Inferra AI / Company / DOC / Slides

Healthpeak Properties — Presentation / slide deck (8-K exhibit)

Healthpeak Properties (DOC) · 25 slides · Filed Aug 4, 2026

Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All DOC deck slides

Slide 1

Open the original at slide 1 ↗

Slide 2 — !7HD?D=I.;B;7I;

*FAA=6>6?E2=)6A@CE *64@?5(F2CE6C   )6EFC?E@+& !7HD?D=I.;B;7I;  EDIEB?:7J;:"?D7D9?7B/J7J;C;DJI  #K?:7D9;  "?D7D9?7B$?=>B?=>JI  ,EHJ<EB?E/KCC7HO  ;8J/KCC7HO  /;=C;DJ,;H<EHC7D9;  +KJF7J?;DJ);:?97B,EHJ<EB?E/KCC7HO  (78,EHJ<EB?E/KCC7HO  %DL;IJC;DJ9J?L?JO7D:+J>;H  7F?J7B7D: ;L;BEFC;DJI?D,HE=H;II  *;JII;J27BK;  #BEII7HO  ::?J?ED7B%D<EHC7J?ED  ?I9KII?ED7D:.;9ED9?B?7J?EDE<*ED #,"?D7D9?7B);7IKH;I +23=6@7@?E6?ED

Open the original at slide 2 ↗

Slide 3 — *FAA=6>6?E2=)6A@CE

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

Open the original at slide 3 ↗

Slide 4 — *FAA=6>6?E2=)6A@CE

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

Open the original at slide 4 ↗

Slide 5 — *FAA=6>6?E2=)6A@CE

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

Open the original at slide 5 ↗

Slide 6 — *FAA=6>6?E2=)6A@CE

*FAA=6>6?E2=)6A@CE *64@?5(F2CE6C   )6EFC?E@+& %&% ' %% #$*,)* *7H;?J""+ ""+7I:@KIJ;: 0EJ7B/7C; /JEH;7I>:@KIJ;:*+% :@KIJ;:!%0 H; 7D:*;J ;8JJE:@KIJ;:!%0 H;7H;IKFFB;C;DJ7BDED #,<?D7D9?7BC;7IKH;IJ>7JM;8;B?;L;7H;KI;<KB?D;L7BK7J?D=J>;EF;H7J?D=F;H<EHC7D9;7D:<?D7D9?7BFEI?J?EDE<H;7B;IJ7J;?DL;IJC;DJJHKIJI /;; &KD;  ?I9KII?ED7D:.;9ED9?B?7J?EDE<*ED #,"?D7D9?7B);7IKH;I<EH:;<?D?J?EDI :?I9KII?EDIE<J>;?HKI;I7D:?D>;H;DJB?C?J7J?EDI 7D: H;9ED9?B?7J?EDIJEJ>;CEIJ:?H;9JBO9ECF7H78B;<?D7D9?7BC;7IKH;I97B9KB7J;:7D:FH;I;DJ;:?D799EH:7D9;M?J>#, 7L7?B78B;?DJ>;%DL;IJEH.;B7J?EDI I;9J?EDE<EKHM;8I?J;7J>JJF?H >;7BJ>F;7A 9ECGK7HJ;HBO H;IKBJI /;;7BIEJ>;"KD:I"HEC+F;H7J?EDII;9J?EDE<J>?IH;B;7I;<EH7::?J?ED7B ?D<EHC7J?ED ::?J?ED7BBO 7IKI;:>;H;?DM?J>H;IF;9JJE&7DKI(?L?D= :@KIJ;:!%0 H; 0EJ7B:@KIJ;:*;J+F;H7J?D=%D9EC; 7D:/7C; /JEH; :@KIJ;:*+%7H;IKFFB;C;DJ7BDED #,<?D7D9?7BC;7IKH;IJ>7JM;8;B?;L;7H;KI;<KB?D;L7BK7J?D=J>;EF;H7J?D=F;H<EHC7D9;7D:<?D7D9?7BFEI?J?ED E<&7DKI(?L?D= /;;&KD;  ?I9KII?ED7D:.;9ED9?B?7J?EDE<*ED #,"?D7D9?7B);7IKH;I<EH:;<?D?J?EDI :?I9KII?EDIE<J>;?HKI;I7D: ?D>;H;DJB?C?J7J?EDI 7D:H;9ED9?B?7J?EDIJEJ>;CEIJ:?H;9JBO9ECF7H78B;<?D7D9?7BC;7IKH;I97B9KB7J;:7D:FH;I;DJ;:?D799EH:7D9;M?J>#, 7L7?B78B; ?DJ>;%DL;IJEH.;B7J?EDII;9J?EDE<J>;&7DKI(?L?D=M;8I?J;7J>JJFI?H @7DKIH;?J 9EC<?D7D9?7BIGK7HJ;HBO H;IKBJI &).) #&&" %*++$%+* /J7J;C;DJI9EDJ7?D;:?DJ>?IH;B;7I;J>7J7H;DEJ>?IJEH?97B<79JI7H;<EHM7H: BEEA?D=IJ7J;C;DJIM?J>?DJ>;C;7D?D=E</;9J?EDE<J>;/;9KH?J?;I9J E< 7I7C;D:;: 7D:/;9J?ED!E<J>;/;9KH?J?;I!N9>7D=;9JE< 7I7C;D:;: "EHM7H: BEEA?D=IJ7J;C;DJI?D9BK:; 7CED=EJ>;HJ>?D=I  IJ7J;C;DJI H;=7H:?D= EKH 7D: EKH E<<?9;HI ?DJ;DJ  8;B?;< EH ;NF;9J7J?ED 7I ?:;DJ?<?;: 8O J>; KI; E< MEH:I IK9> 7I C7O  M?BB  FHE@;9J  ;NF;9J  8;B?;L; ?DJ;D: 7DJ?9?F7J; I;;A J7H=;J <EH;97IJ FB7D FEJ;DJ?7B ;IJ?C7J; 9EKB: MEKB: I>EKB:7D:EJ>;H9ECF7H78B;7D::;H?L7J?L; J;HCIEHJ>;D;=7J?L;IJ>;H;E< !N7CFB;IE<<EHM7H: BEEA?D=IJ7J;C;DJI?D9BK:; 7CED=EJ>;HJ>?D=I?IJ7J;C;DJIH;=7H:?D=J?C?D= EKJ9EC;I7D: EJ>;H:;J7?BIH;B7J?D=JEF;D:?D=EH9EDJ;CFB7J;:79GK?I?J?EDI :?IFEI?J?EDI :;L;BEFC;DJI H;:;L;BEFC;DJI @E?DJL;DJKH;JH7DI79J?EDI B;7I?D=79J?L?JO 7D: 9ECC?JC;DJI  <?D7D9?D= 79J?L?J?;I  EH EJ>;H JH7DI79J?EDI :?I9KII;: ?D J>?I H;B;7I; ?? J>; F7OC;DJ E< 7 CEDJ>BO 97I> :?L?:;D: 7D: ??? J>; ?D<EHC7J?EDFH;I;DJ;:KD:;HJ>;>;7:?D=#K?:7D9; ,;D:?D=79GK?I?J?EDI :?IFEI?J?EDI @E?DJL;DJKH;JH7DI79J?EDI B;7I?D=79J?L?JO 7D:<?D7D9?D=79J?L?JO  ?D9BK:?D=J>EI;IK8@;9JJE8?D:?D=7=H;;C;DJI H;C7?DIK8@;9JJE9BEI?D=9ED:?J?EDI7D:C7ODEJ8;9ECFB;J;:M?J>?DJ>;7DJ?9?F7J;:J?C;<H7C;IEH7J7BB  "EHM7H: BEEA?D= IJ7J;C;DJI H;<B;9J EKH 9KHH;DJ ;NF;9J7J?EDI 7D: L?;MI 78EKJ <KJKH; ;L;DJI 7D: 7H; IK8@;9J JE H?IAI 7D: KD9;HJ7?DJ?;I J>7J 9EKB: I?=D?<?97DJBO7<<;9JEKH<KJKH;<?D7D9?7B9ED:?J?ED7D:H;IKBJIE<EF;H7J?EDI 3>?B;<EHM7H: BEEA?D=IJ7J;C;DJIH;<B;9JEKH=EE:<7?J>8;B?;<7D:7IIKCFJ?EDI M;8;B?;L;JE8;H;7IED78B;87I;:KFED9KHH;DJ?D<EHC7J?ED M;97D=?L;DE7IIKH7D9;J>7JEKH;NF;9J7J?EDIEH<EH;97IJIM?BB8;7JJ7?D;: "KHJ>;H M; 97DDEJ=K7H7DJ;;J>;799KH79OE<7DOIK9><EHM7H: BEEA?D=IJ7J;C;DJ9EDJ7?D;:?DJ>?IH;B;7I; 7D:IK9><EHM7H: BEEA?D=IJ7J;C;DJI7H;IK8@;9JJE ADEMD7D:KDADEMDH?IAI7D:KD9;HJ7?DJ?;IJ>7J7H;:?<<?9KBJJEFH;:?9J ICEH;<KBBOI;J<EHJ>KD:;H.?IA"79JEHI?DEKHDDK7B.;FEHJED"EHC '<EH J>;O;7H;D:;: ;9;C8;H <?B;:M?J>J>;/;9KH?J?;I7D:!N9>7D=;ECC?II?ED/! J>;I;H?IAI7D:KD9;HJ7?DJ?;I?D9BK:; 8KJ7H;DEJB?C?J;: JE9>7D=;IJEH;=KB7JEHO <KD:?D= IJ7<<?D= JH7:; 7D:EJ>;HFEB?9?;I7D:79J?EDI8OJ>;1 / FEB?J?97B7:C?D?IJH7J?EDC79HE;9EDEC?9JH;D:IJ>7JC7O ?D9H;7I; 8EHHEM?D=  9EDIJHK9J?ED  B78EH 7D: EJ>;H EF;H7J?D= 9EIJI 9>7D=;I M?J>?D J>; B?<; I9?;D9; ?D:KIJHO  7D: I?=D?<?97DJ H;=KB7J?ED  <KD:?D= H;GK?H;C;DJI 7D:KD9;HJ7?DJO<79;:8OEKHB78J;D7DJI<79JEHI7:L;HI;BO7<<;9J?D=EKHJ;D7DJIS EF;H7JEHIS EH8EHHEM;HIS78?B?JOJEC;;JJ>;?H<?D7D9?7B 7D:EJ>;H9EDJH79JK7BE8B?=7J?EDIJEKIJ>;?DIEBL;D9OEH87DAHKFJ9OE<ED;EHCEH;E<EKHC7@EHJ;D7DJI EF;H7JEHI EH8EHHEM;HIEKH9ED9;DJH7J?EDE< H;7B;IJ7J;?DL;IJC;DJI?DJ>;>;7BJ>97H;FHEF;HJOI;9JEH M>?9>C7A;IKICEH;LKBD;H78B;JE7:EMDJKHD?DJ>7JIF;9?<?9I;9JEHJ>7D?<M;?DL;IJ;: 79HEIICKBJ?FB;I;9JEHIJ>;?BB?GK?:?JOE<H;7B;IJ7J;?DL;IJC;DJIEKH78?B?JOJE?:;DJ?<O7D:I;9KH;D;MEHH;FB79;C;DJJ;D7DJI7D:EF;H7JEHIEKHFHEF;HJO :;L;BEFC;DJ  H;:;L;BEFC;DJ  7D: J;D7DJ ?CFHEL;C;DJ H?IAI  M>?9> 97D H;D:;H 7 FHE@;9J B;II FHE<?J78B; EH KDFHE<?J78B; 7D: :;B7O EH FH;L;DJ ?JI KD:;HJ7A?D=EH9ECFB;J?EDJ>;78?B?JOE<J>;>EIF?J7BIEDM>EI;97CFKI;IEKHEKJF7J?;DJC;:?97B8K?B:?D=I7H;BE97J;:7D:J>;?H7<<?B?7J;:>;7BJ>97H; IOIJ;CIJEH;C7?D9ECF;J?J?L;EH<?D7D9?7BBOL?78B;EF;H7J?ED7BH?IAI7IIE9?7J;:M?J>EKHI;D?EH>EKI?D=FHEF;HJ?;IC7D7=;:8OJ>?H:F7HJ?;I ?D9BK:?D= EKH FHEF;HJ?;I EF;H7J;: J>HEK=> IJHK9JKH;I F;HC?JJ;: 8O J>; $EKI?D= 7D: !9EDEC?9 .;9EL;HO9J E<   M>?9> ?D9BK:;I CEIJ E< J>; FHEL?I?EDI FH;L?EKIBOFHEFEI;:?DJ>;.!%0%DL;IJC;DJ ?L;HI?<?97J?ED7D:!CFEM;HC;DJ9JE<9ECCEDBOH;<;HH;:JE7IT.% !UJ>;<7?BKH;E<EKHJ;D7DJI  EF;H7JEHI 7D:8EHHEM;HIJE9ECFBOM?J><;:;H7B IJ7J; 7D:BE97BB7MI7D:H;=KB7J?EDI ?D9BK:?D=H;I?:;DJ>;7BJ>7D:I7<;JOH;GK?H;C;DJI 7IM;BB7I B?9;DIKH;  9;HJ?<?97J?ED  7D: ?DIF;9J?ED H;GK?H;C;DJI H;GK?H;: H;=KB7JEHO 7FFHEL7BI JE JH7DI<;H EKH I;D?EH >EKI?D= FHEF;HJ?;I 9ECFB?7D9; M?J> J>; C;H?97DIM?J> ?I78?B?J?;I9J7D:<?H; I7<;JO 7D:EJ>;HH;=KB7J?EDIJ>;H;GK?H;C;DJIE< EH9>7D=;IJE =EL;HDC;DJ7BH;?C8KHI;C;DJFHE=H7CIIK9> 7I);:?97H;EH);:?97?:;9EDEC?99ED:?J?EDI D7JKH7B:?I7IJ;HI M;7J>;H 7D:EJ>;H9ED:?J?EDIJ>7JD;=7J?L;BO7<<;9J=;E=H7F>?97H;7IM>;H;M;>7L; 9ED9;DJH7J;:?DL;IJC;DJIKD?DIKH;:EHKD:;H?DIKH;:BEII;I M>?9>9EKB:H;IKBJ?D7I?=D?<?97DJBEIIE<97F?J7B?DL;IJ;:?D7FHEF;HJO BEM;HJ>7D;NF;9J;: <KJKH;H;L;DK;I 7D:KD7DJ?9?F7J;:;NF;DI;IEKHKI;E<@E?DJL;DJKH;IC7OB?C?JEKHH;JKHDIED7D:EKH<B;N?8?B?JOM?J>@E?DJBOEMD;:?DL;IJC;DJIEKHKI; E<H;DJ;I97B7JEHIEH9EDJ?D=;DJH;DJFHEL?I?EDI?DEKHB;7I;I9ECF;J?J?ED<EHIK?J78B;>;7BJ>97H;FHEF;HJ?;IJE=HEMEKH?DL;IJC;DJFEHJ<EB?EEKH78?B?JOJE ;N;H9?I;H?=>JIED9EBB7J;H7BI;9KH?D=EKHH;7B;IJ7J; H;B7J;:BE7DI7DOH;GK?H;C;DJJ>7JM;H;9E=D?P;H;I;HL;I 7BBEM7D9;I 9H;:?JBEII;I EH?CF7?HC;DJ 9>7H=;I?DL;IJC;DJE<IK8IJ7DJ?7BH;IEKH9;I7D:J?C;?DJH7DI79J?EDIJ>7J7H;DEJ9EDIKCC7J;:EKH78?B?JOJEIK99;II<KBBO?DJ;=H7J;7D:EHEF;H7J; 79GK?I?J?EDIEH?DJ;HD7B?P;FHEF;HJOC7D7=;C;DJJ>;FEJ;DJ?7B?CF79JE<KD<7LEH78B;H;IEBKJ?EDE<B?J?=7J?EDEH:?IFKJ;I7D:H;IKBJ?D=H?I?D=B?78?B?JO7D: ?DIKH7D9;9EIJI;DL?HEDC;DJ7B9ECFB?7D9;9EIJI7D:B?78?B?J?;I7IIE9?7J;:M?J>EKHH;7B;IJ7J;?DL;IJC;DJI;DL?HEDC;DJ7B IE9?7B7D:=EL;HD7D9;7D: IKIJ7?D78?B?JO9ECC?JC;DJI7D:9>7D=?D=H;GK?H;C;DJI 7IM;BB7IIJ7A;>EB:;H;NF;9J7J?EDI;F?:;C?9I F7D:;C?9I EHEJ>;H?D<;9J?EKI:?I;7I;I 7D: >;7BJ>7D:I7<;JOC;7IKH;I?DJ;D:;:JEH;:K9;J>;?HIFH;7:EKHF7IJF7HJ?9?F7J?ED?DJ>;EHED7L?HKI?: .;B?;< 7D:!9EDEC?9/;9KH?JO9J,HEL?:;H .;B?;<"KD:7D:EJ>;HEL?: H;B7J;:IJ?CKBKI7D:H;B?;<FHE=H7CIB7MIEHH;=KB7J?EDIFHE>?8?J?D=;L?9J?EDE<EKHJ;D7DJI>KC7D97F?J7BH?IAI ?D9BK:?D= J>;BEIIEHB?C?J;:7L7?B78?B?JOE<EKHA;OF;HIEDD;BEKHH;B?7D9;ED?D<EHC7J?EDJ;9>DEBE=O7D:7DOC7J;H?7B<7?BKH; ?D7:;GK79O ?DJ;HHKFJ?ED EHI;9KH?JO <7?BKH;E<J>7JJ;9>DEBE=OJ>;KI;E< EH?D78?B?JOJEKI; 7HJ?<?9?7B?DJ;BB?=;D9;8OKI EKHJ;D7DJI EKHL;D:EHI 7D:EKH?DL;IJEHILEB7J?B?JO :?IHKFJ?ED EH KD9;HJ7?DJO?DJ>;<?D7D9?7BC7HA;JI?D9H;7I;:?DJ;H;IJH7J;I7D:8EHHEM?D=9EIJI M>?9>9EKB:?CF79JEKH78?B?JOJEH;<?D7D9;;N?IJ?D=:;8J I;BBFHEF;HJ?;I  7D:9ED:K9J?DL;IJC;DJ79J?L?J?;I97I>7L7?B78B;<EH:?IJH?8KJ?EDJEIJE9A>EB:;HI7D:EKH78?B?JOJEC7A;:?L?:;D::?IJH?8KJ?EDI7J;NF;9J;:B;L;BIJ>; 7L7?B78?B?JOE<;NJ;HD7B97F?J7BED799;FJ78B;J;HCIEH7J7BB7D?D9H;7I;?DEKHB;L;BE<?D:;8J;:D;II9EL;D7DJI?DEKH:;8J?DIJHKC;DJI M>?9>C7OB?C?J EKHEF;H7J?ED7B<B;N?8?B?JO 7D:8H;79>;IE<J>;I;9EL;D7DJILEB7J?B?JO?DJ>;C7HA;JFH?9;7D:JH7:?D=LEBKC;E<EKH9ECCEDIJE9A7:L;HI;9>7D=;I?D EKH9H;:?JH7J?D=IJ>;?D?J?7BFK8B?9E<<;H?D=E<&7DKI(?L?D= 7D:C7ODEJ79>?;L;J>;?DJ;D:;:8;D;<?JIEKH;9EDEC?9;NFEIKH;JEI>?<JI?DJ>;FH?9;E< &7DKI(?L?D=9ECCEDIJE9A7D:EKH78?B?JOJE9EDJHEBJ>;7II;JI7D:79J?L?J?;IE<&7DKI(?L?D=FEJ;DJ?7B9ED<B?9JIE<?DJ;H;IJ?DEKHH;B7J?EDI>?FM?J>&7DKI (?L?D=EKH78?B?JOJEC7?DJ7?DEKHGK7B?<?97J?ED7I7H;7B;IJ7J;?DL;IJC;DJJHKIJT.!%0UEKHJ7N78B;.!%0IK8I?:?7H?;I8;?D=IK8@;9JJE9EHFEH7J;B;L;B J7NJ7N?CFEI;:ED7DOD;J?D9EC;<HECTFHE>?8?J;:JH7DI79J?EDIU9>7D=;IJE1 / <;:;H7B?D9EC;J7NB7MI 7D:FEJ;DJ?7B:;<;HH;:7D:9EDJ?D=;DJJ7N B?78?B?J?;I<HEC9EHFEH7J;79GK?I?J?EDI97B9KB7J?D=DED .!%0J7N;7HD?D=I7D:FHE<?JI:?IJH?8KJ?EDIJ7NFHEJ;9J?ED7=H;;C;DJIJ>7JC7OB?C?JEKH78?B?JOJE :?IFEI;E<9;HJ7?DFHEF;HJ?;I7D:C7OH;GK?H;KIJEC7?DJ7?D9;HJ7?D:;8JB;L;BIEMD;HI>?FB?C?JI?DEKH9>7HJ;HJ>7JH;IJH?9JEMD;HI>?F?DEKHIJE9A 7D: FHEL?I?EDIE<)7HOB7D:B7M7D:EKH9>7HJ;HJ>7J9EKB:FH;L;DJ7JH7DI79J?EDJ>7JC7OEJ>;HM?I;8;?DJ>;?DJ;H;IJE<EKHIJE9A>EB:;HI9ED<B?9JIE<?DJ;H;IJ 8;JM;;D J>; ?DJ;H;IJI E< EKH IJE9A>EB:;HI 7D: J>; ?DJ;H;IJI E< >EB:;HI E< $;7BJ>F;7A +,  (( T$;7BJ>F;7A +,U 9ECCED KD?JI FHEL?I?EDI ?D J>; EF;H7J?D=7=H;;C;DJE<$;7BJ>F;7A+,7D:EJ>;H7=H;;C;DJIJ>7JC7O:;B7OEHFH;L;DJKDIEB?9?J;:79GK?I?J?EDI7D:EJ>;HJH7DI79J?EDIEKHIJ7JKI7I7 >EB:?D=9ECF7DOE<$;7BJ>F;7A+,7D:EJ>;HH?IAI7D:KD9;HJ7?DJ?;I:;I9H?8;:<HECJ?C;JEJ?C;?DEKH/!<?B?D=I  )EH;EL;H EJ>;HH?IAI7D:KD9;HJ7?DJ?;IE<M>?9>M;7H;DEJ9KHH;DJBO7M7H;C7O7BIE7<<;9JEKH<EHM7H: BEEA?D=IJ7J;C;DJI 7D:C7O97KI;79JK7B H;IKBJI7D:J>;J?C?D=E<;L;DJIJE:?<<;HC7J;H?7BBO<HECJ>EI;7DJ?9?F7J;: 0>;<EHM7H: BEEA?D=IJ7J;C;DJIC7:;?DJ>?I9ECCKD?97J?ED7H;C7:;EDBO7I E<J>;:7J;>;H;E<EH7IE<J>;:7J;I?D:?97J;:?DJ>;<EHM7H: BEEA?D=IJ7J;C;DJI ;L;D?<J>;O7H;IK8I;GK;DJBOC7:;7L7?B78B;8OKIEDEKHM;8I?J;EH EJ>;HM?I; 3;:EDEJKD:;HJ7A;7DOE8B?=7J?EDJEKF:7J;EHIKFFB;C;DJ7DO<EHM7H: BEEA?D=IJ7J;C;DJIJEH;<B;9J79JK7BH;IKBJI D;M?D<EHC7J?ED <KJKH; ;L;DJI 9>7D=;I?D?JI;NF;9J7J?EDIEHEJ>;H9?H9KCIJ7D9;IJ>7J;N?IJ7<J;HJ>;:7J;7IE<M>?9>J>;<EHM7H: BEEA?D=IJ7J;C;DJIM;H;C7:; 2C?:?8D)6=62D6

Open the original at slide 6 ↗

Slide 7 — *FAA=6>6?E2=)6A@CE

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

Open the original at slide 7 ↗

Slide 8 — *FAA=6>6?E2=)6A@CE

*FAA=6>6?E2=)6A@CE *64@?5(F2CE6C   )6EFC?E@+& +9C66$@?E9D?565!F?6 *:I$@?E9D?565!F?6         )6G6?F6D .;DJ7B7D:H;B7J;:H;L;DK;I               .;I?:;DJ<;;I7D:I;HL?9;I             %DJ;H;IJ?D9EC;7D:EJ>;H             +@E2=C6G6?F6D               @DED2?56IA6?D6D +F;H7J?D=              ;FH;9?7J?ED7D:7CEHJ?P7J?ED             %DJ;H;IJ;NF;DI;             #;D;H7B7D:7:C?D?IJH7J?L;             0H7DI79J?ED9EIJI             %CF7?HC;DJI7D:BE7DBEIIH;I;HL;IH;9EL;H?;I D;J            +@E2=4@DED2?56IA6?D6D                &E96C:?4@>66IA6?D6 #7?DBEIIEDI7B;IE<H;7B;IJ7J; D;J             #7?DBEIIED:;8J;NJ?D=K?I>C;DJI  R  R    R +J>;H?D9EC;;NF;DI; D;J             0EJ7BEJ>;H?D9EC;;NF;DI; D;J             ?4@>6=@DD367@C6:?4@>6E2I6D2?56BF:EJ:?4@>6=@DD7C@> F?4@?D@=:52E65;@:?EG6?EFC6D              %D9EC;J7N8;D;<?J;NF;DI;             !GK?JO?D9EC;BEII<HECKD9EDIEB?:7J;:@E?DJL;DJKH;I            %6E:?4@>6=@DD             *ED9EDJHEBB?D=?DJ;H;IJISI>7H;?D;7HD?D=I             %6E:?4@>6=@DD2EEC:3FE23=6E@62=E9A62<'C@A6CE:6D  ?4               ,7HJ?9?F7J?D=I;9KH?J?;ISI>7H;?D;7HD?D=I         %6E:?4@>6=@DD2AA=:423=6E@4@>>@?D92C6D             2C?:?8DA6C4@>>@?D92C6 7I?9             ?BKJ;:             .6:89E652G6C286D92C6D@FEDE2?5:?8 7I?9             ?BKJ;:             @?D@=:52E65*E2E6>6?ED@7&A6C2E:@?D @==2CD:?E9@FD2?5D 6I46AEA6CD92C62>@F?ED

Open the original at slide 8 ↗

Slide 9 — *FAA=6>6?E2=)6A@CE

*FAA=6>6?E2=)6A@CE *64@?5(F2CE6C   )6EFC?E@+& +9C66$@?E9D?565 !F?6 *:I$@?E9D?565 !F?6         %6E:?4@>6=@DD2AA=:423=6E@4@>>@?D92C6D             .;7B;IJ7J;H;B7J;::;FH;9?7J?ED7D:7CEHJ?P7J?ED             $;7BJ>F;7ASII>7H;E<H;7B;IJ7J;H;B7J;::;FH;9?7J?ED7D:7CEHJ?P7J?ED <HECKD9EDIEB?:7J;:@E?DJL;DJKH;I             *ED9EDJHEBB?D=?DJ;H;IJISI>7H;E<H;7B;IJ7J;H;B7J;::;FH;9?7J?ED7D: 7CEHJ?P7J?ED             (EII=7?DEDI7B;IE<:;FH;9?78B;H;7B;IJ7J; D;J             $;7BJ>F;7ASII>7H;E<BEII=7?DEDI7B;IE<:;FH;9?78B;H;7B;IJ7J; D;J  <HECKD9EDIEB?:7J;:@E?DJL;DJKH;I     R     R *ED9EDJHEBB?D=?DJ;H;IJISI>7H;E<=7?DBEIIEDI7B;IE<:;FH;9?78B;H;7B ;IJ7J; D;J    R    R (EII=7?DKFED9>7D=;E<9EDJHEB D;J    R     R 07N;I7IIE9?7J;:M?J>H;7B;IJ7J;:?IFEI?J?EDI           *7H;?J""+7FFB?978B;JE9ECCEDI>7H;I             ?IJH?8KJ?EDIED:?BKJ?L;9EDL;HJ?8B;KD?JI7D:EJ>;H             :=FE65%2C6:E&2AA=:423=6E@4@>>@?D92C6D               :=FE65%2C6:E&A6C4@>>@?D92C6         3;?=>J;:7L;H7=;I>7H;IEKJIJ7D:?D=  ?BKJ;:*7H;?J""+             %CF79JE<7:@KIJC;DJIJE*7H;?J""+ 0H7DI79J?ED C;H=;H 7D:H;IJHK9JKH?D= H;B7J;:9EIJI             +J>;H?CF7?HC;DJIH;9EL;H?;I7D:EJ>;HBEII;I=7?DI D;J            (EII=7?DED:;8J;NJ?D=K?I>C;DJI  R  R    R 7IK7BJO H;B7J;:9>7H=;IH;9EL;H?;I D;J             .;9E=D?J?EDH;L;HI7BE<L7BK7J?ED7BBEM7D9;ED:;<;HH;:J7N7II;JI  R  R     R 0EJ7B7:@KIJC;DJI             ""+7I:@KIJ;:7FFB?978B;JE9ECCEDI>7H;I             ?IJH?8KJ?EDIED:?BKJ?L;9EDL;HJ?8B;KD?JI7D:EJ>;H             :=FE65&2D5;FDE652AA=:423=6E@4@>>@?D92C6D             :=FE65&2D5;FDE65A6C4@>>@?D92C6         3;?=>J;:7L;H7=;I>7H;IEKJIJ7D:?D=  ?BKJ;:""+7I:@KIJ;:              0>;I?NCEDJ>I;D:;:&KD; ?D9BK:;I7=7?DKFED9>7D=;E<9EDJHEBH;B7J;:JE?J>;79GK?I?J?EDE<J>;H;C7?D?D= ?DJ;H;IJ?DJ>; /3"/$&2M>?9>>;B:I;D?EH>EKI?D=FHEF;HJ?;I7D:??J>;:?IFEI?J?EDE<7D?DJ;H;IJ?DI?NEKJF7J?;DJC;:?97B8K?B:?D=IJE7J>?H: F7HJO  0>;I;=7?DIKFED9>7D=;E<9EDJHEB7H;?D9BK:;:?DEJ>;H?D9EC;;NF;DI; D;J?DJ>;EDIEB?:7J;:/J7J;C;DJIE<+F;H7J?EDI  0>;J>H;;7D:I?NCEDJ>I;D:;:&KD; ?D9BK:;I9EIJI?D9KHH;:H;B7J;:JEJ>;&7DKI(?L?D=%,+7D:?DL;IJC;DJFKHIK?J9EIJI 0>;J>H;;7D: I?NCEDJ>I;D:;:&KD; ?D9BK:;I9EIJIH;B7J;:JEJ>;C;H=;HM?J>,>OI?9?7DI.;7BJO0HKIJ M>?9>7H;FH?C7H?BO9ECFH?I;:E<I;L;H7D9;  B;=7B 799EKDJ?D= J7N ?D<EHC7J?EDJ;9>DEBE=O 7D:EJ>;H9EIJIE<9EC8?D?D=EF;H7J?EDIM?J>,>OI?9?7DI.;7BJO0HKIJJ>7JM;H;?D9KHH;::KH?D=J>; F;H?E: 0>;J>H;;7D:I?NCEDJ>I;D:;:&KD; 7BIE?D9BK:;:C?BB?EDE<9EIJI?D9KHH;:H;B7J;:JE?DL;IJC;DJIM;7H;DEBED=;HFKHIK?D=  0>;J>H;;7D:I?NCEDJ>I;D:;:&KD; 7D:?D9BK:;IH;I;HL;I7D:H;9EL;H?;I<EH;NF;9J;:BE7DBEII;IH;9E=D?P;:?D?CF7?HC;DJI 7D:BE7DBEIIH;I;HL;IH;9EL;H?;I D;J?DJ>;EDIEB?:7J;:/J7J;C;DJIE<+F;H7J?EDI  7IK7BJO H;B7J;:9>7H=;IH;9EL;H?;I D;J7H;H;9E=D?P;:?DEJ>;H?D9EC;;NF;DI; D;J ;GK?JO?D9EC;BEII<HECKD9EDIEB?:7J;:@E?DJL;DJKH;I  7D:DED9EDJHEBB?D=?DJ;H;IJISI>7H;?D;7HD?D=I?DJ>;EDIEB?:7J;:/J7J;C;DJIE<+F;H7J?EDI  0>;I?NCEDJ>I;D:;:&KD; ?D9BK:;IJ>;?D9EC;J7N?CF79JH;B7J;:JEJ>;9>7D=;?DJ7NIJ7JKIE<9;HJ7?D;DJ?J?;I?D9EDD;9J?EDM?J>J>; &7DKI(?L?D=%,+  ,H?C7H?BO?D9BK:;I?7CEHJ?P7J?EDE<:;<;HH;:H;L;DK; ??DED9EDJHEBB?D=?DJ;H;IJISI>7H;E<I;D?EH>EKI?D=;DJH7D9;<;;I?D;N9;IIE<B;IIJ>7D J>; H;B7J;: #, 7CEHJ?P7J?ED  7D: ??? EKH FHEFEHJ?ED7J; I>7H; E<""+ 97F?J7B ;NF;D:?JKH;I 7D: IJH7?=>J B?D; H;DJI <HEC KD9EDIEB?:7J;: @E?DJ L;DJKH;I F?5D7C@>&A6C2E:@?D @==2CD:?E9@FD2?5D 6I46AEA6CD92C62>@F?ED &E96C@A6C2E:?852E2 CEHJ?P7J?EDE<:;<;HH;:<?D7D9?D=9EIJI7D::;8J:?I9EKDJIFH;C?KCI             *ED H;<KD:78B;;DJH7D9;<;;I7B;I?D;N9;IIE<B;IIJ>7DJ>;H;B7J;: #,7CEHJ?P7J?ED             /JE9A 87I;:9ECF;DI7J?ED7CEHJ?P7J?ED;NF;DI;             ;<;HH;:?D9EC;J7N;I            ""+97F?J7B;NF;D:?JKH;I             /JH7?=>J B?D;H;DJI             CEHJ?P7J?EDE<78EL;8;BEMC7HA;JB;7I;?DJ7D=?8B;I D;J             +J>;H?J;CI           

Open the original at slide 9 ↗

Slide 10 — *FAA=6>6?E2=)6A@CE

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

Open the original at slide 10 ↗

Slide 11 — *FAA=6>6?E2=)6A@CE

*FAA=6>6?E2=)6A@CE *64@?5(F2CE6C   )6EFC?E@+& *#++ ( ( ( ( ( ?BKJ;:""+7I:@KIJ;:7FFB?978B;JE9ECCEDI>7H;I                ?BKJ;:""+7I:@KIJ;:F;H9ECCEDI>7H;                ?L?:;D:IF;H9ECCEDI>7H;                *#+ %&$*++$%++ 0EJ7B.;L;DK;I                ,HEF;HJO+F;H7J?D=!NF;DI;I                #!NF;DI;7JJH?8KJ78B;JE$;7BJ>F;7A                #!NF;DI;7JJH?8KJ78B;JE&7DKI(?L?D=  R  R  R       %DJ;H;IJ!NF;DI;                *ED9EDJHEBB?D=?DJ;H;IJII>7H;?D;7HD?D=I                *;J%D9EC;BEII7JJH?8KJ78B;JE$;7BJ>F;7A,HEF;HJ?;I %D9                # (,  +0 H;:?J"79?B?J?;I                     ECC;H9?7B,7F;H7B7D9;                   7I>7D:7I>!GK?L7B;DJI                  G2:=23=6#:BF:5:EJ                      :?2?4:2=:89=:89ED @==2CD:?E9@FD2?5D  $;7BJ>F;7A7D:&7DKI(?L?D=B?GK?:?JO <?D7D9?7BH7J?EI 7D::;8J9ECFB?7D9;7H;FH;I;DJ;:ED79EDIEB?:7J;:87I?I  H;:?J"79?B?J?;I9EDI?IJE<?7 8?BB?EDI;D?EHKDI;9KH;:H;LEBL?D=9H;:?J<79?B?JO7J$;7BJ>F;7A ??7C?BB?EDI;D?EHKDI;9KH;:H;LEBL?D=9H;:?J<79?B?JO7J&7DKI (?L?D= ???7C?BB?EDI;D?EHKDI;9KH;::;B7O;::H7MJ;HCBE7D7J$;7BJ>F;7A 7D:?L7C?BB?EDI;D?EHKDI;9KH;::;B7O;::H7MJ;HCBE7D7J&7DKI(?L?D=  ;79>E<M>?9>H;C7?DKD:H7MD7IE<&KD;   7I>7D:97I>;GK?L7B;DJI;N9;;:;:JEJ7B<BE7J?D=H7J;:;8JEKJIJ7D:?D=7IE<&KD; 799EH:?D=BO D;J<BE7J?D=H7J;:;8JM7IP;HE  %% #)+ &* ( ( ( ( ( 0EJ7B"BE7J?D=.7J; ;8J                   *;J"BE7J?D=.7J; ;8J              R !DJ;HFH?I;7I>                  !DJ;HFH?I; ;8J                     !DJ;HFH?I;#HEIIII;JI                     0EJ7B"?N;:>7H=;I                0>H;;)EDJ>I!D:;::@KIJ;:!%0 H;                DDK7B?P;::@KIJ;:!%0 H;                     3;?=>J;:L;H7=;%DJ;H;IJ.7J;#,           3;?=>J;:L;H7=;%DJ;H;IJ.7J;EKFED           *;J ;8J JE :@KIJ;:!%0 H;  N  N  N  N  N "BE7J?D=.7J; ;8J!NFEIKH;           *;J"BE7J?D=.7J; ;8J!NFEIKH;         R :@KIJ;:"?N;:>7H=;EL;H7=;  N  N  N  N  N "?D7D9?7B(;L;H7=;           /;9KH;: ;8J.7J?E           +&$'# %)+ %* )2E:@)6BF:C6>6?E ( ( ( ( ( (;L;H7=;.7J?E*E=H;7J;HJ>7D           /;9KH;: ;8J.7J?E*E=H;7J;HJ>7D           1DI;9KH;:(;L;H7=;.7J?E*E=H;7J;HJ>7D           "?N;:>7H=;EL;H7=;.7J?E)EDJ>I*EB;IIJ>7D N  N  N  N  N  N 07D=?8B;*;J3EHJ>?D8?BB?EDI*EB;IIJ>7D            )EE:OI/;D?EH1DI;9KH;: ;8J 77/J78B; 77/J78B; 77/J78B; 77/J78B; 77/J78B; /,#BE87B/;D?EH1DI;9KH;: ;8J  /J78B;  /J78B;  /J78B;  /J78B;  /J78B; ' +# 1+ &%%%+)') *-#, ( ( ( ( ( ECCED/>7H;I                EDL;HJ?8B;,7HJD;HI>?F7D:+,1D?JI                ,;H?E:!D:;:/>7H;,H?9;                +@E2=$2C<6EBF:EJ2A:E2=:K2E:@?                      ,BKIEDIEB?:7J;: ;8J                     ,BKI&E?DJ2;DJKH; ;8J                +@E2=?E6CAC:D6-2=F6                     

Open the original at slide 11 ↗

Slide 12 — *FAA=6>6?E2=)6A@CE

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

Open the original at slide 12 ↗

Slide 13 — *FAA=6>6?E2=)6A@CE

*FAA=6>6?E2=)6A@CE *64@?5(F2CE6C   )6EFC?E@+& + #+*,# )2E6 @FA@?           +96C627E6C 'C6>:F>D  :D4@F?ED  63E DDF2?46 @DED +@E2= .6:89E65 G6C286 $2EFC:EJ :?062CD  ?BB?ED$;7BJ>F;7A.;LEBL;H  R  R  R  R  R  R  R  R )?BB?ED&7DKI(?L?D=.;LEBL;H  R  R  R  R  R  R  R  R $;7BJ>F;7AECC;H9?7B,7F;H    R  R  R     R  R  R    +@E2=)6G@=G6C@>>6C4:2='2A6C  L  L  L    L  L  L     3;?=>J;:L;H7=;%DJ;H;IJ.7J;   R R R   R R +6C>#@2?D 0;HC(E7D:K;    R    R  R  R  R  R   0;HC(E7D:K;    R    R  R  R  R     0;HC(E7D:K;    R  R    R  R  R     0;HC(E7D:K;    R  R  R    R  R     0;HC(E7D:K; / 8FI  R  R  R  R  R  R     &7DKI(?L?D=0;HC(E7D:K; / 8FI  R  R  R  R  R  R  R  R +@E2=+6C>#@2?D  L           L  L       3;?=>J;:L;H7=;%DJ;H;IJ.7J;   R       R R *6?:@C,?D64FC65%@E6D *EJ;I:K;      R  R  R  R  R  R   *EJ;I:K;    R    R  R  R  R  R   *EJ;I:K;    R    R  R  R  R     *EJ;I:K;    R  R    R  R  R     *EJ;I:K;    R  R    R  R  R     *EJ;I:K;    R  R  R    R  R     *EJ;I:K;    R  R  R  R    R     *EJ;I:K;    R  R  R  R  R       *EJ;I:K;    R  R  R  R  R       *EJ;I:K;    R  R  R  R  R       *EJ;I:K;    R  R  R  R  R       *EJ;I:K;    R  R  R  R  R       *EJ;I:K;    R  R  R  R  R       +@E2=*6?:@C,?D64FC65%@E6D                          3;?=>J;:L;H7=;%DJ;H;IJ.7J;               +@E2=$@CE828663E         L  L  L  L     3;?=>J;:L;H7=;%DJ;H;IJ.7J;         R R R +@E2=*92C6@7,?4@?D@=:52E65$@CE828663E         L  L  L       3;?=>J;:L;H7=;%DJ;H;IJ.7J;         R R R +@E2=?E6CAC:D663E                        3;?=>J;:L;H7=;%DJ;H;IJ.7J;               63E*F>>2CJ @==2CD:?>:==:@?D  %D&KBO C?BB?EDE</;D?EH1DI;9KH;:*EJ;IM;H;H;F7?:7JC7JKH?JO   $;7BJ>F;7A >7I 7   8?BB?ED KDI;9KH;: H;LEBL?D= B?D; E< 9H;:?J <79?B?JO J>; .;LEBL?D= "79?B?JO J>7J C7JKH;I ED &7DK7HO    7D: 9EDJ7?DI JME I?N CEDJ> ;NJ;DI?EDEFJ?EDI %J799HK;I?DJ;H;IJ7J/+".FBKI 87I?IFE?DJI7D:?D9KHI7D7DDK7B<79?B?JO<;;E<87I?IFE?DJI 87I;:EDEKH9KHH;DJKDI;9KH;:9H;:?JH7J?D=  ECC;H9?7BF7F;H8EHHEM?D=I7H;879AIJEFF;:8OJ>;7L7?B78?B?JOKD:;HJ>;.;LEBL?D="79?B?JO IIK9> M;97B9KB7J;J>;M;?=>J;:7L;H7=;H;C7?D?D=J;HCE<EKH 9ECC;H9?7BF7F;H8EHHEM?D=IKI?D=J>;C7JKH?JO:7J;E<J>;.;LEBL?D="79?B?JO   0;HCBE7DI?D9BK:; :7O:;B7O;::H7M<;7JKH;I7IE<&KD;  DE7CEKDJI>7L;8;;D:H7MD

Open the original at slide 13 ↗

Slide 14 — *FAA=6>6?E2=)6A@CE

*FAA=6>6?E2=)6A@CE *64@?5(F2CE6C   )6EFC?E@+& *$ *+&)*$%+')&)$% ( ( ( ( ( 062C &G6C 062CC@HE9 )2E6 &FEA2E:6?E$65:42= ,HEF;HJOEKDJ           /GK7H;"EEJ7=;                /7C; /JEH;+99KF7D9O           8FI /7C; /JEH;7I>.;7B!IJ7J;.;L;DK;I                  /7C; /JEH;7I>+F;H7J?D=!NF;DI;I                  *2>6 *E@C65;FDE65%&                   #23 ,HEF;HJOEKDJ           /GK7H;"EEJ7=;                /7C; /JEH;+99KF7D9O           8FI /7C; /JEH;7I>.;7B!IJ7J;.;L;DK;I                  /7C; /JEH;7I>+F;H7J?D=!NF;DI;I                  *2>6 *E@C65;FDE65%&                  *6?:@C@FD:?8 ,HEF;HJOEKDJ           1D?JI                /7C; /JEH;+99KF7D9O           8FI /7C; /JEH;7I>.;7B!IJ7J;.;L;DK;I                  /7C; /JEH;7I>+F;H7J?D=!NF;DI;I                  *2>6 *E@C65;FDE65%&                     +@E2='@CE7@=:@*2>6 *E@C6 ,HEF;HJOEKDJ           /7C; /JEH;7I>.;7B!IJ7J;.;L;DK;I                  /7C; /JEH;7I>+F;H7J?D=!NF;DI;I                  *2>6 *E@C65;FDE65%&                  *2>6 *E@C6 @==2CD2?5DBF2C6766E:?E9@FD2?5D

Open the original at slide 14 ↗

Slide 15 — *FAA=6>6?E2=)6A@CE

*FAA=6>6?E2=)6A@CE *64@?5(F2CE6C   )6EFC?E@+& *68>6?E'6C7@C>2?46 @==2CD2?5DBF2C6766E:?E9@FD2?5D +&+#*$%+')&)$% ( ( ( ( ( &FEA2E:6?E$65:42= ,HEF;HJOEKDJ           /GK7H;"EEJ7=;                +99KF7D9O           :@KIJ;:*+%                0;HC?D7J?ED";;I            /JH7?=>J (?D;.;DJ7D:+J>;H%D9EC;                %&                  #23 ,HEF;HJOEKDJ           /GK7H;"EEJ7=;                +99KF7D9O           :@KIJ;:*+%                0;HC?D7J?ED";;I              /JH7?=>J (?D;.;DJ7D:+J>;H%D9EC;                %&                 *6?:@C@FD:?8 ,HEF;HJOEKDJ           1D?JI                +99KF7D9O           :@KIJ;:*+%                +J>;H!NF;DI;    R     R  R %&                 &E96C ,HEF;HJOEKDJ           :@KIJ;:*+%                +J>;H!NF;DI;           %&                  +@E2='@CE7@=:@ ,HEF;HJOEKDJ           :@KIJ;:*+%                0;HC?D7J?ED";;I               /JH7?=>J (?D;.;DJ7D:+J>;H%D9EC;                %&                    0>;I;FH?EHGK7HJ;HI7H;H;<B;9J;:7IJ>;OM;H;EH?=?D7BBOH;FEHJ;:7D::EDEJH;<B;9JJ>;9>7D=;E<I;=C;DJ<EH(78FHEF;HJO7D:+KJF7J?;DJ );:?97BFHEF;HJ?;IJE+J>;H 7D:FHEF;HJ?;I<HEC+J>;HJE/;D?EH$EKI?D=

Open the original at slide 15 ↗

Slide 16 — *FAA=6>6?E2=)6A@CE

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

Open the original at slide 16 ↗

Slide 17 — *FAA=6>6?E2=)6A@CE

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

Open the original at slide 17 ↗

Slide 18 — *FAA=6>6?E2=)6A@CE

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

Open the original at slide 18 ↗

Slide 19 — *FAA=6>6?E2=)6A@CE

*FAA=6>6?E2=)6A@CE *64@?5(F2CE6C   )6EFC?E@+& (,)+)#0' +#/'% +,)*0*$%+ &FEA2E:6?E $65:42= #23 *6?:@C @FD:?8 &E96C +@E2= .;9KHH?D=7F?J7B!NF;D:?JKH;I               0;D7DJ?CFHEL;C;DJI(;7I?D=9ECC?II?EDI        R      &2A:E2=IA6?5:EFC6D               .;L;DK;!D>7D9?D=7F?J7B!NF;D:?JKH;I               7IK7BJOH;B7J;:97F?J7B;NF;D:?JKH;I    R    R   %D?J?7B7F?J7B!NF;D:?JKH;I%!        R    ;L;BEFC;DJ        R  R    .;:;L;BEFC;DJ        R  R    7F?J7B?P;:?DJ;H;IJ        R  R    )6G6?F6?92?4:?82A:E2=2?52A:E2=:K65 ?E6C6DE               +@E2=(2A:E2=IA6?5:EFC6D                 2A:E2='C@;64ED @==2CD2?5DBF2C6766E:?E9@FD2?5D -#&'$%+')&!+* 4E:G6'C@;64ED 2A24:EJ *B E  #62D65 'C@;64E $* 'C@A6CEJ @F?E  ' @DEE@ @>A=6E6 DE:>2E65 +@E2=2E @>A=6E:@? +@E2= 4E:G6 +@E2= 4E:G6 27DJ7=; ,>7I;%(78 /7D"H7D9?I9E                #7J;M7O7J ?H;9JEHI/9?;D9;,7HA(78 /7D ?;=E           R H7D:ED+KJF7J?;DJ);:?97B 07CF7 "(            "EHIOJ>+KJF7J?;DJ);:?97B JB7DJ7 #            ,EEB;H+KJF7J?;DJ);:?97B /7L7DD7> #            )9'?DD;O+KJF7J?;DJ);:?97B 7BB7I 04            >;HEA;;+KJF7J?;DJ);:?97B JB7DJ7 #            +@E2=                   )-#&'$%+')&!+* 4E:G6'C@;64ED 2A24:EJ *B E  #62D65 'C@;64E $* 'C@A6CEJ @F?E  ' @DEE@ @>A=6E6 DE:>2E65 +@E2=2E @>A=6E:@? +@E2= 4E:G6 +@E2= 4E:G6 ,EHJI?:;7J+OIJ;H,E?DJ(78 /7D"H7D9?I9E                ?H;9JEHI/9?;D9;,7HA(78 /7D ?;=E              R R ,E?DJ#H7D:(78 /7D"H7D9?I9E               R +J>;H.;:;L;BEFC;DJI27H?EKI 27H?EKI               +@E2=                

Open the original at slide 19 ↗

Slide 20 — *FAA=6>6?E2=)6A@CE

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

Open the original at slide 20 ↗

Slide 21 — *FAA=6>6?E2=)6A@CE

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

Open the original at slide 21 ↗

Slide 22 — *FAA=6>6?E2=)6A@CE

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

Open the original at slide 22 ↗

Slide 23 — *FAA=6>6?E2=)6A@CE

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

Open the original at slide 23 ↗

Slide 24 — *FAA=6>6?E2=)6A@CE

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

Open the original at slide 24 ↗

Slide 25 — >;7BJ>F;7A 9EC

>;7BJ>F;7A 9EC

Open the original at slide 25 ↗