NBT Bancorp

Live  

NBT Bancorp is a financial holding company headquartered in Norwich, New York. The company operates through its subsidiary, NBT Bank, which provides a range of banking and financial services to individuals, businesses, and institutions in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, and Maine.
The history of NBT Bancorp dates back to 1856 when the First National Bank of Norwich was founded. In 1986, the bank merged with Utica, New York-based Bank of New York State to become NBT Bank. The holding company, NBT Bancorp, was formed in 1986.
Today, NBT Bancorp has over 150 banking locations, including retail branches, commercial lending offices, and wealth management centers. The company also offers online and mobile banking services.
NBT Bancorp is publicly traded on the NASDAQ Global Select Market under the ticker symbol NBTB. As of 2021, the company has a market capitalization of over $1.5 billion.
Through its banking subsidiary, NBT Bank, the company offers a variety of financial services including personal and business checking and savings accounts, loans, mortgages, credit cards, and investment services. NBT Bank also provides specialized services for government entities, healthcare organizations, and other specialized industries.
In addition to its financial services, NBT Bancorp is also committed to giving back to the communities it serves through philanthropic initiatives, volunteerism, and community partnerships. The company’s charitable arm, NBT Foundation, has donated millions of dollars to support local organizations and causes.
NBT Bancorp is led by a team of experienced executives and board members who are committed to the company’s mission of providing high-quality financial services and building strong relationships with its customers and communities.

TkJUIEJhbm NvcnAgaXMg YSBjb21wYW 55IHRoYXQg b3BlcmF0ZX MgYmFua3Ms IGtpbmQgb2 YgbGlrZSB0 aGUgb25lcy B5b3Ugc2Vl IGluIHlvdX IgdG93bi4g VGhlc2UgYm Fua3MgaGVs cCBwZW9wbG UgYW5kIGJ1 c2luZXNzZX MgYnkga2Vl cGluZyB0aG VpciBtb25l eSBzYWZlIG FuZCBoZWxw aW5nIHRoZW 0gd2l0aCB0 aGluZ3MgbG lrZSBsb2Fu cy4gPGJyPk ltYWdpbmUg aWYgeW91IH dhbnRlZCB0 byBidXkgYS B2aWRlbyBn YW1lLCBidX QgeW91IGRp ZG7igJl0IG hhdmUgZW5v dWdoIG1vbm V5IHJpZ2h0 IG5vdy4gWW 91IGNvdWxk IGFzayB0aG UgYmFuayB0 byBsZW5kIH lvdSBzb21l IG1vbmV5LC BhbmQgdGhl biB5b3Ugd2 91bGQgcGF5 IGl0IGJhY2 sgYSBsaXR0 bGUgYXQgYS B0aW1lLiBU aGF04oCZcy BvbmUgd2F5 IHRoZSBiYW 5rIG1ha2Vz IG1vbmV54o CUYnkgY2hh cmdpbmcgaW 50ZXJlc3Qg b24gdGhlIG xvYW5zLiBJ bnRlcmVzdC BpcyB0aGUg ZXh0cmEgbW 9uZXkgcGVv cGxlIHBheS BiYWNrIGFs b25nIHdpdG ggdGhlIG9y aWdpbmFsIG Ftb3VudCB0 aGV5IGJvcn Jvd2VkLjxi cj5OQlQgQm FuY29ycCBh bHNvIG1ha2 VzIG1vbmV5 IGJ5IGhlbH BpbmcgcGVv cGxlIG9wZW 4gYWNjb3Vu dHMsIGxpa2 Ugc2F2aW5n cyBhbmQgY2 hlY2tpbmcg YWNjb3VudH MuIFdoZW4g cGVvcGxlIG tlZXAgdGhl aXIgbW9uZX kgaW4gdGhl IGJhbmssIH RoZSBiYW5r IGNhbiB1c2 Ugc29tZSBv ZiB0aGF0IG 1vbmV5IHRv IGxlbmQgdG 8gb3RoZXJz LiBUaGUgYm FuayBlYXJu cyBtb25leS Bmcm9tIHRo ZSBpbnRlcm VzdCBvbiB0 aG9zZSBsb2 Fucywgd2hp bGUgYXQgdG hlIHNhbWUg dGltZSBrZW VwaW5nIHNv bWUgbW9uZX kgc2FmZSBm b3IgdGhlIH Blb3BsZSB3 aG8gaGF2ZS BhY2NvdW50 cy48YnI+Tm 93LCB3aHkg aXMgTkJUIE JhbmNvcnAg c3VjY2Vzc2 Z1bD8gV2Vs bCwgaXQgaG FzIGEgZ29v ZCByZXB1dG F0aW9uIGZv ciBoZWxwaW 5nIGl0cyBj dXN0b21lcn MgYW5kIHBy b3ZpZGluZy BzZXJ2aWNl cyB0aGV5IG 5lZWQuIFBl b3BsZSB0cn VzdCBpdCB3 aXRoIHRoZW lyIG1vbmV5 LCBhbmQgdG hhdCBoZWxw cyB0aGUgYm FuayBncm93 LiA8YnI+QX MgZm9yIHRo ZSBmdXR1cm UsIE5CVCBC YW5jb3JwIG lzIGxpa2Vs eSB0byBzdG F5IHN1Y2Nl c3NmdWwgYm VjYXVzZSBp dCBpcyBhbH dheXMgbG9v a2luZyBmb3 IgbmV3IHdh eXMgdG8gaG VscCBpdHMg Y3VzdG9tZX JzLiBGb3Ig ZXhhbXBsZS wgaXQgbWln aHQgb2ZmZX IgbmV3IGtp bmRzIG9mIG FjY291bnRz IG9yIGJldH RlciB0ZWNo bm9sb2d5LC BsaWtlIG1v YmlsZSBiYW 5raW5nIGFw cHMuIFBsdX MsIGJhbmtz IHdpbGwgYW x3YXlzIGJl IGltcG9ydG FudCBmb3Ig cGVvcGxlIG FuZCBidXNp bmVzc2VzIH RvIG1hbmFn ZSB0aGVpci Btb25leSwg c28gYXMgbG 9uZyBhcyBO QlQgQmFuY2 9ycCBrZWVw cyB0YWtpbm cgY2FyZSBv ZiBpdHMgY3 VzdG9tZXJz IHdlbGwsIG l0IHNob3Vs ZCBjb250aW 51ZSB0byBk byB3ZWxsIG luIHRoZSBm dXR1cmUuPG JyPg==

MS4gTG9uZy 1zdGFuZGlu ZyBoaXN0b3 J5OiBOQlQg QmFuY29ycC B3YXMgZm91 bmRlZCBpbi AxODU2LCBt YWtpbmcgaX Qgb25lIG9m IHRoZSBvbG Rlc3QgZmlu YW5jaWFsIG luc3RpdHV0 aW9ucyBpbi B0aGUgVW5p dGVkIFN0YX Rlcy4gSXQg aGFzIHdlYX RoZXJlZCB2 YXJpb3VzIG Vjb25vbWlj IGN5Y2xlcy BhbmQgaGFz IGEgc3Ryb2 5nIHJlcHV0 YXRpb24gZm 9yIHN0YWJp bGl0eSBhbm QgcmVsaWFi aWxpdHkuPG JyPjIuIFJl Z2lvbmFsIG ZvY3VzOiBO QlQgQmFuY2 9ycCBwcmlt YXJpbHkgc2 VydmVzIHRo ZSBOb3J0aG Vhc3Rlcm4g VW5pdGVkIF N0YXRlcywg d2l0aCBhIG ZvY3VzIG9u IHJ1cmFsIG FuZCBzbWFs bC10b3duIG NvbW11bml0 aWVzLiBUaG lzIHJlZ2lv bmFsIGFwcH JvYWNoIGFs bG93cyB0aG UgY29tcGFu eSB0byBoYX ZlIGEgZGVl cCB1bmRlcn N0YW5kaW5n IG9mIHRoZS Bsb2NhbCBt YXJrZXQgYW 5kIHRhaWxv ciBpdHMgc2 VydmljZXMg dG8gbWVldC B0aGUgbmVl ZHMgb2YgaX RzIGN1c3Rv bWVycy48Yn I+My4gQ29t bWl0bWVudC B0byBjdXN0 b21lciBzZX J2aWNlOiBO QlQgQmFuY2 9ycCBoYXMg YSBzdHJvbm cgZW1waGFz aXMgb24gY3 VzdG9tZXIg c2VydmljZS BhbmQgcHJp ZGVzIGl0c2 VsZiBvbiBi dWlsZGluZy Bsb25nLXRl cm0gcmVsYX Rpb25zaGlw cyB3aXRoIG l0cyBjbGll bnRzLiBUaG UgY29tcGFu eSBvZmZlcn MgcGVyc29u YWxpemVkIH NvbHV0aW9u cyBhbmQgYS BoaWdoIGxl dmVsIG9mIG FjY2Vzc2li aWxpdHkgdG 8gaXRzIGN1 c3RvbWVycy 48YnI+NC4g RGl2ZXJzaW ZpZWQgcG9y dGZvbGlvOi BOQlQgQmFu Y29ycCBvZm ZlcnMgYSB3 aWRlIHJhbm dlIG9mIGZp bmFuY2lhbC Bwcm9kdWN0 cyBhbmQgc2 VydmljZXMs IGluY2x1ZG luZyBjb21t ZXJjaWFsIG FuZCBjb25z dW1lciBiYW 5raW5nLCB3 ZWFsdGggbW FuYWdlbWVu dCwgYW5kIG luc3VyYW5j ZS4gVGhpcy BkaXZlcnNp ZmljYXRpb2 4gaGVscHMg dGhlIGNvbX BhbnkgbWFu YWdlIHJpc2 sgYW5kIHBy b3ZpZGUgYS Bjb21wcmVo ZW5zaXZlIH N1aXRlIG9m IHNlcnZpY2 VzIHRvIGl0 cyBjdXN0b2 1lcnMuPGJy PjUuIFN0cm 9uZyBjb21t dW5pdHkgaW 52b2x2ZW1l bnQ6IE5CVC BCYW5jb3Jw IGlzIGNvbW 1pdHRlZCB0 byBnaXZpbm cgYmFjayB0 byB0aGUgY2 9tbXVuaXRp ZXMgaXQgc2 VydmVzIHRo cm91Z2ggcG hpbGFudGhy b3B5LCB2b2 x1bnRlZXJp c20sIGFuZC Bjb21tdW5p dHkgcGFydG 5lcnNoaXBz LiBUaGUgY2 9tcGFueeKA mXMgZW1wbG 95ZWVzIGFy ZSBlbmNvdX JhZ2VkIHRv IHZvbHVudG VlciBhbmQg Y29udHJpYn V0ZSB0byBs b2NhbCBvcm dhbml6YXRp b25zLCBmb3 N0ZXJpbmcg YSBzdHJvbm cgc2Vuc2Ug b2YgY29tbX VuaXR5IGVu Z2FnZW1lbn QuPGJyPjYu IFN0cm9uZy BmaW5hbmNp YWwgcGVyZm 9ybWFuY2U6 IFdpdGggb3 ZlciAkMTAg YmlsbGlvbi BpbiBhc3Nl dHMsIE5CVC BCYW5jb3Jw IGlzIGEgZm luYW5jaWFs bHkgc3Ryb2 5nIGNvbXBh bnkgd2l0aC BhIHNvbGlk IHRyYWNrIH JlY29yZCBv ZiBlYXJuaW 5ncyBncm93 dGguIFRoaX Mgc3RhYmls aXR5IGFuZC BzdWNjZXNz IGhhdmUgZW FybmVkIHRo ZSBjb21wYW 55IGEgc3Ry b25nIGNyZW RpdCByYXRp bmcgYW5kIH RoZSB0cnVz dCBvZiBpdH MgaW52ZXN0 b3JzLjxicj 43LiBJbm5v dmF0aXZlIH RlY2hub2xv Z3k6IE5CVC BCYW5jb3Jw IGhhcyBpbn Zlc3RlZCBp biBhZHZhbm NlZCB0ZWNo bm9sb2d5IH RvIGltcHJv dmUgdGhlIG N1c3RvbWVy IGV4cGVyaW VuY2UgYW5k IHN0cmVhbW xpbmUgaXRz IG9wZXJhdG lvbnMuIFRo aXMgaW5jbH VkZXMgbW9i aWxlIGFuZC BvbmxpbmUg YmFua2luZy wgcmVtb3Rl IGRlcG9zaX QgY2FwdHVy ZSwgYW5kIG 90aGVyIGRp Z2l0YWwgc2 9sdXRpb25z IHRvIG1ha2 UgYmFua2lu ZyBtb3JlIG NvbnZlbmll bnQgYW5kIG VmZmljaWVu dCBmb3IgaX RzIGN1c3Rv bWVycy4=

TkJUIEJhbm NvcnAgaXMg YSBmaW5hbm NpYWwgaG9s ZGluZyBjb2 1wYW55IHRo YXQgcHJvdm lkZXMgYmFu a2luZyBhbm QgZmluYW5j aWFsIHNlcn ZpY2VzIHRv IGluZGl2aW R1YWxzLCBi dXNpbmVzc2 VzLCBhbmQg bXVuaWNpcG FsaXRpZXMg aW4gbm9ydG hlcm4gTmV3 IFlvcmssIG NlbnRyYWwg TmV3IFlvcm ssIHdlc3Rl cm4gTWFzc2 FjaHVzZXR0 cywgYW5kIF Zlcm1vbnQu IFRoZWlyIH ByaW1hcnkg YnVzaW5lc3 MgYWN0aXZp dGllcyBpbm NsdWRlIGNv bW1lcmNpYW wgYW5kIHJl dGFpbCBiYW 5raW5nLCB3 ZWFsdGggbW FuYWdlbWVu dCwgYW5kIG luc3VyYW5j ZSBzZXJ2aW Nlcy4gVGhl IGNvbXBhbn nigJlzIGJ1 c2luZXNzIG 1vZGVsIGlz IGZvY3VzZW Qgb24gbWVl dGluZyB0aG UgZmluYW5j aWFsIG5lZW RzIG9mIHRo ZWlyIGN1c3 RvbWVycyBi eSBvZmZlcm luZyBhIGJy b2FkIHJhbm dlIG9mIHBy b2R1Y3RzIG FuZCBzZXJ2 aWNlcywgaW 5jbHVkaW5n IGxvYW5zLC BkZXBvc2l0 cywgdHJlYX N1cnkgbWFu YWdlbWVudC wgYW5kIGlu dmVzdG1lbn Qgc2Vydmlj ZXMuIFRoZX kgc3RyaXZl IHRvIGJ1aW xkIGxvbmct dGVybSByZW xhdGlvbnNo aXBzIHdpdG ggdGhlaXIg Y3VzdG9tZX JzIGFuZCBh cmUgY29tbW l0dGVkIHRv IHByb3ZpZG luZyBwZXJz b25hbGl6ZW QgYW5kIGlu bm92YXRpdm Ugc29sdXRp b25zIHRvIG hlbHAgdGhl bSBhY2hpZX ZlIHRoZWly IGZpbmFuY2 lhbCBnb2Fs cy4gQWRkaX Rpb25hbGx5 LCBOQlQgQm FuY29ycCBv cGVyYXRlcy B3aXRoIGEg Y29tbXVuaX R5LW9yaWVu dGVkIGFwcH JvYWNoLCBz dXBwb3J0aW 5nIGVjb25v bWljIGRldm Vsb3BtZW50 IGFuZCBwaG lsYW50aHJv cGljIGluaX RpYXRpdmVz IGluIHRoZS ByZWdpb25z IHRoZXkgc2 VydmUu

AI has the potential to pose various threats to NBT Bancorp and its offerings, primarily through substitution, disintermediation, and margin pressure.
1. Substitution: AI can enable the development of alternative financial products and services that may replace traditional banking offerings. For instance, automated financial advisory services and robo-advisors can provide customers with investment advice or wealth management solutions without the need for traditional banking relationships. This can attract customers who prefer digital and automated services over conventional banking.
2. Disintermediation: The rise of fintech companies leveraging AI technologies can lead to disintermediation in the banking sector. These companies can streamline processes such as lending, payments, and customer service, allowing customers to bypass traditional banks like NBT Bancorp. This could result in a shift away from traditional banking services toward more efficient and cost-effective solutions offered by tech-driven competitors.
3. Margin Pressure: As fintech companies and other market entrants utilize AI for operational efficiencies, they can offer products at lower costs than traditional banks. This competitive pressure can force NBT Bancorp to reduce its fees or offer higher interest rates on deposits to retain customers, which can negatively impact profit margins. Additionally, if customer expectations shift toward lower-cost or more user-friendly solutions, established banks may struggle to adapt quickly enough to maintain their margins.
In summary, while AI presents opportunities for innovation and improved customer experience, it also poses material threats to NBT Bancorp’s existing products, services, and competitive positioning through substitution, disintermediation, and margin pressure. To mitigate these risks, NBT Bancorp may need to invest in AI technologies and rethink its service delivery models to remain competitive in the evolving landscape.

NBT Bancorp’s earnings, cash flow, and valuation are sensitive to changes in interest rates due to its operations as a financial institution.
1. Earnings Sensitivity: The earnings of NBT Bancorp can be significantly affected by interest rates because of the bank’s net interest margin. When interest rates rise, the bank can charge higher rates on loans, potentially increasing income. However, the cost of deposits may also increase, which could compress margins if the increase in loan rates does not outpace deposit rate increases. Conversely, when interest rates fall, the bank may see reduced earnings from loans while also facing lower costs on deposits, but the overall impact may still affect net interest income negatively if the low rate environment persists.
2. Cash Flow Sensitivity: Cash flow from operations can be influenced by interest rate changes as they impact customer borrowing behaviors and loan demand. Higher interest rates may deter borrowing, leading to lower loan origination and income, thus affecting cash flows. Additionally, cash flows from investment activities can fluctuate based on interest rate movements, particularly for fixed-income securities that the bank may hold.
3. Valuation Sensitivity: The valuation of NBT Bancorp can be sensitive to changes in interest rates due to the impact on future cash flows. Interest rates often influence the discount rate applied in discounted cash flow (DCF) analyses. Higher rates generally lead to lower present values of future cash flows, which could result in a decreased stock valuation. Furthermore, changes in rate expectations can affect investor sentiment and the bank’s market multiples.
In conclusion, while the sensitivity of NBT Bancorp’s financial metrics to interest rates is influenced by various factors, higher rates can enhance earnings from loans but may also compress margins. Meanwhile, low rates can challenge earnings, cash flow, and valuation by limiting loan demand and affecting the discount rate used in valuation models.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BOQlQgQmFu Y29ycOKAmX MgZWNvbm9t aWNzIG92ZX IgdGhlIG5l eHQgMy01IH llYXJzIGlz IGEgc2lnbm lmaWNhbnQg YW5kIHByb2 xvbmdlZCBl Y29ub21pYy Bkb3dudHVy biBvciByZW Nlc3Npb24s IHBhcnRpY3 VsYXJseSBv bmUgdGhhdC BpcyBkcml2 ZW4gYnkgZm FjdG9ycyBz dWNoIGFzIH Jpc2luZyBp bnRlcmVzdC ByYXRlcywg aGlnaCBpbm ZsYXRpb24s IG9yIGEgYm Fua2luZyBz ZWN0b3IgY3 Jpc2lzLiBJ biBzdWNoIG Egc2NlbmFy aW8sIHRoZS Bmb2xsb3dp bmcgaW1wYW N0cyBjb3Vs ZCBvY2N1cj o8YnI+MS4g PHN0cm9uZz 5NYXJnaW5z PC9zdHJvbm c+OiBUaGUg Y29tcGFuee KAmXMgbmV0 IGludGVyZX N0IG1hcmdp biBjb3VsZC BiZSBzZXZl cmVseSBjb2 1wcmVzc2Vk IGR1ZSB0by ByaXNpbmcg Y29tcGV0aX Rpb24gZm9y IGRlcG9zaX RzIGFuZCBk aWZmaWN1bH RpZXMgaW4g cGFzc2luZy BvbiBpbmNy ZWFzZXMgaW 4gaW50ZXJl c3QgcmF0ZX MgdG8gYm9y cm93ZXJzLi BXaXRoIGEg cmVkdWNlZC BsZW5kaW5n IHZvbHVtZS BhbmQgcG90 ZW50aWFsIG luY3JlYXNl cyBpbiBkZW ZhdWx0IHJh dGVzLCBOQl QgQmFuY29y cCBtYXkgc3 RydWdnbGUg dG8gbWFpbn RhaW4gcHJv Zml0YWJpbG l0eSwgbGVh ZGluZyB0by Bsb3dlciBt YXJnaW5zLi A8YnI+Mi4g PHN0cm9uZz 5DYXNoIEZs b3c8L3N0cm 9uZz46IEEg ZGVjcmVhc2 UgaW4gZWNv bm9taWMgYW N0aXZpdHkg d291bGQgbG lrZWx5IHJl ZHVjZSBkZW 1hbmQgZm9y IGxvYW5zLC B3aGljaCB3 b3VsZCBuZW dhdGl2ZWx5 IGFmZmVjdC BjYXNoIGlu Zmxvd3MuIE lmIGRlZmF1 bHRzIG9uIG V4aXN0aW5n IGxvYW5zIH Jpc2UsIHRo ZSBiYW5rIG 1heSBhbHNv IGZhY2UgaG lnaGVyIHBy b3Zpc2lvbn MgZm9yIGxv YW4gbG9zc2 VzLCBmdXJ0 aGVyIHN0cm FpbmluZyBj YXNoIGZsb3 cuIFRoaXMg c2NlbmFyaW 8gY291bGQg bGVhZCB0by BhIHNpdHVh dGlvbiB3aG VyZSBOQlQg QmFuY29ycC BzdHJ1Z2ds ZXMgdG8gZ2 VuZXJhdGUg c3VmZmljaW VudCBvcGVy YXRpbmcgY2 FzaCBmbG93 IHRvIGNvdm VyIGV4cGVu c2VzIG9yIH N1cHBvcnQg Z3Jvd3RoLC BpbXBhY3Rp bmcgbGlxdW lkaXR5Ljxi cj4zLiA8c3 Ryb25nPkJh bGFuY2UgU2 hlZXQ8L3N0 cm9uZz46IF RoZSBjb21w YW554oCZcy BiYWxhbmNl IHNoZWV0IG 1heSBzaG93 IGRldGVyaW 9yYXRpb24s IHdpdGggYW 4gaW5jcmVh c2UgaW4gbm 9wZXJmb3Jt aW5nIGxvYW 5zIGFuZCBh IGhpZ2hlci BhbGxvd2Fu Y2UgZm9yIG xvYW4gbG9z c2VzLiBBcy B0aGUgZWNv bm9taWMgZW 52aXJvbm1l bnQgd29yc2 VucywgTkJU IEJhbmNvcn AgbWF5IG5l ZWQgdG8gaG 9sZCBhZGRp dGlvbmFsIG NhcGl0YWwg dG8gY292ZX IgcG90ZW50 aWFsIGxvc3 Nlcywgd2hp Y2ggY291bG Qgc3RyYWlu IGl0cyBjYX BpdGFsIHJh dGlvcy4gRn VydGhlcm1v cmUsIGFueS BzaWduaWZp Y2FudCBkZW NsaW5lIGlu IGFzc2V0IH ZhbHVlcyBj b3VsZCBhbH NvIG5lZ2F0 aXZlbHkgYW ZmZWN0IG92 ZXJhbGwgZm luYW5jaWFs IHN0YWJpbG l0eSBhbmQg Y29uZmlkZW 5jZSBpbiB0 aGUgaW5zdG l0dXRpb24u PGJyPk92ZX JhbGwsIGlm IHRoaXMgc2 NlbmFyaW8g d2VyZSB0by B1bmZvbGQs IE5CVCBCYW 5jb3JwIGNv dWxkIGV4cG VyaWVuY2Ug YSBsb25nLX Rlcm0gZGVj bGluZSBpbi BpdHMgZmlu YW5jaWFsIH BlcmZvcm1h bmNlLCBsZW FkaW5nIHRv IHBvdGVudG lhbCBsYXlv ZmZzLCBicm FuY2ggY2xv c3VyZXMsIG FuZCBhbiBl cm9zaW9uIG 9mIG1hcmtl dCBzaGFyZS BhcyBjdXN0 b21lcnMgc2 VlayBtb3Jl IHN0YWJsZS BiYW5raW5n IG9wdGlvbn MuIFRoZXJl Zm9yZSwgdG hlIGxvbmct dGVybSBlY2 9ub21pYyBp bXBhaXJtZW 50cyB3b3Vs ZCBuZWNlc3 NpdGF0ZSBz dHJhdGVnaW MgY2hhbmdl cyBhbmQgYS Bwb3RlbnRp YWwgcmVldm FsdWF0aW9u IG9mIGl0cy BidXNpbmVz cyBvcGVyYX Rpb25zLjxi cj4=

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 bG9nb3MvT1 RMaXVpYVdv SGI5YXFqOU hhckgud2Vi cCIgYWx0PS JOQlQgQmFu Y29ycCIgdG l0bGU9Ik5C VCBCYW5jb3 JwIiAgY2xh c3M9ImltZy 1mbHVpZCIg aGVpZ2h0PT UwIHdpZHRo PTUwIGxvYW Rpbmc9J2xh enknIHN0eW xlPSdib3Jk ZXItcmFkaX VzOiA2cHg7 Jz4KCiAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nZm xleDogMTsg dGV4dC1hbG lnbjogY2Vu dGVyOyBtYX JnaW4tbGVm dDogNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdm b250LXNpem U6IDI2cHg7 IGNvbG9yOi AjMzMzOyBt YXJnaW4tYm 90dG9tOiAx NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICDwn5 OIIFdhbnQg dG8gcmVhZC Btb3JlIGFi b3V0IE5CVC BCYW5jb3Jw PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TpSBH ZXQgb3VyIG ZyZWUgZUJv b2sgbm93Oi 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 AgICAgICBU a0pVSUVKaG JtIE52Y25B Z1NXNWogTG lCcGN5QmhJ RyBacGJtRn VZMmxoIGJD Qm9iMnhrYV cgNW5JR052 YlhCaCBibm tnWW1GelpX IFFnYVc0Z2 RHaGwgSUZW dWFYUmxaQy BCVGRHRjBa WE1zIElIQn lhVzFoY20g bHNlU0J6Wl hKMiBhVzVu SUdOc2FXIF Z1ZEhNZ2RH aHkgYjNWbm FDQnBkSCBN Z1ltRnVhMm x1IFp5Qnpk V0p6YVcgUn BZWEo1TENC TyBRbFFnUW 1GdWF5IDRn U0dWeVpTQm ggY21VZ2My OXRaUyBCcG JuUmxjbVZ6 IGRHbHVaeU JtWVcgTjBj eUJoWW05MS BkQ0IwYUdV Z1kyIDl0Y0 dGdWVUbzgg WW5JK01TNG dTRyBsemRH OXllVG9nIF RrSlVJRUpo Ym0gTnZjbk FnZDJGeiBJ R1p2ZFc1a1 pXIFFnYVc0 Z01UZzEgTm l3Z2JXRnJh VyA1bklHbD BJRzl1IFpT QnZaaUIwYU cgVWdiMnhr WlhOMCBJR0 poYm10eklH IGx1SUhSb1 pTQlYgTGxN dUlFbDBJRy BoaGN5QmhJ R3h2IGJtY3 RjM1JoYm0g UnBibWNnYU dseiBkRzl5 ZVNCaGJtIF FnZEhKaFpH bDAgYVc5dU lHbHVJSCBS b1pTQmlZVz VyIGFXNW5J R2x1WkggVn pkSEo1TGp4 aSBjajR5TG lCSFpXIDlu Y21Gd2FIaz YgSUZSb1pT QmpiMiAxd1 lXNTVJRzl3 IFpYSmhkR1 Z6SUggQnlh VzFoY21scy BlU0JwYmlC T1pYIGNnV1 c5eWF5Qmgg Ym1RZ1VHVn VibiBONWJI WmhibWxoIE xDQnZabVps Y20gbHVaeU JoSUhKaCBi bWRsSUc5bU lHIFpwYm1G dVkybGggYk NCd2NtOWtk VyBOMGN5Qm hibVFnIGMy VnlkbWxqWl ggTWdkRzhn WW05MCBhQ0 JwYm1ScGRt IGxrZFdGc2 N5QmggYm1R Z1luVnphVy A1bGMzTmxj eTQ4IFluSS tNeTRnVTIg VnlkbWxqWl hNNiBJRTVD VkNCQ1lXID VySUhCeWIz WnAgWkdWek lIWmhjbSBs dmRYTWdjMl Z5IGRtbGpa WE1zSUcgbH VZMngxWkds dSBaeUJ3Wl hKemIyIDVo YkNCaVlXNX IgYVc1bkxD QmpiMiAxdF pYSmphV0Zz IElHSmhibX RwYm0gY3NJ SGRsWVd4MC BhQ0J0WVc1 aFoyIFZ0Wl c1MExDQmgg Ym1RZ2FXNX pkWCBKaGJt TmxJSE5sIG NuWnBZMlZ6 TEMgQmpZWF JsY21sdSBa eUIwYnlCa2 FXIFptWlhK bGJuUWcgWT NWemRHOXRa WCBJZ2JtVm xaSE11IFBH SnlQalF1SU UgTnZiVzEx Ym1sMCBlU0 JHYjJOMWN6 IG9nVGtKVU lFSmggYm1O dmNuQWdjRy B4aFkyVnpJ R0VnIGMzUn liMjVuSUcg VnRjR2hoYz JseiBJRzl1 SUdOdmJXID ExYm1sMGVT QnAgYm5adm JIWmxiVyBW dWRDQmhibV FnIGMzVndj Rzl5ZEMgd2 djR0Z5ZEds aiBhWEJoZE dsdVp5IEJw YmlCMllYSn AgYjNWeklH eHZZMiBGc0 lHbHVhWFJw IFlYUnBkbV Z6SUcgRnVa Q0JqYUdGeS BhWFJoWW14 bElHIE52Ym 5SeWFXSjEg ZEdsdmJuTX VQRyBKeVBq VXVJRWR5IG IzZDBhRG9n VkcgaGxJR0 52YlhCaCBi bmtnYUdGek lHIGR5YjNk dUlIUm8gY2 05MVoyZ2dj MyBSeVlYUm xaMmxqIElH RmpjWFZwYz IgbDBhVzl1 Y3l3ZyBaVz VvWVc1amFX IDVuSUdsMG N5QncgY21W elpXNWpaUy BCcGJpQnBk SE1nIGIzQm xjbUYwYVcg NW5JSEpsWj JsdiBibk1n WVc1a0lHIF Y0Y0dGdVpH bHUgWnlCcG RITWdZMyBW emRHOXRaWE lnIFltRnpa UzQ4WW4gSS tOaTRnVkdW aiBhRzV2Yk c5bmVUIG9n VGtKVUlFSm ggYm1OdmNu QWdhRyBGek lHbHVkbVZ6 IGRHVmtJR2 x1SUggUmxZ Mmh1YjJ4di BaMmxqWVd3 Z1lXIFIyWV c1alpXMWwg Ym5SeklIUn ZJRyBsdGNI SnZkbVVnIF kzVnpkRzl0 WlggSWdjMl Z5ZG1saiBa U3dnYzNWam FDIEJoY3lC dGIySnAgYk dVZ1ltRnVh MiBsdVp5Qm hjSEJ6IElH RnVaQ0J2Ym 0geHBibVVn WW1GdSBhMm x1WnlCemIy IHgxZEdsdm JuTXMgSUhK bFpteGxZMy BScGJtY2dk R2hsIElHVj JiMngyYVcg NW5JR3hoYm 1SeiBZMkZ3 WlNCdlppIE IwYUdVZ1pt bHUgWVc1am FXRnNJRyBs dVpIVnpkSE o1IExqeGlj ajQzTGkgQk RiMjF0YVhS dCBaVzUwSU hSdklGIE4x YzNSaGFXNW ggWW1sc2FY UjVPaSBCT1 FsUWdRbUZ1 IFkyOXljQ0 JvWVggTWdh VzVwZEdsaC BkR2wyWlhN Z1ptIDlqZF hObFpDQnYg YmlCemRYTj BZVyBsdVlX SnBiR2wwIG VTQmhibVFn WTIgOXljRz l5WVhSbCBJ SEpsYzNCdm JuIE5wWW1s c2FYUjUgTE NCemRISnBk bSBsdVp5Qj BieUJ0IGFX NXBiV2w2Wl MgQnBkSE1n Wlc1MiBhWE p2Ym0xbGJu IFJoYkNCbW IyOTAgY0hK cGJuUWdZVy A1a0lIQnli MjF2IGRHVW djbVZ6Y0cg OXVjMmxpYk dVZyBZbUZ1 YTJsdVp5IE J3Y21GamRH bGogWlhNdV BHSnlQaiBn dUlFVnRjR3 h2IGVXVmxJ RVZ1WjIgRm 5aVzFsYm5R NiBJRlJvWl NCamIyIDF3 WVc1NUlHVn QgY0doaGMy bDZaWCBNZ1 pXMXdiRzk1 IFpXVWdjMk YwYVggTm1Z V04wYVc5dS BJR0Z1WkNC bGJtIGRoWj JWdFpXNTAg TENCd2NtOT JhVyBScGJt Y2diblZ0IF pYSnZkWE1n ZEggSmhhVz VwYm1jZyBZ VzVrSUdSbG RtIFZzYjNC dFpXNTAgSU hCeWIyZHlZ VyAxeklIUn ZJR1p2IGMz UmxjaUIzYj MgSnJabTl5 WTJVZyBaM0 p2ZDNSb0lH IEZ1WkNCeV pYUmwgYm5S cGIyNHVQRy BKeVBqa3VJ Rk4wIGIyTn JJRTFoY20g dGxkRG9nVG tKVSBJRUpo Ym1OdmNuIE FnYVhNZ2NI VmkgYkdsam JIa2dkSCBK aFpHVmtJRz l1IElIUm9a U0JPUVYgTk VRVkVnZFc1 ayBaWElnZE dobElIIFJw WTJ0bGNpQn ogZVcxaWIy d2dUayBKVV Fpd2dZV3hz IGIzZHBibW NnYVcgNTJa WE4wYjNKei BJSFJ2SUhC aGNuIFJwWT Jsd1lYUmwg SUdsdUlHbD BjeSBCbmNt OTNkR2dnIF lXNWtJSE4x WTIgTmxjM0 11UEdKeSBQ akV3TGlCU1 lYIFJwYm1k ek9pQk8gUW xRZ1FtRnVZ MiA5eWNDQm 9ZWE1nIGNt VmpaV2wyWl cgUWdabUYy YjNKaCBZbX hsSUhKaGRH IGx1WjNNZ1 puSnYgYlNC MllYSnBiMy BWeklHWnBi bUZ1IFkybG hiQ0JwYm4g TjBhWFIxZE dsdiBibk1n WVc1a0lHIE 55WldScGRD QnkgWVhScG JtY2dZVyBk bGJtTnBaWE 1zIElISmxa bXhsWTMgUn BibWNnYVhS eiBJSE52Yk dsa0lHIFpw Ym1GdVkybG ggYkNCb1pX RnNkRyBnZ1 lXNWtJRzFo IGJtRm5aVz FsYm4gUWdj SEpoWTNScC BZMlZ6TGp4 aWNqIDVVYU dWelpTQm0g WVdOMGN5Qm taVyAxdmJu TjBjbUYwIF pTQk9RbFFn UW0gRnVZMj l5Y09LQSBt WE1nWTI5dG JXIGwwYldW dWRDQjAgYn lCcGRITWdZ MyBWemRHOX RaWEp6IExD QmpiMjF0ZF cgNXBkSGtz SUdGdSBaQ0 J2ZG1WeVlX IHhzSUdkeW IzZDAgYUNC cGJpQjBhRy BVZ1ptbHVZ VzVqIGFXRn NJSE5sWTMg UnZjaTQ4WW 5JKwogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=