Pinnacle Financial Partners

Live  

Pinnacle Financial Partners is a financial services company based in Nashville, Tennessee. It was founded in 2000 by Terry Turner and is now one of the largest independent banks in the Southeastern United States.
The company provides a range of financial services, including banking, investment, and insurance services. Pinnacle’s banking services include personal and business checking and savings accounts, loans, mortgages, and credit cards. Its investment services include wealth management, retirement planning, and asset management. The company also offers insurance products such as life, home, and auto insurance.
Pinnacle Financial Partners is known for its client-focused approach to banking, with a dedication to building long-term relationships and tailoring services to each individual client’s needs. It also prides itself on its commitment to the communities it serves and has a strong focus on philanthropy and community involvement.
Pinnacle Financial Partners has been recognized for its financial success and strong corporate culture. It has been named one of the Best Banks to Work For by American Banker magazine for 10 consecutive years and was also named one of the Best Banks in America by Forbes magazine in 2020.
Today, Pinnacle Financial Partners has over 100 branches across Tennessee, Virginia, North Carolina, South Carolina, and Georgia, and continues to grow and expand its services.

UGlubmFjbG UgRmluYW5j aWFsIFBhcn RuZXJzIGlz IGEgY29tcG FueSB0aGF0 IGhlbHBzIH Blb3BsZSBh bmQgYnVzaW 5lc3NlcyBt YW5hZ2UgdG hlaXIgbW9u ZXkuIFRoaW 5rIG9mIGl0 IGxpa2UgYS BzcGVjaWFs IGhlbHBlci Bmb3IgeW91 ciBjYXNoIS BUaGV5IG9m ZmVyIHNlcn ZpY2VzIGxp a2UgY2hlY2 tpbmcgYWNj b3VudHMsIH NhdmluZ3Mg YWNjb3VudH MsIGFuZCBs b2Fucywgd2 hpY2ggYXJl IGxpa2UgYm 9ycm93aW5n IG1vbmV5IH doZW4geW91 IG5lZWQgaX QgZm9yIHRo aW5ncyBsaW tlIGJ1eWlu ZyBhIGhvdX NlIG9yIHN0 YXJ0aW5nIG EgYnVzaW5l c3MuPGJyPl RoZXkgbWFr ZSBtb25leS Btb3N0bHkg YnkgY2hhcm dpbmcgaW50 ZXJlc3Qgb2 4gdGhlIGxv YW5zIHRoZX kgZ2l2ZSBv dXQuIFdoZW 4geW91IGJv cnJvdyBtb2 5leSBmcm9t IHRoZW0sIH lvdSBuZWVk IHRvIHBheS BiYWNrIGEg bGl0dGxlIG V4dHJhLCB3 aGljaCBpcy B0aGUgaW50 ZXJlc3QuIF RoZXkgYWxz byBtYWtlIH NvbWUgbW9u ZXkgZnJvbS BmZWVzIGZv ciBjZXJ0YW luIHNlcnZp Y2VzLCBzaW 1pbGFyIHRv IGhvdyB5b3 UgbWlnaHQg cGF5IGEgZm VlIGlmIHlv dSB1c2UgYS BzcGVjaWFs IEFUTS48Yn I+UGlubmFj bGUgRmluYW 5jaWFsIFBh cnRuZXJzIG lzIHN1Y2Nl c3NmdWwgYm VjYXVzZSB0 aGV5IGZvY3 VzIG9uIHRy ZWF0aW5nIH RoZWlyIGN1 c3RvbWVycy ByZWFsbHkg d2VsbC4gVG hleSBsaXN0 ZW4gdG8gd2 hhdCBwZW9w bGUgbmVlZC BhbmQgaGVs cCB0aGVtIG ZpbmQgdGhl IGJlc3Qgd2 F5cyB0byB1 c2UgdGhlaX IgbW9uZXku IFBlb3BsZS BvZnRlbiB3 YW50IHRvIG RvIGJ1c2lu ZXNzIHdpdG ggY29tcGFu aWVzIHRoYX QgY2FyZSBh Ym91dCB0aG VtLjxicj5J biB0aGUgZn V0dXJlLCBQ aW5uYWNsZS BjYW4ga2Vl cCBiZWluZy BzdWNjZXNz ZnVsIGlmIH RoZXkgY29u dGludWUgdG 8gZG8gYSBn cmVhdCBqb2 IgZm9yIHRo ZWlyIGN1c3 RvbWVycywg a2VlcCBjb2 1pbmcgdXAg d2l0aCBuZX cgaWRlYXMg Zm9yIG1vbm V5IG1hbmFn ZW1lbnQsIG FuZCBhZGFw dCB0byBhbn kgY2hhbmdl cyBpbiB0aG UgZWNvbm9t eS4gSWYgdG hleSBrZWVw IGdyb3dpbm cgYW5kIGhl bHBpbmcgbW 9yZSBwZW9w bGUsIHRoZX kgd2lsbCBs aWtlbHkgc3 RheSBzdHJv bmcgYW5kIH N1Y2Nlc3Nm dWwgZm9yIG 1hbnkgeWVh cnMgdG8gY2 9tZSE8YnI+

MS4gQ2xpZW 50LUNlbnRy aWMgQXBwcm 9hY2g6IFBp bm5hY2xlIE ZpbmFuY2lh bCBQYXJ0bm VycyBwcmlv cml0aXplcy BpdHMgY2xp ZW50cyBhYm 92ZSBhbGwg ZWxzZS4gVG hleSBtYWtl IGl0IHRoZW lyIHRvcCBw cmlvcml0eS B0byB1bmRl cnN0YW5kIH RoZSBuZWVk cyBhbmQgZ2 9hbHMgb2Yg ZWFjaCBjbG llbnQgYW5k IHByb3ZpZG UgcGVyc29u YWxpemVkIH NvbHV0aW9u cyB0byBtZW V0IHRob3Nl IG5lZWRzLj xicj4yLiBT dHJvbmcgRm luYW5jaWFs IFBlcmZvcm 1hbmNlOiBU aGUgY29tcG FueSBoYXMg Y29uc2lzdG VudGx5IHNo b3duIHN0cm 9uZyBmaW5h bmNpYWwgcG VyZm9ybWFu Y2UgYW5kIG dyb3d0aCBz aW5jZSBpdH MgaW5jZXB0 aW9uLiBUaG lzIGhhcyBo ZWxwZWQgdG hlbSBlc3Rh Ymxpc2ggYS BzdHJvbmcg cHJlc2VuY2 UgaW4gdGhl IGZpbmFuY2 lhbCBzZXJ2 aWNlcyBtYX JrZXQuPGJy PjMuIFN0cm 9uZyBDb3Jw b3JhdGUgQ3 VsdHVyZTog UGlubmFjbG UgRmluYW5j aWFsIFBhcn RuZXJzIGhh cyBhIHVuaX F1ZSBjb3Jw b3JhdGUgY3 VsdHVyZSB0 aGF0IGZvY3 VzZXMgb24g Y29sbGFib3 JhdGlvbiwg dGVhbXdvcm ssIGFuZCBl bXBsb3llZS Bncm93dGgu IFRoaXMgaG FzIGhlbHBl ZCB0aGVtIG F0dHJhY3Qg YW5kIHJldG FpbiB0b3Ag dGFsZW50IG FuZCBjcmVh dGUgYSBwb3 NpdGl2ZSB3 b3JrIGVudm lyb25tZW50 Ljxicj40Li BDb21tdW5p dHkgSW52b2 x2ZW1lbnQ6 IFRoZSBjb2 1wYW55IGhh cyBhIHN0cm 9uZyBjb21t aXRtZW50IH RvIGdpdmlu ZyBiYWNrIH RvIHRoZSBj b21tdW5pdH kuIFRoZXkg aGF2ZSBhIG RlZGljYXRl ZCB0ZWFtIG FuZCByZXNv dXJjZXMgdG hhdCBzdXBw b3J0IHZhcm lvdXMgY2hh cml0YWJsZS Bvcmdhbml6 YXRpb25zIG FuZCBjb21t dW5pdHkgaW 5pdGlhdGl2 ZXMuPGJyPj UuIElubm92 YXRpb24gYW 5kIFRlY2hu b2xvZ3k6IF Bpbm5hY2xl IEZpbmFuY2 lhbCBQYXJ0 bmVycyBoYX MgYmVlbiBh dCB0aGUgZm 9yZWZyb250 IG9mIGlubm 92YXRpb24g YW5kIHRlY2 hub2xvZ3kg aW4gdGhlIG ZpbmFuY2lh bCBzZXJ2aW NlcyBpbmR1 c3RyeS4gVG hleSBjb250 aW51b3VzbH kgaW52ZXN0 IGluIGFkdm FuY2VkIHRl Y2hub2xvZ3 kgdG8gaW1w cm92ZSB0aG UgY2xpZW50 IGV4cGVyaW VuY2UgYW5k IHN0YXkgYW hlYWQgb2Yg dGhlIGNvbX BldGl0aW9u Ljxicj42Li BBd2FyZHMg YW5kIFJlY2 9nbml0aW9u OiBUaGUgY2 9tcGFueSBo YXMgcmVjZW l2ZWQgbnVt ZXJvdXMgYX dhcmRzIGFu ZCByZWNvZ2 5pdGlvbiBm b3IgaXRzIG ZpbmFuY2lh bCBwZXJmb3 JtYW5jZSwg Y3VzdG9tZX Igc2F0aXNm YWN0aW9uLC BhbmQgd29y a3BsYWNlIG N1bHR1cmUu IFRoaXMgZn VydGhlciBz b2xpZGlmaW VzIHRoZWly IHJlcHV0YX Rpb24gYXMg YSB0b3AgZm luYW5jaWFs IHNlcnZpY2 VzIHByb3Zp ZGVyLjxicj 43LiBGb2N1 cyBvbiBSZW xhdGlvbnNo aXBzOiBQaW 5uYWNsZSBG aW5hbmNpYW wgUGFydG5l cnMgcGxhY2 VzIGEgc3Ry b25nIGVtcG hhc2lzIG9u IGJ1aWxkaW 5nIGxvbmct dGVybSByZW xhdGlvbnNo aXBzIHdpdG ggaXRzIGNs aWVudHMuIF RoZXkgYmVs aWV2ZSB0aG F0IHN0cm9u ZyByZWxhdG lvbnNoaXBz IGFyZSB0aG Uga2V5IHRv IGxvbmctdG VybSBzdWNj ZXNzIGFuZC BhcmUgY29t bWl0dGVkIH RvIHByb3Zp ZGluZyBleG NlcHRpb25h bCBzZXJ2aW NlIHRvIG1h aW50YWluIH Rob3NlIHJl bGF0aW9uc2 hpcHMu

VGhlIFBpbm 5hY2xlIEZp bmFuY2lhbC BQYXJ0bmVy cyBjb21wYW 55IGlzIGEg ZmluYW5jaW FsIHNlcnZp Y2VzIGNvbX BhbnkgdGhh dCBwcm92aW RlcyBhIHdp ZGUgcmFuZ2 Ugb2YgYmFu a2luZywgaW 52ZXN0bWVu dCwgYW5kIH dlYWx0aCBt YW5hZ2VtZW 50IHNlcnZp Y2VzIHRvIG luZGl2aWR1 YWxzLCBidX NpbmVzc2Vz LCBhbmQgaW 5zdGl0dXRp b25hbCBjbG llbnRzLiBU aGVpciBidX NpbmVzcyBt b2RlbCBpcy BiYXNlZCBv biBhIHJlbG F0aW9uc2hp cC1vcmllbn RlZCBhcHBy b2FjaCwgd2 hlcmUgdGhl eSBwcmlvcm l0aXplIGJ1 aWxkaW5nIG xvbmctdGVy bSBwYXJ0bm Vyc2hpcHMg d2l0aCB0aG VpciBjbGll bnRzLiBUaG V5IGFpbSB0 byBvZmZlci BwZXJzb25h bGl6ZWQgc2 9sdXRpb25z IGFuZCBleG NlcHRpb25h bCBjdXN0b2 1lciBzZXJ2 aWNlIHRocm 91Z2ggdGhl aXIgdGVhbS BvZiBleHBl cmllbmNlZC BhbmQga25v d2xlZGdlYW JsZSBhZHZp c29ycy4gPG JyPlBpbm5h Y2xlIEZpbm FuY2lhbCBQ YXJ0bmVycy BhbHNvIGRp ZmZlcmVudG lhdGVzIHRo ZW1zZWx2ZX MgYnkgZm9j dXNpbmcgb2 4gdGhlIGxv Y2FsIGNvbW 11bml0eSBh bmQgc3VwcG 9ydGluZyBz bWFsbCBidX NpbmVzc2Vz IGFuZCBlbn RyZXByZW5l dXJzLiBUaG V5IG9mZmVy IHZhcmlvdX MgcHJvZHVj dHMgYW5kIH NlcnZpY2Vz IHN1Y2ggYX MgY2hlY2tp bmcgYW5kIH NhdmluZ3Mg YWNjb3VudH MsIGxlbmRp bmcgYW5kIG NyZWRpdCBz ZXJ2aWNlcy wgcmV0aXJl bWVudCBwbG FubmluZywg aW5zdXJhbm NlLCBhbmQg aW52ZXN0bW VudCBtYW5h Z2VtZW50Li BBZGRpdGlv bmFsbHksIH RoZXkgaGF2 ZSBhIHN0cm 9uZyBlbXBo YXNpcyBvbi B0ZWNobm9s b2dpY2FsIG lubm92YXRp b24gYW5kIG RpZ2l0YWwg Y29udmVuaW VuY2UsIHBy b3ZpZGluZy BjdXN0b21l cnMgd2l0aC B2YXJpb3Vz IG9ubGluZS BhbmQgbW9i aWxlIGJhbm tpbmcgb3B0 aW9ucy48Yn I+VGhlIGNv bXBhbnnigJ lzIHJldmVu dWUgaXMgcH JpbWFyaWx5 IGdlbmVyYX RlZCB0aHJv dWdoIGludG VyZXN0IGlu Y29tZSBmcm 9tIGxvYW5z IGFuZCBzZW N1cml0aWVz LCBmZWVzIG Zyb20gYmFu a2luZyBhbm QgaW52ZXN0 bWVudCBzZX J2aWNlcywg YW5kIHdlYW x0aCBtYW5h Z2VtZW50IH NlcnZpY2Vz LiBQaW5uYW NsZSBGaW5h bmNpYWwgUG FydG5lcnMg YWxzbyBoYX MgYSBkaXNj aXBsaW5lZC BhcHByb2Fj aCB0byBtYW 5hZ2luZyBl eHBlbnNlcy wgYWxsb3dp bmcgZm9yIG EgY29uc2lz dGVudGx5IH N0cm9uZyBh bmQgZ3Jvd2 luZyBmaW5h bmNpYWwgcG VyZm9ybWFu Y2UuIFRoZW lyIGJ1c2lu ZXNzIG1vZG VsIGlzIGNl bnRlcmVkIG 9uIHByb3Zp ZGluZyBwZX Jzb25hbGl6 ZWQgYW5kIG NvbXByZWhl bnNpdmUgZm luYW5jaWFs IHNvbHV0aW 9ucyB3aGls ZSBtYWludG FpbmluZyBh IHN0cm9uZy Bmb2N1cyBv biBidWlsZG luZyBsYXN0 aW5nIHJlbG F0aW9uc2hp cHMgd2l0aC B0aGVpciBj bGllbnRzLg ==

AI does pose certain risks to financial institutions like Pinnacle Financial Partners in several areas:
1. Substitution: AI-driven fintech companies are emerging with innovative products and services that can substitute traditional banking services. For example, automated investment platforms or robo-advisors can compete with Pinnacle’s wealth management services, potentially attracting clients with lower fees and improved user experiences.
2. Disintermediation: As AI technology becomes more sophisticated, it can enable direct transactions between consumers and financial service providers, reducing the need for traditional banks. This trend could lead to disintermediation, where clients might choose to bypass Pinnacle’s offerings in favor of more direct and potentially cheaper alternatives provided by AI-enhanced platforms.
3. Margin Pressure: The adoption of AI can lead to increased competition and price wars, putting pressure on profit margins. If competitors leverage AI to reduce costs significantly, Pinnacle may need to lower their service fees or offer enhanced features at no additional cost to retain clients, which could impact profitability.
While these risks are significant, AI also presents opportunities for Pinnacle Financial Partners, such as improving operational efficiency, enhancing customer service through personalized experiences, and enabling better decisiomaking through advanced analytics. Balancing these risks and opportunities will be crucial for maintaining competitiveness in the evolving financial landscape.

Pinnacle Financial Partners, like any financial institution, has its earnings, cash flow, and valuation significantly affected by changes in interest rates.
1. Earnings Sensitivity: Pinnacle’s earnings are influenced by net interest margin, which is the difference between the interest income generated from loans and the interest expense on deposits. When interest rates rise, the potential for increased income from loans generally outweighs the increase in interest paid on deposits, resulting in higher earnings. Conversely, in a declining interest rate environment, margins may compress, negatively impacting earnings.
2. Cash Flow Sensitivity: Cash flow for Pinnacle is similarly sensitive to interest rate changes. The variability in interest income from loan portfolios can lead to fluctuations in cash flow. Higher interest rates typically improve cash flow from loan repayments and new loan originations, while lower rates may lead to refinancing activities that could diminish cash flows as clients seek cheaper borrowing options.
3. Valuation Sensitivity: Valuations of financial institutions like Pinnacle are often assessed based on earnings projections, which are directly impacted by interest rate changes. Rising rates can enhance growth prospects and profitability, leading to higher valuation multiples, whereas a stable or declining rate environment might lead to lower growth expectations and valuation discounts.
Overall, Pinnacle Financial Partners’ financial performance and market valuation show a strong correlation with shifts in interest rates. Changes can create both opportunities for improved earnings and risks that could lead to reduced income and valuation pressures.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BQaW5uYWNs ZSBGaW5hbm NpYWwgUGFy dG5lcnPigJ kgZWNvbm9t aWNzIG92ZX IgdGhlIG5l eHQgMy01IH llYXJzIGlz IGEgc2lnbm lmaWNhbnQg YW5kIHByb2 xvbmdlZCBl Y29ub21pYy Bkb3dudHVy biwgc2ltaW xhciB0byBh IHNldmVyZS ByZWNlc3Np b24uIFRoaX Mgc2NlbmFy aW8gY291bG QgYmUgdHJp Z2dlcmVkIG J5IGZhY3Rv cnMgc3VjaC BhcyBhIHN1 ZGRlbiwgZG VlcCBmaW5h bmNpYWwgY3 Jpc2lzLCBh IGhvdXNpbm cgbWFya2V0 IGNvbGxhcH NlLCBvciBh IG5vdGFibG UgdGlnaHRl bmluZyBvZi Btb25ldGFy eSBwb2xpY3 kgbGVhZGlu ZyB0byByaX NpbmcgaW50 ZXJlc3Qgcm F0ZXMuIDxi cj5JbiB0aG lzIGRvd250 dXJuLCBzZX ZlcmFsIGZh Y3RvcnMgd2 91bGQgbmVn YXRpdmVseS BpbXBhY3Qg dGhlIGNvbX Bhbnk6PGJy PjEuIDxzdH Jvbmc+Q3Jl ZGl0IFF1YW xpdHkgRGV0 ZXJpb3JhdG lvbjwvc3Ry b25nPjogQS ByZWNlc3Np b24gY291bG QgbGVhZCB0 byBoaWdoZX IgdW5lbXBs b3ltZW50IH JhdGVzLCB3 aGljaCB3b3 VsZCBpbmNy ZWFzZSBkZW ZhdWx0IHJh dGVzIG9uIG xvYW5zLiBQ aW5uYWNsZS BGaW5hbmNp YWwgUGFydG 5lcnMsIGhl YXZpbHkgcm VsaWFudCBv biBsb2FuIG luY29tZSwg d291bGQgbG lrZWx5IGV4 cGVyaWVuY2 UgYSBzcGlr ZSBpbiBub3 BlcmZvcm1p bmcgbG9hbn MsIHdlYWtl bmluZyB0aG Ugb3ZlcmFs bCBxdWFsaX R5IG9mIGl0 cyBsb2FuIH BvcnRmb2xp by48YnI+Mi 4gPHN0cm9u Zz5SZWR1Y2 VkIExvYW4g RGVtYW5kPC 9zdHJvbmc+ OiBCdXNpbm Vzc2VzIGFu ZCBpbmRpdm lkdWFsIGJv cnJvd2Vycy BvZnRlbiBw dWxsIGJhY2 sgb24gYm9y cm93aW5nIG R1cmluZyBl Y29ub21pYy Bkb3dudHVy bnMsIGxlYW RpbmcgdG8g bG93ZXIgZG VtYW5kIGZv ciBsb2Fucy 4gVGhpcyB3 b3VsZCBuZW dhdGl2ZWx5 IGltcGFjdC BuZXcgbG9h biBvcmlnaW 5hdGlvbiBh bmQgcmVkdW NlIG92ZXJh bGwgcmV2ZW 51ZS48YnI+ My4gPHN0cm 9uZz5Db21w cmVzc2lvbi BvZiBNYXJn aW5zPC9zdH Jvbmc+OiBC YW5rcyB0eX BpY2FsbHkg cmVseSBvbi BuZXQgaW50 ZXJlc3QgbW FyZ2lucyBm b3IgcHJvZm l0YWJpbGl0 eS4gSW4gYS BkZWNsaW5p bmcgZWNvbm 9taWMgZW52 aXJvbm1lbn QsIHRoZSBz cHJlYWQgYm V0d2VlbiBs ZW5kaW5nIH JhdGVzIGFu ZCBkZXBvc2 l0IHJhdGVz IG1heSBuYX Jyb3csIHJl ZHVjaW5nIG Vhcm5pbmdz LiBGdXJ0aG VybW9yZSwg Y29tcGV0aX Rpb24gY291 bGQgZHJpdm UgcmF0ZXMg ZG93biBmdX J0aGVyLCBz cXVlZXppbm cgbWFyZ2lu cyBmdXJ0aG VyLjxicj40 LiA8c3Ryb2 5nPkluY3Jl YXNlZCBDb3 N0IG9mIENh cGl0YWw8L3 N0cm9uZz46 IElmIHRoZS BlY29ub21p YyBjbGltYX RlIGRldGVy aW9yYXRlcy wgbGVuZGVy cyBtYXkgcG VyY2VpdmUg YmFua3MgYX Mgcmlza2ll ciBpbnZlc3 RtZW50cywg cmVzdWx0aW 5nIGluIGlu Y3JlYXNlZC Bib3Jyb3dp bmcgY29zdH MuIFRoaXMg d291bGQgZn VydGhlciBj b21wcmVzcy BtYXJnaW5z IGFuZCBsaW 1pdCB0aGUg Y29tcGFuee KAmXMgYWJp bGl0eSB0by BtYW5hZ2Ug aXRzIGJhbG FuY2Ugc2hl ZXQgZWZmZW N0aXZlbHku PGJyPjUuID xzdHJvbmc+ T3BlcmF0aW 9uYWwgQ29z dHM8L3N0cm 9uZz46IFJl Z3VsYXRvcn kgcHJlc3N1 cmVzIG1heS BpbmNyZWFz ZSBhcyBhIH Jlc3BvbnNl IHRvIGVjb2 5vbWljIGlu c3RhYmlsaX R5LCByZXN1 bHRpbmcgaW 4gaGlnaGVy IGNvbXBsaW FuY2UgY29z dHMuIEFkZG l0aW9uYWxs eSwgYmFkIG RlYnRzIGFu ZCBvcGVyYX Rpb25hbCBp bmVmZmljaW VuY2llcyBt YXkgcmFpc2 Ugb3ZlcmFs bCBvcGVyYX RpbmcgZXhw ZW5zZXMuPG JyPkluIHRl cm1zIG9mIH RoZSBjb21w YW554oCZcy BmaW5hbmNp YWxzIHVuZG VyIHRoaXMg c2NlbmFyaW 86PGJyPi0g PHN0cm9uZz 5NYXJnaW5z PC9zdHJvbm c+OiBUaGUg bmV0IGludG VyZXN0IG1h cmdpbiB3b3 VsZCBsaWtl bHkgZGVjbG luZSBzaWdu aWZpY2FudG x5LCBwb3Nz aWJseSBmYW xsaW5nIGJl bG93IGhpc3 RvcmljYWwg YXZlcmFnZX MsIGxlYWRp bmcgdG8gcm VkdWNlZCBw cm9maXRhYm lsaXR5LiBU aGlzIGNvdW xkIHJlc3Vs dCBpbiBsb3 dlciBuZXQg aW5jb21lIG 1hcmdpbnMg YW5kIHBvc3 NpYmx5IGV2 ZW4gbmV0IG xvc3NlcyBp biBzZXZlcm UgY2FzZXMu PGJyPi0gPH N0cm9uZz5D YXNoIEZsb3 c8L3N0cm9u Zz46IE9wZX JhdGluZyBj YXNoIGZsb3 cgd291bGQg bGlrZWx5IG RpbWluaXNo IGR1ZSB0by ByZWR1Y2Vk IGxvYW4gb3 JpZ2luYXRp b24gYW5kIG luY3JlYXNl ZCBkZWZhdW x0cy4gVGhl IGFiaWxpdH kgdG8gZ2Vu ZXJhdGUgcG 9zaXRpdmUg Y2FzaCBmbG 93IGZyb20g b3BlcmF0aW 9ucyBtaWdo dCBiZSBzdH JhaW5lZCBh cyB0aGUgY2 9tcGFueSB3 b3VsZCBiZS BmYWNlZCB3 aXRoIHN1Yn N0YW50aWFs IHByb3Zpc2 lvbnMgZm9y IGNyZWRpdC Bsb3NzZXMu PGJyPi0gPH N0cm9uZz5C YWxhbmNlIF NoZWV0PC9z dHJvbmc+Oi BUaGUgYmFs YW5jZSBzaG VldCB3b3Vs ZCByZWZsZW N0IGEgaGln aGVyIGxldm VsIG9mIG5v cGVyZm9ybW luZyBhc3Nl dHMsIGxlYW RpbmcgdG8g aW5jcmVhc2 VkIHJlc2Vy dmVzIGZvci Bsb2FuIGxv c3Nlcy4gVG hpcyB3b3Vs ZCByZXN1bH QgaW4gYSBk ZXRlcmlvcm F0aW9uIG9m IGFzc2V0IH F1YWxpdHkg YW5kIGEgcG 90ZW50aWFs IGRlY2xpbm UgaW4gZXF1 aXR5IGFzIH JldGFpbmVk IGVhcm5pbm dzIGFyZSBh ZmZlY3RlZC BieSBpbmNy ZWFzZWQgcH JvdmlzaW9u IGNvc3RzIG FuZCBsb3dl ciBwcm9maX RhYmlsaXR5 LiBUaGUgbG V2ZXJhZ2Ug cmF0aW8gbW F5IHJpc2Ug aWYgZXF1aX R5IGRlY2xp bmVzIGZhc3 RlciB0aGFu IGFzc2V0cy wgd2hpY2gg Y291bGQgcH JvbXB0IHJl Z3VsYXRvcn kgc2NydXRp bnkgYW5kIG xpbWl0IGZ1 dHVyZSBsZW 5kaW5nIGNh cGFjaXR5Lj xicj5PdmVy YWxsLCB0aG UgY29tYmlu YXRpb24gb2 YgbG93ZXIg cmV2ZW51ZS wgaW5jcmVh c2VkIGNvc3 RzLCBhbmQg aW1wYWlyZW QgYXNzZXQg cXVhbGl0eS Bjb3VsZCBs ZWFkIHRvIG EgY2hhbGxl bmdpbmcgZm luYW5jaWFs IGVudmlyb2 5tZW50IGZv ciBQaW5uYW NsZSBGaW5h bmNpYWwgUG FydG5lcnMg dGhhdCBhZm ZlY3RzIGl0 cyBsb25nLX Rlcm0gZWNv bm9taWMgc3 RhYmlsaXR5 Ljxicj4=

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 bG9nb3MvZ1 BoSjhSMEFC elFvMExQRW ozTGgud2Vi cCIgYWx0PS JQaW5uYWNs ZSBGaW5hbm NpYWwgUGFy dG5lcnMiIH RpdGxlPSJQ aW5uYWNsZS BGaW5hbmNp YWwgUGFydG 5lcnMiICBj bGFzcz0iaW 1nLWZsdWlk IiBoZWlnaH Q9NTAgd2lk dGg9NTAgbG 9hZGluZz0n bGF6eScgc3 R5bGU9J2Jv cmRlci1yYW RpdXM6IDZw eDsnPgoKIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dmbGV4OiAx OyB0ZXh0LW FsaWduOiBj ZW50ZXI7IG 1hcmdpbi1s ZWZ0OiA1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPH Agc3R5bGU9 J2ZvbnQtc2 l6ZTogMjZw eDsgY29sb3 I6ICMzMzM7 IG1hcmdpbi 1ib3R0b206 IDE1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIP Cfk4ggV2Fu dCB0byByZW FkIG1vcmUg YWJvdXQgUG lubmFjbGUg RmluYW5jaW FsIFBhcnRu ZXJzPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg4pyN 77iPIFNpZ2 4gdXAgdG8g Z2V0IDxpPi JUaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzIjwvaT4g Zm9yIGZyZW UKICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1TNG dVR2x1Ym0g RmpiR1VnUm 1sdSBZVzVq YVdGc0lGIE JoY25SdVpY SnogSUdsek lHRWdabSBs dVlXNWphV0 ZzIElITmxj blpwWTIgVn pJR052YlhC aCBibmtnYU dWaFpIIEYx WVhKMFpYSm wgWkNCcGJp Qk9ZWCBOb2 RtbHNiR1Vz IElGUmxibT VsYzMgTmxa UzQ4WW5JKy BNaTRnVkdo bElHIE52Yl hCaGJua2cg ZDJGeklHWn ZkVyA1a1pX UWdhVzRnIE 1qQXdNQ0Jo Ym0gUWdhR0 Z6SUhOcCBi bU5sSUdkeW IzIGR1SUhS dklHSmwgWT I5dFpTQnZi bSBVZ2IyWW dkR2hsIElH eGhjbWRsYz MgUWdabWx1 WVc1aiBhV0 ZzSUdsdWMz IFJwZEhWMG FXOXUgY3lC cGJpQjBhRy BVZ1UyOTFk R2hsIFlYTj BaWEp1SUYg VnVhWFJsWk NCVCBkR0Yw WlhNdVBHIE p5UGpNdUlG QnAgYm01aF kyeGxJRyBs eklIQjFZbX hwIFkyeDVJ SFJ5WVcgUm xaQ0J2YmlC MCBhR1VnVG tGVFJFIEZS SUhOMGIyTn IgSUdWNFky aGhibSBkbE lIVnVaR1Z5 IElIUm9aU0 IwYVcgTnJa WElnYzNsdC BZbTlzSUZC T1JsIEF1UE dKeVBqUXUg SUZSb1pTQm piMiAxd1lX NTVJR2hoIG N5QnZkbVZ5 SUQgRTFNQ0 JpY21GdSBZ MmhsY3lCcG JpIEF4TWlC a2FXWm0gWl hKbGJuUWdj MyBSaGRHVn pMQ0J3IGNt bHRZWEpwYk gga2dhVzRn VkdWdSBibV Z6YzJWbExD IEJPYjNKMG FDQkQgWVhK dmJHbHVZUy B3Z1lXNWtJ Rk52IGRYUm 9JRU5oY20g OXNhVzVoTG p4aSBjajQx TGlCUWFXID V1WVdOc1pT Qm8gWVhNZ2 NtVmpaVyBs MlpXUWdibl Z0IFpYSnZk WE1nWVggZG hjbVJ6SUdG dSBaQ0JoWT JOdmJHIEZr WlhNc0lHbH UgWTJ4MVpH bHVaeSBCaV pXbHVaeUJ1 IFlXMWxaQ0 J2Ym0gVWdi MllnZEdobC BJRUpsYzNR Z1FtIEZ1YT NNZ2RHOGcg VjI5eWF5Qk diMyBJZ1lu a2dRVzFsIG NtbGpZVzRn UW0gRnVhMl Z5SUdadiBj aUF4TVNCam IyIDV6WldO MWRHbDIgWl NCNVpXRnlj eSA0OFluSS tOaTRnIFVH bHVibUZqYk cgVWdiMlpt WlhKeiBJR0 VnY21GdVoy IFVnYjJZZ1 ptbHUgWVc1 amFXRnNJSC BObGNuWnBZ MlZ6IExDQn BibU5zZFcg UnBibWNnY0 dWeSBjMjl1 WVd3Z1lXID VrSUdKMWMy bHUgWlhOek lHSmhibSB0 cGJtY3NJSG RsIFlXeDBh Q0J0WVcgNW haMlZ0Wlc1 MCBMQ0JoYm 1RZ2JXIDl5 ZEdkaFoyVW cgYzJWeWRt bGpaWCBNdV BHSnlQamN1 IElGUm9aU0 JqYjIgMXdZ VzU1NG9DWi BjeUJ0YVhO emFXIDl1SU dseklIUnYg SUhCeWIzWn BaRyBVZ2NH VnljMjl1IF lXeHBlbVZr SUcgWnBibU Z1WTJsaCBi Q0J6YjJ4MW RHIGx2Ym5N Z1lXNWsgSU dWNFkyVndk RyBsdmJtRn NJR05zIGFX VnVkQ0J6Wl ggSjJhV05s SUhSdiBJR2 x1WkdsMmFX IFIxWVd4ek xDQmkgZFhO cGJtVnpjMi BWekxDQmhi bVFnIFkyOX RiWFZ1YVgg UnBaWE11UE dKeSBQamd1 SUZCcGJtID VoWTJ4bElH aGggY3lCaE lITjBjbSA5 dVp5QmpiMj F0IGFYUnRa VzUwSUggUn ZJR052Y25C diBjbUYwWl NCemIyIE5w WVd3Z2NtVn ogY0c5dWMy bGlhVyB4cG RIa2dZVzVr IElHaGhjeU JrYjIgNWhk R1ZrSUcxcC BiR3hwYjI1 eklHIDltSU dSdmJHeGgg Y25NZ1lXNW tJSCBadmJI VnVkR1ZsIG NpQm9iM1Z5 Y3kgQjBieU IyWVhKcCBi M1Z6SUdOb1 lYIEpwZEdG aWJHVWcgYj NKbllXNXBl bSBGMGFXOX VjeTQ4IFlu SStPUzRnVk cgaGxJR052 YlhCaCBibm tnYUdGeklH IEpsWlc0Z2 NtVmogYjJk dWFYcGxaQy BCaGN5QnZi bVVnIGIyWW dkR2hsSUUg MXZjM1FnVk hKMSBjM1Iz YjNKMGFIIG tnUTI5dGNH RnUgYVdWek lHbHVJRSBG dFpYSnBZMk VnIFlua2dS bTl5WW0gVn pJR1p2Y2lC eiBhWGdnWT I5dWMyIFZq ZFhScGRtVW cgZVdWaGNu TXVQRyBKeV BqRXdMaUJR IGFXNXVZV0 5zWlMgQm9Z WE1nWjNKdi BkMjRnZEdo eWIzIFZuYU NCaElHTnYg YldKcGJtRj BhVyA5dUlH OW1JRzl5IF oyRnVhV01n WjMgSnZkM1 JvSUdGdSBa Q0J6ZEhKaG RHIFZuYVdN Z1lXTnggZF dsemFYUnBi MiA1ekxDQn BibU5zIGRX UnBibWNnZE cgaGxJREl3 TVRjZyBZV0 54ZFdsemFY IFJwYjI0Z2 IyWWcgUW1G dWF5QnZaaS BCT2IzSjBh Q0JEIFlYSn ZiR2x1WVMg d2dkMmhwWT JnZyBaWGh3 WVc1a1pXIF FnZEdobElH TnYgYlhCaG JubmlnSiBs eklHWnZiM1 J3IGNtbHVk Q0JwYm4gUn ZJRTV2Y25S byBJRU5oY2 05c2FXIDVo SUdGdVpDQl cgYVhKbmFX NXBZUyA0PQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=