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GE Vernova — gev webcast 10q 07222026 (company IR deck)
GE Vernova (GEV) · 40 slides · Filed Oct 21, 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 - X Q H 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 - X Q H
Slide 2 — 7 $ % / ( 2 ) & 2 1 7 ( 1 7 6
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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× H Q H U J \ D Q G V X V W D L Q D E L O L W \ J R D O V 2 X U L Q V W D O O H G E D V H J H Q H U D W H V D D Q G V H U Y L F H S R Z H U V \ V W H P V W R K H O S R X U F X V W R P H U V H O H F W U L I \ W K H L U R S H U D W L R Q V U H O L D E L O L W \ D Q G U H V L O L H Q F \ D Q G Q D Y L J D W H W K H H Q H U J \ W U D Q V L W L R Q W K U R X J K O L P V H U Y L F H V W K D W Z H G H O L Y H U L V G L Y H U V L I L H G D F U R V V W H F K Q R O R J \ W \ S H V D Q G L V D G D S : H U H S R U W W K U H H E X V L Q H V V V H J P H Q W V W K D W D U H D O L J Q H G Z L W K W K H Q D W X U H R I H T X L ( O H F W U L I L F D W L R Q D Q G : L Q G : L W K L Q R X U V H J P H Q W V 3 R Z H U L Q F O X G H V J D V Q X F O H D U D 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 ( O H F W U L I L F D W L R Q L Q F O X G H D Q G V W R U D J H D Q G J U L G 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 R U F K H V W U D W L R Q R I 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 L Q F O X V L Y H R I R Q V K R U H D Q G R I I V K R U H Z L Q G W X U E L Q H V D Q G E O D G H V 2 X U F R U S R U D W H K H D G T X D U W H U V L V O R F D W H G D W & K D U O H V 6 W U H H W & D P E U L G J H 0 D V V 2 X U Z H E V L W H D G G U H V V L V Z Z Z J H Y H U Q R Y D F R P 2 X U $ Q Q X D O 5 H S R U W R Q ) R U P . 5 H S R U W V R Q ) R U P . D Q G D P H Q G P H Q W V W R W K R V H U H S R U W V I L O H G R U I X U Q L V K H G S X U V X R I D V D P H Q G H G W K H ( [ F K D Q J H $ F W D U H D Y D L O D E O H Z L W K R X W F K D U J H R Q R X U Z H E H O H F W U R Q L F D O O \ I L O H G Z L W K R U I X U Q L V K H G W R W K H 6 ( & , Q I R U P D W L R Q F R Q W D L Q H G R L V Q R W L Q F R U S R U D W H G L Q W R W K L V 4 X D U W H U O \ 5 H S R U W R Q ) R U P 4 R U D Q \ R W K H U I L O L Q J V Z H P D N H Z L W K W K H 6 ( & 2 X U Z Z Z J H Y H U Q R Y D F R P L Q Y H V W R U V F R Q W D L Q V D V L J Q L I L F D Q W D P R X Q W R I L Q I R U P D W L R Q D E L Q Y H V W R U V : H H Q F R X U D J H L Q Y H V W R U V W R Y L V L W W K L V Z H E V L W H I U R P W L P H W R W L P H 4 ) 2 5 0 4
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 - X Q H 6 L [ P R Q W K V H Q G H G - X Q , 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 - X Q H ’ 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 - X Q H 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 - X Q H 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 ( ’ 6 L [ P R Q W K V H Q G H G - X Q H , 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 Ó , 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 - X Q H 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 - X Q H 6 L [ P R Q W K V H Q G H G - X Q , 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 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 - X Q H % D O D Q F H V D V R I $ S U L 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 % 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 - X Q H 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 ( ’ & R P P R Q V W R F N , Q P L O O L R Q V & R P P R Q V K D U H V R X W V W D Q G L Q J 3 D U Y D O X H $ 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 $ 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 Q H W ( T X L W \ D W W U L E X W D E O H W Q 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 \ % 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 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 - X Q H % 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 - X Q H 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 8 6 * $ $ 3 K D Y H E H H Q F R Q G H Q V H G R 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 $ / ( ’ X U L Q J W K H I L U V W T X D U W H U R I Z H F R P S O H W H G W K H V D O H R I W P D Q X I D F W X U L Q J V R I W Z D U H E X V L Q H V V 3 U R I L F \ Z L W K L Q R X U * U L G $ X W R P D W L R Q 6 R I W Z D Q H W F D V K S U R F H H G V R I P L O O L R Q V X E M H F W W R F X V W R P D U \ Z R U N L Q J F D S L W D O D Q G R W K H U S R V W F O R V W D [ J D L Q R I P L O O L R Q D I W H U W D [ J D L Q R I P L O O L R Q 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 L Q R X U / R V V 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 $ G G L W L R Q D O O \ G X U L Q J W K H I L U V W T X D U W H U R I Z H F R P S O H W H G W K H V D O H R I W K H L D P H U F K D Q W W U D Q V P L V V L R Q I D F L O L W \ Z L W K L Q R X U * D V 3 R Z H U E X V L Q H V V , Q F R Q Q H F W L R Q Z L W K W K H G L V S R V L W L R Q Z H U H F P L O O L R Q V X E M H F W W R F X V W R P D U \ Z R U N L Q J F D S L W D O D Q G R W K H U S R V W F O R V H D G M X V W P H P L O O L R Q D I W H U W D [ J D L Q R I P L O O L R Q 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 L Q R X U & R Q V R O L G D W H G 4 ) 2 5 0 4
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 $ / ( - X Q H ’ 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 - X Q H ’ 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 V L [ P R Q W K V H Q G H G - X Q H D Q G F R Q V L V W V R I W 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 - X Q H ’ 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 - X Q H ’ 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
’ 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 U H O D W H G 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 Z D P L O O L R Q D Q G P L O O L R Q L Q W K H W K U H H P R Q W K V H Q G H D Q G P L O O L R Q D Q G P L O O L R Q L Q W K H V L [ P R Q W K V H Q G H G - X Q H D Q G U H V S H F W L Y H O \ 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 $ 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 $ O O R W K H U O L D E L O L W L H V L Q R X U & R Q V R O L G D W 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 Z H U H P L O O L R Q D Q G P L O O L R Q D V R I - X Q H D Q G ’ H F H P E H U U H V S H F W L Y H O \ ( [ S 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 U P I L [ H G 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 V L [ P R Q W K V H Q G H G - X Q H D Q G U H V S H F W L Y H O \ 2 X U I L Q D Q F H O H 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 D Q F L D P L O O L R Q D Q G P L O O L R Q D V R I - X Q H 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 ’ 2 7 + ( 5 , 1 7 $ 1 * , % / ( $ 6 6 ( 7 6 $ F T X L V L W L R Q V 2 Q ) H E U X D U \ * ( 9 H U Q R Y D 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 V W D N H R I 3 U R O H F * ( R X U I R U X Q F R Q V R O L G D W H G M R L Q W Y H Q W X U H Z L W K ; L J Q X [ L Q H [ F K D Q J H I R U F D V K F R Q V L G H U D W L R P L O O L R Q 3 U R O H F * ( L V D Q H O H F W U L F L Q G 1 R U W K $ 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 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 F R P S O H P H Q W H G E \ 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 7 K H D F T X L V L W L R Q L Q F P D U N H W 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 R Q V R I 3 U R O H F * ( D U H L Q F O X G H G L Q R X 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 O W R I W K L V D F T X L V L W L R Q Z H U H P H U H V X O W L Q J S U H W D [ J D L Q R I P L O O L R Q U H F R J Q L ] H G Z L W K L Q 2 W K H U L Q F R P H H [ S H Q V H Ò Q H W L Q R X U & R Q G X U L Q J W K H I L U V W 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 D V V X P H G F R Q W U R O 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 F R Q V R O L G D W H G U H V X O W V 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 V L [ P R Q W K V H Q G H G - X Q 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 U H O L P L Q D U \ 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 L D E L O L W L H V 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 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 U H O L P L Q D U \ 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 U H O L P L Q D U \ 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 ’ X U L Q J W K H W K U H H P R Q W K V H Q G H G - X Q H 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 : H 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 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 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 - X Q H Z H U 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 \ 7 K H 4 ) 2 5 0 4
Slide 14 — 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 (
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 R U W L ] D 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 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 D Q G V L [ P R Q W K V H Q G H G - X Q H U H V S H F W L Y H O \ 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 7 R W D O % D O D Q F H D V R I - D Q X D U \ $ 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 % D O D Q F H D V R I - X Q H : 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×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’ 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 V L [ P R Q W K V H Q G H G - X Q H S U L P D U L O \ G X H W R W K H W L P L 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 L Q F U H D V H G P L O O L R Q L Q W K H V L [ P R Q W K V H Q G H G - X Q H 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 L Y H G L Q H [ 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 L Q F U H D V H G S U L P D U L O \ G X H W R U H Y H Q X H V U H F R J P L O O L R Q S D U W L D O O \ R I I V H W E \ E L O O L Q J V R I 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 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 V L [ P R Q W K V H Q G H G - X Q H 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 - X Q H 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 ’ 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 ( - X Q H 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 ’ 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 4 ) 2 5 0 4
Slide 15 — 1 2 7 ( & 8 5 5 ( 1 7 $ 1 ’ $ / / 2 7 + ( 5 $ 6 6 ( 7 6
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 - X Q H 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 H G 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 H U H 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 U H P D L Q L Q J S H U I R U P D Q F H R E O L J D W L R Q 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 V L [ P R Q W K V H Q G H G - X Q H S U L P D U L O \ 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 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 $ O O R W K H U D V V H W V S U L P D U W H U P U H F H L Y D E O H V V H H 1 R W H S H Q V L R Q V X U S O X V W D [ H V U H F H L Y D E O H D Q G S U H S D L G W D [ H V D Q G G H P L O O L R Q L Q W K H V L [ P R Q W K V H Q G H G - X Q H 1 2 7 ( ( 4 8 , 7 < 0 ( 7 + 2 ’ , 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 - X Q H 6 L [ P R Q W K V H Q G H G - X Q - X Q H ’ 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