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SLIDE 1

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ▲❙ ✻ ✭■❙❙■✮

❈♦♠❜✐♥✐♥❣ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ❘❡q✉✐r❡♠❡♥ts ✐♥ ❋✐rst✲❖r❞❡r ❉❛t❛❜❛s❡s

▲❡♥❛ ❲✐❡s❡ ❛♥❞ ❏♦❛❝❤✐♠ ❇✐s❦✉♣

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ▲❙ ✻ ✭■❙❙■✮

❙❡♣t❡♠❜❡r ✼④✾✱ ✷✵✵✾

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶ ✴ ✷✸ / / :

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SLIDE 2

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ■♥tr♦❞✉❝t✐♦♥ ✿✿ ■♥❢❡r❡♥❝❡ ❈♦♥tr♦❧ ▲❙ ✻ ✭■❙❙■✮

❖✉t❧✐♥❡

■♥tr♦❞✉❝t✐♦♥ ■♥❢❡r❡♥❝❡ ❈♦♥tr♦❧ ❈♦♥tr♦❧❧❡❞ ◗✉❡r② ❊✈❛❧✉❛t✐♦♥ Pr❡♣r♦❝❡ss✐♥❣ ❢♦r ❈◗❊

❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss

Pr♦t♦t②♣❡

❈♦♥❝❧✉s✐♦♥

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✷ ✴ ✷✸ / / :

slide-3
SLIDE 3

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ■♥tr♦❞✉❝t✐♦♥ ✿✿ ■♥❢❡r❡♥❝❡ ❈♦♥tr♦❧ ▲❙ ✻ ✭■❙❙■✮

■♥❢❡r❡♥❝❡ ❝♦♥tr♦❧

Pr♦t❡❝t ❝♦♥☞❞❡♥t✐❛❧ ❛♥❞ ♣r✐✈❛t❡ ✐♥❢♦r♠❛t✐♦♥ ✐♥ ❞❛t❛❜❛s❡ ✐♥st❛♥❝❡ ❞❜ P❡rs♦♥❛❧✐③❡❞ s❡❝✉r✐t② ✭❝♦♥☞❞❡♥t✐❛❧✐t②✮ ♣♦❧✐❝② ♣♦t s❡❝ ❯s❡r ♣r♦☞❧❡ ✭❛ ♣r✐♦r✐ ❦♥♦✇❧❡❞❣❡✮ ♣r✐♦r ■❈ s②st❡♠ ❛✉t♦♠❛t✐❝❛❧❧② ❞✐st♦rts s♦♠❡ ❛♥s✇❡rs

❆✈♦✐❞s ❤❛r♠❢✉❧ ✉s❡r ✐♥❢❡r❡♥❝❡s

❍❡r❡✿ ♠♦❞✐❢② ✐♥♣✉t ❞❛t❛❜❛s❡

❘❡♠♦✈❡ t✉♣❧❡s ✭❧✐❦❡ ❉❛t❛ Pr✐✈❛❝②❀ ❙t♦✉♣♣❛✴❙t✉❞❡r✱ ✷✵✵✾✮ ❆❞❞ t✉♣❧❡s ✭❧✐❦❡ ❈♦✈❡r ❙t♦r✐❡s❀ ❡❣✳ ●❛❧✐♥♦✈✐❝ ❡t ❛❧✱ ✷✵✵✼✮

❆✉t♦♠❛t✐❝❛❧❧② ❣❡♥❡r❛t❡ ❭✐♥❢❡r❡♥❝❡✲♣r♦♦❢✧ ♦✉t♣✉t ✐♥st❛♥❝❡ ❆❧s♦ r❡❧❛t❡❞ t♦ ❉❛t❛ ❊①❝❤❛♥❣❡ ✭❡❣✳ ❋❛❣✐♥ ❡t ❛❧✱ ✷✵✵✺✮ ❛♥❞ ❈♦♥s✐st❡♥t ◗✉❡r② ❆♥s✇❡r✐♥❣ ✭❡❣✳ ❈❤♦♠✐❝❦✐✱ ✷✵✵✼✮

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✸ ✴ ✷✸ / / :

slide-4
SLIDE 4

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ■♥tr♦❞✉❝t✐♦♥ ✿✿ ❈♦♥tr♦❧❧❡❞ ◗✉❡r② ❊✈❛❧✉❛t✐♦♥ ▲❙ ✻ ✭■❙❙■✮

Pr✐♦r ✇♦r❦✿ ❈♦♥tr♦❧❧❡❞ ◗✉❡r② ❊✈❛❧✉❛t✐♦♥ ✭❈◗❊✮

✭❇✐s❦✉♣✴❇♦♥❛tt✐✱ ✷✵✵✼❀ ❇✐s❦✉♣✴❲✐❡s❡✱ ✷✵✵✽✮✳✳✳

▲♦❣✐❝❛❧ ✈✐❡✇ ♦❢ r❡❧❛t✐♦♥❛❧ ❞❛t❛ ♠♦❞❡❧ ❉❛t❛❜❛s❡ s❝❤❡♠❛ ❉❙ ❂ ❤P❀ ❉✐ ✇✐t❤ r❡❧❛t✐♦♥ ♥❛♠❡s P ❛♥❞ ❞❛t❛❜❛s❡ ❞❡♣❡♥❞❡♥❝✐❡s ❉ ■♥☞♥✐t❡ ❞♦♠❛✐♥ ♦❢ ✈❛❧✉❡s ✭❝♦♥st❛♥ts✮ ❞♦♠ ❈♦♠♣❧❡t❡ ❞❛t❛❜❛s❡ ✐♥st❛♥❝❡ ❛s ☞♥✐t❡ s❡t ♦❢ t✉♣❧❡s ✭❣r♦✉♥❞ ❛t♦♠s✮ ✰ ❝❧♦s❡❞ ✇♦r❧❞ ❛ss✉♠♣t✐♦♥ ❘❡❧❛t✐♦♥❛❧ ❝❛❧❝✉❧✉s ❛s q✉❡r② ❧❛♥❣✉❛❣❡

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✹ ✴ ✷✸ / / :

slide-5
SLIDE 5

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ■♥tr♦❞✉❝t✐♦♥ ✿✿ Pr❡♣r♦❝❡ss✐♥❣ ❢♦r ❈◗❊ ▲❙ ✻ ✭■❙❙■✮

♣r❡❈◗❊✿ Pr❡♣r♦❝❡ss✐♥❣ ❢♦r ❈◗❊

❞❜❛❞♠ ❞❜ s❡❝❛❞♠ ♣♦t s❡❝ ♣r❡❈◗❊ ❞❜✵ ✉s❡r ✉s❡r❛❞♠ ♣r✐♦r

♠❛✐♥t❛✐♥s ❞❡❝❧❛r❡s ❞❡❝❧❛r❡s

q✉❡r✐❡s

❛♥s✇❡rs

◗ ❂ ❤✟✶❀ ✟✷❀ ✿ ✿ ✿ ✐ ❆ ❂ ❤❡✈❛❧ ✄✭✟✶✮✭❞❜✵✮❀ ❡✈❛❧ ✄✭✟✷✮✭❞❜✵✮❀ ✿ ✿ ✿ ✐

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✺ ✴ ✷✸ / / :

slide-6
SLIDE 6

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ■♥tr♦❞✉❝t✐♦♥ ✿✿ Pr❡♣r♦❝❡ss✐♥❣ ❢♦r ❈◗❊ ▲❙ ✻ ✭■❙❙■✮

♣r❡❈◗❊✿ Pr❡♣r♦❝❡ss✐♥❣ ❢♦r ❈◗❊

❞❜❛❞♠ ❞❜ s❡❝❛❞♠ ♣♦t s❡❝ ♣r❡❈◗❊ ❞❜✵ ✉s❡r ✉s❡r❛❞♠ ♣r✐♦r

♠❛✐♥t❛✐♥s ❞❡❝❧❛r❡s ❞❡❝❧❛r❡s

q✉❡r✐❡s

❛♥s✇❡rs

◗ ❂ ❤✟✶❀ ✟✷❀ ✿ ✿ ✿ ✐ ❆ ❂ ❤❡✈❛❧ ✄✭✟✶✮✭❞❜✵✮❀ ❡✈❛❧ ✄✭✟✷✮✭❞❜✵✮❀ ✿ ✿ ✿ ✐

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✺ ✴ ✷✸ / / :

slide-7
SLIDE 7

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ■♥tr♦❞✉❝t✐♦♥ ✿✿ Pr❡♣r♦❝❡ss✐♥❣ ❢♦r ❈◗❊ ▲❙ ✻ ✭■❙❙■✮

Pr❡♣r♦❝❡ss✐♥❣ ❢♦r ❈◗❊

❉❡☞♥✐t✐♦♥✿ ■♥❢❡r❡♥❝❡✲♣r♦♦❢♥❡ss ♦❢ ❞❜✵

✶ ❬❈♦♥s✐st❡♥❝②❪

■❞❜✵ ❥ ❂ ♣r✐♦r

✷ ❬❈♦♥☞❞❡♥t✐❛❧✐t②❪

■❞❜✵ ✻ ❥ ❂ ✠ ❢♦r ❡✈❡r② ✠ ✷ ♣♦t s❡❝

❉❡☞♥✐t✐♦♥✿ ❉✐st♦rt✐♦♥ ❞✐st❛♥❝❡ ✭❛♠♦✉♥t ♦❢ ♠♦❞✐☞❡❞ t✉♣❧❡s✮

❬❆✈❛✐❧❛❜✐❧✐t②❪ ❞❜ ❞✐st✭❞❜✵✮ ✿❂ ❝❛r❞✭✭❞❜ ♥ ❞❜✵✮ ❬ ✭❞❜✵ ♥ ❞❜✮✮ ❋✐♥❞ ❞❜✵ t❤❛t s❛t✐s☞❡s ❝♦♥str❛✐♥t s❡t ❈ ✿❂ ♣r✐♦r ❬ ◆❡❣✭♣♦t s❡❝✮ ▼✐♥✐♠✐③❡ ❛♠♦✉♥t ♦❢ ♠♦❞✐☞❡❞ t✉♣❧❡s ❞❜ ❞✐st ✭♠❛①✐♠✐③❡ ❛✈❛✐❧❛❜✐❧✐t②✮ ◆♦ ✐♠♣❛❝t ♦♥ r✉♥t✐♠❡ ♣❡r❢♦r♠❛♥❝❡ ◆♦ ✉s❡r ❤✐st♦r② ✭❧♦❣ ☞❧❡✮ ❤❛s t♦ ❜❡ st♦r❡❞

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✻ ✴ ✷✸ / / :

slide-8
SLIDE 8

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ■♥tr♦❞✉❝t✐♦♥ ✿✿ Pr❡♣r♦❝❡ss✐♥❣ ❢♦r ❈◗❊ ▲❙ ✻ ✭■❙❙■✮

❊①❛♠♣❧❡

P ❂ ❢■❧❧❀ ❚r❡❛t❣❀ ❞♦♠ ❂ ❢P❡t❡❀ ▼❛r②❀ ▲✐s❛❀ P❛✉❧❀ ✿ ✿ ✿ ❀ ❆✐❞s❀ ❋❧✉❀ ❈❛♥❝❡r❀ ▼②♦♣✐❛❀ ✿ ✿ ✿ ▼❡❞❆❀ ▼❡❞❇❀ ▼❡❞❈❀ ✿ ✿ ✿ ❣ ❞❜✿ ■❧❧ ◆❛♠❡ ❉✐❛❣♥♦s✐s P❡t❡ ❆✐❞s ▼❛r② ❈❛♥❝❡r ❚r❡❛t ◆❛♠❡ ❚r❡❛t♠❡♥t P❡t❡ ▼❡❞❆ ▼❛r② ▼❡❞❇ ♣r✐♦r ❂ ❢✽①✭❚r❡❛t✭①❀ ▼❡❞❆✮ ✦ ■❧❧✭①❀ ❆✐❞s✮ ❴ ■❧❧✭①❀ ❈❛♥❝❡r✮✮❀ ✽①✭❚r❡❛t✭①❀ ▼❡❞❇✮ ✦ ■❧❧✭①❀ ❈❛♥❝❡r✮ ❴ ■❧❧✭①❀ ❋❧✉✮✮❣ ♣♦t s❡❝ ❂ ❢✾①■❧❧✭①❀ ❆✐❞s✮❀ ✾①■❧❧✭①❀ ❈❛♥❝❡r✮❣

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✼ ✴ ✷✸ / / :

slide-9
SLIDE 9

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ■♥tr♦❞✉❝t✐♦♥ ✿✿ Pr❡♣r♦❝❡ss✐♥❣ ❢♦r ❈◗❊ ▲❙ ✻ ✭■❙❙■✮

❊①❛♠♣❧❡

♣r✐♦r ❂ ❢✽①✭❚r❡❛t✭①❀ ▼❡❞❆✮ ✦ ■❧❧✭①❀ ❆✐❞s✮ ❴ ■❧❧✭①❀ ❈❛♥❝❡r✮✮❀ ✽①✭❚r❡❛t✭①❀ ▼❡❞❇✮ ✦ ■❧❧✭①❀ ❈❛♥❝❡r✮ ❴ ■❧❧✭①❀ ❋❧✉✮✮❣ ♣♦t s❡❝ ❂ ❢✾①■❧❧✭①❀ ❆✐❞s✮❀ ✾①■❧❧✭①❀ ❈❛♥❝❡r✮❣ ◆❡❣✭♣♦t s❡❝✮ ❂ ❢✽①✿■❧❧✭①❀ ❆✐❞s✮❀ ✽①✿■❧❧✭①❀ ❈❛♥❝❡r✮❣ ❈♦♥str❛✐♥t s❡t ❈ ✿❂ ♣r✐♦r ❬ ◆❡❣✭♣♦t s❡❝✮ ❞❜✿ ■❧❧ ◆❛♠❡ ❉✐❛❣♥♦s✐s P❡t❡ ❆✐❞s ▼❛r② ❈❛♥❝❡r ❚r❡❛t ◆❛♠❡ ❚r❡❛t♠❡♥t P❡t❡ ▼❡❞❆ ▼❛r② ▼❡❞❇ ❞❜ ❞✐st✭❞❜✵

✶✮ ❂ ✹

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✽ ✴ ✷✸ / / :

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SLIDE 10

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ■♥tr♦❞✉❝t✐♦♥ ✿✿ Pr❡♣r♦❝❡ss✐♥❣ ❢♦r ❈◗❊ ▲❙ ✻ ✭■❙❙■✮

❊①❛♠♣❧❡

♣r✐♦r ❂ ❢✽①✭❚r❡❛t✭①❀ ▼❡❞❆✮ ✦ ■❧❧✭①❀ ❆✐❞s✮ ❴ ■❧❧✭①❀ ❈❛♥❝❡r✮✮❀ ✽①✭❚r❡❛t✭①❀ ▼❡❞❇✮ ✦ ■❧❧✭①❀ ❈❛♥❝❡r✮ ❴ ■❧❧✭①❀ ❋❧✉✮✮❣ ♣♦t s❡❝ ❂ ❢✾①■❧❧✭①❀ ❆✐❞s✮❀ ✾①■❧❧✭①❀ ❈❛♥❝❡r✮❣ ◆❡❣✭♣♦t s❡❝✮ ❂ ❢✽①✿■❧❧✭①❀ ❆✐❞s✮❀ ✽①✿■❧❧✭①❀ ❈❛♥❝❡r✮❣ ❈♦♥str❛✐♥t s❡t ❈ ✿❂ ♣r✐♦r ❬ ◆❡❣✭♣♦t s❡❝✮ ❞❜✵

✶✿

■❧❧ ◆❛♠❡ ❉✐❛❣♥♦s✐s P❡t❡ ❆✐❞s ▼❛r② ❈❛♥❝❡r ❚r❡❛t ◆❛♠❡ ❚r❡❛t♠❡♥t P❡t❡ ▼❡❞❆ ▼❛r② ▼❡❞❇ ❞❜ ❞✐st✭❞❜✵

✶✮ ❂ ✹

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✽ ✴ ✷✸ / / :

slide-11
SLIDE 11

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ■♥tr♦❞✉❝t✐♦♥ ✿✿ Pr❡♣r♦❝❡ss✐♥❣ ❢♦r ❈◗❊ ▲❙ ✻ ✭■❙❙■✮

❊①❛♠♣❧❡

♣r✐♦r ❂ ❢✽①✭❚r❡❛t✭①❀ ▼❡❞❆✮ ✦ ■❧❧✭①❀ ❆✐❞s✮ ❴ ■❧❧✭①❀ ❈❛♥❝❡r✮✮❀ ✽①✭❚r❡❛t✭①❀ ▼❡❞❇✮ ✦ ■❧❧✭①❀ ❈❛♥❝❡r✮ ❴ ■❧❧✭①❀ ❋❧✉✮✮❣ ♣♦t s❡❝ ❂ ❢✾①■❧❧✭①❀ ❆✐❞s✮❀ ✾①■❧❧✭①❀ ❈❛♥❝❡r✮❣ ◆❡❣✭♣♦t s❡❝✮ ❂ ❢✽①✿■❧❧✭①❀ ❆✐❞s✮❀ ✽①✿■❧❧✭①❀ ❈❛♥❝❡r✮❣ ❈♦♥str❛✐♥t s❡t ❈ ✿❂ ♣r✐♦r ❬ ◆❡❣✭♣♦t s❡❝✮ ❞❜✵

✷✿

■❧❧ ◆❛♠❡ ❉✐❛❣♥♦s✐s P❡t❡ ❆✐❞s ▼❛r② ❈❛♥❝❡r ▼❛r② ❋❧✉ ❚r❡❛t ◆❛♠❡ ❚r❡❛t♠❡♥t P❡t❡ ▼❡❞❆ ▼❛r② ▼❡❞❇ ❞❜ ❞✐st✭❞❜✵

✷✮ ❂ ❞❜ ❞✐st✭❞❜✵ ✶✮ ❂ ✹

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✽ ✴ ✷✸ / / :

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SLIDE 12

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ▲❙ ✻ ✭■❙❙■✮

❖✉t❧✐♥❡

■♥tr♦❞✉❝t✐♦♥

❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ❘❡str✐❝t❡❞ ❈♦♥str❛✐♥ts ♣r❡❈◗❊ ❆❧❣♦r✐t❤♠

Pr♦t♦t②♣❡

❈♦♥❝❧✉s✐♦♥

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✾ ✴ ✷✸ / / :

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SLIDE 13

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ✿✿ ❘❡str✐❝t❡❞ ❈♦♥str❛✐♥ts ▲❙ ✻ ✭■❙❙■✮

❯♥❞❡❝✐❞❛❜✐❧✐t② ♦❢ s❛t✐s☞❛❜✐❧✐t② ♣r♦❜❧❡♠

❋♦r ❝♦♠♣❧❡t❡ ❞❛t❛❜❛s❡✱ ❦♥♦✇♥ ♣♦t❡♥t✐❛❧ s❡❝r❡ts ✫ ❞❛t❛ ♠♦❞✐☞❝❛t✐♦♥✱ ☞♥❞ ❞❜✵ s✉❝❤ t❤❛t ■❞❜✵ ❥ ❂ ❈ ❛♥❞ ❞❜ ❞✐st✭❞❜✵✮ ✦ ♠✐♥ ❯♥❞❡❝✐❞❛❜✐❧✐t② ♦❢ s❛t✐s☞❛❜✐❧✐t② ♣r♦❜❧❡♠ ❢♦r ♣r❡❞✐❝❛t❡ ❧♦❣✐❝ ✭r❡♣r♦❞✉❝❡❞ ✐♥ ✭❇⑧

♦r❣❡r ❡t ❛❧✱ ✷✵✵✶✮✮

■❞❡♥t✐❢② s②♥t❛❝t✐❝❛❧ r❡str✐❝t✐♦♥s ❢♦r ❝♦♥str❛✐♥t s❡t ❈ t♦ ♠❛❦❡ ♣r♦❜❧❡♠ ❞❡❝✐❞❛❜❧❡ ❭❆❧❧♦✇❡❞ ✉♥✐✈❡rs❛❧ ❢♦r♠✉❧❛s✧ ✐♥ ♣r❡♥❡① ❧✐t❡r❛❧ ♥♦r♠❛❧ ❢♦r♠

❙✉❜s❡t ♦❢ ❭❛❧❧♦✇❡❞ ❢♦r♠✉❧❛s✧ ✭❱❛♥ ●❡❧❞❡r✴❚♦♣♦r✱ ✶✾✾✶✮ ❭❆❝t✐✈❡ ❞♦♠❛✐♥✧ s❡♠❛♥t✐❝s✱ ❛❞♦♠✿ ❝♦♥st❛♥ts ✐♥ ❞❜ ❛♥❞ ❈

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✵ ✴ ✷✸ / / :

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SLIDE 14

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ✿✿ ♣r❡❈◗❊ ❆❧❣♦r✐t❤♠ ▲❙ ✻ ✭■❙❙■✮

♣r❡❈◗❊ s✉❜♣r♦❝❡❞✉r❡s

❇r❛♥❝❤✲❛♥❞✲❇♦✉♥❞ ❞❡♣t❤✲☞rst s❡❛r❝❤ tr❡❡ ■◆■❚

  • ❘❖❯◆❉

☞♥❞ r❡❧❡✈❛♥t ❣r♦✉♥❞ ✐♥st❛♥t✐❛t✐♦♥s ❢♦r ✉♥✐✈❡rs❛❧ q✉❛♥t✐☞❡rs

❙■▼P ❙P▲■❚

tr② t✇♦ tr✉t❤ ✈❛❧✉❡s ❢♦r ❣r♦✉♥❞ ❛t♦♠

▼❆❘❑

♠❛r❦ ❣r♦✉♥❞ ❛t♦♠ ❛s ❦✭❡♣t✮✱ ❛✭❞❞❡❞✮✱ r✭❡♠♦✈❡❞✮ ♦r ❧✭❡❢t ♦✉t✮

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✶ ✴ ✷✸ / / :

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SLIDE 15

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ✿✿ ♣r❡❈◗❊ ❆❧❣♦r✐t❤♠ ▲❙ ✻ ✭■❙❙■✮

❊①❛♠♣❧❡✿ ♣r❡❈◗❊ s❡❛r❝❤ tr❡❡

r✿ ■❧❧✭P❡t❡❀ ❆✐❞s✮ r✿ ■❧❧✭▼❛r②❀ ❈❛♥❝❡r✮ r✿ ❚r❡❛t✭P❡t❡❀ ▼❡❞❆✮ r✿ ❚r❡❛t✭▼❛r②❀ ▼❡❞❇✮ ❦✿ ❚r❡❛t✭▼❛r②❀ ▼❡❞❇✮ ❛✿ ■❧❧✭▼❛r②❀ ❋❧✉✮ ❦✿ ❚r❡❛t✭P❡t❡❀ ▼❡❞❆✮ ❛✿ ■❧❧✭P❡t❡❀ ❈❛♥❝❡r✮ ❞❜✵

❞❜✵

P❘❯◆❊ ❙♣❧✐tt✐♥❣ ❙♣❧✐tt✐♥❣ ✸ ❜r❛♥❝❤❡s ✐♥st❡❛❞ ♦❢ ✷✶✵ ❂ ✶✵✷✹ ❆t ♠♦st ✺ ♠❛r❦❡rs ♦♥ ❛ ❜r❛♥❝❤

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✷ ✴ ✷✸ / / :

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SLIDE 16

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ✿✿ ♣r❡❈◗❊ ❆❧❣♦r✐t❤♠ ▲❙ ✻ ✭■❙❙■✮

❊①❛♠♣❧❡✿ ♣r❡❈◗❊ s❡❛r❝❤ tr❡❡

r✿ ■❧❧✭P❡t❡❀ ❆✐❞s✮ r✿ ■❧❧✭▼❛r②❀ ❈❛♥❝❡r✮ r✿ ❚r❡❛t✭P❡t❡❀ ▼❡❞❆✮ r✿ ❚r❡❛t✭▼❛r②❀ ▼❡❞❇✮ ❦✿ ❚r❡❛t✭▼❛r②❀ ▼❡❞❇✮ ❛✿ ■❧❧✭▼❛r②❀ ❋❧✉✮ ❦✿ ❚r❡❛t✭P❡t❡❀ ▼❡❞❆✮ ❛✿ ■❧❧✭P❡t❡❀ ❈❛♥❝❡r✮ ❞❜✵

❞❜✵

P❘❯◆❊ ❙♣❧✐tt✐♥❣ ❙♣❧✐tt✐♥❣ ✸ ❜r❛♥❝❤❡s ✐♥st❡❛❞ ♦❢ ✷✶✵ ❂ ✶✵✷✹ ❆t ♠♦st ✺ ♠❛r❦❡rs ♦♥ ❛ ❜r❛♥❝❤

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✷ ✴ ✷✸ / / :

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SLIDE 17

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ✿✿ ♣r❡❈◗❊ ❆❧❣♦r✐t❤♠ ▲❙ ✻ ✭■❙❙■✮

❊①❛♠♣❧❡✿ ♣r❡❈◗❊ s❡❛r❝❤ tr❡❡

r✿ ■❧❧✭P❡t❡❀ ❆✐❞s✮ r✿ ■❧❧✭▼❛r②❀ ❈❛♥❝❡r✮ r✿ ❚r❡❛t✭P❡t❡❀ ▼❡❞❆✮ r✿ ❚r❡❛t✭▼❛r②❀ ▼❡❞❇✮ ❦✿ ❚r❡❛t✭▼❛r②❀ ▼❡❞❇✮ ❛✿ ■❧❧✭▼❛r②❀ ❋❧✉✮ ❦✿ ❚r❡❛t✭P❡t❡❀ ▼❡❞❆✮ ❛✿ ■❧❧✭P❡t❡❀ ❈❛♥❝❡r✮ ❞❜✵

❞❜✵

P❘❯◆❊ ❙♣❧✐tt✐♥❣ ❙♣❧✐tt✐♥❣ ✸ ❜r❛♥❝❤❡s ✐♥st❡❛❞ ♦❢ ✷✶✵ ❂ ✶✵✷✹ ❆t ♠♦st ✺ ♠❛r❦❡rs ♦♥ ❛ ❜r❛♥❝❤

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✷ ✴ ✷✸ / / :

slide-18
SLIDE 18

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ✿✿ ♣r❡❈◗❊ ❆❧❣♦r✐t❤♠ ▲❙ ✻ ✭■❙❙■✮

❊①❛♠♣❧❡✿ ♣r❡❈◗❊ s❡❛r❝❤ tr❡❡

r✿ ■❧❧✭P❡t❡❀ ❆✐❞s✮ r✿ ■❧❧✭▼❛r②❀ ❈❛♥❝❡r✮ r✿ ❚r❡❛t✭P❡t❡❀ ▼❡❞❆✮ r✿ ❚r❡❛t✭▼❛r②❀ ▼❡❞❇✮ ❦✿ ❚r❡❛t✭▼❛r②❀ ▼❡❞❇✮ ❛✿ ■❧❧✭▼❛r②❀ ❋❧✉✮ ❦✿ ❚r❡❛t✭P❡t❡❀ ▼❡❞❆✮ ❛✿ ■❧❧✭P❡t❡❀ ❈❛♥❝❡r✮ ❞❜✵

❞❜✵

P❘❯◆❊ ❙♣❧✐tt✐♥❣ ❙♣❧✐tt✐♥❣ ✸ ❜r❛♥❝❤❡s ✐♥st❡❛❞ ♦❢ ✷✶✵ ❂ ✶✵✷✹ ❆t ♠♦st ✺ ♠❛r❦❡rs ♦♥ ❛ ❜r❛♥❝❤

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✷ ✴ ✷✸ / / :

slide-19
SLIDE 19

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ✿✿ ♣r❡❈◗❊ ❆❧❣♦r✐t❤♠ ▲❙ ✻ ✭■❙❙■✮

❊①❛♠♣❧❡✿ ♣r❡❈◗❊ s❡❛r❝❤ tr❡❡

r✿ ■❧❧✭P❡t❡❀ ❆✐❞s✮ r✿ ■❧❧✭▼❛r②❀ ❈❛♥❝❡r✮ r✿ ❚r❡❛t✭P❡t❡❀ ▼❡❞❆✮ r✿ ❚r❡❛t✭▼❛r②❀ ▼❡❞❇✮ ❦✿ ❚r❡❛t✭▼❛r②❀ ▼❡❞❇✮ ❛✿ ■❧❧✭▼❛r②❀ ❋❧✉✮ ❦✿ ❚r❡❛t✭P❡t❡❀ ▼❡❞❆✮ ❛✿ ■❧❧✭P❡t❡❀ ❈❛♥❝❡r✮ ❞❜✵

❞❜✵

P❘❯◆❊ ❙♣❧✐tt✐♥❣ ❙♣❧✐tt✐♥❣ ✸ ❜r❛♥❝❤❡s ✐♥st❡❛❞ ♦❢ ✷✶✵ ❂ ✶✵✷✹ ❆t ♠♦st ✺ ♠❛r❦❡rs ♦♥ ❛ ❜r❛♥❝❤

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✷ ✴ ✷✸ / / :

slide-20
SLIDE 20

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ✿✿ ♣r❡❈◗❊ ❆❧❣♦r✐t❤♠ ▲❙ ✻ ✭■❙❙■✮

❊①❛♠♣❧❡✿ ♣r❡❈◗❊ s❡❛r❝❤ tr❡❡

r✿ ■❧❧✭P❡t❡❀ ❆✐❞s✮ r✿ ■❧❧✭▼❛r②❀ ❈❛♥❝❡r✮ r✿ ❚r❡❛t✭P❡t❡❀ ▼❡❞❆✮ r✿ ❚r❡❛t✭▼❛r②❀ ▼❡❞❇✮ ❦✿ ❚r❡❛t✭▼❛r②❀ ▼❡❞❇✮ ❛✿ ■❧❧✭▼❛r②❀ ❋❧✉✮ ❦✿ ❚r❡❛t✭P❡t❡❀ ▼❡❞❆✮ ❛✿ ■❧❧✭P❡t❡❀ ❈❛♥❝❡r✮ ❞❜✵

❞❜✵

P❘❯◆❊ ❙♣❧✐tt✐♥❣ ❙♣❧✐tt✐♥❣ ✸ ❜r❛♥❝❤❡s ✐♥st❡❛❞ ♦❢ ✷✶✵ ❂ ✶✵✷✹ ❆t ♠♦st ✺ ♠❛r❦❡rs ♦♥ ❛ ❜r❛♥❝❤

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✷ ✴ ✷✸ / / :

slide-21
SLIDE 21

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ✿✿ ♣r❡❈◗❊ ❆❧❣♦r✐t❤♠ ▲❙ ✻ ✭■❙❙■✮

❑❡② r❡s✉❧ts

❚❤❡♦r❡♠✿ ❚❡r♠✐♥❛t✐♦♥ ♦❢ ♣r❡❈◗❊

❋♦r ❛ s❡t ❈ ♦❢ ❛❧❧♦✇❡❞ ✉♥✐✈❡rs❛❧ ❝♦♥str❛✐♥ts✱ ♣r❡❈◗❊ t❡r♠✐♥❛t❡s ✐♥ ❛ ☞♥✐t❡ ❛♠♦✉♥t ♦❢ t✐♠❡ Pr♦♦❢✿ ❆t ♠♦st ❦ ❞✐☛❡r❡♥t ❣r♦✉♥❞ ❛t♦♠s ✇✐t❤ ❛❞♦♠ ❝♦♥st❛♥ts ✇❤❡r❡ ❦ ✿❂ ❳

P✷P P

♦❝❝✉rs ✐♥ ❈

❝❛r❞✭❛❞♦♠✮❛r✐t②✭P✮ ❆t ♠♦st ✷❦ ❜r❛♥❝❤❡s ✐♥ t❤❡ s❡❛r❝❤ tr❡❡

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✸ ✴ ✷✸ / / :

slide-22
SLIDE 22

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ✿✿ ♣r❡❈◗❊ ❆❧❣♦r✐t❤♠ ▲❙ ✻ ✭■❙❙■✮

❑❡② r❡s✉❧ts

❚❤❡♦r❡♠✿ ❙❛t✐s☞❛❜✐❧✐t② s♦✉♥❞♥❡ss ♦❢ ♣r❡❈◗❊

❋♦r ❛ s❡t ❈ ♦❢ ❛❧❧♦✇❡❞ ✉♥✐✈❡rs❛❧ ❝♦♥str❛✐♥ts✱ ✐❢ ❞❜✵ ✐s ❛ ❞❛t❛❜❛s❡ ✐♥st❛♥❝❡✱ ✐t ✐s ✐♥❢❡r❡♥❝❡✲♣r♦♦❢ ✭❤❡♥❝❡✱ ❛ ♠♦❞❡❧ ♦❢ ❈✮ Pr♦♦❢✿ ◆♦ ✈✐♦❧❛t❡❞ ❝♦♥str❛✐♥ts ❧❡❢t

❈♦r♦❧❧❛r②✿ ❘❡❢✉t❛t✐♦♥ ❝♦♠♣❧❡t❡♥❡ss ♦❢ ♣r❡❈◗❊

❋♦r ❛ s❡t ❈ ♦❢ ❛❧❧♦✇❡❞ ✉♥✐✈❡rs❛❧ ❝♦♥str❛✐♥ts✱ ✐❢ ❈ ✐s ✉♥s❛t✐s☞❛❜❧❡✱ ❞❜✵ ✐s ✉♥❞❡☞♥❡❞

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✹ ✴ ✷✸ / / :

slide-23
SLIDE 23

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ✿✿ ♣r❡❈◗❊ ❆❧❣♦r✐t❤♠ ▲❙ ✻ ✭■❙❙■✮

❑❡② r❡s✉❧ts

❚❤❡♦r❡♠✿ ❙❛t✐s☞❛❜✐❧✐t② s♦✉♥❞♥❡ss ♦❢ ♣r❡❈◗❊

❋♦r ❛ s❡t ❈ ♦❢ ❛❧❧♦✇❡❞ ✉♥✐✈❡rs❛❧ ❝♦♥str❛✐♥ts✱ ✐❢ ❞❜✵ ✐s ❛ ❞❛t❛❜❛s❡ ✐♥st❛♥❝❡✱ ✐t ✐s ✐♥❢❡r❡♥❝❡✲♣r♦♦❢ ✭❤❡♥❝❡✱ ❛ ♠♦❞❡❧ ♦❢ ❈✮ Pr♦♦❢✿ ◆♦ ✈✐♦❧❛t❡❞ ❝♦♥str❛✐♥ts ❧❡❢t

❈♦r♦❧❧❛r②✿ ❘❡❢✉t❛t✐♦♥ ❝♦♠♣❧❡t❡♥❡ss ♦❢ ♣r❡❈◗❊

❋♦r ❛ s❡t ❈ ♦❢ ❛❧❧♦✇❡❞ ✉♥✐✈❡rs❛❧ ❝♦♥str❛✐♥ts✱ ✐❢ ❈ ✐s ✉♥s❛t✐s☞❛❜❧❡✱ ❞❜✵ ✐s ✉♥❞❡☞♥❡❞

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✹ ✴ ✷✸ / / :

slide-24
SLIDE 24

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ✿✿ ♣r❡❈◗❊ ❆❧❣♦r✐t❤♠ ▲❙ ✻ ✭■❙❙■✮

❑❡② r❡s✉❧ts

❚❤❡♦r❡♠✿ ❘❡❢✉t❛t✐♦♥ s♦✉♥❞♥❡ss ♦❢ ♣r❡❈◗❊

❋♦r ❛ s❡t ❈ ♦❢ ❛❧❧♦✇❡❞ ✉♥✐✈❡rs❛❧ ❝♦♥str❛✐♥ts✱ ✐❢ ❞❜✵ ✐s ✉♥❞❡☞♥❡❞✱ t❤❡♥ ❈ ✐s ✉♥s❛t✐s☞❛❜❧❡ ◆♦t tr✐✈✐❛❧ ❜❡❝❛✉s❡ ♦❢ ❡✍❝✐❡♥❝② ♦❢ ♣r❡❈◗❊ ◆♦t ❛❧❧ ❛❞♦♠✲❣r♦✉♥❞ ❛t♦♠s ❡①♣❧✐❝✐t❧② ❤❛♥❞❧❡❞

❖♥❧② ✈✐♦❧❛t❡❞ ❝♦♥str❛✐♥ts ❛♥❞ ❛☛❡❝t❡❞ ❣r♦✉♥❞ ❛t♦♠s ❛r❡ ❝♦♥s✐❞❡r❡❞

■❢ ❛ tr✉t❤ ❛ss✐❣♥♠❡♥t ✐s ✉♥❡q✉✐✈♦❝❛❧✱ ❣r♦✉♥❞ ❛t♦♠s ❛r❡ ♠❛r❦❡❞ ❞✐r❡❝t❧② ✇✐t❤♦✉t s♣❧✐tt✐♥❣

❇r❛♥❝❤❡s ❛r❡ ♣r✉♥❡❞ ✐❢ ❛ ❜❡tt❡r s♦❧✉t✐♦♥ ❤❛s ❛❧r❡❛❞② ❜❡❡♥ ❢♦✉♥❞

❇r❛♥❝❤❡s ❛r❡ ♣r✉♥❡❞ ❛s s♦♦♥ ❛s ❛ ❝♦♥✌✐❝t ♦❝❝✉rs

♣r❡❈◗❊ s❡❛r❝❤ tr❡❡ ✐♥ ❜❡st ❝❛s❡ ❞♦❡s ♥♦t ❝♦♥t❛✐♥ ❛❧❧ ♣♦ss✐❜❧❡ ✷❦ ❜r❛♥❝❤❡s

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✺ ✴ ✷✸ / / :

slide-25
SLIDE 25

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ✿✿ ♣r❡❈◗❊ ❆❧❣♦r✐t❤♠ ▲❙ ✻ ✭■❙❙■✮

Pr♦♦❢ ♦❢ r❡❢✉t❛t✐♦♥ s♦✉♥❞♥❡ss

❍❡r❜r❛♥❞✬s ❚❤❡♦r❡♠ ✭❍❡r❜r❛♥❞✱ ✶✾✸✵❀ ❤❡r❡ ❛s ✐♥ ❈♦♦❦✴◆❣✉②❡♥✱ ✷✵✵✾✮

▲❡t ❙ ❜❡ ❛ s❡t ♦❢ ❝❧♦s❡❞ ✉♥✐✈❡rs❛❧ ❢♦r♠✉❧❛s✳ ❚❤❡♥ ❙ ✐s ✉♥s❛t✐s☞❛❜❧❡ ✐☛ s♦♠❡ ☞♥✐t❡ s❡t ❙✵ ♦❢ ❣r♦✉♥❞ ✐♥st❛♥❝❡s ♦❢ ❢♦r♠✉❧❛s ✐♥ ❙ ✐s ♣r♦♣♦s✐t✐♦♥❛❧❧② ✉♥s❛t✐s☞❛❜❧❡

❍❡r❜r❛♥❞✬s ❚❤❡♦r❡♠ ✇✐t❤ s❡♠❛♥t✐❝ tr❡❡ ✭❈❤❛♥❣✴▲❡❡✱ ✶✾✼✸❀ ❢♦r ❝❧❛✉s❡s✮

▲❡t ❙ ❜❡ ❛ s❡t ♦❢ ❝❧♦s❡❞ ✉♥✐✈❡rs❛❧ ❢♦r♠✉❧❛s✳ ❚❤❡♥ ❙ ✐s ✉♥s❛t✐s☞❛❜❧❡ ✐☛ ❢♦r s♦♠❡ ☞♥✐t❡ s❡t ❙✵ ♦❢ ❣r♦✉♥❞ ✐♥st❛♥❝❡s ♦❢ ❢♦r♠✉❧❛s ✐♥ ❙ t❤❡r❡ ✐s ❛ ❝❧♦s❡❞ s❡♠❛♥t✐❝ tr❡❡ ❈♦♥str✉❝t s❡♠❛♥t✐❝ tr❡❡ ♦✉t ♦❢ ♣r❡❈◗❊ s❡❛r❝❤ tr❡❡ ■❞❡♥t✐❢② s❡t ❈✵ ♦❢ ❣r♦✉♥❞ ✐♥st❛♥❝❡s ❙❤♦✇ t❤❛t s❡♠❛♥t✐❝ tr❡❡ ✐s ❝❧♦s❡❞ ❢♦r ❈✵

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✻ ✴ ✷✸ / / :

slide-26
SLIDE 26

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ✿✿ ♣r❡❈◗❊ ❆❧❣♦r✐t❤♠ ▲❙ ✻ ✭■❙❙■✮

❑❡② r❡s✉❧ts

❈♦r♦❧❧❛r②✿ ❙❛t✐s☞❛❜✐❧✐t② ❝♦♠♣❧❡t❡♥❡ss ♦❢ ♣r❡❈◗❊

❋♦r ❛ s❡t ❈ ♦❢ ❛❧❧♦✇❡❞ ✉♥✐✈❡rs❛❧ ❝♦♥str❛✐♥ts✱ ✐❢ ❈ ✐s s❛t✐s☞❛❜❧❡✱ ❞❜✵ ✐s ❛ ❞❛t❛❜❛s❡ ✐♥st❛♥❝❡

❚❤❡♦r❡♠✿ ❉✐st♦rt✐♦♥ ♠✐♥✐♠❛❧✐t② ♦❢ s♦❧✉t✐♦♥

❋♦r ❛ s❡t ❈ ♦❢ ❛❧❧♦✇❡❞ ✉♥✐✈❡rs❛❧ ❝♦♥str❛✐♥ts✱ ✐❢ ♣r❡❈◗❊ ☞♥❞s ❛ s♦❧✉t✐♦♥ ❞❜✵✱ t❤❡♥ ✐t ✐s ❞✐st♦rt✐♦♥✲♠✐♥✐♠❛❧ ❋♦r ♦t❤❡r ❝♦♥str❛✐♥ts ✭❡①✐st❡♥t✐❛❧ ♦r ✇❡❛❦❧② ❛❝②❝❧✐❝ ❢r❛❣♠❡♥ts✮ s✐♠✐❧❛r✿

❉❡♣t❤ ❛♥❞ ✇✐❞t❤ ♦❢ ♣r❡❈◗❊ s❡❛r❝❤ tr❡❡ ✐s ❜♦✉♥❞❡❞ ❋✐① ♠❛♣♣✐♥❣ ♦❢ ❡①✐st❡♥t✐❛❧❧② q✉❛♥t✐☞❡❞ ✈❛r✐❛❜❧❡s t♦ ✐♥✈❡♥t❡❞ ❝♦♥st❛♥ts ❢♦r r❡❢✉t❛t✐♦♥ s♦✉♥❞♥❡ss

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✼ ✴ ✷✸ / / :

slide-27
SLIDE 27

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ✿✿ ♣r❡❈◗❊ ❆❧❣♦r✐t❤♠ ▲❙ ✻ ✭■❙❙■✮

❑❡② r❡s✉❧ts

❈♦r♦❧❧❛r②✿ ❙❛t✐s☞❛❜✐❧✐t② ❝♦♠♣❧❡t❡♥❡ss ♦❢ ♣r❡❈◗❊

❋♦r ❛ s❡t ❈ ♦❢ ❛❧❧♦✇❡❞ ✉♥✐✈❡rs❛❧ ❝♦♥str❛✐♥ts✱ ✐❢ ❈ ✐s s❛t✐s☞❛❜❧❡✱ ❞❜✵ ✐s ❛ ❞❛t❛❜❛s❡ ✐♥st❛♥❝❡

❚❤❡♦r❡♠✿ ❉✐st♦rt✐♦♥ ♠✐♥✐♠❛❧✐t② ♦❢ s♦❧✉t✐♦♥

❋♦r ❛ s❡t ❈ ♦❢ ❛❧❧♦✇❡❞ ✉♥✐✈❡rs❛❧ ❝♦♥str❛✐♥ts✱ ✐❢ ♣r❡❈◗❊ ☞♥❞s ❛ s♦❧✉t✐♦♥ ❞❜✵✱ t❤❡♥ ✐t ✐s ❞✐st♦rt✐♦♥✲♠✐♥✐♠❛❧ ❋♦r ♦t❤❡r ❝♦♥str❛✐♥ts ✭❡①✐st❡♥t✐❛❧ ♦r ✇❡❛❦❧② ❛❝②❝❧✐❝ ❢r❛❣♠❡♥ts✮ s✐♠✐❧❛r✿

❉❡♣t❤ ❛♥❞ ✇✐❞t❤ ♦❢ ♣r❡❈◗❊ s❡❛r❝❤ tr❡❡ ✐s ❜♦✉♥❞❡❞ ❋✐① ♠❛♣♣✐♥❣ ♦❢ ❡①✐st❡♥t✐❛❧❧② q✉❛♥t✐☞❡❞ ✈❛r✐❛❜❧❡s t♦ ✐♥✈❡♥t❡❞ ❝♦♥st❛♥ts ❢♦r r❡❢✉t❛t✐♦♥ s♦✉♥❞♥❡ss

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✼ ✴ ✷✸ / / :

slide-28
SLIDE 28

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss ✿✿ ♣r❡❈◗❊ ❆❧❣♦r✐t❤♠ ▲❙ ✻ ✭■❙❙■✮

❑❡② r❡s✉❧ts

❈♦r♦❧❧❛r②✿ ❙❛t✐s☞❛❜✐❧✐t② ❝♦♠♣❧❡t❡♥❡ss ♦❢ ♣r❡❈◗❊

❋♦r ❛ s❡t ❈ ♦❢ ❛❧❧♦✇❡❞ ✉♥✐✈❡rs❛❧ ❝♦♥str❛✐♥ts✱ ✐❢ ❈ ✐s s❛t✐s☞❛❜❧❡✱ ❞❜✵ ✐s ❛ ❞❛t❛❜❛s❡ ✐♥st❛♥❝❡

❚❤❡♦r❡♠✿ ❉✐st♦rt✐♦♥ ♠✐♥✐♠❛❧✐t② ♦❢ s♦❧✉t✐♦♥

❋♦r ❛ s❡t ❈ ♦❢ ❛❧❧♦✇❡❞ ✉♥✐✈❡rs❛❧ ❝♦♥str❛✐♥ts✱ ✐❢ ♣r❡❈◗❊ ☞♥❞s ❛ s♦❧✉t✐♦♥ ❞❜✵✱ t❤❡♥ ✐t ✐s ❞✐st♦rt✐♦♥✲♠✐♥✐♠❛❧ ❋♦r ♦t❤❡r ❝♦♥str❛✐♥ts ✭❡①✐st❡♥t✐❛❧ ♦r ✇❡❛❦❧② ❛❝②❝❧✐❝ ❢r❛❣♠❡♥ts✮ s✐♠✐❧❛r✿

❉❡♣t❤ ❛♥❞ ✇✐❞t❤ ♦❢ ♣r❡❈◗❊ s❡❛r❝❤ tr❡❡ ✐s ❜♦✉♥❞❡❞ ❋✐① ♠❛♣♣✐♥❣ ♦❢ ❡①✐st❡♥t✐❛❧❧② q✉❛♥t✐☞❡❞ ✈❛r✐❛❜❧❡s t♦ ✐♥✈❡♥t❡❞ ❝♦♥st❛♥ts ❢♦r r❡❢✉t❛t✐♦♥ s♦✉♥❞♥❡ss

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✼ ✴ ✷✸ / / :

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SLIDE 29

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ Pr♦t♦t②♣❡ ✿✿ ■♠♣❧❡♠❡♥t❛t✐♦♥ ▲❙ ✻ ✭■❙❙■✮

❖✉t❧✐♥❡

■♥tr♦❞✉❝t✐♦♥

❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss

Pr♦t♦t②♣❡ ■♠♣❧❡♠❡♥t❛t✐♦♥ ❚❡st ❈❛s❡s

❈♦♥❝❧✉s✐♦♥

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✽ ✴ ✷✸ / / :

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SLIDE 30

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ Pr♦t♦t②♣❡ ✿✿ ■♠♣❧❡♠❡♥t❛t✐♦♥ ▲❙ ✻ ✭■❙❙■✮

❯s❡r ✐♥t❡r❢❛❝❡

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✶✾ ✴ ✷✸ / / :

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SLIDE 31

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ Pr♦t♦t②♣❡ ✿✿ ❚❡st ❈❛s❡s ▲❙ ✻ ✭■❙❙■✮

❆✈❡r❛❣❡ t❡st r❡s✉❧ts

❛✈❣✳ ♠s❡❝ ❛✈❣✳ ♠s❡❝ ❞❡❝✳ ❝❧❛✉s❡s r❡♣✳ t♦t❛❧ s♦❧✈❡r ✈❛rs✳ s♦❢t ❤❛r❞ ✶ ✶✾✸✵ ✶✽✹ ✶✷✵ ✶✷✵ ✾✻ ✷✺ ✶✶✾✼✹ ✸✵✾✷ ✸✵✵✵ ✸✵✵✵ ✷✹✵✵ ✺✵ ✸✶✸✵✹ ✻✶✸✺ ✻✵✵✵ ✻✵✵✵ ✹✽✵✵ ✼✺ ✻✵✹✺✾ ✽✾✾✶ ✾✵✵✵ ✾✵✵✵ ✼✷✵✵ ✶✵✵ ✾✺✼✾✷ ✽✾✵✷ ✶✷✵✵✵ ✶✷✵✵✵ ✾✻✵✵ ✶✷✺ ✶✹✷✽✹✸ ✶✶✶✼✶ ✶✺✵✵✵ ✶✺✵✵✵ ✶✷✵✵✵ ✶✺✵ ✷✵✷✵✻✼ ✶✻✹✷✾ ✶✽✵✵✵ ✶✽✵✵✵ ✶✻✽✵✵

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✷✵ ✴ ✷✸ / / :

slide-32
SLIDE 32

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ Pr♦t♦t②♣❡ ✿✿ ❚❡st ❈❛s❡s ▲❙ ✻ ✭■❙❙■✮

✵ ✺✵ ✶✵✵ ✶✺✵ ✷✵✵ ✷✺✵ ✵ ✷✵ ✹✵ ✻✵ ✽✵ ✶✵✵ ✶✷✵ ✶✹✵ ✶✻✵ s❡❝♦♥❞s r❡♣❡t✐t✐♦♥s ♣❡r ♣❛t✐❡♥t t②♣❡ ❞❡✈✐❛t✐♦♥ t♦t❛❧ r✉♥t✐♠❡ ❞❡✈✐❛t✐♦♥ s♦❧✈❡r r✉♥t✐♠❡

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✷✶ ✴ ✷✸ / / :

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SLIDE 33

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❈♦♥❝❧✉s✐♦♥ ▲❙ ✻ ✭■❙❙■✮

❖✉t❧✐♥❡

■♥tr♦❞✉❝t✐♦♥

❆✉t♦♠✐③✐♥❣ ■♥❢❡r❡♥❝❡✲Pr♦♦❢♥❡ss

Pr♦t♦t②♣❡

❈♦♥❝❧✉s✐♦♥

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✷✷ ✴ ✷✸ / / :

slide-34
SLIDE 34

❋❛❦✉❧t⑧ ❛t ❢⑧ ✉r ■♥❢♦r♠❛t✐❦ ❈♦♥❝❧✉s✐♦♥ ▲❙ ✻ ✭■❙❙■✮

❆❝❤✐❡✈❡♠❡♥ts

❈♦♥s✐st❡♥❝② ✇✐t❤ ♣r✐♦r✱ ❝♦♥☞❞❡♥t✐❛❧✐t② ♦❢ ♣♦t s❡❝✱ ♠❛①✐♠❛❧ ❛✈❛✐❧❛❜✐❧✐t② ♦❢ ✉♥♠♦❞✐☞❡❞ t✉♣❧❡s ✇✐t❤ ❞❜ ❞✐st ❯♥✐q✉❡ ❝♦♠❜✐♥❛t✐♦♥ ♦❢ ♠♦❞❡❧ ❣❡♥❡r❛t✐♦♥ ❛♥❞ ❞✐st❛♥❝❡ ♠✐♥✐♠✐③❛t✐♦♥ ✐♥ ✐♥☞♥✐t❡ ❞♦♠❛✐♥ ◗✉❛♥t✐☞❡r ❤❛♥❞❧✐♥❣ ✇✐t❤♦✉t ❛ ♥❡❡❞ t♦ ❡①♣❛♥❞ t❤❡♠ ✐♥t♦ ❣r♦✉♥❞ ❝♦♥❥✉♥❝t✐♦♥s ♦r ❞✐s❥✉♥❝t✐♦♥s ❖♥❧② ♠✐♥♦r r❡str✐❝t✐♦♥s ♦♥ t❤❡ s②♥t❛① ♦❢ ❝♦♥str❛✐♥t ❢♦r♠✉❧❛s ❇♦t❤ ❛❞❞✐t✐♦♥ ❛♥❞ ❞❡❧❡t✐♦♥ ♦❢ t✉♣❧❡s ❛s ♠♦❞✐☞❝❛t✐♦♥ ♣r✐♠✐t✐✈❡s ❖♣t✐♠✐③❡❞ ❢♦r ❝♦♠♣❧❡t❡ ❞❛t❛❜❛s❡s ✇✐t❤ ❡✍❝✐❡♥t q✉❡r② ❡✈❛❧✉❛t✐♦♥ ❢✉♥❝t✐♦♥ ❖✉t♣✉t ✐♥ ❢♦r♠ ♦❢ ❝♦♠♣❧❡t❡ ❞❛t❛❜❛s❡ ✐♥st❛♥❝❡ ❚❡r♠✐♥❛t✐♦♥✱ s♦✉♥❞♥❡ss ❛♥❞ ❝♦♠♣❧❡t❡♥❡ss ❢♦r ❛♣♣r♦♣r✐❛t❡ ❢r❛❣♠❡♥ts

▲❡♥❛ ❲✐❡s❡ ❈♦♥s✐st❡♥❝② ❛♥❞ ❈♦♥☞❞❡♥t✐❛❧✐t② ✐♥ ❋❖ ❉❛t❛❜❛s❡s ✷✸ ✴ ✷✸ / / :