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SLIDE 1

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

▼❡✹▼❆P

❆ ♠❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s

▼❛r✐❛♥❛ ❈✉r❛❞♦ ▼❛❧t❛

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 2

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❲❤❡r❡❄

❆❧❣♦r✐t♠✐ ❘❡s❡❛r❝❤ ❈❡♥t❡r✱ ❯♥✐✈❡rs✐t② ♦❢ ▼✐♥❤♦✱ P♦rt✉❣❛❧ P❤❉ ❚❤❡s✐s ✭s✉♣❡r✈✐s♦r✿ ❆♥❛ ❆❧✐❝❡ ❇❛♣t✐st❛✮

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 3

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙♦✉r❝❡s ♦❢ ✐♥❢♦r♠❛t✐♦♥

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 4

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

P❡rs♣❡❝t✐✈❡ ❛♥❞ ✐♥t❡♥t✐♦♥s

❼ ❛ s♦❢t✇❛r❡ ❡♥❣✐♥❡❡r ♣❡rs♣❡❝t✐✈❡❀ ❼ ♥♦ ✉♥✐✈❡rs❛❧ s♦❧✉t✐♦♥❀ ❼ ✐♥t❡♥t✐♦♥✿ t♦ ❡st❛❜❧✐s❤ ❛ st❛rt✐♥❣ ♣♦✐♥t ❢♦r t❤❡ st✉❞② ❛♥❞ ❞❡s✐❣♥

♦❢ ♠❡t❤♦❞s ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ▼❆Ps✳

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 5

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❲❤❛t ✐s ❛ ♠❡t❤♦❞❄

❼ ❛ s❡❧❡❝t✐♦♥ ♦❢ t❡❝❤♥✐q✉❡s ❼ t❤❡ ❝♦♥tr♦❧ ♦❢ t❤❡✐r ✉s❛❣❡ ❼ t❤❡ ✐♥t❡❣r❛t✐♦♥ ♦❢ t❤❡ ♦❜t❛✐♥❡❞ ♣❛rt✐❛❧ r❡s✉❧ts

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 6

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❲❤❛t ✐s ❛ ♠❡t❤♦❞❄

❼ ❛ s❡❧❡❝t✐♦♥ ♦❢ t❡❝❤♥✐q✉❡s ❼ t❤❡ ❝♦♥tr♦❧ ♦❢ t❤❡✐r ✉s❛❣❡ ❼ t❤❡ ✐♥t❡❣r❛t✐♦♥ ♦❢ t❤❡ ♦❜t❛✐♥❡❞ ♣❛rt✐❛❧ r❡s✉❧ts

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 7

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❲❤❛t ✐s ❛ ♠❡t❤♦❞❄

❼ ❛ s❡❧❡❝t✐♦♥ ♦❢ t❡❝❤♥✐q✉❡s ❼ t❤❡ ❝♦♥tr♦❧ ♦❢ t❤❡✐r ✉s❛❣❡ ❼ t❤❡ ✐♥t❡❣r❛t✐♦♥ ♦❢ t❤❡ ♦❜t❛✐♥❡❞ ♣❛rt✐❛❧ r❡s✉❧ts

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 8

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

▼❡✹▼❆P ❞❡✜♥❡s t❤❡ ♣❛t❤ t♦ ❢♦❧❧♦✇ ✳✳✳

❼ ✇❤✐❝❤ ❛❝t✐✈✐t✐❡s t♦ ❞❡✈❡❧♦♣ ❼ ✇❤❡♥ t❤❡s❡ ❛❝t✐✈✐t✐❡s ♠❛② t❛❦❡ ♣❧❛❝❡ ❼ ❤♦✇ t❤❡② ❛r❡ ✐♥t❡r❝♦♥♥❡❝t❡❞ ❼ ✇❤✐❝❤ ❛rt✐❢❛❝ts t❤❡② ♣r♦❞✉❝❡

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 9

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

▼❡✹▼❆P ❞❡✜♥❡s t❤❡ ♣❛t❤ t♦ ❢♦❧❧♦✇ ✳✳✳

❼ ✇❤✐❝❤ ❛❝t✐✈✐t✐❡s t♦ ❞❡✈❡❧♦♣ ❼ ✇❤❡♥ t❤❡s❡ ❛❝t✐✈✐t✐❡s ♠❛② t❛❦❡ ♣❧❛❝❡ ❼ ❤♦✇ t❤❡② ❛r❡ ✐♥t❡r❝♦♥♥❡❝t❡❞ ❼ ✇❤✐❝❤ ❛rt✐❢❛❝ts t❤❡② ♣r♦❞✉❝❡

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 10

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

▼❡✹▼❆P ❞❡✜♥❡s t❤❡ ♣❛t❤ t♦ ❢♦❧❧♦✇ ✳✳✳

❼ ✇❤✐❝❤ ❛❝t✐✈✐t✐❡s t♦ ❞❡✈❡❧♦♣ ❼ ✇❤❡♥ t❤❡s❡ ❛❝t✐✈✐t✐❡s ♠❛② t❛❦❡ ♣❧❛❝❡ ❼ ❤♦✇ t❤❡② ❛r❡ ✐♥t❡r❝♦♥♥❡❝t❡❞ ❼ ✇❤✐❝❤ ❛rt✐❢❛❝ts t❤❡② ♣r♦❞✉❝❡

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 11

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

▼❡✹▼❆P ❞❡✜♥❡s t❤❡ ♣❛t❤ t♦ ❢♦❧❧♦✇ ✳✳✳

❼ ✇❤✐❝❤ ❛❝t✐✈✐t✐❡s t♦ ❞❡✈❡❧♦♣ ❼ ✇❤❡♥ t❤❡s❡ ❛❝t✐✈✐t✐❡s ♠❛② t❛❦❡ ♣❧❛❝❡ ❼ ❤♦✇ t❤❡② ❛r❡ ✐♥t❡r❝♦♥♥❡❝t❡❞ ❼ ✇❤✐❝❤ ❛rt✐❢❛❝ts t❤❡② ♣r♦❞✉❝❡

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 12

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

✳✳✳ ❛♥❞ t❤❡ ✐❞❡❛❧ ✇♦r❦✲t❡❛♠

❼ Pr♦❥❡❝t ▼❛♥❛❣❡r ❼ ❙②st❡♠ ❆♥❛❧②st ❼ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r ❼ ❚❡❝❤♥✐❝❛❧ ❊❞✐t♦r ❼ ❆♣♣❧✐❝❛t✐♦♥ ❉♦♠❛✐♥ ❊①♣❡rt ❼ ❋✐♥❛❧ ❯s❡r

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 13

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

✳✳✳ ❛♥❞ t❤❡ ✐❞❡❛❧ ✇♦r❦✲t❡❛♠

❼ Pr♦❥❡❝t ▼❛♥❛❣❡r ❼ ❙②st❡♠ ❆♥❛❧②st ❼ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r ❼ ❚❡❝❤♥✐❝❛❧ ❊❞✐t♦r ❼ ❆♣♣❧✐❝❛t✐♦♥ ❉♦♠❛✐♥ ❊①♣❡rt ❼ ❋✐♥❛❧ ❯s❡r

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 14

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

✳✳✳ ❛♥❞ t❤❡ ✐❞❡❛❧ ✇♦r❦✲t❡❛♠

❼ Pr♦❥❡❝t ▼❛♥❛❣❡r ❼ ❙②st❡♠ ❆♥❛❧②st ❼ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r ❼ ❚❡❝❤♥✐❝❛❧ ❊❞✐t♦r ❼ ❆♣♣❧✐❝❛t✐♦♥ ❉♦♠❛✐♥ ❊①♣❡rt ❼ ❋✐♥❛❧ ❯s❡r

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 15

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

✳✳✳ ❛♥❞ t❤❡ ✐❞❡❛❧ ✇♦r❦✲t❡❛♠

❼ Pr♦❥❡❝t ▼❛♥❛❣❡r ❼ ❙②st❡♠ ❆♥❛❧②st ❼ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r ❼ ❚❡❝❤♥✐❝❛❧ ❊❞✐t♦r ❼ ❆♣♣❧✐❝❛t✐♦♥ ❉♦♠❛✐♥ ❊①♣❡rt ❼ ❋✐♥❛❧ ❯s❡r

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

slide-16
SLIDE 16

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

✳✳✳ ❛♥❞ t❤❡ ✐❞❡❛❧ ✇♦r❦✲t❡❛♠

❼ Pr♦❥❡❝t ▼❛♥❛❣❡r ❼ ❙②st❡♠ ❆♥❛❧②st ❼ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r ❼ ❚❡❝❤♥✐❝❛❧ ❊❞✐t♦r ❼ ❆♣♣❧✐❝❛t✐♦♥ ❉♦♠❛✐♥ ❊①♣❡rt ❼ ❋✐♥❛❧ ❯s❡r

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 17

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

✳✳✳ ❛♥❞ t❤❡ ✐❞❡❛❧ ✇♦r❦✲t❡❛♠

❼ Pr♦❥❡❝t ▼❛♥❛❣❡r ❼ ❙②st❡♠ ❆♥❛❧②st ❼ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r ❼ ❚❡❝❤♥✐❝❛❧ ❊❞✐t♦r ❼ ❆♣♣❧✐❝❛t✐♦♥ ❉♦♠❛✐♥ ❊①♣❡rt ❼ ❋✐♥❛❧ ❯s❡r

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 18

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❖♥ ❜✐❣ ▼❆P ♣r♦❥❡❝ts

❼ ❈♦r❡ t❡❛♠✿ ♣❡rs♦♥s ✇✐t❤ t❡❝❤♥✐❝❛❧ s❦✐❧❧s✱ ✐✳❡✳ ❙②st❡♠ ❆♥❛❧②st

❛♥❞ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r

❼ ❊①t❡♥❞❡❞ t❡❛♠✿ ❛❧❧

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 19

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❖♥ ❜✐❣ ▼❆P ♣r♦❥❡❝ts

❼ ❈♦r❡ t❡❛♠✿ ♣❡rs♦♥s ✇✐t❤ t❡❝❤♥✐❝❛❧ s❦✐❧❧s✱ ✐✳❡✳ ❙②st❡♠ ❆♥❛❧②st

❛♥❞ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r

❼ ❊①t❡♥❞❡❞ t❡❛♠✿ ❛❧❧

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 20

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✐♥❣❛♣♦r❡ ❋r❛♠❡✇♦r❦

❼ ❋✉♥❝t✐♦♥❛❧ ❘❡q✉✐r❡♠❡♥ts ✭❙✶✮ ❼ ❉♦♠❛✐♥ ▼♦❞❡❧ ✭❙✷✮ ❼ ❉❡s❝r✐♣t✐♦♥ ❙❡t Pr♦✜❧❡ ✭❙✸✮ ❼ ❙②♥t❛① ●✉✐❞❡❧✐♥❡s ✭❙✹✮ ✭♦♣t✐♦♥❛❧✮ ❼ ❯s❛❣❡ ●✉✐❞❡❧✐♥❡s ✭❙✺✮ ✭♦♣t✐♦♥❛❧✮

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 21

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙❤❛❧❧ ✇❡ st❛rt❄

❍♦✇ ❛r❡ ✇❡ ♥♦✇ ❣♦✐♥❣ t♦ ♣r♦❝❡❡❞✳✳✳✳

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 22

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❆❧❧ ❛❝t✐✈✐t✐❡s

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 23

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❆✶✿ ❉❡✈❡❧♦♣♠❡♥t ♦❢ t❤❡ ●❧♦ss❛r②

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 24

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❆✶✿ ❉❡✈❡❧♦♣♠❡♥t ♦❢ t❤❡ ●❧♦ss❛r②

❲❤❛t ❆ ❧✐st ♦❢ ❦❡②✇♦r❞s ❛♥❞ ❛❝❝♦♠♣❛♥②✐♥❣ ❞❡✜♥✐t✐♦♥s ✉s❡❞ ❜② t❤❡ ▼❆P ❞❡✈❡❧♦♣♠❡♥t t❡❛♠✳ ❍♦✇ ❲❤❡♥ t❤❡ t❡❛♠ ❤❛s q✉❡st✐♦♥s ❛❜♦✉t ❛ ❝♦♥❝❡♣t t❤❡② s❤♦✉❧❞ ♦♣❡♥ ❛ ♥❡✇ ❡♥tr② ♦♥ t❤❡ ●❧♦ss❛r② ❛♥❞ ❛❣r❡❡ ♦♥ ❛ ❞❡✜♥✐t✐♦♥ ♦❢ t❤❡ ♥❡✇ ❦❡② t❡r♠ ❆ t♦♦❧ t❤❛t ❛❧❧♦✇s t❤❡ t❡①t ❡♥tr② ❛♥❞ ✐♥s❡rt✐♦♥ ♦❢ ✐♠❛❣❡s ♠❛② ❜❡ ✉s❡❞ ❇② ❲❤♦♠ ❊①t❡♥❞❡❞ ❚❡❛♠✱ ❧❡❞ ❜② t❤❡ Pr♦❥❡❝t ▼❛♥❛❣❡r ❉❡❧✐✈❡r❛❜❧❡

  • ❧♦ss❛r②

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 25

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❆✷✿ ❉❡✈❡❧♦♣♠❡♥t ♦❢ t❤❡ ▼❆P ❉♦❝✉♠❡♥t❛t✐♦♥

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 26

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❆✷✿ ❉❡✈❡❧♦♣♠❡♥t ♦❢ t❤❡ ▼❆P ❉♦❝✉♠❡♥t❛t✐♦♥

❲❤❛t ❉❡✈❡❧♦♣❡❞ ❜② r❡❝♦r❞✐♥❣ t❤❡ r❡s✉❧ts ♦❢ t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♣r♦❝❡ss ❛s ✇❡❧❧ ❛s t❤❡ ❥✉st✐✜❝❛t✐♦♥ ♦❢ t❤❡ ❝❤♦✐❝❡s ♠❛❞❡✳ ❚❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ t❤❡ ❞♦❝✉♠❡♥t❛t✐♦♥ ♦❢ ❡❛❝❤ ♣r♦❝❡ss ✐s ❢✉♥❞❛♠❡♥t❛❧ s✐♥❝❡ t❤❡ ❞♦❝✉♠❡♥ts ♣r♦❞✉❝❡❞ ✇✐❧❧ ❤❡❧♣ s♦♠❡ ▼❆P ✉s❡rs ✭s✉❝❤ ❛s ❛♣♣ ❞❡s✐❣♥❡rs ♦r ♣r♦✲ ❣r❛♠♠❡rs✮ t♦ ❛♣♣❧② t❤❡ ♣r♦♣❡rt✐❡s ❛♥❞ ❝❧❛ss❡s ❝♦rr❡❝t❧② t♦ t❤❡ s♣❡❝✐✜❝ ❝♦♥t❡①t✳ ■t ❛❧s♦ ❡♥s✉r❡s t❤❛t ❢✉t✉r❡ ▼❆P ❞❡✈❡❧♦♣❡rs ✉♥❞❡rst❛♥❞ t❤❡ ▼❆P ❞❡✈❡❧♦♣♠❡♥t ♣r♦❝❡ss ✉s❡❞ ❍♦✇ ❆s t❤❡ ❛rt✐❢❛❝ts ❛♥❞ ♠♦❞❡❧s ❛r❡ ❜❡✐♥❣ ❞❡✜♥❡❞ t❤r♦✉❣❤♦✉t t❤❡ ❞❡✈❡❧✲ ♦♣♠❡♥t ♣r♦❝❡ss✱ t❤❡ r❡❧❛t❡❞ ❞♦❝✉♠❡♥t❛t✐♦♥ s❤♦✉❧❞ ❜❡ ❞❡✜♥❡❞ ❛t t❤❡ s❛♠❡ t✐♠❡✱ ✐♥ ❛ ❝♦❧❧❛❜♦r❛t✐✈❡ ✇❛②✳ ❆ t♦♦❧ t❤❛t ❛❧❧♦✇s t❡①t ❡♥tr② ❛♥❞ ✐♥s❡rt✐♦♥ ♦❢ ✐♠❛❣❡s ♠❛② ❜❡ ✉s❡❞ ❇② ❲❤♦♠ ❈♦r❡ ❚❡❛♠✱ ❧❡❞ ❜② t❤❡ ❚❡❝❤♥✐❝❛❧ ❊❞✐t♦r ❉❡❧✐✈❡r❛❜❧❡ ▼❆P ❉♦❝✉♠❡♥t❛t✐♦♥

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 27

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❉❡✈❡❧♦♣✐♥❣ t❤❡ ❋✉♥❝t✐♦♥❛❧ ❘❡q✉✐r❡♠❡♥ts

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 28

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❉❡✈❡❧♦♣✐♥❣ t❤❡ ❋✉♥❝t✐♦♥❛❧ ❘❡q✉✐r❡♠❡♥ts

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 29

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✶ ✲ ❉❡✈❡❧♦♣✐♥❣ t❤❡ ❋✉♥❝t✐♦♥❛❧ ❘❡q✉✐r❡♠❡♥ts

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 30

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✶✳✶✿ ❉❡✈❡❧♦♣✐♥❣ t❤❡ ❱✐s✐♦♥

❲❤❛t ❆ ❞♦❝✉♠❡♥t t❤❛t st❛t❡s ✇❤❛t ❞❡✈❡❧♦♣❡rs ✇❛♥t t♦ ❛❝❤✐❡✈❡ ✇✐t❤ t❤❡ ▼❆P ❞❡✈❡❧♦♣♠❡♥t ❛♥❞ t❤❛t ❞❡✜♥❡s t❤❡ s❝♦♣❡ ♦❢ t❤❡ ▼❆P✳ ❚❤❡ r❡s✉❧t ♠❛② ❜❡ ❛ s✐♠♣❧❡ ❞♦❝✉♠❡♥t ✇✐t❤ ❛ ❝❧❡❛r ❛♥❞ ❛❝❝✉r❛t❡ ✈✐❡✇ ♦❢ t❤❡ ✈✐s✐♦♥ ❍♦✇ ▼❡✹▼❆P r❡❝♦♠♠❡♥❞s t❤❡ ✉s❡ ♦❢ ❜r❛✐♥st♦r♠✐♥❣ t❡❝❤♥✐q✉❡✱ ✇❤❡r❡ ❛❧❧ ♠❡♠❜❡rs ♦❢ t❤❡ t❡❛♠ s❤♦✉❧❞ ❢❡❡❧ ❢r❡❡ t♦ ✇r✐t❡ ✐❞❡❛s ♦♥ ❛ ❜♦❛r❞ ✭♣❤②s✐❝❛❧ ❜♦❛r❞ ♦r ✇❡❜ t♦♦❧✮✱ ❢♦❧❧♦✇❡❞ ❜② ❞✐s❝✉ss✐♦♥✳ ■♥ t❤❡ ❡♥❞✱ t❤❡ s❡t ♦❢ ✐❞❡❛s ❝❤♦s❡♥ s❤♦✉❧❞ ❜❡ ♦r❣❛♥✐③❡❞ ✐♥ s✐♠♣❧❡ s❡♥t❡♥❝❡s✳ ❆ t♦♦❧ t❤❛t ❛❧❧♦✇s t❡①t ❡♥tr② ❛♥❞ ✐♥s❡rt✐♦♥ ♦❢ ✐♠❛❣❡s ♠❛② ❜❡ ✉s❡❞ ❇② ❲❤♦♠ ❊①t❡♥❞❡❞ ❚❡❛♠✱ ❧❡❞ ❜② t❤❡ Pr♦❥❡❝t ▼❛♥❛❣❡r ❉❡❧✐✈❡r❛❜❧❡ ❱✐s✐♦♥

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 31

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❉❡✈❡❧♦♣✐♥❣ t❤❡ ❋✉♥❝t✐♦♥❛❧ ❘❡q✉✐r❡♠❡♥ts

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 32

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✶✳✷✿ ❉❡✈❡❧♦♣♠❡♥t ♦❢ t❤❡ ❲♦r❦✲P❧❛♥

❲❤❛t ❚❤✐s ❛❝t✐✈✐t② ❤❛s ❛s ❣♦❛❧ t❤❡ t✐♠❡ ♣❧❛♥♥✐♥❣ ♦❢ t❤❡ ♣r♦❥❡❝t✬s ❛❝t✐✈✐✲ t✐❡s ❛♥❞ s❡r✈❡s ❛s ❛ ❣✉✐❞❡ t♦ t❤❡ t❡❛♠✳ ❚❤❡ ❲♦r❦✲P❧❛♥ ❞❡✜♥❡s t❤❡ ❜❡❣✐♥♥✐♥❣ ❛♥❞ ❡♥❞✐♥❣ ❞❛t❡s ♦❢ ❡❛❝❤ ❛❝t✐✈✐t② ❛♥❞ t❤❡✐r ♦✉t♣✉ts✳ ■t ❛❧s♦ ✐♥❝❧✉❞❡s ✐♥❢♦r♠❛t✐♦♥ ♦♥ t❤❡ r❡s♣♦♥s✐❜✐❧✐t✐❡s ♦❢ ❡❛❝❤ ♣❛rt ♦❢ t❤❡ ✇♦r❦ t❡❛♠ ✐♥ ❡❛❝❤ ❛❝t✐✈✐t②✳ ■t ✐s ❛❝❝❡♣t❛❜❧❡ ❢♦r t❤❡ ❲♦r❦✲P❧❛♥ t♦ ❜❡ ♠♦❞✐✜❡❞ ❛s t❤❡ ♣r♦❥❡❝t ❡✈♦❧✈❡s ❍♦✇ ❚❤❡ ♠❡♠❜❡rs ♦❢ t❤❡ t❡❛♠ ❣✐✈❡ ✐♥♣✉ts ♦♥ t❤❡✐r ❛✈❛✐❧❛❜✐❧✐t② ❢♦r ❡❛❝❤ t❛s❦ t❤❡② ❤❛✈❡ t♦ ❞❡✈❡❧♦♣✳ ❊❛❝❤ t❛s❦ ❤❛s t♦ ❜❡ ❞❡✜♥❡❞ ✐♥ t❡r♠s ♦❢ t✐♠❡ ✭✇❤❡♥ ✐t st❛rts ❛♥❞ ✜♥✐s❤❡s✮ ❛♥❞ ❤♦✇ ✐t ✐s ❛rt✐❝✉❧❛t❡❞ ✇✐t❤ ♦t❤❡r t❛s❦s ❚❤❡ t❡❛♠ ❝❛♥ ✉s❡ ❛ ●❛♥tt ❈❤❛rt ♦r ❛♥② ♦t❤❡r t②♣❡ ♦❢ ❣r❛♣❤ ♦r s❝❤❡♠❡ t❤❛t t❤❡ t❡❛♠ ✜♥❞s ♠♦st ❝♦♥✈❡♥✐❡♥t t♦ ❞❡✜♥❡ t❤❡ ❲♦r❦✲P❧❛♥ ❇② ❲❤♦♠ ❊①t❡♥❞❡❞ ❚❡❛♠✱ ❧❡❞ ❜② t❤❡ Pr♦❥❡❝t ▼❛♥❛❣❡r ❉❡❧✐✈❡r❛❜❧❡ ❲♦r❦✲P❧❛♥

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 33

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❉❡✈❡❧♦♣✐♥❣ t❤❡ ❋✉♥❝t✐♦♥❛❧ ❘❡q✉✐r❡♠❡♥ts

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 34

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✶✳✸✿ ❉❡✜♥✐t✐♦♥ ♦❢ t❤❡ ❆♣♣❧✐❝❛t✐♦♥ ❉♦♠❛✐♥

❲❤❛t ❚❤✐s ❛❝t✐✈✐t② ❤❛s ❛s ❣♦❛❧s t♦✿ ✭✐✮ ✉♥❞❡rst❛♥❞ t❤❡ s❝♦♣❡ ♦❢ t❤❡ ▼❆P❀ ❛♥❞ ✭✐✐✮ ❞❡✜♥❡ t❤❡ ❜♦✉♥❞❛r✐❡s ♦❢ t❤❡ ❛♣♣❧✐❝❛t✐♦♥ ♦❢ t❤❡ ▼❆P✳ ❍♦✇ ❚❤✐s t❛s❦ ❝❛♥ ❜❡ ❞♦♥❡ ✉s✐♥❣ s❡✈❡r❛❧ s♦✉r❝❡s✿ ✶✮ ❆ st✉❞② ♦❢ t❤❡ ❧✐t❡r❛✲ t✉r❡ ♦r ♦t❤❡r ❞♦❝✉♠❡♥t❛❧ s♦✉r❝❡s ♠❛② ❜❡ ❞❡✈❡❧♦♣❡❞ ✇❤❡r❡ t❤❡ ♠❛✐♥ ❝♦♥❝❡♣ts ♦❢ t❤❡ ❛♣♣❧✐❝❛t✐♦♥ ❝♦♥t❡①t s❤♦✉❧❞ ❜❡ ❡①♣❧♦r❡❞✱ ✷✮ ❱✐s✐ts t♦ ❡✈❡♥ts ♦r❣❛♥✐s❡❞ ❜② ❡♥t✐t✐❡s ♦❢ t❤❡ ❛♣♣❧✐❝❛t✐♦♥ ❝♦♥t❡①t t♦ ❝♦❧❧❡❝t ✐♥❢♦r✲ ♠❛t✐♦♥✱ ✸✮ t❛❧❦s t♦ ♦r ♦❜s❡r✈❛t✐♦♥ ♦❢ ❛♣♣❧✐❝❛t✐♦♥ ❞♦♠❛✐♥ s♣❡❝✐❛❧✐sts✱ t❤r♦✉❣❤ t❡❝❤♥✐q✉❡s s✉❝❤ ❛s ✐♥t❡r✈✐❡✇s ♦r ❞✐r❡❝t ♦❜s❡r✈❛t✐♦♥✳ ■♥ t❤✐s ❧❛st ❝❛s❡ t❤❡ ✐♥❢♦r♠❛t✐♦♥ ❝♦❧❧❡❝t❡❞ ❝❛♥ ❜❡ tr❡❛t❡❞ ✉s✐♥❣ ❝♦♥t❡♥t ❛♥❛❧✲ ②s✐s t♦♦❧s✳ ❆ t♦♦❧ t❤❛t ❛❧❧♦✇s t❡①t ❡♥tr② ❛♥❞ ✐♥s❡rt✐♦♥ ♦❢ ✐♠❛❣❡s ♠❛② ❜❡ ✉s❡❞ ❇② ❲❤♦♠ ❊①t❡♥❞❡❞ ❚❡❛♠✱ ❧❡❞ ❜② t❤❡ ❆♣♣❧✐❝❛t✐♦♥ ❉♦♠❛✐♥ ❊①♣❡rt ❉❡❧✐✈❡r❛❜❧❡ ❆♣♣❧✐❝❛t✐♦♥ ❉♦♠❛✐♥ ❘❡♣♦rt

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

slide-35
SLIDE 35

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❉❡✈❡❧♦♣✐♥❣ t❤❡ ❋✉♥❝t✐♦♥❛❧ ❘❡q✉✐r❡♠❡♥ts

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 36

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✶✳✹✿ ❊❧✐❝✐t❛t✐♦♥ ♦❢ ❍✐❣❤✲▲❡✈❡❧ ❘❡q✉✐r❡♠❡♥ts

❲❤❛t ❆ ❧✐st ♦❢ t❤❡ ❢✉♥❝t✐♦♥❛❧ ❛♥❞ ♥♦♥✲❢✉♥❝t✐♦♥❛❧ r❡q✉✐r❡♠❡♥ts ❡①♣r❡ss❡❞ ❜② t❤❡ ✇♦r❦ t❡❛♠ ♠❡♠❜❡rs✳ ❚❤✐s ❞♦❝✉♠❡♥t s❤♦✉❧❞ ♣r♦✈✐❞❡ ❛ ✈❡r② s❤♦rt ❞❡s❝r✐♣t✐♦♥ ❢♦r ❡❛❝❤ r❡q✉✐r❡♠❡♥t✳ ❍♦✇ ❚❤❡ ✇♦r❦ t❡❛♠ ❝❛♥ ✉s❡ t❤❡ s❛♠❡ t❡❝❤♥✐q✉❡ ✭❜r❛✐♥st♦r♠✐♥❣✮ ✉s❡❞ ✐♥ t❤❡ ❞❡✜♥✐t✐♦♥ ♦❢ t❤❡ ❱✐s✐♦♥ ❙t❛t❡♠❡♥t✳ ❚❤❡ t❡❛♠ ♠❛② ❛❧s♦ ✇✐s❤ t♦ st❛rt ❡❧✐❝✐t✐♥❣ r❡q✉✐r❡♠❡♥ts ♦♥ t❤❡ ✐♥t❡r✈✐❡✇s ❛♥❞ ❞✐r❡❝t ♦❜s❡r✈❛t✐♦♥s t❛❦✐♥❣ ♣❧❛❝❡ ❢♦r ❞❡✜♥✐♥❣ t❤❡ ❆♣♣❧✐❝❛t✐♦♥ ❉♦♠❛✐♥ ✭t❤❡ ❜♦✉♥❞❛r✐❡s ❜❡t✇❡❡♥ ❛❝t✐✈✐t✐❡s ❛r❡ ♥♦t str✐❝t✮✳ ❆ t♦♦❧ t❤❛t ❛❧❧♦✇s t❡①t ❡♥tr② ❛♥❞ ✐♥s❡rt✐♦♥ ♦❢ ✐♠❛❣❡s ♠❛② ❜❡ ✉s❡❞ ❇② ❲❤♦♠ ❊①t❡♥❞❡❞ ❚❡❛♠✱ ❧❡❞ ❜② t❤❡ ❙②st❡♠ ❆♥❛❧②st ❉❡❧✐✈❡r❛❜❧❡ ❍✐❣❤✲▲❡✈❡❧ ❘❡q✉✐r❡♠❡♥ts

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

slide-37
SLIDE 37

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❉❡✈❡❧♦♣✐♥❣ t❤❡ ❋✉♥❝t✐♦♥❛❧ ❘❡q✉✐r❡♠❡♥ts

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

slide-38
SLIDE 38

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✶✳✺✿ ❯s❡ ❈❛s❡ ▼♦❞❡❧

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 39

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✶✳✺✿ ❯s❡ ❈❛s❡ ▼♦❞❡❧

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 40

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✶✳✺✳✶✿ ❉❡✜♥✐t✐♦♥ ♦❢ t❤❡ ❯s❡✲❈❛s❡ ❉✐❛❣r❛♠

❲❤❛t ❆ ❯s❡✲❈❛s❡ ❉✐❛❣r❛♠ ♣r❡s❡♥ts t❤❡ ❛❝t♦rs t❤❛t ✐♥t❡r❛❝t ✐♥ t❤❡ ✉s❡✲❝❛s❡s ❛♥❞ ❞❡s❝r✐❜❡s t❤❡ ❢✉♥❝t✐♦♥❛❧✐t② ♦❢ t❤❡ s②st❡♠✳ ❯s❡ ❈❛s❡s ✏♦✛❡r ❛ s②st❡♠❛t✐❝ ❛♥❞ ✐♥t✉✐t✐✈❡ ♠❡❛♥s ♦❢ ❝❛♣t✉r✐♥❣ ❢✉♥❝t✐♦♥❛❧ r❡q✉✐r❡♠❡♥ts✑ ✭❇♦♦❝❤ ❡t ❛❧✳✱ ✶✾✾✾✱ ♣✳ ✸✼✮✳ ■t ✐s ✐♠♣♦rt❛♥t t♦ ✉♥❞❡rst❛♥❞ t❤❡ ❝♦♥❝❡♣ts ♦❢ ✉s❡ ❝❛s❡ ❛♥❞ ❛❝t♦r ✐♥ ❜✉✐❧❞✐♥❣ ❛ ❯s❡✲❈❛s❡ ▼♦❞❡❧✳ ✏❆ ✉s❡ ❝❛s❡ ✐s ❛ s❡q✉❡♥❝❡ ♦❢ ❛❝t✐♦♥s ❛ s②st❡♠ ♣❡r❢♦r♠s ❛♥❞ ❛♥ ❛❝t♦r ✐s s♦♠❡♦♥❡ ♦r s♦♠❡t❤✐♥❣ ♦✉ts✐❞❡ t❤❡ s②st❡♠ t❤❛t ✐♥t❡r❛❝ts ✇✐t❤ t❤❡ s②st❡♠✳✑ ✭❇♦♦❝❤ ❡t ❛❧✳✱ ✶✾✾✾✱ ♣✳ ✾✽✮ ❍♦✇ ❋♦r ✐♥❢♦r♠❛t✐♦♥ ♦♥ ❤♦✇ t♦ ❜✉✐❧❞ ❛ ❯s❡✲❈❛s❡ ❞✐❛❣r❛♠ s❡❡ ❇♦♦❝❤ ❡t ❛❧✳ ✭✶✾✾✾✮ ❇② ❲❤♦♠ ❊①t❡♥❞❡❞ ❚❡❛♠✱ ❧❡❞ ❜② t❤❡ ❙②st❡♠ ❆♥❛❧②st ❉❡❧✐✈❡r❛❜❧❡ ❯s❡✲❈❛s❡ ❉✐❛❣r❛♠

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 41

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✶✳✺✿ ❯s❡ ❈❛s❡ ▼♦❞❡❧

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 42

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✶✳✺✳✷✿ ❉❡✜♥✐t✐♦♥ ♦❢ t❤❡ ❉❡t❛✐❧❡❞ ❯s❡✲❈❛s❡s

❲❤❛t ❚♦ ❞❡t❛✐❧ t❤❡ ✉s❡✲❝❛s❡s✳ ✏❊❛❝❤ ✉s❡✲❝❛s❡ ♠✉st ✐♥❝❧✉❞❡ ❞❡t❛✐❧s ❛❜♦✉t ✇❤❛t ❤❛s t♦ ❜❡ ❞♦♥❡ t♦ ❛❝❤✐❡✈❡ ✐ts ❢✉♥❝t✐♦♥❛❧✐t②✑ ✭❙❝❤♥❡✐❞❡r ✫ ❲✐♥✲ t❡rs✱ ✷✵✵✶✱ ♣✳ ✷✶✮✳ ✏❚❤❡ ♠♦st ✐♠♣♦rt❛♥t ♣❛rt ♦❢ t❤❡ ✉s❡ ❝❛s❡ ✐♥ t❤❡ r❡q✉✐r❡♠❡♥ts ✇♦r❦✢♦✇ ✐s t❤❡ ✢♦✇ ♦❢ ❡✈❡♥ts✳ ❚❤❡ ✢♦✇ ♦❢ ❡✈❡♥ts ❞❡s❝r✐❜❡s t❤❡ s❡q✉❡♥❝❡ ♦❢ ❛❝t✐♦♥s ❜❡t✇❡❡♥ t❤❡ ❛❝t♦r ❛♥❞ t❤❡ s②st❡♠✑ ✭❇♦♦❝❤ ❡t ❛❧✳✱ ✶✾✾✾✱ ♣✳ ✾✽✮✳ ❚❤❡ ❞♦❝✉♠❡♥t❛t✐♦♥ t❤❛t ♣r❡s❡♥ts t❤❡ ❞❡t❛✐❧❡❞ ✉s❡✲❝❛s❡s s❤♦✉❧❞ s❡t t❤❡ s❡q✉❡♥❝❡ ♦❢ ❛❝t✐♦♥s ✲ ❛ s♣❡❝✐✜❝ s❡✲ q✉❡♥❝❡ ♦❢ ❡✈❡♥ts t❤❛t ❤❛♣♣❡♥ ✐♥ t❤❡ s②st❡♠ ✲ t❤❛t ❛ s②st❡♠ ♣❡r❢♦r♠s t♦ ❜r✐♥❣ ❛❞❞❡❞ ✈❛❧✉❡ t♦ ❛ s♣❡❝✐✜❝ ❛❝t♦r ❍♦✇ ❚❤❡ ❞❡t❛✐❧❡❞ ✉s❡✲❝❛s❡ ♠❛② ❜❡ ❞❡✈❡❧♦♣❡❞ ✉s✐♥❣ ✭✐✮ t❤❡ t❡♠♣❧❛t❡ ❛♥❞ ❛ ❣✉✐❞❡ ♦♥ ❤♦✇ t♦ ✜❧❧ t❤❡ t❡♠♣❧❛t❡ ♣r♦♣♦s❡❞ ❜② ❙❝❤♥❡✐❞❡r ✫ ❲✐♥✲ t❡rs ✭✷✵✵✶✱ ♣♣✳✷✽✮✳ ❋♦r ♠♦r❡ ✐♥❢♦r♠❛t✐♦♥ ♦♥ ❤♦✇ t♦ ❞❡✈❡❧♦♣ ❛ ✢♦✇ ♦❢ ❡✈❡♥ts✱ s❡❡ ❋♦✇❧❡r ✭✷✵✵✹✮ ❆ t♦♦❧ t❤❛t ❛❧❧♦✇s t❤❡ t❡①t ❡♥tr② ❛♥❞ ✐♥s❡rt✐♦♥ ♦❢ ✐♠❛❣❡s ♠❛② ❜❡ ✉s❡❞ ❇② ❲❤♦♠ ❊①t❡♥❞❡❞ ❚❡❛♠✱ ❧❡❞ ❜② t❤❡ ❙②st❡♠ ❆♥❛❧②st ❉❡❧✐✈❡r❛❜❧❡ ❋✉♥❝t✐♦♥❛❧ ❘❡q✉✐r❡♠❡♥ts ✭♠❛♥❞❛t♦r② ❙✐♥❣❛♣♦r❡ ❙t❛❣❡ ❈♦♠♣♦♥❡♥t✮

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

slide-43
SLIDE 43

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❉❡✈❡❧♦♣✐♥❣ t❤❡ ❋✉♥❝t✐♦♥❛❧ ❘❡q✉✐r❡♠❡♥ts

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 44

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❆❧❧ ❛❝t✐✈✐t✐❡s

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 45

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❉❡✈❡❧♦♣✐♥❣ t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 46

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❉❡✈❡❧♦♣✐♥❣ t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

slide-47
SLIDE 47

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❉❡✈❡❧♦♣✐♥❣ t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 48

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✷✳✶✿ ❉❡✜♥✐t✐♦♥ ♦❢ t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧

❲❤❛t ❆ ❞♦♠❛✐♥ ♠♦❞❡❧ ✏❝❛♣t✉r❡s t❤❡ ♠♦st ✐♠♣♦rt❛♥t t②♣❡s ♦❢ ♦❜❥❡❝ts ✐♥ t❤❡ ❝♦♥t❡①t ♦❢ t❤❡ s②st❡♠✳✑ ✭❇♦♦❝❤ ❡t ❛❧✳✱ ✶✾✾✾✱ ♣✳ ✶✶✾✮✳ ❆❝❝♦r❞✐♥❣ t♦ ❇❛❦❡r ✫ ❈♦②❧❡ ✭✷✵✵✾✮ ✏❛ ❞♦♠❛✐♥ ♠♦❞❡❧ ✐s ❛ ❞❡s❝r✐♣t✐♦♥ ♦❢ ✇❤❛t t❤✐♥❣s ②♦✉r ♠❡t❛❞❛t❛ ✇✐❧❧ ❞❡s❝r✐❜❡✱ ❛♥❞ t❤❡ r❡❧❛t✐♦♥s❤✐♣s ❜❡t✇❡❡♥ t❤♦s❡ t❤✐♥❣s✳ ❚❤❡ ❞♦♠❛✐♥ ♠♦❞❡❧ ✐s t❤❡ ❜❛s✐❝ ❜❧✉❡♣r✐♥t ❢♦r t❤❡ ❝♦♥✲ str✉❝t✐♦♥ ♦❢ t❤❡ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡✑✳ ■t ✐❞❡♥t✐✜❡s t❤❡ ❡♥t✐t✐❡s ❛♥❞ t❤❡✐r r❡❧❛t✐♦♥s❤✐♣s✱ ❛♥❞ t❤❡ ❡♥t✐t✐❡s ❛ttr✐❜✉t❡s ✭❡✳❣✳✱ ❞❛t❛t②♣❡s ❛♥❞ ♦t❤❡r ❛ttr✐❜✉t❡s ✇✐t❤ ❧✐t❡r❛❧ ✈❛❧✉❡s✮✳ ❚❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧ ✐s ❜❛s❡❞ ♦♥ t❤❡ ❋✉♥❝t✐♦♥❛❧ ❘❡q✉✐r❡♠❡♥ts ❞❡s❝r✐❜❡❞ ✐♥ ❙❡❝t✐♦♥ ✸✳✺ ❍♦✇ ■❢ t❤❡r❡ ✐s ❛❝❝❡ss t♦ ❞♦❝✉♠❡♥t❛t✐♦♥ t❤❛t ❞❡s❝r✐❜❡s r❡s♦✉r❝❡s ♦r ❞❛t❛❜❛s❡s ♦❢ t❤❡ ❛♣♣❧✐❝❛t✐♦♥ ❞♦♠❛✐♥✱ t❤❡ ✇♦r❦ t❡❛♠ ❝❛♥ r❡s♦rt t♦ t❤❡ ❞♦❝✉♠❡♥t ❛♥❛❧②s✐s t❡❝❤♥✐q✉❡ ❛s ❛ st❛rt✐♥❣ ♣♦✐♥t t♦ ❞❡✜♥❡ t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧✳ ❚❤❡ t❡❛♠ ♥❡❡❞s t♦ ❝❛♣t✉r❡ t❤❡ t❤✐♥❣s ✭❡♥t✐t✐❡s✮ ❛♥❞ t❤❡✐r r❡❧❛t✐♦♥s❤✐♣s t❤❛t s✉♣♣♦rt t❤❡ ♣r❡✈✐♦✉s❧② ✐❞❡♥t✐✜❡❞ ❋✉♥❝t✐♦♥❛❧ ❘❡✲ q✉✐r❡♠❡♥ts✳ ❚❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧ ✐s ❞❡✈❡❧♦♣❡❞ ✉s✐♥❣ ❛ ❣r❛♣❤✐❝❛❧ ❞❛t❛ ♠♦❞❡❧✐♥❣ t❡❝❤♥✐q✉❡ s✉❝❤ ❛s ❡✳❣✳ ❖❘▼ ❞✐❛❣r❛♠s✱ ❊♥t✐t②✲❘❡❧❛t✐♦♥s❤✐♣ ❞✐❛❣r❛♠s ✭❊❘✮✱ ❯▼▲ ❞✐❛❣r❛♠s ♦r ❘❉❋ ❣r❛♣❤s✳ ❚❤❡ ❞❛t❛ ♠♦❞❡❧✐♥❣ t❡❝❤♥✐q✉❡ s❤♦✉❧❞ ❜❡ t❤❡ ♦♥❡ t❤❛t ❜❡st s❡r✈❡s t❤❡ ✇❤♦❧❡ ✇♦r❦ t❡❛♠ ✲ ♥♦t t❤❡ t❡❝❤♥✐q✉❡ t❤❛t ❜❡st s❡r✈❡s ♦♥❧② t❤❡ ❝♦r❡ t❡❛♠ ❇② ❲❤♦♠ ❈♦r❡ ❚❡❛♠✱ ❧❡❞ ❜② t❤❡ ❙②st❡♠ ❆♥❛❧②st ❉❡❧✐✈❡r❛❜❧❡ ❉♦♠❛✐♥ ▼♦❞❡❧ ✭♠❛♥❞❛t♦r② ❙✐♥❣❛♣♦r❡ ❙t❛❣❡ ❈♦♠♣♦♥❡♥t✮

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

slide-49
SLIDE 49

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❉❡✈❡❧♦♣✐♥❣ t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

slide-50
SLIDE 50

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✷✳✷✿ ❉❡✜♥✐t✐♦♥ ♦❢ t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧ ❚❡st ❈r✐t❡r✐❛

❲❤❛t ❉❡✜♥❡s ❛ ✇❛② ♦r ❛ ♠♦❞❡❧ t♦ t❡st ✐❢ t❤❡ ▼❆P s✉♣♣♦rts t❤❡ ❋✉♥❝t✐♦♥❛❧ ❘❡q✉✐r❡♠❡♥ts✳ ❚❤❡ t❡❛♠ ❤❛s t♦ ✈❡r✐❢② ✐❢ t❤❡ ❛ttr✐❜✉t❡s t❤❛t ✇❡r❡ ❝❤♦s❡♥ ♦♥ t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧ s✉♣♣♦rt t❤❡ ❋✉♥❝t✐♦♥❛❧ ❘❡q✉✐r❡♠❡♥ts ❍♦✇ ✏▼❆Ps ❛r❡✱ ❡ss❡♥t✐❛❧❧②✱ ✐♥t❛♥❣✐❜❧❡ ✲ ✉s❡rs ❝❛♥♥♦t ✐♥t❡r❛❝t ✇✐t❤ t❤❡♠ ❞✐r❡❝t❧②✑ ✭❲❛❧❦✱ ✷✵✶✵✮✳ ❚❤❡ s❛♠❡ ❤❛♣♣❡♥s t♦ ♦t❤❡r ♠♦❞❡❧s ♦r ▼❆P ❝♦♠♣♦♥❡♥ts ❛s t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧✳ ❚❤❡ ✉s❡ ♦❢ ♣❛♣❡r ♣r♦t♦t②♣✐♥❣ t❡❝❤♥✐q✉❡ ✭s❡❡ ❢♦r ❡①❛♠♣❧❡ ❊♠❛ ❚♦♥❦✐♥ ✭✷✵✵✾✮ ❝❛♥ ❜❡ ❛ ✇❛② t♦ ❡♥❣❛❣❡ ♣r♦s♣❡❝t✐✈❡ ❡♥❞✲✉s❡rs ✐♥ t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧ ❚❡st ❇② ❲❤♦♠ ❊①t❡♥❞❡❞ ❚❡❛♠✱ ❧❡❞ ❜② t❤❡ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r ❉❡❧✐✈❡r❛❜❧❡ ❉♦♠❛✐♥ ▼♦❞❡❧ ❚❡st ❈r✐t❡r✐❛

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

slide-51
SLIDE 51

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❉❡✈❡❧♦♣✐♥❣ t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 52

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✷✳✸✿ ❆♣♣❧✐❝❛t✐♦♥ ♦❢ t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧ ❚❡st

❲❤❛t ❆♣♣❧✐❝❛t✐♦♥ ♦❢ t❤❡ t❡st ❞❡✜♥❡❞ ✐♥ t❤❡ ❙✷✳✷ ❍♦✇ ■t ❞❡♣❡♥❞s ♦♥ t❤❡ t❡❝❤♥✐q✉❡ ✉s❡❞✱ ❢♦r t❤❡ ♣❛♣❡r ♣r♦t♦t②♣✐♥❣ t❡❝❤✲ ♥✐q✉❡ s✉❣❣❡st❡❞ ✐♥ ❙✷✳✷ s❡❡ ❚♦♥❦✐♥ ✭✷✵✵✾✮ ✇❤❡r❡ ❚♦♥❦✐♥ ♣r❡s❡♥ts ❛♥ ❡①❛♠♣❧❡ ♦❢ ✈❛❧✐❞❛t✐♦♥ ♦♥ t❤❡ ❝♦♥t❡①t ♦❢ ▼❆P ❞❡✈❡❧♦♣♠❡♥t ❇② ❲❤♦♠ Pr♦s♣❡❝t✐✈❡ ❡♥❞✲✉s❡rs s✉❝❤ ❛s r❡♣r❡s❡♥t❛t✐✈❡s ♦❢ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦❣r❛♠✲ ♠❡rs t❤❛t ♠❛❦❡ ✉s❡ ♦❢ t❤❡ ▼❆P ♦r r❡♣r❡s❡♥t❛t✐✈❡s ♦❢ ✜♥❛❧ ✉s❡rs t❤❛t ❢❡❡❞ t❤❡ s②st❡♠ ♦r ❛♥② ❣❡♥❡r❛❧ ✜♥❛❧ ✉s❡r✱ ♦r ❡✈❡♥ t❡❛♠ ♠❡♠❜❡rs t❤❛t ❤❛✈❡ ❜❡❡♥ ✐♥✈♦❧✈❡❞ ✐♥ t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ t❤❡ r❡q✉✐r❡♠❡♥ts ❛♥❞ ❞♦♠❛✐♥ ♠♦❞❡❧ ❉❡❧✐✈❡r❛❜❧❡ ❘❡♣♦rt ✇✐t❤ t❤❡ r❡s✉❧ts ♦❢ t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧ ❚❡st

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

slide-53
SLIDE 53

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❆❧❧ ❛❝t✐✈✐t✐❡s

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 54

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❊♥✈✐r♦♥♠❡♥t❛❧ ❙❝❛♥

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 55

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❆✸✿ ❞❡✈❡❧♦♣♠❡♥t ♦❢ t❤❡ ❊♥✈✐r♦♥♠❡♥t❛❧ ❙❝❛♥

❲❤❛t ❆ r❡♣♦rt t❤❛t ❝♦♥t❛✐♥s ❛ r❡✈✐❡✇ ♦❢ t❤❡ ♠❡t❛❞❛t❛ s❝❤❡♠❛s t❤❛t ❛r❡ ❛✈❛✐❧❛❜❧❡ ✐♥ ❛♥② s❡r✐❛❧✐③❛t✐♦♥ ♦❢ t❤❡ ❙❡♠❛♥t✐❝ ❲❡❜ ✭❡✳❣✳ ❘❉❋✴❳▼▲✱ t✉rt❧❡✱ ❡t❝✳✮ ❛♥❞ t❤❛t ♠❛② s❡r✈❡ t❤❡ ♥❡❡❞s ♦❢ t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧ ❞❡❧✐✈❡r❛❜❧❡ ❍♦✇ ❙❡❛r❝❤❡s s❤♦✉❧❞ ❜❡ ♠❛❞❡ ✐♥ ♦r❞❡r t♦ ✜♥❞ ❡①✐st✐♥❣✱ ❛♣♣r♦♣r✐✲ ❛t❡ ♠❡t❛❞❛t❛ s❝❤❡♠❛s✳ ❚♦ ♣❡r❢♦r♠ ❛♥ ❡♥✈✐r♦♥♠❡♥t❛❧ s❝❛♥✱ ♦♥✲ ❧✐♥❡ t♦♦❧s ❝❛♥ ❜❡ ✉s❡❞ ✲ ❡✳❣✳ t❤❡ ❖♣❡♥ ▼❡t❛❞❛t❛ ❘❡❣✐str② ✲ ❤tt♣✿✴✴♠❡t❛❞❛t❛r❡❣✐str②✳♦r❣✴✱ t❤❡ ▲✐♥❦❡❞ ❖♣❡♥ ❱♦❝❛❜✉❧❛r✐❡s ✭▲❖❱✮ ✲ ❤tt♣✿✴✴❧♦✈✳♦❦❢♥✳♦r❣✴❞❛t❛s❡t✴❧♦✈✴✱ t❤❡ ❇❛s❡❧ ❘❡❣✐st❡r ♦❢ ❚❤❡s❛✉r✐✱ ❖♥t♦❧♦❣✐❡s ✫ ❈❧❛ss✐✜❝❛t✐♦♥s ✭❇❆❘❚❖❈✮ ✲ ❤tt♣✿✴✴✇✇✇✳❜❛rt♦❝✳♦r❣✴✱ ❛♠♦♥❣ ♦t❤❡rs✳ ❆ s♣r❡❛❞s❤❡❡t t♦ r❡❣✐st❡r ❛♥❞ ♦r❣❛♥✐③❡ t❤❡ ✐♥❢♦r♠❛t✐♦♥ ♠❛② ❜❡ ✉s❡❞ ❇② ❲❤♦♠ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r ❉❡❧✐✈❡r❛❜❧❡ ❊♥✈✐r♦♥♠❡♥t❛❧ ❙❝❛♥

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 56

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❆❧❧ ❛❝t✐✈✐t✐❡s

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 57

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❉❡✈❡❧♦♣✐♥❣ t❤❡ ❉❡s❝r✐♣t✐♦♥ ❙❡t

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 58

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❉❡✈❡❧♦♣✐♥❣ t❤❡ ❉❡s❝r✐♣t✐♦♥ ❙❡t

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 59

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❉❡✈❡❧♦♣✐♥❣ t❤❡ ❉❡s❝r✐♣t✐♦♥ ❙❡t

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 60

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✸✳✶✿ ❉❡✜♥✐t✐♦♥ ♦❢ t❤❡ ❱♦❝❛❜✉❧❛r② ❆❧✐❣♥♠❡♥t

❲❤❛t ▼❛t❝❤❡s t❤❡ t❡r♠s ♦❢ t❤❡ ♠❡t❛❞❛t❛ s❝❤❡♠❛s ✐❞❡♥t✐✜❡❞ ✐♥ t❤❡ ❊♥✈✐✲ r♦♥♠❡♥t❛❧ ❙❝❛♥ ✭❆✸✮ ✇✐t❤ t❤❡ ♥❡❡❞s ♦❢ t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧✳ ❍♦✇ ■❞❡♥t✐✜❝❛t✐♦♥ ♦❢ t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧ ❆ttr✐❜✉t❡ ✲ ♠❡t❛❞❛t❛ s❝❤❡♠❛ ♣r♦♣❡rt② ♣❛✐rs ✐♥ ❛ t❛❜❧❡✳ ◆♦t❡ t❤❛t t❤❡ t❡❛♠ ♠❛② ✐❞❡♥t✐❢② ♠♦r❡ t❤❛♥ ♦♥❡ ♠❡t❛❞❛t❛ s❝❤❡♠❛ ♣r♦♣❡rt② ♣❡r ❉♦♠❛✐♥ ▼♦❞❡❧ ❛ttr✐❜✉t❡✳ ❍♦✇❡✈❡r✱ ❛t t❤❡ ❡♥❞ ♦❢ t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ t❤✐s ❛❝t✐✈✐t② ♦♥❧② ♦♥❡ ❤❛s t♦ ❜❡ ❝❤♦s❡♥ ❚❤❛t ♣r♦♣❡rt② ✇✐❧❧ ❜❡ t❤❡ ♦♥❡ ✐♥❝❧✉❞❡❞ ✐♥ t❤❡ ❈♦♥str❛✐♥ts ▼❛tr✐① ✭❙✸✳✷✮ ◆♦t❡ t❤❛t s♦♠❡ ♣r♦♣❡rt✐❡s ♠❛② ♥♦t ❜❡ ♣r❡s❡♥t ✐♥ t❤❡ s❝❤❡♠❛s ♣r❡✈✐♦✉s❧② ✐❞❡♥t✐✜❡❞ ✐♥ t❤❡ ❡♥✈✐r♦♥♠❡♥t❛❧ s❝❛♥✱ ❜✉t t❤❛t ♠❛② ❜❡ ♣r❡s❡♥t✱ ✇✐t❤ t❤❡ ❛❞❡q✉❛t❡ s❡♠❛♥t✐❝s✱ ✐♥ ♦t❤❡r s❝❤❡♠❛s ♦❢ ♦t❤❡r ❛♣♣❧✐❝❛t✐♦♥ ❞♦♠❛✐♥s✳ ❆❧s♦✱ ❢♦r ❣❡♥❡r✐❝ ♣r♦♣❡rt✐❡s✱ t❤❡ t❡❛♠ ♠❛② ♣r❡❢❡r t♦ ✉s❡ ❝r♦ss✲❞♦♠❛✐♥ s❝❤❡♠❛s s✉❝❤ ❛s ❉❈ ❚❡r♠s ❇② ❲❤♦♠ ❚❤❡ ❈♦r❡ ❚❡❛♠✱ ❧❡❞ ❜② t❤❡ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r ❉❡❧✐✈❡r❛❜❧❡ ❱♦❝❛❜✉❧❛r② ❆❧✐❣♥♠❡♥t

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

slide-61
SLIDE 61

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❊①❝❡r♣t ♦❢ ❛ ❱♦❝❛❜✉❧❛r② ❆❧✐❣♥♠❡♥t

❊♥t✐t② ❉▼ ❆ttr✐❜✉t❡ ▼❡t❛❞❛t❛ ❙❝❤❡♠❛ ▼❡t❛❞❛t❛ ❙❝❤❡♠❛ Pr♦♣❡rt② ◆❛♠❡ ■♥✐t✐❛t✐✈❡ ◆❛♠❡ ❞❝t❡r♠s t✐t❧❡

  • ♦♦❞ r❡❧❛t✐♦♥s

♥❛♠❡ ❉❡s❝r✐♣t✐♦♥ ❞❝t❡r♠s ❞❡s❝r✐♣t✐♦♥

  • ♦♦❞ ❘❡❧❛t✐♦♥s

❞❡s❝r✐♣t✐♦♥ ❊♠❛✐❧ ❛❞❞r❡ss ❱❝❛r❞ ❤❛s❊♠❛✐❧ ❋♦❛❢ ♠❜♦① ❯❘▲ ❋♦❛❢ ❍♦♠❡♣❛❣❡ ❱❝❛r❞ ❤❛s❯❘▲ ◆❡t✇♦r❦ ◆❛♠❡ ❞❝t❡r♠s t✐t❧❡

  • ♦♦❞ r❡❧❛t✐♦♥s

♥❛♠❡ ✐sP❛rt❖❢ ❞❝t❡r♠s ✐sP❛rt❖❢ Pr♦❞✉❝t✲♦r✲ s❡r✈✐❝❡ ❈❛t❡❣♦r②

  • ♦♦❞ r❡❧❛t✐♦♥s

❝❛t❡❣♦r② ❱❈❛r❞ ❝❛t❡❣♦r② ❯♥✐t

  • ♦♦❞ r❡❧❛t✐♦♥s

❤❛s❯♥✐t❖❢▼❡❛s✉r❡♠❡♥t

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 62

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❉❡✈❡❧♦♣✐♥❣ t❤❡ ❉❡s❝r✐♣t✐♦♥ ❙❡t

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 63

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✸✳✷✿ ❉❡✜♥✐t✐♦♥ ♦❢ t❤❡ ❈♦♥str❛✐♥ts ▼❛tr✐①

❲❤❛t ❉❡❡♣❡♥✐♥❣ ♦❢ t❤❡ ❱♦❝❛❜✉❧❛r② ❆❧✐❣♥♠❡♥t✳ ■t ✐s t❤❡ ❞❡t❛✐❧❡❞ ❞❡✜♥✐✲ t✐♦♥ ♦❢ ❡❛❝❤ ❛ttr✐❜✉t❡ ♦r ❡♥t✐t② ♦❢ t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧ ❜② ♠❡❛♥s ♦❢ ✐ts ❝♦♥str❛✐♥ts✱ t❤r♦✉❣❤ t❤❡ ✐❞❡♥t✐✜❝❛t✐♦♥ ♦❢ t❤❡ ♠❡t❛❞❛t❛ s❝❤❡♠❛s✱ ❱♦❝❛❜✉❧❛r② ❊♥❝♦❞✐♥❣ ❙❝❤❡♠❡s ✭❱❊❙✮✱ ♦r ❙②♥t❛① ❊♥❝♦❞✐♥❣ ❙❝❤❡♠❡s ✭❙❊❙✮✳ ❍♦✇ ▼❡✹▼❆P ♣r♦✈✐❞❡s ❛ t❡♠♣❧❛t❡ ♦❢ t❤❡ ❈♦♥str❛✐♥ts ▼❛tr✐① ✇❤✐❝❤ ✐s ❜❛s❡❞ ✐♥ t❤❡ ♠❛tr✐① ♣r❡s❡♥t❡❞ ✐♥ t❤❡ ❉❈▼■ ●✉✐❞❡❧✐♥❡s✳ ❚❤❡ ❈♦♥✲ str❛✐♥s ▼❛tr✐① t❡♠♣❧❛t❡ ❤❛s t✇♦ t❛❜❧❡s t❤❛t s❤♦✉❧❞ ❜❡ ✜❧❧❡❞✿ ✭✶✮ ❉❡❢✲ ✐♥✐t✐♦♥ ♦❢ ◆❛♠❡s♣❛❝❡s ✉s❡❞ ❛♥❞ ✭✷✮ ❉❡✜♥✐t✐♦♥ ♦❢ ❉❡s❝r✐♣t✐♦♥ ❚❡♠✲ ♣❧❛t❡s✳ ■♥ ❝❛s❡ t❤❡ ✇♦r❦ t❡❛♠ ❝❛♥♥♦t ✜♥❞ ❛ ♣r♦♣❡rt② t❤❛t ❝♦♥✈❡♥✐❡♥t❧② ❡①♣r❡ss❡s t❤❡ s❡♠❛♥t✐❝s ♦❢ ❛ ❣✐✈❡♥ ❛ttr✐❜✉t❡ ♣r❡s❡♥t ✐♥ t❤❡ ❉♦♠❛✐♥ ▼♦❞❡❧✱ t❤❛t ♣r♦♣❡rt② ♠❛② ❜❡ ❞❡❝❧❛r❡❞ ✐♥ ❛ ♥❡✇ s❝❤❡♠❛ ❝r❡❛t❡❞ ❜② t❤❡ ✇♦r❦ t❡❛♠ ❛♥❞ ♠❛❞❡ ♦♣❡♥❧② ❛✈❛✐❧❛❜❧❡ ✉s✐♥❣ ❛ ♣r♦♣❡r ❡♥❝♦❞✐♥❣ ✭❘❉❋❙ ❛♥❞✴♦r ❖❲▲✮✳ ❚❤❡ s❛♠❡ ❛♣♣❧✐❡s ❢♦r ❝♦♥tr♦❧❧❡❞ ✈♦❝❛❜✉❧❛r✐❡s ✭❘❉❋❙ ❛♥❞✴♦r ❖❲▲ ❛♥❞✴♦r ❙❑❖❙✮ ❇② ❲❤♦♠ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r ❉❡❧✐✈❡r❛❜❧❡ ❈♦♥str❛✐♥ts ▼❛tr✐①

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 64

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❈♦♥str❛✐♥ts ▼❛tr✐① ❚❡♠♣❧❛t❡

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 65

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❉❡✈❡❧♦♣✐♥❣ t❤❡ ❉❡s❝r✐♣t✐♦♥ ❙❡t

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 66

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✸✳✸✿ ❈♦♥str❛✐♥ts ▼❛tr✐① ❚❡st

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 67

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✸✳✸✿ ❈♦♥str❛✐♥ts ▼❛tr✐① ❚❡st

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 68

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✸✳✸✳✶✿ ❈♦♥str❛✐♥ts ▼❛tr✐① ❈❤❡❝❦✐♥❣

❲❤❛t ❚❤✐s ♣r♦❝❡ss ✐s t❤❡ ❛♣♣❧✐❝❛t✐♦♥ ♦❢ t❤❡ ▼❆P ✐♥ ❞❡✈❡❧♦♣♠❡♥t t♦ ❛ s❡t ♦❢ s❛♠♣❧❡ r❡s♦✉r❝❡s✳✳ ❍♦✇ ❚❤❡ t❡❛♠ s❤♦✉❧❞ ✐❞❡♥t✐❢② ❛ s❡t ♦❢ r❡s♦✉r❝❡s t❤❛t ❝♦♥st✐t✉t❡ ❛ tr✉st✇♦r✲ t❤② s❛♠♣❧❡ ♦❢ t❤❡ ❛♣♣❧✐❝❛t✐♦♥ ❞♦♠❛✐♥ ♦❢ t❤❡ ▼❆P ✉♥❞❡r ❞❡✈❡❧♦♣♠❡♥t ❛♥❞ ❝♦♠♣❧❡t❡ t❤❡ ❢♦r♠ ✭▼❡✹▼❆P ♣r♦✈✐❞❡s ❛ t❡♠♣❧❛t❡ ♦❢ s✉❝❤ ❛ ❢♦r♠✮ ✇✐t❤ ❞❛t❛ r❡❢❡rr✐♥❣ t♦ ❡❛❝❤ r❡s♦✉r❝❡✳ ❚❤✐s ❢♦r♠ s❤♦✉❧❞ ❜❡ s✐♠♣❧❡ t♦ ✜❧❧✱ ✇❤❡r❡ ❡❛❝❤ ❡❧❡♠❡♥t ♦❢ t❤❡ ♠❡t❛❞❛t❛ ✐s ♣♦♣✉❧❛t❡❞ ✇✐t❤ t❤❡ ❞❛t❛ t❤❛t ❝♦rr❡s♣♦♥❞s t♦ t❤❡ r❡s♦✉r❝❡✳ ❚❤✐s ✇♦r❦ ♠❛② ❜❡ ❞❡✈❡❧♦♣❡❞ ✇✐t❤ t❤❡ s✉♣♣♦rt ♦❢ t❤❡ ❙②♥t❛① ●✉✐❞❡❧✐♥❡s ❛♥❞ ❯s❛❣❡ ●✉✐❞❡❧✐♥❡s ✭❙✹ ❛♥❞ ❙✺✱ r❡s♣❡❝t✐✈❡❧②✮ ❇② ❲❤♦♠ ❘❡♣r❡s❡♥t❛t✐✈❡s ♦❢ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦❣r❛♠♠❡rs t❤❛t ♠❛❦❡ ✉s❡ ♦❢ t❤❡ ▼❆P ♦r r❡♣r❡s❡♥t❛t✐✈❡s ♦❢ ✜♥❛❧ ✉s❡rs t❤❛t ❢❡❡❞ t❤❡ s②st❡♠ ♦r ❛♥② ❣❡♥❡r❛❧ ✜♥❛❧ ✉s❡r✳ ❚❤✐s ❛❝t✐✈✐t② ✐s ❧❡❞ ❜② t❤❡ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r ❉❡❧✐✈❡r❛❜❧❡ ❚❡st ✐♥ ▲❛❜♦r❛t♦r②

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 69

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❈♦♥str❛✐♥ts ▼❛tr✐① ❈❤❡❝❦✐♥❣ ❚❡♠♣❧❛t❡

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 70

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✸✳✸✿ ❈♦♥str❛✐♥ts ▼❛tr✐① ❚❡st

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 71

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✸✳✸✿✷✿ ◗✉❡st✐♦♥♥❛r❡ ❉❡✈❡❧♦♣♠❡♥t

❲❤❛t ❚♦ ❞❡✈❡❧♦♣ t❤❡ q✉❡st✐♦♥♥❛✐r❡ t❤❛t ✇✐❧❧ ❜❡ ❛❞♠✐♥✐str❛t❡❞ ✐♥ t❤❡ ♥❡①t ❛❝t✐✈✐t② ✭❙✸✳✸✳✹ ✲ ◗✉❡st✐♦♥♥❛✐r❡ ❆❞♠✐♥✐str❛t✐♦♥✮✳ ❚❤✐s q✉❡st✐♦♥♥❛✐r❡ ✇✐❧❧ ❛ss❡ss t❤❡ ❞✐✣❝✉❧t✐❡s ♦❢ t❤❡ ❈♦♥str❛✐♥ts ▼❛tr✐① ❝❤❡❝❦✐♥❣✳ ❚❤❡ ❣♦❛❧ ✐s t♦ ✉♥❞❡rst❛♥❞✿ ✭✐✮ ✐❢ t❤❡r❡ ✐s ❞❛t❛ ❢♦r ✇❤✐❝❤ t❤❡r❡ ❛r❡ ♥♦ ♣r♦♣❡rt✐❡s ❛✈❛✐❧❛❜❧❡ ✐♥ t❤❡ ❈♦♥str❛✐♥ts ▼❛tr✐①❀ ✭✐✐✮ ✐❢ t❤❡r❡ ❛r❡ ♣r♦♣✲ ❡rt✐❡s ❞❡✜♥❡❞ ✐♥ t❤❡ ❈♦♥str❛✐♥ts ▼❛tr✐① t❤❛t ❛r❡ ♥♦t s✉✐t❛❜❧❡ t♦ t❤❡ r❡s♦✉r❝❡s❀ ✭✐✐✐✮ ✇❤❡t❤❡r t❤❡r❡ ❛r❡ ❱❊❙ ❛♥❞ ❙❊❙✱ ❞♦♠❛✐♥s ❛♥❞ r❛♥❣❡s t❤❛t ❛r❡ ♥♦t s✉✐t❛❜❧❡ t♦ t❤❡ r❡s♦✉r❝❡s❀ ✭✐✈✮ ❛♥② ♦t❤❡r ❦✐♥❞ ♦❢ ❞✐✣❝✉❧t② ♦r ❛♠❜✐❣✉✐t② ❍♦✇ ❆ s❡t ♦❢ q✉❡st✐♦♥s s❤♦✉❧❞ ❜❡ s❡t ✐♥ ♦r❞❡r t♦ ❛❝❤✐❡✈❡ t❤❡ ❣♦❛❧s ❞❡✲ ✜♥❡❞✳ ❚❤❡ t❡❛♠ ❝❛♥ ♦❜s❡r✈❡ t❤❡ ❡①❡❝✉t✐♦♥ ♦❢ t❤❡ ❈♦♥str❛✐♥ts ▼❛tr✐① ❈❤❡❝❦✐♥❣ ❛♥❞ ❢r♦♠ t❤❡r❡ t❤✐♥❦ ♦♥ t❤❡ q✉❡st✐♦♥s t❤❛t ♠✐❣❤t ❤✐❣❤❧✐❣❤t ♣r♦❜❧❡♠s ❛♥❞ ✐ts r❡❛s♦♥s✳ ❚❤❡ ◗✉❡st✐♦♥♥❛✐r❡ ❝❛♥ ❜❡ ✐♠♣❧❡♠❡♥t❡❞ ♦♥ ♣❛♣❡r ♦r ✉s✐♥❣ ❛♥② ❲❡❜ s❡r✈✐❝❡ ❧✐❦❡ s✉r✈❡②♠♦♥❦❡②✳❝♦♠ ♦r ❡✈❡♥ ❛♥② ♦♣❡♥✲s♦✉r❝❡ s♦❢t✇❛r❡ ❧✐❦❡ ▲✐♠❡❙✉r✈❡② s♦❢t✇❛r❡ ✭❧✐♠❡s✉r✈❡②✳♦r❣✮ ✐♥st❛❧❧❡❞ ✐♥ ❛ ❲❡❜ ❙❡r✈❡r ❇② ❲❤♦♠ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r ❉❡❧✐✈❡r❛❜❧❡ ❚❤❡ ◗✉❡st✐♦♥♥❛✐r❡ ❚❡♠♣❧❛t❡

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 72

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✸✳✸✿ ❈♦♥str❛✐♥ts ▼❛tr✐① ❚❡st

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 73

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✸✳✸✳✸✿ ◗✉❡st✐♦♥♥❛✐r❡ ❆❞♠✐♥✐str❛t✐♦♥

❲❤❛t ❚♦ ❛❞♠✐♥✐str❛t❡ t❤❡ ◗✉❡st✐♦♥♥❛✐r❡ t❤❛t ✇❛s ❞❡✈❡❧♦♣❡❞ ✐♥ t❤❡ ❙✸✳✸✳✸ ❛❝t✐✈✐t② ✭◗✉❡st✐♦♥♥❛✐r❡ ❉❡✈❡❧♦♣♠❡♥t✮✳ ❍♦✇ ❚❤❡ ♣❡rs♦♥s ✐♥✈♦❧✈❡❞ ✐♥ t❤❡ ❈♦♥str❛✐♥ts ▼❛tr✐① ❝❤❡❝❦✐♥❣ ✭❙✸✳✸✳✶✮ s❤♦✉❧❞ r❡s♣♦♥❞ t♦ t❤❡ ◗✉❡st✐♦♥♥❛✐r❡ ✉s✐♥❣ t❤❡ t♦♦❧ ♣r♦♣♦s❡❞ ❇② ❲❤♦♠ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r ❛❞♠✐♥✐str❛t❡s✱ ♣❛rt✐❝✐♣❛♥ts ♦❢ t❤❡ ❈♦♥str❛✐♥ts ▼❛tr✐① ❝❤❡❝❦✐♥❣ ✭❙✸✳✸✳✶✮ ✜❧❧ t❤❡ ◗✉❡st✐♦♥♥❛✐r❡ ❉❡❧✐✈❡r❛❜❧❡ ❚❤❡ ❝♦♠♣❧❡t❡❞ ◗✉❡st✐♦♥♥❛✐r❡

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 74

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✸✿ ❉❡✈❡❧♦♣✐♥❣ t❤❡ ❉❡s❝r✐♣t✐♦♥ ❙❡t

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 75

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✸✳✹✿ ❊♥❝♦❞✐♥❣ t❤❡ ❉❡s❝r✐♣t✐♦♥ ❙❡t Pr♦✜❧❡

❲❤❛t ❆ ❞♦❝✉♠❡♥t ✇✐t❤ t❤❡ ❞❡s❝r✐♣t✐♦♥ ♦❢ t❤❡ ▼❆P ✉s✐♥❣ t❤❡ ♠❛r❦✲✉♣ ❧❛♥❣✉❛❣❡ ❞❡✜♥❡❞ ❜② ◆✐❧ss♦♥ ✭✷✵✵✽✮ ❍♦✇ ❯s❡ t❤❡ ❉❙P ❝♦♥str❛✐♥t ❧❛♥❣✉❛❣❡ ❤❛✈✐♥❣ ❛s r❡❢❡r❡♥❝❡ t❤❡ ❈♦♥str❛✐♥ts ▼❛tr✐①✳ ❋✉rt❤❡r ✐♥❢♦r♠❛t✐♦♥ ♦♥ ❉❙P✱ ✐♥❝❧✉❞✐♥❣ ✐♠♣❧❡♠❡♥t❛t✐♦♥ ❡①✲ ❛♠♣❧❡s✱ ❝❛♥ ❜❡ ❢♦✉♥❞ ✐♥ ❇❛❦❡r ✫ ❈♦②❧❡ ✭✷✵✵✾✮ ❇② ❲❤♦♠ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r ❉❡❧✐✈❡r❛❜❧❡ ❉❡s❝r✐♣t✐♦♥ ❙❡t Pr♦✜❧❡ ✭♠❛♥❞❛t♦r② ❙✐♥❣❛♣♦r❡ ❙t❛❣❡ ❝♦♠♣♦♥❡♥t✮

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 76

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✹✿ ❉❡✈❡❧♦♣✐♥❣ t❤❡ ❙②♥t❛① ●✉✐❞❡❧✐♥❡

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 77

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✹✿ ❉❡✈❡❧♦♣✐♥❣ t❤❡ ❙②♥t❛① ●✉✐❞❡❧✐♥❡

❲❤❛t ❚❤❡ ❙②♥t❛① ●✉✐❞❡❧✐♥❡s ❞❡s❝r✐❜❡ ✏❛♥② ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡✲s♣❡❝✐✜❝ s②♥✲ t❛①❡s ❛♥❞✴♦r s②♥t❛① ❣✉✐❞❡❧✐♥❡s✱ ✐❢ ❛♥②✑ ✭❇❛❦❡r ✫ ❈♦②❧❡✱ ✷✵✵✾✮✳ ❍♦✇ ❯s✐♥❣ t❡①t ♣r♦❝❡ss♦r✱ s♦❢t✇❛r❡ t♦♦❧s ♦r ❜② ❛♥② ♦t❤❡r ♠❡❛♥s ❞❡❡♠❡❞ ❛♣♣r♦♣r✐❛t❡ ❜② t❤❡ t❡❛♠ ❇② ❲❤♦♠ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r ❉❡❧✐✈❡r❛❜❧❡ ❙②♥t❛① ●✉✐❞❡❧✐♥❡s ✭♦♣t✐♦♥❛❧ ❙✐♥❣❛♣♦r❡ ❙t❛❣❡ ❈♦♠♣♦♥❡♥t✮

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 78

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✺✿ ❉❡✈❡❧♦♣✐♥❣ t❤❡ ❯s❛❣❡ ●✉✐❞❡❧✐♥❡s

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 79

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❙✺✿ ❉❡✈❡❧♦♣✐♥❣ t❤❡ ❯s❛❣❡ ●✉✐❞❡❧✐♥❡s

❲❤❛t ❚❤❡ ❉❈▼■ ●✉✐❞❡❧✐♥❡s ❡①♣❧❛✐♥✿ ✏❉❡s❝r✐♣t✐♦♥ ❙❡t Pr♦✜❧❡ ❞❡✜♥❡s t❤❡ ✏✇❤❛t✑ ♦❢ t❤❡ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡❀ ✉s❛❣❡ ❣✉✐❞❡❧✐♥❡s ♣r♦✈✐❞❡ t❤❡ ❤♦✇ ❛♥❞ ✇❤②✳✑ ✭❇❛❦❡r ✫ ❈♦②❧❡✱ ✷✵✵✾✮✳ ✑❯s❛❣❡ ❣✉✐❞❡❧✐♥❡s ♦✛❡r ✐♥str✉❝t✐♦♥s t♦ t❤♦s❡ ✇❤♦ ✇✐❧❧ ❝r❡❛t❡ t❤❡ ♠❡t❛❞❛t❛ r❡❝♦r❞s✳ ■❞❡❛❧❧②✱ t❤❡② ❡①♣❧❛✐♥ ❡❛❝❤ ♣r♦♣❡rt② ❛♥❞ ❛♥t✐❝✐♣❛t❡ t❤❡ ❞❡❝✐s✐♦♥s t❤❛t ♠✉st ❜❡ ♠❛❞❡ ✐♥ t❤❡ ❝♦✉rs❡ ♦❢ ❝r❡❛t✐♥❣ ❛ ♠❡t❛❞❛t❛ r❡❝♦r❞✑ ✭❇❛❦❡r ✫ ❈♦②❧❡✱ ✷✵✵✾✮ ❍♦✇ ❯s✐♥❣ t❡①t ♣r♦❝❡ss♦r✱ s♦❢t✇❛r❡ t♦♦❧s ♦r ❜② ❛♥② ♦t❤❡r ♠❡❛♥s ❞❡❡♠❡❞ ❛♣♣r♦♣r✐❛t❡ ❜② t❤❡ t❡❛♠ ❇② ❲❤♦♠ ❚❡❝❤♥✐❝❛❧ ✇r✐t❡r✱ s✉♣♣♦rt❡❞ ❜② t❤❡ ❈♦r❡ ❚❡❛♠ ❛♥❞ t❤❡ ❆♣♣❧✐❝❛t✐♦♥ ❉♦♠❛✐♥ ❊①♣❡rt ❉❡❧✐✈❡r❛❜❧❡ ❯s❛❣❡ ●✉✐❞❡❧✐♥❡s ✭♦♣t✐♦♥❛❧ ❙✐♥❣❛♣♦r❡ ❙t❛❣❡ ❈♦♠♣♦♥❡♥t✮

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 80

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❱❛❧✐❞❛t✐♦♥ ✐♥ Pr♦❞✉❝t✐♦♥

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 81

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❆✹✿ ❱❛❧✐❞❛t✐♦♥ ✐♥ Pr♦❞✉❝t✐♦♥

❲❤❛t ❱❛❧✐❞❛t❡s✱ ✐♥ ♣r♦❞✉❝t✐♦♥✱ t❤❡ ▼❆P✳ ❈❤❛♥❣❡s s❤♦✉❧❞ ♦♥❧② ❜❡ ♠❛❞❡ ✐♥ ❛ ❝♦♥tr♦❧❧❡❞ ❡♥✈✐r♦♥♠❡♥t✱ ❜❡❢♦r❡ r❡❧❡❛s✐♥❣ t❤❡ ▼❆P ❢♦r t❤❡ ❲❡❜ ❍♦✇ ❯s✐♥❣ ❛ ❧♦❣ r❡❣✐str❛t✐♦♥ t❡❝❤♥✐q✉❡ ♦r ♦❜s❡r✈✐♥❣ ✜♥❛❧✲✉s❡rs ✇♦r❦✐♥❣ ✇✐t❤ t❤❡ s②st❡♠ t❤❛t ❤❛s ✐♠♣❧❡♠❡♥t❡❞ t❤❡ ▼❆P ❇② ❲❤♦♠ ❙❡♠❛♥t✐❝ ❉❡✈❡❧♦♣❡r ❉❡❧✐✈❡r❛❜❧❡ ❱❛❧✐❞❛t✐♦♥ ✐♥ Pr♦❞✉❝t✐♦♥ r❡♣♦rt

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 82

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❆❧❧ ❛❝t✐✈✐t✐❡s

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 83

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❇❛❦❡r✱ ❚✳✱ ✫ ❈♦②❧❡✱ ❑✳ ✭✷✵✵✾✮✳ ●✉✐❞❡❧✐♥❡s ❢♦r ❉✉❜❧✐♥ ❈♦r❡ ❆♣♣❧✐❝❛t✐♦♥ Pr♦✜❧❡s✳ ❘❡tr✐❡✈❡❞ ❆♣r✐❧ ✶✷✱ ✷✵✶✻✱ ❢r♦♠ ❤tt♣✿✴✴❞✉❜❧✐♥❝♦r❡✳♦r❣✴❞♦❝✉♠❡♥ts✴♣r♦✜❧❡✲❣✉✐❞❡❧✐♥❡s✴ ❇♦♦❝❤✱ ●✳✱ ❏❛❝♦❜s♦♥✱ ■✳✱ ✫ ❘✉♠❜❛✉❣❤✱ ❏✳ ✭✶✾✾✾✮✳ ❚❤❡ ✉♥✐✜❡❞ s♦❢t✇❛r❡ ❞❡✈❡❧♦♣♠❡♥t ♣r♦❝❡ss ✭✶st ❡❞✳✮✳ ❆❞❞✐s♦♥✲❲❡s❧❡② Pr♦❢❡ss✐♦♥❛❧✳ ❋♦✇❧❡r✱ ▼✳ ✭✷✵✵✹✮✳ ❯▼▲ ❞✐st✐❧❧❡❞✳ ❘❡❛❞✐♥❣✱ ▼❛ss❛❝❤✉s❡tts✿ ❆❞❞✐s♦♥✲❲❡s❧❡② Pr♦❢❡ss✐♦♥❛❧✳ ◆✐❧ss♦♥✱ ▼✳ ✭✷✵✵✽✮✳ ❉❡s❝r✐♣t✐♦♥ ❙❡t Pr♦✜❧❡s✿ ❆ ❝♦♥str❛✐♥t ❧❛♥❣✉❛❣❡ ❢♦r ❉✉❜❧✐♥ ❈♦r❡ ❆♣♣❧✐❝❛t✐♦♥ Pr♦✜❧❡s✳ ❘❡tr✐❡✈❡❞ ❆♣r✐❧ ✻✱ ✷✵✶✻✱ ❢r♦♠ ❤tt♣✿✴✴❞✉❜❧✐♥❝♦r❡✳♦r❣✴❞♦❝✉♠❡♥ts✴✷✵✵✽✴✵✸✴✸✶✴❞❝✲❞s♣✴

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

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SLIDE 84

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❚♦♥❦✐♥✱ ❊✳ ✭✷✵✵✾✮✳ ▼✉❧t✐❧❛②❡r❡❞ P❛♣❡r Pr♦t♦t②♣✐♥❣ ❢♦r ❯s❡r ❈♦♥❝❡♣t ▼♦❞❡❧✐♥❣✿ ❙✉♣♣♦rt✐♥❣ t❤❡ ❉❡✈❡❧♦♣♠❡♥t ♦❢ ❆♣♣❧✐❝❛t✐♦♥ Pr♦✜❧❡s✳ ■♥ ❙✳ ❖❤ ✭❊❞✳✮✱ ❉❈✲✷✵✵✾✕❙❡♦✉❧ Pr♦❝❡❡❞✐♥❣s ✭♣♣✳ ✺✶✕✻✵✮✳ ❉❈▼■✳ ❙❝❤♥❡✐❞❡r✱ ●✳✱ ✫ ❲✐♥t❡rs✱ ❏✳ P✳ ✭✷✵✵✶✮✳ ❆♣♣❧②✐♥❣ ✉s❡ ❝❛s❡s✿ ❛ ♣r❛❝t✐❝❛❧ ❣✉✐❞❡ ✭❙❡❝♦♥❞ ❊❞✐✮✳ ❇♦st♦♥✱✿ ❆❞❞✐s♦♥✲❲❡s❧❡②✳ ❲❛❧❦✱ P✳ ✭✷✵✶✵✮✳ ❆♥ ❛❣✐❧❡ ❛♣♣r♦❛❝❤ t♦ t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ❉✉❜❧✐♥ ❈♦r❡ ❆♣♣❧✐❝❛t✐♦♥ Pr♦✜❧❡s✳ ❘❡tr✐❡✈❡❞ ❏✉♥❡ ✻✱ ✷✵✶✻✱ ❢r♦♠ ❤tt♣✿✴✴✇✇✇✳♣❛✉❧✇❛❧❦✳♥❡t✴✷✵✶✵✴✵✶✴✵✻✴❛♥✲❛❣✐❧❡✲❛♣♣r♦❛❝❤✲t♦✲t❤❡✲ ❞❡✈❡❧♦♣♠❡♥t✲♦❢✲❞✉❜❧✐♥✲❝♦r❡✲❛♣♣❧✐❝❛t✐♦♥✲♣r♦✜❧❡s✴

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

slide-85
SLIDE 85

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

P✉❜❧✐s❤❡❞ ❛♥❞ t♦ ❜❡ ♣✉s❜❧✐s❤❡❞

❈✉r❛❞♦ ▼❛❧t❛✱ ▼✳ ❛♥❞ ❇❛♣t✐st❛✱ ❆✳❆✳ ✭✷✵✶✼✮✳ ▼❡✹▼❆P✿ ❛ ♠❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s✳ ❙✉❜♠✐tt❡❞ t♦ ❥♦✉r♥❛❧✱ ✇❛✐t✐♥❣ ❢♦r ♣❡❡r✲r❡✈✐❡✇✳ ❈✉r❛❞♦ ▼❛❧t❛✱ ▼✳ ❛♥❞ ❇❛♣t✐st❛✱ ❆✳❆✳ ✭✷✵✶✸✮✳ ❆ ♠❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ❉✉❜❧✐♥ ❈♦r❡ ❆♣♣❧✐❝❛t✐♦♥ Pr♦✜❧❡s ✭▼❡✹❉❈❆P ❱✵✳✷✮✿ ❞❡t❛✐❧❡❞ ❞❡s❝r✐♣t✐♦♥✳ ■♥ ■♥t❡r♥❛t✐♦♥❛❧ ❈♦♥❢❡r❡♥❝❡ ♦♥ ❉✉❜❧✐♥ ❈♦r❡ ❛♥❞ ▼❡t❛❞❛t❛ ❆♣♣❧✐❝❛t✐♦♥s✳ ❘❡tr✐❡✈❡❞ ❢r♦♠ ❤tt♣✿✴✴❞❝❡✈❡♥ts✳❞✉❜❧✐♥❝♦r❡✳♦r❣✴■♥t❈♦♥❢✴❞❝✲✷✵✶✸✴♣❛♣❡r✴✈✐❡✇✴✶✼✽✴✽✶ ❈✉r❛❞♦ ▼❛❧t❛✱ ▼✳ ❛♥❞ ❇❛♣t✐st❛✱ ❆✳❆✳ ✭✷✵✶✸❛✮✳ ▼❡✹❉❈❆P ❱✵✳✶✿ ❆ ♠❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ❉✉❜❧✐♥ ❈♦r❡ ❆♣♣❧✐❝❛t✐♦♥ Pr♦✜❧❡s✳ ■♥ ◆✳ ▲❛✈❡ss♦♥✱ P✳ ▲✐♥❞❡✱ P✳ P✳✱ ❡❞✐t♦r✱ Pr♦❝❡❡❞✐♥❣s ♦❢ t❤❡ ✶✼t❤ ■♥t❡r♥❛t✐♦♥❛❧ ❈♦♥❢❡r❡♥❝❡ ♦♥ ❊❧❡❝tr♦♥✐❝ P✉❜❧✐s❤✐♥❣ ✲ ▼✐♥✐♥❣ t❤❡ ❉✐❣✐t❛❧ ■♥❢♦r♠❛t✐♦♥ ◆❡t✇♦r❦s✱ ♣❛❣❡s ✸✸ ✕ ✹✹✳ ■❖❙ Pr❡ss✳

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P

slide-86
SLIDE 86

❈♦♥t❡①t ▼❡✹▼❆P ❆✶ ✫ ❆✷ ❙✶ ❙✷ ❆✸ ❙✸ ❙✹ ❡ ❙✺ ❆✹ ❘❡❢❡r❡♥❝❡s ▼❡✹▼❆P P✉❜❧✐❝❛t✐♦♥s ❚❤❡ ❊♥❞

❚❤❛♥❦ ②♦✉

▼❛r✐❛♥❛ ❈✉r❛❞♦ ▼❛❧t❛

♠❛r✐❛♥❛❅✐s❝❛♣✳✐♣♣✳♣t

▼❡t❤♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♠❡t❛❞❛t❛ ❛♣♣❧✐❝❛t✐♦♥ ♣r♦✜❧❡s ▼❡✹▼❆P