AGF Management

Live  

AGF Management is a publicly traded, global asset management firm based in Toronto, Canada. The company was founded in 1957 and currently has over $36 billion in assets under management. AGF offers a wide range of investment solutions to both retail and institutional clients, including mutual funds, ETFs, and managed portfolios. The company has offices in Canada, the United States, Europe, and Asia.
One of AGF Management's key strengths is its history of stability and longevity in the financial industry. The company has weathered many economic cycles and has consistently provided strong investment returns for its clients. AGF also prides itself on its client-centric approach, with a focus on building long-term relationships and providing personalized investment solutions.
In addition to its core investment management business, AGF also has a strong commitment to corporate responsibility and sustainability. The company has implemented various initiatives to reduce its environmental impact, promote diversity and inclusion, and support the communities in which it operates.
Overall, AGF Management is a reputable and well-established asset management company with a solid track record of performance and a strong commitment to responsible business practices.

QUdGIE1hbm FnZW1lbnQg aXMgYSBjb2 1wYW55IHRo YXQgaGVscH MgcGVvcGxl IGFuZCBidX NpbmVzc2Vz IGludmVzdC B0aGVpciBt b25leSB0by BtYWtlIGl0 IGdyb3cuIE p1c3QgbGlr ZSBob3cgeW 91IG1pZ2h0 IHNhdmUgeW 91ciBhbGxv d2FuY2UgdG 8gYnV5IHNv bWV0aGluZy BzcGVjaWFs IGxhdGVyLC BBR0YgaGVs cHMgcGVvcG xlIHNhdmUg YW5kIGludm VzdCBmb3Ig aW1wb3J0YW 50IHRoaW5n cyBsaWtlIG J1eWluZyBh IGhvdXNlLC Bnb2luZyB0 byBjb2xsZW dlLCBvciBy ZXRpcmluZy B3aGVuIHRo ZXnigJlyZS BvbGRlci48 YnI+QUdGIG 1ha2VzIG1v bmV5IGluIG EgZmV3IHdh eXMuIE9uZS B3YXkgaXMg YnkgY2hhcm dpbmcgZmVl cyB0byBtYW 5hZ2UgdGhl IGludmVzdG 1lbnRzLiBJ bWFnaW5lIG lmIHlvdSBh c2tlZCBhIG ZyaWVuZCB0 byBoZWxwIH lvdSBwbGFu IGEgcGFydH ksIGFuZCB5 b3UgcGFpZC B0aGVtIGEg bGl0dGxlIG JpdCBvZiB5 b3VyIGFsbG 93YW5jZSBm b3IgdGhlaX IgaGVscC4g QUdGIGRvZX Mgc29tZXRo aW5nIHNpbW lsYXI7IHBl b3BsZSBwYX kgdGhlbSB0 byBtYW5hZ2 UgdGhlaXIg aW52ZXN0bW VudHMgd2lz ZWx5LiBUaG V5IGFsc28g bWlnaHQgZW FybiBtb25l eSB3aGVuIH RoZSBpbnZl c3RtZW50cy BkbyB3ZWxs LCB3aGljaC BoZWxwcyB0 aGVtIGdyb3 cuPGJyPlRo ZSByZWFzb2 4gQUdGIGlz IHN1Y2Nlc3 NmdWwgaXMg dGhhdCB0aG V5IGhhdmUg YSBsb3Qgb2 YgZXhwZXJp ZW5jZSBhbm Qga25vd2xl ZGdlIGFib3 V0IGhvdyB0 byBtYWtlIG dvb2QgaW52 ZXN0bWVudH MuIFRoZXkg c3R1ZHkgdG hlIG1hcmtl dHMgYW5kIG tub3cgd2hl biB0byBidX kgb3Igc2Vs bCBkaWZmZX JlbnQgdGhp bmdzLCBsaW tlIHN0b2Nr cyBhbmQgYm 9uZHMuIEl0 4oCZcyBraW 5kIG9mIGxp a2UgaG93IG EgY29hY2gg a25vd3MgaG 93IHRvIHRy YWluIGEgdG VhbSB0byB3 aW4gZ2FtZX MuIFRoZWly IHNtYXJ0IG RlY2lzaW9u cyBoZWxwIH RoZWlyIGNs aWVudHPigJ kgbW9uZXkg Z3Jvdy48Yn I+TG9va2lu ZyB0byB0aG UgZnV0dXJl LCBBR0Ygd2 lsbCBsaWtl bHkgY29udG ludWUgdG8g YmUgc3VjY2 Vzc2Z1bCBi ZWNhdXNlIG 1hbnkgcGVv cGxlIHdpbG wgYWx3YXlz IHdhbnQgaG VscCBtYW5h Z2luZyB0aG VpciBtb25l eS4gQXMgdG hlIHdvcmxk IGNoYW5nZX MgYW5kIG5l dyBvcHBvcn R1bml0aWVz IGNvbWUgdX AsIEFHRiBj YW4gYWRhcH RzIGFuZCBm aW5kcyBuZX cgd2F5cyB0 byBoZWxwIH RoZWlyIGNs aWVudHMuIF BsdXMsIHdp dGggbW9yZS BwZW9wbGUg c3RhcnRpbm cgdG8gdGhp bmsgYWJvdX Qgc2F2aW5n IGFuZCBpbn Zlc3Rpbmcg ZWFybGllci wgQUdGIHdp bGwgaGF2ZS Btb3JlIGN1 c3RvbWVycy Bsb29raW5n IGZvciB0aG VpciBleHBl cnRpc2UuIF NvLCB0aGV5 IGhhdmUgYS Bnb29kIGNo YW5jZSBvZi BiZWluZyBh cm91bmQgYW 5kIGRvaW5n IHdlbGwgZm 9yIGEgbG9u ZyB0aW1lIT xicj4=

MS4gRXN0YW JsaXNoZWQg Y29tcGFueS B3aXRoIGEg bG9uZy1zdG FuZGluZyBo aXN0b3J5Oi BBR0YgTWFu YWdlbWVudC B3YXMgZm91 bmRlZCBpbi AxOTU3IGFu ZCBoYXMgYm VlbiBpbiBv cGVyYXRpb2 4gZm9yIG92 ZXIgNjAgeW VhcnMsIG1h a2luZyBpdC BvbmUgb2Yg dGhlIG9sZG VzdCBhc3Nl dCBtYW5hZ2 VtZW50IGZp cm1zIGluIE NhbmFkYS48 YnI+Mi4gRG l2ZXJzZSBy YW5nZSBvZi BpbnZlc3Rt ZW50IHByb2 R1Y3RzIGFu ZCBzZXJ2aW NlczogQUdG IG9mZmVycy BhIHdpZGUg cmFuZ2Ugb2 YgaW52ZXN0 bWVudCBwcm 9kdWN0cywg aW5jbHVkaW 5nIG11dHVh bCBmdW5kcy wgYWx0ZXJu YXRpdmUgaW 52ZXN0bWVu dHMsIGFuZC BpbnN0aXR1 dGlvbmFsIH NvbHV0aW9u cywgY2F0ZX JpbmcgdG8g dmFyaW91cy BpbnZlc3Rt ZW50IG5lZW RzIGFuZCBy aXNrIHByb2 ZpbGVzLjxi cj4zLiBTdH JvbmcgaW50 ZXJuYXRpb2 5hbCBwcmVz ZW5jZTogQU dGIGhhcyBh IGdsb2JhbC ByZWFjaCB3 aXRoIG9mZm ljZXMgaW4g Q2FuYWRhLC B0aGUgVW5p dGVkIFN0YX RlcywgRXVy b3BlLCBhbm QgQXNpYSwg cHJvdmlkaW 5nIGludmVz dG1lbnQgb3 Bwb3J0dW5p dGllcyBpbi BkaWZmZXJl bnQgbWFya2 V0cyBhbmQg Y3VycmVuY2 llcy48YnI+ NC4gRm9jdX Mgb24gc3Vz dGFpbmFibG UgaW52ZXN0 aW5nOiBBR0 YgaXMgY29t bWl0dGVkIH RvIHN1c3Rh aW5hYmxlIG ludmVzdGlu Zywgd2l0aC BhIGRlZGlj YXRlZCBzdX N0YWluYWJs ZSBpbnZlc3 RtZW50IHRl YW0gYW5kIG 92ZXIgNDAl IG9mIGl0cy Bhc3NldHMg bWFuYWdlZC B3aXRoIEVT RyAoRW52aX Jvbm1lbnRh bCwgU29jaW FsLCBhbmQg R292ZXJuYW 5jZSkgcHJp bmNpcGxlcy 48YnI+NS4g UmVjb2duaX plZCBmb3Ig aW52ZXN0bW VudCBleGNl bGxlbmNlOi BUaGUgY29t cGFueSBoYX MgcmVjZWl2 ZWQgbnVtZX JvdXMgYXdh cmRzIGFuZC ByZWNvZ25p dGlvbiBmb3 IgaXRzIGlu dmVzdG1lbn QgcHJvZHVj dHMgYW5kIH BlcmZvcm1h bmNlLCBzdW NoIGFzIHRo ZSBMaXBwZX IgRnVuZCBB d2FyZHMsIE 1vcm5pbmdz dGFyIFJhdG luZ3MsIGFu ZCB0aGUgRm luYW5jaWFs IFRpbWVzIE Z1bmQgTWFu YWdlbWVudC BBd2FyZHMu PGJyPjYuIE NsaWVudC1j ZW50cmljIG FwcHJvYWNo OiBBR0YgaX MgZGVkaWNh dGVkIHRvIH Byb3ZpZGlu ZyBwZXJzb2 5hbGl6ZWQg c29sdXRpb2 5zIGFuZCBl eGNlcHRpb2 5hbCBjbGll bnQgc2Vydm ljZSwgd2l0 aCBhIGZvY3 VzIG9uIGJ1 aWxkaW5nIG xvbmctdGVy bSByZWxhdG lvbnNoaXBz IHdpdGggY2 xpZW50cyBh bmQgdW5kZX JzdGFuZGlu ZyB0aGVpci B1bmlxdWUg aW52ZXN0bW VudCBuZWVk cy48YnI+Ny 4gRXhwZXJp ZW5jZWQgYW 5kIGtub3ds ZWRnZWFibG UgdGVhbTog VGhlIGNvbX BhbnkgYm9h c3RzIGEgdG VhbSBvZiBl eHBlcmllbm NlZCBhbmQg a25vd2xlZG dlYWJsZSBp bnZlc3RtZW 50IHByb2Zl c3Npb25hbH Mgd2l0aCBl eHBlcnRpc2 UgaW4gZGlm ZmVyZW50IG Fzc2V0IGNs YXNzZXMgYW 5kIGludmVz dG1lbnQgc3 RyYXRlZ2ll cy48YnI+OC 4gSW5ub3Zh dGl2ZSB0ZW Nobm9sb2d5 OiBBR0YgZW 1wbG95cyBh ZHZhbmNlZC B0ZWNobm9s b2d5IGFuZC BkYXRhIGFu YWx5dGljcy B0byBzdXBw b3J0IGl0cy BpbnZlc3Rt ZW50IGRlY2 lzaW9uLW1h a2luZyBhbm QgZGVsaXZl ciBzdXBlcm lvciBpbnZl c3RtZW50IH Jlc3VsdHMg Zm9yIGNsaW VudHMuPGJy PjkuIFN0cm 9uZyBjb3Jw b3JhdGUgZ2 92ZXJuYW5j ZTogVGhlIG NvbXBhbnkg aGFzIGEgcm 9idXN0IGNv cnBvcmF0ZS Bnb3Zlcm5h bmNlIHN0cn VjdHVyZSwg d2l0aCBpbm RlcGVuZGVu dCBib2FyZC BtZW1iZXJz IGFuZCB0cm Fuc3BhcmVu dCByZXBvcn RpbmcgcHJh Y3RpY2VzLC BlbnN1cmlu ZyBhY2NvdW 50YWJpbGl0 eSBhbmQgZX RoaWNhbCBi dXNpbmVzcy BwcmFjdGlj ZXMuPGJyPj EwLiBDb21t aXRtZW50IH RvIGdpdmlu ZyBiYWNrOi BBR0YgaXMg ZGVkaWNhdG VkIHRvIG1h a2luZyBhIH Bvc2l0aXZl IGltcGFjdC BpbiB0aGUg Y29tbXVuaX R5LCBzdXBw b3J0aW5nIH ZhcmlvdXMg Y2hhcml0YW JsZSBhbmQg c29jaWFsIG NhdXNlcyB0 aHJvdWdoIG l0cyBjb3Jw b3JhdGUgc2 9jaWFsIHJl c3BvbnNpYm lsaXR5IGlu aXRpYXRpdm VzLg==

VGhlIEFHRi BNYW5hZ2Vt ZW50IGNvbX BhbnkgaXMg YSBnbG9iYW wgYXNzZXQg bWFuYWdlbW VudCBmaXJt IHRoYXQgc3 BlY2lhbGl6 ZXMgaW4gY3 JlYXRpbmcg YW5kIG1hbm FnaW5nIGlu dmVzdG1lbn Qgc29sdXRp b25zIGZvci Bib3RoIGlu ZGl2aWR1YW wgYW5kIGlu c3RpdHV0aW 9uYWwgaW52 ZXN0b3JzLi BUaGVpciBi dXNpbmVzcy Btb2RlbCBp cyBmb2N1c2 VkIG9uIHBy b3ZpZGluZy BhIGRpdmVy c2UgcmFuZ2 Ugb2YgaW52 ZXN0bWVudC Bwcm9kdWN0 cyBhbmQgc2 VydmljZXMs IGluY2x1ZG luZyBtdXR1 YWwgZnVuZH MsIEVURnMs IG1hbmFnZW QgcG9ydGZv bGlvcywgYW 5kIGFsdGVy bmF0aXZlIG ludmVzdG1l bnRzLjxicj 5UaGUgY29t cGFueSdzIG NvcmUgYnVz aW5lc3MgaX MgbWFuYWdp bmcgdGhlc2 UgaW52ZXN0 bWVudCBwcm 9kdWN0cyBh bmQgcHJvdm lkaW5nIGd1 aWRhbmNlIG FuZCBleHBl cnRpc2UgdG 8gaW52ZXN0 b3JzIG9uIG 1ha2luZyBz dHJhdGVnaW MgaW52ZXN0 bWVudCBkZW Npc2lvbnMu IFRoZXkgYW xzbyBoYXZl IGEgc3Ryb2 5nIGZvY3Vz IG9uIGNsaW VudCBzZXJ2 aWNlIGFuZC BidWlsZGlu ZyBsb25nLX Rlcm0gcmVs YXRpb25zaG lwcyB3aXRo IHRoZWlyIG NsaWVudHMu PGJyPkFHRi BNYW5hZ2Vt ZW50IGdlbm VyYXRlcyBy ZXZlbnVlIH Rocm91Z2gg bWFuYWdlbW VudCBhbmQg YWR2aXNvcn kgZmVlcywg YXMgd2VsbC BhcyBwZXJm b3JtYW5jZS BmZWVzIGZy b20gaW52ZX N0b3JzIHdo byBoYXZlIG ludmVzdGVk IGluIHRoZW lyIHByb2R1 Y3RzLiBUaG V5IGFsc28g Z2VuZXJhdG UgcmV2ZW51 ZSB0aHJvdW doIGZlZXMg Zm9yIHByb3 ZpZGluZyBp bnZlc3RtZW 50IHJlc2Vh cmNoIGFuZC BzZXJ2aWNl cyB0byBvdG hlciBmaW5h bmNpYWwgaW 5zdGl0dXRp b25zLjxicj 5UaGUgY29t cGFueSdzIG J1c2luZXNz IG1vZGVsIG lzIGJ1aWx0 IG9uIGEgc3 Ryb25nIGZv dW5kYXRpb2 4gb2YgaW52 ZXN0bWVudC BleHBlcnRp c2UsIGRpdm Vyc2UgcHJv ZHVjdCBvZm ZlcmluZ3Ms IGFuZCBhIG NvbW1pdG1l bnQgdG8gcH JvdmlkaW5n IGV4Y2VwdG lvbmFsIGNs aWVudCBzZX J2aWNlLiBU aGlzIGhhcy BhbGxvd2Vk IHRoZW0gdG 8gZ3JvdyBh bmQgZXhwYW 5kIHRoZWly IGJ1c2luZX NzIGdsb2Jh bGx5LCBzZX J2aW5nIGNs aWVudHMgaW 4gb3ZlciAz MCBjb3VudH JpZXMu

AI can pose potential threats to AGF Management Company’s products, services, and competitive positioning in several ways, primarily through substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies can provide automated investment solutions and robo-advisors that may attract clients seeking lower-cost alternatives to traditional asset management services. As investors become more comfortable with AI-driven investment strategies, AGF may face challenges in attracting and retaining clients who prefer these innovative solutions, potentially leading to a decline in demand for their traditional products.
2. Disintermediation: The rise of AI in financial services could lead to disintermediation, where clients bypass traditional asset managers like AGF in favor of platforms that offer direct access to investment opportunities or AI-driven recommendations. This trend could diminish AGF’s role in the investment process and limit their ability to monetize their expertise and services.
3. Margin Pressure: As AI tools become more prevalent and accessible, competition within the asset management industry is likely to intensify. Firms that successfully implement AI can operate at lower costs and offer more competitive pricing, which may force AGF to reduce fees or find new ways to add value to their services. This pressure on margins can impact profitability and long-term sustainability.
In conclusion, while AI presents significant opportunities for enhancing operational efficiency and improving service offerings, it also poses material threats to AGF Management Company’s traditional business model through potential substitution, disintermediation, and margin pressure. Adapting to these changes will be crucial for maintaining competitive positioning in an evolving market landscape.

AGF Management’s earnings, cash flow, and valuation can be significantly sensitive to changes in interest rates due to several factors:
1. Earnings Sensitivity: AGF Management, being a financial services company, may see its earnings affected by interest rate fluctuations. Higher interest rates can lead to increased revenue from investment products and asset management fees, as clients may seek to take advantage of higher yields. Conversely, lower rates can compress margins and diminish earnings.
2. Cash Flow Sensitivity: The company’s cash flow can be impacted by interest rates through changes in assets under management (AUM). Higher interest rates can lead to volatility in the markets, which may affect investor confidence and result in reduced AUM. A decline in AUM would directly influence the fees AGF earns, thereby affecting cash flow.
3. Valuation Sensitivity: Valuation is often based on discounted cash flow models, where future cash flows are discounted at a rate influenced by interest rates. An increase in rates typically raises the discount rate, lowering the present value of future cash flows and, therefore, the valuation of the company. Conversely, lower interest rates can enhance the valuation by decreasing the discount rate applied to future cash flows.
In summary, changes in interest rates can have a notable impact on AGF Management’s earnings, cash flow, and overall valuation, affecting both operational performance and market perception.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby BvdmVyIHRo ZSBuZXh0ID PigJM1IHll YXJzIHRoYX QgY291bGQg cGVybWFuZW 50bHkgaW1w YWlyIEFHRi BNYW5hZ2Vt ZW504oCZcy BlY29ub21p Y3MgaXMgYS BzaWduaWZp Y2FudCBhbm QgcHJvbG9u Z2VkIGRvd2 50dXJuIGlu IHRoZSBhc3 NldCBtYW5h Z2VtZW50IG luZHVzdHJ5 IGRyaXZlbi BieSBhIGNv bWJpbmF0aW 9uIG9mIHJl Z3VsYXRvcn kgY2hhbmdl cywgaW5jcm Vhc2VkIGNv bXBldGl0aW 9uLCBhbmQg YSBzaGlmdC BpbiBpbnZl c3RvciBwcm VmZXJlbmNl cy48YnI+SW YgYSBzY2Vu YXJpbyBsaW tlIHRoaXMg d2VyZSB0by B1bmZvbGQs IHRoZSBmb2 xsb3dpbmcg aW1wYWN0cy Bjb3VsZCBv Y2N1cjo8Yn I+MS4gPHN0 cm9uZz5SZW d1bGF0b3J5 IENoYW5nZX M8L3N0cm9u Zz46IFN0cm ljdGVyIHJl Z3VsYXRpb2 5zIGNvdWxk IGJlIGltcG xlbWVudGVk LCBtYW5kYX RpbmcgaGln aGVyIGNhcG l0YWwgcmVx dWlyZW1lbn RzIG9yIGxp bWl0aW5nIG ZlZXMgdGhh dCBhc3NldC BtYW5hZ2Vy cyBjYW4gY2 hhcmdlLiBU aGlzIHdvdW xkIHJlZHVj ZSByZXZlbn VlIGFuZCBm b3JjZSBBR0 YgTWFuYWdl bWVudCB0by BlaXRoZXIg YWJzb3JiIG Nvc3RzIG9y IHBhc3MgdG hlbSBvbnRv IGNsaWVudH MsIGxlYWRp bmcgdG8gaW 5jcmVhc2Vk IGNsaWVudC BhdHRyaXRp b24uPGJyPj IuIDxzdHJv bmc+SW5jcm Vhc2VkIENv bXBldGl0aW 9uPC9zdHJv bmc+OiBUaG UgcmlzZSBv ZiBsb3ctY2 9zdCBpbmRl eCBmdW5kcy BhbmQgRVRG cyBjb3VsZC BleGFjZXJi YXRlIHByaW NpbmcgcHJl c3N1cmVzIG 9uIHRyYWRp dGlvbmFsIG FjdGl2ZWx5 IG1hbmFnZW QgZnVuZHMu IEFzIGNsaW VudHMgc2hp ZnQgdG93YX JkcyB0aGVz ZSBjaGVhcG VyIGFsdGVy bmF0aXZlcy wgQUdG4oCZ cyByZXZlbn VlIGZyb20g bWFuYWdlbW VudCBmZWVz IGNvdWxkIG RlY2xpbmUg c2lnbmlmaW NhbnRseSwg aW1wYWN0aW 5nIG92ZXJh bGwgcHJvZm l0YWJpbGl0 eS48YnI+My 4gPHN0cm9u Zz5JbnZlc3 RvciBQcmVm ZXJlbmNlcz wvc3Ryb25n PjogQSBsb2 5nLXRlcm0g dHJlbmQgdG 93YXJkcyBz dXN0YWluYW JsZSBhbmQg c29jaWFsbH kgcmVzcG9u c2libGUgaW 52ZXN0aW5n IGNvdWxkIG xlYWQgdG8g YSBtaXNtYX RjaCB3aXRo IEFHRuKAmX Mgb2ZmZXJp bmdzIGlmIH RoZSBjb21w YW55IGZhaW xzIHRvIGFk YXB0IHF1aW NrbHkuIFRo aXMgc2hpZn QgY291bGQg cmVzdWx0IG luIG91dGZs b3dzIGZyb2 0gZnVuZHMg dGhhdCBkby Bub3QgYWxp Z24gd2l0aC BpbnZlc3Rv ciB2YWx1ZX MsIGZ1cnRo ZXIgZXJvZG luZyBhc3Nl dHMgdW5kZX IgbWFuYWdl bWVudCBhbm QgZmVlIGlu Y29tZS48Yn I+SW4gdGhp cyBzY2VuYX JpbywgQUdG IE1hbmFnZW 1lbnTigJlz IG1hcmdpbn Mgd291bGQg bGlrZWx5IH Nocmluay4g VGhlIGNvbX Bhbnkgd291 bGQgc2VlIG EgZGVjbGlu ZSBpbiByZX ZlbnVlIGRy aXZlbiBieS Bsb3dlciBt YW5hZ2VtZW 50IGZlZXMg YW5kIHBvdG VudGlhbCBs b3NzIG9mIG Fzc2V0cyB1 bmRlciBtYW 5hZ2VtZW50 LiBPcGVyYX RpbmcgbWFy Z2lucyBjb3 VsZCBmYWxs IHNpZ25pZm ljYW50bHks IGFzIGZpeG VkIGNvc3Rz IHJlbGF0ZW QgdG8gY29t cGxpYW5jZS wgbWFya2V0 aW5nLCBhbm Qgb3BlcmF0 aW9uYWwgc3 VwcG9ydCBy ZW1haW4sIH doaWxlIHJl dmVudWUgZH JvcHMuPGJy PkNhc2ggZm xvdyB3b3Vs ZCBhbHNvIG JlIGFkdmVy c2VseSBhZm ZlY3RlZC4g V2l0aCBsb3 dlciByZXZl bnVlcyBhbm QgcG90ZW50 aWFsIG91dG Zsb3dzIGZy b20gZnVuZH MsIGZyZWUg Y2FzaCBmbG 93IGNvdWxk IGR3aW5kbG UsIGxpbWl0 aW5nIHRoZS Bjb21wYW55 4oCZcyBhYm lsaXR5IHRv IGludmVzdC BvciByZXR1 cm4gY2FwaX RhbCB0byBz aGFyZWhvbG RlcnMuIFRo ZXkgbWlnaH QgaGF2ZSB0 byBjb25zaW RlciBjb3N0 LWN1dHRpbm cgbWVhc3Vy ZXMsIHdoaW NoIGNvdWxk IGluY2x1ZG UgbGF5b2Zm cyBvciByZW R1Y2luZyBt YXJrZXRpbm cgc3BlbmQs IGZ1cnRoZX IgaW1wYWN0 aW5nIGdyb3 d0aCBwcm9z cGVjdHMuPG JyPk9uIHRo ZSBiYWxhbm NlIHNoZWV0 LCBpZiB0aG VzZSBhZHZl cnNlIGRldm Vsb3BtZW50 cyB3ZXJlIH N1c3RhaW5l ZCBvdmVyIH RoZSBsb25n IHRlcm0sIE FHRiBtaWdo dCBzZWUgYW 4gaW5jcmVh c2UgaW4gZG VidCBsZXZl bHMgaWYgdG hleSB0b29r IG9uIGFkZG l0aW9uYWwg Ym9ycm93aW 5nIHRvIHN1 cHBvcnQgb3 BlcmF0aW9u cyBvciBtYW ludGFpbiBs aXF1aWRpdH kgZHVyaW5n IGRvd250dX Jucy4gQ29u dmVyc2VseS wgdGhleSBt YXkgYWxzby BleHBlcmll bmNlIGEgcm VkdWN0aW9u IGluIGVxdW l0eSBhcyBy ZXRhaW5lZC BlYXJuaW5n cyBkZWNsaW 5lIGR1ZSB0 byBwZXJzaX N0ZW50IGxv c3NlcyBvci BkaW1pbmlz aGVkIHByb2 ZpdGFiaWxp dHkuPGJyPk 92ZXJhbGws IEFHRiBNYW 5hZ2VtZW50 4oCZcyBmaW 5hbmNpYWwg aGVhbHRoIH dvdWxkIGRl dGVyaW9yYX RlLCBtYWtp bmcgaXQgaW 5jcmVhc2lu Z2x5IGNoYW xsZW5naW5n IHRvIG9wZX JhdGUgZWZm ZWN0aXZlbH kgd2l0aGlu IGEgc2hyaW 5raW5nIG1h cmtldC4gVG hpcyBjaGFu Z2UgaW4gZW Nvbm9taWNz IGNvdWxkIH Bvc2l0aW9u IHRoZSBjb2 1wYW55IGF0 IGEgZ3JlYX RlciByaXNr IG9mIGFjcX Vpc2l0aW9u IG9yIGZvcm NlIGl0IHRv IHBpdm90IG l0cyBidXNp bmVzcyBzdH JhdGVneSB0 b3dhcmQgbW 9yZSBpbm5v dmF0aXZlIG ludmVzdG1l bnQgcHJvZH VjdHMgYW5k IGNvc3QtZW ZmaWNpZW50 IG9wZXJhdG lvbnMuPGJy 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 bG9nb3Mvdz U1eGR4eTd4 VnI4TDY4RG 1mdEoud2Vi cCIgYWx0PS JBR0YgTWFu YWdlbWVudC IgdGl0bGU9 IkFHRiBNYW 5hZ2VtZW50 IiAgY2xhc3 M9ImltZy1m bHVpZCIgaG VpZ2h0PTUw IHdpZHRoPT UwIGxvYWRp bmc9J2xhen knIHN0eWxl PSdib3JkZX ItcmFkaXVz OiA2cHg7Jz 4KCiAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nZmxl eDogMTsgdG V4dC1hbGln bjogY2VudG VyOyBtYXJn aW4tbGVmdD ogNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdmb2 50LXNpemU6 IDI2cHg7IG NvbG9yOiAj MzMzOyBtYX JnaW4tYm90 dG9tOiAxNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICDwn5OI IFdhbnQgdG 8gcmVhZCBt b3JlIGFib3 V0IEFHRiBN YW5hZ2VtZW 50PwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+OgS BGcmVlIGRv d25sb2FkIS A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv cD4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT JweDsgZm9u dC1zaXplOi AxM3B4OyBj b2xvcjogIz Q0NDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgU2ln biB1cCBub3 cgYW5kIGdl dCBvdXIgZn JlZSBlQm9v ayAKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDxiPlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3M8L2 I+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxNnB4 OyBmb250LX NpemU6IDE0 cHg7IGNvbG 9yOiAjNDQ0 OyBmb250LW ZhbWlseTog LWFwcGxlLX N5c3RlbSwg QmxpbmtNYW NTeXN0ZW1G b250LCBTZW dvZSBVSSwg Um9ib3RvLC BIZWx2ZXRp Y2EgTmV1ZS wgc2Fucy1z ZXJpZjsgbG luZS1oZWln aHQ6IDEuNj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgSGF2ZSB5 b3UgaGVhcm QgYWJvdXQg b3VyIHNob3 J0IDxzdHJv bmcgc3R5bG U9J2ZvbnQt d2VpZ2h0Oi A2MDA7Jz5E YWlseSBWaW RlbyBOZXdz bGV0dGVyPC 9zdHJvbmc+ PwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naHR0cHM6 Ly93d3cuaW 5zaWdodGZ1 bHZhbHVlLm NvbS9uZXdz bGV0dGVyLn BocCcgdGFy Z2V0PSdfYm xhbmsnIHN0 eWxlPSdjb2 xvcjogIzAw N0JGRjsgdG V4dC1kZWNv cmF0aW9uOi Bub25lOyBm b250LXdlaW dodDogNTAw OyBtYXJnaW 4tbGVmdDog NnB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgRmluZCBv dXQgbW9yZQ ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgLS 0+CiAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg IAogICAgIC AgIAogICAg ICAgIDxzcG FuIGNsYXNz PSdibHVycm VkLXRleHQn PgogICAgIC AgICAgICBN UzRnVkdobE lHIE52YlhC aGJua2cgZD JGeklHWnZk VyA1a1pXUW dhVzRnIE1U azFOeUJpZV MgQkRMaUJY WVhKeSBaVz RnUjI5c1pI IEpwYm1jc0 lHRnUgSUds dWRtVnpkRy AxbGJuUWdZ bUZ1IGEyVn lJR1p5YjIg MGdWRzl5Yj I1MCBieXdn UTJGdVlXIF JoTGp4aWNq NHkgTGlCVW FHVWdibSBG dFpTQkJSMF lnIGMzUmhi bVJ6SUcgWn ZjaUJCYldW eSBhV05oYm lCSGNtIDkz ZEdnZ1JuVn UgWkM0OFlu SStNeSA0Z1 ZHaGxJR052 IGJYQmhibm 5pZ0ogbHpJ R2hsWVdSeC BkV0Z5ZEdW eWN5IEJoY2 1VZ2JHOWog WVhSbFpDQn BiaSBCVWIz SnZiblJ2IE xDQkRZVzVo WkcgRXVQR0 p5UGpRdSBJ RUZIUmlCTl lXIDVoWjJW dFpXNTAgSU c5bVptVnlj eSBCaElIZH BaR1VnIGNt RnVaMlVnYj IgWWdhVzUy WlhOMCBiV1 Z1ZENCemIy IHgxZEdsdm JuTXMgSUds dVkyeDFaRy BsdVp5QnRk WFIxIFlXd2 dablZ1Wkgg TXNJRVZVUm 5NcyBJR0Z1 WkNCaGJIIF JsY201aGRH bDIgWlNCcG JuWmxjMyBS dFpXNTBjeT Q4IFluSStO UzRnVkcgaG xJR052YlhC aCBibmtnYU dGeklHIEZ6 YzJWMGN5Qj EgYm1SbGNp QnRZVyA1aF oyVnRaVzUw IElHOW1JRz kyWlggSWdK RE0zSUdKcC BiR3hwYjI0 Z1lXIDVrSU hObGNuWmwg Y3lCamJHbG xibiBSeklH bHVJRzkyIF pYSWdOREFn WTIgOTFibl J5YVdWeiBM anhpY2o0Mk xpIEJKYmlB eE9UZzMgTE NCQlIwWWdZ bSBWallXMW xJR0VnIGNI VmliR2xqYk gga3RkSEpo WkdWayBJR0 52YlhCaGJu IGtnYjI0Z2 RHaGwgSUZS dmNtOXVkRy A4Z1UzUnZZ MnNnIFJYaG phR0Z1WjIg VXVQR0p5UG pjdSBJRUZI UmlCb1lYIE 1nWVNCemRI SnYgYm1jZ1 ptOWpkWCBN Z2IyNGdjM1 Z6IGRHRnBi bUZpYVcgeH BkSGtnWVc1 ayBJSE52WT JsaGJDIEJ5 WlhOd2IyNX ogYVdKcGJH bDBlUyB3Z1 lXNWtJR2x6 IElHRWdjMm xuYm0gRjBi M0o1SUc5bS BJSFJvWlNC VmJtIGwwWl dRZ1RtRjAg YVc5dWMrS0 FtUyBCUWNt bHVZMmx3IG JHVnpJR1p2 Y2kgQlNaWE 53YjI1eiBh V0pzWlNCSm JuIFpsYzNS dFpXNTAgTG p4aWNqNDRM aSBCVWFHVW dZMjl0IGNH RnVlU0JvWV ggTWdkMjl1 SUc1MSBiV1 Z5YjNWeklH IEYzWVhKa2 N5Qm0gYjNJ Z2FYUnpJRy BsdWRtVnpk RzFsIGJuUW djR1Z5Wm0g OXliV0Z1WT JVcyBJR2x1 WTJ4MVpHIG x1WnlCeVpX TnYgWjI1cG RHbHZiaSBC bWNtOXRJRT F2IGNtNXBi bWR6ZEcgRn lMQ0JNYVhC dyBaWElzSU dGdVpDIEJH ZFc1a1lYUm ggTGp4aWNq NDVMaSBCSm JpQmhaR1Jw IGRHbHZiaU IwYnkgQnBk SE1nYVc1Mi BaWE4wYldW dWRDIEJ2Wm 1abGNtbHUg WjNNc0lFRk hSaSBCaGJI TnZJR2hoIG N5QmhJSE5w WjIgNXBabW xqWVc1MCBJ SEJ5WlhObG JtIE5sSUds dUlIUm8gWl NCcGJuTjFj bSBGdVkyVW dhVzVrIGRY TjBjbmtnZE cgaHliM1Zu YUNCcCBkSE 1nYzNWaWMy IGxrYVdGeW VTd2cgUVVk R0lFbHVjMy BWeVlXNWpa U0JNIGRHUX VQR0p5UGog RXdMaUJKYm lBeSBNREV5 TENCQlIwIF lnYkdGMWJt Tm8gWldRZ2 RHaGxJRSBG SFJpQkhiRz lpIFlXd2dV M1Z6ZEcgRn BibUZpYkdV ZyBSM0p2ZD NSb0lFIFZ4 ZFdsMGVTQk cgZFc1a0xD QnZibSBVZ2 IyWWdkR2hs IElHWnBjbk 4wSUcgZHNi MkpoYkNCei BkWE4wWVds dVlXIEpzWl NCdGRYUjEg WVd3Z1puVn VaSCBNZ2FX NGdRMkZ1IF lXUmhManhp Y2ogNHhNUz RnUVVkRyBJ R2hoY3lCaE lHIHh2Ym1j Z2FHbHogZE c5eWVTQnZa aSBCemRYQn diM0owIGFX NW5JSEJvYV cgeGhiblJv Y205dyBhV0 1nWTJGMWMy IFZ6SUdGdV pDQm8gWVhN Z1pHOXVZWC BSbFpDQnZk bVZ5IElDUX lOU0J0YVcg eHNhVzl1SU hSdiBJSFpo Y21sdmRYIE 1nWTJoaGNt bDAgWVdKc1 pTQnZjbSBk aGJtbDZZWF JwIGIyNXpM anhpY2ogNH hNaTRnVkdo bCBJR052Yl hCaGJuIG5p Z0pseklHWn YgZFc1a1pY SXNJRSBNdU lGZGhjbkps IGJpQkhiMn hrY20gbHVa eXdnZDJGei BJR2x1WkhW amRHIFZrSU dsdWRHOGcg ZEdobElFbH VkbSBWemRH MWxiblFnIF NXNWtkWE4w Y24ga2dRWE 56YjJOcCBZ WFJwYjI0Z2 IyIFlnUTJG dVlXUmggNG 9DWmN5QklZ VyB4c0lHOW 1JRVpoIGJX VWdhVzRnTW ogQXdOQzQ4 WW5JKyBNVE 11SUVGSFJp IEJvWVhNZ1 lTQnogZEhK dmJtY2dZMi A5dGJXbDBi V1Z1IGRDQj BieUJrYVgg Wmxjbk5wZE hrZyBZVzVr SUdsdVkyIH gxYzJsdmJp d2cgZDJsMG FDQmthWCBa bGNuTmxJSE psIGNISmxj MlZ1ZEcgRj BhVzl1SUc5 dSBJR2wwY3 lCaWIyIEZ5 WkNCdlppQm sgYVhKbFkz UnZjbiBNZ1 lXNWtJR3hs IFlXUmxjbk 5vYVggQWdk R1ZoYlM0OC BZbkkrTVRR dUlFIGx1SU RJd01UZ3Mg SUhSb1pTQm piMiAxd1lX NTVJSEJoIG NuUnVaWEps WkMgQjNhWF JvSUhSbyBa U0JWYm1sMl pYIEp6YVhS NUlHOW0gSU ZSdmNtOXVk RyA4Z2RHOG diR0YxIGJt Tm9JSFJvWl MgQkJSMFln U1c1MiBaWE 4wYldWdWRD IEJKYm1OMV ltRjAgYjNJ Z1VISnZaMy BKaGJTd2dZ V2x0IFpXUW dZWFFnY0gg SnZiVzkwYV c1biBJR1pw Ym1GdVkyIG xoYkNCc2FY UmwgY21Gam VTQmhibSBR Z1pXNTBjbV Z3IGNtVnVa WFZ5YzIgaH BjQ0JoYlc5 dSBaeUJ6ZE hWa1pXIDUw Y3k0OFluSS sgTVRVdUlF RkhSaSBCcG N5QmhJRzFs IGJXSmxjaU J2WmkgQjBh R1VnU1c1MC BaWEp1WVhS cGIyIDVoYk NCR2IzSjEg YlNCdlppQl RiMyBabGNt VnBaMjRnIF YyVmhiSFJv SUUgWjFibV J6TENCMyBh R2xqYUNCaW NtIGx1WjNN Z2RHOW4gWl hSb1pYSWdj MyBSaGRHVX RiM2R1IFpX UWdhVzUyWl ggTjBiV1Z1 ZENCbSBkVz VrY3lCbWNt IDl0SUdGeW IzVnUgWkNC MGFHVWdkMi A5eWJHUWdk RzhnIGNISn ZiVzkwWlMg QmlaWE4wSU hCeSBZV04w YVdObGN5IE JoYm1RZ2Ey NXYgZDJ4bF pHZGxJSCBO b1lYSnBibW N1CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==