Temenos AG

Live  

Temenos AG is a Swiss company that specializes in providing software and services to the banking and financial services industry. The company was founded in 1993 and is headquartered in Geneva, Switzerland. It is listed on the Swiss stock exchange and is one of the largest providers of banking software in the world.
Temenos offers a range of products including core banking systems, transaction processing, and digital banking solutions. These products are used by over 3000 financial institutions in more than 150 countries.
The company has a strong focus on innovation and has been recognized for its technology advancements in the banking industry. It has received numerous awards for its products and services, including being named a leader in the Gartner Magic Quadrant for Global Retail Core Banking in 2020.
In addition to its headquarters in Geneva, Temenos has offices in 55 locations around the world. The company has over 9,000 employees and serves clients of all sizes, from small community banks to large global financial institutions. Temenos is committed to sustainability and social responsibility, and is dedicated to supporting financial inclusion and environmental sustainability through its products and operations.

VGVtZW5vcy BBRyBpcyBh IGNvbXBhbn kgdGhhdCBo ZWxwcyBiYW 5rcyBhbmQg b3RoZXIgYn VzaW5lc3Nl cyBpbiB0aG UgZmluYW5j ZSBpbmR1c3 RyeSBtYW5h Z2UgdGhlaX IgbW9uZXkg YW5kIG9wZX JhdGlvbnMg YmV0dGVyLi BUaGluayBv ZiBpdCBsaW tlIGEgc3Vw ZXItc21hcn QgdG9vbGtp dCBmb3IgYm Fua3MuIFRo ZXkgY3JlYX RlIHNvZnR3 YXJlIHRoYX QgaGVscHMg YmFua3Mga2 VlcCB0cmFj ayBvZiBhbG wgdGhlIG1v bmV5IGNvbW luZyBpbiBh bmQgZ29pbm cgb3V0LCBh bmQgdGhleS BtYWtlIGl0 IGVhc2llci Bmb3IgYmFu a3MgdG8gb2 ZmZXIgc2Vy dmljZXMgdG 8gdGhlaXIg Y3VzdG9tZX JzLCBsaWtl IG9wZW5pbm cgYmFuayBh Y2NvdW50cy BvciB0cmFu c2ZlcnJpbm cgbW9uZXku PGJyPlRlbW Vub3MgbWFr ZXMgbW9uZX kgYnkgc2Vs bGluZyB0aG lzIHNvZnR3 YXJlIHRvIG JhbmtzIGFu ZCBvdGhlci BmaW5hbmNp YWwgY29tcG FuaWVzLiBU aGV5IGFsc2 8gb2ZmZXIg aGVscCBhbm Qgc3VwcG9y dCB0byBtYW tlIHN1cmUg ZXZlcnl0aG luZyBydW5z IHNtb290aG x5LiBXaGVu IGJhbmtzIH VzZSBUZW1l bm9z4oCZcy Bzb2Z0d2Fy ZSwgaXQgaG VscHMgdGhl bSBkbyB0aG VpciBqb2Jz IGJldHRlci BhbmQgc2Vy dmUgdGhlaX IgY3VzdG9t ZXJzIG1vcm UgZWZmaWNp ZW50bHksIG FuZCB0aGF0 IG1ha2VzIG JhbmtzIGhh cHB5ITxicj 5UaGUgcmVh c29uIFRlbW Vub3MgaXMg c3VjY2Vzc2 Z1bCBpcyB0 aGF0IG1hbn kgYmFua3Mg bmVlZCBnb2 9kIHRlY2hu b2xvZ3kgdG 8ga2VlcCB1 cCB3aXRoIG 1vZGVybiBi YW5raW5nIG NoYWxsZW5n ZXMuIEFzIG 1vcmUgcGVv cGxlIHVzZS BzbWFydHBo b25lcyBhbm Qgb25saW5l IGJhbmtpbm csIHRoZSBk ZW1hbmQgZm 9yIHRoZWly IHNvZnR3YX JlIGdyb3dz LiBBbHNvLC B0aGV5IGFy ZSBhbHdheX MgaW1wcm92 aW5nIHRoZW lyIHByb2R1 Y3RzLCBtYW tpbmcgc3Vy ZSBiYW5rcy BoYXZlIHRo ZSBiZXN0IH Rvb2xzIHRv IHdvcmsgd2 l0aC48YnI+ SW4gdGhlIG Z1dHVyZSwg VGVtZW5vcy BpcyBsaWtl bHkgdG8gc3 RheSBzdWNj ZXNzZnVsIG JlY2F1c2Ug dGVjaG5vbG 9neSBpbiBi YW5raW5nIG lzIG9ubHkg Z29pbmcgdG 8gZ2V0IG1v cmUgaW1wb3 J0YW50LiBN b3JlIGFuZC Btb3JlIHBl b3BsZSB3aW xsIHdhbnQg ZWFzeSBhbm QgZmFzdCBi YW5raW5nIH NlcnZpY2Vz LCBhbmQgYX MgbG9uZyBh cyBUZW1lbm 9zIGtlZXBz IGNyZWF0aW 5nIGdyZWF0 IHNvbHV0aW 9ucyBmb3Ig YmFua3MsIH RoZXkgd2ls bCBjb250aW 51ZSB0byB0 aHJpdmUgaW 4gdGhlIGZp bmFuY2Ugd2 9ybGQhPGJy Pg==

VGVtZW5vcy BBRyBpcyBh IFN3aXNzIH NvZnR3YXJl IGNvbXBhbn kgc3BlY2lh bGl6aW5nIG luIGZpbmFu Y2lhbCBzZX J2aWNlcy4g SXQgcHJvdm lkZXMgaW50 ZWdyYXRlZC BiYW5raW5n IHNvZnR3YX JlIHN5c3Rl bXMgYW5kIH NlcnZpY2Vz IHRvIGZpbm FuY2lhbCBp bnN0aXR1dG lvbnMgYW5k IG90aGVyIG luZHVzdHJp ZXMgc3VjaC BhcyBnb3Zl cm5tZW50IG FnZW5jaWVz LCBlbmVyZ3 kvdXRpbGl0 eSBjb21wYW 5pZXMsIGFu ZCB0ZWxlY2 9tIG9wZXJh dG9ycy48Yn I+U29tZSB1 bmlxdWUgYX NwZWN0cyBv ZiBUZW1lbm 9zIEFHIHRo YXQgZGlzdG luZ3Vpc2gg aXQgZnJvbS BvdGhlciBj b21wYW5pZX MgaW5jbHVk ZTo8YnI+MS 4gQWR2YW5j ZWQgVGVjaG 5vbG9neTog VGVtZW5vcy BBRyBpcyBr bm93biBmb3 IgaXRzIGN1 dHRpbmctZW RnZSB0ZWNo bm9sb2d5IG FuZCBpbm5v dmF0aXZlIH NvbHV0aW9u cy4gSXQgd2 FzIG9uZSBv ZiB0aGUgZm lyc3QgY29t cGFuaWVzIH RvIGludHJv ZHVjZSBjbG 91ZC1iYXNl ZCBjb3JlIG Jhbmtpbmcg c3lzdGVtcy BhbmQgaGFz IGNvbnRpbn VlZCB0byBp bnZlc3QgaW 4gYWR2YW5j ZWQgdGVjaG 5vbG9naWVz IHN1Y2ggYX MgYXJ0aWZp Y2lhbCBpbn RlbGxpZ2Vu Y2UsIG1hY2 hpbmUgbGVh cm5pbmcsIG FuZCBibG9j a2NoYWluLj xicj4yLiBH bG9iYWwgUH Jlc2VuY2U6 IFRoZSBjb2 1wYW55IGhh cyBhIGdsb2 JhbCBwcmVz ZW5jZSwgd2 l0aCBvZmZp Y2VzIGluIG 92ZXIgNjAg Y291bnRyaW VzIGFuZCBz ZXJ2ZXMgY2 xpZW50cyBp biBtb3JlIH RoYW4gMTUw IGNvdW50cm llcy4gSXRz IGJyb2FkIH JlYWNoIGFs bG93cyBpdC B0byB1bmRl cnN0YW5kIG FuZCBjYXRl ciB0byB0aG UgZGl2ZXJz ZSBuZWVkcy BvZiBmaW5h bmNpYWwgaW 5zdGl0dXRp b25zIHdvcm xkd2lkZS48 YnI+My4gVG FpbG9yZWQg U29sdXRpb2 5zOiBJbnN0 ZWFkIG9mIG 9mZmVyaW5n IGEgb25lLX NpemUtZml0 cy1hbGwgc2 9sdXRpb24s IFRlbWVub3 MgQUcgdGFr ZXMgYSB0YW lsb3JlZCBh cHByb2FjaC B0byBpdHMg c29sdXRpb2 5zLCB1bmRl cnN0YW5kaW 5nIHRoZSB1 bmlxdWUgcm VxdWlyZW1l bnRzIG9mIG VhY2ggY2xp ZW50IGFuZC BkZWxpdmVy aW5nIGN1c3 RvbWl6ZWQg c29sdXRpb2 5zIHRvIG1l ZXQgdGhlaX Igc3BlY2lm aWMgbmVlZH MuPGJyPjQu IEN1c3RvbW VyLUNlbnRy aWMgRm9jdX M6IFRoZSBj b21wYW55IH B1dHMgYSBz dHJvbmcgZW 1waGFzaXMg b24gY3VzdG 9tZXIgc2F0 aXNmYWN0aW 9uIGFuZCBo YXMgYSBjdX N0b21lci1j ZW50cmljIG FwcHJvYWNo IHRvIGl0cy Bwcm9kdWN0 cyBhbmQgc2 VydmljZXMu IFRoaXMgaX MgcmVmbGVj dGVkIGluIG l0cyBzdHJv bmcgZm9jdX Mgb24gdXNh YmlsaXR5LC BmdW5jdGlv bmFsaXR5LC BhbmQgY3Vz dG9tZXIgc3 VwcG9ydC48 YnI+NS4gSW 5kdXN0cnkg UmVjb2duaX Rpb246IFRl bWVub3MgQU cgaGFzIGNv bnNpc3Rlbn RseSBiZWVu IHJlY29nbm l6ZWQgYXMg YSBsZWFkZX IgaW4gdGhl IGZpbmFuY2 lhbCBzZXJ2 aWNlcyB0ZW Nobm9sb2d5 IHNlY3Rvci 4gSXQgaGFz IHJlY2Vpdm VkIG51bWVy b3VzIGF3YX JkcyBhbmQg YWNjb2xhZG VzLCBpbmNs dWRpbmcgYm VpbmcgbmFt ZWQgQmVzdC BDb3JlIEJh bmtpbmcgVm VuZG9yIGFu ZCBCZXN0IE RpZ2l0YWwg QmFua2luZy BTb2x1dGlv biBieSB2YX Jpb3VzIGlu ZHVzdHJ5IH B1YmxpY2F0 aW9ucyBhbm QgYXNzb2Np YXRpb25zLj xicj42LiBD b2xsYWJvcm F0aW9uIGFu ZCBQYXJ0bm Vyc2hpcHM6 IFRlbWVub3 MgQUcgaGFz IGEgc3Ryb2 5nIG5ldHdv cmsgb2YgcG FydG5lcnMs IGluY2x1ZG luZyBtYWpv ciB0ZWNobm 9sb2d5IGNv bXBhbmllcy wgY29uc3Vs dGluZyBmaX JtcywgYW5k IGZpbmFuY2 lhbCBpbnN0 aXR1dGlvbn MuIFRoaXMg bmV0d29yay BhbGxvd3Mg dGhlIGNvbX BhbnkgdG8g cHJvdmlkZS Bjb21wcmVo ZW5zaXZlLC BlbmQtdG8t ZW5kIHNvbH V0aW9ucyBh bmQgc2Vydm ljZXMgdG8g aXRzIGNsaW VudHMuPGJy PjcuIENvbW 1pdG1lbnQg dG8gSW5ub3 ZhdGlvbjog SW5ub3ZhdG lvbiBpcyBh IGtleSBhc3 BlY3Qgb2Yg VGVtZW5vcy BBR+KAmXMg Y3VsdHVyZS wgYW5kIHRo ZSBjb21wYW 55IGNvbnRp bnVvdXNseS BpbnZlc3Rz IGluIHJlc2 VhcmNoIGFu ZCBkZXZlbG 9wbWVudCB0 byBzdGF5IG FoZWFkIG9m IHRoZSBjb2 5zdGFudGx5 IGV2b2x2aW 5nIHRlY2hu b2xvZ3kgbG FuZHNjYXBl LiBJdCBhbH NvIGVuY291 cmFnZXMgZW 1wbG95ZWVz IHRvIHRoaW 5rIG91dHNp ZGUgdGhlIG JveCBhbmQg Y29tZSB1cC B3aXRoIGNy ZWF0aXZlIH NvbHV0aW9u cyB0byBhZG RyZXNzIGN1 c3RvbWVyIG 5lZWRzLg==

VGVtZW5vcy BBRyBpcyBh IFN3aXNzIG Jhbmtpbmcg c29mdHdhcm UgY29tcGFu eSB0aGF0IH Byb3ZpZGVz IHNvZnR3YX JlIHNvbHV0 aW9ucyB0by BmaW5hbmNp YWwgaW5zdG l0dXRpb25z IHdvcmxkd2 lkZS4gVGhl aXIgYnVzaW 5lc3MgbW9k ZWwgaXMgYm FzZWQgb24g c2VsbGluZy Bzb2Z0d2Fy ZSBsaWNlbn Nlcywgb2Zm ZXJpbmcgc3 VwcG9ydCBh bmQgbWFpbn RlbmFuY2Ug c2VydmljZX MsIGFuZCBw cm92aWRpbm cgcHJvZmVz c2lvbmFsIH NlcnZpY2Vz IHN1Y2ggYX MgY29uc3Vs dGluZywgaW 1wbGVtZW50 YXRpb24sIG FuZCB0cmFp bmluZy48Yn I+VGhleSBw cmltYXJpbH kgdGFyZ2V0 IGJhbmtzLC B3ZWFsdGgg bWFuYWdlbW VudCBmaXJt cywgYW5kIG 90aGVyIGZp bmFuY2lhbC BpbnN0aXR1 dGlvbnMgbG 9va2luZyB0 byBtb2Rlcm 5pemUgdGhl aXIgdGVjaG 5vbG9neSBp bmZyYXN0cn VjdHVyZSBh bmQgc3lzdG Vtcy4gVGVt ZW5vcyBBRy BvZmZlcnMg YSB2YXJpZX R5IG9mIHBy b2R1Y3RzLC BpbmNsdWRp bmcgY29yZS BiYW5raW5n IHNvZnR3YX JlLCBkYXRh IGFuZCBhbm FseXRpY3Mg c29sdXRpb2 5zLCBkaWdp dGFsIGJhbm tpbmcgcGxh dGZvcm1zLC BhbmQgcmVn dWxhdG9yeS Bjb21wbGlh bmNlIHRvb2 xzLjxicj5U aGVpciBidX NpbmVzcyBt b2RlbCBhbH NvIGludm9s dmVzIHBhcn RuZXJzaGlw cyB3aXRoIH RlY2hub2xv Z3kgY29tcG FuaWVzIGFu ZCBjb25zdW x0aW5nIGZp cm1zIHRvIG VuaGFuY2Ug dGhlaXIgcH JvZHVjdHMg YW5kIHJlYW NoIGEgYnJv YWRlciBjdX N0b21lciBi YXNlLiBBZG RpdGlvbmFs bHksIFRlbW Vub3MgQUcg b2ZmZXJzIG Nsb3VkLWJh c2VkIHNvbH V0aW9ucyB0 byBjYXRlci B0byBjdXN0 b21lcnPigJ kgZ3Jvd2lu ZyBwcmVmZX JlbmNlIGZv ciBmbGV4aW JsZSBhbmQg c2NhbGFibG UgdGVjaG5v bG9neSBzb2 x1dGlvbnMu PGJyPldpdG ggYSBmb2N1 cyBvbiBpbm 5vdmF0aW9u IGFuZCBjb2 50aW51b3Vz IGltcHJvdm VtZW50LCBU ZW1lbm9zIE FHIGFpbXMg dG8gcHJvdm lkZSBjdXR0 aW5nLWVkZ2 Ugc29sdXRp b25zIGFuZC BzZXJ2aWNl cyB0byBpdH MgY3VzdG9t ZXJzIHRvIG hlbHAgdGhl bSBzdGF5IG FoZWFkIGlu IHRoZSBldm VyLWV2b2x2 aW5nIGZpbm FuY2lhbCBp bmR1c3RyeS 4=

AI does pose certain risks to Temenos AG, a company known for its banking software solutions, in various ways:
1. Substitution: AI technologies can provide alternative solutions that automate processes traditionally handled by software like that offered by Temenos. For instance, AI-driven fintech companies may develop applications that replace traditional banking functionalities, leading to a potential decrease in demand for specific Temenos products.
2. Disintermediation: Advances in AI may enable new entrants in the financial services sector to bypass traditional software solutions by offering direct consumer services. This could undermine Temenos’s positioning by allowing customers to directly interact with AI-driven financial services that do not require intermediary software.
3. Margin Pressure: As AI capabilities grow, competitors may offer more efficient, cost-effective solutions that can eat into the market share of established players like Temenos. New entrants utilizing AI could operate with lower overhead costs, allowing them to price their services competitively, which would exert pressure on Temenos to lower its prices or invest significantly in innovation to maintain its margins.
In summary, while AI presents significant opportunities for innovation within the banking sector, it also introduces potential threats to Temenos AG’s products, services, and competitive positioning. Strategic adaptation and investment in AI capabilities may be critical for the company to navigate these challenges effectively.

The sensitivity of Temenos AG’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings: Changes in interest rates can impact Temenos’s earnings indirectly through their effect on customer spending. Higher interest rates could lead to lower spending by banks and financial institutions on software solutions if they face higher borrowing costs. Conversely, lower interest rates may encourage these institutions to invest more in technology, possibly boosting Temenos’s earnings.
2. Cash Flow: Interest rates also influence cash flow through the cost of financing. If Temenos has debt, rising interest rates can increase interest expense, reducing net cash flow. Conversely, if rates decrease, the company might benefit from lower interest expenses. Additionally, customers’ cash flow can be impacted by interest rates, affecting their ability to invest in Temenos’s products and services.
3. Valuation: The valuation of Temenos AG, like many companies, is affected by interest rates through the discount rate used in discounted cash flow (DCF) analysis. Higher interest rates typically lead to a higher discount rate, reducing the present value of future cash flows and affecting the overall valuation negatively. Conversely, lower interest rates generally increase valuation as future cash flows are discounted at a lower rate.
In summary, while there is no direct correlation between Temenos AG’s earnings, cash flow, and valuation with interest rates, the indirect effects through customer behavior, financing costs, and discount rates can significantly impact the company’s financial performance.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BUZW1lbm9z IEFH4oCZcy BlY29ub21p Y3Mgb3Zlci B0aGUgbmV4 dCAz4oCTNS B5ZWFycyBp cyB0aGUgc3 VzdGFpbmVk IGVyb3Npb2 4gb2YgZGVt YW5kIGZvci BpdHMgY29y ZSBzb2Z0d2 FyZSBzb2x1 dGlvbnMgZH VlIHRvIHRo ZSByYXBpZC BhZG9wdGlv biBvZiBsb3 ctY29kZS9u by1jb2RlIG RldmVsb3Bt ZW50IHBsYX Rmb3JtcyBh bmQgaW5jcm Vhc2luZyBj b21wZXRpdG lvbiBmcm9t IGFuIGV4cG FuZGluZyBh cnJheSBvZi BmaW50ZWNo IHN0YXJ0dX BzLiBBcyBm aW5hbmNpYW wgaW5zdGl0 dXRpb25zIG luY3JlYXNp bmdseSB0dX JuIHRvIHRo ZXNlIGFnaW xlIGFuZCBj b3N0LWVmZm VjdGl2ZSBz b2x1dGlvbn MsIHRyYWRp dGlvbmFsIG Jhbmtpbmcg c29mdHdhcm UgcHJvdmlk ZXJzIGxpa2 UgVGVtZW5v cyBtYXkgZm luZCB0aGVt c2VsdmVzIH VuYWJsZSB0 byBjb21wZX RlIGVmZmVj dGl2ZWx5Lj xicj5JbiB0 aGlzIHNjZW 5hcmlvLCBz ZXZlcmFsIG tleSBlY29u b21pYyBpbm RpY2F0b3Jz IGZvciBUZW 1lbm9zIGNv dWxkIGJlIH NpZ25pZmlj YW50bHkgaW 1wYWN0ZWQ6 PGJyPjEuID xzdHJvbmc+ TWFyZ2lucz wvc3Ryb25n PjogVGhlIG NvbXBhbnni gJlzIHByb2 ZpdCBtYXJn aW5zIHdvdW xkIGxpa2Vs eSBkZWNyZW FzZSBhcyBw cmljaW5nIH ByZXNzdXJl IG1vdW50cy 4gVGVtZW5v cyBjb3VsZC BiZSBmb3Jj ZWQgdG8gbG 93ZXIgaXRz IHByaWNlcy B0byBtYWlu dGFpbiBtYX JrZXQgc2hh cmUsIHJlc3 VsdGluZyBp biByZWR1Y2 VkIHJldmVu dWVzIHdpdG hvdXQgYSBj b3JyZXNwb2 5kaW5nIGRl Y3JlYXNlIG luIG9wZXJh dGlvbmFsIG V4cGVuc2Vz LiBBcyBhIH Jlc3VsdCwg b3BlcmF0aW 5nIG1hcmdp bnMgY291bG Qgc2hyaW5r IHNpZ25pZm ljYW50bHks IG1vdmluZy Bmcm9tIHBy ZXZpb3VzbH kgc3RhYmxl IGxldmVscy B0byBwb3Rl bnRpYWxseS BuZWdhdGl2 ZSBtYXJnaW 5zLCBwYXJ0 aWN1bGFybH kgaWYgZml4 ZWQgY29zdH MgcmVtYWlu IGhpZ2guPG JyPjIuIDxz dHJvbmc+Q2 FzaCBGbG93 PC9zdHJvbm c+OiBBIHJl ZHVjdGlvbi BpbiBjdXN0 b21lciBkZW 1hbmQgZm9y IFRlbWVub3 PigJkgZXhp c3Rpbmcgb2 ZmZXJpbmdz IHdvdWxkIG xpa2VseSBs ZWFkIHRvIG EgZGVjbGlu ZSBpbiBzYW xlcywgYWZm ZWN0aW5nIG Nhc2ggZmxv dyBmcm9tIG 9wZXJhdGlv bnMuIEFzIH JldmVudWUg ZGVjcmVhc2 VzLCBUZW1l bm9zIG1heS BzdHJ1Z2ds ZSB0byBtYW ludGFpbiBw b3NpdGl2ZS BjYXNoIGZs b3csIGxlYW RpbmcgdG8g YSByZWxpYW 5jZSBvbiBl aXRoZXIgZG VidCBmaW5h bmNpbmcgb3 IgYSByZWV2 YWx1YXRpb2 4gb2YgaXRz IGludmVzdG 1lbnQgc3Ry YXRlZ3kuIE Nhc2ggZmxv dyBpc3N1ZX MgY291bGQg aW1wZWRlIH RoZSBjb21w YW554oCZcy BhYmlsaXR5 IHRvIGludm VzdCBpbiBu ZXcgdGVjaG 5vbG9naWVz IG9yIGlubm 92YXRpb24s IGZ1cnRoZX IgZGV0ZXJp b3JhdGluZy BpdHMgY29t cGV0aXRpdm UgcG9zaXRp b24uPGJyPj MuIDxzdHJv bmc+QmFsYW 5jZSBTaGVl dDwvc3Ryb2 5nPjogV2l0 aCBkZWNsaW 5pbmcgcmV2 ZW51ZXMgYW 5kIHByb2Zp dHMsIFRlbW Vub3MgbWF5 IGZhY2UgY2 hhbGxlbmdl cyBpbiBtYW ludGFpbmlu ZyBhIHN0cm 9uZyBiYWxh bmNlIHNoZW V0LiBJZiBj YXNoIGZsb3 cgYmVjb21l cyBuZWdhdG l2ZSBvciBz aWduaWZpY2 FudGx5IHJl ZHVjZWQsIH RoZSBjb21w YW55IGNvdW xkIGFjY3Vt dWxhdGUgZG VidCB0byBm aW5hbmNlIG l0cyBvcGVy YXRpb25zIG FuZCBtYWlu dGFpbiBsaX F1aWRpdHku IFRoZSBiYW xhbmNlIHNo ZWV0IGNvdW xkIHJlZmxl Y3QgaGlnaG VyIGxldmVs cyBvZiBsaW FiaWxpdGll cyBjb21wYX JlZCB0byBh c3NldHMsIG ltcGFjdGlu ZyBrZXkgcm F0aW9zIGxp a2UgZGVidC 10by1lcXVp dHkgYW5kIG N1cnJlbnQg cmF0aW9zLi BUaGlzIGRl dGVyaW9yYX Rpb24gY291 bGQgdHJpZ2 dlciBjcmVk aXQgcmF0aW 5nIGRvd25n cmFkZXMsIH Jlc3VsdGlu ZyBpbiBoaW doZXIgYm9y cm93aW5nIG Nvc3RzIGlu IHRoZSBmdX R1cmUuPGJy PkluIHN1bW 1hcnksIGlm IFRlbWVub3 MgQUcgZmFj ZXMgc3VzdG FpbmVkIGRl bWFuZCBlcm 9zaW9uIGR1 ZSB0byBjb2 1wZXRpdGlv biBmcm9tIG xvdy1jb2Rl IHBsYXRmb3 JtcyBhbmQg ZmludGVjaH MsIGl0cyBt YXJnaW5zIG NvdWxkIGNv bnRyYWN0IG RyYXN0aWNh bGx5IGR1ZS B0byBwZXJz aXN0ZW50IH ByaWNpbmcg cHJlc3N1cm VzLCBpdHMg Y2FzaCBmbG 93IGNvdWxk IHR1cm4gbm VnYXRpdmUg b3IgaGlnaG x5IGNvbnN0 cmFpbmVkLC BhbmQgaXRz IGJhbGFuY2 Ugc2hlZXQg Y291bGQgcm VmbGVjdCBz aWduaWZpY2 FudCBsZXZl cmFnZSBhbm QgcmVkdWNl ZCBmaW5hbm NpYWwgc3Rh YmlsaXR5Li BTdWNoIGEg c2NlbmFyaW 8gY291bGQg bWFrZSBpdC BjaGFsbGVu Z2luZyBmb3 IgdGhlIGNv bXBhbnkgdG 8gcmVjb3Zl ciwgbGVhZG luZyB0byBh IGxvbmctdG VybSBkZWNs aW5lIGluIG l0cyBtYXJr ZXQgcG9zaX Rpb24gYW5k IG92ZXJhbG wgdmlhYmls aXR5Ljxicj 4=

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 bG9nb3MvT3 VBaWpxU29y MmE4SGczS1 YydGYud2Vi cCIgYWx0PS JUZW1lbm9z IEFHIiB0aX RsZT0iVGVt ZW5vcyBBRy IgIGNsYXNz PSJpbWctZm x1aWQiIGhl aWdodD01MC B3aWR0aD01 MCBsb2FkaW 5nPSdsYXp5 JyBzdHlsZT 0nYm9yZGVy LXJhZGl1cz ogNnB4Oyc+ CgogICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J2ZsZX g6IDE7IHRl eHQtYWxpZ2 46IGNlbnRl cjsgbWFyZ2 luLWxlZnQ6 IDVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8cCBzdH lsZT0nZm9u dC1zaXplOi AyNnB4OyBj b2xvcjogIz MzMzsgbWFy Z2luLWJvdH RvbTogMTVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+TiC BXYW50IHRv IHJlYWQgbW 9yZSBhYm91 dCBUZW1lbm 9zIEFHPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TpSBHZXQg b3VyIGZyZW UgZUJvb2sg bm93OiA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvcD4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTJweD sgZm9udC1z aXplOiAxM3 B4OyBjb2xv cjogIzQ0ND snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgU2lnbiB1 cCBub3cgYW 5kIGdldCBv dXIgZnJlZS BlQm9vayAK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxi PlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3M8L2I+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxNnB4OyBm b250LXNpem U6IDE0cHg7 IGNvbG9yOi AjNDQ0OyBm b250LWZhbW lseTogLWFw cGxlLXN5c3 RlbSwgQmxp bmtNYWNTeX N0ZW1Gb250 LCBTZWdvZS BVSSwgUm9i b3RvLCBIZW x2ZXRpY2Eg TmV1ZSwgc2 Fucy1zZXJp ZjsgbGluZS 1oZWlnaHQ6 IDEuNjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgSG F2ZSB5b3Ug aGVhcmQgYW JvdXQgb3Vy IHNob3J0ID xzdHJvbmcg c3R5bGU9J2 ZvbnQtd2Vp Z2h0OiA2MD A7Jz5EYWls eSBWaWRlby BOZXdzbGV0 dGVyPC9zdH Jvbmc+Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naH R0cHM6Ly93 d3cuaW5zaW dodGZ1bHZh bHVlLmNvbS 9uZXdzbGV0 dGVyLnBocC cgdGFyZ2V0 PSdfYmxhbm snIHN0eWxl PSdjb2xvcj ogIzAwN0JG RjsgdGV4dC 1kZWNvcmF0 aW9uOiBub2 5lOyBmb250 LXdlaWdodD ogNTAwOyBt YXJnaW4tbG VmdDogNnB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgRm luZCBvdXQg bW9yZQogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIAog ICAgICAgIA ogICAgICAg IDxzcGFuIG NsYXNzPSdi bHVycmVkLX RleHQnPgog ICAgICAgIC AgICBNUzRn VkdWdFpXID V2Y3lCQlJ5 QnAgY3lCaE lGTjNhWCBO eklHMTFiSF JwIGJtRjBh Vzl1WVcgd2 dZMjl0Y0dG dSBlU0IwYU dGMElIIE53 WldOcFlXeH AgZW1WeklH bHVJRyBKaG JtdHBibWNn IGMyOW1kSG RoY20gVWdj M2x6ZEdWdC BjeUJoYm1R Z2MyIFZ5ZG 1salpYTXUg UEdKeVBqSX VJRiBSb1pT QmpiMjF3IF lXNTVJSGRo Y3kgQm1iM1 Z1WkdWayBJ R2x1SURFNU 9UIE1nWW5r Z1IyVnYgY2 1kbElFdHZk VyB0cGN5Qm hibVFnIFFX NWtjbVZoY3 kgQkJibVJ5 WldGayBaWE 1zSUhkcGRH IGdnYVhSek lHaGwgWVdS eGRXRnlkRy BWeWN5QnBi aUJIIFpXNW xkbUVzSUYg TjNhWFI2Wl hKcyBZVzVr TGp4aWNqID R6TGlCVVpX MWwgYm05ek lITmxjbiBa bGN5QmhJR1 JwIGRtVnlj MlVnWTIgeH BaVzUwSUdK aCBjMlVnYV c0Z2IzIFps Y2lBeE5UQW cgWTI5MWJu UnlhVyBWek xDQnBibU5z IGRXUnBibW NnWW0gRnVh M01zSUdacC BibUZ1WTJs aGJDIEJwYm 5OMGFYUjEg ZEdsdmJuTX NJRyBGdVpD Qm1hVzUwIF pXTm9JR052 YlggQmhibW xsY3k0OCBZ bkkrTkM0Z1 ZHIGhsSUdO dmJYQmggYm 5rZ2FYTWdi RyBsemRHVm tJRzl1IElI Um9aU0JUZD IgbHpjeUJU ZEc5aiBheU JGZUdOb1lX IDVuWlNCaG JtUWcgYUdG eklHRWdiVy BGeWEyVjBJ R05oIGNHbD BZV3hwZW0g RjBhVzl1SU c5bSBJRzky WlhJZ0pEIE V3SUdKcGJH eHAgYjI0dV BHSnlQaiBV dUlGUmxiV1 Z1IGIzTWdh R0Z6SUggSm xZMlZwZG1W ayBJRzUxYl dWeWIzIFZ6 SUdGM1lYSm sgY3lCaGJt UWdjbSBWam IyZHVhWFJw IGIyNGdabT l5SUcgbDBj eUJ3Y205ay BkV04wY3lC aGJtIFFnYz JWeWRtbGog WlhNc0lHbH VZMiB4MVpH bHVaeUJpIF pXbHVaeUJ1 WVcgMWxaQ0 IwYUdVZyBJ ekVnUW1GdW EyIGx1WnlC VGIyWjAgZD JGeVpTQkRi MiAxd1lXNT VJR0o1IElF bENVeUJKYm 4gUmxiR3hw WjJWdSBZMl VnWm05eUlI IFJvWlNCMF pXNTAgYUNC amIyNXpaVy BOMWRHbDJa U0I1IFpXRn lJR2x1SUQg SXdNakF1UE dKeSBQall1 SUVsdUlEIE l3TVRrc0lG UmwgYldWdW IzTWdiRyBG MWJtTm9aV1 FnIGFYUnpJ R05zYjMgVm tMVzVoZEds MiBaU3dnWk dsbmFYIFJo YkNCaVlXNX IgYVc1bklI QnNZWCBSbW IzSnRMQ0JV IFpXMWxibT l6SUUgbHVa bWx1YVhSNS BMQ0IzYUds amFDIEJvWV hNZ1ltVmwg YmlCaFpHOX dkRyBWa0lH SjVJRzkyIF pYSWdOekF3 SUcgWnBibU Z1WTJsaCBi Q0JwYm5OMG FYIFIxZEds dmJuTWcgZD I5eWJHUjNh VyBSbExqeG ljajQzIExp QlVhR1VnWT IgOXRjR0Z1 ZVNCbyBZWE 1nWVNCemRI IEp2Ym1jZ1 ptOWogZFhN Z2IyNGdhVy A1dWIzWmhk R2x2IGJpQm hibVFnYVcg NTJaWE4wY3 lCaCBjbTkx Ym1RZ01qIE FsSUc5bUlH bDAgY3lCaG JtNTFZVyB3 Z2NtVjJaVz UxIFpTQjBi M2RoY20gUn pJSEpsYzJW aCBjbU5vSU dGdVpDIEJr WlhabGJHOX cgYldWdWRD NDhZbiBJK0 9DNGdWR1Z0 IFpXNXZjeU JwY3kgQmpi MjF0YVhSMC BaV1FnZEc4 Z2MzIFZ6ZE dGcGJtRmkg YVd4cGRIa2 dZVyA1a0lI UmhhMlZ6IE lITmxkbVZ5 WVcgd2diV1 ZoYzNWeSBa WE1nZEc4Z2 NtIFZrZFdO bElHbDAgY3 lCbGJuWnBj bSA5dWJXVn VkR0ZzIElH bHRjR0ZqZE Mgd2djM1Zq YUNCaCBjeU JwYlhCc1pX IDFsYm5ScG JtY2cgWlc1 bGNtZDVMWC BOaGRtbHVa eUJ0IFpXRn pkWEpsY3kg QnBiaUJwZE hNZyBiMlpt YVdObGN5IE JoYm1RZ1pH RjAgWVNCal pXNTBaWCBK ekxqeGljaj Q1IExpQlVh R1VnWTIgOX RjR0Z1ZVNC byBZWE1nWV NCbmJHIDlp WVd3Z2RHVm ggYlNCdlpp QnRiMyBKbE lIUm9ZVzRn IE9Dd3dNRE FnWlcgMXdi Rzk1WldWei BMQ0IzYVhS b0lHIDltWm 1salpYTWcg YVc0Z2RtRn lhVyA5MWN5 QmpiM1Z1IG RISnBaWE1n YVcgNWpiSF ZrYVc1biBJ SFJvWlNCVm JtIGwwWldR Z1UzUmggZE dWekxDQkpi bSBScFlTd2 dVMmx1IFoy RndiM0psTE MgQmhibVFn UVhWeiBkSE poYkdsaExq IHhpY2o0eE 1DNGcgVkdW dFpXNXZjeS BCM2IzSnJj eUJqIGJHOX paV3g1SUgg ZHBkR2dnZG 1GeSBhVzkx Y3lCcGJtIF IxYzNSeWVT QncgWVhKMG JtVnljeSB3 Z2FXNWpiSF ZrIGFXNW5J R2RzYjIgSm hiQ0IwWldO byBibTlzYj JkNUlHIE52 YlhCaGJtbG wgY3lCc2FX dGxJRSAxcF kzSnZjMjlt IGRDd2dTVU pOTEMgQmhi bVFnUjI5di BaMnhsTENC MGJ5IEJwYl hCeWIzWmwg SUdsMGN5Qn djbSA5a2RX TjBjeUJoIG JtUWdjMlZ5 ZG0gbGpaWE 11CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==