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SLIDE 1

■♥tr♦ t♦ ❈♦♥t❡♠♣♦r❛r② ▼❛t❤

■♥❞❡♣❡♥❞❡♥❝❡ ♦❢ ■rr❡❧❡✈❛♥t ❆❧t❡r♥❛t✐✈❡s ❈r✐t❡r✐❛ ◆✐❝❤♦❧❛s ◆❣✉②❡♥ ♥✐❝❤♦❧❛s✳♥❣✉②❡♥❅✉❦②✳❡❞✉

❉❡♣❛rt♠❡♥t ♦❢ ▼❛t❤❡♠❛t✐❝s ❯❑

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SLIDE 2

❆❣❡♥❞❛

◮ ■♥❞❡♣❡♥❞❡♥❝❡ ♦❢ ■rr❡❧❡✈❛♥t ❆❧t❡r♥❛t✐✈❡s ❈r✐t❡r✐❛ ◮ ❚❡st✐♥❣ ❱♦t✐♥❣ ▼❡t❤♦❞s ◮ ❚❤❡ P❡r❢❡❝t ❱♦t✐♥❣ ▼❡t❤♦❞

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SLIDE 3

❆♥♥♦✉♥❝❡♠❡♥ts

◮ ❚❤❡ ❢♦✉rt❤ ❤♦♠❡✇♦r❦ ❛ss✐❣♥♠❡♥t ✭❍❲✸✮ ✐s ❞✉❡ ♥❡①t

▼♦♥❞❛②

◮ ❊①❛♠ ✶ ✐s ♥❡①t ❲❡❞♥❡s❞❛②

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SLIDE 4

❚♦❞❛②✬s ❈r✐t❡r✐♦♥

■♥❞❡♣❡♥❞❡♥❝❡ ♦❢ ■rr❡❧❡✈❛♥t ❆❧t❡r♥❛t✐✈❡s ❈r✐t❡r✐♦♥ ✭■■❆✮✿ ❆❢t❡r ❛ ✇✐♥♥❡r ✐s ❞❡❝❧❛r❡❞✱ ✐❢ ❛ ❧♦s✐♥❣ ❝❛♥❞✐❞❛t❡ ✐s r❡♠♦✈❡❞ ✭❞✉❡ t♦ q✉✐tt✐♥❣ ♦r ❞✐sq✉❛❧✐✜❝❛t✐♦♥✮ ❛♥❞ t❤❡ ❡❧❡❝t✐♦♥ ✐s ❞♦♥❡ ❛❣❛✐♥ ✇✐t❤♦✉t t❤✐s ❝❛♥❞✐❞❛t❡✱ t❤❡ ♦r✐❣✐♥❛❧ ✇✐♥♥❡r s❤♦✉❧❞ ✇✐♥ t❤✐s ♥❡✇ ❡❧❡❝t✐♦♥✳

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SLIDE 5

❚❡st✐♥❣ ❢♦r t❤❡ ■■❆ ❈r✐t❡r✐♦♥ ✭■■❆✮

❚♦ t❡st ✐❢ ❛ ✈♦t✐♥❣ ♠❡t❤♦❞ ✈✐♦❧❛t❡s ✭❢❛✐❧s✮ ■■❆✱ ✇❡ ♠✉st✿ ✶✮ ❋✐♥❞ ❛♥ ❡❧❡❝t✐♦♥ ✉s✐♥❣ t❤❡ ✈♦t✐♥❣ ♠❡t❤♦❞ ✷✮ ❉❡t❡r♠✐♥❡ t❤❡ ✇✐♥♥❡r ✉s✐♥❣ t❤❡ ✈♦t✐♥❣ ♠❡t❤♦❞ ✸✮ ❘❡♠♦✈❡ ❛ ❧♦s✐♥❣ ❝❛♥❞✐❞❛t❡ ✹✮ ❉❡t❡r♠✐♥❡ t❤❡ ✇✐♥♥❡r ♦❢ t❤❡ ♠♦❞✐✜❡❞ ❡❧❡❝t✐♦♥ ❖✉t❝♦♠❡s✿

◮ ■♥✈❛❧✐❞✿ ❨♦✉ r❡♠♦✈❡ t❤❡ ♦r✐❣✐♥❛❧ ✇✐♥♥❡r✳ ◮ ■♥❝♦♥❝❧✉s✐✈❡✿ ❖r✐❣✐♥❛❧ ✇✐♥♥❡r st✐❧❧ ✇✐♥s✳

◮ P❡r❤❛♣s r❡♠♦✈✐♥❣ ❛ ❞✐✛❡r❡♥t ❝❛♥❞✐❞❛t❡ ♠❛② ✇♦r❦✳

◮ ❱✐♦❧❛t✐♦♥✿ ❖r✐❣✐♥❛❧ ✇✐♥♥❡r ❧♦s❡s t❤❡ ♠♦❞✐✜❡❞ ❡❧❡❝t✐♦♥✳

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SLIDE 6

❚❡st✐♥❣ ❢♦r t❤❡ ■■❆ ❈r✐t❡r✐♦♥ ✭■■❆✮

❚♦ t❡st ✐❢ ❛ ✈♦t✐♥❣ ♠❡t❤♦❞ ✈✐♦❧❛t❡s ✭❢❛✐❧s✮ ■■❆✱ ✇❡ ♠✉st✿ ✶✮ ❋✐♥❞ ❛♥ ❡❧❡❝t✐♦♥ ✉s✐♥❣ t❤❡ ✈♦t✐♥❣ ♠❡t❤♦❞ ✷✮ ❉❡t❡r♠✐♥❡ t❤❡ ✇✐♥♥❡r ✉s✐♥❣ t❤❡ ✈♦t✐♥❣ ♠❡t❤♦❞ ✸✮ ❘❡♠♦✈❡ ❛ ❧♦s✐♥❣ ❝❛♥❞✐❞❛t❡ ✹✮ ❉❡t❡r♠✐♥❡ t❤❡ ✇✐♥♥❡r ♦❢ t❤❡ ♠♦❞✐✜❡❞ ❡❧❡❝t✐♦♥ ❖✉t❝♦♠❡s✿

◮ ■♥✈❛❧✐❞✿ ❨♦✉ r❡♠♦✈❡ t❤❡ ♦r✐❣✐♥❛❧ ✇✐♥♥❡r✳ ◮ ■♥❝♦♥❝❧✉s✐✈❡✿ ❖r✐❣✐♥❛❧ ✇✐♥♥❡r st✐❧❧ ✇✐♥s✳

◮ P❡r❤❛♣s r❡♠♦✈✐♥❣ ❛ ❞✐✛❡r❡♥t ❝❛♥❞✐❞❛t❡ ♠❛② ✇♦r❦✳

◮ ❱✐♦❧❛t✐♦♥✿ ❖r✐❣✐♥❛❧ ✇✐♥♥❡r ❧♦s❡s t❤❡ ♠♦❞✐✜❡❞ ❡❧❡❝t✐♦♥✳

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SLIDE 7

❚❡st✐♥❣ ❢♦r t❤❡ ■■❆ ❈r✐t❡r✐♦♥ ✭■■❆✮

❖✉t❝♦♠❡s✿

◮ ■♥✈❛❧✐❞✿ ❨♦✉ r❡♠♦✈❡ t❤❡ ♦r✐❣✐♥❛❧ ✇✐♥♥❡r✳ ◮ ■♥❝♦♥❝❧✉s✐✈❡✿ ❖r✐❣✐♥❛❧ ✇✐♥♥❡r st✐❧❧ ✇✐♥s✳

◮ P❡r❤❛♣s r❡♠♦✈✐♥❣ ❛ ❞✐✛❡r❡♥t ❝❛♥❞✐❞❛t❡ ♠❛② ✇♦r❦✳

◮ ❱✐♦❧❛t✐♦♥✿ ❖r✐❣✐♥❛❧ ✇✐♥♥❡r ❧♦s❡s t❤❡ ♠♦❞✐✜❡❞ ❡❧❡❝t✐♦♥✳

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SLIDE 8

❚❡st✐♥❣ ❢♦r t❤❡ ■■❆ ❈r✐t❡r✐♦♥ ✭■■❆✮

❚♦ t❡st ✐❢ ❛ ✈♦t✐♥❣ ♠❡t❤♦❞ s❛t✐s✜❡s ✭♣❛ss❡s✮ ■■❆✱ ✇❡ ♠✉st✿ ✶✮ ❙t✉❞② t❤❡ r✉❧❡s ♦❢ t❤❡ ✈♦t✐♥❣ ♠❡t❤♦❞ ✷✮ ❉❡t❡r♠✐♥❡ ✐❢ ❛ ❧♦s✐♥❣ ❝❛♥❞✐❞❛t❡ ❣❡tt✐♥❣ r❡♠♦✈❡❞ ❝❛♥ ❛✛❡❝t t❤❡ ♣❡r❢♦r♠❛♥❝❡ ♦❢ ♦t❤❡r ❝❛♥❞✐❞❛t❡s✳ ■❢ r❡♠♦✈✐♥❣ ❧♦s✐♥❣ ❝❛♥❞✐❞❛t❡s ✇✐❧❧ ♥❡✈❡r ❝❤❛♥❣❡ t❤❡ ♦✉t❝♦♠❡ ♦❢ ❛♥ ❡❧❡❝t✐♦♥✱ t❤❡ ✈♦t✐♥❣ ♠❡t❤♦❞ s❛t✐s✜❡s t❤❡ ■■❆ ❝r✐t❡r✐♦♥✳

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SLIDE 9

❄✭✾✳✶✮ P❧✉r❛❧✐t② ❛♥❞ ■■❆

✷ ✸ ✹ ❆③✉r❡ ❈♦❜❛❧t ❇❧✉❡ ❇❧✉❡ ❆③✉r❡ ❆③✉r❡ ❈♦❜❛❧t ❇❧✉❡ ❈♦❜❛❧t Pr❡ss t❤❡ ✜rst ❧❡tt❡r ♦❢ t❤❡ ❝♦❧♦r t❤❛t ✇✐♥s ✇✐t❤ P❧✉r❛❧✐t②✳

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SLIDE 10

P❧✉r❛❧✐t② ❛♥❞ ■■❆

✷ ✸ ✹ ❆③✉r❡ ❈♦❜❛❧t ❇❧✉❡ ❇❧✉❡ ❆③✉r❡ ❆③✉r❡ ❈♦❜❛❧t ❇❧✉❡ ❈♦❜❛❧t ❇❧✉❡ ✇✐♥s ✇✐t❤ t❤❡ ♣❧✉r❛❧✐t② ♠❡t❤♦❞✳

The IIA criterion says that if we remove a losing candidate and run the plurality method again, Blue, the original winner, should still win.

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SLIDE 11

P❧✉r❛❧✐t② ❛♥❞ ■■❆

▲❡t ✉s s❡❡ ✇❤❛t ❤❛♣♣❡♥s ✐❢ ❈♦❜❛❧t q✉✐ts✿ ✷ ✸ ✹ ❆③✉r❡ ❇❧✉❡ ❇❧✉❡ ❆③✉r❡ ❆③✉r❡ ❇❧✉❡

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SLIDE 12

❄✭✾✳✷✮ P❧✉r❛❧✐t② ❛♥❞ ■■❆

▼♦✈❡ ✉♣✱ ✜❧❧ ✐♥ ❜❧❛♥❦s✿ ✷ ✸ ✹ ❆③✉r❡ ❆③✉r❡ ❇❧✉❡ ❇❧✉❡ ❇❧✉❡ ❆③✉r❡ Pr❡ss t❤❡ ✜rst ❧❡tt❡r ♦❢ t❤❡ ❝♦❧♦r t❤❛t ✇✐♥s ✇✐t❤ P❧✉r❛❧✐t② ♥♦✇✳

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SLIDE 13

❄✭✾✳✸✮ P❧✉r❛❧✐t② ❛♥❞ ■■❆

✷ ✸ ✹ ❆③✉r❡ ❆③✉r❡ ❇❧✉❡ ❇❧✉❡ ❇❧✉❡ ❆③✉r❡ ❆③✉r❡ ♥♦✇ ✇✐♥s✳ ❇❧✉❡ ❧♦s❡s✳ ❚❤✐s s❤♦✇s✿ ✶✮ P❧✉r❛❧✐t② ❝❛♥ ✈✐♦❧❛t❡ ■■❆ ✷✮ P❧✉r❛❧✐t② ❛❧✇❛②s s❛t✐s✜❡s ■■❆ ✸✮ ◆♦t❤✐♥❣ ✭■♥❝♦♥❝❧✉s✐✈❡✮ ✹✮ ◆♦t❤✐♥❣ ✭■♥✈❛❧✐❞ t❡st✮

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SLIDE 14

P❧✉r❛❧✐t② ❛♥❞ ■■❆

◮ ❚❤✐s ❡①❛♠♣❧❡ s❤♦✇s t❤❛t t❤❡ ♣❧✉r❛❧✐t② ♠❡t❤♦❞ ✈✐♦❧❛t❡s

t❤❡ ■■❆ ❝r✐t❡r✐♦♥✱ ❜❡❝❛✉s❡ ❇❧✉❡ ✇♦♥ t❤❡ ♦r✐❣✐♥❛❧ ❡❧❡❝t✐♦♥✱ ❛♥❞ ❧♦st ❛❢t❡r ❈♦❜❛❧t✬s r❡♠♦✈❛❧✳

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SLIDE 15

P❧✉r❛❧✐t② ❛♥❞ ■■❆

❲❤❛t ❤❛♣♣❡♥s ✐❢ ✇❡ r❡♠♦✈❡ ❇❧✉❡❄ ✷ ✸ ✹ ❆③✉r❡ ❈♦❜❛❧t ❇❧✉❡ ❇❧✉❡ ❆③✉r❡ ❆③✉r❡ ❈♦❜❛❧t ❇❧✉❡ ❈♦❜❛❧t

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SLIDE 16

❄✭✾✳✹✮ P❧✉r❛❧✐t② ❛♥❞ ■■❆

✷ ✸ ✹ ❆③✉r❡ ❈♦❜❛❧t ❆③✉r❡ ❈♦❜❛❧t ❆③✉r❡ ❈♦❜❛❧t Pr❡ss t❤❡ ✜rst ❧❡tt❡r ♦❢ t❤❡ ❝♦❧♦r t❤❛t ✇✐♥s ✇✐t❤ P❧✉r❛❧✐t② ♥♦✇✳

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SLIDE 17

❄✭✾✳✺✮ P❧✉r❛❧✐t② ❛♥❞ ■■❆

✷ ✸ ✹ ❆③✉r❡ ❈♦❜❛❧t ❆③✉r❡ ❈♦❜❛❧t ❆③✉r❡ ❈♦❜❛❧t ❆③✉r❡ ♥♦✇ ✇✐♥s✳ ❚❤✐s s❤♦✇s✿ ✶✮ P❧✉r❛❧✐t② ❝❛♥ ✈✐♦❧❛t❡ ■■❆ ✷✮ P❧✉r❛❧✐t② ❛❧✇❛②s s❛t✐s✜❡s ■■❆ ✸✮ ◆♦t❤✐♥❣ ✭■♥❝♦♥❝❧✉s✐✈❡✮ ✹✮ ◆♦t❤✐♥❣ ✭■♥✈❛❧✐❞ t❡st✮

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SLIDE 18

P❧✉r❛❧✐t② ❛♥❞ ■■❆

❘❡♠♦✈✐♥❣ ❇❧✉❡ ✇✐❧❧ ♠❛❦❡ ❇❧✉❡ ♥♦t ✇✐♥ t❤❡ ♠♦❞✐✜❡❞ ❡❧❡❝t✐♦♥✱ ❜✉t t❤✐s ❡①❛♠♣❧❡ ❞♦❡s ♥♦t s❤♦✇ ❛ ✈✐♦❧❛t✐♦♥ ♦❢ t❤❡ ■■❆ ❝r✐t❡r✐♦♥✱ ❜❡❝❛✉s❡ t❤❡ ♦r✐❣✐♥❛❧ ✇✐♥♥❡r ✇❛s r❡♠♦✈❡❞✱ ♥♦t ♦♥❡ ♦❢ t❤❡ ❧♦s✐♥❣ ❝❛♥❞✐❞❛t❡s✳ ❚❤✐s ✐s ❛♥ ✐♥✈❛❧✐❞ ❡①❛♠♣❧❡ ❢♦r ■■❆ ❜❡❝❛✉s❡ ✇❡ r❡♠♦✈❡❞ t❤❡ ✇✐♥♥❡r✳

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SLIDE 19

P❧✉r❛❧✐t② ❛♥❞ ■■❆

❲❤❛t ❤❛♣♣❡♥s ✐❢ ✇❡ r❡♠♦✈❡ ❆③✉r❡❄ ✷ ✸ ✹ ❆③✉r❡ ❈♦❜❛❧t ❇❧✉❡ ❇❧✉❡ ❆③✉r❡ ❆③✉r❡ ❈♦❜❛❧t ❇❧✉❡ ❈♦❜❛❧t

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SLIDE 20

❄✭✾✳✻✮ P❧✉r❛❧✐t② ❛♥❞ ■■❆

✷ ✸ ✹ ❇❧✉❡ ❈♦❜❛❧t ❇❧✉❡ ❈♦❜❛❧t ❇❧✉❡ ❈♦❜❛❧t Pr❡ss t❤❡ ✜rst ❧❡tt❡r ♦❢ t❤❡ ❝♦❧♦r t❤❛t ✇✐♥s ✇✐t❤ P❧✉r❛❧✐t② ♥♦✇✳

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SLIDE 21

❄✭✾✳✼✮ P❧✉r❛❧✐t② ❛♥❞ ■■❆

✷ ✸ ✹ ❇❧✉❡ ❈♦❜❛❧t ❇❧✉❡ ❈♦❜❛❧t ❇❧✉❡ ❈♦❜❛❧t ❇❧✉❡ ✇✐♥s✳ ❚❤✐s s❤♦✇s✿ ✶✮ P❧✉r❛❧✐t② ❝❛♥ ✈✐♦❧❛t❡ ■■❆ ✷✮ P❧✉r❛❧✐t② ❛❧✇❛②s s❛t✐s✜❡s ■■❆ ✸✮ ◆♦t❤✐♥❣ ✭■♥❝♦♥❝❧✉s✐✈❡✮ ✹✮ ◆♦t❤✐♥❣ ✭■♥✈❛❧✐❞ t❡st✮

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SLIDE 22

P❧✉r❛❧✐t② ❛♥❞ ■■❆

❚❤✐s t❡st ✇❛s ✐♥❝♦♥❝❧✉s✐✈❡ ✲ ✐t ❞♦❡s ♥♦t t❡❧❧ ✉s ✐❢ P❧✉r❛❧✐t② ❝❛♥ ✈✐♦❧❛t❡ ■■❆ ♦r ❛❧✇❛②s s❛t✐s❢② ✐t✳ ❇❧✉❡ ✇♦♥ ❛❢t❡r t❤❡ r❡♠♦✈❛❧✱ s♦ ✐t ✐s ♥♦t ❛ ✈✐♦❧❛t✐♦♥✱ ❜✉t t❤✐s ❛❧♦♥❡ ❞♦❡s ♥♦t t❡❧❧ ✉s ✐❢ P❧✉r❛❧✐t② ❛❧✇❛②s s❛t✐s✜❡s ■■❆✳ ■♥ ❢❛❝t✱ ✇❡ s❛✇ P❧✉r❛❧✐t② ✈✐♦❧❛t❡ ■■❆ ❡❛r❧✐❡r ✇✐t❤ ❛ ❞✐✛❡r❡♥t r❡♠♦✈❛❧✳

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SLIDE 23

❄✭✾✳✽✮ ❇♦r❞❛ ❈♦✉♥t ❛♥❞ ■■❆

✺ ✹ ❆③✉r❡ ❇❧✉❡ ❇❧✉❡ ❈♦❜❛❧t ❈♦❜❛❧t ❆③✉r❡ Pr❡ss t❤❡ ✜rst ❧❡tt❡r ♦❢ t❤❡ ❝♦❧♦r t❤❛t ✇✐♥s ✇✐t❤ ❇♦r❞❛ ❝♦✉♥t✳

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SLIDE 24

❇♦r❞❛ ❈♦✉♥t ❛♥❞ ■■❆

✺ ✹ ❆③✉r❡ ❇❧✉❡ ❇❧✉❡ ❈♦❜❛❧t ❈♦❜❛❧t ❆③✉r❡

◮ ❆③✉r❡ ❣❡ts ✺(✸)+✹(✶) = ✶✺+✹ = ✶✾ ♣♦✐♥ts✳ ◮ ❇❧✉❡ ✇✐♥s ✇✐t❤ ✺(✷)+✹(✸) = ✶✵+✶✷ = ✷✷ ♣♦✐♥ts✳ ◮ ❈♦❜❛❧t ❣❡ts ♦♥❧② ✺(✶)+✹(✷) = ✶✸ ♣♦✐♥ts✳

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SLIDE 25

❇♦r❞❛ ❈♦✉♥t ❛♥❞ ■■❆

❈♦❜❛❧t ✐s r❡♠♦✈❡❞✿ ✺ ✹ ❆③✉r❡ ❇❧✉❡ ❇❧✉❡ ❆③✉r❡

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SLIDE 26

❄✭✾✳✾✮ ❇♦r❞❛ ❈♦✉♥t ❛♥❞ ■■❆

❈♦❜❛❧t ✐s r❡♠♦✈❡❞✿ ✺ ✹ ❆③✉r❡ ❇❧✉❡ ❇❧✉❡ ❆③✉r❡ Pr❡ss t❤❡ ✜rst ❧❡tt❡r ♦❢ t❤❡ ❝♦❧♦r t❤❛t ✇✐♥s ✇✐t❤ ❇♦r❞❛ ❝♦✉♥t✳

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SLIDE 27

❇♦r❞❛ ❈♦✉♥t ❛♥❞ ■■❆

✺ ✹ ❆③✉r❡ ❇❧✉❡ ❇❧✉❡ ❆③✉r❡

◮ ❆③✉r❡ ❣❡ts ✺(✷)+✹(✶) = ✶✵+✹ = ✶✹ ♣♦✐♥ts✳ ◮ ❇❧✉❡ ❣❡ts ✺(✶)+✹(✷) = ✺+✽ = ✶✸ ♣♦✐♥ts✳

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SLIDE 28

❇♦r❞❛ ❈♦✉♥t ❛♥❞ ■■❆

❖r✐❣✐♥❛❧✿

◮ ❆③✉r❡ ❣❡ts ✺(✸)+✹(✶) = ✶✺+✹ = ✶✾ ♣♦✐♥ts✳ ◮ ❇❧✉❡ ❣❡ts ✺(✷)+✹(✸) = ✶✵+✶✷ = ✷✷ ♣♦✐♥ts✳

▼♦❞✐✜❡❞✿

◮ ❆③✉r❡ ❣❡ts ✺(✷)+✹(✶) = ✶✵+✹ = ✶✹ ♣♦✐♥ts✳ ◮ ❇❧✉❡ ❣❡ts ✺(✶)+✹(✷) = ✺+✽ = ✶✸ ♣♦✐♥ts✳

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SLIDE 29

❇♦r❞❛ ❈♦✉♥t ❛♥❞ ■■❆

❚❤✐s ❡①❛♠♣❧❡ s❤♦✇s t❤❛t t❤❡ ❇♦r❞❛ ❈♦✉♥t ♠❡t❤♦❞ ✈✐♦❧❛t❡s t❤❡ ■■❆ ❝r✐t❡r✐♦♥✱ ❜❡❝❛✉s❡ ❇❧✉❡ ✇♦♥ t❤❡ ♦r✐❣✐♥❛❧ ❡❧❡❝t✐♦♥✱ ❛♥❞ ❆③✉r❡ ✇♦♥ ❛❢t❡r ❈♦❜❛❧t✬s r❡♠♦✈❛❧✳

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SLIDE 30

❄✭✾✳✶✵✮ P❧✉r❛❧✐t② ✇✐t❤ ❊❧✐♠✐♥❛t✐♦♥ ❛♥❞ ■■❆

✼ ✽ ✻ ❇❧✉❡ ❈♦❜❛❧t ❆③✉r❡ ❆③✉r❡ ❆③✉r❡ ❇❧✉❡ ❈♦❜❛❧t ❇❧✉❡ ❈♦❜❛❧t ◆❡❡❞ ✶✶ ✜rst ♣❧❛❝❡ ✈♦t❡s t♦ ✇✐♥✳ Pr❡ss t❤❡ ✜rst ❧❡tt❡r ♦❢ t❤❡ ❝♦❧♦r t❤❛t ❣❡ts ❡❧✐♠✐♥❛t❡❞✳

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SLIDE 31

P❧✉r❛❧✐t② ✇✐t❤ ❊❧✐♠✐♥❛t✐♦♥ ❛♥❞ ■■❆

❊❧✐♠✐♥❛t❡ ❆③✉r❡ ✼ ✽ ✻ ❇❧✉❡ ❈♦❜❛❧t ❆③✉r❡ ❆③✉r❡ ❆③✉r❡ ❇❧✉❡ ❈♦❜❛❧t ❇❧✉❡ ❈♦❜❛❧t

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SLIDE 32

P❧✉r❛❧✐t② ✇✐t❤ ❊❧✐♠✐♥❛t✐♦♥ ❛♥❞ ■■❆

❊❧✐♠✐♥❛t❡ ❆③✉r❡ ✼ ✽ ✻ ❇❧✉❡ ❈♦❜❛❧t ❇❧✉❡ ❈♦❜❛❧t ❇❧✉❡ ❈♦❜❛❧t

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SLIDE 33

❄✭✾✳✶✶✮ P❧✉r❛❧✐t② ✇✐t❤ ❊❧✐♠✐♥❛t✐♦♥ ❛♥❞ ■■❆

✼ ✽ ✻ ❇❧✉❡ ❈♦❜❛❧t ❇❧✉❡ ❈♦❜❛❧t ❇❧✉❡ ❈♦❜❛❧t Pr❡ss t❤❡ ✜rst ❧❡tt❡r ♦❢ t❤❡ ❝♦❧♦r t❤❛t ✇♦♥✳

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SLIDE 34

P❧✉r❛❧✐t② ✇✐t❤ ❊❧✐♠✐♥❛t✐♦♥ ❛♥❞ ■■❆

✼ ✽ ✻ ❇❧✉❡ ❈♦❜❛❧t ❇❧✉❡ ❈♦❜❛❧t ❇❧✉❡ ❈♦❜❛❧t ❇❧✉❡ ✇♦♥ ✇✐t❤ ✶✸ ♦✉t ♦❢ ✷✶ ✜rst ♣❧❛❝❡ ✈♦t❡s✳

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SLIDE 35

P❧✉r❛❧✐t② ✇✐t❤ ❊❧✐♠✐♥❛t✐♦♥ ❛♥❞ ■■❆

▲❡t✬s r❡♠♦✈❡ ❈♦❜❛❧t✳ ✼ ✽ ✻ ❇❧✉❡ ❈♦❜❛❧t ❆③✉r❡ ❆③✉r❡ ❆③✉r❡ ❇❧✉❡ ❈♦❜❛❧t ❇❧✉❡ ❈♦❜❛❧t

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SLIDE 36

P❧✉r❛❧✐t② ✇✐t❤ ❊❧✐♠✐♥❛t✐♦♥ ❛♥❞ ■■❆

▲❡t✬s r❡♠♦✈❡ ❈♦❜❛❧t✳ ✼ ✽ ✻ ❇❧✉❡ ❆③✉r❡ ❆③✉r❡ ❆③✉r❡ ❇❧✉❡ ❇❧✉❡

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SLIDE 37

P❧✉r❛❧✐t② ✇✐t❤ ❊❧✐♠✐♥❛t✐♦♥ ❛♥❞ ■■❆

✼ ✽ ✻ ❇❧✉❡ ❆③✉r❡ ❆③✉r❡ ❆③✉r❡ ❇❧✉❡ ❇❧✉❡ ❆③✉r❡ ❛✉t♦♠❛t✐❝❛❧❧② ✇✐♥s ✇✐t❤ ✶✹ ✜rst ♣❧❛❝❡ ✈♦t❡s✳ ❇❧✉❡ ❧♦s❡s✳

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SLIDE 38

P❧✉r❛❧✐t② ✇✐t❤ ❊❧✐♠✐♥❛t✐♦♥ ❛♥❞ ■■❆

❚❤✐s ❡①❛♠♣❧❡ s❤♦✇s t❤❛t P✇❊ ✈✐♦❧❛t❡s ■■❆✦ ❇❧✉❡ ✇♦♥ t❤❡ ♦r✐❣✐♥❛❧ ❡❧❡❝t✐♦♥✱ ❛♥❞ ❆③✉r❡ ✇♦♥ ❛❢t❡r ❈♦❜❛❧t✬s r❡♠♦✈❛❧✳

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SLIDE 39

P❛✐r✇✐s❡ ❈♦♠♣❛r✐s♦♥ ❛♥❞ ■■❆

❲❤♦ ✇✐♥s ✇✐t❤ P❛✐r✇✐s❡ ❈♦♠♣❛r✐s♦♥❄ ✺ ✺ ✻ ✹ ❉ ❆ ❈ ❇ ❆ ❈ ❇ ❉ ❈ ❇ ❉ ❆ ❇ ❉ ❆ ❈

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SLIDE 40

P❛✐r✇✐s❡ ❈♦♠♣❛r✐s♦♥ ❛♥❞ ■■❆

✺ ✺ ✻ ✹ ❉ ❆ ❈ ❇ ❆ ❈ ❇ ❉ ❈ ❇ ❉ ❆ ❇ ❉ ❆ ❈

◮ ❆ ✈s ❇✿ ✶✵ ✈♦t❡s t♦ ✶✵ ✈♦t❡s✱ ❆ ❛♥❞ ❇ t✐❡ ◮ ❆ ✈s ❈✿ ✶✹ ✈♦t❡s t♦ ✻ ✈♦t❡s✱ ❆ ✇✐♥s ◮ ❆ ✈s ❉✿ ✺ ✈♦t❡s t♦ ✶✺ ✈♦t❡s✱ ❉ ✇✐♥s

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SLIDE 41

P❛✐r✇✐s❡ ❈♦♠♣❛r✐s♦♥ ❛♥❞ ■■❆

✺ ✺ ✻ ✹ ❉ ❆ ❈ ❇ ❆ ❈ ❇ ❉ ❈ ❇ ❉ ❆ ❇ ❉ ❆ ❈

◮ ❇ ✈s ❈✿ ✹ ✈♦t❡s t♦ ✶✻ ✈♦t❡s✱ ❈ ✇✐♥s ◮ ❇ ✈s ❉✿ ✶✺ ✈♦t❡s t♦ ✺ ✈♦t❡s✱ ❇ ✇✐♥s ◮ ❈ ✈s ❉✿ ✶✶ ✈♦t❡s t♦ ✾ ✈♦t❡s✱ ❈ ✇✐♥s

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SLIDE 42

P❛✐r✇✐s❡ ❈♦♠♣❛r✐s♦♥ ❛♥❞ ■■❆

◮ ❆ ✈s ❇✿ ✶✵ t♦ ✶✵✱ ❚✐❡ ◮ ❆ ✈s ❈✿ ✶✹ t♦ ✻✱ ❆ ✇✐♥s ◮ ❆ ✈s ❉✿ ✺ t♦ ✶✺✱ ❉ ✇✐♥s ◮ ❇ ✈s ❈✿ ✹ t♦ ✶✻✱ ❈ ✇✐♥s ◮ ❇ ✈s ❉✿ ✶✺ t♦ ✺✱ ❇ ✇✐♥s ◮ ❈ ✈s ❉✿ ✶✶ t♦ ✾✱ ❈ ✇✐♥s ◮ ❆ ❣❡ts ✶✶

✷ ♣♦✐♥ts

◮ ❇ ❣❡ts ✶✶

✷ ♣♦✐♥ts

◮ ❈ ✇✐♥s ✇✐t❤ ✷ ♣♦✐♥ts ◮ ❉ ❣❡ts ✶ ♣♦✐♥t

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SLIDE 43

P❛✐r✇✐s❡ ❈♦♠♣❛r✐s♦♥ ❛♥❞ ■■❆

❘❡♠♦✈❡ ❉✿ ✺ ✺ ✻ ✹ ❆ ❆ ❈ ❇ ❈ ❈ ❇ ❆ ❇ ❇ ❆ ❈

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SLIDE 44

P❛✐r✇✐s❡ ❈♦♠♣❛r✐s♦♥ ❛♥❞ ■■❆

❘❡♠♦✈❡ ❉✿ ✺ ✺ ✻ ✹ ❆ ❆ ❈ ❇ ❈ ❈ ❇ ❆ ❇ ❇ ❆ ❈

◮ ❆ ✈s ❇✿ ✶✵ ✈♦t❡s t♦ ✶✵ ✈♦t❡s✱ ❆ ❛♥❞ ❇ t✐❡ ◮ ❆ ✈s ❈✿ ✶✹ ✈♦t❡s t♦ ✻ ✈♦t❡s✱ ❆ ✇✐♥s ◮ ❇ ✈s ❈✿ ✹ ✈♦t❡s t♦ ✶✻ ✈♦t❡s✱ ❈ ✇✐♥s

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SLIDE 45

P❛✐r✇✐s❡ ❈♦♠♣❛r✐s♦♥ ❛♥❞ ■■❆

◮ ❆ ✈s ❇✿ ✶✵ ✈♦t❡s t♦ ✶✵ ✈♦t❡s✱ ❆ ❛♥❞ ❇ t✐❡ ◮ ❆ ✈s ❈✿ ✶✹ ✈♦t❡s t♦ ✻ ✈♦t❡s✱ ❆ ✇✐♥s ◮ ❇ ✈s ❈✿ ✹ ✈♦t❡s t♦ ✶✻ ✈♦t❡s✱ ❈ ✇✐♥s ◮ ◆♦t❡ t❤❛t t❤❡s❡ ❛r❡ t❤❡ s❛♠❡ ❝❛♠♣ s✐③❡s ❢r♦♠ t❤❡

♣r❡✈✐♦✉s ❡❧❡❝t✐♦♥✳ ❚❤❡ ♦♥❧② ❞✐✛❡r❡♥❝❡ ✐s t❤❛t t❤❡ ♦♥❡✲♦♥✲♦♥❡ ❝♦♠♣❛r✐s♦♥s ✐♥✈♦❧✈✐♥❣ ❉ ❛r❡ r❡♠♦✈❡❞✳

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SLIDE 46

P❛✐r✇✐s❡ ❈♦♠♣❛r✐s♦♥ ❛♥❞ ■■❆

◮ ❆ ✈s ❇✿ ✶✵ t♦ ✶✵✱ ❚✐❡ ◮ ❆ ✈s ❈✿ ✶✹ t♦ ✻✱ ❆ ✇✐♥s ◮ ❇ ✈s ❈✿ ✹ t♦ ✶✻✱ ❈ ✇✐♥s ◮ ❆ ✇✐♥s ✇✐t❤ ✶✶

✷ ♣♦✐♥ts

◮ ❇ ❣❡ts ✶

✷ ♣♦✐♥t

◮ ❈ ❣❡ts ✶ ♣♦✐♥t

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SLIDE 47

P❛✐r✇✐s❡ ❈♦♠♣❛r✐s♦♥ ❛♥❞ ■■❆

◮ ❆ ✈s ❇✿ ✶✵ t♦ ✶✵✱ ❚✐❡ ◮ ❆ ✈s ❈✿ ✶✹ t♦ ✻✱ ❆ ✇✐♥s ◮ ❆ ✈s ❉✿ ✺ t♦ ✶✺✱ ❉ ✇✐♥s ◮ ❇ ✈s ❈✿ ✹ t♦ ✶✻✱ ❈ ✇✐♥s ◮ ❇ ✈s ❉✿ ✶✺ t♦ ✺✱ ❇ ✇✐♥s ◮ ❈ ✈s ❉✿ ✶✶ t♦ ✾✱ ❈ ✇✐♥s ◮ ❆ ✈s ❇✿ ✶✵ t♦ ✶✵✱ ❚✐❡ ◮ ❆ ✈s ❈✿ ✶✹ t♦ ✻✱ ❆ ✇✐♥s ◮ ❇ ✈s ❈✿ ✹ t♦ ✶✻✱ ❈ ✇✐♥s

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SLIDE 48

P❛✐r✇✐s❡ ❈♦♠♣❛r✐s♦♥ ❛♥❞ ■■❆

◮ P❛✐r✇✐s❡ ❈♦♠♣❛r✐s♦♥ ✈✐♦❧❛t❡s ■■❆✦ ❈ ✇♦♥ t❤❡ ♦r✐❣✐♥❛❧

❡❧❡❝t✐♦♥✱ ❛♥❞ ❆ ✇♦♥ ❛❢t❡r ❉ ✇❛s r❡♠♦✈❡❞✳

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SLIDE 49

■■❆ ❈♦♠♣❧✐❛♥❝❡ ❘❡s✉❧ts

◮ P❧✉r❛❧✐t②✿ ❱✐♦❧❛t✐♦♥ ◮ ❇♦r❞❛ ❝♦✉♥t✿ ❱✐♦❧❛t✐♦♥ ◮ P✇❊✿ ❱✐♦❧❛t✐♦♥ ◮ P❛✐r✇✐s❡ ❝♦♠♣❛r✐s♦♥✿ ❱✐♦❧❛t✐♦♥✦

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SLIDE 50

■■❆ ❛♥❞ Pr❡❢❡r❡♥❝❡ ❇❛❧❧♦ts

❆❧❧ ❢♦✉r ✈♦t✐♥❣ ♠❡t❤♦❞s ✇❡ ❤❛✈❡ st✉❞✐❡❞ r❡q✉✐r❡ ✈♦t❡rs t♦ r❛♥❦ ❝❛♥❞✐❞❛t❡s✳ ■❢ s♦♠❡♦♥❡ ❧❡❛✈❡s t❤❡ ❡❧❡❝t✐♦♥✱ t❤❡✐r ❧♦ss ❝❛♥ ✉♣s❡t t❤❡ r❛♥❦✐♥❣s✱ ✇❤✐❝❤ ❝❛♥ r❡s✉❧t ✐♥ ❞✐✛❡r❡♥t ♦✉t❝♦♠❡s✳

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SLIDE 51

❙✉♠♠❛r②

▼❡t❤♦❞ ▼❆ ❈❖ ▼❖ ■■❆ P❧✉r❛❧✐t② ❙❛t✐s❢② ❱✐♦❧❛t❡ ❙❛t✐s❢② ❱✐♦❧❛t❡ ❇♦r❞❛ ❱✐♦❧❛t❡ ❱✐♦❧❛t❡ ❙❛t✐s❢② ❱✐♦❧❛t❡ P✇❊✳ ❙❛t✐s❢② ❱✐♦❧❛t❡ ❱✐♦❧❛t❡ ❱✐♦❧❛t❡ P❛✐r✇✐s❡ ❙❛t✐s❢② ❙❛t✐s❢② ❙❛t✐s❢② ❱✐♦❧❛t❡

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SLIDE 52

❄✭✾✳✶✷✮ ❚❤❡ P❡r❢❡❝t ▼❡t❤♦❞❄

◮ ■s t❤❡r❡ ❛ ✈♦t✐♥❣ ♠❡t❤♦❞ ✇❤✐❝❤ s❛t✐s✜❡s✿

◮ ▼❛❥♦r✐t② ❝r✐t❡r✐♦♥ ◮ ❈♦♥❞♦r❝❡t ❝r✐t❡r✐♦♥ ◮ ▼♦♥♦t♦♥✐❝✐t② ❝r✐t❡r✐♦♥ ◮ ■■❆ ❝r✐t❡r✐♦♥

Pr❡ss ✶ ❢♦r ②❡s✱ ✷ ❢♦r ♥♦

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SLIDE 53

❚❤❡ P❡r❢❡❝t ▼❡t❤♦❞❄

◆❖

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SLIDE 54

◆♦ P❡r❢❡❝t ▼❡t❤♦❞

❚❤❡♦r❡♠ ✭❆rr♦✇✬s ■♠♣♦ss✐❜✐❧✐t② ❚❤❡♦r❡♠✮

■t ✐s ✐♠♣♦ss✐❜❧❡ ❢♦r ❛ ✈♦t✐♥❣ ♠❡t❤♦❞ t♦ s❛t✐s❢② ❛❧❧ ❢♦✉r ❢❛✐r♥❡ss ❝r✐t❡r✐❛✳

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SLIDE 55

❙✉♠♠❛r②

◮ ❚❤❡ ✇❤♦❧❡ ♣♦✐♥t ❜❡❤✐♥❞ ❢❛✐r♥❡ss ❝r✐t❡r✐❛ ✐s t♦ ♥♦t ♦♥❧②

st❛t❡ ✇❤❛t ❛ ❢❛✐r ❡❧❡❝t✐♦♥ s❤♦✉❧❞ ❜❡ ❧✐❦❡✱ ❜✉t ❛❧❧♦✇ ✉s t♦ t❡st ✇❤❡t❤❡r ❛ ✈♦t✐♥❣ ♠❡t❤♦❞ s❛t✐s✜❡s ♦r ✈✐♦❧❛t❡s t❤❡ ❝r✐t❡r✐♦♥✳

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SLIDE 56

❋❛✐r♥❡ss ❈r✐t❡r✐❛ ❙✉♠♠❛r②

◮ ❚❤❡ ♠❛❥♦r✐t② ❝r✐t❡r✐♦♥ ❛♥❞ ❈♦♥❞♦r❝❡t ❝r✐t❡r✐♦♥ ✐♥✈♦❧✈❡

❝❛♥❞✐❞❛t❡s ✇❤♦ ❛r❡ ♣♦♣✉❧❛r ✐♥ s♦♠❡ ✇❛②✿

◮ ❚❤❡ ♠❛❥♦r✐t② ❝r✐t❡r✐♦♥ ✇❛♥ts ❛ ❝❛♥❞✐❞❛t❡ ✇❤♦ ❤❛s ♦✈❡r

✺✵✪ ♦❢ t❤❡ ✜rst ♣❧❛❝❡ ✈♦t❡s t♦ ✇✐♥✳

◮ ❚❤❡ ❈♦♥❞♦r❝❡t ❝r✐t❡r✐♦♥ ✇❛♥ts ❛ ❝❛♥❞✐❞❛t❡ ✇❤♦ ✇✐♥s ❛❧❧

t❤❡✐r ♣❛✐r✇✐s❡ ❝♦♠♣❛r✐s♦♥s t♦ ✇✐♥✳

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SLIDE 57

❋❛✐r♥❡ss ❈r✐t❡r✐❛ ❙✉♠♠❛r②

◮ ❚❤❡ ♠♦♥♦t♦♥✐❝✐t② ❝r✐t❡r✐♦♥ ✇❛♥ts ❡✈❡r② ✜rst ♣❧❛❝❡ ✈♦t❡

t♦ ❜❡ ❤❡❧♣❢✉❧✱ ♦r ❛t ❧❡❛st ♥♦t ❤❛r♠❢✉❧✳

◮ ❚❤❡ ■■❆ ❝r✐t❡r✐♦♥ ✇❛♥ts t♦ ❦❡❡♣ ❧♦s❡rs ✇❤♦ q✉✐t ✭♦r

❛r❡ ♦t❤❡r✇✐s❡ r❡♠♦✈❡❞✮ ❢r♦♠ ❛✛❡❝t✐♥❣ t❤❡ ❡❧❡❝t✐♦♥ r❡s✉❧ts✳

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SLIDE 58

◆❡①t t✐♠❡

◮ ❲❡ ✇✐❧❧ r❡✈✐❡✇ ❢♦r t❤❡ ❡①❛♠ ◮ ❍♦♠❡✇♦r❦ ✸ ✐s ❞✉❡ ♥❡①t ▼♦♥❞❛②