Achieving Low-Cost Solar PV:
Industry Workshop Recommendations for Near-Term Balance of System Cost Reductions !"#$"%&"'()*+* ,-./"0(1./2 !$"#3"/(4.-5 63'-7(89'$ :'-;(<9='"' !9%(>"?%9/
@<AB.'5((C(()D+E(!/.?%977(6'""F(@.9G((C((!/.?%977H(6I((J+KLM((C((N#O(PE*BP)EBDJL+((C((NQO(PE*BP)EBDM)*
'()*+",-".*)*/01"(2"'34516""#""$(073"%(8/5*9/"&/4595851""#""$%&:(+;
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
L
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
'()*+",-".*)*/01"(2"'34516""#""$(073"%(8/5*9/"&/4595851""#""$%&:(+;
*+,-)./'01'2'-!$%*-0%+)-!&#34!)&$ F(1&!"#$%&./&B"!&Z14+?5&[($%%1))1&9"7#>&5")&($*1&8115&'"44+8#1&9+)("7)&)(1&?151%"74&47''"%)&"3&)(1&3"##"9+5?&'$%)51%4\
R'"G(9/G(S0-;"( !$9/&9;F
F1,(5+,$#&!'"54"%4\
J5&$>>+)+"5=&91&9"7#>&#+I1&)"&)($5I&)(1&,($%%1))1&'$%)+,+'$5)4=&HEJ&4)$33&$5>&'$%)51%4=&$5>&")(1%&,"5)%+87)"%4&)"&)(+4&'%"T1,);]&
&X&37##&#+4)&"3&,"5)%+87)"%4&$5>&$))15>114&,$5&81&3"75>&+5&X''15>+D&X;
]
<""#""$%&
'()*+",-".*)*/01"(2"'34516""#""$(073"%(8/5*9/"&/4595851""#""$%&:(+;
72%A$+(6&()/.)3-2.+&%$58-+)".(&2%$&(+)!!&%$D8)%$5&+"& 6$I1&+)&$&)%71&A?$61:,($5?1%;C
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
!"#$%&!'(&)#(*#+()%,-,%#./#+(0+# 1.$2$)3,#&4#*/*',56#7.&*8#3&*'*
J5&)(1&,"5)1D)&"3&5761%"74&?#"8$#&,($##15?14`+5,#7>: +5?&,#+6$)1&,($5?1=&*"#$)+#1&371#&'%+,14=&151%?2&+53%$: 4)%7,)7%1&+541,7%+)2=&$5>&%+4+5?&151%?2&,"4)4`4"#$%& '(")"*"#)$+,&-./0&)1,(5"#"?+14&($*1&6$>1&?%1$)&4)%+>14& 58%)./&+,$&12(+&3*+0&0$2%(&*%"7&+,$)%&"%)/).(&).&(1$-)2!& $''#+,$)+"54&#+I1&4$)1##+)14&$5>&"33:)(1:?%+>&424)164;& <"91*1%=&)(12&($*1&5")&21)&8115&9+>1#2&$>"')1>&3"%& 1#1,)%+,$#&?151%$)+"5;&Y51&"3&)(1&6$+5&%1$4"54&+4&,"4);& X#)("7?(&4"#$%&./&($4&%1$,(1>&?%+>&'$%+)2&+5&41#1,)&
F1,(5"#"?2&>1*1#"'615)&$5>&1,"5"6+14&"3&4,$#1&($*1& (1#'1>&6$573$,)7%1%4&"3&8")(&,%24)$##+51&4+#+,"5&$5>& +,).&3!7&B(8-,&2(&E5F$C&<=&7"58!$(&-%$2+$&2//%$(()'$& 21)&,%1>+8#1&,"4):%1>7,)+"5&%"$>6$'4;R&&F(141&)%15>4& 6$I1&B"!&,"4)4`9(+,(&$,,"75)&3"%&$''%"D+6$)1#2&($#3& "3&)2'+,$#&,"661%,+$#&$5>&7)+#+)2&'%"T1,)&,"4)4`1*1%& 7"%$&()/.)3-2.+9&G.&255)+)".6&>";&-"(+:%$58-+)".&"1: '"%)75+)+14&$%1&3%$?615)1>`747$##2&5")&%"$>:6$''1>& "%&,""%>+5$)1>`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
>9;8+1"?:"@(45".+1*7A(B/"(2"@(/C1/59(/*)"D:':",-"'345164"0*:"!E?EF
_&
!11&W"")5")1&L; X4&4("95&+5&W+?7%1&L=&,7%%15)&814):'%$,)+,1&,"4)4&3"%&./&424)164&$%1&+5&)(1&*+,+5+)2&"3&a];ROVP&3"%&?%"75>:6"75)1>&424)164&b)(%"7?("7)& )(+4&%1'"%)=&,"4)&14)+6$)14&$%1&'%1415)1>&+5&>"##$%4&'1%&9$))&"3&6">7#1&Z[&%$)1>&,$'$,+)2=&75#144&4)$)1>&")(1%9+41c;&J5&"%>1%&)"&,"6'1)1&"5&,"4)& 9+)("7)&4784+>+14&$?$+54)&@!&$*1%$?1&%1)$+#&1#1,)%+,+)2&'%+,14=&$&,"4)&%1>7,)+"5&"3&$''%"D+6$)1#2&RO&'1%,15)&+4&%1U7+%1>;&X>>+)+"5$#&?$+54&$%1& 51,144$%2&)"&,"6'1)1&9+)(&9("#14$#1&'"91%&?151%$)+"5; d& F(+4&,"4)&14)+6$)1&'%1415)4&,"4)4&74+5?&)(1&aVP&61)%+,;&@#)+6$)1#2=&./&424)16&>14+?54&4("7#>&81&"')+6+G1>&8$41>&"5&)(1&A#1*1#+G1>&,"4)&"3& 1#1,)%+,+)2C&-e[Yf0;&e[Yf&-+5&aVI+#"9$)):("7%0&>+4)%+87)14&)(1&,"4)&"*1%&)(1&"7)'7)&"3&)(1&424)16=&$5>&)$I14&+5)"&$,,"75)&47,(&+6'"%)$5)&3$,: )"%4&$4&424)16&'1%3"%6$5,1=&%1#+$8+#+)2=&$5>&6$+5)15$5,1&,"4)4;&W"%&$5&$5$#24+4&"3&e[Yf=&%131%&)"&W+?7%1&_&$5>&)(1&6$+5&)1D)&"3&)(1&%1'"%); R&
=""#""$%&
'()*+",-".*)*/01"(2"'34516""#""$(073"%(8/5*9/"&/4595851""#""$%&:(+;
+,$&.$2%&+$%7&B!$((&+,2.&3'$&0$2%(C9&;).-$&%)/)56&%$-+2.: ?7#$%&6">7#14&$,,"75)&3"%&6"%1&)($5&hR&'1%,15)&"3&)(1& ,7%%15)&6$%I1)=&,($%%1))1&B"!&>14+?54&91%1&,"54)%$+51>& H-,)$')./&()/.)3-2.+&>";&-"(+&%$58-+)".(&#)+,&!2%/$&<=& )"&)(+4&9+>14'%1$>&4)$5>$%>;&J5&$>>+)+"5=&)(1&,($%%1))1& 424)164&+4&'$%)+,7#$%#2&,($##15?+5?&81,$741&)(1&+54)$##$: $>>%1441>&%1#$)+*1#2&#$%?1&424)164&-%""3)"'&424)164& )+"5&'%",144&%1U7+%14&,"5)%+87)+"54&3%"6&6$52&'#$21%4=& #$%?1%&)($5&NRO&IP&$5>&?%"75>:6"75)1>&424)164&+5& +5,#7>+5?&>1*1#"'1%4=&+54)$##1%4=&47''#+1%4=&%1?7#$: )(1&Li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`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`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`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
'+,#)$'9-,#&4#'+,#.&*#()%9*'-/#!&*,*# 3+$22,)0,*#'&#3&*'#-,%93'(&)
J5&#$)1&M751&NOLO=&H",I2&E"75)$+5&J54)+)7)1&-HEJ0&"%: ?$5+G1>&$&>14+?5&,($%%1))1g&+5&!$5&M"41=&[$#+3"%5+$;&F(1& ,($%%1))1&9$4&3",741>&"5&8$#$5,1&"3&424)16&,"4):%1>7,: )+"5&"''"%)75+)+14&3"%&,"661%,+$#&$5>&46$##&7)+#+)2&./& 424)164;&F(1&,($%%1))1&+5,#7>1>&6"%1&)($5&RO&+5>74)%2& 1D'1%)4h&9("&'$%)+,+'$)1>&+5&$&3$,+#+)$)1>&41%+14&"3&'#1: 5$%2&4144+"54&$5>&9"%I+5?&8%1$I"7)&?%"7'4; Z7%+5?&)(1&,($%%1))1&'%",144=&)(1&'$%)+,+'$5)4&3",741>& "5&B"!&>14+?5&4)%$)1?+14&)($)&,$5&81&$''#+1>&$)&4,$#1&+5&
%9/969K1"L1C1)9K1A"@(45 E$52&"3&)(1&6"4)&'%"6+4+5?&'(24+,$#&>14+?5&4)%$)1: ?+14&$%1&$#%1$>2&81+5?&,"54+>1%1>&82&#1$>+5?&+54)$##1%4& $5>&,"6'"515)&47''#+1%4=&87)&)(12&($*1&5")&21)&8115& 9+>1#2&>1'#"21>&"%&,"68+51>&+5&"')+6$#&9$24;&[($%: %$++$&12%+)-)12.+(&)5$.+)3$5&($'$%2!&-%)+)-2!&2%$2(J I&& G589(5%1A78%5H6")935`%1>7,+5?&6">7#1 & 1D'"47%1&)"&9+5>&3"%,14&15$8#14&)(1&>"954+G+5?&& & "3&4)%7,)7%$#&,"6'"515)4;&!)%$)1?+14&+5,#7>1&6">7#1& & (12-)./6&()+$&!20"8+6&(1")!)./&2.5&5$K$-+)".&
j&
5""9,0303"*&-2.&@$&5$3.$5&2(&L-""1$%2+)".&*"%&78+82!&@$.$3+&).&2&-"71$+)+)'$&$.')%".7$.+M9 !11&3"")5")1&L; h& X))15>114&+5,#7>1>&./&+54)$##1%4=&./&424)16&>14+?51%4=&./&,"6'"515)&6$573$,)7%1%4=&7)+#+)+14=&424)16&"951%4=&$7)"&+5>74)%2&15?+511%4=& g&
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
'()*+",-".*)*/01"(2"'34516""#""$(073"%(8/5*9/"&/4595851""#""$%&:(+;
>9;8+1"!:"M"'345164"MNN+(*0H"5(",-".('"@(45"$1A8059(/
& & & & & & & & & & I& & & & & & I& & & & & & & & I& &
)1,(5"#"?+14=&$5>&6"%1&$>*$5,1>&>14+?5&,"5,1')4& #)+,&K$N)@!$&(+%8-+8%$(9&O"%&2&+01)-2!&/%"8.5: 7"8.+$5&(0(+$76&$*3-)$.+&#).5&5$()/.&B#)+,& 15$8#+5?&%1?7#$)+"540&+4&14)+6$)1>&)"&%1>7,1&)(1& 9+5>&3"%,14&"5&6">7#14&82&]O&'1%,15)&"%&6"%1=& '")15)+$##2&#1$>+5?&)"&,"%%14'"5>+5?&%1>7,)+"54&+5& 4)%7,)7%$#&424)16&,"4);&F(141&4)%$)1?+14&($*1&5")& 4115&9+>14'%1$>&+5>74)%2&>1'#"2615)=&'$%)+$##2& >71&)"&,($##15?14&$44",+$)1>&9+)(&)(1&$''#+,$)+"5&"3& )(1&X![f:j&4)%7,)7%$#&4)$5>$%>;& I)5%;"89$5%2"3%)!39(!935`)(1%1&$%1&"''"%)75+)+14& )"&741&%+?+>&?#$44&6">7#14&$4&'$%)&"3&)(1&4)%7,)7%$#& 424)16=&15$8#+5?&)(1&>"954+G+5?&"3&%$,I+5?&424)164& 3"%&%""3)"'&$5>&?%"75>:6"75)1>&424)164;&[#"41& ,"##$8"%$)+"5&81)9115&+54)$##1%4=&6$573$,)7%1%4=&$5>&& -$%+)3-2+)".&2/$.-)$(&)(&%$D8)%$5&+"&2-,)$'$&+,)(&/"2!9 G5!>A7J%5$5(!3A(#$%)<)!5;%#3(>A!5(!935)`"5?"+5?&&& +6'%"*1615)4&+5&46$##&+5*1%)1%&,"4)4=&%1#+$8+#+)2=&& 2.5&1$%*"%72.-$&-2.&,$!1&-21+8%$&@$.$3+(&& & $44",+$)1>&9+)(&(+?(:*"#)$?1&'"91%&$??%1?$)+"5&& $5>&(+?(:3%1U715,2&,"5*1%4+"5;&B")(&)(141&& & $''%"$,(14&%1>7,1&)(1&,"4)&"3&)(1&'(24+,$#&'#$5)=&& +5,#7>+5?&9+%14&$5>&+5*1%)1%4=&9(+#1&"331%+5?&81))1%&& 424)16&'1%3"%6$5,1&+3&%1#+$8+#+)2&,$5&81&6$+5)$+51>; K5D5$"6%751%6"153%5$5(!3"7A()%!5(>7"$"4A5)` '"91%&1#1,)%"5+,4=&6"4)&5")$8#2&Z[:)":X[&+5*1%)1%&
& & & & & & & I& & & & & & & & &
)1,(5"#"?+14=&"331%&$5&"''"%)75+)2&3"%&8%1$I)(%"7?(& )1,(5+,$#&>14+?5;&J5&'$%)+,7#$%=&+5)1?%$)+5?&X[& +5)1##+?15,1&+5)"&1$,(&6">7#1&"3&$5&$%%$2&"%&4)%+5?& "3&6">7#14&$''1$%4&)"&"331%&(+?(&'")15)+$#&3"%&,"4)& %1>7,)+"5;&@#)+6$)1#2=&'#7?:$5>:'#$2&+54)$##$)+"5& $''%"$,(14&)($)&>"5K)&%1U7+%1&4'1,+$#+G1>&#$8"%&6$2& 81&'"44+8#1; FA7A;AL5%A7)!#$$#!A"7%$#C"3`+5,%1$41>& ).(+2!!2+)".&$*3-)$.-0&-2.&-"7$&#)+,&).."'2+)".6& 1D'1%+15,1=&$5>&4,$#1=&$4&>14+?51%4&,"5)+571&)"& >1*1#"'&)""#:#144&424)164=&$7)"6$)1>&1U7+'615)=& $5>&(+?(1%&#1*1#4&"3&'%1$44168#2;&W"%&?%"75>: 6"75)1>&424)164=&)(141&4)%$)1?+14&,"7#>&4$*1&$5& 14)+6$)1>&]O&'1%,15)&"3&#$8"%&)+61&$5>&,"4);&W"%& %""3)"'4=&9(1%1&#$8"%&+4&$&#$%?1&4($%1&"3&)(1&,"4)=& )(1&"''"%)75+)2&+4&1*15&?%1$)1%;
.849/144",+(014414J $1A801"@(45"*/A"D/01+5*9/53 [($%%1))1&'$%)+,+'$5)4&,"54+>1%1>&1$,(&4)1'&+5&)(1&874+: 5144&'%",14414L]&)($)&$&./&'%"T1,)&?"14&)(%"7?(=&3%"6& '%"'"4$#&)"&+5)1%,"551,)+"5;&X4&)(1&@;!;&./&+5>74)%2& 6$)7%14=&)(1%1&$%1&,"54+>1%$8#1&"''"%)75+)+14&)"&6$I1& )(141&'%",14414&6"%1&4)%1$6#+51>&$5>&#144&1D'154+*1& 9(+#1&>1,%1$4+5?&'%"T1,)&%+4I;&X&'$%)+,7#$%&3",74&"5&)(1& 3"##"9+5?&$%1$4&+4&+6'"%)$5)\
F""#""$%&
'()*+",-".*)*/01"(2"'34516""#""$(073"%(8/5*9/"&/4595851""#""$%&:(+;
I& % & & & & & & & & & & & & I& & & & & & & & &
=$A;A7#!5%9775(5))#3<%)!56)%#78%)!35#;$A75% 63"(5))5)P()/.)3-2.+&-"(+&%$58-+)".(&-2.&@$&&& $,(+1*1>&82&4)%1$6#+5+5?&'%",14414&)(%"7?("7)&)(1&& '%"T1,)&,2,#1;&J6'#1615)+5?&,"54+4)15)&%1?7#$)+"54&& $5>&%1>7,+5?&)(1&75,1%)$+5)2&$44",+$)1>&9+)(&& $''%"*$#&'%",14414&,$5&(1#'&%1>7,1&5"5:*$#71: 255$5&+)7$9&H&5$+2)!$5&1%"-$((&721P+,2+&)5$.+)3$(& ,7%%15)&,2,#1&)+614&$5>&,"4)4=&$4&91##&$4&75511>1>& $,)+"54=&%19"%I=&$5>&")(1%&3$,)"%4&>%+*+5?&)+61=& ,"6'#1D+)2=&$5>&,"4)`+4&511>1>;&Z1>+,$)1>&133"%)4& 82&+5>74)%2&"%?$5+G$)+"54&$5>&,74)"61%4&$%1&511>1>& )"&+53"%6&)(+4&$5$#24+4&$5>&)"&>16"54)%$)1&(+?(#2& %1'#+,$8#1&'%",14414&)($)&%1>7,1&,"4)4&9(+#1& 6$+5)$+5+5?&4$31)2; G589(5%63"M5(!%N83"6"9!)O`1*1%2&'%"T1,)&)($)&& >"14&5")&6$I1&+)&3%"6&'%"'"4$#&)"&,"6'#1)+"5&$>>4&& "*1%(1$>&)"&47,,14437#&'%"T1,)4;&F(141&A>%"'"7)C& '%"T1,)4&6$2&81&,$741>&82&75%1$#+4)+,&,74)"61%& 1D'1,)$)+"54=&4)$I1("#>1%&+51D'1%+15,1=&753"%14115&& '1%6+))+5?&,($##15?14=&"%&$&#$,I&"3&,$'+)$#;&Y51&9$2& )"&$>>%144&)(141&+44714&6+?()&81&$&>$)$8$41&"3& 1D+4)+5?&'%"T1,)4&)($)&>1*1#"'1%4&,$5&741&)"&1*$#7$)1& '%"'"41>&'%"T1,)4;
& & & & & &
,"54"#+>$)14=&+5,%1$41>&*"#7614&3"%&3191%&'$%)4&9+##& 81,"61&)(1&5"%6=&$##"9+5?&#1$5&6$573$,)7%1%4& )"&>1,%1$41&,"4)4&82&%1>7,+5?&)(1&6$)1%+$#&$5>& #$8"%&%1U7+%1>=&+5*14)&+5&(+?(&*"#761&6$573$,)7%+5?& '%",14414=&$5>&+5,%1$41&)(%"7?('7);&!24)16&4+G1&-7'& )"&$&'"+5)0&,$5&'#$2&$&I12&%"#1&+5&1,"5"6+14&"3&4,$#1;
P(15&)(1&6$52&>14+?5&,"54+>1%$)+"54&'%1415)1>&+5& )(+4&%1'"%)&$%1&$>>1>&+5)"&$&,"5,1')7$#&424)16&>14+?5=& B"!&,"4)4&+5&)(1&%$5?1&"3&aO;dOiO;hOV9$))&4116&'"44+8#1& +5&)(1&4("%)&)1%6=&9+)(&$&8%"$>&*$%+1)2&"3&>14+?54& $,(+1*+5?&)("41&,"4)4;&W+?7%1&]&4("94&)(1&,"4)&14)+6$)1& 3"%&)(1&,($%%1))1K4&?%"75>:6"75)1>&>14+?5&74+5?&)(1& '#$5):#1*1#&+5*1%)1%&$''%"$,(=&2+1#>+5?&$&)")$#&B"!&,"4)& "3&aO;dgV9$))&-$3)1%&)$I+5?&+5)"&$,,"75)&$&aO;NOV9$))& '1%&6">7#1&,"4)&%1>7,)+"50; >9;8+1"<:"R1*+ST1+6"@(45"'*C9/;4"2(+"@H*++1551"Q+(8/AS %(8/51A"'34516"I149;/?=
&/A845+3"'0*)1JP/48+1"Q+(B5H"*/A"%*58+*59(/ X4&)(1&4"#$%&+5>74)%2&?%"94=&)(1%1&+4&?%1$)&'")15)+$#&)"& $>"')&814)&'%$,)+,14&3%"6&")(1%&#$%?1=&?#"8$#+G1>=&,"6: 6">+)+G1>&+5>74)%+14;&F9"&I12&$%1$4&,"6'#1615)&1$,(& ")(1%&)"&"331%&,"4)&4$*+5?4\& I& '!#78#38AL5%(";6"757!)%#78%63"(5))5)`$4&)(1& & +5>74)%2&6$)7%14=&$5&+5,%1$41>&#1*1#&"3& & 4)$5>$%>+G$)+"5&"3&B"!&,"6'"515)&>14+?54& & ,$5&>1,%1$41&,"4)=&#$8"%=&$5>&'1%6+))+5?&)+61;&f33"%)4& & )"&+5,%1$41&4)$5>$%>+G$)+"5&,$5&>%$9&3%"6&")(1%& & +5>74)%+14=&9+)("7)&"*1%#2&,"54)%$+5+5?&)(1&4"#$%&./& & ).58(+%0Q(&K$N)@)!)+0&+"&2521+&&+"&()+$:(1$-)3-& & 4+)7$)+"54&"%&'%1*15)&+55"*$)+*1&>14+?54;&.%"T1,) & +5)1?%$)"%4V424)164&+54)$##1%4&,"##$8"%$)+5?&9+)(& & 47''#+1%4&,$5&>%+*1&+5,%1$41>&4)$5>$%>+G$)+"5&$5>& & 1,"5"6+14&"3&4,$#1&3"%&,"6'"515)4;&A[""'1)+)+"5C& & $,%"44&)(1&*$#71&,($+5&+4&$&4)%"5?&15$8#1%&"3& & 4)$5>$%>+G$)+"5; I& P5D53#45%>A4>:D"$9;5Q%$5#7%;#792#(!93A74` & 6$573$,)7%+5?&*"#7614&3"%&6$52&B"!&,"6'"515)4& & $%1&$#%1$>2&+5&)(1&(75>%1>4&"3&)("74$5>4&"%&6+##+"54& & "*&8.)+(&1$%&0$2%9&R"#$'$%6&()/.)3-2.+&-"(+:(2')./& & "''"%)75+)+14&%16$+5&81,$741&)(1&4"#$%&+5>74)%2& & +4&)2'+,$##2&,($%$,)1%+G1>&82&L0&741&"3&6$)1%+$#4&& & >14+?51>&$5>&'%">7,1>&3"%&$&>+331%15)&+5>74)%2k&"%&N0& & 5761%"74&6$573$,)7%1%4&9+)(&%1#$)+*1#2&46$##& & 6$%I1)&4($%14&)($)&'%">7,1&67)7$##2&+5,"6'$)+8#1& & '%">7,)4;&X4&)(1&B"!&+5>74)%2&41)4&4)$5>$%>4&$5>&
H1,"?5+G+5?&)($)&)(1&#,>,#3?,:&+"/0&"-&,#,+0%3+30.&-e[Yf0LR&& +4&)(1&6"4)&+6'"%)$5)&61)%+,=&W+?7%1&_&4("94&)(1&'")15: )+$#&1331,)&"3&)(1&>14+?5&%1,"6615>$)+"54&"5&e[Yf;&J5& 255)+)".6&+,$&3/8%$&(,"#(&+,$&1"+$.+)2!&$**$-+&".&SETU& "3&%1>7,+5?&6">7#1&,"4)4&)"&aO;jOV9$))=&1*15&)("7?(& 4)%$)1?+14&)"&$,(+1*1&)($)&?"$#&91%1&"7)4+>1&)(1&4,"'1&"3& )(1&,($%%1))1;& X&9+>1#2&4,$#$8#1&./&>14+?5&,$'$8#1&"3&$,(+1*+5?&,"4)4& 75>1%&aO;LOVIP(&754784+>+G1>&"331%4&)%7#2&?$61: ,($5?+5?&'")15)+$#&81,$741&+)&81,"614&,(1$'1%&)($5& %1)$+#&1#1,)%+,+)2&+5&6$52&@;!;&6$%I1)4;
L]&
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
'()*+",-".*)*/01"(2"'34516""#""$(073"%(8/5*9/"&/4595851""#""$%&:(+;
>9;8+1"=:"L1C1)9K1A"@(45"(2"P)105+90953"P4596*51"2(+"@H*++1551" Q+(8/AS%(8/51A"'34516"I149;/
'78#+,#2&$*$+#$8#1&+5)1?%$)+*1&6">1#+5?&6">7#1&,"7#>& @$&8($5&+"&$'2!82+$&+,$&)712-+(&".&SETU&"*&(1$-)3-& >14+?5&4)%$)1?+14`3%"6&6">7#1&)"&+54)$##$)+"5`$,%"44& )(1&*$#71&,($+5;&J)&9"7#>&$#4"&$##"9&>14+?51%4=&,74)"6: 1%4=&%1?7#$)"%4=&$5>&6$573$,)7%1%4&)"&$,,7%$)1#2&$5$: #2G1&)%$>1:"334&81)9115&>+331%15)&>14+?54=&,">14=&+5,15: +)'$&1%"/%27(6&-".+%2-+&(+%8-+8%$(6&3.2.-)./&(-,$7$(6& $5>&1,"5"6+,4&+5&)1%64&"3&424)16&'1%3"%6$5,1&$5>& +6'$,)&"5&e[Yf;
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aO;dOiO;hOV9$))&,"4)&)$%?1)4&>14,%+81>& @;!;&Z1'$%)615)&"3&f51%?2&-ZYf0K4&X7?74)&NOLO&BCDE& +5&)(+4&%1'"%);&F"&%1>7,1&4"#$%&./&'"91%&'%+,14&812"5>& E"%F/6"9&,"7#>&)+1&)"?1)(1%&)(1&>+4'$%$)1&,"4)&>%+*1%4\& )(141&)$%?1)4&-a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
U""#""$%&