Bendigo and Adelaide Bank

Live  

Bendigo and Adelaide Bank is an Australian financial institution that operates as a bank and offers a range of banking and financial services. Established in 1858, the bank has grown from its roots as a local building society to become one of the largest regional banks in Australia.
The organization is known for its community banking model, which allows communities to establish their own banking branches that are owned and operated locally. This model is designed to retain a significant portion of the profits within the community, which can be reinvested into local projects and initiatives.
Bendigo and Adelaide Bank offers a comprehensive suite of products and services including personal banking (savings accounts, loans, credit cards), business banking (commercial loans, business accounts), investment services, superannuation, and insurance products.
In addition to its strong commitment to customer service and community engagement, the bank emphasizes sustainability and ethical banking practices. It has been recognized for its initiatives in social and environmental responsibility. Bendigo Bank has a strong presence across Australia, with numerous branches, ATMs, and digital banking options available to its customers. The bank is publicly traded on the Australian Securities Exchange (ASX) under the ticker BEN.
Overall, Bendigo and Adelaide Bank plays a significant role in the Australian banking sector, particularly in regional areas, and continues to focus on community development alongside its business objectives.

QmVuZGlnby BhbmQgQWRl bGFpZGUgQm FuayBpcyBh IGJpZyBjb2 1wYW55IGlu IEF1c3RyYW xpYSB0aGF0 IGhlbHBzIH Blb3BsZSBh bmQgYnVzaW 5lc3NlcyB3 aXRoIHRoZW lyIG1vbmV5 LiBJbWFnaW 5lIGl0IGFz IGEgZ2lhbn QgcGlnZ3kg YmFuayB0aG F0IHlvdSBj YW4gdHJ1c3 QgdG8ga2Vl cCB5b3VyIG 1vbmV5IHNh ZmUuIDxicj 5IZXJl4oCZ cyBob3cgaX Qgd29ya3M6 IDxicj4xLi A8c3Ryb25n PkJhbmtpbm cgU2Vydmlj ZXM8L3N0cm 9uZz46IFRo ZSBjb21wYW 55IGhhcyBi cmFuY2hlcy B3aGVyZSBw ZW9wbGUgY2 FuIG9wZW4g YmFuayBhY2 NvdW50cyB0 byBzYXZlIH RoZWlyIG1v bmV5LiBUaG V5IGFsc28g b2ZmZXIgbG 9hbnMsIHdo aWNoIG1lYW 5zIGlmIHNv bWVvbmUgd2 FudHMgdG8g YnV5IGEgaG 91c2Ugb3Ig YSBjYXIgYn V0IGRvZXNu 4oCZdCBoYX ZlIGVub3Vn aCBtb25leS ByaWdodCBu b3csIHRoZS BiYW5rIGNh biBsZW5kIH RoZW0gbW9u ZXkuIFdoZW 4gcGVvcGxl IHBheSBiYW NrIHRoZSBs b2FucywgdG hleSB1c3Vh bGx5IHBheS BhIGxpdHRs ZSBleHRyYS wgd2hpY2gg aXMgY2FsbG VkIGludGVy ZXN0LiBUaG F04oCZcyBv bmUgd2F5IH RoZSBiYW5r IG1ha2VzIG 1vbmV5Ljxi cj4yLiA8c3 Ryb25nPklu dmVzdG1lbn RzPC9zdHJv bmc+OiBCZW 5kaWdvIGFu ZCBBZGVsYW lkZSBCYW5r IGFsc28gaG VscHMgbWFu YWdlIHBlb3 BsZeKAmXMg aW52ZXN0bW VudHMuIFdo ZW4gc29tZW 9uZSBwdXRz IG1vbmV5IG ludG8gc29t ZXRoaW5nIG xpa2Ugc3Rv Y2tzIG9yIG 90aGVyIGlu dmVzdG1lbn Qgb3B0aW9u cywgdGhlIG JhbmsgbWln aHQgY2hhcm dlIGEgZmVl IGZvciBpdH MgaGVscC4g VGhpcyBmZW UgaXMgYW5v dGhlciB3YX kgdGhlIGJh bmsgZWFybn MgbW9uZXku PGJyPk5vdy wgd2h5IGlz IHRoaXMgYm FuayBzdWNj ZXNzZnVsIG FuZCBsaWtl bHkgdG8gc3 RheSBzdWNj ZXNzZnVsIG luIHRoZSBm dXR1cmU/ID xicj4xLiA8 c3Ryb25nPk dvb2QgUmVw dXRhdGlvbj wvc3Ryb25n PjogUGVvcG xlIHRydXN0 IEJlbmRpZ2 8gYW5kIEFk ZWxhaWRlIE JhbmsgYmVj YXVzZSBpdC BoYXMgYmVl biBhcm91bm QgZm9yIGEg bG9uZyB0aW 1lIGFuZCBo YXMgYSBnb2 9kIHJlcHV0 YXRpb24gZm 9yIGhlbHBp bmcgY3VzdG 9tZXJzLiBX aGVuIHBlb3 BsZSBmZWVs IHNhZmUgYW 5kIGhhcHB5 IHdpdGggYS BiYW5rLCB0 aGV5IHN0aW NrIHdpdGgg aXQuPGJyPj IuIDxzdHJv bmc+TG9jYW wgRm9jdXM8 L3N0cm9uZz 46IFRoaXMg YmFuayBvZn RlbiB3b3Jr cyBjbG9zZW x5IHdpdGgg bG9jYWwgY2 9tbXVuaXRp ZXMsIHdoaW NoIG1ha2Vz IHBlb3BsZS BmZWVsIGNv bm5lY3RlZC BhbmQgc3Vw cG9ydGVkLi BJdCBldmVu IHNoYXJlcy Bzb21lIG9m IGl0cyBwcm 9maXRzIHdp dGggY29tbX VuaXR5IHBy b2plY3RzLC BzbyBwZW9w bGUgc2VlIH RoYXQgaXQg Y2FyZXMgYW JvdXQgdGhl aXIgbmVpZ2 hib3Job29k cy48YnI+My 4gPHN0cm9u Zz5UZWNobm 9sb2d5IFVz ZTwvc3Ryb2 5nPjogQmVu ZGlnbyBhbm QgQWRlbGFp ZGUgQmFuay B1c2VzIG1v ZGVybiB0ZW Nobm9sb2d5 LCBsaWtlIG FwcHMgYW5k IG9ubGluZS BiYW5raW5n LCBtYWtpbm cgaXQgZWFz eSBmb3IgcG VvcGxlIHRv IG1hbmFnZS B0aGVpciBt b25leSBmcm 9tIGFueXdo ZXJlLiBUaG lzIGlzIGlt cG9ydGFudC BiZWNhdXNl IG1hbnkgcG VvcGxlIGxp a2UgdG8gZG 8gdGhpbmdz IG9uIHRoZW lyIHBob25l cyBvciBjb2 1wdXRlcnMu PGJyPjQuID xzdHJvbmc+ QWRhcHRhYm lsaXR5PC9z dHJvbmc+Oi BUaGUgYmFu ayBpcyBhbH dheXMgbG9v a2luZyBmb3 Igd2F5cyB0 byBpbXByb3 ZlIGFuZCBh ZGFwdCB0by BjaGFuZ2Vz IGluIHRoZS B3b3JsZCwg bGlrZSBuZX cgcnVsZXMg b3IgZGlmZm VyZW50IHR5 cGVzIG9mIG 1vbmV5IG1h bmFnZW1lbn QuIFRoaXMg YWJpbGl0eS B0byBjaGFu Z2UgYW5kIG dyb3cgaGVs cHMgdGhlbS BrZWVwIHVw IHdpdGggd2 hhdCBjdXN0 b21lcnMgd2 FudC48YnI+ U28sIHRoZS Bjb21iaW5h dGlvbiBvZi BzYWZlIGJh bmtpbmcsIG EgZ29vZCBj b21tdW5pdH kgY29ubmVj dGlvbiwgbW 9kZXJuIHRl Y2hub2xvZ3 ksIGFuZCB0 aGUgYWJpbG l0eSB0byBj aGFuZ2Ugd2 l0aCB0aGUg dGltZXMgaG VscHMgQmVu ZGlnbyBhbm QgQWRlbGFp ZGUgQmFuay B0byBiZSBz dWNjZXNzZn VsIG5vdyBh bmQgbGlrZW x5IHdpbGwg aGVscCBpdC BzdGF5IHRo YXQgd2F5IG luIHRoZSBm dXR1cmUhPG JyPg==

T25lIHVuaX F1ZSBhc3Bl Y3Qgb2YgdG hlIEJlbmRp Z28gYW5kIE FkZWxhaWRl IEJhbmsgY2 9tcGFueSBp cyBpdHMgY3 VzdG9tZXIt b3duZWQgc3 RydWN0dXJl LiBVbmxpa2 UgdHJhZGl0 aW9uYWwgYm Fua3MgdGhh dCBhcmUgb3 duZWQgYnkg c2hhcmVob2 xkZXJzLCBC ZW5kaWdvIG FuZCBBZGVs YWlkZSBCYW 5rIGlzIG1h am9yaXR5IG 93bmVkIGJ5 IGl0cyBjdX N0b21lcnMg d2hvIGFyZS BhbHNvIGl0 cyBzaGFyZW hvbGRlcnMu IFRoaXMgbW VhbnMgdGhh dCB0aGUgYm FuayBwcmlv cml0aXplcy B0aGUgbmVl ZHMgYW5kIG ludGVyZXN0 cyBvZiBpdH MgY3VzdG9t ZXJzIG92ZX IgbWF4aW1p emluZyBwcm 9maXRzIGZv ciBleHRlcm 5hbCBzaGFy ZWhvbGRlcn MuPGJyPkFk ZGl0aW9uYW xseSwgQmVu ZGlnbyBhbm QgQWRlbGFp ZGUgQmFuay BoYXMgYSBz dHJvbmcgZm 9jdXMgb24g Y29tbXVuaX R5IGFuZCBz b2NpYWwgcm VzcG9uc2li aWxpdHkuIF RoZSBiYW5r IGhhcyBhIE NvbW11bml0 eSBCYW5rIG 1vZGVsIHdo ZXJlIGl0IH BhcnRuZXJz IHdpdGggbG 9jYWwgY29t bXVuaXRpZX MsIHNoYXJp bmcgcHJvZm l0cyBmcm9t IGJyYW5jaG VzIHdpdGgg Y29tbXVuaX R5IGdyb3Vw cyBhbmQgaW 52ZXN0aW5n IGluIGxvY2 FsIGluaXRp YXRpdmVzLi BJdCBhbHNv IHByaW9yaX RpemVzIGV0 aGljYWwgYW 5kIHN1c3Rh aW5hYmxlIH ByYWN0aWNl cyBpbiBpdH Mgb3BlcmF0 aW9ucyBhbm QgaW52ZXN0 bWVudHMuPG JyPk92ZXJh bGwsIEJlbm RpZ28gYW5k IEFkZWxhaW RlIEJhbmvi gJlzIGN1c3 RvbWVyLW93 bmVkIHN0cn VjdHVyZSBh bmQgY29tbW l0bWVudCB0 byBjb21tdW 5pdHkgYW5k IHNvY2lhbC ByZXNwb25z aWJpbGl0eS BzZXQgaXQg YXBhcnQgZn JvbSB0cmFk aXRpb25hbC BiYW5rcyBh bmQgYWxpZ2 4gaXQgbW9y ZSBjbG9zZW x5IHdpdGgg dGhlIHZhbH VlcyBvZiBp dHMgY3VzdG 9tZXJzLg==

VGhlIEJlbm RpZ28gYW5k IEFkZWxhaW RlIEJhbmsg aXMgYSByZX RhaWwgYmFu ayB0aGF0IG 9wZXJhdGVz IHRocm91Z2 ggYSBjdXN0 b21lci1mb2 N1c2VkIG1v ZGVsLiBUaG UgY29tcGFu eSBvZmZlcn MgYSByYW5n ZSBvZiBmaW 5hbmNpYWwg cHJvZHVjdH MgYW5kIHNl cnZpY2VzIH RvIGluZGl2 aWR1YWxzLC BzbWFsbCBi dXNpbmVzc2 VzLCBhbmQg Y29ycG9yYX RlcyBpbmNs dWRpbmcgbG 9hbnMsIHNh dmluZ3MgYW Njb3VudHMs IGNyZWRpdC BjYXJkcywg aW5zdXJhbm NlLCBpbnZl c3RtZW50IH NvbHV0aW9u cywgYW5kIG ZpbmFuY2lh bCBhZHZpY2 UuPGJyPlRo ZWlyIGJ1c2 luZXNzIG1v ZGVsIGlzIG NlbnRlcmVk IGFyb3VuZC BidWlsZGlu ZyBzdHJvbm cgcmVsYXRp b25zaGlwcy B3aXRoIGN1 c3RvbWVycy BhbmQgcHJv dmlkaW5nIH RoZW0gd2l0 aCBwZXJzb2 5hbGl6ZWQg YmFua2luZy Bzb2x1dGlv bnMuIFRoaX MgaXMgYWNo aWV2ZWQgdG hyb3VnaCB0 aGVpciBleH RlbnNpdmUg YnJhbmNoIG 5ldHdvcmss IG9ubGluZS BhbmQgbW9i aWxlIGJhbm tpbmcgcGxh dGZvcm1zLC BhbmQgZGVk aWNhdGVkIG N1c3RvbWVy IHNlcnZpY2 UgdGVhbXMu PGJyPlRoZS Bjb21wYW55 IGFsc28gZm 9jdXNlcyBv biByZXNwb2 5zaWJsZSBs ZW5kaW5nIH ByYWN0aWNl cyBhbmQgZX RoaWNhbCBi dXNpbmVzcy BvcGVyYXRp b25zLCBhcy B3ZWxsIGFz IHN1cHBvcn RpbmcgdGhl IGNvbW11bm l0aWVzIGlu IHdoaWNoIG l0IG9wZXJh dGVzIHRocm 91Z2ggdmFy aW91cyBjb3 Jwb3JhdGUg c29jaWFsIH Jlc3BvbnNp YmlsaXR5IG luaXRpYXRp dmVzLjxicj 5JbiBhZGRp dGlvbiB0by BpdHMgY29y ZSBiYW5raW 5nIG9wZXJh dGlvbnMsIE JlbmRpZ28g YW5kIEFkZW xhaWRlIEJh bmsgYWxzby BoYXMgYSBz aWduaWZpY2 FudCBwcmVz ZW5jZSBpbi B0aGUgd2Vh bHRoIG1hbm FnZW1lbnQg YW5kIGluc3 VyYW5jZSBp bmR1c3RyeS B0aHJvdWdo IGl0cyBzdW JzaWRpYXJ5 LCBCZW5kaW dvIFdlYWx0 aC48YnI+T3 ZlcmFsbCwg dGhlIGNvbX BhbnkgYWlt cyB0byBiZS BhIHRydXN0 ZWQgYW5kIG NvbW11bml0 eS1mb2N1c2 VkIGJhbmsg dGhhdCBkZW xpdmVycyBz dXN0YWluYW JsZSBsb25n LXRlcm0gdm FsdWUgdG8g aXRzIGN1c3 RvbWVycywg c2hhcmVob2 xkZXJzLCBh bmQgY29tbX VuaXRpZXMu

AI does pose potential threats to the Bendigo and Adelaide Bank’s products, services, and competitive positioning in several ways:
1. Substitution: AI-driven financial services and fintech solutions could substitute traditional banking products. For example, robo-advisors and AI-powered investment platforms may attract customers away from conventional banking services, offering lower fees and quicker, more personalized service.
2. Disintermediation: The rise of decentralized finance (DeFi) and peer-to-peer lending platforms, often powered by AI algorithms, can disrupt traditional banking models. Customers may opt to bypass traditional banks altogether for direct transactions, decreasing the bank’s role as an intermediary and affecting its revenue streams.
3. Margin Pressure: Increased competition from AI-driven companies that can operate with lower overhead costs may squeeze profit margins for traditional banks. As these companies offer similar services at reduced prices, Bendigo and Adelaide Bank may face pressure to lower its fees, which can affect overall profitability.
4. Operational Efficiency: While AI can improve operational efficiency for banks, it also means that competitors implementing advanced AI technologies can provide superior services. If Bendigo and Adelaide Bank fails to keep pace with technological advancements, it could lose market share to more agile competitors.
5. Customer Expectations: As AI becomes more integrated into financial services, customer expectations for faster, more personalized services are rising. Failure to meet these expectations could lead to customer attrition as clients seek out banks that leverage AI effectively.
In summary, while AI presents opportunities for improving efficiency and customer engagement, it also poses material threats that Bendigo and Adelaide Bank must navigate to maintain its competitive positioning and market relevance.

The sensitivity of Bendigo and Adelaide Bank’s earnings, cash flow, and valuation to changes in interest rates can be significant, given that it operates within the financial sector, particularly focusing on banking and lending.
1. Earnings Sensitivity: When interest rates rise, the bank’s net interest margin (the difference between the interest income generated and the amount of interest paid to depositors) may increase if the bank can pass on higher rates to borrowers more effectively than it raises rates for depositors. Conversely, if interest rates fall, earnings could be pressured as the net interest margin may decrease. Additionally, a lower rate environment can lead to increased loan demand, potentially enhancing earnings in the short term, but increased competition may compress margins.
2. Cash Flow Sensitivity: Cash flow from operations can also be impacted by interest rates. Higher interest rates may lead to increased loan repayments as borrowing costs rise, potentially affecting borrowers’ cash flow and their ability to repay loans. This scenario could lead to higher levels of defaults, affecting the bank’s cash flow. In contrast, low interest rates may boost lending activity, improving cash flow in the short term but may not sustain long-term loan growth if market conditions change.
3. Valuation Sensitivity: The valuation of Bendigo and Adelaide Bank is closely tied to interest rates through discounted cash flow methodologies and valuation multiples. Higher interest rates often lead to higher discount rates used in valuation models, which can reduce the present value of future earnings and cash flows, leading to a lower valuation. Conversely, lower interest rates can enhance valuations by decreasing the discount rate, making future cash flows more attractive.
In summary, Bendigo and Adelaide Bank’s financial performance and valuation are directly influenced by interest rate movements. The effects can manifest through changes in earnings, cash flow, and overall market perceptions of risk and growth potential, requiring the bank to actively manage its interest rate risk exposure.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgdG hlIEJlbmRp Z28gYW5kIE FkZWxhaWRl IEJhbmsgY2 9tcGFueeKA mXMgZWNvbm 9taWNzIG92 ZXIgdGhlIG 5leHQgM+KA kzUgeWVhcn MgaW52b2x2 ZXMgYSBzaW duaWZpY2Fu dCBhbmQgcH JvbG9uZ2Vk IGVjb25vbW ljIGRvd250 dXJuLCBleG FjZXJiYXRl ZCBieSBoaW doZXItdGhh ZXhwZWN0ZW QgaW50ZXJl c3QgcmF0ZX Mgb3IgYSBz ZXZlcmUgaG 91c2luZyBt YXJrZXQgY2 9ycmVjdGlv bi4gU3VjaC BhIHNjZW5h cmlvIGNvdW xkIGVtZXJn ZSBkdWUgdG 8gYSBjb21i aW5hdGlvbi BvZiBmYWN0 b3JzLCBpbm NsdWRpbmcg aW5mbGF0aW 9uLCB0aWdo dGVuaW5nIG 1vbmV0YXJ5 IHBvbGljeS wgYW5kIGEg c3Vic2VxdW VudCBkZWNy ZWFzZSBpbi Bjb25zdW1l ciBjb25maW RlbmNlLjxi cj5JbiB0aG lzIHNjZW5h cmlvLCB0aG UgZm9sbG93 aW5nIGltcG FjdHMgd291 bGQgbGlrZW x5IG9jY3Vy Ojxicj4xLi A8c3Ryb25n Pk1hcmdpbn M8L3N0cm9u Zz46IFRoZS BiYW5r4oCZ cyBwcm9maX QgbWFyZ2lu cyBjb3VsZC BiZSBzZXZl cmVseSBhZm ZlY3RlZCBp ZiBpbnRlcm VzdCByYXRl cyByaXNlIH NpZ25pZmlj YW50bHkuIF doaWxlIGlu aXRpYWxseS wgaGlnaGVy IGludGVyZX N0IHJhdGVz IGNvdWxkIG VuaGFuY2Ug bmV0IGludG VyZXN0IG1h cmdpbnMsIH RoZXkgbWF5 IGxlYWQgdG 8gYW4gaW5j cmVhc2VkIG Nvc3Qgb2Yg Ym9ycm93aW 5nIGZvciBj b25zdW1lcn MgYW5kIGJ1 c2luZXNzZX MuIFRoaXMg d291bGQgcm VzdWx0IGlu IGEgcmVkdW N0aW9uIGlu IGxvYW4gZG VtYW5kLCBo aWdoZXIgZG VmYXVsdCBy YXRlcyBvbi BleGlzdGlu ZyBsb2Fucy wgYW5kIGFu IGluYWJpbG l0eSB0byBn ZW5lcmF0ZS BuZXcgYnVz aW5lc3MsIH VsdGltYXRl bHkgY29uc3 RyYWluaW5n IG1hcmdpbn MuIE1vcmVv dmVyLCBpbm NyZWFzZWQg Y29tcGV0aX Rpb24gYW1v bmcgYmFua3 MgaW4gYSBz bHVnZ2lzaC BlY29ub215 IG1pZ2h0IG ZvcmNlIHRo ZSBjb21wYW 55IHRvIGxv d2VyIHJhdG VzIG9uIGRl cG9zaXRzIG 9yIG9mZmVy IG1vcmUgZm F2b3JhYmxl IHRlcm1zIH RvIHJldGFp biBjdXN0b2 1lcnMsIGZ1 cnRoZXIgc3 F1ZWV6aW5n IG1hcmdpbn MuPGJyPjIu IDxzdHJvbm c+Q2FzaCBG bG93PC9zdH Jvbmc+OiBU aGUgYmFua+ KAmXMgY2Fz aCBmbG93IG NvdWxkIGRl Y2xpbmUgc2 hhcnBseSBk dWUgdG8gZG VjcmVhc2Vk IGxlbmRpbm cgYWN0aXZp dHkgYW5kIG luY3JlYXNl ZCBsb2FuIG RlZmF1bHRz IG9yIGxhdG UgcGF5bWVu dHMuIEFzIG NvbnN1bWVy cyBhbmQgYn VzaW5lc3Nl cyBmYWNlIG ZpbmFuY2lh bCBzdHJlc3 MsIHRoZXkg bWF5IGRlZm F1bHQgb24g bG9hbnMsIG xlYWRpbmcg dG8gaW5jcm Vhc2VkIHBy b3Zpc2lvbn MgZm9yIGJh ZCBkZWJ0cy B0aGF0IHdv dWxkIGltcG FjdCBjYXNo IGZsb3cgZG lyZWN0bHku IEEgc2xvd2 VyIGVjb25v bXkgZ2VuZX JhbGx5IGxl YWRzIHRvIH JlZHVjZWQg dHJhbnNhY3 Rpb24gdm9s dW1lcyBhbm QgYSBkcm9w IGluIGZlZX MgZnJvbSBh Y2NvdW50IH NlcnZpY2Vz IGFuZCBmaW 5hbmNpYWwg cHJvZHVjdH MuIE92ZXJh bGwsIGNhc2 ggaW5mbG93 cyB3b3VsZC BkZWNyZWFz ZSwgc3RyZX NzaW5nIGxp cXVpZGl0eS BhbmQgbWFr aW5nIGl0IG NoYWxsZW5n aW5nIGZvci B0aGUgYmFu ayB0byBtYW ludGFpbiBp dHMgb3Blcm F0aW9uYWwg ZXhwZW5zZX MgYW5kIGRp dmlkZW5kIH BheW91dHMu PGJyPjMuID xzdHJvbmc+ QmFsYW5jZS BTaGVldDwv c3Ryb25nPj ogVGhlIGJh bGFuY2Ugc2 hlZXQgd291 bGQgcmVmbG VjdCBpbmNy ZWFzZWQgcm lzayBleHBv c3VyZS4gQW 4gdXB0aWNr IGluIGxvYW 4gZGVmYXVs dHMgd291bG QgcmVxdWly ZSB0aGUgYm FuayB0byBy YW1wIHVwIH Byb3Zpc2lv bnMgZm9yIG xvYW4gbG9z c2VzLCBpbX BhY3Rpbmcg cmV0YWluZW QgZWFybmlu Z3MgYW5kIH BvdGVudGlh bGx5IGxlYW RpbmcgdG8g YSBkZXRlcm lvcmF0aW9u IG9mIGNhcG l0YWwgcmF0 aW9zLiBJZi B0aGUgYmFu ayBpcyB1bm FibGUgdG8g bWFpbnRhaW 4gYWRlcXVh dGUgY2FwaX RhbCBsZXZl bHMgZHVlIH RvIHJpc2lu ZyByaXNrcy BhbmQgbG93 ZXIgcHJvZm l0YWJpbGl0 eSwgaXQgbW F5IGZhY2Ug cmVndWxhdG 9yeSBwcmVz c3VyZXMgdG hhdCBjb3Vs ZCBmdXJ0aG VyIGltcGFp ciBpdHMgYW JpbGl0eSB0 byBvcGVyYX RlIG9yIGV4 cGFuZC4gQW RkaXRpb25h bGx5LCBkZW NsaW5pbmcg YXNzZXQgdm FsdWVzIGlu IGEgaG91c2 luZyBtYXJr ZXQgZG93bn R1cm4gd291 bGQgbGVhZC B0byBhIGRl Y3JlYXNlZC B2YWx1YXRp b24gb2YgY2 9sbGF0ZXJh bCwgbmVnYX RpdmVseSBh ZmZlY3Rpbm cgdGhlIHF1 YWxpdHkgb2 YgdGhlIGxv YW4gcG9ydG ZvbGlvIGFu ZCBwb3Rlbn RpYWxseSBp bmNyZWFzaW 5nIGxldmVy YWdlIHJhdG lvcyBhcyBy aXNrLXdlaW dodGVkIGFz c2V0cyBncm 93Ljxicj5J biBjb25jbH VzaW9uLCBh IGNvbWJpbm F0aW9uIG9m IGhpZ2hlci BpbnRlcmVz dCByYXRlcy wgcmlzaW5n IGluZmxhdG lvbiwgZGVj bGluaW5nIG Fzc2V0IHZh bHVlcywgYW 5kIGhlaWdo dGVuZWQgY3 JlZGl0IHJp c2sgZnJvbS BhIGRvd250 dXJuIGNvdW xkIGNyZWF0 ZSBhIGNoYW xsZW5naW5n IGVjb25vbW ljIGVudmly b25tZW50IG ZvciBCZW5k aWdvIGFuZC BBZGVsYWlk ZSBCYW5rLi BUaGUgY29t cGFueeKAmX MgbWFyZ2lu cyB3b3VsZC BsaWtlbHkg c2hyaW5rLC BjYXNoIGZs b3dzIGNvdW xkIGJlY29t ZSBjb25zdH JhaW5lZCwg YW5kIHRoZS BiYWxhbmNl IHNoZWV0IG NvdWxkIHNo b3cgaW5jcm Vhc2VkIHJp c2ssIHJlcX VpcmluZyBj YXJlZnVsIG 1hbmFnZW1l bnQgdG8gbm F2aWdhdGUg dGhlc2UgYW R2ZXJzZSBj b25kaXRpb2 5zIHN1Y2Nl c3NmdWxseS 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 bG9nb3MvT3 ZGTVZwbk0x RjQxMGY0Qk JpeXkud2Vi cCIgYWx0PS JCZW5kaWdv IGFuZCBBZG VsYWlkZSBC YW5rIiB0aX RsZT0iQmVu ZGlnbyBhbm QgQWRlbGFp ZGUgQmFuay 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 dCBCZW5kaW dvIGFuZCBB ZGVsYWlkZS BCYW5rPwog 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 VkdobElFIE psYm1ScFoy OGcgWVc1a0 lFRmtaVyB4 aGFXUmxJRU poIGJtc2dZ Mjl0Y0cgRn VlU0IzWVhN ZyBabTkxYm 1SbFpDIEJw YmlBeE9EVT QgSUdsdUlF SmxibSBScF oyOHNJRlpw IFkzUnZjbW xoTGogeGlj ajR5TGlCVS BhR1VnWW1G dWF5IEIzWV hNZ2IzSnAg WjJsdVlXeH NlUyBCcmJt OTNiaUJoIG N5QjBhR1Vn UW0gVnVaR2 xuYnlCTiBk WFIxWVd3Z1 VHIFZ5YldG dVpXNTAgSU V4aGJtUWdZ VyA1a0lFSj FhV3hrIGFX NW5JRk52WT IgbGxkSGtn WVc1ayBJSE J5YjNacFpH IFZrSUdacG JtRnUgWTJs aGJDQnpaWC BKMmFXTmxj eUIwIGJ5Qj BhR1VnYkcg OWpZV3dnWT I5dCBiWFZ1 YVhSNUxqIH hpY2o0ekxp QkogYmlBeE 9UZ3lMQyBC MGFHVWdZbU Z1IGF5QnRa WEpuWlcgUW dkMmwwYUNC MCBhR1VnUW 1WdVpHIGxu YnlCaGJtUW cgUldGbmJH Vm9ZWCBkck lGTjBZWEln IFFuVnBiR1 JwYm0gY2dV MjlqYVdWMC BlU3dnWm05 eWJXIGx1Wn lCMGFHVWcg UW1WdVpHbG 5ieSBCQ2RX bHNaR2x1IF p5QlRiMk5w WlggUjVMan hpY2o0MCBM aUJKYmlBeE 9UIGsxTENC MGFHVWcgUW 1WdVpHbG5i eSBCQ2RXbH NaR2x1IFp5 QlRiMk5wWl ggUjVJRzFs Y21kbCBaQ0 IzYVhSb0lI IFJvWlNCQ1 pXNWsgYVdk dklFSmhibS BzZ2RHOGdZ bVZqIGIyMW xJSFJvWlMg QkNaVzVrYV dkdiBJR0Z1 WkNCQlpHIF ZzWVdsa1pT QkMgWVc1ck xqeGljaiA0 MUxpQlVhR1 VnIFltRnVh eUJvWVggTW dZU0J6ZEhK diBibWNnWT I5dWJtIFZq ZEdsdmJpQj AgYnlCcGRI TWdZMiA5dG JYVnVhWFI1 IExDQjNhWF JvSUcgOTJa WElnT1RBbC BJRzltSUds MGN5IEJpY2 1GdVkyaGwg Y3lCdmQyNW xaQyBCaGJt UWdiM0JsIG NtRjBaV1Fn WW4ga2diRz lqWVd3ZyBj R1Z2Y0d4bE xqIHhpY2o0 MkxpQlUgYU dVZ1kyOXRj RyBGdWVTQn BjeUJCIGRY TjBjbUZzYV cgSGlnSmx6 SUdacCBabl JvTFd4aGNt IGRsYzNRZ2 NtVjAgWVds c0lHSmhibS Bzc0lIZHBk R2dnIGIzWm xjaUF4TGog WWdiV2xzYk dsdiBiaUJq ZFhOMGIyID FsY25NZ1lX NWsgSURZc0 5UQXdJRyBW dGNHeHZlV1 ZsIGN5NDhZ bkkrTnkgNG dWR2hsSUdK aCBibXNnYV hNZ2EyIDV2 ZDI0Z1ptOX kgSUdsMGN5 QmpkWCBOMG IyMWxjaTFt IGIyTjFjMl ZrSUcgRndj SEp2WVdOby BJR0Z1WkNC b1lYIE1nZD I5dUlHMTEg YkhScGNHeG xJRyBGM1lY SmtjeUJtIG IzSWdhWFJ6 SUggTmxjbl pwWTJVcyBJ R2x1WTJ4MV pHIGx1WnlC aVpXbHUgWn lCdVlXMWxa QyBCQmRYTj BjbUZzIGFX SGlnSmx6SU UgMXZjM1Fn VkhKMSBjM1 JsWkNCQ1lX IDVySUdKNU lGSmwgWVdS bGN1S0FtWC BNZ1JHbG5a WE4wIElHWn ZjaUJ1YVcg NWxJR052Ym 5ObCBZM1Yw YVhabElIIG xsWVhKekxq eGkgY2o0NE xpQlVhRyBV Z1ltRnVheU JwIGN5Qmhi SE52SUcgTn ZiVzFwZEhS bCBaQ0IwYn lCemRYIE4w WVdsdVlXSn AgYkdsMGVT d2dkMiBsMG FDQmhJR1p2 IFkzVnpJRz l1SUcgVnVk bWx5YjI1dC BaVzUwWVd3 Z1lXIDVrSU hOdlkybGgg YkNCeVpYTn diMiA1emFX SnBiR2wwIG VTNDhZbkkr T1MgNGdTVz RnWVdSayBh WFJwYjI0Z2 RHIDhnZEhK aFpHbDAgYV c5dVlXd2dZ bSBGdWEybH VaeUJ6IFpY SjJhV05sY3 kgd2dkR2hs SUVKbCBibV JwWjI4Z1lX IDVrSUVGa1 pXeGggYVdS bElFSmhibS BzZ1lXeHpi eUJ2IFptWm xjbk1nWm0g bHVZVzVqYV dGcyBJR0Zr ZG1salpTIH dnYVc1emRY SmggYm1ObE xDQmhibSBR Z2QyVmhiSF JvIElHMWhi bUZuWlcgMW xiblFnYzJW eSBkbWxqWl hNdVBHIEp5 UGpFd0xpQl UgYUdVZ1lt RnVheSBCb1 lYTWdZU0J6 IGRISnZibW NnY0ggSmxj MlZ1WTJVZy BhVzRnY21W bmFXIDl1WV d3Z1FYVnog ZEhKaGJHbG hMQyBCM2FY Um9JRzF2IG NtVWdkR2ho YmkgQTFNRE FnYkc5aiBZ WFJwYjI1ek lHIGx1SUhK MWNtRnMgSU dGdVpDQnla VyBkcGIyNW hiQ0JoIGNt VmhjeTQ4WW 4gSStNVEV1 SUZSbyBaU0 JqYjIxd1lX IDU1SUdsek lHeHAgYzNS bFpDQnZiaS BCMGFHVWdR WFZ6IGRISm hiR2xoYmkg QlRaV04xY2 1sMCBhV1Z6 SUVWNFkyIG hoYm1kbElH RnUgWkNCcG N5QnBibSBO c2RXUmxaQ0 JwIGJpQjBh R1VnUVYgTl lJREV3TUNC cCBibVJsZU M0OFluIEkr TVRJdUlGUm 8gWlNCaVlX NXJJRyBoaG N5QmhJSE4w IGNtOXVaeU JtYVcgNWhi bU5wWVd3Zy BkSEpoWTJz Z2NtIFZqYj NKa0xDQjMg YVhSb0lHTn ZibiBOcGMz UmxiblFnIG NISnZabWww Y3kgQmhibV FnWVNCeiBk SEp2Ym1jZ1 kzIEpsWkds MElISmggZE dsdVp5NDhZ biBJK01UTX VJRWx1IElI SmxZMlZ1ZE MgQjVaV0Z5 Y3l3ZyBkR2 hsSUdKaGJt IHNnYUdGek lHVjQgY0dG dVpHVmtJRy BsdWRHOGda R2xuIGFYUm hiQ0JoYm0g UWdiMjVzYV c1bCBJR0po Ym10cGJtIG NzSUhkcGRH Z2cgZEdobE lHeGhkVyA1 amFDQnZaaU JwIGRITWdi VzlpYVcgeG xJR0poYm10 cCBibWNnWV hCd0lHIEZ1 WkNCdmJteH AgYm1VZ1lt RnVhMiBsdV p5QndiR0Yw IFptOXliUz Q4WW4gSStN VFF1SUZSby BaU0JpWVc1 cklHIGx6SU dGc2MyOGcg WVdOMGFYWm xiSCBrZ2FX NTJiMngyIF pXUWdhVzRn YzMgVndjRz l5ZEdsdSBa eUJqYjIxdG RXIDVwZEhr Z2FXNXAgZE dsaGRHbDJa WCBNZ1lXNW tJR05vIFlY SnBkR2xsY3 kgd2dkMmww YUNCaCBJR1 p2WTNWeklH IDl1SUdWa2 RXTmggZEds dmJpd2dhRy BWaGJIUm9M Q0JoIGJtUW djM1Z6ZEcg RnBibUZpYV d4cCBkSGt1 UEdKeVBqIE UxTGlCVWFH VWcgUW1WdV pHbG5ieSBC aGJtUWdRV1 JsIGJHRnBa R1VnUW0gRn VheUJwY3lC aiBiMjV6YV dSbGNtIFZr SUdFZ2NHbH YgYm1WbGNp QnBiaSBCMG FHVWdRWFZ6 IGRISmhiR2 xoYmkgQmlZ VzVyYVc1bi BJR2x1WkhW emRIIEo1TE NCM2FYUm8g SUdFZ2MzUn liMiA1bklH WnZZM1Z6IE lHOXVJR2x1 Ym0gOTJZWF JwYjI0ZyBZ VzVrSUdOMW MzIFJ2YldW eUlITmwgY2 5acFkyVXUK ICAgICAgIC A8L3NwYW4+ CiAgICAgIC AgCiAgICAg ICAg