Inferra AI / Company / SIGI / Slides
Selective Insurance Group Inc. — 2q 2026 financial supplement (company IR deck)
Selective Insurance Group Inc. (SIGI) · 19 slides · Filed Oct 22, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All SIGI deck slides
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( [ K L E L W ) , 1 $ 1 & , $ / 6 8 3 3 / ( 0 ( 1 7 6 ( & 2 1 ’ 4 8 $ 5 7 ( 5
Slide 2 — ) R U Z D U G / R R N L Q J 6 W D W H P H Q W V
) R U Z D U G / R R N L Q J 6 W D W H P H Q W V & H U W D L Q V W D W H P H Q W V L Q W K L V U H S R U W L Q F O X G L Q J L Q I R U P D W L R Q L Q F R U S R U D W H G E \ U H I H U H Q F H D U H † I R U Z D U G O R R N L Q J V W D I R U Z D U G O R R N L Q J V W D W H P H Q W V D I H K D U E R U X Q G H U W K H 6 H F X U L W L H V $ F W R I D Q G W K H 6 H F X U L W L H V ( [ F K D Q J H $ F W R I 7 K I L Q D Q F L D O S H U I R U P D Q F H 7 K H \ L Q Y R O Y H X Q F H U W D L Q W L H V D Q G N Q R Z Q D Q G X Q N Q R Z Q U L V N V D Q G R W K H U I D F W R U V W K D W P D \ F D X O R R N L Q J V W D W H P H Q W V , Q V R P H F D V H V I R U Z D U G O R R N L Q J V W D W H P H Q W V L Q F O X G H W K H Z R U G V † P D \ ‡ † Z L O O ‡ † F R X O G ‡ † Z R X O G † E H O L H Y H ‡ † H V W L P D W H ‡ † S U H G L F W ‡ † S R W H Q W L D O ‡ † S U R I R U P D ‡ † V H H N ‡ † O L N H O \ ‡ † F R Q W L Q X H ‡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’ H W H U L R U D W L R Q L Q W K H S X E O L F G H E W S X E O L F H T X L W \ R U S U L Y D W H L Q Y H V W P H Q W P D U N H W V W K D W F R X O G O H D G W R L Q Y H 5 D W L Q J V G R Z Q J U D G H V R Q L Q G L Y L G X D O V H F X U L W L H V Z H R Z Q F R X O G Q H J D W L Y H O \ D I I H F W L Q Y H V W P H Q W Y D O X H V L P S D F W L Q 7 K H G H Y H O R S P H Q W D Q G D G H T X D F \ R I R X U O R V V U H V H U Y H V D Q G O R V V H [ S H Q V H U H V H U Y H V ) U H T X H Q F \ D Q G V H Y H U L W \ R I F D W D V W U R S K L F H Y H Q W V L Q F O X G L Q J Q D W X U D O H Y H Q W V W K D W F O L P D W H F K D Q J H P D \ L P S D F W Z H D W K H U I O R R G V D Q G I L U H V D Q G P D Q P D G H H Y H Q W V V X F K D V F U L P L Q D O D Q G W H U U R U L V W D F W V L Q F O X G L Q J F \ E H U D W W $ G Y H U V H P D U N H W J R Y H U Q P H Q W D O U H J X O D W R U \ O H J D O S R O L W L F D O R U M X G L F L D O U X O L Q J V F R Q G L W L R Q V R U D F W L R Q V L 7 K H V L J Q L I L F D Q W J H R J U D S K L F F R Q F H Q W U D W L R Q R I R X U E X V L Q H V V L Q W K H H D V W H U Q S R U W L R Q R I W K H 8 Q L W H G 6 W D W H V 7 K H F R V W W H U P V F R Q G L W L R Q V D Q G D Y D L O D E L O L W \ R I U H L Q V X U D Q F H 2 X U D E L O L W \ W R F R O O H F W R Q U H L Q V X U D Q F H D Q G W K H V R O Y H Q F \ R I R X U U H L Q V X U H U V 7 K H L P S D F W R I F K D Q J H V L Q 8 6 W U D G H S R O L F L H V D Q G L P S R V L W L R Q R I W D U L I I V R Q L P S R U W V W K D W P D \ O H D G W R K L J K H U W * H R S R O L W L F D O G H Y H O R S P H Q W V L Q F O X G L Q J R Q J R L Q J Z D U V D Q G F R Q I O L F W V V X F K D V W K H U H F H Q W P L O L W D U \ F R Q I O L F W L Q D F W L Y L W \ D Q G I L Q D Q F L D O P D U N H W V D Q G P D \ H [ D F H U E D W H L Q I O D W L R Q D U \ S U H V V X U H V V X S S O \ F K D L Q G L V U X S W L R Q D Q G 8 Q F H U W D L Q W L H V U H O D W H G W R L Q V X U D Q F H S U H P L X P U D W H L Q F U H D V H V D Q G E X V L Q H V V U H W H Q W L R Q & K D Q J H V L Q L Q V X U D Q F H U H J X O D W L R Q V W K D W L P S D F W R X U D E L O L W \ W R Z U L W H D Q G R U F H D V H Z U L W L Q J L Q V X U D Q F H S R O L F 7 K H H I I H F W V R I G D W D S U L Y D F \ R U F \ E H U V H F X U L W \ O D Z V D Q G U H J X O D W L R Q V R Q R X U R S H U D W L R Q V 0 D M R U G H I H F W R U I D L O X U H L Q R X U L Q W H U Q D O F R Q W U R O V R U L Q I R U P D W L R Q W H F K Q R O R J \ D Q G D S S O L F D W L R Q V \ V W H P V W K D W P D Q D J H P H Q W L V V X H V D Q G R U L Q F U H D V H G H [ S H Q V H V S D U W L F X O D U O \ L I Z H H [ S H U L H Q F H D V L J Q L I L F D Q W S U L Y D F \ E U H D F K 3 R W H Q W L D O W D [ R U I H G H U D O I L Q D Q F L D O U H J X O D W R U \ U H I R U P S U R Y L V L R Q V W K D W F R X O G S R V H F H U W D L Q U L V N V W R R X U R S 2 X U D E L O L W \ W R P D L Q W D L Q I D Y R U D E O H I L Q D Q F L D O U D W L Q J V Z K L F K P D \ L Q F O X G H V X V W D L Q D E L O L W \ F R Q V L G H U D W L R Q V I U 2 X U H Q W U \ L Q W R Q H Z P D U N H W V D Q G E X V L Q H V V H V D Q G 2 W K H U U L V N V D Q G X Q F H U W D L Q W L H V Z H L G H Q W L I \ L Q I L O L Q J V Z L W K W K H 8 Q L W H G 6 W D W H V 6 H F X U L W L H V D Q G ( [ F K D Q J H & R P
Slide 3 — 6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X
6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X 7 $ % / ( 2 ) & 2 1 7 ( 1 7 6 3 D J H & R Q V R O L G D W H G ) L Q D Q F L D O + L J K O L J K W V & R Q V R O L G D W H G 6 W D W H P H Q W V R I 2 S H U D W L R Q V & R Q V R O L G D W H G % D O D Q F H 6 K H H W V ) L Q D Q F L D O 0 H W U L F V & R Q V R O L G D W H G , Q V X U D Q F H 2 S H U D W L R Q V 6 W D W H P H Q W R I 2 S H U D W L R Q V 6 W D Q G D U G & R P P H U F L D O / L Q H V 6 W D W H P H Q W R I 2 S H U D W L R Q V D Q G 6 X S S O H P H Q W D O ’ D W D 6 W D Q G D U G & R P P H U F L D O / L Q H V * $ $ 3 / L Q H R I % X V L Q H V V 5 H V X O W V 6 W D Q G D U G 3 H U V R Q D O / L Q H V 6 W D W H P H Q W R I 2 S H U D W L R Q V D Q G 6 X S S O H P H Q W D O ’ D W D 6 W D Q G D U G 3 H U V R Q D O / L Q H V * $ $ 3 / L Q H R I % X V L Q H V V 5 H V X O W V ( [ F H V V D Q G 6 X U S O X V / L Q H V 6 W D W H P H Q W R I 2 S H U D W L R Q V D Q G 6 X S S O H P H Q W D O ’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
Slide 4 — 6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X
6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X & 2 1 6 2 / , ’ $ 7 ( ’ ) , 1 $ 1 & , $ / + , * + / , * + 7 6 8 Q D X G L W H G 4 X D U W H U H Q G H G < H D U W R G D W H - X Q H 0 D U ’ H F 6 H S W - X Q H - X Q H - X Q H D Q G V K D U H V L Q P L O O L R Q V H [ F H S W S H U V K D U H G D W D ) R U 3 H U L R G ( Q G H G * U R V V S U H P L X P V Z U L W W H Q 1 H W S U H P L X P V Z U L W W H Q & K D Q J H L Q Q H W S U H P L X P V Z U L W W H Q I U R P F R P S D U D E O H S U L R U \ H D U S H U L R G 8 Q G H U Z U L W L Q J L Q F R P H O R V V E H I R U H W D [ 1 H W L Q Y H V W P H Q W L Q F R P H H D U Q H G E H I R U H W D [ 1 H W U H D O L ] H G D Q G X Q U H D O L ] H G L Q Y H V W P H Q W J D L Q V O R V V H V E H I R U H W D [ 1 H W L Q F R P H O R V V 1 H W L Q F R P H O R V V D Y D L O D E O H W R F R P P R Q V W R F N K R O G H U V 1 R Q * $ $ 3 R S H U D W L Q J L Q F R P H O R V V $ W 3 H U L R G ( Q G 7 R W D O D V V H W V 7 R W D O L Q Y H V W H G D V V H W V 6 W R F N K R O G H U V H T X L W \ & R P P R Q V W R F N K R O G H U V H T X L W \ & R P P R Q V K D U H V R X W V W D Q G L Q J 3 H U 6 K D U H D Q G 6 K D U H ’ D W D 1 H W L Q F R P H O R V V D Y D L O D E O H W R F R P P R Q V W R F N K R O G H U V S H U F R P P R Q V K D U H G L O X W H G 1 R Q * $ $ 3 R S H U D W L Q J L Q F R P H O R V V S H U F R P P R Q V K D U H G L O X W H G : H L J K W H G D Y H U D J H F R P P R Q V K D U H V R X W V W D Q G L Q J G L O X W H G % R R N Y D O X H S H U F R P P R Q V K D U H $ G M X V W H G E R R N Y D O X H S H U F R P P R Q V K D U H ’ L Y L G H Q G V S D L G S H U F R P P R Q V K D U H ) L Q D Q F L D O 5 D W L R V / R V V D Q G O R V V H [ S H Q V H U D W L R 8 Q G H U Z U L W L Q J H [ S H Q V H U D W L R ’ L Y L G H Q G V W R S R O L F \ K R O G H U V U D W L R – – * $ $ 3 F R P E L Q H G U D W L R 5 H W X U Q R Q F R P P R Q V W R F N K R O G H U V H T X L W \ 5 2 ( 1 R Q * $ $ 3 R S H U D W L Q J 5 2 ( ’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
Slide 5 — 6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X
6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X & 2 1 6 2 / , ’ $ 7 ( ’ 6 7 $ 7 ( 0 ( 1 7 6 2 ) 2 3 ( 5 $ 7 , 2 1 6 8 Q D X G L W H G 4 X D U W H U H Q G H G < H D U W R G D W H - X Q H 0 D U ’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
Slide 6 — 6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X
6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X & 2 1 6 2 / , ’ $ 7 ( ’ % $ / $ 1 & ( 6 + ( ( 7 6 8 Q D X G L W H G
Slide 7 — 6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X
6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X ) , 1 $ 1 & , $ / 0 ( 7 5 , & 6 8 Q D X G L W H G 4 X D U W H U H Q G H G < H D U W R G D W H - X Q H 0 D U ’ H F 6 H S W - X Q H - X Q H - X Q H D Q G V K D U H V L Q P L O O L R Q V H [ F H S W S H U V K D U H G D W D % R R N Y D O X H S H U F R P P R Q V K D U H & R P P R Q V W R F N K R O G H U V H T X L W \ & R P P R Q V K D U H V L V V X H G D Q G R X W V W D Q G L Q J D W S H U L R G H Q G % R R N Y D O X H S H U F R P P R Q V K D U H $ G M X V W H G E R R N Y D O X H S H U F R P P R Q V K D U H ) L Q D Q F L D O U H V X O W V D I W H U W D [ 8 Q G H U Z U L W L Q J L Q F R P H O R V V 1 H W L Q Y H V W P H Q W L Q F R P H , Q W H U H V W H [ S H Q V H D Q G S U H I H U U H G V W R F N G L Y L G H Q G V & R U S R U D W H H [ S H Q V H 1 H W U H D O L ] H G D Q G X Q U H D O L ] H G L Q Y H V W P H Q W J D L Q V O R V V H V 7 R W D O D I W H U W D [ Q H W L Q F R P H O R V V V W R F N K R O G H U V 5 H W X U Q R Q D Y H U D J H H T X L W \ , Q V X U D Q F H V H J P H Q W V 1 H W L Q Y H V W P H Q W L Q F R P H , Q W H U H V W H [ S H Q V H D Q G S U H I H U U H G V W R F N G L Y L G H Q G V & R U S R U D W H H [ S H Q V H 1 H W U H D O L ] H G D Q G X Q U H D O L ] H G L Q Y H V W P H Q W J D L Q V O R V V H V 5 2 ( 1 H W U H D O L ] H G D Q G X Q U H D O L ] H G J D L Q V O R V V H V 1 R Q * $ $ 3 2 S H U D W L Q J 5 2 ( ’ H E W D Q G W R W D O F D S L W D O L ] D W L R Q 1 R W H V S D \ D E O H % R U U R Z L Q J V I U R P ) H G H U D O + R P H / R D Q % D Q N R I , Q G L D Q D S R O L V 6 H Q L R U 1 R W H V 6 H Q L R U 1 R W H V 6 H Q L R U 1 R W H V 6 H Q L R U 1 R W H V ) L Q D Q F H O H D V H R E O L J D W L R Q V 7 R W D O G H E W 6 W R F N K R O G H U V H T X L W \ 7 R W D O F D S L W D O L ] D W L R Q 5 D W L R R I G H E W W R W R W D O F D S L W D O L ] D W L R Q 3 R O L F \ K R O G H U V V X U S O X V 1 R Q * $ $ 3 P H D V X U H 5 H I H U W R 3 D J H I R U G H I L Q L W L R Q $ P R X Q W V D U H S U R Y L G H G W R U H F R Q F L 5 2 ( 1 R W H $ P R X Q W V P D \ Q R W I R R W G X H W R U R X Q G L Q J
Slide 8 — 6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X
6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X & 2 1 6 2 / , ’ $ 7 ( ’ , 1 6 8 5 $ 1 & ( 2 3 ( 5 $ 7 , 2 1 6 6 7 $ 7 ( 0 ( 1 7 2 ) 2 3 ( 5 $ 7 , 2 1 6 8 Q D X G L W H G
Slide 9 — 6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X
6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X 6 7 $ 1 ’ $ 5 ’ & 2 0 0 ( 5 & , $ / / , 1 ( 6 6 7 $ 7 ( 0 ( 1 7 2 ) 2 3 ( 5 $ 7 , 2 1 6 $ 1 ’ 6 8 3 3 / ( 0 ( 1 7 $ / ’ $ 7 $ 8 Q D X G L W H G
Slide 10 — 6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X
6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X 6 7 $ 1 ’ $ 5 ’ & 2 0 0 ( 5 & , $ / / , 1 ( 6 * $ $ 3 / , 1 ( 2 ) % 8 6 , 1 ( 6 6 5 ( 6 8 / 7 6 8 Q D X G L W H G 4 X D U W H U H Q G H G - X Q H 4 X D U W H U H Q G H G - X Q H * H Q H U D O & R P P H U F L D O & R P P H U F L D O : R U N H U V * H Q H U D O & R P P H U F L D O & R P P H U F L D O : R U N H U V L Q P L O O L R Q V / L D E L O L W \ $ X W R 3 U R S H U W \ & R P S H Q V D W L R Q % 2 3 % R Q G V 2 W K H U 7 R W D O / L D E L O L W \ $ X W R 3 U R S H U W \ & R P S H Q V D W L R Q % 2 3 % R Q G V 2 W K H U 7 R W D O 1 H W S U H P L X P V Z U L W W H Q 1 H W S U H P L X P V H D U Q H G 8 Q G H U Z U L W L Q J L Q F R P H O R V V / R V V D Q G O R V V H [ S H Q V H U D W L R – 8 Q G H U Z U L W L Q J H [ S H Q V H U D W L R ’ L Y L G H Q G U D W L R – – – – – – – – – & R P E L Q H G U D W L R 1 H W F D W D V W U R S K H O R V V H V – – – – – – – – ) D Y R U D E O H X Q I D Y R U D E O H S U L R U \ H D U F D V X D O W \ U H V H U Y H G H Y H O R S P H Q W – – – – – – – – – – – – – & R P E L Q H G U D W L R E H I R U H Q H W F D W D V W U R S K H O R V V H V D Q G S U L R U \ H D U F D V X D O W \ G H Y H O R S P H Q W < H D U W R ’ D W H - X Q H < H D U W R ’ D W H - X Q H * H Q H U D O & R P P H U F L D O & R P P H U F L D O : R U N H U V * H Q H U D O & R P P H U F L D O & R P P H U F L D O : R U N H U V L Q P L O O L R Q V / L D E L O L W \ $ X W R 3 U R S H U W \ & R P S H Q V D W L R Q % 2 3 % R Q G V 2 W K H U 7 R W D O / L D E L O L W \ $ X W R 3 U R S H U W \ & R P S H Q V D W L R Q % 2 3 % R Q G V 2 W K H U 7 R W D O 1 H W S U H P L X P V Z U L W W H Q 1 H W S U H P L X P V H D U Q H G 8 Q G H U Z U L W L Q J L Q F R P H O R V V / R V V D Q G O R V V H [ S H Q V H U D W L R 8 Q G H U Z U L W L Q J H [ S H Q V H U D W L R ’ L Y L G H Q G U D W L R – – – – – – – – – – – & R P E L Q H G U D W L R 1 H W F D W D V W U R S K H O R V V H V – – – – – – – – ) D Y R U D E O H X Q I D Y R U D E O H S U L R U \ H D U F D V X D O W \ U H V H U Y H G H Y H O R S P H Q W – – – – – – – – – – – – – & R P E L Q H G U D W L R E H I R U H Q H W F D W D V W U R S K H O R V V H V D Q G S U L R U \ H D U F D V X D O W \ G H Y H O R S P H Q W , Q F O X G H V , Q O D Q G 0 D U L Q H 1 R W H $ P R X Q W V P D \ Q R W I R R W G X H W R U R X Q G L Q J 3 D J H
Slide 11 — 6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X
6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X 6 7 $ 1 ’ $ 5 ’ 3 ( 5 6 2 1 $ / / , 1 ( 6 6 7 $ 7 ( 0 ( 1 7 2 ) 2 3 ( 5 $ 7 , 2 1 6 $ 1 ’ 6 8 3 3 / ( 0 ( 1 7 $ / ’ $ 7 $ 8 Q D X G L W H G
Slide 12 — 6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X
6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X 6 7 $ 1 ’ $ 5 ’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– – ) D Y R U D E O H X Q I D Y R U D E O H S U L R U \ H D U F D V X D O W \ U H V H U Y H G H Y H O R S P H Q W – – – – – – – – & R P E L Q H G U D W L R E H I R U H Q H W F D W D V W U R S K H O R V V H V D Q G S U L R U \ H D U F D V X D O W \ G H Y H O R S P H Q W < H D U W R ’ D W H - X Q H < H D U W R ’ D W H - X Q H 3 H U V R Q D O 3 H U V R Q D O L Q P L O O L R Q V $ X W R + R P H R Z Q H U V 2 W K H U 7 R W D O $ X W R + R P H R Z Q H U V 2 W K H U 7 R W D O 1 H W S U H P L X P V Z U L W W H Q 1 H W S U H P L X P V H D U Q H G 8 Q G H U Z U L W L Q J L Q F R P H O R V V / R V V D Q G O R V V H [ S H Q V H U D W L R 8 Q G H U Z U L W L Q J H [ S H Q V H U D W L R & R P E L Q H G U D W L R 1 H W F D W D V W U R S K H O R V V H V – – ) D Y R U D E O H X Q I D Y R U D E O H S U L R U \ H D U F D V X D O W \ U H V H U Y H G H Y H O R S P H Q W – – – – – – & R P E L Q H G U D W L R E H I R U H Q H W F D W D V W U R S K H O R V V H V D Q G S U L R U \ H D U F D V X D O W \ G H Y H O R S P H Q W 1 R W H $ P R X Q W V P D \ Q R W I R R W G X H W R U R X Q G L Q J 3 D J H
Slide 13 — 6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X
6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X ( ; & ( 6 6 $ 1 ’ 6 8 5 3 / 8 6 / , 1 ( 6 6 7 $ 7 ( 0 ( 1 7 2 ) 2 3 ( 5 $ 7 , 2 1 6 $ 1 ’ 6 8 3 3 / ( 0 ( 1 7 $ / ’ $ 7 $ 8 Q D X G L W H G
Slide 14 — 6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X
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– – ) D Y R U D E O H X Q I D Y R U D E O H S U L R U \ H D U F D V X D O W \ U H V H U Y H G H Y H O R S P H Q W – – – – – – & R P E L Q H G U D W L R E H I R U H Q H W F D W D V W U R S K H O R V V H V D Q G S U L R U \ H D U F D V X D O W \ G H Y H O R S P H Q W < H D U W R ’ D W H - X Q H < H D U W R ’ D W H - X Q H L Q P L O O L R Q V & D V X D O W \ 3 U R S H U W \ 7 R W D O & D V X D O W \ 3 U R S H U W \ 7 R W D O 1 H W S U H P L X P V Z U L W W H Q 1 H W S U H P L X P V H D U Q H G 8 Q G H U Z U L W L Q J L Q F R P H O R V V / R V V D Q G O R V V H [ S H Q V H U D W L R 8 Q G H U Z U L W L Q J H [ S H Q V H U D W L R & R P E L Q H G U D W L R 1 H W F D W D V W U R S K H O R V V H V – – ) D Y R U D E O H X Q I D Y R U D E O H S U L R U \ H D U F D V X D O W \ U H V H U Y H G H Y H O R S P H Q W – – – – – – & R P E L Q H G U D W L R E H I R U H Q H W F D W D V W U R S K H O R V V H V D Q G S U L R U \ H D U F D V X D O W \ G H Y H O R S P H Q W 1 R W H $ P R X Q W V P D \ Q R W I R R W G X H W R U R X Q G L Q J 3 D J H
Slide 15 — 6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X
6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X & 2 1 6 2 / , ’ $ 7 ( ’ , 1 9 ( 6 7 0 ( 1 7 , 1 & 2 0 ( 8 Q D X G L W H G
Slide 16 — 6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X
6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X & 2 1 6 2 / , ’ $ 7 ( ’ & 2 0 3 2 6 , 7 , 2 1 2 ) , 1 9 ( 6 7 ( ’ $ 6 6 ( 7 6 8 Q D X G L W H G
Slide 17 —
6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X & 5 ( ’ , 7 4 8 $ / , 7 < 2 ) , 1 9 ( 6 7 ( ’ $ 6 6 ( 7 6 8 Q D X G L W H G
Slide 18 — 6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X
6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X 5 ( & 2 1 & , / , $ 7 , 2 1 2 ) 1 ( 7 , 1 & 2 0 ( / 2 6 6 $ 9 $ , / $ % / ( 7 2 & 2 0 0 2 1 6 7 2 & . + 2 / ’ ( 5 6 7 2 1 2 1 * $ $ 3 2 3 ( 5 $ 7 , 1 , 1 & 2 0 ( / 2 6 6 $ 1 ’ & ( 5 7 $ , 1 2 7 + ( 5 1 2 1 * $ $ 3 0 ( $ 6 8 5 ( 6 8 Q D X G L W H G 4 X D U W H U H Q G H G < H D U W R G D W H - X Q H 0 D U ’ H F 6 H S W - X Q H - X Q H - X Q H L Q P L O O L R Q V H [ F H S W S H U V K D U H G D W D 5 H F R Q F L O L D W L R Q R I Q H W L Q F R P H O R V V D Y D L O D E O H W R F R P P R Q V W R F N K R O G H U V W R Q R Q * $ $ 3 R S H U D W L Q J L Q F R P H O R V V 1 H W L Q F R P H O R V V D Y D L O D E O H W R F R P P R Q V W R F N K R O G H U V 1 H W U H D O L ] H G D Q G X Q U H D O L ] H G L Q Y H V W P H Q W J D L Q V O R V V H V L Q F O X G H G L Q Q H W L Q F R P H E H I R U H W D [ 7 D [ R Q U H F R Q F L O L Q J L W H P V 1 R Q * $ $ 3 R S H U D W L Q J L Q F R P H O R V V 5 H F R Q F L O L D W L R Q R I Q H W L Q F R P H O R V V D Y D L O D E O H W R F R P P R Q V W R F N K R O G H U V S H U G L O X W H G F R P P R Q V K D U H W R Q R Q * $ $ 3 R S H U D W L Q J L Q F R P H O R V V S H U G L O X W H G F R P P R Q V K D U H 1 H W L Q F R P H O R V V D Y D L O D E O H W R F R P P R Q V W R F N K R O G H U V S H U G L O X W H G F R P P R Q V K D U H 1 H W U H D O L ] H G D Q G X Q U H D O L ] H G L Q Y H V W P H Q W J D L Q V O R V V H V L Q F O X G H G L Q Q H W L Q F R P H E H I R U H W D [ 7 D [ R Q U H F R Q F L O L Q J L W H P V 1 R Q * $ $ 3 R S H U D W L Q J L Q F R P H O R V V S H U G L O X W H G F R P P R Q V K D U H 5 H F R Q F L O L D W L R Q R I 5 2 ( W R Q R Q * $ $ 3 R S H U D W L Q J 5 2 ( 5 2 ( 1 H W U H D O L ] H G D Q G X Q U H D O L ] H G L Q Y H V W P H Q W J D L Q V O R V V H V L Q F O X G H G L Q Q H W L Q F R P H E H I R U H W D [ 7 D [ R Q U H F R Q F L O L Q J L W H P V –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
Slide 19 — 6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X
6 H O H F W L Y H , Q V X U D Q F H * U R X S , Q F & R Q V R O L G D W H G 6 X 5 $ 7 , 1 * 6 $ 1 ’ & 2 1 7 $ & 7 , 1 ) 2 5 0 $ 7 , 2 1 $ G G U H V V $ V R I - X Q H : D Q W D J H $ Y H Q X H $ 0 % H V W 6 W D Q G D U G 3 R R U V 0 R R G \ V ) L W F K % U D Q F K Y L O O H 1 - ) L Q D Q F L D O 6 W U H Q J W K 5 D W L Q J V $ $ $ $ 3 U H I H U U H G 6 W R F N 5 D W L Q J Q D % % % D % % % & R U S R U D W H : H E V L W H / R Q J 7 H U P ’ H E W & U H G L W 5 D W L Q J D % % % % D D % % % Z Z Z 6 H O H F W L Y H F R P , Q Y H V W R U & R Q W D F W 5 ( * , 6 7 5 $ 5 $ 1 ’ 7 5 $ 1 6 ) ( 5 $ * ( 1 7 % U D G % : L O V R Q ( 4 6 K D U H R Z Q H U 6 H U Y L F H V 6 H Q L R U 9 L F H 3 U H V L G H Q W 3 2 % R [ 3 K R Q H 6 W 3 D X O 0 1 % U D G : L O V R Q # 6 H O H F W L Y H F R P 0 H G L D & R Q W D F W - D P L H 0 % H D O 9 L F H 3 U H V L G H Q W ’ L U H F W R U R I & R P P X Q L F D W L R Q V 3 K R Q H - D P L H % H D O # 6 H O H F W L Y H F R P 3 D J H