United Bankshares

Live  

United Bankshares is a leading regional bank holding company, headquartered in Charleston, West Virginia. The company was founded in 1839 and has a long history of serving communities in the Mid-Atlantic and Southeast regions of the United States.
United Bankshares offers a wide range of financial products and services, including traditional banking, commercial lending, mortgage banking, insurance and investment services. The company operates through its subsidiaries - United Bank, Bank of Charles Town, Virginia Commerce Bank, and Carolina Financial Corporation.
As of 2021, United Bankshares has over $26 billion in assets and approximately 220 branches across West Virginia, Virginia, Ohio, Maryland, North Carolina, South Carolina, Washington, D.C., and Pennsylvania. The company's mission is to provide its customers with the highest level of personalized financial services and to be an integral part of the communities it serves.

VW5pdGVkIE JhbmtzaGFy ZXMgaXMgYS Bjb21wYW55 IHRoYXQgcH JvdmlkZXMg YmFua2luZy BhbmQgZmlu YW5jaWFsIH NlcnZpY2Vz LiBJbWFnaW 5lIGEgYmln IHBpZ2d5IG Jhbmsgd2hl cmUgcGVvcG xlIGNhbiBr ZWVwIHRoZW lyIG1vbmV5 IHNhZmUsIG FuZCB3aGVy ZSB0aGV5IG NhbiBhbHNv IGJvcnJvdy Btb25leSB3 aGVuIHRoZX kgbmVlZCBp dCwgbGlrZS BidXlpbmcg YSBob3VzZS BvciBhIGNh ci48YnI+VG hlIHdheSBV bml0ZWQgQm Fua3NoYXJl cyBtYWtlcy Btb25leSBp cyBzaW1pbG FyIHRvIGhv dyBhIGxpYn Jhcnkgb3Bl cmF0ZXMuIF doZW4geW91 IGJvcnJvdy BhIGJvb2ss IHNvbWV0aW 1lcyB5b3Ug aGF2ZSB0by BwYXkgYSBs aXR0bGUgZm VlLiBJbiBi YW5raW5nLC B3aGVuIHBl b3BsZSBib3 Jyb3cgbW9u ZXkgZnJvbS B0aGUgYmFu aywgdGhleS BwYXkgaW50 ZXJlc3QsIH doaWNoIGlz IGxpa2UgYS BmZWUgZm9y IHVzaW5nIH RoYXQgbW9u ZXkuIEFsc2 8sIHBlb3Bs ZSBhbmQgYn VzaW5lc3Nl cyB3aG8ga2 VlcCB0aGVp ciBtb25leS BpbiB0aGUg YmFuayBtaW dodCBnZXQg YSBsaXR0bG UgYml0IG9m IGludGVyZX N0IGFzIGEg dGhhbmsgeW 91IGZvciBr ZWVwaW5nIH RoZWlyIG1v bmV5IHNhZm UuIFRoZSBk aWZmZXJlbm NlIGJldHdl ZW4gd2hhdC B0aGUgYmFu ayBwYXlzIG 91dCBpbiBp bnRlcmVzdC BhbmQgd2hh dCB0aGV5IH JlY2VpdmUg ZnJvbSBsb2 FucyBpcyBo b3cgdGhlIG JhbmsgbWFr ZXMgYSBwcm 9maXQuPGJy PlVuaXRlZC BCYW5rc2hh cmVzIGlzIH N1Y2Nlc3Nm dWwgZm9yIG EgZmV3IHJl YXNvbnMuIE ZpcnN0LCB0 aGV5IG1ha2 Ugc3VyZSB0 byBrZWVwIH RoZWlyIGN1 c3RvbWVycy BoYXBweSBi eSBvZmZlcm luZyBnb29k IHNlcnZpY2 VzLCBsaWtl IGhlbHBpbm cgcGVvcGxl IG9wZW4gYW Njb3VudHMg b3IgZ2l2aW 5nIHRoZW0g bG9hbnMuIF NlY29uZCwg dGhleSBoYX ZlIGJyYW5j aGVzIGluIG RpZmZlcmVu dCBwbGFjZX MsIHNvIG1v cmUgcGVvcG xlIGNhbiB1 c2UgdGhlaX Igc2Vydmlj ZXMuIExhc3 RseSwgdGhl eSBhcmUgY2 FyZWZ1bCBh Ym91dCBsZW 5kaW5nIG1v bmV5IG9ubH kgdG8gcGVv cGxlIHdoby BjYW4gcGF5 IGl0IGJhY2 ssIHdoaWNo IG1lYW5zIH RoZXkgZG9u 4oCZdCBsb3 NlIG1vbmV5 Ljxicj5Jbi B0aGUgZnV0 dXJlLCBVbm l0ZWQgQmFu a3NoYXJlcy BpcyBsaWtl bHkgdG8gc3 RheSBzdWNj ZXNzZnVsIG JlY2F1c2Ug dGhleSBrZW VwIGFkYXB0 aW5nIHRvIG 5ldyB0ZWNo bm9sb2d5LC BsaWtlIG9u bGluZSBiYW 5raW5nLCB3 aGljaCBtYW tlcyBpdCBl YXNpZXIgZm 9yIHBlb3Bs ZSB0byBtYW 5hZ2UgdGhl aXIgbW9uZX kuIFBsdXMs IGFzIG1vcm UgcGVvcGxl IHdhbnQgdG 8gYnV5IGhv bWVzIG9yIH N0YXJ0IGJ1 c2luZXNzZX MsIHRoZXkg d2lsbCBjb2 50aW51ZSB0 byBuZWVkIG xvYW5zLCB3 aGljaCBtZW FucyB0aGUg YmFuayB3aW xsIGtlZXAg bWFraW5nIG 1vbmV5LiBC eSBwcm92aW RpbmcgZ29v ZCBzZXJ2aW NlcyBhbmQg a2VlcGluZy B1cCB3aXRo IGNoYW5nZX MsIHRoZXni gJlsbCBsaW tlbHkga2Vl cCBkb2luZy B3ZWxsIGlu IHRoZSBiYW 5raW5nIHdv cmxkLjxicj 4=

MS4gTG9uZy BoaXN0b3J5 OiBVbml0ZW QgQmFua3No YXJlcyBoYX MgYSBsb25n IGFuZCBzdW NjZXNzZnVs IGhpc3Rvcn kgZGF0aW5n IGJhY2sgdG 8gMTgzOSwg bWFraW5nIG l0IG9uZSBv ZiB0aGUgb2 xkZXN0IGJh bmtpbmcgaW 5zdGl0dXRp b25zIGluIH RoZSBVbml0 ZWQgU3RhdG VzLjxicj4y LiBGaW5hbm NpYWwgc3Rh YmlsaXR5Oi BUaGUgY29t cGFueSBoYX MgYSBzdHJv bmcgZmluYW 5jaWFsIHRy YWNrIHJlY2 9yZCwgd2l0 aCBjb25zaX N0ZW50IHBy b2ZpdGFiaW xpdHkgYW5k IGEgc3Ryb2 5nIGJhbGFu Y2Ugc2hlZX QuIEl0IGhh cyBhbHNvIG JlZW4gcmVj b2duaXplZC BhcyBhIHRv cCBwZXJmb3 JtZXIgaW4g dGhlIGJhbm tpbmcgaW5k dXN0cnkuPG JyPjMuIEdl b2dyYXBoaW MgZGl2ZXJz aXR5OiBVbm l0ZWQgQmFu a3NoYXJlcy BvcGVyYXRl cyBpbiBib3 RoIHVyYmFu IGFuZCBydX JhbCBhcmVh cyBhY3Jvc3 MgbXVsdGlw bGUgc3RhdG VzLCBnaXZp bmcgaXQgYS BkaXZlcnNl IGN1c3RvbW VyIGJhc2Ug YW5kIHJlZH VjaW5nIGl0 cyByaXNrIG V4cG9zdXJl Ljxicj40Li BDb21tdW5p dHktZm9jdX NlZDogVGhl IGNvbXBhbn kgaGFzIGEg c3Ryb25nIG NvbW1pdG1l bnQgdG8gaX RzIGxvY2Fs IGNvbW11bm l0aWVzIGFu ZCBpcyBhY3 RpdmVseSBp bnZvbHZlZC BpbiBjaGFy aXRhYmxlIG dpdmluZyBh bmQgY29tbX VuaXR5IGRl dmVsb3BtZW 50IHByb2pl Y3RzLjxicj 41LiBTdHJv bmcgbGVhZG Vyc2hpcDog VW5pdGVkIE JhbmtzaGFy ZXMgaGFzIG Egc3RhYmxl IGFuZCBleH BlcmllbmNl ZCBtYW5hZ2 VtZW50IHRl YW0sIHdpdG ggbWFueSBv ZiBpdHMgZX hlY3V0aXZl cyBoYXZpbm cgYmVlbiB3 aXRoIHRoZS Bjb21wYW55 IGZvciBkZW NhZGVzLjxi cj42LiBDdX N0b21lciBz ZXJ2aWNlOi BUaGUgY29t cGFueSBwcm lkZXMgaXRz ZWxmIG9uIH Byb3ZpZGlu ZyBleGNlcH Rpb25hbCBj dXN0b21lci BzZXJ2aWNl LCBlYXJuaW 5nIGhpZ2gg bWFya3MgaW 4gY3VzdG9t ZXIgc2F0aX NmYWN0aW9u IHN1cnZleX MuPGJyPjcu IEVtYnJhY2 luZyB0ZWNo bm9sb2d5Oi BEZXNwaXRl IGl0cyBsb2 5nIGhpc3Rv cnksIFVuaX RlZCBCYW5r c2hhcmVzIG hhcyBlbWJy YWNlZCB0ZW Nobm9sb2d5 IGFuZCBpbm 5vdmF0aW9u IHRvIGVuaG FuY2UgaXRz IHNlcnZpY2 VzIGFuZCBp bXByb3ZlIH RoZSBjdXN0 b21lciBleH BlcmllbmNl Ljxicj44Li BEaXZlcnNp ZmllZCBwcm 9kdWN0IG9m ZmVyaW5ncz ogSW4gYWRk aXRpb24gdG 8gdHJhZGl0 aW9uYWwgYm Fua2luZyBz ZXJ2aWNlcy wgdGhlIGNv bXBhbnkgYW xzbyBvZmZl cnMgaW5zdX JhbmNlLCB3 ZWFsdGggbW FuYWdlbWVu dCwgYW5kIG 1vcnRnYWdl IHNlcnZpY2 VzLCBwcm92 aWRpbmcgYS Bjb21wcmVo ZW5zaXZlIG ZpbmFuY2lh bCBzb2x1dG lvbiBmb3Ig aXRzIGN1c3 RvbWVycy48 YnI+OS4gRW 1wbG95ZWUt Zm9jdXNlZD ogVW5pdGVk IEJhbmtzaG FyZXMgdmFs dWVzIGl0cy BlbXBsb3ll ZXMgYW5kIG hhcyBiZWVu IHJlY29nbm l6ZWQgYXMg YSB0b3Agd2 9ya3BsYWNl LCBwcm92aW RpbmcgY29t cGV0aXRpdm UgYmVuZWZp dHMgYW5kIG 9wcG9ydHVu aXRpZXMgZm 9yIHByb2Zl c3Npb25hbC Bncm93dGgg YW5kIGRldm Vsb3BtZW50 Ljxicj4xMC 4gU3Ryb25n IHNoYXJlaG 9sZGVyIHZh bHVlOiBUaG UgY29tcGFu eSBoYXMgY2 9uc2lzdGVu dGx5IHByb3 ZpZGVkIHN0 cm9uZyByZX R1cm5zIGZv ciBpdHMgc2 hhcmVob2xk ZXJzLCB3aX RoIGEgdHJh Y2sgcmVjb3 JkIG9mIGlu Y3JlYXNpbm cgZGl2aWRl bmRzIGZvci A0NSBjb25z ZWN1dGl2ZS B5ZWFycy4=

VGhlIFVuaX RlZCBCYW5r c2hhcmVzIG NvbXBhbnkn cyBidXNpbm VzcyBtb2Rl bCBpcyBwcm ltYXJpbHkg Zm9jdXNlZC BvbiBwcm92 aWRpbmcgYm Fua2luZyBh bmQgZmluYW 5jaWFsIHNl cnZpY2VzIH RvIGluZGl2 aWR1YWxzLC BidXNpbmVz c2VzLCBhbm Qgb3JnYW5p emF0aW9ucy 4gVGhpcyBp bmNsdWRlcy B0cmFkaXRp b25hbCBiYW 5raW5nIHNl cnZpY2VzIH N1Y2ggYXMg Y2hlY2tpbm cgYW5kIHNh dmluZ3MgYW Njb3VudHMs IGxvYW5zLC Btb3J0Z2Fn ZXMsIGFuZC BjcmVkaXQg Y2FyZHMsIG FzIHdlbGwg YXMgd2VhbH RoIG1hbmFn ZW1lbnQsIG ludmVzdG1l bnQsIGFuZC BpbnN1cmFu Y2Ugc2Vydm ljZXMuIFRo ZSBjb21wYW 55IG9wZXJh dGVzIHByaW 1hcmlseSBp biB0aGUgTW lkLUF0bGFu dGljIGFuZC BTb3V0aGVy biByZWdpb2 5zIG9mIHRo ZSBVbml0ZW QgU3RhdGVz IGFuZCBoYX MgYSBjb21t dW5pdHkgYm Fua2luZyBh cHByb2FjaC wgZW1waGFz aXppbmcgcG Vyc29uYWxp emVkIGN1c3 RvbWVyIHNl cnZpY2UgYW 5kIGxvY2Fs IG1hcmtldC Brbm93bGVk Z2UuIEl0cy BidXNpbmVz cyBtb2RlbC BhbHNvIGlu Y2x1ZGVzIG Egc3Ryb25n IGVtcGhhc2 lzIG9uIGJ1 aWxkaW5nIG FuZCBtYWlu dGFpbmluZy ByZWxhdGlv bnNoaXBzIH dpdGggaXRz IGN1c3RvbW VycyBhbmQg c3VwcG9ydG luZyB0aGUg Y29tbXVuaX RpZXMgaXQg c2VydmVzLg ==

AI can potentially pose a material threat to United Bankshares and similar financial institutions in several ways:
1. Substitution: AI-driven fintech companies may develop products that directly compete with traditional banking services. For example, automated lenders and robo-advisors can offer loans and investment management at lower costs or with more personalized experiences, potentially attracting customers away from traditional banks.
2. Disintermediation: With the rise of peer-to-peer lending platforms and blockchain technology, consumers may choose to bypass traditional banks for loans and payments, leading to reduced reliance on banks for financial services. This can disrupt the traditional banking model where banks serve as intermediaries for transactions and credit.
3. Margin Pressure: AI can lead to increased competition by lowering the costs of financial services. Companies leveraging AI can operate more efficiently, potentially offering similar services at lower fees. This could pressurize United Bankshares to reduce its margins to remain competitive, affecting profitability.
4. Enhanced Customer Expectations: AI applications can raise customer expectations regarding service speed and personalization. Traditional banks, including United Bankshares, may need to invest in AI technologies to meet these evolving expectations, which could involve significant capital expenditures.
To navigate these challenges, United Bankshares may need to strategically adopt AI technologies in its own operations, explore partnerships with fintech firms, and continually innovate its product offerings to remain competitive in the evolving financial landscape.

United Bankshares, like many financial institutions, exhibits sensitivity to changes in interest rates due to its core operations in banking and financial services. The key areas affected include:
1. Earnings: Interest rates directly impact United Bankshares’ net interest income, which is the difference between interest earned on loans and interest paid on deposits. When interest rates rise, the bank can increase the rates on loans, potentially leading to higher earnings. Conversely, if rates fall, the bank may earn less from its loan portfolio, negatively affecting earnings.
2. Cash Flow: Changes in interest rates can influence the cash flow of United Bankshares. Higher interest rates can lead to increased cash flows from loans and other earning assets. However, higher rates can also reduce refinancing activity and affect the demand for loans. On the flip side, lower rates can decrease cash flows but may stimulate higher borrowing and refinance activity, leading to increased loan demand.
3. Valuation: The valuation of United Bankshares is influenced by interest rates through discounting future cash flows. Higher interest rates typically lead to a higher discount rate applied to future earnings, potentially lowering the present value of those earnings and, consequently, the company’s valuation. Conversely, lower interest rates can support higher valuations as the present value of future cash flows increases.
Overall, interest rate fluctuations are a critical factor in assessing the financial performance and market valuation of United Bankshares, with primary impacts on earnings, cash flow dynamics, and overall company valuation. It is essential for investors to monitor interest rate trends and forecasts to gauge potential impacts on the company’s financial health.

QSBwbGF1c2 libGUgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgVW 5pdGVkIEJh bmtzaGFyZX PigJkgZWNv bm9taWNzIG 92ZXIgdGhl IG5leHQgM+ KAkzUgeWVh cnMgaXMgc2 lnbmlmaWNh bnQgYW5kIH Byb2xvbmdl ZCBlY29ub2 1pYyBkb3du dHVybiBleG FjZXJiYXRl ZCBieSBhIG NvbWJpbmF0 aW9uIG9mIG ZhY3RvcnMs IHN1Y2ggYX MgYSByZWNl c3Npb24sIH Jpc2luZyBp bnRlcmVzdC ByYXRlcywg YW5kIHJlZ3 VsYXRvcnkg c2hpZnRzIH RoYXQgbmVn YXRpdmVseS BpbXBhY3Qg dGhlIGJhbm tpbmcgaW5k dXN0cnkuPG JyPkluIHRo aXMgc2Nlbm FyaW8sIHRo ZSBvbnNldC BvZiBhIHJl Y2Vzc2lvbi ByZXN1bHRz IGluIGhpZ2 hlciB1bmVt cGxveW1lbn QgcmF0ZXMg YW5kIHJlZH VjZWQgY29u c3VtZXIgc3 BlbmRpbmcs IGxlYWRpbm cgdG8gYSBz cGlrZSBpbi Bsb2FuIGRl ZmF1bHRzIG FuZCBkZWxp bnF1ZW5jaW VzLiBUaGlz IHdvdWxkIG FkdmVyc2Vs eSBhZmZlY3 QgVW5pdGVk IEJhbmtzaG FyZXPigJkg bWFyZ2lucy wgYXMgdGhl IGJhbmsgd2 91bGQgbmVl ZCB0byBpbm NyZWFzZSBp dHMgcHJvdm lzaW9ucyBm b3IgbG9hbi Bsb3NzZXMg c2lnbmlmaW NhbnRseS4g QXMgYm9ycm 93ZXJzIGRl ZmF1bHQgb2 4gdGhlaXIg bG9hbnMgb3 IgZXhwZXJp ZW5jZSBmaW 5hbmNpYWwg aGFyZHNoaX AsIHRoZSBi YW5rIHdvdW xkIGZhY2Ug YSBzdWJzdG FudGlhbCBk ZWNsaW5lIG luIGludGVy ZXN0IGluY2 9tZSBnZW5l cmF0ZWQgZn JvbSBpdHMg bG9hbiBwb3 J0Zm9saW8u PGJyPlNpbX VsdGFuZW91 c2x5LCByaX NpbmcgaW50 ZXJlc3Qgcm F0ZXMgaW50 ZW5kZWQgdG 8gY29tYmF0 IGluZmxhdG lvbiBtaWdo dCBzcXVlZX plIG5ldCBp bnRlcmVzdC BtYXJnaW5z LCBhcyB0aG UgY29zdCBv ZiBib3Jyb3 dpbmcgaW5j cmVhc2VzIH doaWxlIGN1 c3RvbWVycy BiZWNvbWUg bW9yZSByZW x1Y3RhbnQg dG8gdGFrZS BvdXQgbmV3 IGxvYW5zLi BFdmVuIGlm IHRoZSBiYW 5rIHRyaWVz IHRvIGluY3 JlYXNlIGlu dGVyZXN0IH JhdGVzIG9u IGRlcG9zaX RzIHRvIHJl dGFpbiBjdX N0b21lcnMs IHRoZSBvdm VyYWxsIGVm ZmVjdCBjb3 VsZCBiZSBh IG5hcnJvd2 luZyBvZiBt YXJnaW5zIG R1ZSB0byBh IG5vcHJvcG 9ydGlvbmFs IGluY3JlYX NlIGluIGNv c3RzIHZlcn N1cyByZXZl bnVlLjxicj 5DYXNoIGZs b3cgd291bG QgYmUgaW1w YWN0ZWQgbm VnYXRpdmVs eSBhcyB3ZW xsLiBXaXRo IGRlY2xpbm luZyBsb2Fu IGRlbWFuZC BhbmQgaW5j cmVhc2luZy BkZWZhdWx0 cywgY2FzaC BpbmZsb3dz IGZyb20gaW 50ZXJlc3Qg cGF5bWVudH Mgd291bGQg ZGltaW5pc2 guIEFkZGl0 aW9uYWxseS wgaWYgdGhl IGJhbmvigJ lzIHJlcHV0 YXRpb24gaX MgdGFybmlz aGVkIGR1ZS B0byBhIGhp Z2hlciBudW 1iZXIgb2Yg ZGVmYXVsdH MsIGl0IGNv dWxkIHBvdG VudGlhbGx5 IGxvc2Ugb3 V0IG9uIG5l dyBidXNpbm VzcyBvcHBv cnR1bml0aW VzLCBmdXJ0 aGVyIGNvbn N0cmFpbmlu ZyBjYXNoIG Zsb3cuIE9w ZXJhdGlvbm FsIGNvc3Rz IG1pZ2h0IG Fsc28gcmlz ZSBhcyB0aG UgYmFuayBp bnZlc3RzIG luIGNvbXBs aWFuY2UgYW 5kIHJpc2sg bWFuYWdlbW VudCBtZWFz dXJlcyB0by BhZGRyZXNz IHRoZSBpbX BsaWNhdGlv bnMgb2YgYS Btb3JlIHN0 cmluZ2VudC ByZWd1bGF0 b3J5IGVudm lyb25tZW50 LCB3aGljaC Bjb3VsZCBm dXJ0aGVyIG xpbWl0IGF2 YWlsYWJsZS BjYXNoLjxi cj5PbiB0aG UgYmFsYW5j ZSBzaGVldC wgdGhlIGJh bmsgd291bG QgbGlrZWx5 IHNlZSBhbi BpbmNyZWFz ZSBpbiBub3 BlcmZvcm1p bmcgYXNzZX RzIGFuZCBh IGRlY3JlYX NlIGluIGFz c2V0IHF1YW xpdHkuIFRo ZSByaXNlIG luIGxvYW4g ZGVmYXVsdH MgY291bGQg bGVhZCB0by BhIHZhbHVh dGlvbiB3cm l0ZS1kb3du IG9mIG91dH N0YW5kaW5n IGxvYW5zLC BpbXBhY3Rp bmcgcmV0YW luZWQgZWFy bmluZ3MgYW 5kIGVxdWl0 eS4gU2hhcm Vob2xkZXJz 4oCZIGVxdW l0eSBtaWdo dCBkZWNyZW FzZSBpZiB0 aGUgYmFuay BpcyBmb3Jj ZWQgdG8gcm Fpc2UgY2Fw aXRhbCB0by Bib2xzdGVy IGl0cyBiYW xhbmNlIHNo ZWV0IGluIH Jlc3BvbnNl IHRvIGluY3 JlYXNlZCBs b2FuIGxvc3 MgcHJvdmlz aW9ucy4gVG hlIG92ZXJh bGwgcmlzay Bwcm9maWxl IG9mIHRoZS BiYW5rIHdv dWxkIHNoaW Z0LCBwb3Rl bnRpYWxseS BsZWFkaW5n IGNyZWRpdC ByYXRpbmcg YWdlbmNpZX MgdG8gZG93 bmdyYWRlIG l0cyBjcmVk aXQgcmF0aW 5nLCBmdXJ0 aGVyIGNvbX BsaWNhdGlu ZyBpdHMgYW JpbGl0eSB0 byByYWlzZS BjYXBpdGFs IG9yIHJlZm luYW5jZSBl eGlzdGluZy BkZWJ0Ljxi cj5JbiBzdW 1tYXJ5LCBp ZiBzdWNoIG EgZG93bnR1 cm4gb2NjdX JyZWQsIFVu aXRlZCBCYW 5rc2hhcmVz IGNvdWxkIG ZhY2UgYSBu ZWdhdGl2ZS BmZWVkYmFj ayBsb29wIH RoYXQgd291 bGQgcGVybW FuZW50bHkg aW1wYWlyIG l0cyBlY29u b21pYyBwb3 NpdGlvbjog cmVkdWNlZC BtYXJnaW5z IGZyb20gc3 F1ZWV6ZWQg aW50ZXJlc3 QgaW5jb21l LCBjb25zdH JhaW5pbmcg Y2FzaCBmbG 93cyBmcm9t IGxvYW4gZG VmYXVsdHMg YW5kIGluYW JpbGl0eSB0 byBhdHRyYW N0IG5ldyBk ZXBvc2l0cy wgYW5kIGEg d2Vha2VuZW QgYmFsYW5j ZSBzaGVldC BjaGFyYWN0 ZXJpemVkIG J5IGluY3Jl YXNlZCBub3 BlcmZvcm1p bmcgbG9hbn MgYW5kIGxv d2VyIGVxdW l0eSByZXNl cnZlcy48Yn I+

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 bG9nb3MvTz RyaWNGWW1D OFNUOU4yam xyNHQud2Vi cCIgYWx0PS JVbml0ZWQg QmFua3NoYX JlcyIgdGl0 bGU9IlVuaX RlZCBCYW5r c2hhcmVzIi AgY2xhc3M9 ImltZy1mbH VpZCIgaGVp Z2h0PTUwIH dpZHRoPTUw IGxvYWRpbm c9J2xhenkn IHN0eWxlPS dib3JkZXIt cmFkaXVzOi A2cHg7Jz4K CiAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nZmxleD ogMTsgdGV4 dC1hbGlnbj ogY2VudGVy OyBtYXJnaW 4tbGVmdDog NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdmb250 LXNpemU6ID I2cHg7IGNv bG9yOiAjMz MzOyBtYXJn aW4tYm90dG 9tOiAxNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICDwn5OIIF dhbnQgdG8g cmVhZCBtb3 JlIGFib3V0 IFVuaXRlZC BCYW5rc2hh cmVzPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T miBZb3VyIG ZyZWUgY29w eSBvZiA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ IGlzIHdhaX RpbmcKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdWVzVw ZEcgVmtJRU poYm10eiBh R0Z5WlhNZ2 FYIE1nZEdo bElHeGggY2 1kbGMzUWdh VyA1a1pYQm xibVJsIGJu UWdZbUZ1YX kgQm9iMnhr YVc1biBJR0 52YlhCaGJu IGtnYVc0Z2 RHaGwgSUcx cFpDMUJkRy B4aGJuUnBZ eUJ5IFpXZH BiMjRzSUgg TmxjblpwYm 1jZyBZM1Z6 ZEc5dFpYIE p6SUdsdUlG ZGwgYzNRZ1 ZtbHlaMiBs dWFXRXNJRl pwIGNtZHBi bWxoTEMgQl BhR2x2TENC TiBZWEo1Yk dGdVpDIHdn WVc1a0lGZG ggYzJocGJt ZDBiMiA0Z1 JDNURManhp IGNqNHlMaU JVYUcgVWdZ Mjl0Y0dGdS BlU0IzWVhN Z1ptIDkxYm 1SbFpDQnAg YmlBeE9ETT VJRyBGeklH RWdjMjFoIG JHd2dZMjl0 YlggVnVhWF I1SUdKaCBi bXNnYVc0Z1 VHIEZ5YTJW eWMySjEgY2 1jc0lGZGxj MyBRZ1ZtbH laMmx1IGFX RXVJRWwwSU ggZGhjeUJw Ym1sMCBhV0 ZzYkhrZ2Ey IDV2ZDI0Z1 lYTWcgZEdo bElFSmhibS BzZ2IyWWdk R2hsIElFOW 9hVzhnVm0g RnNiR1Y1TG p4aSBjajR6 TGlCVmJtIG wwWldRZ1Ft RnUgYTNOb1 lYSmxjeSBC b1lYTWdaM0 p2IGQyNGdk R2h5YjMgVm 5hQ0JoSUhO bCBjbWxsY3 lCdlppIEJ0 WlhKblpYSn ogSUdGdVpD QmhZMyBGMW FYTnBkR2x2 IGJuTXNJR2 x1WTIgeDFa R2x1WnlCMC BhR1VnWVdO eGRXIGx6YV hScGIyNGcg YjJZZ2MyVj JaWCBKaGJD QnlaV2RwIG IyNWhiQ0Jp WVcgNXJjeU J6ZFdObyBJ R0Z6SUVObG JuIFJ5WVNC Q1lXNXIgTE NCV2FYSm5h VyA1cFlTQk RiMjF0IFpY SmpaU0JDWV cgNXJMQ0Jo Ym1RZyBSMl Z2Y21kbElF IDFoYzI5dU lFSmggYm1z dVBHSnlQai BRdUlGUm9a U0JqIGIyMX dZVzU1SUcg aGhjeUJoSU hOMCBjbTl1 WnlCamIyID F0YVhSdFpX NTAgSUhSdk lHTnZiVyAx MWJtbDBlU0 J6IFpYSjJh V05sSUcgRn VaQ0J3YUds cyBZVzUwYU hKdmNIIGt1 SUVsMElHaG ggY3lCa2Iy NWhkRyBWa0 lHOTJaWEln IEpESXdJRz FwYkcgeHBi MjRnZEc4Zy BkbUZ5YVc5 MWN5IEJqYU dGeWFYUmgg WW14bElHOX laMiBGdWFY cGhkR2x2IG JuTWdZVzVr SUcgbHpJR0 VnYldGcSBi M0lnYzNWd2 NHIDl5ZEdW eUlHOW0gSU dWa2RXTmhk RyBsdmJpQm hibVFnIGFH VmhiSFJvWT IgRnlaU0Jw Ym1sMCBhV0 YwYVhabGN5 IEJwYmlCMG FHVWcgWTI5 dGJYVnVhWC BScFpYTWdh WFFnIGMyVn lkbVZ6TGog eGljajQxTG lCViBibWww WldRZ1FtIE Z1YTNOb1lY SmwgY3lCb1 lYTWdZbSBW bGJpQmpiMj V6IGFYTjBa VzUwYkgga2 djbVZqYjJk dSBhWHBsWk NCaGN5IEJ2 Ym1VZ2IyWW cgZEdobElH SmxjMyBRZ1 ltRnVhM01n IGFXNGdkR2 hsSUcgTnZk VzUwY25rZy BZbmtnY0hW aWJHIGxqWV hScGIyNXog SUhOMVkyZ2 dZWCBNZ1Jt OXlZbVZ6IE xDQkJiV1Z5 YVcgTmhiaU JDWVc1ciBa WElzSUdGdV pDIEJDWVc1 cklFUnAgY2 1WamRHOXlJ RyAxaFoyRj ZhVzVsIExq eGljajQyTG kgQlVhR1Vn WTI5dCBjR0 Z1ZVNCb1lY IE1nYjNabG NpQWsgTVRr Z1ltbHNiRy BsdmJpQnBi aUJoIGMzTm xkSE1nWVcg NWtJRzkyWl hJZyBNVFV3 SUdaMWJHIH d0YzJWeWRt bGogWlNCaV lXNXJhVyA1 bklHOW1abW xqIFpYTXNJ RzFoYTIgbH VaeUJwZENC diBibVVnYj JZZ2RHIGhs SUd4aGNtZG wgYzNRZ1lt RnVhMiBsdV p5QnVaWFIz IGIzSnJjeU JwYmkgQjBh R1VnY21Wbi BhVzl1TGp4 aWNqIDQzTG lCVmJtbDAg WldRZ1FtRn VhMyBOb1lY SmxjeUJvIF lYTWdZU0Jr YVggWmxjbk 5sSUhKaCBi bWRsSUc5bU lHIFpwYm1G dVkybGggYk NCelpYSjJh VyBObGN5d2 dhVzVqIGJI VmthVzVuSU cgTnZiVzFs Y21OcCBZV3 dnWVc1a0lH IE52Ym5OMW JXVnkgSUdK aGJtdHBibS Bjc0lHMXZj blJuIFlXZG xJR0poYm0g dHBibWNzSU dsdSBjM1Z5 WVc1alpTIH dnWVc1a0lI ZGwgWVd4MG FDQnRZVyA1 aFoyVnRaVz UwIExqeGlj ajQ0TGkgQk piaUF5TURF NCBMQ0IwYU dVZ1kyIDl0 Y0dGdWVTQj MgWVhNZ2Jt RnRaVyBRZ2 IyNWxJRzlt IElIUm9aU0 JDWlggTjBJ RUpoYm10ei BJSFJ2SUZk dmNtIHNnUm 05eUlHSjUg SUVGdFpYSn BZMiBGdUlF SmhibXRsIG Npd2dhR2xu YUcgeHBaMm gwYVc1biBJ R2wwY3lCbG JYIEJzYjNs bFpTMW0gY2 1sbGJtUnNl UyBCamRXeD BkWEpsIElH RnVaQ0JqYj IgMXRhWFJ0 Wlc1MCBJSF J2SUdScGRt IFZ5YzJsMG VTQmggYm1R Z2FXNWpiSC BWemFXOXVM anhpIGNqND VMaUJWYm0g bDBaV1FnUW 1GdSBhM05v WVhKbGN5IE JvWVhNZ1lt VmwgYmlCc2 FYTjBaVyBR Z2IyNGdkR2 hsIElFNUJV MFJCVVMgQn pkRzlqYXlC bCBlR05vWV c1blpTIEJ6 YVc1alpTQX ggT1RjMElH RnVaQyBCb1 lYTWdZU0J6 IGRISnZibW NnZEggSmhZ MnNnY21Wai BiM0prSUc5 bUlHIE52Ym 5OcGMzUmwg Ym5RZ1ptbH VZVyA1amFX RnNJSEJsIG NtWnZjbTFo Ym0gTmxJR0 Z1WkNCeiBh R0Z5Wldodm JHIFJsY2lC eVpYUjEgY2 01ekxqeGlj aiA0eE1DNG dWR2hsIElH TnZiWEJoYm 4ga2dhWE1n WTI5dCBiV2 wwZEdWa0lI IFJ2SUdWdW RtbHkgYjI1 dFpXNTBZVy B3Z2MzVnpk R0ZwIGJtRm lhV3hwZEgg a2dZVzVrSU doaCBjeUJw YlhCc1pXID FsYm5SbFpD QjIgWVhKcG IzVnpJRyBs dWFYUnBZWF JwIGRtVnpJ SFJ2SUggSm xaSFZqWlNC cCBkSE1nWT JGeVltIDl1 SUdadmIzUn cgY21sdWRD d2djMyBWam FDQmhjeUIx IGMybHVaeU J5WlcgNWxk MkZpYkdVZy BaVzVsY21k NUlIIE52ZF hKalpYTWcg WVc1a0lIQn liMiAxdmRH bHVaeUJsIG JuWnBjbTl1 YlcgVnVkR0 ZzYkhrZyBa bkpwWlc1a2 JIIGtnY0hK aFkzUnAgWT JWekxnPT0K ICAgICAgIC A8L3NwYW4+ CiAgICAgIC AgCiAgICAg ICAg