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SLIDE 1

◆♦t❡ ♦♥ t❤❡ s✐③❡ ♦❢ ❜✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s

❆✳❊✳ ❇r♦✉✇❡r✶ ❆✳ ❇❧♦❦❤✉✐s✶ ❆✳ ❙❛❧✐✷

✶❊✐♥❞❤♦✈❡♥ ❯♥✐✈❡rs✐t② ♦❢ ❚❡❝❤♥♦❧♦❣② ✷❆❧❢ré❞ ❘é♥②✐ ■♥st✐t✉t❡ ♦❢ ▼❛t❤❡♠❛t✐❝s

❍✉♥❣❛r✐❛♥ ❆❝❛❞❡♠② ♦❢ ❙❝✐❡♥❝❡s

❚✉❡s❞❛②✱ ❏✉♥❡ ✶✶t❤ ✷✵✶✸✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶ ✴ ✷✵

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SLIDE 2

❆r♠✭q❀ ❦❀ ♥✮

❉❡✜♥✐t✐♦♥

❆♥ ❆r♠str♦♥❣ ❝♦❞❡ ❆r♠✭q❀ ❦❀ ♥✮ ✐s ❛ ❝♦❞❡ ♦❢ ❧❡♥❣t❤ ♥ ♦✈❡r ❛♥ ❛❧♣❤❛❜❡t ♦❢ s✐③❡ q ✇✐t❤ ♠✐♥✐♠✉♠ ❍❛♠♠✐♥❣ ❞✐st❛♥❝❡ ❞ ❂ ♥ ❦ ✰ ✶ ❛♥❞ t❤❡ ❛❞❞✐t✐♦♥❛❧ ♣r♦♣❡rt② t❤❛t ❢♦r ❡✈❡r② s✉❜s❡t ♦❢ s✐③❡ ❦ ✶ ❂ ♥ ❞ ♦❢ t❤❡ ❝♦♦r❞✐♥❛t❡ ♣♦s✐t✐♦♥s t❤❡r❡ ❛r❡ t✇♦ ❝♦❞❡✇♦r❞s t❤❛t ❛❣r❡❡ t❤❡r❡ ✭s♦ t❤❡ ♠✐♥✐♠✉♠ ❞✐st❛♥❝❡ ♦❝❝✉rs ❵✐♥ ❛❧❧ ❞✐r❡❝t✐♦♥s✬✮✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✷ ✴ ✷✵

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SLIDE 3

❖r✐❣✐♥s✱ ❡①❛♠♣❧❡s

❚❤❡ ❝♦❞❡ ❝♦♥s✐st✐♥❣ ♦❢ t❤❡ r♦✇s ♦❢ ❛♥ ♥ ❜② ♥ ✐❞❡♥t✐t② ♠❛tr✐① ✐s ❛♥ ❆r♠✭q❀ ♥ ✶❀ ♥✮ ❢♦r ❛❧❧ q✳ ❚❤❡ ❝♦❞❡ ♦❢ t❤❡ ♥ ✰ ✶ ✈❡❝t♦rs ❝✐ ❂ ✭✶❀ ✿ ✿ ✿ ❀ ✶❀ ✵❀ ✿ ✿ ✿ ❀ ✵✮ ✇✐t❤ ✐ ♦♥❡s ❢♦❧❧♦✇❡❞ ❜② ♥ ✐ ③❡r♦❡s ✐s ❛♥ ❆r♠✭q❀ ♥❀ ♥✮ ❢♦r ❛❧❧ q✳ ❆♥ ❆r♠✭✷❀ ✼❀ ✶✵✮ ❝❛♥ ❜❡ ❝♦♥str✉❝t❡❞ ❜② t❛❦✐♥❣ ❛ ❙t❡✐♥❡r s②st❡♠ ❙✭✸❀ ✹❀ ✶✵✮ ❛♥❞ ❛❞❞✐♥❣ t❤❡ ❛❧❧✲✵ ✈❡❝t♦r✳ ❆r♠str♦♥❣ ❝♦❞❡s ❤❛✈❡ t❤❡✐r ♦r✐❣✐♥ ✐♥ ❉❛t❛❜❛s❡ ❚❤❡♦r②✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✸ ✴ ✷✵

slide-4
SLIDE 4

❖r✐❣✐♥s✱ ❡①❛♠♣❧❡s

❚❤❡ ❝♦❞❡ ❝♦♥s✐st✐♥❣ ♦❢ t❤❡ r♦✇s ♦❢ ❛♥ ♥ ❜② ♥ ✐❞❡♥t✐t② ♠❛tr✐① ✐s ❛♥ ❆r♠✭q❀ ♥ ✶❀ ♥✮ ❢♦r ❛❧❧ q✳ ❚❤❡ ❝♦❞❡ ♦❢ t❤❡ ♥ ✰ ✶ ✈❡❝t♦rs ❝✐ ❂ ✭✶❀ ✿ ✿ ✿ ❀ ✶❀ ✵❀ ✿ ✿ ✿ ❀ ✵✮ ✇✐t❤ ✐ ♦♥❡s ❢♦❧❧♦✇❡❞ ❜② ♥ ✐ ③❡r♦❡s ✐s ❛♥ ❆r♠✭q❀ ♥❀ ♥✮ ❢♦r ❛❧❧ q✳ ❆♥ ❆r♠✭✷❀ ✼❀ ✶✵✮ ❝❛♥ ❜❡ ❝♦♥str✉❝t❡❞ ❜② t❛❦✐♥❣ ❛ ❙t❡✐♥❡r s②st❡♠ ❙✭✸❀ ✹❀ ✶✵✮ ❛♥❞ ❛❞❞✐♥❣ t❤❡ ❛❧❧✲✵ ✈❡❝t♦r✳ ❆r♠str♦♥❣ ❝♦❞❡s ❤❛✈❡ t❤❡✐r ♦r✐❣✐♥ ✐♥ ❉❛t❛❜❛s❡ ❚❤❡♦r②✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✸ ✴ ✷✵

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SLIDE 5

❖r✐❣✐♥s✱ ❡①❛♠♣❧❡s

❚❤❡ ❝♦❞❡ ❝♦♥s✐st✐♥❣ ♦❢ t❤❡ r♦✇s ♦❢ ❛♥ ♥ ❜② ♥ ✐❞❡♥t✐t② ♠❛tr✐① ✐s ❛♥ ❆r♠✭q❀ ♥ ✶❀ ♥✮ ❢♦r ❛❧❧ q✳ ❚❤❡ ❝♦❞❡ ♦❢ t❤❡ ♥ ✰ ✶ ✈❡❝t♦rs ❝✐ ❂ ✭✶❀ ✿ ✿ ✿ ❀ ✶❀ ✵❀ ✿ ✿ ✿ ❀ ✵✮ ✇✐t❤ ✐ ♦♥❡s ❢♦❧❧♦✇❡❞ ❜② ♥ ✐ ③❡r♦❡s ✐s ❛♥ ❆r♠✭q❀ ♥❀ ♥✮ ❢♦r ❛❧❧ q✳ ❆♥ ❆r♠✭✷❀ ✼❀ ✶✵✮ ❝❛♥ ❜❡ ❝♦♥str✉❝t❡❞ ❜② t❛❦✐♥❣ ❛ ❙t❡✐♥❡r s②st❡♠ ❙✭✸❀ ✹❀ ✶✵✮ ❛♥❞ ❛❞❞✐♥❣ t❤❡ ❛❧❧✲✵ ✈❡❝t♦r✳ ❆r♠str♦♥❣ ❝♦❞❡s ❤❛✈❡ t❤❡✐r ♦r✐❣✐♥ ✐♥ ❉❛t❛❜❛s❡ ❚❤❡♦r②✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✸ ✴ ✷✵

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SLIDE 6

❖r✐❣✐♥s✱ ❡①❛♠♣❧❡s

❚❤❡ ❝♦❞❡ ❝♦♥s✐st✐♥❣ ♦❢ t❤❡ r♦✇s ♦❢ ❛♥ ♥ ❜② ♥ ✐❞❡♥t✐t② ♠❛tr✐① ✐s ❛♥ ❆r♠✭q❀ ♥ ✶❀ ♥✮ ❢♦r ❛❧❧ q✳ ❚❤❡ ❝♦❞❡ ♦❢ t❤❡ ♥ ✰ ✶ ✈❡❝t♦rs ❝✐ ❂ ✭✶❀ ✿ ✿ ✿ ❀ ✶❀ ✵❀ ✿ ✿ ✿ ❀ ✵✮ ✇✐t❤ ✐ ♦♥❡s ❢♦❧❧♦✇❡❞ ❜② ♥ ✐ ③❡r♦❡s ✐s ❛♥ ❆r♠✭q❀ ♥❀ ♥✮ ❢♦r ❛❧❧ q✳ ❆♥ ❆r♠✭✷❀ ✼❀ ✶✵✮ ❝❛♥ ❜❡ ❝♦♥str✉❝t❡❞ ❜② t❛❦✐♥❣ ❛ ❙t❡✐♥❡r s②st❡♠ ❙✭✸❀ ✹❀ ✶✵✮ ❛♥❞ ❛❞❞✐♥❣ t❤❡ ❛❧❧✲✵ ✈❡❝t♦r✳ ❆r♠str♦♥❣ ❝♦❞❡s ❤❛✈❡ t❤❡✐r ♦r✐❣✐♥ ✐♥ ❉❛t❛❜❛s❡ ❚❤❡♦r②✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✸ ✴ ✷✵

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SLIDE 7

❖r✐❣✐♥s✱ ❡①❛♠♣❧❡s

❚❤❡ ❝♦❞❡ ❝♦♥s✐st✐♥❣ ♦❢ t❤❡ r♦✇s ♦❢ ❛♥ ♥ ❜② ♥ ✐❞❡♥t✐t② ♠❛tr✐① ✐s ❛♥ ❆r♠✭q❀ ♥ ✶❀ ♥✮ ❢♦r ❛❧❧ q✳ ❚❤❡ ❝♦❞❡ ♦❢ t❤❡ ♥ ✰ ✶ ✈❡❝t♦rs ❝✐ ❂ ✭✶❀ ✿ ✿ ✿ ❀ ✶❀ ✵❀ ✿ ✿ ✿ ❀ ✵✮ ✇✐t❤ ✐ ♦♥❡s ❢♦❧❧♦✇❡❞ ❜② ♥ ✐ ③❡r♦❡s ✐s ❛♥ ❆r♠✭q❀ ♥❀ ♥✮ ❢♦r ❛❧❧ q✳ ❆♥ ❆r♠✭✷❀ ✼❀ ✶✵✮ ❝❛♥ ❜❡ ❝♦♥str✉❝t❡❞ ❜② t❛❦✐♥❣ ❛ ❙t❡✐♥❡r s②st❡♠ ❙✭✸❀ ✹❀ ✶✵✮ ❛♥❞ ❛❞❞✐♥❣ t❤❡ ❛❧❧✲✵ ✈❡❝t♦r✳ ❆r♠str♦♥❣ ❝♦❞❡s ❤❛✈❡ t❤❡✐r ♦r✐❣✐♥ ✐♥ ❉❛t❛❜❛s❡ ❚❤❡♦r②✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✸ ✴ ✷✵

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SLIDE 8

❊❛r❧✐❡r r❡s✉❧ts

▲❡t ❢ ✭q❀ ❦✮ ❂ ♠❛①❢♥ ✿ ❆r♠✭q❀ ❦❀ ♥✮ ❡①✐sts❣✳

Pr♦♣♦s✐t✐♦♥ ✭●✳❖✳❍✳ ❑❛t♦♥❛✱ ❑✳✲❉✳ ❙❝❤❡✇❡✱ ❙✳✮

❢ ✭q❀ ✷✮ ❂

q✰✶

✁ ❛♥❞ ✸q ✷ ✔ ❢ ✭q❀ ✸✮ ✔ ✸q ✶✳

Pr♦♣♦s✐t✐♦♥ ✭▲✳ ❙③é❦❡❧②✱ ❙✳✮

♣q ❡ ❦ ❁ ❢ ✭q❀ ❦✮ ❁ ✭q ❧♦❣ q✮❦ ❢♦r ❦ ❃ ❦✵✭q✮ ❛♥❞ q ❃ ✸

❚❤❡ ❝♦♥str✉❝t✐♦♥ ✐s ♣r♦❜❛❜✐❧✐st✐❝ ✉s✐♥❣ ▲♦✈ás③ ▲♦❝❛❧ ▲❡♠♠❛✱ t❤❡ ✉♣♣❡r ❜♦✉♥❞ ✐s ♦❜t❛✐♥❡❞ ❜② ❡♠❜❡❞❞✐♥❣ ✐♥t♦ ❛♥ ❊✉❝❧✐❞❡❛♥ s♣❤❡r❡ ❛♥❞ ✉s✐♥❣ ❘❛♥❦✐♥✬s ❜♦✉♥❞ ❢♦r s♣❤❡r✐❝❛❧ ❝♦❞❡s✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✹ ✴ ✷✵

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SLIDE 9

❊❛r❧✐❡r r❡s✉❧ts

▲❡t ❢ ✭q❀ ❦✮ ❂ ♠❛①❢♥ ✿ ❆r♠✭q❀ ❦❀ ♥✮ ❡①✐sts❣✳

Pr♦♣♦s✐t✐♦♥ ✭●✳❖✳❍✳ ❑❛t♦♥❛✱ ❑✳✲❉✳ ❙❝❤❡✇❡✱ ❙✳✮

❢ ✭q❀ ✷✮ ❂

q✰✶

✁ ❛♥❞ ✸q ✷ ✔ ❢ ✭q❀ ✸✮ ✔ ✸q ✶✳

Pr♦♣♦s✐t✐♦♥ ✭▲✳ ❙③é❦❡❧②✱ ❙✳✮

♣q ❡ ❦ ❁ ❢ ✭q❀ ❦✮ ❁ ✭q ❧♦❣ q✮❦ ❢♦r ❦ ❃ ❦✵✭q✮ ❛♥❞ q ❃ ✸

❚❤❡ ❝♦♥str✉❝t✐♦♥ ✐s ♣r♦❜❛❜✐❧✐st✐❝ ✉s✐♥❣ ▲♦✈ás③ ▲♦❝❛❧ ▲❡♠♠❛✱ t❤❡ ✉♣♣❡r ❜♦✉♥❞ ✐s ♦❜t❛✐♥❡❞ ❜② ❡♠❜❡❞❞✐♥❣ ✐♥t♦ ❛♥ ❊✉❝❧✐❞❡❛♥ s♣❤❡r❡ ❛♥❞ ✉s✐♥❣ ❘❛♥❦✐♥✬s ❜♦✉♥❞ ❢♦r s♣❤❡r✐❝❛❧ ❝♦❞❡s✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✹ ✴ ✷✵

slide-10
SLIDE 10

❊❛r❧✐❡r r❡s✉❧ts

▲❡t ❢ ✭q❀ ❦✮ ❂ ♠❛①❢♥ ✿ ❆r♠✭q❀ ❦❀ ♥✮ ❡①✐sts❣✳

Pr♦♣♦s✐t✐♦♥ ✭●✳❖✳❍✳ ❑❛t♦♥❛✱ ❑✳✲❉✳ ❙❝❤❡✇❡✱ ❙✳✮

❢ ✭q❀ ✷✮ ❂

q✰✶

✁ ❛♥❞ ✸q ✷ ✔ ❢ ✭q❀ ✸✮ ✔ ✸q ✶✳

Pr♦♣♦s✐t✐♦♥ ✭▲✳ ❙③é❦❡❧②✱ ❙✳✮

♣q ❡ ❦ ❁ ❢ ✭q❀ ❦✮ ❁ ✭q ❧♦❣ q✮❦ ❢♦r ❦ ❃ ❦✵✭q✮ ❛♥❞ q ❃ ✸

❚❤❡ ❝♦♥str✉❝t✐♦♥ ✐s ♣r♦❜❛❜✐❧✐st✐❝ ✉s✐♥❣ ▲♦✈ás③ ▲♦❝❛❧ ▲❡♠♠❛✱ t❤❡ ✉♣♣❡r ❜♦✉♥❞ ✐s ♦❜t❛✐♥❡❞ ❜② ❡♠❜❡❞❞✐♥❣ ✐♥t♦ ❛♥ ❊✉❝❧✐❞❡❛♥ s♣❤❡r❡ ❛♥❞ ✉s✐♥❣ ❘❛♥❦✐♥✬s ❜♦✉♥❞ ❢♦r s♣❤❡r✐❝❛❧ ❝♦❞❡s✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✹ ✴ ✷✵

slide-11
SLIDE 11

❊❛r❧✐❡r r❡s✉❧ts

▲❡t ❢ ✭q❀ ❦✮ ❂ ♠❛①❢♥ ✿ ❆r♠✭q❀ ❦❀ ♥✮ ❡①✐sts❣✳

Pr♦♣♦s✐t✐♦♥ ✭●✳❖✳❍✳ ❑❛t♦♥❛✱ ❑✳✲❉✳ ❙❝❤❡✇❡✱ ❙✳✮

❢ ✭q❀ ✷✮ ❂

q✰✶

✁ ❛♥❞ ✸q ✷ ✔ ❢ ✭q❀ ✸✮ ✔ ✸q ✶✳

Pr♦♣♦s✐t✐♦♥ ✭▲✳ ❙③é❦❡❧②✱ ❙✳✮

♣q ❡ ❦ ❁ ❢ ✭q❀ ❦✮ ❁ ✭q ❧♦❣ q✮❦ ❢♦r ❦ ❃ ❦✵✭q✮ ❛♥❞ q ❃ ✸

❚❤❡ ❝♦♥str✉❝t✐♦♥ ✐s ♣r♦❜❛❜✐❧✐st✐❝ ✉s✐♥❣ ▲♦✈ás③ ▲♦❝❛❧ ▲❡♠♠❛✱ t❤❡ ✉♣♣❡r ❜♦✉♥❞ ✐s ♦❜t❛✐♥❡❞ ❜② ❡♠❜❡❞❞✐♥❣ ✐♥t♦ ❛♥ ❊✉❝❧✐❞❡❛♥ s♣❤❡r❡ ❛♥❞ ✉s✐♥❣ ❘❛♥❦✐♥✬s ❜♦✉♥❞ ❢♦r s♣❤❡r✐❝❛❧ ❝♦❞❡s✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✹ ✴ ✷✵

slide-12
SLIDE 12

❊❛r❧✐❡r r❡s✉❧ts

▲❡t ❢ ✭q❀ ❦✮ ❂ ♠❛①❢♥ ✿ ❆r♠✭q❀ ❦❀ ♥✮ ❡①✐sts❣✳

Pr♦♣♦s✐t✐♦♥ ✭●✳❖✳❍✳ ❑❛t♦♥❛✱ ❑✳✲❉✳ ❙❝❤❡✇❡✱ ❙✳✮

❢ ✭q❀ ✷✮ ❂

q✰✶

✁ ❛♥❞ ✸q ✷ ✔ ❢ ✭q❀ ✸✮ ✔ ✸q ✶✳

Pr♦♣♦s✐t✐♦♥ ✭▲✳ ❙③é❦❡❧②✱ ❙✳✮

♣q ❡ ❦ ❁ ❢ ✭q❀ ❦✮ ❁ ✭q ❧♦❣ q✮❦ ❢♦r ❦ ❃ ❦✵✭q✮ ❛♥❞ q ❃ ✸

❚❤❡ ❝♦♥str✉❝t✐♦♥ ✐s ♣r♦❜❛❜✐❧✐st✐❝ ✉s✐♥❣ ▲♦✈ás③ ▲♦❝❛❧ ▲❡♠♠❛✱ t❤❡ ✉♣♣❡r ❜♦✉♥❞ ✐s ♦❜t❛✐♥❡❞ ❜② ❡♠❜❡❞❞✐♥❣ ✐♥t♦ ❛♥ ❊✉❝❧✐❞❡❛♥ s♣❤❡r❡ ❛♥❞ ✉s✐♥❣ ❘❛♥❦✐♥✬s ❜♦✉♥❞ ❢♦r s♣❤❡r✐❝❛❧ ❝♦❞❡s✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✹ ✴ ✷✵

slide-13
SLIDE 13

❆r♠str♦♥❣ ❝♦❞❡s ❆r♠✭✷❀ ❦❀ ♥✮ ❢♦r ❦ ✕ ♥ ✸

❆r♠✭✷❀ ♥❀ ♥✮ ❛♥❞ ❆r♠✭✷❀ ♥ ✶❀ ♥✮ ❡①✐sts ❢♦r ❛❧❧ ♥ ❃ ✵✳

Pr♦♣♦s✐t✐♦♥ ✭❆✳ ❑❡s③❧❡r✮

❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❞♦❡s ♥♦t ❡①✐st ❢♦r ♥ ✔ ✽✳

❚❤❡♦r❡♠

❆♥ ❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❡①✐sts ✐❢ ❛♥❞ ♦♥❧② ✐❢ ♥ ✕ ✾✳ ❆♥ ❆r♠✭✷❀ ♥ ✸❀ ♥✮ ❡①✐sts ✐❢ ❛♥❞ ♦♥❧② ✐❢ ♥ ✕ ✶✵✳ ❇② ❞❡❧❡t✐♥❣ ♦♥❡ ❝♦♦r❞✐♥❛t❡ ♣♦s✐t✐♦♥ ✐♥ ❛♥ ❆r♠✭q❀ ❦❀ ♥✮✱ ♦♥❡ ♦❜t❛✐♥s ❛♥ ❆r♠✭q❀ ❦❀ ♥ ✶✮✳ ❚❤❡ ❡①✐st❡♥❝❡ ♦❢ ❛♥ ❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❢♦r ♥ ✕ ✾ ❢♦❧❧♦✇s ❢r♦♠ t❤❛t ♦❢ ❛♥ ❆r♠✭✷❀ ♥ ✸❀ ♥✮ ❢♦r ♥ ✕ ✶✵✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✺ ✴ ✷✵

slide-14
SLIDE 14

❆r♠str♦♥❣ ❝♦❞❡s ❆r♠✭✷❀ ❦❀ ♥✮ ❢♦r ❦ ✕ ♥ ✸

❆r♠✭✷❀ ♥❀ ♥✮ ❛♥❞ ❆r♠✭✷❀ ♥ ✶❀ ♥✮ ❡①✐sts ❢♦r ❛❧❧ ♥ ❃ ✵✳

Pr♦♣♦s✐t✐♦♥ ✭❆✳ ❑❡s③❧❡r✮

❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❞♦❡s ♥♦t ❡①✐st ❢♦r ♥ ✔ ✽✳

❚❤❡♦r❡♠

❆♥ ❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❡①✐sts ✐❢ ❛♥❞ ♦♥❧② ✐❢ ♥ ✕ ✾✳ ❆♥ ❆r♠✭✷❀ ♥ ✸❀ ♥✮ ❡①✐sts ✐❢ ❛♥❞ ♦♥❧② ✐❢ ♥ ✕ ✶✵✳ ❇② ❞❡❧❡t✐♥❣ ♦♥❡ ❝♦♦r❞✐♥❛t❡ ♣♦s✐t✐♦♥ ✐♥ ❛♥ ❆r♠✭q❀ ❦❀ ♥✮✱ ♦♥❡ ♦❜t❛✐♥s ❛♥ ❆r♠✭q❀ ❦❀ ♥ ✶✮✳ ❚❤❡ ❡①✐st❡♥❝❡ ♦❢ ❛♥ ❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❢♦r ♥ ✕ ✾ ❢♦❧❧♦✇s ❢r♦♠ t❤❛t ♦❢ ❛♥ ❆r♠✭✷❀ ♥ ✸❀ ♥✮ ❢♦r ♥ ✕ ✶✵✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✺ ✴ ✷✵

slide-15
SLIDE 15

❆r♠str♦♥❣ ❝♦❞❡s ❆r♠✭✷❀ ❦❀ ♥✮ ❢♦r ❦ ✕ ♥ ✸

❆r♠✭✷❀ ♥❀ ♥✮ ❛♥❞ ❆r♠✭✷❀ ♥ ✶❀ ♥✮ ❡①✐sts ❢♦r ❛❧❧ ♥ ❃ ✵✳

Pr♦♣♦s✐t✐♦♥ ✭❆✳ ❑❡s③❧❡r✮

❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❞♦❡s ♥♦t ❡①✐st ❢♦r ♥ ✔ ✽✳

❚❤❡♦r❡♠

❆♥ ❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❡①✐sts ✐❢ ❛♥❞ ♦♥❧② ✐❢ ♥ ✕ ✾✳ ❆♥ ❆r♠✭✷❀ ♥ ✸❀ ♥✮ ❡①✐sts ✐❢ ❛♥❞ ♦♥❧② ✐❢ ♥ ✕ ✶✵✳ ❇② ❞❡❧❡t✐♥❣ ♦♥❡ ❝♦♦r❞✐♥❛t❡ ♣♦s✐t✐♦♥ ✐♥ ❛♥ ❆r♠✭q❀ ❦❀ ♥✮✱ ♦♥❡ ♦❜t❛✐♥s ❛♥ ❆r♠✭q❀ ❦❀ ♥ ✶✮✳ ❚❤❡ ❡①✐st❡♥❝❡ ♦❢ ❛♥ ❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❢♦r ♥ ✕ ✾ ❢♦❧❧♦✇s ❢r♦♠ t❤❛t ♦❢ ❛♥ ❆r♠✭✷❀ ♥ ✸❀ ♥✮ ❢♦r ♥ ✕ ✶✵✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✺ ✴ ✷✵

slide-16
SLIDE 16

❆r♠str♦♥❣ ❝♦❞❡s ❆r♠✭✷❀ ❦❀ ♥✮ ❢♦r ❦ ✕ ♥ ✸

❆r♠✭✷❀ ♥❀ ♥✮ ❛♥❞ ❆r♠✭✷❀ ♥ ✶❀ ♥✮ ❡①✐sts ❢♦r ❛❧❧ ♥ ❃ ✵✳

Pr♦♣♦s✐t✐♦♥ ✭❆✳ ❑❡s③❧❡r✮

❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❞♦❡s ♥♦t ❡①✐st ❢♦r ♥ ✔ ✽✳

❚❤❡♦r❡♠

❆♥ ❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❡①✐sts ✐❢ ❛♥❞ ♦♥❧② ✐❢ ♥ ✕ ✾✳ ❆♥ ❆r♠✭✷❀ ♥ ✸❀ ♥✮ ❡①✐sts ✐❢ ❛♥❞ ♦♥❧② ✐❢ ♥ ✕ ✶✵✳ ❇② ❞❡❧❡t✐♥❣ ♦♥❡ ❝♦♦r❞✐♥❛t❡ ♣♦s✐t✐♦♥ ✐♥ ❛♥ ❆r♠✭q❀ ❦❀ ♥✮✱ ♦♥❡ ♦❜t❛✐♥s ❛♥ ❆r♠✭q❀ ❦❀ ♥ ✶✮✳ ❚❤❡ ❡①✐st❡♥❝❡ ♦❢ ❛♥ ❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❢♦r ♥ ✕ ✾ ❢♦❧❧♦✇s ❢r♦♠ t❤❛t ♦❢ ❛♥ ❆r♠✭✷❀ ♥ ✸❀ ♥✮ ❢♦r ♥ ✕ ✶✵✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✺ ✴ ✷✵

slide-17
SLIDE 17

❆r♠str♦♥❣ ❝♦❞❡s ❆r♠✭✷❀ ❦❀ ♥✮ ❢♦r ❦ ✕ ♥ ✸

❆r♠✭✷❀ ♥❀ ♥✮ ❛♥❞ ❆r♠✭✷❀ ♥ ✶❀ ♥✮ ❡①✐sts ❢♦r ❛❧❧ ♥ ❃ ✵✳

Pr♦♣♦s✐t✐♦♥ ✭❆✳ ❑❡s③❧❡r✮

❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❞♦❡s ♥♦t ❡①✐st ❢♦r ♥ ✔ ✽✳

❚❤❡♦r❡♠

❆♥ ❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❡①✐sts ✐❢ ❛♥❞ ♦♥❧② ✐❢ ♥ ✕ ✾✳ ❆♥ ❆r♠✭✷❀ ♥ ✸❀ ♥✮ ❡①✐sts ✐❢ ❛♥❞ ♦♥❧② ✐❢ ♥ ✕ ✶✵✳ ❇② ❞❡❧❡t✐♥❣ ♦♥❡ ❝♦♦r❞✐♥❛t❡ ♣♦s✐t✐♦♥ ✐♥ ❛♥ ❆r♠✭q❀ ❦❀ ♥✮✱ ♦♥❡ ♦❜t❛✐♥s ❛♥ ❆r♠✭q❀ ❦❀ ♥ ✶✮✳ ❚❤❡ ❡①✐st❡♥❝❡ ♦❢ ❛♥ ❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❢♦r ♥ ✕ ✾ ❢♦❧❧♦✇s ❢r♦♠ t❤❛t ♦❢ ❛♥ ❆r♠✭✷❀ ♥ ✸❀ ♥✮ ❢♦r ♥ ✕ ✶✵✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✺ ✴ ✷✵

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SLIDE 18

❆r♠str♦♥❣ ❝♦❞❡s ❆r♠✭✷❀ ❦❀ ♥✮ ❢♦r ❦ ✕ ♥ ✸

❆r♠✭✷❀ ♥❀ ♥✮ ❛♥❞ ❆r♠✭✷❀ ♥ ✶❀ ♥✮ ❡①✐sts ❢♦r ❛❧❧ ♥ ❃ ✵✳

Pr♦♣♦s✐t✐♦♥ ✭❆✳ ❑❡s③❧❡r✮

❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❞♦❡s ♥♦t ❡①✐st ❢♦r ♥ ✔ ✽✳

❚❤❡♦r❡♠

❆♥ ❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❡①✐sts ✐❢ ❛♥❞ ♦♥❧② ✐❢ ♥ ✕ ✾✳ ❆♥ ❆r♠✭✷❀ ♥ ✸❀ ♥✮ ❡①✐sts ✐❢ ❛♥❞ ♦♥❧② ✐❢ ♥ ✕ ✶✵✳ ❇② ❞❡❧❡t✐♥❣ ♦♥❡ ❝♦♦r❞✐♥❛t❡ ♣♦s✐t✐♦♥ ✐♥ ❛♥ ❆r♠✭q❀ ❦❀ ♥✮✱ ♦♥❡ ♦❜t❛✐♥s ❛♥ ❆r♠✭q❀ ❦❀ ♥ ✶✮✳ ❚❤❡ ❡①✐st❡♥❝❡ ♦❢ ❛♥ ❆r♠✭✷❀ ♥ ✷❀ ♥✮ ❢♦r ♥ ✕ ✾ ❢♦❧❧♦✇s ❢r♦♠ t❤❛t ♦❢ ❛♥ ❆r♠✭✷❀ ♥ ✸❀ ♥✮ ❢♦r ♥ ✕ ✶✵✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✺ ✴ ✷✵

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SLIDE 19

❙❦❡❧❡t♦♥ ❝♦❞❡ ♠❡t❤♦❞

▲❡t ♥ ✕ ✷✸✳ ❈♦♥str✉❝t ❛♥ ✭♥❀ ♥❀ ✶✷✮✲❝♦❞❡ ❢r♦♠ ❛ ❍❛❞❛♠❛r❞ ♠❛tr✐① ♦❢ ♦r❞❡r ✹t✱ ✇❤❡r❡ ♥ ✔ ✹t ✔ ✷♥ ✷✷✳ P❛rt✐t✐♦♥ t❤❡ q✉❛❞r✉♣❧❡s ❢r♦♠ ❛♥ ♥✲s❡t ✐♥t♦ ♥ ❝♦❧❧❡❝t✐♦♥s s✉❝❤ t❤❛t t✇♦ q✉❛❞r✉♣❧❡s ✐♥ t❤❡ s❛♠❡ ❝♦❧❧❡❝t✐♦♥ ✐♥t❡rs❡❝t ✐♥ ❛t ♠♦st ✷ ❡❧❡♠❡♥ts ❜② ♣✉tt✐♥❣ q✉❛❞r✉♣❧❡ ❢♣❀ q❀ r❀ s❣ ✐♥ ❝♦❧❧❡❝t✐♦♥ ❚✐ ✐❢ ♣ ✰ q ✰ r ✰ s ✑ ✐ ✭♠♦❞ ♥✮✳ ▲❡t ❈ ❂ ❢⑦ ❝✵❀ ✿ ✿ ✿ ❀⑦ ❝♥✶❣ ❜❡ ❛♥ ✭♥❀ ♥❀ ✶✷✮✲❝♦❞❡✳ ❈♦♥str✉❝t ❛♥ ❆r♠✭✷❀ ♥ ✸❀ ♥✮ ❜② t❛❦✐♥❣ t❤❡ ❝♦❞❡ ✇♦r❞s ✐♥ ❈ t♦❣❡t❤❡r ✇✐t❤ t❤❡ ✇♦r❞s ⑦ ❝✐ ✰⑦ t ❢♦r ❡✈❡r② ❚ ✷ ❚✐✱ ✇❤❡r❡ ⑦ t ✐s t❤❡ ❝❤❛r❛❝t❡r✐st✐❝ ✈❡❝t♦r ♦❢ ❚✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✻ ✴ ✷✵

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SLIDE 20

❙❦❡❧❡t♦♥ ❝♦❞❡ ♠❡t❤♦❞

▲❡t ♥ ✕ ✷✸✳ ❈♦♥str✉❝t ❛♥ ✭♥❀ ♥❀ ✶✷✮✲❝♦❞❡ ❢r♦♠ ❛ ❍❛❞❛♠❛r❞ ♠❛tr✐① ♦❢ ♦r❞❡r ✹t✱ ✇❤❡r❡ ♥ ✔ ✹t ✔ ✷♥ ✷✷✳ P❛rt✐t✐♦♥ t❤❡ q✉❛❞r✉♣❧❡s ❢r♦♠ ❛♥ ♥✲s❡t ✐♥t♦ ♥ ❝♦❧❧❡❝t✐♦♥s s✉❝❤ t❤❛t t✇♦ q✉❛❞r✉♣❧❡s ✐♥ t❤❡ s❛♠❡ ❝♦❧❧❡❝t✐♦♥ ✐♥t❡rs❡❝t ✐♥ ❛t ♠♦st ✷ ❡❧❡♠❡♥ts ❜② ♣✉tt✐♥❣ q✉❛❞r✉♣❧❡ ❢♣❀ q❀ r❀ s❣ ✐♥ ❝♦❧❧❡❝t✐♦♥ ❚✐ ✐❢ ♣ ✰ q ✰ r ✰ s ✑ ✐ ✭♠♦❞ ♥✮✳ ▲❡t ❈ ❂ ❢⑦ ❝✵❀ ✿ ✿ ✿ ❀⑦ ❝♥✶❣ ❜❡ ❛♥ ✭♥❀ ♥❀ ✶✷✮✲❝♦❞❡✳ ❈♦♥str✉❝t ❛♥ ❆r♠✭✷❀ ♥ ✸❀ ♥✮ ❜② t❛❦✐♥❣ t❤❡ ❝♦❞❡ ✇♦r❞s ✐♥ ❈ t♦❣❡t❤❡r ✇✐t❤ t❤❡ ✇♦r❞s ⑦ ❝✐ ✰⑦ t ❢♦r ❡✈❡r② ❚ ✷ ❚✐✱ ✇❤❡r❡ ⑦ t ✐s t❤❡ ❝❤❛r❛❝t❡r✐st✐❝ ✈❡❝t♦r ♦❢ ❚✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✻ ✴ ✷✵

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SLIDE 21

❙❦❡❧❡t♦♥ ❝♦❞❡ ♠❡t❤♦❞

▲❡t ♥ ✕ ✷✸✳ ❈♦♥str✉❝t ❛♥ ✭♥❀ ♥❀ ✶✷✮✲❝♦❞❡ ❢r♦♠ ❛ ❍❛❞❛♠❛r❞ ♠❛tr✐① ♦❢ ♦r❞❡r ✹t✱ ✇❤❡r❡ ♥ ✔ ✹t ✔ ✷♥ ✷✷✳ P❛rt✐t✐♦♥ t❤❡ q✉❛❞r✉♣❧❡s ❢r♦♠ ❛♥ ♥✲s❡t ✐♥t♦ ♥ ❝♦❧❧❡❝t✐♦♥s s✉❝❤ t❤❛t t✇♦ q✉❛❞r✉♣❧❡s ✐♥ t❤❡ s❛♠❡ ❝♦❧❧❡❝t✐♦♥ ✐♥t❡rs❡❝t ✐♥ ❛t ♠♦st ✷ ❡❧❡♠❡♥ts ❜② ♣✉tt✐♥❣ q✉❛❞r✉♣❧❡ ❢♣❀ q❀ r❀ s❣ ✐♥ ❝♦❧❧❡❝t✐♦♥ ❚✐ ✐❢ ♣ ✰ q ✰ r ✰ s ✑ ✐ ✭♠♦❞ ♥✮✳ ▲❡t ❈ ❂ ❢⑦ ❝✵❀ ✿ ✿ ✿ ❀⑦ ❝♥✶❣ ❜❡ ❛♥ ✭♥❀ ♥❀ ✶✷✮✲❝♦❞❡✳ ❈♦♥str✉❝t ❛♥ ❆r♠✭✷❀ ♥ ✸❀ ♥✮ ❜② t❛❦✐♥❣ t❤❡ ❝♦❞❡ ✇♦r❞s ✐♥ ❈ t♦❣❡t❤❡r ✇✐t❤ t❤❡ ✇♦r❞s ⑦ ❝✐ ✰⑦ t ❢♦r ❡✈❡r② ❚ ✷ ❚✐✱ ✇❤❡r❡ ⑦ t ✐s t❤❡ ❝❤❛r❛❝t❡r✐st✐❝ ✈❡❝t♦r ♦❢ ❚✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✻ ✴ ✷✵

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SLIDE 22

❙♠❛❧❧❡r ♥

❋♦r ✶✹ ✔ ♥ ✔ ✶✻✱ ❧♦♦❦ ❛t t❤❡ ✷✶✻✺ ❡①t❡♥❞❡❞ ♣❡r❢❡❝t ✭✶✻❀ ✷✵✹✽❀ ✹✮✲❝♦❞❡s ✭❝❧❛ss✐✜❡❞ ✐♥ Öst❡r❣år❞✱ P✳ ❘✳ ❏✳✱ ❛♥❞ P♦tt♦♥❡♥✱ ❖✳✱ ❚❤❡ ♣❡r❢❡❝t ❜✐♥❛r② ♦♥❡✲❡rr♦r✲❝♦rr❡❝t✐♥❣ ❝♦❞❡s ♦❢ ❧❡♥❣t❤ ✶✺✿ P❛rt ■✖❈❧❛ss✐✜❝❛t✐♦♥✳ ❛r❳✐✈✿✵✽✵✻✳✷✺✶✸✱ ❉❡❝ ✷✵✵✾✳✮✳ ❋✐✈❡ ♦❢ t❤❡s❡ ✭♥✉♠❜❡rs ✷✵✾✾✱ ✷✶✵✽✱ ✷✶✷✶✱ ✷✶✷✷ ❛♥❞ ✷✶✷✹✮ ❛r❡ ❆r♠str♦♥❣✳ ❆♣♣r♦♣r✐❛t❡ s❤♦rt❡♥✐♥❣s ❣✐✈❡ ❆r♠str♦♥❣ ❝♦❞❡s ❢♦r ♥ ❂ ✶✺ ❛♥❞ ♥ ❂ ✶✹ ✭❜✉t ♥♦t ❢♦r ♥ ❂ ✶✸✮✳ ❋♦r ✶✹ ✔ ♥ ✔ ✷✷ ❆r♠str♦♥❣ ❝♦❞❡s ❝❛♥ ❜❡ ♦❜t❛✐♥❡❞ ❜② ❝♦♠♣✉t❡r✱ ✉s✐♥❣ ❛ ❣r❡❡❞② ♣r♦❝❡❞✉r❡✳ ❋♦r ♥ ❂ ✶✶❀ ✶✷❀ ✶✸✱ ❛ r❛♥❞♦♠✐③❡❞ ✈❡rs✐♦♥ ♦❢ ❣r❡❡❞② ♣r♦❝❡❞✉r❡ ✇♦r❦s✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✼ ✴ ✷✵

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SLIDE 23

❙♠❛❧❧❡r ♥

❋♦r ✶✹ ✔ ♥ ✔ ✶✻✱ ❧♦♦❦ ❛t t❤❡ ✷✶✻✺ ❡①t❡♥❞❡❞ ♣❡r❢❡❝t ✭✶✻❀ ✷✵✹✽❀ ✹✮✲❝♦❞❡s ✭❝❧❛ss✐✜❡❞ ✐♥ Öst❡r❣år❞✱ P✳ ❘✳ ❏✳✱ ❛♥❞ P♦tt♦♥❡♥✱ ❖✳✱ ❚❤❡ ♣❡r❢❡❝t ❜✐♥❛r② ♦♥❡✲❡rr♦r✲❝♦rr❡❝t✐♥❣ ❝♦❞❡s ♦❢ ❧❡♥❣t❤ ✶✺✿ P❛rt ■✖❈❧❛ss✐✜❝❛t✐♦♥✳ ❛r❳✐✈✿✵✽✵✻✳✷✺✶✸✱ ❉❡❝ ✷✵✵✾✳✮✳ ❋✐✈❡ ♦❢ t❤❡s❡ ✭♥✉♠❜❡rs ✷✵✾✾✱ ✷✶✵✽✱ ✷✶✷✶✱ ✷✶✷✷ ❛♥❞ ✷✶✷✹✮ ❛r❡ ❆r♠str♦♥❣✳ ❆♣♣r♦♣r✐❛t❡ s❤♦rt❡♥✐♥❣s ❣✐✈❡ ❆r♠str♦♥❣ ❝♦❞❡s ❢♦r ♥ ❂ ✶✺ ❛♥❞ ♥ ❂ ✶✹ ✭❜✉t ♥♦t ❢♦r ♥ ❂ ✶✸✮✳ ❋♦r ✶✹ ✔ ♥ ✔ ✷✷ ❆r♠str♦♥❣ ❝♦❞❡s ❝❛♥ ❜❡ ♦❜t❛✐♥❡❞ ❜② ❝♦♠♣✉t❡r✱ ✉s✐♥❣ ❛ ❣r❡❡❞② ♣r♦❝❡❞✉r❡✳ ❋♦r ♥ ❂ ✶✶❀ ✶✷❀ ✶✸✱ ❛ r❛♥❞♦♠✐③❡❞ ✈❡rs✐♦♥ ♦❢ ❣r❡❡❞② ♣r♦❝❡❞✉r❡ ✇♦r❦s✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✼ ✴ ✷✵

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SLIDE 24

❙♠❛❧❧❡r ♥

❋♦r ✶✹ ✔ ♥ ✔ ✶✻✱ ❧♦♦❦ ❛t t❤❡ ✷✶✻✺ ❡①t❡♥❞❡❞ ♣❡r❢❡❝t ✭✶✻❀ ✷✵✹✽❀ ✹✮✲❝♦❞❡s ✭❝❧❛ss✐✜❡❞ ✐♥ Öst❡r❣år❞✱ P✳ ❘✳ ❏✳✱ ❛♥❞ P♦tt♦♥❡♥✱ ❖✳✱ ❚❤❡ ♣❡r❢❡❝t ❜✐♥❛r② ♦♥❡✲❡rr♦r✲❝♦rr❡❝t✐♥❣ ❝♦❞❡s ♦❢ ❧❡♥❣t❤ ✶✺✿ P❛rt ■✖❈❧❛ss✐✜❝❛t✐♦♥✳ ❛r❳✐✈✿✵✽✵✻✳✷✺✶✸✱ ❉❡❝ ✷✵✵✾✳✮✳ ❋✐✈❡ ♦❢ t❤❡s❡ ✭♥✉♠❜❡rs ✷✵✾✾✱ ✷✶✵✽✱ ✷✶✷✶✱ ✷✶✷✷ ❛♥❞ ✷✶✷✹✮ ❛r❡ ❆r♠str♦♥❣✳ ❆♣♣r♦♣r✐❛t❡ s❤♦rt❡♥✐♥❣s ❣✐✈❡ ❆r♠str♦♥❣ ❝♦❞❡s ❢♦r ♥ ❂ ✶✺ ❛♥❞ ♥ ❂ ✶✹ ✭❜✉t ♥♦t ❢♦r ♥ ❂ ✶✸✮✳ ❋♦r ✶✹ ✔ ♥ ✔ ✷✷ ❆r♠str♦♥❣ ❝♦❞❡s ❝❛♥ ❜❡ ♦❜t❛✐♥❡❞ ❜② ❝♦♠♣✉t❡r✱ ✉s✐♥❣ ❛ ❣r❡❡❞② ♣r♦❝❡❞✉r❡✳ ❋♦r ♥ ❂ ✶✶❀ ✶✷❀ ✶✸✱ ❛ r❛♥❞♦♠✐③❡❞ ✈❡rs✐♦♥ ♦❢ ❣r❡❡❞② ♣r♦❝❡❞✉r❡ ✇♦r❦s✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✼ ✴ ✷✵

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SLIDE 25

❙♠❛❧❧❡r ♥

❋♦r ✶✹ ✔ ♥ ✔ ✶✻✱ ❧♦♦❦ ❛t t❤❡ ✷✶✻✺ ❡①t❡♥❞❡❞ ♣❡r❢❡❝t ✭✶✻❀ ✷✵✹✽❀ ✹✮✲❝♦❞❡s ✭❝❧❛ss✐✜❡❞ ✐♥ Öst❡r❣år❞✱ P✳ ❘✳ ❏✳✱ ❛♥❞ P♦tt♦♥❡♥✱ ❖✳✱ ❚❤❡ ♣❡r❢❡❝t ❜✐♥❛r② ♦♥❡✲❡rr♦r✲❝♦rr❡❝t✐♥❣ ❝♦❞❡s ♦❢ ❧❡♥❣t❤ ✶✺✿ P❛rt ■✖❈❧❛ss✐✜❝❛t✐♦♥✳ ❛r❳✐✈✿✵✽✵✻✳✷✺✶✸✱ ❉❡❝ ✷✵✵✾✳✮✳ ❋✐✈❡ ♦❢ t❤❡s❡ ✭♥✉♠❜❡rs ✷✵✾✾✱ ✷✶✵✽✱ ✷✶✷✶✱ ✷✶✷✷ ❛♥❞ ✷✶✷✹✮ ❛r❡ ❆r♠str♦♥❣✳ ❆♣♣r♦♣r✐❛t❡ s❤♦rt❡♥✐♥❣s ❣✐✈❡ ❆r♠str♦♥❣ ❝♦❞❡s ❢♦r ♥ ❂ ✶✺ ❛♥❞ ♥ ❂ ✶✹ ✭❜✉t ♥♦t ❢♦r ♥ ❂ ✶✸✮✳ ❋♦r ✶✹ ✔ ♥ ✔ ✷✷ ❆r♠str♦♥❣ ❝♦❞❡s ❝❛♥ ❜❡ ♦❜t❛✐♥❡❞ ❜② ❝♦♠♣✉t❡r✱ ✉s✐♥❣ ❛ ❣r❡❡❞② ♣r♦❝❡❞✉r❡✳ ❋♦r ♥ ❂ ✶✶❀ ✶✷❀ ✶✸✱ ❛ r❛♥❞♦♠✐③❡❞ ✈❡rs✐♦♥ ♦❢ ❣r❡❡❞② ♣r♦❝❡❞✉r❡ ✇♦r❦s✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✼ ✴ ✷✵

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SLIDE 26

❆ ❧♦✇❡r ❜♦✉♥❞

❋♦r ❣❡♥❡r❛❧ ❦ ✇❡ ❤❛✈❡ t❤❡ ❢♦❧❧♦✇✐♥❣✳ ❘❡❝❛❧❧ t❤❛t ❞ ❂ ♥ ❦ ✰ ✶✳

❚❤❡♦r❡♠ ✭●✳❖✳❍✳ ❑❛t♦♥❛✱ ❑✳✲❉✳ ❙❝❤❡✇❡✱ ❙✳✮

❆♥ ❆r♠✭✷❀ ❦❀ ♥✮ ❡①✐sts ✇❤❡♥ ♥ ✕ ✾✿✵✾❞✭ ✭ ✮ ♥ ✔ ✶✿✶✷❦✮✳ Pr♦♦❢ ✐❞❡❛ ❆r♠✭✷❀ ❦❀ ♥✮ ❡①✐sts ✇❤❡♥ ❞

✁✷ ✔ ✷♥✷ ❜② ❣r❡❡❞② ❝♦♥str✉❝t✐♦♥✳ ❆♥❞

t❤✐s ❤♦❧❞s ✇❤❡♥ ❞ ✕ ✶ ❛♥❞ ♥ ✕ ❛❞ ✇✐t❤ ❛ ✕ ✾✿✵✽✽✻✶✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✽ ✴ ✷✵

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SLIDE 27

❆ ❧♦✇❡r ❜♦✉♥❞

❋♦r ❣❡♥❡r❛❧ ❦ ✇❡ ❤❛✈❡ t❤❡ ❢♦❧❧♦✇✐♥❣✳ ❘❡❝❛❧❧ t❤❛t ❞ ❂ ♥ ❦ ✰ ✶✳

❚❤❡♦r❡♠ ✭●✳❖✳❍✳ ❑❛t♦♥❛✱ ❑✳✲❉✳ ❙❝❤❡✇❡✱ ❙✳✮

❆♥ ❆r♠✭✷❀ ❦❀ ♥✮ ❡①✐sts ✇❤❡♥ ♥ ✕ ✾✿✵✾❞✭ ✭ ✮ ♥ ✔ ✶✿✶✷❦✮✳ Pr♦♦❢ ✐❞❡❛ ❆r♠✭✷❀ ❦❀ ♥✮ ❡①✐sts ✇❤❡♥ ❞

✁✷ ✔ ✷♥✷ ❜② ❣r❡❡❞② ❝♦♥str✉❝t✐♦♥✳ ❆♥❞

t❤✐s ❤♦❧❞s ✇❤❡♥ ❞ ✕ ✶ ❛♥❞ ♥ ✕ ❛❞ ✇✐t❤ ❛ ✕ ✾✿✵✽✽✻✶✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✽ ✴ ✷✵

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SLIDE 28

❆ ❧♦✇❡r ❜♦✉♥❞

❋♦r ❣❡♥❡r❛❧ ❦ ✇❡ ❤❛✈❡ t❤❡ ❢♦❧❧♦✇✐♥❣✳ ❘❡❝❛❧❧ t❤❛t ❞ ❂ ♥ ❦ ✰ ✶✳

❚❤❡♦r❡♠ ✭●✳❖✳❍✳ ❑❛t♦♥❛✱ ❑✳✲❉✳ ❙❝❤❡✇❡✱ ❙✳✮

❆♥ ❆r♠✭✷❀ ❦❀ ♥✮ ❡①✐sts ✇❤❡♥ ♥ ✕ ✾✿✵✾❞✭ ✭ ✮ ♥ ✔ ✶✿✶✷❦✮✳ Pr♦♦❢ ✐❞❡❛ ❆r♠✭✷❀ ❦❀ ♥✮ ❡①✐sts ✇❤❡♥ ❞

✁✷ ✔ ✷♥✷ ❜② ❣r❡❡❞② ❝♦♥str✉❝t✐♦♥✳ ❆♥❞

t❤✐s ❤♦❧❞s ✇❤❡♥ ❞ ✕ ✶ ❛♥❞ ♥ ✕ ❛❞ ✇✐t❤ ❛ ✕ ✾✿✵✽✽✻✶✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✽ ✴ ✷✵

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SLIDE 29

Pr❡✈✐♦✉s ✉♣♣❡r ❜♦✉♥❞

❚❤❡♦r❡♠ ✭●✳❖✳❍✳ ❑❛t♦♥❛✱ ❑✳✲❉✳ ❙❝❤❡✇❡✱ ❙✳✮

■❢ ❛♥ ❆r♠✭✷❀ ❦❀ ♥✮ ❡①✐sts✱ ❛♥❞ ❦ ✕ ✼✱ t❤❡♥ ♥ ✔ ✷✭❦ ✶✮ ✭t❤❛t ✐s✱ ♥ ✕ ✷❞✮✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✾ ✴ ✷✵

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SLIDE 30

❆ ❝♦♥♥❡❝t✐♦♥ ✇✐t❤ ❝♦♥st❛♥t ✇❡✐❣❤t ❝♦❞❡s

Pr♦♣♦s✐t✐♦♥

▲❡t ❆✭♥❀ ❞✮ ❛♥❞ ❆✭♥❀ ❞❀ ✇✮ ❞❡♥♦t❡ t❤❡ ♠❛①✐♠✉♠ s✐③❡ ♦❢ ❛ ❜✐♥❛r② ❝♦❞❡ ♦❢ ✇♦r❞ ❧❡♥❣t❤ ♥✱ ♠✐♥✐♠✉♠ ❞✐st❛♥❝❡ ❞ ✭❛♥❞ ❝♦♥st❛♥t ✇❡✐❣❤t ✇✮✳ ❙✉♣♣♦s❡ ❛♥ ❆r♠✭✷❀ ❦❀ ♥✮ ❡①✐sts✳ ❚❤❡♥ ✷

♥ ❞

✔ ❆✭♥❀ ❞✮❆✭♥❀ ❞❀ ❞✮✿ Pr♦♦❢✳ ■❢ ❈ ✐s ❛♥ ❆r♠✭✷❀ ❦❀ ♥✮ ❛♥❞ ✇❡ ❧♦♦❦ ❛t ❛❧❧ s♣❤❡r❡s ♦❢ r❛❞✐✉s ❞ ❛r♦✉♥❞ ❝♦❞❡ ✇♦r❞s✱ t❤❡♥ ✇❡ s❡❡ ❡❛❝❤ ❞✐✛❡r❡♥❝❡ ❛t ❧❡❛st t✇✐❝❡✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✵ ✴ ✷✵

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SLIDE 31

❆ ❝♦♥♥❡❝t✐♦♥ ✇✐t❤ ❝♦♥st❛♥t ✇❡✐❣❤t ❝♦❞❡s

Pr♦♣♦s✐t✐♦♥

▲❡t ❆✭♥❀ ❞✮ ❛♥❞ ❆✭♥❀ ❞❀ ✇✮ ❞❡♥♦t❡ t❤❡ ♠❛①✐♠✉♠ s✐③❡ ♦❢ ❛ ❜✐♥❛r② ❝♦❞❡ ♦❢ ✇♦r❞ ❧❡♥❣t❤ ♥✱ ♠✐♥✐♠✉♠ ❞✐st❛♥❝❡ ❞ ✭❛♥❞ ❝♦♥st❛♥t ✇❡✐❣❤t ✇✮✳ ❙✉♣♣♦s❡ ❛♥ ❆r♠✭✷❀ ❦❀ ♥✮ ❡①✐sts✳ ❚❤❡♥ ✷

♥ ❞

✔ ❆✭♥❀ ❞✮❆✭♥❀ ❞❀ ❞✮✿ Pr♦♦❢✳ ■❢ ❈ ✐s ❛♥ ❆r♠✭✷❀ ❦❀ ♥✮ ❛♥❞ ✇❡ ❧♦♦❦ ❛t ❛❧❧ s♣❤❡r❡s ♦❢ r❛❞✐✉s ❞ ❛r♦✉♥❞ ❝♦❞❡ ✇♦r❞s✱ t❤❡♥ ✇❡ s❡❡ ❡❛❝❤ ❞✐✛❡r❡♥❝❡ ❛t ❧❡❛st t✇✐❝❡✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✵ ✴ ✷✵

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SLIDE 32

❆ ❝♦♥♥❡❝t✐♦♥ ✇✐t❤ ❝♦♥st❛♥t ✇❡✐❣❤t ❝♦❞❡s

Pr♦♣♦s✐t✐♦♥

▲❡t ❆✭♥❀ ❞✮ ❛♥❞ ❆✭♥❀ ❞❀ ✇✮ ❞❡♥♦t❡ t❤❡ ♠❛①✐♠✉♠ s✐③❡ ♦❢ ❛ ❜✐♥❛r② ❝♦❞❡ ♦❢ ✇♦r❞ ❧❡♥❣t❤ ♥✱ ♠✐♥✐♠✉♠ ❞✐st❛♥❝❡ ❞ ✭❛♥❞ ❝♦♥st❛♥t ✇❡✐❣❤t ✇✮✳ ❙✉♣♣♦s❡ ❛♥ ❆r♠✭✷❀ ❦❀ ♥✮ ❡①✐sts✳ ❚❤❡♥ ✷

♥ ❞

✔ ❆✭♥❀ ❞✮❆✭♥❀ ❞❀ ❞✮✿ Pr♦♦❢✳ ■❢ ❈ ✐s ❛♥ ❆r♠✭✷❀ ❦❀ ♥✮ ❛♥❞ ✇❡ ❧♦♦❦ ❛t ❛❧❧ s♣❤❡r❡s ♦❢ r❛❞✐✉s ❞ ❛r♦✉♥❞ ❝♦❞❡ ✇♦r❞s✱ t❤❡♥ ✇❡ s❡❡ ❡❛❝❤ ❞✐✛❡r❡♥❝❡ ❛t ❧❡❛st t✇✐❝❡✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✵ ✴ ✷✵

slide-33
SLIDE 33

❚♦♦❧s

▲❡t ▲✭①✮ ❂ ① ❧♦❣✷✭①✮✳ ❋r♦♠ ❙t✐r❧✐♥❣✬s t❤❡♦r❡♠✱ ❢♦r ♠ s✉✣❝✐❡♥t❧② ❧❛r❣❡✱ ☞❀ ✌ ❛♥❞ ☞ ✌ ❜♦✉♥❞❡❞ ❛✇❛② ❢r♦♠ ③❡r♦✱ s♠❛❧❧ ❝♦♠♣❛r❡❞ t♦ ♠✱ ❜✉t ♥♦t ♥❡❝❡ss❛r✐❧② ❝♦♥st❛♥t ✶ ♠ ❧♦❣✷

☞♠ ✌♠

✙ ▲✭☞✮ ▲✭✌✮ ▲✭☞ ✌✮✿ ❲✐t❤ t❤❡ ❜✐♥❛r② ❡♥tr♦♣② ❢✉♥❝t✐♦♥ ❍✷✭①✮ ❂ ▲✭①✮ ▲✭✶ ①✮✱ ✇❡ ❤❛✈❡ ✶ ♥ ❧♦❣✷

♥ ☛♥

✙ ❍✷✭☛✮✿

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✶ ✴ ✷✵

slide-34
SLIDE 34

❚♦♦❧s ■■✳

▲❡t ❞ ❂ ✍♥✳ ▲❡t ✔✵ ❂ ✔✵✭✍✮ ❜❡ s✉❝❤ t❤❛t ❛ ❝♦❞❡ ♦❢ ❧❡♥❣t❤ ♥ ✇✐t❤ ❝♦♥st❛♥t ✇❡✐❣❤t ❞ ❛♥❞ ♠✐♥✐♠✉♠ ❞✐st❛♥❝❡ ❞ ❤❛s s✐③❡ ❛t ♠♦st ✷✔✵♥✳ ▲❡t ✔✶ ❂ ✔✶✭✍✮ ❜❡ s✉❝❤ t❤❛t ❛♥ ❛r❜✐tr❛r② ❝♦❞❡ ✇✐t❤ ❧❡♥❣t❤ ♥ ❛♥❞ ♠✐♥✐♠✉♠ ❞✐st❛♥❝❡ ❞ ❤❛s s✐③❡ ❛t ♠♦st ✷✔✶♥✳ Pr♦♣♦s✐t✐♦♥ s❛②s t❤❛t ✐❢ ❛♥ ❆r♠✭✷❀ ❦❀ ♥✮ ❡①✐sts✱ t❤❡♥ ✷

✁ ✔ ✷✭✔✵✰✔✶✮♥✳

❍❡♥❝❡ ❍✷✭✍✮ ✔ ✔✵✭✍✮ ✰ ✔✶✭✍✮✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✷ ✴ ✷✵

slide-35
SLIDE 35

❚♦♦❧s ■■✳

▲❡t ❞ ❂ ✍♥✳ ▲❡t ✔✵ ❂ ✔✵✭✍✮ ❜❡ s✉❝❤ t❤❛t ❛ ❝♦❞❡ ♦❢ ❧❡♥❣t❤ ♥ ✇✐t❤ ❝♦♥st❛♥t ✇❡✐❣❤t ❞ ❛♥❞ ♠✐♥✐♠✉♠ ❞✐st❛♥❝❡ ❞ ❤❛s s✐③❡ ❛t ♠♦st ✷✔✵♥✳ ▲❡t ✔✶ ❂ ✔✶✭✍✮ ❜❡ s✉❝❤ t❤❛t ❛♥ ❛r❜✐tr❛r② ❝♦❞❡ ✇✐t❤ ❧❡♥❣t❤ ♥ ❛♥❞ ♠✐♥✐♠✉♠ ❞✐st❛♥❝❡ ❞ ❤❛s s✐③❡ ❛t ♠♦st ✷✔✶♥✳ Pr♦♣♦s✐t✐♦♥ s❛②s t❤❛t ✐❢ ❛♥ ❆r♠✭✷❀ ❦❀ ♥✮ ❡①✐sts✱ t❤❡♥ ✷

✁ ✔ ✷✭✔✵✰✔✶✮♥✳

❍❡♥❝❡ ❍✷✭✍✮ ✔ ✔✵✭✍✮ ✰ ✔✶✭✍✮✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✷ ✴ ✷✵

slide-36
SLIDE 36

❚❤❡ s♣❤❡r❡ ♣❛❝❦✐♥❣ ❜♦✉♥❞

  • ✐✈❡s ❛♥ ✉♣♣❡r ❜♦✉♥❞ ✔✶ ❂ ✶ ❍✷✭✍❂✷✮✳

▲❡t ❈ ❜❡ ❛ ❝♦❞❡ ♦❢ ✇♦r❞ ❧❡♥❣t❤ ♥✱ ❝♦♥st❛♥t ✇❡✐❣❤t ❞✱ ❛♥❞ ♠✐♥✐♠✉♠ ❞✐st❛♥❝❡ ❞✳ ▲❡t ♠ ❂ ❜❞❂✷❝✳ ❚❤❡♥ ❥❈❥ ✔

♥ ♠ ✰ ✶

❞ ♠ ✰ ✶

❀ ❜❡❝❛✉s❡ ❡✈❡r② ✭♠ ✰ ✶✮✲s❡t ♦❢ ❝♦♦r❞✐♥❛t❡s ✐s ❝♦✈❡r❡❞ ❜② ❛ ❝♦❞❡ ✇♦r❞ ❢r♦♠ ❈ ❛t ♠♦st ♦♥❝❡✳ ❙♦ ✔✵ ❂ ▲✭ ✶

✷✍✮ ▲✭✍✮ ▲✭✶ ✶ ✷✍✮✳

❙♦❧✈✐♥❣ ❍✷✭✍✮ ✔ ✔✵✭✍✮ ✰ ✔✶✭✍✮ ②✐❡❧❞s ✍ ✔ ✵✿✷✷✼✶✱ s♦ t❤❛t ♥ ✔ ✶✿✷✾✹❦✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✸ ✴ ✷✵

slide-37
SLIDE 37

❚❤❡ s♣❤❡r❡ ♣❛❝❦✐♥❣ ❜♦✉♥❞

  • ✐✈❡s ❛♥ ✉♣♣❡r ❜♦✉♥❞ ✔✶ ❂ ✶ ❍✷✭✍❂✷✮✳

▲❡t ❈ ❜❡ ❛ ❝♦❞❡ ♦❢ ✇♦r❞ ❧❡♥❣t❤ ♥✱ ❝♦♥st❛♥t ✇❡✐❣❤t ❞✱ ❛♥❞ ♠✐♥✐♠✉♠ ❞✐st❛♥❝❡ ❞✳ ▲❡t ♠ ❂ ❜❞❂✷❝✳ ❚❤❡♥ ❥❈❥ ✔

♥ ♠ ✰ ✶

❞ ♠ ✰ ✶

❀ ❜❡❝❛✉s❡ ❡✈❡r② ✭♠ ✰ ✶✮✲s❡t ♦❢ ❝♦♦r❞✐♥❛t❡s ✐s ❝♦✈❡r❡❞ ❜② ❛ ❝♦❞❡ ✇♦r❞ ❢r♦♠ ❈ ❛t ♠♦st ♦♥❝❡✳ ❙♦ ✔✵ ❂ ▲✭ ✶

✷✍✮ ▲✭✍✮ ▲✭✶ ✶ ✷✍✮✳

❙♦❧✈✐♥❣ ❍✷✭✍✮ ✔ ✔✵✭✍✮ ✰ ✔✶✭✍✮ ②✐❡❧❞s ✍ ✔ ✵✿✷✷✼✶✱ s♦ t❤❛t ♥ ✔ ✶✿✷✾✹❦✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✸ ✴ ✷✵

slide-38
SLIDE 38

❚❤❡ s♣❤❡r❡ ♣❛❝❦✐♥❣ ❜♦✉♥❞

  • ✐✈❡s ❛♥ ✉♣♣❡r ❜♦✉♥❞ ✔✶ ❂ ✶ ❍✷✭✍❂✷✮✳

▲❡t ❈ ❜❡ ❛ ❝♦❞❡ ♦❢ ✇♦r❞ ❧❡♥❣t❤ ♥✱ ❝♦♥st❛♥t ✇❡✐❣❤t ❞✱ ❛♥❞ ♠✐♥✐♠✉♠ ❞✐st❛♥❝❡ ❞✳ ▲❡t ♠ ❂ ❜❞❂✷❝✳ ❚❤❡♥ ❥❈❥ ✔

♥ ♠ ✰ ✶

❞ ♠ ✰ ✶

❀ ❜❡❝❛✉s❡ ❡✈❡r② ✭♠ ✰ ✶✮✲s❡t ♦❢ ❝♦♦r❞✐♥❛t❡s ✐s ❝♦✈❡r❡❞ ❜② ❛ ❝♦❞❡ ✇♦r❞ ❢r♦♠ ❈ ❛t ♠♦st ♦♥❝❡✳ ❙♦ ✔✵ ❂ ▲✭ ✶

✷✍✮ ▲✭✍✮ ▲✭✶ ✶ ✷✍✮✳

❙♦❧✈✐♥❣ ❍✷✭✍✮ ✔ ✔✵✭✍✮ ✰ ✔✶✭✍✮ ②✐❡❧❞s ✍ ✔ ✵✿✷✷✼✶✱ s♦ t❤❛t ♥ ✔ ✶✿✷✾✹❦✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✸ ✴ ✷✵

slide-39
SLIDE 39

❚❤❡ ❊❧✐❛s✲❇❛ss❛❧②❣♦ ❜♦✉♥❞

  • ✐✈❡s ✔✶ ❂ ✶ ❍✷✭✭✶

♣ ✶ ✷✍✮❂✷✮✱ ❜❡tt❡r t❤❛♥ t❤❡ s♣❤❡r❡ ♣❛❝❦✐♥❣ ❜♦✉♥❞✳ ❚❤✐s t✐♠❡ ✇❡ ✜♥❞ ✍ ✔ ✵✿✷✶✷✱ s♦ t❤❛t ♥ ✔ ✶✿✷✼❦✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✹ ✴ ✷✵

slide-40
SLIDE 40

❚❤❡ ❊❧✐❛s✲❇❛ss❛❧②❣♦ ❜♦✉♥❞

  • ✐✈❡s ✔✶ ❂ ✶ ❍✷✭✭✶

♣ ✶ ✷✍✮❂✷✮✱ ❜❡tt❡r t❤❛♥ t❤❡ s♣❤❡r❡ ♣❛❝❦✐♥❣ ❜♦✉♥❞✳ ❚❤✐s t✐♠❡ ✇❡ ✜♥❞ ✍ ✔ ✵✿✷✶✷✱ s♦ t❤❛t ♥ ✔ ✶✿✷✼❦✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✹ ✴ ✷✵

slide-41
SLIDE 41

❚❤❡ ❊❧✐❛s✲❇❛ss❛❧②❣♦ ❜♦✉♥❞

  • ✐✈❡s ✔✶ ❂ ✶ ❍✷✭✭✶

♣ ✶ ✷✍✮❂✷✮✱ ❜❡tt❡r t❤❛♥ t❤❡ s♣❤❡r❡ ♣❛❝❦✐♥❣ ❜♦✉♥❞✳ ❚❤✐s t✐♠❡ ✇❡ ✜♥❞ ✍ ✔ ✵✿✷✶✷✱ s♦ t❤❛t ♥ ✔ ✶✿✷✼❦✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✹ ✴ ✷✵

slide-42
SLIDE 42

▼❝❊❧✐❡❝❡✲❘♦❞❡♠✐❝❤✲❘✉♠s❡②✲❲❡❧❝❤ ❜♦✉♥❞

❆ ✇❡❛❦ ❢♦r♠ ②✐❡❧❞s ✔✶ ❂ ❍✷✭ ✶

✍✭✶ ✍✮✮✳ ❚❤✐s ✐s ❜❡tt❡r ❛❣❛✐♥ ✭❢♦r ✍ ❃ ✵✿✶✺✮✱ ❛♥❞ ②✐❡❧❞s ✍ ✔ ✵✿✷✵✺✱ s♦ t❤❛t ♥ ✔ ✶✿✷✺✽❦✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✺ ✴ ✷✵

slide-43
SLIDE 43

▼❝❊❧✐❡❝❡✲❘♦❞❡♠✐❝❤✲❘✉♠s❡②✲❲❡❧❝❤ ❜♦✉♥❞

❆ ✇❡❛❦ ❢♦r♠ ②✐❡❧❞s ✔✶ ❂ ❍✷✭ ✶

✍✭✶ ✍✮✮✳ ❚❤✐s ✐s ❜❡tt❡r ❛❣❛✐♥ ✭❢♦r ✍ ❃ ✵✿✶✺✮✱ ❛♥❞ ②✐❡❧❞s ✍ ✔ ✵✿✷✵✺✱ s♦ t❤❛t ♥ ✔ ✶✿✷✺✽❦✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✺ ✴ ✷✵

slide-44
SLIDE 44

▲❡✈❡♥s❤t❡✐♥

❆♥ ✐♠♣r♦✈❡❞ ✈❛❧✉❡ ❢♦r ✔✵ ✭s❡❡ ▲❡✈❡♥s❤t❡✐♥✱ ❱✳ ■✳✱ ❯♥✐✈❡rs❛❧ ❜♦✉♥❞s ❢♦r ❝♦❞❡s ❛♥❞ ❞❡s✐❣♥s✱ ♣♣✳ ✹✾✾✕✻✹✽ ✐♥✿ ❍❛♥❞❜♦♦❦ ♦❢ ❈♦❞✐♥❣ ❚❤❡♦r②✱ ❱✳ ❙✳ P❧❡ss ❛♥❞ ❲✳ ❈✳ ❍✉✛♠❛♥✱ ❡❞s✳✱ ❊❧s❡✈✐❡r✱ ❆♠st❡r❞❛♠✱ ✶✾✾✽✳ ♣✳ ✻✹✸✮ ✐s ✔✵ ❂ ❍✷

✵ ❇ ❇ ❅

✶ ✷

✈ ✉ ✉ ✉ t✶

✵ ❅ s

✍✭✶ ✍✮ ✍ ✷✭✶ ✍ ✷✮ ✍ ✷

✶ ❆

✶ ❈ ❈ ❆ ✿

❯s✐♥❣ ✐t ②✐❡❧❞s ✍ ✔ ✵✿✶✽✺✵✻ ❛♥❞ ❤❡♥❝❡ ♥ ✔ ✶✿✷✷✼✶❦✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✻ ✴ ✷✵

slide-45
SLIDE 45

▲❡✈❡♥s❤t❡✐♥

❆♥ ✐♠♣r♦✈❡❞ ✈❛❧✉❡ ❢♦r ✔✵ ✭s❡❡ ▲❡✈❡♥s❤t❡✐♥✱ ❱✳ ■✳✱ ❯♥✐✈❡rs❛❧ ❜♦✉♥❞s ❢♦r ❝♦❞❡s ❛♥❞ ❞❡s✐❣♥s✱ ♣♣✳ ✹✾✾✕✻✹✽ ✐♥✿ ❍❛♥❞❜♦♦❦ ♦❢ ❈♦❞✐♥❣ ❚❤❡♦r②✱ ❱✳ ❙✳ P❧❡ss ❛♥❞ ❲✳ ❈✳ ❍✉✛♠❛♥✱ ❡❞s✳✱ ❊❧s❡✈✐❡r✱ ❆♠st❡r❞❛♠✱ ✶✾✾✽✳ ♣✳ ✻✹✸✮ ✐s ✔✵ ❂ ❍✷

✵ ❇ ❇ ❅

✶ ✷

✈ ✉ ✉ ✉ t✶

✵ ❅ s

✍✭✶ ✍✮ ✍ ✷✭✶ ✍ ✷✮ ✍ ✷

✶ ❆

✶ ❈ ❈ ❆ ✿

❯s✐♥❣ ✐t ②✐❡❧❞s ✍ ✔ ✵✿✶✽✺✵✻ ❛♥❞ ❤❡♥❝❡ ♥ ✔ ✶✿✷✷✼✶❦✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✻ ✴ ✷✵

slide-46
SLIDE 46

▲❡✈❡♥s❤t❡✐♥

❆♥ ✐♠♣r♦✈❡❞ ✈❛❧✉❡ ❢♦r ✔✵ ✭s❡❡ ▲❡✈❡♥s❤t❡✐♥✱ ❱✳ ■✳✱ ❯♥✐✈❡rs❛❧ ❜♦✉♥❞s ❢♦r ❝♦❞❡s ❛♥❞ ❞❡s✐❣♥s✱ ♣♣✳ ✹✾✾✕✻✹✽ ✐♥✿ ❍❛♥❞❜♦♦❦ ♦❢ ❈♦❞✐♥❣ ❚❤❡♦r②✱ ❱✳ ❙✳ P❧❡ss ❛♥❞ ❲✳ ❈✳ ❍✉✛♠❛♥✱ ❡❞s✳✱ ❊❧s❡✈✐❡r✱ ❆♠st❡r❞❛♠✱ ✶✾✾✽✳ ♣✳ ✻✹✸✮ ✐s ✔✵ ❂ ❍✷

✵ ❇ ❇ ❅

✶ ✷

✈ ✉ ✉ ✉ t✶

✵ ❅ s

✍✭✶ ✍✮ ✍ ✷✭✶ ✍ ✷✮ ✍ ✷

✶ ❆

✶ ❈ ❈ ❆ ✿

❯s✐♥❣ ✐t ②✐❡❧❞s ✍ ✔ ✵✿✶✽✺✵✻ ❛♥❞ ❤❡♥❝❡ ♥ ✔ ✶✿✷✷✼✶❦✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✻ ✴ ✷✵

slide-47
SLIDE 47

▼❝❊❧✐❡❝❡✲❘♦❞❡♠✐❝❤✲❘✉♠s❡②✲❲❡❧❝❤ ❜♦✉♥❞✱ str♦♥❣ ❢♦r♠

✔✶ ❂ ♠✐♥❢✶ ✰ ❣✭✉✷✮ ❣✭✉✷ ✰ ✷✍✉ ✰ ✷✍✮ ❥ ✵ ✔ ✉ ✔ ✶ ✷✍❣❀ ✇❤❡r❡ ❣✭①✮ ❂ ❍✷✭✭✶ ♣✶ ①✮❂✷✮✳ ❲✐t❤ ✉ ❂ ✵✿✷✺ t❤✐s s❛②s ✔✶ ❂ ✶ ✰ ❣✭ ✶

✶✻✮ ❣✭ ✶ ✶✻ ✰ ✺✍ ✷ ✮✳ ❚❤✐s ②✐❡❧❞s

✍ ✔ ✵✿✶✽✸ ❛♥❞ ❤❡♥❝❡ ♥ ✔ ✶✿✷✷✹❦✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✼ ✴ ✷✵

slide-48
SLIDE 48

▼❝❊❧✐❡❝❡✲❘♦❞❡♠✐❝❤✲❘✉♠s❡②✲❲❡❧❝❤ ❜♦✉♥❞✱ str♦♥❣ ❢♦r♠

✔✶ ❂ ♠✐♥❢✶ ✰ ❣✭✉✷✮ ❣✭✉✷ ✰ ✷✍✉ ✰ ✷✍✮ ❥ ✵ ✔ ✉ ✔ ✶ ✷✍❣❀ ✇❤❡r❡ ❣✭①✮ ❂ ❍✷✭✭✶ ♣✶ ①✮❂✷✮✳ ❲✐t❤ ✉ ❂ ✵✿✷✺ t❤✐s s❛②s ✔✶ ❂ ✶ ✰ ❣✭ ✶

✶✻✮ ❣✭ ✶ ✶✻ ✰ ✺✍ ✷ ✮✳ ❚❤✐s ②✐❡❧❞s

✍ ✔ ✵✿✶✽✸ ❛♥❞ ❤❡♥❝❡ ♥ ✔ ✶✿✷✷✹❦✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✼ ✴ ✷✵

slide-49
SLIDE 49

▼❝❊❧✐❡❝❡✲❘♦❞❡♠✐❝❤✲❘✉♠s❡②✲❲❡❧❝❤ ❜♦✉♥❞✱ str♦♥❣ ❢♦r♠

✔✶ ❂ ♠✐♥❢✶ ✰ ❣✭✉✷✮ ❣✭✉✷ ✰ ✷✍✉ ✰ ✷✍✮ ❥ ✵ ✔ ✉ ✔ ✶ ✷✍❣❀ ✇❤❡r❡ ❣✭①✮ ❂ ❍✷✭✭✶ ♣✶ ①✮❂✷✮✳ ❲✐t❤ ✉ ❂ ✵✿✷✺ t❤✐s s❛②s ✔✶ ❂ ✶ ✰ ❣✭ ✶

✶✻✮ ❣✭ ✶ ✶✻ ✰ ✺✍ ✷ ✮✳ ❚❤✐s ②✐❡❧❞s

✍ ✔ ✵✿✶✽✸ ❛♥❞ ❤❡♥❝❡ ♥ ✔ ✶✿✷✷✹❦✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✼ ✴ ✷✵

slide-50
SLIDE 50

❙✉♠♠❛r②

❚❤❡♦r❡♠

■❢ ❛♥ ❆r♠str♦♥❣ ❝♦❞❡ ❆r♠✭✷❀ ❦❀ ♥✮ ❡①✐sts✱ t❤❡♥ ✇❡ ❤❛✈❡ ❛s②♠♣t♦t✐❝❛❧❧② ♥ ✔ ✶✿✷✷✹❦✳

❈♦r♦❧❧❛r②

✶✿✶✷❦ ❁ ❢ ✭✷❀ ❦✮ ✔ ✶✿✷✷✹❦ ❢♦r ❦ ❃ ❦✵✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✽ ✴ ✷✵

slide-51
SLIDE 51

❙✉♠♠❛r②

❚❤❡♦r❡♠

■❢ ❛♥ ❆r♠str♦♥❣ ❝♦❞❡ ❆r♠✭✷❀ ❦❀ ♥✮ ❡①✐sts✱ t❤❡♥ ✇❡ ❤❛✈❡ ❛s②♠♣t♦t✐❝❛❧❧② ♥ ✔ ✶✿✷✷✹❦✳

❈♦r♦❧❧❛r②

✶✿✶✷❦ ❁ ❢ ✭✷❀ ❦✮ ✔ ✶✿✷✷✹❦ ❢♦r ❦ ❃ ❦✵✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✽ ✴ ✷✵

slide-52
SLIDE 52

❙✉♠♠❛r②

❚❤❡♦r❡♠

■❢ ❛♥ ❆r♠str♦♥❣ ❝♦❞❡ ❆r♠✭✷❀ ❦❀ ♥✮ ❡①✐sts✱ t❤❡♥ ✇❡ ❤❛✈❡ ❛s②♠♣t♦t✐❝❛❧❧② ♥ ✔ ✶✿✷✷✹❦✳

❈♦r♦❧❧❛r②

✶✿✶✷❦ ❁ ❢ ✭✷❀ ❦✮ ✔ ✶✿✷✷✹❦ ❢♦r ❦ ❃ ❦✵✳

❇❧♦❦❤✉✐s✱ ❇r♦✉✇❡r✱ ❙❛❧✐ ✭❚❯❊✱❘❡♥②✐✮ ❇✐♥❛r② ❆r♠str♦♥❣ ❝♦❞❡s ❏✉♥❡ ✶✶✳ ✷✵✶✸ ✶✽ ✴ ✷✵