Inferra AI / Company / AXTA / Slides
Axalta Coating Systems Ltd. — Third Quarter 2025 Investor Presentation (company IR deck)
Axalta Coating Systems Ltd. (AXTA) · 18 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All AXTA deck slides
Slide 1 — $ [ D O W D & R D W L Q J
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Slide 2 — / H J D O 1 R W L F H V
) R U Z D U G / R R N L Q J 6 W D W H P H Q W V 7 K L V S U H V H Q W D W L R Q D Q G W K H R U D O U H P D U N V P D G H L Q F R Q Q H F W L R Q K H U H Z L W K P D \ F R Q W D L Q F H U W D L Q I R U Z D U G O R R N L Q J V W D W H P H Q W V Z L W K L Q W K H P H D Q L Q J R I W K R X W O R R N D Q G R U J X L G D Q F H Z K L F K L Q F O X G H V Q H W V D O H V J U R Z W K Q H W V D O H V $ G M X V W H G ( % , 7 ’ $ $ G M X V W H G ’ L O X W H G ( 3 6 ) U H H & D V K ) O R Z G H S U H F L D W L R Q D Q G D P R U H J D U G L Q J W K H 7 U D Q V I R U P D W L R Q , Q L W L D W L Y H V W D W H P H Q W V U H J D U G L Q J R X U S U H Y L R X V O \ D Q Q R X Q F H G W K U H H \ H D U V W U D W H J \ W K H Ú $ 3 O D QÛ L Q F O X G L D Y D L O D E O H L Q W K H , Q Y H V W R U 5 H O D W L R Q V V H F W L R Q R I R X U Z H E V L W H V W D W H P H Q W V U H J D U G L Q J R X U F D S L W D O D O O R F D W L R Q V W U D W H J \ L Q F O X G L Q J Z L W K U H V S H F W W E X V L Q H V V S H U I R U P D Q F H D Q G V W U D W H J \ L Q L Q F O X G L Q J R X U H [ S H F W D W L R Q V I R U 5 H I L Q L V K L Q G X V W U \ G \ Q D P L F V L Q F O X G L Q J Z L W K U H V S H F W W R W K H F O D L P V H Q Y L U P D W H U L D O F R V W H Q Y L U R Q P H Q W W K H S H U I R U P D Q F H R I R X U 5 H I L Q L V K E X V L Q H V V L Q F O X G L Q J Z L W K U H V S H F W W R U H Y H Q X H Q H W Q H Z E R G \ V K R S Z L Q V D Q G J U R Z W K L Q D V W U D W H J \ $ [ D O W D K D V L G H Q W L I L H G V R P H R I W K H 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 Z L W K Z R U G V V X F K D V Ú E H O L H Y H Û Ú H [ S H F W Û Ú H [ S H F W H G Û Ú H [ S H F W L Q J Û Ú H [ S H F W D W Ú S U R M H F W H G Û Ú S U R M H F W L R Q Û Ú R X W O R R N Û Ú S O D Q Û Ú S O D Q Q H G Û Ú S O D Q Q L Q J Û Ú X S V L G H Û Ú R S S R U W X Q L W L H V Û Ú Z R X O G Û Ú V K R X O G Û Ú D Q W L F L S D W H Û Ú D Q W L F L S D W H G Û Ú Z H O O S R F R P S D U D E O H R U V L P L O D U W H U P L Q R O R J \ $ O O R I W K H V H V W D W H P H Q W V D U H E D V H G R Q P D Q D J H P H Q W× V H [ S H F W D W L R Q V D V Z H O O D V H V W L P D W H V D Q G D V V X P S W L R Q V S U H S D U L V N V D Q G X Q F H U W D L Q W L H V L Q F O X G L Q J E X W Q R W O L P L W H G W R H F R Q R P L F F R P S H W L W L Y H J R Y H U Q P H Q W D O L Q F O X G L Q J U H O D W H G W R D Q \ Q H Z R U H [ L V W L Q J W D U L I I V D V U L V N V U H O D W H G W R H [ H F X W L R Q R Q D Q G W K H D V V X P S W L R Q V X Q G H U O \ L Q J L W V F D S L W D O D O O R F D W L R Q V W U D W H J \ D Q G I X W X U H V K D U H U H S X U F K D V H V W K H 7 U D Q G L I I H U P D W H U L D O O \ 7 K H W L P L Q J D Q G D P R X Q W R I V K D U H U H S X U F K D V H V L I D Q \ Z L O O E H G H W H U P L Q H G E \ $ [ D O W D E D V H G R Q L W V H Y D O X D W L R Q R I P D U N H W F R Q G L W L R Q V V X V S H Q G H G R U G L V F R Q W L Q X H G D W D Q \ W L P H 0 R U H L Q I R U P D W L R Q R Q S R W H Q W L D O I D F W R U V W K D W F R X O G D I I H F W $ [ D O W D× V I L Q D Q F L D O U H V X O W V L V D Y D L O D E O H L Q Ú ) R 2 S H U D W L R Q VÛ Z L W K L Q $ [ D O W D×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’ L O X W H G ( 3 6 D G M X V W H G Q H W L Q F R P H ) U H H & D V K ) O R Z W R W D O Q H W O H Y H U D J H U D W L R R U Ú Q H W O H Y H U D J H U D W L RÛ R U Ú W R W D O Q H W O H Y H U D J HÛ W R W D O J U X V H V $ G M X V W H G ( % , 7 ’ $ $ G M X V W H G ( % , 7 ’ $ P D U J L Q $ G M X V W H G ’ L O X W H G ( 3 6 D G M X V W H G Q H W L Q F R P H 5 2 , & W D [ U D W H D V D G M X V W H G $ G M X V W H G ( % , 7 D Q G R U J D Q L F Q H X Q G H U O \ L Q J W U H Q G V L Q R X U E X V L Q H V V 0 D Q D J H P H Q W X V H V ) U H H & D V K ) O R Z W R W D O Q H W O H Y H U D J H U D W L R D Q G W R W D O J U R V V O H Y H U D J H U D W L R L Q W K H D Q D O \ V L V R $ G M X V W H G ’ L O X W H G ( 3 6 D G M X V W H G Q H W L Q F R P H D Q G $ G M X V W H G ( % , 7 F R Q V L V W R I ( % , 7 ’ $ ’ L O X W H G ( 3 6 Q H W L Q F R P H D W W U L E X W D E O H W R F R P P R Q V K D U H K R O G H U V D Q G Q R W E H O L H Y H D U H L Q G L F D W L Y H R I R Q J R L Q J R S H U D W L Q J S H U I R U P D Q F H R U L L L F H U W D L Q Q R Q U H F X U U L Q J X Q X V X D O R U L Q I U H T X H Q W L W H P V W K D W K D Y H Q R W R W K H U Z L V F R Q V L V W V R I F D V K S U R Y L G H G E \ X V H G I R U R S H U D W L Q J D F W L Y L W L H V O H V V S X U F K D V H R I S U R S H U W \ S O D Q W D Q G H T X L S P H Q W S O X V L Q W H U H V W S U R F H H G V R Q V Z D S V G H G H I L Q H G D V W R W D O G H E W O H V V F D V K D Q G F D V K H T X L Y D O H Q W V 7 R W D O J U R V V O H Y H U D J H U D W L R F R Q V L V W V R I W R W D O G H E W G L Y L G H G E \ $ G M X V W H G ( % , 7 ’ $ 5 2 , & F R Q V L D V W K H D Y H U D J H R I W R W D O G H E W S O X V V K D U H K R O G H U V× H T X L W \ P L Q X V F D V K D Q G F D V K H T X L Y D O H Q W V D W W K H E H J L Q Q L Q J R I W K H S H U L R G D Q G D W W K H F O R V L Q J R I W R S H U D W L Q J U H V X O W V D Q G D E L O L W \ W R D Q D O \ ] H I L Q D Q F L D O D Q G E X V L Q H V V W U H Q G V R Q D S H U L R G W R S H U L R G E D V L V 7 K H Q R Q * $ $ 3 I L Q D Q F L D O P H D V X U H V X V H G E \ $ [ D O $ G M X V W H G ’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’ $ 0 D U J L Q $ G M X V W H G ’ L O X W H G ( 3 6 W D [ U D W H D V D G M X V W H G ) U H H & D V K ) O R Z R U W R W D O Q H W O H Y H U D J H U D W L R R Q D I R U Z D U G O R R N L Q J E D V L V E H F D X V H W K H L Q X Q U H D V R Q D E O H H I I R U W ) R U H [ D P S O H V X F K U H F R Q F L O L Q J L W H P V L Q F O X G H W K H L P S D F W R I I R U H L J Q F X U U H Q F \ H [ F K D Q J H J D L Q V R U O R V V H V J D L Q V R U O R V V H V W K D W D U I D F W R U V D Q G P D \ K D Y H D V X E V W D Q W L D O D Q G X Q S U H G L F W D E O H L P S D F W R Q R X U * $ $ 3 U H V X O W V 1 R Q * $ $ 3 5 H S R U W L Q J & K D Q J H V % H J L Q Q L Q J Z L W K W K H U H V X O W V I R U W K H I R X U W K T X D U W H U D Q G I X O O \ H D U Z H P D G H F K D Q J H V W R R X U S U H V H Q W D W L R Q R I W K H Q R Q * $ $ 3 I L Q D Q F L D O P H D V X U H V R I $ U H V S H F W L Y H O \ 0 R U H G H W D L O R Q W K H V H F K D Q J H V F D Q E H I R X Q G L Q W K H & X U U H Q W 5 H S R U W R Q ) R U P . Z H I X U Q L V K H G W R W K H 8 6 6 H F X U L W L H V D Q G ( [ F K D Q J H & R P P L V 1 R W K L Q J R Q R X U Z H E V L W H V K D O O E H G H H P H G W R E H L Q F R U S R U D W H G E \ U H I H U H Q F H L Q W R W K L V S U H V H Q W D W L R Q 2 U J D Q L F 1 H W 6 D O H V 2 U J D Q L F Q H W V D O H V D Q G U H O D W H G J U R Z W K D Q G G H F O L Q H P H D V X U H V D U H F D O F X O D W H G E \ H [ F O X G L Q J L W K H L P S D F W R I W K H F K D Q J H L Q D Y H U D J H H [ F K D Q J H U D W H V E H Q H W V D O H V R I & R Y H U ) O H [ [ : H E H O L H Y H S U H V H Q W L Q J R U J D Q L F Q H W V D O H V D Q G U H O D W H G J U R Z W K D Q G G H F O L Q H P H D V X U H V D V V L V W V L Q Y H V W R U V Z L W K H Y D O X D W L Q J P D Q D J H P H Q W D O V R U R X W L Q H O \ H Y D O X D W H V R X U V D O H V L Q W K L V P D Q Q H U 6 H J P H Q W ) L Q D Q F L D O 0 H D V X U H V 7 K H S U L P D U \ P H D V X U H R I V H J P H Q W R S H U D W L Q J S H U I R U P D Q F H L V $ G M X V W H G ( % , 7 ’ $ Z K L F K L V D N H \ P H W U L F W K D W L V X V H G E \ P D Q D J H P H Q W W R H Y D O X D W H E X V L Q H V V S U H I O H F W V $ [ D O W D× V F R U H R S H U D W L Q J S H U I R U P D Q F H $ V Z H G R Q R W P H D V X U H V H J P H Q W R S H U D W L Q J S H U I R U P D Q F H E D V H G R Q Q H W L Q F R P H D U H F R Q F L O L D W L R Q R I W K L V L V Q R W D Y D L O D E O H ’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
Slide 3 — 7 K L U G 4 X D U W H U + L J K O L J K W V
7 K L U G 4 X D U W H U + L J K O L J K W V % 1 H W 6 D O H V 0 $ G M X V W H G ( % , 7 ’ $ $ G M X V W H G ( % , 7 ’ $ 0 D U J L Q 7 Z H O Y H & R Q V H F X W L Y H 4 X D U W H U V R I $ G M X V W H G ’ L O X W H G ( 3 6 * U R Z W K < R < 4 X D U W H U O \ % X V L Q H V V $ F K L H Y H P $ G M X V W H G ’ L O X W H G ( 3 6 & K D Q J H < R < à 1 H W V D O H V R X W S H U I R U P H G L Q G X V W U \ W U H Q G V à 5 H F R U G T X D U W H U I R U $ G M X V W H G ( % à 7 Z H O Y H F R Q V H F X W L Y H T X D U W H à P D U J L Q E S V < R < p 5 H F R U G T X D U W H U I R U $ G M X V W H G ’ L p 7 K L U G T X D U W H U U H F R U G I R U 0 R E p ( [ S D Q G H G $ G M X V W H G ( % , 7 ’ $ P D U J L V H J P H Q W V à E S V < R < L Q 0 R E L O L W \ à E S V < R < L Q 3 H U I R U P D Q F H & p 5 H S X U F K D V H G P L O O L R Q L Q V K D U H V p 1 H W O H Y H U D J H U D W L R R I [
Slide 4 — $ F F H O H U D W L Q J * U R Z W K D Q G 0 D U J L Q ( [ S D Q V L R
< 7 ’ + L J K O L J K W V $ F F H O H U D W L Q J * U R Z W K D Q G 0 D U J L Q ( [ S D Q V L R 7 K H J U H H Q F K H F N P D U N D E R Y H L Q G L F D W H V D S H U L R G Z K H Q $ G M X V W H G ( % , 7 ’ $ P D U J L Q V Z H U H D W R U D E R Y H W K H $ 3 O D Q W D U J H W R I 7 K H F R P P H Q W V K H U H L Q D U H U H I H U U L Q J W R < 7 ’ U H V X O W V W K U R X J K W K H W K L U G T X D U W H U F R P S D U H G W R W K H S U L R U \ H D U S H U L R G X Q O H V V R W K H U Z L V a 0 5 H I L Q L V K J U R Z I U R P Q H Z Z L Q V D F F H V J U R Z W K & R Y H U ) O H [ [ S U L F L Q J a 0 E H Q H I L W I U R P Q H Z 0 R E L O L W \ E X V L Q H V V , Q G X V W U L D O S U R I L W D E L O L W \ H [ F H H G L Q J $ 3 O D Q W D U J H W V 7 U D Q V I R U P D W L R Q D K H D G R I S O D Q Z L W a 0 6 L [ 4 X D U W H U V R I $ G M ( % , 7 ’ $ 0 D U J L Q D E R Y H $ 3 O D Q 7 D U J H W $ G M X V W H G ( % , 7 ’ $ 0 D U J L Q V U H G X F W L R Q L Q H [ S H Q V H : H O O 3 R V L W L R Q H G I R U , Q G X V W U \ 5 H F R Y H U \ L 2 S H U D W L Q J H [ S H Q V H V O R Z H U
Slide 5 — 7 K L U G 4 X D U W H U & R Q V R O L G D W H G 5 H V X O W
à 1 H W V D O H V G H F U H D V H G G X H W R Y R O X P H G H F O S U L P D U L O \ L Q 1 R U W K $ P H U L F D Z K L F K P R U H W K F X U U H Q F \ W U D Q V O D W L R Q à $ G M X V W H G ( % , 7 ’ $ R I P L O O L R Q D Q G $ G M X V W H G ( % , 7 ’ $ P D U D Q L Q F U H D V H R I E D V L V S R L Q W V < R < à $ G M X V W H G ’ L O X W H G ( 3 6 Z D V D Q L Q F U H D V H R I < R < à / R Z H U I U H H F D V K I O R Z G U L Y H Q E \ K L J K H U Z R U N L Q J F D S L W D O G X H S O D Q Q H G L Q F U H D V H L Q L Q Y H Q W R U \ O H Y H O V D Q G K L J K H U F D S L W D O H 1 H W 6 D O H V 9 D U L D Q F H L Q P L O O L R Q V H [ F H S W S H U V K D U H G D W D 4 4 & K D Q J H 1 H W 6 D O H V 1 H W , Q F R P H $ G M X V W H G ( % , 7 ’ $ 0 D U J L Q E S V ’ L O X W H G ( 3 6 $ G M X V W H G ’ L O X W H G ( 3 6 2 S H U D W L Q J & D V K ) O R Z ) U H H & D V K ) O R Z 7 K L U G 4 X D U W H U & R Q V R O L G D W H G 5 H V X O W L Q P L O O L R Q V ) L Q D Q F L D O 5 H V X O W V
Slide 6 — 7 K L U G 4 X D U W H U 3 H U I R U P D Q F H & R D W L Q J V
+ 6 ’ K L J K V L Q J O H G L J L W 0 6 ’ P L G V L Q J O H G L J L W à 5 H I L Q L V K Q H W V D O H V Z H U H O R Z H U \ H D U R Y H U \ H D U G U L Y H Q S U L P D U L O \ E \ 1 R U W K $ P H U L G U R Y H G H F O L Q H V L Q R U J D Q L F V D O H V L P S D F W L Q J Y R O X P H D Q G S U L F H P L [ Z K L F K Z D V S D U W D Q G J U R Z W K L Q ( X U R S H D Q G $ V L D à , Q G X V W U L D O Q H W V D O H V G H F O L Q H G E \ S U L P D U L O \ G X H W R Y R O X P H V R I W Q H V V L Q 1 R U W K S D U W L D O O \ P L W L J D W H G Y R O X P H K H D G Z L Q G V à $ G M X V W H G ( % , 7 ’ $ G H F U H D V H G G X H W R L P S D F W V I U R P O R Z H U R U J D Q L F V D O H V S D U W L D O O \ R F R V W V D Q G I D Y R U D E O H I R U H L J Q F X U U H Q F \ W U D Q V O D W L R Q ’ L V F L S O L Q H G F R V W P D Q D J H P H Q 7 K L U G 4 X D U W H U 3 H U I R U P D Q F H & R D W L Q J V L Q P L O O L R Q V 4 4 & K D Q J H 5 H I L Q L V K , Q G X V W U L D O 1 H W 6 D O H V $ G M X V W H G ( % , 7 ’ $ P D U J L Q E S V L Q P L O O L R Q V 1 H W 6 D O H V 9 D U L D Q F H ) L Q D Q F L D O 5 H V X O W V 2 U J D Q L F 1 H W 6 D O H V 5 H I L Q L V K + 6 ’ , Q G X V W U L D O 0 6 ’
Slide 7 — 7 K L U G 4 X D U W H U 0 R E L O L W \ & R D W L Q J V 5 H V
0 6 ’ P L G V L Q J O H G L J L W + 6 ’ K L J K V L Q J O H G L J L W à / L J K W 9 H K L F O H Q H W V D O H V L Q F U H D V H G \ H D U R Y H U \ H D U G X H W R R U J D Q L F Q H W V D O H V J U R Z W K L Q / D W L Q $ P H Z K L F K R I I V H W Y R O X P H G H F O L Q H V L Q 1 R U W K $ P H U L F D D Q G ( X U R S H G U L Y H Q E \ O R Z H U D X W R à & R P P H U F L D O 9 H K L F O H Q H W V D O H V G H F O L Q H G \ H D U R Y H U \ H D U D V Y R O X P H G H F O L Q H V I U R P O R Z H U & O D V V S U R S R V L W L Y H S U L F H P L [ Q H Z E X V L Q H V V Z L Q V D Q G I D Y R U D E O H L P S D F W V I U R P I R U H L J Q F X U U H à $ G M X V W H G ( % , 7 ’ $ L Q F U H D V H G \ H D U R Y H U \ H D U G X H W R V W U R Q J F R Q W U L E X W L R Q V I U R P S U L F H P L [ D Q ( % , 7 ’ $ P D U J L Q Z D V D Q L Q F U H D V H R I E D V L V S R L Q W V F R P S D U H G W R O D V W \ H D U 7 K L U G 4 X D U W H U 0 R E L O L W \ & R D W L Q J V 5 H V L Q P L O O L R Q V 4 4 & K D Q J H / L J K W 9 H K L F O H & R P P H U F L D O 9 H K L F O H 1 H W 6 D O H V $ G M X V W H G ( % , 7 ’ $ P D U J L Q E S V L Q P L O O L R Q V 1 H W 6 D O H V 9 D U L D Q F H ) L Q D Q F L D O 5 H V X O W V 2 U J D Q L F 1 H W 6 D O H V / 9 0 6 ’ & 9 + 6 ’
Slide 8 — & D S L W D O $ O O R F D W L R Q
5 H G X F H G V K D U H F R X Q W E \ V L Q F H & D S L W D O $ O O R F D W L R Q 0 < 7 ’ & D V K ’ H S O R \ H G 6 K D U H V 2 X W V W D Q G L Q J 4 + L J K O L J K W V $ F F H O H U D W L Q J 6 K D U H K R O G H U 5 H W X U Q V X S W R 0 L Q 6 K & D S L W D O $ O O R F D W L R Q à 5 H G X F H G L Q W H U H V W H [ S H Q V H < R < à 0 L Q V K D U H U H S X U F K D V H V à 7 R W D O O L T X L G L W \ R I % à ’ L O X W H G ( 3 6 L Q F U H D V H R I D Q G D G M X V W H G G L O X W H G ( 3 6 L Q F U H D V H R I P R U H W K D Q V L Q F H 4 à 7 R W D O Q H W O H Y H U D J H R I [ 6 K D U H V R X W V W D Q G L Q J L Q P L O O L R Q V
Slide 9 — ) L Q D Q F L D O * X L G D Q F H D Q G ( [ S H F W D W L
à 1 R U P D O L ] L Q J 5 H I L Q L V K F O D L P V H Q Y L U R Q P H Q W à 1 R U W K $ P H U L F D 5 H I L Q L V K G H V W R F N L Q J W U H Q à 6 W D E O H / 9 J O R E D O S U R G X F W L R Q à 5 D Z P D W H U L D O F R V W V W R U H P D L Q I O D W à 5 H I L Q L V K U H Y H Q X H H [ S H F W H G W R W X U Q S R V L W L Y H E H J L Q Q L Q J 4 à & R Q W L Q X H G Q H W Q H Z E R G \ V K R S Z L Q V J U R Z W V W U R Q J S U L F H P L [ S H U I R U P D Q F H à $ E R Y H L Q G X V W U \ J U R Z W K L Q 0 R E L O L W \ à $ F F H O H U D W H G F D S L W D O G H S O R \ P H Q W ) L Q D Q F L D O * X L G D Q F H D Q G ( [ S H F W D W L ( [ W H U Q D O ( Q Y L U R Q P H Q W $ [ D O W D : H O O 3 R V L W L R Q H G I R U , Q G X V W U & R Q V L G H U D W L R Q V ( [ S H F W L Q J 5 H F R U G 5 H V X O W V L Q 4 D Q G ) < * X L G D Q F H 4 ) X O O < H D U L Q P L O O L R Q V H [ F H S W S H U V K D U H D P R X Q W V 3 U L R U & X U U H Q W 2 X W O R R N 1 H W 6 D O H V 0 6 ’ ! $ G M X V W H G ( % , 7 ’ $ a a $ G M X V W H G ’ L O X W H G ( 3 6 a a ) U H H & D V K ) O R Z a
Slide 10 — $ S S H Q G L [
$ S S H Q G L [
Slide 11 — ) X O O < H D U 0 R G H O L Q J $ V V X P S W L R Q V
L Q P L O O L R Q V H [ F H S W × V 3 U R M H F W L R Q ’ H S U H F L D W L R Q $ P R U W L ] D W L R Q a 7 D [ 5 D W H $ V $ G M X V W H G a ’ L O X W H G 6 K D U H V 2 X W V W D Q G L Q J a , Q W H U H V W ( [ S H Q V H a & D S H [ a ’ U L Y H U V U H P D L Q X Q F K D Q J H G Z L W K L Q F U H D V H G Y R $ [ D O W D G R H V Q R W S U R Y L G H D U H F R Q F L O L D W L R Q I R U Q R Q * $ $ 3 H V W L P D W H V I R U W D [ U D W H D V D G M X V W H G R Q D I R U Z D U G O R R N L Q J E D V L V E H F D X V H W K H L Q I Z L W K R X W X Q U H D V R Q D E O H H I I R U W 6 H H Û 1 R Q * $ $ 3 ) L Q D Q F L D O 0 H D V X U H VÜ I R U P R U H L Q I R U P D W L R Q ) X O O < H D U 0 R G H O L Q J $ V V X P S W L R Q V
Slide 12 — ( % , 7 ’ $ 5 H F R Q F L O L D W L R Q
L Q P L O O L R Q V / 7 0 4 4 4 4 4 4 ) < 1 H W L Q F R P H , Q W H U H V W H [ S H Q V H Q H W 3 U R Y L V L R Q I R U L Q F R P H W D [ H V ’ H S U H F L D W L R Q D Q G D P R U W L ] D W L R Q ( % , 7 ’ $ $ ’ H E W H [ W L Q J X L V K P H Q W D Q G U H I L Q D Q F L Q J U H O D W H G F R V W V Ó Ó Ó Ó Ó % 7 H U P L Q D W L R Q E H Q H I L W V D Q G R W K H U H P S O R \ H H U H O D W H G F R V W V & $ F T X L V L W L R Q U H O D W H G F R V W V ’ 6 L W H F O R V X U H F R V W V Ó Ó ( ) R U H L J Q H [ F K D Q J H U H P H D V X U H P H Q W O R V V H V Ó ) / R Q J W H U P H P S O R \ H H E H Q H I L W S O D Q D G M X V W P H Q W V * 6 W R F N E D V H G F R P S H Q V D W L R Q + ( Q Y L U R Q P H Q W D O F K D U J H Ó Ó Ó Ó , 2 W K H U D G M X V W P H Q W V Ó Ó $ G M X V W H G ( % , 7 ’ $ 6 H J P H Q W $ G M X V W H G ( % , 7 ’ $ 3 H U I R U P D Q F H & R D W L Q J V 0 R E L O L W \ & R D W L Q J V 7 R W D O $ G M X V W H G ( % , 7 ’ $ 5 H F R Q F L O L D W L R Q $ 5 H S U H V H Q W V H [ S H Q V H V D Q G D V V R F L D W H G F K D Q J H V W R H V W L P D W H V U H O D W H G W R W K H S U H S D \ P H Q W U H V W U X F W X U L Q J D Q G U H I L Q D Q F L Q J R I R X U L Q G H E W % 5 H S U H V H Q W V H [ S H Q V H V D Q G D V V R F L D W H G F K D Q J H V W R H V W L P D W H V U H O D W H G W R H P S O R \ H H W H U P L Q D W L R Q E H Q H I L W V F R Q V X O W L Q J O H J D O D Q G R W K H U D P R X Q W V D U H Q R W F R Q V L G H U H G L Q G L F D W L Y H R I R X U R Q J R L Q J R S H U D W L Q J S H U I R U P D Q F H & 5 H S U H V H Q W V D F T X L V L W L R Q U H O D W H G G L O L J H Q F H H [ S H Q V H V D V V R F L D W H G Z L W K E R W K F R Q V X P P D W H G D Q G X Q F R Q V X P P D W H G W U D Q V D F W L R Q V D O O R I Z K L ’ 5 H S U H V H Q W V F R V W V U H O D W H G W R W K H F O R V X U H R I F H U W D L Q P D Q X I D F W X U L Q J V L W H V Z K L F K Z H G R Q R W F R Q V L G H U L Q G L F D W L Y H R I R X U R Q J R L Q J R S H U D ( 5 H S U H V H Q W V I R U H L J Q H [ F K D Q J H O R V V H V U H V X O W L Q J I U R P W K H U H P H D V X U H P H Q W R I D V V H W V D Q G O L D E L O L W L H V G H Q R P L Q D W H G L Q I R U H L J Q F X U U H Q F L H V ) 5 H S U H V H Q W V W K H Q R Q F D V K Q R Q V H U Y L F H F R V W F R P S R Q H Q W V R I O R Q J W H U P H P S O R \ H H E H Q H I L W F R V W V * 5 H S U H V H Q W V Q R Q F D V K L P S D F W V D V V R F L D W H G Z L W K V W R F N E D V H G F R P S H Q V D W L R Q + 5 H S U H V H Q W V F R V W V U H O D W H G W R F H U W D L Q H Q Y L U R Q P H Q W D O U H P H G L D W L R Q D F W L Y L W L H V Z K L F K D U H Q R W F R Q V L G H U H G L Q G L F D W L Y H R I R X U R Q J R L Q J R , 5 H S U H V H Q W V F R V W V I R U F H U W D L Q Q R Q R S H U D W L R Q D O R U Q R Q F D V K J D L Q V O R V V H V Q H W X Q U H O D W H G W R R X U F R U H E X V L Q H V V D Q G Z K L F K Z H G R Q R W
Slide 13 — $ G M X V W H G 1 H W , Q F R P H 5 H F R Q F L O L D W L R Q
L Q P L O O L R Q V H [ F H S W S H U V K D U H G D W D 4 4 1 H W L Q F R P H / H V V 1 H W L Q F R P H D W W U L E X W D E O H W R Q R Q F R Q W U R O O L Q J L Q W H U H V W V Ó 1 H W L Q F R P H D W W U L E X W D E O H W R F R P P R Q V K D U H K R O G H U V $ 7 H U P L Q D W L R Q E H Q H I L W V D Q G R W K H U H P S O R \ H H U H O D W H G F R V W V % $ F T X L V L W L R Q U H O D W H G F R V W V & $ F F H O H U D W H G G H S U H F L D W L R Q D Q G V L W H F O R V X U H F R V W V ’ ( Q Y L U R Q P H Q W D O F K D U J H Ó ( 2 W K H U D G M X V W P H Q W V ) $ P R U W L ] D W L R Q R I D F T X L U H G L Q W D Q J L E O H V 7 R W D O D G M X V W P H Q W V * , Q F R P H W D [ S U R Y L V L R Q L P S D F W V $ G M X V W H G Q H W L Q F R P H $ G M X V W H G G L O X W H G Q H W L Q F R P H S H U V K D U H ’ 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 $ G M X V W H G 1 H W , Q F R P H 5 H F R Q F L O L D W L R Q $ 5 H S U H V H Q W V H [ S H Q V H V D Q G D V V R F L D W H G F K D Q J H V W R H V W L P D W H V U H O D W H G W R H P S O R \ H H W H U P L Q D W L R Q E H Q H I L W V F R Q V X O W L Q J O H J D O D Q G R W K H U D U H Q R W F R Q V L G H U H G L Q G L F D W L Y H R I R X U R Q J R L Q J R S H U D W L Q J S H U I R U P D Q F H % 5 H S U H V H Q W V D F T X L V L W L R Q U H O D W H G G L O L J H Q F H H [ S H Q V H V D V V R F L D W H G Z L W K E R W K F R Q V X P P D W H G D Q G X Q F R Q V X P P D W H G W U D Q V D F W L R Q V D O O R I Z K & 5 H S U H V H Q W V L Q F U H P H Q W D O G H S U H F L D W L R Q H [ S H Q V H U H V X O W L Q J I U R P W U X Q F D W H G X V H I X O O L Y H V R I W K H D V V H W V L P S D F W H G E \ R X U P D Q X I D F W X U L Q J L Q G L F D W L Y H R I R X U R Q J R L Q J R S H U D W L Q J S H U I R U P D Q F H ’ 5 H S U H V H Q W V F R V W V U H O D W H G W R F H U W D L Q H Q Y L U R Q P H Q W D O U H P H G L D W L R Q D F W L Y L W L H V Z K L F K D U H Q R W F R Q V L G H U H G L Q G L F D W L Y H R I R X U R Q J R L Q J ( 5 H S U H V H Q W V F R V W V I R U F H U W D L Q Q R Q R S H U D W L R Q D O R U Q R Q F D V K J D L Q V Q H W X Q U H O D W H G W R R X U F R U H E X V L Q H V V D Q G Z K L F K Z H G R Q R W F R Q V L G H ) 5 H S U H V H Q W V Q R Q F D V K D P R U W L ] D W L R Q H [ S H Q V H I R U L Q W D Q J L E O H D V V H W V D F T X L U H G W K U R X J K E X V L Q H V V F R P E L Q D W L R Q V R U D V V H W D F T X L V L W L R Q V * 7 K H L Q F R P H W D [ L P S D F W V D U H G H W H U P L Q H G X V L Q J W K H D S S O L F D E O H U D W H V L Q W K H W D [ L Q J M X U L V G L F W L R Q V L Q Z K L F K H [ S H Q V H R U L Q F R P H R F F X U U H G S H U I R U P D Q F H P H D V X U H $ G G L W L R Q D O O \ W K H L Q F R P H W D [ L P S D F W L Q F O X G H V W K H U H P R Y D O R I G L V F U H W H L Q F R P H W D [ L P S D F W V Z L W K L Q R X U H I I H F W L Y H U H V S H F W L Y H O \
Slide 14 — & D V K
L Q P L O O L R Q V 4 4 4 < 7 ’ 4 4 4 < 7 ’ & D V K S U R Y L G H G E \ 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 D Q G H T X L S P H Q W , Q W H U H V W S U R F H H G V R Q V Z D S V G H V L J Q D W H G D V Q H W L Q Y H V W P H Q W K H G J H V ) U H H F D V K I O R Z ) U H H & D V K ) O R Z 5 H F R Q F L O L D W L R Q
Slide 15 — ( % , 7 5 H F R Q F L O L D W L R Q
L Q P L O O L R Q V / 7 0 4 4 4 4 4 4 ) < , Q F R P H I U R P R S H U D W L R Q V 2 W K H U H [ S H Q V H L Q F R P H Q H W 7 R W D O $ ’ H E W H [ W L Q J X L V K P H Q W D Q G U H I L Q D Q F L Q J U H O D W H G F R V W V Ó Ó Ó Ó Ó % 7 H U P L Q D W L R Q E H Q H I L W V D Q G R W K H U H P S O R \ H H U H O D W H G F R V W V & $ F T X L V L W L R Q U H O D W H G F R V W V ’ $ F F H O H U D W H G G H S U H F L D W L R Q D Q G V L W H F O R V X U H F R V W V ( ( Q Y L U R Q P H Q W D O F K D U J H Ó Ó Ó Ó ) 2 W K H U D G M X V W P H Q W V Ó Ó * $ P R U W L ] D W L R Q R I D F T X L U H G L Q W D Q J L E O H V $ G M X V W H G ( % , 7 $ G M X V W H G ( % , 7 5 H F R Q F L O L D W L R Q $ 5 H S U H V H Q W V H [ S H Q V H V D Q G D V V R F L D W H G F K D Q J H V W R H V W L P D W H V U H O D W H G W R W K H S U H S D \ P H Q W U H V W U X F W X U L Q J D Q G U H I L Q D Q F L Q J R I R X U L Q G H % 5 H S U H V H Q W V H [ S H Q V H V D Q G D V V R F L D W H G F K D Q J H V W R H V W L P D W H V U H O D W H G W R H P S O R \ H H W H U P L Q D W L R Q E H Q H I L W V F R Q V X O W L Q J O H J D O D Q G R W K H D P R X Q W V D U H Q R W F R Q V L G H U H G L Q G L F D W L Y H R I R X U R Q J R L Q J R S H U D W L Q J S H U I R U P D Q F H & 5 H S U H V H Q W V D F T X L V L W L R Q U H O D W H G G L O L J H Q F H H [ S H Q V H V D V V R F L D W H G Z L W K E R W K F R Q V X P P D W H G D Q G X Q F R Q V X P P D W H G W U D Q V D F W L R Q V D O O R I Z ’ 5 H S U H V H Q W V L Q F U H P H Q W D O G H S U H F L D W L R Q H [ S H Q V H U H V X O W L Q J I U R P W U X Q F D W H G X V H I X O O L Y H V R I W K H D V V H W V L P S D F W H G E \ R X U P D Q X I D F W X U L Q J L Q G L F D W L Y H R I R X U R Q J R L Q J R S H U D W L Q J S H U I R U P D Q F H ( 5 H S U H V H Q W V F R V W V U H O D W H G W R F H U W D L Q H Q Y L U R Q P H Q W D O U H P H G L D W L R Q D F W L Y L W L H V Z K L F K D U H Q R W F R Q V L G H U H G L Q G L F D W L Y H R I R X U R Q J R L Q ) 5 H S U H V H Q W V F R V W V I R U F H U W D L Q Q R Q R S H U D W L R Q D O R U Q R Q F D V K J D L Q V O R V V H V Q H W X Q U H O D W H G W R R X U F R U H E X V L Q H V V D Q G Z K L F K Z H G R Q R W * 5 H S U H V H Q W V Q R Q F D V K D P R U W L ] D W L R Q H [ S H Q V H I R U L Q W D Q J L E O H D V V H W V D F T X L U H G W K U R X J K E X V L Q H V V F R P E L Q D W L R Q V R U D V V H W D F T X L V L W L R Q V
Slide 16 — R Q , Q Y H V W H G
5 H W X U Q R Q , Q Y H V W H G & D S L W D O L Q P L O O L R Q V / 7 0 4 / 7 0 4 $ G M X V W H G ( % , 7 7 D [ 5 D W H $ V $ G M X V W H G 1 2 3 $ 7 7 R W D O G H E W R S H Q L Q J E D O D Q F H $ [ D O W D× V V K D U H K R O G H U V× H T X L W \ R S H Q L Q J E D O D Q F H / H V V & D V K D Q G & D V K ( T X L Y D O H Q W V R S H Q L Q J E D O D Q F H , Q Y H V W H G F D S L W D O R S H Q L Q J E D O D Q F H 7 R W D O G H E W F O R V L Q J E D O D Q F H $ [ D O W D× V V K D U H K R O G H U V× H T X L W \ F O R V L Q J E D O D Q F H / H V V & D V K D Q G & D V K ( T X L Y D O H Q W V F O R V L Q J E D O D Q F H , Q Y H V W H G F D S L W D O F O R V L Q J E D O D Q F H $ Y H U D J H L Q Y H V W H G F D S L W D O 5 H W X U Q R Q L Q Y H V W H G F D S L W D O 7 K H W D [ U D W H D V D G M X V W H G L V G H W H U P L Q H G X V L Q J R X U H I I H F W L Y H W D [ U D W H D Q G D G M X V W L Q J I R U W K H D S S O L F D E O H U D W H V L Q W K H W D [ L Q J M X U E H Q H I L W E D V H G R Q W K H Q D W X U H R I W K H Q R Q * $ $ 3 S H U I R U P D Q F H P H D V X U H 1 2 3 $ 7 $ G M X V W H G ( % , 7 D I W H U W D [ , Q Y H V W H G F D S L W D O ’ H E W 6 K D U H K R O G H U ( T X L W \ Ò & D V K D Q G & D V K ( T X L Y D O H Q W V 5 H W X U Q R Q L Q Y H V W H G F D S L W D O 1 2 3 $ 7 $ Y H U D J H L Q Y H V W H G F D S L W D O
Slide 17 — & D S L W D O L ] D W L R Q 7 D E O H
& D S L W D O L ] D W L R Q 7 D E O H L Q P L O O L R Q V , Q W H U H V W # 0 D W X U L W \ & D V K D Q G & D V K ( T X L Y D O H Q W V ’ H E W 5 H Y R O Y H U P L O O L R Q F D S D F L W \ 9 D U L D E O H Ó ) L U V W / L H Q 7 H U P / R D Q 8 6 ’ 9 D U L D E O H 7 R W D O 6 H Q L R U 6 H F X U H G ’ H E W 6 H Q L R U 8 Q V H F X U H G 1 R W H V 8 6 ’ ) L [ H G 6 H Q L R U 8 Q V H F X U H G 1 R W H V 8 6 ’ ) L [ H G 6 H Q L R U 8 Q V H F X U H G 1 R W H V 8 6 ’ ) L [ H G ) L Q D Q F H / H D V H V 7 R W D O ’ H E W 7 R W D O 1 H W ’ H E W / 7 0 $ G M X V W H G ( % , 7 ’ $ 7 R W D O 1 H W / H Y H U D J H 5 D W L R [ 7 R W D O * U R V V / H Y H U D J H 5 D W L R [ 7 R W D O 1 H W ’ H E W 7 R W D O ’ H E W P L Q X V & D V K D Q G & D V K ( T X L Y D O H Q W V 7 R W D O 1 H W / H Y H U D J H 5 D W L R 7 R W D O 1 H W ’ H E W / 7 0 $ G M X V W H G ( % , 7 ’ $ 7 R W D O * U R V V / H Y H U D J H 5 D W L R 7 R W D O ’ H E W / 7 0 $ G M X V W H G ( % , 7 ’ $
Slide 18 — 7 K D Q N \ R X
6 H Q V L W L Y L W \ % X V L Q H V V , Q W H U Q D O , Q Y H V W R U 5 H O D W L R Q V & R Q W D F W & R O O H H Q / X E L F # D [ D O W D F R P 7 K D Q N \ R X