American International Group

-7.47%

Live  

The American International Group, commonly known as AIG, is a multinational insurance corporation headquartered in New York City. It is one of the largest insurance companies in the world and operates in more than 80 countries. AIG offers a wide range of insurance products and services, including life insurance, property and casualty insurance, and retirement and financial services.
History
AIG was founded in 1919 by Cornelius Vander Starr as American Asiatic Underwriters (AAU). Starr's initial focus was on providing insurance to expatriates and local Chinese residents. In the 1920s, AAU expanded to other parts of Asia and eventually became known as American International Underwriters (AIU). In 1939, the company changed its name to American International Group to reflect its growing global presence.
Over the next few decades, AIG continued to expand its operations and services, including the development of specialized insurance products for industries such as aerospace and energy. In the 1960s, AIG expanded into Europe and Latin America and became a publicly traded company in 1969.
In the 1970s, AIG expanded into the Middle East and Africa, and in the 1980s it entered the Japanese market. In 1993, AIG acquired American General Corporation, a leading life insurance company in the United States.
Recent Years
In 2008, AIG faced financial difficulties due to the global financial crisis and was on the brink of collapse. The U.S. government intervened with a bailout package of $182 billion in exchange for a 79.9% ownership stake in the company. This became the largest government bailout in U.S. history.
After the financial crisis, AIG underwent a restructuring and divested many of its businesses to repay the government bailout. The company also underwent significant leadership changes, with Brian Duperreault taking over as CEO in 2017.
Today, AIG continues to be a leading insurance company and has successfully managed to repay the government bailout and regain its financial stability. The company remains committed to its global expansion and expanding its product and service offerings.

QW1lcmljYW 4gSW50ZXJu YXRpb25hbC BHcm91cCwg b3IgQUlHLC BpcyBhIGJp ZyBjb21wYW 55IHRoYXQg aGVscHMgcG VvcGxlIGFu ZCBidXNpbm Vzc2VzIHdp dGggaW5zdX JhbmNlIGFu ZCBvdGhlci BmaW5hbmNp YWwgc2Vydm ljZXMuIElt YWdpbmUgaW YgeW91IGhh dmUgYSB0b3 ksIGFuZCB5 b3Ugd2FudC B0byBwcm90 ZWN0IGl0IG Zyb20gZ2V0 dGluZyBsb3 N0IG9yIGJy b2tlbi4gSW 5zdXJhbmNl IGlzIGxpa2 UgYSBzYWZl dHkgbmV0IH RoYXQgaGVs cHMgeW91IG lmIHNvbWV0 aGluZyBiYW QgaGFwcGVu cy4gQUlHIH Byb3ZpZGVz IHRoYXQgc2 FmZXR5IG5l dCBmb3IgbG 90cyBvZiBk aWZmZXJlbn QgdGhpbmdz LCBsaWtlIG NhcnMsIGhv bWVzLCBhbm QgZXZlbiBi dXNpbmVzc2 VzLjxicj5B SUcgbWFrZX MgbW9uZXkg YnkgY2hhcm dpbmcgcGVv cGxlIGFuZC BidXNpbmVz c2VzIGEgZm VlLCBjYWxs ZWQgYSBwcm VtaXVtLCBm b3IgdGhlaX IgaW5zdXJh bmNlLiBQZW 9wbGUgcGF5 IHRoaXMgZm VlIGV2ZXJ5 IG1vbnRoIG 9yIGV2ZXJ5 IHllYXIuIE luIHJldHVy biwgQUlHIH Byb21pc2Vz IHRvIGhlbH AgdGhlbSBv dXQgaWYgc2 9tZXRoaW5n IGdvZXMgd3 JvbmcsIGxp a2UgaWYgdG hleSBoYXZl IGEgY2FyIG FjY2lkZW50 IG9yIHRoZW lyIGhvdXNl IGdldHMgZG FtYWdlZC48 YnI+QUlHIG lzIHN1Y2Nl c3NmdWwgZm 9yIGEgZmV3 IHJlYXNvbn MuIEZpcnN0 LCB0aGV5IG hhdmUgYmVl biBhcm91bm QgZm9yIGEg bG9uZyB0aW 1lIGFuZCBo YXZlIGEgbG 90IG9mIGV4 cGVyaWVuY2 UgaW4gdGhl IGluc3VyYW 5jZSBidXNp bmVzcy4gVG hpcyBoZWxw cyB0aGVtIH VuZGVyc3Rh bmQgd2hhdC BwZW9wbGUg bmVlZCBhbm QgaG93IHRv IGhlbHAgdG hlbS4gU2Vj b25kLCB0aG V5IG9mZmVy IGEgd2lkZS ByYW5nZSBv ZiBzZXJ2aW Nlcywgbm90 IGp1c3Qgb2 5lIHR5cGUg b2YgaW5zdX JhbmNlLCB3 aGljaCBtZW FucyB0aGV5 IGNhbiBoZW xwIGV2ZW4g bW9yZSBjdX N0b21lcnMu IExhc3RseS wgdGhleSB1 c2Ugc21hcn QgdGVjaG5v bG9neSBhbm QgZGF0YSB0 byBmaWd1cm Ugb3V0IGhv dyB0byBrZW VwIHBlb3Bs ZSBzYWZlIG FuZCByZWR1 Y2Ugcmlza3 MsIHdoaWNo IGhlbHBzIH RoZW0gbWFr ZSBiZXR0ZX IgZGVjaXNp b25zLjxicj 5JbiB0aGUg ZnV0dXJlLC BBSUcgaXMg bGlrZWx5IH RvIHN0YXkg c3VjY2Vzc2 Z1bCBiZWNh dXNlIHBlb3 BsZSB3aWxs IGFsd2F5cy BuZWVkIGlu c3VyYW5jZS B0byBwcm90 ZWN0IHRoZW lyIHZhbHVh YmxlIHRoaW 5ncywgYW5k IGFzIG5ldy B0eXBlcyBv ZiByaXNrcy BhcHBlYXIs IGxpa2UgdG hvc2UgZnJv bSBjbGltYX RlIGNoYW5n ZSBvciBuZX cgdGVjaG5v bG9neSwgdG hlcmUgd2ls bCBiZSBtb3 JlIG9wcG9y dHVuaXRpZX MgZm9yIEFJ RyB0byBjcm VhdGUgbmV3 IGluc3VyYW 5jZSBwcm9k dWN0cy4gUG x1cywgdGhl eSBhcmUgYW x3YXlzIHRy eWluZyB0by BpbXByb3Zl IGFuZCBhZG FwdCwgc28g dGhleSBjYW 4ga2VlcCBo ZWxwaW5nIH Blb3BsZSBp biB0aGUgYm VzdCB3YXlz IHBvc3NpYm xlLjxicj4=

VGhlcmUgYX JlIGEgZmV3 IGtleSBmYW N0b3JzIHRo YXQgc2V0IE FtZXJpY2Fu IEludGVybm F0aW9uYWwg R3JvdXAgKE FJRykgYXBh cnQgZnJvbS BvdGhlciBj b21wYW5pZX M6PGJyPjEu IEdsb2JhbC BQcmVzZW5j ZTogQUlHIG lzIGEgbXVs dGluYXRpb2 5hbCBjb21w YW55IHdpdG ggb3BlcmF0 aW9ucyBpbi Btb3JlIHRo YW4gODAgY2 91bnRyaWVz LCBtYWtpbm cgaXQgb25l IG9mIHRoZS BsYXJnZXN0 IGFuZCBtb3 N0IGdlb2dy YXBoaWNhbG x5IGRpdmVy c2lmaWVkIG luc3VyZXJz IGluIHRoZS B3b3JsZC48 YnI+Mi4gSG lzdG9yeSBh bmQgRXhwZX JpZW5jZTog QUlHIGhhcy BiZWVuIGlu IG9wZXJhdG lvbiBmb3Ig b3ZlciAxMD AgeWVhcnMs IHdpdGggYS Bsb25nIGhp c3Rvcnkgb2 YgcHJvdmlk aW5nIGluc3 VyYW5jZSBh bmQgZmluYW 5jaWFsIHNl cnZpY2VzIH RvIGluZGl2 aWR1YWxzIG FuZCBidXNp bmVzc2VzIG Fyb3VuZCB0 aGUgd29ybG QuIFRoaXMg ZXhwZXJpZW 5jZSBoYXMg YWxsb3dlZC BBSUcgdG8g ZGV2ZWxvcC BhIHN0cm9u ZyB1bmRlcn N0YW5kaW5n IG9mIHRoZS BnbG9iYWwg bWFya2V0IG FuZCBpdHMg Y3VzdG9tZX JzLjxicj4z LiBEaXZlcn NpZmllZCBQ b3J0Zm9saW 86IEFJRyBv ZmZlcnMgYS B3aWRlIHJh bmdlIG9mIG luc3VyYW5j ZSBwcm9kdW N0cyBhbmQg c2VydmljZX MsIGluY2x1 ZGluZyBsaW ZlIGluc3Vy YW5jZSwgcH JvcGVydHkg YW5kIGNhc3 VhbHR5IGlu c3VyYW5jZS wgYW5kIGZp bmFuY2lhbC BzZXJ2aWNl cyBzdWNoIG FzIHJldGly ZW1lbnQgcG xhbm5pbmcg YW5kIGFzc2 V0IG1hbmFn ZW1lbnQuIF RoaXMgZGl2 ZXJzaWZpY2 F0aW9uIGhl bHBzIHRvIG 1pdGlnYXRl IHJpc2sgYW 5kIHByb3Zp ZGVzIHN0YW JpbGl0eSB0 byB0aGUgY2 9tcGFueS48 YnI+NC4gSW 5ub3ZhdGl2 ZW5lc3M6IE FJRyBoYXMg YSByZXB1dG F0aW9uIGZv ciBiZWluZy BhIGxlYWRl ciBpbiBpbm 5vdmF0aW9u IHdpdGhpbi B0aGUgaW5z dXJhbmNlIG luZHVzdHJ5 LiBUaGV5IG hhdmUgYmVl biBhdCB0aG UgZm9yZWZy b250IG9mIG RldmVsb3Bp bmcgbmV3IH Byb2R1Y3Rz IGFuZCBzZX J2aWNlcyB0 byBtZWV0IH RoZSBjaGFu Z2luZyBuZW VkcyBvZiBj b25zdW1lcn MgYW5kIGJ1 c2luZXNzZX MuPGJyPjUu IExhcmdlIF NjYWxlIE9w ZXJhdGlvbn M6IEFJRyBp cyBhIGxhcm dlIGFuZCBp bmZsdWVudG lhbCBwbGF5 ZXIgaW4gdG hlIGluc3Vy YW5jZSBpbm R1c3RyeSwg d2l0aCBzaW duaWZpY2Fu dCBtYXJrZX Qgc2hhcmUg aW4gbWFueS Bjb3VudHJp ZXMuIFRoaX MgYWxsb3dz IHRoZW0gdG 8gbmVnb3Rp YXRlIGZhdm 9yYWJsZSB0 ZXJtcyB3aX RoIHRoZWly IHN1cHBsaW VycywgcGFy dG5lcnMsIG FuZCBjdXN0 b21lcnMsIG FuZCBoYXZl IGEgc3Ryb2 5nIGNvbXBl dGl0aXZlIG FkdmFudGFn ZS48YnI+Ni 4gUmVwdXRh dGlvbjogRG VzcGl0ZSBm YWNpbmcgZm luYW5jaWFs IGNoYWxsZW 5nZXMgaW4g dGhlIHBhc3 QsIEFJRyBo YXMgbWFpbn RhaW5lZCBh IHN0cm9uZy ByZXB1dGF0 aW9uIGluIH RoZSBpbmR1 c3RyeS4gVG hleSBhcmUg a25vd24gZm 9yIHRoZWly IGZpbmFuY2 lhbCBzdGFi aWxpdHksIG N1c3RvbWVy IHNlcnZpY2 UsIGFuZCBl dGhpY2FsIG J1c2luZXNz IHByYWN0aW Nlcy48YnI+ SW4gc3VtbW FyeSwgQUlH J3MgZ2xvYm FsIHByZXNl bmNlLCBsb2 5nIGhpc3Rv cnksIGRpdm Vyc2lmaWVk IHBvcnRmb2 xpbywgaW5u b3ZhdGlvbi wgc2NhbGUg b2Ygb3Blcm F0aW9ucywg YW5kIHJlcH V0YXRpb24g bWFrZSBpdC BhIHVuaXF1 ZSBhbmQgc2 lnbmlmaWNh bnQgcGxheW VyIGluIHRo ZSBpbnN1cm FuY2UgaW5k dXN0cnku

QW1lcmljYW 4gSW50ZXJu YXRpb25hbC BHcm91cCAo QUlHKSBpcy BhIG11bHRp bmF0aW9uYW wgaW5zdXJh bmNlIGNvbX BhbnkgdGhh dCBwcm92aW RlcyBhIHdp ZGUgcmFuZ2 Ugb2YgaW5z dXJhbmNlIH Byb2R1Y3Rz IGFuZCBzZX J2aWNlcyB0 byBpbmRpdm lkdWFscywg YnVzaW5lc3 NlcywgYW5k IG90aGVyIG 9yZ2FuaXph dGlvbnMuIF RoZSBjb21w YW55J3MgYn VzaW5lc3Mg bW9kZWwgaX MgZm9jdXNl ZCBvbiByaX NrIG1hbmFn ZW1lbnQgYW 5kIGl0IG9w ZXJhdGVzIG luIHRocmVl IG1haW4gc2 VnbWVudHM6 IEdlbmVyYW wgSW5zdXJh bmNlLCBMaW ZlICYgUmV0 aXJlbWVudC wgYW5kIE90 aGVyIE9wZX JhdGlvbnMu PGJyPlRoZS BHZW5lcmFs IEluc3VyYW 5jZSBzZWdt ZW50IG9mZm VycyBwcm9w ZXJ0eSBhbm QgY2FzdWFs dHkgaW5zdX JhbmNlIHBy b2R1Y3RzIH RoYXQgcHJv dGVjdCBpbm RpdmlkdWFs cyBhbmQgYn VzaW5lc3Nl cyBhZ2Fpbn N0IGZpbmFu Y2lhbCBsb3 NzLiBUaGlz IGluY2x1ZG VzIGNvdmVy YWdlIGZvci BhdXRvLCBo b21lb3duZX JzLCBjb21t ZXJjaWFsIH Byb3BlcnR5 LCBhbmQgbG lhYmlsaXR5 LiBBSUcgYW xzbyBvZmZl cnMgc3BlY2 lhbHR5IGlu c3VyYW5jZS Bwcm9kdWN0 cyBzdWNoIG FzIGN5YmVy LCBhZXJvc3 BhY2UsIG1h cmluZSwgYW 5kIGVuZXJn eSBpbnN1cm FuY2UuPGJy PlRoZSBMaW ZlICYgUmV0 aXJlbWVudC BzZWdtZW50 IHByb3ZpZG VzIGxpZmUg aW5zdXJhbm NlLCBhbm51 aXRpZXMsIG FuZCByZXRp cmVtZW50IH Byb2R1Y3Rz IHRvIGhlbH AgaW5kaXZp ZHVhbHMgYW 5kIGluc3Rp dHV0aW9ucy BwbGFuIGZv ciB0aGVpci BmaW5hbmNp YWwgZnV0dX JlLiBUaGVz ZSBwcm9kdW N0cyBpbmNs dWRlIHBlcm 1hbmVudCBh bmQgdGVybS BsaWZlIGlu c3VyYW5jZS wgdmFyaWFi bGUgYW5kIG ZpeGVkIGFu bnVpdGllcy wgYW5kIGdy b3VwIHJldG lyZW1lbnQg cGxhbnMuPG JyPlRoZSBP dGhlciBPcG VyYXRpb25z IHNlZ21lbn QgY29uc2lz dHMgb2YgbW 9ydGdhZ2Ug aW5zdXJhbm NlIGFuZCBv dGhlciBmaW 5hbmNpYWwg c2VydmljZX MgdGhhdCBz dXBwb3J0IH RoZSBjb21w YW55J3MgY2 9yZSBpbnN1 cmFuY2UgYn VzaW5lc3Mu IFRoaXMgaW 5jbHVkZXMg bW9ydGdhZ2 UgZ3VhcmFu dHkgaW5zdX JhbmNlLCBp bnN0aXR1dG lvbmFsIGlu dmVzdG1lbn QgcHJvZHVj dHMsIGFuZC ByZWd1bGF0 b3J5IGNhcG l0YWwuPGJy PkluIGFkZG l0aW9uIHRv IGl0cyBpbn N1cmFuY2Ug cHJvZHVjdH MsIEFJRyBh bHNvIG9mZm VycyByaXNr IGNvbnN1bH RpbmcgYW5k IG90aGVyIH NlcnZpY2Vz IHRvIGhlbH AgYnVzaW5l c3NlcyBiZX R0ZXIgbWFu YWdlIHRoZW lyIG92ZXJh bGwgcmlzay BleHBvc3Vy ZS4gVGhlIG NvbXBhbnkn cyBidXNpbm VzcyBtb2Rl bCByZWxpZX Mgb24gYW5h bHl6aW5nIG FuZCB1bmRl cnN0YW5kaW 5nIHJpc2ss IGFuZCB1c2 luZyB0aGlz IGluZm9ybW F0aW9uIHRv IHByb3ZpZG UgdGFpbG9y ZWQgaW5zdX JhbmNlIHNv bHV0aW9ucy B0byBpdHMg Y3VzdG9tZX JzLjxicj5P dmVyYWxsLC BBSUcncyBi dXNpbmVzcy Btb2RlbCBp cyBmb2N1c2 VkIG9uIHBy b3ZpZGluZy BpbnN1cmFu Y2UgYW5kIH Jpc2sgbWFu YWdlbWVudC Bzb2x1dGlv bnMgdG8gaW 5kaXZpZHVh bHMsIGJ1c2 luZXNzZXMs IGFuZCBvdG hlciBvcmdh bml6YXRpb2 5zIHRvIGhl bHAgdGhlbS Bwcm90ZWN0 IHRoZW1zZW x2ZXMgYW5k IHBsYW4gZm 9yIHRoZWly IGZpbmFuY2 lhbCBmdXR1 cmUu

AI has the potential to pose several threats to the American International Group (AIG) and its offerings. Here are some key aspects to consider:
1. Substitution: AI can enable the development of alternative insurance models or services that directly compete with AIG’s traditional products. For example, peer-to-peer insurance platforms and usage-based insurance models driven by AI data analytics could attract customers looking for more personalized or cost-effective solutions. If these alternatives gain traction, AIG could see a decline in demand for its traditional insurance products.
2. Disintermediation: AI has the potential to reduce the need for intermediaries in the insurance process. Insurtech companies leveraging AI can streamline operations and offer consumers direct access to insurance products. This could displace traditional brokers or agents that AIG relies on to distribute its products, impacting AIG’s market reach and sales dynamics.
3. Margin Pressure: Increased competition fueled by AI efficiencies may lead to price wars in the insurance sector. As new entrants optimize their operations through AI, they could offer lower premiums, forcing established companies like AIG to reduce their prices to remain competitive. This price pressure could negatively impact AIG’s margins, especially if it struggles to effectively implement AI-driven efficiencies within its own operations.
In summary, while AI presents opportunities for innovation and improved efficiencies, it also introduces risks that could affect AIG’s products, services, and competitive positioning in the marketplace. Adaptation and strategic investment in AI technologies may be essential for AIG to mitigate these threats.

American International Group (AIG), like many insurance and financial services companies, has several key sensitivities to changes in interest rates.
1. Earnings Sensitivity: AIG’s earnings can be significantly impacted by interest rate changes due to its investment portfolio, which typically includes fixed-income securities. When interest rates rise, the yields on new bonds increase, potentially leading to enhanced returns on new investments. However, existing lower-yielding bonds may lose value, which can adversely affect earnings in the short term. Conversely, if interest rates fall, the company could face lower investment income from new bonds.
2. Cash Flow Sensitivity: Interest rates also influence AIG’s cash flow, particularly cash flows from investments. As rates rise, cash flows from fixed-income securities may improve over time as maturing bonds are reinvested at higher rates. Conversely, declining interest rates can hurt cash flow by resulting in lower reinvestment rates for maturing securities. Furthermore, the cost of insurance liabilities can be sensitive to interest rate changes, affecting the overall cash flow position of the company.
3. Valuation Sensitivity: The valuation of AIG is closely tied to interest rates due to its reliance on discounted cash flow models. Higher interest rates increase the discount rate used in these models, potentially reducing the present value of future cash flows and therefore lowering the company’s valuation. In contrast, falling interest rates can boost present value estimates, leading to higher valuations.
Overall, AIG’s financial performance and market valuation are sensitive to interest rate fluctuations due to impacts on investment income, cash flows from liabilities, and discount rates used for valuation assessments.

QSBwb3Rlbn RpYWwgcmVh bGlzdGljIH NjZW5hcmlv IHRoYXQgY2 91bGQgcGVy bWFuZW50bH kgaW1wYWly IEFtZXJpY2 FuIEludGVy bmF0aW9uYW wgR3JvdXDi gJlzIChBSU cpIGVjb25v bWljcyBvdm VyIHRoZSBu ZXh0IDMtNS B5ZWFycyBp cyBhIHNpZ2 5pZmljYW50 IGFuZCBwcm 9sb25nZWQg ZWNvbm9taW MgZG93bnR1 cm4gY291cG xlZCB3aXRo IGEgcmlzZS BpbiBjYXRh c3Ryb3BoaW MgZXZlbnRz IChzdWNoIG FzIG5hdHVy YWwgZGlzYX N0ZXJzLCBw YW5kZW1pY3 MsIG9yIGdl b3BvbGl0aW NhbCB0ZW5z aW9ucyBsZW FkaW5nIHRv IGluY3JlYX NlZCBjbGFp bXMpLiBUaG lzIHNjZW5h cmlvIGNvdW xkIGJlIGRy aXZlbiBieS BzZXZlcmFs IGZhY3Rvcn MsIGluY2x1 ZGluZyBjbG ltYXRlIGNo YW5nZSwgd2 hpY2ggbGVh ZHMgdG8gbW 9yZSBmcmVx dWVudCBhbm Qgc2V2ZXJl IHdlYXRoZX ItcmVsYXRl ZCBkaXNhc3 RlcnMsIG9y IGEgZmluYW 5jaWFsIGNy aXNpcyB0cm lnZ2VyZWQg YnkgaW5mbG F0aW9uLCBy aXNpbmcgaW 50ZXJlc3Qg cmF0ZXMsIG 9yIHVucmVz b2x2ZWQgZ2 xvYmFsIHN1 cHBseSBjaG FpbiBpc3N1 ZXMuPGJyPk luIHRoaXMg c2NlbmFyaW 8sIEFJR+KA mXMgdW5kZX J3cml0aW5n IHBlcmZvcm 1hbmNlIHdv dWxkIGxpa2 VseSBkZXRl cmlvcmF0ZS BzaWduaWZp Y2FudGx5Li BUaGUgY29t cGFueSBjb3 VsZCBmYWNl IGhpZ2hlci BjbGFpbXMg ZnJlcXVlbm N5IGFuZCBz ZXZlcml0eS BhcyB0aGV5 IHJlc3Bvbm QgdG8gaW5j cmVhc2VkIG 5hdHVyYWwg ZGlzYXN0ZX JzLCBoZWFs dGggY3Jpc2 VzLCBvciBv dGhlciBpbn N1cmVkIGV2 ZW50cy4gVG hpcyB3b3Vs ZCBsZWFkIH RvIGEgc2hh cnAgZGVjbG luZSBpbiBw cm9maXQgbW FyZ2lucyBh cyBsb3NzIH JhdGlvcyBy aXNlIGFuZC Bjb21iaW5l ZCByYXRpb3 MgZXhjZWVk IDEwMCUsIG 1lYW5pbmcg dGhhdCBBSU cgd291bGQg YmUgc3Blbm RpbmcgbW9y ZSBvbiBjbG FpbXMgYW5k IGV4cGVuc2 VzIHRoYW4g aXQgZWFybn MgaW4gcHJl bWl1bXMuPG JyPkNhc2gg ZmxvdyB3b3 VsZCBhbHNv IGJlIG5lZ2 F0aXZlbHkg aW1wYWN0ZW QgYXMgdGhl IG5lZWQgdG 8gcGF5IG91 dCBjbGFpbX Mgd291bGQg b3V0c3RyaX AgaW5jb21p bmcgcHJlbW l1bSByZXZl bnVlcy4gVG hpcyBjb3Vs ZCByZXN1bH QgaW4gbG93 ZXIgY2FzaC BhdmFpbGFi bGUgZm9yIH JlaW52ZXN0 bWVudCBvci ByZXR1cm4g dG8gc2hhcm Vob2xkZXJz LCBjb25zdH JhaW5pbmcg QUlH4oCZcy BhYmlsaXR5 IHRvIHB1cn N1ZSBncm93 dGggaW5pdG lhdGl2ZXMg b3IgbWFpbn RhaW4gZGl2 aWRlbmRzLi BUaGUgdW5w cmVkaWN0YW JpbGl0eSBv ZiBjbGFpbX MgY291bGQg YWxzbyBuZW Nlc3NpdGF0 ZSBsYXJnZX IgcmVzZXJ2 ZXMsIGZ1cn RoZXIgc3Ry YWluaW5nIG Nhc2ggcmVz b3VyY2VzLj xicj5PbiB0 aGUgYmFsYW 5jZSBzaGVl dCwgQUlH4o CZcyB0b3Rh bCBsaWFiaW xpdGllcyB3 b3VsZCBsaW tlbHkgaW5j cmVhc2UgZH VlIHRvIGhp Z2hlciByZX NlcnZlcyBz ZXQgYXNpZG UgZm9yIGZ1 dHVyZSBjbG FpbXMuIFRo aXMgY291bG QgcmVkdWNl IG92ZXJhbG wgZXF1aXR5 IGlmIHRoZS Bsb3NzZXMg YXJlIHN1Yn N0YW50aWFs IGVub3VnaC wgYW5kIHRo ZSBjb21wYW 55IG1heSBu ZWVkIHRvIH Rha2Ugb24g YWRkaXRpb2 5hbCBkZWJ0 IHRvIGNvdm VyIHRoZXNl IGxpYWJpbG l0aWVzLCBp bmNyZWFzaW 5nIGZpbmFu Y2lhbCBsZX ZlcmFnZSBh bmQgZGVjcm Vhc2luZyBj cmVkaXQgcm F0aW5ncy4g QSBoaWdoZX IgZGVidCBi dXJkZW4gd2 91bGQgZnVy dGhlciBjb2 1wbGljYXRl IGNhc2ggZm xvdyBpc3N1 ZXMsIGFzIG ludGVyZXN0 IG9ibGlnYX Rpb25zIHdv dWxkIGNvbX BldGUgd2l0 aCBjbGFpbX MgcGF5b3V0 cyBmb3IgYX ZhaWxhYmxl IGNhc2guPG JyPkluIHN1 bW1hcnksIG lmIGEgc2Nl bmFyaW8gYX Jpc2VzIHdo ZXJlIEFJRy BpcyBmYWNl ZCB3aXRoIG FuIGVjb25v bWljIGRvd2 50dXJuIGFu ZCBpbmNyZW FzZWQgY2F0 YXN0cm9waG ljIGNsYWlt cywgaXQgY2 91bGQgbGVh ZCB0bzo8Yn I+MS4gRGVj bGluaW5nIH Byb2ZpdCBt YXJnaW5zIG R1ZSB0byBy aXNpbmcgY2 xhaW1zIGFu ZCBleHBlbn Nlcy48YnI+ Mi4gTmVnYX RpdmUgY2Fz aCBmbG93IG FzIHRoZSBj b21wYW55IG RlYWxzIHdp dGggaGlnaG VyIHBheW91 dHMgdGhhbi BpbmNvbWlu ZyBwcmVtaX Vtcy48YnI+ My4gQSBzdH JhaW5lZCBi YWxhbmNlIH NoZWV0IG1h cmtlZCBieS BpbmNyZWFz ZWQgbGlhYm lsaXRpZXMs IHBvdGVudG lhbCBlcXVp dHkgZXJvc2 lvbiwgYW5k IGhpZ2hlci BmaW5hbmNp YWwgbGV2ZX JhZ2UgaW1w YWN0aW5nIH RoZSBjb21w YW554oCZcy BvdmVyYWxs IGZpbmFuY2 lhbCBzdGFi aWxpdHkuID xicj5UaGlz IGNvbWJpbm F0aW9uIGNv dWxkIGxlYW QgdG8gYSBs b25nLXRlcm 0gYWx0ZXJh dGlvbiBvZi BBSUfigJlz IGJ1c2luZX NzIG1vZGVs IGFuZCByZX F1aXJlIHNp Z25pZmljYW 50IHN0cmF0 ZWdpYyBzaG lmdHMgdG8g cmVnYWluIH N0YWJpbGl0 eSBhbmQgaW 52ZXN0b3Ig Y29uZmlkZW 5jZS48YnI+

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 bG9nb3MvdE VJM3kxYTlk V3NlZHI0OW wxSm4ud2Vi cCIgYWx0PS JBbWVyaWNh biBJbnRlcm 5hdGlvbmFs IEdyb3VwIi B0aXRsZT0i QW1lcmljYW 4gSW50ZXJu YXRpb25hbC BHcm91cCIg IGNsYXNzPS JpbWctZmx1 aWQiIGhlaW dodD01MCB3 aWR0aD01MC Bsb2FkaW5n PSdsYXp5Jy BzdHlsZT0n Ym9yZGVyLX JhZGl1czog NnB4Oyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J2ZsZXg6 IDE7IHRleH QtYWxpZ246 IGNlbnRlcj sgbWFyZ2lu LWxlZnQ6ID VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8cCBzdHls ZT0nZm9udC 1zaXplOiAy NnB4OyBjb2 xvcjogIzMz MzsgbWFyZ2 luLWJvdHRv bTogMTVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TiCBX YW50IHRvIH JlYWQgbW9y ZSBhYm91dC BBbWVyaWNh biBJbnRlcm 5hdGlvbmFs IEdyb3VwPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TpSBHZX Qgb3VyIGZy ZWUgZUJvb2 sgbm93OiA8 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 ICAgICBNUz RnVkdobElF IEZ0WlhKcF kyRnUgSUVs dWRHVnlibS BGMGFXOXVZ V3dnIFIzSn ZkWEFnS0Ug RkpSeWtnYV hNZyBZU0J0 ZFd4MGFXID VoZEdsdmJt RnMgSUdsdW MzVnlZVyA1 alpTQmpiM0 p3IGIzSmhk R2x2YmkgQm 9aV0ZrY1hW aCBjblJsY2 1Wa0lHIGx1 SUU1bGR5Ql ogYjNKcklF TnBkSCBrdU lFbDBJSGRo IGN5Qm1iM1 Z1WkcgVmtJ R2x1SURFNS BNVGtnWVhN Z2RHIGhsSU VGdFpYSnAg WTJGdUlFRn phVyBGMGFX TWdWVzVrIF pYSjNjbWww WlggSnpJR0 o1SUVOdiBj bTVsYkdsMW N5IEJXWVc1 a1pYSWcgVT NSaGNuSXVQ RyBKeVBqSX VJRlJvIFpT QmpiMjF3WV cgNTU0b0Na Y3lCdSBZVz FsSUhkaGN5 IEJqYUdGdV oyVmsgSUhS dklFRnRaWC BKcFkyRnVJ RWx1IGRHVn libUYwYVcg OXVZV3dnUj NKdiBkWEFn YVc0Z01UIG syTnlCaGN5 QnAgZENCbG VIQmhibSBS bFpDQnBkSE 1nIGIzQmxj bUYwYVcgOX VjeUJpWlhs diBibVFnUV hOcFlTIEIw YnlCRmRYSn YgY0dVZ1lX NWtJSCBSb1 pTQkJiV1Z5 IGFXTmhjeT Q4WW4gSStN eTRnUVVsSC BJR2x6SUc5 dVpTIEJ2Wm lCMGFHVWcg YkdGeVoyVn pkQyBCcGJu TjFjbUZ1IF kyVWdZMjl0 Y0cgRnVhV1 Z6SUdsdSBJ SFJvWlNCM2 IzIEpzWkN3 Z2QybDAgYU NCdmNHVnlZ WCBScGIyNX pJR2x1IElH MXZjbVVnZE cgaGhiaUE0 TUNCaiBiM1 Z1ZEhKcFpY IE1nWVc1a0 lHcDEgY21s elpHbGpkRy BsdmJuTXVJ RWwwIElIQn liM1pwWkcg VnpJR0VnZD JsayBaU0J5 WVc1blpTIE J2WmlCcGJu TjEgY21GdV kyVWdjSCBK dlpIVmpkSE 1nIFlXNWtJ SE5sY24gWn BZMlZ6TENC cCBibU5zZF dScGJtIGNn YkdsbVpTQn AgYm5OMWNt RnVZMiBVc0 lIQnliM0Js IGNuUjVJR0 Z1WkMgQmpZ WE4xWVd4MC BlU0JwYm5O MWNtIEZ1WT JVc0lHRnUg WkNCeVpYUn BjbSBWdFpX NTBJR0Z1IF pDQm1hVzVo Ym0gTnBZV3 dnYzJWeSBk bWxqWlhNdV BHIEp5UGpR dUlFRkogUn lCM1lYTWdi MiA1bElHOW 1JSFJvIFpT QndjbWx0WV ggSjVJSEJz WVhsbCBjbk 1nYVc0Z2RH IGhsSUhOMV luQnkgYVcx bElHMXZjbi BSbllXZGxJ R055IGFYTn BjeUJ2Wmkg QXlNREEzTF RJdyBNRGd1 SUZSb1pTIE JqYjIxd1lX NTUgSUdoaF pDQm9aVyBG MmFXeDVJR2 x1IGRtVnpk R1ZrSUcgbH VJRzF2Y25S biBZV2RsTF dKaFkyIHRs WkNCelpXTj EgY21sMGFX VnpJRyBGdV pDQnpkV1pt IFpYSmxaQ0 J6YVcgZHVh V1pwWTJGdS BkQ0JtYVc1 aGJtIE5wWV d3Z2JHOXog YzJWeklIZG 9aVyA0Z2RH aGxJR2h2IG RYTnBibWNn YlcgRnlhMl YwSUdOdiBi R3hoY0hObF pDIDQ4WW5J K05TNGcgUV hNZ1lTQnla WCBOMWJIUW diMllnIGRH aGxJR1pwYm 0gRnVZMmxo YkNCaiBjbW x6YVhNc0lF IEZKUnlCeV pXTmwgYVha bFpDQmhJRy BKaGFXeHZk WFFnIGNHRm phMkZuWlMg QnZaaUFrTV RneSBJR0pw Ykd4cGIyID RnWm5KdmJT QjAgYUdVZ1 ZWTWdaMiA5 MlpYSnViV1 Z1IGRDd2di V0ZyYVcgNW 5JR2wwSUhS byBaU0JzWV hKblpYIE4w SUdkdmRtVn kgYm0xbGJu UWdZbSBGcG JHOTFkQ0Jw IGJpQm9hWE 4wYjMgSjVM anhpY2o0Mi BMaUJKYmlB eU1EIEV5TE NCQlNVY2cg Wm5Wc2JIa2 djRyBGcFpD QmlZV05yIE lIUm9aU0Ju YjMgWmxjbT V0Wlc1MCBJ R0poYVd4dm RYIFFzSUhk cGRHZ2cgYV c1MFpYSmxj MyBRc0lITn BlQ0I1IFpX RnljeUJoYU cgVmhaQ0J2 WmlCeiBZMm hsWkhWc1pT IDQ4WW5JK0 55NGcgUVVs SElHaGhjeS BCaElHeHZi bWNnIGFHbH pkRzl5ZVMg QnZaaUJ1Yj NSaCBZbXhs SUdGamNYIF ZwYzJsMGFX OXUgY3l3Z2 FXNWpiSCBW a2FXNW5JSF JvIFpTQndk WEpqYUcgRn paU0J2WmlC QiBiV1Z5YV dOaGJpIEJI Wlc1bGNtRn MgSUVOdmNu QnZjbSBGMG FXOXVJR2x1 IElESXdNRE VnWVcgNWtJ Rk4xYmtGdC BaWEpwWTJF Z1NXIDVqTG lCcGJpQXgg T1RrNUxDQj NhRyBsamFD Qm9aV3h3IF pXUWdaWGh3 WVcgNWtJSF JvWlNCaiBi MjF3WVc1NT RvIENaY3lC d2NtVnogWl c1alpTQnBi aSBCMGFHVW diR2xtIFpT QnBibk4xY2 0gRnVZMlVn YVc1ayBkWE 4wY25rdVBH IEp5UGpndU lFbHUgSURJ d01UY3NJRS BKeWFXRnVJ RVIxIGNHVn ljbVZoZFcg eDBJR0psWT JGdCBaU0Iw YUdVZ2JtIF YzSUVORlR5 QnYgWmlCQl NVY3NJRyBK eWFXNW5hVz VuIElIZHBk R2dnYUcgbH RJR0VnYzNW aiBZMlZ6Yz JaMWJDIEIw Y21GamF5Qn kgWldOdmNt UWdhVyA0Z2 RHaGxJR2x1 IGMzVnlZVz VqWlMgQnBi bVIxYzNSeS BlU0JoYm1R Z1lTIEJtYj JOMWN5QnYg YmlCeVpYTj BjbiBWamRI VnlhVzVuIE lHRnVaQ0Jw YlggQnliM1 pwYm1jZyBk R2hsSUdOdm JYIEJoYm5u aWdKbHogSU dacGJtRnVZ MiBsaGJDQn daWEptIGIz SnRZVzVqWl MgNDhZbkkr T1M0ZyBRVW xISUdoaGN5 IEJpWldWdU lISmwgWTI5 bmJtbDZaVy BRZ1lYTWdi MjVsIElHOW 1JSFJvWlMg QjNiM0pzWk 9LQSBtWE1n Ylc5emRDIE JsZEdocFky RnMgSUdOdm JYQmhibSBs bGN5QmllU0 IwIGFHVWdS WFJvYVggTn dhR1Z5WlNC SiBibk4wYV hSMWRHIFVn Wm05eUlHWn YgZFhJZ1ky OXVjMiBWam RYUnBkbVVn IGVXVmhjbk 1nS0QgSXdN VGN0TWpBeS BNQ2t1UEdK eVBqIEV3TG lCSmJpQmgg WkdScGRHbH ZiaSBCMGJ5 QnBibk4xIG NtRnVZMlVn WVcgNWtJR1 pwYm1GdSBZ MmxoYkNCel pYIEoyYVdO bGN5d2cgUV VsSElHbHpJ RyBGc2MyOG dZU0J3IGNt OXRhVzVsYm 4gUWdjM0J2 Ym5OdiBjaU JwYmlCMGFH IFVnYzNCdm NuUnogSUhk dmNteGtMaS BCVWFHVWdZ Mjl0IGNHRn VlU0JvWVgg TWdjM0J2Ym 5OdiBjbVZr SUdWMlpXID UwY3lCaGJt UWcgZEdWaG JYTWdhVyA0 Z2MzQnZjbl J6IElITjFZ MmdnWVggTW daMjlzWml3 ZyBjblZuWW 5rc0lHIEZ1 WkNCemIyTm ogWlhJc0lH RnVaQyBCM1 lYTWdkR2hs IElIQnlhVz FoY24ga2dj M0J2Ym5Odi BjaUJ2WmlC MGFHIFVnVG 1WM0lGcGwg WVd4aGJtUW dRVyB4c0lF SnNZV05yIG N5QnlkV2Rp ZVMgQjBaV0 Z0SUdaeSBi MjBnTWpBeE 1pIDB5TURF NExnPT0KIC AgICAgICA8 L3NwYW4+Ci AgICAgICAg CiAgICAgIC Ag