Inferra AI / Company / AXTA / Slides
Axalta Coating Systems Ltd. — Second Quarter 2025 Investor Presentation (company IR deck)
Axalta Coating Systems Ltd. (AXTA) · 20 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 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 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 W K H H [ S H F W H G H I I H F W V R I W D U L I I V L P S R V H G E \ W K H 8 6 D Q G D Q \ U H D E L O L W \ W R R I I V H W W K H L P S D F W R I G L U H F W W D U L I I V 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 G H S O R \ P H Q W S O D Q 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 W L P L Q J D Q G D 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 F R Q V X P H U V H Q W L P H Q W / 9 D Q G & 9 E X V L Q H V V G \ Q D P L F V L Q / D W L Q $ P H U L F D D Q G $ V L D 3 D F L I L F H Q Y L U R Q P H Q W H [ S H F W D W L R Q V I R U G \ Q D P L F V L Q W K H 8 6 F R O O L V L R Q U H S D L U L Q G X V W U \ D Q G H [ S H F W D W L R Q V D U R X Q G W K H I X W X U H Y L D E L O L W \ R I R X U S U R G X F W V V H & R P P H U F L D O 7 U D Q V S R U W D W L R Q 6 R O X W L R Q V E X V L Q H V V D Q G J H R J U D S K L F H [ S D Q V L R Q R I R X U 0 R E L O L W \ 6 H J P H Q W $ [ D O W D , U X V D Q G $ [ D O W D 1 L P E X V W H F K Q R O R J L H V S R L P S U R Y H P H Q W L Q , Q G X V W U L D O L Q R U J D Q L F J U R Z W K R S S R U W X Q L W L H V L Q , Q G X V W U L D O D Q G , Q G X V W U L D O S U R G X F W V I R U W K H H Q H U J \ V H J P H Q W $ [ D O W D K D V L G H Q W L I Ú H [ S H F W D W L R Q V Û Ú Z L O O Û Ú J X L G H Û Ú J X L G D Q F H Û Ú V W U D W H J \ Û Ú F R X O G Û Ú W D U J H W Û Ú R Q W U D F N Û Ú R E M H F W L Y H V Û Ú O L N H O \ Û Ú I R U H F D V W V Û Ú S U L R U L W \ Û Ú S U L R U L W L H V Û Ú S U Ú D V V X P L Q J Û Ú O R Q J W H U P Û Ú I X W X U H Û Ú V H W W R Û Ú L Q W H Q G Û Ú V K R X O G Û D Q G Ú D V V X P S W L R Q V Û D Q G W K H Q H J D W L Y H R I W K H V H Z R U G V R U R W K H U F R P S D U D E O H R U V L P L O D U S U H S D U H G E \ P D Q D J H P H Q W W K D W D O W K R X J K W K H \ E H O L H Y H W R E H U H D V R Q D E O H D U H L Q K H U H Q W O \ X Q F H U W D L Q 7 K H V H V W D W H P H Q W V L Q Y R O Y H U L V N V D Q G X Q F H U W U H W D O L D W R U \ D F W L R Q V I U R P R W K H U F R X Q W U L H V D Q G W H F K Q R O R J L F D O I D F W R U V R X W V L G H R I $ [ D O W D× V F R Q W U R O D V Z H O O 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 L W V E X V L Q H V V L Q G X V W U \ V W U D W H J \ I L Q D Q F L Q J D F W L Y L W L H V R U D F W X D O U H V X O W V W R G L I I H U P D W H U L D O O \ 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 $ Q D O \ V L V R I ) L Q D Q F L D O & R Q G L W L R Q D Q G 5 H V X O W V R I 2 S H U D W L R Q VÛ Z L W K L Q $ [ D O W D× V P R V W U H F H Q W $ Q Q X D O 5 H S R U W R Q ) R U P . D Q G 4 X D U W H U O \ 5 H S R U W R Q ) R U P Ú 6 ( &Û $ [ D O W D X Q G H U W D N H V Q R R E O L J D W L R Q W R X S G D W H R U U H Y L V H D Q \ R I W K 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 F R Q W D L Q H G K H U H L Q Z K H W K H U D V D U H V X O W R I Q H 1 R Q * $ $ 3 ) L Q D Q F L D O 0 H D V X U H 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 F R Q W D L Q I L Q D Q F L D O L Q I R U P D W L R Q W K D W L V Q R W S U H V H Q W H G L Q D F F R U G D Q F H Z L W K $ 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 ) 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 W R W D O J U R V V O H Y H U D J H U D W L R U ( % , 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 D Q G $ G M X V W H G ( % , 7 L Q W K H D Q D O \ V L V R I R X U I L Q D Q F L D O D Q G R S H U & 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 I R X U O L T X L G L W \ R X U D E L O L W \ W R L Q F X U D Q G V H U Y L F H R X ( % , 7 F R Q V L V W R I ( % , 7 ’ $ ’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’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’ $ 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 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 — 6 H F R Q G 4 X D U W H U + L J K O L J K W V
6 H F R Q 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 4 X D U W H U O \ 5 H F R U G I R U $ G M X V W H G ( % , 7 ’ $ $ G M X V W H G ’ L O X W H G ( 3 6 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 E S V P D U J L Q H [ S D Q V L R Q < R < à $ G M X V W H G ( % , 7 ’ $ P D U J L Q V D W R U D E R Y H $ 3 O D Q W D U J H W V I R U I L Y H F R Q V 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 O X W H G ( p 0 R E L O L W \ $ G M X V W H G ( % , 7 ’ $ P D U J L Q H [ E S V < R < 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 & D V K I O R Z I U R P R S H U D W L R Q V L Q < R < p ) U H H F D V K I O R Z R I 0 p 1 H W O H Y H U D J H U D W L R R I [ 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 < 4 4
Slide 4 — 8 6 & R O O L V L R Q 5 H S D L U , Q G X V W U \ 6 W D E L O L ]
& R V W S U H V V X U H R Q F R Q V X P H U V K D V U H V X O W H G L Q I H Z H U F D U V E H L Q J U H S D L U H G + R Z H Y H U F R Q V X P H U L Q I O D W L R Q S U H V V X U H L V H D V L Q J $ 3 O D Q L Q L W L D W L Y H V G H V V W U H Q J W K H Q D Q G G L Y H U V L E X V L Q H V V 8 6 & O D L P V < R < 8 6 9 H K L F O H $ F F L G H Q W V < R < 6 R X U F H 1 + 7 6 $ F R O O L V L R Q D F W L Y L W \ Z D V V R X U F H G I U R P Y D U L R X V V W D W H ’ 0 9 Z H E V L W H V Z K H U H G D W D K D G E H H Q I L Q D O L ] H G P D N L Q J X S D S S U R [ L P D W K H 8 6 S R S X O D W L R Q 6 R X U F H & O D L P V G D W D D Q G W R W D O U H S D L U F R V W V V R X U F H G I U R P & & & , Q W H O O L J H Q W 6 R O X W L R Q V 6 R X U F H 8 6 % X U H D X R I / D E R U 6 W D W L V W L F V 6 R X U F H / H [ L V 1 H [ L V n 8 6 $ X W R , Q V X U D Q F H 7 U H Q G V 5 H S R U W / 6 ’ O R Z V L Q J O H G L J L W V _ 0 6 ’ 0 L G V L Q J O H G L J L W V _ + 6 ’ + L J K V L Q J O H G L J L W V 8 6 & R O O L V L R Q 5 H S D L U , Q G X V W U \ 6 W D E L O L ] / 6 ’ / 6 ’ / 6 ’ + 6 ’ / 6 ’ 0 6 ’ 6 H T X H Q W L D O , Q V X U D Q F H S R O L F \ V Z L W F K L Q J K D V L Q F U H D V H G Z L W K a R I S R O L F L H V V K R S S H G D W O H D V W R Q F H L Q 7 R W D O 5 H S D L U & R V W V 6 W D E L O L ] L Q J < R < , Q V X U D Q F H 3 U H P L X P 5 D W H R I , Q I O D W L R Q 6 O R Z L Q J / 6 ’ / 6 ’ / 6 ’ 3 U H P L X P / H D G H U V K L S $ [ D O W D 1 L P E X V G S O D W I R U P H [ S H F W L Q F U H D V H H I I L F L H S H U I R U P D Q F H D Q P D [ L P L ] H S U R I L W & R Y H U ) O H [ [ D F T X L V L W L R Q L Q F U H D V H V S U H V H Q F H L Q H F R Q R P \ V H J P H Q W D Q G H [ S D Q G V S U R G X F W S R U W I R O L R ( [ S D Q G S U R G X F W R W R D G G U H V V ’ , F R Q V X P H U V W K U R X J K Q H Z U F K D Q Q H O V
Slide 5 — $ 3 O D Q ( [ H F X W L R Q
6 H F R Q G 4 X D U W H U + L J K O L J K W V à 0 L Q V K D U H U H S X U F K D V H V à U H G X F W L R Q L Q L Q W H U H V W H [ S H à [ W R W D O Q H W O H Y H U D J H U D W L R à a Q H W Q H Z E R G \ V K R S V < 7 ’ à 6 W U R Q J $ G M X V W H G ( % , 7 ’ $ P D U J L Q J U 0 R E L O L W \ V H J P H Q W $ 3 O D Q ( [ H F X W L R Q à $ [ D O W D 1 H [ W - H W Q D P H G $ X W R P 1 H Z V 3 $ & ( 3 L O R W , Q Q R Y D W L R Q W R : à ’ D L P O H U 0 D V W H U× V R I 4 X D O L W \ à 5 H I L Q L V K ) D V W & X U H O R Z H Q H U J \ V à 5 H G X F H G V D I H W \ L Q F L G H Q W V E \ à 5 H G X F H G 2 3 ( ; E \ à & O R V H G P D Q X I D F W X U L Q J V L W H V V à 9 D U L D E O H F R V W V U H G X F H G E \ à E S V L Q $ G M X V W H G ( % , 7 ’ $ P D U J L Q
Slide 6 — 6 H F R Q G 4 X D U W H U
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 $ P H U L F D Z K L F K P R U H W K D Q R I I V H W I D Y R U D E O W U D Q V O D W L R Q D Q G F R Q W U L E X W L R Q V I U R P & R à $ G M X V W H G ( % , 7 ’ $ L Q F U H D V H G P L O O L R Q I U R P O D V W \ H D U Z L W K ( % , 7 ’ $ P D U J L Q R I L Q 4 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 ) U H H F D V K I O R Z R I P L O O L R Q L Q F U H D V H G < R < 4 9 R O X P H 3 U L F H 0 L [ ) ; & R Y H U ) O H [ [ 4 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 ’ $ Ó 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 6 H F R Q 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 V 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 7 — 6 H F R Q G 4 X D U W H U
+ 6 ’ K L J K 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 G H F O L Q H G S U L P D U L O \ G U L Y H Q E \ O R Z H U U H S D L U D F W L Y L W \ S U L P 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 S U L P D U L O \ G X H W R Y R O X P H Z H D N Q H V V L Q 1 R U W K $ P H U 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 6 H F R Q 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 5 H V X O 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 4 9 R O X P H 3 U L F H 0 L [ ) ; & R Y H U ) O H [ [ 4 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 + 6 ’
Slide 8 — 6 H F R Q G 4 X D U W H U
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 W K U H H R X 1 R U W K $ P H U L F D 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 W U D Q V O D W L R Q K H D G Z L Q G V Z H U H S D U W L D O O \ R I I V H W E \ S R V L W L Y H S U L F H P L [ 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 [ O R E H Q H I L W V I U R P S U L F L Q J W U X H X S V 6 H F R Q 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 X O W 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 4 9 R O X P H 3 U L F H 0 L [ ) ; 4 / 9 / 6 ’ & 9 / 6 ’ 2 U J D Q L F 1 H W 6 D O H V / 6 ’ O R Z V L Q J O H G L J L W
Slide 9 — & D S L W D O $ O O R F D W L R Q
& D S L W D O ( [ S H Q G L W X 0 $ 6 K D U H 5 H S X U F K D V H V ’ H E W 3 D \ G R Z Q & D S L W D O $ O O R F D W 0 < 7 ’ & D V K ’ H S O R \ H G 4 $ 3 O D Q 7 D U 7 R W D O 1 H W / H Y H U D J H 5 D W L R [ [ Ò [ / H Y H U D J H U D W L R F R Q V L V W H Q W Z L W K $ 3 O D Q W D U J H W U D Q J H 4 + L J K O L J K W V 3 O D Q W R $ F F H O H U D W H & D S L W D O ’ H S O R \ P H Q & 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 2 S H U D W L Q J F D V K I O R Z R I 0 à 5 2 , & R I / 7 0 - X Q H
Slide 10 — * 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 / 6 ’ $ 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 * X L G D Q F H 1 R W H $ [ 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 R I Q R Q * $ $ 3 H V W L P D W H V I R U $ G M X V W H G ( % , 7 ’ $ $ G M X V W H G ’ L O X W H G ( 3 6 R U ) U H H & D V K ) O R Z R Q D I R H V W L P D W L R Q R I U H F R Q F L O L Q J L W H P V L V Q R W D Y D L O D E O H 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 Ú 1 R Q * $ $ 3 ) L Q D Q F L D O 0 H D V X U H VÛ I R U P R U H L Q I R U P D W L R Q / 6 ’ O R Z V L Q J O H G L J L W
Slide 11 — % X L O G L Q J W K H ) X W X U H
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’ , < F R Q V X P H U V 0 D U J L Q V H [ S H F W H G W R U H D F K U W K U R X J K I R F X V H G S U R G X F W D Q F R V W R S W L P L ] D W L R Q 2 X W V W D Q G L Q J R S H U D W L Q J S H U F U H D W L Q J S R W H Q W L D O I R U L Q R S S R U W X Q L W L H V W R G U L Y H D F % X L O G L Q J W K H ) X W X U 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 5 H I L Q L V K , Q G X V W U L D O * U R Z L Q J W K U R X J K , Q Q R Y D W L Y H 6 R O X W L R Q V ( [ S D Q G L Q J L Q W R 1 H Z & K D Q Q H O V : H O O S R V L W L R Q H G I R U , Q G X V
Slide 12 — $ S S H Q G L [
$ S S H Q G L [
Slide 13 — ) X O O < H D U 0 R G H O L Q J $ V V X P S W L R Q V
à * H R S R O L W L F D O Y R O D W L O L W \ D Q G K H L J K W H à * O R E D O L Q G X V W U L D O D F W L Y L W \ D W O R Z O H à 5 H O D W L Y H O \ I O D W U D Z P D W H U L D O H Q Y L U R Q à & R Q V X P H U V H Q W L P H Q W L P S D F W L Q J 5 H I L Q L V à & R Q W L Q X H G Q H W E R G \ V K R S Z L Q V D Q G U H V L à / 9 D Q G & 9 E X V L Q H V V Z L Q V L Q / D W L Q $ P H U L F à 2 Q W U D F N W R G H O L Y H U $ 3 O D Q W D U J H W R I L Q , Q G X V W U L D O Y V I X O O \ H D U à 0 0 R I L Q F U H P H Q W D O F R V W V D Y L Q J V I U 7 U D Q V I R U P D W L R Q , Q L W L D W L Y H à 0 O R Z H U L Q W H U H V W H [ S H Q V H < R < 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 [ $ [ D O W D $ 3 O D Q 6 W U D W H J \ ’ 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 ) X O O < H D U 0 D F U R $ V V X P S W L R Q V $ [ 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 14 — ( % , 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 ) < 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 % 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 D Q G G L Y H V W L W X U H 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 ( ) 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 ) / 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 % 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 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 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 ( 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 ) 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 , 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
Slide 15 — $ 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 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 $ ’ 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 % 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 D Q G G L Y H V W L W X U H 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 ) 2 W K H U D G M X V W P H Q W V 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 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 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 % 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 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 F R Q V L G * 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 16 — & D V K
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Slide 17 — ( % , 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 ) < , 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 % 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 D Q G G L Y H V W L W X U H 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 18 — 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 19 — & 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 20 — 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