQTFNRC BBNklFeHBi bU52IGJHNG dSbWx1WVcg NWphV0ZzSU VkeSBiM1Z3 SUdseklHIE 52Ym5OcGMz UmwgYm5Sc2 VTQnlZVyA1 clpXUWdZVz F2IGJtY2dk R2hsSUUgWn ZjblIxYm1V ZyBOVEF3SU d4cGMzIFFn YjJZZ2RHaG wgSUd4aGNt ZGxjMyBRZ1 ZTNVRMaUJq IGIyMXdZVz VwWlggTWdZ bUZ6WldRZy BiMjRnY21W MlpXIDUxWl M0OFluSSsg Tmk0Z1UzUn liMiA1bklF WnZZM1Z6IE lHOXVJRkps ZEcgbHlaVz FsYm5RNiBJ RXhwYm1Odm JHIDRnYUdG eklHRWcgYz JsbmJtbG1h VyBOaGJuUW daVzF3IGFH RnphWE1nYj IgNGdjbVYw YVhKbCBiV1 Z1ZENCd2JH IEZ1Ym1sdV p5QmggYm1R Z2FXNWpiMi AxbElITnZi SFYwIGFXOX VjeXdnWTIg RjBaWEpwYm 1jZyBkRzhn ZEdobElHID VsWldSeklH OW0gSUdsdV pHbDJhVyBS MVlXeHpJSE J5IFpYQmhj bWx1WnkgQm 1iM0lnY21W MCBhWEpsYl dWdWRDIDQ4 WW5JK055NG cgUTI5dGJY VnVhWCBSNU lFbHVkbTlz IGRtVnRaVz UwT2kgQlVh R1VnWTI5dC BjR0Z1ZVNC cGN5IEJoWT NScGRtVnMg ZVNCcGJuWn ZiSCBabFpD QnBiaUJqIG IyMXRkVzVw ZEgga2djMl Z5ZG1saiBa U0JoYm1RZ2 NHIGhwYkdG dWRHaHkgYj NCNUxDQm1i MiBOMWMybH VaeUJ2IGJp QmxaSFZqWV ggUnBiMjVo YkNCaCBibV FnYUdWaGJI IFJvTFhKbG JHRjAgWldR Z2FXNXBkRy BsaGRHbDJa WE11IFBHSn lQamd1SUUg bHVibTkyWV hScCBkbVVn VTI5c2RYIF JwYjI1ek9p Qk0gYVc1am IyeHVJRSBa cGJtRnVZMm xoIGJDQnBj eUJyYm0gOT NiaUJtYjNJ ZyBhWFJ6SU dsdWJtIDky WVhScGRtVW cgY0hKdlpI VmpkSCBNc0 lHbHVZMngx IFpHbHVaeU JwYm0gUmxl R1ZrSUhWdS BhWFpsY25O aGJDIEJzYV dabElHbHUg YzNWeVlXNW paUyBCaGJt UWdkbUZ5IG FXOTFjeUJ5 WlggUnBjbV Z0Wlc1MCBJ SEJzWVc1dW FXIDVuSUhS dmIyeHogSU hSb1lYUWdZ MiBGMFpYSW dkRzhnIFlT QmphR0Z1Wj IgbHVaeUJ0 WVhKciBaWF F1UEdKeVBq IGt1SUVacG JtRnUgWTJs aGJDQlRkSC BKbGJtZDBh RG9nIFZHaG xJR052Ylgg QmhibmtnYU dGeiBJSEps WTJWcGRtIF ZrSUdocFoy Z2cgY21GMG FXNW5jeSBC bWNtOXRJRz FoIGFtOXlJ R055WlcgUn BkQ0J5WVhS cCBibWNnWV dkbGJtIE5w WlhNc0lHbH UgWkdsallY UnBibSBjZ2 FYUnpJSE4w IGNtOXVaeU JtYVcgNWhi bU5wWVd3Zy BjM1JoWW1s c2FYIFI1SU dGdVpDQmgg WW1sc2FYUj VJSCBSdklH MWxaWFFnIG FYUnpJRzlp YkcgbG5ZWF JwYjI1eiBM anhpY2o0eE 1DIDRnUlcx d2JHOTUgWl dVZ1EyOXRi VyBsMGJXVn VkRG9nIFRH bHVZMjlzYm kgQkdhVzVo Ym1OcCBZV3 dnWlcxd2FH IEZ6YVhwbG N5QmwgYlhC c2IzbGxaUy BCellYUnBj MlpoIFkzUn BiMjRnWVcg NWtJR1Z1Wj JGbiBaVzFs Ym5Rc0lHID ltZEdWdUlH SmwgYVc1bk lISmxZMiA5 bmJtbDZaV1 FnIFlYTWdZ U0JuY20gVm hkQ0J3YkdG aiBaU0IwYn lCM2IzIEpy TGp4aWNqNV UgYUdWelpT Qm1ZVyBOMG N5Qm9hV2Rv IGJHbG5hSF FnVEcgbHVZ MjlzYmlCRy BhVzVoYm1O cFlXIHdnUj NKdmRYRGkg Z0pseklHeH ZibSBjdGMz UmhibVJwIG JtY2djSEps YzIgVnVZMl VnYVc0ZyBk R2hsSUdacG JtIEZ1WTJs aGJDQnogWl hKMmFXTmxj eSBCcGJtUj FjM1J5IGVT QmhibVFnYV ggUnpJR052 YlcxcCBkRz FsYm5RZ2RH IDhnY0hKdm RtbGsgYVc1 bklIWmhiSC BWaFlteGxJ SE52IGJIVj BhVzl1Y3kg QjBieUJwZE hNZyBZM1Z6 ZEc5dFpYIE p6TGp4aWNq ND0KICAgIC AgICA8L3Nw YW4+CiAgIC AgICAgCiAg ICAgICAg