• Share
  • Email
  • Embed
  • Like
  • Save
  • Private Content
Mit white paper on convergence
 

Mit white paper on convergence

on

  • 565 views

 

Statistics

Views

Total Views
565
Views on SlideShare
565
Embed Views
0

Actions

Likes
0
Downloads
2
Comments
0

0 Embeds 0

No embeds

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    Mit white paper on convergence Mit white paper on convergence Document Transcript

    • M A S S A C H U S E T T S I N S T I T U T E O F T E C H N O L O G Y The Third Revolution: The Convergence of the Life Sciences, Physical Sciences, and Engineering
    •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
    • Convergence is a new paradigm that can yield critical advances in a broad array of sectors, from health care to energy, food, climate, and water. !"#$%"#&$()"#%*+"($*,"-+$+./$#&0"#+1$ 2"(+*2+$+.&$345$6*/.(7+"($8))2&9$ /+ :;<$= $>+?$@A1$>+&?$B=<$ 6*/.(7+"(1$CD$;<<<;$ ;<;?E:F?=:;:$GG$B=E?H;I?FF:=$ $
    • !"#$%&!(!)*+&*+,!!"#$%&(#!%")))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))*$+),%-.$-!./,%0,(%"-.$1."(. )))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))2$ MN(NS.!JDFCNOD(G"!MNTF"U.DFSK <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<V$ !"#$%&()$*#+,-.)&,/0$1,-#2.-3$3/4$5#--.-3$6&,-,78999999999999999999999999999999999999999999999999999999999999999999999999999:$ !"#$;#2,/4$*#+,-.)&,/0$<#/,=&2(9999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999>$ .@N!.@DMO!MNTF"U.DFS!8!(FSTNMWNS(N <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<X$ NYGCL"NK!FH!(FSTNMWNS(N!DS!JDFCNOD(G"!MNKNGM(@ <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<Z$ 5,=?.)3)&,/3-$6&,-,78$@,$A==./#$*#(?,/(#999999999999999999999999999999999999999999999999999999999999999999999999999999999999999 BC$ A=37&/7$!#2"/,-,78$),$D#+#/)$6-&/4/#((99999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999 BC$ E3/,)#2"/,-,78$@,$!37#)#4$5"#=,)"#3?8$F#-&+#8 999999999999999999999999999999999999999999999999999999999999999999999 BB$ 63&/$D-3()&2&)8$@,$!#3)&/7$63&/$F&(,4#($3/4$A/G.899999999999999999999999999999999999999999999999999999999999999999 BH$ 632)#&3-$;#/(,($@,$!.=,$F#)#2)&,/$3/4$F.7$F#-&+#899999999999999999999999999999999999999999999999999999999999999 BI$ (&*EJ$@,$)"#$KAL$L322&/#99999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999 BM$ 5!5N2"&?$@,$F#)#2)&/7$53/2#$1#)3()3(#(9999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999 BM$3),#4.,.(%"%5!(,(67.,0%$,788%$#!"1,(%"-.$1."(. )))))))))))))))))))))))))))))))))))))))))))))))))))))+9$ ONCFWMGL@D(!(@G""NSWNK!GSO!.@N!SNNO!HFM!DSSFTG.DFS <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< [$ @DW@!MN.UMSK!HFM!HNONMG"!D STNK.CNS.!DS!JDFCNOD(G"!MNKNGM(@ <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<[Z$*),"!4:7,$%;.,!",6&-6"(!"1,(%"-.$1."(. ))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))33$ HUSODSW!(@G""NSWNK!GSO!"FAQMDKI!MNKNGM(@ <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<]]$ (FSTNMWNS(NQK.R"N!L MFPN(.K!G.!SD@ <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<]^$ !"#$53/2#$<#/,=#$J)-3($O!5<JP0$!37#)#4$!"#3?#.)&2($@,$53/2#$;.Q)8?#(999999999999999999 HR$ !"#3?#.)&2($@,$*3#$3/4$E#7-#2)#4$F&(#3(#($O!*EFP0$6&47&/7$)"#$L3--#8$,@$F#3)"$@,$ <-,Q3-$K#3-)" 999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999 H:$ DCL"D(G.DFSK!HFM!.@N!HU.UMN<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<]$2),$.(%55."&6#!%"7 ))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))3<$ [<!NSKUMN!.@G.!(FSWMNKKDFSG"!HUSODSW!CNN.K!FM!JNG.K!JMOLD;!SD@EK!JDFCNOD(G"!MNKNGM(@! DSH"G.DFS!CN.MD(;!GSSUG""R<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<]X$ ]<!NK.GJ"DK@!G!(FSTNMWNS(N!N(FKRK.NC!JR!JUD"ODSW!(FSSN(.DFSK!G(MFKK!K.FTNLDLNO!KRK.NCK< <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<]X$ _<!MNHFMC!LNNMQMNTDNA!LMF(NKKNK!.F!KULLFM.!DS.NMODK(DL"DSGMR!WMGS.K<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< ]Z$ ^<!JG"GS(N!"GMWNQK(G"N!NHHFM.K!AD.@!KCG""NM!WMGS.!LMFPN(.K< <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<_`$ a<!DCLMFTN!DS.NMODK(DL"DSGMR!MNKNGM(@!GCFSW!.@N!]!SD@!DSK.D.U.NK!GSO!(NS.NMK< <<<<<<<<<<<<<<_`$ V<!NOU(G.N;!NYLGSO;!GSO!KULLFM.!.@N!SNY.!WNSNMG.DFS!FH!(FSTNMWNS(N!MNKNGM(@NMK<<<<<<<<<<<_`$(;%7!"1 )))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))*3
    •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b#3;!*::&%3*=)#!/#*)$/!4*%#<!A#!*),&!30,4,,!$/#!%&)#!&:!+&9#%25#2$!*+#240#,!02!*33%#,,02+!$/0,!4/*))#2+#!*23!1%&90302+!:2302+!:&%!022&9*$09#!%#,#*%4/<!H02*))6;!7#!%#4&55#23!,$%*$#+0#,!:&%!#5=#3302+!4&29#%+#24#!70$/02!*+#240#,!)0B#!$/#!S*$0&2*)!D2,$0$$#,!&:!@#*)$/!cSD@d;!7/04/!*05,!$&!&1$050b#!=*,04!%#,#*%4/;!051%&9#!/#*)$/!$#4/2&)&+6;!*23!:&,$#%!051&%$*2$!5#304*)!*39*24#,<!
    • =! ">9!">;?@!?9AB2C";BD!!EF!B.&/.3&G!(!)*.&/0&*1&!!A/*$!#>*4$)6!0,!4&29#%+#24#e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f30,401)02#3!3#,0+2!*11%&*4/g!$%*30$0&2*)!$&!#2+02##%02+!*23!1/6,04,;!*23!*11)0#,!$/#5!$&!)0:#!,40#24#!%#,#*%4/<!J$!4&29#%+#24#!0,!2&$!*!&2#Q7*6!,$%##$h!=0&)&+04*)!5&3#),!*%#!,05)$*2#&,)6!$%*2,:&%502+!#2+02##%02+!*23!1/6,04*)!,40#24#<!G39*24#,!02!=0&:#),;!=0&5*$#%0*),;!*23!90%*)!,#):Q*,,#5=)6!*%#!i,$!*!:#7!#>*51)#,!&:!$/0,!%#401%&4*)!%#)*$0&2,/01<! ./#!4&29#%+#24#!%#9&)$0&2!0,!*!HI&!,&&!1*.&/0&*1&!#,!#!$%<&J/3*+! 1*%*30+5!,/0:$;!=$!2&$!i,$;!02!./&5*,! (/!3**.#+3*FK! I/2E,!$#%5,;!*!1*%*30+5!,/0:$!S&)"&/!*! 30,401)02#<=!(&29#%+#24#!5#*2,!*!=%&*3!%#$/02B02+!&:!/&7!*))!,40#2$0:04!%#,#*%4/!4*2!=#!4&234$#3;!,&!$/*$!7#!4*10$*)0b#!&2!3$3/7#!&:!B2&7)#3+#!=*,#,;!:%&5!504%&=0&)&+6!$&!4&51$#%!,40#24#!$&!#2+02##%02+!3#,0+2<!D2!&$/#%!7&%3,;!$/#!4&29#%+#24#!%#9&)$0&2!3&#,!2&$!%#,$!&2!*!1*%$04)*%!,40#2$0:04!*39*24#!=$!&2!*!2#7!02$#+%*$#3!*11%&*4/!:&%!*4/0#902+!*39*24#,<!!G!5*i&%!=#2#:040*%6!&:!4&29#%+#24#!70))!=#!=0&5#30402#;!*,!02$#%30,401)02*%6!%#,#*%4/!#2/*24#,!&%!#>0,$02+!B2&7)#3+#!*23!)#*3,!$&!2#7!5#304*)!$%#*$5#2$,<!H%&5!$/#!02:,0&2!&:!30::#%#2$!03#*,!*23!=*4B+%&23!3#,0+2,;!%#,#*%4/#%,!*%#!*)%#*36!5*B02+!#>40$02+!30,4&9#%0#,82#7!3%+!3#)09#%6!5#4/*20,5,!*$!$/#!2*2&,4*)#;!051%&9#3!4/#504*)!*23!30,#*,#!,#2,02+;!2#7!1%#304$09#!4&51$#%!5&3#),!&:!30,#*,#;!2#7!4*1*=0)0$0#,!$&!5&30:6!+#2#$04!30,&%3#%,;!*23!4&,$Q#::#4$09#!=0&5#$%04!*2*)6,0,!:&%!1#%,&2*)0b#3!5#30402#<!J6!%#4&+20b02+!4&29#%+#24#!*,!*!$%*2,:&%5*$09#!$%#23;!7#!/&1#!$&!&::#%!*!2#7!90,0&2!:&%!$/#!:$%#!*23!=0)3!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!= $5."%*/$>?$R-.(1!"#$!%&()&($!*+!%),$-&,+,)!.$/*0(&,*-12$H#N$&N?$SD.2*7"9$T(K&#/+P$")$D.2*7"$U#&//1$=FFBV?$
    •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b#3!02$&!3#1*%$5#2$,!:&4,02+!&2!30,4%#$#!30,401)02#,<!H%$/#%5&%#;!4&29#%+#24#Q,$6)#!%#,#*%4/!3&#,!2&$!:0$!2#*$)6!70$/02!$/#!:2302+!4*$#+&%0#,!&:!$/#!:#3#%*)!%#,#*%4/Q,11&%$!*+#240#,;!2&%!3&#,!0$!*)0+2!2#*$)6!70$/!$/#!50,,0&2,!&:!$/#,#!%#,#*%4/!02,$0$$#,<!D$!0,!051#%*$09#!$/*$!7#!4&2$02#!#::&%$,!$&!&9#%4&5#!$/0,!1%&=)#5!&:!f,$&9#101#,g!*23!3#9#)&1!=&$/!2#7!029#,$5#2$!5#4/*20,5,!*23!2#7!5&3#),!:&%!&%+*20b*$0&2*)!4&))*=&%*$0&2<!G)%#*36;!$/#!1,/!$&!7&%B!*4%&,,!30,401)02#,!0,!#,4*)*$02+!70$/02!$/#!%#,#*%4/!4&5520$6!*23!4&502+!$&!$/#!*$$#2$0&2!&:!,40#24#!1&)046!5*B#%,;!7/&!*%#!5&902+!$/#!4&29#%,*$0&2!=#6&23!$/#!02$#+%*$0&2!&:!30,401)02#,!*23!4*))02+!:&%!4&29#%+#24#!$&!=#!#5=#33#3!02$&!G5#%04*E,!MjO!,6,$#5<!H&%!02,$*24#;!02!/0,!%#5*%B,!*$!$/#!*22*)!5##$02+!&:!$/#!S*$0&2*)!G4*3#56!&:!K40#24#,!02!]``Z;!L%#,03#2$!F=*5*!%#:#%%#3!$&!$/#!9*,$!1&$#2$0*)!$/*$!*!4%&,,Q4$$02+!:#3#%*)!020$0*$09#!&2!4&29#%+#24#!4&)3!/*9#!:&%!=0&5#304*)!%#,#*%4/-! D2!=0&5#30402#;!7#!4*2!/*%2#,,!$/#!/0,$&%04!4&29#%+#24#!=#$7##2!)0:#! ,40#24#,!*23!1/6,04*)!,40#24#,!$/*$k,!23#%7*6!$&3*6h!23#%$*B02+! 1=)04!1%&i#4$,802!$/#!,10%0$!&:!$/#!@5*2!W#2&5#!L%&i#4$8$&! 4%#*$#!3*$*!*23!4*1*=0)0$0#,!$/*$!:#)!30,4&9#%0#,!02!$#2,!&:!$/&,*23,! &:!)*=&%*$&%0#,h!*23!03#2$0:602+!*23!&9#%4&502+!,40#2$0:04!*23! =%#*4%*$04!=*%%0#%,!$&!%*103)6!$%*2,)*$02+!,40#2$0:04!=%#*B$/%&+/,! 02$&!30*+2&,$04,!*23!$/#%*1#$04,!$/*$!,#%9#!1*$0#2$,<H!K050)*%)6;!$7&!5#5=#%,!&:!$/#!L%#,03#2$k,!(&240)!&:!G390,&%,!&2!K40#24#!*23!.#4/2&)&+6!7%&$#!02!]`[`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`W&%*#[/$,P$+.&$U#&/N&(+$*+$+.&$@*+"(*J$Q2*N&%P$")$>2&(2&/$Q((-*J$3&&+(71a$6*/.(7+"(1$CD1$Q0#J$;E1$;<<F1$.++09LLMMM?M.+&."-/&?7"KL+.&]0#&//]"))2&LW&%*#[/b,Pb+.&bU#&/N&(+b*+b+.&b@*+"(*JbQ2*N&%Pb")b>2&(2&/bQ((-*Jb3&&+(7L?!
    • M! ">9!">;?@!?9AB2C";BD!! N*4/!&:!$/#,#!%#,#*%4/!:0#)3,!/*,!$/#!1&$#2$0*)!$&!#2*=)#!*!7#*)$/!&:! 022&9*$09#!*39*24#,!02!5#30402#;!#2#%+6!1%&34$0&2;!2*$0&2*)! ,#4%0$6;!*+%04)$%#;!*#%&,1*4#;!5*2:*4$%02+;!*23!,,$*02*=)#! #290%&25#2$,8*39*24#,!$/*$!4*2!02!$%2!/#)1!4%#*$#!i&=,;!024%#*,#! $/#!2*$0&2E,!+%&,,!3&5#,$04!1%&34$!cWOLd;!*23!#2/*24#!?*)0$6!&:!)0:#<! D2!4&5=02*$0&2;!$/%&+/!7/*$!,&5#!/*9#!4*))#3!$/#!2*2&Q=0&Q02:&! 4&29#%+#24#;!$/#!1&$#2$0*)!:&%!$/#,#!:0#)3,!$&!$%*2,:&%5!,&40#$6!0,!#9#2! +%#*$#%<I!!./#!051*4$!&:!4&29#%+#24#!70))!2&$!=#!)050$#3!$&!5#30402#h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a`!6#*%,8$/#!5&)#4)*%!*23!4#)))*%!=0&)&+6!%#9&)$0&2!*23!$/#!+#2&504,!%#9&)$0&2<!./#,#!$7&!%#9&)$0&2,!1*9#3!$/#!7*6!:&%!$/#!4&29#%+#24#!%#9&)$0&2!2&7!$*B02+!,/*1#<!A#!=#)0#9#!$/*$!4&5=0202+!B2&7)#3+#!&:!#2+02##%02+!*23!1/6,04*)!,40#24#!70$/!)0:#!,40#24#!#>1#%$0,#!70))!=0)3!&2!%#4#2$!*39*24#,!02!5&)#4)*%!*23!4#)))*%!=0&)&+6!*23!+#2&504,!*23!1%&34#!2#7!=%#*B$/%&+/,<!F:!4&%,#;!7#!*%#!2&$!,++#,$02+!$/*$!7#!/*9#!%#*4/#3!$/#!1022*4)#!&:!%#,#*%4/!02!5&)#4)*%!*23!4#)))*%!=0&)&+6!&%!+#2&504,h!$/#%#!0,!,$0))!54/!5&%#!$&!=#!30,4&9#%#3<!@&7#9#%;!4&29#%+#24#!&::#%,!*2!#>40$02+!&11&%$20$6!$&!#2%04/!1%#,#2$!*23!:$%#!%#,#*%4/!02!$/#,#!:0#)3,8*23!02!&$/#%,<!!"-&!P3/,+!?&.%<+3*Q!R%&1<%#/!#*8!)&%%<%#/!N3%07!!./#!:0%,$!=0&)&+04*)Q,40#24#!%#9&)$0&2!029&)9#3!$/#!,#!&:!5&)#4)*%!*23!4#)))*%!=0&)&+6!$&!23#%,$*23!4#)),!*23!30,#*,#,<!./0,!%#9&)$0&2!=#+*2!70$/!$/#!30,4&9#%6!&:!$/#!,$%4$%#!&:!OSG!=6!P*5#,!O<!A*$,&2!*23!H%*240,!(%04B!02![Za_!*23!$/#!=0%$/!&:!5&)#4)*%!=0&)&+6<!D2!$/#!#*%)6![Z`,;!$/0,!)#3!$&!$/#!3#9#)&15#2$!&:!+#2#$04!#2+02##%02+84&5=0202+!OSG!:%&5!30::#%#2$!&%+*20,5,!$&!1%&34#!2#7!1%&34$,!*23!1%&4#,,#,<!"#*3#%,!02!$/#!:0#)3;!)0B#!K*)9*3&%!"%0*;!?04B)6!=0)$!&2!$/0,!+*5#Q!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!I $>.#J&P$Q(($c*2[/"($*(N$A#2$>2.%N+1$aU"J/.(7$5&2.("J"7Pd/$e"JN&($5#*(7J&1a$8))2&$")$>2&(2&$*(N$5&2.("J"7P$U"J2P$,J"71$c-(&$=_1$;<=<1$.++09LLMMM?M.+&."-/&?7"KL,J"7L;<=<L<BL=_L0"J/.(7b+&2.("J"7Pb/b7"JN&(b+#*(7J&? !_ $@*+"(*J$W&/&*#2.$D"-(2J$")$+.&$@*+"(*J$Q2*N&%&/?$A!E$F!8,*0*97!+*!&#$!GH1&!I$-&(7$S6*/.(7+"(1$CD9$@*+"(*J$Q2*N&%&/$U#&//1$;<<FV1$.++09LLMMM?(*0?&N-L"0&(,""[?0.0#&2"#N]N^=;EBI?$!"#$*$#&J*+&N$KN&"1$/&&$.++09LLMMM?P"-+-,&?2"%LM*+2.K^X8cf.Q3!C8M?!
    •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h!02![Z^!$/#!SD@E,!S*$0&2*)!(*24#%!D2,$0$$#!cS(Dd!,#$!1!=*,04!,40#24#!4#2$#%,!:&%!4*24#%!%#,#*%4/!c((M,d!7/#%#!#>1#%$,!02!5&)#4)*%!=0&)&+6;!0552&)&+6;!4#))!=0&)&+6;!90%&)&+6;!/5*2!+#2#$04,;!*23!4/#504*)!4*%402&+#2#,0,!4&)3!4&))*=&%*$#!70$/!4*24#%!=0&)&+0,$,;!4)0204*)!&24&)&+0,$,;!1%#9#2$0&2!#>1#%$,;!*23!,%+#&2,<!D2!4%#*$02+!$/#!((M,;!S(D!%#4&+20b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i&=,<!"-&!4&1*8!?&.%<+3*Q!T&*O31,!!./#!,#4&23!5*i&%!%#9&)$0&2!02!)0:#!,40#24#!%#,#*%4/!02!%#4#2$!3#4*3#,!0,!$/#!+#2&504!%#9&)$0&2<!D$!#24&51*,,#,!*!3%09#!$&!,$36!*2!&%+*20,5E,!#2$0%#!+#2&5#8%#*302+!$/#!=*,04!OSG!,#?#24#;!03#2$0:602+!$/#!1/6,04*)!)&4*$0&2!&:!30,4%#$#!+#2#,;!*23!23#%,$*2302+!02$%*+#2&504!1/#2&5#2*<!./0,!%#9&)$0&2!+&$!&::!$/#!+%&23!7/#2!$/#!O#1*%$5#2$!&:!N2#%+6!=#+*2!:2302+!1%&i#4$,!$&!*11)6!,1#%4&51$02+!$&!+#2#$04,!%#,#*%4/<!G,!$05#!7#2$!&2;!+#2&5#!%#,#*%4/!,/0:$#3!$&!SD@<!SD@!1%&+%#,,!&2!,#?#2402+!$/#!/5*2!+#2&5#!=#+*2!70$/!+#2#$04!*23!1/6,04*)!5*1102+!*23!,6,$#5*$04!OSG!,#?#2402+<!L%&+%#,,!*44#)#%*$#3!+%#*$)6!7/#2!%#,#*%4/#%,!02$%&34#3!:*,$#%!02,$%5#2$*$0&2!*23!4&51$#%!$#4/20?#,!$/*$!*))&7#3!,#?#2402+!&:!$/#!+#2&5#!02!*!54/!,/&%$#%!$05#!:%*5#<!./0,!02!$%2!,1*%B#3!&2#!&:!$/#!5&,$!4%#*$09#!4&51#$0$0&2,!02!,40#24#!/0,$&%6;!*,!SD@E,!@5*2!W#2&5#!L%&i#4$;!)#3!=6!H%*240,!(&))02,!cL%#,03#2$!F=*5*E,!)*$#%!4/&04#!:&%!SD@!30%#4$&%d;!*23!(#)#%*E,!$#*5;!)#3!=6!(%*0+!T#2$#%;!90#3!$&!*3*1$!$/#!2#7!$#4/2&)&+6!*23!4&5=02#!0$!70$/!1%#90&,!5*1102+!%#,)$,<!./#!$7&!$#*5,!#9#2$*))6!*22&24#3!,44#,,!i&02$)6;!70$/!1*%*))#)!/5*2!+#2&5#!5*1,!1%02$#3!&2!$/#!,*5#!3*6!02!E3).#!*23!;2&#/2#!5*+*b02#,;!1%&90302+!*2!#2&%5&,)6!,#:)!2#7!$&&)!,#$!:&%!23#%,$*2302+!$/#!=*,0,!&:!/5*2!30,#*,#<!!
    • U! ">9!">;?@!?9AB2C";BD!!./#!*4/0#9#5#2$,!02!+#2&5#!5*1102+!*),&!/#%*)3#3!*!2#7!#%*!02!=0&5#304*)!%#,#*%4/<!D:!$/#!5&)#4)*%!=0&)&+6!%#9&)$0&2!#2*=)#3!30,#*,#,!$&!=#!23#%,$&&3!*$!$/#!5&)#4)*%;!f/*%37*%#g!)#9#)!02,03#!$/#!4#));!$/#!+#2&504,!%#9&)$0&2!#2*=)#3!*2!23#%,$*2302+!&:!$/#!f,&:$7*%#g!$/*$!3%09#,!4#))!1%&4#,,#,<!!./#!*39*24#,!02!+#2&504!,40#24#!/*9#!5*3#!0$!1&,,0=)#!$&!03#2$0:6!$/#!+#2#$04!:&23*$0&2,!&:!5*26!30,#*,#,;!7/04/!0,!$/#!:0%,$!,$#1!02!3#9#)&102+!2#7!$%#*$5#2$,<!W#2#$04!5*1102+!0,!*),&!4%0$04*)!$&!3#9#)&102+!1#%,&2*)0b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h!:23*5#2$*))6!30::#%#2$!4&24#1$*)!*11%&*4/#,!:%&5!1/6,04*)!,40#24#!*23!#2+02##%02+!*%#!051&%$#3!02$&!=0&)&+04*)!%#,#*%4/;!7/0)#!)0:#!,40#24#E,!23#%,$*2302+!&:!4&51)#>!#9&)$0&2*%6!,6,$#5,!0,!%#401%&4*))6!02:)#2402+!
    •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cS(Dd!4%#*$#3!#0+/$!(#2$#%,!&:!(*24#%!S*2&$#4/2&)&+6!N>4#))#24#!:&%!02$#%30,401)02*%6!*23!4%&,,Q209#%,0$6!1%&i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a;!:&%!#>*51)#;!+*9#! 3*+&%%&1+<#%!1/,,YJ%%3*#+3*FK!7*6!$&!*!%#9&)$0&2!02!05*+02+!$/*$!)#3!$&!$/#!#)#4$%&4*%30&+%*1/!02!$/#!#*%)6![Z``,;!:&))&7#3!=6!4&51$#%0b#3!*>0*)!$&5&+%*1/6!c4&55&2)6!B2&7!*,!$/#!(G.!,4*2d!02!$/#![Z`,;!*23!$/#!:0%,$!4&55#%40*)!CMD!c5*+2#$04!%#,&2*24#!05*+02+d!,4*22#%!02!$/#![ZX`,<!./#,#!029#2$0&2,!%#?0%#3!$/#!5#%+02+!&:!5)$01)#!30,401)02#,<!@&7#9#%;!*!4&24#2$%*$#3!:&4,!&2!4&29#%+#24#!4*2!,1%!#9#2!5&%#!022&9*$0&2<!T0*=)#!4&55#%40*)!1%&34$,!/*9#!*)%#*36!3#9#)&1#3!:%&5!$/0,!*11%&*4/<!./#!*39*24#3!OSG!,#?#24#%,!*%#!#>4#))#2$!#>*51)#,<!./#!2#7!D))502*!+#2&5#!,#?#24#%;!:&%!02,$*24#;!0,!/#)102+!$&!)&7#%!$/#!4&,$!&:!*!:))!+#2&5#!,#?#2402+!:%&5!=0))0&2,!&:!3&))*%,!c$/#!1%04#!$*+!7/#2!$/#!:0%,$!+#2&5#!7*,!5*11#3d!$&!23#%!l[`;```<B!!C&%#!4&29#%+#24#Q,$6)#!%#,#*%4/!0,!*)%#*36!23#%!7*6<!9X#OJ%&,!(!)*.&/0&*1&!3*!N3O&831#%!?&,&#/1-!(&29#%+#24#!=%#*B$/%&+/,!3#1#23!2&$!&2)6!&2!2#7!%#,#*%4/!02,$0$$0&2,!7/#%#!30::#%#2$!30,401)02#,!4*2!:023!4&55&2!,1*4#;!=$!*),&!&2!4&))*=&%*$09#;!02$#%30,401)02*%6!%#,#*%4/!$#*5,!$/*$!&1#%*$#!70$/02!$/#5<!./#!7&%B!&:!,&5#!)#*302+!=0&5#304*)!%#,#*%4/!$#*5,!0,!,55*%0b#3!=#)&7!$&!1%&903#!4&24%#$#!0)),$%*$0&2,!&:!4&29#%+#24#!02!*4$0&2<!K#9#%*)!&:!$/#!4&29#%+#24#!#>*51)#,!*%#!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!B $`@&M$4JJ-%(*$e&("%&$>&g-&(2&#$C#*%*+2*JJP$>J*/.&/$D"/+/1$5%&1a$"(J(&$*#+2J&$*+$>&&[(7$QJ0.*1$c*(?$=B1$;<=<1$.++09LL/&&[(7*J0.*?2"%L*#+2J&L=:;FBF? !
    •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c#,,#2$0*)!:&%!*3*1$09#!05520$6d!3#9#)&1;!3#$#4$;!*23!%#4&+20b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i&%!051*4$!&2!#>1#%05#2$*)!4#)))*%!*23!5&)#4)*%!0552&)&+6!*,!7#))<!;O#03*0!"&1-*%07!+!6/&.&*+!N%3*8*&,,!632T7,./40$G39*24#,!02!=0&5#304*)!05*+02+!/*9#!*)%#*36!)#3!$&!=%#*B$/%&+/,!02!$/#!7*6!30,#*,#,!*%#!30*+2&,#3!*23!$%#*$#3<!CMD,!*23!&$/#%!,4*2,!*%#!2&7!703#)6!,#3!$&!3#$#4$!9*%0&,!30,&%3#%,!*,!7#))!*,!4&55&2!=&2#!02i%0#,;!*23!$/#6!1%&903#!3&4$&%,!70$/!1&7#%:)!2#7!$&&),!02!$/#!=*$$)#!*+*02,$!#6#!30,#*,#<!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Q#-0$D.*[#*,"#+P$/$*$0#")&//"#$")$2.&%2*J$&(7(&&#(71$2.&%/+#P1$*(N$,"J"72*J$&(7(&&#(7$*+$345?$!"#$N&+*J/$*,"-+$./$J*,1$/&&$.++09LLM&,?%+?&N-L*[27#"-0L?!
    • "-&!)*.&/0&*1&!(!+-&!23(&!413&*1&,5!6-7,31#%!413&*1&,5!#*8!9*03*&&/3*0$ EE!! !J#4*,#!$#,$02+!$/#!#6#E,!%#$02*!=6!%#5&902+!$0,,#!4*,#,!3*5*+#!$&!$/#!%#$02*;!)*,#%!05*+02+!/*,!=##2!#9&)902+!*,!*2!*)$#%2*$09#!7*6!$&!30*+2&,#!30,#*,#,!$/*$!4*,#!=)0232#,,<!@&7#9#%;!1*$0#2$,!4*2!B##1!$/#0%!#6#,!,$0))!:&%!)#,,!$/*2!*!,#4&2382&$!#2&+/!$05#!:&%!#>0,$02+!)*,#%,!$&!5#*,%#!#*%)6!&2,#$!&:!30,#*,#<!D2!$/#![ZZ`,;!%#,#*%4/#%,!3#9#)&1#3!&1$04*)!4&/#%#24#!$&5&+%*1/6!cF(.d;!*!2#7!7*6!$&!,4*2!)*,#%,!=*4B!*23!:&%$/!*$!/0+/!,1##3,<!D2!]``;!P*5#,!Hi05&$&E,!%#,#*%4/!+%&1!*$!CD.!4%#*$#3!2#7!F(.!,4*2202+!$#4/2&)&+6!$/*$!4&)3!%#4&%3!]_V;```!)02#,!1#%!,#4&23;!*!,1##3![`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b#!&:!*!/5*2!4#))!*23!#2+02##%#3!$&!=#!*44#1$#3!=6!4#%$*02!4#)),!70$/02!$/#!=&36;!4*2!3#)09#%!,$%&2+!3&,#,!&:!$/#%*1#$04,!$&!*!,1#40:04!)&4*$0&2<!G!$#*5!&:!CD.!%#,#*%4/#%,!23#%!H%*24#,4&!K$#))*440!*23!O*%%#))!D%902#!/*,!3#5&2,$%*$#3!$/#!#2+02##%02+!&:!2*2&1*%$04)#,!02$&!/&502+!3#904#,!&%!f,5*%$!=&5=,g!$/*$!051%&9#!3%+!3#)09#%6!=6!$*%+#$02+!&2)6!4*24#%&,!4#)),<F!!./#%#!*%#!,#9#%*)!,0+20:04*2$!4/*))#2+#,! H[!+&#O!!-#,!8&O*,+/#+&8!+-&!70$/!$/0,!3%+!3#)09#%6!,6,$#5<!H0%,$;! &*03*&&/3*0!(!*#*J#/+31%&,!3*+!-O3*0!%#,#*%4/#%,!5,$!0,&)*$#!/&502+! 8&.31&,!/!],O#/+!$O$,^!+-#+!3OJ/.&!3#904#,;!,4/!*,!MSG!5&)#4)#,!4*))#3! 8/<0!8&%3.&/7!$7!+#/0&+3*0!*%7!!*1$*5#%,!$/*$!=023!,1#40:04*))6!$&!$5&%! 1#*1&/<,!1&%%,FK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!X!c*%&/$!-h%"+"$."JN/$*00"(+%&(+/$($345i/$AJ&2+#2*J$A(7(&&#(7$*(N$D"%0-+&#$>2&(2&$C&0*#+%&(+$*(N$($+.&$W&/&*#2.$Z*,"#*+"#P$")$AJ&2+#"(2/?$!"#$N&+*J/$*,"-+$./$#&/&*#2.1$/&&$.++09LLMMM?#J&?%+?&N-LJ%%L(N&j?.+%$*(N$.++09LLMMM?#J&?%+?&N-L8kAL?!F !!#*(2&/2"$>+&JJ*22$*(N$C*##&JJ$4#K(&$*#&$%&%,&#/$")$+.&$)*2-J+P$($345i/$C&0*#+%&(+$")$3*+&#*J/$>2&(2&$*(N$A(7(&&#(7?!
    •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f,$%01#3g!2*2&1*%$04)#,;!4*2!?04B)6!1#2#$%*$#!$/#!1%&$#4$09#!4#))!5#5=%*2#!70$/&$!B0))02+!$/#!4#))<!;&7/&@&23/2#0$G!5*i&%!1%&=)#5!70$/!4%%#2$!4/#5&$/#%*16!3%+,!0,!$/*$!$/#6!3&!2&$!#::#4$09#)6!30,4%0502*$#!7/04/!4#)),!$/#6!B0));!4*,02+!$&>04!,03#!#::#4$,!,4/!*,!2*,#*;!/*0%!)&,,;!*23;!5&%#!,0+20:04*2$)6;!7#*B#2#3!0552#!,6,$#5,<!J6!$*%+#$02+!3%+!3#)09#%6!$&!4*24#%&,!4#)),!$/%&+/!2*2&1*%$04)#,;!0$!5*6!=#!1&,,0=)#!$&!*9&03!$/#!/*%5:)!#::#4$,!&:!4/#5&$/#%*16<!@&7#9#%;!&2)6!$/%&+/!$/#!4&29#%+#24#!&:!5*$#%0*),!,40#24#;!#2+02##%02+;!4/#50,$%6;!*23!=0&)&+6!4*2!*!2*2&,4*)#!3%+!3#)09#%6!3#904#!=#!,44#,,:))6!3#9#)&1#3!:%$/#%!:&%!4)0204*)!,#<!N/#3*!T/#(+,!(/!"/&#+3*0!N/#3*!@3,/8&/,!#*8!;*`</7!632T7,./40$./#!4&29#%+#24#!%#9&)$0&2!0,!4%#*$02+!5*i&%!2#7!&11&%$20$0#,!02!2#%&,40#24#;!*!:0#)3!70$/02!$/#!)0:#!,40#24#,!$/*$!/*,!$%*30$0&2*))6!*$$%*4$#3!%#,#*%4/#%,!:%&5!309#%+#2$!=*4B+%&23,!,4/!*,!#)#4$%04*)!*23!4&51$#%!#2+02##%02+!*23!4/#50,$%6<!A#!*%#!)#*%202+!$/*$!$/#!*3)$!=%*02!4&2,$*2$)6!*3*1$,!$&!4/*2+#,!02!,$05)0h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• $7&Q1/&$&2!*23!4&2:&4*)!504%&,4&16!&:!4#)),;!,62*1,#,;!*23!5&)#4)#,!02! 90$%&!*23!02!909&! • 5)$01)#Q#)#4$%&3#;!,02+)#Q20$!%#4&%302+!02!$/#!4&%$#>! • /0+/Q%#,&)$0&2!&1$04*)!05*+02+!&:!*4$090$6!:%&5!*2!#>1*2,#!&:!4&%$#>! • 7/&)#Q4#))!02$%*4#)))*%!%#4&%302+!02!,)04#,!*23!02!$/#!02$*4$!=%*02! • 504%&*%%*6,!*23!4&51$*$0&2*)!$&&),!$&!03#2$0:6!+#2#,!02!,1#40:04!$0,,#,<!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!![`!3#7*([*$>-#$/$*$0#")&//"#$")$(&-#"/2&(2&$*+$345$*(N$.&*N$")$+.&$C&0*#+%&(+$")$X#*($*(N$D"7(+K&$>2&(2&/?$!"#$N&+*J/$*,"-+$./$J*,1$/&&$.++09LLM&,?%+?&N-L02"M&#L)*2-J+PL/-#?.+%J?!
    • "-&!)*.&/0&*1&!(!+-&!23(&!413&*1&,5!6-7,31#%!413&*1&,5!#*8!9*03*&&/3*0$ E:!! !;&7/&@&23/2#0!M#4#2$!2#%&,40#24#!%#,#*%4/!,02+!$#4/2&)&+0#,!*3*1$#3!:%&5!&$/#%!:0#)3,!/*,!,/#3!)0+/$!&2!$/#!$%#!2*$%#!&:!$/#!*3)$!=%*02<!J6!m%#70%02+m!$/#!3#9#)&102+!=%*02;!*23!=6!%#9#*)02+!%#5*%B*=)6!703#,1%#*3!4/*2+#,!02!$/#!*3)$!4&%$#>!3%02+!)#*%202+;!%#,#*%4/!0,!3#5&2,$%*$02+!$/*$!$/#!=%*02!0,!:*%!5&%#!1)*,$04!*23!*3*1$*=)#!$/*2!7*,!1%#90&,)6!=#)0#9#3<!A0$/!$/0,!*330$0&2*)!02:&%5*$0&2;!%#,#*%4/#%,!*%#!1%,02+!022&9*$09#!%#,1&2,#,!$&!2#%&)&+04*)!30,#*,#!*23!02i%6;!024)302+!$/#!3#9#)&15#2$!&:!2#$7&%B,!&:!2#%&2,!+%&72!02!90$%&!$/*$!4&)3!&2#!3*6!,#%9#!*,!f=%*02!+%*:$,g!$&!$%#*$!904$05,!&:!$%*5*$04!=%*02!02i%6!&%!,$%&B#<!N#1+&/3#%!6%#,+313+7!(/!"<O/!@&+&1+3*!#*8!@/<0!@&%3.&/7!632T7,./40$G!5*i&%!4/*))#2+#!:&%!5#304*)!%#,#*%4/#%,!/*,!=##2!3#9#)&102+!3%+,!$/*$!#::#4$09#)6!:0+/$!30,#*,#,!=$!3&!2&$!3*5*+#!/#*)$/6!$0,,#,!*23!4#)),!02!1*$0#2$,<!K40#2$0,$,!/*9#!*$$#51$#3!$&!,&)9#!$/0,!1%&=)#5!:%&5!*!=0&)&+04*)!1#%,1#4$09#!=6!:&4,02+!&2!4#))!5*%B#%,!*23!0552&)&+04*)!4&24#1$,<!G)$/&+/!$/0,!*11%&*4/!/*,!/*3!,&5#!,44#,,;!4&29#%+#24#Q3%09#2!5#$/&3,!$&!&1$050b#!3%+!3#)09#%6!*%#!+*0202+!5&5#2$5<!!(/%0,!T&0+$E,!)*=!*$!$/#!U209#%,0$6!&:!(*)0:&%20*;!K*2!H%*240,4&;!,1#40*)0b#,!02!%#1%&+%*5502+!=*4$#%0*!$&!1#%:&%5!:24$0&2,!,#:)!:&%!=0&5#304*)!*23!023,$%0*)!*11)04*$0&2,<==!./#!T&0+$!)*=!4%#*$#3!N<!4&)0!=*4$#%0*!$/*$!4*%%6!3#2,0$6!,#2,&%,!$*B#2!:%&5!*2&$/#%!=*4$#%0*)!,1#40#,<!A/#2!$/#!N<!4&)0!*%#!02$%&34#3!$&!5*55*)0*2!4#)),;!$/#!3#2,0$6!,#2,&%,!4*2!3#$#4$!/&7!3#2,#)6!1*4B#3!$/#!5*55*)0*2!4#)),!*%#;!=*,#3!&2!#290%&25#2$*)!4#,!,4/!*,!&>6+#2!)#9#),<!D2!*330$0&2;!*=&9#!*!4#%$*02!3#2,0$6;!$/#!,#2,&%,!$%0++#%!$/#!N<!4&)0!$&!029*3#!$/#!5*55*)0*2!4#)),!=6!*4$09*$02+!*2!#2b65#!4*))#3!029*,02<!./0,!=0&#2+02##%02+!:#*$!,/&7,!1%&50,#!:&%!3%+!3#)09#%6;!#,1#40*))6!*+*02,$!4*24#%,<!(*24#%&,!4#)),!$#23!$&!:&%5!$5&%,;!7/04/!*%#!/0+/Q3#2,0$6!4),$#%,!&:!4#)),!$/*$!4*2!=#!3#$#4$#3!=6!$/#!=*4$#%0*)!,#2,&%,<!D:!$/#!N<!4&)0!4*2!=#!:%$/#%!#2+02##%#3!$&!4*%%6!*2$04*24#%!3%+,;!$/0,!,6,$#5!4*2!=#!,#3!:&%!$*%+#$#3!$/#%*16<!J#4*,#!$/#!4*24#%!4#)),!*%#!4),$#%#3!$&+#$/#%;!$/#6!7&)3!=#!3#$#4$#3!=6!$/#!=*4$#%0*!*23!$/#!3%+!7&)3!#2$#%!*23!B0))!$/&,#!4#)),;!)#*902+!/#*)$/6!4#)),!2/*%5#3<!!;&7/&@&23/2#0!T&0+$E,!=*4$#%0*)!4%#*$0&2!0,!*!1%05#!#>*51)#!&:!4&29#%+#24#!02!7/04/!#2+02##%02+!1%02401)#,!*%#!*11)0#3!$&!*!=0&)&+04*)!,6,$#5<!./#!)*=!#,,#2$0*))6!4&10#3!$/#!,#2,&%!+#2#!02!&2#!=*4$#%0*)!,1#40#,!*23!02,#%$#3!0$!02!*2&$/#%<!./0,!#>1#%05#2$E,!1&$#2$0*)!:&%!3%+!3#)09#%6!7&)3!%#?0%#!#9#2!5&%#!4&))*=&%*$0&2!*4%&,,!$/#!30,401)02#,h!:&%!#>*51)#;!4/#50,$%6!7&)3!=#!%#?0%#3!$&!4*)4)*$#!$/#!4&%%#4$!3&,*+#!&:!3%+,!1#%!=*4$#%05<!J0&02:&%5*$04,!5*6!/#)1!03#2$0:6!=#$$#%!=*4$#%0*)!,1#40#,;!,#2,&%!+#2#,;!&%!*2$04*24#%!3%+,!:&%!/5*2!$/#%*1#$04!,#;!*,!5&%#!02:&%5*$0&2!=#4&5#,!*9*0)*=)#<!U)$05*$#)6;!$/0,!=*4$#%0*)Q,#2,&%!3%+!3#)09#%6!,6,$#5!7&)3!%#34#!$/#!,03#!#::#4$,!&:!4/#5&$/#%*16!*23!&$/#%!%0,B6!$%#*$5#2$,!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!== $D.#/$l"7+$/$*($*//"2*+&$0#")&//"#$($+.&$C&0*#+%&(+$")$U.*#%*2&-+2*J$D.&%/+#P$*+$5.&$T(K&#/+P$")$D*J)"#(*1$>*($!#*(2/2"?$!"#$N&+*J/$*,"-+$./$J*,1$/&&$.++09LLK"7+J*,?-2/)?&N-?!
    • E=! ">9!">;?@!?9AB2C";BD!!$/*$!i#&1*%30b#!1*$0#2$,E!&9#%*))!/#*)$/!7/0)#!*$$*4B02+!$/#!4*24#%<!./#!1&$#2$0*)!5#304*)!=#2#:0$,!&:!$/0,!%#,#*%4/!3#5&2,$%*$#!$/#!%0,02+!2##3!$&!5*B#!4&29#%+#24#!*!1%0&%0$6!02!$/#!:$%#!&:!=0&)&+6<!,3?D[!(/!+-&!>;A!A#113*&!632T7,./40$D2$#%:#%02+!MSG!cMSG0d!0,!*!2*$%*)!1%&4#,,!,#3!=6!&%+*20,5,!$&!$%2!&::!&%!,0)#24#!$/#!#>1%#,,0&2!&:!4#%$*02!+#2#,!7/#2!$/#6!*%#!2&!)&2+#%!2##3#3<!M#,#*%4/#%,!/*9#!*)$#%#3!$/0,!2*$%*)!1%&4#,,!,&!$/*$!,/&%$!02$#%:#%02+!MSG!c,0MSGd!4*2!=#!3#)09#%#3!$&!$/#!02,03#!&:!4#)),!$&!,0)#24#!$/#!+#2#,!*,,&40*$#3!70$/!$/#!1#%1#$*$0&2!&:!30,#*,#,<!./#!*=0)0$6!$&!,0)#24#!+#2#,!02!5*55*)0*2!4#)),!$/%&+/!MSG0!/*,!3%*5*$04*))6!#>1*23#3!$/#!1&,,0=0)0$0#,!:&%!+#2&$61#n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m&$M((&#$*(N$4(/++-+&$U#")&//"#$*+$345?$!"#$N&+*J/$*,"-+$./$J*,1$/&&$.++09LLM&,?%+?&N-L/.*#0J*,L?!
    • "-&!)*.&/0&*1&!(!+-&!23(&!413&*1&,5!6-7,31#%!413&*1&,5!#*8!9*03*&&/3*0$ EL!! !C#/5#$!.&2#%!30%#4$,!*!J&,$&2Q*%#*!%#,#*%4/!1%&+%*5!$/*$!:&4,#,!&2!3#9#)&102+!$#4/2&)&+0#,!:&%!,&%$02+!*23!*2*)6b02+!=)&&3!4#)),<=H!M#4#2$)6;!.&2#%E,!+%&1!3#9#)&1#3!$/#!(.(Q4/01;!*!,5*))!3#904#!$/*$!,/&7,!1%&50,#!:&%!9*,$)6!051%&902+!$/#!3#$#4$0&2!&:!4*24#%!1%&+%#,,0&2<!(0%4)*$02+!$5&%!4#)),!c(.(,d!02!$/#!=)&&3,$%#*5!*%#!$/&+/$!$&!=#!$/#!%&&$!&:!024%*=)#!5#$*,$*$04!4*24#%,;!,&!$/#!,&&2#%!$/#6!*%#!3#$#4$#3;!$/#!,&&2#%!)0:#Q,*902+!$%#*$5#2$!4*2!=#!,$*%$#3<!@&7#9#%;!(.(,!*%#!#>$%#5#)6!%*%#!*23!30::04)$!$&!4*1$%#h!,&5#!#>1#%$,!#,$05*$#!$/#!1%#,#24#!&:!(.(,!$&!=#!*,!%*%#!*,!&2#!4#))!02!*!=0))0&2!2&%5*)!=)&&3!4#)),<!!.&2#%E,!02$#%30,401)02*%6!7&%B!,0+20:04*2$)6!051%&9#,!$/#!#::040#246!70$/!7/04/!(.(,!4*2!=#!3#$#4$#3<!./#!(.(Q4/01!0,!*!,5*))!4/01!4&9#%#3!70$/!X;```!504%&1&,$,!70$/02!*!,%:*4#!*%#*!&:!Z`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h!02!&2#!,$36;!$/#!4/01!4&%%#4$)6!3#$#4$#3!(.(,!02!&9#%!ZZ!1#%4#2$!&:!4*24#%!1*$0#2$,!70$/!5#$*,$*,#,<!./#!4/01!0,!2&7!02!4)0204*)!$%0*),<!!;&7/&@&23/2#0$./#!(.(Q4/01!0,!*!,/0202+!#>*51)#!&:!4&29#%+#24#h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o!o!o!o!o!o!o!o!o!o!o!o!o!o!o!o!(&29#%+#2$!$#4/2&)&+0#,!1%&50,#!$&!4&2$02#!#>$#2302+!%#,#*%4/!:%&2$0#%,!*23!1,/02+!5#30402#!$&7*%3!*!5&%#!1#%,&2*)0b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e&(&#*J$f"/0+*J$*(N$f*#K*#N$3&N2*J$>2.""J1$*(N$N#&2+"#$")$+.&$X"3A3>$W&/"-#2&$D&(+&#$S.++09LLMMM?,"%&%/#2?"#7LV?!
    • EM! ">9!">;?@!?9AB2C";BD!!,&)9#!/#*)$/!4/*))#2+#,!$/*$!70))!&9#%7/#)5!&%!#4&2&56!23#%!$/#!,$*$,!?&h!#?*))6!051&%$*2$;!,4/!029#,$5#2$!4*2!+09#!$/#!U20$#3!K$*$#,!*!+)&=*)!4&51#$0$09#!#3+#!02!$#4/2&)&+6!3#9#)&15#2$<!!
    • "-&!)*.&/0&*1&!(!+-&!23(&!413&*1&,5!6-7,31#%!413&*1&,5!#*8!9*03*&&/3*0$ ES!! !_F!"-&!91*O31!)#,&!(/!4<JJ/+3*0!)*.&/0&*1&!!N4&2&50,$!*23!S&=#)!)*%#*$#!M&=#%$!K&)&7!7*,!*5&2+!$/#!:0%,$!$&!4)#*%)6!3#5&2,$%*$#!$/#!%#)*$0&2,/01!=#$7##2!022&9*$0&2!*23!#4&2&504!+%&7$/<!@#!,/&7#3!$/*$!*!)*%+#!1&%$0&2!&:!U<K<!#4&2&504!+%&7$/!02!$/#!#*%)6!]`$/!4#2$%6!7*,!3#%09#3!:%&5!$#4/2&)&+04*)!*23!%#)*$#3!022&9*$0&2<!!D2!/0,!7&%B!3%02+!$/#![Za`,;!K&)&7!:&23!$/*$!=#$7##2![Z`Z!*23![Z^Z;!+*02,!:%&5!)*=&%!*23!4*10$*)!02$#2,0$6!#>1)*02#3!&2)6!*!,5*))!1&%$0&2!&:!+%&7$/!02!U<K<!+%&,,!2*$0&2*)!1%&34$!cWSLd;!7/0)#!*)5&,$!]n_!&:!$/#!%#5*023#%!&:!WSL!+%&7$/!7*,!$/#!%#,)$!&:!7/*$!/#!4*))#3!f$#4/204*)!4/*2+#<g$=I!!@0,!1&02$!7*,!$/*$!$#4/2&)&+04*)!*23!%#)*$#3!022&9*$0&2!7*,!$/#!1%#3&502*2$!4*,*$09#!:*4$&%!=#/023!$/#!=)B!&:!U<K<!#4&2&504!+%&7$/<!A#!*%#!&2)6!2&7!=#+02202+!$&!+%*,1!$/#!1%&:&23!051)04*$0&2,!&:!K&)&7E,!7&%B<!D2!$/#!1&,$pA&%)3!A*%!DD!#%*;!$/#!U<K<!*3&1$#3!*!5&3#);!4%%#2$)6!=#02+!4&10#3!7&%)3703#;!&:!022&9*$0&2Q)#3!4&51*%*$09#!*39*2$*+#!*23!4&%%#,1&2302+!+%&7$/<!I##102+!$/#!U<K<!*$!$/#!:&%#:%&2$!&:!022&9*$0&2!0,!4%40*)!$&!&%!4&2$%6E,!#4&2&504!7#))Q=#02+<!./#!02:&%5*$0&2!$#4/2&)&+6!%#9&)$0&2;!7/04/!=%&+/$!/+#!#4&2&504!+*02,!$&!$/#!U<K<!#4&2&56;!#,1#40*))6!:%&5![ZZ_!$&!]``[;!0,!5*$%02+;!*23!$/#!020$0*)!1/*,#!&:!$/#!=0&$#4/!%#9&)$0&2!0,!1)*602+!&$<!C*26!*%#!1&23#%02+!$/#!2#>$!1/*,#!&:!022&9*$0&2<!./#%#!*%#!)0B#)6!$&!=#!/0+/)6!:%0$:)!#4&2&504!051)04*$0&2,;!1%,*2$!$&!K&)&7E,!5&3#);!:&%!#>1*2302+!U<K<Q)#3!,11&%$!:&%!$/#!4&29#%+#24#!&:!$/#!)0:#!,40#24#,;!1/6,04*)!,40#24#,;!*23!#2+02##%02+!$/%&+/!7/*$!,&5#!*%#!4*))02+!$/#!f=0&)&+6!#4&2&56g<!J%02+02+!&2!*!2#7!1/*,#!&:!$#4/2&)&+04*)!*39*24#,!$/*$!4&)3!4&2$%0=$#!$&!*2&$/#%!U<K<Q)#3!7*9#!&:!7&%)3703#!022&9*$0&2!4&)3!=#!&2#!&:!$/#!B#6,!$&!&%!:$%#!#4&2&504!+%&7$/<!./#!4&2$%6!0,!+%*11)02+!70$/!/&7!$&!4%#*$#!*!2#7!*23!,$%&2+#%!:&23*$0&2!:&%!+%&7$/h!*!4#2$%*)!1*%$!&:!$/#!*2,7#%!0,!4*10$*)0b02+!&2!4&29#%+#24#<!@&O0/#J-31!)-#%%&*0&,!#*8!+-&!D&&8!(/!;**.#+3*!./#!2##3!$&!029#,$!02!=0&5#304*)!%#,#*%4/!0,!/#0+/$#2#3!=6!$/#!4%%#2$!/#*)$/!4*%#!4%0,0,!*23!4&502+!3#5&+%*1/04!4/*))#2+#,<!G44&%302+!$&!$/#!G+#246!:&%!@#*)$/4*%#!M#,#*%4/!*23!q*)0$6;!$/#!U<K<!,1#23,!*!)*%+#%!1&%$0&2!&:!0$,!+%&,,!3&5#,$04!1%&34$!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!=I $W",&#+$3?$>"J"M1$J*F&#!"#$*7:!A-!KL4*1,&,*-1$;(N$&N?$S@&M$n"#[9$8j)"#N$T(K&#/+P$U#&//1$;<<<V9$jojjK?$>&&$*J/"$W",&#+$3?$>"J"M1$`e#"M+.$5.&"#P$*(N$Q)+&#1a$J&2+-#&$*+$@",&J$U#m&$*M*#N/$2&#&%"(P1$>+"2[."J%1$C&2?$:1$=F:E1$.++09LL(",&J0#m&?"#7L(",&J]0#m&/L&2"("%2/LJ*-#&*+&/L=F:EL/"J"MbJ&2+-#&?.+%J?$
    • EU! ">9!">;?@!?9AB2C";BD!!cWOLd!&2!/#*)$/!4*%#!$/*2!*26!&$/#%!5*i&%!023,$%0*)0b#3!4&2$%6<!D2!:*4$;!02!]``];!/#*)$/!4*%#!#>1#230$%#,!%#1%#,#2$#3!&2#Q,#9#2$/!&:!$/#!2*$0&2E,!WOL!*23!5*3#!1!&2#!&:!$/#!:*,$#,$Q+%&702+!4&51&2#2$,!&:!$/#!:#3#%*)!=3+#$<=_!D2!*330$0&2;!*44&%302+!$&!$/#!(#2$#%,!:&%!C#304*%#!*23!C#304*03!K#%904#,!c(CKd;!02!]``X;!$&$*)!/#*)$/!#>1#230$%#!#?*)#3!l;VX[!1#%!1#%,&2<=B!!./0,!4&,$!0,,#!0,2E$!i,$!*::#4$02+!0230903*),!*23!:*50)0#,<!(CK!4*)4)*$#3!$/*$!02!]``^;!#9#%6!,$*$#!#>4#1$!O#)*7*%#!*23!A6&502+!,1#2$![`!1#%4#2$!&%!5&%#!&:!0$,!+%&,,!,$*$#!1%&34$!&2!/#*)$/!4*%#<!./#,#!,$*$0,$04,!4&2$02#!$&!4)05=;!70$/!2*$0&2*)!/#*)$/!#>1#230$%#,!#>1#4$#3!$&!024%#*,#!*2!*9#%*+#!&:!V<[!1#%4#2$!1#%!6#*%!$/&+/!]`[Z<=E!!G,!=0&5#304*)!*39*24#,!1%&)&2+!G5#%04*2!)09#,!*23!*,!$/#!=*=6Q=&&5!+#2#%*$0&2!*+#,;!&%!/#*)$/!4*%#!,6,$#5!70))!:*4#!,=,$*2$0*)!4/*))#2+#,;!,4/!*,!$/#!02#90$*=)#!%0,#!&:!4#%$*02!30,#*,#,!*23!*2!024%#*,#3!2##3!:&%!#23Q&:Q)0:#!4*%#<!P,$!*,!4*24#%!%#4#2$)6!%#1)*4#3!/#*%$!30,#*,#!*,!$/#!)#*302+!U<K<!4*,#!&:!3#*$/!c$/*2B,!$&!5*i&%!*39*24#,!02!/#*%$Q30,#*,#!$%#*$5#2$d;!,&5#!#>1#4$!=%*02!30,#*,#,!$&;!02!$%2;!30,1)*4#!4*24#%!02!14&502+!6#*%,<!G)b/#05#%E,!30,#*,#;!:&%!#>*51)#;!70))!*::#4$!$/#!=*=6!=&&5#%,!*$!,4/!*2!*)*%502+!%*$#!$/*$!0$!0,!24)#*%!/&7!&%!4%%#2$!/#*)$/!4*%#!,6,$#5!70))!4&1#<!G44&%302+!$&!$/#!G)b/#05#%E,!G,,&40*$0&2;!f$/#!25=#%!&:!1#&1)#!*+#3!Va!*23!&)3#%!70$/!G)b/#05#%E,!30,#*,#!0,!#,$05*$#3!$&!%#*4/!<!50))0&2!02!]`_`85&%#!$/*2!*!a`!1#%4#2$!024%#*,#!:%&5!$/#!a<[!50))0&2!*+#3!Va!*23!&)3#%!4%%#2$)6!*::#4$#3<g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cLLG(Gd!02!C*%4/!]`[`<!LLG(G!*$$#51$,!$&!#2,%#!024%#*,#3!*44#,,!$&!/#*)$/!4*%#;!=$!0$!0,!24)#*%!/&7!$/#!*,,&40*$#3!4&,$,!70))!=#!5*2*+#3<!(&,$!4&2$%&)!0,!4%0$04*);!*23!0$!70))!3#1#23!$&!*!)*%+#!3#+%##!&2!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!=_ $`f&*J+.$D*#&$D"/+/9$!*2+$>.&&+1a$Q7&(2P$)"#$f&*J+.2*#&$W&/&*#2.$*(N$k-*J+P1$W"2[KJJ&1$3C1$>&0+?$;<<;1$0?$=1$.++09LLMMM?*.#g?7"KL(&M/L2"/+/)*2+?0N)?=B $`@*+"(*J$f&*J+.$Aj0&(N+-#&$C*+*9$@fA$!*2+$>.&&+1a$D&(+&#/$)"#$3&N2*#&$*(N$3&N2*N$>&#K2&/1$X*J+%"#&1$.++0/9LLMMM?2%/?7"KL@*+"(*Jf&*J+.Aj0&(NC*+*L;_]@fA]!*2+]>.&&+?*/0$S*22&//&N$c-JP$;I1$;<=<V?! $4,N?!=E $`;<=<$QJm.&%&#i/$C/&*/&$!*2+/$*(N$!7-#&/1a$A0M#$,<$N1!O!P$<$-&,>$B$S;<=<V9$=I1$!=:.++09LLMMM?*Jm?"#7LN"2-%&(+/]2-/+"%L#&0"#+]*Jm)*2+/)7-#&/;<=<?0N)?!
    • "-&!)*.&/0&*1&!(!+-&!23(&!413&*1&,5!6-7,31#%!413&*1&,5!#*8!9*03*&&/3*0$ EW!! !022&9*$0&2<!S#7!$#4/2&)&+0#,!*23!4%#*$09#!*11%&*4/#,!*%#!2##3#3!$&!3%09#!1%&34$090$6!+*02,!,&!$/*$!7#!4*2!#>1*23!*44#,,!$&!/#*)$/!4*%#!7/0)#!*),&!*$$#51$02+!$&!3#4%#*,#!$/#!4&,$!1#%!1#%,&2<!U2:&%$2*$#)6;!LLG(G!303!)0$$)#!$&!*33%#,,!$/#!051&%$*24#!&:!022&9*$0&2<!G,!&2#!4&55#2$*$&%!1$!0$;!f./#!/#*)$/4*%#!)#+0,)*$0&2!r!3&#,!2&$!/*9#!*2!022&9*$0&2!:&4,!r!sAt#!,/&)3!3&!#9#%6$/02+!7#!4*2!$&!#24&%*+#!$/#!,&%$!&:!30,%1$09#!022&9*$0&2!02!$/#!5#304*)!:0#)3!$/*$!/*,!4/*%*4$#%0b#3!$/#!$#4/2&)&+6!023,$%6<g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`$/!4#2$%6!4*2!#>1#4$!$&!)09#!*=&$!_`!6#*%,!)&2+#%!$/*2!0:!$/#6!/*3!=##2!=&%2!02![Z``;;<!*23!5&,$!%#$0%##,!02!$/#0%!V`,!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!=F $e*#P$>.*0#"1$`6.&#&$4/$4(("K*+"($($+.&$f&*J+.2*#&$C&,*+&a$"#$!Q,002$c*(?$E1$;<=<1$0?$;1$.++09LL+.&.JJ?2"%L"0("(L"0b&NLEIE=_bM.&#&b/b(("K*+"(b(b+.&b.&*J+.b2*#&bN&,*+&b?$!"#$%"#&$2"%%&(+*#P$"($+.&$(&&N$)"#$(("K*+"($($.&*J+.$2*#&1$/&&$c".($D?$Z&2.J&+&#1$`f&*J+.bD*#&$W&)"#%$*(N$+.&$i4(("K*+"($5&/+1ia$C>00!%&$$&!R*(->02$3*P$=I1$;<<F1$.++09LL"(J(&?M/h?2"%L*#+2J&L>X=;I;;E<_H:I;<=:H==?.+%JY$*(N$X#-2&$@-//,*-%1$`f&*J+.$D*#&$W&)"#%$U*//&/p@"M$Z&+i/$>+*#+$f&*J+.$D*#&$4(("K*+"(1q$80**<6$9!8(1,-$11!C$$D2$3*#2.$;;1$;<=<1$.++09LLMMM?,-/(&//M&&[?2"%?!;< $R&K($3-#0.P$*(N$W",&#+$5"0&J1$`5.&$l*J-&$")$f&*J+.$*(N$Z"(7&K+P1a$R*(->0!*+!?*0,&,)>0!K)*-*<7$==I1$("?$_$S82+?$;<<BV9$:E=oF<I1$.++09LLMMM?h"-#(*J/?-2.2*7"?&N-LN"L)-JJL=<?=<:BL_<:<HH?!
    • _Z! ">9!">;?@!?9AB2C";BD!!*23!`,!*%#!1/6,04*))6!*=)#!$&!7&%B<;=!J)&&5!*23!/0,!4&))#*+#,$/*9#!4*)4)*$#3!$/*$!*!&2#Q6#*%!024%#*,#!02!)0:#!#>1#4$*246!051%&9#,!)*=&%!1%&34$090$6!=6!*!3%*5*$04!^!1#%4#2$<;;!./0,!$%*2,)*$#,!$&!,0+20:04*2$!#4&2&504!=#2#:0$<!J#$7##2![Z`!*23!]```;!+*02,!02!)0:#!#>1#4$*246!*44&2$#3!:&%!l_<]!$%0))0&2!1#%!6#*%!&:!2*$0&2*)!7#*)$/;!*23!*![!1#%4#2$!%#34$0&2!02!4*24#%!5&%$*)0$6!%*$#,!7*,!#,$05*$#3!$&!5#*2!45)*$09#!,*902+,!&:!la``!=0))0&2!$&!$/#!/#*)$/!#4&2&56<;H!!H#3#%*)!029#,$5#2$!/*,!=##2!B#6!$&!$/0,!#::&%$<!G,!&:!]``V;!*44&%302+!$&!$/#!:&%5#%!30%#4$&%!&:!SD@;!$/#!f#,$05*$#3!$&$*)!45)*$09#!029#,$5#2$!*$!SD@!1#%!G5#%04*2!&9#%!$/#!1*,$!_`!6#*%,!r!0,!*=&$!l[;__^!&%!*=&$!l^^!1#%!G5#%04*2!1#%!6#*%!&9#%!$/#!#2$0%#!1#%0&3<!D2!%#$%2;!G5#%04*2,!/*9#!+*02#3!&9#%!,0>!6#*%,!&:!)0:#!#>1#4$*246!*23!*%#!*+02+!/#*)$/0#%!$/*2!#9#%!=#:&%#<g;I!D2!:*4$;!SD@!029#,$5#2$,!02!/#*%$!30,#*,#!%#,#*%4/;!7/04/!*5&2$!$&!*2!*9#%*+#!&:!l^!1#%!6#*%!1#%!G5#%04*2;!/*9#!/#)1#3!$&!4$!$/#!02403#24#!&:!:*$*)!/#*%$!*$$*4B,!*23!,$%&B#!=6!5&%#!$/*2!V`!1#%4#2$!,024#![Za<!K050)*%)6;!SD@Q,1&2,&%#3!*39*24#,!/*9#!051%&9#3!,%909*)!%*$#,!:&%!@DT!1*$0#2$,;!*23!#4&2&50,$,!#,$05*$#!$/*$!$/#!%#,)$02+!,*902+,!$&!&%!#4&2&56!70))!=#!4)&,#!$&!l[<^!$%0))0&2!:&%!*))!1*,$!*23!:$%#!4&/&%$,!&:!02:#4$#3!0230903*),<;_!D2,$#*3!&:!=#02+!*2!#103#504!4&,$02+!=0))0&2,!:&%!2#7!/&,10$*)!=#3,!*23!/#*)$/!4*%#;!GDOK!0,!=#4&502+!*!5*2*+#*=)#!&$1*$0#2$!30,#*,#;!*23!@DTQGDOK!904$05,!*%#!%#5*0202+!1%&34$09#!02!$/#!#4&2&56<!!!D2!*330$0&2!$&!=#2#:0$02+!$/#!#4&2&56!=6!051%&902+!/#*)$/;!SD@!029#,$5#2$,!4%#*$#!30%#4$!*23!0230%#4$!#4&2&504!+*02,!=6!4%#*$02+!i&=,!*23!2#7!+&&3,!*23!,#%904#,<!H*50)0#,!UKG!%#4#2$)6!%#)#*,#3!*!%#1&%$!$/*$!&$)02#,!$/#!#::#4$!&:!SD@!%#,#*%4/!3&))*%,!&2!0230903*)!,$*$#,<!./#!l]_!=0))0&2!$/*$!SD@!029#,$#3!02!*))!a`!,$*$#,!02!]``!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!;= $@2"J&$3*&/+*/$*(N$c-J&$r//%"0"-J"/1$`f"M$Z"(7&#$6"#[$ZK&/$A*/&$+.&$D#-(2.$")$U"0-J*+"($Q7(71a$M"#[(7$0*0&#1$WQ@C$D"#01$>*(+*$3"(2*1$DQ1$C&2?$;<<F1$.++09LLMMM?#*(N?"#7L0-,/LM"#[(7]0*0&#/L;<=<LWQ@C]6WE;:?0N)?!;; $C*KN$XJ""%1$C*KN$D*(((71$*(N$3*#[$6&/+"(1$`5.&$l*J-&$")$l*22(*+"(1a$C*05!K)*-*<,)1$B1$("?$H$Sc-JPo>&0+?$;<<_V9$=_oHF1$.++09LLMMM?/*,(?"#7L)J&/L*++*2.%&(+LK*J-&]K*22(*+"(],J""%]2*(((7]M&/+"(?0N)?!;H $R&K($3?$3-#0.P$*(N$W",&#+$f?$5"0&J1$`5.&$l*J-&$")$f&*J+.$*(N$Z"(7&K+P1a$C$$D07!?*0,)7!I*<<$-&>72$*$0-,J2*+"($")$W&/"-#2&/$)"#$+.&$!-+-#&$S>&0+?$;:1$;<<FV1$.++09LLMMM?#))?"#7LU-,J2*+"(/L6UDLU*7&/L5.&bl*J-&b")bf&*J+.b*(NbZ"(7&K+P?*/0j?! !AJ*/$Q?$r&#."-(1$`!n;<<E$C#&2+"#i/$X-N7&+$W&g-&/+$>+*+&%&(+1a$0#&/&(+*+"($,P$@4f$N#&2+"#$+"$;If"-/&$>-,2"%%++&&$"($Z*,"#1$Q0#J$B1$;<<B1$.++09LLMMM?(.?7"KL*,"-+LN#&2+"#L,-N7&+#&g-&/+L)P;<<EN#&2+"#/,-N7&+#&g-&/+?.+%?! $4,N?!;_
    • "-&!)*.&/0&*1&!(!+-&!23(&!413&*1&,5!6-7,31#%!413&*1&,5!#*8!9*03*&&/3*0$ _E!! !+#2#%*$#3!&9#%!la`!=0))0&2!02!$/#!1%&34$0&2!&:!2#7!+&&3,!*23!,#%904#,<;B!./*$!5#*2,!$/*$!#9#%6!l[!50))0&2!SD@!029#,$#3!02!]``!+#2#%*$#3!5&%#!$/*2!$704#!$/*$!cl]<][!50))0&2d!02!2#7!,$*$#!=,02#,,!*4$090$6<!H%$/#%5&%#;!SD@!+%*2$,!02!]``!,11&%$#3!5&%#!$/*2!_a`;```!i&=,!*23!$/#!*9#%*+#!7*+#!&:!$/&,#!/0%#3!:&%!$/#!2#7!i&=,!7*,!la];```8,0+20:04*2$)6!/0+/#%!$/*2!$/#!#,$05*$#3!*9#%*+#!U<K<!7*+#!*$!$/#!$05#;!l^];```<;E!SD@Q,11&%$#3!023,$%0#,;!)0B#!$/#!=0&1/*%5*4#$04*)!023,$%6;!&::#%!*2&$/#%!+&&3!)#2,!:&%!#>*50202+!$/#!051*4$!&:!SD@!:2302+!&2!#51)&65#2$!*23!7#*)$/!4%#*$0&2<!G44&%302+!$&!*!%#4#2$!%#1&%$;!$/#!=0&$#4/!,#4$&%!4&2,0,$#2$)6!&$1#%:&%5,!&$/#%,!02!i&=!4%#*$0&2-! J0&,40#24#!#51)&65#2$!+%&7$/!+%#*$)6!&$1*4#3!2*$0&2*)! #51)&65#2$!+%&7$/!:%&5!]``[!$&!]``X<,./#!=0&,40#24#!023,$%6! *33#3![Z_;^X!i&=,!:%&5!]``[!$&!]``X;!*!/#:$6!+%&7$/!%*$#!&:![a<X! 1#%4#2$<!./0,!%*103!%*$#!&:!i&=!+%&7$/!7*,!^<a!$05#,!*,!54/!*,!$/#! &9#%*))!+%&7$/!%*$#!:&%!$/#!2*$0&2*)!1%09*$#!,#4$&%!c_<a!1#%4#2$d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b.&*J+.L(bP"-#b"M(b,*2[P*#N?0N)?! $4,N?1$0?$I?!;E;: $8>&&$00$U83T!%&>&$!8,*1),$-)$!3-,&,>&,/$1!GVHV2$SX"+&2.("J"7P$4(N-/+#P$8#7*(m*+"($*(N$X*++&JJ&$5&2.("J"7P$U*#+(&#/.0$U#*2+2&1$3*P$;<=<V1$0?$1$.++09LLMMM?,"?"#7LJ"2*JL,*++&JJ&;<=<LX*++&JJ&]W&0"#+];<=<?0N)?!;F $R&K($3?$3-#0.P$*(N$W",&#+$f?$5"0&J1$&N/?1$=$>1(,-9!&#$!J>,-1!+*<!=$5,)>0!.$1$>)#:!A-!K)*-*<,)!A44*>)#$SD.2*7"9$T(K&#/+P$")$D.2*7"$U#&//1$;<<HV?!
    •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b#!&2!$/#!2#>$!%#9&)$0&2!02!)0:#!,40#24#,<!!P<*83*0!)-#%%&*0&,!#*8!2GY?3,a!?&,&#/1-!./#!SD@!=3+#$!2#*%)6!3&=)#3!=#$7##2![ZZX!*23!]``_<H<$@&7#9#%;!,024#!$/#2;!SD@!30,4&9#%0#,;!7/04/!1%09*$#!029#,$5#2$!=0)3,!&2;!/*9#!=##2!*::#4$#3!=6!:2302+!)#9#),!$/*$!*%#!3#4)0202+!02!%#*)!$#%5,<!!./#!#2*4$#3!SD@!=3+#$!:&%!HR!]`[`!7*,!l_[<]!=0))0&2;!*!]<]!1#%4#2$!024%#*,#!:%&5!$/#!1%#90&,!6#*%<$!@&7#9#%;!$/#!J%#*!&:!N4&2&504!G2*)6,0,!1%&i#4$#3!$/#!=0&5#304*)!%#,#*%4/!02:)*$0&2!5#$%04!cJMOLDd!*$!_<[!1#%4#2$<H=!./0,!5#*2,!$/*$!$/#!=3+#$!/*,!2&$!B#1$!1!70$/!02:)*$0&2!c,##!+%*1/d;!*23!$/*$!02!4&2,$*2$!3&))*%,!$/#!=3+#$!*4$*))6!,/%*2B!=#$7##2!]``_!*23!]`[`<H;!N,,#2$0*))6;!SD@E,!*=0)0$6!$&!:23!4%%#2$!)#9#),!&:!%#,#*%4/;!)#$!*)&2#!$/#!#5#%+02+!4&29#%+#24#!%#9&)$0&2;!3#4%#*,#3!,0+20:04*2$)6<!D2!H#=%*%6!]``Z;!$/#!2#7!*35020,$%*$0&2E,!G5#%04*2!M#4&9#%6!*23!M#029#,$5#2$!G4$!cGMMGd!1%&903#3!SD@!70$/!l[`!=0))0&2!02!54/Q2##3#3!,$05),!:2302+<!@&7#9#%;!$/0,!=&&,$!7*,!*!&2#Q$05#!:2302+!&11&%$20$6;!*23!0$!7*,!*9*0)*=)#!1%#3&502*2$)6!:&%!*)%#*36Q:0)#3!+%*2$!*11)04*$0&2,;!%*$/#%!$/*2!2#7!*7*%3,<!A0$/&$!*!,,$*02#3!,&%4#!&:!024%#*,#3!=*,#)02#!:2302+!:&%!SD@;!*23!*!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!H< $C*+*$2"%0J&N$,P$+.&$Q%&#2*($Q//"2*+"($)"#$+.&$QNK*(2&%&(+$")$>2&(2&1$.++09LLMMM?***/?"#7L/00L#NL(.2.+<F?0N)$S*22&//&N$c-JP$;I1$;<=<V?!H= $`X"%&N2*J$W&/&*#2.$*(N$C&K&J"0%&(+$U#2&$4(N&j$SXWCU4V9$!/2*J$n&*#$;<<F$T0N*+&$*(N$U#"h&2+"(/$)"#$!n$;<=<o!n$;<=_1a$%&%"$)#"%$T?>?$C&0*#+%&(+$")$f&*J+.$*(N$f-%*($>&#K2&/1$!&,?$=1$;<=<1$.++09LL"))2&"),-N7&+?"N?(.?7"KL0N)/L!n==LXWCU4]U#"h]!&,];<=<?0N)Y$*(N$`5.&$@4f$QJ%*(*2pQ00#"0#*+"(/1a$0"/+(7$*+$+.&$@*+"(*J$4(/++-+&/$")$f&*J+.$M&,/+&1$3*P$=I1$;<=<1$.++09LLMMM?(.?7"KL*,"-+L*J%*(*2L*00#"0#*+"(/L(N&j?.+%$S*22&//&N$@"K?$=:1$;<=<V!H; $`5.&$@4f$QJ%*(*2pQ00#"0#*+"(/1a$0"/+(7$*+$+.&$@*+"(*J$4(/++-+&/$")$f&*J+.$M&,/+&1$3*P$=I1$;<=<1$.++09LLMMM?(.?7"KL*,"-+L*J%*(*2L*00#"0#*+"(/L(N&j?.+%$S*22&//&N$c-JP$;I1$;<=<V?!
    • "-&!)*.&/0&*1&!(!+-&!23(&!413&*1&,5!6-7,31#%!413&*1&,5!#*8!9*03*&&/3*0$ _:!! !4&%%#,1&2302+!%#2#7#3!:&4,!&2!4&29#%+#24#;!$/#!U<K<!4*22&$!#>1#4$!$&!%#$*02!0$,!)#*3#%,/01!02!5*B02+!=0&5#304*)!*39*24#,<HH!H&%!,#9#%*)!6#*%,;!5#304*)Q%#,#*%4/!*39&4*$#,!/*9#!#>1%#,,#3!4&24#%2!$/*$!$/#,#!3#4)0202+!029#,$5#2$!)#9#),!70));!&9#%!$05#;!%#34#!%#,#*%4/!,11&%$;!3#$#%!$*)#2$#3!0230903*),!:%&5!+&02+!02$&!=0&5#304*)!%#,#*%4/!:0#)3,;!#%&3#!U<K<!)#*3#%,/01!02!)0:#!,40#24#;!*23!7#*B#2!&%!4*1*=0)0$6!$&!$*4B)#!5*i&%!/#*)$/!4&24#%2,<HI!A#!*%#!2&7!:*402+!$/*$!%#*)0$6<!G!%#4#2$!E3).#!*%$04)#!2&$#,!$/*$!SD@!0,!2&7!:2302+!:#7#%!$/*2!&2#!02!:09#!+%*2$! ! 0=>?@A,3B,(/*2+#!02!$/#!SD@E,!=3+#$!9#%,,!JMOLD;!*!*11)04*$0&2,-!! 5#$%04!$/*$!5#*,%#,!02:)*$0&2!02!/#*)$/!4*%#!4&,$,<! O*$*!K&%4#-!gJ0&5#304*)!M#,#*%4/!*23!O#9#)&15#2$!L%04#!D23#>! sD2!]`[`t;!,44#,,!%*$#,!:&%! cJMOLDd-!H0,4*)!R#*%!]``Z!U13*$#!*23!L%&i#4$0&2,!:&%!HR!]`[`pHR! ,40#2$0,$,!*11)602+!:&%!$/#! ]`[a;g!5#5&!:%&5!$/#!U<K<!O#1*%$5#2$!&:!@#*)$/!*23!@5*2! K#%904#,;!H#=<![;!]`[`<! *+#246k,!%#,#*%4/Q1%&i#4$! +%*2$,!/*9#!3011#3!$&!*2!#,$05*$#3![Z!1#%4#2$;!3&72!:%&5!][!1#%4#2$! 02!]``Z!*23!:*%!)&7#%!$/*2!$/#!4&5:&%$*=)#!_]!1#%4#2$!&:!*!3#4*3#! #*%)0#%r./#!7&%,#2#3!&33,!1*%$)6!%#:)#4$!*2!024%#*,#!&:!*=&$![`! 1#%4#2$!02!$/#!25=#%!&:!*11)04*$0&2,;!5*26!&:!7/04/!*%#!%#464)#3! :%&5!:*0)#3!,$05),!+%*2$!1%&1&,*),<!D2!]`[[!*23!]`[];!$/#!+%*2$! ,44#,,!%*$#,!*%#!#>1#4$#3!$&!:*))!:%$/#%!*,!,$05),!:2302+!%2,!&$! *23!0$,!%#4010#2$,!*$$#51$!$&!#>$#23!,11&%$!:&%!$/#0%!1%&i#4$,<H_!!G,!*!%#,)$!&:!3#4%#*,02+!+%*2$!,44#,,!%*$#,;!,40#2$0,$,!7/&!1##%Q%#90#7!SD@!+%*2$!1%&1&,*),!/*9#!=#4&5#!5&%#!,#)#4$09#!*23!5&%#!4&2,#%9*$09#!7/#2!i3+02+!$/#!5#%0$,!&:!%#,#*%4/!1%&i#4$,<HB!D2!*!7#))Q23#%,$&&3!1/#2&5#2&2!$/*$!*::#4$,!*))!,40#24#!%#,#*%4/;!*!3#4)02#!02!+%*2$!*11%&9*)!%*$#,!1%#,,%#,!1##%!%#90#7#%,!$&!3#5*23!5&%#!#903#24#!:&%!$/#!#9#2$*)!,44#,,!&:!1%&1&,#3!$/#&%0#,!=#:&%#!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!__!@"+&9$5.&$0#"0"/&N$@4f$,-N7&+$)"#$!n$;<==$N"&/$%&&+$+.&$XWCU4$%&+#2?!f"M&K&#1$+.&#&$/$("$2-/."(1$*(N$+.&$)(*J$*JJ"2*+"($/$-(2&#+*(1$7K&($+.&$N))2-J+$,-N7&+$2J%*+&$($D"(7#&//?$!HI $X#"M($T(K&#/+P$&+$*J?1$aQ$X#"[&($U0&J(&$!J*+$!-(N(7$")$+.&$@4f$U-+/$*$e&(&#*+"($")$>2&(2&$*+$W/[1a$/+*+&%&(+$,P$*$7#"-0$")$-(K&#/+&/$*(N$#&/&*#2.$(/++-+"(/1$3*#2.$;<<:1$.++09LLMMM?,#"[&(00&J(&?"#7L,#"[&(00&J(&?0N)?!H_ $3&#&N+.$6*N%*(1$a!#*(2/$D"JJ(/9$8(&$n&*#$*+$+.&$f&J%1a$E>&($$IBB1$("?$EH<:$SQ-7?$==1$;<=<V9$:<:o:=<1$.++09LLMMM?(*+-#&?2"%L(&M/L;<=<L=<<:==L)-JJLIBB:<:*?.+%J?! $4,N?!HB
    •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`&1+,!#+!D;>!O#,10$#!$/#!4/*))#2+#,;!4&29#%+#24#!0,!,)&7)6!1#%4&)*$02+!$/%&+/&$!$/#!,40#2$0:04!4&5520$6<!G$!SD@;!4&29#%+#24#Q,$6)#!1%&+%*5,!/*9#!+&$$#2!*!=&&,$!:%&5!,$05),!3&))*%,!*23!:%&5!$/#!SD@!(&55&2!H23;!4%#*$#3!02!]``V!$&!,11&%$!4%&,,Q4$$02+!%#,#*%4/!029&)902+!$7&!&%!5&%#!&:!$/#!*+#246E,!02,$0$$#,!*23!4#2$#%,<!D2!*330$0&2;!4&29#%+#24#!0,!+*0202+!90,0=0)0$6!$/%&+/!5*26!&:!$/#!020$0*$09#,!$/*$!H%*240,!(&))02,!/*,!1%&5&$#3!,024#!=#4&502+!SD@!30%#4$&%!02!G+,$!]``Z<!!D2!S&9#5=#%!]`[`;!O%<!(&))02,!1%#,#2$#3!/0,!:09#!%#,#*%4/!1%0&%0$0#,<!./#,#!:09#!10))*%,;!*,!$/#6E9#!4&5#!$&!=#!B2&72;!*%#-! • /0+/Q$/%&+/1$!$#4/2&)&+0#,!! • $%*2,)*$0&2*)!5#30402#!! • /#*)$/!4*%#!%#:&%5!0,,#,;!024)302+!4&51*%*$09#Q#::#4$09#2#,,!%#,#*%4/;! 30,#*,#!1%#9#2$0&2;!1#%,&2*)0b#3!5#30402#;!/#*)$/!30,1*%0$0#,!%#,#*%4/;! 1/*%5*4&+#2&504,;!*23!/#*)$/!%#,#*%4/!#4&2&504,!! • +)&=*)!/#*)$/!0,,#,;!*23!! • %#0290+&%*$02+!*23!#51&7#%02+!$/#!=0&5#304*)!%#,#*%4/!4&5520$6<HE!!!G,!1*%$!&:!/0,!#::&%$!$&!5*B#!1%&+%#,,!02!$/#,#!*%#*,;!O%<!(&))02,!/#)3!$/#!fJ0+!./02Bg!5##$02+!02!C*6!]`[`!$&!4&2,03#%!022&9*$09#!03#*,!:&%!(&55&2!H23!&%!&$/#%!SD@!,11&%$<!(&02403#2$*))6;!$/0,!5##$02+!:&4,#3!&2!$/#!$/%##!10))*%,!5&,$!%#)#9*2$!$&!4&29#%+#24#-!*11)04*$0&2!&:!/0+/Q$/%&+/1$!$#4/2&)&+0#,;!$%*2,)*$0&2!&:!=*,04!%#,#*%4/!02$&!30*+2&,$04,!*23!$/#%*1#$04,;!*23!$0)0b*$0&2!&:!,40#24#!$&!=#2#:0$!/#*)$/!4*%#!%#:&%5<!!D2!*2!#::&%$!$&!=%#*B!=#6&23!$/#!4%%#2$!1*%*30+5,;!2&2$%*30$0&2*)!,$*B#/&)3#%,!:%&5!$/#!,40#24#!4&5520$6!&$,03#!&:!SD@!7#%#!0290$#3<!L%#,#2$#%,!30,4,,#3!*!=%&*3!*%%*6!&:!1%&50,02+!*%#*,;!024)302+;!:&%!02,$*24#;!5#$*=*)&504,!*23!0$,!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!HE $!#*(2/$D"JJ(/1$`800"#+-(+&/$)"#$W&/&*#2.$*(N$@4f1a$%),$-)$$H;E$Sc*(?$=$;<=<V9$HBoHE?$
    • "-&!)*.&/0&*1&!(!+-&!23(&!413&*1&,5!6-7,31#%!413&*1&,5!#*8!9*03*&&/3*0$ _L!! !*11)04*$0&2,!:&%!4)0204*)!5#30402#<!D2!*330$0&2;!*))!*$$#23##,!7#%#!&::#%#3!$/#!&11&%$20$6!$&!,=50$!&2#Q1*+#!5#5&,!&2!f=0+!03#*,g!:&%!SD@<!D2$#%#,$02+)6;!$/#!:&%5*$!:&%!$/#,#!5#5&,!:&))&7#3!$/#!f@#0)5#0#%!?#,$0&2,g!:&%5)*$#3!=6!W#&%+#!@#0)5#0#%;!*!:&%5#%!30%#4$&%!&:!$/#!O#:#2,#!G39*24#3!M#,#*%4/!L%&i#4$,!G+#246;!02304*$02+!$/*$!O%<!(&))02,!0,!,#%0&,!*=&$!=%02+02+!2#7!03#*,!02$&!SD@<!!A0$/!O%<!(&))02,!*$!$/#!*+#246E,!/#)5;!0$!5*6!2&$!=#!,%1%0,02+!$/*$!1%&i#4$,!$/*$! H6/0/&,,!1#*!$&!d<31a!G-&*!=)#23!,##502+)6!2%#)*$#3!30,401)02#,! /&,&#/1-&/,!G3+-!83((&/&*+!*%#!+*0202+!,&5#!,11&%$<!A/0)#!$/#%#! a*G%&80&!$#,&,!#/&!&*1</#0&8!+!0,!,$0))!54/!5&%#!$&!3&;!$7&!#>*51)#,! 1O&!+0&+-&/FK!&:!4&29#%+#24#Q,$6)#!%#,#*%4/!*$!SD@!*%#!7&%$/!/0+/)0+/$02+-!./#!(*24#%!W#2&5#!G$)*,!c.(WGd!*23!./#%*1#$04,!:&%!M*%#!*23!S#+)#4$#3!O0,#*,#,!c.MSOd<,"-&!)#*1&/!T&*O&![+%#,!b")T[cQ!"#/0&+&8!"-&/#J&<+31,!(/!)#*1&/!4<$+7J&,!./#!(*24#%!W#2&5#!G$)*,!c.(WGd!0,!*!4&51%#/#2,09#!*23!4&&%302*$#3!#::&%$!$&!*44#)#%*$#!23#%,$*2302+!&:!$/#!5&)#4)*%!+#2#$04!=*,0,!&:!4*24#%!$/%&+/!$/#!*11)04*$0&2!&:!+#2&5#!*2*)6,0,!$#4/2&)&+0#,<!./#,#!$#4/2&)&+0#,!024)3#!2#>$!+#2#%*$0&2!,#?#2402+!1)*$:&%5,!*23!2*2&1&%#!$#4/2&)&+6;!*23!&$/#%!*39*24#,!%#?0%02+!$/#!02$#+%*$0&2!&:!#2+02##%02+!70$/!=0&4/#50,$%6;!4/#50,$%6;!=0&02:&%5*$04,;!2*2&$#4/2&)&+6;!*23!1/6,04,<!G,!*!i&02$!#::&%$!&:!$/#!S*$0&2*)!(*24#%!D2,$0$$#!cS(Dd!*23!$/#!S*$0&2*)!@5*2!W#2&5#!M#,#*%4/!D2,$0$$#;!.(WG!4$,!*4%&,,!02,$0$$0&2*)!)02#,!*,!7#))!*,!,40#2$0:04!30,401)02#,<!J#+2!02!]``V;!.(WG!0,!*)%#*36!60#)302+!051&%$*2$!2#7!:02302+,<!.(WG!029#,$0+*$&%,!%#4#2$)6!30,4&9#%#3!$/*$!$/#,5&,$!4&55&2!:&%5!&:!5*)0+2*2$!=%*02!4*24#%!02!*3)$,;!+)0&=)*,$&5*!5)$0:&%5#!cWJCd;!0,!2&$!*!,02+)#!30,#*,#!=$!02,$#*3!*11#*%,!$&!4&51%0,#!:&%!30,$024$!5&)#4)*%!,=$61#,<!M#,#*%4/#%,!*),&!:&23!$/*$!%#,1&2,#!$&!*++%#,,09#!4/#5&$/#%*16!*23!%*30*$0&2!30::#%#3!=6!,=$61#<!G++%#,,09#!$%#*$5#2$!7*,!5&,$!#::#4$09#!:&%!1*$0#2$,!70$/!&2#!1*%$04)*%!,=$61#;!7/&!*11#*%#3!$&!,445=!$&!$/#0%!30,#*,#!*$!*!%*$#!*11%&>05*$#)6!a`!1#%4#2$!,)&7#%!$/*2!1*$0#2$,!$%#*$#3!70$/!)#,,!*++%#,,09#!$/#%*16<!./#!#::#4$!7*,!)#,,!1%&2&24#3!:&%!1*$0#2$,!70$/!$7&!&:!$/#!&$/#%!,=$61#,;!*23!0$!7*,!2&$!1%#,#2$!*$!*))!:&%!1*$0#2$,!70$/!$/#!:&%$/!,=$61#<!./#,#!%#,)$,!5*6!)#*3!$&!5&%#!1#%,&2*)0b#3!*11%&*4/#,!$&!$%#*$02+!+%&1,!&:!WJC!1*$0#2$,!=*,#3!&2!$/#0%!+#2&504!*)$#%*$0&2,<!./#!,$36;!1=)0,/#3!02!53/2#$5#--;!1%&903#,!*!,&)03!:%*5#7&%B!:&%!029#,$0+*$02+!$*%+#$#3!$/#%*10#,!$/*$!5*6!051%&9#!$/#!1%&+2&,0,!:&%!1*$0#2$,!70$/!$/0,!4*24#%;!7/04/!0,!2#*%)6!*)7*6,!:*$*)<H:!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!H: $W?$e?$l&#.**[$&+$*J?1$`4(+&7#*+&N$e&("%2$Q(*JP//$4N&(+)&/$DJ(2*JJP$W&J&K*(+$>-,+P0&/$")$eJ",J*/+"%*$D.*#*2+&#m&N$,P$Q,("#%*J+&/$($UCe!WQ1$4Cf=1$Ae!W1$*(N$@!=1a$I>-)$!I$00!=E1$("?$=$Sc*(?$=F1$;<=<V9$F:o==<?$!"#$*($@D4$(&M/$#&J&*/&$*,"-+$+.&$)(N(7/1$/&&$.++09LL2*(2&#7&("%&?(.?7"KL%&N*L7J",J*/+"%*I/-,+P0&/?*/0?!
    • _M! ">9!">;?@!?9AB2C";BD!!G,!.(WGE,!30,4&9#%0#,!*=&$!WJC!0)),$%*$#;!1%&+%#,,!4*2!=#!?04B!7/#2!%#,#*%4/#%,!70$/!30::#%#2$!B2&7)#3+#!=*,#,!*%#!#24&%*+#3!$&!4&5#!$&+#$/#%<!G,!4&29#%+#24#Q,$6)#!%#,#*%4/!,$%#$4/#,!=#6&23!+#2&504,!*23!=#4&5#,!5&%#!4&55&21)*4#!$/%&+/&$!SD@!*23!02!&$/#%!*+#240#,!*23!*4*3#504!4#2$#%,;!$/#!*39*24#,!*23!,&40#$*)!=#2#:0$,!$/*$!*%#!,%#!$&!:&))&7!70))!:%$/#%!3#5&2,$%*$#!$/#!9*)#!&:!029#,$02+!02!5&%#!02$#+%*$#3!%#,#*%4/<!"-&/#J&<+31,!(/!?#/&!#*8!D&0%&1+&8!@3,&#,&,!b"?D@cQ!N/3803*0!+-&!A#%%&7!(!@&#+-!(/!T%$#%!>&#%+-!./#!./#%*1#$04,!:&%!M*%#!*23!S#+)#4$#3!O0,#*,#,!c.MSOd!1%&+%*5!=#+*2!02!]``Z!*$!$/#!cSD@d!(/#504*)!W#2&504,!(#2$#%!cS(W(d<!.MSO!029#,$0+*$&%,!$0)0b#!/0+/Q$/%&+/1$!$#4/2&)&+0#,!c%&=&$04,;!3*$*!1%&4#,,02+!*23!3*$*Q4&2$%&)!,&:$7*%#;!)0?03Q/*23)02+!3#904#,;!*23!,#2,0$09#!3#$#4$&%,d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b#3!02!$/#!1%09*$#!,#4$&%8SD@!0,!1*902+!$/#!7*6!:&%!2#7!$%#*$5#2$,<HF!D2!$/#!,/&%$!$05#!$/#!1%&+%*5!/*,!=##2!%2202+;!029#,$0+*$&%,!/*9#!30,4&9#%#3!*!1&$#2$0*)!4&51&23!$/*$!50+/$!=#!$/#!=*,0,!:&%!$%#*$02+!,4/0,$&,&50*,0,;!*),&!B2&72!*,!=0)/*%b0*!&%!,2*0)!:#9#%<!./0,!30,#*,#!*::#4$,!]`!50))0&2!1#&1)#!7&%)3703#!*23!B0)),!]a`;```!#*4/!6#*%<!L=)04Q/#*)$/!#>1#%$,!*%#!4&24#%2#3!$/*$!$/#!K4/0,$&,&5*!1*%*,0$#,!70))!=#4&5#!%#,0,$*2$!$&!*!4%%#2$!3%+!&:!4/&04#;!1%*b0?*2$#);!7/04/!70))!$/#2!)&,#!0$,!#::#4$09#2#,,8*,!/*,!=##2!$/#!4*,#!70$/!*+#2$,!,#3!$&!4&5=*$!5*)*%0*;!$=#%4)&,0,;!*23!5*26!&$/#%!02:#4$0&,!30,#*,#,<!G)$#%2*$09#!3%+,!*%#!$/,!1&$#2$0*))6!&:!+%#*$!9*)#;!2&$!&2)6!$&!$/#!`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`!#&g-&(+JP$Q/[&N$k-&/+"(/a$*+$+.&$@4f$8))2&$")$W*#&$C/&*/&/$W&/&*#2.$M&,/+&1$.++09LL#*#&N/&*/&/?()"?(.?7"KL)J&/L5W@C]!Qk/?0N)?!
    • "-&!)*.&/0&*1&!(!+-&!23(&!413&*1&,5!6-7,31#%!413&*1&,5!#*8!9*03*&&/3*0$ _S!! !;OJ%31#+3*,!(/!+-&!P<+</&!./#!4&29#%+#24#!%#9&)$0&2!0,!*!,5*%$!029#,$5#2$!0:!7#!*%#!$&!B##1!&%!=0&5#304*)!%#,#*%4/!$/#!:02#,$!02!$/#!7&%)3;!*23!0:!7#!*%#!$&!#>$#23!1%&+%#,,!02!&$/#%!,40#2$0:04!*%#*,!*,!7#))<!./#!4&29#%+#24#!5&3#)!&::#%,!*!90,0&2!:&%!SD@!$/*$!70))!&24#!*+*02!4*1$%#!$/#!05*+02*$0&2!*23!*),&!i,$0:6!4&2,0,$#2$!*23!1%&+%#,,09#!:2302+!&:!$/#!*+#246<!!L%&90302+!*3#?*$#!:02*240*)!,11&%$!:&%!02$#%30,401)02*%6!%#,#*%4/!0,!B#6;!=$!7#!5,$!*),&!#24&%*+#!029#,$0+*$0&2!$/*$!4%&,,#,!#>0,$02+!=&23*%0#,<!A/0)#!SD@!0,!1#%/*1,!$/#!5&,$!)0B#)6!)&4*)#!:&%!3%*5*$04!4&29#%+#24#Q3%09#2!*39*24#,;!*))!:#3#%*)!*+#240#,!,/&)3!7&%B!$&7*%3!,/*%#3!+&*),!=6!#5=%*402+!2&$!&2)6!02$#%30,401)02*%6!4&))*=&%*$0&2!=$!*),&!4%&,,Q*+#246!4&))*=&%*$0&2<!H&%$2*$#)6;!(&2+%#,,!*)%#*36!%#4&+20b#,!$/#!051&%$*24#!&:!,4/!02$#%*4$0&2<!D2!*!]``Z!%#1&%$;!:&%!#>*51)#;!$/#!K#2*$#!G11%&1%0*$0&2,!(&550$$##!,$*$#3-! ./#!(&550$$##!*11)*3,!$/#!,44#,,#,!7/04/!/*9#!=##2!*4/0#9#3! 7/#2!$/#!O#1*%$5#2$!&:!N2#%+6!/*,!4&))*=&%*$#3!70$/!$/#!S*$0&2*)! D2,$0$$#,!&:!@#*)$/!sSD@t<!./#,#!,44#,,#,!024)3#!$/#!/5*2!+#2&5#! 1%&i#4$;!*39*24#,!02!=0&02:&%5*$04,;!*23!=%#*B$/%&+/,!02!*$&504! %#,&)$0&2!,$%4$%*)!=0&)&+6<!./#!(&550$$##!,$%&2+)6!#24&%*+#,!$/#! OFN!F::04#!&:!K40#24#!*23!$/#!S*$0&2*)!"*=&%*$&%0#,!$&!%#*4/!&$!$&! $/#!SD@!$&!02,$0$$0&2*)0b#!,#20&%!)#9#)!4&2$*4$,!70$/!$/#!+&*)!&:! 03#2$0:602+!&11&%$20$0#,!:&%!,,$*02#3!4&))*=&%*$0&2!02!%#,#*%4/!*23! 3#9#)&15#2$<!./#!(&550$$##!2&$#,!$/*$!)&2+Q)*,$02+!%#)*$0&2,/01,!*%#! 2#4#,,*%6!$&!=0)3!$/#!$61#,!&:!02$#+%*$#3!4&))*=&%*$09#!1%&+%*5,!$/*$! 4&)3!=%02+!*=&$!=%#*B$/%&+/,!02!=0&5#304*)!05*+02+;!,6,$#5,! =0&)&+6;!*23!&$/#%!B#6!*%#*,!&:!%#,#*%4/<I<!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!I< $>&(*+&$Q00#"0#*+"(/$D"%%++&&1$K-$97!>-5!C>&$!P$/$0*4<$-&!A44*4,>&,*-1!8,002!GVHV2$#&0"#+1$===+.$D"(7?1$=/+$/&//?1$D"%%++&&$U#(+$===bI_9=<I1$.++09LL)#M&,7*+&?*22&//?70"?7"KL27b,(L7&+N"2?27N,(*%&^===]2"(7]#&0"#+/sN"2N^)9/#<I_?===?0N)?!
    • _U! ">9!">;?@!?9AB2C";BD!!=F!?&1OO&*8#+3*,!!G,!7#E9#!#>1)*02#3;!$/#!%#4#2$!%#9&)$0&2,!02!5&)#4)*%!*23!4#)))*%!=0&)&+6!*23!02!+#2&504,!4&2$02#!$&!5*B#!4%40*)!4&2$%0=$0&2,!$&!5#304*)!B2&7)#3+#!*23!/#*)$/!4*%#<!.&!4*10$*)0b#!&2!$/&,#!*39*24#,;!7#!2&7!2##3!$&!/##3!$/#!4*)),!:&%!*!2#7;!02$#+%*$#3!%#,#*%4/!5&3#)!*23!,11&%$!*!$/0%3!%#9&)$0&2;!$/#!4&29#%+#24#!&:!$/#!)0:#;!1/6,04*);!*23!#2+02##%02+!,40#24#,<!K#9#%*)!051&%$*2$!,$%*$#+0#,!*%#!&$)02#3!=#)&7<!EF!9*,</&!+-#+!)*0/&,,3*#%!(<*83*0!O&&+,!/!$&#+,!N?@6;5!D;>^,!$3O&831#%!/&,&#/1-!3*(%#+3*!O&+/315!#**<#%%7F!H&%!$/#!1*,$!,#9#%*)!6#*%,;!*22*)!SD@!:2302+!)#9#),!/*9#!:*0)#3!$&!B##1!1!70$/!$/#!SD@!=0&5#304*)!%#,#*%4/!02:)*$0&2!5#$%04!cJMOLDd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i,$!&%!,40#2$0,$,;!,/&)3!=#4&5#!4&))*=&%*$&%,<!./*$!5#*2,!$*)B02+!$&!&2#!*2&$/#%;!i&02$)6!03#2$0:602+!$/#!*%#*,!&:!+%#*$#,$!&11&%$20$6!*,!7#))!*,!$/#!$&1!,40#2$0:04!4/*))#2+#,;!*23!3#9#)&102+!4&55&2!,$%*$#+0#,!:&%!1%&+%#,,<!!K&5#$02$#%*+#246!%#,#*%4/!3&#,!$*B#!1)*4#;!=$!,4/!1%&i#4$,!,##5!$&!3#1#23!&2!02:&%5*)!:%0#23,/01,!&%!&2!,)&7)6!#,$*=)0,/#3!7&%B02+!%#)*$0&2,/01,!=#$7##2!0230903*),!02!9*%0&,!*+#240#,<!C#4/*20,5,!$&!#2*=)#!*23!:&,$#%!,4/!4&22#4$0&2,!2##3!$&!=#!02,$0$$0&2*)0b#3<!!./#!SD@!(/*))#2+#!W%*2$,;!7/04/!*%#!*9*0)*=)#!$&!029#,$0+*$&%,!:%&5!&$,03#!SD@;!*%#!*!+&&3!:0%,$!,$#1<!./#!2#>$!,$#1!50+/$!024)3#!024%#*,02+!&11&%$20$0#,!:&%!
    • "-&!)*.&/0&*1&!(!+-&!23(&!413&*1&,5!6-7,31#%!413&*1&,5!#*8!9*03*&&/3*0$ _W!! !#>1#%0#24#3!:#3#%*)!*+#246!%#,#*%4/#%,!$&!$*B#!&2!,/&%$Q$#%5!*,,0+25#2$,!02!&$/#%!%#,#*%4/!*+#240#,<!H&%!#>*51)#;!$/02BQ$*2B!#290%&25#2$,!4&)3!=#!#,$*=)0,/#3!70$/02!#*4/!%#,#*%4/!*+#246;!*23!*+#246!3#$*0)##,!:%&5!*4%&,,!$/#!#>#4$09#!=%*24/!4&)3!=#!0290$#3!$&!90,0$!:&%!,#9#%*)!5&2$/,!*23!4&))*=&%*$#!&2!$/#!%#,#*%4/!1%0&%0$0#,!&:!$/#!/&,$!02,$0$$0&2<!./0,!50+/$!=#!4&&%302*$#3!=6!$/#!S*$0&2*)!K40#24#!*23!.#4/2&)&+6!(&240)<!!A#!*),&!,++#,$!$/*$!$/#!F::04#!&:!K40#24#!*23!.#4/2&)&+6!L&)046!024)3#!4&29#%+#24#!*,!*!4%0$04*)!#2*=)02+!,40#2$0:04!5&3#)!02!*!(*=02#$Q703#!020$0*$09#!&2!$/#!)*%+#%!=0&)&+6!#4&2&56<!./0,!#::&%$!7&)3!/#)1!4&*)#,4#!4&29#%+#24#!#>1#%$,!*23!#>1&,#!%#,#*%4/!&11&%$20$0#,;!54/!*,!$/#!S*$0&2*)!S*2&$#4/2&)&+6!D20$0*$09#!cSSDd!*23!$/#!@0+/!L#%:&%5*24#!(&51$02+!*23!(&55204*$0&2,!c@L((d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b#3!*23!#>1*23#3<!./#,#!024)3#!$/#!3#9#)&15#2$!*23!$0)0b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i#4$,<!!./#%#!5*6!=#!*330$0&2*)!7*6,!$&!*3*1$!$/#!#>0,$02+!1##%Q%#90#7!,6,$#5!:&%!4&29#%+#24#<!.&!#>1)&%#!$/#!1&,,0=0)0$0#,;!*!+%&1!&:!#>1#%$,!02!$/#!SD@!1##%Q%#90#7!1%&4#,,!,/&)3!=#!=%&+/$!$&+#$/#%<!
    • :Z! ">9!">;?@!?9AB2C";BD!!=F!N#%#*1&!%#/0&Y,1#%&!&((/+,!G3+-!,O#%%&/!0/#*+!J/`&1+,F!D230903*)!029#,$0+*$&%;!MF[Q,$6)#!+%*2$,!:&%!,5*))#%!1%&i#4$,!*%#!*!$05#Q/&2&%#3;!%#,1#4$#3!$%*30$0&2<!K5*))!1%&i#4$,!&:$#2!)#*3!$&!022&9*$0&2!*23!2#7!30,4&9#%0#,;!*23!,11&%$!:&%!$/#5!,/&)3!4&2$02#<!G$!$/#!,*5#!$05#;!0$!0,!90$*)!$&!*),&!30%#4$!%#,&%4#,!$&!)*%+#Q,4*)#!1%&i#4$,!$/*$!024)3#!5)$01)#!1%02401*)!029#,$0+*$&%,<!./#,#!23#%$*B02+,!*))&7!%#,#*%4/#%,!:%&5!5*26!30,401)02#,!$&!4&234$!,6,$#5*$04!02?0%0#,!02$&!+#2#%*)!$*%+#$!*%#*,!7/0)#!1%,02+!$/#0%!&72!,1#40:04!02$#%#,$,<!!K024#!4&))*=&%*$0&2!*23!022&9*$0&2!02!%#,#*%4/!5#$/&3,!*%#!5&%#!30::04)$!0:!0230903*)!%#,#*%4/#%,!*%#!0,&)*$#3!02!,#1*%*$#!3#1*%$5#2$,!*$!$/#0%!02,$0$$0&2,;!7#!,++#,$!$/#!:&2302+!&:!4&29#%+#24#!4#2$#%,!*$!02,$0$$0&2,!*4%&,,!$/#!4&2$%6!$/*$!7&)3!024)3#!5)$01)#!1%02401*)!029#,$0+*$&%,<!G!+%&1!&:!*+#246!*23!*4*3#504!#>1#%$,!,/&)3!4&29#2#!*23!,#!*!,6,$#5,!*11%&*4/!$&!3#,0+2!$/#,#!4#2$#%,!*%&23!2*$0&2*)!%#,#*%4/!1%0&%0$0#,<!!LF!;OJ/.&!3*+&/83,13J%3*#/7!/&,&#/1-!#O*0!+-&!_S!D;>!3*,+3+<+&,!#*8!1&*+&/,F!SD@!#9&)9#3!:&))&702+!A&%)3!A*%!DD!02!%#,1&2,#!$&!*2!*,,51$0&2!$/*$!$/#!1*$/7*6!$&!5#304*)!,&)$0&2,!:&%!#*4/!30,#*,#!7&)3!=#!20?#!$&!$/*$!30,#*,#<!@&7#9#%;!$/#!5&)#4)*%!*23!+#2#$04!%#9&)$0&2,!/*9#!$*+/$!,!$/*$!4%&,,Q4$$02+!%#,#*%4/!4*2!1%&34#!*39*24#,!$/*$!70))!*::#4$!5*26!30,#*,#,<!SD@E,!30,#*,#Q4#2$#%#3!5&3#)!7*,!2&$!&%+*20b#3!$&!*44&55&3*$#!$/0,!*11%&*4/<!N*4/!&:!$/#!*+#246E,!]!02,$0$$#,!*23!4#2$#%,!cD(,d!/*,!0$,!&72!%#,#*%4/!*+#23*!*23!$#23,!$&!&1#%*$#!*$&2&5&,)6<!!K024#!]``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n1%&+%*5,!$/*$!1%#1*%#!,$3#2$,;!1&,$3&4$&%*)!%#,#*%4/#%,;!*23!:#))&7,!:&%!4&29#%+#24#Q3%09#2!%#,#*%4/<!./0,!5#*2,!4%#*$02+!2#7!4%%04)*;!*11%#2$04#,/01,;!*23!$%*0202+!1%&+%*5,!$&!#2*=)#!4%&,,Q30,401)02*%6!#>1#%$0,#<!
    • "-&!)*.&/0&*1&!(!+-&!23(&!413&*1&,5!6-7,31#%!413&*1&,5!#*8!9*03*&&/3*0$ :E!! !D2!*330$0&2;!7#!5,$!,$%#2+$/#2!$/#!101#)02#!&:!:$%#!%#,#*%4/#%,!=6!*33%#,,02+!$/#!309#%,0$6!1%&=)#5!02!&%!#34*$0&2*)!,6,$#5<!G44&%302+!$&!*!%#4#2$!%#1&%$;!&2)6![Z!1#%4#2$!&:!6&2+!1#&1)#!:%&5!:*50)0#,!70$/!024&5#,!=#)&7!l]a;```!&=$*02!*!4&5520$6!4&))#+#!3#+%##!&%!/0+/#%;!4&51*%#3!70$/!V!1#%4#2$!:%&5!:*50)0#,!70$/!024&5#,!&:!lV;```!&%!5&%#<I=!D$!0,!4)#*%!$/*$!7#!*%#!50,,02+!&$!&2!*!)*%+#!1&&)!&:!1&$#2$0*)!$*)#2$<!A#!2##3!$&!4&2$02#!#::&%$,!$&!#2+*+#!*!=%&*3!%*2+#!&:!6&2+!1#&1)#!02!K40#24#;!.#4/2&)&+6;!N2+02##%02+;!*23!C*$/!cK.NCd!:0#)3,<!!.&!$/*$!#23;!4*%#:)!4&2,03#%*$0&2!,/&)3!=#!+09#2!$&!$/#!%#4&55#23*$0&2,!4&2$*02#3!02!$7&!%#4#2$!,$30#,<!F2#!0,!*!]``Z!%#1&%$!=6!$/#!(&240)!&2!W%*3*$#!K4/&&),;!$0$)#3!6,34#/&/7$D3)&2&?3)&,/$&/$<34.3)#$U4.23)&,/V$7/04/!&$)02#,!7*6,!$&!03#2$0:6!*23!4)$09*$#!$*)#2$#3!,$3#2$,!:%&5!+%&1,!$/*$!*%#!$%*30$0&2*))6!23#%%#1%#,#2$#3!02!,40#24#!*23!#2+02##%02+!+%*3*$#!1%&+%*5,9$./#!&$/#%!%#1&%$;!<#/4#$F&@@##/2#($3)$5&)&23-$!3/(&)&,/($&/$)"#$53##($,@$;2&#/2#V$U/7&/##&/7V$3/4$13)"#=3)&2($%32.-)8!c%#)#*,#3!=6!$/#!S*$0&2*)!G4*3#50#,!02!]`[`d;!,++#,$,!,1#40:04!,$%*$#+0#,!:&%!*4/0#902+!+#23#%!#?*)0$6!&2!$/#!K.NC!:*4)$6!4*%##%!1*$/<!D2!*330$0&2!$&!#::&%$,!#24&%*+02+!6&2+!1#&1)#!$&!1%,#!K.NC!4*%##%,;!)#+0,)*$0&2!0,!2##3#3!$&!#2*=)#!G5#%04*!$&!3%*7!*23!%#$*02!=%0))0*2$!%#,#*%4/#%,!:%&5!*4%&,,!$/#!+)&=#<!H&%!#>*51)#;!*2!#2/*24#3!@Q[J!T0,*!cL%&:#,,0&2*)!02!*!K1#40*)$6!F441*$0&2d!7&)3!#2*=)#!$*)#2$#3!2&2QG5#%04*2,!#34*$#3!*$!&%!:02#,$!02,$0$$0&2,!$&!:023!*!1*$/!$&!40$0b#2,/01!7/0)#!$/#6!7&%B!$&!#2/*24#!&%!#4&2&56!*23!&%!022&9*$0&2!#4&,6,$#5<!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !U*-J$8/+&#%*(1$`D"JJ&7&$)"#$QJJ$5.&$Z*,"#$3*#[&+$)"#$D"JJ&7&bAN-2*+&N$6"#[&#/1a$#&0"#+$)"#$+.&$I=D&(+&#$)"#$Q%&#2*($U#"7#&//1$Q-7?$;<<:1$.++09LLMMM?*%&#2*(0#"7#&//?"#7L//-&/L;<<:L<:L2"JJ&7&])"#]*JJ?.+%J<!
    • :_! ">9!">;?@!?9AB2C";BD!!)2B4;DT!!./#!5#%+#%!&:!$/#!)0:#;!#2+02##%02+;!*23!1/6,04*)!,40#24#,!1%&50,#,!$&!:23*5#2$*))6!*)$#%!*23!,1##3!&%!,40#2$0:04!$%*i#4$&%6<!SD@!*23!&$/#%!*::#4$#3!*+#240#,;!0:!*3#?*$#)6!:23#3!*23!5*3#!%#*36;!4*2!=#!$/&+/$!)#*3#%,!02!$/0,!2#>$!,40#2$0:04!%#9&)$0&2<!./#!$05#!0,!%0+/$!:&%!SD@!*23!&$/#%!*+#240#,!$&!$*B#!1!4&29#%+#24#!*,!$/#!7*9#!&:!$/#!:$%#;!4%#*$02+!3%*5*$04!2#7!&11&%$20$0#,!02!5#30402#!:&%!2#7!$/#%*10#,!*23!30*+2&,$04,;!#4&2&504!&11&%$20$6;!*,!7#))!*,!1%&50,#!02!5*26!&$/#%!,40#2$0:04!:0#)3,;!:%&5!#2#%+6!$&!4)05*$#!$&!*+%04)$%#<!!!!!!!!!!!!!!!!!!!
    • "-&!)*.&/0&*1&!(!+-&!23(&!413&*1&,5!6-7,31#%!413&*1&,5!#*8!9*03*&&/3*0$ ::!! !!!!!!!!!!!!!!!!!!!!!!!!!!!
    • :=! ">9!">;?@!?9AB2C";BD!!! $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ !"#$%"#&$()"#%*+"($*,"-+$+./$#&0"#+1$ 2"(+*2+$+.&$345$6*/.(7+"($8))2&9$ /+ :;<$= $>+?$@A1$>+&?$B=<$ 6*/.(7+"(1$CD$;<<<;$ ;<;?E:F?=:;:$GG$B=E?H;I?FF:=!
    • Massachusetts Institute of TechnologyWashington DC Office820 First Street NE, Suite 610Washington, DC 20002202-789-1828http://web.mit.edu/dc/10-11-0527