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Veralto — VLTO+1Q26+Form+10Q (company IR deck)

Veralto (VLTO) · 0 slides · Filed Oct 29, 2026

Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All VLTO deck slides

Slide 1 — )"('(('

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Slide 2 — !A7<64G85L6;86>@4E>J;8G;8EG;8E8:<FGE4AG;4FFH5@<GG878?86GEBA<64??L8I8EL!AG8E46G<I84G4<?8E8DH<E87GB58

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Slide 3 — *& (##&$#&(#"

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Slide 4 — *& (##&$#&(#"

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Slide 5 — *& (##&$#&(#"

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Slide 6 — *& (##&$#&(#"

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Slide 7 — *& (##&$#&(#"

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Slide 8 — *& (##&$#&(#"

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Open the original at slide 8 ↗

Slide 9 — *& (##&$#&(#"

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Open the original at slide 9 ↗

Slide 10 — F8EI<68F4E8C8E9BE@87 !A6?H787<AG;8B@C4ALPFCE8C4<78KC8AF8F4A7BG;8E6HEE8AG4FF8GF4E8CE8C4<7

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Open the original at slide 10 ↗

Slide 11 — ,;89B??BJ<A:FH@@4E<M8FG;88FG<@4G8794<EI4?H8FB9G;84FF8GF46DH<E874A7?<45<?<G<8F4FFH@874GG;874G8B9

,;89B??BJ<A:FH@@4E<M8FG;88FG<@4G8794<EI4?H8FB9G;84FF8GF46DH<E874A7?<45<?<G<8F4FFH@874GG;874G8B9 46DH<F<G<BA9BEG;8<A7<I<7H4??LF<:A<9<64AG46DH<F<G<BAB9!A +<GH7HE<A:G;8G;E88 @BAG;C8E<B78A787CE<?   <A@<??<BAF < '7BC ,E478466BHAGFE868<I45?8    !AI8AGBE<8F   (EBC8EGL C?4AG4A78DH<C@8AG   !AG4A:<5?84FF8GF GE478A4@8F   !AG4A:<5?84FF8GF 78I8?BC87G86;AB?B:L   !AG4A:<5?84FF8GF 6HFGB@8EE8?4G<BAF;<CF    BB7J<??   898EE87G4K?<45<?<G<8F   'G;8E4FF8GF4A7?<45<?<G<8F A8G    &8G4FF8GF46DH<E87   $8FFABA64F;:4<ABACE8I<BHF?L;8?7@<ABE<GL<AG8E8FG   &8G64F;6BAF<78E4G<BA   ,;8J8<:;G87 4I8E4:84@BEG<M4G<BAC8E<B7F9BE789<A<G8 ?<I87<AG4A:<5?84FF8GF46DH<E877HE<A:G;8G;E88 @BAG; C8E<B78A787CE<?  4E8 L84EF9BE6HFGB@8EE8?4G<BAF;<CF L84EF9BE78I8?BC87G86;AB?B:L 4A7L84EF 9BEGE478A4@8F ,;8J8<:;G87 4I8E4:84@BEG<M4G<BAC8E<B79BE789<A<G8 ?<I87<AG4A:<5?84FF8GF46DH<E87<A 4::E8:4G87HE<A:G;8G;E88 @BAG;C8E<B78A787CE<?  <FL84EF  ,E4AF46G<BA E8?4G876BFGF9BEG;8!A +<GH46DH<F<G<BAJ8E8@<??<BA9BEG;8G;E88 @BAG;C8E<B78A787CE<?    $@==@;/7</<17/:<4=@;/B7=< (EB9BE@49<A4A6<4?<A9BE@4G<BA9BEG;8!A +<GH46DH<F<G<BA;4FABG588ACE8F8AG875864HF8G;846DH<F<G<BAJ4FABG @4G8E<4?GBG;8B@C4ALPFBAFB?<74G87BA78AF87+G4G8@8AGFB94EA<A:F ,45?8B9BAG8AGF 

Open the original at slide 11 ↗

Slide 12 — "#(  "(&""'$&#!!#"'&

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Open the original at slide 12 ↗

Slide 13 — "#(  &*")

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

Open the original at slide 13 ↗

Slide 14 — E86B:A<M8E8I8AH8BA4CCEBK<@4G8?LB9G;8E8@4<A<A:C8E9BE@4A68B5?<:4G<BAFBI8EG;8A8KG@BAG;F 

E86B:A<M8E8I8AH8BA4CCEBK<@4G8?LB9G;8E8@4<A<A:C8E9BE@4A68B5?<:4G<BAFBI8EG;8A8KG@BAG;F  BI8EG;8FH5F8DH8AG@BAG;F 4A7G;8E8@4<A78EE86B:A<M87G;8E849G8E ,;8B@C4ALB9G8AE868<I8F64F;C4L@8AGF9EB@6HFGB@8EF<A47I4A68B9G;8B@C4ALPFC8E9BE@4A68 E8FH?G<A: <A6BAGE46G?<45<?<G<8FG;4G4E86?4FF<9<874F8<G;8E6HEE8AGBE?BA: G8E@<AG;8BAFB?<74G87BA78AF874?4A68 +;88GF54F87BAG;8G<@<A:B9J;8AG;8B@C4AL8KC86GFGBE86B:A<M8E8I8AH8 FB9CE<?  4A7 868@58E   6BAGE46G?<45<?<G<8FJ8E8@<??<BA4A7@<??<BA E8FC86G<I8?L 4A74E8<A6?H787J<G;<A 466EH878KC8AF8F4A7BG;8E?<45<?<G<8F4A7BG;8E?BA: G8E@?<45<?<G<8F<AG;8466B@C4AL<A:BAFB?<74G87BA78AF87 4?4A68+;88GF *8I8AH8E86B:A<M877HE<A:G;8G;E88 @BAG;C8E<B7F8A787CE<?  4A7CE<?  G;4G J4F<A6?H787<AG;8BC8A<A:6BAGE46G?<45<?<GL54?4A68J4F@<??<BA4A7@<??<BA E8FC86G<I8?L  "#( '!"("#&!(#" ,;8B@C4ALBC8E4G8F4A7E8CBEGF<GFE8FH?GF<AGJBF8C4E4G85HF<A8FFF8:@8AGF6BAF<FG<A:B9G;8/4G8E)H4?<GL 4A7(EB7H6G)H4?<GL!AABI4G<BAF8:@8AGF ,;8B@C4ALPF/4G8E)H4?<GLF8:@8AGCEBI<78FCEBCE<8G4ELCE86<F<BA<AFGEH@8AG4G<BA 6BAFH@45?8F FB9GJ4E8  F8EI<68F4A747I4A687J4G8EGE84G@8AGG86;AB?B:<8FGB;8?C@84FHE8 4A4?LM84A7GE84GG;8JBE?7PFJ4G8E<A @HA<6<C4? <A7HFGE<4? 6B@@8E6<4? E8F<78AG<4? E8F84E6;4A7A4GHE4?E8FBHE684CC?<64G<BAF ,;8B@C4ALPF(EB7H6G)H4?<GL!AABI4G<BAF8:@8AGCEBI<78F8DH<C@8AG 6BAFH@45?8F FB9GJ4E84A7F8EI<68F9BE I4E<BHF@4E><A:4A76B7<A: GE46845<?<GL CE<AG<A: C46>4:<A:78F<:A4A7DH4?<GL@4A4:8@8AG C46>4:<A:6BAI8EG<A: 4A76B?BE4A74CC84E4A68@4A4:8@8AG4CC?<64G<BAF9BE6BAFH@8EC46>4:87:BB7F4A7<A7HFGE<4?CEB7H6GF *8FBHE68F4E84??B64G874A7C8E9BE@4A68<F4FF8FF875LG;8(E8F<78AG;<89K86HG<I8'99<68E' J;B@G;8 B@C4AL;4F78G8E@<A87GB58G;8;<89'C8E4G<A:86<F<BA%4>8EQ'%R ,;8'%8I4?H4G8FG;8 C8E9BE@4A68B9<GFF8:@8AGF4A74??B64G8FE8FBHE68FGBG;8@54F87BABC8E4G<A:CEB9<G ,;8'%4?FB6B@C4E8F 46GH4?E8FH?GFGB8KC86G4G<BAF<A4FF8FF<A:C8E9BE@4A68B9G;8F8:@8AGF 'C8E4G<A:CEB9<GE8CE8F8AGFGBG4?E8I8AH8F ?8FFBC8E4G<A:8KC8AF8F 8K6?H7<A:ABABC8E4G<A:<A6B@84A78KC8AF84A7<A6B@8G4K8F 'C8E4G<A:CEB9<G4@BHAGF <AG;8'G;8EF8:@8AG6BAF<FGB9HA4??B64G876BECBE4G86BFGF4A7BG;8E6BFGFABG6BAF<78E87C4EGB9@4A4:8@8AGPF 8I4?H4G<BAB9E8CBEG45?8F8:@8AGBC8E4G<A:C8E9BE@4A68 ,;8<78AG<9<45?84FF8GF5LF8:@8AG4E8G;BF8HF87<A846;F8:@8AGPFBC8E4G<BAF !AG8EF8:@8AG4@BHAGF4E8ABG F<:A<9<64AG4A74E88?<@<A4G87GB4EE<I84G6B@5<A87GBG4?F ,45?8B9BAG8AGF 

Open the original at slide 14 ↗

Slide 15 — 8G4<?87F8:@8AG74G49BEG;8G;E88 @BAG;C8E<B7F8A787CE<?  4A7CE<?  <F4F9B??BJF

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

Open the original at slide 15 ↗

Slide 16 — *86BA6<?<4G<BAFB9GBG4?F8:@8AGF4?8FGBGBG4?F8:@8AGBC8E4G<A:CEB9<G4A7B9GBG4?F8:@8AGBC8E4G<A:CEB9<GGBGBG4?

*86BA6<?<4G<BAFB9GBG4?F8:@8AGF4?8FGBGBG4?F8:@8AGBC8E4G<A:CEB9<G4A7B9GBG4?F8:@8AGBC8E4G<A:CEB9<GGBGBG4? 6BAFB?<74G8784EA<A:F589BE8<A6B@8G4K8F 9BEG;8G;E88 @BAG;C8E<B7F8A787CE<?  4A7CE<?  4E8 4F9B??BJF (6@33 !=<B6$3@7=2<232>@7:  <A@<??<BAF +/B3@%C/:7BG $@=2C1B%C/:7BG <<=D/B7=< #B63@ (=B/: +4?8F      O    $8FFBG;8EF8:@8AG<G8@F           +8:@8AGBC8E4G<A:CEB9<G          'G;8E<A6B@88KC8AF8 A8G   !AG8E8FG8KC8AF8 A8G   4EA<A:F589BE8<A6B@8G4K8F   (6@33 !=<B6$3@7=2<232>@7:  <A@<??<BAF +/B3@%C/:7BG $@=2C1B%C/:7BG <<=D/B7=< #B63@ (=B/: +4?8F      O    $8FFBG;8EF8:@8AG<G8@F           +8:@8AGBC8E4G<A:CEB9<G         'G;8E<A6B@88KC8AF8 A8G   !AG8E8FG8KC8AF8 A8G   4EA<A:F589BE8<A6B@8G4K8F   "#(  "#!(,' ,;89B??BJ<A:G45?8FH@@4E<M8FG;8B@C4ALPF89986G<I8G4KE4G8 (6@33 !=<B6$3@7=2<232 >@7:  >@7:  9986G<I8G4KE4G8     ,;8B@C4ALBC8E4G8F:?B54??L <A6?H7<A:<A68EG4<A=HE<F7<6G<BAFJ<G;;<:;8EFG4GHGBELG4KE4G8FG;4AG;8-A<G87 +G4G8FQ- + R ,;8E89BE8 54F87BA84EA<A:F@<K G;8<@C46GB9BC8E4G<A:<AFH6;=HE<F7<6G<BAF6BAGE<5HG8FGB4 ;<:;8E89986G<I8G4KE4G86B@C4E87GBG;8- + 9878E4?FG4GHGBELG4KE4G8  ,;889986G<I8G4KE4G89BEG;8G;E88 @BAG;C8E<B78A787CE<?  7<998EF9EB@G;8- + 9878E4?FG4GHGBELE4G8B9 CE<A6<C4??L7H8GBG;8:8B:E4C;<6@<KB984EA<A:F78F6E<58745BI84A7G;894IBE45?8<@C46GB9G4K?4J6;4A:8F HA78EG;8'A8<:84HG<9H?<??6GQ'R C4EG<4??LB99F8G5L4A8G7<F6E8G8CEBI<F<BAB9 @<??<BA E8?4G87 CE<@4E<?LGBG;8<@C46GB94:4<ABA4@<ABE<GL<AG8E8FG;B?7<A: ,;8A8G7<F6E8G8CEBI<F<BA<A6E84F87G;889986G<I8G4K E4G85L  9BEG;8G;E88 @BAG;C8E<B78A787CE<?   ,;889986G<I8G4KE4G89BEG;8G;E88 @BAG;C8E<B78A787CE<?  7<998EF9EB@G;8- + 9878E4?FG4GHGBELE4G8B9 CE<A6<C4??L7H8GBG;8:8B:E4C;<6@<KB984EA<A:F78F6E<58745BI8 G;8HA94IBE45?8<@C46GB94ABA 787H6G<5?8 ?BFFBAG;8F4?8B94CEB7H6G?<A8B9@<??<BA 4A74A8G7<F6E8G858A89<GB9@<??<BA E8?4G87CE<@4E<?LGBG;8<@C46G B98K68FFG4K58A89<GF9EB@FGB6> 54F876B@C8AF4G<BA ,;8A8G7<F6E8G8<G8@F;47AB<@C46GBAG;889986G<I8G4K E4G8 9BEG;8G;E88 @BAG;C8E<B78A787CE<?   BE478F6E<CG<BAB9G;8B@C4ALPFF<:A<9<64AGG4K@4GG8EF E898E8A68<F@478GBG;89<A4A6<4?FG4G8@8AGF4FB94A7 9BEG;8L84E8A787868@58E  4A7&BG8GBG;89<A4A6<4?FG4G8@8AGF<A6?H787J<G;<AG;8 AAH4? *8CBEGBABE@ # ,45?8B9BAG8AGF 

Open the original at slide 16 ↗

Slide 17 — "#(  ##+ "#(&"(" ''('

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

Open the original at slide 17 ↗

Slide 18 — FH@@4ELB99<A4A6<4?4FF8GF4A7?<45<?<G<8FG;4G4E8@84FHE874G94<EI4?H8BA4E86HEE<A:54F<FJ8E84F9B??BJF

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Open the original at slide 18 ↗

Slide 19 — "#(  """

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Open the original at slide 19 ↗

Slide 20 — ,;89B??BJ<A:G45?8FH@@4E<M8FG;8ABG<BA4?I4?H8F4FB9CE<?  4A7CE<?  4A7CE8G4K<@C46GB9

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Open the original at slide 20 ↗

Slide 21 — ,;8B@C4AL:8A8E4??L466EH8F8FG<@4G87J4EE4AGL6BFGF4GG;8G<@8B9F4?8 !A:8A8E4? @4AH946GHE87CEB7H6GF

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Open the original at slide 21 ↗

Slide 22 — ,;86;4A:8F<A466H@H?4G87BG;8E6B@CE8;8AF<I8<A6B@8?BFF5L6B@CBA8AG4E8FH@@4E<M8758?BJ

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Open the original at slide 22 ↗

Slide 23 — (! !"!"(I'')''#""" -''#"" #"(#""&') ('#

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Open the original at slide 23 ↗

Slide 24 — G;8L4E8@478 K68CGGBG;88KG8AGE8DH<E875L4CC?<645?8?4J J87BABG4FFH@84ALB5?<:4G<BAGBHC74G8BE

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Open the original at slide 24 ↗

Slide 25 — S

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Open the original at slide 25 ↗

Slide 26 — #*&*+

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Open the original at slide 26 ↗

Slide 27 — .8E4?GBHF8F.+GBB?FGB<@CEBI8BHECEB9<G45<?<GL4A764F;9?BJF J;<6;FHCCBEGBHE45<?<GLGB8KC4A7BHE

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Open the original at slide 27 ↗

Slide 28 — &') ('##$&(#"'

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Open the original at slide 28 ↗

Slide 29 — CA7<3AA'35;3<BA

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Open the original at slide 29 ↗

Slide 30 — S

S 6DH<F<G<BA E8?4G8794<EI4?H847=HFG@8AGGB<AI8AGBELE8?4G87GBG;846DH<F<G<BAB9!A +<GH  54F<FCB<AGF S <:;8E<A6E8@8AG4??45BE6BFGFC4EG<4??LB99F8G5L;<:;8E9<EFGDH4EG8E F4?8F  54F<FCB<AGF <EFGDH4EG8E  IF 9<EFGDH4EG8E  BC8E4G<A:CEB9<G@4E:<A6B@C4E<FBAFJ8E894IBE45?L<@C46G875L S ,E4AF46G<BA6BFGF<A6HEE877HE<A:G;89<EFGDH4EG8EB9 E8?4G87GB68EG4<AFGE4G8:<6<A<G<4G<I8F  54F<F CB<AGF +(&%) (- ,;8B@C4ALPF/4G8E)H4?<GLF8:@8AGCEBI<78FCEBCE<8G4ELCE86<F<BA<AFGEH@8AG4G<BA 6BAFH@45?8F FB9GJ4E8  F8EI<68F4A747I4A687J4G8EGE84G@8AGG86;AB?B:<8FGB;8?C@84FHE8 4A4?LM84A7GE84GG;8JBE?7PFJ4G8E<A @HA<6<C4? <A7HFGE<4? 6B@@8E6<4? E8F<78AG<4? E8F84E6;4A7A4GHE4?E8FBHE684CC?<64G<BAF +/B3@%C/:7BG'3:31B327</<17/:/B/ (6@33 !=<B6$3@7=2<232 <A@<??<BAF >@7:  >@7:  +4?8F     'C8E4G<A:CEB9<G      8CE86<4G<BA     @BEG<M4G<BAB9<AG4A:<5?84FF8GF     'C8E4G<A:CEB9<G4F4B9F4?8F     8CE86<4G<BA4F4B9F4?8F     @BEG<M4G<BA4F4B9F4?8F     '/:3A@=EB6/<2=@3'/:3A@=EB6 6/<53(6@33 !=<B6 $3@7=2<232>@7: DA =;>/@/0:3 $3@7=2 ,BG4?F4?8F:EBJG;(   !@C46GB9 6DH<F<G<BAF 7<I8FG<GHE8F   HEE8A6L8K6;4A:8E4G8F   BE8F4?8F:EBJG;ABA (   ,BG4?/4G8E)H4?<GLF8:@8AGF4?8F<A6E84F87  L84E BI8E L84E7HE<A:G;8G;E88 @BAG;C8E<B78A787CE<?    4F6B@C4E87GBG;86B@C4E45?8C8E<B7<A  CE<@4E<?L4F4E8FH?GB96BE8F4?8F:EBJG;7E<I8A5LG;8946GBEF 7<F6HFF8758?BJ 8B:E4C;<64??L F4?8F:EBJG;J4F7E<I8A5L&BEG;@8E<64 J;<6;F4J<A6E84F8FB9  4A7 /8FG8EAHEBC8 J;<6;F4J<A6E84F8FB9 9BEG;8G;E88 @BAG;C8E<B78A787CE<?   6B@C4E87GBG;8 6B@C4E45?8C8E<B7F<A  +4?8F<A;<:; :EBJG;@4E>8GF<A6E84F87 7HE<A:G;8G;E88 @BAG;C8E<B78A787 CE<?   6B@C4E87GBG;86B@C4E45?8C8E<B7F<A   (E<68<A6E84F8F<AG;8F8:@8AG6BAGE<5HG87 GBF4?8F:EBJG;BA4L84E BI8E L84E54F<F7HE<A:G;8G;E88 @BAG; C8E<B78A787CE<?   4A74E8E89?86G874F46B@CBA8AGB9G;86;4A:8<A6BE8F4?8F:EBJG; BE8F4?8F<AG;8/4G8E)H4?<GLF8:@8AG<A6E84F87  L84E BI8E L84E7HE<A:G;8G;E88 @BAG;C8E<B78A787 CE<?   8B:E4C;<64??L 6BE8F4?8F:EBJG;J4F7E<I8A5L<A6E84F8FB9 <A&BEG;@8E<644A7 <A /8FG8EAHEBC87HE<A:G;8G;E88 @BAG;C8E<B78A787CE<?  6B@C4E87GBG;86B@C4E45?8C8E<B7<A   BEG;8F4@8C8E<B7 6BE8F4?8F<A;<:; :EBJG;@4E>8GF<A6E84F87  7E<I8A5L<A6E84F8F<A68EG4<AF<4A @4E>8GF C4EG<4??LB99F8G5L@<7 F<A:?87<:<G786E84F8F<A$4G<A@8E<644A7?BJ F<A:?87<:<G786E84F8F<A;<A4 ,;8<A6E84F8<A6BE8F4?8F7HE<A:G;8G;E88 @BAG;C8E<B78A787CE<?  J4F7E<I8A5LG;86;8@<64?GE84G@8AG FB?HG<BAF5HF<A8FF4A7 GB4?8FF8E8KG8AG G;84A4?LG<64?<AFGEH@8AG4G<BA5HF<A8FF BE8F4?8F<AG;86;8@<64? GE84G@8AGFB?HG<BAF5HF<A8FF<A6E84F87  L84E BI8E L84E<AG;8G;E88 @BAG;C8E<B78A787CE<?   4F4 E8FH?GB9<A6E84F876BE8F4?8F46EBFF@BFG@4=BE8A7 @4E>8GF BE8F4?8F<AG;84A4?LG<64?<AFGEH@8AG4G<BA ,45?8B9BAG8AGF 

Open the original at slide 30 ↗

Slide 31 — 5HF<A8FF<A6E84F87  L84E BI8E L84E9BEG;8G;E88 @BAG;C8E<B78A787CE<?   4F4E8FH?GB9<A6E84F87

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Open the original at slide 31 ↗

Slide 32 — CE<?  6B@C4E87GBG;86B@C4E45?8C8E<B7<A  BEG;8F4@8C8E<B7 6BE8F4?8F<A;<:; :EBJG;@4E>8GF

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Open the original at slide 32 ↗

Slide 33 — " &""#$( " &# $&( $

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Open the original at slide 33 ↗

Slide 34 — 5HF<A8FF8F 6BAFH@@4G8FGE4G8:<646DH<F<G<BAF @4>8<AG8E8FGC4L@8AGFBA<GFBHGFG4A7<A:<A785G87A8FF 4A7

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Open the original at slide 34 ↗

Slide 35 — /A6/<2/A6&3?C7@3;3<BA

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Open the original at slide 35 ↗

Slide 36 — $&( #(&"#&!(#"

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Open the original at slide 36 ↗

Slide 37 — &BBG;8E7<E86GBEFBE8K86HG<I8B99<68EFB9G;8B@C4AL47BCG87 @B7<9<87BEG8E@<A4G874*H?8 5 GE47<A:

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

Open the original at slide 37 ↗

Slide 38 — (! ,('

(! ,(' 4 K;<5<GF   BEE86G87+86BA7@8A7874A7*8FG4G878EG<9<64G8B9!A6BECBE4G<BAB9.8E4?GBBECBE4G<BA   +86BA7@8A7874A7*8FG4G87L?4JFB9.8E4?GBBECBE4G<BA<A6BECBE4G875LE898E8A68GBK;<5<G  GB.8E4?GBBECBE4G<BAPFHEE8AG*8CBEGBABE@ #9<?87%4L     778A7H@GB'998E$8GG8E 74G87CE<?  58GJ88A%8?<FF4#4C<GL4A7.$@C?BL@8AG$$   '998EB9@C?BL@8AG$8GG8E 74G874FB9%4E6;  58GJ88A4A4;8EBECBE4G84A7$8F?8L 8A8G84H<A6BECBE4G875LE898E8A68GBK;<5<G GB.8E4?GBBECBE4G<BAPFAAH4?*8CBEGBABE@  #9<?8785EH4EL     BE@B9.8E4?GBBECBE4G<BA+GB6>'CG<BA:E88@8AG   BE@B9.8E4?GBBECBE4G<BA*8FGE<6G87+GB6>-A<G:E88@8AG   BE@B9.8E4?GBBECBE4G<BA(8E9BE@4A68+GB6>-A<G:E88@8AG   BE@B9.8E4?GBBECBE4G<BA+GB6>'CG<BA:E88@8AG9BE&BA @C?BL88<E86GBEF   BE@B9.8E4?GBBECBE4G<BA*8FGE<6G87+GB6>-A<G:E88@8AG9BE&BA @C?BL88<E86GBEF   8EG<9<64G<BAB9;<89K86HG<I8'99<68E(HEFH4AGGB!G8@ 5B9*8:H?4G<BA+ # F7BCG87 (HEFH4AGGB+86G<BA B9G;8+4E54A8F 'K?8L6GB9    8EG<9<64G<BAB9;<89<A4A6<4?'99<68E(HEFH4AGGB!G8@ 5B9*8:H?4G<BA+ # F7BCG87 (HEFH4AGGB+86G<BA B9G;8+4E54A8F 'K?8L6GB9    8EG<9<64G<BAB9;<89K86HG<I8'99<68E (HEFH4AGGB- +  +86G<BA F7BCG87(HEFH4AGGB +86G<BA B9G;8+4E54A8F 'K?8L6GB9    8EG<9<64G<BAB9;<89<A4A6<4?'99<68E (HEFH4AGGB- +  +86G<BA F7BCG87(HEFH4AGGB +86G<BA B9G;8+4E54A8F 'K?8L6GB9    !&+ !A?<A80*$!AFG4A68B6H@8AG G;8<AFG4A687B6H@8AG7B8FABG4CC84E<AG;8!AG8E46G<I84G4<?8 5864HF8<GF0*$G4:F4E88@587787J<G;<AG;8!A?<A80*$7B6H@8AG   + !A?<A80*$,4KBAB@LKG8AF<BA+6;8@4B6H@8AG   $ !A?<A80*$,4KBAB@LKG8AF<BA4?6H?4G<BA$<A>54F8B6H@8AG    !A?<A80*$,4KBAB@LKG8AF<BA89<A<G<BA$<A>54F8B6H@8AG   $ !A?<A80*$,4KBAB@LKG8AF<BA$458?$<A>54F8B6H@8AG   (* !A?<A80*$,4KBAB@LKG8AF<BA(E8F8AG4G<BA$<A>54F8B6H@8AG   BI8E(4:8!AG8E46G<I84G4<?89BE@4GG874F<A?<A80*$4A76BAG4<A87<AK;<5<G  ,45?8B9BAG8AGF 

Open the original at slide 38 ↗

Slide 39 — '"()&'

'"()&' (HEFH4AGGBG;8E8DH<E8@8AGFB9G;8+86HE<G<8FK6;4A:86GB9 G;8*8:<FGE4AG;4F7H?L64HF87G;<FE8CBEGGB 58F<:A87BA<GF58;4?95LG;8HA78EF<:A87G;8E8HAGB7H?L4HG;BE<M87 *& (##&$#&(#" 4G8 CE<?   L F +4@88E*4?;4A +4@88E*4?;4A +8A<BE.<68(E8F<78AG4A7;<89<A4A6<4?'99<68E 4G8 CE<?   L F 8EA4E7% +>88G8 8EA4E7% +>88G8 .<68(E8F<78AG4A7;<8966BHAG<A:'99<68E ,45?8B9BAG8AGF 

Open the original at slide 39 ↗

Slide 40 —   

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Open the original at slide 40 ↗

Slide 41 —   

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Open the original at slide 41 ↗

Slide 42 — $!" "#

$!" "#                 (11,)(521(<&877&(57,)<38568$1772 "  (&7,21 $6$'237('38568$1772 (&7,212)7+( $5%$1(6;/(<&72)  7+$7720<.12:/('*(#(5$/7225325$7,21=68$57(5/<(325721250 )257+( ),6&$/48$57(5(1'('35,/   )8//<&203/,(6:,7+7+(5(48,5(0(1762) (&7,21 $25 '2)7+( (&85,7,(6 ;&+$1*(&72)  $1'7+$7,1)250$7,21&217$,1(',168&+8$57(5/<(325721250 )$,5/<35(6(176,1$// 0$7(5,$/5(63(&767+(),1$1&,$/&21',7,21$1'5(68/762)23(5$7,2162)#(5$/7225325$7,21 $7( 35,/    < 6(11,)(521(<&877 (11,)(521(<&877 5(6,'(17$1'+,();(&87,9()),&(5 !+,6&(57,),&$7,21$&&203$1,(67+(8$57(5/<(325721250 38568$1772 (&7,212)7+( $5%$1(6;/(< &72)  $1'6+$//127%('((0('),/(')25385326(62) (&7,21 2)7+(;&+$1*(&72527+(5:,6(68%-(&772 7+(/,$%,/,7<2)7+$76(&7,21!+,6&(57,),&$7,216+$//127%('((0('72%(,1&25325$7('%<5()(5(1&(,172$1<),/,1* 81'(57+( (&85,7,(6&7257+(;&+$1*(&7(;&(37727+((;7(177+$7#(5$/7225325$7,2163(&,),&$//<,1&25325$7(6 ,7%<5()(5(1&(

Open the original at slide 42 ↗

Slide 43 — # !!"

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

Open the original at slide 43 ↗