Bank Mandiri

-12.05%

More reviews (3)

Live  

Bank Mandiri is the largest bank in Indonesia, and is considered a state-owned enterprise (SOE). It was established in 1998 after the merger of four government-owned banks and is headquartered in Jakarta.
The bank provides a wide range of financial services, including commercial and retail banking, investment banking, as well as Shariah-compliant Islamic banking. It has a network of over 2,600 branches, including overseas branches in Singapore, Hong Kong, and New York.
Bank Mandiri is also known for its strong commitment to corporate social responsibility, with programs aimed at promoting financial literacy, education, and environmental sustainability.
Some notable achievements of Bank Mandiri include being named the Best Bank in Indonesia by Forbes for several years, and being recognized as one of the world's most sustainable banks by the Dow Jones Sustainability Index and the FTSE4Good Index.
The bank's mission is to be the leading financial services institution in Indonesia, providing excellent services and contributing to the country's economic growth and development.

Bank Mandiri is like a big money helper in Indonesia. It’s a bank, which means it helps people and businesses take care of their money. People can save money in the bank, borrow money when they need it for things like buying a house or a car, and even use other services like paying for bills.
So, how does Bank Mandiri make money? Well, when people save their money in the bank, the bank pays them a little bit for keeping their money there. But when other people borrow money from the bank, they pay back more than what they borrowed. The difference is how the bank earns money. This is called interest. The bank also charges for other services, like helping people transfer money or make payments.
Bank Mandiri is successful for several reasons. First, it has been around for a long time, so many people trust it. It has many branches and ATMs, making it easy for people to use their services. The bank also offers a variety of products and services that meet the needs of both individuals and businesses.
In the future, Bank Mandiri is likely to stay successful because it keeps trying to improve and offers more technology, like online banking and mobile apps. This makes managing money easier for customers. Plus, as the economy grows and more people need banking services, Bank Mandiri will be there to help them. Overall, it’s a strong bank that knows how to support its customers while making money!

QmFuayBNYW 5kaXJpIGlz IHRoZSBsYX JnZXN0IGJh bmsgaW4gSW 5kb25lc2lh LCB3aXRoIG 92ZXIgMTgg bWlsbGlvbi BjdXN0b21l cnMgYW5kIG 1vcmUgdGhh biAyLDUwMC BicmFuY2hl cyBhbmQgMT csMDAwIEFU TXMuIFRoZS Bjb21wYW55 IGlzIG1ham 9yaXR5LW93 bmVkIGJ5IH RoZSBJbmRv bmVzaWFuIG dvdmVybm1l bnQgYW5kIH BsYXlzIGEg Y3J1Y2lhbC Byb2xlIGlu IHRoZSBjb3 VudHJ5J3Mg YmFua2luZy BhbmQgZmlu YW5jaWFsIH NlY3Rvci48 YnI+U29tZS BvZiB0aGUg a2V5IGZlYX R1cmVzIHRo YXQgbWFrZS BCYW5rIE1h bmRpcmkgYS B1bmlxdWUg YW5kIHNwZW NpYWwgY29t cGFueSBpbm NsdWRlOjxi cj4xLiBTdH JvbmcgZmlu YW5jaWFsIH BlcmZvcm1h bmNlOiBCYW 5rIE1hbmRp cmkgaGFzIG NvbnNpc3Rl bnRseSBtYW ludGFpbmVk IGEgc3Ryb2 5nIGZpbmFu Y2lhbCBwZX Jmb3JtYW5j ZSwgd2l0aC BhIHN0ZWFk eSBpbmNyZW FzZSBpbiBw cm9maXRzIG FuZCBhc3Nl dHMgb3Zlci B0aGUgeWVh cnMuIEluID IwMjAsIHRo ZSBjb21wYW 55J3MgbmV0 IGluY29tZS ByZWFjaGVk IFVTRCAxLj kgYmlsbGlv biwgbWFraW 5nIGl0IG9u ZSBvZiB0aG UgbW9zdCBw cm9maXRhYm xlIGJhbmtz IGluIEluZG 9uZXNpYS48 YnI+Mi4gV2 lkZSByYW5n ZSBvZiBwcm 9kdWN0cyBh bmQgc2Vydm ljZXM6IEJh bmsgTWFuZG lyaSBvZmZl cnMgYSBjb2 1wcmVoZW5z aXZlIHJhbm dlIG9mIGJh bmtpbmcgcH JvZHVjdHMg YW5kIHNlcn ZpY2VzLCBp bmNsdWRpbm cgcmV0YWls IGJhbmtpbm csIGNvcnBv cmF0ZSBiYW 5raW5nLCB0 cmVhc3VyeS wgaW52ZXN0 bWVudCwgYW 5kIG1pY3Jv ZmluYW5jZS 4gVGhpcyBk aXZlcnNpdH kgYWxsb3dz IHRoZSBjb2 1wYW55IHRv IGNhdGVyIH RvIHRoZSBi YW5raW5nIG 5lZWRzIG9m IGEgZGl2ZX JzZSBjdXN0 b21lciBiYX NlLjxicj4z LiBGb2N1cy BvbiBkaWdp dGFsIGlubm 92YXRpb246 IEJhbmsgTW FuZGlyaSBo YXMgYSBzdH JvbmcgZm9j dXMgb24gZG lnaXRhbCB0 cmFuc2Zvcm 1hdGlvbiBh bmQgaGFzIG ludmVzdGVk IHNpZ25pZm ljYW50bHkg aW4gdGVjaG 5vbG9neSB0 byBlbmhhbm NlIGl0cyBz ZXJ2aWNlIG RlbGl2ZXJ5 LiBJdCBoYX MgYSByb2J1 c3Qgb25saW 5lIGFuZCBt b2JpbGUgYm Fua2luZyBw bGF0Zm9ybS wgZW5hYmxp bmcgY3VzdG 9tZXJzIHRv IGFjY2Vzcy B0aGVpciBh Y2NvdW50cy BhbmQgcGVy Zm9ybSB0cm Fuc2FjdGlv bnMgY29udm VuaWVudGx5 Ljxicj40Li BTdHJvbmcg Y3VzdG9tZX IgYmFzZTog V2l0aCBvdm VyIDE4IG1p bGxpb24gY3 VzdG9tZXJz LCBCYW5rIE 1hbmRpcmkg aGFzIGVzdG FibGlzaGVk IGl0c2VsZi BhcyBhIHRy dXN0ZWQgYW 5kIHByZWZl cnJlZCBiYW 5rIGluIElu ZG9uZXNpYS 4gSXQgc2Vy dmVzIGEgZG l2ZXJzZSBj dXN0b21lci BiYXNlLCBp bmNsdWRpbm cgaW5kaXZp ZHVhbHMsIH NtYWxsIGFu ZCBtZWRpdW 0tc2l6ZWQg ZW50ZXJwcm lzZXMsIGFu ZCBsYXJnZS Bjb3Jwb3Jh dGlvbnMuPG JyPjUuIENv bW1pdG1lbn QgdG8gc3Vz dGFpbmFiaW xpdHk6IEJh bmsgTWFuZG lyaSBwbGFj ZXMgYSBzdH JvbmcgZW1w aGFzaXMgb2 4gc3VzdGFp bmFibGUgZG V2ZWxvcG1l bnQgYW5kIG hhcyBpbnRl Z3JhdGVkIG Vudmlyb25t ZW50YWwsIH NvY2lhbCwg YW5kIGdvdm VybmFuY2Ug KEVTRykgcH JpbmNpcGxl cyBpbnRvIG l0cyBidXNp bmVzcyBvcG VyYXRpb25z LiBUaGUgY2 9tcGFueSBo YXMgaW1wbG VtZW50ZWQg dmFyaW91cy Bpbml0aWF0 aXZlcyB0by Bwcm9tb3Rl IGZpbmFuY2 lhbCBpbmNs dXNpb24sIH N1cHBvcnQg bG9jYWwgY2 9tbXVuaXRp ZXMsIGFuZC ByZWR1Y2Ug aXRzIGNhcm JvbiBmb290 cHJpbnQuPG JyPjYuIFN0 cm9uZyByZX B1dGF0aW9u IGFuZCByZW NvZ25pdGlv bjogVGhlIG NvbXBhbnkg aGFzIGEgc3 Ryb25nIHJl cHV0YXRpb2 4gYW5kIGlz IHJlY29nbm l6ZWQgYXMg YSBsZWFkZX IgaW4gdGhl IEluZG9uZX NpYW4gYmFu a2luZyBzZW N0b3IuIEl0 IGhhcyByZW NlaXZlZCBu dW1lcm91cy Bhd2FyZHMg YW5kIGFjY2 9sYWRlcyBm b3IgaXRzIG ZpbmFuY2lh bCBwZXJmb3 JtYW5jZSwg aW5ub3ZhdG lvbiwgYW5k IHN1c3RhaW 5hYmlsaXR5 IGVmZm9ydH MuPGJyPk92 ZXJhbGwsIE JhbmsgTWFu ZGlyaSdzIH NpemUsIGZp bmFuY2lhbC BzdHJlbmd0 aCwgZGl2ZX JzZSByYW5n ZSBvZiBwcm 9kdWN0cyBh bmQgc2Vydm ljZXMsIGZv Y3VzIG9uIG RpZ2l0YWwg aW5ub3ZhdG lvbiwgY29t bWl0bWVudC B0byBzdXN0 YWluYWJpbG l0eSwgYW5k IHN0cm9uZy ByZXB1dGF0 aW9uIG1ha2 UgaXQgYSBz cGVjaWFsIG FuZCBoaWdo bHkgcmVzcG VjdGVkIGNv bXBhbnkgaW 4gdGhlIElu ZG9uZXNpYW 4gYmFua2lu ZyBpbmR1c3 RyeS4=

VGhlIEJhbm sgTWFuZGly aSBjb21wYW 55IGlzIGEg ZmluYW5jaW FsIGluc3Rp dHV0aW9uIH RoYXQgcHJp bWFyaWx5IG 9wZXJhdGVz IGFzIGEgY2 9tbWVyY2lh bCBiYW5rLC BvZmZlcmlu ZyBhIHdpZG UgcmFuZ2Ug b2YgYmFua2 luZyBhbmQg ZmluYW5jaW FsIHNlcnZp Y2VzIHRvIG l0cyBjdXN0 b21lcnMuIE l0cyBidXNp bmVzcyBtb2 RlbCBpcyBi YXNlZCBvbi BnZW5lcmF0 aW5nIHByb2 ZpdHMgdGhy b3VnaCB0aG UgZm9sbG93 aW5nIGtleS BhY3Rpdml0 aWVzOjxicj 4xLiBSZXRh aWwgQmFua2 luZzogVGhp cyBpbmNsdW RlcyBwcm92 aWRpbmcgdm FyaW91cyBy ZXRhaWwgYm Fua2luZyBz ZXJ2aWNlcy BzdWNoIGFz IGRlcG9zaX RzLCBsb2Fu cywgY3JlZG l0IGNhcmRz LCBhbmQgd2 VhbHRoIG1h bmFnZW1lbn Qgc29sdXRp b25zIHRvIG luZGl2aWR1 YWwgYW5kIH NtYWxsIGJ1 c2luZXNzIG N1c3RvbWVy cy48YnI+Mi 4gQ29ycG9y YXRlIGFuZC BDb21tZXJj aWFsIEJhbm tpbmc6IFRo ZSBiYW5rIG Fsc28gb2Zm ZXJzIGNvcn BvcmF0ZSBh bmQgY29tbW VyY2lhbCBi YW5raW5nIH NlcnZpY2Vz LCBpbmNsdW RpbmcgdHJh ZGUgZmluYW 5jaW5nLCBj YXNoIG1hbm FnZW1lbnQs IGFuZCBvdG hlciBmaW5h bmNpYWwgc2 VydmljZXMg dG8gY29ycG 9yYXRlIGNs aWVudHMuPG JyPjMuIFRy ZWFzdXJ5IG FuZCBDYXBp dGFsIE1hcm tldHM6IEJh bmsgTWFuZG lyaSBhbHNv IGhhcyBhIH N0cm9uZyBw cmVzZW5jZS BpbiB0aGUg dHJlYXN1cn kgYW5kIGNh cGl0YWwgbW Fya2V0cywg b2ZmZXJpbm cgc2Vydmlj ZXMgbGlrZS Bmb3JlaWdu IGV4Y2hhbm dlLCBkZXJp dmF0aXZlcy wgYW5kIGlu dmVzdG1lbn QgYmFua2lu ZyBzb2x1dG lvbnMgdG8g aXRzIGNsaW VudHMuPGJy PjQuIEluc3 VyYW5jZSBh bmQgUGVuc2 lvbiBGdW5k czogVGhlIG JhbmsgYWxz byBoYXMgYS BzdWJzaWRp YXJ5IHRoYX Qgb2ZmZXJz IGluc3VyYW 5jZSBhbmQg cGVuc2lvbi BmdW5kIG1h bmFnZW1lbn Qgc2Vydmlj ZXMgdG8gaX RzIGN1c3Rv bWVycy48Yn I+NS4gRGln aXRhbCBCYW 5raW5nOiBJ biByZWNlbn QgeWVhcnMs IEJhbmsgTW FuZGlyaSBo YXMgZm9jdX NlZCBvbiBl eHBhbmRpbm cgaXRzIGRp Z2l0YWwgYm Fua2luZyBz ZXJ2aWNlcy wgaW5jbHVk aW5nIG9ubG luZSBhbmQg bW9iaWxlIG Jhbmtpbmcs IHRvIGltcH JvdmUgY3Vz dG9tZXIgY2 9udmVuaWVu Y2UgYW5kIG VuaGFuY2Ug aXRzIG1hcm tldCBwcmVz ZW5jZS48Yn I+Ni4gSW50 ZXJuYXRpb2 5hbCBQcmVz ZW5jZTogVG hlIGJhbmsg aGFzIGEgc3 Ryb25nIGlu dGVybmF0aW 9uYWwgcHJl c2VuY2UsIH dpdGggYnJh bmNoZXMgYW 5kIHJlcHJl c2VudGF0aX ZlIG9mZmlj ZXMgaW4gdm FyaW91cyBj b3VudHJpZX MsIHByb3Zp ZGluZyBjcm 9zcy1ib3Jk ZXIgYmFua2 luZyBzZXJ2 aWNlcyBhbm Qgc2Vydmlu ZyBhcyBhIG dhdGV3YXkg Zm9yIGZvcm VpZ24gaW52 ZXN0bWVudC BpbiBJbmRv bmVzaWEuPG JyPjcuIERp dmVyc2lmaW NhdGlvbiBv ZiBSZXZlbn VlOiBCYW5r IE1hbmRpcm kgaGFzIGRp dmVyc2lmaW VkIGl0cyBy ZXZlbnVlIH N0cmVhbXMg YnkgZXhwYW 5kaW5nIGl0 cyBub24taW 50ZXJlc3Qg aW5jb21lIH NvdXJjZXMs IHN1Y2ggYX MgZmVlcyBh bmQgY29tbW lzc2lvbnMs IHRvIHJlZH VjZSBkZXBl bmRlbmNlIG 9uIGludGVy ZXN0IGluY2 9tZS48YnI+ T3ZlcmFsbC wgdGhlIGJh bmsncyBidX NpbmVzcyBt b2RlbCBpcy Bmb2N1c2Vk IG9uIHByb3 ZpZGluZyBh IHdpZGUgcm FuZ2Ugb2Yg ZmluYW5jaW FsIHNlcnZp Y2VzIHRvIG RpdmVyc2Ug Y3VzdG9tZX Igc2VnbWVu dHMsIG1haW 50YWluaW5n IGEgc3Ryb2 5nIGRvbWVz dGljIGFuZC BpbnRlcm5h dGlvbmFsIH ByZXNlbmNl LCBhbmQgY2 9udGludW91 c2x5IGRpdm Vyc2lmeWlu ZyBpdHMgcm V2ZW51ZSBz dHJlYW1zIH RvIGFjaGll dmUgc3VzdG FpbmFibGUg Z3Jvd3RoIG FuZCBwcm9m aXRhYmlsaX R5Lg==

AI can indeed pose a material threat to Bank Mandiri’s products, services, and competitive positioning in several ways:
1. Substitution: AI-driven financial technologies, such as robo-advisors and automated lending platforms, could substitute traditional banking services offered by Bank Mandiri. The rise of fintech startups leveraging AI allows them to provide similar services with enhanced efficiency and customer experience, potentially attracting customers away from established banks.
2. Disintermediation: AI can facilitate direct transactions between consumers and service providers, reducing the need for traditional banks as intermediaries. For instance, decentralized finance (DeFi) applications using AI algorithms can enable peer-to-peer lending and investment, bypassing traditional banking services altogether. This can lead to a loss of business for Bank Mandiri as customers seek more streamlined and cost-effective options.
3. Margin Pressure: AI technologies can lower operational costs by automating routine tasks such as customer service, compliance, and risk assessment. If Bank Mandiri does not adopt similar AI technologies, it may face increased margin pressure. Competitors who efficiently leverage AI could offer lower fees and better interest rates, putting Bank Mandiri at a disadvantage in terms of pricing and competitiveness.
4. Enhanced Customer Experience: AI can improve personalization in financial services through data analytics and machine learning, allowing competitors to tailor their offerings based on consumer behavior. If Bank Mandiri fails to enhance its customer experience with AI, it risks losing clientele to more customer-centric fintech firms.
5. Evolving Regulatory Landscape: The integration of AI in the financial sector may also lead to changes in regulation. Bank Mandiri may need to rapidly adapt to these changes to remain compliant, which could incur costs and affect its competitive position if it lags behind.
In summary, while AI presents opportunities for enhancement, it also introduces significant challenges that could affect Bank Mandiri’s business model, competitive positioning, and overall market share if not strategically addressed.

The sensitivity of Bank Mandiri’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Sensitivity: Bank Mandiri earns a significant portion of its income from interest on loans and financial products. An increase in interest rates typically leads to higher interest income from loans, which can boost earnings in the short term. However, higher rates can also lead to increased borrowing costs for consumers and businesses, potentially resulting in lower loan demand and higher default rates. Therefore, while rising interest rates may enhance margins on existing loans, they can also heighten credit risk and pressure overall earnings if defaults increase.
2. Cash Flow Sensitivity: The cash flow profile of Bank Mandiri is closely related to its interest margin and the volume of loans. Changes in interest rates can affect both revenues from interest income and the costs associated with funding those loans. If rates rise, the bank may see improved cash inflows from higher interest income, but if rates push up funding costs (for example, through deposit rates), this could compress net interest margins. Moreover, fluctuating rates can influence the bank’s ability to manage liquidity and cash flows from its assets and liabilities.
3. Valuation Sensitivity: The valuation of Bank Mandiri, like many financial institutions, is often derived from discounted cash flow (DCF) models that take into account expected future earnings and cash flows. Changes in interest rates can impact the discount rate used in these models, typically the bank’s cost of capital. Rising rates may lead to a higher discount rate, which can reduce the present value of future cash flows and negatively affect the bank’s valuation. Additionally, the overall market sentiment regarding interest rate changes can impact investor perceptions of the bank’s stability and growth prospects, further influencing its market valuation.
In summary, while increases in interest rates can enhance earnings and cash flows in certain ways, they can also introduce risks related to credit quality, funding costs, and overall market perception, thereby affecting Bank Mandiri’s financial performance and valuation.

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 bG9nb3Mva1 d0ZkszV3RO Z25wWHhzNk lYZnAud2Vi cCIgYWx0PS JCYW5rIE1h bmRpcmkiIH RpdGxlPSJC YW5rIE1hbm RpcmkiICBj bGFzcz0iaW 1nLWZsdWlk IiBoZWlnaH Q9OTAgd2lk dGg9OTAgbG 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 YWJvdXQgQm FuayBNYW5k aXJpPwogIC 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 AgICAg8J+T nSBKb2luIH VzIGFuZCBn cmFiIHlvdX IgY29weSBv ZiA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvcD4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID whLS0KICAg ICAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nbWFyZ2 luLXRvcDog MTJweDsgZm 9udC1zaXpl OiAxM3B4Oy Bjb2xvcjog IzQ0NDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgU2 lnbiB1cCBu b3cgYW5kIG dldCBvdXIg ZnJlZSBlQm 9vayAKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxiPlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3M8 L2I+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxNn B4OyBmb250 LXNpemU6ID E0cHg7IGNv bG9yOiAjND Q0OyBmb250 LWZhbWlseT ogLWFwcGxl LXN5c3RlbS wgQmxpbmtN YWNTeXN0ZW 1Gb250LCBT ZWdvZSBVSS wgUm9ib3Rv LCBIZWx2ZX RpY2EgTmV1 ZSwgc2Fucy 1zZXJpZjsg bGluZS1oZW lnaHQ6IDEu NjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgSGF2ZS B5b3UgaGVh cmQgYWJvdX Qgb3VyIHNo b3J0IDxzdH Jvbmcgc3R5 bGU9J2Zvbn Qtd2VpZ2h0 OiA2MDA7Jz 5EYWlseSBW aWRlbyBOZX dzbGV0dGVy PC9zdHJvbm c+PwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naHR0cH M6Ly93d3cu aW5zaWdodG Z1bHZhbHVl LmNvbS9uZX dzbGV0dGVy LnBocCcgdG FyZ2V0PSdf YmxhbmsnIH N0eWxlPSdj b2xvcjogIz AwN0JGRjsg dGV4dC1kZW NvcmF0aW9u OiBub25lOy Bmb250LXdl aWdodDogNT AwOyBtYXJn aW4tbGVmdD ogNnB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgRmluZC BvdXQgbW9y ZQogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgIAogICAg ICAgIAogIC AgICAgIDxz cGFuIGNsYX NzPSdibHVy cmVkLXRleH QnPgogICAg ICAgICAgIC BNUzRnUW1G dWF5IEJOWV c1a2FYSnAg SUdseklIUm 9aUyBCc1lY Sm5aWE4wIE lHSmhibXNn YVcgNGdTVz VrYjI1bCBj MmxoTENCaW IzIFJvSUds dUlIUmwgY2 0xeklHOW1J RyBGemMyVj BjeUJoIGJt UWdiV0Z5YT IgVjBJR05o Y0dsMCBZV3 hwZW1GMGFX IDl1TGp4aW NqNHkgTGlC VWFHVWdZbS BGdWF5QjNZ WE1nIFkzSm xZWFJsWkMg QnBiaUF4T1 RrNCBJSFJv Y205MVoyIG dnWVNCbmIz WmwgY201dF pXNTBJRyAx bGNtZGxjaU J2IFppQm1i M1Z5SUggTj BZWFJsTFc5 MyBibVZrSU dKaGJtIHR6 T2lCQ1lXNX IgSUVKMWJX a2dSRyBGNV lTd2dRbUZ1 IGF5QkVZV2 RoYm0gY2dU bVZuWVhKaC BMQ0JDWVc1 cklFIFZyYz NCdmNpQkog YlhCdmNpQk pibSBSdmJt VnphV0VzIE lHRnVaQ0JD WVcgNXJJRk JsYldKaCBi bWQxYm1GdU lFIGx1Wkc5 dVpYTnAgWV M0OFluSStN eSA0Z1FtRn VheUJOIFlX NWthWEpwSU cgaGhjeUJo SUdSdiBiV2 x1WVc1MElI IEJ5WlhObG JtTmwgSUds dUlIUm9aUy BCSmJtUnZi bVZ6IGFXRn VJR1pwYm0g RnVZMmxoYk NCdCBZWEpy WlhRc0lIIG RwZEdnZ2Iz WmwgY2lBeU xEVXdNQyBC aWNtRnVZMm dnIGIyWm1h V05sY3kgQm hibVFnYlc5 eSBaU0IwYU dGdUlEIE13 TERBd01DQk IgVkUxeklH RmpjbSA5em N5QjBhR1Vn IFkyOTFibl J5ZVMgNDhZ bkkrTkM0Zy BWR2hsSUdK aGJtIHNnYj JabVpYSnog SUdFZ2QybG taUyBCeVlX NW5aU0J2IF ppQnpaWEoy YVcgTmxjeX dnYVc1aiBi SFZrYVc1bk lHIE52Y25C dmNtRjAgWl NCaGJtUWdj bSBWMFlXbH NJR0poIGJt dHBibWNzSU UgbHpiR0Z0 YVdNZyBZbU Z1YTJsdVp5 IHdnYVc1Ml pYTjAgYldW dWRDQmlZVy A1cmFXNW5M Q0JoIGJtUW dhVzV6ZFgg SmhibU5sTG p4aSBjajQx TGlCSmJpIE JoWkdScGRH bHYgYmlCMG J5QkpibSBS dmJtVnphV0 VzIElFSmhi bXNnVFcgRn VaR2x5YVNC byBZWE1nWV NCd2NtIFZ6 Wlc1alpTQn AgYmlCelpY WmxjbSBGc0 lHOTBhR1Z5 IElHTnZkVz UwY20gbGxj eXdnYVc1ai BiSFZrYVc1 bklGIE5wYm 1kaGNHOXkg WlN3Z1NHOX VaeSBCTGIy NW5MQ0JNIG IyNWtiMjRz SUcgRnVaQ0 JUYUdGdSBa MmhoYVM0OF luIEkrTmk0 Z1FtRnUgYX lCTllXNWth WCBKcElHbH pJR3R1IGIz ZHVJR1p2Y2 kgQnBkSE1n YVc1dSBiM1 poZEdsMlpT IEJoYm1RZ2 RHVmogYUc1 dmJHOW5hVy BOaGJHeDVJ R0ZrIGRtRn VZMlZrSUgg TmxjblpwWT JWeiBMQ0J6 ZFdOb0lHIE Z6SUhSb1pT Qk4gWVc1a2 FYSnBJRSAx dlltbHNaU0 JoIGNIQXNJ SGRvYVcgTm 9JR0ZzYkc5 MyBjeUJqZF hOMGIyIDFs Y25NZ2RHOG cgWTI5dVpI VmpkQyBCMl lYSnBiM1Z6 IElHSmhibX RwYm0gY2dZ V04wYVhacC BkR2xsY3lC dmJpIEIwYU dWcGNpQnQg YjJKcGJHVW daRyBWMmFX TmxjeTQ4IF luSStOeTRn VkcgaGxJR0 poYm1zZyBh R0Z6SUhKbF kyIFZwZG1W a0lHNTEgYl dWeWIzVnpJ RyBGM1lYSm tjeUJoIGJt UWdjbVZqYj IgZHVhWFJw YjI0ZyBabT l5SUdsMGN5 IEJ3WlhKbW IzSnQgWVc1 alpTQmhibS BRZ2MyVnlk bWxqIFpYTX NJR2x1WTIg eDFaR2x1Wn lCQyBaWE4w SUVKaGJtIH NnYVc0Z1NX NWsgYjI1bG MybGhJRyBK NUlFZHNiMk poIGJDQkdh VzVoYm0gTm xJR2x1SURJ dyBNakF1UE dKeVBqIGd1 SUVKaGJtc2 cgVFdGdVpH bHlhUyBCcG N5QmpiMjF0 IGFYUjBaV1 FnZEcgOGdj MjlqYVdGcy BJR0Z1WkNC bGJuIFpwY2 05dWJXVnUg ZEdGc0lISm xjMyBCdmJu TnBZbWxzIG FYUjVMQ0Iz YVggUm9JR2 x1YVhScCBZ WFJwZG1Wek lHIGx1SUhC c1lXTmwgSU hSdklITjFj SCBCdmNuUW dabWx1IFlX NWphV0ZzSU cgbHVZMngx YzJsdiBiaX dnWldSMVky IEYwYVc5dU xDQmggYm1R Z1pXNTJhWC BKdmJtMWxi blJoIGJDQn pkWE4wWVcg bHVZV0pwYk dsMCBlUzQ4 WW5JK09TID RnUVhNZ2Iy WWcgTWpBeU 1Dd2dkRyBo bElFbHVaRz l1IFpYTnBZ VzRnWjIgOT JaWEp1YldW dSBkQ0J2ZD I1bFpDIEJo SURZd0xqWT MgSlNCemRH RnJaUyBCcG JpQkNZVzVy IElFMWhibV JwY20ga3NJ SGRwZEdnZy BkR2hsSUhK bGJXIEZwYm 1sdVp5Qnog YUdGeVpYTW djSCBWaWJH bGpiSGtnIG JHbHpkR1Zr SUcgOXVJSF JvWlNCSiBi bVJ2Ym1Wem FXIEZ1SUZO MGIyTnIgSU VWNFkyaGhi bSBkbExqeG ljajR4IE1D NGdRbUZ1YX kgQk5ZVzVr YVhKcCBJR2 hoY3lCaElI IE4wY205dV p5Qm0gYVc1 aGJtTnBZVy B3Z2MzUmhi bVJwIGJtY3 NJSGRwZEcg Z2dkRzkwWV d3ZyBZWE56 WlhSeklHID ltSUZWVEpE a3ggTGpRZ1 ltbHNiRyBs dmJpQmhibV FnIFlTQnVa WFFnYVcgNW piMjFsSUc5 bSBJRlZUSk RFdU5TIEJp YVd4c2FXOX UgSUdsdUlE SXdNaiBBdQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=