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InVivo Therapeutics Holdings Corp. (ONVIV.OB)

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InVivo Therapeutics Holdings Corp. (ONVIV.OB)

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  8. 8. XB5]<PVPh`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b;9C&L$ 9,D-LeA$ $ :/9=$ ;2.+<.=$ ./+$ ?&C&@+?$ =;9,&1$ <2?$ OL$ C9.9@&.9,@$ ./+$;2@+==92,$ 2B$ b=+<2,?&L$ 9,D-Le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b<2C;1+.+e$ =;9,&1$ <2?$ 9,D-L$ 5/++$ ,2$ C2.2$ 2$ =+,=2L$ B-,<.92,$ 9=$ ;+=+*+?A$ $ :/9=$ 9=$ ./+$ <1&==9B9<&.92,$.2$O+$-=+?$9,$./+$/-C&,$.9&1$2B$./+$=<&BB21?9,@$?+*9<+A$$$ $ 7,$;+*+,.9,@$./+$<&=<&?9,@$9,B1&CC&.2L$+=;2,=+3$./+$7,89*2$?+*9<+$9=$?+=9@,+?$.2$;+B2C$B2-$ B-,<.92,=W$$ • 0911$./+$,+<2.9<$1+=92,$.2$C9,9C9Z+$=+<2,?&L$9,D-L$ • `9?@+$./+$@&;$B2C+?$OL$./+$1+=92,3$;2*9?9,@$&$C&.9M$?+=9@,+?$.2$;2C2.+$+@25./$&,?$ +2@&,9Z&.92,$2B$,+-&1$+1+C+,.=$ • )<.$&=$&$=L,./+.9<$+M.&<+11-1&$C&.9M3$59./$./+$@2&1$2B$;2C2.9,@$=-*9*&1$2B$=-2-,?9,@$ ,+-2,=$ • i+?-<+$=<&$B2C&.92,$E&=.2@192=9=HA$$$$ %2+$=9Z+$2B$./+$%cd)$C&.+9&1$<&,$O+$;+Q=+1+<.+?$.2$+,<2-&@+$+*&=<-1&9Z&.92,$&,?$O122?$*+==+1$ 9,@25./A$:/+$%cd)$=<&BB21?$;2*9?+=$2;.9C-C$=.-<.-+$B2$O122?$*+==+1$&..&</C+,.$&,?$9,@25./A$$!A$ ),$ 93[7:&2/17! A-460$71$ ?+=9@,+?$ .2$ <2-,.+&<.$ ./+$ 9,B1&CC&.2L$ <2,?9.92,=$ ./&.$ +=-1.$ ?-9,@$ &$ =+<2,?&L$9,D-L$B2C$&$<12=+?Q52-,?$FG7$5/++$B-./+$<+11$?+&./$2<<-=A$:/+$/L?2@+1$9=$?+=9@,+?$ .2$+1+&=+$?-@=$ 2*+$ &$ ?+=9@,&.+?$ &C2-,.$2B$.9C+$ 9,$2?+$.2$=L,</2,9Z+$./+$&.+$2B$?+19*+L$ .2$ C&.</$ ./+$ ;+92?$ 9,$ 5/9</$ ./+$ 9,B1&CC&.2L$ +=;2,=+$ ;+&(=$ ?-9,@$ =+<2,?&L$ 9,D-LA$^/91+$ ./+$ /L?2@+1$<2-1?$9,<2;2&.+$&$,-CO+$2B$?-@=$2$./+&;+-.9<$&@+,.=3$./+$=+<2,?$;2?-<.$9=$?+=9@,+?$ .2$?+19*+$./+$&,.9Q9,B1&CC&.2L$=.+29?$C+./L1;+?,9=212,+$=2?9-C$=-<<9,&.+A$$ OutsideIn Research - 8
  9. 9. $ $$$$$ [+./L1;+?,9=212,+$ 9=$ 0R)Q&;;2*+?$ &,?$ 9=$ <-+,.1L$ &$ .+&.C+,.$ 2;.92,$ B2$ FG7A$$ >25+*+3$ /9@/Q ?2=+$ 9,.&*+,2-=$ &?C9,9=.&.92,$ 2B$ ./+$ ?-@$ <&,$ +=-1.$ 9,$ /&CB-1$ =L=.+C9<$ =9?+$ +BB+<.=3$ 9,<1-?9,@$ 9,<+&=+?$9=(=$2B$;,+-C2,9&3$=+;=9=$&,?$C2.&19.LA$`L$;+<9=+1L$<2,.2119,@$./+$+1+&=+$2B$./+$?-@$&.$ ./+$=9.+$2B$9,D-L3$7,89*2$=<9+,.9=.=$O+19+*+$./&.$./+&;+-.9<&11L$+BB+<.9*+$?2=+=$<&,$O+$?+19*++?$.2$./+$ ;29,.$2B$9,B1&CC&.92,$5/91+$C9.9@&.9,@$./+$9=($2B$/&CB-1$=L=.+C9<$=9?+$+BB+<.=A$$ $ 7,$ ./+$ IQL+&$ B21125Q-;$ ?&.&$ B2C$ &$ C-1.9<+,.+$ &,?2C9Z+?$ <2,.211+?$ .9&1$ 2B$ C+./L1;+?,9=212,+$ B2$ .+&.C+,.$ B2$ &<-.+$ FG73$ ;&.9+,.=$ .+&.+?$ 59./9,$ a$ /2-=$ 2B$ 9,D-L$ ?+C2,=.&.+?$ 9,<+&=+?$ +<2*+L$2B$,+-212@9<&1$B-,<.92,$&.$]$5++(=$&,?$&.$]$C2,./=3$5/9</$<2,.9,-+?$.2$O+$2O=+*+?$I$L+&$ &B.+$9,D-L$ $ NA )$ /90:0.O2&9/17! /9047$6242/17! %:2EE01493$! %77474! N9&A! 2#&010$0#%! A#.23! 37#621! %&7.!:711%$ E2$F</5&,,$<+11=H$.2$.+&.$&<-.+$&,?$</2,9<$=;9,&1$<2?$9,D-9+=A$:/+$ =<&BB21?$ &<.=$ &=$ &$ =L,./+.9<$ +M.&<+11-1&$ C&.9M$ 2,$ 5/9</$ <+11=$ <&,$ O+$ .&,=;1&,.+?A$$$:/9=$;2?-<.$9=$9,.+,?+?$.2$<2-,.+&<.$./+$;&./2;/L=9212@L$2B$ FG7$OLW$ $ $ • i+;1&<9,@$12=.$<+11=$9,$./+$=;9,&1$<2?A$ •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f?+*9<+=$&,?$&=$=-</$5911$ +_-9+$=9@,9B9<&,.1L$12,@+$+@-1&.2L$&;;2*&1$.9C+=$./&,$./+$O92;21LC+$=<&BB21?9,@$?+*9<+A$$ $ )??9.92,&1$&;;19<&.92,=$2B$./+$;1&.B2C$.+</,212@9+=$9,<1-?+W$ • ./+$;2.+,.9&1$.+&.C+,.$B2$=;9,&1$<2?$9,D-L$B211259,@$.-C2$+C2*&1A$ • ;+9;/+&1$,+*+$?&C&@+3$&,?$$ • ;2=.=-@9<&1$.+&.C+,.$2B$&,L$.&,=+<.+?$,+*+=A$$ $ OutsideIn Research - 9
  10. 10. !!867:1939:21!J7D710O.73&!$7,89*2$/&=$?+C2,=.&.+?$./+$;22B$2B$<2,<+;.$B2$9.=$FG7$./+&;L$9,$O2./$,2,Q/-C&,$;9C&.+$&,?$2?+,.$&,9C&1$C2?+1=A$:/+$<2C;&,L$9=$./+$B9=.$9,$/9=.2L$.2$=-<<+==B-11L$?+C2,=.&.+$B-,<.92,&1$9C;2*+C+,.$9,$&$;&&1LZ+?$,2,Q/-C&,$;9C&.+$&,?$O+19+*+=$./9=$C2?+1$9=$./+$O+=.$=-2@&.+$B2$/25$./+$;2?-<.=$5911$ 52($ 9,$ /-C&,=A$ i+=+&</$ B2C$ ./9=$ 1&,?C&($ =.-?L$ Ed0#6321! 0E! <7#60%:973:7! M7&A04%3$ Iaa$ E!JIJH$!#aQ!]XH$ +<+9*+?$ ./+$ !JII$ );;1+$ )5&?$ +<2@,9Z9,@$ +M<+11+,<+$ 9,$ FG7$ +=+&</$ B2C$ ./+$ )C+9<&,$F;9,&1$7,D-L$)==2<9&.92,$E)F7)HA$$)**)!,7.9321!L0473&!,&#4-?!!i+=-1.=$=/25+?$B-,<.92,&1$12<2C2.9*+$9C;2*+C+,.$&=$+&1L$&=$.52$5++(=$;2=.Q9,D-L$9,$&,9C&1=$./&.$+<+9*+?$./+$=<&BB21?A$$),9C&1=$?+C2,=.&.+?$=-=.&9,&O1+$B-,<.92,&1$+<2*+L$&,?$,2$&?*+=+$;&./212@9<&1$+&<.92,=$.2$./+$;2?-<.A$$)**HW)*+*! <03W]#.23! 869.2&7! ,&#497%?! `+/&*92&1$ =<29,@$ 5&=$ ;+B2C+?$ &12,@$ 59./$ <211+<.92,$ 2B$S[d$&,?$(9,+C&.9<$?&.&A$U,$&*+&@+3$&11$.+&.+?$&,9C&1=$?+C2,=.&.+?$&,$9C;2*+?$1+*+1$2B$B-,<.92,&1$+<2*+L$<2C;&+?$.2$./+$<2,.21$&,9C&1=A$ L712&9D7!BEE7:&9D737%%!93!L7%&0693$!M0&06!U#3:&903! L0473&!,&#4-! ,7:034!<03W]#.23!869.2&7!,&#4-! ! ! ! ,0#6:7;!!50.O23-!8#/19%A74!>3E06.2&903!XA7!M92.9!860[7:&!!U,$[&L$"3$!JII3$7,89*2$&,?$:/+$K,9*+=9.L$2B$[9&C9$[911+$F</221$2B$[+?9<9,+k=$[9&C9$%2D+<.$.2$G-+$%&&1L=9=$ &,,2-,<+?$ ./+$ B2C&.92,$ 2B$ &$ =.&.+@9<$ +=+&</$ <211&O2&.92,$ B2$ ./+$ ?+*+12;C+,.$ 2B$ ,2*+1$FG7$.+&.C+,.=A G2QB2-,?+?$OL$./+$=2,$2B$%2$022.O&11$>&11$2B$0&C+$49<($`-2,9<2,.93$./+$[9&C9$%2D+<.$/&=$&9=+?$2*+$PN#J$C91192,$2*+$./+$;&=.$!#$L+&=$&,?$9=$2,+$2B$./+$521?k=$C2=.$<2C;+/+,=9*+$=;9,&1$<2?$9,D-L$+=+&</$<+,.+=A$$$ $ OutsideIn Research - 10
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d&B.9,@$ F</5&,,$ <+11=$ 9,.2$ ./+$ 1+=92,$ =9.+$ /&=$ O++,$ =/25,$ .2$ ;2C2.+$&M2,&1$ +@+,+&.92,$ &,?$ CL+19,&.92,A$ G1+&1L3$ F</5&,,$ <+11=$ /&*+$ @+&.$ ;2.+,.9&1$ B2$ +;&9$ 2B$ ./+$9,D-+?$ =;9,&1$ <2?3$ O-.$ ./+L$ ,++?$ .2$ O+$ <2CO9,+?$ 59./$ 2./+$ 9,.+*+,.92,=$ .2$ C&M9C9Z+$ &M2,&1$+@+,+&.92,$&,?$B-,<.92,&1$+<2*+LA!$h+L$<2C;2,+,.=$2B$./+$+=+&</$<211&O2&.92,$&@++C+,.$9,<1-?+W$$$$ • 7,$*9.2$&,?$9,$*9*2$=.-?9+=$59./$<2CO9,&.92,=$2B$O92C&.+9&1=3$F</5&,,$<+11=$&,?$2./+$<+11-1&$ ./+&;9+=$&,?$?-@=$ $ • g29,.$25,+=/9;$2B$+=-1.9,@$9,.+11+<.-&1$;2;+.L$$$ • i9@/.$2B$B9=.$2BB+$B2$7,89*2$.2$19<+,=+$&,?$<2CC+<9&19Z+$2,$&$521?59?+$+M<1-=9*+$O&=9=$$$$ BSO7:&74!,-376$97%!0E!50112/062&903! $$ $$$$$$$$$$ OutsideIn Research - 11
  12. 12. $ ! 5PM8"<`!5PMMB<X,!!!! 8604#:&!J7D710O.73&!89O71937$! !! ,0#6:7;!!50.O23-!8#/19%A74!>3E06.2&903!!!50..76:9219i2&903!,&62&7$-$M23#E2:&#693$!234!8604#:&!J719D76-!8123!$[&,&@+C+,.$O+19+*+=$./&.$&5$C&.+9&1=$B2$./+$B9=.$?+*9<+$;2?-<.$<&,$O+$+&?91L$2O.&9,+?$B2C$=-;;19+=$./&.$&1+&?L$/&*+$2O.&9,+?$0R)$<1+&&,<+$.2$C&,-B&<.-+$./+=+$<2C;2,+,.=A$$ • 5#%&0.!O60:7%%7%A$7,87*2$/&=$?+*+12;+?$&$;2;9+.&L$C&,-B&<.-9,@$;2<+==$.2$<+&.+$&$-,9B2C$ ;22-=$./++Q?9C+,=92,&1$=<&BB21?9,@$=.-<.-+$B2$+&</$?+*9<+A$$ • M23#E2:&#693$!0O&903%A$$:/+$<2C;&,L$/&=$1+&=+?$&$C&,-B&<.-9,@$&,?$?+*+12;C+,.$B&<919.L$9,$ [+?B2?3$[)$&=$9.$@+&=$-;$.2$;2==9O1+$/-C&,$.9&1=A$$$$,217%!234!M26Y7&93$!$ • 50.O23-! N911! E0:#%! _?,?! %217%! 03! &62#.2! :73&76%! E06! 2:#&7! 9349:2&903%W$ $ ./+$ C&(+.9,@$ ;2@&C$ B2$ ;2?-<.=$ 19(+$ ./+$ =<&BB21?9,@Q2,1L$ ?+*9<+$ 5911$ O+$ C&9,1L$ ?9+<.+?$ .2$ NJJ$ c+*+1$ U,+$ :&-C&$ G+,.+=$ &<2==$ ./+$ 9,$ ./+$ <2-,.L3$ &=$ ?+=9@,&.+?$ OL$ ./+$ )C+9<&,$ G211+@+$ 2B$ F-@+2,=A$ $ 7.$ 9=$ 9C;2.&,.$ .2$ ,2.+$ ./&.$ j#$ 2B$ ./+$ 1&@+=.$ c+*+1$ U,+$ :&-C&$ G+,.+=$ .+&.$ aJY$ 2B$ FG7$ ;&.9+,.=A$$ 7,89*2$+M;+<.=$.2$O+$&O1+$.2$C&(+.$./+$;2?-<.$59./$&$=&1+=$B2<+$2B$2,1L$!JQ!#$+;=3$&,?$;1&,=$ .2$ =+11$ 9.=$ ;2?-<.=$ B2$ &<-.+$ 9,?9<&.92,=$ ./2-@/$ &$ ?9+<.$ =&1+=$ B2<+$ 9,$ ./+$ KAFA$ $ 02$ B2+9@,$ C&(+.=3$./+$<2C;&,L$5911$C&(+.$9.=$;2?-<.$./2-@/$?9=.9O-.2=A$$$ $ OutsideIn Research - 12
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• ,&7.5711%(! >3:A$ EF:S[`H$ +<+,.1L$ &,,2-,<+?$ ./+$ 9,9.9&.92,$ 2B$ &$ %/&=+$ 7f77$ <19,9<&1$ .9&1$ 2B$ 9.=$ ;2;9+.&L$>-G4FQFGEiH$A#.23!37#621!%&7.!:711%!93!:A6039:!%O9321!:064!93[#6-A$:/9=$.9&1$9=$,25$2;+,$ B2$+,211C+,.3$&,?$5911$&<<-+$;&.9+,.=$59./$O2./$<2C;1+.+$&,?$9,<2C;1+.+$?+@++=$2B$;&&1L=9=$ 5/2$ &+$ ./++$ .2$ I!$ C2,./=$ ;2=.Q9,D-LA$ :/+$ .9&1$ 9=$ O+9,@$ <2,?-<.+?$ 9,$ F59.Z+1&,?$ &.$ ./+$ `&1@9=.$K,9*+=9.L$>2=;9.&1$2B$m-9</A$$$ $ :/+$<2C;&,LV=$>-G4FQFG$<+11=$+;2.+?$/&*+$=/25,$=9@,9B9<&,.$;2C9=+$9,$;+<19,9<&1$=.-?9+=$B2$ +=.29,@$ 12=.$ C2.2$ B-,<.92,A$ $ :/+$ <2C;&,L$ ;1&,=$ .2$ +,211$ ./+$ B9=.$ <2/2.$ 2B$ ;&.9+,.=$ 59./$ <2C;1+.+$9,D-L$./9=$L+&3$&,?$5911$./+,$.&,=9.92,$.2$;&.9+,.=$59./$9,<2C;1+.+$9,D-9+=$+&1L$,+M.$ L+&A$$ $ • h7603! 506O062&903$ EdSi4H$ 9=$ ?+*+12;9,@$ <+11$ ./+&;L$ ;2?-<.=$ B2C$ ?9BB++,.9&.+?$ /-C&,$ +COL2,9<$=.+C$<+11=$ E/SFG=H$ B2$C-1.9;1+$9,?9<&.92,=3$&,?$/&=$9,9.9&.+?$&$%/&=+$I$<19,9<&1$.9&1$9,$ =;9,&1$<2?$9,D-LA!!7,$./+$<&=+$2B$=;9,&1$<2?$9,D-9+=3$,+-&1$<+11=$?+9*+?$B2C$&,9C&1$+COL2,9<$ =.+C$ <+11=$ &,?$ 9,D+<.+?$ 9,.2$ ./+$ =;9,&1$ <2?$ 9,D-L$ =9.+$ ;2?-<+?$ =9@,9B9<&,.$ +<2*+L$ 2B$ ./+$ &,9C&1k=$&O919.L$.2$C2*+$&,?$O+&$5+9@/.A$$$ $ :2$ &;;1L$ ./2=+$ 2O=+*&.92,=$ .2$ /-C&,=3$ d+2,$ /&=$ ?+9*+?$ 019$0473460:-&7! O60$739&06! :711%! KhL<P85+I! E60.! AB,5%$ QQQ$ 5/9</$ &+$ ,&.-&11L$ 2<<-9,@$ <+11=$ 9,$ ./+$ ,+*2-=$ =L=.+C$ ./&.$ /&*+$ =+*+&1$B-,<.92,=3$2,+$2B$5/9</$9=$.2$;2?-<+$CL+19,$./&.$5&;=$&2-,?$./+$&M2,=$2B$,+-2,=$.2$ +,&O1+$ ./+C$ .2$ <2,?-<.$ +1+<.9<&1$ 9C;-1=+=A$ [L+19,$ +,&O1+=$ +BB9<9+,.$ <2,?-<.92,$ 2B$ ,+*+$ 9C;-1=+=$9,$./+$=&C+$C&,,+$&=$9,=-1&.92,$;+*+,.=$=/2.$<9<-9.=$9,$&,$+1+<.9<&1$59+A$$$ $ • ":0642!XA762O7#&9:%(!>3:A$E)GUiRH$/&=$19<+,=+?$&$;2;9+.&L$C&@,+=9-C$B2C-1&.92,3$"5+*Q$./&.$ /&=$?+C2,=.&.+?$,+-2;2.+<.9*+$;2;+.9+=$1+&?9,@$.2$9C;2*+C+,.$2B$12<2C2.2$B-,<.92,$9,$ FG7A$)GIJ#$/&=$<2C;1+.+?$%/&=+$I$.9&1=$9,$/+&1./L$*21-,.++=$&,?$)<2?&$+M;+<.=$.2$9,9.9&.+$&$ %/&=+$ !$ <19,9<&1$ .9&1$ ;2@&C$ 9,$ FG73$ ;2.+,.9&11L$ +M;&,?9,@$ 9,.2$ 2./+$ <+,.&1$ ,+*2-=$ =L=.+C$ 9,?9<&.92,=3$=-</$&=$:`7$&,?$=.2(+A$)<2?&$+M;+<.=$.2$&;;1L$B2$0R)$U;/&,$?-@$?+=9@,&.92,$B2$ ./+$ &<-.+$ .+&.C+,.$ 2B$ FG7$ &,?$ 5911$ +M;12+$ U;/&,$ ?-@$ ?+=9@,&.92,=$ 9,$ S-2;+$ &,?$ 9,$ 2./+$ ;&.=$2B$./+$521?$@9*+,$9.=$521?59?+$?+*+12;C+,.$&,?$<2CC+<9&19Z&.92,$9@/.=A$ $ G/2,?29.9,$ =-1B&.+$ ;2.+2@1L<&,=$ EGF%d=H3$ &$ <2C;2,+,.$ 2B$ ./+$ =<&$ C&.9M$ ./&.$ B2C=$ &B.+$ 9,D-L3$ &+$ &C2,@$ ./+$ C2=.$ ;2.+,.$ 9,/9O9.2=$ 2B$ ;1&=.9<9.LA$ :/+9$ ,2C&1$ 21+$ 9,$ ./+$ O&9,$ &,?$ =;9,&1$<2?$&1=2$9,<1-?+=$./+$+=.9<.92,$2B$</&,@+=$9,$<2,,+<.9*9.L$O+.5++,$,+*+$<+11=A$)<2?&$9=$ =.-?L9,@$ ./+$ +BB+<.=$ 2B$ :A034609&932%7(! 2! /2:&76921! 73i-.7! &A2&! A2%! /773! %A0N3! &0! 932:&9D2&7! 5,8h! 93A9/9&903!0E!37#621!O12%&9:9&-!234!67$73762&903(!&0!9.O60D7!.0&06!234!%73%06-!E#3:&903!E0110N93$!,5>A$ %-O19=/+?$ ;+<19,9<&1$ =.-?9+=$ B2C$ =9M$ 9,?+;+,?+,.$ 1&O2&.29+=$ /&*+$ ?+C2,=.&.+?$ ./&.$ ./+$ &;;19<&.92,$ 2B$ </2,?29.9,&=+$ +=-1.+?$ 9,$ 9C;2*+?$ +<2*+L$ 2B$ B-,<.92,$ B211259,@$ 9,D-9+=$ .2$ *&92-=$&+&=$2B$./+$O&9,$2$=;9,&1$<2?A$$ $ $$ $ ! OutsideIn Research - 14
  15. 15. ! ! ,8><"V!5PLJ!><d_L`!U2:&%!234!U9$#67%!• U*+$aJY$2B$;&.9+,.=$&+$.L;9<&11L$C&1+A$• :/+$&*+&@+$&@+$2B$&$=;9,&1$<2?$9,D-+?$;+=2,$9=$&;;2M9C&.+1L$NJ$L+&=A$• FG7$9,D-9+=$&+$C2=.$<2CC2,1L$<&-=+?$OLW$• 8+/9<-1&$&<<9?+,.=$NjY$• 8921+,<+$!aY$QQQQ$9,<1-?9,@$5&$<&=-&1.9+=A$• 0&11=$!IY$• F;2.=Q+1&.+?$&,?$2./+$I"Y$• U,1L$#!Y$2B$FG7$9,?9*9?-&1=$&+$<2*++?$OL$;9*&.+$/+&1./$9,=-&,<+$&.$.9C+$2B$9,D-LA$$:/++$/&=$O++,$&$=9@,9B9<&,.$9,<+&=+$9,$F%7=$&C2,@$KAFA$.22;=$<2C9,@$/2C+$B2C$)B@/&,9=.&,A$)B@/&,$9,=-@+,.=$/&*+$+=;2,?+?$.2$./+$9,<+&=+?$;+=+,<+$2B$/+&*91L$&C2+?$KAFA$*+/9<1+=$59./$1&@+$&,?$C2+$;25+B-1$2&?=9?+$+M;12=9*+=A$$42.$2,1L$?2$./+$2&?=9?+$O2CO=$1+&?$.2$<-=/+?$=;9,+=$&,?$2./+$=;9,&1$9,D-9+=3$./+L$&1=2$+=-1.$9,$.&-C&.9<$O&9,$9,D-9+=$5/+,$=21?9+=$&+$+M;2=+?$.2$O1&=.=3$+*+,$59./$,2$9C;&<.$.2$./+$/+&?A$!,717:&74!h10/21!,&2&9%&9:%$ ! ":#&7!!,5>! 5A6039:!,5>! X0&21!,5>! ! ! ! ! <06&A!".769:2! +(Q**! Q*(***! G(***! V2&93!".769:2! +(***! )RQ(***! )HH(***! "#%&62192! Q**! +Q(T**! +k(T**! >3492! QR(***! T*Q(***! TG)(***! d2O23! Q(+**! Rk(***! HT(T**! 5A932! GG(Q**! H*(***! HkG(Q**!! F2-<+W$$F$G/9=.2;/+$i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utsideIn Research - 15
  16. 16. 7,$B&<.3$.+C;2&L$&,@92@+,+=9=$/&=$O++,$2O=+*+?$./2-@/$./+$1+=92,$=9.+$?-9,@$./+$=+<2,?&L$9,D-L$;/&=+A$7,$2./+$52?=3$O122?$*+==+1=$&..+C;.$.2$@25$9,.2$./+$<L=.f<&*9.L$?-9,@$./+$=+<2,?&L$;/&=+A$:/+=+$,+5$*+==+1=$+*+,.-&11L$?9+$2BB3$&=$./+$12<&1$<2,?9.92,=$&+$,2.$=-9.&O1+$B2$@25./A$$$0211259,@$9,D-L$./+$O2?L$=.911$&..+C;.=$.2$=+,?$C+==&@+=3$(,25,$&=$=+,=2L$C+==&@+=3$B2C$O+125$./+$1+*+1$2B$9,D-L$.2$./+$O&9,A$).$./+$=&C+$.9C+3$./+$O&9,$=.911$&..+C;.=$.2$=+,?$C+==&@+=3$(,25,$&=$C2.2$C+==&@+=3$ ?25,5&?=$ .2$ ./+$ C-=<1+=A$ >25+*+3$ ./+=+$ C+==&@+=$ &+$ O12<(+?$ OL$ ./+$ ?&C&@+$ 9,$ ./+$=;9,&1$ <2?$ &.$ ./+$ 1+*+1$ 2B$ 9,D-LA$ 4+*+=$ D29,9,@$ ./+$ =;9,&1$ <2?$ &O2*+$ ./+$ 1+*+1$ 2B$ 9,D-L$ 5911$ O+$-,&BB+<.+?$&,?$<2,.9,-+$.2$52($&=$,2C&1A$$)1./2-@/$./+$C2=.$2O*92-=$=LC;.2C$2B$FG7$9=$9C;&9C+,.$.2$./+$19CO=3$B-,<.92,9,@$9=$&1=2$9C;&9+?$9,$./+$ .2=23$ 5/9</$ <&,$ C+&,$ 12==$ 2$ 9C;&9C+,.$ 2B$ O2?91L$ B-,<.92,=3$ 9,<1-?9,@$ ?9@+=.92,3$ O+&./9,@3$ &,?$O25+1$ &,?$ O1&??+$ <2,.21A$ $ `+<&-=+$ 2B$ ./+9$ ?+;+==+?$ B-,<.92,9,@$ &,?$ 9CC2O919.L3$ ./+$ C2=.$ =+92-=$<&=+=$ &+$ 2B.+,$ C2+$ *-1,+&O1+$ .2$ ;+==-+$ =2+=3$ 2=.+2;22=9=$ &,?$ B&<.-+=3$ +=;9&.2L$<2C;19<&.92,=3$9,B+<.92,=3$?++;$*+9,$./2CO2=9=$&,?$<&?92*&=<-1&$?9=+&=+A$$$F+*+9.L$?+;+,?=$2,$O2./$./+$1+*+1$&.$5/9</$./+$=;9,&1$<2?$ 576D9:21!,O937!9=$9,D-+?$&,?$./+$+M.+,.$2B$./+$9,D-LA$),$9,?9*9?-&1$59./$ !&,$9,D-L$&.$GI$5911$19(+1L$12=+$B-,<.92,$B2C$./+$,+<($?25,$&,?$O+$*+,.91&.2Q?+;+,?+,.A$),$9,?9*9?-&1$59./$&$Gj$9,D-L$C&L$12=+$B-,<.92,$B2C$./+$</+=.$?25,A$$g#2469O17$92?! ! ^/+,$ &$ ;+=2,$ =-=.&9,=$ &,$ FG7$ &O2*+$ ./+$B9=.$./2&<9<$*+.+O&3$;&&1L=9=$-=-&11L$&BB+<.=$./+$<+*9<&1$=;9,&1$ ,+*+=$ +=-1.9,@$ 9,$ ;&&1L=9=$ 2B$ &11$ B2-$ 19CO=A$ 7,$&??9.92,$ .2$ ;&&1L=9=$ 2B$ ./+$ &C=$ &,?$ 1+@=3$ ./+$ &O?2C9,&1$&,?$ </+=.$ C-=<1+=$ 5911$ &1=2$ O+$ &BB+<.+?$ +=-1.9,@$ 9,$5+&(+,+?$ O+&./9,@$ &,?$ ./+$ 9,&O919.L$ .2$ ;2;+1L$ <2-@/$&,?$ <1+&$ ./+$ </+=.A$ G&?92*&=<-1&$ <2C;19<&.92,=$ C&L$?+*+12;$ B2C$ &,L$ 9,D-L$ ./&.$ ?&C&@+=$ ./+$ =;9,&1$ <2?$&O2*+$./+$B9B./$<+*9<&1$*+.+O&$O+<&-=+$2B$&,$&==2<9&.+?$O12<($2B$./+$=LC;&./+.9<$,+*2-=$=L=.+CA$)$C&D2$<&-=+$2B$?+&./$B2C$=-</$9,D-L$9=$+=;9&.2L$B&91-+A$ ! !$8262O17$92?!:/9=$+B+=$.2$9,D-L$./&.$2<<-=$O+125$./+$B9=.$./2&<9<$=;9,&1$,+*+A$:/+$?+@++$&.$5/9</$./+$;+=2,$ 9=$ ;&&1LZ+?$ <&,$ *&L$ B2C$ ./+$ 9C;&9C+,.$ 2B$ 1+@$ C2*+C+,.3$ .2$ <2C;1+.+$ ;&&1L=9=$ 2B$ ./+$ 1+@=$&,?$&O?2C+,A$%&&;1+@9<=$/&*+$B-11$-=+$2B$./+9$&C=$&,?$/&,?=!$50%&!0E!5267!E06!23!,5>!82&973&$ $$ $ $ $$ $$ $$ $$ $ $! $ $ $ "D762$7!`7261-! B%&9.2&74!V9E7&9.7!50%&%!-!$$ $$$ BSO73%7%$ $$$$$ "$7!2&!>3[#6-$ $$ B2:A!,B=BL>X`!PU!><d_L`$ $$$ U96%&!`726$$$$$ $ `726$ $$$$$ )Q!`726%$ $$$$$ Q*!`726%$ $$! $ $ $$ $ $$ $ $$ $ $]9$A!X7&62O17$92!K5+W5TI$ $$$ P$a!X3a"N$$$$$ $$ P$ "a3]"#$$$$$ I $$ P$ 3!jN3!jJ$$$$$ N $$ P$ 3X!]3XX!$$$ I $V0N!X7&62O17$92!K5QW5HI$ $$$ P$#N#3ajj$$$$$ $$ P$ ]J3aaj$$$$$ $$ P$ 3a#J3aJ#$$$$$ I $$ P$ 3Ij!3JjJ$$$ I $8262O17$92$ $$$ P$NJN3!!J$$$$$ $$ P$ NJ3a##$$$$$ $$ P$ 3JXN3]]X$$$$$ I $$ P$ j"#3X#I$$$ $>3:0.O17&7!M0&06!U#3:&90321!2&!"3-!V7D71$ $$$ P$!""3#]!$$$$$ $$ P$ Ij3INX$$$$$ $$ P$ j!X3#]J$$$$$ $$ P$ #!a3j!]$$$ $F2-<+W$4&.92,&1$F;9,&1$G2?$7,D-L$F.&.9=.9<&1$G+,.+n$0+O-&L$!JIJ$+?9.92,$2B$bF;9,&1$G2?$7,D-L$0&<.=$&,?$09@-+=e OutsideIn Research - 16
  17. 17. ! ! U><"<5>"V! $ !!50..03!,&0:Y!!:/+$=.2<($<-+,.1L$.&?+=$&.$PI$;+$=/&+$&,?$./++$&+$#IAj$C91192,$=/&+=$2-.=.&,?9,@A$$$!!50.O23-!52O9&219i2&903!X2/17!! ! 50..03! X0&21!>3:1#493$! PN376%A9O! PN376%A9O! ,&0:Y! c26623&%FPO&903%! 869.26-! U#11-!J91#&74! ! ! ! ! ! U623Y!L7-3014%! +Q(+TR(GG*! +G(+H)(QHT! )k?Z! )+?*Z! L0/76&!,?!V23$76! H()G)(G*! H()G)(G*! +G?*Z! +*?RZ! ,O73:76!X62%Y!=73&#67%! T(*TR(*T! k?Q*R(HT! R?HZ! +)?TZ! P&A76!%&0:YA01476%! )T()+R(GTk! R(QQG(HT! TG?kZ! TH?HZ! P&A76!0O&903!A01476%! ! Q(HH(*k)! WWW! R?*Z! ! llllllllll! ! ! ! X0&21!%A267%!0#&%&23493$! Q+(GRT(R+)! RG(HkR(R)H! +**Z! +**Z! ! ! ! ! !! ! ! ! !,:A74#17!0E!c26623&%!P#&%&23493$!! ! ! BS76:9%7!! L29%74!! ,A267%! 869:7! 03!BS76:9%7!! ! ! ! ! >%%#74!&0!93D7%&06%!WW!gT!)*+*!869D2&7!812:7.73&! +(***(***! @+?Tk! @+H(kk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utsideIn Research - 17
  18. 18. ! 503%01942&74!2123:7!,A77&! E9,$./2-=&,?=H$ ! F+F)*++! ! +)F+F+*! 5#6673&!"%%7&%! ! ! ! 52%A!234!BC#9D2173&%! G(HGQ! ! @H(kGT! L7%&69:&74!52%A! +*Q! ! WWW! 867O294!7SO73%7%! TG)! ! H+! X0&21!5#6673&!"%%7&%! R(T+! ! k(*TQ! ! ! ! ! 860O76&-!234!BC#9O.73&(!<7&! Q*+! ! )H*! P&A76!"%%7&%! Q)! ! QT! ! ! ! ! X0&21!"%%7&%! @R(kHT! ! @k(Rk! 5#6673&!V92/919&97%!! ! ! ! "::0#3&%!O2-2/17!! @)kT! ! @R! 52O9&21!172%7!O2-2/17!! *! ! WW! J769D2&9D7!N26623&!192/919&-! +*(Q)G! ! ++())! "::6#74!7SO73%7%!! kR! ! )TH! X0&21!:#6673&!192/919&97%! +*(kTR! ! ++())! ! ! ! ! 52O9&21!172%7!O2-2/17!j!17%%!:#6673&!O06&903! Qk! ! WWW! X0&21!192/919&97%!! ++(**Q! ! ++())! ! ! ! ! ,A267A01476%b!J7E9:9&! ! ! ! 50..03!%&0:Y(!@*?****+!O26!D21#7(!+**.! ! ! ! 2#&A069i74(!Q+?G.!%A267%!0#&%&23493$!!! *?Q! ! *?Q! "449&90321!O294W93!:2O9&21!! +)(Tk+! ! +)(H)! J7E9:9&!2::#.#12&74!4#693$!47D710O.73&! K+Q(Q+I! ! K+T()QI! ! ! ! ! X0&21!192/919&97%!234!!7C#9&-! @R(kHT! ! @k(Rk!!! ! OutsideIn Research - 18
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k! h737621!234!24.939%&62&9D7! RGT! ! ))Q! ! T(*HT! X0&21!0O762&93$!7SO73%7%! +(T*+! ! H)! ! k(HRR! ! ! ! ! ! ! PO762&93$!V0%%! +(T*+! ! H)! ! Kk(HRRI! ! ! ! ! ! ! P&A76!93:0.7!K7SO73%7I! ! ! ! ! ! P&A76!93:0.7! WW! ! WW! ! H! >3&767%&!93:0.7! ! ! WW! ! +T! >3&767%&!7SO73%7! K+?QI! ! KR)K! ! K+(*QQI! J769D2&9D7%!$293!K10%%I! +)! ! ll! ! KT(kRHI! P&A76!>3:0.7!K7SO73%7I(!37&!! +)! ! R)! ! KQ(GGI! ! ! ! ! ! ! <7&!V0%%! @K+()RHI! ! @TQTI! ! K@+Q(Q+I! ! ! ! ! ! ! <7&!10%%!O76!%A267(!/2%9:!234!491#&74! K@*?*)I! ! K@*?*)I! ! K@*?QGI! ! ! ! ! ! ! c&4?!"D762$7!,A267%!P#&%&23493$! Q+(GG+! ! )G()G*! ! )R(RR!!! ! ! L>,m!U"5XPL,!$ ),$ 9,*+=.C+,.$ 9,$ 7,89*2$ :/+&;+-.9<=$ 9,*21*+=$ 9=(A$ $ :/9=$ +;2.$ =-;;1+C+,.=$ 9,B2C&.92,$ &*&91&O1+$ 9,$ ./+$ G2C;&,LV=$ 02C$ IJQh$ B2$ ./+$ L+&$ +,?+?$ R+<+CO+$ NI3$ !JIJ$ &,?$ +1&.+?$ ?2<-C+,.=A$ $ :/+$ G2C;&,LV=$ B9,&,<9&1$ <2,?9.92,$ &,?$ +=-1.=$ B2C$ 2;+&.92,=$ <2-1?$ O+$ C&.+9&11L$&BB+<.+?$OL$./+=+$9=(=A$$$ $ :/+=+$ 9=(=$ &+$ C2+$ =;+<9B9<&11L$ =+.$ B2./$ 9,$ ./+$ i9=($ 0&<.2=$ =+<.92,$ 2B$ ./+$ IJQhA$ $ 7,*+=.2=$ =/2-1?$+B+$.2$./+$_-&19B9<&.92,$&,?$19C9.&.92,=$2B$B25&?Q122(9,@$=.&.+C+,.=$9,$./+$IJhA$$),$ 9,*+=.2$=/2-1?$&1=2$+B+$.2$./+$G2C;&,LV=$=-O=+_-+,.$T-&.+1L$i+;2.=$2,$02C$IJQT$&,?$ G-+,.$i+;2.=$2,$02C$aQhA$$$:/+$G2C;&,L$?9=<1&9C=$&,L$2O19@&.92,$.2$-;?&.+$9.=$B25&?Q 122(9,@$ =.&.+C+,.=A$ $ )??9.92,&1$ 9=(=$ ,2.$ ;+=+,.1L$ (,25,$ .2$ ./+$ G2C;&,L3$ 2$ ./&.$ ./+$ G2C;&,L$ <-+,.1L$ ?++C=$ 9CC&.+9&13$ C&L$ &1=2$ &?*+=+1L$ &BB+<.$ 7,89*2V=$ O-=9,+==3$ B9,&,<9&1$ <2,?9.92,=$2$+=-1.=$2B$2;+&.92,=A$!!! ! OutsideIn Research - 19
  20. 20. !!!!!!!!! ! >3=9D0!XA762O7#&9:%!]01493$%(!>3:?! U,+$`2&?5&L3$I"./$0122$ G&CO9?@+3$[)$J!I"!! ! 52./694$7(!M2%%2:A#%7&&%! ! 503&2:&;!!!,723!M0623! K)+)I!TRQW+Q)! %.0623n93D9D0&A762O7#&9:%?:0.! ! ! ! P#&%947>3!L7%726:A(!VV5! &A )TQ!826Y!"D73#7(!)T !U1006! <7N!`06Y(!<`!+**GR! J?!]?!X21/0&! K)+)I!H)kWQQ+*!!!!!! ! ! ! !!GU%6i7d>:$ o$ !JJX$ Q$ !JII$ UK:F7RS74$ iSFS)iG>A$ )cc$ i7d>:F$ iSFSi8SRA$ UK:F7RS74$ iSFS)iG>3$ )007c7):SF$ EU7iH3$ %K`c7F>SF$ iS%Ui:F$%iU87R74d$740Ui[):7U4$U4$FScSG:SR$GU[%)47SFA$U7i$7F$4U:$)$iSd7F:SiSR$748SF:[S4:$)R87FUi$Ui$`iUhSiQRS)cSiA$:>SFS$iS%Ui:F$)iS$%iU87RSR$)F$)4$740Ui[):7U4$FSi87GS$U4c63$)4R$:>S$F:):S[S4:F$)4R$U%747U4F$74$:>SFS$iS%Ui:F$F>UKcR$4U:$`S$GU4F:iKSR$)F$ )4$ U00Si$ Ui$ FUc7G7:):7U4$ :U$ `K6$ Ui$ FScc$ )46$ FSGKi7:6A$ U7i$ )GGS%:F$ 4U$ c7)`7c7:6$ 0Ui$ )46$ cUFF$ )i7F74d$ 0iU[$ )4$ 748SF:UikF$iSc7)4GS$U4$Ui$KFS$U0$:>SFS$iS%Ui:FA$)4$748SF:[S4:$74$)46$GU[%)46$7F$GU4F7RSiSR$:U$`S$>7d>c6$F%SGKc):78S$)4R$F>UKcR$4U:$`S$ GU4F7RSiSR$ K4cSFF$ )$ %SiFU4$ G)4$ )00UiR$ )$ GU[%cS:S$ cUFF$ U0$ 748SF:[S4:A$ U7i$ Ui$ )4$ )007c7):S$ U0$ U7i$ [)6$ >)8S$ `SS43$ >)F$`SS4f^7cc$`S$Ui$[)6$`S$GU[%S4F):SR$74$G)F>$)4RfUi$iKcS$I""$F:UGh$U0$:>S$GU[%)46$0Ui$:>S$%K`c7G):7U4$)4R$G7iGKc):7U4$U0$:>SFS$ iS%Ui:FA$ :>S$ [)p7[K[$ )[UK4:$ G>)idSR$ `6$ U7i$ 7F$ Pj#3JJJ$ 74$ iKcS$ I""$ F:UGh$ %Si$ iS%Ui:A$ U7i$ 74:S4RF$ :U$ FScc$ )cc$ Ui$ )$%Ui:7U4$U0$:>S$U0$:>S$iKcS$I""$F:UGh$74$)GGUiR)4GS$^7:>$)cc$FSGKi7:7SF$c)^F3$^>7G>$%iS8S4:F$U7i$0iU[$FScc74d$F:UGh$0Ui$)$%Si7UR$ U0$ F7p$ [U4:>F$ :U$ U4S$ 6S)i$ RS%S4R74d$ U4$ :>S$ 4)FR)T3$ )[Sp3$ `KccS:74$ `U)iR3$ )4R$ %74h$ F>SS:F$ iSdKc):7U4FA$ U7i3$ )F$ )$[)::Si$ U0$ 74:Si4)c$ %Uc7G63$ ^7cc$ 4U:$ `K6$ Ui$ FScc$ F>)iSF$ U0$ GU[%)46EFH$ F:UGh$ 74$ :>S$ U%S4$ [)ihS:A$ :>SFS$ iS%Ui:F$ GU4:)74F$0Ui^)iRQcUUh74d$F:):S[S4:F3$^>7G>$748Uc8S$i7FhF3$)4R$K4GSi:)74:7SF$:>):$[)6$G)KFS$)G:K)c$iSFKc:F$:U$R700Si$[):Si7)cc6$0iU[$:>UFS$FS:$0Ui:>$74$:>S$0Ui^)iRQcUUh74d$F:):S[S4:FA$0Ui$0Ki:>Si$RS:)7cF$GU4GSi474d$:>SFS$i7FhF$)4R$K4GSi:)74:7SF3$FSS$ :>S$ FSG$ 07c74dF$ U0$ :>S$ 74R787RK)c$ GU[%)47SF$ 74GcKR74d$ :>S$ GU[%)46kF$ [UF:$ iSGS4:$ )44K)c$ )4R$ TK)i:Sic6$ iS%Ui:FA$UK:F7RS74$iSFS)iG>$7F$)$FS%)i):S$S4:7:6$0iU[$%iU)G:78S$G)%7:)c$iSFUKiGSF$diUK%$ccGA$>U^S8Si$:>SiS$7F$GU[[U4$U^4SiF>7%A$!!! OutsideIn Research - 20

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