r rstr str t - - PowerPoint PPT Presentation

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r r str s t r

r rstr str t - - PowerPoint PPT Presentation

Sep 03, 2022 256 likes •840 views

r rstr str t rtr r rstr rtrr r

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SLIDE 1

❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

❙té♣❤❛♥❡ ❇♦rt③♠❡②❡r ❆❋◆■❈ ✭✧✳❢r✧ r❡❣✐str②✮ ❜♦rt③♠❡②❡r❅♥✐❝✳❢r ✷ ▼❛r❝❤ ✷✵✵✻

✶ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 2

P❡r♠✐ss✐♦♥ ✐s ❣r❛♥t❡❞ t♦ ❝♦♣②✱ ❞✐str✐❜✉t❡ ❛♥❞✴♦r ♠♦❞✐❢② t❤✐s ❞♦❝✉♠❡♥t ✉♥❞❡r t❤❡ t❡r♠s ♦❢ t❤❡ ●◆❯ ❋r❡❡ ❉♦❝✉♠❡♥t❛t✐♦♥ ▲✐❝❡♥s❡ ❤tt♣✿✴✴✇✇✇✳❣♥✉✳♦r❣✴❧✐❝❡♥s❡s✴❧✐❝❡♥s❡s✳❤t♠❧★❋❉▲✱ ❱❡rs✐♦♥ ✶✳✷ ♦r ❛♥② ❧❛t❡r ✈❡rs✐♦♥ ♣✉❜❧✐s❤❡❞ ❜② t❤❡ ❋r❡❡ ❙♦❢t✇❛r❡ ❋♦✉♥❞❛t✐♦♥ ❀ ✇✐t❤ ♥♦ ■♥✈❛r✐❛♥t ❙❡❝t✐♦♥s✱ ♥♦ ❋r♦♥t✲❈♦✈❡r ❚❡①ts✱ ❛♥❞ ♥♦ ❇❛❝❦✲❈♦✈❡r ❚❡①ts✳

✸ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 3

❚❤❡ t❛r❣❡t

❚❤❡ s♠❛❧❧ ♦r ♠❡❞✐✉♠ ❉◆❙ r❡❣✐str② ❢♦r ❛ ❚▲❉ ✭❚♦♣✲▲❡✈❡❧ ❉♦♠❛✐♥✮ ▼❛♥❛❣✐♥❣ ❛ ❚▲❉ ✐s ♣♦ss✐❜❧❡ ❡✈❡♥ ✐♥ ❛ s♠❛❧❧ ❝♦✉♥tr②✱ ✇✐t❤ ❢❡✇ r❡s♦✉r❝❡s✳ ❆ ❧♦t ♦❢ ✈❛❧✉❡ ❢♦r ❛ s♠❛❧❧ ✐♥✈❡st♠❡♥t✳

✹ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 4

❆ r❡❣✐str② ✐s ✳ ✳ ✳

❆ ❞❛t❛❜❛s❡✱ ❚♦♦❧s t♦ ✉♣❞❛t❡ ❛♥❞ q✉❡r② ✐t✱ ❢r♦♠ t❤❡ r❡❣✐str② ❛♥❞ ❢r♦♠ ♦✉ts✐❞❡✱ ❆ ❢❡✇ ❛♣♣❧✐❝❛t✐♦♥s ❧✐❦❡ t❤❡ ✇❤♦✐s s❡r✈❡r✱ ❛ ❉◆❙ ③♦♥❡ ✜❧❡ ❣❡♥❡r❛t♦r✳ ✳ ✳

✺ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 5

❆ r❡❣✐str② ✐s ✳ ✳ ✳

◮ ❆ ❞❛t❛❜❛s❡✱

❚♦♦❧s t♦ ✉♣❞❛t❡ ❛♥❞ q✉❡r② ✐t✱ ❢r♦♠ t❤❡ r❡❣✐str② ❛♥❞ ❢r♦♠ ♦✉ts✐❞❡✱ ❆ ❢❡✇ ❛♣♣❧✐❝❛t✐♦♥s ❧✐❦❡ t❤❡ ✇❤♦✐s s❡r✈❡r✱ ❛ ❉◆❙ ③♦♥❡ ✜❧❡ ❣❡♥❡r❛t♦r✳ ✳ ✳

✺ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 6

❆ r❡❣✐str② ✐s ✳ ✳ ✳

◮ ❆ ❞❛t❛❜❛s❡✱ ◮ ❚♦♦❧s t♦ ✉♣❞❛t❡ ❛♥❞ q✉❡r② ✐t✱ ❢r♦♠ t❤❡ r❡❣✐str② ❛♥❞ ❢r♦♠

♦✉ts✐❞❡✱ ❆ ❢❡✇ ❛♣♣❧✐❝❛t✐♦♥s ❧✐❦❡ t❤❡ ✇❤♦✐s s❡r✈❡r✱ ❛ ❉◆❙ ③♦♥❡ ✜❧❡ ❣❡♥❡r❛t♦r✳ ✳ ✳

✺ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 7

❆ r❡❣✐str② ✐s ✳ ✳ ✳

◮ ❆ ❞❛t❛❜❛s❡✱ ◮ ❚♦♦❧s t♦ ✉♣❞❛t❡ ❛♥❞ q✉❡r② ✐t✱ ❢r♦♠ t❤❡ r❡❣✐str② ❛♥❞ ❢r♦♠

♦✉ts✐❞❡✱

◮ ❆ ❢❡✇ ❛♣♣❧✐❝❛t✐♦♥s ❧✐❦❡ t❤❡ ✇❤♦✐s s❡r✈❡r✱ ❛ ❉◆❙ ③♦♥❡ ✜❧❡

❣❡♥❡r❛t♦r✳ ✳ ✳

✺ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 8

❚❤❡ st❛t❡ ♦❢ ❝❝❚▲❉

▼❛♥② ❝❝❚▲❉ ✐♥ t❤❡ ✇♦r❧❞ ❛r❡ ❛ ✐♥ ✈❡r② ♣♦♦r st❛t❡ ✿ ✶✳ ◆♦ r❡❛❧ ■♥❢♦r♠❛t✐♦♥ ❙②st❡♠✱ ✷✳ ❖❢t❡♥✱ ♥♦ ✇r✐tt❡♥ r❡❣✐str❛t✐♦♥ r✉❧❡s ❛♥❞ ♣r♦❝❡❞✉r❡s✱ ✸✳ ◆♦ ✇❤♦✐s s❡r✈❡r✱ ✹✳ ◆♦ r❡❛❧ ❞❛t❛❜❛s❡ ✭❊①❝❡❧ s♣r❡❛❞s❤❡❡t✱ ♣❛♣❡r✮✱ r❡❣✐str❛t✐♦♥ ♦❢t❡♥ ♠❛♥✉❛❧✱ ✺✳ ❖♥❧② ❛ ❢❡✇ ❞♦③❡♥s ♦❢ r❡❣✐str❛t✐♦♥s✱ ✻✳ ❊①♣❡♥s✐✈❡✱ ✼✳ ◆❛♠❡ s❡r✈❡rs ♥♦t ❢✉❧❧② ♦♣❡r❛t✐♦♥❛❧✳

✻ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 9

❚❤❡ st❛t❡ ♦❢ ❝❝❚▲❉

▼❛♥② ❝❝❚▲❉ ✐♥ t❤❡ ✇♦r❧❞ ❛r❡ ❛ ✐♥ ✈❡r② ♣♦♦r st❛t❡ ✿ ✶✳ ◆♦ r❡❛❧ ■♥❢♦r♠❛t✐♦♥ ❙②st❡♠✱ ✷✳ ❖❢t❡♥✱ ♥♦ ✇r✐tt❡♥ r❡❣✐str❛t✐♦♥ r✉❧❡s ❛♥❞ ♣r♦❝❡❞✉r❡s✱ ✸✳ ◆♦ ✇❤♦✐s s❡r✈❡r✱ ✹✳ ◆♦ r❡❛❧ ❞❛t❛❜❛s❡ ✭❊①❝❡❧ s♣r❡❛❞s❤❡❡t✱ ♣❛♣❡r✮✱ r❡❣✐str❛t✐♦♥ ♦❢t❡♥ ♠❛♥✉❛❧✱ ✺✳ ❖♥❧② ❛ ❢❡✇ ❞♦③❡♥s ♦❢ r❡❣✐str❛t✐♦♥s✱ ✻✳ ❊①♣❡♥s✐✈❡✱ ✼✳ ◆❛♠❡ s❡r✈❡rs ♥♦t ❢✉❧❧② ♦♣❡r❛t✐♦♥❛❧✳

✻ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 10

❚❤❡ st❛t❡ ♦❢ ❝❝❚▲❉

▼❛♥② ❝❝❚▲❉ ✐♥ t❤❡ ✇♦r❧❞ ❛r❡ ❛ ✐♥ ✈❡r② ♣♦♦r st❛t❡ ✿ ✶✳ ◆♦ r❡❛❧ ■♥❢♦r♠❛t✐♦♥ ❙②st❡♠✱ ✷✳ ❖❢t❡♥✱ ♥♦ ✇r✐tt❡♥ r❡❣✐str❛t✐♦♥ r✉❧❡s ❛♥❞ ♣r♦❝❡❞✉r❡s✱ ✸✳ ◆♦ ✇❤♦✐s s❡r✈❡r✱ ✹✳ ◆♦ r❡❛❧ ❞❛t❛❜❛s❡ ✭❊①❝❡❧ s♣r❡❛❞s❤❡❡t✱ ♣❛♣❡r✮✱ r❡❣✐str❛t✐♦♥ ♦❢t❡♥ ♠❛♥✉❛❧✱ ✺✳ ❖♥❧② ❛ ❢❡✇ ❞♦③❡♥s ♦❢ r❡❣✐str❛t✐♦♥s✱ ✻✳ ❊①♣❡♥s✐✈❡✱ ✼✳ ◆❛♠❡ s❡r✈❡rs ♥♦t ❢✉❧❧② ♦♣❡r❛t✐♦♥❛❧✳

✻ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 11

❚❤❡ st❛t❡ ♦❢ ❝❝❚▲❉

▼❛♥② ❝❝❚▲❉ ✐♥ t❤❡ ✇♦r❧❞ ❛r❡ ❛ ✐♥ ✈❡r② ♣♦♦r st❛t❡ ✿ ✶✳ ◆♦ r❡❛❧ ■♥❢♦r♠❛t✐♦♥ ❙②st❡♠✱ ✷✳ ❖❢t❡♥✱ ♥♦ ✇r✐tt❡♥ r❡❣✐str❛t✐♦♥ r✉❧❡s ❛♥❞ ♣r♦❝❡❞✉r❡s✱ ✸✳ ◆♦ ✇❤♦✐s s❡r✈❡r✱ ✹✳ ◆♦ r❡❛❧ ❞❛t❛❜❛s❡ ✭❊①❝❡❧ s♣r❡❛❞s❤❡❡t✱ ♣❛♣❡r✮✱ r❡❣✐str❛t✐♦♥ ♦❢t❡♥ ♠❛♥✉❛❧✱ ✺✳ ❖♥❧② ❛ ❢❡✇ ❞♦③❡♥s ♦❢ r❡❣✐str❛t✐♦♥s✱ ✻✳ ❊①♣❡♥s✐✈❡✱ ✼✳ ◆❛♠❡ s❡r✈❡rs ♥♦t ❢✉❧❧② ♦♣❡r❛t✐♦♥❛❧✳

✻ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 12

❚❤❡ st❛t❡ ♦❢ ❝❝❚▲❉

▼❛♥② ❝❝❚▲❉ ✐♥ t❤❡ ✇♦r❧❞ ❛r❡ ❛ ✐♥ ✈❡r② ♣♦♦r st❛t❡ ✿ ✶✳ ◆♦ r❡❛❧ ■♥❢♦r♠❛t✐♦♥ ❙②st❡♠✱ ✷✳ ❖❢t❡♥✱ ♥♦ ✇r✐tt❡♥ r❡❣✐str❛t✐♦♥ r✉❧❡s ❛♥❞ ♣r♦❝❡❞✉r❡s✱ ✸✳ ◆♦ ✇❤♦✐s s❡r✈❡r✱ ✹✳ ◆♦ r❡❛❧ ❞❛t❛❜❛s❡ ✭❊①❝❡❧ s♣r❡❛❞s❤❡❡t✱ ♣❛♣❡r✮✱ r❡❣✐str❛t✐♦♥ ♦❢t❡♥ ♠❛♥✉❛❧✱ ✺✳ ❖♥❧② ❛ ❢❡✇ ❞♦③❡♥s ♦❢ r❡❣✐str❛t✐♦♥s✱ ✻✳ ❊①♣❡♥s✐✈❡✱ ✼✳ ◆❛♠❡ s❡r✈❡rs ♥♦t ❢✉❧❧② ♦♣❡r❛t✐♦♥❛❧✳

✻ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 13

❚❤❡ st❛t❡ ♦❢ ❝❝❚▲❉

▼❛♥② ❝❝❚▲❉ ✐♥ t❤❡ ✇♦r❧❞ ❛r❡ ❛ ✐♥ ✈❡r② ♣♦♦r st❛t❡ ✿ ✶✳ ◆♦ r❡❛❧ ■♥❢♦r♠❛t✐♦♥ ❙②st❡♠✱ ✷✳ ❖❢t❡♥✱ ♥♦ ✇r✐tt❡♥ r❡❣✐str❛t✐♦♥ r✉❧❡s ❛♥❞ ♣r♦❝❡❞✉r❡s✱ ✸✳ ◆♦ ✇❤♦✐s s❡r✈❡r✱ ✹✳ ◆♦ r❡❛❧ ❞❛t❛❜❛s❡ ✭❊①❝❡❧ s♣r❡❛❞s❤❡❡t✱ ♣❛♣❡r✮✱ r❡❣✐str❛t✐♦♥ ♦❢t❡♥ ♠❛♥✉❛❧✱ ✺✳ ❖♥❧② ❛ ❢❡✇ ❞♦③❡♥s ♦❢ r❡❣✐str❛t✐♦♥s✱ ✻✳ ❊①♣❡♥s✐✈❡✱ ✼✳ ◆❛♠❡ s❡r✈❡rs ♥♦t ❢✉❧❧② ♦♣❡r❛t✐♦♥❛❧✳

✻ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 14

❚❤❡ st❛t❡ ♦❢ ❝❝❚▲❉

▼❛♥② ❝❝❚▲❉ ✐♥ t❤❡ ✇♦r❧❞ ❛r❡ ❛ ✐♥ ✈❡r② ♣♦♦r st❛t❡ ✿ ✶✳ ◆♦ r❡❛❧ ■♥❢♦r♠❛t✐♦♥ ❙②st❡♠✱ ✷✳ ❖❢t❡♥✱ ♥♦ ✇r✐tt❡♥ r❡❣✐str❛t✐♦♥ r✉❧❡s ❛♥❞ ♣r♦❝❡❞✉r❡s✱ ✸✳ ◆♦ ✇❤♦✐s s❡r✈❡r✱ ✹✳ ◆♦ r❡❛❧ ❞❛t❛❜❛s❡ ✭❊①❝❡❧ s♣r❡❛❞s❤❡❡t✱ ♣❛♣❡r✮✱ r❡❣✐str❛t✐♦♥ ♦❢t❡♥ ♠❛♥✉❛❧✱ ✺✳ ❖♥❧② ❛ ❢❡✇ ❞♦③❡♥s ♦❢ r❡❣✐str❛t✐♦♥s✱ ✻✳ ❊①♣❡♥s✐✈❡✱ ✼✳ ◆❛♠❡ s❡r✈❡rs ♥♦t ❢✉❧❧② ♦♣❡r❛t✐♦♥❛❧✳

✻ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 15

❚❤❡ st❛t❡ ♦❢ ❝❝❚▲❉

▼❛♥② ❝❝❚▲❉ ✐♥ t❤❡ ✇♦r❧❞ ❛r❡ ❛ ✐♥ ✈❡r② ♣♦♦r st❛t❡ ✿ ✶✳ ◆♦ r❡❛❧ ■♥❢♦r♠❛t✐♦♥ ❙②st❡♠✱ ✷✳ ❖❢t❡♥✱ ♥♦ ✇r✐tt❡♥ r❡❣✐str❛t✐♦♥ r✉❧❡s ❛♥❞ ♣r♦❝❡❞✉r❡s✱ ✸✳ ◆♦ ✇❤♦✐s s❡r✈❡r✱ ✹✳ ◆♦ r❡❛❧ ❞❛t❛❜❛s❡ ✭❊①❝❡❧ s♣r❡❛❞s❤❡❡t✱ ♣❛♣❡r✮✱ r❡❣✐str❛t✐♦♥ ♦❢t❡♥ ♠❛♥✉❛❧✱ ✺✳ ❖♥❧② ❛ ❢❡✇ ❞♦③❡♥s ♦❢ r❡❣✐str❛t✐♦♥s✱ ✻✳ ❊①♣❡♥s✐✈❡✱ ✼✳ ◆❛♠❡ s❡r✈❡rs ♥♦t ❢✉❧❧② ♦♣❡r❛t✐♦♥❛❧✳

✻ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

slide-16

SLIDE 16

❚❤❡ st❛t❡ ♦❢ ❝❝❚▲❉

▼❛♥② ❝❝❚▲❉ ✐♥ t❤❡ ✇♦r❧❞ ❛r❡ ❛ ✐♥ ✈❡r② ♣♦♦r st❛t❡ ✿ ✶✳ ◆♦ r❡❛❧ ■♥❢♦r♠❛t✐♦♥ ❙②st❡♠✱ ✷✳ ❖❢t❡♥✱ ♥♦ ✇r✐tt❡♥ r❡❣✐str❛t✐♦♥ r✉❧❡s ❛♥❞ ♣r♦❝❡❞✉r❡s✱ ✸✳ ◆♦ ✇❤♦✐s s❡r✈❡r✱ ✹✳ ◆♦ r❡❛❧ ❞❛t❛❜❛s❡ ✭❊①❝❡❧ s♣r❡❛❞s❤❡❡t✱ ♣❛♣❡r✮✱ r❡❣✐str❛t✐♦♥ ♦❢t❡♥ ♠❛♥✉❛❧✱ ✺✳ ❖♥❧② ❛ ❢❡✇ ❞♦③❡♥s ♦❢ r❡❣✐str❛t✐♦♥s✱ ✻✳ ❊①♣❡♥s✐✈❡✱ ✼✳ ◆❛♠❡ s❡r✈❡rs ♥♦t ❢✉❧❧② ♦♣❡r❛t✐♦♥❛❧✳ ❈❖❉❊❱✲◆■❈ tr✐❡s t♦ ❛❞❞r❡ss ★✶✱ ★✸ ❛♥❞ ★✹ ❛♥❞ ♠❛② ❜❡ ✐♥❞✐r❡❝t❧② ★✺ ❛♥❞ ★✻✳

✻ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 17

◆♦ ❢❛t❛❧✐t②

❆ ❝❝❚▲❉ ✐s ♠❛♥❛❣❡❛❜❧❡ ✇✐t❤ ❧♦✇✲t❡❝❤ s②st❡♠s

❙♠❛❧❧ ♠❛❝❤✐♥❡s ❛♥❞ s✐♠♣❧❡ s♦❢t✇❛r❡

✼ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 18

❙❡t ♦❢ r❡q✉✐r❡♠❡♥ts

✶✳ ▼✉❧t✐✲♣♦❧✐❝②✱ ✷✳ ❋r❡❡ s♦❢t✇❛r❡✱ ✸✳ ❊❛s✐❧② ♠❛♥❛❣❡❞ ❢r♦♠ t❤❡ r❡❣✐str② ♦r ❢r♦♠ ♦✉ts✐❞❡ ✭r❡❣✐str❛rs✱ ♣✉❜❧✐❝✮✱ ✹✳ ❊♥t✐r❡❧② ❛✉t♦♠❛t✐❝✱ ✺✳ ❈♦✲❞❡✈❡❧♦♣❡❞ ✭♥♦ ♦✉ts♦✉r❝✐♥❣✱ r❡❛❧ ❝♦✲❞❡✈❡❧♦♣♠❡♥t✮✳ ▼♦st❧② ❢♦r s♠❛❧❧ ❛♥❞ ♠❡❞✐✉♠ r❡❣✐str✐❡s ✭✏❝♦♠✑ ✇❛s ♥♦t ❛ t❛r❣❡t✮✳

✽ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 19

❙❡t ♦❢ r❡q✉✐r❡♠❡♥ts

✶✳ ▼✉❧t✐✲♣♦❧✐❝②✱ ✷✳ ❋r❡❡ s♦❢t✇❛r❡✱ ✸✳ ❊❛s✐❧② ♠❛♥❛❣❡❞ ❢r♦♠ t❤❡ r❡❣✐str② ♦r ❢r♦♠ ♦✉ts✐❞❡ ✭r❡❣✐str❛rs✱ ♣✉❜❧✐❝✮✱ ✹✳ ❊♥t✐r❡❧② ❛✉t♦♠❛t✐❝✱ ✺✳ ❈♦✲❞❡✈❡❧♦♣❡❞ ✭♥♦ ♦✉ts♦✉r❝✐♥❣✱ r❡❛❧ ❝♦✲❞❡✈❡❧♦♣♠❡♥t✮✳ ▼♦st❧② ❢♦r s♠❛❧❧ ❛♥❞ ♠❡❞✐✉♠ r❡❣✐str✐❡s ✭✏❝♦♠✑ ✇❛s ♥♦t ❛ t❛r❣❡t✮✳

✽ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 20

❙❡t ♦❢ r❡q✉✐r❡♠❡♥ts

✶✳ ▼✉❧t✐✲♣♦❧✐❝②✱ ✷✳ ❋r❡❡ s♦❢t✇❛r❡✱ ✸✳ ❊❛s✐❧② ♠❛♥❛❣❡❞ ❢r♦♠ t❤❡ r❡❣✐str② ♦r ❢r♦♠ ♦✉ts✐❞❡ ✭r❡❣✐str❛rs✱ ♣✉❜❧✐❝✮✱ ✹✳ ❊♥t✐r❡❧② ❛✉t♦♠❛t✐❝✱ ✺✳ ❈♦✲❞❡✈❡❧♦♣❡❞ ✭♥♦ ♦✉ts♦✉r❝✐♥❣✱ r❡❛❧ ❝♦✲❞❡✈❡❧♦♣♠❡♥t✮✳ ▼♦st❧② ❢♦r s♠❛❧❧ ❛♥❞ ♠❡❞✐✉♠ r❡❣✐str✐❡s ✭✏❝♦♠✑ ✇❛s ♥♦t ❛ t❛r❣❡t✮✳

✽ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 21

❙❡t ♦❢ r❡q✉✐r❡♠❡♥ts

✶✳ ▼✉❧t✐✲♣♦❧✐❝②✱ ✷✳ ❋r❡❡ s♦❢t✇❛r❡✱ ✸✳ ❊❛s✐❧② ♠❛♥❛❣❡❞ ❢r♦♠ t❤❡ r❡❣✐str② ♦r ❢r♦♠ ♦✉ts✐❞❡ ✭r❡❣✐str❛rs✱ ♣✉❜❧✐❝✮✱ ✹✳ ❊♥t✐r❡❧② ❛✉t♦♠❛t✐❝✱ ✺✳ ❈♦✲❞❡✈❡❧♦♣❡❞ ✭♥♦ ♦✉ts♦✉r❝✐♥❣✱ r❡❛❧ ❝♦✲❞❡✈❡❧♦♣♠❡♥t✮✳ ▼♦st❧② ❢♦r s♠❛❧❧ ❛♥❞ ♠❡❞✐✉♠ r❡❣✐str✐❡s ✭✏❝♦♠✑ ✇❛s ♥♦t ❛ t❛r❣❡t✮✳

✽ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 22

❙❡t ♦❢ r❡q✉✐r❡♠❡♥ts

✶✳ ▼✉❧t✐✲♣♦❧✐❝②✱ ✷✳ ❋r❡❡ s♦❢t✇❛r❡✱ ✸✳ ❊❛s✐❧② ♠❛♥❛❣❡❞ ❢r♦♠ t❤❡ r❡❣✐str② ♦r ❢r♦♠ ♦✉ts✐❞❡ ✭r❡❣✐str❛rs✱ ♣✉❜❧✐❝✮✱ ✹✳ ❊♥t✐r❡❧② ❛✉t♦♠❛t✐❝✱ ✺✳ ❈♦✲❞❡✈❡❧♦♣❡❞ ✭♥♦ ♦✉ts♦✉r❝✐♥❣✱ r❡❛❧ ❝♦✲❞❡✈❡❧♦♣♠❡♥t✮✳ ▼♦st❧② ❢♦r s♠❛❧❧ ❛♥❞ ♠❡❞✐✉♠ r❡❣✐str✐❡s ✭✏❝♦♠✑ ✇❛s ♥♦t ❛ t❛r❣❡t✮✳

✽ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 23

❙❡t ♦❢ r❡q✉✐r❡♠❡♥ts

✶✳ ▼✉❧t✐✲♣♦❧✐❝②✱ ✷✳ ❋r❡❡ s♦❢t✇❛r❡✱ ✸✳ ❊❛s✐❧② ♠❛♥❛❣❡❞ ❢r♦♠ t❤❡ r❡❣✐str② ♦r ❢r♦♠ ♦✉ts✐❞❡ ✭r❡❣✐str❛rs✱ ♣✉❜❧✐❝✮✱ ✹✳ ❊♥t✐r❡❧② ❛✉t♦♠❛t✐❝✱ ✺✳ ❈♦✲❞❡✈❡❧♦♣❡❞ ✭♥♦ ♦✉ts♦✉r❝✐♥❣✱ r❡❛❧ ❝♦✲❞❡✈❡❧♦♣♠❡♥t✮✳ ▼♦st❧② ❢♦r s♠❛❧❧ ❛♥❞ ♠❡❞✐✉♠ r❡❣✐str✐❡s ✭✏❝♦♠✑ ✇❛s ♥♦t ❛ t❛r❣❡t✮✳

✽ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 24

▼✉❧t✐✲♣♦❧✐❝②

❖✉r ♠♦st ✐♠♣♦rt❛♥t r❡q✉✐r❡♠❡♥t✳ ❊✈❡r② ❚▲❉ ❤❛s ❛ ❞✐✛❡r❡♥t r❡❣✐str❛t✐♦♥ ♣♦❧✐❝②✳ ❖✉r ✈✐s✐♦♥ ✐s ♥♦t ♦♥❡ ♦❢ ✉♥✐❢♦r♠✐t②✳ ❲❡ ✇❛♥t t♦ ❜❡ ♠✉❧t✐✲♣♦❧✐❝②✳ ❊①❛♠♣❧❡s ♦❢ ❞✐✛❡r❡♥❝❡s ✿ ❉✐r❡❝t s❡❧❧✐♥❣ ✈s✳ r❡❣✐str②✴r❡❣✐str❛r✳ ■❢ r❡❣✐str❛rs✱ ❛r❡ t❤❡② t❤❡ ♦♥❧② ❛✉t❤♦r✐t② ✭❢♦r ✐♥st❛♥❝❡ ✇✐t❤ ❝♦♥t❛❝ts✮ ♦r ♥♦t ❄ ■❉◆ ♦r ♥♦t✱ ❙②♥❝❤r♦♥♦✉s r❡❣✐str❛t✐♦♥ ♦r ♥♦t ✭♣❛♣❡rs r❡q✉✐r❡❞✮✱ ❆✉t♦♠❛t✐❝ ❡①♣✐r❛t✐♦♥ ♦r ❡①♣❧✐❝✐t ❞❡❧❡t✐♦♥ ❄ P❡rs♦♥❛❧ ❞❛t❛ ♣r♦t❡❝t✐♦♥✳

✾ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 25

▼✉❧t✐✲♣♦❧✐❝②

❖✉r ♠♦st ✐♠♣♦rt❛♥t r❡q✉✐r❡♠❡♥t✳ ❊✈❡r② ❚▲❉ ❤❛s ❛ ❞✐✛❡r❡♥t r❡❣✐str❛t✐♦♥ ♣♦❧✐❝②✳ ❖✉r ✈✐s✐♦♥ ✐s ♥♦t ♦♥❡ ♦❢ ✉♥✐❢♦r♠✐t②✳ ❲❡ ✇❛♥t t♦ ❜❡ ♠✉❧t✐✲♣♦❧✐❝②✳ ❊①❛♠♣❧❡s ♦❢ ❞✐✛❡r❡♥❝❡s ✿

◮ ❉✐r❡❝t s❡❧❧✐♥❣ ✈s✳ r❡❣✐str②✴r❡❣✐str❛r✳ ■❢ r❡❣✐str❛rs✱ ❛r❡ t❤❡② t❤❡

♦♥❧② ❛✉t❤♦r✐t② ✭❢♦r ✐♥st❛♥❝❡ ✇✐t❤ ❝♦♥t❛❝ts✮ ♦r ♥♦t ❄ ■❉◆ ♦r ♥♦t✱ ❙②♥❝❤r♦♥♦✉s r❡❣✐str❛t✐♦♥ ♦r ♥♦t ✭♣❛♣❡rs r❡q✉✐r❡❞✮✱ ❆✉t♦♠❛t✐❝ ❡①♣✐r❛t✐♦♥ ♦r ❡①♣❧✐❝✐t ❞❡❧❡t✐♦♥ ❄ P❡rs♦♥❛❧ ❞❛t❛ ♣r♦t❡❝t✐♦♥✳

✾ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 26

▼✉❧t✐✲♣♦❧✐❝②

❖✉r ♠♦st ✐♠♣♦rt❛♥t r❡q✉✐r❡♠❡♥t✳ ❊✈❡r② ❚▲❉ ❤❛s ❛ ❞✐✛❡r❡♥t r❡❣✐str❛t✐♦♥ ♣♦❧✐❝②✳ ❖✉r ✈✐s✐♦♥ ✐s ♥♦t ♦♥❡ ♦❢ ✉♥✐❢♦r♠✐t②✳ ❲❡ ✇❛♥t t♦ ❜❡ ♠✉❧t✐✲♣♦❧✐❝②✳ ❊①❛♠♣❧❡s ♦❢ ❞✐✛❡r❡♥❝❡s ✿

◮ ❉✐r❡❝t s❡❧❧✐♥❣ ✈s✳ r❡❣✐str②✴r❡❣✐str❛r✳ ■❢ r❡❣✐str❛rs✱ ❛r❡ t❤❡② t❤❡

♦♥❧② ❛✉t❤♦r✐t② ✭❢♦r ✐♥st❛♥❝❡ ✇✐t❤ ❝♦♥t❛❝ts✮ ♦r ♥♦t ❄

◮ ■❉◆ ♦r ♥♦t✱

❙②♥❝❤r♦♥♦✉s r❡❣✐str❛t✐♦♥ ♦r ♥♦t ✭♣❛♣❡rs r❡q✉✐r❡❞✮✱ ❆✉t♦♠❛t✐❝ ❡①♣✐r❛t✐♦♥ ♦r ❡①♣❧✐❝✐t ❞❡❧❡t✐♦♥ ❄ P❡rs♦♥❛❧ ❞❛t❛ ♣r♦t❡❝t✐♦♥✳

✾ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 27

▼✉❧t✐✲♣♦❧✐❝②

❖✉r ♠♦st ✐♠♣♦rt❛♥t r❡q✉✐r❡♠❡♥t✳ ❊✈❡r② ❚▲❉ ❤❛s ❛ ❞✐✛❡r❡♥t r❡❣✐str❛t✐♦♥ ♣♦❧✐❝②✳ ❖✉r ✈✐s✐♦♥ ✐s ♥♦t ♦♥❡ ♦❢ ✉♥✐❢♦r♠✐t②✳ ❲❡ ✇❛♥t t♦ ❜❡ ♠✉❧t✐✲♣♦❧✐❝②✳ ❊①❛♠♣❧❡s ♦❢ ❞✐✛❡r❡♥❝❡s ✿

◮ ❉✐r❡❝t s❡❧❧✐♥❣ ✈s✳ r❡❣✐str②✴r❡❣✐str❛r✳ ■❢ r❡❣✐str❛rs✱ ❛r❡ t❤❡② t❤❡

♦♥❧② ❛✉t❤♦r✐t② ✭❢♦r ✐♥st❛♥❝❡ ✇✐t❤ ❝♦♥t❛❝ts✮ ♦r ♥♦t ❄

◮ ■❉◆ ♦r ♥♦t✱ ◮ ❙②♥❝❤r♦♥♦✉s r❡❣✐str❛t✐♦♥ ♦r ♥♦t ✭♣❛♣❡rs r❡q✉✐r❡❞✮✱

❆✉t♦♠❛t✐❝ ❡①♣✐r❛t✐♦♥ ♦r ❡①♣❧✐❝✐t ❞❡❧❡t✐♦♥ ❄ P❡rs♦♥❛❧ ❞❛t❛ ♣r♦t❡❝t✐♦♥✳

✾ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 28

▼✉❧t✐✲♣♦❧✐❝②

❖✉r ♠♦st ✐♠♣♦rt❛♥t r❡q✉✐r❡♠❡♥t✳ ❊✈❡r② ❚▲❉ ❤❛s ❛ ❞✐✛❡r❡♥t r❡❣✐str❛t✐♦♥ ♣♦❧✐❝②✳ ❖✉r ✈✐s✐♦♥ ✐s ♥♦t ♦♥❡ ♦❢ ✉♥✐❢♦r♠✐t②✳ ❲❡ ✇❛♥t t♦ ❜❡ ♠✉❧t✐✲♣♦❧✐❝②✳ ❊①❛♠♣❧❡s ♦❢ ❞✐✛❡r❡♥❝❡s ✿

◮ ❉✐r❡❝t s❡❧❧✐♥❣ ✈s✳ r❡❣✐str②✴r❡❣✐str❛r✳ ■❢ r❡❣✐str❛rs✱ ❛r❡ t❤❡② t❤❡

♦♥❧② ❛✉t❤♦r✐t② ✭❢♦r ✐♥st❛♥❝❡ ✇✐t❤ ❝♦♥t❛❝ts✮ ♦r ♥♦t ❄

◮ ■❉◆ ♦r ♥♦t✱ ◮ ❙②♥❝❤r♦♥♦✉s r❡❣✐str❛t✐♦♥ ♦r ♥♦t ✭♣❛♣❡rs r❡q✉✐r❡❞✮✱ ◮ ❆✉t♦♠❛t✐❝ ❡①♣✐r❛t✐♦♥ ♦r ❡①♣❧✐❝✐t ❞❡❧❡t✐♦♥ ❄

P❡rs♦♥❛❧ ❞❛t❛ ♣r♦t❡❝t✐♦♥✳

✾ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 29

▼✉❧t✐✲♣♦❧✐❝②

❖✉r ♠♦st ✐♠♣♦rt❛♥t r❡q✉✐r❡♠❡♥t✳ ❊✈❡r② ❚▲❉ ❤❛s ❛ ❞✐✛❡r❡♥t r❡❣✐str❛t✐♦♥ ♣♦❧✐❝②✳ ❖✉r ✈✐s✐♦♥ ✐s ♥♦t ♦♥❡ ♦❢ ✉♥✐❢♦r♠✐t②✳ ❲❡ ✇❛♥t t♦ ❜❡ ♠✉❧t✐✲♣♦❧✐❝②✳ ❊①❛♠♣❧❡s ♦❢ ❞✐✛❡r❡♥❝❡s ✿

◮ ❉✐r❡❝t s❡❧❧✐♥❣ ✈s✳ r❡❣✐str②✴r❡❣✐str❛r✳ ■❢ r❡❣✐str❛rs✱ ❛r❡ t❤❡② t❤❡

♦♥❧② ❛✉t❤♦r✐t② ✭❢♦r ✐♥st❛♥❝❡ ✇✐t❤ ❝♦♥t❛❝ts✮ ♦r ♥♦t ❄

◮ ■❉◆ ♦r ♥♦t✱ ◮ ❙②♥❝❤r♦♥♦✉s r❡❣✐str❛t✐♦♥ ♦r ♥♦t ✭♣❛♣❡rs r❡q✉✐r❡❞✮✱ ◮ ❆✉t♦♠❛t✐❝ ❡①♣✐r❛t✐♦♥ ♦r ❡①♣❧✐❝✐t ❞❡❧❡t✐♦♥ ❄ ◮ P❡rs♦♥❛❧ ❞❛t❛ ♣r♦t❡❝t✐♦♥✳

✾ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 30

❊①✐st✐♥❣ s♦❢t✇❛r❡

❖♣❡♥❘❡❣✱ ■❙❈ ❤tt♣✿✴✴✇✇✇✳✐s❝✳♦r❣✴✐♥❞❡①✳♣❧❄✴s✇✴♦♣❡♥r❡❣✴ ❱❡r② ❣♦♦❞ s♦❢t✇❛r❡ ❜✉t ✿

❖♥❧② ♦♥❡ r❡❣✐str❛t✐♦♥ ♣♦❧✐❝② ✭❜❛s✐❝❛❧❧② t❤❡ ♦♥❡ ♦❢ ✏♦r❣✑✮✱ ◆♦ ✐♥t❡r❢❛❝❡ ❢♦r t❤❡ r❡❣✐str② st❛✛ ♦r ❢♦r t❤❡ ♦r❞✐♥❛r② ✉s❡r ✭②♦✉ ❤❛✈❡ t♦ ❞❡✈❡❧♦♣ ✐t ❛s ❛♥ ❊PP ❝❧✐❡♥t ♦r ❛s ❛ ♠❡ss❛❣❡ ❜✉s ❝♦♠♣♦♥❡♥t✮✱ ❚❤❡ ♦♥❧② ✐♥t❡r❢❛❝❡ ❢♦r t❤❡ r❡❣✐str❛rs ✐s ❊PP✱ ✇❤✐❝❤ ■ r❡❣❛r❞ ❛s ❝♦♠♣❧❡t❡❧② ✉♥r❡❛❧✐st✐❝ ❢♦r ♠♦st ❝♦✉♥tr✐❡s✳

❙❘❙✲◆❩ ❤tt♣✿✴✴s♦✉r❝❡❢♦r❣❡✳♥❡t✴♣r♦❥❡❝ts✴❞♥rs✴

❖♥❧② ♦♥❡ r❡❣✐str❛t✐♦♥ ♣♦❧✐❝② ◆♦t ♠❛✐♥t❛✐♥❡❞ ❢♦r ❣❡♥❡r❛❧ ✉s❡

r❡❣✐str♦✳❜r ✿ ♥♦♥ ❢r❡❡

✶✵ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 31

❊①✐st✐♥❣ s♦❢t✇❛r❡

◮ ❖♣❡♥❘❡❣✱ ■❙❈

❤tt♣✿✴✴✇✇✇✳✐s❝✳♦r❣✴✐♥❞❡①✳♣❧❄✴s✇✴♦♣❡♥r❡❣✴ ❱❡r② ❣♦♦❞ s♦❢t✇❛r❡ ❜✉t ✿

◮ ❖♥❧② ♦♥❡ r❡❣✐str❛t✐♦♥ ♣♦❧✐❝② ✭❜❛s✐❝❛❧❧② t❤❡ ♦♥❡ ♦❢ ✏♦r❣✑✮✱ ◮ ◆♦ ✐♥t❡r❢❛❝❡ ❢♦r t❤❡ r❡❣✐str② st❛✛ ♦r ❢♦r t❤❡ ♦r❞✐♥❛r② ✉s❡r ✭②♦✉

❤❛✈❡ t♦ ❞❡✈❡❧♦♣ ✐t ❛s ❛♥ ❊PP ❝❧✐❡♥t ♦r ❛s ❛ ♠❡ss❛❣❡ ❜✉s ❝♦♠♣♦♥❡♥t✮✱

◮ ❚❤❡ ♦♥❧② ✐♥t❡r❢❛❝❡ ❢♦r t❤❡ r❡❣✐str❛rs ✐s ❊PP✱ ✇❤✐❝❤ ■ r❡❣❛r❞ ❛s

❝♦♠♣❧❡t❡❧② ✉♥r❡❛❧✐st✐❝ ❢♦r ♠♦st ❝♦✉♥tr✐❡s✳

❙❘❙✲◆❩ ❤tt♣✿✴✴s♦✉r❝❡❢♦r❣❡✳♥❡t✴♣r♦❥❡❝ts✴❞♥rs✴

❖♥❧② ♦♥❡ r❡❣✐str❛t✐♦♥ ♣♦❧✐❝② ◆♦t ♠❛✐♥t❛✐♥❡❞ ❢♦r ❣❡♥❡r❛❧ ✉s❡

r❡❣✐str♦✳❜r ✿ ♥♦♥ ❢r❡❡

✶✵ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 32

❊①✐st✐♥❣ s♦❢t✇❛r❡

◮ ❖♣❡♥❘❡❣✱ ■❙❈

❤tt♣✿✴✴✇✇✇✳✐s❝✳♦r❣✴✐♥❞❡①✳♣❧❄✴s✇✴♦♣❡♥r❡❣✴ ❱❡r② ❣♦♦❞ s♦❢t✇❛r❡ ❜✉t ✿

◮ ❖♥❧② ♦♥❡ r❡❣✐str❛t✐♦♥ ♣♦❧✐❝② ✭❜❛s✐❝❛❧❧② t❤❡ ♦♥❡ ♦❢ ✏♦r❣✑✮✱ ◮ ◆♦ ✐♥t❡r❢❛❝❡ ❢♦r t❤❡ r❡❣✐str② st❛✛ ♦r ❢♦r t❤❡ ♦r❞✐♥❛r② ✉s❡r ✭②♦✉

❤❛✈❡ t♦ ❞❡✈❡❧♦♣ ✐t ❛s ❛♥ ❊PP ❝❧✐❡♥t ♦r ❛s ❛ ♠❡ss❛❣❡ ❜✉s ❝♦♠♣♦♥❡♥t✮✱

◮ ❚❤❡ ♦♥❧② ✐♥t❡r❢❛❝❡ ❢♦r t❤❡ r❡❣✐str❛rs ✐s ❊PP✱ ✇❤✐❝❤ ■ r❡❣❛r❞ ❛s

❝♦♠♣❧❡t❡❧② ✉♥r❡❛❧✐st✐❝ ❢♦r ♠♦st ❝♦✉♥tr✐❡s✳

◮ ❙❘❙✲◆❩ ❤tt♣✿✴✴s♦✉r❝❡❢♦r❣❡✳♥❡t✴♣r♦❥❡❝ts✴❞♥rs✴

◮ ❖♥❧② ♦♥❡ r❡❣✐str❛t✐♦♥ ♣♦❧✐❝② ◮ ◆♦t ♠❛✐♥t❛✐♥❡❞ ❢♦r ❣❡♥❡r❛❧ ✉s❡

r❡❣✐str♦✳❜r ✿ ♥♦♥ ❢r❡❡

✶✵ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 33

❊①✐st✐♥❣ s♦❢t✇❛r❡

◮ ❖♣❡♥❘❡❣✱ ■❙❈

❤tt♣✿✴✴✇✇✇✳✐s❝✳♦r❣✴✐♥❞❡①✳♣❧❄✴s✇✴♦♣❡♥r❡❣✴ ❱❡r② ❣♦♦❞ s♦❢t✇❛r❡ ❜✉t ✿

◮ ❖♥❧② ♦♥❡ r❡❣✐str❛t✐♦♥ ♣♦❧✐❝② ✭❜❛s✐❝❛❧❧② t❤❡ ♦♥❡ ♦❢ ✏♦r❣✑✮✱ ◮ ◆♦ ✐♥t❡r❢❛❝❡ ❢♦r t❤❡ r❡❣✐str② st❛✛ ♦r ❢♦r t❤❡ ♦r❞✐♥❛r② ✉s❡r ✭②♦✉

❤❛✈❡ t♦ ❞❡✈❡❧♦♣ ✐t ❛s ❛♥ ❊PP ❝❧✐❡♥t ♦r ❛s ❛ ♠❡ss❛❣❡ ❜✉s ❝♦♠♣♦♥❡♥t✮✱

◮ ❚❤❡ ♦♥❧② ✐♥t❡r❢❛❝❡ ❢♦r t❤❡ r❡❣✐str❛rs ✐s ❊PP✱ ✇❤✐❝❤ ■ r❡❣❛r❞ ❛s

❝♦♠♣❧❡t❡❧② ✉♥r❡❛❧✐st✐❝ ❢♦r ♠♦st ❝♦✉♥tr✐❡s✳

◮ ❙❘❙✲◆❩ ❤tt♣✿✴✴s♦✉r❝❡❢♦r❣❡✳♥❡t✴♣r♦❥❡❝ts✴❞♥rs✴

◮ ❖♥❧② ♦♥❡ r❡❣✐str❛t✐♦♥ ♣♦❧✐❝② ◮ ◆♦t ♠❛✐♥t❛✐♥❡❞ ❢♦r ❣❡♥❡r❛❧ ✉s❡

◮ r❡❣✐str♦✳❜r ✿ ♥♦♥ ❢r❡❡

✶✵ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 34

❚❤❡ ♣r♦❥❡❝t

❋♦✉r t❡❛♠s ✭t❤r❡❡ ❛❝t✉❛❧❧②✮ ✐♥ ❞✐✛❡r❡♥t ❝♦✉♥tr✐❡s✳ ❚❤✐s ✐s ❝♦✲❞❡✈❡❧♦♣♠❡♥t ✿ t❤❡ ❜❡st ✇❛② t♦ ❜❡ s✉r❡ t❤❡ s♦❢t✇❛r❡ ✐s s✉✐t❛❜❧❡ ❢♦r t❤❡ ✉s❡rs✳

◮ ◆■❈✲❈■ ✭■✈♦r② ❈♦❛st✮ ◮ ◆■❈✲▼● ✭▼❛❞❛❣❛s❝❛r✮ ◮ ❆❋◆■❈ ✭❋r❛♥❝❡✮✱ ♠❛♥❛❣❡r✳

▼♦st ♦❢ t❤❡ ♠♦♥❡② ❝❛♠❡ ❢r♦♠ t❤❡ ❋r❡♥❝❤ ❣♦✈❡r♥♠❡♥t✳

✶✶ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 35

❚❤❡ ♣r♦❝❡ss

❋✐rst✱ ❛ ♦♥❡✲♠♦♥t❤ ✇♦r❦s❤♦♣ ✭❋❡❜✳ ✷✵✵✺✮ t♦ ❞✐s❝✉ss✱ ♣r♦t♦t②♣❡✱ ❜r❛✐♥st♦r♠✳ P❛rt✐❝✐♣❛♥ts ❝❛♠❡ ❢r♦♠ s❡✈❡♥ ◆■❈ ✿ ❍❛✐t✐✱ ❆❧❣❡r✐❛✱ ■✈♦r② ❈♦❛st✱

❛❜♦♥✱ ▼❛❞❛❣❛s❝❛r✱ ▼❛✉r✐t❛♥✐❛✱ ❋r❛♥❝❡✳

❚❤❡♥✱ ❞❡✈❡❧♦♣♠❡♥t✱ ✇✐t❤ ✈❛r✐♦✉s ❣r♦✉♣✇❛r❡ t♦♦❧s ✭❙✉❜✈❡rs✐♦♥✱ ❘❡q✉❡st ❚r❛❝❦❡r✱ ♠❛✐❧✐♥❣ ❧✐sts✱ ■❘❈ s❡ss✐♦♥✮✳ P♦♦r ■♥t❡r♥❡t ❝♦♥♥❡❝t✐✈✐t② ✇❛s ❛ ❜✐❣ ♣r♦❜❧❡♠ ✐♥ ▼❛❞❛❣❛s❝❛r✳ ❚❤❡ ■✈♦r② ❈♦❛st ❞❡✈❡❧♦♣❡rs ✇♦r❦❡❞ ❞✉r✐♥❣ ❛ ❝✐✈✐❧ ✇❛r✳

✶✷ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 36

❚❡❝❤♥✐❝❛❧ ❝❤♦✐❝❡s

P②t❤♦♥ ♣r♦❣r❛♠♠✐♥❣ ❧❛♥❣✉❛❣❡ ✿ s✐♠♣❧✐❝✐t② ❛♥❞ r❡❛❞❛❜✐❧✐t②✱ ❉❇▼❙ P♦st❣r❡❙◗▲ ✿ tr✐❣❣❡rs✱ ✐♥t❡❣r✐t② ❝♦♥str❛✐♥ts✱ st♦r❡❞ ♣r♦❝❡❞✉r❡s✱ ❈❤❡❡t❛❤ t❡♠♣❧❛t✐♥❣ s②st❡♠ ✭♥♦t ♦♥❧② ❢♦r t❤❡ ❲❡❜ s✐t❡ ❜✉t ❛❧s♦ ❢♦r ♠❛❦✐♥❣ t❤❡ s②st❡♠ ♠✉❧t✐✲♣♦❧✐❝②✮✱ ❆♣❛❝❤❡✱ ♠♦❞❴♣②t❤♦♥ ❛♥❞ ❱❛♠♣✐r❡ ❢♦r t❤❡ ❲❡❜ s✐t❡✳ ❉♦❝❜♦♦❦ ❛♥❞ P②t❤♦♥✬s r❡❙❚ ❢♦r t❤❡ ❞♦❝✉♠❡♥t❛t✐♦♥✳

✶✸ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 37

❚❡❝❤♥✐❝❛❧ ❝❤♦✐❝❡s

◮ P②t❤♦♥ ♣r♦❣r❛♠♠✐♥❣ ❧❛♥❣✉❛❣❡ ✿ s✐♠♣❧✐❝✐t② ❛♥❞ r❡❛❞❛❜✐❧✐t②✱

❉❇▼❙ P♦st❣r❡❙◗▲ ✿ tr✐❣❣❡rs✱ ✐♥t❡❣r✐t② ❝♦♥str❛✐♥ts✱ st♦r❡❞ ♣r♦❝❡❞✉r❡s✱ ❈❤❡❡t❛❤ t❡♠♣❧❛t✐♥❣ s②st❡♠ ✭♥♦t ♦♥❧② ❢♦r t❤❡ ❲❡❜ s✐t❡ ❜✉t ❛❧s♦ ❢♦r ♠❛❦✐♥❣ t❤❡ s②st❡♠ ♠✉❧t✐✲♣♦❧✐❝②✮✱ ❆♣❛❝❤❡✱ ♠♦❞❴♣②t❤♦♥ ❛♥❞ ❱❛♠♣✐r❡ ❢♦r t❤❡ ❲❡❜ s✐t❡✳ ❉♦❝❜♦♦❦ ❛♥❞ P②t❤♦♥✬s r❡❙❚ ❢♦r t❤❡ ❞♦❝✉♠❡♥t❛t✐♦♥✳

✶✸ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 38

❚❡❝❤♥✐❝❛❧ ❝❤♦✐❝❡s

◮ P②t❤♦♥ ♣r♦❣r❛♠♠✐♥❣ ❧❛♥❣✉❛❣❡ ✿ s✐♠♣❧✐❝✐t② ❛♥❞ r❡❛❞❛❜✐❧✐t②✱ ◮ ❉❇▼❙ P♦st❣r❡❙◗▲ ✿ tr✐❣❣❡rs✱ ✐♥t❡❣r✐t② ❝♦♥str❛✐♥ts✱ st♦r❡❞

♣r♦❝❡❞✉r❡s✱ ❈❤❡❡t❛❤ t❡♠♣❧❛t✐♥❣ s②st❡♠ ✭♥♦t ♦♥❧② ❢♦r t❤❡ ❲❡❜ s✐t❡ ❜✉t ❛❧s♦ ❢♦r ♠❛❦✐♥❣ t❤❡ s②st❡♠ ♠✉❧t✐✲♣♦❧✐❝②✮✱ ❆♣❛❝❤❡✱ ♠♦❞❴♣②t❤♦♥ ❛♥❞ ❱❛♠♣✐r❡ ❢♦r t❤❡ ❲❡❜ s✐t❡✳ ❉♦❝❜♦♦❦ ❛♥❞ P②t❤♦♥✬s r❡❙❚ ❢♦r t❤❡ ❞♦❝✉♠❡♥t❛t✐♦♥✳

✶✸ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 39

❚❡❝❤♥✐❝❛❧ ❝❤♦✐❝❡s

◮ P②t❤♦♥ ♣r♦❣r❛♠♠✐♥❣ ❧❛♥❣✉❛❣❡ ✿ s✐♠♣❧✐❝✐t② ❛♥❞ r❡❛❞❛❜✐❧✐t②✱ ◮ ❉❇▼❙ P♦st❣r❡❙◗▲ ✿ tr✐❣❣❡rs✱ ✐♥t❡❣r✐t② ❝♦♥str❛✐♥ts✱ st♦r❡❞

♣r♦❝❡❞✉r❡s✱

◮ ❈❤❡❡t❛❤ t❡♠♣❧❛t✐♥❣ s②st❡♠ ✭♥♦t ♦♥❧② ❢♦r t❤❡ ❲❡❜ s✐t❡ ❜✉t ❛❧s♦

❢♦r ♠❛❦✐♥❣ t❤❡ s②st❡♠ ♠✉❧t✐✲♣♦❧✐❝②✮✱ ❆♣❛❝❤❡✱ ♠♦❞❴♣②t❤♦♥ ❛♥❞ ❱❛♠♣✐r❡ ❢♦r t❤❡ ❲❡❜ s✐t❡✳ ❉♦❝❜♦♦❦ ❛♥❞ P②t❤♦♥✬s r❡❙❚ ❢♦r t❤❡ ❞♦❝✉♠❡♥t❛t✐♦♥✳

✶✸ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 40

❚❡❝❤♥✐❝❛❧ ❝❤♦✐❝❡s

◮ P②t❤♦♥ ♣r♦❣r❛♠♠✐♥❣ ❧❛♥❣✉❛❣❡ ✿ s✐♠♣❧✐❝✐t② ❛♥❞ r❡❛❞❛❜✐❧✐t②✱ ◮ ❉❇▼❙ P♦st❣r❡❙◗▲ ✿ tr✐❣❣❡rs✱ ✐♥t❡❣r✐t② ❝♦♥str❛✐♥ts✱ st♦r❡❞

♣r♦❝❡❞✉r❡s✱

◮ ❈❤❡❡t❛❤ t❡♠♣❧❛t✐♥❣ s②st❡♠ ✭♥♦t ♦♥❧② ❢♦r t❤❡ ❲❡❜ s✐t❡ ❜✉t ❛❧s♦

❢♦r ♠❛❦✐♥❣ t❤❡ s②st❡♠ ♠✉❧t✐✲♣♦❧✐❝②✮✱

◮ ❆♣❛❝❤❡✱ ♠♦❞❴♣②t❤♦♥ ❛♥❞ ❱❛♠♣✐r❡ ❢♦r t❤❡ ❲❡❜ s✐t❡✳

❉♦❝❜♦♦❦ ❛♥❞ P②t❤♦♥✬s r❡❙❚ ❢♦r t❤❡ ❞♦❝✉♠❡♥t❛t✐♦♥✳

✶✸ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 41

❚❡❝❤♥✐❝❛❧ ❝❤♦✐❝❡s

◮ P②t❤♦♥ ♣r♦❣r❛♠♠✐♥❣ ❧❛♥❣✉❛❣❡ ✿ s✐♠♣❧✐❝✐t② ❛♥❞ r❡❛❞❛❜✐❧✐t②✱ ◮ ❉❇▼❙ P♦st❣r❡❙◗▲ ✿ tr✐❣❣❡rs✱ ✐♥t❡❣r✐t② ❝♦♥str❛✐♥ts✱ st♦r❡❞

♣r♦❝❡❞✉r❡s✱

◮ ❈❤❡❡t❛❤ t❡♠♣❧❛t✐♥❣ s②st❡♠ ✭♥♦t ♦♥❧② ❢♦r t❤❡ ❲❡❜ s✐t❡ ❜✉t ❛❧s♦

❢♦r ♠❛❦✐♥❣ t❤❡ s②st❡♠ ♠✉❧t✐✲♣♦❧✐❝②✮✱

◮ ❆♣❛❝❤❡✱ ♠♦❞❴♣②t❤♦♥ ❛♥❞ ❱❛♠♣✐r❡ ❢♦r t❤❡ ❲❡❜ s✐t❡✳ ◮ ❉♦❝❜♦♦❦ ❛♥❞ P②t❤♦♥✬s r❡❙❚ ❢♦r t❤❡ ❞♦❝✉♠❡♥t❛t✐♦♥✳

✶✸ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 42

❚❡❝❤♥✐❝❛❧ ❝❤♦✐❝❡s

◮ P②t❤♦♥ ♣r♦❣r❛♠♠✐♥❣ ❧❛♥❣✉❛❣❡ ✿ s✐♠♣❧✐❝✐t② ❛♥❞ r❡❛❞❛❜✐❧✐t②✱ ◮ ❉❇▼❙ P♦st❣r❡❙◗▲ ✿ tr✐❣❣❡rs✱ ✐♥t❡❣r✐t② ❝♦♥str❛✐♥ts✱ st♦r❡❞

♣r♦❝❡❞✉r❡s✱

◮ ❈❤❡❡t❛❤ t❡♠♣❧❛t✐♥❣ s②st❡♠ ✭♥♦t ♦♥❧② ❢♦r t❤❡ ❲❡❜ s✐t❡ ❜✉t ❛❧s♦

❢♦r ♠❛❦✐♥❣ t❤❡ s②st❡♠ ♠✉❧t✐✲♣♦❧✐❝②✮✱

◮ ❆♣❛❝❤❡✱ ♠♦❞❴♣②t❤♦♥ ❛♥❞ ❱❛♠♣✐r❡ ❢♦r t❤❡ ❲❡❜ s✐t❡✳ ◮ ❉♦❝❜♦♦❦ ❛♥❞ P②t❤♦♥✬s r❡❙❚ ❢♦r t❤❡ ❞♦❝✉♠❡♥t❛t✐♦♥✳

❈♦♥t✐♥♦✉s ✐♥t❡❣r❛t✐♦♥ t❡st✐♥❣ ❛✉t♦♠❛t✐❝❛❧❧②✱ ❡✈❡r② ❞❛② ❤tt♣✿✴✴✇✇✇✳♠❛rt✐♥❢♦✇❧❡r✳❝♦♠✴❛rt✐❝❧❡s✴ ❝♦♥t✐♥✉♦✉s■♥t❡❣r❛t✐♦♥✳❤t♠❧✳

✶✸ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 43

❚❤❡ ❝♦♥✜❣✉r❛t✐♦♥ ✜❧❡

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

t❧❞❂❡①❛♠♣❧❡ ✐❞♥ ❂ ❢❛❧s❡ ❤❛✈❡❴r❡❣✐str❛rs❂ tr✉❡ r❡❣✐str❛r❴♠❛♥❛❣❡s❴❝♦♥t❛❝ts ❂ tr✉❡

✶✺ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 44

❚❤❡ ❞❛t❛❜❛s❡

❆♠❜✐t✐♦♥ ✿ t♦ ❜❡ t❤❡ ✉♥✐q✉❡ r❡❢❡r❡♥❝❡ ❢♦r t❤❡ ❚▲❉ ✭♥♦ st❛t❡ ✐♥ t❤❡ ③♦♥❡ ✜❧❡✱ ❢♦r ✐♥st❛♥❝❡✮✱ ■♥t❡❣r✐t② ❝♦♥str❛✐♥ts✱ ❛s ❢❛r ❛s ❙◗▲ ❣♦❡s ✭tr✐❣❣❡rs ❛♥❞ st♦r❡❞ ♣r♦❝❡❞✉r❡s✮✱ ◆♦t r❡❛❧❧② ♣♦rt❛❜❧❡ ✭✐♠♣♦ss✐❜❧❡ ✇✐t❤ ❙◗▲✮✱ ❯s❡ ♦❢ ❈❤❡❡t❛❤ t❡♠♣❧❛t❡s t♦ ✐♠♣❧❡♠❡♥t ♠✉❧t✐✲♣♦❧✐❝②✳

✶✻ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 45

❚❤❡ ❞❛t❛❜❛s❡

◮ ❆♠❜✐t✐♦♥ ✿ t♦ ❜❡ t❤❡ ✉♥✐q✉❡ r❡❢❡r❡♥❝❡ ❢♦r t❤❡ ❚▲❉ ✭♥♦ st❛t❡ ✐♥

t❤❡ ③♦♥❡ ✜❧❡✱ ❢♦r ✐♥st❛♥❝❡✮✱ ■♥t❡❣r✐t② ❝♦♥str❛✐♥ts✱ ❛s ❢❛r ❛s ❙◗▲ ❣♦❡s ✭tr✐❣❣❡rs ❛♥❞ st♦r❡❞ ♣r♦❝❡❞✉r❡s✮✱ ◆♦t r❡❛❧❧② ♣♦rt❛❜❧❡ ✭✐♠♣♦ss✐❜❧❡ ✇✐t❤ ❙◗▲✮✱ ❯s❡ ♦❢ ❈❤❡❡t❛❤ t❡♠♣❧❛t❡s t♦ ✐♠♣❧❡♠❡♥t ♠✉❧t✐✲♣♦❧✐❝②✳

✶✻ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 46

❚❤❡ ❞❛t❛❜❛s❡

◮ ❆♠❜✐t✐♦♥ ✿ t♦ ❜❡ t❤❡ ✉♥✐q✉❡ r❡❢❡r❡♥❝❡ ❢♦r t❤❡ ❚▲❉ ✭♥♦ st❛t❡ ✐♥

t❤❡ ③♦♥❡ ✜❧❡✱ ❢♦r ✐♥st❛♥❝❡✮✱

◮ ■♥t❡❣r✐t② ❝♦♥str❛✐♥ts✱ ❛s ❢❛r ❛s ❙◗▲ ❣♦❡s ✭tr✐❣❣❡rs ❛♥❞ st♦r❡❞

♣r♦❝❡❞✉r❡s✮✱ ◆♦t r❡❛❧❧② ♣♦rt❛❜❧❡ ✭✐♠♣♦ss✐❜❧❡ ✇✐t❤ ❙◗▲✮✱ ❯s❡ ♦❢ ❈❤❡❡t❛❤ t❡♠♣❧❛t❡s t♦ ✐♠♣❧❡♠❡♥t ♠✉❧t✐✲♣♦❧✐❝②✳

✶✻ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 47

❚❤❡ ❞❛t❛❜❛s❡

◮ ❆♠❜✐t✐♦♥ ✿ t♦ ❜❡ t❤❡ ✉♥✐q✉❡ r❡❢❡r❡♥❝❡ ❢♦r t❤❡ ❚▲❉ ✭♥♦ st❛t❡ ✐♥

t❤❡ ③♦♥❡ ✜❧❡✱ ❢♦r ✐♥st❛♥❝❡✮✱

◮ ■♥t❡❣r✐t② ❝♦♥str❛✐♥ts✱ ❛s ❢❛r ❛s ❙◗▲ ❣♦❡s ✭tr✐❣❣❡rs ❛♥❞ st♦r❡❞

♣r♦❝❡❞✉r❡s✮✱

◮ ◆♦t r❡❛❧❧② ♣♦rt❛❜❧❡ ✭✐♠♣♦ss✐❜❧❡ ✇✐t❤ ❙◗▲✮✱

❯s❡ ♦❢ ❈❤❡❡t❛❤ t❡♠♣❧❛t❡s t♦ ✐♠♣❧❡♠❡♥t ♠✉❧t✐✲♣♦❧✐❝②✳

✶✻ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 48

❚❤❡ ❞❛t❛❜❛s❡

◮ ❆♠❜✐t✐♦♥ ✿ t♦ ❜❡ t❤❡ ✉♥✐q✉❡ r❡❢❡r❡♥❝❡ ❢♦r t❤❡ ❚▲❉ ✭♥♦ st❛t❡ ✐♥

t❤❡ ③♦♥❡ ✜❧❡✱ ❢♦r ✐♥st❛♥❝❡✮✱

◮ ■♥t❡❣r✐t② ❝♦♥str❛✐♥ts✱ ❛s ❢❛r ❛s ❙◗▲ ❣♦❡s ✭tr✐❣❣❡rs ❛♥❞ st♦r❡❞

♣r♦❝❡❞✉r❡s✮✱

◮ ◆♦t r❡❛❧❧② ♣♦rt❛❜❧❡ ✭✐♠♣♦ss✐❜❧❡ ✇✐t❤ ❙◗▲✮✱ ◮ ❯s❡ ♦❢ ❈❤❡❡t❛❤ t❡♠♣❧❛t❡s t♦ ✐♠♣❧❡♠❡♥t ♠✉❧t✐✲♣♦❧✐❝②✳

✶✻ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 49

❚❤❡ ❧✐❜r❛r②

❊✈❡r② ❛❝❝❡ss t♦ t❤❡ ❞❛t❛❜❛s❡ ✭❡①❝❡♣t r❡❛❞✲♦♥❧② ❛❝❝❡ss❡s✮ ❣♦❡s t❤r♦✉❣❤ t❤❡ ❧✐❜r❛r②✳ ❖♥❡ P②t❤♦♥ ❝❧❛ss ♣❡r t②♣❡ ♦❢ ♦❜❥❡❝t ✿ ❉♦♠❛✐♥s✱ ❈♦♥t❛❝ts✱ ◆❛♠❡s❡r✈❡rs✳ ✳ ✳ ❍♦♦❦s ❢♦r t❤❡ ❧♦❝❛❧ ❝✉st♦♠✐③❛t✐♦♥✳

✶✼ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 50

❚❤❡ ❳▼▲✲❘P❈ s❡r✈❡r

❚❤❡ ♦♥❧② ❡①t❡r♥❛❧ ✐♥t❡r❢❛❝❡ ✐s ❛ ❳▼▲✲❘P❈ s❡r✈❡r ✭❛♥ ❡♠❛✐❧ ✐♥t❡r❢❛❝❡ ✐s ♣❧❛♥♥❡❞✮✳ P❡♦♣❧❡ ♦✉ts✐❞❡ ♦❢ t❤❡ r❡❣✐str② ✭r❡❣✐str❛rs✱ ❛✉t❤♦r✐③❡❞ ✉s❡rs✮ ❝❛♥ r❡❛❞ ❛♥❞ ✇r✐t❡ ✐♥ t❤❡ ❞❛t❛❜❛s❡✳

✶✽ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 51

❆s②♥❝❤r♦♥♦✉s ♦♣❡r❛t✐♦♥s

❋♦r ✐♥st❛♥❝❡✱ tr❛♥s❢❡rs ❜❡t✇❡❡♥ r❡❣✐str❛rs✳ ❈❖❉❊❱✲◆■❈ r❡❧✐❡s ♦♥ ❛♥ ❡①✐st✐♥❣ t♦♦❧ ✿ ❘❡q✉❡st ❚r❛❝❦❡r✳ ❚❤❛t ✇❛②✱ ✇❡ ❞♦ ♥♦t ❤❛✈❡ t♦ r❡✐♥✈❡♥t t❤❡ ✇❤❡❡❧✳ ❘❡q✉❡st ❚r❛❝❦❡r ✐s ❡❛s✐❧② ✐♥t❡r❢❛❝❛❜❧❡✱ t❤❛♥❦s t♦ s❝r✐♣s✳

✶✾ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 52

❉❡♣❧♦②♠❡♥t

❖♣❡r❛t✐♦♥❛❧ t♦❞❛② ✐♥ ■✈♦r② ❈♦❛st ✭st❛rt✐♥❣ ✐♥ ❋❡❜r✉❛r② ✷✵✵✻✮✳ ■♥ ▼❛❞❛❣❛s❝❛r ♠❛② ❜❡ t❤✐s ②❡❛r✳

✷✵ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 53

❈✉rr❡♥t st❛t❡

◆♦t ❡♥♦✉❣❤ ❞❡♣❧♦②♠❡♥ts t♦ ❜❡ t♦♦ ❛ss❡rt✐✈❡✱ ■♥st❛❧❧❛t✐♦♥ ❛♥❞ ❞❡♣❧♦②♠❡♥t st✐❧❧ ✈❡r② r♦✉❣❤ ✭♥♦ t❛r❜❛❧❧✱ ♥♦ ❝♦♥❢✐❣✉r❡ s❝r✐♣t✮✱ ❙♦♠❡ ♣✐❡❝❡s ❛r❡ ♠✐ss✐♥❣ ❧✐❦❡ ■❉◆ s✉♣♣♦rt✳

✷✶ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 54

❈✉rr❡♥t st❛t❡

◮ ◆♦t ❡♥♦✉❣❤ ❞❡♣❧♦②♠❡♥ts t♦ ❜❡ t♦♦ ❛ss❡rt✐✈❡✱

■♥st❛❧❧❛t✐♦♥ ❛♥❞ ❞❡♣❧♦②♠❡♥t st✐❧❧ ✈❡r② r♦✉❣❤ ✭♥♦ t❛r❜❛❧❧✱ ♥♦ ❝♦♥❢✐❣✉r❡ s❝r✐♣t✮✱ ❙♦♠❡ ♣✐❡❝❡s ❛r❡ ♠✐ss✐♥❣ ❧✐❦❡ ■❉◆ s✉♣♣♦rt✳

✷✶ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 55

❈✉rr❡♥t st❛t❡

◮ ◆♦t ❡♥♦✉❣❤ ❞❡♣❧♦②♠❡♥ts t♦ ❜❡ t♦♦ ❛ss❡rt✐✈❡✱ ◮ ■♥st❛❧❧❛t✐♦♥ ❛♥❞ ❞❡♣❧♦②♠❡♥t st✐❧❧ ✈❡r② r♦✉❣❤ ✭♥♦ t❛r❜❛❧❧✱ ♥♦

❝♦♥❢✐❣✉r❡ s❝r✐♣t✮✱ ❙♦♠❡ ♣✐❡❝❡s ❛r❡ ♠✐ss✐♥❣ ❧✐❦❡ ■❉◆ s✉♣♣♦rt✳

✷✶ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 56

❈✉rr❡♥t st❛t❡

◮ ◆♦t ❡♥♦✉❣❤ ❞❡♣❧♦②♠❡♥ts t♦ ❜❡ t♦♦ ❛ss❡rt✐✈❡✱ ◮ ■♥st❛❧❧❛t✐♦♥ ❛♥❞ ❞❡♣❧♦②♠❡♥t st✐❧❧ ✈❡r② r♦✉❣❤ ✭♥♦ t❛r❜❛❧❧✱ ♥♦

❝♦♥❢✐❣✉r❡ s❝r✐♣t✮✱

◮ ❙♦♠❡ ♣✐❡❝❡s ❛r❡ ♠✐ss✐♥❣ ❧✐❦❡ ■❉◆ s✉♣♣♦rt✳

✷✶ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡

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SLIDE 57

❈✉rr❡♥t st❛t❡

◮ ◆♦t ❡♥♦✉❣❤ ❞❡♣❧♦②♠❡♥ts t♦ ❜❡ t♦♦ ❛ss❡rt✐✈❡✱ ◮ ■♥st❛❧❧❛t✐♦♥ ❛♥❞ ❞❡♣❧♦②♠❡♥t st✐❧❧ ✈❡r② r♦✉❣❤ ✭♥♦ t❛r❜❛❧❧✱ ♥♦

❝♦♥❢✐❣✉r❡ s❝r✐♣t✮✱

◮ ❙♦♠❡ ♣✐❡❝❡s ❛r❡ ♠✐ss✐♥❣ ❧✐❦❡ ■❉◆ s✉♣♣♦rt✳

❇✉t ✐t ✐s ❢r❡❡ s♦❢t✇❛r❡✱ ②♦✉ ❛r❡ ✇❡❧❝♦♠❡ t♦ ❤❡❧♣✳

✷✶ ❈❖❉❊❱✲◆■❈ ❢r❡❡ r❡❣✐str② s♦❢t✇❛r❡