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GE Vernova — gev webcast 10q 10282026 (company IR deck)
GE Vernova (GEV) · 40 slides · Filed Oct 28, 2026
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Slide 1 — ) 2 5 0 4
8 1 , 7 ( ’ 6 7 $ 7 ( 6 6 ( & 8 5 , 7 , ( 6 $ 1 ’ ( ; & + $ 1 * ( & 2 0 0 , 6 6 , 2 1 : $ 6 + , 1 * 7 2 1 ’ & ) 2 5 0 4 0 D U N 2 Q H c 4 8 $ 5 7 ( 5 / < 5 ( 3 2 5 7 3 8 5 6 8 $ 1 7 7 2 6 ( & 7 , 2 1 2 5 G 2 ) 7 + ( 6 ( & 8 5 , 7 , ( 6 ( ; & + $ 1 * ( $ & 7 2 ) ) R U W K H T X D U W H U O \ S H U L R G H Q G H G 6 H S W H P E H U 2 5 b 7 5 $ 1 6 , 7 , 2 1 5 ( 3 2 5 7 3 8 5 6 8 $ 1 7 7 2 6 ( & 7 , 2 1 2 5 G 2 ) 7 + ( 6 ( & 8 5 , 7 , ( 6 ( ; & + $ 1 * ( $ & 7 2 ) ) R U W K H W U D Q V L W L R Q S H U L R G I U R P B B B B W R B B B B & R P P L V V L R Q I L O H Q X P E H U * ( 9 H U Q R Y D , Q F ( [ D F W Q D P H R I U H J L V W U D Q W D V V S H F L I L H G L Q L W V F K D U W H U ’ H O D Z D U H 6 W D W H R U R W K H U M X U L V G L F W L R Q R I L Q F R U S R U D W L R Q R U R U J D Q L ] D W L R Q , 5 6 ( P S O R \ H U , G H Q W L I L F D W L R Q 1 & K D U O H V 6 W U H H W & D P E U L G J H 0 $ $ G G U H V V R I S U L Q F L S D O H [ H F X W L Y H R I I L F H V = L S & R G H 5 H J L V W U D Q W×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h R I W K L V F K D S W H U G X U L Q J W K H S U H F H G L Q J P R Q W K V U H T X L U H G W R V X E P L W V X F K I L O H V < H V ; 1 R , Q G L F D W H E \ F K H F N P D U N Z K H W K H U W K H U H J L V W U D Q W L V D O D U J H D F F H O H U D W H G I L O H U F R P S D Q \ R U D Q H P H U J L Q J J U R Z W K F R P S D Q \ 6 H H W K H G H I L Q L W L R Q V R I Ú O D U J H D F F H O H U D W D Q G H P H U J L Q J J U R Z W K F R P S D Q \ L Q 5 X O H E R I W K H ( [ F K D Q J H $ F W & K H F N R Q H / D U J H D F F H O H U D W H G I L O H Uò $ F F H O H U D W H G I L O H U æ 1 R Q D F F H O H U D W H G I L O H U æ 6 P D O O H U U H S R U W L Q J F R P S D Q \ æ ( P H U J L Q J J U R Z W K F R P S D Q \ æ , I D Q H P H U J L Q J J U R Z W K F R P S D Q \ L Q G L F D W H E \ F K H F N P D U N L I W K H U H J L V W U D Q W K D V H O Z L W K D Q \ Q H Z R U U H Y L V H G I L Q D Q F L D O D F F R X Q W L Q J V W D Q G D U G V S U R Y L G H G S X U V X D Q W W , Q G L F D W H E \ F K H F N P D U N Z K H W K H U W K H U H J L V W U D Q W L V D V K H O O F R P S D Q \ D V G H I L Q H G b 1 R c 7 K H U H Z H U H V K D U H V R I F R P P R Q V W R F N Z L W K D S D U Y D O X H R I S H U V K D U H R X W V W D 6 H S W H P E H U
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I R U W K H I L V F D O \ H D U H Q G H G ’ H F H P E H U L Q F O X G L Q J L Q , W H P $ ’ L V F X V V L R Q D Q G $ 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 V D V ( [ F K D Q J H & R P P L V V L R Q 6 ( & I L O L Q J V D Q G D V S R V W H G R Q R X U Z H E V L W H D W Z Z Z J H Y H U Q R Y 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 R X U I R U Z D U G O R R N L Q J V W D W H P H Q W V H [ F H S W D V P D 4 ) 2 5 0 4
Slide 4 — $ % 2 8 7 * ( 9 ( 5 1 2 9 $
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× Q H H G V 7 K H E U H D G W K R I R X U S R U W I R O L R D O V R H Q D E O H V X V W R S U R Y L G H D Q H [ W H Q V L Y H U D Q J H F X V W R P H U V×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
Slide 5 — 3 $ 5 7 ,
3 $ 5 7 , , 7 ( 0 ) , 1 $ 1 & , $ / 6 7 $ 7 ( 0 ( 1 7 6 $ 1 ’ 6 8 3 3 / ( 0 ( 1 7 $ 5 < ’ $ 7 $ & 2 1 6 2 / , ’ $ 7 ( ’ 6 7 $ 7 ( 0 ( 1 7 2 ) , 1 & 2 0 ( / 2 6 6 8 1 $ 8 ’ , 7 ( ’ 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S , 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 6 D O H V R I H T X L S P H Q W 6 D O H V R I V H U Y L F H V 7 R W D O U H Y H Q X H V & R V W R I H T X L S P H Q W & R V W R I V H U Y L F H V * U R V V S U R I L W 6 H O O L Q J J H Q H U D O D Q G D G P L Q L V W U D W L Y H H [ S H Q V H V 5 H V H D U F K D Q G G H Y H O R S P H Q W H [ S H Q V H V 2 S H U D W L Q J L Q F R P H O R V V , Q W H U H V W D Q G R W K H U I L Q D Q F L D O L Q F R P H F K D U J H V Ò Q H W 1 R Q R S H U D W L Q J E H Q H I L W L Q F R P H 2 W K H U L Q F R P H H [ S H Q V H Ò Q H W 1 R W H , Q F R P H O R V V E H I R U H L Q F R P H W D [ H V 3 U R Y L V L R Q E H Q H I L W I R U L Q F R P H W D [ H V 1 R W H 1 H W L Q F R P H O R V V 1 H W O R V V 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 O R V V D W W U L E X W D E O H W R * ( 9 H U Q R Y D ( D U Q L Q J V O R V V S H U V K D U H D W W U L E X W D E O H W R * ( 9 H U Q R Y D 1 R W H % D V L F ’ L O X W H G : H L J K W H G D Y H U D J H Q X P E H U R I F R P P R Q V K D U H V R X W V W D Q G L Q J % D V L F ’ L O X W H G 4 ) 2 5 0 4
Slide 6 — & 2 1 6 2 / , ’ $ 7 ( ’ 6 7 $ 7 ( 0 ( 1 7 2 ) ) , 1 $ 1 & , $ / 3 2 6 , 7 , 2 1
& 2 1 6 2 / , ’ $ 7 ( ’ 6 7 $ 7 ( 0 ( 1 7 2 ) ) , 1 $ 1 & , $ / 3 2 6 , 7 , 2 1 8 1 $ 8 ’ , 7 ( ’ , Q P L O O L R Q V H [ F H S W V K D U H D Q G S H U V K D U H D P R X Q W V 6 H S W H P E H U ’ H F H P E H U & D V K F D V K H T X L Y D O H Q W V D Q G U H V W U L F W H G F D V K & X U U H Q W U H F H L Y D E O H V Ò Q H W 1 R W H , Q Y H Q W R U L H V L Q F O X G L Q J G H I H U U H G L Q Y H Q W R U \ F R V W V 1 R W H & X U U H Q W F R Q W U D F W D V V H W V 1 R W H $ O O R W K H U F X U U H Q W D V V H W V 1 R W H $ V V H W V K H O G I R U V D O H 1 R W H Ó & X U U H Q W D V V H W V 3 U R S H U W \ S O D Q W D Q G H T X L S P H Q W Ò Q H W 1 R W H * R R G Z L O O 1 R W H , Q W D Q J L E O H D V V H W V Ò Q H W 1 R W H & R Q W U D F W D Q G R W K H U G H I H U U H G D V V H W V 1 R W H ( T X L W \ P H W K R G L Q Y H V W P H Q W V 1 R W H ’ H I H U U H G L Q F R P H W D [ H V 1 R W H $ O O R W K H U D V V H W V 1 R W H 7 R W D O D V V H W V $ F F R X Q W V S D \ D E O H D Q G H T X L S P H Q W S U R M H F W S D \ D E O H V 1 R W H & R Q W U D F W O L D E L O L W L H V D Q G G H I H U U H G L Q F R P H 1 R W H $ O O R W K H U F X U U H Q W O L D E L O L W L H V 1 R W H / L D E L O L W L H V K H O G I R U V D O H 1 R W H Ó & X U U H Q W O L D E L O L W L H V / R Q J W H U P E R U U R Z L Q J V 1 R W H ’ H I H U U H G L Q F R P H W D [ H V 1 R W H 1 R Q F X U U H Q W F R P S H Q V D W L R Q D Q G E H Q H I L W V $ O O R W K H U O L D E L O L W L H V 1 R W H 7 R W D O O L D E L O L W L H V & R P P L W P H Q W V D Q G F R Q W L Q J H Q F L H V 1 R W H & R P P R Q V W R F N S D U Y D O X H S H U V K D U H V K D U H V D X W K R U L ] H G D Q G V K D U H V R X W V W D Q G L Q J D V R I 6 H S W H P E H U D Q G ’ H F H P E H U U H V S H F W L Y H O \ $ G G L W L R Q D O S D L G L Q F D S L W D O 5 H W D L Q H G H D U Q L Q J V 7 U H D V X U \ F R P P R Q V W R F N D Q G V K D U H V D W F R V W D V R I 6 H S W H P E H U D Q G ’ H F H P E H U U H V S H F W L Y H O \ $ F F X P X O D W H G R W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V Ò Q H W D W W U L E X W D E O H W R * ( 9 H U Q 7 R W D O H T X L W \ D W W U L E X W D E O H W R * ( 9 H U Q R Y D 1 R Q F R Q W U R O O L Q J L Q W H U H V W V 7 R W D O H T X L W \ 7 R W D O O L D E L O L W L H V D Q G H T X L W \ 4 ) 2 5 0 4
Slide 7 — & 2 1 6 2 / , ’ $ 7 ( ’ 6 7 $ 7 ( 0 ( 1 7 2 ) & $ 6 + ) / 2 : 6
& 2 1 6 2 / , ’ $ 7 ( ’ 6 7 $ 7 ( 0 ( 1 7 2 ) & $ 6 + ) / 2 : 6 8 1 $ 8 ’ , 7 ( ’ 1 L Q H P R Q W K V H Q G H G 6 H S W , Q P L O O L R Q V 1 H W L Q F R P H O R V V $ G M X V W P H Q W V W R U H F R Q F L O H Q H W L Q F R P H O R V V W R F D V K I U R P X V H G I R U R S H U D W L Q J ’ 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 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 1 R W H $ 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 1 R W H * D L Q V O R V V H V R Q S X U F K D V H V D Q G V D O H V R I E X V L Q H V V L Q W H U H V W V 3 U L Q F L S D O S H Q V L R Q S O D Q V Ò Q H W 1 R W H 2 W K H U S R V W U H W L U H P H Q W E H Q H I L W S O D Q V Ò Q H W 1 R W H 3 U R Y L V L R Q E H Q H I L W I R U L Q F R P H W D [ H V 1 R W H & D V K U H F R Y H U H G S D L G G X U L Q J W K H \ H D U I R U L Q F R P H W D [ H V & K D Q J H V L Q R S H U D W L Q J Z R U N L Q J F D S L W D O ’ H F U H D V H L Q F U H D V H L Q F X U U H Q W U H F H L Y D E O H V ’ H F U H D V H L Q F U H D V H L Q L Q Y H Q W R U L H V L Q F O X G L Q J G H I H U U H G L Q Y H Q W R U \ F R V W V ’ H F U H D V H L Q F U H D V H L Q F X U U H Q W F R Q W U D F W D V V H W V , Q F U H D V H G H F U H D V H L Q D F F R X Q W V S D \ D E O H D Q G H T X L S P H Q W S U R M H F W S D \ D E O H V , Q F U H D V H G H F U H D V H L Q F R Q W U D F W O L D E L O L W L H V D Q G F X U U H Q W G H I H U U H G L Q F R P H $ O O R W K H U R S H U D W L Q J D F W L Y L W L H V & D V K I U R P 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 $ G G L W L R Q V W R S U R S H U W \ S O D Q W D Q G H T X L S P H Q W D Q G L Q W H U Q D O X V H V R I W Z D U H ’ L V S R V L W L R Q V 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 3 X U F K D V H V R I D Q G F R Q W U L E X W L R Q V W R H T X L W \ P H W K R G L Q Y H V W P H Q W V 6 D O H V R I D Q G G L V W U L E X W L R Q V I U R P H T X L W \ P H W K R G L Q Y H V W P H Q W V 1 H W F D V K S D L G I R U S U L Q F L S D O E X V L Q H V V H V S X U F K D V H G 3 U R F H H G V I U R P S U L Q F L S D O E X V L Q H V V G L V S R V L W L R Q V $ O O R W K H U L Q Y H V W L Q J D F W L Y L W L H V & D V K I U R P X V H G I R U L Q Y H V W L Q J D F W L Y L W L H V 1 H Z O \ L V V X H G G H E W P D W X U L W L H V O R Q J H U W K D Q G D \ V Ó ’ L Y L G H Q G V S D L G W R V W R F N K R O G H U V 3 X U F K D V H V R I F R P P R Q V W R F N I R U W U H D V X U \ $ O O R W K H U I L Q D Q F L Q J D F W L Y L W L H V & D V K I U R P X V H G I R U I L Q D Q F L Q J D F W L Y L W L H V ( I I H F W R I F X U U H Q F \ H [ F K D Q J H U D W H F K D Q J H V R Q F D V K F D V K H T X L Y D O H Q W V D Q G U H V W U , Q F U H D V H G H F U H D V H L Q F D V K F D V K H T X L Y D O H Q W V D Q G U H V W U L F W H G F D V K L Q F O X G L Q J F D V K F O D V V L I L H G Z L W K L Q D V V H W V K H O G I R U V D O H / H V V 1 H W L Q F U H D V H G H F U H D V H L Q F D V K F O D V V L I L H G Z L W K L Q D V V H W V K H O G I R U V D O H , Q F U H D V H G H F U H D V H L Q F D V K F D V K H T X L Y D O H Q W V D Q G U H V W U L F W H G F D V K & D V K F D V K H T X L Y D O H Q W V D Q G U H V W U L F W H G F D V K D W E H J L Q Q L Q J R I \ H D U & D V K F D V K H T X L Y D O H Q W V D Q G U H V W U L F W H G F D V K D V R I 6 H S W H P E H U 4 ) 2 5 0 4
Slide 8 — & 2 1 6 2 / , ’ $ 7 ( ’ 6 7 $ 7 ( 0 ( 1 7 2 ) & 2 0 3 5 ( + ( 1 6 , 9 ( , 1 & 2 0 ( / 2 6 6
& 2 1 6 2 / , ’ $ 7 ( ’ 6 7 $ 7 ( 0 ( 1 7 2 ) & 2 0 3 5 ( + ( 1 6 , 9 ( , 1 & 2 0 ( / 2 6 6 8 1 $ 8 ’ , 7 ( ’ 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S , Q P L O O L R Q V 1 H W L Q F R P H O R V V D W W U L E X W D E O H W R * ( 9 H U Q R Y D 1 H W O R V V 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 O R V V 2 W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V & X U U H Q F \ W U D Q V O D W L R Q D G M X V W P H Q W V Ò Q H W R I W D [ H V % H Q H I L W S O D Q V Ò Q H W R I W D [ H V & D V K I O R Z K H G J H V Ò Q H W R I W D [ H V 2 W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V & R P S U H K H Q V L Y H L Q F R P H O R V V & R P S U H K H Q V L Y H O R V V 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 & R P S U H K H Q V L Y H L Q F R P H O R V V D W W U L E X W D E O H W R * ( 9 H U Q R Y D 4 ) 2 5 0 4
Slide 9 — & 2 1 6 2 / , ’ $ 7 ( ’ 6 7 $ 7 ( 0 ( 1 7 2 ) & + $ 1 * ( 6 , 1 ( 4 8 , 7 <
& 2 1 6 2 / , ’ $ 7 ( ’ 6 7 $ 7 ( 0 ( 1 7 2 ) & + $ 1 * ( 6 , 1 ( 4 8 , 7 < 8 1 $ 8 ’ , 7 ( ’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Ó Ó Ó Ó Ó Ó 6 K D U H E D V H G F R P S H Q V D W L R Q H [ S H Q V H Ó Ó Ó Ó Ó Ó ’ L Y L G H Q G V G H F O D U H G S H U F R P P R Q V K D U H Ó Ó Ó Ó Ó Ó 5 H S X U F K D V H R I F R P P R Q V W R F N Ó Ó Ó Ó Ó 1 H W L Q F R P H O R V V Ó Ó Ó Ó Ó & X U U H Q F \ W U D Q V O D W L R Q D G M X V W P H Q W V Ò Q H W R I W D [ H V Ó Ó Ó Ó Ó % H Q H I L W S O D Q V Ò Q H W R I W D [ H V Ó Ó Ó Ó Ó & D V K I O R Z K H G J H V Ò Q H W R I W D [ H V Ó Ó Ó Ó Ó Ó & K D Q J H V 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 Ó Ó Ó Ó Ó % D O D Q F H V D V R I 6 H S W H P E H U % D O D Q F H V D V R I - X O \ , V V X D Q F H R I V K D U H V L Q F R Q Q H F W L R Q Z L W K H T X L W \ D Z D U G V Ó Ó Ó Ó Ó Ó 6 K D U H E D V H G F R P S H Q V D W L R Q H [ S H Q V H Ó Ó Ó Ó Ó Ó ’ L Y L G H Q G V G H F O D U H G S H U F R P P R Q V K D U H Ó Ó Ó Ó Ó Ó 5 H S X U F K D V H R I F R P P R Q V W R F N Ó Ó Ó Ó Ó 1 H W L Q F R P H O R V V Ó Ó Ó Ó Ó & X U U H Q F \ W U D Q V O D W L R Q D G M X V W P H Q W V Ò Q H W R I W D [ H V Ó Ó Ó Ó Ó Ó % H Q H I L W S O D Q V Ò Q H W R I W D [ H V Ó Ó Ó Ó Ó Ó & D V K I O R Z K H G J H V Ò Q H W R I W D [ H V Ó Ó Ó Ó Ó Ó & K D Q J H V 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 Ó Ó Ó Ó Ó % D O D Q F H V D V R I 6 H S W H P E H U 4 ) 2 5 0 4
Slide 10 — & 2 1 6 2 / , ’ $ 7 ( ’ 6 7 $ 7 ( 0 ( 1 7 2 ) & + $ 1 * ( 6 , 1 ( 4 8 , 7 < 8 1 $ 8 ’ , 7 ( ’
& 2 1 6 2 / , ’ $ 7 ( ’ 6 7 $ 7 ( 0 ( 1 7 2 ) & + $ 1 * ( 6 , 1 ( 4 8 , 7 < 8 1 $ 8 ’ , 7 ( ’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Ó Ó Ó Ó Ó 6 K D U H E D V H G F R P S H Q V D W L R Q H [ S H Q V H Ó Ó Ó Ó Ó Ó ’ L Y L G H Q G V G H F O D U H G S H U F R P P R Q V K D U H Ó Ó Ó Ó Ó Ó 5 H S X U F K D V H R I F R P P R Q V W R F N Ó Ó Ó Ó Ó 1 H W L Q F R P H O R V V Ó Ó Ó Ó Ó & X U U H Q F \ W U D Q V O D W L R Q D G M X V W P H Q W V Ò Q H W R I W D [ H V Ó Ó Ó Ó Ó % H Q H I L W S O D Q V Ò Q H W R I W D [ H V Ó Ó Ó Ó Ó & D V K I O R Z K H G J H V Ò Q H W R I W D [ H V Ó Ó Ó Ó Ó Ó & K D Q J H V 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 Ó Ó Ó Ó Ó % D O D Q F H V D V R I 6 H S W H P E H U % D O D Q F H V D V R I - D Q X D U \ , V V X D Q F H R I V K D U H V L Q F R Q Q H F W L R Q Z L W K H T X L W \ D Z D U G V Ó Ó Ó Ó Ó 6 K D U H E D V H G F R P S H Q V D W L R Q H [ S H Q V H Ó Ó Ó Ó Ó Ó ’ L Y L G H Q G V G H F O D U H G S H U F R P P R Q V K D U H Ó Ó Ó Ó Ó Ó 5 H S X U F K D V H R I F R P P R Q V W R F N Ó Ó Ó Ó Ó 1 H W L Q F R P H O R V V Ó Ó Ó Ó Ó & X U U H Q F \ W U D Q V O D W L R Q D G M X V W P H Q W V Ò Q H W R I W D [ H V Ó Ó Ó Ó Ó % H Q H I L W S O D Q V Ò Q H W R I W D [ H V Ó Ó Ó Ó Ó & D V K I O R Z K H G J H V Ò Q H W R I W D [ H V Ó Ó Ó Ó Ó Ó & K D Q J H V 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 Ó Ó Ó Ó Ó % D O D Q F H V D V R I 6 H S W H P E H U 4 ) 2 5 0 4
Slide 11 — 1 2 7 ( 2 5 * $ 1 , = $ 7 , 2 1 $ 1 ’ % $ 6 , 6 2 ) 3 5 ( 6 ( 1 7 $ 7 , 2 1
1 2 7 ( 2 5 * $ 1 , = $ 7 , 2 1 $ 1 ’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à 2 X U 3 R Z H U V H J P H Q W L Q F O X G H V W K H G H V L J Q P D Q X I D F W X U H D Q G V H U Y L F L Q J R I J D V I R X Q G D W L R Q R I G L V S D W F K D E O H I O H [ L E O H V W D E O H D Q G U H O L D E O H S R Z H U à 2 X U ( O H F W U L I L F D W L R Q V H J P H Q W L Q F O X G H V S R Z H U W U D Q V P L V V L R Q J U L G V \ V W H P V D X W R P D W L R Q D Q G V R I W Z D U H W H F K Q R O R J L H V U H T X L U H G I R U W K H W U D Q V P L V V L R Q G H O H F W U L F L W \ I U R P S R L Q W R I J H Q H U D W L R Q W R S R L Q W R I F R Q V X P S W L R Q à 2 X U : L Q G V H J P H Q W L Q F O X G H V R X U Z L Q G J H Q H U D W L R Q W H F K Q R O R J L H V L Q F O X V L Y H à ( I I H F W L Y H - D Q X D U \ W K H & R P S D Q \ U H D O L J Q H G W K H U H S R U W L Q J R I F H U W D L Q R S U H V H Q W H G Z L W K L Q W K L V U H S R U W F R Q I R U P V W R W K H Q H Z E X V L Q H V V X Q L W V W U X F } : L W K L Q R X U 3 R Z H U V H J P H Q W R X U 6 W H D P 3 R Z H U E X V L Q H V V X Q L W Z D V U H D O L J 3 R Z H U , Q D G G L W L R Q D F R P S R Q H Q W R I R X U I R U P H U ( O H F W U L I L F D W L R Q 6 R I W Z D } : L W K L Q R X U ( O H F W U L I L F D W L R Q V H J P H Q W Z H U H Y L V H G R X U * U L G 6 R O X W L R Q V W K U H H Q H Z E X V L Q H V V X Q L W V 7 U D Q V P L V V L R Q * U L G 6 \ V W H P V , Q W H J U D W L R Q D Q G * U L G $ X W R P D W L R Q 6 R I W Z ( O H F W U L I L F D W L R Q 6 R I W Z D U H E X V L Q H V V X Q L W Z D V U H D O L J Q H G L Q W R * U L G $ X U H D O L J Q H G L Q W R * D V 3 R Z H U Z L W K L Q R X U 3 R Z H U V H J P H Q W } : L W K L Q R X U : L Q G V H J P H Q W Z H F R P E L Q H G R X U 2 Q V K R U H : L Q G D Q G / 0 : L Q G 3 R Z H % D V L V R I 3 U H V H Q W D W L R Q : H K D Y H S U H S D U H G W K H D F F R P S D Q \ L Q J X Q D X G L W H G F R Q V R O L G D W H G I L Q D Q U H J X O D W L R Q V R I W K H 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 6 ( & D S S O L F D E O H W R L Q W U H O D W H G W R R X U V L J Q L I L F D Q W D F F R X Q W L Q J S R O L F L H V D Q G Q R W H G L V F O R V X U H V Q R U P D O 8 6 J H Q H U D O O \ D F F H S W H G D F F R X Q W L Q J S U L Q F L S O H V * $ $ 3 K D Y H E H H Q F R Q G H Q V H G R U R P V W D W H P H Q W V V K R X O G E H U H D G L Q F R Q M X Q F W L R Q Z L W K R X U D X G L W H G F R Q V R O L G D W H G D V L J Q L I L F D Q W D F F R X Q W L Q J S R O L F L H V L Q R X U $ Q Q X D O 5 H S R U W R Q ) R U P . I R U W K H I L V F D F H U W D L Q S U L R U \ H D U D P R X Q W V W R F R Q I R U P W R W K H F X U U H Q W \ H D U×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’ H F H P E H U I R U I X U W K H U L Q I R U P D W L R Q R Q R X U V L J Q L I L F D Q W D F F R X Q W 1 2 7 ( $ 6 6 ( 7 6 $ 1 ’ / , $ % , / , 7 , ( 6 + ( / ’ ) 2 5 6 $ / ( ’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
Slide 12 — 1 2 7 ( & 8 5 5 ( 1 7 $ 1 ’ / 2 1 * 7 ( 5 0 5 ( & ( , 9 $ % / ( 6
7 K H P D M R U F R P S R Q H Q W V R I D V V H W V D Q G O L D E L O L W L H V K H O G I R U V D O H L Q W K H & R P S D Q \ V X P P D U L ] H G D V I R O O R Z V $ 6 6 ( 7 6 $ 1 ’ / , $ % , / , 7 , ( 6 2 ) % 8 6 , 1 ( 6 6 + ( / ’ ) 2 5 6 $ / ( 6 H S W H P E H U ’ H F H P E H U 3 U R S H U W \ S O D Q W D Q G H T X L S P H Q W Q H W Ó * R R G Z L O O Ó 2 W K H U D V V H W V Ó $ V V H W V K H O G I R U V D O H Ó 2 W K H U O L D E L O L W L H V Ó / L D E L O L W L H V K H O G I R U V D O H Ó 1 2 7 ( & 8 5 5 ( 1 7 $ 1 ’ / 2 1 * 7 ( 5 0 5 ( & ( , 9 $ % / ( 6 & 8 5 5 ( 1 7 5 ( & ( , 9 $ % / ( 6 Ò 1 ( 7 6 H S W H P E H U ’ H F H P E H U & X V W R P H U U H F H L Y D E O H V 1 R Q L Q F R P H E D V H G W D [ U H F H L Y D E O H V 6 X S S O L H U D G Y D Q F H V D Q G R W K H U U H F H L Y D E O H V 2 W K H U U H F H L Y D E O H V $ O O R Z D Q F H I R U F U H G L W O R V V H V 7 R W D O F X U U H Q W U H F H L Y D E O H V Ò Q H W $ F W L Y L W \ L Q W K H D O O R Z D Q F H I R U F U H G L W O R V V H V U H O D W H G W R F X U U H Q W U H F H L Y D E O H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U D Q G F R Q V L V W V R I W K H I R O O R Z L Q J $ / / 2 : $ 1 & ( ) 2 5 & 5 ( ’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’ H F H P E H U / R Q J W H U P F X V W R P H U U H F H L Y D E O H V 6 X S S O L H U D G Y D Q F H V 1 R Q L Q F R P H E D V H G W D [ U H F H L Y D E O H V 2 W K H U U H F H L Y D E O H V $ O O R Z D Q F H I R U F U H G L W O R V V H V 7 R W D O O R Q J W H U P U H F H L Y D E O H V Ò Q H W 1 2 7 ( , 1 9 ( 1 7 2 5 , ( 6 , 1 & / 8 ’ , 1 * ’ ( ) ( 5 5 ( ’ , 1 9 ( 1 7 2 5 < & 2 6 7 6 6 H S W H P E H U ’ H F H P E H U 5 D Z P D W H U L D O V D Q G Z R U N L Q S U R F H V V ) L Q L V K H G J R R G V ’ H I H U U H G L Q Y H Q W R U \ F R V W V D , Q Y H Q W R U L H V L Q F O X G L Q J G H I H U U H G L Q Y H Q W R U \ F R V W V D 5 H S U H V H Q W V F R V W G H I H U U D O I R U V K L S S H G J R R G V V X F K D V F R P S R Q H Q W V I R U Z L Q G W X R Y H U K H D G F R V W V R Q W L P H D Q G P D W H U L D O V H U Y L F H F R Q W U D F W V S U L P D U L O \ R U L J L Q D U H Y H Q X H U H F R J Q L W L R Q K D Y H Q R W \ H W E H H Q P H W 1 2 7 ( 3 5 2 3 ( 5 7 < 3 / $ 1 7 $ 1 ’ ( 4 8 , 3 0 ( 1 7 6 H S W H P E H U ’ H F H P E H U 2 U L J L Q D O F R V W / H V V $ F F X P X O D W H G G 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 5 L J K W R I X V H R S H U D W L Q J O H D V H D V V H W V 3 U R S H U W \ S O D Q W D Q G H T X L S P H Q W Ò Q H W 4 ) 2 5 0 4
Slide 13 — 1 2 7 ( / ( $ 6 ( 6 2 X U R S H U D W L Q J O H D V H O L D E L O L W L H V L Q F O X G H G L Q
’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’ H F H P E H U U H V S H F W L Y H O \ ( [ S H Q V H U H O D W H G W R R X U R S H U D W L Q J O H D V H S R U W I R O L R S U L P D U L O \ I U R P R X U O R Q J W H P L O O L R Q D Q G P L O O L R Q I R U W K H W K U H H P R Q W K V H Q G H G D Q G P L O O L R Q D Q G P L O O L R Q I R U W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U D Q G U H V S H F W L Y H O \ 2 X U I L O L D E L O L W L H V L Q F O X G H G L Q $ O O R W K H U F X U U H Q W O L D E L O L W L H V D Q G / R Q J W H U P E R U U R Z L Q J V L Q R X U & R Q V R O L G D W H G 6 W D W H P H Q W R I ) L Q P L O O L R Q D Q G P L O O L R Q D V R I 6 H S W H P E H U D Q G ’ H F H P E H U U H V S H F W L Y H O \ 1 2 7 ( $ & 4 8 , 6 , 7 , 2 1 6 * 2 2 ’ : , / / $ 1 ’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Ò Q H W L Q R X U & R Q V R O L G D T X D U W H U R I D Q G Z D V G H W H U P L Q H G E \ X V L Q J W K H L P S O L H G W R W D O H T X L W \ Y D O X H I U S U H P L X P 3 U R I R U P D U H V X O W V R I R S H U D W L R Q V D U H Q R W S U H V H Q W H G E H F D X V H W K H D F T X R I R S H U D W L R Q V I R U W K H W K U H H D Q G Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U D Q G U H 7 K H I R O O R Z L Q J W D E O H V X P P D U L ] H V W K H S X U F K D V H F R Q V L G H U D W L R Q D V Z H O O D V W K H S U H O L P L Q D U \ D O O R F D D V V X P H G E D V H G X S R Q W K H L U H V W L P D W H G I D L U Y D O X H V D W W K H G D W H R I D F T X L V L W L R Q & D V K F R Q V L G H U D W L R Q W U D Q V I H U U H G ) D L U Y D O X H R I S U H Y L R X V O \ K H O G H T X L W \ L Q W H U H V W 7 R W D O S X U F K D V H F R Q V L G H U D W L R Q & X U U H Q W D V V H W V , Q W D Q J L E O H D V V H W V 2 W K H U Q R Q F X U U H Q W D V V H W V & X U U H Q W O L D E L O L W L H V 1 R Q F X U U H Q W O L D E L O L W L H V 7 R W D O L G H Q W L I L D E O H Q H W D V V H W V D F T X L U H G * R R G Z L O O 7 R W D O S X U F K D V H F R Q V L G H U D W L R Q * R R G Z L O O L V F D O F X O D W H G D V W K H H [ F H V V R I W K H S X U F K D V H F R Q V L G H U D W L R Q R Y H U W K U H S U H V H Q W V W K H Y D O X H R I W K H D V V H P E O H G Z R U N I R U F H D O R Q J Z L W K H [ S H F W H G V \ Q H U J & R P S D Q \× V R S H U D W L R Q V 7 K H J R R G Z L O O L V U H F R U G H G L Q R X U ( O H F W U L I L F D W L R Q V H J P H Q P L O O L R Q R I W K H J R R G Z L O O L V H E H G H G X F W L E O H I R U W D [ S X U S R V H V : H G H W H U P L Q H G W K H I D L U Y D O X H R I D V V H W V D F T X L U H G D Q G O L D E L O L W L H V D V V X P H G X V W K D W U H T X L U H M X G J P H Q W U H O D W H G W R H V W L P D W H V 7 K H S X U F K D V H D F F R X Q W L Q J U H O D L Q W D Q J L E O H D V V H W V L V S U H O L P L Q D U \ D Q G O L N H O \ W R F K D Q J H L Q I X W X U H U H S R U W L Q J S U H F R J Q L ] H G P H D V X U H P H Q W S H U L R G D G M X V W P H Q W V W R W K H L G H Q W L I L H G Q H W D V V H W V D P L O O L R Q U H G X F W L R Q W R J R R G Z L O O Z L O O F R P S O H W H R X U S R V W F O R V L Q J S U R F H G X U H V D Q G S X U F K D V H S U L F H D O O R F D W L R Q D V 6 H H 1 R W H V D Q G I R U I X U W K H U L Q I R U P D W L R Q 7 K H S U H O L P L Q D U \ I D L U Y D O X H D Q G Z H L J K W H G D Y H U D J H D P R U W L ] D W L R Q S H U L R G R I L G H Q W D V I R O O R Z V : H L J K W H G D Y H U D J H X V H I X O O L Y H V L Q \ H D U V 7 R W D O & X V W R P H U U H O D W H G 3 D W H Q W V D Q G W H F K Q R O R J \ & D S L W D O L ] H G V R I W Z D U H 7 U D G H P D U N V D Q G R W K H U 7 R W D O L G H Q W L I L D E O H L Q W D Q J L E O H D V V H W V D F T X L U H G 7 K H I D L U Y D O X H V R I W K H F X V W R P H U U H O D W H G D Q G W U D G H P D U N V D Q G R W K H U L Q W D Q J L E H D U Q L Q J V P H W K R G D Q G W K H I D L U Y D O X H V R I W K H S D W H Q W V D Q G W H F K Q R O R J \ L Q W D Q J L E 4 ) 2 5 0 4
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5 H Y H Q X H D Q G L Q F R P H O R V V E H I R U H L Q F R P H W D [ H V R I 3 U R O H F * ( Z H U H P L O O L R Q D Q G P L O O L R Q I R U W K H W K U H H P R Q W K V H Q G H U H V S H F W L Y H O \ D Q G I U R P W K H D F T X L V L W L R Q G D W H W K U R X J K 6 H S W H P E H U Z H P L O O L R Q D Q G P L O O L R Q U H V S H F W L Y H O L Q F R P H O R V V E H I R U H L Q F R P H W D [ H V L Q F O X G H V W K H L P S D F W R I L Q Y H Q W R U \ V W H S X S D P 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 W R W D O H G ] H U R D Q G P L O O L R Q I R U W K H W K U H H D Q G Q L Q H P R Q W K V H Q G H G 6 H S W H P E L Q F O X G H G L Q 6 H O O L Q J J H Q H U D O D Q G D G P L Q L V W U D W L Y H H [ S H Q V H V L Q R X U & R Q V R O L G D W * 2 2 ’ : , / / 3 R Z H U ( O H F W U L I L F D W L R Q : L Q G 2 W K H U 7 R W D O % D O D Q F H D V R I - D Q X D U \ Ó $ F T X L V L W L R Q V Ó Ó & X U U H Q F \ H [ F K D Q J H D Q G R W K H U Ó Ó % D O D Q F H D V R I 6 H S W H P E H U : H D V V H V V W K H S R V V L E L O L W \ W K D W D U H S R U W L Q J X Q L W× V I D L U Y D O X H K D V E H H Q U H G X F F L U F X P V W D Q F H V E H W Z H H Q D Q Q X D O L P S D L U P H Q W W H V W L Q J G D W H V , Q W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U Z H G L G Q R W L G H Q W L I \ D X Q L W V W K D W Z H U H L P S D L U H G , Q W D Q J L E O H D V V H W V $ O O L Q W D Q J L E O H D V V H W V D U H V X E M H F W W R D P R U W L ] D W L R Q , Q W D Q J L E O H D V P L O O L R Q G X U L Q J W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U S U L P D U L O \ D V D U H V X O W R I W K H D F T X L V L W L R Q R I 3 U R O H F * ( S D U W L D O $ P R U W L ] D W L R Q H [ S H Q P L O O L R Q D Q G P L O O L R Q I R U W K H W K U H H P R Q W K V H Q G H G D Q G P L O O L R Q D Q G P L O O L R Q I R U W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U D Q G U H V S H F W L Y H O \ 1 2 7 ( & 2 1 7 5 $ & 7 $ 1 ’ 2 7 + ( 5 ’ ( ) ( 5 5 ( ’ $ 6 6 ( 7 6 & 2 1 7 5 $ & 7 / , $ % , / , 7 , ( 6 $ 1 ’ ’ ( ) ( 5 5 ( ’ , 1 & 2 0 ( & R Q W U D F W D V V H W V U H I O H F W U H Y H Q X H U H F R J Q L ] H G R Q F R Q W U D F W V L Q H [ F H V V R I E L O O L U H S U H V H Q W F D V K U H F H L Y H G I U R P F X V W R P H U V X Q G H U R U G L Q D U \ F R P P H U F L D O S D \ P H Q W W R I F X V W R P H U V× L Q V W D O O H G E D V H & R Q W U D F W D Q G R W K H U G H I H U U H G D V V H W V L Q F U H D V H G P L O O L R Q L Q W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U S U L P D U L O \ G X H W R W K H U H Y H Q X H U H F R J Q L W L R Q D K H D G R I E L O O L Q J P L O H V W R Q H V R Q H T X L S P H Q W D Q G R W K H U V H U Y L F H D J U H H P H Q W V & R Q W U D L Q F U H D V H G P L O O L R Q L Q W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U S U L P D U L O \ G X H W R Q H Z F R O O H F W L R Q V U H F H U H F R J Q L W L R Q D Q G D V D U H V X O W R I W K H D F T X L V L W L R Q R I 3 U R O H F * ( 1 H W F R Q W U D F W X D O V H U Y L F H D J U H H P H Q W V G H F U H D V H G S U L P D U L O \ G X H W R E L O P L O O L R Q D Q G Q H W X Q I D Y R U D E O H F K D Q J H V L Q H V W L P D W H G S U R I L W D E L O L W \ R I P L O O L R Q S D U W L D O O \ R I I V H W E \ U H Y H Q X H V U H F R J Q L ] H G R I P L O O L R Q 5 H Y H Q X H U H F R J Q L ] H G U H O D W H G W R W K H F R Q W U D F W O L D E L O L W L H V E D O D Q F H D W W K H E H J P L O O L R Q D Q G P L O O L R Q I R U W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U D Q G U H V S H F W L Y H O \ & 2 1 7 5 $ & 7 $ 1 ’ 2 7 + ( 5 ’ ( ) ( 5 5 ( ’ $ 6 6 ( 7 6 6 H S W H P E H U 3 R Z H U ( O H F W U L I L F D W L R Q : L Q G 7 R W D O & R Q W U D F W X D O V H U Y L F H D J U H H P H Q W D V V H W V Ó Ó ( T X L S P H Q W D Q G R W K H U V H U Y L F H D J U H H P H Q W D V V H W V & X U U H Q W F R Q W U D F W D V V H W V 1 R Q F X U U H Q W F R Q W U D F W D Q G R W K H U G H I H U U H G D V V H W V D Ó 7 R W D O F R Q W U D F W D Q G R W K H U G H I H U U H G D V V H W V ’ H F H P E H U 3 R Z H U ( O H F W U L I L F D W L R Q : L Q G 7 R W D O & R Q W U D F W X D O V H U Y L F H D J U H H P H Q W D V V H W V Ó Ó ( T X L S P H Q W D Q G R W K H U V H U Y L F H D J U H H P H Q W D V V H W V & X U U H Q W F R Q W U D F W D V V H W V 1 R Q F X U U H Q W F R Q W U D F W D Q G R W K H U G H I H U U H G D V V H W V D 7 R W D O F R Q W U D F W D Q G R W K H U G H I H U U H G D V V H W V D 3 U L P D U L O \ U H S U H V H Q W V D P R X Q W V G X H I U R P F X V W R P H U V D W * D V 3 R Z H U I R U W K H V D O I L [ H G R U X V D J H E D V H G I H H V I U R P V H U Y L F L Q J W K H H T X L S P H Q W X Q G H U F R Q W U D F W X D O V & 2 1 7 5 $ & 7 / , $ % , / , 7 , ( 6 $ 1 ’ ’ ( ) ( 5 5 ( ’ , 1 & 2 0 ( 6 H S W H P E H U 3 R Z H U ( O H F W U L I L F D W L R Q : L Q G 7 R W D O & R Q W U D F W X D O V H U Y L F H D J U H H P H Q W O L D E L O L W L H V Ó Ó ( T X L S P H Q W D Q G R W K H U V H U Y L F H D J U H H P H Q W O L D E L O L W L H V & R Q W U D F W O L D E L O L W L H V D Q G F X U U H Q W G H I H U U H G L Q F R P H 1 R Q F X U U H Q W G H I H U U H G L Q F R P H 7 R W D O F R Q W U D F W O L D E L O L W L H V D Q G G H I H U U H G L Q F R P H 4 ) 2 5 0 4
Slide 15 — 1 2 7 ( & 8 5 5 ( 1 7 $ 1 ’ $ / / 2 7 + ( 5 $ 6 6 ( 7 6
’ H F H P E H U 3 R Z H U ( O H F W U L I L F D W L R Q : L Q G 7 R W D O & R Q W U D F W X D O V H U Y L F H D J U H H P H Q W O L D E L O L W L H V Ó Ó ( T X L S P H Q W D Q G R W K H U V H U Y L F H D J U H H P H Q W O L D E L O L W L H V & R Q W U D F W O L D E L O L W L H V D Q G F X U U H Q W G H I H U U H G L Q F R P H 1 R Q F X U U H Q W G H I H U U H G L Q F R P H 7 R W D O F R Q W U D F W O L D E L O L W L H V D Q G G H I H U U H G L Q F R P H 5 H P D L Q L Q J 3 H U I R U P D Q F H 2 E O L J D W L R Q 5 3 2 $ V R I 6 H S W H P E H U W K H D J J U H J D W H D P R X Q W R I W K H F R Q W U D F W X Q V D W L V I L H G R U S D U W L D O O \ X Q V D W L V I L H G S H U I R U P D Q F H R E O L J D W L R Q V Z D V P L O O L R Q : H H [ S H F W W R U H F R J Q L ] H U H Y H Q X H D V D V I R O O R Z V ( T X L S P H Q W U H O D W H G 5 3 2 R I P L O O L R Q R I Z K L F K D Q G L V H [ S H F W H G W R E H U H F R J Q L ] H G Z L W K D Q G \ H D U V U H V S H F W L Y H O \ D Q G W K H U H P D L Q L Q J W K H U H D I W H U 6 H U Y L F H V U H O D W H G 5 3 2 R I P L O O L R Q R I Z K L F K D Q G L V H [ S H F W H G W R E H U H F R J Q L ] H G Z L W D Q G \ H D U V U H V S H F W L Y H O \ D Q G W K H U H P D L Q L Q J W K H U H D I W H U & R Q W U D F W P R G L I L F D W L R Q V F R X O G D I I H F W E R W K W K H W L P L Q J W R F R P S O H W H D V Z H O O D V 1 2 7 ( & 8 5 5 ( 1 7 $ 1 ’ $ / / 2 7 + ( 5 $ 6 6 ( 7 6 $ O O R W K H U F X U U H Q W D V V H W V S U L P D U L O \ L Q F O X G H S U G H U L Y D W L Y H L Q V W U X P H Q W V V H H 1 R W H $ O O R W K H U F X U U H Q W D V V H W V G H F U H D V H G P L O O L R Q I R U W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U S U L P D U L O \ G X H W R W K H V D O H R I R X U U H P D L Q L Q J V K D U H V L Q & K L Q D ; ’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’ , 1 9 ( 6 7 0 ( 1 7 6 ( T X L W \ P H W K R G L Q Y H V W P H Q W E D O D Q F H ( T X L W \ P H W K R G L Q Y H V W P H Q W L Q F R P H 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S ’ H F H P E H U 3 R Z H U D ( O H F W U L I L F D W L R Q E : L Q G Ó Ó Ó Ó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’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’ ( 4 8 , 3 0 ( 1 7 3 5 2 - ( & 7 3 $ < $ % / ( 6 6 H S W H P E H U ’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’ H F H P E H U I R U I X U W K 7 K H F R P S R Q H Q W V R I E H Q H I L W S O D Q V F R V W L Q F R P H R W K H U W K D Q W K H V H U Y L F H F R V W D U & R Q V R O L G D W H G 6 W D W H P H Q W R I , Q F R P H / R V V 4 ) 2 5 0 4
Slide 16 — 1 2 7 ( / 2 1 * 7 ( 5 0 % 2 5 5 2 : , 1 * 6
7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 3 U L Q F L S D O S H Q V L R Q 2 W K H U S H Q V L R Q 3 U L Q F L S D O U H W L U H H E H Q H I L W 3 U L Q F L S D O S H Q V L R Q 2 W K H U S H Q V L R Q 3 U L Q F L S D U H W L U H E H Q H I L W 6 H U Y L F H F R V W Ò R S H U D W L Q J , Q W H U H V W F R V W ( [ S H F W H G U H W X U Q R Q S O D Q D V V H W V Ó Ó $ P R U W L ] D W L R Q R I Q H W O R V V J D L Q $ P R U W L ] D W L R Q R I S U L R U V H U Y L F H F R V W F U H G L W Ó & X U W D L O P H Q W V H W W O H P H Q W O R V V J D L Q Ó Ó Ó Ó 1 R Q R S H U D W L Q J E H Q H I L W F R V W V L Q F R P H 1 H W S H U L R G L F H [ S H Q V H L Q F R P H 1 L Q H P R Q W K V H Q G H G 6 H S W H P E H U 3 U L Q F L S D O S H Q V L R Q 2 W K H U S H Q V L R Q 3 U L Q F L S D O U H W L U H H E H Q H I L W 3 U L Q F L S D O S H Q V L R Q 2 W K H U S H Q V L R Q 3 U L Q F L S D U H W L U H E H Q H I L W 6 H U Y L F H F R V W Ò R S H U D W L Q J , Q W H U H V W F R V W ( [ S H F W H G U H W X U Q R Q S O D Q D V V H W V Ó Ó $ P R U W L ] D W L R Q R I Q H W O R V V J D L Q $ P R U W L ] D W L R Q R I S U L R U V H U Y L F H F R V W F U H G L W Ó & X U W D L O P H Q W V H W W O H P H Q W O R V V J D L Q Ó Ó Ó 1 R Q R S H U D W L Q J E H Q H I L W F R V W V L Q F R P H 1 H W S H U L R G L F H [ S H Q V H L Q F R P H 3 U L Q F L S D O 5 H W L U H H % H Q H I L W ’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’ H I L Q H G & R Q W U L E X W L R Q 3 O D Q * ( 9 H U Q R Y D V S R Q V R U V D G H I L Q H G F R Q W U L E X W L R Q S O D Q I R U L W V H O L J L W K H L U S D U W L F L S D W L R Q L Q W K H S O D Q U H S U H V H Q W W K H H P S O R \ H U F R Q W U L E X W L R Q V I R U P L O O L R Q D Q G P L O O L R Q I R U W K H W K U H H P R Q W K V H Q G H G D Q G P L O O L R Q D Q G P L O O L R Q I R U W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U D Q G U H V S H F W L Y H O \ 1 2 7 ( / 2 1 * 7 ( 5 0 % 2 5 5 2 : , 1 * 6 6 H S W H P E H U ’ H F H P E H U V H Q L R U Q R W H V G X H Ó V H Q L R U Q R W H V G X H Ó V H Q L R U Q R W H V G X H Ó 2 W K H U O R Q J W H U P E R U U R Z L Q J V D Q G I L Q D Q F H O H D V H V 8 Q D P R U W L ] H G G L V F R X Q W D Q G L V V X D Q F H F R V W V Ó 7 R W D O / H V V & X U U H Q W P D W X U L W L H V R I O R Q J W H U P E R U U R Z L Q J V D Q G I L Q D Q F H O H D V H V 7 R W D O O R Q J W H U P E R U U R Z L Q J V 2 Q ) H E U X D U \ * ( 9 H U Q R Y D L V V X H G P L O O L R Q D J J U H J D W H S U L Q F L S D O D P R X Q W R I V H Q L R U Q R W H V F R Q P L O O L R Q R I V H Q L R U Q R W H V G X H ) H E U X D U \ P L O O L R Q R I V H Q L R U Q R W H V G X H ) H E U X D U \ D Q G P L O O L R Q R I V H Q L R U Q R W H V ) H E U X D U \ 7 K H V H Q L R U Q R W H V F R Q W D L Q F X V W R P D U \ R S W L R Q D O U H G H P S W L R Q S U R Y L V P L O O L R Q Q H W R I W K H R U L J L Q D O L V V X H G L V F R X Q W X Q G H U Z U L W L Q J I H H V D Q G G H I H Z H U H X V H G I R U J H Q H U D O F R U S R U D W H S X U S R V H V L Q F O X G L Q J I L Q D Q F L Q J D S R U W L R Q R I W K L Q W H U H V W L Q 3 U R O H F O R V H G R Q ) H E U X D U \ 4 ) 2 5 0 4
Slide 17 — 1 2 7 ( & 8 5 5 ( 1 7 $ 1 ’ $ / / 2 7 + ( 5 / , $ % , / , 7 , ( 6
7 K H H V W L P D W H G I D L U Y D O X H R I R X U O R Q J W H U P E R U U R Z L Q J V H [ F O X G L Q J I L Q D Q F H O H D V H P L O O L R Q D Q G P L O O L R Q D V R I 6 H S W H P E H U D Q G ’ H F H P E H U U H V S H F W L Y H O \ F R P S D U H G W R F D U U \ L Q J Y D O X H V R I P L O O L R Q D Q G P L O O L R Q D V R I 6 H S W H P E H U D Q G ’ H F H P E H U U H V S H F W L Y H O \ 7 K H I D L U Y D O X H R I W K H V H Q L R U Q R W H V L V F O D V V L I L H G D V & U H G L W ) D F L O L W L H V $ V R I 6 H S W H P E H U Z H K D Y H P L O O L R Q R I F U H G L W I D F L O L W L H V F R Q V L V W L Q J R I L D Q L Q D Q D J J U H J D W H F R P P L W W H G D P R X Q W R I P L O O L R Q D Q G L L D V W D Q G E \ O H W W H U R I F U H G L W D Q G E D Q N J X D U D P R X Q W R I P L O O L R Q ( D F K R I W K H F U H G L W I D F L O L W L H V Z L O O P D W X U H R Q $ S U L O 7 K H U H Z Q R E R U U R Z L Q J V R X W V W D Q G L Q J R Q D V R I 6 H S W H P E H U ) H H V U H O D W H G W R W K H X Q X V H G S R U W L R Q R I W K H I D F L O L W L H V Z H U H L Q Q L Q H P R Q W K V H Q G 6 H S W H P E H U 6 H H 1 R W H L Q W K H 1 R W H V W R R X U D X G L W H G F R Q V R O L G D W H G D Q G F R P E L Q H ) R U P . I R U W K H I L V F D O \ H D U H Q G H G ’ H F H P E H U I R U I X U W K H U L Q I R U P D W L R Q 1 2 7 ( & 8 5 5 ( 1 7 $ 1 ’ $ / / 2 7 + ( 5 / , $ % , / , 7 , ( 6 $ O O R W K H U F X U U H Q W O L D E L O L W L H V S U L P D U L O \ L Q F F R P S H Q V D W L R Q D Q G E H Q H I L W V H T X L S P H Q W S U R M H F W V D Q G R W K H U F R P P H U F L D O O L D E L O L W D [ H V S D \ D E O H O L U H O D W H G W R E X V L Q H V V G L V S R V L W L R Q D F W L Y L W L H V R S H U D W L Q J O H D V H O L D E L O L W L H V $ O O R W K H U F X O L D E L O L W L H V G H F U H D V H G P L O O L R Q L Q W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U S U L P D U L O \ G X H W R G H F U H D V H V L Q H T X L F R P P H U F L D O O L D E L O L W L H V D Q G U H V W U X F W X U L Q J O L D E L O L W L H V S D U W L D O O \ R I I V H W E \ L $ O O R W K H U O L D S U L P D U L O \ L Q F O X G H O L D E L O L W L H V U H O D W H G W R X Q F H U W D L Q D Q G R W K H U L Q F R P H W D [ H V O H J D O O L D E L O L W L H V V H D V V H W U H W L U H P H Q W R E O L J D W L R Q V V H H 1 R W H R S H U D W L Q J O H D V H O L D E L O L W L H V V H H 1 R W H G H I H U U H G L Q F R P H V H H 1 R W H H T X L R W K H U F R P P H U F L D O O L D E L O L W L H V D Q G L Q G H P Q L I L F D W L R Q V V H H 1 R W H $ O O R W K H U O L D E L O L W L H V G H F U H D V H G P L O O L R Q L Q W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U S U L P D U L O \ G X H W R G H F U H D V H V L Q X Q F H U W D L Q D Q G R W K H U L Q F R P H W D [ H V D 1 2 7 ( , 1 & 2 0 ( 7 $ ; ( 6 2 X U H I I H F W L Y H W D [ U D W H Z D V I R U W K H W K U H H P R Q W K V H Q G H G 6 H S W H P E H U 7 K H H I I H F W L Y H W D Z D V K L J K H U W K D Q W K H 8 6 V W D W X W R U \ U D W H R I S U L P D U L O \ G X H W R O R V V H V S U R Y L G L Q J Q R W D [ E H Q H I L W L Q D Q G 8 6 W D [ H I I H F L Q F R P H H D U Q H G L Q I R U H L J Q M X U L V G L F W L R Q V S D U W L D O O \ R I I V H W E \ D Q L Q F R P H W D [ E H Q H I L W I U R P W D [ O D Z F K D 2 X U H I I H F W L Y H W D [ U D W H Z D V I R U W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U 7 K H H I I H F W L Y H W D [ U D W H Z D V O R Z H U U D W H R I S U L P D U L O \ G X H W R D Q R Q W D [ D E O H J D L Q R Q W K H D F T X L V L W L R Q R I 3 U R O H F * ( L Q F O D Z F K D Q J H V S D U W L D O O \ R I I V H W E \ O R V V H V S U R Y L G L Q J Q R W D [ E H Q H I L W L Q F H U W D L Q M 8 6 W D [ H I I H F W V R I L Q F R P H H D U Q H M X U L V G L F W L R Q V 2 X U H I I H F W L Y H W D [ U D W H Z D V D Q G I R U W K H W K U H H D Q G Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U U H V S H F W L Y H O \ 7 K H H I I H F Z D V K L J K H U W K D Q W K H 8 6 V W D W X W R U \ U D W H R I L Q E R W K S H U L R G V S U L P D U L O \ G X H W R O R V V H V S U R Y L G L Q J Q I L Q D O L ] D W L R Q R I W K H & R P S D Q \ V S U H V H S D U D W L R Q I U R P * ( W D [ D W W U L E X W H V W K D W L Q F S D U W L D O O \ R I I V H W E \ D Q L Q F R P H W D [ E H Q H I L W I U R P V W R F N E D V H G F R P S H Q V D W L R Q 1 2 7 ( $ & & 8 0 8 / $ 7 ( ’ 2 7 + ( 5 & 2 0 3 5 ( + ( 1 6 , 9 ( , 1 & 2 0 ( / 2 6 6 $ 2 & , $ 1 ’ & 2 0 0 2 1 6 7 2 & .
Slide 18 — 1 2 7 ( ( $ 5 1 , 1 * 6 3 ( 5 6 + $ 5 ( , 1 ) 2 5 0 $ 7 , 2 1
1 2 7 ( ( $ 5 1 , 1 * 6 3 ( 5 6 + $ 5 ( , 1 ) 2 5 0 $ 7 , 2 1 7 K H G L O X W L Y H H I I H F W R I R X W V W D Q G L Q J V W R F N R S W S H U I R U P D Q F H V K D U H X Q L W V L V U H I O H F W H G L Q W K H G H Q R P L Q D W R U I R U G L O X W H G H D U Q L Q 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S , 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 1 X P H U D W R U 1 H W L Q F R P H O R V V 1 H W O R V V 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 O R V V D W W U L E X W D E O H W R * ( 9 H U Q R Y D ’ H Q R P L Q D W R U % 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 ’ L O X W L Y H H I I H F W R I F R P P R Q V W R F N H T X L Y D O H Q W 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 % D V L F H D U Q L Q J V O R V V S H U V K D U H ’ L O X W H G H D U Q L Q J V O R V V S H U V K D U H $ Q W L G L O X W L Y H V H F X U L W L H V D Ó Ó D ’ L O X W H G H D U Q L Q J V O R V V S H U V K D U H H [ F O X G H V F H U W D L Q V K D U H V L V V X D E O H X Q G H U K D Y H E H H Q D Q W L G L O X W L Y H 1 2 7 ( 2 7 + ( 5 , 1 & 2 0 ( ( ; 3 ( 1 6 ( Ò 1 ( 7 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S ( T X L W \ P H W K R G L Q Y H V W P H Q W L Q F R P H O R V V 1 R W H 1 H W L Q W H U H V W D Q G L Q Y H V W P H Q W L Q F R P H O R V V D * D L Q V O R V V H V R Q S X U F K D V H V D Q G V D O H V R I E X V L Q H V V L Q W H U H V W V E ’ H U L Y D W L Y H L Q V W U X P H Q W V 1 R W H / L F H Q V L Q J L Q F R P H 2 W K H U Ò Q H W 7 R W D O R W K H U L Q F R P H H [ S H Q V H Ò Q H W D , Q F O X G H V I L Q D Q F L D O L Q W H U H V W U H O D W H G W R R X U Q R U P D O E X V L Q H V V R S H U D W L R Q V S U L P D , Q F O X G H V D S U H W D [ U H D O L ] H P L O O L R Q U H O D W H G W R W K H V D O H R I R X U U H P D L Q L Q J V K D U H V L Q & K L Q D ; ’ ( O H F W U L F & R / W G L Q W K H Q L Q H P R Q W K 6 H S W H P E H U $ O V R L Q F O X G H V D S U H W D [ X Q U H D O L ] H G J D L Q R I P L O O L R Q U H O D W H G W R R X U I R U P H U L Q W H U H V W L Q & K L Q D ; ’ ( O H P R Q W K V H Q G H G 6 H S W H P E H U 6 H H 1 R W H I R U I X U W K H U L Q I R U P D W L R Q E , Q F O X G H V D S U H W D [ J D L Q R I P L O O L R Q U H O D W H G W R W K H D F T X L V L W L R Q R I W K H U H P D L Q L Q J V W D N H L Q 3 U R O H F * ( I U R P ; L J Q X [ W K H U H P H D V X U H P H Q W R I R X U S U H Y L R X V O \ K H O G H T X L W \ L Q W H U H V W W R I D L U Y D O X H D P L O O L R Q U H O D W H G W R W K H V D O H R E X V L Q H V V L Q R X U ( O H F W U L I L F D W L R Q V H J P H Q W D Q G D S U H W D [ J D L Q R I P L O O L R Q U H O D W H G W R W K H V D O H R I D Q H T X L W \ P H W ) L Q D Q F L D O 6 H U Y L F H V E X V L Q H V V L Q W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U 6 H H 1 R W H V D Q G I R U I X U W K H U L Q I R 1 2 7 ( ) , 1 $ 1 & , $ / , 1 6 7 5 8 0 ( 1 7 6 / R D Q V D Q G 2 W K H U 5 H F H L Y D E O H V 7 K H & R P S D Q \× V I L Q D Q F L D O D V V H W V Q R W F D U U L H G D W I D L U Y D O X H S U Q R Q F X U U H Q W F X V W R P H U D Q G R W K H U U H F H L Y D E O H V 7 K H Q H W F D U U \ L Q J D P R X Q W Z D V P L O O L R Q D Q G P L O O L R Q D V R I 6 H S W H P E H U D Q G ’ H F H P E H U U H V S H F W L Y H O \ 7 K H H V W L P D W H G I D L U Y D O X H Z D V P L O O L R Q D Q G P L O O L R Q D V R I 6 H S W H P E H U D Q G ’ H F H P E H U U H V S H F W L Y H O \ $ O O R I W K H V H D V V H W V D U H F R Q V L G H U H G W R E H / H Y H O ’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’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
Slide 19 — 1 H W , Q Y H V W P H Q W + H G J H V
1 H W , Q Y H V W P H Q W + H G J H V : H H Q W H U L Q W R I R U H L J Q H [ F K D Q J H I R U Z D U G V G H V L J Q D W H G D V W K H K H G J U H O D W L R Q V K L S V L Q R U G H U W R P L W L J D W H W K H I R U H L J Q F X U U H Q F \ U L V N D W W U L E X W D E O H G R O O D U I X Q F W L R Q D O H T X L W \ P H W K R G L Q Y H V W H H V 7 K H W R W D O D P R X Q W L Q $ 2 & , U H O D W H P L O O L R Q D V R I 6 H S W H P E H U D Q G ’ H F H P E H U 7 K H I R O O R Z L Q J W D E O H S U H V H Q W V W K H J U R V V I D L U Y D O X H V R I R X U R X W V W D Q G L Q J G H U L Y * 5 2 6 6 ) $ , 5 9 $ / 8 ( 2 ) 2 8 7 6 7 $ 1 ’ , 1 * ’ ( 5 , 9 $ 7 , 9 ( , 1 6 7 5 8 0 ( 1 7 6 6 H S W H P E H U * U R V V 1 R W L R Q D O $ O O R W K H U F X U U H Q W D V V H W V $ O O R W K H U D V V H W V $ O O R W K H U F X U U H Q W O L D E L O L W L H V $ O O R W K H O L D E L O L W ) R U H L J Q F X U U H Q F \ H [ F K D Q J H F R Q W U D F W V D F F R X Q W H G I R U D V K H G J H V D ) R U H L J Q F X U U H Q F \ H [ F K D Q J H F R Q W U D F W V D & R P P R G L W \ D Q G R W K H U F R Q W U D F W V ’ H U L Y D W L Y H V Q R W D F F R X Q W H G I R U D V K H G J H V 7 R W D O J U R V V G H U L Y D W L Y H V 1 H W W L Q J D G M X V W P H Q W E 1 H W G H U L Y D W L Y H V U H F R J Q L ] H G L Q W K H & R Q V R O L G D W H G 6 W D W H P H Q W R I ) L Q D Q F L D O 3 R V L W L R Q ’ H F H P E H U * U R V V 1 R W L R Q D O $ O O R W K H U F X U U H Q W D V V H W V $ O O R W K H U D V V H W V $ O O R W K H U F X U U H Q W O L D E L O L W L H V $ O O R W K H O L D E L O L W ) R U H L J Q F X U U H Q F \ H [ F K D Q J H F R Q W U D F W V D F F R X Q W H G I R U D V K H G J H V D ) R U H L J Q F X U U H Q F \ H [ F K D Q J H F R Q W U D F W V D & R P P R G L W \ D Q G R W K H U F R Q W U D F W V ’ H U L Y D W L Y H V Q R W D F F R X Q W H G I R U D V K H G J H V 7 R W D O J U R V V G H U L Y D W L Y H V 1 H W W L Q J D G M X V W P H Q W E 1 H W G H U L Y D W L Y H V U H F R J Q L ] H G L Q W K H & R Q V R O L G D W H G 6 W D W H P H Q W R I ) L Q D Q F L D O 3 R V L W L R Q D 7 R W D O J U R V V Q R W L R Q D O D P R X Q W R I I R U H L J Q F X U U H Q F \ H [ F K D Q J H F R Q W U D F W V U H S U H H [ F K D Q J H F R Q W U D F W V Z L W K W K H V D P H F X U U H Q F \ S D L U D Q G P D W X U L W \ G D W H D U H Q H W U H G X F H V W R D S S U R [ L P D W H O \ P L O O L R Q D Q G P L O O L R Q D V R I 6 H S W H P E H U D Q G ’ H F H P E H U U H V S H F W L Y E 7 K H Q H W W L Q J R I G H U L Y D W L Y H U H F H L Y D E O H V D Q G S D \ D E O H V L V S H U P L W W H G Z K H Q D O L Q F O X G H 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 R X U R Z Q D Q G F R X Q W H U S D U W \ Q R Q 3 5 ( 7 $ ; * $ , 1 6 / 2 6 6 ( 6 5 ( & 2 * 1 , = ( ’ , 1 $ 2 & , 5 ( / $ 7 ( ’ 7 2 & $ 6 + ) / 2 : $ 1 ’ 1 ( 7 , 1 9 ( 6 7 0 ( 1 7 + ( ’ * ( 6 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S & D V K I O R Z K H G J H V 1 H W L Q Y H V W P H Q W K H G J H V 7 K H W D E O H V E H O R Z V K R Z W K H H I I H F W R I R X U G H U L Y D W L Y H I L Q D Q F L D O L Q V W U X P H Q W V L Q 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 6 D O H V R I H T X L S P H Q W D Q G V H U Y L F H V & R V W R I H T X L S P H Q W D Q G V H U Y L F H V 6 H O O L Q J J H Q H U D O D Q G D G P L Q L V W U D W L Y H H [ S H Q V H V 2 W K H U L Q F R H [ S H Q V H Q 7 R W D O D P R X Q W R I L Q F R P H D Q G H [ S H Q V H L Q W K H & R Q V R O L G D W H G 6 W D W H P H Q W R I , Q F R P H / R V V ( I I H F W V R I F D V K I O R Z K H G J H V Ó Ó ) R U H L J Q F X U U H Q F \ H [ F K D Q J H F R Q W U D F W V Ó & R P P R G L W \ D Q G R W K H U F R Q W U D F W V Ó Ó ( I I H F W R I G H U L Y D W L Y H V Q R W G H V L J Q D W H G D V K H G J H V Ó 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 7 R W D O D P R X Q W R I L Q F R P H D Q G H [ S H Q V H L Q W K H & R Q V R O L G D W H G 6 W D W H P H Q W R I , Q F R P H / R V V ( I I H F W V R I F D V K I O R Z K H G J H V Ó Ó ) R U H L J Q F X U U H Q F \ H [ F K D Q J H F R Q W U D F W V & R P P R G L W \ D Q G R W K H U F R Q W U D F W V Ó Ó ( I I H F W R I G H U L Y D W L Y H V Q R W G H V L J Q D W H G D V K H G J H V 4 ) 2 5 0 4
Slide 20 — 1 2 7 ( 9 $ 5 , $ % / ( , 1 7 ( 5 ( 6 7 ( 1 7 , 7 , ( 6 9 , ( V
1 L Q H P R Q W K V H Q G H G 6 H S W H P E H U 6 D O H V R I H T X L S P H Q W D Q G V H U Y L F H V & R V W R I H T X L S P H Q W D Q G V H U Y L F H V 6 H O O L Q J J H Q H U D O D Q G D G P L Q L V W U D W L Y H H [ S H Q V H V 2 W K H U L Q F R H [ S H Q V H Q 7 R W D O D P R X Q W R I L Q F R P H D Q G H [ S H Q V H L Q W K H & R Q V R O L G D W H G 6 W D W H P H Q W R I , Q F R P H / R V V ( I I H F W V R I F D V K I O R Z K H G J H V Ó ) R U H L J Q F X U U H Q F \ H [ F K D Q J H F R Q W U D F W V Ó & R P P R G L W \ D Q G R W K H U F R Q W U D F W V Ó Ó ( I I H F W R I G H U L Y D W L Y H V Q R W G H V L J Q D W H G D V K H G J H V Ó 1 L Q H P R Q W K V H Q G H G 6 H S W H P E H U 7 R W D O D P R X Q W R I L Q F R P H D Q G H [ S H Q V H L Q W K H & R Q V R O L G D W H G 6 W D W H P H Q W R I , Q F R P H / R V V ( I I H F W V R I F D V K I O R Z K H G J H V Ó Ó ) R U H L J Q F X U U H Q F \ H [ F K D Q J H F R Q W U D F W V & R P P R G L W \ D Q G R W K H U F R Q W U D F W V Ó Ó ( I I H F W R I G H U L Y D W L Y H V Q R W G H V L J Q D W H G D V K H G J H V 7 K H D P R X Q W H [ F O X G H G I R U F D V K I O R Z K H G J H V Z D V D J D L Q O R V V R I P L O O L R Q D Q G P L O O L R Q I R U W K H W K U H H P R Q W K V H Q G H G D Q G P L O O L R Q D Q G P L O O L R Q I R U W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U D Q G U H V S H F W L Y H O \ 7 K H V H D P R X Q W V D U H U H F R J Q L 6 D O H V R I V H U Y L F H V & R V W R I H T X L S P H Q W D Q G & R V W R I V H U Y L F H V L Q R X U & R Q V R O L G D W 1 2 7 ( 9 $ 5 , $ % / ( , 1 7 ( 5 ( 6 7 ( 1 7 , 7 , ( 6 9 , ( V , Q R X U & R Q V R O L G D W H G 6 W D W H P H Q W R I ) L Q D Q F L D O 3 R P L O O L R Q D Q G P L O O L R Q D Q G O L D E L O L W L H V R I P L O O L R Q D Q G P L O O L R Q D V R I 6 H S W H P E H U D Q G ’ H F H P E H U U H V S H F W L Y H O I U R P F R Q V R O L G D W H G 9 , ( V 7 K H V H H Q W L W L H V Z H U H F U H D W H G W R P D Q D J H R X U L Q V X U D Q F H F X 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D W L R Q V W R P D N H L Q Y H V W P H Q W V R U S U R Y L G I R U I X U W K H U L Q I R U P D W L R Q * X D U D Q W H H V $ V R I 6 H S W H P E H U Z H Z H U H F R P P L W W H G X Q G H U W K H I R O O R Z L Q J J X D U D Q W H H D U U D & U H G L W V X S S R U W : H K D Y H S U R Y L G H G P L O O L R Q R I F U H G L W V X S S R U W R Q E H K D O I R I F H U W D L Q F X V W R P H U V R U M R L Q W Y H Q W X U H V D Q G S D U W Q H U V K L S V X V L Q J D U U D Q J H P H Q W V V X F K D V V W D Q G E \ O H W W V X S S R U W R X U F R Q V R O L G D W H G V X E V L G L D U L H V 7 K H O L D E L O L W \ I R U V X F K F U H G L W V X S S R U P L O O L R Q , Q G H P Q L I L F D W L R Q D J U H H P H Q W V : H K D Y H P L O O L R Q R I L Q G H P Q L I L F D W L R Q F R P P L W P H Q W V L Q F O X G L Q J R X U F R P P H U F L D O F R Q W U D F W V D J U H H P H Q W V J R Y H U Q L Q J W K H V D O H R I E X V L Q H V V D V V H W V I R U Z K L F K Z H U H F R U G H G D O L D E L O L W \ R I 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’ H F H P E H U U H V S H F W L Y H O \ / H J D O 0 D W W H U V , Q W K H Q R U P D O F R X U V H R I R X U E X V 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D Q X D U \ $ G G L W L R Q V Ó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
Slide 22 — 1 2 7 ( 6 ( * 0 ( 1 7 , 1 ) 2 5 0 $ 7 , 2 1 2 S H U D W L Q J V H J P H Q W V L Q F O X G H F R P S R Q H Q W V R I D Q H Q W H U S U L
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× V & K L H I S H U I R U P D Q F H D Q G D O O R F D W L Q J U H V R X U F H V 7 K H & R P S D Q \× V & 2 ’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’ $ 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 3 R Z H U ( O H F W U L I L F D W L R Q : L Q G 7 R W D O ( T X L S P H Q W U H Y H Q X H V 6 H U Y L F H V U H Y H Q X H V , Q W H U V H J P H Q W U H Y H Q X H V 6 H J P H Q W U H Y H Q X H V 2 W K H U U H Y H Q X H V D Q G H O L P L Q D W L R Q R I L Q W H U V H J P H Q W U H Y H Q X H V 7 R W D O U H Y H Q X H V / H V V D & R V W R I U H Y H Q X H V E 6 H O O L Q J J H Q H U D O D Q G D G P L Q L V W U D W L Y H H [ S H Q V H V E 5 H V H D U F K D Q G G H Y H O R S P H Q W H [ S H Q V H V E 2 W K H U V H J P H Q W L W H P V F 6 H J P H Q W ( % , 7 ’ $ 1 L Q H P R Q W K V H Q G H G 6 H S W H P E H U 3 R Z H U ( O H F W U L I L F D W L R Q : L Q G 7 R W D O ( T X L S P H Q W U H Y H Q X H V 6 H U Y L F H V U H Y H Q X H V , Q W H U V H J P H Q W U H Y H Q X H V 6 H J P H Q W U H Y H Q X H V 2 W K H U U H Y H Q X H V D Q G H O L P L Q D W L R Q R I L Q W H U V H J P H Q W U H Y H Q X H V 7 R W D O U H Y H Q X H V / H V V D & R V W R I U H Y H Q X H V E 6 H O O L Q J J H Q H U D O D Q G D G P L Q L V W U D W L Y H H [ S H Q V H V E 5 H V H D U F K D Q G G H Y H O R S P H Q W H [ S H Q V H V E 2 W K H U V H J P H Q W L W H P V F 6 H J P H Q W ( % , 7 ’ $
Slide 23 — 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U
7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 3 R Z H U ( O H F W U L I L F D W L R Q : L Q G 7 R W D O ( T X L S P H Q W U H Y H Q X H V 6 H U Y L F H V U H Y H Q X H V , Q W H U V H J P H Q W U H Y H Q X H V 6 H J P H Q W U H Y H Q X H V 2 W K H U U H Y H Q X H V D Q G H O L P L Q D W L R Q R I L Q W H U V H J P H Q W U H Y H Q X H V 7 R W D O U H Y H Q X H V / H V V D & R V W R I U H Y H Q X H V E 6 H O O L Q J J H Q H U D O D Q G D G P L Q L V W U D W L Y H H [ S H Q V H V E 5 H V H D U F K D Q G G H Y H O R S P H Q W H [ S H Q V H V E 2 W K H U V H J P H Q W L W H P V F 6 H J P H Q W ( % , 7 ’ $ 1 L Q H P R Q W K V H Q G H G 6 H S W H P E H U 3 R Z H U ( O H F W U L I L F D W L R Q : L Q G 7 R W D O ( T X L S P H Q W U H Y H Q X H V 6 H U Y L F H V U H Y H Q X H V , Q W H U V H J P H Q W U H Y H Q X H V 6 H J P H Q W U H Y H Q X H V 2 W K H U U H Y H Q X H V D Q G H O L P L Q D W L R Q R I L Q W H U V H J P H Q W U H Y H Q X H V 7 R W D O U H Y H Q X H V / H V V D & R V W R I U H Y H Q X H V E 6 H O O L Q J J H Q H U D O D Q G D G P L Q L V W U D W L Y H H [ S H Q V H V E 5 H V H D U F K D Q G G H Y H O R S P H Q W H [ S H Q V H V E 2 W K H U V H J P H Q W L W H P V F 6 H J P H Q W ( % , 7 ’ $ D 7 K H V L J Q L I L F D Q W H [ S H Q V H F D W H J R U L H V D Q G D P R X Q W V D O L J Q Z L W K W K H V H J P H Q W O H , Q W H U V H J P H Q W H [ S H Q V H V D U H L Q F O X G H G Z L W K L Q W K H D P R X Q W V V K R Z Q E ( [ F O X G H V G 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 H [ S H Q V H V F 3 U L P D U L O \ L Q F O X G H V H T X L W \ P H W K R G L Q Y H V W P H Q W L Q F R P H D Q G R W K H U L Q W H U H V W D 5 ( & 2 1 & , / , $ 7 , 2 1 2 ) 6 ( * 0 ( 1 7 ( % , 7 ’ $ 7 2 1 ( 7 , 1 & 2 0 ( / 2 6 6 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H 6 H J P H Q W ( % , 7 ’ $ & R U S R U D W H D Q G R W K H U D 5 H V W U X F W X U L Q J D Q G R W K H U F K D U J H V * D L Q V O R V V H V R Q S X U F K D V H V D Q G V D O H V R I E X V L Q H V V L Q W H U H V W V E 6 H S D U D W L R Q F R V W V F 1 R Q R S H U D W L Q J E H Q H I L W L Q F R P H ’ 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 G , Q W H U H V W D Q G R W K H U I L Q D Q F L D O L Q F R P H F K D U J H V Ò Q H W H 3 U R Y L V L R Q E H Q H I L W I R U L Q F R P H W D [ H V 1 H W L Q F R P H O R V V D , Q F O X G H V L Q W H U H V W L Q F R P H H [ S H Q V H R I ] H U R D Q G ] H U R D Q G S U R Y L V L R Q E H Q H I L W I R U L Q F R P H W D [ H V R I P L O O L R Q D Q G ] H U R I R U W K H W K U H H P R Q W H Q G H G 6 H S W H P E H U D Q G U H V S H F W L Y H O \ D V Z H O O D V L Q W H U H V W L Q F R P H H [ S H Q V H R I ] H U R D Q G P L O O L R Q D Q G S U R Y L V L R Q I R U L Q F R P H W D [ H V R I P L O O L R Q D Q G P L O O L R Q I R U W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U D Q G U H V S H F W L Y H O \ U H O D ) L Q D Q F L D O 6 H U Y L F H V E X V L Q H V V Z K L F K E H F D X V H R I W K H Q D W X U H R I L W V L Q Y H V W P H Q E , Q F O X G H V D S U H W D [ J D L Q R I P L O O L R Q L Q W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U U H O D W H G W R V W D N H L Q 3 U R O H F * ( I U R P ; L J Q X [ D V D U H V X O W R I W K H U H P H D V X U H P H Q W R I R X U S U H Y L P L O O L R Q I R U W K H L P S D F W R I D I D L U Y D O X H D G M X V W P H Q W W R 3 U R O H F * ( L Q Y H Q W R U \ W K Q L Q H P R Q W K H Q G H G 6 H S W H P E H U , Q F O X G H V D S U H W D [ J D L Q R I P L O O L R Q U H O D W H G W R W K H V D O H R I R X U 3 U R I L F \ E X V L V H J P H Q W L Q W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U $ O V R L Q F O X G H V X Q U H D O L ] H G D Q G U H D O L ] H G J D L Q V ( O H F W U L F & R / W G Z K L F K Z H V R O G W K H U H P D L Q G H U R I L Q D Q G Z D V U H F R U G H G L Q 2 W K H U L Q F R P H H [ S H Q V H Q H W 6 H H 1 R W H I R U I X U W K H U L Q I R U P D W L R Q F & R V W V L Q F X U U H G L Q W K H V H S D U D W L R Q I U R P * ( L Q F O X G L Q J V \ V W H P L P S O H P H Q W D W L R W L P H F R V W V G ( [ F O X G H V G 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 H [ S H Q V H U H O D W H G W R 5 H V W U X F W X U L Q L Q F O X G H G L Q ( T X L W \ P H W K R G L Q Y H V W P H Q W L Q F R P H O R V V Z K L F K L V S D U W R I 2 W K H U L H & R Q V L V W V R I L Q W H U H V W D Q G R W K H U I L Q D Q F L D O F K D U J H V Q H W R I L Q W H U H V W L Q F R P R S H U D W L R Q V S U L P D U L O \ Z L W K F X V W R P H U V 4 ) 2 5 0 4
Slide 24 — $ 6 6 ( 7 6 % < 6 ( * 0 ( 1 7
$ 6 6 ( 7 6 % < 6 ( * 0 ( 1 7 6 H S W H P E H U ’ H F H P E H U 3 R Z H U ( O H F W U L I L F D W L R Q : L Q G 2 W K H U D 7 R W D O D V V H W V D : H F O D V V L I \ G H I H U U H G W D [ D V V H W V D V 2 W K H U I R U S X U S R V H V R I W K L V G L V F O R V X U H 3 5 2 3 ( 5 7 < 3 / $ 1 7 $ 1 ’ ( 4 8 , 3 0 ( 1 7 $ ’ ’ , 7 , 2 1 6 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S W 3 R Z H U ( O H F W U L I L F D W L R Q D : L Q G 2 W K H U 7 R W D O D , Q F O X G H V P L O O L R Q R I 3 U R S H U W \ S O D Q W D Q G H T X L S P H Q W D F T X L U H G Z L W K 3 U R O H F * ( L Q W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U ’ ( 3 5 ( & , $ 7 , 2 1 $ 1 ’ $ 0 2 5 7 , = $ 7 , 2 1 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S W 3 R Z H U ( O H F W U L I L F D W L R Q : L Q G 2 W K H U 7 R W D O 4 ) 2 5 0 4
Slide 25 — , 7 ( 0 0 $ 1 $ * ( 0 ( 1 7× 6 ’ , 6 & 8 6 6 , 2 1 $ 1 ’ $ 1 $ / < 6 , 6 2 ) ) , 1 $ 1 & , $ / & 2 1 ’ , 7 , 2 1 $ 1 ’ 5 ( 6 8 / 7 6 2 )
, 7 ( 0 0 $ 1 $ * ( 0 ( 1 7× 6 ’ , 6 & 8 6 6 , 2 1 $ 1 ’ $ 1 $ / < 6 , 6 2 ) ) , 1 $ 1 & , $ / & 2 1 ’ , 7 , 2 1 $ 1 ’ 5 ( 6 8 / 7 6 2 ) 2 3 ( 5 $ 7 , 2 1 6 7 K H I R O O R Z L Q J G L V F X V V L R Q D Q G D Q D O \ V L V R I R X U I L Q D Q F L D O F R Q G L W L R Q D Q Z L W K R X U F R Q V R O L G D W H G I L Q D Q F L D O V W D W H P H Q W V Z K L F K D U H S U H S D U H G L Q F R Q I R U P L D Q G F R U U H V S R Q G L Q J Q R W H V L Q F O X G H G H O V H Z K H U H L Q W K L V 4 X D U W H U O \ 5 H S R U W R Q ) R U P 4 7 K H I R O O R Z L Q J G L V F X V V L R Q D Q G D Q D L Q I R U P D W L R Q W K D W P D Q D J H P H Q W E H O L H Y H V W R E H U H O H Y D Q W W R X Q G H U V W D Q G L Q J W K H W K H W K U H H D Q G Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U D Q G 7 K H E H O R Z G L V F X V V L R Q V K R X O G E H U H D G D O R Q J ’ L V F X V V L R Q D Q G $ 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 V D Q D Q G F R U U H V S R Q G L Q J Q R W H V L Q R X U $ Q Q X D O 5 H S R U W R Q ) R U P . I R U W K H I L V F D O \ H D U H ’ H F H P E H U 8 Q O H V V R W K H U Z L V H Q R D U H S U H V H Q W H G L Q 8 6 G R O O D U V L Q P L O O L R Q V H [ F H S W I R U S H U V K D U H D P R X Q W V Z K L F K Z L W K L Q W D E O H V P D \ Q R W D G G G X H W R W K H X V H R I U R X Q G H G Q X P E H U V 3 H U F H Q W D J H V S U Q X P E H U V L Q P L O O L R Q V 8 Q O H V V R W K H U Z L V H Q R W H G V W D W H P H Q W V U H O D W H G W R F K D Q J H S U L R U \ H D U , Q W K H D F F R P S D Q \ L Q J D Q D O \ V L V R I I L Q D Q F L D O L Q I R U P D W L R Q Z H V R P H W L P H V X V H L Q I R U P S U H V H Q W H G L Q R X U I L Q D Q F L D O V W D W H P H Q W V S U H S D U H G L Q D F F R U G D Q F H Z L W K * $ $ 3 & H U P H D V X U H VÛ X Q G H U 6 ( & U X O H V ) R U W K H U H D V R Q V Z H X V H W K H V H Q R Q * $ $ 3 I L Q D Q F L D O P H F R P S D U D E O H * $ $ 3 I L Q D Q F L D O P H D V X U H V V H H Ó 1 R Q * $ $ 3 ) L Q D Q F L D O 0 H D V X U H V 7 U H Q F K * U R X S 2 Q 2 F W R E H U * ( 9 H U Q R Y D H Q W H U H G L Q W R D Q D J U H H P H Q W Z L W K 7 U L W R Q 3 D S S U R [ L P D W H O \ E L O O L R Q ( X U R V 7 U H Q F K * U R X S L V D J O R E D O G H Y H O R S H U P D Q X I D F W X U H U D Q H O H F W U L F D O F R P S R Q H Q W V L Q F O X G L Q J E X V K L Q J V L Q V W U X P H Q W W U D Q V I R U P H U V D Q G F R P D Q X I D F W X U L Q J V L W H V : H F X U U H Q W O \ H [ S H F W W R I X Q G W K H D F T X L V L W L R Q H T X D O O \ E H W V X E M H F W W R W K H F R P S O H W L R Q R I F X V W R P D U \ U H J X O D W R U \ D S S U R Y D O V 6 H H 3 D U W , , 3 U R O H F * ( 2 Q ) H E U X D U \ Z H F R P S O H W H G W K H D F T X L V L W L R Q R I W K H U H P D L Q L Q J V W D Y H Q W X U H Z L W K ; L J Q X [ : H S D L G F D V K F R Q V L G H U D W L R Q R I E L O O L R Q I R U W K L V D F T X L V $ P H U L F D Z L W K D S S U R [ L P D W H O \ H P S O R \ H H V - D F U R V V V H Y H Q P D Q X I D F W X U L Q J V L W H V L Q W K H $ P H U L F D V L Q F O X G L Q J I L Y H L Q W K H 8 6 , W S U R G X F H V D Z L G H Y D U L H W \ R I W U D Q V I R U P H U V D Q G W U D Q V I R U P H U F R P S R Q H Q W V I R U W K H J H Q H U D W L R Q L W V E U R D G W U D Q V I R U P H U V H U Y L F H V R I I H U L Q J 1 H W D V V H W V D Q G U H V X O W V R I R S H U D W L ) H E U X D U \ D Q G D U H U H S R U W H G Z L W K L Q W K H ( O H F W U L I L F D W L R Q V H J P H Q W $ V D U H V X H T X L W \ L Q W H U H V W W R I D L U Y D O X H Z L W K W K H U H V X O W L Q J S U H W D [ J D L Q R I E L O O L R Q & R Q V R O L G D W H G 6 W D W H P H Q W R I , Q F R P H / R V V G X U L Q J W K H I L U V W T X D U W H U R I / R Q J W H U P % R U U R Z L Q J V 2 Q ) H E U X D U \ Z H L V V X H G E L O O L R Q D J J U H J D W H S U L Q F L S D O D P R X Q E L O O L R Q D Q G E L O O L R Q G X H ) H E U X D U \ D Q G U H V S H F W L Y H O \ 7 K H S U R F H F R U S R U D W H S X U S R V H V L Q F O X G L Q J I L Q D Q F L Q J D S R U W L R Q R I W K H D F T X L V L W L R Q R I W K H 2 I I V K R U H : L Q G $ W 2 I I V K R U H : L Q G Z H F R Q W L Q X H W R H [ S H U L H Q F H S U H V V X U H U H O D W H G W R R X U R Q R X U H [ L V W L Q J E D F N O R J ’ X U L Q J W K H I L U V W T X D U W H U R I Z H V X F F H V V I X O O \ F R P S O H W H G W K H L Q 9 L Q H \ D U G : L Q G S U R M H F W D Q G K D Y H F R P P L V V L R Q H G V X E V W D Q W L D O O \ D O O Z L Q G W X U E L Q H W R E H F R P S O H W H G L Q H D U O , Q W K H W K L U G T X D U W H U R I Z H U H D F K H G F R P P H U F L D O U H V R O X W L R Q Z L W K R X U F X V W R 7 D U L I I V 7 K U R X J K R X W D Q G W K H 8 Q L W H G 6 W D W H V D Q G R W K H U F R X Q W U L H V L P S R V H G J O I X W X U H W D U L I I V Z L O O U H V X O W L Q D G G L W L R Q D O F R V W V W R X V 7 K H W R W D O H V W L P D W H G X Q G H U P L O O L R Q L Q D I W H U W D N L Q J L Q W R F R Q V L G H U D W L R Q F R Q W U D F W X D O S U R W H F W L R Q V D Q G P L W L J D W L D F W X D O L P S D F W V R I W D U L I I V P D \ E H V L J Q L I L F D Q W O \ G L I I H U H Q W W K D Q R X U F X U U H Q W H V D P R X Q W G X U D W L R Q D Q G V F R S H D Q G Q D W X U H R I W K H W D U L I I V F R X Q W H U P H D V X U H V W K D F R Q W U D F W X D O L P S O L F D W L R Q V % X V L Q H V V 8 Q L W 5 H D O L J Q P H Q W ( I I H F W L Y H - D Q X D U \ Z H U H D O L J Q H G W K H U H S R U W L Q J R I F H U W D L Q L Q I R U P D W L R Q S U H V H Q W H G Z L W K L Q W K L V U H S R U W F R Q I R U P V W R W K H Q H Z E X V L Q H V V X Q L à : L W K L Q R X U 3 R Z H U V H J P H Q W R X U 6 W H D P 3 R Z H U E X V L Q H V V X Q L W Z D V U H D O L J Q H G L Q W D G G L W L R Q D F R P S R Q H Q W R I R X U I R U P H U ( O H F W U L I L F D W L R Q 6 R I W Z D U H E X V L Q H V V X Q L à : L W K L Q R X U ( O H F W U L I L F D W L R Q V H J P H Q W Z H U H Y L V H G R X U * U L G 6 R O X W L R Q V E X V L Q H V * U L G 6 \ V W H P V , Q W H J U D W L R Q D Q G * U L G $ X W R P D W L R Q 6 R I W Z D U H , Q D G G L W L R Q D F R P X Q L W Z D V U H D O L J Q H G L Q W R * U L G $ X W R P D W L R Q 6 R I W Z D U H D Q G D Q R W K H U F R P S R Q H Q W à : L W K L Q R X U : L Q G V H J P H Q W Z H F R P E L Q H G R X U 2 Q V K R U H : L Q G D Q G / 0 : L Q G 3 R Z H U E X V L Q 4 ) 2 5 0 4
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7 5 ( 1 ’ 6 $ 1 ’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à ’ H P D Q G J U R Z W K I R U H O H F W U L F L W \ J H Q H U D W L R Q Ò 6 L 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Z H U J H Q H U D W L R Q D Q G W H Q H U J \ V R X U F H V à * U L G P R G H U Q L ] D W L R Q D Q G L Q Y H V W P H Q W Ò , Q F U H D V H G G H P D Q G D Q G W K H L Q W H J U D W L R Q R I D G Y D Q F H G J H Q Q H H G W R X S G D W H D J L Q J L Q I U D V W U X F W X U H Z L W K Q H Z J U L G L Q W H J U D W L R Q D Q G D X W R P à 5 H J X O D W R U \ D Q G S R O L F \ F K D Q J H V Ò * R Y H U Q P H Q W S R O L F L H V D Q G U H J X O D W L R Q V V X F K D V F D U E R Q S U L V X E V L G L H V I R U U H Q H Z D E O H H Q H U J \ W H F K Q R O R J L H V F D Q V L J Q L I L F D Q W O \ L P S D F W W K H F K D Q J H V D Q G D G D S W L Q J W R Q H Z F R P S O L D Q F H U H T X L U H P H Q W V L V F U X F L D O I R U P D L Q W D à ) L Q D Q F L D O D Q G L Q Y H V W P H Q W G \ Q D P L F V Ò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’ L O X W H G H D U Q L Q J V O R V V S I R U W K H W K U H H P R Q W K V H Q G H G 6 H S W H P E H U D Q L Q F U H D V H L Q G L O X W H G H D U Q L Q J V S H U V K D U H R I I R U W K H T X D U W H U & D V 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 Z H U H E L O O L R Q D Q G E L O O L R Q I R U W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U D Q G U H V S H F W L Y H O ) R U W K H W K U H H P R Q W K V H Q G H G 6 H S W H P E 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W D Q W L Y H S H Q D O W \ 6 H H 1 R W H L Q W K H 1 R W H V W R W K H F R Q V R O L G D W H G I L Q D Q F L D O V W D W H P H Q W V I R 5 3 2 6 H S W H P E H U ’ H F H P E H U 6 H S W H P E H U ( T X L S P H Q W 6 H U Y L F H V 7 R W D O 5 3 2 $ V R I 6 H S W H P E H U 5 3 2 L Q F U H D V H G E L O O L R Q I U R P ’ H F H P E H U S U L P D U L O \ D W 3 R Z H U G X H W R L Q F U H D V H V D W 3 R Z H U H T X L S P H Q W D Q G V H U Y L F H V D Q G L Q F U H D V H V D W 1 X F O H D U 3 R Z H U V H U Y L F H V S D U W D W ( O H F W U L I L F D W L R Q G X H W R W K H D F T X L V L W L R Q R I 3 U R O H F * ( R I E L O O L R Q D Q G G H P D Q G G H P D Q G I R U D O W H U Q D W L Q J F X U U H Q W V X E V W D W L R Q V R O X W L R Q V S D U W L D O O \ R I I V H W E \ G , Q W H J U D W L R Q S D U W L D O O \ R I I V H W D W : L Q G G X H W R D G H F U H D V H D W 2 I I V K R U H : L Q G D V Z H F R Q W L Q X H W R H [ H F X G X H W R D G H F U H D V H L Q R U G H U V S U L P D U L O \ 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D Q L F U H Y H Q X H V H [ F O X G H W K H H I I H F W V R I D F T X L V L W L R Q V G L V S R V L W L R Q V D Q G I R U L Q F U H D V H G E L O O L R Q R U J D Q L F H T X L S P H Q W U H Y H Q X H V L Q F U H D V H G E L O O L R Q D Q G R U J D Q L F V H U Y L F H V U H Y H Q X H V L Q F U H D V H G E L O O L R Q 2 U J D Q L F U H Y H Q X H V L Q F U H D V H G D W 3 R Z H U ( O H F W U L I L F D W L R Q D Q G : L Q G ) R U W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U W R W D O U H Y H Q X H V L Q F U H D V H G E L O O L R Q ( T X L S P H Q W U H Y H Q X H V L Q F U H D ( O H F W U L I L F D W L R Q S U L P D U L O \ G X H W R W K H D F T X L V L W L R Q R I 3 U R O H F * ( D Q G L Q F U H D V H G Y R O X P H L Q L Q F U H D V H G Y R O X P H L Q D O W H U Q D W L Q J F X U U H Q W V X E V W D W L R Q V R O X W L R Q V D Q G K L J K Y R L Q F U H D V H G Y R O X P H L Q S R Z H U V W D E L O L W \ D W 3 R Z H U & R Q Y H U V L R Q 6 W R U D J H D Q G D W 3 R Z H U G X H W R L Q F U H D V H V D W * D V 3 R Z H U I U R P K L J K H U $ H U R G H U L Y D W L Y H D Q G + H D Y \ ’ X W \ * D V 7 X U E L Q H G H O L Y H U L H V D Q G I D Y R U D E O H S U L F L Q J S U L P D U L O \ D W 2 Q V K R U H : L Q O R Z H U G H O L Y H U L H V S D U W L D O O \ R I I V H W E \ L Q F U H D V H V D W 2 I I V K R U H : L Q G G X H W R K L J K H R Z H U S U R M H F W X S G D W H V 6 H U Y L F H V U H Y H Q X H L Q F U H D V H G D W : L Q G G X H W R L Q F U H D V H V D W 2 Q V K R U H : L Q G I U R P K L J K H U W U D Q V D F W L R Q D W 3 R Z H U G X H W R L Q F U H D V H V D W I U R P K L J K H U Y R O X P H D Q G I D Y R U D E O H S U L F L Q J S D U W L D O O \ R I I V H W D W ( O H F W U L I L F D W L R Q 2 U J D Q L F U H Y H Q X H V H [ F O X G H W K H H I I H F W V R I D F T X L V L W L R Q V G L V S R V L W L R Q V D Q G I R U L Q F U H D V H G E L O O L R Q R U J D Q L F H T X L S P H Q W U H Y H Q X H V L Q F U H D V H G E L O O L R Q D Q G R U J D Q L F V H U Y L F H V U H Y H Q X H V L Q F U H D V H G E L O O L R Q 2 U J D Q L F U H Y H Q X H V L Q F U H D V H G D W 3 R Z H U D Q G ( O H F W U L I L F D W L R Q S D U W L D O O \ R I I V H W D W 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S ( $ 5 1 , 1 * 6 / 2 6 6 2 S H U D W L Q J L Q F R P H O R V V 1 H W L Q F R P H O R V V 1 H W L Q F R P H O R V V D W W U L E X W D E O H W R * ( 9 H U Q R Y D $ G M X V W H G ( % , 7 ’ $ ’ L O X W H G H D U Q L Q J V O R V V S H U V K D U H ) R U W K H W K U H H P R Q W K V H Q G H G 6 H S W H P E H U R S H U D W L Q J L Q F R P H O R V V Z D V E L O O L R Q D E L O O L R Q L Q F U H D V H S U L P D U L O \ G X H W D Q L Q F U H D V H L Q V H J P H Q W U H V X O W V D W 3 R Z H U R I E L O O L R Q S U L P D U L O \ D W * D V 3 R Z H U G X H W R I D Y R U D E O H S U L F L Q J D Q W K H L P S D F W R I L Q I O D W L R Q D W ( O H F W U L I L F D W L R Q R I E L O O L R Q S U L P D U L O \ D W 3 R Z H U 7 U D Q V P L V V L R Q G X H W R W K H D F T X S U R G X F W L Y L W \ D Q G I D Y R U D E O H S U L F H D Q G D W * U L G 6 \ V W H P V , Q W H J U D W L R Q G X H W R K L D Q G D W : L Q G R I E L O O L R Q S U L P D U L O \ D W 2 I I V K R U H : L Q G G X H W R O R Z H U S U R M H F W F R V W V D Q G D W 2 Q V K R U H : L Q G G X 2 Q V K R U H : L Q G V H U G X H W R K L J K H U W U D Q V D F W L R Q D O Y R O X P H S D U W L D O O \ R I I V H W E \ 2 Q V K R U H : L Q G H T X L S P H G 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 H [ S H Q V H D F U R V V D O O V H J P H Q W V R I E L O O L R Q G X H W R W K H D F T X L V L W L R Q R I 3 U R O H H [ S H Q G L W X U H V 1 H W L Q F R P H O R V V D Q G 1 H W L Q F R P H O R V V P D U J L Q Z H U H E L O O L R Q D Q G U H V S H F W L Y H O \ I R U W K H W K U H H P R Q W K V H Q G H G 6 H S W H P E H U D Q L Q F U H D V H R I E L O O L R Q D Q G U H V S H F W L Y H O \ I R U W K H T X D U W H U S U L P D U L O \ G X H W R D Q L Q F U H D V H L Q R S H U D W L Q J L Q F R P H O R V V R E L O O L R Q S D U W L D O O \ R I I V H W E \ D Q L Q F U H D V H L Q S U R Y L V L R Q I R U L Q F R P H W D [ H V R I E L O O L R Q $ G M X V W H G ( % , 7 ’ $ D Q G $ G M X V W H G ( % , 7 ’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’ $ D Q G $ G M X V W H G ( % , 7 ’ $ P D U J L Q Z H U H E L O O L R Q D Q G U H V S H F W L Y H O \ I R U W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U D Q L Q F U H D V H R I E L O O L R Q D Q G U H V S H F W L Y H O \ S U L P D U L O \ G U L Y H Q E \ L Q F U H D V H V L Q V H J P H Q W S D U W L D O O \ R I I V H W D W : L Q G 1 R Q * $ $ 3 ) L Q D Q F L D O 0 H D V X U H 4 ) 2 5 0 4
Slide 28 — 6 ( * 0 ( 1 7 2 3 ( 5 $ 7 , 2 1 6 6 H J P H Q W U H Y H Q X H V L Q F O X G H V D O H V R I H T X L S P H Q W D Q G V H U Y L F H V E \
6 ( * 0 ( 1 7 2 3 ( 5 $ 7 , 2 1 6 6 H J P H Q W U H Y H Q X H V L Q F O X G H V D O H V R I H T X L S P H Q W D Q G V H U Y L F H V E \ G H W H U P L Q H G E D V H G R Q S H U I R U P D Q F H P H D V X U H V X V H G E \ R X U & K L H I 2 S H U D W L Q J ’ H F L V L R D V V H V V W K H S H U I R U P D Q F H R I H D F K E X V L Q H V V L Q D J L Y H Q S H U L R G , Q F R Q Q H F W L R Q Z L W K F K D U J H V V X F K D V G 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 L P S D L U P H Q W V D Q G R W K H U P D W W H U V O R V V H V I U R P S X U F K D V H V D Q G V D O H V R I E X V L Q H V V L Q W H U H V W V & H U W D L Q F R U S R U D W H F R V W V L Q F O X G L Q J W K R V H U H O D E H Q H I L W V D Q G L Q I R U P D W L R Q W H F K Q R O R J \ , 7 D U H D O O R F D W H G W R R X U V H J P H Q W V E D V H 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S 6 8 0 0 $ 5 < 2 ) 5 ( 3 2 5 7 $ % / ( 6 ( * 0 ( 1 7 6 3 R Z H U ( O H F W U L I L F D W L R Q : L Q G ( O L P L Q D W L R Q V D Q G R W K H U 7 R W D O U H Y H Q X H V 6 H J P H Q W ( % , 7 ’ $ 3 R Z H U ( O H F W U L I L F D W L R Q : L Q G & R U S R U D W H D Q G R W K H U D $ G M X V W H G ( % , 7 ’ $ E D , Q F O X G H V R X U ) L Q D Q F L D O 6 H U Y L F H V E X V L Q H V V D Q G R W K H U J H Q H U D O F R U S R U D W H H [ S H S X E O L F F R P S D Q \ E 6 H H Ó 1 R Q * $ $ 3 ) L Q D Q F L D O 0 H D V X U H V I R U D G G L W L R Q D O L Q I R U P D W L R Q U H O D W H G W R $ G R W K H U I L Q D Q F L D O L Q F R P H F K D U J H V D Q G W K H E H Q H I L W I R U L Q F R P H W D [ H V R I ) L Q D Q F L E D V L V G X H W R W K H Q D W X U H R I L W V L Q Y H V W P H Q W V 3 2 : ( 5 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S 2 U G H U V L Q X Q L W V * D V 7 X U E L Q H V + H D Y \ ’ X W \ * D V 7 X U E L Q H V + $ 7 X U E L Q H V $ H U R G H U L Y D W L Y H V * D V 7 X U E L Q H * L J D Z D W W V 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S 6 D O H V L Q X Q L W V * D V 7 X U E L Q H V + H D Y \ ’ X W \ * D V 7 X U E L Q H V + $ 7 X U E L Q H V $ H U R G H U L Y D W L Y H V * D V 7 X U E L Q H * L J D Z D W W V 5 3 2 6 H S W H P E H U ’ H F H P E H U 6 H S W H P E H U ( T X L S P H Q W 6 H U Y L F H V 7 R W D O 5 3 2 5 3 2 D V R I 6 H S W H P E H U L Q F U H D V H G E L O O L R Q I U R P ’ H F H P E H U S U L P D U L O \ D W * D V 3 R Z H U G X H W R L H T X L S P H Q W D Q G V H U Y L F H V D Q G L Q F U H D V H V D W 1 X F O H D U 3 R Z H U V H U Y L F H V S D U W L D O O \ L Q F U H D V H E L O O L R Q I U R P 6 H S W H P E H U S U L P D U L O \ D W * D V 3 R Z H U G X H W R L Q F U H D V H V L Q H T X L S P H Q W 1 X F O H D U 3 R Z H U V H U Y L F H V D Q G H T X L S P H Q W 1 R Q * $ $ 3 ) L Q D Q F L D O 0 H D V X U H 4 ) 2 5 0 4
Slide 29 — ( / ( & 7 5 , ) , & $ 7 , 2 1
7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S 6 ( * 0 ( 1 7 5 ( 9 ( 1 8 ( 6 $ 1 ’ ( % , 7 ’ $ * D V 3 R Z H U 1 X F O H D U 3 R Z H U + \ G U R 3 R Z H U 7 R W D O V H J P H Q W U H Y H Q X H V ( T X L S P H Q W 6 H U Y L F H V 7 R W D O V H J P H Q W U H Y H Q X H V 6 H J P H Q W ( % , 7 ’ $ 6 H J P H Q W ( % , 7 ’ $ P D U J L Q ) R U W K H W K U H H P R Q W K V H Q G H G 6 H S W H P E H U V H J P H Q W U H Y H Q X H V Z H U H X S E L O O L R Q D Q G V H J P H Q W ( % , 7 ’ $ Z D V X S E L O O L R Q 6 H J P H Q W U H Y H Q X H V L Q F U H D V H G E L O O L R Q R U J D Q L F D O O \ S U L P D U L O \ D W * D V 3 R Z H U H T X L S P H Q W G X H W R K L J K H ’ X W \ * D V 7 X U E L Q H G H O L Y H U L H V D Q G I D Y R U D E O H S U L F L Q J 6 H J P H Q W ( % , 7 ’ $ L Q F U H D V H G E L O O L R Q R U J D Q L F D O O \ S U L P D U L O \ D W * D V 3 R Z H U G X H W R I D Y R U D E O H S U L F L Q J D W K H L P S D F W R I L Q I O D W L R Q ) R U W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U V H J P H Q W U H Y H Q X H V Z H U H X S E L O O L R Q D Q G V H J P H Q W ( % , 7 ’ $ Z D V X S E L O O L R Q 6 H J P H Q W U H Y H Q X H V L Q F U H D V H G E L O O L R Q R U J D Q L F D O O \ S U L P D U L O \ D W * D V 3 R Z H U H T X L S P H Q W G X H W R K L J K H ’ X W \ * D V 7 X U E L Q H G H O L Y H U L H V D Q G I D Y R U D E O H S U L F L Q J D Q G L Q F U H D V H V D W 1 X F O H D U 6 H J P H Q W ( % , 7 ’ $ L Q F U H D V H G E L O O L R Q R U J D Q L F D O O \ S U L P D U L O \ D W * D V 3 R Z H U G X H W R I D Y R U D E O H S U L F L S U R G X F W L Y L W \ S D U W L D O O \ R I I V H W E \ W K H L P S D F W R I L Q I O D W L R Q D Q G D G G L W L R Q D O H [ S 3 R Z H U ( / ( & 7 5 , ) , & $ 7 , 2 1 5 3 2 6 H S W H P E H U ’ H F H P E H U 6 H S W H P E H U ( T X L S P H Q W 6 H U Y L F H V 7 R W D O 5 3 2 5 3 2 D V R I 6 H S W H P E H U L Q F U H D V H G E L O O L R Q I U R P ’ H F H P E H U S U L P D U L O \ G X H W R W K H D F T X L V L W U R O H F * ( R I E L O O L R Q D Q G G H P D Q G I R U V Z L W F K J H D U D Q G W U D Q V I R U P H U V D W 3 R Z H U 7 U D Q V P L V V L R Q S D U W L D O O \ R I I V H W E \ G H F U H D V H V L Q K L J K Y R O W D J H G L U H F W F X U U H Q W V R O X W L R Q V D W * L Q F U H D V H G E L O O L R Q I U R P 6 H S W H P E H U S U L P D U L O \ G X H W R W K H D F T X L V L W L R Q R I 3 U R O H F * ( R I E L O O L R Q D Q G G H 7 U D Q V P L V V L R Q G H P D Q G I R U D O W H U Q D W L Q J F X U U H Q W V X E V W D W L R Q V R O X W L R Q V I O H [ L E F X U U H Q W V R O X W L R Q V D W * U L G 6 \ V W H P V , Q W H J U D W L R Q D Q G V \ Q F K U R Q R X V F R Q G H Q V H U V 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S 6 ( * 0 ( 1 7 5 ( 9 ( 1 8 ( 6 $ 1 ’ ( % , 7 ’ $ 3 R Z H U 7 U D Q V P L V V L R Q * U L G 6 \ V W H P V , Q W H J U D W L R Q 3 R Z H U & R Q Y H U V L R Q 6 W R U D J H * U L G $ X W R P D W L R Q 6 R I W Z D U H 7 R W D O V H J P H Q W U H Y H Q X H V ( T X L S P H Q W 6 H U Y L F H V 7 R W D O V H J P H Q W U H Y H Q X H V 6 H J P H Q W ( % , 7 ’ $ 6 H J P H Q W ( % , 7 ’ $ P D U J L Q ) R U W K H W K U H H P R Q W K V H Q G H G 6 H S W H P E H U V H J P H Q W U H Y H Q X H V Z H U H X S E L O O L R Q D Q G V H J P H Q W ( % , 7 ’ $ Z D V X S E L O O L R Q 6 H J P H Q W U H Y H Q X H V L Q F U H D V H G E L O O L R Q R U J D Q L F D O O \ S U L P D U L O \ D W * U L G 6 \ V W H P V , Q W H J U D W L R Q D O W H U Q D W L F X U U H Q W V X E V W D W L R Q V R O X W L R Q V D Q G K L J K Y R O W D J H G L U H F W F X U U H Q W V R O X W L R Q V D Q G D W 3 R Z H U 7 U D Q V P L V V L R Q G X H W R L Q F U H D D Q G W U D Q V I R U P H U V 1 R Q * $ $ 3 ) L Q D Q F L D O 0 H D V X U H 4 ) 2 5 0 4
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6 H J P H Q W ( % , 7 ’ $ L Q F U H D V H G E L O O L R Q R U J D Q L F D O O \ S U L P D U L O \ D W * U L G 6 \ V W H P V , Q W H J U D W L R Q G D Q G D W 3 R Z H U 7 U D Q V P L V V L R Q G X H W R K L J K H U Y R O X P H S U R G X F W L Y L W \ D Q G I D Y R U D E O H S U L F H ) R U W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U V H J P H Q W U H Y H Q X H V Z H U H X S E L O O L R Q D Q G V H J P H Q W ( % , 7 ’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’ $ L Q F U H D V H G E L O O L R Q R U J D Q L F D O O \ S U L P D U L O \ D W 3 R Z H U 7 U D Q V P L V V L R Q G X H W R I D Y R U D E O H S U L F H D Q G D W * U L G 6 \ V W H P V , Q W H J U D W L R Q G X H W R K L J K H U Y R O X P H : , 1 ’ 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S 2 Q V K R U H D Q G 2 I I V K R U H : L Q G R U G H U V L Q X Q L W V : L Q G 7 X U E L Q H V 5 H S R Z H U 8 Q L W V : L Q G 7 X U E L Q H D Q G 5 H S R Z H U 8 Q L W V * L J D Z D W W V 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S 2 Q V K R U H D Q G 2 I I V K R U H : L Q G V D O H V L Q X Q L W V : L Q G 7 X U E L Q H V 5 H S R Z H U 8 Q L W V : L Q G 7 X U E L Q H D Q G 5 H S R Z H U 8 Q L W V * L J D Z D W W V 5 3 2 6 H S W H P E H U ’ H F H P E H U 6 H S W H P E H U ( T X L S P H Q W 6 H U Y L F H V 7 R W D O 5 3 2 5 3 2 D V R I 6 H S W H P E H U G H F U H D V H G E L O O L R Q I U R P ’ H F H P E H U D Q G G H F U H D V H G E L O O L R Q I U R P 6 H S W H P E H U S U L P D U L O \ G X H W R D G H F U H D V H D W 2 I I V K R U H : L Q G D V Z H F R Q W L Q X H W R H [ H F X W H R Q R U G H U V S U L P D U L O \ L Q 1 R U W K $ P H U L F D 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S 6 ( * 0 ( 1 7 5 ( 9 ( 1 8 ( 6 $ 1 ’ ( % , 7 ’ $ 2 Q V K R U H : L Q G 2 I I V K R U H : L Q G 7 R W D O V H J P H Q W U H Y H Q X H V ( T X L S P H Q W 6 H U Y L F H V 7 R W D O V H J P H Q W U H Y H Q X H V 6 H J P H Q W ( % , 7 ’ $ 6 H J P H Q W ( % , 7 ’ $ P D U J L Q ) R U W K H W K U H H P R Q W K V H Q G H G 6 H S W H P E H U V H J P H Q W U H Y H Q X H V Z H U H X S E L O O L R Q D Q G V H J P H Q W ( % , 7 ’ $ Z D V X S E L O O L R Q 6 H J P H Q W U H Y H Q X H V L Q F U H D V H G E L O O L R Q R U J D Q L F D O O \ S U L P D U L O \ D W 2 Q V K R U H : L Q G V H U Y L F H V G X H W R L Q F D W 2 I I V K R U H : L Q G G X H W R K L J K H U G H O L Y H U L H V D Q G O R Z H U S U R M H F W X S G D W H V S D U W L D 6 H J P H Q W ( % , 7 ’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’ $ Z D V G R Z Q E L O O L R Q 6 H J P H Q W U H Y H Q X H V G H F U H D V H G E L O O L R Q R U J D Q L F D O O \ S U L P D U L O \ D W 2 Q V K R U H : L Q G H T X L S P H Q W G X H W R O R L Q F U H D V H V D W 2 Q V K R U H : L Q G V H U Y L F H V G X H W R L Q F U H D V H G W U D Q V D F W L R Q D O Y R O X P H G H O L Y H U L H V D Q G O R Z H X S G D W H V 6 H J P H Q W ( % , 7 ’ $ G H F U H D V H G E L O O L R Q R U J D Q L F D O O \ S U L P D U L O \ D W 2 Q V K R U H : L Q G G X H W R O R Z H U S D U W L D O O \ R I I V H W E \ O R Z H U F R V W V D Q G K L J K H U W U D Q V D F W L R Q D O Y R O X P H D W 2 Q V K R U H V H U Y L F H V D Q G W K H L P S D F W R I W D U L I I U : L Q G 1 R Q * $ $ 3 ) L Q D Q F L D O 0 H D V X U H 4 ) 2 5 0 4
Slide 31 — 2 7 + ( 5 , 1 ) 2 5 0 $ 7 , 2 1
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V D F W L R Q D O Y R O X P H S L Q 1 R U W K $ P H U L F D 7 K H L Q F U H D V H L Q J U R V V S U R I L W I R U W K H \ H D U Z D V G X H W R L Q F U H D V D E R Y H S D U W L D O O \ R I I V H W D W : L Q G G X H W R O R Z H U H T X L S P H Q W G H O L Y H U L H V D W 2 Q V K R U Y R O X P H D W 2 Q V K R U H : L Q G V H U Y L F H V D Q G W K H L P S D F W R I W D U L I I U H F R Y H U L H V D W 2 Q V K 6 H O O L Q J * H Q H U D O D Q G $ G P L Q L V W U D W L Y H 6 H O O L Q J J H Q H U D O D Q G D G P L Q L V W U D W L Y H F R V W V Z H U H E L O O L R Q D Q G E L O O L R Q I R U W K H W K U H H P R Q W K V H Q G H G D Q G E L O O L R Q D Q G E L O O L R Q I R U W K H Q L Q H P R Q W K V H Q G H G D Q G F R P S U L V H G D Q G R I U H Y H Q X H V I R U W K H W K U H H P R Q W K V H D Q G D Q G R I U H Y H Q X H V I R U W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U D Q G U H V S H F W L Y H O \ 6 H O O L Q J J H Q H U D O D Q G D G P L Q L V W U D W L Y H F R V W V L Q F U 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X U F R Q V R O L G D W H G I L Q , Q ’ H F H P E H U W K H ) $ 6 % L V V X H G $ 6 8 1 R $ F F R X Q W L Q J I R U * R Y H U Q P H Q W * U D Q W V 5 V W D Q G D U G H V W D E O L V K H V J X L G D Q F H R Q W K H U H F R J Q L W L R Q P H D V X U H P H Q W D Q G S U H V H Q $ 6 8 L V H I I H F W L Y H I R U I L V F D O \ H D U V E H J L Q Q L Q J D I W H U ’ H F H P E H U : H D U H F X U U H Q W R X U F R Q V R O L G D W H G I L Q D Q F L D O V W D W H P H Q W V & 5 , 7 , & $ / $ & & 2 8 1 7 , 1 * ( 6 7 , 0 $ 7 ( 6 7 R S U H S D U H R X U F R Q V R O L G D W H G I L Q D Q F L D O V W D W H P H Q W V L P D N H V H V W L P D W H V D Q G D V V X P S W L R Q V W K D W P D \ D I I H F W W K H U H S R U W H G D P R X Q W V R I R X R I W K H G D W H R I R X U I L Q D Q F L D O V W D W H P H Q W V D Q G W K H U H S R U W H G D P R X Q W V R I R X U U H U H V X O W V P D \ G L I I H U I U R P W K H V H H V W L P D W H V : H F R Q V L G H U H V W L P D W H V W R E H F U L W L F P D W W H U V W 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’ H W H U P L Q L Q J W K H I D L U Y D O X H R I D V V H W V D F T X L U H G D Q G O L D E L O L W L H V D V V X P H G U H T X Y D O X D W L R Q P H W K R G R O R J L H V H V W L P D W H V R I I X W X U H U H Y H Q X H F R V W V D Q G F D V K I O R Z F R P S D Q L H V : H H Q J D J H W K L U G S D U W \ Y D O X D W L R Q V S H F L D O L V W V W R D V V L V W L Q F R Q F O X G I D L U Y D O X H V R I D V V H W V D F T X L U H G D Q G O L D E L O L W L H V D V V X P H G L Q D E X V L Q H V V F R P E L Q D F T X L V L W L R Q U H O D W H G L Q W D Q J L E O H D V V H W V L P S D F W W K H D P R X Q W D Q G W L P L Q J R I I X W X 7 K H V H H V W L P D W H V D U H L Q K H U H Q W O \ X Q F H U W D L Q D Q G X Q S U H G L F W D E O H D Q G L I G L I I H U H F R X O G E H D O O R F D W H G W R W K H D F T X L U H G D V V H W V D Q G O L D E L O L W L H V G L I I H U H Q W O \ I U R P D Q G F L U F X P V W D Q F H V P D \ R F F X U Z K L F K P D \ D I I H F W W K H D F F X U D F \ R U Y D O L G L W \ R I V X F K U H F R U G D F K D U J H D J D L Q V W W K H Y D O X H D V F U L E H G W R D Q D F T X L U H G D V V H W D Q L Q F U H D V L P S D L U P H Q W R I V R P H R U D O O R I W K H J R R G Z L O O 6 H H 1 R W H L Q W K H 1 R W H V W R W K H F R Q V 1 2 1 * $ $ 3 ) , 1 $ 1 & , $ / 0 ( $ 6 8 5 ( 6 7 K H Q R Q * $ $ 3 I L Q D Q F L D O P H D V X U H V S U H V H Q W H G L Q W K L V 4 X D U W H U O \ 5 H S R U W R Q ) R U P 4 D U H V X S S O H P H Q W D O P H D V X U H V R I R X U S H U I R U P D Q F H D Q G R X U O L T X L G L W \ W K D W Z H E H O L H Y H U H V X O W V D Q G D V V H V V R X U I X W X U H S U R V S H F W V : H E H O L H Y H W K D W S U H V H Q W L Q J W K H V H * $ $ 3 I L Q D Q F L D O P H D V X U H V D U H L P S R U W D Q W V X S S O H P H Q W D O P H D V X U H V W K D W H [ F O X G H X Q U H O D W H G W R R X U F R U H R S H U D W L Q J U H V X O W V D Q G W K H R Y H U D O O K H D O W K R I R X U F R P L Q Y H V W R U V J U H D W H U W U D Q V S D U H Q F \ W R W K H L Q I R U P D W L R Q X V H G E \ P D Q D J H P H Q W I R U L U H V X O W V Ú W K U R X J K W K H H \ H V R I P D Q D J H P H Q W Û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’ $ $ 1 ’ ( % , 7 ’ $ 0 $ 5 * , 1 % < 6 ( * 0 ( 1 7 1 2 1 * $ $ 3 5 H Y H Q X H D 6 H J P H Q W ( % , 7 ’ $ 6 H J P H Q W ( % , 7 ’ $ P D U 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 9 9 9 S W V 3 R Z H U * $ $ 3 S W V / H V V $ F T X L V L W L R Q V Ó Ó Ó Ó / H V V % X V L Q H V V G L V S R V L W L R Q V Ó Ó Ó Ó / H V V ) R U H L J Q F X U U H Q F \ H I I H F W 3 R Z H U R U J D Q L F 1 R Q * $ $ 3 ) S W V ( O H F W U L I L F D W L R Q * $ $ 3 S W V / H V V $ F T X L V L W L R Q V / H V V % X V L Q H V V G L V S R V L W L R Q V Ó Ó / H V V ) R U H L J Q F X U U H Q F \ H I I H F W ( O H F W U L I L F D W L R Q R U J D Q L F 1 R Q * $ $ 3 S W V : L Q G * $ $ 3 ) S W V / H V V $ F T X L V L W L R Q V Ó Ó Ó Ó / H V V % X V L Q H V V G L V S R V L W L R Q V Ó Ó Ó Ó / H V V ) R U H L J Q F X U U H Q F \ H I I H F W : L Q G R U J D Q L F 1 R Q * $ $ 3 ) S W V D , Q F O X G H V L Q W H U V H J P H Q W V D O H V R I P L O O L R Q D Q G P L O O L R Q I R U W K H W K U H H P R Q W K V H Q G H G 6 H S W H P E H U D Q G U H V S H F W L Y H O 6 H H 1 R W H L Q W K H 1 R W H V W R W K H F R Q V R O L G D W H G I L Q D Q F L D O V W D W H P H Q W V I R U I X U W K H 4 ) 2 5 0 4
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2 5 * $ 1 , & 5 ( 9 ( 1 8 ( 6 ( % , 7 ’ $ $ 1 ’ ( % , 7 ’ $ 0 $ 5 * , 1 % < 6 ( * 0 ( 1 7 1 2 1 * $ $ 3 5 H Y H Q X H D 6 H J P H Q W ( % , 7 ’ $ 6 H J P H Q W ( % , 7 ’ $ P D U 1 L Q H P R Q W K V H Q G H G 6 H S W H P E H U 9 9 9 S W V 3 R Z H U * $ $ 3 S W V / H V V $ F T X L V L W L R Q V Ó Ó / H V V % X V L Q H V V G L V S R V L W L R Q V Ó Ó Ó Ó / H V V ) R U H L J Q F X U U H Q F \ H I I H F W 3 R Z H U R U J D Q L F 1 R Q * $ $ 3 S W V ( O H F W U L I L F D W L R Q * $ $ 3 ) S W V / H V V $ F T X L V L W L R Q V / H V V % X V L Q H V V G L V S R V L W L R Q V / H V V ) R U H L J Q F X U U H Q F \ H I I H F W ( O H F W U L I L F D W L R Q R U J D Q L F 1 R Q * $ $ 3 S W V : L Q G * $ $ 3 S W V / H V V $ F T X L V L W L R Q V Ó Ó Ó Ó / H V V % X V L Q H V V G L V S R V L W L R Q V Ó Ó Ó Ó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Ó / H V V ) R U H L J Q F X U U H Q F \ H I I H F W 2 U J D Q L F U H Y H Q X H V 1 R Q * $ $ 3 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H S W ( 4 8 , 3 0 ( 1 7 $ 1 ’ 6 ( 5 9 , & ( 6 2 5 * $ 1 , & 5 ( 9 ( 1 8 ( 6 1 2 1 * $ $ 3 9 9 7 R W D O H T X L S P H Q W U H Y H Q X H V * $ $ 3 / H V V $ F T X L V L W L R Q V Ó Ó / H V V % X V L Q H V V G L V S R V L W L R Q V Ó Ó Ó Ó / H V V ) R U H L J Q F X U U H Q F \ H I I H F W ( T X L S P H Q W R U J D Q L F U H Y H Q X H V 1 R Q * $ $ 3 7 R W D O V H U Y L F H V U H Y H Q X H V * $ $ 3 / H V V $ F T X L V L W L R Q V / H V V % X V L Q H V V G L V S R V L W L R Q V Ó / H V V ) R U H L J Q F X U U H Q F \ H I I H F W 6 H U Y L F H V R U J D Q L F U H Y H Q X H V 1 R Q * $ $ 3 : H E H O L H Y H W K D W $ G M X V W H G ( % , 7 ’ $ D Q G $ G M X V W H G ( % , 7 ’ $ P D U J L Q Z K L F K D U H D G M X V W L W H P V W K D W D U H Q R W F O R V H O \ D V V R F L D W H G Z L W K R Q J R L Q J R S H U D W L R Q V S U R Y L G H P D Q S H U I R U P D Q F H W K D W L Q F U H D V H W K H S H U L R G W R S H U L R G F R P S D U D E L O L W \ E \ K L J K O L J K W L Q S U R I L W D E L O L W \ I D F W R U V : H E H O L H Y H $ G M X V W H G R U J D Q L F ( % , 7 ’ $ D Q G $ G M X V W H G R U J D Q Z K H Q F R Q V L G H U H G Z L W K $ G M X V W H G ( % , 7 ’ $ D Q G $ G M X V W H G ( % , 7 ’ $ P D U J L Q D P R U H F R P S O D Q G W U H Q G V R I H V W D E O L V K H G R Q J R L Q J R S H U D W L R Q V E \ I X U W K H U H [ F O X G L Q J W K H H I I H F L Q F O X G H V W U D Q V O D W L R Q D O D Q G W U D Q V D F W L R Q D O L P S D F W V D V W K H V H D F W L Y L W L H V F D D G G L W L R Q D O L Q V L J K W L Q W R K R Z R X U E X V L Q H V V H V D U H S H U I R U P L Q J R Q D Q R U P D O L ] H G E $ G M X V W H G ( % , 7 ’ $ P D U J L Q D Q G $ G M X V W H G R U J D Q L F ( % , 7 ’ $ P D U J L Q V K R X O G Q R W E H F R Q V X Q D I I H F W H G E \ W K H L W H P V I R U Z K L F K W K H P H D V X U H V D G M X V W 1 R Q * $ $ 3 ) L Q D Q F L D O 0 H D V X U H 4 ) 2 5 0 4
Slide 36 — 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U
7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H $ ’ - 8 6 7 ( ’ ( % , 7 ’ $ $ 1 ’ $ ’ - 8 6 7 ( ’ ( % , 7 ’ $ 0 $ 5 * , 1 1 2 1 * $ $ 3 9 9 1 H W L Q F R P H O R V V * $ $ 3 ) ) $ G G 5 H V W U X F W X U L Q J D Q G R W K H U F K D U J H V $ G G * D L Q V O R V V H V R Q S X U F K D V H V D Q G V D O H V R I E X V L Q H V V L Q W H U H V W V D $ G G 6 H S D U D W L R Q F R V W V E $ G G 1 R Q R S H U D W L Q J E H Q H I L W L Q F R P H $ G G ’ 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 F $ G G , Q W H U H V W D Q G R W K H U I L Q D Q F L D O L Q F R P H F K D U J H V Ò Q H W G H $ G G 3 U R Y L V L R Q E H Q H I L W I R U L Q F R P H W D [ H V H $ G M X V W H G ( % , 7 ’ $ 1 R Q * $ $ 3 ) ) 1 H W L Q F R P H O R V V P D U J L Q * $ $ 3 S W V S W V $ G M X V W H G ( % , 7 ’ $ P D U J L Q 1 R Q * $ $ 3 S W V S W V D , Q F O X G H V D S U H W D [ J D L Q R I P L O O L R Q L Q W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U V W D N H L Q 3 U R O H F * ( I U R P ; L J Q X [ D V D U H V X O W R I W K H U H P H D V X U H P H Q W R I R X U S U H Y L P L O O L R Q I R U W K H L P S D F W R I D I D L U Y D O X H D G M X V W P H Q W W R 3 U R O H F * ( L Q Y H Q W R U H Q G H G 6 H S W H P E H U , Q F O X G H V D S U H W D [ J D L Q R I P L O O L R Q U H O D W H G W R W K H V H J P H Q W L Q W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U $ O V R L Q F O X G H V X Q U H D O L ] H & K L Q D ; ’ ( O H F W U L F & R / W G Z K L F K Z H V R O G W K H U H P D L Q G H U R I L Q D Q G Z D V U H F R Z K L F K L V S D U W R I 2 W K H U L Q F R P H H [ S H Q V H Q H W 6 H H 1 R W H I R U I X U W K H U L Q I R U P D E & R V W V L Q F X U U H G L Q W K H V H S D U D W L R Q I U R P * ( L Q F O X G L Q J V \ V W H P L P S O H P H Q W D W L R R Q H W L P H F R V W V F ( [ F O X G H V G 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 H [ S H Q V H U H O D W H G W R 5 H V W U X F W X U L Q L Q F O X G H G L Q ( T X L W \ P H W K R G L Q Y H V W P H Q W L Q F R P H O R V V Z K L F K L V S D U W R I 2 W K H U G & R Q V L V W V R I L Q W H U H V W D Q G R W K H U I L Q D Q F L D O F K D U J H V Q H W R I L Q W H U H V W L Q F R P R S H U D W L R Q V S U L P D U L O \ Z L W K F X V W R P H U V H ( [ F O X G H V L Q W H U H V W L Q F R P H H [ S H Q V H R I ] H U R D Q G ] H U R D Q G S U R Y L V L R Q E H Q H I L W P L O O L R Q D Q G ] H U R I R U W K H W K U H H P R Q W K V H Q G H G 6 H S W H P E H U D Q G U H V S H F W L Y H O \ D V Z H O O D V H [ F O X G H V L Q W H U H V W L Q F R P P L O O L R Q D Q G S U R Y L V L R Q E H Q H I L W I R U L Q F R P H W D [ H V R I P L O O L R Q D Q G P L O O L R Q I R U W K H Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U D Q G U H V S H F W L Y U H O D W H G W R R X U ) L Q D Q F L D O 6 H U Y L F H V E X V L Q H V V Z K L F K E H F D X V H R I W K H Q D W X U H R 7 K U H H P R Q W K V H Q G H G 6 H S W H P E H U 1 L Q H P R Q W K V H Q G H G 6 H $ ’ - 8 6 7 ( ’ 2 5 * $ 1 , & ( % , 7 ’ $ $ 1 ’ $ ’ - 8 6 7 ( ’ 2 5 * $ 1 , & ( % , 7 ’ $ 0 $ 5 * , 1 1 2 1 * $ $ 3 9 9 $ G M X V W H G ( % , 7 ’ $ 1 R Q * $ $ 3 ) ) / H V V $ F T X L V L W L R Q V / H V V % X V L Q H V V G L V S R V L W L R Q V Ó / H V V ) R U H L J Q F X U U H Q F \ H I I H F W $ G M X V W H G R U J D Q L F ( % , 7 ’ $ 1 R Q * $ $ 3 ) $ G M X V W H G ( % , 7 ’ $ P D U J L Q 1 R Q * $ $ 3 S W V S W V $ G M X V W H G R U J D Q L F ( % , 7 ’ $ P D U J L Q 1 R Q * $ $ 3 S W V S W V 6 H H Ó & D S L W D O 5 H V R X U F H V D Q G / L T X L G L W \Û I R U G L V F X V V L R Q R I I U H H F D V K I O R Z 1 R Q * $ $ 3 ) L Q D Q F L D O 0 H D V X U H 4 ) 2 5 0 4
Slide 37 — , 7 ( 0 4 8 $ 1 7 , 7 $ 7 , 9 ( $ 1 ’ 4 8 $ / , 7 $ 7 , 9 ( ’ , 6 & / 2 6 8 5 ( 6 $ % 2 8 7 0 $ 5 . ( 7 5 , 6 .
, 7 ( 0 4 8 $ 1 7 , 7 $ 7 , 9 ( $ 1 ’ 4 8 $ / , 7 $ 7 , 9 ( ’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’ L V F O R V X U H V W K H I L V F D O \ H D U H Q G H G ’ H F H P E H U I R U P R U H L Q I R U P D W L R Q D E R X W I R U H L J Q H [ F K D Q , 7 ( 0 & 2 1 7 5 2 / 6 $ 1 ’ 3 5 2 & ( ’ 8 5 ( 6 ( Y D O X D W L R Q R I ’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× V R S H U D W L R Q V I U R P W K H V F R S H R I R X F R Q W U R O R Y H U I L Q D Q F L D O U H S R U W L Q J I R U W K H \ H D U H Q G L Q J ’ H F H P E H U L Q D F F R U G 6 X F K J X L G D Q F H S H U P L W V P D Q D J H P H Q W W R R P L W D Q D V V H V V P H Q W R I D Q D F T X L U H G E X V L Q P D Q D J H P H Q W× V D V V H V V P H Q W R I L Q W H U Q D O F R Q W U R O R Y H U I L Q D Q F L D O U H S R U W L Q J I R U D 2 W K H U W K D Q W K R V H G L V F X V V H G L Q W K H S U H F H G L Q J V H Q W H Q F H V Q R F K D Q J H L Q W K H & R P S D Q \× V L Q G X U L Q J W K H T X D U W H U H Q G H G 6 H S W H P E H U W K D W P D W H U L D O O \ D I I H F W H G R U L V U H D V R Q D E O \ O L N H O \ W F R Q W U R O R Y H U I L Q D Q F L D O U H S R U W L Q J 4 ) 2 5 0 4
Slide 38 — 3 $ 5 7 , ,
3 $ 5 7 , , , 7 ( 0 / ( * $ / 3 5 2 & ( ( ’ , 1 * 6 6 H H 1 R W H L Q W K H 1 R W H V W R W K H F R Q V R O L G D W H G I L Q D Q F L D O V W D W P D W W H U V , 7 ( 0 $ 5 , 6 . ) $ & 7 2 5 6 : H D U H V X E M H F W W R D Q X P E H U R I U L V N V W K D W F R X O G P D W H U L D O O \ D R S H U D W L R Q V F D V K I O R Z V I L Q D Q F L D O F R Q G L W L R Q D Q G R U I X W X U H S U R V S H F W V L Q F O X G 5 H S R U W R Q ) R U P . I R U W K H I L V F D O \ H D U H Q G H G ’ H F H P E H U , 7 ( 0 8 1 5 ( * , 6 7 ( 5 ( ’ 6 $ / ( 6 2 ) ( 4 8 , 7 < 6 ( & 8 5 , 7 , ( 6 $ 1 ’ 8 6 ( 2 ) 3 5 2 & ( ( ’ 6 2 Q ’ H F H P E H U Z H D Q Q R W K D W W K H % R D U G R I ’ L U H F W R U V K D G D X W K R U L ] H G D Q L Q F U H D V H R I R X U U H S X U F K D V H S U E L O O L R Q R I F R P P R Q V W R F N U H S X U F K D V H S U L R U D X W K R U L ] D W L R Q R I E L O O L R Q Z K L F K Z D V D Q Q R X Q F H G R Q ’ H F H P E H U 2 Q 2 F W R E H U Z H D Q ’ L U H F W R U V I X U W K H U L Q F U H D V H G R X U V K D U H U H S X U F K D V H D X W K R U L ] D W L R Q W R E L O O R U G L V F R Q W L Q X H G D W D Q \ W L P H D Q G G R H V Q R W K D Y H D Q H [ S L U D W L R Q G D W H : H U H S X U F P L O O L R Q V K D U H V I R U P L O O L R Q G X U L Q J W K H W K P R Q W K V H Q G H G 6 H S W H P E H U X Q G H U W K L V D X W K R U L ] D W L R Q 7 K H I R O O R Z L Q J W D E O H V X P P D U L ] H V W K H V K D U H U H S X U F K D V H D F W L Y L W \ I R U W K H W K U H H 6 H S W H P E H U 7 R W D O Q X P E H U R I V K D U H V S X U F K D V H G L Q W K R X V D Q G V $ Y H U D J H S U L F H S D L G S H U V K D U H 7 R W D O Q X P E H U R I V K D U H V S X U F K D V H G D V S D U W R I R X U V K D U H U H S X U F K D V H S U R J U D P L Q W K R X V D Q G V $ S S U R [ L P D W H G R Y D O X H R I V K D U H P D \ \ H W E H S X U F K D V H G X Q G V K D U H U H S X U F S U R J U D P L Q P L O O L R Q V - X O \ $ X J X V W 6 H S W H P E H U 7 R W D O , 7 ( 0 ’ ( ) $ 8 / 7 6 8 3 2 1 6 ( 1 , 2 5 6 ( & 8 5 , 7 , ( 6 1 R Q H , 7 ( 0 0 , 1 ( 6 $ ) ( 7 < ’ , 6 & / 2 6 8 5 ( 6 1 R W D S S O L F D E O H , 7 ( 0 2 7 + ( 5 , 1 ) 2 5 0 $ 7 , 2 1 ’ L U H F W R U D Q G 2 I I L F H U 7 U D G L Q J $ U U D Q J H P H Q W V 1 R Q H R I R X U G L U H F W R U V R U R I I L F H U V D V G H I L Q H G L Q 5 X O H $ F W D G R S W H G R U W H U P L Q D W H G D 5 X O H E W U D G L Q J D U U D Q J H P H Q W R U D G R S W H G R U W H U P L Q D W H G D Q G H I L Q H G L Q , W H P F R I 5 H J X O D W L R Q 6 . G X U L Q J W K H W K U H H P R Q W K V H Q G H G 6 H S W H P E H U ’ L V F O R V X U H S U R Y L G H G S X U V X D Q W W R , W H P R I ) R U P . 2 W K H U ( Y H Q W V 2 Q 2 F W R E H U * ( 9 H U Q R Y D , Q F W K H Ú & L Q W R D 6 D O H D Q G 3 X U F K D V H $ J U H H P H Q W W K H Ú $ J U H H P H Q WÛ Z L W K 7 U L W R Q 3 D U W Q H U V W R I R U D S S U R [ L P D W H O \ E L O O L R Q W K H Ú 3 X U F K D V H 3 U L F HÛ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
Slide 39 — , 7 ( 0
, 7 ( 0 ( ; + , % , 7 6 6 H S D U D W L R Q D Q G ’ L V W U L E X W L R Q $ J U H H P H Q W G D W H G $ S U L O E \ D Q G E H W Z H H Q * L Q F R U S R U D W H G E \ U H I H U H Q F H W R ( [ K L E L W R I W K H U H J L V W U D Q W× V & X U U H Q W 5 H S R U W Þ & H U W L I L F D W H R I , Q F R U S R U D W L R Q L Q F R U S R U D W H G E \ U H I H U H Q F H W R ( [ K L E L W R I W K R Q $ S U L O ) L O H 1 R % \ O D Z V L Q F R U S R U D W H G E \ U H I H U H Q F H W R ( [ K L E L W R I W K H U H J L V W U D Q W× V & X U U H Q ) L O H 1 R 5 H V L J Q D W L R Q $ J U H H P H Q W Z L W K . H Q Q H W K 3 D U N V I L O H G K H U H Z L W K Þ 2 I I H U / H W W H U Z L W K & O D L U H 0 F ’ R Q R X J K I L O H G K H U H Z L W K & H U W L I L F D W L R Q S X U V X D Q W W R 5 X O H V D D R U G D X Q G H U W K H 6 H F X U L W L H V ( & H U W L I L F D W L R Q S X U V X D Q W W R 5 X O H V D D R U G D X Q G H U W K H 6 H F X U L W L H V 6 H F W L R Q F H U W L I L F D W L R Q I X U Q L V K H G K H U H Z L W K 7 K H I R O O R Z L Q J P D W H U L D O V I U R P * ( 9 H U Q R Y D , Q F × V 4 X D U W H U O \ 5 H S R U W R Q ) R U P 4 I R U W K H T X D U W H U H Q G H G 6 H S W H P E H U I R U P D W W H G L Q ; % 5 / H ; W H Q V L E O H % X V L Q H V V 5 H S R U W L Q J / D Q J X D J H L & R Q V R O L G D W H G W K U H H D Q G Q L Q H P R Q W K V H Q G H G 6 H S W H P E H U D Q G L L & R Q V R O L G D W H G 6 W D W H P H Q W R I ) L Q D Q F L D O 3 R V L W L R Q D W 6 H S W H P E H U D Q G ’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’ D W D ) L O H I R U P D W W H G D V , Q O L Q H ; % 5 / D Q G F R Q W D L Q H G Þ & H U W D L Q S R U W L R Q V R I W K L V H [ K L E L W K D Y H E H H Q U H G D F W H G S X U V X D Q W W R , W H P D S S O L F D E O H 7 K H & R P S D Q \ D J U H H V W R I X U Q L V K V X S S O H P H Q W D O O \ D Q X Q U H G D F W H G U H T X H V W & H U W D L Q V F K H G X O H V D Q G H [ K L E L W V W R W K L V D J U H H P H Q W K D Y H E H H Q R P L W W H G & R P S D Q \ D J U H H V W R I X U Q L V K V X S S O H P H Q W D O O \ D F R S \ R I D Q \ R P L W W H G V F K H G X O H 0 D Q D J H P H Q W F R Q W U D F W R U F R P S H Q V D W R U \ S O D Q R U D U U D Q J H P H Q W 4 ) 2 5 0 4
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6 , * 1 $ 7 8 5 ( 6 3 X U V X D Q W W R W K H U H T X L U H P H Q W V R I W K H 6 H F X U L W L H V ( [ F K D Q J H $ F W R I W K H U H J L V E \ W K H X Q G H U V L J Q H G W K H U H X Q W R G X O \ D X W K R U L ] H G 2 F W R E H U V 0 D W W K H Z - 3 R W Y L Q ’ D W H 0 D W W K H Z - 3 R W Y L Q 9 L F H 3 U H V L G H Q W & R Q W U R O O H U D Q G & K L H I $ F F R X Q W L Q J 2 I I L F H U 3 U L Q F L S D O $ F F R X Q W L Q J 2 I I L F H U 4 ) 2 5 0 4