Inferra AI / Company / VLTO / Slides
Veralto — VLTO 2025.10.03 10Q (company IR deck)
Veralto (VLTO) · 42 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 — 8 1 , 7 ( ’ 6 7 $ 7 ( 6
8 1 , 7 ( ’ 6 7 $ 7 ( 6 6 ( & 8 5 , 7 , ( 6 $ 1 ’ ( ; & + $ 1 * ( & 2 0 0 , 6 6 , 2 1 : D V K L Q J W R Q ’ & B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B ) 2 5 0 4 B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B 0 D U N 2 Q H d 4 8 $ 5 7 ( 5 / < 5 ( 3 2 5 7 3 8 5 6 8 $ 1 7 7 2 6 ( & 7 , 2 1 2 5 G 2 ) 7 + ( 6 ( & 8 5 , 7 , ( 6 ( ; & + $ 1 * ( $ & 7 2 ) ) R U W K H T X D U W H U O \ S H U L R G H Q G H G 2 F W R E H U 2 5 b 7 5 $ 1 6 , 7 , 2 1 5 ( 3 2 5 7 8 1 ’ ( 5 6 ( & 7 , 2 1 2 5 G 2 ) 7 + ( 6 ( & 8 5 , 7 , ( 6 ( ; & + $ 1 * ( $ & 7 2 ) ) R U W K H W U D Q V L W L R Q S H U L R G I U R P W R & R P P L V V L R Q ) L O H 1 X P E H U 9 ( 5 $ / 7 2 & 2 5 3 2 5 $ 7 , 2 1 ( [ D F W Q D P H R I U H J L V W U D Q W D V V S H F L I L H G L Q L W V F K D U W ’ H O D Z D U H 6 W D W H R I , Q F R U S R U D W L R Q , 5 6 ( P S O R \ H U , G H Q W L I L F D W L R Q 1 X P E H U : \ P D Q 6 W U H H W 6 X L W H : D O W K D P 0 D V V D F K X V H W W V $ G G U H V V R I 3 U L Q F L S D O ( [ H F X W L Y H 2 I I L F H V = L S & R G H 5 H J L V W U D Q W× V W H O H S K R Q H Q X P E H U L Q F O X G L Q J D U H D F R G H 6 H F X U L W L H V U H J L V W H U H G S X U V X D Q W W R 6 H F W L R Q E R I W 7 L W O H R I H D F K F O D V V 7 U D G L Q J 6 \ P E R O V 1 D P H R I H D F K H [ F K D Q J H R Q Z K L F K U H J L V W H U H G & R P P R Q V W R F N S D U Y D O X H 9 / 7 2 1 H Z < R U N 6 W R F N ( [ F K D Q J H , Q G L F D W H E \ F K H F N P D U N Z K H W K H U W K H U H J L V W U D Q W K D V I L O H G D O O U H S R 6 H F X U L W L H V ( [ F K D Q J H $ F W R I G X U L Q J W K H S U H F H G L Q J P R Q W K V R U I R U V U H T X L U H G W R I L O H V X F K U H S R U W V D Q G K D V E H H Q V X E M H F W W R V X F K I L O L < H V d 1 R b
Slide 2 — , Q G L F D W H E \ F K H F N P D U N Z K H W K H U W K H U H J L V W U D Q W K D V V X E P L W W H G H O H F W
, Q G L F D W H E \ F K H F N P D U N Z K H W K H U W K H U H J L V W U D Q W K D V V X E P L W W H G H O H F W V X E P L W W H G S X U V X D Q W W R 5 X O H R I 5 H J X O D W L R Q 6 7 G X U L Q J W K H S U H F H G L Q U H J L V W U D Q W Z D V U H T X L U H G W R V X E P L W V X F K I L O H V < H V d 1 R b , Q G L F D W H E \ F K H F N P D U N Z K H W K H U W K H U H J L V W U D Q W L V D O D U J H D F F H O H U D W V P D O O H U U H S R U W L Q J F R P S D Q \ R U D Q H P H U J L Q J J U R Z W K F R P S D Q \ 6 H H W K H G H Ú D F F H O H U D W H G I L O H U Û Ú V P D O O H U U H S R U W L Q J F R P S D Q \Û D Q G Ú H P H U J L Q J J U R Z W K / D U J H $ F F H O H U D W H G ) L O H U d $ F F H O H U D W H G ) L O H U b 1 R Q D F F H O H U D W H G ) L O H U b 6 P D O O H U 5 H S R U W L Q J & R P S D Q \ b ( P H U J L Q J * U R Z W K & R P S D Q \ b , I D Q H P H U J L Q J J U R Z W K F R P S D Q \ L Q G L F D W H E \ F K H F N P D U N L I W K H U H J L V W U D Q S H U L R G I R U F R P S O \ L Q J Z L W K D Q \ Q H Z R U U H Y L V H G I L Q D Q F L D O D F F R X Q W L Q J V W ( [ F K D Q J H $ F W b , Q G L F D W H E \ F K H F N P D U N Z K H W K H U W K H U H J L V W U D Q W L V D V K H O O F R P S D Q \ D $ F W < H V b 1 R d 7 K H Q X P E H U R I V K D U H V R I F R P P R Q V W R F N R X W V W D Q G L Q J D W 2 F W R E H U Z D V
Slide 3 — 9 ( 5 $ / 7 2 & 2 5 3 2 5 $ 7 , 2 1
9 ( 5 $ / 7 2 & 2 5 3 2 5 $ 7 , 2 1 7 $ % / ( 2 ) & 2 1 7 ( 1 7 6 ) 2 5 0 4 3 D J H 3 $ 5 7 , ) , 1 $ 1 & , $ / , 1 ) 2 5 0 $ 7 , 2 1 , W H P ) L Q D Q F L D O 6 W D W H P H Q W V & R Q V R O L G D W H G & R Q G H Q V H G % D O D Q F H 6 K H H W V & R Q V R O L G D W H G & R Q G H Q V H G 6 W D W H P H Q W V R I ( D U Q L Q J V & R Q V R O L G D W H G & R Q G H Q V H G 6 W D W H P H Q W V R I & R P S U H K H Q V L Y H , Q F R P & R Q V R O L G D W H G & R Q G H Q V H G 6 W D W H P H Q W V R I 6 W R F N K R O G H U V ( T X L W & R Q V R O L G D W H G & R Q G H Q V H G 6 W D W H P H Q W V R I & D V K ) O R Z V 1 R W H V W R & R Q V R O L G D W H G & R Q G H Q V H G ) L Q D Q F L D O 6 W D W H P H Q W V , W H P 0 D Q D J H P H Q W× V ’ L V F X V V L R Q D Q G $ Q D O \ V L V R I ) L Q D Q F L D O & R Q G L W L R Q 2 S H U D W L R Q V , W H P 4 X D Q W L W D W L Y H D Q G 4 X D O L W D W L Y H ’ L V F O R V X U H V $ E R X W 0 D U N H W 5 L , W H P & R Q W U R O V D Q G 3 U R F H G X U H V 3 $ 5 7 , , 2 7 + ( 5 , 1 ) 2 5 0 $ 7 , 2 1 , W H P / H J D O 3 U R F H H G L Q J V , W H P $ 5 L V N ) D F W R U V , W H P ( [ K L E L W V 6 L J Q D W X U H V
Slide 4 — 9 ( 5 $ / 7 2 & 2 5 3 2 5 $ 7 , 2 1
9 ( 5 $ / 7 2 & 2 5 3 2 5 $ 7 , 2 1 & 2 1 6 2 / , ’ $ 7 ( ’ & 2 1 ’ ( 1 6 ( ’ % $ / $ 1 & ( 6 + ( ( 7 6 L Q P L O O L R Q V H [ F H S W S H U V K D U H D P R X Q W V X Q D X G L W H G 2 F W R E H U ’ H F H P E H U $ 6 6 ( 7 6 & X U U H Q W D V V H W V & D V K D Q G F D V K H T X L Y D O H Q W V 7 U D G H D F F R X Q W V U H F H L Y D E O H O H V V D O O R Z D Q F H I R U F U H G L W O R V V H V R I D V R I E R W K G D W H V , Q Y H Q W R U L H V ) L Q L V K H G J R R G V : R U N L Q S U R F H V V 5 D Z P D W H U L D O V 7 R W D O L Q Y H Q W R U L H V 3 U H S D L G H [ S H Q V H V D Q G R W K H U F X U U H Q W D V V H W V 7 R W D O F X U U H Q W D V V H W V 3 U R S H U W \ S O D Q W D Q G H T X L S P H Q W Q H W R I D F F X P X O D W H G G H S U H F L D W L R Q R I D Q G U H V S H F W L Y H O \ 2 W K H U O R Q J W H U P D V V H W V * R R G Z L O O 2 W K H U L Q W D Q J L E O H D V V H W V Q H W 7 R W D O D V V H W V / , $ % , / , 7 , ( 6 $ 1 ’ 6 7 2 & . + 2 / ’ ( 5 6 ( 4 8 , 7 < & X U U H Q W O L D E L O L W L H V & X U U H Q W S R U W L R Q R I O R Q J W H U P G H E W Ó 7 U D G H D F F R X Q W V S D \ D E O H $ F F U X H G H [ S H Q V H V D Q G R W K H U O L D E L O L W L H V 7 R W D O F X U U H Q W O L D E L O L W L H V 2 W K H U O R Q J W H U P O L D E L O L W L H V / R Q J W H U P G H E W 6 W R F N K R O G H U V ( T X L W \ 3 U H I H U U H G V W R F N S D U Y D O X H D V R I 2 F W R E H U D Q G ’ H F H P E H U P L O O L R Q V K D U H V D X W K R U L ] H G D V R I E R W K G D W H V D Q G 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 V R I E R W K G D W H V Ó Ó & R P P R Q V W R F N S D U Y D O X H D V R I 2 F W R E H U D Q G ’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
Slide 5 — 9 ( 5 $ / 7 2 & 2 5 3 2 5 $ 7 , 2 1
9 ( 5 $ / 7 2 & 2 5 3 2 5 $ 7 , 2 1 & 2 1 6 2 / , ’ $ 7 ( ’ & 2 1 ’ ( 1 6 ( ’ 6 7 $ 7 ( 0 ( 1 7 6 2 ) ( $ 5 1 , 1 * 6 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 D P R X Q W V X Q D X G L W H G 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G 2 F W R E H U 6 H S W H P E H U 2 F W R E H U 6 H S W H P E H U 6 D O H V & R V W R I V D O H V * U R V V S U R I L W 2 S H U D W L Q J F R V W V 6 H O O L Q J J H Q H U D O D Q G D G P L Q L V W U D W L Y H H [ S H Q V H V 5 H V H D U F K D Q G G H Y H O R S P H Q W H [ S H Q V H V 2 S H U D W L Q J S U R I L W 1 R Q R S H U D W L Q J L Q F R P H H [ S H Q V H 2 W K H U L Q F R P H H [ S H Q V H Q H W , Q W H U H V W H [ S H Q V H Q H W ( D U Q L Q J V E H I R U H L Q F R P H W D [ H V , Q F R P H W D [ H V 1 H W H D U Q L Q J V 1 H W H D U Q L Q J V S H U F R P P R Q V K D U H % D V L F ’ L O X W H G $ Y H U D J H F R P P R Q V W R F N D Q G F R P P R Q H T X L Y D O H Q W V K D U H V R X W V W D Q G L Q J % D V L F ’ L O X W H G 6 H H W K H D F F R P S D Q \ L Q J 1 R W H V W R W K H & R Q V R O L G D W H G & R Q G H Q V H G ) L Q D Q F L D O 6 W D 7 D E O H R I & R Q W H Q W V
Slide 6 — 9 ( 5 $ / 7 2 & 2 5 3 2 5 $ 7 , 2 1
9 ( 5 $ / 7 2 & 2 5 3 2 5 $ 7 , 2 1 & 2 1 6 2 / , ’ $ 7 ( ’ & 2 1 ’ ( 1 6 ( ’ 6 7 $ 7 ( 0 ( 1 7 6 2 ) & 2 0 3 5 ( + ( 1 6 , 9 ( , 1 & 2 0 ( L Q P L O O L R Q V X Q D X G L W H G 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G 2 F W R E H U 6 H S W H P E H U 2 F W R E H U 6 H S W H P E H U 1 H W H D U Q L Q J V 2 W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V Q H W R I L Q F R P H W D [ H V ) R U H L J Q F X U U H Q F \ W U D Q V O D W L R Q D G M X V W P H Q W V 3 H Q V L R Q D Q G S R V W U H W L U H P H Q W S O D Q E H Q H I L W D G M X V W P H Q W V Ó 8 Q U H D O L ] H G J D L Q O R V V R Q Q H W L Q Y H V W P H Q W K H G J H V 7 R W D O R W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V Q H W R I L Q F R P H W D [ H V & R P S U H K H Q V L Y H L Q F R P H 6 H H W K H D F F R P S D Q \ L Q J 1 R W H V W R W K H & R Q V R O L G D W H G & R Q G H Q V H G ) L Q D Q F L D O 6 W D 7 D E O H R I & R Q W H Q W V
Slide 7 — 9 ( 5 $ / 7 2 & 2 5 3 2 5 $ 7 , 2 1
9 ( 5 $ / 7 2 & 2 5 3 2 5 $ 7 , 2 1 & 2 1 6 2 / , ’ $ 7 ( ’ & 2 1 ’ ( 1 6 ( ’ 6 7 $ 7 ( 0 ( 1 7 6 2 ) 6 7 2 & . + 2 / ’ ( 5 6× ( 4 8 , 7 < D Q G V K D U H V L Q P L O O L R Q V X Q D X G L W H G & R P P R Q 6 W R F N 6 K D U H V $ P R X Q W $ G G L W L R Q D O 3 D L G , Q & D S L W D O 5 H W D L Q H G ( D U Q L Q J V $ F F X P X O D W H G 2 W K H U & R P S U H K H Q V L Y H , Q F R P H / R V V 1 R Q F R Q W U R O O L Q J , Q W H U H V W V % D O D Q F H ’ H F H P E H U 1 H W H D U Q L Q J V I R U W K H S H U L R G Ó Ó Ó Ó Ó ’ L Y L G H Q G V G H F O D U H G Ó Ó Ó Ó Ó 6 H S D U D W L R Q U H O D W H G D G M X V W P H Q W V Ó Ó Ó Ó Ó 2 W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V Ó Ó Ó Ó Ó & R P P R Q V W R F N E D V H G D Z D U G D F W L Y L W \ Ó Ó Ó Ó % D O D Q F H $ S U L O 1 H W H D U Q L Q J V I R U W K H S H U L R G Ó Ó Ó Ó Ó ’ L Y L G H Q G V G H F O D U H G Ó Ó Ó Ó Ó 2 W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V Ó Ó Ó Ó Ó & R P P R Q V W R F N E D V H G D Z D U G D F W L Y L W \ Ó Ó Ó Ó & K D Q J H L Q Q R Q F R Q W U R O O L Q J L Q W H U H V W V Ó Ó Ó Ó Ó % D O D Q F H - X O \ 1 H W H D U Q L Q J V I R U W K H S H U L R G Ó Ó Ó Ó Ó ’ L Y L G H Q G V G H F O D U H G Ó Ó Ó Ó Ó 2 W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V Ó Ó Ó Ó Ó & R P P R Q V W R F N E D V H G D Z D U G D F W L Y L W \ Ó Ó Ó Ó & K D Q J H L Q Q R Q F R Q W U R O O L Q J L Q W H U H V W V Ó Ó Ó Ó Ó 3 X U F K D V H R I Q R Q F R Q W U R O O L Q J L Q W H U H V W V Ó Ó Ó Ó % D O D Q F H 2 F W R E H U
Slide 8 — % D O D Q F H ’ H F H P E H U
& R P P R Q 6 W R F N 6 K D U H V $ P R X Q W $ G G L W L R Q D O 3 D L G , Q & D S L W D O 5 H W D L Q H G ( D U Q L Q J V $ F F X P X O D W H G 2 W K H U & R P S U H K H Q V L Y H , Q F R P H / R V V 1 R Q F R Q W U R O O L Q J , Q W H U H V W V % D O D Q F H ’ H F H P E H U 1 H W H D U Q L Q J V I R U W K H S H U L R G Ó Ó Ó Ó Ó ’ L Y L G H Q G V G H F O D U H G Ó Ó Ó Ó Ó 6 H S D U D W L R Q U H O D W H G D G M X V W P H Q W V Ó Ó Ó Ó Ó 2 W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V Ó Ó Ó Ó Ó & R P P R Q V W R F N E D V H G D Z D U G D F W L Y L W \ Ó Ó Ó Ó % D O D Q F H 0 D U F K 1 H W H D U Q L Q J V I R U W K H S H U L R G Ó Ó Ó Ó Ó ’ L Y L G H Q G V G H F O D U H G Ó Ó Ó Ó Ó 2 W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V Ó Ó Ó Ó Ó & R P P R Q V W R F N E D V H G D Z D U G D F W L Y L W \ Ó Ó Ó Ó % D O D Q F H - X Q H 1 H W H D U Q L Q J V I R U W K H S H U L R G Ó Ó Ó Ó Ó ’ L Y L G H Q G V G H F O D U H G Ó Ó Ó Ó Ó 2 W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V Ó Ó Ó Ó Ó & R P P R Q V W R F N E D V H G D Z D U G D F W L Y L W \ Ó Ó Ó Ó % D O D Q F H 6 H S W H P E H U
Slide 9 — 9 ( 5 $ / 7 2 & 2 5 3 2 5 $ 7 , 2 1
9 ( 5 $ / 7 2 & 2 5 3 2 5 $ 7 , 2 1 & 2 1 6 2 / , ’ $ 7 ( ’ & 2 1 ’ ( 1 6 ( ’ 6 7 $ 7 ( 0 ( 1 7 6 2 ) & $ 6 + ) / 2 : 6 L Q P L O O L R Q V X Q D X G L W H G 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G 2 F W R E H U 6 H S W H P E H U & D V K I O R Z V I U R P R S H U D W L Q J D F W L Y L W L H V 1 H W H D U Q L Q J V 1 R Q F D V K L W H P V ’ H S U H F L D W L R Q $ P R U W L ] D W L R Q R I L Q W D Q J L E O H D V V H W V 6 W R F N E D V H G F R P S H Q V D W L R Q H [ S H Q V H / R V V R Q S U R G X F W O L Q H G L V S R V L W L R Q V & K D Q J H L Q W U D G H D F F R X Q W V U H F H L Y D E O H Q H W & K D Q J H L Q L Q Y H Q W R U L H V & K D Q J H L Q W U D G H D F F R X Q W V S D \ D E O H & K D Q J H L Q S U H S D L G H [ S H Q V H V D Q G R W K H U D V V H W V & K D Q J H L Q D F F U X H G H [ S H Q V H V D Q G R W K H U O L D E L O L W L H V 1 H W F D V K S U R Y L G H G E \ R S H U D W L Q J D F W L Y L W L H V & D V K I O R Z V I U R P L Q Y H V W L Q J D F W L Y L W L H V 3 D \ P H Q W V I R U D G G L W L R Q V W R S U R S H U W \ S O D Q W D Q G H T X L S P H Q W $ O O R W K H U L Q Y H V W L Q J D F W L Y L W L H V 1 H W F D V K X V H G L Q L Q Y H V W L Q J D F W L Y L W L H V & D V K I O R Z V I U R P I L Q D Q F L Q J D F W L Y L W L H V 3 D \ P H Q W R I G L Y L G H Q G V 3 U R F H H G V I U R P W K H L V V X D Q F H R I F R P P R Q V W R F N L Q F R Q Q H F W L R Q Z L W K V W E D V H G F R P S H Q V D W L R Q $ O O R W K H U I L Q D Q F L Q J D F W L Y L W L H V Ó 1 H W F D V K X V H G L Q I L Q D Q F L Q J D F W L Y L W L H V ( I I H F W R I H [ F K D Q J H U D W H F K D Q J H V R Q F D V K D Q G F D V K H T X L Y D O H Q W V 1 H W F K D Q J H L Q F D V K D Q G F D V K H T X L Y D O H Q W V % H J L Q Q L Q J E D O D Q F H R I F D V K D Q G F D V K H T X L Y D O H Q W V ( Q G L Q J E D O D Q F H R I F D V K D Q G F D V K H T X L Y D O H Q W V 6 X S S O H P H Q W D O G L V F O R V X U H V & D V K L Q W H U H V W S D \ P H Q W V & D V K L Q F R P H W D [ S D \ P H Q W V
Slide 10 — 9 ( 5 $ / 7 2 & 2 5 3 2 5 $ 7 , 2 1
9 ( 5 $ / 7 2 & 2 5 3 2 5 $ 7 , 2 1 1 2 7 ( 6 7 2 & 2 1 6 2 / , ’ $ 7 ( ’ & 2 1 ’ ( 1 6 ( ’ ) , 1 $ 1 & , $ / 6 7 $ 7 ( 0 ( 1 7 6 X Q D X G L W H G 1 2 7 ( * ( 1 ( 5 $ / 9 H U D O W R & R U S R U D W L R Q× V Ú 9 H U D O W RÛ R U W K H Ú & R P S D Q \Û X Q L I \ L Q J S X U S R V H 6 D I H J X D U G L Q J W K H : R U O GØ V 0 R V W 5 H V R X U F H V 7 0 , W V G L Y H U V H J U R X S R I D V V R F L D W H V D Q G O H D G L Q J R S H U D W L Q J F R P V R O X W L R Q V W K D W P R Q L W R U H Q K D Q F H D Q G S U R W H F W N H \ U H V R X U F H V D U R X Q D G Y D Q F H P H Q W R I S X E O L F K H D O W K D Q G V D I H W \ D Q G E H O L H Y H V L W L V S R V L W L J O R E D O F K D O O H Q J H V L Q F O X G L Q J H Q Y L U R Q P H Q W D O U H V R X U F H V X V W D L Q D E L O L H Y H Q W V D Q G I R R G D Q G S K D U P D F H X W L F D O V H F X U L W \ D Q G W K H L P S D F W R I D Q D J L Q J Z R U N I R U F H 7 K U R X J K L W V F R U H R I I H U Z D W H U D Q D O \ W L F V Z D W H U W U H D W P H Q W P D U N L Q J D Q G F R G L Q J D Q G S D F N D J L Q V R O X W L R Q V W R K H O S H Q V X U H W K H V D I H W \ T X D O L W \ H I I L F L H Q F \ D Q G U H O L D S U R F H V V H V D Q G S H R S O H J 7 K H & R P S D Q \ R S H U D W H V W K U R X J K W Z R V H J P H Q W V Ò : D W H U 4 X D O L W \ Ú : 4Û D Q G 3 U R G X F W 4 X D O L 7 K U R X J K W K H : D W H U 4 X D O L W \ V H J P H Q W W K H & R P S D Q \ L P S U R Y H V W K H T X D O L W E U D Q G V L Q F O X G L Q J + D F K 7 U R M D Q 7 H F K Q R O R J L H V D Q G & K H P 7 U H D W 7 K U R X J K W K H & R P S D Q \ S U R P R W H V F R Q V X P H U W U X V W L Q S U R G X F W V D Q G K H O S V H Q D E O H L Q F O X G L Q J 9 L G H R M H W / L Q [ ( V N R ; 5 L W H D Q G 3 D Q W R Q H % D V L V R I 3 U H V H Q W D W L R Q Ó 9 H U D O W R S U H S D U H G W K H X Q D X G L W H G & R Q V R O L G D W H G & R Q G H Q V H G ) L Q D Q F L D O 6 W L Q F O X G H G K H U H L Q L Q D F F R U G D Q F H Z L W K D F F R X Q W L Q J S U L Q F L S O H V J H Q H U D O O \ D F F H S W H U H J X O D W L R Q V R I W K H 8 6 6 H F X U L W L H V D Q G ( [ F K D Q J H & R P P L V V L R Q W K H Ú 6 ( & L Q I R U P D W L R Q D Q G I R R W Q R W H G L V F O R V X U H V Q R U P D O O \ L Q F O X G H G L Q I L Q D Q F K D Y H E H H Q F R Q G H Q V H G R U R P L W W H G S X U V X D Q W W R V X F K U X O H V D Q G U H J X O D G L V F O R V X U H V D U H D G H T X D W H W R P D N H W K H L Q I R U P D W L R Q S U H V H Q W H G Q R W & R Q V R O L G D W H G & R Q G H Q V H ) L Q D Q F L D O 6 W D W H P H Q W V L Q F O X G H G K H U H L Q V K R X O G E H U H D G L Q F R Q M X Q F W L R Q Z L W K W & R Q V R O L G D W H G ) L Q D 6 W D W H P H Q W V D V R I D Q G I R U W K H \ H D U H Q G H G ’ H F H P E H U D Q G W K H 1 R W H V W K H U H W R L Q F O X G H G Z $ Q Q X D O 5 H S R U W R Q ) R U P . , Q W K H R S L Q L R Q R I W K H & R P S D Q \ W K H D F F R P S D Q \ L Q J I L Q D Q F L D O V W D W H P H Q W S U H V H Q W W K H I L Q D Q F L D O S R V L W L R Q R I W K H & R P S D Q \ D V R I 2 F W R E H U D Q G ’ H F H P E H U D Q G L W V U H V X O W V R S H U D W L R Q V I R U W K H W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U D Q G 6 H S W H P E H U D Q G L W V F D V K I O I R U H D F K R I W K H Q L Q H P R Q W K S H U L R G V W K H Q H Q G H G 7 K H U H K D Y H E H H Q Q R F K D Q J H V W R W K H & R P S D Q \× V V L J Q L I L F D Q W D F F R X Q W L Q J $ Q Q X D O 5 H S R U W R Q ) R U P . W K D W K D Y H D P D W H U L D O L P S D F W R Q W K H & R P S D Q \× V & R Q V R O L G D W H G & R Q G H Q V H G ) L Q D Q D Q G W K H U H O D W H G 1 R W H V 5 H F H Q W $ F F R X Q W L Q J 3 U R Q R X Q F H P H Q W V Ó , Q 1 R Y H P E H U W K H ) L Q D Q F L D O $ F F R X Q W L Q J 6 W D Q L V V X H G $ F F R X Q W L Q J 6 W D Q G D U G V 8 S G D W H Ú $ 6 8Û , Q F R P H 6 W D W H P H Q W Ô U H S R U W L Q J & R P S U H K H ( [ S H Q V H ’ L V D J J U H J D W L R Q ’ L V F O R V X U H V 7 K H $ 6 8 U H T X L U H V H Q W L W L H V W R S U R Y L G H G L V D J J U H F D W H J R U L H V R I H [ S H Q V H V R Q D Q D Q Q X D O D Q G L Q W H U L P E D V L V L Q F O X G L Q J S X G H S U H F L D W L R Q D Q G L Q W D Q J L E O H D V V H W D P R U W L ] D W L R Q I R U H D F K L Q F R P H V 7 K L V $ 6 8 L V H I I H F W L Y H I R U D Q Q X D O S H U L R G V E H J L Q Q L Q J D I W H U ’ H F H P E H U D I W H U ’ H F H P E H U Z L W K H D U O \ D G R S W L R Q S H U P L W W H G 7 K H & R P S D Q \ L V R Q L W V G L V F O R V X U H V L Q W K H & R Q V R O L G D W H G ) L Q D Q F L D O 6 W D W H P H Q W V 2 Q 0 D U F K W K H 6 ( & D G R S W H G W K H I L Q D O U X O H X Q G H U 6 ( & 5 H O H D V H 1 R 7 K H ( Q K D Q F H P H Q W D Q G 6 W D Q G D U G L ] D W L R Q R I & O L P D W H 5 H O D W H G ’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’ H F H P E H U W K H ) $ 6 % L V V X H G $ 6 8 , P S U R Y H P H Q W V W R , Q F R P H 7 D [ ’ L V F O R V X U H V Z K L F K H Q K D Q F H V W W U D Q V S D U H Q F \ R I L Q F R P H W D [ G L V F O R V X U H V L Q $ 6 & , Q F R P H 7 D [ H V S U L P D U L O \ U H O D W H G W R W K H U D W H L Q F R P H W D [ H V S D L G L Q I R U P D W L R Q 7 K H $ 6 8 L V H I I H F W L Y H I R U I L V F D O \ H D U V 7 D E O H R I & R Q W H Q W V
Slide 11 — E H D S S O L H G U H W U R V S H F W L Y H O \ Z L W K H D U O \ D G R S W L R Q E H L Q J S H U P L W W H G
E H D S S O L H G U H W U R V S H F W L Y H O \ Z L W K H D U O \ D G R S W L R Q E H L Q J S H U P L W W H G L W V D Q Q X D O & R Q V R O L G D W H G ) L Q D Q F L D O 6 W D W H P H Q W V D Q G U H O D W H G L Q F R P Z K H Q W K H J X L G D Q F H Z L O O E H F R P H H I I H F W L Y H & D V K D Q G & D V K ( T X L Y D O H Q W V Ó 7 K H & R P S D Q \ F R Q V L G H U V D O O K L J K O \ O L T X L G L Q Y H V W P H Q W R U O H V V D W W K H G D W H R I S X U F K D V H W R E H F D V K H T X L Y D O H Q W V 2 S H U D W L Q J / H D V H V Ó $ V R I 2 F W R E H U D Q G ’ H F H P E H U R S H U D W L Q J O H D V H U L J K W R I X V H D & R P S D Q \ Z D V W K H O H V V H H Z H U H P L O O L R Q D Q G P L O O L R Q U H V S H F W L Y H O \ D Q G D U H L Q F O X G H G Z L D V V H W V L Q W K H D F F R P S D Q \ L Q J & R Q V R O L G D W H G & R Q G H Q V H G % D O D Q F H 6 K H H W V 7 K H D V V R F L D W H G R S H U D W L Q J O H Z H U H P L O O L R Q D Q G P L O O L R Q D V R I 2 F W R E H U D Q G ’ H F H P E H U U H V S H F W L Y H O \ D Q G D U H L D F F U X H G H [ S H Q V H V D Q G R W K H U O L D E L O L W L H V D Q G R W K H U O R Q J W H U P O L D E L & R Q V R O L G D W H G & R Q G H % D O D Q F H 6 K H H W V 3 U H S D L G ( [ S H Q V H V D Q G 2 W K H U & X U U H Q W $ V V H W V Ó 3 U H S D L G H [ S H Q V H V D Q G R W K H U F X U U H Q W D V V H D G Y D Q F H S D \ P H Q W V W R Y H Q G R U V I R U J R R G V D Q G V H U Y L F H V D Q G D U H F D S L W D V H U Y L F H V D U H S H U I R U P H G , Q F O X G H G L Q W K H & R P S D Q \× V S U H S D L G H [ S H Q V H V H [ S H Q V H V R I P L O O L R Q D Q G P L O O L R Q D V R I 2 F W R E H U D Q G ’ H F H P E H U U H V S H F W L Y H O \ ’ H U L Y D W L Y H ) L Q D Q F L D O , Q V W U X P H Q W V Ó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× H T X L W \ & K D Q J H V L Q W K H Y D O X H R I W K H I R U H L J V Z D S V G H V L J Q D W H G D V K H G J H V R I W K H & R P S D Q \× V Q H W L Q Y H V W P H Q W L Q I R U H U H F R J Q L ] H G L Q D F F X P X O D W H G R W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V L Q V W Y D O X H R I W K H & R P S D Q \× V I R U H L J Q F X U U H Q F \ G H Q R P L Q D W H G R S H U D W L R Q V 5 H I H U W R 1 R W H V D Q G I R U D G G L W L R Q D O L Q I R U 7 D E O H R I & R Q W H Q W V
Slide 12 — 1 2 7 ( 1 ( 7 ( $ 5 1 , 1 * 6 3 ( 5 & 2 0 0 2 1 6 + $ 5 (
1 2 7 ( 1 ( 7 ( $ 5 1 , 1 * 6 3 ( 5 & 2 0 0 2 1 6 + $ 5 ( % D V L F Q H W H D U Q L Q J V S H U F R P P R Q V K D U H Ú ( 3 6Û L V F D O F X O D W H G E \ G L Y L G L Q Q X P E H U R I V K D U H V R I F R P P R Q V W R F N R X W V W D Q G L Q J I R U W K H D S S O L F D E O H S H Z H L J K W H G D Y H U D J H Q X P E H U R I V K D U H V R I F R P P R Q V W R F N R X W V W D Q G L Q J L Q F W K D W Z R X O G K D Y H E H H Q R X W V W D Q G L Q J K D G W K H S R W H Q W L D O O \ G L O X W L Y H W K H Q X P E H U R I V K D U H V W K H & R P S D Q \ F R X O G K D Y H U H S X U F K D V H G Z L W K W K H G L O X W L Y H V K D U H V , Q I R U P D W L R Q U H O D W H G W R W K H F D O F X O D W L R Q R I Q H W H D U Q L Q J V S H U F R P P R Q W K U H H D Q G Q L Q H P R Q W K S H U H Q G H G 2 F W R E H U D Q G 6 H S W H P E H U L V V X P P D U L ] H G D V I R O O R Z V 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G 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 D P R X Q W V 2 F W R E H U 6 H S W H P E H U 2 F W R E H U 6 H S W H P E H U 1 X P H U D W R U 1 H W H D U Q L Q J V ’ H Q R P L Q D W R U : 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 X V H G L Q % D V L F ( 3 6 , Q F U H P H Q W D O V K D U H V I U R P D V V X P H G H [ H U F L V H R I G L O X W L Y H R S W L R Q V D Q G Y H V W L Q J R I G L O X W L Y H U H V W U L F W H G V W R F N X Q L W V 5 6 8 V D Q G S H U I R U P D Q F H V W R F N X Q L W V 3 6 8 V : 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 X V H G L Q ’ L O X W H G ( 3 6 % D V L F ( 3 6 ’ L O X W H G ( 3 6 7 D E O H R I & R Q W H Q W V
Slide 13 — 1 2 7 ( 5 ( 9 ( 1 8 (
1 2 7 ( 5 ( 9 ( 1 8 ( 7 K H I R O O R Z L Q J W D E O H V S U H V H Q W W K H & R P S D Q \× V U H Y H Q X H V G L V D J J U H J D W H G W K H W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U D Q G 6 H S W H P E H U 6 D O H V W D [ H V D Q G R W K H U E D V H G W D [ H V F R O O H F W H G I U R P F X V W R P H U V D U H H [ F O X G H G I U R P U H Y H Q X H
Slide 14
Slide 15 — 7 K H & R P S D Q \ R I W H Q U H F H L Y H V F D V K S D \ P H Q W V I U R P F X V W R P H U V L Q D G Y D Q F H
7 K H & R P S D Q \ R I W H Q U H F H L Y H V F D V K S D \ P H Q W V I U R P F X V W R P H U V L Q D G Y D Q F H L Q F R Q W U D F W O L D E L O L W L H V W K D W D U H F O D V V L I L H G D V H L W K H U F X U U H Q W R & R Q V R O L G D W H G & R Q G H Q V H G % D 6 K H H W V E D V H G R Q W K H W L P L Q J R I Z K H Q W K H & R P S D Q \ H [ S H F W V W R U H F R J Q L ] H U H Y H Q X H $ V R I 2 F W R E H U D Q G ’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× V : D W H U 4 X D O L W \ V H J P H Q W S U R Y L G H V S U R S U L H W D U \ S U H F L V L R Q V H U Y L F H V D Q G D G Y D Q F H G Z D W H U W U H D W P H Q W W H F K Q R O R J L H V W R K H O S P H D V P X Q L F L S D O L Q G X V W U L D O F R P P H U F L D O U H V L G H Q W L D O U H V H D U F K D Q G Q D W X 7 K H & R P S D Q \× V 3 U R G X F W 4 X D O L W \ , Q Q R Y D W L R Q V H J P H Q W S U R Y L G H V H T X L S P Y D U L R X V P D U N L Q J D Q G F R G L Q J W U D F H D E L O L W \ S U L Q W L Q J S D F N D J L Q J G H V L J D Q G F R O R U D Q G D S S H D U D Q F H P D Q D J H P H Q W D S S O L F D W L R Q V I R U F R Q V X P H U S D F 5 H V R X U F H V D U H D O O R F D W H G D Q G S H U I R U P D Q F H L V D V V H V V H G E \ W K H 3 U H V L G & R P S D Q \ K D V G H W H U P L Q H G W R E H W K H & K L H I 2 S H U D W L Q J ’ H F L V L R Q 0 D N H U Ú & S H U I R U P D Q F H R I L W V V H J P H Q W V D Q G D O O R F D W H V U H V R X U F H V W R W K H P E D V H D F W X D O U H V X O W V W R H [ S H F W D W L R Q V L Q D V V H V V L Q J S H U I R U P D Q F H R I W K H V O H V V R S H U D W L Q J H [ S H Q V H V H [ F O X G L Q J Q R Q R S H U D W L Q J L Q F R P H D Q G H [ S H Q V H L Q W K H 2 W K H U V H J P H Q W F R Q V L V W R I X Q D O O R F D W H G F R U S R U D W H F R V W V D Q G H Y D O X D W L R Q R I U H S R U W D E O H V H J P H Q W R S H U D W L Q J S H U I R U P D Q F H 7 K H L G H Q W L I L D E O H D V V H W V E \ V H J P H Q W D U H W K R V H X V H G L Q H D F K V H J P H Q W V L J Q L I L F D Q W D Q G D U H H O L P L Q D W H G W R D U U L Y H D W F R P E L Q H G W R W D O V 7 D E O H R I & R Q W H Q W V
Slide 16 — ’ H W D L O H G V H J P H Q W G D W D I R U W K H
’ H W D L O H G V H J P H Q W G D W D I R U W K H W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U D Q G 6 H S W H P E H U L V D V I R O O R Z V 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G L Q P L O O L R Q V 2 F W R E H U 6 H S W H P E H U 2 F W R E H U 6 H S W H P E H U 6 D O H V : D W H U 4 X D O L W \ 3 U R G X F W 4 X D O L W \ , Q Q R Y D W L R Q 7 R W D O 2 S H U D W L Q J S U R I L W : D W H U 4 X D O L W \ 3 U R G X F W 4 X D O L W \ , Q Q R Y D W L R Q 2 W K H U 7 R W D O ’ H S U H F L D W L R Q D Q G D P R U W L ] D W L R Q R I L Q W D Q J L E O H D V V H W V : D W H U 4 X D O L W \ 3 U R G X F W 4 X D O L W \ , Q Q R Y D W L R Q 7 R W D O & D S L W D O H [ S H Q G L W X U H V : D W H U 4 X D O L W \ 3 U R G X F W 4 X D O L W \ , Q Q R Y D W L R Q 2 W K H U Ó Ó Ó 7 R W D O
Slide 17 — 5 H F R Q F L O L D W L R Q V R I W R W D O V H J P H Q W V D O H V W R W R W D O V H J P H Q W R S H U D W L
5 H F R Q F L O L D W L R Q V R I W R W D O V H J P H Q W V D O H V W R W R W D O V H J P H Q W R S H U D W L F R Q V R O L G D W H G H D U Q L Q J V E H I R U H L Q F R P H W D [ H V I R U W K H W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U D Q G 6 H S W H P E H U D U H D V I R O O R Z V 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 2 F W R E H U L Q P L O O L R Q V : D W H U 4 X D O L W \ 3 U R G X F W 4 X D O L W \ , Q Q R Y D W L R Q 2 W K H U 7 R W D O 6 D O H V Ó / H V V R W K H U V H J P H Q W L W H P V 6 H J P H Q W R S H U D W L Q J S U R I L W 2 W K H U L Q F R P H H [ S H Q V H Q H W , Q W H U H V W H [ S H Q V H Q H W ( D U Q L Q J V E H I R U H L Q F R P H W D [ H V 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 6 H S W H P E H U L Q P L O O L R Q V : D W H U 4 X D O L W \ 3 U R G X F W 4 X D O L W \ , Q Q R Y D W L R Q 2 W K H U 7 R W D O 6 D O H V Ó / H V V R W K H U V H J P H Q W L W H P V 6 H J P H Q W R S H U D W L Q J S U R I L W 2 W K H U L Q F R P H H [ S H Q V H Q H W , Q W H U H V W H [ S H Q V H Q H W ( D U Q L Q J V E H I R U H L Q F R P H W D [ H V 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G 2 F W R E H U L Q P L O O L R Q V : D W H U 4 X D O L W \ 3 U R G X F W 4 X D O L W \ , Q Q R Y D W L R Q 2 W K H U 7 R W D O 6 D O H V Ó / H V V R W K H U V H J P H Q W L W H P V 6 H J P H Q W R S H U D W L Q J S U R I L W 2 W K H U L Q F R P H H [ S H Q V H Q H W , Q W H U H V W H [ S H Q V H Q H W ( D U Q L Q J V E H I R U H L Q F R P H W D [ H V
Slide 18 — 1 2 7 ( , 1 & 2 0 ( 7 $ ; ( 6
1 2 7 ( , 1 & 2 0 ( 7 $ ; ( 6 7 K H I R O O R Z L Q J W D E O H V X P P D U L ] H V W K H & R P S D Q \× V H I I H F W L Y H W D [ U D W H 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G 2 F W R E H U 6 H S W H P E H U 2 F W R E H U 6 H S W H P E H U ( I I H F W L Y H W D [ U D W H 7 K H & R P S D Q \ R S H U D W H V J O R E D O O \ L Q F O X G L Q J L Q F H U W D L Q M X U L V G L F W L R Q V 8 Q L W H G 6 W D W H V Ú 8 6 Û 7 K H U H I R U H E D V H G R Q H D U Q L Q J V P L [ W K H L P S D F W R I R S H U D W L Q J L K L J K H U H I I H F W L Y H W D [ U D W H F R P S D U H G W R W K H 8 6 I H G H U D O V W D W X W R U \ W 7 K H H I I H F W L Y H W D [ U D W H I R U W K H W K U H H P R Q W K S H U L R G H Q G H G 2 F W R E H U G L I I H U V I U R P W K H 8 6 I H G H U D O V R I S U L Q F L S D O O \ G X H W R W K H J H R J U D S K L F P L [ R I H D U Q L Q J V G H V F U L E H G D E R D Q G D Q H W G L V F U H W H S U R Y L V L P L O O L R Q U H O D W H G S U L P D U L O \ W R W K H L P S D F W R I X Q F H U W D L Q W D [ S R V L W L R Q V S D U W L D O O \ R I I V H W E \ W K H L P S D F W R I D * H R Q G H I H U U H G W D [ H V 7 K H Q H W G L V F U H W H S U R Y L V L R Q L Q F U H D V H G W K H H I I H F I R U W K H W K U H H P R Q W K S H U L R H Q G H G 2 F W R E H U 7 K H H I I H F W L Y H W D [ U D W H I R U W K H Q L Q H P R Q W K S H U L R G H Q G H G 2 F W R E H U G L I I H U V I U R P W K H 8 6 I H G H U D O V S U L Q F L S D O O \ G X H W R W K H J H R J U D S K L F P L [ R I H D U Q L Q J V G H V F U L E H G D E R Y O R V V R Q W K H V D O H R I D S U R G X F W O L Q H R I P L O O L R Q D Q G D Q H W G L V F U H W H E H Q H I L W R I P L O O L R Q U H O D W H G S U L P D U L O \ W R W R I D * H U P D Q W D [ U D W H F K D Q J H R Q G H I H U U H G W D [ H V S D U W L D O O \ R I I V H W E \ W 7 K H Q H W G L V F U H W H E H Q H I L W G H F U H D V H G W K H H I I H F W L Y H W D [ U D W H E \ I R U W K H Q L Q H P R Q W K S H U L R G H Q G H G 2 F W R E H U 7 K H H I I H F W L Y H W D [ U D W H I R U W K H W K U H H P R Q W K S H U L R G H Q G H G 6 H S W H P E H U G L I I H U V I U R P W K H 8 6 I H G H U D U D W H R I S U L Q F L S D O O \ G X H W R W K H J H R J U D S K L F P L [ R I H D U Q L Q J V G H V F U L E H G D P L O O L R Q U H O D W H G S U L P D U L O \ W R W K H L P S D F W R I X Q F H U W D L Q W D [ S R V L W L R Q V S D U W L F R P S H Q V D W L R Q 7 K H Q H W G L V F U H W H H [ S H Q V H L Q F U H D V H G W K H H I I H F W L Y H W I R U W K H W K U H H P R Q W K S H U L R G H Q G 6 H S W H P E H U 7 K H H I I H F W L Y H W D [ U D W H I R U W K H Q L Q H P R Q W K S H U L R G H Q G H G 6 H S W H P E H U G L I I H U V I U R P W K H 8 6 I H G H U D O U D W H R I S U L Q F L S D O O \ G X H W R W K H J H R J U D S K L F P L [ R I H D U Q L Q J V G H V F U L E H G D G H G X F W L E O H O R V V R Q W K H V D O H R I D S U R G X F W O L Q H R I P L O O L R Q D Q G D Q H W G L V F U H W H H [ S H Q V H R I P L O O L R Q U H O D W H G S U L P D U W R W K H L P S D F W R I X Q F H U W D L Q W D [ S R V L W L R Q V S D U W L D O O \ R I I V H W E \ H [ F H V Q H W G L V F U H W H H [ S H Q V H L Q F U H D V H G W K H H I I H F W L Y H W D [ U D W H E \ I R U W K H Q L Q H P R Q W K S H U L R G H Q G H G 6 H S W H P E H U 2 Q - X O \ D Q D F W W R S U R Y L G H I R U U H F R Q F L O L D W L R Q W R W L W O H , , R I + & % H D X W L I X O % L O O $ F W Ú 2 % % % $Û Z D V H Q D F W H G L Q W R O D Z 7 K H 2 % % % $ L Q F O X 8 6 5 ’ S H U P D Q H Q W H [ W H Q V L R Q R I F H U W D L Q S U R Y L V L R Q V R I W K H 7 D [ & X W V L P S D F W V 7 K H & R P S D Q \ K D V F R Q V L G H U H G W K H L P S D F W R Q W K H F R Q G H Q V H G F F R Q F O X G H G L W L V L P P D W H U L D O ) R U D G H V F U L S W L R Q R I W K H & R P S D Q \× V V L J Q L I L F D Q W W D [ P D W W H U V U H I H U H Q I R U W K H \ H D U H Q G H G ’ H F H P E H U D Q G 1 R W H W R W K H I L Q D Q F L D O V W D W H P H Q W V L Q F O X G H G Z L W K L Q W K H $ Q 5 H S R U W R Q ) R U P . 7 D E O H R I & R Q W H Q W V
Slide 19 — 1 2 7 ( * 2 2 ’ : , / / $ 1 ’ 2 7 + ( 5 , 1 7 $ 1 * , % / ( $ 6 6 ( 7 6
1 2 7 ( * 2 2 ’ : , / / $ 1 ’ 2 7 + ( 5 , 1 7 $ 1 * , % / ( $ 6 6 ( 7 6 7 K H I R O O R Z L Q J L V D U R O O I R U Z D U G R I W K H & R P S D Q \× V J R R G Z L O O L Q P L O O L R Q V % D O D Q F H ’ H F H P E H U $ W W U L E X W D E O H W R D F T X L V L W L R Q V $ W W U L E X W D E O H W R G L Y H V W L W X U H V ) R U H L J Q F X U U H Q F \ W U D Q V O D W L R Q D Q G R W K H U % D O D Q F H 2 F W R E H U 7 K H F D U U \ L Q J Y D O X H R I J R R G Z L O O E \ V H J P H Q W L V V X P P D U L ] H G D V I R O O R Z V L Q P L O O L R Q V 2 F W R E H U ’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à / H Y H O L Q S X W V D U H T X R W H G S U L F H V X Q D G M X V W H G L Q D F W L Y H P D U N H à / H Y H O L Q S X W V D U H T X R W H G S U L F H V I R U V L P L O D U D V V H W V D Q G O L D E L O R U V L P L O D U D V V H W V L Q P D U N H W V W K D W D U H Q R W D F W L Y H R U R W K H U R L Q F O X G L Q J L Q W H U H V W U D W H V \ L H O G F X U Y H V D Q G F U H G L W U L V N V R U L F R U U R E R U D W H G E \ R E V H U Y D E O H P D U N H W G D W D W K U R X J K F R U U H O D W L R Q à / H Y H O L Q S X W V D U H X Q R E V H U Y D E O H L Q S X W V E D V H G R Q W K H & R P S D Q \× V O L D E L O L W \×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’ H I H U U H G F R P S H Q V D W L R Q O L D E L O L W L H V Ó Ó & U R V V F X U U H Q F \ V Z D S G H U L Y D W L Y H F R Q W U D F W V Ó Ó 7 R W D O / L D E L O L W L H V Ó ’ H F H P E H U / L D E L O L W L H V ’ H I H U U H G F R P S H Q V D W L R Q O L D E L O L W L H V Ó Ó 7 R W D O / L D E L O L W L H V Ó Ó
Slide 20 — & H U W D L Q P D Q D J H P H Q W H P S O R \ H H V S D U W L F L S D W H L Q W K H & R P S D Q \× V Q R Q T X D
& H U W D L Q P D Q D J H P H Q W H P S O R \ H H V S D U W L F L S D W H L Q W K H & R P S D Q \×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Ú N 3 U R J U D P VÛ H [ F H S W W K D W W K H H D U Q L Q J V E \ W K H & R P S D Q \ D U H H Q W L U H O \ E D V H G R Q F K D Q J H V L Q W K H Y D O X H R I W K H & R G H I H U U H G F R P S H Q V D W L R Q O L D E L O L W \ X Q G H U W K H V H S U R J U D P V D U H U H F R J Q L S D U W L F L S D Q W V× D F F R X Q W V Z K L F K D U H E D V H G R Q W K H D S S O L F D E O H H D U Q L Q J 7 K H F U R V V F X U U H Q F \ V Z D S G H U L Y D W L Y H F R Q W U D F W V D U H F O D V V L I L H G D V / H P H D V X U H G X V L Q J W K H L Q F R P H D S S U R D F K Z L W K W K H U H O H Y D Q W L Q W H U H V W U I R U Z D U G F X U Y H V D V L Q S X W V 5 H I H U W R 1 R W H I R U D G G L W L R Q D O L Q I R U P D W L R Q ) D L U 9 D O X H R I ) L Q D Q F L D O , Q V W U X P H Q W V 7 K H F D U U \ L Q J D P R X Q W V D Q G I D L U Y D O X H V R I W K H & R P S D Q \× V I L Q D Q F L D O L Q V 2 F W R E H U ’ H F H P E H U L Q P L O O L R Q V & D U U \ L Q J $ P R X Q W ) D L U 9 D O X H & D U U \ L Q J $ P R X Q W ) D L U 9 D O X H ’ H E W 2 E O L J D W L R Q V & X U U H Q W S R U W L R Q R I O R Q J W H U P G H E W Ó Ó / R Q J W H U P G H E W $ V R I 2 F W R E H U D Q G ’ H F H P E H U V K R U W D Q G O R Q J W H U P E R U U R Z L Q J V Z H U H F D W H J R U L ] H G D V / H Y H I D L U Y D O X H R I O R Q J W H U P E R U U R Z L Q J V Z D V E D V H G R Q T X R W H G P D U N H W S U L F 7 K H G L I I H U H Q F H E H W Z H H Q W K H I D W K H F D U U \ L Q J D P R X Q W V R I O R Q J W H U P E R U U R Z L Q J V L V D W W U L E X W D E O H W R F & R P S D Q \×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× V G H E W Z H U H D V I R O O R Z V L Q P L O O L R Q V 2 X W V W D Q G L Q J $ P R X Q W ’ H V F U L S W L R Q D Q G $ J J U H J D W H 3 U L Q F L S D O $ P R X Q W 2 F W R E H U ’ H F H P E H U V H Q L R U X Q V H F X U H G Q R W H V G X H P L O O L R Q W K H 1 R W H V V H Q L R U X Q V H F X U H G Q R W H V G X H P L O O L R Q W K H 1 R W H V V H Q L R U X Q V H F X U H G Q R W H V G X H P L O O L R Q W K H 1 R W H V V H Q L R U X Q V H F X U H G Q R W H V G X H P L O O L R Q W K H 1 R W H V 7 R W D O G H E W / H V V F X U U H Q W S R U W L R Q R I O R Q J W H U P G H E W Ó / R Q J W H U P G H E W 8 Q D P R U W L ] H G G H E W G L V F R X Q W V D Q G G H E W L V V X D Q F H F R V W V W R W D O H G P L O O L R Q D Q G P L O O L R Q D V R I 2 F W R E H U D Q G ’ H F H P E H U U H V S H F W L Y H O \ ’ H E W G L V F R X Q W V D Q G L V V X D Q F H F R V W V D U H S & R Q V R O L G D W H G & R Q G H Q V H G % D O D Q F H 6 K H H W V D Q G D U H D P R U W L ] H G D V D F R P S R Q H Q W R I L Q W H U H V W K H U H O D W H G G H E W 5 H I H U W R 1 R W H R I W K H $ Q Q X D O 5 H S R U W R Q ) R U P . I R U D G H V F U L S W L R Q I L Q D Q F L Q J 7 K H U H Z H U H Q R D P R X Q W V R X W V W D Q G L Q J X Q G H U W K H F U H G L W I D F L O L W \ R U F R P P H U F 2 F W R E H U 1 2 7 ( ’ ( 5 , 9 $ 7 , 9 ( 6 $ 1 ’ + ( ’ * , 1 * 7 5 $ 1 6 $ & 7 , 2 1 6 2 Q - X O \ W K H & R P S D Q \ H Q W H U H G L Q W R F U R V V F X U U H Q F \ V Z D S G H U L Y D W R I P L O O L R Q W R S D U W L D O O \ K H G J H L W V Q H W L Q Y H V W P H Q W V L Q Q R Q 8 6 R S H U D W 7 D E O H R I & R Q W H Q W V
Slide 21 — H [ F K D Q J H U D W H V E H W Z H H Q W K H 8 6 G R O O D U D Q G W K H H X U R D Q G 6 Z L V V I U D Q
H [ F K D Q J H U D W H V E H W Z H H Q W K H 8 6 G R O O D U D Q G W K H H X U R D Q G 6 Z L V V I U D Q H [ F K D Q J H I L [ H G U D W H S D \ P H Q W V L Q R Q H F X U U H Q F \ I R U I L [ H G U D W H S D \ P H Q W V 8 6 G R O O D U G H Q R P L Q D W H G E R Q G V W R R E O L J D W L R Q V G H Q R P L Q D W H G L Q W K H K W K H L Q W H U H V W U D W H I U R P W K H V W D W H G L Q W H U H V W U D W H V R Q W K H 8 6 G R 7 K H F K D Q J H V L Q W K H V S R W U D W H R I W K H V H L Q V W U X P H Q W V D U H U H F R U G H G L Ú 2 & ,Û L Q V W R F N K R O G H U V×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× V U H O D W H G Q H W L Q Y H V W P H Q W W K D W L V D O V R U H F R U G H G L Q D F F X P X 7 K H I R O O R Z L Q J W D E O H V X P P D U L ] H V W K H Q R W L R Q D O Y D O X H V D V R I 2 F W R E H U D Q G 6 H S W H P E H U D Q G S U H W D [ L P S D F W R I F K D Q J H V L Q W K H I D L U Y D O X H V R I L Q V W U X P H Q W V G H V L J Q D W H G D V W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U D Q G 6 H S W H P E H U L Q P L O O L R Q V 1 R W L R Q D O $ P R X Q W 2 X W V W D Q G L Q J * D L Q / R V V 5 H F R J Q L ] H G L Q 2 & , $ P R X Q W V 5 H F O D V V L I L H G I U R P 2 & , ) R U W K H 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 2 F W R E H U 1 H W L Q Y H V W P H Q W K H G J H V & U R V V F X U U H Q F \ F R Q W U D F W V Ó ) R U H L J Q F X U U H Q F \ G H Q R P L Q D W H G G H E W Ó 7 R W D O Ó ) R U W K H 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 6 H S W H P E H U 1 H W L Q Y H V W P H Q W K H G J H V ) R U H L J Q F X U U H Q F \ G H Q R P L Q D W H G G H E W Ó ) R U W K H 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G 2 F W R E H U 1 H W L Q Y H V W P H Q W K H G J H V & U R V V F X U U H Q F \ F R Q W U D F W V Ó ) R U H L J Q F X U U H Q F \ G H Q R P L Q D W H G G H E W Ó 7 R W D O Ó ) R U W K H 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G 6 H S W H P E H U 1 H W L Q Y H V W P H Q W K H G J H V ) R U H L J Q F X U U H Q F \ G H Q R P L Q D W H G G H E W Ó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
Slide 22 — F R Q W U D F W V G H V L J Q D W H G D V Q H W L Q Y H V W P H Q W K H G J H V D U H F O D V V L I L H G L Q
F R Q W U D F W V G H V L J Q D W H G D V Q H W L Q Y H V W P H Q W K H G J H V D U H F O D V V L I L H G L Q & R Q V R O L G D W H G & R Q G H Q V H G 6 W D W H P H Q W V R I & D V K ) O R Z V H [ F H S W I R U F D V K I O R Z V I U R P W K H S H U L R G L F W K H F U R V V F X U U H Q F \ V Z D S V Z K L F K D U H U H S R U W H G D V F D V K I O R Z V I U R P R S H U & R Q V R O L G D W H G & R Q G 6 W D W H P H Q W V R I & D V K ) O R Z V 7 K H & R P S D Q \× V G H U L Y D W L Y H L Q V W U X P H Q W V D V Z H O O D V L W V Q R Q G H U L Y D W L Y H G Q H W L Q Y H V W P H Q W K H G J H Z H U H F O D V V L I L H G L Q W K H & R P S D Q \× V & R Q V R O L G D W H G & R Q G H Q V H G % D O D Q F H 6 K H D V I R O O R Z V L Q P L O O L R Q V 2 F W R E H U ’ H F H P E H U ’ H U L Y D W L Y H L Q V W U X P H Q W V 2 W K H U O R Q J W H U P O L D E L O L W L H V Ó 1 R Q G H U L Y D W L Y H K H G J L Q J L Q V W U X P H Q W V / R Q J W H U P G H E W $ P R X Q W V U H O D W H G W R W K H & R P S D Q \× V G H U L Y D W L Y H V H [ S H F W H G W R E H U H F O G X U L Q J W K H Q H [ W P R Q W K V L I L Q W H U H V W U D W H V D Q G I R U H L J Q H [ F K D Q J H U 1 2 7 ( & 2 0 0 , 7 0 ( 1 7 6 $ 1 ’ & 2 1 7 , 1 * ( 1 & , ( 6 7 K H & R P S D Q \ U H Y L H Z V W K H D G H T X D F \ R I L W V O H J D O U H V H U Y H V R Q D T X D U W H F R Q W L Q J H Q F L H V W K D W D U H E R W K S U R E D E O H D Q G U H D V R Q D E O \ H V W L P D E O H V F U L S W L R Q R I W K H & R P S D Q \× V O L W L J D D Q G F R Q W L Q J H Q F L H V U H I H U W R 1 R W H R I W K H & R P S D Q \× V I L Q D Q F L D O V W D W ’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’ H F H P E H U W K H & R P S D Q \ K D G D F F U X H G Z D U U D Q W \ O L D E L O L W L H V R I P L O O L R Q D Q G P L O O L R Q U H V S H F W L Y H O \ 1 2 7 ( 6 7 2 & . + 2 / ’ ( 5 6 ( 4 8 , 7 < $ 1 ’ 6 7 2 & . % $ 6 ( ’ & 2 0 3 ( 1 6 $ 7 , 2 1 ) R U D G H V F U L S W L R Q R I W K H V W R F N E D V H G F R P S H Q V D W L R Q S U R J U D P V L Q Z K L F S D U W L F L S D W H U H I H U H Q F H L V P D G H W R 1 R W H R I W K H & R P S D Q \× V I L Q D Q F L D O H Q G H G ’ H F H P E H U L Q F O X G H G Z L W K L Q W K H $ Q Q X D O 5 H S R U W R Q ) R U P . 7 K H & R P S D Q \× 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× H T X L W \ ) R U H L J Q F X U U H Q F \ W U D Q V O D W L R W D [ H V D V W K H \ U H O D W H W R L Q G H I L Q L W H L Q Y H V W P H Q W V L Q Q R Q 8 6 V X E V L G W K H J D L Q V R U O R V V H V R Q W K H I R U H L J Q F X U U H Q F \ G H Q R P L Q D W H G O R Q J W H U P K H G J L Q J L Q V W U X P H Q W D V Z H O O D V W K H & R P S D Q \× V F U R V V F X U U H Q F \ V Z D S G H K H G J H V Q H W R I D Q \ L Q F R P H W D [ L P S D F W V 7 D E O H R I & R Q W H Q W V
Slide 23 — 3 H Q V L R Q D Q G S R V W U H W L U H P H Q W S O D Q E H Q H I L W D G M X V W P H Q W V U H O D W H W R
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Ó , Q F R P H W D [ L P S D F W Ó Ó 1 H W R W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V Q H W R I L Q F R P H W D [ H V Ó % D O D Q F H 2 F W R E H U ) R U W K H 7 K U H H 0 R Q W K 3 H U L R G ( Q G % D O D Q F H - X Q H 2 W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V , Q F U H D V H G H F U H D V H Ó , Q F R P H W D [ L P S D F W Ó Ó 2 W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V E H I R U H U H F O D V V L I L F D W L R Q V Q H W R I L Q F R P H W D [ H V Ó 5 H F O D V V L I L F D W L R Q D G M X V W P H Q W V ’ H F U H D V H Ó Ó D 5 H F O D V V L I L F D W L R Q D G M X V W P H Q W V Q H W R I L Q F R P H W D [ H V Ó Ó 1 H W R W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V Q H W R I L Q F R P H W D [ H V % D O D Q F H 6 H S W H P E H U
Slide 24 — ) R U W K H 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G 2 F W R E H U
L Q P L O O L R Q V ) R U H L J Q & X U U H Q F \ 7 U D Q V O D W L R Q $ G M X V W P H Q W V 1 H W , Q Y H V W P H Q W + H G J H V 3 H Q V L R Q D Q G 3 R V W U H W L U H P H Q W 3 O D Q % H Q H I L W $ G M X V W P H Q W V $ F F X P X O D W H G 2 W K H U & R P S U H K H Q V L Y H , Q F R P H / R V V ) R U W K H 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G 2 F W R E H U % D O D Q F H ’ H F H P E H U 2 W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V , Q F U H D V H G H F U H D V H , Q F R P H W D [ L P S D F W Ó Ó 1 H W R W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V Q H W R I L Q F R P H W D [ H V % D O D Q F H 2 F W R E H U ) R U W K H 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G % D O D Q F H ’ H F H P E H U 2 W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V , Q F U H D V H G H F U H D V H Ó , Q F R P H W D [ L P S D F W Ó Ó 2 W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V E H I R U H U H F O D V V L I L F D W L R Q V Q H W R I L Q F R P H W D [ H V Ó 5 H F O D V V L I L F D W L R Q D G M X V W P H Q W V ’ H F U H D V H Ó Ó D 5 H F O D V V L I L F D W L R Q D G M X V W P H Q W V Q H W R I L Q F R P H W D [ H V Ó Ó 1 H W R W K H U F R P S U H K H Q V L Y H L Q F R P H O R V V Q H W R I L Q F R P H W D [ H V % D O D Q F H 6 H S W H P E H U
Slide 25 — , 7 ( 0 0 $ 1 $ * ( 0 ( 1 7× 6 ’ , 6 & 8 6 6 , 2 1 $ 1 ’ $ 1 $ / < 6 , 6 2 ) ) , 1 $ 1 & , $ / & 2 1 ’ , 7 , 2 1 $ 1 ’ 5 ( 6 8 / 7 6 2 )
, 7 ( 0 0 $ 1 $ * ( 0 ( 1 7× 6 ’ , 6 & 8 6 6 , 2 1 $ 1 ’ $ 1 $ / < 6 , 6 2 ) ) , 1 $ 1 & , $ / & 2 1 ’ , 7 , 2 1 $ 1 ’ 5 ( 6 8 / 7 6 2 ) 2 3 ( 5 $ 7 , 2 1 6 0 D Q D J H P H Q W× V ’ L V F X V V L R Q D Q G $ Q D O \ V L V R I ) L Q D Q F L D O & R Q G L W L R Q D Q G 5 H S U R Y L G H P D W H U L D O L Q I R U P D W L R Q U H O H Y D Q W W R D Q D V V H V V P H Q W R I W K H & R S H U D W L R Q V L Q F O X G L Q J D Q H Y D O X D W L R Q R I W K H D P R X Q W V D Q G F H U W D L Q W V R X U F H V 7 K H 0 ’ $ L V G H V L J Q H G W R I R F X V V S H F L I L F D O O \ R Q P D W H U L D O H Y H Q W K D W D U H U H D V R Q D E O \ O L N H O \ W R F D X V H U H S R U W H G I L Q D Q F L D O L Q I R U P D W L U H V X O W V R U R I I X W X U H I L Q D Q F L D O F R Q G L W L R Q 7 K L V L Q F O X G H V G H V F U L S W L P S D F W R Q U H S R U W H G R S H U D W L R Q V D V Z H O O D V P D W W H U V W K D W D U H U H D V K D Y H D P D W H U L D O L P S D F W R Q I X W X U H R S H U D W L R Q V 7 K H & R P S D Q \× V 0 ’ $ L V à , Q I R U P D W L R Q 5 H O D W L Q J W R ) R U Z D U G / R R N L Q J 6 W D W H P H Q W V à 2 Y H U Y L H Z à 5 H V X O W V R I 2 S H U D W L R Q V à / L T X L G L W \ D Q G & D S L W D O 5 H V R X U F H V D Q G à & U L W L F D O $ F F R X Q W L Q J ( V W L P D W H V < R X V K R X O G U H D G W K L V G L V F X V V L R Q D O R Q J Z L W K W K H & R P S D Q \× V 0 ’ $ D Q G D W K H U H W R D V R I D Q G I R U W K H \ H D U H Q G H G ’ H F H P E H U L Q F O X G H G Z L W K L Q W K H $ Q Q X D O 5 H S R U D Q G W K H X Q D X G L W H G I L Q D Q F L D O V W D W H P H Q W V D Q G U H O D W H G 1 R W H V D V R I H W K U H H D Q G Q L Q H P R Q W K S H U L R H Q G H G 2 F W R E H U L Q F O X G H G L Q W K L V 4 X D U W H U O \ 5 H S R U W R Q ) R U P 4 W K L V Ú 5 H S R U W , 1 ) 2 5 0 $ 7 , 2 1 5 ( / $ 7 , 1 * 7 2 ) 2 5 : $ 5 ’ / 2 2 . , 1 * 6 7 $ 7 ( 0 ( 1 7 6 & H U W D L Q V W D W H P H Q W V L Q F O X G H G R U L Q F R U S R U D W H G E \ U H I H U H Q F H L Q W K L W K H 6 H F X U L W L H V D Q G ( [ F K D Q J H & R P P L V V L R Q Ú 6 ( &Û L Q R X U S U H V V U H O H D V H G H O L Y H U H G W R V K D U H K R O G H U V D Q G R W K H U F R P P X Q L F D W L R Q V D U H Ú I R U Z D U G 8 6 I H G H U D O V H F X U L W L H V O D Z V $ O O V W D W H P H Q W V R W K H U W K D Q K L V W R U L F L Q F O X G L Q J Z L W K R X W O L P L W D W L R Q V W D W H P H Q W V U H J D U G L Q J S U R M H F W L R Q V Y D O X H V S U L F L Q J W D [ U D W H V W D [ S U R Y L V L R Q V F D V K I O R Z V S H Q V L R Q D Q G O L T X L G L W \ S R V L W L R Q R U R W K H U S U R M H F W H G I L Q D Q F L D O P H D V X U H V P D Q D J H L Q F O X G L Q J V W D W H P H Q W V U H O D W L Q J W R D Q W L F L S D W H G R S H U D W L Q J S H U I R U P D D F W L Y L W L H V Q H Z S U R G X F W D Q G V H U Y L F H G H Y H O R S P H Q W V F R P S H W L W L Y H V W L Q W H J U D W L R Q W K H U H R I G L Y H V W L W X U H V V S L Q R I I V V S O L W R I I V L Q L W L D O G L V W U L E X W L R Q V V W U D W H J L F R S S R U W X Q L W L H V V W R F N U H S X U F K D V H V G L Y L D Q G R W K H U W U H Q G V L Q P D U N H W V Z H V H O O L Q W R L Q F O X G L Q J W K H L P S D F W R I L P S R U W V U H O D W H G F R X Q W H U P H D V X U H V D Q G U H F L S U R F D O W D U L I I V I X W X U H S U R Q R X Q F H P H Q W V R U S X E O L F S R O L F \ F K D Q J H V U H J X O D W R U \ D S S U R Y D O V D Q G R X W V W D Q G L Q J F O D L P V O H J D O S U R F H H G L Q J V W D [ D X G L W V D Q G D V V H V V P H Q W F X U U H Q F \ H [ F K D Q J H U D W H V D Q G I O X F W X D W L R Q V L Q W K R V H U D W H V U H V X O W V H F R Q R P L F D Q G F D S L W D O P D U N H W V F R Q G L W L R Q V W K H D Q W L F L S D W H G W L P L Q J R I W K H I R U H J R L Q J D Q G D Q \ R W K H U V W D W H P H Q W V W K D W D G G U H V V H Y H Q W V R R U P D \ R F F X U L Q W K H I X W X U H 7 H U P L Q R O R J \ V X F K D V Ú E H O L H Y H Û Ú D Q W L F L S D Ú L Q W H Q G Û Ú Z L O O Û Ú S O D Q Û Ú D L P Û Ú H [ S H F W Û Ú H V W L P D W H Û Ú S U R M H F W Û Ú W D U J H W Ú I R U H F D V WÛ D Q G Ú S R V L W L R Q H GÛ D Q G V L P L O D U U H I H U H Q F H V W R I X W X U H S H U L R V W D W H P H Q W V D O W K R X J K Q R W D O O 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 U H D F F V W D W H P H Q W V D U H E D V H G R Q D V V X P S W L R Q V D Q G D V V H V V P H Q W V P D G H E \ R X U S H U F H S W L R Q V R I K L V W R U L F D O W U H Q G V F X U U H Q W F R Q G L W L R Q V H [ S H F W H G I X E H D S S U R S U L D W H 7 K H V H 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 U H V X E M H F W W R Q R W O L P L W H G W R W K H U L V N V D Q G X Q F H U W D L Q W L H V V H W I R U W K E H O R Z D Q G L Q W K H $ Q Q X D O 5 H S R U W R Q ) R U P . D Q G D Q \ V X E V H T X H Q W X S G D W H V L Q Ú , W H P $ 5 L V N ) D F W R U VÛ 4 ) R U Z D U G O R R N L Q J V W D W H P H Q W V D U H Q R W J X D U D Q W H H V R I I X W X U H S H U I R U P D W K H U H V X O W V G H Y H O R S P H Q W V D Q G E X V L Q H V V G H F L V L R Q V F R Q W H P S O D W H G E \ R X V K R X O G Q R W S O D F H X Q G X H U H O L D Q F H R Q D Q \ V X F K I R U Z D U G O R R N L Q J V W 7 D E O H R I & R Q W H Q W V
Slide 26 — R Q O \ D V R I W K H G D W H R I W K H U H S R U W G R F X P H Q W S U H V V U H O H D V H Z H E F D V
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Ú , W H P $ 5 L V N ) D F W R 4 % X V L Q H V V D Q G 6 W U D W H J L F 5 L V N V à & R Q G L W L R Q V L Q W K H J O R E D O H F R Q R P \ L Q F O X G L Q J P L O L W D U \ F R Q I O L F W V S D U W L F X O D U P D U N H W V Z H V H U Y H D Q G W K H I L Q D Q F L D O P D U N H W V F D Q D G V W D W H P H Q W V à : H I D F H L Q W H Q V H F R P S H W L W L R Q D Q G L I Z H D U H X Q D E O H W R F R P S H W H H I G H P D Q G D Q G G H F U H D V H G P D U N H W V K D U H ( Y H Q L I Z H F R P S H W H H I I H F W L S U L F H V Z H F K D U J H à 2 X U J U R Z W K G H S H Q G V R Q W K H W L P H O \ G H Y H O R S P H Q W D Q G F R P P H U F L D O L D Q G H Q K D Q F H G S U R G X F W V D Q G V H U Y L F H V E D V H G R Q W H F K Q R O R J L F D O L Q à 1 R Q 8 6 H F R Q R P L F S R O L W L F D O O H J D O F R P S O L D Q F H V R F L D O D Q G E X V L Q E X V L Q H V V D Q G I L Q D Q F L D O V W D W H P H Q W V à 2 X U J U R Z W K F D Q D O V R V X I I H U L I W K H P D U N H W V L Q W R Z K L F K Z H V H O O R X D V D Q W L F L S D W H G R U H [ S H U L H Q F H F \ F O L F D O L W \ $ F T X L V L W L R Q V ’ L Y H V W L W X U H V D Q G , Q Y H V W P H Q W 5 L V N V à $ Q \ L Q D E L O L W \ W R F R Q V X P P D W H D F T X L V L W L R Q V D W R X U K L V W R U L F D O U D S S U R S U L D W H L Q Y H V W P H Q W V W K D W V X S S R U W R X U O R Q J W H U P V W U D W H J D F T X L V L W L R Q R I E X V L Q H V V H V L Q Y H V W P H Q W V R U R W K H U V W U D W H J L F U E X V L Q H V V D Q G I L Q D Q F L D O V W D W H P H Q W V D Q G R X U L Q G H P Q L I L F D W L R Q U U H O D W H G W K H U H W R à ’ L Y H V W L W X U H V R U R W K H U G L V S R V L W L R Q V F R X O G Q H J D W L Y H O \ L P S D F W R 2 S H U D W L R Q D O 5 L V N V à 6 L J Q L I L F D Q W G L V U X S W L R Q V L Q R U E U H D F K H V L Q V H F X U L W \ R I R X U L Q I Y L R O D W L R Q V R I G D W D S U L Y D F \ O D Z V F D Q D G Y H U V H O \ D I I H F W R X U E X V L Q à ’ H I H F W V D Q G X Q D Q W L F L S D W H G X V H R U L Q D G H T X D W H G L V F O R V X U H Z L W K D O O H J D W L R Q V W K H U H R I F D Q D G Y H U V H O \ D I I H F W R X U E X V L Q H V V D Q G I L à , I Z H V X I I H U O R V V W R R X U I D F L O L W L H V V X S S O \ F K D L Q V G L V W U L E X W L R W R F D W D V W U R S K H R U R W K H U H Y H Q W V R X U R S H U D W L R Q V F R X O G E H V H U à & O L P D W H F K D Q J H D Q G V X V W D L Q D E L O L W \ P D W W H U V O H J D O R U U H J X O D W V X V W D L Q D E L O L W \ P D W W H U V D Q G D Q \ L Q D E L O L W \ R Q R X U S D U W W R D G G Q H J D W L Y H O \ D I I H F W X V à 2 X U I L Q D Q F L D O U H V X O W V D U H V X E M H F W W R I O X F W X D W L R Q V L Q W K H F R V W K H O D E R U Z H Q H H G I R U R X U R S H U D W L R Q V à 2 X U V X F F H V V G H S H Q G V R Q R X U D E L O L W \ W R U H F U X L W U H W D L Q D Q G P R W E D F N J U R X Q G V H [ S H U L H Q F H V D Q G V N L O O V H W V à 2 X U U H V W U X F W X U L Q J D F W L R Q V F D Q K D Y H O R Q J W H U P D G Y H U V H H I I H F W V 7 D E O H R I & R Q W H Q W V
Slide 27 — , Q W H O O H F W X D O 3 U R S H U W \ 5 L V N V
, Q W H O O H F W X D O 3 U R S H U W \ 5 L V N V à , I Z H D U H X Q D E O H W R D G H T X D W H O \ S U R W H F W R X U L Q W H O O H F W X D O S U R S S U R S H U W \ U L J K W V Z H P D \ V X I I H U F R P S H W L W L Y H L Q M X U \ R U H [ S H Q G V L J U L V N V D U H S D U W L F X O D U O \ S U R Q R X Q F H G L Q F R X Q W U L H V L Q Z K L F K Z H G R R I L Q W H O O H F W X D O S U R S H U W \ F R P S D U D E O H W R W K H 8 Q L W H G 6 W D W H V à 7 K L U G S D U W L H V I U R P W L P H W R W L P H F O D L P W K D W Z H D U H L Q I U L Q J L Q J R U L J K W V D Q G Z H F R X O G V X I I H U V L J Q L I L F D Q W O L W L J D W L R Q H [ S H Q V H V O R V H O O L Q J S U R G X F W V R U V H U Y L F H V ) L Q D Q F L D O D Q G 7 D [ 5 L V N V à 2 X U H [ L V W L Q J D Q G I X W X U H L Q G H E W H G Q H V V P D \ O L P L W R X U R S H U D W L R Q L P S D F W R X U F U H G L W U D W L Q J V D Q G D Q \ I D L O X U H W R F R P S O \ Z L W K W K H F D G Y H U V H O \ D I I H F W R X U E X V L Q H V V D Q G I L Q D Q F L D O V W D W H P H Q W V à : H P D \ E H U H T X L U H G W R U H F R J Q L ] H L P S D L U P H Q W F K D U J H V I R U R X U J R R G Z à ) R U H L J Q F X U U H Q F \ H [ F K D Q J H U D W H V F D Q D G Y H U V H O \ D I I H F W R X U I L Q D Q F à & K D Q J H V L Q R X U W D [ U D W H V R U H [ S R V X U H W R D G G L W L R Q D O L Q F R P H W D H D U Q L Q J V , Q D G G L W L R Q F K D O O H Q J H V W R W D [ S R V L W L R Q V W D N H Q W K U D G G L W L R Q D O W D [ S D \ P H Q W V I R U S U L R U S H U L R G V à & K D Q J H V L Q W D [ O D Z U H O D W L Q J W R P X O W L Q D W L R Q D O F R U S R U D W L R Q V F R / H J D O 5 H J X O D W R U \ & R P S O L D Q F H D Q G 5 H S X W D W L R Q D O 5 L V N V à 2 X U E X V L Q H V V H V D U H V X E M H F W W R H [ W H Q V L Y H U H J X O D W L R Q D Q G I D L O D G Y H U V H O \ D I I H F W R X U E X V L Q H V V D Q G I L Q D Q F L D O V W D W H P H Q W V à : H D U H V X E M H F W W R R U R W K H U Z L V H U H V S R Q V L E O H I R U D Y D U L H W \ R I O L S U R F H H G L Q J V L Q W K H F R X U V H R I R X U E X V L Q H V V W K D W F D Q D G Y H U V H O \ à 2 X U R S H U D W L R Q V S U R G X F W V D Q G V H U Y L F H V H [ S R V H X V W R W K H U L V N R F R V W V D Q G Y L R O D W L R Q V W K D W F R X O G D G Y H U V H O \ D I I H F W R X U E X V L Q H V à & H U W D L Q S U R Y L V L R Q V L Q 9 H U D O W R× V D P H Q G H G D Q G U H V W D W H G F H U W L I ’ H O D Z D U H O D Z P D \ S U H Y H Q W R U G H O D \ D Q D F T X L V L W L R Q R I 9 H U D O W R Z 9 H U D O W R× V F R P P R Q V W R F N à 7 K H I R U X P V H O H F W L R Q S U R Y L V L R Q V X Q G H U 9 H U D O W R× V D P H Q G H G D Q G U H G L V F R X U D J H O D Z V X L W V D J D L Q V W 9 H U D O W R D Q G 9 H U D O W R× V G L U H F W R U V à , I Z H D U H X Q D E O H W R P D L Q W D L Q H I I H F W L Y H L Q W H U Q D O F R Q W U R O R Y H U O R V H F R Q I L G H Q F H L Q W K H D F F X U D F \ D Q G F R P S O H W H Q H V V R I R X U I L Q D Q F F R P P R Q V W R F N P D \ E H Q H J D W L Y H O \ D I I H F W H G 6 H S D U D W L R Q D Q G 2 X U 5 H O D W L R Q V K L S Z L W K ’ D Q D K H U 5 L V N V à $ V D Q L Q G H S H Q G H Q W S X E O L F O \ W U D G H G F R P S D Q \ 9 H U D O W R P D \ Q R W H Q M S D U W R I ’ D Q D K H U à 3 R W H Q W L D O L Q G H P Q L I L F D W L R Q O L D E L O L W L H V W R ’ D Q D K H U S X U V X D Q W W D G Y H U V H O \ D I I H F W 9 H U D O W R× V E X V L Q H V V D Q G I L Q D Q F L D O V W D W H P H Q W V à , Q F R Q Q H F W L R Q Z L W K 9 H U D O W R× V V H S D U D W L R Q I U R P ’ D Q D K H U ’ D Q D K H U + R Z H Y H U W K H U H F D Q E H Q R D V V X U D Q F H W K D W W K H L Q G H P Q L W \ Z L O O E H D P R X Q W R I V X F K O L D E L O L W L H V R U W K D W ’ D Q D K H U× V D E L O L W \ W R V D W L L P S D L U H G L Q W K H I X W X U H à , I W K H U H L V D G H W H U P L Q D W L R Q W K D W W K H V H S D U D W L R Q D Q G R U W K H G W U D Q V D F W L R Q V L V W D [ D E O H I R U 8 6 I H G H U D O L Q F R P H W D [ S X U S R V H V V L J Q L I L F D Q W 8 6 I H G H U D O L Q F R P H W D [ O L D E L O L W L H V D Q G Z H F R X O G D 7 D E O H R I & R Q W H Q W V
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à 9 H U D O W R P D \ E H D I I H F W H G E \ V L J Q L I L F D Q W U H V W U L F W L R Q V L Q F O X G L Q J W U D Q V D F W L R Q V I R U D W Z R \ H D U S H U L R G D I W H U W K H G L V W U L E X W L R Q L Q O L D E L O L W L H V à & H U W D L Q R I 9 H U D O W R× V H [ H F X W L Y H R I I L F H U V D Q G G L U H F W R U V P D \ K D Y H E H F D X V H R I W K H L U H T X L W \ L Q W H U H V W L Q ’ D Q D K H U $ O V R F H U W D L Q R I ’ D Q D K H U R I I L F H U D Q G I R U P H U ’ D Q D K H U H P S O R \ H H D U H S D U W R I 9 H U D O W R L Q W H U H V W R U W K H D S S H D U D Q F H R I F R Q I O L F W V R I L Q W H U H V W à ’ D Q D K H U P D \ F R P S H W H Z L W K 9 H U D O W R à 9 H U D O W R R U ’ D Q D K H U P D \ I D L O W R S H U I R U P X Q G H U Y D U L R X V W U D Q V D F W W K H V H S D U D W L R Q R U 9 H U D O W R P D \ I D L O W R K D Y H Q H F H V V D U \ V \ V W H P V W U D Q V D F W L R Q D J U H H P H Q W V H [ S L U H 6 H H Ú , W H P $ 5 L V N ) D F W R U VÛ L Q W K H $ Q Q X D O 5 H S R U W R Q ) R U P . D Q G D Q \ V X E V H T X H Q W X ) D F W R U VÛ Z L W K L Q 4 X D U W H U O \ 5 H S R U W V R Q ) R U P 4 I R U I X U W K H U G L V F X V V L R G L I I H U P D W H U L D O O \ I U R P W K H U H V X O W V G H Y H O R S P H Q W V D Q G E X V L Q H V V G H F V W D W H P H Q W V ) R U Z D U G O R R N L Q J V W D W H P H Q W V V S H D N R Q O \ D V R I W K H G D W F D O O P D W H U L D O V R U R W K H U F R P P X Q L F D W L R Q L Q Z K L F K W K H \ D U H P D G H ( [ F G R Q R W D V V X P H D Q \ R E O L J D W L R Q W R X S G D W H R U U H Y L V H D Q \ I R U Z D U G O R R N L L Q I R U P D W L R Q I X W X U H H Y H Q W V D Q G G H Y H O R S P H Q W V R U R W K H U Z L V H 2 9 ( 5 9 , ( : % X V L Q H V V 2 Y H U Y L H Z 9 H U D O W R & R U S R U D W L R Q× V X Q L I \ L Q J S X U S R V H L V 6 D I H J X D U G L Q J W K H : R U O GØ V 0 R V W 9 L W D O 5 H V R X U F H 7 0 2 X U G L Y H U V H J U R X S O H D G L Q J R S H U D W L Q J F R P S D Q L H V S U R Y L G H H V V H Q W L D O W H F K Q R O R J \ V R O X W L R U H V R X U F H V D U R X Q G W K H J O R E H : H D U H F R P P L W W H G W R W K H D G Y D Q F H P H Q W S R V L W L R Q H G W R V X S S R U W R X U F X V W R P H U V D V W K H \ D G G U H V V O D U J H J O R E D O V X V W D L Q D E L O L W \ Z D W H U V F D U F L W \ P D Q D J H P H Q W R I V H Y H U H Z H D W K H U H Y H L P S D F W R I D Q D J L Q J Z R U N I R U F H ) R U G H F D G H V Z H K D Y H X V H G R X U V F L H Q W L D G G U H V V F R P S O H [ F K D O O H Q J H V R X U F X V W R P H U V I D F H D F U R V V U H J X O D W H G L Q E H Y H U D J H S K D U P D F H X W L F D O D Q G L Q G X V W U L D O V Ò Z K H U H W K H F R Q V H T X H Q F H Z D W H U D Q D O \ W L F V Z D W H U W U H D W P H Q W P D U N L Q J D Q G F R G L Q J D Q G S D F N D J L K H O S H Q V X U H W K H V D I H W \ T X D O L W \ H I I L F L H Q F \ D Q G U H O L D E L O L W \ R I W K H L U K H D G T X D U W H U H G L Q : D O W K D P 0 D V V D F K X V H W W V Z L W K D Z R U N I R U F H R I Q H D U H P S O R \ H H V Z K R P Z H U H I H U W R Ú D V V R F L D W H VÛ D V R I ’ H F H P E H U V W U D W H J L F D O O \ O R F D W H G L Q D S S U R [ L P D W H O \ F R X Q W U L H V 9 H U D O W R & R U S R U D W L R Q L V D ’ H O D Z D U H F R U S R U D W L R Q D Q G Z D V L Q F R U S R U D W 9 H U D O W R I U R P ’ D Q D K H U & R U S R U D W L R Q Ú ’ D Q D K H UÛ R U Ú ) R U P H U 3 D U H Q WÛ R Q 6 S X E O L F O \ W U D G H G F R P S D Q \ O L V W H G R Q W K H 1 H Z < R U N 6 W R F N ( [ F K D Q J H W K H 9 H U D O W R & R U S R U D W L R Q F R Q V L V W H G R I ’ D Q D K H U× V I R U P H U ( Q Y L U R Q P H Q W D O Z D V H I I H F W X D W H G W K U R X J K D S U R U D W D G L Y L G H Q G G L V W U L E X W L R Q R Q 6 H S W V K D U H V R I 9 H U D O W R F R P P R Q V W R F N K H O G E \ ’ D Q D K H U D V R I 6 H S W H P E H U D V R I W K H F O R V H R I E X V L Q H V V R Q 6 H S W H P E H U U H F H L Y H G R Q H V K D U H R V K D U H V R I ’ D Q D K H U F R P P R Q V W R F N K H O G R Q W K H U H F R U G G D W H 9 H U D O W R R S H U D W H V W K U R X J K W Z R V H J P H Q W V Ò : D W H U 4 X D O L W \ Ú : 4Û D Q G 3 U R E X V L Q H V V H V Z L W K L Q W K H V H V H J P H Q W V K D Y H V W U R Q J J O R E D O O \ U H F R J Q L ] H G P D U N H W V R Y H U V H Y H U D O G H F D G H V 2 X U : 4 V H J P H Q W S U R Y L G H V L Q Q R Y D W L Y H T X D O L W \ D Q G U H O L D E L O L W \ R I Z D W H U Z L W K O H D G L Q J E U D Q G V L Q F O X G L Q J + D V H J P H Q W H Q D E O H V R X U F X V W R P H U V W R S U R P R W H F R Q V X P H U W U X V W L Q W K H L Z L W K O H D G L Q J E U D Q G V L Q F O X G L Q J 9 L G H R M H W / L Q [ ( V N R ; 5 L W H D Q G 3 D Q W R I U R P W K H V W U H Q J W K R I R X U F R P P H U F L D O R U J D Q L ] D W L R Q V R X U O H J D F \ R I L Q Q F R Q Q H F W L Y L W \ W R R X U F X V W R P H U V D Q G N Q R Z O H G J H R I W K H L U Z R U N I O R Z V X L P S U R Y H P H Q W 7 K L V K D V U H V X O W H G L Q D O D U J H L Q V W D O O H G E D V H R I L Q V W V R I W Z D U H V D O H V W R V X S S R U W R X U F X V W R P H U V $ V D U H V X O W R X U E X V L Q H D S S U R [ L P D W H O \ R I W R W D O V D O H V G X U L Q J W K H Q L Q H P R Q W K V H Q G H G 2 F W R E H U 2 X U E X V L Q H V V P R G H O D O V R V D V W U R Q J P D U J L Q S U R I L O H Z L W K O L P L W H G F D S L W D O H [ S H Q G L W X U H U H T X L U H P E H O L H Y H W K H V H D W W U L E X W H V D O O R Z X V W R G H O L Y H U I L Q D Q F L D O S H U I R U P D 7 D E O H R I & R Q W H Q W V
Slide 29 — $ V D U H V X O W R I R X U J H R J U D S K L F D Q G L Q G X V W U \ G L Y H U V L W \ 9 H U D O W R I D F H V
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Ú 9 ( 6Û S U R Y L G H V G L I I H U H Q W L D W L R Q 9 ( 6 L V D E X V L Q H V V P D Q D J H P H Q W V \ V W H P W K D W F R Q V L V W V R I D S K L O R J X L G H Z K D W 9 H U D O W R G R H V D Q G P H D V X U H K R Z Z H O O 9 H U D O W R H [ H F X W H V J U R X Q G H 9 ( 6 S U R F H V V H V D Q G W R R O V D U H R U J D Q L ] H G D U R X Q G W K H D U H D V R I 2 S H U D W L R Q D U R R W H G L Q I R X Q G D W L R Q D O W R R O V N Q R Z Q D V W K H 9 ( 6 ) X Q G D P H Q W D O V Z K L F K I X Q F W L R Q 7 K H 9 ( 6 ) X Q G D P H Q W D O V D U H I R F X V H G R Q F R U H F R P S H W H Q F L H V V X S U R F H V V H V W R L G H Q W L I \ L Q H I I L F L H Q F L H V F U H D W L Q J V W D Q G D U G Z R U N G H I L F R Q W L Q X R X V O \ L P S U R Y L Q J S U R F H V V H V W R G U L Y H O R Q J W H U P L P S D F W 9 H U D O W R X V H V 9 ( 6 W R R O V W R L P S U R Y H R X U S U R I L W D E L O L W \ D Q G F D V K I O R Z V D G G U H V V D E O H P D U N H W D Q G L P S U R Y H R X U P D U N H W S R V L W L R Q W K U R X J K L Q Y H R U J D Q L ] D W L R Q D Q G U H V H D U F K D Q G G H Y H O R S P H Q W Ú 5 ’Û L Q F O X G L Q J V R I W Z D V X S S R U W D F T X L V L W L R Q V W R H Q K D Q F H R X U S U R G X F W F D S D E L O L W L H V D Q G H [ S K D Y H V X F F H V V I X O O \ G R Q H W K U R X J K W K H D F T X L V L W L R Q R I R Y H U E X V L Q H V V % X V L Q H V V 3 H U I R U P D Q F H ’ X U L Q J W K H W K U H H P R Q W K S H U L R G H Q G H G 2 F W R E H U R Y H U D O O U H Y H Q X H V L Q F U H D V H G D Q G F R U H V D O H V L Q F U H D V H G F R P S D U H G W R W K H F R P S D U D E O H S H U L R G L Q Z L W K J U R Z W K L Q E R W K V H J P H Q W V & X U U H Q F \ D F T X L V L W L R Q V Q H W R I G L Y H V W L W X U H V L Q F U H D V H G U H S R U W H G V D O H V E \ D Q G U H V S H F W L Y H O \ G X U L Q J W K H W K U H H P R Q W K S H U L R G H Q G H G 2 F W R E H U F R P S D U H G W R W K H F R P S D U D E O H S H U L R G L Q ) R U W K H Q L Q H P R Q W K S H U L R G H Q G H G 2 F W R E H U R Y H U D O O U H Y H Q X H V L Q F U H D V H G D Q G F R U H V D O H V L Q F U H D V H G F R P S D U H G W R W K H F R P S D U D S H U L R G L Q & X U U H Q F \ H [ F K D Q J H U D W H V D Q G D F T X L V L W L R Q V Q H W R I G L Y H V W L L Q F U H D V H G U H S R U W H G V D O H V E \ D Q G U H V S H F W L Y H O \ G X U L Q J W K H Q L Q H P R Q W K S H U L R G H Q G H G 2 F W R E H U F R P S D U H G W R W K H F R P S D U D E O H S ) R U W K H G H I L Q L W L R Q R I Ú F R U H V D O H VÛ U H I H U W R ÚÓ 5 H V X O W V R I 2 S H U D W * H R J U D S K L F D O O \ W K H & R P S D Q \× V V D O H V G X U L Q J W K H W K U H H P R Q W K S H U L R G H Q G H G 2 F W R E H U L Q G H Y H O R S H G P D U N H L Q F U H D V H G \ H D U R Y H U \ H D U E \ G U L Y H Q E \ L Q F U H D V H G V D O H V R I L Q 1 R U W K $ P H U L F D D Q G L Q : H V W H U Q ( X U R S H 6 D O H V L Q K L J K J U R Z W K P D U N H W V L Q F U H D V H G \ H D U R Y H U \ H D U ) R U W K H V D P H S H U L R G F R G H Y H O R S H G P D U N H W V L Q F U H D V H G G U L Y H Q E \ L Q F U H D V H G F R U H V D O H V R I L Q 1 R U W K $ P H U L F D D Q G L Q : H V W H U Q ( X U R S H & R U H V D O H V L Q K L J K J U R Z W K P D U N H W V L Q F U H D V H G G U L Y H Q E \ P L G V L Q J O H G L J L W L Q F U H D V H * H R J U D S K L F D O O \ W K H & R P S D Q \× V V D O H V G X U L Q J W K H Q L Q H P R Q W K S H U L R G H Q G H G 2 F W R E H U L Q G H Y H O R S H G P D U N H L Q F U H D V H G \ H D U R Y H U \ H D U E \ G U L Y H Q E \ L Q F U H D V H G V D O H V R I L Q 1 R U W K $ P H U L F D L Q : H V W H U Q ( X U R S H D Q G L Q R W K H U G H Y H O R S H G P D U N H W V 6 D O H V L Q K L J K J U R Z W K P D U N H W V L Q F U H D V H G \ H D U R Y H U \ H D U ) R U W K S H U L R G F R U H V D O H V L Q G H Y H O R S H G P D U N H W V L Q F U H D V H G G U L Y H Q E \ L Q F U H D V H G F R U H V D O H V R I L Q 1 R U W K $ P H U L F D D Q G L Q : H V W H U Q ( X U R S H & R U H V D O H V L Q K L J K J U R Z W K P D U N H W V L Q F U H D V H G G U L Y H Q E \ K L J K V L Q J O H G L L Q F U H D V H V L Q / D 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Slide 30 — V D O H V
V D O H V 5 H I H U W R ÚÓ 5 H V X O W V R I 2 S H U D W L R Q VÛ I R U I X U W K H U G L V F X V V L R Q R I W K H W K H W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U 2 X W O R R N / R R N L Q J R X W R Y H U W K H E D O D Q F H R I L Q R X U : D W H U 4 X D O L W \ V H J P H Q W Z H F R Q W L Q X H W R H G U L Y H U V D F U R V V P X Q L F L S D O D Q G L Q G X V W U L D O P D U N H W V S D U W L F X O D U O \ L Q 3 U R G X F W 4 X D O L W \ , Q Q R Y V H J P H Q W Z H H [ S H F W W R V H H V W H D G \ G H P D Q G L Q W K H F R Q V X P H U S D F N D J H G J $ F U R V V E R W K V H J P H Q W V W K H & R P S D Q \ F R Q W L Q X R X V O \ D V V H V V H V W K H S R W H Q W L D O H I I H L Q W U D G H S R O L F L H V 7 K H & R P S D Q \× V R E M H F W L Y H L V W R L P S O H P H Q W D S S U R S U L P S D F W R I W K H V H L W H P V D Q G R W K H U I R U P V R I P D F U R H F R Q R P L F Y R O D W L O L W \ X W L O L ] H V 9 ( 6 W R S U R P R W H J U R Z W K D Q G R Q J R L Q J L P S U R Y H P H Q W 7 K H & R P S D Q \× V R X W O R R N I R U U H I O H F W V L W V F X U U H Q W D V V H V V P H Q W R I W K H J O R E D O P L Q F R Q V X P H U S D F N D J H G J R R G V G H P D Q G D Q G I O X F W X D W L R Q V L Q F X U U H Q F \ H [ W K H & R P S D Q \× V D F W L R Q V W R P L W L J D W H D G Y H U V H I L Q D Q F L D O L P S D F W V 7 K H V X E M H F W W R Q X P H U R X V U L V N V L Q F O X G L Q J E X W Q R W O L P L W H G W R W K R V H G & R P S D Q \× V $ Q Q X D O 5 H S R U W R Q ) R U P . D Q G D Q \ V X E V H T X H Q W X S G D W H V L Q Ú , 4 X D U W H U O \ 5 H S R U W V R Q ) R U P 4 5 ( 6 8 / 7 6 2 ) 2 3 ( 5 $ 7 , 2 1 6 1 R Q * $ $ 3 0 H D V X U H V , Q W K L V 5 H S R U W U H I H U H Q F H V W R W K H Q R Q * $ $ 3 P H D V X U H R I F R U H V D O H V U H F D O F X O D W H G D F F R U G L Q J W R * $ $ 3 E X W H [ F O X G L Q J V D O H V I U R P D F T X L U H G R U D S S O L F D E O H D Q G W K H L P S D F W R I F X U U H Q F \ W U D Q V O D W L R Q 5 H I H U H Q F H V W R V D O H V R U R S H U D W L Q J S U R I L W D W W U L E X W D E O H W R D F T X L V L W S U R I L W D V D S S O L F D E O H I U R P D F T X L U H G E X V L Q H V V H V U H F R U G H G S U L R U W R V D O H V D Q G R S H U D W L Q J S U R I L W G X U L Q J W K H D S S O L F D E O H S H U L R G D W W U L E X G L V F R Q W L Q X H G R S H U D W L R Q V 7 K H S R U W L R Q R I U H Y H Q X H D W W U L E X W D E O H W E H W Z H H Q W K H S H U L R G W R S H U L R G F K D Q J H L Q U H Y H Q X H H [ F O X G L Q J V D O H V I U D E R Y H D V D S S O L F D E O H D Q G W K H S H U L R G W R S H U L R G F K D Q J H L Q U H Y H Q X H E X V L Q H V V H V D V G H I L Q H G D E R Y H D V D S S O L F D E O H D I W H U D S S O \ L Q J F X U U H Q S H U L R G & R U H V D O H V J U R Z W K V K R X O G E H F R Q V L G H U H G L Q D G G L W L R Q W R D Q G Q R W D V D Q G P D \ Q R W E H F R P S D U D E O H W R V L P L O D U O \ W L W O H G P H D V X U H V U H S R U W H G E U H S R U W L Q J W K H Q R Q * $ $ 3 I L Q D Q F L D O P H D V X U H R I F R U H V D O H V J U R Z W K S U R Y L G H Q W L I \ X Q G H U O \ L Q J J U R Z W K W U H Q G V L Q W K H & R P S D Q \× V E X V L Q H V V D Q G I D S H U I R U P D Q F H Z L W K L W V S H U I R U P D Q F H L Q S U L R U D Q G I X W X U H S H U L R G V D Q G W F R U H V D O H V J U R Z W K W R P H D V X U H W K H & R P S D Q \× V R S H U D W L Q J D Q G I L Q D Q F L D P H D V X U H V L Q W K H & R P S D Q \×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
Slide 31 — 6 D O H V * U R Z W K D Q G & R U H 6 D O H V * U R Z W K
6 D O H V * U R Z W K D Q G & R U H 6 D O H V * U R Z W K & K D Q J H 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 2 F W R E H U Y V & R P S D U D E O H 3 H U L R G & K D Q J H 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G 2 F W R E H U Y V & R P S D U D E O H 3 H U L R G 7 R W D O V D O H V J U R Z W K * $ $ 3 , P S D F W R I $ F T X L V L W L R Q V G L Y H V W L W X U H V & X U U H Q F \ H [ F K D Q J H U D W H V & R U H V D O H V J U R Z W K Q R Q * $ $ 3 6 D O H V & R P S D U H G W R 7 R W D O V D O H V L Q F U H D V H G D Q G G X U L Q J W K H W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U U H V S H F W L Y H O F R P S D U H G W R W K H F R P S D U D E O H S H U L R G V L Q S U L P D U L O \ D V D U H V X O W R I F R U H V D O H V J U R Z W K G L V F X V V H G E H O R Z E \ V H J P H Q W & X U U H Q F \ H [ F K D Q J H U D W H V D Q G D F T X L V L W L R Q V Q H W R I G L Y H V W L W X U H V L Q F U H D V H G U H S R U W H G V D O H V E \ D Q G U H V S H F W L Y H O \ G X U L Q J W K H W K U H H P R Q W K S H U L R G H Q G H G 2 F W R E H U F R P S D U H G W R W K H F R P S D U D E O H S H U & X U U H Q F \ H [ F K D Q J H U D W H V D Q G D F T X L V L W L R Q V Q H W R I G L Y H V W L W X U H V L Q F U H D V H G U H S R U W H G V D O H V E \ D Q G U H V S H F W L Y H O \ G X U L Q J W K H Q L Q H P R Q W K S H U L R G H Q G H G 2 F W R E H U F R P S D U H G W R W K H F R P S D U D E O H S H U 3 U L F H L Q F U H D V H V F R Q W U L E X W H G D Q G W R V D O H V J U R Z W K R Q D \ H D U R Y H U \ H D U E D V L V G X W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U U H V S H F W L Y H O \ D Q G D U H U H I O H F W H G D V D F R P S R Q H Q % X V L Q H V V 6 H J P H Q W V 6 D O H V E \ E X V L Q H V V V H J P H Q W I R U H D F K R I W K H S H U L R G V L Q G L F D W H G Z H U H D 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G L Q P L O O L R Q V 2 F W R E H U 6 H S W H P E H U 2 F W R E H U 6 H S W H P E H U : D W H U 4 X D O L W \ 3 U R G X F W 4 X D O L W \ , Q Q R Y D W L R Q 7 R W D O ) R U L Q I R U P D W L R Q U H J D U G L Q J W K H & R P S D Q \× V V D O H V E \ J H R J U D S K L F D O U H J L R W R W K H D F F R P S D Q \ L Q J & R Q V R O L G D W H G & R Q G H Q V H G ) L Q D Q F L D O 6 W D W H P H Q W V & R V W R I 6 D O H V D Q G * U R V V 3 U R I L W 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G L Q P L O O L R Q V 2 F W R E H U 6 H S W H P E H U 2 F W R E H U 6 H S W H P E H U 6 D O H V & R V W R I V D O H V * U R V V S U R I L W * U R V V S U R I L W P D U J L Q
Slide 32 — 2 S H U D W L Q J ( [ S H Q V H V
2 S H U D W L Q J ( [ S H Q V H V 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G L Q P L O O L R Q V 2 F W R E H U 6 H S W H P E H U 2 F W R E H U 6 H S W H P E H U 6 D O H V 6 H O O L Q J J H Q H U D O D Q G D G P L Q L V W U D W L Y H Ú 6 * $Û H [ S H Q V H V 5 H V H D U F K D Q G G H Y H O R S P H Q W Ú 5 ’Û H [ S H Q V H V 6 * $ D V D R I V D O H V 5 ’ D V D R I V D O H V 6 * $ H [ S H Q V H V D V D S H U F H Q W D J H R I V D O H V L Q F U H D V H G E \ E D V L V S R L Q W V D Q G E \ E D V L V S R L Q W V G X U L Q J W K H W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U U H V S H F W L Y H O \ D V F R P S D U H G W R W K H F R P S D U D E O H S H U L R G G U L Y H Q E \ D Q L Q F U H D V H L Q W K H & R P S D Q \× V 6 * $ H [ S H Q V H V H [ F H H G L Q J W K H L Q F U H D V H L 7 K H L Q F U H D V H L Q 6 * $ H [ S H Q V H V G X U L Q J W K H W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H F R V W V D Q G V D O H V D Q G P D U N H W L Q J J U R Z W K L Q L W L D W L Y H V 5 ’ H [ S H Q V H V D V D S H U F H Q W D J H R I V D O H V Z H U H I O D W G X U L Q J W K H W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U D V F R P S D U H G W R W K H F R P S D U D E O H S H U L R G V L Q 2 S H U D W L Q J 3 U R I L W 3 H U I R U P D Q F H 2 S H U D W L Q J S U R I L W P D U J L Q V Z H U H I R U W K H W K U H H P R Q W K S H U L R G H Q G H G 2 F W R E H U D V F R P S D U H G W R I R U W K H W K U H H P R Q W K S H U L R G H Q G H G 6 H S W H P E H U 7 K H I R O O R Z L Q J I D F W R U V L P S D F W H G \ H D U R Y P D U J L Q F R P S D U L V R Q V 7 K L U G T X D U W H U Y V W K L U G T X D U W H U R S H U D W L Q J S U R I L W P D U J L Q F R P S D U L V R Q V Z H U H X Q I à 7 K H Q H W G L O X W L Y H L P S D F W G X U L Q J R I D F T X L V L W L R Q V D Q G G L V S R V L E D V L V S R L Q W V à & R V W V L Q F X U U H G G X U L Q J W K H W K L U G T X D U W H U R I U H O D W H G W R F H E D V L V S R L Q W V à , Q F U H P H Q W D O O D E R U F R V W V D Q G V D O H V D Q G P D U N H W L Q J J U R Z W K L Q L W L D W L Y H V S D U W L F R U H V D O H V E D V L V S R L Q W V 7 K L U G T X D U W H U Y V W K L U G T X D U W H U R S H U D W L Q J S U R I L W P D U J L Q F R P S D U L V R Q V Z H U H I D Y à 7 U D Q V D F W L R Q F R V W V L Q F X U U H G G X U L Q J W K H W K L U G T X D U W H U R I U H E D V L V S R L Q W V 2 S H U D W L Q J S U R I L W P D U J L Q V Z H U H I R U W K H Q L Q H P R Q W K S H U L R G H Q G H G 2 F W R E H U D V F R P S D U H G W R I R U W K H Q L Q H P R Q W K S H U L R G H Q G H G 6 H S W H P E H U 7 K H I R O O R Z L Q J I D F W R U V L P S D F W H G \ H D U R Y H P D U J L Q F R P S D U L V R Q V < H D U W R G D W H Y V \ H D U W R G D W H R S H U D W L Q J S U R I L W P D U J L Q F R P S D U L V R Q V Z H U H I D Y R à + L J K H U F R U H V D O H V S D U W L D O O \ R I I V H W E \ L Q F U H P H Q W D O O D E R U F R E D V L V S R L Q W V < H D U W R G D W H Y V \ H D U W R G D W H R S H U D W L Q J S U R I L W P D U J L Q F R P S D U L V R Q V Z H U H X Q I D à 7 K H Q H W G L O X W L Y H L P S D F W G X U L Q J R I D F T X L V L W L R Q V D Q G G L V S R V L E D V L V S R L Q W V à & R V W V L Q F X U U H G G X U L Q J U H O D W H G W R F H U W D L Q V W U D W H J L F L Q L W L E D V L V S R L Q W V : $ 7 ( 5 4 8 $ / , 7 < 7 K H & R P S D Q \× V : D W H U 4 X D O L W \ V H J P H Q W S U R Y L G H V S U R S U L H W D U \ S U H F L V L R Q V H U Y L F H V D Q G D G Y D Q F H G Z D W H U W U H D W P H Q W W H F K Q R O R J L H V W R K H O S P H D V P X Q L F L S D O L Q G X V W U L D O F R P P H U F L D O U H V L G H Q W L D O U H V H D U F K D Q G Q D W X 7 D E O H R I & R Q W H Q W V
Slide 33 — : D W H U 4 X D O L W \ 6 H O H F W H G ) L Q D Q F L D O ’ D W D
: D W H U 4 X D O L W \ 6 H O H F W H G ) L Q D Q F L D O ’ D W D 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G L Q P L O O L R Q V 2 F W R E H U 6 H S W H P E H U 2 F W R E H U 6 H S W H P E H U 6 D O H V 2 S H U D W L Q J S U R I L W ’ H S U H F L D W L R Q $ P R U W L ] D W L R Q R I L Q W D Q J L E O H D V V H W V 2 S H U D W L Q J S U R I L W D V D R I V D O H V ’ H S U H F L D W L R Q D V D R I V D O H V $ P R U W L ] D W L R Q D V D R I V D O H V 6 D O H V * U R Z W K D Q G & R U H 6 D O H V * U R Z W K & K D Q J H 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 2 F W R E H U Y V & R P S D U D E O H 3 H U L R G & K D Q J H 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G 2 F W R E H U Y V & R P S D U D E O H 3 H U L R G 7 R W D O V D O H V J U R Z W K * $ $ 3 , P S D F W R I $ F T X L V L W L R Q V G L Y H V W L W X U H V & X U U H Q F \ H [ F K D Q J H U D W H V & R U H V D O H V J U R Z W K Q R Q * $ $ 3 7 R W D O : D W H U 4 X D O L W \ V H J P H Q W V D O H V L Q F U H D V H G D Q G \ H D U R Y H U \ H D U G X U L Q J W K H W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U U H V S H F W L Y H O \ D V F R P S D U H G W R W K H F R P S D U D E O H S H U L S U L P D U L O \ D V D U H R I F R U H V D O H V J U R Z W K G U L Y H Q E \ W K H I D F W R U V G L V F X V V H G E H O R Z * H R J U D $ P H U L F D Z K L F K V D Z L Q F U H D V H V R I D Q G D Q G : H V W H U Q ( X U R S H Z K L F K V D Z L Q F U H D V H V D Q G I R U W K H W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U U H V S H F W L Y H O \ F R P S D U H G W R W K H F R P S D 3 U L F H L Q F U H D V H V L Q W K H V H J P H Q W F R Q W U L E X W H G D Q G W R V D O H V J U R Z W K R Q D \ H D U R Y H U \ H D U W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U U H V S H F W L Y H O \ D Q G D U H U H I O H F W H G D V D L Q F R U H V D O H V J U R Z W K & R U H V D O H V L Q W K H : D W H U 4 X D O L W \ V H J P H Q W L Q F U H D V H G D Q G \ H D U R Y H U \ H D U G X U L Q J W K H W K U H H D Q G Q L Q H P R S H U L R G V H Q G H G 2 F W R E H U U H V S H F W L Y H O \ * H R J U D S K L F D O O \ F R U H V D O H V J U R Z W K Z L Q F U H D V H V R I L Q 1 R U W K $ P H U L F D D Q G L Q : H V W H U Q ( X U R S H G X U L Q J W K H W K U H H P R Q W K S H U L R G H Q G H G 2 F W R E H U F R P S D U H G W R W K F R P S D U D E O H S H U L R G L Q ) R U W K H V D P H S H U L R G F R U H V D O H V L Q K L J K J U R Z W K P D U N L Q F U H D V H G G U L Y H Q E \ P L G V L Q J O H G L J L W L Q F U H D V H V L Q / D W L Q $ P H U L F D D Q G O R Z V L Q J O H G L J L W L Q F U H D V H V L Q & K L Q D * H R J U D S K L F D O O \ F R U H V D O H Z D V G U L Y H Q E \ L Q F U H D V H V R I L Q 1 R U W K $ P H U L F D D Q G L Q : H V W H U Q ( X U R S H G X U L Q J W K H Q L Q H P R Q W K S H U L R G H Q G H G 2 F W R E H U F R P S D U H G W R W K H F R P S D U D E O H S H U L R G L Q ) R U W K H V D P H S H U L R G F R U H V D O H V L P D U N H W V L Q F U H D V H G G U L Y H Q E \ K L J K V L Q J O H G L J L W L Q F U H D V H V L Q / D W L Q $ P H U L F D S D U W L D O O \ R I I V H W G H F U H D V H V L Q & K L Q D 7 K H L Q F U H D V H L Q F R U H V D O H V G X U L Q J W K H W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U Z D V G U L Y H Q E \ W K H F K H P L F D O W U H D W P H Q W V R O X W L R Q V E X V L Q H V V D Q G W R D O H V V H U H [ W H Q W W L Q W K H F K H P L F D O W U H D W P H Q W V R O X W L R Q V E X V L Q H V V L Q F U H D V H G D Q G \ H D U R Y H U \ H D U L Q W K H W K U H H D Q G Q L Q H P R S H U L R G V H Q G H G 2 F W R E H U U H V S H F W L Y H O \ D V D U H V X O W R I L Q F U H D V H G F R U H V D O H V D F U R V V P R V W P D M R U H Q & R U H V D O H V L Q W K H D Q D O \ W L F D O L Q V W U X P H Q W D W L R Q E X V L Q H V V L Q F U H D V H G D Q G \ H D U R Y H U \ H D U I R U W K H W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U U H V S H F W L Y H O \ D V D U H V X O W R I L Q F U H D V H G F R U H V D O H V D F U R V V : H V W H U Q ( X U R S H D Q G 1 R U W K $ P H U L F D 2 S H U D W L Q J 3 U R I L W 3 H U I R U P D Q F H 2 S H U D W L Q J S U R I L W P D U J L Q V Z H U H I R U W K H W K U H H P R Q W K S H U L R G H Q G H G 2 F W R E H U D V F R P S D U H G W R I R U W K H W K U H H P R Q W K S H U L R G H Q G H G 6 H S W H P E H U 7 K H I R O O R Z L Q J I D F W R U V L P S D F W H G \ H D U R Y P D U J L Q F R P S D U L V R Q V 7 D E O H R I & R Q W H Q W V
Slide 34 — 7 K L U G T X D U W H U
7 K L U G T X D U W H U Y V W K L U G T X D U W H U R S H U D W L Q J S U R I L W P D U J L Q F R P S D U L V R Q V Z H U H I D Y à 7 K H Q H W L P S D F W G X U L Q J R I D F T X L V L W L R Q V D Q G G L V S R V L W L R Q V E D V L V S R L Q W V à + L J K H U W K L U G T X D U W H U V D O H V S D U W L D O O \ R I I V H W E \ L Q F U H P H Q W D L Q L W L D W L Y H V E D V L V S R L Q W V 2 S H U D W L Q J S U R I L W P D U J L Q V Z H U H I R U W K H Q L Q H P R Q W K S H U L R G H Q G H G 2 F W R E H U D V F R P S D U H G W R I R U W K H Q L Q H P R Q W K S H U L R G H Q G H G 6 H S W H P E H U 7 K H I R O O R Z L Q J I D F W R U V L P S D F W H G \ H D U R Y H P D U J L Q F R P S D U L V R Q V < H D U W R G D W H Y V \ H D U W R G D W H R S H U D W L Q J S U R I L W P D U J L Q F R P S D U L V R Q V Z H U H I D Y R à + L J K H U F R U H V D O H V S D U W L D O O \ R I I V H W E \ L Q F U H P H Q W D O O D E R U F R V D O H V D Q G P D U N H W L Q J J U R Z W K D Q G W K H L P S D F W R I S U R G X F W P L [ E D V L V S R L Q W V 3 5 2 ’ 8 & 7 4 8 $ / , 7 < , 1 1 2 9 $ 7 , 2 1 7 K H & R P S D Q \× V 3 U R G X F W 4 X D O L W \ , Q Q R Y D W L R Q V H J P H Q W S U R Y L G H V H T X L S P Y D U L R X V P D U N L Q J D Q G F R G L Q J W U D F H D E L O L W \ S U L Q W L Q J S D F N D J L Q J G H V L J D Q G F R O R U D Q G D S S H D U D Q F H P D Q D J H P H Q W D S S O L F D W L R Q V I R U F R Q V X P H U S D F 3 U R G X F W 4 X D O L W \ , Q Q R Y D W L R Q 6 H O H F W H G ) L Q D Q F L D O ’ D W D 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G L Q P L O O L R Q V 2 F W R E H U 6 H S W H P E H U 2 F W R E H U 6 H S W H P E H U 6 D O H V 2 S H U D W L Q J S U R I L W ’ H S U H F L D W L R Q $ P R U W L ] D W L R Q R I L Q W D Q J L E O H D V V H W V 2 S H U D W L Q J S U R I L W D V D R I V D O H V ’ H S U H F L D W L R Q D V D R I V D O H V $ P R U W L ] D W L R Q D V D R I V D O H V 6 D O H V * U R Z W K D Q G & R U H 6 D O H V * U R Z W K & K D Q J H 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 2 F W R E H U Y V & R P S D U D E O H 3 H U L R G & K D Q J H 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G 2 F W R E H U Y V & R P S D U D E O H 3 H U L R G 7 R W D O V D O H V J U R Z W K * $ $ 3 , P S D F W R I $ F T X L V L W L R Q V G L Y H V W L W X U H V & X U U H Q F \ H [ F K D Q J H U D W H V & R U H V D O H V J U R Z W K Q R Q * $ $ 3 7 R W D O 3 U R G X F W 4 X D O L W \ , Q Q R Y D W L R Q V H J P H Q W V D O H V L Q F U H D V H G D Q G \ H D U R Y H U \ H D U G X U L Q J W K H W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U U H V S H F W L Y H O \ S U L P D U L O \ D V D U H V X O W R I F K D Q I D F W R U V G L V F X V V H G E H O R Z * H R J U D S K L F D O O \ V D O H V J U R Z W K Z D V G U L Y H Q E D Q G D Q G : H V W H U Q ( X U R S H Z K L F K V D Z L Q F U H D V H V R I D Q G G X U L Q J W K H W K U H H D Q G Q L Q H P R Q W K S H Q G H G 2 F W R E H U U H V S H F W L Y H O \ F R P S D U H G W R W K H F R P S D U D E O H S H U L R G V L Q 6 D O H V L Q K L J K J U R Z W K P L Q F U H D V H G D Q G G X U L Q J W K H W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U U H V S H F W L Y H O \ F R P S W R W K H F R P S D U D E O H S H U L R G V L Q 3 U L F H L Q F U H D V H V L Q W K H V H J P H Q W F R Q W U L E X W H G D Q G W R V D O H V J U R Z W K R Q D \ H D U R Y H U \ H D U W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 2 F W R E H U U H V S H F W L Y H O \ D Q G D U H U H I O H F W H G D V D L Q F R U H V D O H V J U R Z W K 7 D E O H R I & R Q W H Q W V
Slide 35 — & R U H V D O H V L Q W K H 3 U R G X F W 4 X D O L W \ , Q Q R Y D W L R Q V H J P H Q W
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à 7 K H Q H W G L O X W L Y H L P S D F W L Q R I D F T X L V L W L R Q V D Q G G L V S R V L W L R Q E D V L V S R L Q W V à , Q F U H P H Q W D O O D E R U F R V W V D Q G V D O H V D Q G P D U N H W L Q J J U R Z W K L Q L W L E D V L V S R L Q W V 7 K L U G T X D U W H U Y V W K L U G T X D U W H U R S H U D W L Q J S U R I L W P D U J L Q F R P S D U L V R Q V Z H U H I D Y à 7 U D Q V D F W L R Q F R V W V L Q F X U U H G G X U L Q J W K H W K L U G T X D U W H U R I U H E D V L V S R L Q W V 2 S H U D W L Q J S U R I L W P D U J L Q V Z H U H I R U W K H Q L Q H P R Q W K S H U L R G H Q G H G 2 F W R E H U D V F R P S D U H G W R I R U W K H Q L Q H P R Q W K S H U L R G H Q G H G 6 H S W H P E H U 7 K H I R O O R Z L Q J I D F W R U V L P S D F W H G \ H D U R Y H P D U J L Q F R P S D U L V R Q V < H D U W R G D W H Y V \ H D U W R G D W H R S H U D W L Q J S U R I L W P D U J L Q F R P S D U L V R Q V Z H U H X Q I D à 7 K H Q H W G L O X W L Y H L P S D F W L Q R I D F T X L V L W L R Q V D Q G G L V S R V L W L R Q E D V L V S R L Q W V à , Q F U H P H Q W D O O D E R U F R V W V D Q G V D O H V D Q G P D U N H W L Q J J U R Z W K L Q L W L E D V L V S R L Q W V < H D U W R G D W H Y V \ H D U W R G D W H R S H U D W L Q J S U R I L W P D U J L Q F R P S D U L V R Q V Z H U H I D Y R à 7 U D Q V D F W L R Q F R V W V L Q F X U U H G G X U L Q J W K H W K L U G T X D U W H U R I U H E D V L V S R L Q W V 2 7 + ( 5 , 1 & 2 0 ( ( ; 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Slide 36 — 1 H W L Q W H U H V W H [ S H Q V H R I
1 H W L Q W H U H V W H [ S H Q V H R I P L O O L R Q D Q G P L O O L R Q Z D V U H F R U G H G I R U W K H W K U H H D Q G Q L Q H P R Q W K S H U L R G H Q G H G 2 F W R E H U U H V S H F W L Y H O \ F R P S D U H G W R Q H W L Q W H U H V W H [ S H Q V H R I P L O O L R Q D Q G P L O O L R Q I R U W K H W K U H H D Q G Q L Q H P R Q W K S H U L R G V H Q G H G 6 H S W H P E H U U H V S H F W L Y H O \ D U L V L Q J I U R P R X U R X W V W D Q G L L Q F X U U H G L Q 6 H S W H P E H U S D U W L D O O \ R I I V H W E \ L Q W H U H V W L Q F R P H I U R P , 1 & 2 0 ( 7 $ ; ( 6 * H Q H U D O , Q F R P H W D [ H [ S H Q V H D Q G G H I H U U H G W D [ D V V H W V D Q G O L D E L O L W L H V U H I O H F H [ S H F W H G W R E H S D L G R Q L W H P V U H I O H F W H G L Q W K H & R P S D Q \× V & R Q V R O L G D W H G & R Q G H Q V H G ) L Q D Q F L D O 6 W 7 K H & R P S D Q \ U H F R U G V W K H W D [ H I I H F W R I G L V F U H W H L W H P V D Q G L W H P V W K D W D Z K L F K W K H \ R F F X U 7 K H & R P S D Q \× V H I I H F W L Y H W D [ U D W H F D Q E H L P S D F W H G E \ F K D Q J H V L Q W K H P V W D W X W R U \ W D [ U D W H V F K D Q J H V L Q W K H Y D O X D W L R Q R I G H I H U U H G W D [ D V V O L D E L O L W L H V D Q G S H U L R G W R S H U L R G F K D Q J H V L Q V X F K D F F U X D O V W K H U H W D [ U H W X U Q V D V G L V F X V V H G E H O R Z W K H H [ S L U D W L R Q R I V W D W X W H V R I O L V W U D W H J L H V W D [ U X O L Q J V F R X U W G H F L V L R Q V D Q G F K D Q J H V L Q W D [ O D Z V D G H V F U L S W L R Q R I W K H W D [ W U H D W P H Q W R I H D U Q L Q J V W K D W D U H S O D Q Q H G 6 W D W H V U H I H U W R Ú / L T X L G L W \ D Q G & D S L W D O 5 H V R X U F H VÛ E H O R Z 7 K H I R O O R Z L Q J W D E O H V X P P D U L ] H V W K H & R P S D Q \× V H I I H F W L Y H W D [ U D W H 7 K U H H 0 R Q W K 3 H U L R G ( Q G H G 1 L Q H 0 R Q W K 3 H U L R G ( Q G H G 2 F W R E H U 6 H S W H P E H U 2 F W R E H U 6 H S W H P E H U ( I I H F W L Y H W D [ U D W H < H D U 2 Y H U < H D U & K D Q J H V L Q W K H 7 D [ 3 U R Y L V L R Q D Q G ( I I H F W L Y H 7 D [ 5 D W H 7 K H & R P S D Q \ R S H U D W H V J O R E D O O \ L Q F O X G L Q J L Q F H U W D L Q M X U L V G L F W L R Q V 8 6 7 K H U H I R U H E D V H G R Q H D U Q L Q J V P L [ W K H L P S D F W R I R S H U D W L Q J L Q V X F K M X U D W H F R P S D U H G W R W K H 8 6 I H G H U D O V W D W X W R U \ W D [ U D W H 7 K H H I I H F W L Y H W D [ U D W H I R U W K H W K U H H P R Q W K S H U L R G H Q G H G 2 F W R E H U G L I I H U V I U R P W K H 8 6 I H G H U D O V R I S U L Q F L S D O O \ G X H W R W K H J H R J U D S K L F P L [ R I H D U Q L Q J V G H V F U L E H G D E R D Q G D Q H W G L V F U H W H S U R Y L V L R P L O O L R Q U H O D W H G S U L P D U L O \ W R W K H L P S D F W R I X Q F H U W D L Q W D [ S R V L W L R Q V S D U W L D O O \ R I I V H W E \ W K H L P S D F W R I D * H R Q G H I H U U H G W D [ H V 7 K H Q H W G L V F U H W H S U R Y L V L R Q L Q F U H D V H G W K H H I I H F I R U W K H W K U H H P R Q W K S H U L R H Q G H G 2 F W R E H U 7 K H H I I H F W L Y H W D [ U D W H I R U W K H Q L Q H P R Q W K S H U L R G H Q G H G 2 F W R E H U G L I I H U V I U R P W K H 8 6 I H G H U D O V S U L Q F L S D O O \ G X H W R W K H J H R J U D S K L F P L [ R I H D U Q L Q J V G H V F U L E H G D E R Y O R V V R Q W K H V D O H R I D S U R G X F W O L Q H R I P L O O L R Q D Q G D Q H W G L V F U H W H E H Q H I L W R I P L O O L R Q U H O D W H G S U L P D U L O \ W R W R I D * H U P D Q W D [ U D W H F K D Q J H R Q G H I H U U H G W D [ H V S D U W L D O O \ R I I V H W E \ W 7 K H Q H W G L V F U H W H E H Q H I L W G H F U H D V H G W K H H I I H F W L Y H W D [ U D W H E \ I R U W K H Q L Q H P R Q W K S H U L R G H Q G H G 2 F W R E H U 7 K H H I I H F W L Y H W D [ U D W H I R U W K H W K U H H P R Q W K S H U L R G H Q G H G 6 H S W H P E H U G L I I H U V I U R P W K H 8 6 I H G H U D U D W H R I S U L Q F L S D O O \ G X H W R W K H J H R J U D S K L F P L [ R I H D U Q L Q J V G H V F U L E H G D P L O O L R Q U H O D W H G S U L P D U L O \ W R W K H L P S D F W R I X Q F H U W D L Q W D [ S R V L W L R Q V S D U W L F R P S H Q V D W L R Q 7 K H Q H W G L V F U H W H H [ S H Q V H L Q F U H D V H G W K H H I I H F W L Y H W I R U W K H W K U H H P R Q W K S H U L R G H Q G 6 H S W H P E H U 7 K H H I I H F W L Y H W D [ U D W H I R U W K H Q L Q H P R Q W K S H U L R G H Q G H G 6 H S W H P E H U G L I I H U V I U R P W K H 8 6 I H G H U D O U D W H R I S U L Q F L S D O O \ G X H W R W K H J H R J U D S K L F P L [ R I H D U Q L Q J V G H V F U L E H G D G H G X F W L E O H O R V V R Q W K H V D O H R I D S U R G X F W O L Q H R I P L O O L R Q D Q G D Q H W G L V F U H W H H [ S H Q V H R I P L O O L R Q U H O D W H G S U L P D U W R W K H L P S D F W R I X Q F H U W D L Q W D [ S R V L W L R Q V S D U W L D O O \ R I I V H W E \ H [ F H V Q H W G L V F U H W H H [ S H Q V H L Q F U H D V H G W K H H I I H F W L Y H W D [ U D W H E \ I R U W K H Q L Q H P R Q W K S H U L R G H Q G H G 6 H S W H P E H U 2 Q - X O \ D Q D F W W R S U R Y L G H I R U U H F R Q F L O L D W L R Q W R W L W O H , , R I + & % H D X W L I X O % L O O $ F W Ú 2 % % % $Û Z D V H Q D F W H G L Q W R O D Z 7 K H 2 % % % $ L Q F O X 8 6 5 ’ S H U P D Q H Q W H [ W H Q V L R Q R I F H U W D L Q S U R Y L V L R Q V R I W K H 7 D [ & X W V 7 D E O H R I & R Q W H Q W V
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× V L Q F R P H 7 K H & R P S D Q \ L V U R X W L Q H O \ H [ D P L Q H G E \ Y D U L R X V G R P H V W L F D Q G L Q W H U Q D W 6 H S D U D W L R Q W K H & R P S D Q \ H Q W H U H G L Q W R F H U W D L Q D J U H H P H Q W V Z L W K ’ D Q W D [ P D W W H U V D J U H H P H Q W G L V W L Q J X L V K H V E H W Z H H Q W K H W U H D W P H Q W R I W I L O L Q J V S U L R U W R W K H 6 H S D U D W L R Q Ú - R L Q WÛ I L O L Q J V L Q Y R O Y H O H J D O H Q W R S H U D W L R Q V I U R P E R W K ’ D Q D K H U D Q G W K H & R P S D Q \ % \ F R Q W U D V W Ú 6 H S D U D R X W V L G H R I W K H 8 Q L W H G 6 W D W H V W K D W H [ F O X V L Y H O \ L Q F O X G H H L W K H U ’ D D F F R U G D Q F H Z L W K W K H W D [ P D W W H U V D J U H H P H Q W ’ D Q D K H U L V O L D E O H I R U L Q F R P H W D [ O L D E L O L W L H V L Q Y R O Y L Q J Ú - R L Q WÛ I L O L Q J V I R U S H U L R G V S U L R U W F H U W D L Q S U H 6 H S D U D W L R Q L Q F R P H W D [ O L D E L O L W L H V L Q F O X G L Q J W K R V H U H 3 X U V X D Q W W R 8 6 W D [ O D Z W K H & R P S D Q \× V L Q L W L D O 8 6 I H G H U D O L Q F R P H W V K R U W W D [ D E O H \ H D U 6 H S W H P E H U W K U R X J K ’ H F H P E H U 7 K H & R P S 8 6 I H G H U D O L Q F R P H W D [ U H W X U Q I R U Z L W K W K H , Q W H U Q D O 5 H Y H Q X H 6 H U L Q L W L D W H G D Q H [ D P L Q D W L R Q R I W K H & R P S D Q \×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Ú , W H P $ 5 L V N ) D F W R U VÛ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× V U H S R U W L Q J F X U U H Q F \ W K H 8 6 G R O O D U 7 D E O H R I & R Q W H Q W V
Slide 38 — / , 4 8 , ’ , 7 < $ 1 ’ & $ 3 , 7 $ / 5 ( 6 2 8 5 & ( 6
/ , 4 8 , ’ , 7 < $ 1 ’ & $ 3 , 7 $ / 5 ( 6 2 8 5 & ( 6 0 D Q D J H P H Q W D V V H V V H V W K H & R P S D Q \× V O L T X L G L W \ L Q W H U P V R I L W V D E L O L W D Q G I L Q D Q F L Q J D F W L Y L W L H V 7 K H & R P S D Q \ F R Q W L Q X H V W R J H Q H U D W H V X E V W K D W L W V R S H U D W L Q J F D V K I O R Z D Q G R W K H U V R X U F H V R I O L T X L G L W \ Z L O O E E X V L Q H V V H V F R Q V X P P D W H V W U D W H J L F D F T X L V L W L R Q V P D N H L Q W H U H V W S D P D Q D J H L W V F D S L W D O V W U X F W X U H R Q D V K R U W D Q G O R Q J W H U P E D V L V 6 K H O I 5 H J L V W U D W L R Q 6 W D W H P H Q W 2 Q 2 F W R E H U W K H & R P S D Q \ I L O H G D V K H O I U H J L V W U D W L R Q V W D W H P H Q W 5 H J L V W U D W L R Q 6 W D W H P H Q WÛ W K D W U H J L V W H U V D Q L Q G H W H U P L Q D W H D P R X Q G H S R V L W D U \ V K D U H V V X E V F U L S W L R Q U L J K W V S X U F K D V H F R Q W U D F W V X Q L W R Q H R U P R U H R I I H U L Q J V 8 Q O H V V R W K H U Z L V H V S H F L I L H G L Q W K H F R U U H V S R Q H [ S H F W V W R X V H Q H W S U R F H H G V U H D O L ] H G I U R P I X W X U H V H F X U L W L H V L V V X D J H Q H U D O F R U S R U D W H S X U S R V H V L Q F O X G L Q J Z L W K R X W O L P L W D W L R Q U H S D \ P H R E O L J D W L R Q V D F T X L V L W L R Q V F D S L W D O H [ S H Q G L W X U H V D Q G Z R U N L Q J F D S L 2 Y H U Y L H Z R I & D V K ) O R Z V D Q G / L T X L G L W \ ) R O O R Z L Q J L V D Q R Y H U Y L H Z R I W K H & R P S D Q \×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Ó 1 H W F D V K X V H G L Q I L Q D Q F L Q J D F W L Y L W L H V à 2 S H U D W L Q J F D V K I O R Z V L Q F U H D V H G P L O O L R Q R U G X U L Q J W K H Q L Q H P R Q W K S H U L R G H Q G H G 2 F W R E H U D V F R P S D U H G W R W K H F R P S D U D E O H S H U L R G L Q S U L P D U L O \ G U L Y H Q E \ K L J K H U Q H W L Q F R P H F K D Q J H V L Q Q H W Z R U N L Q J F D S L W D O à 1 H W F D V K X V H G L Q L Q Y H V W L Q J D F W L Y L W L H V L Q F U H D V H G P L O O L R Q I R U W K H Q L Q H P R Q W K S H U L R G H Q G H G 2 F W R E H U D V F R P S D U H G W R W K H F R P S D U D E O H S H U L R G L Q S U L P D U L O \ G U L Y H Q E \ D P L O O L R Q L Q F U H D V H L Q F L Q R W K H U L Q Y H V W L Q J D F W L Y L W L H V D Q G D P L O O L R Q L Q F U H D V H L Q F D S L W D O H [ S H Q G L W X U H V F R P S U L V H G R I L P P D W H U L D O D F T X L V L W L R Q D Q G G L V S R V L W L R Q D F W L Y L W \ à 1 H W F D V K X V H G L Q I L Q D Q F L Q J D F W L Y L W L H V L Q F U H D V H G P L O O L R Q I R U W K H Q L Q H P R Q W K S H U L R G H Q G H G 2 F W R E H U D V F R P S D U H G W R W K H F R P S D U D E O H S H U L R G L Q S U L P D U L O \ G U L Y H Q E \ W K H S D \ P H Q W R I ’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
Slide 39 — D S S U R [ L P D W H O \
D S S U R [ L P D W H O \ P L O O L R Q Z D V K H O G R X W V L G H R I W K H 8 Q L W H G 6 W D W H V 7 K H & R P S D Q U H T X L U H P H Q W V W R V X S S R U W J H Q H U D O F R U S R U D W H S X U S R V H V Z K L F K P D \ L Q F H [ S H Q G L W X U H V D F T X L V L W L R Q V D Q G L Q Y H V W P H Q W V S D \ L Q J L Q W H U H V W D Q G L Q W H U H V W R U S H Q D O W L H V I X Q G L Q J L W V U H V W U X F W X U L Q J D F W L Y L W L H V D Q G V K D U H K R O G H U V U H S X U F K D V L Q J V K D U H V R I W K H & R P S D Q \×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× V Q R Q 8 6 V X E V L G L D U L H V K R O G I R U L Q G H I L Q L W H U R S H U D W L R Q V D Q G L Q Y H V W P H Q W V L Q F O X G L Q J D F T X L V L W L R Q V + R Z H Y H U W K L W K D V E H H Q S U H Y L R X V O \ W D [ H G R Q V X F K H D U Q L Q J V L Q W K H 8 Q L W H G 6 W D W H S U H Y L R X V O \ W D [ H G H D U Q L Q J V D U H G U L Y H Q E \ W K H I D F W V D W W K H W L P H R I G W K H V H H D U Q L Q J V Q R W H [ S H F W H G W R E H P D W H U L D O $ V R I 2 F W R E H U P D Q D J H P H Q W E H O L H Y H V W K D W L W K D V V R X U F H V R I O L T X L G L W \ W R V D W L V I \ L W V F D V K Q H H G V L Q F O X G L Q J L W V F D V K & R Q W U D F W X D O 2 E O L J D W L R Q V ) R U D G H V F U L S W L R Q R I W K H & R P S D Q \× V G H E W D Q G O H D V H R E O L J D W L R Q V F R P P W R 1 R W H V D Q G W R W K H D X G L W H G & R Q V R O L G D W H G ) L Q D Q F L D O 6 W D W H P H Q W V L Q F O X G H G Z L W K L Q W K H $ Q Q R Q ) R U P . & 5 , 7 , & $ / $ & & 2 8 1 7 , 1 * ( 6 7 , 0 $ 7 ( 6 7 K H U H K D Y H E H H Q Q R P D W H U L D O F K D Q J H V W R W K H & R P S D Q \× V F U L W L F D O D F F R H $ Q Q X D O 5 H S R U W R Q ) R U P . , 7 ( 0 4 8 $ 1 7 , 7 $ 7 , 9 ( $ 1 ’ 4 8 $ / , 7 $ 7 , 9 ( ’ , 6 & / 2 6 8 5 ( 6 $ % 2 8 7 0 $ 5 . ( 7 5 , 6 . 4 X D Q W L W D W L Y H D Q G T X D O L W D W L Y H G L V F O R V X U H V D E R X W P D U N H W U L V N D S S H D U L Q Ú 0 D Q D J H P H Q W× V ’ L V F X V V L R Q D Q ) L Q D Q F L D O & R Q G L W L R Q D Q G 5 H V X O W V R I 2 S H U D W L R Q VÓ ) L Q D Q F L D O , Q V W U X P H $ Q Q X D O 5 H S R U W R Q ) R U P . 7 K H U H Z H U H Q R P D W H U L D O F K D Q J H V G X U L Q J W K W K U H H P R Q W K S H U L R G H Q G H G 2 F W R W K L V L Q I R U P D W L R Q D V U H S R U W H G L Q W K H $ Q Q X D O 5 H S R U W R Q ) R U P . , 7 ( 0 & 2 1 7 5 2 / 6 $ 1 ’ 3 5 2 & ( ’ 8 5 ( 6 7 K H & R P S D Q \× V P D Q D J H P H Q W Z L W K W K H S D U W L F L S D W L R Q R I W K H & R P S D Q \× V 3 6 H Q L R U 9 L F H 3 U H V L G H Q W D Q G & K L H I ) L Q D Q F L D O 2 I I L F H U K D V H Y D O X D W H G W F R Q W U R O V D Q G S U R F H G X U H V D V V X F K W H U P L V G H I L Q H G L Q 5 X O H V D H D W K H H Q G R I W K H S H U L R G F R Y H U H G E \ W K L V U H S R U W % D V H G R Q V X F K H Y D O X ( [ H F X W L Y H 2 I I L F H U D Q G 6 H Q L R U 9 L F H 3 U H V L G H Q W D Q G & K L H I ) L Q D Q F L D O 2 I I L S H U L R G W K H & R P S D Q \× V G L V F O R V X U H F R Q W U R O V D Q G S U R F H G X U H V Z H U H H I I H 7 K H U H K D Y H E H H Q Q R F K D Q J H V L Q W K H & R P S D Q \× V L Q W H U Q D O F R Q W U R O R Y H U 5 X O H V D I D Q G G I X Q G H U W K H ( [ F K D Q J H $ F W W K D W R F F X U U H G G X U L Q I L V F D O T X D U W H U W K D W K D Y H P D W H U L D O O \ D I I H F W H G R U D U H U H D V R Q D E O \ O F R Q W U R O R Y H U I L Q D Q F L D O U H S R U W L Q J 7 D E O H R I & R Q W H Q W V
Slide 40 — 3 $ 5 7 , , 2 7 + ( 5 , 1 ) 2 5 0 $ 7 , 2 1
3 $ 5 7 , , 2 7 + ( 5 , 1 ) 2 5 0 $ 7 , 2 1 , 7 ( 0 / ( * $ / 3 5 2 & ( ( ’ , 1 * 6 ) R U D G G L W L R Q D O L Q I R U P D W L R Q U H J D U G L Q J O H J D O S U R F H H G L Q J V U H I H U W R W K H V H F V H F W L R Q R I W K H & R P S D Q \× V $ Q Q X D O 5 H S R U W R Q ) R U P . , 7 ( 0 $ 5 , 6 . ) $ & 7 2 5 6 7 K H U H Z H U H Q R P D W H U L D O F K D Q J H V G X U L Q J W K H T X D U W H U H Q G H G 2 F W R E H U W R W K H U L V N I D F W R U V S U H Y L R W K H Ú , W H P $ 5 L V N ) D F W R U VÛ V H F W L R Q R I W K H $ Q Q X D O 5 H S R U W R Q ) R U P . D Q G D V X S G D W H G L Q W K H & R P ) R U P 4 I R U W K H S H U L R G H Q G H G $ S U L O 7 D E O H R I & R Q W H Q W V
Slide 41 — , 7 ( 0 ( ; + , % , 7 6
, 7 ( 0 ( ; + , % , 7 6 D ( [ K L E L W V 6 H F R Q G $ P H Q G H G D Q G 5 H V W D W H G & H U W L I L F D W H R I , Q F R U S R U D W L R Q R I U H I H U H Q F H W R ( [ K L E L W W R 9 H U D O W R & R U S R U D W L R Q× V & X U U H Q W 5 H 6 H F R Q G $ P H Q G H G D Q G 5 H V W D W H G % \ O D Z V R I 9 H U D O W R & R U S R U D W L R Q W R 9 H U D O W R & R U S R U D W L R Q×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’ R F X P H Q W W K H L Q V W D Q F H G R F X P H Q W G R H V Q R E H F D X V H L W V ; % 5 / W D J V D U H H P E H G G H G Z L W K L Q W K H , Q O L Q H ; % 5 / G R F 6 & + , Q O L Q H ; % 5 / 7 D [ R Q R P \ ( [ W H Q V L R Q 6 F K H P D ’ R F X P H Q W & $ / , Q O L Q H ; % 5 / 7 D [ R Q R P \ ( [ W H Q V L R Q & D O F X O D W L R Q / L Q N E D V H ’ R F X P H Q W ’ ( ) , Q O L Q H ; % 5 / 7 D [ R Q R P \ ( [ W H Q V L R Q ’ H I L Q L W L R Q / L Q N E D V H ’ R F X P H Q W / $ % , Q O L Q H ; % 5 / 7 D [ R Q R P \ ( [ W H Q V L R Q / D E H O / L Q N E D V H ’ R F X P H Q W 3 5 ( , Q O L Q H ; % 5 / 7 D [ R Q R P \ ( [ W H Q V L R Q 3 U H V H Q W D W L R Q / L Q N E D V H ’ R F X P H Q W & R Y H U 3 D J H , Q W H U D F W L Y H ’ D W D ) L O H I R U P D W W H G D V L Q O L Q H ; % 5 / D Q 7 D E O H R I & R Q W H Q W V
Slide 42 — 6 , * 1 $ 7 8 5 ( 6
6 , * 1 $ 7 8 5 ( 6 3 X U V X D Q W W R W K H U H T X L U H P H Q W V R I W K H 6 H F X U L W L H V ( [ F K D Q J H $ F W R I E H V L J Q H G R Q L W V E H K D O I E \ W K H X Q G H U V L J Q H G W K H U H X Q W R G X O \ D X W K R U L 9 ( 5 $ / 7 2 & 2 5 3 2 5 $ 7 , 2 1 ’ D W H 2 F W R E H U % \ V 6 D P H H U 5 D O K D Q 6 D P H H U 5 D O K D Q 6 H Q L R U 9 L F H 3 U H V L G H Q W D Q G & K L H I ) L ’ D W H 2 F W R E H U % \ V % H U Q D U G 0 6 N H H W H % H U Q D U G 0 6 N H H W H 9 L F H 3 U H V L G H Q W D Q G & K L H I $ F F R X Q W L 7 D E O H R I & R Q W H Q W V