Stock Yards Bancorp

Live  

Stock Yards Bancorp is a publicly traded financial services company that is headquartered in Louisville, Kentucky. It operates through its subsidiary, Stock Yards Bank & Trust Company, which was founded in 1904.
The company provides a range of financial services, including personal and business banking, wealth management, and insurance services. Its core products include checking and savings accounts, loans and lines of credit, credit cards, and investment management.
Stock Yards Bancorp has over 1,000 employees and serves customers through over 40 branches in Kentucky and Indiana. It is also listed on the NASDAQ stock exchange under the ticker symbol SYBT and is a component of the Russell 2000 index.
The company has a long history of financial stability and growth, with a focus on building relationships with its customers and communities. It has received numerous awards and recognition for its financial performance and customer service, including being named one of Forbes' 100 Most Trustworthy Companies in America.
In addition to its banking services, Stock Yards Bancorp is committed to giving back to the communities it serves through various charitable initiatives and volunteer efforts. It also encourages its employees to participate in community service activities and supports local organizations and nonprofits.

U3RvY2sgWW FyZHMgQmFu Y29ycCBpcy BhIGNvbXBh bnkgdGhhdC BoZWxwcyBw ZW9wbGUgYW 5kIGJ1c2lu ZXNzZXMgd2 l0aCB0aGVp ciBtb25leS 4gVGhpbmsg b2YgaXQgbG lrZSBhIGJp ZywgZnJpZW 5kbHkgYmFu ay4gSnVzdC BsaWtlIHdo ZW4geW91IG tlZXAgeW91 ciBhbGxvd2 FuY2UgaW4g YSBwaWdneS BiYW5rLCBt YW55IHBlb3 BsZSBhbmQg YnVzaW5lc3 NlcyBrZWVw IHRoZWlyIG 1vbmV5IGlu IFN0b2NrIF lhcmRzIEJh bmNvcnAuID xicj5UaGUg d2F5IFN0b2 NrIFlhcmRz IEJhbmNvcn AgbWFrZXMg bW9uZXkgaX MgYnkgcHJv dmlkaW5nIH NlcnZpY2Vz IGxpa2UgY2 hlY2tpbmcg YW5kIHNhdm luZ3MgYWNj b3VudHMsIG xvYW5zLCBh bmQgb3RoZX IgZmluYW5j aWFsIGhlbH AuIFdoZW4g cGVvcGxlIG FuZCBidXNp bmVzc2VzIG JvcnJvdyBt b25leSBmcm 9tIHRoZSBi YW5rLCB0aG V5IHBheSBh IGxpdHRsZS BleHRyYSBj YWxsZWQgaW 50ZXJlc3Qu IFRoYXTigJ lzIG9uZSB3 YXkgdGhlIG JhbmsgZWFy bnMgbW9uZX kuIEl0IGFs c28gY2hhcm dlcyBmZWVz IGZvciBzb2 1lIHNlcnZp Y2VzLCBsaW tlIHVzaW5n IEFUTXMgb3 IgZ2V0dGlu ZyBoZWxwIH dpdGggYnVz aW5lc3MgZm luYW5jZXMu PGJyPlN0b2 NrIFlhcmRz IEJhbmNvcn AgaGFzIGJl ZW4gc3VjY2 Vzc2Z1bCBi ZWNhdXNlIG l0IGZvY3Vz ZXMgb24gZ2 l2aW5nIGdv b2Qgc2Vydm ljZSBhbmQg aGVscGluZy BwZW9wbGUg d2l0aCB0aG VpciBmaW5h bmNpYWwgbm VlZHMuIFRo ZXkgYWxzby BidWlsZCB0 cnVzdCBpbi B0aGVpciBj b21tdW5pdH ksIHdoaWNo IG1lYW5zIH RoYXQgYSBs b3Qgb2YgcG VvcGxlIGxp a2UgdG8gZG 8gYnVzaW5l c3Mgd2l0aC B0aGVtLiA8 YnI+TG9va2 luZyB0byB0 aGUgZnV0dX JlLCBTdG9j ayBZYXJkcy BCYW5jb3Jw IGNvdWxkIH N0YXkgc3Vj Y2Vzc2Z1bC BiZWNhdXNl IHRoZXkgY2 FuIGFkYXB0 IHRvIG5ldy B0ZWNobm9s b2d5LCBsaW tlIG9ubGlu ZSBiYW5raW 5nLCB3aGlj aCBtYW55IH Blb3BsZSBs b3ZlIHRvIH VzZS4gVGhl eSBhbHNvIG NhbiBjb250 aW51ZSB0by BoZWxwIHRo ZWlyIGN1c3 RvbWVycyB3 aXRoIHNtYX J0IGFkdmlj ZSBhYm91dC Btb25leSwg d2hpY2ggaG VscHMgcGVv cGxlIG1ha2 UgZ3JlYXQg Y2hvaWNlcy BhbmQgZmVl bCBzZWN1cm UuIEp1c3Qg bGlrZSBhIH RydXN0ZWQg ZnJpZW5kLC B0aGV54oCZ bGwgYmUgdG hlcmUgdG8g aGVscCBpbi Bnb29kIHRp bWVzIGFuZC B0b3VnaCB0 aW1lcywgd2 hpY2ggaXMg d2h5IG1hbn kgcGVvcGxl IHdpbGwga2 VlcCB3YW50 aW5nIHRvIH dvcmsgd2l0 aCB0aGVtLj xicj4=

MS4gTG9uZy BIaXN0b3J5 OiBTdG9jay BZYXJkcyBC YW5jb3JwIH dhcyBmb3Vu ZGVkIGluID E5MDQgaW4g TG91aXN2aW xsZSwgS2Vu dHVja3ksIG 1ha2luZyBp dCBvbmUgb2 YgdGhlIG9s ZGVzdCBhbm QgbW9zdCBl c3RhYmxpc2 hlZCBpbmRl cGVuZGVudC BiYW5rcyBp biB0aGUgcm VnaW9uLjxi cj4yLiBMb2 NhbCBGb2N1 czogVGhlIG NvbXBhbnkg aGFzIGEgc3 Ryb25nIGZv Y3VzIG9uIH NlcnZpbmcg dGhlIGxvY2 FsIGNvbW11 bml0eSwgd2 l0aCBhIHNp Z25pZmljYW 50IHByZXNl bmNlIGluIH RoZSBMb3Vp c3ZpbGxlIG FuZCBDaW5j aW5uYXRpIG 1hcmtldHMu PGJyPjMuIE ZpbmFuY2lh bCBTdGFiaW xpdHk6IFdp dGggb3Zlci AkNCBiaWxs aW9uIGluIG Fzc2V0cywg U3RvY2sgWW FyZHMgQmFu Y29ycCBpcy BhIGZpbmFu Y2lhbGx5IH N0YWJsZSBj b21wYW55IH RoYXQgaGFz IGNvbnNpc3 RlbnRseSBn cm93biBpdH MgYXNzZXRz LCBsb2Fucy wgYW5kIGRl cG9zaXRzIG 92ZXIgdGhl IHllYXJzLj xicj40LiBD dXN0b21lci BTZXJ2aWNl OiBUaGUgY2 9tcGFueSBo YXMgYSBjb2 1taXRtZW50 IHRvIHByb3 ZpZGluZyBl eGNlcHRpb2 5hbCBjdXN0 b21lciBzZX J2aWNlIGFu ZCBidWlsZG luZyBsb25n LXRlcm0gcm VsYXRpb25z aGlwcyB3aX RoIGl0cyBj bGllbnRzLC B3aGljaCBo YXMgY29udH JpYnV0ZWQg dG8gaXRzIH N1Y2Nlc3Mg YW5kIGdyb3 d0aC48YnI+ NS4gRGl2ZX JzaWZpZWQg QnVzaW5lc3 M6IFN0b2Nr IFlhcmRzIE JhbmNvcnAg b2ZmZXJzIG Egd2lkZSBy YW5nZSBvZi BmaW5hbmNp YWwgc2Vydm ljZXMsIGlu Y2x1ZGluZy B0cmFkaXRp b25hbCBiYW 5raW5nLCB3 ZWFsdGggbW FuYWdlbWVu dCwgdHJ1c3 Qgc2Vydmlj ZXMsIGFuZC BpbnN1cmFu Y2UsIHByb3 ZpZGluZyBj dXN0b21lcn Mgd2l0aCBh IG9uZS1zdG 9wLXNob3Ag Zm9yIGFsbC B0aGVpciBm aW5hbmNpYW wgbmVlZHMu PGJyPjYuIF N0cm9uZyBD b3Jwb3JhdG UgQ3VsdHVy ZTogVGhlIG NvbXBhbnkg aGFzIGEgc3 Ryb25nIGNv cnBvcmF0ZS BjdWx0dXJl IHRoYXQgZW 1waGFzaXpl cyB0ZWFtd2 9yaywgZXRo aWNhbCBiZW hhdmlvciwg YW5kIGNvbW 11bml0eSBp bnZvbHZlbW VudC4gVGhp cyBoYXMgaG VscGVkIHRv IGNyZWF0ZS BhIHBvc2l0 aXZlIGFuZC BzdXBwb3J0 aXZlIHdvcm sgZW52aXJv bm1lbnQgZm 9yIGl0cyBl bXBsb3llZX MuPGJyPjcu IEltcHJlc3 NpdmUgR3Jv d3RoOiBEZX NwaXRlIGJl aW5nIGEgcm VsYXRpdmVs eSBzbWFsbC BiYW5rLCBT dG9jayBZYX JkcyBCYW5j b3JwIGhhcy BleHBlcmll bmNlZCBzaW duaWZpY2Fu dCBncm93dG ggaW4gcmVj ZW50IHllYX JzLCBib3Ro IG9yZ2FuaW NhbGx5IGFu ZCB0aHJvdW doIGFjcXVp c2l0aW9ucy 48YnI+OC4g Q29tbWl0bW VudCB0byBU ZWNobm9sb2 d5OiBUaGUg Y29tcGFueS BoYXMgY29u dGludWFsbH kgaW52ZXN0 ZWQgaW4gaW 5ub3ZhdGl2 ZSB0ZWNobm 9sb2d5IHRv IGVuaGFuY2 UgaXRzIHBy b2R1Y3RzIG FuZCBzZXJ2 aWNlcywgcH JvdmlkaW5n IGN1c3RvbW VycyB3aXRo IGNvbnZlbm llbnQgYW5k IHNlY3VyZS BvcHRpb25z IGZvciB0aG VpciBmaW5h bmNpYWwgdH JhbnNhY3Rp b25zLjxicj 45LiBTdHJv bmcgRmluYW 5jaWFsIFBl cmZvcm1hbm NlOiBTdG9j ayBZYXJkcy BCYW5jb3Jw IGhhcyBhIH RyYWNrIHJl Y29yZCBvZi BzdHJvbmcg ZmluYW5jaW FsIHBlcmZv cm1hbmNlLC B3aXRoIGNv bnNpc3Rlbn QgcHJvZml0 YWJpbGl0eS BhbmQgYSBz dHJvbmcgZm luYW5jaWFs IHBvc2l0aW 9uLjxicj4x MC4gQXdhcm RzIGFuZCBS ZWNvZ25pdG lvbjogVGhl IGNvbXBhbn kgaGFzIHJl Y2VpdmVkIG 51bWVyb3Vz IGF3YXJkcy BhbmQgcmVj b2duaXRpb2 4gZm9yIGl0 cyBmaW5hbm NpYWwgcGVy Zm9ybWFuY2 UsIGNvbW11 bml0eSBpbn ZvbHZlbWVu dCwgYW5kIG NvbW1pdG1l bnQgdG8gY3 VzdG9tZXIg c2VydmljZS wgZnVydGhl ciBoaWdobG lnaHRpbmcg aXRzIHJlcH V0YXRpb24g YXMgYSB0b3 AtcGVyZm9y bWluZyBhbm QgcmVwdXRh YmxlIGNvbX Bhbnku

VGhlIFN0b2 NrIFlhcmRz IEJhbmNvcn AgY29tcGFu eSdzIGJ1c2 luZXNzIG1v ZGVsIGlzIG EgdHJhZGl0 aW9uYWwgYm Fua2luZyBh bmQgZmluYW 5jaWFsIHNl cnZpY2VzIG 1vZGVsLiBJ dCBvcGVyYX RlcyBhcyBh IGJhbmsgaG 9sZGluZyBj b21wYW55IG FuZCBpdHMg cHJpbWFyeS BidXNpbmVz cyBpcyBwcm 92aWRpbmcg YmFua2luZy wgdHJ1c3Qs IGludmVzdG 1lbnQgbWFu YWdlbWVudC wgYW5kIG90 aGVyIHJlbG F0ZWQgZmlu YW5jaWFsIH NlcnZpY2Vz IHRvIGluZG l2aWR1YWxz IGFuZCBidX NpbmVzc2Vz IGluIGl0cy BtYXJrZXRz LiBUaGlzIG luY2x1ZGVz IGNvbW1lcm NpYWwgYW5k IGNvbnN1bW VyIGJhbmtp bmcgc2Vydm ljZXMsIG1v cnRnYWdlIG xlbmRpbmcs IHdlYWx0aC BtYW5hZ2Vt ZW50LCB0cn VzdCBhbmQg aW52ZXN0bW VudCBzZXJ2 aWNlcywgYW 5kIG9ubGlu ZSBhbmQgbW 9iaWxlIGJh bmtpbmcgc2 9sdXRpb25z LiBUaGUgY2 9tcGFueSBn ZW5lcmF0ZX MgcmV2ZW51 ZSBwcmltYX JpbHkgdGhy b3VnaCBpbn RlcmVzdCBp bmNvbWUsIG ZlZXMgYW5k IGNvbW1pc3 Npb25zLCBh bmQgaW52ZX N0bWVudCBp bmNvbWUuIE l0cyBnb2Fs IGlzIHRvIH Byb3ZpZGUg cXVhbGl0eS BmaW5hbmNp YWwgcHJvZH VjdHMgYW5k IHNlcnZpY2 VzIHdoaWxl IG1haW50YW luaW5nIGEg c3Ryb25nIG ZpbmFuY2lh bCBwb3NpdG lvbiBhbmQg ZGVsaXZlcm luZyB2YWx1 ZSB0byBpdH Mgc2hhcmVo b2xkZXJzLg ==

AI has the potential to impact various aspects of financial institutions like Stock Yards Bancorp, but whether it poses a material threat depends on several factors.
1. Substitution: AI can streamline processes, enhance customer experiences, and offer competitive financial products. If Stock Yards Bancorp does not adopt AI technologies or innovate its offerings, it could see competitors leveraging AI to provide better services or more attractive products, leading to a loss of market share.
2. Disintermediation: While AI-driven platforms and fintech companies can provide direct-to-consumer financial services, potentially bypassing traditional banks, Stock Yards Bancorp could mitigate this threat by integrating AI into its services and enhancing its digital offerings. If it fails to keep up with technology trends, it may risk losing customers to more nimble competitors.
3. Margin Pressure: AI can lead to increased competition, which may pressure profit margins. If competitors use AI to reduce costs and improve efficiency, Stock Yards Bancorp might need to invest in similar technologies to remain competitive, which could impact its profit margins. Additionally, if customers expect lower fees due to AI-driven efficiencies, this could further squeeze profitability.
Overall, while AI presents challenges, it also offers opportunities for innovation and improved efficiency. The extent to which Stock Yards Bancorp faces these threats will depend on its strategic responses to the evolving technological landscape.

The sensitivity of Stock Yards Bancorp’s earnings, cash flow, and valuation to changes in interest rates can vary based on several factors, including its business model, balance sheet composition, and overall economic conditions.
1. Earnings Sensitivity: Stock Yards Bancorp, like most financial institutions, experiences direct exposure to interest rates through its lending and deposit-taking activities. When interest rates rise, the interest income from loans typically increases, which can enhance earnings. Conversely, if rates fall, the income from loans may decline, negatively impacting earnings. Additionally, the company’s net interest margin— the difference between the interest earned on assets and the interest paid on liabilities—can fluctuate significantly with changes in rates.
2. Cash Flow Sensitivity: Cash flow is also impacted by interest rate changes, particularly if the company has substantial liabilities tied to variable interest rates. Higher rates could lead to increased interest expenses, which might reduce free cash flow. On the other hand, if the firm can maintain a favorable lending spread during periods of rising rates, it may bolster cash inflows from operations.
3. Valuation Sensitivity: The valuation of Stock Yards Bancorp is influenced by interest rates primarily through the discount rate applied to future cash flows. Higher interest rates typically lead investors to require a higher return, which can depress valuations when future cash flows are discounted at an increased rate. In contrast, when interest rates are lower, the present value of future earnings and cash flows increases, potentially lifting the company’s valuation.
Overall, while changes in interest rates can have significant effects on Stock Yards Bancorp’s financial performance and valuation, the degree of sensitivity will depend on the specific dynamics of its business model, interest rate risks, and overall market conditions.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgU3 RvY2sgWWFy ZHMgQmFuY2 9ycOKAmXMg ZWNvbm9taW NzIG92ZXIg dGhlIG5leH QgMy01IHll YXJzIGNvdW xkIGludm9s dmUgYSBzZX ZlcmUgYW5k IHByb2xvbm dlZCBlY29u b21pYyBkb3 dudHVybiBp biB0aGUgVS 5TLiByZXN1 bHRpbmcgZn JvbSBhIGNv bWJpbmF0aW 9uIG9mIGZh Y3RvcnMgc3 VjaCBhcyBy aXNpbmcgaW 50ZXJlc3Qg cmF0ZXMsIG luZmxhdGlv biwgYW5kIG Egc2lnbmlm aWNhbnQgaW 5jcmVhc2Ug aW4gbG9hbi BkZWZhdWx0 cy4gPGJyPk luIHRoaXMg c2NlbmFyaW 8sIGlmIGlu dGVyZXN0IH JhdGVzIHJp c2Ugc2hhcn BseSB0byBj b21iYXQgcG Vyc2lzdGVu dCBpbmZsYX Rpb24sIGl0 IGNvdWxkIG xlYWQgdG8g aGlnaGVyIG JvcnJvd2lu ZyBjb3N0cy Bmb3IgY29u c3VtZXJzIG FuZCBidXNp bmVzc2VzLC B3aGljaCBt YXkgc3VwcH Jlc3MgbG9h biBkZW1hbm QuIEF0IHRo ZSBzYW1lIH RpbWUsIGV4 aXN0aW5nIG JvcnJvd2Vy cyBtYXkgc3 RydWdnbGUg d2l0aCByZX BheW1lbnRz IGR1ZSB0by BpbmNyZWFz ZWQgZmluYW 5jaWFsIHBy ZXNzdXJlLC BsZWFkaW5n IHRvIGEgc3 Bpa2UgaW4g ZGVsaW5xdW VuY2llcyBh bmQgY2hhcm dlLW9mZnMu IDxicj5Bcy BhIHJlc3Vs dCwgU3RvY2 sgWWFyZHMg QmFuY29ycO KAmXMgbWFy Z2lucyBjb3 VsZCBiZSBz aWduaWZpY2 FudGx5IGlt cGFjdGVkLi BUaGUgZGVj bGluZSBpbi Bsb2FuIGFj dGl2aXR5IH dvdWxkIHJl ZHVjZSBpbn RlcmVzdCBp bmNvbWUsIH doaWxlIGlu Y3JlYXNlZC Bsb2FuIGxv c3NlcyB3b3 VsZCBuZWNl c3NpdGF0ZS BoaWdoZXIg cHJvdmlzaW 9ucyBmb3Ig Y3JlZGl0IG xvc3Nlcywg ZnVydGhlci BzcXVlZXpp bmcgcHJvZm l0IG1hcmdp bnMuIFRoaX MgcHJlc3N1 cmUgY291bG QgbGVhZCB0 byBhIHJlZH VjdGlvbiBp biBuZXQgaW 50ZXJlc3Qg bWFyZ2luIG FzIHRoZSBp bnRlcmVzdC BlYXJuZWQg b24gbG9hbn MgZmFsbHMg YmVsb3cgdG hlIGNvc3Qg b2YgZnVuZH MuPGJyPkNh c2ggZmxvdy Bmb3IgdGhl IGJhbmsgY2 91bGQgYWxz byBkZXRlcm lvcmF0ZS4g V2l0aCByaX NpbmcgZGVm YXVsdHMsIH RoZSBiYW5r IHdvdWxkIH NlZSBhIGRl Y3JlYXNlIG luIGNhc2gg ZmxvdyBmcm 9tIGxvYW4g cmVwYXltZW 50cywgYW5k IHJlZHVjZW QgbG9hbiBv cmlnaW5hdG lvbnMgd291 bGQgbGVhZC B0byBsb3dl ciBvdmVyYW xsIGNhc2gg aW5mbG93cy 4gSWYgdGhl IGVjb25vbW ljIGNvbmRp dGlvbnMgcG Vyc2lzdCwg dGhlIGxhY2 sgb2YgcHJv Zml0YWJsZS BsZW5kaW5n IG9wcG9ydH VuaXRpZXMg bWlnaHQgZm 9yY2UgdGhl IGJhbmsgdG 8gcmVseSBo ZWF2aWx5IG 9uIGl0cyBl eGlzdGluZy BsaXF1aWRp dHksIHdoaW NoIGNvdWxk IHJhaXNlIH RoZSBjb3N0 IG9mIGNhcG l0YWwuPGJy Pk9uIHRoZS BiYWxhbmNl IHNoZWV0IH NpZGUsIHRo ZSBiYW5rIH dvdWxkIGxp a2VseSBzZW UgYW4gaW5j cmVhc2UgaW 4gbm9wZXJm b3JtaW5nIG xvYW5zLCB3 aGljaCBjb3 VsZCBlcm9k ZSB0aGUgcX VhbGl0eSBv ZiBpdHMgYX NzZXQgcG9y dGZvbGlvLi BUaGlzIHdv dWxkIG5lY2 Vzc2l0YXRl IGluY3JlYX NpbmcgdGhl IGFsbG93YW 5jZSBmb3Ig bG9hbiBsb3 NzZXMsIGlt cGFjdGluZy ByZXRhaW5l ZCBlYXJuaW 5ncyBhbmQg b3ZlcmFsbC BlcXVpdHku IElmIHRoZS Bkb3dudHVy biBpcyBzZX ZlcmUgYW5k IHByb2xvbm dlZCwgU3Rv Y2sgWWFyZH MgQmFuY29y cCBtaWdodC BmaW5kIGl0 c2VsZiB1bm RlcmNhcGl0 YWxpemVkLC BsZWFkaW5n IHRvIHJlZ3 VsYXRvcnkg c2NydXRpbn kgYW5kIHBv dGVudGlhbC Bjb25zdHJh aW50cyBvbi Bncm93dGgg aW5pdGlhdG l2ZXMuPGJy Pk92ZXJhbG wsIGlmIHRo aXMgYWR2ZX JzZSBzY2Vu YXJpbyBwbG F5cyBvdXQs IFN0b2NrIF lhcmRzIEJh bmNvcnDigJ lzIGVjb25v bWljIG1vZG VsIGNvdWxk IGJlIHBlcm 1hbmVudGx5 IGltcGFpcm VkLCBsZWFk aW5nIHRvIG RpbWluaXNo ZWQgcHJvZm l0YWJpbGl0 eSwgc3RyYW luZWQgY2Fz aCBmbG93cy wgYW5kIGEg d2Vha2VuZW QgYmFsYW5j ZSBzaGVldC B0aGF0IGNv dWxkIHRha2 UgeWVhcnMg dG8gcmVidW lsZCwgZXNw ZWNpYWxseS BpZiB0aGUg ZWNvbm9taW MgZW52aXJv bm1lbnQgZG 9lcyBub3Qg aW1wcm92ZS 48YnI+

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 bG9nb3MvN2 1vN3hGbE9Q bVRYSFpUUT l0N0Eud2Vi cCIgYWx0PS JTdG9jayBZ YXJkcyBCYW 5jb3JwIiB0 aXRsZT0iU3 RvY2sgWWFy ZHMgQmFuY2 9ycCIgIGNs YXNzPSJpbW ctZmx1aWQi IGhlaWdodD 01MCB3aWR0 aD01MCBsb2 FkaW5nPSds YXp5JyBzdH lsZT0nYm9y ZGVyLXJhZG l1czogNnB4 Oyc+CgogIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 ZsZXg6IDE7 IHRleHQtYW xpZ246IGNl bnRlcjsgbW FyZ2luLWxl ZnQ6IDVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8cC BzdHlsZT0n Zm9udC1zaX plOiAyNnB4 OyBjb2xvcj ogIzMzMzsg bWFyZ2luLW JvdHRvbTog MTVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TiCBXYW50 IHRvIHJlYW QgbW9yZSBh Ym91dCBTdG 9jayBZYXJk cyBCYW5jb3 JwPwogICAg 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+Tmi BZb3VyIGZy ZWUgY29weS BvZiA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+IG lzIHdhaXRp bmcKICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIE1T NGdVM1J2WT Igc2dXV0Z5 WkhNZyBRbU Z1WTI5eWND IEJwY3lCaE lHSmggYm1z Z2FHOXNaRy BsdVp5Qmpi MjF3IFlXNT VJR2hsWVcg UnhkV0Z5ZE dWeSBaV1Fn YVc0Z1RHID kxYVhOMmFX eHMgWlN3Z1 MyVnVkSCBW amEza3VJRW wwIElIZGhj eUJtYjMgVn VaR1ZrSUds dSBJREU1TU RRZ1lXIDVr SUdseklHOX UgWlNCdlpp QjBhRyBVZ2 IyeGtaWE4w IElHRnVaQ0 JzWVggSm5a WE4wSUdsdS BaR1Z3Wlc1 a1pXIDUwSU dKaGJtdHog SUdsdUlFdG xibiBSMVky dDVManhpIG NqNHlMaUJV YUcgVWdZMj l0Y0dGdSBl U0J2Y0dWeV lYIFJsY3lC MGFISnYgZF dkb0lHbDBj eSBCemRXSn phV1JwIFlY SjVMQ0JUZE cgOWpheUJa WVhKayBjeU JDWVc1cklD IFlnVkhKMW MzUXMgSUhk b2FXTm9JRy A5bVptVnlj eUJoIElISm hibWRsSUcg OW1JR1pwYm 1GdSBZMmxo YkNCelpYIE oyYVdObGN5 QnAgYm1Oc2 RXUnBibSBj Z2NHVnljMj l1IFlXd2dZ VzVrSUcgSj FjMmx1WlhO eiBJR0poYm 10cGJtIGNz SUhkbFlXeD AgYUNCdFlX NWhaMiBWdF pXNTBMQ0Jo IGJtUWdkSE oxYzMgUWdj MlZ5ZG1sai BaWE11UEdK eVBqIE11SU ZOMGIyTnIg SUZsaGNtUn pJRSBKaGJt TnZjbkFnIG FHRnpJRzky WlggSWdKRE 11T1NCaSBh V3hzYVc5dU lHIGx1SUdG emMyVjAgY3 lCaGJtUWdi MyBabGNpQT JNREFnIFpX MXdiRzk1Wl cgVnpMaUJK ZENCaCBiSE 52SUdoaGN5 IEF6T0NCaV lXNXIgYVc1 bklHeHZZMi BGMGFXOXVj eUJwIGJpQk xaVzUwZFcg TnJlU0JoYm 1RZyBTVzVr YVdGdVlTIH dnWVhNZ2Qy VnMgYkNCaG N5QmhJRyBO dmJYQnlaV2 hsIGJuTnBk bVVnWkcgbG 5hWFJoYkNC aSBZVzVyYV c1bklIIEJz WVhSbWIzSn QgTGp4aWNq NDBMaSBCSm JpQmhaR1Jw IGRHbHZiaU IwYnkgQjBj bUZrYVhScC BiMjVoYkNC aVlXIDVyYV c1bklITmwg Y25acFkyVn pMQyBCVGRH OWpheUJaIF lYSmtjeUJD WVcgNXJJQ1 lnVkhKMSBj M1FnYVhNZ2 EyIDV2ZDI0 Z1ptOXkgSU dsMGN5Qnpk SCBKdmJtY2 dZMjl0IGJX bDBiV1Z1ZE MgQjBieUJq YjIxdCBkVz VwZEhrZ2FX IDUyYjJ4Ml pXMWwgYm5R Z1lXNWtJRy BOb1lYSnBk R0ZpIGJHVW daMmwyYVcg NW5MaUJVYU dVZyBZMjl0 Y0dGdWVTIE JvWVhNZ1lT QnMgYjI1bk lHaHBjMyBS dmNua2diMl lnIGMzVndj Rzl5ZEcgbH VaeUJzYjJO aCBiQ0J2Y2 1kaGJtIGw2 WVhScGIyNX ogSUdGdVpD QmpZWCBWel pYTXVQR0p5 IFBqVXVJRk 4wYjIgTnJJ RmxoY21Sei BJRUpoYm1O dmNuIEFnYV hNZ2NIVmkg YkdsamJIa2 dkSCBKaFpH VmtJRzl1IE lIUm9aU0JP UVYgTkVRVk VnUjJ4diBZ bUZzSUZObG JHIFZqZENC TllYSnIgWl hRZ2RXNWta WCBJZ2RHaG xJSFJwIFky dGxjaUJ6ZV cgMWliMndn VTFsQyBWQz Q4WW5JK05p IDRnVkdobE lHTnYgYlhC aGJua2dhRy BGeklHRWdi Rzl1IFp5Qm 9hWE4wYjMg SjVJRzltSU dacCBibUZ1 WTJsaGJDIE J6ZEdGaWFX eHAgZEhrZ1 lXNWtJSCBC eWIyWnBkR0 ZpIGFXeHBk SGtzSUggZH BkR2dnYjNa bCBjaUF4TV RVZ1kyIDl1 YzJWamRYUn AgZG1VZ2NY VmhjbiBSbG NuTWdiMlln IGNISnZabW wwWVcgSnBi R2wwZVM0OC BZbkkrTnk0 Z1UzIFJ2WT JzZ1dXRnkg WkhNZ1FtRn VZMiA5eWND Qm9ZWE1nIG NtVmpaV2wy WlcgUWdibl Z0WlhKdiBk WE1nWVhkaG NtIFJ6SUdG dVpDQmggWT JOdmJHRmta WCBNc0lHbH VZMngxIFpH bHVaeUJpWl cgbHVaeUJ1 WVcxbCBaQ0 J2Ym1VZ2Iy IFlnZEdobE lEVXcgSUVK bGMzUWdVRy B4aFkyVnpJ SFJ2IElGZH ZjbXNnYVcg NGdURzkxYV hOMiBhV3hz WlNCaWVTIE JNYjNWcGMz WnAgYkd4bE lFSjFjMiBs dVpYTnpJRV pwIGNuTjBJ R0Z1WkMgQm laV2x1WnlC eSBaV052Wj I1cGVtIFZr SUdGeklHOX UgWlNCdlpp QjBhRyBVZ1 FtVnpkQ0JD IFlXNXJjeU IwYnkgQlhi M0pySUVadi BjaUJpZVNC QmJXIFZ5YV dOaGJpQkMg WVc1clpYSW dUVyBGbllY cHBibVV1IF BHSnlQamd1 SUYgUm9aU0 JpWVc1ciBJ R2hoY3lCaE lIIE4wY205 dVp5Qm0gYj JOMWN5QnZi aSBCMFpXTm 9ibTlzIGIy ZDVJR0Z1Wk MgQnBibTV2 ZG1GMCBhVz l1TENCcGJu IFpsYzNScG JtY2cgYVc0 Z1lXUjJZVy A1alpXMWxi blJ6IElITj FZMmdnWVgg TWdiVzlpYV d4bCBJR0po Ym10cGJtIG NzSUc5dWJH bHUgWlNCaF kyTnZkVyA1 MElHOXdaVz VwIGJtY3NJ R0Z1WkMgQm thV2RwZEdG cyBJSGRoYk d4bGRIIE1n ZEc4Z1pXNW 8gWVc1alpT QjBhRyBVZ1 kzVnpkRzl0 IFpYSWdaWG h3WlggSnBa VzVqWlM0OC BZbkkrT1M0 Z1ZHIGhsSU dOdmJYQmgg Ym5uaWdKbH pJRyB4dloy OHNJR0VnIF luVnNiQ3dn Y20gVndjbV Z6Wlc1MCBj eUJ6ZEhKbG JtIGQwYUN3 Z2MzUmggWW 1sc2FYUjVM QyBCaGJtUW daM0p2IGQz Um9JT0tBa3 kgQjJZV3gx WlhNZyBkR2 hoZENCVGRH IDlqYXlCWl lYSmsgY3lC Q1lXNWpiMy BKd0lITjBj bWwyIFpYTW dkRzhnWlcg MWliMlI1SU dsdSBJR2ww Y3lCaWRYIE 5wYm1WemN5 QncgY21Gam RHbGpaWCBN dVBHSnlQak V3IExpQkpi aUJoWkcgUn BkR2x2YmlC MCBieUIwY2 1Ga2FYIFJw YjI1aGJDQm kgWVc1cmFX NW5JSCBObG NuWnBZMlZ6 IExDQlRkRz lqYXkgQlpZ WEprY3lCQy BZVzVySUNZ Z1ZIIEoxYz NRZ1lXeHog YnlCdlptWm xjbiBNZ2Mz QmxZMmxoIG JHbDZaV1Fn YzIgVnlkbW xqWlhNZyBj M1ZqYUNCaG N5IEJoWjNK cFluVnogYV c1bGMzTWdi RyBWdVpHbH VaeXdnIFpX NTJhWEp2Ym 0gMWxiblJo YkNCeSBaVz FsWkdsaGRH IGx2YmlCaG JtUWcgWTI5 dWMzUnlkVy BOMGFXOXVJ R3hsIGJtUn BibWNzSUcg RnVaQ0J3Y2 1sMiBZWFJs SUdGMmFXIE YwYVc5dUlH WnAgYm1GdV kybHVaeSA0 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=