CONFIDENTIAL

Global Capital Markets & Industry Outlook

Bryan DowExecutive Director, Investment Banking

June 23, 2016

2CONFIDENTIAL

Bryan Dow, Executive Director (Silicon Valley) Senior member of Mooreland Partners Industrial

Technology Group Lead Mooreland’s Drone Coverage Advise companies in mergers, acquisitions, sales and

raising growth capital 12+ years in technology M&A with over 50 completed

transactions–Previously Head of the Clean Energy and Industrial

Technology Investment Banking Group at ThinkEquity–Prior to ThinkEquity, member of the Technology

Investment Banking Group at Needham & Company–Completed over 50 transactions

BS from the Leavey School of Business at Santa Clara University

Mooreland Presenter

to be acquired by

Pending October 2015

has been acquired by

has acquired

September 2015

has been acquired by

June 2015

3CONFIDENTIAL

Mooreland Overview

Technology FocusedIndustrial Technology | Digital Media and Internet

| Communications Technology | Enterprise Software

100% Partner Owned

Founded 2002One Global P&L

Global ReachServing North American, European and Asian

markets from offices in Silicon Valley, New York and London

Team of 4813 Nationalities

10 Languages Spoken

Ranked #1in Mid-Market

Technology M&A28 deals completed in 2015

UnrivalledExperience

1,000+ Deals Closed in Combined Careers

4CONFIDENTIAL

Focus on Key Technology Sectors

Energy EfficiencyEnergy Storage & Alternative

EnergyEmerging

TechnologiesSemiconductors & Components

Advanced Manufacturing

Supply Chain Services

Monitoring, Analytics & Controls

Energy AnalyticsPower & Energy

Devices and Systems

Electronics & Materials

Recycling Optics &

Photonics Additive

Manufacturing / 3D Printing

DesignServices Smart Sensors

Energy Management

& SecuritySolar & Wind Fuel Cells PCB & Flex

Automation Systems and

Software

Advanced Manufacturing

ServicesControl Systems

& Software

Advanced Lighting

Distributed Generation

ServicesEnergy

HarvestingMEMS &

Semiconductors

Process Equipment & Analytical

InstrumentationEMS Industrial

Internet of ThingsTech

nolo

gies

, Sol

ution

s & S

ervi

ces

Grow

thM

arke

ts

SmartMobility Drones

Advanced Robotics and Automation

Connected Factories &

Offices

INDUSTRIAL TECHNOLOGIES & ELECTRONICS

ENTERPRISE SOFTWARE & SERVICES

COMMUNICATIONS TECHNOLOGIES DIGITAL MEDIA

Industrial Technologies & Electronics

CONFIDENTIAL 5

Recent Mooreland Transaction Experience

June 2013

has been acquired by

May 2013

has divested its Semiconductor Systems

Business to

May 2013

has been acquired by

March 2013

has been acquired by

March 2013

has been acquired by

February 2013

has divested its HTML5 Development Tools

Division to

April 2013

has been acquired by

May 2013

has been acquired byhas been acquired by

June 2013July 2013

has been acquired by

December 2013

has acquired

October 2013

Acquisition of majority interest

and investment by

November 2013

has been acquired by

July 2013

has been acquired by has acquired

July 2013 July 2013

has been acquired by

August 2013

has been acquired by

October 2013

has been acquired by has been

acquired by

January 2014

has been acquired by

January 2014

has been acquired by

May 2014

has been acquired by

April 2014

have acquired

April 2014

and portfolio company

February 2014

has been acquired by

February 2014

has been acquired by

portfolio company of

January 2014

has been acquired by

a

portfolio company

has been acquired by

February 2014

has been acquired by

April 2014

and portfolio company

has been acquired by

May 2014May 2014

has been acquired by

a portfolio company of

December 2014

has been acquired by

has been acquired by

December 2014

a portfolio company of

December 2014

has been acquired by

October 2014

has acquired a portfolio company of

July 2014

has merged with

has divested its Disc Publishing business

to

July 2014October 2014

has been acquired byhas secured equity growth capital from

November 2014January 2015

has been acquired byhas been acquired by

January 2015

has been acquired by

April 2015

has acquired

March 2015

a portfolio company of

has been acquired by

April 2015 March 2015

has been acquired by

S. Carter Enterprises

has been acquired byWIOT Technologies Oy

February 2015

holding company backed by

has been acquired by

January 2015

has been acquired by

March 2015

has been acquired by

March 2015

a subsidiary of

has been acquired by

May 2015

a portfolio company of

has merged with

May 2015

June 2015

has been acquired byhas secured an $84 million

investment from

June 2015

has been acquired by

June 2015June 2015

ADP’s Procure-to-Pay (P2P) business has been acquired by

A Portfolio Company

has sold its Mobile Assets to

July 2015August 2015

has secured growth equity funding from

September 2015

has been acquired by

September 2015

has been acquired by

September 2015

a portfolio company of

has been acquired byhas acquired

September 2015

October 2015

has been acquired by has been acquired by

October 2015

has sold its TV technology activities to

October 2015

has been acquired by

December 2015

has been acquired by

December 2015

wholly owned subsidiary of

has secured a $96 million investment from

February 2016March 2016

has been acquired byhas acquired

May 2016 March 2016

has secured growth equity fundingto be acquired by

Pending

Advanced Robotics and Automation

CONFIDENTIAL

The industrial segment will continue to represent the majority of near-term revenue, however…

Technological advances are enabling new markets and applications Increased start-up activity with funding from VCs, strategic

investors and government Emergence of “out of segment buyers” (i.e. Teradyne, Google,

Amazon) targeting very large new market opportunities Robot is becoming a symbiotic partner to humans with the

accelerating adoption of “Cobots” into integrated work environments

Emerging “Blue Ocean” market applications likely to be larger than legacy industrial market

The Robotics Industry Has Been Experiencing a “Renaissance” Enabling Technologies

Advanced Sensors and Detectors

Advanced Precision and Motion Control

Intelligent Navigation

Mapping SystemsConnectivity and

Smart Device Enabled

Data AnalyticsVision Technologies

Cooperative Ability with Humans

Advanced Processors and

Microcontrollers

Predictive Motion Planning

Force Sensing

Speech Recognition

7

8CONFIDENTIAL

Robotics Markets are Evolving - Emerging “Blue Ocean” OpportunitiesMarket Example Applications Example End Customers Major Players

• Industrial • Machine Tending • Pick-and-place • Packaging

• Process Application • Assembly • Assembly/Machine Tending• Product Testing

•Large enterprises: lighter payload apps that require precision and safety

•Small to medium size enterprises – mainly mfg. and material handling

Collaborative /

/

• Cleaning• Smart Home Technology• Outdoor Maintenance • Video Collaboration

• Robotic Kiosks• Mapping / Navigation • Security / Safety

•Consumers•Schools•Retail

Consumer

• Precision Agriculture• Film / Photo / Video• Inspection / Monitoring

• Mapping / Surveying• Public Safety • First Response

•Consumers and Prosumers•Government / Defence / Safety•Surveillance organizations•Agriculture Drones

• Self-Driving Cars• Underwater Vehicles

•Consumers and prosumers•Oil and gas companies•Mapping and navigation companies•Defence organizations

Other Autonomou

s

• Material transport• Logistics Management• Mfg line replenishment

• Security / Defense• Asset tracking

•Manufacturing operations•Warehouse and logistic operations•Defence & Public securityMobile

/

• Surgical Procedures• Surgical Training• Telemedicine

• Caregiver Support• Bionics

•Hospital •Healthcare facilities Med /

Surg.

Auris Surgical Robotics

CONFIDENTIAL

(Drones)

(Drones)(Consumer)

(Consumer)(Industrial)

(Industrial and Consumer)

9

China is the world’s largest consumer of robotics Market will continue to be a growth market as

robotics penetration is still very low vs. more advanced markets –23 robots per 10,000 workers vs. over 300

robots per 10,000 workers in Japan & S. Korea Government support and subsidies driving growth

–Goal of creating 4 or 5 robotic “champions” –Goal of supplying 1/3 of domestic demand from

domestic robotic suppliers (on track)–Handing out RMB200-500 million /yr subsidies

Number of Chinese Robotics growing rapidly–~420 domestic robotics companies

Increasing M&A and funding interest– Investments in robotics are to hit record levels -

$500M+ in 2015– Increased interest in global M&A as a means to

acquire technologies and enter the market

China is Now the World’s Largest Market for RobotsChina Robotics Market Dynamics Global Robot Stock – Significant Growth in China Expected

China EU North America0

50100150200250300350400450

182

311

237

428

343292

2014 2017

Units

in ‘0

00s

Select Chinese Robotics and Automation PlayersPublic Private

Market Cap: $6.2BEV/LTM Rev.: 22.4xEV/LTM EBITDA.: NM

Market Cap: $962MEV/LTM Rev.: 12.8xEV/LTM EBITDA.: NM

Market Cap: $1.2BEV/LTM Rev.: 1.9xEV/LTM EBITDA.: 6.5x

Market Cap: $926MEV/LTM Rev.: 3.7xEV/LTM EBITDA.: 62.5x

Source: International Federation of Robotics

CONFIDENTIAL 10

Korea is the world’s largest automated manufacturing market per capita–Robot supplies in Korea continue to increase–Highest robot density in the world: 478

industrial robots per 10,000 employees Robots will influence national cost

competitiveness in Korea– Improve manufacturing cost competitiveness

by 6% relative to the U.S. by 2025 Growing government support and funding

–Korea’s 2015 robotics budget increased–Will invest ~$15 million into Samsung for

robots that can compete with cheap labor Increasing M&A and funding interest

– South Korea’s domestic robot market is heavily skewed to manufacturing bots that cater to the shipping and auto industries

But, Korea is World’s Largest Automated Market Per CapitaKorea Robotics Market Dynamics

Source: BCG Perspectives, International Federation of Robotics, S&P Capital IQ

Acquirer Target Category Date Transaction Size (EV)

EV/Rev.

Mar’16 $68M 0.8x

Jun’15 $15M 0.7x

Feb’15 $21M 2.6x

Oct’14 $6M 0.4x

Defense

Semiconductor

Electronics

Company Investors Category Date Amount Raised

Jul’15 $18M

Nov’14 $12M

Jun’14 $4M

Feb’14 $2M

Semiconductor

Battery Power

Defense

Industrial

Recent M&A Activity

Recent Private Placement Activity

Testopia

Marine Ports

11CONFIDENTIAL

Movement of Private Capital into the Sector has Accelerated Robotics and Automation private placement fundings have risen significantly since 2014, in both volume

and $ amount (a record of $923M was invested in Robotics and Automation in 2015) The market has also witnessed an influx of strategic investors (i.e. Bosch, KUKA, Mitsui, GE, Flextronics,

iRobot, ABB, Nike, Foxconn, Alibaba, QUALCOMM, SanDisk, Shanghai Electric, etc…)

Sources: CapitalIQ, 451 Research, Press Releases, Internal Estimates

Private Placement in Robotics Since 2008 - Present

2008 2009 2010 2011 2012 2013 2014 2015

Total Funding $42 $76 $85 $224 $198 $269 $447 $923

# of Investments 10 18 17 30 29 45 71 75

1018 17

30 29

45

7175

0

10

20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013 2014 2015

(# o

f fun

ding

s)

CONFIDENTIAL 12

Select Robotics Private Placements – Focus on New ApplicationsCompany Investors Category Date Amount Raised Total Raised

Walden International, Hon Hai Precision Industry, SB China Venture Capital May-2016 $30.0M $30.0M

IDG Capital Partners, GSR Ventures Management, ZhenFund, Zhejiang United Investment Group Apr-2016 $23.0M $25.0M

New Enterprise Associates, MIG Verwaltungs, UnternehmerTUM-Fonds Management, HMW Emissionshaus Apr-2016 $7.5M $9.5M

Mitsubishi UFJ Capital Co. Ltd. Mar-2016 $10.6M $10.6M

Accel Partners Mar-2016 Undisclosed Undisclosed

EDB Investments Pte. Ltd., Intel Capital, Northern Light Venture Capital Jan-2016 $15.0M $17.0M

Haiyin Venture Partners, Taylor Ventures Dec-2015 $9.5M $9.5M

Pontifax Ltd., Khosla Ventures, Syngenta Ventures, Innovation Endeavors, Data Collective, Monsanto Growth Ventures Nov-2015 $17.1M $30.4M

Summit Partners Oct-2015 $46M $46M

BlueTree Capital, Eagle Ventures, Hercules, Pittsburgh Life Sciences Greenhouse, Slater Technology Sep-2015 $25M $134M

SoftBank Capital, Shasta Ventures, O'Reilly AlphaTech Ventures Jun-2015 $20M $23M

Andreessen Horowitz, First Round, GE Ventures, Kleiner Perkins Caufield & Byers Jun-2015 Undisclosed $40MUAV

Mobile

Healthcare

UAV

Gripper

Agricultural

Mobile

Mobile

Gripper

Mobile

UAV

Sensors

13CONFIDENTIAL

Robotics M&A activity is growing but still relatively small

Historically acquisitions had focused on consolidation

However, buyers are starting to focus on emerging tech and next gen apps

“Out-of-segment” buyers increasing

Notable M&A Transactions

8

1412

2119

23

2010 2011 2012 2013 2014 2015

Num

ber o

f Tra

nsac

tions

Robotics and Automation M&A Activity

(1)

Notes:1. 2013 total transactions include 8 successive acquisitions by Google * Mooreland Estimate

Acquirer Target Category Date Transaction Size (EV)

EV/Rev.

May’16 €4b 1.5x

Apr’16 €74m Conf.

Apr’16 €1b 1.4x

Feb’16 $45m Conf.

Oct’15 $201m 3.6x

Jul’15 Conf. Conf.

May’15 $350m 9.2x

Apr’15 Conf. Conf.

Feb’15 Conf. Conf.

Sep’14 $390m 0.5x

Jul’14 $347m 1.5x

Collaborative

Collaborative

Consolidation

Services

UAV

Motion Control

Industrial and Mobile

(Defense & Security Business)

Defense

Industrial

Test and Assembly

Automotive

CONFIDENTIAL

• Robotics and Automation public valuation has retracted from last year’s high and is now trading below the Nasdaq

• Current public players, mostly selling traditional industrial technologies into slowing growing markets, will need to organically and/or inorganically develop solutions for new emerging markets to find growth

Robotics and Automation – Broad Equity Market PerformanceBroader Robotics Indices – 36 Months Relative Performance

14

Google acquired 8 robotics companies

15CONFIDENTIAL

Robotics and Automation – Equity Market Performance in China

• Chinese public Robotics and Automation companies have experienced significant correction following unprecedented run-up in 2015

• However, these stocks are still very highly valued vs. all other markets• Still very significant disparity with Western stock markets, which results in tempting arbitrage

opportunity for Chinese companies to acquire foreign robotics companies

China Robotics Index – 36 Months Relative Performance

16CONFIDENTIAL

Mooreland Taxonomy for Robotics and AutomationVe

rtica

l Pla

tform

s

Sem

icond

ucto

r

Defe

nce

& S

ecur

ity

Auto

moti

ve

Cons

umer

Spec

ialty

Robo

t Pla

tform

s

Fixed Robotics Mobile Robotics Medical and

Surgical Robotics

Part

s,

Com

pone

nts

& A

cces

sorie

s

Modules & Parts (Grippers, Vacuum Pumps, Hands, Rotary Units, etc.)Components (Sensors, Actuators, etc.)

Controllers

System Integrators

Manufacturing Execution Systems

Supply Chain Management Software

ERP Software

Surg

ical

War

ehou

se &

In

vent

ory

Mgm

t.

Collaborative RoboticsDrone / UAV(1)

Sola

r

Elec

tron

ics M

fg.

& F

acto

ry

Auto

mati

on

Food

& B

ever

age

Min

ing

&

Agric

ultu

re

Heal

thca

re &

Life

Sc

ienc

es

Logi

stics

Other Autonomous

(Underwater, Satellite, Self-Driving

Vehicles)

(1) UAV = Unmanned Aerial Vehicle

17CONFIDENTIAL

Robotics Market Landscape – Robots, Parts, Accessories & Components

Robo

t Pla

tform

sFixed

Robotics Mobile Robotics UAV Collaborative Robotics

Medical and Surgical Robotics

Other Autonomous

Part

s, C

ompo

nent

s &

Acc

esso

ries

Controllers ComponentsModules and Parts

18CONFIDENTIAL

Robotics and Automation Landscape - Vertical PlatformsAutomotive Consumer Defense and Security Electronics Mfg. / Factory Automation

Food and Beverage LogisticsHealthcare / Life Sciences Mining & Agriculture

Solar SurgicalSpecialty Warehouse / Inventory Mgmt.

Auris Surgical Robotics

Commercial Drones

CONFIDENTIAL

Commercial Drones - New Opportunity Taking Flight

20

Multifaceted and complex connected vehicles built with sensors

that collect data and carry payloads for specific commercial

purposes

Basically another IoT node

FAA expects the number of drones flying in U.S. domestic

airspace to hit 30,000 by 2020

FAA also brings regulation, which is still shaping up

Enormous potential in key industries and applications

Key Applications

Precision Agriculture

Film / Photo / Video

Inspection / Monitoring

Mapping / Surveying

Public Safety / First Responders

Drones, Unmanned Aerial Vehicles (UAVs), & Unmanned Aircraft Systems (UASs)

CONFIDENTIAL

UAV – The Big Picture

21

UAVs continue as the most dynamic growth sector of the world aerospace industry

Development of UAVs for different applications, by different industries has led to a wide variety of airframes and capabilities

Key external drivers– Gov’t funding for military– ↑ sophistication and ↓ price of components

M&A trends– Expansion within verticals– Node in IoT– Internet to remote geographies

Financing trends– Inspection– Delivery/logistics– Cloud services

Source: Teal Group, 2014

UAV Classification

0 – 200 ft.Low-speed, low altitude missions,

film and inspection

500 – Above ft.Manned aircraft; military grade

drones

200 – 400 ft.High-speed transit

zone for sophisticated drones (e.g. delivery drones)

400 – 500 ft.No-fly zone

CONFIDENTIAL

Commercial Drone Landscape

22

Software Only ServicesSystems & Software

CONFIDENTIAL

Drone Market Size

23

Over $6 billion /year spent on

military and commercial drones

Estimated to grow to $8.6 billion by

2019, representing a 6% CAGR

2014 2015 2016 2017 2018 2019

$0.7

$5.1

Commercial Drone Spending$, Billions

51% CAGR

2014 2015 2016 2017 2018 2019

$6.4

$8.66% CAGR

Total Military & Commercial Drone Spending$, Billions

Key Observations

Commercial estimated to grow to

$5.1 billion by 2019, representing a

51% CAGR

Commercial to grow from ~10% of

the market today to ~60% by 2019

CONFIDENTIAL

Market Share & Commercial Drone Use

24

Major commercial use is aerial photography and video, however infrastructure inspection, construction, and agriculture are emerging uses

In the US, DJI has established a significant leadership position with its Phantom 3 (~$500 ASP)

Although small, the number of people and organizations authorized to operate commercial drones is growing rapidly in the US. (~4,500 by year end)

Proposed Drone Missions in the US Approved Under FAA 333

Key Observations

Commercial Drone Penetration in the US

Source: Oppenheimer February 2016, TechCrunch, April 2015

Photography & Video

Inspection

Survey

Real Estate

Search & Rescue

Agriculture

Data Collection

Mapping

Construction

Drone Training

2,550

1,250

1,100

900

600

400

400

400

350

250

(2%)

(1%)

(2%)

(84%)

(11%)

Country Drone Governing Body Registered Commercial Drones

Federal Aviation Authority (FAA) ~8,400 Drones

French Civil Aviation Authority (DGAC) ~2,200 Drones

Civil Aviation Authority (CAA) ~1,400 Drones

Korea Office of Civil Aviation (KOCA) ~500 Drones

United Kingdom

France

United States

Korea

CONFIDENTIAL

Korean Drone Market Activity

25

Korean Government Investing in Drones

Strict drone flying regulations make it difficult for drone users

Gov’t designated five areas in the country as “drone flying zones” to test commercial and public service drone applications

The military will start to use Korean built drones in 2017 and considering emergency response and firefighting uses

Gov’t says it will set aside $37.3 million in the five years starting in 2017 to build traffic management and surveillance systems

Source: DroneLife 2016, Arirang News 2016, Yonhapnews 2015

2013 2023$1.7M

$510.0M

Korean Drones Sales To Grow Rapidly YoY Through 2023

77% CAGR

Source: Yonhapnews 2015

Selected Drone M&A and Fundings in Korea

Investor Target Date Investment Description

Feb ’16

IDG Capital Partners invested $4.1M into Drogen, which develops commercial and hobbyist grade drones in Korea. The company offers full drone systems and controls circuit boards.

Acquirer Target Date Transaction Description

Aug ’11

FIRSTEC, a military systems manufacturing company and subsidiary of Foosung, acquired an 80% stake in Uconsystem for $4.7M (1.4x EV / LTM Revenue). Uconsystem offers integrated surveillance and reconnaissance UAV for military applications.

CONFIDENTIAL

Drones Face Hurdles to Growth

26

- Regulation - Speed of expansion relies heavily on federal rules

- Air Safety -Growing number of drones seen flying

dangerously close to commercial aircraft

- Civilian Privacy Concerns -17 states passed drone-related privacy legislation

- New Legal & Insurance Implications - Heightened risk of property damage and liability

Challenges facing commercial drone industry

- Unproven Business Models - How will companies actually use drones to make

money?

Source: CBS Money Watch, August 2015

CONFIDENTIAL

Drone M&A Deal Volume and Selected Transactions

27

Source: CapIQ data as of April 5, 2016

Acquirer Target Date Transaction Description

Jan’16• Aerial mapping and surveying• Accelerates the development of

Intel visual sensing technologies

Dec’15• Fully autonomous drones with

obstacle avoidance technology• GoPro is using as a platform

Jan’15• Small drones • Platform to develop low-cost,

replaceable and expendable UAVs

Apr’14

• Solar-powered high-altitude long-endurance drones

• Google using drones to deploy internet in remote locations

Mar’14

• Solar powered long-endurance drones

• Facebook using to deploy internet in remote locations

Jul’12• Aerial imaging drones• Parrot to expand presence in the

commercial UAVs

Drone M&A Activity

Number of Transactions

M&A activity growing but still relatively small

Historically focused on military Notable “out-of-segment” buyers Recent activity around flight control

software and autopilot systems

2009 2010 2011 2012 2013 2014 2015 2016 YTD

32

56

4

9

15

9

CONFIDENTIAL

Venture Community Heavily Engaged

28

Venture funding for UAV-related startups rose to $492M in 2015; a 256% YoY increase from 2014

VCs have jumped into the commercial drone market in a big way in 2015/16

Many VCs more focused on software, not hardware Main categories includes:

Inspection (e.g. mapping, precision agriculture, infrastructure, energy, mining), delivery/logistics, insurance and cloud services

Source: CapIQ, PrivCo, TechCrunch November 2014, CB Insights 2015

Drone Funding Activity Selected Venture-Backed Companies 2009- 2016 YTD

Companies $ Raised

DJI Technology $105M

3D Robotics $99M

Airware $75M

Yuneec $60M

Aeronautics $53M

EHang (Ghost Drone) $52M

Skycatch $46M

Aeryon Labs $46M

PrecisionHawk $39M

CyPhy Works $37M

2011 2012 2013 2014 2015 2016 YTD6 13

2638

79

35 $12

$36

$83 $192

$492

$203

CONFIDENTIAL

Concentrated Investments from Select VCs

29

While there have been a significant number of investments made by venture capital firms, only a select group of firms have made multiple investments in drones.

Venture Investors Investments

30CONFIDENTIAL

FAA regulations to continue to roll out, but will take longer than expected– This brings uncertainty are can stifle innovation–Needed in order for commercial drones to be ubiquitous and safe

Strategic and VC private investments to continue to ramp– Significant uptick in strategic interest as strategies get worked out at the BU level–VCs are more cautious in hardware investments in this environment; into capital light models

At least one major IPO in 2016 as there are already “public ready” companies– Eventually will provide more choices for public investors– Increases buyer universe driving further M&A

Near-term M&A to be driven by large technology conglomerates, niche consumer electronics players and mil/aero companies moving down market– They have been on the sidelines for too long; starting to enter–Outsiders, especially large cap players, bring further validation and clout to the industry

What We Expect From the Drone Market…

31CONFIDENTIAL

ANY QUESTIONS?

Bryan G. Dow Executive Director

950 Tower Lane, Suite 1950 Foster City, CA 94404 tel: +1 (650) 330-3788 bdow@moorelandpartners.com

Mooreland Partners LLC is a member of FINRA / SIPC

SILICON VALLEY950 Tower Lane, Suite 1950

Foster City, CA 94404Tel: +1 (650) 330-3790

NEW YORK140 East 45th Street, 18th Floor

New York, NY 10017Tel: +1 (212) 653-0800

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