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Alcon — Presentation of Q2 2026, PDF file, (opens in new window) (company IR deck)
Alcon (ALC) · 31 slides · Filed Oct 30, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All ALC deck slides
Slide 1 — 6 H F R Q G 4 X D U W H U
6 H F R Q G 4 X D U W H U 5 H V X O W V $ X J X V W b
Slide 2 — 6 D I H K D U E R U
) R U Z D U G O R R N L Q J V W D W H P H Q W V 7 K L V G R F X P H Q W F R Q W D L Q V D Q G R X U R I I L F H U V D Q G U H S U H V H Q W D W L Y H V P D \ I U R P W L P H W R W L P H P D N H F H U W D L Q I R U Z D U G O R R N L Q J V W / L W L J D W L R Q 5 H I R U P $ F W R I ) R U Z D U G O R R N L Q J V W D W H P H Q W V F D Q E H L G H Q W L I L H G E \ Z R U G V V X F K D V D Q W L F L S D W H L Q W H Q G F R P S U R M H F W H V W L P D W H H [ S H F W V W U D W H J \ I X W X U H O L N H O \ P D \ V K R X O G Z L O O D Q G V L P L O D U U H I H U H Q F H V W R I X W X U H S H U U H J D U G L Q J R X U R X W O R R N O L T X L G L W \ U H Y H Q X H U H Y H Q X H J U R Z W K J U R V V P D U J L Q R S H U D W L Q J P D U J L Q F R U H R S H U D W L Q J P D U J L Q F R W D U L I I L P S D F W Q R Q R S H U D W L Q J H [ S H Q V H V H D U Q L Q J V S H U V K D U H H D U Q L Q J V S H U V K D U H J U R Z W K R S H U D W L Q J F D V K I O R Z I U H H F D V K I O R Z D Q G R W K H U G L V F U H W L R Q D U \ L W H P V V X F K D V R X U P D U N H W J U R Z W K D V V X P S W L R Q V R X U V R F L D O L P S D F W D Q G V X V W D L Q D E L O L W \ S O D Q V S H U I R U P D Q F H ) R U Z D U G O R R N L Q J V W D W H P H Q W V D U H Q H L W K H U K L V W R U L F D O I D F W V Q R U D V V X U D Q F H V R I I X W X U H S H U I R U P D Q F H Q V W H D G W K H \ D U H E D E X V L Q H V V I X W X U H S O D Q V D Q G V W U D W H J L H V D Q G R W K H U I X W X U H F R Q G L W L R Q V % H F D X V H I R U Z D U G O R R N L Q J V W D W H P H Q W V U H O D W H W R W F \ E H U V H F X U L W \ E U H D F K H V D Q G W H F K Q R O R J \ I D L O X U H V W K D W F R X O G G L V U X S W R S H U D W L R Q V R X U D E L O L W \ W R H I I H F W L Y H O \ P D Q D J H W K H U D U W L I L F L D O L Q W H O O L J H Q F H D Q G G L V U X S W L Y H W H F K Q R O R J L H V D Q G W K H P L J U D W L R Q W R F O R X G E D V H G S O D W I R U P V F R P S O L D Q F H Z L W K G D W D U W L I L F L D O L Q W H O O L J H Q F H W K H L P S D F W R I D G L V U X S W L R Q L Q R X U J O R E D O V X S S O \ F K D L Q L Q F O X G L Q J W K H H I I H F W R I W D U L I I V R U L P S R U R Q R X W V R X U F L Q J N H \ E X V L Q H V V I X Q F W L R Q V W K H L Q F U H D V L Q J O \ F K D O O H Q J L Q J H F R Q R P L F S R O L W L F D O D Q G O H J D O H Q Y L U R Q P H Q W L Q & K L Q D E L O L W \ W R F R P S O \ Z L W K D Q W L F R U U X S W L R Q D Q W L E U L E H U \ H [ S R U W F R Q W U R O W U D G H V D Q F W L R Q R U V L P L O D U O D Z V R X U D E L O L W \ W R D W K L U G S D U W \ F R Q W U D F W P D Q X I D F W X U H U R X U V X F F H V V L Q F R P S O H W L Q J V W U D W H J L F D F T X L V L W L R Q V L Q F O X G L Q J H T X L W \ L Q Y H V W P H Q W V L V X F F H V V R I R X U U H V H D U F K D Q G G H Y H O R S P H Q W H I I R U W V L Q F O X G L Q J R X U D E L O L W \ W R L Q Q R Y D W H W R F R P S H W H H I I H F W L Y H O \ R X U D E L O L W H Y H Q W V R X U D E L O L W \ W R I R U H F D V W V D O H V G H P D Q G D Q G P D Q D J H R X U L Q Y H Q W R U \ O H Y H O V D Q G W K H F K D Q J L Q J E X \ L Q J S D W W H U Q V R I R X U P H W K R G R O R J L H V R X U D E L O L W \ W R F R P S O \ Z L W K D O O O D Z V W R Z K L F K Z H P D \ E H V X E M H F W W K H D E L O L W \ W R R E W D L Q U H J X O D W R U \ F O H D U L Q F O X G L Q J T X D O L W \ F R Q W U R O R I R X U P D Q X I D F W X U L Q J W K H H I I H F W R I S U R G X F W U H F D O O V R U Y R O X Q W D U \ P D U N H W Z L W K G U D Z D O V R X U D E L K H D O W K F D U H S U R Y L G H U V R Q R X U S U R G X F W V R X U D E L O L W \ W R S U R W H F W R X U L Q W H O O H F W X D O S U R S H U W \ W K H D F F X U D F \ R I R X U D F F R X Q R E O L J D W L R Q V D Q G W K H F D U U \ L Q J Y D O X H R I L Q W D Q J L E O H D V V H W V D Q G W K H D G H T X D F \ R I R X U I L Q D Q F L D O U H S R U W L Q J D F F R X Q W L Q J S U D F I L Q D Q F L Q J W K U R X J K W K H L V V X D Q F H R I G H E W R U H T X L W \ W K H H I I H F W V R I O L W L J D W L R Q L Q F O X G L Q J S U R G X F W O L D E L O L W \ O D Z V X L W V D Q G J V W R F N H [ F K D Q J H V W K H D E L O L W \ W R G H F O D U H D Q G S D \ G L Y L G H Q G V W K H G L I I H U H Q W U L J K W V D I I R U G H G W R R X U V K D U H K R O G H U V D V D 6 Z S U L Y D W H L V V X H U V W D W X V X Q G H U 8 6 V H F X U L W L H V O D Z V D Q G W K H D E L O L W \ W R H Q I R U F H 8 6 M X G J P H Q W V D J D L Q V W 6 Z L V V F R U S R U D W L R Q V $ G G L W L R Q D O I D F W R U V D U H G L V F X V V H G L Q R X U I L O L Q J V Z L W K W K H 8 Q L W H G 6 W D W H V 6 H F X U L W L H V D Q G ( [ F K D Q J H & R P P L V V L R Q L Q F O X G L Q X Q G H U O \ L Q J D V V X P S W L R Q V S U R Y H L Q F R U U H F W D F W X D O U H V X O W V P D \ Y D U \ P D W H U L D O O \ I U R P W K R V H D Q W L F L S D W H G 7 K H U H I R U H \ R X V K R S U H V V U H O H D V H V S H D N R Q O \ D V R I W K H G D W H R I L W V I L O L Q J D Q G Z H D V V X P H Q R R E O L J D W L R Q W R X S G D W H I R U Z D U G O R R N L Q J V W D W H P H Q W W R X S G D W H W K H R X W O R R N D V F L U F X P V W D Q F H V H Y R O Y H Q W H O O H F W X D O S U R S H U W \ 7 K L V U H S R U W P D \ F R Q W D L Q U H I H U H Q F H V W R R X U S U R S U L H W D U \ L Q W H O O H F W X D O S U R S H U W \ $ O O S U R G X F W Q D P H V D S S H D U L Q J L Q L W D O L F V R U $ / / & $ 3 6 D U H W U D G H P D U N V R Z Q H G E \ R U O L F H Q V H G W R $ O F R Q R U D D U H W U D G H P D U N V W K D W D U H Q R W R Z Q H G E \ R U O L F H Q V H G W R $ O F R Q R U L W V V X E V L G L D U L H V D Q G D U H W K H S U R S H U W \ R I W K H L U U H 1 R Q ) 5 6 P H D V X U H V $ O F R Q X V H V F H U W D L Q Q R Q ) 5 6 P H W U L F V Z K H Q P H D V X U L Q J S H U I R U P D Q F H L Q F O X G L Q J Z K H Q P H D V X U L Q J F X U U H Q W S H U L R G U H V X O W V D J D F X U U H Q F L H V D Q G I U H H F D V K I O R Z % H F D X V H R I W K H L U Q R Q V W D Q G D U G L ] H G G H I L Q L W L R Q V W K H Q R Q ) 5 6 P H D V X U H V X Q O L N H ) 5 6 P H D V X 7 K H V H Q R Q ) 5 6 P H D V X U H V D U H S U H V H Q W H G V R O H O \ W R S H U P L W L Q Y H V W R U V W R P R U H I X O O \ X Q G H U V W D Q G K R Z $ O F R Q P D Q D J H P H Q W D V V H Y L H Z H G D V D V X E V W L W X W H I R U ) 5 6 P H D V X U H V 6 D I H K D U E R U
Slide 3 — $ J H Q G D
$ J H Q G D 6 D O H V & R U H U H V X O W V 2 X W O R R N ) 5 6 U H V X O W V 6 H O H F W K L J K O L J K W V
Slide 4 — 4 + L J K O L J K W V
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
Slide 5 — 6 H O H F W I L Q D Q F L D O K L J K O L J K W V
4 6 D O H V R I % X S \ \ R Q D U H S R U W H G E D V L V X S F F 4 2 S H U D W L Q J P D U J L Q R I G R Z Q E D V L V S R L Q W V E S V \ \ G R Z Q E S V F F E D V L V 4 & R U H R S H U D W L Q J P D U J L Q R I X S E S V \ \ X S E S V F F 4 ’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b P L O O L R Q U H O D W H G W R W K H G L V F R Q W L Q X D W L R Q R I W K H 3 R Z H U 9 L V L R Q S U R J U D P V L Q 4 6 H O H F W I L Q D Q F L D O K L J K O L J K W V & R U H R S H U D W L Q J P D U J L Q & R U H G L O X W H G ( 3 6 ) U H H F D V K I O R Z
Slide 6 — $ J H Q G D
$ J H Q G D 6 D O H V & R U H U H V X O W V 2 X W O R R N ) 5 6 U H V X O W V 6 H O H F W K L J K O L J K W V
Slide 7 — E L O O L R Q
+ 3 U R G X F W P L [ 6 X U J L F D O % E L O O L R Q $ O F R Q + V D O H V 9 L V L R Q & D U H % 1 X P E H U V P D \ E H U R X Q G H G I R U S U H V H Q W D W L R Q S X U S R V H V 7 R W D O V P D \ Q R W V X P G X H W R U R X Q G L Q J 2 F X O D U K H D O W K ’ U \ H \ H S U R G X F W V $ O O H U J \ H \ H G U R S V 6 W H U R L G H \ H G U R S V * O D X F R P D H \ H G U R S V & R Q W D F W O H Q V F D U H & R Q W D F W O H Q V H V ’ D L O \ O H Q V H V 5 H X V D E O H O H Q V H V & R V P H W L F O H Q V H V P S O D Q W D E O H V 0 R Q R I R F D O 2 / V $ G Y D Q F H G W H F K Q R O R J \ 2 / V * O D X F R P D L P S O D Q W V & R Q V X P D E O H V ’ H G L F D W H G F R Q V X P D E O H V & X V W R P V X U J L F D O S D F N V 3 U R F H G X U D O S U R G X F W V ( T X L S P H Q W R W K H U & D W D U D F W H T X L S P H Q W 5 H W L Q D O H T X L S P H Q W 5 H I U D F W L Y H H T X L S P H Q W * O D X F R P D H T X L S P H Q W ’ L D J Q R V W L F V Y L V X D O L ] D ( T X L S P H Q W V H U Y L F H 3 U R F H G X U D O H \ H G U R S V
Slide 8 —
P S O D Q W D E O H V U H I O H F W V V W U R Q J S H U I R U P D Q F H E \ 3 D Q 2 S W L [ 3 U R & R Q V X P D E O H V U H I O H F W V S U R F H G X U D O J U R Z W K D Q G S U L F H L Q F U H D V H V ( T X L S P H Q W J U R Z W K U H I O H F W V U H F H Q W H T X L S P H Q W O D X Q F K H V L Q F O X G L Q J W K H 8 Q L W \ S O D W I R U P 4 6 X U J L F D O / R Z H U V D O H V L Q V X U J L F D O J O D X F R P D & R Q W L Q X H G F R P S H W L W L Y H S U H V V X U H V I R U L P S O D Q W D E O H V 6 R I W Q H V V L Q W K H F D W D U D F W S U R F H G X U H P D U N H W P S O D Q W D E O H V & & 8 6 ’ & R Q V W D Q W F X U U H Q F \ J U R Z W K L V D Q R Q ) 5 6 P H D V X U H $ Q H [ S O D Q D W L R Q R I Q R Q ) 5 6 P H D V X U H V F D Q E H I R X Q G L Q W K H $ S S H Q G L [ 1 H W 6 D O H V 8 6 ’ 0 & R Q V X P D E O H V ( T X L S P H Q W R W K H U
Slide 9 —
4 9 L V L R Q & D U H 1 H W 6 D O H V 8 6 ’ 0 & & 8 6 ’ & R Q W D F W O H Q V H V & R Q V W D Q W F X U U H Q F \ J U R Z W K L V D Q R Q ) 5 6 P H D V X U H $ Q H [ S O D Q D W L R Q R I Q R Q ) 5 6 P H D V X U H V F D Q E H I R X Q G L Q W K H $ S S H Q G L [ 2 F X O D U K H D O W K ’ H F O L Q H V L Q O H J D F \ F R Q W D F W O H Q V S U R G X F W V 3 U R G X F W L Q Q R Y D W L R Q D Q G S U L F H L Q F U H D V H V L Q F R Q W D F W O H Q V H V 2 F X O D U K H D O W K J U R Z W K O H G E \ R X U S R U W I R O L R R I G U \ H \ H S U R G X F W V L Q F O X G L 7 U \ S W \ U D Q G 6 \ V W D Q H
Slide 10 — $ J H Q G D
$ J H Q G D 6 D O H V & R U H U H V X O W V 2 X W O R R N ) 5 6 U H V X O W V 6 H O H F W K L J K O L J K W V
Slide 11 — 4 ) 5 6 U H V X O W V
4 ) 5 6 U H V X O W V E S V < < F K D Q J H 8 6 ’ 4 L Q F O X G H G D S U H W D [ Q R Q F D V K Q H W F K D U J H R I P L O O L R Q U H O D W H G W R W K H G L V F R Q W L Q X D W L R Q R I W K H 3 R Z H U 9 L V L R Q S U R J U D P V 3 U L P D U L O \ D V D U H V X O W R I D S R V W W D [ Q R Q F D V K Q H W F K D U J H R I D S S U R [ L P D W H O \ b P L O O L R Q U H O D W H G W R W K H G L V F R Q W L Q X D W L R Q R I W K H 3 R Z H U 9 L V L R Q S U R J U D P V L Q 4
Slide 12 — + ) 5 6 U H V X O W V
+ ) 5 6 U H V X O W V E S V < < F K D Q J H 8 6 ’ + L Q F O X G H G D S U H W D [ Q R Q F D V K Q H W F K D U J H R I P L O O L R Q U H O D W H G W R W K H G L V F R Q W L Q X D W L R Q R I W K H 3 R Z H U 9 L V L R Q S U R J U D P V D Q G P L O O L R Q R I F R V W V D V V R F L D W H G Z L W K H I I L F L H Q F \ L Q L W L D W L Y H V + L Q F O X G H G J D L Q V R I P L O O L R Q R Q I D L U Y D O X H U H P H D V X U H P H Q W V R I L Q Y H V W P H Q W V L Q D V V R F L D W H G F R P S D Q L H V
Slide 13 — 4 ) 5 6 R S H U D W L Q J P D U J L Q E U L G J H
4 ) 5 6 R S H U D W L Q J P D U J L Q E U L G J H 4 Y V 4 R I Q H W V D O H V 4 L Q F O X G H G K L J K H U D P R U W L ] D W L R Q R I L Q W D Q J L E O H V D V V H W V P L O O L R Q R I S U R G X F W G L V F R Q W L Q X D W L R Q F K D U J H V D Q G K L J K H U L Q Y H Q W R U \ U H O D W H G F R V W V 4 L Q F O X G H G D S U H W D [ Q R Q F D V K Q H W F K D U J H R I P L O O L R Q U H O D W H G W R W K H G L V F R Q W L Q X D W L R Q R I W K H 3 R Z H U 9 L V L R Q S U R J U D P V
Slide 14 — + ) 5 6 R S H U D W L Q J P D U J L Q
+ ) 5 6 R S H U D W L Q J P D U J L Q E U L G J H + Y V + R I Q H W V D O H V + L Q F O X G H G K L J K H U D P R U W L ] D W L R Q R I L Q W D Q J L E O H D V V H W V D Q G P L O O L R Q R I S U R G X F W G L V F R Q W L Q X D W L R Q F K D U J H V + L Q F O X G H G D S U H W D [ Q R Q F D V K Q H W F K D U J H R I P L O O L R Q U H O D W H G W R W K H G L V F R Q W L Q X D W L R Q R I W K H 3 R Z H U 9 L V L R Q S U R J U D P V + L Q F O X G H G P L O O L R Q R I F R V W V D V V R F L D W H G Z L W K H I I L F L H Q F \ L Q L W L D W L Y H V + L Q F O X G H G J D L Q V R I P L O O L R Q R Q I D L U Y D O X H U H P H D V X U H P H Q W V R I L Q Y H V W P H Q W V L Q D V V R F L D W H G F R P S D
Slide 15 — $ J H Q G D
$ J H Q G D 6 D O H V & R U H U H V X O W V 2 X W O R R N ) 5 6 U H V X O W V 6 H O H F W K L J K O L J K W V
Slide 16 — 4 & R U H U H V X O W V
4 & R U H U H V X O W V & R U H R S H U D W L Q J P D U J L Q F R U H G L O X W H G ( 3 6 D Q G F R Q V W D Q W F X U U H Q F \ J U R Z W K L Q F O X G L Q J ) ; L P S D F W V D U H Q R Q ) 5 6 P H D V X U H V $ Q H [ S O D Q D E S V < < F K D Q J H F F
Slide 17 — + & R U H U H V X O W V
+ & R U H U H V X O W V & R U H R S H U D W L Q J P D U J L Q F R U H G L O X W H G ( 3 6 D Q G F R Q V W D Q W F X U U H Q F \ J U R Z W K L Q F O X G L Q J ) ; L P S D F W V D U H Q R Q ) 5 6 P H D V X U H V $ Q H [ S O D Q E S V < < F K D Q J H F F
Slide 18 — 4 & R U H R S H U D W L Q J P D U J L Q
& R U H R S H U D W L Q J P D U J L Q L V D Q R Q ) 5 6 P H D V X U H V $ Q H [ S O D Q D W L R Q R I Q R Q ) 5 6 P H D V X U H V F D Q E H I R X Q G L Q W K H $ S S H Q G L [ 4 & R U H R S H U D W L Q J P D U J L Q E U L G J H 4 Y V 4 R I Q H W V D O H V . H \ G U L Y H U V & R U H R S H U D W L Q J P D U J L Q L Q F U H D V H D V R I 4 L Q F O X G H G P D Q X I D F W X U L Q J H I I L F L H Q F L H V D Q G P L O O L R Q O L F H Q V H H S D U W L D O O \ R I I V H W E \ V D O H V D Q G P D U N H W L Q J E H K L Q G Q H Z S U R G X F W O D X Q 7 K H S U L R U \ H D U S H U L R G L Q F O X G H G K L J K H U L Q Y H Q W R U \ U H O D W H G F R V W V 1 H J D W L Y H E S V L P S D F W I U R P F X U U H Q F \
Slide 19 — + & R U H R S H U D W L Q J P D U J L Q
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D U O \ H [ W L Q J X L V K P H Q W R I G H E W R U G H E W P R G L I L F D W L R Q V S D V W V H U Y L F H F R V W V I R U S R V W H P S O R \ P H Q W E H Q H I L W S O D Q V L P S L W H P V W K D W P D Q D J H P H Q W G H H P V H [ F H S W L R Q D O D Q G W K D W D U H R U D U H H [ S H F W H G W R D F F X P X O D W H Z L W K L Q W K H \ H D U W R E H R Y H U D b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
Slide 25 — 5 H F R Q F L O L D W L R Q R I ) 5 6 U H V X O W V W R F R U H U H V X O
P L O O L R Q V H [ F H S W H D U Q L Q J V S H U V K D U H ) 5 6 U H V X O W V $ P R U W L ] D W L R Q R I F H U W D L Q L Q W D Q J L E O H D V V H W V ’ L V F R Q W L Q X D W L R Q R I W K H 3 R Z H U 9 L V L R Q S U R J U D P V ( I I L F L H Q F \ P H D V X U H V 2 W K H U L W H P V & R U H U H V X O W V Q R Q ) 5 6 P H D V X U H * U R V V S U R I L W 2 S H U D W L Q J L Q F R P H / R V V L Q F R P H E H I R U H W D [ H V 7 D [ H V 1 H W L Q F R P H 1 H W L Q F R P H D W W U L E X W D E O H W R 6 K D U H K R O G H U V R I $ O F R Q Q F 1 R Q F R Q W U R O O L Q J L Q W H U H V W V % D V L F H D U Q L Q J V S H U V K D U H ’ L O X W H G H D U Q L Q J V S H U V K D U H % D V L F Z H L J K W H G D Y H U D J H V K D U H V R X W V W D Q G L Q J P L O O L R Q V ’ L O X W H G Z H L J K W H G D Y H U D J H V K D U H V R X W V W D Q G L Q J P L O O L R Q V 5 H I H U W R W K H D V V R F L D W H G H [ S O D Q D W R U \ I R R W Q R W H V D W W K H H Q G R I W K H 5 H F R Q F L O L D W L R Q R I ) 5 6 U H V X O W V W R F R U H 7 K U H H P R Q W K V H Q G H G - X Q H b 5 H F R Q F L O L D W L R Q R I ) 5 6 U H V X O W V W R F R U H U H V X O
Slide 26 — 5 H F R Q F L O L D W L R Q R I ) 5 6 U H V X O W V W R F R U H U H V X O
P L O O L R Q V H [ F H S W H D U Q L Q J V S H U V K D U H ) 5 6 U H V X O W V $ P R U W L ] D W L R Q R I F H U W D L Q L Q W D Q J L E O H D V V H W V $ F T X L V L W L R Q D Q G L Q W H J U D W L R Q U H O D W H G L W H P V / H J D O L W H P V 3 U R G X F W G L V F R Q W L Q X D W L R Q 2 W K H U L W H P V & R U H U H V X O W Q R Q ) 5 6 P H D V X U H * U R V V S U R I L W 2 S H U D W L Q J L Q F R P H Q F R P H E H I R U H W D [ H V 7 D [ H V 1 H W L Q F R P H 1 H W L Q F R P H D W W U L E X W D E O H W R 6 K D U H K R O G H U V R I $ O F R Q Q F 1 R Q F R Q W U R O O L Q J L Q W H U H V W V % D V L F H D U Q L Q J V S H U V K D U H ’ L O X W H G H D U Q L Q J V S H U V K D U H % D V L F Z H L J K W H G D Y H U D J H V K D U H V R X W V W D Q G L Q J P L O O L R Q V ’ L O X W H G Z H L J K W H G D Y H U D J H V K D U H V R X W V W D Q G L Q J P L O O L R Q V 5 H I H U W R W K H D V V R F L D W H G H [ S O D Q D W R U \ I R R W Q R W H V D W W K H H Q G R I W K H 5 H F R Q F L O L D W L R Q R I ) 5 6 U H V X O W V W R F R U H U 7 K U H H P R Q W K V H Q G H G - X Q H b 5 H F R Q F L O L D W L R Q R I ) 5 6 U H V X O W V W R F R U H U H V X O
Slide 27 — 5 H F R Q F L O L D W L R Q R I ) 5 6 U H V X O W V W R F R U H U H V X O
6 L [ P R Q W K V H Q G H G - X Q H b P L O O L R Q V H [ F H S W H D U Q L Q J V S H U V K D U H ) 5 6 U H V X O W V $ P R U W L ] D W L R Q R I F H U W D L Q L Q W D Q J L E O H D V V H W V ’ L V F R Q W L Q X D W L R Q R I W K H 3 R Z H U 9 L V L R Q S U R J U D P V P S D L U P H Q W V $ F T X L V L W L R Q D Q G L Q W H J U D W L R Q U H O D W H G L W H P V ( I I L F L H Q F \ P H D V X U H V 2 W K H U L W H P V & R U H U H V X O W Q R Q ) 5 6 P H D V X U H * U R V V S U R I L W 2 S H U D W L Q J L Q F R P H Q F R P H E H I R U H W D [ H V 7 D [ H V 1 H W L Q F R P H 1 H W L Q F R P H D W W U L E X W D E O H W R 6 K D U H K R O G H U V R I $ O F R Q Q F 1 R Q F R Q W U R O O L Q J L Q W H U H V W V % D V L F H D U Q L Q J V S H U V K D U H ’ L O X W H G H D U Q L Q J V S H U V K D U H % D V L F Z H L J K W H G D Y H U D J H V K D U H V R X W V W D Q G L Q J P L O O L R Q V ’ L O X W H G Z H L J K W H G D Y H U D J H V K D U H V R X W V W D Q G L Q J P L O O L R Q V 5 H I H U W R W K H D V V R F L D W H G H [ S O D Q D W R U \ I R R W Q R W H V D W W K H H Q G R I W K H 5 H F R Q F L O L D W L R Q R I ) 5 6 U H V X O W V W R F R U H 5 H F R Q F L O L D W L R Q R I ) 5 6 U H V X O W V W R F R U H U H V X O
Slide 28 — 5 H F R Q F L O L D W L R Q R I ) 5 6 U H V X O W V W R F R U H U H V X O
6 L [ P R Q W K V H Q G H G - X Q H b P L O O L R Q V H [ F H S W H D U Q L Q J V S H U V K D U H ) 5 6 U H V X O W V $ P R U W L ] D W L R Q R I F H U W D L Q L Q W D Q J L E O H D V V H W V * D L Q V R Q L Q Y H V W P H Q W V L Q D V V R F L D W H G F R P S D Q L H V $ F T X L V L W L R Q D Q G L Q W H J U D W L R Q U H O D W H G L W H P V / H J D O L W H P V 3 U R G X F W G L V F R Q W L Q X D W L R Q 2 W K H U L W H P V & R U H U H V X O W V Q R Q ) 5 6 P H D V X U H * U R V V S U R I L W 2 S H U D W L Q J L Q F R P H Q F R P H E H I R U H W D [ H V 7 D [ H V 1 H W L Q F R P H 1 H W L Q F R P H D W W U L E X W D E O H W R 6 K D U H K R O G H U V R I $ O F R Q Q F 1 R Q F R Q W U R O O L Q J L Q W H U H V W V % D V L F H D U Q L Q J V S H U V K D U H ’ L O X W H G H D U Q L Q J V S H U V K D U H % D V L F Z H L J K W H G D Y H U D J H V K D U H V R X W V W D Q G L Q J P L O O L R Q V ’ L O X W H G Z H L J K W H G D Y H U D J H V K D U H V R X W V W D Q G L Q J P L O O L R Q V 5 H I H U W R W K H D V V R F L D W H G H [ S O D Q D W R U \ I R R W Q R W H V D W W K H H Q G R I W K H 5 H F R Q F L O L D W L R Q R I ) 5 6 U H V X O W V W R F R U H U 5 H F R Q F L O L D W L R Q R I ) 5 6 U H V X O W V W R F R U H U H V X O
Slide 29 — 5 H F R Q F L O L D W L R Q R I ) 5 6 U H V X O W V W R F R U H U H V X O
5 H F R Q F L O L D W L R Q R I ) 5 6 U H V X O W V W R F R U H U H V X O ( [ S O D Q D W R U \ I R R W Q R W H V W R , ) 5 6 W R F R U H U H F R Q F L O L D W L R Q W D E O H Q F O X G H V D P R U W L ] D W L R Q I R U D O O L Q W D Q J L E O H D V V H W V R W K H U W K D Q V R I W Z D U H ) R U W K H W K U H H D Q G V L [ P R Q W K V H Q G H G - X Q H b L Q F O X G H V D S R V W W D [ Q R Q F D V K Q H W F K D U J H R I D S S U R [ L P D W H O \ b P L O O L R Q U H O D W H G W R W K H G L V F R Q W L Q X D W L R Q R I W K H 3 R Z H U 9 L V L R Q S U R J U D P V L Q F O X G L b P L O O L R Q I R U W K H I X O O L P S D L U P H Q W L Q W D Q J L E O H D V V H W S D U W L D O O \ R I I V H W E \ b P L O O L R Q I R U D I D L U Y D O X H D G M X V W P H Q W W R F R Q W L Q J H Q W F R Q V L G H U D W L R Q O L D E L O L W L H V D Q G D P L O O L R Q W D [ E H Q H I L W G U L Y H Q E \ W K H U H Y H U V D O R I G H I H U U H G W D [ O L D E L O L W L H V Q F O X G H V L P S D L U P H Q W F K D U J H V U H O D W H G W R D F X U U H Q W O \ P D U N H W H G S U R G X F W L Q W D Q J L E O H D V V H W ) R U W K H V L [ P R Q W K V H Q G H G - X Q H b L Q F O X G H V J D L Q V R Q I D L U Y D O X H U H P H D V X U H P H Q W V R I L Q Y H V W P H Q W V L Q D V V R F L D W H G F R P S D Q L H V ) R U W K H W K U H H P R Q W K V H Q G H G - X Q H b 2 S H U D W L Q J L Q F R P H L Q F O X G H V P L O O L R Q R I G L U H F W D F T X L V L W L R Q F R V W V D Q G P L O O L R Q R I L Q W H J U D W L R Q U H O D W H G F R V W V U H V H U Y L F H V I R U O H J D O D Q G G X H G L O L J H Q F H I H H V Q W H J U D W L R Q U H O D W H G F R V W V L Q F O X G H W K L U G S D U W \ S U R I H V V L R Q D O V H U Y L F H V D Q G D F F H O H U D W H G H T X L W \ E ) R U W K H V L [ P R Q W K V H Q G H G - X Q H b * U R V V S U R I L W L Q F O X G H V W K H D P R U W L ] D W L R Q R I L Q Y H Q W R U \ I D L U Y D O X H D G M X V W P H Q W V U H O D W H G W R D Q D F T X L V L W L R Q 2 S H U D W L Q W K L U G S D U W \ S U R I H V V L R Q D O V H U Y L F H V I R U O H J D O I H H V D Q G R W K H U W U D Q V D F W L R Q U H O D W H G F R V W V ) R U W K H V L [ P R Q W K V H Q G H G - X Q H b 2 S H U D W L Q J L Q F R P H L Q F O X G H V P L O O L R Q R I G L U H F W D F T X L V L W L R Q F R V W V D Q G P L O O L R Q R I L Q W H J U D W L R Q U H O D W H G F R V W V U H O D W I R U O H J D O E D Q N H U G X H G L O L J H Q F H D Q G D F F R X Q W L Q J I H H V Q W H J U D W L R Q U H O D W H G F R V W V L Q F O X G H V H Y H U D Q F H R I P L O O L R Q D F F H O H U D W H G H T X L W \ E D V H G F ) R U W K H W K U H H D Q G V L [ P R Q W K V H Q G H G - X Q H b L Q F O X G H V U H V W U X F W X U L Q J F R V W V W K L U G S D U W \ F R Q V X O W L Q J I H H V D Q G R W K H U G L U H F W F R V W V U H O D W H G W R H I I L F L H Q F L P S O H P H Q W D W L R Q L V H [ S H F W H G W R E H F R P S O H W H G W K L V \ H D U ) R U W K H W K U H H D Q G V L [ P R Q W K V H Q G H G - X Q H b L Q F O X G H V S U R Y L V L R Q V I R U O H J D O P D W W H U V ) R U W K H W K U H H D Q G V L [ P R Q W K V H Q G H G - X Q H b L Q F O X G H V F K D U J H V U H O D W H G W R W K H G L V F R Q W L Q X H G F R P P H U F L D O L ] D W L R Q R I D S U R G X F W L Q W K H 9 L V L R Q & D U H U H S R U W D E O H P L O O L R Q L Q U H O D W H G F R V W V S U L P D U L O \ U H O D W H G W R L Q Y H Q W R U \ S U R Y L V L R Q V ) R U W K H W K U H H P R Q W K V H Q G H G - X Q H b 2 S H U D W L Q J L Q F R P H L Q F O X G H V W K H D P R U W L ] D W L R Q R I R S W L R Q U L J K W V R I I V H W E \ I D L U Y D O X H D G M X V W P H Q W V R I I L Q D Q F L D O D V V H W V ) R U W K H V L [ P R Q W K V H Q G H G - X Q H b 2 S H U D W L Q J L Q F R P H L Q F O X G H V W K H D P R U W L ] D W L R Q R I R S W L R Q U L J K W V S D U W L D O O \ R I I V H W E \ I D L U Y D O X H D G M X V W P H Q W V R I I L Q D Q F L D ) R U W K H V L [ P R Q W K V H Q G H G - X Q H b Q F R P H E H I R U H W D [ H V L Q F O X G H V F R U H D G M X V W P H Q W V U H F R J Q L ] H G I R U $ X U L R Q L Q 6 K D U H R I O R V V I U R P D V V R F L D W H G F R P S D Q L H V 7 K H P D M R U L W \ L Q W H U H V W L Q $ X U L R Q D Q G L Q F O X G H D F F H O H U D W H G H T X L W \ E D V H G F R P S H Q V D W L R Q H [ S H Q V H R I P L O O L R Q W K L U G S D U W \ S U R I H V V L R Q D O V H U Y L F H V R ) R U W K H W K U H H P R Q W K V H Q G H G - X Q H b W R W D O W D [ D G M X V W P H Q W V R I b P L O O L R Q L Q F O X G H W D [ D V V R F L D W H G Z L W K R S H U D W L Q J L Q F R P H F R U H D G M X V W P H Q W V D Q G G L V F U H W H W D [ L W H P V b P L O O L R Q W R W D O H G b P L O O L R Q Z L W K D Q D Y H U D J H W D [ U D W H R I & R U H W D [ D G M X V W P H Q W V I R U G L V F U H W H W D [ L W H P V W R W D O H G b P L O O L R Q ) R U W K H W K U H H P R Q W K V H Q G H G - X Q H b W R W D O W D [ D G M X V W P H Q W V R I b P L O O L R Q L Q F O X G H W D [ D V V R F L D W H G Z L W K R S H U D W L Q J L Q F R P H F R U H D G M X V W P H Q W V S D U W L D O O \ R I I V H W E \ G L V F U H W H R I b P L O O L R Q W R W D O H G b P L O O L R Q Z L W K D Q D Y H U D J H W D [ U D W H R I & R U H W D [ D G M X V W P H Q W V I R U G L V F U H W H W D [ L W H P V W R W D O H G b P L O O L R Q ) R U W K H V L [ P R Q W K V H Q G H G - X Q H b W R W D O W D [ D G M X V W P H Q W V R I b P L O O L R Q L Q F O X G H W D [ D V V R F L D W H G Z L W K R S H U D W L Q J L Q F R P H F R U H D G M X V W P H Q W V D Q G G L V F U H W H W D [ L W H P V 7 D [ D V b P L O O L R Q W R W D O H G b P L O O L R Q Z L W K D Q D Y H U D J H W D [ U D W H R I & R U H W D [ D G M X V W P H Q W V I R U G L V F U H W H W D [ L W H P V W R W D O H G b P L O O L R Q ) R U W K H V L [ P R Q W K V H Q G H G - X Q H b W R W D O W D [ D G M X V W P H Q W V R I b P L O O L R Q L Q F O X G H W D [ D V V R F L D W H G Z L W K R S H U D W L Q J L Q F R P H F R U H D G M X V W P H Q W V S D U W L D O O \ R I I V H W E \ G L V F U H W H W b P L O O L R Q ( [ F O X G L Q J W K H Q R Q W D [ D E O H J D L Q R I P L O O L R Q R Q I D L U Y D O X H U H P H D V X U H P H Q W R I $ O F R Q V L Q Y H V W P H Q W L Q $ X U L R Q F R U H D G M X V W P H Q W V W R R S H U D W L Q J b P L O O L R Q 7 K H D V V R F L D W H G W D [ H I I H F W D P R X Q W H G W R b P L O O L R Q Z L W K D Q D Y H U D J H W D [ U D W H R I & R U H W D [ D G M X V W P H Q W V I R U G L V F U H W H W D [ L W H P V W R W D O H G b P L O O L R Q & R U H E D V L F H D U Q L Q J V S H U V K D U H L V F D O F X O D W H G X V L Q J F R U H Q H W L Q F R P H D W W U L E X W D E O H W R V K D U H K R O G H U V R I $ O F R Q Q F D Q G W K H Z H L J K W H G D Y H U D J F R Q W H P S O D W H G L O X W L Y H V K D U H V D V V R F L D W H G Z L W K X Q Y H V W H G H T X L W \ E D V H G D Z D U G V D V G H V F U L E H G L Q 1 R W H W R W K H & R Q G H Q V H G & R Q V R O L G D W H G Q W H U L P ) L Q D Q F L D O 6 W D W H P H Q W V
Slide 30 — 5 H F R Q F L O L D W L R Q R I I U H H F D V K I O R Z Q R Q
5 H F R Q F L O L D W L R Q R I I U H H F D V K I O R Z Q R Q P L O O L R Q V 1 H W F D V K I O R Z V I U R P R S H U D W L Q J D F W L Y L W L H V 3 X U F K D V H R I S U R S H U W \ S O D Q W H T X L S P H Q W ) U H H F D V K I O R Z 7 K H I R O O R Z L Q J L V D V X P P D U \ R I I U H H F D V K I O R Z I R U W K H V L [ P R Q W K V H Q G H G - X Q H b D Q G W R J H W K H U Z L W K D U H F R Q F L O L D W L R Q W R Q H W F D V K I O R Z V I U R P R S F R P S D U D E O H ) 5 6 P H D V X U H