Mercantile Bancorporation

-8.87%

Live  

Mercantile Bancorporation is a financial services company based in the United States. It was founded in 1919 and is headquartered in St. Louis, Missouri. The company provides banking, lending, and wealth management services to individuals, businesses, and institutions. Mercantile Bancorporation operates through its subsidiary banks, Mercantile Bank and Mercantile Investment Trust.
The company is a public company and trades on the NASDAQ under the ticker symbol MBNCA. In 2010, Mercantile Bancorporation was acquired by the banking corporation PNC Financial Services Group, Inc., and merged with PNC's National City Bank subsidiary. Today, PNC operates under the name PNC Bank in the former Mercantile Bancorporation markets.
Mercantile Bancorporation was known for its strong community involvement and commitment to customer service. The company was recognized for its financial growth and stability, earning a spot on the Forbes 500 list during its time as an independent entity. Its well-respected reputation also made it a desirable acquisition target for PNC Financial Services Group.
Overall, Mercantile Bancorporation played an important role in the banking industry, particularly in the Midwest region of the United States, and its legacy continues through PNC Bank.

U3VyZSEgTW VyY2FudGls ZSBCYW5jb3 Jwb3JhdGlv biBpcyBhIG NvbXBhbnkg dGhhdCBpcy BpbnZvbHZl ZCB3aXRoIG Jhbmtpbmcg YW5kIGhlbH BzIHBlb3Bs ZSBtYW5hZ2 UgdGhlaXIg bW9uZXkuIF RoaW5rIG9m IGl0IGxpa2 UgYSBiaWcs IHNhZmUgcG xhY2Ugd2hl cmUgcGVvcG xlIGNhbiBr ZWVwIHRoZW lyIG1vbmV5 IGFuZCBib3 Jyb3cgbW9u ZXkgd2hlbi B0aGV5IG5l ZWQgaXQuPG JyPkhlcmXi gJlzIGhvdy BpdCB3b3Jr czogPGJyPj EuIDxzdHJv bmc+SGVscG luZyBQZW9w bGUgU2F2ZS BhbmQgU3Bl bmQ8L3N0cm 9uZz46IE1l cmNhbnRpbG UgQmFuY29y cG9yYXRpb2 4gb2ZmZXJz IGRpZmZlcm VudCBzZXJ2 aWNlcywgbG lrZSBjaGVj a2luZyBhY2 NvdW50cywg c2F2aW5ncy BhY2NvdW50 cywgYW5kIG xvYW5zLiBX aGVuIHNvbW VvbmUgcHV0 cyBtb25leS BpbiB0aGVp ciBzYXZpbm dzIGFjY291 bnQsIHRoZS BiYW5rIGtl ZXBzIGl0IH NhZmUgYW5k IHNvbWV0aW 1lcyBwYXlz IHRoZW0gYS BsaXR0bGUg ZXh0cmEgbW 9uZXkgY2Fs bGVkIGludG VyZXN0IGZv ciBsZXR0aW 5nIHRoZSBi YW5rIHVzZS BpdC48YnI+ Mi4gPHN0cm 9uZz5MZW5k aW5nIE1vbm V5PC9zdHJv bmc+OiBXaG VuIHNvbWVv bmUgbmVlZH MgdG8gYnV5 IGEgaG91c2 UsIGEgY2Fy LCBvciBzdG FydCBhIGJ1 c2luZXNzLC B0aGV5IG1p Z2h0IG5vdC BoYXZlIGVu b3VnaCBtb2 5leSBzYXZl ZCB1cC4gTW VyY2FudGls ZSBCYW5jb3 Jwb3JhdGlv biBsZW5kcy B0aGVtIHRo ZSBtb25leS B0aGV5IG5l ZWQsIGFuZC B0aGVuIHRo ZSBwZXJzb2 4gcGF5cyBi YWNrIHRoZS BiYW5rIG92 ZXIgdGltZS wgYWxvbmcg d2l0aCBhIG xpdHRsZSBl eHRyYSBtb2 5leSBjYWxs ZWQgaW50ZX Jlc3QuIFRo YXTigJlzIG hvdyB0aGUg YmFuayBtYW tlcyBtb25l eSE8YnI+My 4gPHN0cm9u Zz5Qcm92aW RpbmcgU2Vy dmljZXM8L3 N0cm9uZz46 IFRoZSBiYW 5rIGFsc28g b2ZmZXJzIG 90aGVyIHNl cnZpY2VzIG xpa2UgaGVs cGluZyBwZW 9wbGUgd2l0 aCBpbnZlc3 RtZW50cyBv ciBtYW5hZ2 luZyB0aGVp ciBtb25leS 4gV2hlbiBw ZW9wbGUgdX NlIHRoZXNl IHNlcnZpY2 VzLCB0aGUg YmFuayBjaG FyZ2VzIGEg ZmVlLCB3aG ljaCBpcyBh bm90aGVyIH dheSBpdCBt YWtlcyBtb2 5leS48YnI+ Tm93LCB3aH kgaXMgTWVy Y2FudGlsZS BCYW5jb3Jw b3JhdGlvbi BzdWNjZXNz ZnVsIGFuZC BsaWtlbHkg dG8gc3RheS B0aGF0IHdh eSBpbiB0aG UgZnV0dXJl Pzxicj4xLi A8c3Ryb25n PlRydXN0IG FuZCBTYWZl dHk8L3N0cm 9uZz46IFBl b3BsZSB3YW 50IHRvIGtl ZXAgdGhlaX IgbW9uZXkg d2hlcmUgdG hleSBmZWVs IHNhZmUuIE lmIHRoZSBi YW5rIGhhcy BhIGdvb2Qg cmVwdXRhdG lvbiwgbW9y ZSBwZW9wbG Ugd2lsbCB3 YW50IHRvIH VzZSBpdHMg c2VydmljZX MuIDxicj4y LiA8c3Ryb2 5nPlNtYXJ0 IENob2ljZX M8L3N0cm9u Zz46IFRoZS BiYW5rIG1h a2VzIHNtYX J0IGRlY2lz aW9ucyBhYm 91dCBsZW5k aW5nIG1vbm V5IGFuZCBt YW5hZ2luZy Bjb3N0cy4g SWYgaXQgZG 9lcyB3ZWxs IHdpdGggdG hlc2UgY2hv aWNlcywgaX QgY2FuIGdy b3cgYW5kIG 1ha2UgZXZl biBtb3JlIG 1vbmV5Ljxi cj4zLiA8c3 Ryb25nPkhl bHBpbmcgdG hlIENvbW11 bml0eTwvc3 Ryb25nPjog VGhlIGJhbm sgb2Z0ZW4g aGVscHMgbG 9jYWwgYnVz aW5lc3Nlcy BhbmQgZmFt aWxpZXMsIH doaWNoIGJ1 aWxkcyBnb2 9kIHJlbGF0 aW9uc2hpcH MgYW5kIHRy dXN0IGluIH RoZSBjb21t dW5pdHkuIE lmIHBlb3Bs ZSBzZWUgdG hhdCB0aGUg YmFuayBpcy Bkb2luZyBn b29kIHRoaW 5ncywgdGhl eSB3aWxsIH dhbnQgdG8g c3RheSB3aX RoIGl0Ljxi cj5JbiBzaG 9ydCwgTWVy Y2FudGlsZS BCYW5jb3Jw b3JhdGlvbi Bkb2VzIHdl bGwgYmVjYX VzZSBpdCBo ZWxwcyBwZW 9wbGUgd2l0 aCB0aGVpci Btb25leSwg bWFrZXMgd2 lzZSBmaW5h bmNpYWwgZG VjaXNpb25z LCBhbmQgYn VpbGRzIHRy dXN0IGluIG l0cyBjb21t dW5pdHkuIE JlY2F1c2Ug b2YgdGhlc2 UgcmVhc29u cywgaXQgaX MgbGlrZWx5 IHRvIHN0YX kgc3VjY2Vz c2Z1bCBpbi B0aGUgZnV0 dXJlITxicj 4=

MS4gTG9uZy BIaXN0b3J5 OiBUaGUgTW VyY2FudGls ZSBCYW5jb3 Jwb3JhdGlv biBjb21wYW 55IGhhcyBh IGxvbmcgaG lzdG9yeSBk YXRpbmcgYm FjayB0byAx OTE2IHdoZW 4gaXQgd2Fz IGZpcnN0IG VzdGFibGlz aGVkIGluIF N0LiBMb3Vp cywgTWlzc2 91cmkuIEl0 IGhhcyBzdX J2aXZlZCB0 aHJvdWdoIG 1hbnkgZWNv bm9taWMgZG 93bnR1cm5z IGFuZCBoYX MgYWRhcHRl ZCB0byBjaG FuZ2luZyBt YXJrZXQgY2 9uZGl0aW9u cywgbWFraW 5nIGl0IGEg cmVzaWxpZW 50IGFuZCBl bmR1cmluZy Bjb21wYW55 Ljxicj4yLi BTdHJvbmcg UmVnaW9uYW wgUHJlc2Vu Y2U6IFRoZS Bjb21wYW55 IGhhcyBhIH N0cm9uZyBy ZWdpb25hbC BwcmVzZW5j ZSBpbiB0aG UgTWlkd2Vz dCBhbmQgUG FjaWZpYyBO b3J0aHdlc3 QsIHdpdGgg b3ZlciAzMD AgYnJhbmNo ZXMgYW5kIG 92ZXIgJDMw IGJpbGxpb2 4gaW4gYXNz ZXRzLiBUaG lzIGV4dGVu c2l2ZSBuZX R3b3JrIGFs bG93cyBmb3 IgZ3JlYXRl ciBtYXJrZX QgcmVhY2gg YW5kIGN1c3 RvbWVyIGFj Y2Vzcy48Yn I+My4gRGl2 ZXJzaWZpZW QgRmluYW5j aWFsIFNlcn ZpY2VzOiBN ZXJjYW50aW xlIEJhbmNv cnBvcmF0aW 9uIG9mZmVy cyBhIHdpZG UgcmFuZ2Ug b2YgZmluYW 5jaWFsIHNl cnZpY2VzIG luY2x1ZGlu ZyBjb21tZX JjaWFsIGFu ZCByZXRhaW wgYmFua2lu Zywgd2VhbH RoIG1hbmFn ZW1lbnQsIG FuZCBpbnN1 cmFuY2UuIF RoaXMgZGl2 ZXJzaWZpY2 F0aW9uIGhl bHBzIHRoZS Bjb21wYW55 IG1pdGlnYX RlIHJpc2sg YW5kIG5hdm lnYXRlIHRo cm91Z2ggZG lmZmVyZW50 IG1hcmtldC BjeWNsZXMu PGJyPjQuIE N1c3RvbWVy IEZvY3VzOi BUaGUgY29t cGFueSBwbG FjZXMgYSBz dHJvbmcgZW 1waGFzaXMg b24gY3VzdG 9tZXIgc2Vy dmljZSBhbm QgYnVpbGRp bmcgcmVsYX Rpb25zaGlw cyB3aXRoIG l0cyBjbGll bnRlbGUuIE l0cyBjdXN0 b21lci1maX JzdCBhcHBy b2FjaCBoYX MgaGVscGVk IGl0IG1haW 50YWluIGEg bG95YWwgY3 VzdG9tZXIg YmFzZSBhbm Qgc3Ryb25n IHJlcHV0YX Rpb24gaW4g dGhlIGNvbW 11bml0aWVz IGl0IHNlcn Zlcy48YnI+ NS4gRXRoaW NhbCBhbmQg UmVzcG9uc2 libGUgQnVz aW5lc3MgUH JhY3RpY2Vz OiBNZXJjYW 50aWxlIEJh bmNvcnBvcm F0aW9uIGlz IGNvbW1pdH RlZCB0byBj b25kdWN0aW 5nIGl0cyBi dXNpbmVzcy BvcGVyYXRp b25zIGluIG FuIGV0aGlj YWwgYW5kIH NvY2lhbGx5 IHJlc3Bvbn NpYmxlIG1h bm5lci4gSX QgaGFzIGlt cGxlbWVudG VkIHN0cm9u ZyBjb3Jwb3 JhdGUgZ292 ZXJuYW5jZS Bwb2xpY2ll cyBhbmQgcH JhY3RpY2Vz IHRvIGVuc3 VyZSB0cmFu c3BhcmVuY3 kgYW5kIGFj Y291bnRhYm lsaXR5Ljxi cj42LiBTdH JvbmcgRmlu YW5jaWFsIF BlcmZvcm1h bmNlOiBUaG UgY29tcGFu eSBoYXMgYS B0cmFjayBy ZWNvcmQgb2 Ygc3Ryb25n IGZpbmFuY2 lhbCBwZXJm b3JtYW5jZS wgd2l0aCBj b25zaXN0ZW 50IHByb2Zp dHMgYW5kIG hlYWx0aHkg YmFsYW5jZS BzaGVldCBn cm93dGguIF RoaXMgc3Rh YmlsaXR5IG FuZCBmaW5h bmNpYWwgc3 RyZW5ndGgg aGF2ZSBlYX JuZWQgaXQg YSBzb2xpZC BjcmVkaXQg cmF0aW5nIG FuZCB0aGUg dHJ1c3Qgb2 YgaW52ZXN0 b3JzLjxicj 43LiBDb21t aXRtZW50IH RvIENvbW11 bml0eTogTW VyY2FudGls ZSBCYW5jb3 Jwb3JhdGlv biBpcyBkZW RpY2F0ZWQg dG8gZ2l2aW 5nIGJhY2sg dG8gdGhlIG NvbW11bml0 aWVzIGl0IH NlcnZlcyB0 aHJvdWdoIH ZhcmlvdXMg cGhpbGFudG hyb3BpYyBp bml0aWF0aX ZlcyBhbmQg cGFydG5lcn NoaXBzLiBJ dCBhbHNvIG VuY291cmFn ZXMgaXRzIG VtcGxveWVl cyB0byB2b2 x1bnRlZXIg YW5kIGVuZ2 FnZSBpbiBj aGFyaXRhYm xlIGFjdGl2 aXRpZXMsIG Zvc3Rlcmlu ZyBhIHN0cm 9uZyBzZW5z ZSBvZiBjb3 Jwb3JhdGUg c29jaWFsIH Jlc3BvbnNp YmlsaXR5Lg ==

VGhlIE1lcm NhbnRpbGUg QmFuY29ycG 9yYXRpb24g Y29tcGFueS dzIGJ1c2lu ZXNzIG1vZG VsIGludm9s dmVzIHByb3 ZpZGluZyB2 YXJpb3VzIG ZpbmFuY2lh bCBzZXJ2aW NlcyBzdWNo IGFzIHJldG FpbCBhbmQg Y29tbWVyY2 lhbCBiYW5r aW5nLCB3ZW FsdGggbWFu YWdlbWVudC wgYW5kIHRy dXN0IHNlcn ZpY2VzIHRv IGluZGl2aW R1YWxzLCBz bWFsbCBidX NpbmVzc2Vz LCBhbmQgY2 9ycG9yYXRp b25zLiBUaG V5IGdlbmVy YXRlIHJldm VudWUgcHJp bWFyaWx5IH Rocm91Z2gg aW50ZXJlc3 QgaW5jb21l IG9uIGxvYW 5zIGFuZCBp bnZlc3RtZW 50cywgZmVl cyBmcm9tIG Jhbmtpbmcg YW5kIHdlYW x0aCBtYW5h Z2VtZW50IH NlcnZpY2Vz LCBhbmQgb3 RoZXIgaW5j b21lIGZyb2 0gZmluYW5j aWFsIGFjdG l2aXRpZXMu IFRoZSBjb2 1wYW55IGZv Y3VzZXMgb2 4gYnVpbGRp bmcgbG9uZy 10ZXJtIHJl bGF0aW9uc2 hpcHMgd2l0 aCBpdHMgY3 VzdG9tZXJz IGFuZCBleH BhbmRpbmcg aXRzIHNlcn ZpY2VzIGFu ZCBnZW9ncm FwaGljYWwg cHJlc2VuY2 UgdGhyb3Vn aCBzdHJhdG VnaWMgYWNx dWlzaXRpb2 5zIGFuZCBw YXJ0bmVyc2 hpcHMuIFRo ZXkgYWxzby Bwcmlvcml0 aXplIHJpc2 sgbWFuYWdl bWVudCBhbm QgbWFpbnRh aW5pbmcgc3 Ryb25nIGZp bmFuY2lhbC BwZXJmb3Jt YW5jZSB0by BlbnN1cmUg c3VzdGFpbm FiaWxpdHkg YW5kIGdyb3 d0aCBmb3Ig dGhlIGNvbX Bhbnku

To assess whether AI poses a material threat to Mercantile Bancorporation’s products, services, or competitive positioning, we need to consider several factors related to substitution, disintermediation, and margin pressure.
1. Substitution: AI-powered financial technology can offer services that traditionally belong to banks, such as payments, lending, and investment management. For instance, AI-enabled platforms can provide personalized financial advice or automate trading decisions more efficiently than human advisors. If Mercantile Bancorporation does not adapt to these innovations, it could lose customers to alternative providers who leverage AI to improve user experience and service delivery.
2. Disintermediation: The rise of fintech firms utilizing AI technologies can lead to disintermediation, where traditional banks like Mercantile Bancorporation risk being bypassed in financial transactions. Peer-to-peer lending platforms or blockchaibased solutions could directly connect borrowers and lenders, reducing the need for a traditional bank as an intermediary. This shift can lead to a loss of market share and customer relationships if Mercantile does not find ways to integrate or collaborate with these technologies.
3. Margin Pressure: AI can improve operational efficiencies and reduce costs for financial institutions, but it can also lead to increased competition. As more entrants utilize AI to lower their operational costs, Mercantile Bancorporation could face pressure to reduce its own fees and interest rates to remain competitive. This margin pressure could impact profitability, especially if the bank fails to achieve equivalently lower operational costs through its own adoption of AI technologies.
In conclusion, while AI presents opportunities for innovation and enhancement of banking services, it also poses significant risks to Mercantile Bancorporation through potential substitution of services, the threat of disintermediation, and increased margin pressure. To mitigate these threats, the bank would need to adopt AI technologies strategically, enhance its product offerings, and possibly collaborate with fintech innovators to maintain its competitive positioning.

The sensitivity of Mercantile Bancorporation’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Earnings Sensitivity: Changes in interest rates can significantly impact the bank’s net interest margin, which is the difference between the interest income generated from loans and the interest paid on deposits. An increase in interest rates typically boosts interest income, especially if loans are issued at variable rates. However, if deposit rates also rise, the net benefit may diminish. Conversely, falling interest rates could compress net interest margins, adversely affecting earnings.
2. Cash Flow Sensitivity: Interest rate fluctuations can influence the bank’s cash flow from both operating and investing activities. Increased interest rates might lead to higher cash inflows from loans but could also result in reduced demand for borrowing from consumers and businesses. On the other hand, lower interest rates may stimulate borrowing, leading to increased cash inflows but potentially lower margins if the rates fall significantly.
3. Valuation Sensitivity: The valuation of Mercantile Bancorporation is often assessed using discounted cash flow analysis, which is highly sensitive to interest rates. Higher interest rates can increase the discount rate used in valuation models, reducing the present value of future cash flows, and thus negatively impacting valuation. Conversely, lower interest rates generally lead to lower discount rates, potentially increasing the company’s valuation.
Overall, the sensitivity of Mercantile Bancorporation’s financial metrics to interest rate changes is significant, as both net interest income and the broader economic environment affecting borrowing and lending behaviors are directly tied to interest rate movements.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gb3 ZlciB0aGUg bmV4dCAz4o CTNSB5ZWFy cyB0aGF0IG NvdWxkIHBl cm1hbmVudG x5IGltcGFp ciBNZXJjYW 50aWxlIEJh bmNvcnBvcm F0aW9u4oCZ cyBlY29ub2 1pY3MgY291 bGQgaW52b2 x2ZSBhIHNp Z25pZmljYW 50IGVjb25v bWljIGRvd2 50dXJuIGFj Y29tcGFuaW VkIGJ5IGEg c2V2ZXJlIG luY3JlYXNl IGluIGludG VyZXN0IHJh dGVzLiBUaG lzIHNpdHVh dGlvbiBjb3 VsZCBsZWFk IHRvIHNldm VyYWwgYWR2 ZXJzZSBlZm ZlY3RzIG9u IHRoZSBjb2 1wYW55Ljxi cj5JbiB0aG lzIHNjZW5h cmlvLCB0aG UgaW5pdGlh bCBlY29ub2 1pYyBkb3du dHVybiB3b3 VsZCBsaWtl bHkgdHJpZ2 dlciBhbiBp bmNyZWFzZS BpbiBsb2Fu IGRlZmF1bH RzLCBlc3Bl Y2lhbGx5IG lmIGNsaWVu dHMgc3RydW dnbGUgd2l0 aCBwYXltZW 50cyBkdWUg dG8gam9iIG xvc3NlcyBv ciBkZWNyZW FzZWQgYnVz aW5lc3Mgcm V2ZW51ZXMu IFRoaXMgd2 91bGQgcmVz dWx0IGluIG EgZGVjbGlu ZSBpbiB0aG UgcXVhbGl0 eSBvZiB0aG UgbG9hbiBw b3J0Zm9saW 8sIGxlYWRp bmcgdG8gaG lnaGVyIHBy b3Zpc2lvbn MgZm9yIGxv YW4gbG9zc2 VzLiBDb25z ZXF1ZW50bH ksIHRoZSBi YW5rIHdvdW xkIGV4cGVy aWVuY2Ugcm VkdWNlZCBt YXJnaW5zIG FzIG5ldCBp bnRlcmVzdC BpbmNvbWUg ZGVjbGluZX MgYmVjYXVz ZSBvZiBsb3 dlciBsb2Fu IHZvbHVtZX MgYW5kIGhp Z2hlciBkZW ZhdWx0cy48 YnI+QWRkaX Rpb25hbGx5 LCB0aGUgcm lzZSBpbiBp bnRlcmVzdC ByYXRlcyB3 b3VsZCBzcX VlZXplIG1h cmdpbnMgZn VydGhlci4g V2hpbGUgYm Fua3MgdHlw aWNhbGx5IG JlbmVmaXQg ZnJvbSBoaW doZXIgcmF0 ZXMsIHRoZS BpbmNyZWFz ZWQgY29zdC BvZiBib3Jy b3dpbmcgY2 91bGQgbGVh ZCB0byBhIG RlY3JlYXNl IGluIGNvbn N1bWVyIGRl bWFuZCBmb3 IgbG9hbnMs IHN1Y2ggYX MgbW9ydGdh Z2VzIGFuZC BwZXJzb25h bCBsb2Fucy wgZnVydGhl ciByZWR1Y2 luZyByZXZl bnVlIHN0cm VhbXMuIFRo ZSBjb21iaW 5hdGlvbiBv ZiBpbmNyZW FzZWQgZGVm YXVsdHMgYW 5kIGRpbWlu aXNoZWQgbG 9hbiBkZW1h bmQgd291bG QgbGVhZCB0 byBhIG5vdG FibGUgZGVj bGluZSBpbi BjYXNoIGZs b3cgZnJvbS BvcGVyYXRp b25zLCBsaW 1pdGluZyB0 aGUgYmFua+ KAmXMgYWJp bGl0eSB0by BpbnZlc3Qg aW4gZ3Jvd3 RoIG9yIGRp c3RyaWJ1dG UgcmV0dXJu cyB0byBzaG FyZWhvbGRl cnMuPGJyPk Zyb20gYSBi YWxhbmNlIH NoZWV0IHBl cnNwZWN0aX ZlLCB0aGUg ZWNvbm9taW MgZG93bnR1 cm4gd291bG QgbGlrZWx5 IGNhdXNlIG EgcmlzZSBp biBub3Blcm Zvcm1pbmcg bG9hbnMsIH doaWNoIHdv dWxkIG5lZ2 F0aXZlbHkg aW1wYWN0IH RoZSBhc3Nl dCBxdWFsaX R5IGFuZCBy ZXF1aXJlIG luY3JlYXNl ZCByZXNlcn ZlcyBmb3Ig bG9hbiBsb3 NzZXMuIFRo aXMgd291bG QgcmVkdWNl IHRoZSBiYW 5r4oCZcyBy ZXRhaW5lZC BlYXJuaW5n cyBhbmQgcG 90ZW50aWFs bHkgd2Vha2 VuIGl0cyBj YXBpdGFsIH JhdGlvcy4g SWYgdGhlIG Vjb25vbWlj IGNvbmRpdG lvbnMgcGVy c2lzdGVkLC BhIHNpZ25p ZmljYW50IG Ryb3AgaW4g dGhlIGJhbm vigJlzIHN0 b2NrIHByaW NlIGNvdWxk IG9jY3VyIG FzIGludmVz dG9ycyByZW FjdCB0byB0 aGVzZSBuZW dhdGl2ZSB0 cmVuZHMsIG xlYWRpbmcg dG8gYSBsb3 dlciBtYXJr ZXQgY2FwaX RhbGl6YXRp b24gYW5kIG Z1cnRoZXIg Y29uc3RyYW luaW5nIHRo ZSBjb21wYW 554oCZcyBm aW5hbmNpYW wgZmxleGli aWxpdHkuPG JyPkluIHN1 bW1hcnksIG lmIHN1Y2gg YSBuZWdhdG l2ZSBlY29u b21pYyBzY2 VuYXJpbyB3 ZXJlIHRvIH VuZm9sZCwg TWVyY2FudG lsZSBCYW5j b3Jwb3JhdG lvbiB3b3Vs ZCBmaW5kIG l0c2VsZiBm YWNpbmcgcm VkdWNlZCBt YXJnaW5zLC BuZWdhdGl2 ZSBjYXNoIG Zsb3csIGFu ZCBhIGRldG VyaW9yYXRl ZCBiYWxhbm NlIHNoZWV0 LCBtYXJrZW QgYnkgaW5j cmVhc2VkIG xvYW4gbG9z cyByZXNlcn ZlcyBhbmQg YSBkZWNsaW 5pbmcgYXNz ZXQgcXVhbG l0eSB0aGF0 IGNvdWxkIH Bvc2UgbG9u Zy10ZXJtIG NoYWxsZW5n ZXMgdG8gaX RzIGJ1c2lu ZXNzIG1vZG VsLjxicj4=

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 bG9nb3MvWW N0VXdJNDRY YkRKQUR1Vl hoajIud2Vi cCIgYWx0PS JNZXJjYW50 aWxlIEJhbm NvcnBvcmF0 aW9uIiB0aX RsZT0iTWVy Y2FudGlsZS BCYW5jb3Jw b3JhdGlvbi 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 dCBNZXJjYW 50aWxlIEJh bmNvcnBvcm F0aW9uPwog 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 ICAgICAg4p yFIERvd25s b2FkIDxpPi JUaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzIjwvaT4g 4oCUIHRvdG FsbHkgZnJl ZSEKICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIE1T NGdUV1Z5WT IgRnVkR2xz WlNCQyBZVz VqYjNKd2Iz IEpoZEdsdm JpQjMgWVhN Z1lTQmlZVy A1cklHaHZi R1JwIGJtY2 dZMjl0Y0cg RnVlU0JpWV hObCBaQ0Jw YmlCVGRDID RnVEc5MWFY TXMgSUUxcG MzTnZkWCBK cExpQkpkQ0 IzIFlYTWda bTkxYm0gUm xaQ0JwYmlB eCBPVEEySU dGdVpDIEJ2 Y0dWeVlYUm wgWkNCMWJt UmxjaSBCMl lYSnBiM1Z6 IElHNWhiV1 Z6SUggVnVk R2xzSURFNS BPRGNnZDJo bGJpIEJwZE NCM1lYTWcg WVdOeGRXbH laVyBRZ1lu a2dSbWx5IG MzUmhjaUJE YjMgSndiM0 poZEdsdiBi aTQ4WW5JK0 1pIDRnVkdo bElHTnYgYl hCaGJubmln SiBseklHVm hjbXhwIFpY TjBJSEp2Yj MgUnpJR05o YmlCaSBaU0 IwY21GalpX IFFnWW1Gam F5QjAgYnlC MGFHVWdRbS BGdWF5QnZa aUJOIGIyNX liMlVzSUcg WnZkVzVrWl dRZyBhVzRn VFc5dWNtID lsSUVOcGRI a3MgSUUxcG MzTnZkWCBK cElHbHVJRE U0IE56QXVJ RTkyWlggSW dkR2hsSUhs bCBZWEp6TE NCMGFHIFVn WW1GdWF5Qj EgYm1SbGNu ZGxibiBRZ2 MyVjJaWEpo IGJDQnVZVz FsSUcgTm9Z VzVuWlhNZy BZVzVrSUcx bGNtIGRsY2 5Nc0lHVjIg Wlc1MGRXRn NiSCBrZ1lt VmpiMjFwIG JtY2dhMjV2 ZDIgNGdZWE 1nVFdWeSBZ MkZ1ZEdsc1 pTIEJDWVc1 cklHbHUgSU RFNU16TXVQ RyBKeVBqTX VJRWx1IElH RmtaR2wwYV cgOXVJSFJ2 SUdKaCBibX RwYm1jZ2My IFZ5ZG1sal pYTXMgSUUx bGNtTmhibi BScGJHVWdR bUZ1IFkyOX ljRzl5WVgg UnBiMjRnWV d4eiBieUJ2 ZDI1bFpDIE JoYm1RZ2Iz QmwgY21GMF pXUWdZUyBC dWRXMWlaWE lnIGIyWWdj M1ZpYzIgbG thV0Z5YVdW eiBMQ0JwYm 1Oc2RXIFJw Ym1jZ2FXNX ogZFhKaGJt TmxJRyBGdV pDQnBiblps IGMzUnRaVz UwSUcgWnBj bTF6TGp4aS BjajQwTGlC VWFHIFVnWT I5dGNHRnUg ZVNCbGVIQm xjbSBsbGJt TmxaQ0J6IG FXZHVhV1pw WTIgRnVkQ0 JuY205MyBk R2dnYVc0Z2 RHIGhsSURF NU5qQnogSU dGdVpDQXhP VCBjd2N5d2 daWGh3IFlX NWthVzVuSU cgbDBjeUJ5 WldGaiBhQ0 JwYm5SdklH IDkwYUdWeU lITjAgWVhS bGN5QjBhSC BKdmRXZG9J R0ZqIGNYVn BjMmwwYVcg OXVjeUJoYm 1RZyBiV1Z5 WjJWeWN5ID RnUW5rZ2RH aGwgSURFNU 9EQnpMQyBC TlpYSmpZVz UwIGFXeGxJ SGRoY3kgQn ZibVVnYjJZ ZyBkR2hsSU d4aGNtIGRs YzNRZ1ltRn UgYTJsdVp5 QmpiMiAxd1 lXNXBaWE1n IGFXNGdkR2 hsSUUgMXBa SGRsYzNRdS BQR0p5UGpV dUlFIGx1SU RFNU9EQXMg SUUxbGNtTm hibiBScGJH VWdRbUZ1IF kyOXljRzl5 WVggUnBiMj RnWlhOMCBZ V0pzYVhOb1 pXIFFnWVNC dVpYY2cgYU dWaFpIRjFZ WCBKMFpYSn pJR0oxIGFX eGthVzVuSU cgbHVJR1J2 ZDI1MCBiM2 R1SUZOMExp IEJNYjNWcG N5NGcgVkdo bElEVTNMWC BOMGIzSjVJ SE5yIGVYTm pjbUZ3Wlgg SXNJR3R1Yj NkdSBJR0Z6 SUU5dVpTIE JOWlhKallX NTAgYVd4bE lFTmxibiBS bGNpd2dkMk Z6IElIUm9a U0IwWVcgeH NaWE4wSUdK MSBhV3hrYV c1bklHIGx1 SUUxcGMzTn YgZFhKcElH RjBJSCBSb1 pTQjBhVzFs IElHOW1JR2 wwY3kgQmpi MjF3YkdWMC BhVzl1TGp4 aWNqIDQyTG lCTlpYSmog WVc1MGFXeG xJRSBKaGJt TnZjbkJ2IG NtRjBhVzl1 SUcgaGhaQ0 JoSUhKbCBj SFYwWVhScG IyIDRnWm05 eUlHSmwgYV c1bklHRWdZ MiA5dWMyVn lkbUYwIGFY WmxJR0poYm 0gc3NJR1Z6 WTJobCBkMm x1WnlCeWFY IE5yZVNCcG JuWmwgYzNS dFpXNTBjeS BCaGJtUWda bTlqIGRYTn BibWNnYjIg NGdkSEpoWk dsMCBhVzl1 WVd3Z1ltIE Z1YTJsdVp5 QnogWlhKMm FXTmxjeSA0 Z1ZHaHBjeU J6IGRISmhk R1ZuZVMgQn djbTkyWldR ZyBjM1ZqWT JWemMyIFox YkN3Z1lXNW sgSUhSb1pT QmpiMiAxd1 lXNTVJR052 IGJuTnBjM1 JsYm4gUnNl U0J3YjNOMC BaV1FnYzNS eWIyIDVuSU dacGJtRnUg WTJsaGJDQn laWCBOMWJI UnpManhpIG NqNDNMaUJK YmkgQXhPVG cwTENCTiBa WEpqWVc1MG FXIHhsSUVK aGJtTnYgY2 5CdmNtRjBh VyA5dUlIZG hjeUJzIGFY TjBaV1FnYj IgNGdkR2hs SUU1bCBkeU JaYjNKcklG IE4wYjJOck lFVjQgWTJo aGJtZGxMQy BCaVpXTnZi V2x1IFp5Qn ZibVVnYjIg WWdkR2hsSU dacCBjbk4w SUZOMExpIE JNYjNWcGN5 MWkgWVhObF pDQmpiMiAx d1lXNXBaWE 1nIGRHOGda RzhnYzIgOH VQR0p5UGpn dSBJRWx1SU RFNU9EIGNz SUVacGNuTj AgWVhJZ1Ey OXljRyA5eV lYUnBiMjRz IElHSmhjMl ZrSUcgbHVJ RTFwYkhkaC BkV3RsWlN3 Z1YyIGx6WT I5dWMybHUg TENCaFkzRj FhWCBKbFpD Qk5aWEpqIF lXNTBhV3hs SUUgSmhibU 52Y25CdiBj bUYwYVc5dU lHIGx1SUdF Z1pHVmggYk NCM2IzSjBh QyBBa01TND JJR0pwIGJH eHBiMjR1SU YgUm9aU0Jq YjIxaSBhVz VsWkNCamIy IDF3WVc1NU lIZGggY3lC eVpXNWhiVy BWa0lFWnBj bk4wIFlYSW dZVzVrSUcg bDBjeUJvWl dGayBjWFZo Y25SbGNuIE 1nZDJWeVpT QnQgYjNabF pDQjBieSBC TmFXeDNZWF ZyIFpXVXVQ R0p5UGoga3 VJRTFsY21O aCBiblJwYk dVZ1FtIEZ1 WTI5eWNHOX kgWVhScGIy N2lnSiBsek lHeHZaMjhn IFptVmhkSF Z5WlcgUWdZ VzRnYVdOdi BibWxqSUds dFlXIGRsSU c5bUlHRWcg YzJocGNDQj NhWCBSb0lI Um9aU0IzIG IzSmtjeUJN WVggSm5aU0 JsYm05MSBa MmdnZEc4Z2 MyIFZ5ZG1V Z2VXOTEgTE NCemJXRnNi QyBCbGJtOT FaMmdnIGRH OGdhMjV2ZH kgQjViM1V1 SUZSbyBhWE 1nY21WbWJH IFZqZEdWa0 lIUm8gWlNC amIyMXdZVy A1NTRvQ1pj eUJqIGIyMX RhWFJ0Wlcg NTBJSFJ2SU hCeSBiM1pw WkdsdVp5IE J3WlhKemIy NWggYkdsNl pXUWdjMiBW eWRtbGpaU0 IwIGJ5QnBk SE1nWTMgVn pkRzl0WlhK eiBManhpY2 o0eE1DIDRn Vkc5a1lYa3 MgSUhSb1pT QnNaVyBkaF kza2diMlln IFRXVnlZMk Z1ZEcgbHNa U0JDWVc1ai BiM0p3YjNK aGRHIGx2Ym lCc2FYWmwg Y3lCdmJpQj BhSCBKdmRX ZG9JSFJvIF pTQk5aWEpq WVcgNTBhV3 hsSUV4cCBZ bkpoY25rZ2 FXIDRnVTNR dUlFeHYgZF dsekxDQjNh RyBsamFDQj NZWE1nIFpt OTFibVJsWk MgQmllU0J6 WlhabCBjbU ZzSUc5bUlI IFJvWlNCaV lXNXIgNG9D WmN5QmxZWC BKc2VTQnNa V0ZrIFpYSn pMaUJVYUcg VWdiR2xpY2 1GeSBlU3dn ZDJocFkyIG dnYjNCbGJt VmsgSUdsdU lERTRORCBZ c0lHbHpJSF JvIFpTQnZi R1JsYzMgUW dZM1ZzZEhW eSBZV3dnYV c1emRHIGww ZFhScGIyNG cgYVc0Z1Uz UXVJRSB4dm RXbHpJR0Z1 IFpDQmpiMj UwYVcgNTFa WE1nZEc4Zy BjMlZ5ZG1V Z1lYIE1nWV NCb2RXSWcg Wm05eUlHeH BkRyBWeVlY SjVJR0Z1IF pDQmpkV3gw ZFggSmhiQ0 JsZG1WdSBk SE1nYVc0Z2 RHIGhsSUdO cGRIa3UKIC AgICAgICA8 L3NwYW4+Ci AgICAgICAg CiAgICAgIC Ag