rt ttt - - PowerPoint PPT Presentation

r t t t t
SMART_READER_LITE
LIVE PREVIEW

rt ttt - - PowerPoint PPT Presentation

rt ttt Prt ss rts


slide-1
SLIDE 1

❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥

❈❙ ✸✼✵ ❙❊ Pr❛❝t✐❝✉♠✱ ❈❡♥❣✐③ ●ü♥❛②

✭❙♦♠❡ s❧✐❞❡s ❝♦✉rt❡s② ♦❢ ❊✉❣❡♥❡ ❆❣✐❝❤t❡✐♥ ❛♥❞ t❤❡ ■♥t❡r♥❡ts✮ ❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✶ ✴ ✶✺

slide-2
SLIDE 2

❆❣❡♥❞❛

❯♣❝♦♠✐♥❣ ♠✐❧❡st♦♥❡s✿ ✹✴✶✼✿ ❚❡st✐♥❣✴s✉r✈❡②✐♥❣ ❡♥❞s❀ ✜① ❜✉❣s✱ ✐♠♣r♦✈❡ ❝♦♥❝❡♣t ✹✴✷✷✿ ❍❛❝❦✐♥❣ ❡♥❞s❀ s✉❜♠✐t s✉r✈❡② r❡♣♦rts ✭❛♥♦♥②♠♦✉s✮ ✹✴✷✹✿ ❚❤❡ ❆PPr❡♥t✐❝❡✦ ❋✐♥❛❧ ❞❡♠♦ t♦ t❡❝❤ tr❛♥s❢❡r ❛♥❞ ❜✉s✐♥❡ss ♣❡♦♣❧❡✳ ❨♦✉ ✇✐❧❧ ❜❡ ✜r❡❞✦ ✺✴✺✿ ❋✐♥❛❧ ❞❡❧✐✈❡r❛❜❧❡s✿ ✐♥st❛❧❧❛t✐♦♥ ✐♥str✉❝t✐♦♥s✱ ✉s❡r ❞♦❝✉♠❡♥t❛t✐♦♥✱ ❝♦❞❡ ❞♦❝✉♠❡♥t❛t✐♦♥✱ ♣❛❝❦❛❣❡ ❚♦❞❛②✿ ❙❡❝✉r✐t② ❛♥❞ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐rst✿ ❍❡❛rt❜❧❡❡❞ ❝❛✉❣❤t t❤❡ ✐♥t❡r♥❡t ♦✛ ❣✉❛r❞

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✷ ✴ ✶✺

slide-3
SLIDE 3

❆❣❡♥❞❛

❯♣❝♦♠✐♥❣ ♠✐❧❡st♦♥❡s✿ ✹✴✶✼✿ ❚❡st✐♥❣✴s✉r✈❡②✐♥❣ ❡♥❞s❀ ✜① ❜✉❣s✱ ✐♠♣r♦✈❡ ❝♦♥❝❡♣t ✹✴✷✷✿ ❍❛❝❦✐♥❣ ❡♥❞s❀ s✉❜♠✐t s✉r✈❡② r❡♣♦rts ✭❛♥♦♥②♠♦✉s✮ ✹✴✷✹✿ ❚❤❡ ❆PPr❡♥t✐❝❡✦ ❋✐♥❛❧ ❞❡♠♦ t♦ t❡❝❤ tr❛♥s❢❡r ❛♥❞ ❜✉s✐♥❡ss ♣❡♦♣❧❡✳ ❨♦✉ ✇✐❧❧ ❜❡ ✜r❡❞✦ ✺✴✺✿ ❋✐♥❛❧ ❞❡❧✐✈❡r❛❜❧❡s✿ ✐♥st❛❧❧❛t✐♦♥ ✐♥str✉❝t✐♦♥s✱ ✉s❡r ❞♦❝✉♠❡♥t❛t✐♦♥✱ ❝♦❞❡ ❞♦❝✉♠❡♥t❛t✐♦♥✱ ♣❛❝❦❛❣❡ ❚♦❞❛②✿ ❙❡❝✉r✐t② ❛♥❞ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐rst✿ ❍❡❛rt❜❧❡❡❞ ❝❛✉❣❤t t❤❡ ✐♥t❡r♥❡t ♦✛ ❣✉❛r❞

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✷ ✴ ✶✺

slide-4
SLIDE 4

❆❣❡♥❞❛

❯♣❝♦♠✐♥❣ ♠✐❧❡st♦♥❡s✿ ✹✴✶✼✿ ❚❡st✐♥❣✴s✉r✈❡②✐♥❣ ❡♥❞s❀ ✜① ❜✉❣s✱ ✐♠♣r♦✈❡ ❝♦♥❝❡♣t ✹✴✷✷✿ ❍❛❝❦✐♥❣ ❡♥❞s❀ s✉❜♠✐t s✉r✈❡② r❡♣♦rts ✭❛♥♦♥②♠♦✉s✮ ✹✴✷✹✿ ❚❤❡ ❆PPr❡♥t✐❝❡✦ ❋✐♥❛❧ ❞❡♠♦ t♦ t❡❝❤ tr❛♥s❢❡r ❛♥❞ ❜✉s✐♥❡ss ♣❡♦♣❧❡✳ ❨♦✉ ✇✐❧❧ ❜❡ ✜r❡❞✦ ✺✴✺✿ ❋✐♥❛❧ ❞❡❧✐✈❡r❛❜❧❡s✿ ✐♥st❛❧❧❛t✐♦♥ ✐♥str✉❝t✐♦♥s✱ ✉s❡r ❞♦❝✉♠❡♥t❛t✐♦♥✱ ❝♦❞❡ ❞♦❝✉♠❡♥t❛t✐♦♥✱ ♣❛❝❦❛❣❡ ❚♦❞❛②✿ ❙❡❝✉r✐t② ❛♥❞ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐rst✿ ❍❡❛rt❜❧❡❡❞ ❝❛✉❣❤t t❤❡ ✐♥t❡r♥❡t ♦✛ ❣✉❛r❞

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✷ ✴ ✶✺

slide-5
SLIDE 5
slide-6
SLIDE 6

❊♥tr②✴❊①✐t ❙✉r✈❡②s

❊①✐t s✉r✈❡②✿ ❏❛✈❛❙❝r✐♣t✱ ❆❏❆❳✱ ❞②♥❛♠✐❝ ✇❡❜ ❢r❛♠❡✇♦r❦s

  • ✐✈❡ ❛ s♣❡❝✐✜❝ ❡①❛♠♣❧❡ ✉s❛❣❡ ♦❢ ❆❏❆❳ ✐♥ ❛ ♣♦♣✉❧❛r ✇❡❜ s❡r✈✐❝❡ t❤❛t ②♦✉ ✉s❡✳

❲❤❛t ❞♦ ②♦✉ t❤✐♥❦ ✐s t❤❡ ♥❡①t st❡♣ ❢♦r ✇❡❜ ❝♦♠♣✉t✐♥❣ ❝♦♥s✐❞❡r✐♥❣ t❤❡ r❛♣✐❞ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ❝❧✐❡♥t✲s✐❞❡ t❡❝❤♥♦❧♦❣✐❡s❄

❊♥tr② s✉r✈❡②✿ ❙❡❝✉r✐t②

❲❤❛t ✐s t❤❡ ❍❡❛rt❜❧❡❡❞ ✈✉❧♥❡r❛❜✐❧✐t②❄ ❍♦✇ ❝♦♠❡ ✐t ✇❛s♥✬t ❞✐s❝♦✈❡r❡❞ ✉♥t✐❧ ♥♦✇❄ ❍♦✇ ❝❛♥ ❛ ♣r♦❣r❛♠♠❡r ♠❛❦❡ s✉❝❤ ❛ ♠✐st❛❦❡❄

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✹ ✴ ✶✺

slide-7
SLIDE 7

❙❡❝✉r✐t②✿ ❍❡❛rt❜❧❡❡❞

❖♣❡♥ ❙♦✉r❝❡ ❈♦❞❡✿ ✧●✐✈❡♥ ❡♥♦✉❣❤ ❡②❡❜❛❧❧s✱ ❛❧❧ ❜✉❣s ❛r❡ s❤❛❧❧♦✇✧ ✲▲✐♥✉s✬s ▲❛✇ ✭❢r♦♠ t❤❡ ❈❛t❤❡❞r❛❧ ❛♥❞ t❤❡ ❇❛③❛❛r✮ ❨❡❛❤✱ ❜✉t ❖♣❡♥❙❙▲ ❢❛✐❧❄

Pr♦❣r❛♠♠❡r s✉❜♠✐tt❡❞ ❜✉❣❣② ❝♦❞❡✱ r❡✈✐❡✇❡rs ❞✐❞♥✬t ❝❛t❝❤ ✐t ❡✐t❤❡r ❚❤❡ ✇❤♦❧❡ ✇♦r❧❞ ♠✐ss❡❞ ✐t ❢♦r t✇♦ ②❡❛rs ✭❡①❝❡♣t t❤❡ ◆❙❆✮ ❍❡❛rt❜❡❛t ❢❡❛t✉r❡ ✇❛s ♥❡✇ ❛♥❞ ♥♦t t❤❛t s❡♥s✐t✐✈❡

■s♥✬t ❙❙▲ s✉♣♣♦s❡❞ t♦ ❜❡ ❡♥❝r②♣t❡❞❄

❨❡♣✱ ✐t ❧❡❛❦❡❞ t❤❡ ❞❛t❛ s❡❝✉r❡❧②

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✺ ✴ ✶✺

slide-8
SLIDE 8

❙❡❝✉r✐t②✿ ❍❡❛rt❜❧❡❡❞

❖♣❡♥ ❙♦✉r❝❡ ❈♦❞❡✿ ✧●✐✈❡♥ ❡♥♦✉❣❤ ❡②❡❜❛❧❧s✱ ❛❧❧ ❜✉❣s ❛r❡ s❤❛❧❧♦✇✧ ✲▲✐♥✉s✬s ▲❛✇ ✭❢r♦♠ t❤❡ ❈❛t❤❡❞r❛❧ ❛♥❞ t❤❡ ❇❛③❛❛r✮ ❨❡❛❤✱ ❜✉t ❖♣❡♥❙❙▲ ❢❛✐❧❄

Pr♦❣r❛♠♠❡r s✉❜♠✐tt❡❞ ❜✉❣❣② ❝♦❞❡✱ r❡✈✐❡✇❡rs ❞✐❞♥✬t ❝❛t❝❤ ✐t ❡✐t❤❡r ❚❤❡ ✇❤♦❧❡ ✇♦r❧❞ ♠✐ss❡❞ ✐t ❢♦r t✇♦ ②❡❛rs ✭❡①❝❡♣t t❤❡ ◆❙❆✮ ❍❡❛rt❜❡❛t ❢❡❛t✉r❡ ✇❛s ♥❡✇ ❛♥❞ ♥♦t t❤❛t s❡♥s✐t✐✈❡

■s♥✬t ❙❙▲ s✉♣♣♦s❡❞ t♦ ❜❡ ❡♥❝r②♣t❡❞❄

❨❡♣✱ ✐t ❧❡❛❦❡❞ t❤❡ ❞❛t❛ s❡❝✉r❡❧②

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✺ ✴ ✶✺

slide-9
SLIDE 9

❙❡❝✉r✐t②✿ ❍❡❛rt❜❧❡❡❞

❖♣❡♥ ❙♦✉r❝❡ ❈♦❞❡✿ ✧●✐✈❡♥ ❡♥♦✉❣❤ ❡②❡❜❛❧❧s✱ ❛❧❧ ❜✉❣s ❛r❡ s❤❛❧❧♦✇✧ ✲▲✐♥✉s✬s ▲❛✇ ✭❢r♦♠ t❤❡ ❈❛t❤❡❞r❛❧ ❛♥❞ t❤❡ ❇❛③❛❛r✮ ❨❡❛❤✱ ❜✉t ❖♣❡♥❙❙▲ ❢❛✐❧❄

Pr♦❣r❛♠♠❡r s✉❜♠✐tt❡❞ ❜✉❣❣② ❝♦❞❡✱ r❡✈✐❡✇❡rs ❞✐❞♥✬t ❝❛t❝❤ ✐t ❡✐t❤❡r ❚❤❡ ✇❤♦❧❡ ✇♦r❧❞ ♠✐ss❡❞ ✐t ❢♦r t✇♦ ②❡❛rs ✭❡①❝❡♣t t❤❡ ◆❙❆✮ ❍❡❛rt❜❡❛t ❢❡❛t✉r❡ ✇❛s ♥❡✇ ❛♥❞ ♥♦t t❤❛t s❡♥s✐t✐✈❡

■s♥✬t ❙❙▲ s✉♣♣♦s❡❞ t♦ ❜❡ ❡♥❝r②♣t❡❞❄

❨❡♣✱ ✐t ❧❡❛❦❡❞ t❤❡ ❞❛t❛ s❡❝✉r❡❧②

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✺ ✴ ✶✺

slide-10
SLIDE 10

❙❡❝✉r✐t②✿ ❍❡❛rt❜❧❡❡❞

❖♣❡♥ ❙♦✉r❝❡ ❈♦❞❡✿ ✧●✐✈❡♥ ❡♥♦✉❣❤ ❡②❡❜❛❧❧s✱ ❛❧❧ ❜✉❣s ❛r❡ s❤❛❧❧♦✇✧ ✲▲✐♥✉s✬s ▲❛✇ ✭❢r♦♠ t❤❡ ❈❛t❤❡❞r❛❧ ❛♥❞ t❤❡ ❇❛③❛❛r✮ ❨❡❛❤✱ ❜✉t ❖♣❡♥❙❙▲ ❢❛✐❧❄

◮ Pr♦❣r❛♠♠❡r s✉❜♠✐tt❡❞ ❜✉❣❣② ❝♦❞❡✱ r❡✈✐❡✇❡rs ❞✐❞♥✬t ❝❛t❝❤ ✐t ❡✐t❤❡r ◮ ❚❤❡ ✇❤♦❧❡ ✇♦r❧❞ ♠✐ss❡❞ ✐t ❢♦r t✇♦ ②❡❛rs ✭❡①❝❡♣t t❤❡ ◆❙❆✮ ◮ ❍❡❛rt❜❡❛t ❢❡❛t✉r❡ ✇❛s ♥❡✇ ❛♥❞ ♥♦t t❤❛t s❡♥s✐t✐✈❡

■s♥✬t ❙❙▲ s✉♣♣♦s❡❞ t♦ ❜❡ ❡♥❝r②♣t❡❞❄

❨❡♣✱ ✐t ❧❡❛❦❡❞ t❤❡ ❞❛t❛ s❡❝✉r❡❧②

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✺ ✴ ✶✺

slide-11
SLIDE 11

❙❡❝✉r✐t②✿ ❍❡❛rt❜❧❡❡❞

❖♣❡♥ ❙♦✉r❝❡ ❈♦❞❡✿ ✧●✐✈❡♥ ❡♥♦✉❣❤ ❡②❡❜❛❧❧s✱ ❛❧❧ ❜✉❣s ❛r❡ s❤❛❧❧♦✇✧ ✲▲✐♥✉s✬s ▲❛✇ ✭❢r♦♠ t❤❡ ❈❛t❤❡❞r❛❧ ❛♥❞ t❤❡ ❇❛③❛❛r✮ ❨❡❛❤✱ ❜✉t ❖♣❡♥❙❙▲ ❢❛✐❧❄

◮ Pr♦❣r❛♠♠❡r s✉❜♠✐tt❡❞ ❜✉❣❣② ❝♦❞❡✱ r❡✈✐❡✇❡rs ❞✐❞♥✬t ❝❛t❝❤ ✐t ❡✐t❤❡r ◮ ❚❤❡ ✇❤♦❧❡ ✇♦r❧❞ ♠✐ss❡❞ ✐t ❢♦r t✇♦ ②❡❛rs ✭❡①❝❡♣t t❤❡ ◆❙❆✮ ◮ ❍❡❛rt❜❡❛t ❢❡❛t✉r❡ ✇❛s ♥❡✇ ❛♥❞ ♥♦t t❤❛t s❡♥s✐t✐✈❡

■s♥✬t ❙❙▲ s✉♣♣♦s❡❞ t♦ ❜❡ ❡♥❝r②♣t❡❞❄

❨❡♣✱ ✐t ❧❡❛❦❡❞ t❤❡ ❞❛t❛ s❡❝✉r❡❧②

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✺ ✴ ✶✺

slide-12
SLIDE 12

❙❡❝✉r✐t②✿ ❍❡❛rt❜❧❡❡❞

❖♣❡♥ ❙♦✉r❝❡ ❈♦❞❡✿ ✧●✐✈❡♥ ❡♥♦✉❣❤ ❡②❡❜❛❧❧s✱ ❛❧❧ ❜✉❣s ❛r❡ s❤❛❧❧♦✇✧ ✲▲✐♥✉s✬s ▲❛✇ ✭❢r♦♠ t❤❡ ❈❛t❤❡❞r❛❧ ❛♥❞ t❤❡ ❇❛③❛❛r✮ ❨❡❛❤✱ ❜✉t ❖♣❡♥❙❙▲ ❢❛✐❧❄

◮ Pr♦❣r❛♠♠❡r s✉❜♠✐tt❡❞ ❜✉❣❣② ❝♦❞❡✱ r❡✈✐❡✇❡rs ❞✐❞♥✬t ❝❛t❝❤ ✐t ❡✐t❤❡r ◮ ❚❤❡ ✇❤♦❧❡ ✇♦r❧❞ ♠✐ss❡❞ ✐t ❢♦r t✇♦ ②❡❛rs ✭❡①❝❡♣t t❤❡ ◆❙❆✮ ◮ ❍❡❛rt❜❡❛t ❢❡❛t✉r❡ ✇❛s ♥❡✇ ❛♥❞ ♥♦t t❤❛t s❡♥s✐t✐✈❡

■s♥✬t ❙❙▲ s✉♣♣♦s❡❞ t♦ ❜❡ ❡♥❝r②♣t❡❞❄

◮ ❨❡♣✱ ✐t ❧❡❛❦❡❞ t❤❡ ❞❛t❛ s❡❝✉r❡❧② ❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✺ ✴ ✶✺

slide-13
SLIDE 13

❙❡❝✉r❡ ❝♦♥♥❡❝t✐♦♥s✿ ❙❙▲✴❚▲❙✱ ❍❚❚P❙

❍♦✇ ❞♦❡s ❡♥❝r②♣t✐♦♥ ✇♦r❦❄ ❊①❛♠♣❧❡✿ ❍❚❚P❙✿ ❍❚❚P ✰ ❙❙▲✴❚▲❙

▲♦♥❣ t❡r♠ ♣✉❜❧✐❝✲♣r✐✈❛t❡ ❦❡②s t♦ ❡st❛❜❧✐s❤ tr✉st ❙❤♦rt t❡r♠ s❡ss✐♦♥ ❦❡②s t♦ ❡♥❝r②♣t ❞❛t❛

❍♦✇ ✐s tr✉st ❡st❛❜❧✐s❤❡❞❄

❈❡rt✐✜❝❛t❡ ❛✉t❤♦r✐t✐❡s ❤♦❧❞ ♣✉❜❧✐❝ ❦❡②s ❖✇♥❡rs ♦❢ ❝❡rt✐✜❝❛t❡s ❡♥❝r②♣t ❞❛t❛ ❇✉t ❛❧❧♦✇s ♠❛♥✲✐♥✲t❤❡✲♠✐❞❞❧❡ ✭▼✐▼✮ ❛tt❛❝❦s

❲❤② ♥♦t ✉s❡ ❲❡❜ ♦❢ ❚r✉st❄

❉❡❝❡♥tr❛❧✐③❡❞ P●P s②st❡♠ Pr♦❜❧❡♠✿ ❊①♣✐r❛t✐♦♥ ♦r ❧♦st ♣r✐✈❛t❡ ❦❡②s ◆❡✇ ❡♥tr✐❡s ✉♥tr✉st❡❞✱ ♣♦ss✐❜❧❡ t♦ ❝r❡❛t❡ ♠❛♥② ❢❛❦❡ ❡♥tr✐❡s ✇✐t❤ str♦♥❣ tr✉st

❲❤❡♥ t♦ ✉s❡ ❍❚❚P❙❄

❇❡❢♦r❡ ❧♦❣✐♥❄ ❉✉r✐♥❣ ❧♦❣✐♥ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❉✉r✐♥❣ ✇❤♦❧❡ s❡ss✐♦♥❄

❇✉t t❤❡r❡ ✇❛s ❛ ❧♦t ♦❢ ❤❡❛rt❜❧❡❡❞✳ ❲❤❛t ♥♦✇❄

◆♦t ❛❣❛✐♥✳✳

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✻ ✴ ✶✺

slide-14
SLIDE 14

❙❡❝✉r❡ ❝♦♥♥❡❝t✐♦♥s✿ ❙❙▲✴❚▲❙✱ ❍❚❚P❙

❍♦✇ ❞♦❡s ❡♥❝r②♣t✐♦♥ ✇♦r❦❄ ❊①❛♠♣❧❡✿ ❍❚❚P❙✿ ❍❚❚P ✰ ❙❙▲✴❚▲❙

◮ ▲♦♥❣ t❡r♠ ♣✉❜❧✐❝✲♣r✐✈❛t❡ ❦❡②s t♦ ❡st❛❜❧✐s❤ tr✉st ◮ ❙❤♦rt t❡r♠ s❡ss✐♦♥ ❦❡②s t♦ ❡♥❝r②♣t ❞❛t❛

❍♦✇ ✐s tr✉st ❡st❛❜❧✐s❤❡❞❄

❈❡rt✐✜❝❛t❡ ❛✉t❤♦r✐t✐❡s ❤♦❧❞ ♣✉❜❧✐❝ ❦❡②s ❖✇♥❡rs ♦❢ ❝❡rt✐✜❝❛t❡s ❡♥❝r②♣t ❞❛t❛ ❇✉t ❛❧❧♦✇s ♠❛♥✲✐♥✲t❤❡✲♠✐❞❞❧❡ ✭▼✐▼✮ ❛tt❛❝❦s

❲❤② ♥♦t ✉s❡ ❲❡❜ ♦❢ ❚r✉st❄

❉❡❝❡♥tr❛❧✐③❡❞ P●P s②st❡♠ Pr♦❜❧❡♠✿ ❊①♣✐r❛t✐♦♥ ♦r ❧♦st ♣r✐✈❛t❡ ❦❡②s ◆❡✇ ❡♥tr✐❡s ✉♥tr✉st❡❞✱ ♣♦ss✐❜❧❡ t♦ ❝r❡❛t❡ ♠❛♥② ❢❛❦❡ ❡♥tr✐❡s ✇✐t❤ str♦♥❣ tr✉st

❲❤❡♥ t♦ ✉s❡ ❍❚❚P❙❄

❇❡❢♦r❡ ❧♦❣✐♥❄ ❉✉r✐♥❣ ❧♦❣✐♥ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❉✉r✐♥❣ ✇❤♦❧❡ s❡ss✐♦♥❄

❇✉t t❤❡r❡ ✇❛s ❛ ❧♦t ♦❢ ❤❡❛rt❜❧❡❡❞✳ ❲❤❛t ♥♦✇❄

◆♦t ❛❣❛✐♥✳✳

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✻ ✴ ✶✺

slide-15
SLIDE 15

❙❡❝✉r❡ ❝♦♥♥❡❝t✐♦♥s✿ ❙❙▲✴❚▲❙✱ ❍❚❚P❙

❍♦✇ ❞♦❡s ❡♥❝r②♣t✐♦♥ ✇♦r❦❄ ❊①❛♠♣❧❡✿ ❍❚❚P❙✿ ❍❚❚P ✰ ❙❙▲✴❚▲❙

◮ ▲♦♥❣ t❡r♠ ♣✉❜❧✐❝✲♣r✐✈❛t❡ ❦❡②s t♦ ❡st❛❜❧✐s❤ tr✉st ◮ ❙❤♦rt t❡r♠ s❡ss✐♦♥ ❦❡②s t♦ ❡♥❝r②♣t ❞❛t❛

❍♦✇ ✐s tr✉st ❡st❛❜❧✐s❤❡❞❄

❈❡rt✐✜❝❛t❡ ❛✉t❤♦r✐t✐❡s ❤♦❧❞ ♣✉❜❧✐❝ ❦❡②s ❖✇♥❡rs ♦❢ ❝❡rt✐✜❝❛t❡s ❡♥❝r②♣t ❞❛t❛ ❇✉t ❛❧❧♦✇s ♠❛♥✲✐♥✲t❤❡✲♠✐❞❞❧❡ ✭▼✐▼✮ ❛tt❛❝❦s

❲❤② ♥♦t ✉s❡ ❲❡❜ ♦❢ ❚r✉st❄

❉❡❝❡♥tr❛❧✐③❡❞ P●P s②st❡♠ Pr♦❜❧❡♠✿ ❊①♣✐r❛t✐♦♥ ♦r ❧♦st ♣r✐✈❛t❡ ❦❡②s ◆❡✇ ❡♥tr✐❡s ✉♥tr✉st❡❞✱ ♣♦ss✐❜❧❡ t♦ ❝r❡❛t❡ ♠❛♥② ❢❛❦❡ ❡♥tr✐❡s ✇✐t❤ str♦♥❣ tr✉st

❲❤❡♥ t♦ ✉s❡ ❍❚❚P❙❄

❇❡❢♦r❡ ❧♦❣✐♥❄ ❉✉r✐♥❣ ❧♦❣✐♥ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❉✉r✐♥❣ ✇❤♦❧❡ s❡ss✐♦♥❄

❇✉t t❤❡r❡ ✇❛s ❛ ❧♦t ♦❢ ❤❡❛rt❜❧❡❡❞✳ ❲❤❛t ♥♦✇❄

◆♦t ❛❣❛✐♥✳✳

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✻ ✴ ✶✺

slide-16
SLIDE 16

❙❡❝✉r❡ ❝♦♥♥❡❝t✐♦♥s✿ ❙❙▲✴❚▲❙✱ ❍❚❚P❙

❍♦✇ ❞♦❡s ❡♥❝r②♣t✐♦♥ ✇♦r❦❄ ❊①❛♠♣❧❡✿ ❍❚❚P❙✿ ❍❚❚P ✰ ❙❙▲✴❚▲❙

◮ ▲♦♥❣ t❡r♠ ♣✉❜❧✐❝✲♣r✐✈❛t❡ ❦❡②s t♦ ❡st❛❜❧✐s❤ tr✉st ◮ ❙❤♦rt t❡r♠ s❡ss✐♦♥ ❦❡②s t♦ ❡♥❝r②♣t ❞❛t❛

❍♦✇ ✐s tr✉st ❡st❛❜❧✐s❤❡❞❄

◮ ❈❡rt✐✜❝❛t❡ ❛✉t❤♦r✐t✐❡s ❤♦❧❞ ♣✉❜❧✐❝ ❦❡②s ◮ ❖✇♥❡rs ♦❢ ❝❡rt✐✜❝❛t❡s ❡♥❝r②♣t ❞❛t❛ ◮ ❇✉t ❛❧❧♦✇s ♠❛♥✲✐♥✲t❤❡✲♠✐❞❞❧❡ ✭▼✐▼✮ ❛tt❛❝❦s

❲❤② ♥♦t ✉s❡ ❲❡❜ ♦❢ ❚r✉st❄

❉❡❝❡♥tr❛❧✐③❡❞ P●P s②st❡♠ Pr♦❜❧❡♠✿ ❊①♣✐r❛t✐♦♥ ♦r ❧♦st ♣r✐✈❛t❡ ❦❡②s ◆❡✇ ❡♥tr✐❡s ✉♥tr✉st❡❞✱ ♣♦ss✐❜❧❡ t♦ ❝r❡❛t❡ ♠❛♥② ❢❛❦❡ ❡♥tr✐❡s ✇✐t❤ str♦♥❣ tr✉st

❲❤❡♥ t♦ ✉s❡ ❍❚❚P❙❄

❇❡❢♦r❡ ❧♦❣✐♥❄ ❉✉r✐♥❣ ❧♦❣✐♥ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❉✉r✐♥❣ ✇❤♦❧❡ s❡ss✐♦♥❄

❇✉t t❤❡r❡ ✇❛s ❛ ❧♦t ♦❢ ❤❡❛rt❜❧❡❡❞✳ ❲❤❛t ♥♦✇❄

◆♦t ❛❣❛✐♥✳✳

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✻ ✴ ✶✺

slide-17
SLIDE 17

❙❡❝✉r❡ ❝♦♥♥❡❝t✐♦♥s✿ ❙❙▲✴❚▲❙✱ ❍❚❚P❙

❍♦✇ ❞♦❡s ❡♥❝r②♣t✐♦♥ ✇♦r❦❄ ❊①❛♠♣❧❡✿ ❍❚❚P❙✿ ❍❚❚P ✰ ❙❙▲✴❚▲❙

◮ ▲♦♥❣ t❡r♠ ♣✉❜❧✐❝✲♣r✐✈❛t❡ ❦❡②s t♦ ❡st❛❜❧✐s❤ tr✉st ◮ ❙❤♦rt t❡r♠ s❡ss✐♦♥ ❦❡②s t♦ ❡♥❝r②♣t ❞❛t❛

❍♦✇ ✐s tr✉st ❡st❛❜❧✐s❤❡❞❄

◮ ❈❡rt✐✜❝❛t❡ ❛✉t❤♦r✐t✐❡s ❤♦❧❞ ♣✉❜❧✐❝ ❦❡②s ◮ ❖✇♥❡rs ♦❢ ❝❡rt✐✜❝❛t❡s ❡♥❝r②♣t ❞❛t❛ ◮ ❇✉t ❛❧❧♦✇s ♠❛♥✲✐♥✲t❤❡✲♠✐❞❞❧❡ ✭▼✐▼✮ ❛tt❛❝❦s

❲❤② ♥♦t ✉s❡ ❲❡❜ ♦❢ ❚r✉st❄

❉❡❝❡♥tr❛❧✐③❡❞ P●P s②st❡♠ Pr♦❜❧❡♠✿ ❊①♣✐r❛t✐♦♥ ♦r ❧♦st ♣r✐✈❛t❡ ❦❡②s ◆❡✇ ❡♥tr✐❡s ✉♥tr✉st❡❞✱ ♣♦ss✐❜❧❡ t♦ ❝r❡❛t❡ ♠❛♥② ❢❛❦❡ ❡♥tr✐❡s ✇✐t❤ str♦♥❣ tr✉st

❲❤❡♥ t♦ ✉s❡ ❍❚❚P❙❄

❇❡❢♦r❡ ❧♦❣✐♥❄ ❉✉r✐♥❣ ❧♦❣✐♥ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❉✉r✐♥❣ ✇❤♦❧❡ s❡ss✐♦♥❄

❇✉t t❤❡r❡ ✇❛s ❛ ❧♦t ♦❢ ❤❡❛rt❜❧❡❡❞✳ ❲❤❛t ♥♦✇❄

◆♦t ❛❣❛✐♥✳✳

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✻ ✴ ✶✺

slide-18
SLIDE 18

❙❡❝✉r❡ ❝♦♥♥❡❝t✐♦♥s✿ ❙❙▲✴❚▲❙✱ ❍❚❚P❙

❍♦✇ ❞♦❡s ❡♥❝r②♣t✐♦♥ ✇♦r❦❄ ❊①❛♠♣❧❡✿ ❍❚❚P❙✿ ❍❚❚P ✰ ❙❙▲✴❚▲❙

◮ ▲♦♥❣ t❡r♠ ♣✉❜❧✐❝✲♣r✐✈❛t❡ ❦❡②s t♦ ❡st❛❜❧✐s❤ tr✉st ◮ ❙❤♦rt t❡r♠ s❡ss✐♦♥ ❦❡②s t♦ ❡♥❝r②♣t ❞❛t❛

❍♦✇ ✐s tr✉st ❡st❛❜❧✐s❤❡❞❄

◮ ❈❡rt✐✜❝❛t❡ ❛✉t❤♦r✐t✐❡s ❤♦❧❞ ♣✉❜❧✐❝ ❦❡②s ◮ ❖✇♥❡rs ♦❢ ❝❡rt✐✜❝❛t❡s ❡♥❝r②♣t ❞❛t❛ ◮ ❇✉t ❛❧❧♦✇s ♠❛♥✲✐♥✲t❤❡✲♠✐❞❞❧❡ ✭▼✐▼✮ ❛tt❛❝❦s

❲❤② ♥♦t ✉s❡ ❲❡❜ ♦❢ ❚r✉st❄

◮ ❉❡❝❡♥tr❛❧✐③❡❞ P●P s②st❡♠ ◮ Pr♦❜❧❡♠✿ ❊①♣✐r❛t✐♦♥ ♦r ❧♦st ♣r✐✈❛t❡ ❦❡②s ◮ ◆❡✇ ❡♥tr✐❡s ✉♥tr✉st❡❞✱ ♣♦ss✐❜❧❡ t♦ ❝r❡❛t❡ ♠❛♥② ❢❛❦❡ ❡♥tr✐❡s ✇✐t❤ str♦♥❣ tr✉st

❲❤❡♥ t♦ ✉s❡ ❍❚❚P❙❄

❇❡❢♦r❡ ❧♦❣✐♥❄ ❉✉r✐♥❣ ❧♦❣✐♥ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❉✉r✐♥❣ ✇❤♦❧❡ s❡ss✐♦♥❄

❇✉t t❤❡r❡ ✇❛s ❛ ❧♦t ♦❢ ❤❡❛rt❜❧❡❡❞✳ ❲❤❛t ♥♦✇❄

◆♦t ❛❣❛✐♥✳✳

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✻ ✴ ✶✺

slide-19
SLIDE 19

❙❡❝✉r❡ ❝♦♥♥❡❝t✐♦♥s✿ ❙❙▲✴❚▲❙✱ ❍❚❚P❙

❍♦✇ ❞♦❡s ❡♥❝r②♣t✐♦♥ ✇♦r❦❄ ❊①❛♠♣❧❡✿ ❍❚❚P❙✿ ❍❚❚P ✰ ❙❙▲✴❚▲❙

◮ ▲♦♥❣ t❡r♠ ♣✉❜❧✐❝✲♣r✐✈❛t❡ ❦❡②s t♦ ❡st❛❜❧✐s❤ tr✉st ◮ ❙❤♦rt t❡r♠ s❡ss✐♦♥ ❦❡②s t♦ ❡♥❝r②♣t ❞❛t❛

❍♦✇ ✐s tr✉st ❡st❛❜❧✐s❤❡❞❄

◮ ❈❡rt✐✜❝❛t❡ ❛✉t❤♦r✐t✐❡s ❤♦❧❞ ♣✉❜❧✐❝ ❦❡②s ◮ ❖✇♥❡rs ♦❢ ❝❡rt✐✜❝❛t❡s ❡♥❝r②♣t ❞❛t❛ ◮ ❇✉t ❛❧❧♦✇s ♠❛♥✲✐♥✲t❤❡✲♠✐❞❞❧❡ ✭▼✐▼✮ ❛tt❛❝❦s

❲❤② ♥♦t ✉s❡ ❲❡❜ ♦❢ ❚r✉st❄

◮ ❉❡❝❡♥tr❛❧✐③❡❞ P●P s②st❡♠ ◮ Pr♦❜❧❡♠✿ ❊①♣✐r❛t✐♦♥ ♦r ❧♦st ♣r✐✈❛t❡ ❦❡②s ◮ ◆❡✇ ❡♥tr✐❡s ✉♥tr✉st❡❞✱ ♣♦ss✐❜❧❡ t♦ ❝r❡❛t❡ ♠❛♥② ❢❛❦❡ ❡♥tr✐❡s ✇✐t❤ str♦♥❣ tr✉st

❲❤❡♥ t♦ ✉s❡ ❍❚❚P❙❄

◮ ❇❡❢♦r❡ ❧♦❣✐♥❄ ❉✉r✐♥❣ ❧♦❣✐♥ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❉✉r✐♥❣ ✇❤♦❧❡ s❡ss✐♦♥❄

❇✉t t❤❡r❡ ✇❛s ❛ ❧♦t ♦❢ ❤❡❛rt❜❧❡❡❞✳ ❲❤❛t ♥♦✇❄

◆♦t ❛❣❛✐♥✳✳

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✻ ✴ ✶✺

slide-20
SLIDE 20

❙❡❝✉r❡ ❝♦♥♥❡❝t✐♦♥s✿ ❙❙▲✴❚▲❙✱ ❍❚❚P❙

❍♦✇ ❞♦❡s ❡♥❝r②♣t✐♦♥ ✇♦r❦❄ ❊①❛♠♣❧❡✿ ❍❚❚P❙✿ ❍❚❚P ✰ ❙❙▲✴❚▲❙

◮ ▲♦♥❣ t❡r♠ ♣✉❜❧✐❝✲♣r✐✈❛t❡ ❦❡②s t♦ ❡st❛❜❧✐s❤ tr✉st ◮ ❙❤♦rt t❡r♠ s❡ss✐♦♥ ❦❡②s t♦ ❡♥❝r②♣t ❞❛t❛

❍♦✇ ✐s tr✉st ❡st❛❜❧✐s❤❡❞❄

◮ ❈❡rt✐✜❝❛t❡ ❛✉t❤♦r✐t✐❡s ❤♦❧❞ ♣✉❜❧✐❝ ❦❡②s ◮ ❖✇♥❡rs ♦❢ ❝❡rt✐✜❝❛t❡s ❡♥❝r②♣t ❞❛t❛ ◮ ❇✉t ❛❧❧♦✇s ♠❛♥✲✐♥✲t❤❡✲♠✐❞❞❧❡ ✭▼✐▼✮ ❛tt❛❝❦s

❲❤② ♥♦t ✉s❡ ❲❡❜ ♦❢ ❚r✉st❄

◮ ❉❡❝❡♥tr❛❧✐③❡❞ P●P s②st❡♠ ◮ Pr♦❜❧❡♠✿ ❊①♣✐r❛t✐♦♥ ♦r ❧♦st ♣r✐✈❛t❡ ❦❡②s ◮ ◆❡✇ ❡♥tr✐❡s ✉♥tr✉st❡❞✱ ♣♦ss✐❜❧❡ t♦ ❝r❡❛t❡ ♠❛♥② ❢❛❦❡ ❡♥tr✐❡s ✇✐t❤ str♦♥❣ tr✉st

❲❤❡♥ t♦ ✉s❡ ❍❚❚P❙❄

◮ ❇❡❢♦r❡ ❧♦❣✐♥❄ ❉✉r✐♥❣ ❧♦❣✐♥ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❉✉r✐♥❣ ✇❤♦❧❡ s❡ss✐♦♥❄

❇✉t t❤❡r❡ ✇❛s ❛ ❧♦t ♦❢ ❤❡❛rt❜❧❡❡❞✳ ❲❤❛t ♥♦✇❄

◆♦t ❛❣❛✐♥✳✳

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✻ ✴ ✶✺

slide-21
SLIDE 21

❙❡❝✉r❡ ❝♦♥♥❡❝t✐♦♥s✿ ❙❙▲✴❚▲❙✱ ❍❚❚P❙

❍♦✇ ❞♦❡s ❡♥❝r②♣t✐♦♥ ✇♦r❦❄ ❊①❛♠♣❧❡✿ ❍❚❚P❙✿ ❍❚❚P ✰ ❙❙▲✴❚▲❙

◮ ▲♦♥❣ t❡r♠ ♣✉❜❧✐❝✲♣r✐✈❛t❡ ❦❡②s t♦ ❡st❛❜❧✐s❤ tr✉st ◮ ❙❤♦rt t❡r♠ s❡ss✐♦♥ ❦❡②s t♦ ❡♥❝r②♣t ❞❛t❛

❍♦✇ ✐s tr✉st ❡st❛❜❧✐s❤❡❞❄

◮ ❈❡rt✐✜❝❛t❡ ❛✉t❤♦r✐t✐❡s ❤♦❧❞ ♣✉❜❧✐❝ ❦❡②s ◮ ❖✇♥❡rs ♦❢ ❝❡rt✐✜❝❛t❡s ❡♥❝r②♣t ❞❛t❛ ◮ ❇✉t ❛❧❧♦✇s ♠❛♥✲✐♥✲t❤❡✲♠✐❞❞❧❡ ✭▼✐▼✮ ❛tt❛❝❦s

❲❤② ♥♦t ✉s❡ ❲❡❜ ♦❢ ❚r✉st❄

◮ ❉❡❝❡♥tr❛❧✐③❡❞ P●P s②st❡♠ ◮ Pr♦❜❧❡♠✿ ❊①♣✐r❛t✐♦♥ ♦r ❧♦st ♣r✐✈❛t❡ ❦❡②s ◮ ◆❡✇ ❡♥tr✐❡s ✉♥tr✉st❡❞✱ ♣♦ss✐❜❧❡ t♦ ❝r❡❛t❡ ♠❛♥② ❢❛❦❡ ❡♥tr✐❡s ✇✐t❤ str♦♥❣ tr✉st

❲❤❡♥ t♦ ✉s❡ ❍❚❚P❙❄

◮ ❇❡❢♦r❡ ❧♦❣✐♥❄ ❉✉r✐♥❣ ❧♦❣✐♥ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❉✉r✐♥❣ ✇❤♦❧❡ s❡ss✐♦♥❄

❇✉t t❤❡r❡ ✇❛s ❛ ❧♦t ♦❢ ❤❡❛rt❜❧❡❡❞✳ ❲❤❛t ♥♦✇❄

◮ ◆♦t ❛❣❛✐♥✳✳ ❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✻ ✴ ✶✺

slide-22
SLIDE 22
slide-23
SLIDE 23
slide-24
SLIDE 24

❈♦♦❦✐❡ ❆✉t❤❡♥t✐❝❛t✐♦♥

❆✉t❤❡♥t✐❝❛t✐♦♥ st❡♣s✿

✶ ❈❧✐❡♥t ❛✉t❤❡♥t✐❝❛t❡s ✷ ❙❡r✈❡r s❡♥❞s s❡ss✐♦♥ ❦❡② ✸ ❈❧✐❡♥t s❛✈❡s ❦❡② ✐♥ ❝♦♦❦✐❡ ❛♥❞ ✉s❡s ✐t ❞✉r✐♥❣ s❡ss✐♦♥

❈♦♦❦✐❡ ❝♦♥t❡♥ts✿

❞♦♠❛✐♥ ✰ ❞❛t❛ ✰ ❡①♣✐r❛t✐♦♥ ❞❛t❡ ❈♦♦❦✐❡s❄

▼✐▼✿ ❈❛♥ s♦♠❡❜♦❞② ❡❧s❡ ❛❝t ❛s ②♦✉ ✐❢ t❤❡② ❤❛❞ ②♦✉r ❝♦♦❦✐❡❄ ❙♦❧✉t✐♦♥s✿ ❈♦♦❦✐❡ ❡①♣✐r❛t✐♦♥✱ ✢✉s❤✐♥❣ ❝♦♦❦✐❡s✱ ❞✐s❛❜❧✐♥❣ ❝♦♦❦✐❡s✳

❈r♦ss s✐t❡ ❧♦❣✐♥s❄

❍♦✇ ❞♦ t❤❡ ✏❧✐❦❡ ❜✉tt♦♥s✑ ♦♥ ♥♦♥✲❋❛❝❡❜♦♦❦ s✐t❡s ✇♦r❦❄ ▼✉❧t✐♣❧❡ ✐❢r❛♠❡ ❡❧❡♠❡♥ts ❝❛♥ ❢❡t❝❤ ♣❛❣❡s ❢r♦♠ ❛❝r♦ss ❞♦♠❛✐♥s ✭✐✳❡✳ ❛❝❝❡ss ❞✐✛❡r❡♥t ❝♦♦❦✐❡s✮

  • ♦♦❣❧❡ ❆❞❙❡♥s❡✿ ❝r♦ss✲s✐t❡ ❛❞s ✉s❡s ❝♦♦❦✐❡s

❍❡❧♣s ◆❙❆ tr❛❝❦ ②♦✉

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✾ ✴ ✶✺

slide-25
SLIDE 25

❈♦♦❦✐❡ ❆✉t❤❡♥t✐❝❛t✐♦♥

❆✉t❤❡♥t✐❝❛t✐♦♥ st❡♣s✿

✶ ❈❧✐❡♥t ❛✉t❤❡♥t✐❝❛t❡s ✷ ❙❡r✈❡r s❡♥❞s s❡ss✐♦♥ ❦❡② ✸ ❈❧✐❡♥t s❛✈❡s ❦❡② ✐♥ ❝♦♦❦✐❡ ❛♥❞ ✉s❡s ✐t ❞✉r✐♥❣ s❡ss✐♦♥

❈♦♦❦✐❡ ❝♦♥t❡♥ts✿

❞♦♠❛✐♥ ✰ ❞❛t❛ ✰ ❡①♣✐r❛t✐♦♥ ❞❛t❡ ❈♦♦❦✐❡s❄

◮ ▼✐▼✿ ❈❛♥ s♦♠❡❜♦❞② ❡❧s❡ ❛❝t ❛s ②♦✉ ✐❢ t❤❡② ❤❛❞ ②♦✉r ❝♦♦❦✐❡❄

❙♦❧✉t✐♦♥s✿ ❈♦♦❦✐❡ ❡①♣✐r❛t✐♦♥✱ ✢✉s❤✐♥❣ ❝♦♦❦✐❡s✱ ❞✐s❛❜❧✐♥❣ ❝♦♦❦✐❡s✳

❈r♦ss s✐t❡ ❧♦❣✐♥s❄

❍♦✇ ❞♦ t❤❡ ✏❧✐❦❡ ❜✉tt♦♥s✑ ♦♥ ♥♦♥✲❋❛❝❡❜♦♦❦ s✐t❡s ✇♦r❦❄ ▼✉❧t✐♣❧❡ ✐❢r❛♠❡ ❡❧❡♠❡♥ts ❝❛♥ ❢❡t❝❤ ♣❛❣❡s ❢r♦♠ ❛❝r♦ss ❞♦♠❛✐♥s ✭✐✳❡✳ ❛❝❝❡ss ❞✐✛❡r❡♥t ❝♦♦❦✐❡s✮

  • ♦♦❣❧❡ ❆❞❙❡♥s❡✿ ❝r♦ss✲s✐t❡ ❛❞s ✉s❡s ❝♦♦❦✐❡s

❍❡❧♣s ◆❙❆ tr❛❝❦ ②♦✉

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✾ ✴ ✶✺

slide-26
SLIDE 26

❈♦♦❦✐❡ ❆✉t❤❡♥t✐❝❛t✐♦♥

❆✉t❤❡♥t✐❝❛t✐♦♥ st❡♣s✿

✶ ❈❧✐❡♥t ❛✉t❤❡♥t✐❝❛t❡s ✷ ❙❡r✈❡r s❡♥❞s s❡ss✐♦♥ ❦❡② ✸ ❈❧✐❡♥t s❛✈❡s ❦❡② ✐♥ ❝♦♦❦✐❡ ❛♥❞ ✉s❡s ✐t ❞✉r✐♥❣ s❡ss✐♦♥

❈♦♦❦✐❡ ❝♦♥t❡♥ts✿

❞♦♠❛✐♥ ✰ ❞❛t❛ ✰ ❡①♣✐r❛t✐♦♥ ❞❛t❡ ❈♦♦❦✐❡s❄

◮ ▼✐▼✿ ❈❛♥ s♦♠❡❜♦❞② ❡❧s❡ ❛❝t ❛s ②♦✉ ✐❢ t❤❡② ❤❛❞ ②♦✉r ❝♦♦❦✐❡❄ ◮ ❙♦❧✉t✐♦♥s✿ ❈♦♦❦✐❡ ❡①♣✐r❛t✐♦♥✱ ✢✉s❤✐♥❣ ❝♦♦❦✐❡s✱ ❞✐s❛❜❧✐♥❣ ❝♦♦❦✐❡s✳

❈r♦ss s✐t❡ ❧♦❣✐♥s❄

❍♦✇ ❞♦ t❤❡ ✏❧✐❦❡ ❜✉tt♦♥s✑ ♦♥ ♥♦♥✲❋❛❝❡❜♦♦❦ s✐t❡s ✇♦r❦❄ ▼✉❧t✐♣❧❡ ✐❢r❛♠❡ ❡❧❡♠❡♥ts ❝❛♥ ❢❡t❝❤ ♣❛❣❡s ❢r♦♠ ❛❝r♦ss ❞♦♠❛✐♥s ✭✐✳❡✳ ❛❝❝❡ss ❞✐✛❡r❡♥t ❝♦♦❦✐❡s✮

  • ♦♦❣❧❡ ❆❞❙❡♥s❡✿ ❝r♦ss✲s✐t❡ ❛❞s ✉s❡s ❝♦♦❦✐❡s

❍❡❧♣s ◆❙❆ tr❛❝❦ ②♦✉

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✾ ✴ ✶✺

slide-27
SLIDE 27

❈♦♦❦✐❡ ❆✉t❤❡♥t✐❝❛t✐♦♥

❆✉t❤❡♥t✐❝❛t✐♦♥ st❡♣s✿

✶ ❈❧✐❡♥t ❛✉t❤❡♥t✐❝❛t❡s ✷ ❙❡r✈❡r s❡♥❞s s❡ss✐♦♥ ❦❡② ✸ ❈❧✐❡♥t s❛✈❡s ❦❡② ✐♥ ❝♦♦❦✐❡ ❛♥❞ ✉s❡s ✐t ❞✉r✐♥❣ s❡ss✐♦♥

❈♦♦❦✐❡ ❝♦♥t❡♥ts✿

❞♦♠❛✐♥ ✰ ❞❛t❛ ✰ ❡①♣✐r❛t✐♦♥ ❞❛t❡ ❈♦♦❦✐❡s❄

◮ ▼✐▼✿ ❈❛♥ s♦♠❡❜♦❞② ❡❧s❡ ❛❝t ❛s ②♦✉ ✐❢ t❤❡② ❤❛❞ ②♦✉r ❝♦♦❦✐❡❄ ◮ ❙♦❧✉t✐♦♥s✿ ❈♦♦❦✐❡ ❡①♣✐r❛t✐♦♥✱ ✢✉s❤✐♥❣ ❝♦♦❦✐❡s✱ ❞✐s❛❜❧✐♥❣ ❝♦♦❦✐❡s✳

❈r♦ss s✐t❡ ❧♦❣✐♥s❄

◮ ❍♦✇ ❞♦ t❤❡ ✏❧✐❦❡ ❜✉tt♦♥s✑ ♦♥ ♥♦♥✲❋❛❝❡❜♦♦❦ s✐t❡s

✇♦r❦❄ ▼✉❧t✐♣❧❡ ✐❢r❛♠❡ ❡❧❡♠❡♥ts ❝❛♥ ❢❡t❝❤ ♣❛❣❡s ❢r♦♠ ❛❝r♦ss ❞♦♠❛✐♥s ✭✐✳❡✳ ❛❝❝❡ss ❞✐✛❡r❡♥t ❝♦♦❦✐❡s✮

  • ♦♦❣❧❡ ❆❞❙❡♥s❡✿ ❝r♦ss✲s✐t❡ ❛❞s ✉s❡s ❝♦♦❦✐❡s

❍❡❧♣s ◆❙❆ tr❛❝❦ ②♦✉

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✾ ✴ ✶✺

slide-28
SLIDE 28

❈♦♦❦✐❡ ❆✉t❤❡♥t✐❝❛t✐♦♥

❆✉t❤❡♥t✐❝❛t✐♦♥ st❡♣s✿

✶ ❈❧✐❡♥t ❛✉t❤❡♥t✐❝❛t❡s ✷ ❙❡r✈❡r s❡♥❞s s❡ss✐♦♥ ❦❡② ✸ ❈❧✐❡♥t s❛✈❡s ❦❡② ✐♥ ❝♦♦❦✐❡ ❛♥❞ ✉s❡s ✐t ❞✉r✐♥❣ s❡ss✐♦♥

❈♦♦❦✐❡ ❝♦♥t❡♥ts✿

❞♦♠❛✐♥ ✰ ❞❛t❛ ✰ ❡①♣✐r❛t✐♦♥ ❞❛t❡ ❈♦♦❦✐❡s❄

◮ ▼✐▼✿ ❈❛♥ s♦♠❡❜♦❞② ❡❧s❡ ❛❝t ❛s ②♦✉ ✐❢ t❤❡② ❤❛❞ ②♦✉r ❝♦♦❦✐❡❄ ◮ ❙♦❧✉t✐♦♥s✿ ❈♦♦❦✐❡ ❡①♣✐r❛t✐♦♥✱ ✢✉s❤✐♥❣ ❝♦♦❦✐❡s✱ ❞✐s❛❜❧✐♥❣ ❝♦♦❦✐❡s✳

❈r♦ss s✐t❡ ❧♦❣✐♥s❄

◮ ❍♦✇ ❞♦ t❤❡ ✏❧✐❦❡ ❜✉tt♦♥s✑ ♦♥ ♥♦♥✲❋❛❝❡❜♦♦❦ s✐t❡s

✇♦r❦❄

◮ ▼✉❧t✐♣❧❡ ✐❢r❛♠❡ ❡❧❡♠❡♥ts ❝❛♥ ❢❡t❝❤ ♣❛❣❡s ❢r♦♠

❛❝r♦ss ❞♦♠❛✐♥s ✭✐✳❡✳ ❛❝❝❡ss ❞✐✛❡r❡♥t ❝♦♦❦✐❡s✮

  • ♦♦❣❧❡ ❆❞❙❡♥s❡✿ ❝r♦ss✲s✐t❡ ❛❞s ✉s❡s ❝♦♦❦✐❡s

❍❡❧♣s ◆❙❆ tr❛❝❦ ②♦✉

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✾ ✴ ✶✺

slide-29
SLIDE 29

❈♦♦❦✐❡ ❆✉t❤❡♥t✐❝❛t✐♦♥

❆✉t❤❡♥t✐❝❛t✐♦♥ st❡♣s✿

✶ ❈❧✐❡♥t ❛✉t❤❡♥t✐❝❛t❡s ✷ ❙❡r✈❡r s❡♥❞s s❡ss✐♦♥ ❦❡② ✸ ❈❧✐❡♥t s❛✈❡s ❦❡② ✐♥ ❝♦♦❦✐❡ ❛♥❞ ✉s❡s ✐t ❞✉r✐♥❣ s❡ss✐♦♥

❈♦♦❦✐❡ ❝♦♥t❡♥ts✿

❞♦♠❛✐♥ ✰ ❞❛t❛ ✰ ❡①♣✐r❛t✐♦♥ ❞❛t❡ ❈♦♦❦✐❡s❄

◮ ▼✐▼✿ ❈❛♥ s♦♠❡❜♦❞② ❡❧s❡ ❛❝t ❛s ②♦✉ ✐❢ t❤❡② ❤❛❞ ②♦✉r ❝♦♦❦✐❡❄ ◮ ❙♦❧✉t✐♦♥s✿ ❈♦♦❦✐❡ ❡①♣✐r❛t✐♦♥✱ ✢✉s❤✐♥❣ ❝♦♦❦✐❡s✱ ❞✐s❛❜❧✐♥❣ ❝♦♦❦✐❡s✳

❈r♦ss s✐t❡ ❧♦❣✐♥s❄

◮ ❍♦✇ ❞♦ t❤❡ ✏❧✐❦❡ ❜✉tt♦♥s✑ ♦♥ ♥♦♥✲❋❛❝❡❜♦♦❦ s✐t❡s

✇♦r❦❄

◮ ▼✉❧t✐♣❧❡ ✐❢r❛♠❡ ❡❧❡♠❡♥ts ❝❛♥ ❢❡t❝❤ ♣❛❣❡s ❢r♦♠

❛❝r♦ss ❞♦♠❛✐♥s ✭✐✳❡✳ ❛❝❝❡ss ❞✐✛❡r❡♥t ❝♦♦❦✐❡s✮

  • ♦♦❣❧❡ ❆❞❙❡♥s❡✿ ❝r♦ss✲s✐t❡ ❛❞s ✉s❡s ❝♦♦❦✐❡s

❍❡❧♣s ◆❙❆ tr❛❝❦ ②♦✉

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✾ ✴ ✶✺

slide-30
SLIDE 30

❈♦♦❦✐❡ ❆✉t❤❡♥t✐❝❛t✐♦♥

❆✉t❤❡♥t✐❝❛t✐♦♥ st❡♣s✿

✶ ❈❧✐❡♥t ❛✉t❤❡♥t✐❝❛t❡s ✷ ❙❡r✈❡r s❡♥❞s s❡ss✐♦♥ ❦❡② ✸ ❈❧✐❡♥t s❛✈❡s ❦❡② ✐♥ ❝♦♦❦✐❡ ❛♥❞ ✉s❡s ✐t ❞✉r✐♥❣ s❡ss✐♦♥

❈♦♦❦✐❡ ❝♦♥t❡♥ts✿

❞♦♠❛✐♥ ✰ ❞❛t❛ ✰ ❡①♣✐r❛t✐♦♥ ❞❛t❡ ❈♦♦❦✐❡s❄

◮ ▼✐▼✿ ❈❛♥ s♦♠❡❜♦❞② ❡❧s❡ ❛❝t ❛s ②♦✉ ✐❢ t❤❡② ❤❛❞ ②♦✉r ❝♦♦❦✐❡❄ ◮ ❙♦❧✉t✐♦♥s✿ ❈♦♦❦✐❡ ❡①♣✐r❛t✐♦♥✱ ✢✉s❤✐♥❣ ❝♦♦❦✐❡s✱ ❞✐s❛❜❧✐♥❣ ❝♦♦❦✐❡s✳

❈r♦ss s✐t❡ ❧♦❣✐♥s❄

◮ ❍♦✇ ❞♦ t❤❡ ✏❧✐❦❡ ❜✉tt♦♥s✑ ♦♥ ♥♦♥✲❋❛❝❡❜♦♦❦ s✐t❡s

✇♦r❦❄

◮ ▼✉❧t✐♣❧❡ ✐❢r❛♠❡ ❡❧❡♠❡♥ts ❝❛♥ ❢❡t❝❤ ♣❛❣❡s ❢r♦♠

❛❝r♦ss ❞♦♠❛✐♥s ✭✐✳❡✳ ❛❝❝❡ss ❞✐✛❡r❡♥t ❝♦♦❦✐❡s✮

  • ♦♦❣❧❡ ❆❞❙❡♥s❡✿ ❝r♦ss✲s✐t❡ ❛❞s ✉s❡s ❝♦♦❦✐❡s

◮ ❍❡❧♣s ◆❙❆ tr❛❝❦ ②♦✉ ❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✾ ✴ ✶✺

slide-31
SLIDE 31

❍❛❝❦✐♥❣✿ ❊♠❛✐❧ ❚r❛❝❦✐♥❣

❚r❛❝❦ ♣❡♦♣❧❡ ✈✐❛ ❡♠❛✐❧s❄ ❊♠❛✐❧ ❤❡❛❞❡r ❝♦❞❡s ✭❧♦♦❦ ❛t ②♦✉r ●♠❛✐❧ ❤❡❛❞❡rs✦✮ ❱✐s✐❜❧❡✴✐♥✈✐s✐❜❧❡ ✐♠❛❣❡s ✭❤♦✇❄❄✮ ❆♥♦♥②♠♦✉s ❡♠❛✐❧s❄ ❞❡♠♦ ♣❤✐s❤✐♥❣ ✭♦♥❧② ❢♦r t❤❡ ❣✉❧❧✐❜❧❡✮

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✶✵ ✴ ✶✺

slide-32
SLIDE 32

❍❛❝❦✐♥❣✿ ❊♠❛✐❧ ❚r❛❝❦✐♥❣

❚r❛❝❦ ♣❡♦♣❧❡ ✈✐❛ ❡♠❛✐❧s❄ ❊♠❛✐❧ ❤❡❛❞❡r ❝♦❞❡s ✭❧♦♦❦ ❛t ②♦✉r ●♠❛✐❧ ❤❡❛❞❡rs✦✮ ❱✐s✐❜❧❡✴✐♥✈✐s✐❜❧❡ ✐♠❛❣❡s ✭❤♦✇❄❄✮ ❆♥♦♥②♠♦✉s ❡♠❛✐❧s❄ ❞❡♠♦ ♣❤✐s❤✐♥❣ ✭♦♥❧② ❢♦r t❤❡ ❣✉❧❧✐❜❧❡✮

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✶✵ ✴ ✶✺

slide-33
SLIDE 33

❍❛❝❦✐♥❣✿ ❊♠❛✐❧ ❚r❛❝❦✐♥❣

❚r❛❝❦ ♣❡♦♣❧❡ ✈✐❛ ❡♠❛✐❧s❄ ❊♠❛✐❧ ❤❡❛❞❡r ❝♦❞❡s ✭❧♦♦❦ ❛t ②♦✉r ●♠❛✐❧ ❤❡❛❞❡rs✦✮ ❱✐s✐❜❧❡✴✐♥✈✐s✐❜❧❡ ✐♠❛❣❡s ✭❤♦✇❄❄✮ ❆♥♦♥②♠♦✉s ❡♠❛✐❧s❄ ❞❡♠♦ ♣❤✐s❤✐♥❣ ✭♦♥❧② ❢♦r t❤❡ ❣✉❧❧✐❜❧❡✮

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✶✵ ✴ ✶✺

slide-34
SLIDE 34

▼♦r❡ ♦♥ ❛✉t❤❡♥t✐❝❛t✐♦♥

❚✇♦✲st❡♣ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❜❛♥❦s ❛♥❞ ♦t❤❡r ❤✐❣❤✲s❡❝✉r✐t② ♣❧❛❝❡s ✉s❡ ✐t ✐♥✈♦❧✈❡s ❛ ✷♥❞ ❞❡✈✐❝❡✿ ♣❤♦♥❡ ❝❛❧❧s✱ t❡①t✐♥❣✱ ♣❛ss✇♦r❞ ❣❡♥❡r❛t♦r ❞❡✈✐❝❡ ❲❤❛t✬s ●♦♦❣❧❡ ❆✉t❤❡♥t✐❝❛t♦r❄

  • ❡♥❡r❛t❡s ❛ ✉♥✐q✉❡ ♣❛ss✇♦r❞ ❡❛❝❤ t✐♠❡

❚❤❛t ❝❛♥ ✈❡r✐❢② ②♦✉r ❛✉t❤❡♥t✐❝✐t② ✭t❤r♦✉❣❤ ♣✉❜❧✐❝✲♣r✐✈❛t❡ ❦❡②s✮ ❲❤❛t✬r❡ t❤❡ ❜❡st ♣r❛❝t✐❝❡s ✐♥ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❯s❡ P❍P t♦ tr❛♥s♠✐t ❛♥❞ st♦r❡ ❝❧❡❛rt❡①t ♣❛ss✇♦r❞s❄ ❊rr✱ ♥♦✳ ❙t❛♥❞❛r❞s✿ ❖❆✉t❤ ❋❛❝❡❜♦♦❦✱ ●♦♦❣❧❡✱ ▼✐❝r♦s♦❢t ❆P■s r❡q✉✐r❡ ✐t ❆t ✈❡rs✐♦♥ ✷✳✵ ❈♦♠♣❧❡♠❡♥t❛r② t♦ ❖♣❡♥■❉ ♣❛ss✇♦r❞❧❡ss ❧♦❣✐♥s ✈✐❛ ✐♥st❛❧❧✐♥❣ ❝❡rt✐✜❝❛t❡s ✐♥ ❜r♦✇s❡r✱ s♠❛rt ❝❛r❞s✱ ❜✐♦♠❡tr✐❝s✱ ❡t❝✳ ♣r✐✈❛t❡ ❦❡② ♦♥ t❤❡ ❝❧✐❡♥t s✐❞❡❀ ♣❡rs♦♥❛❧ ❯❘■ ❤♦❧❞s ♣✉❜❧✐❝ ❦❡②

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✶✶ ✴ ✶✺

slide-35
SLIDE 35

▼♦r❡ ♦♥ ❛✉t❤❡♥t✐❝❛t✐♦♥

❚✇♦✲st❡♣ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❜❛♥❦s ❛♥❞ ♦t❤❡r ❤✐❣❤✲s❡❝✉r✐t② ♣❧❛❝❡s ✉s❡ ✐t ✐♥✈♦❧✈❡s ❛ ✷♥❞ ❞❡✈✐❝❡✿ ♣❤♦♥❡ ❝❛❧❧s✱ t❡①t✐♥❣✱ ♣❛ss✇♦r❞ ❣❡♥❡r❛t♦r ❞❡✈✐❝❡ ❲❤❛t✬s ●♦♦❣❧❡ ❆✉t❤❡♥t✐❝❛t♦r❄

  • ❡♥❡r❛t❡s ❛ ✉♥✐q✉❡ ♣❛ss✇♦r❞ ❡❛❝❤ t✐♠❡

❚❤❛t ❝❛♥ ✈❡r✐❢② ②♦✉r ❛✉t❤❡♥t✐❝✐t② ✭t❤r♦✉❣❤ ♣✉❜❧✐❝✲♣r✐✈❛t❡ ❦❡②s✮ ❲❤❛t✬r❡ t❤❡ ❜❡st ♣r❛❝t✐❝❡s ✐♥ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❯s❡ P❍P t♦ tr❛♥s♠✐t ❛♥❞ st♦r❡ ❝❧❡❛rt❡①t ♣❛ss✇♦r❞s❄ ❊rr✱ ♥♦✳ ❙t❛♥❞❛r❞s✿ ❖❆✉t❤ ❋❛❝❡❜♦♦❦✱ ●♦♦❣❧❡✱ ▼✐❝r♦s♦❢t ❆P■s r❡q✉✐r❡ ✐t ❆t ✈❡rs✐♦♥ ✷✳✵ ❈♦♠♣❧❡♠❡♥t❛r② t♦ ❖♣❡♥■❉ ♣❛ss✇♦r❞❧❡ss ❧♦❣✐♥s ✈✐❛ ✐♥st❛❧❧✐♥❣ ❝❡rt✐✜❝❛t❡s ✐♥ ❜r♦✇s❡r✱ s♠❛rt ❝❛r❞s✱ ❜✐♦♠❡tr✐❝s✱ ❡t❝✳ ♣r✐✈❛t❡ ❦❡② ♦♥ t❤❡ ❝❧✐❡♥t s✐❞❡❀ ♣❡rs♦♥❛❧ ❯❘■ ❤♦❧❞s ♣✉❜❧✐❝ ❦❡②

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✶✶ ✴ ✶✺

slide-36
SLIDE 36

▼♦r❡ ♦♥ ❛✉t❤❡♥t✐❝❛t✐♦♥

❚✇♦✲st❡♣ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❜❛♥❦s ❛♥❞ ♦t❤❡r ❤✐❣❤✲s❡❝✉r✐t② ♣❧❛❝❡s ✉s❡ ✐t ✐♥✈♦❧✈❡s ❛ ✷♥❞ ❞❡✈✐❝❡✿ ♣❤♦♥❡ ❝❛❧❧s✱ t❡①t✐♥❣✱ ♣❛ss✇♦r❞ ❣❡♥❡r❛t♦r ❞❡✈✐❝❡ ❲❤❛t✬s ●♦♦❣❧❡ ❆✉t❤❡♥t✐❝❛t♦r❄

  • ❡♥❡r❛t❡s ❛ ✉♥✐q✉❡ ♣❛ss✇♦r❞ ❡❛❝❤ t✐♠❡

❚❤❛t ❝❛♥ ✈❡r✐❢② ②♦✉r ❛✉t❤❡♥t✐❝✐t② ✭t❤r♦✉❣❤ ♣✉❜❧✐❝✲♣r✐✈❛t❡ ❦❡②s✮ ❲❤❛t✬r❡ t❤❡ ❜❡st ♣r❛❝t✐❝❡s ✐♥ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❯s❡ P❍P t♦ tr❛♥s♠✐t ❛♥❞ st♦r❡ ❝❧❡❛rt❡①t ♣❛ss✇♦r❞s❄ ❊rr✱ ♥♦✳ ❙t❛♥❞❛r❞s✿ ❖❆✉t❤ ❋❛❝❡❜♦♦❦✱ ●♦♦❣❧❡✱ ▼✐❝r♦s♦❢t ❆P■s r❡q✉✐r❡ ✐t ❆t ✈❡rs✐♦♥ ✷✳✵ ❈♦♠♣❧❡♠❡♥t❛r② t♦ ❖♣❡♥■❉ ♣❛ss✇♦r❞❧❡ss ❧♦❣✐♥s ✈✐❛ ✐♥st❛❧❧✐♥❣ ❝❡rt✐✜❝❛t❡s ✐♥ ❜r♦✇s❡r✱ s♠❛rt ❝❛r❞s✱ ❜✐♦♠❡tr✐❝s✱ ❡t❝✳ ♣r✐✈❛t❡ ❦❡② ♦♥ t❤❡ ❝❧✐❡♥t s✐❞❡❀ ♣❡rs♦♥❛❧ ❯❘■ ❤♦❧❞s ♣✉❜❧✐❝ ❦❡②

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✶✶ ✴ ✶✺

slide-37
SLIDE 37

▼♦r❡ ♦♥ ❛✉t❤❡♥t✐❝❛t✐♦♥

❚✇♦✲st❡♣ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❜❛♥❦s ❛♥❞ ♦t❤❡r ❤✐❣❤✲s❡❝✉r✐t② ♣❧❛❝❡s ✉s❡ ✐t ✐♥✈♦❧✈❡s ❛ ✷♥❞ ❞❡✈✐❝❡✿ ♣❤♦♥❡ ❝❛❧❧s✱ t❡①t✐♥❣✱ ♣❛ss✇♦r❞ ❣❡♥❡r❛t♦r ❞❡✈✐❝❡ ❲❤❛t✬s ●♦♦❣❧❡ ❆✉t❤❡♥t✐❝❛t♦r❄

  • ❡♥❡r❛t❡s ❛ ✉♥✐q✉❡ ♣❛ss✇♦r❞ ❡❛❝❤ t✐♠❡

❚❤❛t ❝❛♥ ✈❡r✐❢② ②♦✉r ❛✉t❤❡♥t✐❝✐t② ✭t❤r♦✉❣❤ ♣✉❜❧✐❝✲♣r✐✈❛t❡ ❦❡②s✮ ❲❤❛t✬r❡ t❤❡ ❜❡st ♣r❛❝t✐❝❡s ✐♥ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❯s❡ P❍P t♦ tr❛♥s♠✐t ❛♥❞ st♦r❡ ❝❧❡❛rt❡①t ♣❛ss✇♦r❞s❄ ❊rr✱ ♥♦✳ ❙t❛♥❞❛r❞s✿ ❖❆✉t❤ ❋❛❝❡❜♦♦❦✱ ●♦♦❣❧❡✱ ▼✐❝r♦s♦❢t ❆P■s r❡q✉✐r❡ ✐t ❆t ✈❡rs✐♦♥ ✷✳✵ ❈♦♠♣❧❡♠❡♥t❛r② t♦ ❖♣❡♥■❉ ♣❛ss✇♦r❞❧❡ss ❧♦❣✐♥s ✈✐❛ ✐♥st❛❧❧✐♥❣ ❝❡rt✐✜❝❛t❡s ✐♥ ❜r♦✇s❡r✱ s♠❛rt ❝❛r❞s✱ ❜✐♦♠❡tr✐❝s✱ ❡t❝✳ ♣r✐✈❛t❡ ❦❡② ♦♥ t❤❡ ❝❧✐❡♥t s✐❞❡❀ ♣❡rs♦♥❛❧ ❯❘■ ❤♦❧❞s ♣✉❜❧✐❝ ❦❡②

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✶✶ ✴ ✶✺

slide-38
SLIDE 38

▼♦r❡ ♦♥ ❛✉t❤❡♥t✐❝❛t✐♦♥

❚✇♦✲st❡♣ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❜❛♥❦s ❛♥❞ ♦t❤❡r ❤✐❣❤✲s❡❝✉r✐t② ♣❧❛❝❡s ✉s❡ ✐t ✐♥✈♦❧✈❡s ❛ ✷♥❞ ❞❡✈✐❝❡✿ ♣❤♦♥❡ ❝❛❧❧s✱ t❡①t✐♥❣✱ ♣❛ss✇♦r❞ ❣❡♥❡r❛t♦r ❞❡✈✐❝❡ ❲❤❛t✬s ●♦♦❣❧❡ ❆✉t❤❡♥t✐❝❛t♦r❄

  • ❡♥❡r❛t❡s ❛ ✉♥✐q✉❡ ♣❛ss✇♦r❞ ❡❛❝❤ t✐♠❡

❚❤❛t ❝❛♥ ✈❡r✐❢② ②♦✉r ❛✉t❤❡♥t✐❝✐t② ✭t❤r♦✉❣❤ ♣✉❜❧✐❝✲♣r✐✈❛t❡ ❦❡②s✮ ❲❤❛t✬r❡ t❤❡ ❜❡st ♣r❛❝t✐❝❡s ✐♥ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❯s❡ P❍P t♦ tr❛♥s♠✐t ❛♥❞ st♦r❡ ❝❧❡❛rt❡①t ♣❛ss✇♦r❞s❄ ❊rr✱ ♥♦✳ ❙t❛♥❞❛r❞s✿ ❖❆✉t❤ ❋❛❝❡❜♦♦❦✱ ●♦♦❣❧❡✱ ▼✐❝r♦s♦❢t ❆P■s r❡q✉✐r❡ ✐t ❆t ✈❡rs✐♦♥ ✷✳✵ ❈♦♠♣❧❡♠❡♥t❛r② t♦ ❖♣❡♥■❉ ♣❛ss✇♦r❞❧❡ss ❧♦❣✐♥s ✈✐❛ ✐♥st❛❧❧✐♥❣ ❝❡rt✐✜❝❛t❡s ✐♥ ❜r♦✇s❡r✱ s♠❛rt ❝❛r❞s✱ ❜✐♦♠❡tr✐❝s✱ ❡t❝✳ ♣r✐✈❛t❡ ❦❡② ♦♥ t❤❡ ❝❧✐❡♥t s✐❞❡❀ ♣❡rs♦♥❛❧ ❯❘■ ❤♦❧❞s ♣✉❜❧✐❝ ❦❡②

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✶✶ ✴ ✶✺

slide-39
SLIDE 39

▼♦r❡ ♦♥ ❛✉t❤❡♥t✐❝❛t✐♦♥

❚✇♦✲st❡♣ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❜❛♥❦s ❛♥❞ ♦t❤❡r ❤✐❣❤✲s❡❝✉r✐t② ♣❧❛❝❡s ✉s❡ ✐t ✐♥✈♦❧✈❡s ❛ ✷♥❞ ❞❡✈✐❝❡✿ ♣❤♦♥❡ ❝❛❧❧s✱ t❡①t✐♥❣✱ ♣❛ss✇♦r❞ ❣❡♥❡r❛t♦r ❞❡✈✐❝❡ ❲❤❛t✬s ●♦♦❣❧❡ ❆✉t❤❡♥t✐❝❛t♦r❄

  • ❡♥❡r❛t❡s ❛ ✉♥✐q✉❡ ♣❛ss✇♦r❞ ❡❛❝❤ t✐♠❡

❚❤❛t ❝❛♥ ✈❡r✐❢② ②♦✉r ❛✉t❤❡♥t✐❝✐t② ✭t❤r♦✉❣❤ ♣✉❜❧✐❝✲♣r✐✈❛t❡ ❦❡②s✮ ❲❤❛t✬r❡ t❤❡ ❜❡st ♣r❛❝t✐❝❡s ✐♥ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❯s❡ P❍P t♦ tr❛♥s♠✐t ❛♥❞ st♦r❡ ❝❧❡❛rt❡①t ♣❛ss✇♦r❞s❄ ❊rr✱ ♥♦✳ ❙t❛♥❞❛r❞s✿ ❖❆✉t❤ ❋❛❝❡❜♦♦❦✱ ●♦♦❣❧❡✱ ▼✐❝r♦s♦❢t ❆P■s r❡q✉✐r❡ ✐t ❆t ✈❡rs✐♦♥ ✷✳✵ ❈♦♠♣❧❡♠❡♥t❛r② t♦ ❖♣❡♥■❉ ♣❛ss✇♦r❞❧❡ss ❧♦❣✐♥s ✈✐❛ ✐♥st❛❧❧✐♥❣ ❝❡rt✐✜❝❛t❡s ✐♥ ❜r♦✇s❡r✱ s♠❛rt ❝❛r❞s✱ ❜✐♦♠❡tr✐❝s✱ ❡t❝✳ ♣r✐✈❛t❡ ❦❡② ♦♥ t❤❡ ❝❧✐❡♥t s✐❞❡❀ ♣❡rs♦♥❛❧ ❯❘■ ❤♦❧❞s ♣✉❜❧✐❝ ❦❡②

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✶✶ ✴ ✶✺

slide-40
SLIDE 40

▼♦r❡ ♦♥ ❛✉t❤❡♥t✐❝❛t✐♦♥

❚✇♦✲st❡♣ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❜❛♥❦s ❛♥❞ ♦t❤❡r ❤✐❣❤✲s❡❝✉r✐t② ♣❧❛❝❡s ✉s❡ ✐t ✐♥✈♦❧✈❡s ❛ ✷♥❞ ❞❡✈✐❝❡✿ ♣❤♦♥❡ ❝❛❧❧s✱ t❡①t✐♥❣✱ ♣❛ss✇♦r❞ ❣❡♥❡r❛t♦r ❞❡✈✐❝❡ ❲❤❛t✬s ●♦♦❣❧❡ ❆✉t❤❡♥t✐❝❛t♦r❄

  • ❡♥❡r❛t❡s ❛ ✉♥✐q✉❡ ♣❛ss✇♦r❞ ❡❛❝❤ t✐♠❡

❚❤❛t ❝❛♥ ✈❡r✐❢② ②♦✉r ❛✉t❤❡♥t✐❝✐t② ✭t❤r♦✉❣❤ ♣✉❜❧✐❝✲♣r✐✈❛t❡ ❦❡②s✮ ❲❤❛t✬r❡ t❤❡ ❜❡st ♣r❛❝t✐❝❡s ✐♥ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❯s❡ P❍P t♦ tr❛♥s♠✐t ❛♥❞ st♦r❡ ❝❧❡❛rt❡①t ♣❛ss✇♦r❞s❄ ❊rr✱ ♥♦✳ ❙t❛♥❞❛r❞s✿ ❖❆✉t❤ ❋❛❝❡❜♦♦❦✱ ●♦♦❣❧❡✱ ▼✐❝r♦s♦❢t ❆P■s r❡q✉✐r❡ ✐t ❆t ✈❡rs✐♦♥ ✷✳✵ ❈♦♠♣❧❡♠❡♥t❛r② t♦ ❖♣❡♥■❉ ♣❛ss✇♦r❞❧❡ss ❧♦❣✐♥s ✈✐❛ ✐♥st❛❧❧✐♥❣ ❝❡rt✐✜❝❛t❡s ✐♥ ❜r♦✇s❡r✱ s♠❛rt ❝❛r❞s✱ ❜✐♦♠❡tr✐❝s✱ ❡t❝✳ ♣r✐✈❛t❡ ❦❡② ♦♥ t❤❡ ❝❧✐❡♥t s✐❞❡❀ ♣❡rs♦♥❛❧ ❯❘■ ❤♦❧❞s ♣✉❜❧✐❝ ❦❡②

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✶✶ ✴ ✶✺

slide-41
SLIDE 41

▼♦r❡ ♦♥ ❛✉t❤❡♥t✐❝❛t✐♦♥

❚✇♦✲st❡♣ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❜❛♥❦s ❛♥❞ ♦t❤❡r ❤✐❣❤✲s❡❝✉r✐t② ♣❧❛❝❡s ✉s❡ ✐t ✐♥✈♦❧✈❡s ❛ ✷♥❞ ❞❡✈✐❝❡✿ ♣❤♦♥❡ ❝❛❧❧s✱ t❡①t✐♥❣✱ ♣❛ss✇♦r❞ ❣❡♥❡r❛t♦r ❞❡✈✐❝❡ ❲❤❛t✬s ●♦♦❣❧❡ ❆✉t❤❡♥t✐❝❛t♦r❄

  • ❡♥❡r❛t❡s ❛ ✉♥✐q✉❡ ♣❛ss✇♦r❞ ❡❛❝❤ t✐♠❡

❚❤❛t ❝❛♥ ✈❡r✐❢② ②♦✉r ❛✉t❤❡♥t✐❝✐t② ✭t❤r♦✉❣❤ ♣✉❜❧✐❝✲♣r✐✈❛t❡ ❦❡②s✮ ❲❤❛t✬r❡ t❤❡ ❜❡st ♣r❛❝t✐❝❡s ✐♥ ❛✉t❤❡♥t✐❝❛t✐♦♥❄ ❯s❡ P❍P t♦ tr❛♥s♠✐t ❛♥❞ st♦r❡ ❝❧❡❛rt❡①t ♣❛ss✇♦r❞s❄ ❊rr✱ ♥♦✳ ❙t❛♥❞❛r❞s✿ ❖❆✉t❤ ❋❛❝❡❜♦♦❦✱ ●♦♦❣❧❡✱ ▼✐❝r♦s♦❢t ❆P■s r❡q✉✐r❡ ✐t ❆t ✈❡rs✐♦♥ ✷✳✵ ❈♦♠♣❧❡♠❡♥t❛r② t♦ ❖♣❡♥■❉ ♣❛ss✇♦r❞❧❡ss ❧♦❣✐♥s ✈✐❛ ✐♥st❛❧❧✐♥❣ ❝❡rt✐✜❝❛t❡s ✐♥ ❜r♦✇s❡r✱ s♠❛rt ❝❛r❞s✱ ❜✐♦♠❡tr✐❝s✱ ❡t❝✳ ♣r✐✈❛t❡ ❦❡② ♦♥ t❤❡ ❝❧✐❡♥t s✐❞❡❀ ♣❡rs♦♥❛❧ ❯❘■ ❤♦❧❞s ♣✉❜❧✐❝ ❦❡②

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✶✶ ✴ ✶✺

slide-42
SLIDE 42
slide-43
SLIDE 43
slide-44
SLIDE 44

❙tr✉❝t✉r❡ ❧♦♦❦s ✜♥❡✱ ❡✈❡♥ ❤❛s ♣❛❞❞✐♥❣✦ ❋✐rst r❡❛❞ t②♣❡ ✫ ❧❡♥❣t❤✿ ▲♦♦❦s r✐❣❤t s♦ ❢❛r✿ ❘❡s♣♦♥s❡ ❢r♦♠ ❨❛❤♦♦✦✿

slide-45
SLIDE 45

❙tr✉❝t✉r❡ ❧♦♦❦s ✜♥❡✱ ❡✈❡♥ ❤❛s ♣❛❞❞✐♥❣✦ ❋✐rst r❡❛❞ t②♣❡ ✫ ❧❡♥❣t❤✿ ▲♦♦❦s r✐❣❤t s♦ ❢❛r✿ ❘❡s♣♦♥s❡ ❢r♦♠ ❨❛❤♦♦✦✿

slide-46
SLIDE 46

❙tr✉❝t✉r❡ ❧♦♦❦s ✜♥❡✱ ❡✈❡♥ ❤❛s ♣❛❞❞✐♥❣✦ ❋✐rst r❡❛❞ t②♣❡ ✫ ❧❡♥❣t❤✿ ▲♦♦❦s r✐❣❤t s♦ ❢❛r✿ ❘❡s♣♦♥s❡ ❢r♦♠ ❨❛❤♦♦✦✿

slide-47
SLIDE 47

❙tr✉❝t✉r❡ ❧♦♦❦s ✜♥❡✱ ❡✈❡♥ ❤❛s ♣❛❞❞✐♥❣✦ ❋✐rst r❡❛❞ t②♣❡ ✫ ❧❡♥❣t❤✿ ▲♦♦❦s r✐❣❤t s♦ ❢❛r✿ ❘❡s♣♦♥s❡ ❢r♦♠ ❨❛❤♦♦✦✿

slide-48
SLIDE 48

❯♣❝♦♠✐♥❣ ❡♣✐s♦❞❡s

❉♦❝✉♠❡♥t❛t✐♦♥✱ ❝♦❞✐♥❣ st②❧❡✱ s✉st❛✐♥❛❜✐❧✐t②✱ ❞❡s✐❣♥ ♣❛tt❡r♥s ❙❝r✉♠ ♥♦✇✦

❈❙ ✸✼✵✱ ●ü♥❛② ✭❊♠♦r②✮ ❙❡❝✉r✐t② ❛♥❞ ❆✉t❤❡♥t✐❝❛t✐♦♥ ❙♣r✐♥❣ ✷✵✶✹ ✶✺ ✴ ✶✺