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SLIDE 1

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ✶✵ ▼❛② ✷✵✵✻

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 2

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

P❧❛♥

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 3

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

■♥tr♦❞✉❝t✐♦♥

❙t②❧✐③❡❞ ❢❛❝ts

■ ❙❡❛s♦♥❛❧✐t② ■ ❚r❡♥❞ ■ ❈②❝❧❡

❍♦✇ t♦ ☞❧t❡r t❤❡ st②❧✐③❡❞ ❢❛❝ts t♦ ❣❡t t❤❡ r❡s✐❞✉❛❧s ❄

■ ◆♦♥✲P❛r❛♠❡tr✐❝ ☞❧t❡rs ■ P❛r❛♠❡tr✐❝ ☞❧t❡rs

■ ❧✐♥❡❛r ☞❧t❡rs ■ ❢r❛❝t✐♦♥❛❧ ☞❧t❡rs ▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 4

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r ▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 5

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r ▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 6

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r ▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 7

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

■♥tr♦❞✉❝t✐♦♥

❖❜❥❡❝t✐✈❡s

■ ❚❛❦❡ ♣❡rs✐st❡♥❝❡ ❛♥❞ s❡❛s♦♥❛❧ ❜❡❤❛✈✐♦✉r ✐♥t♦ ❛❝❝♦✉♥t

  • ❛✐♥

✶✳ ◆♦✐s❡ r❡❞✉❝t✐♦♥ ✷✳ ❆ ♠♦r❡ ✌❡①✐❜❧❡ ❛♣♣r♦❛❝❤ t♦ s❡❛s♦♥❛❧ ✐♥t❡❣r❛t✐♦♥

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 8

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

❈♦♥❝❡♣ts ♦❢ ❧♦♥❣ ♠❡♠♦r②

■ ✭❳t✮t ❝♦✈❛r✐❛♥❝❡✲st❛t✐♦♥❛r② ♣r♦❝❡ss ✇✐t❤ ☞♥✐t❡ ✈❛r✐❛♥❝❡ ■ ❉❡☞♥✐t✐♦♥ ✿ ❚✐♠❡ ❞♦♠❛✐♥

❆❈❋ ✚❳✭❦✮ s❤♦✇s ❛ s❧♦✇ ❞❡❝❛② ✿ ✭☛ ✷❪✵❀ ✶❬✮ ✚✭❦✮ ✘ ❈✚✭❦✮❦☛ ❛s ❦ ✦ ✶❀ ✭✶✮

■ ❉❡☞♥✐t✐♦♥ ✿ ❙♣❡❝tr❛❧ ❞♦♠❛✐♥

❉❡♥s✐t② ❢❳✭✕✮ t❡♥❞s t♦ ✶ ❢♦r ✈❡r② ❧♦✇ ❢r❡q✉❡♥❝✐❡s ✿✭☞ ✷❪✵❀ ✶❬✮ ❢❳✭✕✮ ✘ ❈❢ ✭✕✮❥✕❥☞ ❛s ✕ ✦ ✵✰❀ ✭✷✮

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 9

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r ▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 10

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

❊①t❡♥s✐♦♥ ♦❢ t❤❡ ❧♦♥❣ ♠❡♠♦r② ❝♦♥❝❡♣t ✭●r❛②✱ ❩❤❛♥❣✱ ❲♦♦❞✇❛r❞✱ ✶✾✽✾✮

■ ❆ st❛t✐♦♥❛r② ♣r♦❝❡ss ✐s s❛✐❞ t♦ ❜❡ ❧♦♥❣ ♠❡♠♦r② ✐❢ ✿

✾✕✵ ✷ ❬✵❀ ✙❪ s✉❝❤ ❛s ❢ ✭✕✵✮ ✉♥❜♦✉♥❞❡❞ ✿

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 11

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r ▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 12

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

❋r❛❝t✐♦♥❛❧ ☞❧t❡rs ✭❍♦s❦✐♥❣✱ ●r❛♥❣❡r ❛♥❞ ❏♦②❡✉①✮

■ ❆❘❋■▼❆ st❛t✐♦♥❛r② ❧♦♥❣ ♠❡♠♦r② ✿

✭■ ❇✮❞❳t ❂ ✉t ✭✸✮ ✭✉t✮t ❝♦✈❛r✐❛♥❝❡ st❛t✐♦♥❛r② ♣r♦❝❡ss ❛♥❞ ✵ ❁ ❞ ❁ ✶❂✷✳

■ ❋r❛❝t✐♦♥❛❧ ☞❧t❡r ✭■ ❇✮❞ ❝❛♥ ❜❡ r❡✇r✐tt❡♥ ✿

✭■ ❇✮❞ ❂ ❳

✐✕✵

❜✐✭❞✮❇✐❀ ✭✹✮ ❜✐✭❞✮ ❂ ✭✐ ❞✮ ✭✐ ✰ ✶✮✭❞✮✿ ✭✺✮

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 13

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

■ ❆❈❋ ✿ ❚✐♠❡ ❞♦♠❛✐♥

✚✭❦✮ ✘ ❈❦✷❞✶ ❛s ❦ ✦ ✶✿

■ ❙♣❡❝tr❛❧ ❞❡♥s✐t② ✿ ❙♣❡❝tr❛❧ ❞♦♠❛✐♥

❢❳✭✕✮ ❂ ✛✷

✷✙ ❥✂✭❡✐✕✮❥✷ ❥✟✭❡✐✕✮❥✷ ✭✷❥ s✐♥✭✕❂✷✮❥✮✷❞✿

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 14

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

▲♦♥❣ ♠❡♠♦r② ❛♥❞ ◆♦♥✲▲✐♥❡❛r✐t②

▲✐♥❡❛r ♣r♦❝❡ss

✭❳t✮t ✐s ❛ ❧✐♥❡❛r ♣r♦❝❡ss ✐❢ ❳t ❂

✐❂✵

❛✐✧t✐ ✇❤❡r❡ P✶

✐❂✵ ❥❛✐❥ ❁ ✶ ❛♥❞ ✭✧t✮t ✐s ❛♥ ■♥❞❡♣❡♥❞❛♥t ❲❤✐t❡ ◆♦✐s❡

▲▼ ✐♠♣❧✐❡s ◆▲

■❢ ✭❳t✮t ✐s ❛ st❛t✐♦♥❛r② ❧♦♥❣ ♠❡♠♦r② ♣r♦❝❡ss✱ t❤❡♥ P✶

✐❂✵ ❥❛✐❥ ❂ ✶

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 15

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

❊①t❡♥s✐♦♥s t♦ ❢r❛❝t✐♦♥❛❧ s❡❛s♦♥❛❧ ☞❧t❡rs

■ P♦rt❡r✲❍✉❞❛❦ ✭✶✾✾✵✮ ■ ❘❛② ✭✶✾✾✸✮ ■ ❍❛ss❧❡r ✭✶✾✾✹✮ ■ ●r❛②✱ ❩❤❛♥❣ ❛♥❞ ❲♦♦❞✇❛r❞ ✭✶✾✾✽✮

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 16

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

■ P♦rt❡r✲❍✉❞❛❦ ✭✶✾✾✵✮✿ r✐❣✐❞ s❡❛s♦♥❛❧ ☞❧t❡r

✭■ ❇s✮❉❳t ❂ ✉t ✭✻✮ ✭✉t✮t ❝♦✈❛r✐❛♥❝❡ st❛t✐♦♥❛r② ♣r♦❝❡ss✱ s s❡❛s♦♥❛❧✐t② ❛♥❞ ✶❂✷ ❁ ❉ ❁ ✶❂✷✳

■ ❍❛ss❧❡r ✭✶✾✾✹✮ ✿ ✌❡①✐❜❧❡ s❡❛s♦♥❛❧ ☞❧t❡r ✭s❂✹✮ ✿

✭■ ❇✮❞✵✭■ ✰ ❇✷✮❞✶✭■ ✰ ❇✮❞✷❳t ❂ ✉t ✭✼✮

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 17

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

■ ❘❛② ✭✶✾✾✸✮✿ ❙❋❆❘▼❆ ♠♦❞❡❧

✭■ ❇s✶✮❉✶✭■ ❇s✷✮❉✷❳t ❂ ✉t ✭✽✮

■ P♦rt❡r✲❍✉❞❛❦ ✭✶✾✾✵✮ ✿ ❆❘❋■❙▼❆ ♠♦❞❡❧

✭■ ❇✮❞✭■ ❇s✮❉❳t ❂ ✉t ✭✾✮

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 18

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

❚❤❡ ❦✲❢❛❝t♦r ●❡❣❡♥❜❛✉❡r ❆❘▼❆ ♣r♦❝❡ss

  • r❛②✱ ❩❤❛♥❣ ❛♥❞ ❲♦♦❞✇❛r❞ ✭✶✾✽✾✮ ❛♥❞ ❲♦♦❞✇❛r❞✱ ❈❤❡♥❣ ❛♥❞
  • r❛② ✭✶✾✾✽✮ ✿ ❣❡♥❡r❛❧✐③❡❞ ❢r❛❝t✐♦♥❛❧❧② ❞✐☛❡r❡♥❝❡❞ ❆❘▼❆ ♠♦❞❡❧

✇✐t❤ ♣❡r✐♦❞✐❝❛❧ ❜❡❤❛✈✐♦r ❛t ❛♥② ❢r❡q✉❡♥❝② ✵ ✔ ✕✐ ✔ ✙ ✿

✐❂✶

✭■ ✷ ❝♦s ✕✐❇ ✰ ❇✷✮❞✐❳t ❂ ✉t✿ ✭✶✵✮ ❙❡❡ ❛❧s♦ ✿ ●✐r❛✐t✐s ❛♥❞ ▲❡✐♣✉s ✭✶✾✾✺✮✳

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 19

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

  • ❡❣❡♥❜❛✉❡r ♣♦❧②♥♦♠✐❛❧s

■ ●❡❣❡♥❜❛✉❡r ♣♦❧②♥♦♠✐❛❧s ✭❈❥✭❞❀ ✗✮✮❥✷❩✿

✭✶ ✷✗③ ✰ ③✷✮❞ ❂ ❳

❥✕✵

❈❥✭❞❀ ✗✮③❥❀ ✇❤❡r❡ ❥③❥ ✔ ✶ ❛♥❞ ❥✗❥ ✔ ✶✳

✽ ❁ ✿ ❈✵✭❞❀ ✗✮ ❂ ✶ ❈✶✭❞❀ ✗✮ ❂ ✷❞✗ ✽❥ ❃ ✶❀ ❈❥✭❞❀ ✗✮ ❂ ✷✗✭ ❞✶

✰ ✶✮❈❥✶✭❞❀ ✗✮ ✭✷ ❞✶

✰ ✶✮❈❥✷✭❞❀ ✗✮✿

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 20

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

▲❡t ❞✐ ✻❂ ✵✱ ❢♦r ✐ ❂ ✶❀ ✿ ✿ ✿ ❀ ❦✱ ❜❡ s✉❝❤ t❤❛t✿ ❥❞✐❥ ❁ ✚ ✶❂✷ ✐❢ ❥✗✐❥ ❁ ✶ ✶❂✹ ✐❢ ❥✗✐❥ ❂ ✶ ❚❤✉s✱ t❤❡ ❦✲❢❛❝t♦r ●❡❣❡♥❜❛✉❡r ♣r♦❝❡ss ✭❳t✮t✷❩ ❤❛s t❤❡ ❢♦❧❧♦✇✐♥❣ ♣r♦♣❡rt✐❡s✿

■ ✭❳t✮t✷❩ ✐s st❛t✐♦♥❛r②✱ ❝❛✉s❛❧ ❛♥❞ ✐♥✈❡rt✐❜❧❡ ■ ■❢ ❞✐ ❃ ✵✱ ✐ ❂ ✶❀ ✿ ✿ ✿ ❀ ❦✱ ✭❳t✮t✷❩ ✐s ❧♦♥❣ ♠❡♠♦r②

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 21

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

■ ❙♣❡❝tr❛❧ ❞❡♥s✐t② ❢❳✭✕✮ ♦❢ ✭❳t✮t✷❩ ❡q✉❛❧s t♦✿

❢❳✭✕✮ ❂ ✛✷

✷✙

✐❂✶

❥✷✭❝♦s✭✕✮ ✗✐✮❥✷❞✐ ❂ ✛✷

✷✙

✐❂✶

☞ ☞ ☞ ☞✹ s✐♥✭✕ ✰ ✕✐ ✷ ✮ s✐♥✭✕ ✕✐ ✷ ✮ ☞ ☞ ☞ ☞

✷❞✐

❀ ✇❤❡r❡ ✵ ✔ ✕ ✔ ✙ ❛♥❞ ❢♦r ✐ ❂ ✶❀ ✿ ✿ ✿ ❀ ❦✱ ✕✐ ❂ ❝♦s✶✭✗✐✮ ❛r❡ ❝❛❧❧❡❞ ●❡❣❡♥❜❛✉❡r ❢r❡q✉❡♥❝✐❡s ✭● ❢r❡q✉❡♥❝✐❡s✮✳

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

slide-22
SLIDE 22

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

❊①❛♠♣❧❡ ♦❢ ♣❛rt✐❝✉❧❛r ❝❛s❡

❍❛ss❧❡r ✭✶✾✾✹✮ ✿ ✌❡①✐❜❧❡ s❡❛s♦♥❛❧ ☞❧t❡r ✭s❂✹✮ ✿ ✭■ ❇✮❞✵✭■ ✰ ❇✷✮❞✶✭■ ✰ ❇✮❞✷❳t ❂ ✉t ✭✶✶✮ ✇✐t❤ ●✲❢r❡q✉❡♥❝✐❡s✿ ✕✵ ❂ ✵✱ ✕✶ ❂ ✙❂✷✱ ✕✷ ❂ ✙✳ ✭❳t✮ st❛t✐♦♥❛r② ✐❢ ❞✵ ❁ ✶❂✹✱ ❞✶ ❁ ✶❂✷ ❛♥❞ ❞✷ ❁ ✶❂✹✳

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

slide-23
SLIDE 23

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

❘❡❝❡♥t ❡①t❡♥s✐♦♥s

■ ❆rt❡❝❤❡ ❛♥❞ ❘♦❜✐♥s♦♥ ✭✷✵✵✵✮ ✿ ❙❈❆▲▼ ▼♦❞❡❧

❢ ✭✦ ✰ ✕✮ ✘ ❈✶✕✷❞✶ ❛s ✕ ✦ ✵✰❀ ❢ ✭✦ ✕✮ ✘ ❈✷✕✷❞✷ ❛s ✕ ✦ ✵❀ ✭✶✷✮ ✇❤❡r❡ ✦ ✷ ✭✵❀ ✙❪✳

■ ●✉❡❣❛♥ ✭✷✵✵✵✱ ✷✵✵✸✮ ✿ ❦✲❢❛❝t♦r ●■●❆❘❈❍

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

slide-24
SLIDE 24

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥

■ ■♥ t❤✐s ❢r❛♠❡✇♦r❦✱ ●✲❢r❡q✉❡♥❝✐❡s ❛r❡ ❦♥♦✇♥ ✿

✕❤ ❂ ✷✙❤ s ❢♦r ❤ ❂ ✵❀ ✶❀ ✿ ✿ ✿ ❀ ❦ ❂ ❬s❂✷❪✳

■ ❊①❛♠♣❧❡ ✿

❢♦r s ❂ ✶✷ t❤✉s ❦ ❂ ✼✱ t❤❛t ✐s✿ ✼ ●✲❢r❡q✉❡♥❝✐❡s ✿ ✵❀ ✙❂✻❀ ✙❂✸❀ ✙❂✷❀ ✷✙❂✸❀ ✺✙❂✻❀ ✙ ✼ ♠❡♠♦r② ♣❛r❛♠❡t❡rs t♦ ❡st✐♠❛t❡ ✿❞✵❀ ✿ ✿ ✿ ❀ ❞✻

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

slide-25
SLIDE 25

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

❊st✐♠❛t✐♦♥ ♠❡t❤♦❞s

■ ◆♦♥✲♣❛r❛♠❡tr✐❝ ✿ ❍✉rst✱ ▲♦✱ ✳✳✳ ■ ❙❡♠✐✲♣❛r❛♠❡tr✐❝ ✿ ●❡✇❡❦❡ ❛♥❞ P♦rt❡r✲❍✉❞❛❦✱ ❘♦❜✐♥s♦♥✱

❆rt❡❝❤❡ ❛♥❞ ❘♦❜✐♥s♦♥✱ ✳✳✳

■ ▼❛①✐♠✉♠✲❧✐❦❡❧✐❤♦♦❞ ✿ ❚r✉❡ ▼▲❊ ❛♥❞ ❲❤✐tt❧❡ ❛♣♣r♦①✐♠❛t✐♦♥

■♥ t❤✐s ✇♦r❦ ✿ ❲❤✐tt❧❡ ✭❢♦r ❘▼❙❊ r❡❛s♦♥s ❛♥❞ ❛s②♠♣t♦t✐❝ t❤❡♦r② ❢♦r ♥♦♥✲st❛t✐♦♥❛r✐t②✱ ❜✉t ✳✳✳✮

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

slide-26
SLIDE 26

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r ❋✐❧t❡r ❋✭❇✮ ❫ ❞ ❫ ❉ ❫ ✛✧ ❏❇ st❛t ◗✭✶✷✮ ◗✭✷✹✮ ◗✭✻✵✮ ◗✭✶✷✵✮ ✭■ ❇✮✭■ ❇s✮ ✼✽✻✽✾ ✺✷✷ ✶✽✺ ✸✹✵ ✻✾✻ ✶✸✻✷ ✭■ ❇✮❞ ✭■ ❇s✮ ✵✳✸✸✻✽ ✻✸✺✺✻ ✷✻✽ ✼✶ ✶✻✷ ✸✻✻ ✼✸✺ ✭■ ❇s✮❉✭■ ❇✮ ✵✳✻✺✻✶ ✻✽✶✸✸ ✷✶✹ ✶✻✶ ✸✶✶ ✼✶✷ ✶✺✷✵ ✭■ ❇✮✭■ ❇s✮❉ ✵✳✽✾✷✹ ✼✻✵✼✹ ✺✻✺ ✶✽✹ ✸✹✽ ✼✸✵ ✶✹✺✹ ✭■ ❇s✮✭■ ❇✮❞ ✵✳✻✵✶✹ ✻✻✼✹✾ ✺✵✻ ✶✶✹ ✷✸✾ ✺✷✻ ✶✵✺✵ ✭■ ❇✮❞ ✭■ ❇s✮❉ ✵✳✻✽✾✷ ✵✳✺✽✾✹ ✻✷✺✼✾ ✹✼✹ ✶✸✾ ✷✽✹ ✻✸✺ ✶✸✸✷

  • ●✼

✺✽✼✷✶ ✶✶✹ ✹✻ ✶✸✶ ✸✸✵ ✻✻✶

❚❛❜❧❡✿ ❆♥❛❧②s✐s ♦❢ ☞❧t❡r❡❞ s❡r✐❡s

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

slide-27
SLIDE 27

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

✐ ❫ ❞✐ ❫ ✕●✐ ✵ ✵✳✺✽✷✸ ✵✳✵✶✶✹ ✶ ✵✳✺✸✺✼ ✵✳✺✷✺✺ ✷ ✵✳✹✸✷✷ ✶✳✵✺✶✵ ✸ ✵✳✺✵✶✵ ✶✳✺✼✻✺ ✹ ✵✳✻✸✾✺ ✷✳✵✾✵✻ ✺ ✵✳✹✻✶✸ ✷✳✻✶✻✶ ✻ ✵✳✸✸✻✺ ✸✳✶✹✶✻

❚❛❜❧❡✿ P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ♦❢ t❤❡ ✼✲❢❛❝t♦r ●❡❣❡♥❜❛✉❡r ♣r♦❝❡ss

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

slide-28
SLIDE 28

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

  • ●✲✼

❆✐r❧✐♥❡ ❇❇ ❫ ✣✵ ✶✻✹✽✺ ✭✼✳✸✶✮ ❫ ✣✶ ✲✵✳✷✷✷✺ ✲✵✳✻✻✵✶ ✲✵✳✵✽✺✹ ✭✲✹✳✼✸✮ ✭✲✶✹✳✽✵✮ ✭✲✶✳✼✽✮ ❫ ✣✷ ✲✵✳✸✼✶✺ ✭✲✽✳✸✶✮ ❫ ❛✵ ✵✳✽✷✶✸ ✵✳✼✹✾✾ ✵✳✼✹✸✷ ✭✶✸✳✻✸✮ ✭✶✷✳✼✼✮ ✭✶✷✳✻✷✮ ❫ ❛✶ ✵✳✶✹✼✾ ✵✳✷✸✺✵ ✵✳✷✸✻✵ ✭✸✳✻✸✮ ✭✺✳✻✵✮ ✭✹✳✽✾✮ ◗✭✸✮ ✶✳✾✶ ✻✳✵✺ ✷✻✳✵ ◗✭✻✮ ✺✳✼✷ ✷✷✳✷ ✸✻✳✸ ◗✭✶✷✮ ✶✾✳✵ ✽✸✳✹ ✻✺✳✼ ❙❦❡✇♥❡ss ✵✳✵✾✺✶ ✲✵✳✷✾✺✷ ✲✵✳✷✸✾✷ ❑✉rt♦s✐s ✵✳✻✻✵✾ ✵✳✾✼✷✹ ✵✳✽✺✸✸ ❏❇ st❛t ✽✳✺✶ ✷✸✳✷✾ ✶✼✳✷✸

❚❛❜❧❡✿ ❊st✐♠❛t❡s ❛♥❞ st❛♥❞❛r❞ ❡rr♦rs ❢♦r ♠♦❞❡❧ ❞❡s❝r✐❜❡❞ ✐♥ ✹✳✷✳✸✳

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 29

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

❲❡❡❦❧② ❞❛t❛✱ ❏❛♥✳ ✶✾✽✽ ✲ ▼❛② ✷✵✵✹

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 30

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r ▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 31

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r ▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 32

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r

▼❛✐♥ r❡s✉❧ts

■ ❋r❛❝t✐♦♥❛❧ ☞❧t❡r ❢♦r ❜♦t❤ s❡❛s♦♥❛❧✐t② ❛♥❞ tr❡♥❞ ❆❘❋■❙▼❆✿

✭■ ❇✮✵✿✺✸✻✻✭■ ❇s✮✵✿✹✹✹✹ s✐♠✉❧t❛♥❡♦✉s ❡st✐♠❛t✐♦♥ ✇✐t❤ ❲❤✐tt❧❡ ♣r♦❝❡❞✉r❡

■ ❯♥❛❜✐❧✐t② t♦ ✉s❡ ❛ ✷✼✲❢❛❝t♦r ♣r♦❝❡❞✉r❡ ❢♦r ♣❛r❝✐♠♦♥② r❡s❛s♦♥s

▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s

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SLIDE 33

■♥tr♦❞✉❝t✐♦♥ ❈♦♥❝❡♣ts ❆ r❡✈✐❡✇ ♦❢ t❤❡ ♠♦❞❡❧s P❛r❛♠❡t❡r ❡st✐♠❛t✐♦♥ ❆♣♣❧✐❝❛t✐♦♥ t♦ ♥❡✇ ❝❛r r❡❣✐str❛t✐♦♥s ✐♥ t❤❡ ❡✉r♦ ❛r❡❛ ❆♣♣❧✐❝❛t✐♦♥ t♦ s❛❧❡s ✐♥ t❤❡ ✐♥t❡r♠❡❞✐❛t❡ s❡❝t♦r ▲✳ ❋❡rr❛r❛ ❛♥❞ ❉✳ ●✉✓ ❡❣❛♥ ❋r❛❝t✐♦♥❛❧ ❙❡❛s♦♥❛❧✐t② ✿ ▼♦❞❡❧s ❛♥❞ ❆♣♣❧✐❝❛t✐♦♥s