Inferra AI / Company / H.TO / Slides
Hydro One — pdf Third Quarter Report 2026.pdf (company IR deck)
Hydro One (H.TO) · 38 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All H.TO deck slides
Slide 1 — 7 K L U G 4 X D U W H U
7 K L U G 4 X D U W H U 5 H S R U W
Slide 2 — 7 K L U G T X D U W H U
7 K L U G T X D U W H U K L J K O L J K W V $ G M X V W H G ( % , 7 ’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
Slide 3 — . H \ G H Y H O R S P H Q W V
. H \ G H Y H O R S P H Q W V Ú + \ G U R× V W K L U G T X D U W H U U H V X O W V U H I O H F W V W U R Q J R S H U D W L R Q D O S H U I R U P D Q F H D P S O L I L H G E \ 1 R U Z H J L D Q V P H O W H U V \ V W H P F R P E L Q H G Z L W K V W U R Q J S U L F L Q J W K U R X J K R X W W K H T X D U W H U G U R Y H Q D E O H V X V W R F D S W X U H P R U H R I W K H X S V L G H Z K H Q P D U N H W V D U H V W U R Q J D Q G P R U H L P S R U W D Q 3 U H V L G H Q W D Q G & ( 2 R I + \ G U R 6 R O L G U H V X O W V D Q G V W U R Q J S H U I R U P D Q F H + \ G U R× V D G M X V W H G ( % , 7 ’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’ D Q G Q H J D W L Y H S U L F H D U H D G L I I H U H Q F H V L Q ( Q H U J \ + \ G U R G H O L Y H U H G V W U R Q J S U R I L W D E L O L W \ L Q W K H T X D U W H U Z L W K D G M X V W H G H D U Q L Q J V S H U V K D U H L Q F U H D V L Q J I U R P 1 2 . L Q W K H W K L U G T X D U W H U R I W R 1 2 . L Q W K H W K L U G T X D U W H U R I ) U H H F D V K I O R Z Z D V 1 2 . E L O O L R Q D V V W U R Q J D G M X V W H G ( % , 7 ’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’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× V V R O X W L R Q V L Q W K H L U S U R G X F W O L Q H V + \ G U R U H D F K H G D Q L P S R U W D Q W P L O H V W R Q H L Q W K H G H Y W H F K Q R O R J \ E \ S U R G X F L Q J D O X P L Q L X P I R U W K H I L U V W W H O H F W U R O \ V L V W H F K Q R O R J \ E H \ R Q G O D E R U D W R U \ V F D O H L P S R U W D Q W V W H S W R Z D U G + \ G U R× V O R Q J W H U P D P E L W L R I U R P H O H F W U R O \ V L V D Q G D Q R G H S U R G X F W L R Q ) X U W K H U W H F K Q R O R J \ G H Y H O R S P H Q W U H P D L Q E H I R U H D Q \ S R W H Q W ( Q R Y D D Z D U G H G 1 2 . P L O O L R Q L Q I X Q G L Q J W R V X S S R U W D Q G S O D Q Q L Q J R I D Q L Q G X V W U L D O F R Q F H S W S L O R W ’ X U L Q J W K H T X D U W H U 6 O R Y D O F R E H J D Q W K H U H V W D U W I R O O R Z L Q J W K H D J U H H P H Q W D Q Q R X Q F H G L Q - X O \ R Q O R Q Z L W K W K H 6 O R Y D N J R Y H U Q P H Q W 7 K H U H V W D U W F R P P H Q F W K H U H W X U Q R I F D S D F L W \ F X U W D L O H G G X U L Q J W K H ( X U I L U V W S K D V H W D U J H W V D Q D Q Q X D O S U R G X F W L R Q F D S D F L R I ) H E U X D U \ 7 K H U H V W D U W U H I O H F W V W K H L P S R U W D S U H G L F W D E O H U H J X O D W R U \ I U D P H Z R U N V D Q G H I I H F W L Y P D L Q W D L Q L Q J D Q G U H E X L O G L Q J ( X U R S H V L Q G X V W U L D O 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 4 — 3 H U I R U
3 H U I R U P D Q F H U H Y L H Z 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 5 — . H \ I L Q D Q F L D O V
. H \ I L Q D Q F L D O V + \ G U R× V D G M X V W H G ( % , 7 ’ $ I R U W K H W K L U G T X D U W H U R I Z D V 1 2 . P L O O L R Q X S I U R P 1 2 . P L O O L R Q L Q W K H V D P H T X D U W H U O D V W \ H D U + L J K H U D O O L Q P H W D O S U L F H V D Q G K L J K H U D O X P L Q D S U L F H V F R Q W U L E X W H G S R V L W L Y H O \ L Q W K H T X D U W H U D O R Q J Z L W K L P S U R Y H G H D U Q L Q J V L Q 5 H F \ F O L Q J D Q G ( [ W U X V L R Q V 7 K H V W U R Q J S H U I R U P D Q F H Z D V S D U W L D O O \ R I I V H W E \ K L J K H U D Q R G H D Q G H Q H U J \ F R V W V L Q $ O X P L Q L X P 0 H W D O L Q F U H D V H G H Q H U J \ F R V W V L Q % D X [ L W H $ O X P L Q D G X H W R J D V V X S S O \ G L V U X S W L R Q V D V W U R Q J H U 1 2 . Y V 8 6 ’ D Q G Q H J D W L Y H S U L F H D U H D G L I I H U H Q F H V L Q ( Q H U J \ & R P S D U H G W R W K H V H F R Q G T X D U W H U R I + \ G U R× V D G M X V W H G ( % , 7 ’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× V Q H W G H E W G H F U H D V H G I U R P 1 2 . E L O O L R Q W R 1 2 . E L O O L R Q G X U L Q J W K H W K L U G T X D U W H U R I 7 K H Q H W G H E W G H F U H D V H Z D V P D L Q O \ G X H W R S R V L W L Y H ( % , 7 ’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’ $ r | $ G M X V W P H Q W V W R ( % , 7 ’ $ y | ! ! $ G M X V W H G ( % , 7 ’ $ y | $ G M X V W H G ( % , 7 ’ $ + \ G U R % D X [ L W H $ O X P L Q D + \ G U R ( Q H U J \ + \ G U R $ O X P L Q L X P 0 H W D O ! + \ G U R 0 H W D O 0 D U N H W V ! + \ G U R ( [ W U X V L R Q V 2 W K H U D Q G H O L P L Q D W L R Q V ! ! $ G M X V W H G ( % , 7 ’ $ y | ( D U Q L Q J V E H I R U H I L Q D Q F L D ( % , 7 $ G M X V W H G ( % , 7 y | 1 H W L Q F R P H O R V V ! $ G M X V W H G Q H W L Q F R P H O R V V y | ! ( D U Q L Q J V S H U V K D U H ! $ G M X V W H G H D U Q L Q J V S H U V K D U H y | ! ) L Q D Q F L D O G D W D , Q Y H V W P H Q W V y | r | 1 H W G H E W y | $ G M X V W H G Q H W G H E W y | $ O W H U Q D W L Y H S H U I R U P D Q F H P H D V X U H V $ 3 0 V D U H G H V F U L E H G L Q W K H F R U U H V S R Q G L Q J V H F W L R Q L Q W K H E D F N R I W K H U H S R U W ( % , 7 ( % , 7 ’ $ D Q G L Q Y H V W P H Q W V S H U V H J P H Q W D U H V S H F L I L H G L Q Q R W H 2 S H U D W L Q J V H J P H Q W L Q I R U P D W L R Q 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 6 — $ G M X V W L Q J L W H P V W R ( % , 7 ’ $ ( % , 7 D Q G Q H W L Q F R P H
$ G M X V W L Q J L W H P V W R ( % , 7 ’ $ ( % , 7 D Q G Q H W L Q F R P H , Q D G G L W L R Q W R W K H I D F W R U V G L V F X V V H G D E R Y H U H S R U W H G H D U Q L Q J V E H I R U H I L Q D Q F L D O L W H P V D Q G W D [ ( % , 7 D Q G Q H W L Q F R P H L Q F O X G H H I I H F W V W K D W D U H E H O R Z W D E O H $ G M X V W L Q J L W H P V W R ( % , 7 ’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’ $ r | , P S D L U P H Q W F K D U J H V $ G M X V W L Q J L W H P V W R ( % , 7 r | 1 H W I R U H L J Q H [ F K D Q J H J D L Q O R V V D Q G R W K H U & D O F X O D W H G L Q F R P H W D [ H I I H F W $ G M X V W L Q J L W H P V W R Q H W L Q F R P H $ G M X V W H G L Q F R P H O R V V W D [ U D W H 1 2 . P L O O L R Q 7 K L U G T X D U W H U 7 K L U G T X D U W H U 6 H F R Q G T X D U W H U ) L U V W P R Q W K V ) L U V W P R Q W K V < H D U 1 H J D W L Y H I L J X U H V L Q G L F D W H U H Y H U V D O R I D J D L Q D Q G S R V L W L Y H I L J X U H V L Q G L F D W H U H Y H U V D O R I D O R V V 7 K H Y D U L R X V H I I H F W V D U H G H V F U L E H G L Q W K H $ 3 0 V H F W L R Q L Q W K H E D F N R I W K H U H S R U W . H \ D G M X V W L Q J L W H P V 1 H W L Q F R P H O R V V D P R X Q W H G W R 1 2 . P L O O L R Q L Q W K H W K L U G T X D U W H U R I 1 H W L Q F R P H O R V V L Q F O X G H G X Q U H D O L ] H G G H U L Y D W L Y U H O D W H G F R Q W U D F W V R I 1 2 . P L O O L R Q H Q Y L U R Q P H Q W U D W L R Q D O L ] D W L R Q F K D U J H V D Q G F O R V X U H F R V W V R I 1 2 F K D U J H V R Q I L [ H G D V V H W V R I 1 2 . P L O O L R Q 7 K H W D [ H D G M X V W P H Q W V U H I O H F W H G D V W D Q G D U G L ] H G W D [ U D W H G H G X F W L E O H O R V V H V $ G M X V W H G Q H W L Q F R P H O R V V I R 1 2 . P L O O L R Q $ G M X V W L Q J L W H P V W R ( % , 7 ’ $ 1 2 . P L O O L R Q 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 7 —
0 D U N H W G H Y H O R S P H Q W 7 K H 3 O D W W V D O X P L Q D L Q G H [ 3 $ ; D Y H U D J H G 8 6 ’ S H U P W L Q W K H W K L U G T X D U W H U F R P S D U H G W R 8 6 ’ S H U P W L Q W K H V H F R Q G T X D U W H U 3 $ ; Z D V S H U F H Q W O R Z H U F R P S D U H G W R W K H W K L U G T X D U W H U 8 6 ’ S H U P W 3 $ ; W U D G H G X S W K U R X J K R X W W K H W K L U G T X D U W H U W R 8 6 ’ S H U P W D W W K H H Q G R Q W K H T X D U W H U G L Y H U J L Q J I U R P & K L Q H V H D O X P L Q D S U L F H V P R Y L Q J G R Z Q ’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×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’ S H U P W & , ) L Q W K H S H U L R G X Q G H U U H Y L H Z S H U F H Q W E H O R Z W K H F R U U H V S R Q G L Q J S H U L R G O D V W \ H D U 8 6 ’ S H U P W 3 O D W W V 3 $ ; G H Y H O R S P H Q W 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U + \ G U R % D X [ L W H $ O X P L Q D $ G M X V W H G ( % , 7 ’ $ 1 2 . P L O O L R Q $ O X P L Q D S U R G X F W L R Q N P W $ G M X V W H G ( % , 7 ’ $ 1 2 . P L O O L R Q
Slide 8 — + \ G U R % D X [ L W H $ O X P L Q D
+ \ G U R % D X [ L W H $ O X P L Q D I L Q D Q F L D O D Q G R S H U D W L R Q D O L Q I R U P D W L R Q 7 K L U G T X D U W H U 7 K L U G T X D U W H U & K D Q J H S U L R U \ H D U T X D U W H U 6 H F R Q G T X D U W H U & K D Q J H S U L R U T X D U W H U ) L U V W P R Q W K V ) L U V W P R Q W K V < H D U ( % , 7 ’ $ 1 2 . P L O O L R Q y | $ G M X V W H G ( % , 7 ’ $ 1 2 . P L O O L R Q y | $ G M X V W H G ( % , 7 1 2 . P L O O L R Q y | ! $ O X P L Q D S U R G X F W L R Q N P W 6 R X U F H G D O X P L Q D N P W 7 R W D O D O X P L Q D V D O H V N P W 5 H D O L ] H G D O X P L Q D S U L F H 8 6 ’ P W r | % D X [ L W H S U R G X F W L R Q N P W s |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’ $ $ G M X V W H G ( % , 7 ’ $ I R U % D X [ L W H $ O X P L Q D G F R P S D U H G W R W K H W K L U G T X D U W H U R I O D V P L O O L R Q I U R P 1 2 . P L O O L R Q P D L Q O \ G U L D O X P L Q D V D O H V S U L F H V Q D W X U D O J D V V X U H V X O W L Q J L Q K L J K H U / 1 * V R X U F L Q J F R V W % 5 / 8 6 ’ H [ F K D Q J H U D W H H I I H F W V 7 K L V Z D V E \ O R Z H U U D Z P D W H U L D O F R V W V D Q G O R Z H & R P S D U H G W R W K H V H F R Q G T X D U W H U R I ( % , 7 ’ $ G H F O L Q H G W R 1 2 . P L O O L R Q I U R P 1 P L O O L R Q P D L Q O \ G U L Y H Q E \ Q D W X U D O J D V V X S S U H T X L U L Q J V S R W / 1 * S X U F K D V H V D Q G O R Z H I R O O R Z L Q J U H G X F H G U H I L Q H U \ S U R G X F W L R $ G M X V W H G ( % , 7 ’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’ $ 1 2 . P L O O L R Q 3 R Z H U S U R G X F W L R Q * : K $ G M X V W H G ( % , 7 ’ $ 1 2 . P L O O L R Q
Slide 10 — + \ G U R ( Q H U J \ I L Q D Q F L D O D Q G R S H U D W L R Q D O L Q I R U P D W L R Q
+ \ G U R ( Q H U J \ I L Q D Q F L D O D Q G R S H U D W L R Q D O L Q I R U P D W L R Q 7 K L U G T X D U W H U 7 K L U G T X D U W H U & K D Q J H S U L R U \ H D U T X D U W H U 6 H F R Q G T X D U W H U & K D Q J H S U L R U T X D U W H U ) L U V W P R Q W K V ) L U V W P R Q W K V < H D U ( % , 7 ’ $ 1 2 . P L O O L R Q y | $ G M X V W H G ( % , 7 ’ $ 1 2 . P L O O L R Q y | $ G M X V W H G ( % , 7 1 2 . P L O O L R Q y | 3 R Z H U S U R G X F W L R Q * : K ( [ W H U Q D O S R Z H U V R X U F L Q J * : K , Q W H U Q D O F R Q W U D F W V D O H V * : K ( [ W H U Q D O F R Q W U D F W V D O H V * : K 1 H W V S R W V D O H V S X U F K D V H * : K ! $ O W H U Q D W L Y H S H U I R U P D Q F H P H D V X U H V $ 3 0 V D U H G H V F U L E H G L Q W K H F R U U H V S R Q G L Q J V H F W L R Q L Q W K H E D F N R I W K H U H S R U W $ G M X V W H G ( % , 7 ’ $ $ G M X V W H G ( % , 7 ’ $ I R U ( Q H U J \ G H F U H D V H G L T X D U W H U F R P S D U H G W R W K H V D P H S H U L R G P L O O L R Q I U R P 1 2 . P L O O L R Q 7 K H G H F U P D L Q O \ G X H W R D O R V V R Q S U L F H D U H D G L I W R D J D L Q L Q W K H V D P H S H U L R G O D V W \ H D & R P S D U H G W R W K H S U H Y L R X V T X D U W H U D G G H F U H D V H G V R P H Z K D W W R 1 2 . P L O O L R Q P L O O L R Q 7 K H G H F U H D V H L V G X H W R P D U J L S U R G X F W L R Q D Q G V R P H Z K D W K L J K H U O R V V G L I I H U H Q F H V 2 W K H U F K D Q J H V K D G D O L P L V W U R Q J H U F R P P H U F L D O U H V X O W V O D U J H O \ K L J K H U S U R G X F W L R Q F R V W V $ G M X V W H G ( % , 7 ’ $ I R U W K H I L U V W Q L Q H P R Q G H F U H D V H G F R P S D U H G W R W K H V D P H S H U L R 1 2 . P L O O L R Q I U R P 1 2 . P L O O L R Q 7 K L P D L Q O \ G X H W R D O R V V R Q S U L F H D U H D G L I W R D J D L Q L Q W K H V D P H S H U L R G O D V W \ H D S U R G X F W L R Q V O L J K W O \ R I I V H W E \ K L J K H U 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
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0 D U N H W G H Y H O R S P H Q W 7 K H 0 L G G O H ( D V W F U L V L V F R Q W L Q X H G W R D I I H F W W K H D O X P L Q L X P P D U N H W D Q G S U L F H V G X U L Q J W K H W K L U G T X D U W H U ) R O O R Z L Q J L Q G L F D W L R Q V W K D W W K H F R Q I O L F W P L J K W E H Q H D U L Q J D Q H Q G D W W K H H Q G R I W K H V H F R Q G T X D U W H U W H Q V L R Q V L Q F U H D V H G D J D L Q L Q W K H W K L U G T X D U W H U G L U H F W O \ F R Q W U L E X W L Q J W R K L J K H U D O X P L Q L X P S U L F H V 7 K U R X J K R X W W K H T X D U W H U W K H P D U N H W W U D G H G L Q D U D Q J H E H W Z H H Q 8 6 ’ S H U P W D Q G 8 6 ’ S H U P W & R Q V H T X H Q W O \ W K H W K U H H P R Q W K D O X P L Q L X P S U L F H L Q F U H D V H G V O L J K W O \ W K U R X J K R X W W K H W K L U G T X D U W H U R I V W D U W L Q J W K H T X D U W H U D W 8 6 ’ S H U P W D Q G H Q G L Q J D W 8 6 ’ S H U P W ( X U R S H D Q G X W \ S D L G V W D Q G D U G L Q J R W S U H P L X P V H Q G H G W K H W K L U G T X D U W H U D W 8 6 ’ S H U P W F R P S D U H G W R 8 6 ’ S H U P W D W W K H H Q G R I W K H V H F R Q G T X D U W H U 7 K H 8 6 0 L G Z H V W S U H P L X P G H F U H D V H G I U R P 8 6 ’ S H U P W D W W K H E H J L Q Q L Q J R I W K H T X D U W H U W R 8 6 ’ S H U P W D W W K H H Q G R I W K H T X D U W H U 6 K D Q J K D L ) X W X U H V ( [ F K D Q J H 6 + ) ( S U L F H V L Q F U H D V H G E \ 8 6 ’ S H U P W I U R P V W D U W R I W K H T X D U W H U W R W K H H Q G H Q G L Q J D W 8 6 ’ S H U P W $ Y H U D J H I R U W K H T X D U W H U Z D V X S 8 6 ’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’ $ 1 2 . P L O O L R Q 3 U L P D U \ D O X P L Q L X P S U R G X F W L R Q N P W $ G M X V W H G ( % , 7 ’ $ 1 2 . P L O O L R Q
Slide 12 — + \ G U R $ O X P L Q L X P 0 H W D O I L Q D Q F L D O D Q G R S H U D W L R Q D O L Q I R U P D W L R Q
+ \ G U R $ O X P L Q L X P 0 H W D O I L Q D Q F L D O D Q G R S H U D W L R Q D O L Q I R U P D W L R Q 7 K L U G T X D U W H U 7 K L U G T X D U W H U & K D Q J H S U L R U \ H D U T X D U W H U 6 H F R Q G T X D U W H U & K D Q J H S U L R U T X D U W H U ) L U V W P R Q W K V ) L U V W P R Q W K V < H D U ( % , 7 ’ $ 1 2 . P L O O L R Q r | ! $ G M X V W H G ( % , 7 ’ $ 1 2 . P L O O L R Q r | ! $ G M X V W H G ( % , 7 ’ $ L Q F O X G L Q J 4 D W D O X P S U R U D W D 1 2 . P L O O L R Q y | s | ! $ G M X V W H G ( % , 7 1 2 . P L O O L R Q r | ! 5 H D O L ] H G D O X P L Q L X P S U L F H / 0 ( 8 6 ’ P W r | 5 H D O L ] H G D O X P L Q L X P S U L F H / 0 ( 1 2 . P W r | 5 H D O L ] H G S U H P L X P D E R Y H / 0 ( 8 6 ’ P W s | ! 5 H D O L ] H G S U H P L X P D E R Y H / 0 ( 1 2 . P W s | 5 H D O L ] H G 8 6 ’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’ $ 1 2 . P L O O L R Q r | $ G M X V W H G ( % , 7 1 2 . P L O O L R Q r | ! 1 H W L Q F R P H O R V V 1 2 . P L O O L R Q $ G M X V W H G 1 H W L Q F R P H O R V V 1 2 . P L O O L R Q r |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’ $ D V L I 4 D W D O X P Z H U H S U R S R U W L R Q D O O \ F R Q V R O L G D W H G L Q Z K L F K 6 K D U H R I W K H S U R I L W O R V V L Q H T X L W \ D F F R X Q W H G L Q Y ( % , 7 ’ $ 5 H D O L ] H G D O X P L Q L X P S U L F H V O D J W K H / 0 ( S U L F H G H Y H O R S P H Q W V E \ D S S U R [ L P D W H O \ P R Q W K V , Q F O X G H V S U L F L Q J H I I H F W V I U R P / 0 ( V W U D W H J L F K H G J L Q J S U R J U D P Z K L F K D U H L Q F O X G H G L Q E $ Y H U D J H U H D O L ] H G S U H P L X P D E R Y H / 0 ( I R U F D V W K R X V H V D O H V I U R P $ O X P L Q L X P 0 H W D O $ G M X V W H G ( % , 7 ’ $ $ G M X V W H G ( % , 7 ’ $ I R U $ O X P L Q L X P 0 H W D O L Q W K L U G T X D U W H U R I F R P S D U H G W R W K H W R 1 2 . P L O O L R Q I U R P 1 2 . P L O O L W R K L J K H U D O O L Q P H W D O S U L F H V S D U W O \ Y R O X P H K L J K H U H Q H U J \ D Q G F D U E R Q F R V W 8 6 ’ W R 1 2 . & R P S D U H G W R W K H V H F R Q G T X D U W H U R I ( % , 7 ’ $ I R U $ O X P L Q L X P 0 H W D O L Q F U H D V H G W P L O O L R Q I U R P 1 2 . P L O O L R Q G X H W R K L S U L F H V D Q G V H D V R Q D O O \ O R Z H U I L [ H G F R V K L J K H U D O X P L Q D D Q G H Q H U J \ F R V W V $ G M X V W H G ( % , 7 ’ $ I R U W K H I L U V W Q L Q H P R Q L Q F U H D V H G W R 1 2 . P L O O L R Q I U R P 1 2 . P L O O L R Q G X H W R K L J K H U D O O L Q P H W D O S D O X P L Q D F R V W S D U W O \ R I I V H W E \ O R Z H U V L Q F U H D V H G H Q H U J \ D Q G F D U E R Q F R V W V D Q 1 2 . 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
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0 D U N H W G H Y H O R S P H Q W : L W K Q R P D W H U L D O F K D Q J H W R G R Z Q V W U H D P X Q G H U O \ L Q J G H P D Q G I R U E L O O H W D Q G I R X Q G U \ D O O R \ V L Q W K H W K L U G T X D U W H U R I F R P S D U H G W R W K H S U H Y L R X V T X D U W H U V D O H V D Q G S U R G X F W L R Q D W ( X U R S H D Q U H P H O W H U V F R P S H Q V D W H G I R U O R V W V X S S O \ I U R P W K H 0 L G G O H ( D V W , Q W K H 8 6 E L O O H W P D U N H W Z L G H V S U H D G V E H W Z H H Q D O X P L Q L X P V F U D S S U L F H V D Q G E L O O H W V V X S S R U W H G K H D O W K \ P D U J L Q V ) R U ( X U R S H D Q U H F \ F O H G E L O O H W U D Z P D W H U L D O V O L N H H [ W U X V L R Q V F U D S W U D G H G R Q D Y H U D J H D W S H U F H Q W R I / 0 ( L Q W K H W K L U G T X D U W H U R I X S I U R P S H U F H Q W R I / 0 ( L Q W K H V H F R Q G T X D U W H U 2 Q W K H S U R G X F W V L G H W K H D O X P L Q L X P E L O O H W S U H P L X P G H F U H D V H G W R D Q D Y H U D J H R I 8 6 ’ S H U P W L Q W K H W K L U G T X D U W H U R I G R Z Q I U R P D Q D Y H U D J H R I 8 6 ’ S H U P W L Q W K H V H F R Q G T X D U W H U 7 K H E L O O H W R Y H U L Q J R W V S U H D G L Q F U H D V H G T X D U W H U R Q T X D U W H U I U R P 8 6 ’ S H U W R Q W R 8 6 ’ S H U P W K R Z H Y H U W K L V I H O O E H O R Z 8 6 ’ S H U W R Q L Q W K H O D V W P R Q W K R I W K H W K L U G T X D U W H U ) R U ( X U R S H D Q U H F \ F O H G I R X Q G U \ D O O R \ V W K H S U L F H R I U D Z P D W H U L D O V O L N H I R X Q G U \ D O O R \ D Q G P L [ H G V F U D S G H F U H D V H G W R 8 6 ’ S H U W R Q R Q D Y H U D J H L Q W K H W K L U G T X D U W H U R I G R Z Q I U R P D Q D Y H U D J H R I 8 6 ’ S H U W R Q L Q W K H V H F R Q G T X D U W H U 2 Q W K H S U R G X F W V L G H W K H ( X U R S H D Q ’ , 1 5 H F \ F O H G ) R X Q G U \ $ O O R \ S U L F H G H F U H D V H G W R 8 6 ’ S H U W R Q L Q W K H W K L U G T X D U W H U G R Z Q I U R P 8 6 ’ S H U W R Q L Q W K H V H F R Q G T X D U W H U 7 K H V H G H F U H D V H V Z H U H G U L Y H Q E \ O R Z H U / 0 ( D O X P L Q L X P S U L F H V / 0 ( S U L F H P R Q W K D O X P L Q L X P 8 6 ’ P W 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U + \ G U R 0 H W D O 0 D U N H W V $ G M X V W H G ( % , 7 ’ $ 0 H W D O 0 D U N H W V 1 2 . P L O O L R Q $ G M X V W H G ( % , 7 ’ $ 5 H F \ F O L Q J 1 2 . P L O O L R Q $ G M X V W H G ( % , 7 ’ $ 1 2 . P L O O L R Q
Slide 14 — + \ G U R 0 H W D O 0 D U N H W V I L Q D Q F L D O D Q G R S H U D W L R Q D O L Q I R U P D W L R Q
+ \ G U R 0 H W D O 0 D U N H W V I L Q D Q F L D O D Q G R S H U D W L R Q D O L Q I R U P D W L R Q ( % , 7 ’ $ 1 2 . P L O O L R Q y | $ G M X V W H G ( % , 7 ’ $ 5 H F \ F O L Q J 1 2 . P L O O L R Q y | ! $ G M X V W H G ( % , 7 ’ $ & R P P H U F L D O 1 2 . P L O O L R Q y | ! $ G M X V W H G ( % , 7 ’ $ 0 H W D O 0 D U N H W V 1 2 . P L O O L R Q y | ! & X U U H Q F \ H I I H F W V 1 2 . P L O O L R Q ! ! , Q Y H Q W R U \ Y D O X D W L R Q H I I H F W V 1 2 . P L O O L R Q ! $ G M X V W H G ( % , 7 ’ $ H [ F O F X U U H Q F \ D Q G L Q Y H Q W R U \ Y D O X D W L R Q H I I H F W V ! $ G M X V W H G ( % , 7 1 2 . P L O O L R Q y | ! 5 H F \ F O L Q J S U R G X F W L R Q N P W 0 H W D O S U R G X F W V V D O H V H [ F O X G L Q J L Q J R W W U D G L Q J N P W r | + H U H R I H [ W H U Q D O V D O H V N P W 7 K L U G T X D U W H U 7 K L U G T X D U W H U & K D Q J H S U L R U \ H D U T X D U W H U 6 H F R Q G T X D U W H U & K D Q J H S U L R U T X D U W H U ) L U V W P R Q W K V ) L U V W P R Q W K V < H D U $ O W H U Q D W L Y H S H U I R U P D Q F H P H D V X U H V $ 3 0 V D U H G H V F U L E H G L Q W K H F R U U H V S R Q G L Q J V H F W L R Q L Q W K H E D F N R I W K H U H S R U W , Q F O X G H V H [ W H U Q D O D Q G L Q W H U Q D O V D O H V I U R P S U L P D U \ F D V W K R X V H R S H U D W L R Q V U H F \ F O H U V D Q G W K L U G S D U W \ P H W D O V R X U F H V $ G M X V W H G ( % , 7 ’ $ $ G M X V W H G ( % , 7 ’ $ I R U 0 H W D O 0 D U N H W V G H F W K L U G T X D U W H U R I F R P S D U H G W R W K H \ H D U W R 1 2 . P L O O L R Q I U R P 1 2 . P L O O L O R Z H U U H V X O W V I U R P V R X U F L Q J D Q G W U D G L V S D U W O \ R I I V H W E \ K L J K H U U H V X O W V I U R P U H F \ F O H U & R P S D U H G W R W K H V H F R Q G T X D U W H U R I ( % , 7 ’ $ I R U 0 H W D O 0 D U N H W V L Q F U H D V H G W R P L O O L R Q I U R P 1 2 . P L O O L R Q G X H W R K L J K V R X U F L Q J D Q G W U D G L Q J D F W L Y L W L H V S D U F X U U H Q F \ D Q G L Q Y H Q W R U \ Y D O X D W L R Q H I I $ G M X V W H G ( % , 7 ’ $ I R U W K H I L U V W Q L Q H P R Q L Q F U H D V H G F R P S D U H G W R W K H V D P H S H U L R P L O O L R Q I U R P 1 2 . P L O O L R Q G X H W R K I U R P U H F \ F O H U V D Q G S R V L W L Y H F X U U H Q F \ Y D O X D W L R Q H I I H F W V S D U W O \ R I I V H W E \ O R V R X U F L Q J D Q G W U D G L Q J D F W L Y L W L H V 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 15 —
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’ $ 1 2 . P L O O L R Q ( [ W H U Q D O V D O H V Y R O X P H N P W $ G M X V W H G ( % , 7 ’ $ 1 2 . P L O O L R Q
Slide 16 — + \ G U R ( [ W U X V L R Q V I L Q D Q F L D O D Q G R S H U D W L R Q D O L Q I R U P D W L R Q
+ \ G U R ( [ W U X V L R Q V I L Q D Q F L D O D Q G R S H U D W L R Q D O L Q I R U P D W L R Q ( % , 7 ’ $ 1 2 . P L O O L R Q y | $ G M X V W H G ( % , 7 ’ $ 1 2 . P L O O L R Q y | $ G M X V W H G ( % , 7 1 2 . P L O O L R Q y | 6 D O H V Y R O X P H V W R H [ W H U Q D O P D U N H W V N P W 6 D O H V Y R O X P H V W R H [ W H U Q D O P D U N H W V N P W % X V L Q H V V X Q L W V ( [ W U X V L R Q ( X U R S H ( [ W U X V L R Q 1 R U W K $ P H U L F D % X L O G L Q J 6 \ V W H P V 3 U H F L V L R Q 7 X E L Q J + \ G U R ( [ W U X G H G 6 R O X W L R Q V 7 K L U G T X D U W H U 7 K L U G T X D U W H U & K D Q J H S U L R U \ H D U T X D U W H U 6 H F R Q G T X D U W H U & K D Q J H S U L R U T X D U W H U ) L U V W P R Q W K V ) L U V W P R Q W K V < H D U $ O W H U Q D W L Y H S H U I R U P D Q F H P H D V X U H V $ 3 0 V D U H G H V F U L E H G L Q W K H F R U U H V S R Q G L Q J V H F W L R Q L Q W K H E D F N R I W K H U H S R U W $ G M X V W H G ( % , 7 ’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’ $ I R U W K H I L U V W L Q F U H D V H G F R P S D U H G W R W K H V D P H S H U L R G O P L O O L R Q I U R P 1 2 . P L O O L R Q G X H W R V W G H Y H O R S P H Q W D Q G U H G X F H G H Q H U J \ F R V W V S D O D E R X U F R V W K L J K H U P D L Q W H Q D Q F H F R V W D Q F X U U H Q F \ H I I H F W V P D L Q O \ I U R P V W U R Q J H U 1 2 . 8 6 ’ 0 H W D Z H U H Q H J D W L Y H L Q W K H I L U V W Q L Q H P R Q W K V R D V L J Q L I L F D Q W S R V L W L Y H F R Q W U L E X W L R Q O D V X Q G H U O \ L Q J P D U J L Q L P S U R Y H P H Q W I U R P U H F \ F O 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 17 — 2 W K H U D Q G H O L P L Q D W L R Q V I L Q D Q F L D O L Q I R U P D W L R Q
2 W K H U D Q G H O L P L Q D W L R Q V I L Q D Q F L D O L Q I R U P D W L R Q 1 2 . P L O O L R Q 7 K L U G T X D U W H U 7 K L U G T X D U W H U & K D Q J H S U L R U \ H D U T X D U W H U 6 H F R Q G T & K D Q J H S U L R U T X D U W H U ) L U V W P R Q W K V ) L U V W P R Q W K V < H D U ( % , 7 ’ $ y | 2 W K H U ( O L P L Q D W L R Q V ! $ G M X V W H G ( % , 7 ’ $ y |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
Slide 18 — 6 X S S O H P H Q W D U \ L Q I R U P D W L R Q
6 X S S O H P H Q W D U \ L Q I R U P D W L R Q 0 D U N H W V W D W L V W L F V % D X [ L W H D Q G D O X P L Q D $ Y H U D J H D O X P L Q D S U L F H 3 O D W W V 3 $ ; ) 2 % $ X V W U D O L D 8 6 ’ W & K L Q D E D X [ L W H L P S R U W S U L F H 8 6 ’ P W & , ) & K L Q D r | * O R E D O S U R G X F W L R Q R I D O X P L Q D N P W * O R E D O S U R G X F W L R Q R I D O X P L Q D H [ & K L Q D N P W ( Q H U J \ $ Y H U D J H V R X W K H U Q 1 R U Z D \ V S R W S U L F H 1 2 1 2 . 0 : K $ Y H U D J H P L G 1 R U Z D \ V S R W S U L F H 1 2 1 2 . 0 : K ! $ Y H U D J H 1 R U G L F V \ V W H P V S R W S U L F H 1 2 . 0 : K 3 U L P D U \ D O X P L Q L X P / 0 ( F D V K D Y H U D J H 8 6 ’ P W / 0 ( W K U H H P R Q W K D Y H U D J H 8 6 ’ P W 6 W D Q G D U G L Q J R W S U H P L X P ( 8 ’ 3 & D V K ! ! ( [ W U X V L R Q L Q J R W S U H P L X P ( 8 ’ 3 ! & K L Q H V H S U R G X F W L R Q R I S U L P D U \ D O X P L Q L X P N P W & K L Q H V H F R Q V X P S W L R Q R I S U L P D U \ D O X P L Q L X P N P W * O R E D O S U R G X F W L R Q R I S U L P D U \ D O X P L Q L X P H [ & K L Q D N P W * O R E D O F R Q V X P S W L R Q R I S U L P D U \ D O X P L Q L X P H [ & K L Q D N P W * O R E D O S U R G X F W L R Q R I S U L P D U \ D O X P L Q L X P N P W * O R E D O F R Q V X P S W L R Q R I S U L P D U \ D O X P L Q L X P N P W 5 H S R U W H G S U L P D U \ D O X P L Q L X P L Q Y H Q W R U L H V H [ & K L Q D N P W 5 H S R U W H G S U L P D U \ D O X P L Q L X P L Q Y H Q W R U L H V & K L Q D N P W ( [ W U X G H G S U R G X F W V & R Q V X P S W L R Q H [ W U X G H G S U R G X F W V ( X U R S H N P W & R Q V X P S W L R Q H [ W U X G H G S U R G X F W V 8 6 $ & D Q D G D N P W 7 K L U G T X D U W H U 7 K L U G T X D U W H U & K D Q J H S U L R U \ H D U T X D U W H U 6 H F R Q G T X D U W H U & K D Q J H S U L R U T X D U W H U ) L U V W P ) L U V W P R Q W K V < H D U , Q G X V W U \ V W D W L V W L F V K D Y H E H H Q G H U L Y H G I U R P D Q D O \ V W U H S R U W V W U D G H D V V R F L D W L R Q V D Q G R W K H U S X E O L F V R X U F H V X Q O H V V R W K H U Z L V H L Q G L F D W H G 7 K H V H V W D W L V W L F V G R Q R W K D Y H D L Q I R U P D W L R Q 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 19 — & X U U H Q F \ U D W H V
& X U U H Q F \ U D W H V 7 K L U G T X D U W H U 7 K L U G T X D U W H U & K D Q J H S U L R U \ H D U T X D U W H U 6 H F R Q G T X D U W H U & K D Q J H S U L R U T X D U W H U ) L U V W P R Q W K V ) L U V W P R Q W K V < H D U 8 6 ’ 1 2 . $ Y H U D J H H [ F K D Q J H U D W H 8 6 ’ 1 2 . 3 H U L R G H Q G H [ F K D Q J H U D W H % 5 / 1 2 . $ Y H U D J H H [ F K D Q J H U D W H % 5 / 1 2 . 3 H U L R G H Q G H [ F K D Q J H U D W H 8 6 ’ % 5 / $ Y H U D J H H [ F K D Q J H U D W H 8 6 ’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’ % 5 / K H G J H L Q S O D F H D W $ O X Q R U D S S U R [ L P D W H O \ 8 6 ’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’ P L O O L R Q 7 K H I L Q D Q F L D O L P S D F W W R J D V S U L F H V F R Q W U D F W X D O G H Y H O R S P H Q W V W H U P V R O X W L R Q
Slide 20 — & R Q G H Q V H G L Q W H U L P I L Q D Q F L D O V W D W H P H
& R Q G H Q V H G L Q W H U L P I L Q D Q F L D O V W D W H P H Q R W H V & R Q G H Q V H G F R Q V R O L G D W H G V W D W H P H Q W V R I L Q F R P H & R Q G H Q V H G F R Q V R O L G D W H G V W D W H P H Q W V R I F R P S U H K H Q V L Y H L Q F R P H & R Q G H Q V H G E D O D Q F H V K H H W V & R Q G H Q V H G F R Q V R O L G D W H G V W D W H P H Q W V R I F D V K I O R Z V & R Q G H Q V H G F R Q V R O L G D W H G V W D W H P H Q W V R I F K D Q J H V L Q H T X L W \ 1 R W H V W R W K H F R Q G H Q V H G 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 1 R W H $ F F R X Q W L Q J S R O L F L H V 1 R W H 2 S H U D W L Q J V H J P H Q W L Q I R U P D W L R Q 1 R W H 6 L J Q L I L F D Q W M X G J H P H Q W 1 R W H , Q Y H V W P H Q W V X V L Q J W K H H T X L W \ P H W K R G 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 21 — & R Q G H Q V H G F R Q V R O L G D W H G V W D W H P H Q W V R I L Q F R P H X Q D X G L W H G
& R Q G H Q V H G F R Q V R O L G D W H G V W D W H P H Q W V R I L Q F R P H X Q D X G L W H G 1 2 . P L O O L R Q H [ F H S W S H U V K D U H G D W D 7 K L U G T X D U W H U 7 K L U G T X D U W H U ) L U V W P R Q W K V ) L U V W P R Q W K V < H D U 5 H Y H Q X H 6 K D U H R I W K H S U R I L W O R V V L Q H T X L W \ D F F R X Q W H G L Q Y H V W P H Q W V 2 W K H U L Q F R P H Q H W 7 R W D O U H Y H Q X H D Q G L Q F R P H 5 D Z P D W H U L D O D Q G H Q H U J \ H [ S H Q V H ( P S O R \ H H E H Q H I L W H [ S H Q V 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 H [ S H Q V H , P S D L U P H Q W R I Q R Q F X U U H Q W D V V H W V 2 W K H U H [ S H Q V H V 7 R W D O H [ S H Q V H V ( D U Q L Q J V E H I R U H I L Q D Q F L D O L W H P V D Q G W D [ ( % , 7 , Q W H U H V W D Q G R W K H U I L Q D Q F H L Q F R P H ) R U H L J Q F X U U H Q F \ H [ F K D Q J H J D L Q 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 H H [ S H Q V H ) L Q D Q F H L Q F R P H H [ S H Q V H Q H W , Q F R P H O R V V E H I R U H W D [ , Q F R P H W D [ H 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 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 + \ G U R V K D U H K R O G H U V % D V L F D Q G G L O X W H G H D U Q L Q J V S H U V K D U H D W W U L E X W D E O H W R + \ G U R V K D U H K R O G H U V L Q 1 2 . y | : H L J K W H G D Y H U D J H Q X P E H U R I R X W V W D Q G L Q J V K D U H V P L O O L R Q % D V L F H D U Q L Q J V S H U V K D U H D U H F R P S X W H G X V L Q J W K H Z H L J K W H G D Y H U D J H Q X P E H U R I R U G L Q D U \ V K D U H V R X W V W D Q G L Q J 7 K H U H Z H U H Q R V L J Q L I L F D Q W G L O X W L Q J H O H P H Q W V 7 K H D F F R P S D Q \ L Q J Q R W H V D U H D Q L Q W H J U D O S D U W R I W K H F R Q G H Q V H G I L Q D Q F L D O V W D W H P H Q W V X Q D X G L W H G 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 22 — & R Q G H Q V H G F R Q V R O L G D W H G V W D W H P H Q W V R I F R P S U H K H Q V L Y H L Q F R P
& R Q G H Q V H G F R Q V R O L G D W H G V W D W H P H Q W V R I F R P S U H K H Q V L Y H L Q F R P 1 2 . P L O O L R Q 7 K L U G T X D U W H U 7 K L U G T X D U W H U ) L U V W P R Q W K V ) L U V W P R Q W K V < H D U 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 , W H P V W K D W Z L O O Q R W E H U H F O D V V L I L H G W R L Q F R P H V W D W H P H Q W 5 H P H D V X U H P H Q W S R V W H P S O R \ P H Q W E H Q H I L W V Q H W R I W D [ 8 Q U H D O L ] H G J D L Q O R V V R Q V H F X U L W L H V Q H W R I W D [ 6 K D U H R I L W H P V W K D W Z L O O Q R W E H U H F O D V V L I L H G W R L Q F R P H V W D W H P H Q W R I H T X L W \ D F F R X Q W H G L Q Y H V W P H Q W V Q H W R I W D [ 7 R W D O , W H P V W K D W Z L O O E H U H F O D V V L I L H G W R L Q F R P H V W D W H P H Q W & X U U H Q F \ W U D Q V O D W L R Q G L I I H U H Q F H V Q H W R I W D [ & X U U H Q F \ W U D Q V O D W L R Q G L I I H U H Q F H V Q H W R I W D [ G L Y H V W P H Q W R I I R U H L J Q R S H U D W L R Q & D V K I O R Z K H G J H V Q H W R I W D [ 6 K D U H R I L W H P V W K D W Z L O O E H U H F O D V V L I L H G W R L Q F R P H V W D W H P H Q W R I H T X L W \ D F F R X Q W H G L Q Y H V W P H Q W V Q H W R I W D [ 7 R W D O 2 W K H U F R P S U H K H Q V L Y H L Q F R P H 7 R W D O F R P S U H K H Q V L Y H L Q F R P H 7 R W D O F R P S U H K H Q V L Y H 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 7 R W D O F R P S U H K H Q V L Y H L Q F R P H D W W U L E X W D E O H W R + \ G U R V K D U H K R O G H U V 7 K H D F F R P S D Q \ L Q J Q R W H V D U H D Q L Q W H J U D O S D U W R I W K H F R Q G H Q V H G I L Q D Q F L D O V W D W H P H Q W V X Q D X G L W H G 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 23 — & R Q G H Q V H G E D O D Q F H V K H H W V
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’ H F H P E H 1 2 . P L O O L R Q H [ F H S W S H U V K D U H G D W D 6 H S W H P E 6 H S W H P E ’ H F H P E H / L D E L O L W L H V D Q G H T X L W \ % D Q N O R D Q V D Q G R W K H U L Q W H U H V W E H D U L Q J V K R U W W H U P G H E W 7 U D G H D Q G R W K H U S D \ D E O H V 2 W K H U F X U U H Q W O L D E L O L W L H V 7 R W D O F X U U H Q W O L D E L O L W L H V / R Q J W H U P G H E W 3 U R Y L V L R Q V 3 H Q V L R Q O L D E L O L W L H V ’ H I H U U H G W D [ O L D E L O L W L H V 2 W K H U Q 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 Q 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 O L D E L O L W L H V ( T X L W \ D W W U L E X W D E O H W R + \ G U R V K D U H K R O G H U V 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 \ 7 R W D O Q X P E H U R I R X W V W D Q G L Q J V K D U H V P L O O L R Q 7 K H D F F R P S D Q \ L Q J Q R W 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 24 — & R Q G H Q V H G F R Q V R O L G D W H G V W D W H P H Q W V R I F D V K I O R Z V X Q D X G L W
& R Q G H Q V H G F R Q V R O L G D W H G V W D W H P H Q W V R I F D V K I O R Z V X Q D X G L W 2 S H U D W L Q J D F W L Y L W L H V 1 H W L Q F R P H ’ H S U H F L D W L R Q D P R U W L ] D W L R Q D Q G L P S D L U P H Q W 2 W K H U D G M X V W P H Q W V 1 H W F D V K S U R Y L G H G E \ R S H U D W L Q J D F W L Y L W L H V , Q Y H V W L Q J D F W L Y L W L H V 3 X U F K D V H 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 R W K H U O R Q J W H U P L Q Y H V W P H Q W V 3 X U F K D V H V R I V K R U W W H U P L Q Y H V W P H Q W V 3 U R F H H G V I U R P O R Q J W H U P L Q Y H V W L Q J D F W L Y L W L H V 3 U R F H H G V I U R P V D O H V R I V K R U W W H U P L Q Y H V W P H Q W V 1 H W F D V K X V H G L Q L Q Y H V W L Q J D F W L Y L W L H V ) L Q D Q F L Q J D F W L Y L W L H V / R D Q S U R F H H G V / R D Q U H S D \ P H Q W V 1 H W L Q F U H D V H L Q R W K H U V K R U W W H U P G H E W 5 H S X U F K D V H V R I V K D U H V 3 U R F H H G V I U R P V K D U H V L V V X H G ’ L Y L G H Q G V S D L G 2 W K H U F D V K W U D Q V I H U V 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 F D V K X V H G L Q I L Q D Q F L Q J D F W L Y L W L H V ) R U H L J Q F X U U H Q F \ H I I H F W V R Q F D V K 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 D Q G F D V K H T X L Y D O H Q W V & D V K D Q G F D V K H T X L Y D O H Q W V D W E H J L Q Q L Q J R I S H U L R G & D V K D Q G F D V K H T X L Y D O H Q W V D W H Q G R I S H U L R G 1 2 . P L O O L R Q 7 K L U G T X D U W H U 7 K L U G T X D U W H U ) L U V W P R Q W K V ) L U V W P R Q W K V < H D U 7 K H D F F R P S D Q \ L Q J Q R W H V D U H D Q L Q W H J U D O S D U W R I W K H F R Q G H Q V H G I L Q D Q F L D O V W D W H P H Q W V X Q D X G L W H G 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 25 — & R Q G H Q V H G F R Q V R O L G D W H G V W D W H P H Q W V R I F K D Q J H V L Q H T X L W \ X
& R Q G H Q V H G F R Q V R O L G D W H G V W D W H P H Q W V R I F K D Q J H V L Q H T X L W \ X ’ H F H P E H U & K D Q J H V L Q H T X L W \ I R U 7 U H D V X U \ V K D U H V L V V X H G W R H P S O R \ H H V 7 U H D V X U \ V K D U H V D F T X L U H G & D Q F H O O D W L R Q W U H D V X U \ V K D U H V 5 H G H H P H G V K D U H V ’ L Y L G H Q G V $ F T X L V L W L R Q R I Q R Q F R Q W U R O O L Q J L Q W H U H V W ’ L V S R V D O R I H T X L W \ V H F X U L W L H V D W I D L U Y D O X H W K U R X J K R W K H U F R P S U H K H Q V L Y H L Q F R P H 7 R W D O F R P S U H K H Q V L Y H L Q F R P H I R U W K H S H U L R G ’ H F H P E H U & K D Q J H V L Q H T X L W \ I R U 7 U H D V X U \ V K D U H V L V V X H G W R H P S O R \ H H V ’ L Y L G H Q G V ’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
Slide 26 — 1 R W H V W R W K H F R Q G H Q V H G 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
1 R W H V W R W K H F R Q G H Q V H G 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 1 R W H $ F F R X Q W L Q J S R O L F L H V $ O O U H S R U W H G I L J X U H V L Q W K H I L Q D Q F L D O V W D W H P H Q W V D U H E D V H G R Q , Q W H U Q D W L R Q D O ) L Q D Q F L D O 5 H S R U W L Q J 6 W D Q G D U G V , ) 5 6 + \ G U R V D F F R X Q W L Q J S U L Q F L S O H V D U H S U H V H Q W H G L Q + \ G U R V ) L Q D Q F L D O 6 W D W H P H Q W V 7 K H F R Q G H Q V H G F R Q V R O L G D W H G L Q W H U L P I L Q D Q F L D O L Q I R U P D W L R Q 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 + \ G U R V ) L Q D Q F L D O 6 W D W H P H Q W V Z K L F K D U H D S D U W R I + \ G U R V , Q W H J U D W H G $ Q Q X D O 5 H S R U W $ V D U H V X O W R I U R X Q G L Q J D G M X V W P H Q W V W K H I L J X U H V L Q R Q H R U P R U H F R O X P Q V P D \ Q R W D G G X S W R W K H W R W D O R I W K D W F R O X P Q 1 R W H 2 S H U D W L Q J V H J P H Q W L Q I R U P D W L R Q + \ G U R L G H Q W L I L H V L W V U H S R U W D E O H V H J P H Q W V D Q G G L V F O R V H V V H J P H Q W L Q I R U P D W L R Q X Q G H U , ) 5 6 2 S H U D W L Q J 6 H J P H Q W V 7 K L V V W D Q G D U G U H T X L U H V + \ G U R W R L G H Q W L I \ L W V V H J P H Q W V D F F R U G L Q J W R W K H R U J D Q L ] D W L R Q D Q G U H S R U W L Q J V W U X F W X U H X V H G E \ P D Q D J H P H Q W 6 H H + \ G U R V ) L Q D Q F L D O V W D W H P H Q W V Q R W H Ú 2 S H U D W L Q J D Q G J H R J U D S K L F V H J P H Q W L Q I R U P D W L R QÛ I R U D G H V F U L S W L R Q R I + \ G U R V P D Q D J H P H Q W P R G H O D Q G V H J P H Q W V L Q F O X G L Q J D G H V F U L S W L R Q R I + \ G U R V V H J P H Q W P H D V X U H V D Q G D F F R X Q W L Q J S U L Q F L S O H V X V H G I R U V H J P H Q W U H S R U W L Q J 7 K H I R O O R Z L Q J W D E O H V L Q F O X G H L Q I R U P D W L R Q D E R X W + \ G U R V R S H U D W L Q J V H J P H Q W V 1 2 . P L O O L R Q 7 K L U G T X D U W H U 7 K L U G T X D U W H U ) L U V W P R Q W K V ) L U V W P R Q W K V < H D U 7 R W D O U H Y H Q X H + \ G U R % D X [ L W H $ O X P L Q D + \ G U R ( Q H U J \ + \ G U R $ O X P L Q L X P 0 H W D O + \ G U R 0 H W D O 0 D U N H W V + \ G U R ( [ W U X V L R Q V 2 W K H U D Q G H O L P L Q D W L R Q V 7 R W D O ( [ W H U Q D O U H Y H Q X H + \ G U R % D X [ L W H $ O X P L Q D + \ G U R ( Q H U J \ + \ G U R $ O X P L Q L X P 0 H W D O + \ G U R 0 H W D O 0 D U N H W V + \ G U R ( [ W U X V L R Q V 2 W K H U D Q G H O L P L Q D W L R Q V 7 R W D O , Q W H U Q D O U H Y H Q X H + \ G U R % D X [ L W H $ O X P L Q D + \ G U R ( Q H U J \ + \ G U R $ O X P L Q L X P 0 H W D O + \ G U R 0 H W D O 0 D U N H W V + \ G U R ( [ W U X V L R Q V 2 W K H U D Q G H O L P L Q D W L R Q V 7 R W D O 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 27 —
6 K D U H R I W K H S U R I L W O R V V L Q H T X L W \ D F F R X Q W H G L Q Y H V W P H Q W V + \ G U R % D X [ L W H $ O X P L Q D + \ G U R ( Q H U J \ + \ G U R $ O X P L Q L X P 0 H W D O + \ G U R 0 H W D O 0 D U N H W V + \ G U R ( [ W U X V L R Q V 2 W K H U D Q G H O L P L Q D W L R Q V 7 R W D O ’ H S U H F L D W L R Q D P R U W L ] D W L R Q D Q G L P S D L U P H Q W + \ G U R % D X [ L W H $ O X P L Q D + \ G U R ( Q H U J \ + \ G U R $ O X P L Q L X P 0 H W D O + \ G U R 0 H W D O 0 D U N H W V + \ G U R ( [ W U X V L R Q V 2 W K H U D Q G H O L P L Q D W L R Q V 7 R W D O ( D U Q L Q J V E H I R U H I L Q D Q F L D O L W H P V D Q G W D [ ( % , 7 + \ G U R % D X [ L W H $ O X P L Q D + \ G U R ( Q H U J \ + \ G U R $ O X P L Q L X P 0 H W D O + \ G U R 0 H W D O 0 D U N H W V + \ G U R ( [ W U X V L R Q V 2 W K H U D Q G H O L P L Q D W L R Q V 7 R W D O 1 2 . P L O O L R Q 7 K L U G T X D U W H U 7 K L U G T X D U W H U ) L U V W P R Q W K V ) L U V W P R Q W K V < H D U 7 R W D O V H J P H Q W ( % , 7 L V W K H V D P H D V + \ G U R J U R X S V W R W D O ( % , 7 ) L Q D Q F L D O L Q F R P H D Q G H [ S H Q V H D U H Q R W D O O R F D W H G W R W K H V H J P H Q W V 7 K H U H D U H Q R U H F R Q F L O L Q J L W H P V E H W Z H H Q V H J P H Q W ( % , 7 W R + \ G U R ( % , 7 7 K H U H I R U H D V H S D U D W H U H F R Q F L O L D W L R Q W D E O H L V Q R W S U H V H Q W H G ( D U Q L Q J V E H I R U H I L Q D Q F L D O L W H P V W D [ 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 ( % , 7 ’ $ + \ G U R % D X [ L W H $ O X P L Q D + \ G U R ( Q H U J \ + \ G U R $ O X P L Q L X P 0 H W D O + \ G U R 0 H W D O 0 D U N H W V + \ G U R ( [ W U X V L R Q V 2 W K H U D Q G H O L P L Q D W L R Q V 7 R W D O , Q Y H V W P H Q W V y |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
Slide 28 — 1 R W H 6 L J Q L I L F D Q W M X G J H P H Q W
( % , 7 ( % , 7 ’ $ 7 K L U G T X D U W H U + \ G U R % D X [ L W H $ O X P L Q D + \ G U R ( Q H U J \ + \ G U R $ O X P L Q L X P 0 H W D O + \ G U R 0 H W D O 0 D U N H W V + \ G U R ( [ W U X V L R Q V 2 W K H U D Q G H O L P L Q D W L R Q V 7 R W D O 1 2 . P L O O L R Q ( % , 7 ’ H S U D P R U L P S D L U , Q Y H V W J U D Q ( % , 7 ’ $ ( % , 7 ( % , 7 ’ $ ) L U V W P R Q W K V + \ G U R % D X [ L W H $ O X P L Q D + \ G U R ( Q H U J \ + \ G U R $ O X P L Q L X P 0 H W D O + \ G U R 0 H W D O 0 D U N H W V + \ G U R ( [ W U X V L R Q V 2 W K H U D Q G H O L P L Q D W L R Q V 7 R W D O 1 2 . P L O O L R Q ( % , 7 ’ H S U D P R U D Q G L P S D L U P H Q W , Q Y H V W P H Q W J U D Q W V ( % , 7 ’ $ 1 R W H 6 L J Q L I L F D Q W M X G J H P H Q W , Q D G G L W L R Q W R W K H V L J Q L I L F D Q W H V W L P D W H V D Q G M X G J P H Q W G H V F U L E H G L Q W K H I L Q D Q F L D O V W D W H P H Q W V D Q G V X P P D U L ] H G L Q Q R W H 5 H S R U W L Q J H Q W L W \ E D V L V R I S U H V H Q W D W L R Q V L J Q L I L F D Q W D F F R X Q W L Q J H V W L P D W H V D Q G M X G J P H Q W W K H I R O O R Z L Q J V S H F L I L F L V V X H V R I D M X G J P H Q W D O Q D W X U H L V L P S R U W D Q W I R U W K L V V H W R I L Q W H U L P I L Q D Q F L D O V W D W H P H Q W V , P S D L U P H Q W D V V H V V P H Q W 7 K H 0 L G G O H ( D V W F U L V L V K D V L P S D F W H G F R P P R G L W \ S U L F H V L Q V H Y H U D O Z D \ V + \ G U R F R Q V L G H U W K H P D U N H W L P S D F W V D V W H P S R U D U \ Q R W U H S U H V H Q W L Q J D Q L Q G L F D W R U R I L P S D L U P H Q W R I S U R G X F W L R Q I D F L O L W L H V R X W V L G H W K H U H J L R Q 1 R L P S D L U P H Q W L Q G L F D W R U V K D Y H E H H Q L G H Q W L I L H G I R U R W K H U D V V H W V R U & D V K * H Q H U D W L Q J 8 Q L W V & * 8 V R W K H U W K D Q W K H 4 D W D O X P I D F L O L W \ D V G L V F X V V H G L Q 1 R W H E H O R Z D V R I W K H H Q G R I W K H I L U V W T X D U W H U 7 K H L P S D F W R I W K H 0 L G G O H ( D V W & U L V L V R Q P D U N H W S U L F H V D Q G G H P D Q G E R W K I R U + \ G U R×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× V H V W L P D W H I R U F R P S H Q V D W L R Q O H Y H O , Q $ S U L O W K H I L Q D O D P K D V U H F H L Y H G D W R W D O R I 1 2 . P L O O L R Q I R U R I Z K L F K 1 2 . P L O O L R Q Z D V U 7 K H F R P S H Q V D W L R Q I R U L V L P S D F W H G E \ W K H D X W K R U L W L H V S R V V L E L O L W \ W R V F K H P H D Q G W K H U H D V V H V V P H Q W R I H P L V V L R Q I D F W R U L Q W K H F D O F X O D W L R Q 7 K + \ G U R× V H V W L P D W H I R U W K H F R P S H Q V D W L R Q Z K L F K L V U H F R J Q L ] H G D W D V O L J K 1 R W H , Q Y H V W P H Q W V X V L Q J W K H H T X L W \ P H W K R G + \ G U R× V S H U F H Q W R Z Q H G M R L Q W Y H Q W X U H 4 D W D O X P L Q 4 D W D U L V L P S D F W H G E \ W F X U W D L O P H Q W R I W K H S O D Q W Z K L F K R S H U D W H V D W D U R X Q G S H U F H Q W R I L W V F D L Q G L F D W L R Q D V R I W K H H Q G R I W K H I L U V W T X D U W H U D Q G D Q L P S D L U P H Q W W H V W Z Y D O X H R I W K H M R L Q W Y H Q W X U H Z D V U H F R Y H U D E O H 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 29 — $ O W H U Q D W L Y H S H U I R U P D Q F H P H D V X U H V $ 3
$ O W H U Q D W L Y H S H U I R U P D Q F H P H D V X U H V $ 3 $ O W H U Q D W L Y H S H U I R U P D Q F H P H D V X U H V L H I L Q D Q F L D O S H U I R U P D Q F H P H D V X U H V Q R W Z L W K L Q W K H D S S O L F D E O H I L Q D Q F L D O U H S R U W L Q J I U D P H Z R U N D U H X V H G E \ + \ G U R W R S U R Y L G H V X S S O H P H Q W D O L Q I R U P D W L R Q E \ D G M X V W L Q J I R U L W H P V W K D W L Q + \ G U R× V Y L H Z G R H V Q R W J L Y H D Q L Q G L F D W L R Q R I W K H S H U L R G L F R S H U D W L Q J U H V X O W V R U F D V K I O R Z V R I + \ G U R R U V K R X O G E H D V V H V V H G L Q D G L I I H U H Q W F R Q W H [ W W K D Q L W V F O D V V L I L F D W L R Q D F F R U G L Q J W R L W V Q D W X U H ) L Q D Q F L D O $ 3 0 V D U H L Q W H Q G H G W R H Q K D Q F H F R P S D U D E L O L W \ R I W K H U H V X O W V D Q G F D V K I O R Z V I U R P S H U L R G W R S H U L R G D Q G L W L V + \ G U R×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’ $ L Q W K H G L V F X V V L R Q V R Q S H U L R G L F D G M X V W H G I L Q D Q F L D O D Q G R S H U D W L Q J U H V X O W V D Q G O L T X L G L W \ I U R P W K H E X V L Q H V V D U H D V D Q G W K H J U R X S Z K L O H D G M X V W L Q J H I I H F W V W R ( % , 7 ’ $ ( % , 7 D Q G Q H W L Q F R P H O R V V D U H G L V F X V V H G V H S D U D W H O \ ) L Q D Q F L D O $ 3 0 V V K R X O G Q R W E H F R Q V L G H U H G D V D V X E V W L W X W H I R U P H D V X U H V R I S H U I R U P D Q F H L Q D F F R U G D Q F H Z L W K , ) 5 6 ’ L V F O R V X U H V R I $ 3 0 V D U H V X E M H F W W R H V W D E O L V K H G L Q W H U Q D O F R Q W U R O S U R F H G X U H V + \ G U R V I L Q D Q F L D O $ 3 0 V à ( % , 7 , Q F R P H O R V V E H I R U H W D [ I L Q D Q F L D O L Q F R P H D Q G H [ S H Q V H à $ G M X V W H G ( % , 7 ( % , 7 L G H Q W L I L H G D G M X V W L Q J L W H P V W R ( % , 7 D V G H V F U L E H G E H O R Z à ( % , 7 ’ $ ( % , 7 G H S U H F L D W L R Q D P R U W L ] D W L R Q D Q G L P S D L U P H Q W V Q H W R I L Q Y H V W P H Q W J U D Q W V à $ G M X V W H G ( % , 7 ’ $ ( % , 7 ’ $ L G H Q W L I L H G D G M X V W L Q J L W H P V W R ( % , 7 ’ $ D V G H V F U L E H G E H O R Z à $ G M X V W H G Q 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 G M X V W L Q J L W H P V W R Q H W L Q F R P H O R V V D V G H V F U L E H G E H O R Z à $ G M X V W H G H D U Q L Q J V S H U V K D U H $ G M X V W H G Q 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 + \ G U R V K D U H K R O G H U V G L Y L G H G E \ Z H L J K W H G D Y H U D J H Q X P E H U R I R X W V W D Q G L Q J V K D U H V U H I W K H L Q W H U L P I L Q D Q F L D O V W D W H P H Q W V à , Q Y H V W P H Q W 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 F D S L W D O H [ S H Q G L W X U H V L Q W D Q J L E O H D V V H W V D Q G L Q Y H V W P H Q W V L Q H T X L W \ D F F R X Q W H G L Q Y H V W P H Q W V L Q F O X G L Q J D P R X Q W V U H F R J Q L ] H G L Q E X V L Q H V V F R P E L Q D W L R Q V à 1 H W G H E W 6 K R U W D Q G O R Q J W H U P L Q W H U H V W E H D U L Q J G H E W D Q G + \ G U R V O L T X L G L W \ S R V L W L R Q V à $ G M X V W H G Q H W G H E W 1 H W G H E W D G M X V W H G I R U O L T X L G L W \ S R V L W L R Q V U H J D U G H G X Q D Y D L O D E O H I R U V H U Y L F L Q J G H E W S H Q V L R Q R E O L J D W L R Q D Q G R W K H U R E O L J D W L R Q V Z K L F K D U H F R Q V L G H U H G G H E W O L N H L Q Q D W X U H à $ G M X V W H G 5 R D & ( L V G H I L Q H G D V D G M X V W H G H D U Q L Q J V D I W H U W D [ I R U W K H S U L R I R U W K H I R X U P R V W U H F H Q W T X D U W H U V $ G M X V W H G H D U Q L Q J V D I W H U W D [ L V G H I H [ S H Q V H 6 L Q F H 5 R D & ( U H S U H V H Q W V W K H U H W X U Q W R W K H F D S L W D O S U R Y L G H U V L Q F R P H W D [ H [ S H Q V H H [ F O X G H V W K H W D [ H I I H F W V R I L W H P V U H S R U W H G D V I L Q D Q D G M X V W L Q J L W H P V à & D S L W D O H P S O R \ H G L V G H I L Q H G D V 6 K D U H K R O G H U V× ( T X L W \ L Q F O X G L Q J Q R Q F R Q W L Q W H U H V W E H D U L Q J G H E W O H V V F D V K D Q G F D V K H T X L Y D O H Q W V D Q G V K R U W W H U à ) U H H F D V K I O R Z 1 H W F D V K S U R Y L G H G E \ R S H U D W L Q J D F W L Y L W L H V O H V V 1 H W F D V 3 X U F K D V H V R I V K R U W W H U P L Q Y H V W P H Q W V 6 D O H V R I V K R U W W H U P L Q Y H V W P H Q W W H U P F R O O D W H U D O $ O X P L Q L X P 0 H W D O V S H F L I L F D G M X V W P H Q W W R ( % , 7 ’ $ à 4 D W D O X P S H U F H Q W S U R U D W D U H S U H V H Q W D Q D G M X V W P H Q W W R L O O X V W U D W H + + \ G U R× V V K D U H R I Q H W L Q F R P H L Q 4 D W D O X P 7 K H D G M X V W P H Q W U H I O H F W V W K H U L Q + \ G U R× V L Q F R P H V W D W H P H Q W 0 H W D O 0 D U N H W V V S H F L I L F D G M X V W P H Q W V W R ( % , 7 ’ $ à & X U U H Q F \ H I I H F W V L Q F O X G H W K H H I I H F W V R I F K D Q J H V L Q F X U U H Q F \ U D W H V R Q V D I R U H L J Q F X U U H Q F L H V P D L Q O \ 8 6 G R O O D U D Q G ( X U R I R U R X U ( X U R S H D Q R S H U D W L R R Q W K H I D L U Y D O X D W L R Q R I G H U L Y D W L Y H F R Q W U D F W V L Q F O X G L Q J / 0 ( I X W X U H V N U R Q H U + \ G U R P D Q D J H V L W V H [ W H U Q D O F X U U H Q F \ H [ S R V X U H R Q D F R Q V R O L G D W H S R V L W L R Q V à , Q Y H Q W R U \ Y D O X D W L R Q H I I H F W V F R P S U L V H K H G J L Q J J D L Q V D Q G O R V V H V U H O D W L Q X Q U H D O L ] H G K H G J L Q J O R V V H V Z K L O H W K H R I I V H W W L Q J J D L Q V R Q S K \ V L F D O L Q Y H R I G H F O L Q L Q J S U L F H V X Q U H D O L ] H G K H G J L Q J J D L Q V D U H R I I V H W E \ Z U L W H G R Z Q V 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 30 — $ G M X V W L Q J L W H P V W R ( % , 7 ’ $ ( % , 7 Q H W L Q F R P H O R V V D Q G H D U Q L Q J V S H U V K D U H
$ G M X V W L Q J L W H P V W R ( % , 7 ’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’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à 8 Q U H D O L ] H G G H U L Y D W L Y H J D L Q O R V V R Q / 0 ( U H O D W H G F R Q W U D F W V L Q F O X G H F K D Q J H V L Q X Q U H D O L ] H G J D L Q V D Q G O R V V H V R Q F R Q W U D F W V P H D V X U H G D W P D U N H W Y D O X H Z K L F K D U H X V H G I R U R S H U D W L R Q D O K H G J L Q J S X U S R V H V U H O D W H G W R I X W X U H H [ S H F W H G V D O H V D Q G S X U F K D V H W U D Q V D F W L R Q V E R W K I L [ H G S U L F H F X V W R P H U D Q G V X S S O L H U F R Q W U D F W V D Q G W U D Q V D F W L R Q V D W Q R W \ H W G H W H U P L Q H G P D U N H W S U L F H V $ O V R L Q F O X G H V H O L P L Q D W L R Q R I F K D Q J H V L Q I D L U Y D O X H R I F H U W D L Q L Q W H U Q D O S K \ V L F D O D O X P L Q L X P F R Q W U D F W V à 8 Q U H D O L ] H G G H U L Y D W L Y H J D L Q O R V V R Q S R Z H U D Q G U D Z P D W H U L D O F R Q W U D F W V L Q F O X G H F K D Q J H V L Q X Q U H D O L ] H G J D L Q V D Q G O R V V H V R Q H P E H G G H G G H U L Y D W L Y H V L Q U D Z P D W H U L D O D Q G S R Z H U F R Q W U D F W V I R U + \ G U R V R Z Q X V H D Q G L Q S K \ V L F D O D Q G I L Q D Q F L D O S R Z H U F R Q W U D F W V X V H G I R U P D Q D J L Q J S U L F H U L V N V D Q G Y R O X P H F K D Q J H V & K D Q J H V L Q X Q U H D O L ] H G G H U L Y D W L Y H H I I H F W V R Q F H U W D L Q S R Z H U F R Q W U D F W V L Q D E X V L Q H V V P R G H O Z L W K W K H F R P E L Q H G D L P W R P D Q D J H K \ G U R O R J L F D O U L V N L Q R Z Q S R Z H U S U R G X F W L R Q G L I I H U H Q F H V L Q S R Z H U Q H H G V L Q H [ L V W L Q J D Q G Q H Z E X V L Q H V V D F W L Y L W L H V L Q + \ G U R D V Z H O O D V V X S S R U W L Q J G H Y H O R S P H Q W R I Q H Z U H Q H Z D E O H H Q H U J \ S U R M H F W V D U H D O V R D G M X V W H G I R U $ G M X V W P H Q W V D O V R F R P S U L V H H O L P L Q D W L R Q R I F K D Q J H V L Q I D L U Y D O X H R I H P E H G G H G G H U L Y D W L Y H V Z L W K L Q F H U W D L Q L Q W H U Q D O S R Z H U F R Q W U D F W V à 6 L J Q L I L F D Q W U D W L R Q D O L ] D W L R Q F K D U J H V D Q G F O R V X U H F R V W V L Q F O X G H F R V W V U H O D W H G W R V S H F L I L F D O O \ G H I L Q H G P D M R U S U R M H F W V D Q G Q R W F R Q V L G H U H G W R U H I O H F W S H U L R G L F S H U I R U P D Q F H L Q W K H L Q G L Y L G X D O S O D Q W V R U R S H U D W L R Q V 6 X F K F R V W V L Q Y R O Y H W H U P L Q D W L R Q E H Q H I L W V G L V P D Q W O L Q J R I L Q V W D O O D W L R Q V D Q G E X L O G L Q J V F O H D Q X S D F W L Y L W L H V W K D W H [ F H H G O H J D O O L D E L O L W L H V H W F & R V W V U H O D W H G W R U H J X O D U D Q G F R Q W L Q X R X V L P S U R Y H P H Q W L Q L W L D W L Y H V D U H L Q F O X G H G L Q D G M X V W H G U H V X O W V à 6 L J Q L I L F D Q W F R P P X Q L W \ F R Q W U L E X W L R Q V % U D ] L O U H I H U V W R W K H S U R Y L V L R Q U H F R J Q L ] H G L Q U H O D W L R Q W R $ O X Q R U W H× V 7 $ & D Q G 7 & D J U H H P H Q W V Z L W K W K H * R Y H U Q P H Q W R I 3 D U D Q G 0 L Q L V W ¤ U L R 3 „ E O L F R P D G H L Q 6 H S W H P E H U L Q F O X G L Q J O D W H U F R V W D G M X V W P H Q W V & H U W D L Q U H O D W H G D J U H H P H Q W V P D G H O D W H U K D Y H D O V R E H H Q D G M X V W H G I R U & R Q W U L E X W L R Q V P D G H D V S D U W R I + \ G U R× V V R F L D O S U R J U D P V L Q D U H D V Z K H U H Z H R S H U D W H L Q F O X G L Q J L Q G L Y L G X D O O D U J H G R Q D W L R Q V D Q Q R X Q F H G D Q G S U R Y L G H G I R U D V D V L Q J O H H Y H Q W V D U H F R Q V L G H U H G F O R V H O \ U H O D W H G W R W K H R S H U D W L R Q V D Q G W K H U H I R U H L Q F O X G H G L Q D G M X V W H G U H V X O W V à 2 W K H U H I I H F W V L Q F O X G H L Q V X U D Q F H S U R F H H G V F R Y H U L Q J D V V H W G D P D J H O H J D O V H W W O H P H Q W V H W F , Q V X U D Q F H S U R F H H G V F R Y H U L Q J O R V W L Q F R P H R U H [ S H Q V H V L Q F X U U H G L Q W K H V D P H R U D S U L R U S H U L R G D U H L Q F O X G H G L Q D G M X V W H G U H V X O W V à 3 H Q V L R Q L Q F O X G H V U H F R J Q L W L R Q R I S H Q V L R Q S O D Q D P H Q G P H Q W V D Q G U H O D W H G F X U W D L O P H Q W V D Q G V H W W O H P H Q W V à 7 U D Q V D F W L R Q U H O D W H G H I I H F W V U H I O H F W W K H J D L Q V O R V V H V R Q G L Y H V W P H Q W U H P H D V X U H P H Q W J D L Q V O R V V H V U H O D W L Q J W R S U H Y L R X V O \ R Z Q H G V K D U H V L Q D U H O D W H G W R D F T X L V L W L R Q V D V Z H O O D V D F T X L V L W L R Q F R V W V à $ G M X V W L Q J L W H P V L Q H T X L W \ D F F R X Q W H G L Q Y H V W P H Q W V U H I O H F W V + \ G U R V V K D V L J Q L I L F D Q W D V V R F L D W H V V X F K D V 4 D W D O X P D Q G D U H E D V H G R Q + \ G U R V G H I L Q L W H P V Q R W U H J D U G H G D V S D U W R I X Q G H U O \ L Q J E X V L Q H V V S H U I R U P D Q F H I R U W K H à , P S D L U P H Q W F K D U J H V 3 3 ( L Q W D Q J L E O H D V V H W V D Q G H T X L W \ D F F R X Q W H G L Q Y H V D V V H W V R U J U R X S V R I D V V H W V W R H V W L P D W H G U H F R Y H U D E O H D P R X Q W V L Q W K H U H Y H U V D O R I L P S D L U P H Q W F K D U J H V D U H D O V R D G M X V W H G I R U à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’ $ D Q G D G M X V W H G ( % , 7 à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à & D O F X O D W H G L Q F R P H W D [ H I I H F W , Q R U G H U W R S U H V H Q W D G M X V W H G Q H W L Q F R P Z L W K R X U D G M X V W H G R S H U D W L Q J S H U I R U P D Q F H W K H D G M X V W H G L Q F R P H W D [ H V H I I H F W V R Q D G M X V W L Q J L W H P V W R L Q F R P H E H I R U H W D [ à 2 W K H U D G M X V W P H Q W V W R Q H W L Q F R P H I U R P F R Q W L Q X L Q J R S H U D W L R Q V L Q F O X G H U H J D U G H G D V S D U W R I W K H E X V L Q H V V S H U I R U P D Q F H R I W K H S H U L R G 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 31 — $ G M X V W L Q J L W H P V W R ( % , 7 ’ $ D Q G ( % , 7 S H U R S H U D W L Q J V H J P H Q W D Q G
$ G M X V W L Q J L W H P V W R ( % , 7 ’ $ D Q G ( % , 7 S H U R S H U D W L Q J V H J P H Q W D Q G 8 Q U H D O L ] H G G H U L Y D W L Y H J D L Q O R V V R Q / 0 ( U H O D W H G F R Q W U D F W V 8 Q U H D O L ] H G G H U L Y D W L Y H J D L Q O R V V R Q U D Z P D W H U L D O F R Q W U D F W V 6 L J Q L I L F D Q W U D W L R Q D O L ] D W L R Q F K D U J H V D Q G F O R V X U H F R V W r | , P S D L U P H Q W F K D U J H V H T X L W \ D F F R X Q W H G L Q Y H V W P H Q W V s | + \ G U R % D X [ L W H $ O X P L Q D 8 Q U H D O L ] H G G H U L Y D W L Y H J D L Q O R V V R Q S R Z H U F R Q W U D F W V 6 L J Q L I L F D Q W U D W L R Q D O L ] D W L R Q F K D U J H V D Q G F O R V X U H F R V W r | * D L Q V O R V V H V R Q G L Y H V W P H Q W V r | , P S D L U P H Q W F K D U J H V H T X L W \ D F F R X Q W H G L Q Y H V W P H Q W V s | 1 H W I R U H L J Q H [ F K D Q J H J D L Q O R V V t | 2 W K H U H I I H F W V + \ G U R ( Q H U J \ 8 Q U H D O L ] H G G H U L Y D W L Y H J D L Q O R V V R Q / 0 ( U H O D W H G F R Q W U D F W V 8 Q U H D O L ] H G G H U L Y D W L Y H J D L Q O R V V R Q S R Z H U F R Q W U D F W V 6 L J Q L I L F D Q W U D W L R Q D O L ] D W L R Q F K D U J H V D Q G F O R V X U H F R V W V r | u | * D L Q V O R V V H V R Q G L Y H V W P H Q W V v | , P S D L U P H Q W F K D U J H V H T X L W \ D F F R X Q W H G L Q Y H V W P H Q W V w | 1 H W I R U H L J Q H [ F K D Q J H J D L Q O R V V t | 2 W K H U H I I H F W V y p | + \ G U R $ O X P L Q L X P 0 H W D O 1 2 . P L O O L R Q 7 K L U G T X D U W H U 7 K L U G T X D U W H U 6 H F R Q G T X D U W H U ) L U V W P R Q W K V ) L U V W P R Q W K V < H D U 1 H J D W L Y H I L J X U H V L Q G L F D W H U H Y H U V D O R I D J D L Q D Q G S R V L W L Y H I L J X U H V L Q G L F D W H U H Y H U V D O R I D O R V V 5 H V W U X F W X U L Q J F R V W V L Q U H O D W H V W R U H G X F W L R Q R I Q X P E H U R I Z K L W H F R O O D U H P S O R \ H H V W K U R X J K R X W + \ G U R , P S D L U P H Q W F K D U J H V L Q F O X G H G L Q H T X L W \ P H W K R G L Q Y H V W P H Q W L Q Y R O Y H G L Q U H Q H Z D E O H H Q H U J \ S U R G X F W L R Q L Q % U D ] L O * D L Q R Q G L Y H V W P H Q W U H O D W H V W R V D O H R I E D W W H U \ L Q Y H V W P H Q W V , P S D L U P H Q W F K D U J H V L Q H T X L W \ P H W K R G L Q Y H V W P H Q W V L Q + \ G U R 5 H L Q & K D U J H V L Q 5 H L Q L Q U H O D W H V W R L Q Y H V W P H Q W V L Q Y R O Y H G L Q U H Q H Z D E O H H Q H U J \ S U R G X F W L R Q L Q % U D ] L O & K D U J U H Q H Z D E O H H Q H U J \ S U R G X F W L R Q L Q % U D ] L O D Q G E D W W H U L H V 5 H D O L ] H G F X U U H Q F \ J D L Q V D Q G O R V V H V I U R P U L V N P D Q D J H P H Q W F R Q W U D F W V D Q G H P E H G G H G F X U U H Q F \ G H U L Y D W L Y H V L Q S K \ V L F D O S R Z H U D Q G U D Z P D W H U L D O S U L F H V & O R V X U H F R V W V L Q $ O X P L Q L X P 0 H W D O D O V R L Q F O X G H V F O R V X U H F R V W V U H O D W H G W R $ O X F K H P L H L Q D Q G * D L Q R Q G L Y H V W P H Q W U H O D W H V W R V D O H R I O D Q G , P S D L U P H Q W F K D U J H V L Q F O X G H G L Q H T X L W \ P H W K R G L Q Y H V W P H Q W L Q Y R O Y H G L Q U H Q H Z D E O H H Q H U J \ S U R G X F W L R Q L Q % U D ] L O 2 W K H U H I I H F W V L Q 4 L Q F O X G H V W K H F R P S H Q V D W L R Q I R U F D Q F H O O D W L R Q R I D F R Q W U D F W I R U S X U F K D V H R I Z L Q G S R Z H U I U R P D S R Z H U S U R G X F H U L Q 1 R U W K H U Q 6 Z H G H Q 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 32 —
1 2 . P L O O L R Q 7 K L U G T X D U W H U 7 K L U G T X D U W H U 6 H F R Q G T X D U W H U ) L U V W P R Q W K V ) L U V W P R Q W K V < H D U 8 Q U H D O L ] H G G H U L Y D W L Y H J D L Q O R V V R Q / 0 ( U H O D W H G F R Q W U D F W V 8 Q U H D O L ] H G G H U L Y D W L Y H J D L Q O R V V R Q S R Z H U F R Q W U D F W V 6 L J Q L I L F D Q W U D W L R Q D O L ] D W L R Q F K D U J H V D Q G F O R V X U H F R V W r | + \ G U R 0 H W D O 0 D U N H W V 8 Q U H D O L ] H G G H U L Y D W L Y H J D L Q O R V V R Q / 0 ( U H O D W H G F R Q W U D F W V 8 Q U H D O L ] H G G H U L Y D W L Y H J D L Q O R V V R Q S R Z H U F R Q W U D F W V 6 L J Q L I L F D Q W U D W L R Q D O L ] D W L R Q F K D U J H V D Q G F O R V X U H F R V W V r | y y | * D L Q V O R V V H V R Q G L Y H V W P H Q W V y r | + \ G U R ( [ W U X V L R Q V 8 Q U H D O L ] H G G H U L Y D W L Y H J D L Q O R V V R Q / 0 ( U H O D W H G F R Q W U D F W V y s | 6 L J Q L I L F D Q W U D W L R Q D O L ] D W L R Q F K D U J H V D Q G F O R V X U H F R V W V 1 H W I R U H L J Q H [ F K D Q J H J D L Q O R V V t | 2 W K H U H I I H F W V y r | 2 W K H U D Q G H O L P L Q D W L R Q V $ G M X V W L Q J L W H P V W R ( % , 7 ’ $ , P S D L U P H Q W F K D U J H V + \ G U R % D X [ L W H $ O X P L Q D y s | + \ G U R ( Q H U J \ y t | + \ G U R $ O X P L Q L X P 0 H W D O y u | + \ G U R ( [ W U X V L R Q V y v |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’ L Y H V W P H Q W V R I + \ G U R ( [ W U X V L R Q V S O D Q W V D Q G D Q L Q G L Y L G X D O V L J Q L I L F D Q W D V V H W L Q F O X G L Q J D G M X V W P H Q W V R I V D O H V S U L F H 8 Q U H D O L ] H G G H U L Y D W L Y H H I I H F W V R Q / 0 ( U H O D W H G F R Q W U D F W V U H V X O W I U R P H O L P L Q D W L R Q R I F K D Q J H V L Q W K H Y D O X D W L R Q R I F H U W D L Q L Q W H U Q D O D O X P L Q L X P F R Q W U D F W V 2 W K H U H I I H F W V L Q 4 U H O D W H V W R H Q Y L U R Q P H Q W D O S U R Y L V L R Q V U H O D W H G W R F O R V H G V L W H V L Q * H U P D Q \ , P S D L U P H Q W F K D U J H V L Q + \ G U R % D X [ L W H $ O X P L Q D U H O D W H V W R D G H Y H O R S P H Q W S U R M H F W R Q K R O G , P S D L U P H Q W F K D U J H V L Q + \ G U R ( Q H U J \ U H O D W H V W R D V V H W V U H O D W H G W R J U H H Q K \ G U R J H Q V R O X W L R Q V , P S D L U P H Q W F K D U J H V L Q + \ G U R $ O X P L Q L X P 0 H W D O U H I O H F W V Z U L W H G R Z Q R I P D L Q W H Q D Q F H L Q Y H V W P H Q W V L Q + \ G U R V I X O O \ L P S D L U H G S D U W R Z Q H G 7 R P D J R V P H O W H U L Q $ X V W U D O L D D Q G D G H Y , P S D L U P H Q W F K D U J H V L Q + \ G U R ( [ W U X V L R Q V L Q F O X G H L P S D L U P H Q W V R I Y D U L R X V L Q G L Y L G X D O V L W H V D Q G D V V H W V L Q F O X G L Q J W K H V L W H V L Q ( X U R S H D Q G W K H 8 6 S U R S R V H G W R E H F O R V H G 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 33 — $ G M X V W H G ( % , 7 ’ $
$ G M X V W H G ( % , 7 ’ $ 1 2 . P L O O L R Q 7 K L U G T X D U W H U 7 K L U G T X D U W H U 6 H F R Q G T X D U W H U ) L U V W P R Q W K V ) L U V W P R Q W K V < H D U ( % , 7 ’ H S U H F L D W L R Q D P R U W L ] D W L R Q D Q G L P S D L U P H Q W , Q Y H V W P H Q W J U D Q W V ( % , 7 ’ $ $ G M X V W L Q J L W H P V W R ( % , 7 ’ $ $ G M X V W H G ( % , 7 ’ $ $ G M X V W H G H D U Q L Q J V S H U V K D U H 1 2 . P L O O L R Q H [ F H S W S H U V K D U H G D W D 7 K L U G T X D U W H U 7 K L U G T X D U W H U & K D Q J H S U L R U \ H D U T X D U W H U 6 H F R Q G T X D U W H U & K D Q J H S U L R U T X D U W H U ) L U V W P R Q W K V ) L U V W P R Q W K V < H D U 1 H W L Q F R P H O R V V ! $ G M X V W L Q J L W H P V W R Q H W L Q F R P H O R V V y | ! $ G M X V W H G Q H W L Q F R P H O R V V ! $ G M X V W H G Q H W L Q F R P H D W W U L E X W D E O H W R Q R Q F R Q W U R O O L Q J L Q W H U H V W V ! $ G M X V W H G Q H W L Q F R P H D W W U L E X W D E O H W R + \ G U R V K D U H K R O G H U V ! 1 X P E H U R I V K D U H V $ G M X V W H G H D U Q L Q J V S H U V K D U H ! $ G M X V W L Q J L W H P V W R Q H W L Q F R P H O R V V F R Q V L V W R I W K H $ G M X V W L Q J L W H P V W R ( % , 7 V S H F L I L H G R Q W K H S U H Y L R X V S D J H V D Q G + \ G U R V U H D O L ] H G D Q G X Q U H D O L ] H G I R U H L J Q H [ F K D Q J H J D L Q V 1 R U V N + \ G U R $ 6 $ , Q W U R G X F W L R Q 3 H U I R U P D Q F H 6 X S S O H P H Q W ) L Q D Q F L D O V $ 3 0 V 2 W K H U
Slide 34 — $ G M X V W H G Q H W G H E W
$ G M X V W H G Q H W G H E W 1 2 . P L O O L R Q 6 H S W H P E H U - X Q H & K D Q J H S U L R U T X D U W H U 6 H S W H P E H U - X Q H & K D Q J H S U L R U \ H D U T X D U W H U & D V K D Q G F D V K H T X L Y D O H Q W V 6 K R U W W H U P L Q Y H V W P H Q W V y | 6 K R U W W H U P G H E W / R Q J W H U P G H E W & R O O D W H U D O I R U O R Q J W H U P O L D E L O L W L H V D Q G G H U L Y D W L Y H V 1 H W G H E W & R O O D W H U D O I R U V K R U W W H U P D Q G O R Q J W H U P O L D E L O L W L H V r | & D V K D Q G F D V K H T X L Y D O H Q W V D Q G V K R U W W H U P L Q Y H V W P H Q W V L Q F D S W L Y H L Q V X U D Q F H F R P S D Q \ s | 1 H W S H Q V L R Q D V V H W R E O L J D W L R Q D W I D L U Y D O X H Q H W R I H [ S H F W H G L Q F R P H W D [ E H Q H I L W r | 6 K R U W D Q G O R Q J W H U P S U R Y L V L R Q V Q H W R I H [ S H F W H G L Q F R P H W D [ E H Q H I L W D Q G R W K H U O L D E L O L W L H V s |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
Slide 35 — $ G M X V W H G
$ G M X V W H G 5 H W X U Q R Q D Y H U D J H & D S L W D O ( P S O R \ H G 5 R D & ( O D V W W Z H O Y H P R Q W K V $ G M X V W H G ( % , 7 D I W H U W D [ 1 2 . P L O O L R Q 7 K L U G T X D U W H U 6 H F R Q G T X D U W H U ) L U V W T X D U W H U ) R X U W K T X D U W H U < H D U $ G M X V W H G ( % , 7 y | $ G M X V W H G , Q F R P H W D [ H [ S H Q V H r | $ G M X V W H G ( % , 7 D I W H U W D [ $ G M X V W H G ( % , 7 I R U I R X U W K T X D U W H U L V U H F R Q F L O H G L Q W K H I R X U W K T X D U W H U U H S R U W R I $ G M X V W H G ( % , 7 I R U I L U V W T X D U W H U L V U H F R Q F L O H G L Q W K H I L U V W T X D U W H U U H S R U W R I $ G M X V W H G , Q F R P H W D [ H [ S H Q V H L V E D V H G R Q U H S R U W H G D Q G D G M X V W H G W D [ H [ S H Q V H D G M X V W H G I R U W D [ R Q I L Q D Q F L D O L W H P V & D S L W D O H P S O R \ H G 1 2 . P L O O L R Q 6 H S - X Q 0 D U ’ H F & X U U H Q W D V V H W V y | 3 U R S H U W \ S O D Q W D Q G H T X L S P H Q W 2 W K H U Q R Q F X U U H Q W D V V H W V r | & X U U H Q W O L D E L O L W L H V s | 1 R Q F X U U H Q W O L D E L O L W L H V s |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
Slide 36 — ) U H H F D V K I O R Z
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