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SLIDE 1

❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❇❧❛❝❦❤❛t ❯❙❆ ✷✵✶✸✱ ❆✉❣✉st ✶st

✶ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 2

❆❣❡♥❞❛

❘❡t✉r♥✲❖r✐❡♥t❡❞✲Pr♦❣r❛♠♠✐♥❣ ✭❘❖P✮ ❣❛❞❣❡ts ✫ s❤❡❧❧❝♦❞❡ Pr♦❜❧❡♠s ♦❢ ❝✉rr❡♥t ❘❖P t♦♦❧s

❖♣t✐❘❖P✿ ❞❡s✐r❡s✱ ✐❞❡❛s✱ ❞❡s✐❣♥ ❛♥❞ ✐♠♣❧❡♠❡♥t❛t✐♦♥ ❙❡♠❛♥t✐❝ q✉❡r② ❢♦r ❘❖P ❣❛❞❣❡ts ❙❡♠❛♥t✐❝ ❣❛❞❣❡ts

▲✐✈❡ ❞❡♠♦

❈♦♥❝❧✉s✐♦♥s

✷ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 3

❆tt❛❝❦ ✫ ❞❡❢❡♥s❡

❙♦❢t✇❛r❡ ❛tt❛❝❦

❆❜✉s❡ ♣r♦❣r❛♠♠✐♥❣✴❞❡s✐❣♥ ✢❛✇s t♦ ❡①♣❧♦✐t t❤❡ s②st❡♠✴❛♣♣ ❚r✐❣❣❡r t❤❡ ✈✉❧♥❡r❛❜✐❧✐t② ✇✐t❤ ♠❛❧✐❝✐♦✉s ✐♥♣✉t t♦ ❡①❡❝✉t❡ ❛tt❛❝❦❡r✬s ❝♦❞❡

❊①♣❧♦✐t❛t✐♦♥ ♠✐t✐❣❛t✐♦♥

❆❝❝❡♣t✐♥❣ t❤❛t s♦❢t✇❛r❡ ❝❛♥ ❜❡ ❜✉❣❣②✱ ❜✉t ♠❛❦❡ ✐t ✈❡r② ❤❛r❞ t♦ ❡①♣❧♦✐t ✐ts ❜✉❣s ▼✉❧t✐♣❧❡ ♠✐t✐❣❛t✐♦♥ ♠❡❝❤❛♥✐s♠s ❤❛✈❡ ❜❡❡♥ ♣r♦♣♦s❡❞ ❛♥❞ ✐♠♣❧❡♠❡♥t❡❞ ✐♥ ♠♦❞❡r♥ s②st❡♠ ❉❛t❛ ❊①❡❝✉t❛❜❧❡ Pr❡✈❡♥t✐♦♥ ✭❉❊P✮ ✐s ✇✐❞❡❧② ❞❡♣❧♦②❡❞

◮ ▼❛❦❡ s✉r❡ ✐♥♣✉t ❞❛t❛ ❢r♦♠ ❛tt❛❝❦❡r ✐s ✉♥❡①❡❝✉t❛❜❧❡✱ t❤✉s ✐♥♣✉t ❝❛♥♥♦t

❡♠❜❡❞ ♠❛❧✐❝✐♦✉s ♣❛②❧♦❛❞ ✐♥s✐❞❡

◮ ■♥tr♦❞✉❝❡❞ ✐♥t♦ ❤❛r❞✇❛r❡ ❧❡✈❡❧✱ ❛♥❞ ♣r❡s❡♥t ❡✈❡r②✇❤❡r❡ ♥♦✇❛❞❛②s ✸ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 4

❉❊P ❜②♣❛ss

❘❡t✉r♥✲❖r✐❡♥t❡❞✲Pr♦❣r❛♠♠✐♥❣ ✭❘❖P✮ ✇❛s ♣r♦♣s❡❞ t♦ ❞❡❢❡❛t ❉❊P ▼❛❦❡ s✉r❡ ❛tt❛❝❦ ❝♦❞❡ ✐s ♥♦t ♥❡❡❞❡❞ t♦ ❜❡ ✐♥s✐❞❡ ✐♥♣✉t ❞❛t❛ ❛♥②♠♦r❡✱ t❤✉s ❡✣❝✐❡♥t❧② ♦✈❡r❝♦♠❡ ❉❊P✲❜❛s❡❞ ❞❡❢❡♥s❡ ❇❡❝♦♠❡ t❤❡ ♠❛✐♥ t❡❝❤♥✐q✉❡ t♦ ✇r✐t❡ s❤❡❧❧❝♦❞❡ ♥♦✇❛❞❛②s

✹ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 5

❘❖P ❝♦♥❝❡♣t

◆♦♥✲❝♦❞❡✲✐♥❥❡❝t✐♦♥ ❜❛s❡❞ ❛tt❛❝❦✿ r❡✉s❡ ❛✈❛✐❧❛❜❧❡ ❝♦❞❡ ✐♥ ❡①♣❧♦✐t❡❞ ♠❡♠♦r② s♣❛❝❡ ♦❢ ✈✉❧♥❡r❛❜❧❡ ❛♣♣ ✭❆❜✮❯s❡ ❝♦❞❡ s♥✐♣♣❡ts ✭❝❛❧❧❡❞ ❘❖P ❣❛❞❣❡ts✮ ❛♥❞ ❝❤❛✐♥ t❤❡♠ t♦❣❡t❤❡r t♦ ❡①❡❝✉t❡ ❞❡s✐r❡❞ ❛❝t✐♦♥ ❘❖P ❣❛❞❣❡t ♠♦st❧② ❝♦♠❡ ❢r♦♠ ✉♥✐♥t❡♥❞❡❞ ✐♥str✉❝t✐♦♥s Pr♦✈❡❞ t♦ ❜❡ ❚✉r✐♥❣✲❝♦♠♣❧❡t❡❞

✺ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 6

❘❖P ❡①❛♠♣❧❡

❙❡q✉❡♥❝❡ ♦❢ ❘❖P ❣❛❞❣❡ts s❡t ❊❆❳ ❂ ✵①✶✷✸✹

✻ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 7

❘❖P s❤❡❧❧❝♦❞❡

❈❤❛✐♥ ❣❛❞❣❡ts t♦❣❡t❤❡r t♦ ❛❝❤✐❡✈❡ tr❛❞✐t✐♦♥❛❧ ❝♦❞❡ ✐♥❥❡❝t✐♦♥ s❤❡❧❧❝♦❞❡ ❯s✉❛❧❧② ✐♠♣❧❡♠❡♥t❡❞ ✐♥ ♠✉❧t✐♣❧❡ st❛❣❡s

◮ ❙t❛❣❡✲✵ s❤❡❧❧❝♦❞❡ ✭❘❖P ❢♦r♠✮ r❡♠❛♣s st❛❣❡✲✶ ♣❛②❧♦❛❞ ♠❡♠♦r② t♦ ❜❡

❡①❡❝✉t❛❜❧❡

◮ ❚r❛♥s❢❡r ❝♦♥tr♦❧ t♦ st❛❣❡✲✶ ♣❛②❧♦❛❞ ✭♦❧❞✲st②❧❡ s❤❡❧❧❝♦❞❡✮ ✼ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 8

❘❖P s❤❡❧❧❝♦❞❡ t♦ ❞♦♠✐♥❛t❡ ✐♥ ❢✉t✉r❡❄

▼♦r❡ r❡str✐❝t✐♦♥ ♦♥ ✇❤❛t ❘❖P ❣❛❞❣❡ts ❝❛♥ ❞♦ t♦ ❧❛✉♥❝❤ ❘❖P✲❢r❡❡ s❤❡❧❧❝♦❞❡ st❛❣❡

◮ ❲✐♥❞♦✇s ✽ ❘❖P ♠✐t✐❣❛t✐♦♥ ❡♥❢♦r❝❡s ♣♦❧✐❝✐❡s ♦♥ ✇❤♦✴✇❤❡r❡ ❝❛♥ ❝❛❧❧

❱✐rt✉❛❧❆❧❧♦❝✭✮ ✴❱✐rt✉❛❧Pr♦t❡❝t✭✮ t♦ ❡♥❛❜❧❡ ♠❡♠♦r② ❡①❡❝✉t❛❜❧❡ ❛t r✉♥✲t✐♠❡

◮ P✉s❤❡❞ ❡①♣❧♦✐t❛t✐♦♥ t♦ ❞♦ ♠♦r❡ ✇♦r❦ ✐♥ st❛❣❡✲✵

❋✉t✉r❡ s②st❡♠ ♠✐❣❤t t♦t❛❧❧② ❢♦r❜✐❞ ❝♦❞❡ ✐♥❥❡❝t✐♦♥

◮ ◆♦ ♠♦r❡ st❛❣❡✲✶ ♦❧❞✲st②❧❡ s❤❡❧❧❝♦❞❡✱ ❜✉t ❢✉❧❧✲❘❖P s❤❡❧❧❝♦❞❡❄ ◮ ■❖❙ ❛❧r❡❛❞② ✐♠♣❧❡♠❡♥t❡❞ t❤✐s ♠✐t✐❣❛t✐♦♥ ⋆ ❲r✐t❛❜❧❡ ♣❛❣❡s ❤❛✈❡ ◆❳ ♣❡r♠✐ss✐♦♥ ✫ ♦♥❧② s✐❣♥❡❞ ♣❛❣❡s ❛r❡ ❡①❡❝✉t❛❜❧❡ ⋆ ❘❖P ✐s t❤❡ ♦♥❧② ❝❤♦✐❝❡ ❢♦r s❤❡❧❧❝♦❞❡ ✽ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 9

❘❖P t♦♦❧s

❘❖P ♣r♦❣r❛♠♠✐♥❣ ✐s ❤❛r❞

❍♦✇ t♦ ✜♥❞ r✐❣❤t ❣❛❞❣❡ts t♦ ❝❤❛✐♥ t❤❡♠ t♦ ❞♦ ✇❤❛t ✇❡ ✇❛♥t❄ ❋✉❧❧ ❘❖P s❤❡❧❧❝♦❞❡ ❝❛♥ ❜❡ ❛ ♥✐❣❤t♠❛r❡ ❘❖P t♦♦❧s ❛✈❛✐❧❛❜❧❡ t♦ ❤❡❧♣ ❡①♣❧♦✐t ✇r✐t❡r ♦♥ t❤❡ ♣r♦❝❡ss ♦❢ ✜♥❞✐♥❣ ❛♥❞ ❝❤❛✐♥✐♥❣ ❣❛❞❣❡ts

❘❖P t♦♦❧s ✐s ♥♦t ♠✉❝❤ ❤❡❧♣❢✉❧

  • ✐✈❡♥ ❛ ❜✐♥❛r② ❝♦♥t❛✐♥✐♥❣ ❣❛❞❣❡ts ❛t r✉♥✲t✐♠❡✱ ❝♦❧❧❡❝t ❛❧❧ t❤❡ ❣❛❞❣❡ts

❛✈❛✐❧❛❜❧❡ ▲❡t ✉s❡rs ✜♥❞ t❤❡ r✐❣❤t ❣❛❞❣❡ts ❢r♦♠ t❤❡ ❝♦❧❧❡❝t✐♦♥ ▼♦st❧② st♦♣ ❤❡r❡✱ ❛♥❞ ❝❛♥♥♦t ❛✉t♦♠❛t✐❝❛❧❧② ✜♥❞ t❤❡ r✐❣❤t ❣❛❞❣❡ts ♥♦r ❝❤❛✐♥ t❤❡♠ ❢♦r ❞❡s✐r❡❞ ❛❝t✐♦♥ ▼❛♥✉❛❧❧② t❡❞✐♦✉s ❜♦r✐♥❣ ✇♦r❦s ❛t t❤✐s st❛❣❡ ❢♦r ❡①♣❧♦✐t❛t✐♦♥ ✇r✐t❡rs

✾ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 10
  • ❛❞❣❡t ❝❛t❛❧♦❣s
  • ❛❞❣❡t t②♣❡

❙❡♠❛♥t✐❝ ❊①❛♠♣❧❡ ▲❖❆❉ ▲♦❛❞ ✈❛❧✉❡ t♦ r❡❣✐st❡r ♠♦✈ ❡❛①✱ ❡❜♣ ♠♦✈ ❡❛①✱ ✵①❞✼ ♠♦✈ ❡❛①✱ ❬❡❞①❪ ❙❚❖❘❊ ❙t♦r❡ t♦ ♠❡♠♦r② ♠♦✈ ❬❡❜①❪✱ ❡❞✐ ♠♦✈ ❬❡❜①❪✱ ✵①✸❢ ❆❉❏❯❙❚ ❆❞❥✉st r❡❣✴♠❡♠ ❛❞❞ ❡❝①✱ ✾ ❛❞❞ ❡❝①✱ ❡s✐ ❈❆▲▲ ❈❛❧❧ ❛ ❢✉♥❝t✐♦♥ ❝❛❧❧ ❬❡s✐❪ ❝❛❧❧ ❬✵①✽✹✵✵✼✷✻❪ ❙❨❙❈❆▲▲ ❙②st❡♠❝❛❧❧ ❢♦r ✯♥✐① ✐♥t ✵①✽✵ s②s❡♥t❡r

✶✵ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 11

■♥t❡r♥❛❧s ♦❢ tr❛❞✐t✐♦♥❛❧ ❘❖P t♦♦❧s

  • ❛t❤❡r✐♥❣ ❣❛❞❣❡ts

◮ ▲♦❝❛t❡ ❛❧❧ t❤❡ r❡t✉r♥ ✐♥str✉❝t✐♦♥s ✭❘❊❚✮ ✶ ◮ ❲❛❧❦ ❜❛❝❦ ❢❡✇ ❜②t❡s ❛♥❞ ❧♦♦❦ ❢♦r ❛ ❧❡❣✐t✐♠❛t❡ s❡q✉❡♥❝❡ ♦❢ ✐♥str✉❝t✐♦♥s✳

❙❛✈❡ t❤❡ ❝♦♥✜r♠❡❞ ❣❛❞❣❡ts

  • ✐✈❡♥ ✉s❡r r❡q✉❡st✱ s❡❛r❝❤✐♥❣ ❢♦r s✉✐t❛❜❧❡ ❣❛❞❣❡ts

◮ ●♦ t❤r♦✉❣❤ t❤❡ ❧✐st ♦❢ ❝♦❧❧❡❝t❡❞ ❣❛❞❣❡ts ❛♥❞ ♠❛t❝❤ ❡❛❝❤ ✇✐t❤ ✉s❡r✬s

❝r❡t❡r✐❛s ✭♠♦st❧② ✉s✐♥❣ r❡❣✉❧❛r ❡①♣r❡ss✐♦♥ s❡❛r❝❤✐♥❣ ♦♥ ❣❛❞❣❡t t❡①t✮

✶❏❯▼P✲♦r✐❡♥t❡❞ ❘❖P ✐s s✐♠✐❧❛r❧② tr✐✈✐❛❧✱ ❜✉t ♥♦t ❞✐s❝✉ss❡❞ ❤❡r❡ ✶✶ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 12
  • ❛❞❣❡t ❤✉♥t✐♥❣ ❡①❛♠♣❧❡

❘❖P▼❊ ✐♥ ❛❝t✐♦♥ t♦ ✜♥❞ s♦♠❡ ▲❖❆❉ ❣❛❞❣❡ts

✶✷ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 13

Pr♦❜❧❡♠s ♦❢ ❤✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✭✶✮

❙②♥t❛❝t✐❝ s❡❛r❝❤✐♥❣✿ ❛❞✈❛♥t❛❣❡s

❊❛s② t♦ ✐♠♣❧❡♠❡♥t ❛♥❞ ❜❡❝❛♠❡ ✉♥✐✈❡rs❛❧ s♦❧✉t✐♦♥ Pr♦✈❡♥✱ ❛♥❞ ✐♠♣❧❡♠❡♥t❡❞ ❜② ❛❧❧ ❘❖P ❣❛❞❣❡t s❡❛r❝❤✐♥❣ t♦♦❧s ♥♦✇❛❞❛②s

❙②♥t❛❝t✐❝ s❡❛r❝❤✐♥❣✿ Pr♦❜❧❡♠s

◆♦♥✲❝♦♠♣❧❡t❡❞✿ ❞♦ ♥♦t r❡t✉r♥ ❛❧❧ s✉✐t❛❜❧❡ ❣❛❞❣❡ts ❚♦♦ ♠❛♥② ✐rr❡❧❡✈❛♥t ❣❛❞❣❡ts r❡t✉r♥❡❞ ❚✐♠❡ ❝♦♥s✉♠✐♥❣✿ ❘❡q✉✐r❡ tr✐❛❧✲◆✲❡rr♦r s❡❛r❝❤✐♥❣ r❡♣❡❛t❡❞❧② ❲❛st❡ ❣❛❞❣❡ts✿ ❙♦♠❡t✐♠❡s ❣❛❞❣❡ts ❛r❡ s❝❛r❝❡✱ s♦ ♠✉st ❜❡ ✉s❡❞ ♣r♦♣❡r❧②

✶✸ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 14

Pr♦❜❧❡♠s ♦❢ ❤✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✭✷✮

Pr♦❜❧❡♠✿ ❣❛❞❣❡ts ❝♦♣② ❡❜① t♦ ❡❛① ✭❡❛① ❂ ❡❜①✮❄ ✭❉❡✲❢❛❝t♦✮ ❆♥s✇❡r✿ s②♥t❛❝t✐❝ ✭r❡❣✉❧❛r ❡①♣r❡ss✐♦♥ ❜❛s❡❞✮ s❡❛r❝❤✐♥❣ ♦♥ ❝♦❧❧❡❝t❡❞ ❣❛❞❣❡ts

◮ ♠♦✈ ❡❛①✱ ❄ → ♠♦✈ ❡❛①✱ ❡❜①❀ r❡t ◮ ①❝❤❣ ❡❛①✱ ❄ → ①❝❤❣ ❡❛①✱ ❡❜①❀ r❡t ◮ ❧❡❛ ❡❛①✱ ❄ → ❧❡❛ ❡❛①✱ ❬❡❜①❪❀ r❡t ◮ ✳✳✳

◗✉❡r② ✶✿ ❛♥② ♦t❤❡r ♣r♦♠✐ss✐♥❣ q✉❡r✐❡s❄

◮ ①❝❤❣ ❡❜①✱ ❡❛①❀ r❡t ◮ ✐♠✉❧ ❡❛①✱ ❡❜①✱ ✶❀ r❡t ◮ ❛♥②t❤✐♥❣ ❡❧s❡ ♠✐ss✐♥❣❄❄

◗✉❡r② ✷✿ ❤♦✇ ♠❛♥② q✉❡r✐❡s ❛♥❞ ❡✛♦rts ♥❡❡❞❡❞ t♦ ✜♥❞ t❤✐s s✐♠♣❧❡ ❣❛❞❣❡t❄❄❄

✶✹ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 15

Pr♦❜❧❡♠s ♦❢ ❤✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✭✷✮

◗✉❡st✐♦♥ ✸✿ ❙t✐❧❧ ❧♦♦❦✐♥❣ ❢♦r ❣❛❞❣❡ts ❝♦♣② ❡❜① t♦ ❡❛① ✭❡❛① ❂ ❡❜①✮✳ ❲❤✐❝❤ s②♥t❛❝t✐❝ q✉❡r② ❝❛♥ ✜♥❞ ❜❡❧♦✇ ❣❛❞❣❡t❄

◮ ①♦r ❡❛①✱ ❡❛①❀ ♣♦♣ ❡s✐❀ ❛❞❞ ❡❛①✱ ❡❜①❀ r❡t ◮ ①♦r ❡❛①✱ ❡❛①✱ ♥♦t ❡❛①❀ ❛♥❞ ❡❛①✱ ❡❜①❀ r❡t ◮ ①❝❤❣ ❡❜①✱ ❡❝①❀ ①❝❤❣ ❡❝①✱ ❡❛①❀ r❡t ◮ ♣✉s❤ ❡❜①❀ ①♦r ❡❛①✱ ❡❛①❀ ♣♦♣ ❡❛①❀ r❡t

◗✉❡r② ✹✿ ●❛❞❣❡t t♦ ♣✐✈♦t ✭♠✐❣r❛t❡✮ st❛❝❦❄

◮ ❘❖P▼❊ s✉❣❣❡sts t♦ tr② ✯❛❧❧✯ ❢♦❧❧♦✇✐♥❣ q✉❡r✐❡s ⋆ ①❝❤❣ ❡s♣ ✪ ⋆ ①❝❤❣ r✸✷ ❡s♣ ✪ ⋆ ❄ ❡s♣ ✪ ◮ ❆♥② ♠✐ss✐♥❣ q✉❡r✐❡s❄ ⋆ ❧❡❛✈❡ ✶✺ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 16

❖t❤❡r ♣r♦❜❧❡♠s

◆♦ s❡♠❛♥t✐❝s r❡♣♦rt❡❞ ❢♦r s✉✐t❛❜❧❡ ❣❛❞❣❡ts

◮ ❲❤✐❝❤ r❡❣✐st❡rs ❛r❡ ♠♦❞✐✜❡❞❄ ◮ ❲❤✐❝❤ ❊❋❧❛❣s ❛r❡ ♠♦❞✐✜❡❞❄ ◮ ❍♦✇ ♠❛♥② ❜②t❡s t❤❡ st❛❝❦ ♣♦✐♥t❡r ✐s ❛❞✈❛♥❝❡❞❄

◆♦ t♦♦❧ ❝❛♥ ❝❤❛✐♥ ❛✈❛✐❧❛❜❧❡ ❣❛❞❣❡ts ❢♦r r❡q✉❡st❡❞ s❡♠❛♥t✐❝ ❣❛❞❣❡t

◮ ❊①✿ ①♦r ❡❛①✱ ❡❛①❀ r❡t ✰ ①❝❤❣ ❡❞①✱ ❡❛①❀ r❡t ⇐

⇒ ❡❞① ❂ ✵

◮ ❊①✿ ♠♦✈ ❡s✐✱ ✵①✛✛✛❢✽❀ r❡t ✰ ❧❡❛ ❡❛①✱ ❬❡s✐ ✰ ❡❞① ✰ ✽❪❀ r❡t ⇐

⇒ ❡❛① ❂ ❡❞①

✶✻ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 17

❖♣t✐❘❖P t♦ s❛✈❡ ❡①♣❧♦✐t❛t✐♦♥ ✇r✐t❡rs✦

✶✼ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 18

❖♣t✐❘❖P ❞❡s✐r❡s

❙❡♠❛♥t✐❝ s❡❛r❝❤✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts

◮ ❙❡♠❛♥t✐❝ q✉❡r② r❛t❤❡r t❤❛♥ s②♥t❛❝t✐❝ ⋆ ❘❡❧② ♦♥ ♠❡❛♥✐♥❣ ♦❢ ❣❛❞❣❡ts r❛t❤❡r t❤❛♥ ❤♦✇ ✐t ❧♦♦❦s ❧✐❦❡ ✭s②♥t❛❝t✐❝✮ ◮ ❊①✿ ❡❛① ❂ ❬❡❜①❪ → ♠♦✈ ❡❛①✱ ❬❡❜①❪ ✫ ①❝❤❣ ❬❡❜①❪✱ ❡❛① ◮ ❊①✿ ❡s✐ ❂ ❡❞✐ → ❧❡❛ ❡s✐✱ ❬❡❞✐❪ ✫ ✐♠✉❧ ❡s✐✱ ❡❞✐✱ ✶

❯s❡r✲♣r♦✈✐❞❡❞ ❝r✐t❡r✐❛ ❛❧❧♦✇❡❞✿ ♠♦❞✐✜❡❞ r❡❣✐st❡rs✱ st❛❝❦ ♣♦✐♥t❡r ❛❞✈❛♥❝❡❞✱ ✳✳✳ Pr♦✈✐❞✐♥❣ ❞❡t❛✐❧ s❡♠❛♥t✐❝s ♦❢ ❢♦✉♥❞ ❣❛❞❣❡ts

◮ ♠♦✈ ❡❛①✱ ❡❞①❀ ❛❞❞ ❡s♣✱ ✵①✼❝❀ r❡t ◮ → ▼♦❞✐✜❡❞ r❡❣✐st❡rs✿ ❡❛①✱ ❆❋✱ ❈❋✱ ❖❋✱ ❙❋✱ ❩❋ ◮ → ❡s♣ ✰❂ ✵①✽✵

❈❤❛✐♥ ❛✈❛✐❧❛❜❧❡ ❣❛❞❣❡ts ✐❢ ♥❛t✉r❛❧ ❣❛❞❣❡t ✐s ✉♥❛✈❛✐❧❛❜❧❡

◮ P✐❝❦ s✉✐t❛❜❧❡ ❣❛❞❣❡ts t♦ ❝❤❛✐♥ t❤❡♠ ❢♦r ❞❡s✐r❡❞ ❣❛❞❣❡t ◮ ❊①✿ ①♦r ❡❛①✱ ❡❛①❀ r❡t ✰ ①❝❤❣ ❡❞①✱ ❡❛①❀ r❡t ⇐

⇒ ❡❞① ❂ ✵

✭①✽✻ ✰ ①✽✻✲✻✹✮ ✯ ✭❲✐♥❞♦✇s P❊ ✰ ▼❛❝❖❙❳ ▼❛❝❤✲❖ ✰ ▲✐♥✉① ❊▲❋ ✰ ❘❛✇ ❜✐♥❛r②✮

✶✽ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 19

❖♣t✐❘❖P ✈❡rs✉s ♦t❤❡rs

❋❡❛t✉r❡s ❘♦♣▼❡ ❘♦♣●❛❞❣❡t ■♠♠❉❜❣ ❖♣t✐❘❖P ❙②♥t❛❝t✐❝ q✉❡r②

  • ❙❡♠❛♥t✐❝ q✉❡r②

❳ ❳ ✷

  • ❈❤❛✐♥ ❣❛❞❣❡ts

❳ ❳ ✸ ❳

  • P❊⑤❊▲❋⑤▼✲❖ ✭①✽✻✮

⑤⑤ ⑤⑤◆ ⑤◆⑤◆ ⑤⑤ P❊⑤❊▲❋⑤▼✲❖ ✭①✽✻✲✻✹✮ ⑤⑤ ⑤⑤❳ ❳⑤❳⑤❳ ⑤⑤

✷❇❛s✐❝ ❢✉♥❝t✐♦♥ ✸❍❛✈❡ s✐♠♣❧❡ s②♥t❛❝t✐❝✲❜❛s❡❞ ❣❛❞❣❡t ❝❤❛✐♥✐♥❣ ❢♦r ♣r❡❞❡✜♥❡❞ s❤❡❧❧❝♦❞❡ ✶✾ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 20
  • ❛❞❣❡t ❝❛t❛❧♦❣s
  • ❛❞❣❡t t②♣❡

❙❡♠❛♥t✐❝ q✉❡r② ❙❛♠♣❧❡ ♦✉t♣✉t ▲❖❆❉ ❡❛① ❂ ❡❜♣ ♠♦✈ ❡❛①✱ ❡❜♣❀ r❡t ①❝❤❣ ❡❛①✱ ❡❜♣❀ r❡t ❧❡❛ ❡❛①✱ ❬❡❜♣❪❀ r❡t ❙❚❖❘❊ ❬❡❜①❪ ❂ ❡❞✐ ♠♦✈ ❬❡❜①❪✱ ❡❞✐❀ r❡t ①❝❤❣ ❬❡❜①❪✱ ❡❞✐❀ r❡t ❆❉❏❯❙❚ ❡❝① ✰❂ ✾ ❛❞❞ ❡❝①✱ ✾❀ r❡t s✉❜ ❡❝①✱ ✵①✛✛✛❢✼❀ r❡t ❈❆▲▲ ❝❛❧❧ ❡s✐ ①❝❤❣ ❡❛①✱ ❡s✐ ✰ ❝❛❧❧ ❡❛① ❙❨❙❈❆▲▲ ✐♥t ✵①✽✵ ✐♥t ✵①✽✵

✷✵ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 21

❖♣t✐❘❖P ✐❞❡❛s

  • ❡♥❡r❛t❡ s❡♠❛♥t✐❝ ❧♦❣✐❝❛❧ ❢♦r♠✉❧❛ ♦♥ ❝♦❧❧❡❝t❡❞ ❣❛❞❣❡t ❝♦❞❡

❆❧❧♦✇ s❡♠❛♥t✐❝ q✉❡r②✿ ❞❡s❝r✐❜✐♥❣ ❤✐❣❤ ❧❡✈❡❧ ❞❡s✐r❡❞ ❛❝t✐♦♥ ♦❢ ♥❡❡❞❡❞ ❣❛❞❣❡t P❡r❢♦r♠ ♠❛t❝❤✐♥❣✴s❡❛r❝❤✐♥❣ s❡♠❛♥t✐❝ q✉❡r② ❜❛s❡❞ ♦♥ ❧♦❣✐❝❛❧ ❢♦r♠✉❧❛ ♦❢ ❝♦❧❧❡❝t❡❞ ❣❛❞❣❡ts ✉s✐♥❣ ❙▼❚ s♦❧✈❡r ❈♦♠❜✐♥❡ ❧♦❣✐❝❛❧ ❢♦r♠✉❧❛s ✭♦❢ ❞✐✛❡r❡♥t ❣❛❞❣❡ts✮ t♦ ♣r♦❞✉❝❡ ❞❡s✐r❡❞ s❡♠❛♥t✐❝ ❛❝t✐♦♥s

✷✶ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 22

❈❤❛❧❧❡♥❣❡s

▼❛❝❤✐♥❡ ✐♥str✉❝t✐♦♥s ♦✈❡r❧❛♣ ✭✐♥ s❡♠❛♥t✐❝s✮ ♠♦✈ ❡❛①✱ ❡❜① ⇐ ⇒ ❧❡❛ ❡❛①✱ ❬❡❜①❪ ■♥str✉❝t✐♦♥s ♠✐❣❤t ❤❛✈❡ ♠✉❧t✐♣❧❡ ✐♠♣❧✐❝✐t s✐❞❡ ❡✛❡❝ts ♣✉s❤ ❡❛① ⇐ ⇒ ✭❬❡s♣❪ ❂ ❡❛①❀ ❡s♣ ✲❂ ✹✮

✷✷ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 23

❙♦❧✉t✐♦♥s

◆♦r♠❛❧✐③❡ ♠❛❝❤✐♥❡ ❝♦❞❡ t♦ ■♥t❡r♠❡❞✐❛t❡ ❘❡♣r❡s❡♥t❛t✐♦♥ ✭■❘✮

◮ ■❘ ♠✉st ❜❡ s✐♠♣❧❡✱ ♥♦ ♦✈❡r❧❛♣ ◮ ■❘ ❡①♣r❡ss ✐ts s❡♠❛♥t✐❝ ❡①♣❧✐❝✐t❧②✱ ✇✐t❤♦✉t s✐❞❡ ❡✛❡❝t ◮ ■❘ s✉♣♣♦rts ❙t❛t✐❝ ❙✐♥❣❧❡✲❆ss✐❣♥♠❡♥t ✭❙❙❆✮ ❢♦r t❤❡ st❡♣ ♦❢ ❣❡♥❡r❛t✐♥❣

❧♦❣✐❝❛❧ ❢♦r♠✉❧❛

❚r❛♥s❧❛t❡ ♠❛❝❤✐♥❡ ❝♦❞❡ t♦ ♦✉r s❡❧❡❝t❡❞ ■❘ ❖♣t✐♠✐③❡ r❡s✉❧t❡❞ ■❘

  • ❡♥❡r❛t❡ ❧♦❣✐❝❛❧ ❢♦r♠✉❧❛ ❢r♦♠ ♦✉t♣✉t ■❘

✷✸ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 24

■♥tr♦❞✉❝t✐♦♥ ♦♥ ▲▲❱▼

▲▲❱▼ ♣r♦❥❡❝t

❖♣❡♥ s♦✉r❝❡ ♣r♦❥❡❝t ♦♥ ❝♦♠♣✐❧❡r✿ ❤tt♣✿✴✴✇✇✇✳❧❧✈♠✳♦r❣ ❆ s❡t ♦❢ ❢r❛♠❡✇♦r❦s t♦ ❜✉✐❧❞ ❝♦♠♣✐❧❡r ▲▲❱▼ ■♥t❡r♠❡❞✐❛t❡ ❘❡♣r❡s❡♥t❛t✐♦♥ ✭■❘✮ ✇✐t❤ ❧♦ts ♦❢ ♦♣t✐♠✐③❛t✐♦♥ ♠♦❞✉❧❡ r❡❛❞② t♦ ✉s❡

✷✹ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 25

▲▲❱▼ ♠♦❞❡❧

❈♦♠♣✐❧❡r ♠♦❞❡❧ ▲▲❱▼ ♠♦❞❡❧✿ s❡♣❛r❛t❡ ❋r♦♥t❡♥❞ ✲ ❖♣t✐♠✐③❛t✐♦♥ ✲ ❇❛❝❦❡♥❞

✷✺ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 26

▲▲❱▼ ■❘

■♥❞❡♣❡♥❞❡♥t ♦❢ t❛r❣❡t ❛r❝❤✐t❡❝t✉r❡ ❘■❙❈✲❧✐❦❡✱ t❤r❡❡ ❛❞❞r❡ss❡s ❝♦❞❡ ❘❡❣✐st❡r✲❜❛s❡❞ ♠❛❝❤✐♥❡✱ ✇✐t❤ ✐♥✜♥✐t❡ ♥✉♠❜❡r ♦❢ ✈✐rt✉❛❧ r❡❣✐st❡rs ❘❡❣✐st❡rs ❤❛✈✐♥❣ t②♣❡ ❧✐❦❡ ❤✐❣❤✲❧❡✈❡❧ ♣r♦❣r❛♠♠✐♥❣ ❧❛♥❣✉❛❣❡

◮ ✈♦✐❞✱ ✢♦❛t✱ ✐♥t❡❣❡r ✇✐t❤ ❛r❜✐tr❛r② ♥✉♠❜❡r ♦❢ ❜✐ts ✭✐✶✱ ✐✸✷✱ ✐✻✹✮

P♦✐♥t❡rs ❤❛✈✐♥❣ t②♣❡ ✭t♦ ✉s❡ ✇✐t❤ ▲♦❛❞✴❙t♦r❡✮ ❙✉♣♣♦rt ❙✐♥❣❧❡✲❙t❛t✐❝✲❆ss✐❣♥♠❡♥t✐ ✭❙❙❆✮ ❜② ♥❛t✉r❡ ❇❛s✐❝ ❜❧♦❝❦s ❤❛✈✐♥❣ s✐♥❣❧❡ ❡♥tr② ❛♥❞ s✐♥❣❧❡ ❡①✐t ❈♦♠♣✐❧❡ ❢r♦♠ s♦✉r❝❡ t♦ ▲▲❱▼ ■❘✿ ▲▲❱▼ ❜✐t❝♦❞❡

✷✻ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 27

▲▲❱▼ ✐♥str✉❝t✐♦♥s

✸✶ ♦♣❝♦❞❡ ❞❡s✐❣♥❡❞ t♦ ❜❡ s✐♠♣❧❡✱ ♥♦♥✲♦✈❡r❧❛♣

◮ ❆r✐t❤♠❡t✐❝ ♦♣❡r❛t✐♦♥s ♦♥ ✐♥t❡❣❡r ❛♥❞ ✢♦❛t ⋆ ❛❞❞✱ s✉❜✱ ♠✉❧✱ ❞✐✈✱ r❡♠✱ ✳✳✳ ◮ ❇✐t✲✇✐s❡ ♦♣❡r❛t✐♦♥s ⋆ ❛♥❞✱ ♦r✱ ①♦r✱ s❤❧✱ ❧s❤r✱ ❛s❤r ◮ ❇r❛♥❝❤ ✐♥str✉❝t✐♦♥s ⋆ ▲♦✇✲❧❡✈❡❧ ❝♦♥tr♦❧ ✢♦✇ ✐s ✉♥str✉❝t✉r❡❞✱ s✐♠✐❧❛r t♦ ❛ss❡♠❜❧② ⋆ ❇r❛♥❝❤ t❛r❣❡t ♠✉st ❜❡ ❡①♣❧✐❝✐t ✿✲✭ ⋆ r❡t✱ ❜r✱ s✇✐t❝❤✱ ✳✳✳ ◮ ▼❡♠♦r② ❛❝❝❡ss ✐♥str✉❝t✐♦♥s✿ ❧♦❛❞✱ st♦r❡ ◮ ❖t❤❡rs ⋆ ✐❝♠♣✱ ♣❤✐✱ s❡❧❡❝t✱ ❝❛❧❧✱ ✳✳✳ ✷✼ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 28

❊①❛♠♣❧❡ ♦❢ ▲▲❱▼ ■❘

❈ ❝♦❞❡ ✲ ▲▲❱▼ ■❘ ❝♦❞❡

✷✽ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 29

❖♣t✐♠✐③❡ ▲▲❱▼ ❜✐t❝♦❞❡

❚❤❡ ❝♦r❡ ❝♦♠♣♦♥❡♥ts ♦❢ t❤❡ ▲▲❱▼ ❛r❝❤✐t❡❝t✉r❡ ❖♣t✐♠✐③❡ ♣❡r❢♦r♠❡❞ ♦♥ t❤❡ ❜✐t❝♦❞❡ ✭▲▲❱▼ P❛ss✮ ✇✐t❤ ❝♦♠❜✐♥❡❞✴s❡❧❡❝t❡❞ ▲▲❱▼ ♣❛ss❡s

◮ ❖♣t✐♠✐③❛t✐♦♥ t♦ ❝♦❧❧❡❝t✴✈✐s✉❛❧✐③❡ ✐♥❢♦r♠❛t✐♦♥ ◮ ❖♣t✐♠✐③❛t✐♦♥ t♦ tr❛♥s❢♦r♠ t❤❡ ❜✐t❝♦❞❡ ◮ ❖t❤❡rs

✶✽✷ ♣❛ss❡s r❡❛❞② t♦ ✉s❡ ✐♥ ▲▲❱▼ ✸✳✷

✷✾ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 30

❲❤② ▲▲❱▼ ■❘❄

  • ♦♦❞ ■❘ ❢♦r ♥♦r♠❛❧✐③❛t✐♦♥ ♣❤❛s❡

❖♥❧② ✉s❡ s✉❜s❡t ♦❢ ▲▲❱▼ ✐♥str✉❝t✐♦♥s

◮ ■❣♥♦r❡ ✐♥str✉❝t✐♦♥s ❛❜♦✉t ❤✐❣❤✲❧❡✈❡❧ ✐♥❢♦r♠❛t✐♦♥ ❢r♦♠ s♦✉r❝❡ ❝♦❞❡

❍❛♥❞② ❢r❛♠❡✇♦r❦s t♦ ♣r♦❝❡ss t❤❡ ♦✉t♣✉t ■❘ P♦ss✐❜❧❡ t♦ ♦♣t✐♠✐③❡ t❤❡ ▲▲❱▼ ❜✐t❝♦❞❡ r❡s✉❧t❡❞ ❢r♦♠ t❤❡ st❡♣ ♦❢ tr❛♥s❧❛t✐♥❣ ♠❛❝❤✐♥❡ ❝♦❞❡ → ▲▲❱▼ ■❘

◮ ❯s❡ s✉✐t❛❜❧❡ ▲▲❱▼ ♣❛ss❡s t♦ ♦♣t✐♠✐③❡ t❤❡ ♥♦r♠❛❧✐③❡❞ ■❘ ✭t❤✉s ❤❛✈✐♥❣

♠♦r❡ ❝♦♠♣❛❝t ■❘ ❛t t❤❡ ♦✉t♣✉t✮

✸✵ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 31

❚r❛♥s❧❛t❡ ♠❛❝❤✐♥❡ ❝♦❞❡ t♦ ▲▲❱▼ ■❘

❙✐♠✐❧❛r t♦ ❜✉✐❧❞✐♥❣ ❝♦♠♣✐❧❡r ❢r♦♥t❡♥❞ ❢♦r ✧♠❛❝❤✐♥❡ ❝♦❞❡ ❧❛♥❣✉❛❣❡✧ ❚♦✉❣❤ ❞✉❡ t♦ t❤❡ ✉♥str✉❝t✉r❡❞ ❝❤❛r❛❝t❡r✐st✐❝s ♦❢ ♠❛❝❤✐♥❡ ❝♦❞❡

◮ ❚❛r❣❡t ♦❢ ✐♥❞✐r❡❝t ❜r❛♥❝❤❡s ◮ ❙❡❧❢✲♠♦❞✐✜❡❞ ❝♦❞❡

❋r♦♠ ♠❛❝❤✐♥❡ ❝♦❞❡✱ ❜✉✐❧❞ t❤❡ ❈♦♥tr♦❧ ❋❧♦✇ ●r❛♣❤ ✭❈❋●✮ ❝♦♥s✐st✐♥❣ ♦❢ ❜❛s✐❝ ❜❧♦❝❦s ✭❇❇✮ ❚r❛♥s❧❛t❡ ❛❧❧ ✐♥str✉❝t✐♦♥s ✐♥ ❡❛❝❤ ❇❇ t♦ ▲▲❱▼ ■❘

◮ ❘❡❢❡r❡♥❝❡ t❤❡ ■❙❆ ♠❛♥✉❛❧ ♦❢ ❝♦rr❡s♣♦♥❞✐♥❣ ♣❧❛t❢♦r♠s ✭❡✳①✿ ■♥t❡❧✴❆▼❉

♠❛♥✉❛❧✮

✸✶ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 32

❚r❛♥s❧❛t❡ ①✽✻ ❝♦❞❡ t♦ ▲▲❱▼ ■❘

❊①❛♠♣❧❡ ♦❢ tr❛♥s❧❛t✐♥❣ ①✽✻ ❝♦❞❡ t♦ ▲▲❱▼ ■❘

✸✷ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 33

❖♣t✐♠✐③❡ ▲▲❱▼ ❜✐t❝♦❞❡

❈♦♥st❛♥t ♣r♦♣❛❣❛t✐♦♥ ✭✲❝♦♥st♣r♦♣✮

◮ ✭① ❂ ✶✹❀ ② ❂ ① ✰ ✽✮ ⇒ ✭① ❂ ✶✹❀ ② ❂ ✷✷✮

❊❧✐♠✐♥❛t❡ ❞❡❛❞ st♦r❡ ✐♥str✉❝t✐♦♥s ✭✲❞s❡✮

◮ ✭② ❂ ✸❀ ✳✳✳❀ ② ❂ ① ✰ ✶✮ ⇒ ✭✳✳✳❀ ② ❂ ① ✰ ✶✮

❈♦♠❜✐♥❡ ✐♥str✉❝t✐♦♥s ✭✲✐♥st❝♦♠❜✐♥❡✮

◮ ✭② ❂ ① ✰ ✶❀ ③ ❂ ② ✰ ✷✮ ⇒ ✭③ ❂ ① ✰ ✸✮

❙✐♠♣❧✐❢② ❈❋● ✭✲s✐♠♣❧✐❢②❝❢❣✮

◮ ❘❡♠♦✈❡ ✐s♦❧❛t❡❞ ❇❇ ◮ ▼❡r❣❡s ❛ ❇❇ ✐♥t♦ ✐ts ♣r❡❞❡❝❡ss♦r ✐❢ t❤❡r❡ ✐s ♦♥❧② ♦♥❡ ❛♥❞ t❤❡

♣r❡❞❡❝❡ss♦r ♦♥❧② ❤❛s ♦♥❡ s✉❝❝❡ss♦r

◮ ▼❡r❣❡ ❛ ❇❇ t❤❛t ♦♥❧② ❝♦♥t❛✐♥s ❛♥ ✉♥❝♦♥❞✐t✐♦♥❛❧ ❜r❛♥❝❤ ✸✸ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 34

✸✹ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 35

❙❛t✐s✜❛❜✐❧✐t② ▼♦❞✉❧♦ ❚❤❡♦r✐❡s ✭❙▼❚✮ s♦❧✈❡r

❚❤❡♦r❡♠ ♣r♦✈❡r ❜❛s❡❞ ♦♥ ❞❡❝✐s✐♦♥ ♣r♦❝❡❞✉r❡ ❲♦r❦ ✇✐t❤ ❧♦❣✐❝❛❧ ❢♦r♠✉❧❛s ♦❢ ❞✐✛❡r❡♥t t❤❡♦r✐❡s Pr♦✈❡ t❤❡ s❛t✐s✜❛❜✐❧✐t②✴✈❛❧✐❞✐t② ♦❢ ❛ ❧♦❣✐❝❛❧ ❢♦r♠✉❧❛ ❙✉✐t❛❜❧❡ t♦ ❡①♣r❡ss t❤❡ ❜❡❤❛✈✐♦✉r ♦❢ ❝♦♠♣✉t❡r ♣r♦❣r❛♠s ❈❛♥ ❣❡♥❡r❛t❡ t❤❡ ♠♦❞❡❧ ✐❢ s❛t✐s✜❛❜❧❡

✸✺ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 36

❩✸ ❙▼❚ s♦❧✈❡r

❚♦♦❧s ✫ ❢r❛♠❡✇♦r❦s t♦ ❜✉✐❧❞ ❛♣♣❧✐❝❛t✐♦♥s ✉s✐♥❣ ❩✸

◮ ❖♣❡♥ s♦✉r❝❡ ♣r♦❥❡❝t✿ ❤tt♣✿✴✴③✸✳❝♦❞❡♣❧❡①✳❝♦♠ ◮ ❙✉♣♣♦rt ▲✐♥✉① ✫ ❲✐♥❞♦✇s ◮ ❈✰✰✱ P②t❤♦♥ ❜✐♥❞✐♥❣

❙✉♣♣♦rt ❇✐t❱❡❝t♦r t❤❡♦r②

◮ ▼♦❞❡❧ ❛r✐t❤♠❡t✐❝ ✫ ❧♦❣✐❝ ♦♣❡r❛t✐♦♥s

❙✉♣♣♦rt ❆rr❛② t❤❡♦r②

◮ ▼♦❞❡❧ ♠❡♠♦r② ❛❝❝❡ss

❙✉♣♣♦rt q✉❛♥t✐✜❡r ❊①✐st ✭∃✮ ✫ ❋♦r❆❧❧ ✭∀✮

✸✻ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 37

❈r❡❛t❡ ❧♦❣✐❝❛❧ ❢♦r♠✉❧❛

❊♥❝♦❞❡ ❛r✐t❤♠❡t✐❝ ❛♥❞ ♠♦✈✐♥❣ ❞❛t❛ ✐♥str✉❝t✐♦♥s

▼❛❧✇❛r❡ ❝♦❞❡

♠♦✈ ❡s✐✱ ✵①✹✽ ♠♦✈ ❡❞①✱ ✵①✷✵✵✼

▲♦❣✐❝❛❧ ❢♦r♠✉❧❛

✭❡s✐ ❂❂ ✵①✹✽✮ ❛♥❞ ✭❡❞① ❂❂ ✵①✷✵✵✼✮ ❊♥❝♦❞❡ ❝♦♥tr♦❧ ✢♦✇

▼❛❧✇❛r❡ ❝♦❞❡

❝♠♣ ❡❛①✱ ✵①✸✷ ❥❡ ✩❴❧❛❜❡❧ ①♦r ❡s✐✱ ❡s✐ ✳✳✳ ❴❧❛❜❡❧✿ ♠♦✈ ❡❝①✱ ❡❞①

▲♦❣✐❝❛❧ ❢♦r♠✉❧❛

✭❡❛① ❂❂ ✵①✸✷ ❛♥❞ ❡❝① ❂❂ ❡❞①✮ ♦r ✭❡❛① ✦❂ ✵①✸✷ ❛♥❞ ❡s✐ ❂❂ ✵✮

✸✼ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

slide-38
SLIDE 38

❈r❡❛t❡ ❧♦❣✐❝❛❧ ❢♦r♠✉❧❛ ✭✷✮

◆❖❚❊✿ ✇❛t❝❤ ♦✉t ❢♦r ♣♦t❡♥t✐❛❧ ❝♦♥✢✐❝t ✐♥ ❧♦❣✐❝❛❧ ❢♦r♠✉❧❛

▼❛❧✇❛r❡ ❝♦❞❡

♠♦✈ ❡s✐✱ ✵①✹✽ ✳✳✳ ♠♦✈ ❡s✐✱ ✵①✷✵✵✼

▲♦❣✐❝❛❧ ❢♦r♠✉❧❛

✭❡s✐ ❂❂ ✵①✹✽✮ ❛♥❞ ✭❡s✐ ❂❂ ✵①✷✵✵✼✮

▼❛❧✇❛r❡ ❝♦❞❡

♠♦✈ ❡s✐✱ ✵①✹✽ ✳✳✳ ♠♦✈ ❡s✐✱ ✵①✷✵✵✼

▲♦❣✐❝❛❧ ❢♦r♠✉❧❛ ✇✐t❤ ❙✐♥❣❧❡✲❙t❛t✐❝✲❆ss✐❣♥♠❡♥t ✭❙❙❆✮

✭❡s✐ ❂❂ ✵①✹✽✮ ❛♥❞ ✭❡s✐✶ ❂❂ ✵①✷✵✵✼✮

✸✽ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 39

❙t❡♣s t♦ ❝r❡❛t❡ ❧♦❣✐❝❛❧ ❢♦r♠✉❧❛

◆♦r♠❛❧✐③❡ ♠❛❝❤✐♥❡ ❝♦❞❡ t♦ ▲▲❱▼ ■❘

◮ ▲▲❱▼ ■❘ ✐s s✐♠♣❧❡✱ ♥♦ ♦✈❡r❧❛♣✱ ♥♦ s✐❞❡ ❡✛❡❝t ✭s❡♠❛♥t✐❝ ❡①♣❧✐❝✐t❧②✮ ◮ ▲▲❱▼ ■❘ s✉♣♣♦rts ❙t❛t✐❝ ❙✐♥❣❧❡✲❆ss✐❣♥♠❡♥t ✭❙❙❆✮ ❢♦r t❤❡ st❡♣ ♦❢

❣❡♥❡r❛t✐♥❣ ❧♦❣✐❝❛❧ ❢♦r♠✉❧❛

❚r❛♥s❧❛t❡ ♠❛❝❤✐♥❡ ❝♦❞❡ t♦ ▲▲❱▼ ■❘ ❖♣t✐♠✐③❡ r❡s✉❧t❡❞ ▲▲❱▼ ❜✐t❝♦❞❡

  • ❡♥❡r❛t❡ ❧♦❣✐❝❛❧ ❢♦r♠✉❧❛ ❢r♦♠ ▲▲❱▼ ❜✐t❝♦❞❡

✸✾ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 40
  • ❡♥❡r❛t❡ ❧♦❣✐❝❛❧ ❢♦r♠✉❧❛ ❢r♦♠ ▲▲❱▼ ■❘

❲r♦t❡ ❛ ▲▲❱▼ ♣❛ss t♦ tr❛♥s❧❛t❡ ❜✐t❝♦❞❡ t♦ ❙▼❚ ❧♦❣✐❝❛❧ ❢♦r♠✉❧❛

  • ♦ t❤r♦✉❣❤ t❤❡ ❈❋●✱ ♣❡r❢♦r♠✐♥❣ ❜❧♦❝❦✲❜②✲❜❧♦❝❦ ♦♥ t❤❡ ▲▲❱▼ ❜✐t❝♦❞❡
  • ❡♥❡r❛t❡ ❢♦r♠✉❧❛ ♦♥ ✐♥str✉❝t✐♦♥✲❜②✲✐♥str✉❝t✐♦♥✱ tr❛♥s❧❛t✐♥❣ ❡❛❝❤

✐♥str✉❝t✐♦♥ t♦ ❙▼❚ ❢♦r♠✉❧❛

◮ ❯s❡ t❤❡♦r② ♦❢ ❇✐t❱❡❝t♦r ♦r ❆rr❛②✱ ❞❡♣❡♥❞✐♥❣ ♦♥ ✐♥str✉❝t✐♦♥ ⋆ ❇✐t❱❡❝t♦r t♦ ♠♦❞❡❧ ❛❧❧ ❛r✐t❤♠❡t✐❝ ❛♥❞ ❧♦❣✐❝ ♦♣❡r❛t✐♦♥s ⋆ ❆rr❛② t♦ ♠♦❞❡❧ ♠❡♠♦r② ❛❝❝❡ss❡s ✹✵ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 41

❖♣t✐❘❖P ♠♦❞❡❧

Pr❡♣❛r❛t✐♦♥ st❛❣❡

◮ ❆✉t♦♠❛t✐❝❛❧❧② ❞♦♥❡ ❜② ❖♣t✐❘❖P ♦♥ ❣✐✈❡♥ ❡①❡❝✉t❛❜❧❡ ❜✐♥❛r② ◮ ▲♦♦❦✐♥❣ ❢♦r ❣❛❞❣❡ts✱ t❤❡♥ ❣❡♥❡r❛t❡ ❛♥❞ s❛✈❡ ❣❛❞❣❡t ❢♦r♠✉❧❛s ◮ ❆❧s♦ s❛✈❡ ♠♦❞✐✜❡❞ r❡❣✐st❡rs ✫ st❛❝❦ ♣♦✐♥t❡r ✭❊❙P✴❘❙P✮ ❛❞✈❛♥❝❡❞

❙❡❛r❝❤✐♥❣ ✭❤✉♥t✐♥❣✮ st❛❣❡

◮ ■♥✈♦❧✈❡❞ ✉s❡rs✿ s❡♠❛♥t✐❝ q✉❡r② ❛♥❞ s❡❧❡❝t✐♦♥ ❝r✐t❡r✐❛ ◮ ▲♦♦❦✐♥❣ ❢♦r ❣❛❞❣❡ts ❢r♦♠ t❤❡ s❡t ♦❢ ❝♦❧❧❡❝t❡❞ ❣❛❞❣❡t ❝♦❞❡ ❛♥❞ ❢♦r♠✉❧❛s

❢r♦♠ ♣r❡♣❛r❛t✐♦♥ st❛❣❡

✹✶ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 42

Pr❡♣❛r❛t✐♦♥ st❛❣❡ ✭✶✮

▲♦♦❦✐♥❣ ❢♦r ❣❛❞❣❡ts ✐s ❞♦♥❡ ✐♥ tr❛❞✐t✐♦♥❛❧ ✇❛②

◮ ▲♦❝❛t❡ ❛❧❧ t❤❡ r❡t✉r♥ ✐♥str✉❝t✐♦♥s ✭❘❊❚✮ ◮ ❲❛❧❦ ❜❛❝❦ ❢❡✇ ❜②t❡s ✭♥✉♠❜❡r ♦❢ ❜②t❡s ✐s ❝♦♥✜❣✉r❛❜❧❡✮ ❛♥❞ ✈❡r✐❢② ✐❢ t❤❡

r❛✇ ❝♦❞❡ ✭✉♥t✐❧ ❘❊❚✮ ✐s ❛ ❧❡❣✐t✐♠❛t❡ s❡q✉❡♥❝❡ ♦❢ ✐♥str✉❝t✐♦♥s

◮ ❙❛✈❡ ❛❧❧ t❤❡ ❢♦✉♥❞ ❣❛❞❣❡ts ✹✷ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 43

Pr❡♣❛r❛t✐♦♥ st❛❣❡ ✭✷✮

❖♥ ❡❛❝❤ ❣❛❞❣❡t ❝♦❞❡ ✭❛s♠ ❢♦r♠✮ ❢♦✉♥❞ ✐♥ st❛❣❡ ✶✱ ❣❡♥❡r❛t❡ ♦♥❡ ❙▼❚ ❢♦r♠✉❧❛

◮ ◆♦r♠❛❧✐③❡ ❣❛❞❣❡t ❝♦❞❡ ✭♠❛❝❤✐♥❡ ❝♦❞❡ → ▲▲❱▼ ❜✐t❝♦❞❡✮ ◮ ❖♣t✐♠✐③❡ ❣❛❞❣❡t ❝♦❞❡ ✭▲▲❱▼ ❜✐t❝♦❞❡ → ❖♣t✐♠✐③❡❞ ▲▲❱▼ ❜✐t❝♦❞❡✮ ◮ ●❡♥❡r❛t❡ ❙▼❚ ❢♦r♠✉❧❛ ♦♥ ♥♦r♠❛❧✐③❡❞✰♦♣t✐♠✐③❡❞ ❝♦❞❡ ✭❖♣t✐♠✐③❡❞

▲▲❱▼ ❜✐t❝♦❞❡ → ❙▼❚ ❢♦r♠✉❧❛✮

❲✐t❤ ❡❛❝❤ ❣❛❞❣❡t✱ ❛❧s♦ s❛✈❡ ♠♦❞✐✜❡❞ r❡❣✐st❡rs ✫ st❛❝❦ ♣♦✐♥t❡r ✭❊❙P✴❘❙P✮ ❛❞✈❛♥❝❡❞

◮ ▼♦❞✐✜❡❞ r❡❣✐st❡rs ❛r❡ r❡❝♦❣♥✐③❡❞ ❜② ♠♦❞✐✜❡❞ r❡❣✐st❡rs ❝♦♥t❡♥t ❛t t❤❡

❡♥❞ ♦❢ ❙▼❚ ❢♦r♠✉❧❛

◮ ❙t❛❝❦ ♣♦✐♥t❡r ❛❞✈❛♥❝❡❞ ✐s ❝❛❧❝✉❧❛t❡❞ ♦♥ ❣❛❣❡t ❢♦r♠✉❧❛ t❤❛♥❦s t♦ ❙▼❚

s♦❧✈❡r

✹✸ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 44

❙t❛❝❦ ♣♦✐♥t❡r ❛❞✈❛♥❝❡❞

❆s❦ ❙▼❚ s♦❧✈❡r ❢♦r t❤❡ ❞✐✛❡r❡♥❝❡ ❜❡t✇❡❡♥ ✜♥❛❧ ✈❛❧✉❡ ❛♥❞ ✐♥✐t✐❛❧ ✈❛❧✉❡ ♦❢ st❛❝❦ ♣♦✐♥t❡r

◮ ❊❙P❴✶ ✲ ❊❙P ◮ ❙t❡♣ ✶✿ ●❡t ❛ ♠♦❞❡❧ ✭❛❧✇❛②s s❛t✐s✜❡❞✮ ◮ ❙t❡♣ ✷✿ ❆s❦ ❢♦r ✯❛♥♦t❤❡r✯ ♠♦❞❡❧ ✇✐t❤ ❞✐✛❡r❡♥t ❞✐✛❡r❡♥❝❡ ✈❛❧✉❡ ⋆ ❙❛t✐s✜❛❜❧❡✿ ❊❙P❴✶ ✲ ❊❙P ❂❂ ❋■❳❊❉ → ❡s♣ ❛❞✈❛♥❝❡❞ ✜①❡❞ ♥✉♠❜❡r ♦❢

❜②t❡s

⋆ ❯♥s❛t✐s✜❛❜❧❡✿ ❡s♣ ❛❞✈❛♥❝❡❞ ✉♥❦♥♦✇♥ ♥✉♠❜❡r ♦❢ ❜②t❡s ✭❝♦♥t❡①t

❞❡♣❡♥❞❡♥t✮

✹✹ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 45

❙t❛❝❦ ♣♦✐♥t❡r ❛❞✈❛♥❝❡❞ ✲ ❡①❛♠♣❧❡

✹✺ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 46

Pr✐♠✐t✐✈❡ ❣❛❞❣❡ts ✭✶✮

  • ❛❞❣❡ts ♠♦st❧② ❡✈♦❧✈❡ ❛r♦✉♥❞ r❡❣✐st❡rs✱ ❛♥❞ r❡q✉✐r❡ r❡❣✐st❡rs

◮ P✶✿ ●❛❞❣❡t s❡t r❡❣✐st❡r t♦ ❛♥♦t❤❡r r❡❣✐st❡r ⋆ ❊①✿ ①♦r ❡❛①✱ ❡❛①❀ ♦r ❡❛①✱ ❡❜①❀ r❡t → ❡❛① ❂ ❡❞① ◮ P✷✿ ●❛❞❣❡t s❡t r❡❣✐st❡r t♦ ✐♠♠❡❞✐❛t❡ ❝♦♥st❛♥t ✭✜①❡❞ ❝♦♥❝r❡t❡ ✈❛❧✉❡✮ ⋆ ❊①✿ ♠♦✈ ❡❞✐✱ ✵①✵❀ ❧❡❛ ❡❛①✱ ❬❡❞✐❪❀ ♣♦♣ ❡❞✐❀ r❡t → ❡❛① ❂ ✵

❍✉♥t✐♥❣ ❢♦r ♣r✐♠✐t✐✈❡ ❣❛❞❣❡ts ✭P✶ ✫ P✷✮ ❢r♦♠ t❤❡ s❡t ♦❢ ❝♦❧❧❡❝t❡❞ ❣❛❞❣❡t ❝♦❞❡ ✫ ❢♦r♠✉❧❛s

✹✻ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 47

Pr✐♠✐t✐✈❡ ❣❛❞❣❡ts ✭✷✮

✧◆❛t✉r❛❧✧ ♣r✐♠✐t✐✈❡ ❣❛❞❣❡ts

◮ P◆✶✿ ●❛❞❣❡t s❡t r❡❣✐st❡r t♦ ❛♥♦t❤❡r r❡❣✐st❡r ⋆ ❊①✿ ①♦r ❡❛①✱ ❡❛①❀ ❛❞❞ ❡❛①✱ ❡❜①❀ r❡t → ❡❛① ❂ ❡❞① ◮ P◆✷✿ ●❛❞❣❡t s❡t r❡❣✐st❡r t♦ ✐♠♠❡❞✐❛t❡ ❝♦♥st❛♥t ✭✜①❡❞ ❝♦♥❝r❡t❡ ✈❛❧✉❡✮ ⋆ ❊①✿ ♦r ❡❜①✱ ✵①✛✛✛✛❀ ①❝❤❣ ❡❛①✱ ❡❜①❀ r❡t → ❡❛① ❂ ✵①✛✛✛✛ ◮ ✧❋r❡❡✧ r❡❣✐st❡r✿ P❖P ❣❛❞❣❡t t❤❛t s❡t r❡❣✐st❡r t♦ ✈❛❧✉❡ ♣♦♣✐♥❣ ♦✉t ♦❢

st❛❝❦ ❜♦tt♦♠ ✭t❤✉s ❝❛♥ ❢r❡❡❧② ❣❡t ❛♥② ❝♦♥st❛♥t✮

⋆ ❊①✿ ★ ♣✉s❤ ✵①✶✷✸✹ ✰ ♣♦♣ ❡❛①❀ ✐♥❝ ❡❜①❀ r❡t → ❡❛① ❂ ✵①✶✷✸✹

✧❈❤❛✐♥❡❞✧ ♣r✐♠✐t✐✈❡ ❣❛❞❣❡ts

◮ P❈✶✿ ●❛❞❣❡t s❡t r❡❣✐st❡r t♦ ❛♥♦t❤❡r r❡❣✐st❡r ⋆ ❊①✿ ✭❧❡❛ ❡❝①✱ ❬❡❞①❪❀ r❡t✮ ✰ ✭♠♦✈ ❡❛①✱ ❡❞①❀ r❡t✮ → ❡❛① ❂ ❡❞① ◮ P❈✷✿ ●❛❞❣❡t s❡t r❡❣✐st❡r t♦ ✐♠♠❡❞✐❛t❡ ❝♦♥st❛♥t ✭✜①❡❞ ❝♦♥❝r❡t❡ ✈❛❧✉❡✮ ⋆ ❊①✿ ✭♦r ❡❜①✱ ✵①✛✛✛✛❀ r❡t✮ ✰ ✭①❝❤❣ ❡❛①✱ ❡❜①❀ r❡t✮ → ❡❛① ❂ ✵①✛✛✛✛ ◮ P❈✸✿ ❊q✉❛t✐♦♥✲❞❡r✐✈❡❞ ❣❛❞❣❡t✿ ●❛❞❣❡t ❞❡r✐✈❡❞ ❢r♦♠ ❝♦♠♣✉t❡❞

❡q✉❛t✐♦♥✱ ❛♥❞ r❡q✉✐r❡ ❝♦♥str❛✐♥t t♦ ❛❝❤✐❡✈❡ t❛r❣❡t ❣❛❞❣❡t

⋆ ❊①✿ ✭✐♠✉❧ ❡❝①✱ ❬❡s✐❪✱ ✵①✵❀ r❡t✮ ✰ ✭❛❞❞ ❡❝①✱ ❡❛①❀ r❡t✮ → ❡❝① ❂ ❡❛① ✹✼ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 48

❍✉♥t✐♥❣ ❢♦r ♥❛t✉r❛❧ ❣❛❞❣❡t✿ P◆✶

❯s❡ ❙▼❚ s♦❧✈❡r t♦ ♣r♦✈❡ t❤❡ ❡q✉✐✈❛❧❡♥❝❡ ♦❢ ✷ ❢♦r♠✉❧❛s

✹✽ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 49

❍✉♥t✐♥❣ ❢♦r ♥❛t✉r❛❧ ❣❛❞❣❡t✿ P◆✷

❙✐♠✐❧❛r t♦ ✜♥❞✐♥❣ st❛❝❦ ♣♦✐♥t❡r ❛❞✈❛♥❝❡❞ ✈❛❧✉❡✱ ✉s❡ ❙▼❚ s♦❧✈❡r t♦ ✜♥❞ ✐❢ ❛ r❡❣✐st❡r ❤❛s ❝♦♥st❛♥t ✈❛❧✉❡

✹✾ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 50

❈❤❛✐♥❡❞ ❣❛❞❣❡t

❚r② t♦ ❝❤❛✐♥ ♥❛t✉r❛❧ ❣❛❞❣❡ts t♦ ❛❝❤✐❡✈❡ ❤✐❣❤❡r ❧❡✈❡❧ ❣❛❞❣❡t

◮ P❈✶✰P❈✷✿ ❈♦♠❜✐♥❡ s✐♠♣❧❡ P◆✶ ✫ P◆✷ ❣❛❞❣❡ts t♦❣❡t❤❡r ⋆ ❊①✿ ✭✭♠♦✈ ❡❜①✱ ❡❞①❀ r❡t✮✮ ✰ ✭①❝❤❣ ❡❜①✱ ❡❝①❀ r❡t✮ ✰ ✭❧❡❛ ❡❛①✱ ❬❡❝①❪❀ r❡t✮

→ ❡❛① ❂ ❡❞①

⋆ ❊①✿ ✭✐♠✉❧ ❡❝①✱ ❬❡s✐❪✱ ✵①✵❀ r❡t✮ ✰ ✭①❝❤❣ ❡❝①✱ ❡❛①❀ r❡t✮ → ❡❛① ❂ ✵ ⋆ ❊①✿ ✭★ ♣✉s❤ ✵①✶✷✸✹✮ ✰ ✭♣♦♣ ❡❜♣❀ r❡t✮ ✰ ✭①❝❤❣ ❡❜♣✱ ❡❛①❀ r❡t✮ → ❡❛①

❂ ✵①✶✷✸✹

◮ P❈✸✿ ❊q✉❛t✐♦♥✲❞❡r✐✈❡❞ ❣❛❞❣❡t✿ ●❛❞❣❡t ❞❡r✐✈❡❞ ❢r♦♠ ❝♦♠♣✉t❡❞

❡q✉❛t✐♦♥✱ ❛♥❞ r❡q✉✐r❡ ❝♦♥str❛✐♥t t♦ ❛❝❤✐❡✈❡ t❛r❣❡t ❣❛❞❣❡t

⋆ ❊①✿ ✭✐♠✉❧ ❡❝①✱ ❬❡s✐❪✱ ✵①✵❀ r❡t✮ ✰ ✭❛❞❞ ❡❝①✱ ❡❛①❀ r❡t✮ → ❡❝① ❂ ❡❛① ⋆ ❊①✿ ✭★ ♣✉s❤ ✵①✛✛❡❞❝❝✮✰✭♣♦♣ ❡❞①❀ r❡t✮✰✭①♦r ❡❛①✱ ❡❛①❀ r❡t✮✰✭s✉❜ ❡❛①✱

❡❞①❀ r❡t✮ → ❡❛① ❂ ✵①✶✷✸✹

✺✵ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 51

❍✉♥t✐♥❣ ❢♦r ❝❤❛✐♥❡❞ ❣❛❞❣❡t✿ P❈✶✰P❈✷ ✭✶✮

■❞❡❛✿ ❈❤❛✐♥ ✭r✷ ❂ r✶✮ ✰ ✭r✸ ❂ r✷✮ → r✸ ❂ r✶

  • ❛❞❣❡ts ❝❛♥ ❜❡ ❡✐t❤❡r ♦❢ P◆✶ ♦r P◆✷ t②♣❡

◮ ❊①✿ ✭✭♠♦✈ ❡❜①✱ ❡❞①❀ r❡t✮✮ ✰ ✭①❝❤❣ ❡❜①✱ ❡❝①❀ r❡t✮ ✰ ✭❧❡❛ ❡❛①✱ ❬❡❝①❪❀ r❡t✮

→ ❡❛① ❂ ❡❞①

◮ ❊①✿ ✭✐♠✉❧ ❡❝①✱ ❬❡s✐❪✱ ✵①✵❀ r❡t✮ ✰ ✭①❝❤❣ ❡❝①✱ ❡❛①❀ r❡t✮ → ❡❛① ❂ ✵

❈♦♠❜✐♥❡❞ ✇✐t❤ ✧❢r❡❡ r❡❣✐st❡r✧ ❣❛❞❣❡t t♦ ❛ss✐❣♥ ❛r❜✐tr❛r② ❛r❜✐tr❛r② ❝♦♥st❛♥t t♦ r❡❣✐st❡r

◮ ❊①✿ ✭★ ♣✉s❤ ✵①✶✷✸✹✮ ✰ ✭♣♦♣ ❡❜♣❀ r❡t✮ ✰ ✭①❝❤❣ ❡❜♣✱ ❡❛①❀ r❡t✮ → ❡❛①

❂ ✵①✶✷✸✹

✺✶ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 52

❍✉♥t✐♥❣ ❢♦r ❝❤❛✐♥❡❞ ❣❛❞❣❡t✿ P❈✶✰P❈✷ ✭✷✮

❆❧❣♦r✐t❤♠✿ ❇✉✐❧❞ ❛ tr❡❡ ♦❢ P◆✶ ✫ P◆✷ ❣❛❞❣❡t✱ t❤❡♥ ❜r✐❞❣❡ t❤❡ ♥♦❞❡s t♦❣❡t❤❡r ✭❣r❛♣❤ t❤❡♦r②✮ ❊①✿ ✇✐t❤ ❡❛① ❂ ④❡❜①✱ ❡❞①✱ ❡s✐✱ ❡❜♣⑥❀ ❡❞① ❂ ④❡❞✐✱ ❡❝①✱ ❈❖◆❙❚❆◆❚⑥✿

◮ ❇r✐❞❣❡ ❡❝① → ❡❛①✿ ✭❡❞① ❂ ❡❝①✮ ✰ ✭❡❛① ❂ ❡❞①✮ → ✭❡❛① ❂ ❡❝①✮ ◮ ❇r✐❞❣❡ ❈❖◆❙❚❆◆❚ → ❡❛①✿ ✭❡❞① ❂ ❈❖◆❙❚❆◆❚✮ ✰ ✭❡❛① ❂ ❡❞①✮ →

✭❡❛① ❂ ❈❖◆❙❚❆◆❚✮

✺✷ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 53

❍✉♥t✐♥❣ ❢♦r ❝❤❛✐♥❡❞ ❣❛❞❣❡t✿ P❈✸ ✭✶✮

P❈✸✿ ❊q✉❛t✐♦♥✲❞❡r✐✈❡❞ ❣❛❞❣❡t✿ ●❛❞❣❡t ❞❡r✐✈❡❞ ❢r♦♠ ❝♦♠♣✉t❡❞ ❡q✉❛t✐♦♥ ❘❡q✉✐r❡ ❝♦♥str❛✐♥t t♦ ❛❝❤✐❡✈❡ t❛r❣❡t ❣❛❞❣❡t ❊①✿ ✭★ ①♦r ❡❛①✱ ❡❛①❀ ✐♥❝ ❡❛①❀ r❡t✮ ✰ ✭✐♠✉❧ ❡❛①✱ ❡❞①❀ r❡t✮ ✰ ✭❛❞❞ ❡❛①✱ ❡❜①✮ → ❡❛① ❂ ✵①✶✷✸✹ ❊①✿ ✭♠♦✈ ❡❛①✱ ✵①✶✸❀ r❡t✮ ✰ ✭★ ♣✉s❤ ✵①✶✷✷✶✮ ✰ ✭♣♦♣ ❡❞①❀ r❡t✮ ✰ ✭❛❞❞ ❡❛①✱ ❡❜①✮ → ❡❛① ❂ ✵①✶✷✸✹

✺✸ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 54

❍✉♥t✐♥❣ ❢♦r ❝❤❛✐♥❡❞ ❣❛❞❣❡t✿ P❈✸ ✭✷✮

  • ❡♥❡r❛t❡ ❙▼❚ ❢♦r♠✉❧❛ ❜❛s❡❞ ♦♥ ❦♥♦✇♥ ❝♦♥str❛✐♥ts ✭✜①❡❞ ✫ ❢r❡❡

r❡❣✐st❡rs✮✱ t❤❡♥ ❛s❦ ❙▼❚ s♦❧✈❡r ❢♦r ❛ ♠♦❞❡❧ ♦❢ ❢r❡❡ r❡❣✐st❡rs

◮ ❊①✿ ✭★ ♣✉s❤ ✵①✛✛✛❢✽✮ ✰ ✭♣♦♣ ❡s✐❀ ✐♥❝ ❡❜♣❀ r❡t✮ ✰ ✭❧❡❛ ❡❛①✱

❬❡❞①✰❡s✐✰✵①✽❪❀ r❡t✮ → ❡❛① ❂ ❡❞①

◮ ❊①✿ ✭①♦r ❡❛①✱ ❡❛①❀ r❡t✮ ✰ ✭♥♦t ❡❛①❀ r❡t✮ ✰ ✭❛♥❞ ❡❛①✱ ❡❞①❀ r❡t✮ ✰ ✭❛❞❞

❡❛①✱ ❡❜①✮ → ❡❛① ❂ ❡❞①

✺✹ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 55

▲❖❆❉ ❣❛❞❣❡t

r✶ ❂ r✷

◮ P◆✶ ♦r P❈✷ ♦r P❈✸ ◮ ❈♦♠❜✐♥❡❞ ❣❛❞❣❡t ✧P❯❙❍ r✶✧ ✇✐t❤ ✧❋r❡❡✧ r❡❣✐st❡r ❣❛❞❣❡t ♦❢ r✷ ◮ ❈♦♠❜✐♥❡ ❛❧❧ ♠❡t❤♦❞s ⋆ ✭r✸ ❂ r✷✮ ✰ ✭r✹ ❂ ✵✮ ✰ ✭r✶ ❂ r✹ ✰ r✸✮ → r✶ ❂ r✷

r✶ ❂ ❈❖◆❙❚❆◆❚

◮ P◆✷ ♦r P❈✷ ♦r P❈✸ ◮ ❈♦♠❜✐♥❡ ❛❧❧ ♠❡t❤♦❞s ⋆ ✭r✸ ❂ ✵①✶✵✮ ✰ ✭r✷ ❂ ✵①✸✽✮ ✰ ✭r✶ ❂ r✷ ✲ r✸✮ → r✶ ❂ ✵①✷✽

r✶ ❂ ❬r✷❪

◮ ❈❤❛✐♥ ❣❛❞❣❡t s❡t ♠❡♠♦r② ❛❞❞r❡ss t♦ ❛ r❡❣✐st❡r ✰ ❣❛❞❣❡t r❡❛❞✐♥❣

♠❡♠♦r②

⋆ ✭r✸ ❂ r✷✮ ✰ ✭r✹ ❂ ❬r✸❪✮ ✰ ✭r✶ ❂ r✹✮ → r✶ ❂ r✷ ✺✺ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 56

❙❚❖❘❊ ❣❛❞❣❡t

◗✉❡r② ❬r✶❪ ❂ r✷ ◗✉❡r② ❬❈❖◆❙❚❆◆❚❪ ❂ r✷

◮ ❙✐♠✐❧❛r t♦ ▲❖❆❉ ❣❛❞❣❡t✿ ✉s❡✴❝❤❛✐♥ ♣r✐♠✐t✐✈❡ ❣❛❞❣❡ts ✺✻ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 57

❆❉❏❯❙❚ ❣❛❞❣❡t

r✶ ✰❂ ❈❖◆❙❚❆◆❚

◮ ✭r ✰❂ ✽✮ ✰ ✭r ✰❂✽✮ ✰ ✭r ✰❂ ✶✮ → r✰❂ ✶✼ ⋆ ✭❛❞❞ ❡❛①✱ ✽❀ r❡t✮ ✰ ✭❛❞❞ ❡❛①✱ ✽❀ r❡t✮ ✰ ✭✐♥❝ ❡❛①❀ r❡t✮ → ❡❛① ✰❂ ✶✼

❋✐♥❞ ❛❧❧ t❤❡ ✧✜①❡❞✧ r❡❣✐st❡r ❣❛❞❣❡t ♦❢ t❤✐s r❡❣✐st❡r ❆s❦ ❙▼❚ s♦❧✈❡r ❢♦r ❛ ♠♦❞❡❧ ♦❢ ❧✐♥❡❛r ❡q✉❛t✐♦♥ s♦ t❤❡ t♦t❛❧ ✐s ❈❖◆❙❚❆◆❚ ❚r② t♦ ❣❡t ❛ ♠♦❞❡❧ ✇✐t❤ ♠✐♥✐♠❛❧ ✈❛❧✉❡s ♦❢ ❧✐♥❡❛r ✈❛r✐❛❜❧❡s

◮ ❋♦r♠✉❧❛✿ ❛✶ ✯ ✽ ✰ ❛✷ ✯✶ ❂❂ ✶✼ ✫ ✭❛✶ ✰ ❛✷✮ ❂ ▼■◆ → ❛✶ ❂ ✷✱ ❛✷ ❂

✺✼ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 58

❈❆▲▲ ❣❛❞❣❡t

❝❛❧❧ r

◮ ❈❤❛✐♥ ✭r ❂ r✶✮ ✰ ✭❈❆▲▲ r✶✮

❝❛❧❧ ❬r❪

◮ ❈❤❛✐♥ ✭r✶ ❂ r✮ ✰ ✭❈❆▲▲ ❬r✶❪✮

❝❛❧❧ ❬❈❖◆❙❚❆◆❚❪

◮ ❈❤❛✐♥ ✭r✶ ❂ ❈❖◆❙❚❆◆❚✮ ✰ ✭❈❆▲▲ ❬r✶❪✮ ✺✽ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 59

▲✐✈❡ ❞❡♠♦

✺✾ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 60

P❡r❢♦r♠❛♥❝❡ ♦♣t✐♠✐③❛t✐♦♥ ✉s❡❞ ✐♥ ❖♣t✐❘❖P

❋❛st✲♣❛t❤ ♦♣t✐♠✐③❛t✐♦♥

◮ ❋❛st ♣❛t❤s ❛r❡ ❡①❡❝✉t❡❞ ✜rst✱ s❧♦✇ ♣❛t❤s ❝♦♠❡ ❧❛t❡r ✭①✸✮ ◮ ❙▼❚ s♦❧✈❡r ✐s ❡①❡❝✉t❡❞ ❛s t❤❡ ❧❛st ❝❤♦✐❝❡✱ ✇❤❡♥ ♥♦t❤✐♥❣ ❡❧s❡ ❝❛♥

r❡❛s♦♥ ❛❜♦✉t t❤❡ ❢♦r♠✉❧❛

❈❛❝❤✐♥❣ ♣r♦❝❡ss❡❞ ❢♦r♠✉❧❛s t♦ ❛✈♦✐❞ r❡❝❛❧❝✉❧❛t✐♦♥ ✭①✷✮ P❛r❛❧❧❡❧ s❡❛r❝❤✐♥❣ ✭①✽✮

◮ ▼✉❧t✐♣❧❡ t❤r❡❛❞s✱ ❡❛❝❤ t❤r❡❛❞ ✈❡r✐✜❡s ♦♥❡ ❝❛♥❞✐❞❛t❡❞ ❢♦r♠✉❧❛

✐♥❞❡♣❡♥❞❡♥t❧②

Pr❡✲❝❛❧❝✉❧❛t❡❞ ❛s✲♠✉❝❤✲❛s✲♣♦ss✐❜❧❡ ✭①✶✵✮

◮ ▼♦❞✐✜❡❞ r❡❣✐st❡rs✱ st❛❝❦ ♣♦✐♥t❡r ❛❞✈❛♥❝❡❞✱ ✜①❡❞ r❡❣✐st❡rs✱ ❢r❡❡

r❡❣✐st❡rs✱ ✳✳✳

❈♦❞❡ s❧✐❝✐♥❣ ❛♣♣❧✐❡❞ ♦♥ s❡❧❡❝t❡❞ q✉❡r✐❡s ✭①✷✮

✻✵ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 61

❈♦❞❡ s❧✐❝✐♥❣

❖♥❧② ❝♦♥s✐❞❡r t❤❡ s❡t ♦❢ ✐♥str✉❝t✐♦♥s t❤❛t ♠❛② ❛✛❡❝t t❤❡ ✈❛❧✉❡s ❛t s♦♠❡ ♣♦✐♥t ♦❢ ✐♥t❡r❡st ❙❧✐❝✐♥❣ ♣❡r❢♦r♠❡❞ ♦♥ r❡❧❛t❡❞ r❡❣✐st❡rs s✐❣♥✐✜❝❛♥t❧② r❡❞✉❝❡ t❤❡ s✐③❡ ♦❢ ❢♦r♠✉❧❛ t♦ ❜❡ ✈❡r✐✜❡❞ ❙❧✐❝✐♥❣ ✐s ❞♦♥❡ ♦♥ t❤❡ ❣❛❞❣❡t✬s ❢♦r♠✉❧❛✱ r❛t❤❡r t❤❛♥ ❡❛r❧✐❡r ♣❤❛s❡s

  • ❛❞❣❡t ❝♦❞❡ ✲ ❙▼❚ ❢♦r♠✉❧❛ ✲ ❙❧✐❝✐♥❣ ♦♥ ❊❆❳

✻✶ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 62

❖♣t✐❘❖P ✐♠♣❧❡♠❡♥t❛t✐♦♥

❲❡❜ ✰ ❝♦♠♠❛♥❞❧✐♥❡ ✐♥t❡r❢❛❝❡ ❋r❛♠❡✇♦r❦ t♦ tr❛♥s❧❛t❡ ①✽✻ ❝♦❞❡ t♦ ▲▲❱▼ ■❘ ❋r❛♠❡✇♦r❦ t♦ ❣❡♥❡r❛t❡ ❙▼❚ ❢♦r♠✉❧❛ ❢r♦♠ ▲▲❱▼ ❜✐t❝♦❞❡ ❋r❛♠❡✇♦r❦ ❢♦r ❝♦❞❡ s❧✐❝✐♥❣ ♦♥ ❙▼❚ ❢♦r♠✉❧❛ ❙✉♣♣♦rt ♥❡✉tr❛❧ ❞✐s❛ss❡♠❜❧② ❡♥❣✐♥❡ t♦ ❞✐s❛ss❡♠❜❧❡ ♠❛❝❤✐♥❡ ❝♦❞❡ ✭♥♦r♠❛❧✐③❛t✐♦♥ ♣❤❛s❡✮ ✭①✽✻ ✰ ①✽✻✲✻✹✮ ✯ ✭❲✐♥❞♦✇s P❊ ✰ ▼❛❝❖❙❳ ▼❛❝❤✲❖ ✰ ▲✐♥✉① ❊▲❋ ✰ ❘❛✇ ❜✐♥❛r②✮ ❯s❡ ❩✸ s♦❧✈❡r t♦ ♣r♦❝❡ss ❧♦❣✐❝❛❧ ❢♦r♠✉❧❛s ✭♦♣❛q✉❡ ♣r❡❞✐❝❛t❡✮ ■♠♣❧❡♠❡♥t❡❞ ✐♥ P②t❤♦♥ ✫ ❈✰✰

✻✷ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 63

❋✉t✉r❡ ✇♦r❦s

▼♦r❡ ♠❡t❤♦❞s t♦ ❝❤❛✐♥ ❣❛❞❣❡ts ▼♦r❡ ❤✐❣❤❡r✲❧❡✈❡❧ ❣❛❞❣❡ts ❋✉❧❧✲❝♦♠♣✐❧❡r✲❜❛s❡❞ ✐♠♣❧❡♠❡♥t❛t✐♦♥ ❙✉♣♣♦rt ♦t❤❡r ❤❛r❞✇❛r❡ ♣❧❛t❢♦r♠s✿ ❆❘▼ ✭❛♥②t❤✐♥❣ ❡❧s❡❄✮ ❉❡♣❧♦②❡❞ ❖♣t✐❘❖P ❛s ❛♥ ✐♥❞❡♣❡♥❞❡♥t t♦♦❧s❡t ❢♦r ❡①♣❧♦✐t❛t✐♦♥ ❞❡✈❡❧♦♣❡rs ❚♦ ❜❡ ❧❛✉♥❝❤❡❞ t♦ ♣✉❜❧✐❝ ❧❛t❡r ✭❛❢t❡r ♠♦r❡ ❜✉❣✜①❡s✴❝♦❞❡ ♣♦❧✐s❤✐♥❣✮

◮ ❲❛t❝❤ ♦✉t ❢♦r ❤tt♣✿✴✴♦♣t✐r♦♣✳❝♦s❡✐♥❝✳❝♦♠ ✻✸ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 64

❈♦♥❝❧✉s✐♦♥s

❖♣t✐❘❖P ✐s ❛♥ ✐♥♥♦✈❛t✐✈❡ ❛♣♣r♦❛❝❤ t♦ ✜♥❞ ❘❖P ❣❛❞❣❡ts

◮ ◆❛t✉r❛❧ ❛♥❞ ❡❛s② s❡♠❛♥t✐❝ q✉❡st✐♦♥s s✉♣♣♦rt❡❞ ◮ ❯s❡r✲♣r♦✈✐❞❡❞ ❝r✐t❡r✐❛s ❝❛♥ ✜❧t❡r ♦✉t ✉♥✇❛♥t❡❞ ❣❛❞❣❡ts ◮ ❈❤❛✐♥ s❡❧❡❝t❡❞ ❣❛❞❣❡ts ✐❢ ♥❛t✉r❛❧ ❣❛❞❣❡t ✐s ✉♥❛✈❛✐❧❛❜❧❡ ◮ ✭①✽✻ ✰ ①✽✻✲✻✹✮ ✯ ✭❲✐♥❞♦✇s P❊ ✰ ▼❛❝❖❙❳ ▼❛❝❤✲❖ ✰ ▲✐♥✉① ❊▲❋✮ ◮ ❈♦♠♠❛♥❞❧✐♥❡ ✫ ✇❡❜✲❜❛s❡❞ t♦♦❧ ❛✈❛✐❧❛❜❧❡ ◮ ■♥t❡r♥❛❧❧② ✉s❡❞ ❝♦♠♣✐❧❡r t❡❝❤♥✐q✉❡s ✫ ❙▼❚ s♦❧✈❡r

❲✐❧❧ ❜❡ ❢r❡❡❧② ❛✈❛✐❧❛❜❧❡ t♦ ♣✉❜❧✐❝ s♦♦♥

✻✹ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 65

❖♣t✐❘❖P ✈❡rs✉s ♦t❤❡rs

❋❡❛t✉r❡s ❘♦♣▼❡ ❘♦♣●❛❞❣❡t ■♠♠❉❜❣ ❖♣t✐❘❖P ❙②♥t❛❝t✐❝ q✉❡r②

  • ❙❡♠❛♥t✐❝ q✉❡r②

❳ ❳

  • ❈❤❛✐♥ ❣❛❞❣❡ts

❳ ❳ ❳

  • P❊⑤❊▲❋⑤▼✲❖ ✭①✽✻✮

⑤⑤ ⑤⑤❳ ⑤❳⑤❳ ⑤⑤ P❊⑤❊▲❋⑤▼✲❖ ✭①✽✻✲✻✹✮ ⑤⑤ ⑤⑤❳ ❳⑤❳⑤❳ ⑤⑤

✻✺ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 66

❘❡❢❡r❡♥❝❡s

▲▲❱▼ ♣r♦❥❡❝t✿ ❤tt♣✿✴✴❧❧✈♠✳♦r❣ ▲▲❱▼ ♣❛ss❡s✿ ❤tt♣✿✴✴✇✇✇✳❧❧✈♠✳♦r❣✴❞♦❝s✴P❛ss❡s✳❤t♠❧ ❩✸ ♣r♦❥❡❝t✿ ❤tt♣✿✴✴③✸✳❝♦❞❡♣❧❡①✳❝♦♠ ❘❖P▼❊✿ ❤tt♣✿✴✴r♦♣s❤❡❧❧✳❝♦♠ ❘❖P❣❛❞❣❡t✿ ❤tt♣✿✴✴s❤❡❧❧✲st♦r♠✳♦r❣✴♣r♦❥❡❝t✴❘❖P❣❛❞❣❡t✴ ■♠♠✉♥✐t②❉❜❣✿ ❤tt♣✿✴✴✇✇✇✳✐♠♠✉♥✐t②✐♥❝✳❝♦♠ ◆❣✉②❡♥ ❆♥❤ ◗✉②♥❤✱ ❖♣t✐❙✐❣✿ s❡♠❛♥t✐❝ s✐❣♥❛t✉r❡ ❢♦r ♠❡t❛♠♦r♣❤✐❝ ♠❛❧✇❛r❡✱ ❇❧❛❝❦❤❛t ❊✉r♦♣❡ ✷✵✶✸ ◆❣✉②❡♥ ❆♥❤ ◗✉②♥❤✱ ❖♣t✐❈♦❞❡✿ ♠❛❝❤✐♥❡ ❝♦❞❡ ❞❡♦❜❢✉s❝❛t✐♦♥ ❢♦r ♠❛❧✇❛r❡ ❛♥❛❧②st✱ ❙②s❝❛♥ ❙✐♥❣❛♣♦r❡ ✷✵✶✸

✻✻ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡

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SLIDE 67

◗✉❡st✐♦♥s ❛♥❞ ❛♥s✇❡rs

❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡ ◆❣✉②❡♥ ❆♥❤ ◗✉②♥❤ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃

✻✼ ✴ ✻✼ ◆●❯❨❊◆ ❆♥❤ ◗✉②♥❤✱ ❈❖❙❊■◆❈ ❁❛q✉②♥❤ ✲❛t✲ ❣♠❛✐❧✳❝♦♠❃ ❖♣t✐❘❖P✿ ❍✉♥t✐♥❣ ❢♦r ❘❖P ❣❛❞❣❡ts ✐♥ st②❧❡