Park National

-16.48%

Live  

Park National Corporation is a financial institution founded in 1908 and headquartered in Newark, Ohio. The company operates as the bank holding company for Park National Bank and several other subsidiaries. Park National Bank offers personalized banking services to individuals and businesses through its network of 120 community banking offices in Ohio, Kentucky, and Florida.
The company prides itself on being a community-focused institution, with a strong emphasis on customer service and local decision-making. It offers a variety of banking and financial services, including checking and savings accounts, loans, mortgages, and investment services.
In addition to its banking operations, Park National also has several subsidiaries that offer insurance, wealth management, and other financial services. These subsidiaries include Vision Bancshares, Inc., Guardian Financial Services Company, Ritter Insurance Marketing, and a majority ownership in SE Property Holdings, LLC.
Park National Corporation is publicly traded on the New York Stock Exchange under the ticker symbol PRK. As of 2020, the company had total assets of approximately $12 billion and employed over 2,000 individuals.
Overall, Park National prides itself on its commitment to serving the communities in which it operates and providing personalized and high-quality financial services to its customers.

UGFyayBOYX Rpb25hbCBD b3Jwb3JhdG lvbiBpcyBh IGJpZyBjb2 1wYW55IHRo YXQgbWFpbm x5IGZvY3Vz ZXMgb24gYm Fua2luZywg anVzdCBsaW tlIHRoZSBi YW5rcyB5b3 UgbWlnaHQg c2VlIGFyb3 VuZCB0b3du IHdoZXJlIH Blb3BsZSBn byB0byBzYX ZlIGFuZCBi b3Jyb3cgbW 9uZXkuIFRo ZXkgb3duIG 1hbnkgbG9j YWwgYmFua3 MgaW4gZGlm ZmVyZW50IG NvbW11bml0 aWVzLCBoZW xwaW5nIHBl b3BsZSB3aX RoIHRoZWly IGJhbmsgYW Njb3VudHMs IGxvYW5zIG ZvciBob3Vz ZXMgb3IgY2 FycywgYW5k IG90aGVyIG ZpbmFuY2lh bCBzZXJ2aW Nlcy48YnI+ U28sIGhvdy Bkb2VzIFBh cmsgTmF0aW 9uYWwgbWFr ZSBtb25leT 8gV2VsbCwg d2hlbiBwZW 9wbGUgc2F2 ZSB0aGVpci Btb25leSBp biB0aGUgYm FuaywgdGhl IGJhbmsgcG F5cyB0aGVt IGEgbGl0dG xlIGJpdCBv ZiBpbnRlcm VzdC4gQXQg dGhlIHNhbW UgdGltZSwg dGhlIGJhbm sgY2FuIGxl bmQgdGhhdC Btb25leSB0 byBvdGhlci BwZW9wbGUg d2hvIG5lZW QgdG8gYm9y cm93IGl0LC BsaWtlIGZv ciBidXlpbm cgYSBjYXIg b3IgYSBob3 VzZSwgYW5k IHRoZXkgY2 hhcmdlIHRo b3NlIGJvcn Jvd2VycyBh IGhpZ2hlci BpbnRlcmVz dCByYXRlLi BUaGUgZGlm ZmVyZW5jZS BiZXR3ZWVu IHRoZSBpbn RlcmVzdCB0 aGUgYmFuay BwYXlzIHNh dmVycyBhbm QgdGhlIGlu dGVyZXN0IG l0IGNoYXJn ZXMgYm9ycm 93ZXJzIGlz IHdoZXJlIG 1vc3Qgb2Yg dGhlIGJhbm vigJlzIG1v bmV5IGNvbW VzIGZyb20u IFRoZXkgYW xzbyBtYWtl IG1vbmV5IG Zyb20gb3Ro ZXIgc2Vydm ljZXMsIGxp a2UgaGVscG luZyBidXNp bmVzc2VzIG 1hbmFnZSB0 aGVpciBmaW 5hbmNlcyBv ciBjaGFyZ2 luZyBmZWVz IGZvciBjZX J0YWluIGJh bmtpbmcgYW N0aXZpdGll cy48YnI+Tm 93LCB3aHkg aXMgUGFyay BOYXRpb25h bCBzdWNjZX NzZnVsPyBG aXJzdCwgdG hleSBmb2N1 cyBvbiB0aG VpciBjdXN0 b21lcnMgYn kgcHJvdmlk aW5nIGdvb2 Qgc2Vydmlj ZSwgbWFraW 5nIHN1cmUg cGVvcGxlIG ZlZWwgd2Vs Y29tZWQgYW 5kIHZhbHVl ZCBpbiB0aG VpciBiYW5r cy4gVGhleS BhbHNvIGhh dmUgYmVlbi Bhcm91bmQg Zm9yIGEgbG 9uZyB0aW1l LCBzbyB0aG V5IGtub3cg aG93IHRvIG hhbmRsZSBw ZW9wbGXigJ lzIG1vbmV5 IGFuZCBhZG FwdCB0byBj aGFuZ2VzIG luIHRoZSBl Y29ub215Li BUaGVpciBz dHJhdGVneS BpbmNsdWRl cyBzdXBwb3 J0aW5nIHRo ZSBjb21tdW 5pdGllcyB0 aGV5IHNlcn ZlLCB3aGlj aCBidWlsZH MgdHJ1c3Qg YW5kIGxveW FsdHkgYW1v bmcgY3VzdG 9tZXJzLjxi cj5BcyBmb3 IgdGhlIGZ1 dHVyZSwgdG hlcmUgYXJl IHNldmVyYW wgcmVhc29u cyBQYXJrIE 5hdGlvbmFs IGlzIGxpa2 VseSB0byBj b250aW51ZS BiZWluZyBz dWNjZXNzZn VsLiBUaGV5 4oCZcmUgZ2 9vZCBhdCBh ZGFwdGluZy B0byBuZXcg dGVjaG5vbG 9neSwgd2hp Y2ggbWVhbn MgdGhleSBj YW4gb2ZmZX Igb25saW5l IGJhbmtpbm cgc2Vydmlj ZXMgYW5kIG RpZ2l0YWwg dG9vbHMgdG hhdCBtYWtl IGl0IGVhc2 llciBmb3Ig cGVvcGxlIH RvIG1hbmFn ZSB0aGVpci Btb25leS4g UGx1cywgYn kga2VlcGlu ZyBhIHN0cm 9uZyBmb2N1 cyBvbiBjdX N0b21lcnMg YW5kIGJ1aW xkaW5nIGxh c3Rpbmcgcm VsYXRpb25z aGlwcywgdG hleSBjYW4g a2VlcCBhdH RyYWN0aW5n IG5ldyBwZW 9wbGUgdG8g dGhlaXIgYm Fua3MuPGJy PkluIHN1bW 1hcnksIFBh cmsgTmF0aW 9uYWwgQ29y cG9yYXRpb2 4gaXMgYSBi YW5raW5nIG NvbXBhbnkg dGhhdCBtYW tlcyBtb25l eSBieSBtYW 5hZ2luZyBw ZW9wbGXigJ lzIHNhdmlu Z3MgYW5kIG xvYW5zLiBU aGV5IGFyZS BzdWNjZXNz ZnVsIGJlY2 F1c2UgdGhl eSBwcm92aW RlIGdyZWF0 IGN1c3RvbW VyIHNlcnZp Y2UgYW5kIG FkYXB0IHRv IGNoYW5nZX MsIHNvIHRo ZXkgYXJlIG xpa2VseSB0 byBrZWVwIH Rocml2aW5n IGluIHRoZS BmdXR1cmUh PGJyPg==

VGhlcmUgYX JlIHNldmVy YWwgYXNwZW N0cyB0aGF0 IG1ha2UgUG FyayBOYXRp b25hbCBjb2 1wYW55IHVu aXF1ZSBhbm Qgc3BlY2lh bDo8YnI+MS 4gSGlzdG9y eSBvZiBsb2 5nZXZpdHk6 IFRoZSBjb2 1wYW55IHdh cyBmb3VuZG VkIGluIDE5 MDggYW5kIG hhcyBiZWVu IGluIG9wZX JhdGlvbiBm b3Igb3Zlci BhIGNlbnR1 cnksIHNob3 djYXNpbmcg aXRzIHN0YW JpbGl0eSBh bmQgc3VjY2 VzcyBpbiB0 aGUgZmluYW 5jaWFsIGlu ZHVzdHJ5Lj xicj4yLiBD b21tdW5pdH ktb3JpZW50 ZWQgYXBwcm 9hY2g6IFRo ZSBjb21wYW 55IGhhcyBh IHN0cm9uZy Bmb2N1cyBv biBzZXJ2aW 5nIGl0cyBs b2NhbCBjb2 1tdW5pdGll cywgd2l0aC BlYWNoIGJy YW5jaCBiZW luZyBkZWVw bHkgaW52b2 x2ZWQgaW4g bG9jYWwgZX ZlbnRzIGFu ZCBjaGFyaX RhYmxlIGlu aXRpYXRpdm VzLjxicj4z LiBGYW1pbH ktb3duZWQg YW5kIG9wZX JhdGVkOiBQ YXJrIE5hdG lvbmFsIGlz IHN0aWxsIG EgZmFtaWx5 LW93bmVkIG FuZCBvcGVy YXRlZCBjb2 1wYW55LCB3 aGljaCBzZX RzIGl0IGFw YXJ0IGZyb2 0gbGFyZ2Vy LCBjb3Jwb3 JhdGUtb3du ZWQgYmFua3 MuIFRoaXMg aGFzIGFsbG 93ZWQgdGhl IGNvbXBhbn kgdG8gbWFp bnRhaW4gYS BwZXJzb25h bCB0b3VjaC BhbmQgY29u bmVjdGlvbi B3aXRoIGl0 cyBjdXN0b2 1lcnMuPGJy PjQuIFN0cm 9uZyBmaW5h bmNpYWwgcG VyZm9ybWFu Y2U6IFBhcm sgTmF0aW9u YWwgaGFzIG NvbnNpc3Rl bnRseSBzaG 93biBzdHJv bmcgZmluYW 5jaWFsIHBl cmZvcm1hbm NlLCBldmVu IGR1cmluZy BlY29ub21p YyBkb3dudH VybnMsIHdo aWNoIHJlZm xlY3RzIGl0 cyBzb2xpZC BidXNpbmVz cyBtb2RlbC BhbmQgbWFu YWdlbWVudC BzdHJhdGVn aWVzLjxicj 41LiBEaXZl cnNlIHNlcn ZpY2VzOiBU aGUgY29tcG FueSBvZmZl cnMgYSBkaX ZlcnNlIHJh bmdlIG9mIG ZpbmFuY2lh bCBzZXJ2aW NlcywgaW5j bHVkaW5nIH BlcnNvbmFs IGFuZCBidX NpbmVzcyBi YW5raW5nLC B0cnVzdCBh bmQgaW52ZX N0bWVudCBz ZXJ2aWNlcy wgbW9ydGdh Z2UgYW5kIG NvbnN1bWVy IGxlbmRpbm csIGFuZCBp bnN1cmFuY2 UgcHJvZHVj dHMuPGJyPj YuIENvbW1p dG1lbnQgdG 8gZW1wbG95 ZWUgZGV2ZW xvcG1lbnQ6 IFBhcmsgTm F0aW9uYWwg aGFzIGEgc3 Ryb25nIGNv bW1pdG1lbn QgdG8gZW1w bG95ZWUgZG V2ZWxvcG1l bnQgYW5kIG 9mZmVycyB2 YXJpb3VzIH RyYWluaW5n IGFuZCBkZX ZlbG9wbWVu dCBwcm9ncm FtcyB0byBo ZWxwIGl0cy BlbXBsb3ll ZXMgZ3Jvdy BhbmQgYWR2 YW5jZSBpbi B0aGVpciBj YXJlZXJzLj xicj43LiBT dXBwb3J0IG ZvciBzdXN0 YWluYWJpbG l0eTogVGhl IGNvbXBhbn kgaGFzIGEg c3Ryb25nIG ZvY3VzIG9u IHN1c3RhaW 5hYmxlIGFu ZCByZXNwb2 5zaWJsZSBi dXNpbmVzcy BwcmFjdGlj ZXMsIGluY2 x1ZGluZyBw cm9tb3Rpbm cgZW52aXJv bm1lbnRhbG x5LWZyaWVu ZGx5IGluaX RpYXRpdmVz IGFuZCBpbn Zlc3Rpbmcg aW4gZ3JlZW 4gdGVjaG5v bG9neS48Yn I+OC4gVGVj aG5vbG9neS 1kcml2ZW4g YXBwcm9hY2 g6IFBhcmsg TmF0aW9uYW wgaGFzIGVt YnJhY2VkIH RlY2hub2xv Z3kgaW4gaX RzIG9wZXJh dGlvbnMsIG 9mZmVyaW5n IGNvbnZlbm llbnQgYW5k IHNlY3VyZS BkaWdpdGFs IGJhbmtpbm cgc2Vydmlj ZXMgdG8gaX RzIGN1c3Rv bWVycy48Yn I+OS4gU3Ry b25nIGNvcn BvcmF0ZSBj dWx0dXJlOi BUaGUgY29t cGFueSBoYX MgYSBzdHJv bmcgY29ycG 9yYXRlIGN1 bHR1cmUgZm 9jdXNlZCBv biBldGhpY2 FsIGFuZCBy ZXNwb25zaW JsZSBidXNp bmVzcyBwcm FjdGljZXMs IHRlYW13b3 JrLCBhbmQg Y3VzdG9tZX Igc2Vydmlj ZS48YnI+MT AuIEdyb3d0 aCBhbmQgZX hwYW5zaW9u OiBEZXNwaX RlIGJlaW5n IGEgcmVnaW 9uYWwgYmFu aywgUGFyay BOYXRpb25h bCBoYXMgZX hwYW5kZWQg aXRzIG9wZX JhdGlvbnMg YmV5b25kIG l0cyBvcmln aW5hbCBtYX JrZXQgYW5k IG5vdyBoYX MgYSBwcmVz ZW5jZSBpbi BzZXZlcmFs IHN0YXRlcy wgaGlnaGxp Z2h0aW5nIG l0cyBncm93 dGggYW5kIH N1Y2Nlc3Mg YXMgYSBjb2 1wYW55Lg==

VGhlIFBhcm sgTmF0aW9u YWwgY29tcG FueeKAmXMg YnVzaW5lc3 MgbW9kZWwg aXMgcHJpbW FyaWx5IGJh c2VkIG9uIG Jhbmtpbmcg YW5kIGZpbm FuY2lhbCBz ZXJ2aWNlcy 4gVGhleSBv ZmZlciBhIH JhbmdlIG9m IHByb2R1Y3 RzIHN1Y2gg YXMgY2hlY2 tpbmcgYW5k IHNhdmluZy BhY2NvdW50 cywgbG9hbn MsIGNyZWRp dCBjYXJkcy wgYW5kIGlu dmVzdG1lbn Qgc2Vydmlj ZXMgdG8gaW 5kaXZpZHVh bHMgYW5kIG J1c2luZXNz ZXMuIFRoZX kgYWxzbyBw cm92aWRlIH RydXN0IHNl cnZpY2VzLC BpbnN1cmFu Y2UsIGFuZC B3ZWFsdGgg bWFuYWdlbW VudCBzZXJ2 aWNlcy4gVG hlIGNvbXBh bnkgZm9jdX NlcyBvbiBi dWlsZGluZy BzdHJvbmcg cmVsYXRpb2 5zaGlwcyB3 aXRoIGN1c3 RvbWVycyBh bmQgcHJvdm lkaW5nIHBl cnNvbmFsaX plZCBzZXJ2 aWNlcy4gVG hleSBhbHNv IHByaW9yaX RpemUgY29t bXVuaXR5IG ludm9sdmVt ZW50IGFuZC BzdXBwb3J0 IGxvY2FsIG J1c2luZXNz ZXMgaW4gdG hlIGFyZWFz IHRoZXkgc2 VydmUuIEFk ZGl0aW9uYW xseSwgdGhl IGNvbXBhbn kgb3BlcmF0 ZXMgbXVsdG lwbGUgc3Vi c2lkaWFyeS BiYW5rcyB3 aXRoaW4gaX RzIGdlb2dy YXBoaWMgZm 9vdHByaW50 LCB3aGljaC BhbGxvd3Mg Zm9yIGVmZm ljaWVudCBz ZXJ2aWNlcy BhbmQgbG9j YWxpemVkIG RlY2lzaW9u LW1ha2luZy 4=

To assess whether AI poses a material threat to Park National Company’s products, services, or competitive positioning, it’s important to consider several factors related to substitution, disintermediation, and margin pressure.
1. Substitution: AI can create alternative solutions for financial services that Park National offers. For instance, robo-advisors and AI-driven investment platforms can serve as substitutes for traditional banking and investment services by providing automated, lower-cost alternatives. If customers find these AI-driven solutions more appealing, it could erode Park National’s market share. However, the extent of this threat may depend on Park’s ability to integrate AI into its own offerings, leveraging technology to enhance customer experience rather than being replaced.
2. Disintermediation: Disintermediation refers to the removal of intermediaries in a supply chain, often facilitated by technology. In financial services, this trend is becoming prominent with peer-to-peer lending platforms and blockchain technologies. These innovations can allow consumers to bypass traditional banks, impacting Park National’s role as an intermediary. The company may need to adapt by forming partnerships with fintech companies or investing in technology to provide more direct and efficient services to maintain customer loyalty.
3. Margin Pressure: AI can lead to increased competition in terms of pricing and service delivery, potentially squeezing margins for traditional banks. As AI technologies enable low-cost, efficient operations, new entrants may undercut prices, putting pressure on existing banks like Park National to lower their fees or increase their value proposition. To counteract this, Park National could leverage its established brand, customer relationships, and expertise to offer value-added services that AI cannot easily replicate.
Overall, while AI presents material threats in various forms, it also offers opportunities for Park National to enhance its offerings and operational efficiency. The company would benefit from adopting a proactive approach to integrating AI into its strategy, enabling it to mitigate potential risks while capitalizing on the advantages that technology can bring.

The sensitivity of Park National Company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Earnings Sensitivity: Park National’s earnings are influenced by interest rates primarily due to their impact on Net Interest Margin (NIM). When interest rates rise, the company can increase the rates on loans faster than the rates on deposits, potentially leading to higher earnings. Conversely, declining interest rates may compress NIM, negatively impacting earnings.
2. Cash Flow Sensitivity: Cash flows are tied to interest rates through loan origination volumes and refinancing activity. Higher interest rates can reduce refinancing activities and slow down loan demand, potentially leading to a decrease in cash flows. On the other hand, rising rates can lead to an increase in interest income, positively impacting cash flow from interest-bearing assets.
3. Valuation Sensitivity: The valuation of Park National is often assessed using discounted cash flow (DCF) models, which are highly sensitive to interest rates. An increase in interest rates typically raises the discount rate applied to future cash flows, leading to a lower present value and thus a decrease in valuation. Conversely, lower interest rates can enhance valuation as they lower the discount rate used.
In conclusion, fluctuations in interest rates have a significant impact on Park National’s earnings, cash flows, and overall valuation. The company’s reliance on interest income means that both rising and falling rates present various advantages and challenges that must be managed effectively.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgUG FyayBOYXRp b25hbCBDb2 1wYW554oCZ cyBlY29ub2 1pY3Mgb3Zl ciB0aGUgbm V4dCAz4oCT NSB5ZWFycy BpcyBhIHNp Z25pZmljYW 50IGFuZCBw cm9sb25nZW QgZWNvbm9t aWMgZG93bn R1cm4sIGV4 YWNlcmJhdG VkIGJ5IGlu Y3JlYXNlZC Bjb21wZXRp dGlvbiBmcm 9tIGZpbnRl Y2ggY29tcG FuaWVzIGFu ZCBjaGFuZ2 luZyBjb25z dW1lciBwcm VmZXJlbmNl cyB0b3dhcm RzIGRpZ2l0 YWwgYmFua2 luZyBzb2x1 dGlvbnMuID xicj5JbiB0 aGlzIHNjZW 5hcmlvLCB0 aGUgZm9sbG 93aW5nIGlt cGFjdHMgY2 91bGQgYmUg b2JzZXJ2ZW Q6PGJyPjEu IDxzdHJvbm c+TWFyZ2lu czwvc3Ryb2 5nPjogUGFy ayBOYXRpb2 5hbCBDb21w YW55IHdvdW xkIGxpa2Vs eSBzZWUgYS BkZWNsaW5l IGluIGl0cy Bwcm9maXQg bWFyZ2lucy BkdWUgdG8g cmVkdWNlZC BpbnRlcmVz dCByYXRlcy BhcyBjZW50 cmFsIGJhbm tzIGF0dGVt cHQgdG8gc3 RpbXVsYXRl IHRoZSBlY2 9ub215IGR1 cmluZyBhIG Rvd250dXJu LiBDb21wZX RpdGlvbiBm cm9tIGZpbn RlY2ggZmly bXMgd291bG QgZnVydGhl ciBwcmVzc3 VyZSBtYXJn aW5zLCBhcy B0aGVzZSBj b21wYW5pZX Mgb2Z0ZW4g aGF2ZSBsb3 dlciBvdmVy aGVhZCBjb3 N0cyBhbmQg Y2FuIG9mZm VyIG1vcmUg YXR0cmFjdG l2ZSByYXRl cyB0byBjdX N0b21lcnMu PGJyPjIuID xzdHJvbmc+ Q2FzaCBGbG 93PC9zdHJv bmc+OiBXaX RoIGRlY3Jl YXNlZCBsZW 5kaW5nIGFj dGl2aXR5IG FuZCBwb3Rl bnRpYWxseS ByaXNpbmcg bG9hbiBkZW ZhdWx0cywg Y2FzaCBmbG 93IGZyb20g b3BlcmF0aW 9ucyB3b3Vs ZCBkZXRlcm lvcmF0ZS4g TG93ZXIgaW 50ZXJlc3Qg aW5jb21lLC Bjb21iaW5l ZCB3aXRoIG luY3JlYXNl ZCBwcm92aX Npb25zIGZv ciBsb2FuIG xvc3Nlcywg d291bGQgcm VzdWx0IGlu IHRpZ2h0ZX IgbGlxdWlk aXR5LiBGdX J0aGVybW9y ZSwgaWYgY3 VzdG9tZXIg ZGVwb3NpdC Bncm93dGgg c2xvd3PigJ RkdWUgdG8g YSBzaGlmdC B0b3dhcmRz IG1vYmlsZS BiYW5raW5n IHNvbHV0aW 9uc+KAlHRo ZSBjb21wYW 554oCZcyBj YXNoIGZsb3 cgY291bGQg YmUgc2V2ZX JlbHkgY29u c3RyYWluZW QuPGJyPjMu IDxzdHJvbm c+QmFsYW5j ZSBTaGVldD wvc3Ryb25n PjogVGhlIG JhbGFuY2Ug c2hlZXQgd2 91bGQgbGlr ZWx5IHNob3 cgYSBkZXRl cmlvcmF0aW 9uIGluIGFz c2V0IHF1YW xpdHksIHdp dGggYSBoaW doZXIgcmF0 aW8gb2Ygbm 9wZXJmb3Jt aW5nIGxvYW 5zLiBUaGlz IGNvdWxkIG 5lY2Vzc2l0 YXRlIGhpZ2 hlciByZXNl cnZlcyBmb3 IgbG9hbiBs b3NzZXMsIG ltcGFjdGlu ZyBlcXVpdH kuIEFkZGl0 aW9uYWxseS wgZGVjcmVh c2VkIGVhcm 5pbmdzIGNv dWxkIGhpbm RlciB0aGUg Y29tcGFuee KAmXMgYWJp bGl0eSB0by ByZWludmVz dCBpbiBncm 93dGggb3Ig cmV0dXJuIG NhcGl0YWwg dG8gc2hhcm Vob2xkZXJz LCBsZWFkaW 5nIHRvIHN0 YWduYW50IG 9yIGRlY2xp bmluZyBzaG FyZWhvbGRl ciBlcXVpdH kgb3ZlciB0 aW1lLiBGdX J0aGVybW9y ZSwgYXMgdG hlIGNvbXBh bnkgZmlnaH RzIHRvIG1h aW50YWluIG 1hcmtldCBz aGFyZSwgaX QgY291bGQg aW5jcmVhc2 UgbGV2ZXJh Z2UsIHdoaW NoIHdvdWxk IGFkZCBmaW 5hbmNpYWwg c3RyYWluLj xicj5PdmVy YWxsLCBpbi B0aGlzIGJs ZWFrIHNjZW 5hcmlvLCBQ YXJrIE5hdG lvbmFsIENv bXBhbnnigJ lzIGFiaWxp dHkgdG8gY2 9tcGV0ZSBl ZmZlY3Rpdm VseSB3b3Vs ZCBiZSBqZW 9wYXJkaXpl ZCwgcG90ZW 50aWFsbHkg bGVhZGluZy B0byBhIHNp Z25pZmljYW 50IGxvbmct dGVybSBkZW NsaW5lIGlu IHByb2ZpdG FiaWxpdHks IGNhc2ggZm xvdyBzdGFi aWxpdHksIG FuZCBvdmVy YWxsIGZpbm FuY2lhbCBo ZWFsdGguPG JyPg==

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 bG9nb3MvdU dpQTBmelNi NGd4dXJ0WX RKeTMud2Vi cCIgYWx0PS JQYXJrIE5h dGlvbmFsIi B0aXRsZT0i UGFyayBOYX Rpb25hbCIg IGNsYXNzPS JpbWctZmx1 aWQiIGhlaW dodD01MCB3 aWR0aD01MC Bsb2FkaW5n PSdsYXp5Jy BzdHlsZT0n Ym9yZGVyLX JhZGl1czog NnB4Oyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J2ZsZXg6 IDE7IHRleH QtYWxpZ246 IGNlbnRlcj sgbWFyZ2lu LWxlZnQ6ID VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8cCBzdHls ZT0nZm9udC 1zaXplOiAy NnB4OyBjb2 xvcjogIzMz MzsgbWFyZ2 luLWJvdHRv bTogMTVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TiCBX YW50IHRvIH JlYWQgbW9y ZSBhYm91dC BQYXJrIE5h dGlvbmFsPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TnSBKb2 luIHVzIGFu ZCBncmFiIH lvdXIgY29w eSBvZiA8aT 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 VkdobElHIE 52YlhCaGJu a2cgZDJGek lHWnZkVyA1 a1pXUWdhVz RnIE1Ua3dP Q0JwYmkgQk 9aWGRoY21z cyBJRTlvYV c4c0lHIEo1 SUVWa2QyRn kgWkNCVFlX MTFaVyB3Z1 JXUWdRbTl2 IGRHZ3NJRk 55TGkgQmhi bVFnUldSMy BZWEprSUVG dGIzIE1nUl dGeWJIa2cg U205b2JuTn ZiaSB3Z2RI ZHZJR3h2IF kyRnNJR0ox YzIgbHVaWE 56YldWdSBM anhpY2o0eU xpIEJCZENC MGFHVWcgZE dsdFpTQnZa aSBCcGRITW dabTkxIGJt UnBibWNzSU ggUm9aU0Jq YjIxdyBZVz U1SUhkaGN5 IEJqWVd4c1 pXUWcgZEdo bElFNWhkRy BsdmJtRnNJ RUpoIGJtc2 dUbTkwWlMg QkRiMjF3WV c1NSBMQ0Jo Ym1RZ2FYIF J6SUcxaGFX NGcgWm05am RYTWdkMiBG eklIQnlhVz UwIGFXNW5J R04xY24gSm xibU41SUda diBjaUJzYj JOaGJDIEJo Ym1RZ2NtVm 4gYVc5dVlX d2dZbSBGdW EzTXVQR0p5 IFBqTXVJRl JvWlMgQmpi MjF3WVc1NS BJR05vWVc1 blpXIFFnYV hSeklHNWgg YldVZ2RHOG dVRyBGeWF5 Qk9ZWFJwIG IyNWhiQ0JD WVcgNXJJR2 x1SURFNSBN ak1zSUdGdV pDIEJsZUhC aGJtUmwgWk NCcGRITWdj MiBWeWRtbG paWE1nIGRH OGdhVzVqYk ggVmtaU0Jq YjIxdCBaWE pqYVdGc0lH IEpoYm10cG JtY3UgUEdK eVBqUXVJRS BsdUlERTVO RFVzIElGQm hjbXNnVG0g RjBhVzl1WV d3ZyBRbUZ1 YXlCaVpXIE 5oYldVZ1lT QncgZFdKc2 FXTnNlUyBC MGNtRmtaV1 FnIFkyOXRj R0Z1ZVMgQn ZiaUIwYUdV ZyBRVzFsY2 1sallXIDRn VTNSdlkyc2 cgUlhoamFH RnVaMiBVdV BHSnlQalV1 IElGUm9aU0 JqYjIgMXdZ VzU1SUdsei BJSE4wYVd4 c0lHIGhsWV dSeGRXRnkg ZEdWeVpXUW dhVyA0Z1Rt VjNZWEpyIE xDQlBhR2x2 TEMgQmhibV FnY21WdCBZ V2x1Y3lCc2 IyIE5oYkd4 NUlHOTMgYm 1Wa0lHRnVa QyBCdmNHVn lZWFJsIFpD NDhZbkkrTm kgNGdVR0Z5 YXlCTyBZWF JwYjI1aGJD IEJDWVc1ck lIZGggY3lC MGFHVWdabS BseWMzUWdZ bUZ1IGF5Qn BiaUJQYUcg bHZJSFJ2SU c5bSBabVZ5 SUc5dWJHIG x1WlNCaVlX NXIgYVc1bk lITmxjbiBa cFkyVnpJR2 x1IElERTVP VGt1UEcgSn lQamN1SUZS byBaU0JqYj Ixd1lXIDU1 SUdoaGN5QX ggTVNCamIy MXRkVyA1cG RIa2dZbUZ1 IGF5QmthWF pwYzIgbHZi bk1nYVc0Zy BUMmhwYnlC aGJtIFFnUz JWdWRIVmog YTNrc0lIZH BkRyBnZ2JX OXlaU0IwIG FHRnVJREUx TUMgQmljbU Z1WTJobCBj eUJoYm1RZ2 IzIFpsY2lB ekxEQXcgTU NCbGJYQnNi MyBsbFpYTX VQR0p5IFBq Z3VJRWx1SU QgSXdNakFz SUZCaCBjbX NnVG1GMGFX IDl1WVd3Z1 EyOXkgY0c5 eVlYUnBiMi A0Z2QyRnpJ RzVoIGJXVm tJRzl1WlMg QnZaaUJCYl dWeSBhV05o NG9DWmN5IE JVYjNBZ05U QWcgVFc5em RDQlVjbiBW emRIZHZjbl JvIGVTQkdh VzVoYm0gTn BZV3dnUTI5 dCBjR0Z1YV dWeklHIEo1 SUVadmNtSm wgY3k0OFlu SStPUyA0Z1 ZHaGxJR052 IGNuQnZjbU YwYVcgOXVJ R2hoY3lCaS BaV1Z1SUhK bFkyIDluYm 1sNlpXUWcg YlhWc2RHbH diRyBVZ2RH bHRaWE1nIF lYTWdZU0Iw YjMgQXRjR1 Z5Wm05eSBi V2x1WnlCaV lXIDVySUds dUlIUm8gWl NCdVlYUnBi MiA0Z1lua2 dkR2hsIElF RnRaWEpwWT IgRnVJRUpo Ym10bCBjbk 1nUVhOemIy IE5wWVhScG IyNGcgS0VG Q1FTa3VQRy BKeVBqRXdM aUJKIGJpQm haR1JwZEcg bHZiaUIwYn lCcCBkSE1n WW1GdWEyIG x1WnlCelpY SjIgYVdObG N5d2dVRyBG eWF5Qk9ZWF JwIGIyNWhi Q0JEYjMgSn diM0poZEds diBiaUJoYk hOdklHIDlt Wm1WeWN5Qn AgYm5abGMz UnRaVyA1ME lHRnVaQ0Iw IGNuVnpkQ0 J6WlggSjJh V05sY3lCMC BhSEp2ZFdk b0lHIGwwY3 lCemRXSnog YVdScFlYSj VMQyBCVFJV a2dVSEpwIG RtRjBaU0JV Y24gVnpkQ0 JEYjIxdyBZ VzU1TGc9PQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=