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+OgSBG cmVlIGRvd2 5sb2FkISA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvcD 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTJw eDsgZm9udC 1zaXplOiAx M3B4OyBjb2 xvcjogIzQ0 NDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgU2lnbi B1cCBub3cg YW5kIGdldC BvdXIgZnJl ZSBlQm9vay AKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xiPlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3M8L2I+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxNnB4Oy Bmb250LXNp emU6IDE0cH g7IGNvbG9y OiAjNDQ0Oy Bmb250LWZh bWlseTogLW FwcGxlLXN5 c3RlbSwgQm xpbmtNYWNT eXN0ZW1Gb2 50LCBTZWdv ZSBVSSwgUm 9ib3RvLCBI ZWx2ZXRpY2 EgTmV1ZSwg c2Fucy1zZX JpZjsgbGlu ZS1oZWlnaH Q6IDEuNjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg SGF2ZSB5b3 UgaGVhcmQg YWJvdXQgb3 VyIHNob3J0 IDxzdHJvbm cgc3R5bGU9 J2ZvbnQtd2 VpZ2h0OiA2 MDA7Jz5EYW lseSBWaWRl byBOZXdzbG V0dGVyPC9z dHJvbmc+Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aHR0cHM6Ly 93d3cuaW5z aWdodGZ1bH ZhbHVlLmNv bS9uZXdzbG V0dGVyLnBo cCcgdGFyZ2 V0PSdfYmxh bmsnIHN0eW xlPSdjb2xv cjogIzAwN0 JGRjsgdGV4 dC1kZWNvcm F0aW9uOiBu b25lOyBmb2 50LXdlaWdo dDogNTAwOy BtYXJnaW4t bGVmdDogNn B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg RmluZCBvdX QgbW9yZQog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIA ogICAgICAg IAogICAgIC AgIDxzcGFu IGNsYXNzPS dibHVycmVk LXRleHQnPg ogICAgICAg ICAgICBUR2 x1WTI5c2Jp IEJPWVhScG IyNWggYkNC RGIzSndiMy BKaGRHbHZi aXdnIFkyOX RiVzl1Ykgg a2djbVZtWl hKeSBaV1Fn ZEc4Z1lYIE 1nVEdsdVky OXMgYmlCR2 FXNWhibSBO cFlXd2dSM0 p2IGRYQXNJ R2x6SUcgRW dkMlZzYkMx ciBibTkzYm lCbWFXIDVo Ym1OcFlXd2 cgYzJWeWRt bGpaWCBNZ1 kyOXRjR0Z1 IGVTNGdTR1 Z5WlMgQmhj bVVnYzI5dC BaU0JwYm5S bGNtIFZ6ZE dsdVp5Qm0g WVdOMGN5Qm hZbSA5MWRD QjBhR1VnIF kyOXRjR0Z1 ZVQgbzhZbk krTVM0ZyBS bTkxYm1SaG RHIGx2Ympv Z1RHbHUgWT I5c2JpQkdh VyA1aGJtTn BZV3dnIFIz SnZkWEFnZD IgRnpJR1p2 ZFc1ayBaV1 FnYVc0Z01U IGt3TlN3Z2 IzSnAgWjJs dVlXeHNlUy BCaGN5QmhJ R3hwIFptVW dhVzV6ZFgg SmhibU5sSU dOdiBiWEJo Ym5rdUlFIG wwSUdoaGN5 QnogYVc1al pTQmxlSCBC aGJtUmxaQ0 JwIGRITWdi MlptWlggSn BibWR6SUdG dSBaQ0J6Wl hKMmFXIE5s Y3k0OFluSS sgTWk0Z1Rt RnRaUyBCUG NtbG5hVzQ2 IElGUm9aU0 JqYjIgMXdZ VzU1SUdsei BJRzVoYldW a0lHIEZtZE dWeUlGQnkg WlhOcFpHVn VkQyBCQllu SmhhR0Z0IE lFeHBibU52 YkcgNHNJSE 41YldKdiBi R2w2YVc1bk lIIFJvWlNC MllXeDEgWl hNZ2IyWWdh VyA1MFpXZH lhWFI1IElH RnVaQ0IwY2 4gVnpkSGR2 Y25SbyBhVz VsYzNNdVBH IEp5UGpNdU lFUnAgZG1W eWMyVWdVMi BWeWRtbGpa WE02IElFeH BibU52Ykcg NGdSbWx1WV c1aiBhV0Zz SUc5bVptIF Z5Y3lCaElI SmggYm1kbE lHOW1JRyBa cGJtRnVZMm xoIGJDQndj bTlrZFcgTj BjeXdnYVc1 aiBiSFZrYV c1bklHIHhw Wm1VZ2FXNX ogZFhKaGJt TmxMQyBCeV pYUnBjbVZ0 IFpXNTBJSE 52YkggVjBh Vzl1Y3l3Zy BZVzV1ZFds MGFXIFZ6TE NCaGJtUWcg YVc1MlpYTj BiVyBWdWRD QnRZVzVoIF oyVnRaVzUw TGogeGljaj QwTGlCSSBa V0ZrY1hWaG NuIFJsY25N NklGUm8gWl NCamIyMXdZ VyA1NTRvQ1 pjeUJvIFpX RmtjWFZoY2 4gUmxjbk1n YVhNZyBiRz lqWVhSbFpD IEJwYmlCU1 lXUnUgYjNJ c0lGQmxibS A1emVXeDJZ VzVwIFlTd2 dkMmhwWTIg Z2dhWE1nY0 dGeSBkQ0J2 WmlCMGFHIF VnWjNKbFlY UmwgY2lCUW FHbHNZVyBS bGJIQm9hV0 VnIFlYSmxZ UzQ4WW4gSS tOUzRnUm05 eSBkSFZ1Wl NBMU1EIEE2 SUV4cGJtTn YgYkc0Z1Jt bHVZVyA1am FXRnNJRWR5 IGIzVndJR2 x6SUcgTnZi bk5wYzNSbC BiblJzZVNC eVlXIDVyWl dRZ1lXMXYg Ym1jZ2RHaG xJRSBadmNu UjFibVVnIE 5UQXdJR3hw YzMgUWdiMl lnZEdobCBJ R3hoY21kbG MzIFFnVlM1 VExpQmogYj Ixd1lXNXBa WCBNZ1ltRn paV1FnIGIy NGdjbVYyWl cgNTFaUzQ4 WW5JKyBOaT RnVTNSeWIy IDVuSUVadl kzVnogSUc5 dUlGSmxkRy BseVpXMWxi blE2IElFeH BibU52Ykcg NGdhR0Z6SU dFZyBjMmxu Ym1sbWFXIE 5oYm5RZ1pX MXcgYUdGem FYTWdiMiA0 Z2NtVjBhWE psIGJXVnVk Q0J3YkcgRn VibWx1WnlC aCBibVFnYV c1amIyIDFs SUhOdmJIVj AgYVc5dWN5 d2dZMiBGMF pYSnBibWNn IGRHOGdkR2 hsSUcgNWxa V1J6SUc5bS BJR2x1Wkds MmFXIFIxWV d4eklIQnkg WlhCaGNtbH VaeSBCbWIz SWdjbVYwIG FYSmxiV1Z1 ZEMgNDhZbk krTnk0ZyBR Mjl0YlhWdW FYIFI1SUVs dWRtOXMgZG 1WdFpXNTBP aSBCVWFHVW dZMjl0IGNH RnVlU0JwY3 kgQmhZM1Jw ZG1WcyBlU0 JwYm5admJI IFpsWkNCcG JpQmogYjIx dGRXNXBkSC BrZ2MyVnlk bWxqIFpTQm hibVFnY0cg aHBiR0Z1ZE doeSBiM0I1 TENCbWIyIE 4xYzJsdVp5 QnYgYmlCbF pIVmpZWCBS cGIyNWhiQ0 JoIGJtUWdh R1ZoYkggUm 9MWEpsYkdG MCBaV1FnYV c1cGRHIGxo ZEdsMlpYTX UgUEdKeVBq Z3VJRSBsdW JtOTJZWFJw IGRtVWdVMj lzZFggUnBi MjV6T2lCTS BhVzVqYjJ4 dUlFIFpwYm 1GdVkybGgg YkNCcGN5Qn JibSA5M2Jp Qm1iM0lnIG FYUnpJR2x1 Ym0gOTJZWF JwZG1VZyBj SEp2WkhWam RIIE1zSUds dVkyeDEgWk dsdVp5QnBi bSBSbGVHVm tJSFZ1IGFY Wmxjbk5oYk MgQnNhV1ps SUdsdSBjM1 Z5WVc1alpT IEJoYm1RZ2 RtRnkgYVc5 MWN5QnlaWC BScGNtVnRa VzUwIElIQn NZVzV1YVcg NW5JSFJ2Yj J4eiBJSFJv WVhRZ1kyIE YwWlhJZ2RH OGcgWVNCam FHRnVaMiBs dVp5QnRZWE pyIFpYUXVQ R0p5UGoga3 VJRVpwYm1G dSBZMmxoYk NCVGRIIEps Ym1kMGFEb2 cgVkdobElH TnZiWCBCaG Jua2dhR0Z6 IElISmxZMl ZwZG0gVmtJ R2hwWjJnZy BjbUYwYVc1 bmN5IEJtY2 05dElHMWgg YW05eUlHTn laVyBScGRD QnlZWFJwIG JtY2dZV2Rs Ym0gTnBaWE 1zSUdsdSBa R2xqWVhScG JtIGNnYVhS eklITjAgY2 05dVp5Qm1h VyA1aGJtTn BZV3dnIGMz UmhZbWxzYV ggUjVJR0Z1 WkNCaCBZbW xzYVhSNUlI IFJ2SUcxbF pYUWcgYVhS eklHOWliRy BsbllYUnBi MjV6IExqeG ljajR4TUMg NGdSVzF3Yk c5NSBaV1Vn UTI5dGJXIG wwYldWdWRE b2cgVEdsdV kyOXNiaSBC R2FXNWhibU 5wIFlXd2da VzF3YUcgRn phWHBsY3lC bCBiWEJzYj NsbFpTIEJ6 WVhScGMyWm ggWTNScGIy NGdZVyA1a0 lHVnVaMkZu IFpXMWxibl FzSUcgOW1k R1Z1SUdKbC BhVzVuSUhK bFkyIDluYm 1sNlpXUWcg WVhNZ1lTQm 5jbSBWaGRD QndiR0ZqIF pTQjBieUIz YjMgSnJMan hpY2o1VSBh R1Z6WlNCbV lXIE4wY3lC b2FXZG8gYk dsbmFIUWdU RyBsdVkyOX NiaUJHIGFX NWhibU5wWV cgd2dSM0p2 ZFhEaSBnSm x6SUd4dmJt IGN0YzNSaG JtUnAgYm1j Z2NISmxjMi BWdVkyVWdh VzRnIGRHaG xJR1pwYm0g RnVZMmxoYk NCeiBaWEoy YVdObGN5IE JwYm1SMWMz UnkgZVNCaG JtUWdhWCBS eklHTnZiVz FwIGRHMWxi blFnZEcgOG djSEp2ZG1s ayBhVzVuSU haaGJIIFZo WW14bElITn YgYkhWMGFX OXVjeSBCMG J5QnBkSE1n IFkzVnpkRz l0WlggSnpM anhpY2o0PQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=