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trends
                                                                                                              trends
                       industry
                                 KP KP KP KP KP KP KP  driving                                 industry       driving
                                                                                                forces
                        forces
                                                                                                forces
                                                       Options
                                    KA KA
                                      VP VP
                                    KR KR KR KR  CR CR
                                 C$ C$
                                            CS CS CS CS CS CS CS
                                         CH
                                                                                                         Time                            211
                                        R$ R$       market                                                   economic       market
                                                                                                                             forces
                                                    forces
                                                                                                              macro-
                                      macro-
                                                                                                             economic
                                     economic
                                                                                                              forces
                                      forces
                                                                                                              forces
                                                                                                              forces
                              — present environment —                                                        — projected environment —


















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