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SLIDE 1

▼❛✐♥ Pr♦❥❡❝t ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥❡✉rs❤✐♣

❈❙ ✸✼✵ ❙❊ Pr❛❝t✐❝✉♠✱ ❈❡♥❣✐③ ●ü♥❛②

✭❙♦♠❡ s❧✐❞❡s ❝♦✉rt❡s② ♦❢ ❊✉❣❡♥❡ ❆❣✐❝❤t❡✐♥ ❛♥❞ t❤❡ ■♥t❡r♥❡ts✮

  • r❡❛t❡st ✐♥✈❡♥t♦r✿ Pr♦❢✳ ❇r❛✐♥ ◆❡r✈❡

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✶ ✴ ✶✾

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SLIDE 2

❆❣❡♥❞❛

❲❛r♠✲✉♣ ♣r♦❥❡❝t✿ ❘❡s✉❧ts ♦❢ ✐♥✐t✐❛❧ ❣r❛❞✐♥❣ ▼❛✐♥ ♣r♦❥❡❝t✿ ■❞❡❛s ♣r❡s❡♥t❡❞ t♦❞❛② ❙❡❧❡❝t ✐❞❡❛ ❛♥❞ ②♦✉r t❡❛♠ ❜② ❚✉❡s❞❛② ✸✴✹ ❯♣❝♦♠✐♥❣ ❣✉❡st st✉❞❡♥t st❛rt✉♣s ♦♥ ❚❤✉rs❞❛② ✷✴✷✼✿

✶ ▲✐❦❡P❧✉♠ ✕ ▼❛r❦❡t♣❧❛❝❡ ❢♦r ❡①♣❡rt ❛❞✈✐❝❡ ✷ ❈❛♠♣✉s❇✉❜❜❧❡ ✕ ❈❛♠♣✉s ❡✈❡♥ts ❛♥❞ ❛❝t✐✈✐t✐❡s

❚♦❞❛②✿ ■❞❡❛s✿ ②♦✉rs ❛♥❞ ♠✐♥❡ ■♥tr♦❞✉❝t✐♦♥ t♦ ❡♥tr❡♣r❡♥✉rs❤✐♣

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✷ ✴ ✶✾

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SLIDE 3

❆❣❡♥❞❛

❲❛r♠✲✉♣ ♣r♦❥❡❝t✿ ❘❡s✉❧ts ♦❢ ✐♥✐t✐❛❧ ❣r❛❞✐♥❣ ▼❛✐♥ ♣r♦❥❡❝t✿ ■❞❡❛s ♣r❡s❡♥t❡❞ t♦❞❛② ❙❡❧❡❝t ✐❞❡❛ ❛♥❞ ②♦✉r t❡❛♠ ❜② ❚✉❡s❞❛② ✸✴✹ ❯♣❝♦♠✐♥❣ ❣✉❡st st✉❞❡♥t st❛rt✉♣s ♦♥ ❚❤✉rs❞❛② ✷✴✷✼✿

✶ ▲✐❦❡P❧✉♠ ✕ ▼❛r❦❡t♣❧❛❝❡ ❢♦r ❡①♣❡rt ❛❞✈✐❝❡ ✷ ❈❛♠♣✉s❇✉❜❜❧❡ ✕ ❈❛♠♣✉s ❡✈❡♥ts ❛♥❞ ❛❝t✐✈✐t✐❡s

❚♦❞❛②✿ ■❞❡❛s✿ ②♦✉rs ❛♥❞ ♠✐♥❡ ■♥tr♦❞✉❝t✐♦♥ t♦ ❡♥tr❡♣r❡♥✉rs❤✐♣

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✷ ✴ ✶✾

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SLIDE 4

❆❣❡♥❞❛

❲❛r♠✲✉♣ ♣r♦❥❡❝t✿ ❘❡s✉❧ts ♦❢ ✐♥✐t✐❛❧ ❣r❛❞✐♥❣ ▼❛✐♥ ♣r♦❥❡❝t✿ ■❞❡❛s ♣r❡s❡♥t❡❞ t♦❞❛② ❙❡❧❡❝t ✐❞❡❛ ❛♥❞ ②♦✉r t❡❛♠ ❜② ❚✉❡s❞❛② ✸✴✹ ❯♣❝♦♠✐♥❣ ❣✉❡st st✉❞❡♥t st❛rt✉♣s ♦♥ ❚❤✉rs❞❛② ✷✴✷✼✿

✶ ▲✐❦❡P❧✉♠ ✕ ▼❛r❦❡t♣❧❛❝❡ ❢♦r ❡①♣❡rt ❛❞✈✐❝❡ ✷ ❈❛♠♣✉s❇✉❜❜❧❡ ✕ ❈❛♠♣✉s ❡✈❡♥ts ❛♥❞ ❛❝t✐✈✐t✐❡s

❚♦❞❛②✿ ■❞❡❛s✿ ②♦✉rs ❛♥❞ ♠✐♥❡ ■♥tr♦❞✉❝t✐♦♥ t♦ ❡♥tr❡♣r❡♥✉rs❤✐♣

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✷ ✴ ✶✾

slide-5
SLIDE 5

❆❣❡♥❞❛

❲❛r♠✲✉♣ ♣r♦❥❡❝t✿ ❘❡s✉❧ts ♦❢ ✐♥✐t✐❛❧ ❣r❛❞✐♥❣ ▼❛✐♥ ♣r♦❥❡❝t✿ ■❞❡❛s ♣r❡s❡♥t❡❞ t♦❞❛② ❙❡❧❡❝t ✐❞❡❛ ❛♥❞ ②♦✉r t❡❛♠ ❜② ❚✉❡s❞❛② ✸✴✹ ❯♣❝♦♠✐♥❣ ❣✉❡st st✉❞❡♥t st❛rt✉♣s ♦♥ ❚❤✉rs❞❛② ✷✴✷✼✿

✶ ▲✐❦❡P❧✉♠ ✕ ▼❛r❦❡t♣❧❛❝❡ ❢♦r ❡①♣❡rt ❛❞✈✐❝❡ ✷ ❈❛♠♣✉s❇✉❜❜❧❡ ✕ ❈❛♠♣✉s ❡✈❡♥ts ❛♥❞ ❛❝t✐✈✐t✐❡s

❚♦❞❛②✿ ■❞❡❛s✿ ②♦✉rs ❛♥❞ ♠✐♥❡ ■♥tr♦❞✉❝t✐♦♥ t♦ ❡♥tr❡♣r❡♥✉rs❤✐♣

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✷ ✴ ✶✾

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SLIDE 6

▼❛✐♥ Pr♦❥❡❝t ■❞❡❛s

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SLIDE 7
  • ✉✐❞❡❧✐♥❡s✴❝r✐t❡r✐❛

❉♦❛❜❧❡ ✐♥ t❤❡ r❡st ♦❢ t❤❡ s❡♠❡st❡r ❲♦rt❤ ②♦✉r ✇❤✐❧❡ ✕ ❛ ❧❡❛r♥✐♥❣ ❡①♣❡r✐❡♥❝❡ ❖t❤❡r ✈❛❧✉❡✿ ♣♦ss✐❜❧❡ ❢✉t✉r❡ ❡♥❞❡❛✈♦r

✶ ❨♦✉r ✐❞❡❛s✿

❖♥❧② t✇♦ ♦❢ t❤❡♠ s♦ ❢❛r ❈❛♥ ♣r♦♣♦s❡ t❤❡♠✱ ❜✉t ♥♦ ❣✉❛r❛♥t❡❡s ❇❡tt❡r ✐❢ ②♦✉ ❝❛♥ ❝♦♥✈✐♥❝❡ ❛ t❡❛♠ t♦ t❛❦❡ ✐t ❜② ♥❡①t ❚✉❡s❞❛②

✷ ▼② ✐❞❡❛s✿

❇❛❝❦✲❡♥❞ r❡❛❞② ♣r♦❥❡❝ts ❢r♦♠ ❈❙ ✺✼✵ ❉❛t❛ ▼✐♥✐♥❣ ❝♦✉rs❡ ❢r♦♠ ❧❛st s❡♠❡st❡r ❆❧r❡❛❞②✲st❛rt❡❞ ♣r♦❥❡❝t ❢r♦♠ ❈❙ ✹✽✺✴✺✹✵ ❙♦❢t✇❛r❡ ❊♥❣✐♥❡❡r✐♥❣ ❖t❤❡r ❝❛♠♣✉s ♣r♦❥❡❝ts

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✹ ✴ ✶✾

slide-8
SLIDE 8
  • ✉✐❞❡❧✐♥❡s✴❝r✐t❡r✐❛

❉♦❛❜❧❡ ✐♥ t❤❡ r❡st ♦❢ t❤❡ s❡♠❡st❡r ❲♦rt❤ ②♦✉r ✇❤✐❧❡ ✕ ❛ ❧❡❛r♥✐♥❣ ❡①♣❡r✐❡♥❝❡ ❖t❤❡r ✈❛❧✉❡✿ ♣♦ss✐❜❧❡ ❢✉t✉r❡ ❡♥❞❡❛✈♦r

✶ ❨♦✉r ✐❞❡❛s✿ ◮ ❖♥❧② t✇♦ ♦❢ t❤❡♠ s♦ ❢❛r ◮ ❈❛♥ ♣r♦♣♦s❡ t❤❡♠✱ ❜✉t ♥♦ ❣✉❛r❛♥t❡❡s ◮ ❇❡tt❡r ✐❢ ②♦✉ ❝❛♥ ❝♦♥✈✐♥❝❡ ❛ t❡❛♠ t♦ t❛❦❡ ✐t ❜② ♥❡①t ❚✉❡s❞❛② ✷ ▼② ✐❞❡❛s✿

❇❛❝❦✲❡♥❞ r❡❛❞② ♣r♦❥❡❝ts ❢r♦♠ ❈❙ ✺✼✵ ❉❛t❛ ▼✐♥✐♥❣ ❝♦✉rs❡ ❢r♦♠ ❧❛st s❡♠❡st❡r ❆❧r❡❛❞②✲st❛rt❡❞ ♣r♦❥❡❝t ❢r♦♠ ❈❙ ✹✽✺✴✺✹✵ ❙♦❢t✇❛r❡ ❊♥❣✐♥❡❡r✐♥❣ ❖t❤❡r ❝❛♠♣✉s ♣r♦❥❡❝ts

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✹ ✴ ✶✾

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SLIDE 9
  • ✉✐❞❡❧✐♥❡s✴❝r✐t❡r✐❛

❉♦❛❜❧❡ ✐♥ t❤❡ r❡st ♦❢ t❤❡ s❡♠❡st❡r ❲♦rt❤ ②♦✉r ✇❤✐❧❡ ✕ ❛ ❧❡❛r♥✐♥❣ ❡①♣❡r✐❡♥❝❡ ❖t❤❡r ✈❛❧✉❡✿ ♣♦ss✐❜❧❡ ❢✉t✉r❡ ❡♥❞❡❛✈♦r

✶ ❨♦✉r ✐❞❡❛s✿ ◮ ❖♥❧② t✇♦ ♦❢ t❤❡♠ s♦ ❢❛r ◮ ❈❛♥ ♣r♦♣♦s❡ t❤❡♠✱ ❜✉t ♥♦ ❣✉❛r❛♥t❡❡s ◮ ❇❡tt❡r ✐❢ ②♦✉ ❝❛♥ ❝♦♥✈✐♥❝❡ ❛ t❡❛♠ t♦ t❛❦❡ ✐t ❜② ♥❡①t ❚✉❡s❞❛② ✷ ▼② ✐❞❡❛s✿ ◮ ❇❛❝❦✲❡♥❞ r❡❛❞② ♣r♦❥❡❝ts ❢r♦♠ ❈❙ ✺✼✵ ❉❛t❛ ▼✐♥✐♥❣ ❝♦✉rs❡ ❢r♦♠ ❧❛st

s❡♠❡st❡r

◮ ❆❧r❡❛❞②✲st❛rt❡❞ ♣r♦❥❡❝t ❢r♦♠ ❈❙ ✹✽✺✴✺✹✵ ❙♦❢t✇❛r❡ ❊♥❣✐♥❡❡r✐♥❣ ◮ ❖t❤❡r ❝❛♠♣✉s ♣r♦❥❡❝ts ❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✹ ✴ ✶✾

slide-10
SLIDE 10

❉❛t❛ ♠✐♥✐♥❣ ♣r♦❥❡❝t✿ ▼❆❘❚❆ ❜✉s ♣r❡❞✐❝t♦r

❲❤❛t✬s ❞♦♥❡✿

◮ ▼❆❘❚❆ ♣r♦✈✐❞❡s r❡❛❧✲t✐♠❡ ❜✉s ❧♦❝❛t✐♦♥ ✐♥❢♦ ◮ ❙t✉❞❡♥ts ✐♥ ❈❙ ✺✼✵ ❝♦❧❧❡❝t❡❞ ❤✐st♦r✐❝❛❧ ❞❛t❛ ◮ ❈❛♥ ♠❛❦❡ ♣r❡❞✐❝t✐♦♥s t❤❛t ❝♦♠❜✐♥❡ ❤✐st♦r✐❝❛❧ ❛♥❞ r❡❛❧✲t✐♠❡ ❞❛t❛

◆❡❡❞ ❛ ❢r♦♥t✲❡♥❞ ✇❡❜✴♠♦❜✐❧❡ ❛♣♣

❊①✐st✐♥❣ ❛♣♣s ❛❧r❡❛❞② ❝❛♥ s❤♦✇ ♠❛♣ ✇✐t❤ ❜✉s❡s ❋♦❝✉s ♦♥ ❞❡❧❛② ♣r❡❞✐❝t✐♦♥ ❛t ❝✉rr❡♥t ❧♦❝❛t✐♦♥✱ ♥❡❛r❡st ❜✉s st♦♣ ▼❛❦❡ ✐t ❡❛s② t♦ ❛❝❝❡ss ❝♦♠♠♦♥❧② ✉s❡❞ r♦✉t❡s ❜② ✉s❡r

P♦ss✐❜❧❡ s✉♠♠❡r ❢✉♥❞✐♥❣ ✭♣❡♥❞✐♥❣✮

❉❛t❛ ❙❝✐❡♥❝❡ ❢♦r ❙♦❝✐❛❧ ●♦♦❞ ❆t❧❛♥t❛

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✺ ✴ ✶✾

slide-11
SLIDE 11

❉❛t❛ ♠✐♥✐♥❣ ♣r♦❥❡❝t✿ ▼❆❘❚❆ ❜✉s ♣r❡❞✐❝t♦r

❲❤❛t✬s ❞♦♥❡✿

◮ ▼❆❘❚❆ ♣r♦✈✐❞❡s r❡❛❧✲t✐♠❡ ❜✉s ❧♦❝❛t✐♦♥ ✐♥❢♦ ◮ ❙t✉❞❡♥ts ✐♥ ❈❙ ✺✼✵ ❝♦❧❧❡❝t❡❞ ❤✐st♦r✐❝❛❧ ❞❛t❛ ◮ ❈❛♥ ♠❛❦❡ ♣r❡❞✐❝t✐♦♥s t❤❛t ❝♦♠❜✐♥❡ ❤✐st♦r✐❝❛❧ ❛♥❞ r❡❛❧✲t✐♠❡ ❞❛t❛

◆❡❡❞ ❛ ❢r♦♥t✲❡♥❞ ✇❡❜✴♠♦❜✐❧❡ ❛♣♣

◮ ❊①✐st✐♥❣ ❛♣♣s ❛❧r❡❛❞② ❝❛♥ s❤♦✇ ♠❛♣ ✇✐t❤ ❜✉s❡s ◮ ❋♦❝✉s ♦♥ ❞❡❧❛② ♣r❡❞✐❝t✐♦♥ ❛t ❝✉rr❡♥t ❧♦❝❛t✐♦♥✱ ♥❡❛r❡st ❜✉s st♦♣ ◮ ▼❛❦❡ ✐t ❡❛s② t♦ ❛❝❝❡ss ❝♦♠♠♦♥❧② ✉s❡❞ r♦✉t❡s ❜② ✉s❡r

P♦ss✐❜❧❡ s✉♠♠❡r ❢✉♥❞✐♥❣ ✭♣❡♥❞✐♥❣✮

❉❛t❛ ❙❝✐❡♥❝❡ ❢♦r ❙♦❝✐❛❧ ●♦♦❞ ❆t❧❛♥t❛

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✺ ✴ ✶✾

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SLIDE 12

❉❛t❛ ♠✐♥✐♥❣ ♣r♦❥❡❝t✿ ▼❆❘❚❆ ❜✉s ♣r❡❞✐❝t♦r

❲❤❛t✬s ❞♦♥❡✿

◮ ▼❆❘❚❆ ♣r♦✈✐❞❡s r❡❛❧✲t✐♠❡ ❜✉s ❧♦❝❛t✐♦♥ ✐♥❢♦ ◮ ❙t✉❞❡♥ts ✐♥ ❈❙ ✺✼✵ ❝♦❧❧❡❝t❡❞ ❤✐st♦r✐❝❛❧ ❞❛t❛ ◮ ❈❛♥ ♠❛❦❡ ♣r❡❞✐❝t✐♦♥s t❤❛t ❝♦♠❜✐♥❡ ❤✐st♦r✐❝❛❧ ❛♥❞ r❡❛❧✲t✐♠❡ ❞❛t❛

◆❡❡❞ ❛ ❢r♦♥t✲❡♥❞ ✇❡❜✴♠♦❜✐❧❡ ❛♣♣

◮ ❊①✐st✐♥❣ ❛♣♣s ❛❧r❡❛❞② ❝❛♥ s❤♦✇ ♠❛♣ ✇✐t❤ ❜✉s❡s ◮ ❋♦❝✉s ♦♥ ❞❡❧❛② ♣r❡❞✐❝t✐♦♥ ❛t ❝✉rr❡♥t ❧♦❝❛t✐♦♥✱ ♥❡❛r❡st ❜✉s st♦♣ ◮ ▼❛❦❡ ✐t ❡❛s② t♦ ❛❝❝❡ss ❝♦♠♠♦♥❧② ✉s❡❞ r♦✉t❡s ❜② ✉s❡r

P♦ss✐❜❧❡ s✉♠♠❡r ❢✉♥❞✐♥❣ ✭♣❡♥❞✐♥❣✮

◮ ❉❛t❛ ❙❝✐❡♥❝❡ ❢♦r ❙♦❝✐❛❧ ●♦♦❞ ❆t❧❛♥t❛ ❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✺ ✴ ✶✾

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SLIDE 13

▼❡❞✐❝❛❧ ❆♣♣✿ ❚❛❜❧❡t P❛t❤♦❧♦❣② ❱✐❡✇❡r

✐P❛❞ ❆♥♥♦t❛t✐♦♥ ❛♥❞ ▼❛r❦✉♣ ❆♣♣ ❢♦r P❛t❤♦❧♦❣② ■♠❛❣❡s ❈❙ ✹✽✺✴✺✹✵ ❙♦❢t✇❛r❡ ❊♥❣✐♥❡❡r✐♥❣ ❝♦✉rs❡ ♣r♦❥❡❝t ❈♦✲s✉♣❡r✈✐s❡❞ ❜② ❉r✳ ❋✉s❤❡♥❣ ❲❛♥❣ ❢r♦♠ ❊♠♦r②✬s ❈❡♥t❡r ❢♦r ❈♦♠♣r❡❤❡♥s✐✈❡ ■♥❢♦r♠❛t✐❝s ✭❈❈■✮ ■♥t❡♥❞❡❞ ❢♦r ✉s❡ ❜② ❞♦❝t♦rs ❈✉rr❡♥t st❛t✉s

❙♦♠❡ ❞❡s✐❣♥ ✇♦r❦ ❞♦♥❡ ❉❡♠♦ ❛♣♣ ✇♦r❦✐♥❣

◆❡❡❞s t♦ ❜❡ ❞♦♥❡✿

❇❡tt❡r ✐♥t❡r❢❛❝❡ ▼❛r❦✉♣ ❢✉♥❝t✐♦♥❛❧✐t②

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✻ ✴ ✶✾

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SLIDE 14

▼❡❞✐❝❛❧ ❆♣♣✿ ❚❛❜❧❡t P❛t❤♦❧♦❣② ❱✐❡✇❡r

✐P❛❞ ❆♥♥♦t❛t✐♦♥ ❛♥❞ ▼❛r❦✉♣ ❆♣♣ ❢♦r P❛t❤♦❧♦❣② ■♠❛❣❡s ❈❙ ✹✽✺✴✺✹✵ ❙♦❢t✇❛r❡ ❊♥❣✐♥❡❡r✐♥❣ ❝♦✉rs❡ ♣r♦❥❡❝t ❈♦✲s✉♣❡r✈✐s❡❞ ❜② ❉r✳ ❋✉s❤❡♥❣ ❲❛♥❣ ❢r♦♠ ❊♠♦r②✬s ❈❡♥t❡r ❢♦r ❈♦♠♣r❡❤❡♥s✐✈❡ ■♥❢♦r♠❛t✐❝s ✭❈❈■✮ ■♥t❡♥❞❡❞ ❢♦r ✉s❡ ❜② ❞♦❝t♦rs ❈✉rr❡♥t st❛t✉s

◮ ❙♦♠❡ ❞❡s✐❣♥ ✇♦r❦ ❞♦♥❡ ◮ ❉❡♠♦ ❛♣♣ ✇♦r❦✐♥❣

◆❡❡❞s t♦ ❜❡ ❞♦♥❡✿

❇❡tt❡r ✐♥t❡r❢❛❝❡ ▼❛r❦✉♣ ❢✉♥❝t✐♦♥❛❧✐t②

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✻ ✴ ✶✾

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SLIDE 15

▼❡❞✐❝❛❧ ❆♣♣✿ ❚❛❜❧❡t P❛t❤♦❧♦❣② ❱✐❡✇❡r

✐P❛❞ ❆♥♥♦t❛t✐♦♥ ❛♥❞ ▼❛r❦✉♣ ❆♣♣ ❢♦r P❛t❤♦❧♦❣② ■♠❛❣❡s ❈❙ ✹✽✺✴✺✹✵ ❙♦❢t✇❛r❡ ❊♥❣✐♥❡❡r✐♥❣ ❝♦✉rs❡ ♣r♦❥❡❝t ❈♦✲s✉♣❡r✈✐s❡❞ ❜② ❉r✳ ❋✉s❤❡♥❣ ❲❛♥❣ ❢r♦♠ ❊♠♦r②✬s ❈❡♥t❡r ❢♦r ❈♦♠♣r❡❤❡♥s✐✈❡ ■♥❢♦r♠❛t✐❝s ✭❈❈■✮ ■♥t❡♥❞❡❞ ❢♦r ✉s❡ ❜② ❞♦❝t♦rs ❈✉rr❡♥t st❛t✉s

◮ ❙♦♠❡ ❞❡s✐❣♥ ✇♦r❦ ❞♦♥❡ ◮ ❉❡♠♦ ❛♣♣ ✇♦r❦✐♥❣

◆❡❡❞s t♦ ❜❡ ❞♦♥❡✿

◮ ❇❡tt❡r ✐♥t❡r❢❛❝❡ ◮ ▼❛r❦✉♣ ❢✉♥❝t✐♦♥❛❧✐t② ❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✻ ✴ ✶✾

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SLIDE 16

❲❡❜ ❛♣♣❧✐❝❛t✐♦♥ ❢♦r s❝✐❡♥t✐✜❝ ❛rt✐❝❧❡ ♣❡❡r✲r❡✈✐❡✇

❈♦❧❧❡❝t ♣❛♣❡rs ❛♥❞ ❛❧❧♦✇ ❡✈❛❧✉❛t✐♦♥ ❜② ❛♥ ❡①♣❡rt ❝♦♠♠✐tt❡❡ ❈❧✐❡♥t✿ ❆♥❝❛ ❉♦❧♦❝✲▼✐❤✉ ❅ ❊♠♦r② P♦st❞♦❝t♦r❛❧ ❙❝✐❡♥❝❡ ❲r✐t❡rs ❈♦♠♠✐tt❡❡ ✭❊♠♦r② ❙❝❤♦♦❧ ♦❢ ▼❡❞✐❝✐♥❡✮ ■♥t❡♥❞❡❞ ❢♦r ✉s❡ ❜② ❊♠♦r② ♣♦st❞♦❝s ◆♦ ♣r❡✈✐♦✉s ✇♦r❦ ❞♦♥❡✿

✶ ♣❛♣❡r s✉❜♠✐ss✐♦♥ ✷ r❡✈✐❡✇❡r r❡❣✐str❛t✐♦♥ ✸ ♣❛♣❡r✲r❡✈✐❡✇❡r ♠❛t❝❤✐♥❣ ✹ ❝♦rr❡s♣♦♥❞❡♥❝❡ ✺ ❛❞♠✐♥

✭❞♦ ❛s ♠❛♥② ❛s ②♦✉ ❝❛♥✮ ❖t❤❡r ❝❧✐❡♥t r❡q✉✐r❡♠❡♥ts✿ ❙◗▲ ❢♦r ♣❛♣❡r ❛♥❞ r❡✈✐❡✇❡r ✐♥❢♦ ❆❞♠✐♥s s❡t ✉♣ ❞❡❛❞❧✐♥❡s✱ s❡♥❞ r❡♠✐♥❞❡r✱ ❡t❝✳ P❛♣❡rs s✉❜♠✐tt❡❞ ❜② ✉s❡rs✱ ❛❝❦♥♦✇❧❡❞❣❡ ❜② ❡♠❛✐❧ ▼❛t❝❤ r❡✈✐❡✇❡rs t♦ ♣❛♣❡rs❀ ❛❞♠✐♥ ♠❛❦❡s ✜♥❛❧ ❞❡❝✐s✐♦♥ ▼✉st ❜❡✿ r❡❧✐❛❜❧❡✱ s❡❝✉r❡✱ ❛♥❞ ❢❛st✳

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✼ ✴ ✶✾

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SLIDE 17

❲❡❜ ❛♣♣❧✐❝❛t✐♦♥ ❢♦r s❝✐❡♥t✐✜❝ ❛rt✐❝❧❡ ♣❡❡r✲r❡✈✐❡✇

❈♦❧❧❡❝t ♣❛♣❡rs ❛♥❞ ❛❧❧♦✇ ❡✈❛❧✉❛t✐♦♥ ❜② ❛♥ ❡①♣❡rt ❝♦♠♠✐tt❡❡ ❈❧✐❡♥t✿ ❆♥❝❛ ❉♦❧♦❝✲▼✐❤✉ ❅ ❊♠♦r② P♦st❞♦❝t♦r❛❧ ❙❝✐❡♥❝❡ ❲r✐t❡rs ❈♦♠♠✐tt❡❡ ✭❊♠♦r② ❙❝❤♦♦❧ ♦❢ ▼❡❞✐❝✐♥❡✮ ■♥t❡♥❞❡❞ ❢♦r ✉s❡ ❜② ❊♠♦r② ♣♦st❞♦❝s ◆♦ ♣r❡✈✐♦✉s ✇♦r❦ ❞♦♥❡✿

✶ ♣❛♣❡r s✉❜♠✐ss✐♦♥ ✷ r❡✈✐❡✇❡r r❡❣✐str❛t✐♦♥ ✸ ♣❛♣❡r✲r❡✈✐❡✇❡r ♠❛t❝❤✐♥❣ ✹ ❝♦rr❡s♣♦♥❞❡♥❝❡ ✺ ❛❞♠✐♥

✭❞♦ ❛s ♠❛♥② ❛s ②♦✉ ❝❛♥✮ ❖t❤❡r ❝❧✐❡♥t r❡q✉✐r❡♠❡♥ts✿ ❙◗▲ ❢♦r ♣❛♣❡r ❛♥❞ r❡✈✐❡✇❡r ✐♥❢♦ ❆❞♠✐♥s s❡t ✉♣ ❞❡❛❞❧✐♥❡s✱ s❡♥❞ r❡♠✐♥❞❡r✱ ❡t❝✳ P❛♣❡rs s✉❜♠✐tt❡❞ ❜② ✉s❡rs✱ ❛❝❦♥♦✇❧❡❞❣❡ ❜② ❡♠❛✐❧ ▼❛t❝❤ r❡✈✐❡✇❡rs t♦ ♣❛♣❡rs❀ ❛❞♠✐♥ ♠❛❦❡s ✜♥❛❧ ❞❡❝✐s✐♦♥ ▼✉st ❜❡✿ r❡❧✐❛❜❧❡✱ s❡❝✉r❡✱ ❛♥❞ ❢❛st✳

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✼ ✴ ✶✾

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SLIDE 18

❋✐♥❞ ♠❡ ❛ ❥♦❜✦

❋❛❝✉❧t②❆♣♣✿ ❏♦❜✲❛❞ ❜♦♦❦♠❛r❦✐♥❣ ❛♥❞ ♣r♦❣r❡ss tr❛❝❦✐♥❣ ❢♦r ❛❝❛❞❡♠✐❝ ♣♦s✐t✐♦♥s ❆♥♦♥②♠♦✉s ♥✐❝❦♥❛♠❡s✱ r❡❛❧ ❛♣♣❧✐❝❛t✐♦♥s ▼② ♣r♦❥❡❝t s✐♥❝❡ ❋❛❧❧ ✷✵✶✷ ■♥t❡♥❞❡❞ ❢♦r ✉s❡ ❜② ♣♦st❞♦❝s ❛♥❞ ♦t❤❡r ❛❞✈❛♥❝❡❞ ♣r♦❢❡ss✐♦♥❛❧s ❣❧♦❜❛❧❧② Pr❡✈✐♦✉s ✇♦r❦ ❞♦♥❡✿ ❆❧♣❤❛ ✈❡rs✐♦♥ ♦♥❧✐♥❡ ❈❛♥ s✉❜♠✐t ❥♦❜ ❛❞s ❈❛♥ r❡❣✐st❡r ❚r❛❝❦ ♦✇♥ ❛♣♣❧✐❝❛t✐♦♥s ♣r✐✈❛t❡❧② ◆❡❡❞ t♦ ❛❞❞ ♥❡✇ s❡❝t✐♦♥✿ ❈♦♠♠✉♥✐t②✴s♦❝✐❛❧ ❝♦♠♣♦♥❡♥t ❯s❡rs ❣❡t ♣♦✐♥ts ❧✐❦❡ ✐♥ st❛❝❦♦✈❡r✢♦✇ ❯s❡r ♣r♦✜❧❡ ♣❛❣❡s ❏♦❜s ❛♣♣❧✐❡❞ P♦sts ♠❛❞❡

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✽ ✴ ✶✾

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SLIDE 19

❋✐♥❞ ♠❡ ❛ ❥♦❜✦

❋❛❝✉❧t②❆♣♣✿ ❏♦❜✲❛❞ ❜♦♦❦♠❛r❦✐♥❣ ❛♥❞ ♣r♦❣r❡ss tr❛❝❦✐♥❣ ❢♦r ❛❝❛❞❡♠✐❝ ♣♦s✐t✐♦♥s ❆♥♦♥②♠♦✉s ♥✐❝❦♥❛♠❡s✱ r❡❛❧ ❛♣♣❧✐❝❛t✐♦♥s ▼② ♣r♦❥❡❝t s✐♥❝❡ ❋❛❧❧ ✷✵✶✷ ■♥t❡♥❞❡❞ ❢♦r ✉s❡ ❜② ♣♦st❞♦❝s ❛♥❞ ♦t❤❡r ❛❞✈❛♥❝❡❞ ♣r♦❢❡ss✐♦♥❛❧s ❣❧♦❜❛❧❧② Pr❡✈✐♦✉s ✇♦r❦ ❞♦♥❡✿ ❆❧♣❤❛ ✈❡rs✐♦♥ ♦♥❧✐♥❡ ❈❛♥ s✉❜♠✐t ❥♦❜ ❛❞s ❈❛♥ r❡❣✐st❡r ❚r❛❝❦ ♦✇♥ ❛♣♣❧✐❝❛t✐♦♥s ♣r✐✈❛t❡❧② ◆❡❡❞ t♦ ❛❞❞ ♥❡✇ s❡❝t✐♦♥✿ ❈♦♠♠✉♥✐t②✴s♦❝✐❛❧ ❝♦♠♣♦♥❡♥t ❯s❡rs ❣❡t ♣♦✐♥ts ❧✐❦❡ ✐♥ st❛❝❦♦✈❡r✢♦✇ ❯s❡r ♣r♦✜❧❡ ♣❛❣❡s ❏♦❜s ❛♣♣❧✐❡❞ P♦sts ♠❛❞❡

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✽ ✴ ✶✾

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SLIDE 20

❋✐♥❞ ♠❡ ❛ ❥♦❜✦

❋❛❝✉❧t②❆♣♣✿ ❏♦❜✲❛❞ ❜♦♦❦♠❛r❦✐♥❣ ❛♥❞ ♣r♦❣r❡ss tr❛❝❦✐♥❣ ❢♦r ❛❝❛❞❡♠✐❝ ♣♦s✐t✐♦♥s ❆♥♦♥②♠♦✉s ♥✐❝❦♥❛♠❡s✱ r❡❛❧ ❛♣♣❧✐❝❛t✐♦♥s ▼② ♣r♦❥❡❝t s✐♥❝❡ ❋❛❧❧ ✷✵✶✷ ■♥t❡♥❞❡❞ ❢♦r ✉s❡ ❜② ♣♦st❞♦❝s ❛♥❞ ♦t❤❡r ❛❞✈❛♥❝❡❞ ♣r♦❢❡ss✐♦♥❛❧s ❣❧♦❜❛❧❧② Pr❡✈✐♦✉s ✇♦r❦ ❞♦♥❡✿ ❆❧♣❤❛ ✈❡rs✐♦♥ ♦♥❧✐♥❡ ❈❛♥ s✉❜♠✐t ❥♦❜ ❛❞s ❈❛♥ r❡❣✐st❡r ❚r❛❝❦ ♦✇♥ ❛♣♣❧✐❝❛t✐♦♥s ♣r✐✈❛t❡❧② ◆❡❡❞ t♦ ❛❞❞ ♥❡✇ s❡❝t✐♦♥✿ ❈♦♠♠✉♥✐t②✴s♦❝✐❛❧ ❝♦♠♣♦♥❡♥t ❯s❡rs ❣❡t ♣♦✐♥ts ❧✐❦❡ ✐♥ st❛❝❦♦✈❡r✢♦✇ ❯s❡r ♣r♦✜❧❡ ♣❛❣❡s ❏♦❜s ❛♣♣❧✐❡❞ P♦sts ♠❛❞❡

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✽ ✴ ✶✾

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SLIDE 21

❖t❤❡r P♦ss✐❜✐❧✐t✐❡s ❢r♦♠ ❉❛t❛ ▼✐♥✐♥❣

✶ ◆❡✇s ✜❧t❡r✐♥❣✿ ◮ ❋♦r ❡①❛♠♣❧❡✱ ✜♥❞ ♥❡✇s ❛rt✐❝❧❡s ♦♥ s♦❝❝❡r ✷ ❇❛s❡❜❛❧❧ ♣✐t❝❤ ♣r❡❞✐❝t✐♦♥

❇❛❝❦✲❡♥❞ ❤❛❧❢✇❛② ❞♦♥❡ t♦ ♣r❡❞✐❝t ♣✐t❝❤ t②♣❡ ◆❡❡❞ ❢r♦♥t ❡♥❞ ✇❡❜s✐t❡

✸ ❚✇✐tt❡r ❧♦❝❛t✐♦♥

❈❛♥ s❤♦✇ ♦♥ ♠❛♣ ✇❤❡r❡ t✇❡❡ts ❛r❡ ♠❛❞❡ ◆♦ ❝❧❡❛r ✐❞❡❛ ♦❢ ❤♦✇ t♦ t✉r♥ t❤✐s ✐♥t♦ s♦♠❡t❤✐♥❣ ✉s❡❢✉❧

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✾ ✴ ✶✾

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SLIDE 22

❖t❤❡r P♦ss✐❜✐❧✐t✐❡s ❢r♦♠ ❉❛t❛ ▼✐♥✐♥❣

✶ ◆❡✇s ✜❧t❡r✐♥❣✿ ◮ ❋♦r ❡①❛♠♣❧❡✱ ✜♥❞ ♥❡✇s ❛rt✐❝❧❡s ♦♥ s♦❝❝❡r ✷ ❇❛s❡❜❛❧❧ ♣✐t❝❤ ♣r❡❞✐❝t✐♦♥ ◮ ❇❛❝❦✲❡♥❞ ❤❛❧❢✇❛② ❞♦♥❡ t♦ ♣r❡❞✐❝t ♣✐t❝❤ t②♣❡ ◮ ◆❡❡❞ ❢r♦♥t ❡♥❞ ✇❡❜s✐t❡ ✸ ❚✇✐tt❡r ❧♦❝❛t✐♦♥

❈❛♥ s❤♦✇ ♦♥ ♠❛♣ ✇❤❡r❡ t✇❡❡ts ❛r❡ ♠❛❞❡ ◆♦ ❝❧❡❛r ✐❞❡❛ ♦❢ ❤♦✇ t♦ t✉r♥ t❤✐s ✐♥t♦ s♦♠❡t❤✐♥❣ ✉s❡❢✉❧

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✾ ✴ ✶✾

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SLIDE 23

❖t❤❡r P♦ss✐❜✐❧✐t✐❡s ❢r♦♠ ❉❛t❛ ▼✐♥✐♥❣

✶ ◆❡✇s ✜❧t❡r✐♥❣✿ ◮ ❋♦r ❡①❛♠♣❧❡✱ ✜♥❞ ♥❡✇s ❛rt✐❝❧❡s ♦♥ s♦❝❝❡r ✷ ❇❛s❡❜❛❧❧ ♣✐t❝❤ ♣r❡❞✐❝t✐♦♥ ◮ ❇❛❝❦✲❡♥❞ ❤❛❧❢✇❛② ❞♦♥❡ t♦ ♣r❡❞✐❝t ♣✐t❝❤ t②♣❡ ◮ ◆❡❡❞ ❢r♦♥t ❡♥❞ ✇❡❜s✐t❡ ✸ ❚✇✐tt❡r ❧♦❝❛t✐♦♥ ◮ ❈❛♥ s❤♦✇ ♦♥ ♠❛♣ ✇❤❡r❡ t✇❡❡ts ❛r❡ ♠❛❞❡ ◮ ◆♦ ❝❧❡❛r ✐❞❡❛ ♦❢ ❤♦✇ t♦ t✉r♥ t❤✐s ✐♥t♦ s♦♠❡t❤✐♥❣ ✉s❡❢✉❧ ❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✾ ✴ ✶✾

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SLIDE 24
  • ♦t ■❞❡❛s❄
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SLIDE 25

❨♦✉r ■❞❡❛s ❙♦ ❋❛r

✶ ❏❛♠❡s ❉✐♥❣✿ ✶

✏❡❝♦♠♠❡r❝❡ s✐t❡ ❢♦r ❢♦♦❞✳ ■t ✇✐❧❧ ✉s❡ ❛ ❝❧❡❛♥ ✐♥t❡r❢❛❝❡ ✭❏◗✉❡r②✮ ❛♥❞ ❜❡ ❜❛❝❦❡❞ ✐♥ r❛✐❧s✳✑

✷ ❏❡♥♥✐❢❡r ❆s❤✐r✉✿ ✶

✏♠♦❜✐❧❡ ♦r ✇❡❜ ♠✐♥✐ ❣❛♠❡s ✐♥ ❛♥ ✽ ❜✐t ❛rt st②❧❡ r❡♠✐♥✐s❝❡♥t ♦❢ ❙♣❛❝❡ ■♥✈❛❞❡rs ♦r ♦❧❞ ❛r❝❛❞❡ st②❧❡ ❣❛♠❡s✳✑

✸ ■s❛❛❝ ❈♦❤❡♥ ✶

❚♦♣ ❙❡❝r❡t ✭t❛❧❦ t♦ ❤✐♠✮

✏❚❤✐s ✐❞❡❛ ♦❢ ♠✐♥❡ ✐s ❛ ♠❡❞✐❝❛❧❧② r❡❧❛t❡❞ ♣❤♦♥❡ ❛♣♣ t♦ ❧♦❣ ②♦✉r ♦✇♥ ♣❛✐♥ ❛s ✐t ♦❝❝✉rs ✐♥ r❡❛❧ t✐♠❡ ❛s

❛♥ ❛✐❞ t♦ ❞✐❛❣♥♦s✐♥❣ ♣❛t✐❡♥ts✳✑

✹ ❆♥② ♦t❤❡rs❄ ❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✶✶ ✴ ✶✾

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SLIDE 26

❨♦✉r ■❞❡❛s ❙♦ ❋❛r

✶ ❏❛♠❡s ❉✐♥❣✿ ✶

✏❡❝♦♠♠❡r❝❡ s✐t❡ ❢♦r ❢♦♦❞✳ ■t ✇✐❧❧ ✉s❡ ❛ ❝❧❡❛♥ ✐♥t❡r❢❛❝❡ ✭❏◗✉❡r②✮ ❛♥❞ ❜❡ ❜❛❝❦❡❞ ✐♥ r❛✐❧s✳✑

✷ ❏❡♥♥✐❢❡r ❆s❤✐r✉✿ ✶

✏♠♦❜✐❧❡ ♦r ✇❡❜ ♠✐♥✐ ❣❛♠❡s ✐♥ ❛♥ ✽ ❜✐t ❛rt st②❧❡ r❡♠✐♥✐s❝❡♥t ♦❢ ❙♣❛❝❡ ■♥✈❛❞❡rs ♦r ♦❧❞ ❛r❝❛❞❡ st②❧❡ ❣❛♠❡s✳✑

✸ ■s❛❛❝ ❈♦❤❡♥ ✶

❚♦♣ ❙❡❝r❡t ✭t❛❧❦ t♦ ❤✐♠✮

✏❚❤✐s ✐❞❡❛ ♦❢ ♠✐♥❡ ✐s ❛ ♠❡❞✐❝❛❧❧② r❡❧❛t❡❞ ♣❤♦♥❡ ❛♣♣ t♦ ❧♦❣ ②♦✉r ♦✇♥ ♣❛✐♥ ❛s ✐t ♦❝❝✉rs ✐♥ r❡❛❧ t✐♠❡ ❛s

❛♥ ❛✐❞ t♦ ❞✐❛❣♥♦s✐♥❣ ♣❛t✐❡♥ts✳✑

✹ ❆♥② ♦t❤❡rs❄ ❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✶✶ ✴ ✶✾

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SLIDE 27

❨♦✉r ■❞❡❛s ❙♦ ❋❛r

✶ ❏❛♠❡s ❉✐♥❣✿ ✶

✏❡❝♦♠♠❡r❝❡ s✐t❡ ❢♦r ❢♦♦❞✳ ■t ✇✐❧❧ ✉s❡ ❛ ❝❧❡❛♥ ✐♥t❡r❢❛❝❡ ✭❏◗✉❡r②✮ ❛♥❞ ❜❡ ❜❛❝❦❡❞ ✐♥ r❛✐❧s✳✑

✷ ❏❡♥♥✐❢❡r ❆s❤✐r✉✿ ✶

✏♠♦❜✐❧❡ ♦r ✇❡❜ ♠✐♥✐ ❣❛♠❡s ✐♥ ❛♥ ✽ ❜✐t ❛rt st②❧❡ r❡♠✐♥✐s❝❡♥t ♦❢ ❙♣❛❝❡ ■♥✈❛❞❡rs ♦r ♦❧❞ ❛r❝❛❞❡ st②❧❡ ❣❛♠❡s✳✑

✸ ■s❛❛❝ ❈♦❤❡♥ ✶

❚♦♣ ❙❡❝r❡t ✭t❛❧❦ t♦ ❤✐♠✮

✏❚❤✐s ✐❞❡❛ ♦❢ ♠✐♥❡ ✐s ❛ ♠❡❞✐❝❛❧❧② r❡❧❛t❡❞ ♣❤♦♥❡ ❛♣♣ t♦ ❧♦❣ ②♦✉r ♦✇♥ ♣❛✐♥ ❛s ✐t ♦❝❝✉rs ✐♥ r❡❛❧ t✐♠❡ ❛s

❛♥ ❛✐❞ t♦ ❞✐❛❣♥♦s✐♥❣ ♣❛t✐❡♥ts✳✑

✹ ❆♥② ♦t❤❡rs❄ ❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✶✶ ✴ ✶✾

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SLIDE 28

❨♦✉r ■❞❡❛s ❙♦ ❋❛r

✶ ❏❛♠❡s ❉✐♥❣✿ ✶

✏❡❝♦♠♠❡r❝❡ s✐t❡ ❢♦r ❢♦♦❞✳ ■t ✇✐❧❧ ✉s❡ ❛ ❝❧❡❛♥ ✐♥t❡r❢❛❝❡ ✭❏◗✉❡r②✮ ❛♥❞ ❜❡ ❜❛❝❦❡❞ ✐♥ r❛✐❧s✳✑

✷ ❏❡♥♥✐❢❡r ❆s❤✐r✉✿ ✶

✏♠♦❜✐❧❡ ♦r ✇❡❜ ♠✐♥✐ ❣❛♠❡s ✐♥ ❛♥ ✽ ❜✐t ❛rt st②❧❡ r❡♠✐♥✐s❝❡♥t ♦❢ ❙♣❛❝❡ ■♥✈❛❞❡rs ♦r ♦❧❞ ❛r❝❛❞❡ st②❧❡ ❣❛♠❡s✳✑

✸ ■s❛❛❝ ❈♦❤❡♥ ✶

❚♦♣ ❙❡❝r❡t ✭t❛❧❦ t♦ ❤✐♠✮

✏❚❤✐s ✐❞❡❛ ♦❢ ♠✐♥❡ ✐s ❛ ♠❡❞✐❝❛❧❧② r❡❧❛t❡❞ ♣❤♦♥❡ ❛♣♣ t♦ ❧♦❣ ②♦✉r ♦✇♥ ♣❛✐♥ ❛s ✐t ♦❝❝✉rs ✐♥ r❡❛❧ t✐♠❡ ❛s

❛♥ ❛✐❞ t♦ ❞✐❛❣♥♦s✐♥❣ ♣❛t✐❡♥ts✳✑

✹ ❆♥② ♦t❤❡rs❄ ❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✶✶ ✴ ✶✾

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SLIDE 29

❊♥tr❡♣r❡♥❡✉rs❤✐♣

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SLIDE 30

❆❞✈✐❝❡ ❢r♦♠ s♦♠❡ r❡❛❧ ❡♥tr❡♣r❡♥❡✉rs

▼② s✐st❡r✱ ❊❞❛✱ ❛♥❞ ❤❡r ❢r✐❡♥❞✱ ▼❡❧♦❞✐✿ ❈r❡❛t♦rs ♦❢ st❛rt✉♣s ✐♥ ❚✉r❦❡②✿ ❯♣❧✐❢❡rs✳❝♦♠ ✕ P❡rs♦♥❛❧ ✇❡❧❧✲❜❡✐♥❣ ♥❡✇s s✐t❡ ▼✐❤❡r❛✳❝♦♠ ✕ ❙❡❧❧ ②♦✉r ♦✇♥ ❝r❡❛t✐♦♥s ✭▲✐❦❡ ❊ts②✮

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✶✸ ✴ ✶✾

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SLIDE 31

❲❤② ❡♥tr❡♣r❡♥❡✉rs❤✐♣❄

❆s ❝♦♠♣✉t❡r s❝✐❡♥t✐st ②♦✉ ❤❛✈❡ ♦♣t✐♦♥s✿

✶ ❲♦r❦ ❢♦r s♦♠❡ ❝♦♠♣❛♥② ✷ ❲♦r❦ ❛s ❢r❡❡❧❛♥❝❡r ✸ ❲♦r❦ ❢♦r ②♦✉rs❡❧❢ ✭❡♥tr❡♣r❡♥❡✉r✮

❲❤❛t ✐s ✐t ♠❡❛♥ t♦ ❜❡ ❛♥ ❡♥tr❡♣r❡♥❡✉r❄ ♣❡rs✐st❡♥t✱ ♣❛ss✐♦♥❛t❡ ✇❛♥t t♦ ♠❛❦❡ ❛ ❝❤❛♥❣❡ ♥♦t ❥✉st ✐❞❡❛✱ ❧♦ts ♦❢ s✇❡❛t✱ t♦♦

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✶✹ ✴ ✶✾

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SLIDE 32

❲❤② ❡♥tr❡♣r❡♥❡✉rs❤✐♣❄

❆s ❝♦♠♣✉t❡r s❝✐❡♥t✐st ②♦✉ ❤❛✈❡ ♦♣t✐♦♥s✿

✶ ❲♦r❦ ❢♦r s♦♠❡ ❝♦♠♣❛♥② ✷ ❲♦r❦ ❛s ❢r❡❡❧❛♥❝❡r ✸ ❲♦r❦ ❢♦r ②♦✉rs❡❧❢ ✭❡♥tr❡♣r❡♥❡✉r✮

❲❤❛t ✐s ✐t ♠❡❛♥ t♦ ❜❡ ❛♥ ❡♥tr❡♣r❡♥❡✉r❄ ♣❡rs✐st❡♥t✱ ♣❛ss✐♦♥❛t❡ ✇❛♥t t♦ ♠❛❦❡ ❛ ❝❤❛♥❣❡ ♥♦t ❥✉st ✐❞❡❛✱ ❧♦ts ♦❢ s✇❡❛t✱ t♦♦

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✶✹ ✴ ✶✾

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SLIDE 33

■♥t❡❧❧❡❝t✉❛❧ Pr♦♣❡rt②✿ ❯r❜❛♥ ▲❡❣❡♥❞s❄

■❞❡❛s ❛r❡ ♥♦t t❤❛t ✐♠♣♦rt❛♥t✱ t❤❡r❡ ❛r❡ ❧♦ts ♦❢ t❤❡♠✳ ▼♦r❡ ✐♠♣♦rt❛♥t❧②✿ ❈❛♥ ②♦✉ ✐♠♣❧❡♠❡♥t t❤❡♠❄ ❲✐t❤ r❡❛❧ ♣❡♦♣❧❡❄ ❲✐t❤ r❡❛❧ r❡s✉❧ts❄ ❈❛♥ ♠❛❦❡ ♣r♦✜t❄ ❈❛♥ ②♦✉ ❝♦♥✈✐♥❝❡ ♣❡♦♣❧❡ ♥♦✇ t❤❛t ②♦✉ ❝❛♥ ❞♦ t❤✐s❄ ❇♦tt♦♠❧✐♥❡✿ ❉♦♥✬t ❜❡ ❛❢r❛✐❞ t♦ s❤❛r❡ ②♦✉r ✐❞❡❛s✳ ❉❡✈❡❧♦♣ ②♦✉r ✐❞❡❛s ❢✉rt❤❡r ❜② ❣❡tt✐♥❣ ❢❡❡❞❜❛❝❦ ◆❡t✇♦r❦ ✇✐t❤ t❤❡ r✐❣❤t ♣❡♦♣❧❡ ✭❜✉s✐♥❡ss✱ ❧❛✇✱ ♠❛r❦❡t✐♥❣✮

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✶✺ ✴ ✶✾

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SLIDE 34

■♥t❡❧❧❡❝t✉❛❧ Pr♦♣❡rt②✿ ❯r❜❛♥ ▲❡❣❡♥❞s❄

■❞❡❛s ❛r❡ ♥♦t t❤❛t ✐♠♣♦rt❛♥t✱ t❤❡r❡ ❛r❡ ❧♦ts ♦❢ t❤❡♠✳ ▼♦r❡ ✐♠♣♦rt❛♥t❧②✿ ❈❛♥ ②♦✉ ✐♠♣❧❡♠❡♥t t❤❡♠❄ ❲✐t❤ r❡❛❧ ♣❡♦♣❧❡❄ ❲✐t❤ r❡❛❧ r❡s✉❧ts❄ ❈❛♥ ♠❛❦❡ ♣r♦✜t❄ ❈❛♥ ②♦✉ ❝♦♥✈✐♥❝❡ ♣❡♦♣❧❡ ♥♦✇ t❤❛t ②♦✉ ❝❛♥ ❞♦ t❤✐s❄ ❇♦tt♦♠❧✐♥❡✿ ❉♦♥✬t ❜❡ ❛❢r❛✐❞ t♦ s❤❛r❡ ②♦✉r ✐❞❡❛s✳ ❉❡✈❡❧♦♣ ②♦✉r ✐❞❡❛s ❢✉rt❤❡r ❜② ❣❡tt✐♥❣ ❢❡❡❞❜❛❝❦ ◆❡t✇♦r❦ ✇✐t❤ t❤❡ r✐❣❤t ♣❡♦♣❧❡ ✭❜✉s✐♥❡ss✱ ❧❛✇✱ ♠❛r❦❡t✐♥❣✮

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✶✺ ✴ ✶✾

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SLIDE 35

❋✐rst st❡♣✿ ■❞❡♥t✐❢② ♠❛r❦❡t ♥❡❡❞

❉♦♥✬t t❤✐♥❦ ♦❢ ♣r♦✜t ✜rst ❋✐rst ✜♥❞ ❛ ♥❡❡❞ ✐♥ t❤❡ ♠❛r❦❡t ❚❤✐♥❦ ♦❢ ♦t❤❡r ❝♦♠♣❛♥✐❡s ✇❤♦ ❞✐❞ t❤✐s✿ ●♦♦❣❧❡✱ ❋❛❝❡❜♦♦❦✱ ▲✐♥❦❡❞■♥ ❛♥❛❧②③❡ ♠❛r❦❡t ❤♦✇ ♠❛♥② ♣❡♦♣❧❡❄ ✇❤❛t✬s t❤❡ ♣♦t❡♥t✐❛❧❄ ✇❤♦ ❛r❡ ❝♦♠♣❡t✐t♦rs❄ s♦♠❡t✐♠❡s ②♦✉ ♥❡❡❞ t♦ ❝r❡❛t❡ ②♦✉r ♦✇♥ ♠❛r❦❡t ❉♦ s♦♠❡ r❡s❡❛r❝❤✦

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✶✻ ✴ ✶✾

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SLIDE 36

❋✐rst st❡♣✿ ■❞❡♥t✐❢② ♠❛r❦❡t ♥❡❡❞

❉♦♥✬t t❤✐♥❦ ♦❢ ♣r♦✜t ✜rst ❋✐rst ✜♥❞ ❛ ♥❡❡❞ ✐♥ t❤❡ ♠❛r❦❡t ❚❤✐♥❦ ♦❢ ♦t❤❡r ❝♦♠♣❛♥✐❡s ✇❤♦ ❞✐❞ t❤✐s✿ ●♦♦❣❧❡✱ ❋❛❝❡❜♦♦❦✱ ▲✐♥❦❡❞■♥ ❛♥❛❧②③❡ ♠❛r❦❡t ❤♦✇ ♠❛♥② ♣❡♦♣❧❡❄ ✇❤❛t✬s t❤❡ ♣♦t❡♥t✐❛❧❄ ✇❤♦ ❛r❡ ❝♦♠♣❡t✐t♦rs❄ s♦♠❡t✐♠❡s ②♦✉ ♥❡❡❞ t♦ ❝r❡❛t❡ ②♦✉r ♦✇♥ ♠❛r❦❡t ❉♦ s♦♠❡ r❡s❡❛r❝❤✦

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✶✻ ✴ ✶✾

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SLIDE 37

❉❡s✐❣♥ ②♦✉r ♣r♦❞✉❝t

♣r♦❞✉❝t ✐❞❡❛s✿

✶ s♦♠❡t❤✐♥❣ ♥❡✇ ✷ ✐♥t❡❣r❛t❡ ❛♥ ❡①✐st✐♥❣ ♣r♦❞✉❝t ❢r♦♠ ❛♥♦t❤❡r ❞♦♠❛✐♥ ♦r ❝♦✉♥tr② ✸ ♠❛❦❡ s♦♠❡t❤✐♥❣ ❡①✐st✐♥❣ ❜❡tt❡r✱ ❝❤❡❛♣❡r

✉s❡rs✿ ❝r❡❛t❡ ✉s❡r ❜❛s❡ ❦♥♦✇ ②♦✉r ✉s❡rs ❦❡❡♣ st❛t✐st✐❝s ♦❢ ✉s❡r ❝❛t❡❣♦r✐❡s

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✶✼ ✴ ✶✾

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SLIDE 38

❉❡s✐❣♥ ②♦✉r ♣r♦❞✉❝t

♣r♦❞✉❝t ✐❞❡❛s✿

✶ s♦♠❡t❤✐♥❣ ♥❡✇ ✷ ✐♥t❡❣r❛t❡ ❛♥ ❡①✐st✐♥❣ ♣r♦❞✉❝t ❢r♦♠ ❛♥♦t❤❡r ❞♦♠❛✐♥ ♦r ❝♦✉♥tr② ✸ ♠❛❦❡ s♦♠❡t❤✐♥❣ ❡①✐st✐♥❣ ❜❡tt❡r✱ ❝❤❡❛♣❡r

✉s❡rs✿ ❝r❡❛t❡ ✉s❡r ❜❛s❡ ❦♥♦✇ ②♦✉r ✉s❡rs ❦❡❡♣ st❛t✐st✐❝s ♦❢ ✉s❡r ❝❛t❡❣♦r✐❡s

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✶✼ ✴ ✶✾

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SLIDE 39
  • ♦✐♥❣ ❢♦r✇❛r❞

♠❛❦❡ ❛ ♣❧❛♥✱ ❝♦♥✈✐♥❝❡ ♦t❤❡rs t❤✐s ✐s ♣r♦✜t❛❜❧❡ ✜♥❞ ✐♥❝✉❜❛t♦r✱ ❛❝❝❡❧❡r❛t♦r✱ ♦r ♣r✐✈❛t❡ ✈❡♥t✉r❡ ❧❛t❡r ❛s❦ ❢♦r ❜✐❣ ♠♦♥❡② ✐❢ ②♦✉ ❝❛♥ ♣r♦♠✐s❡ ❜✐❣ r❡t✉r♥s

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✶✽ ✴ ✶✾

slide-40
SLIDE 40

◆❡①t ❝❧❛ss✿ ❊♠♦r② ✉♥❞❡r❣r❛❞ st❛rt✉♣s

✶ ▲✐❦❡P❧✉♠ ✕ ▼❛r❦❡t♣❧❛❝❡ ❢♦r ❡①♣❡rt ❛❞✈✐❝❡ ✷ ❈❛♠♣✉s❇✉❜❜❧❡ ✕ ❈❛♠♣✉s ❡✈❡♥ts ❛♥❞ ❛❝t✐✈✐t✐❡s

❆♥❞ ♠❛②❜❡ ②♦✉r ♣r♦❥❡❝t✶ ♣r❡s❡♥t❛t✐♦♥s✳ ❲✐❧❧ ❜❡ ✐♥ t♦✉❝❤✳

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✶✾ ✴ ✶✾

slide-41
SLIDE 41

◆❡①t ❝❧❛ss✿ ❊♠♦r② ✉♥❞❡r❣r❛❞ st❛rt✉♣s

✶ ▲✐❦❡P❧✉♠ ✕ ▼❛r❦❡t♣❧❛❝❡ ❢♦r ❡①♣❡rt ❛❞✈✐❝❡ ✷ ❈❛♠♣✉s❇✉❜❜❧❡ ✕ ❈❛♠♣✉s ❡✈❡♥ts ❛♥❞ ❛❝t✐✈✐t✐❡s

❆♥❞ ♠❛②❜❡ ②♦✉r ♣r♦❥❡❝t✶ ♣r❡s❡♥t❛t✐♦♥s✳ ❲✐❧❧ ❜❡ ✐♥ t♦✉❝❤✳

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ Pr❥ ■❞❡❛s ❛♥❞ ❊♥tr❡♣r❡♥✳ ❙♣r✐♥❣ ✷✵✶✹ ✶✾ ✴ ✶✾