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SLIDE 1

❙❡♠❛♣❤♦r❡s

■◆❋✹✶✹✵

✶✹✳✵✾✳✶✶

▲❡❝t✉r❡ ✸

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✶ ✴ ✸✾

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SLIDE 2

❖✉t❧✐♥❡

❇❛rr✐❡rs ❙❡♠❛♣❤♦r❡s

▼❛✐♥ ✐❞❡❛s ■♠♣♦rt❛♥t s②♥❝❤r♦♥✐③❛t✐♦♥ ♣r♦❜❧❡♠s

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✷ ✴ ✸✾

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SLIDE 3

❇❛rr✐❡r ❙②♥❝❤r♦♥✐③❛t✐♦♥

P❛r❛❧❧❡❧ ❝♦♠♣✉t❛t✐♦♥ ♦❢ ❞✐s❥♦✐♥t ♣❛rts ✭❡✳❣✳✱ ❛rr❛② ❡❧❡♠❡♥ts✮ ▲♦♦♣ ✐♥ ❡❛❝❤ ♣r♦❝❡ss✱ ❡❛❝❤ ✐t❡r❛t✐♦♥ ❞❡♣❡♥❞s ♦♥ t❤❡ r❡s✉❧t ❢r♦♠ ❧❛st ✐t❡r❛t✐♦♥ ♣r♦❝❡ss ❲♦r❦❡r❬✐❂✶ t♦ ♥❪ ④ ✇❤✐❧❡ ✭tr✉❡✮ ④ ❈♦❞❡ t♦ ✐♠♣❧❡♠❡♥t t❛s❦ ✐❀ ❲❛✐t ❢♦r ❛❧❧ ♥ t❛s❦s t♦ ❝♦♠♣❧❡t❡❀ ★ ❇❛rr✐❡r ⑥ ⑥ ❆❧❧ ♣r♦❝❡ss❡s ♠✉st r❡❛❝❤ t❤❡ ❜❛rr✐❡r ❜❡❢♦r❡ ❛♥② ♦❢ t❤❡♠ ❝❛♥ ❝♦♥t✐♥✉❡

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✸ ✴ ✸✾

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SLIDE 4

❙❤❛r❡❞ ❈♦✉♥t❡r

Pr♦❝❡ss❡s ♠✉st ❜❡ s②♥❝❤r♦♥✐③❡❞ ❛❢t❡r ❝♦♠♣✉t✐♥❣ t❤❡✐r ✭s✉❜✮t❛s❦s✳ ❚❤❡ s②♥❝❤r♦♥✐③❛t✐♦♥ ❝❛♥ ❜❡ ✐♠♣❧❡♠❡♥t❡❞ ❜② ✉s✐♥❣ ❛ s❤❛r❡❞ ❝♦✉♥t❡r✿ ✐♥t ❝♦✉♥t ❂ ✵❀ ♣r♦❝❡ss ❲♦r❦❡r❬✐❂✶ t♦ ♥❪ ④ ✇❤✐❧❡ ✭tr✉❡✮ ④ ❚❛s❦ ✐ ❁ ❝♦✉♥t ❂ ❝♦✉♥t ✰ ✶❀ ❃ ❁ ❛✇❛✐t ✭❝♦✉♥t ❂❂ ♥✮❀ ❃ ⑥ ⑥ ❈❛♥ ❜❡ ✐♠♣❧❡♠❡♥t❡❞ ❜② ❢❡t❝❤✲❛♥❞✲❛❞❞ ✭❋❆✮ ✐♥str✉❝t✐♦♥ ❉r❛✇❜❛❝❦s✿ ❝♦✉♥t ♠✉st ❜❡ r❡s❡t ❜❡t✇❡❡♥ ❡❛❝❤ ✐t❡r❛t✐♦♥ ▼✉st ❜❡ ♠♦❞✐✜❡❞ ❜② ❛t♦♠✐❝ ♦♣❡r❛t✐♦♥s ■♥❡✣❝✐❡♥t✿ ♠❛♥② ♣r♦❝❡ss❡s ❛r❡ r❡❛❞✐♥❣ ❛♥❞ ✇r✐t✐♥❣ t♦ ❝♦✉♥t ❛t t❤❡ s❛♠❡ t✐♠❡

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✹ ✴ ✸✾

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SLIDE 5

❋❧❛❣s ❛♥❞ ❝♦♦r❞✐♥❛t♦rs

  • ♦❛❧✿ ❆✈♦✐❞ ♦✈❡r❧♦❛❞ ♦❢ r❡❛❞ ❛♥❞ ✇r✐t❡ ♦♣❡r❛t✐♦♥s ♦♥ ♦♥❡ ✈❛r✐❛❜❧❡✳

❙♣❧✐t s❤❛r❡❞ ❝♦✉♥t❡r → s❡✈❡r❛❧ ❧♦❝❛❧ ✈❛r✐❛❜❧❡s✳ ❲♦r❦❡r❬✐❪✿ ❛rr✐✈❡❬✐❪ ❂ ✶❀ ❁ ❛✇❛✐t ✭❝♦♥t✐♥✉❡❬✐❪ ❂❂ ✶✮❀❃ ❈♦♦r❞✐♥❛t♦r✿ ❢♦r ❬✐❂✶ t♦ ♥❪ ❁ ❛✇❛✐t ✭❛rr✐✈❡❬✐❪❂❂✶✮❀❃ ❢♦r ❬✐❂✶ t♦ ♥❪ ❝♦♥t✐♥✉❡❬✐❪ ❂ ✶❀ ■♥ ❛ ❧♦♦♣✱ t❤❡ ✢❛❣s ♠✉st ❜❡ ❝❧❡❛r❞ ❜❡❢♦r❡ t❤❡ ♥❡①t ✐t❡r❛t✐♦♥ ❋❧❛❣ s②♥❝❤r♦♥✐③❛t✐♦♥ ♣r✐♥❝✐♣❧❡s✿ ❚❤❡ ♣r♦❝❡ss t❤❛t ✇❛✐ts ❢♦r ❛ ✢❛❣ ✐s t❤❡ ♦♥❡ t❤❛t s❤♦✉❧❞ ❝❧❡❛r t❤❡ ✢❛❣ ❆ ✢❛❣ s❤♦✉❧❞ ♥♦t ❜❡ s❡t ✉♥t✐❧ ✐t ✐s ❦♥♦✇♥ t❤❛t ✐t ✐s ❝❧❡❛r

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✺ ✴ ✸✾

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SLIDE 6

❋❧❛❣s ❛♥❞ ❝♦♦r❞✐♥❛t♦rs

✐♥t ❛rr✐✈❡❬✶✿♥❪ ❂ ✭❬♥❪ ✵✮✱ ❝♦♥t✐♥✉❡❬✶✿♥❪ ❂ ✭❬♥❪ ✵✮❀ ♣r♦❝❡ss ❲♦r❦❡r❬✐ ❂ ✶ t♦ ♥❪ ④ ♣r♦❝❡ss ❈♦♦r❞✐♥❛t♦r ④ ✇❤✐❧❡✭tr✉❡✮ ④ ✇❤✐❧❡✭tr✉❡✮ ④ ❚❛s❦ ✐❀ ❢♦r❬✐ ❂ ✶ t♦ ♥❪ ④ ❛rr✐✈❡❬✐❪ ❂ ✶❀ ❁❛✇❛✐t ✭❛rr✐✈❡❬✐❪❂❂✶✮❀❃ ❁❛✇❛✐t ✭❝♦♥t✐♥✉❡❬✐❪❂❂✶✮❀❃ ❛rr✐✈❡❬✐❪ ❂ ✵❀ ❝♦♥t✐♥✉❡❬✐❪ ❂ ✵❀ ⑥ ⑥ ❢♦r ❬✐ ❂ ✶ t♦ ♥❪ ⑥ ❝♦♥t✐♥✉❡❬✐❪ ❂ ✶❀ ⑥ ⑥

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✻ ✴ ✸✾

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SLIDE 7

❈♦♠❜✐♥✐♥❣ ❚r❡❡ ❇❛rr✐❡r

❚❤❡ ✇♦r❦❡r ❛♥❞ ❝♦♦r❞✐♥❛t♦r r♦❧❡s ❝❛♥ ❜❡ ❝♦♠❜✐♥❡❞ ❈♦♠❜✐♥✐♥❣ tr❡❡ ❜❛rr✐❡r✿ ♣r♦❝❡ss❡s ♦r❣❛♥✐③❡❞ ✐♥ ❛ tr❡❡ str✉❝t✉r❡✳ ❆rr✐✈❡ s✐❣♥❛❧s ❛r❡ s❡♥t ✉♣ t❤❡ tr❡❡✱ ❝♦♥t✐♥✉❡ s✐❣♥❛❧s ❞♦✇♥

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✼ ✴ ✸✾

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SLIDE 8

■♠♣❧❡♠❡♥t❛t✐♦♥ ♦❢ ❈r✐t✐❝❛❧ ❙❡❝t✐♦♥s

❜♦♦❧ ❧♦❝❦ ❂ ❢❛❧s❡❀ ❊♥tr②✿ ❁❛✇❛✐t ✭✦❧♦❝❦✮ ❧♦❝❦ ❂ tr✉❡❃ ❈r✐t✐❝❛❧ s❡❝t✐♦♥ ❊①✐t✿ ❁❧♦❝❦ ❂ ❢❛❧s❡❀❃ ❙♣✐♥ ❧♦❝❦ ✐♠♣❧❡♠❡♥t❛t✐♦♥ ♦❢ ❡♥tr②✿ ✇❤✐❧❡ ✭❚❙✭❧♦❝❦✮✮ s❦✐♣ ❉r❛✇❜❛❝❦s✿ ❇✉s② ✇❛✐t✐♥❣ ♣r♦t♦❝♦❧s ❛r❡ ♦❢t❡♥ ❝♦♠♣❧✐❝❛t❡❞ ■♥❡✣❝✐❡♥t ✐❢ t❤❡r❡ ❛r❡ ❢❡✈❡r ♣r♦❝❡ss♦rs t❤❛♥ ♣r♦❝❡ss❡s

❙❤♦✉❧❞ ♥♦t ✇❛st❡ t✐♠❡ ❡①❡❝✉t✐♥❣ ❛ s❦✐♣ ❧♦♦♣

◆♦ ❝❧❡❛r ❞✐st✐♥❝t✐♦♥ ❜❡t✇❡❡♥ ✈❛r✐❛❜❧❡s ✉s❡❞ ❢♦r s②♥❝❤r♦♥✐③❛t✐♦♥ ❛♥❞ ❝♦♠♣✉t❛t✐♦♥ ❉❡s✐r❛❜❧❡ t♦ ❤❛✈❡ ❛ s♣❡❝✐❛❧ t♦♦❧s ❢♦r s②♥❝❤r♦♥✐③❛t✐♦♥ ♣r♦t♦❝♦❧s

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✽ ✴ ✸✾

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SLIDE 9

❙❡♠❛♣❤♦r❡s

■♥tr♦❞✉❝❡❞ ❜② ❉✐❥❦str❛ ✐♥ ✶✾✻✽ ❖r✐❣✐♥❛t❡s ❢r♦♠ r❛✐❧r♦❛❞ tr❛✣❝ s②♥❝❤r♦♥✐③❛t✐♦♥ ❘❛✐❧r♦❛❞ s❡♠❛♣❤♦r❡s ✐♥❞✐❝❛t❡s ✇❤❡t❤❡r t❤❡ tr❛❝❦ ❛❤❡❛❞ ✐s ❝❧❡❛r ♦r ♦❝❝✉♣✐❡❞ ❜② ❛♥♦t❤❡r tr❛✐♥

Clear Occupied

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✾ ✴ ✸✾

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SLIDE 10

Pr♦♣❡rt✐❡s

❙❡♠❛♣❤♦r❡s ✐♥ ❝♦♥❝✉rr❡♥t ♣r♦❣r❛♠s ✇♦r❦ ✐♥ ❛ s✐♠✐❧❛r ✇❛② ❯s❡❞ t♦ ✐♠♣❧❡♠❡♥t ♠✉t❡① ❛♥❞ ❝♦♥❞✐t✐♦♥ s②♥❝❤r♦♥✐③❛t✐♦♥ ■♥❝❧✉❞❡❞ ✐♥ ♠♦st st❛♥❞❛r❞ ❧✐❜r❛r✐❡s ❢♦r ❝♦♥❝✉rr❡♥t ♣r♦❣r❛♠♠✐♥❣

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✶✵ ✴ ✸✾

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SLIDE 11

❈♦♥❝❡♣t

❆ s❡♠❛♣❤♦r❡ ✐s s♣❡❝✐❛❧ ❦✐♥❞ ♦❢ s❤❛r❡❞ ♣r♦❣r❛♠ ✈❛r✐❛❜❧❡ ❚❤❡ ✈❛❧✉❡ ♦❢ ❛ s❡♠❛♣❤♦r❡ ✐s ❛ ♥♦♥✲♥❡❣❛t✐✈❡ ✐♥t❡❣❡r ❈❛♥ ♦♥❧② ❜❡ ♠❛♥✐♣✉❧❛t❡❞ ❜② t❤❡ ❢♦❧❧♦✇✐♥❣ t✇♦ ❛t♦♠✐❝ ♦♣❡r❛t✐♦♥s✿

P✿ ✭P❛ss❡r❡♥✮ ❲❛✐t ❢♦r s✐❣♥❛❧ ✲ ✇❛♥t t♦ ♣❛ss

❡✛❡❝t✿ ✇❛✐t ✉♥t✐❧ t❤❡ ✈❛❧✉❡ ✐s ❣r❡❛t❡r t❤❛♥ ③❡r♦✱ ❛♥❞ ❞❡❝r❡❛s❡ t❤❡ ✈❛❧✉❡ ❜② ♦♥❡

❱✿ ✭❱r✐❥❣❡✈❡♥ ✮❙✐❣♥❛❧ ❛♥ ❡✈❡♥t ✲ r❡❧❡❛s❡

❡✛❡❝t✿ ✐♥❝r❡❛s❡ t❤❡ ✈❛❧✉❡ ❜② ♦♥❡

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✶✶ ✴ ✸✾

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SLIDE 12

❙②♥t❛①

❆ s❡♠❛♣❤♦r❡ ✐s ❞❡❝❧❛r❡❞ ❜② ❡✐t❤❡r✿

s❡♠ s❀ ❞❡❢❛✉❧t ✐♥✐t✐❛❧ ✈❛❧✉❡ ✐s ③❡r♦ s❡♠ s ❂ ✶❀ s❡♠ s❬✹❪ ❂ ✭❬✹❪ ✶✮❀

❚❤❡ P ♦♣❡r❛t✐♦♥

s②♥t❛①✿ P✭s✮ ✐♠♣❧❡♠❡♥t❛t✐♦♥ ✿ ❁❛✇❛✐t ✭s❃✵✮ s ❂ s ✲ ✶❀❃

❚❤❡ ❱ ♦♣❡r❛t✐♦♥

s②♥t❛①✿ ❱✭s✮ ✐♠♣❧❡♠❡♥t❛t✐♦♥ ✿ ❁s ❂ s ✰ ✶❀❃

■♠♣♦rt❛♥t✿ ◆♦ ❞✐r❡❝t ❛❝❝❡ss t♦ t❤❡ ✈❛❧✉❡ ♦❢ ❛ s❡♠❛♣❤♦r❡✳ ❋♦r ✐♥st❛♥❝❡ ❛ t❡st ❧✐❦❡ ✐❢ ✭s❂❂✶✮ ④✳✳✳⑥ ✐s ♥♦t ❛❧❧♦✇❡❞✦

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✶✷ ✴ ✸✾

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SLIDE 13

❑✐♥❞s ♦❢ s❡♠❛♣❤♦r❡s

❑✐♥❞s ♦❢ s❡♠❛♣❤♦r❡s

  • ❡♥❡r❛❧ s❡♠❛♣❤♦r❡✿ ♣♦ss✐❜❧❡ ✈❛❧✉❡s ✲ ❛❧❧ ♥♦♥✲♥❡❣❛t✐✈❡ ✐♥t❡❣❡rs

❇✐♥❛r② s❡♠❛♣❤♦r❡✿ ♣♦ss✐❜❧❡ ✈❛❧✉❡s ✲ ✵ ❛♥❞ ✶ ❋❛✐r♥❡ss✿ ❛s ❢♦r ❛✇❛✐t✲st❛t❡♠❡♥ts✳ ■♥ ♠♦st ❧❛♥❣✉❛❣❡s ♣r♦❝❡ss❡s ❞❡❧❛②❡❞ ✇❤✐❧❡ ❡①❡❝✉t✐♥❣ P✲♦♣❡r❛t✐♦♥s ❛r❡ ❛✇❛❦❡♥ ✐♥ t❤❡ ♦r❞❡r t❤❡② ✇❤❡r❡ ❞❡❧❛②❡❞

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✶✸ ✴ ✸✾

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SLIDE 14

❊①❛♠♣❧❡✿ ▼✉t❡①

▼✉t❡① ✐♠♣❧❡♠❡♥t❡❞ ❜② ❛ ❜✐♥❛r② s❡♠❛♣❤♦r❡ s❡♠ ♠✉t❡① ❂ ✶❀ ♣r♦❝❡ss ❈❙❬✐ ❂ ✶ t♦ ♥❪ ④ ✇❤✐❧❡ ✭tr✉❡✮ ④ P✭♠✉t❡①✮❀ ❝r✐t✐❝❛❧ s❡❝t✐♦♥ ❱✭♠✉t❡①✮❀ ♥♦♥❝r✐t✐❝❛❧ s❡❝t✐♦♥ ⑥ ⑥ ❚❤❡ s❡♠❛♣❤♦r❡ ✐s ✐♥✐t✐❛❧❧② ✶ ❛♥❞ ❛❧✇❛②s P ❜❡❢♦r❡ ❱ → ❇✐♥❛r② s❡♠❛♣❤♦r❡

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✶✹ ✴ ✸✾

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SLIDE 15

❊①❛♠♣❧❡✿ ❇❛rr✐❡r s②♥❝❤r♦♥✐③❛t✐♦♥

❙❡♠❛♣❤♦r❡s ♠❛② ❜❡ ✉s❡❞ ❢♦r ❜❛rr✐❡r s②♥❝❤r♦♥✐③❛t✐♦♥

s❡♠ ❛rr✐✈❡✶ ❂ ✵✱ ❛rr✐✈❡✷ ❂ ✵❀ ♣r♦❝❡ss ❲♦r❦❡r✶ ④ ✳ ✳ ✳ ❱✭❛rr✐✈❡✶✮❀ r❡❛❝❤ t❤❡ ❜❛rr✐❡r P✭❛rr✐✈❡✷✮❀ ✇❛✐t ❢♦r ♦t❤❡r ♣r♦❝❡ss❡s ✳ ✳ ✳ ⑥ ♣r♦❝❡ss ❲♦r❦❡r✷ ④ ✳ ✳ ✳ ❱✭❛rr✐✈❡✷✮❀ r❡❛❝❤ t❤❡ ❜❛rr✐❡r P✭❛rr✐✈❡✶✮❀ ✇❛✐t ❢♦r ♦t❤❡r ♣r♦❝❡ss❡s ✳ ✳ ✳ ⑥

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✶✺ ✴ ✸✾

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SLIDE 16

❙♣❧✐t ❜✐♥❛r② s❡♠❛♣❤♦r❡s

❆ s❡t ♦❢ s❡♠❛♣❤♦r❡s ♠❛② ❢♦r♠ ❛ s♣❧✐t ❜✐♥❛r② s❡♠❛♣❤♦r❡ ✐❢ t❤❡ s✉♠ ♦❢ ❛❧❧ s❡♠❛♣❤♦r❡s ♥❡✈❡r ❡①❝❡❡❞s ✶✳ ❙♣❧✐t ❜✐♥❛r② s❡♠❛♣❤♦r❡s ❝❛♥ ❜❡ ✉s❡❞ ❛s ❢♦❧❧♦✇s t♦ ✐♠♣❧❡♠❡♥t ♠✉t❡①✳ ❈♦♥s✐❞❡r ❛ ♣r♦❣r❛♠ ✇✐t❤ ♠♦r❡ t❤❛♥ ♦♥❡ ❜✐♥❛r② s❡♠❛♣❤♦r❡ ▲❡t ♦♥❡ ♦❢ t❤❡s❡ s❡♠❛♣❤♦r❡s ❜❡ ✐♥✐t✐❛❧✐③❡❞ t♦ ✶ ❛♥❞ t❤❡ ♦t❤❡rs t♦ ✵ ▲❡t ❛❧❧ ♣r♦❝❡ss❡s ❝❛❧❧ P ♦♥ ❛ s❡♠❛♣❤♦r❡✱ ❜❡❢♦r❡ ❝❛❧❧✐♥❣ ❱ ♦♥ ✭❛♥♦t❤❡r✮ s❡♠❛♣❤♦r❡ ❚❤❡♥ t❤❡ ❝♦❞❡ ❜❡t✇❡❡♥ t❤❡ P ❛♥❞ t❤❡ ❱ ❝❛❧❧ ✇✐❧❧ ❜❡ ❡①❡❝✉t❡❞ ✐♥ ♠✉t❡①✳ ❆❧❧ s❡♠❛♣❤♦r❡s ✇✐❧❧ ❤❛✈❡ t❤❡ ✈❛❧✉❡ ✵✳

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✶✻ ✴ ✸✾

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SLIDE 17

❊①❛♠♣❧❡✿ Pr♦❞✉❝❡r✴❝♦♥s✉♠❡r ✇✐t❤ s♣❧✐t ❜✐♥❛r② s❡♠❛♣❤♦r❡s

t②♣❡❚ ❜✉❢❀ ✴✯ ❇✉✛❡r ♦❢ s♦♠❡ t②♣❡ ❚ ✯✴ s❡♠ ❡♠♣t② ❂ ✶✱ ❢✉❧❧ ❂ ✵❀ ♣r♦❝❡ss Pr♦❞✉❝❡r④ ✇❤✐❧❡ ✭tr✉❡✮④ ✳ ✳ ✳ P✭❡♠♣t②✮❀ ❜✉❢ ❂ ❞❛t❛❀ ❱✭❢✉❧❧✮❀ ⑥ ⑥ ♣r♦❝❡ss ❈♦♥s✉♠❡r④ ✇❤✐❧❡ ✭tr✉❡✮④ P✭❢✉❧❧✮❀ r❡s✉❧t ❂ ❜✉❢❀ ❱✭❡♠♣t②✮❀ ✳ ✳ ✳ ⑥ ⑥ ❡♠♣t② ❛♥❞ ❢✉❧❧ ❛r❡ ❜♦t❤ ❜✐♥❛r② s❡♠❛♣❤♦r❡s✱ t♦❣❡t❤❡r t❤❡② ❢♦r♠ ❛ s♣❧✐t ❜✐♥❛r② s❡♠❛♣❤♦r❡✳ ❚❤✐s s♦❧✉t✐♦♥ ✇♦r❦s ✐❢ t❤❡r❡ ❛r❡ s❡✈❡r❛❧ ♣r♦❞✉❝❡rs✴❝♦♥s✉♠❡rs✱ ❜✉t ❜✉✛❡r ❝❛♣❛❝✐t② ♠✐❣❤t ❜❡ ❛ ♣r♦❜❧❡♠

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✶✼ ✴ ✸✾

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SLIDE 18

■♥❝r❡❛s✐♥❣ ❜✉✛❡r ❝❛♣❛❝✐t②

■♥ t❤❡ ❡①❛♠♣❧❡ t❤❡ ♣r♦❞✉❝❡r ♠✉st ✇❛✐t ❢♦r t❤❡ ❝♦♥s✉♠❡r t♦ ❡♠♣t② t❤❡ ❜✉✛❡r ❜❡❢♦r❡ ✐t ❝❛♥ ♣r♦❞✉❝❡ ❛ ♥❡✇ ❡♥tr②✳ ■t ✐s ❛ r❡❧❛t✐✈❡❧② s✐♠♣❧❡ t❛s❦ t♦ ❣❡♥❡r❛❧✐③❡ t♦ ❛ ❜✉✛❡r ♦❢ s✐③❡ ♥✳ ❲❡ ✇✐❧❧ ✉s❡✿

❆ r✐♥❣✲❜✉✛❡r r❡♣r❡s❡♥t❡❞ ❜② ❛♥ ❛rr❛②✱ ❛♥❞ t✇♦ ✐♥t❡❣❡rs r❡❛r ❛♥❞ ❢r♦♥t✳

  • ❡♥❡r❛❧ s❡♠❛♣❤♦r❡s t♦ ❦❡❡♣ tr❛❝❦ ♦❢ t❤❡ ♥✉♠❜❡r ♦❢ ❢r❡❡ s❧♦ts

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Data

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✶✽ ✴ ✸✾

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SLIDE 19

❊①❛♠♣❧❡✿ Pr♦❞✉❝❡r✴❝♦♥s✉♠❡r ✇✐t❤ ✐♥❝r❡❛s❡❞ ❜✉✛❡r ❝❛♣❛❝✐t②

t②♣❡❚ ❜✉❢❬♥❪❀ ✴✯ ❆rr❛② ❛✈ ❡♥ t②♣❡ ❚ ✯✴ ✐♥t ❢r♦♥t ❂ ✵✱ r❡❛r ❂ ✵❀ s❡♠ ❡♠♣t② ❂ ♥✱ ❢✉❧❧ ❂ ✵❀ ♣r♦❝❡ss Pr♦❞✉❝❡r④ ✇❤✐❧❡ ✭tr✉❡✮④ ✳ ✳ ✳ P✭❡♠♣t②✮❀ ❜✉❢❬r❡❛r❪ ❂ ❞❛t❛❀ r❡❛r ❂ r❡❛r ✰ ✶ ✪ ♥❀ ❱✭❢✉❧❧✮❀ ⑥ ⑥ ♣r♦❝❡ss ❈♦♥s✉♠❡r④ ✇❤✐❧❡ ✭tr✉❡✮④ P✭❢✉❧❧✮❀ r❡s✉❧t ❂ ❜✉❢❬❢r♦♥t❪❀ ❢r♦♥t ❂ ❢r♦♥t ✰ ✶ ✪ ♥❀ ❱✭❡♠♣t②✮❀ ✳ ✳ ✳ ⑥ ⑥ ❲❤❛t ✐❢ t❤❡r❡ ❛r❡ s❡✈❡r❛❧ ♣r♦❞✉❝❡rs ♦r ❝♦♥s✉♠❡rs❄

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✶✾ ✴ ✸✾

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SLIDE 20

■♥❝r❡❛s✐♥❣ t❤❡ ♥✉♠❜❡r ♦❢ ♣r♦❝❡ss❡s

▲❡t ✉s ❝♦♥s✐❞❡r ❛ s✐t✉❛t✐♦♥ ✇✐t❤ s❡✈❡r❛❧ ♣r♦❞✉❝❡rs ❛♥❞ ❝♦♥s✉♠❡rs✳ ◆❡✇ s②♥❝❤r♦♥✐③❛t✐♦♥ ♣r♦❜❧❡♠s✿

❆✈♦✐❞ t❤❛t t✇♦ ♣r♦❞✉❝❡rs ❞❡♣♦s✐ts t♦ ❜✉❢❬r❡❛r❪ ❜❡❢♦r❡ r❡❛r ✐s ✉♣❞❛t❡❞ ❆✈♦✐❞ t❤❛t t✇♦ ❝♦♥s✉♠❡rs ❢❡t❝❤❡s ❢r♦♠ ❜✉❢❬❢r♦♥t❪ ❜❡❢♦r❡ ❢r♦♥t ✐s ✉♣❞❛t❡❞✳

❙♦❧✉t✐♦♥s

■♥tr♦❞✉❝❡ ❛ ❜✐♥❛r② s❡♠❛♣❤♦r❡ ♠✉t❡①❉❡♣♦s✐t t♦ ❞❡♥② t✇♦ ♣r♦❞✉❝❡rs t♦ ❞❡♣♦s✐t t♦ t❤❡ ❜✉✛❡r ❛t t❤❡ s❛♠❡ t✐♠❡✳ ■♥tr♦❞✉❝❡ ❛ ❜✐♥❛r② s❡♠❛♣❤♦r❡ ♠✉t❡①❋❡t❝❤ t♦ ❞❡♥② t✇♦ ❝♦♥s✉♠❡rs t♦ ❢❡t❝❤ ❢r♦♠ t❤❡ ❜✉✛❡r ❛t t❤❡ s❛♠❡ t✐♠❡✳

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✷✵ ✴ ✸✾

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SLIDE 21

❊①❛♠♣❧❡✿ Pr♦❞✉❝❡r✴❝♦♥s✉♠❡r ✇✐t❤ s❡✈❡r❛❧ ♣r♦❝❡ss❡s

t②♣❡❚ ❜✉❢❬❚❪❀ ✐♥t ❢r♦♥t ❂ ✵✱ r❡❛r ❂ ✵❀ s❡♠ ❡♠♣t② ❂ ♥✱ ❢✉❧❧ ❂ ✵✱ ♠✉t❡①❉❡♣♦s✐t ❂ ✶✱ ♠✉t❡①❋❡t❝❤ ❂ ✶❀ ♣r♦❝❡ss Pr♦❞✉❝❡r❬✐ ❂ ✶ t♦ ▼❪④ ✇❤✐❧❡ ✭tr✉❡✮④ ✳ ✳ ✳ P✭❡♠♣t②✮❀ P✭♠✉t❡①❉❡♣♦s✐t✮❀ ❜✉❢❬r❡❛r❪ ❂ ❞❛t❛❀ r❡❛r ❂ r❡❛r ✰ ✶ ✪ ♥❀ ❱✭♠✉t❡①❉❡♣♦s✐t✮❀ ❱✭❢✉❧❧✮❀ ⑥ ⑥ ♣r♦❝❡ss ❈♦♥s✉♠❡r❬✐ ❂ ✶ t♦ ◆❪④ ✇❤✐❧❡ ✭tr✉❡✮④ ✳ ✳ ✳ P✭❢✉❧❧✮❀ P✭♠✉t❡①❋❡t❝❤✮❀ r❡s✉❧t ❂ ❜✉❢❬❢r♦♥t❪❀ ❢r♦♥t ❂ ❢r♦♥t ✰ ✶ ✪ ♥❀ ❱✭♠✉t❡①❋❡t❝❤✮❀ ❱✭❡♠♣t②✮❀ ⑥ ⑥

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✷✶ ✴ ✸✾

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SLIDE 22

Pr♦❜❧❡♠✿ ❉✐♥✐♥❣ ♣❤✐❧♦s♦♣❤❡rs ✐♥tr♦❞✉❝t✐♦♥

❋✐✈❡ ♣❤✐❧♦s♦♣❤❡rs s✐t ❛r♦✉♥❞ ❛ ❝✐r❝✉❧❛r t❛❜❧❡✳ ❖♥❡ ❢♦r❦ ✐s ♣❧❛❝❡❞ ❜❡t✇❡❡♥ ❡❛❝❤ ♣❛✐r ♦❢ ♣❤✐❧♦s♦♣❤❡rs ❚❤❡ ♣❤✐❧♦s♦♣❤❡rs ❛❧t❡r♥❛t❡s ❜❡t✇❡❡♥ t❤✐♥❦✐♥❣ ❛♥❞ ❡❛t✐♥❣ ❆ ♣❤✐❧♦s♦♣❤❡r ♥❡❡❞ t✇♦ ❢♦r❦s t♦ ❡❛t✳

✶✐♠❛❣❡ ❢r♦♠ ✇✐❦✐♣❡❞✐❛✳♦r❣ ■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✷✷ ✴ ✸✾

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SLIDE 23

❊①❛♠♣❧❡✿ ❉✐♥✐♥❣ ♣❤✐❧♦s♦♣❤❡rs

❆ s❦❡t❝❤ ♦❢ t❤❡ ♣r♦❣r❛♠ ♠❛② ❧♦♦❦ ❧✐❦❡ t❤✐s✿ ♣r♦❝❡ss P❤✐❧♦s♦♣❤❡r ❬✐ ❂ ✵ t♦ ✹❪ ④ ✇❤✐❧❡ ✭tr✉❡✮ ④ t❤✐♥❦❀ ❛❝q✉✐r❡ ❢♦r❦s❀ ❡❛t❀ r❡❧❡❛s❡ ❢♦r❦s❀ ⑥ ⑥ ❲❡ ❤❛✈❡ t♦ ♣r♦❣r❛♠ t❤❡ ❛❝t✐♦♥s ❛❝q✉✐r❡ ❢♦r❦s ❛♥❞ r❡❧❡❛s❡ ❢♦r❦s

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✷✸ ✴ ✸✾

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SLIDE 24

❊①❛♠♣❧❡✿ ❉✐♥✐♥❣ ♣❤✐❧♦s♦♣❤❡rs ✶st ❛tt❡♠♣t

▲❡t t❤❡ ❢♦r❦s ❜❡ s❡♠❛♣❤♦r❡s ▲❡t t❤❡ ♣❤✐❧♦s♦♣❤❡rs ♣✐❝❦ ✉♣ t❤❡ ❧❡❢t ❢♦r❦ ✜rst s❡♠ ❢♦r❦❬✺❪ ❂ ✭ ❬✺❪ ✶✮ ♣r♦❝❡ss P❤✐❧♦s♦♣❤❡r ❬✐ ❂ ✵ t♦ ✹❪ ④ ✇❤✐❧❡ ✭tr✉❡✮ ④ t❤✐♥❦❀ P✭❢♦r❦❬✐❪✮❀ P✭❢♦r❦❬✭✐✰✶✮✪✺❪✮❀ ❡❛t❀ ❱✭❢♦r❦❬✐❪❀ ❱✭❢♦r❦❬✭✐✰✶✮✪✺❪✮❀ ⑥ ⑥ ❞❡❛❞❧♦❝❦❄

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✷✹ ✴ ✸✾

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SLIDE 25

❊①❛♠♣❧❡✿ ❉✐♥✐♥❣ ♣❤✐❧♦s♦♣❤❡rs ✷♥❞ ❛tt❡♠♣t

❚♦ ❛✈♦✐❞ ❞❡❛❞❧♦❝❦✱ ❧❡t P❤✐❧♦s♦♣❤❡r✹ ❣r❛❜ t❤❡ r✐❣❤t ❢♦r❦ ✜rst✳

s❡♠ ❢♦r❦❬✺❪ ❂ ✭ ❬✺❪ ✶✮ ♣r♦❝❡ss P❤✐❧♦s♦♣❤❡r ❬✐ ❂ ✵ t♦ ✸❪ ④ ✇❤✐❧❡ ✭tr✉❡✮ ④ t❤✐♥❦❀ P✭❢♦r❦❬✐❪✮❀ P✭❢♦r❦❬✐✰✶❪✮❀ ❡❛t❀ ❱✭❢♦r❦❬✐❪❀ ❱✭❢♦r❦❬✐✰✶❪✮❀ ⑥ ⑥ ♣r♦❝❡ss P❤✐❧♦s♦♣❤❡r✹ ④ ✇❤✐❧❡ ✭tr✉❡✮ ④ t❤✐♥❦❀ P✭❢♦r❦❬✵❪✮❀ P✭❢♦r❦❬✹❪✮❀ ❡❛t❀ ❱✭❢♦r❦❬✵❪❀ ❱✭❢♦r❦❬✹❪✮❀ ⑥ ⑥

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✷✺ ✴ ✸✾

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SLIDE 26

❊①❛♠♣❧❡✿ ❘❡❛❞❡rs✴❲r✐t❡rs ♦✈❡r✈✐❡✇

❈❧❛ss✐❝❛❧ s②♥❝❤r♦♥✐③❛t✐♦♥ ♣r♦❜❧❡♠ ❘❡❛❞❡r ❛♥❞ ✇r✐t❡r ♣r♦❝❡ss❡s s❤❛r❡ ❛ ❞❛t❛❜❛s❡ ❘❡❛❞❡rs r❡❛❞s ❢r♦♠ t❤❡ ❞❛t❛❜❛s❡ ❲r✐t❡rs r❡❛❞s ❛♥❞ ✉♣❞❛t❡s t❤❡ ❞❛t❛❜❛s❡ ❲r✐t❡rs ♥❡❡❞ ♠✉t✉❛❧❧② ❡①❝❧✉s✐✈❡ ❛❝❝❡ss ❲❤❡♥ ♥♦ ✇r✐t❡rs ❤❛✈❡ ❛❝❝❡ss✱ ♠❛♥② r❡❛❞❡rs ♠❛② ❛❝❝❡ss t❤❡ ❞❛t❛❜❛s❡

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✷✻ ✴ ✸✾

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SLIDE 27

❊①❛♠♣❧❡✿ ❘❡❛❞❡rs✴❲r✐t❡rs ❛♣♣r♦❛❝❤❡s

❉✐♥✐♥❣ ♣❤✐❧♦s♦♣❤❡rs✿ P❛✐r ♦❢ ♣r♦❝❡ss❡s ❝♦♠♣❡t❡s ❢♦r ❛❝❝❡ss t♦ ❢♦r❦s ❘❡❛❞❡rs✴✇r✐t❡rs✿ ❉✐✛❡r❡♥t ❝❧❛ss❡s ♦❢ ♣r♦❝❡ss❡s ❝♦♠♣❡t❡s ❢♦r ❛❝❝❡ss t♦ t❤❡ ❞❛t❛❜❛s❡

❘❡❛❞❡rs ❝♦♠♣❡t❡ ✇✐t❤ ✇r✐t❡rs ❲r✐t❡rs ❝♦♠♣❡t❡ ❜♦t❤ ✇✐t❤ r❡❛❞❡rs ❛♥❞ ♦t❤❡r ✇r✐t❡rs

  • ❡♥❡r❛❧ s②♥❝❤r♦♥✐③❛t✐♦♥ ♣r♦❜❧❡♠✿

❘❡❛❞❡rs ♠✉st ✇❛✐t ✉♥t✐❧ ♥♦ ✇r✐t❡rs ❛r❡ ❛❝t✐✈❡ ✐♥ ❉❇ ❲r✐t❡rs ♠✉st ✇❛✐t ✉♥t✐❧ ♥♦ r❡❛❞❡rs ♦r ✇r✐t❡rs ❛r❡ ❛❝t✐✈❡ ✐♥ ❉❇

❲❡ ✇✐❧❧ ❧♦♦❦ ❛t t✇♦ ❞✐✛❡r❡♥t ❛♣♣r♦❛❝❤❡s✿

▼✉t❡①✿ ❡❛s② t♦ ✐♠♣❧❡♠❡♥t✱ ❜✉t ✉♥❢❛✐r ❈♦♥❞✐t✐♦♥ ❙②♥❝❤r♦♥✐③❛t✐♦♥✿

❯s✐♥❣ ❛ s♣❧✐t ❜✐♥❛r② s❡♠❛♣❤♦r❡ ❊❛s② t♦ ❛❞❛♣t t♦ ❞✐✛❡r❡♥t s❝❤❡❞✉❧✐♥❣ str❛t❡❣✐❡s

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✷✼ ✴ ✸✾

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SLIDE 28

❊①❛♠♣❧❡✿ ❘❡❛❞❡rs✴❲r✐t❡rs ✇✐t❤ ▼✉t❡① ✭✶✮

s❡♠ r✇ ❂ ✶❀ ♣r♦❝❡ss ❘❡❛❞❡r ❬✐ ❂ ✶ t♦ ▼❪ ④ ✇❤✐❧❡ ✭tr✉❡✮ ④ ✳ ✳ ✳ P✭r✇✮❀ ❘❡❛❞ ❢r♦♠ ❉❇ ❱✭r✇✮❀ ⑥ ⑥ ♣r♦❝❡ss ❲r✐t❡r ❬✐ ❂ ✶ t♦ ◆❪ ④ ✇❤✐❧❡ ✭tr✉❡✮ ④ ✳ ✳ ✳ P✭r✇✮❀ ❲r✐t❡ t♦ ❉❇ ❱✭r✇✮❀ ⑥ ⑥

❇✉t✿ ❲❡ ✇❛♥t ♠♦r❡ t❤❛♥ ♦♥❡ r❡❛❞❡r s✐♠✉❧t❛♥❡♦✉s❧②

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✷✽ ✴ ✸✾

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SLIDE 29

❊①❛♠♣❧❡✿ ❘❡❛❞❡rs✴❲r✐t❡rs ✇✐t❤ ▼✉t❡① ✭✷✮

  • ✐✈❡ ❛❝❝❡ss t♦ ♠♦r❡ t❤❛♥ ♦♥❡ r❡❛❞❡r

✐♥t ♥r ❂ ✵❀ ★ ♥✉♠❜❡r ♦❢ ❛❝t✐✈❡ r❡❛❞❡rs s❡♠ r✇ ❂ ✶❀ ★ ❧♦❝❦ ❢♦r r❡❛❞❡r✴✇r✐t❡r ❡①❝❧✉s✐♦♥ ♣r♦❝❡ss ❘❡❛❞❡r ❬✐ ❂ ✶ t♦ ▼❪ ④ ✇❤✐❧❡ ✭tr✉❡✮ ④ ✳ ✳ ✳ ❁ ♥r ❂ ♥r ✰ ✶❀ ✐❢ ✭♥r ❂❂ ✶✮ P✭r✇✮❀ ❃ ❘❡❛❞ ❢r♦♠ ❉❇ ❁ ♥r ❂ ♥r ✲ ✶❀ ✐❢ ✭♥r ❂❂ ✵✮ ❱✭r✇✮❀ ❃ ⑥ ⑥ ♣r♦❝❡ss ❲r✐t❡r ❬✐ ❂ ✶ t♦ ◆❪ ④ ✇❤✐❧❡ ✭tr✉❡✮ ④ ✳ ✳ ✳ P✭r✇✮❀ ❲r✐t❡ t♦ ❉❇ ❱✭r✇✮❀ ⑥ ⑥

❲❡ ❤❛✈❡ t♦ ♠❛❦❡ t❤❡ ❡♥tr② ❛♥❞ ❡①✐t ♦❢ t❤❡ ❈❙ ❛t♦♠✐❝

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✷✾ ✴ ✸✾

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SLIDE 30

❊①❛♠♣❧❡✿ ❘❡❛❞❡rs✴❲r✐t❡rs ✇✐t❤ ▼✉t❡① ✭✸✮

✐♥t ♥r ❂ ✵❀ ★ ♥✉♠❜❡r ♦❢ ❛❝t✐✈❡ r❡❛❞❡rs s❡♠ r✇ ❂ ✶❀ ★ ❧♦❝❦ ❢♦r r❡❛❞❡r✴✇r✐t❡r ❡①❝❧✉s✐♦♥ s❡♠ ♠✉t❡①❘ ❂ ✶❀ ★ ♠✉t❡① ❢♦r r❡❛❞❡rs ♣r♦❝❡ss ❘❡❛❞❡r ❬✐ ❂ ✶ t♦ ▼❪ ④ ✇❤✐❧❡ ✭tr✉❡✮ ④ ✳ ✳ ✳ P✭♠✉t❡①❘✮❀ ♥r ❂ ♥r ✰ ✶❀ ✐❢ ✭♥r ❂❂ ✶✮ P✭r✇✮❀ ❱✭♠✉t❡①❘✮ ❘❡❛❞ ❢r♦♠ ❉❇ P✭♠✉t❡①❘✮❀ ♥r ❂ ♥r ✲ ✶❀ ✐❢ ✭♥r ❂❂ ✵✮ ❱✭r✇✮❀ ❱✭♠✉t❡①❘✮ ⑥ ⑥

❲❤❛t ❤❛♣♣❡♥s ✐❢ ✇❡ ❤❛✈❡ ❛ ❝♦♥st❛♥t str❡❛♠ ♦❢ r❡❛❞❡rs❄

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✸✵ ✴ ✸✾

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SLIDE 31

❊①❛♠♣❧❡✿ ❘❡❛❞❡rs✴❲r✐t❡rs ✇✐t❤ ❝♦♥❞✐t✐♦♥ s②♥❝❤r♦♥✐③❛t✐♦♥ ✲ ♦✈❡r✈✐❡✇

❚❤❡ ♠✉t❡① s♦❧✉t✐♦♥ s♦❧✈❡❞ t✇♦ s❡♣❛r❛t❡ s②♥❝❤r♦♥✐③❛t✐♦♥ ♣r♦❜❧❡♠s

❘❡❛❞❡r ✈s✳ ✇r✐t❡r ❢♦r ❛❝❝❡ss t♦ t❤❡ ❞❛t❛❜❛s❡ ❘❡❛❞❡r ✈s✳ r❡❛❞❡r ❢♦r ❛❝❝❡ss t♦ t❤❡ ❝♦✉♥t❡r

❲❡ s❤❛❧❧ ♥♦✇ ❧♦♦❦ ❛t ❛ s♦❧✉t✐♦♥ ❜❛s❡❞ ♦♥ ❝♦♥❞✐t✐♦♥ s②♥❝❤r♦♥✐③❛t✐♦♥

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✸✶ ✴ ✸✾

slide-32
SLIDE 32

❊①❛♠♣❧❡✿ ❘❡❛❞❡rs✴❲r✐t❡rs ✇✐t❤ ❝♦♥❞✐t✐♦♥ s②♥❝❤r♦♥✐③❛t✐♦♥ ✲ ✐♥✈❛r✐❛♥t

▲❡t ✉s tr② t♦ ✜♥❞ ❛ r❡❛s♦♥❛❜❧❡ ✐♥✈❛r✐❛♥t ❢♦r t❤❡ s②st❡♠✳ ■t ♠✉st st❛t❡ t❤❛t✿

❲❤❡♥ ❛ ✇r✐t❡r ❛❝❝❡ss t❤❡ ❉❇✱ ♥♦ ♦♥❡ ❡❧s❡ ❝❛♥ ❲❤❡♥ ♥♦ ✇r✐t❡rs ❛❝❝❡ss t❤❡ ❉❇✱ ♦♥❡ ♦r ♠♦r❡ r❡❛❞❡rs ♠❛②

▲❡t ✉s ✐♥tr♦❞✉❝❡ t✇♦ ❝♦✉♥t❡rs✿

♥r ✐s t❤❡ ♥✉♠❜❡r ♦❢ ❛❝t✐✈❡ r❡❛❞❡rs ♥✇ ✐s t❤❡ ♥✉♠❜❡r ♦❢ ❛❝t✐✈❡ ✇r✐t❡rs

❚❤❡ ✐♥✈❛r✐❛♥t ♠❛② ❜❡✿ ❘❲✿ ✭♥r ❂❂ ✵ ♦r ♥✇ ❂❂ ✵✮ ❛♥❞ ♥✇ ❁❂ ✶

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✸✷ ✴ ✸✾

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SLIDE 33

❊①❛♠♣❧❡✿ ❘❡❛❞❡rs✴❲r✐t❡rs ✇✐t❤ ❝♦♥❞✐t✐♦♥ s②♥❝❤r♦♥✐③❛t✐♦♥ ✲ ✉♣❞❛t✐♥❣ ❝♦✉♥t❡rs

❲❡ ♥❡❡❞ ❝♦❞❡ t♦ ✉♣❞❛t❡ t❤❡ ❝♦✉♥t❡rs ❘❡❛❞❡r✿ ❲r✐t❡r✿ ❁ ♥r ❂ ♥r ✰ ✶❀ ❃ ❁ ♥✇ ❂ ♥✇ ✰ ✶❀ ❃ ❘❡❛❞ ❢r♦♠ ❉❇ ❲r✐t❡ t♦ ❉❇ ❁ ♥r ❂ ♥r ✲ ✶❀ ❃ ❁ ♥✇ ❂ ♥✇ ✲ ✶❀ ❃ P✉t ❝♦♥❞✐t✐♦♥s ✐♥ ❢r♦♥t ♦❢ t❤❡ ❛t♦♠✐❝ ❛❝t✐♦♥s t♦ ♣r❡s❡r✈❡ t❤❡ ✐♥✈❛r✐❛♥t✳ ❇❡❢♦r❡ ✐♥❝r❡❛s✐♥❣ ♥r✿ ✭♥✇ ❂❂ ✵✮ ❇❡❢♦r❡ ✐♥❝r❡❛s✐♥❣ ♥✇✿ ✭♥r ❂❂ ✵ ❛♥❞ ♥✇ ❂❂ ✵✮

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✸✸ ✴ ✸✾

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SLIDE 34

❊①❛♠♣❧❡✿ ❘❡❛❞❡rs✴❲r✐t❡rs ✇✐t❤ ❝♦♥❞✐t✐♦♥ s②♥❝❤r♦♥✐③❛t✐♦♥ ✲ ✇✐t❤♦✉t s❡♠❛♣❤♦r❡s

✐♥t ♥r ❂ ✵✱ ♥✇ ❂ ✵❀ ★★ ❘❲✿ ✭♥r ❂❂ ✵ ♦r ♥✇ ❂❂ ✵ ✮ ❛♥❞ ♥✇ ❁❂ ✶ ♣r♦❝❡ss ❘❡❛❞❡r ❬✐❂✶ t♦ ▼❪ ④ ✇❤✐❧❡ ✭tr✉❡✮ ④ ✳ ✳ ✳ ❁ ❛✇❛✐t ✭♥✇ ❂❂ ✵✮ ♥r ❂ ♥r ✰ ✶❀ ❃ ❘❡❛❞ ❢r♦♠ ❉❇ ❁ ♥r ❂ ♥r ✲ ✶❀ ❃ ⑥ ⑥ ♣r♦❝❡ss ❲r✐t❡r ❬✐❂✶ t♦ ◆❪ ④ ✇❤✐❧❡ ✭tr✉❡✮ ④ ✳ ✳ ✳ ❁ ❛✇❛✐t ✭♥r ❂❂ ✵ ❛♥❞ ♥✇ ❂❂ ✵✮ ♥✇ ❂ ♥✇ ✰ ✶❀ ❃ ❲r✐t❡ t♦ ❉❇ ❁ ♥✇ ❂ ♥✇ ✲ ✶❀ ❃ ⑥ ⑥

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✸✹ ✴ ✸✾

slide-35
SLIDE 35

❊①❛♠♣❧❡✿ ❘❡❛❞❡rs✴❲r✐t❡rs ✇✐t❤ ❝♦♥❞✐t✐♦♥ s②♥❝❤r♦♥✐③❛t✐♦♥ ✲ ❝♦♥✈❡rt✐♥❣ t♦ s♣❧✐t ❜✐♥❛r② s❡♠❛♣❤♦r❡s

■♠♣❧❡♠❡♥t❛t✐♦♥ ♦❢ ❛✇❛✐t✲st❛t❡♠❡♥ts ♠❛② ❜❡ ❞♦♥❡ ❜② s♣❧✐t ❜✐♥❛r② s❡♠❛♣❤♦r❡s✳ ▼❛② ❜❡ ✉s❡❞ t♦ ✐♠♣❧❡♠❡♥t ❞✐✛❡r❡♥t s②♥❝❤r♦♥✐③❛t✐♦♥ ♣r♦❜❧❡♠s ✇✐t❤ ❞✐✛❡r❡♥t ❣✉❛r❞s ❇✶✱ ❇✷✳✳✳ ❯s❡ ❛♥ ❡♥tr②✲s❡♠❛♣❤♦r❡ ✭❡✮ ✐♥✐t✐❛❧✐③❡❞ t♦ ✶ ❋♦r ❡❛❝❤ ❣✉❛r❞ ❇✐✿ ❛ss♦❝✐❛t❡ ♦♥❡ ❝♦✉♥t❡r ❛♥❞ ♦♥❡ ❞❡❧❛②✲s❡♠❛♣❤♦r❡✱ ❜♦t❤ ✐♥✐t✐❛❧✐③❡❞ t♦ ✵

❙❡♠❛♣❤♦r❡✿ ❞❡❧❛② t❤❡ ♣r♦❝❡ss❡s ✇❛✐t✐♥❣ ❢♦r ❇✐ ❈♦✉♥t❡r✿ ❝♦✉♥t t❤❡ ♥✉♠❜❡r ♦❢ ♣r♦❝❡ss❡s ✇❛✐t✐♥❣ ❢♦r ❇✐

❋♦r t❤❡ r❡❛❞❡rs✴✇r✐t❡rs ♣r♦❜❧❡♠✱ ✇❡ ♥❡❡❞ t❤r❡❡ s❡♠❛♣❤♦r❡s ❛♥❞ t✇♦ ❝♦✉♥t❡rs✿

s❡♠ ❡ ❂ ✶❀ s❡♠ r ❂ ✵❀ ✐♥t ❞r ❂ ✵❀ ★ ❝♦♥❞✐t✐♦♥ r❡❛❞❡r✿ ♥✇ ❂❂ ✵ s❡♠ ✇ ❂ ✵❀ ✐♥t ❞✇ ❂ ✵❀ ★ ❝♦♥❞✐t✐♦♥ ✇r✐t❡r✿ ♥r ❂❂ ✵ ❛♥❞ ♥✇ ❂❂ ✵

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✸✺ ✴ ✸✾

slide-36
SLIDE 36

❊①❛♠♣❧❡✿ ❘❡❛❞❡rs✴❲r✐t❡rs ✇✐t❤ ❝♦♥❞✐t✐♦♥ s②♥❝❤r♦♥✐③❛t✐♦♥ ✲ ❝♦♥✈❡rt✐♥❣ t♦ s♣❧✐t ❜✐♥❛r② s❡♠❛♣❤♦r❡s ✭✷✮

❡✱ r ❛♥❞ ✇ ❢♦r♠ ❛ s♣❧✐t ❜✐♥❛r② s❡♠❛♣❤♦r❡✳ ❆❧❧ ❡①❡❝✉t✐♦♥ ♣❛t❤s st❛rts ✇✐t❤ ❛ P✲♦♣❡r❛t✐♦♥ ❛♥❞ ❡♥❞s ✇✐t❤ ❛ ❱✲♦♣❡r❛t✐♦♥ → ▼✉t❡① ✇❡ ♥❡❡❞ ❛ s✐❣♥❛❧ ♠❡❝❤❛♥✐s♠ ❙■●◆❆▲ t♦ ♣✐❝❦ ✇❤✐❝❤ s❡♠❛♣❤♦r❡ t♦ s✐❣♥❛❧✳ ❙■●◆❆▲ ♠✉st ♠❛❦❡ s✉r❡ t❤❡ ✐♥✈❛r✐❛♥t ❤♦❧❞s ❇✐ ❤♦❧❞s ✇❤❡♥ ❛ ♣r♦❝❡ss ❡♥t❡rs ❈❘ ❜❡❝❛✉s❡ ❡✐t❤❡r✿

t❤❡ ♣r♦❝❡ss ❝❤❡❝❦s t❤❡ ♣r♦❝❡ss ✐s ♦♥❧② s✐❣♥❛❧❡❞ ✐❢ ❇✐ ❤♦❧❞s

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

r ✐s ♥♦t s✐❣♥❛❧❧❡❞ ✭❱✭r✮✮ ✉♥❧❡ss t❤❡r❡ ✐s ❛ ❞❡❧❛②❡❞ r❡❛❞❡r ✇ ✐s ♥♦t s✐❣♥❛❧❧❡❞ ✭❱✭✇✮✮ ✉♥❧❡ss t❤❡r❡ ✐s ❛ ❞❡❧❛②❡❞ ✇r✐t❡r

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✸✻ ✴ ✸✾

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SLIDE 37

❊①❛♠♣❧❡✿ ❘❡❛❞❡rs✴❲r✐t❡rs ✇✐t❤ ❝♦♥❞✐t✐♦♥ s②♥❝❤r♦♥✐③❛t✐♦♥ ✲ ✇✐t❤ s♣❧✐t ❜✐♥❛r② s❡♠❛♣❤♦r❡s

✐♥t ♥r ❂ ✵✱ ♥✇ ❂ ✵❀ ✐♥t ❞r ❂ ✵❀ ✐♥t ❞✇ ❂ ✵❀ s❡♠ ❡ ❂ ✶❀ s❡♠ r ❂ ✵❀ s❡♠ ✇ ❂ ✵❀ ★ ❘❲✿ ✭♥r ❂❂ ✵ ∨ ♥✇ ❂❂ ✵ ✮ ∧ ♥✇ ❁❂ ✶ ♣r♦❝❡ss ❘❡❛❞❡r ❬✐❂✶ t♦ ▼❪ ④ ★ ❊♥tr② ❝♦♥❞✐t✐♦♥✿ ♥✇ ❂❂ ✵ ✇❤✐❧❡ ✭tr✉❡✮ ④ ✳ ✳ ✳ ★ ❁❛✇❛✐t ✭♥✇ ❂❂ ✵✮ ♥r ❂ ♥r ✰ ✶❀❃ P✭❡✮❀ ✐❢ ✭♥✇❃✵✮ ④ ❞r❂❞r✰✶❀ ❱✭❡✮❀ P✭r✮❀⑥ ♥r❂♥r✰✶❀ ❙■●◆❆▲❀ ❘❡❛❞ ❢r♦♠ ❉❇ ★ ❁ ♥r ❂ ♥r ✲ ✶❀ ❃ P✭❡✮❀ ♥r❂♥r✲✶❀ ❙■●◆❆▲ ⑥ ⑥

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✸✼ ✴ ✸✾

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SLIDE 38

❊①❛♠♣❧❡✿ ❘❡❛❞❡rs✴❲r✐t❡rs ✇✐t❤ ❝♦♥❞✐t✐♦♥ s②♥❝❤r♦♥✐③❛t✐♦♥ ✲ ✇✐t❤ s♣❧✐t ❜✐♥❛r② s❡♠❛♣❤♦r❡s ✭✷✮

♣r♦❝❡ss ❲r✐t❡r ❬✐❂✶ t♦ ◆❪ ④ ★ ❊♥tr② ❝♦♥❞✐t✐♦♥✿ ♥✇ ❂❂ ✵ ❛♥❞ ♥r ❂❂ ✵ ✇❤✐❧❡ ✭tr✉❡✮ ④ ✳ ✳ ✳ ★ ❁❛✇❛✐t ✭♥r ❂❂ ✵ ❛♥❞ ♥✇ ❂❂ ✵✮ ♥✇ ❂ ♥✇ ✰ ✶❀ ❃ P✭❡✮❀ ✐❢ ✭♥r ❃ ✵ ♦r ♥✇ ❃ ✵✮ ④ ❞✇❂❞✇✰✶❀ ❱✭❡✮❀ P✭✇✮❀⑥ ♥✇ ❂ ♥✇ ✰ ✶❀ ❙■●◆❆▲❀ ❲r✐t❡ t♦ ❉❇ ★ ❁ ♥✇ ❂ ♥✇ ✲ ✶❀ ❃ P✭❡✮❀ ♥✇ ❂ ♥✇ ✲ ✶❀ ❙■●◆❆▲❀ ⑥ ⑥

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✸✽ ✴ ✸✾

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SLIDE 39

❊①❛♠♣❧❡✿ ❘❡❛❞❡rs✴❲r✐t❡rs ✇✐t❤ ❝♦♥❞✐t✐♦♥ s②♥❝❤r♦♥✐③❛t✐♦♥ ✲ ✇✐t❤ s♣❧✐t ❜✐♥❛r② s❡♠❛♣❤♦r❡s ✭✸✮

❙■●◆❆▲

✐❢ ✭♥✇ ❂❂ ✵ ❛♥❞ ❞r ❃ ✵✮ ④ ❞r ❂ ❞r ✲✶❀ ❱✭r✮❀ ★ ❛✇❛❦❡♥ r❡❛❞❡r ⑥ ❡❧s❡✐❢ ✭♥r ❂❂ ✵ ❛♥❞ ♥✇ ❂❂ ✵ ❛♥❞ ❞✇ ❃ ✵✮ ④ ❞✇ ❂ ❞✇ ✲✶❀ ❱✭✇✮❀ ★ ❛✇❛❦❡♥ ✇r✐t❡r ⑥ ❡❧s❡ ❱✭❡✮❀ ★ r❡❧❡❛s❡ ❡♥tr② ❧♦❝❦

■◆❋✹✶✹✵ ✭✶✹✳✵✾✳✶✶✮ ❙❡♠❛♣❤♦r❡s ▲❡❝t✉r❡ ✸ ✸✾ ✴ ✸✾