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Mar 23, 2024 316 likes •891 views

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SLIDE 1

❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s

♣❤♣▼②❆❞♠✐♥ ❞❡✈❡❧♦♣❡r ✲ r✉❧❡❛♥t❅✉s❡rs✳s❢✳♥❡t

❋❖❙❉❊▼ ✲ ❋❡❜r✉❛r② ✸r❞✱ ✷✵✶✸

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶ ✴ ✶✸

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SLIDE 2

❲❤❛t ✐s ♣❤♣▼②❆❞♠✐♥❄

❆ ✇❡❜✐♥t❡r❢❛❝❡ ✇r✐tt❡♥ ✐♥ P❍P ✭❛♥❞ ❏❛✈❛❙❝r✐♣t✮✱ t♦ ❛❞♠✐♥✐st❡r ❛ ▼②❙◗▲ ❞❛t❛❜❛s❡ ❛♥❞ ✉s❡rs✳

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✷ ✴ ✶✸

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SLIDE 3

❈✉rr❡♥t ✈❡rs✐♦♥

st❛❜❧❡ ✈❡rs✐♦♥ ✿ ✸✳✺✳✻ ✐♥ ❞❡✈❡❧♦♣♠❡♥t ✿ ✹✳✵ ✭❝✉rr❡♥t❧② ✹✳✵✳✵✲❛❧♣❤❛✷✮ ❛✈❛✐❧❛❜❧❡ ✐♥ ✻✾ ❧❛♥❣✉❛❣❡s ❛✈❣✳ ✷✲✸✵✵❑ ❞♦✇♥❧♦❛❞s ✭❡✈❡r② r❡❧❡❛s❡✮ ❛❧♠♦st ✸▼ ❞♦✇♥❧♦❛❞s ✐♥ t♦t❛❧ ❧❛st ②❡❛r ✶✽❑ ❝♦♠♠✐ts ❜② ✷✹✷ ❝♦♥tr✐❜✉t♦rs ❧❛st ②❡❛r ✶✵✲✷✵ ❛❝t✐✈❡ ❝♦♥tr✐❜✉t♦rs ♣❡r ♠♦♥t❤

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✸ ✴ ✶✸

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SLIDE 4

❈✉rr❡♥t ✈❡rs✐♦♥

st❛❜❧❡ ✈❡rs✐♦♥ ✿ ✸✳✺✳✻ ✐♥ ❞❡✈❡❧♦♣♠❡♥t ✿ ✹✳✵ ✭❝✉rr❡♥t❧② ✹✳✵✳✵✲❛❧♣❤❛✷✮ ❛✈❛✐❧❛❜❧❡ ✐♥ ✻✾ ❧❛♥❣✉❛❣❡s ❛✈❣✳ ✷✲✸✵✵❑ ❞♦✇♥❧♦❛❞s ✭❡✈❡r② r❡❧❡❛s❡✮ ❛❧♠♦st ✸▼ ❞♦✇♥❧♦❛❞s ✐♥ t♦t❛❧ ❧❛st ②❡❛r ✶✽❑ ❝♦♠♠✐ts ❜② ✷✹✷ ❝♦♥tr✐❜✉t♦rs ❧❛st ②❡❛r ✶✵✲✷✵ ❛❝t✐✈❡ ❝♦♥tr✐❜✉t♦rs ♣❡r ♠♦♥t❤

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✸ ✴ ✶✸

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SLIDE 5

❈✉rr❡♥t ✈❡rs✐♦♥

st❛❜❧❡ ✈❡rs✐♦♥ ✿ ✸✳✺✳✻ ✐♥ ❞❡✈❡❧♦♣♠❡♥t ✿ ✹✳✵ ✭❝✉rr❡♥t❧② ✹✳✵✳✵✲❛❧♣❤❛✷✮ ❛✈❛✐❧❛❜❧❡ ✐♥ ✻✾ ❧❛♥❣✉❛❣❡s ❛✈❣✳ ✷✲✸✵✵❑ ❞♦✇♥❧♦❛❞s ✭❡✈❡r② r❡❧❡❛s❡✮ ❛❧♠♦st ✸▼ ❞♦✇♥❧♦❛❞s ✐♥ t♦t❛❧ ❧❛st ②❡❛r ✶✽❑ ❝♦♠♠✐ts ❜② ✷✹✷ ❝♦♥tr✐❜✉t♦rs ❧❛st ②❡❛r ✶✵✲✷✵ ❛❝t✐✈❡ ❝♦♥tr✐❜✉t♦rs ♣❡r ♠♦♥t❤

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✸ ✴ ✶✸

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SLIDE 6

❈✉rr❡♥t ✈❡rs✐♦♥

st❛❜❧❡ ✈❡rs✐♦♥ ✿ ✸✳✺✳✻ ✐♥ ❞❡✈❡❧♦♣♠❡♥t ✿ ✹✳✵ ✭❝✉rr❡♥t❧② ✹✳✵✳✵✲❛❧♣❤❛✷✮ ❛✈❛✐❧❛❜❧❡ ✐♥ ✻✾ ❧❛♥❣✉❛❣❡s ❛✈❣✳ ✷✲✸✵✵❑ ❞♦✇♥❧♦❛❞s ✭❡✈❡r② r❡❧❡❛s❡✮ ❛❧♠♦st ✸▼ ❞♦✇♥❧♦❛❞s ✐♥ t♦t❛❧ ❧❛st ②❡❛r ✶✽❑ ❝♦♠♠✐ts ❜② ✷✹✷ ❝♦♥tr✐❜✉t♦rs ❧❛st ②❡❛r ✶✵✲✷✵ ❛❝t✐✈❡ ❝♦♥tr✐❜✉t♦rs ♣❡r ♠♦♥t❤

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✸ ✴ ✶✸

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SLIDE 7

❈✉rr❡♥t ✈❡rs✐♦♥

st❛❜❧❡ ✈❡rs✐♦♥ ✿ ✸✳✺✳✻ ✐♥ ❞❡✈❡❧♦♣♠❡♥t ✿ ✹✳✵ ✭❝✉rr❡♥t❧② ✹✳✵✳✵✲❛❧♣❤❛✷✮ ❛✈❛✐❧❛❜❧❡ ✐♥ ✻✾ ❧❛♥❣✉❛❣❡s ❛✈❣✳ ✷✲✸✵✵❑ ❞♦✇♥❧♦❛❞s ✭❡✈❡r② r❡❧❡❛s❡✮ ❛❧♠♦st ✸▼ ❞♦✇♥❧♦❛❞s ✐♥ t♦t❛❧ ❧❛st ②❡❛r ✶✽❑ ❝♦♠♠✐ts ❜② ✷✹✷ ❝♦♥tr✐❜✉t♦rs ❧❛st ②❡❛r ✶✵✲✷✵ ❛❝t✐✈❡ ❝♦♥tr✐❜✉t♦rs ♣❡r ♠♦♥t❤

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✸ ✴ ✶✸

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SLIDE 8

❈✉rr❡♥t ✈❡rs✐♦♥

st❛❜❧❡ ✈❡rs✐♦♥ ✿ ✸✳✺✳✻ ✐♥ ❞❡✈❡❧♦♣♠❡♥t ✿ ✹✳✵ ✭❝✉rr❡♥t❧② ✹✳✵✳✵✲❛❧♣❤❛✷✮ ❛✈❛✐❧❛❜❧❡ ✐♥ ✻✾ ❧❛♥❣✉❛❣❡s ❛✈❣✳ ✷✲✸✵✵❑ ❞♦✇♥❧♦❛❞s ✭❡✈❡r② r❡❧❡❛s❡✮ ❛❧♠♦st ✸▼ ❞♦✇♥❧♦❛❞s ✐♥ t♦t❛❧ ❧❛st ②❡❛r ✶✽❑ ❝♦♠♠✐ts ❜② ✷✹✷ ❝♦♥tr✐❜✉t♦rs ❧❛st ②❡❛r ✶✵✲✷✵ ❛❝t✐✈❡ ❝♦♥tr✐❜✉t♦rs ♣❡r ♠♦♥t❤

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✸ ✴ ✶✸

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SLIDE 9

❈✉rr❡♥t ✈❡rs✐♦♥

st❛❜❧❡ ✈❡rs✐♦♥ ✿ ✸✳✺✳✻ ✐♥ ❞❡✈❡❧♦♣♠❡♥t ✿ ✹✳✵ ✭❝✉rr❡♥t❧② ✹✳✵✳✵✲❛❧♣❤❛✷✮ ❛✈❛✐❧❛❜❧❡ ✐♥ ✻✾ ❧❛♥❣✉❛❣❡s ❛✈❣✳ ✷✲✸✵✵❑ ❞♦✇♥❧♦❛❞s ✭❡✈❡r② r❡❧❡❛s❡✮ ❛❧♠♦st ✸▼ ❞♦✇♥❧♦❛❞s ✐♥ t♦t❛❧ ❧❛st ②❡❛r ✶✽❑ ❝♦♠♠✐ts ❜② ✷✹✷ ❝♦♥tr✐❜✉t♦rs ❧❛st ②❡❛r ✶✵✲✷✵ ❛❝t✐✈❡ ❝♦♥tr✐❜✉t♦rs ♣❡r ♠♦♥t❤

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✸ ✴ ✶✸

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SLIDE 10

❲❤❛t✬s ♥❡✇ ✐♥ ✸✳✺

❋❡❛t✉r❡s ✐♠♣r♦✈❡❞ s✉♣♣♦rt ❢♦r st♦r❡❞ r♦✉t✐♥❡s✱ ❡✈❡♥ts ❛♥❞ tr✐❣❣❡rs ♦♣❡♥●■❙ s✉♣♣♦rt ❉r✐③③❧❡ s✉♣♣♦rt ✐♠♣r♦✈❡❞ ❊◆❯▼✴❙❊❚ ❡❞✐t♦r

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✹ ✴ ✶✸

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SLIDE 11

❲❤❛t✬s ♥❡✇ ✐♥ ✸✳✺

❋❡❛t✉r❡s ✐♠♣r♦✈❡❞ s✉♣♣♦rt ❢♦r st♦r❡❞ r♦✉t✐♥❡s✱ ❡✈❡♥ts ❛♥❞ tr✐❣❣❡rs ♦♣❡♥●■❙ s✉♣♣♦rt ❉r✐③③❧❡ s✉♣♣♦rt ✐♠♣r♦✈❡❞ ❊◆❯▼✴❙❊❚ ❡❞✐t♦r

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✹ ✴ ✶✸

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SLIDE 12

❲❤❛t✬s ♥❡✇ ✐♥ ✸✳✺

❋❡❛t✉r❡s ✐♠♣r♦✈❡❞ s✉♣♣♦rt ❢♦r st♦r❡❞ r♦✉t✐♥❡s✱ ❡✈❡♥ts ❛♥❞ tr✐❣❣❡rs ♦♣❡♥●■❙ s✉♣♣♦rt ❉r✐③③❧❡ s✉♣♣♦rt ✐♠♣r♦✈❡❞ ❊◆❯▼✴❙❊❚ ❡❞✐t♦r

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✹ ✴ ✶✸

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SLIDE 13

❲❤❛t✬s ♥❡✇ ✐♥ ✸✳✺

❋❡❛t✉r❡s ✐♠♣r♦✈❡❞ s✉♣♣♦rt ❢♦r st♦r❡❞ r♦✉t✐♥❡s✱ ❡✈❡♥ts ❛♥❞ tr✐❣❣❡rs ♦♣❡♥●■❙ s✉♣♣♦rt ❉r✐③③❧❡ s✉♣♣♦rt ✐♠♣r♦✈❡❞ ❊◆❯▼✴❙❊❚ ❡❞✐t♦r

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✹ ✴ ✶✸

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SLIDE 14

❲❤❛t✬s ♥❡✇ ✐♥ ✸✳✺

❋❡❛t✉r❡s ✐♠♣r♦✈❡❞ s✉♣♣♦rt ❢♦r st♦r❡❞ r♦✉t✐♥❡s✱ ❡✈❡♥ts ❛♥❞ tr✐❣❣❡rs ♦♣❡♥●■❙ s✉♣♣♦rt ❉r✐③③❧❡ s✉♣♣♦rt ✐♠♣r♦✈❡❞ ❊◆❯▼✴❙❊❚ ❡❞✐t♦r

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✹ ✴ ✶✸

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SLIDE 15

❲❤❛t✬s ♥❡✇ ✐♥ ✸✳✺

❉❡♠♦ ③♦♦♠ s❡❛r❝❤ ❛❞✈✐s♦r ✿ s✉❣❣❡st✐♦♥s t♦ t✇❡❛❦ ❝♦♥✜❣ s❡tt✐♥❣ ✐♥ ♦r❞❡r t♦ ♦♣t✐♠✐s❡ ▼②❙◗▲ s❡r✈❡r ♣❡r❢♦r♠❛♥❝❡ ❣r✐❞ ❡❞✐t✐♥❣ ❜r♦✇s❡✲♠♦❞❡ ✐♠♣r♦✈❡♠❡♥ts

✢❡①✐❜❧❡ ❝♦❧✉♠♥ ✇✐❞t❤ r❡♦r❞❡r ❝♦❧✉♠♥s ❆❏❆❳✐✜❝❛t✐♦♥ ♦❢ s♦♠❡ ♦♣❡r❛t✐♦♥s

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✺ ✴ ✶✸

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SLIDE 16

Pr❡♣❛r✐♥❣ ♥❡①t r❡❧❡❛s❡

■t ❛❧❧ st❛rt❡❞ ❛t t❤❡ ♣❤♣▼②❆❞♠✐♥ t❡❛♠ ♠❡❡t✐♥❣ ❛t ❋❖❙❉❊▼ ✷✵✶✷ ♥❡①t ✈❡rs✐♦♥ ✿ ♥❡✇ ❢❡❛t✉r❡s❄ ❝♦❞❡❜❛s❡ ✇✐t❤ ♠♦r❡ t❤❛♥ ✶✵ ②❡❛rs ♦❢ ❤✐st♦r②

❞✉♣❧✐❝❛t❡ ❝♦❞❡ ❧✐♠✐t❡❞ ♠♦❞✉❧❛r✐t②✴r❡✉s❛❜✐❧✐t② ✐♥❝♦♥s✐st❡♥t ❝♦❞✐♥❣ st②❧❡ ✳ ✳ ✳ ❂❃ ❝♦♠♣❧✐❝❛t❡❞ t♦ ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

♣r❡♣❛r❡ ❢♦r t❤❡ ❢✉t✉r❡ ✿ ❝❧❡❛♥ ✉♣ ✸✳✻ ♦r ✹✳✵❄

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✻ ✴ ✶✸

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SLIDE 17

Pr❡♣❛r✐♥❣ ♥❡①t r❡❧❡❛s❡

■t ❛❧❧ st❛rt❡❞ ❛t t❤❡ ♣❤♣▼②❆❞♠✐♥ t❡❛♠ ♠❡❡t✐♥❣ ❛t ❋❖❙❉❊▼ ✷✵✶✷ ♥❡①t ✈❡rs✐♦♥ ✿ ♥❡✇ ❢❡❛t✉r❡s❄ ❝♦❞❡❜❛s❡ ✇✐t❤ ♠♦r❡ t❤❛♥ ✶✵ ②❡❛rs ♦❢ ❤✐st♦r②

❞✉♣❧✐❝❛t❡ ❝♦❞❡ ❧✐♠✐t❡❞ ♠♦❞✉❧❛r✐t②✴r❡✉s❛❜✐❧✐t② ✐♥❝♦♥s✐st❡♥t ❝♦❞✐♥❣ st②❧❡ ✳ ✳ ✳ ❂❃ ❝♦♠♣❧✐❝❛t❡❞ t♦ ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

♣r❡♣❛r❡ ❢♦r t❤❡ ❢✉t✉r❡ ✿ ❝❧❡❛♥ ✉♣ ✸✳✻ ♦r ✹✳✵❄

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✻ ✴ ✶✸

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SLIDE 18

Pr❡♣❛r✐♥❣ ♥❡①t r❡❧❡❛s❡

■t ❛❧❧ st❛rt❡❞ ❛t t❤❡ ♣❤♣▼②❆❞♠✐♥ t❡❛♠ ♠❡❡t✐♥❣ ❛t ❋❖❙❉❊▼ ✷✵✶✷ ♥❡①t ✈❡rs✐♦♥ ✿ ♥❡✇ ❢❡❛t✉r❡s❄ ❝♦❞❡❜❛s❡ ✇✐t❤ ♠♦r❡ t❤❛♥ ✶✵ ②❡❛rs ♦❢ ❤✐st♦r②

❞✉♣❧✐❝❛t❡ ❝♦❞❡ ❧✐♠✐t❡❞ ♠♦❞✉❧❛r✐t②✴r❡✉s❛❜✐❧✐t② ✐♥❝♦♥s✐st❡♥t ❝♦❞✐♥❣ st②❧❡ ✳ ✳ ✳ ❂❃ ❝♦♠♣❧✐❝❛t❡❞ t♦ ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

♣r❡♣❛r❡ ❢♦r t❤❡ ❢✉t✉r❡ ✿ ❝❧❡❛♥ ✉♣ ✸✳✻ ♦r ✹✳✵❄

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✻ ✴ ✶✸

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SLIDE 19

Pr❡♣❛r✐♥❣ ♥❡①t r❡❧❡❛s❡

■t ❛❧❧ st❛rt❡❞ ❛t t❤❡ ♣❤♣▼②❆❞♠✐♥ t❡❛♠ ♠❡❡t✐♥❣ ❛t ❋❖❙❉❊▼ ✷✵✶✷ ♥❡①t ✈❡rs✐♦♥ ✿ ♥❡✇ ❢❡❛t✉r❡s❄ ❝♦❞❡❜❛s❡ ✇✐t❤ ♠♦r❡ t❤❛♥ ✶✵ ②❡❛rs ♦❢ ❤✐st♦r②

❞✉♣❧✐❝❛t❡ ❝♦❞❡ ❧✐♠✐t❡❞ ♠♦❞✉❧❛r✐t②✴r❡✉s❛❜✐❧✐t② ✐♥❝♦♥s✐st❡♥t ❝♦❞✐♥❣ st②❧❡ ✳ ✳ ✳ ❂❃ ❝♦♠♣❧✐❝❛t❡❞ t♦ ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

♣r❡♣❛r❡ ❢♦r t❤❡ ❢✉t✉r❡ ✿ ❝❧❡❛♥ ✉♣ ✸✳✻ ♦r ✹✳✵❄

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✻ ✴ ✶✸

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SLIDE 20

Pr❡♣❛r✐♥❣ ♥❡①t r❡❧❡❛s❡

■t ❛❧❧ st❛rt❡❞ ❛t t❤❡ ♣❤♣▼②❆❞♠✐♥ t❡❛♠ ♠❡❡t✐♥❣ ❛t ❋❖❙❉❊▼ ✷✵✶✷ ♥❡①t ✈❡rs✐♦♥ ✿ ♥❡✇ ❢❡❛t✉r❡s❄ ❝♦❞❡❜❛s❡ ✇✐t❤ ♠♦r❡ t❤❛♥ ✶✵ ②❡❛rs ♦❢ ❤✐st♦r②

❞✉♣❧✐❝❛t❡ ❝♦❞❡ ❧✐♠✐t❡❞ ♠♦❞✉❧❛r✐t②✴r❡✉s❛❜✐❧✐t② ✐♥❝♦♥s✐st❡♥t ❝♦❞✐♥❣ st②❧❡ ✳ ✳ ✳ ❂❃ ❝♦♠♣❧✐❝❛t❡❞ t♦ ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

♣r❡♣❛r❡ ❢♦r t❤❡ ❢✉t✉r❡ ✿ ❝❧❡❛♥ ✉♣ ✸✳✻ ♦r ✹✳✵❄

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✻ ✴ ✶✸

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SLIDE 21

Pr❡♣❛r✐♥❣ ♥❡①t r❡❧❡❛s❡

■t ❛❧❧ st❛rt❡❞ ❛t t❤❡ ♣❤♣▼②❆❞♠✐♥ t❡❛♠ ♠❡❡t✐♥❣ ❛t ❋❖❙❉❊▼ ✷✵✶✷ ♥❡①t ✈❡rs✐♦♥ ✿ ♥❡✇ ❢❡❛t✉r❡s❄ ❝♦❞❡❜❛s❡ ✇✐t❤ ♠♦r❡ t❤❛♥ ✶✵ ②❡❛rs ♦❢ ❤✐st♦r②

❞✉♣❧✐❝❛t❡ ❝♦❞❡ ❧✐♠✐t❡❞ ♠♦❞✉❧❛r✐t②✴r❡✉s❛❜✐❧✐t② ✐♥❝♦♥s✐st❡♥t ❝♦❞✐♥❣ st②❧❡ ✳ ✳ ✳ ❂❃ ❝♦♠♣❧✐❝❛t❡❞ t♦ ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

♣r❡♣❛r❡ ❢♦r t❤❡ ❢✉t✉r❡ ✿ ❝❧❡❛♥ ✉♣ ✸✳✻ ♦r ✹✳✵❄

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✻ ✴ ✶✸

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SLIDE 22

Pr❡♣❛r✐♥❣ ♥❡①t r❡❧❡❛s❡

■t ❛❧❧ st❛rt❡❞ ❛t t❤❡ ♣❤♣▼②❆❞♠✐♥ t❡❛♠ ♠❡❡t✐♥❣ ❛t ❋❖❙❉❊▼ ✷✵✶✷ ♥❡①t ✈❡rs✐♦♥ ✿ ♥❡✇ ❢❡❛t✉r❡s❄ ❝♦❞❡❜❛s❡ ✇✐t❤ ♠♦r❡ t❤❛♥ ✶✵ ②❡❛rs ♦❢ ❤✐st♦r②

❞✉♣❧✐❝❛t❡ ❝♦❞❡ ❧✐♠✐t❡❞ ♠♦❞✉❧❛r✐t②✴r❡✉s❛❜✐❧✐t② ✐♥❝♦♥s✐st❡♥t ❝♦❞✐♥❣ st②❧❡ ✳ ✳ ✳ ❂❃ ❝♦♠♣❧✐❝❛t❡❞ t♦ ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

♣r❡♣❛r❡ ❢♦r t❤❡ ❢✉t✉r❡ ✿ ❝❧❡❛♥ ✉♣ ✸✳✻ ♦r ✹✳✵❄

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✻ ✴ ✶✸

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SLIDE 23

Pr❡♣❛r✐♥❣ ♥❡①t r❡❧❡❛s❡

■t ❛❧❧ st❛rt❡❞ ❛t t❤❡ ♣❤♣▼②❆❞♠✐♥ t❡❛♠ ♠❡❡t✐♥❣ ❛t ❋❖❙❉❊▼ ✷✵✶✷ ♥❡①t ✈❡rs✐♦♥ ✿ ♥❡✇ ❢❡❛t✉r❡s❄ ❝♦❞❡❜❛s❡ ✇✐t❤ ♠♦r❡ t❤❛♥ ✶✵ ②❡❛rs ♦❢ ❤✐st♦r②

❞✉♣❧✐❝❛t❡ ❝♦❞❡ ❧✐♠✐t❡❞ ♠♦❞✉❧❛r✐t②✴r❡✉s❛❜✐❧✐t② ✐♥❝♦♥s✐st❡♥t ❝♦❞✐♥❣ st②❧❡ ✳ ✳ ✳ ❂❃ ❝♦♠♣❧✐❝❛t❡❞ t♦ ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

♣r❡♣❛r❡ ❢♦r t❤❡ ❢✉t✉r❡ ✿ ❝❧❡❛♥ ✉♣ ✸✳✻ ♦r ✹✳✵❄

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✻ ✴ ✶✸

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SLIDE 24

Pr❡♣❛r✐♥❣ ♥❡①t r❡❧❡❛s❡

■t ❛❧❧ st❛rt❡❞ ❛t t❤❡ ♣❤♣▼②❆❞♠✐♥ t❡❛♠ ♠❡❡t✐♥❣ ❛t ❋❖❙❉❊▼ ✷✵✶✷ ♥❡①t ✈❡rs✐♦♥ ✿ ♥❡✇ ❢❡❛t✉r❡s❄ ❝♦❞❡❜❛s❡ ✇✐t❤ ♠♦r❡ t❤❛♥ ✶✵ ②❡❛rs ♦❢ ❤✐st♦r②

❞✉♣❧✐❝❛t❡ ❝♦❞❡ ❧✐♠✐t❡❞ ♠♦❞✉❧❛r✐t②✴r❡✉s❛❜✐❧✐t② ✐♥❝♦♥s✐st❡♥t ❝♦❞✐♥❣ st②❧❡ ✳ ✳ ✳ ❂❃ ❝♦♠♣❧✐❝❛t❡❞ t♦ ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

♣r❡♣❛r❡ ❢♦r t❤❡ ❢✉t✉r❡ ✿ ❝❧❡❛♥ ✉♣ ✸✳✻ ♦r ✹✳✵❄

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✻ ✴ ✶✸

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SLIDE 25

Pr❡♣❛r✐♥❣ ♥❡①t r❡❧❡❛s❡

■t ❛❧❧ st❛rt❡❞ ❛t t❤❡ ♣❤♣▼②❆❞♠✐♥ t❡❛♠ ♠❡❡t✐♥❣ ❛t ❋❖❙❉❊▼ ✷✵✶✷ ♥❡①t ✈❡rs✐♦♥ ✿ ♥❡✇ ❢❡❛t✉r❡s❄ ❝♦❞❡❜❛s❡ ✇✐t❤ ♠♦r❡ t❤❛♥ ✶✵ ②❡❛rs ♦❢ ❤✐st♦r②

❞✉♣❧✐❝❛t❡ ❝♦❞❡ ❧✐♠✐t❡❞ ♠♦❞✉❧❛r✐t②✴r❡✉s❛❜✐❧✐t② ✐♥❝♦♥s✐st❡♥t ❝♦❞✐♥❣ st②❧❡ ✳ ✳ ✳ ❂❃ ❝♦♠♣❧✐❝❛t❡❞ t♦ ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

♣r❡♣❛r❡ ❢♦r t❤❡ ❢✉t✉r❡ ✿ ❝❧❡❛♥ ✉♣ ✸✳✻ ♦r ✹✳✵❄

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✻ ✴ ✶✸

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SLIDE 26

Pr❡♣❛r✐♥❣ ♥❡①t r❡❧❡❛s❡

■t ❛❧❧ st❛rt❡❞ ❛t t❤❡ ♣❤♣▼②❆❞♠✐♥ t❡❛♠ ♠❡❡t✐♥❣ ❛t ❋❖❙❉❊▼ ✷✵✶✷ ♥❡①t ✈❡rs✐♦♥ ✿ ♥❡✇ ❢❡❛t✉r❡s❄ ❝♦❞❡❜❛s❡ ✇✐t❤ ♠♦r❡ t❤❛♥ ✶✵ ②❡❛rs ♦❢ ❤✐st♦r②

❞✉♣❧✐❝❛t❡ ❝♦❞❡ ❧✐♠✐t❡❞ ♠♦❞✉❧❛r✐t②✴r❡✉s❛❜✐❧✐t② ✐♥❝♦♥s✐st❡♥t ❝♦❞✐♥❣ st②❧❡ ✳ ✳ ✳ ❂❃ ❝♦♠♣❧✐❝❛t❡❞ t♦ ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

♣r❡♣❛r❡ ❢♦r t❤❡ ❢✉t✉r❡ ✿ ❝❧❡❛♥ ✉♣ ✸✳✻ ♦r ✹✳✵❄

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✻ ✴ ✶✸

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SLIDE 27

❲❤❛t✬s ♥❡✇ ✐♥ ✹✳✵

❲❤❛t t♦ ❡①♣❡❝t ✐♥ ✹✳✵ ❝♦❞❡ ❝❧❡❛♥✉♣ ❛♥❞ r❡❢❛❝t♦r✐♥❣ ♣❧✉❣✐♥ s②st❡♠ ❢♦r ✐♠♣♦rt✴❡①♣♦rt✴❛✉t❤✴✳ ✳ ✳

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✼ ✴ ✶✸

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SLIDE 28

❲❤❛t✬s ♥❡✇ ✐♥ ✹✳✵

❲❤❛t t♦ ❡①♣❡❝t ✐♥ ✹✳✵ ❝♦❞❡ ❝❧❡❛♥✉♣ ❛♥❞ r❡❢❛❝t♦r✐♥❣ ♣❧✉❣✐♥ s②st❡♠ ❢♦r ✐♠♣♦rt✴❡①♣♦rt✴❛✉t❤✴✳ ✳ ✳

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✼ ✴ ✶✸

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SLIDE 29

❲❤❛t✬s ♥❡✇ ✐♥ ✹✳✵

❲❤❛t t♦ ❡①♣❡❝t ✐♥ ✹✳✵ ❝♦❞❡ ❝❧❡❛♥✉♣ ❛♥❞ r❡❢❛❝t♦r✐♥❣ ♣❧✉❣✐♥ s②st❡♠ ❢♦r ✐♠♣♦rt✴❡①♣♦rt✴❛✉t❤✴✳ ✳ ✳

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✼ ✴ ✶✸

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SLIDE 30

❲❤❛t✬s ♥❡✇ ✐♥ ✹✳✵

❘❡♠♦✈❛❧ ♦❢ ❢r❛♠❡s ❣❡t r✐❞ ♦❢ ❤t♠❧ ❁❢r❛♠❡s❃ ❛♥❞ r❡♣❧❛❝❡❞ ❜② ❁❞✐✈❃ s❡r✈❡r s✐❞❡ ✿ r❡s♣♦♥s❡ ❝❧❛ss ❣❡♥❡r❛t✐♥❣ ♣❛❣❡s ❝❧✐❡♥t s✐❞❡ ✿ ❏❛✈❛❙❝r✐♣t ♠♦❞✉❧❡

❤❛♥❞❧❡s ♥❛✈✐❣❛t✐♦♥ r❡tr✐❡✈❡s ♣❛❣❡s ❢r♦♠ s❡r✈❡r ✉s✐♥❣ ❆❏❆❳ r❡❧♦❛❞s ♣❛❣❡s ✐♥ ❜r♦✇s❡r ✇✐♥❞♦✇ ❝❛❝❤❡s ♣❛❣❡s ❜r♦✇s❡ ❤✐st♦r②

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✽ ✴ ✶✸

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SLIDE 31

❲❤❛t✬s ♥❡✇ ✐♥ ✹✳✵

❘❡♠♦✈❛❧ ♦❢ ❢r❛♠❡s ❣❡t r✐❞ ♦❢ ❤t♠❧ ❁❢r❛♠❡s❃ ❛♥❞ r❡♣❧❛❝❡❞ ❜② ❁❞✐✈❃ s❡r✈❡r s✐❞❡ ✿ r❡s♣♦♥s❡ ❝❧❛ss ❣❡♥❡r❛t✐♥❣ ♣❛❣❡s ❝❧✐❡♥t s✐❞❡ ✿ ❏❛✈❛❙❝r✐♣t ♠♦❞✉❧❡

❤❛♥❞❧❡s ♥❛✈✐❣❛t✐♦♥ r❡tr✐❡✈❡s ♣❛❣❡s ❢r♦♠ s❡r✈❡r ✉s✐♥❣ ❆❏❆❳ r❡❧♦❛❞s ♣❛❣❡s ✐♥ ❜r♦✇s❡r ✇✐♥❞♦✇ ❝❛❝❤❡s ♣❛❣❡s ❜r♦✇s❡ ❤✐st♦r②

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✽ ✴ ✶✸

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SLIDE 32

❲❤❛t✬s ♥❡✇ ✐♥ ✹✳✵

❘❡♠♦✈❛❧ ♦❢ ❢r❛♠❡s ❣❡t r✐❞ ♦❢ ❤t♠❧ ❁❢r❛♠❡s❃ ❛♥❞ r❡♣❧❛❝❡❞ ❜② ❁❞✐✈❃ s❡r✈❡r s✐❞❡ ✿ r❡s♣♦♥s❡ ❝❧❛ss ❣❡♥❡r❛t✐♥❣ ♣❛❣❡s ❝❧✐❡♥t s✐❞❡ ✿ ❏❛✈❛❙❝r✐♣t ♠♦❞✉❧❡

❤❛♥❞❧❡s ♥❛✈✐❣❛t✐♦♥ r❡tr✐❡✈❡s ♣❛❣❡s ❢r♦♠ s❡r✈❡r ✉s✐♥❣ ❆❏❆❳ r❡❧♦❛❞s ♣❛❣❡s ✐♥ ❜r♦✇s❡r ✇✐♥❞♦✇ ❝❛❝❤❡s ♣❛❣❡s ❜r♦✇s❡ ❤✐st♦r②

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✽ ✴ ✶✸

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SLIDE 33

❲❤❛t✬s ♥❡✇ ✐♥ ✹✳✵

❘❡♠♦✈❛❧ ♦❢ ❢r❛♠❡s ❣❡t r✐❞ ♦❢ ❤t♠❧ ❁❢r❛♠❡s❃ ❛♥❞ r❡♣❧❛❝❡❞ ❜② ❁❞✐✈❃ s❡r✈❡r s✐❞❡ ✿ r❡s♣♦♥s❡ ❝❧❛ss ❣❡♥❡r❛t✐♥❣ ♣❛❣❡s ❝❧✐❡♥t s✐❞❡ ✿ ❏❛✈❛❙❝r✐♣t ♠♦❞✉❧❡

❤❛♥❞❧❡s ♥❛✈✐❣❛t✐♦♥ r❡tr✐❡✈❡s ♣❛❣❡s ❢r♦♠ s❡r✈❡r ✉s✐♥❣ ❆❏❆❳ r❡❧♦❛❞s ♣❛❣❡s ✐♥ ❜r♦✇s❡r ✇✐♥❞♦✇ ❝❛❝❤❡s ♣❛❣❡s ❜r♦✇s❡ ❤✐st♦r②

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✽ ✴ ✶✸

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SLIDE 34

❲❤❛t✬s ♥❡✇ ✐♥ ✹✳✵

❘❡♠♦✈❛❧ ♦❢ ❢r❛♠❡s ❣❡t r✐❞ ♦❢ ❤t♠❧ ❁❢r❛♠❡s❃ ❛♥❞ r❡♣❧❛❝❡❞ ❜② ❁❞✐✈❃ s❡r✈❡r s✐❞❡ ✿ r❡s♣♦♥s❡ ❝❧❛ss ❣❡♥❡r❛t✐♥❣ ♣❛❣❡s ❝❧✐❡♥t s✐❞❡ ✿ ❏❛✈❛❙❝r✐♣t ♠♦❞✉❧❡

❤❛♥❞❧❡s ♥❛✈✐❣❛t✐♦♥ r❡tr✐❡✈❡s ♣❛❣❡s ❢r♦♠ s❡r✈❡r ✉s✐♥❣ ❆❏❆❳ r❡❧♦❛❞s ♣❛❣❡s ✐♥ ❜r♦✇s❡r ✇✐♥❞♦✇ ❝❛❝❤❡s ♣❛❣❡s ❜r♦✇s❡ ❤✐st♦r②

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✽ ✴ ✶✸

slide-35
SLIDE 35

❲❤❛t✬s ♥❡✇ ✐♥ ✹✳✵

❘❡♠♦✈❛❧ ♦❢ ❢r❛♠❡s ❣❡t r✐❞ ♦❢ ❤t♠❧ ❁❢r❛♠❡s❃ ❛♥❞ r❡♣❧❛❝❡❞ ❜② ❁❞✐✈❃ s❡r✈❡r s✐❞❡ ✿ r❡s♣♦♥s❡ ❝❧❛ss ❣❡♥❡r❛t✐♥❣ ♣❛❣❡s ❝❧✐❡♥t s✐❞❡ ✿ ❏❛✈❛❙❝r✐♣t ♠♦❞✉❧❡

❤❛♥❞❧❡s ♥❛✈✐❣❛t✐♦♥ r❡tr✐❡✈❡s ♣❛❣❡s ❢r♦♠ s❡r✈❡r ✉s✐♥❣ ❆❏❆❳ r❡❧♦❛❞s ♣❛❣❡s ✐♥ ❜r♦✇s❡r ✇✐♥❞♦✇ ❝❛❝❤❡s ♣❛❣❡s ❜r♦✇s❡ ❤✐st♦r②

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✽ ✴ ✶✸

slide-36
SLIDE 36

❲❤❛t✬s ♥❡✇ ✐♥ ✹✳✵

❘❡♠♦✈❛❧ ♦❢ ❢r❛♠❡s ❣❡t r✐❞ ♦❢ ❤t♠❧ ❁❢r❛♠❡s❃ ❛♥❞ r❡♣❧❛❝❡❞ ❜② ❁❞✐✈❃ s❡r✈❡r s✐❞❡ ✿ r❡s♣♦♥s❡ ❝❧❛ss ❣❡♥❡r❛t✐♥❣ ♣❛❣❡s ❝❧✐❡♥t s✐❞❡ ✿ ❏❛✈❛❙❝r✐♣t ♠♦❞✉❧❡

❤❛♥❞❧❡s ♥❛✈✐❣❛t✐♦♥ r❡tr✐❡✈❡s ♣❛❣❡s ❢r♦♠ s❡r✈❡r ✉s✐♥❣ ❆❏❆❳ r❡❧♦❛❞s ♣❛❣❡s ✐♥ ❜r♦✇s❡r ✇✐♥❞♦✇ ❝❛❝❤❡s ♣❛❣❡s ❜r♦✇s❡ ❤✐st♦r②

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✽ ✴ ✶✸

slide-37
SLIDE 37

❲❤❛t✬s ♥❡✇ ✐♥ ✹✳✵

❘❡♠♦✈❛❧ ♦❢ ❢r❛♠❡s ❣❡t r✐❞ ♦❢ ❤t♠❧ ❁❢r❛♠❡s❃ ❛♥❞ r❡♣❧❛❝❡❞ ❜② ❁❞✐✈❃ s❡r✈❡r s✐❞❡ ✿ r❡s♣♦♥s❡ ❝❧❛ss ❣❡♥❡r❛t✐♥❣ ♣❛❣❡s ❝❧✐❡♥t s✐❞❡ ✿ ❏❛✈❛❙❝r✐♣t ♠♦❞✉❧❡

❤❛♥❞❧❡s ♥❛✈✐❣❛t✐♦♥ r❡tr✐❡✈❡s ♣❛❣❡s ❢r♦♠ s❡r✈❡r ✉s✐♥❣ ❆❏❆❳ r❡❧♦❛❞s ♣❛❣❡s ✐♥ ❜r♦✇s❡r ✇✐♥❞♦✇ ❝❛❝❤❡s ♣❛❣❡s ❜r♦✇s❡ ❤✐st♦r②

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✽ ✴ ✶✸

slide-38
SLIDE 38

❲❤❛t✬s ♥❡✇ ✐♥ ✹✳✵

❘❡♠♦✈❛❧ ♦❢ ❢r❛♠❡s ❣❡t r✐❞ ♦❢ ❤t♠❧ ❁❢r❛♠❡s❃ ❛♥❞ r❡♣❧❛❝❡❞ ❜② ❁❞✐✈❃ s❡r✈❡r s✐❞❡ ✿ r❡s♣♦♥s❡ ❝❧❛ss ❣❡♥❡r❛t✐♥❣ ♣❛❣❡s ❝❧✐❡♥t s✐❞❡ ✿ ❏❛✈❛❙❝r✐♣t ♠♦❞✉❧❡

❤❛♥❞❧❡s ♥❛✈✐❣❛t✐♦♥ r❡tr✐❡✈❡s ♣❛❣❡s ❢r♦♠ s❡r✈❡r ✉s✐♥❣ ❆❏❆❳ r❡❧♦❛❞s ♣❛❣❡s ✐♥ ❜r♦✇s❡r ✇✐♥❞♦✇ ❝❛❝❤❡s ♣❛❣❡s ❜r♦✇s❡ ❤✐st♦r②

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✽ ✴ ✶✸

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SLIDE 39

❲❤❛t✬s ♥❡✇ ✐♥ ✹✳✵

Pr❡✈✐❡✇ ♦❢ ✹✳✵ ♥❡✇ ♥❛✈✐❣❛t✐♦♥ tr❡❡ ✐♠♣r♦✈❡❞ s❡r✈❡r st❛t✉s ♠♦♥✐t♦r

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✾ ✴ ✶✸

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SLIDE 40

❲❤❛t✬s ♥❡✇ ✐♥ ✹✳✵

❲❤❛t t♦ ❡①♣❡❝t ✐♥ ✹✳✵ ❝♦❞❡ ❝❧❡❛♥✉♣ ❛♥❞ r❡❢❛❝t♦r✐♥❣ ♣❧✉❣✐♥ s②st❡♠ ❢♦r ✐♠♣♦rt✴❡①♣♦rt✴❛✉t❤✴✳ ✳ ✳ r❡♠♦✈❛❧ ♦❢ ❢r❛♠❡s ♥❡✇ ♥❛✈✐❣❛t✐♦♥ tr❡❡ ❏❛✈❛❙❝r✐♣t ❛♥❞ ❆❏❆❳ ❛r❡ r❡q✉✐r❡❞ ❞♦❝✉♠❡♥t❛t✐♦♥ ❤❛s ❛ ♥❡✇ ❧♦♦❦ ✿ ❞♦❝s✳♣❤♣♠②❛❞♠✐♥✳♥❡t

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✵ ✴ ✶✸

slide-41
SLIDE 41

❲❤❛t✬s ♥❡✇ ✐♥ ✹✳✵

❲❤❛t t♦ ❡①♣❡❝t ✐♥ ✹✳✵ ❝♦❞❡ ❝❧❡❛♥✉♣ ❛♥❞ r❡❢❛❝t♦r✐♥❣ ♣❧✉❣✐♥ s②st❡♠ ❢♦r ✐♠♣♦rt✴❡①♣♦rt✴❛✉t❤✴✳ ✳ ✳ r❡♠♦✈❛❧ ♦❢ ❢r❛♠❡s ♥❡✇ ♥❛✈✐❣❛t✐♦♥ tr❡❡ ❏❛✈❛❙❝r✐♣t ❛♥❞ ❆❏❆❳ ❛r❡ r❡q✉✐r❡❞ ❞♦❝✉♠❡♥t❛t✐♦♥ ❤❛s ❛ ♥❡✇ ❧♦♦❦ ✿ ❞♦❝s✳♣❤♣♠②❛❞♠✐♥✳♥❡t

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✵ ✴ ✶✸

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SLIDE 42

❲❤❛t✬s ♥❡✇ ✐♥ ✹✳✵

❲❤❛t t♦ ❡①♣❡❝t ✐♥ ✹✳✵ ❝♦❞❡ ❝❧❡❛♥✉♣ ❛♥❞ r❡❢❛❝t♦r✐♥❣ ♣❧✉❣✐♥ s②st❡♠ ❢♦r ✐♠♣♦rt✴❡①♣♦rt✴❛✉t❤✴✳ ✳ ✳ r❡♠♦✈❛❧ ♦❢ ❢r❛♠❡s ♥❡✇ ♥❛✈✐❣❛t✐♦♥ tr❡❡ ❏❛✈❛❙❝r✐♣t ❛♥❞ ❆❏❆❳ ❛r❡ r❡q✉✐r❡❞ ❞♦❝✉♠❡♥t❛t✐♦♥ ❤❛s ❛ ♥❡✇ ❧♦♦❦ ✿ ❞♦❝s✳♣❤♣♠②❛❞♠✐♥✳♥❡t

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✵ ✴ ✶✸

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SLIDE 43

❲❤❡r❡ t♦ ❣❡t ✐t

❝✉rr❡♥t st❛❜❧❡ ✿ ♣❤♣▼②❆❞♠✐♥ ✇❡❜s✐t❡ ✿ ✇✇✇✳♣❤♣♠②❛❞♠✐♥✳♥❡t ❛s ❛ ♣❛❝❦❛❣❡ ❢r♦♠ ②♦✉r ❞✐str♦ ✐♥❝❧✉❞❡❞ ✐♥ ❳❆▼PP✱ ❲❆▼P✱ ❝P❛♥❡❧✱ ✳ ✳ ✳ ❞❡✈❡❧♦♣♠❡♥t ✿ ❣✐t r❡♣♦s✐t♦r② ✿ ❣✐t✳♣❤♣♠❛✳♦r❣

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✶ ✴ ✶✸

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SLIDE 44

❲❤❡r❡ t♦ ❣❡t ✐t

❝✉rr❡♥t st❛❜❧❡ ✿ ♣❤♣▼②❆❞♠✐♥ ✇❡❜s✐t❡ ✿ ✇✇✇✳♣❤♣♠②❛❞♠✐♥✳♥❡t ❛s ❛ ♣❛❝❦❛❣❡ ❢r♦♠ ②♦✉r ❞✐str♦ ✐♥❝❧✉❞❡❞ ✐♥ ❳❆▼PP✱ ❲❆▼P✱ ❝P❛♥❡❧✱ ✳ ✳ ✳ ❞❡✈❡❧♦♣♠❡♥t ✿ ❣✐t r❡♣♦s✐t♦r② ✿ ❣✐t✳♣❤♣♠❛✳♦r❣

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✶ ✴ ✶✸

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SLIDE 45

❲❤❡r❡ t♦ ❣❡t ✐t

❝✉rr❡♥t st❛❜❧❡ ✿ ♣❤♣▼②❆❞♠✐♥ ✇❡❜s✐t❡ ✿ ✇✇✇✳♣❤♣♠②❛❞♠✐♥✳♥❡t ❛s ❛ ♣❛❝❦❛❣❡ ❢r♦♠ ②♦✉r ❞✐str♦ ✐♥❝❧✉❞❡❞ ✐♥ ❳❆▼PP✱ ❲❆▼P✱ ❝P❛♥❡❧✱ ✳ ✳ ✳ ❞❡✈❡❧♦♣♠❡♥t ✿ ❣✐t r❡♣♦s✐t♦r② ✿ ❣✐t✳♣❤♣♠❛✳♦r❣

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✶ ✴ ✶✸

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SLIDE 46

❲❤❡r❡ t♦ ❣❡t ✐t

❝✉rr❡♥t st❛❜❧❡ ✿ ♣❤♣▼②❆❞♠✐♥ ✇❡❜s✐t❡ ✿ ✇✇✇✳♣❤♣♠②❛❞♠✐♥✳♥❡t ❛s ❛ ♣❛❝❦❛❣❡ ❢r♦♠ ②♦✉r ❞✐str♦ ✐♥❝❧✉❞❡❞ ✐♥ ❳❆▼PP✱ ❲❆▼P✱ ❝P❛♥❡❧✱ ✳ ✳ ✳ ❞❡✈❡❧♦♣♠❡♥t ✿ ❣✐t r❡♣♦s✐t♦r② ✿ ❣✐t✳♣❤♣♠❛✳♦r❣

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✶ ✴ ✶✸

slide-47
SLIDE 47

❍❡❧♣ ✉s ✐♠♣r♦✈❡ ♣❤♣▼②❆❞♠✐♥

❍♦✇ ②♦✉ ❝❛♥ ❤❡❧♣ ✐♥ ♣r❡♣❛r❛t✐♦♥ ♦❢ t❤❡ ✹✳✵ r❡❧❡❛s❡

t❡st❡rs ✿ ❣❡t ✹✳✵✳✵✲❛❧♣❤❛✷ ♦r tr② ✐t ❛t ❞❡♠♦✳♣❤♣♠❛✳♦r❣ ❛♥❞ r❡♣♦rt ❜✉❣s tr❛♥s❧❛t♦rs ✿ tr❛♥s❧❛t❡✳♣❤♣♠❛✳♦r❣

♥❡✇ ❞❡✈❡❧♦♣❡rs

❝❧♦♥❡ ♣❤♣♠②❛❞♠✐♥ ♦♥ ❣✐t❤✉❜ ✜① ❜✉❣s ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

❝r❡❛t❡ ❛ ♥❡✇ t❤❡♠❡ ✐♠♣r♦✈❡ ❞♦❝✉♠❡♥t❛t✐♦♥

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✷ ✴ ✶✸

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SLIDE 48

❍❡❧♣ ✉s ✐♠♣r♦✈❡ ♣❤♣▼②❆❞♠✐♥

❍♦✇ ②♦✉ ❝❛♥ ❤❡❧♣ ✐♥ ♣r❡♣❛r❛t✐♦♥ ♦❢ t❤❡ ✹✳✵ r❡❧❡❛s❡

t❡st❡rs ✿ ❣❡t ✹✳✵✳✵✲❛❧♣❤❛✷ ♦r tr② ✐t ❛t ❞❡♠♦✳♣❤♣♠❛✳♦r❣ ❛♥❞ r❡♣♦rt ❜✉❣s tr❛♥s❧❛t♦rs ✿ tr❛♥s❧❛t❡✳♣❤♣♠❛✳♦r❣

♥❡✇ ❞❡✈❡❧♦♣❡rs

❝❧♦♥❡ ♣❤♣♠②❛❞♠✐♥ ♦♥ ❣✐t❤✉❜ ✜① ❜✉❣s ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

❝r❡❛t❡ ❛ ♥❡✇ t❤❡♠❡ ✐♠♣r♦✈❡ ❞♦❝✉♠❡♥t❛t✐♦♥

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✷ ✴ ✶✸

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SLIDE 49

❍❡❧♣ ✉s ✐♠♣r♦✈❡ ♣❤♣▼②❆❞♠✐♥

❍♦✇ ②♦✉ ❝❛♥ ❤❡❧♣ ✐♥ ♣r❡♣❛r❛t✐♦♥ ♦❢ t❤❡ ✹✳✵ r❡❧❡❛s❡

t❡st❡rs ✿ ❣❡t ✹✳✵✳✵✲❛❧♣❤❛✷ ♦r tr② ✐t ❛t ❞❡♠♦✳♣❤♣♠❛✳♦r❣ ❛♥❞ r❡♣♦rt ❜✉❣s tr❛♥s❧❛t♦rs ✿ tr❛♥s❧❛t❡✳♣❤♣♠❛✳♦r❣

♥❡✇ ❞❡✈❡❧♦♣❡rs

❝❧♦♥❡ ♣❤♣♠②❛❞♠✐♥ ♦♥ ❣✐t❤✉❜ ✜① ❜✉❣s ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

❝r❡❛t❡ ❛ ♥❡✇ t❤❡♠❡ ✐♠♣r♦✈❡ ❞♦❝✉♠❡♥t❛t✐♦♥

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✷ ✴ ✶✸

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SLIDE 50

❍❡❧♣ ✉s ✐♠♣r♦✈❡ ♣❤♣▼②❆❞♠✐♥

❍♦✇ ②♦✉ ❝❛♥ ❤❡❧♣ ✐♥ ♣r❡♣❛r❛t✐♦♥ ♦❢ t❤❡ ✹✳✵ r❡❧❡❛s❡

t❡st❡rs ✿ ❣❡t ✹✳✵✳✵✲❛❧♣❤❛✷ ♦r tr② ✐t ❛t ❞❡♠♦✳♣❤♣♠❛✳♦r❣ ❛♥❞ r❡♣♦rt ❜✉❣s tr❛♥s❧❛t♦rs ✿ tr❛♥s❧❛t❡✳♣❤♣♠❛✳♦r❣

♥❡✇ ❞❡✈❡❧♦♣❡rs

❝❧♦♥❡ ♣❤♣♠②❛❞♠✐♥ ♦♥ ❣✐t❤✉❜ ✜① ❜✉❣s ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

❝r❡❛t❡ ❛ ♥❡✇ t❤❡♠❡ ✐♠♣r♦✈❡ ❞♦❝✉♠❡♥t❛t✐♦♥

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✷ ✴ ✶✸

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SLIDE 51

❍❡❧♣ ✉s ✐♠♣r♦✈❡ ♣❤♣▼②❆❞♠✐♥

❍♦✇ ②♦✉ ❝❛♥ ❤❡❧♣ ✐♥ ♣r❡♣❛r❛t✐♦♥ ♦❢ t❤❡ ✹✳✵ r❡❧❡❛s❡

t❡st❡rs ✿ ❣❡t ✹✳✵✳✵✲❛❧♣❤❛✷ ♦r tr② ✐t ❛t ❞❡♠♦✳♣❤♣♠❛✳♦r❣ ❛♥❞ r❡♣♦rt ❜✉❣s tr❛♥s❧❛t♦rs ✿ tr❛♥s❧❛t❡✳♣❤♣♠❛✳♦r❣

♥❡✇ ❞❡✈❡❧♦♣❡rs

❝❧♦♥❡ ♣❤♣♠②❛❞♠✐♥ ♦♥ ❣✐t❤✉❜ ✜① ❜✉❣s ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

❝r❡❛t❡ ❛ ♥❡✇ t❤❡♠❡ ✐♠♣r♦✈❡ ❞♦❝✉♠❡♥t❛t✐♦♥

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✷ ✴ ✶✸

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SLIDE 52

❍❡❧♣ ✉s ✐♠♣r♦✈❡ ♣❤♣▼②❆❞♠✐♥

❍♦✇ ②♦✉ ❝❛♥ ❤❡❧♣ ✐♥ ♣r❡♣❛r❛t✐♦♥ ♦❢ t❤❡ ✹✳✵ r❡❧❡❛s❡

t❡st❡rs ✿ ❣❡t ✹✳✵✳✵✲❛❧♣❤❛✷ ♦r tr② ✐t ❛t ❞❡♠♦✳♣❤♣♠❛✳♦r❣ ❛♥❞ r❡♣♦rt ❜✉❣s tr❛♥s❧❛t♦rs ✿ tr❛♥s❧❛t❡✳♣❤♣♠❛✳♦r❣

♥❡✇ ❞❡✈❡❧♦♣❡rs

❝❧♦♥❡ ♣❤♣♠②❛❞♠✐♥ ♦♥ ❣✐t❤✉❜ ✜① ❜✉❣s ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

❝r❡❛t❡ ❛ ♥❡✇ t❤❡♠❡ ✐♠♣r♦✈❡ ❞♦❝✉♠❡♥t❛t✐♦♥

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✷ ✴ ✶✸

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SLIDE 53

❍❡❧♣ ✉s ✐♠♣r♦✈❡ ♣❤♣▼②❆❞♠✐♥

❍♦✇ ②♦✉ ❝❛♥ ❤❡❧♣ ✐♥ ♣r❡♣❛r❛t✐♦♥ ♦❢ t❤❡ ✹✳✵ r❡❧❡❛s❡

t❡st❡rs ✿ ❣❡t ✹✳✵✳✵✲❛❧♣❤❛✷ ♦r tr② ✐t ❛t ❞❡♠♦✳♣❤♣♠❛✳♦r❣ ❛♥❞ r❡♣♦rt ❜✉❣s tr❛♥s❧❛t♦rs ✿ tr❛♥s❧❛t❡✳♣❤♣♠❛✳♦r❣

♥❡✇ ❞❡✈❡❧♦♣❡rs

❝❧♦♥❡ ♣❤♣♠②❛❞♠✐♥ ♦♥ ❣✐t❤✉❜ ✜① ❜✉❣s ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

❝r❡❛t❡ ❛ ♥❡✇ t❤❡♠❡ ✐♠♣r♦✈❡ ❞♦❝✉♠❡♥t❛t✐♦♥

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✷ ✴ ✶✸

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SLIDE 54

❍❡❧♣ ✉s ✐♠♣r♦✈❡ ♣❤♣▼②❆❞♠✐♥

❍♦✇ ②♦✉ ❝❛♥ ❤❡❧♣ ✐♥ ♣r❡♣❛r❛t✐♦♥ ♦❢ t❤❡ ✹✳✵ r❡❧❡❛s❡

t❡st❡rs ✿ ❣❡t ✹✳✵✳✵✲❛❧♣❤❛✷ ♦r tr② ✐t ❛t ❞❡♠♦✳♣❤♣♠❛✳♦r❣ ❛♥❞ r❡♣♦rt ❜✉❣s tr❛♥s❧❛t♦rs ✿ tr❛♥s❧❛t❡✳♣❤♣♠❛✳♦r❣

♥❡✇ ❞❡✈❡❧♦♣❡rs

❝❧♦♥❡ ♣❤♣♠②❛❞♠✐♥ ♦♥ ❣✐t❤✉❜ ✜① ❜✉❣s ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

❝r❡❛t❡ ❛ ♥❡✇ t❤❡♠❡ ✐♠♣r♦✈❡ ❞♦❝✉♠❡♥t❛t✐♦♥

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✷ ✴ ✶✸

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SLIDE 55

❍❡❧♣ ✉s ✐♠♣r♦✈❡ ♣❤♣▼②❆❞♠✐♥

❍♦✇ ②♦✉ ❝❛♥ ❤❡❧♣ ✐♥ ♣r❡♣❛r❛t✐♦♥ ♦❢ t❤❡ ✹✳✵ r❡❧❡❛s❡

t❡st❡rs ✿ ❣❡t ✹✳✵✳✵✲❛❧♣❤❛✷ ♦r tr② ✐t ❛t ❞❡♠♦✳♣❤♣♠❛✳♦r❣ ❛♥❞ r❡♣♦rt ❜✉❣s tr❛♥s❧❛t♦rs ✿ tr❛♥s❧❛t❡✳♣❤♣♠❛✳♦r❣

♥❡✇ ❞❡✈❡❧♦♣❡rs

❝❧♦♥❡ ♣❤♣♠②❛❞♠✐♥ ♦♥ ❣✐t❤✉❜ ✜① ❜✉❣s ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

❝r❡❛t❡ ❛ ♥❡✇ t❤❡♠❡ ✐♠♣r♦✈❡ ❞♦❝✉♠❡♥t❛t✐♦♥

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✷ ✴ ✶✸

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SLIDE 56

❍❡❧♣ ✉s ✐♠♣r♦✈❡ ♣❤♣▼②❆❞♠✐♥

❍♦✇ ②♦✉ ❝❛♥ ❤❡❧♣ ✐♥ ♣r❡♣❛r❛t✐♦♥ ♦❢ t❤❡ ✹✳✵ r❡❧❡❛s❡

t❡st❡rs ✿ ❣❡t ✹✳✵✳✵✲❛❧♣❤❛✷ ♦r tr② ✐t ❛t ❞❡♠♦✳♣❤♣♠❛✳♦r❣ ❛♥❞ r❡♣♦rt ❜✉❣s tr❛♥s❧❛t♦rs ✿ tr❛♥s❧❛t❡✳♣❤♣♠❛✳♦r❣

♥❡✇ ❞❡✈❡❧♦♣❡rs

❝❧♦♥❡ ♣❤♣♠②❛❞♠✐♥ ♦♥ ❣✐t❤✉❜ ✜① ❜✉❣s ❛❞❞ ♥❡✇ ❢❡❛t✉r❡s

❝r❡❛t❡ ❛ ♥❡✇ t❤❡♠❡ ✐♠♣r♦✈❡ ❞♦❝✉♠❡♥t❛t✐♦♥

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✷ ✴ ✶✸

slide-57
SLIDE 57

◗✉❡st✐♦♥s

❚❤❛♥❦s ❢♦r ②♦✉r ❛tt❡♥t✐♦♥✦ ◗✉❡st✐♦♥s❄ ✇❡❜s✐t❡ ✿ ✇✇✇✳♣❤♣♠②❛❞♠✐♥✳♥❡t ✉s❡rs ♠❛✐❧✐♥❣ ❧✐st ✭❢♦r s✉♣♣♦rt q✉❡st✐♦♥s✮✿ ♣❤♣♠②❛❞♠✐♥✲✉s❡rs❅❧✐sts✳s♦✉r❝❡❢♦r❣❡✳♥❡t ❞❡✈❡❧♦♣❡rs ♠❛✐❧✐♥❣ ❧✐st ✭❞❡✈❡❧♦♣♠❡♥t ❞✐s❝✉ss✐♦♥✮✿ ♣❤♣♠②❛❞♠✐♥✲❞❡✈❡❧❅❧✐sts✳s♦✉r❝❡❢♦r❣❡✳♥❡t ♣r❡s❡♥t❛t✐♦♥ ✿ r✉❧❡❛♥t✳✉s❡rs✳s❢✳♥❡t✴♣♠❛❢♦s❞❡♠✶✸✳♣❞❢

❉✐❡t❡r ❆❞r✐❛❡♥ss❡♥s ✭♣❤♣▼②❆❞♠✐♥✮ ❚❤❡ ♣r❡s❡♥t ❛♥❞ ❢✉t✉r❡ ♦❢ ♣❤♣▼②❆❞♠✐♥ ❋❖❙❉❊▼ ✲ ✸❋❡❜✷✵✶✸ ✶✸ ✴ ✶✸