ING Group — Presentation / slide deck (8-K exhibit)

Slide 1 — 
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Slide 3 — ,21
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Slide 4 — 
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Slide 5 — #11#/
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Open the original at slide 12 ↗

Slide 13 — 1/1#%6

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Open the original at slide 13 ↗

Slide 14 — 2/
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Open the original at slide 14 ↗

Slide 15 — ,4
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Open the original at slide 15 ↗

Slide 16 — *,10/:!/+1.!/7

*,10/:!/+1.!/7 ,%(%0%!/  +%( !(0%+*/$%,/3%0$=  .%20!* %2% 1(1/0+)!./  .%20!*'%*#(%!*0/  1/%*!//*'%*#(%!*0/  $+(!/(!*'%*#(%!*0/ %**%(  ]XT%((%+*!-1%05  ]ZWS%((%+* !,+/%0/  ]TY\%((%+*%//1!  !0 E +"3$%$]TW;\%((%+*#.!!*+* / 1)*  YS<SSSa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`.+//D +. !.%*+)! 1.,!+,(!  +.,+.0!1(01.!E%*0!#.%05+2!((  VX`3+)!*%*/!*%+.)*#!)!*0,+/%0%+*/  VT`3+)!*%*(! !./$%,,%,!(%*! *2!/0+./  TV;U`+  TV;T`T.0%+  ]Z;V%((%+*%* %2% !* * /$.!15' %/0.%10%+*/ 1,,(%!./7,.0*!./  $.! %**+20%+*  !/,+*/%(!/+1.%*#  $%. D,.05/,!* +%!05  !1.!* !//%(!*'%*#!4,!.%!*!  1,,+.0"+."%**%(.!/%(%!*!  !.! 1! +1.!4,+/1.!0+1,/0.!)+%(7#/5ZT,!.!*0/%*! UST\* .+1#$0 +3*0$!#!*!.0! !)%//%+*/@,!.$A%*+1. ,+3!./!0+.5[X,!.!*0/%*!UST[;  ]\;Y%((%+*!*!3(!,+3!.D#!*!.0%+*"%**%*#  ]TYY%((%+*1/0%*(!2+(1)!)+%(%/!























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Open the original at slide 16 ↗

Slide 17 — 2-#/',/
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Open the original at slide 17 ↗

Slide 18 — $+(!/(!*'%*#

1./!.2%!)+ !( .!//!/+0$/%* +),(!4*!! /<+""!.%*# /+(10%+*/0$.+1#$)%4+"/!("D/!.2%! %#%0(,(0"+.)/* .!)+0!+.%*D ,!./+* 2%/+.5;$.+1#$0$%/,,.+$<3!%)0+/0.!*#0$!*(%!*0 !*##!)!*0* %*+.,+.0!/!0+.D/,!%"%!4,!.0%/!0+/1,,+.0%*"+.)!  !%/%+*D)'%*#; .+//((0$.!!/!#)!*0/E!("D),(+5! 7%.+<<* % D+.,/E 3!"+1/+*)'%*#*'%*#!""+.0(!//* !//%(!;/+"USUX<3!+""!. %#%0(+*+. %*#&+1.*!5/<* %*/0*0* "/0D0.'(!* %*#.+///%4 ).'!0/=0$!!0$!.(* /<!(#%1)<+(* <+)*%<w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f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

Open the original at slide 18 ↗

Slide 19 — 1.,!."+.)*!

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a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

Open the original at slide 19 ↗

Slide 20 — 201'+ ')'16
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Open the original at slide 20 ↗

Slide 21 — /+(10%+*/"+.(+3@.+*3+.( 

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Open the original at slide 21 ↗

Slide 22 — ,4
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Open the original at slide 22 ↗

Slide 23 — %#%0(!//

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
)'%*#; !+*0%*1! 0+ 2*!+1.,(0"+.),%(%0%!/%*(%*!3%0$ J/ .+ !.0.*/"+.)0%+*+&!0%2!/;$!%*0.+ 10%+*+"1*%"%!  0< *(50%/<* #!*0%!*2%.+*)!*0).'! *%),+.0*0)%(!/0+*!%* /0.!*#0$!*%*#+1. 0%*"./0.101.!;$!,(0"+.) !(%2!./*(50%/ %*%0%0%2!/3%0$#.!0!.+*/%/0!*5* !""%%!*5<3$%(!/%),(%"5%*#.%/' //!//)!*0/* /0.!*#0$!*%*# 0#+2!.**!; / +,0%+*!(!.0! .+//USUX<)+2%*#".+),%(+0/0+ 5
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

Open the original at slide 23 ↗

Slide 24 — 05%*#/"!* /!1.!

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Open the original at slide 24 ↗

Slide 25 — ),(+5!!!4,!.%!*!

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Slide 26 — 2/
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Slide 27 — 2/
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Open the original at slide 27 ↗

Slide 28 — (%!*0(*!/

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

Open the original at slide 28 ↗

Slide 29 —  %0%+*0+(+*(+//,.+2%/%+*/

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Open the original at slide 29 ↗

Slide 30 — #1')
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Open the original at slide 30 ↗

Slide 31 — !0%(!0$!.(* /

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Open the original at slide 31 ↗

Slide 32 — !0%( !.)*5

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Open the original at slide 32 ↗

Slide 33 — &,)#0)#
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Slide 36 — !)

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Open the original at slide 36 ↗

Slide 37 — .#.!0!

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Open the original at slide 37 ↗

Slide 38 — .+(

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Open the original at slide 38 ↗

Slide 39 — 0!2!*2*

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Open the original at slide 39 ↗

Slide 40 — * .!3

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 !)(!    .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ KG

Open the original at slide 40 ↗

Slide 41 — 2-#/3'0,/6
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Open the original at slide 41 ↗

Slide 42 — 00!* *!+")!)!./

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Open the original at slide 42 ↗

Slide 43 — +))%00!!)!!0%*#/* +),+/%0%+*

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Open the original at slide 43 ↗

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Open the original at slide 44 ↗

Slide 45 — +*0%*1+1/ %(+#1!3%0$/0'!$+( !./

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Open the original at slide 45 ↗

Slide 46 — *#!)!*0+. *'%*#* 1,!.2%/+.5+. 

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Open the original at slide 46 ↗

Slide 47 — +),+/%0%+*+"0$!4!10%2!+. :*#!)!*0

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; *US*1.5USUY<%03/**+1*! 0$0 !.*!.$#!*3%((.!/%#* ".+)0$!1,!.2%/+.5+. /+"0$!USUY !*!.(!!0%*#; !.*3%(((/+ /0!, +3*/$%.,!./+*+"0$!!)1*!.0%+*+))%00!!* / )!)!.+"0$!+)%*0%+** +.,+.0! +2!.**!+))%00!!* 0$! %/'+))%00!!; +.)+.!%*"+.)0%+*+*0$!+),+/%0%+*+"0$!* 0$!</!! I+.,+.0!#+2!.**!J; (()!)!./<3%0$0$!!4!,0%+*+"*+)+.!0$*+*!,!./+*</$+1(
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

Open the original at slide 47 ↗

Slide 48 — *#!)!*0+. />=?

*#!)!*0+. />=? %2!./%05 4,!.%!*!7+.!+),!0!*%!/ !.+"%.0$ !* !. 0%+*(%05 4!10%2! !4,!.%!*! *0!.*0%+*( !4,!.%!*! *'%*# %**!?1 %0 %/' ,!.0%+*/ 7 5!./!1.%05  0!2!*2*%&/3%&' ?< T\ZS (! 10$ *0!$10.'1( ?< T\YX (! $% &%(&*[+.0* ?< T\ZT !)(! .+0%* %*.5 <$! +"!0%(< .'!0! !./*  $((!*#!./7 .+30$ .'!0/ T\ZZ !)(! 1.'%/$ * .!3!/0!. <$! +" $+(!/(!*'%*# T\YX (! .%0%/$? +10$ ".%* .*%42* 0%,$+10 <$%!"+,!.0%+*/ +""%!. T\ZS (! 10$ *%!(!+*!(( < T\ZT (! 3%// !!0/0$!.!-1%.! '*+3(! #!?!4,!.%!*!.%0!.%"+.0$!.+(!* %0%),(%!/0$!,%050+0'!! 10!  !%/%+*/+*0$!.!(!2*0)00!./; * %0%+*%/+*/% !.! *!4,!.0/! +*!4,!.%!*!%*0$!1..!*0+.,.!2%+1/.+(!/; 1,!.2%/+.5+. %2!./%05 4,!.%!*!7+.!+),!0!*%!/ !.+"%.0$ !* !. 0%+*(%05 4!10%2! !4,!.%!*! *0!.*0%+*( !4,!.%!*! *'%*# %**!?1 %0 %/' ,!.0%+*/ 7 5!./!1.%05  .( 1$ $%.,!./+* T\YW (! 10$ %'!!!/ %!D$%.,!./+* T\XY (! .%0%/$ 1*+(+)\/ T\YU (! ,*%/$ .#.!0! /! T\XV !)(! 1/0.%* + !3%&' %&)*/ 2* !*!.#$ T\YV (! 10$ !.)* 1(/0 T\XX (! 10$ .+( 1/ T\Y\ (! 10$ (!4* .!%$ T\YV !)(! 1/0.%* !.*!.$#!* T\YY !)(! 10$ !0.% +"/0] T\YT !)(! 10$ 01.0 .$) T\YZ (! .%0%/$? !.)*   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ KO

Open the original at slide 48 ↗

Slide 49 — ,,.!%0%+*"+.)*#!)!*0* !),(+5!!/

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

Open the original at slide 49 ↗

Slide 50 — ,/-,/1#
%,3#/++!#

,/-,/1#
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

Open the original at slide 50 ↗

Slide 51 — 1,!.2%/+.5+.

$%//!0%+*+"0$!**1(!,+.0<0+#!0$!.3%0$0$!/!0%+*I3* 3+.'"+.!/0.0!#5E*(+'%*#+1.,!+,(!J/"1((,+0!*0%(J<0$!+2!D )!*0%+*! ++'(!0/* +0$!.,.0/+"0$%/**1(!,+.00+3$%$ .!"!.!*!%/) !%*0$!++'(!0/</$+1( !.! %*+*&1*0%+**  +),.%/!0$!+.,+.0!#+2!.**!/00!)!*0.!"!..! 0+%*/!0%+*U+" 0$!10$!.!!+*%*"+.)0%+*%*0$!)*#!)!*0+. .!,+.0@%'&
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

Open the original at slide 51 ↗

Slide 52 — 4!10%2!+.

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Open the original at slide 52 ↗

Slide 53 — !*!.(!!0%*#

.!/+(10%+*+"0$! !*!.(!!0%*#0+.!* !.0$%/(%/0*+*D%* %*#<+.0+ /1/,!* +. %/)%//)!)!./3%0$+100$%/!%*#,.+,+/! 50$!< .!-1%.!/*/+(10!)&+.%05+"0$!2+0!//0; %0%+*((5<0$%/)&+.%05 )1/0.!,.!/!*0)+.!0$*$("+"0$!%//1! /$.!,%0(;*/!+*  #!*!.()!!0%*#</1$.!/+(10%+*(/+.!-1%.!/*/+(10!)&+.%05+" 0$!2+0!//0<* 0$%/)&+.%05)1/0.!,.!/!*0)+.!0$*$("+"0$! %//1! /$.!,%0(;$%/!*/1.!/0$0/1$/%#*%"%*0.!/+(10%+*/*+*(5 ! +,0! 3%0$/1/0*0%(/1,,+.0+"  .+1,J//$.!$+( !./; !)1*!.0%+** /$.!+3*!./$%, !0%(/+"0$!.!)1*!.0%+*+")!)!./+"0$!<%*(1 %*#/$.!/ #.*0! 0+0$!)<.!/!0+10%*0$!I!)1*!.0%+*.!,+.0J; !)!./+"0$!.!,!.)%00! 0+$+( /$.!/%*0$!/$.!,%0(+"  .+1,"+.(+*#D0!.)%*2!/0)!*0,1.,+/!/;.*/0%+*/5)!)!./+" 0$!4!10%2!+. %*0$!/!/$.!/*!! 0++),(53%0$0$!  .!#1(0%+*/"+.%*/% !./<3$%$.!2%((!+*%*#;+); !(!2*0,+/%0%+*/,1./1*00+=+*"(%0%*#%*0!.!/0/ !)!./+"0$!)5$+( +0$!.,+/%0%+*/+10/% ! ;+)!)!.+" 0$!$ +.,+.0! %.!0+./$%,/.!(!2*01* !.+10/% !  0$.+1#$+10USUX; !)!./+"0$!.!0+.!,+.0*5+*"(%0+"%*0!.!/0@%*(1 %*#,+0!*0%( +*"(%0/+"%*0!.!/0A0+0$!$%.,!./+*+"0$!* 0$!+0$!. )!)!./<* /$((,.+2% !((.!(!2*0%*"+.)0%+*;$!<!4(1 %*#0$! )!)!.+*!.*! < !% !/3$!0$!.+*"(%0+"%*0!.!/0!4%/0/; *0$!/!+"+*"(%0+"%*0!.!/0<0$!.!(!2*0)!)!.+"0$!/0%*/ ".+) %/1//%+*/*  !%/%+*D)'%*#+*0$!0+,%+.0$!0.*/0%+*%* .!(0%+*0+3$%$0$!5$2!+*"(%0+"%*0!.!/03%0$  .+1,; .*/0%+*/%*2+(2%*#01(+.,+0!*0%(+*"(%0/+"%*0!.!/0 $!.!3!.!*+0.*/0%+*/.!,+.0! %*USUX%*3$%$0$!.!3!.!+*"(%0/ +"%*0!.!/03%0$)!)!./0$0.!+")0!.%(/%#*%"%*!0+  .+1, * ?+.0+0$!.!(!2*0+. )!)!./; ")!)!.+"0$!+0%*/"%**%(,.+ 10/* /!.2%!/<+0$!.0$* (+*/<3$%$.!,.+2% ! 5/1/% %.%!/+"  .+1,%*0$!+. %*.5 +1./!+"1/%*!//+*0!.)/0$0,,(50+!),(+5!!/<0$%/%/*+0 +*/% !.! /%#*%"%*0+*"(%0+"%*0!.!/0* %/0$!.!"+.!*+0.!,+.0! ; *'%*#* "%**%(,.+ 10/%*3$%$0$!#.*0%*#+".! %0%/+" /!+* .5*01.!@!;#;.! %0. /* +2!. ."0/%*1..!*0+1*0/A.! *+0+*/% !.! (+*"+.0$%/,1.,+/!* .!0$!.!"+.!*+0 %/(+/! %* 0$!I!)1*!.0%+*.!,+.0J;+.*+2!.2%!3+"(+*/#.*0! 0+)!)!./+" 0$!4!10%2!+. </!!0$!I!)1*!.0%+*.!,+.0J; !*!.(!!0%*# #!*!.()!!0%*#%/$!( 0(!/0+*!5!.; J/**1( !*!.( !!0%*#@ A%/1/1((5$!( %*,.%(+.5; $!)%*0+,%/+*3$%$0$! !*!.(!!0%*# !% !/.!=  $!,,+%*0)!*0+"0$!* )!)!./+"0$!</1&!00+%* %*# *+)%*0%+*+.,.+,+/(+"0$!>  $!/1/,!*/%+**  %/)%//(+")!)!./+"0$!* )!)!./+" 0$!>  $! +,0%+*+"0$!"%**%(/00!)!*0/@**1(+1*0/A>  $! !(.0%+*+" %2% !* /</1&!00+0$!,+3!.+"0$!0+((+0! ,.0+.((+"0$!,.+"%0/0+0$!.!/!.2!/E3%0$,,.+2(+"0$!E*  0$! !(.0%+*+"+0$!. %/0.%10%+*/</1&!00+,.+,+/(50$! * ,,.+2! 50$!>  $!,,+%*0)!*0?.!,,+%*0)!*0+"0$!!40!.*(1 %0+.;  *)!* )!*0+"0$!.0%(!/+"//+%0%+*<(!#()!.#!.< !)!.#!. +.+*2!./%+*+"  .+1,<* 3%* %*#D1,+"  .+1,<((/1&!00+ ,.+,+/() !50$!3%0$,,.+2(+"0$!>  $!%//1*!+"/$.!/+..%#$0/0+/1/.%!"+./$.!/<0$!.!/0.%0%+* +.!4(1/%+*+",.!D!),0%2!.%#$0/+"/$.!$+( !./<*  !(!#0%+*+" 0$!/!,+3!./0+0$!</1&!00+,.+,+/(50$!0$0$/!!* ,,.+2! 50$!>*  $!10$+.%/0%+*+".!,1.$/!+"+10/0* %*#/$.!/* ?+. *!((0%+*+"/$.!/; +0%!   .+1,+*2!*!/%0/#!*!.()!!0%*#/5,1(%*+0%!2%%*#;+)0 (!/0WU 5/!"+.!0$! 5+"0$!#!*!.()!!0%*#;((%*"+.)0%+* .!(!2*0"+./$.!$+( !./%/) !2%((!2%%*#;+);$%/%*"+.)0%+* %*(1 !/0$!*+0%!+"0$!#!*!.()!!0%*#<0$!,(!* 0%)!+"0$! )!!0%*#<%*/0.10%+*/+*$+30+00!* 0$!)!!0%*#* !4!.%/!2+0%*# .%#$0/<0$!#!* <0$!!4,(*0+.5*+0!/0+0$!#!* %*(1 %*#0$! 2!.0%)0!40+"0$!,.+,+/(/</3!((/0$!**1(!,+.0; $%/,!.%+ *!/$+.0!*! 0+TS 5/%"%A  .+1,)!!0/0$!.%0!.% "+.!.(5%*0!.2!*0%+*)!/1.!/<%%A#+%*#%*0+.!/+(10%+**!2+% ! 5 )!*/+",%0(%*.!/!* %%%A#!*!.()!!0%*#3+1( !.!-1%.! 0+ !*(!  .+1,0+%//1!0$!.!-1%.! *1)!.+"/$.!/; .+,+/(/5/$.!$+( !./ $.!$+( !./3$+%* %2% 1((5+.&+%*0(5.!,.!/!*00(!/0+*!,!.!*0+" 0$!%//1! ,%0()5,.+,+/!%0!)/"+.0$!#!* +"#!*!.()!!0%*#; 1$,.+,+/(//$+1( ! !-10!(5/1/0*0%0! 1* !.,,(%(! 10$(3; $.!$+( !./$2!0$!+,,+.01*%050++*00 +100$!#!*!.( )!!0%*#2% ! %0! 3!,#!+*%*#;+); !+.  0! $!.!+.  0!"+.00!* %*##!*!.()!!0%*#* 2+0%*#+*,.+,+/(/ 00$0#!*!.()!!0%*#%/0$!U[0$ 5!"+.!0$! 5+"0$!#!*!.( )!!0%*#;*(50$+/!$+( %*#/$.!/+*0$!.!+.  0!)500!* 0$! #!*!.()!!0%*#* )5,.0%%,0!<2+0!* !4!.%/!*5+0$!..%#$0/ 00$! 0+0$!%./$.!/%*0$!#!*!.()!!0%*#<.!#. (!//+"*5 /1/!-1!*0/(!+.,1.$/!+"/$.!/;$!.!+.  0!%/,1(%/$! %*0$! *+0%!"+.0$!#!*!.()!!0%*#;"/$+.0!*! *+0%!,!.%+ +"TS 5/%/ ,,(%(!@/!!I+0%!J+2!A<0$!.!+.  0!%/03+ 5/"0!.0$! +*2+0%+* 0!; *+. *!3%0$.!-1%.!)!*0/<0$! !,+/%0.5/!0/.!+.  0!"+. 0$!)!.%* !,+/%0.5.!!%,0/@/A;$%/.!+.  0!* %""!.".+) 0$!.!+.  0!/!05  .+1,"+./$.!$+( !./;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ LJ

Open the original at slide 53 ↗

Slide 54 — $.!/* /$.!$+( %*#/

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Open the original at slide 54 ↗

Slide 55 — .*/"!.+"/$.!/* 0.*/"!..!/0.%0%+*/

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Open the original at slide 55 ↗

Slide 56 — !#(,.+2%/%+*/

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Open the original at slide 56 ↗

Slide 57 — 40!.*(1 %0+.

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*1.5USUXA;$! !%/%+*0+$*#! 1 %0+./3/) !/! +*1.+,!** 10$(!#%/(0%+*(%)%0%*#0$! 0!.)+",,+%*0)!*0;+. %*#(5<0$!!*##!)!*0+"  <  .+1,J/ 1..!*0!40!.*(1 %0+.<**+0!.!*!3! %*.!/,!0+""%**%(5!. USUY; +.!%*"+.)0%+*+*  .+1, (+(.+! 1.!+*40!.*(1 %0+./f * !,!* !*!%/2%((!+*%*#;+); %**%(.!,+.0%*#  J/%*0!.*(+*0.+(+2!."%**%(.!,+.0%*#%/,.+!// !/%#*! 0+ ,.+2% !.!/+*(!//1.*!.!#. %*#0$!.!(%%(%05+""%**%( .!,+.0%*#* 0$!,.!,.0%+*+""%**%(/00!)!*0/"+.!40!.*( ,1.,+/!/%*+. *!3%0$#!*!.((5!,0! +1*0%*#,.%*%,(!/; 1!0+0$!(%/0%*#+"/+*0$!!3+.'0+'4$*#!<  .+1,%/ .!-1%.! 0++),(53%0$0$!.!#1(0%+*/ +,0! ,1./1*00+!0%+* WSW+"0$!.*!/D4(!50<+.4WSW;$!/!.!#1(0%+*/.!-1%.!  .+1,0+.!,+.0* !.0%"5+****1(/%/0$!!""!0%2!*!//+"%0/ %*0!.*(+*0.+(/+2!."%**%(.!,+.0%*#;$!4WSW%*0!.*(+*0.+( 0%2%0%!/.!+.#*%/! (+*#0$!(%*!/+"0$!+),*5M/#+2!.**! /0.101.!* %*2+(2!0$!,.0%%,0%+*+"/!*%+.)*#!)!*0.+// ;  J/%*0!.*(+*0.+(/+2!."%**%(.!,+.0%*#%*(1 !0$+/!,+(%%!/*  ,.+! 1.!/0$0=  ,!.0%*0+0$!)%*0!**!+".!+. /0$0<%*.!/+*(! !0%(< 1.0!(5* "%.(5.!"(!00$!0.*/0%+*/*  %/,+/%0%+*/+"0$! //!0/+" >  ,.+2% !.!/+*(!//1.*!0$00.*/0%+*/.!.!+. ! / *!!//.50+,!.)%00$!,.!,.0%+*+""%**%(/00!)!*0/%* +. *!3%0$#!*!.((5!,0! +1*0%*#,.%*%,(!/<* 0$0+1. .!!%,0/* !4,!* %01.!/.!!%*#) !+*(5%*+. *!3%0$ 10$+.%/0%+*/+"+1.)*#!)!*0*  %.!0+./>*  ,.+2% !.!/+*(!//1.*!.!#. %*#0$!,.!2!*0%+*+.0%)!(5 !0!0%+*+"1*10$+.%/! -1%/%0%+*<1/!+. %/,+/%0%+*+"//!0/0$0 +1( $2!)0!.%(!""!0+*0$!"%**%(/00!)!*0/;  $/,.+!//%*,(!3$!.!<1* !.0$!/1,!.2%/%+** 3%0$0$! ,.0%%,0%+*+"0$!* <0$!!""!0%2!*!//+"%*0!.*(+*0.+(+2!. "%**%(.!,+.0%*#%/!2(10! </! +*0$!.%0!.%+"0$!+))%00!!+" ,+*/+.%*#.#*%/0%+*/+"0$!.! 35+))%//%+*%**0!.*( !,+.0%*#@AE*0!#.0! .)!3+.'@USTV.)!3+.'A;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ LN

Open the original at slide 57 ↗

Slide 58 — 5
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Open the original at slide 58 ↗

Slide 59 — &


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Open the original at slide 59 ↗

Slide 60 — #*2+#/1',+
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Open the original at slide 60 ↗

Slide 61 — #*2+#/1',+
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Open the original at slide 61 ↗

Slide 62 — *+*(1/%+*

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Open the original at slide 62 ↗

Slide 63 — 0
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Open the original at slide 65 ↗

Slide 66 — (%#*)!*0+"4!10%2!+. .!)1*!.0%+*0+/0'!$+( !.!4,!00%+*/

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f/3% !.3+.'"+.!*  !*$).' 0".+) f/ +.!,!!.#.+1,;  )!)!./f2.%(! .!)1*!.0%+*%/ !0!.)%*!  1/%*#)1(0%D/0!,*  %*0!#.0! ,.+!//<3$%$%/ (+/!(5(%#*! 0+0$! ,,.+$1/! 0+ !0!.)%*! 2.%(!.!)1*!.0%+*"+. 0$!3% !.3+.'"+.!;  !+))1*%0!3%0$+1. !),(+5!!/0$.+1#$+1. +*#+%*#!*##!)!*03%0$ 0$!+.'/+1*%(%*0$! !0$!.(* /+* .!)1*!.0%+*;*.!!*0 5!./<0$%//0'!$+( !.#.+1, $/"+1/! +*!*/1.%*# .!)1*!.0%+*(!2!(/*  !%/%+*/.!!,0(!0+ /+%!050(.#!;  !)1*!.0%+*+10+)!/ 0'!%*0++1*0 ,!."+.)*!#%*/0 "%**%(* *+*D"%**%( 0.#!0/0$0.!+*/%/0!*0 3%0$ f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f/3% !.,1.,+/! * /0.0!#5;  .%(!.!)1*!.0%+* %*(1 !/)!/1.!/0+ .%2! +1.)%0%+*/0+!*/1.!* %*(1/%2!3+.'"+.!;

Open the original at slide 66 ↗

Slide 67 — 4!10%2!+. .!)1*!.0%+*

4!10%2!+. .!)1*!.0%+* 4!10%2!+. !)1*!.0%+*+(%5 $!!)1*!.0%+*+(%5,.!/!*0/0$!.!)1*!.0%+*,,.+$ !/%#*! 0+00.0<)+0%20!<* .!0%*(! !./;!0!*0%+*%/* %),+.0*0#+(/%*!0$%/+*0.%10!/0+(+*#D0!.),!."+.)*!;*  %0%+*< !(%2!.5+"+0$"%**%(* *+*D"%**%( /<%*(1 %*#  ,!."+.)*!0.#!0/<+*0.%10!/0+3. //1/0%*(!(+*#D0!.)2(1! .!0%+*"+./0'!$+( !./; $!1..!*0!)1*!.0%+*+(%53/,,.+2! 5/$.!$+( !./00$! USUW * !)!!""!0%2!.!0.+0%2!(5".+)T*1.5USUW; *USUX< !*##! 3%0$%0//0'!$+( !./%**+,!* %(+#1!+* ,.+,+/! $*#!/0+0$!* .!)1*!.0%+*,+(%%!/<* 1, 0!/ .!!%*#,10"+.3. "+.USUY;$!/!1, 0! * .!)1*!.0%+* ,+(%%!/3%((!,.!/!*0! "+./$.!$+( !.,,.+2(00$!USUY ;+. )+.!%*"+.)0%+*+*0$!1, 0! ,+(%%!/</!!0$!fUSUY4!10%2!+.  .!)1*!.0%+*f; $!.!)1*!.0%+* !%/%+*/"+.0$!.!.!/1(0+"0$!,,(%0%+*+" 0$!
.!)1*!.0%+*,.%*%,(!//%*(1 ! %*0$!!)1*!.0%+*+(%5%* .!/,!0+"USUX;/1)).5+"0$!.!)1*!.0%+*+),+*!*0/1* !.0$! 1..!*0,+(%5"+.0$!%/,.+2% ! %*0$!0(!+*0$%/,#!;$!"1(( ,+(%5<%*(1 %*#..*#!)!*0/"+..!.1%0)!*0* (!2!.,.+2%/%+*/< %/
,1(%/$! +* ;+)?+10D1/?+.,+.0!D#+2!.**!?.!)1*!.0%+*; 4!10%2!+. !)1*!.0%+*+(%5/1)).5 !)1*!.0%+* +),+*!*0 ,!.0%+* /!/(.5  /!/(.5%//!00+.!"(!00$!%* %2% 1(f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f/#!*!.(+((!0%2! !"%*!  +*0.%10%+*@A,!*/%+*,(*%/(%#*! 3%0$(( !),(+5!!/%*0$!!0$!.(* /;/3%0$+0$!.10$ ,.0%%,*0/!.*%*#+2!0$!,!*/%+*(!/(.5 ,<)!)!./.!!%2!)+*0$(5%* %2% 1(/2%*#/ ((+3*!0++),!*/0!"+.0$!('+",!*/%+* .1(; !(%2!.5+"4!10%2!+. 2.%(!.!)1*!.0%+* ((1/0.0! !(+3%/0$!,5D+10/$!)!+"2.%(!.!)1*!.0%+*"+.)!)!./; .%(!.!)1*!.0%+*%/ 3. ! 0'%*#%*0+ +*/% !.0%+* ,!."+.)*!+2!.0$! ,.%+.5!.; HGGR+"2.%(! .!)1*!.0%+* !(%2!.5"1((5 %*/$.!/ ,".+*0/$.!/.! 3. ! * 2!/0+*0$! /)! 0!* $2! "%2!D5!..!0!*0%+* ,!.%+ ; KGR MGR !"!..! /$.!/.! 3. ! +*0$!/)! 0!102!/0%*"%2! 0.*$!/;$!.!%/ $+( %*#,!.%+  .!-1%.!)!*0+""%2!5!./ ".+)0$!3.  0!,(1/ )%*%)1).!0!*0%+* ,!.%+ +"TU)+*0$/,+/0 2!/0%*#; TU` TU` TU` TU` TU` +( ' *2!/0! 0.*$!/.! /1&!00+$+( ' ,.+2%/%+*; (3' !/0! 0.*$!/.!)%* /1&!00+(3' ,.+2%/%+*;(3' ,.+2%/%+*,,(%!/ 1.%*# 0$!)4%)1)(%)%00%+* ,!.%+ /,!.)%00! 5 ,,(%(!(3;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ MN

Open the original at slide 67 ↗

Slide 68 — 4!10%2!+. !*$).',,.+$

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r %0#.%+(!  !10/$!*'  !%*!'!*  *0!/*,+(+    (+5 /*'%*# .+1,  0!/0   .+1,  $%(%,/  +*'  +%r0r r*r.(!  *%.! %0 *(%*!3%0$0$!.!-1%.!)!*0/(% +10%*0$!10$*'%*#+ !<0$!01( !.*! 0+0( %.!0+),!*/0%+*+")!)!./+"0$!1* !.0$! 4!10%2!+. !)1*!.0%+*+(%5/$+1( !!(+30$!).'!0)! %* +"0$!,!!.#.+1,;$!(1(0%+*+",5,+/%0%+*%*#+"0$!)!)!./ #%*/00$!,!!.#.+1,%/,!."+.)! +*0$%//%/@%;!;01("%4! /(.5 ,(1/01(2.%(!.!)1*!.0%+*A;$!(0!/02%((!/1.2!5 0/$+3/ 0$00$!1..!*001(0+0( %.!0+),!*/0%+*!.*! 5 f/ )!)!./.!)%*/3!((!(+30$!).'!0)! %*<!2!*0$+1#$ f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h S X TS TX US .+"%0!"+.!4i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f/!)1*!.0%+*+(%5* +1.,.%*%,(!0+,50$!* 0$!/)!;$%/,,.+$0'!/%*0++1*0+/!.20%+*/%*0$!).'!0<3$!.!)+/0,!!."%.)/+10/% !0$!"%**%(/!.2%!/%* 1/0.5 +*+0$2!+),.(! "1*0%+** 0$!.!)%0+"0$!%*+0$!.,!!."%.)/%/)0!.%((5 %""!.!*0".+)0$!.!/,+*/%%(%0%!/ f/$//)!)!.+"0$!4!10%2!+. ;@!*$).'/+1.! 0=%((%/+3!./0/+*A

Open the original at slide 68 ↗

Slide 69 — **1(.!2%!3+"0$!4!10%2!+. .!)1*!.0%+*

**1(.!2%!3+"0$!4!10%2!+. .!)1*!.0%+* $!**1((5.!2%!3/*  !0!.)%*!/)!)!./f01( .!)1*!.0%+*<%*+. *!3%0$0$!4!10%2!+. !)1*!.0%+* +(%5*  2%!".+)0$!!)1*!.0%+*+))%00!!+"0$!; $!!)1*!.0%+*+))%00!!J/.!/,+*/%%(%0%!/%*(1 !,.!,.%*#*   2%/%*#0$!"+. !%/%+*/.!#. %*#0$!%* %2% 1(.!)1*!.0%+*+" )!)!./+"0$!;*,!."+.)%*#%0/0/'/<0$!!)1*!.0%+*+))%00!! 0'!/*+0!+"0$!2%!3/+"%* %2% 1()!)!./3%0$.!#. 0+0$! )+1*0* /0.101.!+"0$!%.+3*.!)1*!.0%+*;%4! .!)1*!.0%+* ,.+,+/(/"+.%* %2% 1()!)!./.! .3*1,%*+. *!3%0$0$! 4!10%2!+. !)1*!.0%+*+(%5* +2!.0$!"+((+3%*#/,!0/= .!)1*!.0%+*/0.101.!<!40!.*(!*$).'.!/1(0//! +****1( .!2%!3<2(% 0%+*+"0$!,!!.#.+1,<0$!,!."+.)*!.%0!.%1/! * < %"* 3$!*+*/% !.! ,,.+,.%0!</0'!$+( !.!*##!)!*0* 0$!,5 .0%+/3%0$%*0$!+),*5* %0/""%(%0! !*0!.,.%/!/;*,!."+.)%*#%0/ 0/'/<0$!!)1*!.0%+*+))%00!!3+.'/3%0$0$!%/'+))%00!!; $!2.%(!.!)1*!.0%+*,.+,+/(/3!.! !0!.)%*! /! +* /!*.%+*(5/%/,!."+.)! #%*/0 %""!.!*0,!."+.)*!/0* . /*  ,5+10(!2!(/E%*(1 %*#0$.!/$+( <0.#!0* )4%)1)E* ,.!/!*0!  0+0$!"+.+*/% !.0%+*;*+*(1/%+*<0$!,.+,+/! 2.%(! .!)1*!.0%+*3. /"+.0$!)!)!./3!.!+*/% !.! "%.< ,,.+,.%0!<* %*(%*!3%0$(!#%/(0%2!.!-1%.!)!*0/+")4%)1)+" US
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Open the original at slide 69 ↗

Slide 70 — IGIL4!10%2!+. ,!."+.)*!* .!)1*!.0%+*

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Open the original at slide 70 ↗

Slide 71 — 0!2!*2*%&/3%&'

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f/(! !./$%,  .!  *USUX</,.0+"0$!)+%(!D"%./0 )%0%+*<0$!)+%(!,.%).51/0+)!. /!%*.!/! 5+2!.+*!)%((%+*0+TX;W )%((%+*<%*(%*!3%0$0$!0.#!0;  *USUX< .*'! *1)!.+*!%*"%2!+" +1.!0%().'!0/+*=1/0.(%< +(* < !.)*5<+)*%* ,%*< 3$%$3//(%#$0(5!(+30.#!0; .*'/ %*0$!0+,0$.!!%*"+1.).'!0/;  *$+(!/(!*'%*#0$!/+.! !4!! ! 0.#!0</%0%*.!/! 0+ZZ<1, ".+)ZW%*USUW<3%0$(%!*0/.!+#*%/%*#  f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` 5!.D!* USUW0+[T;[`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eD(%#*! /%!*!D/! 0.#!0 2(% 0%+*".+)0$!%!*!/! .#!0/ %*%0%0%2!@%A%*.!(0%+*0+!..;   1/!/0$!f!..f,,.+$0+)*#! (%)0!D.!(0! .%/'/3%0$%*0$!)+/0 .+*D%*0!*/%2!,.0/+"+1.(!* %*# ,+.0"+(%+1(0%)0!(50++*2!.#!0+3. / *!0D6!.+5USXS;$!0.*/%0%+*+"0$! )+/0.+*D%*0!*/%2!$+(!/(!*'%*# /!0+./3/)!/1.! 1/%*#!%#$0/!0+. %* %0+./;2!.((<3! !)+*/0.0! #++  ,.+#.!//<* 03++"0$!)+/0.+*D %*0!*/%2!/!0+.//$+3! /%#*%"%*0  2*!;  *USUX<03+ /1.2!5/3!.!$!( *  ".+)[S,!.!*0+"+1.3+.'"+.!"!! ' 3/.!!%2! ;$!.!%//1/0%*!  !*##!)!*0)+*# f/!),(+5!!/*  "!! '/$+3! 0$0!),(+5!!/+*0%*1! 0+2(1!* ,,.!%0!0$!%.+((!#1!/< 0$!%(%050+3+.'$5.% <* 0$! +,,+.01*%0%!/0$0/1,,+.00$!%.3!((!%*#;  !)(!.!,.!/!*00%+*%*/!*%+. )*#!)!*0!4!! ! !4,!00%+*/3%0$ *%*.!/!".+)VU`00$!!* +"USUW 0+VX`00$!!* +"USUX3%0$,.+#.!//%* *!.(5(( +)%*/;

Open the original at slide 71 ↗

Slide 72 — *0!$10.'1(

  .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ NI *0!$10.'1(  1/0+)!. %/'7!#1(0+.5 0.0!#5 *2%.+*)!*0 +%(  *.!/!*1)!.+")+%(!,.%).5 1/0+)!.//0$%/(! /0+ !!,!. .!(0%+*/$%,/<#.!0!.1/0+)!. /0%/"0%+*<* 1(0%)0!(51/0+)!./ $++/%*# "+.)+.!+"0$!%."%**%( *!! /  *.!/!1/0+)!./0%/"0%+*+"!0%( * $+(!/(!1/0+)!./5%*.!/%*#   *#!"%**%(.%/'3%0$%*.%/',,!0%0! 3%0$/,!%"%"+1/+*0$!.!2%/%+*+"0$! 1/!+"%*0!.*()+ !(/  *#!*+*D"%**%(.%/'3%0$%*.%/' ,,!0%0!3%0$/,!%"%"+1/+*0$!.%/' )*#!)!*0  *.!/!!""%%!*5+""%**!,.+!//!/ 3$%(!)%*0%*%*#0$!!""!0%2!*!//+" +*0.+(/  +*0%*1+1/.!"%*!)!*0+" %/(+/1.!/  0.!*#0$!*+.#*%/0%+*($!(0$3%0$ "+1/+*"%2!,.%+.%05.!/= E 0.0!#%(.%05 E +(!(.%05 E 1/0+)!.+.%!*00%+* E 0D .%2!* !%/%+*D)'%*# E (!*0 !2!(+,)!*0  *.!/!#!* !.(*!%* f/(! !./$%,  .!  *USUX</,.0+"0$!)+%(!D"%./0 )%0%+*<0$!)+%(!,.%).51/0+)!. /!%*.!/! 5+2!.+*!)%((%+*0+TX;W )%((%+*<%*(%*!3%0$0$!0.#!0;  *USUX< .*'! *1)!.+*!%*"%2!+" +1.!0%().'!0/=1/0.(%<+(* < !.)*5<+)*%* ,%*<3$%$3/ /(%#$0(5!(+30.#!0; .*'/%*0$!0+, 0$.!!%*"+1.).'!0/;  *$+(!/(!*'%*#0$!/+.! !4!! ! 0.#!0</%0%*.!/! 0+ZZ<1, ".+)ZW%*USUW<3%0$(%!*0/.!+#*%/%*#  f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f/!),(+5!!/*  "!! '/$+3! 0$0!),(+5!!/+*0%*1! 0+2(1!* ,,.!%0!0$!%.+((!#1!/< 0$!%(%050+3+.'$5.% <* 0$! +,,+.01*%0%!/0$0/1,,+.00$!%.3!((!%*#;  !)(!.!,.!/!*00%+*%*/!*%+. )*#!)!*0!4!! ! !4,!00%+*/3%0$ *%*.!/!".+)VU`00$!!* +"USUW 0+VX`00$!!* +"USUX3%0$,.+#.!//%* *!.(5(( +)%*/;

Open the original at slide 72 ↗

Slide 73 — &%(&*[+.0*

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f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f/(%)0!/0.!//D0!/0%*# ".)!3+.'0+//!//0$!%),0+",$5/%( * 0.*/%0%+*.%/'/+*+.,+.0!*  )+.0##!!4,+/1.!/1* !.)1(0%,(! (%)0!/!*.%+/<1/%*#+0$/$+.0D0!.) * (+*#D0!.))!0$+ +(+#%!/;  1*$! *!*$*!  .%/' //!//)!*0,(0"+.)0$0%*0!#.0!/ !*2%.+*)!*0(</+%(<* #+2!.**! "0+./<.!,(%*#0$!,.!2%+1/ ".)!3+.';  *USUX<03+ /1.2!5/3!.!$!( *  ".+)[S,!.!*0+"+1.3+.'"+.!"!! ' 3/.!!%2! ;$!.!%//1/0%*!  !*##!)!*0)+*# f/!),(+5!!/*  "!! '/$+3! 0$0!),(+5!!/+*0%*1! 0+2(1!* ,,.!%0!0$!%.+((!#1!/< 0$!%(%050+3+.'$5.% <* 0$! +,,+.01*%0%!/0$0/1,,+.00$!%.3!((!%*#;  !)(!.!,.!/!*00%+*%*/!*%+. )*#!)!*0!4!! ! !4,!00%+*/3%0$ *%*.!/!".+)VU`00$!!* +"USUW 0+VX`00$!!* +"USUX3%0$,.+#.!//%* *!.(5(( +)%*/;

Open the original at slide 73 ↗

Slide 74 — IGIL2.%(!.!)1*!.0%+** 0+0( %.!0+),!*/0%+*

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f/!)1*!.0%+*!#1(0%+*/.)!3+.'@AT; +((+3%*#0$%/,!."+.)*!//!//)!*0,.+!//<0$!.!/1(0%*#2.%(! .!)1*!.0%+*3. "+.0!2!*2*%&/3%&'%/]VWT<YYY>"+.*0! $10.'1(]UWU<T\V>* "+.&%(&*l+.0*]UWS<SSY;+.0$!<0$%/ !-10!/0+2.%(!.!)1*!.0%+*3. 0T[,!.!*0+10+"0$! )4%)1)US,!.!*0,;+.0$!<%0.!,.!/!*0/T[,!.!*0+10+"0$! )4%)1)US,!.!*0,<* "+.0$!<%0.!,.!/!*0/T[,!.!*0+10+" 0$!)4%)1)US,!.!*0,@/!!0(!fUSUX2.%(!.!)1*!.0%+* +10+)!/fA; !.0%*+),+*!*0/+"2.%(!.!)1*!.0%+*.!*+0.!+#*%/! %*0$! /00!)!*0+",.+"%0+.(+// %.!0(5<10.!((+0! +2!.0$!2!/0%*# ,!.%+ +"0$!3. ;/.!+#*%/! %*0$!,.+"%0+.(+///00!)!*0+"USUX< 0$!!4,!*/!/"+.!$)!)!.<.!(0%*#0+0$!%..+(!+*0$!<)+1*0 0+]U;[)%((%+*"+.0$!<]V;V)%((%+*"+.0$!<* ]U;T)%((%+*"+.0$! ;$!/!)+1*0/%*(1 ! !"!..! !(!)!*0/".+),.!2%+1/5!./<,%  +10%*USUX;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ NK T $!+*/%/0/+"0$!)+/0%),+.0*0.!#1(0+.5.!-1%.!)!*0/3%0$.!/,!00+.!)1*!.0%+*<0+3$%$((.!)1*!.0%+*,+(%%!/+")&+.%05D+3*! !*0%0%!/$2!0+ $!.!;1.0$!.)+.!<%0+*/%/0/+"+1.#!*!.(.!)1*!.0%+*,.%*%,(!/0$0,,(50+((/0""#(+((53+.'%*#1* !.0$!.!/,+*/%%(%05+" ;

Open the original at slide 74 ↗

Slide 75 — $!"+((+3%*#0(!/@%;!;0+0( %.!0+),!*/0%+*<,!*/%+*+/0/* !*!"%0/A/$+30$!.!)1*!.0%+*3. ! 0+%* %2% 1(4!10%2!+. )!)!./<3%0$.!/,!00+0$!,!."+.)*!5!./USUX* USUW;T((.!)1*!.0%+*%/

$!"+((+3%*#0(!/@%;!;0+0( %.!0+),!*/0%+*<,!*/%+*+/0/* !*!"%0/A/$+30$!.!)1*!.0%+*3. ! 0+%* %2% 1(4!10%2!+. )!)!./<3%0$.!/,!00+0$!,!."+.)*!5!./USUX* USUW;T((.!)1*!.0%+*%/ ,%  %.!0(55 ; IGIL.!)1*!.0%+*+10+)!/ T;%4! .!)1*!.0%+* U;.%(!.!)1*!.0%+* V;40.+. %*.5%0!)/ W;!*/%+*!*!"%0/ X;+0(.!)1*!.0%+* Y;.+,+.0%+*+""%4! *  2.%(!.!)1*!.0%+* )+1*0/%*!1.+/ @.+1* ! "%#1.!/A /!/(.5 !!/ 0$!.!*!"%0/ *!D5!.2.%(!T 1(0%D5!.2.%(! 0!2!*2*%&/3%&'@A USUX  T<\UT<USS  F  XVW<XSS  VWT<ZSS  F  F  UZ<ZSS  U<[UX<TSS [Z;\`?TU;T` USUW  T<[WZ<VSS  F  XSZ<USS  VTT<[SS  F  F  UZ<\SS U<Y\W<USS [[;W`?TT;Y` *0!$10.'1(@A USUX  T<VWY<[SS  F  VZZ<VSS  UWU<USS  F T<VWY<[SSU  UZ<ZSS  V<VWS<ZSS \U;[`?Z;U` USUW  T<UZS<XSS  F  VVY<TSS  UT\<ZSS  F  F  UZ<\SS T<[XW<VSS [[;U`?TT;[` &%(&*l+.0*@A USUX  T<VWY<[SS  F  XUT<\SS  UWS<SSS  F  F  UZ<ZSS  U<TVY<WSS [[;[`?TT;U` USUW  T<UZS<XSS  F  W\X<SSS  UUV<YSS  F  F  UZ<\SS U<STZ<TSS [[;\`?TT;T` T $!2.%(!.!)1*!.0%+*,!.!*0#!/+2!.USUX"+.0$!)!)!./.!/"+((+3/=T[`<T[`* T[`;$1/0$!.0%+!03!!*/!/(.5* 0+0( %.!0+),!*/0%+*%//"+((+3/=[W;\`<[W;[`* [W;\`; U *+. *!3%0$0$!4!10%2!+. !)1*!.0%+*+(%5* 3%0$ 1!+/!.2*!+",,(%(!(!#(.!-1%.!)!*0/</!2!.*!,5)!*0!-1(0++*!5!.f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

Open the original at slide 75 ↗

Slide 76 — $.!/

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

Open the original at slide 76 ↗

Slide 77 — $.!@/! .!)1*!.0%+*"+.4!10%2!+. )!)!./A+*0%*1!

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Open the original at slide 77 ↗

Slide 78 — $.!@/! .!)1*!.0%+*"+.4!10%2!+. )!)!./A+*0%*1!

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Open the original at slide 78 ↗

Slide 79 — *0!.*(.0%+

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Open the original at slide 79 ↗

Slide 80 — !2!(+,)!*0+" %.!0+./C.!)1*!.0%+*:+),*5,!."+.)*!* !),(+5!!.!)1*!.0%+*Z

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Open the original at slide 80 ↗

Slide 81 — .+,+/! 1, 0!/0+4!10%2!+. !)1*!.0%+*

.+,+/! 1, 0!/0+4!10%2!+. !)1*!.0%+* +(%5 *USUX3!+* 10! *!40!*/%2!.!2%!3+"+1.4!10%2!+.  !)1*!.0%+*+(%5* 0$!.!)1*!.0%+*(!2!(+"+1.;2!.0$!,/0 5!./< 3//1!//"1(</! +*+1./0.+*#.* < %#%0(< !*0.!,.!*!1.%(1(01.!<#++ !),(+5!!!*##!)!*0* /0.+*#.!/1(0/; $0)'!/1/00.0%2!/*!),(+5!.<10%0%/%),!.0%2!3!+*0%*1! 0+.!)%*/+;1..!2%!3/$+3! 0$00$!+),!*/0%+*%/3!((!(+3 0$!).'!0(!2!(* 0$00$!#,$/3% !*! %*.!!*05!./;$!/! "0+./.!%*"+.!0$!*!! 0+0*+3<,,(5%*#(*! ,,.+$0+ !*/1.!(+*#D0!.)+),!0%0%2!*!//* /1!//%*.!0%*%*#*  00.0%*#0(!*0; !)1*!.0%+*%/*%),+.0*0* /!*/%0%2!0+,%<* 2%!3,+%*0/+*0$! 0+,%2.5"+. %""!.!*0/0'!$+( !.#.+1,/;+.0$%/.!/+*<%*USUX*  USUY/,.0+"0$!.!*!3(,.+!//+"0$!!)1*!.0%+*+(%5<0$! 1,!.2%/+.5+. +* 10! +),.!$!*/%2!/0'!$+( !.!*##!)!*0 ,.+!//3%0$/$.!$+( !./<.!#1(0+./<1/0+)!./<!),(+5!!/@2%0$! !*0.(+.'/+1*%(A<* 3% !./+%!050+0'!0$!%.2%!3/%*0+ +1*0;$%/.!/1(0! %*2(1(!"!! '+*0$!,.+,+/(/<3$%$3!.! .+ (5/1,,+.0! ;
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Open the original at slide 81 ↗

Slide 82 — +.USUY<0$!0(!!(+3+10(%*!/0$!0.#!0.!/* 0$!%..!/,!0%2!,!.!*0#!3!%#$0%*#/"+.)!)!./</3!((/0$!+..!/,+* %*#/0'!$+( !.#.+1,/=

+.USUY<0$!0(!!(+3+10(%*!/0$!0.#!0.!/* 0$!%..!/,!0%2!,!.!*0#!3!%#$0%*#/"+.)!)!./</3!((/0$!+..!/,+* %*#/0'!$+( !.#.+1,/= IGIM.#!0.!/    (%#*)!*0 /0'!$+( !.#.+1,/ !%#$0%*# !%#$0%*# !%#$0%*# %**%( .+"%0!"+.!04 TY;Z` TY;Z` [;V` !01.*+*0*#%(!!-1%05 TY;Z` TY;Z` [;V` ,!.0%+*(!4,!*/!/ TY;Z` TY;Z` [;V` LGR LGR ILR +*@"%**%( 1/0+)!.  *.!/!*1)!.+")+%(!,.%).51/0+)!.//0$%/(! /0+ !!,!..!(0%+*/$%,/<#.!0!.1/0+)!./0%/"0%+*<* 1(0%)0!(51/0+)!./$++/%*#  "+.)+.!+"0$!%."%**%(*!! /T  *.!/!1/0+)!./0%/"0%+*+"!0%(* $+(!/(!5%*.!/%*#U Z;X` X`  %/'7!#1(0+.5  *#!"%**%(.%/'3%0$%*.%/',,!0%0!  *#!*+*D"%**%(.%/'3%0$%*.%/',,!0%0!  !(%2!.5+*.!#1(0+.5,.+#.))!/%*(1 %*#.%/' 0* .!,+.0%*#!*$*!)!*0/ TX` TZ;X` WX` 0.0!#5  *.!/! %#%0%/0%+** /0.%#$0D0$.+1#$D,.+!//%*#@A.0!+"1/0+)!.,.+!//!/  !(!.0%*#0$!.!/,+*/%(!* !""!0%2!1/!+".0%"%%(%*0!((%#!*!0+1*(+'*!3+,,+.01*%0%!/* !""%%!*%!/ TU;X`    . !*0$!%*0!.*(* !40!.*(.!,+.0%*#,.+!//!/ TU;X`  *.!/!!""%%!*5+".%/',.+!//!/3$%(!)%*0%*%*#0$!!""!0%2!*!//+"+*0.+(/  !(!.0!1/!%*.%/',.0%!/%*.!/,+*/%(!* !""!0%2!35 TX` *2%.+*)!*0  *.!/!"%**%*#"+.(%!*0/0+((+30$!)0+,1./1!0$!%./1/0%*%(%05+&!0%2!/@/.!"(!0! %*/1/0%*(!2+(1)!)+%(%/! AV  *#%*#* )%0%#0%*#0.*/%0%+*.%/'!4,+/1.!.!(0%*#0+(%!*0/%*0$!)+/0.+*D%*0!*/%2!/!0+./W TS`  1.0$!.!*$*!)!*0+"  %/(+/1.!/%*(%*!3%0$,,(%(!.!,+.0%*#.!-1%.!)!*0/ TS`  +*0%*1+1/.!"%*!)!*0+" .%/'//!//)!*0)!0$+ +(+#5X TS` +%(  0.!*#0$!*+.#*%/0%+*($!(0$3%0$"+1/+*"%2!,.%+.%05.!/=/0.0!#%(.%05<.+(!(.%05<1/0+)!.+.%!*00%+*< 0D .%2!* !%/%+*)'%*#< 0(!*0 !2!(+,)!*0  *.!/! J/00.0%2!*!///*!),(+5!./.!"(!0! %*0$!#!* !.(*!%* f/(! !./$%, .!Y X` X` X` LGR LGR NLR +0( HGGR HGGR HGGR !#!* 1.,!+,(! $.!$+( !./ !#1(0+./ 1.1/0+)!./ +%!050(.#! T $!*1)!.+")+%(!,.%).51/0+)!./)!*/0$!*1)!.+"1/0+)!./3$+.!,.%).51/0+)!./3%0$0(!/0+*!)+%(!%*0!.0%+*0$.+1#$+1.,,+.)+%(!3!/%0!,!.-1.0!.@USUX=TX;W)%((%+*>USUW=TW;W)%((%+*A; U )!*/*!0,.+)+0!./+.!* %* %0!/3$!0$!.1/0+)!./3+1( .!+))!*  0++0$!./;!!f1.,!."+.)*!f"+.)+.!%*"+.)0%+*; V +.)+.!%*"+.)0%+*+*0$! !0%(! )!0$+ +(+#5</!!0$!f,,!* %40+0$!4!10%2!+. .!,+.0f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

Open the original at slide 82 ↗

Slide 83 — 1,!.2%/+.5+. .!)1*!.0%+*

1,!.2%/+.5+. .!)1*!.0%+* 1.1,!.2%/+.5+. !)1*!.0%+*+(%53/,,.+2! 5/$.!$+( !./0 0$!USUW * !)!!""!0%2!.!0.+0%2!(5".+)T*1.5USUW1*0%( 0$!USU[ 00$!(0!/0;$!"1((,+(%5<%*(1 %*#+*0.0%*"+.)0%+**  #+2!.**!<*!"+1* +* ;+)?.!)1*!.0%+*;$!1,!.2%/+.5+.  !)1*!.0%+*+(%5%)/0+!*(! 0+00.0-1(%"%! )!)!./3%0$ 0$!%(%05<!4,!.%!*!</'%((/<2(1!/<* !$2%+1./0+ !(%2!.+* f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f4!10%2!+. !*$).' ,,.+$f; *+. *!3%0$0$!.0%(!/+"//+%0%+*< %* !)*%"%!/0$! )!)!./+"0$!/"./(!#((5,!.)%00! <#%*/0 %.!0"%**%( (+//!/%*+**!0%+*3%0$(%)/".+)0$%. D,.0%!/"%(! <+.0$.!0!*! 0+ !"%(! #%*/00$!)52%.01!+"0$!%./!.2%!//)!)!.+"0$!; IGIL1,!.2%/+.5+. .!)1*!.0%+* $!"+((+3%*#2%/1(/$+3/0$!.!)1*!.0%+*<%*(1 %*#00!* *!"!!/< "+.!$)!)!.;(("!!/"+.0$!.!,%  %.!0(55 ;+.0+0( +/0/"+.0$!</!!+0!WXf!(0! ,.0%!/f;V +*/*  2*!/0+1,!.2%/+.5+. )!)!./ )!)!./)5+0%**'%*#* %*/1.*!/!.2%!/".+) * %0/ /1/% %.%!/%*0$!+. %*.5+1./!+"0$!%.1/%*!//* +*0!.)/0$0.! 1/0+).5%*0$!/!0+.;$!)!)!./ +*+0.!!%2!,.%2%(!#!  "%**%(/!.2%!/;*VT!!)!.USUX<0$!.!3!.!*+(+*/+. 2*!/ +10/0* %*#0+)!)!./;  /$.!/$!( 51,!.2%/+.5+. )!)!./ )!)!./.!,!.)%00! 0+$+(  /$.!//(+*#D0!.)%*2!/0)!*0; $!0(!!(+3/$+3/0$!$+( %*#/5)!)!./+"0$!+* VT
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1(5USUX;$!.!)1*!.0%+*"%#1.!/"+.USUX.!"(!0,.0%(5!./)!)!.+"0$!; V !0.% +"/0r3/,,+%*0! 0+0$!50$! +*UU,.%(USUX3%0$!""!0".+)T1(5USUX;$!.!)1*!.0%+*"%#1.!/"+.USUX.!"(!0,.0%(5!./)!)!.+"0$!; .( 1$ @$%.,!./+*A %'!!!/ @2%!D$%.,!./+*A 1*+(+)\/ 01.0 .$)I .#.!0! /! + !3%&' %&)*/2* !*!.#$ !0.% +"/0]J !.)* 1(/0 .+( 1/ (!4* .!%$ !.*!.$#!* UUU USY TZS TX[ TXW TWT [Y TWZ TU[ TTZ TTT WY TTZ TTT TTZ TSY TVU TT[ TU[ TTT USUX USUW USUX USUW USUX USUW USUX USUX USUW USUX USUW USUX USUX USUW USUX USUW USUX USUW USUX USUW 4T<SSS!1.+/USUX  USUW

Open the original at slide 83 ↗

Slide 84 — .+,+/! 1, 0!/0+1,!.2%/+.5+. 

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Open the original at slide 84 ↗

Slide 85 — .+1,2.%(!.!)1*!.0%+*+10+)!/

IGIM  99  > ? .+1,2.%(!.!)1*!.0%+*+10+)!/ * !0!.)%*%*#0$!USUX .+1, %/.!0%+*.52.%(!.!)1*!.0%+*,++(< 0$!+*/% !.! =  0$! .+1,f/"%**%(* *+*D"%**%(,!."+.)*!%*USUX>  0$!,!."+.)*!+"1/%*!//(%*!/3%0$%*0$! .+1,* 0$!%. +*0.%10%+*/0++1./0.0!#%0.#!0/>*  0$! .+1,f/,%0(,+/%0%+** 1..!*0* "101.!.%/'/; $!3. +" %/.!0%+*.52.%(!.!)1*!.0%+*%//! +* 0.*/,.!*0</0.101.! <* .+1/0)!$*%/)"+.)!/1.%*# ,!."+.)*!* ,,(5%*#.%/' &1/0)!*0/@0$!.%(!!)1*!.0%+* .1(+ !(+.A;$!+*/0.10"+((+3/"%2!D/0!,,.+!//E //$+3*%*0$!#.,$%0+0$!.%#$0E0+ !0!.)%*! .+1,* 1/%*!// (%*!.%/'D &1/0! 2.%(!.!)1*!.0%+*,++(/; /! +*0$%/<0$!,,.+2!  .+1, %/.!0%+*.5,++("+.USUX ,!."+.)*!+"]WZZ;V)%((%+*@USUW=]WUT;Y)%((%+*A<.!,.!/!*0%*#* %*.!/!+"Z;Z,!.!*0+),.! 0+0$!0.#!0/!(%*!@f/0.0%*#,+%*0fA * TV;U,!.!*0+),.! 0+0$!"%*(,++("+.USUW;%/'* +* 10  &1/0)!*0/0+0$!USUX,++(.!/(%#$0(5$%#$!.0$*0$+/!,,(%!  %*
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

Open the original at slide 85 ↗

Slide 86 — .%(!!)1*!.0%+*.1(+ !(

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Open the original at slide 86 ↗

Slide 87 — 5#!21'3#
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Open the original at slide 87 ↗

Slide 88 — 0/$+1( !*+0! 0$00$!+2! +!/*+0%),(50$00$!/!/5/0!)/* 

0/$+1( !*+0! 0$00$!+2! +!/*+0%),(50$00$!/!/5/0!)/*  ,.+! 1.!/,.+2% !/+(10!//1.*!0+ /0+0$!.!(%/0%+*+" "%**%(* /0.0!#%1/%*!//+&!0%2!/<+.0$0%*0!.*(.%/' )*#!)!*0* +*0.+(/5/0!)/*,.!2!*0+. !0!0((.%/'/< )%//00!)!*0/<%*1.%!/<!..+./<".1 * *+*D+),(%*!/3%0$ (!#%/(0%+*<.1(!/* .!#1(0%+*/;* %0%+*0++0$!.%*$!.!*0(%)%00%+*/ 0+%*0!.*(.%/')*#!)!*0* +*0.+(/5/0!)/<0$!.!.!*1)!.+" .%/'/%*.!/3$!.!,,(%(!.!#1(0%+*/)5!1*(!.</1&!00+ )1(0%,(!%*0!.,.!00%+*/+.1* !. !2!(+,)!*0<+.3$!.!.!#1(0%+*/)5 +*"(%03%0$+*!*+0$!.<+.3$!.!.!#1(0+./.!2%/!0$!%.,.!2%+1/ #1% *!+.+1.0/+2!.01.*,.!2%+1/.1(%*#/;!/,%0!+1.!""+.0/0+ )%*0%*!""!0%2!+),(%*!,.+! 1.!/* 0++),(53%0$,,(%(! (3/* .!#1(0%+*/<3!0$!.!"+.!**+0.1(!+100$!.%/'+"*+*D +),(%*!3%0$,,(%(!/0* . /;!f.!+))%00! 0++* 10%*#+1. 1/%*!//3%0$%*0!#.%05<* .!#1(0+.5+),(%*!$/.!)%*! 0$! ,.%+.%05"+.USUX* !5+* ; )/0!. )<UV!.1.5USUY ;;;@0!2!*A2*%&/3%&' :$%.,!./+*+"0$! ;@*0!A$10.'1( :)!)!.+"0$! ;@&%(&*Al+.0* :)!)!.+"0$!   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ OO

Open the original at slide 88 ↗

Slide 89 — ,+$,/*'16
011#*#+1

,+$,/*'16
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;;@0!2!*A2*%&/3%&' :$%.,!./+*+"0$! ;@*0!A$10.'1( :)!)!.+"0$! ;@&%(&*Al+.0* :)!)!.+"0$!   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ OP

Open the original at slide 89 ↗

Slide 90 — ,/(0
!,2+!')0

,/(0
!,2+!')0  J/3+.'/+1*%(/.!!(!0! 5!),(+5!!/ * .!,.!/!*00$!%*0!.!/0/+"+0$0$!!),(+5!! * !),(+5!.;$!5+*0.%10!% !/+*!+*+)% * /+%(%//1!/<* %* +%*#/+,(5,.0%*0$! ,.+,!."1*0%+*%*#+"0$!+),*5* !*/1.%*# (%#*)!*03%0$ J/,1.,+/!* /0.0!#5;$! ),(+5!!+1*%(@0$!*)!#%2!*0+0$! +((!0%2!3+.'/+1*%(/%*0$!!0$!.(* /A +*/%/0/+""%2!3+.'/+1*%(/* 0$!!*0.( +.'/+1*%(@A;$!+*/%/0/+"0(!/0 03+ !(!#0!/".+)!$3+.'/+1*%(* %/0$! +2!..$%*#+ 50$0!*##!/3%0$)*#!)!*0 +*0+,%/0$0%),0((10$!),(+5!!/;+1*%( )!)!./.!!(!0! !2!.50$.!!5!./; (/+ $/.+//D+. !.1.+,!*+.'/+1*%(@A< 3$%$%/+*/1(0! 3$!* !%/%+*/.!) !0$0 ""!0!),(+5!!/%*)1(0%,(!+1*0.%!/; ++'%*#'+*IGIL $!5!.USUX).'! 0$!*!30!.)+"0$!),(+5!!+1*%(<* 3%0$ (.#!#.+1,+"*!3)!)!./<0$!3+.'/+1*%(/* 0$!!#*0$!%. 10%!/;$!),(+5!!+1*%(%*0!* /0+!*%*(1/%2!.!,.!/!*00%+*+" %0/+*/0%01!*0/; $!%*%0%(,!.%+ 3/)%*(5"+1/! +*+*+. %*#0$!*!3)!)!./< 0+
!*/1.!0$00$!),(+5!!+1*%(*+*0%*1!0++*0.%10!,+/%0%2!(5 * .%0%((50+ !%/%+*D)'%*#; *0$!2.%+1/ %(+#1!/0$00++',(!%*USUX<0$!),(+5!!+1*%($/ ,.%).%(5/!!*+*0%*10%+*+"0$! /0.0!#5* +.#*%/0%+*( $*#!/0$0.!%*(%*!3%0$0$0/0.0!#5;$%/$/,.0(5(! 0+/%#*%"%*0 ,.+&!0/3%0$%*0$!$+(!/(!*'<0$!%/'+.#*%/0%+*<* %*2.%+1/ !,.0)!*0/+"<!$<* !0%(; $!%/,(!/! 3%0$0$!%*%0%0%2!0$0(! 0+0$!.+)+0%+* .)!3+.'; 2%*#1*%"+.)<"%.<0.*/,.!*0<* +&!0%2! )!0$+ +(+#53/(+*#D$!(  !/%.!+"0$!* .!""%.)/0$0  %/
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* & +/ (%*(56*%1' .*! %)(5!2@ !,105)!)!."+. .*!A ('!.1//)** !.)*5 .%* %!*!.0<%!&+3%*/'%< (.%$.+/0 !*'+!12!'), 1*#.5 r6+ +.@ !,105/!.!0.5A +p++4+%*+ .!(* (*$!. 0!$$!.'+2 0(5 0%( !J(!//* .+<*0+*%+ ()+ .011. 14!)+1.# .+(%!*13!*/<%(2%1/ %$!(!**%'!. !0$!.(* / +"%*!'0+1"@ !,105$%.A< (%*(56*%1'<+$*0.%+/< 1'!.++5)*/ 1*#!! +(* .01.*/%'<"(! *./'%< .%1/6%!/(%'<! .6!&.0+/6 +)*% ( +,@/!.!0.5A<%,.%*+* %(1, (+2'% 0.%*+2%$<!0!.+ $+./'5 ,%* +/r1%/ .%*+)o*< *0%#+ !..!.+!(    .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ PG

Open the original at slide 90 ↗

Slide 91 — 201'+ ')'16

201'+ ')'16
011#*#+1 !*!.(%*"+.)0%+* PJ *2%.+*)!*0 HGJ +%( HJI +2!.**! HKK 201'+ ')'16









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Open the original at slide 91 ↗

Slide 92 — '%&)'%&10
,$


'%&)'%&10
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Open the original at slide 92 ↗

Slide 93 — #+#/)
'+$,/*1',+

#+#/)
'+$,/*1',+ /%/"+.,.!,.0%+* PK +1(!)0!.%(%05//!//)!*0 PM  !*0%"%! %),0/:.%/'/:* +,,+.01*%0%!/ HGH 1./1/0%*%(%05#+2!.**! HGI $%/.!,+.0).'/+1./!+* 1/0%*%(%05/00!)!*0,.!,.! %* +. *!3%0$0$!1.+,!*1/0%*%(%05!,+.0%*#0* . / @A<3$%$%/!4,!0! 0+!%),(!)!*0! %*0+10$(33%0$ .!0.+0%2!!""!0;$%(!0$!.!#1(0+.5(* /,!+*0%*1!/0+!2+(2!< 3!'*+3(! #!+*#+%*#$((!*#!/.+1*  02%(%(%05< .!(%%(%05<* %*0!.,.!00%+*;$!/!*!+"/!0+.D/,!%"%#1% *! * .!!*0(!#%/(0%2!$*#!/+*0.%10!0++*0%*1! 1*!.0%*05*  0$!!.(5/0#!+").'!0)01.%05;

Open the original at slide 93 ↗

Slide 94 — 0'0
$,/
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0'0
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Open the original at slide 94 ↗

Slide 95 — +**!0%2%053%0$+*/+(% 0! "%**%(/00!)!*0/

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Open the original at slide 95 ↗

Slide 96 — ,2 )#
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

Open the original at slide 96 ↗

Slide 97 — ,,.+$0+ /1/0%*%(%05.!,+.0%*#

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

Open the original at slide 97 ↗

Slide 98 — 0!,I9 !*0%"%0%+*+".!(!2*0/1/0%*%(%05)00!./

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
$%*T<1/%*#0$!,,.+$%((1/0.0! * /1)).%/! %*0$! "+((+3%*#,#!/;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ PO T !!I!$*%(*+0!/0+0$! +1(!)0!.%(%05//!//)!*0J"+.)+.!%*"+.)0%+*+*0$!.!(!2*0/1/0%*%(%05)00!./,!.2(1!$%*;

Open the original at slide 98 ↗

Slide 99 — +1(!)0!.%(%05//!//)!*0

+1(!)0!.%(%05//!//)!*0 ),0)0!.%(%05 @%),0+*/0'!$+( !./* 0$!!*2%.+*)!*0A %**%()0!.%(%05 @%),0+*0$!+),*5A +/%0%2! !#0%2! ,,+.01*%0%!/ %/' 01( +0!*0%( 01( +0!*0%( #*%01 ! #*%01 ! !2!.%05b /(!4/+,! !2!.%05b /(!4/+,! a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

Open the original at slide 99 ↗

Slide 100 — 0!,K9,,.+2(50$!)*#!)!*0+. /* 1,!.2%/+.5

0'!$+( !.!*##!)!*0:3%0$+1.)%*/0'!$+( !./<%/1/! 0+%*"+.) +1. +1(!)0!.%(%05//!//)!*0;*,10/.! .3*".+)+*#+%*# %(+#1!/* !*##!)!*0/3%0$+1./0'!$+( !./<+.".+),.+4%!/3$!* %.!0!*##!)!*0%/*+0,+//%(!;$!% !*0%"%! )%*/0'!$+( !.#.+1,/ .!""!0! /0'!$+( !./* 1/!./+"0$!1/0%*%(%05/00!)!*0;$!/! #.+1,/.!+((!0%2!(5.!"!..! 0+//0'!$+( !./; !!*##!3%0$/0'!$+( !./+**+*#+%*#/%/<* $2!(!2!.#!  0$!/!%*/%#$0/0+%*"+.)0$!;!0.'0$! %/1//%+*/+*
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Open the original at slide 100 ↗

Slide 101 — "#+1'$'#"
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Open the original at slide 101 ↗

Slide 102 — 2/
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Open the original at slide 102 ↗

Slide 103 — +3'/,+*#+1

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f.!3+.'%*#0+ !)! 0$%/$+(%/0%2%!3+"/1/0%*%(%05%*0++1.1/%*!//,.+!//!/* 1/0+)!.%*0!.0%+*/<0+!00!. "101.!D,.++"+1.1/%*!///0.0!#5;$%/,,.+$/0.!*#0$!*/+1.+3*.!/%(%!*!/*'+2!.0$!(+*# 0!.)* ,+/%0%+*/1//0.1/0! ,.0*!.0++1.(%!*0/<$!(,%*#0$!)*2%#0!0$!+),(!4.%/'/*  +,,+.01*%0%!/+"0$!0.*/%0%+*;

Open the original at slide 103 ↗

Slide 104 — )'*1#
!&+%#

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e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

Open the original at slide 104 ↗

Slide 105 — %**%(!""!0/* .!/%(%!*5

%**%(!""!0/* .!/%(%!*5 (%)0!
.!(0! .%/'/* +,,+.01*%0%!/*#%2!.%/!0+1..!*0"%**%( !""!0/"+. ;.0+"0$!/!.%/'/%/.!"(!0! 0$.+1#$0.*/)%//%+* $**!(/0$0%*"(1!*!.!#1(..! %0.%/';$!/!$**!(/%*(1 !0$! ).+!+*+)%"+.!/0@A* .!(!2*0.%/',.)!0!./<""!0%*# 4,!0! .! %0+//!/@A0$.+1#$0$!\)+ !(/; * %0%+*<%*(%*!3%0$(/05!.< ,,(%!/)*#!)!*0 &1/0)!*0/0+ ;$!/! &1/0)!*0/.!"(!00.*/%0%+*.%/'!""!0/* 0$!%),0+" 01(,$5/%(.%/'!2!*0/0$0.!*+05!0,01.! 1.0!(551..!*0 )+ !(/;!!f(%)0!* !*2%.+*)!*0(.%/'/%*\)+ !(/f*  f*#!)!*0 &1/0)!*0/,,(%! f"+.)+.!%*"+.)0%+*; !*/%0%2%050+,$5/%(.%/'!2!*0/%/!4,!0! 0+%*.!/!+2!.0%)!;$! "%**%(%),0/.!!4,!0! 0+.%/!%*0$!(+*#0!.)* .!+*/% !.!  %*0$!.!/%(%!*!*(5/%/* %*/0.!//0!/0%*#<* 0$!.!5%*+1.!+*+)% ,%0(; $//0.!*#0$!*! %0/(%)0!/0.!//D0!/0%*#".)!3+.'0+ //!//0$!.!/%(%!*5+" f/1/%*!//)+ !(<* %),0+",$5/%(*  0.*/%0%+*.%/'/+*+.,+.0!* )+.0##!!4,+/1.!/1* !.)1(0%,(! (%)0!/!*.%+/<1/%*#+0$/$+.0D0!.)* (+*#D0!.))!0$+ +(+#%!/; +.)+.!%*"+.)0%+*</!!0$!f .%/'f/!0%+*%*0$!%/'*#!)!*0 ,.#.,$; %/'/)5(/+.%/!".+)(!#((%)/+.1/0+)!.+),(%*0/;!,,(5 0$!!4%/0%*#,,.+$/! +*0$!.!+#*%0%+** )!/1.!)!*0.%0!.% +",.+2%/%+*/%*0$!+*/+(% 0! "%**%(/00!)!*0/;1.0$!.%*"+.)0%+* %/,.+2% ! %*+0!WUf!#(,.+!! %*#/f* 3$!*"%**%(!""!0%/ .!+#*%/! %*+0!TXf.+2%/%+*/f<+0!UYf0$!.+,!.0%*#!4,!*/!/f; (%)0!
.!(0! +,,+.01*%0%!/)0!.%(%/!3$!*3!+""!."%**%*# /+(10%+*/0$0/1,,+.0(%!*0/%*0$!%.0.*/%0%+*;$!/!/+(10%+*//0.!*#0$!* +1.(+*#
0!.).!/%(%!*!*  !!,!*(%!*0.!(0%+*/$%,/<!2!*3$!*0$! "%**%(!""!0/.!*+0(35/"1((5-1*0%"%(!;1.%*.!/! .!*!3(! !*!.#5"%**%*#* 1/0%*(!+(1)!+%(%/! )%0%+*/$!(, )%*/0.!)/1/0%*(!"%**!.+//0$!+.#*%/0%+*;*!0%(< %/+1*0! )+.0##!.0!/"+.!*!.#5
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-1(%05//!0/<%),.+2!,+.0"+(%+,!."+.)*!* .!%*"+.!+1. +),!0%0%2!,+/%0%+*;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HGL

Open the original at slide 105 ↗

Slide 106 — 1.(%)0!)%0%+*

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
%*0!*/%2! /!0+./ 0$.+1#$ +1. !.. ,,.+$;*USUX< !)!0$!"%./0#(+(/5/0!)%((5%),+.0*0 *'0+.!!%2!T;XeD(%#*! /%!*!D/! 0.#!02(% 0%+*".+)0$! %!*!/! .#!0/%*%0%0%2!@%A%*.!(0%+*0+!..;* 3!$2!,10 %*,(! 0D .%2!*//!//)!*0@f(%!*0.*/%0%+*(*/f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f/*+0<.!"(!0%*#0$! 1..!*0+),+/%0%+*+"0$!#(+(!+*+)5;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HGM

Open the original at slide 106 ↗

Slide 107 — +(%%!/:0%+*/:* ,!."+.)*!

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Open the original at slide 107 ↗

Slide 108 — 1% !(%*!/* 0%+*/ .!//%*#+1.+,,+.01*%0%!/

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Open the original at slide 108 ↗

Slide 109 — 1.0.*/%0%+*,(*

1.0.*/%0%+*,(* /$%#$(%#$0! %*f1/0%*%(%0500$!$!.0f</1/0%*%(%05%/+.!,%((. +" f/f .+3%*#0$! %""!.!*!f1/%*!///0.0!#5* !*0.(0++1.(+*#D 0!.)1/%*!//.!/%(%!*!* +))!.%(/1!//;$!#(+(0.*/%0%+*0+ (+3D.+*!+*+)5<"+/0!.! 5)*5/+%!0%!/.+//0$!#(+!<%/ (+*#D0!.),.+!//* .!-1%.!//5/0!)D(!2!($*#!;$%/0.*/%0%+* .!0!/+0$.%/'/* +,,+.01*%0%!/<3$%$.!.!"(!0! %* f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Open the original at slide 109 ↗

Slide 110 — 1./!0+.0.*/%0%+*,(*/

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f"%**! !)%//%+*/f; 0!,J9 !*0%"5%*#*!06!.+/!*.%+/* )!/1.!)!*0)!0$+ +(+#5 +.0$!/!0+./% !*0%"%! %*/0!,T* U<3!$!'3$!0$!.0$!.!%/* 2%((!*0!.*0%+*(*!.#5#!*5@A/!*.%++.+0$!..!(!2*0 /%!*0%"%T;Xe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

Open the original at slide 110 ↗

Slide 111 — !00%*#+1.!..0.#!0//! +*!)%//%+*/%*0!*/%05

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Open the original at slide 111 ↗

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Open the original at slide 112 ↗

Slide 113 — 1)).5+"/!0+.0.#!0/* ,.+#.!//

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Open the original at slide 113 ↗

Slide 114 — & 


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Open the original at slide 114 ↗

Slide 115 — & 


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Open the original at slide 115 ↗

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Open the original at slide 117 ↗

Slide 118 — &


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Open the original at slide 118 ↗

Slide 119 — & 


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Open the original at slide 119 ↗

Slide 120 — &


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Open the original at slide 120 ↗

Slide 121 — &


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Open the original at slide 121 ↗

Slide 122 — &


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Open the original at slide 122 ↗

Slide 123 — & 


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Open the original at slide 123 ↗

Slide 124 — &


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Open the original at slide 124 ↗

Slide 125 — )%//%+*///+%0! 3%0$"%**%(0%2%0%!/

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Open the original at slide 125 ↗

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Open the original at slide 126 ↗

Slide 127 — 0$!.%*"+.)0%+*.!(0! 0++1.0.*/%0%+*,(*

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Open the original at slide 127 ↗

Slide 128 — ',"'3#/0'16
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

Open the original at slide 128 ↗

Slide 129 — +(%%!/:0%+*/:* ,!."+.)*!

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Open the original at slide 129 ↗

Slide 130 — 
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*!10.( !+*+)5 1* !. /0.%0  .%0!.%< "+. !4),(!0$.+1#$%),.+2! !*!.#5!""%%!*5;*(%*#0%2%0%!/.!0$+/! 0$0/1,,+.0+0$!.0%2%0%!/%*)!!0%*#!*2%.+*)!*0(+&!0%2!/</1$/ %*"./0.101.!1,#. !/0$0"%(%00!0$!%*0!#.0%+*+".!*!3(! !*!.#5;.*/%0%+*(* !*(%*#0%2%0%!/.!//!//! #%*/00$!/)! 4+*+)5/1/0%*%(%05.%0!.%/+0$!.0%2%0%!/<103%0$/,!%"% +* %0%+*/.!"(!0%*#0$!%..+(!%*/1,,+.0%*#0$!0.*/%0%+*0+ (%)0!
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

Open the original at slide 130 ↗

Slide 131 — IGIL4+*+)5.!,+.0%*#

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Open the original at slide 131 ↗

Slide 132 — ,!')

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

Open the original at slide 132 ↗

Slide 133 — 4+
4,/($,/!#

4+
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Open the original at slide 133 ↗

Slide 134 — *#%*#%),0/:.%/'/* +,,+.01*%0%!/

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Open the original at slide 134 ↗

Slide 135 — 0%+*/+*0.%*%*#* /'%(( !2!(+,)!*0

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
$!.!(0! /0""!4,!*/!/* 0$!*1)!.+" +3*!),(+5!!/.! %/(+/! %*+0!UXf0""!4,!*/!/f0+0$! +*/+(% 0! /00!)!*0+",.+"%0+.(+//;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HJL

Open the original at slide 135 ↗

Slide 136 —  
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%  IGIK;MJ:PJG IGIK;L:LNN ),(+5!!/ #! %/0.%10%+* !.)*!*0 !),+..5 TJG5!./ JG@LG5!./ VLG5!./  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

Open the original at slide 136 ↗

Slide 137 — 0%+*/* 0.#!0/+* %2!./%05

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f1.(! !./$%,* +.,+.0!#+2!.**!f;1.0$!.)+.!<03+#!* !. %2!./%050.#!0/$2!!!*/!00+ .%2!,.+#.!//+*#!* !. %2!./%05;$!/! 0.#!0/.!*+0*!* D#+(%*0$!)/!(2!/10.!/%),(5)%(!/0+*!/0+ $%!2%*#0.1!#!* !.!-1(%0500$!0+,;$%/.!-1%.!/0%+*/0+00.0< .!0%** ,.+#.!//0(!*0! 3+)!*0+!*/1.!/0.+*#* #!* !.D (*! /1!//%+*,%,!(%*!; !%)0+%*.!/!0$!*1)!.+"3+)!*%*(! !./$%,.+(!/;! !"%*! 0$%/(! !./$%,/+,!/! +*+1. 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Open the original at slide 137 ↗

Slide 138 — 0%+*/+* %/%(%05* *!1.+ %2!./%05

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Open the original at slide 138 ↗

Slide 139 — 0%+*/+*,.%25

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Open the original at slide 139 ↗

Slide 140 — ,+02*#/0
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Open the original at slide 140 ↗

Slide 141 — +(%%!/:0%+*/* ,!."+.)*!

+1.1/0+)!.D!*0.%+),(%*!.%/'//!//)!*0;  %0%+*((5<
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(!(/+*$1)*.%#$0/@(%'! %/.%)%*0%+*<!//%%(%05< ,.%25A<1/0+)!.!*0.%%05*  ;$!/!(!(/.!,,(%! 0+ +),(%*0/<"1.0$!.!*(%*#1/0+,!."+.).++0D1/!*(5/!/* 0+ .!0%"5/!.2%!.!' +3*/<%),.+2!0$!1/0+)!.&+1.*!5< .!// ,+0!*0%($1)*.%#$0/%//1!/* ,.+2% !,,.+,.%0!.!)! 5<$!(, /!*%+.)*#!)!*0!00!.1* !./0* 1/0+)!.,.+0!0%+** "1.0$!. /0.!*#0$!*1/0+)!.0.1/0;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HKH

Open the original at slide 141 ↗

Slide 142 — 0%+*/+*!//0+-1(%05%*"+.)0%+** /+%(%*(1/%+*

*//!//)!*0"+./!2!.!%*% !*0/3/+* 10! 1/%*#+1.%*0!.*(%//1! )*#!)!*0/5/0!);$.+1#$0$%/,.+!//*+/!2!.!$1)*.%#$0/ %*% !*0/3!.!% !*0%"%! %*USUX; 0%+*/+*!//0+-1(%05%*"+.)0%+** /+%(%*(1/%+*  $/%),(!)!*0! 0$!.!-1%.!)!*0/+"0$!1.+,!*!//%%(%050 * .!)%*/+))%00! 0+"1.0$!.+,0%)%/%*#* %),.+2%*#!//%%(%05 .+//((1/0+)!.
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*+. *!3%0$+1.,+(%%!/<3!/0.%2!0+!0.*/,.!*0+103$03! +3%0$0$!,!./+*( 0+"1/0+)!./<!),(+5!!/</1,,(%!./* 1/%*!// ,.0*!./</3!((/3$+3!/$.!,!./+*( 03%0$* 3$5;!3*0 +1.1/%*!//!*0%0%!/</1,,+.0"1*0%+*/<* 0$!0$%. ,.0%!/3!!*##! 3%0$<0+#.*0(!2!(+",.+0!0%+*0+0$! 0/1&!0!-1%2(!*00+0$0 #1.*0!! 50$! <!/,!%((5%",!./+*( 0%/0.*/"!..! +10/% ! +"0$!1.+,!*+*+)%.!;.0+"0$! 0,.+0!0%+*/+,!%/0$0 ,!./+*( 0%/)*#! %*/"!* /!1.!)**!.<%*(%*!3%0$1..!*0 %*"+.)0%+*/!1.%05/0* . /;+.)+.!%*"+.)0%+*</!!0$!f.%25 00!)!*0f+*%*#;+)
0%+*/.!#. %*#.%25  )*#!/,!./+*( 0,.+0!0%+** .!0!*0%+*.%/'/* %),0/2% 0$! (+(0.+0!0%+**  (+(!+. !0!*0%+** !(!0%+* ".)!3+.'/* +*0.+(/0* . /;+0!*0%()0!.%(%),0/.! % !*0%"%! *  .!//! 5.!(!2*0 0,.+0!0%+*.%/'//!//)!*0/ /1$/=  $!0.+0!0%+*),0//!//)!*0E,!."+.)! 0,.+!//%*# 0%2%05(!2!(* ((+3/"+.*%*D !,0$/.10%*5+",!./+*( 0 ,.+!//%*#0%2%0%!/%*(%*!3%0$,,(%(!.!#1(0%+*/*  0 ,.+0!0%+*,.%*%,(!/>  $!!#%0%)0!*0!.!/0//!//)!*0E,!."+.)! 0+//!//3$!0$!.  *.!(5+*(!#%0%)0!%*0!.!/0/(3"1(/%/%*/!+"!.0%* ,!./+*( 0,.+!//%*#0%2%0%!/;*0$!/!+"0$%///!//)!*00$! (!#%0%)0!%*0!.!/0/+" .!+*/% !.! * (*! #%*/00$! %*0!.!/0/* .%#$0/+"%* %2% 1(/%*/+,!+"0$!,.+!//%*#>*  $!.*/"!.),0//!//)!*0E,!."+.)! %*/!,!./+*( 0%/ 0.*/"!..! 0+*+*D+1*0.5;*0$%//!0$!/+1* *!//+" +*0.01(* 0!$*%(,.+0!0%2!)!/1.!/* +*0.+(/%/ //!//! ; ((//!//)!*0/)!*0%+*! (! 0++*.!0!.%/'% !*0%"%0%+** %),0 )%0%#0%+*)!/1.!/<3$%$.!%),(!)!*0! +*#.*1(.(!2!(@1/%*!// ,.+!//D+.//!0D(!2!(A;$%/!*(!/ 0++*0%*1+1/(5% !*0%"5< )*#!* (%)%0.!(!2*0 0,.+0!0%+*.%/'/</ 0,.+0!0%+*.%/' //!//)!*0/.!,.!/!*0*%*0!#.(,.0+" !"%*%*#*!31/%*!//,.+!//!/ +.%*0.+ 1%*#$*#!/0+!4%/0%*#+*!/;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HKI

Open the original at slide 142 ↗

Slide 143 — !0.%/* 0.#!0/

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

Open the original at slide 143 ↗

Slide 144 — ,3#/++!#

,3#/++!# 1/%*!//+* 10 HKL 1.1(01.! .%2!/0$!353! +1/%*!//* %),0/((+1. /0'!$+( !./;!.!#1% ! 5 J/.*#!+ !<3$%$/!0/+1. 2(1!/* !$2%+1./* !*/1.!/3!3+.'3%0$%*0!#.%05< 0.*/,.!*5<* $%#$/0* . /+"1/%*!//!0$%/;1.!),(+5!!/.! !*+1.#! 0+/,!'1,* .!,+.0+*!.*/<* $2!6!.+D0+(!.*! ,,.+$0+*5"+.)+".%!.5* +..1,0%+*; / !0%(! %*0$! !*!.(%*"+.)0%+*/!0%+*<0$! +1(!)0!.%(%05//!//)!*0$/% !*0%"%!  /1/0%*%(%05)00!./3%0$%*0$!"+((+3%*#0+,%(.!(0! 0+I +2!.**!J=  TE1/%*!//+* 10

Open the original at slide 144 ↗

Slide 145 — 20'+#00
!,+"2!1

20'+#00
!,+"2!1 1/%*!//+* 10.!"!./0+0$!353! +1/%*!//;1. (+(+ !+" +* 10.!"(!0/0$!/0* . /3!)1/0 $!.!0+<* %*(1 !/+1. 2(1!/<,.%*%,(!/<* !0$%(/0* . /;1/%*!//+* 10%*(1 !/ )00!.//1$/1/%*!//!0$%/* +.,+.0!1(01.!<%*(1 %*#*0%D +..1,0%+** *0%D.%!.5@7A<* 0$!,.+0!0%+*+"3$%/0(!(+3!./E * 0$!/!.!0$!/,!%"%/1/0%*%(%05)00!./3!$2!% !*0%"%! ;+. )+.!%*"+.)0%+*</!!I+1(!)0!.%(%05//!//)!*0J;  !*0%"%! %),0/:.%/'/:* +,,+.01*%0%!/ !$2!,!."+.)! +1. +1(!)0!.%(%05//!//)!*0.!#. %*#1/%*!// +* 10+*+1.+3*+,!.0%+*/%*0$!2(1!$%*;$!//!//)!*0 +*(1 ! 0$0%*$!.!*0.%/'/0+ .!(0! 0+1/%*!//+* 10.!.%/'+" "%**%((+//<.!#1(0+.5"%*!/<* .!,100%+*( )#!.!/1(0%*#".+)=  %*".%*#!)!*0/+"+1.+.,+.0!1(01.!>  %*/0*!/+".%!.5* +..1,0%+*>*  "%(1.!0+,.+0!03$%/0(!(+3!./; $!/!.%/'/%),0+1.+3*+,!.0%+*/<* 3!$2!!/0(%/$! ,+(%%!/ * %*0!.*(#1% !(%*!/0+)%0%#0!0$!);+.,+.0!1(01.!%/#+2!.*! 5 +1..*#!+ !*  (+(+ !+"+* 10@3$%$%*01.*.!0$! "+1* 0%+*"+.%/'1(01.!A<.%!.5* +..1,0%+*.! .!//! 5+1. 7+(%5* 6!.+D0+(!.*!/00!)!*0<* 3$%/0(!(+3!.,.+0!0%+*%/ !*/1.! 5+1.$%/0(!(+3!.+(%5;+.!%*"+.)0%+*+*0$!/!,+(%%!/ .!,.+2% ! %*0$!"+((+3%*#/!0%+*/; *#%*#%),0/:.%/'/:* +,,+.01*%0%!/ $%//!0%+* !/.%!/$+33! .!//0$!!""!0/+"0$!% !*0%"%! )0!.%( %),0/<.%/'/<* +,,+.01*%0%!/.!(0! 0++1.1/0+)!./* 0$!%. %),(%0%+*/"+.+1./0.0!#5* 1/%*!//)+ !(; $!% !*0%"%! .%/'/.!%*0!#.0! %*0++1..%/')*#!)!*0".)!3+.' * )+*%0+.! +**+*#+%*#/%/;+.)+.!%*"+.)0%+*</!!0$!f  .%/'f/!0%+*;! +*+0/!!*5%),(%0%+*/".+)0$!% !*0%"%! .%/'/"+. +1.1/%*!//)+ !(* /0.0!#5%*0$!/$+.00!.);*0$!)! %1)0+(+*# 0!.)3!$2!,+(%%!/%*,(!0+!*/1.!0$!.!/%(%!*!+"+1.1/%*!// )+ !(* /0.0!#5; %/'/.!(0! 0++1.+3*+,!.0%+*/*(! 0+"%**%(!""!0/"+. ;+ //!//1..!*0"%**%(!""!0/<3!.!(5+* J/%*0!.*(.%/' 0/!< 3$%$%*(1 !/!*##!)!*03%0$!),(+5!!/* 3$%/0(!(+3!.$**!(/; !,,(50$!!4%/0%*#,,.+$/! +*0$!.!+#*%0%+**  )!/1.!)!*0.%0!.%+",.+2%/%+*/%*0$!+*/+(% 0! "%**%( /00!)!*0/;1.0$!.%*"+.)0%+*%/,.+2% ! %*+0!WUf!#(,.+!! %*#/f * 3$!*"%**%(!""!0%/.!+#*%/! %*+0!TXf.+2%/%+*/f<+0!UY f0$!.+,!.0%*#!4,!*/!/f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f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

Open the original at slide 145 ↗

Slide 146 — $!.*#!+ !

(!/0**1((5<"+.(%#*)!*03%0$.!(!2*0(3/* .!#1(0%+*/*  1..!*0,.0%!;+(%%!/<,.+! 1.!/* #1% !(%*!/.!2%((!*  !/%(5!//%(!"+.((/0""+*0$! %*0.*!0;$!.*#!+ !*  (+(+ !+"+* 10.!2%((!"+.!40!.*(/0'!$+( !./+*%*#;+); * %0%+*0+ 0$!+2!)!*0%+*! ,+(%%!/< $//!2!.(%*0!.*( ,.+!//!/* #1% !(%*!/%*,(!0+,.+2% !#1% *!0+3. /0$!0%+*/ * )+*%0+.%*#+"0$!.%/'/* ,+(%%!/; $!"+((+3%*#,.+!//!/* #1% !(%*!/.!(%*'! 0+0$!#(+(,+(%%!/=  $! (+(*2!/0%#0%+*/$.0!./,!%"%!/3$%$%*% !*0/.!0+! %*2!/0%#0! 1* !.0$!(+(+.#(+(.!/,+*/%%(%05+"+.,+.0!,!%( *2!/0%#0%+*/@A<* $+30$!%*2!/0%#0%+*%/0+!%*%0%0! < +* 10! <* .!/+(2! ;0 !"%*!/0$!#+2!.*%*#,.%*%,(!/"+. +.#*%/%*#<)*#%*#<* +* 10%*#0$!%*2!/0%#0%+*/"1*0%+* 3%0$%* ;  $! (+(2!*0*#!)!*0.+! 1.!+10(%*!/0$!,.+!//!/"+.0$! )*#!)!*0+"+,!.0%+*(.%/'!2!*0/</3!((/0$!.+(!/*  .!/,+*/%%(%0%!/"+.)%0%#0%*#0$!%),0+"/1$% !*0%"%! !2!*0/*  0$!%..!(0! .!,+.0%*#;  $!7 %#$D%/'+(! 1% *! !"%*!/&+0%2%0%!/+*/% !.! 0+ !0.%/'+.21(*!.(!".+)0$!.%!.5* +..1,0%+*.%/',!./,!0%2!< * ,.+2% !/0$!/%/"+.!*.+()!*00+0$!7 0.%*%*#; .%*%*#* 3.!*!//.!+"#.!0%),+.0*!"+.,+(%%!/0+!!""!0%2!; +0$%/!* <3!$2! !2!(+,! #(+()* 0+.50.%*%*#"+.1/%*!// +* 10D.!(0! ,+(%%!/; $!.*#!+ ! $!.*#!+ ! !/.%!/3$03!*!4,!0".+)!$+0$!.3$!*3! 01.*1,0+3+.'!$ 5;0%//!0+"/0* . /0$03!+((!0%2!(52(1!< /0.%2!0+(%2!1,0+<* %*2%0!+0$!./0+)!/1.!1/5;$!.*#!+ ! +),.%/!/0$! 2(1!/* 0$! !$2%+1./= (1!/ !$2%+1./ !.!$+*!/0 +10'!%0+** )'!%0$,,!* !.!,.1 !*0 +1$!(,+0$!./0+!/1!//"1( !.!.!/,+*/%(! +1.!(35//0!,$! $!.*#!!$2%+1./.!!)! ! %*+))%0)!*0/3!)'!0+!$ +0$!.* 0$!/0* . /53$%$3!)!/1.!!$+0$!.J/,!."+.)*!;  C/ (+(+ !+"+* 10 1%( %*#+*0$!2(1!/* !$2%+1./+"+1..*#!+ !<0$!  (+( + !+"+* 10+10(%*!/0$!TS+* 10,.%*%,(!/!4,!0! ".+) !),(+5!!/;$! (+(+ !+"+* 10%)/0+,.!2!*0* ,.+0!0+1. !),(+5!!/".+))'%*#1*!0$%(* ?+.%((!#( !%/%+*/3%0$%* J/ 5D0+D 51/%*!//;.!2!*0%+*+".%!.57+..1,0%+*@7A<*  3$%/0(!(+3%*#@/,!'%*#1,A<.!)+*#0$+/!TS+.!,.%*%,(!/;+* 10 ,.%*%,(!/.!"1.0$!.#+2!.*! 2%0$!%..!/,!0%2!,+(%5".)!3+.'/;  (1*$! *!3#(+()* 0+.50.%*%*#+*0$! (+(+ !+" +* 10%*USUX<* *!3&+%*!./.!!4,!0! 0+1* !.0'!0$!0.%*%*# 1,+* &+%*%*#  ; 0 0$! +*(1/%+* +" 0$! !
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

Open the original at slide 146 ↗

Slide 147 — *0%@.%!.5* +..1,0%+*+(%5

+1/0*0%D.!0(%0%+*)!/1.!/.!%*,(!0+,.+0!03$%/0(!(+3!./;   +!/*+00+(!.0!*5"+.)+".!0(%0%+*5*5!),(+5!!<%*(1 %*# @/!*%+.A)*#!)!*0;0%//0.%0(5,.+$%%0! 0+.!0(%0!#%*/0.!,+.0!. +.*5+*!,.+2% %*#%*"+.)0%+*+.//%/0%*#%**%*2!/0%#0%+*; 40!.*(,.0%!/*.!,+.0/1/,%%+*/* +),(%*0/+*)%/+* 10+. !$2%+1.2%0$!,#!/I$%/0(!(+3!.,+(%5J@/$.!$+( !./* /1,,(%!./A * f+),(%*0/+10+1.+* 10f@1/0+)!./* +0$!./0'!$+( !./A +*%*#;+); $!.!%/#(+()* 0+.50.%*%*#"+.!),(+5!!/0+! 10!0$!)+* 0$!3$%/0(!(+3!.$**!(<*+*5)%05* +*"% !*0%(%05<0$!%..%#$0/*  .!/,+*/%%(%0%!//.!,+.0!./<0$!%),+.0*!+"3.!*!//+*.!0(%0%+*< * $+30$!"+((+3D1,+*+*!.*/%/$* (! ;!0%2!(5)+*%0+.0$! 0%)!(5+),(!0%+*+"0$!!D(!.*%*#;(+*#/% !0$!#(+(/1,,+.0 +))1*%05</,!%(%/0(!.*%*#&+1.*!5,.+2% !/$%/0(!(+3!.!,+.0%*# ""%!./3%0$+*!
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f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

Open the original at slide 147 ↗

Slide 148 — -'1)

-'1)
*+%#*#+1 ,%0()*#!)!*0 HKP -'1)

*+%#*#+1

Open the original at slide 148 ↗

Slide 149 — -'1)
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Open the original at slide 149 ↗

Slide 150 — ,%0(,+/%0%+*/+"JH!!)!.IGIL

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` TY;S` +0(,%0(.0%+ T[;W` T[;\` T $.!$+( !./J!-1%05%/ !0!.)%*! %*+. *!3%0$D; ,%0( !2!(+,)!*0/ *USUX<3! &1/0! +1.T,%0(.0%+0.#!00+dTV`0+0!."+. $%#$!.@!4,!0! A,%0(.!-1%.!)!*0/;,!.0%*#00$!.%#$0(!2!(+" ,%0(%/%*0$!!/0%*0!.!/0/+"((+1./0'!$+( !./<%*(1 %*#+1. 1/0+)!./* 0$!!+*+)%!/3$!.!3! +1/%*!//;$!T0.#!0(!2!( +"dTV`%/3!((+2!0$!,.!2%(%*#)4%)1) %/0.%10(!)+1*0@A (!2!(+"TT;SV`0VT!!)!.USUX<%),(5%*#)*#!)!*01""!.+" +10T\X/%/,+%*0/; $!T<%!.T* +0(,%0(.0%+/ !.!/! +),.! 0+0$!!* +" USUW<,.%).%(5 1!0+0$!+*0%*1!  %/0.%10%+*+"T,%0(0+/0!!. 0+3. /0$!T,%0(.0%+0.#!0</3!((/$%#$!..%/'D3!%#$0!  //!0/;  .+1,$ T.0%++"TV;T`/+"VT!!)!.USUX @TV;Y`0VT!!)!.USUWA;  .+1,J/%!.T.0%+ !.!/! ".+) TY;S`0+TX;V` * 0$!+0(,%0(.0%+ !.!/! ".+)T[;\`00$! !* +"USUW0+T[;W`00$!!* +"USUX; T,%0( !.!/! <,.%).%(5 1!0+ %0%+*( %/0.%10%+*/<,.0(5 +""/!050$!%*(1/%+*+"*!0,.+"%0"0!. %2% !* .!/!.2%*#;!400+0$! .!#1(.XS` %/0.%10%+*+".!/%(%!*0*!0,.+"%0<  %/0.%10! * %0%+*( ]V;Y%((%+*<)+/0(50$.+1#$/$.!15'/<0++*2!.#!0+3. /%0/ !40!.*(T0.#!0+"dTV`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`+".!/%(%!*0*!0,.+"%0; !/%(%!*0*!0,.+"%0%/ !"%*! /*!0,.+"%0 &1/0! "+./%#*%"%*0%0!)/*+0 (%*'! 0+0$!*+.)(+1./!+"1/%*!//;$!XS`,5D+10)5!%*0$! "+.)+"/$<+.+)%*0%+*+"/$* /$.!.!,1.$/!/<3%0$0$! )&+.%05%*/$; %0%+*( %/0.%10%+*/.!0+!+*/% !.! ,!.%+ %((5< 0'%*#%*0++1*0(0!.*0%2!+,,+.01*%0%!/<).+!+*+)% %.1)/0*!/* 0$!+10+)!+"+1.,%0(,(**%*#;$!,.!.!-1%/%0! "+. %/0.%10%+*%/T.0%++"0(!/00$!,.!2%(%*#(!2!("0!. %/0.%10%+*; +.USUX<0$!.!/%(%!*0*!0,.+"%0)+1*0/]Y<VUZ)%((%+*<+"3$%$]V<TYW )%((%+*3/.!/!.2! "+..!#1(. %/0.%10%+*+10/% !+"T,%0(< .!"(!0%*# J/ %/0.%10%+*,+(%5+"XS`,5D+10.0%+; +((+3%*# J/ %/0.%10%+*,+(%5+"XS`,5D+10.0%++*.!/%(%!*0*!0 ,.+"%0=  "%*( %2% !* +2!.USUW+"]S;ZT,!./$.!3/,% 3/,% %* 5
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Open the original at slide 150 ↗

Slide 151 — * .!-1%.!)!*0/

W;X`<%!.T.0%++"Y;S`<* +0(,%0(.0%++"[;S`+" .%/'
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Open the original at slide 151 ↗

Slide 152 — '0(

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Open the original at slide 152 ↗

Slide 153 — '0(
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Slide 154 — (+(0. !* ,+(%52+(0%(%05

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Open the original at slide 154 ↗

Slide 155 — %/'#+2!.**!

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

Open the original at slide 155 ↗

Slide 156 — =

%/'+))%00!!/ *USUX< $*#! %0/ .%/'D(! D'!5+))%00!!//0.101.!.!,+.0%*# %*0+0$!* ;$!'!5.%/'+))%00!!/ !/.%! !(+303%0$%* 0$!+2!.((.%/',+(%5*  !(!#0! 10$+.%0%!/#.*0! 50$! * ? +.
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

Open the original at slide 156 ↗

Slide 157 — %./0(%*!+" !"!*!

$.!!(%*!/+" !"!*!H %./0(%*!+" !"!*! !+* (%*!+" !"!*! $%. (%*!+" !"!*! $+ $+ $+ ! /+.0$!%. !(!#0!/+"; *'%*#1/%*!//:/1,,+.0"1*0%+*/H: #!+#.,$%!/:+1*0.%!/   %/'%*(1 %*#+),(%*! *0!.*(1 %0"1*0%+* !/,+*/%(!"+.  1**%*#1/%*!//3%0$(%!*0/*  +1*0(!"+.//!//%*#<+*0.+((%*#< )%0%#0%*#<* .!,+.0%*#((.%/'/ ""!0%*#0$!%.1/%*!//!/<0+!*/1.!.%/'/ .!3%0$%*.%/',,!0%0!<%;!;T/0+.%/' )*#!)!*00%2%0%!/  +),(!0!*!//* 1.5+"0$! "%**%(/00!)!*0/* .%/'.!,+.0/ 3%0$.!/,!00+0$!%..!/+" .!/,+*/%%(%05 !/,+*/%(!"+.  !00%*#<+,!.0%*#<*  )%*0%*%*#!""!0%2!*  !""%%!*0,.+!//!/*  .1**%*#+,!.0%+*/"+.0$! *'<* )*#%*#.%/'/ .%/%*#".+)0$!/!0%2%0%!/ !/,+*/%(!"+.  !00%*#<+,!.0%*#<*  )%*0%*%*#*!""!0%2!*  !""%%!*0.$%0!01.!*  /!.2%!/,.+2%/%+*"+.0$! *'<* )*#%*#.%/'/ .%/%*#".+)0$!/!0%2%0%!/ !/,+*/%(!"+.  !2!(+,/<+3*/<* )%*0%*/0$!.%/'04+*+)5<%*(1 %*# (!.* +*/%/0!*0.%/'0!#+.%!/*  !"%*%0%+*/<"+.)%*#0$! /%/"+.+*/%/0!*0.%/'% !*0%"%0%+*<)!/1.!)!*0<.!,+.0%*#< * !/(0%+*;  !"%*!/* +3*/.%/')!/1.!)!*0)!0$+ +(+#%!/<)+ !(/< * //!//)!*0".)!3+.'/1/! 0+-1*0%"5* //!//.%/'/< %*(1 %*#.%/')0!.%(%05//!//)!*0".)!3+.'/0+ !0!.)%*! 3$%$.%/'/.!/%#*%"%*0;  !/%#*/<)%*0%*/<* )+*%0+./0$!%/',,!0%0!.)!3+.' @A<!*/1.%*#0$0.%/',,!0%0!/00!)!*0/<(%)%0/<*  0$.!/$+( /.!(%#*! 3%0$/0.0!#5<,%0(,(**%*#<*  .!#1(0+.5!4,!00%+*/<* 0$0.!$!/* !)!.#%*#.%/'/ .!!/(0! %*0%)!(5* 0.*/,.!*0)**!.;  .+2% !/%* !,!* !*0)+*%0+.%*#* .!,+.0%*#+".%/'/0+ /1,,+.0%*"+.)!  !%/%+*)'%*#* !""!0%2!#+2!.**!5 /!*%+.)*#!)!*0* #+2!.*%*#+ %!/;  2!./!!/< 2%/!/<* $((!*#!/0$!%./0%*!+"!"!*!+* .%/')*#!)!*0* +),(%*!0%2%0%!/<,.+2% %*#/1&!0 )00!.!4,!.0%/!3$%(!)%*0%*%*#%* !,!* !*!;  4!.%/!/!/(0%+** 2!0+,+3!./%*.!(0%+*0+0%2%0%!/+. !%/%+*///!//! 0+,.!/!*01*!,0(!.%/'/<!*/1.%*# !/(0%+*0+0$!,,.+,.%0!#+2!.**!+ %!/3$!*.!-1%.! ; !/,+*/%(!"+.  * !,!* !*0//1.*!0+0$!<0$! 1 %0+))%00!!<* 0$!+*0$! -1(%05* !""!0%2!*!//+" f/%*0!.*( +*0.+(<.%/')*#!)!*0<#+2!.**!< * %),(!)!*0! /5/0!)/*  ,.+!//!/%*+0$0$!"%./0* /!+*  (%*!/+" !"!*!   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HLN T (0$+1#$/1,,+.0"1*0%+*/.!,.0+"0$!"%./0(%*!+" !"!*!<0$!5,.+2% !/1&!0)00!.!4,!.0%/!0++0$0$!"%./0* /!+* (%*!/+" !"!*!

Open the original at slide 157 ↗

Slide 158 — !#%+*

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

Open the original at slide 158 ↗

Slide 159 — %/'1(01.!

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f1/0%*%(%05/00!)!*0f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

Open the original at slide 159 ↗

Slide 160 — %/',,!0%0!.)!3+.'

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n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

Open the original at slide 160 ↗

Slide 161 — .+!//

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
.%/'
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

Open the original at slide 161 ↗

Slide 162 — +(2!*5.%/'

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
$!+10+)!/+"/+(2!*5/0.!//0!/0*(5/!/.!0'!*%*0++1*0%* ,%0(,(**%*#<10(/+"+./!00%*#.%/',,!0%0!/00!)!*0/* 0$! ,%0()*#!)!*01""!.; (**%*#* "+.!/0%*# $!,%0(* "1* %*#,(*%/*%*0!#.(,.0+"0$! 5*)%,(*< J/ "%**%(* 1/%*!//,(**%*#,.+!//;+.)+.!%*"+.)0%+*</!!/!0%+* I,%0()*#!)!*0J; ,%0()*#!)!*0 +.)1(0%+*+"0$!T0.#!0%/'!5!(!)!*0%*/+(2!*5.%/' )*#!)!*0;$!0.#!0.0%+</! +*0$!)*#!)!*01""!.+*!,0< !*(!/ J//!*%+.)*#!)!*00+/0!!.<!*$).'<* //!//0$! *'J/1..!*0* "101.!,%0((!2!(/)1$)+.!!""%%!*0(5;$!0.#!0 (!2!((!.(5/1,,+.0/0.1/0D1%( %*#)+*# J/'!5/0'!$+( !./@!;#; .!#1(0+./<%*2!/0+./<* 1/0+)!./A; $!,%0()*#!)!*01""!.%)/0+,.+0!00$!%*0!.!/0/+"'!5 /0'!$+( !./* ,(5/*%),+.0*0.+(!%*0$!+2!.((,%0( !-15 #+2!.**!;$!.0%+*(!!$%* 0$!1""!.%/0$0%0,.+2% !/*  %0%+*(1/$%+*+*0+,+"0$!@(+(A.!#1(0+.5)%*%)1).!-1%.!)!*0/ @!;#;/1,!.2%/+.5.!2%!3* !2(10%+*,.+!//@A.!-1%.!)!*0/A0+ 3%0$/0* !.0%*(!2!(+"/0.!//* "%(%00!3.!*!//*  ,.!,.! *!//0+0'!)*#!)!*00%+*/; .!2%!3/%0/,%0( )*#!)!*01""!.+*.!#1(./%/0+ !0!.)%*!%0/!""!0%2!*!//*  .+1/0*!//<1, 0%*#%0/,,.+,.%0!;+.)+.!%*"+.)0%+*</!!/!0%+* I,%0()*#!)!*0J; +*0%*1%05 %/'!2!*0/3%0$$%#$/!2!.%05+./%#*%"%*0 !0!.%+.0%+*/+"!+*+)%*  ).'!0+* %0%+*/!5+*  J/+*0.+(+1( 1/! !2%0%+*/".+)0$! 1/%*!//* ,%0(,(*/<3$%$)5.!/1(0%*,+0!*0%(,%0(/$+.0"((;  $/!/0(%/$! +*0%*1%05@/"!05A*!0+"+*0%*#!*5* .!+2!.5 ,(**%*#;$%/%*(1 !/+*#+%*#)+*%0+.%*#+".!(!2*0%* %0+./0+ )%*0%*3.!*!//* !*(!,.+0%2!0%+*0+!*/1.!+*0%*1%05;$! %*0!.2!*0%+*)!/1.!/<3$%$*!0%20! 3$!* !!)! *!!//.5< +*/%/0+",.! !"%*! .! 10%+*)!/1.!/</3!((/ %.!0,%0(D %*.!/%*#)!/1.!/;$!!/(0%+*)!$*%/)/.! !"%*! <#+2!.*! < *  !0%(! %*0$!+*0%*#!*5* .!+2!.5,(*/;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HMI

Open the original at slide 162 ↗

Slide 163 — +0$,(*/%)0+.!/0+.! J/,%0( !-15;!,!* %*#+*0$!

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

Open the original at slide 163 ↗

Slide 164 — .! %0.%/'

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f/ .! %0-1(%05 !0!.%+.0!/+. !"1(0/; W %**%(//!0/0"%.2(1!0$.+1#$,.+"%0+.(+// X %**%(//!0/0"%.2(1!0$.+1#$+0$!.+),.!$!*/%2!%*+)! Y !0/!1.%0%!/ +*!5).'!0.%/'=$%/.%/!/3$!* ,(!//$+.0D0!.) !,+/%0/3%0$ +1*0!.,.05%*+. !.0+)*#!!4!//(%-1% %05;*0$!!2!*0+"+1*0!.,.05 !"1(0< )5(+/!0$! !,+/%0,(! ; U /$* (*!/3%0$!*0.(*'/ V +*/*  2*!/0+*'/ Z +*/*  2*!/0+1/0+)!./ .!D/!00(!)!*0.%/'=$%/.%/!/3$!*(%!*0 !"1(0/+*0.*/0%+*!"+.! /!00(!)!*0*  )1/0.!,(!0$!+*0.050. !3%0$*+0$!. +1*0!.,.0500$!0$!*,.!2%(%*#@,+//%(51*"2+1.(!A).'!0,.%!;$%/ .! %0.%/'0!#+.5%///+%0! 3%0$ !.%20%2!/0.*/0%+*/@!4$*#!D0. !  !.%20%2!/<+2!.D0$!D+1*0!.@A !.%20%2!/* /!1.%0%!/"%**%*# 0.*/0%+*/A; W %**%(//!0/0"%.2(1!0$.+1#$,.+"%0+.(+// TW %**%((%%(%0%!/0"%.2(1!0$.+1#$,.+"%0+.(+// WS ""/!00%*#"%**%(//!0/* (%%(%0%!/ !00(!)!*0.%/'=$%/.%/!/3$!*0$!.!%/*!4$*#!+"2(1!@"1* /+. %*/0.1)!*0/A* .!!%,0".+)%0/+1*0!.,.05%/*+02!.%"%! +.!4,!0! 1*0%( "0!. $/#%2!*%..!2+(!%*/0.10%+*/0+,5+.$/,% +. !(%2!.! %0//% ! +"0$!0. !;$!.%/'%/0$0  !(%2!./10 +!/*+0.!!%2! !(%2!.5".+)%0/ +1*0!.,.05; W %**%(//!0/0"%.2(1!0$.+1#$,.+"%0+.(+// TT 0$!.//!0/ TW %**%((%%(%0%!/0"%.2(1!0$.+1#$,.+"%0+.(+// TY 0$!.(%%(%0%!/ !+*%(%0%+*!03!!*.! %07+1*0!.,.05.%/'0!#+.%!/* "%**%(,+/%0%+*>8? .! %07+1*0!.,.05.%/'0!#+.%!/>8? *0$!0(!!(+3<3! !/.%!0$! %""!.!*005,!/+".! %0*  +1*0!.,.05.%/'0!#+.%!/* %*(1 !.!+*%(%0%+*3%0$0$!*+0!/%* 0$!"%**%(/00!)!*0/= .! %0.%/',,!0%0!* +*!*0.0%+*.%/'".)!3+.'>8? $!.! %0.%/',,!0%0!* +*!*0.0%+*.%/'".)!3+.'%/ !/%#*! 0+ ,.!2!*01* !/%.! $%#$(!2!(/+".! %0.%/'* .! %0+*!*0.0%+*/3%0$%* 2.%+1/(!2!(/+"0$! ,+.0"+(%+;0%/ !.%2! ".+)0$!+*!,0/+" +1* .%!/* %*/0.1)!*0// !/.%! %*0$! %/',,!0%0! .)!3+.'; .! %0.%/',,!0%0!%/0$!)4%)1)(!2!(+".! %0.%/' %/3%((%*#0+ !,0"+.#.+30$* 2(1!.!0%+*;$!.! %0.%/',,!0%0!%/(%*'! 0+ 0$!+2!.((*'D3% !".)!3+.'* %/!4,.!//! %*-1*0%00%2!*  -1(%00%2!)!/1.!/; $!.! %0.%/',,!0%0!%//!00 %""!.!*0(!2!(/*  %)!*/%+*/3%0$%* ; $!.! %0.%/',,!0%0!".)!3+.'/,!%"%!/0$!/+,!* "+1/+"0$! .! %0.%/' %/3%((%*#0+0'!</3!((0$!+),+/%0%+*+"0$!.! %0 ,+.0"+(%+<%*(1 %*#0$!+*!*0.0%+**  %2!./%"%0%+*+&!0%2!/.+// 1/%*!//(%*!/<(+0%+*/</!0+./<* ,.+ 10/; $!.! %0+*!*0.0%+*.%/'".)!3+.'%/+),+/! +"=  +1*0.5.%/'+*!*0.0%+*=+1*0.5.%/'%/0$!.%/'0$0.%/!/ 1!0+ !2!*0/%*/,!%"%+1*0.5@+.#.+1,+"+1*0.%!/A;+)*#!0$! )4%)1)+1*0.5(+// %/3%((%*#0+!,0<+1* .%!/.! ,,.+2! 50$!;$!!/0%)0! (!2!(%/+..!(0! 0+0$!.%/'.0%*# //%#*! 0+#%2!*+1*0.5;01(+1*0.5(%)%0/.!/!05)!*/+" +1*0.5%*/0.1)!*0/<3$%$.!)+*%0+.! )+*0$(5* 1, 0! 3$!* *!! ! ;+.+1*0.%!/3%0$!(!20! (!2!(/+"#!+,+(%0%(+./!2!.! !+*+)%5(!.%/'<)+*%0+.%*#%/,!."+.)! +*)+.!".!-1!*0/%/< 3%0$/0.%0,%,!(%*!* !4,+/1.!)*#!)!*0;  %*#(!*)! +*!*0.0%+*@%*(1 %*#/!+* .5.%/'A= $/* !/0(%/$! .! %0+*!*0.0%+*.%/'".)!3+.'0+% !*0%"5<)!/1.!< * )+*%0+./%*#(!*)!+*!*0.0%+*<%*(1 %*#/!+* .5.%/';$! /)!+*!,0+"+1* .%!/* %*/0.1)!*0/%/,,(%(!;  !0+.* ,.+ 10+*!*0.0%+*.%/'.!)*#! 2%0$!.! %0.%/' ,,!0%0!".)!3+.';   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HMK

Open the original at slide 164 ↗

Slide 165 — .! %0.%/')+ !(/>8?

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b !/0.0%*#>UUb3+./0.0%*#A.!"!..! 0+/0$!I)/0!./(!J<3$%$ .+1#$(5+..!/,+* /0+0$!.0%*##. !/0$0.!//%#*! 5!40!.*( .0%*##!*%!/</1$/0* . 7++.J/<++ 5J/* %0$;+. !4),(!<* .0%*#+"T+..!/,+* /0+*7?%0$.0%*#+"*  ++ 5J/.0%*#+">* .0%*#+"U+..!/,+* /0+*7?%0$ .0%*#+"a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`A0+ ]T<SSU;\%((%+*+10/0* %*#;+.!%#*!4$*#!.0!$*#!/$ ]UU;S %((%+**!#0%2!%),0+*0$!,+.0"+(%+/%6!<)%*(5 .%2!*50$! !,.!%0%+*+"0$! +((.3$%$$ *%),0+"]TY;Y%((%+*)%*(5%* $+(!/(!*'%*#;+((+3%*#0$%/<*!0#.+30$%*$+(!/(!*'%*#3/ ]W;W
%((%+*;!0%(*'%*#+10/0* %*#/%*.!/! 5]V[;W%((%+*)%*(5 1!0+1* !.(5%*##.+30$%*.!/% !*0%()+.0##!/;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HML

Open the original at slide 165 ↗

Slide 166 — 0%*# %/0.%10%+*>8?

0%*# %/0.%10%+*>8? 2!.((<0$!.0%*#(// %/0.%10%+*.!)%*! /0(!%*USUX;$!/$.!+" %*2!/0)!*0#. !.0%*#(//!/%*.!/! ".+) Z[;T`0+Z\;V`<3$%(!0$! /$.!+"*+*D%*2!/0)!*0#. ! !.!/! ".+) T\;\`0+T[;Z`; !."+.)%*#.!/0.101.%*#+10/0* %*#/.!)%*! +*/0*00 S;Y` +"0$! 0+0(,+.0"+(%+%*USUX<3$!.!/*+*D,!."+.)%*#(+*/@(1(0! %*(1 %*# *2!/0)!*0* .!D!00(!)!*0!4,+/1.!/A !.!/! ".+) T;W`0+T;V`; %0$.!/,!00+0$!.0%*# %/0.%10%+*3%0$%*0$!1/%*!//(%*!/<%* $+(!/(!*'%*#<%*2!/0)!*0#. !%*.!/! 0+ [W;V`".+)[V;Z`< 3$%(!*+*D%*2!/0)!*0#. !!4,+/1.!/ !.!/! 0+ TV;\`".+)TW;Y` +),.! 0+USUW;!."+.)%*#.!/0.101.%*#//!0/%*.!/! ".+) S;Y`0+ S;Z` +"0+0($+(!/(!*'%*#//!0/3$!.!*+*D,!."+.)%*#(+*/"+. $+(!/(!*'%*# !.!/! ".+) T;U`0+T;T`; +.!0%(*'%*#<%*2!/0)!*0#. !%*.!/! 0+ ZX;W`".+)ZV;V`<3$%(! *+*D%*2!/0)!*0#. !!4,+/1.!/ !.!/! 0+ UU;X`".+)UW;W` / +),.! 0+USUW;!."+.)%*#.!/0.101.%*# !.!/! 0+ S;Y`".+)S;Z` 3$!.!/.!)%*! +*/0*00 T;X` %*USUX; * 1/0.5>8? $!%* 1/0.5.!' +3*%/,.!/!*0! %*+. *!3%0$0$! !"%*%0%+*;$!%*.!/!+"]WT;T %((%+*%*0+0(2+(1)! 1.%*#USUX3/ )%*(5 1!0+0$!%*.!/!%*.%20!* %2% 1(/@]U[;Z%((%+*A* !*0.( +2!.*)!*0/@]TV;W%((%+*A 3$%$3/,.0%((5+""/!050$! !.!/!%* !*0.(*'/@]UT;\%((%+*A;$!/$.!+".%20!* %2% 1(/%*.!/! ".+) V\;X` (/05!.0+ WS;Z`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

Open the original at slide 166 ↗

Slide 167 — +.0"+(%+*(5/%/,!.#!+#.,$%(.!>8?

10/0* %*#/,!.(%*!+"1/%*!//>8?A+*0%*1! H:I:J %*)%((%+* $+(!/(!*'%*# !0%(*'%*# +.,+.0!(%*! +0( !#%+* IGIL IGIK IGIL IGIK IGIL IGIK IGIL IGIK 1.+,! !0$!.(* /  VX<TYX  WW<WUT  T[S<SVS  TYW<X\S  XUY  T<\SV  UTX<ZUS  UTS<\TV !(#%1)  UX<Z[Y  UY<XSY  \\<SXX  \X<X[W      TUW<[WT  TUU<S\T !.)*5  U\<Y\\  UZ<WWV  TVY<\XT  TU[<X\[  UU  VS  TYY<YZU  TXY<SZT +(*  UV<ZWS  UT<T\S  VW<UUV  VS<\WY  V    XZ<\YY  XU<TVY *%0!  %*# +)  VS<WZX  U[<UXZ  UXU  UYX  Z[  \T  VS<[SX  U[<YTV .*!  UY<WYU  UW<VXT  V<ZWU  V<TUU  V  V  VS<USZ  UZ<WZY ,%*  TX<XY[  TT<\\S  VT<STX  U[<XSZ  V[  VY  WY<YUS  WS<XVV 14!)+1.#  U[<[WW  UY<TZY  W<X[Z  X<TV\      VV<WVT  VT<VTW !/0+"1.+,!  ZS<W\[  ZU<[YS  UY<V[W  UV<USV  VZ  TW  \Y<\T\  \Y<SZY )!.%  [V<UY\  [Y<WSU  U<VSW  U<WSU  UST  UVU  [X<ZZX  [\<SVZ /%  WZ<[[T  WW<TVY  UXZ  UTX  V<SYS  V<WYW  XT<T\[  WZ<[TX 1/0.(%  TT<YZV  TS<[[Z  W[<\V[  WY<ZUV  T  [  YS<YTV  XZ<YT[ ".%  U<TXW  U<TW[  UZ  UU      U<T[T  U<TZS +0(  KJH:IHK  KIM:NMN  LMN:NMK  LIP:JHN  J:PNG  L:NNP  H:GGI:PKN  PMH:OMJ T /! +*.! %0.%/')!/1.!)!*0+*0%*! %*(!* %*#<,.!D/!00(!)!*0<)+*!5).'!0<*  %*2!/0)!*00%2%0%!/; U /! +*0$!0+0()+1*0+".! %0.%/'%*0$!.!/,!0%2!+(1)*1/%*# J/%*0!.*(.! %0.%/' )!/1.!)!*0)!0$+ +(+#%!/;+*+)%/!0+./@%* 1/0.5A!(+3U`.!*+0/$+3*/!,.0!(510 #.+1,! %*0$!.; V !+#.,$%(.!/.!/! +*+1*0.5+".!/% !*!<!4!,0"+.,.%20!%* %2% 1(/<"+.3$%$0$! #!+#.,$%(.!/.!/! +*0$!,.%).5+1*0.5+".%/'; +.0"+(%+*(5/%/,!.#!+#.,$%(.!>8? $!,+.0"+(%+*(5/%/,!.#!+#.,$%(.!.!D!),$/%/!/0$! %*0!.*0%+*( %/0.%10%+*+" J/.! %0,+.0"+(%+;$!!0$!.(* / )%*0%*/0$!(.#!/0,+.0"+(%+/$.!%*/%*#(!+1*0.53%0$ UT;X` @USUW=
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%((%+*A<* .*!@]V;S%((%+*A; $!*!0 !.!/!%**+*D%*2!/0)!*0#. !+10/0* %*#/3/)%*(5 +/!.2! %*,%*@]U;W%((%+*A<)!.%@]T;\%((%+*A<*  !.)*5 @]T;Z %((%+*A;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HMN

Open the original at slide 167 ↗

Slide 168 — 10/0* %*#/5!+*+)%/!0+./* #!+#.,$%(.!>8?H

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

Open the original at slide 168 ↗

Slide 169 — 10/0* %*#/5!+*+)%/!0+./* #!+#.,$%(.!>8?H

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

Open the original at slide 169 ↗

Slide 170 — .! %0.%/')%0%#0%+*>8?

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f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f+0$!.+2!./f<3$%$ $ +*(5(%)%0! !""!0+*0$!"1((5+2!.! ,.0+"0$!,+.0"+(%+</ f/ ,+.0"+(%+.!)%*/3!((+((0!.(%/! ;+((0!.(+2!.%*#"%**%().'!0 0.*/0%+*/%/2(1! +* %(5/%/@).#%*%*#A<* %///1$*+0 %*(1 ! %*0$!"+((+3%*#0(!/;+)%0%#0!0$!.! %0.%/'.%/%*#".+) "%**%().'!0/0.*/0%+*/<0$!*'!*0!./%*0+(!#(#.!!)!*0/ #+2!.*%*#0$!!4$*#!+""%**%(+((0!.(@$%#$D-1(%05#+2!.*)!*0 +* /* /$A; $!+2!.2(1!/.!,.!/!*0! "+.0$!0+0(,+.0"+(%++" <+0$0$! ,!."+.)%*#* *+*D,!."+.)%*#,+.0"+(%+;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HNG

Open the original at slide 170 ↗

Slide 171 — $!+2!0(!/#%2!/*+2!.2%!3+"0$!+((0!.(%/0%+*+" J/0+0(

+2!.2(1!/%*(1 %*##1.*0!!/.!!%2! >8? %*)%((%+* +2!.05,!* 2(1! +((0!.(%/0%+* IGIL 10/0* %*#/ +.0##!/ %**%(+((0!.( 1.*0!!/ 0$!.+2!./ ++2!. .0%((5+2!.! 1((5+2!.! +*/1)!.(!* %*#  WSZ<XXU  \SX<SU[  X<VTZ  VZ<WZV  [WU Z;[ ` U;S ` \S;U ` 1/%*!//(!* %*#  V[V<XVY  T[Y<UZY  VT<[VW  TYY<\XV  UTX<TZZ WU;T ` TX;[ ` WU;T ` *2!/0)!*0* )+*!5).'!0  TXT<YV\  F  F  T<XSY  F \\;Y ` F ` S;W ` +0((!* %*#:%*2!/0)!*0* )+*!5).'!0  PKI:NIN  H:GPH:JGK  JN:HLH  IGL:PJI  IHM:GHP JM9MR N9JR LM9HR +"3$%$  HI:POH  P:OIN  HPM  I:NNH  J:LPH JJ9GR HO9LR KO9LR .!D/!00(!)!*0  YS<UUS +0( .+1,  H:GGI:PKN +2!.2(1!/%*(1 %*##1.*0!!/.!!%2! >8? %*)%((%+* +2!.05,!* 2(1! +((0!.(%/0%+* IGIK 10/0* %*#/ +.0##!/ %**%(+((0!.( 1.*0!!/ 0$!.+2!./ ++2!. .0%((5+2!.! 1((5+2!.! +*/1)!.(!* %*#  VZ[<[VU  [YX<WYY  Y<UXZ  UX<WU[  XX<TTX Y;X ` U;S ` \T;X ` 1/%*!//(!* %*#  VY[<XZS  TYV<TWV  UW<[V[  TT\<WTS  W[W<TW[ VW;T ` UV;Z ` WU;U ` *2!/0)!*0* )+*!5).'!0  TXV<W\V  F  F  T<TTX  \X \\;V ` F ` S;Z ` +0((!* %*#:%*2!/0)!*0* )+*!5).'!0  PGG:OPK  H:GIO:MGP  JH:GPL  HKL:PLJ  LJP:JLN JJ9MR HG9LR LL9PR +"3$%$  HJ:IPL  HG:KIN  HPK  J:GPJ  HH:HGP IN9MR IN9NR KK9NR .!D/!00(!)!*0  YS<\Y[ +0(  PMH:OMJ $!+2!0(!/#%2!/*+2!.2%!3+"0$!+((0!.(%/0%+*+" J/0+0( ,+.0"+(%+;4(1 %*#0$!,.!D/!00(!)!*0,+.0"+(%+<XY;T`@USUW=XX;\`A+"  J/+10/0* %*#/3!.!"1((5+((0!.(%/! %*USUX;%*!%*2!/0)!*0/ 0. %0%+*((5 +*+0.!-1%.!+2!./<0$!I*++2!./J,!.!*0#!%*0$%/ ,+.0"+(%+%/+2!.\\;Y`; +*/1)!.(!* %*#,+.0"+(%+>8? $!+*/1)!.(!* %*#,+.0"+(%++1*0/"+. WS;Y`@USUW=V\;W`A+" J/ 0+0(+10/0* %*#<,.%).%(5+*/%/0%*#+" .!/% !*0%()+.0##!(+*/*  +*/!-1!*0(5)+/0+((0!.(+*/%/0/+")+.0##!/;+.0##!2(1!/.! +((!0! %**%*0!.*(!*0.( 0/!* %*)+/0/!/!40!.*( 0%/ 1/! 0+%* !40$!).'!02(1!; /%#*%"%*0,.0+" J/.!/% !*0%()+.0##!,+.0"+(%+%/%*0$! !0$!.(* /@USUX=VX;S`<USUW=VX;S`A< !.)*5@USUX=UZ;S`< USUW=UZ;V`A<!(#%1)@%*(1 %*#14!)+1.#A@USUX=TU;S`<USUW=TU;U`A< * 1/0.(%@USUX=TS;\`<USUW=TS;Y`A; 1/%*!//(!* %*#,+.0"+(%+>8? 1/%*!//(!* %*#+1*0/"+. V[;U`@USUW=V[;V`A+" J/0+0( +10/0* %*#;1/%*!//(!* %*#,.!/!*0! %*0$%//!0%+* +!/*+0%*(1 ! ,.!D/!00(!)!*0<%*2!/0)!*0* )+*!5).'!0!4,+/1.!/;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HNH

Open the original at slide 171 ↗

Slide 172 — .! %0-1(%05>8?

.! %0-1(%05>8?  1/!/0$.!! %/0%*0/001/!/0+0!#+.%/!0$!)*#!)!*0+"(%!*0/ 3%0$@,!.!%2! A !0!.%+.0%*#.! %0.%/',.+"%(!/; )'!/1/!+".(5 .*%*#* %0+./@/A%* %(5.! %0.%/')*#!)!*0,.+!//!/< 3$%$.!(0!0+$*#!%*@%*0!.*(* ?+.!40!.*(A%.1)/0*!/+. +10(++'+"0$!/,!%"%+(%#+.<0$!/!0+.+.0$!,+.0"+(%+; 1/1((5 (//%"%!/(%!*03%0$f30$(%/0f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

Open the original at slide 172 ↗

Slide 173 — #!%*#*(5/%/>,/0 1!10,!."+.)%*#?;+*/1)!.(!* %*#,+.0"+(%+5#!+#.,$%.!:+10/0* %*#/>8?

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

Open the original at slide 173 ↗

Slide 174 — +.!.*!>8?

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`+"0+0(,+.0"+(%+@TA 10/0* %*#/ "3$%$=,!."+.)%*# "3$%$=*+*D ,!."+.)%*# `+"0+0(,+.0"+(%+@TA $+(!/(!*'%*#  X<\TS  V<T\W  U<ZTY T;Z `  X<\VW  V<T\T  U<ZWV T;\ ` !0%(*'%*#  Z<XXT  W<XV[  V<STV T;W `  Y<[[V  V<\[Z  U<[\Z T;V ` +0(  HJ:KMH  N:NJI  L:NIP H9LR  HI:OHN  N:HNO  L:MKG H9LR 1)).5+.+.*!,+.0"+(%+5"+.!.*!05,!>8? %*)%((%+* IGIL IGIK +.!.*!05,! 10/0* %*#/ "3$%$=,!."+.)%*# "3$%$=*+*D ,!."+.)%*# `+"0+0(,+.0"+(%+@TA 10/0* %*#/ "3$%$=,!."+.)%*# "3$%$=*+*D ,!."+.)%*# `+"0+0(,+.0"+(%+@TA +*)+ %"%0%+*  TT<[[V  Y<X[T  X<VSU T;V `  TT<ZUY  Y<ZVW  W<\\V T;W ` !"%**%*#  T<XZ[  T<TXT  WUZ S;U `  T<S\T  WWW  YWZ S;T ` +0(  HJ:KMH  N:NJI  L:NIP H9LR  HI:OHN  N:HNO  L:MKG H9LR T `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

Open the original at slide 174 ↗

Slide 175 — + %"%0%+*+""%**%(//!0/>8?

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

Open the original at slide 175 ↗

Slide 176 — $+(!/(!*'%*#>8?

$+(!/(!*'%*#>8? $+(!/(!*'%*#"+.+.*!//!0/)+1*0! 0+]X;\%((%+*@USUW= ]X;\%((%+*A<3$%$.!,.!/!*0! T;Z` @USUW= T;\`A+"0$!0+0($+(!/(! *'%*#,+.0"+(%+; $!*!0 !.!/!%*$+(!/(!*'%*#"+.+.*!//!0/3/ .%2!*5 ]UZ)%((%+*.! 10%+*%**+*D,!."+.)%*#"+.+.*!!4,+/1.!* ,.0%((5 +""/!05]V)%((%+*.%/!%*,!."+.)%*#"+.+.*!!4,+/1.!/; $+(!/(!*'%*#/f"+.+.*!//!0//$+3*%*.!/!%*!(!+) 1!0+ .!"%**%*#<3$%$3/+""/!05 !.!/!%*+0$!./!0+./</1$/.!( !/00!<"++ <!2!.#!/7,!./+*(.!<$!)%(/<$!(0$7 ,$.)!10%(/* *01.(.!/+1.!/;$!/!"%2!/!0+./+1*0! "+. Y\;Y`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

Open the original at slide 176 ↗

Slide 177 — !0%(*'%*#>8?

!0%(*'%*#>8? /+"5!.!* <!0%(*'%*#"+.+.*!//!0/)+1*0! 0+]Z;Y%((%+* @USUW=]Y;\ %((%+*A<3$%$.!,.!/!*0! T;W` @USUW= T;V`A+"0$!0+0(!0%( *'%*#,+.0"+(%+; !0%(*'%*#,!."+.)%*#"+.+.*!!4,+/1.!%*.!/!  5]S;Y %((%+*; $!)%*+*!*0.0%+*+""+.+.*!//!0/%*/%*#(!+1*0.53/%* !(#%1)3%0$ U[;X` @USUW= U[;U`A +"0+0(!0%(*'%*#"+.+.*!//!0/ * V\;S` @USUW= V\;W`A+"0$!*+*D,!."+.)%*#"+.+.*!//!0/;$!+0$!. /%#*%"%*0/%*#(!+1*0.5+*!*0.0%+*%/%*0$!!0$!.(* /3%0$ U[;V` @USUW= UU;X`A<3$%$%*.!/!  1.%*#USUX!1/!+"0$! %),(!)!*00%+*+"*!3".)!3+.'"+.)+.0##!/<*  !.)*5$2%*# TZ;V` @USUW= US;S`A+"0$!0+0(!0%("+.+.*!//!0/; !0%(*'%*#;+.+.*!,+.0"+(%+5#!+#.,$%(.!>8? %*)%((%+* IGIL IGIK !#%+* 10/0* %*#/ "3$%$= ,!."+.)%*# "3$%$=*+*D ,!."+.)%*# 10/0* %*#/ "3$%$= ,!."+.)%*# "3$%$=*+*D ,!."+.)%*# 1.+,! !0$!.(* /  U<TVY  T<ZTT  WUW  T<XW[  T<TVW  WTW !(#%1)  U<TXV  \Z[  T<TZX  T<\WU  [SS  T<TWU !.)*5  T<VSW  \YX  VV[  T<VZ\  T<SXU  VUZ +(*  Z\V  VYT  WVU  ZZZ  WSV  VZW ,%*  \U  XX  VZ  TX\  TUZ  VT 0(5  TSW  VV  ZS  TUU  WV  Z\ w.'%5!  UU  TY  Y  TV  \  W +)*%  UTY  TSY  TTS  TZV  ZU  TST !/0+"1.+,!  \T  VU  X\  TSU  XS  XU )!.%  X  X  UU  TZ  Y /%  T      T    T 1/0.(%  YVX  UZ\  VXZ  YWY  UZ\  VYZ ".%             +0(  N:LLH  K:LJO  J:GHJ  M:OOJ  J:PON  I:OPN   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HNN

Open the original at slide 177 ↗

Slide 178 — +*@,!."+.)%*#(+*/>8?

+*@,!."+.)%*#(+*/>8?  $/(%#*! 0$!.!#1(0+.5+*!,0+"*+*D,!."+.)%*#3%0$0$0+"0$! !"%*%0%+*+" !"1(0; !*!<+..+3!./.!(//%"%! /*+*D,!."+.)%*# 3$!* !"1(00.%##!.+1./@*+*D!4$1/0%2!(%/0A=   !(%!2!/0$!+..+3!.%/1*(%'!(50+,5;$!+..+3!.$/ !2% !*! /%#*%"%*0"%**%( %""%1(05<0+0$!!40!*00$0%03%(($2! *!#0%2!%),0+*0$!"101.!/$"(+3/+"0$!"%**%(//!0;$! "+((+3%*#!2!*0/+1( !/!!*/%* %0+./+""%**%( %""%1(05= E $!+..+3!.@+.0$%. ,.05A$//0.0! %*/+(2!*5,.+!! %*#/> E #.+1,+),*5?+D+..+3!.$//001/> E * %0%+*+"".1 @""!0%*#0$!+),*5J/%(%050+/!.2%!%0/ !0A> E $!.!%/ +10/0+0$!+..+3!.J/%(%050+#!*!.0!/0(!*  /1""%%!*0/$"(+3/0+/!.2%!%0/ !0> E !/0.101.%*#+" !0>* E  $/#.*0! +*!//%+*/.!(0%*#0+0$!+..+3!.J/"%**%( %""%1(05<0$!!""!0+"3$%$%/.! 10%+*%*!4,!0! "101.!/$ "(+3/+"0$!"%**%(//!0!(+31..!*0..5%*#)+1*0;  $!+(%#+.$/"%(! %*0$!,5)!*0+",.%*%,(<%*0!.!/0<+."!!/>0$! 0+0(,/0 1!)+1*0%/+2!0$!)0!.%(%050$.!/$+( <* 0$%/ .!)%*/0$!/!"+.)+.!0$*\S+*/!10%2! 5/; 1.0$!.)+.!<$+(!/(!*'%*#$/*%* %2% 1(*)!,,.+$<1/%*# !.(53.*%*#%* %0+./0+/%#*(,+//%(!"101.!%//1!/%* !0/!.2%!; (/+%*!0%(*'%*#!.(53.*%*#%* %0+.".)!3+.'/$2!!!* %),(!)!*0! ; $!0(!!(+3.!,.!/!*0/0$!.!' +3*+".! %0.%/'+10/0* %*#/0$0 $2!!!*(//%"%! /*+*D,!."+.)%*#5/!0+.* 1/%*!//(%*!; +*@,!."+.)%*#+*/;10/0* %*#/5!+*+)%/!0+.* 1/%*!//(%*!/>8?H %*)%((%+* $+(!/(!*'%*# !0%(*'%*# +0( * 1/0.5 IGIL IGIK IGIL IGIK IGIL IGIK .%20!* %2% 1(/  V  W  W<[\\  W<ZYY  W<\SU  W<ZY\ 01.(!/+1.!/  \WX  \YX  TTX  \\  T<SYT  T<SYW ++ <!2!.#!/7!./+*(.!  VZU  WXU  VUX  VXZ  Y\Z  [S\ .*/,+.00%+*7+#%/0%/  UXT  VWZ  UUZ  TXZ  WZ[  XSW !.2%!/  \W  TSU  VZX  V\W  WY\  W\X !(/00!  X[Y  [VT  YXY  YSV  T<UWT  T<WVW !*!.(* 1/0.%!/  UWV  UVY  WZT  WXT  ZTV  Y[Z 1%( !./7+*0.0+./  VT  XT  XWT  WWX  XZT  W\Y !0%(  T[W  TXZ  T[\  UUW  VZV  V[T 0%(%0%!/  VVY  X[U  UY  T\  VYU  YSS $!)%(/< !(0$7$.)!10%(/  YSU  YXW  TXS  T[X  ZXU  [V\ !(!+)U  TZS  TXT  VY  TU  USY  TYV 0$!.  ZZT  YYY  V[V  V[Z  T<TXW  T<SXU +0(  K:LOP  L:HPM  O:JPI  O:GPP  HI:POH  HJ:IPL T /! +*(!* %*#* %*2!/0)!*0+10/0* %*#/; U $!,.!/!*00%+*$/!!*.!2%/! 0+/!,.0!(5 %/(+/!!(!+);+),.0%2!"%#1.!/$2!!!*  &1/0! +. %*#(5;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HNO

Open the original at slide 178 ↗

Slide 179 — +*@,!."+.)%*#(+*/;10/0* %*#/5!+*+)%/!0+./* #!+#.,$%(.!>8?

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

Open the original at slide 179 ↗

Slide 180 — +*(+//,.+2%/%+*%*#>8?

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

Open the original at slide 180 ↗

Slide 181 — +.0"+(%+-1(%05>8?

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Open the original at slide 181 ↗

Slide 182 — $*#!/%*#.+//..5%*#)+1*0/* (+*(+//,.+2%/%+*/>8?

.+//..5%*#)+1*0,!.P/0#!* .0%*#(//>8?H:I %*)%((%+* HI@)+*0$>0#!H? %"!0%)!*+0.! %0%),%.! >0#!I? %"!0%)!.! %0%),%.! >0#!J? +0( 0%*#(// .+//..5%*#)+1*0 .+2%/%+*/ .+//..5%*#)+1*0 .+2%/%+*/ .+//..5%*#)+1*0 .+2%/%+*/ .+//..5%*#)+1*0 .+2%/%+*/ IGIL IGIK IGIL IGIK IGIL IGIK IGIL IGIK IGIL IGIK IGIL IGIK IGIL IGIK IGIL IGIK *2!/0)!*0#. ! T@A  Z\<\V[  Z\<SZY  U  T  TUY  U[T              [S<SYW  Z\<VXZ  U  T UDW@A  TWY<[Z[  TWS<YZT  TT  TS  T<WVZ  T<XZ\  T  T  TW[<VTX  TWU<UXS  TV  TT XDZ@A  U\\<Y\\  UWW<UWT  V\  UT  X<V\W  Y<\S[  Y  [          VSX<S\V  UXT<TW\  WX  U\ [DTS@A  VVW<[WX  VTS<VUW  ZZ  XX  T\<TY[  UW<Y[V  WV  XX          VXW<STU  VVX<SS[  TT\  TTS +*D%*2!/0)!*0#. ! TTDTV@A  TXY<VZV  TXW<VW[  TYX  T\S  TZ<UTZ  T[<WZ\  [\  \T          TZV<X[\  TZU<[UZ  UXW  U[T TWDTY@A  UY<T[Z  UX<VZZ  TWZ  TUW  UU<YY[  TZ<WVV  VXZ  VYY  W[<[XX  WU<[TT  XSW  W\S TZ@A  WTU  \SX  X  [  W<Y[U  V<\\U  UUW  TZV          X<S\W  W<[\Z  UU[  T[T !."+.)%*# !/0.101.%*# T[@A          W<VW\  W<SX\  UYU  UVV          W<VW\  W<SYS  UYU  UVV T\@A          U<WWZ  U<WZW  T\[  USV          U<WWZ  U<WZW  T\[  USV +*D,!."+.)%*#(+*/ USDUU@A  TV<X\S  TV<ZWU  W<WZY  W<XS\  TV<X\S  TV<ZWU  W<WZY  W<XS\ +0(  H:GKK:JJI  PLK:PKJ  KKM  KGP  NN:KON  NP:OOO  H:HNP  H:HJG  HJ:LPG  HJ:NKI  K:KNM  K:LGP  H:HJL:KGP  H:GKO:LNK  M:HGH  M:GKP T +),.! 0+0$!.! %0.%/',+.0"+(%+<0$! %""!.!*!/.! 1!0+1* .3*+))%00! )+1*0/@]USS%((%+*>USUW=]TXY%((%+*A* +0$!.,+/%0%+*/@USUX=*%(>USUW=]Y%((%+*A*+0%*(1 ! %*.! %0+10/0* %*#/* *+*D\!(%#%(!//!0/@]Y[%((%+*>USUW=]ZX%((%+*A%*(1 ! %*.! %0+10/0* %*#/10*+0%*0$! #.+//..5%*#)+1*0/; U 0#!V(%"!0%)!.! %0%),%.! ,.+2%/%+*%*(1 !/]U\)%((%+*@USUW=]UT)%((%+*A+*,1.$/! +.+.%#%*0! .! %0%),%.! ; $*#!/%*#.+//..5%*#)+1*0/* (+*(+//,.+2%/%+*/>8? $!0(!!(+3,.+2% !/.!+*%(%0%+*5/0#!+"0$!#.+//..5%*# )+1*0* ((+3*!/"+.(+*/*  2*!/0+*'/* 1/0+)!./< %*(1 %*#(+*+))%0)!*0/* "%**%(#1.*0!!/;$!0.*/"!./+" "%**%(%*/0.1)!*0/.!,.!/!*00$!%),0+"/0#!0.*/"!./1,+*0$! #.+//..5%*#?*+)%*()+1*0* //+%0! ((+3*!"+.;$%/ %*(1 !/0$!*!0D.!)!/1.!)!*0+".%/%*#".+)/0#!0.*/"!./<"+. !4),(!<)+2%*#".+)TUD)+*0$@0#!TA0+(%"!0%)!@0#!UA )!/1.!)!*0/%/; $!*!0D.!)!/1.!)!*0(%*!.!,.!/!*0/0$!$*#!/%*,.+2%/%+*/"+. "%(%0%!/0$0.!)%*%*0$!/)!/0#!; (!/!*+0!0$!"+((+3%*#+))!*0/3%0$.!/,!00+0$!)+2!)!*0/ +/!.2! %*0$!0(!!(+3=  0#!V#.+//..5%*#)+1*0 !.!/! 5]S;U%((%+*".+)]TV;Z %((%+*/0VT!!)!.USUW0+]TV;Y%((%+*/0VT!!)!.USUX< )%*(5/.!/1(0+"]V;X%((%+**!0%*"(+3%*0+@.! %0%),%.! A%* USUX<3$%$%/+""/!05]U;V%((%+* !.!+#*%0%+*/* .!,5)!*0/ * ]T;X%((%+*3.%0!D+""/*  %/,+/(/;+((+3%*#0$! !.!/!%* ..5%*#)+1*0<0#!V,.+2%/%+*/ /(%#$0(5 !.!/! 5]VV)%((%+*;  0#!U#.+//..5%*#)+1*0/ !.!/! 5]U;W%((%+*".+)]Z\;\ %((%+*/0VT!!)!.USUW0+]ZZ;X%((%+*/0VT!!)!.USUX< (.#!(5 .%2!*5]TX;Z%((%+**!00.*/"!./".+)0#!T%*0+0#!U< %*(1 %*#0$!%),0+"$*#!/%*.%/' .%2!./@%*(1 %*#1, 0!  ).+D!+*+)%"+.!/0/A<)+ !(.! !2!(+,)!*0/)%*(5"+. $+(!/(!*'%*#)+ !(/<* *!30#!U+2!.(5/;$%/3/+""/!0 5 !.!/!+"!4,+/1.!5]T[;T%((%+* 1!0+ !.!+#*%/!  "%**%(//!0/@%*(1 %*#/(!/* .!,5)!*0/A* ]T;U%((%+* !4,+/1.!)+2%*#0+0#!V;0#!U,.+2%/%+*/%*.!/! 5]W\;V )%((%+*0+]T;U%((%+*/+"VT!!)!.USUX;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HOI

Open the original at slide 182 ↗

Slide 183 — $*#!/%*#.+//..5%*#)+1*0/* (+*(+//,.+2%/%+*/>8?H:I

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

Open the original at slide 183 ↗

Slide 184 — 4,+/1.!,!./0#!:+2!.#!.0%+* /0#!.0%+/I

4,+/1.!,!./0#!:+2!.#!.0%+* /0#!.0%+/I %*)%((%+* IGIL IGIK (*!/$!!0 .+//..5%*#)+1*0 +*(+//,.+2%/%+*/ 0#!.0%+ .+//..5%*#)+1*0 +*(+//,.+2%/%+*/ 0#!.0%+ +*/*  2*!/0+*'/>%*(1 %*#!*0.(*'/?  MI:HHM  JL  NL:PMK  JL 0#!T  YS<WVS  X \Z`  ZW<YVU  W \[` 0#!U  T<YS\  T[ V`  T<UX[  TX U` 0#!V  ZZ  TU S`  ZX  TY S` +*/*  2*!/0+1/0+)!./  NIH:KIJ  L:OPK  MNP:KII  L:OJJ "3$%$=!/% !*0%()+.0##!/  VZW<Z[S  [UU  VW[<WVV  [TW 0#!T  VWT<U[T  W\ \T`  VTX<ZZX  W\ \T` 0#!U  VS<T[T  U[[ [`  U\<VWT  VSZ [` 0#!V  V<VT[  W[X T`  V<VTZ  WX[ T` "3$%$=+*/1)!.(!* %*#@!4(;!/% !*0%()+.0##!/A  VT<VSY  \WY  UY<\VY  \XZ 0#!T  UZ<VSU  TVZ [Z`  UU<XXY  TTU [W` 0#!U  U<XZX  TX\ [`  V<S\S  T\T TT` 0#!V  T<WU\  YW\ X`  T<U\S  YXW X` "3$%$=+*/0+,1(%10$+.%0%!/  U\<S[\  UT  UV<\VS  TZ 0#!T  U[<XY[  [ \[`  UV<UTW  Y \Z` 0#!U  U\[  V T`  WYW  V U` 0#!V  UUU  TT T`  UXU  [ T` "3$%$=+.,+.0!(!* %*#  U[Y<UW\  W<TSX  U[S<TUV  W<SWX 0#!T  UXT<U[S  T\Z [[`  UV[<YSY  T\Y [X` 0#!U  UZ<UYX  YYT TS`  VV<WUZ  XZX TU` 0#!V  Z<ZSW  V<UWZ V`  [<S\S  V<UZW V` 0$!.P!(%#%(!"%**%(*/0.1)!*0/H  JLH:ONG  HNJ  IPJ:HON  HOG 0#!T  VVX<WZT  XT \X`  U[S<TYT  WV \Y` 0#!U  TX<XX\  W\ W`  TU<VS[  V\ W` 0#!V  [WS  ZU S`  ZT[  \[ S` +0(#.+//..5%*#)+1*0>P
!(%#%(!?
 H:HJL:KGP  M:HGH  H:GKO:LNJ  M:GKP T *(1 !/+""D(*!/$!!0\!(%#%(!#1.*0!!/* %..!2+(!"%(%0%!/;!!+0!Tf/%/+",.!,.0%+** )0!.%(+1*0%*#,+(%5%*"+.)0%+*f; U $!!4,+/1.!(//%"%0%+*0+.!/% !*0%()+.0##!/<+*/1)!.(!* %*#<* +.,+.0!(!* %*#%/(%#*! 0+0$!.!#1(0+.5 !"%*%0%+*;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HOK

Open the original at slide 184 ↗

Slide 185 — .+!+*+)%/!*.%+/* /!*/%0%2%05*(5/%/+"'!5/+1.!/

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".+)/0.+*#!.+*/1)!./,!* %*#* %*2!/0)!*0; !.)*%*"./0.101.! /,!* %*#%/!4,!0! 0+ 0+0$%/)+)!*01);+10$!.*1.+,!* !+*+)%!/+*0%*1!0+!*!"%0".+)1.+,!*!+2!.51* %*2!/0)!*0/; +*/!*/1/!4,!0/0$!!1.+6+*!0+$2!#.+3*5T;W`%*USUX<!"+.! /(+3%*#0+T;T`%*USUY* 0$!*.!+2!.%*#0+T;V`%*USUZ; (/!3$!.!%*1.+,!<0$!#.+30$+10(++'%//0.+*#!.;+(* J/#.+30$ )+)!*01).!)%*//+(% <#.+3%*#"/0!.0$*%0/1.+,!*,!!./;$!'!5 #.+30$ .%2!./+2!.0$!*!.D0!.)"+.!/0.!+*/1),0%+** ,1(% %*2!/0)!*0/</1$/0$+/!..%! +101* !.0$!0%+*(!+2!.5(* @ A;$!!+*+)5%/!4,!0! 0+#.+35V;Y`%*USUX<,%'%*#1,0+ V;Z`%*USUY* /!00(%*#0V;U`%*USUZ;$!+*/!*/1/!4,!00%+*"+. w.'%5!%/0+/!!/0(!#.+30$+"V;X`* V;W`%*USUX* USUY</ +)!/0% !)* .!)%*/.!/%(%!*0* "%4! %*2!/0)!*0/* %*2!*0+.%!/ /!!*1,0%';+.USUZ<.!+2!.50+V;Z`%/!4,!0! ; $!)!.%*!+*+)5$/$!( %0/#.+1*  !/,%0!0$!0.%""3.*  /(+3%*#!),(+5)!*0#.+30$;0/$.0!.%/0%+*5 D/$,! !+*+)5 3$!.!)+/0+"0$!#.+30$+)!/".+)$%#$D%*+)!+*/1)!./* 0!$ %*2!/0)!*0/%/(%'!(50++*0%*1!%*USUY;.%""/.!*+0"!! %*#%*0+ %*"(0%+*/)1$/!4,!0! !.(%!.%*0$!5!.<* %*"(0%+* !4,!00%+*/.!)%*!*%#*<(0$+1#$/0%((+2!0$!U`0.#!0;$%/$/ ,.+),0! 0$!! !.(!/!.2!0+.!/1)!%0/.0!100%*#5(!;*"(0%+*%/ !4,!0! 0+.!)%*.+1* U;[`* U;\`%*USUX* USUY!"+.!   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! 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Open the original at slide 185 ↗

Slide 186 — /0! 5%*# +3*0 U;W` %* USUZ;$!!+*+)5%/!4,!0! 0+

/0! 5%*# +3*0 U;W` %* USUZ;$!!+*+)5%/!4,!0! 0+ !4,!.%!*!/0! 5#.+30$+" U;S` %*USUXDUSUZ; +.$%*<!+*+)%1* !.,!."+.)*!+*0%*1!//%0/0%((/0.1##(!/3%0$ 0$!%),0+"0$!.!(!/00!+..!0%+** 3!' +)!/0% !)* ; +3!2!.<0$!!+*+)5$/+)!+10.!/%(%!*00+0$!0.%""3.3%0$0. ! /1.,(1/.!$%*#.!+. (!2!(/<)'%*#!40!.*( !)* 0$!'!5 .%2!.+" USUX;$%/!*(!/0$!!+*+)50+.!$%0//$+.0D0!.)#.+30$0.#!0<10 )! %1)D0!.)+*/!*/1/+*0%*1!/0+! +3*!0"+.0$!)+)!*0 !1/!+"%0/3!' +)!/0%!+*+)5;+.USUX<+*/!*/1/!4,!0/W;\` #.+30$< +3*0+W;X`%*USUY* W;V`%*USUZ; +*+)%)+)!*01)%*1/0.(%%/!4,!0! 0+!/+"0</)1$+"0$! #.+30$%*USUX)!".+)#+2!.*)!*0+*/1),0%+*;$!!+*+)5%/ ('%*#(!.#.+30$!*#%*!<3%0$0$!,.%20!/!0+./0.1##(%*##%*/0 .!/0.%0%2!,+(%5/!00%*#/* +*/1)!./"%*#0+1#$+10(++'3%0$ 3!'!.!),(+5)!*0#.+30$* .!(3#!#%*/)+ !.0%*#; .+30$%/ !4,!0! 0++)!%*0T;[`%*USUX<3%0$,%'D1,!4,!0! "+.USUY0+ U;U`* U;V`"+.USUZ; $!*+),.! 0+0$!1*!USUX+*/!*/1/"+.!/0<0$!!!)!.USUX "+.!/0$/%),.+2! /(%#$0(5!1/!+"!00!.0$*!4,!0! #.+30$%* )&+.!+*+)%!/; (+( %/!4,!0! 0+%*.!/!5 U;W`%*+0$USUX * USUY @+),.! 0+ U;S`* U;T`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`+"0$!!4,+/1.! 3%0$%*$+(!/(!* 1/%*!//*'%*#;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HOM

Open the original at slide 186 ↗

Slide 187 — 0$!.,+/0D)+ !( &1/0)!*0/)%*(5.!(0!0+0$!%),0+")+ !(

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

Open the original at slide 187 ↗

Slide 188 — !*/%0%2%05*(5/%//0!!)!.IGIL>8?

!*/%0%2%05*(5/%//0!!)!.IGIL>8? IGIM IGIN IGIO *3!%#$0! @])(*A .+%(%053!%#$0%*# !,+.0(!@])(*AT !0$!.(* / ,/% !/!*.%+ !(  U;Y U;\ U;V U[[ US`  V[\ *!),(+5)!*0 V;X V;U V;U  [;U [;X Z;S /!(%*!/!*.%+ !(  T;T T;W T;X VYW YS` *!),(+5)!*0 W;S V;\ W;T  W;W V;S U;\ +3*/% !/!*.%+ !(  DT;U DS;\ S;U XYY US` *!),(+5)!*0 X;X Y;X Z;W  DS;[ DX;T DX;T !.)*5 ,/% !/!*.%+ !(  U;[ V;S T;[ X[W US`  YVV *!),(+5)!*0 V;S U;W U;U  [;U \;[ \;W /!(%*!/!*.%+ !(  T;T T;X T;V YUV YS` *!),(+5)!*0 V;X V;U V;T  X;S Y;U Y;V +3*/% !/!*.%+ !(  DT;Z DT;T S;W ZTV US` *!),(+5)!*0 W;Z X;V X;Y  S;\ S;W U;Z !(#%1) ,/% !/!*.%+ !(  U;Z U;V T;\ XWW US`  X\Y *!),(+5)!*0 X;T W;Y W;X  X;U W;\ X;W /!(%*!/!*.%+ !(  T;T T;W T;Y X[X YS` *!),(+5)!*0 X;\ X;Y X;X  V;Z W;U W;W +3*/% !/!*.%+ !(  DT;X S;T T;W Y[U US` *!),(+5)!*0 Z;S Z;Z Z;\  T;[ U;Y U;Y *%0! 00!/ ,/% !/!*.%+ !(  V;U U;\ U;Z YW US`  TSX *!),(+5)!*0 V;U U;X U;Y  W;[ \;W TS;\ /!(%*!/!*.%+ !(  U;S U;S U;S \U YS` *!),(+5)!*0 W;V W;T W;T  T;W U;Z V;Y +3*/% !/!*.%+ !(  DS;W DS;T S;[ T[W US` *!),(+5)!*0 Y;Z Z;U Z;X  DX;T DZ;\ DX;X T 4(1 %*#)*#!)!*0 &1/0)!*0/;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HOO

Open the original at slide 188 ↗

Slide 189 — !*/%0%2%05*(5/%//0!!)!.IGIK>8?

!*/%0%2%05*(5/%//0!!)!.IGIK>8? IGIL IGIM IGIN *3!%#$0! @])(*A .+%(%053!%#$0%*# !,+.0(!@])(*AT !0$!.(* / ,/% !/!*.%+ !(  U;Y V;S U;X T\V US`  UZS *!),(+5)!*0 V;X V;V V;V  T[;\ TT;Z U;X /!(%*!/!*.%+ !(  T;X T;W T;X UW\ YS` *!),(+5)!*0 W;S W;T W;V  \;T V;X U;W +3*/% !/!*.%+ !(  DS;W DT;W DS;U WTT US` *!),(+5)!*0 X;Z Z;U [;T  DV;Z DZ;U U;U !.)*5 ,/% !/!*.%+ !(  U;S U;[ T;Y XTS US`  XW[ *!),(+5)!*0 U;\ U;W U;S  X;W [;\ \;\ /!(%*!/!*.%+ !(  S;X T;T T;U XWS YS` *!),(+5)!*0 V;W V;V V;U  U;Y X;Y Y;V +3*/% !/!*.%+ !(  DT;Z DT;Z S;V YS\ US` *!),(+5)!*0 W;Z X;Y X;\  DT;Z T;V U;U !(#%1) ,/% !/!*.%+ !(  U;U U;Y U;T XVW US`  XZ\ *!),(+5)!*0 X;T X;S W;\  W;[ W;X W;W /!(%*!/!*.%+ !(  T;T T;X T;Y XY\ YS` *!),(+5)!*0 X;Z X;Z X;Y  V;U W;T V;[ +3*/% !/!*.%+ !(  DS;Y DS;U T;T YXW US` *!),(+5)!*0 Z;S [;S [;S  T;U U;\ U;X *%0! 00!/ ,/% !/!*.%+ !(  V;T V;X V;U ZW US`  TTV *!),(+5)!*0 V;W U;W U;V  W;V [;W \;W /!(%*!/!*.%+ !(  U;S U;S U;S TST YS` *!),(+5)!*0 W;U W;T W;S  V;V V;Z V;\ +3*/% !/!*.%+ !(  DS;T DT;T DS;W T[Z US` *!),(+5)!*0 X;\ Z;V [;S  DS;Z DV;S DU;X T 4(1 %*#)*#!)!*0 &1/0)!*0/;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HOP

Open the original at slide 189 ↗

Slide 190 — $!*+),.! 0+0$!/!*/%0%2%05*(5/%/+"USUW<0$!/!(%*!

$!*+),.! 0+0$!/!*/%0%2%05*(5/%/+"USUW<0$!/!(%*! ).+!+*+)%%*,10/$2!!+)!/(%#$0(5)+.!,+/%0%2!+2!.((< 1* !.,%**! 50$!.!/%(%!*!+"0$!#(+(!+*+)5%*0$!"!+"0. ! * #!+,+(%0%(0!*/%+*/; +1/!,.%!#.+30$!4,!00%+*/.!(+3!."+. 0$!!0$!.(* /<#%2!*.%/!%*/1,,(5".+)0$!/(!+".!*0(,.+,!.0%!/ * /(+3 +3*+"3#!#.+30$;*0$!<3!'(+1.* $+1/%*# ).'!0+0$/%#*(1* !.(5%*#!+*+)%$((!*#!/ 1!0+,+(%5*  0. !1*!.0%*05<* ,!./%/0!*0""+. %(%05%//1!/;$!1,/% !* 0$! +3*/% !/!*.%+/.!*+0 %.!0(5+),.(!3%0$0$+/!+"USUW 1!0+ *1, 0!%*0$!/%/+"0$!%. !.%20%+*; *0+0( (!2!(<0$!1*3!%#$0! "+.((+((!0%2!,.+2%/%+*!  (%!*0/%*0$!1,/% !/!*.%+3/]U<\V[)%((%+*<%*0$!/!(%*!/!*.%+ ]V<UVU)%((%+** %*0$! +3*/% !/!*.%+]V<\\V)%((%+*+),.! 0+ ]V<VUY)%((%+*.!,+.0(!)+ !(/0VT!!)!.USUX@!4(1 %*#(( )*#!)!*0 &1/0)!*0/A;+,!."+.)0$!/!*/%0%2%05*(5/%/<,+%*0%* 0%)!.!,+.0(!%/1/! /%*,10<3$%$/(%#$0(5 !2%0!/".+)0$!0+0( .!,+.0(!+((!0%2!,.+2%/%+*//,.!/!*0! !(+3= !+*%(%0%+*+".!,+.0(!+((!0%2!0+0+0(>8? %*)%((%+* IGIL IGIK +0(.!,+.0(!+((!0%2!,.+2%/%+*/  V<TY[  U<\ZX ".+)%* %2% 1((5//!//! %),%.)!*0/  U<ZXS  U<[ZT ".+))*#!)!*0 &1/0)!*0/  T[V  USV +0(  M:HGH  M:GKP .%0!.%"+.% !*0%"5%*#/%#*%"%*0%*.!/!%*.! %0.%/'>?>8? ((//!0/* +""D(*!D/$!!0%0!)/0$0.!%*/+,!+"\ %),%.)!*0* 3$%$.!/1&!00++((!0%2!//!//)!*0.! ((+0! TUD)+*0$%" !!)! 0+!(+*#%*0#!T<+.(%"!0%)! %" !!)! 0+!(+*#%*0#!/U+.V;*//!0!(+*#/%*0#!U%"%0%/ +*/% !.! 0+$2!!4,!.%!*! /%#*%"%*0%*.!/!%*.! %0.%/'@A /%*!%*%0%(+.%#%*0%+*+.,1.$/!; $!)%* !0!.)%**0+"%/-1*0%00%2!0!/0<3$!.!50$!(%"!0%)!  +"*//!00!$.!,+.0%*# 0!%/+),.! #%*/0%0/(%"!0%)! !0!.)%*! 00$! 0!+"%*%0%(.!+#*%0%+*;"!%0$!.0$.!/$+( "+. /+(10!$*#!%*(%"!0%)!+.0$.!/$+( "+..!(0%2!$*#!%*(%"!0%)! %/.!$! <0$!%0!)%/+*/% !.! 0+$2!!4,!.%!*! *@"+.)+.! !0%(/+*/+(10!* .!(0%2!0$.!/$+( /</!!0$!"+((+3%*#/!0%+*/A; 1.0$!.)+.!<*5"%(%053$%$/$+3/*%*.!/!+"USS,!.!*0!03!!* 0$!00$! 0!+"%*%0%(.!+#*%0%+** 0$!(%"!0%)!00$!.!,+.0%*# 0!@%;!;0$.!!"+( %*.!/!%*A)1/0!(//%"%! /0#!U;$%/%/ +*/% !.! '/0+,3%0$%*0$!-1*0%00%2!//!//)!*0+"; *$+(!/(!*'%*#</%#*%"%*0%*.!/!%*(%"!0%)!%/*+0+*/% !.!  ,(1/%(!"+.//!0/+"+(%#+./3%0$.! %0.0%*#00$!.!,+.0%*# 0!%* 0$!0+,.*#!+"%*2!/0)!*0#. !;$!//!0/+"0$!/!$+(!/(!*'%*# +(%#+./.!!4(1 ! ".+)0$!//!//)!*0+"/%#*%"%*0%*.!/!%*.! %0 .%/'0.%##!./;+.0$!/!+(%#+./0$!-1(%00%2!/%#*%"%*0%*.!/!/%*.! %0 .%/'0.%##!./.!)%*,,(%(!@/!!0$!/!0%+*!(+3+*1(%00%2! 0.%##!./A;$!/!.!<"+.!4),(!<0$!30$(%/0* ?+."+.!.*! 0.%##!./;%*((5<0$!VS 5/,/0 1!'/0+,(/+.!)%*/,,(%(!"+. 0$!0+,.*#!+"%*2!/0)!*0#. !!4,+/1.!/0+!*/1.!/%#*%"%*0 %*.!/!%*.! %0.%/'.!+#*%0%+*; /+(10!(%"!0%)!0$.!/$+( $!/+(10!0$.!/$+( %/"%4! 2(1!(%.0! ,!.,+.0"+(%+?/!#)!*0 * ,.+2% !/"%4! 0$.!/$+( 0$0<%"!4!! ! 50$! %""!.!*!!03!!* (%"!0%)!0.!,+.0%*# 0!* (%"!0%)!0+.%#%*0%+*<0.%##!./0#!U (//%"%0%+*;$!/+(10!0$.!/$+( %/(%.0!  1.%*#)+ !( !2!(+,)!*0; !(0%2!(%"!0%)!0$.!/$+( $!.!(0%2!0$.!/$+(  !"%*!/.!(0%2!%*.!/!+"0$!(%"!0%)!<!5+*  3$%$#%2!*"%(%05%/(//%"%! %*0#!U!1/!+"/%#*%"%*0 %*.!/!%*.! %0.%/';$!.!(0%2!0$.!/$+( %/ !,!* !*0+*0$!%* %2% 1( //%#*! 0+!$"%(%0500$!)+)!*0+"+.%#%*0%+*<* /(%*# "0+.(%.0! %*0$!)+ !( !2!(+,)!*0,$/!; (0%)0!(5<0$!.!(0%2!0$.!/$+( ,.+2% !/.%0!.%+*0+//!//3$!0$!. 0$!.0%+@%;!;%*.!/!A!03!!*(%"!0%)!0.!,+.0%*# 0!* (%"!0%)! 0+.%#%*0%+* 0!%/ !!)! /%#*%"%*0%*.!/!%*.! %0.%/';"0$! 0$.!/$+( %/.!$! <%/% !*0%"%! * 0#!U%///%#*! 0+0$! #%2!*"%(%05; $!0$.!/$+( "+.0$!.!(0%2!$*#!%*(%"!0%)!%/%*2!./!(5+..!(0!  3%0$0$!0+.%#%*0%+*>0$!$%#$!.0$!0+.%#%*0%+*<0$!(+3!.0$! 0$.!/$+( ;$!(+#%!$%* 0$%/%/0+((+3"%(%0%!/+.%#%*0! %*2!.5 "2+1.(!.0%*#/0+ +3*#. !"+.(+*#!.3%0$+100$!*!! +"0#!U (//%"%0%+*;*"0<%0%/(%'!(50$0/1$"%(%0%!/3%((/0%((!%*"2+1.(! .0%*#/!2!*"0!. +3*#. !+""!3*+0$!/;*0$!+*0..5<"%(%0%!/ +.%#%*0! %*(.! 51*"2+1.(!.0%*#/#. !/.!.%/'%!.* !2!* /%*#(!D*+0$ +3*#. !)%#$0.!,.!/!*0/%#*%"%*0%*.!/!%*.! %0 .%/'* 0$1/0%#$0!.0$.!/$+( 3%((!%*,(!;0%((<0$!.!(0%2!0$.!/$+(  %/.!(0%2!(5/!*/%0%2!"+.%*2!/0)!*0D#. !//!0/3$%(!0$!/+(10! 0$.!/$+( ,.%).%(5""!0/*+*D%*2!/0)!*0#. !//!0/; 2!.#!0$.!/$+( .0%+ $!0(!!(+3/$+3/0$!2!.#!%*.!/!%*0+.%#%*0%+**!! ! 0+ !(//%"%! %*0#!U%/.!,+.0! <0'%*#%*0++1*00$!0 +.%#%*0%+*+"0$!"%(%0%!/%*(1 ! %*!$+)%*0%+*+"//!0(//*  .0%*#-1(%05;*0!.)/+".0%*#-1(%05<//!0/.! %2% ! %*0+ f%*2!/0)!*0#. !f* f*+*D%*2!/0)!*0#. !f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

Open the original at slide 190 ↗

Slide 191 — /%0%/,,.!*0".+)0$! %/(+/1.!/+2!</,!. J/)!0$+ +(+#5<0$!

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`D,+%*0<3$%(!/+(!(5,,(5%*#0$! +3*/% !/!*.%+3+1( .!/1(0%* 0+0()+ !(+*,!."+.)%*#//!0/+"]U<T\V)%((%+** *%*.!/!%* 0$!0#!U.0%+5T;Y`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

Open the original at slide 191 ↗

Slide 192 — 

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Open the original at slide 192 ↗

Slide 193 — /!/+*(%05<* 0$!.!/!0 0!+"0$!(+*;* %0%+*<0$!%*0!.!/0

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Open the original at slide 193 ↗

Slide 194 — /!*/%0%2%05+"0%/'@A+),.! 0+ J/0+0(*!0%*0!.!/0%*+)!;

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Open the original at slide 194 ↗

Slide 195 — .! %0/,.! .%/'%**'%*#++'/>?>8?

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Open the original at slide 195 ↗

Slide 196 — .'!0.%/'%*0. %*#++'/>8?

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

Open the original at slide 196 ↗

Slide 197 — 0$!1* !.(5%*#%//1!.+./!1.%0%!/;/%*#(!)+ !(3$%$ %2!./%"%!/#!*!.(

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Open the original at slide 197 ↗

Slide 198 — 0$!.0. %*#(%)%0/

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*USUX !USUX .USUX ,.USUX 5USUX 1*USUX 1(USUX 1#USUX !,0USUX 0USUX +2USUX !USUX DUX DUS DTX DTS DX S X TS TX US UX $!.%/'"%#1.!//$+3*%*0$!'0!/0%*##.,$* %*0$!0(!!(+3 .!(0!0+((0. %*#++'/0$01/!0$!%*0!.*()+ !(,,.+$; H "+.%*0!.*()+ !(,,.+$0. %*#,+.0"+(%+/ %*)%((%+* %*%)1) 4%)1) 2!.#! !.!* IGIL IGIK IGIL IGIK IGIL IGIK IGIL IGIK *0!.!/0.0!T  Y  Y  UV  TZ  TS  TU  Y  TT -1%05* +))+ %05  W  U  \  Z  Z  W  Y  Y +.!%#*!4$*#!  U  T  Y  TW  V  V  W  U .! %0/,.!  U  U  Y  TU  V  W  U  V %2!./%"%0%+*U  D\  DZ  D[  DY +0(I  HG  N  HP  IH  HK  HL  HH  HM T +.(1(0%+*+" ,!..%/'(//0$!"1((2(10%+*%/,!."+.)! +. %*#0+  )!0$+ +(+#51/%*#/!0+"/!*.%+$*#!/"+.0$!.%/'"0+./"+.0$!,.0%1(..%/'(//<3$%(! .%/'"0+./"+.((+0$!..%/'(//!/.!'!,01*$*#! ; U $!0+0( "+.0$!+(1)*/%*%)1)* 4%)1)**+0!(1(0! 50'%*#0$!/1)+" 0$!%* %2% 1(+),+*!*0//%*!0$!)%*%)1)?)4%)1)+/!.20%+*/"+.+0$0$!%* %2% 1( ).'!0//3!((/"+.0+0( )5+1.+* %""!.!*0 0!/;$!.!"+.!< %2!./%"%0%+*%/*+0 (1(0! "+.0$!)%*%)1)* )4%)1)0!#+.%!/;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ HPO

Open the original at slide 198 ↗

Slide 199 — 2!.#!T?TS <<* +2!.USUX$/ !.!/! +),.! 

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,*!/!!*  DW\ ,*!/!!*  YT +)*%*!1  WU $%*!/!1*  DVZ +/0%),+.0*0%*0!.!/0.0!* .! %0/,.! /!*/%0%2%0%!/05!.@!* >8? %*0$+1/* IGIL IGIK *0!.!/0.0!>?H *0!.!/0.0!>?H 1.+  DVTU 1.+  DZ\\ +((.  DTYT +((.  DT\[ .%0%/$+1*  DTVV .%0%/$+1*  DT[\ 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

Open the original at slide 199 ↗

Slide 200 — .'!0.%/',%0(

*0!.*()+ !(,,.+$ .'!0.%/'.!#1(0+.5,%0($/ !.!/!  1.%*#USUX+),.! 0+ USUW;$%/)%*(5.!"(!0(+3!.%*0!.!/0.0!,+/%0%+*/ 1.%*#USUX</3!(( /0$!.! 1! .!#1(0+.5D .%2!*,%0()1(0%,(%!.; I@;.'!0.%/'1* !.%*0!.*()+ !(,,.+$ %*)%((%+* IGIL IGIK  +0(+3*"1* / .!-1%.!)!*0/  +0(+3*"1* / .!-1%.!)!*0/ H >$%#$!.+"2(1!/* ?  H:LIH  HII  H:PMK  HLN @A .!2%+1/ 5J/@0DTA  VV  W\ @A 1(0%,(%0%+*"0+.@)A42!.#!+",.!2%+1/YS
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

Open the original at slide 200 ↗

Slide 201 — !#1(0+.5,%0(

!#1(0+.5,%0( .'!0.%/'.!#1(0+.5,%0(%/0$!)+1*0+",%0(0$0 $/0+$+(  0+,.+0!0%0/!("#%*/0(+//!/ 1!0+).'!0.%/'/</.!-1%.! 50$! "%**%(.!#1(0+.;.+).!#1(0+.5,%0(,!./,!0%2!<).'!0.%/' /0!)/".+)((0$!,+/%0%+*/%*(1 ! %**'J/0. %*#++'</3!((/ ".+)+))+ %05* "+.!%#*!4$*#!.%/',+/%0%+*/%*0$!3$+(!(*! /$!!0+"  .+1,;+. %*#0+0$!,%0(!-1%.!)!*0/!#1(0%+* @?A<.!#1(0+.5,%0(@+3*"1* /.!-1%.!)!*0/A"+.).'!0.%/' *!(1(0! 1/%*#0$!/0* . %/! ,,.+$+.*%*0!.*()+ !( ,,.+$; .%/'%**'%*#++' !#1(0+.5,%0(.!-1%.!)!*0/"+..%/'%**'%*#++'%//!0+10%* .0V<%0(!<$,0!.V+"0$!,%0(!-1%.!)!*0/!#1(0%+*@A;$%/ %/"1.0$!./1,,(!)!*0! 5#1% !(%*!/+*0.101.("+.0$! (1(0%+*+"0$!*!0+,!*1..!*5,+/%0%+*/@.0VXU@UAA; 1/!/ 0$!/0* . %/! ,,.+$3$!.!0$!,%0(.!-1%.!)!*0%/[,!.!*0+" 0$%/0+0(*!01..!*5* #+( ,+/%0%+*; -1%05.%/'%**'%*#++' -1%05.!#1(0+.5,%0(%/%*(1 ! /,.0+".! %0/,.!/.%! 5 .!#1(0%+*/;/+"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

Open the original at slide 201 ↗

Slide 202 — 1* %*#* (%-1% %05.%/'

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` XV ` 1/0+)!. !,+/%0/@+0$!.A UU ` UU ` !* %*#?.!,1.$/!#.!!)!*0/ X ` X ` *0!.*' U ` U ` ? X ` X ` +*#D0!.)/!*%+. !0 TT ` TT ` 1+. %*0!  !0 U ` U ` +0( HGGR HGGR T %%(%0%!/!4(1 %*#0. %*#/!1.%0%!/* !-1%05;  J/(+*#D0!.),.+"!//%+*("1* %*#%/ %2!./%"%! .+//)01.%0%!/*  1..!*%!/;$!)%*,+.0%+*+"(+*#D0!.),.+"!//%+*("1* %*#%/!1.+*   +((. !*+)%*0! <3$%$%/%*(%*!3%0$0$!1..!*5+),+/%0%+*+" 1/0+)!.(!* %*#;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IGI

Open the original at slide 202 ↗

Slide 203 — 1* %*#* (%-1% %05 !-15* .%/',,!0%0!>8?

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` TWV` V TU[` TVV` //!0!*1).*!@AW T[` T\` 1.2%2(,!.%+ @/!2!.!/0.!//AX cTU)+*0$/ c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

Open the original at slide 203 ↗

Slide 204 — %-1% %05/0.!//0!/0%*#>8?

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

Open the original at slide 204 ↗

Slide 205 — *2%.+*)!*0(:/+%(* #+2!.**!> ?.%/'

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f/ 04+*+)5+" "0+./.! !"%*! 0$.+1#$0$!+*/% !.0%+*+"0$!* ; *2%.+*)!*0  (%)0!D$*#! ,00%+*  (%)0!D$*#!)%0%#0%+*  +((10%+*  0!.7).%*!.!/+1.!/  %.1(.!+*+)5  %+ %2!./%05* !+/5/0!)/ +%(  3*3+.'"+.!* 3+.'!./%*0$!2(1!$%*  1/0+)!./  +))1*%0%!/ +2!.**!  1/%*!//+* 10 (1!$%* (1!$%*%/+*!,0 !.%2! ".+)**!4/f0$!"1((.*#!+"0%2%0%!/<.!/+1.!/* .!(0%+*/$%,/.!(0! 0+0$!1/%*!//)+ !(@/A+"0$!1* !.0'%*# * 0$!!40!.*(!*2%.+*)!*0%*3$%$%0+,!.0!/f;+. <0$!+*!,0+"0$!2(1!$%* !"%*!/0$!/+,!+"0$! .%/')*#!)!*0(%"!5(!; 1,,(5$%* 3*+,!.0%+*/ $+(!/(! *'%*# 1/%*!//*'%*# .%20!* %2% 1(/ 7.%20!*'%*# .!/1.57+0$!. %*2!/0)!*0/ +1(!)0!.%(%05  )1/0% !*0%"5+0$01(* ,+0!*0%(=  %),0/+*,!+,(!* 0$!!*2%.+*)!*0@%),0)0!.%(%05<%*/% !D+10A>/3!((/  /1/0%*%(%05)00!./0$0%),0 f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

Open the original at slide 205 ↗

Slide 206 — $! .%/'".)!3+.'

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

Open the original at slide 206 ↗

Slide 207 — I (%)0!0.*/%0%+*.%/'= $/.! %0!4,+/1.!0+(%!*0/3$+/!

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Open the original at slide 207 ↗

Slide 208 —

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)*#!)!*0)!/1.!/+((!0%2!(5!*$*!0$! *'J/,%050+*2%#0!%*.!/%*#(%)0!,.!//1.!/* ,.!/!.2!%0/ 1/%*!//.!/%(%!*!+2!.0%)!;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IGO

Open the original at slide 208 ↗

Slide 209 — %/')%0%#0%+*

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

Open the original at slide 209 ↗

Slide 210 — +*@%**%(.%/'

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

Open the original at slide 210 ↗

Slide 211 — .!#1(0%+*/.!(%'!(50+.%/!0$!/0* . /"+./!1.!* .!/%(%!*0

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Open the original at slide 211 ↗

Slide 212 — +),(%*!.%/'

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

   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IHI

Open the original at slide 212 ↗

Slide 213 — +* 10+),(%*!* !0$%/

.%!.5* +..1,0%+* .%!.5* +..1,0%+*1* !.)%*!1/%*!//+*"% !*!* +.,+.0! %*0!#.%05<$%* !."%.1/%*!//+),!0%0%+*<* $.)%*0!.*0%+*(0. !; .%!.5* +..1,0%+*.%/'/.!+*/% !.! /,.0+"+1.(%!*0* 0$%. D ,.05 1! %(%#!*!<* "%**%(.%)!.%/')+*%0+.%*#)!/1.!/;$%/ /1,,+.0/+1.6!.+D0+(!.*!,,.+$0+.%!.5* +..1,0%+*<3$%$%/ (/+,.0+"0$!#+2!.**!!(!)!*0/+"+1./1/0%*%(%05+&!0%2!/*  )%*,.%*%,(!%*+1. (+(+ !+"+* 10; 1/0+)!.04+),(%*! +),(%*!3%0$1/0+)!.04D.!(0! .!#1(0%+*/* .!,+.0%*# +(%#0%+*/<1* !.0$!+.!%#*+1*04+),(%*!0@A<0$! +))+*!,+.0%*#0* . @A<* * 0+.5%/(+/1.!1(!/<%)/ 0+!*/1.!0$0 %/*+0%*2+(2! %*"%(%00%*#04D.!(0! "%**%(.%)!< /1$/04!2/%+** $.)"1(##.!//%2!04D2+% *!/$!)!/<+* !$("+"%0/1/0+)!./; *0%+*/ 0%/ J/,+(%50+0'!%*0++*/% !.0%+*0$!,,(%(!/*0%+*/.!#%)!/ /%),+/! 5%*0!.*0%+*(10$+.%0%!/* 5(+()* 0+.5/*0%+*/ (3@/,,(%(!A; J/,+(%5#!*!.((5,.+$%%0/.!(0%+*/$%,/+. 0.*/0%+*/%*2+(2%*#/*0%+*! ,!./+*/* !*0%0%!/+.+),.!$!*/%2!(5 /*0%+*! +1*0.%!/<0!..%0+.%!/* 0$!%.#+2!.*)!*0/;$%//+)!0%)!/ (/+)!*/0$0 J/.%/',,!0%0!)5!/0.%0!.0$*(!#(+(%#0%+*/< * 3!)5$++/!*+00+/1,,+.0!.0%*1/0+)!..!(0%+*/$%,/< 1/%*!//0%2%0%!/* 0.*/0%+*/<!2!*%",!.)%00! 5(3;  +*0%*1+1/(5)+*%0+./!40!.*( !2!(+,)!*0/0+.!)%*,.+0%2!0+ *!3/*0%+*/,'#!/+.1, 0!/0+!4%/0%*#/*0%+*/,'#!/; $.+1#$+10USUX<#!+,+(%0%(.%/'$/#.+3*@!;#;+*"(%0%*0$!% (! /0* 0$!+*0%*10%+*+"1//%J/%*2/%+*%*'.%*!A<* #(+( /*0%+*/.!#%)!/.!)%*! %*.!/%*#(50%2!<.!0%*#+),(!4 .!#1(0+.5* (!#%/(0%2!!*2%.+*)!*0;$!.!$/!!**%*.!/%*# "+1/+*0$!,+0!*0%(%.1)2!*0%+*+"/*0%+*/#%*/01//%<* 0$! .+(!/+"0$%. +1*0.%!/* +),*%!/%*"%(%00%*#*5%.1)2!*0%+*+. 1* !.)%*%*#0$!/*0%+*/J)!/1.!/;$%/$/,.+),0! +*!.0!  !""+.05#+2!.*)!*0/0+%),+/!,.!//1.!+*+),*%!/+,!.0%*#%* 0$!/!&1.%/ %0%+*/<* 0+,.!2!*0/*0%+*/)!/1.!/!%*#/% !/0!,,!  50.#!0! 1//%*,.0%!/; J//*0%+*/,.+#.))!%/ !/%#*! 0+ +),(53%0$/*0%+*/.+//0$!)1(0%,(!&1.%/ %0%+*/%*3$%$ $/ 1/%*!//+,!.0%+*/; %*!!.1.5USUU< $/0'!*)!/1.!/0+*+0!*##!%**!3 1/%*!//3%0$* %*1//%* "+((+3/*0%2! !D.%/'%*#,,.+$;$! ,,.+$%)/0+.! 1! J/+2!.((!4,+/1.!0+3. /1//%<%*(1 %*# )!/1.!/0+.! 1!+,!.0%+*(.%/'/* 0+"1.0$!..%*#"!*!0%2%0%!/+"  *'@1./%A;*U[*1.5USUX< **+1*! 0$!,.+,+/!  /(!+" *'@1./%A0+ (+(!2!(+,)!*0;+),(!0%+*+" 0$!0.*/0%+*%//1&!00+2.%+1/.!#1(0+.5,,.+2(/;/+"0$! 0!+" 0$%/.!,+.0* /**+1*! %*!,0!)!.USUX<0$!15!.$/*+0 .!!%2! ((*!!//.5,,.+2(/5!0;!+*0%*1!3+.'%*#0+3. / +),(!0%*#0$!0.*/0%+** +1.!4%0".+)0$!1//%*).'!0;*0$! )!*0%)!<3!.!%* %/1//%+*3%0$.!#1(0+./+*0$!+*"(%0%*# .!#1(0+.5.!-1%.!)!*0/%*2.%+1/&1.%/ %0%+*/3%0$.!/,!00+0$! 0%2%0%!/+" *'@1./%A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

Open the original at slide 213 ↗

Slide 214 — + !(.%/'

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
$! +,+(%5".)!3+.'+),.%/!/0$!0+0(/!0+")!/1.!/*  0++(/%*,(!0+)*#!)+ !(.%/';  !"%*!/* %),(!)!*0/+*0.+(/ .+//0$!)+ !((%"!5(!; 1/!/"+1.(//!/+")+ !(/0$0.!,.!/!*0 0$!%.%*$!.!*0(!2!(+")+ !(.%/'/! +*0$!%..%0%(%05<"%**%( )0!.%(%05<* +),(!4%05;$!)+ !((//%"%0%+* !0!.)%*!/0$! !,0$ * !40!*0+"0$!,,(%! )+ !(.%/')*#!)!*00%2%0%!/<%*(1 %*# )+ !(2(% 0%+*;+ !(2(% 0%+*%/0$!%* !,!* !*0//!//)!*0+" 3$!0$!.)+ !(%/2(% "+.%0/%*0!* ! 1/!;+ !(/.!2(% 0!  +. %*#0+,.+! 1.!/,,(%(!0+'!5)+ !(05,!/;$!/!,.+! 1.!/ .!+*0%*1+1/(5!%*#!*$*! 0+'!!,1,0+ 0!3%0$.!#1(0+.5*  0!$*%( !2!(+,)!*0/<* %* 1/0.50.!* /; + !(.%/',,!0%0!>)+ !(? $!)+ !(.%/',,!0%0!%/ !/%#*! 0+ !0!.)%*!0$!(!2!(+")+ !(.%/'  %/3%((%*#0+!,0%*,1./1%0+"%0//0.0!#%+&!0%2!/;$!)+ !( )!0.%/"+1/+*0$!)+/0)0!.%()+ !(/"+. /.!"(!0! 2%0$! )+ !((//%"%0%+*;$!/!)!0.%/.!.!,+.0! 0+0$!)+*0$(5; **##.!#0! (!2!(<)+ !(.%/'%/)+*%0+.! 2%*(5/%/+" 0".+) 0$!#(+()+ !(%*2!*0+.5<+((!0! .+//0$!*'0+)*#! J/ )+ !((* /,!;*/%#$0/.!/$.! 3%0$0$!++))%00!!<<*  +0$!./0'!$+( !./<!*(%*#/!*%+.)*#!)!*00+)'!%*"+.)!  !%/%+*/+*3$!0$!.0+!,0+."1.0$!.)%0%#0!)+ !(.%/'; .%/')*#!)!*0 *USUX< /0.!*#0$!*! %0/+))%0)!*00+.!/,+*/%(! +,0%+*5 .!0%*#*#+2!.**!".)!3+.'* +*0.+()!$*%/)/</1,,+.0!  5!0$%(,.%*%,(!/0$0.!,,(%(!0+((/+(10%+*/;$!.!.! ! %0! /0""((+0! 0+.%/')*#!)!*00+/1,,+.00$!.%/' //!//)!*0/%*+((+.0%+*3%0$0$!2.%+1/.%/'"1*0%+*/;  +,0!  -1(%00%2! !*!.0%2!@%/',,!0%0!00!)!*0A"+1/! +* 1/0+)!.,.+0!0%+*<!0$%/<* 1.5* ,!."+.)*!;$!  #1% !/!.(5D/0#! !%/%+*D)'%*#%*.!/3$!.!-1*0%00%2!0$.!/$+( / .!/0%((1* !. !2!(+,)!*0< %/+))%00! 0++*0%*1!0+/0.!*#0$!*%0/ .%/')*#!)!*00+!*/1.! +,0%+*.!)%*//"!* /!1.!;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IHK

Open the original at slide 214 ↗

Slide 215 — 1/%*!//7/0.0!#5.%/'

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

Open the original at slide 215 ↗

Slide 216 —
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Open the original at slide 224 ↗

Slide 225 — ,+0,)'"1#"
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Open the original at slide 225 ↗

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Open the original at slide 226 ↗

Slide 227 — H9J9I,+)%*#$*#!/%*"0!.IGIL

H9J9I,+)%*#$*#!/%*"0!.IGIL   .+1,$/*+0!.(5 +,0! *5+"0$!"+((+3%*#0* . /<%*0!.,.!00%+*/+.)!* )!*0/0$0$2!!!* %//1! 10.!*+05!0!""!0%2!= ""!0%2!%*IGIM>!* +./! ?;  )!* )!*0/0+\f%**%(*/0.1)!*0/f* Zf%**%(*/0.1)!*0/=%/(+/1.!/f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f%**%(*/0.1)!*0/f* Zf%**%(*/0.1)!*0/=%/(+/1.!/f=+*0.0/ !"!.!*%*#01.!D !,!* !*0(!0.%%05@%//1! %*!!)!.USUWA;)!* )!*0/(.%"5+1*0%*#"+. .!*!3(!!(!0.%%05+*0.0/<%*(1 %*#+3*D1/!* $! #!+1*0%*#* .!(0!  %/(+/1.!/;  **1(),.+2!)!*0/0++1*0%*#0* . /=+(1)!TT@%//1! %*1(5USUWA;)!* )!*0/%*(1 ! )%*+.(.%"%0%+*/* +..!0%+*/.+//*1)!.+"0* . /0+%),.+2!+*/%/0!*5* (.%05; $!%),(!)!*00%+*+"0$!+2!)!* )!*0/%/!4,!0! 0+$2!*+/%#*%"%*0%),0+*  .+1,f/ +*/+(% 0! "%**%(/00!)!*0//0$!5!+)!!""!0%2!; ""!0%2!%*IGIN;  )!* )!*0/0+UTf$!""!0/+"$*#!/%*+.!%#*4$*#!0!/f=.*/(0%+*0+$5,!.%*"(0%+*.5 ,.!/!*00%+*1..!*5@%//1! %*+2!)!.USUX<*+05!0!* +./! A;)!* )!*0/(.%"5+1*0%*#3$!* 0.*/(0%*#".+)*+*D$5,!.%*"(0%+*.5"1*0%+*(1..!*50+$5,!.%*"(0%+*.5,.!/!*00%+*1..!*5; $!.!%/*+%),0!4,!0! +*  .+1,f/"%**%(/00!)!*0/;  !30* . T[f.!/!*00%+** %/(+/1.!%*%**%(00!)!*0/f@%//1! %*,.%(USUW<!* +./! A; T[.!,(!/Tf.!/!*00%+*+"%**%(00!)!*0/f<..5%*#"+.3. )*5+"0$!.!-1%.!)!*0/%* T1*$*#! * +),(!)!*0%*#0$!)3%0$*!3.!-1%.!)!*0/;* %0%+*</+)!,.#.,$/".+)T$2! !!*)+2! 0+[f+1*0%*#+(%%!/<$*#!/%*+1*0%*#/0%)0!/* ..+./f* Z; 1.0$!.)+.!<0$!$/) !)%*+.)!* )!*0/0+Zf00!)!*0+"/$"(+3/f* VVf.*%*#/,!. $.?;T[%*0.+ 1!/*!3.!-1%.!)!*0/0+= E ,.!/!*0/,!%"%! 0!#+.%!/@+,!.0%*#<%*2!/0%*#<"%**%*#<%*+)!04*  %/+*0%*1! +,!.0%+*/A*  !"%*! /10+0(/%*0$!/00!)!*0+",.+"%0+.(+//> E ,.+2% ! %/(+/1.!/+*)*#!)!*0D !"%*! ,!."+.)*!)!/1.!/@/A%*0$!*+0!/0+0$!"%**%( /00!)!*0/>* E %),.+2!##.!#0%+**  %/##.!#0%+*; $!%),(!)!*00%+*+"T[%/!4,!0! 0+$2!*+/%#*%"%*0%),0+*  .+1,f/+*/+(% 0! "%**%( /00!)!*0//%0+*(5""!0/0$!,.!/!*00%+**  %/(+/1.!+"%0!)/%*0$!"%**%(/00!)!*0/*  +!/*+0 $*#!0$!1* !.(5%*#.!+#*%0%+*+.)!/1.!)!*0+"//!0/<(%%(%0%!/<%*+)!+.!4,!*/!/;   .+1,%/1..!*0(5//!//%*#0$!%),00$!)!* )!*0/3%(($2!+*0$!+*/+(% 0! "%**%(/00!)!*0/; + 0!<0$!"+((+3%*#,+0!*0%(%),0/$2!!!*% !*0%"%! =  T[3%((*+0""!0 f/*!0,.+"%0<103%((.!(//%"5%*+)!* !4,!*/!/%*0+*!30!#+.%!/%*0$! /00!)!*0+",.+"%0+.(+//* %*0.+ 1!*!3/10+0((%*!%0!)f+,!.0%*#,.+"%0f;  $!(%*!%0!)/,.!/!*0! %*0$!,.%).5"%**%(/00!)!*0/)%#$0$*#!/.!/1(0+"0$!!*$*!  ,.%*%,(!/%*0.+ 1! +*f##.!#0%+**  %/##.!#0%+*f;  +!/*+0!4,!00$!.!0+!/%#*%"%*0$*#! %*0$!%*"+.)0%+*0$0%/1..!*0(5 %/(+/! %*0$!*+0!/!1/!0$!.!-1%.!)!*0/0+ %/(+/!)0!.%( %*"+.)0%+*.!)%*1*$*#! ;  !3 %/(+/1.!.!-1%.!)!*0/"+.)*#!)!*0D !"%*! ,!."+.)*!)!/1.!/@/A;  +.0$!/00!)!*0+"/$"(+3/<0$!/0.0%*#,+%*0"+.(1(0%*#/$"(+3/".+)+,!.0%*#0%2%0%!/3%(( $*#!0+f+,!.0%*#,.+"%0f/*+0! +2!; * %0%+*<%*5USUW<0$!(/+%//1! *!3+1*0%*#0* . T\f1/% %.%!/3%0$+101(% +1*0%(%05=%/(+/1.!/f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fA>  $! !0!.)%*0%+*+"0$!"%.2(1!/+""%**%(//!0/* (%%(%0%!/@.!"!.0++0!T;X;V"+.I%.2(1!/+" "%**%(//!0/* (%%(%0%!/JA>  *2!/0)!*0%*//+%0!D//!//)!*0+" %0%+*(%),%.)!*0(+//!/+..!2!./(+",.!2%+1/%),%.)!*0(+//!/ @.!"!.0++0!T;TSI*2!/0)!*0%*//+%0!/* &+%*02!*01.!/fA>  *2!/0)!*0%*//+%0!D !0!.)%*0%+*+"/%#*%"%*0%*"(1!*!+2!.//+%0!/@.!"!.0++0!T;TSf*2!/0)!*0 %*//+%0!/* &+%*02!*01.!/fA>*  .+2%/%+*/@.!"!.0++0!T;TXI.+2%/%+*/<+*0%*#!*0(%%(%0%!/* +*0%*#!*0//!0/JA;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IIN

Open the original at slide 227 ↗

Slide 228 — H9L%**%(%*/0.1)!*0/

* %0%+*<%**1.5USUX $/.!$! *#.!!)!*0+*0$!/(!+"0$!1/%*!//%*1//%@ *' @1./%AA</1&!00+/!2!.(+* %0%+*/<%*(1 %*#/1/0*0%2!* 1*!.0%*.!#1(0+.5,,.+2(/;1 #!)!*0 %/.!-1%.! 0+!2(10!0$!,.+%(%05+"0$!/(!; %2!*0$!,.!2%(%*#1*!.0%*0%!/.+1* /1/0*0%2!.!#1(0+.5 ,,.+2(//0VT!!)!.USUX<*+(+//3/.!+#*%/! "+.0$!5!.!* ! VT!!)!.USUX* //!0/*  (%%(%0%!/+"0$! %/,+/(#.+1,3!.!*+0(//%"%! /$!( "+./(!;!"!.!*!%/) !0++0!VUf+0!*0%(/(!+"  *'@1./%Af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

Open the original at slide 228 ↗

Slide 229 — *//!//%*#3$!0$!.0$!+*0.01(/$"(+3/.!<  .+1,+*/% !./0$!+*0.01(0!.)/+"0$!

*//!//%*#3$!0$!.0$!+*0.01(/$"(+3/.!<  .+1,+*/% !./0$!+*0.01(0!.)/+"0$! %*/0.1)!*0;$%/%*(1 !///!//%*#3$!0$!.0$!"%**%(//!0+*0%*/+*0.01(0!.)0$0+1( $*#!0$! 0%)%*#+.)+1*0+"+*0.01(/$"(+3//1$0$0%03+1( *+0)!!00$%/+* %0%+*; /! +*0$!!*0%05J/1/%*!//)+ !("+.)*#%*#0$!"%**%(//!0/* 0$!+*0.01(0!.)/+"0$!/$ "(+3/<0$!.!.!0$.!!)!/1.!)!*00!#+.%!/%*0+3$%$  .+1,(//%"%!/%0/ !0%*/0.1)!*0/=
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Open the original at slide 229 ↗

Slide 230 — H9L9J%.2(1!/+""%**%(//!0/* (%%(%0%!/

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f 5+*!f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

Open the original at slide 230 ↗

Slide 231 — %#*%"%*0&1 #!)!*0/* .%0%(+1*0%*#!/0%)0!/* //1),0%+*/;

%#*%"%*0&1 #!)!*0/* .%0%(+1*0%*#!/0%)0!/* //1),0%+*/;
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Open the original at slide 231 ↗

Slide 232 — H9L9L""/!00%*#+""%**%(//!0/* "%**%((%%(%0%!/

/$"(+3$! #!/ $!!""!0%2!,+.0%+*+"$*#!/%*0$!"%.2(1!+" !.%20%2!/0$0.! !/%#*0! * -1(%"5//$"(+3$! #!/ .!.!+#*%/! %*0$!0$!.+),.!$!*/%2!*+)!;$!#%*+.(+//.!(0%*#0+0$!%*!""!0%2!,+.0%+*%/ .!+#*%/! %))! %0!(5%*0$!/00!)!*0+",.+"%0+.(+//;)+1*0/1)1(0! %*0$!0$!.+),.!$!*/%2! *+)!.!.!5(! 0+0$!/00!)!*0+",.+"%0+.(+//%*0$!,!.%+ /%*3$%$0$!$! #! %0!)""!0/*!0.!/1(0; $!*$! #%*#%*/0.1)!*0!4,%.!/+.%//+( <+.3$!*$! #!*+(+*#!.)!!0/0$!.%0!.%"+.$! #!+1*0%*#< *51)1(0%2!#%*+.(+//!4%/0%*#%*0$!0$!.+),.!$!*/%2!*+)!00$00%)!.!)%*/%*0$!0$!. +),.!$!*/%2!*+)!* %/.!+#*%/! 3$!*0$!"+.!/00.*/0%+*%/1(0%)0!(5.!+#*%/! %*0$!/00!)!*0 +",.+"%0+.(+//;$!*"+.!/00.*/0%+*%/*+(+*#!.!4,!0! 0++1.<0$!1)1(0%2!#%*+.(+//0$03/ .!,+.0! %*0$!0$!.+),.!$!*/%2!*+)!%/0.*/"!..! %))! %0!(50+0$!/00!)!*0+",.+"%0+.(+//; !0%*2!/0)!*0$! #!/ ! #!/+"*!0%*2!/0)!*0/%*"+.!%#*+,!.0%+*/.!+1*0! "+.%*/%)%(.350+/$"(+3$! #!/;*5#%* +.(+//+*0$!$! #%*#%*/0.1)!*0.!(0%*#0+0$!!""!0%2!,+.0%+*+"0$!$! #!%/.!+#*%/! %*0$!0$!. +),.!$!*/%2!*+)!* 0$!#%*+.(+//.!(0%*#0+0$!%*!""!0%2!,+.0%+*%/.!+#*%/! %))! %0!(5%*0$! /00!)!*0+",.+"%0+.(+//; %*/* (+//!/1)1(0! %*0$!0$!.+),.!$!*/%2!*+)!.!%*(1 ! %*0$! /00!)!*0+",.+"%0+.(+//3$!*0$!"+.!%#*+,!.0%+*%/ %/,+/! ; !*$).'.0!.!"+.)A/,!%"%,+(%%!/"+.$! #!/ %.!0(5""!0! 50$!!*$).'.0!.!"+.) /!4,(%*! %*0$!I),0+"0$!!*$).'.0!.!"+.)J,.#.,$+"0$!I%/')*#!)!*0J/!0%+*< "1* )!*0(.!2%!3+"%),+.0*0%*0!.!/0.0!!*$).'/$/!!*..%! +10<* %//0%((+*#+%*#"+./+)!+" 0$!)@"+.%*/0*!<A;*0!.!/00!!*$).'!"+.)$/!T* $/!U)!* )!*0/0+,.+2% ! /,!%"%.!(%!"/0$0((+3$! #!+1*0%*#.!(0%+*/$%,/0++*0%*1!3$!*0$!!*$).'.0!.!"+.)%/+*#+%*#; $/!T.!(%!"/.!)%*! .!(!2*0"+.  .+1,/0VT!!)!.USUX"+.$! #!/<* 3%((!/!0+,,(5 +*!1*!.0%*05+100$!0%)%*#* )+1*0+"0$!!*$).'.0!D/! /$"(+3/%/.!/+(2! <+.3$!*0$! $! #%*#%*/0.1)!*0%/ %/+*0%*1! ;  .+1,J/,+(%5%/0+!/!,,(5%*#$/!T.!(%!"/3$!*0$!.!(!2*0 +*0.0@$! #%*#%*/0.1)!*0+.$! #! %0!)A%/)+ %"%! ;$!*0$%/+1./<$/!U.!(%!"/!+)!,,(%(!/0%(( ((+3%*#$! #!+1*0%*#.!(0%+*/$%,/0++*0%*1!;!"!.0+*+0!I%/')*#!)!*0?),0+"0$!!*$).' .0!.!"+.)J"+."1.0$!. !0%(/+*0.*/%0%+**  J/!4,+/1.!/.!(0! 0+0$0$2!5!00+ 0.*/%0%+*; +*@0. %*# !.%20%2!/0$0 +*+0-1(%"5"+.$! #!+1*0%*# !.%20%2!%*/0.1)!*0/0$0.!1/! 5  .+1,/,.0+"%0/.%/')*#!)!*0/0.0!#%!/<103$%$ +*+0 -1(%"5"+.$! #!+1*0%*#1* !.  .+1,J/+1*0%*#,+(%%!/<.!,.!/!*0! /*+*D0. %*# !.%20%2!/;+*D 0. %*# !.%20%2!/.!)!/1.! 0"%.2(1!3%0$$*#!/%*0$!"%.2(1!0'!*0+0$!/00!)!*0+",.+"%0+. (+//; H9L9L""/!00%*#+""%**%(//!0/* "%**%((%%(%0%!/ %**%(//!0/* "%**%((%%(%0%!/.!+""/!0<* 0$!*!0)+1*0%/.!,+.0! %*0$!/00!)!*0+""%**%( ,+/%0%+*<3$!*  .+1,$/1..!*0(!#((5!*"+.!(!.%#$00+/!0+""0$!.!+#*%/! )+1*0/* %*0!* /0+ !%0$!./!00(!+**!0/%/+.0+.!(%/!0$!//!0* /!00(!0$!(%%(%05/%)1(0*!+1/(5;""/!00%*#%/,,(%! 0+ !.%20%2!/<.!,1.$/!* .!2!./!.!,1.$/!#.!!)!*0/* /$,++(%*##.!!)!*0/;/%#*%"%*0,+.0%+*+" +""/!00%*#%/,,(%! 0+ !.%20%2!/* .!(0! /$).#%*(*!/<3$%$.!!%0$!. %.!0(5(!.! 0$.+1#$ !*0.((!.%*#,.0%!/+.(!.! 0$.+1#$(!.%*#)!)!./+"!*0.((!.%*#,.0%!/;+.)+.!%*"+.)0%+*< .!"!.!*!%/) !0++0!WSI""/!00%*#"%**%(//!0/* (%%(%0%!/J; H9L9M),%.)!*0+""%**%(//!0/ *4,!0! .! %0+//@A)+ !(%/,,(%! 0+"%**%(//!0/+1*0! "+.0+./1$/(+*/< !0 /!1.%0%!/* (!/!.!!%2(!/</3!((/+""D(*!/$!!0%0!)//1$/1* .3*(+*+))%0)!*0/<!.0%* "%**%(#1.*0!!/%//1! <* 1* .3*+))%00! .!2+(2%*#.! %0"%(%0%!/;* !.0$!)+ !(<  .+1, (1(0!/0$!5+*/% !.%*#+* %/+1*0! /%/0$!/$/$+.0"((%03+1( %*1.%*/!+" !"1(0*  )1(0%,(5%*#0$!/$+.0"((50$!,.+%(%05+" !"1(0+1..%*#;$!%/0$!/1)+"0$!,.+%(%05D3!%#$0!  +10+)!/;$!!/0%)0!/.!1*%/! * %*(1 !.!/+*(!* /1,,+.0(!%*"+.)0%+*+10,/0 !2!*0/<1..!*0+* %0%+*/<* "+.!/0/+""101.!!+*+)%+* %0%+*/;%/.!+#*%/! +*0$!(*!/$!!0/ (+*(+//,.+2%/%+*/@A; $.!!@/0#!,,.+$ %**%(//!0/.!(//%"%! %*+*!+"0$!!(+30$.!!/0#!/0!$.!,+.0%*# 0!;"%**%(//!0*)+2! !03!!*/0#!/ 1.%*#%0/(%"!0%)!;$!/0#!/.!/! +*$*#!/%*.! %0-1(%05/%*!%*%0%(.!+#*%0%+**  !"%*! /"+((+3/=
0#!H %**%(//!0/0$0$2!*+0$ /%#*%"%*0%*.!/!%*.! %0.%/'/%*!%*%0%(.!+#*%0%+*@%;!;*+0#!U+. V0.%##!./,,(5A;//!0/.!(//%"%! /0#!T1,+*%*%0%(.!+#*%0%+*@3%0$0$!!4!,0%+*+",1.$/! +. +.%#%*0! .! %0%),%.! @A//!0/A* %/ !0!.)%*! 50$!,.+%(%050$0 !"1(0+1./%*0$! *!40TU)+*0$/@TU)+*0$/A>
0#!I %**%(//!0//$+3%*#/%#*%"%*0%*.!/!%*.! %0.%/'/%*!%*%0%(.!+#*%0%+*;+.//!0/%*0#!U< .!"(!0/*!/0%)0!+*0$!.! %0(+//!/+2!.0$!.!)%*%*#)01.%05+"0$!//!0@(%"!0%)!A>+.
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

Open the original at slide 232 ↗

Slide 233 — //!0;!"!.!*!%/) !0+0$!I.%0!.%"+.% !*0%"5%*#/%#*%"%*0%*.!/!%*.! %0.%/'@AJ%*0$!I%/'

//!0;!"!.!*!%/) !0+0$!I.%0!.%"+.% !*0%"5%*#/%#*%"%*0%*.!/!%*.! %0.%/'@AJ%*0$!I%/' )*#!)!*0J/!0%+*+"0$!**1(!,+.0; *//!00$0%/%*0#!U3%(()+2!'0+0#!T3$!**+*!+"0$!+2!.%0!.%.!%*,(!*5)+.!; +3!2!.<%"0$!//!03/)+2! 0+0#!U/! +*0$!"+.!.*!/001/<0$!*0$!//!0/05/%*0#!U"+.0 (!/0UW)+*0$/;"0$!//!03/(//%"%! /0#!U 1!0+0$!fVS 5/,/0 1!f0.%##!.<0$!*0$!//!0%/ )+2! '0+0#!T+*(5"0!.0$.!!)+*0$/".+)3$!*0$!0.%##!.*+(+*#!.,,(%!/; .! %0@%),%.! "%**%(//!0/>0#!J? %**%(//!0/.!//!//! "+..! %0D%),%.)!*00!$.!,+.0%*# 0!* )+.!".!-1!*0(53$!* %.1)/0*!/3..*0"1.0$!.//!//)!*0;2% !*!+".! %0D%),%.)!*0%*(1 !/..!./+"+2!.\S 5/+**5 )0!.%(.! %0+(%#0%+*<%* %0%+*/0$00$!+..+3!.%/!4,!.%!*%*#/%#*%"%*0"%**%( %""%1(05<.!$+" +*0.0<*'.1,05+. %/0.!//! .!/0.101.%*#;$! !"%*%0%+*+"f.! %0D%),%.! f1* !.\@0#!VA%/(%#*!  3%0$0$! !"%*%0%+*+"f !"1(0f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f(0!.*0%2!!*.%+/*  .+%(%05!%#$0/f/!0%+*; %0%+*((5<0$%/,,.+$%/ !0%(! %*0$!/!*/%0%2%05*(5/%/3%0$%*0$!f%/' )*#!)!*0f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`* 0$! * .!,.!/!*0(%"!0%)!2%!3+"0$!(+//!//! +* $.0!.%/0%/+" !"1(0! "%(%0%!/; +.0$!)!/1.!)!*0+"<  .+1,J/!4,!0! .! %0(+//)+ !(/@< <A1/! "+..!#1(0+.5,1.,+/!/ $2!!!* &1/0! ;$!/! &1/0)!*0/%*(1 !.!)+2%*#!)! ! ,.1 !*0%(+*/!.20%/)@/1$/"(++./A*  +*2!.0! 0$.+1#$D0$!D5(!!/0%)0!/0+,+%*0D%*D0%)!!/0%)0!/;$!)+ !(///!//+*0$!/%/+""+.3. D (++'%*#).+!+*+)%"+.!/0/* +0$!.%*,10/;+.)+/0"%**%(//!0/<0$!!4,!0! (%"!%/(%)%0! 0+0$! .!)%*%*#)01.%05;+.+2!. ."0/* !.0%*.!2+(2%*#.! %0"%(%0%!/</1$/.! %0. /<0$!)01.%05%/ !/0%)0! /! +*$%/0+.%( 0/0$!/! +*+0$2!"%4! 0!.)+..!,5)!*0/$! 1(!; * %2% 1((5//!//! //!0/>0#!J?   .+1,!/0%)0!/"+.%* %2% 1((5/%#*%"%*0.! %0D%),%.! "%**%(//!0/3%0$%*0#!V+**%* %2% 1( /%/;"+.0$!/!* %2% 1((5//!//! //!0/.! !0!.)%*! 1/%*#0$! %/+1*0! !4,!0! "101.!/$"(+3 )!0$+ ;+ !0!.)%*!!4,!0! "101.!/$"(+3/<+*!+.)+.!/!*.%+/.!1/! ;$/!*.%+%/*(5/!  /! +*0$!,.+%(%05+"+1..!*!* %*(1 !/"+.3. D(++'%*#%*"+.)0%+*; * !0!.)%*%*#0$!/!*.%+/<((.!(!2*0"0+./%),0%*#0$!"101.!/$"(+3/.!0'!*%*0++1*0;$!/! %*(1 !!4,!0!  !2!(+,)!*0/%*.! %0-1(%05<1/%*!//* !+*+)%"+.!/0/<* !/0%)0!/+"%"?3$!* .!+2!.%!/3%((+1.<0'%*#%*0++1*0  .+1,J/.!/0.101.%*#?.!+2!.5/0.0!#5;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IJJ

Open the original at slide 233 ↗

Slide 234 — $!!/0!/0%)0!+"%/(1(0! /0$!3!%#$0! D2!.#!+"0$!/$+.0"((@#.+//..5%*#)+1*0)%*1/

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

Open the original at slide 234 ↗

Slide 235 — %#*%"%*0&1 #!)!*0/* .%0%(+1*0%*#!/0%)0!/* //1),0%+*/;

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%*0!#.(0+0$! .!(0! (+*;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IJL

Open the original at slide 235 ↗

Slide 236 — H9M+*/+(% 0%+*

*0!#.("%**%(#1.*0!!/.!*+0+1*0! "+./!,.0!(510%*(1 ! %*0$!+1*0%*#"+.0$!(+*1* !. \=  +.(+*/)!/1.! 0)+.0%/! +/0+.<0$!#1.*0!!%/.!"(!0! %*0$!!4,!0! .! %0(+//@A )!/1.!)!*0;.!)%1)/,% .!0.!0! /0.*/0%+*+/0/* .!+#*%/! /,.0+"*0!.!/0%*+)!1/%*# 0$!!""!0%2!%*0!.!/0.0!)!0$+ ;  +.(+*/)!/1.! 0<0$!#1.*0!!%/%*(1 ! %*0$!"%.2(1!+"0$!(+*;.!)%1)/,% .!0.!0!  /0.*/0%+*+/0/* .!+#*%/! 3%0$%*!!* +))%//%+*!4,!*/!; +*
%*0!#.("%**%(#1.*0!!/.!+1*0! "+./!,.0!(5<3%0$%*0$!.//!0/<5*(+#50+ .!%)1./!)!*0/1* !.VZf.+2%/%+*/<+*0%*#!*0%%(%0%!/* +*0%*#!*0//!0/f=  +.(+*/)!/1.! 0)+.0%/! +/0+.<+),!*/0%+*.%#$0//!0%/.!+#*%/! * )!/1.! /!  +*<,.+2% ! .!+2!.5%/2%.01((5!.0%*;  $*#!/%*+),!*/0%+*.%#$0//!0/.!.!+#*%/! /.! 10%+*%*.%/'+/0/3%0$%* %0%+*0+(+*(+// ,.+2%/%+*/(%*!%*,.+"%0+.(+//;.!)%1)/,% .!.!+#*%/! 3%0$%*!!* +))%//%+*!4,!*/!;  +.(+*/)!/1.! 0<*+*
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f.!(!2*00%2%0%!/* +))%0)!*00+!*/1.!0$00$!/0.101.! !*0%05 +,!.0!// !/%#*! ; .*/0%+*/!03!!*  .+!,;;* %0//1/% %.%!/.!!(%)%*0! +*+*/+(% 0%+*;!"!.!*!%/) !0+ +0!WVf.%*%,(/1/% %.%!/<%*2!/0)!*0/%*//+%0!/* &+%*02!*01.!/f"+.(%/0+",.%*%,(/1/% %.%!/*  0$!%./0010+.5,(!+"%*+.,+.0%+*; !/.%,0%+*+" J/0%2%0%!/%*2+(2%*#/0.101.! !*0%0%!/%/%*(1 ! %* +0!WWf0.101.! !*0%0%!/f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f/,!."+.)*!,.%).%(55(%*!+"1/%*!//;/.!/1(0< % !*0%"%!  "%2!+,!.0%*#/!#)!*0/3$%$.!(/+ %/(+/! /.!,+.0(!/!#)!*0/; H9O 5,!.%*"(0%+*+1*0%*# %*!0$!/!+* -1.0!.+"USUU<w.'%5!$/!!*+*/% !.! $5,!.%*"(0%+*.5!+*+)5"+.+1*0%*# ,1.,+/!/;/  .+1,$//1/% %.5%*w.'%5!<  .+1,$/,,(%! U\I%**%(!,+.0%*#%* 5,!.%*"(0%+*.5+*+)%!/J0+%0/+,!.0%+*//%*!0$!*;U\+*0%*1! 0+!.!(!2*0"+. J/+,!.0%+*/%* w.'%5!%*USUV<USUW* USUX;* !.U\<0$!.!/1(0/+"0$!+,!.0%+*/%*w.'%5!/$+1( !/00! %*0!.)/+" 0$!1..!*0,1.$/%*#,+3!.00$!.!,+.0%*# 0!;+.0$0<0$!+*/1)!.,.%!%* !4@A/ !0!.)%*! 50$! 1.'%/$00%/0%(*/0%010!3/1/! ;$!"+.w.'%5!@USSVbTSSA0VT!!)!.USUX3/V<XTV;[Z<0VT !!)!.USUW3/U<Y[W;XX* 0VT!!)!.USUV%03/T<[X\;V[@)+2!)!*0USUX=VS;[\`<USUW=WW;V[`< USUV=YW;ZZ`A;$!!""!0+"/1$.!/00!)!*0"+.%*"(0%+*%*0$!1..!*0,!.%+ +"0$!/00!)!*0+" +),.!$!*/%2!%*+)!* 0$!(*!/$!!0$/!!*.!+#*%/! %*0$!/00!)!*0+",.+"%0+.(+//3%0$%*I0$!. *!0%*+)!J/I!0)+*!0.5#%*+.(+//J;$!*!0)+*!0.5(+//"+.0$!,!.%+ .!,.!/!*0/0$!(+//+" ,1.$/%*#,+3!.50$!*!0)+*!0.5,+/%0%+*@)+*!0.5//!0/!4!! %*#)+*!0.5(%%(%0%!/A+" w.'%5!; "0!.0$!,,(%0%+*+"0$!+2!.!/00!)!*0,.+! 1.!/%*1.'%/$%.1* !.U\<0$!"%**%(,+/%0%+**  0$!.!/1(0/"+.0$!,!.%+ +" w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

Open the original at slide 236 ↗

Slide 237 — H9P+.!%#*1..!*50.*/(0%+*

%*0$!!-1%05+" w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w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`* XS`+"0$!2+0%*#.%#$0/+.0$.+1#$/%010%+*/%*(1 %*#<10*+0(%)%0! 0++*!+.)+.!+"0$! "+((+3%*#=  !,.!/!*00%+*+*0$!+. +" %.!0+./>  .0%%,0%+*%*0$!,+(%5)'%*#,.+!//>*   *0!.$*#!+")*#!.%(,!./+**!(;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IJN

Open the original at slide 237 ↗

Slide 238 — %#*%"%*0&1 #!)!*0/* .%0%(+1*0%*#!/0%)0!/* //1),0%+*/;

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`+.)+.!+"0$!2+0%*#,+3!.+"0$! %*2!/0!!;+*2!./!(5<%0%/,.!/1)! 0$0*!*0%05 +!/*+0$2!/%#*%"%*0%*"(1!*!3$!*2+0%*#,+3!.%/ (!//0$*US`%*0$!%*2!/0!!;!,!* %*#+*0$!"0/* %.1)/0*!/<0$!,.!/1),0%+*%/.!100!  3$!* *(!.(5 !)+*/0.0!3$!0$!.+.*+0%0$/,+3!.0+,.0%%,0!%*0$!%*2!/0!!J/"%**%(*  +,!.0%*#,+(%5 !%/%+*/;$!+*/% !.0%+*+"((.!(!2*0"0+./.!-1%.!/&1 #!)!*0<%*(1 %*#<)+*#/0 +0$!./<0$!%*2!/0)!*0,1.,+/!<%*2!/0!!J/#+2!.**!/0.101.!* (!#(.!#%)!<%(%050++0%* )!*%*#"1(+. .!,.!/!*00%+** ,.0%%,0%+*%*,+(%5)'%*# !%/%+*/;!"!.0++0!Xf%**%( //!0/0"%.2(1!0$.+1#$+0$!.+),.!$!*/%2!%*+)!f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

Open the original at slide 238 ↗

Slide 239 — H9HI  .+1,/(!//+.

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f.+,!.05* !-1%,)!*0f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

Open the original at slide 239 ↗

Slide 240 — H9HL.+2%/%+*/:+*0%*#!*0(%%(%0%!/* +*0%*#!*0//!0/

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1 #!)!*0%/.!-1%.! 0+//!//3$!0$!. ,.!/!*0+(%#0%+*!4%/0/* 0+!/0%)0!0$!,.+%(%05+"*1*"2+1.(!+10+)!* 0$!)+1*0+" ,+0!*0%((+//;$! !#.!!+"1*!.0%*05* 0$!)!0$+ +")'%*#0$!+1*0%*#!/0%)0! !,!* /+* 0$!%* %2% 1(/!<%0/*01.!* +),(!4%05;1$/!/.!1/1((5+*!+"'%* ;+.0$!//!//)!*0+" .!(0! ,.+2%/%+*/<  .+1,+*/1(0/3%0$%*0!.*(* !40!.*((!#(!4,!.0/;2!*0'%*#%*0+ +*/% !.0%+*(!#(!4,!.0/J 2%!<0$!,.+%(%05+"*+10"(+3+"!+*+)%!*!"%0/*/0%((!1*!.0%* * 0$!,.+2%/%+*.!+#*%/! *.!)%*/!*/%0%2!0+0$!//1),0%+*/1/! ;!"!.!*!%/) !0++0!TX f.+2%/%+*/f;+.,.+!! %*#/3$!.!%0%/*+0,+//%(!0+)'!.!(%(!!/0%)0!+"0$!!4,!0! "%**%( !""!0<0$0+1( .!/1(0".+)0$!1(0%)0!.!/+(10%+*+"0$!,.+!! %*#/<*+,.+2%/%+*%/.!+#*%/! <$+3!2!. %/(+/1.!%/%*(1 ! %*0$!"%**%(/00!)!*0/<3$!.!.!(!2*0;!"!.!*!%/) !0++0!WUf!#( ,.+!! %*#/f; .%0%(+1*0%*#!/0%)0!/* //1),0%+*/"+.0$!.!+.#*%/0%+*,.+2%/%+*.!%*!/0%)0%*#0$! )+1*0/* 0%)%*#+"/$"(+3//0$!**+1*! 0.*/"+.)0%+*%*%0%0%2!/.!%),(!)!*0! +2!. ,!.%+ +"/!2!.(5!./;!"!.!*!%/) !0++0!TXf.+2%/%+*/f; H9HM..!2+(!5)!*0+))%0)!*0/+*+*0.%10%+*/0+*    )'!/+*0.%10%+*/0+0$!%*#(!!/+(10%+*1* @A* !,+/%0 1.*0!!$!)!/@ A;$!**1( +*0.%10%+*/.!,% %*/$+.<%*/+)!/!/<,.0(51/%*#..!2+(!5)!*0+))%0)!*0/@/A0$0 !+)!,5(!%"* 3$!*((! ;/$+*0.%10%+*/.!+1*0! "+./(!2%!// !/.%! %*/!0%+*T;TX +2!<3$%(!/.! %/(+/! %*+0!WTf+))%0)!*0/f;/$+((0!.(,+/0! +*/0+0$!%/+1*0!  "+./*%*0!.!/0!.%*#"%**%(//!00)+.0%/! +/0; +2!.*)!*0+* /,+/0! /+((0!.(+*/0+  +*0%*1!0+!.!+#*%/! ///!0/+" //!1.%0%!/0)+.0%/! +/0;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IKG

Open the original at slide 240 ↗

Slide 241 — H9HN0$!.(%%(%0%!/

H9HN0$!.(%%(%0%!/ !"%*! !*!"%0,(*/ $!*!0 !"%*! !*!"%0//!0+.(%%(%05.!+#*%/! %*0$!/00!)!*0+""%**%(,+/%0%+*%*.!/,!0+" !"%*!  !*!"%0,!*/%+*,(*/%/0$!"%.2(1!+"0$!,(*//!0/(!//0$!,.!/!*02(1!+"0$! !"%*! !*!"%0+(%#0%+*0 0$!(*!/$!!0 0!; $*#!/%*,(*//!0/%*(1 !)%*(5=  !01.*+*,(*//!0/.!.!+#*%/! //0""+/0/%*0$!/00!)!*0+",.+"%0+.(+//;0%/ !0!.)%*! 1/%*# $%#$-1(%05+.,+.0!+* .0!@% !*0%(0+0$! %/+1*0.0!1/! %* !0!.)%*%*#0$! !"%*! !*!"%0 +(%#0%+*A00$!/0.0+"0$!.!,+.0%*#,!.%+ >*   !)!/1.!)!*0/3$%$.!.!+#*%/! %*0$!.+),.!$!*/%2!%*+)!; $! !"%*! !*!"%0+(%#0%+*%/(1(0! 5%*0!.*(* !40!.*(%* !,!* !*0-1(%"%! 01.%!/0$.+1#$ 01.%()+ !(/* (1(0%+*/1/%*#0$!,.+&!0! 1*%0.! %0)!0$+ ;$%/)!0$+ +*/% !./!4,!0! "101.! ,5)!*0/.!-1%.! 0+/!00(!0$!+(%#0%+*.!/1(0%*#".+)!),(+5!!/!.2%!%*0$!1..!*0* ,.%+.,!.%+ /< %/+1*0! 1/%*#$%#$-1(%05+.,+.0!+* .0!;*$!.!*0%*0$!/!01.%()+ !(/.!//1),0%+*/%*(1 %*# %/+1*0.0!/<.0!/+"%*.!/!%*"101.!/(.5* !*!"%0(!2!(/<)+.0(%05.0!/<+*/1)!.,.%!%* !4* 0$! !4,!0! (!2!(+"%* !40%+*;$!//1),0%+*/.!/! +*2%((!).'!0 0/3!((/)*#!)!*0 !4,!00%+*/* .!1, 0! .!#1(.(5; $*#!/%*0$! !"%*! !*!"%0+(%#0%+*%*(1 !)%*(5=  !.2%!+/0<3$%$%/.!+#*%/! //0""+/0/%*0$!/00!)!*0+",.+"%0+.(+//>  *0!.!/0!4,!*/!/.!.!+#*%/! //0""+/0/%*0$!00!)!*0+",.+"%0+.(+//;0%/ !0!.)%*! 1/%*#$%#$ -1(%05+.,+.0!+* .0!00$!/0.0+"0$!,!.%+ >  !)!/1.!)!*0/3$%$.!.!+#*%/! %*0$!.+),.!$!*/%2!%*+)!@!-1%05A* *+0.!5(! 0+0$! 00!)!*0+",.+"%0+.(+//>  *5,/0/!.2%!+/0.!(0%*#0+,(*)!* )!*0%/.!+#*%/! %*,.+"%0+.(+//%*0$!,!.%+ +"0$!,(* )!* )!*0>*  %*/* (+//!/+*1.0%()!*0/* /!00(!)!*0/.!.!+#*%/! %*0$!00!)!*0+",.+"%0+.(+//3$!*0$! 1.0%()!*0+./!00(!)!*0+1./; $!.!+#*%0%+*+"*!0 !"%*! !*!"%0//!0%*0$!+*/+(% 0! /00!)!*0+""%**%(,+/%0%+*%/(%)%0! 0+0$! ,.!/!*02(1!+"*5!+*+)%!*!"%0/2%((!%*0$!"+.)+".!"1* /".+)0$!,(*/+..! 10%+*/%*"101.! +*0.%10%+*/0+0$!,(*/; !"%*! +*0.%10%+*,(*/ +. !"%*! +*0.%10%+*,(*/<  .+1,,5/+*0.%10%+*/0+,1(%(5+.,.%20!(5 )%*%/0!.! ,!*/%+* %*/1.*!,(*/+*)* 0+.5<+*0.01(+.2+(1*0.5/%/;  .+1,$/*+"1.0$!.,5)!*0+(%#0%+*/ +*!0$!+*0.%10%+*/$2!!!*,% ;$!+*0.%10%+*/.!.!+#*%/! //0""!4,!*/!/%*0$!,.+"%0+.(+// 3$!*0$!5.! 1!;.!,% +*0.%10%+*/.!.!+#*%/! /*//!00+0$!!40!*00$0/$.!"1* +. .! 10%+*%*0$!"101.!,5)!*0/%/2%((!; 0$!.,+/0@!),(+5)!*0+(%#0%+*/ +)!#.+1,+),*%!/,.+2% !+0$!.,+/0D!),(+5)!*0!*!"%0/0+"+.)!.!),(+5!!/;$!!*0%0(!)!*00+0$!/! !*!"%0/%/1/1((5+* %0%+*(+*0$!!),(+5!!.!)%*%*#%*/!.2%!1,0+.!0%.!)!*0#!* 0$!+),(!0%+*+" )%*%)1)/!.2%!,!.%+ ;$!!4,!0! +/0/+"0$!/!!*!"%0/.!.1! +2!.0$!,!.%+ +"!),(+5)!*01/%*#* +1*0%*#)!0$+ +(+#5/%)%(.0+0$0"+. !"%*! !*!"%0,!*/%+*,(*/; H9HO.!/1.5/$.!/ .!/1.5/$.!/@+3*!-1%05%*/0.1)!*0/+1#$0'5  .+1,+.%0//1/% %.%!/A.! ! 10! ".+)-1%05 @0$!..!/!.2!/A;+#%*+.(+//%/.!+#*%/! %*0$!/00!)!*0+",.+"%0+.(+//3$!*,1.$/%*#</!((%*#+. *!((%*#0$!/!/$.!/;.!/1.5/$.!/.!*+00'!*%*0++1*03$!*(1(0%*#!.*%*#/,!.+. %*.5/$.! +. %2% !* ,!.+. %*.5/$.!/0$!5.!*+0+*/% !.! 0+!+10/0* %*#; .!/1.5/$.!/*!,1.$/! 5 /,.0+"/$.!15',.+#.))!;"/$.!15'%/!4!10!  5.+'!.* 0$!#.!!)!*03%0$0$!.+'!.%/%..!2+(!< $/+*0.01(+(%#0%+*0+,1.$/!%0/+3* /$.!/0$0%/1*2+% (!+*!%0/%#*/0$!#.!!)!*03%0$0$!.+'!.;$%/%/0$!)+)!*03$!* .!+#*%/!/ "%**%((%%(%05)!/1.! 00$!,.!/!*02(1!+"0$!.! !),0%+*)+1*03%0$+..!/,+* %*#.! 10%+*%* !-1%05@!0%*! !.*%*#/A;1.%*#0$!/$.!15',.+#.))!< /!00(!/0$%/(%%(%05"+.0$!01(,1.$/! ,.%!,% "+.0$!/$.!/+1#$0+* %(5/%/;01(/$.!/+1#$0'* $!( 5 .!,.!/!*0! / .!/1.5/$.!/3%0$%*0$!..!/!.2!/%*!-1%05; H9HP*+)!.!+#*%0%+* *0!.!/0 *0!.!/0%*+)!* !4,!*/!.!.!+#*%/! %*0$!/00!)!*0+",.+"%0+.(+//1/%*#0$!!""!0%2!%*0!.!/0)!0$+ ; $!!""!0%2!%*0!.!/0)!0$+ %/)!0$+ +"(1(0%*#0$!)+.0%/! +/0+""%**%(//!0+."%**%( (%%(%05* +"((+0%*#0$!%*0!.!/0%*+)!+.%*0!.!/0!4,!*/!+2!.0$!.!(!2*0,!.%+ ;$!!""!0%2!%*0!.!/0 .0!%/0$!.0!0$0!40(5 %/+1*0/!/0%)0! "101.!/$,5)!*0/+..!!%,0/0$.+1#$0$!!4,!0! (%"!+"0$! "%**%(%*/0.1)!*0+.<3$!*,,.+,.%0!</$+.0!.,!.%+ 0+0$!*!0..5%*#)+1*0+"0$!"%**%(//!0+. "%**%((%%(%05;$!*(1(0%*#0$!!""!0%2!%*0!.!/0.0!<  .+1,!/0%)0!//$"(+3/+*/% !.%*#(( +*0.01(0!.)/+"0$!"%**%(%*/0.1)!*0@"+.!4),(!<,.!,5)!*0+,0%+*/A10 +!/*+0+*/% !."101.! .! %0(+//!/;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IKH

Open the original at slide 241 ↗

Slide 242 — H9IG4,!*/!.!+#*%0%+*

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

Open the original at slide 242 ↗

Slide 243 — H9II00!)!*0+"/$"(+3/

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

Open the original at slide 243 ↗

Slide 244 — ,1#0
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Open the original at slide 244 ↗

Slide 245 — !"!.!*!%/) !0+ +0!V\f.*/"!.+""%**%(//!0/<//!0/,(! #! * .!!%2! /+((0!.(f "+.

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Open the original at slide 245 ↗

Slide 246 — L%**%(//!0/0"%.2(1!0$.+1#$+0$!.+),.!$!*/%2!%*+)!

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Open the original at slide 246 ↗

Slide 247 — M!0/!1.%0%!/

$*#!/%*"%.2(1!0$.+1#$+0$!.+),.!$!*/%2!%*+)! $!"+((+3%*#0(!,.!/!*0/$*#!/%*"%**%(//!0/0"%.2(1!0$.+1#$+0$!.+),.!$!*/%2!%*+)!= $*#!/%*"%.2(1!0$.+1#$+0$!.+),.!$!*/%2!%*+)!"%**%(//!0/ !-1%05 /!1.%0%!/  !0 %*/0.1)!*0/T +0( %*)%((%+* IGIL IGIK IGIL IGIK IGIL IGIK ,!*%*#(*!/0T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f-1%05f"+. !0%(/+*0$!$*#!/%*0$!.!2(10%+*.!/!.2!; !-1%05/!1.%0%!/ 4$*#!.0! %""!.!*!/+" DTZ[)%((%+*@VT!!)!.USUW=YU)%((%+*A.!)%*(5.!(0! 0+0$!/0'! %**'+"!%&%*#"+((+3%*#0$! !,.!%0%+*+"2!./1/;*USUX<$*#!/%*1*.!(%/! .!2(10%+*/+" !-1%05/!1.%0%!/.!)%*(5.!(0! 0+.!2(10%+*+"0$!/0'!%**'+"!%&%*#+"DUUX
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)%((%+*A"+((+3%*#$*#!%*0$!/$.!,.%!;  !0%*/0.1)!*0/ *USUX<$*#!/%*%*0!.!/0.0!/* ,+.0"+(%++),+/%0%+*.!/1(0! %*$*#!/%*1*.!(%/! .!2(10%+*/+" !0 /!1.%0%!/+"VUU)%((%+* @VT!!)!.USUW=D\Y)%((%+*A; !"!.!*!%/) !0++0!Yf!0/!1.%0%!/f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f+* /  T<TZY  U<TWT  U[  \[S  \Y  TV\  T<VSS  V<UYT ,+.0"+(%+  ZXZ  ZXZ  XZ[  Z\W  V<Z\S  V<U[T  X<TUX  W<[VU  J:GPP  L:LGM  LG:OJI  KI:IJH  LJ:ONP  LG:IOO  HGN:OGP  PO:GIM +*(+//,.+2%/%+*/  DTX  DTU  DTT  DTX  DUY  DUZ !0/!1.%0%!/,+.0"+(%+  J:GPP  L:LGM  LG:OHN  KI:IHP  LJ:OMN  LG:INJ  HGN:NOJ  PN:PPP T !0/!1.%0%!/0%*(1 !/+0$ !0/!1.%0%!/ !/%#*0! D* )* 0+.%(5)!/1.! 0"%.2(1!0$.+1#$,.+"%0+.(+//;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IKN

Open the original at slide 247 ↗

Slide 248 — N+*/*  2*!/0+1/0+)!./

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f+*(+//,.+2%/%+*%*#f; /0VT
!!)!.USUX ZUT<WZS)%((%+*@USUW=Y[S<ST\)%((%+*A+"(+*/*  2*!/0+1/0+)!./.! *+*D/1+. %*0! ; +*/*  2*!/0+1/0+)!./* <0+(!//!.!40!*0<0+*'/%*(1 !"%**!(!/!.!!%2(!/3$%$.! !0%(! /"+((+3/= %**!(!/!.!!%2(!/H %*)%((%+* IGIL IGIK 01.%0%!/+"#.+//%*2!/0)!*0%*"%**!(!/!.!!%2(!/ D
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T\V)%((%+*A; $!"%**!(!/!.!!%2(!/)%*(5.!(0!0+0$!"%**%*#+"!-1%,)!*0* .!(!/00!"+.0$%. ,.0%!/3$!.!  %/0$!(!//+.* .!)%*(5,.0+"+.,+.0!(!* %*#;*0!.!/0%*+)!%*USUX+*"%**!(!/!.!!%2(!/ )+1*0/0+XTV)%((%+* @USUW=XUU)%((%+*A; O*2!/0)!*0%*//+%0!/* &+%*02!*01.!/ *2!/0)!*0/%*//+%0!/* &+%*02!*01.!/ IGIL IGIK %*)%((%+* *0!.!/0 $!( @`A %.2(1!+" (%/0!  %*2!/0)!*0/ (*! /$!!02(1! *0!.!/0$!(  @`A %.2(1!+" (%/0!  %*2!/0)!*0/ (*! /$!!02(1! $*$.0*'1(% +),*5%)%0! UV`  T<UTU  T<VSZ UV`  T<TYW  T<UYY 0$!.%*2!/0)!*0/%*//+%0!/*  &+%*02!*01.!/  VSS  WTU  H:MGN  H:MNP   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IKO

Open the original at slide 248 ↗

Slide 249 — $*$.0*'1(%+),*5%)%0!

$*$.0*'1(%+),*5%)%0!   .+1,$/*UV`%*2!/0)!*0%*$*$.0*'1(%+),*5%)%0! @$!.!"0!.=A<*'(%/0!  +*0$!/0+'!4$*#!+"$%(* ;%/,.+2% %*#,.+ 10/* /!.2%!/0+3$+(!/(!</)((* )! %1) !*0!.,.%/!@A<* .!0%(1/0+)!./;%/+1*0! "+./*%*2!/0)!*0%*//+%0!/! +*0$!/%6!+"  f//$.!$+( %*#* .!,.!/!*00%+*+*0$!+. ;$!%*2!/0)!*0%*%/.!"(!0! %*0$!+.,+.0!%*!; /1)).5+"0$!1*1 %0! "%**%(%*"+.)0%+*+"/+"0$!!* +"!,0!)!.USUX/! +*0$! 0 2%((!00$!0%)!0$!+*/+(% 0! "%**%(/00!)!*0/3!.!,.!,.! %/,.!/!*0! !(+3;J//0010+.5 .!,+.0%*# 0!%/VT!!)!.;+.0$!5!.!* %*#VT!!)!.USUX< .!+#*%/! 0$!//+%0!J/.!/1(0/ 1/%*#J/"%**%(/00!)!*0/"+.0$! TU
)+*0$ ,!.%+ !* %*#VS!,0!)!.USUX; !(!0! (*!/$!!0%*"+.)0%+*$*$.0*'1(%+),*5%)%0! /0VS!,0!)!. %*)%((%+* IGIL IGIK +*/0+1/0+)!./* .1! %*0!.!/0.!!%2(!/<*!0  VT<SS\  VV<[Z[ *0!.*'* )+*!5).'!0%0!)/<*!0  X<[XY  Z<TXU *2!/0)!*0/<*!0  X<\TZ  W<Y[S 0$!.  V<TX[  V<WVY +0(//!0/  KL:PKG  KP:HKN !,+/%0/  VW<VWX  VY<XYV *0!.*'* )+*!5).'!0%0!)/  U<YYV  U<YVV !0/%//1! * +..+3%*#/  WYU  T<TV\ 0$!.  T<\WU  U<UT[ +0((%%(%0%!/  JP:KHI  KI:LLK -1%05  M:LIP  M:LPJ !(!0! ,.+"%0+.(+//%*"+.)0%+*$*$.0*'1(%+),*5%)%0! +.0$!TU)+*0$/!* ! VS!,0!)!. %*)%((%+* IGIL IGIK +0(+,!.0%*#%*+)!  T<Z\X  T<\\T +0(!4,!*/!/  T<UYY  T<XW[ .+"%0"+.0$!,!.%+  LLL  LOM +0(+0$!.+),.!$!*/%2!%*+)!"+.0$!,!.%+  HNG  HN 0$!.%*2!/0)!*0/%*//+%0!/* &+%*02!*01.!/ *(1 ! %*0$!.%*2!/0)!*0/%*//+%0!/* &+%*02!*01.!/.!)%*(5"%**%(/!.2%!/* @*+*DA"%**%( 0!$*+(+#5"1* /+.2!$%(!/+,!.0%*#,.! +)%**0(5%*1.+,!<* .!%* %2% 1((5*+0/%#*%"%*00+  .+1,; %#*%"%*0%*"(1!*!"+.//+%0!/%*3$%$0$!%*0!.!/0$!( %/!(+3US`<%//! +*0$!+)%*0%+*+"  .+1,J/"%**%(%*0!.!/0* +0$!...*#!)!*0/</1$/,.0%%,0%+*%*0$!+. +"%.!0+./; $!//+%0!/* &+%*02!*01.!/+" .!/1&!00+(!#(* .!#1(0+.5.!/0.%0%+*/.!#. %*#0$!)+1*0+" %2% !* /0$!5*,50+ ;$!/!.!/0.%0%+*/.!<"+.!4),(!< !,!* !*0+*0$!(3/%*0$!+1*0.5+" %*+.,+.0%+*"+. !(.%*# %2% !* /+./.!/1(0+")%*%)1),%0(.!-1%.!)!*0/0$0.!%),+/! 5%* 1/0.5 .!#1(0+./%*0$!+1*0.%!/%*3$%$0$!//+%0!/* &+%*02!*01.!/+,!.0!; * %0%+*<0$!//+%0!/* &+%*02!*01.!/(/++*/% !.+0$!."0+./%* !0!.)%*%*#0$!,,.+,.%0!(!2!(/+" !-1%05*!! ! ;$!/!"0+./* (%)%00%+*/%*(1 !<10.!*+0(%)%0! 0+<0$!.0%*##!*5* .!#1(0+.5 2%!3/<3$%$*$*#!+2!.0%)!; $*#!/%**2!/0)!*0/%*//+%0!/* &+%*02!*01.!/ %*)%((%+* IGIL IGIK ,!*%*#(*!/0T*1.5  T<YZ\  T<XS\  %0%+*/  T  UY .*/"!./  DU\  DZ !2(10%+*/  VX  S $.!+".!/1(0/  US\  USX %2% !* /.!!%2!  DTYS  D\T %/,+/(/  DYY  DTY ),%.)!*0/  D\  DVX 4$*#!.0! %""!.!*!/  DXW  [Z (+/%*#(*!  H:MGN  H:MNP $.!+".!/1(0/".+)//+%0!/* &+%*02!*01.!/+"US\)%((%+* @USUW=USX)%((%+*A/%*(1 ! %*0$! 0(!+2!%/)%*(500.%10(!0++1./$.!%*0$!.!/1(0/+"+"TVY
)%((%+*@USUW=TUV)%((%+*A*  WW)%((%+*#%*".+)0$!/(!+"*//+%0!%*!(#%1)<3$%(!USUW%*(1 ! ZZ)%((%+*/+1./$.!%* 0$!.!/1(0+"*//+%0!%*!(#%1)"+((+3%*#+*!D+"",.+"%0; ),%.)!*0/* .!2!./(0$!.!+"+*0$!%*2!/0)!*0%* 1)1(0! %),%.)!*0/+*0$!%*2!/0)!*0%*+"V\X
)%((%+*@USUW=V\X
)%((%+*A3!.!.!+#*%/! %* ,.!2%+1/5!./;$!.!%/*+%),%.)!*00.%##!.+/!.2! /,!.VT!!)!.USUX;(1!%*/!@ffA3/   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IKP

Open the original at slide 249 ↗

Slide 250 — P.+,!.05* !-1%,)!*0

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`@USUW=TS;\Y`A</! +*0$!,%0(//!0,.%%*#)+ !(@A (1(0! "+.1/%*#1..!*0).'!0 0* !4,!.0&1 #!)!*0>*  !.)%*(#.+30$.0!=U;WT`@USUW=U;ZW`A+*/%/0!*03%0$1..!*0(+*#0!.)#+2!.*)!*0+* 5%!( %* $%(* /,.+45"+..%/'D".!!.0!; $!)+ !(3/!2(10! "+..!/+*(5,+//%(!$*#!/0+'!5//1),0%+*/%*0$!)+ !(;$%/.!"(!0/0$! /!*/%0%2%05+"0$!0+!$'!5//1),0%+*+*%0/+3** %0%/,+//%(!0$0)+.!0$*+*!"2+1.(!* ?+. 1*"2+1.(!$*#!)5+1.00$!/)!0%)!;$!/!(!0! .0!/+".!/+*(5,+//%(!$*#!/0+'!5 //1),0%+*/.!/! +*!40!.*(*(5/0/J"+.!/0/* +0$!..!(!2*0!40!.*( 0/+1.!/<3$%$*$*#! ,!.%+ 0+,!.%+ ;$!/!*/%0%2%05+"0$!0+!$'!5//1),0%+*%//"+((+3/=  "2+1.(!$*#!+"TS`%*0$!/$"(+3/3+1( .!/1(0%**%*.!/!%*+"[\)%((%+*@USUW=XZ )%((%+*A<3$%(!*1*"2+1.(!$*#!+"DTS`3+1( .!/1(0%* !.!/!%*+"D\S)%((%+*@USUW= DX\)%((%+*A>  "2+1.(!$*#!+"T`%*0$! %/+1*0.0!3+1( .!/1(0%**%*.!/!%*+"TX\)%((%+*@USUW= \X)%((%+*A<3$%(!*1*"2+1.(!$*#!+"DT`3+1( .!/1(0%* !.!/!%*+"DTUU)%((%+*@USUW= DZX)%((%+*A>  "2+1.(!$*#!+"T`%*0$!0!.)%*(#.+30$.0!3+1( .!/1(0%**%*.!/!%*+"TT[)%((%+* @USUW=Y[)%((%+*A<3$%(!*1*"2+1.(!$*#!+"DT`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

Open the original at slide 250 ↗

Slide 251 — HG*0*#%(!//!0/

$*#!/%*,.+,!.05* !-1%,)!*0 .+,!.05%*+3*1/! -1%,)!*0 %#$0D+"D1/!//!0/ +0( %*)%((%+* IGIL IGIK IGIL IGIK IGIL IGIK IGIL IGIK ,!*%*#(*!/0T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Open the original at slide 251 ↗

Slide 252 — HH0$!.//!0/

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`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f!*/%+*/* +0$!.,+/0D!),(+5)!*0 !*!"%0/f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f%**%(//!0/0"%.2(1!0$.+1#$,.+"%0+.(+//f;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ ILI

Open the original at slide 252 ↗

Slide 253 — HJ1/0+)!. !,+/%0/

HJ1/0+)!. !,+/%0/ 1/0+)!. !,+/%0/ %*)%((%+* IGIL IGIK 1..!*0+1*0/?2!.*%#$0 !,+/%0/  UV[<\VW  UUZ<[UZ 2%*#/+1*0/  V[U<SYY  VXW<XYS %)! !,+/%0/  \[<X\\  TSZ<Y\X 0$!.  T<ZY[  T<XZ\  NIH:JMN  MPH:MMH 1..!*0+1*0/?2!.*%#$0 !,+/%0/<2%*#/+1*0/* %)! !,+/%0/%*(1 !(*!/3%0$%* %2% 1(/< .!/,!0%2!(5TTV<X[S
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Slide 254 — HL.+2%/%+*/

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Slide 255 — HM0$!.(%%(%0%!/

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Slide 256 — HO1+. %*0! (+*/

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Slide 257 — $.!,%0(* /$.!,.!)%1)

$.!,%0(* /$.!,.!)%1) $.!,%0( . %*.5/$.!/@,.2(1!
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Open the original at slide 257 ↗

Slide 258 — /$"(+3$! #!

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Open the original at slide 258 ↗

Slide 259 — $!,1.,+/!+"0$!/$.!.!,1.$/!,.+#.))!3/0+)!!0+(%#0%+*/1* !.0$!/$.!D/! 

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Open the original at slide 259 ↗

Slide 260 — 1)1(0%2!,.!"!.!*!/$.!/>*+0%//1! ?

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Open the original at slide 260 ↗

Slide 261 — ,1#0
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Open the original at slide 261 ↗

Slide 262 — IH!0"!!* +))%//%+*%*+)!

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f!#)!*0/f<3$%$%*(1 !/*!0"!!* +))%//%+*%*+)!</.!,+.0! 0+0$! 4!10%2!+. * 0$!*#!)!*0+. *'%*#< %/##.!#0! 5/!#)!*0; II(10%+*.!/1(0/* *!00. %*#%*+)! (10%+*.!/1(0/* *!00. %*#%*+)! %*)%((%+* IGIL IGIK IGIJ !1.%0%!/0. %*#.!/1(0/  W<[ST  \\Y  [ZV !.%20%2!/0. %*#.!/1(0/  DV<SXV  USZ  TTY 0$!.0. %*#.!/1(0/  UYV  VVY  UZV $*#!%*"%.2(1!+" !.%20%2!/.!(0%*#0+ E
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f%**%(//!0/0"%.2(1! 0$.+1#$,.+"%0+.(+//f* +0!TWf%**%((%%(%0%!/0"%.2(1!0$.+1#$,.+"%0+.(+//f"+.%*"+.)0%+*+*0. %*# //!0/* 0. %*#(%%(%0%!/.!/,!0%2!(5; !1.%0%!/0. %*#.!/1(0/%*(1 !0$!.!/1(0/+").'!0)'%*#%*%*/0.1)!*0//1$/#+2!.*)!*0/!1.%0%!/< !-1%05/!1.%0%!/<+.,+.0! !0/!1.%0%!/<* )+*!5D).'!0%*/0.1)!*0/;$!)&+.%05+"0$!.%/'/%*2+(2! %* /!1.%05* 1..!*50. %*#.!!+*+)%((5$! #! 3%0$ !.%20%2!/;$!/!1.%0%!/0. %*#.!/1(0/.!,.0(5 +""/!05.!/1(0/+*0$!/! !.%20%2!/;!.%20%2!/0. %*#.!/1(0/%*(1 !0$!.!/1(0/+" !.%20%2!//1$/%*0!.!/0 .0!/3,/<+,0%+*/<"101.!/<* "+.3. +*0.0/;. %*##%*/* (+//!/.!(0%*#0+0. %*#/!1.%0%!//0%(($!(  /0VT!!)!.USUX)+1*00+T<UT\)%((%+*@USUW=US)%((%+*> USUV=
TYS)%((%+*A;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IMI

Open the original at slide 262 ↗

Slide 263 — IJ*2!/0)!*0%*+)!

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f!.%20%2!/* $! #!+1*0%*#f"+.%*"+.)0%+*+* !.%20%2!/1/! "+.$! #!+1*0%*#; 1.0$!.)+.!< !.%20%2!/0. %*#.!/1(0/.!(/+%),0! 5"%.2(1!)+2!)!*0/.%/%*#".+)$*#!/%*.! %0 /,.! /@* A<% +""!./,.! /<)+ !(.%/'* %*.!)!*0(+/0+""1* %*#+* !.%20%2!/@*  +((A;!"!.0++0!VXf%.2(1!+"//!0/* (%%(%0%!/f"+.%*"+.)0%+*+*0$!/!2(10%+* &1/0)!*0/; IJ*2!/0)!*0%*+)! *2!/0)!*0%*+)! %*)%((%+* IGIL IGIK IGIJ %2% !* %*+)!  TTY  TTZ  TSX !(%/! #%*/?(+//!/+* %/,+/(+" !0%*/0.1)!*0/)!/1.! 0  U[  DTSW  DTT 0$!.%*2!/0)!*0%*+)!  DTX      HIP  HJ  PL %2% !* %*+)!)%*(5+*/%/0/+" %2% !* .!!%2! ".+) J/!-1%05/0'!%**'+"!%&%*#; IK0$!.*!0%*+)! 0$!.*!0%*+)! %*)%((%+* IGIL IGIK IGIJ !0)+*!0.5(+//.!"(!0%*#U\$5,!.%*"(0%+*%),0  D[W  DTX\  DUWW *+)!.!(0! 0+,.%+.%*/+(2!*5+""%**%(%*/0%010%+*%*0$!!0$!.(* /  TY  XV   (!+"0$!.!)%*%*# )+.0##!/    UT   0$!.  ZS  [U  \Z  J  @J  @HKN $!*!0)+*!0.5(+//<.!"(!0%*#0$!U\$5,!.%*"(0%+*%),0<%/"1((5.!(0! 0+0$!%* !40%+*+" w.'%5!f/ /00!)!*0+""%**%(,+/%0%+** /00!)!*0+",.+"%0+.(+//3%0$*+""/!00%*#!""!0%*0$!1..!*50.*/(0%+* .!/!.2!; IL0""!4,!*/!/ 0""!4,!*/!/ %*)%((%+* IGIL IGIK IGIJ (.%!/  X<UZZ  W<\SY  W<XX\ !*/%+*+/0/* +0$!./0""D.!(0! !*!"%0+/0/  W[[  WXX  WT[ +%(/!1.%05+/0/  ZXU  Y\S  YVX $.!D/! +),!*/0%+*..*#!)!*0/  XU  WX  VT 40!.*(!),(+5!!/  YYU  ZUS  ZZY  10%+*  XY  W\  XS 0$!./0""+/0/  VTV  VT\  UXY  N:MGG  N:HOK  M:NIL $.!D/! +),!*/0%+*..*#!)!*0/%*(1 !XU
)%((%+*@USUW=WX)%((%+*>USUV=VT)%((%+*A .!(0%*#0+!-1%05D/!00(! /$.!D/! ,5)!*0..*#!)!*0/; 1)!.+"!),(+5!!/ !0$!.(* / !/0+"0$!3+.( +0( IGIL IGIK IGIJ IGIL IGIK IGIJ IGIL IGIK IGIJ +0(2!.#!*1)!.+" %*0!.*(!),(+5!!/0"1((0%)! !-1%2(!*0/%/ TX<U[S TW<[UT TW<WW\ WZ<W\S WY<VST WW<\[X YU<ZZS YT<TUT X\<WVW !)1*!.0%+*+"/!*%+.)*#!)!*0:4!10%2!+. * 1,!.2%/+.5+. !"!.!*!%/) !0++0!WXf!(0! ,.0%!/f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

Open the original at slide 263 ↗

Slide 264 — IM0$!.+,!.0%*#!4,!*/!/

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f.+,!.05* !-1%,)!*0f"+.@.!2!./(/+"A%),%.)!*0/+",.+,!.05* !-1%,)!*0 * +0!TSf*0*#%(!//!0/f"+.@.!2!./(/+"A%),%.)!*0/+"%*0*#%(!//!0/; +.)+.!%*"+.)0%+*+* %0%+*0+@1*1/! )+1*0/.!2!./! +"A,.+2%/%+*"+..!+.#*%/0%+*/.!"!.0++0!TX f.+2%/%+*/f* "+.)+.!%*"+.)0%+*+* %0%+*0+@1*1/! )+1*0/.!2!./! +"A+0$!.,.+2%/%+*/.!"!.0++0! TXf.+2%/%+*/f* +0!WUf!#(,.+!! %*#/f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

Open the original at slide 264 ↗

Slide 265 — IN1 %0"!!/

IN1 %0"!!/ +0(1 %0* *+*D1 %0/!.2%!/%*(1 !0$!"+((+3%*#"!!/"+./!.2%!/,.+2% ! 50$! .+1,J/1 %0+.; !!/+" .+1,C/1 %0+. %*)%((%+* IGIL IGIK IGIJ 1 %0"!!/  VU  VV  U\ 1 %0.!(0! "!!/  W  W  T +0(T  JM  JN  JG T $! .+1,J/1 %0+. % *+0,.+2% !*5*+*D1 %0/!.2%!/; !!// %/(+/! %*0$!0(!+2!.!(0!0+0$!*!03+.'+"0$! .+1,J/1 %0+./* .!0$!0+0("!!/$.#! "+. 0$!,!.%+ !4(1 %*#; IO.*%*#/,!.+. %*.5/$.! .*%*#/,!.+. %*.5/$.! !%#$0! 2!.#!*1)!. +"+. %*.5/$.!/+10/0* %*# )+1*0 1.%*#0$!,!.%+ !.+. %*.5/$.! @%*)%((%+*A @%*)%((%+*/A @%*A IGIL IGIK IGIJ IGIL IGIK IGIJ IGIL IGIK IGIJ /%!.*%*#/  Y<VUZY<V\U Z<U[Z U<\[\;Z V<UU[;Z V<XYU;\  U;TU  T;\[  U;SX /%!.*%*#/".+)+*0%*1%*#+,!.0%+*/  M:JINM:JPI N:ION  I9HI  H9PO  I9GL ""!0+" %(10%2!%*/0.1)!*0/= $.!,(*/ S;S S;S U;W G9G G9G I9K %(10! !.*%*#/  Y<VUZY<V\U Z<U[Z U<\[\;Z V<UU[;Z V<XYX;V  U;TU  T;\[  U;SW %(10! !.*%*#/".+)+*0%*1%*#+,!.0%+*/  M:JINM:JPI N:ION  I9HI  H9PO  I9GK .*%*#/,!.+. %*.5/$.!%/(1(0! +*0$!/%/+"0$!3!%#$0! 2!.#!*1)!.+"+. %*.5/$.!/ +10/0* %*#;*(1(0%*#0$!3!%#$0! 2!.#!*1)!.+"+. %*.5/$.!/+10/0* %*#<+3*/$.!/$!( 5#.+1, +),*%!/@%*(1 %*#/$.!15',.+#.))!/A.! ! 10! ".+)0$!0+0(*1)!.+"+. %*.5/$.!/%*%//1!; %(10%2!%*/0.1)!*0/ %(10! !.*%*#/,!./$.!%/(1(0! /%"0$!/$.!,(*/+10/0* %*#00$!!* +"0$!,!.%+ $ !!* !4!.%/! 00$!!#%**%*#+"0$!,!.%+ * //1)%*#0$00$!/$.!!%2! ".+) %(10%2!%*/0.1)!*0/@%"*5A%/ 1/! 0+15+3*/$.!/#%*/00$!2!.#!).'!0,.%! 1.%*#0$!,!.%+ ;$!*!0%*.!/!%*0$!*1)!.+" /$.!/.!/1(0%*#".+)!4!.%/%*#/$.!,(*/%/ ! 0+0$!2!.#!*1)!.+"/$.!/1/! "+.0$!(1(0%+*+" %(10! !.*%*#/,!./$.!; IP%2% !* ,!.+. %*.5/$.! %2% !* /0+/$.!$+( !./+"0$!,.!*0 !.+. %*.5/$.! @%*A +0( @%*)%((%+*A %2% !* /+*+. %*.5/$.!/; *.!/,!0+"USUV D*0!.%) %2% !* <,% 1#1/0USUV S;VXS  T<UYS D%*( %2% !* <,% 5USUW S;ZXY  U<W\Z +0( %2% !* %*.!/,!0+"IGIJ H9HGM  J:NLN *.!/,!0+"USUW D*0!.%) %2% !* <,% 1#1/0USUW S;VXS  T<TU\ D%*( %2% !* <,% 5USUX S;ZTS  U<TXU +0( %2% !* %*.!/,!0+"IGIK H9GMG  J:IOH *.!/,!0+"USUX D*0!.%) %2% !* <,% 1#1/0USUX S;VXS  T<SV\ D%*( %2% !*  !(.! S;ZVY  U<TUX +0( %2% !* "+.0$!,!.%+ !* %*#JH!!)!.IGIL H9GOM  J:HMK *UU
,.%(USUX<0$!**1( !*!.(!!0%*#+"/$.!$+( !./.0%"%! 0$!0+0( %2% !* +"T;SY,!.+. %*.5 /$.!+"3$%$S;VX,!./$.!3/,% /*%*0!.%)/$ %2% !*  1.%*#1#1/0USUW;$!"%*( %2% !* +" S;ZT,!.+. %*.5/$.!3/,% !*0%.!(5%*/$+*U5USUX; *0+!.USUX * %0%+*(/$ %/0.%10%+*+"S;TZU,!./$.!3/ !(.! 0+/$.!$+( !./+"  .+1, * XSS)%((%+*3/,% %**1.5USUY@USUW=W\[)%((%+*<S;TYT,!./$.! USUV= *%(A; $!+. $/,.+,+/! 0+,5"%*(/$ %2% !* +2!.USUX+"S;ZVY ,!./$.!;$%/%//1&!00+,,.+2( 5/$.!$+( !./00$!**1( !*!.(!!0%*#%*,.%(USUY;   .+!,;;%/.!-1%.! 0+3%0$$+( 04+"TX`+* %2% !* /,% ;!"!.!*!%/) !0++0!T\f-1%05f"+.)+.! %*"+.)0%+*+*/$.!15',.+#.))!/* +0$!. %/0.%10%+*/;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IML

Open the original at slide 265 ↗

Slide 266 — #%*#+1
/#-,/1'+%

#%*#+1
/#-,/1'+% JG!#)!*0/   .+1,J//!#)!*0/.!/! +*0$!%*0!.*(.!,+.0%*#/0.101.!5(%*!/+"1/%*!//; $!4!10%2!+. +"  .+1,* 0$!*#!)!*0+. *'%*#@0+#!0$!.0$!$%!",!.0%*#!%/%+* '!.+.A/!00$!,!."+.)*!0.#!0/<* ,,.+2!* )+*%0+.0$!1 #!0/,.!,.! 50$!1/%*!// (%*!/;1/%*!//(%*!/"+.)1(0!/0.0!#%<+))!.%(<* "%**%(,(*/%*+*"+.)%053%0$0$!/0.0!#5*  ,!."+.)*!0.#!0//!050$!; !+#*%0%+** )!/1.!)!*0+"/!#)!*0.!/1(0/.!%*(%*!3%0$0$!+1*0%*#,+(%%!// !/.%! %*+0!T f/%/+",.!,.0%+** )0!.%(+1*0%*#,+(%5%*"+.)0%+*f;$!.!/1(0/"+.0$!,!.%+ "+.!$.!,+.0(! /!#)!*0.!"0!.%*0!.+),*5* %*0!./!#)!*0!(%)%*0%+*/* .!0$+/!.!2%!3! 50$!0+//!// ,!."+.)*!+"0$!/!#)!*0/;+.,+.0!!4,!*/!/.!((+0! 0+1/%*!//(%*!//! +*0%)!/,!*05$!  +""%!,!./+**!(<0$!.!(0%2!*1)!.+"/0""<+.+*0$!/%/+"%*+)!<!4,!*/!/* ?+.//!0/+"0$!/!#)!*0; *0!.!/0%*+)!,!./!#)!*0%/.!,+.0! /*!0%*0!.!/0%*+)!!1/!)*#!)!*0.!(%!/,.%).%(5+**!0 @.0$!.0$*#.+//A%*0!.!/0.!2!*1!0+//!//0$!,!."+.)*!+"0$!/!#)!*0/; $!"+((+3%*#0(!/,!%"%!/0$!/!#)!*0/5(%*!+"1/%*!//* 0$!)%*/+1.!/+"%*+)!+"!$+"0$! /!#)!*0/= ,!%"%0%+*+"0$!)%*/+1.!/+"%*+)!+"!$+"0$!/!#)!*0/5(%*!+"1/%*!// !#)!*0/5(%*!+"1/%*!// %*/+1.!+"%*+)! !0%(!0$!.(* / *+)!".+),.+ 10/* /!.2%!/,.+2% ! 0+,.%20!%* %2% 1(/<1/%*!// *'%*#(%!*0/* ,.%20!*'%*#(%!*0/%*0$!!0$!.(* /;$!)%*,.+ 10/ * /!.2%!/+""!.! .! %(5*'%*#<(!* %*#</2%*#/<%*2!/0)!*0/*  %*/1.*!; !0%(!(#%1) *+)!".+),.+ 10/* /!.2%!/,.+2% ! 0+,.%20!%* %2% 1(/<1/%*!// *'%*#(%!*0/* ,.%20!*'%*#(%!*0/%*!(#%1)* 14!)+1.#;$!)%* ,.+ 10/* /!.2%!/+""!.! .!/%)%(.0+0$+/!%*0$!!0$!.(* /; !0%( !.)*5 *+)!".+),.+ 10/* /!.2%!/,.+2% ! 0+,.%20!%* %2% 1(/<1/%*!// *'%*#(%!*0/* ,.%20!*'%*#(%!*0/%* !.)*5;$!)%*,.+ 10/*  /!.2%!/+""!.! .!/%)%(.0+0$+/!%*0$!!0$!.(* /; !0%(0$!. *+)!".+),.+ 10/* /!.2%!/,.+2% ! 0+,.%20!%* %2% 1(/<1/%*!// *'%*#(%!*0/* ,.%20!*'%*#(%!*0/%*0$!+0$!..!0%(+1*0.%!/;$!)%* ,.+ 10/* /!.2%!/+""!.! .!/%)%(.0+0$+/!%*0$!!0$!.(* /; $+(!/(!*'%*# *+)!".+)3$+(!/(!*'%*#0%2%0%!/<+"3$%$0$!)%*,.+ 10/.! (!* %*#<,5)!*0/7/$)*#!)!*0<3+.'%*#,%0(/+(10%+*/<0. !"%**!< "%**%().'!0/<+.,+.0!"%**!* 0.!/1.5; ,!%"%0%+*+"#!+#.,$%(/,(%0+"0$!/!#)!*0/ !+#.,$%(/,(%0+"0$!/!#)!*0/ %*+1*0.%!/ $!!0$!.(* / !(#%1) *(1 %*#14!)+1.# !.)*5 0$!.$((!*#!./ 1/0.(%<0(5<,%** +.01#( .+30$.'!0/ +(* <+)*%* w.'%5! $+(!/(!*'%*#!/0+"+.( 0$!.+1*0.%!/%*1.+,!7% (!/0<)!.%/</% 0$!. +.,+.0!%*!   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IMM

Open the original at slide 266 ↗

Slide 267 —   .+1,)+*%0+./* !2(10!/0$!,!."+.)*!+"  .+1,0+*/+(% 0! (!2!(* 5/!#)!*0;$!

  .+1,)+*%0+./* !2(10!/0$!,!."+.)*!+"  .+1,0+*/+(% 0! (!2!(* 5/!#)!*0;$! 4!10%2!+. * 0$!*#!)!*0+. *'%*#+*/% !.0$%/0+!.!(!2*00+*1* !./0* %*#+"0$! .+1,J/"%**%(,!."+.)*!<!1/!%0((+3/%*2!/0+./0+1* !./0* 0$!,.%).5)!0$+ 1/! 5 )*#!)!*00+!2(10!0$! .+1,J/+,!.0%*#,!."+.)*!* )'! !%/%+*/+10((+0%*#.!/+1.!/;   .+1,.!+*%(!/0$!0+0(/!#)!*0.!/1(0/0+0$!0+0(.!/1(01/%*#+.,+.0!%*!;$!+.,+.0!%*!%*(1 !/ ,%0()*#!)!*00%2%0%!/</  .+1,,,(%!//5/0!)+",%0($.#%*#"+.%0/*'%*#+,!.0%+*/%* +. !.0+.!0!+),.(!/%/"+.0$!.!/1(0/+"1/%*!//1*%0/#(+((5<%..!/,!0%2!+"0$!1/%*!//1*%0/J++' !-1%05* 0$!1..!*50$!5+,!.0!%*; +.,+.0!%*!(/+%*(1 !/!.0%*+0$!.%*+)!* !4,!*/!/0$0.!*+0((+0! 0+0$!*'%*#1/%*!//!/< /1$/+1.%*2!/0)!*0/%**'+"!%&%*#* $*$.0*'@/%*/0'!/A/3!((/+1./0'!%** */$+0 !),!*@3$%$%*USUX3/%*.!/! 0+US;V`A;1.0$!.)+.!</".+)USUU<.!/1(0/%*0$!+.,+.0! %*!$2!!!*%),0! 50$!,,(%0%+*+"$5,!.%*"(0%+*+1*0%*#%*0$!+*/+(% 0%+*+"+1./1/% %.5%* w.'%5!@U\A; +0(%*+)!3%0$%*0$!+.,+.0!%*!%*.!/! U[`0+W[W)%((%+*<1,".+)VZ[)%((%+*%*0$!,.!2%+1/ 5!.;$%/#.+30$3/ .%2!*5$%#$!.%*+)!".+)"+.!%#*1..!*5.0%+$! #%*#@1,ZS)%((%+*5!.D+*D 5!.A<%*.!/! .!/1(0/".+)+1."%**%(/0'!/@aW\)%((%+*<%*(1 %*#"2+1.(!.!2(10%+*+"0$! !.%20%2!.!(0! 0+0$!"+.3. ,1.$/!+"/0'!%***/$+0 !),!*A<*  %)%*%/$! %),0".+) U\@.!"(!0%*#(+3!.%*"(0%+*%*w.'%5!A;*+0$5!./<.!/1(0/(/+%*(1 ! .!!%2(!.!(0! 0+0$!,.%+. %*/+(2!*5+""%**%(%*/0%010%+*%*0$!!0$!.(* /=TY)%((%+*%*USUX* XV)%((%+*%*USUW; ,!.0%*#!4,!*/!/"+.0$!+.,+.0!%*! !.!/! 0+XTU)%((%+*<+),.! 3%0$XVV)%((%+*%*USUW; $!USUX"%#1.!+),.%/! $5,!.%*"(0%+*%),0+"TU)%((%+** ZV)%((%+*%*.!/0.101.%*#+/0/;* USUW<!4,!*/!/%*(1 ! VX)%((%+*$5,!.%*"(0%+*%),0<UX)%((%+*%*.!/0.101.%*#+/0/<UU )%((%+*+*!D+""D.!(0! ,5)!*00+/0""%*0$!!0$!.(* /<* UT)%((%+*(%0%#0%+*,.+2%/%+*;4,!*/!/ !4(1 %*#0$!"+.!)!*0%+*! %0!)/ !(%*! 5!.D+*D5!. 1!0+$%#$!..!"1* ; $!%*"+.)0%+*,.!/!*0! %*0$%/*+0!%/%*(%*!3%0$0$!%*"+.)0%+*,.!/!*0! 0+0$!4!10%2!+. +"  .+1,* *#!)!*0+. *'%*#;$%/*+0! +!/*+0,.+2% !%*"+.)0%+*+*0$!05,!/+",.+ 10/*  /!.2%!/".+)3$%$!$.!,+.0(!/!#)!*0 !.%2!/%0/.!2!*1!/</0$%/%/*+0.!,+.0! %*0!.*((5;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IMN

Open the original at slide 267 ↗

Slide 268 —   .+1,+0(

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

Open the original at slide 268 ↗

Slide 269 — !#)!*0/

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

Open the original at slide 269 ↗

Slide 270 — !+#.,$%(/,(%0+"0$!/!#)!*0/

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

Open the original at slide 270 ↗

Slide 271 — JH*"+.)0%+*+*#!+#.,$%(.!/

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`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

Open the original at slide 271 ↗

Slide 272 —  %0%+*(%*"+.)0%+*5+1*0.5

 %0%+*(%*"+.)0%+*5+1*0.5 !+#.,$%( .! +1*0.5?4 &1.%/ %0%+* )!+",.%*%,( /1/% %.5 %*@*'%*#A 0%2%05 2!.#!*1)!.+" !),(+5!!/0"1((D0%)! !-1%2(!*0/%/ +0(%*+)! +0(//!0/ !/1(0!"+.!04 40%+* 4,% IGIL IGIK IGIJ IGIL IGIK IGIJ IGIL IGIK IGIJ IGIL IGIK IGIJ IGIL IGIK IGIJ IGIL IGIK IGIJ !0$!.(* / !0$!.(* /  *';; $+(!/(!?!0%( TX<U[S TW<[UT TW<WW\  X<XZZ  W<[\[  X<XWX VSU<YV[ U\\<\[[ U\U<[TX  T<XZ[  T<TSY  T<[T[  XS\  WWT  XXZ  WTV  X[\  YST !(#%1) !(#%1)  !(#%s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w.'%5!  *';; $+(!/(!?!0%( U<XZW U<Z\X U<\ZV  US[  TWU  TW  W<\X[  W<[\Z  W<ZZS  DZV  DTTS  DUVU  V  T[  DUS  TT  X  U\  .*$+" *';; $+(!/(! ZYU ZWT ZUU  Z[U  [TT  ZX[  YV<ZWY  X\<YTX  XS<XZU  V[X  UW\  XTS  [[  XU  TVT  XX  ZS  TST 3%06!.(* .*$+" *';; $+(!/(! VSX VSS U\U  UTW  UU[  UW[  \<YWT  \<S[Y  [<XST  \S  TSW  TVZ  TW  TY  T\  TW  U\  XU .*!U .*$+" *';; $+(!/(! US\ T\W T\W  UWW  UWT  UXU  Z<Z[S  Z<[T\  [<VUU  TTX  W  TUU  VZ  W  VV  Z  \  Z .!(* .*$+" *';; $+(!/(! TWZ TT\ [U  TSZ  TVX  [V  W<SW[  V<X\V  V<\SZ  TSS  TSU  ZT  TX  TX  \  TU  TU  [ 6!$!,1(% .*$+" *';; $+(!/(! TUW TUU TVW  ZX  ZZ  ZY  V<XYT  V<V[U  V<T\T  UZ  VZ  VV  Y  [  Y  [  W  TS 1*#.5 .*$+" *';; $+(!/(! TVT TU[ TUZ  XW  YV  [X  U<T[V  U<TZ\  T<[\V  DU  Y  VX  V  V  Z  U  \  \ 1//%  *'@1./%A;;; $+(!/(! UV\ UVY UX\  T[Y  TV\  TVY  T<S[Y  ZYW  \UX  TXZ  \\  TXT  V[  T\  VT  VX  UT  US (+2'%T .*$+" *';; $+(!/(! T<YSX T<W[\ T<VWZ  T\  UU  US  Y[Y  YTU  YT[  V  [  TT  T  V  U  U  W  U +.01#( .*$+" *';; $+(!/(! TU TT TS  UV  UV  TZ  ZTW  [TX  YUS  TY  T[  TU  W  W  V  Y  W  U '.%*!  *''.%*! $+(!/(! \W \U \T  V[  WX  XV  XYZ  YXT  X\S  UW  U\  WW  Y  TW  UU  TS  UX  Z 1(#.% .*$+" *';; $+(!/(! YW YW YT  UX  UZ  UV  YTT  XZS  XVS  Y  TV  TT  T  U  T  V  U  T 1/0.% .*$+" *';; $+(!/(! UV US TZ  TU  TS  \  [WX  V\W  V[V  DT  DU  DW  S  S  DT  S  S  T T *(1 !//%#*%"%*0*1)!.+"/%*.!(0%+*0+#(+(/!.2%!/,.+2% ! ; U 1(%/1/% %!/.!!%2! </ !"%*! %*.0%(![\+"0$!<)+1*0/0+S;S
)%((%+*@USUW=S;T
)%((%+*>USUV=S;U
)%((%+*A;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ INI

Open the original at slide 272 ↗

Slide 273 —  %0%+*(%*"+.)0%+*5+1*0.5>+*0%*1! ?

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Open the original at slide 273 ↗

Slide 274 — IGIL

IGIL $!$%#$!.04$.#!+"VU`%*0$!!0$!.(* /@+),.! 0+0$!/0010+.5.0!+"UX;[`A3/)%*(51/! 5 0$!*+*D ! 10%(!10$*'04@UXY)%((%+*A* +0$!.*+*D ! 10%(!!4,!*/!/; %*!0$!1//%*%*2/%+*+"'.%*!< $/,+(%5%*,(!0+0'!+**+*!31/%*!//3%0$1//%*(%!*0/;* USUX<3!$2!"1.0$!./(!  +3*+,!.0%+*/* +*0%*1! 0%+*/0+/!,.0!0$!1/%*!//".+) J/ *!03+.'/* /5/0!)/<3$%$.!/1(0! %* %0%+*(3+.'(+ "+.0$!(+(+,!.0%+*;*U[*1.5USUX<* #.!!)!*03/**+1*! +*0$!/(!+"+1.1/%*!//%*1//%0+ (+(!2!(+,)!*0;/+"0$! 0!+"0$%/ .!,+.0<* /**+1*! %*!,0!)!.USUX<0$!15!.$/*+0.!!%2! ((*!!//.5,,.+2(/5!0;!+*0%*1! 0+3+.'0+3. /+),(!0%*#0$!0.*/0%+** +1.!4%0".+)0$!1//%*).'!0;/.!,+.0! !.(%!.<+* +),(!0%+*+"0$! %2!/0)!*03!!4,!0*!#0%2!7%),0+".+1* S;[%((%+*,+/004* *!#(%#%(! %),0+*+1.T.0%+;$!(+(%*+)!* .!/1(0+*/0* (+*!/%/+2!.USUX.! .%2!*50$!$%#$(+( %*0!.!/0.0!/)+/0+"0$!//!0/.! !,+/%0! 00$!1//%*!*0.(*'</1,,+.0! 50$!,,.!%0%+*+"0$! .+1(!#%*/00$!!1.+;* !.(+((3* *'%*#.!#1(0%+*/< 1//%)1/0!,0.+1(!%*"(+3/*  !,+/%0/".+)!4%/0%*#(%!*0/;!.!%* %/1//%+*3%0$.!#1(0+./+*0$!+*"(%0%*#.!#1(0+.5.!-1%.!)!*0/%* 2.%+1/&1.%/ %0%+*/3%0$.!/,!00+0$!0%2%0%!/+" *'@1./%A;+."1.0$!.%*"+.)0%+*<.!"!.!*!%/ ) !0++0!VUf+0!*0%(/(!+" *'@1./%Af; IGIK $!$%#$!.04$.#!+"WS`%*0$!!0$!.(* /@+),.! 0+0$!/0010+.5.0!+"UX;[`A3/)%*(51/! 5 0$!*+*D ! 10%(!10$*'04@UWY)%((%+*A* +0$!.*+*D ! 10%(!!4,!*/!/; $!,+/%0%2!04$.#!.!,+.0! "+. w.'%5!3%0$.!/,!00+%0/(+//3/)%*(51/! 50$!*+*D ! 10%%(%05 "+.04,1.,+/!/+"0$!+1*0%*#(+///! +*$5,!.%*"(0%+*+1*0%*#; $!$%#$04$.#!%*.6%(3/1/! 504+..!0%+*/"+.,.%+.,!.%+ /%*+**!0%+*3%0$0$!.1*D+""+"+1. .6%(%*+,!.0%+*/; IGIJ $!$%#$!.04$.#!+"VT`%*0$!!0$!.(* /@+),.! 0+0$!/0010+.5.0!+"UX;[`A3/)%*(51/! 5 0$!*+*D ! 10%(!10$*'04@T[\)%((%+*A* +0$!.*+*D ! 10%(!!4,!*/!/; $!(+3!.04$.#!%*,%*3/1/! 504.!"1* @WV)%((%+*A.!#. %*#,.!2%+1/5!./;  +*0%*1! .! 1%*#1//%*D.!(0! !4,+/1.! 1.%*#USUV<0$!(+(.!/1(0/+*/0* (+*!/%/3!.! ,+/%0%2!(5%),0! 5.!(!/!/+"(+*(+//,.+2%/%+*/"+((+3%*#%),.+2! ).+!+*+)%%* %0+./*  !.!/!%*!4,+/1.!/"+((+3%*#/(!/* .!,5)!*0/; $!(+3!.*!#0%2!04$.#!.!,+.0! "+. w.'%5!3%0$.!/,!00+%0/(+//3/)%*(51/! 50$!*+* ! 10%%(%05"+.04,1.,+/!/+"0$!+1*0%*#(+///! +*$5,!.%*"(0%+*+1*0%*#;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ INK

Open the original at slide 274 ↗

Slide 275 — ""'1',+)
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Open the original at slide 275 ↗

Slide 276 — !"%*! !*!"%0.!0%.!)!*0,(*/

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

Open the original at slide 276 ↗

Slide 277 — !0!.)%*0%+*+"0$!*!0 !"%*! !*!"%0//!0=(%%(%05

$*#!/%*0$!,.!/!*02(1!+"0$! !"%*! !*!"%0+(%#0%+** +0$!.,+/0D!),(+5)!*0!*!"%0/"+.0$!,!.%+  3!.!/"+((+3/= $*#!/%* !"%*! !*!"%0+(%#0%+** +0$!.,+/0@!),(+5)!*0!*!"%0/ !"%*! !*!"%0 +(%#0%+* 0$!.,+/0D !),(+5)!*0 !*!"%0/ %*)%((%+* IGIL IGIK IGIL IGIK ,!*%*#(*!/0T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*1.5  DVVV  DVTZ !)!/1.!)!*0+",(*//!0/  DVZ  DTT[ 01.%(#%*/* (+//!/.%/%*#".+)$*#!/%* !)+#.,$%//1),0%+*/  DY  V 01.%(#%*/* (+//!/.%/%*#".+)$*#!/%*"%**%(//1),0%+*/  VU  \W 40%+** 4$*#!.0! %""!.!*!/    X +0(0$!.+),.!$!*/%2!%*+)!)+2!)!*0"+.0$!5!.  @HI  @HM (+/%*#(*!  @JKL  @JJJ *USUX<0$!DVZ
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Open the original at slide 277 ↗

Slide 278 — JK40%+*

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Open the original at slide 278 ↗

Slide 279 — $! !"!..! 04$*#!/0$.+1#$!-1%05D0$!.%*USUX+"XZ)%((%+*@USUW=DWT)%((%+*A%/ 1!0+

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Open the original at slide 279 ↗

Slide 280 — JL%.2(1!+"//!0/* (%%(%0%!/

00!)!*0+",.+"%0+.(+//A40%+* 40%+*505,! !0$!.(* / !/0+"0$!3+.( +0( %*)%((%+* IGIL IGIK IGIJ IGIL IGIK IGIJ IGIL IGIK IGIJ 1..!*0040%+*  XTS  WXW  YST  T<\WV  T<\ZZ  U<TUT  U<WXV  U<WVU  U<ZUU !"!..! 040%+*  DT  DTV  DWX  \V  UVU  U\V  \V  UT\  UW\  LGP  KKH  LLM  I:GJM  I:IHG  I:KHK  I:LKL  I:MLG  I:PNG !+*%(%0%+*+"0$!3!%#$0! 2!.#!/0010+.5%*+)!04.0!0+  .+1,C/!""!0%2!%*+)!04.0! %*)%((%+* IGIL IGIK IGIJ !/1(0!"+.!04".+)+*0%*1%*#+,!.0%+*/  \<TW[   \<VSS   TS<W\U  !%#$0! 2!.#!/0010+.504.0! UX;U` UX;T` UX;X` !%#$0! 2!.#!/0010+.504)+1*0  I:JGI   I:JJJ   I:MNO  !.)*!*0 %""!.!*!/""!0%*#1..!*004 .0%%,0%+*!4!),0%+*  DY\   D[Z   DWV  0$!.%*+)!*+0/1&!00+04  DTUV   DYW   DY[  4,!*/!/*+0 ! 10%(!"+.04,1.,+/!/  WZY   WUW   V\[  1..!*004".+),.!2%+1/(51*.!+#*%/! )+1*0/  S   DT   T  00!* (+(04!/  XY   ZZ   \\   &1/0)!*0/0+,.%+.,!.%+ /  D\U   DVW   DZU  %""!.!*!/""!0%*# !"!..! 04 ),0+* !"!..! 04".+)$*#!%*04.0!/  DY   DT   U  !"!..! 04!*!"%0".+),.!2%+1/(51*.!+#*%/! )+1*0/  S   DT   DVS  .%0!D+""?.!2!./(+" !"!..! 04//!0/  T   W   W  ""!0%2!04)+1*0  I:LKL   I:MLG   I:PNG  ""!0%2!04.0! IN9OR IO9LR IO9JR $!!""!0%2!04.0!+"UZ;[` %*USUX%/$%#$!.0$*0$!3!%#$0! 2!.#!/0010+.504.0!;$%/%/)%*(5 1/! 50$!%),0%*USUX+"0$!"+((+3%*#*+*D ! 10%(!%0!)/"+.%*+)!04,1.,+/!/=%*0!.!/0!4,!*/!/ /! +*10$0$%*,%0(%/0%+*.1(!/"+.*'/<*'04!/<* +0$!.*+*D ! 10%(!!4,!*/!/%*2.%+1/ +1*0.%!/;00!* (+(04!/)%*(5.!(0!0+04!/%*0$!*%0! 00!/+")!.%; $!!""!0%2!04.0!+"U[;X`%*USUW3/$%#$!.0$*0$!3!%#$0! 2!.#!/0010+.504.0!;$%/%/)%*(5 1/! 50$!%),0%*USUW+"0$!"+((+3%*#*+*D ! 10%(!%0!)/"+.%*+)!04,1.,+/!/=$5,!.%*"(0%+* +1*0%*#(+//%*w.'%5!<%*0!.!/0!4,!*/!/<* *'D* (+(04!/%*2.%+1/+1*0.%!/;00!* (+(04!/ )%*(5.!(0!0+/!.+/%+** *0%D1/!4@A%*0$!*%0! 00!/+")!.%* 0+,D1,4/! +* (+(*0%D/!.+/%+*+ !(1(!/@%((.3+A; $!!""!0%2!04.0!+"U[;V`%*USUV3/$%#$!.0$*0$!3!%#$0! 2!.#!/0010+.504.0!;$%/%/)%*(5 1/! 50$!%),0%*USUV+"0$!"+((+3%*#*+*D ! 10%(!%0!)/"+.%*+)!04,1.,+/!/=$5,!.%*"(0%+* +1*0%*#(+//%*w.'%5!<%*0!.!/0!4,!*/!/<* *'D* (+(04!/%*2.%+1/+1*0.%!/; &1/0)!*0/0+,.%+. ,!.%+ /)%*(5.!(0!0+04.!"1* %*,%*; -1%05@0$!.+),.!$!*/%2!%*+)! *+)!04.!(0! 0++),+*!*0/+"+0$!.+),.!$!*/%2!%*+)! %*)%((%+* IGIL IGIK IGIJ *.!(%/! .!2(10%+*/+""%**%(//!0/0"%.2(1!0$.+1#$+0$!. +),.!$!*/%2!%*+)!* +0$!..!2(10%+*/  DTYU  TSS  DZ !(%/! #%*/?(+//!/0.*/"!..! 0+0$!/00!)!*0+",.+"%0+.(+// @.!(//%"%0%+*/".+)!-1%050+,.+"%0+.(+//A  Z  DU\  DV $*#!/%*/$"(+3$! #!.!/!.2!  DWV  DTV[  DUXT !)!/1.!)!*0+"0$!*!0 !"%*! !*!"%0//!0?(%%(%05  W  Y  VT $*#!/%*"%.2(1!+"+3*.! %0.%/'+""%**%((%%(%0%!/0"%.2(1! 0$.+1#$,.+"%0+.(+//  Y  X  U 4$*#!.0! %""!.!*!/* +0$!.  XT  DWY  T\ +0(%*+)!04.!(0! 0++),+*!*0/+"+0$!.+),.!$!*/%2!%*+)!  @HJN  @HGI  @IGP JL%.2(1!+"//!0/* (%%(%0%!/ ?(10%+*)!0$+ / $!!/0%)0! "%.2(1!/.!,.!/!*00$!,.%!0$03+1( !.!!%2! 0+/!((*//!0+.,% 0+0.*/"!.(%%(%05%* *+. !.(50.*/0%+*!03!!*).'!0,.0%%,*0/00$!)!/1.!)!*0 0!;0%/).'!0D/! )!/1.!)!*0< 3$%$%//! +*//1),0%+*/0$0).'!0,.0%%,*0/3+1( 1/!* 0'!/%*0++1*00$!$.0!.%/0%/+" 0$!//!0+.(%%(%050$0).'!0,.0%%,*0/3+1( 0'!%*0++1*03$!*,.%%*#0$!//!0+.(%%(%05; %.2(1!/+""%**%(//!0/* (%%(%0%!/.!/! +*-1+0! ,.%!/%*0%2!).'!03$!.!2%((!;$!* /1$-1+0! ,.%!/.!*+02%((!<0$!"%.2(1!%/ !0!.)%*! 51/%*#2(10%+*0!$*%-1!/;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IOG

Open the original at slide 280 ↗

Slide 281 — ?(10%+*+*0.+(".)!3+.'

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!"!./)0!.%(+"%*/0.1)!*0/3%0$/%#*%"%*01*+/!.2(!2(10%+*%*,10/<3$%$.!0$!"%**%( %*/0.1)!*0/(//%"%! /!2!(V* "%**%(%*/0.1)!*0/3%0$)0!.%(1*+/!.2(!%*,10/%*0+3$%$.! *+0*!!//.%(5(//%"%! /!2!(V;$!%/)+.0%/! +2!.0$!(%"!+"0$!%*/0.1)!*0<+.1*0%(0$!/%#*%"%*0 1*+/!.2(!%*,10/!+)!+/!.2(!<+.1*0%(0$!/%#*%"%*01*+/!.2(!%*,10/!+)!*+*D/%#*%"%*0;$!  &1/0)!*0/%*"%.2(1!* 0$!.!/!.2!.! %/(+/! %*0$!!(+30(!; !"!..! 5*!.+"%0+.+//!/!.2! $!0(!!(+3/1)).%/!/0$!)+2!)!*0%*0$!##.!#0!*+0.!+#*%/! 3$!*"%**%(%*/0.1)!*0/3!.! %*%0%((5.!+#*%/! <!1/!+"0$!1/!+"2(10%+*0!$*%-1!/"+.3$%$*+0((0$!%*,10/3!.!).'!0+/!.2(! 0; !"!..!  5+*!,.+"%0+.(+//.!/!.2! %*)%((%+* IGIL IGIK ,!*%*#(*!0H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

Open the original at slide 281 ↗

Slide 282 — ?%.2(1!$%!..$5

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Open the original at slide 282 ↗

Slide 283 — %**%(%*/0.1)!*0/0"%.2(1!

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f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
!0/!1.%0%!/  T<XWS  T<WXX  Z<U[W  [<WWX  TX  YZ  [<[V\  \<\YY E
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!.%20%2!/  TXU  WX  UT<S\S  UZ<XU[  ZZZ  Y\W  UU<ST\  U[<UYZ  K:IIM  L:HJH  NL:LGL  OG:PPO  OGI  NNG  OG:LJI  OM:PGG   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IOJ

Open the original at slide 283 ↗

Slide 284 — $!"+((+3%*#)!0$+ /* //1),0%+*/3!.!1/! 5  .+1,0+!/0%)0!0$!"%.2(1!+"0$!"%**%(

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Open the original at slide 284 ↗

Slide 285 — !?.*/"!./!03!!*!2!(H* I

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`A@USUW=\;Y%((%+*<!%*#[Z;U`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`A@USUW=S;Y%((%+*<!%*#ZX;Z`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
V,+/%0%+*;+3!.* 1,,!.+1* / .!"(!00$!2.%%(%05+"!2!(V,+/%0%+*/* 0$!%.1* !.(5%*#2(10%+*%*,10/%*0$!,+.0"+(%+<10 +*+0  !-10!(5.!"(!00$!%.(!2!(+"2(10%+*1*!.0%*05;+.2(10%+*1*!.0%*05//!//)!*0<.!"!.!*!%/) !0+ /!0%+*!*/%0%2%05*(5/%/+"1*+/!.2(!%*,10/@!2!(VA;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IOL

Open the original at slide 285 ↗

Slide 286 — 0"%.2(1!0$.+1#$,.+"%0+.(+//

0"%.2(1!0$.+1#$,.+"%0+.(+// !0/!1.%0%!/  T<\VW  V<XSW  \  TS .%!/! .%!@`A S` S` TSV` TUS` .%!@,.%!,!./$.!A UST VUZ WTU XUS .!/!*02(1!0!$*%-1!/ .%!@`A *;; \X;[X` *;; TSS` -1%05/!1.%0%!/  T[Z  TWT .%!/! .%!@,.%!,!./$.!A S S X<WZX X<WZX +*/*  2*!/  T<\Z[  T<XYX  S  S .%!/! .%!@`A S` S` TS\` TSZ` .!/!*02(1!0!$*%-1!/ .! %0/,.! @,/A TUS XZY ZS\ YU\ .!,5)!*0.0!@`A U` U` U` TSS` @!2!./!A.!,+/  Y<XYV  X<SXS .!/!*02(1!0!$*%-1!/ *0!.!/0.0!@`A *;; U` *;; U` 0.101.! *+0!/  TX  YZ .%!/! .%!@`A \Y` \V` TSV` TSW` ,0%+*,.%%*#)+ !( -1%052+(0%(%05@`A T[` *;; UU` *;; -1%05?-1%05+..!(0%+* S;Z S;Z S;[ S;Z -1%05?+..!(0%+* DS;Y *;; S;U *;; %2% !* 5%!( @`A S;W` *;; T;\` *;; .!/!*02(1!0!$*%-1!/ .!,5)!*0.0!@`A *;; \\;X\` *;; TSS;S\` !.%20%2!/ E

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0$!.  U  Y  TS  \ ,0%+*,.%%*#)+ !( +))+ %052+(0%(%05@`A US` TV;T` ZY` YT` +)?+..!(0%+* DS;UX DS;WS DS;UX DS;UX .%!/! .%!@+))+ %05A YY Y[ YY Y[ 0"%.2(1!0$.+1#$+0$!.+),.!$!*/%2!%*+)! E

-1%05  VSZ  UZS .!/!*02(1!0!$*%-1!/ .! %0/,.! @,/A X;TX X;YZ X;TX X;ZY *0!.!/0.0!@`A U;X` T;X` U;X` V;X` 5+10.0%+@`A ZS` ZS` \S` \S` .%!/! .%!@`A *;; TUU` *;; TUU`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

Open the original at slide 286 ↗

Slide 287 — .%!

.%! +./!1.%0%!/3$!.!).'!0,.%!/.!*+02%((!<"%.2(1!%/)!/1.! 5+),.%/+*3%0$+/!.2(!,.%%*# 0".+)/%)%(.%*/0.1)!*0/;.%!/+"S`.! %/0.!//! 0+0$!,+%*00$0*+.!+2!.5%/!4,!0! <3$%(!,.%!/ /%#*%"%*0(5%*!4!//+"TSS`+.,..!!4,!0! 0+,55%!( +2!1..!*0).'!0.0!/; .! %0/,.! / .! %0/,.! %/0$!,.!)%1)+2!!*$).'%*0!.!/0.0!.!-1%.! 50$!).'!0,.0%%,*00+!,0 (+3!..! %0-1(%05; %#$!..! %0/,.! /%* %0!(+3!..! %0-1(%05* (+3!.2(1!+"*//!0; +(0%(%05 +(0%(%05%/)!/1.!"+.2.%0%+*+"0$!,.%!+""%**%(%*/0.1)!*0+.+0$!.2(10%+*%*,10+2!.0%)!; +(0%(%05%/+*!+"0$!'!5%*,10/%*+,0%+*,.%%*#)+ !(/;5,%((5<0$!$%#$!.0$!2+(0%(%05<0$!$%#$!.2(1!+" 0$!+,0%+*;+(0%(%052.%!/50$!1* !.(5%*#.!"!.!*!@!-1%05<+))+ %05<"+.!%#*1..!*5* %*0!.!/0.0!/A< 5/0.%'!<* )01.%05+"0$!+,0%+*;$!)%*%)1)(!2!(+"2+(0%(%05%/S`* 0$!.!%/*+0$!+.!0%()4%)1); +..!(0%+* +..!(0%+*%/)!/1.!+" !,!* !*!!03!!*03+1* !.(5%*#.!"!.!*!/3$%$%/.!(!2*0"+.2(1%*# !.%20%2!/* +0$!.%*/0.1)!*0/$2%*#)+.!0$*+*!1* !.(5%*#.!"!.!*!; %#$,+/%0%2!+..!(0%+*@(+/!0+TA %* %0!//0.+*#,+/%0%2!@/00%/0%(A.!(0%+*/$%,<3$!.!1* !.(%!./)+2!<!2!.50$%*#!(/!!-1(<%*0+0$!/)! %.!0%+*;$!/)!$+( /"+.$%#$*!#0%2!+..!(0%+*; *0!.!/0.0! *%*0!.!/0.0!%/0$!)+1*0+"%*0!.!/0 1!,!.,!.%+ </,.+,+.0%+*+"0$!)+1*0(!*0< !,+/%0! <+. +..+3! ; !/!0/,.! !/!0/,.! /.!'!5%*,10/0+)+.0##!D(%*'! ,.!,5)!*0/3,/2(10%+*;!/!0/,.! %/0$!"101.!/,.! 0 3$%$)+.0##!/3%((.!D,.%!0%*0!.!/0.0!.!/!0 0!/; %2% !* 5%!( %2% !* 5%!( %/*%),+.0*0%*,10"+.!-1%05+,0%+*,.%%*#)+ !(//$+3%*#$+3)1$ %2% !* /+),*5%/ !4,!0! 0+,5+10!$5!..!(0%2!0+%0//$.!,.%!;%2% !* 5%!( /.!#!*!.((5!4,.!//! /***1(%/!  ,!.!*0#!+"/$.!,.%!; 5+10.0%+ %2% !* ,5+10.0%+%/*%*,100$0/$+3/0$!,!.!*0#!+" %2% !* /+),*5%/!4,!0! 0+,5+10!$ 5!..!(0%2!0+%0/*!0%*+)!; .!,5)!*0.0! .!,5)!*0.0!%/'!5%*,100+)+.0##!* (+*2(10%+*;.!,5)!*0.0!%/0$!!/0%)0! .0!03$%$ )+.0##!+..+3!./3%((.!,50$!%.)+.0##!/!.(5<!;#;X`,!.5!.;.!,5)!*0.0!* .!/!0/,.! .!'!5 %*,10/0+)+.0##!D(%*'! ,.!,5)!*0/3,/2(10%+*;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ ION

Open the original at slide 287 ↗

Slide 288 — !2!(J;$*#!/ 1.%*#0$!,!.%+

!2!(J;$*#!/ 1.%*#0$!,!.%+ $*#!/%*!2!(J%**%(//!0/ . %*#//!0/ +*D0. %*# !.%20%2!/ %**%(//!0/ )* 0+.%(50 %**%(//!0/ !/%#*0! 0 %**%(//!0/ 0 +0( *)%((%+* IGIL IGIK IGIL IGIK IGIL IGIK IGIL IGIK IGIL IGIK IGIL IGIK ,!*%*#(*!/0T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

Open the original at slide 288 ↗

Slide 289 — #?!+#*%0%+*+"1*.!(%/! #%*/* (+//!/%*!2!(J

$*#!/%*!2!(J%**%((%%(%0%!/ . %*#(%%(%0%!/ +*D0. %*# !.%20%2!/ %**%((%%(%0%!/ !/%#*0! /0"%. 2(1!0$.+1#$,.+"%0 +.(+// +0( %*)%((%+* IGIL IGIK IGIL IGIK IGIL IGIK IGIL IGIK ,!*%*#(*!/0T 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
2(1! )+2!)!*0/".+) 1/%*#.!/+*(! ,+//%(!(0!.*0%2!/ !#0%2!"%.
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

Open the original at slide 289 ↗

Slide 290 — $!##.!#0%+*+"0$!"%.2(1!/,.!/!*0! +2! +!/*+0.!,.!/!*0<* /$+1( *+0!+*/0.1! /

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

Open the original at slide 290 ↗

Slide 291 — JM!.%20%2!/* $! #!+1*0%*#

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f%/')*#!)!*0?$!%),0+"0$!!*$).'.0!.!"+.)f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f.2!D+10f;$!f.2!D+10f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

Open the original at slide 291 ↗

Slide 292 — !"+.!"%.2(1!$! #!+1*0%*#%/,,(%! <  !0!.)%*!/3$!0$!.*!+*+)%.!(0%+*/$%,!03!!*0$!

!"+.!"%.2(1!$! #!+1*0%*#%/,,(%! <  !0!.)%*!/3$!0$!.*!+*+)%.!(0%+*/$%,!03!!*0$! $! #! %0!)* 0$!$! #%*#%*/0.1)!*0!4%/0//! +**!2(10%+*+"0$!-1*0%00%2!$.0!.%/0%/+"0$!/! %0!)/* 0$!$! #! .%/'0$0%//1,,+.0! 5-1*0%00%2!*(5/%/; +*/% !./3$!0$!.0$!.%0%(0!.)/+" 0$!$! #! %0!)* $! #%*#%*/0.1)!*0(+/!(5(%#*3$!*//!//%*#0$!,.!/!*!+"*!+*+)%.!(0%+*/$%,;  !2(10!/3$!0$!.0$!"%.2(1!+"0$!$! #! %0!)* 0$!$! #%*#%*/0.1)!*0.!/,+* /%)%(.(50+/%)%(. .%/'/;* %0%+*< %/)%*(51/%*#.!#.!//%+**(5/%/0+//!//3$!0$!.0$!$! #%*#%*/0.1)!*0%/!4,!0! 0+ !* $/!!*$%#$(5!""!0%2!%*+""/!00%*#$*#!/%*0$!"%.2(1!+"0$!$! #! %0!); +.0$!).+$! #!/+"%*0!.!/0.0!.%/'< "+((+3/ 5*)%$! #%*#/0.0!#5;$%/)!*/0$0+*)+*0$(5 /%/</! +*0$!*!3,+.0"+(%+,.+&!0%+*<0$!$! #%*#.!(0%+*/$%,%/.!*!3! ;.+)*+,!.0%+*(,+%*0+" 2%!3<0$!!4%/0%*#$! #%*#.!(0%+*/$%,%/ &1/0! /! +*0$!*!3,+.0"+(%+,.+&!0%+**  %0%+*($! #%*# %*/0.1)!*0/.! ! 0+0$!$! #%*#.!(0%+*/$%,;  1/!/0$!"+((+3%*# !.%20%2!"%**%(%*/0.1)!*0/%*"%.2(1!$! #!+1*0%*#.!(0%+*/$%,= .+//..5%*#2(1!+" !.%20%2!/ !/%#*0! 1* !."%.2(1!$! #!+1*0%*# //!0/ %%(%0%!/ //!0/ %%(%0%!/ %*)%((%+* IGIL IGIL IGIK IGIK /0JH
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`@USUW=T;Y\`A"+.* W;WV`@USUW=W;UU`A"+.; $!"+((+3%*#0(!/$+3/0$!*!0*+0%+*()+1*0+" !.%20%2!/ !/%#*0! %*"%.2(1!$! #%*#</,(%0%*0+0$! )01.%05+"0$!%*/0.1)!*0/;$!*!0*+0%+*()+1*0/,.!/!*0! %*0$!0(!.!+)%*0%+*+",5!.@DA*  .!!%2!.@aA/3,/; 01.%05 !.%20%2!/ !/%#*0! %*"%.2(1!$! #%*# %*)%((%+* !// 0$*H )+*0$ H0+J )+*0$/ J0+HI )+*0$/ H0+I 5!./ I0+J 5!./ J0+K 5!./ K0+L 5!./ VL5!./ +0( /0JH!!)!.IGIL ! #%*#%*/0.1)!*0+* %*0!.!/0.0!.%/' E*0!.!/0.0!/3,/  W<TVV  VSW  TZ<XXT  DVZV  TS<W\W  U<[X\  DU<XUW  DXU<[YV  DUS<WT\ E0$!.%*0!.!/0 !.%20%2!/  DV  \V  UU\  TVT  DVSV  T[W  UTU  UYS  [SV /0JH!!)!.IGIK ! #%*#%*/0.1)!*0+* %*0!.!/0.0!.%/' D*0!.!/0.0!/3,/  WV  T<UUW  W<VS[  TX<VSX  U<TZ\  W<X[S  V<UX\  DXT<SV\  DUS<TWS E0$!.%*0!.!/0 !.%20%2!/  DW  U\  T[U  UW[  \T  DT\V  TUT  V[V  [X[ ! #%*#%*/0.1)!*0+* .0!.%/' E.+//1..!*5/3,/  DTWU  DYS  D\[            DU\\ %*/* (+//!/+* !.%20%2!/ !/%#*0! 1* !."%.2(1!$! #!+1*0%*#.!.!+#*%/! %*0$!/00!)!*0+" ,.+"%0+.(+//;$!!""!0%2!,+.0%+*+"0$!"%.2(1!$*#!+*0$!$! #! %0!)%/(/+.!+#*%/! %*0$!/00!)!*0 +",.+"%0+.(+//%*f(10%+*.!/1(0/* *!00. %*#%*+)!f;/.!/1(0<+*(50$!*!0+1*0%*#%*!""!0%2!*!// $/*%),0+*0$!*!0.!/1(0;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IPI

Open the original at slide 292 ↗

Slide 293 — 1.%*#USUX<0$!%*0!.!/0.0!)+2!)!*0//%#*%"%*0(5""!0! 0$!"%.2(1!$*#!/+"+0$0$! !.%20%2!/* 

! #! %0!)/%*(1 ! %*"%.2(1!$! #%*#.!(0%+*/$%, ..5%*#)+1*0+"0$!$! #! %0!)/ 1)1(0! )+1*0+""%.2(1!$! #!  &1/0)!*0+*0$!$! #! %0!)%*(1 ! %* 0$!..5%*#)+1*0+"0$!$! #! %0!) $*#!%*"%.2(1! +"0$!$! #! %0!) "+.)!/1.%*# %*!""!0%2!*!//"+. 0$!,!.%+ $*#!%*"%.2(1! $! #%*#%*/0.1)!*0/ "+.0$!,!.%+ ! #!%*!""!0%2!*!// .!+#*%/! %*0$! /00!)!*0+",.+"%0+. (+//#%*@a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f; * %0%+*<0$!*!0%*.!/!%*$! #! %0!)/%/)%*(5 1!0+$%#$!.2+(1)!/%* !0/!1.%0%!//3!((/0$! !40!*/%+*+"0$!).+"%.2(1!$! #!+*+.! !,+/%0/%*USUX;%/+*0%*1! $! #!/)%*(5.!(0!0+0$! 0.*/"!.+" !.%20%2!/".+) D/! (!.%*#$+1/!/0+D/! (!.%*#$+1/!/.!(0! 0+.!4%0%*USUS;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IPJ

Open the original at slide 293 ↗

Slide 294 — /$"(+3$! #!+1*0%*#

$!)%*/+1.!/+"%*!""!0%2!*!//.!=  %""!.!*!/%*)01.%0%!/+"0$!$! #! %0!)@/A* $! #%*#%*/0.1)!*0@/A>  %""!.!*0%*0!.!/0.0!1.2!/,,(%! 0+ %/+1*00$!$! #! %0!)@/A* $! #%*#%*/0.1)!*0@/A>  %""!.!*!/%*0%)%*#+"/$"(+3/+"0$!$! #! %0!)@/A* $! #%*#%*/0.1)!*0@/A; $!.!3!.!*++0$!./+1.!/+"/%#*%"%*0%*!""!0%2!*!//%*0$!/!$! #%*#.!(0%+*/$%,/; /$"(+3$! #!+1*0%*#  ,,(%!//$"(+3$! #!+1*0%*#+*)%.+* ).+(!2!(; J//$"(+3$! #!/)%*(5+*/%/0+" %*0!.!/0.0!/3,/* .+//D1..!*5/3,/0$0.!1/! 0+,.+0!0#%*/00$!!4,+/1.!0+2.%%(%05%*"101.! /$"(+3/+**+*D0. %*#//!0/* (%%(%0%!/0$0!.%*0!.!/002.%(!.0!/+..!!4,!0! 0+!.!"1* !  +..!%*2!/0! %*0$!"101.!;$!)+1*0/* 0%)%*#+""101.!/$"(+3/<.!,.!/!*0%*#+0$,.%*%,(* %*0!.!/0 "(+3/<.!,.+&!0! "+.!$,+.0"+(%++""%**%(//!0/* (%%(%0%!/</! +*+*0.01(0!.)/* +0$!. 2.%(!/%*(1 %*#!/0%)0!/+",.!,5)!*0/;$!/!,.+&!0! /$"(+3/"+.)0$!/%/"+.% !*0%"5%*#0$! *+0%+*()+1*0/1&!00+%*0!.!/0.0!.%/'+."+.!%#*1..!*5!4$*#!.0!.%/'0$0%/ !/%#*0! 1* !./$ "(+3$! #!+1*0%*#;  J/,,.+$0+)*#!).'!0.%/'<%*(1 %*#%*0!.!/0.0!.%/'* "+.!%#*1..!*5!4$*#!.0!.%/'<%/ %/1//! %*I%/')*#!)!*0E.'!0.%/'J;  !0!.)%*!/0$!)+1*0+"0$!!4,+/1.!/0+3$%$%0,,(%!/ $! #!+1*0%*#5//!//%*#0$!,+0!*0%(%),0+"$*#!/%*%*0!.!/0.0!/* "+.!%#*1..!*5!4$*#! .0!/+*0$!"101.!/$"(+3/".+)%0/"(+0%*#D.0!//!0/* (%%(%0%!/;$%///!//)!*0%/,!."+.)! 1/%*# *(50%(0!$*%-1!/; /*+0! +2!"+."%.2(1!$! #!/<51/%*# !.%20%2!"%**%(%*/0.1)!*0/0+$! #!!4,+/1.!/0+$*#!/%* %*0!.!/0.0!/* "+.!%#*1..!*5!4$*#!.0!/< !4,+/!/%0/!("0+.! %0.%/'+"0$! !.%20%2!+1*0!.,.05< 3$%$%/*+0+""/!050$!$! #! %0!)/;$%/!4,+/1.!%/)*#! /%)%(.(50+0$0"+."%.2(1!$! #!/; %*/* (+//!/+*0$!!""!0%2!,+.0%+*/+" !.%20%2!/ !/%#*0! 1* !./$"(+3$! #!+1*0%*#.! .!+#*%/! %*0$!.+),.!$!*/%2!*+)!;*0!.!/0/$"(+3/+*0$!/! !.%20%2!/.!.!+#*%/! %*0$! /00!)!*0+",.+"%0+.(+//%*I!0%*0!.!/0%*+)!J+*/%/0!*03%0$0$!)**!.%*3$%$0$!"+.!/0! /$"(+3/ ""!00$!*!0.!/1(0;$!#%*/* (+//!/+*%*!""!0%2!,+.0%+*/+"/1$ !.%20%2!/.!.!+#*%/! %))! %0!(5%* 0$!/00!)!*0+",.+"%0+.(+//%*I(10%+*.!/1(0/* *!00. %*#%*+)!J;   !0!.)%*!/*!+*+)%.!(0%+*/$%,!03!!*0$!/$"(+3/+"0$!$! #! %0!)* 0$!$! #%*#%*/0.1)!*0 /! +**!2(10%+*+"0$!-1*0%00%2!$.0!.%/0%/+"0$!/!%0!)/* 0$!$! #! .%/'0$0%//1,,+.0! 5 -1*0%00%2!*(5/%/; +*/% !./3$!0$!.0$!.%0%(0!.)/+"0$!$! #! %0!)* $! #%*#%*/0.1)!*0(+/!(5 (%#*3$!*//!//%*#0$!,.!/!*!+"*!+*+)%.!(0%+*/$%,; !2(10!/3$!0$!.0$!/$"(+3/+"0$! $! #! %0!)* 0$!$! #%*#%*/0.1)!*0.!/,+* /%)%(.(50+0$!$! #! .%/'</1$/0$!!*$).'%*0!.!/0 .0!+""+.!%#*1..!*5;* %0%+*<.!#.!//%+**(5/%/%/,!."+.)! 0+//!//3$!0$!.0$!$! #%*#%*/0.1)!*0 %/!4,!0! 0+!* $/!!*$%#$(5!""!0%2!%*+""/!00%*#$*#!/%*0$!"%.2(1!+"0$!$! #! %0!);  1/!/0$!"+((+3%*# !.%20%2!"%**%(%*/0.1)!*0/%*/$"(+3$! #!+1*0%*#.!(0%+*/$%,= .+//..5%*#2(1!+" !.%20%2!/1/! "+./$"(+3$! #!+1*0%*# //!0/ %%(%0%!/ //!0/ %%(%0%!/ %*)%((%+* IGIL IGIL IGIK IGIK /0JH
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`@USUW=T;Z\`A"+.<W;UZ`@USUW=W;VZ`A"+.<V;[X`@USUW=V;\\`A"+.* V;V[`@USUW=V;U\`A "+.;$!2!.#!1..!*5!4$*#!.0!/"+..+//1..!*5%*0!.!/0.0!/3,/1/! %*/$"(+3$! #! +1*0%*#%/"+.?S;\Z@USUW=T;SVA* "+.?T;XY@USUW=T;XUA;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IPK

Open the original at slide 294 ↗

Slide 295 — $!"+((+3%*#0(!/$+3/0$!*!0*+0%+*()+1*0+" !.%20%2!/ !/%#*0! %*/$"(+3$! #%*#/,(%0%*0+0$!

$!"+((+3%*#0(!/$+3/0$!*!0*+0%+*()+1*0+" !.%20%2!/ !/%#*0! %*/$"(+3$! #%*#/,(%0%*0+0$! )01.%05+"0$!%*/0.1)!*0/;$!*!0*+0%+*()+1*0/,.!/!*0! %*0$!0(!.!+)%*0%+*+",5!.@a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aA? (+//@DA   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ IPL

Open the original at slide 295 ↗

Slide 296 — ! #!/+"*!0%*2!/0)!*0/%*"+.!%#*+,!.0%+*/

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a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

Open the original at slide 296 ↗

Slide 297 — %*/* (+//!/+*0$!!""!0%2!,+.0%+*/+" !.%20%2!/ !/%#*0! 1* !.*!0%*2!/0)!*0$! #!+1*0%*#.!

%*/* (+//!/+*0$!!""!0%2!,+.0%+*/+" !.%20%2!/ !/%#*0! 1* !.*!0%*2!/0)!*0$! #!+1*0%*#.! .!+#*%/! %*0$!.+),.!$!*/%2!*+)!;$!(*!%*!-1%05%/.!+#*%/! %*0$!/00!)!*0+",.+"%0+.(+// 3$!*0$!.!(0! "+.!%#*/1/% %.5%/ %/,+/! +";$!#%*/* (+//!/+*%*!""!0%2!,+.0%+*/.!.!+#*%/!  %))! %0!(5%*0$!/00!)!*0+",.+"%0+.(+//%*f(10%+*.!/1(0/* *!00. %*#%*+)!f;  $/0$!"+((+3%*# !.%20%2!"%**%(%*/0.1)!*0/1/! "+.*!0%*2!/0)!*0$! #%*#= .+//..5%*#2(1!+" !.%20%2!/1/! "+.*!0%*2!/0)!*0$! #%*# //!0/ %%(%0%!/ //!0/ %%(%0%!/ %*)%((%+* IGIL IGIL IGIK IGIK /0JH
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Open the original at slide 297 ↗

Slide 298 — JN//!0/5+*0.01()01.%05

JN//!0/5+*0.01()01.%05 )+1*0/,.!/!*0! 5+*0.01()01.%05.!0$!)+1*0//,.!/!*0! %*0$!/00!)!*0+""%**%(,+/%0%+** .! %/+1*0! /$"(+3/;!"!.!*!%/) !0+I%/'*#!)!*0E1* %*#* (%-1% %05.%/'J; //!0/5+*0.01()01.%05 %*)%((%+* IGIL !//0$*T)+*0$T TDV)+*0$/ VDTU)+*0$/ TDX5!./ 2!.X5!./ 01.%05*+0,,(%(! +0( /$* (*!/3%0$!*0.(*'/  XU<[[\  XU<[[\ +*/*  2*!/0+*'/  TU<\TS  T<X[T  V<ZVX  U<UX[  ZUS  UT<USW %**%(//!0/0"%.2(1!0$.+1#$,.+"%0+.(+// E
. %*#//!0/  US<\X[  V<XS[  Z<\[[  TT<\ZW  TT<VSU  XX<ZVS E
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!0/!1.%0%!/  VYX  WXY  U<SUZ  T[<SYW  UT<VSZ  WU<UT\ E
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Open the original at slide 298 ↗

Slide 299 — JO%%(%0%!/* +""@(*!/$!!0+))%0)!*0/5)01.%05

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

Open the original at slide 299 ↗

Slide 300 — %%(%0%!/* +""@(*!/$!!0+))%0)!*0/5)01.%05

%%(%0%!/* +""@(*!/$!!0+))%0)!*0/5)01.%05 %*)%((%+* 01.%05*+0 ,,(%(! IGIL !//0$*T)+*0$T TEV)+*0$/ VETU)+*0$/ TEX5!./ 2!.X5!./  &1/0)!*0U +0( !,+/%0/".+)*'/  TS<VSV  U<WVV  U<V\U  T<ZVZ  T<YTZ  VW  T[<XTZ 1/0+)!. !,+/%0/  YW\<Z[X  UY<VWY  VZ<ZY\  V<YT[  U<SW\  T<Z\\  ZUT<VYZ %**%((%%(%0%!/0"%.2(1!0$.+1#$,.+"%0+.(+// E
0$!.0. %*#(%%(%0%!/  ZSW  W[  TTS  T<SU[  YTS  UWZ  U<ZWX E
. %*# !.%20%2!/  U<XS\  U<U\S  W<YSW  Z<XS[  U<WX\  T<VTT  US<Y[T E
+*D0. %*# !.%20%2!/  TZS  T\\  UU\  VSW  TU[  VS\  T<VV[ E
!/%#*0! 0"%.2(1!0$.+1#$,.+"%0+.(+//  V\<UZ\  Y<\[S  \VZ  W<TTU  W<XYS  VY  DTVY  XX<ZY[ !0/!1.%0%!/%*%//1!  V<VSS  T[<[TW  WS<Y[U  XX<T\\  VW<XUU  DT<U[X  TXT<UVT 1+. %*0! (+*/          TS<YTU  Z<YUZ  DTWS  T[<TSS !/!(%%(%0%!/  TX  VW  TZU  XZW  VSW  DXS  T<SXS %**%((%%(%0%!/  NGM:GMM  LN:HKK  OM:OPK  NK:GNP  LM:OMI  N:MMJ  I:GOO  PPG:NPN 0$!.(%%(%0%!/V  Z<Z\S  [WV  U<\[S  W\S  XXV  TU<YXY +0((%%(%0%!/  NHJ:OLM  LN:POM  OP:ONK  NK:LMP  LN:KHL  N:MMJ  I:GOO  H:GGJ:KLI +1,+*%*0!.!/0 1!+*"%**%((%%(%0%!/  T<\TW  T<VX[  W<VVW  TS<WSS  Z<UZX  WZW  UX<ZXW +))%0)!*0/; E
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..!2+(!(!00!./+".! %0  TX<UVS          TX<UVS 1.*0!!/%//1! 5  .+!,;;  T[X              T[X ..!2+(!"%(%0%!/  USS<SSS  V\  Y  ZZ  ZY  USS<T\[  IKK:HGL  JP  M  MIP  NM      IKK:OLL T *(1 !/(%%(%0%!/+* !)* ; U $%/+(1)*.!+*%(!/0$!+*0.01(1* %/+1*0! /$"(+3/+*"%**%((%%(%0%!/0+0$!/00!)!*0+""%**%(,+/%0%+*2(1!/;$! &1/0)!*0/)%*(5.!(0!0+0$!%),0+" %/+1*0%*#* "%.2(1!$! #! &1/0)!*0/<* "+. !.%20%2!/<0+0$!"00$00$!+*0.01(/$"(+3/.!,.!/!*0! +*#.+// /%/@1*(!//0$!/$"(+3/.!01((5/!00(! *!0A; V *(1 !/0$!.(%%(%0%!/<1..!*0*  !"!..! 04(%%(%0%!/<* .+2%/%+*//,.!/!*0! %*0$!+*/+(% 0! /00!)!*0+""%**%(,+/%0%+*;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ JGG

Open the original at slide 300 ↗

Slide 301 — %%(%0%!/* +""@(*!/$!!0+))%0)!*0/5)01.%05

%%(%0%!/* +""@(*!/$!!0+))%0)!*0/5)01.%05 %*)%((%+* 01.%05*+0 ,,(%(! IGIK !//0$*T)+*0$T TEV)+*0$ VETU)+*0$/ TEX5!./ 2!.X5!./  &1/0)!*0U +0( !,+/%0/".+)*'/  \<TSW  T<VYZ  U<S[X  T<YVZ  U<W[W  WZ  TY<ZUV 1/0+)!. !,+/%0/  YTS<T[W  UV<VTU  W\<U[W  W<WW[  U<S[T  U<VXU  Y\T<YYT %**%((%%(%0%!/0"%.2(1!0$.+1#$,.+"%0+.(+// E
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

Open the original at slide 301 ↗

Slide 302 — JP.*/"!.+""%**%(//!0/://!0/,(! #! * .!!%2! /+((0!.(

JP.*/"!.+""%**%(//!0/://!0/,(! #! * .!!%2! /+((0!.( %**%(//!0/,(! #! /+((0!.( $!"%**%(//!0/,(! #! /+((0!.(+*/%/0,.%).%(5+")+.0##!/,(! #! 0+/!1.!+2!.! +* /*  /!1.%0%/0%+*/< !,+/%0/".+)0$!10$!*0.(*'* +0$!.*'/</3!((/ !0* !-1%05/!1.%0%!/1/!  %*/!1.%0%!/(!* %*#+./(!* .!,1.$/!0.*/0%+*/;$!5/!.2!0+/!1.!).#%*+1*0/* .!1/! "+. +0$!.,1.,+/!/.!-1%.! 5(3;(! #!/.!#!*!.((5+* 10! 1* !.0!.)/0$0.!1/1(* 1/0+).5"+. +((0!.(%/! 0.*/0%+*/%*(1 %*#/0* . /(!* .!,1.$/!#.!!)!*0/</!1.%0%!/(!* %*#* +..+3%*# *  !.%20%2!/).#%*%*#;$!"%**%(//!0/,(! #! .!/"+((+3/= %**%(//!0/,(! #! /+((0!.( %*)%((%+* IGIL IGIK *'/ E
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Open the original at slide 302 ↗

Slide 303 — KG""/!00%*#"%**%(//!0/* (%%(%0%!/

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f;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ JGJ

Open the original at slide 303 ↗

Slide 304 — %**%(//!0//1&!00++""/!00%*#:!*"+.!(!)/0!.*!00%*#..*#!)!*0/* /%)%(.#.!!)!*0/

%**%(//!0//1&!00++""/!00%*#:!*"+.!(!)/0!.*!00%*#..*#!)!*0/* /%)%(.#.!!)!*0/ !(0! )+1*0/*+0+""/!0%*0$! /00!)!*0+""%**%(,+/%0%+* %*)%((%+* IGIL .+//)+1*0/+" .!+#*%/!  "%**%(//!0/ .+//)+1*0/+" .!+#*%/!  "%**%((%%(%0%!/ +""/!0%*0$! /00!)!*0+" "%**%(,+/%0%+* !0)+1*0/+" "%**%(//!0/ ,.!/!*0! %*0$! /00!)!*0+" "%**%(,+/%0%+* %**%( %*/0.1)!*0/ /$* "%**%( %*/0.1)!*0/ .!!%2! / +((0!.( !0)+1*0 )+1*0/*+0 /1&!00+ !*"+.!(!*!00%*# ..*#!)!*0/ 00!)!*0+" "%**%(,+/%0%+* 0+0(h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

Open the original at slide 304 ↗

Slide 305 — %**%(//!0//1&!00++""/!00%*#:!*"+.!(!)/0!.*!00%*#..*#!)!*0/* /%)%(.#.!!)!*0/

%**%(//!0//1&!00++""/!00%*#:!*"+.!(!)/0!.*!00%*#..*#!)!*0/* /%)%(.#.!!)!*0/ !(0! )+1*0/*+0+""/!0%*0$! /00!)!*0+""%**%(,+/%0%+* %*)%((%+* IGIK .+//)+1*0/+" .!+#*%/!  "%**%(//!0/ .+//)+1*0/+" .!+#*%/!  "%**%((%%(%0%!/ +""/!0%*0$! /00!)!*0+" "%**%(,+/%0%+* !0)+1*0/+" "%**%(//!0/ ,.!/!*0! %*0$! /00!)!*0+" "%**%(,+/%0%+* %**%( %*/0.1)!*0/ /$* "%**%( %*/0.1)!*0/ .!!%2! / +((0!.( !0)+1*0 )+1*0/*+0 /1&!00+ !*"+.!(!*!00%*# ..*#!)!*0/ 00!)!*0+" "%**%(,+/%0%+* 0+0(h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

Open the original at slide 305 ↗

Slide 306 — %**%((%%(%0%!//1&!00++""/!00%*#:!*"+.!(!)/0!.*!00%*#..*#!)!*0/* /%)%(.#.!!)!*0/

%**%((%%(%0%!//1&!00++""/!00%*#:!*"+.!(!)/0!.*!00%*#..*#!)!*0/* /%)%(.#.!!)!*0/ %*)%((%+* IGIL !(0! )+1*0/*+0+""/!0%*0$! /00!)!*0+""%**%(,+/%0%+* )+1*0/*+0 /1&!00+ !*"+.!(!*!00%*# ..*#!)!*0/ 00!)!*0+" "%**%(,+/%0%+* 0+0(h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

Open the original at slide 306 ↗

Slide 307 — %**%((%%(%0%!//1&!00++""/!00%*#:!*"+.!(!)/0!.*!00%*#..*#!)!*0/* /%)%(.#.!!)!*0/

%**%((%%(%0%!//1&!00++""/!00%*#:!*"+.!(!)/0!.*!00%*#..*#!)!*0/* /%)%(.#.!!)!*0/ %*)%((%+* IGIK !(0! )+1*0/*+0+""/!0%*0$! /00!)!*0+""%**%(,+/%0%+* )+1*0/*+0 /1&!00+ !*"+.!(!*!00%*# ..*#!)!*0/ 00!)!*0+" "%**%(,+/%0%+* 0+0(h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

Open the original at slide 307 ↗

Slide 308 — KH+))%0)!*0/

KH+))%0)!*0/ *0$!*+.)(+1./!+"1/%*!//<  .+1,%/,.050+0%2%0%!/3$!.!.%/'/.!*+0.!"(!0! %*3$+(!+.%*,.0%* 0$!+*/+(% 0! "%**%(/00!)!*0/;*.!/,+*/!0+0$!*!! /+"%0/1/0+)!./<0$! .+1,+""!./"%**%( ,.+ 10/.!(0! 0+(+*/;$!/!,.+ 10/%*(1 !0. %0%+*(+""D(*!/$!!0.! %0D.!(0! "%**%(%*/0.1)!*0/; +))%0)!*0/ %*)%((%+* IGIL IGIK E
 1.*0!!/  U\<UWU  UY<\S[ E
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

Open the original at slide 308 ↗

Slide 309 — KI!#(,.+!! %*#/

KI!#(,.+!! %*#/   .+1,* %0/+*/+(% 0! /1/% %.%!/.!%*2+(2! %*#+2!.*)!*0(<.!#1(0+.5<.%0.0%+** (!#( ,.+!! %*#/* %*2!/0%#0%+*/%*0$!!0$!.(* /* %**1)!.+""+.!%#*&1.%/ %0%+*/<%*(1 %*#0$!;;< %*2+(2%*#(%)/5* #%*/00$!)3$%$.%/!%*0$!+. %*.5+1./!+"0$!%.1/%*!//!/<%*(1 %*#%* +**!0%+*3%0$0$!%.0%2%0%!//(!* !./<.+'!.D !(!./<1* !.3.%0!./<%//1!./+"/!1.%0%!/* %*2!/0+./* 0$!%. ,+/%0%+*/!),(+5!./* 04,5!./;*!.0%*+"/1$,.+!! %*#/<2!.5(.#!+.%* !0!.)%*0!)+1*0/.! /+1#$0<%*(1 %*#,1*%0%2!* +0$!. )#!/;$%(!%0%/*+0"!/%(!0+,.! %0+. !0!.)%*!0$!1(0%)0! +10+)!+"((,!* %*#+.0$.!0!*! #+2!.*)!*0(<.!#1(0+.5<.%0.0%+** (!#(,.+!! %*#/*  %*2!/0%#0%+*/< %/+"0$!+,%*%+*0$00$!,.+!! %*#/* %*2!/0%#0%+*//!0+10!(+3)5$2!+.$2!%*0$! .!!*0,/0$ /%#*%"%*0!""!0+*0$!"%**%(,+/%0%+*<,.+"%0%(%05+..!,100%+*+" * ?+. * %0/ +*/+(% 0! /1/% %.%!/; !00(!)!*0#.!!)!*0;*W!,0!)!.UST[< **+1*! 0$0%0$ !*0!.! %*0+/!00(!)!*0#.!!)!*0 3%0$0$!10$1(%.+/!10%+*!.2%!.!(0%*#0+,.!2%+1/(5 %/(+/! %*2!/0%#0%+*/.!#. %*#2.%+1/ .!-1%.!)!*0/"+.(%!*0+*D+. %*#* 0$!,.!2!*0%+*+")+*!5(1* !.%*#* +..1,0,.0%!/;+((+3%*#0$! !*0.5%*0+0$!/!00(!)!*0#.!!)!*0< $/!4,!.%!*! $!%#$0!*! /.10%*5".+)10$+.%0%!/%*2.%+1/ +1*0.%!/; %/(/+3.!<%*(1 %*#/.!/1(0+")! %.!,+.0/<0$0+0$!.,.0%!/)5<)+*#+0$!.0$%*#/< /!!'0++))!*!(!#(,.+!! %*#/#%*/0 %*+**!0%+*3%0$0$!/1&!0)00!.+"0$!/!00(!)!*0;!.0%* ,.0%!/"%(! .!-1!/0/3%0$0$!+1.0+",,!(%*$!!0$!.(* /0+.!+*/% !.0$!,.+/!10+.J/ !%/%+*0+!*0!. %*0+0$!/!00(!)!*0#.!!)!*03%0$ * *+00+,.+/!10! +.@"+.)!.A !),(+5!!/;*!!)!.USUS< 0$!+1.0+",,!(%//1! %0/"%*(.1(%*#;*0$%/.1(%*#0$!,.+/!10+./f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
)%((%+*;*!.1.5USUX< * 0$!@"+.)!.A+. )!)!./"%(! 0$!%./00!)!*0+" !"!*!#%*/00$!((!#0%+*/* %*+2!)!.USUX<0$!+1.0.!&!0! (((%)/50$!%*2!/0+./;*!.1.5 USUY<0$!%*2!/0+./"%(! *,,!(#%*/00$%/ !%/%+*+"0$!+1.0;!,.0!(5<10.!(0%*#0+0$!/)!)00!./< %*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w.'%5!$/.!!%2! *1)!.+1/ (%)/".+)@"+.)!.A1/0+)!./+"(!#(,.! !!//+./+" *'w.'%5!;$!(%)/.!/! +*+""/$+.! +1*0/$!( 3%0$0$!/!*'/<3$%$*'/3!.!/!%6! 50$!2%*#/!,+/%0*/1.*!1* @GHA,.%+.0+ 0$!-1%/%0%+*+" *'w.'%5!%*USSZ".+) ;1./1*00+0$!-1%/%0%+*+*0.0< *'w.'%5!*   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ JGP

Open the original at slide 309 ↗

Slide 310 — (%)+),!*/0%+*".+)%"+1.0+. !./ *'w.'%5!0+,5)+1*0/0+0$!+""/$+.!+1*0$+( !./;

(%)+),!*/0%+*".+)%"+1.0+. !./ *'w.'%5!0+,5)+1*0/0+0$!+""/$+.!+1*0$+( !./; $/) !,5)!*0/0+ *'w.'%5!,1./1*00+/1$+),!*/0%+*.!-1!/0/<10"%(! 2.%+1/(3/1%0/ 0+.!!%2!0$+/!)+1*0/';*,.%(USUU<0$!1.'%/$1,.!)!+1.0 !% ! 0$00$!,.!/.%,0%+*,!.%+ "+. 0$!+""/$+.!+1*0$+( !./J+),!*/0%+*(%)//0.0/+*0$!0.*/"!. 0!+"0$!+1*0$+( !./0+0$! +""/$+.!+1*0/; *USUW%*%0%0! !*"+.!)!*0,.+! 1.!/#%*/0 *'w.'%5!</! +*0$! !%/%+*%*,.%(USUU50$! 1.'%/$1,.!)!+1.0.!"!..! 0++2!;((!#!/0$00$%/ !%/%+*)!*/0$0 *'w.'%5!$/0+.!01.* !.0%*,5)!*0/) !5.!#. %*#0$!+""/$+.! !,+/%0+./f.!!%2(!//!/</0$!/0010!+"(%)%00%+*/ $ (.! 5!4,%.! ;  %0%+*((5< *'w.'%5!$/%*%0%0! !*"+.!)!*0,.+!! %*#/#%*/0.!#. %*#1)1(0!  .!!%2(!/0$0$/!%0$!.,.0%((5+.+),(!0!(5"%(! 0+,5; /+"!.1.5USUY<"+1.(3/1%0/$2!!!*"%*(%6! %*"2+1.+" *'w.'%5!3%0$0$!1.'%/$1,.!)! +1.0f/2!. %0<3$%$.!(%'!(50+!,.!! !*0 !%/%+*/"+.0$!+0$!."%(!/;00$%/)+)!*0%0%/*+0,+//%(!0+ //!//0$!+10+)!+"0$!/!,.+! 1.!/*+.0+,.+2% !*!/0%)0!+"0$!@,+0!*0%(A"%**%(!""!0+"0$!/! (%)/; +.0##!!4,!*/!/(%)/; ,%*$/.!!%2! (%)/* %/%*2+(2! %*,.+! 1.!/3%0$1/0+)!./.!#. %*# .!%)1./!)!*0+"!4,!*/!///+%0! 3%0$0$!"+.)(%/0%+*+")+.0##!/;*)+/0"%./0%*/0*!+1.0 ,.+!! %*#/0$!!4,!*/!(1/!+"0$!.!(!2*0)+.0##!+*0.0$/!!* !(.! *1((*  ,%*$/!!* +. !.! 0+.!%)1./!((+.,.0+"0$!,,(%(!!4,!*/!/;%*!UST[<0$!,*%/$1,.!)!+1.0* 0$! 1.+,!*+1.0+"1/0%!@ggA$2!%//1! .1(%*#//!00%*#+103$%$,.05/$+1( !.*+0.5<.!#%/0.0%+*< #!*5<* /0), 105+/0/;**1.5USUT<0$!,*%/$1,.!)!+1.0.1(! 0$02(10%+*+/0/+" )+.0##!/</%#*! ,.%+.0+TY1*!UST\<0$! 0!0$!*!3)+.0##!(3!*0!.! %*0+"+.!</$+1( !+.*!5 0$!*';! %00!*0%+*"+.0$!/0010!+"(%)%00%+*/,,(%(!0+0$!.%#$00+(%).!%)1./!)!*0+"+/0/ .!/1(0! %**%*.!/! *1)!.+"(%)/00$!!#%**%*#+"USUT;*1*!USUT<0$!,*%/$1,.!)!+1.0 ,1(%/$! ,.!//.!(!/!/00%*#%0/ !%/%+*0+/'0$!"+.,.!(%)%*.5.1(%*#.!#. %*#0$!.%0!.%0$0 /$+1( !,,(%! 0+ !0!.)%*!0$! 0!".+)3$%$0$!0%+*"+.(%)%*#0$!.!%)1./!)!*0+")+.0##! !4,!*/!/%/+*/% !.! 0+!!4,%.! ;**1.5USUW<0$!.1(! 0$00$!(%)%00%+*,!.%+ "+.0$!&1 %%( (%)"+..!%)1./!)!*0+"!4,!*/!/**+0!#%*0+.1*".+)1,.!)!+1.0 !%/%+* !(.%*#0$!(1/!*1(( * 2+% <*+.".+)0$!)+)!*0+"0$!,5)!*0+"0$!!4,!*/!/;$!%* %0! 0$0%0%/1,0+*0%+*(/!D (30+ !0!.)%*!0$!.%0!.%+*0$0/$+1( !,,(%! "+.0$!(1(0%+*+"0$!(%)%00%+*,!.%+ ;*,.%(USUW<0$! .1(! 0$0%03/*+0#%*/01.+,!**%+*(3/0$00$!,!.%+ +",.!/.%,0%+*!#*0+!(1(0! ".+) 0$!)+)!*00$!(1/!3/ !(.! *1((;+((+3%*#0$!,,.+$<+*TW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 3/$!( %*0!.(%+*0$!-1!/0%+*3$!0$!.<"0!.*!((0%+*+"+*0.0.!#. %*#3%//".*(+*5 +1.0<*'/)5/0%(($.#!%*0!.!/0"+.0$!)+1*0+..+3! 1* !./1$(+*,.%+.0+*!((0%+*; *1*!USUV<0$!%//1! .1(%*#;0.1(! 0$01* !.(33$!*(+*#.!!)!*0%* !4! 0+0$!3%// ".*%/ !(.! *1((* 2+% <*'/**+0(%)*5.!)1*!.0%+*@%;!;%*0!.!/0A"+.0$! 1.0%+*0$!,.%*%,( )+1*03/2%((!0+0$!1/0+)!.;$!1/0+)!.<$+3!2!.<)5//!.0(%)/#%*/0*'/%* %0%+*0+ .!%)1./!)!*0+"%*0!.!/0* %*/0(()!*0/,.!2%+1/(5,% 0+0$!*';*!,0!)!.* !!)!.USUV<0$! %//1! .1(%*#/,.+2% %*#"1.0$!.(.%05+*0$!(%)%00%+*,!.%+ * +100$!-1!/0%+*+"3$!*+*0.0 (1/!*!+*/% !.! 1*"%.;*,.%(USUW<0$!+(%/$1,.!)!+1.0%//1! .1(%*#/00%*#0$0%"%0%/ %),+//%(!0+!/0(%/$%* %*#"+.!%#*1..!*5!4$*#!.0!"+.0$!,.0%!/%*0$!%* !4! +. !*+)%*0!  (+*#.!!)!*0<0$!#.!!)!*0%/(/+*+0%* %*#%*+0$!..!/,!0/; $/.!+. ! ,+.0"+(%+,.+2%/%+*;* 0+!.* +2!)!.USUW</!2!**!3,.!(%)%*.5-1!/0%+*/3!.!.!"!..! 0+0$!3$%$"+1/+*0$! (%)/+"*'/%*/%010%+*+"**1()!*0+".! %0#.!!)!*0; *1*!USUX<0$!%//1! &1 #!)!*0%*+*!+"0$!+(%/$/!/+*!.*%*#*'/f,%0(.!+2!.5"0!. %*2(% 0%+*+"0$!)+.0##!3%//".*(+*#.!!)!*0;$!2!. %03/,//! %*0$!/!.+1#$05*';   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ JHG

Open the original at slide 310 ↗

Slide 311 — KJ.%*%,(/1/% %.%!/:%*2!/0)!*0/%*//+%0!/* &+%*02!*01.!/

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Open the original at slide 311 ↗

Slide 312 — KK0.101.! !*0%0%!/

.%*%,(/1/% %.%!/:%*2!/0)!*0/%*//+%0!/* &+%*02!*01.!/ 1/% %.5 0010+.5,(!+" *+.,+.0%+* +1*0.5+"+,!.0%+* .+,+.0%+*+"+3*!./$%,*  %*0!.!/0$!( 50$!#.+1, IGIL IGIK  *';; )/0!. ) 0$!!0$!.(* / TSS` TSS`  !(#%1);;?;; .1//!(/ !(#%1) TSS` TSS`  14!)+1.#;; 14!)+1.#%05 14!)+1.# TSS` TSS`  % .*'"1.0)%* !.)*5 TSS` TSS`  *'(/'%;;T 0+3%! +(* ZX` ZX`  %**%( +( %*#/ +.,+.0%+* !(3.! *%0! 00!/+")!.% TSS` TSS`  *';; /0*1( w.'%5! TSS` TSS`  *'@1/0.(%A0 5 *!5 1/0.(% TSS` TSS`  +))!.%(%**!;; )/0!. ) 0$!!0$!.(* / TSS` TSS` *2!/0)!*0/%*//+%0!/ * &+%*02!*01.!/ $*$.0*'1(% +),*50 U *#'+' $%(* UV` UV` T $!/$.!/+"0$!*+*D+*0.+((%*#%*0!.!/0/0'!+"UX`.!(%/0! +*0$!./30+'4$*#!<"+./1)).%/! "%**%(%*"+.)0%+*3!.!"!.0++0! VTf*"+.)0%+*+*#!+#.,$%(.!/f; U !"!.!*!%/) !0++0![f*2!/0)!*0%*//+%0!/* &+%*02!*01.!/f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

Open the original at slide 312 ↗

Slide 313 — J9+*/+(% 0!  /,+*/+.! !1.%0%/0%+*,.+#.))!>+*0(*?

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

Open the original at slide 313 ↗

Slide 314 — KL!(0! ,.0%!/

KL!(0! ,.0%!/ *0$!*+.)(+1./!+"1/%*!//<  .+1,!*0!./%*0+2.%+1/0.*/0%+*/3%0$.!(0! ,.0%!/;.0%!/.! +*/% !.! 0+!.!(0! %"+*!,.05$/0$!%(%050++*0.+(+.!4!.%/!/%#*%"%*0%*"(1!*!+2!.0$!+0$!.,.05 %*)'%*#"%**%(+.+,!.0%*# !%/%+*/;!(0! ,.0%!/+"  .+1,%*(1 !<)+*#+0$!./<%0///+%0!/<&+%*0 2!*01.!/<'!5)*#!)!*0,!./+**!(<* 2.%+1/ !"%*! !*!"%0* +*0.%10%+*,(*/;+.,+/0D!),(+5)!*0 !*!"%0,(*/<.!"!.!*!%/) !0++0!VVf!*/%+*/* +0$!.,+/0D!),(+5)!*0!*!"%0/f;.*/0%+*/!03!!* .!(0! ,.0%!/%*(1 !.!* !.%*#+..!!%2%*#+"/!.2%!/<(!/!/<0.*/"!./1* !."%**!..*#!)!*0/*  ,.+2%/%+*/+"#1.*0!!/+.+((0!.(;((0.*/0%+*/3%0$.!(0! ,.0%!/0++',(!0+* %0%+*/1/0+).5%* 0$!).'!0;$!.!.!*+/%#*%"%*0,.+2%/%+*/"+. +10"1( !0/+.%* %2% 1((5/%#*%"%*0  !0!4,!*/!/ .!+#*%/! +*+10/0* %*#(*!/3%0$.!(0! ,.0%!/; //+%0!/* &+%*02!*01.!/ .*/0%+*/3%0$  .+1,C/)%*//+%0!/* &+%*02!*01.!/ //+%0!/ +%*02!*01.!/ %*)%((%+* IGIL IGIK IGIL IGIK //!0/  TTZ  TWU     %%(%0%!/  UWU  UYV  Z  TS ""D(*!/$!!0+))%0)!*0/  T[  UV     *+)!.!!%2!  UT  TY     4,!*/!/,%    U     //!0/<(%%(%0%!/<+))%0)!*0/<* %*+)!.!(0! 0+//+%0!/* &+%*02!*01.!/.!/1(0".+)0.*/0%+*/ 3$%$.!!4!10! /,.0+"0$!*+.)(*'%*#1/%*!//;%2% !* /.!!%2! 5//+%0!/* &+%*02!*01.!/ .!%*(1 ! %*+0![f*2!/0)!*0%*//+%0!/* &+%*02!*01.!/f; !5)*#!)!*0,!./+**!(+),!*/0%+* $!4!10%2!+. +"  .+!,;;<0$!*#!)!*0+. *'%*#* 0$!1,!.2%/+.5+. .!+*/% !.!  !5*#!)!*0,!./+**!(+" ;*USUX<USUW* USUV<0$!0$.!!)!)!./+"0$!4!10%2!+. +"  .+!,;;3!.!(/+)!)!./+"0$!*#!)!*0+. *'%*#; .*/0%+*/3%0$'!5)*#!)!*0,!./+**!(<%*(1 %*#0$!%.+),!*/0%+*.!%*(1 ! %*0$!0(!/!(+3; !5)*#!)!*0,!./+**!(+),!*/0%+*>4!10%2!+. * *#!)!*0+. *'%*#? IGIL %*0$+1/* / 4!10%2!+.  +"  .+!,;; *#!)!*0 +. *'%*#T +0( %4! +),!*/0%+* E
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0$!.!)+(1)!*0/W  VWS  WY[  [S[ +0(+),!*/0%+*  O:JGI  HG:GKH  HO:JKJ T 4(1 %*#)!)!./+"0$!*#!)!*0+. *'%*#0$0.!(/+)!)!./+"0$!4!10%2!+. +"  .+!,;; U $!+((!0%2!"%4! ((+3*!/+*/%/0+"03+/2%*#/((+3*!/,,(%(!0+!),(+5!!/%*0$!!0$!.(* />*%* %2% 1(/2%*#/((+3*!+"V;X` * +((!0%2!/2%*#/((+3*!0++),!*/0!"+.0$!(+//+",!*/%+*!*!"%0/3%0$.!/,!00+/(.5%*!4!//+"TVZ<[SS; V *+. *!3%0$0$!4!10%2!+. .!)1*!.0%+*,+(%5* 3%0$ 1!+/!.2*!+",,(%(!(!#(.!-1%.!)!*0/</!2!.*!,5)!*0!-1(0+ +*!5!.f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

Open the original at slide 314 ↗

Slide 315 —  %* !)*%"%!/0$!)!)!./+"0$!#%*/0 %.!0"%**%((+//!/%*+**!0%+*3%0$(%)/".+)0$%. ,.0%!/

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0$!.!)+(1)!*0/V  VWW  W[Z  [VU +0(+),!*/0%+*  M:JNM  P:KGL  HL:NOI T 4(1 %*#)!)!./+"0$!*#!)!*0+. *'%*#0$0.!(/+)!)!./+"0$!4!10%2!+. +"  .+!,;; U $!+((!0%2!"%4! ((+3*!/+*/%/0+"03+/2%*#/((+3*!/,,(%(!0+!),(+5!!/%*0$!!0$!.(* />*%* %2% 1(/2%*#/((+3*!+"V;X`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

Open the original at slide 315 ↗

Slide 316 — KM,%0()*#!)!*0

!5)*#!)!*0,!./+**!(+),!*/0%+*>1,!.2%/+.5+. ? %*0$+1/* / IGIL IGIK IGIJ +0(+),!*/0%+*  T<WVW  T<T\T  T<TXU +*/*  2*!/0+'!5)*#!)!*0,!./+**!( /0VT!!)!.USUX+*/*  2*!/+10/0* %*#0+'!5)*#!)!*0,!./+**!()+1*0! 0+T;T )%((%+*@USUW=T;T)%((%+*A3%0$*2!.#!%*0!.!/0.0!+"T;Z`@USUW=U;T`A* (+*+))%0)!*0/0+'!5 )*#!)!*0,!./+**!()+1*0! 0+TYU0$+1/* @USUW=TWX
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Slide 317 — KN1/!-1!*0!2!*0/

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Slide 318 — 21&,/'01',+
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Slide 319 — /#+1
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Slide 322 — /#+1
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Slide 326 — $.!,%0(

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Open the original at slide 326 ↗

Slide 327 — $!$.!+",.0%%,0%*#%*0!.!/0/.!/!.2!**+0!".!!(5 %/0.%10! ;!0%*! !.*%*#/*!".!!(5

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Open the original at slide 327 ↗

Slide 328 — L1+. %*0! (+*/

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Open the original at slide 328 ↗

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Open the original at slide 336 ↗

Slide 337 — !





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Slide 349 — #$'+'1',+0
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Open the original at slide 349 ↗

Slide 350 —  .%20!(+1 >? ,0%+*.0%+

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Open the original at slide 350 ↗

Slide 351 — )1#/+1'3#
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Open the original at slide 351 ↗

Slide 352 — 1/0+)!. !,+/%0/* !0+.! !,+/%0/#.+30$51/%*!//(%*!

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Open the original at slide 352 ↗

Slide 353 — 201'+ ')'16
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Open the original at slide 353 ↗

Slide 354 — E )! %*# 1! %(%#!*!%*#+2!.**!</0.0!#5* 1/%*!//)+ !(

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Open the original at slide 354 ↗

Slide 355 — !"!.!*!%* !40(!

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

Open the original at slide 355 ↗

Slide 356 — *2%.+*)!*0@H(%)0!

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

Open the original at slide 356 ↗

Slide 357 — *2%.+*)!*0@K%+ %2!./%05* !+/5/0!)/

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f.!,.!/!*00%2!/+10%),0/ .+!//!/"+.!*##%*#3%0$+3*3+.'"+.!* 3+.'!./f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

Open the original at slide 357 ↗

Slide 358 — +%(@K+*/1)!./* !* @1/!./

TDX .#!0/.!(0! 0+)*#%*#)0!.%(*!#0%2!%),0/< 2*%*#,+/%0%2!%),0/<*  )*#%*#)0!.%(.%/'/* +,,+.01*%0%!/ T3*3+.'"+.!D,+(%%!/<0%+*/* ,!."+.)*! TVWDTV\ TDY $.0!.%/0%/+"0$!1* !.0'%*#f/!),(+5!!/ +.'"+.!$.0!.%/0%/ TVXDTVY TDZ $.0!.%/0%/+"*+*D!),(+5!!3+.'!./%*0$!1* !.0'%*#f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

Open the original at slide 358 ↗

Slide 359 — +2!.**!@ H1/%*!//+* 10

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

Open the original at slide 359 ↗

Slide 360 — !"%*%0%+*/+"!*2%.+*)!*0:/+%(* #+2!.**!)!0.%/

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f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

Open the original at slide 360 ↗

Slide 361 — !* !.,5#,

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+.$%0!01.!@ A/(!;$! /(!.*#!/!03!!*S@?A 0+UZ* +2!./((&+05,!/,!."+.)! 3%0$%* !(+3D(!2!(<3%0$ UZ!%*#0$!$%#$!/0,+//%(!2(1!; ),(+5!!01.*+2!.,!.!*0#! ),(+5!!01.*+2!.,!.!*0#!%/!4,.!//! /.0%+!03!!*0$!0+0( *1)!.+"(!2!./%*TUD)+*0$,!.%+ #%*/00$!2!.#!0+0( $! +1*0+"!$)+*0$+2!.0$!/)!,!.%+ ;1.*+2!."%#1.!/%*(1 ! %*0!.*(* ,!.)*!*0!),(+5!!/+*(5;f!2!./f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

Open the original at slide 361 ↗

Slide 362 — !$*%(*+0!/0+0$! +1(!)0!.%(%05//!//)!*0

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

Open the original at slide 362 ↗

Slide 363 — 2!.2%!3+"!40!.*( 0/+1.!/

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f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a/"+. %.!0 .%2!./+2!  L@%.1(.!+*+)5 E  E D E 1/0%*(50%/ 1/0%*(50%/ H@3*3+.'"+.! E D E 1/0%*(50%/ D I@+.'!./%*0$!2(1!$%* E D E 1/0%*(50%/ D J@""!0! +))1*%0%!/ E D E 1/0%*(50%/ D K@+*/1)!./* !* @1/!./ E D E 1/0%*(50%/ D H@1/%*!//+* 10 E D E 1/0%*(50%/ D   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ JMJ

Open the original at slide 363 ↗

Slide 364 — !$*%(*+0!/0+0$!/!0+.0.*/%0%+*,(*

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f0 .!-1%.!0$%. D,.05 02!* +./0$!)!0.%%/+1.(+*(%)%0/)+1*0%* +1."%**%(/5/0!);+.+1."%**! !)%//%+*/ %/(+/1.!<3!)'!1/! +"0$! 0/!* !40!.*( 0,.+2% !./* //!0),00+ !/0%)0!+1.(%!*0/f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

Open the original at slide 364 ↗

Slide 365 — !)!*0

%!*!/! .#!0/%*%0%0%2!@%A;1.,,.+$+*!*0.0!/+*0$! +,!.0%+*(,!."+.)*!@/+,!/T7UA+"+1.(%!*0/%*(%*!3%0$0$!J/ .!,+.0+*0$!+,!.0%+*(!)%//%+*/+"0$!+%(7#/%* 1/0.5@5USUVA; +..!"%*!.%!/<3!1..!*0(5+2!.+*(5/+,!T!)%//%+*/;$!f/ /!*.%+%/!4,.!//! %*f'#U!-1%2(!*0f3$%$)!*/%0%*(1 !/+0$ U*  W@)!0$*!A!)%//%+*/%*%0/)+ !(%*#; $!0.#!0)!0.%3!$2!$+/!*"+.)% D*  +3*/0.!)%/!)%//%+*/D /! %*0!*/%05<)!/1.! %*'#U!,!...!(+"+%(!-1%2(!*0@+!A;$! .!"!.!*!/!*.%+* !)%//%+*/ 0"+.(%#*)!*0!*$).'%*#%/0$! *0!.*0%+*(*!.#5#!*5f/!0!.+)%//%+*/5USXS!*.%+@A< ,1(%/$! %*0$!+.( *!.#510(++'/,!%(.!,+.0f)%//%+*/".+)%( *  /,!.0%+*/%*!0!.+.*/%0%+*/f@5USUVA;*"0<%*%0/ .!,+.0<0$!,.+2% ! !)%//%+*/%*0!*/%05.! 10%+*,0$35/%*0$! /!*.%+/!,.0!(5"+.+%(* #/</,(%0!03!!*1,/0.!)*  +3*/0.!)@3$!.!50$!f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Open the original at slide 365 ↗

Slide 366 — 0!!(

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f/ 0/!00+% !*0%"5*+)(%!/;! %*2!/0%#0!/%#*%"%*0$*#!/%*!)%//%+*/%*0!*/%05<* "+((+31,3%0$ "+.(.%"%0%+*/; %/0+.%( 0+),.%/+*/.!(/++* 10! 0+ !*/1.!+*/%/0!*5<* !)%//%+*/D%*0!*/%05$*#!/"+.'!5(%!*0/.! *(5/! * 2(% 0! 3%0$).'!00.!* /; 10+)+0%2! !0$+ +(+#5* /!*.%+=,0$35 $!)!0$+ +(+#53!,,(%! %/0$!!)%//%+*/%*0!*/%05,,.+$ !/.%! %* !0%(%*0$!)!0$+ +(+#5,,(%0%+*,,!.;+((+3%*# 0$!)!0$+ +(+#5<3!+2!.(%!*0/f/+,!V0!#+.5TTU !)%//%+*/@1/!+"/+( ,.+ 10/A%*'#U,!.2!$%(!'%(+)!0!.@2')A;+. 0.#!0/!00%*#<3!,,(%! 0$!*0!.*0%+*(*!.#5#!*5f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f/ !)%//%+*/%*0!*/%050++1.10+)+0%2!(%!*0/;//!0),0+""!./ 0/!3%0$+),.!$!*/%2! 0+2!.#!"+.0$!10+)+0%2!/!0+.;0 ,,(%!/(!.)!0$+ +(+#5"+..!0%*#%0/!)%//%+*/ 00+),*5D (!2!(* %0%/0.*/,.!*0+*%0/ 0(%)%00%+*/;+)!+),*%!/.! )0$! 0+,.!*0!*0%0%!/%"0$!(%!*0%0/!("%/*+0(%/0! %*0$!//!0 ),0 0/!0;!$2!)0$! 0$!!)%//%+*/ 0+"//!0),00+ TSS,!.!*0+"+1.,+.0"+(%+;!,!."+.) 0-1(%05$!'/"+.0$! 10+)+0%2!/!0+.5%*2!/0%#0%*#,.+ 10%+*2+(1)!* U!)%//%+*/ %*0!*/%052.%*!/"+.0$!0+,(%!*0/;!+* 10$%#$D(!2!(/!*/!$!'/< 5!.D+*D5!.2+(0%(%05*(5/%/<* "+((+31,+* %/.!,*%!/3%0$//!0 ),0; %0%+*((5<3!,!."+.),!!.!*$).'%*#* !40!.*( 0 /),(!$!'/0+ !)+*/0.0!0$00$! 0%/.!/+*(!3%0$%*0$! .+ !.+*0!40+"%* 1/0.5!*$).'/; 2%0%+* !0$+ +(+#5* /!*.%+=,0$35 !,,(50$!!#/1/ 1% !(%*!/3$%$3!.!,1(%/$! %*USUW50$! !*0!."+.(%)0!(%#*! %**!00+#!0$!.3%0$ ! %0!  3+.'%*##.+1,+"#(+("%**%(%*/0%010%+*/* %* 1/0.5(! !./;$! )!0$+ +(+#5%/ !/%#*! 0+$!(,"%**%(%*/0%010%+*/)!/1.!0$!%. 2%0%+*,+.0"+(%+f/,!."+.)*!* %/+*/%/0!*03%0$1..!*0% ".)!3+.';!,,(%! 0$!%//%+*+//%(!.0*!./$%,.1 !*0%( !*.%+@A0+)!/1.!0$!(%#*)!*0+"0$!,+.0"+(%+;!$2! /!(!0! USUV/0$!/!5!.<!1/!%0%/5!.1*""!0! 5 %/.1,0%+*/".+)+2% DT\<%*(%*!3%0$%.!-1%.!)!*0/;$!#.,$ 0$!.!"+.! !,%0/,!."+.)*!%*5!./UST\<USUV* USUW!1/! ,+.0"+(%+,!."+.)*!3/*+0)!/1.! "+.USUS<USUT<* USUU;$! !#/1/ 1% !(%*!/,.!/.%!!/,+'!,0$35/! +*0$! /!*.%+0$0+1*0/"+..0%++",//!*#!.0+".!%#$0%**'f/ ,+.0"+(%+;!,!* %*#+*0$!!4,+/1.!.!(0! 0+".!%#$0+,!.0%+*/<0$!   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ JMM

Open the original at slide 366 ↗

Slide 367 — $%,,%*#

,0$35)1/0! &1/0! 0++1*0"+.".!%#$0J/%*$!.!*0(5(+3!. !)%//%+*/%*0!*/%05; *0$!!#/1/ 1% !(%*!/<(%#*)!*0"+.0$!2%0%+*/!0+.%/)!/1.!  50$!!)%//%+*/%*0!*/%05)!0.%!4,.!//! %*#U!?.!2!*1!0+**! '%(+)!0.!@ A;$!!#/1/ 1% !(%*!/+1*0"+.(%!*0/J3!((D0+D3'! /+,!T* ,.0/+"/+,!VU!!)%//%+*/T+2!.%*#U< W<* U; !((D0+D3'!+2!./0$!!)%//%+*/".+)0$!2%0%+*"1!(,.+ 10%+* ,.+!//< !(%2!.5* +)1/0%+*%*1/!;1.)!0.%%/%*0!.)/+"U!0+ +1*0"+.0$!*+*DU!)%//%+*/".+)0$!,.+ 10%+*+"&!0"1!(%*(%*! 3%0$0$!!#/1/#1% !(%*!/; 1.%*D/+,!2%0%+*,+.0"+(%++*/%/0/+"+))%00! )+1*0/+"+*D (*!/$!!0?"1* ! 0!.)(+*/* .!2+(2%*#.! %0"%(%0%!/0+(( %.."0<%.(%*!/* (!//+./0$03!"%**!<3%0$0$!!4!,0%+*+"0$+/! "+.3$%$0$!.!.!*+)0$!/%*0$!!)%//%+*"0+. 0/!,.+2% !  5%.%1); 02!* +.: 0-1(%05* (%)%00%+*/ !(1(0!0$!!)%//%+*/%*0!*/%05/! +*0$!USUW+))%00!  )+1*0/0+(%!*0/%*/+,!+"!..* 0$!USUW!)%//%+*/ 0"+((+3%*# 0$!.!-1%.!)!*0//!01* !.0$!!#/1/ 1% !(%*!/;  1/!/%.%1)0+,.+2% !%.."0D<%.(%*!D* (!//+.D(!2!(%*"+.)0%+*; %.%1)+""!./+),.!$!*/%2! 0/!(%*'%*#%.."00+%.(%*!/*  0$!%."(%#$05(!/< %/0*!/* !40"1!(+*/1),0%+*;!(/+,!."+.) 0-1(%05$!'/"+.0$!2%0%+*/!0+.5//!//%*# 0"+.%.."0 "%**%*#<%.(%*!/<* (!//+./;!% !*0%"5+10(%!.//! +*'!5.%0!.% /1$/!)%//%+*/%*0!*/%05* "1!(+*/1),0%+*<* ,!."+.)2.%*! *(5/!/+*%.."0"(%#$0/*  %/0*!;0.!(%%(%05%/!*/1.! 0$.+1#$ "+((+3D1,/3%0$0$! 02!* +.*  +1)!*00%+*; $%,,%*# !0$+ +(+#5* /!*.%+=,0$35 !,,(%! 0$!T;Xe*%0%0%2!/!*.%+U* 0$!+/!% +*.%*%,(!/ )!0$+ +(+#5"+.0$!/$%,,%*#/!0+.;$!)%*+&!0%2!+"0$!T;Xe *%0%0%2!%/0+ !2!(+,0.&!0+.5"+./$%,,%*#0$0%/*!06!.+<(%#*!  3%0$T;Xe* /! +*.!(%/0%%* 1/0.5/!*.%+/;$!*%0%0%2!%/ /,!.$! ! 5(//%"%0%+*/+%!05!0+./'!!.%0/@A3%0$TT /%#*0+.5*'/+"0$!+/!% +*.%*%,(!/<%*(1 %*# ;$!%*0!*/%05 )!0.%%/0$!**1(""%%!*50%+@A"+.2!//!(/3$%$+*/% !./ !  3!%#$00+**#!+.#.+//0+**#!/)!/1.!+"0$!%.,%05 !,!* %*#+*0$!2!//!(05,!;0%/+),.! #%*/00$!T;Xe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e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e ,0$35/ @2;U;SU<,1(%/$! 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

Open the original at slide 367 ↗

Slide 368 — !/% !*0%(.!(!/00!>?

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f/<1/%*#.(!0*0!#.0+.@A;$!/!$!'/% !*0%"5 %/.!,*%!/+.!..+./<!*/1.%*# 01.5* .!(%%(%05;//1!//1$ /)%//%*#%*"+.)0%+** )%/)0$! (!(/.! .!//! <3%0$ "1.0$!.$!'/,!."+.)! "0!.++ 5f/!*.%$!/0$! 0; !,!."+.)! .!2%!3* %* !,!* !*0)+ !(2(% 0%+*@A+"f/ 0* )+ !(/;$%/2(% 0%+*//!//! #+2!.**!<)!0$+ +(+#5< %),(!)!*00%+*<* /*%05$!'/+*!40!.*( 0;!!*##!3%0$ 0+ .!//"%* %*#/* +*/% !.! 0$! 0/.!(%(!<10#.!!+* 0%+*/,(*/"+."1.0$!.%),.+2!)!*0; !/% !*0%(.!(!/00!>? !0$+ +(+#5* /!*.%+=,0$35 !!*$).'+1.U!%*0!*/%05@%*'#U!?)iA3%0$0$!T;Xe ,0$35/@2;U;SU<+)%*! "+./%*#(!* )1(0%")%(5$+)!/<,1(%/$!  *1.5USUVA;!+2!.+0$/+,!T* /+,!U!)%//%+*/@U<  * A;* %0%+*<"+((+3%*#0$!)!0$+ +(+#5<!)%//%+*/".+) 0.*/)%//%+**  %/0.%10%+*@7A(+//!/".+),1.$/! !*!.#5@,.0+" /+,!U!)%//%+*/A.!+10+"/+,!; +.!+2!.<3$!*##.!#0%*#0$!(1(0! !)%//%+*/%*0!*/%0%!/0+ ,+.0"+(%+(!2!(<3!,,(53!%#$0%*#"0+.%*+1.(1(0%+*/+2!.0$! (+*D0+D2(1!@0+.%#%*0%+*A.0%+</,!.0$!#1% *!+"0$!.0*!./$%, "+..+*+1*0%*#%**%(/@A* 0$!%!*!/! .#!0/ %*%0%0%2!@%A;+)!/1.!0$!!)%//%+*/%*0!*/%05+"+1.#(+(,+.0"+(%+< 3!(1(0!0$!3!%#$0! 2!.#!+"!$+1*0.5f/!)%//%+*/%*0!*/%05 /! +*0$!*1)!.+"$+)!/3!"%**!%*!$+"0$!+1*0.%!/%* /+,!;1. %/(+/1.!+2!./"%2!+"+1.(.#!/0)+.0##!).'!0/@%;!;0$! !0$!.(* /< !.)*5<+(* <,%*<!(#%1)A+2!.%*#,,.+4%)0!(5[X ,!.!*0+"+1.)+.0##!/++'%*0!.)/+"2(1!; $!.!,+//%(!<3!1/!!*!.#5(!(/@(/+'*+3*/*!.#5!."+.)*! !.0%"%0!/D/A0+(1(0!0$!,.+,!.0%!/f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
!(%#%(! //!0/<@UA+2!.((+0%+*/! +*0$!"%.).'!02(1!@A+"0$! +2!./<* @VA*1, 0!+"(%2%*#.!/%6! 0;$!+2!.#!+"//!0/< *+3+2!.! 501( 0+.,.+45(1(0%+*/<%/,,.+4%)0!(5[[ ,!.!*0+"0$!,.+,!.0%!/; *,%*3!+*0%*1!0+.!!%2!.!( 0* ,.+45 0"+.!4%/0%*# )+.0##!0$.+1#$+1.#.!!)!*03%0$1)%*@"+.)!.(5'*+3*/ !5 !0!*0.%A;!3)+.0##!/.!.!-1%.! 0+,.+2% !(!(/ 1.%*#0$!#.*0%*#,.+!//;/.!/1(0<3!$2!%*.!/! +2!.#!".+) Y[;Y,!.!*055!.!* USUW0+ZY,!.!*055!.!* USUX; *+(* <*!3,.+,!.0%!/!*0!.%*#0$!,+.0"+(%+.!$.0!.%6! 5 +2!
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

Open the original at slide 368 ↗

Slide 369 — !$*%(*+0!/0+"%**! * "%(%00! !)%//%+*/

!$*%(*+0!/0+"%**! * "%(%00! !)%//%+*/ %**! !)%//%+*/ !(1(0!+1./+(10!"%**! !)%//%+*/1/%*#0$!f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f/ (+( +1*0%*#* !,+.0%*#0* . ; !,.!/!*00$!3!%#$0! 2!.#! 0-1(%05/+.!,!.//!0(//+. /!0+.;/,!.0$!/0* . < 0-1(%05/+.!T* U.!(0!0+$%#$D -1(%05 0+)%*#".+)+),*5f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g0%2%0%!/+"$+1/!$+( //!),(+5!./= * %""!.!*0%0! #++ /D* /!.2%!/D,.+ 1%*#0%2%0%!/+"$+1/!$+( /"+. +3*1/!g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

Open the original at slide 369 ↗

Slide 370 — !$*%(*+0!/0+0$!4+*+)5.!,+.0%*#

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

Open the original at slide 370 ↗

Slide 371 — %)%00%+*/*  0/+1.!/

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

Open the original at slide 371 ↗

Slide 372 — %/0+" 0,+%*0/%*.+//@100%*#* 0+,%(/0* . /0$0 !.%2!".+)+0$!.(!#%/(0%+*

%/0+" 0,+%*0/%*.+//@100%*#* 0+,%(/0* . /0$0 !.%2!".+)+0$!.(!#%/(0%+* $!0(!!(+3%((1/0.0!/0$! 0,+%*0/%*U* 0+,%(0$0 !.%2!".+)+0$!.(!#%/(0%+*%*(1 %*#%*"+.)0%+*%"0$!/! 0,+%*0/.!)0!.%(* 3$!.!0$!5.!.!,+.0! ;"0$!+(1)*%* %0%*#)0!.%(+. *+*
)0!.%( %/ !),05< 0$! 0 ,+%*0 %/ *+0 ,,(%(!; U DT+. f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

Open the original at slide 372 ↗

Slide 373 — JNJ

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

Open the original at slide 373 ↗

Slide 374 — JNK

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

Open the original at slide 374 ↗

Slide 375 — JNL

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

Open the original at slide 375 ↗

Slide 376 — 
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TA3!.!(1(0! 1* !.0$! "+.)!.%/(+/1.!/!(!#0! 0)!0$+ +(+#5<3$%$ %""!./".+)0$! .1(!/*+3,,(%(!"0!.0$!)*%1/!(!#0! 0<* .!0$!.!"+.! *+0"1((5+),.(!;   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ JNM

Open the original at slide 376 ↗

Slide 377 — 1)).5+" /0+! %/(+/! 5.! %0%*/0%010%+*/1* !..0%(!O4+*+)5!#1(0%+*

1)).5+" /0+! %/(+/! 5.! %0%*/0%010%+*/1* !..0%(!O4+*+)5!#1(0%+* JH!!)!.IGIL +0(!4,+/1.!0+4+*+)5D(%#*!  0%2%0%!/@)%((%+*A @`A @`A `+2!.#!@+2!.0+0(//!0/A *+*//!//! !4,+/1.!/@`+" +2!.! //!0/A@`A *+*//!//! !4,+/1.!/@`+" +2!.! //!0/A@`A 1.*+2!.D/! ,!4D/! 1.*+2!.D/! ,!4D/! 1.*+2!.D/! ,!4D/! %*  .!!*//!0.0%+> ?/0+' ML:MGO MN:JPJ HK9JR HK9NR KJ9IR +0(!4,+/1.!0+4+*+)5D(%#*!  0%2%0%!/@)%((%+*A @`A @`A `+2!.#!@+2!.0+0(//!0/A *+*//!//! !4,+/1.!/@`+" +2!.! //!0/A@`A *+*//!//! !4,+/1.!/@`+" +2!.! //!0/A@`A 1.*+2!.D/! ,!4D/! 1.*+2!.D/! ,!4D/! 1.*+2!.D/! ,!4D/!  %0%+*( / @"(+3A [<YZX \<YU\ [;W` \;V` UZ;U`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` U;Z ` Y\;\ ` XT;W ` VS;T ` . %*#++': *? *? *? %**%(#1.*0!!/ S;V S;V ` S;X ` //!0/1* !.)*#!)!*0 XZS TS;S ` TX;U ` !!/* +))%//%+*/%*+)!: *? *? *? : !!/* +))%//%+*/* . %*#++' f/@3%0$-1%'"%4)!* )!*0</$((,,(5".+)USUZA :::`+"//!0/+2!.! 50$! +2!.*'/M0+0(//!0/ :::: /! +*0$!1.*+2!. +"0$!+1*0!.,.05 ::::: /! +*0$!,4 +"0$!+1*0!.,.05   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ JNN T/! +*1.*+2!.

Open the original at slide 377 ↗

Slide 378 — !),(0!H//!0/"+.0$!(1(0%+*+" /0+'/! +*1.*+2!.H:I

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f!$*%(*+0!/0+.!,+.0%*#f<%*"+.)0%+*.!(0! 0+0$!+""D(*!/$!!0!4,+/1.!/%/+)%00! ".+)0$%/0!),(0!; !*!<.+3WT0+.+3WW$2!!!*(!"0!),05%*0!*0%+*((5*  !,%0! #.!5;

Open the original at slide 378 ↗

Slide 379 — JH!!)!.IGIL

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

Open the original at slide 379 ↗

Slide 380 — !),(0!H//!0/"+.0$!(1(0%+*+" /0+'/! +*,!4H:I

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f!$*%(*+0!/0+.!,+.0%*#f<%*"+.)0%+*.!(0! 0+0$!+""D(*!/$!!0!4,+/1.!/%/+)%00! ".+)0$%/0!),(0!; !*!<.+3WT0+.+3WW$2!!!*(!"0!),05%*0!*0%+*((5*  !,%0! #.!5;

Open the original at slide 380 ↗

Slide 381 — JH!!)!.IGIL

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

Open the original at slide 381 ↗

Slide 382 — !),(0!H//!0/"+.0$!(1(0%+*+" "(+3/! +*1.*+2!.H:I

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f!$*%(*+0!/0+.!,+.0%*#f<%*"+.)0%+*.!(0! 0+0$!+""D(*!/$!!0!4,+/1.!/%/+)%00! ".+)0$%/0!),(0!; !*!<.+3WT0+.+3WW$2!!!*(!"0!),05%*0!*0%+*((5*  !,%0! #.!5;

Open the original at slide 382 ↗

Slide 383 — JH!!)!.IGIL

UT //!0/*+0+2!.! "+. (1(0%+* INN:JIK UU !*0.(#+2!.*)!*0/* 1,.*0%+*(%//1!./ HM:LOL UV !*0.(*'/!4,+/1.! KI:PGM UW . %*#++' HP:HPM UX * !.0'%*#/* !*0%0%!/*+0/1&!00+ HLL:OHP UY /* 1* !.0'%*#/@+0$!.0$*/A*+0 /1&!00+ %/(+/1.!+(%#0%+*/ XZ<\XZ UZ +*/*  2*!/ XX<S\S U[ +"3$%$(+*/+((0!.(%/! 5 +))!.%(%))+2(!,.+,!.05 TS<[ZS U\ +"3$%$1%( %*#.!*+20%+*(+*/ VS !0/!1.%0%!/ U<[YV VT -1%05%*/0.1)!*0/ W VU +*D+1*0.5+1*0!.,.0%!/*+0/1&!00+  %/(+/1.!+(%#0%+*/ \Z<[YU VV +*/*  2*!/ \Z<UV[ VW !0/!1.%0%!/ YTS VX -1%05%*/0.1)!*0/ TX VY !.%20%2!/ O:LLN VZ * !)* %*0!.*'(+*/ H:HIN V[ /$* /$@.!(0! //!0/ KPG V\ 0$!.0!#+.%!/+"//!0/>!9#9 ++ 3%((: +))+ %0%!/!09? JI:MKJ WS +0(//!0/ JOG:ONO ""D(*!/$!!0!4,+/1.!/@/0+'A0+* !.0'%*#//1&!00+ %/(+/1.!+(%#0%+*/* (+(#+2!.*)!*0/ WT %**%(#1.*0!!/ WU //!0/1* !.)*#!)!*0 WV "3$%$ !0/!1.%0%!/ WW "3$%$!-1%05%*/0.1)!*0/ JH!!)!.IGIL (+3 @%((%+*A    ! " # $ % & ' ( ) * + , +0(B#.+//C ..5%*# )+1*0 "3$%$ 4+*+)5D !(%#%(! "3$%$ 4+*+)5D (%#*! +*D//!//!  !4,+/1.!/ .!' +3*,!.!*2%.+*)!*0(+&!0%2! "3$%$/! +".+!! / "3$%$ 0.*/%0%+*( "3$%$ !*(%*# "3$%$ "%**%*#*+*D )0!.%( 0%2%0%!/+" +1*0!.,.0%!/ "3$%$ !4,+/1.!/ "%**%*# +1*0!.,.0%!/ .!,+.0%*#%* +. *! 3%0$.0%(! Z@\A "3$%$*+0 //!//!  +*/% !.!  *+*D)0!.%( 50$!.! %0 %*/0%010%+* (%)0! $*#! %0%#0%+* @A (%)0! $*#!  ,00%+* @A 0!.*  ).%*! .!/+1.!/ @A %.1(. !+*+)5@A +((10%+*@A %+ %2!./%05 *  +/5/0!)/ @A   .+1,**1(!,+.0IGIL +*0!*0/  0#(*! 0.0!#5<1/%*!//)+ !( * 2(1!.!0%+* 1."%**%( ,!."+.)*! 1.(! !./$%,* +.,+.0!#+2!.**! 1/0%*%(%05 /00!)!*0 ,%0( *#!)!*0 %/' *#!)!*0 +*/+(% 0! "%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ JOJ

Open the original at slide 383 ↗

Slide 384 — !),(0!H//!0/"+.0$!(1(0%+*+" "(+3/! +*,!4H:I

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f!$*%(*+0!/0+.!,+.0%*#f<%*"+.)0%+*.!(0! 0+0$!+""D(*!/$!!0!4,+/1.!/%/+)%00! ".+)0$%/0!),(0!; !*!<.+3WT0+.+3WW$2!!!*(!"0!),05%*0!*0%+*((5*  !,%0! #.!5;

Open the original at slide 384 ↗

Slide 385 — JH!!)!.IGIL

UT //!0/*+0+2!.! "+. (1(0%+* INN:JIK UU !*0.(#+2!.*)!*0/* 1,.*0%+*(%//1!./ HM:LOL UV !*0.(*'/!4,+/1.! KI:PGM UW . %*#++' HP:HPM UX * !.0'%*#/* !*0%0%!/*+0/1&!00+ HLL:OHP UY /* 1* !.0'%*#/@+0$!.0$*/A*+0 /1&!00+ %/(+/1.!+(%#0%+*/ XZ<\XZ UZ +*/*  2*!/ XX<S\S U[ +"3$%$(+*/+((0!.(%/! 5 +))!.%(%))+2(!,.+,!.05 TS<[ZS U\ +"3$%$1%( %*#.!*+20%+*(+*/ VS !0/!1.%0%!/ U<[YV VT -1%05%*/0.1)!*0/ W VU +*D+1*0.5+1*0!.,.0%!/*+0/1&!00+  %/(+/1.!+(%#0%+*/ \Z<[YU VV +*/*  2*!/ \Z<UV[ VW !0/!1.%0%!/ YTS VX -1%05%*/0.1)!*0/ TX VY !.%20%2!/ O:LLN VZ * !)* %*0!.*'(+*/ H:HIN V[ /$* /$@.!(0! //!0/ KPG V\ 0$!.0!#+.%!/+"//!0/>!9#9 ++ 3%((: +))+ %0%!/!09? JI:MKJ WS +0(//!0/ JOG:ONO 2 
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

Open the original at slide 385 ↗

Slide 386 — !),(0!I.!' +3*5/!0+./! +*1.*+2!.H

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Open the original at slide 386 ↗

Slide 387 — !),(0!I.!' +3*5/!0+./! +*,!4H

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Open the original at slide 387 ↗

Slide 388 — !),(0!J  /0+'/! +*1.*+2!.

!),(0!J  /0+'/! +*1.*+2!. T @+2!.! //!0/%*+0$*1)!.0+.*  !*+)%*0+. ON9GR HK9JR HK9JR HJ9MR G9HR G9JR HM9LR U +*/*  2*!/: !0/!1.%0%!/* !-1%05%*/0.1)!*0/*+0 "!(%#%(!"+.  (1(0%+* [Z;S ` TW;V ` TW;V ` TV;Y ` S;T ` S;V ` TY;X ` V %**%(1* !.0'%*#/ HN9OR H9NR H9MR G9HR G9HR G9HR G9KR P9MR W +*/*  2*!/ TX;X ` T;\ ` T;Z ` S;U` S;U ` S;X ` TU;U ` X !0/!1.%0%!/<%*(1 %*#+ UX;S ` T;U ` T;U ` S;U ` S;T ` W;Z ` Y -1%05%*/0.1)!*0/ U;U ` S;V ` S;V ` TX;Z ` Z +*@"%**%(1* !.0'%*#/ KG9IR O9HR N9MR G9IR G9IR H9OR J9PR IG9GR [ +*/*  2*!/ WS;T ` [;T ` Z;Y ` S;U` S;U` T;[ ` V;\ ` US;S ` \ !0/!1.%0%!/<%*(1 %*#+ YU;X ` TT;Z ` TT;Z ` S;V ` Y;V ` T[;Z ` TS -1%05%*/0.1)!*0/ UV;Z ` T;S ` T;S ` S;T ` W;W ` TT +1/!$+( / HGGR HM9MR HM9MR HM9MR HM9MR TU +"3$%$(+*/+((0!.(%/! 5.!/% !*0%(%))+2(!,.+,!.05 TSS ` TY;Y ` TY;Y ` TY;Y ` TY;Y ` TV +"3$%$1%( %*#.!*+20%+*(+*/ TW +"3$%$)+0+.2!$%(!(+*/ TX +(#+2!.*)!*/"%**%*# HGGR TY +1/%*#"%**%*# TSS ` TZ 0$!.(+(#+2!.*)!*0"%**%*# TSS ` T[ +((0!.(+0%*! 50'%*#,+//!//%+*;.!/% !*0%(* +))!.%(%))+2(! ,.+,!.0%!/ IJ9NR T\ 4,+/1.!/%*(1 ! +*2+(1*0.5/%/ US @+0( //!0/ ON9GR HK9JR HK9JR HJ9MR G9HR G9JR HM9LR JH!!)!.IGIL `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

Open the original at slide 388 ↗

Slide 389 — !),(0!J  /0+'/! +*,!4

!),(0!J  /0+'/! +*,!4 T @+2!.! //!0/%*+0$*1)!.0+.*  !*+)%*0+. ON9NR HK9NR HK9MR G9HR HJ9MR G9IR G9LR HM9OR U +*/*  2*!/: !0/!1.%0%!/* !-1%05%*/0.1)!*0/*+0 "!(%#%(!"+.  (1(0%+* [Z;Z ` TW;Z ` TW;Y ` S;T ` TV;Y ` S;U ` S;X ` TY;[ ` V %**%(1* !.0'%*#/ HP9HR I9IR I9HR G9HR G9HR G9IR G9NR HH9JR W +*/*  2*!/ TZ;T ` U;X ` U;V ` S;T ` S;U ` S;\ ` TW;W ` X !0/!1.%0%!/<%*(1 %*#+ UX;T ` T;V ` T;V ` S;U ` S;T ` X;S ` Y -1%05%*/0.1)!*0/ U;U ` S;W ` S;W ` TY;T ` Z +*@"%**%(1* !.0'%*#/ KN9PR HJ9GR HI9GR G9OR G9HR G9IR G9HR I9IR M9JR IN9IR [ +*/*  2*!/ WZ;[ ` TV;S ` TT;\ ` S;[ ` S;T` S;U` S;T` U;U ` Y;U ` UZ;V ` \ !0/!1.%0%!/<%*(1 %*#+ ZV;Z ` TZ;X ` TZ;X ` T;[ ` TT;U ` UV;Z ` TS -1%05%*/0.1)!*0/ WT;T ` T;[ ` T;[ ` S;Z ` S;T ` W;W ` TT +1/!$+( / HGGR HM9MR HM9MR HM9MR HM9MR TU +"3$%$(+*/+((0!.(%/! 5.!/% !*0%(%))+2(!,.+,!.05 TSS ` TY;Y ` TY;Y ` TY;Y ` TY;Y ` TV +"3$%$1%( %*#.!*+20%+*(+*/ TW +"3$%$)+0+.2!$%(!(+*/ TX +(#+2!.*)!*0"%**%*# HGGR TY +1/%*#"%**%*# TSS ` TZ 0$!.(+(#+2!.*)!*0"%**%*# TSS ` T[ +((0!.(+0%*! 50'%*#,+//!//%+*;.!/% !*0%(* +))!.%(%))+2(! ,.+,!.0%!/ IJ9NR T\ 4,+/1.!/%*(1 ! +*2+(1*0.5/%/ US @+0( //!0/ ON9NR HK9NR HK9MR G9HR HJ9MR G9IR G9LR HM9OR JH!!)!.IGIL `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

Open the original at slide 389 ↗

Slide 390 — !),(0!K  "(+3/! +*1.*+2!.

!),(0!K  "(+3/! +*1.*+2!. T @+2!.! //!0/%*+0$*1)!.0+.*  !*+)%*0+. ML9JR O9KR O9JR M9LR G9LR G9NR HI9OR U +*/*  2*!/: !0/!1.%0%!/* !-1%05%*/0.1)!*0/*+0 "!(%#%(!"+.  (1(0%+* YX;V ` [;W ` [;V ` Y;X ` S;X ` S;Z ` TU;[ ` V %**%(1* !.0'%*#/ HH9MR H9MR H9MR G9HR G9HR G9JR HK9HR W +*/*  2*!/ TT;Z ` T;Z ` T;Y ` S;T` S;T ` S;V ` TW;U ` X !0/!1.%0%!/<%*(1 %*#+ [;Z ` S;Z ` S;Z ` [;S ` Y -1%05%*/0.1)!*0/ Z +*@"%**%(1* !.0'%*#/ JO9PR N9NR N9LR G9HR G9HR I9LR J9GR HP9NR [ +*/*  2*!/ V[;[ ` Z;Z ` Z;X ` S;T` S;T` U;X ` V;S ` T\;[ ` \ !0/!1.%0%!/<%*(1 %*#+ [T;X ` TW;V ` TW;V ` S;Z ` TS;[ ` TZ;X ` TS -1%05%*/0.1)!*0/ UV;\ ` T;S ` T;S ` S;T ` W;W ` TT +1/!$+( / HGGR HH9OR HH9OR HH9OR HH9OR TU +"3$%$(+*/+((0!.(%/! 5.!/% !*0%(%))+2(!,.+,!.05 TSS ` TT;[ ` TT;[ ` TT;[ ` TT;[ ` TV +"3$%$1%( %*#.!*+20%+*(+*/ TW +"3$%$)+0+.2!$%(!(+*/ TX +(#+2!.*)!*0"%**%*# TY +1/%*#"%**%*# TZ 0$!.(+(#+2!.*)!*0"%**%*# T[ +((0!.(+0%*! 50'%*#,+//!//%+*;.!/% !*0%(* +))!.%(%))+2(! ,.+,!.0%!/ T\ 4,+/1.!/%*(1 ! +*2+(1*0.5/%/ US @+0( //!0/ ML9JR O9KR O9JR M9LR G9LR G9NR HI9OR JH!!)!.IGIL `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

Open the original at slide 390 ↗

Slide 391 — !),(0!K  "(+3/! +*,!4

!),(0!K  "(+3/! +*,!4 JH!!)!.IGIL `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` \;V ` \;T ` S;U ` Y;X ` S;Y` T;S ` TW;S ` V %**%(1* !.0'%*#/ HH9LR H9OR H9OR G9IR G9KR HL9PR W +*/*  2*!/ TT;Y ` T;\ ` T;[ ` S;U` S;W ` TY;T ` X !0/!1.%0%!/<%*(1 %*#+ [;[ ` S;Z ` S;Z ` [;W ` Y -1%05%*/0.1)!*0/ Z +*@"%**%(1* !.0'%*#/ KL9LR HI9HR HG9PR H9HR G9HR G9HR I9NR K9OR IM9NR [ +*/*  2*!/ WX;W ` TU;T ` TS;\ ` T;T ` S;T` S;T` U;Z` W;[ ` UY;Z ` \ !0/!1.%0%!/<%*(1 %*#+ \Y;Y ` U[;S ` U[;S ` W;Z` US;\ ` U\;S ` TS -1%05%*/0.1)!*0/ WT;W ` T;[ ` T;[ ` S;Z` S;T ` W;W ` TT +1/!$+( / HGGR HH9OR HH9OR HH9OR HH9OR TU +"3$%$(+*/+((0!.(%/! 5.!/% !*0%(%))+2(!,.+,!.05 TSS ` TT;[ ` TT;[ ` TT;[ ` TT;[ `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

Open the original at slide 391 ↗

Slide 392 — /1'!)#0
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Open the original at slide 392 ↗

Slide 393 — '0(
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Open the original at slide 393 ↗

Slide 394 — %/'/.!(0! 0+0$! .+1,C/.%/')*#!)!*0,.0%!/

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Open the original at slide 394 ↗

Slide 395 — +* %0%+*/<%*(1 %*#0$+/!+/!.2! +2!.0$!,/0"!35!./)5%*.!/!

+* %0%+*/<%*(1 %*#0$+/!+/!.2! +2!.0$!,/0"!35!./)5%*.!/! 0$!.%/'+"(+*/!%*#%),%.! * $2!*!#0%2!!""!0+*+1..!/1(0/ * "%**%(+* %0%+*f>* f+*0%*1! .%/'+",+(%0%(%*/0%(%05* "%/( 1*!.0%*05</3!((/+*#+%*#2+(0%(%05%*0$!"%**%().'!0/* 0$! !+*+)5#!*!.((5$2!""!0! <* )5 2!./!(5""!0<+1.1/%*!//< .!/1(0/* "%**%(+* %0%+*f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w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(!2!(/+"1*.!(%/! ,%0(#%*/ 2%((!0+1/3$%$3+1( .! 1!+1.*!0%*+)!>*  (+3!.0$!2(1!+"+1.!-1%05%*2!/0)!*0/%),0%*#+1.,%0( ,+/%0%+*; !*0.(*'/+*0%*1!0+ +,010%+1//0*!%*.!/,+*/!0+ ,!./%/0!*0%*"(0%+*.5,.!//1.!/<)+ !.0!!+*+)%#.+30$<*  !(!20! #!+,+(%0%(.%/'/;%0$%*"(0%+*+*2!.#%*#0+3. 0$!U`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

Open the original at slide 395 ↗

Slide 396 — E

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"%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ JPM

Open the original at slide 396 ↗

Slide 397 — %),0+*.!#%+*(* #(+(!+*+)%+* %0%+*/<%*(1 %*#$!%#$0!*! 

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

Open the original at slide 397 ↗

Slide 398 — %/'/.!(0! 0+0$!.!#1(0%+** /1,!.2%/%+*+"0$! .+1,

* "%**%(+* %0%+*;*0$!/%/+"0$!%.!0%2!+* !,+/%0 #1.*0!!/$!)!/< ,5/-1.0!.(5.%/'D3!%#$0! +*0.%10%+*/%*0+  D"1* ;$!10$ D"1* .!$! %0/%*0!* ! 0.#!0/%6!+"S;[ ,!.!*0+"(( !,+/%0/#1.*0!! 1* !.0$! <%*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"%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ JPO

Open the original at slide 398 ↗

Slide 399 — )+1*0%*# !"!*!#%*/0/1$((!#0%+*/;"3!!+)!,.050+(!#(

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Open the original at slide 399 ↗

Slide 400 — %/'/.!(0! 0+(%0%#0%+*:!*"+.!)!*0,.+!! %*#/* 

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Open the original at slide 400 ↗

Slide 401 — %/'/.!(0! 0+0$! .+1,C/1/%*!//* +,!.0%+*/

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Open the original at slide 401 ↗

Slide 402 — (%)0!$*#!

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"%**%(/00!)!*0/ .!*0+),*5 "%**%(/00!)!*0/ 0$!.%*"+.)0%+* * ,,!* %!/ KGI

Open the original at slide 402 ↗

Slide 403 — !2!*0/0$0%*0!..1,0*+.)(1/%*!//+,!.0%+*/;/0$!.+(!+".0%"%%(

!2!*0/0$0%*0!..1,0*+.)(1/%*!//+,!.0%+*/;/0$!.+(!+".0%"%%( %*0!((%#!*!%*0$!"%**!%* 1/0.5* %*+1.1/%*!//%*.!/!/<(+//!/ )5(/+.!/1(0".+)%*+),(!0!<%*1.0!+.+0$!.3%/!"(3! +10,10/ ".+)0$!(#+.%0$)/*  0/!0/10%(%/! ;1$(+//!/)5 2!./!(5 ""!0+1..!,100%+*<1/%*!//* .!/1(0/; ! !,!* +*0$!/!1.!,.+!//%*#</0+.#!* 0.*/)%//%+*+" +*"% !*0%(* +0$!.%*"+.)0%+*%*+1./5/0!)/* *!03+.'/;$! !-1%,)!*0* /+"03.!1/! %*+1.+),10!./5/0!)/* *!03+.'/)5 *+0(35/!,(!+",.+!//%*#</0+.%*#+.0.*/)%00%*#%*"+.)0%+* /!4,!0! ;!/,%0!+1.1/%*!//+*0%*1%05,(*/* ,.+! 1.!/<!.0%* +"+1.+),10!./5/0!)/* *!03+.'/)5$2!%*/1""%%!*0.!+2!.5 ,%(%0%!/%*0$!!2!*0+")("1*0%+*+.(+//+" 0;!.! +*/%/0!*0(5)*#%*#* )+*%0+.%*#+1..%/',.+"%(!#(+((5; %/ /1&!00+%*.!/%*#.!#1(0+.5.!-1%.!)!*0/%*(1 %*# !*!.(0 .+0!0%+*!#1(0%+*@ A* 5)!*0!.2%!/%.!0%2!@UA * 0$!*!3%#%0(,!.0%+*(!/%(%!*!0@A3$%$,,(%!/".+) TZ*1.5USUX;%(1.!0+,,.+,.%0!(5)*#!* )+*%0+.+1..%/' ,.+"%(!+1( ""!0+1.%(%050++),(53%0$0$!/!.!#1(0+.5 .!-1%.!)!*0/<0+/!1.!(5* !""%%!*0(5/!.2!+1.(%!*0/+.0+0%)!(5< +),(!0!(5* 1.0!(5,.+!//</0+.!* 0.*/)%0%*"+.)0%+*<*  )5 2!./!(5""!0+1..!,100%+*<1/%*!//* .!/1(0/;+."1.0$!. !/.%,0%+*+"0$!,.0%1(..%/'///+%0! 3%0$5!..%)!<3$%$%/ /,!%"%.%/'0+ /.!/1(0+"%0//0.0!#%"+1/+*0!$*+(+#5*  %**+20%+*</!!f!.!/1&!00+%*.!/%*#.%/'/.!(0! 0+5!..%)! * +),(%*!3%0$5!./!1.%05.!#1(0%+*f!(+3; * %0%+*</0$!1/!+".0%"%%(%*0!((%#!*!%*0$!"%**%(/!.2%!/ %* 1/0.5%*.!/!/< 0,.+0!0%+** %*"+.)0%+*/!1.%05.%/'/)5(/+ %*.!/!;1.+.+1.1/0+)!./J/!*/%0%2!<,.+,.%!0.5<+.+*"% !*0%( %*"+.)0%+*+1( !(!'! < %/(+/! <+..!2!(! /.!/1(0+"+.%* +**!0%+*3%0$+1.+.+1.0$%. 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Open the original at slide 403 ↗

Slide 404 — 5!.00'/* %*0!.*(.!$!/<"+.,1.,+/!/+")%/,,.+,.%0%*#

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Open the original at slide 404 ↗

Slide 405 — $!%*%(%05+"+1*0!.,.0%!/0+)!!00$!%."%**%(+(%#0%+*/+.+1.

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Open the original at slide 405 ↗

Slide 406 — %/'/.!(0! 0+0$! .+1,C/.%/')*#!)!*0,.0%!/

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(1(0! .%/'"%#1.!/* <1(0%)0!(5<+1."101.!.!/1(0/+..!,100%+*; 1.0$!.)+.!<3!)5!/1&!00+.%/'/.!(0! 0+$*#!/%*(3/*  .!#1(0%+*/@!;#;3%0$.!"!.!*!0+(%!*0.0!/<,.!,5)!*0+),!*/0%+*< !0;A#+2!.*%*#0$!.%/')*#!)!*0,.0%!/+""%**%(%*/0%010%+*/;+. )+.!%*"+.)0%+*</!!f%/'/.!(0! 0+0$!.!#1(0%+** /1,!.2%/%+*+" 0$! .+1,E$*#!/%*(3/* ?+..!#1(0%+*/#+2!.*%*#"%**%( /!.2%!/+."%**%(%*/0%010%+*/+.0$!,,(%0%+*+"/1$(3/* ?+. .!#1(0%+*/)5%*.!/!+1.+,!.0%*#+/0/* (%)%0+1.0%2%0%!/f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

Open the original at slide 406 ↗

Slide 407 — %/'/.!(0! 0+0$! .+1,C/(%-1% %05* "%**%*#0%2%0%!/

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f0%*#/.! %),+.0*00++1.1/%*!//"+.*1)!.+".!/+*/<*  +3*#. !+. ,+0!*0%( +3*#. !%*+1..! %0.0%*#/+1( $2!* 2!./!%),0+* +1..!/1(0/* *!0.!/1(0/f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

Open the original at slide 407 ↗

Slide 408 —  %0%+*(.%/'/.!(0%*#0++3*!./$%,+" /$.!/

#!*5,%0(,+/%0%+*/+1( !)0!.%((5 2!./!(5""!0! 5 %/.1,0%+*/%*0$!"%**%().'!0/; 1.0$!.)+.!<.!#1(0+.5(%-1% %05.!-1%.!)!*0/%*!.0%*&1.%/ %0%+*/%* 3$%$3!+,!.0!.!)%*/0.%*#!*0<1* !.)%*%*#+1.!""+.0/0+)%*0%* !*0.(%/! )*#!)!*0+"+1.(%-1% %05;$%/)5+*0%*1!0+1/! 0.,,! ,++(/+"(%-1% %05* ,%0(<.!/1(0%*#%*%*!""%%!*%!/%*0$!+/0 +")*#%*#+1.(%-1% %05* /+(2!*5<* $%* !.+1.!""+.0/0+%*0!#.0! +1.(*!/$!!0;*!4),(!+"/1$0.,,! (%-1% %05%*(1 !/+1. +,!.0%+*/%* !.)*53$!.! !.)*.!#1(0%+*/%),+/!/!,.0! 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Open the original at slide 408 ↗

Slide 409 — +1.0/#%*/01/+.0$+/!,!./+*//! +*0$!%2%((%%(%05,.+2%/%+*/

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

Open the original at slide 409 ↗

Slide 410 — '0!)'*#/

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Open the original at slide 410 ↗

Slide 411 — /1/0%*(!/!1.%05+.+*"+.)/0+,.!/!*0+."101.!%*2!/0+.!4,!00%+*/

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Open the original at slide 411 ↗

Slide 412

Open the original at slide 412 ↗