rt r trst rt - - PowerPoint PPT Presentation

r t r tr st r t s st s
SMART_READER_LITE
LIVE PREVIEW

rt r trst rt - - PowerPoint PPT Presentation

t rt trsr sr Prtr rt rt str s


slide-1
SLIDE 1

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥

❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❱❛s✐❧ ❑♦❧❡✈ ❁✈❛s✐❧❅❧✉❞♦st✳♥❡t❃

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-2
SLIDE 2

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❈r②♣t♦❣r❛♣❤② ❲❤♦ ❛r❡ ✇❡

❈r②♣t♦❣r❛♣❤②

❚❤❡ ❢✉♥❝t✐♦♥ ♦❢ ❝r②♣t♦❣r❛♣❤✐❝ ♣r♦t♦❝♦❧s ✐s t♦ ♠✐♥✐♠✐③❡ t❤❡ ❛♠♦✉♥t ♦❢ tr✉st r❡q✉✐r❡❞✳ ❋❡r❣✉s♦♥✱ ❙❝❤♥❡✐❡r✱ ❑♦❤♥♦✱ ✏❈r②♣t♦❣r❛♣❤② ❊♥❣✐♥❡❡r✐♥❣✑ ❚❤✐s t❛❧❦ ✇✐❧❧ ❜❡ ❛s ❛♣♣❧✐❡❞ ❛s ♣♦ss✐❜❧❡ ✐✳❡✳ ❛❧♠♦st ♥♦ ♠❛t❤s ✐♥✈♦❧✈❡❞ ❜✉t ❛ ❧♦t ♦❢ ✇♦rs❡ st✉✛

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-3
SLIDE 3

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❈r②♣t♦❣r❛♣❤② ❲❤♦ ❛r❡ ✇❡

❲❤❛t ②♦✉ ♥❡❡❞ t♦ ❦♥♦✇ t♦ ✉♥❞❡rst❛♥❞ t❤✐s

❲❤❛t ❛r❡ ❆❊❙✱ ❘❙❆✱ ❙❍❆✶ ❲❤❛t ✐s ❛ ❜❧♦❝❦✲❝✐♣❤❡r ♠♦❞❡

❊❈❇✱ ❈♦✉♥t❡r ♠♦❞❡✱ ●❈▼✱ ❈❇❈ ■♥✐t✐❛❧✐③❛t✐♦♥ ✈❡❝t♦r ✭■❱✮

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-4
SLIDE 4

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❈r②♣t♦❣r❛♣❤② ❲❤♦ ❛r❡ ✇❡

❲❤♦ ❛r❡ ✇❡

♣❈❧♦✉❞ ❝❧♦✉❞ st♦r❛❣❡ ❞♦♥❡ r✐❣❤t ②❛❞❞❛✱ ②❛❞❞❛✱ ②❛❞❞❛

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-5
SLIDE 5

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❈r②♣t♦❣r❛♣❤② ❲❤♦ ❛r❡ ✇❡

❚r✉st❄

❊❛st❡r♥✲❊✉r♦♣❡❛♥ ❝♦♠♣❛♥② ✇✐t❤ s❡r✈❡rs ✐♥ t❤❡ ❯❙❆ ❲❡ ❞♦♥✬t ❧✐❦❡ t❤❡ ✐❞❡❛ t♦ ❜❡ tr✉st❡❞ ❲❡ s❤♦✉❧❞♥✬t ❜❡

❇✉t ✇❡ ✇❛♥t t♦ ❜❡ ✉s❡❞ ✿✮

❘❡q✉✐r✐♥❣ t♦♦ ♠✉❝❤ tr✉st ✐s ❞❡tr✐♠❡♥t❛❧ ✐♥ t❤❡ ❧♦♥❣ r✉♥

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-6
SLIDE 6

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❈r②♣t♦❣r❛♣❤② ❲❤♦ ❛r❡ ✇❡

❈♦♥t❡♥ts ♦❢ t❤✐s t❛❧❦

❊♥❝r②♣t❡❞ ✇❡❜✲❜❛s❡❞ ✜❧❡ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❋✐❧❡s②st❡♠✲❧❡✈❡❧ ❡♥❝r②♣t✐♦♥

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-7
SLIDE 7

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❈r②♣t♦❣r❛♣❤② ❲❤♦ ❛r❡ ✇❡

❆ ♥♦t❡ ♦♥ ❝②♣❤❡rs✴❛❧❣♦r✐t❤♠s

❆❊❙✷✺✻✱ ❘❙❆✱ ❙❍❆✶✱ ❙❍❆✷✺✻ ❲❡ ✉s❡ ✇❤❛t✬s ❜❡st s✉♣♣♦rt❡❞ ❛♥❞ ❦♥♦✇♥ ◆♦t ♠✉❝❤ ❝❤♦✐❝❡ ✐❢ ②♦✉ ✇❛♥t t♦ ❜❡ ❝r♦ss✲♣❧❛t❢♦r♠

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-8
SLIDE 8

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❉❡s❝r✐♣t✐♦♥ ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡

❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ ❙♦✉r❝❡s✿ ❤tt♣s✿✴✴❣✐t❤✉❜✳❝♦♠✴♣❝❧♦✉❞❝♦♠✴♣❝❧tr❛♥s❢❡r✴

s❡❡ r♦♦t✴❥s✴❥s❝♦♠♠♦♥✴✶✺✹✵✳♣❝r②♣t✳❥s✱ ❞♦❝✴s♣❡❝s✳t①t

❙❡r✈✐❝❡✿ ❤tt♣s✿✴✴tr❛♥s❢❡r✳♣❝❧♦✉❞✳❝♦♠✴

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-9
SLIDE 9

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❉❡s❝r✐♣t✐♦♥ ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

❲❤❛t ❞♦❡s t❤✐s s❡r✈✐❝❡ ❞♦✱ ✉s❡r✬s P❖❱

  • ✐✈❡ ✐t ❛ ♣❛ss✇♦r❞✱ ②♦✉r ❡♠❛✐❧✱ s♦♠❡ ♦t❤❡r ♣❡♦♣❧❡✬s ♠❛✐❧s✱ ✜❧❡s

❊♥❝r②♣ts✱ ✉♣❧♦❛❞s t❤❡ ✜❧❡s✱ s❡♥❞s ❛♥ ❡♠❛✐❧ t♦ t❤❡ r❡❝✐♣✐❡♥ts ✇✐t❤ ❛ ❧✐♥❦

✇✐t❤ ❛♥ ♦♣t✐♦♥❛❧ ♠❡ss❛❣❡

❚❤❡ r❡❝✐♣✐❡♥ts ♦♣❡♥ t❤❡ ❧✐♥❦✱ ❣✐✈❡ t❤❡ ♣❛ss✇♦r❞ ❛♥❞ ❝❛♥ ❣❡t t❤❡ ✜❧❡s✳ ✭♣r♦❜❛❜❧②✮ ❡✈❡♥ ❥♦✉r♥❛❧✐sts ❝❛♥ ✉s❡ ✐t

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-10
SLIDE 10

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❉❡s❝r✐♣t✐♦♥ ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

❍♦✇ ✐s t❤✐s ❞♦♥❡ ✲ ♣r❡r❡q

❆❧❧ ✐♥ ❏❛✈❛❙❝r✐♣t

❇r♦✇s❡rs ❙❯❈❑

❯s✐♥❣ t❤❡ ❙t❛♥❢♦r❞ ❏❛✈❛❙❝r✐♣t ❈r②♣t♦ ▲✐❜r❛r② ❆❊❙✷✺✻✲●❈▼

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-11
SLIDE 11

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❉❡s❝r✐♣t✐♦♥ ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

❆❊❙✲●❈▼

❲♦♥❞❡r❢✉❧ ❝♦♥str✉❝t✐♦♥ ❘❡q✉✐r❡s ♥♦ ♣❛❞❞✐♥❣ ❆❊❙ ✐♥ ❝♦✉♥t❡r ♠♦❞❡✱ ✇✐t❤ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❞❛t❛✱ ❡✳❣✳ ✇❤✐❧❡ ✭✦❡♦❢✮ ④ ♦❢❢s❡t✰✰❀ ❈❚❂❡♥❝r②♣t❴✇✐t❤❴❦❡②✭■❱✰♦❢❢s❡t✮❀ ♦✉t❬♦❢❢s❡t❪❂✐♥♣✉t❬♦❢❢s❡t❪ ❫ ❈❚❀ ⑥ ♦✉t❬♦❢❢s❡t✰✶❪❂❣❡♥❡r❛t❡❴❛✉t❤❴❞❛t❛✭✮❀

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-12
SLIDE 12

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❉❡s❝r✐♣t✐♦♥ ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

❇❡❢♦r❡ ❡✈❡r②t❤✐♥❣ ❡❧s❡✳✳

  • ❡♥❡r❛t❡ ❛ s❛❧t

❲❡✬❧❧ ❜❡ s❡❡✐♥❣ ❛ ❧♦t ♠♦r❡ ♦❢ t❤❡ s❛❧ts ❧❛t❡r

❯♥✐q✉❡✱ ♣✉❜❧✐❝ ✈❛❧✉❡ ❙t♦r❡❞ ✐♥ ♣❧❛✐♥t❡①t ❲❤❛t ✇❡ ❞♦ ✐♥ t❤❡ tr❛♥s❢❡r✿ s❛❧t ❂ s❥❝❧✳❤❛s❤✳s❤❛✶✳❤❛s❤✭ ✬♣❝❧♦✉❞✬ ✰ ♥❡✇ ❉❛t❡✭✮✳❣❡t❚✐♠❡✭✮ ✰ s❥❝❧✳r❛♥❞♦♠✳r❛♥❞♦♠❲♦r❞s✭✹✮ ✰ t❤✐s✳♦♣ts✳✉s❡r❴❡♠❛✐❧ ✮

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-13
SLIDE 13

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❉❡s❝r✐♣t✐♦♥ ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

❑❡② ❞❡r✐✈❛t✐♦♥

P❇❑❉❋✷ ✇✐t❤ ❍▼❆❈✲❙❍❆✶✱ ✶✻✸✽✹ t✐♠❡s✱ t❤❡ ❣❡♥❡r❛t❡❞ s❛❧t✱ ❢♦r ✷✺✻❜✐t ❦❡②

P❛ss✇♦r❞✲❜❛s❡❞ ❦❡② ❞❡r✐✈❛t✐♦♥ ❢✉♥❝t✐♦♥

❘❡s✉❧ts ✐♥ ❛ ❦❡② ✇❡ ❝❛♥ ✉s❡ ❚❤❡ s❛♠❡ ♣❛ss✇♦r❞ ✇✐t❤ ❛ ❞✐✛❡r❡♥t s❛❧t r❡s✉❧ts ✐♥ ❛ ❞✐✛❡r❡♥t ❦❡② ❚❛❦❡s ⑦✶✵✵♠s t♦ ❣❡♥❡r❛t❡✱ ❤❡❧♣s ❛❣❛✐♥st ❜r✉t❡✲❢♦r❝❡ ❛tt❛❝❦s

❚❤❡s❡ ❛r❡ ✉s❡r✲s❡❧❡❝t❡❞ ♣❛ss✇♦r❞s✱ ✇❤✐❝❤ ❛r❡♥✬t ✈❡r② s❡❝✉r❡

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-14
SLIDE 14

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❉❡s❝r✐♣t✐♦♥ ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

❊♥❝r②♣t✐♥❣ ❛ ♠❡ss❛❣❡

❱❡r② s✐♠♣❧❡ ✲ ❆❊❙✷✺✻✲●❈▼ ✇✐t❤ ■❱❂❙❆▲❚

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-15
SLIDE 15

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❉❡s❝r✐♣t✐♦♥ ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

❊♥❝r②♣t✐♥❣ ❛ ✜❧❡♥❛♠❡

■❱ ✐s ✉✐♥t✸✷❴t❬✹❪❀ ♠❡♠❝♣②✭■❱✱ ❙❆▲❚✱ ✾✻ ❜✐ts✮❀

❚❤❡ ❧❛st ✸✷ ❜✐ts ❛r❡ ✉s❡❞ ❛s ❜❧♦❝❦ ❝♦✉♥t❡r ❢♦r t❤❡ ●❈▼

■❱❬✵❪ ✂❂ ✭✜❧❡♥♦✯✷✮❀

❛❧❧ t❤❡ ✜❧❡s ❛r❡ ♥✉♠❜❡r❡❞✱ ❢r♦♠ ✶ t♦ ◆

❆❊❙✲●❈▼ ✇✐t❤ ■❱

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-16
SLIDE 16

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❉❡s❝r✐♣t✐♦♥ ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

❊♥❝②♣t✐♥❣ ❛ ✜❧❡

■❱ ✐s ✉✐♥t✸✷❴t❬✹❪❀ ♠❡♠❝♣②✭■❱✱ ❙❆▲❚✱ ✾✻ ❜✐ts✮❀

❚❤❡ ❧❛st ✸✷ ❜✐ts ❛r❡ ✉s❡❞ ❛s ❜❧♦❝❦ ❝♦✉♥t❡r ❢♦r t❤❡ ●❈▼

■❱❬✵❪ ✂❂ ✭✜❧❡♥♦✯✷ ✰ ✶✮❀

❛❧❧ t❤❡ ✜❧❡s ❛r❡ ♥✉♠❜❡r❡❞✱ ❢r♦♠ ✶ t♦ ◆

❋♦r ❡❛❝❤ ✶▼❇ ❜❧♦❝❦ ❇ ✐♥ ✭✵✳✳◆✮ ✱ ❞♦

■❱❬✶❪ ✂❂ ❇ ❆❊❙✲●❈▼ ✇✐t❤ ■❱

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-17
SLIDE 17

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❉❡s❝r✐♣t✐♦♥ ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

❲❤② ✐s ✐t ❞♦♥❡ ❧✐❦❡ t❤✐s

❙❛❧t✐♥❣✿

❲❡ s❤♦✉❧❞♥✬t ❧❡❛❦ ✐❢ t✇♦ ✜❧❡s ❧♦♦❦ t❤❡ s❛♠❡ ❲❡ s❤♦✉❧❞♥✬t ❧❡❛❦ ✐❢ t✇♦ ✜❧❡♥❛♠❡s ❧♦♦❦ t❤❡ s❛♠❡

♦r ❛r❡ t❤❡ s❛♠❡

✶▼❇ ✜❧❡ s♣❧✐t

❚r❛❞❡✲♦✛ ❜❡❝❛✉s❡ ♦❢ t❤❡ ✇❛②s ❜r♦✇s❡rs ✇♦r❦

❆❊❙✲●❈▼

❘❡q✉✐r❡s ♥♦ ♣❛❞❞✐♥❣

  • ✐✈❡s ❛♥ ❛✉t❤❡♥t✐❝❛t✐♦♥ ✐❢ t❤❡ ✜❧❡ ✐s ❝♦rr✉♣t

❲❡✐r❞ ❳❖❘s

❛ ✇❛② t♦ ❣✉❛r❛♥t❡❡ ❞✐✛❡r❡♥❝❡ ✐♥ ■❱s

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-18
SLIDE 18

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❲❤② ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧

P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❙♦✉r❝❡s ❛t ❤tt♣s✿✴✴❣✐t❤✉❜✳❝♦♠✴♣❝❧♦✉❞❝♦♠✴♣❝❧s②♥❝ ♣♣✷♣✳❝

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-19
SLIDE 19

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❲❤② ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

❲❤② ❛ ♣❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧❄

❆ ✇❛② t♦ ❝♦♣② ✜❧❡s ❞✐r❡❝t❧② ❜❡t✇❡❡♥ ✉s❡rs ❇♦t❤ s✐❞❡s ❛r❡ ✉♥tr✉st❡❞ ❚❤❡ ♥❡t✇♦r❦ ✐s ❡❛s② t♦ ❧✐st❡♥ t♦

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-20
SLIDE 20

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❲❤② ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

❲❤❛t ✇❡ ❤❛✈❡ ❜❡❢♦r❡❤❛♥❞

❙❍❆✶ ❛♥❞ s✐③❡ ♦❢ t❤❡ ✜❧❡ ✇❡ ♥❡❡❞ t♦ ❣❡t ❛♥ ❘❙❆ ❦❡②♣❛✐r

❘❡❣❡♥❡r❛t❡❞ ♣❡r✐♦❞✐❝❛❧❧②

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-21
SLIDE 21

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❲❤② ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

❆s❦✐♥❣ ✐❢ s♦♠❡♦♥❡ ❤❛s ❛ ✜❧❡

❲❡ ❝❛♥♥♦t ❥✉st ❛s❦✴r❡♣❧② ❢♦r ❛ s♣❡❝✐✜❝ ❝❤❡❝❦s✉♠✱ ✐t✬s ❛ ❧❡❛❦ ♣s②♥❝❴♣✷♣❴❝❤❡❝❦❴❞♦✇♥❧♦❛❞✭✮ ❈❤❡❝❦ q✉❡r② ❝♦♥s✐sts ♦❢✿

✜rst ✸ ❜②t❡s ♦❢ ❋■▲❊❙❍❆✶❂s❤❛✶✭✮ ♦❢ t❤❡ ✜❧❡ ✜❧❡ s✐③❡ s♦♠❡ r❛♥❞♦♠ ❘◆❉✶ s❤❛✶✭❋■▲❊❙❍❆✶⑤⑤❘◆❉✶✮

❚❤✐s ✐s ❜r♦❛❞❝❛st✴♠✉❧t✐❝❛st ✐♥ t❤❡ ❧♦❝❛❧ ♥❡t✇♦r❦ ❖♥❧② t❤❡ s✐③❡ ♦❢ t❤❡ ✜❧❡ ❝❛♥ ❜❡ ❢♦✉♥❞ ❤❡r❡

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-22
SLIDE 22

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❲❤② ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

❈❤❡❝❦✐♥❣ ✐❢ ②♦✉ ❛❝t✉❛❧❧② ❤❛✈❡ t❤❡ ✜❧❡

♣s②♥❝❴♣✷♣❴❝❤❡❝❦✭✮✱ ♣s②♥❝❴♣✷♣❴❤❛s❴✜❧❡✭✮ ❋♦r ❡✈❡r② ✜❧❡ ✇❡ ❤❛✈❡ ✇✐t❤ ❙❍❆✶ t❤❛t st❛rts ✇✐t❤ t❤♦s❡ ✸ ❜②t❡s✱ ❝❤❡❝❦ ✐❢ t❤❡ s✐③❡ ❛♥❞ t❤❡ ♦t♥❡r s❤❛✶✭✮ ♠❛t❝❤✳ ■❢ ✇❡ ✜♥❞ ✐t✱ ✇❡ ❜✐♥❞✭✮ t♦ ❛ s♦❝❦❡t ❛♥❞ r❡♣❧② ✇✐t❤

♣♦rt s♦♠❡ r❛♥❞♦♠ ❘◆❉✷ s❤❛✶✭❋■▲❊❙❍❆✶⑤⑤❘◆❉✷✮

❚❤❡ s❡❝♦♥❞ s❤❛✶ ✐s ❥✉st ♣r♦♦❢ t❤❛t ✇❡ ❤❛✈❡ t❤❡ ✜❧❡

❨❊❙✱ ✇❡ ❞♦ ❝❤❡❝❦ ✐❢ ❘◆❉✶✦❂❘◆❉✷ ✿✮

❚❤✐s ❧♦♦❦s ❧✐❦❡ ❛ ❣♦♦❞ ♣❧❛❝❡ t♦ tr② ▼■❚▼✳ ✳ ✳

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-23
SLIDE 23

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❲❤② ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

❘❡q✉❡st✐♥❣ ❛❝❝❡ss t♦ t❤❡ ✜❧❡

❚❤❡ r❡q✉❡st❡r ❛s❦s t❤❡ ❝❡♥tr❛❧ s❡r✈✐❝❡ ❢♦r ❛♥ ❛✉t❤❡♥t✐❝❛t✐♦♥ t♦❦❡♥ t♦ ❜❡ ❛❜❧❡ t♦ ❛❝❝❡ss t❤❡ ✜❧❡✱ ✇✐t❤ ✐ts ❘❙❆ ❦❡②

♣s②♥❝❴♣✷♣❴❣❡t❴❞♦✇♥❧♦❛❞❴t♦❦❡♥✭✮ ❚❤✐s ✐s t❤❡ ❛❝t✉❛❧ ♣r♦♦❢ t❤❛t ✇❡✬r❡ ❛❧❧♦✇❡❞ t♦ ❤❛✈❡ ✐t ❚❤❡ t♦❦❡♥ ❝♦♥t❛✐♥s ❛ s✐❣♥❛t✉r❡ ♦❢ t❤❡ ❘❙❆ ❦❡②

❚❤✐s ✐s ❤♦✇ ✇❡ ✜❣❤t ▼■❚▼

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-24
SLIDE 24

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❲❤② ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

P❛ss✐♥❣ t❤❡ ✜❧❡

❚❤❡♥✱ ♦♥ ❛ ❚❈P ❝♦♥♥❡❝t✐♦♥ t♦ t❤❡ ♣♦rt ♦❢ t❤❡ r❡s♣♦♥❞❡r✱ t❤❡ ❢♦❧❧♦✇✐♥❣ ✐s s❡♥t✿

❘❙❆ ♣✉❜❧✐❝ ❦❡② t♦❦❡♥ ✜rst ✸ ❜②t❡s ♦❢ ❋■▲❊❙❍❆✶❂s❤❛✶✭✮ ♦❢ t❤❡ ✜❧❡ ❘◆❉✷ s❤❛✶✭❋■▲❊❙❍❆✶⑤⑤❘◆❉✷✮

❚❤❡ r❡s♣♦♥❞❡r ✈❡r✐✜❡s t❤❡ t♦❦❡♥ ✇✐t❤ t❤❡ ❆P■✱ ❛♥❞ ✐❢ ✐t✬s ❖❑ ❢♦r t❤✐s ❦❡② s❡♥❞s ❜❛❝❦ ✭✐♥ ♣s②♥❝❴♣✷♣❴t❝♣❤❛♥❞❧❡r✭✮ ✮✿

❊♥❝r②♣t❡❞ ✇✐t❤ t❤❡ ♣✉❜❧✐❝ ❘❙❆ ❦❡②✱ ❛♥ ❆❊❙✷✺✻ ❦❡② ❛♥❞ ■❱ ❚❤❡ ✜❧❡✱ ❡♥❝r②♣t❡❞ ✇✐t❤ ❆❊❙✷✺✻✲❈❚❘ ✇✐t❤ t❤❡ ❦❡② ❛♥❞ ■❱

❲❡ ❤❛✈❡ ❛♥❞ ❝❤❡❝❦ t❤❡ ❙❍❆✶ ❢♦r t❤❡ ✜❧❡

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-25
SLIDE 25

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❲❤② ❖♣❡r❛t✐♦♥ ❘❛t✐♦♥❛❧❡

❘❛t✐♦♥❛❧❡

❲❡ ❞♦♥✬t ❣✐✈❡ ❛✇❛② ❛♥② ✐♥❢♦r♠❛t✐♦♥ ❲❡ ♠❛❦❡ s✉r❡ ②♦✉ ❝❛♥✬t ✏st❡❛❧✑ ✜❧❡s ❲❡ ❝♦♥s✐❞❡r t❤❡ ❞r❛✇❜❛❝❦ ♦❢ ❤❛✈✐♥❣ t♦ ❛s❦ t❤❡ ❝❡♥tr❛❧ s❡r✈✐❝❡ ❢♦r t♦❦❡♥s ❛♥❞ t♦❦❡♥ ✈❛❧✐❞❛t✐♦♥s ❛❝❝❡♣t❛❜❧❡

❚r❛❞❡✲♦✛ ✲ ♦♥❡ ❘❚❚ ❛❣❛✐♥st ❤❛✈✐♥❣ P❑■

▲❡❛❦ ✲ ✐❢ ②♦✉ ❤❛✈❡ t❤❡ ❙❍❆✶ ♦❢ t❤❡ ✜❧❡ ②♦✉ ❝❛♥ s❡❡ ✐❢ ❛♥②♦♥❡ ❤❛s ✐t

❆❧❧ ❝❧✐❡♥ts ❤❛✈❡ ❛♥ ♦♣t✐♦♥ t♦ ❞✐s❛❜❧❡ ✐t

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-26
SLIDE 26

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡

❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❋❯❙❊ ❢s ♦♥ t♦♣ ♦❢ ❛ r❡♠♦t❡ ✜❧❡✴♦❜❥❡❝t st♦r❛❣❡ ✭✏❝❧♦✉❞✑✮

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-27
SLIDE 27

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡

❙♦✉r❝❡s ❛❣❛✐♥ ❛t ❤tt♣s✿✴✴❣✐t❤✉❜✳❝♦♠✴♣❝❧♦✉❞❝♦♠✴♣❝❧s②♥❝ ♠❛✐♥❧② ♣❝r②♣t♦✳❝

♥♦t ❛s s❝❛r② ❛s ✐t ❧♦♦❦s✱ ❛❧t❤♦✉❣❤✿

st❛t✐❝ ✐♥t ♠❡♠❝♠♣❴❝♦♥st✭❝♦♥st ✉♥s✐❣♥❡❞ ❝❤❛r ✯s✶✱ ❝♦♥st ✉♥s✐❣♥❡❞ ❝❤❛r ✯s✷✱ s✐③❡❴t ❝♥t✮ ④ s✐③❡❴t ✐❀ ✉✐♥t✸✷❴t r❀ r❂✵❀ ❢♦r ✭✐❂✵❀ ✐❁❝♥t❀ ✐✰✰✮ r⑤❂s✶❬✐❪❫s✷❬✐❪❀ r❡t✉r♥ ✭✭✭r✲✶✮❃❃✽✮✫✶✮❫✶❀ ⑥

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-28
SLIDE 28

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

✳ ✳ ✳ ♦r✱ ✐❢ ②♦✉ ❧✐❦❡ ♣✉③③❧❡s

s♣♦t t❤❡ ❡rr♦r✿ ✭♣❝②♣t♦✳❝✿✹✷✵✮ r❡✈s✐③❡❂✵❀ ❢♦r ✭✐❂✵❀ ✐❁✸❀ ✐✰✰✮④ ❜❂✦✦✭✭r❡✈✐s✐♦♥✐❞❃❃✭✐✯✽✮✮✫✵①❢❢✮❀ r❡✈s✐③❡❂✭r❡✈s✐③❡✫✭❜✲✶✮✮✰❜✯✭✐✰✶✮❀ ⑥

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-29
SLIDE 29

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❲❤② ♥♦t ❥✉st ❆❊❙✲●❈▼ ❛❣❛✐♥❄

P1 ⊕ P2 = encrypt(P1) ⊕ encrypt(P2) ❡✳❣✳ ✐t ❧❡❛❦s ❧✐❦❡ ❛ s✐❡✈❡ ❙✉s❝❡♣t✐❜❧❡ t♦ r❡♣❧❛② ❛tt❛❝❦s ✭♣✐❡❝❡s ♦❢ ♦❧❞ ✜❧❡ ✐♥ t❤❡ ♥❡✇ ♦♥❡✮

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-30
SLIDE 30

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❲❤② ♥♦t ■❊❊❊ P✶✻✶✾ ♦r s✐♠✐❧❛r❄

❲❤❡♥ ✉s✐♥❣ tr❛♥s♣❛r❡♥t ❡♥❝r②♣t✐♦♥✱ ♦♥❡ ♠✉st t❤❡r❡❢♦r❡ ❛❞❞r❡ss t❤❡s❡ ✈✉❧♥❡r❛❜✐❧✐t✐❡s ❜② ♠❡❛♥s ♦✉ts✐❞❡ t❤❡ s❝♦♣❡ ♦❢ t❤✐s st❛♥❞❛r❞✳ ■❊❊❊ ❙t❞ ✶✻✶✾✲✷✵✵✼ ♦♥ tr❛✣❝ ❛♥❛❧②s✐s✱ r❡♣❧❛② ❛tt❛❝❦s✱ ❛♥❞ s❡❝t♦r r❛♥❞♦♠✐③❛t✐♦♥ ❚❤✐s ❛✉❞✐t ✜♥❞s t❤❛t ❊♥❝❋❙ ✐s ♥♦t ✉♣ t♦ s♣❡❡❞ ✇✐t❤ ♠♦❞❡r♥ ❝r②♣t♦❣r❛♣❤② ♣r❛❝t✐❝❡s✳ ❤tt♣s✿✴✴❞❡❢✉s❡✳❝❛✴❛✉❞✐ts✴❡♥❝❢s✳❤t♠ ✭❊♥❝❋❙ ❛✉❞✐t✮

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-31
SLIDE 31

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❑❡② st♦r❛❣❡

❖♥❡ ❘❙❆ ❦❡②♣❛✐r ♣❡r ✉s❡r ❚❤❡ ✉s❡r ❡♥❝r②♣ts t❤❡ ♣r✐✈❛t❡ ❦❡② ✇✐t❤ ❛ ♣❛ss♣❤r❛s❡ ❛♥❞ st♦r❡s ✐t ✇✐t❤ ✉s

❚❤✐s ✐s ❛ tr❛❞❡✲♦✛✱ t♦ ♠❛❦❡ ✐t ♣♦ss✐❜❧❡ t♦ ✉s❡ ✐t ♦♥ ♠♦r❡ ❞❡✈✐❝❡s ◆♦t str✐❝t❧② r❡q✉✐r❡❞

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-32
SLIDE 32

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❋♦r ❡❛❝❤ ✜❧❡ ❛♥❞ ❞✐r❡❝t♦r②✳ ✳ ✳

✇❡ ❦❡❡♣

✷✺✻❜✐t ❦❡② ✶✷✽❜✐t ■❱

❛❧❧ ❡♥❝r②♣t❡❞ ✇✐t❤ t❤❡ ♣✉❜❧✐❝ ❘❙❆ ❦❡② ♦❢ t❤❡ ✉s❡r

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-33
SLIDE 33

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❋✐❧❡ ❡♥❝r②♣t✐♦♥

❚❤❡ ✜❧❡ ✐s s♣❧✐t ✐♥ ✹✵✾✻✲❜②t❡ ✏s❡❝t♦rs✑ ❊❛❝❤ s❡❝t♦r ✐s ❡♥❝r②♣t❡❞ ✇✐t❤ ❆❊❙✷✺✻✲❈❇❈✱ ✇✐t❤ ■❱❂❛✉t❤❡♥t✐❝❛t✐♦♥ ❜❧♦❝❦ ❢♦r t❤❛t s❡❝t♦r ❙❤♦✉❧❞ ❜❡ ✐♥ ♣s②♥❝❴❝r②♣t♦❴❛❡s✷✺✻❴❡♥❝♦❞❡❴s❡❝t♦r✭✮ ❛♥❞ ♣s②♥❝❴❝r②♣t♦❴❛❡s✷✺✻❴❞❡❝♦❞❡❴s❡❝t♦r✭✮✱ st✐❧❧ ✉♥✜♥✐s❤❡❞

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-34
SLIDE 34

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❊♥❝r②♣t❡❞ ✜❧❡

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-35
SLIDE 35

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❋✐❧❡ ❛✉t❤❡♥t✐❝❛t✐♦♥

✏❛✉t❤❡♥t✐❝❛t✐♦♥ ❜❧♦❝❦✑ ✶✷✽ ❜✐ts ✭❆❊❙✷✺✻ ❜❧♦❝❦ s✐③❡✮ ❈♦♥s✐sts ♦❢ ❍▼❆❈❴❙❍❆✶ ❛♥❞ ❛ r❡✈✐s✐♦♥ ♥✉♠❜❡r

✇r✐tt❡♥ ✐♥ ❛ ✇❡✐r❞ ✇❛②

❍▼❆❈❴❙❍❆✶✭❉❆❚❆⑤⑤s❡❝t♦r❴✐❞⑤⑤r❡✈✐s✐♦♥✮✱ ✇✐t❤ s❡❝r❡t❂♣❡r✲✜❧❡ ■❱ ❚❤❡ ✏r❡✈✐s✐♦♥✑ ✐s ♥❡❡❞❡❞ s♦ ✐❢ ②♦✉ ❡♥❝r②♣t ❆✱ ❇ ❛♥❞ t❤❡♥ ❆✱ ✐t ❞♦❡s♥✬t ❧❡❛❦✳ ❋♦r ❡✈❡r② ✷✺✻ s❡❝t♦rs✱ ♦♥❡ s❡❝t♦r ✭✹✵✾✻ ❜②t❡s✮ ✇✐t❤ ❛✉t❤ ❞❛t❛ ✐s st♦r❡❞✱ ❡♥❝r②♣t❡❞ ✇✐t❤ ❆❊❙✷✺✻✲❊❈❇

❚❤✐s ❞♦❡s♥✬t ❧❡❛❦✱ ❛s t❤❡r❡ ❝❛♥✬t ❜❡ t✇♦ s✉❝❤ s❡❝t♦rs ✇❤✐❝❤ ❛r❡ t❤❡ s❛♠❡

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-36
SLIDE 36

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❋✐❧❡ ❛✉t❤❡♥t✐❝❛t✐♦♥ ✲ ❤❛s❤ tr❡❡

❍♦✇ t♦ ❡♥s✉r❡ t❤❡ ✐♥t❡❣r✐t② ♦❢ t❤❡ ✇❤♦❧❡ ✜❧❡

❡✣❝✐❡♥t❧②❄

❍❛s❤ tr❡❡✦ ❋♦r ❡✈❡r② s❡❝t♦r ♦❢ ❛✉t❤ ❞❛t❛✱ t❤❡r❡✬s ♦♥❡ ❛✉t❤ ❜❧♦❝❦ ❂ ❍▼❆❈❴❙❍❆✶✭❉❆❚❆✮ ✇✐t❤ s❡❝r❡t❂♣❡r✲✜❧❡ ■❱ ❙❡❡ ♣✐❝t✉r❡

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-37
SLIDE 37

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❍❛s❤ tr❡❡

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-38
SLIDE 38

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❊✣❝✐❡♥❝② ♦❢ t❤❡ ❤❛s❤ tr❡❡

❖♥❡ r❡❛❞✭✮ ♥❡❡❞s ❧♦❣✷✺✻✭✜❧❡❴s✐③❡✴✹✵✾✻✮✰✶ r❡❛❞s

❛♥❞ t❤♦s❡ ❜❧♦❝❦s ✇✐❧❧ ❜❡ ❝❛❝❤❡❞ ❛❧r❡❛❞②

❖♥❡ ✇r✐t❡✭✮ r❡q✉✐r❡s ❧♦❣✷✺✻✭✜❧❡❴s✐③❡✴✹✵✾✻✮✰✶ r❡❛❞s ❛♥❞ ✇r✐t❡s ❇❡tt❡r t❤❛t r❡✇r✐t✐♥❣ t❤❡ ✇❤♦❧❡ ✜❧❡ ❲❡ ❤❛✈❡ ❢✉❧❧ ✜❧❡ ✐♥t❡❣r✐t②

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-39
SLIDE 39

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❈❤❛❧❧❡♥❣❡s

◆♦ ❧❡❛❦❛❣❡ ✳ ✳ ✳ ❜✉t t❤❡ s❛♠❡ ✜❧❡ ✐♥ t❤❡ s❛♠❡ ❞✐r❡❝t♦r② ♠✉st ❤❛✈❡ t❤❡ s❛♠❡ ♥❛♠❡

t♦ ♣r❡✈❡♥t ❝♦❧❧✐s✐♦♥s

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-40
SLIDE 40

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❑❡②s✱ ❢✉♥❝t✐♦♥s

❛❣❛✐♥✱ ✇❡ ❤❛✈❡ ❛ ♣❡r✲❞✐r❡❝t♦r② ❦❡② ❛♥❞ ■❱ s❡❡ ♣s②♥❝❴❝r②♣t♦❴❛❡s✷✺✻❴❡♥❝♦❞❡❴t❡①t✭✮ ❛♥❞ ♣s②♥❝❴❝r②♣t♦❴❛❡s✷✺✻❴❞❡❝♦❞❡❴t❡①t✭✮

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-41
SLIDE 41

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥ ❡①♣❧❛✐♥❡❞✱ ✶✴✷

■❢ t❤❡ ✜❧❡♥❛♠❡ ✐s ❁ ❆❊❙✷✺✻❴❇▲❖❈❑❴❙■❩❊ ✭✶✷✽❜✐t✮✱ ❆❊❙✷✺✻✲❊❈❇

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-42
SLIDE 42

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥ ❡①♣❧❛✐♥❡❞✱ ✷✴✷

❝❛❧❝✉❧❛t❡ ❍▼❆❈❴❙❍❆✶✭❞❛t❛❴❛❢t❡r❴✜rst❴❜❧♦❝❦✱ ❞✐r❴■❱✮ ❳❖❘ t❤❡ ✜rst ❜❧♦❝❦ ✇✐t❤ t❤❡ ❍▼❆❈ ❞♦ ❆❊❙✷✺✻✲❈❇❈ ♦♥ t❤❡ ✇❤♦❧❡ t❤✐♥❣ ✇✐t❤ t❤❡ ❞✐r❴■❱✮

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-43
SLIDE 43

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❋✐❧❡♥❛♠❡ ❞❡❝r②♣t✐♦♥

❞♦ ❆❊❙✷✺✻✲❈❇❈ ♦♥ t❤❡ ✜❧❡♥❛♠❡ ✇✐t❤ t❤❡ ❦❡② ❛♥❞ ■❱ ❝❛❧❝✉❧❛t❡ ❍▼❆❈❴❙❍❆✶✭❞❛t❛❴❛❢t❡r❴✜rst❴❜❧♦❝❦✱ ❞✐r❴■❱✮ ❳❖❘ t❤❡ ✜rst ❜❧♦❝❦ ✇✐t❤ t❤❡ ❍▼❆❈

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-44
SLIDE 44

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❇❛s✐❝s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ✫ ❛✉t❤❡♥t✐❝❛t✐♦♥ ❋✐❧❡♥❛♠❡ ❡♥❝r②♣t✐♦♥

❲❤② ❞♦ ❛❧❧ t❤✐s ❝♦♠♣❧✐❝❛t❡❞ ❝r❛♣❄

❚✇♦ ✜❧❡s ✐♥ t❤❡ s❛♠❡ ❞✐r❡❝t♦r② ❤❛✈❡ t❤❡ s❛♠❡ ❡♥❝r②♣t❡❞ ♥❛♠❡ ❚✇♦ ❜❧♦❝❦s ✐♥ ❛ ✜❧❡♥❛♠❡ t❤❛t ❛r❡ t❤❡ s❛♠❡ ❛r❡ ♥♦t t❤❡ s❛♠❡ ✐♥ t❤❡ ❡♥❝r②♣t❡❞ ♥❛♠❡ ❆ r❡♣❡❛t✐♥❣ ✜rst ❜❧♦❝❦ ♦❢ t❤❡ ✜❧❡♥❛♠❡ ✇✐❧❧ ♥♦t ❜❡ t❤❡ s❛♠❡ ✐♥ t❤❡ ❡♥❝r②♣t❡❞ ♥❛♠❡

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-45
SLIDE 45

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❈♦♥❝✉ss✐♦♥

❙t✉✛ ✇❡ ❤❛✈❡♥✬t ❞♦♥❡ ②❡t

■♥t❡❣r✐t② ♦❢ t❤❡ ✇❤♦❧❡ tr❡❡ ❛♥❞ ✜❧❡s Pr♦✈✐❞✐♥❣ ♦t❤❡r ♣❡♦♣❧❡✬s ♣✉❜❧✐❝ ❦❡②s ✭✇❤✐❧❡ s❤❛r✐♥❣ ✜❧❡s✮

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-46
SLIDE 46

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❈♦♥❝✉ss✐♦♥

❈♦♥❝❧✉s✐♦♥

❚♦♥s ♦❢ ❝❛✈❡❛ts ❛♥❞ ♣r♦❜❧❡♠s ■t✬s ♥♦t ❡❛s② t♦ ❞❡s✐❣♥ s♦♠❡t❤✐♥❣ t❤❛t ②♦✉ ❝❛♥✬t ❜r❡❛❦ ■t✬s ♣r♦❜❛❜❧② ✐♠♣♦ss✐❜❧❡ t♦ ❞❡s✐❣♥ s♦♠❡t❤✐♥❣ ♦t❤❡rs ❝❛♥✬t ❜r❡❛❦

✭♣❧❡❛s❡✱ ♣❧❡❛s❡ ❜r❡❛❦ t❤✐s ♦♥❡✮

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-47
SLIDE 47

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❈♦♥❝✉ss✐♦♥

◗✉❡st✐♦♥s❄

❆♥② q✉❡st✐♦♥s❄

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s

slide-48
SLIDE 48

❲❤♦✱ ✇❤❛t✱ ✇❤② ❊♥❝r②♣t❡❞ tr❛♥s❢❡r s❡r✈✐❝❡ P❡❡r✲t♦✲♣❡❡r ♣r♦t♦❝♦❧ ❊♥❝r②♣t❡❞ ✜❧❡ st♦r❛❣❡ ❈♦♥❝❧✉s✐♦♥ ❈♦♥❝✉ss✐♦♥

❚❤❛♥❦ ②♦✉✦

❚❤❛♥❦ ②♦✉ ❢♦r ❧✐st❡♥✐♥❣

♦r ♥♦t s♥♦r✐♥❣ t♦♦ ❧♦✉❞ ✿✮

❛♥❞ s♦♠❡ ♦t❤❡r ♣r❛❝t✐❝❛❧ ❝r②♣t♦ ♣r♦❜❧❡♠s ❋✐❧❡ ❡♥❝r②♣t✐♦♥ ❢♦r ✉♥tr✉st❡❞ r❡♠♦t❡ ✜❧❡ s②st❡♠s