trs tr - - PowerPoint PPT Presentation

t rs
SMART_READER_LITE
LIVE PREVIEW

trs tr - - PowerPoint PPT Presentation

trs tr trs tr r


slide-1
SLIDE 1

▼♦♥✐t♦rs

■◆❋✹✶✹✵

✷✶✳✵✾✳✶✶

▲❡❝t✉r❡ ✹

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✶ ✴ ✸✹

slide-2
SLIDE 2

❖✈❡r✈✐❡✇

❈♦♥❝✉rr❡♥t ❡①❡❝✉t✐♦♥ ♦❢ ❞✐✛❡r❡♥t ♣r♦❝❡ss❡s ❈♦♠♠✉♥✐❝❛t✐♦♥ ❜② s❤❛r❡❞ ✈❛r✐❛❜❧❡s Pr♦❝❡ss❡s ♠❛② ✐♥t❡r❢❡r❡ ① ❂ ✵❀ ❝♦ ① ❂ ① ✰ ✶ ⑤⑤ ① ❂ ① ✰ ✷ ♦❝ ✜♥❛❧ ✈❛❧✉❡ ♦❢ ① ✇✐❧❧ ❜❡ ✶✱ ✷✱ ♦r ✸ ❛✇❛✐t ❧❛♥❣✉❛❣❡ ✕ ❛t♦♠✐❝ r❡❣✐♦♥s ① ❂ ✵❀ ❝♦ ❁① ❂ ① ✰ ✶❃ ⑤⑤ ❁① ❂ ① ✰ ✷❃ ♦❝ ✜♥❛❧ ✈❛❧✉❡ ♦❢ ① ✇✐❧❧ ❜❡ ✸ ❙♣❡❝✐❛❧ t♦♦❧s ❢♦r s②♥❝❤r♦♥✐③❛t✐♦♥✿ ▲❛st ✇❡❡❦✿ ❙❡♠❛♣❤♦r❡s ❚♦❞❛②✿ ▼♦♥✐t♦rs

▼❛✐♥ ✐❞❡❛s ■♠♣♦rt❛♥t s②♥❝❤r♦♥✐③❛t✐♦♥ ♣r♦❜❧❡♠s

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✷ ✴ ✸✹

slide-3
SLIDE 3

❙❡♠❛♣❤♦r❡s

s②♥❝❤r♦♥✐③❛t✐♦♥ ✈❛r✐❛❜❧❡s✿ s❡♠ s = ✶; ❖♥❧② t✇♦ ♦♣❡r❛t✐♦♥s✿ P(s) ❛♥❞ ❱ (s) ❙❡♣❛r❛t✐♦♥ ♦❢ ❜✉s✐♥❡ss ❛♥❞ s②♥❝❤r♦♥✐③❛t✐♦♥ ❝♦❞❡ Pr♦❣r❛♠♠✐♥❣ ✇✐t❤ s❡♠❛♣❤♦r❡s ❝❛♥ ❜❡ tr✐❝❦②✿ ❋♦r❣♦tt❡♥ P ♦r ❱ ♦♣❡r❛t✐♦♥s ❖♥❡ t♦♦ ♠❛♥② P ♦r ❱ ♦♣❡r❛t✐♦♥s ❙❤❛r❡❞ ❜❡t✇❡❡♥ ♣r♦❝❡ss❡s

  • ❧♦❜❛❧ ❦♥♦✇❧❡❞❣❡

▼❛② ♥❡❡❞ t♦ ❡①❛♠✐♥❡ ❛❧❧ ♣r♦❝❡ss❡s t♦ s❡❡ ❤♦✇ ❛ s❡♠❛♣❤♦r❡ ✇♦r❦s

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✸ ✴ ✸✹

slide-4
SLIDE 4

▼♦♥✐t♦rs

Pr♦❣r❛♠ ♠♦❞✉❧❡s ✇✐t❤ ♠♦r❡ str✉❝t✉r❡ t❤❛♥ s❡♠❛♣❤♦r❡s ▼♦♥✐t♦rs ❛r❡ ❛ ❞❛t❛ ❛❜str❛❝t✐♦♥ ♠❡❝❤❛♥✐s♠ ❉❛t❛ ✐♥ t❤❡ ♠♦♥✐t♦r ✐s ❡♥❝❛♣s✉❧❛t❡❞ ❛♥❞ ✐s ♠❛♥✐♣✉❧❛t❡❞ ✉s✐♥❣ ♠♦♥✐t♦r ♣r♦❝❡❞✉r❡s

❈♦♥t❛✐♥s ✈❛r✐❛❜❧❡s t❤❛t ❞❡s❝r✐❜❡ t❤❡ st❛t❡ ❱❛r✐❛❜❧❡s ❝❛♥ ❜❡ ❝❤❛♥❣❡❞ ♦♥❧② t❤r♦✉❣❤ t❤❡ ❛✈❛✐❧❛❜❧❡ ♣r♦❝❡❞✉r❡s

■♠♣❧✐❝✐t ♠✉t❡①✦

❚✇♦ ♣r♦❝❡❞✉r❡s ✐♥ t❤❡ s❛♠❡ ♠♦♥✐t♦r ❛r❡ ♥❡✈❡r ❡①❡❝✉t❡❞ ❝♦♥❝✉rr❡♥t❧②

❈♦♥❞✐t✐♦♥ s②♥❝❤r♦♥✐③❛t✐♦♥ ❣✐✈❡♥ ❜② ❝♦♥❞✐t✐♦♥ ✈❛r✐❛❜❧❡s

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✹ ✴ ✸✹

slide-5
SLIDE 5

❯s❛❣❡

❆❝t✐✈❡ ♣r♦❝❡ss❡s ❛♥❞ ♣❛ss✐✈❡ ♠♦♥✐t♦rs ❆❧❧ s❤❛r❡❞ ✈❛r✐❛❜❧❡s ✐♥s✐❞❡ t❤❡ ♠♦♥✐t♦r

Pr♦❝❡ss❡s ❝♦♠♠✉♥✐❝❛t❡ ❜② ❝❛❧❧✐♥❣ ♠♦♥✐t♦r ♣r♦❝❡❞✉r❡s

Pr♦❝❡ss❡s ❞♦ ♥♦t ♥❡❡❞ t♦ ❦♥♦✇ ❛❧❧ t❤❡ ✐♠♣❧❡♠❡♥t❛t✐♦♥ ❞❡t❛✐❧s

❖♥❧② t❤❡ ✈✐s✐❜❧❡ ❡✛❡❝ts ♦❢ t❤❡ ❝❛❧❧❡❞ ♣r♦❝❡❞✉r❡ ❛r❡ ✐♠♣♦rt❛♥t

❚❤❡ ✐♠♣❧❡♠❡♥t❛t✐♦♥ ❝❛♥ ❜❡ ❝❤❛♥❣❡❞ ✐❢ t❤❡ ✈✐s✐❜❧❡ ❡✛❡❝t r❡♠❛✐♥s t❤❡ s❛♠❡ ❚❤✐s ♠❡❛♥s t❤❛t ♠♦♥✐t♦rs ❛♥❞ ♣r♦❝❡ss❡s ❝❛♥ ❜❡ ❞❡✈❡❧♦♣❡❞ r❡❧❛t✐✈❡❧② ✐♥❞❡♣❡♥❞❡♥t❧② →❊❛s✐❡r t♦ ✉♥❞❡rst❛♥❞ ❛♥❞ ❞❡✈❡❧♦♣ ♣❛r❛❧❧❡❧ ♣r♦❣r❛♠s

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✺ ✴ ✸✹

slide-6
SLIDE 6

❙②♥t❛① ✫ s❡♠❛♥t✐❝s

♠♦♥✐t♦r ♥❛♠❡ ④ ♠♦♥✐t♦r ✈❛r✐❛❜❧❡ ★ s❤❛r❡❞ ❣❧♦❜❛❧ ✈❛r✐❛❜❧❡ ✐♥✐t✐❛❧✐③❛t✐♦♥ ★ ❢♦r t❤❡ ♠♦♥✐t♦r✬s ♣r♦❝❡❞✉r❡s ♣r♦❝❡❞✉r❡s ⑥ ❆ ♠♦♥✐t♦r ✐s ❛♥ ✐♥st❛♥❝❡ ♦❢ ❛♥ ❛❜str❛❝t ❞❛t❛ t②♣❡✿ ❖♥❧② t❤❡ ♣r♦❝❡❞✉r❡✬s ♥❛♠❡ ✐s ✈✐s✐❜❧❡ ❢r♦♠ ♦✉ts✐❞❡ t❤❡ ♠♦♥✐t♦r✿ ❝❛❧❧ ♥❛♠❡✳♦♣♥❛♠❡✭❛r❣✉♠❡♥ts✮ ❙t❛t❡♠❡♥ts ✐♥s✐❞❡ ❛ ♠♦♥✐t♦r ❞♦ ♥♦t ❤❛✈❡ ❛❝❝❡ss t♦ ✈❛r✐❛❜❧❡s ♦✉ts✐❞❡ t❤❡ ♠♦♥✐t♦r✳ ▼♦♥✐t♦r ✈❛r✐❛❜❧❡s ❛r❡ ✐♥✐t✐❛❧✐③❡❞ ❜❡❢♦r❡ t❤❡ ♠♦♥✐t♦r ✐s ✉s❡❞ ❆ ♠♦♥✐t♦r ✐♥✈❛r✐❛♥t ✐s ✉s❡❞ t♦ ❞❡s❝r✐❜❡ t❤❡ ♠♦♥✐t♦r✬s ✐♥♥❡r st❛t❡s

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✻ ✴ ✸✹

slide-7
SLIDE 7

■♠♣❧✐❝✐t ♠✉t❡①

■♥ ♠♦♥✐t♦rs✱ ♠✉t❡① ✐s ✐♠♣❧✐❝✐t ✐♥ t❤❡ ✐♠♣❧❡♠❡♥t❛t✐♦♥ ♦❢ t❤❡ ❧❛♥❣✉❛❣❡ ❆ ♣r♦❝❡❞✉r❡ ✐s ❛❝t✐✈❡ ✐❢ ❛ st❛t❡♠❡♥t ✐♥ t❤❡ ♣r♦❝❡❞✉r❡ ✐s ❡①❡❝✉t❡❞ ❜② s♦♠❡ ♣r♦❝❡ss ❆t ♠♦st ♦♥❡ ✐♥st❛♥❝❡ ♦❢ ❛ ♠♦♥✐t♦r ♣r♦❝❡❞✉r❡ ❝❛♥ ❜❡ ❛❝t✐✈❡ ❛t ❛ t✐♠❡ ❲❡ ❛r❡ ❣✉❛r❛♥t❡❡❞ ❢r❡❡❞♦♠ ❢r♦♠ ✐♥t❡r❢❡r❡♥❝❡ ❢♦r ♠♦♥✐t♦r ♣r♦❝❡❞✉r❡s ❚❤❡ ♣r♦❣r❛♠♠❡r ❞♦❡s ♥♦t ♥❡❡❞ t♦ ✉s❡ ❛♥② ❛❞ ❤♦❝ ♠❡t❤♦❞s ❢♦r ♠✉t❡① ❆t ❛ ❧♦✇❡r ❧❡✈❡❧ ♦❢ ❛❜str❛❝t✐♦♥✱ ♠♦♥✐t♦rs ❝❛♥ ❜❡ ✐♠♣❧❡♠❡♥t❡❞ ✉s✐♥❣ ❧♦❝❦s ♦r s❡♠❛♣❤♦r❡s

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✼ ✴ ✸✹

slide-8
SLIDE 8

❈♦♥❞✐t✐♦♥ ✈❛r✐❛❜❧❡s

▼♦♥✐t♦rs ❤❛✈❡ ❛ s♣❡❝✐❛❧ t②♣❡ ♦❢ ✈❛r✐❛❜❧❡✿ ❝♦♥❞ ✭❝♦♥❞✐t✐♦♥✮ ❯s❡❞ t♦ ❞❡❧❛② ♣r♦❝❡ss❡s ❊❛❝❤ s✉❝❤ ✈❛r✐❛❜❧❡ ✐s ❛ss♦❝✐❛t❡❞ ✇✐t❤ ❛ ✇❛✐t ❝♦♥❞✐t✐♦♥ ❚❤❡ ✈❛❧✉❡ ♦❢ ❛ ❝♦♥❞✐t✐♦♥ ✈❛r✐❛❜❧❡ ✐s ❛ q✉❡✉❡ ♦❢ ❞❡❧②❡❞ ♣r♦❝❡ss❡s ❚❤❡ ✈❛❧✉❡ ✐s ♥♦t ❞✐r❡❝t❧② ❛❝❝❡ss✐❜❧❡ t♦ t❤❡ ♣r♦❣r❛♠♠❡r ■♥st❡❛❞✱ ♦♥❡ ❝❛♥ ♠❛♥✐♣✉❧❛t❡ ✐t ✉s✐♥❣ s♣❡❝✐❛❧ ♦♣❡r❛t✐♦♥s

❝♦♥❞ ❝✈❀ ★ ❞❡❝❧❛r❡s ❛ ❝♦♥❞✐t✐♦♥ ✈❛r✐❛❜❧❡ ❝✈ ❡♠♣t②✭❝✈✮❀ ★ ❛s❦s ✐❢ t❤❡ q✉❡✉❡ ♦♥ ❝✈ ✐s ❡♠♣t② ✇❛✐t✭❝✈✮❀ ★ ❝❛✉s❡s t❤❡ ♣r♦❝❡ss t♦ ✇❛✐t ✐♥ t❤❡ q✉❡✉❡ t♦ ❝✈ s✐❣♥❛❧✭❝✈✮❀ ★ ✇❛❦❡s ✉♣ ❛ ♣r♦❝❡ss ✐♥ t❤❡ q✉❡✉❡ t♦ ❝✈ s✐❣♥❛❧❴❛❧❧✭❝✈✮❀ ★ ✇❛❦❡s ✉♣ ❛❧❧ ♣r♦❝❡ss❡s ✐♥ t❤❡ q✉❡✉❡ t♦ ❝✈

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✽ ✴ ✸✹

slide-9
SLIDE 9

❊①❛♠♣❧❡✿ ■♠♣❧❡♠❡♥t❛t✐♦♥ ♦❢ s❡♠❛♣❤♦r❡s

❆ ♠♦♥✐t♦r ✇✐t❤ P ❛♥❞ ❱ ♦♣❡r❛t✐♦♥s✿ ♠♦♥✐t♦r ❙❡♠❛♣❤♦r❡ ④ ★ ♠♦♥✐t♦r ✐♥✈❛r✐❛♥t✿ s❃❂✵ ✐♥t s ❂ ✵❀ ★ ✈❛❧✉❡ ♦❢ s❡♠❛♣❤♦r❡ ❝♦♥❞ ♣♦s❀ ★ ✇❛✐t ❝♦♥❞✐t✐♦♥ ♣r♦❝❡❞✉r❡ Ps❡♠✭✮ ④ ✇❤✐❧❡ ✭s❂❂✵✮ ✇❛✐t✭♣♦s✮❀ s ❂ s✲✶❀ ⑥ ♣r♦❝❡❞✉r❡ ❱s❡♠✭✮ ④ s❂s✰✶❀ s✐❣♥❛❧✭♣♦s✮❀ ⑥ ⑥

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✾ ✴ ✸✹

slide-10
SLIDE 10

❙✐❣♥❛❧✐♥❣ ❞✐s❝✐♣❧✐♥❡s

❆ s✐❣♥❛❧ ♦♥ ❛ ❝♦♥❞✐t✐♦♥ ✈❛r✐❛❜❧❡ ❝✈ ❤❛s t❤❡ ❢♦❧❧♦✇✐♥❣ ❡✛❡❝t✿ ❡♠♣t② q✉❡✉❡✿ ♥♦ ❡✛❡❝t t❤❡ ♣r♦❝❡ss ❛t t❤❡ ❤❡❛❞ ♦❢ t❤❡ q✉❡✉❡ t♦ ❝✈ ✐s ✇♦❦❡♥ ✉♣ ✇❛✐t ❛♥❞ s✐❣♥❛❧ ❝♦♥st✐t✉t❡ ❛ ❋■❋❖ s✐❣♥❛❧✐♥❣ str❛t❡❣② ❲❤❡♥ ❛ ♣r♦❝❡ss ❡①❡❝✉t❡s s✐❣♥❛❧✭❝✈✮ t❤❡♥ ✐t ✐s ✐♥s✐❞❡ t❤❡ ♠♦♥✐t♦r✳ ■❢ ❛ ✇❛✐t✐♥❣ ♣r♦❝❡ss ✐s ✇♦❦❡♥ ✉♣✱ t❤❡r❡ ✇✐❧❧ t❤❡♥ ❜❡ t✇♦ ❛❝t✐✈❡ ♣r♦❝❡ss❡s ✐♥ t❤❡ ♠♦♥✐t♦r✳

❚❤❡r❡ ❛r❡ t✇♦ s♦❧✉t✐♦♥s ✇❤✐❝❤ ♣r♦✈✐❞❡ ♠✉t❡①✿

❙✐❣♥❛❧ ❛♥❞ ❲❛✐t ✭❙❲✮✿ t❤❡ s✐❣♥❛❧❧❡r ✇❛✐ts✱ ❛♥❞ t❤❡ s✐❣♥❛❧❧❡❞ ♣r♦❝❡ss ❣❡ts t♦ ❡①❡❝✉t❡ ✐♠♠❡❞✐❛t❡❧② ❙✐❣♥❛❧ ❛♥❞ ❈♦♥t✐♥✉❡ ✭❙❈✮✿ t❤❡ s✐❣♥❛❧❧❡r ❝♦♥t✐♥✉❡s✱ ❛♥❞ t❤❡ s✐❣♥❛❧❧❡❞ ♣r♦❝❡ss ❡①❡❝✉t❡s ❧❛t❡r

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✶✵ ✴ ✸✹

slide-11
SLIDE 11

❙✐❣♥❛❧❧✐♥❣ ❞✐s❝✐♣❧✐♥❡s

■s t❤✐s ❛ ❋■❋❖ s❡♠❛♣❤♦r❡ ❛ss✉♠✐♥❣ ❙❲ ♦r ❙❈❄ ♠♦♥✐t♦r ❙❡♠❛♣❤♦r❡ ④ ★ ♠♦♥✐t♦r ✐♥✈❛r✐❛♥t✿ s❃❂✵ ✐♥t s ❂ ✵❀ ★ ✈❛❧✉❡ ♦❢ s❡♠❛♣❤♦r❡ ❝♦♥❞ ♣♦s❀ ★ ✇❛✐t ❝♦♥❞✐t✐♦♥ ♣r♦❝❡❞✉r❡ Ps❡♠✭✮ ④ ✇❤✐❧❡ ✭s❂❂✵✮ ✇❛✐t✭♣♦s✮❀ s ❂ s✲✶❀ ⑥ ♣r♦❝❡❞✉r❡ ❱s❡♠✭✮ ④ s❂s✰✶❀ s✐❣♥❛❧✭♣♦s✮❀ ⑥ ⑥

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✶✶ ✴ ✸✹

slide-12
SLIDE 12

❋■❋❖ s❡♠❛♣❤♦r❡

❋■❋❖ s❡♠❛♣❤♦r❡ ✇✐t❤ ❙❈ s✐❣♥❛❧✐♥❣ ❝❛♥ ❜❡ ❛❝❤✐❡✈❡❞ ❜② ❡①♣❧✐❝✐t tr❛♥s❢❡r ♦❢ ❝♦♥tr♦❧ ✐♥s✐❞❡ t❤❡ ♠♦♥✐t♦r ✭❢♦r✇❛r❞ t❤❡ ❝♦♥❞✐t✐♦♥✮✳ ♠♦♥✐t♦r ❋■❋❖❴s❡♠❛♣❤♦r❡ ④ ★ ♠♦♥✐t♦r ✐♥✈❛r✐❛♥t✿ s❃❂✵ ✐♥t s ❂ ✵❀ ★ ✈❛❧✉❡ ♦❢ s❡♠❛♣❤♦r❡ ❝♦♥❞ ♣♦s❀ ★ s✐❣♥❛❧❧❡❞ ♦♥❧② ✇❤❡♥ s❃✵ ♣r♦❝❡❞✉r❡ Ps❡♠✭✮ ④ ✐❢ ✭s❂❂✵✮ ✇❛✐t✭♣♦s✮❀ ❡❧s❡ s ❂ s✲✶❀ ⑥ ♣r♦❝❡❞✉r❡ ❱s❡♠✭✮ ④ ✐❢ ❡♠♣t②✭♣♦s✮ s❂s✰✶❀ ❡❧s❡ s✐❣♥❛❧✭♣♦s✮❀ ⑥ ⑥

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✶✷ ✴ ✸✹

slide-13
SLIDE 13

❊①❛♠♣❧❡✿ ▲✐♠✐t❡❞ ❜✉✛❡r s②♥❝❤r♦♥✐③❛t✐♦♥ ✭✶✮

❲❡ ❤❛✈❡ ❛ ❜✉✛❡r ♦❢ s✐③❡ ♥✳ ❆ ♣r♦❞✉❝❡r ♣❡r❢♦r♠s ♣✉t ♦♣❡r❛t✐♦♥s ♦♥ t❤❡ ❜✉✛❡r✳ ❆ ❝♦♥s✉♠❡r ♣❡r❢♦r♠s ❣❡t ♦♣❡r❛t✐♦♥s ♦♥ t❤❡ ❜✉✛❡r✳ ❲❡ ✉s❡ ❛ ✈❛r✐❛❜❧❡ ❝♦✉♥t t♦ ❝♦✉♥t t❤❡ ♥✉♠❜❡r ♦❢ ✐t❡♠s ✐♥ t❤❡ ❜✉✛❡r✳ ♣✉t ♦♣❡r❛t✐♦♥s ♠✉st ✇❛✐t ✐❢ t❤❡ ❜✉✛❡r ✐s ❢✉❧❧ ❣❡t ♦♣❡r❛t✐♦♥s ♠✉st ✇❛✐t ✐❢ t❤❡ ❜✉✛❡r ✐s ❡♠♣t② ❆ss✉♠❡ ❙❈ ❞✐s❝✐♣❧✐♥❡

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✶✸ ✴ ✸✹

slide-14
SLIDE 14

❊①❛♠♣❧❡✿ ▲✐♠✐t❡❞ ❜✉✛❡r s②♥❝❤r♦♥✐③❛t✐♦♥ ✭✷✮

❲❤❡♥ ❛ ♣r♦❝❡ss ✐s ✇♦❦❡♥ ✉♣✱ ✐t ❣♦❡s ❜❛❝❦ t♦ t❤❡ ♠♦♥✐t♦r✬s ❡♥tr② q✉❡✉❡

❈♦♠♣❡t❡s ✇✐t❤ ♦t❤❡r ♣r♦❝❡ss❡s ❢♦r ❡♥tr② t♦ t❤❡ ♠♦♥✐t♦r ❆r❜✐tr❛r② ❞❡❧❛② ❜❡t✇❡❡♥ ❛✇❛❦❡♥✐♥❣ ❛♥❞ st❛rt ♦❢ ❡①❡❝✉t✐♦♥ ▼✉st t❤❡r❡❢♦r❡ t❡st t❤❡ ✇❛✐t ❝♦♥❞✐t✐♦♥ ❛❣❛✐♥ ✇❤❡♥ ❡①❡❝✉t✐♦♥ st❛rts ❊✳❣✳✿ ♣✉t ♣r♦❝❡ss ✇❛❦❡s ✉♣ ✇❤❡♥ t❤❡ ❜✉✛❡r ✐s ♥♦t ❢✉❧❧

❖t❤❡r ♣r♦❝❡ss❡s ❝❛♥ ♣❡r❢♦r♠ ♣✉t ♦♣❡r❛t✐♦♥s ❜❡❢♦r❡ t❤❡ ❛✇❛❦❡♥❡❞ ♣r♦❝❡ss st❛rts ✉♣ ▼✉st t❤❡r❡❢♦r❡ ❝❤❡❝❦ ❛❣❛✐♥ t❤❛t t❤❡ ❜✉✛❡r ✐s ♥♦t ❢✉❧❧

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✶✹ ✴ ✸✹

slide-15
SLIDE 15

❊①❛♠♣❧❡✿ ▲✐♠✐t❡❞ ❜✉✛❡r s②♥❝❤r♦♥✐③❛t✐♦♥ ✭✸✮

♠♦♥✐t♦r ❇♦✉♥❞❡❞❴❇✉❢❢❡r ④ t②♣❡❚ ❜✉❢❬♥❪❀ ✐♥t ❝♦✉♥t ❂ ✵❀ ❝♦♥❞ ♥♦t❴❢✉❧❧✱ ♥♦t❴❡♠♣t②❀ ♣r♦❝❡❞✉r❡ ♣✉t✭t②♣❡❚ ❞❛t❛✮④ ✇❤✐❧❡ ✭❝♦✉♥t ❂❂ ♥✮ ✇❛✐t✭♥♦t❴❢✉❧❧✮❀ ★ P✉t ❡❧❡♠❡♥t ✐♥t♦ ❜✉❢ ❝♦✉♥t ❂ ❝♦✉♥t ✰ ✶❀ s✐❣♥❛❧✭♥♦t❴❡♠♣t②✮❀ ⑥ ♣r♦❝❡❞✉r❡ ❣❡t ✭t②♣❡❚ ✫r❡s✉❧t✮ ④ ✇❤✐❧❡ ✭❝♦✉♥t ❂❂ ✵✮ ✇❛✐t✭♥♦t❴❡♠♣t②✮❀ ★ ●❡t ❡❧❡♠❡♥t ❢r♦♠ ❜✉❢ ❝♦✉♥t ❂ ❝♦✉♥t ✲ ✶❀ s✐❣♥❛❧✭♥♦t❴❢✉❧❧✮❀ ⑥ ⑥

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✶✺ ✴ ✸✹

slide-16
SLIDE 16

▼♦♥✐t♦r s♦❧✉t✐♦♥ t♦ t❤❡ r❡❛❞❡r✴✇r✐t❡r ♣r♦❜❧❡♠ ✭✶✮ Pr♦❜❧❡♠ ❞❡s❝r✐♣t✐♦♥

❘❡❛❞❡r ❛♥❞ ✇r✐t❡r ♣r♦❝❡ss❡s s❤❛r❡ ❛ ❝♦♠♠♦♥ r❡s♦✉r❝❡ ✭❞❛t❛❜❛s❡✮ ❘❡❛❞❡r✬s tr❛♥s❛❝t✐♦♥s ❝❛♥ r❡❛❞ ❞❛t❛ ❢r♦♠ t❤❡ ❉❇ ❲r✐t❡ tr❛♥s❛❝t✐♦♥s ❝❛♥ r❡❛❞ ❛♥❞ ✉♣❞❛t❡ ❞❛t❛ ✐♥ t❤❡ ❉❇ ❆ss✉♠❡ t❤❛t

❚❤❡ ❉❇ ✐s ✐♥✐t✐❛❧❧② ❝♦♥s✐st❡♥t ❛♥❞ t❤❛t ❊❛❝❤ tr❛♥s❛❝t✐♦♥✱ s❡❡♥ ✐♥ ✐s♦❧❛t✐♦♥✱ ♠❛✐♥t❛✐♥s ❝♦♥s✐st❡♥❝②

❚♦ ❛✈♦✐❞ ✐♥t❡r❢❡r❡♥❝❡ ❜❡t✇❡❡♥ tr❛♥s❛❝t✐♦♥s✱ ✇❡ r❡q✉✐r❡ t❤❛t

❲r✐t❡rs ❤❛✈❡ ❡①❝❧✉s✐✈❡ ❛❝❝❡ss t♦ t❤❡ ❉❇✳ ❲❤❡♥ ♥♦ ✇r✐t❡r ❤❛s ❛❝❝❡ss✱ ❛♥ ❛r❜✐tr❛r② ♥✉♠❜❡r ♦❢ r❡❛❞❡rs ❝❛♥ ♣❡r❢♦r♠ t❤❡✐r tr❛♥s❛❝t✐♦♥s s✐♠✉❧t❛♥❡♦✉s❧②✳

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✶✻ ✴ ✸✹

slide-17
SLIDE 17

▼♦♥✐t♦r s♦❧✉t✐♦♥ t♦ t❤❡ r❡❛❞❡r✴✇r✐t❡r ♣r♦❜❧❡♠ ✭✷✮

❚❤❡ ❞❛t❛❜❛s❡ ❝❛♥♥♦t ❜❡ ❡♥❝❛♣s✉❧❛t❡❞ ✐♥ ❛ ♠♦♥✐t♦r✱ ❜❡❝❛✉s❡ t❤❡♥ t❤❡ r❡❛❞❡rs ✇✐❧❧ ♥♦t ❣❡t s❤❛r❡❞ ❛❝❝❡ss ❚❤❡ ♠♦♥✐t♦r ✐s ✐♥st❡❛❞ ✉s❡❞ t♦ ❣✐✈❡ ❛❝❝❡ss t♦ t❤❡ ♣r♦❝❡ss❡s Pr♦❝❡ss❡s ❞♦♥✬t ❡♥t❡r t❤❡ ❝r✐t✐❝❛❧ s❡❝t✐♦♥ ✭❉❇✮ ✉♥t✐❧ t❤❡② ❤❛✈❡ ♣❛ss❡❞ t❤❡ ❘❲❴❈♦♥tr♦❧❧❡r ♠♦♥✐t♦r

▼♦♥✐t♦r ♣r♦❝❡❞✉r❡s✿

r❡q✉❡st❴r❡❛❞✿ r❡q✉❡sts r❡❛❞ ❛❝❝❡ss r❡❧❡❛s❡❴r❡❛❞✿ r❡❛❞❡r ❧❡❛✈❡s ❉❇ r❡q✉❡st❴✇r✐t❡✿ r❡q✉❡sts ✇r✐t❡ ❛❝❝❡ss r❡❧❡❛s❡❴✇r✐t❡✿ ✇r✐t❡r ❧❡❛✈❡s ❉❇

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✶✼ ✴ ✸✹

slide-18
SLIDE 18

▼♦♥✐t♦r s♦❧✉t✐♦♥ t♦ t❤❡ r❡❛❞❡r✴✇r✐t❡r ♣r♦❜❧❡♠ ✭✸✮ ▼♦♥✐t♦r ✐♥✈❛r✐❛♥t

❆ss✉♠❡ t❤❛t ✇❡ ❤❛✈❡ t✇♦ ❝♦✉♥t❡rs ❛s ❧♦❝❛❧ ✈❛r✐❛❜❧❡s ✐♥ t❤❡ ♠♦♥✐t♦r✿ ♥r ✖ ♥✉♠❜❡r ♦❢ r❡❛❞❡rs ♥✇ ✖ ♥✉♠❜❡r ♦❢ ✇r✐t❡rs ❚❤❡ s②♥❝❤r♦♥✐③❛t✐♦♥ r❡q✉✐r❡♠❡♥t ❝❛♥ ❜❡ ❢♦r♠✉❧❛t❡❞ t❤✉s✿ ❘❲✿ ✭♥r ❂❂ ✵ ❖❘ ♥✇ ❂❂ ✵✮ ❆◆❉ ♥✇ ❁❂ ✶ ❲❡ ✇❛♥t ❘❲ t♦ ❜❡ ❛ ♠♦♥✐t♦r ✐♥✈❛r✐❛♥t

❙tr❛t❡❣② ❢♦r ♠♦♥✐t♦rs

▲❡t t✇♦ ❝♦♥❞✐t✐♦♥ ✈❛r✐❛❜❧❡s ♦❦t♦r❡❛❞ ♦❣ ♦❦t♦✇r✐t❡ r❡❣✉❧❛t❡ ✇❛✐t✐♥❣ r❡❛❞❡rs ❛♥❞ ✇❛✐t✐♥❣ ✇r✐t❡rs✱ r❡s♣❡❝t✐✈❡❧②✳

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✶✽ ✴ ✸✹

slide-19
SLIDE 19

▼♦♥✐t♦r s♦❧✉t✐♦♥ t♦ r❡❛❞❡r✴✇r✐t❡r ♣r♦❜❧❡♠ ✭✹✮

♠♦♥✐t♦r ❘❲❴❈♦♥tr♦❧❧❡r ④ ✐♥t ♥r ❂ ✵✱ ♥✇ ❂ ✵❀ ★★ ❘❲✿ ✭♥r ❂❂ ✵ ❖❘ ♥✇ ❂❂ ✵✮ ❆◆❉ ♥✇ ❁❂ ✶ ❝♦♥❞ ♦❦t♦r❡❛❞❀ ★ s✐❣♥❛❧❡❞ ✇❤❡♥ ♥✇ ❂❂ ✵ ❝♦♥❞ ♦❦t♦✇r✐t❡❀ ★ s✐❣♥❛❧❡❞ ✇❤❡♥ ♥r ❂❂ ✵ ❛♥❞ ♥✇ ❂❂ ✵ ♣r♦❝❡❞✉r❡ r❡q✉❡st❴r❡❛❞✭✮ ④ ✇❤✐❧❡ ✭♥✇ ❃ ✵✮ ✇❛✐t✭♦❦t♦r❡❛❞✮❀ ♥r ❂ ♥r ✰ ✶❀ ⑥ ♣r♦❝❡❞✉r❡ r❡❧❡❛s❡❴r❡❛❞✭✮ ④ ♥r ❂ ♥r ✲ ✶❀ ✐❢ ✭♥r ❂❂ ✵✮ s✐❣♥❛❧✭♦❦t♦✇r✐t❡✮❀ ★ ✇❛❦❡ ✉♣ ♦♥❡ ✇r✐t❡r ⑥ ♣r♦❝❡❞✉r❡ r❡q✉❡st❴✇r✐t❡✭✮ ④ ✳✳✳ ⑥ ♣r♦❝❡❞✉r❡ r❡❧❡❛s❡❴✇r✐t❡✭✮ ④ ✳✳✳ ⑥ ⑥

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✶✾ ✴ ✸✹

slide-20
SLIDE 20

▼♦♥✐t♦r s♦❧✉t✐♦♥ t♦ r❡❛❞❡r✴✇r✐t❡r ♣r♦❜❧❡♠ ✭✺✮

♠♦♥✐t♦r ❘❲❴❈♦♥tr♦❧❧❡r ④ ✐♥t ♥r ❂ ✵✱ ♥✇ ❂ ✵❀ ★★ ❘❲✿ ✭♥r ❂❂ ✵ ❖❘ ♥✇ ❂❂ ✵✮ ❆◆❉ ♥✇ ❁❂ ✶ ❝♦♥❞ ♦❦t♦r❡❛❞❀ ★ s✐❣♥❛❧❡❞ ✇❤❡♥ ♥✇ ❂❂ ✵ ❝♦♥❞ ♦❦t♦✇r✐t❡❀ ★ s✐❣♥❛❧❡❞ ✇❤❡♥ ♥r ❂❂ ✵ ❛♥❞ ♥✇ ❂❂ ✵ ♣r♦❝❡❞✉r❡ r❡q✉❡st❴r❡❛❞✭✮ ④ ✳✳✳ ⑥ ♣r♦❝❡❞✉r❡ r❡❧❡❛s❡❴r❡❛❞✭✮ ④ ✳✳✳ ⑥ ♣r♦❝❡❞✉r❡ r❡q✉❡st❴✇r✐t❡✭✮ ④ ✇❤✐❧❡ ✭♥r ❃ ✵ ⑤⑤ ♥✇ ❃ ✵✮ ✇❛✐t✭♦❦t♦✇r✐t❡✮❀ ♥✇ ❂ ♥✇ ✰ ✶❀ ⑥ ♣r♦❝❡❞✉r❡ r❡❧❡❛s❡❴✇r✐t❡✭✮ ④ ♥✇ ❂ ♥✇ ✲ ✶❀ s✐❣♥❛❧✭♦❦t♦✇r✐t❡✮❀ ★ ✇❛❦❡ ✉♣ ♦♥❡ ✇r✐t❡r ❛♥❞ s✐❣♥❛❧❴❛❧❧✭♦❦t♦r❡❛❞✮❀ ★ ❛❧❧ r❡❛❞❡rs ⑥ ⑥

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✷✵ ✴ ✸✹

slide-21
SLIDE 21

■♥✈❛r✐❛♥t

❆ ♠♦♥✐t♦r ✐♥✈❛r✐❛♥t ✭■✮ ✐s ✉s❡❞ t♦ ❞❡s❝r✐❜❡ t❤❡ ♠♦♥✐t♦r✬s ✐♥♥❡r st❛t❡ ❊①♣r❡ss r❡❧❛t✐♦♥s❤✐♣ ❜❡t✇❡❡♥ ♠♦♥✐t♦r ✈❛r✐❛❜❧❡s ▼❛✐♥t❛✐♥❡❞ ❜② ❡①❡❝✉t✐♦♥ ♦❢ ♣r♦❝❡❞✉r❡s✿

▼✉st ❤♦❧❞ ❛❢t❡r ✐♥✐t✐❛❧✐③❛t✐♦♥ ▼✉st ❤♦❧❞ ✇❤❡♥ ❛ ♣r♦❝❡❞✉r❡ t❡r♠✐♥❛t❡s ▼✉st ❤♦❧❞ ✇❤❡♥ ✇❡ s✉s♣❡♥❞ ❡①❡❝✉t✐♦♥ ❞✉❡ t♦ ❛ ❝❛❧❧ t♦ ✇❛✐t ❈❛♥ ❛ss✉♠❡ t❤❛t t❤❡ ✐♥✈❛r✐❛♥t ❤♦❧❞s ❛❢t❡r ✇❛✐t ❛♥❞ ✇❤❡♥ ❛ ♣r♦❝❡❞✉r❡ st❛rts

❙❤♦✉❧❞ ❜❡ ❛s str♦♥❣ ❛s ♣♦ss✐❜❧❡✦

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✷✶ ✴ ✸✹

slide-22
SLIDE 22

▼♦♥✐t♦r s♦❧✉t✐♦♥ t♦ r❡❛❞❡r✴✇r✐t❡r ♣r♦❜❧❡♠ ✭✻✮

❘❲✿ ✭♥r ❂❂ ✵ ❖❘ ♥✇ ❂❂ ✵✮ ❆◆❉ ♥✇ ❁❂ ✶ ♣r♦❝❡❞✉r❡ r❡q✉❡st❴r❡❛❞✭✮ ④ ★ ▼❛② ❛ss✉♠❡ t❤❛t t❤❡ ✐♥✈❛r✐❛♥t ❤♦❧❞s ❤❡r❡ ✇❤✐❧❡ ✭♥✇ ❃ ✵✮ ④ ★ t❤❡ ✐♥✈❛r✐❛♥t ❤♦❧❞s ❤❡r❡ ✇❛✐t✭♦❦t♦r❡❛❞✮❀ ★ ▼❛② ❛ss✉♠❡ t❤❛t t❤❡ ✐♥✈❛r✐❛♥t ❤♦❧❞s ❤❡r❡ ⑥ ★ ❍❡r❡✱ ✇❡ ❦♥♦✇ t❤❛t ♥✇ ❂❂ ✵✳✳✳ ♥r ❂ ♥r ✰ ✶❀ ★ ✳✳✳t❤❡♥ t❤❡ ✐♥✈❛r✐❛♥t ❛❧s♦ ❤♦❧❞s ❛❢t❡r ✐♥❝r❡❛s✐♥❣ ♥r ⑥

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✷✷ ✴ ✸✹

slide-23
SLIDE 23

❚✐♠❡ s❡r✈❡r

▼♦♥✐t♦r t❤❛t ❡♥❛❜❧❡s s❧❡❡♣✐♥❣ ❢♦r ❛ ❣✐✈❡♥ ❛♠♦✉♥t ♦❢ t✐♠❡ ❘❡s♦✉r❝❡✿ ❛ ❧♦❣✐❝❛❧ ❝❧♦❝❦ ✭t♦❞✮ Pr♦✈✐❞❡s t✇♦ ♦♣❡r❛t✐♦♥s✿

❞❡❧❛②✭✐♥t❡r✈❛❧✮ t❤❡ ❝❛❧❧❡r ✇✐s❤❡s t♦ s❧❡❡♣ ❢♦r ✐♥t❡r✈❛❧ t✐♠❡ t✐❝❦ ✐♥❝r❡♠❡♥ts t❤❡ ❧♦❣✐❝❛❧ ❝❧♦❝❦ ✇✐t❤ ♦♥❡ t✐❝❦ ❈❛❧❧❡❞ ❜② t❤❡ ❤❛r❞✇❛r❡✱ ♣r❡❢❡r❛❜❧② ✇✐t❤ ❤✐❣❤ ❡①❡❝✉t✐♦♥ ♣r✐♦r✐t②

❊❛❝❤ ♣r♦❝❡ss ✇❤✐❝❤ ❝❛❧❧s ❞❡❧❛② ❝♦♠♣✉t❡s ✐ts ♦✇♥ t✐♠❡ ❢♦r ✇❛❦❡✉♣✿ ✇❛❦❡❴t✐♠❡ ❂ t♦❞ ✰ ✐♥t❡r✈❛❧❀ ❲❛✐ts ❛s ❧♦♥❣ ❛s t♦❞ ❁ ✇❛❦❡❴t✐♠❡

❲❛✐t ❝♦♥❞✐t✐♦♥ ✐s ❞❡♣❡♥❞❡♥t ♦♥ ❧♦❝❛❧ ✈❛r✐❛❜❧❡s

❈♦✈❡r✐♥❣ ❝♦♥❞✐t✐♦♥✿

❆❧❧ ♣r♦❝❡ss❡s ❛r❡ ✇♦❦❡♥ ✉♣ ✇❤❡♥ ✐t ✐s ♣♦ss✐❜❧❡ ❢♦r s♦♠❡♦♥❡ t♦ ❝♦♥t✐♥✉❡ ❊❛❝❤ ♣r♦❝❡ss ❝❤❡❝❦s ✐ts ❝♦♥❞✐t✐♦♥ ❛♥❞ s❧❡❡♣s ❛❣❛✐♥ ✐❢ t❤✐s ❞♦❡s ♥♦t ❤♦❧❞

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✷✸ ✴ ✸✹

slide-24
SLIDE 24

❚✐♠❡ s❡r✈❡r✿ ❝♦✈❡r✐♥❣ ❝♦♥❞✐t✐♦♥

■♥✈❛r✐❛♥t✿ ❈▲❖❈❑ : t♦❞ ≥ ✵ ∧ t♦❞ ✐♥❝r❡❛s❡s ♠♦♥♦t♦♥✐❝❛❧❧② ❜② ✶

♠♦♥✐t♦r ❚✐♠❡r ④ ✐♥t t♦❞ ❂ ✵❀ ★ ❚✐♠❡ ❖❢ ❉❛② ❝♦♥❞ ❝❤❡❝❦❀ ★ s✐❣♥❛❧❧❡❞ ✇❤❡♥ t♦❞ ✐s ✐♥❝r❡❛s❡❞ ♣r♦❝❡❞✉r❡ ❞❡❧❛②✭✐♥t ✐♥t❡r✈❛❧✮ ④ ✐♥t ✇❛❦❡❴t✐♠❡❀ ✇❛❦❡❴t✐♠❡ ❂ t♦❞ ✰ ✐♥t❡r✈❛❧❀ ✇❤✐❧❡ ✭✇❛❦❡❴t✐♠❡ ❃ t♦❞✮ ✇❛✐t✭❝❤❡❝❦✮❀ ⑥ ♣r♦❝❡❞✉r❡ t✐❝❦✭✮ ④ t♦❞ ❂ t♦❞ ✰ ✶❀ s✐❣♥❛❧❴❛❧❧✭❝❤❡❝❦✮❀ ⑥ ⑥

◆♦t ✈❡r② ❡✛❡❝t✐✈❡ ✐❢ ♠❛♥② ♣r♦❝❡ss❡s ✇✐❧❧ ✇❛✐t ❢♦r ❛ ❧♦♥❣ t✐♠❡ ❈❛♥ ❣✐✈❡ ♠❛♥② ❢❛❧s❡ ❛❧❛r♠s

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✷✹ ✴ ✸✹

slide-25
SLIDE 25

Pr✐♦r✐t✐③❡❞ ✇❛✐t✐♥❣

❈❛♥ ❛❧s♦ ❣✐✈❡ ❛❞❞✐t✐♦♥❛❧ ❛r❣✉♠❡♥t t♦ ✇❛✐t✿ ✇❛✐t✭❝✈✱ r❛♥❦✮

Pr♦❝❡ss ✇❛✐ts ✐♥ t❤❡ q✉❡✉❡ t♦ ❝✈ ✐♥ ♦r❞❡r❡❞ ❜② t❤❡ ❛r❣✉♠❡♥t r❛♥❦✳ ❆t s✐❣♥❛❧✿ Pr♦❝❡ss ✇✐t❤ ❧♦✇❡st r❛♥❦ ✐s ❛✇❛❦❡♥❡❞ ✜rst

❈❛❧❧ t♦ ♠✐♥r❛♥❦✭❝✈✮ r❡t✉r♥s t❤❡ ✈❛❧✉❡ ♦❢ r❛♥❦ t♦ t❤❡ ✜rst ♣r♦❝❡ss ✐♥ t❤❡ q✉❡✉❡ ✭✇✐t❤ t❤❡ ❧♦✇❡st r❛♥❦✮

❚❤❡ q✉❡✉❡ ✐s ♥♦t ♠♦❞✐✜❡❞ ✭♥♦ ♣r♦❝❡ss ✐s ❛✇❛❦❡♥❡❞✮

❆❧❧♦✇s ♠♦r❡ ❡✣❝✐❡♥t ✐♠♣❧❡♠❡♥t❛t✐♦♥ ♦❢ ❚✐♠❡r

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✷✺ ✴ ✸✹

slide-26
SLIDE 26

❚✐♠❡ s❡r✈❡r✿ Pr✐♦r✐t✐③❡❞ ✇❛✐t

❯s❡s ♣r✐♦r✐t✐③❡❞ ✇❛✐t✐♥❣ t♦ ♦r❞❡r ♣r♦❝❡ss❡s ❜② ❝❤❡❝❦ ❚❤❡ ♣r♦❝❡ss ✐s ❛✇❛❦❡♥❡❞ ♦♥❧② ✇❤❡♥ t♦❞ ❃❂ ✇❛❦❡❴t✐♠❡ ❚❤✉s ✇❡ ❞♦ ♥♦t ♥❡❡❞ ❛ ✇❤✐❧❡ ❧♦♦♣ ❢♦r ❞❡❧❛②

♠♦♥✐t♦r ❚✐♠❡r ④ ✐♥t t♦❞ ❂ ✵❀ ★ ■♥✈❛r✐❛♥t✿ ❈▲❖❈❑ ❝♦♥❞ ❝❤❡❝❦❀ ★ s✐❣♥❛❧❧❡❞ ✇❤❡♥ ♠✐♥r❛♥❦✭❝❤❡❝❦✮ ❁❂ t♦❞ ♣r♦❝❡❞✉r❡ ❞❡❧❛②✭✐♥t ✐♥t❡r✈❛❧✮ ④ ✐♥t ✇❛❦❡❴t✐♠❡❀ ✇❛❦❡❴t✐♠❡ ❂ t♦❞ ✰ ✐♥t❡r✈❛❧❀ ✐❢ ✭✇❛❦❡❴t✐♠❡ ❃ t♦❞✮ ✇❛✐t✭❝❤❡❝❦✱ ✇❛❦❡❴t✐♠❡✮❀ ⑥ ♣r♦❝❡❞✉r❡ t✐❝❦✭✮ ④ t♦❞ ❂ t♦❞ ✰ ✶❀ ✇❤✐❧❡ ✭✦❡♠♣t②✭❝❤❡❝❦✮ ✫✫ ♠✐♥r❛♥❦✭❝❤❡❝❦✮ ❁❂ t♦❞✮ s✐❣♥❛❧✭❝❤❡❝❦✮❀ ⑥ ⑥

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✷✻ ✴ ✸✹

slide-27
SLIDE 27

❙❤♦rt❡st✲❏♦❜✲◆❡①t ❛❧❧♦❝❛t✐♦♥ ✭✶✮

❈♦♠♣❡t✐t✐♦♥ ❢♦r ❛ s❤❛r❡❞ r❡s♦✉r❝❡ ❆ ♠♦♥✐t♦r ❛❞♠✐♥✐str❛t❡s ❛❝❝❡ss t♦ t❤❡ r❡s♦✉r❝❡ ❈❛❧❧ t♦ r❡q✉❡st✭t✐♠❡✮

❈❛❧❧❡r ♥❡❡❞s ❛❝❝❡ss ❢♦r t✐♠❡ ✐♥t❡r✈❛❧ t✐♠❡ ■❢ t❤❡ r❡s♦✉r❝❡ ✐s ❢r❡❡✿ ❝❛❧❧❡r ❣❡ts ❛❝❝❡ss ❞✐r❡❝t❧②

❈❛❧❧ t♦ r❡❧❡❛s❡

❚❤❡ r❡s♦✉r❝❡ ✐s r❡❧❡❛s❡❞ ■❢ ✇❛✐t✐♥❣ ♣r♦❝❡ss❡s✿ ❚❤❡ r❡s♦✉r❝❡ ✐s ❛❧❧♦❝❛t❡❞ t♦ t❤❡ ✇❛✐t✐♥❣ ♣r♦❝❡ss ✇✐t❤ ❧♦✇❡st ✈❛❧✉❡ ♦❢ t✐♠❡

■♠♣❧❡♠❡♥t❡❞ ❜② ♣r✐♦r✐t✐③❡❞ ✇❛✐t

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✷✼ ✴ ✸✹

slide-28
SLIDE 28

❙❤♦rt❡st✲❏♦❜✲◆❡①t ❛❧❧♦❝❛t✐♦♥ ✭✷✮

♠♦♥✐t✐♦r ❙❤♦rt❡st❴❏♦❜❴◆❡①t ④ ❜♦♦❧ ❢r❡❡ ❂ tr✉❡❀ ❝♦♥❞ t✉r♥❀ ♣r♦❝❡❞✉r❡ r❡q✉❡st✭✐♥t t✐♠❡✮ ④ ✐❢ ✭❢r❡❡✮ ❢r❡❡ ❂ ❢❛❧s❡❀ ❡❧s❡ ✇❛✐t✭t✉r♥✱t✐♠❡✮❀ ⑥ ♣r♦❝❡❞✉r❡ r❡❧❡❛s❡✭✮ ④ ✐❢ ✭❡♠♣t②✭t✉r♥✮✮ ❢r❡❡ ❂ tr✉❡❀ ❡❧s❡ s✐❣♥❛❧✭t✉r♥✮❀ ⑥ ⑥

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✷✽ ✴ ✸✹

slide-29
SLIDE 29

❚❤❡ s❧❡❡♣✐♥❣ ❜❛r❜❡r ✭✶✮

❲❡ ❝♦♥s✐❞❡r ❛ ❜❛r❜❡rs❤♦♣ ✇✐t❤ t✇♦ ❞♦♦rs ❛♥❞ s♦♠❡ ❝❤❛✐rs✳ ❈✉st♦♠❡rs ❝♦♠❡ ✐♥ t❤r♦✉❣❤ ♦♥❡ ❞♦♦r ❛♥❞ ❧❡❛✈❡ t❤r♦✉❣❤ t❤❡ ♦t❤❡r✳ ❖♥❧② ♦♥❡ ❝✉st♦♠❡r ❝❛♥ ♠♦✈❡ ❛t ❛ t✐♠❡✳ ❲❤❡♥ t❤❡r❡ ❛r❡ ♥♦ ❝✉st♦♠❡rs✱ t❤❡ ❜❛r❜❡r s❧❡❡♣s ✐♥ ♦♥❡ ♦❢ t❤❡ ❝❤❛✐rs✳ ❲❤❡♥ ❛ ❝✉st♦♠❡r ❛rr✐✈❡s ❛♥❞ t❤❡ ❜❛r❜❡r s❧❡❡♣s✱ t❤❡ ❜❛r❜❡r ✐s ✇♦❦❡♥ ✉♣ ❛♥❞ t❤❡ ❝✉st♦♠❡r t❛❦❡s ❛ s❡❛t✳ ■❢ t❤❡ ❜❛r❜❡r ✐s ❜✉s②✱ t❤❡ ❝✉st♦♠❡r ❤❛s ❛ ♥❛♣ ✐♥ ♦♥❡ ♦❢ t❤❡ ♦t❤❡r ❝❤❛✐rs✳ ❖♥❝❡ ❛ ❝✉st♦♠❡r ❤❛s ❜❡❡♥ s❡r✈❡❞✱ t❤❡ ❜❛r❜❡r ❧❡ts ❤✐♠ ♦✉t t❤❡ ❡①✐t ❞♦♦r✳ ■❢ t❤❡r❡ ❛r❡ ✇❛✐t✐♥❣ ❝✉st♦♠❡rs✱ ♦♥❡ ♦❢ t❤❡s❡ ✐s ✇♦❦❡♥ ✉♣✳ ❖t❤❡r✇✐s❡ t❤❡ ❜❛r❜❡r s❧❡❡♣s ❛❣❛✐♥✳

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✷✾ ✴ ✸✹

slide-30
SLIDE 30

❚❤❡ s❧❡❡♣✐♥❣ ❜❛r❜❡r ✭✷✮

❚❤✐s ❛❝t✐✈✐t② ✐s ♠♦❞❡❧❧❡❞ ✇✐t❤ t❤❡ ❢♦❧❧♦✇✐♥❣ ♠♦♥✐t♦r ♣r♦❝❡❞✉r❡s✿ ❣❡t❴❤❛✐r❝✉t✿ ❝❛❧❧❡❞ ❜② t❤❡ ❝✉st♦♠❡r✱ r❡t✉r♥s ✇❤❡♥ ❤❛✐r❝✉t ✐s ❞♦♥❡ ❣❡t❴♥❡①t❴❝✉st♦♠❡r✿ ❝❛❧❧❡❞ ❜② t❤❡ ❜❛r❜❡r t♦ s❡r✈❡ ❛ ❝✉st♦♠❡r ❢✐♥✐s❤❴❤❛✐r❝✉t✿ ❝❛❧❧❡❞ ❜② t❤❡ ❜❛r❜❡r t♦ ❧❡t ❛ ❝✉st♦♠❡r ♦✉t ♦❢ t❤❡ ❜❛r❜❡rs❤♦♣

❘❡♥❞❡③✈♦✉s

❆ r❡♥❞❡③✈♦✉s ✐s s✐♠✐❧❛r t♦ ❛ t✇♦✲♣r♦❝❡ss ❜❛rr✐❡r✿ ❇♦t❤ ♣❛rt✐❡s ♠✉st ❛rr✐✈❡ ❜❡❢♦r❡ ❡✐t❤❡r ❝❛♥ ❝♦♥t✐♥✉❡✳ ❚❤❡ ❜❛r❜❡r ♠✉st ✇❛✐t ❢♦r ❛ ❝✉st♦♠❡r ❈✉st♦♠❡r ♠✉st ✇❛✐t ✉♥t✐❧ t❤❡ ❜❛r❜❡r ✐s ❛✈❛✐❧❛❜❧❡ ❚❤❡ ❜❛r❜❡r ❝❛♥ ❤❛✈❡ r❡♥❞❡③✈♦✉s ✇✐t❤ ❛♥ ❛r❜✐tr❛r② ❝✉st♦♠❡r✳

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✸✵ ✴ ✸✹

slide-31
SLIDE 31

❚❤❡ s❧❡❡♣✐♥❣ ❜❛r❜❡r ✭✸✮

❲❡ ✉s❡ ✸ ❝♦✉♥t❡rs t♦ s②♥❝❤r♦♥✐③❡ t❤❡ ♣r♦❝❡ss❡s✿ ❜❛r❜❡r✱ ❝❤❛✐r ❛♥❞ ♦♣❡♥ ❆❧❧ ❛r❡ ✐♥✐t✐❛❧❧② ✵✳ ❲❡ ♣r♦❣r❛♠ ✐♥ s✉❝❤ ❛ ✇❛② t❤❛t t❤❡ ✈❛r✐❛❜❧❡s ❛❧t❡r♥❛t❡ ❜❡t✇❡❡♥ ✵ ❛♥❞ ✶✿ ❜❛r❜❡r ❂❂ ✶ ✿ t❤❡ ❜❛r❜❡r ✐s r❡❛❞② ❢♦r ❛ ♥❡✇ ❝✉st♦♠❡r ❝❤❛✐r ❂❂ ✶✿ t❤❡ ❝✉st♦♠❡r s✐ts ✐♥ ❛ ❝❤❛✐r✱ t❤❡ ❜❛r❜❡r ❤❛s♥✬t ❜❡❣✉♥ t♦ ✇♦r❦ ♦♣❡♥ ❂❂ ✶ ✿ t❤❡ ❡①✐t ❞♦♦r ✐s ♦♣❡♥✱ t❤❡ ❝✉st♦♠❡r ❤❛s ♥♦t ❣♦♥❡ ♦✉t

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✸✶ ✴ ✸✹

slide-32
SLIDE 32

❚❤❡ s❧❡❡♣✐♥❣ ❜❛r❜❡r ✭✹✮ ❙②♥❝❤r♦♥✐③❛t✐♦♥ ♦❢ ♣r♦❝❡ss❡s

❚❤❡r❡ ❛r❡ ✹ ❞✐✛❡r❡♥t s②♥❝❤r♦♥✐③❛t✐♦♥ ❝♦♥❞✐t✐♦♥s✿ ❝✉st♦♠❡r ♠✉st ✇❛✐t ✉♥t✐❧ t❤❡ ❜❛r❜❡r ✐s ❛✈❛✐❧❛❜❧❡ ❝✉st♦♠❡r ♠✉st ✇❛✐t ✉♥t✐❧ t❤❡ ❜❛r❜❡r ♦♣❡♥s t❤❡ ❡①✐t ❞♦♦r ❜❛r❜❡r ♠✉st ✇❛✐t ✉♥t✐❧ ❝✉st♦♠❡r s✐ts ✐♥ ❝❤❛✐r ❜❛r❜❡r ♠✉st ✇❛✐t ✉♥t✐❧ ❝✉st♦♠❡r ❧❡❛✈❡s ❜❛r❜❡rs❤♦♣ Pr♦❝❡ss❡s s✐❣♥❛❧ ✇❤❡♥ ♦♥❡ ♦❢ t❤❡ ✇❛✐t ❝♦♥❞✐t✐♦♥s ✐s s❛t✐s✜❡❞✳

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✸✷ ✴ ✸✹

slide-33
SLIDE 33

❚❤❡ s❧❡❡♣✐♥❣ ❜❛r❜❡r ✭✺✮

♠♦♥✐t♦r ❇❛r❜❡r❴❙❤♦♣ ④ ✐♥t ❜❛r❜❡r ❂ ✵✱ ❝❤❛✐r ❂ ✵✱ ♦♣❡♥ ❂ ✵❀ ❝♦♥❞ ❜❛r❜❡r❴❛✈❛✐❧❛❜❧❡❀ ★ s✐❣♥❛❧❧❡❞ ✇❤❡♥ ❜❛r❜❡r ❃ ✵ ❝♦♥❞ ❝❤❛✐r❴♦❝❝✉♣✐❡❞❀ ★ s✐❣♥❛❧❧❡❞ ✇❤❡♥ ❝❤❛✐r ❃ ✵ ❝♦♥❞ ❞♦♦r❴♦♣❡♥❀ ★ s✐❣♥❛❧❧❡❞ ✇❤❡♥ ♦♣❡♥ ❃ ✵ ❝♦♥❞ ❝✉st♦♠❡r❴❧❡❢t❀ ★ s✐❣♥❛❧❧❡❞ ✇❤❡♥ ♦♣❡♥ ❂❂ ✵ ♣r♦❝❡❞✉r❡ ❣❡t❴❤❛✐r❝✉t✭✮ ④ ✳✳✳ ⑥ ♣r♦❝❡❞✉r❡ ❣❡t❴♥❡①t❴❝✉st♦♠❡r✭✮ ④ ✳✳✳ ⑥ ♣r♦❝❡❞✉r❡ ❢✐♥✐s❤❡❞❴❝✉t✭✮ ④ ✳✳✳ ⑥ ⑥

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✸✸ ✴ ✸✹

slide-34
SLIDE 34

❚❤❡ s❧❡❡♣✐♥❣ ❜❛r❜❡r ✭✻✮

♣r♦❝❡❞✉r❡ ❣❡t❴❤❛✐r❝✉t✭✮ ④ ✇❤✐❧❡ ✭❜❛r❜❡r ❂❂ ✵✮ ✇❛✐t✭❜❛r❜❡r❴❛✈❛✐❧❛❜❧❡✮❀ ❜❛r❜❡r ❂ ❜❛r❜❡r ✲ ✶❀ ❝❤❛✐r ❂ ❝❤❛✐r ✰ ✶❀ s✐❣♥❛❧✭❝❤❛✐r❴♦❝❝✉♣✐❡❞✮❀ ✇❤✐❧❡ ✭♦♣❡♥ ❂❂ ✵✮ ✇❛✐t✭❞♦♦r❴♦♣❡♥✮❀ ♦♣❡♥ ❂ ♦♣❡♥ ✲ ✶❀ s✐❣♥❛❧✭❝✉st♦♠❡r❴❧❡❢t✮❀ ⑥ ♣r♦❝❡❞✉r❡ ❣❡t❴♥❡①t❴❝✉st♦♠❡r✭✮ ④ ❜❛r❜❡r ❂ ❜❛r❜❡r ✰ ✶❀ s✐❣♥❛❧✭❜❛r❜❡r❴❛✈❛✐❧❛❜❧❡✮❀ ✇❤✐❧❡ ✭❝❤❛✐r ❂❂ ✵✮ ✇❛✐t✭❝❤❛✐r❴♦❝❝✉♣✐❡❞✮❀ ❝❤❛✐r ❂ ❝❤❛✐r ✲ ✶❀ ⑥ ♣r♦❝❡❞✉r❡ ❢✐♥✐s❤❡❞❴❝✉t✭✮ ④ ♦♣❡♥ ❂ ♦♣❡♥ ✰ ✶❀ s✐❣♥❛❧✭❞♦♦r❴♦♣❡♥✮❀ ✇❤✐❧❡ ✭♦♣❡♥ ❃ ✵✮ ✇❛✐t✭❝✉st♦♠❡r❴❧❡❢t✮❀ ⑥

■◆❋✹✶✹✵ ✭✷✶✳✵✾✳✶✶✮ ▼♦♥✐t♦rs ▲❡❝t✉r❡ ✹ ✸✹ ✴ ✸✹