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SLIDE 1

❈♦❧óq✉✐♦ ❞♦ ❉❡♣❛rt❛♠❡♥t♦ ❞❡ ▼❛t❡♠át✐❝❛ ✲ ❯❋❙❈ ❊①✐st❡♥❝❡ r❡s✉❧ts ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ✇✐t❤ ❢❡❡❞❜❛❝❦ ❢♦r❝❡s ✜❡❧❞✶

❍❡r♠❡♥❡❣✐❧❞♦ ❇♦r❣❡s ❞❡ ❖❧✐✈❡✐r❛

❋❈❚ ✲ ❯♥✐✈❡rs✐❞❛❞❡ ❞♦ ❆❧❣❛r✈❡ ✫ ❈▼❆❋❈■❖ ✲ ❯♥✐✈❡rs✐❞❛❞❡ ❞❡ ▲✐s❜♦❛ ✇✸✳✉❛❧❣✳♣t✴✘❤♦❧✐✈❡✐ ❤♦❧✐✈❡✐❅✉❛❧❣✳♣t

❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻

✶❏♦✐♥t ✇♦r❦ ✇✐t❤ ❆♥❛ P❛✐✈❛✱ ❯♥✐✈✳ ❆❧❣❛r✈❡ ❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶ ✴ ✺✵

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SLIDE 2

❖✉t❧✐♥❡

✶ ❚❤❡ ✐♥❝♦♠♣r❡ss✐❜❧❡ ◆❛✈✐❡r✲❙t♦❦❡s ❡q✉❛t✐♦♥s ✷ ❚❤❡ t✉r❜✉❧❡♥❝❡ ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧ ✸ ❚❤❡ ♣r♦❜❧❡♠ ✉♥❞❡r ❝♦♥s✐❞❡r❛t✐♦♥ ✹ P♦r♦✉s ♠❡❞✐❛ ✢♦✇s ✺ ❚✉r❜✉❧❡♥t ✢♦✇s t❤r♦✉❣❤ ♣♦r♦✉s ♠❡❞✐❛ ✻ ❲❡❛❦ ❢♦r♠✉❧❛t✐♦♥ ✼ ❊①✐st❡♥❝❡ ✉♥❞❡r ❣r♦✇t❤ ❝♦♥❞✐t✐♦♥s ✽ ❯♥✐q✉❡♥❡ss ✾ ❊①✐st❡♥❝❡ ♦❢ t❤❡ ♣r❡ss✉r❡ ✶✵ ❊①✐st❡♥❝❡ ✉♥❞❡r ♥♦ ❣r♦✇t❤ ❝♦♥❞✐t✐♦♥s ✶✶ ❈♦♥❝❧✉❞✐♥❣ r❡♠❛r❦s

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷ ✴ ✺✵

slide-3
SLIDE 3

❍✐st♦r✐❝❛❧ r❡♠❛r❦s✿ ❆♥❝✐❡♥t ❲♦r❧❞

✎ P❤✐❧♦s♦♣❤✐❝❛❧ s♣❡❝✉❧❛t✐♦♥s ❛♥❞ ♥♦t ♦♥❧② ✳✳✳✳ ✎ ❖❧❞❡st

❞♦❝✉♠❡♥t❛t✐♦♥ ♦❢ ❤♦✇ t♦ ♣r♦❞✉❝❡ ❛ ✇❛t❡r ❝❧♦❝❦ ✭❝❧❡♣s②❞r❛✮ ✐s ❢r♦♠ ❝✳ ✭✶✹✶✼✲✶✸✼✾✮ ❇❈

❋✐❣✉r❡✿ ❊❣②♣t✐❛♥ ✇❛t❡r✲❝❧♦❝❦ ✭●♦♦❣❧❡ ❈♦♠♠♦♥s✮✳ ✎ ❆r❝❤✐♠❡❞❡s✬ Pr✐♥❝✐♣❧❡ ✭❝✳ ✷✺✵ ❇❈✮✿ t❤❡ ❜✉♦②❛♥t ❢♦r❝❡

✐s ❡q✉❛❧ t♦ t❤❡ ✇❡✐❣❤t ♦❢ t❤❡ ❞✐s♣❧❛❝❡❞ ✇❛t❡r ✕ ❛♣♣❧✐❡❞ ❡✳❣✳ ✐♥ s❤✐♣❜✉✐❧❞✐♥❣

❋✐❣✉r❡✿ ❆r❝❤✐♠❡❞❡s✬ Pr✐♥❝✐♣❧❡ ✭●♦♦❣❧❡ ❈♦♠♠♦♥s✮✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸ ✴ ✺✵

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SLIDE 4

❍✐st♦r✐❝❛❧ r❡♠❛r❦s✿ ❆♥❝✐❡♥t ❲♦r❧❞

✎ P❤✐❧♦s♦♣❤✐❝❛❧ s♣❡❝✉❧❛t✐♦♥s ❛♥❞ ♥♦t ♦♥❧② ✳✳✳✳ ✎ ❖❧❞❡st

❞♦❝✉♠❡♥t❛t✐♦♥ ♦❢ ❤♦✇ t♦ ♣r♦❞✉❝❡ ❛ ✇❛t❡r ❝❧♦❝❦ ✭❝❧❡♣s②❞r❛✮ ✐s ❢r♦♠ ❝✳ ✭✶✹✶✼✲✶✸✼✾✮ ❇❈

❋✐❣✉r❡✿ ❊❣②♣t✐❛♥ ✇❛t❡r✲❝❧♦❝❦ ✭●♦♦❣❧❡ ❈♦♠♠♦♥s✮✳ ✎ ❆r❝❤✐♠❡❞❡s✬ Pr✐♥❝✐♣❧❡ ✭❝✳ ✷✺✵ ❇❈✮✿ t❤❡ ❜✉♦②❛♥t ❢♦r❝❡

✐s ❡q✉❛❧ t♦ t❤❡ ✇❡✐❣❤t ♦❢ t❤❡ ❞✐s♣❧❛❝❡❞ ✇❛t❡r ✕ ❛♣♣❧✐❡❞ ❡✳❣✳ ✐♥ s❤✐♣❜✉✐❧❞✐♥❣

❋✐❣✉r❡✿ ❆r❝❤✐♠❡❞❡s✬ Pr✐♥❝✐♣❧❡ ✭●♦♦❣❧❡ ❈♦♠♠♦♥s✮✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸ ✴ ✺✵

slide-5
SLIDE 5

❍✐st♦r✐❝❛❧ r❡♠❛r❦s✿ ❆♥❝✐❡♥t ❲♦r❧❞

✎ P❤✐❧♦s♦♣❤✐❝❛❧ s♣❡❝✉❧❛t✐♦♥s ❛♥❞ ♥♦t ♦♥❧② ✳✳✳✳ ✎ ❖❧❞❡st

❞♦❝✉♠❡♥t❛t✐♦♥ ♦❢ ❤♦✇ t♦ ♣r♦❞✉❝❡ ❛ ✇❛t❡r ❝❧♦❝❦ ✭❝❧❡♣s②❞r❛✮ ✐s ❢r♦♠ ❝✳ ✭✶✹✶✼✲✶✸✼✾✮ ❇❈

❋✐❣✉r❡✿ ❊❣②♣t✐❛♥ ✇❛t❡r✲❝❧♦❝❦ ✭●♦♦❣❧❡ ❈♦♠♠♦♥s✮✳ ✎ ❆r❝❤✐♠❡❞❡s✬ Pr✐♥❝✐♣❧❡ ✭❝✳ ✷✺✵ ❇❈✮✿ t❤❡ ❜✉♦②❛♥t ❢♦r❝❡

✐s ❡q✉❛❧ t♦ t❤❡ ✇❡✐❣❤t ♦❢ t❤❡ ❞✐s♣❧❛❝❡❞ ✇❛t❡r ✕ ❛♣♣❧✐❡❞ ❡✳❣✳ ✐♥ s❤✐♣❜✉✐❧❞✐♥❣

❋✐❣✉r❡✿ ❆r❝❤✐♠❡❞❡s✬ Pr✐♥❝✐♣❧❡ ✭●♦♦❣❧❡ ❈♦♠♠♦♥s✮✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸ ✴ ✺✵

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SLIDE 6

❍✐st♦r✐❝❛❧ r❡♠❛r❦s✿ ▲❛t❡ ❘❡♥❛✐ss❛♥❝❡

✎ ❚♦rr✐❝❡❧❧✐✬s ▲❛✇ ✭✶✻✹✹✮✿ ✈ ❂ ♣✷❣❤

❛♣♣❧✐❡❞ ❡✳❣✳ ✐♥ ✇❛t❡r t♦✇❡rs✳

❋✐❣✉r❡✿ ❚♦rr✐❝❡❧❧✐✬s ❧❛✇ ✭❲✐❦✐♣❡❞✐❛ ❈♦♠♠♦♥s✮✳ ✎ P❛s❝❛❧✬s ♣r✐♥❝✐♣❧❡ ✭✶✻✻✸✮✿ t❤❡ ♣r❡ss✉r❡ ❛t

❛ ♣♦✐♥t ✐♥ ❛ ✢✉✐❞ ❛t r❡st ✐s t❤❡ s❛♠❡ ✐♥ ❛❧❧ ❞✐r❡❝t✐♦♥s

❋✐❣✉r❡✿ P❛s❝❛❧✬s Pr✐♥❝✐♣❧❡ ✭✇✇✇✳ ♣r♦t❡❝❞✐✈❡✲✐♥t❡r♥❛t✐♦♥❛❧✳❝♦♠✮ ✎ ❍♦♦❦❡ ✭✶✻✼✽✮✿ ✧❞❡❢♦r♠❛t✐♦♥s s✉✛❡r❡❞ ❜② ❜♦❞✐❡s ❛r❡ ♣r♦♣♦rt✐♦♥❛❧ t♦ t❤❡ ❢♦r❝❡s t❤❛t

❛r❡ ❛♣♣❧✐❡❞ ♦♥ t❤❡♠✧

✎ ◆❡✇t♦♥ ✭✶✻✽✼✮✿ ✧❚❤❡ r❡s✐st❛♥❝❡ ✇❤✐❝❤ ❛r✐s❡s ❢r♦♠ t❤❡ ❧❛❝❦ ♦❢ s❧✐♣♣❡r✐♥❡ss ♦❢ t❤❡ ♣❛rts

♦❢ t❤❡ ❧✐q✉✐❞✱ ♦t❤❡r t❤✐♥❣s ❜❡✐♥❣ ❡q✉❛❧✱ ✐s ♣r♦♣♦rt✐♦♥❛❧ t♦ t❤❡ ✈❡❧♦❝✐t② ✇✐t❤ ✇❤✐❝❤ t❤❡ ♣❛rts ♦❢ t❤❡ ❧✐q✉✐❞ ❛r❡ s❡♣❛r❛t❡❞ ❢r♦♠ ♦♥❡ ❛♥♦t❤❡r✧

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹ ✴ ✺✵

slide-7
SLIDE 7

❍✐st♦r✐❝❛❧ r❡♠❛r❦s✿ ▲❛t❡ ❘❡♥❛✐ss❛♥❝❡

✎ ❚♦rr✐❝❡❧❧✐✬s ▲❛✇ ✭✶✻✹✹✮✿ ✈ ❂ ♣✷❣❤

❛♣♣❧✐❡❞ ❡✳❣✳ ✐♥ ✇❛t❡r t♦✇❡rs✳

❋✐❣✉r❡✿ ❚♦rr✐❝❡❧❧✐✬s ❧❛✇ ✭❲✐❦✐♣❡❞✐❛ ❈♦♠♠♦♥s✮✳ ✎ P❛s❝❛❧✬s ♣r✐♥❝✐♣❧❡ ✭✶✻✻✸✮✿ t❤❡ ♣r❡ss✉r❡ ❛t

❛ ♣♦✐♥t ✐♥ ❛ ✢✉✐❞ ❛t r❡st ✐s t❤❡ s❛♠❡ ✐♥ ❛❧❧ ❞✐r❡❝t✐♦♥s

❋✐❣✉r❡✿ P❛s❝❛❧✬s Pr✐♥❝✐♣❧❡ ✭✇✇✇✳ ♣r♦t❡❝❞✐✈❡✲✐♥t❡r♥❛t✐♦♥❛❧✳❝♦♠✮ ✎ ❍♦♦❦❡ ✭✶✻✼✽✮✿ ✧❞❡❢♦r♠❛t✐♦♥s s✉✛❡r❡❞ ❜② ❜♦❞✐❡s ❛r❡ ♣r♦♣♦rt✐♦♥❛❧ t♦ t❤❡ ❢♦r❝❡s t❤❛t

❛r❡ ❛♣♣❧✐❡❞ ♦♥ t❤❡♠✧

✎ ◆❡✇t♦♥ ✭✶✻✽✼✮✿ ✧❚❤❡ r❡s✐st❛♥❝❡ ✇❤✐❝❤ ❛r✐s❡s ❢r♦♠ t❤❡ ❧❛❝❦ ♦❢ s❧✐♣♣❡r✐♥❡ss ♦❢ t❤❡ ♣❛rts

♦❢ t❤❡ ❧✐q✉✐❞✱ ♦t❤❡r t❤✐♥❣s ❜❡✐♥❣ ❡q✉❛❧✱ ✐s ♣r♦♣♦rt✐♦♥❛❧ t♦ t❤❡ ✈❡❧♦❝✐t② ✇✐t❤ ✇❤✐❝❤ t❤❡ ♣❛rts ♦❢ t❤❡ ❧✐q✉✐❞ ❛r❡ s❡♣❛r❛t❡❞ ❢r♦♠ ♦♥❡ ❛♥♦t❤❡r✧

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹ ✴ ✺✵

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SLIDE 8

❍✐st♦r✐❝❛❧ r❡♠❛r❦s✿ ▲❛t❡ ❘❡♥❛✐ss❛♥❝❡

✎ ❚♦rr✐❝❡❧❧✐✬s ▲❛✇ ✭✶✻✹✹✮✿ ✈ ❂ ♣✷❣❤

❛♣♣❧✐❡❞ ❡✳❣✳ ✐♥ ✇❛t❡r t♦✇❡rs✳

❋✐❣✉r❡✿ ❚♦rr✐❝❡❧❧✐✬s ❧❛✇ ✭❲✐❦✐♣❡❞✐❛ ❈♦♠♠♦♥s✮✳ ✎ P❛s❝❛❧✬s ♣r✐♥❝✐♣❧❡ ✭✶✻✻✸✮✿ t❤❡ ♣r❡ss✉r❡ ❛t

❛ ♣♦✐♥t ✐♥ ❛ ✢✉✐❞ ❛t r❡st ✐s t❤❡ s❛♠❡ ✐♥ ❛❧❧ ❞✐r❡❝t✐♦♥s

❋✐❣✉r❡✿ P❛s❝❛❧✬s Pr✐♥❝✐♣❧❡ ✭✇✇✇✳ ♣r♦t❡❝❞✐✈❡✲✐♥t❡r♥❛t✐♦♥❛❧✳❝♦♠✮ ✎ ❍♦♦❦❡ ✭✶✻✼✽✮✿ ✧❞❡❢♦r♠❛t✐♦♥s s✉✛❡r❡❞ ❜② ❜♦❞✐❡s ❛r❡ ♣r♦♣♦rt✐♦♥❛❧ t♦ t❤❡ ❢♦r❝❡s t❤❛t

❛r❡ ❛♣♣❧✐❡❞ ♦♥ t❤❡♠✧

✎ ◆❡✇t♦♥ ✭✶✻✽✼✮✿ ✧❚❤❡ r❡s✐st❛♥❝❡ ✇❤✐❝❤ ❛r✐s❡s ❢r♦♠ t❤❡ ❧❛❝❦ ♦❢ s❧✐♣♣❡r✐♥❡ss ♦❢ t❤❡ ♣❛rts

♦❢ t❤❡ ❧✐q✉✐❞✱ ♦t❤❡r t❤✐♥❣s ❜❡✐♥❣ ❡q✉❛❧✱ ✐s ♣r♦♣♦rt✐♦♥❛❧ t♦ t❤❡ ✈❡❧♦❝✐t② ✇✐t❤ ✇❤✐❝❤ t❤❡ ♣❛rts ♦❢ t❤❡ ❧✐q✉✐❞ ❛r❡ s❡♣❛r❛t❡❞ ❢r♦♠ ♦♥❡ ❛♥♦t❤❡r✧

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹ ✴ ✺✵

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SLIDE 9

❍✐st♦r✐❝❛❧ r❡♠❛r❦s✿ ▲❛t❡ ❘❡♥❛✐ss❛♥❝❡

✎ ❚♦rr✐❝❡❧❧✐✬s ▲❛✇ ✭✶✻✹✹✮✿ ✈ ❂ ♣✷❣❤

❛♣♣❧✐❡❞ ❡✳❣✳ ✐♥ ✇❛t❡r t♦✇❡rs✳

❋✐❣✉r❡✿ ❚♦rr✐❝❡❧❧✐✬s ❧❛✇ ✭❲✐❦✐♣❡❞✐❛ ❈♦♠♠♦♥s✮✳ ✎ P❛s❝❛❧✬s ♣r✐♥❝✐♣❧❡ ✭✶✻✻✸✮✿ t❤❡ ♣r❡ss✉r❡ ❛t

❛ ♣♦✐♥t ✐♥ ❛ ✢✉✐❞ ❛t r❡st ✐s t❤❡ s❛♠❡ ✐♥ ❛❧❧ ❞✐r❡❝t✐♦♥s

❋✐❣✉r❡✿ P❛s❝❛❧✬s Pr✐♥❝✐♣❧❡ ✭✇✇✇✳ ♣r♦t❡❝❞✐✈❡✲✐♥t❡r♥❛t✐♦♥❛❧✳❝♦♠✮ ✎ ❍♦♦❦❡ ✭✶✻✼✽✮✿ ✧❞❡❢♦r♠❛t✐♦♥s s✉✛❡r❡❞ ❜② ❜♦❞✐❡s ❛r❡ ♣r♦♣♦rt✐♦♥❛❧ t♦ t❤❡ ❢♦r❝❡s t❤❛t

❛r❡ ❛♣♣❧✐❡❞ ♦♥ t❤❡♠✧

✎ ◆❡✇t♦♥ ✭✶✻✽✼✮✿ ✧❚❤❡ r❡s✐st❛♥❝❡ ✇❤✐❝❤ ❛r✐s❡s ❢r♦♠ t❤❡ ❧❛❝❦ ♦❢ s❧✐♣♣❡r✐♥❡ss ♦❢ t❤❡ ♣❛rts

♦❢ t❤❡ ❧✐q✉✐❞✱ ♦t❤❡r t❤✐♥❣s ❜❡✐♥❣ ❡q✉❛❧✱ ✐s ♣r♦♣♦rt✐♦♥❛❧ t♦ t❤❡ ✈❡❧♦❝✐t② ✇✐t❤ ✇❤✐❝❤ t❤❡ ♣❛rts ♦❢ t❤❡ ❧✐q✉✐❞ ❛r❡ s❡♣❛r❛t❡❞ ❢r♦♠ ♦♥❡ ❛♥♦t❤❡r✧

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹ ✴ ✺✵

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SLIDE 10

❚❤❡ r✐s❡ ♦❢ ❉✐✛❡r❡♥t✐❛❧ ❈❛❧❝✉❧✉s

✎ ◆❡✇t♦♥ ✭✶✻✽✼✮ ❛♥❞ ▲❡✐❜♥✐③ ✭✶✻✽✹✮ ❞❡✈❡❧♦♣ t❤❡ ❉✐✛❡r❡♥t✐❛❧ ❈❛❧❝✉❧✉s✳ ✎ ❇❡r♥♦✉❧❧✐ ✭✶✼✸✽✮ ✕ ❛♥ ✐♥❝r❡❛s❡ ✐♥ ✉ ♦❝❝✉rs s✐♠✉❧t❛♥❡♦✉s❧② ✇✐t❤ ❛ ❞❡❝r❡❛s❡ ✐♥ ♣✿

✈ ✷ ✷ ✰ ❣③ ✰ ♣ ✚ ❂ ❈♦♥st❛♥t✿

✎ ❊✉❧❡r ✭✶✼✺✺✮✿ ■♥✈✐s❝✐❞ ✭❊✉❧❡r✮ ✢✉✐❞s

❅ ✉ ❅ t ✰ ✭✉ ✁ r✮✉ ❂ ❢ ✰ ❚❀ P❛s❝❛❧✬s ❧❛✇✿ ❚ ❂ ♣■ ✭✶✮

✎ ❈♦✉❧♦♠❜✱ P♦✐ss♦♥✱ ◆❛✈✐❡r ✭✶✼✼✸✲✶✽✷✵✮✱ ❈❛✉❝❤② ✭✶✽✷✷✮✿

✚ ❅✷ ✉ ❅ t✷ ❂ ❢ ✰ ❞✐✈❚❀ ❍♦♦❦❡✬s ❧❛✇✿ ❚ ❂ ❊r r r✉❀ ✭✷✮ ✇❤❡r❡ ✉ ❛r❡ t❤❡ ❞✐s♣❧❛❝❡♠❡♥ts ❛♥❞ ❊ t❤❡ ♠♦❞✉❧✉s ♦❢ ❡❧❛st✐❝✐t② ✭❨♦✉♥❣ ✭✶✽✵✼✮✮

✎ ◆❛✈✐❡r ✭✶✽✷✸✮ ♣r♦♣♦s❡❞ ❛♥ ✐♠♣r♦✈❡♠❡♥t ♦❢ ❊✉❧❡r ❡q✉❛t✐♦♥s✱

❅✉ ❅t ✰ ✭✉ ✁ r r r✮✉ ❂ ❢ r ♣ ✰ ✧ ✹✉ ✭✸✮

✎ ❉✉❡ t♦ t❤❡ ❡✛♦rts ♦❢ P♦✐ss♦♥ ✭✶✽✸✶✮✱ ❙t✳ ❱❡♥❛♥t ✭✶✽✹✸✮✱ ❜✉t✱ ♠❛✐♥❧②✱ ♦❢ ❙t♦❦❡s ✭✶✽✹✺✮✿

✉ ❂ ✵❀ ✭✹✮ ❅✉ ❅t ✰ ✭✉ ✁ r r r✮✉ ❂ ❢ ✶ ✚r ♣ ✰ ✗ ❞✐✈ ✭❉✭✉✮✮ ❀ ❉✭✉✮ ❂ ✶ ✷ r r r✉ ✰ r r r✉❚ ✭✺✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✺ ✴ ✺✵

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SLIDE 11

❚❤❡ r✐s❡ ♦❢ ❉✐✛❡r❡♥t✐❛❧ ❈❛❧❝✉❧✉s

✎ ◆❡✇t♦♥ ✭✶✻✽✼✮ ❛♥❞ ▲❡✐❜♥✐③ ✭✶✻✽✹✮ ❞❡✈❡❧♦♣ t❤❡ ❉✐✛❡r❡♥t✐❛❧ ❈❛❧❝✉❧✉s✳ ✎ ❇❡r♥♦✉❧❧✐ ✭✶✼✸✽✮ ✕ ❛♥ ✐♥❝r❡❛s❡ ✐♥ ✉ ♦❝❝✉rs s✐♠✉❧t❛♥❡♦✉s❧② ✇✐t❤ ❛ ❞❡❝r❡❛s❡ ✐♥ ♣✿

✈ ✷ ✷ ✰ ❣③ ✰ ♣ ✚ ❂ ❈♦♥st❛♥t✿

✎ ❊✉❧❡r ✭✶✼✺✺✮✿ ■♥✈✐s❝✐❞ ✭❊✉❧❡r✮ ✢✉✐❞s

❅ ✉ ❅ t ✰ ✭✉ ✁ r✮✉ ❂ ❢ ✰ ❚❀ P❛s❝❛❧✬s ❧❛✇✿ ❚ ❂ ♣■ ✭✶✮

✎ ❈♦✉❧♦♠❜✱ P♦✐ss♦♥✱ ◆❛✈✐❡r ✭✶✼✼✸✲✶✽✷✵✮✱ ❈❛✉❝❤② ✭✶✽✷✷✮✿

✚ ❅✷ ✉ ❅ t✷ ❂ ❢ ✰ ❞✐✈❚❀ ❍♦♦❦❡✬s ❧❛✇✿ ❚ ❂ ❊r r r✉❀ ✭✷✮ ✇❤❡r❡ ✉ ❛r❡ t❤❡ ❞✐s♣❧❛❝❡♠❡♥ts ❛♥❞ ❊ t❤❡ ♠♦❞✉❧✉s ♦❢ ❡❧❛st✐❝✐t② ✭❨♦✉♥❣ ✭✶✽✵✼✮✮

✎ ◆❛✈✐❡r ✭✶✽✷✸✮ ♣r♦♣♦s❡❞ ❛♥ ✐♠♣r♦✈❡♠❡♥t ♦❢ ❊✉❧❡r ❡q✉❛t✐♦♥s✱

❅✉ ❅t ✰ ✭✉ ✁ r r r✮✉ ❂ ❢ r ♣ ✰ ✧ ✹✉ ✭✸✮

✎ ❉✉❡ t♦ t❤❡ ❡✛♦rts ♦❢ P♦✐ss♦♥ ✭✶✽✸✶✮✱ ❙t✳ ❱❡♥❛♥t ✭✶✽✹✸✮✱ ❜✉t✱ ♠❛✐♥❧②✱ ♦❢ ❙t♦❦❡s ✭✶✽✹✺✮✿

✉ ❂ ✵❀ ✭✹✮ ❅✉ ❅t ✰ ✭✉ ✁ r r r✮✉ ❂ ❢ ✶ ✚r ♣ ✰ ✗ ❞✐✈ ✭❉✭✉✮✮ ❀ ❉✭✉✮ ❂ ✶ ✷ r r r✉ ✰ r r r✉❚ ✭✺✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✺ ✴ ✺✵

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SLIDE 12

❚❤❡ r✐s❡ ♦❢ ❉✐✛❡r❡♥t✐❛❧ ❈❛❧❝✉❧✉s

✎ ◆❡✇t♦♥ ✭✶✻✽✼✮ ❛♥❞ ▲❡✐❜♥✐③ ✭✶✻✽✹✮ ❞❡✈❡❧♦♣ t❤❡ ❉✐✛❡r❡♥t✐❛❧ ❈❛❧❝✉❧✉s✳ ✎ ❇❡r♥♦✉❧❧✐ ✭✶✼✸✽✮ ✕ ❛♥ ✐♥❝r❡❛s❡ ✐♥ ✉ ♦❝❝✉rs s✐♠✉❧t❛♥❡♦✉s❧② ✇✐t❤ ❛ ❞❡❝r❡❛s❡ ✐♥ ♣✿

✈ ✷ ✷ ✰ ❣③ ✰ ♣ ✚ ❂ ❈♦♥st❛♥t✿

✎ ❊✉❧❡r ✭✶✼✺✺✮✿ ■♥✈✐s❝✐❞ ✭❊✉❧❡r✮ ✢✉✐❞s

❅ ✉ ❅ t ✰ ✭✉ ✁ r✮✉ ❂ ❢ ✰ div❚❀ P❛s❝❛❧✬s ❧❛✇✿ ❚ ❂ ♣■ ✭✶✮

✎ ❈♦✉❧♦♠❜✱ P♦✐ss♦♥✱ ◆❛✈✐❡r ✭✶✼✼✸✲✶✽✷✵✮✱ ❈❛✉❝❤② ✭✶✽✷✷✮✿

✚ ❅✷ ✉ ❅ t✷ ❂ ❢ ✰ ❞✐✈❚❀ ❍♦♦❦❡✬s ❧❛✇✿ ❚ ❂ ❊r r r✉❀ ✭✷✮ ✇❤❡r❡ ✉ ❛r❡ t❤❡ ❞✐s♣❧❛❝❡♠❡♥ts ❛♥❞ ❊ t❤❡ ♠♦❞✉❧✉s ♦❢ ❡❧❛st✐❝✐t② ✭❨♦✉♥❣ ✭✶✽✵✼✮✮

✎ ◆❛✈✐❡r ✭✶✽✷✸✮ ♣r♦♣♦s❡❞ ❛♥ ✐♠♣r♦✈❡♠❡♥t ♦❢ ❊✉❧❡r ❡q✉❛t✐♦♥s✱

❅✉ ❅t ✰ ✭✉ ✁ r r r✮✉ ❂ ❢ r ♣ ✰ ✧ ✹✉ ✭✸✮

✎ ❉✉❡ t♦ t❤❡ ❡✛♦rts ♦❢ P♦✐ss♦♥ ✭✶✽✸✶✮✱ ❙t✳ ❱❡♥❛♥t ✭✶✽✹✸✮✱ ❜✉t✱ ♠❛✐♥❧②✱ ♦❢ ❙t♦❦❡s ✭✶✽✹✺✮✿

✉ ❂ ✵❀ ✭✹✮ ❅✉ ❅t ✰ ✭✉ ✁ r r r✮✉ ❂ ❢ ✶ ✚r ♣ ✰ ✗ ❞✐✈ ✭❉✭✉✮✮ ❀ ❉✭✉✮ ❂ ✶ ✷ r r r✉ ✰ r r r✉❚ ✭✺✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✺ ✴ ✺✵

slide-13
SLIDE 13

❚❤❡ r✐s❡ ♦❢ ❉✐✛❡r❡♥t✐❛❧ ❈❛❧❝✉❧✉s

✎ ◆❡✇t♦♥ ✭✶✻✽✼✮ ❛♥❞ ▲❡✐❜♥✐③ ✭✶✻✽✹✮ ❞❡✈❡❧♦♣ t❤❡ ❉✐✛❡r❡♥t✐❛❧ ❈❛❧❝✉❧✉s✳ ✎ ❇❡r♥♦✉❧❧✐ ✭✶✼✸✽✮ ✕ ❛♥ ✐♥❝r❡❛s❡ ✐♥ ✉ ♦❝❝✉rs s✐♠✉❧t❛♥❡♦✉s❧② ✇✐t❤ ❛ ❞❡❝r❡❛s❡ ✐♥ ♣✿

✈ ✷ ✷ ✰ ❣③ ✰ ♣ ✚ ❂ ❈♦♥st❛♥t✿

✎ ❊✉❧❡r ✭✶✼✺✺✮✿ ■♥✈✐s❝✐❞ ✭❊✉❧❡r✮ ✢✉✐❞s

❅ ✉ ❅ t ✰ ✭✉ ✁ r✮✉ ❂ ❢ ✰ div❚❀ P❛s❝❛❧✬s ❧❛✇✿ ❚ ❂ ♣■ ✭✶✮

✎ ❈♦✉❧♦♠❜✱ P♦✐ss♦♥✱ ◆❛✈✐❡r ✭✶✼✼✸✲✶✽✷✵✮✱ ❈❛✉❝❤② ✭✶✽✷✷✮✿

✚ ❅✷ ✉ ❅ t✷ ❂ ❢ ✰ ❞✐✈❚❀ ❍♦♦❦❡✬s ❧❛✇✿ ❚ ❂ ❊r r r✉❀ ✭✷✮ ✇❤❡r❡ ✉ ❛r❡ t❤❡ ❞✐s♣❧❛❝❡♠❡♥ts ❛♥❞ ❊ t❤❡ ♠♦❞✉❧✉s ♦❢ ❡❧❛st✐❝✐t② ✭❨♦✉♥❣ ✭✶✽✵✼✮✮

✎ ◆❛✈✐❡r ✭✶✽✷✸✮ ♣r♦♣♦s❡❞ ❛♥ ✐♠♣r♦✈❡♠❡♥t ♦❢ ❊✉❧❡r ❡q✉❛t✐♦♥s✱

❅✉ ❅t ✰ ✭✉ ✁ r r r✮✉ ❂ ❢ r ♣ ✰ ✧ ✹✉ ✭✸✮

✎ ❉✉❡ t♦ t❤❡ ❡✛♦rts ♦❢ P♦✐ss♦♥ ✭✶✽✸✶✮✱ ❙t✳ ❱❡♥❛♥t ✭✶✽✹✸✮✱ ❜✉t✱ ♠❛✐♥❧②✱ ♦❢ ❙t♦❦❡s ✭✶✽✹✺✮✿

✉ ❂ ✵❀ ✭✹✮ ❅✉ ❅t ✰ ✭✉ ✁ r r r✮✉ ❂ ❢ ✶ ✚r ♣ ✰ ✗ ❞✐✈ ✭❉✭✉✮✮ ❀ ❉✭✉✮ ❂ ✶ ✷ r r r✉ ✰ r r r✉❚ ✭✺✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✺ ✴ ✺✵

slide-14
SLIDE 14

❚❤❡ r✐s❡ ♦❢ ❉✐✛❡r❡♥t✐❛❧ ❈❛❧❝✉❧✉s

✎ ◆❡✇t♦♥ ✭✶✻✽✼✮ ❛♥❞ ▲❡✐❜♥✐③ ✭✶✻✽✹✮ ❞❡✈❡❧♦♣ t❤❡ ❉✐✛❡r❡♥t✐❛❧ ❈❛❧❝✉❧✉s✳ ✎ ❇❡r♥♦✉❧❧✐ ✭✶✼✸✽✮ ✕ ❛♥ ✐♥❝r❡❛s❡ ✐♥ ✉ ♦❝❝✉rs s✐♠✉❧t❛♥❡♦✉s❧② ✇✐t❤ ❛ ❞❡❝r❡❛s❡ ✐♥ ♣✿

✈ ✷ ✷ ✰ ❣③ ✰ ♣ ✚ ❂ ❈♦♥st❛♥t✿

✎ ❊✉❧❡r ✭✶✼✺✺✮✿ ■♥✈✐s❝✐❞ ✭❊✉❧❡r✮ ✢✉✐❞s

❅ ✉ ❅ t ✰ ✭✉ ✁ r✮✉ ❂ ❢ ✰ div❚❀ P❛s❝❛❧✬s ❧❛✇✿ ❚ ❂ ♣■ ✭✶✮

✎ ❈♦✉❧♦♠❜✱ P♦✐ss♦♥✱ ◆❛✈✐❡r ✭✶✼✼✸✲✶✽✷✵✮✱ ❈❛✉❝❤② ✭✶✽✷✷✮✿

✚ ❅✷ ✉ ❅ t✷ ❂ ❢ ✰ ❞✐✈❚❀ ❍♦♦❦❡✬s ❧❛✇✿ ❚ ❂ ❊r r r✉❀ ✭✷✮ ✇❤❡r❡ ✉ ❛r❡ t❤❡ ❞✐s♣❧❛❝❡♠❡♥ts ❛♥❞ ❊ t❤❡ ♠♦❞✉❧✉s ♦❢ ❡❧❛st✐❝✐t② ✭❨♦✉♥❣ ✭✶✽✵✼✮✮

✎ ◆❛✈✐❡r ✭✶✽✷✸✮ ♣r♦♣♦s❡❞ ❛♥ ✐♠♣r♦✈❡♠❡♥t ♦❢ ❊✉❧❡r ❡q✉❛t✐♦♥s✱

❅✉ ❅t ✰ ✭✉ ✁ r r r✮✉ ❂ ❢ r ♣ ✰ ✧ ✹✉ ✭✸✮

✎ ❉✉❡ t♦ t❤❡ ❡✛♦rts ♦❢ P♦✐ss♦♥ ✭✶✽✸✶✮✱ ❙t✳ ❱❡♥❛♥t ✭✶✽✹✸✮✱ ❜✉t✱ ♠❛✐♥❧②✱ ♦❢ ❙t♦❦❡s ✭✶✽✹✺✮✿

✉ ❂ ✵❀ ✭✹✮ ❅✉ ❅t ✰ ✭✉ ✁ r r r✮✉ ❂ ❢ ✶ ✚r ♣ ✰ ✗ ❞✐✈ ✭❉✭✉✮✮ ❀ ❉✭✉✮ ❂ ✶ ✷ r r r✉ ✰ r r r✉❚ ✭✺✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✺ ✴ ✺✵

slide-15
SLIDE 15

❚❤❡ r✐s❡ ♦❢ ❉✐✛❡r❡♥t✐❛❧ ❈❛❧❝✉❧✉s

✎ ◆❡✇t♦♥ ✭✶✻✽✼✮ ❛♥❞ ▲❡✐❜♥✐③ ✭✶✻✽✹✮ ❞❡✈❡❧♦♣ t❤❡ ❉✐✛❡r❡♥t✐❛❧ ❈❛❧❝✉❧✉s✳ ✎ ❇❡r♥♦✉❧❧✐ ✭✶✼✸✽✮ ✕ ❛♥ ✐♥❝r❡❛s❡ ✐♥ ✉ ♦❝❝✉rs s✐♠✉❧t❛♥❡♦✉s❧② ✇✐t❤ ❛ ❞❡❝r❡❛s❡ ✐♥ ♣✿

✈ ✷ ✷ ✰ ❣③ ✰ ♣ ✚ ❂ ❈♦♥st❛♥t✿

✎ ❊✉❧❡r ✭✶✼✺✺✮✿ ■♥✈✐s❝✐❞ ✭❊✉❧❡r✮ ✢✉✐❞s

❅ ✉ ❅ t ✰ ✭✉ ✁ r✮✉ ❂ ❢ ✰ div❚❀ P❛s❝❛❧✬s ❧❛✇✿ ❚ ❂ ♣■ ✭✶✮

✎ ❈♦✉❧♦♠❜✱ P♦✐ss♦♥✱ ◆❛✈✐❡r ✭✶✼✼✸✲✶✽✷✵✮✱ ❈❛✉❝❤② ✭✶✽✷✷✮✿

✚ ❅✷ ✉ ❅ t✷ ❂ ❢ ✰ ❞✐✈❚❀ ❍♦♦❦❡✬s ❧❛✇✿ ❚ ❂ ❊r r r✉❀ ✭✷✮ ✇❤❡r❡ ✉ ❛r❡ t❤❡ ❞✐s♣❧❛❝❡♠❡♥ts ❛♥❞ ❊ t❤❡ ♠♦❞✉❧✉s ♦❢ ❡❧❛st✐❝✐t② ✭❨♦✉♥❣ ✭✶✽✵✼✮✮

✎ ◆❛✈✐❡r ✭✶✽✷✸✮ ♣r♦♣♦s❡❞ ❛♥ ✐♠♣r♦✈❡♠❡♥t ♦❢ ❊✉❧❡r ❡q✉❛t✐♦♥s✱

❅✉ ❅t ✰ ✭✉ ✁ r r r✮✉ ❂ ❢ r ♣ ✰ ✧ ✹✉ ✭✸✮

✎ ❉✉❡ t♦ t❤❡ ❡✛♦rts ♦❢ P♦✐ss♦♥ ✭✶✽✸✶✮✱ ❙t✳ ❱❡♥❛♥t ✭✶✽✹✸✮✱ ❜✉t✱ ♠❛✐♥❧②✱ ♦❢ ❙t♦❦❡s ✭✶✽✹✺✮✿

div ✉ ❂ ✵❀ ✭✹✮ ❅✉ ❅t ✰ ✭✉ ✁ r r r✮✉ ❂ ❢ ✶ ✚r ♣ ✰ ✗ ❞✐✈ ✭❉✭✉✮✮ ❀ ❉✭✉✮ ❂ ✶ ✷

  • r

r r✉ ✰ r r r✉❚ ✭✺✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✺ ✴ ✺✵

slide-16
SLIDE 16

❉❡r✐✈❛t✐♦♥ ❢r♦♠ t❤❡ Pr✐♥❝✐♣❧❡s ♦❢ ▼❡❝❤❛♥✐❝s

✎ ❈♦♥s❡r✈❛t✐♦♥ ♦❢ ♠❛ss✿ ✐♥❝♦♠♣r❡ss✐❜❧❡ ❛♥❞ ❤♦♠♦❣❡♥❡♦✉s

❅✚ ❅t ✰ div✭✚ ✉✮ ❂ ✵ ✮ div ✉ ❂ ✵❀ ✭✻✮

✎ ❈♦♥s❡r✈❛t✐♦♥ ♦❢ ❧✐♥❡❛r ♠♦♠❡♥t✉♠

❅✉

❅t ✰ ✭✉ ✁ r r r✮✉

  • ❂ ✚ ❢ ✰ div❚❀

❚ ❂ ♣■ ✰ ❙❀ ❙ ❂ ✷✖ ❉✭✉✮ ✰ ✕ div✉ ■ ✭✼✮ ✰ ✭✐♥❝♦♠♣r❡ss✐❜❧❡ ❛♥❞ ❤♦♠♦❣❡♥❡♦✉s✿ ✚ ❂ ❈♦♥st✿❀ div ✉ ❂ ✵✮ ✰ ❅ ✉ ❅ t ✰ ✭✉ ✁ r✮✉ ❂ ❢ ✶ ✚r r r♣ ✰ ✷✗❞✐✈✭❉✭✉✮✮❀ ✗ ❂ ✖ ✚ ❀ ❉✭✉✮ ❂ ✶ ✷

  • r

r r✉ ✰ r r r✉❚ ✭✽✮

✎ ❈♦♥s❡r✈❛t✐♦♥ ♦❢ ❛♥❣✉❧❛r ♠♦♠❡♥t✉♠✿ ❚ ✷ ▼◆✂◆

sym ✕ ❚ ✐s s②♠♠❡tr✐❝❀

✎ ◆♦t❛t✐♦♥✿ ✉ ✕ ✈❡❧♦❝✐t② ✜❡❧❞✱ ♣ ✕ ♣r❡ss✉r❡✱ ✚ ✕ ❞❡♥s✐t②✱ ✉ ✕ ❡①t❡r♥❛❧ ❢♦r❝❡s ✜❡❧❞✱ ❚ ✕

❈❛✉❝❤② str❡ss t❡♥s♦r✱ ❙ ✕ ❡①tr❛ str❡ss t❡♥s♦r✱ ✖❀ ✕ ✲ ❝✐♥❡♠❛t✐❝ ✈✐s❝♦s✐t✐❡s✱ ✗ ✕ ❦✐♥❡♠❛t✐❝ ✈✐s❝♦s✐t②✳

✎ ❉✐♠❡♥s✐♦♥s ♦❢ ♣❤②s✐❝❛❧ ✐♥t❡r❡st✿ ◆ ❂ ✷❀ ◆ ❂ ✸❀ ❜✉t ♠❛t❤❡♠❛t✐❝❛❧❧② ✐s ✐♥t❡r❡st✐♥❣ t♦

st✉❞② ❛ ❣❡♥❡r❛❧✐③❡❞ ❞✐♠❡♥s✐♦♥✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✻ ✴ ✺✵

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SLIDE 17

❚❤❡ ❜❡❣✐♥♥✐♥❣ ♦❢ t❤❡ t✉r❜✉❧❡♥❝❡ st✉❞②

✎ ❙t♦❦❡s ✭✶✽✺✶✮ ❛❧r❡❛❞② ♦❜s❡r✈❡❞ t❤❡ ✐♥❛❞❡q✉❛❝② ♦❢ ✭✹✮ ❛♥❞ ✭✺✮ t♦ ♠♦❞❡❧ ❝❡rt❛✐♥ ✢♦✇

r❡❣✐♠❡s t❤❛t ❝♦✉❧❞ ♣r♦❜❛❜❧② r❡s✉❧t ❢r♦♠ ❡❞❞✐❡s ✇❤✐❝❤ r❡♥❞❡r❡❞ t❤❡ ♠♦t✐♦♥ ♠♦r❡ ❝❤❛♦t✐❝✳

✎ ❘❡②♥♦❧❞s ✭✶✽✽✸✮✿ ✐♥t♦ ❛ ✢♦✇

t❤r♦✉❣❤ ❛ ❣❧❛ss t✉❜❡✱ ✇❛s ✐♥✲ ❥❡❝t❡❞ ❛ ❞②❡ t♦ ♦❜s❡r✈❡ t❤❡ ♥❛t✉r❡ ♦❢ ✢♦✇✳ ❲❤❡♥ t❤❡ s♣❡❡❞s ✇❡r❡ s♠❛❧❧ t❤❡ ✢♦✇ s❡❡♠❡❞ t♦ ❢♦❧❧♦✇ ❛ str❛✐❣❤t ❧✐♥❡ ♣❛t❤✳ ❆s t❤❡ ✢♦✇ s♣❡❡❞ ✇❛s ✐♥❝r❡❛s❡❞ t❤❡ ❞②❡ ✢✉❝t✉✲ ❛t❡s ❛♥❞ ♦♥❡ ♦❜s❡r✈❡s ✐♥t❡r✲ ♠✐tt❡♥t ❜✉rsts✳ ❆s t❤❡ ✢♦✇ s♣❡❡❞ ✐s ❢✉rt❤❡r ✐♥❝r❡❛s❡❞ t❤❡ ❞②❡ ✐s ❜❧✉rr❡❞ ❛♥❞ s❡❡♠s t♦ ✜❧❧ t❤❡ ❡♥t✐r❡ ♣✐♣❡✳

❋✐❣✉r❡✿ ❘❡②♥♦❧❞s ❊①♣❡r✐♠❡♥t ✭✇✇✇✳❧❡❛r♥❝❛①✳❝♦♠✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✼ ✴ ✺✵

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SLIDE 18

❚❤❡ ❜❡❣✐♥♥✐♥❣ ♦❢ t❤❡ t✉r❜✉❧❡♥❝❡ st✉❞②

✎ ❙t♦❦❡s ✭✶✽✺✶✮ ❛❧r❡❛❞② ♦❜s❡r✈❡❞ t❤❡ ✐♥❛❞❡q✉❛❝② ♦❢ ✭✹✮ ❛♥❞ ✭✺✮ t♦ ♠♦❞❡❧ ❝❡rt❛✐♥ ✢♦✇

r❡❣✐♠❡s t❤❛t ❝♦✉❧❞ ♣r♦❜❛❜❧② r❡s✉❧t ❢r♦♠ ❡❞❞✐❡s ✇❤✐❝❤ r❡♥❞❡r❡❞ t❤❡ ♠♦t✐♦♥ ♠♦r❡ ❝❤❛♦t✐❝✳

✎ ❘❡②♥♦❧❞s ✭✶✽✽✸✮✿ ✐♥t♦ ❛ ✢♦✇

t❤r♦✉❣❤ ❛ ❣❧❛ss t✉❜❡✱ ✇❛s ✐♥✲ ❥❡❝t❡❞ ❛ ❞②❡ t♦ ♦❜s❡r✈❡ t❤❡ ♥❛t✉r❡ ♦❢ ✢♦✇✳ ❲❤❡♥ t❤❡ s♣❡❡❞s ✇❡r❡ s♠❛❧❧ t❤❡ ✢♦✇ s❡❡♠❡❞ t♦ ❢♦❧❧♦✇ ❛ str❛✐❣❤t ❧✐♥❡ ♣❛t❤✳ ❆s t❤❡ ✢♦✇ s♣❡❡❞ ✇❛s ✐♥❝r❡❛s❡❞ t❤❡ ❞②❡ ✢✉❝t✉✲ ❛t❡s ❛♥❞ ♦♥❡ ♦❜s❡r✈❡s ✐♥t❡r✲ ♠✐tt❡♥t ❜✉rsts✳ ❆s t❤❡ ✢♦✇ s♣❡❡❞ ✐s ❢✉rt❤❡r ✐♥❝r❡❛s❡❞ t❤❡ ❞②❡ ✐s ❜❧✉rr❡❞ ❛♥❞ s❡❡♠s t♦ ✜❧❧ t❤❡ ❡♥t✐r❡ ♣✐♣❡✳

❋✐❣✉r❡✿ ❘❡②♥♦❧❞s ❊①♣❡r✐♠❡♥t ✭✇✇✇✳❧❡❛r♥❝❛①✳❝♦♠✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✼ ✴ ✺✵

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SLIDE 19

❋❧♦✇ r❡❣✐♠❡s

❘❡②♥♦❧❞s ✭✶✽✽✸✮ ❤❛s s✉❝❝❡❡❞❡❞ t♦ ♣r♦✈❡ t❤❡ ✐♠♣♦rt❛♥❝❡ ♦❢ ❛ t❤r❡s❤♦❧❞ ✈❛❧✉❡ s❡♣❛r❛t✐♥❣ t❤❡ ❧❛♠✐♥❛r ✢♦✇ r❡❣✐♠❡ ❢r♦♠ t❤❡ t✉r❜✉❧❡♥t ♦♥❡ ✇✐t❤✐♥ ❛ s✐♠✐❧❛r ✢✉✐❞✱ ❘❡ ❂ ✉✭❧✮ ❧ ✗ ✑ ✭✉ ✁ r✮✉ ✗✹✉ ✑ ✐♥❡rt✐❛ ❢♦r❝❡s ✈✐s❝♦s✐t② ❢♦r❝❡s ❀ ✭✾✮ ✇❤❡r❡ ❧ ❛♥ ✉✭❧✮ ❛r❡ ❝❤❛r❛❝t❡r✐st✐❝ ❧❡♥❣t❤ ❛♥❞ ✈❡❧♦❝✐t② s❝❛❧❡s✳

❲❤❡♥❡✈❡r t❤❡ ❘❡ ✔ ✷✵✵✵✱ ✢♦✇ ✐♥ ❛ ♣✐♣❡ ✐s ❣❡♥❡r❛❧❧② ❧❛♠✐♥❛r✳

▲❛♠✐♥❛r ✢♦✇ ♦❝❝✉rs ❛t ❧♦✇ ❘❡②♥♦❧❞s ♥✉♠❜❡rs✱ ✇❤❡r❡ ✈✐s❝♦✉s ❢♦r❝❡s ❛r❡ ❞♦♠✐♥❛♥t✱ ❛♥❞ ✐s ❝❤❛r❛❝t❡r✐③❡❞ ❜② s♠♦♦t❤✱ ❝♦♥st❛♥t ✢✉✐❞ ♠♦t✐♦♥✳

❆t ✈❛❧✉❡s ♦❢ ❘❡ ❃ ✷✵✵✵✱ ✢♦✇ ✐s ✉s✉❛❧❧② t✉r❜✉❧❡♥t✳

❚✉r❜✉❧❡♥t ✢♦✇ ♦❝❝✉rs ❛t ❤✐❣❤ ❘❡②♥♦❧❞s ♥✉♠❜❡rs ❛♥❞ ✐s ❞♦♠✐♥❛t❡❞ ❜② ✐♥❡rt✐❛❧ ❢♦r❝❡s✱ ✇❤✐❝❤ t❡♥❞ t♦ ♣r♦❞✉❝❡ ❝❤❛♦t✐❝ ❡❞❞✐❡s✱ ✈♦rt✐❝❡s ❛♥❞ ♦t❤❡r ✢♦✇ ✐♥st❛❜✐❧✐t✐❡s✳

❚❤❡ tr❛♥s✐t✐♦♥ ✉s✉❛❧❧② ❜❡❣✐♥s ✇✐t❤ ✶✵✵✵ ✔ ❘❡ ✔ ✷✵✵✵ ❛♥❞ ❡①t❡♥❞s ✉♣✇❛r❞ t♦ ✸✵✵✵ ✔ ❘❡ ✔ ✺✵✵✵✳

❚r❛♥s✐t✐♦♥❛❧ ✢♦✇ ❝❛♥ r❡❢❡r t♦ tr❛♥s✐t✐♦♥ ✐♥ ❡✐t❤❡r ❞✐r❡❝t✐♦♥✱ t❤❛t ✐s ❧❛♠✐♥❛r✲t✉r❜✉❧❡♥t tr❛♥s✐✲ t✐♦♥❛❧ ♦r t✉r❜✉❧❡♥t✲❧❛♠✐♥❛r tr❛♥s✐t✐♦♥❛❧ ✢♦✇✳ ❚❤❡ tr❛♥s✐t✐♦♥ ❜❡t✇❡❡♥ ❧❛♠✐♥❛r ❛♥❞ t✉r❜✉❧❡♥t ✢♦✇ ♦❝❝✉rs ♥♦t ❛t ❛ s♣❡❝✐✜❝ ✈❛❧✉❡ ♦❢ t❤❡ ❘❡②♥♦❧❞s ♥✉♠❜❡r ❜✉t ✐♥ ❛ r❛♥❣❡✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✽ ✴ ✺✵

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SLIDE 20

❋❧♦✇ r❡❣✐♠❡s

❘❡②♥♦❧❞s ✭✶✽✽✸✮ ❤❛s s✉❝❝❡❡❞❡❞ t♦ ♣r♦✈❡ t❤❡ ✐♠♣♦rt❛♥❝❡ ♦❢ ❛ t❤r❡s❤♦❧❞ ✈❛❧✉❡ s❡♣❛r❛t✐♥❣ t❤❡ ❧❛♠✐♥❛r ✢♦✇ r❡❣✐♠❡ ❢r♦♠ t❤❡ t✉r❜✉❧❡♥t ♦♥❡ ✇✐t❤✐♥ ❛ s✐♠✐❧❛r ✢✉✐❞✱ ❘❡ ❂ ✉✭❧✮ ❧ ✗ ✑ ✭✉ ✁ r✮✉ ✗✹✉ ✑ ✐♥❡rt✐❛ ❢♦r❝❡s ✈✐s❝♦s✐t② ❢♦r❝❡s ❀ ✭✾✮ ✇❤❡r❡ ❧ ❛♥ ✉✭❧✮ ❛r❡ ❝❤❛r❛❝t❡r✐st✐❝ ❧❡♥❣t❤ ❛♥❞ ✈❡❧♦❝✐t② s❝❛❧❡s✳

❲❤❡♥❡✈❡r t❤❡ ❘❡ ✔ ✷✵✵✵✱ ✢♦✇ ✐♥ ❛ ♣✐♣❡ ✐s ❣❡♥❡r❛❧❧② ❧❛♠✐♥❛r✳

▲❛♠✐♥❛r ✢♦✇ ♦❝❝✉rs ❛t ❧♦✇ ❘❡②♥♦❧❞s ♥✉♠❜❡rs✱ ✇❤❡r❡ ✈✐s❝♦✉s ❢♦r❝❡s ❛r❡ ❞♦♠✐♥❛♥t✱ ❛♥❞ ✐s ❝❤❛r❛❝t❡r✐③❡❞ ❜② s♠♦♦t❤✱ ❝♦♥st❛♥t ✢✉✐❞ ♠♦t✐♦♥✳

❆t ✈❛❧✉❡s ♦❢ ❘❡ ❃ ✷✵✵✵✱ ✢♦✇ ✐s ✉s✉❛❧❧② t✉r❜✉❧❡♥t✳

❚✉r❜✉❧❡♥t ✢♦✇ ♦❝❝✉rs ❛t ❤✐❣❤ ❘❡②♥♦❧❞s ♥✉♠❜❡rs ❛♥❞ ✐s ❞♦♠✐♥❛t❡❞ ❜② ✐♥❡rt✐❛❧ ❢♦r❝❡s✱ ✇❤✐❝❤ t❡♥❞ t♦ ♣r♦❞✉❝❡ ❝❤❛♦t✐❝ ❡❞❞✐❡s✱ ✈♦rt✐❝❡s ❛♥❞ ♦t❤❡r ✢♦✇ ✐♥st❛❜✐❧✐t✐❡s✳

❚❤❡ tr❛♥s✐t✐♦♥ ✉s✉❛❧❧② ❜❡❣✐♥s ✇✐t❤ ✶✵✵✵ ✔ ❘❡ ✔ ✷✵✵✵ ❛♥❞ ❡①t❡♥❞s ✉♣✇❛r❞ t♦ ✸✵✵✵ ✔ ❘❡ ✔ ✺✵✵✵✳

❚r❛♥s✐t✐♦♥❛❧ ✢♦✇ ❝❛♥ r❡❢❡r t♦ tr❛♥s✐t✐♦♥ ✐♥ ❡✐t❤❡r ❞✐r❡❝t✐♦♥✱ t❤❛t ✐s ❧❛♠✐♥❛r✲t✉r❜✉❧❡♥t tr❛♥s✐✲ t✐♦♥❛❧ ♦r t✉r❜✉❧❡♥t✲❧❛♠✐♥❛r tr❛♥s✐t✐♦♥❛❧ ✢♦✇✳ ❚❤❡ tr❛♥s✐t✐♦♥ ❜❡t✇❡❡♥ ❧❛♠✐♥❛r ❛♥❞ t✉r❜✉❧❡♥t ✢♦✇ ♦❝❝✉rs ♥♦t ❛t ❛ s♣❡❝✐✜❝ ✈❛❧✉❡ ♦❢ t❤❡ ❘❡②♥♦❧❞s ♥✉♠❜❡r ❜✉t ✐♥ ❛ r❛♥❣❡✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✽ ✴ ✺✵

slide-21
SLIDE 21

❋❧♦✇ r❡❣✐♠❡s

❘❡②♥♦❧❞s ✭✶✽✽✸✮ ❤❛s s✉❝❝❡❡❞❡❞ t♦ ♣r♦✈❡ t❤❡ ✐♠♣♦rt❛♥❝❡ ♦❢ ❛ t❤r❡s❤♦❧❞ ✈❛❧✉❡ s❡♣❛r❛t✐♥❣ t❤❡ ❧❛♠✐♥❛r ✢♦✇ r❡❣✐♠❡ ❢r♦♠ t❤❡ t✉r❜✉❧❡♥t ♦♥❡ ✇✐t❤✐♥ ❛ s✐♠✐❧❛r ✢✉✐❞✱ ❘❡ ❂ ✉✭❧✮ ❧ ✗ ✑ ✭✉ ✁ r✮✉ ✗✹✉ ✑ ✐♥❡rt✐❛ ❢♦r❝❡s ✈✐s❝♦s✐t② ❢♦r❝❡s ❀ ✭✾✮ ✇❤❡r❡ ❧ ❛♥ ✉✭❧✮ ❛r❡ ❝❤❛r❛❝t❡r✐st✐❝ ❧❡♥❣t❤ ❛♥❞ ✈❡❧♦❝✐t② s❝❛❧❡s✳

❲❤❡♥❡✈❡r t❤❡ ❘❡ ✔ ✷✵✵✵✱ ✢♦✇ ✐♥ ❛ ♣✐♣❡ ✐s ❣❡♥❡r❛❧❧② ❧❛♠✐♥❛r✳

▲❛♠✐♥❛r ✢♦✇ ♦❝❝✉rs ❛t ❧♦✇ ❘❡②♥♦❧❞s ♥✉♠❜❡rs✱ ✇❤❡r❡ ✈✐s❝♦✉s ❢♦r❝❡s ❛r❡ ❞♦♠✐♥❛♥t✱ ❛♥❞ ✐s ❝❤❛r❛❝t❡r✐③❡❞ ❜② s♠♦♦t❤✱ ❝♦♥st❛♥t ✢✉✐❞ ♠♦t✐♦♥✳

❆t ✈❛❧✉❡s ♦❢ ❘❡ ❃ ✷✵✵✵✱ ✢♦✇ ✐s ✉s✉❛❧❧② t✉r❜✉❧❡♥t✳

❚✉r❜✉❧❡♥t ✢♦✇ ♦❝❝✉rs ❛t ❤✐❣❤ ❘❡②♥♦❧❞s ♥✉♠❜❡rs ❛♥❞ ✐s ❞♦♠✐♥❛t❡❞ ❜② ✐♥❡rt✐❛❧ ❢♦r❝❡s✱ ✇❤✐❝❤ t❡♥❞ t♦ ♣r♦❞✉❝❡ ❝❤❛♦t✐❝ ❡❞❞✐❡s✱ ✈♦rt✐❝❡s ❛♥❞ ♦t❤❡r ✢♦✇ ✐♥st❛❜✐❧✐t✐❡s✳

❚❤❡ tr❛♥s✐t✐♦♥ ✉s✉❛❧❧② ❜❡❣✐♥s ✇✐t❤ ✶✵✵✵ ✔ ❘❡ ✔ ✷✵✵✵ ❛♥❞ ❡①t❡♥❞s ✉♣✇❛r❞ t♦ ✸✵✵✵ ✔ ❘❡ ✔ ✺✵✵✵✳

❚r❛♥s✐t✐♦♥❛❧ ✢♦✇ ❝❛♥ r❡❢❡r t♦ tr❛♥s✐t✐♦♥ ✐♥ ❡✐t❤❡r ❞✐r❡❝t✐♦♥✱ t❤❛t ✐s ❧❛♠✐♥❛r✲t✉r❜✉❧❡♥t tr❛♥s✐✲ t✐♦♥❛❧ ♦r t✉r❜✉❧❡♥t✲❧❛♠✐♥❛r tr❛♥s✐t✐♦♥❛❧ ✢♦✇✳ ❚❤❡ tr❛♥s✐t✐♦♥ ❜❡t✇❡❡♥ ❧❛♠✐♥❛r ❛♥❞ t✉r❜✉❧❡♥t ✢♦✇ ♦❝❝✉rs ♥♦t ❛t ❛ s♣❡❝✐✜❝ ✈❛❧✉❡ ♦❢ t❤❡ ❘❡②♥♦❧❞s ♥✉♠❜❡r ❜✉t ✐♥ ❛ r❛♥❣❡✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✽ ✴ ✺✵

slide-22
SLIDE 22

❋❧♦✇ r❡❣✐♠❡s

❘❡②♥♦❧❞s ✭✶✽✽✸✮ ❤❛s s✉❝❝❡❡❞❡❞ t♦ ♣r♦✈❡ t❤❡ ✐♠♣♦rt❛♥❝❡ ♦❢ ❛ t❤r❡s❤♦❧❞ ✈❛❧✉❡ s❡♣❛r❛t✐♥❣ t❤❡ ❧❛♠✐♥❛r ✢♦✇ r❡❣✐♠❡ ❢r♦♠ t❤❡ t✉r❜✉❧❡♥t ♦♥❡ ✇✐t❤✐♥ ❛ s✐♠✐❧❛r ✢✉✐❞✱ ❘❡ ❂ ✉✭❧✮ ❧ ✗ ✑ ✭✉ ✁ r✮✉ ✗✹✉ ✑ ✐♥❡rt✐❛ ❢♦r❝❡s ✈✐s❝♦s✐t② ❢♦r❝❡s ❀ ✭✾✮ ✇❤❡r❡ ❧ ❛♥ ✉✭❧✮ ❛r❡ ❝❤❛r❛❝t❡r✐st✐❝ ❧❡♥❣t❤ ❛♥❞ ✈❡❧♦❝✐t② s❝❛❧❡s✳

❲❤❡♥❡✈❡r t❤❡ ❘❡ ✔ ✷✵✵✵✱ ✢♦✇ ✐♥ ❛ ♣✐♣❡ ✐s ❣❡♥❡r❛❧❧② ❧❛♠✐♥❛r✳

▲❛♠✐♥❛r ✢♦✇ ♦❝❝✉rs ❛t ❧♦✇ ❘❡②♥♦❧❞s ♥✉♠❜❡rs✱ ✇❤❡r❡ ✈✐s❝♦✉s ❢♦r❝❡s ❛r❡ ❞♦♠✐♥❛♥t✱ ❛♥❞ ✐s ❝❤❛r❛❝t❡r✐③❡❞ ❜② s♠♦♦t❤✱ ❝♦♥st❛♥t ✢✉✐❞ ♠♦t✐♦♥✳

❆t ✈❛❧✉❡s ♦❢ ❘❡ ❃ ✷✵✵✵✱ ✢♦✇ ✐s ✉s✉❛❧❧② t✉r❜✉❧❡♥t✳

❚✉r❜✉❧❡♥t ✢♦✇ ♦❝❝✉rs ❛t ❤✐❣❤ ❘❡②♥♦❧❞s ♥✉♠❜❡rs ❛♥❞ ✐s ❞♦♠✐♥❛t❡❞ ❜② ✐♥❡rt✐❛❧ ❢♦r❝❡s✱ ✇❤✐❝❤ t❡♥❞ t♦ ♣r♦❞✉❝❡ ❝❤❛♦t✐❝ ❡❞❞✐❡s✱ ✈♦rt✐❝❡s ❛♥❞ ♦t❤❡r ✢♦✇ ✐♥st❛❜✐❧✐t✐❡s✳

❚❤❡ tr❛♥s✐t✐♦♥ ✉s✉❛❧❧② ❜❡❣✐♥s ✇✐t❤ ✶✵✵✵ ✔ ❘❡ ✔ ✷✵✵✵ ❛♥❞ ❡①t❡♥❞s ✉♣✇❛r❞ t♦ ✸✵✵✵ ✔ ❘❡ ✔ ✺✵✵✵✳

❚r❛♥s✐t✐♦♥❛❧ ✢♦✇ ❝❛♥ r❡❢❡r t♦ tr❛♥s✐t✐♦♥ ✐♥ ❡✐t❤❡r ❞✐r❡❝t✐♦♥✱ t❤❛t ✐s ❧❛♠✐♥❛r✲t✉r❜✉❧❡♥t tr❛♥s✐✲ t✐♦♥❛❧ ♦r t✉r❜✉❧❡♥t✲❧❛♠✐♥❛r tr❛♥s✐t✐♦♥❛❧ ✢♦✇✳ ❚❤❡ tr❛♥s✐t✐♦♥ ❜❡t✇❡❡♥ ❧❛♠✐♥❛r ❛♥❞ t✉r❜✉❧❡♥t ✢♦✇ ♦❝❝✉rs ♥♦t ❛t ❛ s♣❡❝✐✜❝ ✈❛❧✉❡ ♦❢ t❤❡ ❘❡②♥♦❧❞s ♥✉♠❜❡r ❜✉t ✐♥ ❛ r❛♥❣❡✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✽ ✴ ✺✵

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SLIDE 23

❚❤❡ ❘❡②♥♦❧❞s✲❛✈❡r❛❣❡❞ ◆❛✈✐❡r✲❙t♦❦❡s ❡q✉❛t✐♦♥s

✎ ❘❡②♥♦❧❞s ❤②♣♦t❤❡s✐s ✭✶✽✾✺✮✿ t❤❡ ✢♦✇ ❤❛s t✇♦ ❞✐✛❡r❡♥t s❝❛❧❡s ✇❤✐❝❤ ♠❛❦❡s ♣♦ss✐❜❧❡ t♦

❞❡❝♦♠♣♦s❡ t❤❡ ✢♦✇ q✉❛♥t✐t✐❡s ✉ ❂ ✉ ✰ ✉✵❀ ✿ ✿ ✿ ❀ ✉✵ ❂ ✢✉❝t✉❛t✐♥❣ ✈❡❧♦❝✐t②✱ ✉ ❂ ❛✈❡r❛❣❡ ✈❡❧♦❝✐t②✳ ✭✶✵✮

✎ ❚♦❞❛②✱ t❤✐s ♠❡❛♥ ✐s s❡❡♥ ❛s ❛ ✜❧t❡r ❞❡✜♥❡❞ ❜② ❛♥ ♦♣❡r❛t♦r ✭❘❡②♥♦❧❞s ♦♣❡r❛t♦r✮

❘ ✿ ❘✸ ✦ ❘✸❀ ❘✭✉✮ ❂ ✉❀ ❡✿❣✿ ❘✭✉✮ ❂ ✶ ✁t

t✰✁t t

✉ ❞t ❀ ✭✶✶✮ ✇❤❡r❡ t❤❡ ✐♥t❡r✈❛❧ ✁t ✐s s♠❛❧❧ ❝♦♠♣❛r❡❞ ✇✐t❤ t❤❡ ✢✉❝t✉❛t✐♦♥s ♦❢ t❤❡ ❛✈❡r❛❣❡ ✈❛❧✉❡ ✉✳

Pr♦♣❡rt✐❡s ♦❢ t❤❡ ❘❡②♥♦❧❞s ♦♣❡r❛t♦r

✶ ❘✭✉ ✰ ✕✈✮ ❂ ❘✭✉✮ ✰ ✕❘✭✈✮ ❢♦r ❛♥② ✉❀ ✈ ✷ ❘✸ ❛♥❞ ❛♥② ✕ ✷ ❘❀ ✷ ❘✭❘✭✉✮✮ ❂ ❘✭✉✮ ❢♦r ❛♥② ✉ ✷ ❘✸

✐♠♣❧✐❡s ❘✭✉✵✮ ❂ ✵ ❢♦r ❛♥② ✉ ✷ ❘✸❀

✸ ❘✭❅✉✮ ❂ ❅ ✭❘✭✉✮✮ ❢♦r ❛♥② ✉ ✷ ❘✸❀ ✹ ❘✭✉ ✡ ✈✮ ❂ ❘✭✉✮ ✡ ❘✭✈✮ ✰ ❘✭✭✉ ❘✭✉✮✮ ✡ ✭✈ ❘✭✈✮✮✮ ❢♦r ❛♥② ✉❀ ✈ ✷ ❘✸

✐♠♣❧✐❡s ❘✭✉ ✡ ❘✭✈✮✮ ❂ ❘✭✉✮ ✡ ❘✭✈✮ ❂ ❘✭❘✭✉✮ ✡ ✈✮✳ ✎ ❚❤❡ ❘❡②♥♦❧❞s ♦♣❡r❛t♦r ✐s ✉s❡❞ t♦ ✜❧t❡r t❤❡ ◆❙ ❡qs ✭✹✮ ❛♥❞ ✭✺✮✱ ❧❡❛❞✐♥❣ t♦ t❤❡ ❘❆◆❙✿

✉ ❂ ✵❀ ✭✶✷✮ ❅✉ ❅t ✰ ❞✐✈✭✉ ✡ ✉✮ ❂ ❢ ✶ ✚r♣ ✰ ✗ ❞✐✈ ❉✭✉✮ ❞✐✈✭✉✵ ✡ ✉✵✮✿ ✭✶✸✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✾ ✴ ✺✵

slide-24
SLIDE 24

❚❤❡ ❘❡②♥♦❧❞s✲❛✈❡r❛❣❡❞ ◆❛✈✐❡r✲❙t♦❦❡s ❡q✉❛t✐♦♥s

✎ ❘❡②♥♦❧❞s ❤②♣♦t❤❡s✐s ✭✶✽✾✺✮✿ t❤❡ ✢♦✇ ❤❛s t✇♦ ❞✐✛❡r❡♥t s❝❛❧❡s ✇❤✐❝❤ ♠❛❦❡s ♣♦ss✐❜❧❡ t♦

❞❡❝♦♠♣♦s❡ t❤❡ ✢♦✇ q✉❛♥t✐t✐❡s ✉ ❂ ✉ ✰ ✉✵❀ ✿ ✿ ✿ ❀ ✉✵ ❂ ✢✉❝t✉❛t✐♥❣ ✈❡❧♦❝✐t②✱ ✉ ❂ ❛✈❡r❛❣❡ ✈❡❧♦❝✐t②✳ ✭✶✵✮

✎ ❚♦❞❛②✱ t❤✐s ♠❡❛♥ ✐s s❡❡♥ ❛s ❛ ✜❧t❡r ❞❡✜♥❡❞ ❜② ❛♥ ♦♣❡r❛t♦r ✭❘❡②♥♦❧❞s ♦♣❡r❛t♦r✮

❘ ✿ ❘✸ ✦ ❘✸❀ ❘✭✉✮ ❂ ✉❀ ❡✿❣✿ ❘✭✉✮ ❂ ✶ ✁t ˆ t✰✁t

t

✉ ❞t ❀ ✭✶✶✮ ✇❤❡r❡ t❤❡ ✐♥t❡r✈❛❧ ✁t ✐s s♠❛❧❧ ❝♦♠♣❛r❡❞ ✇✐t❤ t❤❡ ✢✉❝t✉❛t✐♦♥s ♦❢ t❤❡ ❛✈❡r❛❣❡ ✈❛❧✉❡ ✉✳

Pr♦♣❡rt✐❡s ♦❢ t❤❡ ❘❡②♥♦❧❞s ♦♣❡r❛t♦r

✶ ❘✭✉ ✰ ✕✈✮ ❂ ❘✭✉✮ ✰ ✕❘✭✈✮ ❢♦r ❛♥② ✉❀ ✈ ✷ ❘✸ ❛♥❞ ❛♥② ✕ ✷ ❘❀ ✷ ❘✭❘✭✉✮✮ ❂ ❘✭✉✮ ❢♦r ❛♥② ✉ ✷ ❘✸

✐♠♣❧✐❡s ❘✭✉✵✮ ❂ ✵ ❢♦r ❛♥② ✉ ✷ ❘✸❀

✸ ❘✭❅✉✮ ❂ ❅ ✭❘✭✉✮✮ ❢♦r ❛♥② ✉ ✷ ❘✸❀ ✹ ❘✭✉ ✡ ✈✮ ❂ ❘✭✉✮ ✡ ❘✭✈✮ ✰ ❘✭✭✉ ❘✭✉✮✮ ✡ ✭✈ ❘✭✈✮✮✮ ❢♦r ❛♥② ✉❀ ✈ ✷ ❘✸

✐♠♣❧✐❡s ❘✭✉ ✡ ❘✭✈✮✮ ❂ ❘✭✉✮ ✡ ❘✭✈✮ ❂ ❘✭❘✭✉✮ ✡ ✈✮✳ ✎ ❚❤❡ ❘❡②♥♦❧❞s ♦♣❡r❛t♦r ✐s ✉s❡❞ t♦ ✜❧t❡r t❤❡ ◆❙ ❡qs ✭✹✮ ❛♥❞ ✭✺✮✱ ❧❡❛❞✐♥❣ t♦ t❤❡ ❘❆◆❙✿

✉ ❂ ✵❀ ✭✶✷✮ ❅✉ ❅t ✰ ❞✐✈✭✉ ✡ ✉✮ ❂ ❢ ✶ ✚r♣ ✰ ✗ ❞✐✈ ❉✭✉✮ ❞✐✈✭✉✵ ✡ ✉✵✮✿ ✭✶✸✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✾ ✴ ✺✵

slide-25
SLIDE 25

❚❤❡ ❘❡②♥♦❧❞s✲❛✈❡r❛❣❡❞ ◆❛✈✐❡r✲❙t♦❦❡s ❡q✉❛t✐♦♥s

✎ ❘❡②♥♦❧❞s ❤②♣♦t❤❡s✐s ✭✶✽✾✺✮✿ t❤❡ ✢♦✇ ❤❛s t✇♦ ❞✐✛❡r❡♥t s❝❛❧❡s ✇❤✐❝❤ ♠❛❦❡s ♣♦ss✐❜❧❡ t♦

❞❡❝♦♠♣♦s❡ t❤❡ ✢♦✇ q✉❛♥t✐t✐❡s ✉ ❂ ✉ ✰ ✉✵❀ ✿ ✿ ✿ ❀ ✉✵ ❂ ✢✉❝t✉❛t✐♥❣ ✈❡❧♦❝✐t②✱ ✉ ❂ ❛✈❡r❛❣❡ ✈❡❧♦❝✐t②✳ ✭✶✵✮

✎ ❚♦❞❛②✱ t❤✐s ♠❡❛♥ ✐s s❡❡♥ ❛s ❛ ✜❧t❡r ❞❡✜♥❡❞ ❜② ❛♥ ♦♣❡r❛t♦r ✭❘❡②♥♦❧❞s ♦♣❡r❛t♦r✮

❘ ✿ ❘✸ ✦ ❘✸❀ ❘✭✉✮ ❂ ✉❀ ❡✿❣✿ ❘✭✉✮ ❂ ✶ ✁t ˆ t✰✁t

t

✉ ❞t ❀ ✭✶✶✮ ✇❤❡r❡ t❤❡ ✐♥t❡r✈❛❧ ✁t ✐s s♠❛❧❧ ❝♦♠♣❛r❡❞ ✇✐t❤ t❤❡ ✢✉❝t✉❛t✐♦♥s ♦❢ t❤❡ ❛✈❡r❛❣❡ ✈❛❧✉❡ ✉✳

Pr♦♣❡rt✐❡s ♦❢ t❤❡ ❘❡②♥♦❧❞s ♦♣❡r❛t♦r

✶ ❘✭✉ ✰ ✕✈✮ ❂ ❘✭✉✮ ✰ ✕❘✭✈✮ ❢♦r ❛♥② ✉❀ ✈ ✷ ❘✸ ❛♥❞ ❛♥② ✕ ✷ ❘❀ ✷ ❘✭❘✭✉✮✮ ❂ ❘✭✉✮ ❢♦r ❛♥② ✉ ✷ ❘✸

✐♠♣❧✐❡s ❘✭✉✵✮ ❂ ✵ ❢♦r ❛♥② ✉ ✷ ❘✸❀

✸ ❘✭❅✉✮ ❂ ❅ ✭❘✭✉✮✮ ❢♦r ❛♥② ✉ ✷ ❘✸❀ ✹ ❘✭✉ ✡ ✈✮ ❂ ❘✭✉✮ ✡ ❘✭✈✮ ✰ ❘✭✭✉ ❘✭✉✮✮ ✡ ✭✈ ❘✭✈✮✮✮ ❢♦r ❛♥② ✉❀ ✈ ✷ ❘✸

✐♠♣❧✐❡s ❘✭✉ ✡ ❘✭✈✮✮ ❂ ❘✭✉✮ ✡ ❘✭✈✮ ❂ ❘✭❘✭✉✮ ✡ ✈✮✳ ✎ ❚❤❡ ❘❡②♥♦❧❞s ♦♣❡r❛t♦r ✐s ✉s❡❞ t♦ ✜❧t❡r t❤❡ ◆❙ ❡qs ✭✹✮ ❛♥❞ ✭✺✮✱ ❧❡❛❞✐♥❣ t♦ t❤❡ ❘❆◆❙✿

✉ ❂ ✵❀ ✭✶✷✮ ❅✉ ❅t ✰ ❞✐✈✭✉ ✡ ✉✮ ❂ ❢ ✶ ✚r♣ ✰ ✗ ❞✐✈ ❉✭✉✮ ❞✐✈✭✉✵ ✡ ✉✵✮✿ ✭✶✸✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✾ ✴ ✺✵

slide-26
SLIDE 26

❚❤❡ ❘❡②♥♦❧❞s✲❛✈❡r❛❣❡❞ ◆❛✈✐❡r✲❙t♦❦❡s ❡q✉❛t✐♦♥s

✎ ❘❡②♥♦❧❞s ❤②♣♦t❤❡s✐s ✭✶✽✾✺✮✿ t❤❡ ✢♦✇ ❤❛s t✇♦ ❞✐✛❡r❡♥t s❝❛❧❡s ✇❤✐❝❤ ♠❛❦❡s ♣♦ss✐❜❧❡ t♦

❞❡❝♦♠♣♦s❡ t❤❡ ✢♦✇ q✉❛♥t✐t✐❡s ✉ ❂ ✉ ✰ ✉✵❀ ✿ ✿ ✿ ❀ ✉✵ ❂ ✢✉❝t✉❛t✐♥❣ ✈❡❧♦❝✐t②✱ ✉ ❂ ❛✈❡r❛❣❡ ✈❡❧♦❝✐t②✳ ✭✶✵✮

✎ ❚♦❞❛②✱ t❤✐s ♠❡❛♥ ✐s s❡❡♥ ❛s ❛ ✜❧t❡r ❞❡✜♥❡❞ ❜② ❛♥ ♦♣❡r❛t♦r ✭❘❡②♥♦❧❞s ♦♣❡r❛t♦r✮

❘ ✿ ❘✸ ✦ ❘✸❀ ❘✭✉✮ ❂ ✉❀ ❡✿❣✿ ❘✭✉✮ ❂ ✶ ✁t ˆ t✰✁t

t

✉ ❞t ❀ ✭✶✶✮ ✇❤❡r❡ t❤❡ ✐♥t❡r✈❛❧ ✁t ✐s s♠❛❧❧ ❝♦♠♣❛r❡❞ ✇✐t❤ t❤❡ ✢✉❝t✉❛t✐♦♥s ♦❢ t❤❡ ❛✈❡r❛❣❡ ✈❛❧✉❡ ✉✳

Pr♦♣❡rt✐❡s ♦❢ t❤❡ ❘❡②♥♦❧❞s ♦♣❡r❛t♦r

✶ ❘✭✉ ✰ ✕✈✮ ❂ ❘✭✉✮ ✰ ✕❘✭✈✮ ❢♦r ❛♥② ✉❀ ✈ ✷ ❘✸ ❛♥❞ ❛♥② ✕ ✷ ❘❀ ✷ ❘✭❘✭✉✮✮ ❂ ❘✭✉✮ ❢♦r ❛♥② ✉ ✷ ❘✸

✐♠♣❧✐❡s ❘✭✉✵✮ ❂ ✵ ❢♦r ❛♥② ✉ ✷ ❘✸❀

✸ ❘✭❅✉✮ ❂ ❅ ✭❘✭✉✮✮ ❢♦r ❛♥② ✉ ✷ ❘✸❀ ✹ ❘✭✉ ✡ ✈✮ ❂ ❘✭✉✮ ✡ ❘✭✈✮ ✰ ❘✭✭✉ ❘✭✉✮✮ ✡ ✭✈ ❘✭✈✮✮✮ ❢♦r ❛♥② ✉❀ ✈ ✷ ❘✸

✐♠♣❧✐❡s ❘✭✉ ✡ ❘✭✈✮✮ ❂ ❘✭✉✮ ✡ ❘✭✈✮ ❂ ❘✭❘✭✉✮ ✡ ✈✮✳ ✎ ❚❤❡ ❘❡②♥♦❧❞s ♦♣❡r❛t♦r ✐s ✉s❡❞ t♦ ✜❧t❡r t❤❡ ◆❙ ❡qs ✭✹✮ ❛♥❞ ✭✺✮✱ ❧❡❛❞✐♥❣ t♦ t❤❡ ❘❆◆❙✿

div ✉ ❂ ✵❀ ✭✶✷✮ ❅✉ ❅t ✰ ❞✐✈✭✉ ✡ ✉✮ ❂ ❢ ✶ ✚r♣ ✰ ✗ ❞✐✈ ❉✭✉✮ ❞✐✈✭✉✵ ✡ ✉✵✮✿ ✭✶✸✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✾ ✴ ✺✵

slide-27
SLIDE 27

❚❤❡ t✉r❜✉❧❡♥t ❦✐♥❡t✐❝ ❡♥❡r❣②

✎ ❘❡②♥♦❧❞s str❡ss t❡♥s♦r✿ t❤❡ ❛❞❞✐t✐♦♥❛❧ t❡r♠ ✐♥ ✭✶✸✮✱

❘ ✿❂ ✉✵ ✡ ✉✵ ❀ ✭✶✹✮ ❛♥❞ ❡①♣r❡ss❡s t❤❡ ❛✈❡r❛❣❡ ♦❢ ❝❤❛♥❣❡s ✐♥ ✉✵ ❞✉❡ t♦ t❤❡ ♣❛rt✐❝❧❡ tr❛♥s♣♦rt ✇✐t❤ t❤❡ ✢✉✐❞ ♠♦✈❡♠❡♥t✳

✎ ❘❡②♥♦❧❞s s✉❣❣❡st❡❞ t❤❛t

❘ ❂ ❋✭r✉✮ ❢♦r r❡❛s♦♥s ♦❢ s②♠♠❡tr② ❘ ❂ ❋✭❉ ✭✉✮✮✿

✎ ❇♦✉ss✐♥❡sq ❤②♣♦t❤❡s✐s✿ ❇♦✉ss✐♥❡sq ✭✶✽✼✼✮ ❤❛s ♣r♦♣♦s❡❞ ✭✐♥ ❛♥❛❧♦❣② ✇✐t❤ t❤❡ ❙t♦❦❡s

❧❛✇ ❢♦r ❧❛♠✐♥❛r ✢♦✇s✮✱ ❘ ❂ ✗❚ ❉ ✭✉✮ ❀ ✭✶✺✮ ✇❤❡r❡ ✗❚ ✐s t❤❡ ❡❞❞② ♦r t✉r❜✉❧❡♥t ✈✐s❝♦s✐t②✱ ❛ ❝♦♥❝❡♣t ✐♥tr♦❞✉❝❡❞ ❡❛r❧✐❡r ❜② ❙❛✐♥t✲❱❡♥❛♥t ✭✶✽✹✸✮

✎ ❇② ❝♦♠♣❛r✐♥❣ t❤❡ tr❛❝❡s ♦❢ t❤❡ t✇♦ ❡①♣r❡ss✐♦♥s ✐♥ ✭✶✹✮ ❛♥❞ ✐♥ ✭✶✺✮✱ t❤❡ ❇♦✉ss✐♥❡sq

❤②♣♦t❤❡s✐s ♥❡❡❞s t♦ ❜❡ ❝♦rr❡❝t❡❞ t♦ ❘ ❂ ✷ ✸❦■ ✰ ✗❚ ❉✭✉✮ ❀ ❦ ✿❂ ✶ ✷❥✉✵❥✷ ✐s t❤❡ t✉r❜✉❧❡♥t ❦✐♥❡t✐❝ ❡♥❡r❣②✿ ✭✶✻✮

✎ ❚❤❡ ✐ss✉❡ ♦❢ ✜♥❞✐♥❣ ❛♥ ❡①♣r❡ss✐♦♥ ❢♦r t❤❡ ❘❡②♥♦❧❞s t❡♥s♦r ✐♠♣❧✐❡s t❤❡ s❡❛r❝❤ ❢♦r ❛♥

❡①♣r❡ss✐♦♥ ❢♦r t❤❡ ❡❞❞② ✈✐s❝♦s✐t②✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✵ ✴ ✺✵

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SLIDE 28

❚❤❡ t✉r❜✉❧❡♥t ❦✐♥❡t✐❝ ❡♥❡r❣②

✎ ❘❡②♥♦❧❞s str❡ss t❡♥s♦r✿ t❤❡ ❛❞❞✐t✐♦♥❛❧ t❡r♠ ✐♥ ✭✶✸✮✱

❘ ✿❂ ✉✵ ✡ ✉✵ ❀ ✭✶✹✮ ❛♥❞ ❡①♣r❡ss❡s t❤❡ ❛✈❡r❛❣❡ ♦❢ ❝❤❛♥❣❡s ✐♥ ✉✵ ❞✉❡ t♦ t❤❡ ♣❛rt✐❝❧❡ tr❛♥s♣♦rt ✇✐t❤ t❤❡ ✢✉✐❞ ♠♦✈❡♠❡♥t✳

✎ ❘❡②♥♦❧❞s s✉❣❣❡st❡❞ t❤❛t

❘ ❂ ❋✭r✉✮ ❢♦r r❡❛s♦♥s ♦❢ s②♠♠❡tr② ❘ ❂ ❋✭❉ ✭✉✮✮✿

✎ ❇♦✉ss✐♥❡sq ❤②♣♦t❤❡s✐s✿ ❇♦✉ss✐♥❡sq ✭✶✽✼✼✮ ❤❛s ♣r♦♣♦s❡❞ ✭✐♥ ❛♥❛❧♦❣② ✇✐t❤ t❤❡ ❙t♦❦❡s

❧❛✇ ❢♦r ❧❛♠✐♥❛r ✢♦✇s✮✱ ❘ ❂ ✗❚ ❉ ✭✉✮ ❀ ✭✶✺✮ ✇❤❡r❡ ✗❚ ✐s t❤❡ ❡❞❞② ♦r t✉r❜✉❧❡♥t ✈✐s❝♦s✐t②✱ ❛ ❝♦♥❝❡♣t ✐♥tr♦❞✉❝❡❞ ❡❛r❧✐❡r ❜② ❙❛✐♥t✲❱❡♥❛♥t ✭✶✽✹✸✮

✎ ❇② ❝♦♠♣❛r✐♥❣ t❤❡ tr❛❝❡s ♦❢ t❤❡ t✇♦ ❡①♣r❡ss✐♦♥s ✐♥ ✭✶✹✮ ❛♥❞ ✐♥ ✭✶✺✮✱ t❤❡ ❇♦✉ss✐♥❡sq

❤②♣♦t❤❡s✐s ♥❡❡❞s t♦ ❜❡ ❝♦rr❡❝t❡❞ t♦ ❘ ❂ ✷ ✸❦■ ✰ ✗❚ ❉✭✉✮ ❀ ❦ ✿❂ ✶ ✷❥✉✵❥✷ ✐s t❤❡ t✉r❜✉❧❡♥t ❦✐♥❡t✐❝ ❡♥❡r❣②✿ ✭✶✻✮

✎ ❚❤❡ ✐ss✉❡ ♦❢ ✜♥❞✐♥❣ ❛♥ ❡①♣r❡ss✐♦♥ ❢♦r t❤❡ ❘❡②♥♦❧❞s t❡♥s♦r ✐♠♣❧✐❡s t❤❡ s❡❛r❝❤ ❢♦r ❛♥

❡①♣r❡ss✐♦♥ ❢♦r t❤❡ ❡❞❞② ✈✐s❝♦s✐t②✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✵ ✴ ✺✵

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SLIDE 29

❚❤❡ t✉r❜✉❧❡♥t ❦✐♥❡t✐❝ ❡♥❡r❣②

✎ ❘❡②♥♦❧❞s str❡ss t❡♥s♦r✿ t❤❡ ❛❞❞✐t✐♦♥❛❧ t❡r♠ ✐♥ ✭✶✸✮✱

❘ ✿❂ ✉✵ ✡ ✉✵ ❀ ✭✶✹✮ ❛♥❞ ❡①♣r❡ss❡s t❤❡ ❛✈❡r❛❣❡ ♦❢ ❝❤❛♥❣❡s ✐♥ ✉✵ ❞✉❡ t♦ t❤❡ ♣❛rt✐❝❧❡ tr❛♥s♣♦rt ✇✐t❤ t❤❡ ✢✉✐❞ ♠♦✈❡♠❡♥t✳

✎ ❘❡②♥♦❧❞s s✉❣❣❡st❡❞ t❤❛t

❘ ❂ ❋✭r✉✮ ❢♦r r❡❛s♦♥s ♦❢ s②♠♠❡tr② ❘ ❂ ❋✭❉ ✭✉✮✮✿

✎ ❇♦✉ss✐♥❡sq ❤②♣♦t❤❡s✐s✿ ❇♦✉ss✐♥❡sq ✭✶✽✼✼✮ ❤❛s ♣r♦♣♦s❡❞ ✭✐♥ ❛♥❛❧♦❣② ✇✐t❤ t❤❡ ❙t♦❦❡s

❧❛✇ ❢♦r ❧❛♠✐♥❛r ✢♦✇s✮✱ ❘ ❂ ✗❚ ❉ ✭✉✮ ❀ ✭✶✺✮ ✇❤❡r❡ ✗❚ ✐s t❤❡ ❡❞❞② ♦r t✉r❜✉❧❡♥t ✈✐s❝♦s✐t②✱ ❛ ❝♦♥❝❡♣t ✐♥tr♦❞✉❝❡❞ ❡❛r❧✐❡r ❜② ❙❛✐♥t✲❱❡♥❛♥t ✭✶✽✹✸✮

✎ ❇② ❝♦♠♣❛r✐♥❣ t❤❡ tr❛❝❡s ♦❢ t❤❡ t✇♦ ❡①♣r❡ss✐♦♥s ✐♥ ✭✶✹✮ ❛♥❞ ✐♥ ✭✶✺✮✱ t❤❡ ❇♦✉ss✐♥❡sq

❤②♣♦t❤❡s✐s ♥❡❡❞s t♦ ❜❡ ❝♦rr❡❝t❡❞ t♦ ❘ ❂ ✷ ✸❦■ ✰ ✗❚ ❉✭✉✮ ❀ ❦ ✿❂ ✶ ✷❥✉✵❥✷ ✐s t❤❡ t✉r❜✉❧❡♥t ❦✐♥❡t✐❝ ❡♥❡r❣②✿ ✭✶✻✮

✎ ❚❤❡ ✐ss✉❡ ♦❢ ✜♥❞✐♥❣ ❛♥ ❡①♣r❡ss✐♦♥ ❢♦r t❤❡ ❘❡②♥♦❧❞s t❡♥s♦r ✐♠♣❧✐❡s t❤❡ s❡❛r❝❤ ❢♦r ❛♥

❡①♣r❡ss✐♦♥ ❢♦r t❤❡ ❡❞❞② ✈✐s❝♦s✐t②✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✵ ✴ ✺✵

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SLIDE 30

▼♦❞❡❧❧✐♥❣ t❤❡ t✉r❜✉❧❡♥t ✈✐s❝♦s✐t②

✎ Pr❛♥❞t❧✬s ♠✐①✐♥❣✲❧❡♥❣t❤ ♠♦❞❡❧ ✭✶✾✷✺✮✿ ✐♥s♣✐r❡❞ ✐♥ t❤❡ ❦✐♥❡t✐❝ t❤❡♦r② ♦❢ ♣❡r❢❡❝t ❣❛s❡s✱

✗❚ ❂ ✚ ❧✷

♠❥r✉❥

✮ ✗❚ ❂ ✚ ❧✷

♠❥❉✭✉✮❥ ❀

✇✐t❤ ❧♠ ❛❧❣❡❜r❛✐❝ ♣r❡s❝r✐❜❡❞ ✭✶✼✮ ✇❤❡r❡ ❧♠ ✐s t❤❡ ♠✐①✐♥❣ ❧❡♥❣t❤✱ ❛ ❞✐st❛♥❝❡ t❤❛t ❛ ✢✉✐❞ ♣❛r❝❡❧ ❦❡❡♣s ✐ts ♦r✐❣✐♥❛❧ ❝❤❛r❛❝✲ t❡r✐st✐❝s ❜❡❢♦r❡ ❞✐s♣❡rs✐♥❣ t❤❡♠ ✐♥t♦ t❤❡ s✉rr♦✉♥❞✐♥❣ ✢✉✐❞✳

✎ ❚❤❡ ♠✐①✐♥❣ ❧❡♥❣t❤ ❞❡♣❡♥❞s ♦♥ t❤❡ ♥❛t✉r❡ ♦❢ t❤❡ ✢♦✇ ❛♥❞✱ ✐♥ ❣❡♥❡r❛❧✱ ✐s s♣❛❝❡ ❞❡♣❡♥❞❡♥t✱

✇❤✐❝❤ ♠❛❦❡s t❤❡ ❛❧❣❡❜r❛✐❝ ❞❡s❝r✐♣t✐♦♥ ♦❢ ❧♠ ❤❛r❞ t♦ ♦❜t❛✐♥✳

✎ ❑♦❧♠♦❣♦r♦✈✬s ♠♦❞❡❧ ✭✶✾✹✷✮✿ t❤❡ t✉r❜✉❧❡♥❝❡ ✐s ❞❡s❝r✐❜❡❞ ❜② t✇♦ ✐♥❞❡♣❡♥❞❡♥t q✉❛♥t✐t✐❡s✿

❦ ❛♥❞ t❤❡ ❝❤❛r❛❝t❡r✐st✐❝ ❢r❡q✉❡♥❝② ♦❢ t❤❡ ❡♥❡r❣② ❝♦♥t❛✐♥✐♥❣ ♠♦✈❡♠❡♥ts✱ ❢ ✱ ✗❚ ❂ ✚ ❦ ❢ ❀ ❧ ❂ ❦

✶ ✷

❢ ❀ ✇❤❡r❡ ❧ ❞❡♥♦t❡s ❛ ❧❡♥❣t❤ s❝❛❧❡✳ ✭✶✽✮

✎ ❑♦❧♠♦❣♦r♦✈✬s ♠♦❞❡❧ ✭✶✽✮ s✉❣❣❡st❡❞ t❤❛t ❦ ❛♥❞ ❢ s❤♦✉❧❞ ❜❡ ❞❡t❡r♠✐♥❡❞ ❜② tr❛♥s♣♦rt

❡q✉❛t✐♦♥s✳

✎ Pr❛♥❞t❧✬s ♠♦❞❡❧ ✭✶✾✹✺✮✿ ✗❚ ✐s ❞❡t❡r♠✐♥❡❞ ❢r♦♠ ❛♥ ❡q✉❛t✐♦♥ ❢♦r t❤❡ tr❛♥s♣♦rt ♦❢ ❦✱

✗❚ ❂ ✚ ❦

✶ ✷ ❧ ❀

❜✉t ❧ ✐s st✐❧❧ ❛❧❣❡❜r❛✐❝❛❧❧② ♣r❡s❝r✐❜❡❞✳ ✭✶✾✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✶ ✴ ✺✵

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SLIDE 31

▼♦❞❡❧❧✐♥❣ t❤❡ t✉r❜✉❧❡♥t ✈✐s❝♦s✐t②

✎ Pr❛♥❞t❧✬s ♠✐①✐♥❣✲❧❡♥❣t❤ ♠♦❞❡❧ ✭✶✾✷✺✮✿ ✐♥s♣✐r❡❞ ✐♥ t❤❡ ❦✐♥❡t✐❝ t❤❡♦r② ♦❢ ♣❡r❢❡❝t ❣❛s❡s✱

✗❚ ❂ ✚ ❧✷

♠❥r✉❥

✮ ✗❚ ❂ ✚ ❧✷

♠❥❉✭✉✮❥ ❀

✇✐t❤ ❧♠ ❛❧❣❡❜r❛✐❝ ♣r❡s❝r✐❜❡❞ ✭✶✼✮ ✇❤❡r❡ ❧♠ ✐s t❤❡ ♠✐①✐♥❣ ❧❡♥❣t❤✱ ❛ ❞✐st❛♥❝❡ t❤❛t ❛ ✢✉✐❞ ♣❛r❝❡❧ ❦❡❡♣s ✐ts ♦r✐❣✐♥❛❧ ❝❤❛r❛❝✲ t❡r✐st✐❝s ❜❡❢♦r❡ ❞✐s♣❡rs✐♥❣ t❤❡♠ ✐♥t♦ t❤❡ s✉rr♦✉♥❞✐♥❣ ✢✉✐❞✳

✎ ❚❤❡ ♠✐①✐♥❣ ❧❡♥❣t❤ ❞❡♣❡♥❞s ♦♥ t❤❡ ♥❛t✉r❡ ♦❢ t❤❡ ✢♦✇ ❛♥❞✱ ✐♥ ❣❡♥❡r❛❧✱ ✐s s♣❛❝❡ ❞❡♣❡♥❞❡♥t✱

✇❤✐❝❤ ♠❛❦❡s t❤❡ ❛❧❣❡❜r❛✐❝ ❞❡s❝r✐♣t✐♦♥ ♦❢ ❧♠ ❤❛r❞ t♦ ♦❜t❛✐♥✳

✎ ❑♦❧♠♦❣♦r♦✈✬s ♠♦❞❡❧ ✭✶✾✹✷✮✿ t❤❡ t✉r❜✉❧❡♥❝❡ ✐s ❞❡s❝r✐❜❡❞ ❜② t✇♦ ✐♥❞❡♣❡♥❞❡♥t q✉❛♥t✐t✐❡s✿

❦ ❛♥❞ t❤❡ ❝❤❛r❛❝t❡r✐st✐❝ ❢r❡q✉❡♥❝② ♦❢ t❤❡ ❡♥❡r❣② ❝♦♥t❛✐♥✐♥❣ ♠♦✈❡♠❡♥ts✱ ❢ ✱ ✗❚ ❂ ✚ ❦ ❢ ❀ ❧ ❂ ❦

✶ ✷

❢ ❀ ✇❤❡r❡ ❧ ❞❡♥♦t❡s ❛ ❧❡♥❣t❤ s❝❛❧❡✳ ✭✶✽✮

✎ ❑♦❧♠♦❣♦r♦✈✬s ♠♦❞❡❧ ✭✶✽✮ s✉❣❣❡st❡❞ t❤❛t ❦ ❛♥❞ ❢ s❤♦✉❧❞ ❜❡ ❞❡t❡r♠✐♥❡❞ ❜② tr❛♥s♣♦rt

❡q✉❛t✐♦♥s✳

✎ Pr❛♥❞t❧✬s ♠♦❞❡❧ ✭✶✾✹✺✮✿ ✗❚ ✐s ❞❡t❡r♠✐♥❡❞ ❢r♦♠ ❛♥ ❡q✉❛t✐♦♥ ❢♦r t❤❡ tr❛♥s♣♦rt ♦❢ ❦✱

✗❚ ❂ ✚ ❦

✶ ✷ ❧ ❀

❜✉t ❧ ✐s st✐❧❧ ❛❧❣❡❜r❛✐❝❛❧❧② ♣r❡s❝r✐❜❡❞✳ ✭✶✾✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✶ ✴ ✺✵

slide-32
SLIDE 32

▼♦❞❡❧❧✐♥❣ t❤❡ t✉r❜✉❧❡♥t ✈✐s❝♦s✐t②

✎ Pr❛♥❞t❧✬s ♠✐①✐♥❣✲❧❡♥❣t❤ ♠♦❞❡❧ ✭✶✾✷✺✮✿ ✐♥s♣✐r❡❞ ✐♥ t❤❡ ❦✐♥❡t✐❝ t❤❡♦r② ♦❢ ♣❡r❢❡❝t ❣❛s❡s✱

✗❚ ❂ ✚ ❧✷

♠❥r✉❥

✮ ✗❚ ❂ ✚ ❧✷

♠❥❉✭✉✮❥ ❀

✇✐t❤ ❧♠ ❛❧❣❡❜r❛✐❝ ♣r❡s❝r✐❜❡❞ ✭✶✼✮ ✇❤❡r❡ ❧♠ ✐s t❤❡ ♠✐①✐♥❣ ❧❡♥❣t❤✱ ❛ ❞✐st❛♥❝❡ t❤❛t ❛ ✢✉✐❞ ♣❛r❝❡❧ ❦❡❡♣s ✐ts ♦r✐❣✐♥❛❧ ❝❤❛r❛❝✲ t❡r✐st✐❝s ❜❡❢♦r❡ ❞✐s♣❡rs✐♥❣ t❤❡♠ ✐♥t♦ t❤❡ s✉rr♦✉♥❞✐♥❣ ✢✉✐❞✳

✎ ❚❤❡ ♠✐①✐♥❣ ❧❡♥❣t❤ ❞❡♣❡♥❞s ♦♥ t❤❡ ♥❛t✉r❡ ♦❢ t❤❡ ✢♦✇ ❛♥❞✱ ✐♥ ❣❡♥❡r❛❧✱ ✐s s♣❛❝❡ ❞❡♣❡♥❞❡♥t✱

✇❤✐❝❤ ♠❛❦❡s t❤❡ ❛❧❣❡❜r❛✐❝ ❞❡s❝r✐♣t✐♦♥ ♦❢ ❧♠ ❤❛r❞ t♦ ♦❜t❛✐♥✳

✎ ❑♦❧♠♦❣♦r♦✈✬s ♠♦❞❡❧ ✭✶✾✹✷✮✿ t❤❡ t✉r❜✉❧❡♥❝❡ ✐s ❞❡s❝r✐❜❡❞ ❜② t✇♦ ✐♥❞❡♣❡♥❞❡♥t q✉❛♥t✐t✐❡s✿

❦ ❛♥❞ t❤❡ ❝❤❛r❛❝t❡r✐st✐❝ ❢r❡q✉❡♥❝② ♦❢ t❤❡ ❡♥❡r❣② ❝♦♥t❛✐♥✐♥❣ ♠♦✈❡♠❡♥ts✱ ❢ ✱ ✗❚ ❂ ✚ ❦ ❢ ❀ ❧ ❂ ❦

✶ ✷

❢ ❀ ✇❤❡r❡ ❧ ❞❡♥♦t❡s ❛ ❧❡♥❣t❤ s❝❛❧❡✳ ✭✶✽✮

✎ ❑♦❧♠♦❣♦r♦✈✬s ♠♦❞❡❧ ✭✶✽✮ s✉❣❣❡st❡❞ t❤❛t ❦ ❛♥❞ ❢ s❤♦✉❧❞ ❜❡ ❞❡t❡r♠✐♥❡❞ ❜② tr❛♥s♣♦rt

❡q✉❛t✐♦♥s✳

✎ Pr❛♥❞t❧✬s ♠♦❞❡❧ ✭✶✾✹✺✮✿ ✗❚ ✐s ❞❡t❡r♠✐♥❡❞ ❢r♦♠ ❛♥ ❡q✉❛t✐♦♥ ❢♦r t❤❡ tr❛♥s♣♦rt ♦❢ ❦✱

✗❚ ❂ ✚ ❦

✶ ✷ ❧ ❀

❜✉t ❧ ✐s st✐❧❧ ❛❧❣❡❜r❛✐❝❛❧❧② ♣r❡s❝r✐❜❡❞✳ ✭✶✾✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✶ ✴ ✺✵

slide-33
SLIDE 33

❚❤❡ ❡q✉❛t✐♦♥ ❢♦r t❤❡ t✉r❜✉❧❡♥t ❦✐♥❡t✐❝ ❡♥❡r❣②

✎ ❲❡ st❛rt ❜② ❝♦♥s✐❞❡r✐♥❣ ✭✹✮ ✇✐t❤ t❤❡ ✈❡❧♦❝✐t② ✜❡❧❞ ❞❡❝♦♠♣♦s❡❞ ✐♥ t❤❡ ❢♦r♠ ✭✶✵✮ ❛♥❞

t❤❡♥ ✇❡ s✉❜tr❛❝t ✭✶✸✮ t♦ t❤✐s ❡q✉❛t✐♦♥✱ div ✉✵ ❂ ✵✿ ✭✷✵✮

✎ ❚❤❡ ❘❆◆❙ ❡q✉❛t✐♦♥s ✭✶✸✮ ❛r❡ s✉❜tr❛❝t❡❞ t♦ t❤❡ ♠♦♠❡♥t✉♠ ❡q✉❛t✐♦♥ ✭✺✮✱ ✇❤❡r❡ ❛❧❧

t❤❡ q✉❛♥t✐t✐❡s ❛r❡ ❞❡❝♦♠♣♦s❡❞ ❛s ✐♥ ✭✶✵✮✳ ❚❤❡♥✱ ✇❡ ♠✉❧t✐♣❧② t❤❡ r❡s✉❧t✐♥❣ ❡q✉❛t✐♦♥ ❜② ❦ ❛♥❞ ✇❡ ❛♣♣❧② t❤❡ ✜❧t❡r ♣r♦❞✉❝❡❞ ❜② t❤❡ ❘❡②♥♦❧❞s ♦♣❡r❛t♦r✳ ❯s✐♥❣ s♦♠❡ ✈❡❝t♦r✐❛❧ ❝❛❧❝✉❧✉s t♦❣❡t❤❡r ✇✐t❤ ✭✶✹✮✱ ✭✶✻✮✷ ❛♥❞ ✭✷✵✮✱ ✇❡ ♦❜t❛✐♥ ❅ ❦ ❅ t ✰ ✭✉ ✰ ✉✵✮ ✁ r❥✉✵❥✷ ✷ ❂ ❘ ✿ ❉✭✉✮ ✶ ✚div ✭♣✵✉✵✮ ✰ ✗ ✉✵ ✁ ❞✐✈ ❉✭✉✵✮✿ ✭✷✶✮

✎ ❯s✐♥❣ ❤②♣♦t❤❡s❡s ♦❢ t❤❡ ❊r❣♦❞✐❝ ❚❤❡♦r②✱ ✭✉ ✰ ✉✵✮ ✁ r ❥✉✵❥✷

✬ ✉✁r❦ div ✭✗❉r❦✮✱ ✇❤❡r❡ ✗❉ ✿❂ ✗❚ ✛❦ ✐s t❤❡ t✉r❜✉❧❡♥t ❞✐✛✉s✐✈✐t② ❛♥❞ ✛❦ ✐s t❤❡ ❙❝❤♠✐❞t✲Pr❛♥❞t❧ ♥✉♠❜❡r❀ ✭✷✷✮ ❛♥❞ div ✭♣✵✉✵✮ ✬ ✵ ❛♥❞ ✉✵ ✁ ❞✐✈❉✭✉✵✮ ✬ ❥❉✭✉✵✮❥✷✳

✎ ❯s✐♥❣ t❤❡s❡ s✐♠♣❧✐✜❝❛t✐♦♥s✱ ✭✷✶✮ ❝❛♥ ❜❡ ✇r✐tt❡♥ ❛s

❅ ❦ ❅ t ✰ ✉ ✁ r❦ ❂ div ✭✗❉r❦✮ ✰ ✗❚❥❉✭✉✮❥✷ ❥❉✭✉✵✮❥✷✿ ✭✷✸✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✷ ✴ ✺✵

slide-34
SLIDE 34

❚❤❡ ❡q✉❛t✐♦♥ ❢♦r t❤❡ t✉r❜✉❧❡♥t ❞✐ss✐♣❛t✐♦♥

✎ ▲❛✉♥❞❡r ❛♥❞ ❙♣❛❧❞✐♥❣ ✭✶✾✼✵✮ ♦❜s❡r✈❡❞ t❤❡ ✐♠♣♦rt❛♥❝❡ ♦❢ t❤❡ r❛t❡ ♦❢ ❞✐ss✐♣❛t✐♦♥ ♦❢ t❤❡

t✉r❜✉❧❡♥t ❦✐♥❡t✐❝ ❡♥❡r❣② ✐♥ t❤❡ t✉r❜✉❧❡♥t ✢♦✇ ♣r♦❝❡ss✱ ✧ ✿❂ ✗❥r✉✵❥✷ ✮ ✧ ✿❂ ❥r✉✵ ✰ r✉✵❚❥✷ ✬ ❥❉✭✉✵✮❥✷✿ ✭✷✹✮

✎ ❙✐♥❝❡ ✧ s❝❛❧❡s ❛s ✉✸

✵❂❧✵✱ ❛♥❞ ✐♥❞❡♣❡♥❞❡♥t❧② ♦❢ ✗✱ ✇❤❡r❡ ✉✵ ❛♥❞ ❧✵ ❛r❡ ❝❤❛r❛❝t❡r✐st✐❝

❡❞❞②✬s ✈❡❧♦❝✐t② ❛♥❞ ❧❡♥❣t❤ s❝❛❧❡s✱ ✧ ✐s ♠♦❞❡❧❧❡❞ ❛s ✧ ❂ ❈❉ ❦

✸ ✷

❧ ❀ ❈❉ ✐s ❛ ❝❧♦s✉r❡ ❝♦♥st❛♥t✿ ✭✷✺✮

✎ ❆s ❛ ❝♦♥s❡q✉❡♥❝❡ ♦❢ ✭✶✾✮✱ ✭✷✷✮ ❛♥❞ ✭✷✺✮✱

✗❚ ❂ ❈✖ ❦✷ ✧ ❛♥❞ ✗❉ ❂ ❈✖ ✛❦ ❦✷ ✧ ❀ ✭✷✻✮ ✇❤❡r❡ ❈✖ ✐s ❛ ❝♦♥st❛♥t r❡❧❛t❡❞ ✇✐t❤ t❤❡ ❦✐♥❡♠❛t✐❝ ✈✐s❝♦s✐t②✳

✎ ❚❤❡ ❞❡r✐✈❛t✐♦♥ ♦❢ t❤❡ ❡q✉❛t✐♦♥ ❢♦r t❤❡ ❡✈♦❧✉t✐♦♥ ♦❢ ✧ ✐s ♠✉❝❤ ♠♦r❡ ✐♥✈♦❧✈❡❞✿ t❛❦✐♥❣

t❤❡ ❝✉r❧ ♦❢ t❤❡ ❘❆◆❙ ❡q✉❛t✐♦♥ ✭✶✸✮✱ s♦♠❡ ❝❛❧❝✉❧✉s t♦♦❧s ❛♥❞ ❊r❣♦❞✐❝ ❤②♣♦t❤❡s❡s✱ ❅✧ ❅t ✰ ✉ ✁ r✧ ❂ div ✭✗❉r✧✮ ✰ ❈✶❦❥❉✭✉✮❥✷ ✰ ❈✷ ✧✷ ❦ ✿ ✭✷✼✮ ✇❤❡r❡ ❈✶ ❛♥❞ ❈✷ ❛r❡ ♣♦s✐t✐✈❡ ❝♦♥st❛♥ts t❤❛t ❝❛♥ ❜❡ ❞❡t❡r♠✐♥❡❞ ❢r♦♠ t❤❡ ❡①♣❡r✐♠❡♥ts✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✸ ✴ ✺✵

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SLIDE 35

❚❤❡ t✉r❜✉❧❡♥t ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧

❙✐♥❝❡ ❡①♣❡r✐♠❡♥ts s❤♦✇ t❤❛t t✇♦ ♠♦r❡ ❡q✉❛t✐♦♥s ❛r❡ ♠♦r❡ t❤❡♥ ❡♥♦✉❣❤ t♦ ♦❜t❛✐♥ r❡❧✐❛❜❧❡ r❡s✉❧ts✱ t❤❡ t✉r❜✉❧❡♥t ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧ ✐s t❤❡ ♠♦st ❝♦♠♠♦♥ ♠♦❞❡❧ ✉s❡❞ ✐♥ ❈❋❉ t♦ s✐♠✉❧❛t❡ ♠❡❛♥ ✢♦✇ ❝❤❛r❛❝t❡r✐st✐❝s ❢♦r t✉r❜✉❧❡♥t ✢♦✇ ❝♦♥❞✐t✐♦♥s✱ div ✉ ❂ ✵❀ ✭✷✽✮ ❅✉ ❅t ✰ ❞✐✈✭✉ ✡ ✉✮ ❂ ❢ ✶ ✚r♣ ✰ ❞✐✈✭✗ ✰ ✗❚✭❦❀ ✧✮❉✭✉✮❀ ✭✷✾✮ ❅ ❦ ❅ t ✰ ✉ ✁ r❦ ❂ div ✭✗❉✭❦❀ ✧✮r❦✮ ✰ ✗❚✭❦❀ ✧✮❥❉✭✉✮❥✷ ✧❀ ✭✸✵✮ ❅✧ ❅t ✰ ✉ ✁ r✧ ❂ div ✭✗❉✭❦❀ ✧✮r✧✮ ✰ ❈✶❦❥❉✭✉✮❥✷ ✰ ❈✷ ✧✷ ❦ ✿ ✭✸✶✮

❚❤❡ ❝♦♥s✐❞❡r❛t✐♦♥ ♦❢ ♦♥❡✲❡q✉❛t✐♦♥ ♠♦❞❡❧s ✐s ❛❝❝❡♣t❛❜❧❡ ✐♥ t❤❡ s❡♥s❡ t❤❛t t❤❡ ❡q✉❛t✐♦♥ ❢♦r ✧ ♠❛② ❜❡ ❞✐s❝❛r❞❡❞ ❜② ♣r❡s❝r✐❜✐♥❣ ❛♥ ❛♣♣r♦♣r✐❛t❡ ❧❡♥❣t❤ s❝❛❧❡

✉ ❂ ✵❀ ✭✸✷✮ ❅✉ ❅t ✰ ❞✐✈✭✉ ✡ ✉✮ ❂ ❢ ✶ ✚r♣ ✰ ❞✐✈✭✗ ✰ ✗❚✭❦✮❉✭✉✮❀ ✭✸✸✮ ❅ ❦ ❅ t ✰ ✉ ✁ r❦ ❂ ✭✗❉✭❦✮r❦✮ ✰ ✗❚✭❦✮❥❉✭✉✮❥✷ ✧✭❦✮❀ ✧✭❦✮ ❂ ❈❉ ❧ ❦

✸ ✷ ✿ ✭✸✹✮ ❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✹ ✴ ✺✵

slide-36
SLIDE 36

❚❤❡ t✉r❜✉❧❡♥t ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧

❙✐♥❝❡ ❡①♣❡r✐♠❡♥ts s❤♦✇ t❤❛t t✇♦ ♠♦r❡ ❡q✉❛t✐♦♥s ❛r❡ ♠♦r❡ t❤❡♥ ❡♥♦✉❣❤ t♦ ♦❜t❛✐♥ r❡❧✐❛❜❧❡ r❡s✉❧ts✱ t❤❡ t✉r❜✉❧❡♥t ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧ ✐s t❤❡ ♠♦st ❝♦♠♠♦♥ ♠♦❞❡❧ ✉s❡❞ ✐♥ ❈❋❉ t♦ s✐♠✉❧❛t❡ ♠❡❛♥ ✢♦✇ ❝❤❛r❛❝t❡r✐st✐❝s ❢♦r t✉r❜✉❧❡♥t ✢♦✇ ❝♦♥❞✐t✐♦♥s✱ div ✉ ❂ ✵❀ ✭✷✽✮ ❅✉ ❅t ✰ ❞✐✈✭✉ ✡ ✉✮ ❂ ❢ ✶ ✚r♣ ✰ ❞✐✈✭✗ ✰ ✗❚✭❦❀ ✧✮❉✭✉✮❀ ✭✷✾✮ ❅ ❦ ❅ t ✰ ✉ ✁ r❦ ❂ div ✭✗❉✭❦❀ ✧✮r❦✮ ✰ ✗❚✭❦❀ ✧✮❥❉✭✉✮❥✷ ✧❀ ✭✸✵✮ ❅✧ ❅t ✰ ✉ ✁ r✧ ❂ div ✭✗❉✭❦❀ ✧✮r✧✮ ✰ ❈✶❦❥❉✭✉✮❥✷ ✰ ❈✷ ✧✷ ❦ ✿ ✭✸✶✮

❚❤❡ ❝♦♥s✐❞❡r❛t✐♦♥ ♦❢ ♦♥❡✲❡q✉❛t✐♦♥ ♠♦❞❡❧s ✐s ❛❝❝❡♣t❛❜❧❡ ✐♥ t❤❡ s❡♥s❡ t❤❛t t❤❡ ❡q✉❛t✐♦♥ ❢♦r ✧ ♠❛② ❜❡ ❞✐s❝❛r❞❡❞ ❜② ♣r❡s❝r✐❜✐♥❣ ❛♥ ❛♣♣r♦♣r✐❛t❡ ❧❡♥❣t❤ s❝❛❧❡

div ✉ ❂ ✵❀ ✭✸✷✮ ❅✉ ❅t ✰ ❞✐✈✭✉ ✡ ✉✮ ❂ ❢ ✶ ✚r♣ ✰ ❞✐✈✭✗ ✰ ✗❚✭❦✮❉✭✉✮❀ ✭✸✸✮ ❅ ❦ ❅ t ✰ ✉ ✁ r❦ ❂ div ✭✗❉✭❦✮r❦✮ ✰ ✗❚✭❦✮❥❉✭✉✮❥✷ ✧✭❦✮❀ ✧✭❦✮ ❂ ❈❉ ❧ ❦

✸ ✷ ✿ ✭✸✹✮ ❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✹ ✴ ✺✵

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SLIDE 37

❚❤❡ ♣r♦❜❧❡♠ ✉♥❞❡r ❝♦♥s✐❞❡r❛t✐♦♥

❆ ❜♦✉♥❞❛r②✲✈❛❧✉❡ ♣r♦❜❧❡♠ ❢♦r ❛ ❣❡♥❡r❛❧ t✉r❜✉❧❡♥t ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧

div ✉ ❂ ✵ ✐♥ ✡❀ ✭✸✺✮ ✭✉ ✁ r✮✉ ❂ ❣ ❢✭✉✮ r♣ ✰ ❞✐✈ ✭✭✗ ✰ ✗❚✭❦✮✮ ❉✭✉✮✮ ✐♥ ✡❀ ✭✸✻✮ ✉ ✁ r❦ ❂ div ✭✗❉✭❦✮r❦✮ ✰ ✗❚✭❦✮❥❉✭✉✮❥✷ ✰ P✭✉❀ ❦✮ ✧✭❦✮ ✐♥ ✡❀ ✭✸✼✮ ✉ ❂ ✵ ❛♥❞ ❦ ❂ ✵ ♦♥ ❅✡ ❀ ✭✸✽✮ ✇❤❡r❡ ✡ ✐s ❛ ❜♦✉♥❞❡❞ ❞♦♠❛✐♥ ♦❢ ❘❞✱ ❞ ❂ ✷❀ ✸✳ ✇❤❡r❡✿

✎ t❤❡ ✈❡❧♦❝✐t② ✈❡❝t♦r ✜❡❧❞ ✉✱ t❤❡ ♣r❡ss✉r❡ ♣ ❛♥❞ t❤❡ ❡①t❡r♥❛❧ ❢♦r❝❡s ✜❡❧❞ ❣ ❛r❡✱ ✐♥ ❢❛❝t✱

❛✈❡r❛❣❡s t❤❛t r❡s✉❧t ❜② t❤❡ ❛♣♣❧✐❝❛t✐♦♥ ♦❢ ♦♥❡ ♦r t✇♦ ❛✈❡r❛❣❡ ❝♦♥❝❡♣ts❀

✎ t❤❡ ❛✈❡r❛❣❡❞ t❡♥s♦r ❉✭✉✮ ✐s t❤❡ s②♠♠❡tr✐❝ ♣❛rt ♦❢ t❤❡ ❛✈❡r❛❣❡❞ ❣r❛❞✐❡♥t r ✉❀ ✎ t❤❡ ♣♦s✐t✐✈❡ ❝♦♥st❛♥t ✗ ❂ ✖

✚ ✐s t❤❡ ❦✐♥❡♠❛t✐❝ ✈✐s❝♦s✐t②✱ ✖ ✐s t❤❡ ❞②♥❛♠✐❝ ✈✐s❝♦s✐t②✱ ❛♥❞

✚ ✐s t❤❡ ♠❛ss ❞❡♥s✐t②❀

✎ t❤❡ s❝❛❧❛r ❢✉♥❝t✐♦♥ ❦ ❝❤❛r❛❝t❡r✐③❡s t❤❡ ❡♥❡r❣② ♦❢ t❤❡ t✉r❜✉❧❡♥❝❡ ✐♥ t❤❡ ✢♦✇ ✭t✉r❜✉❧❡♥t

❦✐♥❡t✐❝ ❡♥❡r❣②✱ ❚❑❊✮❀

✎ t❤❡ r❛t❡ ♦❢ ❞✐ss✐♣❛t✐♦♥ ♦❢ ❦ ✐s ❞❡s❝r✐❜❡❞ ❜② t❤❡ ❢✉♥❝t✐♦♥ ✧ ✭t✉r❜✉❧❡♥t ❞✐ss✐♣❛t✐♦♥✮❀ ✎ t❤❡ s❝❛❧❛r ❢✉♥❝t✐♦♥ ✗❚ ✐s t❤❡ t✉r❜✉❧❡♥t✱ ♦r ❡❞❞②✱ ✈✐s❝♦s✐t②✱ ✇❤❡r❡❛s ✗❉ ✐s t❤❡ t✉r❜✉❧❡♥t

❞✐✛✉s✐♦♥❀

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✺ ✴ ✺✵

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SLIDE 38

❚❤❡ ♣r♦❜❧❡♠ ✉♥❞❡r ❝♦♥s✐❞❡r❛t✐♦♥

❆ ❜♦✉♥❞❛r②✲✈❛❧✉❡ ♣r♦❜❧❡♠ ❢♦r ❛ ❣❡♥❡r❛❧ t✉r❜✉❧❡♥t ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧

div ✉ ❂ ✵ ✐♥ ✡❀ ✭✸✺✮ ✭✉ ✁ r✮✉ ❂ ❣ ❢✭✉✮ r♣ ✰ ❞✐✈ ✭✭✗ ✰ ✗❚✭❦✮✮ ❉✭✉✮✮ ✐♥ ✡❀ ✭✸✻✮ ✉ ✁ r❦ ❂ div ✭✗❉✭❦✮r❦✮ ✰ ✗❚✭❦✮❥❉✭✉✮❥✷ ✰ P✭✉❀ ❦✮ ✧✭❦✮ ✐♥ ✡❀ ✭✸✼✮ ✉ ❂ ✵ ❛♥❞ ❦ ❂ ✵ ♦♥ ❅✡ ❀ ✭✸✽✮ ✇❤❡r❡ ✡ ✐s ❛ ❜♦✉♥❞❡❞ ❞♦♠❛✐♥ ♦❢ ❘❞✱ ❞ ❂ ✷❀ ✸✳ ✇❤❡r❡✿

✎ t❤❡ ✈❡❧♦❝✐t② ✈❡❝t♦r ✜❡❧❞ ✉✱ t❤❡ ♣r❡ss✉r❡ ♣ ❛♥❞ t❤❡ ❡①t❡r♥❛❧ ❢♦r❝❡s ✜❡❧❞ ❣ ❛r❡✱ ✐♥ ❢❛❝t✱

❛✈❡r❛❣❡s t❤❛t r❡s✉❧t ❜② t❤❡ ❛♣♣❧✐❝❛t✐♦♥ ♦❢ ♦♥❡ ♦r t✇♦ ❛✈❡r❛❣❡ ❝♦♥❝❡♣ts❀

✎ t❤❡ ❛✈❡r❛❣❡❞ t❡♥s♦r ❉✭✉✮ ✐s t❤❡ s②♠♠❡tr✐❝ ♣❛rt ♦❢ t❤❡ ❛✈❡r❛❣❡❞ ❣r❛❞✐❡♥t r ✉❀ ✎ t❤❡ ♣♦s✐t✐✈❡ ❝♦♥st❛♥t ✗ ❂ ✖

✚ ✐s t❤❡ ❦✐♥❡♠❛t✐❝ ✈✐s❝♦s✐t②✱ ✖ ✐s t❤❡ ❞②♥❛♠✐❝ ✈✐s❝♦s✐t②✱ ❛♥❞

✚ ✐s t❤❡ ♠❛ss ❞❡♥s✐t②❀

✎ t❤❡ s❝❛❧❛r ❢✉♥❝t✐♦♥ ❦ ❝❤❛r❛❝t❡r✐③❡s t❤❡ ❡♥❡r❣② ♦❢ t❤❡ t✉r❜✉❧❡♥❝❡ ✐♥ t❤❡ ✢♦✇ ✭t✉r❜✉❧❡♥t

❦✐♥❡t✐❝ ❡♥❡r❣②✱ ❚❑❊✮❀

✎ t❤❡ r❛t❡ ♦❢ ❞✐ss✐♣❛t✐♦♥ ♦❢ ❦ ✐s ❞❡s❝r✐❜❡❞ ❜② t❤❡ ❢✉♥❝t✐♦♥ ✧ ✭t✉r❜✉❧❡♥t ❞✐ss✐♣❛t✐♦♥✮❀ ✎ t❤❡ s❝❛❧❛r ❢✉♥❝t✐♦♥ ✗❚ ✐s t❤❡ t✉r❜✉❧❡♥t✱ ♦r ❡❞❞②✱ ✈✐s❝♦s✐t②✱ ✇❤❡r❡❛s ✗❉ ✐s t❤❡ t✉r❜✉❧❡♥t

❞✐✛✉s✐♦♥❀

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✺ ✴ ✺✵

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SLIDE 39

❙✐♠✉❧❛t✐♦♥ ♦❢ ❛ ♣♦r♦✉s ♠❡❞✐❛ ✢♦✇

❋✐❣✉r❡✿ ❱✐❞❡♦ ❜② ❑❡rst✐♥ ❑❛♥t✐❡♠✱ ❨♦✉❚✉❜❡✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✻ ✴ ✺✵

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SLIDE 40

❉❛r❝②✬s ❧❛✇

✎ ❋❧✉✐❞ ✢♦✇s t❤r♦✉❣❤ ♣♦r♦✉s ♠❡❞✐❛ ❛r❡ ✉s✉❛❧❧② ❞❡s❝r✐❜❡❞ ❜② ❉❛r❝②✬s ❧❛✇ ✭✶✽✺✻✮✱ ❛♥

❡♠♣✐r✐❝❛❧ ✢♦✇ ♠♦❞❡❧ t❤❛t r❡♣r❡s❡♥ts ❛ s✐♠♣❧❡ ❧✐♥❡❛r r❡❧❛t✐♦♥s❤✐♣ ❜❡t✇❡❡♥ ✢♦✇ r❛t❡ ❛♥❞ t❤❡ ♣r❡ss✉r❡ ❞r♦♣ ✐♥ ❛ ♣♦r♦✉s ♠❡❞✐❛

✎ ❯♥✐❞✐r❡❝t✐♦♥❛❧ ✢♦✇✿

✉ ❂ ❑ ✖ ❅♣ ❅① ✱ ✵ ❂ ❅♣ ❅① ✖ ❑ ✉ ❀ ✭✸✾✮ ✇❤❡r❡ t❤❡ ❝♦❡✣❝✐❡♥t ❑✱ ❝❛❧❧❡❞ ♣❡r♠❡❛❜✐❧✐t②✱ ✐s ✐♥❞❡♣❡♥❞❡♥t ♦❢ t❤❡ ♥❛t✉r❡ ♦❢ t❤❡ ✢✉✐❞ ❜✉t ✐t ❞❡♣❡♥❞s ♦♥ t❤❡ ❣❡♦♠❡tr② ♦❢ t❤❡ ♠❡❞✐✉♠✳

✎ ■♥ t❤r❡❡ ❞✐♠❡♥s✐♦♥s✱ ✭✸✾✮ ❣❡♥❡r❛❧✐③❡s t♦

✉ ❂ ❑ ✖ r r r♣ ✱ ✵ ❂ ❑r r r♣ ✖✉ ❀ ✭✹✵✮ ✇❤❡r❡ ❑ ✐s t❤❡ ♣❡r♠❡❛❜✐❧✐t② t❡♥s♦r ✭s❝❛❧❛r ✐❢ t❤❡ ♠❡❞✐✉♠ ✐s ✐s♦tr♦♣✐❝✮✳

✎ ■❢ t❤❡ ❣r❛✈✐t② ❢♦r❝❡s ✜❡❧❞ ✐s t❛❦❡♥ ✐♥t♦ ❛❝❝♦✉♥t✱ t❤❡♥ ✭✹✵✮ ❝♦♠❡s ❛s

✉ ❂ ❑ ✖ ✭r r r♣ ✚❣✮ ✱ ✵ ❂ ❑ ✭r r r♣ ✚❣✮ ✖✉✿ ✭✹✶✮

✎ ❋♦r ❛♥ ✐s♦tr♦♣✐❝ ♠❡❞✐✉♠✱ ✭✹✶✮ r❡❛❞s ❛s

✉ ❂ ❑ ✖ ✭r r r♣ ✚❣✮ ✱ ✵ ❂ ✚❣ r r r♣ ✖ ❑ ✉✿ ✭✹✷✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✼ ✴ ✺✵

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SLIDE 41

❇r✐♥❦♠❛♥✬s ❡q✉❛t✐♦♥

✎ ❚❤❡ ❉❛r❝② ❧❛✇ ❛ss✉♠❡s ♥♦ ❡✛❡❝t ♦❢ ❜♦✉♥❞❛r✐❡s ❛♥❞ t❤❡ ✢✉✐❞ ✈❡❧♦❝✐t② ✐♥ ❉❛r❝②✬s ❡q✉❛t✐♦♥

✐s ❞❡t❡r♠✐♥❡❞ ❜② t❤❡ ♣❡r♠❡❛❜✐❧✐t② ♦❢ t❤❡ ♠❛tr✐①✳

✎ ■❢ t❤❡ ❜♦✉♥❞❛r② ✐s ✐♠♣❡r♠❡❛❜❧❡✱ t❤❡♥ t❤❡ ✉s✉❛❧ ❛ss✉♠♣t✐♦♥ ✐s t❤❛t t❤❡ ♥♦r♠❛❧ ❝♦♠♣♦✲

♥❡♥t ♦❢ t❤❡ ✈❡❧♦❝✐t② ♠✉st ✈❛♥✐s❤✱ ✉ ✁ ♥ ❂ ✵ ♦♥ t❤❡ s♦❧✐❞✲✢✉✐❞ ✐♥t❡r❢❛❝❡✿ ✭✹✸✮

✎ ❆t ❛ s♦❧✐❞ ✇❛❧❧ ❜♦✉♥❞❛r②✱ t❤❡ ✢✉✐❞ ✈❡❧♦❝✐t② ✇✐❧❧ ♥♦t r❡❞✉❝❡ t♦ t❤❡ ♥♦✲s❧✐♣ ❝♦♥❞✐t✐♦♥ ✇❤❡♥

t❤❡ ❉❛r❝② ❧❛✇ ✐s ❡♥❢♦r❝❡❞✳

✎ ■♥ t❤✐s s✐t✉❛t✐♦♥✱ t❤❡ ❇r✐♥❦♠❛♥ ❡q✉❛t✐♦♥ ♠❛② ❜❡ ❡♠♣❧♦②❡❞✱ ✇❤✐❝❤ ✐s ❛♥ ❡①t❡♥s✐♦♥ ♦❢

t❤❡ ❉❛r❝② ❧❛✇ ❛♥❞ ❢❛❝✐❧✐t❛t❡s t❤❡ ♠❛t❝❤✐♥❣ ♦❢ ❜♦✉♥❞❛r② ❝♦♥❞✐t✐♦♥s✳

✎ ❇② ✉s✐♥❣ t❤❡ t❤❡♦r② ♦❢ ✢♦✇ ♣❛st ❛♥ ✐♥❞✐✈✐❞✉❛❧ s♣❤❡r❡✱ ❇r✐♥❦♠❛♥ ✭✶✾✹✼✮ ❤❛s s✉❣❣❡st❡❞

t♦ ❛❞❞ t❤❡ ❞✐✛✉s✐♦♥ t❡r♠ s✐♠♣❧② t♦ ♠❡❡t t❤❡ ❜♦✉♥❞❛r② s♣❡❝✐✜❝❛t✐♦♥s✱ r r r♣ ❂ ✚❣ ✖ ❑ ✉ ✰ ✖✹ ✹ ✹✉ ✱ ✵ ❂ ✚❣ r r r♣ ✖ ❑ ✉ ✰ ✖✹ ✹ ✹✉ ❀ ✭✹✹✮ ✇❤❡r❡ t❤❡ ❝♦❡✣❝✐❡♥t ✖ ✭❡✛❡❝t✐✈❡ ✈✐s❝♦s✐t②✮ ✐s ❛ q✉❛♥t✐t② ❤❛✈✐♥❣ t❤❡ ❞✐♠❡♥s✐♦♥ ♦❢ ✈✐s✲ ❝♦s✐t②✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✽ ✴ ✺✵

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SLIDE 42

❇r✐♥❦♠❛♥✬s ❡q✉❛t✐♦♥

✎ ❚❤❡ ❉❛r❝② ❧❛✇ ❛ss✉♠❡s ♥♦ ❡✛❡❝t ♦❢ ❜♦✉♥❞❛r✐❡s ❛♥❞ t❤❡ ✢✉✐❞ ✈❡❧♦❝✐t② ✐♥ ❉❛r❝②✬s ❡q✉❛t✐♦♥

✐s ❞❡t❡r♠✐♥❡❞ ❜② t❤❡ ♣❡r♠❡❛❜✐❧✐t② ♦❢ t❤❡ ♠❛tr✐①✳

✎ ■❢ t❤❡ ❜♦✉♥❞❛r② ✐s ✐♠♣❡r♠❡❛❜❧❡✱ t❤❡♥ t❤❡ ✉s✉❛❧ ❛ss✉♠♣t✐♦♥ ✐s t❤❛t t❤❡ ♥♦r♠❛❧ ❝♦♠♣♦✲

♥❡♥t ♦❢ t❤❡ ✈❡❧♦❝✐t② ♠✉st ✈❛♥✐s❤✱ ✉ ✁ ♥ ❂ ✵ ♦♥ t❤❡ s♦❧✐❞✲✢✉✐❞ ✐♥t❡r❢❛❝❡✿ ✭✹✸✮

✎ ❆t ❛ s♦❧✐❞ ✇❛❧❧ ❜♦✉♥❞❛r②✱ t❤❡ ✢✉✐❞ ✈❡❧♦❝✐t② ✇✐❧❧ ♥♦t r❡❞✉❝❡ t♦ t❤❡ ♥♦✲s❧✐♣ ❝♦♥❞✐t✐♦♥ ✇❤❡♥

t❤❡ ❉❛r❝② ❧❛✇ ✐s ❡♥❢♦r❝❡❞✳

✎ ■♥ t❤✐s s✐t✉❛t✐♦♥✱ t❤❡ ❇r✐♥❦♠❛♥ ❡q✉❛t✐♦♥ ♠❛② ❜❡ ❡♠♣❧♦②❡❞✱ ✇❤✐❝❤ ✐s ❛♥ ❡①t❡♥s✐♦♥ ♦❢

t❤❡ ❉❛r❝② ❧❛✇ ❛♥❞ ❢❛❝✐❧✐t❛t❡s t❤❡ ♠❛t❝❤✐♥❣ ♦❢ ❜♦✉♥❞❛r② ❝♦♥❞✐t✐♦♥s✳

✎ ❇② ✉s✐♥❣ t❤❡ t❤❡♦r② ♦❢ ✢♦✇ ♣❛st ❛♥ ✐♥❞✐✈✐❞✉❛❧ s♣❤❡r❡✱ ❇r✐♥❦♠❛♥ ✭✶✾✹✼✮ ❤❛s s✉❣❣❡st❡❞

t♦ ❛❞❞ t❤❡ ❞✐✛✉s✐♦♥ t❡r♠ s✐♠♣❧② t♦ ♠❡❡t t❤❡ ❜♦✉♥❞❛r② s♣❡❝✐✜❝❛t✐♦♥s✱ r r r♣ ❂ ✚❣ ✖ ❑ ✉ ✰ ✖✹ ✹ ✹✉ ✱ ✵ ❂ ✚❣ r r r♣ ✖ ❑ ✉ ✰ ✖✹ ✹ ✹✉ ❀ ✭✹✹✮ ✇❤❡r❡ t❤❡ ❝♦❡✣❝✐❡♥t ✖ ✭❡✛❡❝t✐✈❡ ✈✐s❝♦s✐t②✮ ✐s ❛ q✉❛♥t✐t② ❤❛✈✐♥❣ t❤❡ ❞✐♠❡♥s✐♦♥ ♦❢ ✈✐s✲ ❝♦s✐t②✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✽ ✴ ✺✵

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SLIDE 43

❋❧♦✇ ❛t ❤✐❣❤ ✢♦✇ r❛t❡s

❚❤❡ ❧✐t❡r❛t✉r❡ r❡❝♦❣♥✐③❡s ❞✐st✐♥❝t ✢♦✇ r❡❣✐♠❡s ❜❛s❡❞ ♦♥ t❤❡ s♦✲❝❛❧❧❡❞ ♣♦r❡ ❘❡②♥♦❧❞s ♥✉♠❜❡r✱ ❘❡♣ ✿❂ ✚ q❞ ✗ ❀ q ✿❂ ◗ ❆ ❀ ✇❤❡r❡ q ✐s t❤❡ s♣❡❝✐✜❝ ❞✐s❝❤❛r❣❡ ✭✈♦❧✉♠❡ ♦❢ ✢✉✐❞ ✢♦✇✐♥❣ ♣❡r ✉♥✐t t✐♠❡✱ ◗✱ t❤r♦✉❣❤ ❛ ✉♥✐t ❝r♦ss✲s❡❝t✐♦♥❛❧ ❛r❡❛✱ ❆✱ ♥♦r♠❛❧ t♦ t❤❡ ❞✐r❡❝t✐♦♥ ♦❢ t❤❡ ✢♦✇✮ ❛♥❞ ❞ ✐s s♦♠❡ r❡♣r❡s❡♥t❛t✐✈❡ ✭♠✐❝r♦s❝♦♣✐❝✮ ❧❡♥❣t❤ ❝❤❛r❛❝t❡r✐③✐♥❣ t❤❡ ✈♦✐❞ s♣❛❝❡✳

❘❡♣ ✔ ✶ ✿ ❉❛r❝②✬s ❡q✉❛t✐♦♥ ✭✹✷✮ ✐s ❧✐♥❡❛r ✐♥ t❤❡ ✈❡❧♦❝✐t② ✉

■t ❤♦❧❞s ✇❤❡♥ ✉ ✐s s✉✣❝✐❡♥t❧② s♠❛❧❧✳

✶ ❁ ❘❡♣ ✔ ✶✵ ✿ t❤❡r❡ ✐s ♥♦ s✉❞❞❡♥ tr❛♥s✐t✐♦♥

❆s ✉ ✐♥❝r❡❛s❡s✱ t❤❡ tr❛♥s✐t✐♦♥ t♦ ♥♦♥❧✐♥❡❛r ❞r❛❣ ✐s q✉✐t❡ s♠♦♦t❤✳

❘❡♣ ❃ ✶✵ ✿ ❜r❡❛❦❞♦✇♥ ✐♥ t❤❡ ❧✐♥❡❛r✐t② ♦❢ ✉

✎ ■s ❞✉❡ t♦ t❤❡ ❢❛❝t t❤❛t t❤❡ ❢♦r♠ ❞r❛❣ ❞✉❡ t♦ s♦❧✐❞ ♦❜st❛❝❧❡s ✐s ♥♦✇ ❝♦♠♣❛r❛❜❧❡ ✇✐t❤

t❤❡ s✉r❢❛❝❡ ❞r❛❣ ❞✉❡ t♦ ❢r✐❝t✐♦♥✳

✎ ❋♦r❝❤❤❡✐♠❡r✬s ❧❛✇ ✭✶✾✵✶✮ r❡♠❡❞✐❡s t❤✐s s✐t✉❛t✐♦♥ ❜② st❛t✐♥❣ t❤❛t t❤❡ r❡❧❛t✐♦♥s❤✐♣ ❜❡✲

t✇❡❡♥ t❤❡ ✢♦✇ r❛t❡ ❛♥❞ ♣r❡ss✉r❡ ❣r❛❞✐❡♥t ✐s ♥♦♥❧✐♥❡❛r ❛t s✉✣❝✐❡♥t❧② ❤✐❣❤ ✈❡❧♦❝✐t② ❛♥❞ t❤❛t t❤✐s ♥♦♥❧✐♥❡❛r✐t② ✐♥❝r❡❛s❡s ✇✐t❤ ✢♦✇ r❛t❡✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✾ ✴ ✺✵

slide-44
SLIDE 44

❋❧♦✇ ❛t ❤✐❣❤ ✢♦✇ r❛t❡s

❚❤❡ ❧✐t❡r❛t✉r❡ r❡❝♦❣♥✐③❡s ❞✐st✐♥❝t ✢♦✇ r❡❣✐♠❡s ❜❛s❡❞ ♦♥ t❤❡ s♦✲❝❛❧❧❡❞ ♣♦r❡ ❘❡②♥♦❧❞s ♥✉♠❜❡r✱ ❘❡♣ ✿❂ ✚ q❞ ✗ ❀ q ✿❂ ◗ ❆ ❀ ✇❤❡r❡ q ✐s t❤❡ s♣❡❝✐✜❝ ❞✐s❝❤❛r❣❡ ✭✈♦❧✉♠❡ ♦❢ ✢✉✐❞ ✢♦✇✐♥❣ ♣❡r ✉♥✐t t✐♠❡✱ ◗✱ t❤r♦✉❣❤ ❛ ✉♥✐t ❝r♦ss✲s❡❝t✐♦♥❛❧ ❛r❡❛✱ ❆✱ ♥♦r♠❛❧ t♦ t❤❡ ❞✐r❡❝t✐♦♥ ♦❢ t❤❡ ✢♦✇✮ ❛♥❞ ❞ ✐s s♦♠❡ r❡♣r❡s❡♥t❛t✐✈❡ ✭♠✐❝r♦s❝♦♣✐❝✮ ❧❡♥❣t❤ ❝❤❛r❛❝t❡r✐③✐♥❣ t❤❡ ✈♦✐❞ s♣❛❝❡✳

❘❡♣ ✔ ✶ ✿ ❉❛r❝②✬s ❡q✉❛t✐♦♥ ✭✹✷✮ ✐s ❧✐♥❡❛r ✐♥ t❤❡ ✈❡❧♦❝✐t② ✉

■t ❤♦❧❞s ✇❤❡♥ ✉ ✐s s✉✣❝✐❡♥t❧② s♠❛❧❧✳

✶ ❁ ❘❡♣ ✔ ✶✵ ✿ t❤❡r❡ ✐s ♥♦ s✉❞❞❡♥ tr❛♥s✐t✐♦♥

❆s ✉ ✐♥❝r❡❛s❡s✱ t❤❡ tr❛♥s✐t✐♦♥ t♦ ♥♦♥❧✐♥❡❛r ❞r❛❣ ✐s q✉✐t❡ s♠♦♦t❤✳

❘❡♣ ❃ ✶✵ ✿ ❜r❡❛❦❞♦✇♥ ✐♥ t❤❡ ❧✐♥❡❛r✐t② ♦❢ ✉

✎ ■s ❞✉❡ t♦ t❤❡ ❢❛❝t t❤❛t t❤❡ ❢♦r♠ ❞r❛❣ ❞✉❡ t♦ s♦❧✐❞ ♦❜st❛❝❧❡s ✐s ♥♦✇ ❝♦♠♣❛r❛❜❧❡ ✇✐t❤

t❤❡ s✉r❢❛❝❡ ❞r❛❣ ❞✉❡ t♦ ❢r✐❝t✐♦♥✳

✎ ❋♦r❝❤❤❡✐♠❡r✬s ❧❛✇ ✭✶✾✵✶✮ r❡♠❡❞✐❡s t❤✐s s✐t✉❛t✐♦♥ ❜② st❛t✐♥❣ t❤❛t t❤❡ r❡❧❛t✐♦♥s❤✐♣ ❜❡✲

t✇❡❡♥ t❤❡ ✢♦✇ r❛t❡ ❛♥❞ ♣r❡ss✉r❡ ❣r❛❞✐❡♥t ✐s ♥♦♥❧✐♥❡❛r ❛t s✉✣❝✐❡♥t❧② ❤✐❣❤ ✈❡❧♦❝✐t② ❛♥❞ t❤❛t t❤✐s ♥♦♥❧✐♥❡❛r✐t② ✐♥❝r❡❛s❡s ✇✐t❤ ✢♦✇ r❛t❡✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✾ ✴ ✺✵

slide-45
SLIDE 45

❋❧♦✇ ❛t ❤✐❣❤ ✢♦✇ r❛t❡s

❚❤❡ ❧✐t❡r❛t✉r❡ r❡❝♦❣♥✐③❡s ❞✐st✐♥❝t ✢♦✇ r❡❣✐♠❡s ❜❛s❡❞ ♦♥ t❤❡ s♦✲❝❛❧❧❡❞ ♣♦r❡ ❘❡②♥♦❧❞s ♥✉♠❜❡r✱ ❘❡♣ ✿❂ ✚ q❞ ✗ ❀ q ✿❂ ◗ ❆ ❀ ✇❤❡r❡ q ✐s t❤❡ s♣❡❝✐✜❝ ❞✐s❝❤❛r❣❡ ✭✈♦❧✉♠❡ ♦❢ ✢✉✐❞ ✢♦✇✐♥❣ ♣❡r ✉♥✐t t✐♠❡✱ ◗✱ t❤r♦✉❣❤ ❛ ✉♥✐t ❝r♦ss✲s❡❝t✐♦♥❛❧ ❛r❡❛✱ ❆✱ ♥♦r♠❛❧ t♦ t❤❡ ❞✐r❡❝t✐♦♥ ♦❢ t❤❡ ✢♦✇✮ ❛♥❞ ❞ ✐s s♦♠❡ r❡♣r❡s❡♥t❛t✐✈❡ ✭♠✐❝r♦s❝♦♣✐❝✮ ❧❡♥❣t❤ ❝❤❛r❛❝t❡r✐③✐♥❣ t❤❡ ✈♦✐❞ s♣❛❝❡✳

❘❡♣ ✔ ✶ ✿ ❉❛r❝②✬s ❡q✉❛t✐♦♥ ✭✹✷✮ ✐s ❧✐♥❡❛r ✐♥ t❤❡ ✈❡❧♦❝✐t② ✉

■t ❤♦❧❞s ✇❤❡♥ ✉ ✐s s✉✣❝✐❡♥t❧② s♠❛❧❧✳

✶ ❁ ❘❡♣ ✔ ✶✵ ✿ t❤❡r❡ ✐s ♥♦ s✉❞❞❡♥ tr❛♥s✐t✐♦♥

❆s ✉ ✐♥❝r❡❛s❡s✱ t❤❡ tr❛♥s✐t✐♦♥ t♦ ♥♦♥❧✐♥❡❛r ❞r❛❣ ✐s q✉✐t❡ s♠♦♦t❤✳

❘❡♣ ❃ ✶✵ ✿ ❜r❡❛❦❞♦✇♥ ✐♥ t❤❡ ❧✐♥❡❛r✐t② ♦❢ ✉

✎ ■s ❞✉❡ t♦ t❤❡ ❢❛❝t t❤❛t t❤❡ ❢♦r♠ ❞r❛❣ ❞✉❡ t♦ s♦❧✐❞ ♦❜st❛❝❧❡s ✐s ♥♦✇ ❝♦♠♣❛r❛❜❧❡ ✇✐t❤

t❤❡ s✉r❢❛❝❡ ❞r❛❣ ❞✉❡ t♦ ❢r✐❝t✐♦♥✳

✎ ❋♦r❝❤❤❡✐♠❡r✬s ❧❛✇ ✭✶✾✵✶✮ r❡♠❡❞✐❡s t❤✐s s✐t✉❛t✐♦♥ ❜② st❛t✐♥❣ t❤❛t t❤❡ r❡❧❛t✐♦♥s❤✐♣ ❜❡✲

t✇❡❡♥ t❤❡ ✢♦✇ r❛t❡ ❛♥❞ ♣r❡ss✉r❡ ❣r❛❞✐❡♥t ✐s ♥♦♥❧✐♥❡❛r ❛t s✉✣❝✐❡♥t❧② ❤✐❣❤ ✈❡❧♦❝✐t② ❛♥❞ t❤❛t t❤✐s ♥♦♥❧✐♥❡❛r✐t② ✐♥❝r❡❛s❡s ✇✐t❤ ✢♦✇ r❛t❡✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✾ ✴ ✺✵

slide-46
SLIDE 46

❋❧♦✇ ❛t ❤✐❣❤ ✢♦✇ r❛t❡s

❚❤❡ ❧✐t❡r❛t✉r❡ r❡❝♦❣♥✐③❡s ❞✐st✐♥❝t ✢♦✇ r❡❣✐♠❡s ❜❛s❡❞ ♦♥ t❤❡ s♦✲❝❛❧❧❡❞ ♣♦r❡ ❘❡②♥♦❧❞s ♥✉♠❜❡r✱ ❘❡♣ ✿❂ ✚ q❞ ✗ ❀ q ✿❂ ◗ ❆ ❀ ✇❤❡r❡ q ✐s t❤❡ s♣❡❝✐✜❝ ❞✐s❝❤❛r❣❡ ✭✈♦❧✉♠❡ ♦❢ ✢✉✐❞ ✢♦✇✐♥❣ ♣❡r ✉♥✐t t✐♠❡✱ ◗✱ t❤r♦✉❣❤ ❛ ✉♥✐t ❝r♦ss✲s❡❝t✐♦♥❛❧ ❛r❡❛✱ ❆✱ ♥♦r♠❛❧ t♦ t❤❡ ❞✐r❡❝t✐♦♥ ♦❢ t❤❡ ✢♦✇✮ ❛♥❞ ❞ ✐s s♦♠❡ r❡♣r❡s❡♥t❛t✐✈❡ ✭♠✐❝r♦s❝♦♣✐❝✮ ❧❡♥❣t❤ ❝❤❛r❛❝t❡r✐③✐♥❣ t❤❡ ✈♦✐❞ s♣❛❝❡✳

❘❡♣ ✔ ✶ ✿ ❉❛r❝②✬s ❡q✉❛t✐♦♥ ✭✹✷✮ ✐s ❧✐♥❡❛r ✐♥ t❤❡ ✈❡❧♦❝✐t② ✉

■t ❤♦❧❞s ✇❤❡♥ ✉ ✐s s✉✣❝✐❡♥t❧② s♠❛❧❧✳

✶ ❁ ❘❡♣ ✔ ✶✵ ✿ t❤❡r❡ ✐s ♥♦ s✉❞❞❡♥ tr❛♥s✐t✐♦♥

❆s ✉ ✐♥❝r❡❛s❡s✱ t❤❡ tr❛♥s✐t✐♦♥ t♦ ♥♦♥❧✐♥❡❛r ❞r❛❣ ✐s q✉✐t❡ s♠♦♦t❤✳

❘❡♣ ❃ ✶✵ ✿ ❜r❡❛❦❞♦✇♥ ✐♥ t❤❡ ❧✐♥❡❛r✐t② ♦❢ ✉

✎ ■s ❞✉❡ t♦ t❤❡ ❢❛❝t t❤❛t t❤❡ ❢♦r♠ ❞r❛❣ ❞✉❡ t♦ s♦❧✐❞ ♦❜st❛❝❧❡s ✐s ♥♦✇ ❝♦♠♣❛r❛❜❧❡ ✇✐t❤

t❤❡ s✉r❢❛❝❡ ❞r❛❣ ❞✉❡ t♦ ❢r✐❝t✐♦♥✳

✎ ❋♦r❝❤❤❡✐♠❡r✬s ❧❛✇ ✭✶✾✵✶✮ r❡♠❡❞✐❡s t❤✐s s✐t✉❛t✐♦♥ ❜② st❛t✐♥❣ t❤❛t t❤❡ r❡❧❛t✐♦♥s❤✐♣ ❜❡✲

t✇❡❡♥ t❤❡ ✢♦✇ r❛t❡ ❛♥❞ ♣r❡ss✉r❡ ❣r❛❞✐❡♥t ✐s ♥♦♥❧✐♥❡❛r ❛t s✉✣❝✐❡♥t❧② ❤✐❣❤ ✈❡❧♦❝✐t② ❛♥❞ t❤❛t t❤✐s ♥♦♥❧✐♥❡❛r✐t② ✐♥❝r❡❛s❡s ✇✐t❤ ✢♦✇ r❛t❡✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✶✾ ✴ ✺✵

slide-47
SLIDE 47

❋♦r❝❤❤❡✐♠❡r ❡q✉❛t✐♦♥s

✎ ❆❝❝♦r❞✐♥❣ t♦ ♠❛♥② ❛✉t❤♦rs ✭❡✳❣✳ ❏♦s❡♣❤✱ ◆✐❡❧❞ ❛♥❞ P❛♣❛♥✐❝♦❧❛♦✉ ✭✶✾✽✷✮✮✱ t❤❡ ❛♣✲

♣r♦♣r✐❛t❡ ♠♦❞✐✜❝❛t✐♦♥ t♦ ❉❛r❝②✬s ❡q✉❛t✐♦♥✱ t♦ t❛❦❡ ✐♥t♦ ❛❝❝♦✉♥t ❤✐❣❤ ✢♦✇ r❛t❡s✱ ✐s t♦ r❡♣❧❛❝❡ ✭✹✷✮ ❜② t❤❡ ❢♦❧❧♦✇✐♥❣ ❋♦r❝❤❤❡✐♠❡r ❉❛r❝② ♠♦❞❡❧ r r r♣ ❂ ✚❣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ✱ ✵ ❂ ✚❣ r r r♣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ❀ ✭✹✺✮ ✇❤❡r❡ ❝❋ ✐s ❛ ❞✐♠❡♥s✐♦♥❧❡ss ❢♦r♠✲❞r❛❣ ❝♦♥st❛♥t✳

✎ ❙❡✈❡r❛❧ ❛✉t❤♦rs ✭◆❛❦❛②❛♠❛ ✭✶✾✾✷✮ ❛♥❞ ❑✉③♥❡ts♦✈ ✭✶✾✾✽✮✮ ❤❛✈❡ ❛❞❞❡❞✱ ✐♥ t❤❡✐r st✉❞✐❡s✱

❛ ❞✐✛✉s✐♦♥ t❡r♠ t♦ ✭✹✺✮ ✐♥ ♦r❞❡r t♦ ❢♦r♠ ❛ ❇r✐♥❦♠❛♥✲❋♦r❝❤❤❡✐♠❡r ❉❛r❝② ♠♦❞❡❧✱ r r r♣ ❂ ✚❣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ✰ ✖✹ ✹ ✹✉ ✱ ✵ ❂ ✚❣ r r r♣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ✰ ✖✹ ✹ ✹✉✿ ✭✹✻✮

✎ ❖t❤❡r ❛✉t❤♦rs ✭❡✳❣✳

❱❛❢❛✐ ✫ ❑✐♠ ✭✶✾✾✶✮✮ ❤❛✈❡ ❛❞❞❡❞✱ t♦♦✱ t❤❡ ❛❞✈❡❝t✐✈❡ ✐♥❡rt✐❛ t❡r♠s ♦❢ t❤❡ ◆❛✈✐❡r✲❙t♦❦❡s ❡q✉❛t✐♦♥s t♦ ❢♦r♠ ✇❤❛t ✐s ♥♦✇ ❝♦♠♠♦♥❧② ❦♥♦✇♥ ❛s t❤❡ ❇r✐♥❦♠❛♥✲❋♦r❝❤❤❡✐♠❡r✲❡①t❡♥❞❡❞ ❉❛r❝② ♠♦❞❡❧ ✭♦r ❣❡♥❡r❛❧✐③❡❞ ♠♦❞❡❧✮ ✚✭✉ ✁ r r r✮✉ ❂ ✚❣ r r r♣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ✰ ✖✹ ✹ ✹✉ ❀ ✭✹✼✮ ♠♦❞❡❧ t❤❛t ✇❛s ❞❡r✐✈❡❞ ❜❛s❡❞ ♦♥ ❧♦❝❛❧ ✈♦❧✉♠❡ ❛✈❡r❛❣✐♥❣✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✵ ✴ ✺✵

slide-48
SLIDE 48

❋♦r❝❤❤❡✐♠❡r ❡q✉❛t✐♦♥s

✎ ❆❝❝♦r❞✐♥❣ t♦ ♠❛♥② ❛✉t❤♦rs ✭❡✳❣✳ ❏♦s❡♣❤✱ ◆✐❡❧❞ ❛♥❞ P❛♣❛♥✐❝♦❧❛♦✉ ✭✶✾✽✷✮✮✱ t❤❡ ❛♣✲

♣r♦♣r✐❛t❡ ♠♦❞✐✜❝❛t✐♦♥ t♦ ❉❛r❝②✬s ❡q✉❛t✐♦♥✱ t♦ t❛❦❡ ✐♥t♦ ❛❝❝♦✉♥t ❤✐❣❤ ✢♦✇ r❛t❡s✱ ✐s t♦ r❡♣❧❛❝❡ ✭✹✷✮ ❜② t❤❡ ❢♦❧❧♦✇✐♥❣ ❋♦r❝❤❤❡✐♠❡r ❉❛r❝② ♠♦❞❡❧ r r r♣ ❂ ✚❣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ✱ ✵ ❂ ✚❣ r r r♣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ❀ ✭✹✺✮ ✇❤❡r❡ ❝❋ ✐s ❛ ❞✐♠❡♥s✐♦♥❧❡ss ❢♦r♠✲❞r❛❣ ❝♦♥st❛♥t✳

✎ ❙❡✈❡r❛❧ ❛✉t❤♦rs ✭◆❛❦❛②❛♠❛ ✭✶✾✾✷✮ ❛♥❞ ❑✉③♥❡ts♦✈ ✭✶✾✾✽✮✮ ❤❛✈❡ ❛❞❞❡❞✱ ✐♥ t❤❡✐r st✉❞✐❡s✱

❛ ❞✐✛✉s✐♦♥ t❡r♠ t♦ ✭✹✺✮ ✐♥ ♦r❞❡r t♦ ❢♦r♠ ❛ ❇r✐♥❦♠❛♥✲❋♦r❝❤❤❡✐♠❡r ❉❛r❝② ♠♦❞❡❧✱ r r r♣ ❂ ✚❣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ✰ ✖✹ ✹ ✹✉ ✱ ✵ ❂ ✚❣ r r r♣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ✰ ✖✹ ✹ ✹✉✿ ✭✹✻✮

✎ ❖t❤❡r ❛✉t❤♦rs ✭❡✳❣✳

❱❛❢❛✐ ✫ ❑✐♠ ✭✶✾✾✶✮✮ ❤❛✈❡ ❛❞❞❡❞✱ t♦♦✱ t❤❡ ❛❞✈❡❝t✐✈❡ ✐♥❡rt✐❛ t❡r♠s ♦❢ t❤❡ ◆❛✈✐❡r✲❙t♦❦❡s ❡q✉❛t✐♦♥s t♦ ❢♦r♠ ✇❤❛t ✐s ♥♦✇ ❝♦♠♠♦♥❧② ❦♥♦✇♥ ❛s t❤❡ ❇r✐♥❦♠❛♥✲❋♦r❝❤❤❡✐♠❡r✲❡①t❡♥❞❡❞ ❉❛r❝② ♠♦❞❡❧ ✭♦r ❣❡♥❡r❛❧✐③❡❞ ♠♦❞❡❧✮ ✚✭✉ ✁ r r r✮✉ ❂ ✚❣ r r r♣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ✰ ✖✹ ✹ ✹✉ ❀ ✭✹✼✮ ♠♦❞❡❧ t❤❛t ✇❛s ❞❡r✐✈❡❞ ❜❛s❡❞ ♦♥ ❧♦❝❛❧ ✈♦❧✉♠❡ ❛✈❡r❛❣✐♥❣✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✵ ✴ ✺✵

slide-49
SLIDE 49

❋♦r❝❤❤❡✐♠❡r ❡q✉❛t✐♦♥s

✎ ❆❝❝♦r❞✐♥❣ t♦ ♠❛♥② ❛✉t❤♦rs ✭❡✳❣✳ ❏♦s❡♣❤✱ ◆✐❡❧❞ ❛♥❞ P❛♣❛♥✐❝♦❧❛♦✉ ✭✶✾✽✷✮✮✱ t❤❡ ❛♣✲

♣r♦♣r✐❛t❡ ♠♦❞✐✜❝❛t✐♦♥ t♦ ❉❛r❝②✬s ❡q✉❛t✐♦♥✱ t♦ t❛❦❡ ✐♥t♦ ❛❝❝♦✉♥t ❤✐❣❤ ✢♦✇ r❛t❡s✱ ✐s t♦ r❡♣❧❛❝❡ ✭✹✷✮ ❜② t❤❡ ❢♦❧❧♦✇✐♥❣ ❋♦r❝❤❤❡✐♠❡r ❉❛r❝② ♠♦❞❡❧ r r r♣ ❂ ✚❣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ✱ ✵ ❂ ✚❣ r r r♣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ❀ ✭✹✺✮ ✇❤❡r❡ ❝❋ ✐s ❛ ❞✐♠❡♥s✐♦♥❧❡ss ❢♦r♠✲❞r❛❣ ❝♦♥st❛♥t✳

✎ ❙❡✈❡r❛❧ ❛✉t❤♦rs ✭◆❛❦❛②❛♠❛ ✭✶✾✾✷✮ ❛♥❞ ❑✉③♥❡ts♦✈ ✭✶✾✾✽✮✮ ❤❛✈❡ ❛❞❞❡❞✱ ✐♥ t❤❡✐r st✉❞✐❡s✱

❛ ❞✐✛✉s✐♦♥ t❡r♠ t♦ ✭✹✺✮ ✐♥ ♦r❞❡r t♦ ❢♦r♠ ❛ ❇r✐♥❦♠❛♥✲❋♦r❝❤❤❡✐♠❡r ❉❛r❝② ♠♦❞❡❧✱ r r r♣ ❂ ✚❣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ✰ ✖✹ ✹ ✹✉ ✱ ✵ ❂ ✚❣ r r r♣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ✰ ✖✹ ✹ ✹✉✿ ✭✹✻✮

✎ ❖t❤❡r ❛✉t❤♦rs ✭❡✳❣✳

❱❛❢❛✐ ✫ ❑✐♠ ✭✶✾✾✶✮✮ ❤❛✈❡ ❛❞❞❡❞✱ t♦♦✱ t❤❡ ❛❞✈❡❝t✐✈❡ ✐♥❡rt✐❛ t❡r♠s ♦❢ t❤❡ ◆❛✈✐❡r✲❙t♦❦❡s ❡q✉❛t✐♦♥s t♦ ❢♦r♠ ✇❤❛t ✐s ♥♦✇ ❝♦♠♠♦♥❧② ❦♥♦✇♥ ❛s t❤❡ ❇r✐♥❦♠❛♥✲❋♦r❝❤❤❡✐♠❡r✲❡①t❡♥❞❡❞ ❉❛r❝② ♠♦❞❡❧ ✭♦r ❣❡♥❡r❛❧✐③❡❞ ♠♦❞❡❧✮ ✚✭✉ ✁ r r r✮✉ ❂ ✚❣ r r r♣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ✰ ✖✹ ✹ ✹✉ ❀ ✭✹✼✮ ♠♦❞❡❧ t❤❛t ✇❛s ❞❡r✐✈❡❞ ❜❛s❡❞ ♦♥ ❧♦❝❛❧ ✈♦❧✉♠❡ ❛✈❡r❛❣✐♥❣✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✵ ✴ ✺✵

slide-50
SLIDE 50

P♦st✲❋♦r❝❤❤❡✐♠❡r ✢♦✇s

❚❤❡ ❧✐t❡r❛t✉r❡ ✭❝❢✳ ❉②❜❜s ✫ ❊❞✇❛r❞s ✭✶✾✽✹✮✱✮ r❡❝♦❣♥✐③❡s ❞✐st✐♥❝t ✢♦✇ r❡❣✐♠❡s ❜❛s❡❞ ♦♥ t❤❡ ♣♦r❡ ❘❡②♥♦❧❞s ♥✉♠❜❡r✱ ❘❡♣✿

❉❛r❝②✱ ♦r ✈✐s❝♦✉s✲❞r❛❣✱ ❞♦♠✐♥❛t❡❞ ✢♦✇ r❡❣✐♠❡ ✐❢ ❘❡♣ ❁ ✶ ❋♦r❝❤❤❡✐♠❡r✱ ♦r ❢♦r♠✲❞r❛❣✱ ❞♦♠✐♥❛t❡❞ ✢♦✇ r❡❣✐♠❡ ✐❢ ✶ ✘ ✶✵ ❁ ❘❡♣ ❁ ✶✺✵ P♦st✲❋♦r❝❤❤❡✐♠❡r ✢♦✇ r❡❣✐♠❡ ✭✉♥st❡❛❞② ❧❛♠✐♥❛r ✢♦✇✮ ✐❢ ✶✺✵ ❁ ❘❡♣ ❁ ✸✵✵

■♥ t❤✐s ❝❛s❡✱ t❤❡ t✐♠❡ ✐♥❡rt✐❛ t❡r♠s ♥❡❡❞ t♦ ❜❡ ❝♦♥s✐❞❡r❡❞✿ ✚ ❅✉ ❅t ✰ ✭✉ ✁ r r r✮✉ ❂ ✚❣ r r r♣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ✰ ✖✹ ✹ ✹✉ ✭✹✽✮

❋✉❧❧② t✉r❜✉❧❡♥t ✢♦✇ ✐❢ ❘❡♣ ❃ ✸✵✵ ✿ t✉r❜✉❧❡♥❝❡ ♠♦❞❡❧❧✐♥❣ ✐s r❡q✉✐r❡❞

✎ ❚❤❡ t✉r❜✉❧❡♥❝❡ ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧ ✐s ❝♦♥s✐❞❡r❡❞❀ ✎ ❚❤❡ ♠✐❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥s ❛r❡ ✈♦❧✉♠❡✲❛✈❡r❛❣❡❞ ❛♥❞ t❤❡♥ t❤❡ ♠❛❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥s

❛r❡ ❘❡②♥♦❧❞s✲❛✈❡r❛❣❡❞❀ ♦r

✎ ❚❤❡ ❘❡②♥♦❧❞s ❛✈❡r❛❣✐♥❣ ♣r♦❝❡❞✉r❡ ✐s ❛♣♣❧✐❡❞ ✜rst ❛♥❞ t❤❡♥ t❤❡ r❡s✉❧t❛♥t ✭♠✐❝r♦s❝♦♣✐❝✮

t✉r❜✉❧❡♥t ❡q✉❛t✐♦♥s ❛r❡ ✈♦❧✉♠❡✲❛✈❡r❛❣❡❞✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✶ ✴ ✺✵

slide-51
SLIDE 51

P♦st✲❋♦r❝❤❤❡✐♠❡r ✢♦✇s

❚❤❡ ❧✐t❡r❛t✉r❡ ✭❝❢✳ ❉②❜❜s ✫ ❊❞✇❛r❞s ✭✶✾✽✹✮✱✮ r❡❝♦❣♥✐③❡s ❞✐st✐♥❝t ✢♦✇ r❡❣✐♠❡s ❜❛s❡❞ ♦♥ t❤❡ ♣♦r❡ ❘❡②♥♦❧❞s ♥✉♠❜❡r✱ ❘❡♣✿

❉❛r❝②✱ ♦r ✈✐s❝♦✉s✲❞r❛❣✱ ❞♦♠✐♥❛t❡❞ ✢♦✇ r❡❣✐♠❡ ✐❢ ❘❡♣ ❁ ✶ ❋♦r❝❤❤❡✐♠❡r✱ ♦r ❢♦r♠✲❞r❛❣✱ ❞♦♠✐♥❛t❡❞ ✢♦✇ r❡❣✐♠❡ ✐❢ ✶ ✘ ✶✵ ❁ ❘❡♣ ❁ ✶✺✵ P♦st✲❋♦r❝❤❤❡✐♠❡r ✢♦✇ r❡❣✐♠❡ ✭✉♥st❡❛❞② ❧❛♠✐♥❛r ✢♦✇✮ ✐❢ ✶✺✵ ❁ ❘❡♣ ❁ ✸✵✵

■♥ t❤✐s ❝❛s❡✱ t❤❡ t✐♠❡ ✐♥❡rt✐❛ t❡r♠s ♥❡❡❞ t♦ ❜❡ ❝♦♥s✐❞❡r❡❞✿ ✚ ❅✉ ❅t ✰ ✭✉ ✁ r r r✮✉ ❂ ✚❣ r r r♣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ✰ ✖✹ ✹ ✹✉ ✭✹✽✮

❋✉❧❧② t✉r❜✉❧❡♥t ✢♦✇ ✐❢ ❘❡♣ ❃ ✸✵✵ ✿ t✉r❜✉❧❡♥❝❡ ♠♦❞❡❧❧✐♥❣ ✐s r❡q✉✐r❡❞

✎ ❚❤❡ t✉r❜✉❧❡♥❝❡ ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧ ✐s ❝♦♥s✐❞❡r❡❞❀ ✎ ❚❤❡ ♠✐❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥s ❛r❡ ✈♦❧✉♠❡✲❛✈❡r❛❣❡❞ ❛♥❞ t❤❡♥ t❤❡ ♠❛❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥s

❛r❡ ❘❡②♥♦❧❞s✲❛✈❡r❛❣❡❞❀ ♦r

✎ ❚❤❡ ❘❡②♥♦❧❞s ❛✈❡r❛❣✐♥❣ ♣r♦❝❡❞✉r❡ ✐s ❛♣♣❧✐❡❞ ✜rst ❛♥❞ t❤❡♥ t❤❡ r❡s✉❧t❛♥t ✭♠✐❝r♦s❝♦♣✐❝✮

t✉r❜✉❧❡♥t ❡q✉❛t✐♦♥s ❛r❡ ✈♦❧✉♠❡✲❛✈❡r❛❣❡❞✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✶ ✴ ✺✵

slide-52
SLIDE 52

P♦st✲❋♦r❝❤❤❡✐♠❡r ✢♦✇s

❚❤❡ ❧✐t❡r❛t✉r❡ ✭❝❢✳ ❉②❜❜s ✫ ❊❞✇❛r❞s ✭✶✾✽✹✮✱✮ r❡❝♦❣♥✐③❡s ❞✐st✐♥❝t ✢♦✇ r❡❣✐♠❡s ❜❛s❡❞ ♦♥ t❤❡ ♣♦r❡ ❘❡②♥♦❧❞s ♥✉♠❜❡r✱ ❘❡♣✿

❉❛r❝②✱ ♦r ✈✐s❝♦✉s✲❞r❛❣✱ ❞♦♠✐♥❛t❡❞ ✢♦✇ r❡❣✐♠❡ ✐❢ ❘❡♣ ❁ ✶ ❋♦r❝❤❤❡✐♠❡r✱ ♦r ❢♦r♠✲❞r❛❣✱ ❞♦♠✐♥❛t❡❞ ✢♦✇ r❡❣✐♠❡ ✐❢ ✶ ✘ ✶✵ ❁ ❘❡♣ ❁ ✶✺✵ P♦st✲❋♦r❝❤❤❡✐♠❡r ✢♦✇ r❡❣✐♠❡ ✭✉♥st❡❛❞② ❧❛♠✐♥❛r ✢♦✇✮ ✐❢ ✶✺✵ ❁ ❘❡♣ ❁ ✸✵✵

■♥ t❤✐s ❝❛s❡✱ t❤❡ t✐♠❡ ✐♥❡rt✐❛ t❡r♠s ♥❡❡❞ t♦ ❜❡ ❝♦♥s✐❞❡r❡❞✿ ✚ ❅✉ ❅t ✰ ✭✉ ✁ r r r✮✉ ❂ ✚❣ r r r♣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ✰ ✖✹ ✹ ✹✉ ✭✹✽✮

❋✉❧❧② t✉r❜✉❧❡♥t ✢♦✇ ✐❢ ❘❡♣ ❃ ✸✵✵ ✿ t✉r❜✉❧❡♥❝❡ ♠♦❞❡❧❧✐♥❣ ✐s r❡q✉✐r❡❞

✎ ❚❤❡ t✉r❜✉❧❡♥❝❡ ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧ ✐s ❝♦♥s✐❞❡r❡❞❀ ✎ ❚❤❡ ♠✐❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥s ❛r❡ ✈♦❧✉♠❡✲❛✈❡r❛❣❡❞ ❛♥❞ t❤❡♥ t❤❡ ♠❛❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥s

❛r❡ ❘❡②♥♦❧❞s✲❛✈❡r❛❣❡❞❀ ♦r

✎ ❚❤❡ ❘❡②♥♦❧❞s ❛✈❡r❛❣✐♥❣ ♣r♦❝❡❞✉r❡ ✐s ❛♣♣❧✐❡❞ ✜rst ❛♥❞ t❤❡♥ t❤❡ r❡s✉❧t❛♥t ✭♠✐❝r♦s❝♦♣✐❝✮

t✉r❜✉❧❡♥t ❡q✉❛t✐♦♥s ❛r❡ ✈♦❧✉♠❡✲❛✈❡r❛❣❡❞✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✶ ✴ ✺✵

slide-53
SLIDE 53

P♦st✲❋♦r❝❤❤❡✐♠❡r ✢♦✇s

❚❤❡ ❧✐t❡r❛t✉r❡ ✭❝❢✳ ❉②❜❜s ✫ ❊❞✇❛r❞s ✭✶✾✽✹✮✱✮ r❡❝♦❣♥✐③❡s ❞✐st✐♥❝t ✢♦✇ r❡❣✐♠❡s ❜❛s❡❞ ♦♥ t❤❡ ♣♦r❡ ❘❡②♥♦❧❞s ♥✉♠❜❡r✱ ❘❡♣✿

❉❛r❝②✱ ♦r ✈✐s❝♦✉s✲❞r❛❣✱ ❞♦♠✐♥❛t❡❞ ✢♦✇ r❡❣✐♠❡ ✐❢ ❘❡♣ ❁ ✶ ❋♦r❝❤❤❡✐♠❡r✱ ♦r ❢♦r♠✲❞r❛❣✱ ❞♦♠✐♥❛t❡❞ ✢♦✇ r❡❣✐♠❡ ✐❢ ✶ ✘ ✶✵ ❁ ❘❡♣ ❁ ✶✺✵ P♦st✲❋♦r❝❤❤❡✐♠❡r ✢♦✇ r❡❣✐♠❡ ✭✉♥st❡❛❞② ❧❛♠✐♥❛r ✢♦✇✮ ✐❢ ✶✺✵ ❁ ❘❡♣ ❁ ✸✵✵

■♥ t❤✐s ❝❛s❡✱ t❤❡ t✐♠❡ ✐♥❡rt✐❛ t❡r♠s ♥❡❡❞ t♦ ❜❡ ❝♦♥s✐❞❡r❡❞✿ ✚

❅✉

❅t ✰ ✭✉ ✁ r r r✮✉

  • ❂ ✚❣ r

r r♣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ✰ ✖✹ ✹ ✹✉ ✭✹✽✮

❋✉❧❧② t✉r❜✉❧❡♥t ✢♦✇ ✐❢ ❘❡♣ ❃ ✸✵✵ ✿ t✉r❜✉❧❡♥❝❡ ♠♦❞❡❧❧✐♥❣ ✐s r❡q✉✐r❡❞

✎ ❚❤❡ t✉r❜✉❧❡♥❝❡ ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧ ✐s ❝♦♥s✐❞❡r❡❞❀ ✎ ❚❤❡ ♠✐❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥s ❛r❡ ✈♦❧✉♠❡✲❛✈❡r❛❣❡❞ ❛♥❞ t❤❡♥ t❤❡ ♠❛❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥s

❛r❡ ❘❡②♥♦❧❞s✲❛✈❡r❛❣❡❞❀ ♦r

✎ ❚❤❡ ❘❡②♥♦❧❞s ❛✈❡r❛❣✐♥❣ ♣r♦❝❡❞✉r❡ ✐s ❛♣♣❧✐❡❞ ✜rst ❛♥❞ t❤❡♥ t❤❡ r❡s✉❧t❛♥t ✭♠✐❝r♦s❝♦♣✐❝✮

t✉r❜✉❧❡♥t ❡q✉❛t✐♦♥s ❛r❡ ✈♦❧✉♠❡✲❛✈❡r❛❣❡❞✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✶ ✴ ✺✵

slide-54
SLIDE 54

P♦st✲❋♦r❝❤❤❡✐♠❡r ✢♦✇s

❚❤❡ ❧✐t❡r❛t✉r❡ ✭❝❢✳ ❉②❜❜s ✫ ❊❞✇❛r❞s ✭✶✾✽✹✮✱✮ r❡❝♦❣♥✐③❡s ❞✐st✐♥❝t ✢♦✇ r❡❣✐♠❡s ❜❛s❡❞ ♦♥ t❤❡ ♣♦r❡ ❘❡②♥♦❧❞s ♥✉♠❜❡r✱ ❘❡♣✿

❉❛r❝②✱ ♦r ✈✐s❝♦✉s✲❞r❛❣✱ ❞♦♠✐♥❛t❡❞ ✢♦✇ r❡❣✐♠❡ ✐❢ ❘❡♣ ❁ ✶ ❋♦r❝❤❤❡✐♠❡r✱ ♦r ❢♦r♠✲❞r❛❣✱ ❞♦♠✐♥❛t❡❞ ✢♦✇ r❡❣✐♠❡ ✐❢ ✶ ✘ ✶✵ ❁ ❘❡♣ ❁ ✶✺✵ P♦st✲❋♦r❝❤❤❡✐♠❡r ✢♦✇ r❡❣✐♠❡ ✭✉♥st❡❛❞② ❧❛♠✐♥❛r ✢♦✇✮ ✐❢ ✶✺✵ ❁ ❘❡♣ ❁ ✸✵✵

■♥ t❤✐s ❝❛s❡✱ t❤❡ t✐♠❡ ✐♥❡rt✐❛ t❡r♠s ♥❡❡❞ t♦ ❜❡ ❝♦♥s✐❞❡r❡❞✿ ✚

❅✉

❅t ✰ ✭✉ ✁ r r r✮✉

  • ❂ ✚❣ r

r r♣ ✖ ❑ ✉ ❝❋✚ ♣ ❑ ❥✉❥✉ ✰ ✖✹ ✹ ✹✉ ✭✹✽✮

❋✉❧❧② t✉r❜✉❧❡♥t ✢♦✇ ✐❢ ❘❡♣ ❃ ✸✵✵ ✿ t✉r❜✉❧❡♥❝❡ ♠♦❞❡❧❧✐♥❣ ✐s r❡q✉✐r❡❞

✎ ❚❤❡ t✉r❜✉❧❡♥❝❡ ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧ ✐s ❝♦♥s✐❞❡r❡❞❀ ✎ ❚❤❡ ♠✐❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥s ❛r❡ ✈♦❧✉♠❡✲❛✈❡r❛❣❡❞ ❛♥❞ t❤❡♥ t❤❡ ♠❛❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥s

❛r❡ ❘❡②♥♦❧❞s✲❛✈❡r❛❣❡❞❀ ♦r

✎ ❚❤❡ ❘❡②♥♦❧❞s ❛✈❡r❛❣✐♥❣ ♣r♦❝❡❞✉r❡ ✐s ❛♣♣❧✐❡❞ ✜rst ❛♥❞ t❤❡♥ t❤❡ r❡s✉❧t❛♥t ✭♠✐❝r♦s❝♦♣✐❝✮

t✉r❜✉❧❡♥t ❡q✉❛t✐♦♥s ❛r❡ ✈♦❧✉♠❡✲❛✈❡r❛❣❡❞✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✶ ✴ ✺✵

slide-55
SLIDE 55

❚❤❡ ❣♦✈❡r♥✐♥❣ ♠✐❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥s

✎ ❋♦r s✐♠♣❧✐❝✐t②✱ ✇❡ ❝♦♥s✐❞❡r t❤❡ ✐s♦t❤❡r♠❛❧ ❝❛s❡✳ ✎ ❚❤❡ ♣r♦♣❡rt✐❡s ♦❢ t❤❡ ✢✉✐❞ ✭❞❡♥s✐t②✱ ✈✐s❝♦s✐t②✮ ❛r❡ ❛ss✉♠❡❞ t♦ ❜❡ ❝♦♥st❛♥t ❛♥❞ t❤✉s

t❤❡ ✢✉✐❞ ✉♥❞❡r ❝♦♥s✐❞❡r❛t✐♦♥ ✐s ✐♥❝♦♠♣r❡ss✐❜❧❡ ❛♥❞ ◆❡✇t♦♥✐❛♥✳

✎ ❖♥ t❤❡ ♣♦r❡ s❝❛❧❡ ✭♠✐❝r♦s❝♦♣✐❝ s❝❛❧❡✮ t❤❡ ✢♦✇ q✉❛♥t✐t✐❡s ✭✈❡❧♦❝✐t②✱ ♣r❡ss✉r❡✮ ❛r❡ ❞❡✲

t❡r♠✐♥❡❞ ❜② t❤❡ ✐♥❝♦♠♣r❡ss✐❜❧❡ ◆❛✈✐❡r✲❙t♦❦❡s ❡q✉❛t✐♦♥s div ✉ ❂ ✵❀ ✭✹✾✮ ❅✉ ❅t ✰ ✭✉ ✁ r r r✮✉ ❂ ❣ ✶ ✚r r r♣ ✰ ✗❉✭✉✮ ❀ ❉✭✉✮ ❂ ✶ ✷

  • r

r r✉ ✰ r r r✉❚ ❀ ✭✺✵✮ ✇❤❡r❡ ✉ ✷ ❘✸ ✐s t❤❡ ✈❡❧♦❝✐t② ✜❡❧❞✱ ♣ ✷ ❘ ✐s t❤❡ ♣r❡ss✉r❡✱ ✚ ✐s t❤❡ ❞❡♥s✐t②✱ ✗ ✐s t❤❡ ❦✐♥❡♠❛t✐❝ ✈✐s❝♦s✐t② ❛♥❞ ❣ ✷ ❘✸ ✐s t❤❡ ❣r❛✈✐t② ❢♦r❝❡s ✜❡❧❞✳

✎ ■❢ t❤❡ ❜♦✉♥❞❛r② ✐s ✐♠♣❡r♠❡❛❜❧❡✱ t❤❡♥ t❤❡ ✉s✉❛❧ ❛ss✉♠♣t✐♦♥ ✐s t❤❛t t❤❡ ♥♦r♠❛❧ ❝♦♠♣♦✲

♥❡♥t ♦❢ t❤❡ ✈❡❧♦❝✐t② ♠✉st ✈❛♥✐s❤✱ ✉ ✁ ♥ ❂ ✵ ♦♥ t❤❡ s♦❧✐❞✲✢✉✐❞ ✐♥t❡r❢❛❝❡✿ ✭✺✶✮

✎ ❈♦♥tr❛r② t♦ t❤❡ t❤❡ ❉❛r❝② ✢♦✇ ♠♦❞❡❧ ✭t❤❡ ♠❛①✐♠✉♠ ✈❡❧♦❝✐t② ♦❝❝✉rs ❛t t❤❡ ✐♠♣❡r♠❡❛❜❧❡

s✉r❢❛❝❡✮✱ t❤❡ ♥♦✲s❧✐♣ ❜♦✉♥❞❛r② ❝♦♥❞✐t✐♦♥ ❝❛♥ ❜❡ ✉s❡❞✱ ✉ ✁ ✜ ❂ ✵ ♦♥ t❤❡ s♦❧✐❞✲✢✉✐❞ ✐♥t❡r❢❛❝❡✿ ✭✺✷✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✷ ✴ ✺✵

slide-56
SLIDE 56

❘❊❱✿ ❘❡♣r❡s❡♥t❛t✐✈❡ ❡❧❡♠❡♥t❛r② ✈♦❧✉♠❡

✎ ❍♦✇❡✈❡r ✐♥ t②♣✐❝❛❧ ❡①♣❡r✐♠❡♥ts t❤❡ q✉❛♥t✐t✐❡s ♦❢ ✐♥t❡r❡st ❛r❡ ♠❡❛s✉r❡❞ ♦✈❡r ❛ s✉✣❝✐❡♥t❧②

❧❛r❣❡ r❡♣r❡s❡♥t❛t✐✈❡ ❡❧❡♠❡♥t❛r② ✈♦❧✉♠❡ ✭❘❊❱✮✳

❋✐❣✉r❡✿ ❢r♦♠ ◆✐❡❧❞ ✫ ❇❡❥❛♥ ✭✷✵✵✻✮✳ ✎ ❘❊❱ ✐s t❤❡ s♠❛❧❧❡st ✈♦❧✉♠❡ ♦✈❡r ✇❤✐❝❤ ❛ ♠❡❛s✉r❡♠❡♥t ❝❛♥ ❜❡ ♠❛❞❡ t❤❛t ✇✐❧❧ ②✐❡❧❞ ❛

✈❛❧✉❡ r❡♣r❡s❡♥t❛t✐✈❡ ♦❢ t❤❡ ✇❤♦❧❡ ♣♦r♦✉s ♠❡❞✐✉♠✳

✎ ❚❤❡ ❧❡♥❣t❤ s❝❛❧❡ ♦❢ t❤❡ ❘❊❱ ✐s ❧❛r❣❡r t❤❛♥ t❤❡ ♣♦r❡ s❝❛❧❡✱ ❜✉t ♠✉❝❤ s♠❛❧❧❡r t❤❛♥ t❤❡

s✐③❡ ♦❢ t❤❡ ❡♥t✐r❡ ✢♦✇ ❞♦♠❛✐♥✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✸ ✴ ✺✵

slide-57
SLIDE 57

❋r♦♠ ❝♦♥t✐♥✉✉♠ t♦ ♣♦r♦✉s✲❝♦♥t✐♥✉✉♠

✎ ❚❤❡ ❡✈♦❧✉t✐♦♥ ❢r♦♠ ❝♦♥t✐♥✉✉♠ t♦ ♣♦r♦✉s✲❝♦♥t✐♥✉✉♠ ❧❡✈❡❧ ✐♥✈♦❧✈❡s ❛♥ ❛✈❡r❛❣✐♥❣ ♣r♦❝❡ss✱

s✐♠✐❧❛r t♦ t❤❡ ♦♥❡ ❢r♦♠ ♠♦❧❡❝✉❧❛r t♦ ❝♦♥t✐♥✉✉♠ ❧❡✈❡❧✳

❋✐❣✉r❡✿ ❢r♦♠ ▼❡rr✐❦❤ ✫ ▲❛❣❡ ✭✷✵✵✺✮✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✹ ✴ ✺✵

slide-58
SLIDE 58

❱♦❧✉♠❡ ❛✈❡r❛❣✐♥❣

✎ ❚❤❡ ✈♦❧✉♠❡tr✐❝ ❛✈❡r❛❣❡✷ ♦❢ ❛ ✢♦✇ q✉❛♥t✐t②✱ s❛② ✬✱ t❛❦❡♥ ♦✈❡r ❛ ❘❊❱✿

❱♦❧✉♠❡tr✐❝ ❛✈❡r❛❣❡✿ ❤✬✐ ✿❂ ✶ ❱ ˆ

❱✌

✬✌ ❞❱ ✿ ✭✺✸✮

✎ ❚❤❡ ✐♥tr✐♥s✐❝ ❛✈❡r❛❣❡ ♦❢ ❛ ✢♦✇ q✉❛♥t✐t②✱ s❛② ✬✱ t❛❦❡♥ ♦✈❡r ❛ ❘❊❱✿

■♥tr✐♥s✐❝ ❛✈❡r❛❣❡✿ ❤✬✐✐ ❂ ✶ ❱✌

❱✌

✬✌ ❞❱ ✿ ✭✺✹✮

✎ ❚❤❡s❡ ❛✈❡r❛❣❡s ❛r❡ r❡❧❛t❡❞ ❜② t❤❡ ❉✉♣✉✐t✲❋♦r❝❤❤❡✐♠❡r r❡❧❛t✐♦♥s❤✐♣✿

❤✬✐ ❂ ✣❤✬✐✐❀ ✣ ❂ ❱✌ ❱ ✐s t❤❡ ❧♦❝❛❧ ♠❡❞✐✉♠ ♣♦r♦s✐t②✳ ✭✺✺✮

✎ ❚❤❡ ♣r♦♣❡rt② ✬ ❝❛♥ t❤❡♥ ❜❡ ❞❡✜♥❡❞ ❛s

✬ ❂ ❤✬✐✐ ✰ ✐✬ ❀ ✭✺✻✮ ✇❤❡r❡ ✐✬ ✐s t❤❡ s♣❛t✐❛❧ ❞❡✈✐❛t✐♦♥ ♦❢ ✬ ✇✳r✳t✳ ❤✬✐✐✱ ✐✳❡✳ ✐s t❤❡ ❞✐✛❡r❡♥❝❡ ❜❡t✇❡❡♥ t❤❡ r❡❛❧ ✈❛❧✉❡ ✭♠✐❝r♦s❝♦♣✐❝✮ ❛♥❞ ✐ts ✐♥tr✐♥s✐❝ ✭✢✉✐❞ ❜❛s❡❞ ❛✈❡r❛❣❡✮ ✈❛❧✉❡

✎ ❋r♦♠ ✭✺✹✮ ❛♥❞ ✭✺✻✮ ✐t ❢♦❧❧♦✇s t❤❛t ❤✐✬✐✐ ❂ ✵✳

✷❆❦❛✿ s❡❡♣❛❣❡ ✈❡❧♦❝✐t②✱ ✜❧tr❛t✐♦♥ ✈❡❧♦❝✐t②✱ s✉♣❡r✜❝✐❛❧ ✈❡❧♦❝✐t②✱ ❉❛r❝② ✈❡❧♦❝✐t②✱ ✈♦❧✉♠❡tr✐❝ ✢✉① ❞❡♥s✐t②✳ ❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✺ ✴ ✺✵

slide-59
SLIDE 59

❱♦❧✉♠❡ ❛✈❡r❛❣✐♥❣

✎ ❚❤❡ ✈♦❧✉♠❡tr✐❝ ❛✈❡r❛❣❡✷ ♦❢ ❛ ✢♦✇ q✉❛♥t✐t②✱ s❛② ✬✱ t❛❦❡♥ ♦✈❡r ❛ ❘❊❱✿

❱♦❧✉♠❡tr✐❝ ❛✈❡r❛❣❡✿ ❤✬✐ ✿❂ ✶ ❱ ˆ

❱✌

✬✌ ❞❱ ✿ ✭✺✸✮

✎ ❚❤❡ ✐♥tr✐♥s✐❝ ❛✈❡r❛❣❡ ♦❢ ❛ ✢♦✇ q✉❛♥t✐t②✱ s❛② ✬✱ t❛❦❡♥ ♦✈❡r ❛ ❘❊❱✿

■♥tr✐♥s✐❝ ❛✈❡r❛❣❡✿ ❤✬✐✐ ❂ ✶ ❱✌ ˆ

❱✌

✬✌ ❞❱ ✿ ✭✺✹✮

✎ ❚❤❡s❡ ❛✈❡r❛❣❡s ❛r❡ r❡❧❛t❡❞ ❜② t❤❡ ❉✉♣✉✐t✲❋♦r❝❤❤❡✐♠❡r r❡❧❛t✐♦♥s❤✐♣✿

❤✬✐ ❂ ✣❤✬✐✐❀ ✣ ❂ ❱✌ ❱ ✐s t❤❡ ❧♦❝❛❧ ♠❡❞✐✉♠ ♣♦r♦s✐t②✳ ✭✺✺✮

✎ ❚❤❡ ♣r♦♣❡rt② ✬ ❝❛♥ t❤❡♥ ❜❡ ❞❡✜♥❡❞ ❛s

✬ ❂ ❤✬✐✐ ✰ ✐✬ ❀ ✭✺✻✮ ✇❤❡r❡ ✐✬ ✐s t❤❡ s♣❛t✐❛❧ ❞❡✈✐❛t✐♦♥ ♦❢ ✬ ✇✳r✳t✳ ❤✬✐✐✱ ✐✳❡✳ ✐s t❤❡ ❞✐✛❡r❡♥❝❡ ❜❡t✇❡❡♥ t❤❡ r❡❛❧ ✈❛❧✉❡ ✭♠✐❝r♦s❝♦♣✐❝✮ ❛♥❞ ✐ts ✐♥tr✐♥s✐❝ ✭✢✉✐❞ ❜❛s❡❞ ❛✈❡r❛❣❡✮ ✈❛❧✉❡

✎ ❋r♦♠ ✭✺✹✮ ❛♥❞ ✭✺✻✮ ✐t ❢♦❧❧♦✇s t❤❛t ❤✐✬✐✐ ❂ ✵✳

✷❆❦❛✿ s❡❡♣❛❣❡ ✈❡❧♦❝✐t②✱ ✜❧tr❛t✐♦♥ ✈❡❧♦❝✐t②✱ s✉♣❡r✜❝✐❛❧ ✈❡❧♦❝✐t②✱ ❉❛r❝② ✈❡❧♦❝✐t②✱ ✈♦❧✉♠❡tr✐❝ ✢✉① ❞❡♥s✐t②✳ ❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✺ ✴ ✺✵

slide-60
SLIDE 60

❱♦❧✉♠❡ ❛✈❡r❛❣✐♥❣

✎ ❚❤❡ ✈♦❧✉♠❡tr✐❝ ❛✈❡r❛❣❡✷ ♦❢ ❛ ✢♦✇ q✉❛♥t✐t②✱ s❛② ✬✱ t❛❦❡♥ ♦✈❡r ❛ ❘❊❱✿

❱♦❧✉♠❡tr✐❝ ❛✈❡r❛❣❡✿ ❤✬✐ ✿❂ ✶ ❱ ˆ

❱✌

✬✌ ❞❱ ✿ ✭✺✸✮

✎ ❚❤❡ ✐♥tr✐♥s✐❝ ❛✈❡r❛❣❡ ♦❢ ❛ ✢♦✇ q✉❛♥t✐t②✱ s❛② ✬✱ t❛❦❡♥ ♦✈❡r ❛ ❘❊❱✿

■♥tr✐♥s✐❝ ❛✈❡r❛❣❡✿ ❤✬✐✐ ❂ ✶ ❱✌ ˆ

❱✌

✬✌ ❞❱ ✿ ✭✺✹✮

✎ ❚❤❡s❡ ❛✈❡r❛❣❡s ❛r❡ r❡❧❛t❡❞ ❜② t❤❡ ❉✉♣✉✐t✲❋♦r❝❤❤❡✐♠❡r r❡❧❛t✐♦♥s❤✐♣✿

❤✬✐ ❂ ✣❤✬✐✐❀ ✣ ❂ ❱✌ ❱ ✐s t❤❡ ❧♦❝❛❧ ♠❡❞✐✉♠ ♣♦r♦s✐t②✳ ✭✺✺✮

✎ ❚❤❡ ♣r♦♣❡rt② ✬ ❝❛♥ t❤❡♥ ❜❡ ❞❡✜♥❡❞ ❛s

✬ ❂ ❤✬✐✐ ✰ ✐✬ ❀ ✭✺✻✮ ✇❤❡r❡ ✐✬ ✐s t❤❡ s♣❛t✐❛❧ ❞❡✈✐❛t✐♦♥ ♦❢ ✬ ✇✳r✳t✳ ❤✬✐✐✱ ✐✳❡✳ ✐s t❤❡ ❞✐✛❡r❡♥❝❡ ❜❡t✇❡❡♥ t❤❡ r❡❛❧ ✈❛❧✉❡ ✭♠✐❝r♦s❝♦♣✐❝✮ ❛♥❞ ✐ts ✐♥tr✐♥s✐❝ ✭✢✉✐❞ ❜❛s❡❞ ❛✈❡r❛❣❡✮ ✈❛❧✉❡

✎ ❋r♦♠ ✭✺✹✮ ❛♥❞ ✭✺✻✮ ✐t ❢♦❧❧♦✇s t❤❛t ❤✐✬✐✐ ❂ ✵✳

✷❆❦❛✿ s❡❡♣❛❣❡ ✈❡❧♦❝✐t②✱ ✜❧tr❛t✐♦♥ ✈❡❧♦❝✐t②✱ s✉♣❡r✜❝✐❛❧ ✈❡❧♦❝✐t②✱ ❉❛r❝② ✈❡❧♦❝✐t②✱ ✈♦❧✉♠❡tr✐❝ ✢✉① ❞❡♥s✐t②✳ ❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✺ ✴ ✺✵

slide-61
SLIDE 61

❱♦❧✉♠❡ ❛✈❡r❛❣✐♥❣

✎ ❚❤❡ ✈♦❧✉♠❡tr✐❝ ❛✈❡r❛❣❡✷ ♦❢ ❛ ✢♦✇ q✉❛♥t✐t②✱ s❛② ✬✱ t❛❦❡♥ ♦✈❡r ❛ ❘❊❱✿

❱♦❧✉♠❡tr✐❝ ❛✈❡r❛❣❡✿ ❤✬✐ ✿❂ ✶ ❱ ˆ

❱✌

✬✌ ❞❱ ✿ ✭✺✸✮

✎ ❚❤❡ ✐♥tr✐♥s✐❝ ❛✈❡r❛❣❡ ♦❢ ❛ ✢♦✇ q✉❛♥t✐t②✱ s❛② ✬✱ t❛❦❡♥ ♦✈❡r ❛ ❘❊❱✿

■♥tr✐♥s✐❝ ❛✈❡r❛❣❡✿ ❤✬✐✐ ❂ ✶ ❱✌ ˆ

❱✌

✬✌ ❞❱ ✿ ✭✺✹✮

✎ ❚❤❡s❡ ❛✈❡r❛❣❡s ❛r❡ r❡❧❛t❡❞ ❜② t❤❡ ❉✉♣✉✐t✲❋♦r❝❤❤❡✐♠❡r r❡❧❛t✐♦♥s❤✐♣✿

❤✬✐ ❂ ✣❤✬✐✐❀ ✣ ❂ ❱✌ ❱ ✐s t❤❡ ❧♦❝❛❧ ♠❡❞✐✉♠ ♣♦r♦s✐t②✳ ✭✺✺✮

✎ ❚❤❡ ♣r♦♣❡rt② ✬ ❝❛♥ t❤❡♥ ❜❡ ❞❡✜♥❡❞ ❛s

✬ ❂ ❤✬✐✐ ✰ ✐✬ ❀ ✭✺✻✮ ✇❤❡r❡ ✐✬ ✐s t❤❡ s♣❛t✐❛❧ ❞❡✈✐❛t✐♦♥ ♦❢ ✬ ✇✳r✳t✳ ❤✬✐✐✱ ✐✳❡✳ ✐s t❤❡ ❞✐✛❡r❡♥❝❡ ❜❡t✇❡❡♥ t❤❡ r❡❛❧ ✈❛❧✉❡ ✭♠✐❝r♦s❝♦♣✐❝✮ ❛♥❞ ✐ts ✐♥tr✐♥s✐❝ ✭✢✉✐❞ ❜❛s❡❞ ❛✈❡r❛❣❡✮ ✈❛❧✉❡

✎ ❋r♦♠ ✭✺✹✮ ❛♥❞ ✭✺✻✮ ✐t ❢♦❧❧♦✇s t❤❛t ❤✐✬✐✐ ❂ ✵✳

✷❆❦❛✿ s❡❡♣❛❣❡ ✈❡❧♦❝✐t②✱ ✜❧tr❛t✐♦♥ ✈❡❧♦❝✐t②✱ s✉♣❡r✜❝✐❛❧ ✈❡❧♦❝✐t②✱ ❉❛r❝② ✈❡❧♦❝✐t②✱ ✈♦❧✉♠❡tr✐❝ ✢✉① ❞❡♥s✐t②✳ ❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✺ ✴ ✺✵

slide-62
SLIDE 62

❱♦❧✉♠❡ ❛✈❡r❛❣✐♥❣

✎ ❚❤❡ ✈♦❧✉♠❡tr✐❝ ❛✈❡r❛❣❡✷ ♦❢ ❛ ✢♦✇ q✉❛♥t✐t②✱ s❛② ✬✱ t❛❦❡♥ ♦✈❡r ❛ ❘❊❱✿

❱♦❧✉♠❡tr✐❝ ❛✈❡r❛❣❡✿ ❤✬✐ ✿❂ ✶ ❱ ˆ

❱✌

✬✌ ❞❱ ✿ ✭✺✸✮

✎ ❚❤❡ ✐♥tr✐♥s✐❝ ❛✈❡r❛❣❡ ♦❢ ❛ ✢♦✇ q✉❛♥t✐t②✱ s❛② ✬✱ t❛❦❡♥ ♦✈❡r ❛ ❘❊❱✿

■♥tr✐♥s✐❝ ❛✈❡r❛❣❡✿ ❤✬✐✐ ❂ ✶ ❱✌ ˆ

❱✌

✬✌ ❞❱ ✿ ✭✺✹✮

✎ ❚❤❡s❡ ❛✈❡r❛❣❡s ❛r❡ r❡❧❛t❡❞ ❜② t❤❡ ❉✉♣✉✐t✲❋♦r❝❤❤❡✐♠❡r r❡❧❛t✐♦♥s❤✐♣✿

❤✬✐ ❂ ✣❤✬✐✐❀ ✣ ❂ ❱✌ ❱ ✐s t❤❡ ❧♦❝❛❧ ♠❡❞✐✉♠ ♣♦r♦s✐t②✳ ✭✺✺✮

✎ ❚❤❡ ♣r♦♣❡rt② ✬ ❝❛♥ t❤❡♥ ❜❡ ❞❡✜♥❡❞ ❛s

✬ ❂ ❤✬✐✐ ✰ ✐✬ ❀ ✭✺✻✮ ✇❤❡r❡ ✐✬ ✐s t❤❡ s♣❛t✐❛❧ ❞❡✈✐❛t✐♦♥ ♦❢ ✬ ✇✳r✳t✳ ❤✬✐✐✱ ✐✳❡✳ ✐s t❤❡ ❞✐✛❡r❡♥❝❡ ❜❡t✇❡❡♥ t❤❡ r❡❛❧ ✈❛❧✉❡ ✭♠✐❝r♦s❝♦♣✐❝✮ ❛♥❞ ✐ts ✐♥tr✐♥s✐❝ ✭✢✉✐❞ ❜❛s❡❞ ❛✈❡r❛❣❡✮ ✈❛❧✉❡

✎ ❋r♦♠ ✭✺✹✮ ❛♥❞ ✭✺✻✮ ✐t ❢♦❧❧♦✇s t❤❛t ❤✐✬✐✐ ❂ ✵✳

✷❆❦❛✿ s❡❡♣❛❣❡ ✈❡❧♦❝✐t②✱ ✜❧tr❛t✐♦♥ ✈❡❧♦❝✐t②✱ s✉♣❡r✜❝✐❛❧ ✈❡❧♦❝✐t②✱ ❉❛r❝② ✈❡❧♦❝✐t②✱ ✈♦❧✉♠❡tr✐❝ ✢✉① ❞❡♥s✐t②✳ ❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✺ ✴ ✺✵

slide-63
SLIDE 63

❚❤❡ ❣♦✈❡r♥✐♥❣ ♠✐❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥s

✎ ❆✉t❤♦rs✿

▲❡❡ ✫ ❍♦✇❡❧❧ ✭✶✾✽✼✮✱ ❲❛♥❣ ✫ ❚❛❦❧❡ ✭✶✾✾✺✮✱ ❆♥t♦❤❡ ✫ ▲❛❣❡ ✭✶✾✾✼✮✱

  • ❡t❛❝❤❡✇❛ ❡t ❛❧✳ ✭✷✵✵✵✮✳

✎ ❆ss✉♠♣t✐♦♥s✿ r✐❣✐❞✱ ✐s♦tr♦♣✐❝ ❛♥❞ ✜①❡❞ ♣♦r♦✉s ♠❛tr✐①❀ ◆❡✇t♦♥✐❛♥ ✢✉✐❞ ✇✐t❤ ❝♦♥st❛♥t

♣r♦♣❡rt✐❡s❀ ❛♥❞ ✐s♦t❤❡r♠❛❧ ✢♦✇ ✭❤❡r❡✱ ❢♦r s✐♠♣❧✐❝✐t②✮✳

✎ ❚❤❡ ✈♦❧✉♠❡tr✐❝ ❛✈❡r❛❣❡ ♦❢ ❊qs✳ ✭✹✾✮✲✭✺✵✮ r❡s✉❧ts ✭❝❢✳ ❍s✉ ✫ ❈❤❡♥❣ ✭✶✾✾✵✮✮✿

❤✉✐✐ ❂ ✵❀ ✭✺✼✮ ❅ ❅t ❤✉✐✐ ✰ ❞✐✈✭❤✉✐✐ ✡ ❤✉✐✐✮ ❂ ❤❣✐✐ ✶ ✚r r r❤♣✐✐ ✰ ✖❡ ✚ ❉ ✭❤✉✐✐✮ ❞✐✈

✐✉ ✡✐ ✉ ✐

✰ ❘❀ ✭✺✽✮

✎ ✇❤❡r❡ ❘ r❡♣r❡s❡♥ts t❤❡ t♦t❛❧ ❞r❛❣ ❢♦r❝❡ ♣❡r ✉♥✐t ✈♦❧✉♠❡ ❞✉❡ t♦ t❤❡ ♣r❡s❡♥❝❡ ♦❢ t❤❡

♣♦r♦✉s ♠❛tr✐①✿ ❘ ❂ ✖ ❑ ✣ ❤✉✐✐ ❝❋ ♣ ❑ ✣✷❥ ❤✉✐✐ ❥ ❤✉✐✐ ✿ ✭✺✾✮

✎ ❛♥❞ ❞✐✈

✐✉ ✡✐ ✉ ✐

r❡♣r❡s❡♥ts t❤❡ ❤②❞r♦❞②♥❛♠✐❝ ❞✐s♣❡rs✐♦♥ ❞✉❡ t♦ s♣❛t✐❛❧ ❞❡✈✐❛t✐♦♥s✳

✎ ❊qs✳ ✭✺✼✮✲✭✺✽✮ ♠♦❞❡❧ t②♣✐❝❛❧ ♣♦r♦✉s ♠❡❞✐❛ ✢♦✇ ❢♦r ✶✺✵ ❁ ❘❡♣ ❁ ✸✵✵✳ ✎ ❲❤❡♥ ❡①t❡♥❞✐♥❣ t❤❡ ❛♥❛❧②s✐s t♦ t✉r❜✉❧❡♥t ✢♦✇✱ t✐♠❡✲✈❛r②✐♥❣ q✉❛♥t✐t✐❡s ❤❛✈❡ t♦ ❜❡

❝♦♥s✐❞❡r❡❞✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✻ ✴ ✺✵

slide-64
SLIDE 64

❚❤❡ ❣♦✈❡r♥✐♥❣ ♠✐❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥s

✎ ❆✉t❤♦rs✿

▲❡❡ ✫ ❍♦✇❡❧❧ ✭✶✾✽✼✮✱ ❲❛♥❣ ✫ ❚❛❦❧❡ ✭✶✾✾✺✮✱ ❆♥t♦❤❡ ✫ ▲❛❣❡ ✭✶✾✾✼✮✱

  • ❡t❛❝❤❡✇❛ ❡t ❛❧✳ ✭✷✵✵✵✮✳

✎ ❆ss✉♠♣t✐♦♥s✿ r✐❣✐❞✱ ✐s♦tr♦♣✐❝ ❛♥❞ ✜①❡❞ ♣♦r♦✉s ♠❛tr✐①❀ ◆❡✇t♦♥✐❛♥ ✢✉✐❞ ✇✐t❤ ❝♦♥st❛♥t

♣r♦♣❡rt✐❡s❀ ❛♥❞ ✐s♦t❤❡r♠❛❧ ✢♦✇ ✭❤❡r❡✱ ❢♦r s✐♠♣❧✐❝✐t②✮✳

✎ ❚❤❡ ✈♦❧✉♠❡tr✐❝ ❛✈❡r❛❣❡ ♦❢ ❊qs✳ ✭✹✾✮✲✭✺✵✮ r❡s✉❧ts ✭❝❢✳ ❍s✉ ✫ ❈❤❡♥❣ ✭✶✾✾✵✮✮✿

div ❤✉✐✐ ❂ ✵❀ ✭✺✼✮ ❅ ❅t ❤✉✐✐ ✰ ❞✐✈✭❤✉✐✐ ✡ ❤✉✐✐✮ ❂ ❤❣✐✐ ✶ ✚r r r❤♣✐✐ ✰ ✖❡ ✚ ❉ ✭❤✉✐✐✮ ❞✐✈✐✉ ✡✐ ✉

  • ✰ ❘❀

✭✺✽✮

✎ ✇❤❡r❡ ❘ r❡♣r❡s❡♥ts t❤❡ t♦t❛❧ ❞r❛❣ ❢♦r❝❡ ♣❡r ✉♥✐t ✈♦❧✉♠❡ ❞✉❡ t♦ t❤❡ ♣r❡s❡♥❝❡ ♦❢ t❤❡

♣♦r♦✉s ♠❛tr✐①✿ ❘ ❂ ✖ ❑ ✣ ❤✉✐✐ ❝❋ ♣ ❑ ✣✷❥ ❤✉✐✐ ❥ ❤✉✐✐ ✿ ✭✺✾✮

✎ ❛♥❞ ❞✐✈

✐✉ ✡✐ ✉ ✐

r❡♣r❡s❡♥ts t❤❡ ❤②❞r♦❞②♥❛♠✐❝ ❞✐s♣❡rs✐♦♥ ❞✉❡ t♦ s♣❛t✐❛❧ ❞❡✈✐❛t✐♦♥s✳

✎ ❊qs✳ ✭✺✼✮✲✭✺✽✮ ♠♦❞❡❧ t②♣✐❝❛❧ ♣♦r♦✉s ♠❡❞✐❛ ✢♦✇ ❢♦r ✶✺✵ ❁ ❘❡♣ ❁ ✸✵✵✳ ✎ ❲❤❡♥ ❡①t❡♥❞✐♥❣ t❤❡ ❛♥❛❧②s✐s t♦ t✉r❜✉❧❡♥t ✢♦✇✱ t✐♠❡✲✈❛r②✐♥❣ q✉❛♥t✐t✐❡s ❤❛✈❡ t♦ ❜❡

❝♦♥s✐❞❡r❡❞✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✻ ✴ ✺✵

slide-65
SLIDE 65

❚❤❡ ❣♦✈❡r♥✐♥❣ ♠✐❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥s

✎ ❆✉t❤♦rs✿

▲❡❡ ✫ ❍♦✇❡❧❧ ✭✶✾✽✼✮✱ ❲❛♥❣ ✫ ❚❛❦❧❡ ✭✶✾✾✺✮✱ ❆♥t♦❤❡ ✫ ▲❛❣❡ ✭✶✾✾✼✮✱

  • ❡t❛❝❤❡✇❛ ❡t ❛❧✳ ✭✷✵✵✵✮✳

✎ ❆ss✉♠♣t✐♦♥s✿ r✐❣✐❞✱ ✐s♦tr♦♣✐❝ ❛♥❞ ✜①❡❞ ♣♦r♦✉s ♠❛tr✐①❀ ◆❡✇t♦♥✐❛♥ ✢✉✐❞ ✇✐t❤ ❝♦♥st❛♥t

♣r♦♣❡rt✐❡s❀ ❛♥❞ ✐s♦t❤❡r♠❛❧ ✢♦✇ ✭❤❡r❡✱ ❢♦r s✐♠♣❧✐❝✐t②✮✳

✎ ❚❤❡ ✈♦❧✉♠❡tr✐❝ ❛✈❡r❛❣❡ ♦❢ ❊qs✳ ✭✹✾✮✲✭✺✵✮ r❡s✉❧ts ✭❝❢✳ ❍s✉ ✫ ❈❤❡♥❣ ✭✶✾✾✵✮✮✿

div ❤✉✐✐ ❂ ✵❀ ✭✺✼✮ ❅ ❅t ❤✉✐✐ ✰ ❞✐✈✭❤✉✐✐ ✡ ❤✉✐✐✮ ❂ ❤❣✐✐ ✶ ✚r r r❤♣✐✐ ✰ ✖❡ ✚ ❉ ✭❤✉✐✐✮ ❞✐✈✐✉ ✡✐ ✉

  • ✰ ❘❀

✭✺✽✮

✎ ✇❤❡r❡ ❘ r❡♣r❡s❡♥ts t❤❡ t♦t❛❧ ❞r❛❣ ❢♦r❝❡ ♣❡r ✉♥✐t ✈♦❧✉♠❡ ❞✉❡ t♦ t❤❡ ♣r❡s❡♥❝❡ ♦❢ t❤❡

♣♦r♦✉s ♠❛tr✐①✿ ❘ ❂ ✖ ❑ ✣ ❤✉✐✐ ❝❋ ♣ ❑ ✣✷❥ ❤✉✐✐ ❥ ❤✉✐✐ ✿ ✭✺✾✮

✎ ❛♥❞ ❞✐✈✐✉ ✡✐ ✉

  • r❡♣r❡s❡♥ts t❤❡ ❤②❞r♦❞②♥❛♠✐❝ ❞✐s♣❡rs✐♦♥ ❞✉❡ t♦ s♣❛t✐❛❧ ❞❡✈✐❛t✐♦♥s✳

✎ ❊qs✳ ✭✺✼✮✲✭✺✽✮ ♠♦❞❡❧ t②♣✐❝❛❧ ♣♦r♦✉s ♠❡❞✐❛ ✢♦✇ ❢♦r ✶✺✵ ❁ ❘❡♣ ❁ ✸✵✵✳ ✎ ❲❤❡♥ ❡①t❡♥❞✐♥❣ t❤❡ ❛♥❛❧②s✐s t♦ t✉r❜✉❧❡♥t ✢♦✇✱ t✐♠❡✲✈❛r②✐♥❣ q✉❛♥t✐t✐❡s ❤❛✈❡ t♦ ❜❡

❝♦♥s✐❞❡r❡❞✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✻ ✴ ✺✵

slide-66
SLIDE 66

❚❤❡ ❣♦✈❡r♥✐♥❣ ♠✐❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥s

✎ ❆✉t❤♦rs✿

▲❡❡ ✫ ❍♦✇❡❧❧ ✭✶✾✽✼✮✱ ❲❛♥❣ ✫ ❚❛❦❧❡ ✭✶✾✾✺✮✱ ❆♥t♦❤❡ ✫ ▲❛❣❡ ✭✶✾✾✼✮✱

  • ❡t❛❝❤❡✇❛ ❡t ❛❧✳ ✭✷✵✵✵✮✳

✎ ❆ss✉♠♣t✐♦♥s✿ r✐❣✐❞✱ ✐s♦tr♦♣✐❝ ❛♥❞ ✜①❡❞ ♣♦r♦✉s ♠❛tr✐①❀ ◆❡✇t♦♥✐❛♥ ✢✉✐❞ ✇✐t❤ ❝♦♥st❛♥t

♣r♦♣❡rt✐❡s❀ ❛♥❞ ✐s♦t❤❡r♠❛❧ ✢♦✇ ✭❤❡r❡✱ ❢♦r s✐♠♣❧✐❝✐t②✮✳

✎ ❚❤❡ ✈♦❧✉♠❡tr✐❝ ❛✈❡r❛❣❡ ♦❢ ❊qs✳ ✭✹✾✮✲✭✺✵✮ r❡s✉❧ts ✭❝❢✳ ❍s✉ ✫ ❈❤❡♥❣ ✭✶✾✾✵✮✮✿

div ❤✉✐✐ ❂ ✵❀ ✭✺✼✮ ❅ ❅t ❤✉✐✐ ✰ ❞✐✈✭❤✉✐✐ ✡ ❤✉✐✐✮ ❂ ❤❣✐✐ ✶ ✚r r r❤♣✐✐ ✰ ✖❡ ✚ ❉ ✭❤✉✐✐✮ ❞✐✈✐✉ ✡✐ ✉

  • ✰ ❘❀

✭✺✽✮

✎ ✇❤❡r❡ ❘ r❡♣r❡s❡♥ts t❤❡ t♦t❛❧ ❞r❛❣ ❢♦r❝❡ ♣❡r ✉♥✐t ✈♦❧✉♠❡ ❞✉❡ t♦ t❤❡ ♣r❡s❡♥❝❡ ♦❢ t❤❡

♣♦r♦✉s ♠❛tr✐①✿ ❘ ❂ ✖ ❑ ✣ ❤✉✐✐ ❝❋ ♣ ❑ ✣✷❥ ❤✉✐✐ ❥ ❤✉✐✐ ✿ ✭✺✾✮

✎ ❛♥❞ ❞✐✈✐✉ ✡✐ ✉

  • r❡♣r❡s❡♥ts t❤❡ ❤②❞r♦❞②♥❛♠✐❝ ❞✐s♣❡rs✐♦♥ ❞✉❡ t♦ s♣❛t✐❛❧ ❞❡✈✐❛t✐♦♥s✳

✎ ❊qs✳ ✭✺✼✮✲✭✺✽✮ ♠♦❞❡❧ t②♣✐❝❛❧ ♣♦r♦✉s ♠❡❞✐❛ ✢♦✇ ❢♦r ✶✺✵ ❁ ❘❡♣ ❁ ✸✵✵✳ ✎ ❲❤❡♥ ❡①t❡♥❞✐♥❣ t❤❡ ❛♥❛❧②s✐s t♦ t✉r❜✉❧❡♥t ✢♦✇✱ t✐♠❡✲✈❛r②✐♥❣ q✉❛♥t✐t✐❡s ❤❛✈❡ t♦ ❜❡

❝♦♥s✐❞❡r❡❞✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✻ ✴ ✺✵

slide-67
SLIDE 67

❚✉r❜✉❧❡♥❝❡ ✐♥ ♣♦r♦✉s ♠❡❞✐❛

✎ ❚❤❡ ✢♦✇ ❜❡❝♦♠❡s ❢✉❧❧② t✉r❜✉❧❡♥t ✇❤❡♥ ❘❡♣ ❃ ✸✵✵✳

❚✇♦ ♠❛✐♥ ❞✐✛❡r❡♥❝❡s ❡①✐st ❜❡t✇❡❡♥ t✉r❜✉❧❡♥t ✢♦✇ t❤r♦✉❣❤ ♣♦r♦✉s ♠❡❞✐❛ ❛♥❞ t✉r❜✉❧❡♥t ✢♦✇ ✐♥ t❤❡ ❛❜s❡♥❝❡ ♦❢ ❛ ♣♦r♦✉s ♠❛tr✐①

✎ t❤❡ s✐③❡ ♦❢ t❤❡ t✉r❜✉❧❡♥t ❡❞❞✐❡s ✇✐t❤✐♥ t❤❡ ♣♦r❡s ✐s ❧✐♠✐t❡❞ ❜② t❤❡ ♣♦r❡ s✐③❡❀ ✎ t❤❡ ♣r❡s❡♥❝❡ ♦❢ ♣♦r♦✉s ♠❛tr✐① ✐♥❞✉❝❡s ❛❞❞✐t✐♦♥❛❧ ❞r❛❣ ✇❤✐❧❡ ♣r❡✈❡♥t✐♥❣ ♠♦t✐♦♥ ♦❢ ❧❛r❣❡r s✐③❡

❡❞❞✐❡s✳

❋✐❣✉r❡✿ ❚♦ ✐❧❧✉str❛t❡ t❤✐s ✢♦✇ r❡❣✐♠❡✱ ❧❡t ✉s ❧♦♦❦ ❛t t❤❡ ✢♦✇ ✐♥ ❛ ♠✉❝❤ ❧❛r❣❡r ❣❡♦♠❡tr② t❤❛♥ t❤❡ ♣♦r❡ s❝❛❧❡ ✢♦✇✿ ❛ t②♣✐❝❛❧ ♦③♦♥❡ ♣✉r✐✜❝❛t✐♦♥ r❡❛❝t♦r ✭❢r♦♠ ❤tt♣s✿✴✴✇✇✇✳❝♦♠s♦❧✳♣t✮✳ ❚❤❡ r❡s✉❧ts s❤♦✇ t❤❡ ✢♦✇ ♣❛tt❡r♥s✱ ✢♦✇ ✈❡❧♦❝✐t②✱ ❛♥❞ t✉r❜✉❧❡♥t ✈✐s❝♦s✐t②✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✼ ✴ ✺✵

slide-68
SLIDE 68

❚✉r❜✉❧❡♥❝❡ ✐♥ ♣♦r♦✉s ♠❡❞✐❛

✎ ❚❤❡ ✢♦✇ ❜❡❝♦♠❡s ❢✉❧❧② t✉r❜✉❧❡♥t ✇❤❡♥ ❘❡♣ ❃ ✸✵✵✳

❚✇♦ ♠❛✐♥ ❞✐✛❡r❡♥❝❡s ❡①✐st ❜❡t✇❡❡♥ t✉r❜✉❧❡♥t ✢♦✇ t❤r♦✉❣❤ ♣♦r♦✉s ♠❡❞✐❛ ❛♥❞ t✉r❜✉❧❡♥t ✢♦✇ ✐♥ t❤❡ ❛❜s❡♥❝❡ ♦❢ ❛ ♣♦r♦✉s ♠❛tr✐①

✎ t❤❡ s✐③❡ ♦❢ t❤❡ t✉r❜✉❧❡♥t ❡❞❞✐❡s ✇✐t❤✐♥ t❤❡ ♣♦r❡s ✐s ❧✐♠✐t❡❞ ❜② t❤❡ ♣♦r❡ s✐③❡❀ ✎ t❤❡ ♣r❡s❡♥❝❡ ♦❢ ♣♦r♦✉s ♠❛tr✐① ✐♥❞✉❝❡s ❛❞❞✐t✐♦♥❛❧ ❞r❛❣ ✇❤✐❧❡ ♣r❡✈❡♥t✐♥❣ ♠♦t✐♦♥ ♦❢ ❧❛r❣❡r s✐③❡

❡❞❞✐❡s✳

❋✐❣✉r❡✿ ❚♦ ✐❧❧✉str❛t❡ t❤✐s ✢♦✇ r❡❣✐♠❡✱ ❧❡t ✉s ❧♦♦❦ ❛t t❤❡ ✢♦✇ ✐♥ ❛ ♠✉❝❤ ❧❛r❣❡r ❣❡♦♠❡tr② t❤❛♥ t❤❡ ♣♦r❡ s❝❛❧❡ ✢♦✇✿ ❛ t②♣✐❝❛❧ ♦③♦♥❡ ♣✉r✐✜❝❛t✐♦♥ r❡❛❝t♦r ✭❢r♦♠ ❤tt♣s✿✴✴✇✇✇✳❝♦♠s♦❧✳♣t✮✳ ❚❤❡ r❡s✉❧ts s❤♦✇ t❤❡ ✢♦✇ ♣❛tt❡r♥s✱ ✢♦✇ ✈❡❧♦❝✐t②✱ ❛♥❞ t✉r❜✉❧❡♥t ✈✐s❝♦s✐t②✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✼ ✴ ✺✵

slide-69
SLIDE 69

▼♦❞❡❧❧✐♥❣ t✉r❜✉❧❡♥❝❡ ✐♥ ♣♦r♦✉s ♠❡❞✐❛

✎ ❋r♦♠ ❛ ❜r♦❛❞ ♣❡rs♣❡❝t✐✈❡✱ ❢♦r ❤✐❣❤ ♣♦r❡ ❘❡②♥♦❧❞s ♥✉♠❜❡r ✭❘❡♣ ❃ ✸✵✵✮✱ t✉r❜✉❧❡♥t

♠♦❞❡❧s ♣r❡s❡♥t❡❞ ✐♥ t❤❡ ❧✐t❡r❛t✉r❡ ❢♦❧❧♦✇ t✇♦ ❞✐✛❡r❡♥t ❛♣♣r♦❛❝❤❡s✳

✎ ❚❤❡ ✜rst ♠❡t❤♦❞ ✭▲❡❡ ✫ ❍♦✇❡❧❧ ✭✶✾✽✼✮✱ ❲❛♥❣ ✫ ❚❛❦❧❡ ✭✶✾✾✺✮✱ ❆♥t♦❤❡ ✫ ▲❛❣❡ ✭✶✾✾✼✮✱

  • ❡t❛❝❤❡✇❛ ❡t ❛❧✳ ✭✷✵✵✵✮✮✱ st❛rts ✇✐t❤ t❤❡ ✈♦❧✉♠❡✲❛✈❡r❛❣❡ ♦❢ t❤❡ ♠✐❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥s

❛♥❞ t❤❡♥ t❤❡ ♠❛❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥s ❛r❡ ❛✈❡r❛❣❡❞ ✐♥ t✐♠❡ t♦ ♣r♦❞✉❝❡ t❤❡ t✉r❜✉❧❡♥❝❡ ❡q✉❛t✐♦♥s✳

✎ ❚❤❡ s❡❝♦♥❞ ✭▼❛s✉♦❦❛ ✫ ❚❛❦❛ts✉ ✭✶✾✾✻✮✱ ❑✉✇❛❤❛r❛ ❡t ❛❧✳ ✭✶✾✾✻✮✱ ❚❛❦❛ts✉ ✫ ▼❛s✉♦❦❛

✭✶✾✾✽✮✱ ❑✉✇❛❤❛r❛ ✫ ◆❛❦❛②❛♠❛ ✭✶✾✾✽✮✱ ◆❛❦❛②❛♠❛ ✫ ❑✉✇❛❤❛r❛ ✭✶✾✾✾✮✮✱ ♠❛❦❡s ✉s❡✱ ✜rst✱ ♦❢ t❤❡ t✐♠❡✲❛✈❡r❛❣❡❞ ❡q✉❛t✐♦♥s✱ ❛♥❞ t❤❡♥ ♣r♦❝❡❡❞s ✇✐t❤ ✈♦❧✉♠❡✲❛✈❡r❛❣✐♥❣ ❢♦r ❞❡r✐✈✐♥❣ t❤❡ t✉r❜✉❧❡♥❝❡ ❡q✉❛t✐♦♥s✳

✎ ❚❤❡s❡ t✇♦ ♠❡t❤♦❞♦❧♦❣✐❡s ❧❡❛❞✱ ✐♥ ❣❡♥❡r❛❧✱ t♦ ❞✐st✐♥❝t s❡ts ♦❢ t✉r❜✉❧❡♥❝❡ ❡q✉❛t✐♦♥s

❜❡❝❛✉s❡ ♦❢ t❤❡ ❞✐✛❡r❡♥t ❛✈❡r❛❣✐♥❣ ♦r❞❡r✱ ✐✳❡✳✱ s♣❛❝❡✲t✐♠❡ ❛♥❞ t✐♠❡✲s♣❛❝❡✱ r❡s♣❡❝t✐✈❡❧②✳

✎ ❆ t❤✐r❞✱ ❛♥❞ ♣r♦❜❛❜❧② t❤❡ ♠♦st ❝♦♥s✐st❡♥t ♠❡t❤♦❞ ✭P❡❞r❛s✲❞❡ ▲❡♠♦s ✭✷✵✵✵✲✷✵✵✶✮✮ ✐s

❜❛s❡❞ ♦♥ ❛ ❞♦✉❜❧❡ ❞❡❝♦♠♣♦s✐t✐♦♥ ❛♣♣r♦❛❝❤✳ ■♥ t❤✐s ♠❡t❤♦❞✱ t❤❡ ♠♦♠❡♥t✉♠ ❡q✉❛t✐♦♥ ✐s ❝❧♦s❡❞ ❜② ✉s✐♥❣ t❤❡ ❍❛③❡♥✲❉✉♣✉✐t✲❉❛r❝② ♠♦❞❡❧ ❢♦r t❤❡ t♦t❛❧ ❞r❛❣ ❡✛❡❝t ♦♥❧② ❛❢t❡r t❤❡ s♣❛❝❡✲t✐♠❡ ❛✈❡r❛❣✐♥❣ ✭♦r t✐♠❡✲s♣❛❝❡ ❛✈❡r❛❣✐♥❣✮ ✐s ♣❡r❢♦r♠❡❞✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✽ ✴ ✺✵

slide-70
SLIDE 70

❚✐♠❡✲❛✈❡r❛❣✐♥❣ t❤❡♥ ✈♦❧✉♠❡✲❛✈❡r❛❣✐♥❣✿ ◆❛❦❛②❛♠❛ ✫ ❑✉✇❛❤❛r❛ ✭✶✾✾✾✮

✎ ❚❤❡ ❣♦✈❡r♥✐♥❣ ❡q✉❛t✐♦♥s ❛r❡ ♦❜t❛✐♥❡❞ ❜② ✈♦❧✉♠❡✲❛✈❡r❛❣✐♥❣ t❤❡ ♠✐❝r♦s❝♦♣✐❝ ❘❡②♥♦❧❞s✲

❛✈❡r❛❣❡❞ ❡q✉❛t✐♦♥s✿ div ❤✉✐✐ ❂ ✵❀ ✭✻✵✮ ❅ ❅t ❤✉✐✐ ✰ ❞✐✈✭❤✉✐✐ ✡ ❤✉✐✐✮ ❂ ❤❣✐✐ ✶ ✚r r r

  • ❤♣✐✐ ✰ ✷

✸✚ ❤❦✐✐

  • ✰ ❞✐✈
  • ✗❚ ✰ ✖❡

  • ❉ ✭❤✉✐✐✮

❑ ✣ ❤✉✐✐ ❝❋ ♣ ❑ ✣✷❥ ❤✉✐✐ ❥ ❤✉✐✐ ✿ ✭✻✶✮

✎ ❚❤❡ ♠❛❝r♦s❝♦♣✐❝ tr❛♥s♣♦rt ❡q✉❛t✐♦♥ ❢♦r ❤❦✐✐ ✐s ♦❜t❛✐♥❡❞ ❜② ✈♦❧✉♠❡✲❛✈❡r❛❣✐♥❣ t❤❡

❘❡②♥♦❧❞s✲❛✈❡r❛❣❡❞ ❡q✉❛t✐♦♥ ❢♦r ❦✿ ❅ ❤❦✐✐ ❅t ✰ ❤✉✐✐ ✁ r r r❤❦✐✐ ❂ ❞✐✈ ❬✭✗ ✰ ✗❉✮ r r r❤❦✐✐❪ ✰ ✷✗❚ ❥❉ ✭❤✉✐✐✮❥✷ ❤✧✐✐ ✰ ✸✾✣✷ ✺ ✭✶ ✣✮✷ ❥ ❤✉✐✐ ❥✸ ❞ ❀ ✭✻✷✮ ✇❤❡r❡ ❞ ✐s t❤❡ ❤②❞r❛✉❧✐❝ ❞✐❛♠❡t❡r✳

✎ ❋❡❛t✉r❡s ♦❢ t❤❡ ♠♦❞❡❧✿

✎ t❤❡ ❤②❞r♦❞②♥❛♠✐❝ ❞✐s♣❡rs✐♦♥ ✇❛s ✐♥❝♦r♣♦r❛t❡❞ ✐♥ t❤❡ ❞r❛❣ ❢♦r❝❡s✿

❞✐✈

✐✉ ✡✐ ✉ ✐

✰ ❘ ❂ ✖ ❑ ✣ ❤✉✐✐ ❝❋ ♣ ❑ ✣✷❥ ❤✉✐✐ ❥ ❤✉✐✐ ❀

✎ ❆❞❞✐t✐♦♥❛❧ t❡r♠s✱ ❞✉❡ t♦ t❤❡ ♣r❡s❡♥❝❡ ♦❢ t❤❡ ♣♦r♦✉s ♠❡❞✐✉♠✱ ❛♣♣❡❛r✐♥❣ ✐♥ t❤❡ ❣♦✈❡r♥✐♥❣

❡q✉❛t✐♦♥s ❢♦r ❤❦✐✐ ❛♥❞ ❢♦r ❤✧✐✐✱ ✇❡r❡ ❞❡t❡r♠✐♥❡❞ ❜② ✉s✐♥❣ t✇♦ ✉♥❦♥♦✇♥ ♠♦❞❡❧ ❝♦♥st❛♥ts✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✾ ✴ ✺✵

slide-71
SLIDE 71

❚✐♠❡✲❛✈❡r❛❣✐♥❣ t❤❡♥ ✈♦❧✉♠❡✲❛✈❡r❛❣✐♥❣✿ ◆❛❦❛②❛♠❛ ✫ ❑✉✇❛❤❛r❛ ✭✶✾✾✾✮

✎ ❚❤❡ ❣♦✈❡r♥✐♥❣ ❡q✉❛t✐♦♥s ❛r❡ ♦❜t❛✐♥❡❞ ❜② ✈♦❧✉♠❡✲❛✈❡r❛❣✐♥❣ t❤❡ ♠✐❝r♦s❝♦♣✐❝ ❘❡②♥♦❧❞s✲

❛✈❡r❛❣❡❞ ❡q✉❛t✐♦♥s✿ div ❤✉✐✐ ❂ ✵❀ ✭✻✵✮ ❅ ❅t ❤✉✐✐ ✰ ❞✐✈✭❤✉✐✐ ✡ ❤✉✐✐✮ ❂ ❤❣✐✐ ✶ ✚r r r

  • ❤♣✐✐ ✰ ✷

✸✚ ❤❦✐✐

  • ✰ ❞✐✈
  • ✗❚ ✰ ✖❡

  • ❉ ✭❤✉✐✐✮

❑ ✣ ❤✉✐✐ ❝❋ ♣ ❑ ✣✷❥ ❤✉✐✐ ❥ ❤✉✐✐ ✿ ✭✻✶✮

✎ ❚❤❡ ♠❛❝r♦s❝♦♣✐❝ tr❛♥s♣♦rt ❡q✉❛t✐♦♥ ❢♦r ❤❦✐✐ ✐s ♦❜t❛✐♥❡❞ ❜② ✈♦❧✉♠❡✲❛✈❡r❛❣✐♥❣ t❤❡

❘❡②♥♦❧❞s✲❛✈❡r❛❣❡❞ ❡q✉❛t✐♦♥ ❢♦r ❦✿ ❅ ❤❦✐✐ ❅t ✰ ❤✉✐✐ ✁ r r r❤❦✐✐ ❂ ❞✐✈ ❬✭✗ ✰ ✗❉✮ r r r❤❦✐✐❪ ✰ ✷✗❚ ❥❉ ✭❤✉✐✐✮❥✷ ❤✧✐✐ ✰ ✸✾✣✷ ✺

  • ✭✶ ✣✮✷ ❥ ❤✉✐✐ ❥✸

❞ ❀ ✭✻✷✮ ✇❤❡r❡ ❞ ✐s t❤❡ ❤②❞r❛✉❧✐❝ ❞✐❛♠❡t❡r✳

✎ ❋❡❛t✉r❡s ♦❢ t❤❡ ♠♦❞❡❧✿

✎ t❤❡ ❤②❞r♦❞②♥❛♠✐❝ ❞✐s♣❡rs✐♦♥ ✇❛s ✐♥❝♦r♣♦r❛t❡❞ ✐♥ t❤❡ ❞r❛❣ ❢♦r❝❡s✿

❞✐✈

✐✉ ✡✐ ✉ ✐

✰ ❘ ❂ ✖ ❑ ✣ ❤✉✐✐ ❝❋ ♣ ❑ ✣✷❥ ❤✉✐✐ ❥ ❤✉✐✐ ❀

✎ ❆❞❞✐t✐♦♥❛❧ t❡r♠s✱ ❞✉❡ t♦ t❤❡ ♣r❡s❡♥❝❡ ♦❢ t❤❡ ♣♦r♦✉s ♠❡❞✐✉♠✱ ❛♣♣❡❛r✐♥❣ ✐♥ t❤❡ ❣♦✈❡r♥✐♥❣

❡q✉❛t✐♦♥s ❢♦r ❤❦✐✐ ❛♥❞ ❢♦r ❤✧✐✐✱ ✇❡r❡ ❞❡t❡r♠✐♥❡❞ ❜② ✉s✐♥❣ t✇♦ ✉♥❦♥♦✇♥ ♠♦❞❡❧ ❝♦♥st❛♥ts✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✾ ✴ ✺✵

slide-72
SLIDE 72

❚✐♠❡✲❛✈❡r❛❣✐♥❣ t❤❡♥ ✈♦❧✉♠❡✲❛✈❡r❛❣✐♥❣✿ ◆❛❦❛②❛♠❛ ✫ ❑✉✇❛❤❛r❛ ✭✶✾✾✾✮

✎ ❚❤❡ ❣♦✈❡r♥✐♥❣ ❡q✉❛t✐♦♥s ❛r❡ ♦❜t❛✐♥❡❞ ❜② ✈♦❧✉♠❡✲❛✈❡r❛❣✐♥❣ t❤❡ ♠✐❝r♦s❝♦♣✐❝ ❘❡②♥♦❧❞s✲

❛✈❡r❛❣❡❞ ❡q✉❛t✐♦♥s✿ div ❤✉✐✐ ❂ ✵❀ ✭✻✵✮ ❅ ❅t ❤✉✐✐ ✰ ❞✐✈✭❤✉✐✐ ✡ ❤✉✐✐✮ ❂ ❤❣✐✐ ✶ ✚r r r

  • ❤♣✐✐ ✰ ✷

✸✚ ❤❦✐✐

  • ✰ ❞✐✈
  • ✗❚ ✰ ✖❡

  • ❉ ✭❤✉✐✐✮

❑ ✣ ❤✉✐✐ ❝❋ ♣ ❑ ✣✷❥ ❤✉✐✐ ❥ ❤✉✐✐ ✿ ✭✻✶✮

✎ ❚❤❡ ♠❛❝r♦s❝♦♣✐❝ tr❛♥s♣♦rt ❡q✉❛t✐♦♥ ❢♦r ❤❦✐✐ ✐s ♦❜t❛✐♥❡❞ ❜② ✈♦❧✉♠❡✲❛✈❡r❛❣✐♥❣ t❤❡

❘❡②♥♦❧❞s✲❛✈❡r❛❣❡❞ ❡q✉❛t✐♦♥ ❢♦r ❦✿ ❅ ❤❦✐✐ ❅t ✰ ❤✉✐✐ ✁ r r r❤❦✐✐ ❂ ❞✐✈ ❬✭✗ ✰ ✗❉✮ r r r❤❦✐✐❪ ✰ ✷✗❚ ❥❉ ✭❤✉✐✐✮❥✷ ❤✧✐✐ ✰ ✸✾✣✷ ✺

  • ✭✶ ✣✮✷ ❥ ❤✉✐✐ ❥✸

❞ ❀ ✭✻✷✮ ✇❤❡r❡ ❞ ✐s t❤❡ ❤②❞r❛✉❧✐❝ ❞✐❛♠❡t❡r✳

✎ ❋❡❛t✉r❡s ♦❢ t❤❡ ♠♦❞❡❧✿

✎ t❤❡ ❤②❞r♦❞②♥❛♠✐❝ ❞✐s♣❡rs✐♦♥ ✇❛s ✐♥❝♦r♣♦r❛t❡❞ ✐♥ t❤❡ ❞r❛❣ ❢♦r❝❡s✿

❞✐✈✐✉ ✡✐ ✉

  • ✰ ❘ ❂ ✖

❑ ✣ ❤✉✐✐ ❝❋ ♣ ❑ ✣✷❥ ❤✉✐✐ ❥ ❤✉✐✐ ❀

✎ ❆❞❞✐t✐♦♥❛❧ t❡r♠s✱ ❞✉❡ t♦ t❤❡ ♣r❡s❡♥❝❡ ♦❢ t❤❡ ♣♦r♦✉s ♠❡❞✐✉♠✱ ❛♣♣❡❛r✐♥❣ ✐♥ t❤❡ ❣♦✈❡r♥✐♥❣

❡q✉❛t✐♦♥s ❢♦r ❤❦✐✐ ❛♥❞ ❢♦r ❤✧✐✐✱ ✇❡r❡ ❞❡t❡r♠✐♥❡❞ ❜② ✉s✐♥❣ t✇♦ ✉♥❦♥♦✇♥ ♠♦❞❡❧ ❝♦♥st❛♥ts✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✷✾ ✴ ✺✵

slide-73
SLIDE 73

❚✐♠❡✲❛✈❡r❛❣✐♥❣ t❤❡♥ ✈♦❧✉♠❡✲❛✈❡r❛❣✐♥❣✿ P❡❞r❛s ✫ ❞❡ ▲❡♠♦s ✭✷✵✵✵✮

✎ ❱♦❧✉♠❡✲❛✈❡r❛❣✐♥❣ t❤❡ ♠✐❝r♦s❝♦♣✐❝ ❘❡②♥♦❧❞s✲❛✈❡r❛❣❡❞ ❡q✉❛t✐♦♥s✱

div ❤✉✐✐ ❂ ✵❀ ✭✻✸✮ ❅ ❅t ❤✉✐✐ ✰ ❞✐✈✭❤✉✐✐ ✡ ❤✉✐✐✮ ❂ ❤❣✐✐ ✶ ✚r r r

  • ❤♣✐✐ ✰ ✷

✸✚ ❤❦✐✐

  • ✰ ❞✐✈

✗❚✣ ✰ ✗ ❉ ✭❤✉✐✐✮ ✰ ❘ ✿ ✭✻✹✮

✎ ❚❤❡ ♠❛❝r♦s❝♦♣✐❝ tr❛♥s♣♦rt ❡q✉❛t✐♦♥ ❢♦r ❤❦✐✐ ✐s ♦❜t❛✐♥❡❞ ❜② ✈♦❧✉♠❡✲❛✈❡r❛❣✐♥❣ t❤❡ t✉r✲

❜✉❧❡♥t ♠✐❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥ ❢♦r ❦✿ ❅ ❤❦✐✐ ❅t ✰ ❤✉✐✐ ✁ r r r❤❦✐✐ ❂ ❞✐✈ ✗ ✰ ✗❉✣ r r r❤❦✐✐ ✰ ✷✗❚ ❥❉ ✭❤✉✐✐✮❥✷ ❤✧✐✐ ✰ ❝❦✣✸ ♣ ❑ ❤❦✐✐ ❥ ❤✉✐✐ ❥ ✿ ✭✻✺✮

✎ ❋❡❛t✉r❡s ♦❢ t❤❡ ♠♦❞❡❧✿

✎ ❚♦ ♠♦❞❡❧ t❤❡ ❘❡②♥♦❧❞s str❡ss❡s ✐t ✐s ♣r♦♣♦s❡❞ ❛ ♠❛❝r♦s❝♦♣✐❝ ❇♦✉ss✐♥❡sq ❛ss✉♠♣t✐♦♥✿

✉✵ ✡ ✉✵

✐ ❂ ✷

✸ ❤❦✐✐ ■ ✗❚✣ ❤❉ ✭✉✮✐✐ ❀ ✗❚✣ ✿❂ ❈✖ ❤❦✐✷

❤✧✐✐ ❀

✎ ✇❤❡r❡ ✗❚✣ ✐s ❛ ♠❛❝r♦s❝♦♣✐❝ t✉r❜✉❧❡♥t ✈✐s❝♦s✐t② s❛t✐s❢②✐♥❣ t♦✿

✗❚✣❉ ✭❤✉✐✐✮ ❂ ❤✗❚ ❉ ✭✉✮✐✐❀

✎ ❛♥❞ ✗❉✣ ✐s ❛ ♠❛❝r♦s❝♦♣✐❝ t✉r❜✉❧❡♥t ❞✐ss✐♣❛t✐♦♥ ❞❡✜♥❡❞ ❜②

✗❉✣ ✿❂ ✗❚✣ ✛❦ ✳

✎ ❚❤❡ t♦t❛❧ ❞r❛❣ t❡r♠ ❘ ✐s ♦♥❧② ❝❧♦s❡❞ ❛❢t❡r ❛❧❧ t❤❡ ❡q✉❛t✐♦♥s ❛r❡ ♦❜t❛✐♥❡❞❀ ✎ ❆♥ ❛❞❞✐t✐♦♥❛❧ t❡r♠ ✐s ✐♥❝❧✉❞❡❞ ✐♥ t❤❡ ❡q✉❛t✐♦♥ ❢♦r ❦ t♦ ❛❝❝♦✉♥t ❢♦r t❤❡ ♣♦r♦✉s str✉❝t✉r❡✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✵ ✴ ✺✵

slide-74
SLIDE 74

❚✐♠❡✲❛✈❡r❛❣✐♥❣ t❤❡♥ ✈♦❧✉♠❡✲❛✈❡r❛❣✐♥❣✿ P❡❞r❛s ✫ ❞❡ ▲❡♠♦s ✭✷✵✵✵✮

✎ ❱♦❧✉♠❡✲❛✈❡r❛❣✐♥❣ t❤❡ ♠✐❝r♦s❝♦♣✐❝ ❘❡②♥♦❧❞s✲❛✈❡r❛❣❡❞ ❡q✉❛t✐♦♥s✱

div ❤✉✐✐ ❂ ✵❀ ✭✻✸✮ ❅ ❅t ❤✉✐✐ ✰ ❞✐✈✭❤✉✐✐ ✡ ❤✉✐✐✮ ❂ ❤❣✐✐ ✶ ✚r r r

  • ❤♣✐✐ ✰ ✷

✸✚ ❤❦✐✐

  • ✰ ❞✐✈

✗❚✣ ✰ ✗ ❉ ✭❤✉✐✐✮ ✰ ❘ ✿ ✭✻✹✮

✎ ❚❤❡ ♠❛❝r♦s❝♦♣✐❝ tr❛♥s♣♦rt ❡q✉❛t✐♦♥ ❢♦r ❤❦✐✐ ✐s ♦❜t❛✐♥❡❞ ❜② ✈♦❧✉♠❡✲❛✈❡r❛❣✐♥❣ t❤❡ t✉r✲

❜✉❧❡♥t ♠✐❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥ ❢♦r ❦✿ ❅ ❤❦✐✐ ❅t ✰ ❤✉✐✐ ✁ r r r❤❦✐✐ ❂ ❞✐✈ ✗ ✰ ✗❉✣

  • r

r r❤❦✐✐

  • ✰ ✷✗❚ ❥❉ ✭❤✉✐✐✮❥✷ ❤✧✐✐ ✰ ❝❦✣✸

♣ ❑ ❤❦✐✐ ❥ ❤✉✐✐ ❥ ✿ ✭✻✺✮

✎ ❋❡❛t✉r❡s ♦❢ t❤❡ ♠♦❞❡❧✿

✎ ❚♦ ♠♦❞❡❧ t❤❡ ❘❡②♥♦❧❞s str❡ss❡s ✐t ✐s ♣r♦♣♦s❡❞ ❛ ♠❛❝r♦s❝♦♣✐❝ ❇♦✉ss✐♥❡sq ❛ss✉♠♣t✐♦♥✿

✉✵ ✡ ✉✵

✐ ❂ ✷

✸ ❤❦✐✐ ■ ✗❚✣ ❤❉ ✭✉✮✐✐ ❀ ✗❚✣ ✿❂ ❈✖ ❤❦✐✷

❤✧✐✐ ❀

✎ ✇❤❡r❡ ✗❚✣ ✐s ❛ ♠❛❝r♦s❝♦♣✐❝ t✉r❜✉❧❡♥t ✈✐s❝♦s✐t② s❛t✐s❢②✐♥❣ t♦✿

✗❚✣❉ ✭❤✉✐✐✮ ❂ ❤✗❚ ❉ ✭✉✮✐✐❀

✎ ❛♥❞ ✗❉✣ ✐s ❛ ♠❛❝r♦s❝♦♣✐❝ t✉r❜✉❧❡♥t ❞✐ss✐♣❛t✐♦♥ ❞❡✜♥❡❞ ❜②

✗❉✣ ✿❂ ✗❚✣ ✛❦ ✳

✎ ❚❤❡ t♦t❛❧ ❞r❛❣ t❡r♠ ❘ ✐s ♦♥❧② ❝❧♦s❡❞ ❛❢t❡r ❛❧❧ t❤❡ ❡q✉❛t✐♦♥s ❛r❡ ♦❜t❛✐♥❡❞❀ ✎ ❆♥ ❛❞❞✐t✐♦♥❛❧ t❡r♠ ✐s ✐♥❝❧✉❞❡❞ ✐♥ t❤❡ ❡q✉❛t✐♦♥ ❢♦r ❦ t♦ ❛❝❝♦✉♥t ❢♦r t❤❡ ♣♦r♦✉s str✉❝t✉r❡✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✵ ✴ ✺✵

slide-75
SLIDE 75

❚✐♠❡✲❛✈❡r❛❣✐♥❣ t❤❡♥ ✈♦❧✉♠❡✲❛✈❡r❛❣✐♥❣✿ P❡❞r❛s ✫ ❞❡ ▲❡♠♦s ✭✷✵✵✵✮

✎ ❱♦❧✉♠❡✲❛✈❡r❛❣✐♥❣ t❤❡ ♠✐❝r♦s❝♦♣✐❝ ❘❡②♥♦❧❞s✲❛✈❡r❛❣❡❞ ❡q✉❛t✐♦♥s✱

div ❤✉✐✐ ❂ ✵❀ ✭✻✸✮ ❅ ❅t ❤✉✐✐ ✰ ❞✐✈✭❤✉✐✐ ✡ ❤✉✐✐✮ ❂ ❤❣✐✐ ✶ ✚r r r

  • ❤♣✐✐ ✰ ✷

✸✚ ❤❦✐✐

  • ✰ ❞✐✈

✗❚✣ ✰ ✗ ❉ ✭❤✉✐✐✮ ✰ ❘ ✿ ✭✻✹✮

✎ ❚❤❡ ♠❛❝r♦s❝♦♣✐❝ tr❛♥s♣♦rt ❡q✉❛t✐♦♥ ❢♦r ❤❦✐✐ ✐s ♦❜t❛✐♥❡❞ ❜② ✈♦❧✉♠❡✲❛✈❡r❛❣✐♥❣ t❤❡ t✉r✲

❜✉❧❡♥t ♠✐❝r♦s❝♦♣✐❝ ❡q✉❛t✐♦♥ ❢♦r ❦✿ ❅ ❤❦✐✐ ❅t ✰ ❤✉✐✐ ✁ r r r❤❦✐✐ ❂ ❞✐✈ ✗ ✰ ✗❉✣

  • r

r r❤❦✐✐

  • ✰ ✷✗❚ ❥❉ ✭❤✉✐✐✮❥✷ ❤✧✐✐ ✰ ❝❦✣✸

♣ ❑ ❤❦✐✐ ❥ ❤✉✐✐ ❥ ✿ ✭✻✺✮

✎ ❋❡❛t✉r❡s ♦❢ t❤❡ ♠♦❞❡❧✿

✎ ❚♦ ♠♦❞❡❧ t❤❡ ❘❡②♥♦❧❞s str❡ss❡s ✐t ✐s ♣r♦♣♦s❡❞ ❛ ♠❛❝r♦s❝♦♣✐❝ ❇♦✉ss✐♥❡sq ❛ss✉♠♣t✐♦♥✿

  • ✉✵ ✡ ✉✵

✐ ❂ ✷

✸ ❤❦✐✐ ■ ✗❚✣ ❤❉ ✭✉✮✐✐ ❀ ✗❚✣ ✿❂ ❈✖ ❤❦✐✷

❤✧✐✐ ❀

✎ ✇❤❡r❡ ✗❚✣ ✐s ❛ ♠❛❝r♦s❝♦♣✐❝ t✉r❜✉❧❡♥t ✈✐s❝♦s✐t② s❛t✐s❢②✐♥❣ t♦✿

✗❚✣❉ ✭❤✉✐✐✮ ❂ ❤✗❚ ❉ ✭✉✮✐✐❀

✎ ❛♥❞ ✗❉✣ ✐s ❛ ♠❛❝r♦s❝♦♣✐❝ t✉r❜✉❧❡♥t ❞✐ss✐♣❛t✐♦♥ ❞❡✜♥❡❞ ❜②

✗❉✣ ✿❂ ✗❚✣ ✛❦ ✳

✎ ❚❤❡ t♦t❛❧ ❞r❛❣ t❡r♠ ❘ ✐s ♦♥❧② ❝❧♦s❡❞ ❛❢t❡r ❛❧❧ t❤❡ ❡q✉❛t✐♦♥s ❛r❡ ♦❜t❛✐♥❡❞❀ ✎ ❆♥ ❛❞❞✐t✐♦♥❛❧ t❡r♠ ✐s ✐♥❝❧✉❞❡❞ ✐♥ t❤❡ ❡q✉❛t✐♦♥ ❢♦r ❦ t♦ ❛❝❝♦✉♥t ❢♦r t❤❡ ♣♦r♦✉s str✉❝t✉r❡✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✵ ✴ ✺✵

slide-76
SLIDE 76

❚❤❡ ❢❡❡❞❜❛❝❦ t❡r♠s ✐♥ t❤❡ s❝♦♣❡ ♦❢ t✉r❜✉❧❡♥t ✢♦✇s t❤r♦✉❣❤ ♣♦r♦✉s ♠❡❞✐❛

❆ ❜♦✉♥❞❛r②✲✈❛❧✉❡ ♣r♦❜❧❡♠ ❢♦r ❛ ❣❡♥❡r❛❧ t✉r❜✉❧❡♥t ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧

div ✉ ❂ ✵ ✐♥ ✡❀ ✭✻✻✮ ✭✉ ✁ r✮✉ ❂ ❣ ❢✭✉✮ r♣ ✰ ❞✐✈ ✭✭✗ ✰ ✗❚✭❦✮✮ ❉✭✉✮✮ ✐♥ ✡❀ ✭✻✼✮ ✉ ✁ r❦ ❂ div ✭✗❉✭❦✮r❦✮ ✰ ✗❚✭❦✮❥❉✭✉✮❥✷ ✰ P✭✉❀ ❦✮ ✧✭❦✮ ✐♥ ✡❀ ✭✻✽✮ ✉ ❂ ✵ ❛♥❞ ❦ ❂ ✵ ♦♥ ❅✡ ❀ ✭✻✾✮

◆❛❦❛②❛♠❛ ✫ ❑✉✇❛❤❛r❛ ✭✶✾✾✾✮ ♠♦❞❡❧

❢✭✉✮ ❂ ✖ ❑ ✣✉ ❝❋ ♣ ❑ ✣✷❥✉❥✉ ❀ P✭✉❀ ❦✮ ✑ P✭✉✮ ❂ ✸✾✣✷ ✺ ✭✶ ✣✮✷ ❥✉❥✸ ❞ ❀

P❡❞r❛s ✫ ❞❡ ▲❡♠♦s ✭✷✵✵✵✮ ♠♦❞❡❧

❢✭✉✮ ❂ ✖ ❑ ✣✉ ❝❋ ♣ ❑ ✣✷❥✉❥✉ ❀ P✭✉❀ ❦✮ ❂ ❝❦✣✸ ♣ ❑ ❦❥✉❥ ✿

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✷ ✴ ✺✵

slide-77
SLIDE 77

❚❤❡ ❢❡❡❞❜❛❝❦ t❡r♠s ✐♥ t❤❡ s❝♦♣❡ ♦❢ t✉r❜✉❧❡♥t ✢♦✇s t❤r♦✉❣❤ ♣♦r♦✉s ♠❡❞✐❛

❆ ❜♦✉♥❞❛r②✲✈❛❧✉❡ ♣r♦❜❧❡♠ ❢♦r ❛ ❣❡♥❡r❛❧ t✉r❜✉❧❡♥t ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧

div ✉ ❂ ✵ ✐♥ ✡❀ ✭✻✻✮ ✭✉ ✁ r✮✉ ❂ ❣ ❢✭✉✮ r♣ ✰ ❞✐✈ ✭✭✗ ✰ ✗❚✭❦✮✮ ❉✭✉✮✮ ✐♥ ✡❀ ✭✻✼✮ ✉ ✁ r❦ ❂ div ✭✗❉✭❦✮r❦✮ ✰ ✗❚✭❦✮❥❉✭✉✮❥✷ ✰ P✭✉❀ ❦✮ ✧✭❦✮ ✐♥ ✡❀ ✭✻✽✮ ✉ ❂ ✵ ❛♥❞ ❦ ❂ ✵ ♦♥ ❅✡ ❀ ✭✻✾✮

◆❛❦❛②❛♠❛ ✫ ❑✉✇❛❤❛r❛ ✭✶✾✾✾✮ ♠♦❞❡❧

❢✭✉✮ ❂ ✖ ❑ ✣✉ ❝❋ ♣ ❑ ✣✷❥✉❥✉ ❀ P✭✉❀ ❦✮ ✑ P✭✉✮ ❂ ✸✾✣✷ ✺

  • ✭✶ ✣✮✷ ❥✉❥✸

❞ ❀

P❡❞r❛s ✫ ❞❡ ▲❡♠♦s ✭✷✵✵✵✮ ♠♦❞❡❧

❢✭✉✮ ❂ ✖ ❑ ✣✉ ❝❋ ♣ ❑ ✣✷❥✉❥✉ ❀ P✭✉❀ ❦✮ ❂ ❝❦✣✸ ♣ ❑ ❦❥✉❥ ✿

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✷ ✴ ✺✵

slide-78
SLIDE 78

❚❤❡ ❢❡❡❞❜❛❝❦ t❡r♠s ✐♥ t❤❡ s❝♦♣❡ ♦❢ t✉r❜✉❧❡♥t ✢♦✇s t❤r♦✉❣❤ ♣♦r♦✉s ♠❡❞✐❛

❆ ❜♦✉♥❞❛r②✲✈❛❧✉❡ ♣r♦❜❧❡♠ ❢♦r ❛ ❣❡♥❡r❛❧ t✉r❜✉❧❡♥t ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧

div ✉ ❂ ✵ ✐♥ ✡❀ ✭✻✻✮ ✭✉ ✁ r✮✉ ❂ ❣ ❢✭✉✮ r♣ ✰ ❞✐✈ ✭✭✗ ✰ ✗❚✭❦✮✮ ❉✭✉✮✮ ✐♥ ✡❀ ✭✻✼✮ ✉ ✁ r❦ ❂ div ✭✗❉✭❦✮r❦✮ ✰ ✗❚✭❦✮❥❉✭✉✮❥✷ ✰ P✭✉❀ ❦✮ ✧✭❦✮ ✐♥ ✡❀ ✭✻✽✮ ✉ ❂ ✵ ❛♥❞ ❦ ❂ ✵ ♦♥ ❅✡ ❀ ✭✻✾✮

◆❛❦❛②❛♠❛ ✫ ❑✉✇❛❤❛r❛ ✭✶✾✾✾✮ ♠♦❞❡❧

❢✭✉✮ ❂ ✖ ❑ ✣✉ ❝❋ ♣ ❑ ✣✷❥✉❥✉ ❀ P✭✉❀ ❦✮ ✑ P✭✉✮ ❂ ✸✾✣✷ ✺

  • ✭✶ ✣✮✷ ❥✉❥✸

❞ ❀

P❡❞r❛s ✫ ❞❡ ▲❡♠♦s ✭✷✵✵✵✮ ♠♦❞❡❧

❢✭✉✮ ❂ ✖ ❑ ✣✉ ❝❋ ♣ ❑ ✣✷❥✉❥✉ ❀ P✭✉❀ ❦✮ ❂ ❝❦✣✸ ♣ ❑ ❦❥✉❥ ✿

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✷ ✴ ✺✵

slide-79
SLIDE 79

❚❤❡ ❢❡❡❞❜❛❝❦ t❡r♠s ✐♥ ♦t❤❡r ✜❡❧❞s✿

❆ ❜♦✉♥❞❛r②✲✈❛❧✉❡ ♣r♦❜❧❡♠ ❢♦r ❛ ❣❡♥❡r❛❧ t✉r❜✉❧❡♥t ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧

div ✉ ❂ ✵ ✐♥ ✡❀ ✭✼✵✮ ✭✉ ✁ r✮✉ ❂ ❣ ❢✭✉✮ r♣ ✰ ❞✐✈ ✭✭✗ ✰ ✗❚✭❦✮✮ ❉✭✉✮✮ ✐♥ ✡❀ ✭✼✶✮ ✉ ✁ r❦ ❂ div ✭✗❉✭❦✮r❦✮ ✰ ✗❚✭❦✮❥❉✭✉✮❥✷ ✰ P✭✉❀ ❦✮ ✧✭❦✮ ✐♥ ✡❀ ✭✼✷✮ ✉ ❂ ✵ ❛♥❞ ❦ ❂ ✵ ♦♥ ❅✡ ❀ ✭✼✸✮

❚✉r❜✉❧❡♥t ✢♦✇s ✐♥ ❛ r♦t❛t✐♥❣ ❢r❛♠❡

❢✭✉✮ ❂ ✷✡ ✡ ✡ ✂ ✉ ❀ P✭✉❀ ❦✮ ❂ ✵ ❀ ✡ ✡ ✡ ✐s t❤❡ ✈❡❝t♦r ♦❢ ❛♥❣✉❧❛r ✈❡❧♦❝✐t②❀

❚✉r❜✉❧❡♥t ✢♦✇s ❝♦♥tr♦❧❧❡❞ ❜② ❛ ♠❛❣♥❡t✐❝ ✜❡❧❞ ❇

❢✭✉❀ ❇✮ ❂ ❏ ✂ ❇ ❀ ❏ ❂ ✛✭r✟ ✉ ✂ ❇✮ ❀ ✹✟ ❂ ✭✉ ✂ ❇✮ ❀ ✇❤❡r❡ ❏ ✐s t❤❡ t♦t❛❧ ❡❧❡❝tr✐❝ ❝✉rr❡♥t ✐♥t❡♥s✐t②✱ ✟ ✐s t❤❡ ❡❧❡❝tr✐❝ ♣♦t❡♥t✐❛❧✱ ❛♥❞ ✛ ✐s t❤❡ ❝♦♥❞✉❝t✐✈✐t②✱ ❛ ♠❛t❡r✐❛❧ ❞❡♣❡♥❞❡♥t ♣❛r❛♠❡t❡r✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✸ ✴ ✺✵

slide-80
SLIDE 80

❚❤❡ ❢❡❡❞❜❛❝❦ t❡r♠s ✐♥ ♦t❤❡r ✜❡❧❞s✿

❆ ❜♦✉♥❞❛r②✲✈❛❧✉❡ ♣r♦❜❧❡♠ ❢♦r ❛ ❣❡♥❡r❛❧ t✉r❜✉❧❡♥t ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧

div ✉ ❂ ✵ ✐♥ ✡❀ ✭✼✵✮ ✭✉ ✁ r✮✉ ❂ ❣ ❢✭✉✮ r♣ ✰ ❞✐✈ ✭✭✗ ✰ ✗❚✭❦✮✮ ❉✭✉✮✮ ✐♥ ✡❀ ✭✼✶✮ ✉ ✁ r❦ ❂ div ✭✗❉✭❦✮r❦✮ ✰ ✗❚✭❦✮❥❉✭✉✮❥✷ ✰ P✭✉❀ ❦✮ ✧✭❦✮ ✐♥ ✡❀ ✭✼✷✮ ✉ ❂ ✵ ❛♥❞ ❦ ❂ ✵ ♦♥ ❅✡ ❀ ✭✼✸✮

❚✉r❜✉❧❡♥t ✢♦✇s ✐♥ ❛ r♦t❛t✐♥❣ ❢r❛♠❡

❢✭✉✮ ❂ ✷✡ ✡ ✡ ✂ ✉ ❀ P✭✉❀ ❦✮ ❂ ✵ ❀ ✡ ✡ ✡ ✐s t❤❡ ✈❡❝t♦r ♦❢ ❛♥❣✉❧❛r ✈❡❧♦❝✐t②❀

❚✉r❜✉❧❡♥t ✢♦✇s ❝♦♥tr♦❧❧❡❞ ❜② ❛ ♠❛❣♥❡t✐❝ ✜❡❧❞ ❇

❢✭✉❀ ❇✮ ❂ ❏ ✂ ❇ ❀ ❏ ❂ ✛✭r✟ ✉ ✂ ❇✮ ❀ ✹✟ ❂ ✭✉ ✂ ❇✮ ❀ ✇❤❡r❡ ❏ ✐s t❤❡ t♦t❛❧ ❡❧❡❝tr✐❝ ❝✉rr❡♥t ✐♥t❡♥s✐t②✱ ✟ ✐s t❤❡ ❡❧❡❝tr✐❝ ♣♦t❡♥t✐❛❧✱ ❛♥❞ ✛ ✐s t❤❡ ❝♦♥❞✉❝t✐✈✐t②✱ ❛ ♠❛t❡r✐❛❧ ❞❡♣❡♥❞❡♥t ♣❛r❛♠❡t❡r✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✸ ✴ ✺✵

slide-81
SLIDE 81

❚❤❡ ❢❡❡❞❜❛❝❦ t❡r♠s ✐♥ ♦t❤❡r ✜❡❧❞s✿

❆ ❜♦✉♥❞❛r②✲✈❛❧✉❡ ♣r♦❜❧❡♠ ❢♦r ❛ ❣❡♥❡r❛❧ t✉r❜✉❧❡♥t ❦✲❡♣s✐❧♦♥ ♠♦❞❡❧

div ✉ ❂ ✵ ✐♥ ✡❀ ✭✼✵✮ ✭✉ ✁ r✮✉ ❂ ❣ ❢✭✉✮ r♣ ✰ ❞✐✈ ✭✭✗ ✰ ✗❚✭❦✮✮ ❉✭✉✮✮ ✐♥ ✡❀ ✭✼✶✮ ✉ ✁ r❦ ❂ div ✭✗❉✭❦✮r❦✮ ✰ ✗❚✭❦✮❥❉✭✉✮❥✷ ✰ P✭✉❀ ❦✮ ✧✭❦✮ ✐♥ ✡❀ ✭✼✷✮ ✉ ❂ ✵ ❛♥❞ ❦ ❂ ✵ ♦♥ ❅✡ ❀ ✭✼✸✮

❚✉r❜✉❧❡♥t ✢♦✇s ✐♥ ❛ r♦t❛t✐♥❣ ❢r❛♠❡

❢✭✉✮ ❂ ✷✡ ✡ ✡ ✂ ✉ ❀ P✭✉❀ ❦✮ ❂ ✵ ❀ ✡ ✡ ✡ ✐s t❤❡ ✈❡❝t♦r ♦❢ ❛♥❣✉❧❛r ✈❡❧♦❝✐t②❀

❚✉r❜✉❧❡♥t ✢♦✇s ❝♦♥tr♦❧❧❡❞ ❜② ❛ ♠❛❣♥❡t✐❝ ✜❡❧❞ ❇

❢✭✉❀ ❇✮ ❂ ❏ ✂ ❇ ❀ ❏ ❂ ✛✭r✟ ✉ ✂ ❇✮ ❀ ✹✟ ❂ div✭✉ ✂ ❇✮ ❀ ✇❤❡r❡ ❏ ✐s t❤❡ t♦t❛❧ ❡❧❡❝tr✐❝ ❝✉rr❡♥t ✐♥t❡♥s✐t②✱ ✟ ✐s t❤❡ ❡❧❡❝tr✐❝ ♣♦t❡♥t✐❛❧✱ ❛♥❞ ✛ ✐s t❤❡ ❝♦♥❞✉❝t✐✈✐t②✱ ❛ ♠❛t❡r✐❛❧ ❞❡♣❡♥❞❡♥t ♣❛r❛♠❡t❡r✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✸ ✴ ✺✵

slide-82
SLIDE 82

❆ss✉♠♣t✐♦♥s ♣❤②s✐❝❛❧❧② ❛❞♠✐ss✐❜❧❡

❢ ✿ ✡ ✂ ❘❞ ✦ ❘❞ ✐s ❛ ❈❛r❛t❤é♦❞♦r② ❢✉♥❝t✐♦♥❀ ✭✼✹✮ ✧❀ ✗❚❀ ✗❉ ✿ ✡ ✂ ❘ ✦ ❘✰ ❛r❡ ❈❛r❛t❤é♦❞♦r② ❢✉♥❝t✐♦♥s❀ ✭✼✺✮ P ✿ ✡ ✂ ❘❞ ✂ ❘ ✦ ❘ ✐s ❛ ❈❛r❛t❤é♦❞♦r② ❢✉♥❝t✐♦♥✿ ✭✼✻✮ ■♥ ♣❛rt✐❝✉❧❛r✱ t❤❡ ❛ss✉♠♣t✐♦♥ ✭✼✺✮ ✜ts ✇✐t❤ t✉r❜✉❧❡♥t ❞✐ss✐♣❛t✐♦♥✱ t✉r❜✉❧❡♥t ✈✐s❝♦s✐t② ❛♥❞ t✉r❜✉❧❡♥t ❞✐✛✉s✐♦♥ ❢✉♥❝t✐♦♥s ✐♥✈♦❧✈❡❞ ✐♥ r❡❛❧✐st✐❝ ♠♦❞❡❧s ✇❤❡♥ ❣✐✈✐♥❣✱ ❢♦r ✐♥st❛♥❝❡✱ ❜② t❤❡ ❢♦❧❧♦✇✐♥❣ ❢♦r♠✉❧❛ ✧✭❦✮ ❂ ❦ ♣ ❦ ❧ ❀ ✗❚✭❦✮ ❂ ❈✶❧ ♣ ❦ ❀ ✗❉✭❦✮ ❂ ✖❡ ✰ ❈✷❧ ♣ ❦ ❀ ❧ ✻❂ ✵❀ ❦ ✕ ✵ ❀ ✭✼✼✮ ✇❤❡r❡ ✖❡ ✐s ❛♥ ❡✛❡❝t✐✈❡ ✭❞②♥❛♠✐❝✮ ✈✐s❝♦s✐t②✱ ❈✶✱ ❈✷ ❛r❡ ❞✐♠❡♥s✐♦♥❧❡ss ❝♦♥st❛♥ts ❛♥❞ ❧ ✿ ✡ ✦ ❘ ✐s t❤❡ ♠✐①✐♥❣ ❧❡♥❣t❤ ❢✉♥❝t✐♦♥ ✇❤✐❝❤ ✐s ✉s✉❛❧❧② ❛ss✉♠❡❞ t♦ s❛t✐s❢② ❧✭①✮ ✕ ❧✵ ❢♦r ❛✳❡✳ ① ✷ ✡ ❛♥❞ ❢♦r s♦♠❡ ♣♦s✐t✐✈❡ ❝♦♥st❛♥t ❧✵✳

❆ss✉♠♣t✐♦♥s ♠❛t❤❡♠❛t✐❝❛❧❧② ♥❡❡❞❡❞

❥✗❚✭❦✮❥ ✔ ❈❚❀ ❥✗❉✭❦✮❥ ✔ ❈❉❀ ✭✼✽✮ ❢♦r s♦♠❡ ♣♦s✐t✐✈❡ ❝♦♥st❛♥ts ❈❚ ❛♥❞ ❈❉✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✹ ✴ ✺✵

slide-83
SLIDE 83

❆ss✉♠♣t✐♦♥s ♣❤②s✐❝❛❧❧② ❛❞♠✐ss✐❜❧❡

❢ ✿ ✡ ✂ ❘❞ ✦ ❘❞ ✐s ❛ ❈❛r❛t❤é♦❞♦r② ❢✉♥❝t✐♦♥❀ ✭✼✹✮ ✧❀ ✗❚❀ ✗❉ ✿ ✡ ✂ ❘ ✦ ❘✰ ❛r❡ ❈❛r❛t❤é♦❞♦r② ❢✉♥❝t✐♦♥s❀ ✭✼✺✮ P ✿ ✡ ✂ ❘❞ ✂ ❘ ✦ ❘ ✐s ❛ ❈❛r❛t❤é♦❞♦r② ❢✉♥❝t✐♦♥✿ ✭✼✻✮ ■♥ ♣❛rt✐❝✉❧❛r✱ t❤❡ ❛ss✉♠♣t✐♦♥ ✭✼✺✮ ✜ts ✇✐t❤ t✉r❜✉❧❡♥t ❞✐ss✐♣❛t✐♦♥✱ t✉r❜✉❧❡♥t ✈✐s❝♦s✐t② ❛♥❞ t✉r❜✉❧❡♥t ❞✐✛✉s✐♦♥ ❢✉♥❝t✐♦♥s ✐♥✈♦❧✈❡❞ ✐♥ r❡❛❧✐st✐❝ ♠♦❞❡❧s ✇❤❡♥ ❣✐✈✐♥❣✱ ❢♦r ✐♥st❛♥❝❡✱ ❜② t❤❡ ❢♦❧❧♦✇✐♥❣ ❢♦r♠✉❧❛ ✧✭❦✮ ❂ ❦ ♣ ❦ ❧ ❀ ✗❚✭❦✮ ❂ ❈✶❧ ♣ ❦ ❀ ✗❉✭❦✮ ❂ ✖❡ ✰ ❈✷❧ ♣ ❦ ❀ ❧ ✻❂ ✵❀ ❦ ✕ ✵ ❀ ✭✼✼✮ ✇❤❡r❡ ✖❡ ✐s ❛♥ ❡✛❡❝t✐✈❡ ✭❞②♥❛♠✐❝✮ ✈✐s❝♦s✐t②✱ ❈✶✱ ❈✷ ❛r❡ ❞✐♠❡♥s✐♦♥❧❡ss ❝♦♥st❛♥ts ❛♥❞ ❧ ✿ ✡ ✦ ❘ ✐s t❤❡ ♠✐①✐♥❣ ❧❡♥❣t❤ ❢✉♥❝t✐♦♥ ✇❤✐❝❤ ✐s ✉s✉❛❧❧② ❛ss✉♠❡❞ t♦ s❛t✐s❢② ❧✭①✮ ✕ ❧✵ ❢♦r ❛✳❡✳ ① ✷ ✡ ❛♥❞ ❢♦r s♦♠❡ ♣♦s✐t✐✈❡ ❝♦♥st❛♥t ❧✵✳

❆ss✉♠♣t✐♦♥s ♠❛t❤❡♠❛t✐❝❛❧❧② ♥❡❡❞❡❞

❥✗❚✭❦✮❥ ✔ ❈❚❀ ❥✗❉✭❦✮❥ ✔ ❈❉❀ ✭✼✽✮ ❢♦r s♦♠❡ ♣♦s✐t✐✈❡ ❝♦♥st❛♥ts ❈❚ ❛♥❞ ❈❉✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✹ ✴ ✺✵

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SLIDE 84

◆♦t✐♦♥ ♦❢ ✇❡❛❦ s♦❧✉t✐♦♥s

▲❡t ✉s ✐♥tr♦❞✉❝❡ t❤❡ ❢♦❧❧♦✇✐♥❣ ❢✉♥❝t✐♦♥ s♣❛❝❡s✿ ❱ ✿❂ ❢✈ ✷ ❈✶

✵ ✭✡✮ ✿ div✈ ❂ ✵❣❀ ❍ ✿❂ ❝❧♦s✉r❡ ♦❢ ❱ ✐♥ ▲✷✭✡✮❀ ❱ ✿❂ ❝❧♦s✉r❡ ♦❢ ❱ ✐♥ ❍✶✭✡✮✿

❉❡✜♥✐t✐♦♥

▲❡t t❤❡ ❝♦♥❞✐t✐♦♥s ✭✼✹✮✲✭✼✽✮ ❜❡ ❢✉❧✜❧❧❡❞ ❛♥❞ ❛ss✉♠❡ t❤❛t ❣ ✷ ❱✵✳ ❲❡ s❛② ❛ ♣❛✐r ✭✉❀ ❦✮ ✐s ❛ ✇❡❛❦ s♦❧✉t✐♦♥ t♦ t❤❡ ♣r♦❜❧❡♠ ✭✼✵✮✲✭✼✸✮✱ ✐❢✿

✶ ✉ ✷ ❱ ❛♥❞ ❢♦r ❡✈❡r② ✈ ✷ ❱ ❭ ▲❞✭✡✮ t❤❡r❡ ❤♦❧❞ ❢✭✉✮ ✁ ✈ ✷ ▲✶✭✡✮ ❛♥❞ ✡

✭✉ ✁ r r r✮✉ ✁ ✈ ❞① ✰

✭✗ ✰ ✗❚✭❦✮✮ ❉✭✉✮ ✿ r r r✈ ❞① ✰

❢✭✉✮ ✁ ✈ ❞① ❂

❣ ✁ ✈ ❞①❀ ✭✼✾✮

✷ ❦

✶❀q ✵ ✭✡✮✱ ✇✐t❤ ✷❞ ❞✰✷

✔ q ❁ ❞✵✱ ❛♥❞ ❢♦r ❡✈❡r② ✬ ✷

✶❀q✵ ✵

✭✡✮ t❤❡r❡ ❤♦❧❞ ✧✭❦✮ ✬ ❀ P✭✉❀ ❦✮ ✬ ✷

✶✭✡✮ ❛♥❞ ✡

✭✉ ✁ r r r❦✮✬ ❞① ✰

✗❉✭❦✮r❦ ✁ r r r✬ ❞① ✰

✧✭❦✮ ✬ ❞① ❂

✗❚✭❦✮❥❉✭✉✮❥✷✬ ❞① ✰

P✭✉❀ ❦✮ ✬ ❞①❀ ✭✽✵✮

✸ ❦ ✕ ✵ ❛♥❞ ✧✭❦✮ ✕ ✵ ❛✳❡✳ ✐♥ ✡✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✺ ✴ ✺✵

slide-85
SLIDE 85

◆♦t✐♦♥ ♦❢ ✇❡❛❦ s♦❧✉t✐♦♥s

▲❡t ✉s ✐♥tr♦❞✉❝❡ t❤❡ ❢♦❧❧♦✇✐♥❣ ❢✉♥❝t✐♦♥ s♣❛❝❡s✿ ❱ ✿❂ ❢✈ ✷ ❈✶

✵ ✭✡✮ ✿ div✈ ❂ ✵❣❀ ❍ ✿❂ ❝❧♦s✉r❡ ♦❢ ❱ ✐♥ ▲✷✭✡✮❀ ❱ ✿❂ ❝❧♦s✉r❡ ♦❢ ❱ ✐♥ ❍✶✭✡✮✿

❉❡✜♥✐t✐♦♥

▲❡t t❤❡ ❝♦♥❞✐t✐♦♥s ✭✼✹✮✲✭✼✽✮ ❜❡ ❢✉❧✜❧❧❡❞ ❛♥❞ ❛ss✉♠❡ t❤❛t ❣ ✷ ❱✵✳ ❲❡ s❛② ❛ ♣❛✐r ✭✉❀ ❦✮ ✐s ❛ ✇❡❛❦ s♦❧✉t✐♦♥ t♦ t❤❡ ♣r♦❜❧❡♠ ✭✼✵✮✲✭✼✸✮✱ ✐❢✿

✶ ✉ ✷ ❱ ❛♥❞ ❢♦r ❡✈❡r② ✈ ✷ ❱ ❭ ▲❞✭✡✮ t❤❡r❡ ❤♦❧❞ ❢✭✉✮ ✁ ✈ ✷ ▲✶✭✡✮ ❛♥❞

ˆ

✭✉ ✁ r r r✮✉ ✁ ✈ ❞① ✰ ˆ

✭✗ ✰ ✗❚✭❦✮✮ ❉✭✉✮ ✿ r r r✈ ❞① ✰ ˆ

❢✭✉✮ ✁ ✈ ❞① ❂ ˆ

❣ ✁ ✈ ❞①❀ ✭✼✾✮

✷ ❦

✷ W✶❀q

✵ ✭✡✮✱ ✇✐t❤ ✷❞ ❞✰✷

✔ q ❁ ❞✵✱ ❛♥❞ ❢♦r ❡✈❡r② ✬ ✷ W✶❀q✵

✭✡✮ t❤❡r❡ ❤♦❧❞ ✧✭❦✮ ✬ ❀ P✭✉❀ ❦✮ ✬ ✷ L✶✭✡✮ ❛♥❞ ˆ

✭✉ ✁ r r r❦✮✬ ❞① ✰ ˆ

✗❉✭❦✮r❦ ✁ r r r✬ ❞① ✰ ˆ

✧✭❦✮ ✬ ❞① ❂ ˆ

✗❚✭❦✮❥❉✭✉✮❥✷✬ ❞① ✰ ˆ

P✭✉❀ ❦✮ ✬ ❞①❀ ✭✽✵✮

✸ ❦ ✕ ✵ ❛♥❞ ✧✭❦✮ ✕ ✵ ❛✳❡✳ ✐♥ ✡✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✺ ✴ ✺✵

slide-86
SLIDE 86

▼❛t❤❡♠❛t✐❝❛❧ ❛♥❛❧②s✐s ♦❢ t❤❡ t✉r❜✉❧❡♥t ❦✲❡♣s✐❧♦♥ ♣r♦❜❧❡♠

✎ ❘✳ ▲❡✇❛♥❞♦✇s❦✐✳ ❚❤❡ ♠❛t❤❡♠❛t✐❝❛❧ ❛♥❛❧②s✐s ♦❢ t❤❡ ❝♦✉♣❧✐♥❣ ♦❢ ❛ t✉r❜✉❧❡♥t ❦✐♥❡t✐❝ ❡♥❡r❣② ❡q✉❛t✐♦♥ t♦ t❤❡ ◆❛✈✐❡r✲❙t♦❦❡s ❡q✉❛t✐♦♥ ✇✐t❤ ❛♥ ❡❞❞② ✈✐s❝♦s✐t②✳ ◆♦♥❧✐♥❡❛r ❆♥❛❧✳ ✷✽ ✭✶✾✾✼✮ ✸✾✸✕✹✶✼✳ ✎ ❋✳ ❇r♦ss✐❡r ❛♥❞ ❘✳ ▲❡✇❛♥❞♦✇s❦✐✳ ❖♥ ❛ ✜rst ♦r❞❡r ❝❧♦s✉r❡ s②st❡♠ ♠♦❞❡❧✐③✐♥❣ t✉r❜✉❧❡♥t ✢♦✇s✳ ▼❛t❤✳ ▼♦❞❡❧❧✐♥❣ ◆✉♠❡r✳ ❆♥❛❧✳ ✸✻ ✭✷✵✵✷✮ ✸✹✺✕✸✼✷✳ ✎ ❚✳ ●❛❧❧♦✉ët ❛♥❞ ❘✳ ❍❡r❜✐♥✳ ❊①✐st❡♥❝❡ ♦❢ ❛ s♦❧✉t✐♦♥ t♦ ❛ ❝♦✉♣❧❡❞ ❡❧❧✐♣t✐❝ s②st❡♠✳ ❆♣♣❧✳ ▼❛t❤✳ ▲❡tt✳ ✷ ✭✶✾✾✹✮ ✹✾✕✺✺✳ ✎ P✳✲❊✳ ❉r✉❡t✳ ❖♥ ❡①✐st❡♥❝❡ ❛♥❞ r❡❣✉❧❛r✐t② ♦❢ s♦❧✉t✐♦♥s ❢♦r ❛ st❛t✐♦♥❛r② ◆❛✈✐❡r✲❙t♦❦❡s s②st❡♠ ❝♦✉♣❧❡❞ t♦ ❛♥ ❡q✉❛t✐♦♥ ❢♦r t❤❡ t✉r❜✉❧❡♥t ❦✐♥❡t✐❝ ❡♥❡r❣②✳ ❲❡✐❡rstr❛ss ■♥st✐t✉t ❢ür ❆♥❣❡✇❛♥❞t❡ ❆♥❛❧②s✐s ✉♥❞ ❙t♦❝❤❛st✐❦✱ Pr❡♣r✐♥t ✷✵✵✼✲✶✸✳ ✎ ❚✳ ●❛❧❧♦✉ët✱ ❏✳ ▲❡❞❡r❡r✱ ❘✳ ▲❡✇❛♥❞♦✇s❦✐✱ ❋✳ ▼✉r❛t ❛♥❞ ▲✳ ❚❛rt❛r✳ ❖♥ ❛ t✉r❜✉❧❡♥t s②st❡♠ ✇✐t❤ ✉♥❜♦✉♥❞❡❞ ❡❞❞② ✈✐s❝♦s✐t✐❡s✳ ◆♦♥❧✐♥❡❛r ❆♥❛❧✳ ✺✷ ✭✷✵✵✸✮✱ ✶✵✺✶✕✶✵✻✽✳ ✎ ❏✳ ▲❡❞❡r❡r ❛♥❞ ❘✳ ▲❡✇❛♥❞♦✇s❦✐✳ ❆ ❘❆◆❙ ✸❉ ♠♦❞❡❧ ✇✐t❤ ✉♥❜♦✉♥❞❡❞ ❡❞❞② ✈✐s❝♦s✐t✐❡s✳ ❆♥♥✳ ■♥st✳ ❍✳ P♦✐♥❝✳ ❆♥❛❧✳ ◆♦♥ ▲✐♥✳ ✷✹ ✭✷✵✵✼✮✱ ✹✶✸✕✹✹✶✳ ✎ P✳ ❉r❡②❢✉ss✳ ❘❡s✉❧ts ❢♦r ❛ t✉r❜✉❧❡♥t s②st❡♠ ✇✐t❤ ✉♥❜♦✉♥❞❡❞ ✈✐s❝♦s✐t✐❡s✿ ❲❡❛❦ ❢♦r♠✉❧❛t✐♦♥s✱ ❡①✐st❡♥❝❡ ♦❢ s♦❧✉t✐♦♥s✱ ❜♦✉♥❞❡❞♥❡ss ❛♥❞ s♠♦♦t❤♥❡ss✳ ◆♦♥❧✐♥❡❛r ❆♥❛❧✳ ✻✽ ✭✷✵✵✽✮✱ ✶✹✻✷✕✶✹✼✽✳ ✎ P✳✲➱✳ ❉r✉❡t ❛♥❞ ❏✳ ◆❛✉♠❛♥♥✳ ❖♥ t❤❡ ❡①✐st❡♥❝❡ ♦❢ ✇❡❛❦ s♦❧✉t✐♦♥s t♦ ❛ st❛t✐♦♥❛r② ♦♥❡✲❡q✉❛t✐♦♥ ❘❆◆❙ ♠♦❞❡❧ ✇✐t❤ ✉♥❜♦✉♥❞❡❞ ❡❞❞② ✈✐s❝♦s✐t✐❡s✳ ❆♥♥✳ ❯♥✐✈✳ ❋❡rr❛r❛ ✺✺ ✭✷✵✵✾✮✱ ✻✼✕✽✼✳ ✎ ❏✳ ◆❛✉♠❛♥♥ ❛♥❞ ❏✳ ❲♦❧❢✳ ❖♥ Pr❛♥❞t❧✬s t✉r❜✉❧❡♥❝❡ ♠♦❞❡❧✿ ❡①✐st❡♥❝❡ ♦❢ ✇❡❛❦ s♦❧✉t✐♦♥s t♦ t❤❡ ❡q✉❛t✐♦♥s ♦❢ st❛t✐♦♥❛r② t✉r❜✉❧❡♥t ♣✐♣❡✲✢♦✇✳ ❉✐s❝r❡t❡ ❈♦♥t✐♥✳ ❉②♥✳ ❙②st✳ ❙❡r✳ ❙ ✻ ✭✷✵✶✸✮✱ ♥♦✳ ✺✱ ✶✸✼✶✕✶✸✾✵✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✻ ✴ ✺✵

slide-87
SLIDE 87
  • r♦✇t❤ ❝♦♥❞✐t✐♦♥s ♦♥ t❤❡ ❢❡❡❞❜❛❝❦s

❖♥ t❤❡ ❢✉♥❝t✐♦♥s ❢✭✉✮ ❛♥❞ ✧✭❦✮

❲❡ ❛ss✉♠❡ t❤❡ ❡①✐st❡♥❝❡ ♦❢ ♥♦♥♥❡❣❛t✐✈❡ ❝♦♥st❛♥ts ❈❢ ❛♥❞ ❈✧ s✉❝❤ t❤❛t ✭❛✳❡✳ ✐♥ ✡✮ ❥❢✭✉✮❥ ✔ ❈❢ ❥✉❥☛ ❢♦r ✵ ✔ ☛ ✔ ❞ ✰ ✷ ❞ ✷ ✐❢ ❞ ✻❂ ✷❀ ♦r ❢♦r ❛♥② ☛ ✕ ✵ ✐❢ ❞ ❂ ✷❀ ✭✽✶✮ ❥✧✭❦✮❥ ✔ ❈✧❥❦❥✒ ❢♦r ✵ ✔ ✒ ✔ ❞ ✰ ✷ ❞ ✷ ✐❢ ❞ ✻❂ ✷❀ ♦r ❢♦r ❛♥② ✒ ✕ ✵ ✐❢ ❞ ❂ ✷✿ ✭✽✷✮

❖♥ t❤❡ t❡r♠ P✭✉❀ ❦✮✱ ✇❡ ❝♦♥s✐❞❡r P✭✉❀ ❦✮ ✑ ✙✭✉✮ ❛♥❞ P✭✉❀ ❦✮ ✑ ✩✭✉✮❦✱ ✇❤❡r❡

✙❀ ✩ ✿ ✡ ✂ ❘❞ ✦ ❘✰

✵ ❛r❡ ❈❛r❛t❤é♦❞♦r②✿

✎ ■❢ P✭✉❀ ❦✮ ✑ ✙✭✉✮✱ ✇❡ ❛ss✉♠❡ t❤❡ ❡①✐st❡♥❝❡ ♦❢ ❛ ❝♦♥st❛♥t ❈✙ ✕ ✵ s✉❝❤ t❤❛t

❥✙✭✉✮❥ ✔ ❈✙❥✉❥☞ ❢♦r ✵ ✔ ☞ ✔ ❞ ✰ ✷ ❞ ✷ ✐❢ ❞ ✻❂ ✷❀ ♦r ❢♦r ❛♥② ☞ ✕ ✵ ✐❢ ❞ ❂ ✷ ✿ ✭✽✸✮

✎ ■❢ P✭✉❀ ❦✮ ✑ ✩✭✉✮❦✱ ✇❡ ❛ss✉♠❡ t❤❡ ❡①✐st❡♥❝❡ ♦❢ ❛ ❝♦♥st❛♥t ❈✩ ❃ ✵ s✉❝❤ t❤❛t

❥✩✭✉✮❥ ✔ ❈✩❥✉❥☞ ❢♦r ✵ ✔ ☞ ✔ ✹ ❞ ✷ ✐❢ ❞ ✻❂ ✷ ❀ ♦r ❢♦r ❛♥② ☞ ✕ ✵ ✐❢ ❞ ❂ ✷ ✿ ✭✽✹✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✼ ✴ ✺✵

slide-88
SLIDE 88
  • r♦✇t❤ ❝♦♥❞✐t✐♦♥s ♦♥ t❤❡ ❢❡❡❞❜❛❝❦s

❖♥ t❤❡ ❢✉♥❝t✐♦♥s ❢✭✉✮ ❛♥❞ ✧✭❦✮

❲❡ ❛ss✉♠❡ t❤❡ ❡①✐st❡♥❝❡ ♦❢ ♥♦♥♥❡❣❛t✐✈❡ ❝♦♥st❛♥ts ❈❢ ❛♥❞ ❈✧ s✉❝❤ t❤❛t ✭❛✳❡✳ ✐♥ ✡✮ ❥❢✭✉✮❥ ✔ ❈❢ ❥✉❥☛ ❢♦r ✵ ✔ ☛ ✔ ❞ ✰ ✷ ❞ ✷ ✐❢ ❞ ✻❂ ✷❀ ♦r ❢♦r ❛♥② ☛ ✕ ✵ ✐❢ ❞ ❂ ✷❀ ✭✽✶✮ ❥✧✭❦✮❥ ✔ ❈✧❥❦❥✒ ❢♦r ✵ ✔ ✒ ✔ ❞ ✰ ✷ ❞ ✷ ✐❢ ❞ ✻❂ ✷❀ ♦r ❢♦r ❛♥② ✒ ✕ ✵ ✐❢ ❞ ❂ ✷✿ ✭✽✷✮

❖♥ t❤❡ t❡r♠ P✭✉❀ ❦✮✱ ✇❡ ❝♦♥s✐❞❡r P✭✉❀ ❦✮ ✑ ✙✭✉✮ ❛♥❞ P✭✉❀ ❦✮ ✑ ✩✭✉✮❦✱ ✇❤❡r❡

✙❀ ✩ ✿ ✡ ✂ ❘❞ ✦ ❘✰

✵ ❛r❡ ❈❛r❛t❤é♦❞♦r②✿

✎ ■❢ P✭✉❀ ❦✮ ✑ ✙✭✉✮✱ ✇❡ ❛ss✉♠❡ t❤❡ ❡①✐st❡♥❝❡ ♦❢ ❛ ❝♦♥st❛♥t ❈✙ ✕ ✵ s✉❝❤ t❤❛t

❥✙✭✉✮❥ ✔ ❈✙❥✉❥☞ ❢♦r ✵ ✔ ☞ ✔ ❞ ✰ ✷ ❞ ✷ ✐❢ ❞ ✻❂ ✷❀ ♦r ❢♦r ❛♥② ☞ ✕ ✵ ✐❢ ❞ ❂ ✷ ✿ ✭✽✸✮

✎ ■❢ P✭✉❀ ❦✮ ✑ ✩✭✉✮❦✱ ✇❡ ❛ss✉♠❡ t❤❡ ❡①✐st❡♥❝❡ ♦❢ ❛ ❝♦♥st❛♥t ❈✩ ❃ ✵ s✉❝❤ t❤❛t

❥✩✭✉✮❥ ✔ ❈✩❥✉❥☞ ❢♦r ✵ ✔ ☞ ✔ ✹ ❞ ✷ ✐❢ ❞ ✻❂ ✷ ❀ ♦r ❢♦r ❛♥② ☞ ✕ ✵ ✐❢ ❞ ❂ ✷ ✿ ✭✽✹✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✼ ✴ ✺✵

slide-89
SLIDE 89

▼♦r❡ ❛ss✉♠♣t✐♦♥s

❙✐❣♥ ❝♦♥❞✐t✐♦♥s

❢✭✉✮ ✁ ✉ ✕ ✵ ❢♦r ❛❧❧ ✉ ✷ ❘❞ ❛♥❞ ❛✳❡✳ ✐♥ ✡ ❀ ✭✽✺✮ ✧✭❦✮ ❦ ✕ ✵ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡ ✿ ✭✽✻✮ ❲❡ ❛r❡ ♣❛rt✐❝✉❧❛r❧② ✐♥t❡r❡st❡❞ ✐♥ t❤❡ ❝❛s❡ ♦❢ ✧✭❦✮ ✿❂ ❡✭❦✮❦ ❀ ❡ ✿ ✡ ✂ ❘ ✦ ❘✰

✵ ✐s ❈❛r❛t❤é♦❞♦r②

✧ ❂ ❈❉ ❦

✸ ✷

❧ ✿ ✭✽✼✮

❘❡♠❛r❦

❈♦♥❞✐t✐♦♥ ✭✽✺✮ ✐s s❛t✐s✜❡❞ ❜② ❛♥② ❢❡❡❞❜❛❝❦✬s ❢♦r❝❡s ✜❡❧❞ t❤❛t ✇❡ ❤❛✈❡ ❝♦♥s✐❞❡r❡❞ ❛❜♦✈❡✿ ❈♦r✐♦❧✐s✱ ❉❛r❝② ♦r ❉❛r❝②✲❋♦r❝❤❤❡✐♠❡r✳ ❲✐t❤ r❡s♣❡❝t t♦ ✭✽✻✮✱ t❤✐s ❝♦♥❞✐t✐♦♥ ✐s ❛❧✇❛②s ✈❡r✐✜❡❞ ❞✉❡ t♦ t❤❡ ❞❡✜♥✐t✐♦♥ ♦❢ ❦ ❛♥❞ ✧✭❦✮ ✐♥ t❤❡ t✉r❜✉❧❡♥t ❦✕❡♣s✐❧♦♥ ♠♦❞❡❧✳

❆ss✉♠♣t✐♦♥s✱ ❛❧r❡❛❞② t♦✉❝❤❡❞ ♦♥ ❛t ✭✼✽✮✱ ♠❛t❤❡♠❛t✐❝❛❧❧② ♥❡❡❞❡❞

✵ ✔ ✗❚✭❦✮ ✔ ❈❚ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❈❚ ✷ ❘✰❀ ✭✽✽✮ ✵ ❁ ❝❉ ✔ ✗❉✭❦✮ ✔ ❈❉ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❝❉❀ ❈❉ ✷ ❘✰✿ ✭✽✾✮ ❚♦ ❛✈♦✐❞ t❤❡ tr✐✈✐❛❧ s♦❧✉t✐♦♥ ❦ ❂ ✵✱ ✇❡ ❛ss✉♠❡✱ ❛♥❞ ✐♥ ❛❞❞✐t✐♦♥ t♦ ✭✶✸✹✮✱ t❤❛t ✗❚✭❦✮ ✻❂ ✵ ✇❤❡♥ ❦ ❂ ✵ ✿ ✭✾✵✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✽ ✴ ✺✵

slide-90
SLIDE 90

▼♦r❡ ❛ss✉♠♣t✐♦♥s

❙✐❣♥ ❝♦♥❞✐t✐♦♥s

❢✭✉✮ ✁ ✉ ✕ ✵ ❢♦r ❛❧❧ ✉ ✷ ❘❞ ❛♥❞ ❛✳❡✳ ✐♥ ✡ ❀ ✭✽✺✮ ✧✭❦✮ ❦ ✕ ✵ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡ ✿ ✭✽✻✮ ❲❡ ❛r❡ ♣❛rt✐❝✉❧❛r❧② ✐♥t❡r❡st❡❞ ✐♥ t❤❡ ❝❛s❡ ♦❢ ✧✭❦✮ ✿❂ ❡✭❦✮❦ ❀ ❡ ✿ ✡ ✂ ❘ ✦ ❘✰

✵ ✐s ❈❛r❛t❤é♦❞♦r②

  • ✧ ❂ ❈❉ ❦

✸ ✷

✭✽✼✮

❘❡♠❛r❦

❈♦♥❞✐t✐♦♥ ✭✽✺✮ ✐s s❛t✐s✜❡❞ ❜② ❛♥② ❢❡❡❞❜❛❝❦✬s ❢♦r❝❡s ✜❡❧❞ t❤❛t ✇❡ ❤❛✈❡ ❝♦♥s✐❞❡r❡❞ ❛❜♦✈❡✿ ❈♦r✐♦❧✐s✱ ❉❛r❝② ♦r ❉❛r❝②✲❋♦r❝❤❤❡✐♠❡r✳ ❲✐t❤ r❡s♣❡❝t t♦ ✭✽✻✮✱ t❤✐s ❝♦♥❞✐t✐♦♥ ✐s ❛❧✇❛②s ✈❡r✐✜❡❞ ❞✉❡ t♦ t❤❡ ❞❡✜♥✐t✐♦♥ ♦❢ ❦ ❛♥❞ ✧✭❦✮ ✐♥ t❤❡ t✉r❜✉❧❡♥t ❦✕❡♣s✐❧♦♥ ♠♦❞❡❧✳

❆ss✉♠♣t✐♦♥s✱ ❛❧r❡❛❞② t♦✉❝❤❡❞ ♦♥ ❛t ✭✼✽✮✱ ♠❛t❤❡♠❛t✐❝❛❧❧② ♥❡❡❞❡❞

✵ ✔ ✗❚✭❦✮ ✔ ❈❚ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❈❚ ✷ ❘✰❀ ✭✽✽✮ ✵ ❁ ❝❉ ✔ ✗❉✭❦✮ ✔ ❈❉ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❝❉❀ ❈❉ ✷ ❘✰✿ ✭✽✾✮ ❚♦ ❛✈♦✐❞ t❤❡ tr✐✈✐❛❧ s♦❧✉t✐♦♥ ❦ ❂ ✵✱ ✇❡ ❛ss✉♠❡✱ ❛♥❞ ✐♥ ❛❞❞✐t✐♦♥ t♦ ✭✶✸✹✮✱ t❤❛t ✗❚✭❦✮ ✻❂ ✵ ✇❤❡♥ ❦ ❂ ✵ ✿ ✭✾✵✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✽ ✴ ✺✵

slide-91
SLIDE 91

▼♦r❡ ❛ss✉♠♣t✐♦♥s

❙✐❣♥ ❝♦♥❞✐t✐♦♥s

❢✭✉✮ ✁ ✉ ✕ ✵ ❢♦r ❛❧❧ ✉ ✷ ❘❞ ❛♥❞ ❛✳❡✳ ✐♥ ✡ ❀ ✭✽✺✮ ✧✭❦✮ ❦ ✕ ✵ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡ ✿ ✭✽✻✮ ❲❡ ❛r❡ ♣❛rt✐❝✉❧❛r❧② ✐♥t❡r❡st❡❞ ✐♥ t❤❡ ❝❛s❡ ♦❢ ✧✭❦✮ ✿❂ ❡✭❦✮❦ ❀ ❡ ✿ ✡ ✂ ❘ ✦ ❘✰

✵ ✐s ❈❛r❛t❤é♦❞♦r②

  • ✧ ❂ ❈❉ ❦

✸ ✷

✭✽✼✮

❘❡♠❛r❦

❈♦♥❞✐t✐♦♥ ✭✽✺✮ ✐s s❛t✐s✜❡❞ ❜② ❛♥② ❢❡❡❞❜❛❝❦✬s ❢♦r❝❡s ✜❡❧❞ t❤❛t ✇❡ ❤❛✈❡ ❝♦♥s✐❞❡r❡❞ ❛❜♦✈❡✿ ❈♦r✐♦❧✐s✱ ❉❛r❝② ♦r ❉❛r❝②✲❋♦r❝❤❤❡✐♠❡r✳ ❲✐t❤ r❡s♣❡❝t t♦ ✭✽✻✮✱ t❤✐s ❝♦♥❞✐t✐♦♥ ✐s ❛❧✇❛②s ✈❡r✐✜❡❞ ❞✉❡ t♦ t❤❡ ❞❡✜♥✐t✐♦♥ ♦❢ ❦ ❛♥❞ ✧✭❦✮ ✐♥ t❤❡ t✉r❜✉❧❡♥t ❦✕❡♣s✐❧♦♥ ♠♦❞❡❧✳

❆ss✉♠♣t✐♦♥s✱ ❛❧r❡❛❞② t♦✉❝❤❡❞ ♦♥ ❛t ✭✼✽✮✱ ♠❛t❤❡♠❛t✐❝❛❧❧② ♥❡❡❞❡❞

✵ ✔ ✗❚✭❦✮ ✔ ❈❚ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❈❚ ✷ ❘✰❀ ✭✽✽✮ ✵ ❁ ❝❉ ✔ ✗❉✭❦✮ ✔ ❈❉ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❝❉❀ ❈❉ ✷ ❘✰✿ ✭✽✾✮ ❚♦ ❛✈♦✐❞ t❤❡ tr✐✈✐❛❧ s♦❧✉t✐♦♥ ❦ ❂ ✵✱ ✇❡ ❛ss✉♠❡✱ ❛♥❞ ✐♥ ❛❞❞✐t✐♦♥ t♦ ✭✶✸✹✮✱ t❤❛t ✗❚✭❦✮ ✻❂ ✵ ✇❤❡♥ ❦ ❂ ✵ ✿ ✭✾✵✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✽ ✴ ✺✵

slide-92
SLIDE 92

▼♦r❡ ❛ss✉♠♣t✐♦♥s

❙✐❣♥ ❝♦♥❞✐t✐♦♥s

❢✭✉✮ ✁ ✉ ✕ ✵ ❢♦r ❛❧❧ ✉ ✷ ❘❞ ❛♥❞ ❛✳❡✳ ✐♥ ✡ ❀ ✭✽✺✮ ✧✭❦✮ ❦ ✕ ✵ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡ ✿ ✭✽✻✮ ❲❡ ❛r❡ ♣❛rt✐❝✉❧❛r❧② ✐♥t❡r❡st❡❞ ✐♥ t❤❡ ❝❛s❡ ♦❢ ✧✭❦✮ ✿❂ ❡✭❦✮❦ ❀ ❡ ✿ ✡ ✂ ❘ ✦ ❘✰

✵ ✐s ❈❛r❛t❤é♦❞♦r②

  • ✧ ❂ ❈❉ ❦

✸ ✷

✭✽✼✮

❘❡♠❛r❦

❈♦♥❞✐t✐♦♥ ✭✽✺✮ ✐s s❛t✐s✜❡❞ ❜② ❛♥② ❢❡❡❞❜❛❝❦✬s ❢♦r❝❡s ✜❡❧❞ t❤❛t ✇❡ ❤❛✈❡ ❝♦♥s✐❞❡r❡❞ ❛❜♦✈❡✿ ❈♦r✐♦❧✐s✱ ❉❛r❝② ♦r ❉❛r❝②✲❋♦r❝❤❤❡✐♠❡r✳ ❲✐t❤ r❡s♣❡❝t t♦ ✭✽✻✮✱ t❤✐s ❝♦♥❞✐t✐♦♥ ✐s ❛❧✇❛②s ✈❡r✐✜❡❞ ❞✉❡ t♦ t❤❡ ❞❡✜♥✐t✐♦♥ ♦❢ ❦ ❛♥❞ ✧✭❦✮ ✐♥ t❤❡ t✉r❜✉❧❡♥t ❦✕❡♣s✐❧♦♥ ♠♦❞❡❧✳

❆ss✉♠♣t✐♦♥s✱ ❛❧r❡❛❞② t♦✉❝❤❡❞ ♦♥ ❛t ✭✼✽✮✱ ♠❛t❤❡♠❛t✐❝❛❧❧② ♥❡❡❞❡❞

✵ ✔ ✗❚✭❦✮ ✔ ❈❚ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❈❚ ✷ ❘✰❀ ✭✽✽✮ ✵ ❁ ❝❉ ✔ ✗❉✭❦✮ ✔ ❈❉ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❝❉❀ ❈❉ ✷ ❘✰✿ ✭✽✾✮ ❚♦ ❛✈♦✐❞ t❤❡ tr✐✈✐❛❧ s♦❧✉t✐♦♥ ❦ ❂ ✵✱ ✇❡ ❛ss✉♠❡✱ ❛♥❞ ✐♥ ❛❞❞✐t✐♦♥ t♦ ✭✶✸✹✮✱ t❤❛t ✗❚✭❦✮ ✻❂ ✵ ✇❤❡♥ ❦ ❂ ✵ ✿ ✭✾✵✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✽ ✴ ✺✵

slide-93
SLIDE 93

▼♦r❡ ❛ss✉♠♣t✐♦♥s

❙✐❣♥ ❝♦♥❞✐t✐♦♥s

❢✭✉✮ ✁ ✉ ✕ ✵ ❢♦r ❛❧❧ ✉ ✷ ❘❞ ❛♥❞ ❛✳❡✳ ✐♥ ✡ ❀ ✭✽✺✮ ✧✭❦✮ ❦ ✕ ✵ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡ ✿ ✭✽✻✮ ❲❡ ❛r❡ ♣❛rt✐❝✉❧❛r❧② ✐♥t❡r❡st❡❞ ✐♥ t❤❡ ❝❛s❡ ♦❢ ✧✭❦✮ ✿❂ ❡✭❦✮❦ ❀ ❡ ✿ ✡ ✂ ❘ ✦ ❘✰

✵ ✐s ❈❛r❛t❤é♦❞♦r②

  • ✧ ❂ ❈❉ ❦

✸ ✷

✭✽✼✮

❘❡♠❛r❦

❈♦♥❞✐t✐♦♥ ✭✽✺✮ ✐s s❛t✐s✜❡❞ ❜② ❛♥② ❢❡❡❞❜❛❝❦✬s ❢♦r❝❡s ✜❡❧❞ t❤❛t ✇❡ ❤❛✈❡ ❝♦♥s✐❞❡r❡❞ ❛❜♦✈❡✿ ❈♦r✐♦❧✐s✱ ❉❛r❝② ♦r ❉❛r❝②✲❋♦r❝❤❤❡✐♠❡r✳ ❲✐t❤ r❡s♣❡❝t t♦ ✭✽✻✮✱ t❤✐s ❝♦♥❞✐t✐♦♥ ✐s ❛❧✇❛②s ✈❡r✐✜❡❞ ❞✉❡ t♦ t❤❡ ❞❡✜♥✐t✐♦♥ ♦❢ ❦ ❛♥❞ ✧✭❦✮ ✐♥ t❤❡ t✉r❜✉❧❡♥t ❦✕❡♣s✐❧♦♥ ♠♦❞❡❧✳

❆ss✉♠♣t✐♦♥s✱ ❛❧r❡❛❞② t♦✉❝❤❡❞ ♦♥ ❛t ✭✼✽✮✱ ♠❛t❤❡♠❛t✐❝❛❧❧② ♥❡❡❞❡❞

✵ ✔ ✗❚✭❦✮ ✔ ❈❚ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❈❚ ✷ ❘✰❀ ✭✽✽✮ ✵ ❁ ❝❉ ✔ ✗❉✭❦✮ ✔ ❈❉ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❝❉❀ ❈❉ ✷ ❘✰✿ ✭✽✾✮ ❚♦ ❛✈♦✐❞ t❤❡ tr✐✈✐❛❧ s♦❧✉t✐♦♥ ❦ ❂ ✵✱ ✇❡ ❛ss✉♠❡✱ ❛♥❞ ✐♥ ❛❞❞✐t✐♦♥ t♦ ✭✶✸✹✮✱ t❤❛t ✗❚✭❦✮ ✻❂ ✵ ✇❤❡♥ ❦ ❂ ✵ ✿ ✭✾✵✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✽ ✴ ✺✵

slide-94
SLIDE 94

❊①✐st❡♥❝❡ ✉♥❞❡r ❣r♦✇t❤ ❝♦♥❞✐t✐♦♥s

❚❤❡♦r❡♠

▲❡t ✡ ❜❡ ❛ ❜♦✉♥❞❡❞ ❞♦♠❛✐♥ ♦❢ ❘❞✱ ❞ ❂ ✷❀ ✸✱ ✇✐t❤ ❛ ▲✐♣s❝❤✐t③✲❝♦♥t✐♥✉♦✉s ❝♦♠♣❛❝t ❜♦✉♥❞❛r② ❅✡✳ ❆ss✉♠❡ ❣ ✷ ▲✷✭✡✮ ❛♥❞ ❛❧❧ t❤❡ ❝♦♥❞✐t✐♦♥s ✭✼✹✮✱ ✭✽✶✮✲✭✽✷✮✱ ✭✽✺✮✲✭✽✻✮✱ ✭✶✸✹✮✲✭✾✵✮ ❤♦❧❞✳ ■♥ ❛❞❞✐t✐♦♥ ❛ss✉♠❡ t❤❛t ♦♥❡✱ ❜✉t ♦♥❧② ♦♥❡✱ ♦❢ t❤❡ ❢♦❧❧♦✇✐♥❣ ❝♦♥❞✐t✐♦♥s ✐s s❛t✐s✜❡❞✿

✶ P✭✉❀ ❦✮ ❂ ✙✭✉✮ ❛✳❡✳ ✐♥ ✡ ❛♥❞ ✭✶✷✾✮ ❤♦❧❞s❀ ✷ P✭✉❀ ❦✮ ❂ ✩✭✉✮❦ ❛✳❡✳ ✐♥ ✡✱ ✭✶✸✵✮ ❤♦❧❞s✱ ❛♥❞

❝❉ ❃ ❈

❦❣❦▲✷✭✡✮

✭✾✶✮ ❢♦r t❤❡ ♣♦s✐t✐✈❡ ❝♦♥st❛♥t ❈ ✿❂ ❈✩ ✕✭✷❀ ❞✮✷✄✭✷❀ ❞✮☞❈ ✷☞

❑ ✄P✭❞✮☞✳

❚❤❡♥ t❤❡r❡ ❡①✐sts✱ ❛t ❧❡❛st✱ ❛ ✇❡❛❦ s♦❧✉t✐♦♥ t♦ t❤❡ ♣r♦❜❧❡♠ ✭✼✵✮✲✭✼✸✮✳

❘❡♠❛r❦

❖❜s❡r✈❡ t❤❛t t❤❡ ♣♦ss✐❜✐❧✐t② ♦❢ P✭✉❀ ❦✮ ❂ ✵ ❛✳❡✳ ✐♥ ✡ ✐s ❝♦✈❡r❡❞ ❜② ❝♦♥❞✐t✐♦♥ ✭✶✮✱ ✐♥ ♣❛rt✐❝✉❧❛r ✇❤❡♥ ✇❡ t❛❦❡ ❈✙ ❂ ✵ ✐♥ ✭✶✷✾✮✳ ❖♥ t❤❡ ♦t❤❡r ❤❛♥❞✱ t❤❡ ❝❛s❡ ♦❢ P✭✉❀ ❦✮ ❂ ❦ ❛✳❡✳ ✐♥ ✡ ✐s ❝♦♥t❛✐♥❡❞ ✐♥ t❤❡ ❝♦♥❞✐t✐♦♥ ✭✷✮ ❛s ❛ ❧✐♠✐t s✐t✉❛t✐♦♥✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✸✾ ✴ ✺✵

slide-95
SLIDE 95

Pr♦♦❢✿ ❙❚❊P ✶ ✲ ❚❤❡ r❡❣✉❧❛r✐③❡❞ ♣r♦❜❧❡♠

❲❡ st❛rt ❜② ❝♦♥s✐❞❡r✐♥❣✱ ❢♦r ❡❛❝❤ ♥ ✷ ◆✱ t❤❡ ❢♦❧❧♦✇✐♥❣ r❡❣✉❧❛r✐③❡❞ ♣r♦❜❧❡♠ div ✉ ❂ ✵ in ✡❀ ✭✾✷✮ ✭✉ ✁ r r r✮✉ ❂ ❣ ❢✭✉✮ r♣ ✰ ❞✐✈ ✭✭✗ ✰ ✗❚ ✭❦✮✮ ❉✭✉✮✮ ✐♥ ✡❀ ✭✾✸✮ ✉ ✁ r r r❦ ❂ div ✭✗❉✭❦✮r❦✮ ✰ ✗❚ ✭❦✮ ❘♥

  • ❥❉✭✉✮❥✷

✰ P✭✉❀ ❦✮ ✧✭❦✮ ✐♥ ✡❀ ✭✾✹✮ ✉ ❂ ✵ ❛♥❞ ❦ ❂ ✵ ♦♥ ❅✡❀ ✭✾✺✮ ✇❤❡r❡ ❘♥✭❛✮ ❞❡♥♦t❡s t❤❡ ❢♦❧❧♦✇✐♥❣ r❡❣✉❧❛r✐③❛t✐♦♥ ♦❢ t❤❡ ♥♦♥♥❡❣❛t✐✈❡ t❡r♠ ❛ ❘♥✭❛✮ ✿❂ ❛ ✶ ✰ ✶

♥ ❛

✿ ✭✾✻✮

❉❡✜♥✐t✐♦♥

❯♥❞❡r t❤❡ ❛ss✉♠♣t✐♦♥s ♦❢ ❉❡✜♥✐t✐♦♥ ✶✱ ✇❡ s❛② ❛ ♣❛✐r ✭✉❀ ❦✮ ✐s ❛ ✇❡❛❦ s♦❧✉t✐♦♥ t♦ t❤❡ r❡❣✉❧❛r✐③❡❞ ♣r♦❜❧❡♠ ✭✾✷✮✲✭✾✺✮ ✐❢✱ ❢♦r ❡❛❝❤ ♥ ✷ ◆✱ ✭✶✮ ❛♥❞ ✭✸✮ ♦❢ ❉❡✜♥✐t✐♦♥ ✶ ❤♦❧❞✱ ❛♥❞ ✭✷✬✮ ❦ ✷ ❍✶

✵✭✡✮ ❛♥❞ ❢♦r ❡✈❡r② ✬ ✷ ❍✶ ✵✭✡✮ ❭ ❞✭✡✮ t❤❡r❡ ❤♦❧❞s ✡

✭✉ ✁ r r r❦✮✬ ❞① ✰

✗❉✭❦✮r❦ ✁ r r r✬ ❞① ✰

✧✭❦✮ ✬ ❞① ❂

✗❚ ✭❦✮❘♥ ❥❉✭✉✮❥✷ ✬ ❞① ✰

P✭✉❀ ❦✮ ✬ ❞①✿ ✭✾✼✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✵ ✴ ✺✵

slide-96
SLIDE 96

Pr♦♦❢✿ ❙❚❊P ✶ ✲ ❚❤❡ r❡❣✉❧❛r✐③❡❞ ♣r♦❜❧❡♠

❲❡ st❛rt ❜② ❝♦♥s✐❞❡r✐♥❣✱ ❢♦r ❡❛❝❤ ♥ ✷ ◆✱ t❤❡ ❢♦❧❧♦✇✐♥❣ r❡❣✉❧❛r✐③❡❞ ♣r♦❜❧❡♠ div ✉ ❂ ✵ in ✡❀ ✭✾✷✮ ✭✉ ✁ r r r✮✉ ❂ ❣ ❢✭✉✮ r♣ ✰ ❞✐✈ ✭✭✗ ✰ ✗❚ ✭❦✮✮ ❉✭✉✮✮ ✐♥ ✡❀ ✭✾✸✮ ✉ ✁ r r r❦ ❂ div ✭✗❉✭❦✮r❦✮ ✰ ✗❚ ✭❦✮ ❘♥

  • ❥❉✭✉✮❥✷

✰ P✭✉❀ ❦✮ ✧✭❦✮ ✐♥ ✡❀ ✭✾✹✮ ✉ ❂ ✵ ❛♥❞ ❦ ❂ ✵ ♦♥ ❅✡❀ ✭✾✺✮ ✇❤❡r❡ ❘♥✭❛✮ ❞❡♥♦t❡s t❤❡ ❢♦❧❧♦✇✐♥❣ r❡❣✉❧❛r✐③❛t✐♦♥ ♦❢ t❤❡ ♥♦♥♥❡❣❛t✐✈❡ t❡r♠ ❛ ❘♥✭❛✮ ✿❂ ❛ ✶ ✰ ✶

♥ ❛

✿ ✭✾✻✮

❉❡✜♥✐t✐♦♥

❯♥❞❡r t❤❡ ❛ss✉♠♣t✐♦♥s ♦❢ ❉❡✜♥✐t✐♦♥ ✶✱ ✇❡ s❛② ❛ ♣❛✐r ✭✉❀ ❦✮ ✐s ❛ ✇❡❛❦ s♦❧✉t✐♦♥ t♦ t❤❡ r❡❣✉❧❛r✐③❡❞ ♣r♦❜❧❡♠ ✭✾✷✮✲✭✾✺✮ ✐❢✱ ❢♦r ❡❛❝❤ ♥ ✷ ◆✱ ✭✶✮ ❛♥❞ ✭✸✮ ♦❢ ❉❡✜♥✐t✐♦♥ ✶ ❤♦❧❞✱ ❛♥❞ ✭✷✬✮ ❦ ✷ ❍✶

✵✭✡✮ ❛♥❞ ❢♦r ❡✈❡r② ✬ ✷ ❍✶ ✵✭✡✮ ❭ L❞✭✡✮ t❤❡r❡ ❤♦❧❞s

ˆ

✭✉ ✁ r r r❦✮✬ ❞① ✰ ˆ

✗❉✭❦✮r❦ ✁ r r r✬ ❞① ✰ ˆ

✧✭❦✮ ✬ ❞① ❂ ˆ

✗❚ ✭❦✮❘♥

  • ❥❉✭✉✮❥✷

✬ ❞① ✰ ˆ

P✭✉❀ ❦✮ ✬ ❞①✿ ✭✾✼✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✵ ✴ ✺✵

slide-97
SLIDE 97

Pr♦♦❢✿ ❙❚❊P ✷ ✲ Pr♦♦❢ ♦❢ t❤❡ ❡①✐st❡♥❝❡ ❢♦r t❤❡ r❡❣✉❧❛r✐③❡❞ ♣r♦❜❧❡♠

Pr♦♣♦s✐t✐♦♥

▲❡t t❤❡ ❝♦♥❞✐t✐♦♥s ♦❢ ❚❤❡♦r❡♠ ✷ ❜❡ ❢✉❧✜❧❧❡❞✳ ❚❤❡♥ ✭❢♦r ❡❛❝❤ ♥ ✷ ◆✮ t❤❡r❡ ❡①✐sts✱ ❛t ❧❡❛st✱ ❛ ✇❡❛❦ s♦❧✉t✐♦♥ t♦ t❤❡ ♣r♦❜❧❡♠ ✭✾✷✮✲✭✾✺✮✳

Pr♦♦❢✳

❯s✐♥❣ t❤❡ ●❛❧❡r❦✐♥ ❛♣♣r♦①✐♠❛t✐♦♥s t♦❣❡t❤❡r ✇✐t❤ ❝♦♠♣❛❝t♥❡ss ❛r❣✉♠❡♥ts✱ ✇❡ ♣r♦✈❡ t❤❛t✱ ❢♦r ❡❛❝❤ ♥ ✷ ◆✱ t❤❡r❡ ❡①✐sts ❛ ✇❡❛❦ s♦❧✉t✐♦♥ ✭✉♥❀ ❦♥✮ ✷ ❱ ✂ ❍✶

✵✭✡✮ t♦ t❤❡ ♣r♦❜❧❡♠ ✭✾✷✮✲✭✾✺✮ ❛♥❞

s✉❝❤ t❤❛t ˆ

✭✉♥ ✁ r r r✮✉♥ ✁ ✈ ❞① ✰ ˆ

✭✗ ✰ ✗❚ ✭❦♥✮✮❉✭✉♥✮ ✿ r r r✈ ❞① ✰ ˆ

❢✭✉♥✮ ✁ ✈ ❞① ❂ ˆ

❣ ✁ ✈ ❞① ✭✾✽✮ ❛♥❞ ˆ

✭✉♥ ✁ r r r❦♥✮✈ ❞① ✰ ˆ

✗❉✭❦♥✮r r r❦♥ ✁ r r r✈ ❞① ✰ ˆ

✧✭❦♥✮✈ ❞① ❂ ˆ

✗❚ ✭❦♥✮ ❘♥

  • ❥❉✭✉♥✮❥✷

✈ ❞① ✰ ˆ

P✭✉♥❀ ❦♥✮ ✈ ❞① ✭✾✾✮ ❤♦❧❞ ❢♦r ❛❧❧ ✭✈❀ ✈✮ ✷ ✭❱ ❭ ▲❞✭✡✮✮ ✂ ✭❍✶

✵✭✡✮ ❭ ▲❞✭✡✮✮✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✶ ✴ ✺✵

slide-98
SLIDE 98

Pr♦♦❢✿ ❙❚❊P ✸ ✲ ❆ ♣r✐♦r✐ ❡st✐♠❛t❡s

❲❡ st❛rt ❜② ♦❜t❛✐♥✐♥❣ ❛♥ ❡st✐♠❛t❡ ❢♦r ✉♥✱ ❙✐♥❝❡ t❤❡ s♦✉❣❤t s♦❧✉t✐♦♥s ❛♥❞ t❤❡ t❡st ❢✉♥❝t✐♦♥s ❛r❡ ✐♥ t❤❡ s❛♠❡ ❢✉♥❝t✐♦♥ s♣❛❝❡✱ ✇❡ ❝❛♥ t❛❦❡ ✈ ❂ ✉♥ ✐♥ ✭✾✽✮ ❛♥❞ ✇❡ ♦❜t❛✐♥✱ ❦r r r✉♥❦▲✷✭✡✮ ✔ ❈ ✷

✗ ✄P✭❞✮❦❣❦▲✷✭✡✮✿ ✭✶✵✵✮ ■♥ ✈✐❡✇ ♦❢ ✭✶✵✵✮ ❛♥❞ ♦❢ t❤❡ ❛ss✉♠♣t✐♦♥ t❤❛t ❣ ✷ ▲✷✭✡✮✱ ✇❡ ❤❛✈❡ ✉♥ ✦ ✉ ✇❡❛❦❧② ✐♥ ❍✶

✵✭✡✮✱

❛s ♥ ✦ ✶✱ ✭✶✵✶✮ ✉♥ ✦ ✉ str♦♥❣❧② ✐♥ ▲s✭✡✮✱ ❛s ♥ ✦ ✶✱ ❢♦r ❛♥② s ✿ ✶ ✔ s ❁ ✷✄ ✭✶✵✷✮ ✉♥ ✦ ✉ ❛✳❡✳ ✐♥ ✡✱ ❛s ♥ ✦ ✶ ✭✶✵✸✮ ❲❡ t❛❦❡ ✈ ❂ ✬✭❦♥✮❀ ✇❤❡r❡ ✬✭❦♥✮ ✿❂ ✶ ✶ ✭✶ ✰ ❦♥✮✍ ❀ ✭✶✵✹✮ ✇❤❡r❡ ✍ ✐s ❛ ♣♦s✐t✐✈❡ ❝♦♥st❛♥t✱ ✐♥ ✭✾✾✮ t♦ ❣❡t

❥r r r❦♥❥q ❞① ✔ ❈ ❀ ❈ ❂ ❈✭✗❀ ☞❀ ❝❉❀ ❈❚ ❀ ❈✙❀ ❞❀ q❀ ✡❀ ❦❣❦▲✷✭✡✮✮❀ ✐❢ P✭✉❀ ❦✮ ❂ ✙✭✉✮❀ ✭✶✵✺✮

❥r r r❦♥❥q ❞① ✔ ❈ ❀ ❈ ❂ ❈✭✗❀ ☞❀ ❝❉❀ ❈❚ ❀ ❈✩❀ ❞❀ q❀ ✡❀ ❦❣❦▲✷✭✡✮✮❀ ✐❢ ✿P✭✉❀ ❦✮ ❂ ✩✭✉✮❦✿ ✭✶✵✻✮ ❈♦♥s❡q✉❡♥t❧②✱ ❦♥ ✦ ❦ ✇❡❛❦❧② ✐♥

✶❀q ✵ ✭✡✮✱

❛s ♥ ✦ ✶✱ ❢♦r q ❁ ❞✵✱ ✭✶✵✼✮ ❦♥ ✦ ❦ str♦♥❣❧② ✐♥

s✭✡✮✱

❛s ♥ ✦ ✶✱ ❢♦r ❛❧❧ s✿ ✶ ✔ s ❁ q✄✱ ✭✶✵✽✮ ❦♥ ✦ ❦ ❛✳❡✳ ✐♥ ✡✱ ❛s ♥ ✦ ✶✳ ✭✶✵✾✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✷ ✴ ✺✵

slide-99
SLIDE 99

Pr♦♦❢✿ ❙❚❊P ✸ ✲ ❆ ♣r✐♦r✐ ❡st✐♠❛t❡s

❲❡ st❛rt ❜② ♦❜t❛✐♥✐♥❣ ❛♥ ❡st✐♠❛t❡ ❢♦r ✉♥✱ ❙✐♥❝❡ t❤❡ s♦✉❣❤t s♦❧✉t✐♦♥s ❛♥❞ t❤❡ t❡st ❢✉♥❝t✐♦♥s ❛r❡ ✐♥ t❤❡ s❛♠❡ ❢✉♥❝t✐♦♥ s♣❛❝❡✱ ✇❡ ❝❛♥ t❛❦❡ ✈ ❂ ✉♥ ✐♥ ✭✾✽✮ ❛♥❞ ✇❡ ♦❜t❛✐♥✱ ❦r r r✉♥❦▲✷✭✡✮ ✔ ❈ ✷

✗ ✄P✭❞✮❦❣❦▲✷✭✡✮✿ ✭✶✵✵✮ ■♥ ✈✐❡✇ ♦❢ ✭✶✵✵✮ ❛♥❞ ♦❢ t❤❡ ❛ss✉♠♣t✐♦♥ t❤❛t ❣ ✷ ▲✷✭✡✮✱ ✇❡ ❤❛✈❡ ✉♥ ✦ ✉ ✇❡❛❦❧② ✐♥ ❍✶

✵✭✡✮✱

❛s ♥ ✦ ✶✱ ✭✶✵✶✮ ✉♥ ✦ ✉ str♦♥❣❧② ✐♥ ▲s✭✡✮✱ ❛s ♥ ✦ ✶✱ ❢♦r ❛♥② s ✿ ✶ ✔ s ❁ ✷✄ ✭✶✵✷✮ ✉♥ ✦ ✉ ❛✳❡✳ ✐♥ ✡✱ ❛s ♥ ✦ ✶ ✭✶✵✸✮ ❲❡ t❛❦❡ ✈ ❂ ✬✭❦♥✮❀ ✇❤❡r❡ ✬✭❦♥✮ ✿❂ ✶ ✶ ✭✶ ✰ ❦♥✮✍ ❀ ✭✶✵✹✮ ✇❤❡r❡ ✍ ✐s ❛ ♣♦s✐t✐✈❡ ❝♦♥st❛♥t✱ ✐♥ ✭✾✾✮ t♦ ❣❡t ˆ

❥r r r❦♥❥q ❞① ✔ ❈ ❀ ❈ ❂ ❈✭✗❀ ☞❀ ❝❉❀ ❈❚ ❀ ❈✙❀ ❞❀ q❀ ✡❀ ❦❣❦▲✷✭✡✮✮❀ ✐❢ P✭✉❀ ❦✮ ❂ ✙✭✉✮❀ ✭✶✵✺✮ ˆ

❥r r r❦♥❥q ❞① ✔ ❈ ❀ ❈ ❂ ❈✭✗❀ ☞❀ ❝❉❀ ❈❚ ❀ ❈✩❀ ❞❀ q❀ ✡❀ ❦❣❦▲✷✭✡✮✮❀ ✐❢ ✿P✭✉❀ ❦✮ ❂ ✩✭✉✮❦✿ ✭✶✵✻✮ ❈♦♥s❡q✉❡♥t❧②✱ ❦♥ ✦ ❦ ✇❡❛❦❧② ✐♥

✶❀q ✵ ✭✡✮✱

❛s ♥ ✦ ✶✱ ❢♦r q ❁ ❞✵✱ ✭✶✵✼✮ ❦♥ ✦ ❦ str♦♥❣❧② ✐♥

s✭✡✮✱

❛s ♥ ✦ ✶✱ ❢♦r ❛❧❧ s✿ ✶ ✔ s ❁ q✄✱ ✭✶✵✽✮ ❦♥ ✦ ❦ ❛✳❡✳ ✐♥ ✡✱ ❛s ♥ ✦ ✶✳ ✭✶✵✾✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✷ ✴ ✺✵

slide-100
SLIDE 100

Pr♦♦❢✿ ❙❚❊P ✸ ✲ ❆ ♣r✐♦r✐ ❡st✐♠❛t❡s

❲❡ st❛rt ❜② ♦❜t❛✐♥✐♥❣ ❛♥ ❡st✐♠❛t❡ ❢♦r ✉♥✱ ❙✐♥❝❡ t❤❡ s♦✉❣❤t s♦❧✉t✐♦♥s ❛♥❞ t❤❡ t❡st ❢✉♥❝t✐♦♥s ❛r❡ ✐♥ t❤❡ s❛♠❡ ❢✉♥❝t✐♦♥ s♣❛❝❡✱ ✇❡ ❝❛♥ t❛❦❡ ✈ ❂ ✉♥ ✐♥ ✭✾✽✮ ❛♥❞ ✇❡ ♦❜t❛✐♥✱ ❦r r r✉♥❦▲✷✭✡✮ ✔ ❈ ✷

✗ ✄P✭❞✮❦❣❦▲✷✭✡✮✿ ✭✶✵✵✮ ■♥ ✈✐❡✇ ♦❢ ✭✶✵✵✮ ❛♥❞ ♦❢ t❤❡ ❛ss✉♠♣t✐♦♥ t❤❛t ❣ ✷ ▲✷✭✡✮✱ ✇❡ ❤❛✈❡ ✉♥ ✦ ✉ ✇❡❛❦❧② ✐♥ ❍✶

✵✭✡✮✱

❛s ♥ ✦ ✶✱ ✭✶✵✶✮ ✉♥ ✦ ✉ str♦♥❣❧② ✐♥ ▲s✭✡✮✱ ❛s ♥ ✦ ✶✱ ❢♦r ❛♥② s ✿ ✶ ✔ s ❁ ✷✄ ✭✶✵✷✮ ✉♥ ✦ ✉ ❛✳❡✳ ✐♥ ✡✱ ❛s ♥ ✦ ✶ ✭✶✵✸✮ ❲❡ t❛❦❡ ✈ ❂ ✬✭❦♥✮❀ ✇❤❡r❡ ✬✭❦♥✮ ✿❂ ✶ ✶ ✭✶ ✰ ❦♥✮✍ ❀ ✭✶✵✹✮ ✇❤❡r❡ ✍ ✐s ❛ ♣♦s✐t✐✈❡ ❝♦♥st❛♥t✱ ✐♥ ✭✾✾✮ t♦ ❣❡t ˆ

❥r r r❦♥❥q ❞① ✔ ❈ ❀ ❈ ❂ ❈✭✗❀ ☞❀ ❝❉❀ ❈❚ ❀ ❈✙❀ ❞❀ q❀ ✡❀ ❦❣❦▲✷✭✡✮✮❀ ✐❢ P✭✉❀ ❦✮ ❂ ✙✭✉✮❀ ✭✶✵✺✮ ˆ

❥r r r❦♥❥q ❞① ✔ ❈ ❀ ❈ ❂ ❈✭✗❀ ☞❀ ❝❉❀ ❈❚ ❀ ❈✩❀ ❞❀ q❀ ✡❀ ❦❣❦▲✷✭✡✮✮❀ ✐❢ ✿P✭✉❀ ❦✮ ❂ ✩✭✉✮❦✿ ✭✶✵✻✮ ❈♦♥s❡q✉❡♥t❧②✱ ❦♥ ✦ ❦ ✇❡❛❦❧② ✐♥ W✶❀q

✵ ✭✡✮✱

❛s ♥ ✦ ✶✱ ❢♦r q ❁ ❞✵✱ ✭✶✵✼✮ ❦♥ ✦ ❦ str♦♥❣❧② ✐♥ Ls✭✡✮✱ ❛s ♥ ✦ ✶✱ ❢♦r ❛❧❧ s✿ ✶ ✔ s ❁ q✄✱ ✭✶✵✽✮ ❦♥ ✦ ❦ ❛✳❡✳ ✐♥ ✡✱ ❛s ♥ ✦ ✶✳ ✭✶✵✾✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✷ ✴ ✺✵

slide-101
SLIDE 101

❙❚❊P ✹❆ ✲ P❛ss✐♥❣ ❘♥

❥❉✭✉♥✮❥✷ t♦ t❤❡ ❧✐♠✐t ♥ ✦ ✶

❚♦ ♣r♦✈❡ t❤✐s✱ ✜rst ✇❡ ♥❡❡❞ t♦ s❤♦✇ t❤❛t ❉✭✉♥✮ ✦ ❉✭✉✮ str♦♥❣❧② ✐♥ ▲✷✭✡✮✱ ❛s ♥ ✦ ✶✱ ✭✶✶✵✮ ❉✭✉♥✮ ✦ ❉✭✉✮ ❛✳❡✳ ✐♥ ✡✱ ❛s ♥ ✦ ✶✳ ✭✶✶✶✮ ❚♦ ❞♦ ✐t✱ ✇❡ t❛❦❡ ✈♥ ❂ ✉♥ ✉ ✐♥ ✭✾✽✮ ❛♥❞ ❛❢t❡r s♦♠❡ ❛❧❣❡❜r❛✐❝ ♠❛♥✐♣✉❧❛t✐♦♥s✱ ✇❡ ❣❡t ˆ

✭✗ ✰ ✗❚ ✭❦♥✮✮ ❥❉✭✉♥✮ ❉✭✉✮❥✷ ❞① ❂ ˆ

✭✉♥ ✁ r r r✮✉♥ ✁ ✭✉ ✉♥✮ ❞① ✰ ˆ

❬✗❚ ✭❦♥✮❉✭✉✮ ✗❚ ✭❦✮❉✭✉✮❪ ✿ ✭❉✭✉✮ ❉✭✉♥✮✮ ❞① ✰ ˆ

✭✗ ✰ ✗❚ ✭❦✮✮ ❉✭✉✮ ✿ ✭❉✭✉✮ ❉✭✉♥✮✮ ❞① ✰ ˆ

❣ ✁ ✭✉♥ ✉✮ ❞① ✰ ˆ

❢✭✉♥✮ ✁ ✭✉ ✉♥✮ ❞① ❯s✐♥❣ ❍ö❧❞❡r✬s ❛♥❞ ❈❛✉❝❤②✬s ✐♥❡q✉❛❧✐t✐❡s t♦❣❡t❤❡r ✇✐t❤ ✭✽✶✮ ❛♥❞ ✭✶✸✹✮✱ ✇❡ ❣❡t ✗ ✷ ˆ

❥❉✭✉♥✮ ❉✭✉✮❥✷ ❞① ✔ ❦✉♥❦▲✹✭✡✮❦r r r✉♥❦▲✷✭✡✮❦✉♥ ✉❦▲✹✭✡✮ ✰ ✶ ✷✗ ❦✗❚ ✭❦♥✮❉✭✉✮ ✗❚ ✭❦✮❉✭✉✮❦✷

▲✷✭✡✮

✰ ˆ

✭✗ ✰ ✗❚ ✭❦✮✮ ❉✭✉✮ ✿ ✭❉✭✉✮ ❉✭✉♥✮✮ ❞① ✰ ❦❣❦▲✷✭✡✮❦✉♥ ✉❦▲✷✭✡✮ ✰ ❈❢ ❦✉♥❦☛

▲✷✄ ✭✡✮❦✉ ✉♥❦▲✷✭✡✮✿

✭✶✶✷✮ ❚❤❡♥ ❝❛♥ ❛♣♣❧② ▲❡❜❡s❣✉❡✬s ❞♦♠✐♥❛t❡❞ ❝♦♥✈❡r❣❡♥❝❡ t❤❡♦r❡♠✱ t♦ s❤♦✇ t❤❛t ❥✗❚ ✭❦♥✮❉✭✉✮ ✗❚ ✭❦✮❉✭✉✮❥✷ ✦ ✵ str♦♥❣❧② ✐♥ ▲✶✭✡✮✱ ❛s ❥ ✦ ✶✳ ✭✶✶✸✮ ❆s ❛ ❝♦♥s❡q✉❡♥❝❡ ✭✶✶✵✮ ❤♦❧❞s ❛♥❞✱ ❞✉❡ t♦ ❘✐❡s③✲❋✐s❤❡r✬s t❤❡♦r❡♠✱ ✭✶✶✶✮ ❛❧s♦ ❤♦❧❞s✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✸ ✴ ✺✵

slide-102
SLIDE 102

❙❚❊P ✹❇ ✲ P❛ss✐♥❣ ❘♥

❥❉✭✉♥✮❥✷ t♦ t❤❡ ❧✐♠✐t ♥ ✦ ✶

❯s✐♥❣ t❤❡ ❞❡✜♥✐t✐♦♥ ♦❢ ❘♥✱ ✇❡ ❤❛✈❡ ˆ

  • ✗❚ ✭❦♥✮ ❘♥
  • ❥❉✭✉♥✮❥✷

✗❚ ✭❦✮❥❉✭✉✮❥✷ ✈

  • ❞①

✔ ˆ

  • ✗❚ ✭❦♥✮❥❉✭✉♥✮❥✷ ✗❚ ✭❦✮❥❉✭✉✮❥✷

❥✈❥ ❞① ✰

ˆ

✶ ♥ ✗❚ ✭❦✮❥❉✭✉✮❥✷❥❉✭✉♥✮❥✷ ✶ ✰ ✶

♥ ❥❉✭✉♥✮❥✷

❥✈❥ ❞①✿ ✭✶✶✹✮ ❚❡st✐♥❣ ✭✾✽✮ ✇✐t❤ ✈ ❂ ✉♥✱ ✇❡ ❤❛✈❡✱ ❞✉❡ t♦ t❤❡ s②♠♠❡tr② ♦❢ ❉✭✉♥✮✱ t❤❛t ˆ

✭✗ ✰ ✗❚ ✭❦♥✮✮❥❉✭✉♥✮❥✷ ❞① ❂ ˆ

❣ ✁ ✉♥ ❞① ˆ

❢✭✉♥✮ ✁ ✉♥ ❞①✿ ✭✶✶✺✮ ❚❤❡♥✱ ✇❡ t❛❦❡ ✈ ❂ ✉ ✐♥ ✭✼✾✮✱ ˆ

✭✗ ✰ ✗❚ ✭❦✮✮ ❥❉✭✉✮❥✷ ❞① ❂ ˆ

❣ ✁ ✉ ❞① ˆ

❢✭✉✮ ✁ ✉ ❞① ✿ ✭✶✶✻✮ ◆♦✇✱ ✐♥ ✈✐❡✇ ♦❢ ✭✶✶✺✮✲✭✶✶✻✮✱ ✇❡ ❤❛✈❡ ˆ

✗❚ ✭❦✮❥❉✭✉✮❥✷ ❞① ✔ ❧✐♠ ✐♥❢ ˆ

✗❚ ✭❦♥✮❥❉✭✉♥✮❥✷ ❞① ✔ ❧✐♠ s✉♣ ˆ

✗❚ ✭❦♥✮❥❉✭✉♥✮❥✷ ❞① ✔ ❧✐♠ s✉♣

ˆ

❣ ✁ ✉♥ ❞① ˆ

❢✭✉♥✮ ✁ ✉♥ ❞① ˆ

✗❥❉✭✉♥✮❥✷ ❞①

ˆ

❣ ✁ ✉ ❞① ˆ

❢✭✉✮ ✁ ✉ ❞① ˆ

✗❥❉✭✉✮❥✷ ❞① ❂ ˆ

✗❚ ✭❦✮❥❉✭✉✮❥✷ ❞① ✿ ❚❤✉s✱ ✗❚ ✭❦♥✮❥❉✭✉♥✮❥✷ ✦ ✗❚ ✭❦✮❥❉✭✉✮❥✷ str♦♥❣❧② ✐♥ ▲✶✭✡✮✱ ❛s ♠ ✦ ✶ ❛♥❞✱ ❝♦♥s❡q✉❡♥t❧②✱ t❤❡ ✜rst ✐♥t❡❣r❛❧ ♦❢ t❤❡ r✐❣❤t✲❤❛♥❞ s✐❞❡ ♦❢ ✭✶✶✹✮ ❛❧s♦ ❝♦♥✈❡r❣❡s t♦ ③❡r♦✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✹ ✴ ✺✵

slide-103
SLIDE 103

❯♥✐q✉❡♥❡ss

❆❞❞✐t✐♦♥❛❧ ❛ss✉♠♣t✐♦♥s ♦❢ ♠♦♥♦t♦♥✐❝✐t②

✭❢✭✉✶✮ ❢✭✉✷✮✮ ✁ ✭✉✶ ✉✷✮ ✕ ✵ ❢♦r ❛❧❧ ✉✶❀ ✉✷ ✷ ❘❞ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ✭✶✶✼✮ ✭✧✭❦✶✮ ✧✭❦✷✮✮ ✭❦✶ ❦✷✮ ✕ ✵ ❢♦r ❛❧❧ ❦✶❀ ❦✷ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡✿ ✭✶✶✽✮

❆❞❞✐t✐♦♥❛❧ ❛ss✉♠♣t✐♦♥s ♦❢ ▲✐♣s❝❤✐t③✲❝♦♥t✐♥✉✐t②

❚❤❡r❡ ❡①✐st ♣♦s✐t✐✈❡ ❝♦♥st❛♥ts ▲✗❚ ✱ ▲✗❉ ❛♥❞ ✙✭✉✮ ♦r ✩✭✉✮✿ ❥✗❚✭❦✶✮ ✗❚✭❦✷✮❥ ✔ ▲✗❚ ❥❦✶ ❦✷❥ ❢♦r ❛❧❧ ❦✶❀ ❦✷ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ✭✶✶✾✮ ❥✗❉✭❦✶✮ ✗❉✭❦✷✮❥ ✔ ▲✗❉ ❥❦✶ ❦✷❥ ❢♦r ❛❧❧ ❦✶❀ ❦✷ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡✿ ✭✶✷✵✮ ❥✙✭✉✶✮ ✙✭✉✷✮❥ ✔ ▲✙ ❥✉✶ ✉✷❥ ❢♦r ❛❧❧ ✉✶❀ ✉✷ ✷ ❘❞ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ✭✶✷✶✮ ❥✩✭✉✶✮ ✙✭✉✷✮❥ ✔ ▲✩ ❥✉✶ ✉✷❥ ❢♦r ❛❧❧ ✉✶❀ ✉✷ ✷ ❘❞ ❛♥❞ ❛✳❡✳ ✐♥ ✡✿✭✶✷✷✮

❚❤❡♦r❡♠

▲❡t ✭✉❀ ❦✮ ❜❡ ❛ ✇❡❛❦ s♦❧✉t✐♦♥ t♦ ✭✼✵✮✲✭✼✸✮ ✐♥ t❤❡ ❝♦♥❞✐t✐♦♥s ♦❢ ❚❤❡♦r❡♠ ✷✳ ❆ss✉♠❡ ✭✶✶✼✮✲ ✭✶✶✽✮✱ ✭✶✶✾✮✲✭✶✷✵✮ ❛♥❞ ✭✶✷✶✮✲✭✶✷✷✮ ❛r❡ ❢✉❧✜❧❧❡❞✳ ■❢ ✾ ❈✶ ❂ ❈✭✗✮ ❀ ❈✷ ❂ ❈✭✗❀ ❝❉✮ ❃ ✵ ✿ ❦r ✉❦▲✛✭✡✮ ❁ ❈✶ ❢♦r s♦♠❡ ✛ ❃ ✷ ✐❢ ❞ ❂ ✷✱ ♦r ❢♦r s♦♠❡ ✛ ✕ ❞ ✐❢ ❞ ✻❂ ✷ ✱ ✭✶✷✸✮ ❦r❦❦▲✜ ✭✡✮ ❁ ❈✷ ❢♦r s♦♠❡ ✜ ❃ ✷ ✐❢ ❞ ❂ ✷✱ ♦r ❢♦r s♦♠❡ ✜ ✕ ❞ ✐❢ ❞ ✻❂ ✷ ✱ ✭✶✷✹✮ t❤❡♥ t❤❡ ✇❡❛❦ s♦❧✉t✐♦♥ ✭✉❀ ❦✮ ✐s ✉♥✐q✉❡✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✺ ✴ ✺✵

slide-104
SLIDE 104

❯♥✐q✉❡♥❡ss

❆❞❞✐t✐♦♥❛❧ ❛ss✉♠♣t✐♦♥s ♦❢ ♠♦♥♦t♦♥✐❝✐t②

✭❢✭✉✶✮ ❢✭✉✷✮✮ ✁ ✭✉✶ ✉✷✮ ✕ ✵ ❢♦r ❛❧❧ ✉✶❀ ✉✷ ✷ ❘❞ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ✭✶✶✼✮ ✭✧✭❦✶✮ ✧✭❦✷✮✮ ✭❦✶ ❦✷✮ ✕ ✵ ❢♦r ❛❧❧ ❦✶❀ ❦✷ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡✿ ✭✶✶✽✮

❆❞❞✐t✐♦♥❛❧ ❛ss✉♠♣t✐♦♥s ♦❢ ▲✐♣s❝❤✐t③✲❝♦♥t✐♥✉✐t②

❚❤❡r❡ ❡①✐st ♣♦s✐t✐✈❡ ❝♦♥st❛♥ts ▲✗❚ ✱ ▲✗❉ ❛♥❞ ✙✭✉✮ ♦r ✩✭✉✮✿ ❥✗❚✭❦✶✮ ✗❚✭❦✷✮❥ ✔ ▲✗❚ ❥❦✶ ❦✷❥ ❢♦r ❛❧❧ ❦✶❀ ❦✷ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ✭✶✶✾✮ ❥✗❉✭❦✶✮ ✗❉✭❦✷✮❥ ✔ ▲✗❉ ❥❦✶ ❦✷❥ ❢♦r ❛❧❧ ❦✶❀ ❦✷ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡✿ ✭✶✷✵✮ ❥✙✭✉✶✮ ✙✭✉✷✮❥ ✔ ▲✙ ❥✉✶ ✉✷❥ ❢♦r ❛❧❧ ✉✶❀ ✉✷ ✷ ❘❞ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ✭✶✷✶✮ ❥✩✭✉✶✮ ✙✭✉✷✮❥ ✔ ▲✩ ❥✉✶ ✉✷❥ ❢♦r ❛❧❧ ✉✶❀ ✉✷ ✷ ❘❞ ❛♥❞ ❛✳❡✳ ✐♥ ✡✿✭✶✷✷✮

❚❤❡♦r❡♠

▲❡t ✭✉❀ ❦✮ ❜❡ ❛ ✇❡❛❦ s♦❧✉t✐♦♥ t♦ ✭✼✵✮✲✭✼✸✮ ✐♥ t❤❡ ❝♦♥❞✐t✐♦♥s ♦❢ ❚❤❡♦r❡♠ ✷✳ ❆ss✉♠❡ ✭✶✶✼✮✲ ✭✶✶✽✮✱ ✭✶✶✾✮✲✭✶✷✵✮ ❛♥❞ ✭✶✷✶✮✲✭✶✷✷✮ ❛r❡ ❢✉❧✜❧❧❡❞✳ ■❢ ✾ ❈✶ ❂ ❈✭✗✮ ❀ ❈✷ ❂ ❈✭✗❀ ❝❉✮ ❃ ✵ ✿ ❦r ✉❦▲✛✭✡✮ ❁ ❈✶ ❢♦r s♦♠❡ ✛ ❃ ✷ ✐❢ ❞ ❂ ✷✱ ♦r ❢♦r s♦♠❡ ✛ ✕ ❞ ✐❢ ❞ ✻❂ ✷ ✱ ✭✶✷✸✮ ❦r❦❦▲✜ ✭✡✮ ❁ ❈✷ ❢♦r s♦♠❡ ✜ ❃ ✷ ✐❢ ❞ ❂ ✷✱ ♦r ❢♦r s♦♠❡ ✜ ✕ ❞ ✐❢ ❞ ✻❂ ✷ ✱ ✭✶✷✹✮ t❤❡♥ t❤❡ ✇❡❛❦ s♦❧✉t✐♦♥ ✭✉❀ ❦✮ ✐s ✉♥✐q✉❡✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✺ ✴ ✺✵

slide-105
SLIDE 105

❯♥✐q✉❡♥❡ss

❆❞❞✐t✐♦♥❛❧ ❛ss✉♠♣t✐♦♥s ♦❢ ♠♦♥♦t♦♥✐❝✐t②

✭❢✭✉✶✮ ❢✭✉✷✮✮ ✁ ✭✉✶ ✉✷✮ ✕ ✵ ❢♦r ❛❧❧ ✉✶❀ ✉✷ ✷ ❘❞ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ✭✶✶✼✮ ✭✧✭❦✶✮ ✧✭❦✷✮✮ ✭❦✶ ❦✷✮ ✕ ✵ ❢♦r ❛❧❧ ❦✶❀ ❦✷ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡✿ ✭✶✶✽✮

❆❞❞✐t✐♦♥❛❧ ❛ss✉♠♣t✐♦♥s ♦❢ ▲✐♣s❝❤✐t③✲❝♦♥t✐♥✉✐t②

❚❤❡r❡ ❡①✐st ♣♦s✐t✐✈❡ ❝♦♥st❛♥ts ▲✗❚ ✱ ▲✗❉ ❛♥❞ ✙✭✉✮ ♦r ✩✭✉✮✿ ❥✗❚✭❦✶✮ ✗❚✭❦✷✮❥ ✔ ▲✗❚ ❥❦✶ ❦✷❥ ❢♦r ❛❧❧ ❦✶❀ ❦✷ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ✭✶✶✾✮ ❥✗❉✭❦✶✮ ✗❉✭❦✷✮❥ ✔ ▲✗❉ ❥❦✶ ❦✷❥ ❢♦r ❛❧❧ ❦✶❀ ❦✷ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡✿ ✭✶✷✵✮ ❥✙✭✉✶✮ ✙✭✉✷✮❥ ✔ ▲✙ ❥✉✶ ✉✷❥ ❢♦r ❛❧❧ ✉✶❀ ✉✷ ✷ ❘❞ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ✭✶✷✶✮ ❥✩✭✉✶✮ ✙✭✉✷✮❥ ✔ ▲✩ ❥✉✶ ✉✷❥ ❢♦r ❛❧❧ ✉✶❀ ✉✷ ✷ ❘❞ ❛♥❞ ❛✳❡✳ ✐♥ ✡✿✭✶✷✷✮

❚❤❡♦r❡♠

▲❡t ✭✉❀ ❦✮ ❜❡ ❛ ✇❡❛❦ s♦❧✉t✐♦♥ t♦ ✭✼✵✮✲✭✼✸✮ ✐♥ t❤❡ ❝♦♥❞✐t✐♦♥s ♦❢ ❚❤❡♦r❡♠ ✷✳ ❆ss✉♠❡ ✭✶✶✼✮✲ ✭✶✶✽✮✱ ✭✶✶✾✮✲✭✶✷✵✮ ❛♥❞ ✭✶✷✶✮✲✭✶✷✷✮ ❛r❡ ❢✉❧✜❧❧❡❞✳ ■❢ ✾ ❈✶ ❂ ❈✭✗✮ ❀ ❈✷ ❂ ❈✭✗❀ ❝❉✮ ❃ ✵ ✿ ❦r ✉❦▲✛✭✡✮ ❁ ❈✶ ❢♦r s♦♠❡ ✛ ❃ ✷ ✐❢ ❞ ❂ ✷✱ ♦r ❢♦r s♦♠❡ ✛ ✕ ❞ ✐❢ ❞ ✻❂ ✷ ✱ ✭✶✷✸✮ ❦r❦❦▲✜ ✭✡✮ ❁ ❈✷ ❢♦r s♦♠❡ ✜ ❃ ✷ ✐❢ ❞ ❂ ✷✱ ♦r ❢♦r s♦♠❡ ✜ ✕ ❞ ✐❢ ❞ ✻❂ ✷ ✱ ✭✶✷✹✮ t❤❡♥ t❤❡ ✇❡❛❦ s♦❧✉t✐♦♥ ✭✉❀ ❦✮ ✐s ✉♥✐q✉❡✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✺ ✴ ✺✵

slide-106
SLIDE 106

❊①✐st❡♥❝❡ ♦❢ ❛ ✉♥✐q✉❡ ♣r❡ss✉r❡

Pr♦♣♦s✐t✐♦♥

▲❡t ✭✉❀ ❦✮ ❜❡ ❛ ✇❡❛❦ s♦❧✉t✐♦♥ t♦ t❤❡ ♣r♦❜❧❡♠ ✭✼✵✮✲✭✼✸✮ ✐♥ t❤❡ ❝♦♥❞✐t✐♦♥s ♦❢ ❚❤❡♦r❡♠ ✷✳ ❚❤❡♥ t❤❡r❡ ❡①✐st ♣♦s✐t✐✈❡ ❝♦♥st❛♥ts ❈✱ ❈✶ ❛♥❞ ❈✷ s✉❝❤ t❤❛t

❦r✉❦▲✷✭✡✮ ✔ ❈❦❣❦▲✷✭✡✮ ❀ ✭✶✷✺✮ ❦r❦❦▲q✭✡✮ ✔ ❈✶❦❣❦▲✷✭✡✮ ✰ ❈✷✿ ✭✶✷✻✮

❚❤❡♦r❡♠

▲❡t ✭✉❀ ❦✮ ❜❡ ❛ ✇❡❛❦ s♦❧✉t✐♦♥ t♦ t❤❡ ♣r♦❜❧❡♠ ✭✼✵✮✲✭✼✸✮ ✐♥ t❤❡ ❝♦♥❞✐t✐♦♥s ♦❢ ❚❤❡♦r❡♠ ✷✳ ❚❤❡♥ t❤❡r❡ ❡①✐sts ❛ ✉♥✐q✉❡ ♣ ✷ ▲✑✭✡✮✱ ✇✐t❤

✡ ♣ ❞① ❂ ✵ ❛♥❞ ✑ ✕ ♠❛①

✷❀ ❞

✷ ❀ ✷❞ ✷❞☛✭❞✷✮✰✷

✐❢ ❞ ✻❂ ✷✱ ♦r ✑ ✕ ✷ ✐❢ ❞ ❂ ✷✱ s✉❝❤ t❤❛t

✭✉✁r✮✉✁✈ ❞①✰

✭✗ ✰✗❚ ✭❦✮✮❉✭✉✮ ✿ r✈ ❞①✰

❢✭✉✮✁✈ ❞①

❣✁✈ ❞① ❂

♣ ✈ ❞① ✭✶✷✼✮

❢♦r ❛♥② ✈ ✷ ❲✶❀✑

✵ ✭✡✮✳ ▼♦r❡♦✈❡r✱ t❤❡r❡ ❡①✐st ♣♦s✐t✐✈❡ ❝♦♥st❛♥ts ❈✶❀ ❈✷❀ ❈✸ ❛♥❞ ❈✹ s✉❝❤

t❤❛t

❦♣❦▲✑✭✡✮ ✔ ❈✶❦r✉❦✷

▲✷✭✡✮ ✰ ❈✷❦r✉❦▲✷✭✡✮ ✰ ❈✸❦r✉❦☛ ▲✷✭✡✮ ✰ ❈✹❦❣❦▲✷✭✡✮✿

✭✶✷✽✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✻ ✴ ✺✵

slide-107
SLIDE 107

❊①✐st❡♥❝❡ ♦❢ ❛ ✉♥✐q✉❡ ♣r❡ss✉r❡

Pr♦♣♦s✐t✐♦♥

▲❡t ✭✉❀ ❦✮ ❜❡ ❛ ✇❡❛❦ s♦❧✉t✐♦♥ t♦ t❤❡ ♣r♦❜❧❡♠ ✭✼✵✮✲✭✼✸✮ ✐♥ t❤❡ ❝♦♥❞✐t✐♦♥s ♦❢ ❚❤❡♦r❡♠ ✷✳ ❚❤❡♥ t❤❡r❡ ❡①✐st ♣♦s✐t✐✈❡ ❝♦♥st❛♥ts ❈✱ ❈✶ ❛♥❞ ❈✷ s✉❝❤ t❤❛t

❦r✉❦▲✷✭✡✮ ✔ ❈❦❣❦▲✷✭✡✮ ❀ ✭✶✷✺✮ ❦r❦❦▲q✭✡✮ ✔ ❈✶❦❣❦▲✷✭✡✮ ✰ ❈✷✿ ✭✶✷✻✮

❚❤❡♦r❡♠

▲❡t ✭✉❀ ❦✮ ❜❡ ❛ ✇❡❛❦ s♦❧✉t✐♦♥ t♦ t❤❡ ♣r♦❜❧❡♠ ✭✼✵✮✲✭✼✸✮ ✐♥ t❤❡ ❝♦♥❞✐t✐♦♥s ♦❢ ❚❤❡♦r❡♠ ✷✳ ❚❤❡♥ t❤❡r❡ ❡①✐sts ❛ ✉♥✐q✉❡ ♣ ✷ ▲✑✭✡✮✱ ✇✐t❤ ´

✡ ♣ ❞① ❂ ✵ ❛♥❞ ✑ ✕ ♠❛①

✷❀ ❞

✷ ❀ ✷❞ ✷❞☛✭❞✷✮✰✷

  • ✐❢ ❞ ✻❂ ✷✱ ♦r ✑ ✕ ✷ ✐❢ ❞ ❂ ✷✱ s✉❝❤ t❤❛t

ˆ

✭✉✁r✮✉✁✈ ❞①✰ ˆ

✭✗ ✰✗❚ ✭❦✮✮❉✭✉✮ ✿ r✈ ❞①✰ ˆ

❢✭✉✮✁✈ ❞① ˆ

❣✁✈ ❞① ❂ ˆ

♣ div ✈ ❞① ✭✶✷✼✮

❢♦r ❛♥② ✈ ✷ ❲✶❀✑

✵ ✭✡✮✳ ▼♦r❡♦✈❡r✱ t❤❡r❡ ❡①✐st ♣♦s✐t✐✈❡ ❝♦♥st❛♥ts ❈✶❀ ❈✷❀ ❈✸ ❛♥❞ ❈✹ s✉❝❤

t❤❛t

❦♣❦▲✑✭✡✮ ✔ ❈✶❦r✉❦✷

▲✷✭✡✮ ✰ ❈✷❦r✉❦▲✷✭✡✮ ✰ ❈✸❦r✉❦☛ ▲✷✭✡✮ ✰ ❈✹❦❣❦▲✷✭✡✮✿

✭✶✷✽✮

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✻ ✴ ✺✵

slide-108
SLIDE 108

❊①✐st❡♥❝❡ ✉♥❞❡r ♥♦ ❣r♦✇t❤ ❝♦♥❞✐t✐♦♥s

  • r♦✇t❤ ❝♦♥❞✐t✐♦♥s ♦♥❧② ♦♥ P✭✉❀ ❦✮✿

■❢ P✭✉❀ ❦✮ ❂ ✙✭✉✮❀ ❥✙✭✉✮❥ ✔ ❈✙❥✉❥☞ ✵ ✔ ☞ ✔ ✷❞ ❞ ✷ ✐❢ ❞ ✻❂ ✷❀ ❛♥② ☞ ✕ ✵ ✐❢ ❞ ❂ ✷❀ ✭✶✷✾✮ ■❢ P✭✉❀ ❦✮ ❂ ✩✭✉✮❦❀ ❥✩✭✉✮❥ ✔ ❈✩❥✉❥☞ ❢♦r ✵ ✔ ☞ ✔ ❞ ❞ ✷ ✐❢ ❞ ✻❂ ✷ ❀ ♦r ❢♦r ❛♥② ☞ ✕ ✵ ✐❢ ❞ ❂ ✷✿ ✭✶✸✵✮

❚❤❡♦r❡♠

▲❡t ✡ ❜❡ ❛ ❜♦✉♥❞❡❞ ❞♦♠❛✐♥ ♦❢ ❘❞✱ ❞ ❂ ✷❀ ✸✱ ✇✐t❤ ❛ ▲✐♣s❝❤✐t③✲❝♦♥t✐♥✉♦✉s ❝♦♠♣❛❝t ❜♦✉♥❞❛r② ❅✡✳ ❆ss✉♠❡ ❣ ✷ ▲✷✭✡✮ ❛♥❞ ❛❧❧ t❤❡ ❝♦♥❞✐t✐♦♥s ✭✼✹✮✱ ✭✽✺✮✲✭✽✻✮✱ ✭✶✸✹✮✲✭✾✵✮ ❛♥❞ ✭✶✷✾✮✲✭✶✸✵✮ ❤♦❧❞✳ ■♥ ❛❞❞✐t✐♦♥✱ ❛ss✉♠❡ t❤❛t ✾ ✜ ❃ ✵ ✿ ❥❭✭❢✭✉✮❀ ✉✮❥ ✻✷ ✙ ✷ ✜❀ ✙ ✷ ✰ ✜ ✽ ✉ ✿ ❥✉❥ ✕ ❀ ✽ ▲ ❃ ✵❀ ✭✶✸✶✮ ❍▲ ✷ ▲✶✭✡✮ ✽ ❃ ✵❀ ✇❤❡r❡ ❍▲ ✿❂ s✉♣

❥✉❥✔

❥❢✭✉✮❥❀ ✭✶✸✷✮

  • ▼ ✷

✶✭✡✮

✽ ▼ ❃ ✵❀ ✇❤❡r❡

  • ▼ ✿❂ s✉♣

❥❦❥✔▼

❥✧✭❦✮❥✿ ✭✶✸✸✮ ■❢ ♦♥❡ ♦❢ t❤❡ ❢♦❧❧♦✇✐♥❣ ❝♦♥❞✐t✐♦♥s ✐s s❛t✐s✜❡❞✿

✶ P✭✉❀ ❦✮ ❂ ✙✭✉✮ ❛✳❡✳ ✐♥ ✡ ❛♥❞ ✭✶✷✾✮ ❤♦❧❞s❀ ✷ P✭✉❀ ❦✮ ❂ ✩✭✉✮❦ ❛✳❡✳ ✐♥ ✡✱ ✭✶✸✵✮ ❤♦❧❞s ❛♥❞ ✭✾✶✮ ✐s s❛t✐s✜❡❞ ❢♦r t❤❡ ♣♦s✐t✐✈❡ ❝♦♥st❛♥t

❈ ❞❡✜♥❡❞ ❜❡❧❧♦✇ ❛t ✭❄❄✮❀ t❤❡♥ t❤❡r❡ ❡①✐sts✱ ❛t ❧❡❛st✱ ❛ ✇❡❛❦ s♦❧✉t✐♦♥ t♦ t❤❡ ♣r♦❜❧❡♠ ✭✼✵✮✲✭✼✸✮ ✐♥ t❤❡ s❡♥s❡ ♦❢ ❉❡✜♥✐t✐♦♥ ❄❄✳ ▼♦r❡♦✈❡r ❢✭✉✮ ✷ ▲✶✭✡✮ ❛♥❞ ✧✭❦✮ ✷

✶✭✡✮✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✼ ✴ ✺✵

slide-109
SLIDE 109

❊①✐st❡♥❝❡ ✉♥❞❡r ♥♦ ❣r♦✇t❤ ❝♦♥❞✐t✐♦♥s

  • r♦✇t❤ ❝♦♥❞✐t✐♦♥s ♦♥❧② ♦♥ P✭✉❀ ❦✮✿

■❢ P✭✉❀ ❦✮ ❂ ✙✭✉✮❀ ❥✙✭✉✮❥ ✔ ❈✙❥✉❥☞ ✵ ✔ ☞ ✔ ✷❞ ❞ ✷ ✐❢ ❞ ✻❂ ✷❀ ❛♥② ☞ ✕ ✵ ✐❢ ❞ ❂ ✷❀ ✭✶✷✾✮ ■❢ P✭✉❀ ❦✮ ❂ ✩✭✉✮❦❀ ❥✩✭✉✮❥ ✔ ❈✩❥✉❥☞ ❢♦r ✵ ✔ ☞ ✔ ❞ ❞ ✷ ✐❢ ❞ ✻❂ ✷ ❀ ♦r ❢♦r ❛♥② ☞ ✕ ✵ ✐❢ ❞ ❂ ✷✿ ✭✶✸✵✮

❚❤❡♦r❡♠

▲❡t ✡ ❜❡ ❛ ❜♦✉♥❞❡❞ ❞♦♠❛✐♥ ♦❢ ❘❞✱ ❞ ❂ ✷❀ ✸✱ ✇✐t❤ ❛ ▲✐♣s❝❤✐t③✲❝♦♥t✐♥✉♦✉s ❝♦♠♣❛❝t ❜♦✉♥❞❛r② ❅✡✳ ❆ss✉♠❡ ❣ ✷ ▲✷✭✡✮ ❛♥❞ ❛❧❧ t❤❡ ❝♦♥❞✐t✐♦♥s ✭✼✹✮✱ ✭✽✺✮✲✭✽✻✮✱ ✭✶✸✹✮✲✭✾✵✮ ❛♥❞ ✭✶✷✾✮✲✭✶✸✵✮ ❤♦❧❞✳ ■♥ ❛❞❞✐t✐♦♥✱ ❛ss✉♠❡ t❤❛t ✾ ✜ ❃ ✵ ✿ ❥❭✭❢✭✉✮❀ ✉✮❥ ✻✷

✷ ✜❀ ✙ ✷ ✰ ✜

  • ✽ ✉ ✿ ❥✉❥ ✕ L ❀

✽ ▲ ❃ ✵❀ ✭✶✸✶✮ ❍▲ ✷ ▲✶✭✡✮ ✽ L ❃ ✵❀ ✇❤❡r❡ ❍▲ ✿❂ s✉♣

❥✉❥✔L

❥❢✭✉✮❥❀ ✭✶✸✷✮

  • ▼ ✷ L✶✭✡✮

✽ ▼ ❃ ✵❀ ✇❤❡r❡

  • ▼ ✿❂ s✉♣

❥❦❥✔▼

❥✧✭❦✮❥✿ ✭✶✸✸✮ ■❢ ♦♥❡ ♦❢ t❤❡ ❢♦❧❧♦✇✐♥❣ ❝♦♥❞✐t✐♦♥s ✐s s❛t✐s✜❡❞✿

✶ P✭✉❀ ❦✮ ❂ ✙✭✉✮ ❛✳❡✳ ✐♥ ✡ ❛♥❞ ✭✶✷✾✮ ❤♦❧❞s❀ ✷ P✭✉❀ ❦✮ ❂ ✩✭✉✮❦ ❛✳❡✳ ✐♥ ✡✱ ✭✶✸✵✮ ❤♦❧❞s ❛♥❞ ✭✾✶✮ ✐s s❛t✐s✜❡❞ ❢♦r t❤❡ ♣♦s✐t✐✈❡ ❝♦♥st❛♥t

❈ ❞❡✜♥❡❞ ❜❡❧❧♦✇ ❛t ✭❄❄✮❀ t❤❡♥ t❤❡r❡ ❡①✐sts✱ ❛t ❧❡❛st✱ ❛ ✇❡❛❦ s♦❧✉t✐♦♥ t♦ t❤❡ ♣r♦❜❧❡♠ ✭✼✵✮✲✭✼✸✮ ✐♥ t❤❡ s❡♥s❡ ♦❢ ❉❡✜♥✐t✐♦♥ ❄❄✳ ▼♦r❡♦✈❡r ❢✭✉✮ ✷ ▲✶✭✡✮ ❛♥❞ ✧✭❦✮ ✷

✶✭✡✮✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✼ ✴ ✺✵

slide-110
SLIDE 110

❈♦♥❝❧✉❞✐♥❣ r❡♠❛r❦s

✎ ❈♦♠♣❛r✐♥❣ t❤❡ ♠♦❞❡❧s✿ ❚❤❡ ◆❛❦❛②❛♠❛ ✫ ❑✉✇❛❤❛r❛ ✭✶✾✾✾✮ ♠♦❞❡❧ r❡q✉✐r❡s ❧❡ss ❛s✲

s✉♠♣t✐♦♥s t❤❡♥ t❤❡ ♠♦❞❡❧ ❢r♦♠ P❡❞r❛s ✫ ❞❡ ▲❡♠♦s ✭✷✵✵✵✮✿ ❢✭✉✮ ❂ ✖ ❑ ✣✉ ❝❋ ♣ ❑ ✣✷❥✉❥✉ ❀ P◆❑✭✉❀ ❦✮ ✑ P✭✉✮ ❂ ✸✾✣✷ ✺

  • ✭✶ ✣✮✷ ❥✉❥✸

❞ ❀ PP▲✭✉❀ ❦✮ ❂ ❝❦✣✸ ♣ ❑ ❦❥✉❥✿

✎ ❲♦r❦ ♦♥ ♣r♦❣r❡ss✿ ✇✐t❤ ❣r♦✇t❤ ❝♦♥❞✐t✐♦♥s ♦♥ ❢✭✉✮ ❛♥❞ ♦♥ ✧✭❦✮✿

✎ ❘❡❣✉❧❛r✐t② ✉♣ t♦ ❜♦✉♥❞❛r②❀

✎ ❲♦r❦ ♦♥ ♣r♦❣r❡ss✿ ✇✐t❤ ♥♦ ❣r♦✇t❤ ❝♦♥❞✐t✐♦♥s ♦♥ ❢✭✉✮ ❛♥❞ ♦♥ ✧✭❦✮✿

✎ ❯♥✐q✉❡♥❡ss❀ ✎ ❊①✐st❡♥❝❡ ♦❢ t❤❡ ♣r❡ss✉r❡❀ ✎ ❘❡❣✉❧❛r✐t②✳

✎ ❖♣❡♥ ♣r♦❜❧❡♠s✿

✎ ❘❡♠♦✈✐♥❣ ♥♦t ❛❞♠✐ss✐❜❧❡ ♣❤②s✐❝s r❡str✐❝t✐♦♥s✿

✵ ✔ ✗❚ ✭❦✮ ✔ ❈❚ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❈❚ ✷ ❘✰❀ ✵ ❁ ❝❉ ✔ ✗❉✭❦✮ ✔ ❈❉ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❝❉❀ ❈❉ ✷ ❘✰❀

✎ ●❡♥❡r❛❧✐③❡❞ ❞✐♠❡♥s✐♦♥ ❞❀ ✎ ❚❤❡ ♣❛r❛❜♦❧✐❝ ✈❡rs✐♦♥ ♦❢ ♣r♦❜❧❡♠✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✽ ✴ ✺✵

slide-111
SLIDE 111

❈♦♥❝❧✉❞✐♥❣ r❡♠❛r❦s

✎ ❈♦♠♣❛r✐♥❣ t❤❡ ♠♦❞❡❧s✿ ❚❤❡ ◆❛❦❛②❛♠❛ ✫ ❑✉✇❛❤❛r❛ ✭✶✾✾✾✮ ♠♦❞❡❧ r❡q✉✐r❡s ❧❡ss ❛s✲

s✉♠♣t✐♦♥s t❤❡♥ t❤❡ ♠♦❞❡❧ ❢r♦♠ P❡❞r❛s ✫ ❞❡ ▲❡♠♦s ✭✷✵✵✵✮✿ ❢✭✉✮ ❂ ✖ ❑ ✣✉ ❝❋ ♣ ❑ ✣✷❥✉❥✉ ❀ P◆❑✭✉❀ ❦✮ ✑ P✭✉✮ ❂ ✸✾✣✷ ✺

  • ✭✶ ✣✮✷ ❥✉❥✸

❞ ❀ PP▲✭✉❀ ❦✮ ❂ ❝❦✣✸ ♣ ❑ ❦❥✉❥✿

✎ ❲♦r❦ ♦♥ ♣r♦❣r❡ss✿ ✇✐t❤ ❣r♦✇t❤ ❝♦♥❞✐t✐♦♥s ♦♥ ❢✭✉✮ ❛♥❞ ♦♥ ✧✭❦✮✿

✎ ❘❡❣✉❧❛r✐t② ✉♣ t♦ ❜♦✉♥❞❛r②❀

✎ ❲♦r❦ ♦♥ ♣r♦❣r❡ss✿ ✇✐t❤ ♥♦ ❣r♦✇t❤ ❝♦♥❞✐t✐♦♥s ♦♥ ❢✭✉✮ ❛♥❞ ♦♥ ✧✭❦✮✿

✎ ❯♥✐q✉❡♥❡ss❀ ✎ ❊①✐st❡♥❝❡ ♦❢ t❤❡ ♣r❡ss✉r❡❀ ✎ ❘❡❣✉❧❛r✐t②✳

✎ ❖♣❡♥ ♣r♦❜❧❡♠s✿

✎ ❘❡♠♦✈✐♥❣ ♥♦t ❛❞♠✐ss✐❜❧❡ ♣❤②s✐❝s r❡str✐❝t✐♦♥s✿

✵ ✔ ✗❚ ✭❦✮ ✔ ❈❚ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❈❚ ✷ ❘✰❀ ✵ ❁ ❝❉ ✔ ✗❉✭❦✮ ✔ ❈❉ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❝❉❀ ❈❉ ✷ ❘✰❀

✎ ●❡♥❡r❛❧✐③❡❞ ❞✐♠❡♥s✐♦♥ ❞❀ ✎ ❚❤❡ ♣❛r❛❜♦❧✐❝ ✈❡rs✐♦♥ ♦❢ ♣r♦❜❧❡♠✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✽ ✴ ✺✵

slide-112
SLIDE 112

❈♦♥❝❧✉❞✐♥❣ r❡♠❛r❦s

✎ ❈♦♠♣❛r✐♥❣ t❤❡ ♠♦❞❡❧s✿ ❚❤❡ ◆❛❦❛②❛♠❛ ✫ ❑✉✇❛❤❛r❛ ✭✶✾✾✾✮ ♠♦❞❡❧ r❡q✉✐r❡s ❧❡ss ❛s✲

s✉♠♣t✐♦♥s t❤❡♥ t❤❡ ♠♦❞❡❧ ❢r♦♠ P❡❞r❛s ✫ ❞❡ ▲❡♠♦s ✭✷✵✵✵✮✿ ❢✭✉✮ ❂ ✖ ❑ ✣✉ ❝❋ ♣ ❑ ✣✷❥✉❥✉ ❀ P◆❑✭✉❀ ❦✮ ✑ P✭✉✮ ❂ ✸✾✣✷ ✺

  • ✭✶ ✣✮✷ ❥✉❥✸

❞ ❀ PP▲✭✉❀ ❦✮ ❂ ❝❦✣✸ ♣ ❑ ❦❥✉❥✿

✎ ❲♦r❦ ♦♥ ♣r♦❣r❡ss✿ ✇✐t❤ ❣r♦✇t❤ ❝♦♥❞✐t✐♦♥s ♦♥ ❢✭✉✮ ❛♥❞ ♦♥ ✧✭❦✮✿

✎ ❘❡❣✉❧❛r✐t② ✉♣ t♦ ❜♦✉♥❞❛r②❀

✎ ❲♦r❦ ♦♥ ♣r♦❣r❡ss✿ ✇✐t❤ ♥♦ ❣r♦✇t❤ ❝♦♥❞✐t✐♦♥s ♦♥ ❢✭✉✮ ❛♥❞ ♦♥ ✧✭❦✮✿

✎ ❯♥✐q✉❡♥❡ss❀ ✎ ❊①✐st❡♥❝❡ ♦❢ t❤❡ ♣r❡ss✉r❡❀ ✎ ❘❡❣✉❧❛r✐t②✳

✎ ❖♣❡♥ ♣r♦❜❧❡♠s✿

✎ ❘❡♠♦✈✐♥❣ ♥♦t ❛❞♠✐ss✐❜❧❡ ♣❤②s✐❝s r❡str✐❝t✐♦♥s✿

✵ ✔ ✗❚ ✭❦✮ ✔ ❈❚ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❈❚ ✷ ❘✰❀ ✵ ❁ ❝❉ ✔ ✗❉✭❦✮ ✔ ❈❉ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❝❉❀ ❈❉ ✷ ❘✰❀

✎ ●❡♥❡r❛❧✐③❡❞ ❞✐♠❡♥s✐♦♥ ❞❀ ✎ ❚❤❡ ♣❛r❛❜♦❧✐❝ ✈❡rs✐♦♥ ♦❢ ♣r♦❜❧❡♠✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✽ ✴ ✺✵

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SLIDE 113

❈♦♥❝❧✉❞✐♥❣ r❡♠❛r❦s

✎ ❈♦♠♣❛r✐♥❣ t❤❡ ♠♦❞❡❧s✿ ❚❤❡ ◆❛❦❛②❛♠❛ ✫ ❑✉✇❛❤❛r❛ ✭✶✾✾✾✮ ♠♦❞❡❧ r❡q✉✐r❡s ❧❡ss ❛s✲

s✉♠♣t✐♦♥s t❤❡♥ t❤❡ ♠♦❞❡❧ ❢r♦♠ P❡❞r❛s ✫ ❞❡ ▲❡♠♦s ✭✷✵✵✵✮✿ ❢✭✉✮ ❂ ✖ ❑ ✣✉ ❝❋ ♣ ❑ ✣✷❥✉❥✉ ❀ P◆❑✭✉❀ ❦✮ ✑ P✭✉✮ ❂ ✸✾✣✷ ✺

  • ✭✶ ✣✮✷ ❥✉❥✸

❞ ❀ PP▲✭✉❀ ❦✮ ❂ ❝❦✣✸ ♣ ❑ ❦❥✉❥✿

✎ ❲♦r❦ ♦♥ ♣r♦❣r❡ss✿ ✇✐t❤ ❣r♦✇t❤ ❝♦♥❞✐t✐♦♥s ♦♥ ❢✭✉✮ ❛♥❞ ♦♥ ✧✭❦✮✿

✎ ❘❡❣✉❧❛r✐t② ✉♣ t♦ ❜♦✉♥❞❛r②❀

✎ ❲♦r❦ ♦♥ ♣r♦❣r❡ss✿ ✇✐t❤ ♥♦ ❣r♦✇t❤ ❝♦♥❞✐t✐♦♥s ♦♥ ❢✭✉✮ ❛♥❞ ♦♥ ✧✭❦✮✿

✎ ❯♥✐q✉❡♥❡ss❀ ✎ ❊①✐st❡♥❝❡ ♦❢ t❤❡ ♣r❡ss✉r❡❀ ✎ ❘❡❣✉❧❛r✐t②✳

✎ ❖♣❡♥ ♣r♦❜❧❡♠s✿

✎ ❘❡♠♦✈✐♥❣ ♥♦t ❛❞♠✐ss✐❜❧❡ ♣❤②s✐❝s r❡str✐❝t✐♦♥s✿

✵ ✔ ✗❚ ✭❦✮ ✔ ❈❚ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❈❚ ✷ ❘✰❀ ✵ ❁ ❝❉ ✔ ✗❉✭❦✮ ✔ ❈❉ ❢♦r ❛❧❧ ❦ ✷ ❘ ❛♥❞ ❛✳❡✳ ✐♥ ✡❀ ❝❉❀ ❈❉ ✷ ❘✰❀

✎ ●❡♥❡r❛❧✐③❡❞ ❞✐♠❡♥s✐♦♥ ❞❀ ✎ ❚❤❡ ♣❛r❛❜♦❧✐❝ ✈❡rs✐♦♥ ♦❢ ♣r♦❜❧❡♠✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✽ ✴ ✺✵

slide-114
SLIDE 114

❘❡❧❛t❡❞ ✇♦r❦s

✎ ❖♥ ❛ ❖♥❡✲❊q✉❛t✐♦♥ ❚✉r❜✉❧❡♥t ▼♦❞❡❧ ✇✐t❤ ❋❡❡❞❜❛❝❦s✳ ❙♣r✐♥❣❡r Pr♦❝❡❡❞✐♥❣s ✐♥ ▼❛t❤✲

❡♠❛t✐❝s ✫ ❙t❛t✐st✐❝s ✶✻✹✱ ♣♣ ✺✶✕✻✶ ✭✇✐t❤ ❆✳ P❛✐✈❛✮✳ ❤tt♣✿✴✴❧✐♥❦✳s♣r✐♥❣❡r✳❝♦♠✴❝❤❛♣t❡r✴✶✵✳✶✵✵✼✴✾✼✽✲✸✲✸✶✾✲✸✷✽✺✼✲✼❴✺

✎ ❆ st❛t✐♦♥❛r② t✉r❜✉❧❡♥t ♦♥❡✲❡q✉❛t✐♦♥ ♠♦❞❡❧ ✇✐t❤ ❛♣♣❧✐❝❛t✐♦♥s ✐♥ ♣♦r♦✉s ♠❡❞✐❛✳ ❙✉❜♠✐t✲

t❡❞✳ ✭✇✐t❤ ❆✳ P❛✐✈❛✮ Pr❡♣r✐♥t ❛✈❛✐❧❛❜❧❡ ✐♥ ❤tt♣✿✴✴❝♠❛❢❝✐♦✳❝❛♠♣✉s✳❝✐❡♥❝✐❛s✳✉❧✐s❜♦❛✳♣t✳

✎ ❆♥✐s♦tr♦♣✐❝❛❧❧② ❞✐✛✉s❡❞ ❛♥❞ ❞❛♠♣❡❞ ◆❛✈✐❡r✲❙t♦❦❡s ❡q✉❛t✐♦♥s✱ ❉✐s❝r❡t❡ ❈♦♥t✐♥✳ ❉②♥✳

❙②st✳ ✷✵✶✺✱ ❙✉♣♣❧✳✱ ✸✹✾✲✸✺✽ ✭✷✵✶✺✮✳

✎ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ✇✐t❤ str♦♥❣ ♥♦♥❧✐♥❡❛r✐t✐❡s✳ ❙✉❜♠✐tt❡❞✳

✭✇✐t❤ ❆✳ P❛✐✈❛✮ Pr❡♣r✐♥t ❛✈❛✐❧❛❜❧❡ ✐♥ ❤tt♣✿✴✴❝♠❛❢❝✐♦✳❝❛♠♣✉s✳❝✐❡♥❝✐❛s✳✉❧✐s❜♦❛✳♣t✳

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✹✾ ✴ ✺✵

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SLIDE 115

▼✉✐t♦ ♦❜r✐❣❛❞♦✦

❍✳❇✳ ❞❡ ❖❧✐✈❡✐r❛ ✭❤♦❧✐✈❡✐❅✉❛❧❣✳♣t✮ ❊①✐st❡♥❝❡ ❢♦r ❛ ♦♥❡✲❡q✉❛t✐♦♥ t✉r❜✉❧❡♥t ♠♦❞❡❧ ❋❧♦r✐❛♥ó♣♦❧✐s✱ ❖❝t♦❜❡r ✼t❤✱ ✷✵✶✻ ✺✵ ✴ ✺✵