STATE OF NORTH CAROLINA a Department of Health and Human Services Refer 4g. Inquiries regarding this RFP to: Request for Proposal it 30480090 Proposals will be publicly opened: April 13. 2018 ET Ken Dahlin Contract Specialist Contract Type: Agency Specific ken.dahlin@dhhs.nc.gov Commodity No. and Description: 948-07 - Health Administration (919) 855-4054 Services Using Agency: Department of Health and Human Services. Division of Health Benefits Requisition No.: nla was In compliance with this Request for Proposal. and subject to all the conditions herein. the undersigned Offeror offers and agrees to furnish and deliver any or all items upon which prices are proposed. at the prices set opposite each item within the time speci?ed herein By executing this proposal. the underSigned Offeror certi?es that this proposal is submitted competitively and without collusion (6.8. 143-54). that none of its officers. directors. or owners of an unincorporated business entity has been convicted of any violations of Chapter 78A of the General Statutes. the Securities Act of l933. or the Securities Exchange Act of 1934 (6.8. 143-592), and that It is not an ineligible Contractor as set forth in 8. 143?591 False certification is a Class I felony. Furthermore. by executing this proposal, the undersigned certifies to the best of Offeror?s knowledge and belief. that it and its are not presently debarred, suspended. proposed for debarment. declared ineligible or voluntarily excluded from covered transactions by any Federal or State department or agency As required by 8 143-485. the undersigned Offeror certifies that it. and each of its subcontractors for any Contract awarded as a result of this RFP. complies With the reQuirements of Article 2 of Chapter 84 of the NC General Statutes. Including the requirement for seat employer with more than 25 employees in North Carolina to verify the work authorization of its employees through the federal E-Verily system. GS. 133-32 and Executive Order 24 (2009) prohibit the offer to. or acceptance by. any State Employee associated with the preparing plans. specifications. estimates for public Contract; or awarding or administering public Contracts; or inspecting or supervtsing delivery of the public Contract of any gift from anyone with a Contract with the State. or from any person seeking to do business With the State. By execution of any response in this proposal. you attest. for your entire organization and its employees or agents. that you are not aware that any such gift has been offered. accepted. or promised by any employees of your organization. Fallure to proposal prior to submittal shall render proposal Invalid and It WILL BE REJ ECTED. Late proposals will not be accepted. orrenon MAXIMUS Health Services. Inc. smear ADDRESS PO BOX ZIP 1891 Metro Center Drive NIA 20190 cm! a sure a TELEPHONE NUMBER rou FREE TEL no Reston. VA 20190 303.285.7557 1.800.629.4687 PRINCIPAL PLACE OF BUSINESS ADDRESS IF DIFFERENT FROM ABOVE PRINT NAME 5. TITLE or reason on new; or OFFEROR FAX NUMBER Charles K. Sweeney ll. Vice President - Legal 703.251.8240 non- A SIGNATURE one: EMAIL April 10. 2018 Offer valid for at least 180 days from date of proposal opening unless extended by the State in writing After this time. any Withdrawal of offer shall be made in writing. effective upon receipt by the agency issuing this RF ACCEPTANQE OE QUQIE if any or all parts of this proposal are accepted by the State of North Carolina. an authorized representative of the Department of Health and Human Services shall affix his/her signature hereto and this document and all provisions of this Request for Proposal along with the Offeror's proposal. and the written results of any negotiations shall then constitute the written agreement between the parties. A copy of this acoeptapce?itl be to aided the successful Offeror .20 [8 ,as Indicated on the attached certification. by ?r I (Authorized Representative of NC Department Health and HumLKServices) Page of EDIE-DEED MAHIMUE Health Senricec STATE CAROLINA Department of Heahh and Human Services Di'lu'isicn cf Health Benefits Request for Prci pcsal Enrnilrnent Brake-r Services. Negatiatinn Document Acceptance cf HFP Rem?cicns FHEE 1 cf 15 RFP it 30? 180090 Enrollment Broker Services Ofteror Name: MAXIMUS Health Services EXECUTION OF NEGOTIATION DOCUMENT -ACCEPTANCE OF RFP REVISIONS By signing below. the O/feror accepts all revisions to the RFP as stated within this Negotiation Document and such reviSions are incorporated into the RFP as thOugh fully set forth therein. OI/eror Name: MAXIMUS Health Services. Inc. Authorized Signature: Name and Title {Print}: WWI Date: _i_i_iiv 13. 2018 I. The following revisions are made to Section ll. General Procurement information and Notice to Offerors, Section E. Contract Terms and Conditions. 3) Subsection 3. ACTION ls deleted and reglaced with me Igllowigg: EQUAL Offeror shall comply with all Federal and State requirements concerning [air employment and employment of the disabled, and concerning the treatment of all employees without regard to discrimination by reason of race, color. ethnicity, national origin. age. disability, sex, pregnancy, religion. National Guard or veteran status, sexual orientation. and gender identity or expression. b) Subsection 13: ENTIRE AND QDER OF nggagug: is rewritten as follows: This Contract consists of the following documents incorporated herein by reference: a. Any amendments executed by the Parties, in reverse chronological order: b. Best and Final Offers or negotiation documents. in reverse chronological order, if any; Written clari?cations, in reverse chronological order, if any; Addenda to the RFP. in reverse chronological order, if any; and This RFP in its entirety; and f. Offeror?s proposal. 99D in the event of a conflict between the Contract Documents, the term in the Contract with the highest precedence shall prevail. These documents constitute the entire agreement between the parties and supersede all prior oral or written statements or agreements. Page 2 of 15 ii antennae Enrallment Brake: Sumter. Utiemr Ham-e: MMIHUS Haaith Services ct Euheat?an g. INDEMNITY: Is rewritten as fallam.? W: at Suntan re any iimit?liwa amenity Belem in the EFF Di' Addennum. the Cane-attarsha? Midwest-re Urea?rate, H3 :I?iceq, agent; undernpi'ureej, ?urmiEssfram imam at any kind} including ailI mm! and trans accruing arresuiimg ta wry atherpenmn. ?rm. ll" earpamtian Iattri?iing' arenppiping ware, services, maten'etc, uriupp?as n1 mane-titan with meaerfarmanre at this Can-mm. and {ram any and ati dam: and tease: armsuiting In any Nisan, firm. ar aarpamrian that mane injured Eli damaged by me C?rtl?t??'?f in the wrap-mam a} this {ammonia mp1- mre mama-mate the negligent-e ar tantrum are: at me Centractar. Tire fantm?arrepr?enti [Innr warrant; that ii shat! matte na ciaim a! any kind er nature against the State?s agents wan are man-ed in the qr macaw-'19 a! Cantrannr wads senate: tn the irate. The repraien'tutians 9nd warrantie; in the preceding jentenuei mnii survive the terminatian ar expiratien at this tantrum. The State, Department, ??'ite er the Art-urns? ?enemi than here the aptian n: at their men emense in the defense at rut-h ciaimi? await-anti! ?ied ant:l The Rate simii he respansibie In: its mun irrigaa'an expenses U?exereisee this option in tantramr': tn the Dame-I'll? and Stare-far any and at! ailin'lls. antenna damages int-5&5. mat. immense; and whatsoever aristng ant at [If In any way related ta ItineAgreei-nent tram causer including but nat in?ated n: negligence. err-an; mamas, anti Manny, breach qf airman-d: af nut, in the aggregate, exceed [we ames- It?! Midi mntrurt value irHI-fudr'ng My Change Bram: amendment. or marinara. in an Event innit either party he iiabie far aperiai, indiretn incident-at. acanamic. annsegaentini araamtiue damages regal-diets at tile .I'egaitne-ary in which such damages remught. Tne?nrgaing nmttatian shaft ?at appiy'ta the eiaims, airtime. damages, tasses, nest. expenses, paw-lefties mam an 1: aversiml'at bady. and warm arise an: at infuriee ta perms (minding death}. damage ta tan-glare property, a: at WE added :15 fallaws. Hie Expiratinn. tenninntinn, ar annreil'nnun a! this?gre?enmnr wilt nut extinguish the right: [If either party that accrue print ta emiratian. tminntinn; nr ?ance-?atten [it any abiiga?ans that extend heran?' tenninutian. expiratmn; er rante?niian, either by their inherent Nature ar by express terms. The faiiawing term; that? {amine ten?rrina?an, examining. ar tanreiiatimr the {am-met.- Arte.? raFersans Manet-ants; E3. E12. Gimme Resaiatian; E. 19. Entirel Agreement and mailer tat Precedence; 1'5- Generai indemnity Umitatian a! Page 3 at L5 FIE-F It an-lamsn Enmilrne-nt Brnher Elan-Hm D??ror Name: MARIMLIS Hemlh ?15. Gnvemi'ng Lmus; E. ?Haifa-crud! Pmperty Indemn?y; ?21. Malta's; Eri?. Rem-rm Harem-m E. 23. Eemu?mtw E39. Sim.- nmi Ejrl Sawmign immunity- h?athmErll $511311! ma?a?: I: Inwmumed lam tha tannin: and Must be mmplelnd hi.- ?fl'erur. m. Car??m?nns Einmrnumted mm and must ha EDI-unwed by the Thu mmuInder if this pug: E: l'nt?m?mm?lr FER Mimi. huge uf? Ernie: 5e WIDE ??emr Marne: MAHIMUS Health ?nite-.5- Attachment 0: Stats Certi?cations Vendnr Eani?raliunj Raqulmj Lw Harm Carmina law The persun signs thisdntumant should mad the text DI the HE Hshad helnw and mnsull 1mm muml and n?ther persans befnna signing. The text nf each Harm General Statutes can In! fuund unlinL- at a. and alt-bums?. FDF Mam: mi 1.4-: d. 55.143591: I141 . .- ES 14354315: IDES. unnamed harem below Inn mphme lull-?h, and has nutuI-ulateddhe Hinder In El I??vl??kj. thl! Ill-31' the mime-d hm. and the Vanda?: win In! mqufranum 11f 1 91? Dian-tar Ed at the HE Eenml Staturu?. including me requ?mrmam fur each wl'th mam than mm In Harm Ear?lna tn wile the wart aulhmital?mn at It: the federal water-1." E?VL-rfly Eastern [31 Pursuant In 5.5. 14155.1:qu the harem uni?es that we ?u'EIr'Itlnr rained heinw l5 ml: an ?lethal-thin GEL Id?asaalaibemuse: 1a] Mann-arm: Vanda-r hasre?med tn mllEL?t the LIE tax Ila-tried urlier Article?nl' thamrl?? arm: Genml?tatutes an its?les delmrnad ru?nrth mnd?hmnf?ilDE?I?d?th}. and 1h} one dthefnltuw?'tg bums] lh-e 'u'endnr any 41! its aF?'l'IitEi has. nr rein-u: rpomad In a. ?l'al Hal-Pen cnuntT'gr" ai- Eet farm in 5.5. after December 31, znnL- or I: Tha Handur urnne its af?liates has Inwrpurated Dr r-Einmrpurated In i "tn: haven tannin!? as ?tr ?5th In 14 after December mm but tl'na Unl'red States f5. not the marl-hat fur the puhlfl: trading nf [ha- stnd: uf In: mtlun Emma-rated in the tax Haven :nuntw- Paguinus RFP it 30-180090 Enrollment Broker Services Offeror Name: MAXIMUS Health Services (4) Pursuant to GS. the unders'gned hereby certi?es that none of the Vendor?s of?cers. directors, or owners (if the Vendor is an unincorporated business entity) has been convicted of any violation of Chapter 78A of the General Statutes or the Securities Act of 1933 or the Securities Eiccharige Act of 1934 within 10 years immediately prior to the date of the bid solicitation. (5) Pursuant to 65. 1438?39.?. the unders'gned hereby certi?es that the Vendor will not use a former employee. as de?ned by 65. of the North Carolina Department at Health and Human Services in the administration of a contract with the Department in violation of GS. 14381393: and that a violation of that statute shall void the Agreement. (6) The underaned hereby certi?es further that: He or she is a duly authorized representative of the Vendor named below He or she is authorized to make. and does hereby make. the foregoing certi?cations on behalf of the Vendor, and He or she understands that any person who knowingly submits a false certi?cation in response to the requirements ofGS 143-59.1and 59.2 shall be guilty at a Clas felony. MAXIMUS Health Services. inc Vendor's Name 13,2013 Signature of Vendor? Authorized Ag?e?nt Date Charles K. Sweeney Vice President . Legal Printed Name of Vendor's Authorized Agent Title Julv 13. 2018 Signature of Witness Date Anastasia M. Navarro Administrator Ill Printed Name of Witness ?tle The witness should be present when the Vendor?s Authorized Agent signs this certi?cation and should sign and date this document immediately thereafter. The remainder of this page is intentionally left blank. Page 6 of 15 RF tr 30480090 Enrollment Broiler Servtces Offeror Name: MAXIMUS Health Services Attachment P: Federal Certi?cations The undersigned states that: He or she is the duly authorized representative of the Contractor named below. (bi He or she is authorized to make. and does hereby make. the following certi?cations on behalf of the Contractor, as set out herein: The Certi?cation Regardirg Nondiscrimination: The Certi?cation Regarding Drug~Free Workplace Requirements; The Certi?cation Regarding Environmental Tobacco Smoke; The Certi?cation Regardirg Debarrnent, Suspension. and Voluntary Exclusion Lower Tier Covered Transactions; The Certification Regarding Lobbying; and r. The Business Associates Agreement (C) He or she has completed the Certi?cation Regardirn Dag-Free Workplace Requirements by providirg the id) [Check the applicable statement] 1 He or she has completed the attached Disclosure Of lobbying Activities because the Contractor has made. or has an agreement to make, a payment to a lobbying entity for in?uencing or attempting to influence an officer or employee of an agency. a Member of Congress, an officer or employee of Congress, or an employee of a Member of Congress in connection with a covered Federal action; 08 [it] He or she has not completed the attached Disclosure Of Lobbying Activities because the Contractor has not made. and has no agreement to make. any payment to any lobbying entity for in?uencing or attempting to influence any officer or employee of any agency, any Member of Congress. any of?cer or employee of Congress, or any employee of a Member of Congress in connection with a covered Federal action. $1on The Contractor shall require its subcontractors, if any. to make the same certifications and disclosure. i'i . Vice President - Legal aries K. Sweeney ll Signature Title MAXIMUS Health Services, Inc July 13, 2018 Contractor Name Date [This Certification Must be Signed by the Same individual Who Signed the Proposal Execution Page] Page 7 of 15 FtFPii 30-115mm! Enrollment ElrttIitEr Eewltes till'l?erar Heme: MAHIMLIS Health Services Cati?ratinn Regard?! Hundls-l?min-I?un The commuter certi?es that it comply: with all Federal statutes relatlng tu nendisniminitlen. These Include but are met limited tn: tel TitleI of the [is-TI Art at 1954 which prehl'tt-Its an the hasisef race. teller er nalie nal erilgin; [It'll Title lit ef't'he Ed ucatien Amendments ef as amended 951531?1533. and which prehihits dlserimirtatien en the basis el' seat; It} Electiun 5M ef the Rehabilitatien Art at 19H. as amended {29 LLSJE. whld'r en the basis at handimps; ml the Age Discriminatien Act et 19%. as amended [42 whith pruhi?hlls discriminatien en the basis of age; tat the Drug Aimee ??lee am] Treatment Act et 19?] as amended. relatlng tn nendisnlminatlnn en the hash ef drug abuse: the Earn prehensiee Altehnl elapse and Alteheilsrn TreatrItent and itehahilita?an net at IQTD 91-615}, :5 mantle-d, tn an the basil nl' ahugg up altehellsn'lj tg] Tltle til" at the Civil Rights net etl?l?? {:11 UEJC. EBB-till nt seq], as entended, relatirtg to In the sate. rental er ?nancing at housing; the Fee-rt Sta mp an arm USDA pulley, which nruhltlit discriminatien an the basis at and pelitltal beliefs; and [it the requirements. at any other nendistriminitien statutes whleh may apply te this Agreement. ll. Eertl?ta?en Regarding Drug?Free Werirpiate Requirements 1 i a statement empimreu that use unlawful manufactLu-e, dist?hutlnn. pesmsreh er use ela substancei's emhthited in the Waite-late and speci?er-lg the will be taken against emplejrees I'er wielatien But such l1. a drug-tree awareness pregram tn Infurm ahnut The dangers of drug abuse in Ihe ?Implant,- II. The Centratter's pelletI ermalnteintng a drug?i'ree warliplate; line available drug munseling. rehabilitatien, and empleyee assistance pregmns: and hr The that malt he tmpesetl upen empinye-es for drug abuse vlnlatlnn-s incurring in the werkplace; Making "It a requlrernent that each he engaged In the perfennanee at the agreement he gluten a new efl'he statement requlred by paragraph Notifying the empletl'ee in the statement required Istr paragraph ta} that, se. a Lentil-lien nf empleymem under the agreement. the will: I. abide by the ?arms at the statement: and ii. He??r the empire-tier ef ar'l'l.I drug statute fer a eleta?lier- In the workman! he later than Fur! days atter such cenuletlnn; e. Nutih?ng the ?eeartment within ten date after renewing netrce under suhperegraph from an employee at ememise actual netiLe ef suth tenutelren; l. Tait-rue ttHE ufthe attlerts. within an days at renewing netice antler suhpaligmpt'l tdlt?l. with respect to arr-5r employee wha t5 remitted: Eagle [If .15 FIFP ii in 1mm Brnlier?mleea Difernr I'Iiarne? MAHIMUE Heaitit Sena-lees I Taking appropriate pereennei airtinn agalnst such an up In and in?udrng tenninatinn; at Heeulring suth tn participate satisiactpriiy in a rim: abuse asslsienne er rehabilitatinn pruyanr approved fer such purpmes he a Federal. State. Ideal health. law enfpreernertt. er ether anprenriate agent-5r; end a. Mature a gnarl lalth tn cantinue tn maintain a drugrfree tunrirplaca mrnugh lmplernentallpn pi paragraphs Ila]. ?all. in}. te].ar1d ii]. 2. The sites [er the parfnm?ranee dene in renneet'rinn with the ape-rifle agreement are ?shad helm: all sitea; add additional pages IF Address Tl'l-E Inpatipn will lee determlneel Linen centraet air-lard. We plan tn l??ht our facility in North Elmline and near the Department's p?ite Street Eli-gr. State. Irp Epde Street Eil'lr. 5tate.1lp ?nale 3 trill the Department at arw addltinnal site: Mr perinrmante n1 tenrir under this agreement- Fa15a :erti?ea?nn er uhnlalinn of the :ertllinatlnn may he grenade fer suspensierr df palm-rent. ausaenslurr er terminatien trier-ants. er anuarnrnenr-wlde Federal suspenelen er ?Ebam?IErll'. a5 El?l?. Ili. {uni?cation Regarding Enairnnmental Tnhacta Empire Public Law 10323. Part Teen-cm Emalre. ale;- knuwn as the Art! at 139: thrill. requires that smelting he permuted In any ptrr?arl at any Induur Facility trained er tagged er contracted Fur be In antler and mad mutlnela ar regularly for the pretrialun at health. due tar-e. edu?tlpn. tn Under the age ref 13. ii The are funded he Federal pregame either directly nr thrnugh State pr Incal awarnrnents, by Federal grant. tantratt. lean. er ltran guarantee The laraI dares tn children's sen-fees prer-Iitled in private residences. hammer Funded seleii- be Medicare or Medicaid tunes. and puritans pi faeil'lties Lraed fer inpatient drug er alenhni treatment. Failure to temple with the pmulsfuns at the law may result In the linens?lnn a civil penalty pf iiFl' tn per dart the lmppaltinn at an administrative mmplenre order an the reapnnsihle entity.I Page?nfli RFF II 50-13mm arnkar Eartha: ulfemr Name: Health 53mm; The tantrum that it wrli With the tan at tha Act. Th: tantrum: thI'l'Ia-r agrees. that lt requln! It"! language at this certi?catlun he include-Ii In any suhawartls that contain ntavlslans far services and that all shill sanity lam haul-lit;I I'd. cartl?tatlu-n Regarding DnbarrnEn?t. and voluntary Exclusion LII-war Tfar lm?uc'tlnni [the phrase ?pras-pactwa lnwer pa means the Contract-an] and submimng durumant. Iha pmapecttua Ila-war that l5. the certi?cattnn Sat nut halnw. the cenl?tallun In this I?Jaua! 15 a material ranresentminn afthu fact hpurl which rellante waa plate-d when alas Entered lntu. If l?r is. later detarmmad that tha pmspattlva lhwar tiar nartltipant tar-dared an arranmus Lemt'lcattnn, In additian tn uthar rte-memes auallahla tn the Fadaral Gnuarnmaht. the department at aganql with this may pursue- a?allahla ramadles, when andfar daharmam 3. The pmapactlve tawer tlar provide Immedlata natlta tn the person to whum thEB it at En'r tirI'I-a tha pratpatl'lva lu'arar tier nartI-tlpan't learn!- that Ich tartitl?ltiun Was when or has bat-hm! errant-nus real-tan af changed Circumstances. It. The taint: 'Ewaratl 'tlebarrati." "Inallgilala," "law-Er tier Winfred 'partirinantf "hatann." diva-rad trantath'an." "printfpall" and excluded." as usatl In this clanse, haw.- the meanings sat hut in the and interns! realm I15 nf mlea fmntamantin? Executhre Elder 1254145 CFH Part TIE. 't'nu may mnlact the liar-Jun tn Wh?l?l'l it submitted Fur assistant?;- "1 nhtain'rng a cam! of than regulatinna. 5. Thu: praspaatlw: Inn-tar agree; by submitting thia pramsal that. shnuld 1h! Franc-sad tta Htac?an be Entered Intu, it shall nut hn?-I?ll?tght Enter am.I Ina-er tlar t?l?l?il?l?l?l tulth a harm-n whu is daharred. mspan?ad. Ineilgihle hr wluntidhf tram participation In [meted transadlan unla? autha?aad by the dapartrna ht ur aganur with lhh. transacllarl The umsnam'wa Inwar tier hartl?na nI furlher agrers by auhmir?nu this dammant that It the all-us: IJttad 'Earll??ttlan Regardlna Deha and Vuluntary Ehtlt?ihn- -anar TlEr Ewart-d Tmhaactian." without madl?aatlan, In all Inwar liar mar-areal transactiung and all salitltatlnnafnr luwet tIEr cheered transactinna. t' A panlc-ipanl In a may rah- upun a cartl??aatlnn at a prarpectiua a Inwar transaction that lt ls naharrad. suspazruiad, ineligible, ur vulunl?ariljr I?mm covered transac?an. unless It than that the certi?canun is emneaus. particlpa nt nut use-acre Page at 15 It antennae Enrollment limiter Eereltes DHerer Narnia? MMIMLIS Haalth the Method and freq-Jenni be wltleh It determines the prlrutlpale. Each participant man. but It net requlred tn. ?tted: the Nenptueurement List. Hen-line :en?tailned In the feregalngahall be eene'trued te requlra establishment at a mtem afreaa-rds in etder ta rende: In need fault the eertll'ieatlun requlred he clause. The hnewledge and Infant-laden Ufa participant Is not reqIl'rEtI that It. nan-nan? he a prudent been In the ordinanr ceuree at business dealings. a. Except for treneaetlene aullierlzed In paragraph 5 at Instructiene. It a participant In a entered mnsanien enta? inte a letter tier {entered transanlen with a petaen little is l:usnentletl. debarra-d. Ineligible, er eaeluded frern partleipatlnn In this In I-e ether remedies available tn the Federal Geaernrnent. the department agency urlth this transit-then enameled mare aea?aete remedies, Including auseenelen. andr'er debarment The preipeetlee Iewer tier participant be at this detumenl. that neither It ner its. prlnelpale I1. pretentle deherred. suspended. prep-used let dehernrent. declared err trelnntarii'r hem partlti'petien In this tmn?etien in! any Federal department er agent'lr. it- Where the preapeetlee lewer tiel 15 unael-e tn eertila tel ene at the staternentt In this alarJ?i prospecting partltipanl ahall attach an angle rtatiun tn this. prupnsal Regarding Lab-being The Eenttartnr certi?es. II: the at his- er her knewledge and belief. that: t'tl the Federal apprepriatea' funds. have been palel at will be part! be er en bebal?lF at the to am persen tur In?uencing er attempting tn Influence an nt?ter er titan-r a Methr uf Cunareea. an ef?ter er ef Iar an ample-tree al' a Member at ?engreas in :ennectl'en the et anti Federal eantraet. mntinuatinn. renewal, amendment, at any Federal tantra-rt. grant. lean, er meperetn'e agreement- If new Funds elh-er than Federal apprep?ated Funds have been paid er ill'l" be aaitl tel anlr persen fer In?uencing er attempting ta In?uence an e?leer er tilr arr-r antenna, a Member at Canaries; an ntlleer er el Congress. at an at a teem-be:- at Cane-rest in with thle funded centre-El. grant. lean, ercee aemtlee agreement. the ende?ianed-sball mmplete and submlt Standard Farm "Diatlaeme ef In attendance lta Instruetle-ree [Ill The Undue-reigned shall requlre that the language at thle cert'l'Ficatlen be Intlurled In the ateartl deeument fer subawards at all tiers llneludlng subcontract. aubgrente. and eerttnete under grants. leans, and agreements} whe Federal funds at Elm?nm?e or mute and that all euhreeiptente stall tertihl' and accordin?l'lr. This eenllirat'ren Is a material representatien at Fatt upen whleh telIa-nee wee placed when thia tramnlen was. made at entered Inte. this tilt-rti??tatlnn lea prerequisite liar [Ir enteurtg into the: transnatiun Impeet?d be Section 1352. Title 31, LLS. Cede- Anti aersan whe falls ?le the required tenl?n?en shall be eutliect tip a panetty ef nut leer; than emanaea and net mere than ?im??tl??fer each such faliure. Page 1.1 al15 11 tweeter: Br?her Senleet Utterdr Ha mel MAIIMLJS. Health ?ewlces UL Dieduaure at Luhb'?rrg Ac?ul?et lnnmetiene disclosure farm shall he :arnpleted he the entlt'pt, whether tubawardee er prime Federal recipient. at the er receipt eta eeruered Fedr-Jel aetlen, ur a n-taterlal change he a previeus?ting, pursuant tI: 3.1 ng5.l:. seeder: 1352. The at a term is required ler eaeh payment at agreement In malre payment In any Inttha'lng far Influencing teirrtluenee an u?'leer er at an? agency. a Member altangrees. an atliuer t_lr dt Eeneress, dran Emplunfee at a Member at Edngrees tn eenneetlen with a enuered Federal aeh'nn- Use the Cantlnuatldn Sheet fp-r II the spare en the term ls inadequate. CanrIEte all items that for truth the Inltlal and matertal change repel-L Refer tn the guidanee he the [Since of Management and Budget fur additlnnal lnfennatlhn. 1 Identi?- the type at severed Federal artlun ter which atria-it? l-t andfer has tree-n secured Influence the nutterne at a tattered Federal 2 Identi?l the status at the entered Federal aetierr. IdenL'EF'r lhe appropriate ?easi?tatien at thii repert If this i: a Fella-wrap repart try a material change tn the interrnat?ien nretrieushr tepartetl. enter the wear and quarter In thr-J-r thr= change deeurred. Enter the date at the last ere-eldest? rep-art he this eHHW'ter th-ls Federal action. 4 Enter the full name, addtesa. clef. state and ?ea trade at the entlw Include District. if knawn. [heel-t the appruprlate uaselhtatinn at the rep-nrtin? entity that designates If It Is, er eapecte he he. a prln'le er jab?award recipient. the tier at the auhawardem eg" the ?rst at the prlme Is. the HI. her Saba-wards Int-Jude but are net limited suhgrante and credited award! under grants. 5 the ereanltatinrr ?ling the repdrr In Item 4 cheeks "Suhawardee?, then enterthe full name. add the. state and ate cede at the prime FedEr-al retlptenl. Include District, Er Either the name at the Federal agency making the award at loan eammurnent- In?ude at least ene eraanllatiunal level held-a agennr name It tnuwn Fur Example, Department at United Statetr Enast Guard- 1 EhtEr the Federal premium name er her the revered Federal at?nn lltem It hnewn. enter the full tanlag, at Federal Elemestll: Assistance number far giants?. maneratwe agreerne leans, and lean B. Enter the rnett Federal number auallahle f?r the Federal action Identi?ed In Item 1 leg" H?tluttld Fer Ptd-p?t-Ell number. Invitatien number. grant anneuncement number, the contract grant. erlean award nurntler. the number he the Federal agency}. Include pram-res, 2.5., 'HFF-hEnaae-nl." Iii. For a {warm Federal actlen whem there has been an award er lean he Ilte Federal aged-ea, entEr the Federal ameunt at the awardllean wmrnitment ter the prime entlh.l Identi?ed in It or 5. Page 11 el15 l'tFF 30-15mm Enrollment Ste-elm ??erur MAKIMUE Health 10- 12. 13. 1d 15. 1E. It, tail Entea? the lull name. addtat. city, state and tin nude of the entire engaged by the tennrl?ing enl'lh.I identi?ed in Item a. In in?uence the tattered Federal jbil Enter the full natnu nf the lndl-eld Ltellsl Semlces. and lnelude full address if dliFlerent Trent Idle}. Enter Last First Marne and Initial the?. Enter the amnunt of cum pensatiuh paid or emeeted he he paid be the enttw [Item Ill tn the Inhlwirl? entlt'tr lltem 1n! Indleete whether the payment has been made {actual} er be mad! lplannudl. Check all hates that apple. If this in a material than?e re pert. enter the tumulatlve amdunl ulparmen?r made er planned he he made EherJt the hem. [heel-t ell ladle-5 that apply. ll payment is made threulh an :nntribttlitth. ipecl?t' the nature and elite: al' the pay?rne ht Cheelt the lid-HES. [knelt all butt-HES that apple. specify nature. Prnelde a Speci?c and deli-lied dex?ptlen OF the servlees. that the hes will he exp-Eden tn and the datelsll nf are].I earn-Ice: wandered. Include all preparatnnr and related white. nut Just tlnle spent rn attual mutant with Fedetal a?iniah- Identihl' the Federal el'flnattsl nr mnheted nrthe ef?eer-lsl, Empll?ll'E'E'lSL nr Memberlsl til fungus that were contacted. Che-El: whether at net 3 Sheena] l5 atmehed The certifying ni?dal shall El?n and date the farm, print nerne, and telenhnne number- Putt-lit burden fur the ef i5 animated tn it'e'E?t?E 30 minutes per PERFUME. Indudlng time for review-?ns searching eel?lng date sdurees. tunneling and the data needed. and enmeletlng and reelewing the enltedlern nf Send centrnents regarding the burden estimate at an? ether aspect of thin cellectidn til-l lnl'nrrnatinn, lnrJudl-tg megawatts fut red Urine this burden. h: the Ef?ce ef Management and Budget. Pane-mark Heddcl'ldn Pmlecl: tnatenmel, n. t. ensue. femalnder at this page Is Intent-tumult:I left blank. Page at 15 RFP BID-130090 Enrollment Broker Services foEror Home: Health SEWIEES Disclosuro of Lobbying Activities b1! OMB Dad-44045} 1. Type Fedora? Action: 2 Status. of Fedoral Action: 3. Report. Type; NUT a co rift-act a. 3. Initial! ?ling h- gra IrI'thr?II Award It malaria! change t: cooperative agreement CI Post-award El Joan For Material Chang: anhr: a. loan gum-.1 ntee [j loan Insurance Hear Quarter Data DI Last Revolt 1! Name and Addtess of Reporting 5 If Entity.r No. 4 Is Subawaroee. Enter Name and Address of Prime.- prime El Subawardee he: i? known: Congressional known: congressional known: Er. Fedora! DepartmentI-?taentv- Federal Program CFDA Humour {it alelca [1131 3. Federal Actlon Number known: 9. Award Amount known] 5 113 a Name and address of Entlt'tI h. Indlulooait Parforming Sen-ices li?du??t?ng address ihd?wo'uot, Ion name; ?rst now, ion-om shettr? ?ft?l?rf} tfd?'erentfrom Ho. ?on name. ?rst Home. Mi]: to?m? Continuation Ehreml SF-LH. tf warm-H Page 14 of 15 magnum Broker D?emr HamE' MAHIM U5 Haalth ?an-lite: 1L hmuunt nFF?a-ulnhent [check un'l'm-nl' ur Pmenth'hi'?l $1 Inanlun I: i- manna-:1 u. lane-Elma Fe: i] J: 12. Farm of Payment [med that um]! I: mn?uem ha! 1-. a. [3 spam-hr: [j b. In?tinu: mat-f1- Mature Wm- Eda-1 nf Scrum? Purfun'nunl ur tr: arm Sewn-Es. Hlflui??i Nahuatl. In: Pl'fl'ni??l? Indl?lhad In Item uranium {huh-mum I 15- ?h?l?i .LE. rdqur?t-d Ihrnuah Thurs-{Dim mil! LL51: Hun-m1 135-51.. sum-1m: is; rn-aharlal repr?enlatlnn nfllaumn Halal-ch vellum: um planar! in: {he Harsh-cm! when :hls ma. nude enter-Ed rntu thu: as pursuant In El] his. 1352. This u: tn the Eur-lanai: arm-annually and In ?nil-bl: PM nub"! l??p?ttlh?. Am.- perm v??lu fall: In ?ln The required d?imurt ha in than nf nnl: Ins-s Than 5mm and r'utli mare than [Breathsu-Izn hllurc. mnahue; mm: I'J-Iallu I. Sweeney Fg?nnl -Egai Tuluph-m- Ha. Dare: magma mrum?m All?rhur?rIEn' fart Luca! Standard Farm Page- 15 EMS Vendor Name: MAXIMUS Health ?ervig??, Inc. State of North Carolina Department of Health and Human Services REQUEST FOR CLARIFICATION #3 Date: June 19. 2018 RFP Number: 30480090 Response Date/Time: June 20. 2018. 2:00 PM ET Description: Enrollment Broker Services 1. Pursuant to rewewing Ofleror proposals related to the Request for Proposal referenced above. the Department requires clari?cation(s) on your response 2. Review the questions below and provide written answers. 3. Email one properly executed copy of this Request for Clarification #3 to Ken Dahlln. at ken.dahhn@dhhs.nc.gov. by 2:00 PM ET. Tuesday. June 20, 2018. Failure to sign and return this request may result in the rejection of your proposal. 4. It you have any questions regarding this request, please contact Ken Dahlin at (919) 855- 4054 or ken.dahlln@dhhs nc.qov. Execgge Reguggt ta CQQ?gtion Vendor: Health Services, Inc. Authorized Signature: Name and Title (Print): Charles K. Sweeney llI Vigg President - Legal Date: alune 19. 2018 Page 1 of 2 Vendor Name: hummus Health Semitg rnr. Duautinns A. Burma-:11 Spanialm and Much Annlyat Hui-a 1 The Resmnsa In Haulsad Atlanhmanl E- Tachnlual Heap-[mm lam-rides: a rule a? ?Dumch Spada?sl' In Eactlun Member Dubaauh. and Malariala anu Suf?ng and Key 2 Tha Maxlmus Resume to Re?ned Attachment E: Gust Prapnsal. ??sl Manama. prams-:5 a rule Inf "Uui'raanh minim" 3. Indicate B?erm Ha?pnnsa HEIDW by Marl-EH19 he: Appmp?ata Up?uns: a. Hummus .3ng55 dues nu! agree that the ri?es nf "?u?aach Sill-Humble!" and 'Durr?ac? Analyst" am the same mtg. in. If ??u-a3 nm' agree" i5 shackled Emma. 11de detail balm amam 1h: di?erenrm in rule-EL 0 RE nae; c. If ?aways" ls chuckle-? name. the correct title fur the rule 15 [check mi: "nut-ream specie-liar "null-each Hnalysl ?Elma-F i. If ?Ether is aha-chad abuua. pmidedatall bulnw tn unplnin. Page 1 n1 2 Vendor Name: MAXIMUS Health Services, Inc. State of North Carolina Department of Health and Human Services REQUEST FOR CLARIFICATION #2 Date: April 25. 2018 RFP Number: 30-180090 Response Datemme: April 26. 2018. 2:00 PM ET Description: Enrollment Broker Services 1. Pursuant to reviewing Ofteror proposals related to the Request for Proposal referenced above. the Department requires clarification(s) on your response 2. Review the Questions below and provide written answers. 3. Email one properly executed copy of this Request for Clari?cation #2 to Ken Dahlin. at nc rmv, by 2:00 PM ET. Thursday. April 26. 2018. Failure to sign and return this request may result in the rejection of your proposal. 4. If you have any questions regarding this request. please contact Ken Dahlin at (919) 855- 4054 or ken.dahlln@dhhs ncqov. Execute Bguest tor Clam?on Vendor MAXIMQS Health Services. Inc. Authorized Signature: Name and Title (Print): Charles K. Sweeney llI Vice President - Legal Date: April 26. 2018 Page 1 of 4 Vendor blame: Health Servicest Inc. lli'tuestions 1. Attachment B: Certification of Financial Condition and Legal Action Summary. Attachment E. Box b. "The current Month End Balance Sheet and Year-to-Eiate Income Statement at the time of proposal submission" is checked indicating these documents are included as part of the RFP response. The Department is unable to locate this information. Provide the location in the RFP response for the current Month End Balance Sheet and Year-tovDate Income Statement. Vend_or Response: Our 10K represents the most current audited month-end balance sheet available for release under United States Securities Exchange Commission rules and regulations governing the disclosure of information by publicly traded companies. The year-to-date statement can be found beginning on page 64 of the Hill. in addition. we included our Health Services. Inc. consolidating balance sheets that are released annually. The attached December ?nancial statements were prepared from books and records, which are subject to MAXIMUS internal controls over ?nancial reporting. However. certain adjustments may be omitted. notably our current year tart charge. which will be prepared at the end of the year. We are unable to furnish ?nancial statements for any period after December ED 1? until we have ?rst provided our financial statements to the SEC, which we intend to do on May It), EDIE with our March ?nancial statements. We do not anticipate that the financial position of menus Health Servicesr Inc. has changed materially between December 201? and March 2013. We will provide the State with a month-end balance sheet and year-to-date statement through March 21313 for MAHMUS Health Services. Inc. by May after the information has been publicly released. We sincerely apologize for any confusion this may have caused and appreciate the opportunity to errplain why the current month information for March 2013 was not included in our on'ginal sub mission. Page 2 of 4 Vender Name.- MMIMUS Health Semices, Int: MINUS Health Same-ea. Inn. Balance Sheet Decanter 31. 2111?! {Amsents In :13me ASEEFE Current aesehi: cash and seen equWaIents Amur?s - billed and billable. nel Aemunts Wattle unbilled Ineeme tear receivable Prepaid expenses and other surrent Arneunts renewable ether MMIMUE entities Tetat untenteseete Preperty and equlpmenl. net Gapita?zed semIrare. net Investments ln Goodwill Intangible assets. net Deferred euntrad nests. net Dete?ed heeme taxes Eleferred eempensatlerl plan assets Either assets Tetal assets AND EQUITY Current ilehlitles Amunt para tale and amed lie hemmed eernpeneeilm and bene?ts Deferred revenue lemme lattes peyahte Lung-term debt. current pardon Mnemtts peyable ta ether MAIIMUE entities Ether ?ah?l?es Tetal eurrenl. Deterrent revel-lee. less surrent pe?fan ?rm-tame lattes. Lung term debt Deferred mmpensa?en plan llahllilles. tees current pertlerl Dther Ilehl?lttles Tulal liabilities Sherehntdere' equity Carmen 5W Aneum ulated elher mmpreherlslue ineeme Hetetned earnings Tutel MAXIM LIE shereheldels' eqult'r interests Total an ulty Tetal Ilabill?es and equity MAXIMUS Heatlh amines. lne 103.591 2.5T3 H.324 133.4111] 293.1323 11.3% 5.153? {-0.939 4.255 #355 99 I 1 3.1 13 9.142 3,535 41 en suns 125 43124 309.5% 3135.636 305,533 5 3571752 Pageant: tie nder Na r'ne: MMIMUS Health MAXIMUS Health Ber-time, Inc. lneeme Statements Veer ended December 31. 201? {Am-writs In ?l?umj HAMMUS Health In: Revenue 5 11109? ?eet of revenue 50,345 Grass pm?t 395352 Gatling, gene-rel and ad rninistretitre expensee 10.440 Amentlzetien ef Intangible - Acquisition-related expenses - Restructuring Beets Gain on sale of - Dperethg Ineeme 25.312 Interest expeme - Other income. net - tneeme befere ineeme taxes 25,312 Frevteien fer ineerne texee Net Income Ineeme eth'ibutehte tn Interest Net ineume attributable to MAHMUS 5 26.312 Page 4 uf 4 Vendor Name: MAXIMUS Health Services. Inc. State of North Carolina Department of Health and Human Services REQUEST FOR CLARIFICATION #1 Date: April 23. 2018 RFP Number: 30-180090 Response Date/Time: April 24, 2018. 12:00 PM ET Description: Enrollment Broker Services 1. Pursuant to reviewing Offeror proposals related to the Request for Proposal referenced above. the Department requires clari?cation(s) on your response 2. Review the questions below and provide written answers. 3. Email one properly executed copy of this Request for Clari?cation to Ken Dahlin. at_ ken.dahlin@dhhs.nc.gov, by 12:00 PM ET Tuesday, April 24, 2018. Failure to sign and return this request may result in the rejection of your proposal. 4. If you have any questions regarding this request, please contact Ken Dahlin at (919) 855- 4054 or ken.dahlig@dhhs.nc.gov. Winn; Vendorim- Inc. Authorized Signature: Name and Title (Print): Charles K. Sweeney ll, Vice President - L_egal Date: April 24, 2018 Page 1 of 2 Response to Reguest for Clarification Round #1 Vendor Name: MAXIMUS Health Services. Inc. Questions 1. Provide the following information required as part of ATTACHMENT A: MINIMUM REQUIREMENTS TABLE. For requirement B. below: Specifically, provide the State(s) where Call Center Services to support Choice Counseling and Enrollment Broker Services were performed for an Open Enrollment population of at least 400,000 beneficiaries. Include the number of years. bene?ciaries. Requirement Minimum Offeror?s Statement of Demonstration and Capabilities. Include the Years of section citation, exhibit name/number and page numbers where details experience can be found in Offeror's response if not Included in this table. Required B. Experience Three (3) MAXIMUS has significant experience with projects of similar size and scope providing Years to North Carolina. We have provided Call Center Services to support Choice Call Center Counseling and Enrollment Broker Services for an open enrollment capabilities population of at least 400,000 bene?ciaries in multiple states. We participate in two main types of open enrollment periods and believe it once is important to distinguish between the two. The first type of open Counseling . . . . enrollment we prowde support serwces for IS large scale, one-time open an enrollment periods that are usually driven by programmatic or policy Enrollment . . . . changes. These occur a very limited number of times during a contract Broker . . . . period and are almost always the result of a transution to managed care, servnces or such as the one outlined in the North Carolina Enrollment Broker Services an oplalen RFP, Medicaid expansion, when a large health plan leaves the State, or in enro support of large policy changes such as the Affordable Care Act. Below we p:p:ila iotn have listed the large-scale open enrollment periods that MAXIMUS has :03 03:5 supported that include a population of at least 400,000 bene?ciaries, as well as the year in which the open enrollment period occurred and the reason for the open enrollment period. Metro Center Dnve. Resion, VA 20190 Office: 703 251 8500 I maxumus com Requirement Minimum Offeror?s Statement of Demonstration and Capabilities. Include the Years of section citation, exhibit name/number and page numbers where details experience can be found in Offeror's response if not included in this table. Required 3- Experience Three (3) Program Year No. of Detail providing Years Years Call Center Louisiana 2011 1 Transition from fee-for- capabilities Enrollment Broker service to mana?ged care to support Texas Enrollment 2012 1 Dental managed care Choice Broker implementation and Counseling managed care and expansion Enrollment New York Health 2013 1 Result of the Affordable Broker Insurance Care Ad services for Exchange an open Iowa Member 2015 1 Transition from fee-for? enrollment Services service to managed care populatlon Illinois Enrollment 2015 1 Transition from fee-for- ?f at least Broker service to managed care 400,000 beneficiaries. We provided the table below in our original response to Attachment A. In all of the states listed in the table below we support open enrollment periods. In some states we support annual open enrollment periods in which bene?ciaries have a select time period, usually 3-6 months, in which they can change or re-enroll in their plan. In some states beneficiaries are required to actively re-enroll in their plan or select a new plan, otherwise they will lose their coverage. Other states choose to leverage passive renewals, which enables bene?ciaries to remain with their existing health plan without completing a renewal, provided that none of their demographic or ?nancial information has changed and that they have not chosen to transition to a new plan. This often signi?cantly reduces the administrative burden and ongoing cost for our state clients. We support these annual open enrollment periods for populations of over 400,000 bene?ciaries on many of our current contracts. However, it should be noted that this often serves as a period in which beneficiaries can change plans, although many choose to remain with their existing plan. In other states we support rolling open enrollment periods in which a bene?ciary?s open enrollment period is dictated by their date of initial enrollment, but functionally it works the same way as the annual open enrollment period. Please see below for all of the states where MAXIMUS support an open enrollment period for a population greater than 400,000. MAXIMUS Call Centers Supporting Choice Counseling and Enrollment Broker Services (Served population exceeding 400,000 bene?ciaries) Beneficiary MAXIMUS Project State Type . Population Management CA EB 11,990,045 1996-2027 CO EB 1,356,251 1998-2018" GA EB 1,758,172 2005-2020 IA EB 560,000 2005-2018? IL EB 3,088,448 2012-2022 IN EB 1,470,010 2007-2021 LA EB 1,308,428 2011-2018? MA EB 1,650,379 1998-2022 MD 1,220,022 2006-2019 Ml EB 2,287,087 1997-2028 NY EB 6,395,894 2012-2019 NY HIX 3,600,000 2010-2019 OK EB 780,782 2012-2018? PA EB 2,832,353 2009-2021 SC EB 981,456 2007-2024 TX EB 4,704,441 1997-2019 VA EB 968,666 2003-2021 WV EB 573, 178 2015-2019 'Pending procurement "Contract extension awarded; pending execution Exhibit A-3: MAXIMUS Call Centers Supporting Choice Counseling and Enrollment Broker Services for Open Enrollment. MAXIMUS understands culturally competent consumer outreach and clear communication serve as the foundation of successful choice counseling and enrollment broker services. Should the state require any additional information or clari?cation regarding open enrollment or any other information submitted within our proposal response, please contact us at Proposal to Provide North Carolina Enrollment Broker Services RFP 30-180090 - REDACTED April 13, 2018 at 2:00 pm. ET Prepared For State of North Carolina Department of Health and Human Services Division of Health Benefits MAXIMUS April 1o. Hen Dahlin Department of Health and Human Services Office of Procurement and Contracts so1 Huggles Drive Raleigh, NC Fie: #3fl-?l sccso. North Carolina Enrollment Broker Services Dear lvlr. Dahlin: MAXIMUS Health Services. Inc. (MAXIMUS). a wholly owned subsidiary of emeritus, Inc.. is pleased to present our proposal to the State of North Carolina Department of Health and Human Services. Division of Health Benefits ithe Department) in response to it 313?1 ocean to provide Enrollment Broiter Services. We are confident that a partnership with MAXIMUS offers the Department the best value and highest standard of service. MAXIMUS has established a proven record of executing successful Medicaid Managed Care Enrollment Broker Projects serving more than 43 million beneficiaries, fer exceeding the EFF minimum requirement of deacon. MAXIMUS offers the Department a partnership with a vendor that has an unparalleled history of delivering new new enrollment broker programs on time that deliver a great customer service. We have carefully reviewed the answers to questions. and all addenda concerning this We affirm our willingness to enter into a Contract containing terms su :tstantiallilr similar to those outlined in the Gur request for proposed modifications to the terms and conditions for the State's consideration immediately.' follows this letter. i am legallv authorized to commit our firm to all statements including the services. compliance with requirements. and prices stated in our proposal for the Contract Term beginning on the Effective Date December 31 EDEG and if the Department decides to extend the Contract for up to three additional one it} veer periods. I am also authorized to negotiate any resulting contract on behalf of MAXIMUS. ivls. Barbara Folev will respond to any questions or provide clarification concerning our proposal. Cur contact information is as follows: Minn" m1 Hutton - . 3 SET mailmru.conl Contractual POC: Charles Sweeney Vice President. Contracts MAXIMUS Health Services. Inc. 1515 Wynkoop Street. Sutte 400 Denver. CO 80202 Telephone: 303.285.7557 Facsimile: 703.251.8240 E-mail: Technical POC: Barbara Foley Sr. Director. Business Development MAXIMUS Health Services. inc. 1891 Metro Center Drive Heston. VA 20190 Telephone: 850.845.0803 Facsimile: 7032518240 Email: As the successful Otterer. MAXIMUS assumes sole responsibility for all of the requirements and scope of work described in the RFP. We are committed to providing the highest quality services tor North Carolina. We are passionate about this work and look forward to assisting the Department as the Enrollment Broker. Sincerely. Charles K. Sweeney II Vice President, Legal MAXIMUS Health Services, Inc. 1RUWK &DUROLQD (QUROOPHQW %URNHU 6HUYLFHV 5HTXHVW IRU 3URSRVHG 0RGLILFDWLRQV WR WKH 7HUPV DQG &RQGLWLRQV 7KH IROORZLQJ SURSRVHG ODQJXDJH FKDQJHV DUH UHVSHFWIXOO\ VXEPLWWHG IRU WKH 6WDWH¶V FRQVLGHUDWLRQ 2XU SURSRVDO LV QRW FRQGLWLRQHG XSRQ WKH 6WDWH¶V DFFHSWDQFH RI WKHVH SURSRVHG FKDQJHV 0$;,086 FRQILUPV LWV XQGHUVWDQGLQJ DQG DJUHHPHQW WKDW RXU SURSRVDO LV D ELQGLQJ RIIHU QRWZLWKVWDQGLQJ DQ\ GHFLVLRQ WKH 6WDWH PD\ PDNH ZLWK UHVSHFW WR WKH UHTXHVWHG PRGLILFDWLRQV /LPLWDWLRQ RI /LDELOLW\ 0$;,086 SURSRVHV WKDW WKH SDUWLHV VHW UHDVRQDEOH OLPLWV RQ WKHLU UHVSHFWLYH OLDELOLW\ :KLOH '++6 UHTXLUHV D IL[HG SULFH WR OLPLW WKH 6WDWH¶V ILQDQFLDO ULVN WKH FRQWUDFWRU LV QRW DIIRUGHG D VLPLODU PLWLJDWLRQ :LWK WKDW LQ PLQG ZH SURSRVH WKDW WKH FRQWUDFW LQFOXGH D SURYLVLRQ OLPLWLQJ WKH FRQWUDFWRU¶V DJJUHJDWH OLDELOLW\ WR WKH FRQWUDFW SULFH LQFOXGLQJ RSWLRQ \HDUV ZLWK WKH H[FHSWLRQ RI WKH IROORZLQJ OLDELOLW\ ZKLFK ZH DJUHH ZLOO UHPDLQ XQOLPLWHG 3HUVRQDO LQMXU\ LQFOXGLQJ GHDWK SURSHUW\ GDPDJH LQIULQJHPHQW DQG IUDXG :H DOVR VHHN DQ H[SUHVV H[FOXVLRQ RI LQFLGHQWDO FRQVHTXHQWLDO DQG SXQLWLYH GDPDJHV %\ ZD\ RI H[DPSOH RQO\ ZH RIIHU WKH IROORZLQJ ODQJXDJH IRU WKH 'HSDUWPHQW¶V FRQVLGHUDWLRQ “Contractor’s total liability to the Department and the State for any and all claims, actions, damages, losses, cost, expenses, and liabilities whatsoever arising out of or in any way related to this Agreement from any cause, including but not limited to negligence, errors, omissions, strict liability, breach of contract or breach of warranty shall not, in the aggregate, exceed the total contract value including any change order, amendment, or extension. In no event shall either party be liable for special, indirect, incidental, economic, consequential or punitive damages regardless of the legal theory under which such damages are sought. 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/LVW RI ([KLELWV 3 _ 5)3 _ YL STATE or NORTH CAROLINA I Department of Health and Human Services Refer inquiries regarding this RFP to: Request for Proposal it 30-180090 Proposals will be publicly opened: April 13. 2018 ET Ken Dahlin Contract Specialist Contract TYPO: Agency 3096553 lien.dahlin@dhhs.nc.gov Commodity No. and Description: 948-07 - Health Administration (919) 855-4054 Services Using Agency: Department of Health and Human Services. Division of Health Bene?ts Requisition No.: nla came in compliance with this Request for Proposal. and subiect to all the conditions herein. the undersigned Offeror otters and agrees to furnish and deliver any or all items upon which prices are proposed. at the pnces set opposite each item within the time specified herein By executing this proposal. the undersigned Offeror certifies that this proposal is submitted competitively and without collusion (CS 9 14154). that none of its officers. directors. or owners of an unincorporated business entity has been convicted of any violations of Chapter 78A of the General Statutes. the Securities Act of 1933. or the Securities Exchange Act of 1934 (G 143~59 2). and that it is not an ineligible Contractor as set forth in S. 143-59 1. False certi?cation is a Class felony. Furthermore. by executing this proposal. the undersigned certi?es to the best of Offeror's knowledge and belief. that it and its principals are not presently debarred. suspended. proposed for debarment. declared ineligible or voluntarily excluded trom covered transactions by any Federal or State department or agency. As required by 68 9 14348.5. the undersigned Offerer certifies that it. and each of its subcontractors tor any Contract awarded as a result of this RFP. complies With the requirements of Article 2 oi Chapter 84 of the NC General Statutes. including the requirement for each employer with more than 25 employees in North Carolina to verily the wont authorization of its employees through the federal E-Verily system 5 133-32 and Executive Order 24 (2009) prohibit the otter to. or acceptance by any State Employee associated with the preparing plans. specifications. estimates for public Contract or awarding or administering public Contracts. or inspecting or supervising delivery of the public Contract at any gilt from anyone With a Contract with the State. or from any person seeking to do business with the State. By execution of any response in this proposal. you attest. tor your entire organizatl0n and its employees or agents. that you are not aware that any such gift has been offered. accepted. or promised by any employees 0! your organization. Failure to proposal prior to subli shall render proposal invalid and it WILL BE REJECTED. Late proposals will not be accepted. orrenoa; MAXIMUS Health Services. Inc. STREET ADDRESS 0 BOX ZIP 1891 Metro Center Drive MA 20190 CITY 8 STATE 8 UP TELEPHONE NUMBER TOLL FREE TEL N0 Reston. VA 20190 303.285.7557 1 800.629.4687 PRINCIPAL PLACE OF BUSINESS ADDRESS lF DIFFERENT FROM ABOVE PRINT NAME 5 rr?rLE or PERSON SIGNING ON BEHALF or OFFERDR FAX NUMBER. Charles K. Sweenev ll. Vice President Legal 703.251.8240 now A SIGNATURE one: EMAIL April 10. 2018 Otter valid for at least 180 days from date of proposal opening unless extended by the State in writing. After this time. any withdrawal of offer shall be made in writing. effective upon receipt by the agency issuing this RFP CC it any or all parts oi this proposal are accepted by the State of North Carolina. an authorized representative of the Department of Health and Human Services shall af?x his/her signature hereto and this document and all provisions of this Request for Proposal along With the Offerors proposal. and the written results of any negotiations shall then constitute the written agreement between the parties. A copy of this acceptance will be forwarded to the successful Olieror dayoi .20 .asindlcatedon theattachedcerti?cetion.by (Authorized Representative of NC Department ott-lealth and Human Services) Page of 67$7( 2) 1257+ &$52/,1$ 'HSDUWPHQW RI +HDOWK DQG +XPDQ 6HUYLFHV 'LYLVLRQ RI +HDOWK %HQHILWV 5HTXHVW IRU 3URSRVDO (QUROOPHQW %URNHU 6HUYLFHV 'DWH RI ,VVXH 0DUFK 3URSRVDO 2SHQLQJ 'DWH $SULO $W 30 (7 'LUHFW DOO LQTXLULHV FRQFHUQLQJ WKLV 5)3 WR .HQ 'DKOLQ &RQWUDFW 6SHFLDOLVW (PDLO NHQ GDKOLQ#GKKV QF JRY 3KRQH 67$7( 2) 1257+ &$52/,1$ 5HTXHVW IRU 3URSRVDO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB )RU LQWHUQDO 6WDWH DJHQF\ SURFHVVLQJ SOHDVH SURYLGH \RXU FRPSDQ\¶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ŝŝ ŽĨ ǀ STATE OF NORTH CAROLINA Department of Health and Human Services Refer Inquiries regarding this RFP to: Request for Proposal 30-180090 Proposals will be publicly opened: April 13. 2018 ET Ken Dahlrn Contract Specialist Contract Type: Agency Speci?c Commodity No. and Description: 948-07 - Health Administration (919) 855-4054 Services Using Agency: Department of Health and Human Services. Division of Health Bene?ts Requisition No.: n/a EX In compliance with this Request for Proposal. and subject to all the conditions herein. the undersigned Offeror offers and agrees to furnish and deliver any or all items upon which prices are proposed. at the prices set opposite each item within the time speci?ed herein. By executing this proposal. the undersigned Offeror certi?es that this proposal is submitted competitively and without collusion (6.8. 143-54). that none of its of?cers. directors. or owners of an unincorporated business entity has been convicted of any violations of Chapter 78A of the General Statutes. the Securities Act of 1933. or the Securities Exchange Act of 1934 (GS. 143-592). and that it is not an ineligible Contractor as set forth in 6.3. 143-591- False certi?cation is a Class I felony. Furthermore. by executing this proposal. the undersigned certi?es to the best of Offeror's knowledge and belief. that it and its principals are not presently debarred. suspended. proposed for debamient. declared ineligible or voluntarily excluded from covered transactions by any Federal or State department or agency. As required by 6.8. 5 143-485. the undersigned Offeror certi?es that it. and each of its subcontractors for any Contract awarded as a result of this RFP, complies with the requirements of Article 2 of Chapter 64 of the NC General Statutes. including the requirement for each employer with more than 25 employees in North Carolina to verify the work authorization of its employees through the federal E-Verify system. 6.8. 133-32 and Executive Order 24 (2009) prohibit the offer to. or acceptance by. any State Employee associated with the preparing plans. speci?cations. estimates for public Contract: or awarding or administering public Contracts; or inspecting or supervising delivery of the public Contract of any gi? from anyone with a Contract with the State. or from any person seeking to do business with the State. By execution of any response in this proposal. you attest. for your entire organization and its employees or agents. that you are not aware that any such gi? has been offered. accepted. or promised by any employees of your organization. Failure to execute/sign proposal prior to submittal shall render proposal invalid and it WILL BE REJECTED. Late proposals will not be accepted. STREET ADDRESS. 0. BOX: CITY 8. STATE TELEPHONE NUMBER: TOLL FREE TEL NO: PRINCIPAL PLACE OF BUSINESS ADDRESS IF DIFFERENT FROM ABOVE PRINT NAME TITLE OF PERSON SIGNING ON BEHALF OF FAX NUMBER: AUTHORIZED SIGNATURE: EMAIL Offer valid for at least 180 days from date of proposal opening unless extended by the State in writing. After this time. any withdrawal of offer shall be made in writing. effective upon receipt by the agency issuing this RFP. ACCEPTANCE OF QUOTE if any or all parts of this proposal are accepted by the State of North Carolina. an authorized representative of the Department of Health and Human Services shall af?x his/her signature hereto and this document and all provisions of this Request for Proposal along with the Offerors proposal. and the written results of any negotiations shall then constitute the written agreement between the parties. A copy of this acceptance will be forwarded to the successful Offeror W: Offer accepted and Contract awarded this day of .20 . as indicated on the attached certification. by (Authorized Representative of NC Department of Health and Human Services) Page of dĂďůĞ ŽĨ ŽŶƚĞŶƚƐ /͘ /EdZK h d/KE ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭ ͘ sŝƐŝŽŶ ĨŽƌ E ͛Ɛ DĞĚŝĐĂŝĚ dƌĂŶƐĨŽƌŵĂƚŝŽŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭ ͘ sŝƐŝŽŶ ĨŽƌ ĞŶĞĨŝĐŝĂƌLJ džƉĞƌŝĞŶĐĞ ǁŝƚŚŝŶ DĞĚŝĐĂŝĚ dƌĂŶƐĨŽƌŵĂƚŝŽŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϲ ͘ WĞŶĚŝŶŐ ^ƚĂƚĞ >Ăǁ ŚĂŶŐĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϳ //͘ ' E Z > WZK hZ D Ed /E&KZD d/KE Θ EKd/ dK K&& ZKZ^ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϳ ͘ 'ĞŶĞƌĂů WƌŽĐƵƌĞŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϳ ͘ Z&W ǀĂůƵĂƚŝŽŶ WƌŽĐĞƐƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϱ ͘ ŽŶƚƌĂĐƚ dĞƌŵ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϴ ͘ ZĞƐƉŽŶĚŝŶŐ ƚŽ ƚŚĞ ^ĐŽƉĞ ŽĨ tŽƌŬ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϴ ͘ ŽŶƚƌĂĐƚ dĞƌŵƐ ĂŶĚ ŽŶĚŝƚŝŽŶƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϵ ///͘ ^ KW K& tKZ< E Z Yh/Z D Ed^ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϰϮ ͘ &ĞĚĞƌĂů ZĞƋƵŝƌĞŵĞŶƚƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϰϮ ͘ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ŶƌŽůůŵĞŶƚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϰϰ ͘ DĞŵďĞƌ ƉƉĞĂůƐ ŽĨ ŝƐĞŶƌŽůůŵĞŶƚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϱϮ ͘ ĞŶĞĨŝĐŝĂƌLJ ^ƵƉƉŽƌƚ hŶĚĞƌ DĂŶĂŐĞĚ ĂƌĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϱϮ ͘ ĞŶĞĨŝĐŝĂƌLJ 'ƌŝĞǀĂŶĐĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϱϴ &͘ DĞŵďĞƌ KƵƚƌĞĂĐŚ͕ ĚƵĐĂƚŝŽŶ ĂŶĚ ŶƌŽůůŵĞŶƚ DĂƚĞƌŝĂůƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϱϵ '͘ >ĂŶŐƵĂŐĞ͕ ĐĐĞƐƐŝďŝůŝƚLJ͕ ĂŶĚ ƵůƚƵƌĂů ŽŵƉĞƚĞŶĐLJ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϲϯ ,͘ Ăůů ĞŶƚĞƌ ^ƵƉƉŽƌƚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϲϲ /͘ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ tĞďƐŝƚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϳϮ :͘ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϳϰ <͘ ŽŶƐŽůŝĚĂƚĞĚ͕ ĞŶĞĨŝĐŝĂƌLJ &ĂĐŝŶŐ͕ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϳϱ >͘ DĂŝůŝŶŐ ZĞƋƵŝƌĞŵĞŶƚƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϳϳ D͘ ŶƌŽůůŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ /ŶƚĞŐƌĂƚŝŽŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϳϴ E͘ ^ƚĂĨĨŝŶŐ ĂŶĚ <ĞLJ WĞƌƐŽŶŶĞů ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϳϵ K͘ ĐĐŽƵŶƚ DĂŶĂŐĞŵĞŶƚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϴϬ W͘ dƌĂŝŶŝŶŐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϴϭ Y͘ &ƌĂƵĚ͕ tĂƐƚĞ͕ ĂŶĚ ďƵƐĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϴϮ Z͘ WĞƌĨŽƌŵĂŶĐĞ ZĞƉŽƌƚŝŶŐ ĂŶĚ ĞůŝǀĞƌLJ ZĞƋƵŝƌĞŵĞŶƚƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϴϯ ^͘ ZĞĐŽŶĐŝůŝĂƚŝŽŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϴϯ d͘ ^ĞĐƵƌŝƚLJ ĂŶĚ ƵĚŝƚ ZĞƋƵŝƌĞŵĞŶƚƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϴϱ h͘ ƵƐŝŶĞƐƐ ŽŶƚŝŶƵŝƚLJ WůĂŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϴϵ s͘ DĞŵďĞƌ ŶƌŽůůŵĞŶƚ ^ĂƚŝƐĨĂĐƚŝŽŶ ^ƵƌǀĞLJ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϭ t͘ ZĞĂĚŝŶĞƐƐ ZĞǀŝĞǁ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϮ ŝǀ ŽĨ ǀ y͘ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϯ z͘ ^LJƐƚĞŵ /ŶƚĞƌĨĂĐĞ WůĂŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϰ ͘ ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϰ /s͘ ͘ KEdZ d W Z&KZD E ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϱ ŽŶƚƌĂĐƚ WĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ^ĂŶĐƚŝŽŶƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϱ dd ,D Ed ͗ D/E/DhD Z Yh/Z D Ed^ d > ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϬϭ dd ,D Ed ͗ d ,E/ > Z ^WKE^ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϬϮ dd ,D Ed ͗ K^d WZKWK^ > ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϭϯ dd ,D Ed ͗ EZK>>D Ed ZK< Z < z W Z^KEE > ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϭϵ dd ,D Ed ͗ >K d/KE K& tKZ< Z^ hd/>/ z KEdZ dKZ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϮϭ dd ,D Ed &͗ h^/E ^^ ^^K / d 'Z D Ed ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϮϯ dd ,D Ed '͗ Zd/&/ d/KE K& &/E E / > KE /d/KE E > ' > d/KE ^hDD Zz ͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϮϳ dd ,D Ed ,͗ K&& ZKZ͛^ >/ Ed Z & Z E ^ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϮϵ dd ,D Ed /͗ E D / / E , >d, ,K/ ,/^dKZ/ > EZK>>D Ed ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϯϬ dd ,D Ed :͗ WZKWK^ D E ' Z >/'/>/ dz E EZK>>D Ed WZK ^^ &>Kt^ ͘͘͘͘͘͘͘͘͘͘͘͘ ϭϯϮ dd ,D Ed <͗ D E ' Z hdKͲ ^^/'ED Ed >'KZ/d,D ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϯϱ dd ,D Ed >͗ EZK>>D Ed ZK< Z Z WKZd/E' Z Yh/Z D Ed^ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϯϲ dd ,D Ed D͗ Ed/ /W d KEdZ d Z Yh/Z D Ed^ E /DW> D Ed d/KE ^ , h> ͘͘͘͘͘͘͘͘ ϭϰϬ dd ,D Ed E͗ h^/E ^^ KEd/Eh/dz D E ' D Ed WZK'Z D ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϰϭ ǀ ŽĨ ǀ /͘ /EdZK h d/KE ͘ sŝƐŝŽŶ ĨŽƌ E ͛Ɛ DĞĚŝĐĂŝĚ dƌĂŶƐĨŽƌŵĂƚŝŽŶ /Ŷ ^ĞƉƚĞŵďĞƌ ϮϬϭϱ͕ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ 'ĞŶĞƌĂů ƐƐĞŵďůLJ ;'ĞŶĞƌĂů ƐƐĞŵďůLJͿ ĞŶĂĐƚĞĚ EŽƌƚŚ ĂƌŽůŝŶĂ ^ĞƐƐŝŽŶ >Ăǁ ϮϬϭϱͲϮϰϱ͕ ǁŚŝĐŚ ǁĂƐ ĂŵĞŶĚĞĚ ďLJ ^ĞƐƐŝŽŶ >ĂǁƐ ϮϬϭϲͲϭϮϭ ĂŶĚ ϮϬϭϳͲϱϳ͕ ĚŝƌĞĐƚŝŶŐ ƚŚĞ ƚƌĂŶƐŝƚŝŽŶ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ DĞĚŝĐĂŝĚ ƉƌŽŐƌĂŵ ĨƌŽŵ Ă ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ŵŽĚĞů ƚŽ Ă ŵĂŶĂŐĞĚ ĐĂƌĞ ŵŽĚĞů͘ dŚĞ ůĂǁ ƌĞƋƵŝƌĞƐ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ; ĞƉĂƌƚŵĞŶƚ Žƌ ,,^Ϳ͕ ƚŚƌŽƵŐŚ ƚŚĞ ŝǀŝƐŝŽŶ ŽĨ ,ĞĂůƚŚ ĞŶĞĨŝƚƐ ; , Ϳ͕ ƚŽ ŝŵƉůĞŵĞŶƚ Ă DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ƚŚĂƚ ĂĚǀĂŶĐĞƐ ŚŝŐŚͲǀĂůƵĞ ĐĂƌĞ͕ ŝŵƉƌŽǀĞƐ ƉŽƉƵůĂƚŝŽŶ ŚĞĂůƚŚ͕ ĞŶŐĂŐĞƐ͕ ĂŶĚ ƐƵƉƉŽƌƚƐ ƉƌŽǀŝĚĞƌƐ͕ ĂŶĚ ĞƐƚĂďůŝƐŚĞƐ Ă ƐƵƐƚĂŝŶĂďůĞ ƉƌŽŐƌĂŵ ǁŝƚŚ ƉƌĞĚŝĐƚĂďůĞ ĐŽƐƚƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ŐŽĂů ŝƐ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ ŚĞĂůƚŚ ŽĨ Ăůů EŽƌƚŚ ĂƌŽůŝŶŝĂŶƐ ƚŚƌŽƵŐŚ ĂŶ ŝŶŶŽǀĂƚŝǀĞ͕ ǁŚŽůĞͲƉĞƌƐŽŶ ĐĞŶƚĞƌĞĚ͕ ĂŶĚ ǁĞůůͲĐŽŽƌĚŝŶĂƚĞĚ ƐLJƐƚĞŵ ŽĨ ĐĂƌĞ͕ ǁŚŝĐŚ ĂĚĚƌĞƐƐĞƐ ďŽƚŚ ŵĞĚŝĐĂů ĂŶĚ ŶŽŶͲŵĞĚŝĐĂů ĚƌŝǀĞƌƐ ŽĨ ŚĞĂůƚŚ͘ Ɛ ƉĂƌƚ ŽĨ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƌĞŵĂŝŶ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ Ăůů ĂƐƉĞĐƚƐ ŽĨ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵƐ͘ Ɛ ĚŝƌĞĐƚĞĚ ďLJ ƚŚĞ 'ĞŶĞƌĂů ƐƐĞŵďůLJ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ĚĞůĞŐĂƚĞ ƚŚĞ ĚŝƌĞĐƚ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ĐĞƌƚĂŝŶ ŚĞĂůƚŚ ƐĞƌǀŝĐĞƐ͕ ŝŶĐůƵĚŝŶŐ ƉŚLJƐŝĐĂů ŚĞĂůƚŚ͕ ďĞŚĂǀŝŽƌĂů ŚĞĂůƚŚ ĂŶĚ ƉŚĂƌŵĂĐLJ ƐĞƌǀŝĐĞƐ͕ ĂŶĚ ĨŝŶĂŶĐŝĂů ƌŝƐŬƐ ƚŽ ĞŶƚŝƚŝĞƐ ĐĂůůĞĚ WƌĞƉĂŝĚ ,ĞĂůƚŚ WůĂŶƐ ;W,WƐͿ͘ W,WƐ ǁŝůů ƌĞĐĞŝǀĞ Ă ŵŽŶƚŚůLJ͕ ĂĐƚƵĂƌŝĂůůLJ ƐŽƵŶĚ͕ ĐĂƉŝƚĂƚĞĚ ƉĂLJŵĞŶƚ ĂŶĚ ǁŝůů ĐŽŶƚƌĂĐƚ ǁŝƚŚ ƉƌŽǀŝĚĞƌƐ ƚŽ ĚĞůŝǀĞƌ ŚĞĂůƚŚ ƐĞƌǀŝĐĞƐ ƚŽ ƚŚĞŝƌ ŵĞŵďĞƌƐ͘ W,WƐ ǁŝůů ďĞ ƐƵďũĞĐƚ ƚŽ ƌŝŐŽƌŽƵƐ ŵŽŶŝƚŽƌŝŶŐ ĂŶĚ ŽǀĞƌƐŝŐŚƚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂĐƌŽƐƐ ŬĞLJ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ͕ ŽƉĞƌĂƚŝŽŶĂů͕ ĐůŝŶŝĐĂů͕ ĂŶĚ ĨŝŶĂŶĐŝĂů ŵĞƚƌŝĐƐ ƚŽ ĞŶƐƵƌĞ͕ ĨŽƌ ĞdžĂŵƉůĞ͕ ƚŚĂƚ W,WƐ ŚĂǀĞ ĂĚĞƋƵĂƚĞ ƉƌŽǀŝĚĞƌ ŶĞƚǁŽƌŬƐ͕ ĚĞůŝǀĞƌ ĐůŝŶŝĐĂů ƋƵĂůŝƚLJ͕ Žƌ ŽƚŚĞƌ ĂƐƉĞĐƚƐ ŽĨ Ă ƐƵĐĐĞƐƐĨƵů DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͘ dŚĞ ĨŽůůŽǁŝŶŐ ŝƐ ĂŶ ŽǀĞƌǀŝĞǁ ŽĨ ƚŚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĞůŝŐŝďůĞ ĨŽƌ ŵĂŶĂŐĞĚ ĐĂƌĞ͕ ƚLJƉĞƐ ŽĨ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉůĂŶƐ EŽƌƚŚ ĂƌŽůŝŶĂ ǁŝůů ŽĨĨĞƌ͕ ĂŶĚ ƚŚĞ ƚŝŵĞůŝŶĞ ĨŽƌ ŵĂŶĂŐĞĚ ĐĂƌĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ 'ĞŶĞƌĂů ƐƐĞŵďůLJ ƚŽ ĞŶĂĐƚ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ĂƵƚŚŽƌŝnjŝŶŐ ůĞŐŝƐůĂƚŝŽŶ ƚŽ ĞŶƐƵƌĞ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ Ă ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ƚŚĂƚ ďĞƐƚ ŵĞĞƚƐ ƚŚĞ ŶĞĞĚƐ ŽĨ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ƉƌŽǀŝĚĞƌƐ͕ ĂŶĚ ŽƚŚĞƌ ƐƚĂŬĞŚŽůĚĞƌƐ͘ ĞƚĂŝůĞĚ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ƚŚĞ ƉƌŽƉŽƐĞĚ ĚĞƐŝŐŶ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂŶĚ ϭϭϭϱ ĚĞŵŽŶƐƚƌĂƚŝŽŶ ǁĂŝǀĞƌ ĂƉƉůŝĐĂƚŝŽŶ ŝƐ ĂǀĂŝůĂďůĞ Ăƚ ŚƚƚƉƐ͗ͬͬŶĐĚŚŚƐ͘ŐŽǀͬE ͲŵĞĚŝĐĂŝĚͲ ƚƌĂŶƐĨŽƌŵĂƚŝŽŶ͘ ϭ͘ ĞŐŝŶŶŝŶŐ ǁŝƚŚ ƚŚĞ ůĂƵŶĐŚ ŽĨ ŵĂŶĂŐĞĚ ĐĂƌĞ͕ ŵŽƐƚ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉŽƉƵůĂƚŝŽŶƐ ǁŝůů ďĞ ŵĂŶĚĂƚŽƌŝůLJ ĞŶƌŽůůĞĚ ŝŶ W,WƐ͘ dŚĞƌĞ ǁŝůů ďĞ ůŝŵŝƚĞĚ ĞdžĐĞƉƚŝŽŶƐ ƚŽ ŵĂŶĚĂƚŽƌLJ ĞŶƌŽůůŵĞŶƚ ĨŽƌ ĐĞƌƚĂŝŶ ƉŽƉƵůĂƚŝŽŶƐ ƚŚĂƚ ŵĂLJ ďĞ ďĞƚƚĞƌ ƐĞƌǀĞĚ ŽƵƚƐŝĚĞ ŽĨ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ͘ dŚĞƐĞ ƉŽƉƵůĂƚŝŽŶƐ ŵĂLJ ďĞ ͞ĞdžĞŵƉƚ͟ ĨƌŽŵ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ŝŶ ƚŚĂƚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŵĂLJ ĐŚŽŽƐĞ ƚŽ ĞŶƌŽůů ŝŶ ĞŝƚŚĞƌ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ Žƌ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ͕ Žƌ ͞ĞdžĐůƵĚĞĚ͟ ŝŶ ƚŚĂƚ ƚŚĞLJ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ƌĞŵĂŝŶ ĞŶƌŽůůĞĚ ŝŶ ĨĞĞͲĨŽƌͲ ƐĞƌǀŝĐĞ ĂŶĚ ĚŽ ŶŽƚ ŚĂǀĞ ƚŚĞ ŽƉƚŝŽŶ ƚŽ ĞŶƌŽůů ŝŶ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ͘ Ă͘ džĞŵƉƚ ƉŽƉƵůĂƚŝŽŶƐ ŝŶĐůƵĚĞ ŵĞŵďĞƌƐ ŽĨ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐ͘ ď͘ džĐůƵĚĞĚ WŽƉƵůĂƚŝŽŶƐ ŝ͘ Ɛ ƉƌŽǀŝĚĞĚ ŝŶ ^ĞƐƐŝŽŶ >Ăǁ ϮϬϭϱͲϮϰϱ͕ ĂƐ ĂŵĞŶĚĞĚ ďLJ ^ĞƐƐŝŽŶ >ĂǁƐ ϮϬϭϲͲϭϮϭ ĂŶĚ ϮϬϭϳͲϱϳ͕ ƚŚĞ ĨŽůůŽǁŝŶŐ ƉŽƉƵůĂƚŝŽŶƐ ǁŝůů ďĞ ĞdžĐůƵĚĞĚ͗ ;ŝͿ ĞŶĞĨŝĐŝĂƌŝĞƐ ĚƵĂůůLJ ĞůŝŐŝďůĞ ĨŽƌ DĞĚŝĐĂŝĚ ĂŶĚ DĞĚŝĐĂƌĞ͖ WĂŐĞ ϭ ŽĨ ϭϰϰ ;ŝŝͿ WƌŽŐƌĂŵ ŽĨ ůůͲ/ŶĐůƵƐŝǀĞ ĂƌĞ ĨŽƌ ƚŚĞ ůĚĞƌůLJ ;W Ϳ ďĞŶĞĨŝĐŝĂƌŝĞƐ͖ ;ŝŝŝͿ DĞĚŝĐĂůůLJ ŶĞĞĚLJ ďĞŶĞĨŝĐŝĂƌŝĞƐ͖ ;ŝǀͿ ĞŶĞĨŝĐŝĂƌŝĞƐ ŽŶůLJ ĞůŝŐŝďůĞ ĨŽƌ ĞŵĞƌŐĞŶĐLJ ƐĞƌǀŝĐĞƐ͖ ;ǀͿ WƌĞƐƵŵƉƚŝǀĞůLJ ĞůŝŐŝďůĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ŽĨ ƉƌĞƐƵŵƉƚŝǀĞ ĞůŝŐŝďŝůŝƚLJ͖ ĂŶĚ ;ǀŝͿ ,ĞĂůƚŚ /ŶƐƵƌĂŶĐĞ WƌĞŵŝƵŵ WĂLJŵĞŶƚ ;,/WWͿ ďĞŶĞĨŝĐŝĂƌŝĞƐ͖ ŝŝ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŝƐ ƐĞĞŬŝŶŐ ůĞŐŝƐůĂƚŝǀĞ ĂƵƚŚŽƌŝƚLJ ƚŽ ĞdžĐůƵĚĞ ƚŚĞ ĨŽůůŽǁŝŶŐ ƉŽƉƵůĂƚŝŽŶƐ ǁŚŽ ĂƌĞ ĐŽŶƚĞŵƉůĂƚĞĚ ƵŶĚĞƌ ĐƵƌƌĞŶƚ ƐƚĂƚƵƚĞ ĂƐ ŵĂŶĂŐĞĚ ĐĂƌĞ͗ ;ŝͿ &ĂŵŝůLJ ƉůĂŶŶŝŶŐ ƉƌŽŐƌĂŵ ďĞŶĞĨŝĐŝĂƌŝĞƐ͖ ĂŶĚ ;ŝŝͿ ĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ĂƌĞ ƉƌŝƐŽŶ ŝŶŵĂƚĞƐ͘ ŝŝŝ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŝƐ ƐĞĞŬŝŶŐ ůĞŐŝƐůĂƚŝǀĞ ĂƵƚŚŽƌŝƚLJ ƚŽ ĚĞůĂLJ ŵĂŶĚĂƚŽƌLJ ĞŶƌŽůůŵĞŶƚ ƵŶƚŝů ƚŚĞ ůĂƵŶĐŚ ŽĨ , /ͬ dĂŝůŽƌĞĚ WůĂŶƐ͗ ;ŝͿ ĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ Ă ƐĞƌŝŽƵƐ ŵĞŶƚĂů ŝůůŶĞƐƐ͕ Ă ƐĞƌŝŽƵƐ ĞŵŽƚŝŽŶĂů ĚŝƐƚƵƌďĂŶĐĞ͕ Ă ƐƵďƐƚĂŶĐĞ ƵƐĞ ĚŝƐŽƌĚĞƌ͕ Žƌ ĂŶ ŝŶƚĞůůĞĐƚƵĂů ͬ ĚĞǀĞůŽƉŵĞŶƚĂů ĚŝƐĂďŝůŝƚLJ ĂƐ ĚĞĨŝŶĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͘ Ϯ͘ dŽ ĞŶƐƵƌĞ ĐŽŶƐƵŵĞƌ ĐŚŽŝĐĞ͕ ůĞǀĞƌĂŐĞ ƚŚĞ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ĐŽŵŵŝƚŵĞŶƚ ŽĨ DĞĚŝĐĂŝĚ ƉƌŽǀŝĚĞƌƐ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ĂŶĚ ŵĂdžŝŵŝnjĞ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ ŝŶŶŽǀĂƚŝŽŶ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ĞƐƚĂďůŝƐŚ ƐƚĂƚĞǁŝĚĞ ĂŶĚ ƌĞŐŝŽŶĂů ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ ƚǁŽ ƚLJƉĞƐ ŽĨ W,WƐ͗ ĐŽŵŵĞƌĐŝĂů ƉůĂŶƐ ; WƐͿ ĂŶĚ ƉƌŽǀŝĚĞƌͲůĞĚ ĞŶƚŝƚŝĞƐ ;W> ƐͿ͘ Ă͘ ^ƚĂƚĞǁŝĚĞ ŽŶƚƌĂĐƚƐ͘ hŶĚĞƌ ^ƚĂƚĞ ůĂǁ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ĂǁĂƌĚ ƚŚƌĞĞ ;ϯͿ ƐƚĂƚĞǁŝĚĞ ĐŽŶƚƌĂĐƚƐ ƚŽ W,WƐ͘ ď͘ ZĞŐŝŽŶĂů ŽŶƚƌĂĐƚƐ͘ hŶĚĞƌ ^ƚĂƚĞ ůĂǁ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ĂǁĂƌĚ ƵƉ ƚŽ ƚǁĞůǀĞ ;ϭϮͿ ƌĞŐŝŽŶĂů ĐŽŶƚƌĂĐƚƐ ŝŶ Ɛŝdž ;ϲͿ ƌĞŐŝŽŶƐ ƚŽ W> Ɛ͘ W> Ɛ ŵƵƐƚ ĐŽǀĞƌ Ă ƌĞŐŝŽŶ ŝŶ ŝƚƐ ĞŶƚŝƌĞƚLJ͕ ĂŶĚ ŵĂLJ ďŝĚ ĨŽƌ ŵŽƌĞ ƚŚĂŶ ŽŶĞ ƌĞŐŝŽŶ͕ ƉƌŽǀŝĚĞĚ ƚŚĞ ƌĞŐŝŽŶƐ ĂƌĞ ĐŽŶƚŝŐƵŽƵƐ͘ ϯ͘ ŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ^ĞƐƐŝŽŶ >Ăǁ ϮϬϭϱͲϮϰϱ͕ ĂƐ ĂŵĞŶĚĞĚ ďLJ ^ĞƐƐŝŽŶ >ĂǁƐ ϮϬϭϲͲϭϮϭ ĂŶĚ ϮϬϭϳͲϱϳ͕ ƉƌŽǀŝĚĞƌƐ ǁŝƚŚ Ă ŚŝƐƚŽƌLJ ŽĨ ƐĞƌǀŝŶŐ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŵĂLJ ƐĞĞŬ ƚŽ ŽǁŶ ĂŶĚ ŽƉĞƌĂƚĞ ƌŝƐŬͲďĞĂƌŝŶŐ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉůĂŶƐ ;W> ƐͿ ĂŶĚ ƉĂƌƚŝĐŝƉĂƚĞ ĂƐ Ă W,W ŝŶ ƚŚĞ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͘ DĂŶĂŐĞĚ ĐĂƌĞ ƉůĂŶƐ ƐƉŽŶƐŽƌĞĚ ďLJ ƉƌŽǀŝĚĞƌƐ ŵĂLJ ĞŝƚŚĞƌ ŽĨĨĞƌ ƉůĂŶƐ ŽŶ Ă ƌĞŐŝŽŶĂů ďĂƐŝƐ ƵŶĚĞƌ ŽŶĞ ŽĨ ƚŚĞ ƌĞŐŝŽŶĂů ĐŽŶƚƌĂĐƚƐ Žƌ Ă ƐƚĂƚĞǁŝĚĞ ƉůĂŶ ƵŶĚĞƌ ŽŶĞ ŽĨ ƚŚĞ ƐƚĂƚĞǁŝĚĞ ĐŽŶƚƌĂĐƚƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŚĂƐ ĚĞĨŝŶĞĚ Ɛŝdž ;ϲͿ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ƌĞŐŝŽŶƐ ǁŝƚŚŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ͘ ^ĞĞ dĂďůĞ ϭ ʹ >ŝƐƚ ŽĨ ŽƵŶƚŝĞƐ ďLJ W,W ZĞŐŝŽŶ ĨŽƌ ƚŚĞ ĐŽƵŶƚŝĞƐ ŝŶĐůƵĚĞĚ ŝŶ ĞĂĐŚ ŽĨ ƚŚĞ Ɛŝdž ;ϲͿ W,W ƌĞŐŝŽŶƐ͕ ĂŶĚ &ŝŐƵƌĞ ϭ ʹ DĂƉ ŽĨ W,W ZĞŐŝŽŶƐ ƚŚĂƚ ŝůůƵƐƚƌĂƚĞƐ ƚŚĞ W,W ƌĞŐŝŽŶƐ ŝŶ ŵĂƉ ĨŽƌŵĂƚ͘ dĂďůĞ ϭ ʹ >ŝƐƚ ŽĨ ŽƵŶƚŝĞƐ ďLJ W,W ZĞŐŝŽŶ 3+3 5HJLRQV 5HJLRQ 5HJLRQ 5HJLRQ &RXQWLHV $YHU\ %XQFRPEH %XUNH &DOGZHOO &KHURNHH &OD\ *UDKDP +D\ZRRG +HQGHUVRQ -DFNVRQ 0DFRQ 0DGLVRQ 0F'RZHOO 0LWFKHOO 3RON 5XWKHUIRUG 6ZDLQ 7UDQV\OYDQLD d, ,K/ ,/^dKZ/ > EZK>>D Ed͘ ϭ DŽƌĞ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ dĂŝůŽƌĞĚ ƉůĂŶƐ ŝƐ ĂǀĂŝůĂďůĞ Ăƚ͗ ŚƚƚƉƐ͗ͬͬĨŝůĞƐ͘ŶĐ͘ŐŽǀͬŶĐĚŚŚƐͬĚŽĐƵŵĞŶƚƐͬĨŝůĞƐͬ ,Ͳ/ Ͳ dĂŝůŽƌĞĚWůĂŶ ŽŶĐĞƉƚWĂƉĞƌ ϮϬϭϴϭϭϬϵ͘ƉĚĨ͍ ŬŚtdžĐŚ'ĞE' ĂϮǁyY^ƌ^ǁtWƌƋŝϰϭĂsW ;ůĂƐƚ ƵƉĚĂƚĞĚ ŽŶ EŽǀ͘ ϵ͕ ϮϬϭϳͿ WĂŐĞ ϰ ŽĨ ϭϰϰ Table 2 Estimated Comprehensive Managed Care Enrollment by Cohort Based on NC DHHS Proposed Phase in Schedule2 Based on SFY 2016 Historical Enrollment Population Cohort with Proposed Estimated Average Estimated Average Cohort as Timing for Comprehensive Managed Members by Members by Percent of Total Care Enrollment Group Cohort Members Year 1: Standard Plan - Aged. Blind. Disabled 140'000 1,525,000 7396 Year 1: Standard Plan - All Other 1,385,000 Year 3: Tailored Plan - Non-Duals 85,000 Year 3: Tailored Plan - Duals 27,000 135,000 6% Year 3: Foster Children 23,000 Year 5: Non-Dual LTSS 5,000 .217 10% Year 5: Full Duals 212,000 .000 Excluded: Family Planning 103,000 Excluded: Medically Needy 23,000 208,000 10% Excluded: Other 82,000 Total 2,085,000 2,085,000 100% 7. Additionally, the Department is planning for a regional phase-in approach for the cross- over population in Year 1 to ensure successful implementation of the managed care program. North Carolina Medicaid and NC Health Choice beneficiaries would be transitioned from the fee-for-service program into the managed care program on a regional basis. The Department is planning for a two (2) phase approach - with two (2) corresponding open enrollment periods for each subset of the cross-over population. At or soon after PHP contract award, the Department will determine which regions will be selected for Phase 1 and Phase 2 managed care roll out depending on several factors including, but not limited to, the number of bene?ciaries in the regions, a goal of including a mix of predominantly ?urban" and "rural" regions in Phase 1, a mix of commercial plans and provider led entities PHPs. If possible, the Department will select contiguous regions to minimize bene?ciary or provider confusion. Phase 2 is anticipated to occur in the remaining regions three to ?ve (3-5) months after initial launch. 2 Exhibit prepared Feb. 8, 2018, by the NC DHHS Division of Health Benefits based on ?Population Profiles," released Nov. 9, 2017, Notes: 0 Estimates are based on SFY 2016 historical experience and do not include projected enrollment growth. 0 Timing for managed care enrollment is proposed and subject to change. 0 Tailored plan population estimates are subject to change based on legislation and data availability. 0 l?Non?dual includes and individuals with a nursing facility stay of 90 days or more. 0 ?Excluded: Other" is primarily comprised of partial dual eligible enrollees. - See source documentation for calculation methodology, assumptions and limitations. Page 5 of 144 ϴ͘ tŚŝůĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝƐ ƉĞƌŵŝƚƚĞĚ ďLJ ^͘>͘ ϮϬϭϱͲϮϰϱ ĂƐ ĂŵĞŶĚĞĚ ƵƉ ƚŽ ĞŝŐŚƚĞĞŶ ;ϭϴͿ ŵŽŶƚŚƐ ĂĨƚĞƌ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ϭϭϭϱ ĚĞŵŽŶƐƚƌĂƚŝŽŶ ǁĂŝǀĞƌ ĂŶĚ ĂŶLJ ĂĚĚŝƚŝŽŶĂů ŶĞĐĞƐƐĂƌLJ ǁĂŝǀĞƌƐ ĂŶĚ ^ƚĂƚĞ WůĂŶ ŵĞŶĚŵĞŶƚƐ ƚŽ ďĞŐŝŶ W,W ĐŽŶƚƌĂĐƚƐ ĂŶĚ ĐŽŵƉůĞƚĞ ŝŶŝƚŝĂů W,W ĞŶƌŽůůŵĞŶƚ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶƚŝĐŝƉĂƚĞƐ ƌĞůĞĂƐŝŶŐ ƚŚĞ W,W ZĞƋƵĞƐƚ ĨŽƌ WƌŽƉŽƐĂů ;Z&WͿ ĨŽƌ ĐŽŵŵĞƌĐŝĂů ƉůĂŶƐ ĂŶĚ ƉƌŽǀŝĚĞƌ ůĞĚ ĞŶƚŝƚŝĞƐ ŝŶ ƚŚĞ ƐƉƌŝŶŐ ŽĨ ϮϬϭϴ ĨŽƌ ĂŶ ĞĨĨĞĐƚŝǀĞ ĚĂƚĞ ŽĨ :ƵůLJ ϭ͕ ϮϬϭϵ͘ dŚĞ W,W Z&W ǁŝůů ĨŽĐƵƐ ŽŶ ƐƚĂŶĚĂƌĚ ƉůĂŶƐ ĂŶĚ ǁŝůů ďĞ ĂǁĂƌĚĞĚ ƚŽ ƚŚƌĞĞ ;ϯͿ ƋƵĂůŝĨŝĞĚ W,WƐ ƚŽ ŽƉĞƌĂƚĞ ƐƚĂƚĞǁŝĚĞ ĂŶĚ ƵƉ ƚŽ ƚǁĞůǀĞ ;ϭϮͿ ƋƵĂůŝĨŝĞĚ ƉƌŽǀŝĚĞƌ ůĞĚ ĞŶƚŝƚŝĞƐ ƚŽ ŽƉĞƌĂƚĞ ŽŶ Ă ƌĞŐŝŽŶĂů ďĂƐŝƐ͘ ͘ sŝƐŝŽŶ ĨŽƌ ĞŶĞĨŝĐŝĂƌLJ džƉĞƌŝĞŶĐĞ ǁŝƚŚŝŶ DĞĚŝĐĂŝĚ dƌĂŶƐĨŽƌŵĂƚŝŽŶ ϭ͘ ĚŵŝŶŝƐƚƌĂƚŝǀĞůLJ ^ƚƌĞĂŵůŝŶĞĚ ůŝŐŝďŝůŝƚLJ ƉƉƌŽĂĐŚ͗ dŚĞ ĞƉĂƌƚŵĞŶƚ ŝƐ ĐŽŵŵŝƚƚĞĚ ƚŽ ƉƌŽǀŝĚŝŶŐ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ĂƉƉůŝĐĂŶƚƐ ĂŶĚ ƚŚĞŝƌ ĨĂŵŝůŝĞƐ ǁŝƚŚ Ă ƐŝŵƉůĞ͕ ƐƚƌĞĂŵůŝŶĞĚ ĞůŝŐŝďŝůŝƚLJ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ƚŚĂƚ ĞŶƐƵƌĞƐ ƚŚĞ ƚŝŵĞůLJ ĂŶĚ ĂĐĐƵƌĂƚĞ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ DĞĚŝĐĂŝĚ ĞůŝŐŝďŝůŝƚLJ͘ ŽƵŶƚLJ ĞƉĂƌƚŵĞŶƚ ŽĨ ^ŽĐŝĂů ^ĞƌǀŝĐĞ ; ^^Ϳ ŽĨĨŝĐĞƐ ǁŝůů ĐŽŶƚŝŶƵĞ ƚŽ ƉƌŽĐĞƐƐ ĂŶĚ ĚĞƚĞƌŵŝŶĞ ĞůŝŐŝďŝůŝƚLJ ĨŽƌ ƉŽƚĞŶƚŝĂů ďĞŶĞĨŝĐŝĂƌŝĞƐ ƵŶƚŝů ƌĞĂůͲ ƚŝŵĞ ĞůŝŐŝďŝůŝƚLJ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŝƐ ĨƵůůLJ ŝŵƉůĞŵĞŶƚĞĚ ĨŽƌ Ăůů ƉŽƉƵůĂƚŝŽŶƐ͘ ƚ ŵĂŶĂŐĞĚ ĐĂƌĞ ůĂƵŶĐŚ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƉůĂŶ ŝƐ ƐƚĂƌƚŝŶŐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ Ă ƐĞƌŝĞƐ ŽĨ ƚĞĐŚŶŝĐĂů ĂŶĚ ƉƌŽĐĞƐƐ ĐŚĂŶŐĞƐ ǁŝƚŚ ƚŚĞ ŐŽĂů ŽĨ ŵĂŬŝŶŐ ƐŝŐŶŝĨŝĐĂŶƚ ŝŵƉƌŽǀĞŵĞŶƚƐ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ŽǀĞƌĂůů ĞdžƉĞƌŝĞŶĐĞ ĂƐ ƚŚĞLJ ŝŶƚĞƌĂĐƚ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞƐĞ ĐŚĂŶŐĞƐ ǁŝůů ďĞ ŝŵƉůĞŵĞŶƚĞĚ ŽŶ ďŽƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƐLJƐƚĞŵƐ͕ ĂƐ ǁĞůů ĂƐ ŽŶ ƉĂƌƚŶĞƌ ƐLJƐƚĞŵƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ĐŽŶƚƌĂĐƚ ǁŝƚŚ ĂŶ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĂŶĚ ůĞǀĞƌĂŐĞ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů ǁŚŝĐŚ ŵƵƐƚ ĂůůŽǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ƌĞĐĞŝǀĞ ĂŶ ĞůŝŐŝďŝůŝƚLJ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŝŶ ƌĞĂůͲƚŝŵĞ ŝŶ E & ^d Žƌ ĞW ^^͕ ĂŶĚ ďĞ ƌĞĚŝƌĞĐƚĞĚ ŝŶ ƌĞĂůͲƚŝŵĞ ƚŽ ƚŚĞ ƉůĂŶ ƐĞůĞĐƚŝŽŶ ƐLJƐƚĞŵ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ŝŵƉůĞŵĞŶƚ ƐƚĂƚĞ ŵĂŶĂŐĞŵĞŶƚ ƐƵĐŚ ƚŚĂƚ ƵƐĞƌƐ ĐĂŶ ďĞ ƚƌĂŶƐŝƚŝŽŶĞĚ ĨƌŽŵ ŽŶĞ /d ƐLJƐƚĞŵ ƚŽ ĂŶŽƚŚĞƌ ǁŝƚŚŽƵƚ ƚŚĞ ŶĞĞĚ ĨŽƌ ƚŚĞ ƵƐĞƌ ƚŽ ƉƌŽǀŝĚĞ Ă ƵƐĞƌ ŝĚ ĂŶĚ ƉĂƐƐǁŽƌĚ͕ ĂŶĚ ǁŝƚŚ ƚŚĞ ĂƉƉĞĂƌĂŶĐĞ ŽĨ Ă ƐŝŶŐůĞ /d ƐLJƐƚĞŵ ĂŶĚ ƵƐĞƌ ŝŶƚĞƌĨĂĐĞ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ dŽŽů ŵƵƐƚ ƚĂŝůŽƌ ƚŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶ ŽĨ ƉůĂŶƐ ĂǀĂŝůĂďůĞ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ďĂƐĞĚ ŽŶ Ă ǀĂƌŝĞƚLJ ŽĨ ĨĂĐƚŽƌƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ůŽĐĂƚŝŽŶ Žƌ ƵŶŝƋƵĞ ŚĞĂůƚŚ ĐĂƌĞ ŶĞĞĚƐ͕ ƚŚĞ W,W͛Ɛ ƉƌŽǀŝĚĞƌ ŶĞƚǁŽƌŬ͕ ĂŶĚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ŚŝƐƚŽƌLJ ǁŝƚŚ Ă W,W͖ Ăůů ŽĨ ǁŚŝĐŚ ĂƌĞ ƚĂƌŐĞƚĞĚ Ăƚ ĂůůŽǁŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ƐĞůĞĐƚ Ă W,W ǁŚŝĐŚ ďĞƐƚ ƐƵŝƚƐ ƚŚĞŝƌ ŶĞĞĚƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƚŽ ĚĞĨŝŶĞ ƚŚĞ ƉůĂŶ ƐĞůĞĐƚŝŽŶ ĨĂĐƚŽƌƐ͕ ĚĂƚĂ ƚƌĂŶƐŵŝƐƐŝŽŶ ŝŶƚĞƌĨĂĐĞƐ͕ ĂƉƉůŝĐĂƚŝŽŶ ƉƌŽŐƌĂŵ ŝŶƚĞƌĨĂĐĞƐ ; W/ƐͿ͕ ĂŶĚ ƐĞĐƵƌŝƚLJ ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŽ ĨĂĐŝůŝƚĂƚĞ ƚŚĞ ĞdžĐŚĂŶŐĞ ŽĨ ďĞŶĞĨŝĐŝĂƌLJ W,W ƐĞůĞĐƚŝŽŶ ŝŶĨŽƌŵĂƚŝŽŶ ďĞƚǁĞĞŶ ƐLJƐƚĞŵƐ͘ Ϯ͘ ŚŽŝĐĞ ŽƵŶƐĞůŝŶŐ͗ dŽ ƐƵƉƉŽƌƚ ďĞŶĞĨŝĐŝĂƌLJ ĞĚƵĐĂƚŝŽŶ ĂŶĚ W,W ĐŚŽŝĐĞ ƐƵƉƉŽƌƚ ĚƵƌŝŶŐ ƚŚĞ ƚƌĂŶƐŝƚŝŽŶ ƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝƐ ĨŽĐƵƐĞĚ ŽŶ ĞŶƐƵƌŝŶŐ ƚŚĂƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŚĂǀĞ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ŵĂŬĞ ĂŶ ŝŶĨŽƌŵĞĚ ĚĞĐŝƐŝŽŶ ŝŶ ƐĞůĞĐƚŝŶŐ Ă W,W ƚŽ ŵĞĞƚ ƚŚĞŝƌ ŶĞĞĚƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ĐŽůůĂďŽƌĂƚĞ ǁŝƚŚ ƚŚĞ ƐĞůĞĐƚĞĚ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƚŽ ƉƌŽǀŝĚĞ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ ƐƵƉƉŽƌƚ W,W ĂŶĚ D,ͬW W ƐĞůĞĐƚŝŽŶ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ŝŶƚĞŐƌĂƚĞ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ DĞĚŝĐĂŝĚ ĞůŝŐŝďŝůŝƚLJ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ƐLJƐƚĞŵ͕ ŬŶŽǁŶ ĂƐ E & ^d͕ ĨŽƌ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ƉƵƌƉŽƐĞƐ ĂŶĚ ŝŶƚĞƌĂĐƚ ǁŝƚŚ E ͛Ɛ ϭϬϬ ĐŽƵŶƚLJ ĞƉĂƌƚŵĞŶƚƐ ŽĨ ^ŽĐŝĂů ^ĞƌǀŝĐĞƐ͕ ƚŚĞ / ĂŶĚ ,,^ ŽĨĨŝĐĞƐ ƚŽ ƉƌŽǀŝĚĞ ƐĞĂŵůĞƐƐ ĞůŝŐŝďŝůŝƚLJ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĞdžƉĞƌŝĞŶĐĞ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ WĂŐĞ ϲ ŽĨ ϭϰϰ Ɛ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŵƉƌŽǀĞƐ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĞdžƉĞƌŝĞŶĐĞ ĂƐ ŵĞŶƚŝŽŶĞĚ ĂďŽǀĞ ĂŶĚ ďƵŝůĚƐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƚŽ ƐƵƉƉŽƌƚ Ă ƐƚƌĞĂŵůŝŶĞĚ ĞůŝŐŝďŝůŝƚLJ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵĂLJ ďĞ ĞdžƉĞĐƚĞĚ ƚŽ ŝŶƚĞŐƌĂƚĞ ǁŝƚŚ ĂĚĚŝƚŝŽŶĂů ƐLJƐƚĞŵƐ ƐƵĐŚ ĂƐ ĞW ^^͕ ƐƚĂƚĞ ĞůŝŐŝďŝůŝƚLJ͕ DD/^͕ Žƌ ŽƚŚĞƌ ƐLJƐƚĞŵƐ ŶŽƚ LJĞƚ ŝĚĞŶƚŝĨŝĞĚ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶƚŝĐŝƉĂƚĞƐ ŝŵƉůĞŵĞŶƚŝŶŐ ƚŚĞ ƐƚƌĞĂŵůŝŶĞĚ DĞĚŝĐĂŝĚ ĞůŝŐŝďŝůŝƚLJ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ĂƐ ĞĂƌůLJ ĂƐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ǁŝƚŚ ĐŽŶƚŝŶƵĞĚ ĞŶŚĂŶĐĞŵĞŶƚƐ ƌŽůůŝŶŐ ŽƵƚ ŽǀĞƌ ƚŚĞ ƚĞƌŵ ŽĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽŶƚƌĂĐƚ͘ ϯ͘ KŵďƵĚƐŵĂŶ WƌŽŐƌĂŵ͗ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ĚĞǀĞůŽƉ ĂŶ KŵďƵĚƐŵĂŶ WƌŽŐƌĂŵ ƚŽ ĂŝĚ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ĞƐƉĞĐŝĂůůLJ ĚƵƌŝŶŐ ƚƌĂŶƐŝƚŝŽŶ ƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ͘ dŚĞ KŵďƵĚƐŵĂŶ WƌŽŐƌĂŵ ŝƐ ĂŶƚŝĐŝƉĂƚĞĚ ƚŽ ďĞŐŝŶ Ăƚ Ă ŵŝŶŝŵƵŵ ŽĨ Ɛŝdž ;ϲͿ ŵŽŶƚŚƐ ƉƌŝŽƌ ƚŽ ƚŚĞ ůĂƵŶĐŚ ŽĨ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͘ ϰ͘ DƵůƚŝƉůĞ WŽŝŶƚƐ ŽĨ ŶƚƌLJ͗ ĞŶĞĨŝĐŝĂƌŝĞƐ ŵƵƐƚ ďĞ ĚŝƌĞĐƚĞĚ ƚŽ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ƐŽƵƌĐĞ ĨŽƌ ĞĚƵĐĂƚŝŽŶ͕ ĞŶƌŽůůŵĞŶƚ͕ ĂŶĚ ŽŵďƵĚƐŵĂŶ ƐĞƌǀŝĐĞƐ ƌĞŐĂƌĚůĞƐƐ ŽĨ ǁŚĞƌĞ ƚŚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ͛ ƐĞĂƌĐŚ ďĞŐŝŶƐ͘ ŶƚŝƚŝĞƐ ǁŝƚŚ ƌĞŐƵůĂƌ ďĞŶĞĨŝĐŝĂƌLJ ĐŽŶƚĂĐƚ ǁŝůů ďĞ ĂďůĞ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ĚŝƌĞĐƚŝŽŶ ƚŽ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ƐŽƵƌĐĞƐ͕ ǁŚŝĐŚ ŵĂLJ ŝŶĐůƵĚĞ W,WƐ͕ ůŽĐĂů ĞƉĂƌƚŵĞŶƚƐ ŽĨ ^ŽĐŝĂů ^ĞƌǀŝĐĞƐ ; ^^Ϳ ŽĨĨŝĐĞƐ͕ / W,,^ ŽĨĨŝĐĞ;ƐͿ͕ ůŽĐĂů ŚĞĂůƚŚ ĚĞƉĂƌƚŵĞŶƚƐ͕ >D ͲD KƐ͕ ďĞŶĞĨŝĐŝĂƌLJ ĐĂůů ĐĞŶƚĞƌƐ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ DĞĚŝĐĂŝĚ ǁĞďƐŝƚĞ͘ ͘ WĞŶĚŝŶŐ ^ƚĂƚĞ >Ăǁ ŚĂŶŐĞƐ dŚĞ ĞƉĂƌƚŵĞŶƚ ŝƐ ǁŽƌŬŝŶŐ ĐůŽƐĞůLJ ǁŝƚŚ ƚŚĞ 'ĞŶĞƌĂů ƐƐĞŵďůLJ ŽŶ ŶĞĐĞƐƐĂƌLJ ĐŚĂŶŐĞƐ ƚŽ ƐƚĂƚĞ ůĂǁ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ƚƌĂŶƐĨŽƌŵĂƚŝŽŶ ŽĨ ƚŚĞ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵƐ͕ ĂŶĚ ĨƵƚƵƌĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ŽƉĞƌĂƚŝŽŶƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŚĂƐ ǁƌŝƚƚĞŶ ƚŚŝƐ Z&W ďĂƐĞĚ ŽŶ ƚŚĞ ĂƐƐƵŵƉƚŝŽŶ ƚŚĂƚ ƐƵĐŚ ĐŚĂŶŐĞƐ ǁŝůů ďĞ ĞŶĂĐƚĞĚ ƉƌŝŽƌ ƚŽ ŽŶƚƌĂĐƚ ǁĂƌĚ͘ ZĞƋƵŝƌĞŵĞŶƚƐ ǁŝƚŚŝŶ ƚŚŝƐ Z&W ĚĞƉĞŶĚĞŶƚ ƵƉŽŶ ĂŶĚ ŝŵƉĂĐƚĞĚ ďLJ ƉŽƚĞŶƚŝĂů ĐŚĂŶŐĞƐ ŝŶ ƐƚĂƚĞ ůĂǁ ƌĞƋƵĞƐƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŚĂǀĞ ďĞĞŶ ŝĚĞŶƚŝĨŝĞĚ ĂŶĚ ŶŽƚĞĚ ĂƐ ƐƵĐŚ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ Z&W͘ WƌŽƉŽƐĂůƐ ƐƵďŵŝƚƚĞĚ ďLJ ƚŚĞ KĨĨĞƌŽƌ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ Z&W ǁŝůů ďĞ ĞǀĂůƵĂƚĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ KĨĨĞƌŽƌ͛Ɛ ĚĞŵŽŶƐƚƌĂƚĞĚ ĂďŝůŝƚLJ ƚŽ ƉĞƌĨŽƌŵ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂƐ ĐŽŶƚĂŝŶĞĚ ŚĞƌĞŝŶ͘ /Ŷ ƚŚĞ ĞǀĞŶƚ ƐŽŵĞ Žƌ Ăůů ƚŚĞ ĐŚĂŶŐĞƐ ĂƌĞ ŶŽƚ ĞŶĂĐƚĞĚ Ăƚ ƚŚĞ ƚŝŵĞ ŽĨ ŽŶƚƌĂĐƚ ǁĂƌĚ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ŶĞŐŽƚŝĂƚĞ ǁŝƚŚ ƚŚĞ KĨĨĞƌŽƌƐ Žƌ ŽŶƚƌĂĐƚŽƌ ĂĚũƵƐƚŵĞŶƚƐ ƚŽ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŽ ĞŶƐƵƌĞ ĂůŝŐŶŵĞŶƚ ǁŝƚŚ ĞdžŝƐƚŝŶŐ ůĂǁ͕ ƌĞŐƵůĂƚŝŽŶƐ͕ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ĂƵƚŚŽƌŝƚLJ ƚŽ ĐŽŶƚƌĂĐƚ ĨŽƌ ƚŚĞ ƐƚĂƚĞĚ ƐĞƌǀŝĐĞƐ ĂŶĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ŚĞƌĞŝŶ͘ //͘ ' E Z > WZK hZ D Ed /E&KZD d/KE Θ EKd/ dK K&& ZKZ^ ͘ 'ĞŶĞƌĂů WƌŽĐƵƌĞŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ϭ͘ ĞĨŝŶŝƚŝŽŶƐ Ă͘ Z ͗ ŶŶƵĂů ZŝŐŚƚ ƚŽ ŚĂŶŐĞ͘ dŝŵĞ Ăƚ ǁŚŝĐŚ ƚŚĞ ŵĞŵďĞƌ ŵĂLJ ĞůĞĐƚ ƚŽ ƌĞŵĂŝŶ ĞŶƌŽůůĞĚ ŝŶ ŚŝƐ Žƌ ŚĞƌ ĐƵƌƌĞŶƚ W,W Žƌ ĐŚĂŶŐĞ ƚŽ ĂŶŽƚŚĞƌ W,W͘ /Ŷ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ƚŚĞ ĂŶŶƵĂů ƌŝŐŚƚ ƚŽ ĐŚĂŶŐĞ ǁŝůů ďĞ ůŝŶŬĞĚ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ͛ ĂŶŶƵĂů ƌĞĚĞƚĞƌŵŝŶĂƚŝŽŶ͘ WĂŐĞ ϳ ŽĨ ϭϰϰ ď͘ ƵƚŽͲ ƐƐŝŐŶŵĞŶƚ͗ ƵƚŽŵĂƚĞĚ ƉƌŽĐĞƐƐ ďLJ ǁŚŝĐŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĞŶƌŽůůƐ Ă ďĞŶĞĨŝĐŝĂƌLJ ŝŶƚŽ Ă W,W ŝĨ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŚĂƐ ŶŽƚ ƐĞůĞĐƚĞĚ Ă W,W ǁŝƚŚŝŶ Ă ƐƉĞĐŝĨŝĞĚ ƚŝŵĞ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ Đ͘ ͗ ƵƚŽŵĂƚĞĚ Ăůů ŝƐƚƌŝďƵƚŝŽŶ ^LJƐƚĞŵ͘ Ŷ ĂƵƚŽŵĂƚĞĚ ƐLJƐƚĞŵ ƚŚĂƚ ĚŝƐƉĞƌƐĞƐ ŝŶĐŽŵŝŶŐ ĐĂůůƐ ĨŽƌ Ăůů ŵĞŵďĞƌ ĂŶĚ ƉŽƚĞŶƚŝĂů ŵĞŵďĞƌ ĐĂůůƐ ĂŶƐǁĞƌĞĚ Ăƚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐĂůů ĐĞŶƚĞƌ ƚŽ ĂƉƉƌŽƉƌŝĂƚĞ ĐĂůů ĐĞŶƚĞƌ ƐƚĂĨĨ͘ Ě͘ ĚǀĂŶĐĞĚ DĞĚŝĐĂů ,ŽŵĞ ; D,Ϳ͗ WƌŝŵĂƌLJ ĐĂƌĞ ƉƌĂĐƚŝĐĞƐ ǁŚŝĐŚ ƉƌŽǀŝĚĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƉƌŝŵĂƌLJ ĂŶĚ ƉƌĞǀĞŶƚŝǀĞ ĐĂƌĞ ƐĞƌǀŝĐĞƐ ƚŽ W,W ĞŶƌŽůůĞĞƐ͕ ŝŶĐůƵĚŝŶŐ ƉĂƚŝĞŶƚͲĐĞŶƚĞƌĞĚ ĂĐĐĞƐƐ͕ ƚĞĂŵͲďĂƐĞĚ ĐĂƌĞ͕ ƉŽƉƵůĂƚŝŽŶ ŚĞĂůƚŚ ŵĂŶĂŐĞŵĞŶƚ͕ ĐĂƌĞ ĐŽŽƌĚŝŶĂƚŝŽŶ ĂĐƌŽƐƐ ŵĞĚŝĐĂů ĂŶĚ ƐŽĐŝĂů ƐĞƚƚŝŶŐƐ͕ ĂŶĚ ĐĂƌĞ ŵĂŶĂŐĞŵĞŶƚ ĨŽƌ ŚŝŐŚ ƌŝƐŬ ƉŽƉƵůĂƚŝŽŶƐ͘ Ğ͘ sZ^͗ ƵƚŽŵĂƚĞĚ sŽŝĐĞ ZĞƐƉŽŶƐĞ ^LJƐƚĞŵ͘ Ŷ ĂƵƚŽŵĂƚĞĚ ƐLJƐƚĞŵ ƚŚĂƚ ĂůůŽǁƐ ŵĞŵďĞƌƐ ƚŽ ƉĞƌĨŽƌŵ ƐĞůĨͲƐĞƌǀŝĐĞ ĂĐƚŝǀŝƚŝĞƐ ĂŶĚ ƌĞƐŽůǀĞ ƐŝŵƉůĞ ŝŶƋƵŝƌŝĞƐ ǁŝƚŚŽƵƚ ƚŚĞ ŶĞĞĚ ƚŽ ŝŶƚĞƌĂĐƚ ǁŝƚŚ ĂŶ ĂŐĞŶƚ͘ dŚĞ sZ^ ŝŶƚĞƌĂĐƚƐ ǁŝƚŚ ƚŚĞ ŵĞŵďĞƌ ƚŚƌŽƵŐŚ ǀŽŝĐĞ ƉƌŽŵƉƚƐ ĂŶĚ ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ŶƵŵĞƌŝĐ ƉƌŽŵƉƚƐ͘ Ĩ͘ ƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͗ Ŷ ŝŶĚŝǀŝĚƵĂů Žƌ ŽƌŐĂŶŝnjĂƚŝŽŶ ĂƵƚŚŽƌŝnjĞĚ ƵŶĚĞƌ ƐƚĂƚĞ ůĂǁ ƚŽ ĂĐƚ ŽŶ ďĞŚĂůĨ ŽĨ Ă ďĞŶĞĨŝĐŝĂƌLJ͕ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͕ Ă ŶĞƚǁŽƌŬ ƉƌŽǀŝĚĞƌ Žƌ ůĞŐĂů ŐƵĂƌĚŝĂŶ͘ Ő͘ ͗ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ŐƌĞĞŵĞŶƚ͘ hŶĚĞƌ ƚŚĞ ,ĞĂůƚŚ /ŶƐƵƌĂŶĐĞ WŽƌƚĂďŝůŝƚLJ ĂŶĚ ĐĐŽƵŶƚĂďŝůŝƚLJ Đƚ ;,/W Ϳ ŽĨ ϭϵϵϲ͕ ƚŚĞ ĐŽŶƚƌĂĐƚ ďĞƚǁĞĞŶ Ă ,/W ͲĐŽǀĞƌĞĚ ĞŶƚŝƚLJ ĂŶĚ ,/W ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ͘ dŚĞ ƉƌŽƚĞĐƚƐ ƉĞƌƐŽŶĂů ŚĞĂůƚŚ ŝŶĨŽƌŵĂƚŝŽŶ ;W,/Ϳ ĂĐĐŽƌĚŝŶŐ ƚŽ ,/W ŐƵŝĚĞůŝŶĞƐ͘ Ś͘ ĞŚĂǀŝŽƌĂů ,ĞĂůƚŚ /ͬ dĂŝůŽƌĞĚ WůĂŶ ; , /ͬ dWͿ͗ dŚĞ ĞŚĂǀŝŽƌĂů ,ĞĂůƚŚ /ŶƚĞůůĞĐƚƵĂů ͬ ĞǀĞůŽƉŵĞŶƚĂů ŝƐĂďŝůŝƚLJ dĂŝůŽƌĞĚ WůĂŶ ŝƐ Ă ƉůĂŶ ƐƉĞĐŝĨŝĐĂůůLJ ĚĞƐŝŐŶĞĚ ƚŽ ƉƌŽǀŝĚĞ ƚĂƌŐĞƚĞĚ ĐĂƌĞ ĨŽƌ ŝŶĚŝǀŝĚƵĂůƐ ǁŝƚŚ ŝŶƚĞůůĞĐƚƵĂů ĂŶĚͬŽƌ ĚĞǀĞůŽƉŵĞŶƚĂů ĚŝƐĂďŝůŝƚŝĞƐ͘ ŝ͘ ĞŶĞĨŝĐŝĂƌLJ͗ Ŷ ŝŶĚŝǀŝĚƵĂů ǁŚŽ ŝƐ ĞůŝŐŝďůĞ ƚŽ ƌĞĐĞŝǀĞ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ďĞŶĞĨŝƚƐ ďƵƚ ǁŚŽ ŵĂLJ Žƌ ŵĂLJ ŶŽƚ ďĞ ĞŶƌŽůůĞĚ ŝŶ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͘ ũ͘ ĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ ƐLJƐƚĞŵ͗ ƐLJƐƚĞŵ ůĞĚ ďLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͕ ĂƐ ƌĞƋƵŝƌĞĚ ƵŶĚĞƌ ϰϮ ͘&͘Z͘ Α ϰϯϴ͘ϳϭ͕ ŝŶ ĐŽůůĂďŽƌĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ W,WƐ ĂŶĚ KŵďƵĚƐŵĂŶ ƉƌŽŐƌĂŵ͕ ǁŚŝĐŚ ƐƵƉƉŽƌƚƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ďĞĨŽƌĞ͕ ĚƵƌŝŶŐ ĂŶĚ ĂĨƚĞƌ ĞŶƌŽůůŵĞŶƚ ŝŶ ĂŶ D K ŝŶĐůƵĚŝŶŐ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ͘ dŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ ƐLJƐƚĞŵ ŝŶĐůƵĚĞƐ ĂƐƐŝƐƚĂŶĐĞ ĨŽƌ ĞŶƌŽůůĞĞƐ ŝŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂŶĚ ŝŶ ŶĂǀŝŐĂƚŝŶŐ ƚŚĞ ŐƌŝĞǀĂŶĐĞ ĂŶĚ ĂƉƉĞĂů ƉƌŽĐĞƐƐ ǁŝƚŚŝŶ ƚŚĞ W,W͕ ĂƐ ǁĞůů ĂƐ ĂƉƉĞĂůŝŶŐ ĂĚǀĞƌƐĞ ďĞŶĞĨŝƚ ĚĞƚĞƌŵŝŶĂƚŝŽŶƐ ďLJ ƚŚĞ W,W ƚŽ Ă ^ƚĂƚĞ ĨĂŝƌ ŚĞĂƌŝŶŐ͘ Ŭ͘ Ăůů ĂĐŬ ZĞƋƵĞƐƚƐ͗ dŚĞ ŶƵŵďĞƌ ŽĨ ĂĨƚĞƌͲŚŽƵƌƐ ƌĞƋƵĞƐƚƐ ĨŽƌ ĂŶ ŽƵƚďŽƵŶĚ ĐĂůů ďĂĐŬ ƚŽ ďĞ ŚĂŶĚůĞĚ ŽŶ ƚŚĞ ŶĞdžƚ ďƵƐŝŶĞƐƐ ĚĂLJ͘ dŚŝƐ ŵƵƐƚ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ĐĂůů ĐĞŶƚĞƌ ƌĞƉŽƌƚƐ͘ ů͘ ĂůůƐ ,ĂŶĚůĞĚ͗ dŚĞ ŶƵŵďĞƌ ŽĨ ŝŶďŽƵŶĚ ĐĂůůƐ ĂŶƐǁĞƌĞĚ ďLJ Ă ůŝǀĞ ĐĂůů ĐĞŶƚĞƌ ĂŐĞŶƚ͘ dŚŝƐ ŵƵƐƚ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ĐĂůů ĐĞŶƚĞƌ ƌĞƉŽƌƚƐ͘ ŵ͘ ĂůůƐ KĨĨĞƌĞĚ͗ dŚĞ ŶƵŵďĞƌ ŽĨ ŝŶďŽƵŶĚ ĐĂůůƐ ƌĞĐĞŝǀĞĚ ďLJ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ͘ dŚĞƐĞ ĐĂůůƐ ŝŶĐůƵĚĞ ĂďĂŶĚŽŶĞĚ ĐĂůůƐ͕ ĂŶƐǁĞƌĞĚ ĐĂůůƐ͕ ĐĂůůƐ ĚŝǀĞƌƚĞĚ ƚŽ Ă ƋƵĞƵĞ͕ ĐĂůůƐ ǁŚĞƌĞ ƚŚĞ ĐĂůůĞƌ ƌĞĐĞŝǀĞƐ Ă ďƵƐLJ ƐŝŐŶĂů͕ ĐĂůůƐ ƐĞŶƚ ƚŽ ǀŽŝĐĞŵĂŝů͕ ĂŶĚ ĐĂůůƐ ŚĂŶĚůĞĚ ďLJ ƚŚĞ sZ^ ƚŚĂƚ ĂƌĞ ŶŽƚ ĚŝƌĞĐƚĞĚ ƚŽ Ă ĐĂůů ĐĞŶƚĞƌ ĂŐĞŶƚ͘ dŚŝƐ ŵƵƐƚ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ĐĂůů ĐĞŶƚĞƌ ƌĞƉŽƌƚƐ͘ WĂŐĞ ϴ ŽĨ ϭϰϰ Ŷ͘ ĂůůƐ ^ŚŽƌƚ ďĂŶĚŽŶĞĚ͗ dŚĞ ŶƵŵďĞƌ ŽĨ ŝŶďŽƵŶĚ ĐĂůůƐ ŽĨĨĞƌĞĚ ďƵƚ ƚŚĂƚ ĂƌĞ ĚŝƐĐŽŶŶĞĐƚĞĚ ďLJ ƚŚĞ ĐĂůůĞƌ ǁŝƚŚŝŶ ƚŚƌĞĞ ;ϯͿ ƐĞĐŽŶĚƐ ĂŶĚ ĂƌĞ ŶĞŝƚŚĞƌ Ă Ăůů ,ĂŶĚůĞĚ ŶŽƌ Ă ƐĞůĨͲƐĞƌǀŝĐĞ ĐĂůů͘ dŚŝƐ ŵƵƐƚ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ĐĂůů ĐĞŶƚĞƌ ƌĞƉŽƌƚƐ͘ Ž͘ Wͬ ͗ ŽŵŵƵŶŝƚLJ ůƚĞƌŶĂƚŝǀĞƐ WƌŽŐƌĂŵ ĨŽƌ ŚŝůĚƌĞŶ͘ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ϭϵϭϱ;ĐͿ ǁĂŝǀĞƌ ƉƌŽŐƌĂŵ ƚŚĂƚ ƉƌŽǀŝĚĞƐ ŚŽŵĞͲ ĂŶĚ ĐŽŵŵƵŶŝƚLJͲďĂƐĞĚ ƐĞƌǀŝĐĞƐ ƚŽ ŵĞĚŝĐĂůůLJ ĨƌĂŐŝůĞ ĐŚŝůĚƌĞŶ ǁŚŽ ĂƌĞ Ăƚ ƌŝƐŬ ĨŽƌ ŝŶƐƚŝƚƵƚŝŽŶĂůŝnjĂƚŝŽŶ ŝŶ Ă ŶƵƌƐŝŶŐ ŚŽŵĞ ďĞĐĂƵƐĞ ŽĨ ƚŚĞŝƌ ŵĞĚŝĐĂů ŶĞĞĚƐ͘ Ɖ͘ Wͬ ͗ ŽŵŵƵŶŝƚLJ ůƚĞƌŶĂƚŝǀĞƐ WƌŽŐƌĂŵ ĨŽƌ ŝƐĂďůĞĚ ĚƵůƚƐ͘ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ϭϵϭϱ;ĐͿ ǁĂŝǀĞƌ ƉƌŽŐƌĂŵ ƚŚĂƚ ĂůůŽǁƐ ƐĞŶŝŽƌƐ ĂŶĚ ĚŝƐĂďůĞĚ ĂĚƵůƚƐ ĂŐĞƐ ĞŝŐŚƚĞĞŶ ;ϭϴͿ ĂŶĚ ŽůĚĞƌ ƚŽ ƌĞĐĞŝǀĞ ƐƵƉƉŽƌƚ ƐĞƌǀŝĐĞƐ ŝŶ ƚŚĞŝƌ ŽǁŶ ŚŽŵĞ͕ ĂƐ ĂŶ ĂůƚĞƌŶĂƚŝǀĞ ƚŽ ŶƵƌƐŝŶŐ ŚŽŵĞ ƉůĂĐĞŵĞŶƚ͘ Ƌ͘ ĂƌŽůŝŶĂ ĂƌĞƐ͗ ŚĞĂůƚŚ ĐĂƌĞ ƉƌŽŐƌĂŵ ĚĞƐĐƌŝďĞĚ ŝŶ ƉĞŶĚŝŶŐ EŽƌƚŚ ĂƌŽůŝŶĂ ,ŽƵƐĞ ŝůů ϲϲϮ ;ϮϬϭϳͲϮϬϭϴ >ĞŐŝƐůĂƚŝǀĞ ^ĞƐƐŝŽŶͿ ŝŶƚĞŶĚĞĚ ƚŽ ĂĚĚƌĞƐƐ ƚŚĞ ŶĞĞĚƐ ŽĨ ĐŝƚŝnjĞŶƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ĐŽŵŵŝƚƚĞĚ ƚŽ Ă ŚĞĂůƚŚLJ ůŝĨĞƐƚLJůĞ ǁŚŽ ĂƌĞ ŝŶĞůŝŐŝďůĞ ĨŽƌ DĞĚŝĐĂŝĚ ĚƵĞ ƚŽ ƚŚĞŝƌ ŝŶĐŽŵĞ ůĞǀĞůƐ ďƵƚ ǁŚŽ ĂƌĞ ŽƚŚĞƌǁŝƐĞ ƵŶĂďůĞ ƚŽ ĂĨĨŽƌĚ ŚĞĂůƚŚ ŝŶƐƵƌĂŶĐĞ͘ ƌ͘ ŚŽŝĐĞ ŽƵŶƐĞůŝŶŐ͗ dŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ƐĞƌǀŝĐĞƐ ĚĞƐŝŐŶĞĚ ƚŽ ĂƐƐŝƐƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶ ŵĂŬŝŶŐ W,W ĞŶƌŽůůŵĞŶƚ ĚĞĐŝƐŝŽŶƐ͘ /ƚ ŝŶĐůƵĚĞƐ ĂŶƐǁĞƌŝŶŐ ƋƵĞƐƚŝŽŶƐ ĂŶĚ ŝĚĞŶƚŝĨLJŝŶŐ ĨĂĐƚŽƌƐ ƚŽ ĐŽŶƐŝĚĞƌ ǁŚĞŶ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂƌĞ ĐŚŽŽƐŝŶŐ ĂŵŽŶŐ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉůĂŶƐ ĂŶĚ ƉƌŝŵĂƌLJ ĐĂƌĞͬĂĚǀĂŶĐĞĚ ŵĞĚŝĐĂů ŚŽŵĞ ƉƌŽǀŝĚĞƌƐ͘ ŚŽŝĐĞ ŽƵŶƐĞůŝŶŐ ĚŽĞƐ ŶŽƚ ŝŶĐůƵĚĞ ŵĂŬŝŶŐ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ĨŽƌ Žƌ ĂŐĂŝŶƐƚ ĞŶƌŽůůŵĞŶƚ ŝŶƚŽ Ă ƐƉĞĐŝĨŝĐ W,W͘ Ɛ͘ ůĂƌŝĨŝĐĂƚŝŽŶ͗ /Ŷ ƚŚĞ ĐŽŶƚĞdžƚ ŽĨ ƚŚĞ ƉƌŽĐƵƌĞŵĞŶƚ ŽĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐŽŶƚƌĂĐƚ͕ Ă ǁƌŝƚƚĞŶ ƌĞƐƉŽŶƐĞ ĨƌŽŵ ĂŶ KĨĨĞƌŽƌ ƚŚĂƚ ƉƌŽǀŝĚĞƐ ĂŶ ĂŶƐǁĞƌ Žƌ ĞdžƉůĂŶĂƚŝŽŶ ƚŽ Ă ƋƵĞƐƚŝŽŶ ƉŽƐƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂďŽƵƚ ƚŚĂƚ KĨĨĞƌŽƌ͛Ɛ ƉƌŽƉŽƐĂů͘ ůĂƌŝĨŝĐĂƚŝŽŶƐ ĂƌĞ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶƚŽ ƚŚĞ KĨĨĞƌŽƌ͛Ɛ ƉƌŽƉŽƐĂů ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ ƌĞƐƉŽŶƐĞ͘ ƚ͘ D^͗ dŚĞ ĨĞĚĞƌĂů ĞŶƚĞƌƐ ĨŽƌ DĞĚŝĐĂƌĞ Θ DĞĚŝĐĂŝĚ ^ĞƌǀŝĐĞƐ͘ dŚĞ ĨĞĚĞƌĂů ĂŐĞŶĐLJ ǁŝƚŚŝŶ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ ĞƉĂƌƚŵĞŶƚ ŽĨ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ƚŚĂƚ ĂĚŵŝŶŝƐƚĞƌƐ ƚŚĞ DĞĚŝĐĂƌĞ ƉƌŽŐƌĂŵ ĂŶĚ ǁŽƌŬƐ ŝŶ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ƐƚĂƚĞ ŐŽǀĞƌŶŵĞŶƚƐ ƚŽ ĂĚŵŝŶŝƐƚĞƌ DĞĚŝĐĂŝĚ͕ ŚŝůĚƌĞŶ͛Ɛ ,ĞĂůƚŚ /ŶƐƵƌĂŶĐĞ WƌŽŐƌĂŵ ; ,/WͿ͕ ĂŶĚ ŚĞĂůƚŚ ŝŶƐƵƌĂŶĐĞ ƉŽƌƚĂďŝůŝƚLJ ƐƚĂŶĚĂƌĚƐ͘ Ƶ͘ ŽŶƚƌĂĐƚ ĨĨĞĐƚŝǀĞ ĂƚĞ͗ dŚĞ ĚĂƚĞ ƚŚĞ ŽŶƚƌĂĐƚ ŝƐ ĨƵůůLJ ĞdžĞĐƵƚĞĚ ďLJ ƚŚĞ WĂƌƚŝĞƐ͘ ǀ͘ ŽŶƚƌĂĐƚŽƌ͗ dŚĞ KĨĨĞƌŽƌ ĂǁĂƌĚĞĚ ƚŚĞ ŽŶƚƌĂĐƚ ƚŽ ďĞ E DĞĚŝĐĂŝĚ͛Ɛ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĂŶĚ ƉĞƌĨŽƌŵ ƚŚĞ ƐĞƌǀŝĐĞƐ ĂŶĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ĚĞĨŝŶĞĚ ŚĞƌĞŝŶ͘ ǁ͘ W͗ ŽŵŵĞƌĐŝĂů WůĂŶ͘ ƚLJƉĞ ŽĨ ƉƌĞƉĂŝĚ ŚĞĂůƚŚ ƉůĂŶ ĚĞĨŝŶĞĚ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ ^ĞƐƐŝŽŶ >Ăǁ ϮϬϭϱͲϮϰϱ ĂƐ ĂŶLJ ƉĞƌƐŽŶ͕ ĞŶƚŝƚLJ͕ Žƌ ŽƌŐĂŶŝnjĂƚŝŽŶ͕ ƉƌŽĨŝƚ Žƌ ŶŽŶƉƌŽĨŝƚ͕ ƚŚĂƚ ƵŶĚĞƌƚĂŬĞƐ ƚŽ ƉƌŽǀŝĚĞ Žƌ ĂƌƌĂŶŐĞ ĨŽƌ ƚŚĞ ĚĞůŝǀĞƌLJ ŽĨ ŚĞĂůƚŚ ĐĂƌĞ ƐĞƌǀŝĐĞƐ ƚŽ ŵĞŵďĞƌƐ ŽŶ Ă ƉƌĞƉĂŝĚ ďĂƐŝƐ ĞdžĐĞƉƚ ĨŽƌ ĞŶƌŽůůĞĞ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĨŽƌ ĐŽƉĂLJŵĞŶƚƐ ĂŶĚ ĚĞĚƵĐƚŝďůĞƐ͕ ĂŶĚ ŚŽůĚƐ Ă W,W ůŝĐĞŶƐĞ ŝƐƐƵĞĚ ďLJ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ /ŶƐƵƌĂŶĐĞ͘ dž͘ ƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ͗ ZĞĨĞƌƐ ƚŽ ĐƵƌƌĞŶƚ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ŵĞŵďĞƌƐ ƚŚĂƚ ĂƌĞ ĞŶƌŽůůĞĚ ŝŶ ƚŚĞ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ƉƌŽŐƌĂŵ ƚŚĂƚ ǁŝůů ƚƌĂŶƐŝƚŝŽŶ ƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ ďĞŐŝŶŶŝŶŐ ŝŶ ƚŚĞ LJĞĂƌ ϮϬϭϵ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƚƌĂŶƐŝƚŝŽŶ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϭ͘ϱ ŵŝůůŝŽŶ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĨƌŽŵ ƚŚĞ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ƉƌŽŐƌĂŵ ŽŶ :ƵŶĞ ϯϬ͕ ϮϬϭϵ ƚŽ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ŽŶ ƚŚĞ W,W ĞĨĨĞĐƚŝǀĞ ĚĂƚĞ ŽĨ :ƵůLJ ϭ͕ ϮϬϭϵ ;Žƌ WĂŐĞ ϵ ŽĨ ϭϰϰ Ă ĚĂƚĞ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚͿ͘ϯ dŚŽƐĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚƌĂŶƐŝƚŝŽŶĞĚ ƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ ŽŶ ƚŚĂƚ ĚĂƚĞ ĂƌĞ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ƚŚĞ ͞ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ͘͟ LJ͘ ƵůƚƵƌĂů ŽŵƉĞƚĞŶĐLJ͗ dŚĞ ĂďŝůŝƚLJ ƚŽ ƵŶĚĞƌƐƚĂŶĚ͕ ĂƉƉƌĞĐŝĂƚĞ ĂŶĚ ŝŶƚĞƌĂĐƚ ĞĨĨĞĐƚŝǀĞůLJ ǁŝƚŚ ƉĞŽƉůĞ ŽĨ ĚŝĨĨĞƌĞŶƚ ĐƵůƚƵƌĞƐ ĂŶĚͬŽƌ ďĞůŝĞĨƐ ƚŽ ĞŶƐƵƌĞ ƚŚĞ ŶĞĞĚƐ ŽĨ ƚŚĞ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞ ŵĞƚ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ŝŶƚĞƌĂĐƚ ĞĨĨĞĐƚŝǀĞůLJ ǁŝƚŚ ƉĞŽƉůĞ ŽĨ ĚŝĨĨĞƌĞŶƚ ĐƵůƚƵƌĞƐ ŚĞůƉƐ ƚŽ ĞŶƐƵƌĞ ƚŚĞ ŶĞĞĚƐ ŽĨ Ăůů ĐŽŵŵƵŶŝƚLJ ŵĞŵďĞƌƐ ĂƌĞ ĂĚĚƌĞƐƐĞĚ͘ /ƚ ĂůƐŽ ƌĞĨĞƌƐ ƚŽ ƐƵĐŚ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ ĂƐ ĂŐĞ͕ ŐĞŶĚĞƌ͕ ƐĞdžƵĂů ŽƌŝĞŶƚĂƚŝŽŶ͕ ĚŝƐĂďŝůŝƚLJ͕ ƌĞůŝŐŝŽŶ͕ ŝŶĐŽŵĞ ůĞǀĞů͕ ĞĚƵĐĂƚŝŽŶ͕ ŐĞŽŐƌĂƉŚŝĐĂů ůŽĐĂƚŝŽŶ͕ Žƌ ƉƌŽĨĞƐƐŝŽŶ͘ ƵůƚƵƌĂů ĐŽŵƉĞƚĞŶĐLJ ŵĞĂŶƐ ƚŽ ďĞ ƌĞƐƉĞĐƚĨƵů ĂŶĚ ƌĞƐƉŽŶƐŝǀĞ ƚŽ ƚŚĞ ŚĞĂůƚŚ ďĞůŝĞĨƐ ĂŶĚ ƉƌĂĐƚŝĐĞƐ ĂŶĚ ĐƵůƚƵƌĂů ĂŶĚ ůŝŶŐƵŝƐƚŝĐ ŶĞĞĚƐ ŽĨ ĚŝǀĞƌƐĞ ƉŽƉƵůĂƚŝŽŶƐ ŐƌŽƵƉƐ͘ nj͘ sK͗ ƌĞĚĞŶƚŝĂůŝŶŐ sĞƌŝĨŝĐĂƚŝŽŶ KƌŐĂŶŝnjĂƚŝŽŶ͘ ĂĂ͘ ĞƉĂƌƚŵĞŶƚ Žƌ ,,^͗ dŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ͕ ǁŚŝĐŚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŵĂŶĂŐŝŶŐ ƚŚĞ ĚĞůŝǀĞƌLJ ŽĨ ŚĞĂůƚŚ ĂŶĚ ŚƵŵĂŶ ƌĞůĂƚĞĚ ƐĞƌǀŝĐĞƐ ĨŽƌ Ăůů EŽƌƚŚ ĂƌŽůŝŶŝĂŶƐ͕ ĞƐƉĞĐŝĂůůLJ ŝƚƐ ŵŽƐƚ ǀƵůŶĞƌĂďůĞ ĐŝƚŝnjĞŶƐ͕ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ ĐŚŝůĚƌĞŶ͕ ĞůĚĞƌůLJ͕ ƉĞŽƉůĞ ǁŝƚŚ ĚŝƐĂďŝůŝƚŝĞƐ ĂŶĚ ůŽǁͲŝŶĐŽŵĞ ĨĂŵŝůŝĞƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŽƌŬƐ ĐůŽƐĞůLJ ǁŝƚŚ ŚĞĂůƚŚ ĐĂƌĞ ƉƌŽĨĞƐƐŝŽŶĂůƐ͕ ĐŽŵŵƵŶŝƚLJ ůĞĂĚĞƌƐ ĂŶĚ ĂĚǀŽĐĂĐLJ ŐƌŽƵƉƐ͕ /͕ ůŽĐĂů͕ ƐƚĂƚĞ͕ ĂŶĚ ĨĞĚĞƌĂů ĞŶƚŝƚŝĞƐ͖ ĂŶĚ ŵĂŶLJ ŽƚŚĞƌ ƐƚĂŬĞŚŽůĚĞƌƐ͘ ďď͘ , ͗ ŝǀŝƐŝŽŶ ŽĨ ,ĞĂůƚŚ ĞŶĞĨŝƚƐ͘ dŚĞ ĚŝǀŝƐŝŽŶ ǁŝƚŚŝŶ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŝŵƉůĞŵĞŶƚŝŶŐ DĞĚŝĐĂŝĚ ƚƌĂŶƐĨŽƌŵĂƚŝŽŶ ĂŶĚ ĂĚŵŝŶŝƐƚĞƌŝŶŐ ƚŚĞ ƚƌĂŶƐĨŽƌŵĞĚ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵƐ ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ ^ĞƐƐŝŽŶ >Ăǁ ϮϬϭϱͲϮϰϱ͕ ĂƐ ĂŵĞŶĚĞĚ͘ ĐĐ͘ D ͗ ŝǀŝƐŝŽŶ ŽĨ DĞĚŝĐĂů ƐƐŝƐƚĂŶĐĞ͘ dŚĞ ĚŝǀŝƐŝŽŶ ǁŝƚŚŝŶ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĐƵƌƌĞŶƚůLJ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŵĂŶĂŐŝŶŐ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵƐ͘ ĚĚ͘ D,ͬ ͬ^ ^͗ ŝǀŝƐŝŽŶ ŽĨ DĞŶƚĂů ,ĞĂůƚŚ͕ ĞǀĞůŽƉŵĞŶƚĂů ŝƐĂďŝůŝƚŝĞƐ͕ ĂŶĚ ^ƵďƐƚĂŶĐĞ ďƵƐĞ ^ĞƌǀŝĐĞƐ͘ dŚĞ ĚŝǀŝƐŝŽŶ ƚŚĂƚ ƉƌŽǀŝĚĞƐ ƋƵĂůŝƚLJ ƐƵƉƉŽƌƚ ƚŽ ĂĐŚŝĞǀĞ ƐĞůĨͲ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ĨŽƌ ŝŶĚŝǀŝĚƵĂůƐ ǁŝƚŚ ŝŶƚĞůůĞĐƚƵĂů ĂŶĚͬŽƌ ĚĞǀĞůŽƉŵĞŶƚĂů ĚŝƐĂďŝůŝƚŝĞƐ͕ ĂŶĚ ƋƵĂůŝƚLJ ƐĞƌǀŝĐĞƐ ƚŽ ƉƌŽŵŽƚĞ ƚƌĞĂƚŵĞŶƚ ĂŶĚ ƌĞĐŽǀĞƌLJ ĨŽƌ ŝŶĚŝǀŝĚƵĂůƐ ǁŝƚŚ ďĞŚĂǀŝŽƌĂů Žƌ ƐƵďƐƚĂŶĐĞ ƵƐĞ ĚŝƐŽƌĚĞƌƐ͘ ĞĞ͘ ^^͗ ĞƉĂƌƚŵĞŶƚ ŽĨ ^ŽĐŝĂů ^ĞƌǀŝĐĞƐ͘ dŚĞƐĞ ĂƌĞ ƚŚĞ ĨĞĚĞƌĂůůLJ ŵĂŶĚĂƚĞĚ ĐŽƵŶƚLJ ĂĚŵŝŶŝƐƚĞƌĞĚ ƐŽĐŝĂů ƐĞƌǀŝĐĞ ƐLJƐƚĞŵƐ ƚŚĂƚ ƉƌŽǀŝĚĞ Ă ƌĂŶŐĞ ŽĨ ĚŝƌĞĐƚ ƐĞƌǀŝĐĞƐ ĂĚĚƌĞƐƐŝŶŐ ƉŽǀĞƌƚLJ͕ ĨĂŵŝůLJ ǀŝŽůĞŶĐĞ ĂŶĚ ĞdžƉůŽŝƚĂƚŝŽŶ͘ dŚĞƌĞ ĂƌĞ ϭϬϬ ĐŽƵŶƚLJ ^^ ŽĨĨŝĐĞƐ ŝŶ E ͘ ĨĨ͘ ͗ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͘ Ŷ ŝŶĚŝǀŝĚƵĂů Žƌ ĞŶƚŝƚLJ ƚŚĂƚ ƉĞƌĨŽƌŵƐ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ Žƌ ĞŶƌŽůůŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĞŶƌŽůůŝŶŐ ŝŶ ƉƌĞƉĂŝĚ ŚĞĂůƚŚ ƉůĂŶƐ͘ ŐŐ͘ / WƵďůŝĐ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ;W,,^Ϳ͗ dŚĞ ŽĨĨŝĐĞ ŽĨ ƚŚĞ džĞĐƵƚŝǀĞ ƌĂŶĐŚ ŽĨ dƌŝďĂů 'ŽǀĞƌŶŵĞŶƚ ĚĞůĞŐĂƚĞĚ ƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĨŽƌ ƉůĂŶŶŝŶŐ ĂŶĚ ŽƉĞƌĂƚŝŽŶƐ ŽĨ ƐŽĐŝĂů ƐĞƌǀŝĐĞƐ ĂŶĚ ƉƵďůŝĐ ŚĞĂůƚŚ ƐĞƌǀŝĐĞƐ ĨŽƌ / ŵĞŵďĞƌƐ ůŝǀŝŶŐ ŽŶ ĂŶĚ ŽĨĨ ƚƌƵƐƚ ůĂŶĚƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ĚŝƌĞĐƚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŽĨ ĚĞǀĞůŽƉŝŶŐ ƉŽůŝĐLJ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ͕ ƚŚŝƐ KĨĨŝĐĞ ĂůƐŽ ŚĂŶĚůĞƐ Ăůů ĚĂLJ ƚŽ ĚĂLJ ŽƉĞƌĂƚŝŽŶƐ ŽĨ ƚŚĞ Ϯϰ ƉƌŽŐƌĂŵƐ ǁŝƚŚŝŶ ƚŚĞ ŝǀŝƐŝŽŶ͘ dŚĞƐĞ ŽĨĨŝĐĞƐ ŝŶĐůƵĚĞ ĞůŝŐŝďŝůŝƚLJ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ĂŶĚ ĂƐƐŝƐƚĂŶĐĞ ϯ WĞŶĚŝŶŐ ƚŚĞ ĂƉƉƌŽǀĂů ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ĂŵĞŶĚĞĚ ϭϭϭϱ ǁĂŝǀĞƌ ĂƉƉůŝĐĂƚŝŽŶ͘ WĂŐĞ ϭϬ ŽĨ ϭϰϰ ĨŽƌ ĨĞĚĞƌĂů͕ ƐƚĂƚĞ ĂŶĚ ƚƌŝďĂů ƐŽĐŝĂů ƐĞƌǀŝĐĞ ƉƌŽŐƌĂŵƐ͕ ĐŚŝůĚ ĐĂƌĞ͕ ƐĞŶŝŽƌ ƐĞƌǀŝĐĞƐ͕ ǀĞƚĞƌĂŶƐ͛ ƐĞƌǀŝĐĞƐ͕ ĚŽŵĞƐƚŝĐ ǀŝŽůĞŶĐĞ ƐĞƌǀŝĐĞƐ͕ ũƵǀĞŶŝůĞ ũƵƐƚŝĐĞ ƐĞƌǀŝĐĞƐ͕ ǁŽŵĞŶ͛Ɛ ǁĞůůŶĞƐƐ͕ ŚŽŵĞ ŚĞĂůƚŚ ĂŶĚ ƉƵďůŝĐ ŚĞĂůƚŚ͘ ŚŚ͘ ůŝŐŝďŝůŝƚLJ͗ ƐĞƌŝĞƐ ŽĨ ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŚĂƚ ĚĞƚĞƌŵŝŶĞ ǁŚĞƚŚĞƌ ĂŶ ŝŶĚŝǀŝĚƵĂů ŝƐ ĞůŝŐŝďůĞ ĨŽƌ DĞĚŝĐĂŝĚ ďĞŶĞĨŝƚƐ͘ ŝŝ͘ ŵƉůŽLJŵĞŶƚ ^ƵƉƉŽƌƚƐ WƌŽǀŝĚĞƌ͗ >d^^ ƉƌŽǀŝĚĞƌ ƚŚĂƚ ĚĞůŝǀĞƌƐ ƐĞƌǀŝĐĞƐ ĨŽƌ ŝŶĚŝǀŝĚƵĂůƐ ǁŝƚŚ /ͬ ƚŚĂƚ ŚĞůƉ ƚŚŽƐĞ ŝŶĚŝǀŝĚƵĂůƐ ĨŝŶĚ ĂŶĚ ŵĂŝŶƚĂŝŶ Ă ũŽď ĂƐ ĚĞĨŝŶĞĚ ĂƐ ƐƵƉƉŽƌƚĞĚ ĞŵƉůŽLJŵĞŶƚ ƵŶĚĞƌ ƚŚĞ ϭϵϭϱ;ďͿ;ϯͿ͕ /ŶŶŽǀĂƚŝŽŶƐ ǁĂŝǀĞƌ͕ ĂŶĚ ƐƚĂƚĞ ĨƵŶĚĞĚ , ĂŶĚ /ͬ ƐĞƌǀŝĐĞƐ͘ ũũ͘ ŶƌŽůůŵĞŶƚ͗ dŚĞ ƉƌŽĐĞƐƐ ƚŚƌŽƵŐŚ ǁŚŝĐŚ Ă ďĞŶĞĨŝĐŝĂƌLJ ƐĞůĞĐƚƐ Žƌ ŝƐ ĂƵƚŽͲĂƐƐŝŐŶĞĚ ƚŽ Ă W,W ƚŽ ƌĞĐĞŝǀĞ DĞĚŝĐĂŝĚ ďĞŶĞĨŝƚƐ ƚŚƌŽƵŐŚ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͘ ŬŬ͘ ĞW ^^͕ ŝƚŝnjĞŶ WŽƌƚĂů͗ ĞW ^^ ŝƐ ƚŚĞ ^ƚĂƚĞ͛Ɛ ĐŝƚŝnjĞŶ ƐĞůĨͲƐĞƌǀŝĐĞ ƉŽƌƚĂů ƚŚĂƚ ƉƌŽǀŝĚĞƐ ĂĐĐĞƐƐ ƚŽ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ^ƚĂƚĞ ƉƌŽŐƌĂŵƐ͘ dŚĞ ƉŽƌƚĂů ŝŶĐůƵĚĞƐ ŽŶůŝŶĞ ƐĐƌĞĞŶŝŶŐ ĂŶĚ ĂƉƉůŝĐĂƚŝŽŶƐ ĨŽƌ &ŽŽĚ ĂŶĚ EƵƚƌŝƚŝŽŶ ^ĞƌǀŝĐĞƐ ;ĨŽƌŵĞƌůLJ &ŽŽĚ ^ƚĂŵƉƐͿ ĂƐ ǁĞůů ĂƐ DĞĚŝĐĂů ƐƐŝƐƚĂŶĐĞ ;DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ Žƌ ,/WͿ͘ ĞW ^^ ĂůƐŽ ŚŽƐƚƐ ƚŚĞ ƐĞĐƵƌĞ ŝŶďŽdž ĨŽƌ ƌĞĐŝƉŝĞŶƚƐ͘ dŚĞ ^ƚĂƚĞ ŵĂLJ ƌĞďƌĂŶĚ ĞW ^^ ĂƐ ƉĂƌƚ ŽĨ DĞĚŝĐĂŝĚ dƌĂŶƐĨŽƌŵĂƚŝŽŶ͕ ŚŽǁĞǀĞƌ Ăůů ƌĞĨĞƌĞŶĐĞƐ ĂŶĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ƌĞůĂƚĞĚ ƚŽ ĞW ^^ ŵƵƐƚ ƌĞŵĂŝŶ͘ ůů͘ ^ ͗ ŶƚĞƌƉƌŝƐĞ ^ĞƌǀŝĐĞ ƵƐ͘ dŚĞ ƉƌŝŵĂƌLJ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ŵĞĐŚĂŶŝƐŵ ĨŽƌ E & ^d ĂŶĚ ƚŚĞ DĞĚŝĐĂŝĚ dƌĂŶƐĨŽƌŵĂƚŝŽŶ ƉƌŽŐƌĂŵ͘ dŚĞ ^ ŝƐ Ă ƐĞƌǀŝĐĞͲŽƌŝĞŶƚĞĚ ƉůĂƚĨŽƌŵ ƚŚĂƚ ůĞǀĞƌĂŐĞƐ E/ D ƐƚĂŶĚĂƌĚƐ͘ /ƚ ĂůƐŽ ŽƌĐŚĞƐƚƌĂƚĞƐ ůĂƌŐĞ ĨŝůĞ ƚƌĂŶƐĨĞƌƐ ƵƐŝŶŐ &ŝůĞ dƌĂŶƐĨĞƌ ĚŝƚŝŽŶ ;&d Ϳ͘ ŵŵ͘ &ĂŵŝůLJ DĞŵďĞƌ͗ ŶLJ ŚŽƵƐĞŚŽůĚ ŵĞŵďĞƌ ǁŚŽ ŝƐ ŽŶ DĞĚŝĐĂŝĚͬE , ĂŶĚ ŝŶĐůƵĚĞĚ ŝŶ DĂŶĂŐĞĚ ĂƌĞ͘ ŶŶ͘ &&^͗ &ĞĞͲĨŽƌͲ^ĞƌǀŝĐĞ͘ ƉĂLJŵĞŶƚ ŵŽĚĞů ŝŶ ǁŚŝĐŚ ƉƌŽǀŝĚĞƌƐ ĂƌĞ ƉĂŝĚ ĨŽƌ ĞĂĐŚ ƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞĚ͘ ŽŽ͘ &ŽƐƚĞƌ ĂƌĞ͗ DĞĂŶƐ͕ ĂƐ ĚĞĨŝŶĞĚ ŝŶ '͘^͘ Α ϭϯϭͲ ͲϭϬ͘Ϯ;ϵͿ͕ ͞ƚŚĞ ĐŽŶƚŝŶƵŝŶŐ ƉƌŽǀŝƐŝŽŶ ŽĨ ƚŚĞ ĞƐƐĞŶƚŝĂůƐ ŽĨ ĚĂŝůLJ ůŝǀŝŶŐ ŽŶ Ă ƚǁĞŶƚLJͲĨŽƵƌ ;ϮϰͿ ŚŽƵƌƐ ďĂƐŝƐ ĨŽƌ ĚĞƉĞŶĚĞŶƚ͕ ŶĞŐůĞĐƚĞĚ͕ ĂďƵƐĞĚ͕ ĂďĂŶĚŽŶĞĚ͕ ĚĞƐƚŝƚƵƚĞ͕ ŽƌƉŚĂŶĞĚ͕ ƵŶĚŝƐĐŝƉůŝŶĞĚ Žƌ ĚĞůŝŶƋƵĞŶƚ ĐŚŝůĚƌĞŶ Žƌ ŽƚŚĞƌ ĐŚŝůĚƌĞŶ ǁŚŽ͕ ĚƵĞ ƚŽ ƐŝŵŝůĂƌ ƉƌŽďůĞŵƐ ŽĨ ďĞŚĂǀŝŽƌ Žƌ ĨĂŵŝůLJ ĐŽŶĚŝƚŝŽŶƐ͕ ĂƌĞ ůŝǀŝŶŐ ĂƉĂƌƚ ĨƌŽŵ ƚŚĞŝƌ ƉĂƌĞŶƚƐ͕ ƌĞůĂƚŝǀĞƐ͕ Žƌ ŐƵĂƌĚŝĂŶƐ ŝŶ Ă ĨĂŵŝůLJ ĨŽƐƚĞƌ ŚŽŵĞ Žƌ ƌĞƐŝĚĞŶƚŝĂů ĐŚŝůĚͲĐĂƌĞ ĨĂĐŝůŝƚLJ͘ dŚĞ ĞƐƐĞŶƚŝĂůƐ ŽĨ ĚĂŝůLJ ůŝǀŝŶŐ ŝŶĐůƵĚĞ ďƵƚ ĂƌĞ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ ƐŚĞůƚĞƌ͕ ŵĞĂůƐ͕ ĐůŽƚŚŝŶŐ͕ ĞĚƵĐĂƚŝŽŶ͕ ƌĞĐƌĞĂƚŝŽŶ͕ ĂŶĚ ŝŶĚŝǀŝĚƵĂů ĂƚƚĞŶƚŝŽŶ ĂŶĚ ƐƵƉĞƌǀŝƐŝŽŶ͘͟ &Žƌ ƉƵƌƉŽƐĞƐ ŽĨ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ͕ ĨŽƐƚĞƌ ĐĂƌĞ ĂůƐŽ ŝŶĐůƵĚĞƐ ĐŚŝůĚƌĞŶ ŝŶ ĂĚŽƉƚŝǀĞ ƉůĂĐĞŵĞŶƚ ĂŶĚ ĨŽƌŵĞƌ ĨŽƐƚĞƌ ĐŚŝůĚƌĞŶ ƵƉ ƚŽ ĂŐĞ ƚǁĞŶƚLJͲƐŝdž ;ϮϲͿ͘ ƉƉ͘ ,ĞĂĚ ŽĨ ,ŽƵƐĞŚŽůĚ ;,K,Ϳ͗ dŚĞ ŚĞĂĚ ŽĨ Ă ŚŽƵƐĞŚŽůĚ ĐŽŶƐŝƐƚŝŶŐ ŽĨ ŽŶĞ Žƌ ŵŽƌĞ W,W ŵĞŵďĞƌƐ͘ dŚĞ ,K, ŝƐ ƚŚĞ ŽŶůLJ ŵĞŵďĞƌ ŝŶ ƚŚĂƚ ŚŽƵƐĞŚŽůĚ ǁŚŽ ĐĂŶ ĐŚŽŽƐĞ Ă >ŽĐĂů DĂŶĂŐĞŵĞŶƚ ŶƚŝƚLJͬDĂŶĂŐĞĚ ĂƌĞ KƌŐĂŶŝnjĂƚŝŽŶ͕ WƌĞƉĂŝĚ ,ĞĂůƚŚ WůĂŶ͕ ĂŶĚ WƌŝŵĂƌLJ ĂƌĞͬ D, WƌŽǀŝĚĞƌ ĨŽƌ Ăůů ŚŽƵƐĞŚŽůĚ ŵĞŵďĞƌƐ͘ ƋƋ͘ ,/W ͗ ,ĞĂůƚŚ /ŶƐƵƌĂŶĐĞ WŽƌƚĂďŝůŝƚLJ ĂŶĚ ĐĐŽƵŶƚĂďŝůŝƚLJ Đƚ ŽĨ ϭϵϵϲ͘ ƌƌ͘ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ͗ ŽŵƉƌĞŚĞŶƐŝǀĞ ƐĐŚĞĚƵůĞ ŽĨ ĞǀĞŶƚƐ͕ ƚĂƐŬƐ͕ ĚĞůŝǀĞƌĂďůĞƐ͕ ĂŶĚ ŵŝůĞƐƚŽŶĞƐ ĚĞǀĞůŽƉĞĚ ĂŶĚ ĞdžĞĐƵƚĞĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƚŽ ĞŶƐƵƌĞ ƐƵĐĐĞƐƐĨƵů WĂŐĞ ϭϭ ŽĨ ϭϰϰ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂŶĚ ůĂƵŶĐŚ ŽĨ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐĞƌǀŝĐĞƐ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ůĂƵŶĐŚ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ DĞĚŝĐĂŝĚ DĂŶĂŐĞĚ ĂƌĞ ƉƌŽŐƌĂŵ͘ ƐƐ͘ /ŶŶŽǀĂƚŝŽŶƐ ǁĂŝǀĞƌ͗ dŚĞ ϭϵϭϱ ;ĐͿ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ϭϵϭϱ;ďͿͬ;ĐͿ ǁĂŝǀĞƌ ƚŚĂƚ ƐĞƌǀĞƐ ƉĞŽƉůĞ ǁŚŽ ĂƌĞ Ăƚ ƌŝƐŬ ĨŽƌ ŝŶƐƚŝƚƵƚŝŽŶĂů ĐĂƌĞ ŝŶ ĂŶ ŝŶƚĞƌŵĞĚŝĂƚĞ ĐĂƌĞ ĨĂĐŝůŝƚLJ ĨŽƌ ƉĞŽƉůĞ ǁŝƚŚ ŝŶƚĞůůĞĐƚƵĂů ĚŝƐĂďŝůŝƚŝĞƐ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŐŝǀĞƐ ƉĞŽƉůĞ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ůŝǀĞ ŝŶ Ă ĐŽŵŵƵŶŝƚLJ ƐĞƚƚŝŶŐ ŝŶƐƚĞĂĚ ŽĨ ĂŶ ŝŶƐƚŝƚƵƚŝŽŶ Žƌ ŐƌŽƵƉ ŚŽŵĞ͘ ƚƚ͘ /W^͗ dŚĞ ^ƚĂƚĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ /ŶƚĞƌĂĐƚŝǀĞ WƵƌĐŚĂƐŝŶŐ ^LJƐƚĞŵ͘ ƵƵ͘ D ͬD K͗ >ŽĐĂů DĂŶĂŐĞŵĞŶƚ ŶƚŝƚLJͬDĂŶĂŐĞĚ ĂƌĞ KƌŐĂŶŝnjĂƚŝŽŶ͘ ůŽĐĂů ŵĂŶĂŐĞŵĞŶƚ ĞŶƚŝƚLJ ƚŚĂƚ ŝƐ ƉĂŝĚ Ă ĐĂƉŝƚĂƚĞĚ ƌĂƚĞ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ƉƌŽǀŝĚĞ ŵĞŶƚĂů ŚĞĂůƚŚ͕ ĚĞǀĞůŽƉŵĞŶƚĂů ĚŝƐĂďŝůŝƚLJ͕ ĂŶĚ ƐƵďƐƚĂŶĐĞ ƵƐĞ ƐĞƌǀŝĐĞƐ ƚŽ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƉƵƌƐƵĂŶƚ ƚŽ Ă ĐŽŵďŝŶĂƚŝŽŶ ŽĨ Ă ƐĞĐƚŝŽŶ ϭϵϭϱ;ďͿ ĂŶĚ Ă ƐĞĐƚŝŽŶ ϭϵϭϱ;ĐͿ ǁĂŝǀĞƌ͘ &Žƌ ƚŚĞ DĞĚŝĐĂŝĚ ƉŽƉƵůĂƚŝŽŶ͕ ƚŚĞƐĞ ĞŶƚŝƚŝĞƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ƵŶĚĞƌ D^ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƌƵůĞƐ ĂŶĚ ĂƌĞ ŬŶŽǁŶ ĂƐ Ă WƌĞƉĂŝĚ /ŶƉĂƚŝĞŶƚ ,ĞĂůƚŚ WůĂŶƐ ;W/,WͿ͘ >D ͬD KƐ ĂůƐŽ ŵĂŶĂŐĞ ĨĞĚĞƌĂů ďůŽĐŬ ŐƌĂŶƚ͕ ^ƚĂƚĞ͕ ůŽĐĂů ĂŶĚ ĐŽƵŶƚLJ ĨƵŶĚƐ ĨŽƌ ŽƚŚĞƌ ďĞŚĂǀŝŽƌĂů ŚĞĂůƚŚ ƐĞƌǀŝĐĞƐ͘ ǁǁ͘ >ŽĐŬͲŝŶ ƉĞƌŝŽĚ͗ dŚĞ ƉĞƌŝŽĚ ĚƵƌŝŶŐ ǁŚŝĐŚ Ă ŵĞŵďĞƌ ŝƐ ŶŽƚ ĂůůŽǁĞĚ ƚŽ ĐŚĂŶŐĞ ƉůĂŶƐ ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ƵŶƚŝů ŚŝƐ Žƌ ŚĞƌ ƌĞĚĞƚĞƌŵŝŶĂƚŝŽŶ͘ dždž͘ >d^^͗ >ŽŶŐͲdĞƌŵ ^ĞƌǀŝĐĞƐ ĂŶĚ ^ƵƉƉŽƌƚƐ͘ /ŶĐůƵĚĞƐ ŝŶƐƚŝƚƵƚŝŽŶĂů ĐĂƌĞ ĂŶĚ ŚŽŵĞͲ ĂŶĚ ĐŽŵŵƵŶŝƚLJͲ ďĂƐĞĚ ůŽŶŐͲƚĞƌŵ ƐĞƌǀŝĐĞƐ ĂŶĚ ƐƵƉƉŽƌƚƐ ƉƌŽǀŝĚĞĚ ƚŽ ŝŶĚŝǀŝĚƵĂůƐ ǁŝƚŚ ĨƵŶĐƚŝŽŶĂů ůŝŵŝƚĂƚŝŽŶƐ Žƌ ĐŚƌŽŶŝĐ ŝůůŶĞƐƐĞƐ ǁŚŽ ŶĞĞĚ ĂƐƐŝƐƚĂŶĐĞ ƚŽ ƉĞƌĨŽƌŵ ĂĐƚŝǀŝƚŝĞƐ ŽĨ ĚĂŝůLJ ůŝǀŝŶŐ ;Ğ͘Ő͕͘ ĞĂƚŝŶŐ͕ ďĂƚŚŝŶŐ͕ ĚƌĞƐƐŝŶŐͿ͕ ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ŝŶƐƚƌƵŵĞŶƚĂů ĂĐƚŝǀŝƚŝĞƐ ŽĨ ĚĂŝůLJ ůŝǀŝŶŐ ;Ğ͘Ő͕͘ ƉƌĞƉĂƌŝŶŐ ŵĞĂůƐ͕ ŵĂŶĂŐŝŶŐ ŵĞĚŝĐĂƚŝŽŶ͕ ŚŽƵƐĞŬĞĞƉŝŶŐͿ͘ LJLJ͘ DĂdžŝŵƵŵ ďĂŶĚŽŶĞĚ Ăůů͗ dŚĞ ůŽŶŐĞƐƚ ƚŝŵĞ ĂŶ ŝŶďŽƵŶĚ ĐĂůůĞƌ ǁĂŝƚƐ ďĞĨŽƌĞ ĚŝƐĐŽŶŶĞĐƚŝŶŐ ǁŝƚŚŽƵƚ ƌĞĂĐŚŝŶŐ Ă ůŝǀĞ ĐĂůů ĐĞŶƚĞƌ ĂŐĞŶƚ Žƌ ƐĞůĨͲƐĞƌǀŝĐĞ ŽƉƚŝŽŶ͘ dŚŝƐ ŝƐ ŵĞĂƐƵƌĞĚ ŝŶ ƐĞĐŽŶĚƐ͘ dŚŝƐ ŵƵƐƚ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ĐĂůů ĐĞŶƚĞƌ ƌĞƉŽƌƚƐ͘ njnj͘ DĂdžŝŵƵŵ Ăůů ŶƐǁĞƌ dŝŵĞ͗ dŚĞ ůŽŶŐĞƐƚ ƚŝŵĞ ĂŶ ŝŶďŽƵŶĚ ĐĂůůĞƌ ǁĂŝƚƐ ďĞĨŽƌĞ ƌĞĂĐŚŝŶŐ Ă ůŝǀĞ ĐĂůů ĐĞŶƚĞƌ ĂŐĞŶƚ͘ dŚŝƐ ŝƐ ŵĞĂƐƵƌĞĚ ŝŶ ƐĞĐŽŶĚƐ͘ dŚŝƐ ŵƵƐƚ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ĐĂůů ĐĞŶƚĞƌ ƌĞƉŽƌƚƐ͘ ĂĂĂ͘ DĞĚŝĐĂŝĚ͗ dŚĞ ũŽŝŶƚ ĨĞĚĞƌĂůͲƐƚĂƚĞ ŚĞĂůƚŚ ŝŶƐƵƌĂŶĐĞ ƉƌŽŐƌĂŵ ĨŽƌ ůŽǁͲŝŶĐŽŵĞ ŝŶĚŝǀŝĚƵĂůƐ ĂŶĚ ĨĂŵŝůŝĞƐ ǁŚŽ ĐĂŶŶŽƚ ĂĨĨŽƌĚ ŚĞĂůƚŚ ĐĂƌĞ ĐŽƐƚƐ͘ DĞĚŝĐĂŝĚ ƐĞƌǀĞƐ ůŽǁͲ ŝŶĐŽŵĞ ƉĂƌĞŶƚƐ͕ ĐŚŝůĚƌĞŶ͕ ƐĞŶŝŽƌƐ͕ ĂŶĚ ƉĞŽƉůĞ ǁŝƚŚ ĚŝƐĂďŝůŝƚŝĞƐ͘ ďďď͘ DĞĚŝĐĂů ĂƌĞ ĚǀŝƐŽƌLJ ŽŵŵŝƚƚĞĞ ;D Ϳ͗ ĨĞĚĞƌĂůůLJ ƌĞƋƵŝƌĞĚ ĂĚǀŝƐŽƌLJ ŐƌŽƵƉ ĐŽŵƉƌŝƐĞĚ ŽĨ ŐŽǀĞƌŶŽƌͲĂƉƉŽŝŶƚĞĚ ŵĞŵďĞƌƐ ĨƌŽŵ E ͛Ɛ ƚŚŝƌƚĞĞŶ ;ϭϯͿ ƐƚĂƚĞ ĐŽŶŐƌĞƐƐŝŽŶĂů ĚŝƐƚƌŝĐƚƐ ĂŶĚ ƐĞǀĞŶ ;ϳͿ ĂƚͲůĂƌŐĞ ŵĞŵďĞƌƐ ǁŚŝĐŚ ĂĚǀŝƐĞƐ ƚŚĞ ƐƚĂƚĞ DĞĚŝĐĂŝĚ ĂŐĞŶĐLJ ŽŶ ŚĞĂůƚŚ ĂŶĚ ŵĞĚŝĐĂů ĐĂƌĞ ƐĞƌǀŝĐĞƐ͘ ĐĐĐ͘ DĞŵďĞƌƐ͗ ĞŶĞĨŝĐŝĂƌŝĞƐ ƐƉĞĐŝĨŝĐĂůůLJ ĞŶƌŽůůĞĚ ŝŶ ĂŶĚ ƌĞĐĞŝǀŝŶŐ ďĞŶĞĨŝƚƐ ƚŚƌŽƵŐŚ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͘ ĚĚĚ͘ D K͗ DĂŶĂŐĞĚ ĂƌĞ KƌŐĂŶŝnjĂƚŝŽŶ͘ ĞĨŝŶĞĚ ŝŶ ϰϮ ͘&͘Z͘ Α ϰϯϴ͘Ϯ ĂƐ ĂŶ ĞŶƚŝƚLJ ƚŚĂƚ ŚĂƐ͕ Žƌ ŝƐ ƐĞĞŬŝŶŐ ƚŽ ƋƵĂůŝĨLJ ĨŽƌ͕ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƌŝƐŬ ĐŽŶƚƌĂĐƚ ĂŶĚ ŵĞĞƚƐ ƐƉĞĐŝĨŝĞĚ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƐŽůǀĞŶĐLJ ƐƚĂŶĚĂƌĚƐ ŽĨ ϰϮ ͘&͘Z͘ Α ϰϯϴ͘ϭϭϲ͘ ĞĞĞ͘ DD/^͗ dŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ DĞĚŝĐĂŝĚ DĂŶĂŐĞŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ͘ ĨĨĨ͘ E K/͗ dŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ /ŶƐƵƌĂŶĐĞ͘ WĂŐĞ ϭϮ ŽĨ ϭϰϰ ŐŐŐ͘ E & ^d͗ EŽƌƚŚ ĂƌŽůŝŶĂ &ĂŵŝůŝĞƐ ĐĐĞƐƐŝŶŐ ^ĞƌǀŝĐĞƐ ƚŚƌŽƵŐŚ dĞĐŚŶŽůŽŐLJ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ŝŶƚĞŐƌĂƚĞĚ ĐĂƐĞ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ ƚŚĂƚ ƉƌŽǀŝĚĞƐ ĞůŝŐŝďŝůŝƚLJ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĨŽƌ DĞĚŝĐĂŝĚ͕ E ,ĞĂůƚŚ ŚŽŝĐĞ͕ &ŽŽĚ ĂŶĚ EƵƚƌŝƚŝŽŶ ^ĞƌǀŝĐĞƐ͕ tŽƌŬ&ŝƌƐƚ͕ ŚŝůĚ ĂƌĞ͕ ^ƉĞĐŝĂů ƐƐŝƐƚĂŶĐĞ͕ ƌŝƐŝƐ /ŶƚĞƌǀĞŶƚŝŽŶ WƌŽŐƌĂŵ͕ >ŽǁͲ/ŶĐŽŵĞ ŶĞƌŐLJ ƐƐŝƐƚĂŶĐĞ WƌŽŐƌĂŵ͕ ĂŶĚ ZĞĨƵŐĞĞ ƐƐŝƐƚĂŶĐĞ͕ ĂŶĚ ƉƌŽǀŝĚĞƐ ƐĞƌǀŝĐĞƐ ĨŽƌ ŚŝůĚ tĞůĨĂƌĞ ĂŶĚ ŐŝŶŐ ĂŶĚ ĚƵůƚ ^ĞƌǀŝĐĞƐ͘ ŚŚŚ͘ E͘ ͘'͘ ͗͘ EŽƌƚŚ ĂƌŽůŝŶĂ 'ĞŶĞƌĂů ƐƐĞŵďůLJ ŝŝŝ͘ E͘ ͘'͘^͕͘ '͘^͗͘ EŽƌƚŚ ĂƌŽůŝŶĂ 'ĞŶĞƌĂů ^ƚĂƚƵƚĞ͘ ũũũ͘ E / ͗ EŽƌƚŚ ĂƌŽůŝŶĂ /ĚĞŶƚŝĨLJ DĂŶĂŐĞŵĞŶƚ͘ dŚŝƐ ŝƐ ƚŚĞ ^ƚĂƚĞ͛Ɛ ĐĞŶƚƌĂůŝnjĞĚ /ĚĞŶƚŝƚLJ ĂŶĚ ĐĐĞƐƐ DĂŶĂŐĞŵĞŶƚ ^LJƐƚĞŵ͘ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŶĐŝĚ͘ŶĐ͘ŐŽǀ ŬŬŬ͘ E DĞĚŝĂƚŝŽŶ EĞƚǁŽƌŬ͗ ŶĞƚǁŽƌŬ ŽĨ ĐŽŵŵƵŶŝƚLJ ŵĞĚŝĂƚŝŽŶ ĐĞŶƚĞƌƐ ǁŚŝĐŚ ŽĨĨĞƌƐ ĚŝƐƉƵƚĞ ƌĞƐŽůƵƚŝŽŶ ƐĞƌǀŝĐĞƐ ŝŶĐůƵĚŝŶŐ ŵĞĚŝĂƚŝŽŶ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽƐĞ ƐĞƌǀŝĐĞƐ ŚĂǀĞ ĞŝƚŚĞƌ ďĞĞŶ ĚĞŶŝĞĚ Žƌ ƌĞĚƵĐĞĚ ďLJ >D ͲD KƐ͘ ůůů͘ E dƌĂĐŬƐ͗ dŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ŵƵůƚŝͲƉĂLJĞƌ DĞĚŝĐĂŝĚ DĂŶĂŐĞŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ ;DD/^Ϳ͘ dŚĞ ƐLJƐƚĞŵ ĞƐƚĂďůŝƐŚĞƐ Ă ĐĞŶƚƌĂůŝnjĞĚ ƌĞƉŽƐŝƚŽƌLJ ĨŽƌ ƌĞĐŝƉŝĞŶƚ ĂŶĚ ƉƌŽǀŝĚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂĐƌŽƐƐ ƚŚĞ ŝǀŝƐŝŽŶƐ ĐŝƌĐůĞ ŽĨ ƐĞƌǀŝĐĞƐ ĂŶĚ ƉƌŽŐƌĂŵƐ͘ /ƚ ĂůƐŽ ĂĚũƵĚŝĐĂƚĞƐ ĐůĂŝŵƐ ĨŽƌ D ͕ D,ͬ ͬ^ ͕ ŝǀŝƐŝŽŶ ŽĨ WƵďůŝĐ ,ĞĂůƚŚ͕ ĂŶĚ KĨĨŝĐĞ ŽĨ ZƵƌĂů ,ĞĂůƚŚ͘ ŵŵŵ͘ E ,ĞĂůƚŚ ŚŽŝĐĞ͗ dŚĞ ƉƌŽŐƌĂŵ ƚŚĂƚ ĞdžƚĞŶĚƐ ŚĞĂůƚŚ ĐĂƌĞ ĐŽǀĞƌĂŐĞ ƚŽ ĐŚŝůĚƌĞŶ ĂŐĞƐ Ɛŝdž ;ϲͿ ƚŚƌŽƵŐŚ ĞŝŐŚƚĞĞŶ ;ϭϴͿ ǁŚŽƐĞ ĨĂŵŝůLJ ŝŶĐŽŵĞ ĞdžĐĞĞĚƐ DĞĚŝĐĂŝĚ ĨŝŶĂŶĐŝĂů ĞůŝŐŝďŝůŝƚLJ ĐƌŝƚĞƌŝĂ ďƵƚ ŝƐ Ăƚ Žƌ ďĞůŽǁ ƚǁŽͲŚƵŶĚƌĞĚ ƉĞƌĐĞŶƚ ;ϮϬϬйͿ ŽĨ ƚŚĞ ĨĞĚĞƌĂů ƉŽǀĞƌƚLJ ůĞǀĞů͘ dŚĞ ĨĞĚĞƌĂůůLJͲƌĞĐŽŐŶŝnjĞĚ ŶĂŵĞ ĨŽƌ ƚŚŝƐ ƉƌŽŐƌĂŵ ŝƐ ƚŚĞ ŚŝůĚƌĞŶ͛Ɛ ,ĞĂůƚŚ /ŶƐƵƌĂŶĐĞ WƌŽŐƌĂŵ ; ,/WͿ͘ ŶŶŶ͘ E/ D͗ EĂƚŝŽŶĂů /ŶĨŽƌŵĂƚŝŽŶ džĐŚĂŶŐĞ DŽĚĞů͘ ŵŽĚĞů ƚŚĂƚ ĞŶĂďůĞƐ ĞĨĨŝĐŝĞŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ĞdžĐŚĂŶŐĞ ĂĐƌŽƐƐ ĚŝǀĞƌƐĞ ƉƵďůŝĐ ĂŶĚ ƉƌŝǀĂƚĞ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͘ /ƚ ŝƐ ƚŚĞ yD> ĐĂŶŽŶŝĐĂů ŵŽĚĞů ƵƐĞĚ ǁŝƚŚŝŶ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ŶƚĞƌƉƌŝƐĞ ^ĞƌǀŝĐĞ ƵƐ ; ^ Ϳ͘ ŽŽŽ͘ EŽƌƚŚ ĂƌŽůŝŶĂ ^ĞƐƐŝŽŶ >Ăǁ ϮϬϭϱͲϮϰϱ͕ ^ĞƐƐŝŽŶ >Ăǁ ϮϬϭϱͲϮϰϱ ĂƐ ĂŵĞŶĚĞĚ ďLJ ^͘>͘ ϮϬϭϲͲϭϮϭ ĂŶĚ ^͘> ϮϬϭϳͲϱϳ͗ dŚĞ DĞĚŝĐĂŝĚ dƌĂŶƐĨŽƌŵĂƚŝŽŶ ĂŶĚ ZĞŽƌŐĂŶŝnjĂƚŝŽŶ Đƚ ĞŶĂĐƚĞĚ ŽŶ ^ĞƉƚĞŵďĞƌ Ϯϯ͕ ϮϬϭϱ͕ ĂƵƚŚŽƌŝnjŝŶŐ ƚŚĞ ƚƌĂŶƐŝƚŝŽŶ ŽĨ ƚŚĞ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵƐ ƚŽ Ă ŵĂŶĂŐĞĚ ĐĂƌĞ ĚĞůŝǀĞƌLJ ƐLJƐƚĞŵ͘ ƉƉƉ͘ KĨĨĞƌŽƌ͕ sĞŶĚŽƌ͗ ^ƵƉƉůŝĞƌ͕ ďŝĚĚĞƌ͕ ƉƌŽƉŽƐĞƌ͕ Ĩŝƌŵ͕ ĐŽŵƉĂŶLJ͕ ĐŽƌƉŽƌĂƚŝŽŶ͕ ƉĂƌƚŶĞƌƐŚŝƉ͕ ŝŶĚŝǀŝĚƵĂů Žƌ ŽƚŚĞƌ ĞŶƚŝƚLJ ƐƵďŵŝƚƚŝŶŐ ĂŶ ŽĨĨĞƌ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ Z&W͘ ƋƋƋ͘ KŵďƵĚƐŵĂŶ WƌŽŐƌĂŵ͗ ŶĞǁ ĞƉĂƌƚŵĞŶƚ ƉƌŽŐƌĂŵ ƚŽ ďĞ ĞƐƚĂďůŝƐŚĞĚ ƚŽ ƉƌŽǀŝĚĞ ĞĚƵĐĂƚŝŽŶ͕ ĂĚǀŽĐĂĐLJ͕ ĂŶĚ ŝƐƐƵĞ ƌĞƐŽůƵƚŝŽŶ ĨŽƌ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚĞƚŚĞƌ ƚŚĞLJ ĂƌĞ ŝŶ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ Žƌ ƚŚĞ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ƉƌŽŐƌĂŵ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŝƐ ƐĞƉĂƌĂƚĞ ĂŶĚ ĚŝƐƚŝŶĐƚ ĨƌŽŵ ƚŚĞ >ŽŶŐͲdĞƌŵ ĂƌĞ KŵďƵĚƐŵĂŶ WƌŽŐƌĂŵ͘ ƌƌƌ͘ KƉĞŶ ŶƌŽůůŵĞŶƚ WĞƌŝŽĚ͗ ^ŝdžƚLJ ;ϲϬͿ ĚĂLJ ƉĞƌŝŽĚ ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ DĞĚŝĐĂŝĚ DĂŶĂŐĞĚ ĂƌĞ ƉƌŽŐƌĂŵ ĚƵƌŝŶŐ ǁŚŝĐŚ ƚŚĞ ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ ǁŝůů ďĞ ĂďůĞ ƚŽ ĂĐƚŝǀĞůLJ ƐĞůĞĐƚ Ă W,W ǁŝƚŚ ƚŚĞ ƐƵƉƉŽƌƚ ŽĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͘ ƐƐƐ͘ W ͗ WƌŽŐƌĂŵ ŽĨ ůůͲ/ŶĐůƵƐŝǀĞ ĂƌĞ ĨŽƌ ƚŚĞ ůĚĞƌůLJ͘ ĨĞĚĞƌĂů ƉƌŽŐƌĂŵ ƚŚĂƚ ƉƌŽǀŝĚĞƐ Ă ĐĂƉŝƚĂƚĞĚ ďĞŶĞĨŝƚ ĨŽƌ ŝŶĚŝǀŝĚƵĂůƐ ĂŐĞ ĨŝĨƚLJͲĨŝǀĞ ;ϱϱͿ ĂŶĚ ŽůĚĞƌ ǁŚŽ ŵĞĞƚ ŶƵƌƐŝŶŐ ĨĂĐŝůŝƚLJ ůĞǀĞů ŽĨ ĐĂƌĞ͘ W ĨĞĂƚƵƌĞƐ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƐĞƌǀŝĐĞ ĚĞůŝǀĞƌLJ ƐLJƐƚĞŵ ĂŶĚ ŝŶƚĞŐƌĂƚĞĚ DĞĚŝĐĂƌĞ ĂŶĚ DĞĚŝĐĂŝĚ ĨŝŶĂŶĐŝŶŐ͘ WĂŐĞ ϭϯ ŽĨ ϭϰϰ ƚƚƚ͘ W W͗ WƌŝŵĂƌLJ ĂƌĞ WƌŽǀŝĚĞƌ͘ ƉƌŽǀŝĚĞƌ ƚƌĂŝŶĞĚ ƚŽ ŐŝǀĞ ďĂƐŝĐ ĐĂƌĞ ĂŶĚ ƚLJƉŝĐĂůůLJ ƐĞĞŶ ĨŝƌƐƚ ĨŽƌ ŵŽƐƚ ŚĞĂůƚŚ ƉƌŽďůĞŵƐ͘ dŚĞ W W ŵĂŬĞƐ ƐƵƌĞ ƚŚĂƚ ĞĂĐŚ ďĞŶĞĨŝĐŝĂƌLJ ŐĞƚƐ ĐĂƌĞ ŶĞĞĚĞĚ ƚŽ ŬĞĞƉ ƚŚĞŵ ŚĞĂůƚŚLJ͕ ĂŶĚ ŵĂLJ ĐŽŽƌĚŝŶĂƚĞ ƌĞĨĞƌƌĂůƐ ƚŽ ŽƚŚĞƌ ĚŽĐƚŽƌƐ ĂŶĚ ŚĞĂůƚŚ ƉƌŽǀŝĚĞƌƐ ǁŚĞŶ ŶĞĞĚĞĚ͘ ƵƵƵ͘ W,/͗ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ͘ ŶLJ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ŚĞĂůƚŚ ƐƚĂƚƵƐ͕ ƉƌŽǀŝƐŝŽŶ ŽĨ ŚĞĂůƚŚ ĐĂƌĞ͕ Žƌ ƉĂLJŵĞŶƚ ĨŽƌ ŚĞĂůƚŚ ĐĂƌĞ ƚŚĂƚ ŝƐ ĐƌĞĂƚĞĚ Žƌ ĐŽůůĞĐƚĞĚ ďLJ Ă ŽǀĞƌĞĚ ŶƚŝƚLJ ;Žƌ Ă ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ŽĨ Ă ŽǀĞƌĞĚ ŶƚŝƚLJͿ ĂŶĚ ĐĂŶ ďĞ ůŝŶŬĞĚ ƚŽ Ă ƐƉĞĐŝĨŝĐ ŝŶĚŝǀŝĚƵĂů͘ ǀǀǀ͘ W,W͗ WƌĞƉĂŝĚ ,ĞĂůƚŚ WůĂŶ͘ Ɛ ĚĞĨŝŶĞĚ ŝŶ ^ĞƐƐŝŽŶ >Ăǁ ϮϬϭϱͲϮϰϱ͕ Ă W,W ŝƐ ĂŶ ĞŶƚŝƚLJ͕ ǁŚŝĐŚ ŵĂLJ ďĞ Ă ĐŽŵŵĞƌĐŝĂů ƉůĂŶ Žƌ ƉƌŽǀŝĚĞƌͲůĞĚ ĞŶƚŝƚLJ͕ ƚŚĂƚ ŽƉĞƌĂƚĞƐ Žƌ ǁŝůů ŽƉĞƌĂƚĞ Ă ĐĂƉŝƚĂƚĞĚ ĐŽŶƚƌĂĐƚ ĨŽƌ ƚŚĞ ĚĞůŝǀĞƌLJ ŽĨ ĐŽǀĞƌĞĚ ƐĞƌǀŝĐĞƐ͘ ǁǁǁ͘ W//͗ WĞƌƐŽŶĂů /ĚĞŶƚŝĨŝĂďůĞ /ŶĨŽƌŵĂƚŝŽŶ͘ ŶLJ ĚĂƚĂ ƚŚĂƚ ĐŽƵůĚ ƉŽƚĞŶƚŝĂůůLJ ŝĚĞŶƚŝĨLJ Ă ƐƉĞĐŝĨŝĐ ŝŶĚŝǀŝĚƵĂů͘ ŶLJ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ĐĂŶ ďĞ ƵƐĞĚ ƚŽ ĚŝƐƚŝŶŐƵŝƐŚ ŽŶĞ ƉĞƌƐŽŶ ĨƌŽŵ ĂŶŽƚŚĞƌ ĂŶĚ ĐĂŶ ďĞ ƵƐĞĚ ĨŽƌ ĚĞͲĂŶŽŶLJŵŝnjŝŶŐ ĂŶŽŶLJŵŽƵƐ ĚĂƚĂ ƚŚĂƚ ĐĂŶ ďĞ ĐŽŶƐŝĚĞƌĞĚ W//͘ dždždž͘ W> ͗ WƌŽǀŝĚĞƌͲ>ĞĚ ŶƚŝƚLJ͘ Ɛ ĚĞĨŝŶĞĚ ŝŶ ^ĞƐƐŝŽŶ >Ăǁ ϮϬϭϱͲϮϰϱ͕ ĂƐ ĂŵĞŶĚĞĚ ďLJ ^ĞƐƐŝŽŶ >ĂǁƐ ϮϬϭϲͲϭϮϭ ĂŶĚ ϮϬϭϳͲϱϳ͕ Ă W> ŝƐ ͞΀Ă΁Ŷ ĞŶƚŝƚLJ ƚŚĂƚ ŵĞĞƚƐ Ăůů ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐƌŝƚĞƌŝĂ͗ ;ϭͿ Ă ŵĂũŽƌŝƚLJ ŽĨ ƚŚĞ ĞŶƚŝƚLJΖƐ ŽǁŶĞƌƐŚŝƉ ŝƐ ŚĞůĚ ďLJ ĂŶ ŝŶĚŝǀŝĚƵĂů Žƌ ĞŶƚŝƚLJ ƚŚĂƚ ŚĂƐ ĂƐ ŝƚƐ ƉƌŝŵĂƌLJ ďƵƐŝŶĞƐƐ ƉƵƌƉŽƐĞ ƚŚĞ ŽǁŶĞƌƐŚŝƉ Žƌ ŽƉĞƌĂƚŝŽŶ ŽĨ ŽŶĞ Žƌ ŵŽƌĞ ĐĂƉŝƚĂƚĞĚ ƉůĂŶ ŽĨĨĞƌĞĚ ďLJ ƚŚĞ ŝǀŝƐŝŽŶ ŽĨ ,ĞĂůƚŚ ĞŶĞĨŝƚƐ ĨŽƌ ƚŚĞ ĚĞůŝǀĞƌLJ ŽĨ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƐĞƌǀŝĐĞƐ Žƌ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽǀŝĚĞƌƐ͖ ;ϮͿ Ă ŵĂũŽƌŝƚLJ ŽĨ ƚŚĞ ĞŶƚŝƚLJΖƐ ŐŽǀĞƌŶŝŶŐ ďŽĚLJ ŝƐ ĐŽŵƉŽƐĞĚ ŽĨ ŝŶĚŝǀŝĚƵĂůƐ ǁŚŽ ;ŝͿ ĂƌĞ ůŝĐĞŶƐĞĚ ŝŶ ƚŚĞ ^ƚĂƚĞ ĂƐ ƉŚLJƐŝĐŝĂŶƐ͕ ƉŚLJƐŝĐŝĂŶ ĂƐƐŝƐƚĂŶƚƐ͕ ŶƵƌƐĞ ƉƌĂĐƚŝƚŝŽŶĞƌƐ͕ Žƌ ƉƐLJĐŚŽůŽŐŝƐƚƐ ĂŶĚ ;ŝŝͿ ŚĂǀĞ ĞdžƉĞƌŝĞŶĐĞ ƚƌĞĂƚŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŽĨ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ƉƌŽŐƌĂŵ͖ ĂŶĚ ;ϯͿ ŚŽůĚƐ Ă W,W ůŝĐĞŶƐĞ ŝƐƐƵĞĚ ďLJ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ /ŶƐƵƌĂŶĐĞ͘͟ LJLJLJ͘ YƵĂůŝĨŝĞĚ ŝŶƚĞƌƉƌĞƚĞƌ͗ Ŷ ŝŶƚĞƌƉƌĞƚĞƌ ǁŚŽ ĐĂŶ ƉƌŽǀŝĚĞ ƌĞŵŽƚĞ ŝŶƚĞƌƉƌĞƚŝŶŐ ƐĞƌǀŝĐĞ Žƌ ĂŶ ŽŶͲƐŝƚĞ ĂƉƉĞĂƌĂŶĐĞ ĨŽƌ ĂŶ ŝŶĚŝǀŝĚƵĂů ǁŝƚŚ ůŝŵŝƚĞĚ ŶŐůŝƐŚ ƉƌŽĨŝĐŝĞŶĐLJ͘ dŚĞ ŝŶƚĞƌƉƌĞƚĞƌ ŵƵƐƚ ĂĚŚĞƌĞ ƚŽ ŐĞŶĞƌĂůůLJ ĂĐĐĞƉƚĞĚ ŝŶƚĞƌƉƌĞƚĞƌ ĞƚŚŝĐƐ ƉƌŝŶĐŝƉůĞƐ ŝŶĐůƵĚŝŶŐ ĐůŝĞŶƚ ĐŽŶĨŝĚĞŶƚŝĂůŝƚLJ͕ ĚĞŵŽŶƐƚƌĂƚĞ ƉƌŽĨŝĐŝĞŶĐLJ ŝŶ ƐƉĞĂŬŝŶŐ ĂŶĚ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ďŽƚŚ ƐƉŽŬĞŶ ŶŐůŝƐŚ ĂŶĚ Ăƚ ůĞĂƐƚ ŽŶĞ ŽƚŚĞƌ ƐƉŽŬĞŶ ůĂŶŐƵĂŐĞ͕ ĂŶĚ ŝƐ ĂďůĞ ƚŽ ŝŶƚĞƌƉƌĞƚ ĞĨĨĞĐƚŝǀĞůLJ͕ ĂĐĐƵƌĂƚĞůLJ͕ ĂŶĚ ŝŵƉĂƌƚŝĂůůLJ͕ ďŽƚŚ ƌĞĐĞƉƚŝǀĞůLJ ĂŶĚ ĞdžƉƌĞƐƐůLJ͕ ƚŽ ĂŶĚ ĨƌŽŵ ƐƵĐŚ ůĂŶŐƵĂŐĞ;ƐͿ ĂŶĚ ŶŐůŝƐŚ͕ ƵƐŝŶŐ ĂŶLJ ŶĞĐĞƐƐĂƌLJ ƐƉĞĐŝĂůŝnjĞĚ ǀŽĐĂďƵůĂƌLJ͕ ƚĞƌŵŝŶŽůŽŐLJ͕ ĂŶĚ ƉŚƌĂƐĞŽůŽŐLJ͘ njnjnj͘ ZĞĂůͲƚŝŵĞ͗ ZĞĂůͲƚŝŵĞ ƌĞĨĞƌƐ ƚŽ ƚŚĞ ƐLJŶĐŚƌŽŶŽƵƐ ĞdžĐŚĂŶŐĞ ŽĨ ĚĂƚĂ ďĞƚǁĞĞŶ /d ƐLJƐƚĞŵƐ ƌĞƐƵůƚŝŶŐ ŝŶ ŝŵŵĞĚŝĂƚĞ ĂĐĐĞƐƐ ƚŽ Žƌ ƵƉĚĂƚĞ ŽĨ ĚĂƚĂ ŽŶ ǁŚŝĐŚ ƌĞƐŝĚĞƐ ŝŶ ĂŶŽƚŚĞƌ /d ƐLJƐƚĞŵ͘ /Ŷ ŵŽƐƚ ĐĂƐĞƐ͕ ƚŚŝƐ ǁŝůů ďĞ ĂĐĐŽŵƉůŝƐŚĞĚ ƵƐŝŶŐ ǁĞď ƐĞƌǀŝĐĞƐ͘ ĂĂĂĂ͘ ^ D>͗ ^ĞĐƵƌŝƚLJ ƐƐĞƌƚŝŽŶ DĂƌŬƵƉ >ĂŶŐƵĂŐĞ͘ dŚŝƐ ŝƐ ƚŚĞ ^ƚĂƚĞ͛Ɛ ƉƌĞĨĞƌƌĞĚ ƐƚĂŶĚĂƌĚ ĨŽƌ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ŝĚĞŶƚŝĨLJ ĂŶĚ ĂĐĐĞƐƐ ŵĂŶĂŐĞŵĞŶƚ͘ ďďďď͘ ^ĞůĨͲ^ĞƌǀŝĐĞ ĂůůƐ͗ dŚĞ ŶƵŵďĞƌ ŽĨ ŝŶďŽƵŶĚ ĐĂůůƐ ƌĞƐŽůǀĞĚ ďLJ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ sZ^ ĂŶĚ ŶŽƚ ďLJ Ă ůŝǀĞ ĐĂůů ĐĞŶƚĞƌ ĂŐĞŶƚ͘ dŚŝƐ ŵƵƐƚ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ĐĂůů ĐĞŶƚĞƌ ƌĞƉŽƌƚƐ͘ ĐĐĐĐ͘ ^W͗ ^ƚĂŶĚĂƌĚ WůĂŶ͘ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉůĂŶ ƚŚĂƚ ǁŝůů ƉƌŽǀŝĚĞ ŝŶƚĞŐƌĂƚĞĚ ƉŚLJƐŝĐĂů ŚĞĂůƚŚ͕ ďĞŚĂǀŝŽƌĂů ŚĞĂůƚŚ ĂŶĚ ƉŚĂƌŵĂĐLJ ƐĞƌǀŝĐĞƐ ƚŽ ŵŽƐƚ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ WĂŐĞ ϭϰ ŽĨ ϭϰϰ ĚĚĚĚ͘ d / ǁĂŝǀĞƌ͗ dƌĂƵŵĂƚŝĐ ƌĂŝŶ /ŶũƵƌLJ ǁĂŝǀĞƌ͘ ƉƌŽƉŽƐĞĚ ϭϵϭϱ;ĐͿ ǁĂŝǀĞƌ ƚŚĂƚ ǁŽƵůĚ ƉƌŽǀŝĚĞ ŚŽŵĞͲ ĂŶĚ ĐŽŵŵƵŶŝƚLJͲďĂƐĞĚ ƐĞƌǀŝĐĞƐ ƚŽ ŝŶĚŝǀŝĚƵĂůƐ ǁŝƚŚ d /͕ ŝĨ ĂƉƉƌŽǀĞĚ ďLJ D^͘ ĞĞĞĞ͘ tŝƚŚ ĐĂƵƐĞ ĚŝƐĞŶƌŽůůŵĞŶƚ͗ dLJƉĞ ŽĨ ĚŝƐĞŶƌŽůůŵĞŶƚ ŝŶ ǁŚŝĐŚ ŵĞŵďĞƌ ŵĂLJ ƌĞƋƵĞƐƚ ƚŽ ĐŚĂŶŐĞ ĨƌŽŵ ŽŶĞ W,W ƚŽ ĂŶŽƚŚĞƌ ďĂƐĞĚ ŽŶ ĨŽƌ ĐĂƵƐĞ ƌĞĂƐŽŶƐ ƐƵĐŚ ĂƐ ŵŽǀŝŶŐ ŽƵƚƐŝĚĞ Ă W,W͛Ɛ ƌĞŐŝŽŶ͘ ĨĨĨĨ͘ tŝƚŚŽƵƚ ĐĂƵƐĞ ĚŝƐĞŶƌŽůůŵĞŶƚ͗ dLJƉĞ ŽĨ ĚŝƐĞŶƌŽůůŵĞŶƚ ŝŶ ǁŚŝĐŚ ŵĞŵďĞƌ ŵĂLJ ƌĞƋƵĞƐƚ ƚŽ ĐŚĂŶŐĞ ĨƌŽŵ ŽŶĞ W,W ƚŽ ĂŶŽƚŚĞƌ ĚƵƌŝŶŐ ƚŚĞ ŶŝŶĞƚLJ ;ϵϬͿ ĚĂLJƐ ĂĨƚĞƌ W,W ĞŶƌŽůůŵĞŶƚ͘ ůƐŽ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ƚŚĞ ϵϬͲĚĂLJ ĐŚŽŝĐĞ ƉĞƌŝŽĚ͘ Ϯ͘ /ŶƐƚƌƵĐƚŝŽŶ ƚŽ KĨĨĞƌŽƌƐ Ă͘ Z ͕ Z s/ t͕ E KDW>z͗ /ƚ ƐŚĂůů ďĞ ƚŚĞ KĨĨĞƌŽƌ͛Ɛ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ƚŽ ƌĞĂĚ ƚŚŝƐ ĞŶƚŝƌĞ ĚŽĐƵŵĞŶƚ ĂŶĚ ƌĞǀŝĞǁ Ăůů ĞŶĐůŽƐƵƌĞƐ ĂŶĚ ĂƚƚĂĐŚŵĞŶƚƐ ƐƉĞĐŝĨŝĞĚ ŚĞƌĞŝŶ͕ ƌĞŐĂƌĚůĞƐƐ ŽĨ ǁŚĞƚŚĞƌ ĂƉƉĞĂƌŝŶŐ ŝŶ ƚŚĞƐĞ /ŶƐƚƌƵĐƚŝŽŶƐ ƚŽ KĨĨĞƌŽƌƐ Žƌ ĞůƐĞǁŚĞƌĞ ŝŶ ƚŚŝƐ Z&W ĚŽĐƵŵĞŶƚ͘ ď͘ y hd/KE͗ &ĂŝůƵƌĞ ƚŽ ƐŝŐŶ ƚŚĞ džĞĐƵƚŝŽŶ ƉĂŐĞ ;ƉĂŐĞ ŝŝŝ ŽĨ ǀ ŽĨ ƚŚĞ Z&WͿ ŝŶ ƚŚĞ ŝŶĚŝĐĂƚĞĚ ƐƉĂĐĞ Žƌ ƌĞƚƵƌŶ Ăůů ĂƚƚĂĐŚŵĞŶƚƐ͕ ĐŽŵƉůĞƚĞĚ ĂŶĚ ƐŝŐŶĞĚ ǁŚĞƌĞ ƌĞƋƵŝƌĞĚ͕ ǁŝůů ƌĞŶĚĞƌ ƚŚĞ ƉƌŽƉŽƐĂů ŶŽŶͲƌĞƐƉŽŶƐŝǀĞ ĂŶĚ ŝƚ ƐŚĂůů ďĞ ƌĞũĞĐƚĞĚ͘ Đ͘ /E&KZD d/KE E ^ Z/Wd/s >/d Z dhZ ͗ KĨĨĞƌŽƌ ƐŚĂůů ĨƵƌŶŝƐŚ Ăůů ŝŶĨŽƌŵĂƚŝŽŶ ƌĞƋƵĞƐƚĞĚ ĂƐ ƉĂƌƚ ŽĨ ƚŚŝƐ Z&W͘ ĂĐŚ KĨĨĞƌŽƌ ƐŚĂůů ƐƵďŵŝƚ ǁŝƚŚ ƚŚĞŝƌ ƉƌŽƉŽƐĂů ĚĞƚĂŝůĞĚ ŶĂƌƌĂƚŝǀĞƐ͕ ĚŝĂŐƌĂŵƐ͕ ĞdžŚŝďŝƚƐ͕ ĞdžĂŵƉůĞƐ͕ ƐŬĞƚĐŚĞƐ͕ ĚĞƐĐƌŝƉƚŝǀĞ ůŝƚĞƌĂƚƵƌĞ͕ ĐŽŵƉůĞƚĞ ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ ĞƚĐ͘ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ƐĞƌǀŝĐĞƐ ĂŶĚ ƉƌŽĚƵĐƚƐ ŽĨĨĞƌĞĚ͘ Ě͘ Z z >/E' E ^KhZ Z h d/KE͗ /ƚ ŝƐ ƚŚĞ ƉŽůŝĐLJ ŽĨ ƚŚĞ ^ƚĂƚĞ ƚŽ ĞŶĐŽƵƌĂŐĞ ĂŶĚ ƉƌŽŵŽƚĞ ƚŚĞ ƉƵƌĐŚĂƐĞ ŽĨ ƉƌŽĚƵĐƚƐ ǁŝƚŚ ƌĞĐLJĐůĞĚ ĐŽŶƚĞŶƚ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ĞĐŽŶŽŵŝĐĂůůLJ ƉƌĂĐƚŝĐĂďůĞ͕ ĂŶĚ ƚŽ ƉƵƌĐŚĂƐĞ ŝƚĞŵƐ ǁŚŝĐŚ ĂƌĞ ƌĞƵƐĂďůĞ͕ ƌĞĨŝůůĂďůĞ͕ ƌĞƉĂŝƌĂďůĞ͕ ŵŽƌĞ ĚƵƌĂďůĞ͕ ĂŶĚ ůĞƐƐ ƚŽdžŝĐ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĂƚ ƚŚĞ ƉƵƌĐŚĂƐĞ Žƌ ƵƐĞ ŝƐ ƉƌĂĐƚŝĐĂďůĞ ĂŶĚ ĐŽƐƚͲ ĞĨĨĞĐƚŝǀĞ͘ dŚĞ ^ƚĂƚĞ ĂůƐŽ ĞŶĐŽƵƌĂŐĞƐ ĂŶĚ ƉƌŽŵŽƚĞƐ ƵƐŝŶŐ ŵŝŶŝŵĂů ƉĂĐŬĂŐŝŶŐ ĂŶĚ ƚŚĞ ƵƐĞ ŽĨ ƌĞĐLJĐůĞĚͬƌĞĐLJĐůĂďůĞ ƉƌŽĚƵĐƚƐ ŝŶ ƚŚĞ ƉĂĐŬĂŐŝŶŐ ŽĨ ĐŽŵŵŽĚŝƚŝĞƐ ƉƵƌĐŚĂƐĞĚ͘ ,ŽǁĞǀĞƌ͕ ŶŽ ƐĂĐƌŝĨŝĐĞ ŝŶ ƋƵĂůŝƚLJ ŽĨ ƉĂĐŬĂŐŝŶŐ ǁŝůů ďĞ ĂĐĐĞƉƚĂďůĞ͘ dŚĞ KĨĨĞƌŽƌ ƌĞŵĂŝŶƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƉƌŽǀŝĚŝŶŐ ƉĂĐŬĂŐŝŶŐ ƚŚĂƚ ǁŝůů ĂĚĞƋƵĂƚĞůLJ ƉƌŽƚĞĐƚ ƚŚĞ ĐŽŵŵŽĚŝƚLJ ĂŶĚ ĐŽŶƚĂŝŶ ŝƚ ĨŽƌ ŝƚƐ ŝŶƚĞŶĚĞĚ ƵƐĞ͘ KĨĨĞƌŽƌƐ ĂƌĞ ƐƚƌŽŶŐůLJ ƵƌŐĞĚ ƚŽ ďƌŝŶŐ ƚŽ ƚŚĞ ĂƚƚĞŶƚŝŽŶ ŽĨ ƉƵƌĐŚĂƐĞƌƐ ƚŚŽƐĞ ƉƌŽĚƵĐƚƐ Žƌ ƉĂĐŬĂŐŝŶŐ ƚŚĞLJ ŽĨĨĞƌ ǁŚŝĐŚ ŚĂǀĞ ƌĞĐLJĐůĞĚ ĐŽŶƚĞŶƚ ĂŶĚ ƚŚĂƚ ĂƌĞ ƌĞĐLJĐůĂďůĞ͘ Ğ͘ ^h^d /E />/dz͗ dŽ ƐƵƉƉŽƌƚ ƚŚĞ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ĞĨĨŽƌƚƐ ŽĨ ƚŚĞ ^ƚĂƚĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ǁĞ ƐŽůŝĐŝƚ LJŽƵƌ ĐŽŽƉĞƌĂƚŝŽŶ ŝŶ ƚŚŝƐ ĞĨĨŽƌƚ͘ WƵƌƐƵĂŶƚ ƚŽ džĞĐƵƚŝǀĞ KƌĚĞƌ ϭϱϲ ;ϭϵϵϵͿ͕ ŝƚ ŝƐ ĚĞƐŝƌĂďůĞ ƚŚĂƚ Ăůů ƉƌŽƉŽƐĂůƐ ŵĞĞƚ ƚŚĞ ĨŽůůŽǁŝŶŐ͗ ŝ͘ ůů ĐŽƉŝĞƐ ŽĨ ƚŚĞ ƉƌŽƉŽƐĂů ĂƌĞ ƉƌŝŶƚĞĚ ĚŽƵďůĞ ƐŝĚĞĚ͖ ŝŝ͘ ůů ƐƵďŵŝƚƚĂůƐ ĂŶĚ ĐŽƉŝĞƐ ĂƌĞ ƉƌŝŶƚĞĚ ŽŶ ƌĞĐLJĐůĞĚ ƉĂƉĞƌ ǁŝƚŚ Ă ŵŝŶŝŵƵŵ ƉŽƐƚͲ ĐŽŶƐƵŵĞƌ ĐŽŶƚĞŶƚ ŽĨ ϯϬй͖ ŝŝŝ͘ hŶůĞƐƐ ŶĞĐĞƐƐĂƌLJ͕ Ăůů ƉƌŽƉŽƐĂůƐ ĂŶĚ ĐŽƉŝĞƐ ƐŚŽƵůĚ ŵŝŶŝŵŝnjĞ Žƌ ĞůŝŵŝŶĂƚĞ ƵƐĞ ŽĨ ŶŽŶͲƌĞĐLJĐůĂďůĞ Žƌ ŶŽŶͲƌĞƵƐĂďůĞ ŵĂƚĞƌŝĂůƐ ƐƵĐŚ ĂƐ ƉůĂƐƚŝĐ ƌĞƉŽƌƚ ĐŽǀĞƌƐ͕ ƉůĂƐƚŝĐ ĚŝǀŝĚĞƌƐ͕ ǀŝŶLJů ƐůĞĞǀĞƐ͕ ĂŶĚ ' ďŝŶĚŝŶŐ͘ dŚƌĞĞͲƌŝŶŐĞĚ ďŝŶĚĞƌƐ͕ ŐůƵĞĚ ŵĂƚĞƌŝĂůƐ͕ ƉĂƉĞƌ ĐůŝƉƐ͕ ĂŶĚ ƐƚĂƉůĞƐ ĂƌĞ ĂĐĐĞƉƚĂďůĞ͖ ĂŶĚ WĂŐĞ ϭϱ ŽĨ ϭϰϰ ŝǀ͘ DĂƚĞƌŝĂůƐ ƐŚŽƵůĚ ďĞ ƐƵďŵŝƚƚĞĚ ŝŶ Ă ĨŽƌŵĂƚ ǁŚŝĐŚ ĂůůŽǁƐ ĨŽƌ ĞĂƐLJ ƌĞŵŽǀĂů͕ ĨŝůŝŶŐ ĂŶĚͬŽƌ ƌĞĐLJĐůŝŶŐ ŽĨ ƉĂƉĞƌ ĂŶĚ ďŝŶĚĞƌ ŵĂƚĞƌŝĂůƐ͘ hƐĞ ŽĨ ŽǀĞƌƐŝnjĞĚ ƉĂƉĞƌ ŝƐ ƐƚƌŽŶŐůLJ ĚŝƐĐŽƵƌĂŐĞĚ ƵŶůĞƐƐ ŶĞĐĞƐƐĂƌLJ ĨŽƌ ĐůĂƌŝƚLJ Žƌ ůĞŐŝďŝůŝƚLJ͘ Ĩ͘ ,/^dKZ/ >>z hE Zhd/>/ h^/E ^^ ^͗ WƵƌƐƵĂŶƚ ƚŽ '͘^͘ Α ϭϰϯͲϰϴ ĂŶĚ džĞĐƵƚŝǀĞ KƌĚĞƌ ϭϱϬ ;ϭϵϵϵͿ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶǀŝƚĞƐ ĂŶĚ ĞŶĐŽƵƌĂŐĞƐ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ƚŚŝƐ ƉƌŽĐƵƌĞŵĞŶƚ ƉƌŽĐĞƐƐ ďLJ ďƵƐŝŶĞƐƐĞƐ ŽǁŶĞĚ ďLJ ŵŝŶŽƌŝƚŝĞƐ͕ ǁŽŵĞŶ͕ ĚŝƐĂďůĞĚ͕ ĚŝƐĂďůĞĚ ďƵƐŝŶĞƐƐ ĞŶƚĞƌƉƌŝƐĞƐ ĂŶĚ ŶŽŶͲƉƌŽĨŝƚ ǁŽƌŬ ĐĞŶƚĞƌƐ ĨŽƌ ƚŚĞ ďůŝŶĚ ĂŶĚ ƐĞǀĞƌĞůLJ ĚŝƐĂďůĞĚ͘ Ő͘ D/^ >> E Kh^͗ DĂƐĐƵůŝŶĞ ƉƌŽŶŽƵŶƐ ƐŚĂůů ďĞ ƌĞĂĚ ƚŽ ŝŶĐůƵĚĞ ĨĞŵŝŶŝŶĞ ƉƌŽŶŽƵŶƐ͕ ĂŶĚ ƚŚĞ ƐŝŶŐƵůĂƌ ŽĨ ĂŶLJ ǁŽƌĚ Žƌ ƉŚƌĂƐĞ ƐŚĂůů ďĞ ƌĞĂĚ ƚŽ ŝŶĐůƵĚĞ ƚŚĞ ƉůƵƌĂů ĂŶĚ ǀŝĐĞ ǀĞƌƐĂ͘ Ś͘ /E&KZD > KDD Ed^͗ dŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ŶŽƚ ďĞ ďŽƵŶĚ ďLJ ŝŶĨŽƌŵĂů ĞdžƉůĂŶĂƚŝŽŶƐ͕ ŝŶƐƚƌƵĐƚŝŽŶƐ Žƌ ŝŶĨŽƌŵĂƚŝŽŶ ŐŝǀĞŶ Ăƚ ĂŶLJ ƚŝŵĞ ďLJ ĂŶLJŽŶĞ ŽŶ ďĞŚĂůĨ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĚƵƌŝŶŐ ƚŚĞ ĐŽŵƉĞƚŝƚŝǀĞ ƉƌŽĐĞƐƐ Žƌ ĂĨƚĞƌ ĂǁĂƌĚ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŝƐ ďŽƵŶĚ ŽŶůLJ ďLJ ŝŶĨŽƌŵĂƚŝŽŶ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚŝƐ Z&W ĂŶĚ ŝŶ ĨŽƌŵĂů ĚĚĞŶĚĂ ŝƐƐƵĞĚ͘ ŝ͘ K^d &KZ WZKWK^ > WZ W Z d/KE͗ ŶLJ ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ ďLJ KĨĨĞƌŽƌ ŝŶ ƉƌĞƉĂƌŝŶŐ Žƌ ƐƵďŵŝƚƚŝŶŐ ƉƌŽƉŽƐĂůƐ ĂƌĞ ƚŚĞ KĨĨĞƌŽƌ͛Ɛ ƐŽůĞ ƌĞƐƉŽŶƐŝďŝůŝƚLJ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ŶŽƚ ƌĞŝŵďƵƌƐĞ ĂŶLJ KĨĨĞƌŽƌ ĨŽƌ ĂŶLJ ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ ƉƌŝŽƌ ƚŽ ĂǁĂƌĚ͘ ũ͘ K&& ZKZ͛^ Z WZ ^ Ed d/s ͗ ĂĐŚ KĨĨĞƌŽƌ ƐŚĂůů ƐƵďŵŝƚ ǁŝƚŚ ŝƚƐ ƉƌŽƉŽƐĂů ƚŚĞ ŶĂŵĞ͕ ƚŝƚůĞ͕ ĞŵĂŝů ĂĚĚƌĞƐƐ͕ ƉŚLJƐŝĐĂů ĂĚĚƌĞƐƐ͕ ĂŶĚ ƚĞůĞƉŚŽŶĞ ŶƵŵďĞƌ ŽĨ ƚŚĞ ƉĞƌƐŽŶ;ƐͿ ǁŝƚŚ ĂƵƚŚŽƌŝƚLJ ƚŽ ďŝŶĚ ƚŚĞ Ĩŝƌŵ ĂŶĚ ĂŶƐǁĞƌ ƋƵĞƐƚŝŽŶƐ Žƌ ƉƌŽǀŝĚĞ ĐůĂƌŝĨŝĐĂƚŝŽŶ ĐŽŶĐĞƌŶŝŶŐ ƚŚĞ ĨŝƌŵΖƐ ƉƌŽƉŽƐĂů͘ Ŭ͘ /E^W d/KE d K&& ZKZ͛^ ^/d ͗ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ŝŶƐƉĞĐƚ͕ Ăƚ Ă ƌĞĂƐŽŶĂďůĞ ƚŝŵĞ͕ ƚŚĞ ĞƋƵŝƉŵĞŶƚͬŝƚĞŵ͕ ƉůĂŶƚ͕ Žƌ ŽƚŚĞƌ ĨĂĐŝůŝƚŝĞƐ ŽĨ Ă ƉƌŽƐƉĞĐƚŝǀĞ KĨĨĞƌŽƌ ƉƌŝŽƌ ƚŽ ŽŶƚƌĂĐƚ ĂǁĂƌĚ͕ ĂŶĚ ĚƵƌŝŶŐ ƚŚĞ ŽŶƚƌĂĐƚ ƚĞƌŵ ĂƐ ŶĞĐĞƐƐĂƌLJ ĨŽƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ƚŚĂƚ ƐƵĐŚ ĞƋƵŝƉŵĞŶƚͬŝƚĞŵ͕ ƉůĂŶƚ Žƌ ŽƚŚĞƌ ĨĂĐŝůŝƚŝĞƐ ĐŽŶĨŽƌŵ ǁŝƚŚ ƚŚĞ ƐƉĞĐŝĨŝĐĂƚŝŽŶƐͬƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ĂƌĞ ĂĚĞƋƵĂƚĞ ĂŶĚ ƐƵŝƚĂďůĞ ĨŽƌ ƚŚĞ ƉƌŽƉĞƌ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ͘ ů͘ dZ s > yW E^ ^͗ ůů ƚƌĂǀĞů ĞdžƉĞŶƐĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ ŵƵƐƚ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ KĨĨĞƌŽƌ͛Ɛ ŽƐƚ WƌŽƉŽƐĂů͘ ^ĞƉĂƌĂƚĞůLJ ƐƚĂƚĞĚ Žƌ ŝŶǀŽŝĐĞĚ ƚƌĂǀĞů ĞdžƉĞŶƐĞƐ ǁŝůů ŶŽƚ ďĞ ƌĞŝŵďƵƌƐĞĚ͘ ϯ͘ ZĞƋƵĞƐƚ ĨŽƌ WƌŽƉŽƐĂů Ă͘ dŚŝƐ Z&W ŝƐ ĐŽŵƉƌŝƐĞĚ ŽĨ ƚŚŝƐ Z&W ĚŽĐƵŵĞŶƚ ŝŶ ŝƚƐ ĞŶƚŝƌĞƚLJ͕ ĂĚĚĞŶĚĂ ƚŚĂƚ ŵĂLJ ďĞ ƌĞůĞĂƐĞĚ ďĞĨŽƌĞ ĐŽŶƚƌĂĐƚ ĂǁĂƌĚ͕ ƚŚĞ KĨĨĞƌŽƌ͛Ɛ ƉƌŽƉŽƐĂů ǁŝƚŚ ƚŚĞŝƌ ƉƌŽƉŽƐĂů͕ ĐůĂƌŝĨŝĐĂƚŝŽŶƐ͕ ĂŶĚ ĂŶLJ ĞƐƚ ĂŶĚ &ŝŶĂů KĨĨĞƌƐ ; &KƐͿ ƚŚĂƚ ĂƌĞ ĚƵůLJ ŝŶĐŽƌƉŽƌĂƚĞĚ ŚĞƌĞŝŶ ďLJ ƌĞĨĞƌĞŶĐĞ͘ /ƚ ƐŚĂůů ďĞ ƚŚĞ KĨĨĞƌŽƌ͛Ɛ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ƚŽ ƌĞĂĚ ƚŚĞ /ŶƐƚƌƵĐƚŝŽŶƐ͕ dĞƌŵƐ ĂŶĚ ŽŶĚŝƚŝŽŶƐ͕ ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ĞdžŚŝďŝƚƐ ĂŶĚ ĂƚƚĂĐŚŵĞŶƚƐ͕ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ĐŽŵƉŽŶĞŶƚƐ ŵĂĚĞ Ă ƉĂƌƚ ŽĨ ƚŚŝƐ Z&W͕ ĂŶĚ ĐŽŵƉůLJ ǁŝƚŚ Ăůů ŝŶƐƚƌƵĐƚŝŽŶƐ ĂŶĚ ĚŝƌĞĐƚŝǀĞƐ ŚĞƌĞŝŶ͘ dŚĞ KĨĨĞƌŽƌ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ WĂŐĞ ϭϲ ŽĨ ϭϰϰ ŽďƚĂŝŶŝŶŐ ĂŶĚ ĐŽŵƉůLJŝŶŐ ǁŝƚŚ Ăůů ĚĚĞŶĚĂ ĂŶĚ ŽƚŚĞƌ ĐŚĂŶŐĞƐ ƚŚĂƚ ŵĂLJ ďĞ ŝƐƐƵĞĚ ƌĞůĂƚŝŶŐ ƚŽ ƚŚŝƐ Z&W͘ ď͘ ůů ĂĚĚŝƚŝŽŶĂů͕ ŵŽĚŝĨŝĞĚ͕ Žƌ ĐŽŶĨůŝĐƚŝŶŐ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ƐƵďŵŝƚƚĞĚ ŽŶ Žƌ ǁŝƚŚ ƚŚĞ KĨĨĞƌŽƌ͛Ɛ ƉƌŽƉŽƐĂů ƐŚĂůů ďĞ ĚŝƐƌĞŐĂƌĚĞĚ ĂŶĚ ƐŚĂůů ŶŽƚ ďĞ ĐŽŶƐŝĚĞƌĞĚ Ă ƉĂƌƚ ŽĨ ĂŶLJ ĐŽŶƚƌĂĐƚ ĂƌŝƐŝŶŐ ĨƌŽŵ ƚŚŝƐ Z&W͘ džĐĞƉƚ ĂƐ ƉƌŽǀŝĚĞĚ ďĞůŽǁ ŝŶ //͘ ͘ϯ͘Đ͕͘ ĂŶLJ ĂƚƚĞŵƉƚ ƚŽ ĚĞůĞƚĞ Žƌ ĂǀŽŝĚ ƚŚĞ ĨŽƌĐĞ ŽĨ ƚŚĞ ƉƌĞǀŝŽƵƐ ƐĞŶƚĞŶĐĞ ƐŚĂůů ƌĞŶĚĞƌ ƚŚĞ KĨĨĞƌŽƌ͛Ɛ ƉƌŽƉŽƐĂů ŝŶǀĂůŝĚ͕ ĂŶĚ ƚŚĞ ƉƌŽƉŽƐĂů ƐŚĂůů ŶŽƚ ďĞ ĐŽŶƐŝĚĞƌĞĚ͘ Đ͘ /Ĩ ƚŚĞ KĨĨĞƌŽƌ ŚĂƐ ƋƵĞƐƚŝŽŶƐ͕ ŝƐƐƵĞƐ͕ Žƌ ĞdžĐĞƉƚŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ĂŶLJ ƚĞƌŵ͕ ĐŽŶĚŝƚŝŽŶ͕ ŝŶƐƚƌƵĐƚŝŽŶ͕ Žƌ ŽƚŚĞƌ ĐŽŵƉŽŶĞŶƚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͕ ƚŚŽƐĞ ŵƵƐƚ ďĞ ƐƵďŵŝƚƚĞĚ ŽŶ Ă ƐĞƉĂƌĂƚĞ ƉĂŐĞ ƚŝƚůĞĚ ͞ZĞƋƵĞƐƚ ĨŽƌ WƌŽƉŽƐĞĚ DŽĚŝĨŝĐĂƚŝŽŶƐ ƚŽ ƚŚĞ dĞƌŵƐ ĂŶĚ ŽŶĚŝƚŝŽŶƐ͘͟ dŚĞ ĞƉĂƌƚŵĞŶƚ͕ ŝŶ ŝƚƐ ƐŽůĞ ĚŝƐĐƌĞƚŝŽŶ͕ ŵĂLJ ĐŽŶƐŝĚĞƌ ĂŶLJ ƉƌŽƉŽƐĞĚ ŵŽĚŝĨŝĐĂƚŝŽŶƐ ŝĚĞŶƚŝĨŝĞĚ ďLJ ƚŚĞ KĨĨĞƌŽƌ͘ tŚĞƌĞ ŶĞĐĞƐƐĂƌLJ͕ ĂŶLJ ŵŽĚŝĨŝĐĂƚŝŽŶ;ƐͿ ƚŽ ƚŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ĂŐƌĞĞĚ ƵƉŽŶ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ďĞ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂƐ ƉĂƌƚ ŽĨ Ă &K Žƌ ŽŶƚƌĂĐƚ ŵĞŶĚŵĞŶƚ ĂĨƚĞƌ ĂǁĂƌĚ͘ KƚŚĞƌ ƚŚĂŶ ƚŚƌŽƵŐŚ ƚŚŝƐ ƉƌŽĐĞƐƐ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞũĞĐƚƐ ĂŶĚ ƐŚĂůů ŶŽƚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĞǀĂůƵĂƚĞ Žƌ ĐŽŶƐŝĚĞƌ ĂŶLJ ĂĚĚŝƚŝŽŶĂů Žƌ ŵŽĚŝĨŝĞĚ ƚĞƌŵƐ͕ ĐŽŶĚŝƚŝŽŶƐ͕ Žƌ ŝŶƐƚƌƵĐƚŝŽŶƐ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ KĨĨĞƌŽƌ͛Ɛ ƉƌŽƉŽƐĂů͘ Ě͘ dŚŝƐ ĂƉƉůŝĞƐ ƚŽ ĂŶLJ ůĂŶŐƵĂŐĞ ĂƉƉĞĂƌŝŶŐ ŝŶ Žƌ ĂƚƚĂĐŚĞĚ ƚŽ ƚŚĞ Z&W ĚŽĐƵŵĞŶƚ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ KĨĨĞƌŽƌ͛Ɛ ƉƌŽƉŽƐĂů ƚŚĂƚ ƉƵƌƉŽƌƚƐ ƚŽ ǀĂƌLJ ĂŶLJ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ͕ Žƌ KĨĨĞƌŽƌƐ͛ ŝŶƐƚƌƵĐƚŝŽŶƐ ƚŚĞƌĞŝŶ ƚŽ ƌĞŶĚĞƌ ƚŚĞ ƉƌŽƉŽƐĂů ŶŽŶͲďŝŶĚŝŶŐ Žƌ ƐƵďũĞĐƚ ƚŽ ĨƵƌƚŚĞƌ ŶĞŐŽƚŝĂƚŝŽŶ͘ KĨĨĞƌŽƌ͛Ɛ ƉƌŽƉŽƐĂů ƚŽ ƚŚŝƐ Z&W ƐŚĂůů ĐŽŶƐƚŝƚƵƚĞ Ă Ĩŝƌŵ ŽĨĨĞƌ͘ LJ ĞdžĞĐƵƚŝŽŶ ĂŶĚ ĚĞůŝǀĞƌLJ ŽĨ Ă ƉƌŽƉŽƐĂů ƚŽ ƚŚŝƐ Z&W͕ ƚŚĞ KĨĨĞƌŽƌ ĂŐƌĞĞƐ ƚŚĂƚ ĂŶLJ ĂĚĚŝƚŝŽŶĂů Žƌ ŵŽĚŝĨŝĞĚ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ /ŶƐƚƌƵĐƚŝŽŶƐ ƚŽ ƚŚĞ KĨĨĞƌŽƌ͕ ǁŚĞƚŚĞƌ ƐƵďŵŝƚƚĞĚ ƉƵƌƉŽƐĞůLJ Žƌ ŝŶĂĚǀĞƌƚĞŶƚůLJ͕ Žƌ ĂŶLJ ƉƵƌƉŽƌƚĞĚ ĐŽŶĚŝƚŝŽŶ ƚŽ ƚŚĞ ŽĨĨĞƌ͕ ƐŚĂůů ŚĂǀĞ ŶŽ ĨŽƌĐĞ Žƌ ĞĨĨĞĐƚ͕ ĂŶĚ ǁŝůů ďĞ ĚŝƐƌĞŐĂƌĚĞĚ͘ EŽŶĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ͕ Žƌ ĂŶLJ ĂƚƚĞŵƉƚ ƚŽ ĂůƚĞƌ Žƌ ĚĞůĞƚĞ͕ ƚŚŝƐ ƉĂƌĂŐƌĂƉŚ ƐŚĂůů ĐŽŶƐƚŝƚƵƚĞ ƐƵĨĨŝĐŝĞŶƚ ŐƌŽƵŶĚƐ ƚŽ ƌĞũĞĐƚ KĨĨĞƌŽƌ͛Ɛ ƉƌŽƉŽƐĂů͘ ϰ͘ ZĞƋƵĞƐƚ ĨŽƌ WƌŽƉŽƐĂů ;Z&WͿ ĨƵŶĐƚŝŽŶĂůŝƚLJ Ă͘ dŚŝƐ Z&W ƐĞƌǀĞƐ ƚǁŽ ĨƵŶĐƚŝŽŶƐ͗ ŝ͘ ĞĨŝŶĞ ƚŚĞ ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ ŽĨ ƚŚĞ ƐĞƌǀŝĐĞƐ ďĞŝŶŐ ƐŽƵŐŚƚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͖ ĂŶĚ ŝŝ͘ WƌŽǀŝĚĞ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ƚĞƌŵƐ ŽĨ ĂŶLJ ĐŽŶƚƌĂĐƚ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ƚŚŝƐ ƉƌŽĐƵƌĞŵĞŶƚ͘ ď͘ ůů dĞƌŵƐ ĂŶĚ ŽŶĚŝƚŝŽŶƐ ;dΘ ƐͿ ŝŶ ƚŚŝƐ Z&W ƐŚĂůů ďĞ ĞŶĨŽƌĐĞĂďůĞ ĂƐ ŽŶƚƌĂĐƚ dĞƌŵƐ͘ dŚĞ ƵƐĞ ŽĨ ƉŚƌĂƐĞƐ ƐƵĐŚ ĂƐ ͞ƐŚĂůů͕͟ ͞ǁŝůů͕͟ ͞ŵƵƐƚ͕͟ ͞ƌĞƋƵŝƌĞĚ͟ ĂŶĚ ͞ƌĞƋƵŝƌĞŵĞŶƚƐ͟ ĂƌĞ ŝŶƚĞŶĚĞĚ ƚŽ ĐƌĞĂƚĞ ĞŶĨŽƌĐĞĂďůĞ ŽŶƚƌĂĐƚ ĐŽŶĚŝƚŝŽŶƐ͘ /Ŷ ĚĞƚĞƌŵŝŶŝŶŐ ǁŚĞƚŚĞƌ ƉƌŽƉŽƐĂůƐ ƐŚŽƵůĚ ďĞ ĞǀĂůƵĂƚĞĚ Žƌ ƌĞũĞĐƚĞĚ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƚĂŬĞ ŝŶƚŽ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƚŚĞ ĚĞŐƌĞĞ ƚŽ ǁŚŝĐŚ KĨĨĞƌŽƌƐ ŚĂǀĞ ƉƌŽƉŽƐĞĚ Žƌ ĨĂŝůĞĚ ƚŽ ƉƌŽƉŽƐĞ ƐŽůƵƚŝŽŶƐ ƚŚĂƚ ĂƌĞ ƌĞƐƉŽŶƐŝǀĞ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ŶĞĞĚƐ ĂƐ ĚĞƐĐƌŝďĞ ŝŶ ƚŚŝƐ Z&W͘ ϱ͘ ZŝŐŚƚ ZĞƐĞƌǀĞĚ KĨĨĞƌŽƌƐ ĂƌĞ ĐĂƵƚŝŽŶĞĚ ƚŚĂƚ ƚŚŝƐ ŝƐ Ă ZĞƋƵĞƐƚ ĨŽƌ WƌŽƉŽƐĂůƐ͕ ŶŽƚ Ă ƌĞƋƵĞƐƚ ƚŽ ĐŽŶƚƌĂĐƚ͕ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƵŶƋƵĂůŝĨŝĞĚ ƌŝŐŚƚ ƚŽ ƌĞũĞĐƚ Ăůů ŽĨĨĞƌƐ ĚĞĞŵĞĚ ĨĂŝůŝŶŐ ƚŽ ŵĞĞƚ ŵŝŶŝŵƵŵ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ŶŽƚ ƌĞƐƉŽŶƐŝǀĞ͕ ŝŶĐŽŵƉůĞƚĞ͕ Žƌ ŶŽŶͲĐŽŵƉůŝĂŶƚ ǁŝƚŚ ƚŚĞ WĂŐĞ ϭϳ ŽĨ ϭϰϰ ƌĞƋƵŝƌĞŵĞŶƚƐ ĚĞƐĐƌŝďĞĚ ŚĞƌĞŝŶ͖ Žƌ ǁŚĞŶ ƐƵĐŚ ƌĞũĞĐƚŝŽŶ ŝƐ ĚĞĞŵĞĚ ƚŽ ďĞ ŝŶ ƚŚĞ ďĞƐƚ ŝŶƚĞƌĞƐƚ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ĂůƐŽ͗ Ă͘ tĂŝǀĞ ĂŶLJ ĨŽƌŵĂůŝƚLJ͖ ď͘ tĂŝǀĞ ĂŶLJ ƵŶĚĞƐŝƌĂďůĞ͕ ŝŶĐŽŶƐĞƋƵĞŶƚŝĂů͕ Žƌ ŝŶĐŽŶƐŝƐƚĞŶƚ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚŝƐ Z&W͖ Đ͘ /Ĩ ƚŚĞ ƌĞƐƉŽŶƐĞƐ ƚŽ ƚŚŝƐ ƐŽůŝĐŝƚĂƚŝŽŶ ĚĞŵŽŶƐƚƌĂƚĞ Ă ůĂĐŬ ŽĨ ĐŽŵƉĞƚŝƚŝŽŶ͕ Žƌ ŽĨĨĞƌƐ ĂƌĞ ĨŽƵŶĚ ŶŽŶͲƌĞƐƉŽŶƐŝǀĞ͕ ŶĞŐŽƚŝĂƚĞ ĚŝƌĞĐƚůLJ ǁŝƚŚ ŽŶĞ Žƌ ŵŽƌĞ KĨĨĞƌŽƌƐ͖ ĂŶĚ Ě͘ EŽƚ ĂǁĂƌĚ͕ Žƌ ŝĨ ĂǁĂƌĚĞĚ͕ ƚĞƌŵŝŶĂƚĞ ĂŶLJ ĐŽŶƚƌĂĐƚ ŝĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĚĞƚĞƌŵŝŶĞƐ ĂĚĞƋƵĂƚĞ ĞƉĂƌƚŵĞŶƚ ĨƵŶĚƐ ĂƌĞ ŶŽƚ ĂǀĂŝůĂďůĞ͘ ϲ͘ ZŝŐŚƚ ƚŽ ĂŶĐĞů ZĞƋƵĞƐƚ ĨŽƌ WƌŽƉŽƐĂů dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ĐĂŶĐĞů ƚŚŝƐ ZĞƋƵĞƐƚ ĨŽƌ WƌŽƉŽƐĂů Ăƚ ĂŶLJ ƚŝŵĞ͘ EŽƚŝĐĞ ŽĨ ĂŶĐĞůůĂƚŝŽŶ ǁŝůů ďĞ ƉŽƐƚĞĚ ŽŶ ƚŚĞ ^ƚĂƚĞ͛Ɛ /ŶƚĞƌĂĐƚŝǀĞ WƵƌĐŚĂƐŝŶŐ ^LJƐƚĞŵ͘ ϳ͘ ŚĂŶŐĞƐ ŝŶ Z&W ^ƉĞĐŝĨŝĐĂƚŝŽŶƐ Ă͘ KĨĨĞƌŽƌƐ ĂƌĞ ĐĂƵƚŝŽŶĞĚ ƚŚĂƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ Z&W ĐĂŶ ŽŶůLJ ďĞ ĂůƚĞƌĞĚ ďLJ ǁƌŝƚƚĞŶ ĚĚĞŶĚƵŵ ŝƐƐƵĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ĂŶĚ ƚŚĂƚ ŽƌĂů ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ĨƌŽŵ ǁŚĂƚĞǀĞƌ ƐŽƵƌĐĞ;ƐͿ ĂƌĞ ŽĨ ŶŽ ĞĨĨĞĐƚ͘ ď͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ŵŽĚŝĨLJ ĂŶLJ ƐƉĞĐŝĨŝĐĂƚŝŽŶ ĐŽŶƚĂŝŶĞĚ ŚĞƌĞŝŶ ǁŝƚŚŽƵƚ ŵŽĚŝĨLJŝŶŐ ƚŚĞ ƚŝŵĞůŝŶĞƐ ŝŶ ƚŚŝƐ Z&W͘ ŶLJ ŵŽĚŝĨŝĐĂƚŝŽŶ ƚŽ ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ ǁŝůů ďĞ ƐƉĞĐŝĨŝĞĚ ŝŶ ĂŶ ĚĚĞŶĚƵŵ ƉŽƐƚĞĚ ƚŽ /W^͘ ϴ͘ ŽŶƚƌĂĐƚ ǁĂƌĚ hƉŽŶ ĐŽŶĚƵĐƚŝŶŐ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ͕ ĨĂŝƌ͕ ĂŶĚ ŝŵƉĂƌƚŝĂů ĞǀĂůƵĂƚŝŽŶ ŽĨ ƚŚĞ ƉƌŽƉŽƐĂůƐ ƌĞĐĞŝǀĞĚ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ Z&W͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ĂǁĂƌĚ ƚŚĞ ĐŽŶƚƌĂĐƚ;ƐͿ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ƚŚŝƐ Z&W ƚŽ Ă ƐŝŶŐůĞ Žƌ ŵƵůƚŝƉůĞ KĨĨĞƌŽƌƐ͘ hƉŽŶ ĂǁĂƌĚ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƐŝŐŶ ƚŚĞ ͞ ĐĐĞƉƚĂŶĐĞ ŽĨ WƌŽƉŽƐĂů͟ ĨŽƵŶĚ Ăƚ ƚŚĞ ďŽƚƚŽŵ ŽĨ ƚŚĞ džĞĐƵƚŝŽŶ ŽĨ WƌŽƉŽƐĂů ƐĞĐƚŝŽŶ͕ ƚŚƵƐ ƌĞƐƵůƚŝŶŐ ŝŶ ƚŚĞ ĨŽƌŵĂƚŝŽŶ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ;ƐͿ͘ tŝƚŚŝŶ ƚǁŽ ;ϮͿ ďƵƐŝŶĞƐƐ ĚĂLJƐ ĂĨƚĞƌ ŶŽƚŝĨŝĐĂƚŝŽŶ ŽĨ ĂǁĂƌĚ͕ ƚŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ƌĞŐŝƐƚĞƌ ŝŶ E Ͳ WƌŽĐƵƌĞŵĞŶƚ Λ zŽƵƌ ^ĞƌǀŝĐĞ͘ ^ĞĞ ŚƚƚƉ͗ͬͬǀĞŶĚŽƌ͘ŶĐŐŽǀ͘ĐŽŵ͘ ϵ͘ ZĞƋƵŝƌĞĚ WƌŽƉŽƐĂů ŽĐƵŵĞŶƚƐ KĨĨĞƌŽƌƐ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ƌĞƚƵƌŶ ĂŶĚ ĐŽŵƉůĞƚĞ ƚŚĞ ĨŽůůŽǁŝŶŐ ĚŽĐƵŵĞŶƚƐ ǁŚĞƌĞ ŝŶĚŝĐĂƚĞĚ ĂŶĚ ƌĞƚƵƌŶ Ăůů ůŝƐƚĞĚ ǁŝƚŚ ƚŚĞŝƌ ƌĞƐƉŽŶƐĞ͘ Ă͘ ŽŵƉůĞƚĞĚ ĂŶĚ ƐŝŐŶĞĚ y hd/KE W ' ͕ ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ĞŶƚŝƌĞ ďŽĚLJ ŽĨ ƚŚŝƐ Z&W͕ ĂŶĚ ƐŝŐŶĞĚ ƌĞĐĞŝƉƚ ƉĂŐĞƐ ŽĨ ĂŶLJ ĂĚĚĞŶĚĂ ƌĞůĞĂƐĞĚ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ƚŚĞ Z&W͘ ď͘ ŽŵƉůĞƚĞĚ ĂŶĚ ƐŝŐŶĞĚ dd ,D Ed ͗ D/E/DhD Z Yh/Z D Ed^ d > ͘ Đ͘ dĞĐŚŶŝĐĂů WƌŽƉŽƐĂů ƚŽ ĂĚĚƌĞƐƐ Ăůů ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ ŝĚĞŶƚŝĨŝĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͘ KĨĨĞƌŽƌƐ ƐŚŽƵůĚ ŝŶĐůƵĚĞ ĚĞƚĂŝůĞĚ ŶĂƌƌĂƚŝǀĞƐ͕ ĚŝĂŐƌĂŵƐ͕ ĞdžŚŝďŝƚƐ͕ ĞdžĂŵƉůĞƐ͕ ƐĂŵƉůĞƐ͕ ĚĞƐĐƌŝƉƚŝǀĞ ůŝƚĞƌĂƚƵƌĞ͕ ĐŽŵƉůĞƚĞ ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ ĞƚĐ͘ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ƚŽ ĨƵůĨŝůů ĞĂĐŚ ƌĞƋƵŝƌĞŵĞŶƚ ĂŶĚ ƐƉĞĐŝĨŝĐĂƚŝŽŶ͘ dŚŝƐ ŵƵƐƚ ďĞ ŵĂƌŬĞĚ ĂƐ dd ,D Ed ͗ d ,E/ > WZKWK^ >͘ Ě͘ ŽƐƚ WƌŽƉŽƐĂů͘ dŚŝƐ ŵƵƐƚ ďĞ ŵĂƌŬĞĚ ĂƐ dd ,D Ed ͗ K^d WZKWK^ >͘ WĂŐĞ ϭϴ ŽĨ ϭϰϰ Completed ATTACHMENT D: ENROLLMENT KEY PERSONNEL. Completed and signed ATTACHMENT E: LOCATION OF WORKERS UTILITZED BY CONTRACTOR. Completed and signed ATTACHMENT F: BUSINESS ASSOCIATE AGREEMENT. Completed and signed ATTACHMENT G: CERTIFICATION OF FINANCIAL CONDITION AND LEGAL ACTION SUMMARY. Completed ATTACHMENT H: CLIENT REFERENCES. ATTACHMENT I: NC MEDICAID AND HEALTH CHOICE HISTORICAL ENROLLMENT. ATTACHMENT J: PROPOSED MANAGED CARE ELIGILIBTY AND ENROLLMENT PROCESS FLOWS. ATTACHMENT K: MANAGED CARE AUTO-ASSIGNMENT ALGORITHM. ATTACHMENT L: ENROLLMENT BROKER REPORTING REQUIREMENTS. ATTACHMENT M: ANTICIPATED CONTRACT REQUIREMENTS AND IMPLEMENTATION SCHEDULE. ATTACHMENT N: BUSINESS CONTINUITY MANAGEMENT PROGRAM. 10. Proposal Submission Sealed responses of the Offeror's proposal, subject to the conditions made a part hereof and the receipt requirements described herein, must be received at the address indicated below. MAILING ADDRESS FOR DELIVERY OF OFFICE ADDRESS FOR DELIVERY BY ANY OTHER PROPOSAL VIA U.S. POSTAL SERVICE MEANS, SPECIAL DELIVERY, OVERNIGHT DELIVERY, OR BY ANY OTHER CARRIER PROPOSAL NUMBER: 30-180090 PROPOSAL NUMBER: 30?180090 Attn: Ken Dahlin Attn: Ken Dahlin Department of Health and Human Services Department of Health and Human Services Office of Procurement and Contracts Office of Procurement and Contracts 2008 Mail Service Center 801 Ruggles Drive Raleigh, NC 27699-2008 Raleigh, NC 27603 Offeror must deliver the following simultaneously to the address identi?ed in the above by April 13, 2018 at 2:00 PM EST: a. b. c. One (1) signed, original executed response; Three (3) copies ofthe signed, original executed response; One (1) copy of the signed, original executed response on CD, DVD, or flash drive marked RFP 30-180090; and One (1) electronic copy of the signed, original executed response redacted in accordance with 6.5. 132, the Public Records Act, on a separate CD, DVD, or flash drive marked RFP 30-180090 - Redacted. For the purposes of this RFP, redaction means to edit a document by obscuring or removing information that is considered con?dential and proprietary by the Offeror and meets the de?nition of Con?dential Information set forth in 6.5. 132-1.2. If the response does not contain Page 19 of 144 ŽŶĨŝĚĞŶƚŝĂů /ŶĨŽƌŵĂƚŝŽŶ͕ KĨĨĞƌŽƌ ƐŚŽƵůĚ ƐƵďŵŝƚ Ă ƐŝŐŶĞĚ ƐƚĂƚĞŵĞŶƚ ƚŽ ƚŚĂƚ ĞĨĨĞĐƚ ĂƐ Z&W ϯϬͲϭϴϬϬϵϬ Ͳ ZĞĚĂĐƚĞĚ͘ dŚĞ ĞůĞĐƚƌŽŶŝĐ ĐŽƉŝĞƐ ŽĨ ƚŚĞ ƌĞƐƉŽŶƐĞ ŵƵƐƚ ŶŽƚ ďĞ ƉĂƐƐǁŽƌĚ ƉƌŽƚĞĐƚĞĚ͘ /DWKZd Ed EKd ͗ /ƚ ŝƐ ƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŽĨ ƚŚĞ KĨĨĞƌŽƌ ƚŽ ŚĂǀĞ ƚŚĞ ĂďŽǀĞ ĚŽĐƵŵĞŶƚƐ ĂŶĚ ĞůĞĐƚƌŽŶŝĐ ĐŽƉŝĞƐ ƉŚLJƐŝĐĂůůLJ ŝŶ ƚŚĞ KĨĨŝĐĞ ƉƌŽǀŝĚĞĚ ĂďŽǀĞ ďLJ ƚŚĞ ƐƉĞĐŝĨŝĞĚ ƚŝŵĞ ĂŶĚ ĚĂƚĞ ŽĨ ŽƉĞŶŝŶŐ͕ ƌĞŐĂƌĚůĞƐƐ ŽĨ ƚŚĞ ŵĞƚŚŽĚ ŽĨ ĚĞůŝǀĞƌLJ͘ dŚŝƐ ŝƐ ĂŶ ĂďƐŽůƵƚĞ ƌĞƋƵŝƌĞŵĞŶƚ͘ dŚĞ ƚŝŵĞ ŽĨ ĚĞůŝǀĞƌLJ ǁŝůů ďĞ ŵĂƌŬĞĚ ŽŶ ĞĂĐŚ ƉƌŽƉŽƐĂů ǁŚĞŶ ƌĞĐĞŝǀĞĚ͕ ĂŶĚ ĂŶLJ ƉƌŽƉŽƐĂů ƌĞĐĞŝǀĞĚ ĂĨƚĞƌ ƚŚĞ ƐƵďŵŝƐƐŝŽŶ ĚĞĂĚůŝŶĞ ǁŝůů ŶŽƚ ďĞ ĂĐĐĞƉƚĞĚ Žƌ ĞǀĂůƵĂƚĞĚ͘ ůů ƌŝƐŬ ŽĨ ůĂƚĞ ĂƌƌŝǀĂů ĚƵĞ ƚŽ ƵŶĂŶƚŝĐŝƉĂƚĞĚ ĚĞůĂLJ͕ ǁŚĞƚŚĞƌ ĚĞůŝǀĞƌĞĚ ďLJ ŚĂŶĚ͕ h͘^͘ WŽƐƚĂů ^ĞƌǀŝĐĞ͕ ĐŽƵƌŝĞƌ Žƌ ŽƚŚĞƌ ĚĞůŝǀĞƌLJ ƐĞƌǀŝĐĞ Žƌ ŵĞƚŚŽĚ͕ ŝƐ ĞŶƚŝƌĞůLJ ŽŶ ƚŚĞ KĨĨĞƌŽƌ͘ EŽƚĞ ƚŚĂƚ ƚŚĞ h͘^͘ WŽƐƚĂů ^ĞƌǀŝĐĞ ŐĞŶĞƌĂůůLJ ĚŽĞƐ ŶŽƚ ĚĞůŝǀĞƌ ŵĂŝů ƚŽ ƚŚĞ ƐƚƌĞĞƚ ĂĚĚƌĞƐƐ ĂďŽǀĞ͕ ďƵƚ ƚŽ ƚŚĞ ^ƚĂƚĞ͛Ɛ DĂŝů ^ĞƌǀŝĐĞ ĞŶƚĞƌ ƐƚĂƚĞĚ ĂďŽǀĞ͘ dŚĞ KĨĨĞƌŽƌ ŝƐ ĐĂƵƚŝŽŶĞĚ ƚŚĂƚ ƉƌŽƉŽƐĂůƐ ƐĞŶƚ ǀŝĂ h͘^͘ DĂŝů͕ ŝŶĐůƵĚŝŶŐ džƉƌĞƐƐ DĂŝů͕ ŵĂLJ ŶŽƚ ďĞ ĚĞůŝǀĞƌĞĚ ďLJ ƚŚĞ DĂŝů ^ĞƌǀŝĐĞ ĞŶƚĞƌ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ WƵƌĐŚĂƐŝŶŐ KĨĨŝĐĞ ŽŶ ƚŚĞ ƵĞ ĂƚĞ ĂŶĚ ƚŝŵĞ ƚŽ ŵĞĞƚ ƚŚĞ ƉƌŽƉŽƐĂů ƐƵďŵŝƐƐŝŽŶ ĚĞĂĚůŝŶĞ͘ dŚĞ KĨĨĞƌŽƌ ŝƐ ƵƌŐĞĚ ƚŽ ƚĂŬĞ ƚŚĞ ƉŽƐƐŝďŝůŝƚLJ ŽĨ ĚĞůĂLJ ŝŶƚŽ ĂĐĐŽƵŶƚ ǁŚĞŶ ƐƵďŵŝƚƚŝŶŐ Ă ƉƌŽƉŽƐĂů͘ ϭϭ͘ ŽŶĨŝĚĞŶƚŝĂůŝƚLJ Ă͘ Ɛ ƉƌŽǀŝĚĞĚ ĨŽƌ ŝŶ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĚŵŝŶŝƐƚƌĂƚŝǀĞ ĐŽĚĞ ;E Ϳ͕ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ Ϭϭ E Ϭϱ ͘ ď͘ ϬϮϭϬ͕ Ϭϵ E Ϭϲ ͘ϬϭϬϯ ĂŶĚ Ϭϵ E Ϭϲ ͘ϬϯϬϮ͕ Ăůů ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ƌĞůĂƚŝǀĞ ƚŽ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ Ă ĐŽŶƚƌĂĐƚƵĂů ĚŽĐƵŵĞŶƚ ĨŽƌ Ă ƉƌŽƉŽƐĞĚ ƉƌŽĐƵƌĞŵĞŶƚ Žƌ ĐŽŶƚƌĂĐƚ ƐŚĂůů ďĞ ĚĞĞŵĞĚ ĐŽŶĨŝĚĞŶƚŝĂů ŝŶ ŶĂƚƵƌĞ͘ /Ŷ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞƐĞ ĂŶĚ ŽƚŚĞƌ ĂƉƉůŝĐĂďůĞ ƌƵůĞƐ ĂŶĚ ƐƚĂƚƵƚĞƐ͕ ƐƵĐŚ ŵĂƚĞƌŝĂů ƐŚĂůů ƌĞŵĂŝŶ ĐŽŶĨŝĚĞŶƚŝĂů ƵŶƚŝů ƚŚĞ ĂǁĂƌĚ ŽĨ Ă ĐŽŶƚƌĂĐƚ Žƌ ƵŶƚŝů ƚŚĞ ŶĞĞĚ ĨŽƌ ƚŚĞ ƉƌŽĐƵƌĞŵĞŶƚ ŶŽ ůŽŶŐĞƌ ĞdžŝƐƚƐ͘ ŶLJ ƉƌŽƉƌŝĞƚĂƌLJ Žƌ ĐŽŶĨŝĚĞŶƚŝĂů ŝŶĨŽƌŵĂƚŝŽŶ͕ ǁŚŝĐŚ ĐŽŶĨŽƌŵƐ ƚŽ ĞdžĐůƵƐŝŽŶƐ ĨƌŽŵ ƉƵďůŝĐ ƌĞĐŽƌĚƐ ĂƐ ƉƌŽǀŝĚĞĚ ďLJ '͘^͘ Α ϭϯϮ͕ ŵƵƐƚ ďĞ ĐůĞĂƌůLJ ŵĂƌŬĞĚ ĂƐ ƐƵĐŚ ĂŶĚ ƌĞĨůĞĐƚĞĚ ŝŶ ƚŚĞ ƌĞĚĂĐƚĞĚ ĐŽƉLJ ƐƵďŵŝƚƚĞĚ ŽŶ Z&W ϯϬͲ ϭϴϬϬϵϬ Ͳ ZĞĚĂĐƚĞĚ ĂƐ ĂƉƉůŝĐĂďůĞ͘ LJ ƐƵďŵŝƚƚŝŶŐ Ă ƌĞĚĂĐƚĞĚ ĐŽƉLJ͕ ƚŚĞ KĨĨĞƌŽƌ ǁĂƌƌĂŶƚƐ ƚŚĂƚ ŝƚ ŚĂƐ ĨŽƌŵĞĚ Ă ŐŽŽĚ ĨĂŝƚŚ ŽƉŝŶŝŽŶ͕ ŚĂǀŝŶŐ ƌĞĐĞŝǀĞĚ ƐƵĐŚ ŶĞĐĞƐƐĂƌLJ Žƌ ƉƌŽƉĞƌ ƌĞǀŝĞǁ ďLJ ĐŽƵŶƐĞů ĂŶĚ ŽƚŚĞƌ ŬŶŽǁůĞĚŐĞĂďůĞ ĂĚǀŝƐŽƌƐ͕ ƚŚĂƚ ƚŚĞ ƉŽƌƚŝŽŶƐ ŵĂƌŬĞĚ ŽŶĨŝĚĞŶƚŝĂů ĂŶĚͬŽƌ ZĞĚĂĐƚĞĚ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ '͘^͘ Α ϭϯϮ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ŝĚĞŶƚŝĨLJ ƚŚĞ ůĞŐĂů ŐƌŽƵŶĚƐ ĨŽƌ ĂƐƐĞƌƚŝŶŐ ƚŚĂƚ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŝƐ ĐŽŶĨŝĚĞŶƚŝĂů͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĐŝƚĂƚŝŽŶ ƚŽ ƐƚĂƚĞ ůĂǁ͘ ,ŽǁĞǀĞƌ͕ ƵŶĚĞƌ ŶŽ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƐŚĂůů ƉƌŝĐĞ ŝŶĨŽƌŵĂƚŝŽŶ ďĞ ĚĞƐŝŐŶĂƚĞĚ ĂƐ ĐŽŶĨŝĚĞŶƚŝĂů͘ Đ͘ džĐĞƉƚ ĂƐ ŽƚŚĞƌǁŝƐĞ ƉƌŽǀŝĚĞĚ ĂďŽǀĞ ŝŶ ϭϭ͘Ă͕͘ ƉƵƌƐƵĂŶƚ ƚŽ '͘^͘ Α ϭϯϮͲϭ͕ Ğƚ ƐĞƋ͕͘ ŝŶĨŽƌŵĂƚŝŽŶ Žƌ ĚŽĐƵŵĞŶƚƐ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ Z&W ĂƌĞ WƵďůŝĐ ZĞĐŽƌĚ ĂŶĚ ƐƵďũĞĐƚ ƚŽ ŝŶƐƉĞĐƚŝŽŶ͕ ĐŽƉLJ ĂŶĚ ƌĞůĞĂƐĞ ƚŽ ƚŚĞ ƉƵďůŝĐ ƵŶůĞƐƐ ĞdžĞŵƉƚ ĨƌŽŵ ĚŝƐĐůŽƐƵƌĞ ďLJ ƐƚĂƚƵƚĞ͕ ŝŶĐůƵĚŝŶŐ͕ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͕ '͘^͘ Α ϭϯϮͲϭ͘Ϯ͘ ZĞĚĂĐƚĞĚ ĐŽƉŝĞƐ ƉƌŽǀŝĚĞĚ ďLJ KĨĨĞƌŽƌƐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ďĞ ƌĞůĞĂƐĞĚ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ƉƵďůŝĐ ƌĞĐŽƌĚ ƌĞƋƵĞƐƚƐ ǁŝƚŚŽƵƚ ŶŽƚŝĨŝĐĂƚŝŽŶ ƚŽ ƚŚĞ KĨĨĞƌŽƌ͘ WĂŐĞ ϮϬ ŽĨ ϭϰϰ Ě͘ ƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ƐƉĂŶŶŝŶŐ ƚŚĞ ŝƐƐƵĂŶĐĞ ŽĨ ƚŚĞ Z&W ĂŶĚ ŽŶƚƌĂĐƚ ĂǁĂƌĚ͕ ƉŽƐƐĞƐƐŝŽŶ ŽĨ ƉƌŽƉŽƐĂůƐ͕ ĂĐĐŽŵƉĂŶLJŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĂŶĚ ƐƵďƐĞƋƵĞŶƚ ŶĞŐŽƚŝĂƚŝŽŶƐ ĂƌĞ ůŝŵŝƚĞĚ ƚŽ ƉĞƌƐŽŶŶĞů ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĂŶLJ ƚŚŝƌĚ ƉĂƌƚŝĞƐ ŝŶǀŽůǀĞĚ ŝŶ ƚŚŝƐ ƉƌŽĐƵƌĞŵĞŶƚ ƉƌŽĐĞƐƐ͘ ŶLJ ĂƚƚĞŵƉƚ ŽŶ ďĞŚĂůĨ ŽĨ ĂŶ KĨĨĞƌŽƌ ƚŽ ŐĂŝŶ ƐƵĐŚ ĐŽŶĨŝĚĞŶƚŝĂů ŝŶĨŽƌŵĂƚŝŽŶ͕ Žƌ ƚŽ ŝŶĨůƵĞŶĐĞ ƚŚĞ ĂǁĂƌĚ ƉƌŽĐĞƐƐ ŝŶ ĂŶLJ ǁĂLJ͕ ŝƐ Ă ǀŝŽůĂƚŝŽŶ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ƉƵƌĐŚĂƐŝŶŐ ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͕ ĂŶĚ ƐŚĂůů ĐŽŶƐƚŝƚƵƚĞ ƐƵĨĨŝĐŝĞŶƚ ŐƌŽƵŶĚƐ ĨŽƌ ĚŝƐƋƵĂůŝĨŝĐĂƚŝŽŶ ŽĨ KĨĨĞƌŽƌ͛Ɛ ŽĨĨĞƌ ĨƌŽŵ ĨƵƌƚŚĞƌ ĞǀĂůƵĂƚŝŽŶ Žƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶ Ăƚ ƚŚĞ ƐŽůĞ ĚŝƐĐƌĞƚŝŽŶ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ Ğ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ƐĞƌǀĞ ĂƐ ĐƵƐƚŽĚŝĂŶ ŽĨ KĨĨĞƌŽƌ͛Ɛ ĐŽŶĨŝĚĞŶƚŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ŶŽƚ ĂƐ ĂŶ ĂƌďŝƚĞƌ ŽĨ ĐůĂŝŵƐ ĂŐĂŝŶƐƚ KĨĨĞƌŽƌ͛Ɛ ĂƐƐĞƌƚŝŽŶ ŽĨ ĐŽŶĨŝĚĞŶƚŝĂůŝƚLJ͘ /Ĩ ĂŶ ĂĐƚŝŽŶ ŝƐ ďƌŽƵŐŚƚ ƉƵƌƐƵĂŶƚ ƚŽ '͘^͘ Α ϭϯϮͲϵ ƚŽ ĐŽŵƉĞů ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĚŝƐĐůŽƐĞ ŝŶĨŽƌŵĂƚŝŽŶ ŵĂƌŬĞĚ ĐŽŶĨŝĚĞŶƚŝĂů͕ ƚŚĞ KĨĨĞƌŽƌ ĂŐƌĞĞƐ ƚŚĂƚ ŝƚ ǁŝůů ŝŶƚĞƌǀĞŶĞ ŝŶ ƚŚĞ ĂĐƚŝŽŶ ƚŚƌŽƵŐŚ ŝƚƐ ĐŽƵŶƐĞů ĂŶĚ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ĚĞĨĞŶĚŝŶŐ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ŝŶĐůƵĚŝŶŐ ĂŶLJ ƉƵďůŝĐ ŽĨĨŝĐŝĂů;ƐͿ Žƌ ƉƵďůŝĐ ĞŵƉůŽLJĞĞ;ƐͿ͘ dŚĞ KĨĨĞƌŽƌ ĂŐƌĞĞƐ ƚŚĂƚ ŝƚ ƐŚĂůů ŚŽůĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ^ƚĂƚĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ĂŶĚ ĂŶLJ ŽĨĨŝĐŝĂů;ƐͿ ĂŶĚ ŝŶĚŝǀŝĚƵĂů;ƐͿ ŚĂƌŵůĞƐƐ ĨƌŽŵ Ăůů ĚĂŵĂŐĞƐ͕ ĐŽƐƚƐ͕ ĂŶĚ ĂƚƚŽƌŶĞLJƐ͛ ĨĞĞƐ ĂǁĂƌĚĞĚ ĂŐĂŝŶƐƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ ƚŚĞ ĂĐƚŝŽŶ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ĂŐƌĞĞƐ ƚŽ ƉƌŽŵƉƚůLJ ŶŽƚŝĨLJ ƚŚĞ KĨĨĞƌŽƌ ŝŶ ǁƌŝƚŝŶŐ ŽĨ ĂŶLJ ĂĐƚŝŽŶ ƐĞĞŬŝŶŐ ƚŽ ĐŽŵƉĞů ƚŚĞ ĚŝƐĐůŽƐƵƌĞ ŽĨ KĨĨĞƌŽƌ͛Ɛ ĐŽŶĨŝĚĞŶƚŝĂů ŝŶĨŽƌŵĂƚŝŽŶ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ŚĂǀĞ ƚŚĞ ƌŝŐŚƚ͕ Ăƚ ŝƚƐ ŽƉƚŝŽŶ ĂŶĚ ĞdžƉĞŶƐĞ͕ ƚŽ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ƚŚĞ ĚĞĨĞŶƐĞ ŽĨ ƚŚĞ ĂĐƚŝŽŶ ƚŚƌŽƵŐŚ ŝƚƐ ĐŽƵŶƐĞů͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ŚĂǀĞ ŶŽ ůŝĂďŝůŝƚLJ ƚŽ KĨĨĞƌŽƌ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƚŚĞ ĚŝƐĐůŽƐƵƌĞ ŽĨ KĨĨĞƌŽƌ͛Ɛ ĐŽŶĨŝĚĞŶƚŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ŽƌĚĞƌĞĚ ďLJ Ă ĐŽƵƌƚ ŽĨ ĐŽŵƉĞƚĞŶƚ ĂƵƚŚŽƌŝƚLJ ƉƵƌƐƵĂŶƚ ƚŽ '͘^͘ Α ϭϯϮͲϵ Žƌ ŽƚŚĞƌ ĂƉƉůŝĐĂďůĞ ůĂǁ͘ Ĩ͘ dŚĞ KĨĨĞƌŽƌ ĂŐƌĞĞƐ ƚŽ ƵƐĞ ĐŽŵŵĞƌĐŝĂů ďĞƐƚ ĞĨĨŽƌƚƐ ƚŽ ƐĂĨĞŐƵĂƌĚ ĂŶĚ ƉƌŽƚĞĐƚ ĂŶLJ ĚĂƚĂ͕ ĚŽĐƵŵĞŶƚƐ͕ ĨŝůĞƐ͕ ĂŶĚ ŽƚŚĞƌ ŵĂƚĞƌŝĂůƐ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ĂŶ ĂƉƉƌŽƉƌŝĂƚĞ ^ƚĂƚĞ ĞŶƚŝƚLJ ĚƵƌŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ĂŶLJ ĐŽŶƚƌĂĐƚƵĂů ŽďůŝŐĂƚŝŽŶ ĨƌŽŵ ůŽƐƐ͕ ĚĞƐƚƌƵĐƚŝŽŶ͕ Žƌ ĞƌĂƐƵƌĞ͘ dŚĞ KĨĨĞƌŽƌ ĂŐƌĞĞƐ ƚŽ ĂďŝĚĞ ďLJ Ăůů ĨĂĐŝůŝƚŝĞƐ ĂŶĚ ƐĞĐƵƌŝƚLJ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ƉŽůŝĐŝĞƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ĚĞƐŝŐŶĂƚĞĚ ĂƌĞĂƐ ǁŚĞƌĞ ǁŽƌŬ ŝƐ ƚŽ ďĞ ƉĞƌĨŽƌŵĞĚ͘ ůů KĨĨĞƌŽƌ ƉĞƌƐŽŶŶĞů ƐŚĂůů ĂďŝĚĞ ďLJ ƐƵĐŚ ĨĂĐŝůŝƚŝĞƐ ĂŶĚ ƐĞĐƵƌŝƚLJ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ƐŚĂůů ĂŐƌĞĞ ƚŽ ďĞ ďŽƵŶĚ ďLJ ƚŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ͘ Ő͘ dŚĞ KĨĨĞƌŽƌ ǁĂƌƌĂŶƚƐ ƚŚĂƚ Ăůů ŝƚƐ ĞŵƉůŽLJĞĞƐ ĂŶĚ ĂŶLJ ĂƉƉƌŽǀĞĚ ƚŚŝƌĚͲƉĂƌƚLJ ĐŽŶƚƌĂĐƚŽƌƐ Žƌ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ Ă ŶŽŶͲĚŝƐĐůŽƐƵƌĞ ĂŶĚ ĐŽŶĨŝĚĞŶƚŝĂůŝƚLJ ĂŐƌĞĞŵĞŶƚ ĞŶĨŽƌĐĞĂďůĞ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ͘ dŚĞ KĨĨĞƌŽƌ ǁŝůů͕ ƵƉŽŶ ƌĞƋƵĞƐƚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ĂŶ ĂƉƉƌŽƉƌŝĂƚĞ ^ƚĂƚĞ ĞŶƚŝƚLJ͕ ǀĞƌŝĨLJ ĂŶĚ ƉƌŽĚƵĐĞ ƚƌƵĞ ĐŽƉŝĞƐ ŽĨ ĂŶLJ ƐƵĐŚ ĂŐƌĞĞŵĞŶƚƐ͘ WƌŽĚƵĐƚŝŽŶ ŽĨ ƐƵĐŚ ĂŐƌĞĞŵĞŶƚƐ ďLJ KĨĨĞƌŽƌ ŵĂLJ ďĞ ŵĂĚĞ ƐƵďũĞĐƚ ƚŽ ĂƉƉůŝĐĂďůĞ ĐŽŶĨŝĚĞŶƚŝĂůŝƚLJ͕ ŶŽŶͲĚŝƐĐůŽƐƵƌĞ͕ Žƌ ƉƌŝǀĂĐLJ ůĂǁƐ͖ ŝĨ KĨĨĞƌŽƌ ƉƌŽĚƵĐĞƐ ƐĂƚŝƐĨĂĐƚŽƌLJ ĞǀŝĚĞŶĐĞ ƐƵƉƉŽƌƚŝŶŐ ĞdžĐůƵƐŝŽŶ ŽĨ ƐƵĐŚ ĂŐƌĞĞŵĞŶƚƐ ĨƌŽŵ ĚŝƐĐůŽƐƵƌĞ ƵŶĚĞƌ ƚŚĞ E͘ ͘ WƵďůŝĐ ZĞĐŽƌĚƐ ůĂǁƐ ŝŶ '͘^͘ Α ϭϯϮͲϭ Ğƚ ƐĞƋ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ĂƉƉƌŽƉƌŝĂƚĞ ^ƚĂƚĞ ĞŶƚŝƚLJ ŵĂLJ͕ ŝŶ ŝƚƐ ƐŽůĞ ĚŝƐĐƌĞƚŝŽŶ͕ ƉƌŽǀŝĚĞ Ă ŶŽŶͲĚŝƐĐůŽƐƵƌĞ ĂŶĚ ĐŽŶĨŝĚĞŶƚŝĂůŝƚLJ ĂŐƌĞĞŵĞŶƚ ĨŽƌ ƚŚĞ KĨĨĞƌŽƌ͛Ɛ ĞdžĞĐƵƚŝŽŶ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ĂƉƉƌŽƉƌŝĂƚĞ ^ƚĂƚĞ ĞŶƚŝƚLJ ŵĂLJ ĞdžĞƌĐŝƐĞ ŝƚƐ ƌŝŐŚƚƐ ĂƐ ŶĞĐĞƐƐĂƌLJ Žƌ ƉƌŽƉĞƌ͕ ŝŶ ŝƚƐ ĚŝƐĐƌĞƚŝŽŶ͕ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ĂƉƉůŝĐĂďůĞ ƐĞĐƵƌŝƚLJ ƌĞŐƵůĂƚŝŽŶƐ Žƌ ƐƚĂƚƵƚĞƐ ŝŶĐůƵĚŝŶŐ͕ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ Ϯϲ h͘^͘ ͘ ϲϭϬϯ ĂŶĚ /Z^ WƵďůŝĐĂƚŝŽŶ ϭϬϳϱ͕ ;dĂdž /ŶĨŽƌŵĂƚŝŽŶ ^ĞĐƵƌŝƚLJ 'ƵŝĚĞůŝŶĞƐ ĨŽƌ &ĞĚĞƌĂů͕ ^ƚĂƚĞ͕ ĂŶĚ >ŽĐĂů ŐĞŶĐŝĞƐͿ͕ ,/W ͕ ϰϮ h͘^͘ ͘ ϭϯϮϬ;ĚͿ ;,ĞĂůƚŚ WĂŐĞ Ϯϭ ŽĨ ϭϰϰ /ŶƐƵƌĂŶĐĞ WŽƌƚĂďŝůŝƚLJ ĂŶĚ ĐĐŽƵŶƚĂďŝůŝƚLJ ĐƚͿ͕ ĂŶLJ ŝŵƉůĞŵĞŶƚŝŶŐ ƌĞŐƵůĂƚŝŽŶƐ ŝŶ ƚŚĞ ŽĚĞ ŽĨ &ĞĚĞƌĂů ZĞŐƵůĂƚŝŽŶƐ͕ ĂŶĚ ĂŶLJ ĨƵƚƵƌĞ ƌĞŐƵůĂƚŝŽŶƐ ŝŵƉŽƐĞĚ ƵƉŽŶ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƉƵƌƐƵĂŶƚ ƚŽ ĨƵƚƵƌĞ ƐƚĂƚƵƚŽƌLJ Žƌ ƌĞŐƵůĂƚŽƌLJ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ Ś͘ dŚĞ KĨĨĞƌŽƌ ĂŐƌĞĞƐ ĂŶĚ ƐƉĞĐŝĨŝĐĂůůLJ ǁĂƌƌĂŶƚƐ ƚŚĂƚ ŝƚ͕ ŝƚƐ ŽĨĨŝĐĞƌƐ͕ ĚŝƌĞĐƚŽƌƐ͕ ƉƌŝŶĐŝƉĂůƐ ĂŶĚ ĞŵƉůŽLJĞĞƐ͕ ĂŶĚ ĂŶLJ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ ƐŚĂůů ŚŽůĚ Ăůů ŝŶĨŽƌŵĂƚŝŽŶ ƌĞĐĞŝǀĞĚ ĚƵƌŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ ŝŶ ƚŚĞ ƐƚƌŝĐƚĞƐƚ ĐŽŶĨŝĚĞŶĐĞ ĂŶĚ ƐŚĂůů ŶŽƚ ĚŝƐĐůŽƐĞ ƚŚĞ ƐĂŵĞ ƚŽ ĂŶLJ ƚŚŝƌĚ ƉĂƌƚLJ ǁŝƚŚŽƵƚ ƚŚĞ ĞdžƉƌĞƐƐ ǁƌŝƚƚĞŶ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ĂƉƉƌŽƉƌŝĂƚĞ ^ƚĂƚĞ ĞŶƚŝƚLJ͘ dŚĞ KĨĨĞƌŽƌ ƐŚĂůů ƉƌŽƚĞĐƚ ƚŚĞ ĐŽŶĨŝĚĞŶƚŝĂůŝƚLJ ŽĨ Ăůů ŝŶĨŽƌŵĂƚŝŽŶ͕ ĚĂƚĂ͕ ŝŶƐƚƌƵŵĞŶƚƐ͕ ƐƚƵĚŝĞƐ͕ ƌĞƉŽƌƚƐ͕ ƌĞĐŽƌĚƐ͕ ĂŶĚ ŽƚŚĞƌ ŵĂƚĞƌŝĂůƐ ƉƌŽǀŝĚĞĚ ƚŽ ŝƚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ŵĂŝŶƚĂŝŶĞĚ Žƌ ĐƌĞĂƚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚŝƐ ŽŶƚƌĂĐƚ͘ EŽ ƐƵĐŚ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĚĂƚĂ͕ ŝŶƐƚƌƵŵĞŶƚƐ͕ ƐƚƵĚŝĞƐ͕ ƌĞƉŽƌƚƐ͕ ƌĞĐŽƌĚƐ͕ ĂŶĚ ŽƚŚĞƌ ŵĂƚĞƌŝĂůƐ ŝŶ ƚŚĞ ƉŽƐƐĞƐƐŝŽŶ ŽĨ KĨĨĞƌŽƌ ƐŚĂůů ďĞ ĚŝƐĐůŽƐĞĚ ŝŶ ĂŶLJ ĨŽƌŵ ǁŝƚŚŽƵƚ ƚŚĞ ƉƌŝŽƌ ǁƌŝƚƚĞŶ ĐŽŶƐĞŶƚ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ĂƉƉƌŽƉƌŝĂƚĞ ^ƚĂƚĞ ĞŶƚŝƚLJ͘ dŚĞ KĨĨĞƌŽƌ ǁŝůů ŚĂǀĞ ǁƌŝƚƚĞŶ ƉŽůŝĐŝĞƐ ŐŽǀĞƌŶŝŶŐ ĂĐĐĞƐƐ ƚŽ ĂŶĚ ĚƵƉůŝĐĂƚŝŽŶ ĂŶĚ ĚŝƐƐĞŵŝŶĂƚŝŽŶ ŽĨ Ăůů ƐƵĐŚ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĚĂƚĂ͕ ŝŶƐƚƌƵŵĞŶƚƐ͕ ƐƚƵĚŝĞƐ͕ ƌĞƉŽƌƚƐ͕ ƌĞĐŽƌĚƐ͕ ĂŶĚ ŽƚŚĞƌ ŵĂƚĞƌŝĂůƐ͘ ŝ͘ ůů ƉƌŽũĞĐƚ ŵĂƚĞƌŝĂůƐ͕ ŝŶĐůƵĚŝŶŐ ƐŽĨƚǁĂƌĞ͕ ĚĂƚĂ͕ ĂŶĚ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ĐƌĞĂƚĞĚ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ Žƌ ƉƌŽǀŝƐŝŽŶ ŽĨ ƐĞƌǀŝĐĞƐ ŚĞƌĞƵŶĚĞƌ ƚŚĂƚ ĂƌĞ ŶŽƚ ůŝĐĞŶƐĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ŽƚŚĞƌ ^ƚĂƚĞ ĞŶƚŝƚLJ͕ Žƌ ĂƌĞ ŶŽƚ ƉƌŽƉƌŝĞƚĂƌLJ ƚŽ ƚŚĞ KĨĨĞƌŽƌ ĂƌĞ ƚŚĞ ƉƌŽƉĞƌƚLJ ŽĨ ƚŚĞ ^ƚĂƚĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ĂŶĚ ŵƵƐƚ ďĞ ŬĞƉƚ ĐŽŶĨŝĚĞŶƚŝĂů Žƌ ƌĞƚƵƌŶĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ Žƌ ĚĞƐƚƌŽLJĞĚ͘ WƌŽƉƌŝĞƚĂƌLJ KĨĨĞƌŽƌ ŵĂƚĞƌŝĂůƐ ƐŚĂůů ďĞ ŝĚĞŶƚŝĨŝĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ďLJ ƚŚĞ KĨĨĞƌŽƌ ƉƌŝŽƌ ƚŽ ƵƐĞ Žƌ ƉƌŽǀŝƐŝŽŶ ŽĨ ƐĞƌǀŝĐĞƐ ŚĞƌĞƵŶĚĞƌ ĂŶĚ ƐŚĂůů ƚŚĞƌĞďLJ ƌĞŵĂŝŶ ƚŚĞ ƉƌŽƉĞƌƚLJ ŽĨ ƚŚĞ KĨĨĞƌŽƌ͘ ĞƌŝǀĂƚŝǀĞ ǁŽƌŬƐ ŽĨ ĂŶLJ KĨĨĞƌŽƌ ƉƌŽƉƌŝĞƚĂƌLJ ŵĂƚĞƌŝĂůƐ ƉƌĞƉĂƌĞĚ Žƌ ĐƌĞĂƚĞĚ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƉƌŽǀŝƐŝŽŶ ŽĨ ƐĞƌǀŝĐĞƐ ŚĞƌĞƵŶĚĞƌ ƐŚĂůů ďĞ ƐƵďũĞĐƚ ƚŽ Ă ƉĞƌƉĞƚƵĂů͕ ƌŽLJĂůƚLJ ĨƌĞĞ͕ ŶŽŶĞdžĐůƵƐŝǀĞ ůŝĐĞŶƐĞ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ^ƚĂƚĞ͘ ϭϮ͘ KĨĨĞƌŽƌ YƵĞƐƚŝŽŶƐ ŽŶĐĞƌŶŝŶŐ ƚŚŝƐ Z&W tƌŝƚƚĞŶ ƋƵĞƐƚŝŽŶƐ ĐŽŶĐĞƌŶŝŶŐ ƚŚŝƐ Z&W ǁŝůů ďĞ ƌĞĐĞŝǀĞĚ ƵŶƚŝů DĂƌĐŚ ϴ͕ ϮϬϭϴ Ăƚ Ϯ͗ϬϬ WD ^d͘ dŚĞLJ ŵƵƐƚ ďĞ ƐĞŶƚ ǀŝĂ ĞŵĂŝů ƚŽ <ĞŶ͘ ĂŚůŝŶΛĚĚŚƐ͘ŶĐ͘ŐŽǀ͘ WůĞĂƐĞ ŝŶƐĞƌƚ ͞YƵĞƐƚŝŽŶƐ Z&W ϯϬͲϭϴϬϬϵϬ͞ ĂƐ ƚŚĞ ƐƵďũĞĐƚ ŽĨ ƚŚĞ ĞŵĂŝů͘ dŚĞ ƋƵĞƐƚŝŽŶƐ ƐŚŽƵůĚ ďĞ ƐƵďŵŝƚƚĞĚ ŝŶ ƚŚĞ ĨŽƌŵĂƚ ďĞůŽǁ͘ Z&W ŝƚĂƚŝŽŶ ;ŝ͘Ğ͘ KĨĨĞƌŽƌ YƵĞƐƚŝŽŶ ^ĞĐƚŝŽŶ Θ ƉĂŐĞ ŶƵŵďĞƌͿ ĞƉĂƌƚŵĞŶƚ ZĞƐƉŽŶƐĞ ;ΎƚŽ ďĞ ĐŽŵƉůĞƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƉŽƐƚĞĚ ƚŽ /W^ ŽŶ DĂƌĐŚ ϭϵ͕ ϮϬϭϴͿ ϭ͘ Ϯ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƉƌĞƉĂƌĞ ƌĞƐƉŽŶƐĞƐ ƚŽ Ăůů ǁƌŝƚƚĞŶ ƋƵĞƐƚŝŽŶƐ ƐƵďŵŝƚƚĞĚ ďLJ ƚŚĞ ƐƚĂƚĞĚ ĚĞĂĚůŝŶĞ ĂŶĚ ƉŽƐƚ ĂŶ ĚĚĞŶĚƵŵ ƚŽ /W^͘ KĨĨĞƌŽƌƐ ĂƌĞ ĐĂƵƚŝŽŶĞĚ ƚŚĂƚ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJŽŶĞ ŽƚŚĞƌ ƚŚĂŶ <ĞŶ ĂŚůŝŶ ŵĂLJ ďĞ ŐƌŽƵŶĚƐ ĨŽƌ ƌĞũĞĐƚŝŽŶ ŽĨ ƐĂŝĚ KĨĨĞƌŽƌ͛Ɛ ƌĞƐƉŽŶƐĞ͘ WĂŐĞ ϮϮ ŽĨ ϭϰϰ 13. 14. Falsified information The Department may initiate proceedings to debar an Offeror from participation in the bid process and from contract award as authorized by North Carolina law if it is determined that the Offeror has withheld relevant or provided false information. Administrators for the Contra_ct_ The contract administrators are the persons to whom notices provided for in this contract shall be given, and to whom matters relating to the administration of this contract shall be addressed. Either party may change its administrator or his/her address and telephone number by written notice to the other party. The Offeror must complete the table below providing the Contractor?s Contract Administrator?s information. a. For the Department Contract Administrator for all contractual issues listed herein: Name 8: Title Kimberley Kilpatrick, Contract and Compliance Specialist, Division of Health Benefits Address 1 820 S. Boylan Avenue Physical Address Raleigh, NC 27603 Address 2 1950 Mail Service Center Mail Service Center Raleigh, NC 27699-1950 Address Telephone Number 919-527-7015 Fax Number 919-832-0225 Email Address Contract Administrator regarding day to day activities herein: Name 8: Title Debra Farrington, Senior Program Manager, Division of Health Bene?ts Address 1 820 S. Boylan Avenue Physical Address Raleigh, NC 27603 Address 2 1950 Mail Service Center Mail Service Center Raleigh, NC 27699-1950 Address Telephone Number 919627-7025 Fax Number 919-832-0225 Email Address Debra.Farrington@dhhs.nc.gov Page 23 of 144 Department?s Federal NC State and NC DHHS Compliance Coordinator for all privacy and security matters herein: Name Title Pyreddy Reddy, DHHS CISO Address 1 695 Palmer Drive, Raleigh, NC 27603 Telephone Number 919-855-3090 Email Address For the Offerar Contract Administrator for all contractual issues listed herein: Name Title Address 1 Physical Address Address 2 Mailing Address Telephone Number Fax Number Email Address Contract Administrator regarding day to day activities herein: Name Title Address 1 Physical Address Address 2 Mailing Address Telephone Number Fax Number Email Address HIPAA or Compliance O?icer for all privacy matters herein: Name Title Address 1 Physical Address Address 2 Mailing Address Telephone Number Fax Number Email Address Page 24 of 144 ϭϱ͘ /ŵƉŽƌƚĂŶƚ ǀĞŶƚƐ ĂŶĚ ^ĐŚĞĚƵůĞ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ŵĂŬĞ ĞǀĞƌLJ ĞĨĨŽƌƚ ƚŽ ĂĚŚĞƌĞ ƚŽ ƚŚĞ ĨŽůůŽǁŝŶŐ ƐĐŚĞĚƵůĞ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ĂĚũƵƐƚ ƚŚĞ ƐĐŚĞĚƵůĞ ĂŶĚ ǁŝůů ƉŽƐƚ ĂŶ ĚĚĞŶĚƵŵ ŽŶ ƚŚĞ /ŶƚĞƌĂĐƚŝǀĞ WƵƌĐŚĂƐŝŶŐ ^LJƐƚĞŵ ;/W^Ϳ ǁĞďƐŝƚĞ͘ Z&W ^ , h> ĐƚŝŽŶ /ƐƐƵĞ Z&W ZĞƐƉŽŶƐŝďůĞ WĂƌƚLJ ĞƉĂƌƚŵĞŶƚ ĂƚĞ DĂƌĐŚ Ϯ͕ ϮϬϭϴ ĞĂĚůŝŶĞ ƚŽ ^Ƶďŵŝƚ KĨĨĞƌŽƌ YƵĞƐƚŝŽŶƐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ KĨĨĞƌŽƌƐ DĂƌĐŚ ϴ͕ ϮϬϭϴ ZĞƐƉŽŶƐĞ ƚŽ KĨĨĞƌŽƌ YƵĞƐƚŝŽŶƐ ĞƉĂƌƚŵĞŶƚ DĂƌĐŚ ϭϵ͕ ϮϬϭϴ ^ƵďŵŝƐƐŝŽŶ ŽĨ KĨĨĞƌ KĨĨĞƌŽƌƐ Ɖƌŝů ϭϯ͕ ϮϬϭϴ KĨĨĞƌ ǀĂůƵĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ ŽŶƚƌĂĐƚ ǁĂƌĚ ĞƉĂƌƚŵĞŶƚ DĂLJ ϯϭ͕ ϮϬϭϴ ŽŶƚƌĂĐƚ ĨĨĞĐƚŝǀĞ ĂƚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƐĞůĞĐƚĞĚ KĨĨĞƌŽƌ dŚĞ ĚĂƚĞ ŽŶƚƌĂĐƚ ŝƐ ĨƵůůLJ ĞdžĞĐƵƚĞĚ ďLJ ƚŚĞ WĂƌƚŝĞƐ Ɖƌŝů ϭϯ ʹ DĂLJ ϯϭ͕ ϮϬϭϴ ͘ Z&W ǀĂůƵĂƚŝŽŶ WƌŽĐĞƐƐ dŚĞ ǀĂůƵĂƚŝŽŶ WƌŽĐĞƐƐ ǁŝůů ĐŽŵŵĞŶĐĞ ŽŶ ƚŚĞ ĚĂƚĞ ĂŶĚ ƚŝŵĞ ƌĞƐƉŽŶƐĞƐ ĂƌĞ ƵŶƐĞĂůĞĚ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚŝƐ Z&W͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƵƚŝůŝnjĞ ƚŚĞ ƉŚĂƐĞƐ͕ ĞǀĂůƵĂƚŝŽŶ ŵĞƚŚŽĚ ĂŶĚ ƐĐŽƌŝŶŐͬǁĞŝŐŚƚŝŶŐ ĐƌŝƚĞƌŝĂ ƐƚĂƚĞĚ ŚĞƌĞŝŶ ĨŽƌ ƚŚĞ ĞǀĂůƵĂƚŝŽŶ ŽĨ ĞĂĐŚ KĨĨĞƌŽƌ͛Ɛ ƉƌŽƉŽƐĂů͘ ϭ͘ ǀĂůƵĂƚŝŽŶ WŚĂƐĞƐ WŚĂƐĞ ϭ ʹ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƌĞǀŝĞǁ ĞĂĐŚ KĨĨĞƌŽƌ͛Ɛ ƉƌŽƉŽƐĂů ƚŽ ǀĂůŝĚĂƚĞ ƚŚĂƚ Ăůů ƌĞƋƵŝƌĞĚ ƉƌŽƉŽƐĂů ĚŽĐƵŵĞŶƚƐ ĂƌĞ ŝŶĐůƵĚĞĚ ĂŶĚ ĐŽŵƉůĞƚĞĚ͕ ĂŶĚ Ăůů /ŶƐƚƌƵĐƚŝŽŶƐ ƚŽ KĨĨĞƌŽƌƐ ŚĂǀĞ ďĞĞŶ ĨŽůůŽǁĞĚ͘ &ĂŝůƵƌĞ ƚŽ ĂĚŚĞƌĞ ƚŽ ƚŚĞƐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŵĂLJ ƌĞŶĚĞƌ ƚŚĞ KĨĨĞƌŽƌ͛Ɛ ƌĞƐƉŽŶƐĞ ŝŶĐŽŵƉůĞƚĞ ĂŶĚ ŵĂLJ ďĞ ŐƌŽƵŶĚƐ ĨŽƌ ƌĞũĞĐƚŝŽŶ ĚƵƌŝŶŐ WŚĂƐĞ ϭ͘ WŚĂƐĞ Ϯ ʹ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ĚĞƚĞƌŵŝŶĞ ŝĨ DŝŶŝŵƵŵ ZĞƋƵŝƌĞŵĞŶƚƐ ĂƌĞ ŵĞƚ ĂƐ ƌĞƋƵŝƌĞĚ ŝŶ dd ,D Ed ͗ D/E/DhD Z Yh/Z D Ed^ d > ͘ /Ĩ ƚŚĞ KĨĨĞƌŽƌ ĚŽĞƐ ŶŽƚ ƉƌŽǀŝĚĞ ƚŚĞ ƌĞƋƵŝƌĞĚ ŝŶĨŽƌŵĂƚŝŽŶ͕ Žƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĚĞƚĞƌŵŝŶĞƐ ƚŚĂƚ ƚŚĞ KĨĨĞƌŽƌ ĚŽĞƐ ŶŽƚ ŵĞĞƚ ƚŚĞ DŝŶŝŵƵŵ ZĞƋƵŝƌĞŵĞŶƚƐ͕ ƚŚĂƚ KĨĨĞƌŽƌ͛Ɛ ƌĞƐƉŽŶƐĞ ƐŚĂůů ďĞ ĞdžĐůƵĚĞĚ ĨƌŽŵ ĨƵƌƚŚĞƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ĚƵƌŝŶŐ WŚĂƐĞ Ϯ͘ WŚĂƐĞ ϯ ʹ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ĐƌĞĂƚĞ ĂŶ ǀĂůƵĂƚŝŽŶ ŽŵŵŝƚƚĞĞ ƚŽ ƌĞǀŝĞǁ ƚŚĞ KĨĨĞƌŽƌ͛Ɛ dĞĐŚŶŝĐĂů ZĞƐƉŽŶƐĞ ĂŶĚ ŽƐƚ WƌŽƉŽƐĂů͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ƌĞƋƵĞƐƚ ĐůĂƌŝĨŝĐĂƚŝŽŶƐ ĨƌŽŵ ĂŶLJ KĨĨĞƌŽƌ͕ ĂŶĚ ƐƵĐŚ ĐůĂƌŝĨŝĐĂƚŝŽŶƐ ŵƵƐƚ ďĞ ƐƵďŵŝƚƚĞĚ ŝŶ ǁƌŝƚŝŶŐ ƚŽ WĂŐĞ Ϯϱ ŽĨ ϭϰϰ the Offeror to respond. However, the Department is not required to request clarifications from any Offeror. Each Offeror should exercise due diligence to ensure their response is clear and addresses all requirements ofthis RFP. Phase 4 -The Department reserves the right to enter into negotiations with any Offeror to establish a favorable contract that is in the best interest of the Department. Such negotiations may result in modi?cations to the Offeror?s Technical Response and/or Cost Proposal. Phase 5 - The Evaluation Committee will make an Award Recommendation. Upon approval ofthe recommendation by the Department, the Notice of Award will be issued with the Department executing the Contract with the successful Offeror. 2. Evaluation Method A one-step process shall be used. The Offeror?s Technical Response and Cost Proposal will be evaluated simultaneously. Quali?ed responses will be evaluated, and acceptance will be made in accordance with Best Value procurement practices. 3. Scoring, Criteria, and Overall Weights a. The Department will evaluate the Offeror's proposal for completeness and reasonableness and to determine if it complies with the instructions described in the RFP. b. The Offeror?s response will be evaluated and scored on several factors. The Technical Response, including the written response, clarifications, oral presentations (if requested by the Department), and the Cost Proposal will be scored based on an overall weighted point scale developed by the Department. c. The proposal with the lowest cost for a particular section that is scored will receive the total number of points allocated for that section. Other proposals will be assigned a portion of the score using the formula: Total number of points allocated for cost proposal section multiplied by (lowest cost proposal divided by overall proposed cost) for the proposal section being evaluated. d. Scoring of proposals will reflect the following weights/percentages: Scoring 0 Minimum Requirenteuls Weight/Pa I 88 Agree to Terms Conditions Meets/ Does Not Meet Financial Stability and Legal Action Disclosure Meets/ Does Not Meet Experience: Enrollment broker services for Medicaid program with at least 400,000 beneficiaries?[Meets/ Does Not Meet Page 26 of 144 Call Center support for choice counseling and enrollment broker services for open enrollment population of at least 400,000 Meets/ Does Not Meet Integration with existing Medicaid program eligibility and customer service systems Meets/ Does Not Meet Offerors receiving a "Does Not Meet" score will be disqualified Scoring Weight/Percentage Technical Proposal Qualifications, Experience and Federal Requirements 4.0% NC Medicaid and Health Choice Enrollment 1.0% Member Appeals of Disenrollment 4.0% Bene?ciary Support Under Managed Care 4.0% Bene?ciary Grievances 4.0% Member Outreach, Education and Materials 4.0% Language Accessibility and Cultural Competency 2.0% Call Center Support 4.0% Enrollment Services Website and PHP Selection Tool 3.0% Bene?ciary Management Platform 2.0% Consolidated Bene?ciary Facing Provider Directory 4.0% Mailing Requirements 1.0% Enrollment Information System Integration 4.0% Staf?ng and Key Personnel 4.0% Account Management 1.0% Training 2.0% Fraud Waste and Abuse 3.0% Performance Reporting and Delivery Requirements 1.0% Reconciliation 4.0% Security and Audit Requirements 1.0% Business Continuity Plan 2.0% Member Enrollment Satisfaction Survey 2.0% Readiness Review 2.0% Implementation Plan 3.0% System Interface Plan 3.0% Use Scenarios 4.0% References 2.0% Total Technical Proposal 75.0% Cost Proposal 25.0% Total 100.0% Page 27 of 144 ͘ ŽŶƚƌĂĐƚ dĞƌŵ dŚĞ ŽŶƚƌĂĐƚ ĂǁĂƌĚĞĚ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚŝƐ Z&W ƐŚĂůů ďĞ ĞĨĨĞĐƚŝǀĞ ƵƉŽŶ ĞdžĞĐƵƚŝŽŶ ďLJ ƚŚĞ WĂƌƚŝĞƐ͘ dŚĞ ŽŶƚƌĂĐƚ dĞƌŵ ŝƐ ƚŚĞ ƉĞƌŝŽĚ ďĞŐŝŶŶŝŶŐ ŽŶ ƚŚĞ ĨĨĞĐƚŝǀĞ ĂƚĞ ƚŚƌŽƵŐŚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϬ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ŽƉƚŝŽŶ͕ Ăƚ ŝƚƐ ĚŝƐĐƌĞƚŝŽŶ͕ ƚŽ ĞdžƚĞŶĚ ƚŚĞ ŽŶƚƌĂĐƚ ĨŽƌ ƵƉ ƚŽ ƚŚƌĞĞ ;ϯͿ ĂĚĚŝƚŝŽŶĂů ŽŶĞ ;ϭͿ LJĞĂƌ ƉĞƌŝŽĚƐ͕ Žƌ Ă ƐŚŽƌƚĞƌ ƉĞƌŝŽĚ ĂƐ ƌĞƋƵŝƌĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ͘ ZĞƐƉŽŶĚŝŶŐ ƚŽ ƚŚĞ ^ĐŽƉĞ ŽĨ tŽƌŬ ϭ͘ ŽŶƐŝĚĞƌĂƚŝŽŶ &Žƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ ĞĂĐŚ ƉƌŽƉŽƐĂů ŵƵƐƚ ĐůĞĂƌůLJ ĚĞŵŽŶƐƚƌĂƚĞ Ăůů ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƐƚĂƚĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ƌĞũĞĐƚ ƉƌŽƉŽƐĂůƐ ĚĞĞŵĞĚ ŝŶĐŽŵƉůĞƚĞ͕ ŶŽŶͲƌĞƐƉŽŶƐŝǀĞ Žƌ ŶŽŶͲĐŽŵƉůŝĂŶƚ ǁŝƚŚ ƚŚĞ Z&W ƌĞƋƵŝƌĞŵĞŶƚƐ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞŵŽŶƐƚƌĂƚĞ ŝƚ ǁŝůů ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƐĐŽƉĞ ŽĨ ǁŽƌŬ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͕ ĂŶĚ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ĚĞƐĐƌŝƉƚŝŽŶ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ŝƚƐ ĂďŝůŝƚLJ ƚŽ ĨƵůĨŝůů ĞĂĐŚ ƌĞƋƵŝƌĞŵĞŶƚ͘ Ϯ͘ ZĞƐƉŽŶƐĞƐ ƚŽ ^ĐŽƉĞ ŽĨ tŽƌŬ ZĞƋƵŝƌĞŵĞŶƚƐ dŚĞ ƉƌŽƉŽƐĂů ŵƵƐƚ ŵĞĞƚ Ăůů ŵŝŶŝŵƵŵ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ Z&W͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĐŽŵƉůĞƚŝŽŶ ĂŶĚ ƌĞƚƵƌŶ ŽĨ Ăůů ĂƚƚĂĐŚŵĞŶƚƐ ĂƐ ŝŶĚŝĐĂƚĞĚ͘ dŚĞ ƉƌŽƉŽƐĂů ŵƵƐƚ ĐůĞĂƌůLJ ĂƌƚŝĐƵůĂƚĞ ĂŶĚ ĂĚĚƌĞƐƐ Ăůů ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ Z&W͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ŶĂƌƌĂƚŝǀĞ ĚĞƐĐƌŝƉƚŝŽŶ ǁŝƚŚ ƐƵƉƉŽƌƚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ŵĂLJ ŝŶĐůƵĚĞ ĚŝĂŐƌĂŵƐ͕ ĞdžŚŝďŝƚƐ͕ ĞdžĂŵƉůĞƐ͕ ƐŬĞƚĐŚĞƐ͕ ĚĞƐĐƌŝƉƚŝǀĞ ůŝƚĞƌĂƚƵƌĞ͕ ĞƚĐ͘ &Žƌ ƐŽŵĞ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ƚŚĞ KĨĨĞƌŽƌ ŵĂLJ ŶĞĞĚ ƚŽ ƉƌŽǀŝĚĞ ĂŶ ĂĨĨŝƌŵĂƚŝǀĞ ƐƚĂƚĞŵĞŶƚ ƚŽ ƚŚĞ ƋƵĞƐƚŝŽŶ Žƌ ƌĞƋƵŝƌĞŵĞŶƚ ďLJ͕ Ăƚ Ă ŵŝŶŝŵƵŵ͕ ŝŶƐĞƌƚŝŶŐ ƚŚĞ ǁŽƌĚ KE&/ZD ŝŶ ŝƚƐ ƉƌŽƉŽƐĂů͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ͕ ƋƵĂůŝĨŝĐĂƚŝŽŶƐ Žƌ ĐŽŶƚŝŶŐĞŶĐĞƐ ŝŵƉĂĐƚŝŶŐ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ƉĞƌĨŽƌŵ ĂƐ ƌĞƋƵŝƌĞĚ ďLJ ƚŚĞ Z&W͘ /Ĩ ůŝŵŝƚĂƚŝŽŶƐ ĂƌĞ ŶŽƚ ŝĚĞŶƚŝĨŝĞĚ͕ ƚŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ƉĞƌĨŽƌŵ ĂƐ ĚĞĨŝŶĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ŶŽƚ ŝŶĐůƵĚĞ ĂŶLJ ĂƐƐƵŵƉƚŝŽŶƐ ŝŶ ŝƚƐ ƉƌŽƉŽƐĂů͘ dŚĞ KĨĨĞƌŽƌ ƐŚŽƵůĚ ƐĞĞŬ ĐůĂƌŝƚLJ ŽŶ ĂŶLJ ƋƵĞƐƚŝŽŶƐ Žƌ ĐŽŶĐĞƌŶƐ ĚƵƌŝŶŐ ƚŚĞ ĚĞĨŝŶĞĚ YƵĞƐƚŝŽŶͬ ŶƐǁĞƌ ƉĞƌŝŽĚ͘ ϯ͘ YƵĂůŝĨŝĐĂƚŝŽŶƐ ĂŶĚ ZĞĨĞƌĞŶĐĞƐ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵŝƌĞƐ Ă ĐŽŶƚƌĂĐƚŽƌ ǁŝƚŚ Ă ƉƌŽǀĞŶ ŚŝƐƚŽƌLJ ŽĨ ƉƌŽǀŝĚŝŶŐ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐĞƌǀŝĐĞƐ͕ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ ƉůĂŶ ƐĞůĞĐƚŝŽŶ ĨŽƌ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ƐƵƉƉŽƌƚ E ͛Ɛ DĞĚŝĐĂŝĚ dƌĂŶƐĨŽƌŵĂƚŝŽŶ ƚŽ Ă DĂŶĂŐĞĚ ĂƌĞ ŵŽĚĞů͘ Ă͘ dŽ ĚĞŵŽŶƐƚƌĂƚĞ ƚŚĞ KĨĨĞƌŽƌ ŝƐ ƋƵĂůŝĨŝĞĚ ƚŽ ŵĞĞƚ ƚŚĞ ŽŶͲŐŽŝŶŐ ĚĞŵĂŶĚƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ƚŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ͗ ŝ͘ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ƚŚĞ ĐŽŵƉĂŶLJ͕ ŝƚƐ ŽƉĞƌĂƚŝŽŶƐ͕ ĂŶĚ ŽǁŶĞƌƐŚŝƉ͖ ĂŶĚ ŝŝ͘ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ĂŶLJ ƌĞůĂƚĞĚ ĞdžƉĞƌƚŝƐĞ ŝŶ ƚŚĞ ƐĞƌǀŝĐĞƐ ƌĞƋƵŝƌĞĚ ĂƐ ƉĂƌƚ ŽĨ ƚŚŝƐ Z&W͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĚĞƚĂŝůƐ ŽĨ ƚŚĞ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ŶƵŵďĞƌ ŽĨ LJĞĂƌƐ ƉƌŽǀŝĚŝŶŐ ƚŚĞ ƐĞƌǀŝĐĞƐ͘ WĂŐĞ Ϯϴ ŽĨ ϭϰϰ ď͘ dŽ ƐƵƉƉŽƌƚ ƚŚĞ KĨĨĞƌŽƌ͛Ɛ ĨŝŶĂŶĐŝĂů ƐƚĂďŝůŝƚLJ ŶĞĐĞƐƐĂƌLJ ƚŽ ƉĞƌĨŽƌŵ ƚŚĞ ƐĞƌǀŝĐĞƐ ŽĨ ƚŚŝƐ Z&W͕ ƚŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ƐƵďŵŝƚ ƚŚĞ ƌĞƋƵŝƌĞĚ ĚŽĐƵŵĞŶƚƐ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ŵĂƌŬĞĚ ĂƐ dd ,D Ed '͗ Zd/&/ d/KE K& &/E E / > KE /d/KE E > ' > d/KE ^hDD Zz͘ Đ͘ dŽ ƐƵƉƉŽƌƚ ƚŚĞ KĨĨĞƌŽƌ͛Ɛ ĂďŝůŝƚLJ ƚŽ ƉƌŽǀŝĚĞ Ă ŚŝŐŚ ůĞǀĞů ŽĨ ƋƵĂůŝƚLJ ƐĞƌǀŝĐĞƐ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵŝƌĞƐ ĐůŝĞŶƚ ƌĞĨĞƌĞŶĐĞƐ͘ dŚĞƐĞ ĐůŝĞŶƚƐ ǁŝůů ďĞ ĐŽŶƚĂĐƚĞĚ ĂŶĚ ĂƐŬĞĚ ƚŽ ƌĞƐƉŽŶĚ ƚŽ ƋƵĞƐƚŝŽŶƐ ĚĞǀĞůŽƉĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞŐĂƌĚŝŶŐ KĨĨĞƌŽƌ͛Ɛ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƐĞƌǀŝĐĞƐ ƐŝŵŝůĂƌ ƚŽ ƚŚŽƐĞ ŽƵƚůŝŶĞĚ ŝŶ ƚŚŝƐ Z&W͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ƌĞĨĞƌĞŶĐĞ ƚŽ ŵĞĞƚ ĞĂĐŚ ŽĨ ƚŚĞ ƐƉĞĐŝĨŝĐ ƌĞƋƵŝƌĞŵĞŶƚƐ ƐƚĂƚĞĚ ŝŶ dd ,D Ed ,͗ K&& ZKZ͛^ >/ Ed Z & Z E ^͘ ϰ͘ /ŶǀĞƐƚŝŐĂƚŝŽŶ ĂŶĚ /ŶƐƉĞĐƚŝŽŶ dŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ŵĂŬĞ ƐƵĐŚ ƌĞĂƐŽŶĂďůĞ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ Žƌ ƌĞĂĚŝŶĞƐƐ ƌĞǀŝĞǁƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ĂďŝůŝƚLJ ŽĨ ƚŚĞ KĨĨĞƌŽƌ ƚŽ ƉĞƌĨŽƌŵ ƚŚĞ ƐĞƌǀŝĐĞƐ͕ ĂŶĚ ƚŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĨƵƌŶŝƐŚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Ăůů ƐƵĐŚ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ĚĂƚĂ ǁŝƚŚŝŶ ƌĞƋƵĞƐƚĞĚ ƚŝŵĞĨƌĂŵĞƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ŝŶƐƉĞĐƚ KĨĨĞƌŽƌ͛Ɛ ƉŚLJƐŝĐĂů ĨĂĐŝůŝƚŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ĂŶLJ ůŽĐĂƚĞĚ ŽƵƚƐŝĚĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ƉƌŝŽƌ ƚŽ ĂǁĂƌĚ ĂŶĚ Ăƚ ĂŶLJ ƚŝŵĞ ĚƵƌŝŶŐ ƚŚĞ ĐŽŶƚƌĂĐƚ ƉĞƌŝŽĚ ƚŽ ƐĂƚŝƐĨLJ ƋƵĞƐƚŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ƚŚĞ KĨĨĞƌŽƌ͛Ɛ ĐĂƉĂďŝůŝƚŝĞƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ĨƵƌƚŚĞƌ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ƌĞũĞĐƚ ĂŶLJ ƉƌŽƉŽƐĂů ŝĨ ƚŚĞ ĞǀŝĚĞŶĐĞ ƐƵďŵŝƚƚĞĚ ďLJ͕ Žƌ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ ŽĨ͕ ƚŚĞ KĨĨĞƌŽƌ ĨĂŝůƐ ƚŽ ƐĂƚŝƐĨLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŚĂƚ ƚŚĞ KĨĨĞƌŽƌ ŝƐ ƉƌŽƉĞƌůLJ ƋƵĂůŝĨŝĞĚ ƚŽ ĐĂƌƌLJ ŽƵƚ ƚŚĞ ŽďůŝŐĂƚŝŽŶƐ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ ĂŶĚ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ƌĞƋƵŝƌĞĚ ƐĞƌǀŝĐĞƐ͘ ϱ͘ ŽƐƚ WƌŽƉŽƐĂů Ă͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ƉƌŽƉŽƐĂů ĨŽƌ ƚŚĞ ĐŽƐƚ ŽĨ ƚŚĞ ƐĞƌǀŝĐĞƐ ƌĞƋƵŝƌĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W ĂŶĚ ĚĞĨŝŶĞĚ ŝŶ ŝƚƐ ƉƌŽƉŽƐĂů ďLJ ĐŽŵƉůĞƚŝŶŐ dd ,D Ed ͗ K^d WZKWK^ >͘ dŚĞ ĐŽƐƚ ƉƌŽƉŽƐĂů ŵƵƐƚ ƉƌŽǀŝĚĞ ĂůůͲŝŶĐůƵƐŝǀĞ͕ ƚƵƌŶͲŬĞLJ ĐŽƐƚƐ ĨŽƌ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ ƵŶĚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ͕ ŝŶĐůƵĚŝŶŐ Ăůů ĚŝƌĞĐƚ ĂŶĚ ŝŶĚŝƌĞĐƚ ĐŽƐƚƐ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ĞdžƉĞŶƐĞƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ƌĞũĞĐƚ ƉƌŽƉŽƐĂůƐ ĚĞĞŵĞĚ ŝŶĐŽŵƉůĞƚĞ Žƌ ŶŽŶͲ ĐŽŵƉůŝĂŶƚ ǁŝƚŚ ƚŚŝƐ ƌĞƋƵŝƌĞŵĞŶƚ͘ ď͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ŶĞŐŽƚŝĂƚĞ ĐŽƐƚƐ ǁŝƚŚ ŽŶĞ Žƌ ŵŽƌĞ KĨĨĞƌŽƌƐ ƉƌŝŽƌ ƚŽ ŽŶƚƌĂĐƚ ǁĂƌĚ͘ Đ͘ ƚ ĂŶLJ ƚŝŵĞ ĚƵƌŝŶŐ ƚŚĞ ŽŶƚƌĂĐƚ dĞƌŵ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ŶĞŐŽƚŝĂƚĞ ƉĂLJŵĞŶƚ ƚŽ ƚŚĞ KĨĨĞƌŽƌ ďĞĐĂƵƐĞ ŽĨ ĂŶ ŝŶĐƌĞĂƐĞ Žƌ ĚĞĐƌĞĂƐĞ ŝŶ ƉŽƉƵůĂƚŝŽŶ͕ ĨĞĚĞƌĂů Žƌ ƐƚĂƚĞ ƌĞŐƵůĂƚŽƌLJ ĐŚĂŶŐĞƐ͕ ĨĞĚĞƌĂůůLJ ĂƉƉƌŽǀĞĚ DĞĚŝĐĂŝĚ ǁĂŝǀĞƌƐ ĨŽƌ EŽƌƚŚ ĂƌŽůŝŶĂ͕ Žƌ Ă ĐŚĂŶŐĞ ŝŶ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐĞƐ͕ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ͕ ƚŽ ƚŚĞ ŝŶĐůƵƐŝŽŶ ŽĨ ĂĚĚŝƚŝŽŶĂů ƉŽƉƵůĂƚŝŽŶƐ ŝŶƚŽ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͕ ƐƵĐŚ ĂƐ ĚƵĂů ĞůŝŐŝďůĞ Žƌ ƵƉŽŶ ůĞŐŝƐůĂƚŝǀĞ ĂĐƚŝŽŶ ƌĞŐĂƌĚŝŶŐ ĂƌŽůŝŶĂ ĂƌĞƐ͘ ͘ ŽŶƚƌĂĐƚ dĞƌŵƐ ĂŶĚ ŽŶĚŝƚŝŽŶƐ ϭ͘ ^^ dK W Z^KE^ E Z KZ ^͗ WƵƌƐƵĂŶƚ ƚŽ '͘^͘ Α ϭϰϳͲϲϰ͘ϳ ĂŶĚ '͘^͘ Α ϭϰϯͲϰϵ;ϵͿ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ƚŚĞ ^ƚĂƚĞ ƵĚŝƚŽƌ͕ ĂƉƉƌŽƉƌŝĂƚĞ ^ƚĂƚĞ Žƌ ĨĞĚĞƌĂů ŽĨĨŝĐŝĂůƐ͕ ĂŶĚ ƚŚĞŝƌ ƌĞƐƉĞĐƚŝǀĞ ĂƵƚŚŽƌŝnjĞĚ ĞŵƉůŽLJĞĞƐ Žƌ ĂŐĞŶƚƐ ĂƌĞ ĂƵƚŚŽƌŝnjĞĚ ƚŽ ĞdžĂŵŝŶĞ Ăůů ŬƐ͕ ƌĞĐŽƌĚƐ͕ ĂŶĚ ĂĐĐŽƵŶƚƐ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĂƐ ĨĂƌ ĂƐ ƚŚĞLJ ƌĞůĂƚĞ ƚŽ ƚƌĂŶƐĂĐƚŝŽŶƐ ǁŝƚŚ ĂŶLJ ĚĞƉĂƌƚŵĞŶƚ͕ ďŽĂƌĚ͕ ŽĨĨŝĐĞƌ͕ ĐŽŵŵŝƐƐŝŽŶ͕ ŝŶƐƚŝƚƵƚŝŽŶ͕ Žƌ ŽƚŚĞƌ ĂŐĞŶĐLJ ŽĨ ƚŚĞ ^ƚĂƚĞ ŽĨ WĂŐĞ Ϯϵ ŽĨ ϭϰϰ EŽƌƚŚ ĂƌŽůŝŶĂ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ Žƌ ƚŽ ĐŽƐƚƐ ĐŚĂƌŐĞĚ ƚŽ ƚŚĞ ŽŶƚƌĂĐƚ͘ dŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ƌĞƚĂŝŶ ĂŶLJ ƐƵĐŚ ŬƐ͕ ƌĞĐŽƌĚƐ͕ ĂŶĚ ĂĐĐŽƵŶƚƐ ĨŽƌ Ă ŵŝŶŝŵƵŵ ŽĨ ƚŚƌĞĞ ;ϯͿ LJĞĂƌƐ ĂĨƚĞƌ ƚŚĞ ĐŽŵƉůĞƚŝŽŶ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ͘ ŚĂŶŐĞƐ Žƌ ĂĚĚŝƚŝŽŶĂů ĂƵĚŝƚ͕ ƌĞƚĞŶƚŝŽŶ Žƌ ƌĞƉŽƌƚŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ ŵĂLJ ďĞ ŝŵƉŽƐĞĚ ďLJ ĨĞĚĞƌĂů Žƌ ƐƚĂƚĞ ůĂǁ ĂŶĚͬŽƌ ƌĞŐƵůĂƚŝŽŶ͕ ĂŶĚ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ŵƵƐƚ ĚƵůLJ ĂĚŚĞƌĞ ƚŽ ƐƵĐŚ ĐŚĂŶŐĞƐ Žƌ ĂĚĚŝƚŝŽŶƐ͘ Ϯ͘ s Zd/^/E'͗ ŽŶƚƌĂĐƚŽƌ ĂŐƌĞĞƐ ŶŽƚ ƚŽ ƵƐĞ ƚŚĞ ĞdžŝƐƚĞŶĐĞ ŽĨ ƚŚŝƐ ŽŶƚƌĂĐƚ Žƌ ƚŚĞ ŶĂŵĞ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ^ƚĂƚĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ĂƐ ƉĂƌƚ ŽĨ ĂŶLJ ĐŽŵŵĞƌĐŝĂů ĂĚǀĞƌƚŝƐŝŶŐ Žƌ ŵĂƌŬĞƚŝŶŐ ŽĨ ŝƚƐ ƉƌŽĚƵĐƚƐ Žƌ ƐĞƌǀŝĐĞƐ͘ ŽŶƚƌĂĐƚŽƌ ŵĂLJ ŝŶƋƵŝƌĞ ǁŚĞƚŚĞƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝƐ ǁŝůůŝŶŐ ƚŽ ĂĐƚ ĂƐ Ă ƌĞĨĞƌĞŶĐĞ ďLJ ƉƌŽǀŝĚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ĚŝƌĞĐƚůLJ ƚŽ ŽƚŚĞƌ ƉƌŽƐƉĞĐƚŝǀĞ ĐƵƐƚŽŵĞƌƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŝƐ ƵŶĚĞƌ ŶŽ ŽďůŝŐĂƚŝŽŶ ƚŽ ƐĞƌǀĞ ĂƐ Ă ƌĞĨĞƌĞŶĐĞ͘ ϯ͘ &&/ZD d/s d/KE͗ dŚĞ ŽŶƚƌĂĐƚŽƌ ǁŝůů ƚĂŬĞ ĂĨĨŝƌŵĂƚŝǀĞ ĂĐƚŝŽŶ ŝŶ ĐŽŵƉůLJŝŶŐ ǁŝƚŚ Ăůů &ĞĚĞƌĂů ĂŶĚ ^ƚĂƚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĐŽŶĐĞƌŶŝŶŐ ĨĂŝƌ ĞŵƉůŽLJŵĞŶƚ ĂŶĚ ĞŵƉůŽLJŵĞŶƚ ŽĨ ƉĞŽƉůĞ ǁŝƚŚ ĚŝƐĂďŝůŝƚŝĞƐ ĂŶĚ ĐŽŶĐĞƌŶŝŶŐ ƚŚĞ ƚƌĞĂƚŵĞŶƚ ŽĨ Ăůů ĞŵƉůŽLJĞĞƐ ǁŝƚŚŽƵƚ ƌĞŐĂƌĚ ƚŽ ĚŝƐĐƌŝŵŝŶĂƚŝŽŶ ďĞĐĂƵƐĞ ŽĨ ƌĂĐĞ͕ ĐŽůŽƌ͕ ƌĞůŝŐŝŽŶ͕ ƐĞdž͕ ŶĂƚŝŽŶĂů ŽƌŝŐŝŶ͕ Žƌ ĚŝƐĂďŝůŝƚLJ͘ ϰ͘ D E D Ed^͗ dŚŝƐ ŽŶƚƌĂĐƚ ŵĂLJ ďĞ ĂŵĞŶĚĞĚ ŽŶůLJ ďLJ ǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐ ĚƵůLJ ĞdžĞĐƵƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͘ ϱ͘ ^^/'ED Ed͗ EŽ ĂƐƐŝŐŶŵĞŶƚ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ŽďůŝŐĂƚŝŽŶƐ ŶŽƌ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ƌŝŐŚƚ ƚŽ ƌĞĐĞŝǀĞ ƉĂLJŵĞŶƚ ŚĞƌĞƵŶĚĞƌ ƐŚĂůů ďĞ ƉĞƌŵŝƚƚĞĚ͘ ,ŽǁĞǀĞƌ͕ ƵƉŽŶ ǁƌŝƚƚĞŶ ƌĞƋƵĞƐƚ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƐŽůĞůLJ ĂƐ Ă ĐŽŶǀĞŶŝĞŶĐĞ ƚŽ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ͗ Ă͘ &ŽƌǁĂƌĚ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ƉĂLJŵĞŶƚ ĐŚĞĐŬ ĚŝƌĞĐƚůLJ ƚŽ ĂŶLJ ƉĞƌƐŽŶ Žƌ ĞŶƚŝƚLJ ĚĞƐŝŐŶĂƚĞĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͖ ĂŶĚ ď͘ /ŶĐůƵĚĞ ĂŶLJ ƉĞƌƐŽŶ Žƌ ĞŶƚŝƚLJ ĚĞƐŝŐŶĂƚĞĚ ďLJ ŽŶƚƌĂĐƚŽƌ ĂƐ Ă ũŽŝŶƚ ƉĂLJĞĞ ŽŶ ƚŚĞ 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/Ŷ ĐĂƐĞƐ ǁŚĞƌĞ ŽŶƚƌĂĐƚŽƌ;ƐͿ ĂƌĞ ŝŶǀŽůǀĞĚ ŝŶ ĐŽƌƉŽƌĂƚĞ ĐŽŶƐŽůŝĚĂƚŝŽŶƐ͕ ĂĐƋƵŝƐŝƚŝŽŶ Žƌ ŵĞƌŐĞƌƐ͕ ƚŚĞ WĂƌƚŝĞƐ ŵĂLJ ŶĞŐŽƚŝĂƚĞ ĂŐƌĞĞŵĞŶƚƐ ĨŽƌ ƚŚĞ ƚƌĂŶƐĨĞƌ ŽĨ ĐŽŶƚƌĂĐƚƵĂů ŽďůŝŐĂƚŝŽŶƐ ĂŶĚ ƚŚĞ ĐŽŶƚŝŶƵĂŶĐĞ ŽĨ ĐŽŶƚƌĂĐƚƐ ǁŝƚŚŝŶ ƚŚĞ ĨƌĂŵĞǁŽƌŬ ŽĨ ƚŚĞ ŶĞǁ ĐŽƌƉŽƌĂƚĞ ƐƚƌƵĐƚƵƌĞ͘ ϴ͘ KDW>/ E t/d, > t^͗ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ĐŽŵƉůLJ ǁŝƚŚ Ăůů ůĂǁƐ͕ ŽƌĚŝŶĂŶĐĞƐ͕ ĐŽĚĞƐ͕ ƌƵůĞƐ͕ ƌĞŐƵůĂƚŝŽŶƐ͕ ĂŶĚ ůŝĐĞŶƐŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ĂƉƉůŝĐĂďůĞ ƚŽ ƚŚĞ ĐŽŶĚƵĐƚ ŽĨ ŝƚƐ ďƵƐŝŶĞƐƐ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚŝƐ ĐŽŶƚƌĂĐƚ͕ ŝŶĐůƵĚŝŶŐ ƚŚŽƐĞ ŽĨ ĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ ĂŶĚ ůŽĐĂů ĚĞƉĂƌƚŵĞŶƚƐ ĂŶĚ ĂŐĞŶĐŝĞƐ ŚĂǀŝŶŐ ũƵƌŝƐĚŝĐƚŝŽŶ ĂŶĚͬŽƌ ĂƵƚŚŽƌŝƚLJ͘ ϵ͘ KWzZ/',d͗ EŽƌƚŚ ĂƌŽůŝŶĂ WƵďůŝĐ ZĞĐŽƌĚƐ >ĂǁƐ ƌĞƋƵŝƌĞƐ Ăůů ĚŽĐƵŵĞŶƚƐ ĐƌĞĂƚĞĚ ĨŽƌ ƉƵďůŝĐ ƚƌĂŶƐĂĐƚŝŽŶƐͬďƵƐŝŶĞƐƐ ƐŚĂůů ďĞĐŽŵĞ ƉƵďůŝĐ ƌĞĐŽƌĚƐ͕ ƚŚĞƌĞĨŽƌĞ͕ ŶŽ ĚĞůŝǀĞƌĂďůĞ ŝƚĞŵƐ ƉƌŽĚƵĐĞĚ ŝŶ ǁŚŽůĞ Žƌ ŝŶ ƉĂƌƚ ƵŶĚĞƌ ƚŚŝƐ ŽŶƚƌĂĐƚ ƐŚĂůů ďĞ ƚŚĞ ƐƵďũĞĐƚ ŽĨ ĂŶ ĂƉƉůŝĐĂƚŝŽŶ ĨŽƌ ĐŽƉLJƌŝŐŚƚ ďLJ Žƌ ŽŶ ďĞŚĂůĨ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ ĞdžĐĞƉƚ ĂƐ ŽƚŚĞƌǁŝƐĞ ƉƌŽǀŝĚĞĚ ŚĞƌĞŝŶ͘ dŚĞ ^ƚĂƚĞ ƐŚĂůů ŽǁŶ Ăůů ĚĞůŝǀĞƌĂďůĞƐ ƚŚĂƚ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ĚĞůŝǀĞƌ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚŝƐ Z&W͕ ĞdžĐĞƉƚ ĂƐ ƉƌŽǀŝĚĞĚ ŚĞƌĞŝŶ͘ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ŶŽƚ ĂĐƋƵŝƌĞ ĂŶLJ ƌŝŐŚƚ͕ ƚŝƚůĞ͕ ĂŶĚ ŝŶƚĞƌĞƐƚ ŝŶ ĂŶĚ ƚŽ ƚŚĞ ĐŽƉLJƌŝŐŚƚƐ ĨŽƌ ŐŽŽĚƐ͕ Ăůů ƐŽĨƚǁĂƌĞ͕ ƚĞĐŚŶŝĐĂů ŝŶĨŽƌŵĂƚŝŽŶ͕ ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ ĚƌĂǁŝŶŐƐ͕ ƌĞĐŽƌĚƐ͕ ĚŽĐƵŵĞŶƚĂƚŝŽŶ͕ ĚĂƚĂ͕ Žƌ ĚĞƌŝǀĂƚŝǀĞ ǁŽƌŬƐ ƚŚĞƌĞŽĨ͕ Žƌ ŽƚŚĞƌ ǁŽƌŬ ƉƌŽĚƵĐƚƐ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ^ƚĂƚĞ ƚŽ ŽŶƚƌĂĐƚŽƌ͘ dŚĞ ^ƚĂƚĞ ƐŚĂůů͕ ƵƉŽŶ ƉĂLJŵĞŶƚ ĨŽƌ ƚŚĞ ĞůŝǀĞƌĂďůĞƐ ŝŶ ĨƵůů ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƉĂLJŵĞŶƚ ƚĞƌŵƐ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ͕ ŽǁŶ ĐŽƉLJƌŝŐŚƚĞĚ ǁŽƌŬƐ ĨŝƌƐƚ ŽƌŝŐŝŶĂƚĞĚ ĂŶĚ ƉƌĞƉĂƌĞĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĨŽƌ ĚĞůŝǀĞƌLJ ƚŽ ƚŚĞ ^ƚĂƚĞ͘ dŚĞ ^ƚĂƚĞ ŚĞƌĞďLJ ŐƌĂŶƚƐ ŽŶƚƌĂĐƚŽƌ Ă ƌŽLJĂůƚLJͲĨƌĞĞ͕ ĨƵůůLJ ƉĂŝĚ ǁŽƌůĚǁŝĚĞ͕ ƉĞƌƉĞƚƵĂů͕ ŶŽŶĞdžĐůƵƐŝǀĞ͕ ŝƌƌĞǀŽĐĂďůĞ ůŝĐĞŶƐĞ ĨŽƌ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ďƵƐŝŶĞƐƐ ƵƐĞ͕ ƚŽ ŶŽŶͲĐŽŶĨŝĚĞŶƚŝĂů ĞůŝǀĞƌĂďůĞƐ ĨŝƌƐƚ ŽƌŝŐŝŶĂƚĞĚ ĂŶĚ ƉƌĞƉĂƌĞĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĨŽƌ ĚĞůŝǀĞƌLJ ƚŽ ƚŚĞ ^ƚĂƚĞ͘ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ŵĂŝŶƚĂŝŶ ŽǁŶĞƌƐŚŝƉ ŽĨ Ăůů ƉƌĞͲĞdžŝƐƚŝŶŐ ŝŶƚĞůůĞĐƚƵĂů ƉƌŽƉĞƌƚLJ ƚŚĂƚ ŝƚ ƉƌŽǀŝĚĞƐ ƚŽ ƚŚĞ ^ƚĂƚĞ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ ĞůŝǀĞƌĂďůĞ;ƐͿ͕ ĂŶĚ ƚŚĞ ^ƚĂƚĞ ƐŚĂůů ŚĂǀĞ Ă ƌŽLJĂůƚLJͲĨƌĞĞ͕ ĨƵůůLJ ƉĂŝĚ͕ ǁŽƌůĚǁŝĚĞ͕ ƉĞƌƉĞƚƵĂů͕ ŶŽŶͲĞdžĐůƵƐŝǀĞ͕ ŝƌƌĞǀŽĐĂďůĞ ůŝĐĞŶƐĞ ƚŽ ƵƐĞ ƐƵĐŚ ŝŶƚĞůůĞĐƚƵĂů ƉƌŽƉĞƌƚLJ ƐŽůĞůLJ ĨŽƌ ŝƚƐ ŽƉĞƌĂƚŝŽŶƐ͘ dŚĞ ŝŶƚĞůůĞĐƚƵĂů ƉƌŽƉĞƌƚLJ ƚĞƌŵƐ ŽĨ ƚŚŝƐ ŽŶƚƌĂĐƚ ĚŽ ŶŽƚ͗ ;ŝͿ ĂĨĨĞĐƚ ŽŶƚƌĂĐƚŽƌ͛Ɛ ŽǁŶĞƌƐŚŝƉ ŽĨ Ăůů ŽƚŚĞƌ ŝŶƚĂŶŐŝďůĞ ŝŶƚĞůůĞĐƚƵĂů ƉƌŽƉĞƌƚLJ ;Ğ͘Ő͕͘ ƉƌŽĐĞƐƐĞƐ͕ ŝĚĞĂƐ͕ ŬŶŽǁ ŚŽǁͿ ƚŚĂƚ ŽŶƚƌĂĐƚŽƌ ŚĂƐ ĚĞǀĞůŽƉĞĚ ŝŶ ƚŚĞ ĐŽƵƌƐĞ ŽĨ ƉĞƌĨŽƌŵĂŶĐĞ ŚĞƌĞƵŶĚĞƌ͕ ;ŝŝͿ ƉƌĞǀĞŶƚ ŽŶƚƌĂĐƚŽƌ ĨƌŽŵ ƐĞůůŝŶŐ ƐŝŵŝůĂƌ ƐĞƌǀŝĐĞƐ ĞůƐĞǁŚĞƌĞ͕ Žƌ ;ŝŝŝͿ ƉƌĞǀĞŶƚ ŽŶƚƌĂĐƚŽƌ ĨƌŽŵ ŵĂƌŬĞƚŝŶŐ͕ ůŝĐĞŶƐŝŶŐ Žƌ ƐĞůůŝŶŐ ĂŶLJ ĂŶĚ Ăůů ŝŶƚĞůůĞĐƚƵĂů ƉƌŽƉĞƌƚLJ ŝƚ ĚĞǀĞůŽƉƐ ŚĞƌĞƵŶĚĞƌ ƚŽ ŽƚŚĞƌ ĐƵƐƚŽŵĞƌƐ͕ ƉƌŽǀŝĚĞĚ ŶŽ ^ƚĂƚĞ ĐŽŶĨŝĚĞŶƚŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ŝƐ ƵƐĞĚ Žƌ ĚŝƐĐůŽƐĞĚ ŝŶ ƚŚĞ ƉƌŽĐĞƐƐ͘ WĂŐĞ ϯϭ ŽĨ ϭϰϰ dŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ƚĂŬĞ ƌĞĂƐŽŶĂďůĞ ƐƚĞƉƐ ƚŽ ƉƌŽǀŝĚĞ ĚĞůŝǀĞƌĂďůĞƐ ƵŶĚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ŝŶ ƐƵĐŚ Ă ŵĂŶŶĞƌ ƚŽ ĂǀŽŝĚ ƚŚĞ ŶĞĐĞƐƐŝƚLJ ĨŽƌ ĐŚĂůůĞŶŐŝŶŐ ƚŚĞ ƉƌŽĚƵĐƚŝŽŶ ŽĨ ƐƵĐŚ ĚĞůŝǀĞƌĂďůĞƐ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ WƵďůŝĐ ZĞĐŽƌĚƐ >Ăǁ͘ /Ŷ ƚŚĞ ĞǀĞŶƚ ŽŶƚƌĂĐƚŽƌ ďĞůŝĞǀĞƐ ƚŚĂƚ ĂŶLJ ĚĞůŝǀĞƌĂďůĞ ŶĞĐĞƐƐĂƌŝůLJ ŝŶĐůƵĚĞƐ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ǁŽƵůĚ ďĞ ĞdžĞŵƉƚĞĚ ĨƌŽŵ ĚŝƐĐůŽƐƵƌĞ ďLJ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ WƵďůŝĐ ZĞĐŽƌĚƐ >Ăǁ͕ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ĚƌĂĨƚ ƚŚĞ ĚĞůŝǀĞƌĂďůĞ ŝŶ ƐƵĐŚ Ă ǁĂLJ ƚŚĂƚ ƚŚĞ ĚĞůŝǀĞƌĂďůĞ ĐĂŶ ďĞ ƉƌŽĚƵĐĞĚ ǁŝƚŚ Ă ŵŝŶŝŵƵŵ ŽĨ ƌĞĚĂĐƚŝŽŶ͘ /Ŷ ĂŶLJ ĞǀĞŶƚ͕ ƚŚĞ ďƵƌĚĞŶ ƐŚĂůů ďĞ ŽŶ ŽŶƚƌĂĐƚŽƌ ƚŽ ĚĞĨĞŶĚ Ăƚ ŝƚƐ ĞdžƉĞŶƐĞ ĂŶLJ ĐůĂŝŵ ƚŚĂƚ ŝŶĨŽƌŵĂƚŝŽŶ ǁŝƚŚŝŶ ƚŚĞ ĚĞůŝǀĞƌĂďůĞ ŝƐ ĞdžĞŵƉƚ ĨƌŽŵ ƉƌŽĚƵĐƚŝŽŶ ƵŶĚĞƌ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ WƵďůŝĐ ZĞĐŽƌĚƐ >Ăǁ͘ ^ƵďũĞĐƚ ƚŽ ƚŚŝƐ ƌĞƋƵŝƌĞŵĞŶƚ͕ ƚŚĞ ^ƚĂƚĞ ĂŐƌĞĞƐ ƚŽ ƵƐĞ ƌĞĂƐŽŶĂďůĞ ĞĨĨŽƌƚƐ ƚŽ ƐĂĨĞŐƵĂƌĚ ĂŶĚ ƉƌŽƚĞĐƚ ĨƌŽŵ ĚŝƐĐůŽƐƵƌĞ ŵĂƚĞƌŝĂůƐ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ŽŶƚƌĂĐƚŽƌ ĂŶĚ ĂƉƉƌŽƉƌŝĂƚĞůLJ ŝĚĞŶƚŝĨŝĞĚ ĂƐ ŽŶƚƌĂĐƚŽƌ ŽŶĨŝĚĞŶƚŝĂů /ŶĨŽƌŵĂƚŝŽŶ͘ ϭϬ͘ & h>d͗ Ă͘ /Ĩ͕ ƚŚƌŽƵŐŚ ĂŶLJ ĐĂƵƐĞ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ĨĂŝů ƚŽ ĨƵůĨŝůů ŝŶ ƚŝŵĞůLJ ĂŶĚ ƉƌŽƉĞƌ ŵĂŶŶĞƌ ƚŚĞ ŽďůŝŐĂƚŝŽŶƐ ƵŶĚĞƌ ƚŚŝƐ ŽŶƚƌĂĐƚ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ŚĂǀĞ ƚŚĞ ƌŝŐŚƚ ƚŽ ƚĞƌŵŝŶĂƚĞ ƚŚŝƐ ĐŽŶƚƌĂĐƚ ďLJ ŐŝǀŝŶŐ ǁƌŝƚƚĞŶ ŶŽƚŝĐĞ ƚŽ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĂŶĚ ƐƉĞĐŝĨLJŝŶŐ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ĚĂƚĞ ƚŚĞƌĞŽĨ͘ /Ŷ ĐĂƐĞ ŽĨ ĚĞĨĂƵůƚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĨŽƌ ĂŶLJ ƌĞĂƐŽŶ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ƉƌŽĐƵƌĞ ƐƵďƐƚŝƚƵƚĞ ƐĞƌǀŝĐĞƐ ĨƌŽŵ ŽƚŚĞƌ ƐŽƵƌĐĞƐ ĂŶĚ ŚŽůĚ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĂŶLJ ĞdžĐĞƐƐ ĐŽƐƚ ŽĐĐĂƐŝŽŶĞĚ ƚŚĞƌĞďLJ͘ ĞĨĂƵůƚ Žƌ dĞƌŵŝŶĂƚŝŽŶ ĨŽƌ ĂƵƐĞ ŵĂLJ ďĞ ĐĂƵƐĞ ĨŽƌ ĚĞďĂƌŵĞŶƚ͘ ď͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ŝŶ ƚŚĞ ĞǀĞŶƚ ŽĨ ĚĞĨĂƵůƚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƵŶĚĞƌ ƚŚŝƐ ŽŶƚƌĂĐƚ Žƌ ƵƉŽŶ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĨŝůŝŶŐ Ă ƉĞƚŝƚŝŽŶ ĨŽƌ ďĂŶŬƌƵƉƚĐLJ Žƌ ƚŚĞ ĞŶƚĞƌŝŶŐ ŽĨ Ă ũƵĚŐŵĞŶƚ ŽĨ ďĂŶŬƌƵƉƚĐLJ ďLJ Žƌ ĂŐĂŝŶƐƚ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ŝŵŵĞĚŝĂƚĞůLJ ĐĞĂƐĞ ĚŽŝŶŐ ďƵƐŝŶĞƐƐ ǁŝƚŚ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ ŝŵŵĞĚŝĂƚĞůLJ ƚĞƌŵŝŶĂƚĞ ƚŚŝƐ ŽŶƚƌĂĐƚ ĨŽƌ ĐĂƵƐĞ͕ ĂŶĚ ĂĐƚ ƚŽ ĚĞďĂƌ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĨƌŽŵ ĚŽŝŶŐ ĨƵƚƵƌĞ ďƵƐŝŶĞƐƐ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ͘ Đ͘ /Ĩ ŽŶƚƌĂĐƚŽƌ ĨĂŝůƐ ƚŽ ĚĞůŝǀĞƌ Žƌ ƉƌŽǀŝĚĞ ĐŽƌƌĞĐƚ ^ĞƌǀŝĐĞƐ Žƌ ŽƚŚĞƌ ĞůŝǀĞƌĂďůĞƐ ǁŝƚŚŝŶ ƚŚĞ ƚŝŵĞ ƌĞƋƵŝƌĞĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ƉƌŽǀŝĚĞ ǁƌŝƚƚĞŶ ŶŽƚŝĐĞ ŽĨ ƐĂŝĚ ĨĂŝůƵƌĞ ƚŽ ŽŶƚƌĂĐƚŽƌ͕ ĂŶĚ ďLJ ƐƵĐŚ ŶŽƚŝĐĞ ƌĞƋƵŝƌĞ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐƐƵƌĂŶĐĞ ŵĞĂƐƵƌĞƐ ƉƵƌƐƵĂŶƚ ƚŽ '͘^͘ Α ϭϰϯ ͲϭϯϰϬ;ĨͿ͘ ŽŶƚƌĂĐƚŽƌ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ĚĞůĂLJƐ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ŝƚƐ ĨĂŝůƵƌĞ ƚŽ ĚĞůŝǀĞƌ Žƌ ƉƌŽǀŝĚĞ ƐĞƌǀŝĐĞƐ Žƌ ŽƚŚĞƌ ĞůŝǀĞƌĂďůĞƐ͘ Ě͘ ^ŚŽƵůĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨĂŝů ƚŽ ƉĞƌĨŽƌŵ ĂŶLJ ŽĨ ŝƚƐ ŽďůŝŐĂƚŝŽŶƐ ƵƉŽŶ ǁŚŝĐŚ ŽŶƚƌĂĐƚŽƌ͛Ɛ ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ĐŽŶĚŝƚŝŽŶĞĚ͕ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ŶŽƚ ďĞ ŝŶ ĚĞĨĂƵůƚ ĨŽƌ ĂŶLJ ĚĞůĂLJ͕ ĐŽƐƚ ŝŶĐƌĞĂƐĞ Žƌ ŽƚŚĞƌ ĐŽŶƐĞƋƵĞŶĐĞƐ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ĨĂŝůƵƌĞ͘ ŽŶƚƌĂĐƚŽƌ ǁŝůů ƵƐĞ ƌĞĂƐŽŶĂďůĞ ĞĨĨŽƌƚƐ ƚŽ ŵŝƚŝŐĂƚĞ ĚĞůĂLJƐ͕ ĐŽƐƚƐ Žƌ ĞdžƉĞŶƐĞƐ ĂƌŝƐŝŶŐ ĨƌŽŵ ĂƐƐƵŵƉƚŝŽŶƐ ŝŶ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ŽĨĨĞƌ ĚŽĐƵŵĞŶƚƐ ƚŚĂƚ ƉƌŽǀĞ ĞƌƌŽŶĞŽƵƐ Žƌ ĂƌĞ ŽƚŚĞƌǁŝƐĞ ŝŶǀĂůŝĚ͘ ŶLJ ĚĞĂĚůŝŶĞ ƚŚĂƚ ŝƐ ĂĨĨĞĐƚĞĚ ďLJ ĂŶLJ ƐƵĐŚ ĨĂŝůƵƌĞ ŝŶ ĂƐƐƵŵƉƚŝŽŶƐ Žƌ ƉĞƌĨŽƌŵĂŶĐĞ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ďĞ ĞdžƚĞŶĚĞĚ ďLJ ĂŶ ĂŵŽƵŶƚ ŽĨ ƚŝŵĞ ƌĞĂƐŽŶĂďůLJ ŶĞĐĞƐƐĂƌLJ ƚŽ ĐŽŵƉĞŶƐĂƚĞ ĨŽƌ ƚŚĞ ĞĨĨĞĐƚ ŽĨ ƐƵĐŚ ĨĂŝůƵƌĞ͘ Ğ͘ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ƉƌŽǀŝĚĞ Ă ƉůĂŶ ƚŽ ĐƵƌĞ ĂŶLJ ĚĞůĂLJ Žƌ ĚĞĨĂƵůƚ ŝĨ ƌĞƋƵĞƐƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ƉůĂŶ ƐŚĂůů ƐƚĂƚĞ ƚŚĞ ŶĂƚƵƌĞ ŽĨ ƚŚĞ ĚĞůĂLJ Žƌ ĚĞĨĂƵůƚ͕ ƚŚĞ ƚŝŵĞ ƌĞƋƵŝƌĞĚ ĨŽƌ ĐƵƌĞ͕ ĂŶLJ ŵŝƚŝŐĂƚŝŶŐ ĨĂĐƚŽƌƐ ĐĂƵƐŝŶŐ Žƌ ƚĞŶĚŝŶŐ ƚŽ ĐĂƵƐĞ ƚŚĞ ĚĞůĂLJ Žƌ ĚĞĨĂƵůƚ͕ ĂŶĚ ƐƵĐŚ ŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂƐ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ŵĂLJ ĚĞĞŵ ŶĞĐĞƐƐĂƌLJ Žƌ ƉƌŽƉĞƌ ƚŽ ƉƌŽǀŝĚĞ͘ ϭϭ͘ /^ >K^hZ K& >/d/' d/KE E Z/D/E > KEs/ d/KE͗ dŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ĨĂŝůƵƌĞ ƚŽ WĂŐĞ ϯϮ ŽĨ ϭϰϰ ĨƵůůLJ ĂŶĚ ƚŝŵĞůLJ ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚŝƐ ƐĞĐƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ƉƌŽǀŝĚŝŶŐ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞƐ ƐĂƚŝƐĨĂĐƚŽƌLJ ƚŽ ƚŚĞ ^ƚĂƚĞ͕ ŵĂLJ ĐŽŶƐƚŝƚƵƚĞ Ă ŵĂƚĞƌŝĂů ďƌĞĂŬ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ͘ dŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ĚŝƐĐůŽƐĞ ĂŶLJ ĐƵƌƌĞŶƚ ůŝƚŝŐĂƚŝŽŶ Žƌ ƉŽƚĞŶƚŝĂů ĐƌŝŵŝŶĂů ĂĐƚŝǀŝƚLJ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚĞ ƐĞĐƚŝŽŶ ŝŶ dd ,D Ed '͗ Zd/&/ dKE K& &/E E / > KE /d/KE E > ' > d/KE ^hDD Zz͘ Ă͘ dŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ŶŽƚŝĨLJ ƚŚĞ ^ƚĂƚĞ ŝŶ ŝƚƐ ŽĨĨĞƌ͕ ŝĨ ŝƚ͕ Žƌ ĂŶLJ ŽĨ ŝƚƐ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ Žƌ ƚŚĞŝƌ ŽĨĨŝĐĞƌƐ͕ ĚŝƌĞĐƚŽƌƐ͕ Žƌ ŬĞLJ ƉĞƌƐŽŶŶĞů ǁŚŽ ŵĂLJ ƉƌŽǀŝĚĞ ^ĞƌǀŝĐĞƐ ƵŶĚĞƌ ĂŶLJ ĐŽŶƚƌĂĐƚ ĂǁĂƌĚĞĚ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚŝƐ ƐŽůŝĐŝƚĂƚŝŽŶ͕ ŚĂǀĞ ĞǀĞƌ ďĞĞŶ ĐŽŶǀŝĐƚĞĚ ŽĨ Ă ĨĞůŽŶLJ͕ Žƌ ĂŶLJ ĐƌŝŵĞ ŝŶǀŽůǀŝŶŐ ŵŽƌĂů ƚƵƌƉŝƚƵĚĞ͕ ŝŶĐůƵĚŝŶŐ͕ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ ĨƌĂƵĚ͕ ŵŝƐĂƉƉƌŽƉƌŝĂƚŝŽŶ͕ Žƌ ĚĞĐĞƉƚŝŽŶ͘ dŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ƉƌŽŵƉƚůLJ ŶŽƚŝĨLJ ƚŚĞ ^ƚĂƚĞ ŽĨ ĂŶLJ ĐƌŝŵŝŶĂů ůŝƚŝŐĂƚŝŽŶ͕ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ Žƌ ƉƌŽĐĞĞĚŝŶŐ ŝŶǀŽůǀŝŶŐ ƚŚĞ ŽŶƚƌĂĐƚŽƌ Žƌ ĂŶLJ ƐƵďĐŽŶƚƌĂĐƚŽƌ͕ Žƌ ĂŶLJ ŽĨ ƚŚĞ ĨŽƌŐŽŝŶŐ ĞŶƚŝƚŝĞƐ͛ ƚŚĞŶ ĐƵƌƌĞŶƚ ŽĨĨŝĐĞƌƐ Žƌ ĚŝƌĞĐƚŽƌ ĚƵƌŝŶŐ ƚŚĞ ƚĞƌŵ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ Žƌ ĂŶLJ ^ĐŽƉĞ ^ƚĂƚĞŵĞŶƚ ĂǁĂƌĚĞĚ ƚŽ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͘ ď͘ dŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ŶŽƚŝĨLJ ƚŚĞ ^ƚĂƚĞ ŝŶ ŝƚƐ ŽĨĨĞƌ͕ ĂŶĚ ƉƌŽŵƉƚůLJ ƚŚĞƌĞĂĨƚĞƌ ĂƐ ŽƚŚĞƌǁŝƐĞ ĂƉƉůŝĐĂďůĞ͕ ŽĨ ĂŶLJ Đŝǀŝů ůŝƚŝŐĂƚŝŽŶ͕ ĂƌďŝƚƌĂƚŝŽŶ͕ ƉƌŽĐĞĞĚŝŶŐ͕ Žƌ ũƵĚŐŵĞŶƚƐ ĂŐĂŝŶƐƚ ŝƚ Žƌ ŝƚƐ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ ĚƵƌŝŶŐ ƚŚĞ ƚŚƌĞĞ ;ϯͿ LJĞĂƌƐ ƉƌĞĐĞĚŝŶŐ ŝƚƐ ŽĨĨĞƌ͕ Žƌ ǁŚŝĐŚ ŵĂLJ ŽĐĐƵƌ ĚƵƌŝŶŐ ƚŚĞ ƚĞƌŵ ŽĨ ĂŶLJ ĂǁĂƌĚĞĚ ƚŽ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚŝƐ ƐŽůŝĐŝƚĂƚŝŽŶ͕ ƚŚĂƚ ŝŶǀŽůǀĞ ;ϭͿ ^ĞƌǀŝĐĞƐ Žƌ ƌĞůĂƚĞĚ ŐŽŽĚƐ ƐŝŵŝůĂƌ ƚŽ ƚŚŽƐĞ ƉƌŽǀŝĚĞĚ ƉƵƌƐƵĂŶƚ ƚŽ ĂŶLJ ĐŽŶƚƌĂĐƚ ĂŶĚ ƚŚĂƚ ŝŶǀŽůǀĞ Ă ĐůĂŝŵ ƚŚĂƚ ŵĂLJ ĂĨĨĞĐƚ ƚŚĞ ǀŝĂďŝůŝƚLJ Žƌ ĨŝŶĂŶĐŝĂů ƐƚĂďŝůŝƚLJ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ Žƌ ;ϮͿ Ă ĐůĂŝŵ Žƌ ǁƌŝƚƚĞŶ ĂůůĞŐĂƚŝŽŶ ŽĨ ĨƌĂƵĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ Žƌ ĂŶLJ ƐƵďĐŽŶƚƌĂĐƚŽƌ ŚĞƌĞƵŶĚĞƌ͕ ĂƌŝƐŝŶŐ ŽƵƚ ŽĨ ƚŚĞŝƌ ďƵƐŝŶĞƐƐ ĂĐƚŝǀŝƚŝĞƐ͕ Žƌ ;ϯͿ Ă ĐůĂŝŵ Žƌ ǁƌŝƚƚĞŶ ĂůůĞŐĂƚŝŽŶ ƚŚĂƚ ƚŚĞ ŽŶƚƌĂĐƚŽƌ Žƌ ĂŶLJ ƐƵďĐŽŶƚƌĂĐƚŽƌ ŚĞƌĞƵŶĚĞƌ ǀŝŽůĂƚĞĚ ĂŶLJ ĨĞĚĞƌĂů͕ ƐƚĂƚĞ Žƌ ůŽĐĂů ƐƚĂƚƵƚĞ͕ ƌĞŐƵůĂƚŝŽŶ Žƌ ŽƌĚŝŶĂŶĐĞ͘ DƵůƚŝƉůĞ ůĂǁƐƵŝƚƐ ĂŶĚ Žƌ ũƵĚŐŵĞŶƚƐ ĂŐĂŝŶƐƚ ƚŚĞ ŽŶƚƌĂĐƚŽƌ Žƌ ƐƵďĐŽŶƚƌĂĐƚŽƌ ƐŚĂůů ďĞ ĚŝƐĐůŽƐĞĚ ƚŽ ƚŚĞ ^ƚĂƚĞ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĞLJ ĂĨĨĞĐƚ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐŽůǀĞŶĐLJ ĂŶĚ ŝŶƚĞŐƌŝƚLJ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ Žƌ ƐƵďĐŽŶƚƌĂĐƚŽƌ͘ Đ͘ /Ŷ ƚŚĞ ĞǀĞŶƚ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ ĂŶ ŽĨĨŝĐĞƌ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ Žƌ ĂŶ ŽǁŶĞƌ ŽĨ Ă Ϯϱй Žƌ ŐƌĞĂƚĞƌ ƐŚĂƌĞ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ ŝƐ ĐŽŶǀŝĐƚĞĚ ŽĨ Ă ĐƌŝŵŝŶĂů ŽĨĨĞŶƐĞ ŝŶĐŝĚĞŶƚ ƚŽ ƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ ĨŽƌ Žƌ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ Ă ^ƚĂƚĞ͕ ƉƵďůŝĐ Žƌ ƉƌŝǀĂƚĞ ŽŶƚƌĂĐƚ Žƌ ƐƵďĐŽŶƚƌĂĐƚ͖ Žƌ ĐŽŶǀŝĐƚĞĚ ŽĨ Ă ĐƌŝŵŝŶĂů ŽĨĨĞŶƐĞ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ ĂŶLJ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ͗ ĞŵďĞnjnjůĞŵĞŶƚ͕ ƚŚĞĨƚ͕ ĨŽƌŐĞƌLJ͕ ďƌŝďĞƌLJ͕ ĨĂůƐŝĨŝĐĂƚŝŽŶ Žƌ ĚĞƐƚƌƵĐƚŝŽŶ ŽĨ ƌĞĐŽƌĚƐ͕ ƌĞĐĞŝǀŝŶŐ ƐƚŽůĞŶ ƉƌŽƉĞƌƚLJ͕ ĂƚƚĞŵƉƚŝŶŐ ƚŽ ŝŶĨůƵĞŶĐĞ Ă ƉƵďůŝĐ ĞŵƉůŽLJĞĞ ƚŽ ďƌĞĂĐŚ ƚŚĞ ĞƚŚŝĐĂů ĐŽŶĚƵĐƚ ƐƚĂŶĚĂƌĚƐ ĨŽƌ ^ƚĂƚĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ĞŵƉůŽLJĞĞƐ͖ ĐŽŶǀŝĐƚĞĚ ƵŶĚĞƌ ^ƚĂƚĞ Žƌ ĨĞĚĞƌĂů ĂŶƚŝƚƌƵƐƚ ƐƚĂƚƵƚĞƐ͖ Žƌ ĐŽŶǀŝĐƚĞĚ ŽĨ ĂŶLJ ŽƚŚĞƌ ĐƌŝŵŝŶĂů ŽĨĨĞŶƐĞ ǁŚŝĐŚ ŝŶ ƚŚĞ ƐŽůĞ ĚŝƐĐƌĞƚŝŽŶ ŽĨ ƚŚĞ ^ƚĂƚĞ͕ ƌĞĨůĞĐƚƐ ƵƉŽŶ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ďƵƐŝŶĞƐƐ ŝŶƚĞŐƌŝƚLJ ĂŶĚ ƐƵĐŚ ĐŽŶƚƌĂĐƚŽƌ ƐŚĂůů ďĞ ƉƌŽŚŝďŝƚĞĚ ĨƌŽŵ ĞŶƚĞƌŝŶŐ ŝŶƚŽ Ă ĐŽŶƚƌĂĐƚ ĨŽƌ ŐŽŽĚƐ Žƌ ^ĞƌǀŝĐĞƐ ǁŝƚŚ ĂŶLJ ĚĞƉĂƌƚŵĞŶƚ͕ ŝŶƐƚŝƚƵƚŝŽŶ Žƌ ĂŐĞŶĐLJ ŽĨ ƚŚĞ ^ƚĂƚĞ Ě͘ ůů ŶŽƚŝĐĞƐ ƵŶĚĞƌ ƐƵďƐĞĐƚŝŽŶ ͕ ĂŶĚ ŚĞƌĞŝŶ ƐŚĂůů ďĞ ƉƌŽǀŝĚĞĚ ŝŶ ǁƌŝƚŝŶŐ ƚŽ ƚŚĞ ^ƚĂƚĞ ǁŝƚŚŝŶ ƚŚŝƌƚLJ ;ϯϬͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ĂĨƚĞƌ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ůĞĂƌŶƐ ĂďŽƵƚ ĂŶLJ ƐƵĐŚ ĐƌŝŵŝŶĂů Žƌ Đŝǀŝů ŵĂƚƚĞƌƐ͖ ƵŶůĞƐƐ ƐƵĐŚ ŵĂƚƚĞƌƐ ĂƌĞ ŐŽǀĞƌŶĞĚ ďLJ ƚŚĞ ŽƚŚĞƌ ƐƚĂƚĞĚ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ĂŶŶĞdžĞĚ ƚŽ ƚŚĞ ƐŽůŝĐŝƚĂƚŝŽŶ͘ ĞƚĂŝůƐ ŽĨ ƐĞƚƚůĞŵĞŶƚƐ ǁŚŝĐŚ ĂƌĞ ƉƌĞǀĞŶƚĞĚ ĨƌŽŵ ĚŝƐĐůŽƐƵƌĞ ďLJ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ƐĞƚƚůĞŵĞŶƚ ƐŚĂůů ďĞ ĂŶŶŽƚĂƚĞĚ ĂƐ ƐƵĐŚ͘ ŽŶƚƌĂĐƚŽƌ ŵĂLJ ƌĞůLJ ŽŶ ŐŽŽĚ ĨĂŝƚŚ ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ ŽĨ ŝƚƐ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ WĂŐĞ ϯϯ ŽĨ ϭϰϰ ĂĚĚƌĞƐƐŝŶŐ ƚŚĞ ĨŽƌĞŐŽŝŶŐ͕ ǁŚŝĐŚ ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ ƐŚĂůů ďĞ ĂǀĂŝůĂďůĞ ĨŽƌ ŝŶƐƉĞĐƚŝŽŶ Ăƚ ƚŚĞ ŽƉƚŝŽŶ ŽĨ ƚŚĞ ^ƚĂƚĞ͘ ϭϮ͘ /^Whd Z ^K>hd/KE͗ dŚĞ WĂƌƚŝĞƐ ĂŐƌĞĞ ƚŚĂƚ ŝƚ ŝƐ ŝŶ ƚŚĞŝƌ ŵƵƚƵĂů ďĞƐƚ ŝŶƚĞƌĞƐƚ ƚŽ ƌĞƐŽůǀĞ ĐŽŶĨůŝĐƚƐ ĂŶĚ ĚŝƐƉƵƚĞƐ ŝŶĨŽƌŵĂůůLJ͘ ĐůĂŝŵ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ďĞ ƐƵďŵŝƚƚĞĚ ŝŶ ǁƌŝƚŝŶŐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ŽŶƚƌĂĐƚ ĚŵŝŶŝƐƚƌĂƚŽƌ ĨŽƌ ĚĞĐŝƐŝŽŶ͘ ĐůĂŝŵ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ďĞ ƐƵďŵŝƚƚĞĚ ŝŶ ǁƌŝƚŝŶŐ ƚŽ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ŽŶƚƌĂĐƚ ĚŵŝŶŝƐƚƌĂƚŽƌ ĨŽƌ ĚĞĐŝƐŝŽŶ͘ dŚĞ WĂƌƚŝĞƐ ƐŚĂůů ŶĞŐŽƚŝĂƚĞ ŝŶ ŐŽŽĚ ĨĂŝƚŚ ĂŶĚ ƵƐĞ Ăůů ƌĞĂƐŽŶĂďůĞ ĞĨĨŽƌƚƐ ƚŽ ƌĞƐŽůǀĞ Ăůů ĚŝƐƉƵƚĞ;ƐͿ͘ ƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ǁŚĞƌĞ ƚŚĞ WĂƌƚŝĞƐ ĂƌĞ ĂƚƚĞŵƉƚŝŶŐ ƚŽ ƌĞƐŽůǀĞ Ă ĚŝƐƉƵƚĞ͕ ĞĂĐŚ ƐŚĂůů ƉƌŽĐĞĞĚ ĚŝůŝŐĞŶƚůLJ ƚŽ ƉĞƌĨŽƌŵ ƚŚĞŝƌ ƌĞƐƉĞĐƚŝǀĞ ĚƵƚŝĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ƵŶĚĞƌ ƚŚŝƐ ŽŶƚƌĂĐƚ͘ /Ĩ Ă ĚŝƐƉƵƚĞ ĐĂŶŶŽƚ ďĞ ƌĞƐŽůǀĞĚ ďLJ ƚŚĞ WĂƌƚŝĞƐ ǁŝƚŚŝŶ ƚŚŝƌƚLJ ;ϯϬͿ ĚĂLJƐ ĂĨƚĞƌ ĚĞůŝǀĞƌLJ ŽĨ ŶŽƚŝĐĞ͕ ĞŝƚŚĞƌ WĂƌƚLJ ŵĂLJ ĞůĞĐƚ ƚŽ ĞdžĞƌĐŝƐĞ ĂŶLJ ŽƚŚĞƌ ƌĞŵĞĚŝĞƐ ĂǀĂŝůĂďůĞ ƵŶĚĞƌ ƚŚŝƐ ŽŶƚƌĂĐƚ͕ Žƌ Ăƚ ůĂǁ͘ ,ŽǁĞǀĞƌ͕ Ăůů ƉĞƌĨŽƌŵĂŶĐĞ ƐĂŶĐƚŝŽŶƐ ĂŶĚ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ĚĂŵĂŐĞƐ ǁŝůů ďĞ ŐŽǀĞƌŶĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ƉƌŽĐĞƐƐ ĚĞĨŝŶĞĚ ŝŶ ^ĞĐƚŝŽŶ /s ŽŶƚƌĂĐƚ WĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ^ĂŶĐƚŝŽŶƐ͘ ϭϯ͘ Ed/Z 'Z D Ed E KZ Z K& WZ E ͗ dŚŝƐ Z&W ĂŶĚ ĂŶLJ ĚŽĐƵŵĞŶƚƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ƐƉĞĐŝĨŝĐĂůůLJ ďLJ ƌĞĨĞƌĞŶĐĞ ƌĞƉƌĞƐĞŶƚ ƚŚĞ ĞŶƚŝƌĞ ŽŶƚƌĂĐƚ ďĞƚǁĞĞŶ ƚŚĞ WĂƌƚŝĞƐ ĂŶĚ ƐƵƉĞƌƐĞĚĞ Ăůů ƉƌŝŽƌ ŽƌĂů Žƌ ǁƌŝƚƚĞŶ ƐƚĂƚĞŵĞŶƚƐ Žƌ ĂŐƌĞĞŵĞŶƚƐ͘ dŚĞ KƌĚĞƌ ŽĨ WƌĞĐĞĚĞŶĐĞ ŝƐ͗ Ă͘ ŶLJ ĂŵĞŶĚŵĞŶƚƐ ĞdžĞĐƵƚĞĚ ďLJ ƚŚĞ WĂƌƚŝĞƐ͕ ŝŶ ƌĞǀĞƌƐĞ ĐŚƌŽŶŽůŽŐŝĐĂů ŽƌĚĞƌ͖ ď͘ ĞƐƚ ĂŶĚ &ŝŶĂů KĨĨĞƌƐ Žƌ ŶĞŐŽƚŝĂƚŝŽŶ ĚŽĐƵŵĞŶƚƐ͕ ŝŶ ƌĞǀĞƌƐĞ ĐŚƌŽŶŽůŽŐŝĐĂů ŽƌĚĞƌ͕ ŝĨ ĂŶLJ͖ Đ͘ tƌŝƚƚĞŶ ĐůĂƌŝĨŝĐĂƚŝŽŶƐ͕ ŝŶ ƌĞǀĞƌƐĞ ĐŚƌŽŶŽůŽŐŝĐĂů ŽƌĚĞƌ͕ ŝĨ ĂŶLJ͖ Ě͘ ĚĚĞŶĚĂ ƚŽ ƚŚĞ Z&W͕ ŝŶ ƌĞǀĞƌƐĞ ĐŚƌŽŶŽůŽŐŝĐĂů ŽƌĚĞƌ͕ ŝĨ ĂŶLJ͖ ĂŶĚ Ğ͘ dŚŝƐ Z&W ŝŶ ŝƚƐ ĞŶƚŝƌĞƚLJ͖ ĂŶĚ Ĩ͘ KĨĨĞƌŽƌ͛Ɛ ƉƌŽƉŽƐĂů͘ /Ŷ ƚŚĞ ĞǀĞŶƚ ŽĨ Ă ĐŽŶĨůŝĐƚ ďĞƚǁĞĞŶ Žƌ ĂŵŽŶŐ ƚŚĞ ŽŶƚƌĂĐƚ ŽĐƵŵĞŶƚƐ͕ ƚŚĞ ƚĞƌŵ ŝŶ ƚŚĞ ŽŶƚƌĂĐƚ ǁŝƚŚ ƚŚĞ ŚŝŐŚĞƐƚ ƉƌĞĐĞĚĞŶĐĞ ƐŚĂůů ƉƌĞǀĂŝů͘ ůů ƉƌŽŵŝƐĞƐ͕ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ƚĞƌŵƐ͕ ĐŽŶĚŝƚŝŽŶƐ͕ ƉƌŽǀŝƐŝŽŶƐ͕ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ŐƵĂƌĂŶƚĞĞƐ͕ ĂŶĚ ǁĂƌƌĂŶƚŝĞƐ ĐŽŶƚĂŝŶĞĚ ŚĞƌĞŝŶ ƐŚĂůů ƐƵƌǀŝǀĞ ƚŚĞ ŽŶƚƌĂĐƚ ĞdžƉŝƌĂƚŝŽŶ Žƌ ƚĞƌŵŝŶĂƚŝŽŶ ĚĂƚĞ ƵŶůĞƐƐ ƐƉĞĐŝĨŝĐĂůůLJ ƉƌŽǀŝĚĞĚ ŽƚŚĞƌǁŝƐĞ ŚĞƌĞŝŶ͕ Žƌ ƵŶůĞƐƐ ƐƵƉĞƌƐĞĚĞĚ ďLJ ĂƉƉůŝĐĂďůĞ &ĞĚĞƌĂů Žƌ ^ƚĂƚĞ ƐƚĂƚƵƚĞƐ ŽĨ ůŝŵŝƚĂƚŝŽŶ͘ ϭϰ͘ &KZ D : hZ ͗ EĞŝƚŚĞƌ WĂƌƚLJ ƐŚĂůů ďĞ ĚĞĞŵĞĚ ƚŽ ďĞ ŝŶ ĚĞĨĂƵůƚ ŽĨ ŝƚƐ ŽďůŝŐĂƚŝŽŶƐ ŚĞƌĞƵŶĚĞƌ ŝĨ ĂŶĚ ƐŽ ůŽŶŐ ĂƐ ŝƚ ŝƐ ƉƌĞǀĞŶƚĞĚ ĨƌŽŵ ƉĞƌĨŽƌŵŝŶŐ ƐƵĐŚ ŽďůŝŐĂƚŝŽŶƐ ďĞĐĂƵƐĞ ŽĨ ĞǀĞŶƚƐ ďĞLJŽŶĚ ŝƚƐ ƌĞĂƐŽŶĂďůĞ ĐŽŶƚƌŽů͕ ŝŶĐůƵĚŝŶŐ ǁŝƚŚŽƵƚ ůŝŵŝƚĂƚŝŽŶ͕ ĨŝƌĞ͕ ƉŽǁĞƌ ĨĂŝůƵƌĞƐ͕ ĂŶLJ ĂĐƚ ŽĨ ǁĂƌ͕ ŚŽƐƚŝůĞ ĨŽƌĞŝŐŶ ĂĐƚŝŽŶ͕ ŶƵĐůĞĂƌ ĞdžƉůŽƐŝŽŶ͕ ƌŝŽƚ͕ ƐƚƌŝŬĞƐ Žƌ ĨĂŝůƵƌĞƐ Žƌ ƌĞĨƵƐĂůƐ ƚŽ ƉĞƌĨŽƌŵ ƵŶĚĞƌ ƐƵďĐŽŶƚƌĂĐƚƐ͕ Đŝǀŝů ŝŶƐƵƌƌĞĐƚŝŽŶ͕ ĞĂƌƚŚƋƵĂŬĞ͕ ŚƵƌƌŝĐĂŶĞ͕ ƚŽƌŶĂĚŽ͕ Žƌ ŽƚŚĞƌ ĐĂƚĂƐƚƌŽƉŚŝĐ ŶĂƚƵƌĂů ĞǀĞŶƚ Žƌ ĂĐƚ ŽĨ 'ŽĚ͘ ϭϱ͘ ' E Z > /E DE/dz͗ dŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ŚŽůĚ ĂŶĚ ƐĂǀĞ ƚŚĞ ^ƚĂƚĞ͕ ŝƚƐ ŽĨĨŝĐĞƌƐ͕ ĂŐĞŶƚƐ͕ ĂŶĚ ĞŵƉůŽLJĞĞƐ͕ ŚĂƌŵůĞƐƐ ĨƌŽŵ ůŝĂďŝůŝƚLJ ŽĨ ĂŶLJ ŬŝŶĚ͕ ŝŶĐůƵĚŝŶŐ Ăůů ĐůĂŝŵƐ ĂŶĚ ůŽƐƐĞƐ WĂŐĞ ϯϰ ŽĨ ϭϰϰ ĂĐĐƌƵŝŶŐ Žƌ ƌĞƐƵůƚŝŶŐ ƚŽ ĂŶLJ ŽƚŚĞƌ ƉĞƌƐŽŶ͕ Ĩŝƌŵ͕ Žƌ ĐŽƌƉŽƌĂƚŝŽŶ ĨƵƌŶŝƐŚŝŶŐ Žƌ ƐƵƉƉůLJŝŶŐ ǁŽƌŬ͕ ƐĞƌǀŝĐĞƐ͕ ŵĂƚĞƌŝĂůƐ͕ Žƌ ƐƵƉƉůŝĞƐ ŝŶ ĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚŝƐ ŽŶƚƌĂĐƚ͕ ĂŶĚ ĨƌŽŵ ĂŶLJ ĂŶĚ Ăůů ĐůĂŝŵƐ ĂŶĚ ůŽƐƐĞƐ ĂĐĐƌƵŝŶŐ Žƌ ƌĞƐƵůƚŝŶŐ ƚŽ ĂŶLJ ƉĞƌƐŽŶ͕ Ĩŝƌŵ͕ Žƌ ĐŽƌƉŽƌĂƚŝŽŶ ƚŚĂƚ ŵĂLJ ďĞ ŝŶũƵƌĞĚ Žƌ ĚĂŵĂŐĞĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ŝŶ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚŝƐ ŽŶƚƌĂĐƚ ĂŶĚ ƚŚĂƚ ĂƌĞ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ŶĞŐůŝŐĞŶĐĞ Žƌ ŝŶƚĞŶƚŝŽŶĂůůLJ ƚŽƌƚŝŽƵƐ ĂĐƚƐ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ ƉƌŽǀŝĚĞĚ ƚŚĂƚ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ŝƐ ŶŽƚŝĨŝĞĚ ŝŶ ǁƌŝƚŝŶŐ ǁŝƚŚŝŶ ƐŝdžƚLJ ;ϲϬͿ ĚĂLJƐ ƚŚĂƚ ƚŚĞ ^ƚĂƚĞ ŚĂƐ ŬŶŽǁůĞĚŐĞ ŽĨ ƐƵĐŚ ĐůĂŝŵƐ͘ dŚĞ ŽŶƚƌĂĐƚŽƌ ƌĞƉƌĞƐĞŶƚƐ ĂŶĚ ǁĂƌƌĂŶƚƐ ƚŚĂƚ ŝƚ ƐŚĂůů ŵĂŬĞ ŶŽ ĐůĂŝŵ ŽĨ ĂŶLJ ŬŝŶĚ Žƌ ŶĂƚƵƌĞ ĂŐĂŝŶƐƚ ƚŚĞ ^ƚĂƚĞ͛Ɛ ĂŐĞŶƚƐ ǁŚŽ ĂƌĞ ŝŶǀŽůǀĞĚ ŝŶ ƚŚĞ ĚĞůŝǀĞƌLJ Žƌ ƉƌŽĐĞƐƐŝŶŐ ŽĨ ŽŶƚƌĂĐƚŽƌ ŐŽŽĚƐ ĂŶĚͬŽƌ ƐĞƌǀŝĐĞƐ ƚŽ ƚŚĞ ^ƚĂƚĞ͘ dŚĞ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶ ĂŶĚ ǁĂƌƌĂŶƚLJ ŝŶ ƚŚĞ ƉƌĞĐĞĚŝŶŐ ƐĞŶƚĞŶĐĞ ƐŚĂůů ƐƵƌǀŝǀĞ ƚŚĞ ƚĞƌŵŝŶĂƚŝŽŶ Žƌ ĞdžƉŝƌĂƚŝŽŶ ŽĨ ƚŚŝƐ ŽŶƚƌĂĐƚ ϭϲ͘ 'Ks ZE/E' > t^͗ dŚŝƐ ŽŶƚƌĂĐƚ ŝƐ ŵĂĚĞ ƵŶĚĞƌ ĂŶĚ ƐŚĂůů ďĞ ŐŽǀĞƌŶĞĚ͕ ĐŽŶƐƚƌƵĞĚ͕ ĂŶĚ ĞŶĨŽƌĐĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ůĂǁƐ ŽĨ ƚŚĞ ^ƚĂƚĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ǁŝƚŚŽƵƚ ƌĞŐĂƌĚ ƚŽ ŝƚƐ ĐŽŶĨůŝĐƚ ŽĨ ůĂǁƐ Žƌ ƌƵůĞƐ͘ ϭϳ͘ 'Ks ZED Ed > Z ^dZ/ d/KE^͗ /Ŷ ƚŚĞ ĞǀĞŶƚ ĂŶLJ ŐŽǀĞƌŶŵĞŶƚĂů ƌĞƐƚƌŝĐƚŝŽŶƐ ĂƌĞ ŝŵƉŽƐĞĚ ǁŚŝĐŚ ŶĞĐĞƐƐŝƚĂƚĞ ĂůƚĞƌĂƚŝŽŶ ŽĨ ƚŚĞ ŵĂƚĞƌŝĂů͕ ƋƵĂůŝƚLJ͕ ǁŽƌŬŵĂŶƐŚŝƉ͕ Žƌ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŝƚĞŵƐ Žƌ ƐĞƌǀŝĐĞƐ ŽĨĨĞƌĞĚ ƉƌŝŽƌ ƚŽ ƚŚĞŝƌ ĚĞůŝǀĞƌLJ͕ ŝƚ ƐŚĂůů ďĞ ƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƚŽ ŶŽƚŝĨLJ͕ ŝŶ ǁƌŝƚŝŶŐ͕ ƚŚĞ ŝƐƐƵŝŶŐ ĞƉĂƌƚŵĞŶƚ ŝŵŵĞĚŝĂƚĞůLJ͕ ŝŶĚŝĐĂƚŝŶŐ ƚŚĞ ƐƉĞĐŝĨŝĐ ƌĞŐƵůĂƚŝŽŶ ǁŚŝĐŚ ƌĞƋƵŝƌĞĚ ƐƵĐŚ ĂůƚĞƌĂƚŝŽŶƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ĂĐĐĞƉƚ ĂŶLJ ƐƵĐŚ ĂůƚĞƌĂƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ĂŶLJ ƉƌŝĐĞ ĂĚũƵƐƚŵĞŶƚƐ ŽĐĐĂƐŝŽŶĞĚ ƚŚĞƌĞďLJ͕ Žƌ ƚŽ ĐĂŶĐĞů ƚŚĞ ŽŶƚƌĂĐƚ͘ ϭϴ͘ /E W E Ed KEdZ dKZ^͗ ŽŶƚƌĂĐƚŽƌ ĂŶĚ ŝƚƐ ĞŵƉůŽLJĞĞƐ͕ ŽĨĨŝĐĞƌƐ ĂŶĚ ĞdžĞĐƵƚŝǀĞƐ͕ ĂŶĚ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ ŝĨ ĂŶLJ͕ ƐŚĂůů ďĞ ŝŶĚĞƉĞŶĚĞŶƚ ŽŶƚƌĂĐƚŽƌƐ ĂŶĚ ŶŽƚ ĞŵƉůŽLJĞĞƐ Žƌ ĂŐĞŶƚƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ŽŶƚƌĂĐƚ ƐŚĂůů ŶŽƚ ŽƉĞƌĂƚĞ ĂƐ Ă ũŽŝŶƚ ǀĞŶƚƵƌĞ͕ ƉĂƌƚŶĞƌƐŚŝƉ͕ ƚƌƵƐƚ͕ ĂŐĞŶĐLJ͕ Žƌ ĂŶLJ ŽƚŚĞƌ ƐŝŵŝůĂƌ ďƵƐŝŶĞƐƐ ƌĞůĂƚŝŽŶƐŚŝƉ͘ ϭϵ͘ /E^hZ E ͗ ƵƌŝŶŐ ƚŚĞ ƚĞƌŵ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ Ăƚ ŝƚƐ ƐŽůĞ ĐŽƐƚ ĂŶĚ ĞdžƉĞŶƐĞ͕ ƐŚĂůů ƉƌŽǀŝĚĞ ĐŽŵŵĞƌĐŝĂů ŝŶƐƵƌĂŶĐĞ ĐŽǀĞƌĂŐĞ ŽĨ ƐƵĐŚ ƚLJƉĞ ĂŶĚ ǁŝƚŚ ƐƵĐŚ ƚĞƌŵƐ ĂŶĚ ůŝŵŝƚƐ ĂƐ ŵĂLJ ďĞ ƌĞĂƐŽŶĂďůLJ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ŽŶƚƌĂĐƚ͘ ƚ Ă ŵŝŶŝŵƵŵ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ƉƌŽǀŝĚĞ ĂŶĚ ŵĂŝŶƚĂŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐŽǀĞƌĂŐĞ ĂŶĚ ůŝŵŝƚƐ͗ Ă͘ tŽƌŬĞƌ͛Ɛ ŽŵƉĞŶƐĂƚŝŽŶ Ͳ dŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ƉƌŽǀŝĚĞ ĂŶĚ ŵĂŝŶƚĂŝŶ tŽƌŬĞƌ͛Ɛ ŽŵƉĞŶƐĂƚŝŽŶ /ŶƐƵƌĂŶĐĞ͕ ĂƐ ƌĞƋƵŝƌĞĚ ďLJ ƚŚĞ ůĂǁƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ĂƐ ǁĞůů ĂƐ ĞŵƉůŽLJĞƌ͛Ɛ ůŝĂďŝůŝƚLJ ĐŽǀĞƌĂŐĞ ǁŝƚŚ ŵŝŶŝŵƵŵ ůŝŵŝƚƐ ŽĨ ΨϱϬϬ͕ϬϬϬ͘ϬϬ͕ ĐŽǀĞƌŝŶŐ Ăůů ŽĨ ŽŶƚƌĂĐƚŽƌ͛Ɛ ĞŵƉůŽLJĞĞƐ ǁŚŽ ĂƌĞ ĞŶŐĂŐĞĚ ŝŶ ĂŶLJ ǁŽƌŬ ƵŶĚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ͘ /Ĩ ĂŶLJ ǁŽƌŬ ŝƐ ƐƵďůĞƚ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ƌĞƋƵŝƌĞ ƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ƐĂŵĞ ĐŽǀĞƌĂŐĞ ĨŽƌ ĂŶLJ ŽĨ ŚŝƐ ĞŵƉůŽLJĞĞƐ ĞŶŐĂŐĞĚ ŝŶ ĂŶLJ ǁŽƌŬ ƵŶĚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ͘ ď͘ ŽŵŵĞƌĐŝĂů 'ĞŶĞƌĂů >ŝĂďŝůŝƚLJ Ͳ 'ĞŶĞƌĂů >ŝĂďŝůŝƚLJ ŽǀĞƌĂŐĞ ŽŶ Ă ŽŵƉƌĞŚĞŶƐŝǀĞ ƌŽĂĚ &Žƌŵ ŽŶ ĂŶ ŽĐĐƵƌƌĞŶĐĞ ďĂƐŝƐ ŝŶ ƚŚĞ ŵŝŶŝŵƵŵ ĂŵŽƵŶƚ ŽĨ ΨϮ͕ϬϬϬ͕ϬϬϬ͘ϬϬ ŽŵďŝŶĞĚ ^ŝŶŐůĞ >ŝŵŝƚ͘ Đ͘ ƵƚŽŵŽďŝůĞ Ͳ ƵƚŽŵŽďŝůĞ >ŝĂďŝůŝƚLJ /ŶƐƵƌĂŶĐĞ͕ ƚŽ ŝŶĐůƵĚĞ ůŝĂďŝůŝƚLJ ĐŽǀĞƌĂŐĞ͕ ĐŽǀĞƌŝŶŐ Ăůů ŽǁŶĞĚ͕ ŚŝƌĞĚ͕ ĂŶĚ ŶŽŶͲŽǁŶĞĚ ǀĞŚŝĐůĞƐ͕ ƵƐĞĚ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ŽŶƚƌĂĐƚ͘ dŚĞ ŵŝŶŝŵƵŵ ĐŽŵďŝŶĞĚ ƐŝŶŐůĞ ůŝŵŝƚ ƐŚĂůů ďĞ ΨϱϬϬ͕ϬϬϬ͘ϬϬ ĨŽƌ ďŽĚŝůLJ ŝŶũƵƌLJ ĂŶĚ ƉƌŽƉĞƌƚLJ WĂŐĞ ϯϱ ŽĨ ϭϰϰ ĚĂŵĂŐĞ͖ ΨϱϬϬ͕ϬϬϬ͘ϬϬ ĨŽƌ ƵŶŝŶƐƵƌĞĚͬƵŶĚĞƌ ŝŶƐƵƌĞĚ ŵŽƚŽƌŝƐƚ͖ ĂŶĚ Ψϱ͕ϬϬ͘ϬϬ ĨŽƌ ŵĞĚŝĐĂů ƉĂLJŵĞŶƚ͘ Ě͘ Z Yh/Z D Ed^ Ͳ WƌŽǀŝĚŝŶŐ ĂŶĚ ŵĂŝŶƚĂŝŶŝŶŐ ĂĚĞƋƵĂƚĞ ŝŶƐƵƌĂŶĐĞ ĐŽǀĞƌĂŐĞ ŝƐ Ă ŵĂƚĞƌŝĂů ŽďůŝŐĂƚŝŽŶ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĂŶĚ ŝƐ ŽĨ ƚŚĞ ĞƐƐĞŶĐĞ ŽĨ ƚŚŝƐ ŽŶƚƌĂĐƚ͘ ůů ƐƵĐŚ ŝŶƐƵƌĂŶĐĞ ƐŚĂůů ŵĞĞƚ Ăůů ůĂǁƐ ŽĨ ƚŚĞ ^ƚĂƚĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͘ ^ƵĐŚ ŝŶƐƵƌĂŶĐĞ ĐŽǀĞƌĂŐĞ ƐŚĂůů ďĞ ŽďƚĂŝŶĞĚ ĨƌŽŵ ĐŽŵƉĂŶŝĞƐ ƚŚĂƚ ĂƌĞ ĂƵƚŚŽƌŝnjĞĚ ƚŽ ƉƌŽǀŝĚĞ ƐƵĐŚ ĐŽǀĞƌĂŐĞ ĂŶĚ ƚŚĂƚ ĂƌĞ ĂƵƚŚŽƌŝnjĞĚ ďLJ ƚŚĞ ŽŵŵŝƐƐŝŽŶĞƌ ŽĨ /ŶƐƵƌĂŶĐĞ ƚŽ ĚŽ ďƵƐŝŶĞƐƐ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ͘ dŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ĂůǁĂLJƐ ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ ƚĞƌŵƐ ŽĨ ƐƵĐŚ ŝŶƐƵƌĂŶĐĞ ƉŽůŝĐŝĞƐ͕ ĂŶĚ Ăůů ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ŝŶƐƵƌĞƌ ƵŶĚĞƌ ĂŶLJ ƐƵĐŚ ŝŶƐƵƌĂŶĐĞ ƉŽůŝĐŝĞƐ͕ ĞdžĐĞƉƚ ĂƐ ƚŚĞLJ ŵĂLJ ĐŽŶĨůŝĐƚ ǁŝƚŚ ĞdžŝƐƚŝŶŐ EŽƌƚŚ ĂƌŽůŝŶĂ ůĂǁƐ Žƌ ƚŚŝƐ ŽŶƚƌĂĐƚ͘ dŚĞ ůŝŵŝƚƐ ŽĨ ĐŽǀĞƌĂŐĞ ƵŶĚĞƌ ĞĂĐŚ ŝŶƐƵƌĂŶĐĞ ƉŽůŝĐLJ ŵĂŝŶƚĂŝŶĞĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ŶŽƚ ďĞ ŝŶƚĞƌƉƌĞƚĞĚ ĂƐ ůŝŵŝƚŝŶŐ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ůŝĂďŝůŝƚLJ ĂŶĚ ŽďůŝŐĂƚŝŽŶƐ ƵŶĚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ͘ ϮϬ͘ /Ed >> dh > WZKW Zdz /E DE/dz͗ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ŚŽůĚ ĂŶĚ ƐĂǀĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ^ƚĂƚĞ͕ ŝƚƐ ŽĨĨŝĐĞƌƐ͕ ĂŐĞŶƚƐ͕ ĂŶĚ ĞŵƉůŽLJĞĞƐ͕ ŚĂƌŵůĞƐƐ ĨƌŽŵ ůŝĂďŝůŝƚLJ ŽĨ ĂŶLJ ŬŝŶĚ͕ ŝŶĐůƵĚŝŶŐ ĐŽƐƚƐ ĂŶĚ ĞdžƉĞŶƐĞƐ͕ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ŝŶĨƌŝŶŐĞŵĞŶƚ ŽĨ ƚŚĞ ƌŝŐŚƚƐ ŽĨ ĂŶLJ ƚŚŝƌĚ ƉĂƌƚLJ ŝŶ ĂŶLJ ĐŽƉLJƌŝŐŚƚĞĚ ŵĂƚĞƌŝĂů͕ ƉĂƚĞŶƚĞĚ Žƌ ƵŶƉĂƚĞŶƚĞĚ ŝŶǀĞŶƚŝŽŶ͕ ĂƌƚŝĐůĞƐ͕ ĚĞǀŝĐĞ͕ Žƌ ĂƉƉůŝĂŶĐĞ ĚĞůŝǀĞƌĞĚ ƌĞůĂƚŝŶŐ ƚŽ ƚŚŝƐ ĐŽŶƚƌĂĐƚ͘ Ϯϭ͘ EKd/ ^͗ ŶLJ ŶŽƚŝĐĞƐ ƌĞƋƵŝƌĞĚ ƵŶĚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ŵƵƐƚ ďĞ ĚĞůŝǀĞƌĞĚ ƚŽ ƚŚĞ ŽŶƚƌĂĐƚ ĚŵŝŶŝƐƚƌĂƚŽƌ ĨŽƌ ĞĂĐŚ WĂƌƚLJ͘ hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞ ƐƉĞĐŝĨŝĞĚ ŝŶ ƚŚĞ ŽŶƚƌĂĐƚ͕ ĂŶLJ ŶŽƚŝĐĞƐ ƐŚĂůů ďĞ ĚĞůŝǀĞƌĞĚ ŝŶ ǁƌŝƚŝŶŐ ďLJ h͘^͘ DĂŝů͕ ŽŵŵĞƌĐŝĂů ŽƵƌŝĞƌ Žƌ ďLJ ŚĂŶĚ͕ ϮϮ͘ W zD Ed E /EsK/ d ZD^͗ Ă͘ dŚĞ ŽŶƚƌĂĐƚŽƌ ŵƵƐƚ ƐƵďŵŝƚ ŽŶĞ ;ϭͿ ŝŶǀŽŝĐĞ ƉĞƌ ŵŽŶƚŚ͕ ŶŽ ůĂƚĞƌ ƚŚĂŶ ƚŚĞ ϮϬƚŚ ĐĂůĞŶĚĂƌ ĚĂLJ ŽĨ ƚŚĞ ŵŽŶƚŚ͕ ƵŶůĞƐƐ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĞƐ ĂŶŽƚŚĞƌ ĚĂƚĞ͘ ď͘ ŚĂƌĚ ĐŽƉLJ ŽĨ ŝŶǀŽŝĐĞƐ ǁŝƚŚ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞƋƵŝƌĞĚ ĂƐ ƐƚĂƚĞĚ ŚĞƌĞŝŶ ŵƵƐƚ ďĞ ƐƵďŵŝƚƚĞĚ ƚŽ ƚŚĞ ĨŽůůŽǁŝŶŐ͗ ,,^ ŝǀŝƐŝŽŶ ŽĨ ,ĞĂůƚŚ ĞŶĞĨŝƚƐ dd Ed/KE͗ ^ƚĞƉŚĂŶ ĞŵĞƌŝƚƚĞ ϴϬϮ ^͘ ŽLJůĂŶ ǀĞŶƵĞ ϭϵϱϬ DĂŝů ^ĞƌǀŝĐĞ ĞŶƚĞƌ ZĂůĞŝŐŚ͕ E ϮϳϲϵϵͲϭϵϱϬ Đ͘ Ŷ ĞůĞĐƚƌŽŶŝĐ ĐŽƉLJ ŽĨ ƚŚĞ ŝŶǀŽŝĐĞ ŵƵƐƚ ďĞ ƐƵďŵŝƚƚĞĚ ƚŽ ^ƚĞƉŚĂŶ͘ ĞŵĞƌŝƚƚĞΛĚŚŚƐ͘ŶĐ͘ŐŽǀ͕ ǁŚŽ ŵĂLJ ďĞ ƌĞĂĐŚĞĚ Ăƚ ϵϭϵͲϱϮϳͲϳϬϭϮ͘ Ě͘ dŚĞ ŝŶǀŽŝĐĞ ŵƵƐƚ ďĞ ĚĂƚĞĚ ĂŶĚ ƌĞĨůĞĐƚ ƚŚĞ ĨĞĞƐ ĂŶĚ ĐŚĂƌŐĞƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚĞ ŽŶƚƌĂĐƚ ĨŽƌ ƐĞƌǀŝĐĞƐ Žƌ ĚĞůŝǀĞƌĂďůĞƐ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚĞ ŝŵŵĞĚŝĂƚĞ ƉƌĞĐĞĚŝŶŐ ŵŽŶƚŚ͕ ĂŶĚ ŝŶĐůƵĚĞ ƐƵĨĨŝĐŝĞŶƚ ƐƵƉƉŽƌƚŝŶŐ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ĨŽƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ǀĂůŝĚĂƚĞ ƚŚĞ ƐĞƌǀŝĐĞƐ ĂŶĚ ĐŚĂƌŐĞƐ͘ Ğ͘ ^ĞƌǀŝĐĞƐ ŝŶǀŽŝĐĞĚ ŽŶ Ă WĞƌ DĞŵďĞƌ WĞƌ DŽŶƚŚ ;WDWDͿ ďĂƐŝƐ ƐŚĂůů ďĞ ďĂƐĞĚ ŽŶ ĂĐƚƵĂů ĞŶƌŽůůŵĞŶƚ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ŽŶƚƌĂĐƚŽƌ ĂŐƌĞĞƐ ƚŚĂƚ ĞŶƌŽůůŵĞŶƚ ŝƐ ƚŽ ďĞ ďĂƐĞĚ ŽŶ ƚŚĞ ƌĞƉŽƌƚ ǁŝƚŚŽƵƚ ĞdžĐĞƉƚŝŽŶ͘ WĂŐĞ ϯϲ ŽĨ ϭϰϰ Ĩ͘ dŚĞ WĂƌƚŝĞƐ ƐŚĂůů ŵƵƚƵĂůůLJ ĂŐƌĞĞ ƚŽ ĂŶ ŝŶǀŽŝĐŝŶŐ ĂŶĚ ƌĞŝŵďƵƌƐĞŵĞŶƚ ƐĐŚĞĚƵůĞ ĨŽƌ ĂŶLJ ŽŶĞͲƚŝŵĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĨĞĞƐ ĐŚĂƌŐĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŽƐƚ WƌŽƉŽƐĂů͕ ĞdžĐĞƉƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ŶŽƚ ŵĂŬĞ ƉĂLJŵĞŶƚ ĨŽƌ ĂŶLJ ŽŶĞͲƚŝŵĞ ĨĞĞƐ ƉƌŝŽƌ ƚŽ ƚŚĞ ĚĂƚĞ ƐĞƌǀŝĐĞƐ ĨŽƌ ƚŚĞ ĂƉƉůŝĐĂďůĞ ĐŽŵƉŽŶĞŶƚ ŽĨ ƚŚĞ ^ĐŽƉĞ ŽĨ tŽƌŬ ĂƌĞ ĨƵůůLJ ŝŵƉůĞŵĞŶƚĞĚ͕ ƵŶůĞƐƐ ŽƚŚĞƌǁŝƐĞ ĂŐƌĞĞĚ ƚŽ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ Ő͘ WĂLJŵĞŶƚ ǁŝůů ŽŶůLJ ďĞ ŵĂĚĞ ĨŽƌ ƐĞƌǀŝĐĞƐ ĂŶĚͬŽƌ ĚĞůŝǀĞƌĂďůĞƐ ĂĐĐĞƉƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŽŶƚƌĂĐƚ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ŽƐƚ WƌŽƉŽƐĂů ĂŶĚ ĂĐƚƵĂů ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĚĂƚĞƐ͘ Ś͘ dŚĞ ŽŶƚƌĂĐƚŽƌ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ Ăůů ƉĂLJŵĞŶƚƐ ƚŽ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ ƵŶĚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ͘ ŝ͘ WĂLJŵĞŶƚ ƚĞƌŵƐ ĂƌĞ EĞƚ ŶŽƚ ůĂƚĞƌ ƚŚĂŶ ƚŚŝƌƚLJ ;ϯϬͿ ĚĂLJƐ ĂĨƚĞƌ ƌĞĐĞŝƉƚ ŽĨ Ă ĐŽƌƌĞĐƚ ŝŶǀŽŝĐĞ ĂƐ ǀĞƌŝĨŝĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ũ͘ /Ŷ ƚŚĞ ĞǀĞŶƚ ƚŚĞ ŝŶǀŽŝĐĞ ŝƐ ŶŽƚ ĐŽƌƌĞĐƚ͕ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵŝƌĞƐ ĐŚĂŶŐĞƐ͕ ƚŚĞ ƉĂLJŵĞŶƚ ƚĞƌŵƐ ĂƌĞ EĞƚ ŶŽƚ ůĂƚĞƌ ƚŚĂŶ ƚŚŝƌƚLJ ;ϯϬͿ ĚĂLJƐ ĂĨƚĞƌ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ĐŽƌƌĞĐƚ ŝŶǀŽŝĐĞ ĂƐ ƌĞƐƵďŵŝƚƚĞĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͘ Ŭ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ĚŝƐƉƵƚĞ ĂŶ ŝŶǀŽŝĐĞ ĂĨƚĞƌ ƉĂLJŵĞŶƚ ĂŶĚ ƌĞƋƵŝƌĞ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƚŽ ŝŶĐůƵĚĞ Ă ĐƌĞĚŝƚ ŽŶ ƚŚĞ ƐƵďƐĞƋƵĞŶƚ ŵŽŶƚŚ͛Ɛ ŝŶǀŽŝĐĞ ƚŽ ƌĞƐŽůǀĞ ĚŝƐƉƵƚĞƐ͘ ů͘ ŶLJ ƌĞĚƵĐƚŝŽŶƐ ďĂƐĞĚ ŽŶ ƐĂŶĐƚŝŽŶƐ͕ ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ͕ Žƌ ŽƚŚĞƌ ƉĞƌĨŽƌŵĂŶĐĞ ŝƐƐƵĞƐ͕ ĞƚĐ͘ ŵĂLJ ďĞ ǁŝƚŚŚĞůĚ ĨƌŽŵ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ŝŶǀŽŝĐĞƐ͘ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ƉƌŽǀŝĚĞ Ă ĐƌĞĚŝƚ ŵĞŵŽ ĨŽƌ ƐƵĐŚ ƌĞĚƵĐƚŝŽŶƐ ǁŝƚŚŝŶ ƚĞŶ ;ϭϬͿ ĚĂLJƐ͕ ƵƉŽŶ ƌĞƋƵĞƐƚ͘ Ϯϯ͘ WZK,/ /d/KE ' /E^d KEd/E' Ed & ^ E 'Z dh/d/ ^͗ ŽŶƚƌĂĐƚŽƌ ǁĂƌƌĂŶƚƐ ƚŚĂƚ ŝƚ ŚĂƐ ŶŽƚ ƉĂŝĚ͕ ĂŶĚ ĂŐƌĞĞƐ ŶŽƚ ƚŽ ƉĂLJ͕ ĂŶLJ ďŽŶƵƐ͕ ĐŽŵŵŝƐƐŝŽŶ͕ ĨĞĞ͕ Žƌ ŐƌĂƚƵŝƚLJ ƚŽ ĂŶLJ ĞŵƉůŽLJĞĞ Žƌ ŽĨĨŝĐŝĂů ŽĨ ƚŚĞ ^ƚĂƚĞ ĨŽƌ ŽďƚĂŝŶŝŶŐ ĂŶLJ ŽŶƚƌĂĐƚ Žƌ ĂǁĂƌĚ ŝƐƐƵĞĚ ďLJ ƚŚĞ ^ƚĂƚĞ ĂŶĚ ŝƚƐ ĞƉĂƌƚŵĞŶƚƐ ĂŶĚ ŽƚŚĞƌ ĂŐĞŶĐŝĞƐ Žƌ ĞŶƚŝƚŝĞƐ͘ dŚĞ ŽŶƚƌĂĐƚŽƌ ĨƵƌƚŚĞƌ ǁĂƌƌĂŶƚƐ ƚŚĂƚ ŶŽ ĐŽŵŵŝƐƐŝŽŶ Žƌ ŽƚŚĞƌ ƉĂLJŵĞŶƚ ŚĂƐ ďĞĞŶ Žƌ ǁŝůů ďĞ ƌĞĐĞŝǀĞĚ ĨƌŽŵ Žƌ ƉĂŝĚ ƚŽ ĂŶLJ ƚŚŝƌĚͲƉĂƌƚLJ ĐŽŶƚŝŶŐĞŶƚ ŽŶ ƚŚĞ ĂǁĂƌĚ ŽĨ ĂŶLJ ŽŶƚƌĂĐƚ ďLJ ƚŚĞ ^ƚĂƚĞ͕ ĞdžĐĞƉƚ ĂƐ ƐŚĂůů ŚĂǀĞ ďĞĞŶ ĞdžƉƌĞƐƐůLJ ĐŽŵŵƵŶŝĐĂƚĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ KĨĨŝĐĞ ŽĨ WƌŽĐƵƌĞŵĞŶƚ͕ ŽŶƚƌĂĐƚƐ ĂŶĚ 'ƌĂŶƚƐ ŝŶ ǁƌŝƚŝŶŐ ƉƌŝŽƌ ƚŽ ĂĐĐĞƉƚĂŶĐĞ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ Žƌ ĂǁĂƌĚ ŝŶ ƋƵĞƐƚŝŽŶ͘ ǀĞƌLJŽŶĞ ƐŝŐŶŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞĚ ƐĞĐƚŝŽŶƐ ŽĨ ƚŚŝƐ Z&W ǁĂƌƌĂŶƚƐ ƚŚĂƚ ŚĞ Žƌ ƐŚĞ ŝƐ ĚƵůLJ ĂƵƚŚŽƌŝnjĞĚ ďLJ ƚŚĞŝƌ ƌĞƐƉĞĐƚŝǀĞ WĂƌƚLJ ƚŽ ƐŝŐŶ ƚŚĞ ŽŶƚƌĂĐƚ ĂŶĚ ďŝŶĚ ƚŚĞ WĂƌƚLJ ƚŽ ƚŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ŽĨ ƚŚŝƐ Z&W͘ dŚĞ ŽŶƚƌĂĐƚŽƌ ĂŶĚ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƐŝŐŶĂƚŽƌLJ ĨƵƌƚŚĞƌ ǁĂƌƌĂŶƚ ƚŚĂƚ ŶŽ ŽĨĨŝĐĞƌ Žƌ ĞŵƉůŽLJĞĞ ŽĨ ƚŚĞ ^ƚĂƚĞ ŚĂƐ ĂŶLJ ĚŝƌĞĐƚ Žƌ ŝŶĚŝƌĞĐƚ ĨŝŶĂŶĐŝĂů Žƌ ƉĞƌƐŽŶĂů ďĞŶĞĨŝĐŝĂů ŝŶƚĞƌĞƐƚ͕ ŝŶ ƚŚĞ ƐƵďũĞĐƚ ŵĂƚƚĞƌ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ͖ ŽďůŝŐĂƚŝŽŶ Žƌ ŽŶƚƌĂĐƚ ĨŽƌ ĨƵƚƵƌĞ ĂǁĂƌĚ ŽĨ ĐŽŵƉĞŶƐĂƚŝŽŶ ĂƐ ĂŶ ŝŶĚƵĐĞŵĞŶƚ Žƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ĨŽƌ ŵĂŬŝŶŐ ƚŚĞ ŽŶƚƌĂĐƚ͘ ^ƵďƐĞƋƵĞŶƚ ĚŝƐĐŽǀĞƌLJ ďLJ ƚŚĞ ^ƚĂƚĞ ŽĨ ŶŽŶͲĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞƐĞ ƉƌŽǀŝƐŝŽŶƐ ƐŚĂůů ĐŽŶƐƚŝƚƵƚĞ ƐƵĨĨŝĐŝĞŶƚ ĐĂƵƐĞ ĨŽƌ ŝŵŵĞĚŝĂƚĞ ƚĞƌŵŝŶĂƚŝŽŶ ŽĨ Ăůů ŽƵƚƐƚĂŶĚŝŶŐ ĐŽŶƚƌĂĐƚƐ͘ sŝŽůĂƚŝŽŶƐ ŽĨ ƚŚŝƐ ƉƌŽǀŝƐŝŽŶ ŵĂLJ ƌĞƐƵůƚ ŝŶ ĚĞďĂƌŵĞŶƚ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ;ƐͿ ĂƐ ƉĞƌŵŝƚƚĞĚ ďLJ ϵ E Ϭϲ ͘ϭϮϬϲ͕ Žƌ ŽƚŚĞƌ ƉƌŽǀŝƐŝŽŶ ŽĨ ůĂǁ͘ Ϯϰ͘ WZK: d D E ' D Ed͗ ůů ƉƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĐŽŽƌĚŝŶĂƚŝŽŶ ŽŶ ďĞŚĂůĨ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ďĞ ƚŚƌŽƵŐŚ Ă ƐŝŶŐůĞ ƉŽŝŶƚ ŽĨ ĐŽŶƚĂĐƚ͘ dŚĞ ŽŶƚƌĂĐƚŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƚŚĂƚ ƐŝŶŐůĞ ƉŽŝŶƚ ŽĨ ĐŽŶƚĂĐƚ͘ WĂŐĞ ϯϳ ŽĨ ϭϰϰ Ϯϱ͘ WZKd ^d WZK hZ ^͗ /Ĩ ĂŶ KĨĨĞƌŽƌ ǁŝƐŚĞƐ ƚŽ ƉƌŽƚĞƐƚ Ă ŽŶƚƌĂĐƚ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ƚŚŝƐ ƐŽůŝĐŝƚĂƚŝŽŶ ƚŚĂƚ ŝƐ ĂǁĂƌĚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ĂŶ KĨĨĞƌŽƌ ƐŚĂůů ƐƵďŵŝƚ Ă ǁƌŝƚƚĞŶ ƌĞƋƵĞƐƚ ĂĚĚƌĞƐƐĞĚ ƚŽ ĐŽŶƚĂĐƚ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ^ĞĐƚŝŽŶ //͘ ͘ϭϬ WƌŽƉŽƐĂů ^ƵďŵŝƐƐŝŽŶ͘ dŚĞ ƉƌŽƚĞƐƚ ƌĞƋƵĞƐƚ ŵƵƐƚ ďĞ ƌĞĐĞŝǀĞĚ ŝŶ ƚŚĞ ƉƌŽƉĞƌ ŽĨĨŝĐĞ ǁŝƚŚŝŶ ƚŚŝƌƚLJ ;ϯϬͿ ĐŽŶƐĞĐƵƚŝǀĞ ĐĂůĞŶĚĂƌ ĚĂLJƐ ĨƌŽŵ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ ĂǁĂƌĚ͘ WƌŽƚĞƐƚ ůĞƚƚĞƌƐ ƐŚĂůů ĐŽŶƚĂŝŶ ƐƉĞĐŝĨŝĐ ŐƌŽƵŶĚƐ ĂŶĚ ƌĞĂƐŽŶƐ ĨŽƌ ƚŚĞ ƉƌŽƚĞƐƚ͕ ŚŽǁ ƚŚĞ ƉƌŽƚĞƐƚŝŶŐ ƉĂƌƚLJ ǁĂƐ ŚĂƌŵĞĚ ďLJ ƚŚĞ ĂǁĂƌĚ ŵĂĚĞ ĂŶĚ ĂŶLJ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ƉƌŽǀŝĚŝŶŐ ƐƵƉƉŽƌƚ ĨŽƌ ƚŚĞ ƉƌŽƚĞƐƚŝŶŐ ƉĂƌƚLJ͛Ɛ ĐůĂŝŵƐ͘ EŽƚĞ͗ ŽŶƚƌĂĐƚ ĂǁĂƌĚ ŶŽƚŝĐĞƐ ĂƌĞ ƐĞŶƚ ŽŶůLJ ƚŽ ƚŚĞ KĨĨĞƌŽƌ ĂǁĂƌĚĞĚ ƚŚĞ ŽŶƚƌĂĐƚ͕ ĂŶĚ ŶŽƚ ƚŽ ĞǀĞƌLJ ƉĞƌƐŽŶ Žƌ Ĩŝƌŵ ƌĞƐƉŽŶĚŝŶŐ ƚŽ Ă ƐŽůŝĐŝƚĂƚŝŽŶ͘ WƌŽƉŽƐĂů ƐƚĂƚƵƐ ĂŶĚ ǁĂƌĚ ŶŽƚŝĐĞƐ ĂƌĞ ƉŽƐƚĞĚ ŽŶ ƚŚĞ /ŶƚĞƌŶĞƚ Ăƚ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŝƉƐ͘ƐƚĂƚĞ͘ŶĐ͘ƵƐͬŝƉƐͬ͘ ůů ƉƌŽƚĞƐƚƐ ǁŝůů ďĞ ŚĂŶĚůĞĚ ĨŽůůŽǁŝŶŐ ƚŚĞ ƉƌŽĐĞƐƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĚŵŝŶŝƐƚƌĂƚŝǀĞ ŽĚĞ͕ Ϭϭ E Ϭϱ ͘ϭϱϭϵ͕ ďƵƚ ǁŝůů ďĞ ĂĚŵŝŶŝƐƚĞƌĞĚ ďLJ ĞƉĂƌƚŵĞŶƚ ŽĨ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶƐ ^ĞƌǀŝĐĞƐ ƉĞƌƐŽŶŶĞů͘ Ϯϲ͘ Z KZ ^ Z d Ed/KE͗ ůů ƌĞĐŽƌĚƐ ĂŶĚ ĚĂƚĂ ŚĞůĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĂƐ ŝƚ ƌĞůĂƚĞƐ ƚŽ ƚŚŝƐ ŽŶƚƌĂĐƚ ƐŚĂůů ďĞ ƌĞƚĂŝŶĞĚ ĂŶĚ ŵĂŝŶƚĂŝŶĞĚ ĂƐ ƌĞƋƵŝƌĞĚ ďLJ EŽƌƚŚ ĂƌŽůŝŶĂ ůĂǁ ĂŶĚ ĨĞĚĞƌĂů ůĂǁ͘ ,ŽǁĞǀĞƌ͕ ŝĨ ĂŶLJ ůŝƚŝŐĂƚŝŽŶ͕ ĐůĂŝŵ͕ ŶĞŐŽƚŝĂƚŝŽŶ͕ ĂƵĚŝƚ͕ ĚŝƐĂůůŽǁĂŶĐĞ ĂĐƚŝŽŶ Žƌ ŽƚŚĞƌ ĂĐƚŝŽŶ ŝŶǀŽůǀŝŶŐ ƚŚŝƐ ĐŽŶƚƌĂĐƚ ŚĂƐ ďĞĞŶ ƐƚĂƌƚĞĚ ďĞĨŽƌĞ ƚŚĞ ĞdžƉŝƌĂƚŝŽŶ ŽĨ ƚŚĞ ůĞŐĂůůLJ ƌĞƋƵŝƌĞĚ ƌĞƚĞŶƚŝŽŶ ƉĞƌŝŽĚ͕ ƚŚĞ ƌĞĐŽƌĚƐ ŵƵƐƚ ďĞ ƌĞƚĂŝŶĞĚ ƵŶƚŝů ĐŽŵƉůĞƚŝŽŶ ŽĨ ƚŚĞ ĂĐƚŝŽŶ ĂŶĚ ƌĞƐŽůƵƚŝŽŶ ŽĨ Ăůů ŝƐƐƵĞƐ ǁŚŝĐŚ ĂƌŝƐĞ ĨƌŽŵ ŝƚ͘ Ϯϳ͘ ^ hZ/dz E <'ZKhE , <^͗ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ĐŽŶĚƵĐƚ Ă ƐĞĐƵƌŝƚLJ ďĂĐŬŐƌŽƵŶĚ ĐŚĞĐŬ Žƌ ŽƚŚĞƌǁŝƐĞ ĂƉƉƌŽǀĞ ĂŶLJ ĞŵƉůŽLJĞĞ Žƌ ĂŐĞŶƚ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ ĂŶĚ ƚŽ ƌĞĨƵƐĞ ĂĐĐĞƐƐ ƚŽ Žƌ ƌĞƋƵŝƌĞƐ ƌĞƉůĂĐĞŵĞŶƚ ŽĨ ĂŶLJ ƐƵĐŚ ƉĞƌƐŽŶŶĞů ĨŽƌ ĐĂƵƐĞ͕ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͕ ƚĞĐŚŶŝĐĂů Žƌ ƚƌĂŝŶŝŶŐ ƋƵĂůŝĨŝĐĂƚŝŽŶ͕ ƋƵĂůŝƚLJ ŽĨ ǁŽƌŬ Žƌ ĐŚĂŶŐĞ ŝŶ ƐĞĐƵƌŝƚLJ ƐƚĂƚƵƐ Žƌ ŶŽŶͲĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƐĞĐƵƌŝƚLJ Žƌ ŽƚŚĞƌ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ Ϯϴ͘ ^ s Z />/dz͗ /Ĩ Ă ĐŽƵƌƚ ŽĨ ĐŽŵƉĞƚĞŶƚ ĂƵƚŚŽƌŝƚLJ ŚŽůĚƐ ƚŚĂƚ Ă ƉƌŽǀŝƐŝŽŶ Žƌ ƌĞƋƵŝƌĞŵĞŶƚ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ ǀŝŽůĂƚĞƐ ĂŶLJ ĂƉƉůŝĐĂďůĞ ůĂǁ͕ ĞĂĐŚ ƐƵĐŚ ƉƌŽǀŝƐŝŽŶ Žƌ ƌĞƋƵŝƌĞŵĞŶƚ ƐŚĂůů ďĞ ĞŶĨŽƌĐĞĚ ŽŶůLJ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ŝƚ ŝƐ ŶŽƚ ŝŶ ǀŝŽůĂƚŝŽŶ ŽĨ ůĂǁ Žƌ ŝƐ ŶŽƚ ŽƚŚĞƌǁŝƐĞ ƵŶĞŶĨŽƌĐĞĂďůĞ ĂŶĚ Ăůů ŽƚŚĞƌ ƉƌŽǀŝƐŝŽŶƐ ĂŶĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ ƐŚĂůů ƌĞŵĂŝŶ ŝŶ ĨƵůů ĨŽƌĐĞ ĂŶĚ ĞĨĨĞĐƚ͘ ůů ƉƌŽŵŝƐĞƐ͕ ƌĞƋƵŝƌĞŵĞŶƚ͕ ƚĞƌŵƐ͕ ĐŽŶĚŝƚŝŽŶƐ͕ ƉƌŽǀŝƐŝŽŶƐ͕ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ŐƵĂƌĂŶƚĞĞƐ ĂŶĚ ǁĂƌƌĂŶƚŝĞƐ ĐŽŶƚĂŝŶĞĚ ŚĞƌĞŝŶ ƐŚĂůů ƐƵƌǀŝǀĞ ƚŚĞ ĞdžƉŝƌĂƚŝŽŶ Žƌ ƚĞƌŵŝŶĂƚŝŽŶ ĚĂƚĞ ƵŶůĞƐƐ ƐƉĞĐŝĨŝĐĂůůLJ ƉƌŽǀŝĚĞĚ ŽƚŚĞƌǁŝƐĞ ŚĞƌĞŝŶ͕ Žƌ ƵŶůĞƐƐ ƐƵƉĞƌƐĞĚĞĚ ďLJ ĂƉƉůŝĐĂďůĞ ĨĞĚĞƌĂů Žƌ ^ƚĂƚĞ ƐƚĂƚƵƚĞ͕ ŝŶĐůƵĚŝŶŐ ƐƚĂƚƵƚĞƐ ŽĨ ƌĞƉŽƐĞ Žƌ ůŝŵŝƚĂƚŝŽŶ͘ Ϯϵ͘ ^/dh^͗ dŚĞ ƉůĂĐĞ ŽĨ ƚŚŝƐ ŽŶƚƌĂĐƚ͕ ŝƚƐ ƐŝƚƵƐ ĂŶĚ ĨŽƌƵŵ͕ ƐŚĂůů ďĞ tĂŬĞ ŽƵŶƚLJ͕ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ǁŚĞƌĞ Ăůů ŵĂƚƚĞƌƐ͕ ǁŚĞƚŚĞƌ ƐŽƵŶĚŝŶŐ ŝŶ ŽŶƚƌĂĐƚ Žƌ ƚŽƌƚ͕ ƌĞůĂƚŝŶŐ ƚŽ ŝƚƐ ǀĂůŝĚŝƚLJ͕ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ͕ ĂŶĚ ĞŶĨŽƌĐĞŵĞŶƚ ƐŚĂůů ďĞ ĚĞƚĞƌŵŝŶĞĚ͘ ϯϬ͘ ^Ks Z /'E /DDhE/dz͗ EŽƚǁŝƚŚƐƚĂŶĚŝŶŐ ĂŶLJ ŽƚŚĞƌ ƚĞƌŵ Žƌ ƉƌŽǀŝƐŝŽŶ ŝŶ ƚŚŝƐ ŽŶƚƌĂĐƚ͕ ŶŽƚŚŝŶŐ ŚĞƌĞŝŶ ŝƐ ŝŶƚĞŶĚĞĚ ŶŽƌ ƐŚĂůů ďĞ ŝŶƚĞƌƉƌĞƚĞĚ ĂƐ ǁĂŝǀŝŶŐ ĂŶLJ ĐůĂŝŵ Žƌ ĚĞĨĞŶƐĞ ďĂƐĞĚ ŽŶ ƚŚĞ ƉƌŝŶĐŝƉůĞ ŽĨ ƐŽǀĞƌĞŝŐŶ ŝŵŵƵŶŝƚLJ ƚŚĂƚ ŽƚŚĞƌǁŝƐĞ ǁŽƵůĚ ďĞ ĂǀĂŝůĂďůĞ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ^ƚĂƚĞ ƵŶĚĞƌ ĂƉƉůŝĐĂďůĞ ůĂǁ͘ WĂŐĞ ϯϴ ŽĨ ϭϰϰ ϯϭ͘ ^h KEdZ dKZ^͗ dŚĞ ŽŶƚƌĂĐƚŽƌ ŵĂLJ ƐƵďĐŽŶƚƌĂĐƚ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƌĞƋƵŝƌĞĚ ƐĞƌǀŝĐĞƐ ǁŝƚŚ ƌĞƐŽƵƌĐĞƐ ƵŶĚĞƌ ƚŚŝƐ ŽŶƚƌĂĐƚ ŽŶůLJ ǁŝƚŚ ƚŚĞ ƉƌŝŽƌ ǁƌŝƚƚĞŶ ĐŽŶƐĞŶƚ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ĐŽŶƚƌĂĐƚŝŶŐ ĂƵƚŚŽƌŝƚLJ͘ hƉŽŶ ƌĞƋƵĞƐƚ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ƉƌŽǀŝĚĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚ ĐŽŵƉůĞƚĞ ĐŽƉŝĞƐ ŽĨ ĂŶLJ ĐŽŶƚƌĂĐƚƐ ŵĂĚĞ ďLJ ĂŶĚ ďĞƚǁĞĞŶ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĂŶĚ Ăůů ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͘ dŚĞ ƐĞůĞĐƚĞĚ ŽŶƚƌĂĐƚŽƌ ƌĞŵĂŝŶƐ ƐŽůĞůLJ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ŝƚƐ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͘ ^ƵďĐŽŶƚƌĂĐƚŽƌƐ͕ ŝĨ ĂŶLJ͕ ƐŚĂůů ĂĚŚĞƌĞ ƚŽ ƚŚĞ ƐĂŵĞ ƐƚĂŶĚĂƌĚƐ ƌĞƋƵŝƌĞĚ ŽĨ ƚŚĞ ƐĞůĞĐƚĞĚ ŽŶƚƌĂĐƚŽƌ ĂŶĚ ƚŚŝƐ ŽŶƚƌĂĐƚ͘ ŶLJ ĐŽŶƚƌĂĐƚƐ ŵĂĚĞ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ǁŝƚŚ Ă ƐƵďĐŽŶƚƌĂĐƚŽƌ ƐŚĂůů ŝŶĐůƵĚĞ ĂŶ ĂĨĨŝƌŵĂƚŝǀĞ ƐƚĂƚĞŵĞŶƚ ƚŚĂƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝƐ ĂŶ ŝŶƚĞŶĚĞĚ ƚŚŝƌĚͲƉĂƌƚLJ ďĞŶĞĨŝĐŝĂƌLJ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ͖ ƚŚĂƚ ƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌ ŚĂƐ ŶŽ ĐŽŶƚƌĂĐƚ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͖ ĂŶĚ ƚŚĂƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ďĞ ŝŶĚĞŵŶŝĨŝĞĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĨŽƌ ĂŶLJ ĐůĂŝŵ ƉƌĞƐĞŶƚĞĚ ďLJ ƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌ͘ EŽƚǁŝƚŚƐƚĂŶĚŝŶŐ ĂŶLJ ŽƚŚĞƌ ƚĞƌŵ ŚĞƌĞŝŶ͕ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ƚŝŵĞůLJ ĞdžĞƌĐŝƐĞ ŝƚƐ ĐŽŶƚƌĂĐƚƵĂů ƌĞŵĞĚŝĞƐ ĂŐĂŝŶƐƚ ĂŶLJ ŶŽŶͲƉĞƌĨŽƌŵŝŶŐ ƐƵďĐŽŶƚƌĂĐƚŽƌ ĂŶĚ͕ ǁŚĞŶ ĚĞĞŵĞĚ ĂƉƉƌŽƉƌŝĂƚĞ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ƐƵďƐƚŝƚƵƚĞ ĂŶŽƚŚĞƌ ƐƵďĐŽŶƚƌĂĐƚŽƌ͘ ϯϮ͘ d y ^͗ ŶLJ ĂƉƉůŝĐĂďůĞ ƚĂdžĞƐ ƐŚĂůů ďĞ ŝŶǀŽŝĐĞĚ ĂƐ Ă ƐĞƉĂƌĂƚĞ ŝƚĞŵ ĂŶĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚŝƐ ƉĂƌĂŐƌĂƉŚ ĂŶĚ ĂƉƉůŝĐĂďůĞ ůĂǁƐ͘ Ă͘ '͘^͘ Α ϭϰϯͲϱϵ͘ϭ ďĂƌƐ ƚŚĞ ^ĞĐƌĞƚĂƌLJ ŽĨ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĨƌŽŵ ĞŶƚĞƌŝŶŐ ŝŶƚŽ ŽŶƚƌĂĐƚƐ ǁŝƚŚ ŽŶƚƌĂĐƚŽƌƐ ŝĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ Žƌ ŝƚƐ ĂĨĨŝůŝĂƚĞƐ ŵĞĞƚ ŽŶĞ ŽĨ ƚŚĞ ĐŽŶĚŝƚŝŽŶƐ ŽĨ '͘^͘ Α ϭϬϱͲϭϲϰ͘ϴ;ďͿ ĂŶĚ ƌĞĨƵƐĞƐ ƚŽ ĐŽůůĞĐƚ ƵƐĞ ƚĂdž ŽŶ ƐĂůĞƐ ŽĨ ƚĂŶŐŝďůĞ ƉĞƌƐŽŶĂů ƉƌŽƉĞƌƚLJ ƚŽ ƉƵƌĐŚĂƐĞƌƐ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ͘ ŽŶĚŝƚŝŽŶƐ ƵŶĚĞƌ '͘^͘ Α ϭϬϱͲϭϲϰ͘ϴ;ďͿ ŝŶĐůƵĚĞ͗ ;ϭͿ DĂŝŶƚĞŶĂŶĐĞ ŽĨ Ă ƌĞƚĂŝů ĞƐƚĂďůŝƐŚŵĞŶƚ Žƌ ŽĨĨŝĐĞ͕ ;ϮͿ WƌĞƐĞŶĐĞ ŽĨ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ŝŶ ƚŚĞ ^ƚĂƚĞ ƚŚĂƚ ƐŽůŝĐŝƚ ƐĂůĞƐ Žƌ ƚƌĂŶƐĂĐƚ ďƵƐŝŶĞƐƐ ŽŶ ďĞŚĂůĨ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĂŶĚ ;ϯͿ ^LJƐƚĞŵĂƚŝĐ ĞdžƉůŽŝƚĂƚŝŽŶ ŽĨ ƚŚĞ ŵĂƌŬĞƚ ďLJ ŵĞĚŝĂͲĂƐƐŝƐƚĞĚ͕ ŵĞĚŝĂͲĨĂĐŝůŝƚĂƚĞĚ͕ Žƌ ŵĞĚŝĂͲƐŽůŝĐŝƚĞĚ ŵĞĂŶƐ͘ LJ ĞdžĞĐƵƚŝŽŶ ŽĨ ƚŚĞ ƉƌŽƉŽƐĂů ĚŽĐƵŵĞŶƚ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĐĞƌƚŝĨŝĞƐ ƚŚĂƚ ŝƚ ĂŶĚ Ăůů ŝƚƐ ĂĨĨŝůŝĂƚĞƐ͕ ;ŝĨ ŝƚ ŚĂƐ ĂĨĨŝůŝĂƚĞƐͿ͕ ĐŽůůĞĐƚ;ƐͿ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ƚĂdžĞƐ͘ ď͘ ůů ĂŐĞŶĐŝĞƐ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŝŶ ƚŚŝƐ ŽŶƚƌĂĐƚ ĂƌĞ ĞdžĞŵƉƚ ĨƌŽŵ &ĞĚĞƌĂů dĂdžĞƐ͕ ƐƵĐŚ ĂƐ ĞdžĐŝƐĞ ĂŶĚ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͘ džĞŵƉƚŝŽŶ ĨŽƌŵƐ ƐƵďŵŝƚƚĞĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ǁŝůů ďĞ ĞdžĞĐƵƚĞĚ ĂŶĚ ƌĞƚƵƌŶĞĚ ďLJ ƚŚĞ ƵƐŝŶŐ ĂŐĞŶĐLJ͘ Đ͘ WƌŝĐĞƐ ŽĨĨĞƌĞĚ ĂƌĞ ŶŽƚ ƚŽ ŝŶĐůƵĚĞ ĂŶLJ ƉĞƌƐŽŶĂů ƉƌŽƉĞƌƚLJ ƚĂdžĞƐ͕ ŶŽƌ ĂŶLJ ƐĂůĞƐ Žƌ ƵƐĞ ƚĂdž ;Žƌ ĨĞĞƐͿ ƵŶůĞƐƐ ƌĞƋƵŝƌĞĚ ďLJ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ ZĞǀĞŶƵĞ͘ ϯϯ͘ d ZD/E d/KE͗ ŶLJ ŶŽƚŝĐĞ Žƌ ƚĞƌŵŝŶĂƚŝŽŶ ŵĂĚĞ ƵŶĚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ƐŚĂůů ďĞ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ŽŶƚƌĂĐƚ ĚŵŝŶŝƐƚƌĂƚŽƌ͘ Ă͘ dŚĞ WĂƌƚŝĞƐ ŵĂLJ ŵƵƚƵĂůůLJ ƚĞƌŵŝŶĂƚĞ ƚŚĞ ŽŶƚƌĂĐƚ ďLJ ǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚ Ăƚ ĂŶLJ ƚŝŵĞ͘ ď͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ƚĞƌŵŝŶĂƚĞ ƚŚĞ ŽŶƚƌĂĐƚ͕ ŝŶ ǁŚŽůĞ Žƌ ŝŶ ƉĂƌƚ͕ ĨŽƌ ĂŶLJ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ ƉƌŽǀŝƐŝŽŶƐ͘ ŝ͘ dĞƌŵŝŶĂƚŝŽŶ ĨŽƌ ĂƵƐĞ͗ /Ŷ ƚŚĞ ĞǀĞŶƚ ĂŶLJ ŐŽŽĚƐ͕ ƐŽĨƚǁĂƌĞ͕ Žƌ ƐĞƌǀŝĐĞ ĨƵƌŶŝƐŚĞĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĚƵƌŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ĂŶLJ ŽŶƚƌĂĐƚ ƚĞƌŵ ĨĂŝůƐ ƚŽ ĐŽŶĨŽƌŵ ƚŽ ĂŶLJ ŵĂƚĞƌŝĂů ƌĞƋƵŝƌĞŵĞŶƚ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ͕ ĂŶĚ ƚŚĞ ĨĂŝůƵƌĞ ŝƐ ŶŽƚ ĐƵƌĞĚ ǁŝƚŚŝŶ ƚŚŝƌƚLJ ;ϯϬͿ ĚĂLJƐ͕ Žƌ ŽƚŚĞƌ ƚŝŵĞ ƉĞƌŝŽĚ ƐƉĞĐŝĨŝĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ĂĨƚĞƌ ƉƌŽǀŝĚŝŶŐ ǁƌŝƚƚĞŶ ŶŽƚŝĐĞ ƚŚĞƌĞŽĨ ƚŽ ŽŶƚƌĂĐƚŽƌ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ĐĂŶĐĞů ĂŶĚ WĂŐĞ ϯϵ ŽĨ ϭϰϰ ƉƌŽĐƵƌĞ ƚŚĞ ĂƌƚŝĐůĞƐ Žƌ ƐĞƌǀŝĐĞƐ ĨƌŽŵ ŽƚŚĞƌ ƐŽƵƌĐĞƐ͖ ŚŽůĚŝŶŐ ŽŶƚƌĂĐƚŽƌ ůŝĂďůĞ ĨŽƌ ĂŶLJ ĞdžĐĞƐƐ ĐŽƐƚƐ ŽĐĐĂƐŝŽŶĞĚ ƚŚĞƌĞďLJ͕ ƐƵďũĞĐƚ ŽŶůLJ ƚŽ ƚŚĞ ůŝŵŝƚĂƚŝŽŶƐ ƉƌŽǀŝĚĞĚ ǁŝƚŚŝŶ ƚŚĞ Z&W͘ dŚĞ ƌŝŐŚƚƐ ĂŶĚ ƌĞŵĞĚŝĞƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƉƌŽǀŝĚĞĚ ĂďŽǀĞ ƐŚĂůů ŶŽƚ ďĞ ĞdžĐůƵƐŝǀĞ ĂŶĚ ĂƌĞ ŝŶ ĂĚĚŝƚŝŽŶ ƚŽ ĂŶLJ ŽƚŚĞƌ ƌŝŐŚƚƐ ĂŶĚ ƌĞŵĞĚŝĞƐ ƉƌŽǀŝĚĞĚ ďLJ ůĂǁ Žƌ ƵŶĚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ͘ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ŶŽƚ ďĞ ƌĞůŝĞǀĞĚ ŽĨ ůŝĂďŝůŝƚLJ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨŽƌ ĚĂŵĂŐĞƐ ƐƵƐƚĂŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂƌŝƐŝŶŐ ĨƌŽŵ ŽŶƚƌĂĐƚŽƌ͛Ɛ ďƌĞĂĐŚ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ͖ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ͕ ŝŶ ŝƚƐ ĚŝƐĐƌĞƚŝŽŶ͕ ǁŝƚŚŚŽůĚ ĂŶLJ ƉĂLJŵĞŶƚ ĚƵĞ ĂƐ Ă ƐĞƚŽĨĨ ƵŶƚŝů ƚŚĞ ĚĂŵĂŐĞƐ ĂƌĞ ĨŝŶĂůůLJ ĚĞƚĞƌŵŝŶĞĚ Žƌ ĂƐ ĂŐƌĞĞĚ ďLJ ƚŚĞ ƉĂƌƚŝĞƐ͘ sŽůƵŶƚĂƌLJ Žƌ ŝŶǀŽůƵŶƚĂƌLJ ĂŶŬƌƵƉƚĐLJ Žƌ ƌĞĐĞŝǀĞƌƐŚŝƉ ďLJ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ďĞ ĐĂƵƐĞ ĨŽƌ ƚĞƌŵŝŶĂƚŝŽŶ͘ ŝŝ͘ dĞƌŵŝŶĂƚŝŽŶ ĨŽƌ ŽŶǀĞŶŝĞŶĐĞ tŝƚŚŽƵƚ ĂƵƐĞ͗ dŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ƚĞƌŵŝŶĂƚĞ ƚŚŝƐ ŽŶƚƌĂĐƚ͕ ŝŶ ǁŚŽůĞ Žƌ ŝŶ ƉĂƌƚ͕ ďLJ ŐŝǀŝŶŐ ƚŚŝƌƚLJ ;ϯϬͿ ĚĂLJƐ ƉƌŝŽƌ ŶŽƚŝĐĞ ŝŶ ǁƌŝƚŝŶŐ ƚŽ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͘ dŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ďĞ ĞŶƚŝƚůĞĚ ƚŽ ƐƵŵƐ ĚƵĞ ĂƐ ĐŽŵƉĞŶƐĂƚŝŽŶ ĨŽƌ ĚĞůŝǀĞƌĂďůĞƐ ƉƌŽǀŝĚĞĚ ĂŶĚ ƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚ ŝŶ ĐŽŶĨŽƌŵĂŶĐĞ ǁŝƚŚ ƚŚĞ ŽŶƚƌĂĐƚ͘ /Ŷ ƚŚĞ ĞǀĞŶƚ ƚŚĞ ŽŶƚƌĂĐƚ ŝƐ ƚĞƌŵŝŶĂƚĞĚ ĨŽƌ ƚŚĞ ĐŽŶǀĞŶŝĞŶĐĞ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƉĂLJ ĨŽƌ Ăůů ƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚ ĂŶĚ ƉƌŽĚƵĐƚƐ ĚĞůŝǀĞƌĞĚ ŝŶ ĐŽŶĨŽƌŵĂŶĐĞ ǁŝƚŚ ƚŚĞ ŽŶƚƌĂĐƚ ƵƉ ƚŽ ƚŚĞ ĚĂƚĞ ŽĨ ƚĞƌŵŝŶĂƚŝŽŶ͘ ŝŝŝ͘ ŽŶƚƌĂĐƚ džƉŝƌĂƚŝŽŶ͗ dŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ĞůĞĐƚ ƚŽ ŶŽƚ ĞdžĞƌĐŝƐĞ ŝƚƐ ŽƉƚŝŽŶ ƚŽ ƌĞŶĞǁ ƚŚŝƐ ŽŶƚƌĂĐƚ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ŐŝǀĞ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ǁƌŝƚƚĞŶ ŶŽƚŝĐĞ ŽĨ ŝƚƐ ŝŶƚĞŶƚ ǁŚĞƚŚĞƌ ƚŽ ĞdžĞƌĐŝƐĞ ĞĂĐŚ ŽƉƚŝŽŶ ŶŽ ůĂƚĞƌ ƚŚĂŶ ƐŝdžƚLJ ;ϲϬͿ ĚĂLJƐ ďĞĨŽƌĞ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ͛Ɛ ƚŚĞŶͲĐƵƌƌĞŶƚ ƚĞƌŵ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ĞdžƚĞŶĚ ƚŚĞ ŽŶƚƌĂĐƚ dĞƌŵ ĨŽƌ Ă ƉĞƌŝŽĚ ŽĨ ƵƉ ƚŽ ŽŶĞ ŚƵŶĚƌĞĚͲĞŝŐŚƚLJ ;ϭϴϬͿ ĚĂLJƐ ŝŶ ŶŝŶĞƚLJ ;ϵϬͿ ĚĂLJƐ Žƌ ůĞƐƐ ŝŶĐƌĞŵĞŶƚƐ͘ ŝǀ͘ dƌĂŶƐŝƚŝŽŶ ƐƐŝƐƚĂŶĐĞ͗ /Ĩ ƚŚŝƐ ŽŶƚƌĂĐƚ ŝƐ ŶŽƚ ƌĞŶĞǁĞĚ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ŝƚƐ ƚĞƌŵ͕ Žƌ ŝƐ ĐĂŶĐĞůĞĚ ƉƌŝŽƌ ƚŽ ŝƚƐ ĞdžƉŝƌĂƚŝŽŶ ĨŽƌ ĂŶLJ ƌĞĂƐŽŶ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ƉƌŽǀŝĚĞ͕ Ăƚ ƚŚĞ ŽƉƚŝŽŶ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ƵƉ ƚŽ Ɛŝdž ;ϲͿ ŵŽŶƚŚƐ ĂĨƚĞƌ ƐƵĐŚ ĞŶĚ ĚĂƚĞ Ăůů ƐƵĐŚ ƌĞĂƐŽŶĂďůĞ ƚƌĂŶƐŝƚŝŽŶ ĂƐƐŝƐƚĂŶĐĞ ƌĞƋƵĞƐƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĂůůŽǁ ĨŽƌ ƚŚĞ ĞdžƉŝƌĞĚ Žƌ ĐĂŶĐĞůĞĚ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ƐĞƌǀŝĐĞƐ ƚŽ ĐŽŶƚŝŶƵĞ ǁŝƚŚŽƵƚ ŝŶƚĞƌƌƵƉƚŝŽŶ Žƌ ĂĚǀĞƌƐĞ ĞĨĨĞĐƚ͕ ĂŶĚ ĨĂĐŝůŝƚĂƚĞ ƚŚĞ ŽƌĚĞƌůLJ ƚƌĂŶƐĨĞƌ ŽĨ ƐƵĐŚ ƐĞƌǀŝĐĞƐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ŝƚƐ ĚĞƐŝŐŶĞĞƐ͘ /Ĩ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĞdžĞƌĐŝƐĞƐ ƚŚŝƐ ŽƉƚŝŽŶ͕ ƚŚĞ WĂƌƚŝĞƐ ĂŐƌĞĞ ƚŚĂƚ ƐƵĐŚ ƚƌĂŶƐŝƚŝŽŶ ĂƐƐŝƐƚĂŶĐĞ ƐŚĂůů ďĞ ĚĞĞŵĞĚ ƚŽ ďĞ ŐŽǀĞƌŶĞĚ ďLJ ƚŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ŽĨ ƚŚŝƐ ŽŶƚƌĂĐƚ ;ŶŽƚǁŝƚŚƐƚĂŶĚŝŶŐ ƚŚŝƐ ĞdžƉŝƌĂƚŝŽŶ Žƌ ĐĂŶĐĞůůĂƚŝŽŶͿ͕ ĞdžĐĞƉƚ ĨŽƌ ƚŚŽƐĞ ŽŶƚƌĂĐƚ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ƚŚĂƚ ĚŽ ŶŽƚ ƌĞĂƐŽŶĂďůLJ ĂƉƉůLJ ƚŽ ƐƵĐŚ ƚƌĂŶƐŝƚŝŽŶ ĂƐƐŝƐƚĂŶĐĞ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ƉĂLJ ŽŶƚƌĂĐƚŽƌ ĨŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ƐĞƌǀŝĐĞƐ Žƌ ƌĞƐŽƵƌĐĞƐ ƵƚŝůŝnjĞĚ͘ ϯϰ͘ d/d> ^ E , /E'^͗ dŝƚůĞƐ ĂŶĚ ŚĞĂĚŝŶŐƐ ŝŶ ƚŚŝƐ Z&W͕ ĂŶĚ ŝŶ ĂŶLJ ƐƵďƐĞƋƵĞŶƚ ĐŽŶƚƌĂĐƚ͕ ĂƌĞ ĨŽƌ ĐŽŶǀĞŶŝĞŶĐĞ ŽŶůLJ ĂŶĚ ƐŚĂůů ŚĂǀĞ ŶŽ ďŝŶĚŝŶŐ ĨŽƌĐĞ ŽĨ ĞĨĨĞĐƚ͘ ϯϱ͘ hE Ed/ /W d d ^<^͗ /Ŷ ƚŚĞ ĞǀĞŶƚ ƚŚĂƚ ĂĚĚŝƚŝŽŶĂů ǁŽƌŬ ŵƵƐƚ ďĞ ƉĞƌĨŽƌŵĞĚ ƚŚĂƚ ǁĂƐ ǁŚŽůůLJ ƵŶĂŶƚŝĐŝƉĂƚĞĚ͕ ĂŶĚ ƚŚĂƚ ŝƐ ŶŽƚ ƐƉĞĐŝĨŝĞĚ ŝŶ ƚŚĞ ŐƌĞĞŵĞŶƚ͕ ďƵƚ ǁŚŝĐŚ ŝŶ ƚŚĞ ŽƉŝŶŝŽŶ ŽĨ ďŽƚŚ ƉĂƌƚŝĞƐ ŝƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ƚŚĞ ƐƵĐĐĞƐƐĨƵů ĂĐĐŽŵƉůŝƐŚŵĞŶƚ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚĞĚ ƐĐŽƉĞ ŽĨ ǁŽƌŬ͕ ƚŚĞ ƉƌŽĐĞĚƵƌĞƐ ŽƵƚůŝŶĞĚ ŝŶ ƚŚŝƐ ĂƌƚŝĐůĞ ǁŝůů ďĞ ĨŽůůŽǁĞĚ͘ &Žƌ ĞĂĐŚ ŝƚĞŵ ŽĨ WĂŐĞ ϰϬ ŽĨ ϭϰϰ ƵŶĂŶƚŝĐŝƉĂƚĞĚ ǁŽƌŬ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ƉƌĞƉĂƌĞ Ă ǁŽƌŬ ĂƵƚŚŽƌŝnjĂƚŝŽŶ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚƐ͛ ƉƌĂĐƚŝĐĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ͘ Ă͘ /ƚ ŝƐ ƵŶĚĞƌƐƚŽŽĚ ĂŶĚ ĂŐƌĞĞĚ ďLJ ďŽƚŚ ƉĂƌƚŝĞƐ ƚŚĂƚ Ăůů ŽĨ ƚŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ŽĨ ƚŚĞ ŐƌĞĞŵĞŶƚ ƐŚĂůů ƌĞŵĂŝŶ ŝŶ ĨŽƌĐĞ ǁŝƚŚ ƚŚĞ ŝŶĐůƵƐŝŽŶ ŽĨ ĂŶLJ ǁŽƌŬ ĂƵƚŚŽƌŝnjĂƚŝŽŶ͘ ǁŽƌŬ ĂƵƚŚŽƌŝnjĂƚŝŽŶ ƐŚĂůů ŶŽƚ ĐŽŶƐƚŝƚƵƚĞ Ă ĐŽŶƚƌĂĐƚ ƐĞƉĂƌĂƚĞ ĨƌŽŵ ƚŚĞ ŐƌĞĞŵĞŶƚ͕ ŶŽƌ ŝŶ ĂŶLJ ŵĂŶŶĞƌ ĂŵĞŶĚ Žƌ ƐƵƉĞƌƐĞĚĞ ĂŶLJ ŽĨ ƚŚĞ ŽƚŚĞƌ ƚĞƌŵƐ Žƌ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ ŐƌĞĞŵĞŶƚ Žƌ ĂŶLJ ĂŵĞŶĚŵĞŶƚ ŚĞƌĞƚŽ͘ ď͘ ĂĐŚ ǁŽƌŬ ĂƵƚŚŽƌŝnjĂƚŝŽŶ ƐŚĂůů ĐŽŵƉƌŝƐĞ Ă ĚĞƚĂŝůĞĚ ƐƚĂƚĞŵĞŶƚ ŽĨ ƚŚĞ ƉƵƌƉŽƐĞ͕ ŽďũĞĐƚŝǀĞ͕ Žƌ ŐŽĂůƐ ƚŽ ďĞ ƵŶĚĞƌƚĂŬĞŶ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ ƚŚĞ ũŽď ĐůĂƐƐŝĨŝĐĂƚŝŽŶ Žƌ ĂƉƉƌŽdžŝŵĂƚĞ ƐŬŝůů ůĞǀĞů Žƌ ƐĞƚƐ ŽĨ ƚŚĞ ƉĞƌƐŽŶŶĞů ƌĞƋƵŝƌĞĚ͕ ĂŶ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨ Ăůů ƐŝŐŶŝĨŝĐĂŶƚ ŵĂƚĞƌŝĂů ƚŚĞŶ ŬŶŽǁŶ ƚŽ ďĞ ĚĞǀĞůŽƉĞĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ƉĞƌƐŽŶŶĞů ĂƐ Ă ĞůŝǀĞƌĂďůĞ͕ ĂŶ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨ Ăůů ƐŝŐŶŝĨŝĐĂŶƚ ŵĂƚĞƌŝĂůƐ ƚŽ ďĞ ĚĞůŝǀĞƌĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ƉĞƌƐŽŶŶĞů͕ ĂŶ ĞƐƚŝŵĂƚĞĚ ƚŝŵĞ ƐĐŚĞĚƵůĞ ĨŽƌ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ƚŚĞ ^ĞƌǀŝĐĞƐ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ ĐŽŵƉůĞƚŝŽŶ ĐƌŝƚĞƌŝĂ ĨŽƌ ƚŚĞ ǁŽƌŬ ƚŽ ďĞ ƉĞƌĨŽƌŵĞĚ͕ ƚŚĞ ŶĂŵĞ Žƌ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨ ŽŶƚƌĂĐƚŽƌ͛Ɛ ƉĞƌƐŽŶŶĞů ƚŽ ďĞ ĂƐƐŝŐŶĞĚ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ĞƐƚŝŵĂƚĞĚ ǁŽƌŬ ŚŽƵƌƐ ƌĞƋƵŝƌĞĚ ƚŽ ĂĐĐŽŵƉůŝƐŚ ƚŚĞ ƉƵƌƉŽƐĞ͕ ŽďũĞĐƚŝǀĞ Žƌ ŐŽĂůƐ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ďŝůůŝŶŐ ƌĂƚĞƐ ĂŶĚ ƵŶŝƚƐ ďŝůůĞĚ͕ ĂŶĚ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ƚŽƚĂů ĞƐƚŝŵĂƚĞĚ ĐŽƐƚ ŽĨ ƚŚĞ ǁŽƌŬ ĂƵƚŚŽƌŝnjĂƚŝŽŶ͘ Đ͘ ůů ǁŽƌŬ ĂƵƚŚŽƌŝnjĂƚŝŽŶƐ ŵƵƐƚ ďĞ ƐƵďŵŝƚƚĞĚ ĨŽƌ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ƉƌŽĐƵƌĞŵĞŶƚ ŽĨĨŝĐĞ ƚŚĂƚ ĂƉƉƌŽǀĞĚ ƚŚĞ ŽƌŝŐŝŶĂů ŽŶƚƌĂĐƚ ĂŶĚ ƉƌŽĐƵƌĞŵĞŶƚ͘ dŚŝƐ ƐƵďŵŝƐƐŝŽŶ ĂŶĚ ĂƉƉƌŽǀĂů ŵƵƐƚ ďĞ ĐŽŵƉůĞƚĞĚ ƉƌŝŽƌ ƚŽ ĞdžĞĐƵƚŝŽŶ ŽĨ ĂŶLJ ǁŽƌŬ ĂƵƚŚŽƌŝnjĂƚŝŽŶ ĚŽĐƵŵĞŶƚĂƚŝŽŶ Žƌ ƉĞƌĨŽƌŵĂŶĐĞ ƚŚĞƌĞƵŶĚĞƌ͘ ůů ǁŽƌŬ ĂƵƚŚŽƌŝnjĂƚŝŽŶƐ ŵƵƐƚ ďĞ ǁƌŝƚƚĞŶ ĂŶĚ ƐŝŐŶĞĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƉƌŝŽƌ ƚŽ ďĞŐŝŶŶŝŶŐ ǁŽƌŬ͘ Ě͘ dŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ŶŽƚ ĞdžƉĞŶĚ ƉĞƌƐŽŶŶĞů ƌĞƐŽƵƌĐĞƐ Ăƚ ĂŶLJ ĐŽƐƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ ĞdžĐĞƐƐ ŽĨ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ǁŽƌŬ ŚŽƵƌƐ ƵŶůĞƐƐ ƚŚŝƐ ƉƌŽĐĞĚƵƌĞ ŝƐ ĨŽůůŽǁĞĚ͗ /Ĩ͕ ĚƵƌŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ǁŽƌŬ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĚĞƚĞƌŵŝŶĞƐ ƚŚĂƚ Ă ǁŽƌŬ ĂƵƚŚŽƌŝnjĂƚŝŽŶ ƚŽ ďĞ ƉĞƌĨŽƌŵĞĚ ƵŶĚĞƌ ƚŚĞ ŐƌĞĞŵĞŶƚ ĐĂŶŶŽƚ ďĞ ĂĐĐŽŵƉůŝƐŚĞĚ ǁŝƚŚŝŶ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ǁŽƌŬ ŚŽƵƌƐ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ǁŝůů ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĐŽŵƉůĞƚĞ ƚŚĞ ǁŽƌŬ ĂƵƚŚŽƌŝnjĂƚŝŽŶ ŝŶ ĨƵůů͘ hƉŽŶ ƌĞĐĞŝƉƚ ŽĨ ƐƵĐŚ ŶŽƚŝĨŝĐĂƚŝŽŶ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ͗ ŝ͘ ƵƚŚŽƌŝnjĞ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƚŽ ĞdžƉĞŶĚ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĂĚĚŝƚŝŽŶĂů ǁŽƌŬ ŚŽƵƌƐ Žƌ ƐĞƌǀŝĐĞ ŝŶ ĞdžĐĞƐƐ ŽĨ ƚŚĞ ŽƌŝŐŝŶĂů ĞƐƚŝŵĂƚĞ ŶĞĐĞƐƐĂƌLJ ƚŽ ĂĐĐŽŵƉůŝƐŚ ƚŚĞ ǁŽƌŬ ĂƵƚŚŽƌŝnjĂƚŝŽŶ͕ Žƌ ŝŝ͘ dĞƌŵŝŶĂƚĞ ƚŚĞ ǁŽƌŬ ĂƵƚŚŽƌŝnjĂƚŝŽŶ͕ Žƌ ŝŝŝ͘ ůƚĞƌ ƚŚĞ ƐĐŽƉĞ ŽĨ ƚŚĞ ǁŽƌŬ ĂƵƚŚŽƌŝnjĂƚŝŽŶ ŝŶ ŽƌĚĞƌ ƚŽ ĚĞĨŝŶĞ ƚĂƐŬƐ ƚŚĂƚ ĐĂŶ ďĞ ĂĐĐŽŵƉůŝƐŚĞĚ ǁŝƚŚŝŶ ƚŚĞ ƌĞŵĂŝŶŝŶŐ ĞƐƚŝŵĂƚĞĚ ǁŽƌŬ ŚŽƵƌƐ͘ ŝǀ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ŶŽƚŝĨLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ŝŶ ǁƌŝƚŝŶŐ ŽĨ ŝƚƐ ĞůĞĐƚŝŽŶ ǁŝƚŚŝŶ ƐĞǀĞŶ ;ϳͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ĂĨƚĞƌ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ŶŽƚŝĨŝĐĂƚŝŽŶ͘ /Ĩ ŶŽƚŝĐĞ ŽĨ ƚŚĞ ĞůĞĐƚŝŽŶ ŝƐ ŐŝǀĞŶ ƚŽ ƉƌŽĐĞĞĚ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ŵĂLJ ĞdžƉĞŶĚ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĂĚĚŝƚŝŽŶĂů ǁŽƌŬ ŚŽƵƌƐ Žƌ ƐĞƌǀŝĐĞƐ͘ WĂŐĞ ϰϭ ŽĨ ϭϰϰ ϯϲ͘ t /s Z͗ dŚĞ ĨĂŝůƵƌĞ ƚŽ ĞŶĨŽƌĐĞ Žƌ ƚŚĞ ǁĂŝǀĞƌ ďLJ ƚŚĞ ^ƚĂƚĞ ŽĨ ĂŶLJ ƌŝŐŚƚ Žƌ ŽĨ ďƌĞĂĐŚ Žƌ ĚĞĨĂƵůƚ ŽŶ ŽŶĞ ŽĐĐĂƐŝŽŶ Žƌ ŝŶƐƚĂŶĐĞ ƐŚĂůů ŶŽƚ ĐŽŶƐƚŝƚƵƚĞ ƚŚĞ ǁĂŝǀĞƌ ŽĨ ƐƵĐŚ ƌŝŐŚƚ͕ ďƌĞĂĐŚ Žƌ ĚĞĨĂƵůƚ ŽŶ ĂŶLJ ƐƵďƐĞƋƵĞŶƚ ŽĐĐĂƐŝŽŶ Žƌ ŝŶƐƚĂŶĐĞ͘ ϯϳ͘ t ZZ Edz͗ dŚĞ ŽŶƚƌĂĐƚŽƌ ǁĂƌƌĂŶƚƐ ƚŚĂƚ ŝƚƐ ƐĞƌǀŝĐĞƐ ǁŝůů ďĞ ƉĞƌĨŽƌŵĞĚ ŝŶ Ă ŐŽŽĚ ĂŶĚ ǁŽƌŬŵĂŶůŝŬĞ ŵĂŶŶĞƌ͘ hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞ ĂŐƌĞĞĚ ƚŽ ďLJ ƚŚĞ WĂƌƚŝĞƐ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ǁŝůů ƌĞƉĞƌĨŽƌŵ ĂŶLJ ƐĞƌǀŝĐĞƐ ŶŽƚ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚŝƐ ǁĂƌƌĂŶƚLJ ďƌŽƵŐŚƚ ƚŽ ŝƚƐ ĂƚƚĞŶƚŝŽŶ ŝŶ ǁƌŝƚŝŶŐ ǁŝƚŚŝŶ ƚŚŝƌƚLJ ;ϯϬͿ ĚĂLJƐ ĂĨƚĞƌ ƚŚŽƐĞ ƐĞƌǀŝĐĞƐ ĂƌĞ ƉĞƌĨŽƌŵĞĚ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ǁĂƌƌĂŶƚƐ ƚŚĂƚ ŝƚƐ ĚĞůŝǀĞƌĂďůĞƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ǁŚŝĐŚ ĂƌĞ ŽƌŝŐŝŶĂů ĐŽŶƚĞŶƚ ǁŝůů ŵĂƚĞƌŝĂůůLJ ĐŽŶĨŽƌŵ ƚŽ ƚŚĞŝƌ ĂƉƉůŝĐĂďůĞ ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ ĨŽƌ Ă ƉĞƌŝŽĚ ŽĨ ƚŚŝƌƚLJ ;ϯϬͿ ĚĂLJƐ ĨƌŽŵ ĚĞůŝǀĞƌLJ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ŽŶƚƌĂĐƚŽƌ ǁŝůů ĐŽƌƌĞĐƚ ĂŶLJ ƐƵĐŚ ĚĞůŝǀĞƌĂďůĞ Žƌ ƐĞƌǀŝĐĞ ŶŽƚ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚŝƐ ǁĂƌƌĂŶƚLJ ďƌŽƵŐŚƚ ƚŽ ŝƚƐ ĂƚƚĞŶƚŝŽŶ ŝŶ ǁƌŝƚŝŶŐ ǁŝƚŚŝŶ ƚŚŝƌƚLJ ;ϯϬͿ ĚĂLJƐ ĂĨƚĞƌ ĚĞůŝǀĞƌLJ ŽĨ ƐƵĐŚ ĚĞůŝǀĞƌĂďůĞ ƚŽ ƚŚĞ ^ƚĂƚĞ͘ d,/^ ^ d/KE /^ KEdZ dKZ͛^ KE>z yWZ ^^ t ZZ Edz KE ZE/E' d, ^ Zs/ ^͕ Ez >/s Z > ^ KZ D d Z/ >^͕ E d,/^ KEdZ d͕ E /^ D yWZ ^^>z /E >/ h K& >> Kd, Z t ZZ Ed/ ^͕ KE /d/KE^͕ E Z WZ ^ Ed d/KE^͕ yWZ ^^ KZ /DW>/ ͕ /E >h /E' Ez /DW>/ t ZZ Ed/ ^ K& &/dE ^^ &KZ W Zd/ h> Z WhZWK^ ͕ D Z , Ed />/dz͕ /E&KZD d/KE > KEd Ed͕ ^z^d D^ /Ed 'Z d/KE͕ EKEͲ /E&Z/E' D Ed͕ /Ed Z& Z E t/d, E:KzD Ed KZ Kd, Zt/^ ͘ ///͘ ^ KW K& tKZ< E Z Yh/Z D Ed^ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ƐƵďŵŝƚ ƚŚĞŝƌ dĞĐŚŶŝĐĂů ZĞƐƉŽŶƐĞ ĂƐ dd ,D Ed ͗ d ,E/ > Z ^WKE^ ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ĞŶĐŽƵƌĂŐĞƐ KĨĨĞƌŽƌƐ ƚŽ ƐƵŐŐĞƐƚ ŝŶŶŽǀĂƚŝǀĞ ǁĂLJƐ ƚŽ ĨƵůĨŝůů ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ Z&W͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞŝƌ ĂďŝůŝƚLJ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ Z&W͘ dŚŝƐ ŝŶĐůƵĚĞƐ ƉƌŽǀŝĚŝŶŐ Ă ĚĞƚĂŝůĞĚ ŶĂƌƌĂƚŝǀĞ͕ ĚŝĂŐƌĂŵƐ͕ ĞdžŚŝďŝƚƐ͕ ĞdžĂŵƉůĞƐ͕ ƐŬĞƚĐŚĞƐ͕ ĚĞƐĐƌŝƉƚŝǀĞ ůŝƚĞƌĂƚƵƌĞ ĂŶĚͬŽƌ ĚĞƚĂŝůĞĚ ŝŶĨŽƌŵĂƚŝŽŶ ƐƉĞĐŝĨŝĐĂůůLJ ƚĂŝůŽƌĞĚ ĨŽƌ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ƉƌŽŐƌĂŵ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ŝƚƐ ĂďŝůŝƚLJ ƚŽ ŵĞĞƚ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ͘ YƵĂůŝĨŝĐĂƚŝŽŶƐ͕ džƉĞƌŝĞŶĐĞ ĂŶĚ &ĞĚĞƌĂů ZĞƋƵŝƌĞŵĞŶƚƐ ϭ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƐĞĞŬƐ ĂŶĚ ƌĞƋƵŝƌĞƐ D &RQWUDFWRU Ă͘ dŽ ƐĞƌǀĞ ĂƐ ƚŚĞ ^ƚĂƚĞ͛Ɛ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĂŶĚ ƐƵƉƉŽƌƚ ƚƌĂŶƐĨŽƌŵĂƚŝŽŶ ŽĨ ƚŚĞ ^ƚĂƚĞ͛Ɛ DĞĚŝĐĂŝĚ ƉƌŽŐƌĂŵ ĨƌŽŵ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ͘ ď͘ dŚĂƚ ŚĂƐ ƚŚĞ ĞdžƉĞƌŝĞŶĐĞ͕ ŬŶŽǁůĞĚŐĞ ĂŶĚ ƌĞƐŽƵƌĐĞƐ ƚŽ ƐƵƉƉŽƌƚ Ăůů ƚŚĞ ƐĞƌǀŝĐĞƐ ŽƵƚůŝŶĞĚ ŝŶ ƚŚŝƐ Z&W ĂŶĚ ŝƐ ǁŝůůŝŶŐůLJ ƚƌĂŶƐƉĂƌĞŶƚ ŝŶ ŝƚƐ ĚĞĂůŝŶŐƐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞ ^ƚĂƚĞ͛Ɛ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ƐƚĂŬĞŚŽůĚĞƌƐ͘ Đ͘ tŝƚŚ Ă ŚŝƐƚŽƌLJ ŽĨ ƉƌŽǀŝĚŝŶŐ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ͕ ĐĂůů ĐĞŶƚĞƌ ĐĂƉĂďŝůŝƚŝĞƐ͕ ĂŶĚ ŽƚŚĞƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƐĞƌǀŝĐĞƐ ƚŽ DĞĚŝĐĂŝĚ ƉƌŽŐƌĂŵƐ ǁŝƚŚ Ă ƉŽƉƵůĂƚŝŽŶ ŽĨ Ăƚ ůĞĂƐƚ ϰϬϬ͕ϬϬϬ ĂŶĚ ǁŝƚŚ Ă ƉƌŽǀĞŶ ƚƌĂĐŬ ƌĞĐŽƌĚ ŽĨ ŽŶͲƚŝŵĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂŶĚ ĚĞůŝǀĞƌLJ ŽĨ ƐĞƌǀŝĐĞƐ ĂŶĚ ĐƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ͘ WĂŐĞ ϰϮ ŽĨ ϭϰϰ Ϯ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŝŵƉůĞŵĞŶƚ ĂŶĚ ŽǀĞƌƐĞĞ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ ƐLJƐƚĞŵ ĂƐ ƌĞƋƵŝƌĞĚ ƵŶĚĞƌ ϰϮ ͘&͘Z͘ Α ϰϯϴ͘ϳϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉĞƌĨŽƌŵ Ăůů ƚŚĞ ŵŝŶŝŵƵŵ ĨƵŶĐƚŝŽŶƐ ŽĨ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ ƐLJƐƚĞŵ ĚĞĨŝŶĞĚ ƚŚĞƌĞŝŶ ĂŶĚ ĂƐ ŵŽĚŝĨŝĞĚ ŚĞƌĞŝŶ͘ /Ŷ ƚŚĞ ĞǀĞŶƚ ƚŚĞƌĞ ĂƌĞ ĐŚĂŶŐĞƐ ƚŽ ĂŶLJ ĂƉƉůŝĐĂďůĞ ůĂǁ͕ ƌƵůĞ Žƌ ƌĞŐƵůĂƚŝŽŶ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ŵĂŬĞ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ŵŽĚŝĨŝĐĂƚŝŽŶƐ ƚŽ ŵĞĞƚ Ăůů ĐŚĂŶŐĞƐ ĂŶĚ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ϯ͘ Ɛ ĚĞĨŝŶĞĚ ŝŶ ϰϮ ͘&͘Z͘ Α ϰϯϴ͘ϳϭ͕ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ ƐLJƐƚĞŵ ƐŚĂůů ŝŶĐůƵĚĞ͕ ďƵƚ ŝƐ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͗ Ă͘ ͞ ŚŽŝĐĞ ŽƵŶƐĞůŝŶŐ͟ ĨŽƌ Ăůů ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ŵĞŵďĞƌƐ͕ ƉŽƚĞŶƚŝĂů ŵĞŵďĞƌƐ Žƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ǁŚŽ ƐĞĞŬ ƚŽ ĞŶƌŽůů ĂŶĚ ŵĞŵďĞƌƐ ǁŚŽ ƐĞĞŬ ƚŽ ĚŝƐĞŶƌŽůů ĨƌŽŵ Ă W,W͘ ŚĂŶŐŝŶŐ W,WƐ ŝƐ ĐŽŶƐŝĚĞƌĞĚ Ă ĨŽƌŵ ŽĨ ĚŝƐĞŶƌŽůůŵĞŶƚ͘ ď͘ ƐƐŝƐƚĂŶĐĞ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŵĂŶĂŐĞĚ ĐĂƌĞ͕ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͗ ŝ͘ dŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ƉƌŽŐƌĂŵ͕ ŐĞŶĞƌĂůůLJ͕ ĂŶĚ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͕ ƐƉĞĐŝĨŝĐĂůůLJ͕ ĂŶĚ ŚŽǁ ĞĂĐŚ ŽƉĞƌĂƚĞƐ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ŽŶůLJ ƉƌŽǀŝĚĞ ŐĞŶĞƌĂů ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ DĞĚŝĐĂŝĚ ĞůŝŐŝďŝůŝƚLJ ĂŶĚ ǁŝůů ďĞ ĞdžƉĞĐƚĞĚ ƚŽ ƚƌĂŶƐĨĞƌ ƋƵĞƐƚŝŽŶƐ ƌĞůĂƚĞĚ ƚŽ ĞůŝŐŝďŝůŝƚLJ ƚŽ ĐŽƵŶƚLJ ^^ ŽĨĨŝĐĞƐ͖ ŝŝ͘ ,Žǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂĐĐĞƐƐ ĐŽǀĞƌĞĚ ƐĞƌǀŝĐĞƐ ǁŝƚŚŝŶ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ŝŶĐůƵĚŝŶŐ ƉŚLJƐŝĐĂů͕ ďĞŚĂǀŝŽƌĂů ŚĞĂůƚŚ ĂŶĚ ƉŚĂƌŵĂĐLJ ƐĞƌǀŝĐĞƐ Žƌ ĂĐĐĞƐƐ ĐŽǀĞƌĞĚ ƐĞƌǀŝĐĞƐ ŶŽƚ ĚĞůŝǀĞƌĞĚ ƚŚƌŽƵŐŚ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͖ ŝŝŝ͘ ĞŶĞĨŝĐŝĂƌLJ ƌŝŐŚƚƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŝŶ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͖ ŝǀ͘ ŝĨĨĞƌĞŶĐĞƐ͕ ŝĨ ĂŶLJ͕ ďĞƚǁĞĞŶ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ W,WƐ ;Ğ͘Ő͕͘ ŝŶ ĂĚĚŝƚŝŽŶĂů ďĞŶĞĨŝƚƐ͕ ĂǀĂŝůĂďůĞ ƉƌŽǀŝĚĞƌ ŶĞƚǁŽƌŬ͕ ƐĞƌǀŝĐĞ ƋƵĂůŝƚLJ ŽƵƚĐŽŵĞƐͿ͖ ĂŶĚ ǀ͘ ,Žǁ ƚŽ ĨŝŶĚ ĂŶ ĂƉƉƌŽƉƌŝĂƚĞ D,ͬW W Žƌ ƐƉĞĐŝĂůŝƐƚ Žƌ ƚŽ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ƉƌŽǀŝĚĞƌƐ ĂǀĂŝůĂďůĞ ŝŶ ĞĂĐŚ W,W ƉƌŽǀŝĚĞƌ ŶĞƚǁŽƌŬ͘ ϰ͘ dŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ ƐLJƐƚĞŵ ƐŚĂůů ƉĞƌĨŽƌŵ ŽƵƚƌĞĂĐŚ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚͬŽƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ĂŶĚ ďĞ ĂĐĐĞƐƐŝďůĞ ŝŶ ŵƵůƚŝƉůĞ͕ ŝŶƚĞŐƌĂƚĞĚ ǁĂLJƐ ŝŶĐůƵĚŝŶŐ ďLJ ƉŚŽŶĞ͕ ŵĂŝů͕ /ŶƚĞƌŶĞƚ͕ ĂŶĚ ŝŶͲƉĞƌƐŽŶ͕ ĂŶĚ ƚŚƌŽƵŐŚ ĂƵdžŝůŝĂƌLJ ĂŝĚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ĂƐ ĚĞĨŝŶĞĚ ŝŶ Ϯϴ ͘&͘Z͘ Α ϯϲ͘ϯϬϯ ǁŚĞŶ ƌĞƋƵĞƐƚĞĚ ďLJ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĂŶĚͬŽƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͘ ϱ͘ Ɛ ĚĞĨŝŶĞĚ ŝŶ ϰϮ ͘&͘Z͘ Α ϰϯϴ͘ϴϭϬ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ŵĞĞƚ ŝŶĚĞƉĞŶĚĞŶĐĞ ĂŶĚ ĨƌĞĞĚŽŵ ŽĨ ĐŽŶĨůŝĐƚ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ŶŽƚ ďĞ ĞdžƉĞĐƚĞĚ ƚŽ ƉƌŽǀŝĚĞ ĐůŝŶŝĐĂů ŐƵŝĚĂŶĐĞ ĂŶĚͬŽƌ ƐƵƉƉŽƌƚ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞŝƌ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ ƐLJƐƚĞŵ Žƌ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ͘ ϲ͘ ůů ĚĂƚĂ ĐŽůůĞĐƚĞĚ͕ ƉƌŽĚƵĐĞĚ͕ Žƌ ŵĂŝŶƚĂŝŶĞĚ ŵƵƐƚ ďĞ ŵĂĚĞ ĂǀĂŝůĂďůĞ ĨŽƌ ĨĞĚĞƌĂů ĞǀĂůƵĂƚŝŽŶ ǁŚĞƌĞ ƌĞƋƵŝƌĞĚ ƵŶĚĞƌ ϰϮ ͘&͘Z͘ Α ϰϯϭ͘ϰϮϬ;ĨͿ͘ WĂŐĞ ϰϯ ŽĨ ϭϰϰ ͘ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ŶƌŽůůŵĞŶƚ ϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŝƐ ĞdžƉĞĐƚĞĚ ƚŽ ŐƵŝĚĞ ĂŶĚ ƐƵƉƉŽƌƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ƚŚĞŝƌ ĨĂŵŝůŝĞƐ͕ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ŝŶ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ƚŚƌŽƵŐŚ ĞĚƵĐĂƚŝŽŶ͕ W,W ƐĞůĞĐƚŝŽŶ͕ D,ͬW W ƐĞůĞĐƚŝŽŶ͕ ĂŶĚ W,W ĚŝƐĞŶƌŽůůŵĞŶƚ͘ Ϯ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ďĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĐŽŶĚƵĐƚŝŶŐ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ ĨŽƌ E DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ĨĂĐŝůŝƚĂƚĞ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ĨŽƌ ƚŚĞ ƌĞƋƵŝƌĞĚ ƉŽƉƵůĂƚŝŽŶƐ ĂŶĚ ƉƌŽŐƌĂŵƐ ĂƐ ƚŚĞ ƉƌŽŐƌĂŵƐ ĞdžƉĂŶĚ͕ ƚŚĞ ƉŽƉƵůĂƚŝŽŶ ĐŚĂŶŐĞƐ͕ ĂŶĚͬŽƌ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ŐĞŽŐƌĂƉŚŝĐĂů ƌĞŐŝŽŶƐ ĐŚĂŶŐĞ͘ ď͘ dŚĞ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ ŵĂLJ ǀĂƌLJ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŶĞĞĚƐ ŽĨ ĨŽƵƌ ;ϰͿ ƉŽƉƵůĂƚŝŽŶƐ͗ ŝͿ ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ͖ ŝŝͿ ŶĞǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂĨƚĞƌ ĐƌŽƐƐͲŽǀĞƌ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ůĂƵŶĐŚ͖ ŝŝŝͿ ďĞŶĞĨŝĐŝĂƌŝĞƐ Ăƚ ƌĞĚĞƚĞƌŵŝŶĂƚŝŽŶ͖ ĂŶĚ ŝǀͿ ƐƉĞĐŝĂů ƉŽƉƵůĂƚŝŽŶƐ ƚŽ ďĞ ƉŚĂƐĞĚ ŝŶƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂĨƚĞƌ ŝŶŝƚŝĂů ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ ĞŶƌŽůůŵĞŶƚ͘ Đ͘ ŶƌŽůůŵĞŶƚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ ŵƵƐƚ ŝŶĐůƵĚĞ͕ ďƵƚ ĂƌĞ ŶŽƚ ďĞ ůŝŵŝƚĞĚ ƚŽ͗ ŝͿ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞĚƵĐĂƚŝŽŶ͖ ŝŝͿ ƉƌĞͲĞŶƌŽůůŵĞŶƚ ĂŶŶŽƵŶĐĞŵĞŶƚƐ͕ ƌĞŵŝŶĚĞƌƐ͕ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ĞĚƵĐĂƚŝŽŶ͖ ŝŝŝͿ W,W ƐĞůĞĐƚŝŽŶ͕ D,ͬW W ƐĞůĞĐƚŝŽŶ͕ ĂŶĚ ŝǀͿ ĚŝƐĞŶƌŽůůŵĞŶƚ͘ KƚŚĞƌ ƌĞƋƵŝƌĞŵĞŶƚƐ ŵĂLJ ďĞ ĂĚĚĞĚ Žƌ ƌĞŵŽǀĞĚ ĚĞƉĞŶĚŝŶŐ ŽŶ ĐŚĂŶŐĞƐ ŝŶ ĨĞĚĞƌĂů Žƌ ƐƚĂƚĞ ůĂǁ Žƌ ĂƐ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ŶĞĞĚƐ ŵĂLJ ĐŚĂŶŐĞ͘ ϯ͘ DĂŶĂŐĞĚ ĂƌĞ ĚƵĐĂƚŝŽŶ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ƚŽ ŚĞůƉ ƌĞƐŽůǀĞ ƋƵĞƐƚŝŽŶƐ ĨƌŽŵ ŵĞŵďĞƌƐ͕ ƉŽƚĞŶƚŝĂů ŵĞŵďĞƌƐ͕ ĂŶĚ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͘ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ͕ Ăƚ Ă ŵŝŶŝŵƵŵ͕ ŵĂŶĂŐĞĚ ĐĂƌĞ ƌĞƐŽƵƌĐĞƐ͕ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĂŶƐǁĞƌ ƋƵĞƐƚŝŽŶƐ ŽǀĞƌ ƚŚĞ ƉŚŽŶĞ͕ ŝŶƚĞƌŶĞƚ͕ ďLJ ŵĂŝů ĂŶĚ ŝŶͲƉĞƌƐŽŶ ĂƐ ůŝƐƚĞĚ ďĞůŽǁ͘ ŝ͘ DĂŶĂŐĞĚ ĐĂƌĞ ƌĞƐŽƵƌĐĞƐ͕ ĞĚƵĐĂƚŝŽŶ͕ ĂŶĚ ĂƐƐŝƐƚĂŶĐĞ͕ Ăƚ Ă ŵŝŶŝŵƵŵ͕ ŵƵƐƚ ŝŶĐůƵĚĞ͗ ϭ͘ ^ĞƌǀŝĐĞƐ ĐŽǀĞƌĞĚ ƚŚƌŽƵŐŚ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͕ ŝŶĐůƵĚŝŶŐ ƚŚŽƐĞ ƚŚĂƚ ĐĂŶ ďĞ ĨƵƌŶŝƐŚĞĚ ǁŝƚŚŽƵƚ ƌĞĨĞƌƌĂů ĂŶĚ ŚŽǁ ƚŽ ŽďƚĂŝŶ ƚŚĞƐĞ ƐĞƌǀŝĐĞƐ͖ Ϯ͘ ĞŶĞĨŝƚƐ ƚŚĂƚ ĂƌĞ Ă EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĐŽǀĞƌĞĚ ƐĞƌǀŝĐĞ͕ ďƵƚ ĂƌĞ ͞ĐĂƌǀĞĚ ŽƵƚ͟ ŽĨ ƚŚĞ E DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ƵŶĚĞƌ ^ĞƐƐŝŽŶ >Ăǁ ϮϬϭϱͲϮϰϱ͕ ĂƐ ĂŵĞŶĚĞĚ͕ ĂŶĚ ŚŽǁ ƚŽ ŽďƚĂŝŶ ƐƵĐŚ ďĞŶĞĨŝƚƐ͖ ϯ͘ ĚǀĂŶƚĂŐĞƐ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ŝŵƉƌŽǀĞ ŚĞĂůƚŚ ĂŶĚ ǁĞůůŶĞƐƐ͕ ŝŶĐůƵĚŝŶŐ ƐŵŽŬŝŶŐ ĐĞƐƐĂƚŝŽŶ͖ ϰ͘ ĚƵĐĂƚŝŽŶ ĂďŽƵƚ ŶŽŶͲĞŵĞƌŐĞŶĐLJ ŵĞĚŝĐĂů ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĂŶĚ ŚŽǁ ƚŽ ĂĐĐĞƐƐ ƚŚĞ ďĞŶĞĨŝƚ͖ ϱ͘ dŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ƉƌĞƐĞƌǀŝŶŐ ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ ĐƵƌƌĞŶƚ ƉƌŽǀŝĚĞƌƐ ĨŽƌ ĐŽŶƚŝŶƵŝƚLJ ŽĨ ĐĂƌĞ͖ WĂŐĞ ϰϰ ŽĨ ϭϰϰ ϲ͘ WƌŽĐĞƐƐ ĨŽƌ ƐĞůĞĐƚŝŶŐ ĂŶĚ ĐŚĂŶŐŝŶŐ Ă W,W ;ŝŶĐůƵĚŝŶŐ ƉůĂŶ ƐĞůĞĐƚŝŽŶ ƉĞƌŝŽĚ ĂŶĚ ĐŚŽŝĐĞ ƉĞƌŝŽĚƐͿ͖ ϳ͘ WƌŽĐĞƐƐ ĨŽƌ ƐĞůĞĐƚŝŶŐ ĂŶĚ ĐŚĂŶŐŝŶŐ Ă D,ͬW W ĚƵƌŝŶŐ ĂŶĚ ĂĨƚĞƌ ĞŶƌŽůůŵĞŶƚ͖ ϴ͘ dŚĞ E DĞĚŝĐĂŝĚ ƌƵůĞƐ ĂƌŽƵŶĚ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ĂŶĚ ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ĚŝƐĞŶƌŽůůŵĞŶƚ͖ ϵ͘ ŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͕ ŝŶĐůƵĚŝŶŐ͗ ŝ͘ KƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ ĚŝƐĞŶƌŽůůŵĞŶƚ Žƌ ĐŚĂŶŐŝŶŐ W,WƐ ĂŶĚ ŝŝ͘ dŚĞ ƚLJƉĞƐ ŽĨ ƌĞƋƵĞƐƚƐ ƉƌŽĐĞƐƐĞĚ ďLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĂŶĚ ƚŚĞ ƚLJƉĞƐ ŽĨ ƌĞƋƵĞƐƚƐ ƉƌŽĐĞƐƐĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͖ ϭϬ͘ /ŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ŵĞŵďĞƌ ĂŶĚ ƉŽƚĞŶƚŝĂů ŵĞŵďĞƌ ƌŝŐŚƚƐ ƚŽ ĂƉƉĞĂů ĂŶĚ ŝŶƐƚƌƵĐƚŝŽŶƐ ŽŶ ŚŽǁ ƚŽ ĂƉƉĞĂů ŵĂŶĂŐĞĚ ĐĂƌĞ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚ ĚĞĐŝƐŝŽŶƐ͖ ϭϭ͘ dŚĞ KŵďƵĚƐŵĂŶ WƌŽŐƌĂŵ͖ ϭϮ͘ ^ŽĐŝĂů ĚĞƚĞƌŵŝŶĂŶƚƐ ŽĨ ŚĞĂůƚŚ ƐĐƌĞĞŶŝŶŐ ĂŶĚ ŚĞĂůƚŚ ƌŝƐŬ ƐĐƌĞĞŶŝŶŐ͖ ĂŶĚ ϭϯ͘ ŶLJ ĂĚĚŝƚŝŽŶĂů ƚŽƉŝĐ Žƌ ƐƵďũĞĐƚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ďĞůŝĞǀĞƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ Žƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ǁŽƵůĚ ďĞŶĞĨŝƚ ĨƌŽŵ Žƌ ǁŽƵůĚ ŝŵƉƌŽǀĞ ƚŚĞ ĐƵƐƚŽŵĞƌ ĞdžƉĞƌŝĞŶĐĞ͘ Đ͘ ůů ŵĂƚĞƌŝĂůƐ ĚĞǀĞůŽƉĞĚ ƚŽ ƐƵƉƉŽƌƚ ŵĞŵďĞƌ ĞĚƵĐĂƚŝŽŶ ŵƵƐƚ ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĚĞĨŝŶĞĚ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ďĞ ƐƵďŵŝƚƚĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĂƉƉƌŽǀĞ ƉƌŝŽƌ ƚŽ ƵƐĞ͘ Ě͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ăƚ ůĞĂƐƚ ƚŚŝƌƚLJ ;ϯϬͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ͛ ŶŽƚŝĐĞ ƉƌŝŽƌ ƚŽ ŵĂŬŝŶŐ ĂŶLJ ĐŚĂŶŐĞƐ ƚŽ DĞŵďĞƌ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ŵĂƚĞƌŝĂůƐ͕ ƚŚĞ ŶŽƚŝĐĞ ŵƵƐƚ ŝŶĐůƵĚĞ Ă ĐŽƉLJ ŽĨ ƚŚĞ ƉƌŽƉŽƐĞĚ ĐŚĂŶŐĞƐ ĂŶĚ ƚŚĞ ƌĂƚŝŽŶĂůĞ͘ ϰ͘ WƌĞƉĂŝĚ ,ĞĂůƚŚ WůĂŶ ;W,WͿ ^ĞůĞĐƚŝŽŶ Ă͘ ŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ĨĞĚĞƌĂů ƌĞŐƵůĂƚŝŽŶƐ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚͬŽƌ ƚŽ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ ǁŚŽ ǁĂŶƚ ƚŽ ƐĞůĞĐƚ Ă W,W Žƌ ŚĂǀĞ ƋƵĞƐƚŝŽŶƐ ĂďŽƵƚ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͘ ď͘ dŚĞ W,W ƐĞůĞĐƚŝŽŶ ƉƌŽĐĞƐƐ ƐŚŽƵůĚ ŶŽƚ ďĞ ƵŶŶĞĐĞƐƐĂƌŝůLJ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞůLJ ďƵƌĚĞŶƐŽŵĞ ŽŶ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĂŶĚͬŽƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ďƵƚ ŵƵƐƚ ďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŚĞƌĞŝŶ͘ Đ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ͕ Ăƚ Ă ŵŝŶŝŵƵŵ͕ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ ŽǀĞƌ ƚŚĞ ƉŚŽŶĞ͕ ŝŶƚĞƌŶĞƚ͕ ďLJ ŵĂŝů ĂŶĚ ŝŶͲƉĞƌƐŽŶ ƚŽ ĂƐƐŝƐƚ ǁŝƚŚ W,W ƐĞůĞĐƚŝŽŶ ĂƐ ůŝƐƚĞĚ ďĞůŽǁ͘ ŝ͘ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ĞĚƵĐĂƚŝŽŶ ĂƐ ĚĞĨŝŶĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͘ ŝŝ͘ ^ƉĞĐŝĨŝĐ ĚĞƚĂŝůƐ ĂďŽƵƚ ĞĂĐŚ ƉĂƌƚŝĐŝƉĂƚŝŶŐ W,W͕ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͗ ϭ͘ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ͕ ŝŶĐůƵĚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ǁŚĞƚŚĞƌ ĐĞƌƚĂŝŶ W,WƐ ŚĂǀĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ͛ ƉƌĞĨĞƌƌĞĚ ƉƌŽǀŝĚĞƌƐ ŝŶͲŶĞƚǁŽƌŬ͖ Ϯ͘ W,W ĐŽŵƉĂƌŝƐŽŶ ĐŚĂƌƚ ĨŽƌ ŬĞLJ W,W ƋƵĂůŝƚLJ Žƌ ŽƉĞƌĂƚŝŽŶĂů ŵĞƚƌŝĐƐ͖ ϯ͘ W,W ďƌŽĐŚƵƌĞƐ ǁŝƚŚ ƐĞƌǀŝĐĞ ŽĨĨĞƌŝŶŐƐ ĨŽƌ ĞĂĐŚ W,W͖ WĂŐĞ ϰϱ ŽĨ ϭϰϰ Ě͘ Ğ͘ Ĩ͘ Ő͘ Ś͘ ŝ͘ ũ͘ ϰ͘ <ĞLJ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ Žƌ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ ƉŚŽŶĞ ŶƵŵďĞƌƐ Žƌ ƌĞƐŽƵƌĐĞƐ͖ ĂŶĚ ϱ͘ >ŝŶŬƐ ƚŽ W,W ǁĞďƐŝƚĞƐ͘ ŝŝŝ͘ ƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ƉƌŽĐĞƐƐ ŝĨ ŶŽ W,W ƐĞůĞĐƚĞĚ͘ ŝǀ͘ tŚŽŵ ƚŽ ĐĂůů ĨŽƌ ĂƐƐŝƐƚĂŶĐĞ ŽŶĐĞ ĞŶƌŽůůĞĚ ŝŶ Ă W,W͘ ǀ͘ ŶLJ ĂĚĚŝƚŝŽŶĂů ƐƵďũĞĐƚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐƵŐŐĞƐƚƐ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĂƐƐŝƐƚ ƉĂƌĞŶƚƐ͕ ŐƵĂƌĚŝĂŶƐ͕ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ŝŶ ƚŚĞ ƐĞůĞĐƚŝŽŶ ŽĨ Ă W,W ĨŽƌ ĞĂĐŚ ŵĞŵďĞƌ ŽĨ ƚŚĞ ĨĂŵŝůLJ ĞůŝŐŝďůĞ ĨŽƌ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͘ ŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ĨĞĚĞƌĂů ƌĞŐƵůĂƚŝŽŶ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƌĞŵĂŝŶ ŝŵƉĂƌƚŝĂů ǁŚĞŶ ĂƐƐŝƐƚŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ W,W ƐĞůĞĐƚŝŽŶ ĂŶĚ ŽŶŐŽŝŶŐ ƐƵƉƉŽƌƚ ĨŽůůŽǁŝŶŐ ƚŚĞŝƌ ĞŶƌŽůůŵĞŶƚ ŝŶƚŽ W,WƐ͘ dŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŝƐ ŶŽƚ ƌĞƋƵŝƌĞĚ ƚŽ ƐĞůĞĐƚ Ă W,W͕ ďƵƚ ŝĨ Ă W,W ƐĞůĞĐƚŝŽŶ ŝƐ ŵĂĚĞ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĐŽůůĞĐƚ ƚŚĞ ŵĞŵďĞƌ͛Ɛ W,W ƐĞůĞĐƚŝŽŶ ĂŶĚ ƚƌĂŶƐŵŝƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚŝƌĞĐƚ ďĞŶĞĨŝĐŝĂƌLJ ĐŽŵƉůĂŝŶƚƐ ĂŶĚ ƋƵĞƐƚŝŽŶƐ ƌĞůĂƚŝŶŐ ƚŽ W,WƐ͕ ĐĂƌǀĞĚ ŽƵƚ ďĞŶĞĨŝƚƐ͕ Žƌ ŽƚŚĞƌ DĞĚŝĐĂŝĚͲƌĞůĂƚĞĚ ďĞŶĞĨŝƚƐ ƚŽ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ĐŚĂŶŶĞůƐ͕ ŝŶĐůƵĚŝŶŐ W,W ŐƌŝĞǀĂŶĐĞƐ ĂŶĚ ĂƉƉĞĂůƐ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ŶŽŶͲW,W ƌĞƐŽůƵƚŝŽŶ ĐŚĂŶŶĞůƐ ĂŶĚ ŵƵƐƚ ďĞ ůŽŐŐĞĚ ŝŶ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ͕ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ƚŚĞ W,W ƐĞůĞĐƚŝŽŶ ƉƌŽĐĞƐƐ͘ ůů ŵĂƚĞƌŝĂůƐ ĚĞǀĞůŽƉĞĚ ƚŽ ƐƵƉƉŽƌƚ W,W ƐĞůĞĐƚŝŽŶ ŵƵƐƚ ĐŽŵƉůLJ ǁŝƚŚ ĞƉĂƌƚŵĞŶƚ ĚĞĨŝŶĞĚ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ďĞ ƐƵďŵŝƚƚĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĂƉƉƌŽǀĞ ƉƌŝŽƌ ƚŽ ƵƐĞ͘ /Ŷ ƚŚĞ ĞǀĞŶƚ ŽĨ Ă W,W ƚĞƌŵŝŶĂƚŝŽŶ Žƌ ƐŝŐŶŝĨŝĐĂŶƚ ĂĚǀĞƌƐĞ ĐŚĂŶŐĞ ŝŶ Ă W,W ƉƌŽǀŝĚĞƌ ŶĞƚǁŽƌŬ ;Ğ͘Ő͕͘ ůŽƐƐ ŽĨ Ă ůĂƌŐĞ ĐůŝŶŝĐĂů Žƌ ŚŽƐƉŝƚĂů ƐLJƐƚĞŵͿ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵƵƐƚ ƉƌŽǀŝĚĞ ŶŽƚŝĐĞ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽĨ ƚŚĞ ĞdžƉĞĐƚĞĚ ŶƵŵďĞƌ ŽĨ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŵƉĂĐƚĞĚ ǁŚŽ ŵĂLJ ŶĞĞĚ ĂƐƐŝƐƚĂŶĐĞ ƚƌĂŶƐŝƚŝŽŶŝŶŐ ƚŽ Ă ŶĞǁ W,W Žƌ ŚĂǀĞ ƋƵĞƐƚŝŽŶƐ ĂďŽƵƚ ƚŚĞ ƚƌĂŶƐŝƚŝŽŶ͘ ϱ͘ ĚǀĂŶĐĞĚ DĞĚŝĐĂů ,ŽŵĞ ; D,ͿͬWƌŝŵĂƌLJ ĂƌĞ WƌŽǀŝĚĞƌ ;W WͿ ^ĞůĞĐƚŝŽŶ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĞŶƌŽůůŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚͬŽƌ ƚŽ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ŝŶ ƐĞůĞĐƚŝŶŐ Ă D,ͬW W ĂƐ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ͕ Ăƚ Ă ŵŝŶŝŵƵŵ͕ ĞŶƌŽůůŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ ǁŝƚŚ D,ͬW W ƐĞůĞĐƚŝŽŶ ŽǀĞƌ ƚŚĞ ƉŚŽŶĞ͕ ŝŶƚĞƌŶĞƚ͕ ďLJ ŵĂŝů͕ ĂŶĚ ŝŶͲƉĞƌƐŽŶ͘ ŝ͘ dŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ĂŶĚ ƚŚĞ ŶĞĞĚ ĨŽƌ ƐĞůĞĐƚŝŶŐ Ă D,ͬW W Žƌ ŵĞĚŝĐĂů ŚŽŵĞ͘ ŝŝ͘ dŚĞ ĞdžƉůĂŶĂƚŝŽŶ ŽĨ ĂŶĚ ďĞŶĞĨŝƚƐ ƌĞůĂƚĞĚ ƚŽ ƉƌĞƐĞƌǀŝŶŐ ĂŶ ĞdžŝƐƚŝŶŐ D,ͬW W Žƌ ŽƚŚĞƌ ƉƌŽǀŝĚĞƌ ƌĞůĂƚŝŽŶƐŚŝƉƐ͕ ǁŚĞŶĞǀĞƌ ĂƉƉƌŽƉƌŝĂƚĞ͘ ŝŝŝ͘ W,W ƉƌŽǀŝĚĞƌ ŶĞƚǁŽƌŬ ŝŶĨŽƌŵĂƚŝŽŶ ĂƐ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ W,WƐ͕ ŝŶĐůƵĚŝŶŐ͖ ϭ͘ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ͕ ŝŶĐůƵĚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ǁŚĞƚŚĞƌ ĐĞƌƚĂŝŶ W,WƐ ŚĂǀĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ͛ ƉƌĞĨĞƌƌĞĚ D,ͬW W ŝŶͲŶĞƚǁŽƌŬ͖ Ϯ͘ WƌŽǀŝĚĞƌ ĚĞŵŽŐƌĂƉŚŝĐƐ͕ ƐƵĐŚ ĂƐ ĂĚĚƌĞƐƐ͕ ƉŚŽŶĞ ŶƵŵďĞƌ͕ ŐĞŶĚĞƌ͕ ĂŐĞ͕ ůĂŶŐƵĂŐĞ͕ ĂŶĚ ƐƉĞĐŝĂůƚLJ͖ WĂŐĞ ϰϲ ŽĨ ϭϰϰ Đ͘ Ě͘ Ğ͘ Ĩ͘ Ő͘ Ś͘ ŝ͘ ϯ͘ WƌŽǀŝĚĞƌ ŚŽƵƌƐ ŽĨ ŽĨĨŝĐĞ ŽƉĞƌĂƚŝŽŶ͖ ϰ͘ tŚĞƚŚĞƌ Ă ƉƌŽǀŝĚĞƌ ŝƐ ĂĐĐĞƉƚŝŶŐ ŶĞǁ ƉĂƚŝĞŶƚƐ͖ ĂŶĚ ϱ͘ ǀĂŝůĂďůĞ ƉƌŽǀŝĚĞƌ ůŽĐĂƚŝŽŶƐ ǁŝƚŚŝŶ W,W ƉƌŽǀŝĚĞƌ ŶĞƚǁŽƌŬ͘ ŝǀ͘ ŶLJ ĂĚĚŝƚŝŽŶĂů ƐƵďũĞĐƚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐƵŐŐĞƐƚƐ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĂƐƐŝƐƚ ƉĂƌĞŶƚƐ͕ ŐƵĂƌĚŝĂŶƐ͕ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ŝŶ ƚŚĞ ƐĞůĞĐƚŝŽŶ ŽĨ Ă D,ͬW W ĞĂĐŚ ŵĞŵďĞƌ ŽĨ ƚŚĞ ĨĂŵŝůLJ ĞŶƌŽůůĞĚ ŝŶ Ă W,W͘ dŚĞ D,ͬW W ƐĞůĞĐƚŝŽŶ ƉƌŽĐĞƐƐ ƐŚŽƵůĚ ŶŽƚ ďĞ ƵŶŶĞĐĞƐƐĂƌŝůLJ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞůLJ ďƵƌĚĞŶƐŽŵĞ ŽŶ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĂŶĚͬŽƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ďƵƚ ŵƵƐƚ ďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŚĞƌĞŝŶ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƌĞŵĂŝŶ ŝŵƉĂƌƚŝĂů͕ ǁŝƚŚŽƵƚ ĐŽŶĨůŝĐƚ ŽĨ ŝŶƚĞƌĞƐƚ͕ ǁŚĞŶ ĂƐƐŝƐƚŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ D,ͬW W ƐĞůĞĐƚŝŽŶ ĂŶĚ ŵƵƐƚ ƌĞĚŝƌĞĐƚ ďĞŶĞĨŝĐŝĂƌLJ ĐŽŵƉůĂŝŶƚƐ ƌĞůĂƚŝŶŐ ƚŽ D,ͬW W ƚŽ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ĐŚĂŶŶĞůƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĂƐƐŝŐŶĞĚ W,W͕ ĂŶĚ ŵƵƐƚ ďĞ ůŽŐŐĞĚ ŝŶ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͘ dŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŝƐ ŶŽƚ ƌĞƋƵŝƌĞĚ ƚŽ ƐĞůĞĐƚ Ă D,ͬW W ďƵƚ ŝĨ Ă D,ͬW W ƐĞůĞĐƚŝŽŶ ŝƐ ŵĂĚĞ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĐŽůůĞĐƚ D,ͬW W ƐĞůĞĐƚŝŽŶ ĨŽƌ ĞĂĐŚ ŵĞŵďĞƌ ĂŶĚ ƚƌĂŶƐŵŝƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ͕ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ƚŚĞ D,ͬW W ƐĞůĞĐƚŝŽŶ ƉƌŽĐĞƐƐ͘ ůů ŵĂƚĞƌŝĂůƐ ĚĞǀĞůŽƉĞĚ ƚŽ ƐƵƉƉŽƌƚ D,ͬW W ƐĞůĞĐƚŝŽŶ ƐŚĂůů ĐŽŵƉůLJ ǁŝƚŚ ĞƉĂƌƚŵĞŶƚ ĚĞĨŝŶĞĚ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ďĞ ƐƵďŵŝƚƚĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĂƉƉƌŽǀĞ ƉƌŝŽƌ ƚŽ ƵƐĞ͘ ^ƵďƐĞƋƵĞŶƚ ĐŚĂŶŐĞƐ ƚŽ Ă ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ D,ͬW W ƐĞůĞĐƚŝŽŶ ĂƌĞ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ŵĂŶĂŐĞĚ ďLJ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ W,Wͬ D,͕ ŚŽǁĞǀĞƌ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĂƐƐŝƐƚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŝŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŚŽǁ ƚŽ ĐŚĂŶŐĞ Ă D,ͬW W͕ ĐŽŶŶĞĐƚŝŶŐ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ǁŝƚŚ ƚŚĞ W,W ƚŽ ĐŚĂŶŐĞ ƚŚĞŝƌ D,ͬW W Žƌ ŝŶ ĂĚĚƌĞƐƐŝŶŐ ŽƚŚĞƌ ƋƵĞƐƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŵĂLJ ŚĂǀĞ͘ ϲ͘ W,W ƵƚŽͲĂƐƐŝŐŶŵĞŶƚ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƵƚŝůŝnjĞ ƚŚĞ ƌĞƐƵůƚƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ W,W ĂƵƚŽͲ ĂƐƐŝŐŶŵĞŶƚ ĂůŐŽƌŝƚŚŵ ĂƐ ĚĞĨŝŶĞĚ ŝŶ dd ,D Ed <͗ D E ' Z hdKͲ ^^/'ED Ed >'KZ/d,D ǁŚĞŶ ĂƐƐŝŐŶŝŶŐ Ă ďĞŶĞĨŝĐŝĂƌLJ ƚŽ Ă W,W͘ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĂĐĐĞƉƚ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Ăƚ Ă ĨƌĞƋƵĞŶĐLJ ŶŽ ůĞƐƐ ƚŚĂŶ ŽŶĐĞ ƉĞƌ ĚĂLJ͕ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĚĞƐŝƌŝŶŐ Ă ƌĞĂůͲƚŝŵĞ ŝŶƚĞƌĂĐƚŝŽŶ͘ Đ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ďĞ ƚŚĞ ƐŽƵƌĐĞ ŽĨ ƚƌƵƚŚ ĨŽƌ W,W ĞŶƌŽůůŵĞŶƚ͕ ĂŶĚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ŵĂŝŶƚĂŝŶ ƚŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƐƵƉƉŽƌƚ ĨƵƚƵƌĞ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ͘ ϳ͘ ŝƐĞŶƌŽůůŵĞŶƚ ZĞƋƵŝƌĞŵĞŶƚƐ Ă͘ 'ĞŶĞƌĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ŝ͘ ĚŝƐĞŶƌŽůůŵĞŶƚ ŵĂLJ ŽĐĐƵƌ ƉƵƌƐƵĂŶƚ ƚŽ ƐƉĞĐŝĨŝĐ ĐƌŝƚĞƌŝĂ ĚĞƐĐƌŝďĞĚ ďĞůŽǁ ďƵƚ ŵĂLJ ŝŶĐůƵĚĞ ĐŽŵƉůĞƚĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ĨƌŽŵ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ Žƌ ĚŝƐĞŶƌŽůůŝŶŐ ĨƌŽŵ ŽŶĞ W,W ƚŽ ďĞ ĞŶƌŽůůĞĚ ŝŶ Ă ĚŝĨĨĞƌĞŶƚ W,W͘ WĂŐĞ ϰϳ ŽĨ ϭϰϰ ŝŝ͘ dŚĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ƐŚŽƵůĚ ŶŽƚ ďĞ ƵŶŶĞĐĞƐƐĂƌŝůLJ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞůLJ ďƵƌĚĞŶƐŽŵĞ ŽŶ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĂŶĚͬŽƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ďƵƚ ƐŚĂůů ďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŚĞƌĞŝŶ͘ ŝŝŝ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĂĐĐĞƉƚ W,W ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚƐ ĨƌŽŵ ďĞŶĞĨŝĐŝĂƌŝĞƐ Žƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ŽǀĞƌ ƚŚĞ ƉŚŽŶĞ͕ ŝŶƚĞƌŶĞƚ͕ ďLJ ŵĂŝů͕ ĂŶĚ ŝŶͲƉĞƌƐŽŶ͘ ŝǀ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĚĞǀĞůŽƉ Ă ƐŝŵƉůĞ͕ ďĞŶĞĨŝĐŝĂƌLJ ĨƌŝĞŶĚůLJ W,W ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚ ĨŽƌŵ ƚŽ ďĞ ƵƐĞĚ ĨŽƌ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚƐ ĂĐĐĞƉƚĞĚ ŽǀĞƌ ƚŚĞ ƉŚŽŶĞ͕ ŝŶƚĞƌŶĞƚ͕ ďLJ ŵĂŝů ĂŶĚ ŝŶͲƉĞƌƐŽŶ͘ ϭ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ĂĚĚ ŽƚŚĞƌ ďĞŶĞĨŝĐŝĂƌLJ ĐŽŶƚĂĐƚ ĐŚĂŶŶĞůƐ ŝŶ ƚŚĞ ĨƵƚƵƌĞ ;Ğ͘Ő͕͘ ŝŶƚĞƌŶĞƚ ĂĐĐĞƐƐͿ͘ Ϯ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ƐƵďŵŝƚ ƚŚĞ ĨŽƌŵ;ƐͿ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĂƉƉƌŽǀĞ ƉƌŝŽƌ ƚŽ ƵƐĞ͘ ǀ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ůŽŐ Ăůů W,W ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚƐ ŝŶ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ĂŶĚ ŝŶĐůƵĚĞ Ăƚ Ă ŵŝŶŝŵƵŵ ƚŚĞ ƌĞƋƵĞƐƚŽƌ͕ ĚĂƚĞ ĂŶĚ ƚŝŵĞ ŽĨ ƌĞƋƵĞƐƚ͕ ĂŶĚ ĂŶLJ ƌĞĂƐŽŶƐ ƉƌŽǀŝĚĞĚ͘ ǀŝ͘ ƚ ƚŚĞ ƚŝŵĞ ŽĨ ƚŚĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ŽĨĨĞƌ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ƚŽ ƚŚĞ ŵĞŵďĞƌ Žƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ĂŶĚ ĐĂƉƚƵƌĞ ŚŝƐ Žƌ ŚĞƌ W,W ĂŶĚ D,ͬW W ƉƌĞĨĞƌĞŶĐĞ ŝĨ ƚŚĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ŝƐ ĂƉƉƌŽǀĞĚ͘ ǀŝŝ͘ /Ĩ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ŶŽ ůŽŶŐĞƌ ďĞ ĞůŝŐŝďůĞ ĨŽƌ DĞĚŝĐĂŝĚ͕ ŚĞ Žƌ ƐŚĞ ǁŝůů ďĞ ŶŽƚŝĨŝĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ǁŝůů ďĞ ĚŝƐĞŶƌŽůůĞĚ ĨƌŽŵ ƚŚĞ W,W ĞĨĨĞĐƚŝǀĞ ƚŚĞ ůĂƐƚ ĚĂƚĞ ŽĨ ŚŝƐ Žƌ ŚĞƌ ĞůŝŐŝďŝůŝƚLJ͘ ǀŝŝŝ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ĐŚĂŶŐĞ͕ ĂĚĚ͕ Žƌ ƌĞŵŽǀĞ Ă ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵŝƌĞŵĞŶƚ ƚŽ ďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ E ^ƚĂƚĞ ůĂǁƐ Žƌ ƌĞŐƵůĂƚŝŽŶƐ͕ &ĞĚĞƌĂů ůĂǁƐ Žƌ ƌĞŐƵůĂƚŝŽŶƐ͕ Žƌ ĂƐ Ă ŵĂƚƚĞƌ ŽĨ ĞƉĂƌƚŵĞŶƚ ƉŽůŝĐLJ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƉƌŽǀŝĚĞ ǁƌŝƚƚĞŶ ŶŽƚŝĐĞ ƚŽ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĚĞƐĐƌŝďŝŶŐ ƚŚĞ ĐŚĂŶŐĞ͕ ĂĚĚŝƚŝŽŶ͕ Žƌ ƌĞŵŽǀĂů ŽĨ ĚŝƐĞŶƌŽůůŵĞŶƚ ĐƌŝƚĞƌŝĂ͘ ŝdž͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĚĞǀĞůŽƉ ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ͕ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ƚŚĞ W,W ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͘ ϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉŽƐƚ ƚŚĞ ƉŽůŝĐŝĞƐ ŽŶ ŝƚƐ EŽƌƚŚ ĂƌŽůŝŶĂ ǁĞďƐŝƚĞ ĂŶĚ ŵĂŬĞ ƚŚĞŵ ĂĐĐĞƐƐŝďůĞ ƚŽ ƚŚĞ ƉƵďůŝĐ͘ ď͘ tŝƚŚŽƵƚ ĂƵƐĞ ŝƐĞŶƌŽůůŵĞŶƚ ŝ͘ ŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ĨĞĚĞƌĂů ƌĞŐƵůĂƚŝŽŶƐ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĂůůŽǁ ŵĞŵďĞƌƐ ƚŽ ƐǁŝƚĐŚ W,WƐ ǁŝƚŚŽƵƚ ĐĂƵƐĞ ĨŽƌ ƚŚĞ ĨŽůůŽǁŝŶŐ ƌĞĂƐŽŶƐ͗ ϭ͘ ƵƌŝŶŐ ƚŚĞ ŝŶŝƚŝĂů ŶŝŶĞƚLJ ;ϵϬͿ ĚĂLJ ƉĞƌŝŽĚ ĨŽůůŽǁŝŶŐ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ĚĂƚĞ ŽĨ ŶĞǁ W,W ĞŶƌŽůůŵĞŶƚ ;ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ƚŚĞ ͞ϵϬͲĚĂLJ ĐŚŽŝĐĞ ƉĞƌŝŽĚ͟Ϳ͖ Ϯ͘ ƚ ůĞĂƐƚ ŽŶĐĞ ĞǀĞƌLJ ƚǁĞůǀĞ ;ϭϮͿ ŵŽŶƚŚƐ ĂƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƌĞĚĞƚĞƌŵŝŶĂƚŝŽŶ ƉĞƌŝŽĚ ĂƐ ĚĞƐĐƌŝďĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͖ ϯ͘ /Ĩ ƚŚĞ ƚĞŵƉŽƌĂƌLJ ůŽƐƐ ŽĨ DĞĚŝĐĂŝĚ ĞůŝŐŝďŝůŝƚLJ ŚĂƐ ĐĂƵƐĞĚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƚŽ ŵŝƐƐ ƚŚĞ ĂŶŶƵĂů ĚŝƐĞŶƌŽůůŵĞŶƚ ŽƉƉŽƌƚƵŶŝƚLJ͖ Žƌ WĂŐĞ ϰϴ ŽĨ ϭϰϰ ϰ͘ /Ĩ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŵƉŽƐĞƐ ĂŶLJ ŝŶƚĞƌŵĞĚŝĂƚĞ ƐĂŶĐƚŝŽŶƐ ŽŶ ƚŚĞ W,Wϰ͘ ŝŝ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĂůůŽǁ ĨŽƐƚĞƌ ĐĂƌĞ ĐŚŝůĚƌĞŶ͕ ĐŚŝůĚƌĞŶ ŝŶ ĂĚŽƉƚŝǀĞ ƉůĂĐĞŵĞŶƚ ĂŶĚ ĨŽƌŵĞƌ ĨŽƐƚĞƌ ĐŚŝůĚƌĞŶ ƵƉ ƚŽ ĂŐĞ ƚǁĞŶƚLJͲƐŝdž ;ϮϲͿ͕ ŵĞŵďĞƌƐ ŽĨ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐ ĂŶĚ ŝŶĚŝǀŝĚƵĂůƐ ƌĞĐĞŝǀŝŶŐ >d^^ ŝŶ ŝŶƐƚŝƚƵƚŝŽŶĂů ĂŶĚ ĐŽŵŵƵŶŝƚLJͲďĂƐĞĚ ƐĞƚƚŝŶŐƐ ƚŽ ƐǁŝƚĐŚ ƉůĂŶƐ ǁŝƚŚŽƵƚ ĐĂƵƐĞ Ăƚ ĂŶLJ ƉŽŝŶƚ͘ ŝŝŝ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉƌŽĐĞƐƐ Ăůů ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚƐ ĨŽƌ ĚŝƐĞŶƌŽůůŵĞŶƚ ĨƌŽŵ ŵĞŵďĞƌƐ Žƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͘ ŝǀ͘ hƉŽŶ ƌĞĐĞŝƉƚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů͗ ϭ͘ ZĞǀŝĞǁ Ăůů ƌĞƋƵĞƐƚƐ ĂŶĚ ůŽŐ ŝŶ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͖ Ϯ͘ ŽŶĨŝƌŵ ƚŚĞ ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚ ĨŽƌŵ͕ ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚŝƐ ƐĞĐƚŝŽŶ͕ ŝƐ ĐŽŵƉůĞƚĞ͖ ϯ͘ ƉƉƌŽǀĞ Ăůů ĐŽŵƉůĞƚĞ ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚƐ ĨŽƌ ĚŝƐĞŶƌŽůůŵĞŶƚ ŝĨ ƚŚĞ ŵĞŵďĞƌ ŝƐ Ɛƚŝůů ǁŝƚŚŝŶ ŚŝƐ Žƌ ŚĞƌ ϵϬͲĚĂLJ ĐŚŽŝĐĞ ƉĞƌŝŽĚ͖ ϰ͘ ƉƉƌŽǀĞ Ăůů ĐŽŵƉůĞƚĞ ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚƐ ĨŽƌ ŝŶĚŝǀŝĚƵĂůƐ ƉĞƌ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĚĞĨŝŶĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͖ ϱ͘ &ŽůůŽǁ ƵƉ ďLJ ŵĂŝů ĂŶĚ ƉŚŽŶĞ ǁŝƚŚ ŵĞŵďĞƌ Žƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ŽŶ ĂŶLJ ŝŶĐŽŵƉůĞƚĞ ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚ ĨŽƌŵ ǁŝƚŚŝŶ ŽŶĞ ;ϭͿ ĐĂůĞŶĚĂƌ ĚĂLJ ŽĨ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ƌĞƋƵĞƐƚ͖ ϲ͘ ĞŶLJ Ăůů ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚƐ ŝĨ ƚŚĞ ƌĞƋƵĞƐƚ ŝƐ ŝŶĐŽŵƉůĞƚĞ Žƌ ƚŚĞ ŵĞŵďĞƌ ŝƐ ŽƵƚƐŝĚĞ ŚŝƐ Žƌ ŚĞƌ ϵϬͲĚĂLJ ĐŚŽŝĐĞ ƉĞƌŝŽĚ͖ ĂŶĚ ϳ͘ EŽƚŝĨLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ĚĞŶŝĂů Žƌ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ƌĞƋƵĞƐƚ ďLJ ƚŚĞ ŶĞdžƚ ĐĂůĞŶĚĂƌ ĚĂLJ͘ ǀ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ŶŽƚŝĨLJ ƚŚĞ ŵĞŵďĞƌ Žƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ŽĨ ƚŚĞ ĚĞŶŝĂů Žƌ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ǁŝƚŚŽƵƚ ĐĂƵƐĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚ͘ ǀŝ͘ ĚĞƚĂŝůĞĚ ĚĂƚĂ ĨůŽǁ ĨŽƌ ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ĚŝƐĞŶƌŽůůŵĞŶƚ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ dd ,D Ed :͗ WZKWK^ D E ' Z >/'/ />/dz E EZK>>D Ed WZK ^^ &>Kt^͘ ǀŝŝ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĚĞǀĞůŽƉ ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ͕ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ƚŚĞ ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͘ Đ͘ tŝƚŚ ĂƵƐĞ ŝƐĞŶƌŽůůŵĞŶƚ ŝ͘ ŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ĨĞĚĞƌĂů ƌĞŐƵůĂƚŝŽŶƐ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĂůůŽǁ ŵĞŵďĞƌƐ ƚŽ ƌĞƋƵĞƐƚ ĚŝƐĞŶƌŽůůŵĞŶƚ ĨƌŽŵ W,W ǁŝƚŚ ĐĂƵƐĞ Ăƚ ĂŶLJ ƚŝŵĞ͘ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚ ĨŽƌ ĚŝƐĞŶƌŽůůŵĞŶƚ ĚŽĞƐ ŶŽƚ ĂƵƚŽŵĂƚŝĐĂůůLJ ĚŝƐĞŶƌŽůů Ă ŵĞŵďĞƌ ĨƌŽŵ ƚŚĞŝƌ W,W͘ ŝŝ͘ dŽ ŝŶŝƚŝĂƚĞ Ă ͞ǁŝƚŚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚ͕ ƚŚĞ ŵĞŵďĞƌ ŵƵƐƚ ĐŽŶƚĂĐƚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĂůůŽǁ ŵĞŵďĞƌƐ ƚŽ ƐƵďŵŝƚ ǁŝƚŚ ĐĂƵƐĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚƐ ĨŽƌ ƚŚĞ ĨŽůůŽǁŝŶŐ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ƌĞĂƐŽŶƐ ĚƵƌŝŶŐ ƚŚĞ ůŽĐŬͲ ŝŶ ƉĞƌŝŽĚ ĂŶĚ ĂĨƚĞƌ ƚŚĞ ǁŝƚŚŽƵƚ ĐĂƵƐĞ ϵϬͲĚĂLJ ĐŚŽŝĐĞ ƉĞƌŝŽĚ͘ dŚĞ ŵĞŵďĞƌ ƐŚŽƵůĚ ƐƵďŵŝƚ ƚŚĞ ƌĞƋƵĞƐƚ ǁŝƚŚŝŶ ƐŝdžƚLJ ;ϲϬͿ ĚĂLJƐ ŽĨ ŽŶĞ Žƌ ŵŽƌĞ ŽĨ ƚŚĞ ͞ǁŝƚŚ ĐĂƵƐĞ͗ ƌĞĂƐŽŶƐ ůŝƐƚĞĚ ďĞůŽǁ͘ ϰ Ɛ ĚĞĨŝŶĞĚ ŝŶ ͘&͘Z͘ Α ϰϯϴ͘ϳϬϮ;ĂͿ;ϰͿ͘ WĂŐĞ ϰϵ ŽĨ ϭϰϰ ŝŝŝ͘ ŝǀ͘ ǀ͘ ǀŝ͘ ǀŝŝ͘ ϭ͘ W,W ĚŽĞƐ ŶŽƚ ĐŽǀĞƌ Ă ƐĞƌǀŝĐĞ ƚŚĞ ŵĞŵďĞƌ ƐĞĞŬƐ ďĞĐĂƵƐĞ ŽĨ ƚŚĞ ƉůĂŶ͛Ɛ ŵŽƌĂů Žƌ ƌĞůŝŐŝŽƵƐ ŽďũĞĐƚŝŽŶ͘ Ϯ͘ DĞŵďĞƌ ŶĞĞĚƐ ĐŽŶĐƵƌƌĞŶƚ͕ ƌĞůĂƚĞĚ ƐĞƌǀŝĐĞƐ ƚŚĂƚ ĂƌĞ ŶŽƚ Ăůů ĂǀĂŝůĂďůĞ ǁŝƚŚŝŶ ƚŚĞ W,W͛Ɛ ŶĞƚǁŽƌŬ͕ ĂŶĚ ŵĞŵďĞƌ͛Ɛ ƉƌŽǀŝĚĞƌ ĚĞƚĞƌŵŝŶĞƐ ƌĞĐĞŝǀŝŶŐ ƐĞƌǀŝĐĞƐ ƐĞƉĂƌĂƚĞůLJ ǁŽƵůĚ ƐƵďũĞĐƚ ƚŚĞ ŵĞŵďĞƌ ƚŽ ƵŶŶĞĐĞƐƐĂƌLJ ƌŝƐŬ͘ ϯ͘ Ŷ >d^^ ŵĞŵďĞƌ ǁŽƵůĚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĐŚĂŶŐĞ ŚŝƐ Žƌ ŚĞƌ ƌĞƐŝĚĞŶƚŝĂů͕ ŝŶƐƚŝƚƵƚŝŽŶĂů Žƌ ĞŵƉůŽLJŵĞŶƚ ƐƵƉƉŽƌƚƐ ƉƌŽǀŝĚĞƌ ďĂƐĞĚ ŽŶ Ă ĐŚĂŶŐĞ ŝŶ ƐƚĂƚƵƐ ĨƌŽŵ ŝŶͲ ƚŽ ŽƵƚͲŽĨͲŶĞƚǁŽƌŬ͘ ϰ͘ DĞŵďĞƌ͛Ɛ ĐŽŵƉůĞdž ŵĞĚŝĐĂů ĐŽŶĚŝƚŝŽŶƐ ǁŽƵůĚ ďĞ ďĞƚƚĞƌ ƐĞƌǀĞĚ ƵŶĚĞƌ ĚŝĨĨĞƌĞŶƚ W,W͘ ͞ ŽŵƉůĞdž ŵĞĚŝĐĂů ĐŽŶĚŝƚŝŽŶƐ͟ ǁŝůů ďĞ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ ĐŽŶĚŝƚŝŽŶƐ ƚŚĂƚ ƋƵĂůŝĨLJ ĨŽƌ ĂŶ ĞdžƉĞĚŝƚĞĚ ĂƉƉĞĂů͘ ϱ͘ &ĂŵŝůLJ ŵĞŵďĞƌ ďĞĐŽŵĞƐ ŶĞǁůLJ ĞůŝŐŝďůĞ Žƌ ƌĞĚĞƚĞƌŵŝŶĞĚ ĞůŝŐŝďůĞ ĂŶĚ ŝƐ ĞŶƌŽůůĞĚ ŝŶ Žƌ ĐŚŽŽƐĞƐ Ă ĚŝĨĨĞƌĞŶƚ W,W ƚŚĂŶ ƚŚĞ ŵĞŵďĞƌ͘ ϲ͘ WŽŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ W,W͕ ĂƐ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂĨƚĞƌ ĞǀĂůƵĂƚŝŽŶ ŽĨ W,W ƉĞƌĨŽƌŵĂŶĐĞ͘ ϳ͘ ͞KƚŚĞƌ ƌĞĂƐŽŶƐ͕͟ ŝŶĐůƵĚŝŶŐ ƉŽŽƌ ƋƵĂůŝƚLJ ŽĨ ĐĂƌĞ͕ ůĂĐŬ ŽĨ ĂĐĐĞƐƐ ƚŽ ĐŽǀĞƌĞĚ ƐĞƌǀŝĐĞƐ Žƌ ůĂĐŬ ŽĨ ĂĐĐĞƐƐ ƚŽ ƉƌŽǀŝĚĞƌƐ ĞdžƉĞƌŝĞŶĐĞĚ ǁŝƚŚ ŵĞĞƚŝŶŐ ƐƉĞĐŝĨŝĐ ŶĞĞĚ ĂƐ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉƌŽĐĞƐƐ Ăůů ͞ǁŝƚŚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚƐ ĨŽƌ ĚŝƐĞŶƌŽůůŵĞŶƚ ĨƌŽŵ ŵĞŵďĞƌƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ŐƵŝĚĞůŝŶĞƐ ƚŽ ďĞ ĞƐƚĂďůŝƐŚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ŵĂŝŶƚĂŝŶ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ĚŝƐĞŶƌŽůůŵĞŶƚ ĚĞĐŝƐŝŽŶ ĂƵƚŚŽƌŝƚLJ ĨŽƌ ĐůŝŶŝĐĂůͲƌĞůĂƚĞĚ ƌĞƋƵĞƐƚ ŝŶĐůƵĚŝŶŐ ĐŽŶĐƵƌƌĞŶƚ ƌĞůĂƚĞĚ ƐĞƌǀŝĐĞƐ͕ ĐŽŵƉůĞdž ŵĞĚŝĐĂů ĐŽŶĚŝƚŝŽŶƐ͕ ͞ŽƚŚĞƌ ƌĞĂƐŽŶƐ͕͟ ĂŶĚ ƵƌŐĞŶƚ ŵĞĚŝĐĂů ŶĞĞĚ ĂƐ ĚĞĨŝŶĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͘ hƉŽŶ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů͗ ϭ͘ ZĞǀŝĞǁ Ăůů ƌĞƋƵĞƐƚƐ ĂŶĚ ůŽŐ ŝŶ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͖ Ϯ͘ ŽŶĨŝƌŵ ƚŚĞ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚ ĨŽƌŵ ŝƐ ĐŽŵƉůĞƚĞ͖ ĂŶĚ ϯ͘ &ŽůůŽǁ ƵƉ ďLJ ŵĂŝů ĂŶĚ ƉŚŽŶĞ ǁŝƚŚ ŵĞŵďĞƌƐ Žƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ŽŶ ĂŶLJ ŝŶĐŽŵƉůĞƚĞ ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚ ĨŽƌŵ ǁŝƚŚŝŶ ŽŶĞ ;ϭͿ ĐĂůĞŶĚĂƌ ĚĂLJ ŽĨ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ƌĞƋƵĞƐƚ͖ ϰ͘ ůĂƐƐŝĨLJ ĐŽŵƉůĞƚĞ ƌĞƋƵĞƐƚƐ ĂƐ ĐůŝŶŝĐĂů Žƌ ŶŽŶͲĐůŝŶŝĐĂů ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚŝƐ ƐĞĐƚŝŽŶ ĂŶĚ ƉƌŽĐĞƐƐ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŝŵĞůŝŶĞƐ ĚĞĨŝŶĞĚ ďĞůŽǁ͘ /Ĩ ƚŚĞ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚ ŝƐ ŶŽŶͲĐůŝŶŝĐĂů͕ ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ ƐĞĐƚŝŽŶ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĂƉƉƌŽǀĞ Žƌ ĚĞŶLJ Ăůů ĐŽŵƉůĞƚĞ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚƐ ďĂƐĞĚ ŽŶ ŝĨ ƚŚĞ ƌĞƋƵĞƐƚƐ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞĚ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ƉŽůŝĐLJ ƌĞĂƐŽŶƐ͕ ĂŶĚ ŶŽƚŝĨLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ĚĞŶŝĂů Žƌ ĂƉƉƌŽǀĂů ŽĨ ƌĞƋƵĞƐƚ ǁŝƚŚŝŶ ƚŚƌĞĞ ;ϯͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ŽĨ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ƌĞƋƵĞƐƚ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ŶŽƚŝĨLJ ƚŚĞ ŵĞŵďĞƌ Žƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ŽĨ ƚŚĞ ĚĞŶŝĂů Žƌ ĂƉƉƌŽǀĂů ŽĨ ŶŽŶͲĐůŝŶŝĐĂů ƌĞůĂƚĞĚ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚƐ ĨŽƌ ĚŝƐĞŶƌŽůůŵĞŶƚ͘ /Ĩ ƚŚĞ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚ ŝƐ ĐůŝŶŝĐĂů͕ ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ ƐĞĐƚŝŽŶ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƚƌĂŶƐŵŝƚ ĐŽŵƉůĞƚĞ ĐůŝŶŝĐĂůͲƌĞůĂƚĞĚ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨŽƌ ƉƌŽĐĞƐƐŝŶŐ ǁŝƚŚŝŶ ƚǁĞůǀĞ ;ϭϮͿ ŚŽƵƌƐ ŽĨ ƌĞĐĞŝƉƚ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ƌĞĐĞŝǀĞ͕ ƌĞǀŝĞǁ͕ ĂŶĚ ĂƉƉƌŽǀĞ Žƌ ĚĞŶLJ Ăůů ĐŽŵƉůĞƚĞ ĐůŝŶŝĐĂů ƌĞůĂƚĞĚ ͞ǁŝƚŚ WĂŐĞ ϱϬ ŽĨ ϭϰϰ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚƐ ĨŽƌ ĚŝƐĞŶƌŽůůŵĞŶƚ ŽŶ ƚŚĞ ƐĂŵĞ ƚŝŵĞůŝŶĞ ƌĞƋƵŝƌĞĚ ŽĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ĐŽŵŵƵŶŝĐĂƚĞ ƚŚĞ ĚĞĐŝƐŝŽŶ ŽĨ ĂƉƉƌŽǀĂů Žƌ ĚĞŶŝĂů ŽĨ ĐůŝŶŝĐĂů ƌĞůĂƚĞĚ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚƐ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͕ ĂŶĚ ƚŚĞ ŵĞŵďĞƌ Žƌ ƚŚĞ ŵĞŵďĞƌ͛Ɛ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͘ ǀŝŝŝ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĂůůŽǁ ĨŽƌ ĞdžƉĞĚŝƚĞĚ ƌĞǀŝĞǁ ŽĨ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ĚŝƐĞŶƌŽůůŵĞŶƚ ďĂƐĞĚ ŽŶ ƵƌŐĞŶƚ ŵĞĚŝĐĂů ŶĞĞĚ ƐƚĂŶĚĂƌĚ ƚŽ ŝŶĐůƵĚĞ ƚŚĞ ƐŝƚƵĂƚŝŽŶ ǁŚĞƌĞ ĐŽŶƚŝŶƵĞĚ ĞŶƌŽůůŵĞŶƚ ŝŶ ƚŚĞ W,W ƚŚĂƚ ĐŽƵůĚ ũĞŽƉĂƌĚŝnjĞ ƚŚĞ ŵĞŵďĞƌ͛Ɛ ůŝĨĞ͕ ƉŚLJƐŝĐĂů Žƌ ŵĞŶƚĂů ŚĞĂůƚŚ͕ Žƌ ĂďŝůŝƚLJ ƚŽ ĂƚƚĂŝŶ͕ ŵĂŝŶƚĂŝŶ͕ Žƌ ƌĞŐĂŝŶ ŵĂdžŝŵƵŵ ĨƵŶĐƚŝŽŶ͘ džƉĞĚŝƚĞĚ ĚŝƐĞŶƌŽůůŵĞŶƚ ĨŽƌ ƵƌŐĞŶƚ ŵĞĚŝĐĂů ŶĞĞĚƐ ŵƵƐƚ ŽĐĐƵƌ ŽŶ Žƌ ǁŝƚŚŝŶ ƚǁĞŶƚLJͲĨŽƵƌ ;ϮϰͿ ŚŽƵƌƐ ĚĂLJ ĂĨƚĞƌ ƌĞĐĞŝƉƚ͘ ŝdž͘ ĚĞƚĂŝůĞĚ ĚĂƚĂ ĨůŽǁ ĨŽƌ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ĚŝƐĞŶƌŽůůŵĞŶƚ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ dd ,D Ed <͗ WZKWK^ D E ' Z >/'/ />/dz E EZK>>D Ed WZK ^^ &>Kt^͘ dž͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ͕ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ƚŚĞ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͘ Ě͘ W,W ZĞƋƵĞƐƚĞĚ ŝƐĞŶƌŽůůŵĞŶƚ ŝ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĂůůŽǁ W,WƐ ƚŽ ƐƵďŵŝƚ ƌĞƋƵĞƐƚƐ ĨŽƌ ŵĞŵďĞƌ ĚŝƐĞŶƌŽůůŵĞŶƚ͘ ŝŝ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĂĐĐĞƉƚ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚ ĨƌŽŵ ƚŚĞ W,WƐ ĂŶĚ ƚƌĂŶƐĨĞƌ ƚŚĞ ƌĞƋƵĞƐƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨŽƌ ƌĞǀŝĞǁ ǁŝƚŚŝŶ ƚŚƌĞĞ ;ϯͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ĂĨƚĞƌ ƌĞĐĞŝƉƚ͘ ŝŝŝ͘ W,W ƌĞƋƵĞƐƚĞĚ ĚŝƐĞŶƌŽůůŵĞŶƚ ƐŚĂůů ŽŶůLJ ďĞ ĂƉƉƌŽǀĞĚ ŝĨ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͚Ɛ ďĞŚĂǀŝŽƌ ƐĞƌŝŽƵƐůLJ ŚŝŶĚĞƌƐ ƚŚĞ W,W͛Ɛ ĂďŝůŝƚLJ ƚŽ ĐĂƌĞ ĨŽƌ ƚŚĞ ŵĞŵďĞƌ͕ Žƌ ŽƚŚĞƌ ŵĞŵďĞƌƐ͕ ĂŶĚ ƚŚĞ W,W ŚĂƐ ĚŽĐƵŵĞŶƚĞĚ ĞĨĨŽƌƚƐ ƚŽ ƌĞƐŽůǀĞ ƚŚĞ ŵĞŵďĞƌ͛Ɛ ŝƐƐƵĞƐ͘ ŝǀ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ƉƌŽŚŝďŝƚ W,WƐ ĨƌŽŵ ƌĞƋƵĞƐƚŝŶŐ ŵĞŵďĞƌ ĚŝƐĞŶƌŽůůŵĞŶƚ ďĞĐĂƵƐĞ ŽĨ ĂŶ ĂĚǀĞƌƐĞ ĐŚĂŶŐĞ ŝŶ ƚŚĞ ŵĞŵďĞƌ͛Ɛ ŚĞĂůƚŚ ƐƚĂƚƵƐ͕ ƵƚŝůŝnjĂƚŝŽŶ ŽĨ ŵĞĚŝĐĂů ƐĞƌǀŝĐĞƐ͕ ĚŝŵŝŶŝƐŚĞĚ ŵĞŶƚĂů ĐĂƉĂĐŝƚLJ͕ Žƌ ƵŶĐŽŽƉĞƌĂƚŝǀĞ Žƌ ĚŝƐƌƵƉƚŝǀĞ ďĞŚĂǀŝŽƌ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ƚŚĞ ŵĞŵďĞƌ͛Ɛ ƐƉĞĐŝĂů ŶĞĞĚƐ ǀ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ĐŽŵŵƵŶŝĐĂƚĞ ƚŚĞ ĚĞĐŝƐŝŽŶ ŽĨ ĂƉƉƌŽǀĂů Žƌ ĚĞŶŝĂů W,W ƌĞƋƵĞƐƚĞĚ ĚŝƐĞŶƌŽůůŵĞŶƚ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͕ ƚŚĞ ŵĞŵďĞƌ ĂŶĚ ƚŚĞ ŵĞŵďĞƌ͛Ɛ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ďLJ ƚŚĞ ƐĞǀĞŶƚŚ ;ϳͿ ĐĂůĞŶĚĂƌ ĚĂLJ͘ ǀŝ͘ ĚĞƚĂŝůĞĚ ĚĂƚĂ ĨůŽǁ ĨŽƌ W,W ƌĞƋƵĞƐƚĞĚ ĚŝƐĞŶƌŽůůŵĞŶƚ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ dd ,D Ed <͗ WZKWK^ D E ' Z >/'/ />/dz E EZK>>D Ed WZK ^^ &>Kt^͘ ǀŝŝ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĚĞǀĞůŽƉ ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ͕ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ƚŚĞ W,W ƌĞƋƵĞƐƚĞĚ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͘ ϴ͘ <ĞLJ ^ĞƌǀŝĐĞ DĞƚƌŝĐƐ͗ dĂďůĞ ϲ ʹ <ĞLJ ^ĞƌǀŝĐĞ DĞƚƌŝĐƐ ĚĞĨŝŶĞƐ ƚŚĞ ŵĞƚƌŝĐƐ ƚŽ ďĞ ŵŽŶŝƚŽƌĞĚ ĂŶĚ ŵĞĂƐƵƌĞĚ ĨŽƌ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐŝŶŐ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ƚŚĞ ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞ ĂŶĚ ƚŚĞ ŶŽŶͲĐůŝŶŝĐĂů ͞ǁŝƚŚ ĐĂƵƐĞ͟ ƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞ͘ ZĞƉŽƌƚƐ ĨŽƌ ƚŚĞƐĞ ŵĞƚƌŝĐƐ ŵƵƐƚ ďĞ ƉƌŽǀŝĚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ Z&W͘ WĂŐĞ ϱϭ ŽĨ ϭϰϰ ͘ DĞŵďĞƌ ƉƉĞĂůƐ ŽĨ ŝƐĞŶƌŽůůŵĞŶƚ ϭ͘ dŽ ĞŶƐƵƌĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂƌĞ ĞŶƌŽůůĞĚ ŝŶ W,WƐ ƚŚĂƚ ďĞƐƚ ŵĞĞƚ ƚŚĞŝƌ ŶĞĞĚƐ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ĂůůŽǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ĂƉƉĞĂů ĚŝƐĞŶƌŽůůŵĞŶƚ ĚĞĐŝƐŝŽŶƐ ŵĂĚĞ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŚŝĐŚ ĐĂŶŶŽƚ ďĞ ƌĞƐŽůǀĞĚ ƚŚƌŽƵŐŚ ĞdžŝƐƚŝŶŐ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƉƌŽĐĞƐƐĞƐ͘ Ϯ͘ &Žƌ ŵĞŵďĞƌ ĂŶĚ W,W ƌĞƋƵĞƐƚĞĚ ĚŝƐĞŶƌŽůůŵĞŶƚ͛Ɛ ƚŚĂƚ ĂƌĞ ĚĞŶŝĞĚ ďLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ Žƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ƐĞŶĚ ƚŽ ƚŚĞ ŵĞŵďĞƌ͕ Žƌ ƚŚĞ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ Ă ŶŽƚŝĐĞ ŽĨ ƚŚĞ ĚĞĐŝƐŝŽŶ ĂƐ ĚĞǀĞůŽƉĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ŝŶĐůƵĚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞŐĂƌĚŝŶŐ ŵĞŵďĞƌ͛Ɛ ƌŝŐŚƚ ƚŽ ĂƉƉĞĂů ƚŚĞ ĚĞĐŝƐŝŽŶ ĂŶĚ ŝŶƐƚƌƵĐƚŝŽŶƐ ŽŶ ŚŽǁ ƚŽ ĂƉƉĞĂů ƚŚĞ ĚĞĐŝƐŝŽŶ͘ ϯ͘ dŚĞ ŵĞŵďĞƌ Žƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ƐŚĂůů ƐƵďŵŝƚ ƚŚĞ ĂƉƉĞĂů ƌĞƋƵĞƐƚ ĨŽƌŵ ĨŽƌ Ă ^ƚĂƚĞ &Ăŝƌ ,ĞĂƌŝŶŐ ƚŽ ƚŚĞ KĨĨŝĐĞ ŽĨ ĚŵŝŶŝƐƚƌĂƚŝǀĞ ,ĞĂƌŝŶŐƐ ;K ,Ϳ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚŝŶ ƚŚŝƌƚLJ ;ϯϬͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ŽĨ ƚŚĞ ĚĂƚĞ ŽŶ ƚŚĞ EŽƚŝĐĞ ŽĨ ĞŶŝĂů ŽĨ ŶƌŽůůĞĞ͛Ɛ ŝƐĞŶƌŽůůŵĞŶƚ ZĞƋƵĞƐƚ͘ ϰ͘ K , ƐŚĂůů ĐŽŶĚƵĐƚ ĚŝƐĞŶƌŽůůŵĞŶƚͲƌĞůĂƚĞĚ ^ƚĂƚĞ &Ăŝƌ ,ĞĂƌŝŶŐƐ ĂŶĚ ŝƐƐƵĞ ĨŝŶĂů ĚĞĐŝƐŝŽŶƐ͘ ϱ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ĂŶLJ ŵĞĚŝĂƚŝŽŶ͕ ƉƌĞͲŚĞĂƌŝŶŐ ƉƌĞƉĂƌĂƚŝŽŶ ĂŶĚ ƚŚĞ ^ƚĂƚĞ &Ăŝƌ ,ĞĂƌŝŶŐ͕ ĂŶĚ ƉƌŽǀŝĚĞ ĂŶLJ ŶĞĐĞƐƐĂƌLJ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ĂŶĚ ĞǀŝĚĞŶĐĞ͕ ƵƉŽŶ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƌĞƋƵĞƐƚ͘ ϲ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĚĞǀĞůŽƉ ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ͕ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ĂƉƉĞĂů ƉƌŽĐĞƐƐ͘ ͘ ĞŶĞĨŝĐŝĂƌLJ ^ƵƉƉŽƌƚ hŶĚĞƌ DĂŶĂŐĞĚ ĂƌĞ ϭ͘ dŽ ƐƵƉƉŽƌƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƚƌĂŶƐŝƚŝŽŶ ƚŽ ĂŶĚ ŽŶŐŽŝŶŐ ŽƉĞƌĂƚŝŽŶ ŽĨ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉƌŽǀŝĚĞ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ ƚŽ ŵĞĞƚ ƚŚĞ ŶĞĞĚƐ ŽĨ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉŽƉƵůĂƚŝŽŶ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƐƵƉƉŽƌƚ ĨŝǀĞ ;ϱͿ ƉŽƉƵůĂƚŝŽŶƐ͗ ϭͿ ƚŚĞ ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ ǁŝƚŚ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚƐ͖ ϮͿ ŶĞǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂĨƚĞƌ ĐƌŽƐƐͲŽǀĞƌ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚƐ ĐůŽƐĞ͖ ϯͿ ďĞŶĞĨŝĐŝĂƌŝĞƐ Ăƚ ƌĞĚĞƚĞƌŵŝŶĂƚŝŽŶ͖ ϰͿ ƐƉĞĐŝĂů ƉŽƉƵůĂƚŝŽŶƐ ƚŽ ďĞ ƉŚĂƐĞĚ ŝŶƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂĨƚĞƌ ĐƌŽƐƐͲ ŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ ĞŶƌŽůůŵĞŶƚ͖ ĂŶĚ ϱͿ ƉŽƉƵůĂƚŝŽŶƐ ĞdžĞŵƉƚ ĨƌŽŵ ŵĂŶĂŐĞĚ ĐĂƌĞ͘ Ϯ͘ ƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ͗ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƚƌĂŶƐŝƚŝŽŶ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϭ͘ϱ ŵŝůůŝŽŶ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŚƌŽƵŐŚ Ă ƚǁŽͲƉŚĂƐĞ ƌŽůůͲŽƵƚ ǁŝƚŚ ĂŶ ĂŶƚŝĐŝƉĂƚĞĚ WŚĂƐĞ ϭ ƌŽůůͲŽƵƚ ĨƌŽŵ ƚŚĞ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ƉƌŽŐƌĂŵ ƚŽ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ďĞŐŝŶŶŝŶŐ :ƵůLJ ϭ͕ ϮϬϭϵ ;Žƌ Ă ĚĂƚĞ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚͿϱ͘ ƵƌŝŶŐ WŚĂƐĞ ϭ ƌŽůůͲŽƵƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ƚŚĞ ͞ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ ƌĞƐŝĚŝŶŐ ŝŶ Ϯ ƌĞŐŝŽŶƐ ǁŝůů ďĞ ƚƌĂŶƐŝƚŝŽŶĞĚ ƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ͘ ϱ WĞŶĚŝŶŐ ƚŚĞ ĂƉƉƌŽǀĂů ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ĂŵĞŶĚĞĚ ϭϭϭϱ ǁĂŝǀĞƌ ĂƉƉůŝĐĂƚŝŽŶ͘ WĂŐĞ ϱϮ ŽĨ ϭϰϰ Phase 2 roll-out for the remaining four regions, will follow the same approach but with different dates to be determined upon PHP contract award. To support bene?ciary choice, the Department will offer the cross-over population a sixty (60) days open enrollment period. The open enrollment period will begin no later than one hundred and ?ve (105) days prior to its PHP effective date of July 1, 2019, or a date determined by the Department. i. The Enrollment Broker shall conduct open enrollment periods for each Phase 1 and Phase 2 cross-over population transitioning into the managed care program. The Department will provide the Enrollment Broker with the bene?ciary names, relevant contact, demographic and PCP information necessary to assist beneficiaries through open enrollment. The Enrollment Broker shall provide managed care education to managed care eligible bene?ciaries and support PHP selection during the open enrollment period. 3. During the open enrollment period, the Enrollment Broker shall do proactive outreach to beneficiaries to describe the Enrollment Broker?s services, including managed care education and PHP and selection support. Outreach shall be by phone, internet, by mail and in- person. i. The Enrollment Broker shall, at a minimum, provide a managed care welcome packet to include materials defined by the Department and stated within this RFP. ii. The complete managed care welcome packet must be submitted to the Department for approval prior to use and distribution. If a beneficiary selects a PHP, the Enrollment Broker shall enter that PHP selection in their Bene?ciary Management Platform and transmit real-time via NC Fast. If a bene?ciary does not select a PHP during the open enrollment period as de?ned by the Department, the Department will auto-assign the bene?ciary to a PHP based on the algorithm de?ned in ATTACHMENT K: MANAGED CARE AUTO-ASSIGNMENT ALGORITHM. After PHP coverage becomes effective, members will have a ninety (90) day choice period to change their PHP before being locked into that PHP until their annual redetermination date or if involuntarily disenrolled due to no longer meeting eligibility requirements or PHP termination. The Enrollment Broker shall provide choice counseling and support PHP selection to members during the ninety (90) day choice period. The Enrollment Broker shall follow the proposed timeline for the cross-over population as defined by the Department in Table 3 Phase 1 Cross-over Population Timeline. Table 3 Phase 1 Sample Cross-over Population Timeline Key activity Proposed date Soft launch of Enrollment Broker call January 1, 2019 center/website to support choice counselingLand PHP selection Page 53 of 144 Open enrollment period begins March 15, 2019 Open enrollment period ends May 15J 2019 PHP effective date July 1, 2019 Ninety (90)-day choice period begins July 1, 2019 Member may change PHPs without July 1, 2019 - September 29, 2019 cause Ninety (90)-day choice period ends September 29, 2019 Member may change PHPs "with Ongoing cause" 3. New bene?ciaries after cross-over open enrollment: New bene?ciaries applying and being determined eligible for Medicaid or NC Health Choice after the cross-over open enrollment period closes will be given an opportunity to select a PHP and as part of the Medicaid or NC Health Choice application. a. If a bene?ciary does not select a PHP as part of the Medicaid or NC Health Choice application, the beneficiary will be auto-assigned to a PHP based on the algorithm defined in ATTACHMENT K: MANAGED CARE AUTO-ASSIGNMENT ALGORITHM. After PHP coverage becomes effective, members will have a ninety (90)-day choice period to change their plan before being locked into that plan until their annual redetermination date. The Enrollment Broker shall provide choice counseling and support PHP selection to bene?ciaries during the ninety (90) day choice period. The Enrollment Broker shall follow the proposed timeline for the new members after cross-over open enrollment as defined by the Department. A sample timeline for these beneficiaries is provided as Table 4 - Phase 1 Sample New Beneficiary Timeline. Table 4 - Phase 1 Sample New Beneficiary Timeline Key activity Proposed date New bene?ciary applies for and is November 1, 2019 determined eligible for Medicaid without making PHP selection Beneficiary auto-assigned to PHP November 1, 2019 Ninety (90)-day choice period begins November 1, 2019 Member may change PHPs without November 1, 2019 -January 30, 2020 cause Ninety (90)-day choice period ends January 30, 2020 4. Bene?ciaries at redetermination: "Redetermination? is the annual review of bene?ciaries? income, assets and other information by the Department and county DSS offices to con?rm eligibility for North Carolina Medicaid and NC Health Choice. If a beneficiary is redetermined to be eligible, he or she will be offered the opportunity to select a new PHP through a notice from the Department. a. If a beneficiary is redetermined to be eligible, the Department will auto-assign the bene?ciary to a PHP based on the algorithm, defined in ATTACHMENT K: MANAGED Page 54 of 144 Z hdKͲ ^^/'ED Ed >'KZ/d,D͕ ƚŽ ƚŚĞ ƐĂŵĞ W,W ĨƌŽŵ ƚŚĞ ƉƌŝŽƌ LJĞĂƌ͕ ƉƌŽǀŝĚĞĚ ƚŚĂƚ ƚŚĞ W,W ĐŽŶƚŝŶƵĞƐ ƚŽ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ƚŚĞ ƉƌŽŐƌĂŵ͘ ď͘ dŚĞ ŵĞŵďĞƌ ǁŝůů ďĞ ŽĨĨĞƌĞĚ Ă ŶŝŶĞƚLJ ;ϵϬͿͲĚĂLJ ĐŚŽŝĐĞ ƉĞƌŝŽĚ ƚŽ ƐĞůĞĐƚ Ă ŶĞǁ W,W ŝĨ ƚŚĞ ŵĞŵďĞƌ ĚĞƐŝƌĞƐ ƚŽ ĐŚĂŶŐĞ ŚŝƐ Žƌ ŚĞƌ W,W͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉƌŽǀŝĚĞ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ ƐƵƉƉŽƌƚ W,W ƐĞůĞĐƚŝŽŶ ƚŽ ŵĞŵďĞƌƐ ĚƵƌŝŶŐ ƚŚĞ ŶŝŶĞƚLJ ;ϵϬͿͲ ĚĂLJ ĐŚŽŝĐĞ ƉĞƌŝŽĚ͘ Đ͘ /Ĩ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ƚŽ ŶŽ ůŽŶŐĞƌ ďĞ ĞůŝŐŝďůĞ͕ ŚĞ Žƌ ƐŚĞ ǁŝůů ďĞ ŶŽƚŝĨŝĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ĂŶĚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ǁŝůů ďĞ ĚŝƐĞŶƌŽůůĞĚ ĨƌŽŵ ƚŚĞ W,W ĞĨĨĞĐƚŝǀĞ ƚŚĞ ůĂƐƚ ĚĂƚĞ ŽĨ ŚŝƐ Žƌ ŚĞƌ ĞůŝŐŝďŝůŝƚLJ͘ ϱ͘ ^ƉĞĐŝĂů ƉŽƉƵůĂƚŝŽŶƐ ƚŽ ďĞ ƉŚĂƐĞĚ ŝŶƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂĨƚĞƌ ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ ĞŶƌŽůůŵĞŶƚ͗ dŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶƚŝĐŝƉĂƚĞƐ ƉŚĂƐŝŶŐͲŝŶ ƐƉĞĐŝĂů ƉŽƉƵůĂƚŝŽŶƐ ŝŶƚŽ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ŽǀĞƌ Ă ƉĞƌŝŽĚ ŽĨ ĨŽƵƌ ;ϰͿ LJĞĂƌƐ ĂĨƚĞƌ WŚĂƐĞ ϭ ůĂƵŶĐŚ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉƌŽƉŽƐĞ ĂŶ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ ĨŽƌ ĞĂĐŚ ŶĞǁ ƉŽƉƵůĂƚŝŽŶ ƚƌĂŶƐŝƚŝŽŶĞĚ ŝŶƚŽ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ŽǀĞƌ ƚŚĞ ƉŽƚĞŶƚŝĂů ĚƵƌĂƚŝŽŶ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ ;ŝŶĐůƵĚŝŶŐ ĞdžƚĞŶƐŝŽŶƐͿ͕ ƐŝŵŝůĂƌ ƚŽ ǁŚĂƚ ŝƐ ĚĞƐĐƌŝďĞĚ ĂďŽǀĞ ĨŽƌ ƚŚĞ ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ͘ Ă͘ dŽ ƐƵƉƉŽƌƚ ďĞŶĞĨŝĐŝĂƌLJ ĐŚŽŝĐĞ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶƚŝĐŝƉĂƚĞƐ ŽĨĨĞƌŝŶŐ ĂŶLJ ƐƉĞĐŝĂů ƉŽƉƵůĂƚŝŽŶƐ ƉŚĂƐĞĚ ŝŶƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂĨƚĞƌ ƚŚĞ ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ Ă ƐŝdžƚLJ ;ϲϬͿ ĚĂLJ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ͘ dŚĞ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ ǁŝůů ďĞŐŝŶ ŶŽ ůĂƚĞƌ ƚŚĂŶ ŽŶĞ ŚƵŶĚƌĞĚͲĨŝǀĞ ;ϭϬϱͿ ĚĂLJƐ ƉƌŝŽƌ ƚŽ ŝƚƐ W,W ĞĨĨĞĐƚŝǀĞ ĐŽǀĞƌĂŐĞ ĚĂƚĞ ĂƐ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉƌŽǀŝĚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞĚƵĐĂƚŝŽŶ ƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞůŝŐŝďůĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ƐƵƉƉŽƌƚ W,W ƐĞůĞĐƚŝŽŶ ĚƵƌŝŶŐ ƚŚĞ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ͘ Đ͘ ƵƌŝŶŐ ƚŚĞ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĚŽ ƉƌŽĂĐƚŝǀĞ ŽƵƚƌĞĂĐŚ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ĚĞƐĐƌŝďĞ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ƐĞƌǀŝĐĞƐ͕ ŝŶĐůƵĚŝŶŐ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞĚƵĐĂƚŝŽŶ ĂŶĚ W,W ĂŶĚ D,ͬW W ƐĞůĞĐƚŝŽŶ ƐƵƉƉŽƌƚ͘ KƵƚƌĞĂĐŚ ƐŚĂůů ďĞ ďLJ ƉŚŽŶĞ͕ ŝŶƚĞƌŶĞƚ͕ ďLJ ŵĂŝů ĂŶĚ ŝŶͲƉĞƌƐŽŶ͘ ŝ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů͕ Ăƚ Ă ŵŝŶŝŵƵŵ͕ ƉƌŽǀŝĚĞ Ă ŵĂŶĂŐĞĚ ĐĂƌĞ ǁĞůĐŽŵĞ ƉĂĐŬĞƚ ƚŽ ŝŶĐůƵĚĞ ŵĂƚĞƌŝĂůƐ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƐƚĂƚĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͘ dŚĞ ĐŽŵƉůĞƚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ǁĞůĐŽŵĞ ƉĂĐŬĞƚ ŵƵƐƚ ďĞ ƐƵďŵŝƚƚĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨŽƌ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ƵƐĞ ĂŶĚ ĚŝƐƚƌŝďƵƚŝŽŶ͘ Ě͘ /Ĩ Ă ďĞŶĞĨŝĐŝĂƌLJ ĚŽĞƐ ƐĞůĞĐƚ Ă W,W͕ ƚŚĂƚ ƐĞůĞĐƚŝŽŶ ǁŝůů ďĞ ĞŶƚĞƌĞĚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ĂŶĚ ƚƌĂŶƐŵŝƚƚĞĚ ƌĞĂůͲƚŝŵĞ ǀŝĂ E &ĂƐƚ Ğ͘ /Ĩ Ă ďĞŶĞĨŝĐŝĂƌLJ ĚŽĞƐ ŶŽƚ ƐĞůĞĐƚ Ă W,W ĚƵƌŝŶŐ ƚŚĞ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ ĂƐ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ŶŽƚŝĨLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂĨƚĞƌ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ĐůŽƐĞƐ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ĂƵƚŽͲĂƐƐŝŐŶ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƚŽ Ă W,W ďĂƐĞĚ ŽŶ ƚŚĞ ĂůŐŽƌŝƚŚŵ ĚĞĨŝŶĞĚ ŝŶ dd ,D Ed <͗ D E ' Z hdKͲ ^^/'ED Ed >'KZ/d,D͘ Ĩ͘ ĨƚĞƌ W,W ĐŽǀĞƌĂŐĞ ďĞĐŽŵĞƐ ĞĨĨĞĐƚŝǀĞ͕ ŵĞŵďĞƌƐ ǁŝůů ŚĂǀĞ Ă ŶŝŶĞƚLJ ;ϵϬͿͲĚĂLJ ĐŚŽŝĐĞ ƉĞƌŝŽĚ ƚŽ ĐŚĂŶŐĞ ƚŚĞŝƌ ƉůĂŶ ďĞĨŽƌĞ ďĞŝŶŐ ůŽĐŬĞĚ ŝŶƚŽ ƚŚĂƚ ƉůĂŶ ƵŶƚŝů ƚŚĞŝƌ ĂŶŶƵĂů ƌĞĚĞƚĞƌŵŝŶĂƚŝŽŶ ĚĂƚĞ Žƌ ŝĨ ŝŶǀŽůƵŶƚĂƌŝůLJ ĚŝƐĞŶƌŽůůĞĚ ŐĞŶĞƌĂůůLJ ĚƵĞ ƚŽ ŶŽ ůŽŶŐĞƌ ŵĞĞƚŝŶŐ ĞůŝŐŝďŝůŝƚLJ ƌĞƋƵŝƌĞŵĞŶƚƐ Žƌ ƉůĂŶ ƚĞƌŵŝŶĂƚŝŽŶ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉƌŽǀŝĚĞ ŚŽŝĐĞ ŽƵŶƐĞůŝŶŐ ĂŶĚ ƉƌŽǀŝĚĞ W,W ƐĞůĞĐƚŝŽŶ ƚŽ ŵĞŵďĞƌƐ ĚƵƌŝŶŐ ƚŚĞ ŶŝŶĞƚLJ ;ϵϬͿͲĚĂLJ ĐŚŽŝĐĞ ƉĞƌŝŽĚ͘ WĂŐĞ ϱϱ ŽĨ ϭϰϰ Ő͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ĂĚĚ͕ ƌĞŵŽǀĞ Žƌ ĐŚĂŶŐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ƐƉĞĐŝĂů ƉŽƉƵůĂƚŝŽŶƐ ƚŽ ďĞ ƉŚĂƐĞĚ ŝŶƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂĨƚĞƌ ĐƌŽƐƐͲŽǀĞƌ ĞŶƌŽůůŵĞŶƚ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƉƌŽǀŝĚĞ ǁƌŝƚƚĞŶ ŶŽƚŝĐĞ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽĨ ĂŶLJ ƐƵĐŚ ĐŚĂŶŐĞƐ͘ Ś͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĨŽůůŽǁ ƚŚĞ ƉƌŽƉŽƐĞĚ ƚŝŵĞůŝŶĞ ĨŽƌ ƐƉĞĐŝĂů ƉŽƉƵůĂƚŝŽŶƐ ƚŽ ďĞ ƉŚĂƐĞĚ ŝŶƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂĨƚĞƌ ƚŚĞ LJĞĂƌ ϮϬϭϵ ƉŽƉƵůĂƚŝŽŶ ĂƐ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ dĂďůĞ ϱ ʹ ^ĂŵƉůĞ ƐƉĞĐŝĂů ƉŽƉƵůĂƚŝŽŶ ďĞŶĞĨŝĐŝĂƌLJ ĞŶƌŽůůŵĞŶƚ ŝŶ ŵĂŶĂŐĞĚ ĐĂƌĞ ŝŶ zĞĂƌ Ϯ͘ dĂďůĞ ϱ ʹ ^ĂŵƉůĞ ƐƉĞĐŝĂů ƉŽƉƵůĂƚŝŽŶ ďĞŶĞĨŝĐŝĂƌLJ ĞŶƌŽůůŵĞŶƚ ŝŶ ŵĂŶĂŐĞĚ ĐĂƌĞ ŝŶ zĞĂƌ Ϯ <ĞLJ ĂĐƚŝǀŝƚLJ WƌŽƉŽƐĞĚ ĚĂƚĞ KƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ ďĞŐŝŶƐ ĨŽƌ DĂƌĐŚ ϭϱ͕ ϮϬϮϬ ƐƉĞĐŝĂů ƉŽƉƵůĂƚŝŽŶ KƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ ĞŶĚƐ ĨŽƌ DĂLJ ϭϱ͕ ϮϬϮϬ ƐƉĞĐŝĂů ƉŽƉƵůĂƚŝŽŶ W,W ĞĨĨĞĐƚŝǀĞ ĚĂƚĞ ĨŽƌ ƐƉĞĐŝĂů :ƵůLJ ϭ͕ ϮϬϮϬ ƉŽƉƵůĂƚŝŽŶ ϵϬͲĚĂLJ ĐŚŽŝĐĞ ƉĞƌŝŽĚ ďĞŐŝŶƐ :ƵůLJ ϭ͕ ϮϬϮϬ DĞŵďĞƌ ŵĂLJ ĐŚĂŶŐĞ W,WƐ ǁŝƚŚŽƵƚ :ƵůLJ ϭ͕ ϮϬϮϬ Ͳ ^ĞƉƚĞŵďĞƌ Ϯϵ͕ ϮϬϮϬ ĐĂƵƐĞ ϵϬͲĚĂLJ ĐŚŽŝĐĞ ƉĞƌŝŽĚ ĞŶĚƐ ^ĞƉƚĞŵďĞƌ Ϯϵ͕ ϮϬϮϬ DĞŵďĞƌ ŵĂLJ ĐŚĂŶŐĞ W,WƐ ǁŝƚŚ ĐĂƵƐĞ KŶŐŽŝŶŐ ϲ͘ džĞŵƉƚ ƉŽƉƵůĂƚŝŽŶƐ͗ dŚĞ DĞŵďĞƌƐ ŽĨ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐ ĂƌĞ ĞdžĞŵƉƚ ĨƌŽŵ ŵĂŶĚĂƚŽƌLJ ĞŶƌŽůůŵĞŶƚ ŝŶ ŵĂŶĂŐĞĚ ĐĂƌĞ͘ ƐƐŝŐŶŵĞŶƚ ŽĨ ŵĞŵďĞƌƐ ŽĨ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐ ǀĂƌŝĞƐ ďĂƐĞĚ ŽŶ ǁŚĞƚŚĞƌ Ă dƌŝďĂů ŽƉƚŝŽŶ ĞdžŝƐƚƐ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ĂůůŽǁ ŵĞŵďĞƌƐ ŽĨ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐ ƚŽ ŽƉƚ ŝŶ Žƌ ŽƵƚ ŽĨ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂŶĚ ďĂĐŬ ŝŶƚŽ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ Ăƚ ĂŶLJ ƚŝŵĞ͕ ƵƉŽŶ ƌĞƋƵĞƐƚ͘ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉƌŽǀŝĚĞ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ƚŽ ƚŚĞƐĞ ŵĞŵďĞƌƐ ĂŶĚ ƐƵƉƉŽƌƚ W,Wͬ D,ͬW W ƐĞůĞĐƚŝŽŶ ŝŶ Ă ŵĂŶŶĞƌ ƐŝŵŝůĂƌ ƚŽ ƚŚĞ ŽƚŚĞƌ ƉŽƉƵůĂƚŝŽŶƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚŝƐ ƐĞĐƚŝŽŶ͕ ďĂƐĞĚ ŽŶ ǁŚĞŶ ƚŚĞ ĞdžĞŵƉƚ ŵĞŵďĞƌ ďĞĐŽŵĞƐ ĞůŝŐŝďůĞ ĨŽƌ DĞĚŝĐĂŝĚ Žƌ E ,ĞĂůƚŚ ŚŽŝĐĞ ĂŶĚ ƚŚĞ ĞdžŝƐƚĞŶĐĞ ŽĨ Ă ƚƌŝďĂů ŽƉƚŝŽŶ͘ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉƌŽǀŝĚĞ ƚŚĞ ĨŽůůŽǁŝŶŐ ƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞdžĞŵƉƚ ŵĞŵďĞƌƐ ŽĨ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐ͕ Ăƚ Ă ŵŝŶŝŵƵŵ͗ ŝ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĂĐĐĞƉƚ ƚƌŝďĂů ŵĞŵďĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƵƐĞ ƚŽ ƐƵƉƉŽƌƚ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ W,W ƐĞůĞĐƚŝŽŶ͖ ŝŝ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƚƌĂŝŶ ƚŚĞŝƌ ƐƚĂĨĨ ŝŶ ƉƌŽǀŝĚŝŶŐ ĐƵůƚƵƌĂů ƐĞŶƐŝƚŝǀĞ ĂŶĚ ĐŽŶƐƵŵĞƌͲƐƉĞĐŝĨŝĐ ƐƵƉƉŽƌƚƐ ƚŽ ƚŚĞ ƚƌŝďĂů ƉŽƉƵůĂƚŝŽŶ ƚŽ ƐƵƉƉŽƌƚ ƉůĂŶ ĐŚŽŝĐĞ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ Ăůů ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ Z&W͖ ĂŶĚ ŝŝŝ͘ /Ĩ ƚŚĞ ƚƌŝďĂů ŽƉƚŝŽŶ ŝƐ ĂǀĂŝůĂďůĞ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉƌŽǀŝĚĞ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ƚŽ ĞŶƌŽůůĞĞƐ ŝĚĞŶƚŝĨŝĞĚ ĂƐ ŵĞŵďĞƌƐ ŽĨ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐ͗ Ă͘ KŶ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞƐ ŝŶ ĐŽǀĞƌĞĚ ƐĞƌǀŝĐĞƐ ďĞƚǁĞĞŶ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂŶĚ ĨĞĞͲ ĨŽƌͲƐĞƌǀŝĐĞ͕ ĂŶĚ ď͘ dŚĂƚ ŵĞŵďĞƌƐ ŽĨ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐ ǁŝůů ĚĞĨĂƵůƚ ŝŶƚŽ ƚŚĞ ƚƌŝďĂů ŽƉƚŝŽŶ ŝĨ ƚŚĞLJ ůŝǀĞ ŝŶ ƚŚĞ ŐĞŽŐƌĂƉŚŝĐ ĂƌĞĂ ĐŽǀĞƌĞĚ ďLJ ƚŚĞ ƚƌŝďĞ ďƵƚ ŵĂLJ WĂŐĞ ϱϲ ŽĨ ϭϰϰ ĐŚŽŽƐĞ ƚŽ ĐŚĂŶŐĞ ƉůĂŶƐ Žƌ ĚĞůŝǀĞƌLJ ƐLJƐƚĞŵ ;Ğ͘Ő͘ &&^ ǀƐ͘ ŵĂŶĂŐĞĚ ĐĂƌĞͿ Ăƚ ĂŶLJ ƚŝŵĞ͘ Đ͘ /Ĩ ƚŚĞ ƚƌŝďĂů ŽƉƚŝŽŶ ŝƐ ŶŽƚ ĂǀĂŝůĂďůĞ ƚŽ Ă ŵĞŵďĞƌ ŽĨ Ă ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞ ƚŚĂƚ ŵĞŵďĞƌ ǁŝůů ĚĞĨĂƵůƚ ŝŶƚŽ ĨĞĞ ĨŽƌ ƐĞƌǀŝĐĞƐ ĂŶĚ ŵĂLJ ĐŚŽŽƐĞ ƚŽ ƌĞŵĂŝŶ ŝŶ ĨĞĞ ĨŽƌ ƐĞƌǀŝĐĞ Žƌ ĐŚŽŽƐĞ Ă W,W͘ ϳ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŝƐ ǁŽƌŬŝŶŐ ǁŝƚŚ ƚŚĞ 'ĞŶĞƌĂů ƐƐĞŵďůLJ ƐƵĐŚ ƚŚĂƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ Ă ƐĞƌŝŽƵƐ ŵĞŶƚĂů ŝůůŶĞƐƐ͕ Ă ƐĞƌŝŽƵƐ ĞŵŽƚŝŽŶĂů ĚŝƐƚƵƌďĂŶĐĞ͕ Ă ƐƵďƐƚĂŶĐĞ ƵƐĞ ĚŝƐŽƌĚĞƌ͕ Žƌ ĂŶ ŝŶƚĞůůĞĐƚƵĂů ͬ ĚĞǀĞůŽƉŵĞŶƚĂů ĚŝƐĂďŝůŝƚLJ ǁŝůů ŚĂǀĞ Ă ĚĞůĂLJĞĚ ŵĂŶĚĂƚŽƌLJ ĞŶƌŽůůŵĞŶƚ ŝŶƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ ĚƵƌŝŶŐ ƚŚĞ ƚƌĂŶƐŝƚŝŽŶ ƉĞƌŝŽĚ ďĞƚǁĞĞŶ ƚŚĞ ŝŶŝƚŝĂů ůĂƵŶĐŚ ŽĨ ŵĂŶĂŐĞĚ ĐĂƌĞ ^ƚĂŶĚĂƌĚ WůĂŶƐ ĂŶĚ ƚŚĞ ƐƵďƐĞƋƵĞŶƚ ůĂƵŶĐŚ ŽĨ , /ͬ dĂŝůŽƌĞĚ WůĂŶƐ͘ ƵƌŝŶŐ ƚŚĞ ƚƌĂŶƐŝƚŝŽŶ ƉĞƌŝŽĚ͕ ƚŚĞƐĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝůů ŚĂǀĞ ƚŚĞ ŽƉƚŝŽŶ ƚŽ ǀŽůƵŶƚĂƌŝůLJ ĞŶƌŽůů ŝŶ Ă ^ƚĂŶĚĂƌĚ WůĂŶ͘ ƵƌŝŶŐ ƚŚĞ ƚƌĂŶƐŝƚŝŽŶ ƉĞƌŝŽĚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ĂůůŽǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ Ă ƐĞƌŝŽƵƐ ŵĞŶƚĂů ŝůůŶĞƐƐ͕ Ă ƐĞƌŝŽƵƐ ĞŵŽƚŝŽŶĂů ĚŝƐƚƵƌďĂŶĐĞ͕ Ă ƐƵďƐƚĂŶĐĞ ƵƐĞ ĚŝƐŽƌĚĞƌ͕ Žƌ ĂŶ ŝŶƚĞůůĞĐƚƵĂů ͬ ĚĞǀĞůŽƉŵĞŶƚĂů ĚŝƐĂďŝůŝƚLJ ƚŽ ŽƉƚ ŝŶ Žƌ ŽƵƚ ŽĨ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂŶĚ ďĂĐŬ ŝŶƚŽ ĨĞĞͲ ĨŽƌͲƐĞƌǀŝĐĞ Ăƚ ĂŶLJ ƚŝŵĞ͕ ƵƉŽŶ ƌĞƋƵĞƐƚͿ͘ ϴ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉƌŽǀŝĚĞ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ƚŽ ĞŶƌŽůůĞĞƐ ǁŚŽ ŵĞĞƚ ƚŚĞ , /ͬ dW ĞůŝŐŝďŝůŝƚLJ ĐƌŝƚĞƌŝĂ ĂŶĚ ĞdžƉůĂŝŶ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞƐ ŝŶ ĐŽǀĞƌĞĚ , ĂŶĚ /ͬ ƐĞƌǀŝĐĞƐ ďĞƚǁĞĞŶ ƐƚĂŶĚĂƌĚ ƉůĂŶƐ ĂŶĚ >D ͲD KƐ ĂŶĚ ƚŚĂƚ ƚŚĞ ƐƚĂŶĚĂƌĚ ƉůĂŶ ĞŶƌŽůůĞĞƐ ǁŝůů ŶŽƚ ďĞ ĂďůĞ ƚŽ ĂĐĐĞƐƐ ƐĞƌǀŝĐĞƐ ĐŽǀĞƌĞĚ ŽŶůLJ ďLJ ƚŚĞ >D ͲD KƐ͘ ϵ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉƌŽǀŝĚĞ͕ Ăƚ Ă ŵŝŶŝŵƵŵ͕ ƚŚĞ ĨŽůůŽǁŝŶŐ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ Ă ƐĞƌŝŽƵƐ ŵĞŶƚĂů ŝůůŶĞƐƐ͕ Ă ƐĞƌŝŽƵƐ ĞŵŽƚŝŽŶĂů ĚŝƐƚƵƌďĂŶĐĞ͕ Ă ƐƵďƐƚĂŶĐĞ ƵƐĞ ĚŝƐŽƌĚĞƌ͕ Žƌ ĂŶ ŝŶƚĞůůĞĐƚƵĂů ͬ ĚĞǀĞůŽƉŵĞŶƚĂů ĚŝƐĂďŝůŝƚLJ͕ ƵŶƚŝů ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ,ͬ/ dĂŝůŽƌĞĚ WůĂŶƐ͗ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĂĐĐĞƉƚ , /ͬ dW ĞůŝŐŝďŝůŝƚLJ ŝŶĨŽƌŵĂƚŝŽŶ ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƵƐĞ ƚŽ ƐƵƉƉŽƌƚ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ W,W ƐĞůĞĐƚŝŽŶ͖ ŝ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĂĐĐĞƉƚ ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƵƉĚĂƚĞƐ ŽŶ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĚĞƚĞƌŵŝŶĞƐ ƚŽ ďĞ ĞůŝŐŝďůĞ ƚŽ ĞŶƌŽůů ŝŶ , /ͬ dW ĞŝƚŚĞƌ ƚŚƌŽƵŐŚ ŚŝƐƚŽƌŝĐĂů ĐůĂŝŵƐ ĂŶĂůLJƐŝƐ Žƌ ŽƚŚĞƌ ŵĞĂŶƐ͖ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƚƌĂŝŶ ƚŚĞŝƌ ƐƚĂĨĨ ŝŶ ƉƌŽǀŝĚŝŶŐ ĐŽŶƐƵŵĞƌͲƐƉĞĐŝĨŝĐ ƐƵƉƉŽƌƚƐ ƚŽ , /ͬ dW ƉŽƉƵůĂƚŝŽŶ ƚŽ ƐƵƉƉŽƌƚ ƉůĂŶ ĐŚŽŝĐĞ͖ Đ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĂĐĐĞƉƚ ĂŶĚ ĂĐƚ ŽŶ ƌĞƋƵĞƐƚƐ ĨŽƌ ƚƌĂŶƐĨĞƌƐ ĨƌŽŵ ƐƚĂŶĚĂƌĚ ƉůĂŶƐ ƚŽ , /ͬ dWƐ ĂƐ ĂůůŽǁĂďůĞ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͖ Ě͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ƚŚĞ , /ͬ dW ĞůŝŐŝďŝůŝƚLJ ǀĞƌŝĨŝĐĂƚŝŽŶ ƉƌŽĐĞƐƐ ďLJ͗ ŝ͘ ^ĞŶĚŝŶŐ Ă ďůĂŶŬ , /ͬ dW ƐƐĞƐƐŵĞŶƚ &Žƌŵ ƚŽ ĞŶƌŽůůĞĞƐ ǁŚŽ ƐĞůĨͲŝĚĞŶƚŝĨLJ͖ ŝŝ͘ /ŶĨŽƌŵŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ĐĂŶ ĐŽŵƉůĞƚĞ ƚŚĞ ĂƐƐĞƐƐŵĞŶƚ͖ ĂŶĚ ŝŝŝ͘ dƌĂŶƐŵŝƚƚŝŶŐ ƚŚĞ ĐŽŵƉůĞƚĞĚ , /ͬ dW ƐƐĞƐƐŵĞŶƚ &Žƌŵ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨŽƌ ƌĞǀŝĞǁ͘ ϭϬ͘ WƌŽƉŽƐĞĚ ƉƌŽĐĞƐƐ ĨůŽǁƐ ŽƵƚůŝŶŝŶŐ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ŝŶƚĞŶĚĞĚ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĞdžƉĞĐƚĂƚŝŽŶƐ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ dd ,D Ed :͗ WZKWK^ D E ' Z >/'/ />dz E EZK>>D Ed WZK ^^ &>Kt^͘ WĂŐĞ ϱϳ ŽĨ ϭϰϰ ϭϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĚĞǀĞůŽƉ ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ͕ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ ƵŶĚĞƌ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽĐĞƐƐ ĨŽƌ ĞĂĐŚ ŽĨ ƚŚĞ ĨŝǀĞ ;ϱͿ ƉŽƉƵůĂƚŝŽŶƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚŝƐ ƐĞĐƚŝŽŶ͘ ϭϮ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ďĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƉƌŽǀŝĚŝŶŐ ĨƵůů ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ ĂŶĚ ŚŽŝĐĞ ŽƵŶƐĞůŝŶŐ ĨƵŶĐƚŝŽŶƐ ĂƐ ƌĞƋƵŝƌĞĚ ŝŶ ƚŚŝƐ Z&W ĚƵƌŝŶŐ ĂŶLJ͗ Ă͘ EĞǁ ƉƌŽŐƌĂŵ Žƌ ŝŶŝƚŝĂƚŝǀĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͖ ď͘ ŶLJ ƉŚĂƐĞĚ ƌĞŐŝŽŶĂů ƌŽůůŽƵƚ͖ Đ͘ EĞǁ W,W ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ Ă DĞĚŝĐĂŝĚ ƌĞŐŝŽŶ͖ Ě͘ džƉĂŶƐŝŽŶ ŽĨ ŽƚŚĞƌ ͞ĐƌŽƐƐͲŽǀĞƌ͟ DĞĚŝĐĂŝĚ ƉŽƉƵůĂƚŝŽŶƐ ŝŶƚŽ ƚŚĞ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ƐƵĐŚ ĂƐ ĚƵĂůůLJ ĞůŝŐŝďůĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ Žƌ ƚĂŝůŽƌĞĚ ƉůĂŶƐ͖ ĂŶĚ Ğ͘ ŽŶƚƌĂĐƚ ƚĞƌŵŝŶĂƚŝŽŶ ŽĨ Žƌ ĐŚĂŶŐĞ ŝŶ Ă W,W ǁŚŝĐŚ ŵĂLJ ƌĞƐƵůƚ ŝŶ ƚŚĞ ƌĞĚŝƐƚƌŝďƵƚŝŽŶ ŽĨ ĞŶƌŽůůĞĚ ŵĞŵďĞƌƐ͘ Ĩ͘ ŽŶƚƌĂĐƚ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ƋƵĂůŝƚLJ ŽĨ ƐĞƌǀŝĐĞƐ ƐŚĂůů ďĞ ŵĂŝŶƚĂŝŶĞĚ ĚƵƌŝŶŐ ƚŚĞƐĞ ŽĐĐƵƌƌĞŶĐĞƐ ĨŽƌ ƚŚĞ ĚƵƌĂƚŝŽŶ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ͘ ͘ ĞŶĞĨŝĐŝĂƌLJ 'ƌŝĞǀĂŶĐĞƐ ϭ͘ /Ŷ ƐƵƉƉŽƌƚ ŽĨ ďĞŶĞĨŝĐŝĂƌLJ ĞŶŐĂŐĞŵĞŶƚ ŝŶ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͕ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝůů ŚĂǀĞ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ĨŝůĞ Ă ŐƌŝĞǀĂŶĐĞ ǁŝƚŚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƌĞŐĂƌĚŝŶŐ ĂĐƚŝŽŶƐ ƚĂŬĞŶ ďLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ Ăƚ ĂŶLJ ƚŝŵĞ ŝŶ ǁƌŝƚŝŶŐ Žƌ ŽƌĂůůLJ ďĂƐĞĚ ŽŶ ƚŚĞ ƉƌŽĐĞƐƐ ƚŽ ďĞ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ Ă͘ ŐƌŝĞǀĂŶĐĞ ƐŚĂůů ďĞ ĚĞĨŝŶĞĚ ĂƐ ĂŶ ĞdžƉƌĞƐƐŝŽŶ ŽĨ ĚŝƐƐĂƚŝƐĨĂĐƚŝŽŶ ĂďŽƵƚ ĂŶLJ ŵĂƚƚĞƌ͘ 'ƌŝĞǀĂŶĐĞƐ ŵĂLJ ŝŶĐůƵĚĞ͕ ďƵƚ ĂƌĞ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͗ ŝ͘ YƵĂůŝƚLJ ŽĨ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ͖ ŝŝ͘ ƐƉĞĐƚƐ ŽĨ ŝŶƚĞƌƉĞƌƐŽŶĂů ƌĞůĂƚŝŽŶƐŚŝƉƐ ƐƵĐŚ ĂƐ ƌƵĚĞŶĞƐƐ ŽĨ ĂŶ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ĞŵƉůŽLJĞĞ͕ Žƌ ĨĂŝůƵƌĞ ƚŽ ƌĞƐƉĞĐƚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ƌŝŐŚƚƐ ƌĞŐĂƌĚůĞƐƐ ŽĨ ǁŚĞƚŚĞƌ ƌĞŵĞĚŝĂů ĂĐƚŝŽŶ ŝƐ ƌĞƋƵĞƐƚĞĚ͖ ĂŶĚͬŽƌ ŝŝŝ͘ ZĞƐƉŽŶƐŝǀĞŶĞƐƐ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƌĞŐĂƌĚŝŶŐ Ă ƉƌŽďůĞŵ Žƌ ƋƵĞƐƚŝŽŶ͘ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ 'ƌŝĞǀĂŶĐĞ ƉƌŽĐĞƐƐ ƐŚŽƵůĚ ŶŽƚ ďĞ ƵŶŶĞĐĞƐƐĂƌŝůLJ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞůLJ ďƵƌĚĞŶƐŽŵĞ ŽŶ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĂŶĚͬŽƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ĂŶĚ ƐŚĂůů ďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŚĞƌĞŝŶ͘ Đ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ƉƌŽǀŝĚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂƐƐŝƐƚĂŶĐĞ ŝŶ ĐŽŵƉůĞƚŝŶŐ ĨŽƌŵƐ ĂŶĚ ŽƚŚĞƌ ƉƌŽĐĞĚƵƌĂů ƐƚĞƉƐ ƌĞůĂƚĞĚ ƚŽ Ă ŐƌŝĞǀĂŶĐĞ͕ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ͕ ƚŽ ĂƵdžŝůŝĂƌLJ ĂŝĚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ƵƉŽŶ ƌĞƋƵĞƐƚ͕ ƐƵĐŚ ĂƐ ƉƌŽǀŝĚŝŶŐ ŝŶƚĞƌƉƌĞƚĞƌ ƐĞƌǀŝĐĞƐ ĂŶĚ ƚŽůůͲĨƌĞĞ ŶƵŵďĞƌƐ ǁŝƚŚ ĂĚĞƋƵĂƚĞ ddzͬd ĂŶĚ ŝŶƚĞƌƉƌĞƚĞƌ ĐĂƉĂďŝůŝƚLJ ĂŶĚ ĂƐƐŝƐƚŝǀĞ ůŝƐƚĞŶŝŶŐ ĚĞǀŝĐĞƐ͕ Žƌ ƌĞĨĞƌƌŝŶŐ ďĞŶĞĨŝĐŝĂƌLJ ƚŽ KŵďƵĚƐŵĂŶ ƉƌŽŐƌĂŵ ĨŽƌ ĂƐƐŝƐƚĂŶĐĞ ŝĨ ĚĞƐŝƌĞĚ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉƌŽǀŝĚĞ ĞdžĂŵƉůĞƐ ĂŶĚͬŽƌ ĚĞƐĐƌŝƉƚŝǀĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽĨ ŚŽǁ ŝƚ ǁŝůů ĂĐĐŽŵŵŽĚĂƚĞ ƐƉĞĐŝĂů ŶĞĞĚƐ ŽĨ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ Ě͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĂĐŬŶŽǁůĞĚŐĞ͕ ŝŶ ǁƌŝƚŝŶŐ͕ ƌĞĐĞŝƉƚ ŽĨ ĞĂĐŚ ŐƌŝĞǀĂŶĐĞ ǁŝƚŚŝŶ ĨŝǀĞ ;ϱͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ŽĨ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ŐƌŝĞǀĂŶĐĞ Ğ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ƐĞŶĚ ǁƌŝƚƚĞŶ ŶŽƚŝĐĞƐ ƌĞůĂƚĞĚ ƚŽ ŐƌŝĞǀĂŶĐĞƐ ǀŝĂ ŵĂŝů Žƌ͕ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌLJ ĂŶĚͬŽƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ĐŽŶƐĞŶƚ͕ ǀŝĂ ĞŵĂŝů͘ WĂŐĞ ϱϴ ŽĨ ϭϰϰ Ĩ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƉƌŽǀŝĚĞ ǁƌŝƚƚĞŶ ŶŽƚŝĐĞ ŽĨ ƌĞƐŽůƵƚŝŽŶ ŽĨ ƚŚĞ ŐƌŝĞǀĂŶĐĞ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĂŶĚͬŽƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ŶŽ ůĂƚĞƌ ƚŚĂŶ ƚŚŝƌƚLJ ;ϯϬͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ŽĨ ƌĞĐĞŝƉƚ ŽĨ ŐƌŝĞǀĂŶĐĞ͘ Ő͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ƌĞĐŽƌĚ Ăůů 'ƌŝĞǀĂŶĐĞƐ ŝŶ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ƚŝĞĚ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĨŽƌ ǁŚŽŵ ƚŚĞ 'ƌŝĞǀĂŶĐĞ ŝƐ ŵĂĚĞ ĂŶĚ ƌĞƉŽƌƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƵƉŽŶ ƌĞƋƵĞƐƚ͘ Ś͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚĂůů ĚĞǀĞůŽƉ͕ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞƐƐĞƐ ƌĞůĂƚĞĚ ƚŽ ďĞŶĞĨŝĐŝĂƌLJ ŐƌŝĞǀĂŶĐĞƐ ĂŶĚ ƐŚĂůů ƉŽƐƚ ƚŚĞŵ ŽŶ Ă ƉƵďůŝĐůLJ ĂǀĂŝůĂďůĞ ǁĞďƐŝƚĞ͘ dŚĞ ƌĞĨĞƌĞŶĐĞƐ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŐƌŝĞǀĂŶĐĞ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞƐƐĞƐ ŵƵƐƚ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ĞĚƵĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ͘ &͘ DĞŵďĞƌ KƵƚƌĞĂĐŚ͕ ĚƵĐĂƚŝŽŶ ĂŶĚ ŶƌŽůůŵĞŶƚ DĂƚĞƌŝĂůƐ ϭ͘ DĞŵďĞƌ KƵƚƌĞĂĐŚ ĂŶĚ ĚƵĐĂƚŝŽŶ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ͕ ĞdžĞĐƵƚĞ͕ ĂŶĚ ŵĂŝŶƚĂŝŶ ĂŶ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĐĂŵƉĂŝŐŶ ƐƚƌĂƚĞŐLJ ƚĂƌŐĞƚĞĚ ƚŽ ŵĞĞƚ ƚŚĞ ŝĚĞŶƚŝĨŝĞĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞŶƌŽůůŵĞŶƚ ŶĞĞĚƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ƚŚŽƐĞ ǁŚŽ ƐƵƉƉŽƌƚ ƚŚĞŵ ďĞĨŽƌĞ͕ ĚƵƌŝŶŐ ĂŶĚ ĂĨƚĞƌ ŵĂŶĂŐĞĚ ĐĂƌĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĐĂŵƉĂŝŐŶ ƐƚƌĂƚĞŐLJ ĂƉƉƌŽĂĐŚ ŵƵƐƚ ƌĞĨůĞĐƚ ƚŚĞ ŶĞĞĚƐ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ ĂƵĚŝĞŶĐĞƐ͗ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ŵĞŵďĞƌƐ ŽĨ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐ͕ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ ĨĂŵŝůLJ ŵĞŵďĞƌƐ͕ ƉƌŽǀŝĚĞƌƐ͕ W,WƐ͕ ĐŽƵŶƚLJ ^^ ŽĨĨŝĐĞƐ͕ W,,^ ŽĨĨŝĐĞƐ ĂŶĚ ĐŽŵŵƵŶŝƚLJͲďĂƐĞĚ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ǁŚŝĐŚ ŵĂLJ ƌŽƵƚŝŶĞůLJ ŝŶƚĞƌĂĐƚ ǁŝƚŚ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ Đ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĐĂŵƉĂŝŐŶ ƐƚƌĂƚĞŐLJ͕ ŵĂƚĞƌŝĂůƐ ĂŶĚ ĨŽƌŵĂƚƐ ;Ğ͘Ő͕͘ ƉƌŝŶƚ͕ ĞůĞĐƚƌŽŶŝĐͿ ŵƵƐƚ ƚĂŬĞ ŝŶƚŽ ĂĐĐŽƵŶƚ͗ ŝ͘ DĞĚŝĐĂŝĚ ƉŽƉƵůĂƚŝŽŶ ƐŝnjĞ ĂŶĚ ŐĞŽŐƌĂƉŚŝĐͬƌĞŐŝŽŶĂů ŶĞĞĚƐ Žƌ ĚŝĨĨĞƌĞŶĐĞƐ͖ ŝŝ͘ WƌŝŵĂƌLJ ůĂŶŐƵĂŐĞ ĂŶĚ ĨŝƌƐƚ ůĂŶŐƵĂŐĞ͖ ŝŝŝ͘ WĞŽƉůĞ ǁŝƚŚ ĚŝƐĂďŝůŝƚŝĞƐ͖ ŝǀ͘ WĞŽƉůĞ ǁŚŽ ŵĂLJ ďĞ ĚĞĂĨ͕ ŚĂƌĚ ŽĨ ŚĞĂƌŝŶŐ Žƌ ĚĞĂĨͲďůŝŶĚ͖ ǀ͘ WĞŽƉůĞ ǁŚŽ ŵĂLJ ďĞ ďůŝŶĚ Žƌ ǀŝƐƵĂůůLJ ŝŵƉĂŝƌĞĚ͖ ǀŝ͘ tĞď ĐŽŶƚĞŶƚ ĂĐĐĞƐƐŝďŝůŝƚLJ ŐƵŝĚĞůŝŶĞƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŵĞƌŝĐĂŶƐ ǁŝƚŚ ŝƐĂďŝůŝƚŝĞƐ Đƚ ; Ϳ͖ ǀŝŝ͘ >ŝƚĞƌĂĐLJ ƌĞĂĚŝŶŐ ĐĂƉĂďŝůŝƚLJ͖ ǀŝŝŝ͘ ŐĞ͖ ŝdž͘ ƵůƚƵƌĂů ŶĞĞĚƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞ͖ dž͘ ŐĞͲƐƉĞĐŝĨŝĐ Žƌ ŽƚŚĞƌ ƚĂƌŐĞƚĞĚ ůĞĂƌŶŝŶŐ ƐŬŝůůƐ Žƌ ĐĂƉĂďŝůŝƚŝĞƐ͖ džŝ͘ ďŝůŝƚLJ ƚŽ ĂĐĐĞƐƐ ĂŶĚ ƵƐĞ ƚĞĐŚŶŽůŽŐLJ͖ ĂŶĚ džŝŝ͘ &ĞĚĞƌĂů ĂŶĚ ƐƚĂƚĞ ƐƚĂƚƵƚĞƐ ĂŶĚ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ ĂƵdžŝůŝĂƌLJ ĂŝĚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ͘ Ě͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĐŽůůĂďŽƌĂƚĞ ǁŝƚŚ ĐŽƵŶƚLJ ^^ ŽĨĨŝĐĞƐ͕ W,,^ ŽĨĨŝĐĞƐ͕ ĐŽŵŵƵŶŝƚLJ ďĂƐĞĚ ĂŶĚ ĂĚǀŽĐĂĐLJ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ƚŽ͗ ŝ͘ hŶĚĞƌƐƚĂŶĚ ƚŚĞ ŶĞĞĚƐ ŽĨ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶ ƐĞůĞĐƚĞĚ ůŽĐĂů ĐŽŵŵƵŶŝƚŝĞƐ ĂŶĚ ƌĞŐŝŽŶƐ ĂŶĚ ŝŶĐŽƌƉŽƌĂƚĞ ŝŶƚŽ ƚŚĞ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĐĂŵƉĂŝŐŶ ƐƚƌĂƚĞŐLJ͖ ĂŶĚ WĂŐĞ ϱϵ ŽĨ ϭϰϰ ŝŝ͘ ,ŽƐƚ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ ĚƵƌŝŶŐ ƚŚĞ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ ĨŽƌ ƚŚĞ ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ ŝŶ ĞĂĐŚ ŽĨ ƚŚĞ Ɛŝdž ;ϲͿ W,W ƌĞŐŝŽŶƐ ƚŽ ĞĚƵĐĂƚĞ ƉŽƚĞŶƚŝĂů ŵĞŵďĞƌƐ ĂŶĚ ŵĞŵďĞƌƐ ĂďŽƵƚ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͕ ŚŽǁ ƚŽ ƐĞůĞĐƚ Ă W,W͕ ŚŽǁ ƚŽ ƐĞůĞĐƚ Ă D,ͬW W͕ ĂŶĚ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐĞƐ͘ ϭ͘ ƵƌŝŶŐ ƚŚĞ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ ĨŽƌ ƚŚĞ ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ͕ ƚŚĞƌĞ ǁŝůů ďĞ Ăƚ ůĞĂƐƚ ƚǁŽ ;ϮͿ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ ƉĞƌ ƌĞŐŝŽŶ ƉĞƌ ŵŽŶƚŚ͕ ǁŝƚŚ ĞdžĂĐƚ ŶƵŵďĞƌ ŽĨ ĞǀĞŶƚƐ ƚŽ ďĞ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ;ƵƉ ƚŽ ĞŝŐŚƚ ;ϴͿ ĂĚĚŝƚŝŽŶĂů ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚͿ͘ Ϯ͘ dŚĞ ŶƵŵďĞƌ ĂŶĚ ůŽĐĂƚŝŽŶ ŽĨ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ ŵƵƐƚ ĐŽŶƐŝĚĞƌ ƚŚĞ ŶƵŵďĞƌ ŽĨ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƉĞƌ ƌĞŐŝŽŶ͕ ŐĞŽŐƌĂƉŚŝĐ ĚŝƐƉĞƌƐĂů ĂŶĚ ĐĂƉĂďŝůŝƚLJ ŽĨ ďĞŶĞĨŝĐŝĂƌŝĞƐ Žƌ ƚŚĞŝƌ ƐƵƉƉŽƌƚƐ ƚŽ ĂĐĐĞƐƐ ƚŚĞ ĞǀĞŶƚ͕ ĚĞŵĂŶĚ Žƌ ĂƚƚĞŶĚĂŶĐĞ Ăƚ ƚŚĞ ĞǀĞŶƚƐ͕ ĂŶĚ ŝŶĚĞƉĞŶĚĞŶƚ W,W ŽƵƚƌĞĂĐŚ ĂĐƚŝǀŝƚŝĞƐ͘ ŝŝŝ͘ ĨƚĞƌ ĞĂĐŚ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƌĞƉŽƌƚ ďĂĐŬ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Ăůů ĨĞĞĚďĂĐŬ ƌĞĐĞŝǀĞĚ ŽŶ ƚŚĞ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵ͕ ĂŶĚ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ ŝŶĨŽƌŵĂƚŝŽŶ͕ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ĨĂĐŝůŝƚŝĞƐ͕ ĂŶĚ ĂƐƐŽĐŝĂƚĞĚ ƚŽƉŝĐƐ͘ ŝǀ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĂůǁĂLJƐ ĐŽŶƐŝĚĞƌ ŵŽĚŝĨLJŝŶŐ͕ ƵƉĚĂƚŝŶŐ͕ ƌĞŵŽǀŝŶŐ͕ ĐŚĂŶŐŝŶŐ͕ Žƌ ĂĚĚŝŶŐ ŵĂƚĞƌŝĂůƐ͕ ĐĂůů ĐĞŶƚĞƌ ƐĐƌŝƉƚƐ͕ ĞŶƌŽůůŵĞŶƚ Žƌ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞĚƵƌĞƐ͕ ǁĞďƐŝƚĞ ĐŽŶƚĞŶƚ͕ ĞĚƵĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ͕ ŽƵƚƌĞĂĐŚ ĂĐƚŝǀŝƚŝĞƐ͕ ƉƌĞƐĞŶƚĂƚŝŽŶƐ Žƌ ŽƚŚĞƌ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ Žƌ ŽƉĞƌĂƚŝŽŶĂů ƉƌŽĐĞƐƐĞƐ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĞdžƉĞƌŝĞŶĐĞ ďĂƐĞĚ ŽŶ ĨĞĞĚďĂĐŬ͘ Ğ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƐƵďŵŝƚ ƚŚĞ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĐĂŵƉĂŝŐŶ ƐƚƌĂƚĞŐLJ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨŽƌ ĂƉƉƌŽǀĂů ǁŝƚŚŝŶ ƚŚŝƌƚLJ ;ϯϬͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ĂĨƚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ĨĨĞĐƚŝǀĞ ĂƚĞ͘ Ĩ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŝƐ ŝŶƚĞƌĞƐƚĞĚ ŝŶ ƚĞĐŚŶŽůŽŐŝĞƐ ƚŽ ƐƵƉƉŽƌƚ ŵĞŵďĞƌ ŽƵƚƌĞĂĐŚ͕ ƐƵĐŚ ĂƐ ŵŽďŝůŝƚLJ ĂŶĚ ƐŽĐŝĂů ŵĞĚŝĂ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚŽƵůĚ ƉƌŽǀŝĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƐƵƉƉŽƌƚ ĂĚĚŝƚŝŽŶĂů ƚĞĐŚŶŽůŽŐŝĞƐ ĂŶĚ ƚŚĞŝƌ ĞdžƉĞƌŝĞŶĐĞ ǁŚĞƌĞ ƉŽƐƐŝďůĞ͘ Ϯ͘ DĞŵďĞƌ ĚƵĐĂƚŝŽŶ DĂƚĞƌŝĂůƐ Ă͘ ŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŚĞƌĞŝŶ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ŵĞŵďĞƌ ĞĚƵĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ ƚŽ ƐƵƉƉŽƌƚ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ W,W ĂŶĚ D,ͬW W ƐĞůĞĐƚŝŽŶ͕ ƐƵďũĞĐƚ ƚŽ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƉƌŝŽƌ ƚŽ ƵƐĞ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚͬŽƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͘ ď͘ dŚĞ ŵĂƚĞƌŝĂůƐ ŵƵƐƚ ĐŽŶƚĂŝŶ ƐƵĨĨŝĐŝĞŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ĂƐƐŝƐƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ Žƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ŝŶ ƚŚĞ ƐĞůĞĐƚŝŽŶ ŽĨ Ă W,W ĂŶĚͬŽƌ D,ͬW W͕ ƚƌĂŶƐĨĞƌ ĨƌŽŵ ŽŶĞ W,W ƚŽ ĂŶŽƚŚĞƌ͕ ĚŝƐĞŶƌŽůůŵĞŶƚ ĨƌŽŵ Ă W,W͕ ĂƉƉĞĂů ƌŝŐŚƚƐ ĂŶĚ ƉƌŽĐĞƐƐ ĨŽƌ W,W ĞŶƌŽůůŵĞŶƚ Žƌ ĚŝƐĞŶƌŽůůŵĞŶƚ ĚĞĐŝƐŝŽŶ ŵĂĚĞ ďLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ Žƌ ĞƉĂƌƚŵĞŶƚ͕ ĚĞĐŝĚŝŶŐ ďĞƚǁĞĞŶ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂŶĚ ĨĞĞ ĨŽƌ ƐĞƌǀŝĐĞ ƉƌŽŐƌĂŵ ĨŽƌ ĞdžĞŵƉƚ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ƚŚĞ W,WƐ͘ Đ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶƐƵƌĞ ƚŚĂƚ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ĂƌĞ ĚĞǀĞůŽƉĞĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ůĂŶŐƵĂŐĞ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ĂĐĐĞƐƐŝďŝůŝƚLJ ƐƚĂŶĚĂƌĚƐ ĚĞĨŝŶĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͘ Ě͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶƐƵƌĞ ƚŚĂƚ Ăůů ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ͗ ŝ͘ ƌĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ĨĞĚĞƌĂů ƌĞŐƵůĂƚŝŽŶƐ͖ WĂŐĞ ϲϬ ŽĨ ϭϰϰ ŝŝ͘ ŽŵƉůLJ ǁŝƚŚ ƉƌŝǀĂĐLJ ĂŶĚ ƐĞĐƵƌŝƚLJ ƌĞƋƵŝƌĞŵĞŶƚƐ ƌĞůĂƚĞĚ ƚŽ ƉƌŽƚĞĐƚĞĚ ŚĞĂůƚŚ ŝŶĨŽƌŵĂƚŝŽŶ ĚĞĨŝŶĞĚ ďLJ &ĞĚĞƌĂů Žƌ EŽƌƚŚ ĂƌŽůŝŶĂ ůĂǁ͖ ŝŝŝ͘ ƌĞ ĂĐĐƵƌĂƚĞ ĂŶĚ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͖ ŝǀ͘ Ž ŶŽƚ ƵƐĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ Žƌ ^ƚĂƚĞ͛Ɛ ůŽŐŽ ǁŝƚŚŽƵƚ ƉƌŝŽƌ ĂƉƉƌŽǀĂů ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͖ ǀ͘ Ž ŶŽƚ ƐƉĞĐŝĨŝĐĂůůLJ ůŝƐƚ Žƌ ƌĞĨĞƌĞŶĐĞ ƉƌŽǀŝĚĞƌƐ ǁŚŽ ĂƌĞ ŶŽƚ ƉĂƌƚ ŽĨ ĂŶLJ EŽƌƚŚ ĂƌŽůŝŶĂ W,W ŶĞƚǁŽƌŬ Žƌ ŝƐ ƵŶĚĞƌ ĐŽŶƚƌĂĐƚ ǁŝƚŚ Ă ůŝĐĞŶƐĞĚ EŽƌƚŚ ĂƌŽůŝŶĂ W,W͖ ĂŶĚ ǀŝ͘ ƌĞ ĚŝƐƚƌŝďƵƚĞĚ ƚŚƌŽƵŐŚŽƵƚ EŽƌƚŚ ĂƌŽůŝŶĂ ĂƐ ĚĞƚĞƌŵŝŶĞĚ ŶĞĐĞƐƐĂƌLJ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͖ ƐƵĐŚ ĂƐ ƌĞŐŝŽŶĂů Žƌ ƐƚĂƚĞǁŝĚĞ ĚŝƐƚƌŝďƵƚŝŽŶ͘ Ğ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶƐƵƌĞ ƚŚĂƚ ŵĞŵďĞƌ ĞĚƵĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ ĂƌĞ ĂǀĂŝůĂďůĞ ĂŶĚ ĂĐĐĞƐƐŝďůĞ ƚŽ Ăůů ŵĞŵďĞƌƐ ĂŶĚ ƉŽƚĞŶƚŝĂů ŵĞŵďĞƌƐ͕ ŝŶĐůƵĚŝŶŐ ŝŶĚŝǀŝĚƵĂůƐ ǁŚŽ ŵĂLJ ŚĂǀĞ Ă ĚŝƐĂďŝůŝƚLJ͕ ŚĂǀĞ ůŝŵŝƚĞĚ ƌĞĂĚŝŶŐ ĐŽŵƉƌĞŚĞŶƐŝŽŶ ĂŶĚͬŽƌ ǁŚŽ ĂƌĞ ŶŽŶͲ ŶŐůŝƐŚ ƐƉĞĂŬŝŶŐ͘ Ĩ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŵĂŬĞ ĞĚƵĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ ĂǀĂŝůĂďůĞ ŝŶ ŚĂƌĚ ĐŽƉLJ ĂŶĚ ĞůĞĐƚƌŽŶŝĐ ĨŽƌŵ͕ ĂŶĚ ĂƌĞ ĂǀĂŝůĂďůĞ ƚŽ ĐŽƵŶƚLJ ^^ ŽĨĨŝĐĞƐ͕ W,,^ ŽĨĨŝĐĞ͕ ĂŶĚ ŽƚŚĞƌ ĞƉĂƌƚŵĞŶƚ ŽĨĨŝĐĞƐ ƐŽ ƚŚĂƚ ŵĞŵďĞƌƐ ĂŶĚ ƉŽƚĞŶƚŝĂů ŵĞŵďĞƌƐ ǁŚŽ ŵĂLJ ǀŝƐŝƚ ĐŽƵŶƚLJ ^^ Žƌ W,,^ ŽĨĨŝĐĞƐ ĐĂŶ ƚĂŬĞ ƚŚĞ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ƚŽ ƌĞǀŝĞǁ Ăƚ ƚŚĞŝƌ ĐŽŶǀĞŶŝĞŶĐĞ͘ Ő͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƐƵďŵŝƚ Ăůů ŵĞŵďĞƌ ĞĚƵĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨŽƌ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ĚŝƐƚƌŝďƵƚŝŶŐ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚͬŽƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ŶŽ ůĂƚĞƌ ƚŚĂŶ ŶŝŶĞƚLJ ;ϵϬͿ ĚĂLJƐ ƉƌŝŽƌ ƚŽ ƚŚĞ ĐƌŽƐƐͲ ŽǀĞƌ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ͘ ϯ͘ WĂƌƚŶĞƌƐŚŝƉƐ ǁŝƚŚ W,WƐ ĂŶĚ KŵďƵĚƐŵĂŶ WƌŽŐƌĂŵ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶŐĂŐĞ ŝŶ ũŽŝŶƚ ĐŽŵŵƵŶŝƚLJͲďĂƐĞĚ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ Žƌ ĂĐƚŝǀŝƚŝĞƐ ǁŝƚŚ ƚŚĞ ƐƚĂĨĨ ŽĨ ƚŚĞ KŵďƵĚƐŵĂŶ WƌŽŐƌĂŵ ĂŶĚ W,WƐ ĂƐ ƌĞƋƵĞƐƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͕ ŚĞĂůƚŚ ĨĂŝƌƐ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ĞǀĞŶƚƐ ƚŚĂƚ ŽĐĐƵƌ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ƉŽƐƐŝďůĞ ůŽĐĂƚŝŽŶƐ͗ ŝ͘ ŽŵŵƵŶŝƚLJ ĞŶƚĞƌƐ͖ ŝŝ͘ DĂƌŬĞƚƐͬDĂůůƐͬZĞƚĂŝů ƐƚĂďůŝƐŚŵĞŶƚƐ͖ ŝŝŝ͘ ,ŽƐƉŝƚĂůƐ͕ WŚĂƌŵĂĐŝĞƐ͕ ĂŶĚ KƚŚĞƌ WƌŽǀŝĚĞƌ ^ŝƚĞƐ͖ ŝǀ͘ ^ĐŚŽŽůƐ͖ ĂŶĚ ǀ͘ WƵďůŝĐ ůŝďƌĂƌŝĞƐ͘ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶŐĂŐĞ ŝŶ Ăƚ ůĞĂƐƚ ƚǁŽ ;ϮͿ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ ŝŶ ĞĂĐŚ ƌĞŐŝŽŶ ;dĂďůĞ ϭ Ͳ >ŝƐƚ ŽĨ ŽƵŶƚŝĞƐ ďLJ W,W ZĞŐŝŽŶͿ ŝŶ ĞĂĐŚ ŵŽŶƚŚ ŽĨ ƚŚĂƚ ƌĞŐŝŽŶ͛Ɛ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ͕ ǁŝƚŚ ĞdžĂĐƚ ŶƵŵďĞƌ ŽĨ ĞǀĞŶƚƐ ƚŽ ďĞ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĂĐĐŽƌĚŝŶŐ ƚŽ ŶƵŵďĞƌ ŽĨ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƉĞƌ ƌĞŐŝŽŶ͕ ŐĞŽŐƌĂƉŚŝĐ ĚŝƐƉĞƌƐĂů͕ ĂŶĚ ĐĂƉĂďŝůŝƚLJ ƚŽ ĂĐĐĞƐƐ ƚŚĞ ĞǀĞŶƚ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶŐĂŐĞ ŝŶ Ăƚ ůĞĂƐƚ ŽŶĞ ;ϭͿ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚ ƋƵĂƌƚĞƌůLJ ƚŚĞƌĞĂĨƚĞƌ͘ ŝ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƐƵďŵŝƚ ĨŽƌ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŚĞ ůŽĐĂƚŝŽŶ͕ ƚŝŵĞ͕ ĂŶĚ ŵĂƚĞƌŝĂůƐ ƚŽ ďĞ ƉƌŽǀŝĚĞĚ Ăƚ Ăůů ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŵƵƐƚ ĂůƐŽ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĞ ĐĂůů ĐĞŶƚĞƌ ƐĐƌŝƉƚƐ ƉƌŽǀŝĚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ƚŚĞ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ͘ WĂŐĞ ϲϭ ŽĨ ϭϰϰ ŝŝ͘ WƌŝŽƌ ƚŽ ŚŽƐƚŝŶŐ ĂŶ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉŽƐƚ ŵĞĞƚŝŶŐ ůŽĐĂƚŝŽŶƐ ĂŶĚ ƚŝŵĞƐ ŝŶ Ă ŵĂŶŶĞƌ ƚŽ ŵĂdžŝŵŝnjĞ ĂƚƚĞŶĚĂŶĐĞ ƐƵĐŚ ĂƐ͗ ϭ͘ /Ŷ ƚŚĞ ůŽĐĂů ƉĂƉĞƌ͖ Ϯ͘ ƚ ĐŽƵŶƚLJ ^^ ŽĨĨŝĐĞƐ Žƌ W,,^ ŽĨĨŝĐĞ͖ ϯ͘ KŶ ŝƚƐ ǁĞďƐŝƚĞ͖ ĂŶĚ ϰ͘ Ăůů ĞŶƚĞƌ ŚŽůĚ Žƌ /sZ ŵĞƐƐĂŐĞ͘ ŝŝŝ͘ ĨƚĞƌ ĞĂĐŚ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƌĞƉŽƌƚ ďĂĐŬ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Ăůů ĨĞĞĚďĂĐŬ ƌĞĐĞŝǀĞĚ ŽŶ ƚŚĞ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵ͕ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ ŝŶĨŽƌŵĂƚŝŽŶ͕ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ĨĂĐŝůŝƚŝĞƐ͕ ĂŶĚ ĂƐƐŽĐŝĂƚĞĚ ƚŽƉŝĐƐ͘ ŝǀ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĂůǁĂLJƐ ĐŽŶƐŝĚĞƌ ŵŽĚŝĨLJŝŶŐ͕ ƵƉĚĂƚŝŶŐ͕ ƌĞŵŽǀŝŶŐ͕ ĐŚĂŶŐŝŶŐ͕ Žƌ ĂĚĚŝŶŐ ŵĂƚĞƌŝĂůƐ͕ ĐĂůů ĐĞŶƚĞƌ ƐĐƌŝƉƚƐ͕ ĞŶƌŽůůŵĞŶƚ Žƌ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞĚƵƌĞƐ͕ ǁĞďƐŝƚĞ ĐŽŶƚĞŶƚ͕ ĞĚƵĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ͕ ŽƵƚƌĞĂĐŚ ĂĐƚŝǀŝƚŝĞƐ͕ ƉƌĞƐĞŶƚĂƚŝŽŶƐ Žƌ ŽƚŚĞƌ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ Žƌ ŽƉĞƌĂƚŝŽŶĂů ƉƌŽĐĞƐƐĞƐ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ ŵĞŵďĞƌ ĞdžƉĞƌŝĞŶĐĞ ďĂƐĞĚ ŽŶ ĨĞĞĚďĂĐŬ͘ ϰ͘ WĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ĐŽƵŶƚLJ ^^ ŽĨĨŝĐĞƐ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞƐƚĂďůŝƐŚ ĂŶ ŽŶŐŽŝŶŐ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ƚŚĞ ϭϬϬ ĐŽƵŶƚŝĞƐ͛ ^^ ŽĨĨŝĐĞƐ ƚŚĂƚ ƐƵƉƉŽƌƚ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ĞůŝŐŝďŝůŝƚLJ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ĚĞĚŝĐĂƚĞĚ ^^ͬ ŽƵŶƚLJ >ŝĂŝƐŽŶ ʹ ĂƐ ĚĞĨŝŶĞĚ ŝŶ dd ,D Ed ͗ EZK>>D Ed ZK< Z͛^ < z W Z^KEE >͘ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ĂŶĚ ŝŵƉůĞŵĞŶƚ Ă ^^ ĞŶŐĂŐĞŵĞŶƚ ƐƚƌĂƚĞŐLJ ƚŚĂƚ ĞŶƐƵƌĞƐ ƐĞĂŵůĞƐƐ ŝŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ ĐŽƵŶƚLJ ^^ ƐƚĂĨĨ ĂŶĚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͘ dŚĞ ƐƚƌĂƚĞŐLJ ŵƵƐƚ ŝŶĐůƵĚĞ ŵĞƚŚŽĚƐ ĨŽƌ ƐƵƉƉŽƌƚŝŶŐ ĐŽƵŶƚLJ ^^ ŽĨĨŝĐĞƐ ǁŝƚŚ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ͞ǁĂƌŵ ŚĂŶĚƐͲŽĨĨƐ͟ ďĞƚǁĞĞŶ ĐŽƵŶƚLJ ^^ ƐƚĂĨĨ ĂŶĚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŚĞŶ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƉƌĞƐĞŶƚ Žƌ ĐĂůů ŝŶ ƚŚĞ ĐŽƵŶƚLJ ^^ ŽĨĨŝĐĞ͘ ϱ͘ WĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ / W,,^ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞƐƚĂďůŝƐŚ ĂŶ ŽŶŐŽŝŶŐ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ƚŚĞ / W,,^ ƚŚĂƚ ƐƵƉƉŽƌƚƐ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƌĞĐŝƉŝĞŶƚƐ ǁŚŽ ĂƌĞ ƚƌŝďĂů ŵĞŵďĞƌƐ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ĚĞĚŝĐĂƚĞĚ dƌŝďĂů >ŝĂŝƐŽŶ ʹ ĂƐ ĚĞĨŝŶĞĚ ŝŶ dd ,D Ed ͗ EZK>>D Ed ZK< Z͛^ < z W Z^KEE >͘ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ĂŶĚ ŝŵƉůĞŵĞŶƚ Ă dƌŝďĂů ĞŶŐĂŐĞŵĞŶƚ ƐƚƌĂƚĞŐLJ ƚŚĂƚ ĞŶƐƵƌĞƐ ƐĞĂŵůĞƐƐ ŝŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ ůŽĐĂů W,,^ ƐƚĂĨĨ ĂŶĚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͘ dŚĞ ƐƚƌĂƚĞŐLJ ŵƵƐƚ ŝŶĐůƵĚĞ ŵĞƚŚŽĚƐ ĨŽƌ ƐƵƉƉŽƌƚŝŶŐ ƚŚĞ ůŽĐĂů W,,^ ŽĨĨŝĐĞ ǁŝƚŚ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĚĞǀĞůŽƉŝŶŐ ƌĞƐŽƵƌĐĞƐ ƚŚĂƚ ĂĚĚƌĞƐƐ ŚŽǁ / ĂŶĚ ŽƚŚĞƌ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ƉƌŽŐƌĂŵƐ ŵĂLJ ďĞ ĚŝĨĨĞƌĞŶƚ ĂŶĚ ŽƵƚƐŝĚĞ ŽĨ ƚŚĞ ƐƚĂƚĞ ƐLJƐƚĞŵ͕ ƐƵĐŚ ĂƐ &ĂŵŝůLJ ^ĂĨĞƚLJ ;ĐŚŝůĚ ǁĞůĨĂƌĞ ĂŶĚ ĂĚƵůƚ ƉƌŽƚĞĐƚŝǀĞ ƐĞƌǀŝĐĞƐͿ͕ ĞŶĞƌŐLJ ĂƐƐŝƐƚĂŶĐĞ ƉƌŽŐƌĂŵƐ͕ ĂŶĚ ĐŽŵŵŽĚŝƚŝĞƐ͘ Đ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƚŚĞ ĚŝĨĨĞƌĞŶƚ ƐĞƌǀŝĐĞ ƚLJƉĞƐ ĂŶĚ ďĞŶĞĨŝƚ ƉůĂŶƐ ĂǀĂŝůĂďůĞ ƚŚƌŽƵŐŚ ƚŚĞ dƌŝďĂů KƉƚŝŽŶ͕ ŝĨ ĨŝŶĂůŝnjĞĚ͘ ϲ͘ ŶŚĂŶĐĞĚ KƵƚƌĞĂĐŚ ĂŶĚ WŽƚĞŶƚŝĂů KŶƐŝƚĞ ^ƵƉƉŽƌƚ ʹ KWd/KE > ^ Zs/ ^ WĂŐĞ ϲϮ ŽĨ ϭϰϰ Ă͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƐĞĞŬƐ ƉƌŽƉŽƐĂůƐ ĨƌŽŵ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƚŽ ƉƌŽǀŝĚĞ ĞŶŚĂŶĐĞĚ ŽƵƚƌĞĂĐŚ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ůĞǀĞů ĞŶŐĂŐĞŵĞŶƚ ǁŝƚŚ ĐŽƵŶƚLJ ^^ͬ / W,,^ ŽĨĨŝĐĞƐ ƚŽ ĂƐƐŝƐƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶ ƚŚĞ ƚƌĂŶƐŝƚŝŽŶ ĨƌŽŵ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ƚŽ ŵĂŶĂŐĞ ĐĂƌĞ͘ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ĂŶĚ ƐƵďŵŝƚ ƚŚĞ ĨŽůůŽǁŝŶŐ ĨŽƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ŝ͘ ƉƌŽƉŽƐĂů ĨŽƌ ƉƌŽǀŝĚŝŶŐ ŽŶƐŝƚĞ ƐƵƉƉŽƌƚ ƚŽ ĞĂĐŚ ĐŽƵŶƚLJ ^^ͬ / W,,^ ŽĨĨŝĐĞƐ ďLJ ĂƐƐŝŐŶŝŶŐ ŽƵƚƌĞĂĐŚ ƐƚĂĨĨ ƚŽ ďĞ ƉŚLJƐŝĐĂůůLJ ůŽĐĂƚĞĚ ŝŶ ƚŚĞ ŽĨĨŝĐĞƐ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ŽĨ ƚŚĞ ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ ĨŽƌ Ă ŵŝŶŝŵƵŵ ŽĨ ĞŝŐŚƚ ;ϴͿ ŚŽƵƌƐ ƉĞƌ ǁĞĞŬ͘ ŝŝ͘ ƉƌŽƉŽƐĂů ĨŽƌ ƉƌŽǀŝĚŝŶŐ ĞŶŚĂŶĐĞĚ ƐƵƉƉŽƌƚ ƚŽ ůŽĐĂů ^^ͬ / W,,^ ŽĨĨŝĐĞƐ ĚƵƌŝŶŐ ŽƚŚĞƌ ƉŽƚĞŶƚŝĂů ƉĞĂŬ ƉĞƌŝŽĚƐ ƚŚĂƚ ŝŶĐůƵĚĞƐ ůŽĐĂƚŝŶŐ ŽƵƚƌĞĂĐŚ ƐƚĂĨĨ ŽŶƐŝƚĞ Ăƚ ƚŚĞ ůŽĐĂů ŽĨĨŝĐĞƐ͘ ŝŝŝ͘ ĂĐŚ ŽĨ ƚŚĞ ĂďŽǀĞ ƉƌŽƉŽƐĂůƐ ƐŚŽƵůĚ ŝŶĐůƵĚĞ͕ ďƵƚ ŶŽƚ ďĞ ůŝŵŝƚĞĚ ƚŽ͕ ƚŚĞ ĨŽůůŽǁŝŶŐ͗ Ă͘ DĞƚŚŽĚ ĨŽƌ ƉƌŽǀŝĚŝŶŐ ŽƵƚƌĞĂĐŚ͕ ŝ͘Ğ͘ ĨĂĐĞ ƚŽ ĨĂĐĞ͕ ƚĞůĞƉŚŽŶŝĐ͕ ĞƚĐ͘ ď͘ dĂƌŐĞƚ ŐƌŽƵƉƐ͕ ŝ͘Ğ͘ ĐƌŽƐƐͲŽǀĞƌ͕ ƉŽƉƵůĂƚŝŽŶƐ͕ ŶĞǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ͖ Đ͘ dŝŵĞĨƌĂŵĞƐ ĂŶĚ ŚŽƵƌƐ ŽĨ ŽƉĞƌĂƚŝŽŶ ĚƵƌŝŶŐ ǁŚŝĐŚ ƐƵƉƉŽƌƚ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ͖ Ě͘ ĚĞƚĂŝůĞĚ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ƚŚĞ ĂƉƉƌŽĂĐŚ ĂŶĚ ǁŽƌŬƉůĂŶ ĨŽƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͖ Ğ͘ ŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ ƚŚĞ ƉŚĂƐĞĚ ƌŽůůŽƵƚ ŽĨ ƚŚĞ ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ Ĩ͘ KƉƚŝŽŶƐ ĨŽƌ ŽĨĨĞƌŝŶŐ Žƌ ĞdžƉĂŶĚŝŶŐ ĞŶŚĂŶĐĞĚ ƐƵƉƉŽƌƚ ŽŶ Ă ƚĂƌŐĞƚĞĚ Žƌ ĂƐ ŶĞĞĚĞĚ ďĂƐŝƐ͖ Ő͘ KƚŚĞƌ ĂƐƉĞĐƚƐ Žƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ ŝŵƉĂĐƚŝŶŐ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ĂďŝůŝƚLJ ƚŽ ƐƵĐĐĞƐƐĨƵůůLJ ƉƌŽǀŝĚĞ ĞŶŚĂŶĐĞĚ ŽƵƚƌĞĂĐŚ͖ ĂŶĚ Ś͘ &ĞĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ŽŶƐŝƚĞ ĂŶĚ ĞŶŚĂŶĐĞĚ ƐƵƉƉŽƌƚ ĂƐ ŽƵƚůŝŶĞĚ ŝŶ dd ,D Ed ͗ K^d WZKWK^ >͘ ŝǀ͘ ŶŚĂŶĐĞĚ ŽƵƚƌĞĂĐŚ ĂŶĚͬŽƌ ƉŽƚĞŶƚŝĂů ŽŶƐŝƚĞ ƐĞƌǀŝĐĞƐ ĂƌĞ ŽƉƚŝŽŶĂů ƵŶĚĞƌ ƚŚŝƐ Z&W͕ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ĞŶŐĂŐĞ ƐŽŵĞ͕ Ăůů Žƌ ŶŽŶĞ ŽĨ ƚŚĞ ƐĞƌǀŝĐĞƐ ƐƵďŵŝƚƚĞĚ ďLJ KĨĨĞƌŽƌ͘ '͘ >ĂŶŐƵĂŐĞ͕ ĐĐĞƐƐŝďŝůŝƚLJ͕ ĂŶĚ ƵůƚƵƌĂů ŽŵƉĞƚĞŶĐLJ ϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶƐƵƌĞ ƚŚĂƚ Ăůů ĐŽŶƚĂĐƚ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐͬĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ ǁŚĞƚŚĞƌ ŽƌĂů Žƌ ǁƌŝƚƚĞŶ͕ ďĞ ĐƵůƚƵƌĂůůLJ ĐŽŵƉĞƚĞŶƚ͕ ĂƉƉƌŽƉƌŝĂƚĞ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ůŝƚĞƌĂĐLJ ůĞǀĞů ĂŶĚ ŝŶ Ă ŵĂŶŶĞƌ͕ ƚŚĂƚ ĂĐĐŽŵŵŽĚĂƚĞƐ ƚŚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐͬĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ǁŝƚŚ ĚĞǀĞůŽƉŵĞŶƚĂů ĂŶĚͬŽƌ ƉŚLJƐŝĐĂů ĚŝƐĂďŝůŝƚŝĞƐ ;Ğ͘Ő͕͘ ŵŽĚŝĨLJŝŶŐ ƐĐƌŝƉƚƐ Žƌ ŵĂƚĞƌŝĂůƐ ƚŽ ĂĚĚƌĞƐƐ ƚŚĞ ŶĞĞĚƐ ŽĨ ƚŚĞƐĞ ƉŽƉƵůĂƚŝŽŶƐ Žƌ ĐŽŵŵƵŶŝĐĂƚŝŶŐ ǁŝƚŚ ůĞŐĂůůLJ ƌĞƐƉŽŶƐŝďůĞ ƉĞƌƐŽŶƐͿ ĂƐ ĚĞĨŝŶĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͘ Ϯ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ϰϮ ͘&͘Z͘ ϰϯϴ͘ϭϬ;ĂͿ ƌĞƋƵŝƌĞƐ ƚŚĂƚ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ăůů ƌĞƋƵŝƌĞĚ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ŵĞŵďĞƌƐ ĂŶĚ ƉŽƚĞŶƚŝĂů ŵĞŵďĞƌƐ ŝŶ Ă ŵĂŶŶĞƌ ĂŶĚ ĨŽƌŵĂƚ ƚŚĂƚ WĂŐĞ ϲϯ ŽĨ ϭϰϰ ŵĂLJ ďĞ ĞĂƐŝůLJ ƵŶĚĞƌƐƚŽŽĚ ĂŶĚ ŝƐ ƌĞĂĚŝůLJ ĂĐĐĞƐƐŝďůĞ ďLJ ƐƵĐŚ ŵĞŵďĞƌƐ ĂŶĚ ƉŽƚĞŶƚŝĂů ŵĞŵďĞƌƐ͘ ϯ͘ EŽ ůĂƚĞƌ ƚŚĂŶ ŶŝŶĞƚLJ ;ϵϬͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ƉƌŝŽƌ ƚŽ ĐƌŽƐƐͲŽǀĞƌ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƐƵďŵŝƚ ƚŽ ƚŚĞ ^ƚĂƚĞ ĨŽƌ ƌĞǀŝĞǁ ĞdžĂŵƉůĞƐ͕ ƐĂŵƉůĞƐ ĂŶĚͬŽƌ ĚĞƚĂŝůĞĚ ŝŶĨŽƌŵĂƚŝŽŶ ƐƉĞĐŝĨŝĐĂůůLJ ƚĂŝůŽƌĞĚ ĨŽƌ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ŝƚƐ ĂďŝůŝƚLJ ƚŽ ŵĞĞƚ ƚŚĞƐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ϰ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶƐƵƌĞ ƚŚĂƚ ŽƌĂů͕ ǁƌŝƚƚĞŶ ůĂŶŐƵĂŐĞ ƚƌĂŶƐůĂƚŝŽŶ ĂŶĚ ŽƌĂů ƐŝŐŶ ůĂŶŐƵĂŐĞ ƐĞƌǀŝĐĞƐ ĂƌĞ ƉƌŽǀŝĚĞĚ ĂƐ ůĞŐĂůůLJ ƌĞƋƵŝƌĞĚ ĂŶĚ ĐĂŶ ĂĐĐŽŵŵŽĚĂƚĞ ĚŝĂůĞĐƚƐ ĂŶĚ ŽƚŚĞƌ ďĞŶĞĨŝĐŝĂƌLJ ŶĞĞĚƐ͘ ϱ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĐŽŶƐƵůƚ ǁŝƚŚ ĂŶĚ ĐŽŵƉůLJ ǁŝƚŚ ƉƌĂĐƚŝĐĞƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ KĨĨŝĐĞ ŽĨ ŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ƌĞĂƚŝǀĞ ^ĞƌǀŝĐĞƐ ĂŶĚ ƚŚĞ DĞĚŝĐĂŝĚ ŽŵŵƵŶŝĐĂƚŝŽŶƐ dĞĂŵ͘ ϲ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶƐƵƌĞ ƚŚĂƚ Ăůů ǁƌŝƚƚĞŶ ŵĂƚĞƌŝĂůƐ ŵƵƐƚ ďĞ ĐƵůƚƵƌĂůůLJ ĐŽŵƉĞƚĞŶƚ ĂŶĚ ŽĨĨĞƌĞĚ Ăƚ ŶŽ ĐŽƐƚ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ Žƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͘ tƌŝƚƚĞŶ ŵĂƚĞƌŝĂůƐ ŵƵƐƚ͗ Ă͘ Ğ ǁƌŝƚƚĞŶ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ƐƐŽĐŝĂƚĞĚ WƌĞƐƐ ^ƚLJůĞŬ ĂŶĚ ĞƉĂƌƚŵĞŶƚͲƐƉĞĐŝĨŝĐ ƐƚLJůĞ ŐƵŝĚĞ͖ ď͘ Ğ ĚĞƐŝŐŶĞĚ ƚŽ ĂĐĐŽŵŵŽĚĂƚĞ ƐĐƌĞĞŶ ƌĞĂĚĞƌƐ͖ Ğ͘Ő͕͘ ƌĞĂĚŝŶŐ ŽƌĚĞƌ͕ ƚĂŐƐ͕ ůƚ dĞdžƚ ůĂďĞůƐ͕ ĐĂƉƚŝŽŶƐ͖ ĂŶĚ ĞůŝŵŝŶĂƚŝŽŶ ŽĨ ŵƵůƚŝƉůĞ ƐƉĂĐĞƐ͕ ďůĂŶŬ ůŝŶĞƐ͕ ĂŶĚ ŽƚŚĞƌ ŝŶƚĞƌĨĞƌĞŶĐĞ͖ Đ͘ hƐĞ Ă ƐĂŶ ƐĞƌŝĨ ĨŽŶƚ ŝŶ Ă ƚLJƉĞ ƐŝnjĞ ĂƉƉƌŽƉƌŝĂƚĞ ƚŽ ƚŚĞ ĂƵĚŝĞŶĐĞ͕ ĂŶĚ ƚŚĂƚ ƚĂŬĞƐ ƚŚĞ ĨŽŶƚ ŝŶƚŽ ĂĐĐŽƵŶƚ ;ŐĞŶĞƌĂůůLJ ϭϰͲϭϲ ƉŽŝŶƚƐͿ͖ Ě͘ Ğ ŵĂĚĞ ĂǀĂŝůĂďůĞ ŝŶ ĂůƚĞƌŶĂƚŝǀĞ ĨŽƌŵĂƚƐ ƵƉŽŶ ƌĞƋƵĞƐƚ ŽĨ ƚŚĞ ƉŽƚĞŶƚŝĂů ŵĞŵďĞƌ Žƌ ŵĞŵďĞƌ Ăƚ ŶŽ ĐŽƐƚ͖ ĂŶĚ Ğ͘ /ŶĐůƵĚĞ ƚĂŐůŝŶĞ ŝŶ ƚŚĞ ƚŽƉ ϭϱ ůĂŶŐƵĂŐĞƐ ƐƉŽŬĞŶ ďLJ ŝŶĚŝǀŝĚƵĂůƐ ǁŝƚŚ ůŝŵŝƚĞĚ ŶŐůŝƐŚ ƉƌŽĨŝĐŝĞŶĐLJ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ ŽŶ Ăůů ĚŽĐƵŵĞŶƚƐ ƚŚĂƚ ĞdžƉůĂŝŶƐ ƚŚĞ ĂǀĂŝůĂďŝůŝƚLJ ŽĨ ǁƌŝƚƚĞŶ ƚƌĂŶƐůĂƚŝŽŶ Žƌ ŽƌĂů ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ƚŽ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĂĐĐŽƌĚŝŶŐ ƚŽ ϰϮ ͘&͘Z͘ Α ϰϯϴ͘ϭϬ ĂŶĚ ϰϮ ͘&͘Z͘ Α WĂƌƚ ϵϮ͘ ůƚ dĞdžƚ ŵĞĂŶƐ ĂĐĐĞƐƐŝďůĞ ĨŽƌ ƐĐƌĞĞŶ ƌĞĂĚĞƌƐ ĂŶĚ ŝƐ Ă ĨĞĂƚƵƌĞ ƚŽ ƉƌŽǀŝĚĞ ƚĞdžƚ ĚĞƐĐƌŝƉƚŝŽŶƐ ŽĨ ŝŵĂŐĞƐ ŽŶ ĞůĞĐƚƌŽŶŝĐ ĚŽĐƵŵĞŶƚƐ ƐƵĐŚ ĂƐ ǁĞďƐŝƚĞƐ ĂŶĚ ŝŶ ŵŽƐƚ DŝĐƌŽƐŽĨƚ KĨĨŝĐĞ WƌŽŐƌĂŵƐ͘ >ĂƌŐĞ ƉƌŝŶƚ ŵĞĂŶƐ ƉƌŝŶƚĞĚ ŝŶ Ă ĨŽŶƚ ƐŝnjĞ ŶŽ ƐŵĂůůĞƌ ƚŚĂŶ ĞŝŐŚƚĞĞŶ ;ϭϴͿ ƉŽŝŶƚƐ͘ ϳ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶƐƵƌĞ ƚŚĂƚ ŝƚƐ ƐƚĂĨĨ ŚĂǀĞ ŬŶŽǁůĞĚŐĞ ĂŶĚ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƐƉĞĐŝĨŝĐĂůůLJ ĨŽƌ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ďĂƐĞĚ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ dƌŝďĞ ŽĨ ƚŚĞ ĂƐƚĞƌŶ ĂŶĚ ŽĨ ŚĞƌŽŬĞĞ /ŶĚŝĂŶƐ͕ ŝƚƐ ŚŝƐƚŽƌLJ͕ ĐƵůƚƵƌĞ͕ ĂŶĚ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ƚŚĂƚ ŽŶ ĞŶŐĂŐĞŵĞŶƚ ĂŶĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ƐƚLJůĞƐ ŵŽƐƚ ĂƉƉƌŽƉƌŝĂƚĞ ǁŚĞŶ ŝŶƚĞƌĂĐƚŝŶŐ ǁŝƚŚ / ŵĞŵďĞƌƐ ƐƉĞĐŝĨŝĐĂůůLJ͗ Ă͘ ǁĂƌĞŶĞƐƐ ĂŶĚ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ ŝŵƉĂĐƚ ƚŚĂƚ ŚŝƐƚŽƌLJ ŚĂƐ ŽŶ EĂƚŝǀĞ ŵĞƌŝĐĂŶ ĐƵůƚƵƌĞ ĂŶĚ ŚŽǁ ƚŚĂƚ ŶĞŐĂƚŝǀĞ ŝŶĨůƵĞŶĐĞ ŚĂƐ ĐƌĞĂƚĞĚ ďĂƌƌŝĞƌƐ ƚŽ ŚĞĂůƚŚĐĂƌĞ ĂŶĚ ƐĞƌǀŝĐĞƐ͖ WĂŐĞ ϲϰ ŽĨ ϭϰϰ ď͘ <ŶŽǁůĞĚŐĞ ŽĨ ŵĂŶĂŐĞĚ ĐĂƌĞ dƌŝďĂů ŽƉƚŝŽŶ ŝĨ ĂǀĂŝůĂďůĞ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ͖ Đ͘ ďŝůŝƚLJ ƚŽ ĂĚĂƉƚ ŝŶĚŝǀŝĚƵĂů ĞŶŐĂŐĞŵĞŶƚ ƐƚƌĂƚĞŐŝĞƐ ƚŽ Ĩŝƚ ƚŚĞ ĐƵůƚƵƌĂů ŶĞĞĚƐ ŽĨ ƚƌŝďĂů ŵĞŵďĞƌƐ͖ ĂŶĚ Ě͘ <ŶŽǁůĞĚŐĞ ŽĨ ĚŝĨĨĞƌĞŶĐĞƐ ďĞƚǁĞĞŶ &ĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐ ĂŶĚ ƐƚĂƚĞ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐ ŝŶĐůƵĚŝŶŐ ďĞŶĞĨŝƚ ƉůĂŶ͕ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ĞůŝŐŝďŝůŝƚLJ ĂŶĚ ŽƚŚĞƌ ĂůůŽǁĂŶĐĞƐͬĞdžĐĞƉƚŝŽŶƐ ĂƐ ĂƉƉůŝĞĚ ĨŽƌ ĨĞĚĞƌĂů ĂŶĚ ƐƚĂƚĞ dƌŝďĞƐ ;Ğ͘Ő͘ &ĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐ ĞůŝŐŝďůĞ ĨŽƌ ƚŚĞ dƌŝďĂů KƉƚŝŽŶ͕ DĞĚŝĐĂŝĚ ŝƐ ƉĂLJĞƌ ŽĨ ĨŝƌƐƚ ƌĞƐŽƌƚ ĨŽƌ &ĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐͿ͘ ϴ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶƐƵƌĞ ƚŚĂƚ ŵĂƚĞƌŝĂůƐ ĂǀĂŝůĂďůĞ ŽŶ ƚŚĞ ŝŶƚĞƌŶĞƚ ĨŽůůŽǁ ƚŚĞ ĐƵƌƌĞŶƚ ƌĞůĞĂƐĞ ŽĨ ǁĞď ĐŽŶƚĞŶƚ ĂĐĐĞƐƐŝďŝůŝƚLJ ŐƵŝĚĞůŝŶĞƐ ƉƵďůŝƐŚĞĚ ďLJ ƚŚĞ tĞď ĐĐĞƐƐŝďŝůŝƚLJ /ŶŝƚŝĂƚŝǀĞ ĂŶĚ ŽƵƚůŝŶĞĚ ŝŶ ^ĞĐ͘ ϱϬϴ ŽĨ ƚŚĞ ZĞŚĂďŝůŝƚĂƚŝŽŶ Đƚ ŽĨ ϭϵϳϯ ĂƐ ĂŵĞŶĚĞĚ :ĂŶƵĂƌLJ ϮϬϭϳ͘ ůů ŵĂƚĞƌŝĂůƐ ŵĂĚĞ ĂǀĂŝůĂďůĞ ĞůĞĐƚƌŽŶŝĐĂůůLJ ŵƵƐƚ ďĞ ĂĐĐĞƐƐŝďůĞ ŽŶ ƵƐĞƌ ĂŐĞŶƚƐ͕ ƐƵĐŚ ĂƐ ŵŽďŝůĞ ƉŚŽŶĞƐ͘ ůů ŝŶƚĞƌŶĞƚ ĐŽŶƚĞŶƚ ŵƵƐƚ ŵĞĞƚ ƚŚĞ ƐĂŵĞ ůŝƚĞƌĂĐLJ ƐƚĂŶĚĂƌĚƐ ŝĚĞŶƚŝĨŝĞĚ ĨŽƌ ǁƌŝƚƚĞŶ ŵĂƚĞƌŝĂůƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚŝƐ Z&W͘ ϵ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶƐƵƌĞ ƚŚĂƚ Ăůů ĂƵĚŝŽͲƌĞůŝĂŶƚ ŵĂƚĞƌŝĂůƐ͕ ƐƵĐŚ ĂƐ ǀŝĚĞŽƐ͕ ǁĞďŝŶĂƌƐ͕ ĂŶĚ ƌĞĐŽƌĚĞĚ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ŚĂǀĞ ĂĐĐĞƐƐŝďůĞ ĐĂƉƚŝŽŶŝŶŐ Ăƚ ƚŚĞ ƚŝŵĞ ƚŚĞLJ ĂƌĞ ŵĂĚĞ ĂǀĂŝůĂďůĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ŝŶ ƚŚĞŝƌ ŽƌŝŐŝŶĂů ĨŽƌŵĂƚ͘ ϭϬ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐŝŐŶ ůĂŶŐƵĂŐĞ ŝŶƚĞƌƉƌĞƚĞƌƐ ŝĨ ĐůŽƐĞĚ ĐĂƉƚŝŽŶŝŶŐ ŝƐ ŶŽƚ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ĂƵdžŝůŝĂƌLJ ĂŝĚ ĨŽƌ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͘ ϭϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĂƐƐŝƐƚŝǀĞ ůŝƐƚĞŶŝŶŐ ĚĞǀŝĐĞƐ ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂů ƐŝŐŶ ůĂŶŐƵĂŐĞ ŝŶƚĞƌƉƌĞƚĞƌƐ ĚƵƌŝŶŐ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ĂŶĚ ŽƚŚĞƌ ĞǀĞŶƚƐ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌLJ ĂƵĚŝĞŶĐĞƐ͘ ϭϮ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĐŽŵƉůLJ ǁŝƚŚ ƚĞĐŚŶŝĐĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ƌĞŐĂƌĚŝŶŐ ůĂŶŐƵĂŐĞ ĂĐĐĞƐƐŝďŝůŝƚLJ ĂƐ ƌĞƋƵŝƌĞĚ ďLJ dŝƚůĞ s/ ŽĨ ƚŚĞ ŝǀŝů ZŝŐŚƚƐ Đƚ ŽĨ ϭϵϲϰ ŝŶĐůƵĚŝŶŐ͗ Ă͘ ^ƉĞĐŝĨŝĐ ĂƉƉƌŽĂĐŚĞƐ ƚŚĂƚ ƐƵƉƉŽƌƚ ŵƵůƚŝƉůĞ ůĂŶŐƵĂŐĞƐ ĂŶĚ ĐƵůƚƵƌĂů ŶĞĞĚƐ ĂŶĚ ĂƌĞ ĂĐĐĞƐƐŝďůĞ ƚŽ ƉĞƌƐŽŶƐ ǁŝƚŚ ůŝŵŝƚĞĚ ŶŐůŝƐŚ ƉƌŽĨŝĐŝĞŶĐLJ͕ ĂŶĚ ƉĞƌƐŽŶƐ ǁŝƚŚ ĚŝƐĂďŝůŝƚŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ƉĞƌƐŽŶƐ ǁŚŽ ĂƌĞ ďůŝŶĚ Žƌ ǀŝƐƵĂůůLJ ŝŵƉĂŝƌĞĚ͖ ď͘ ĚŚĞƌĞŶĐĞ ƚŽ ĂĐĐĞƐƐŝďŝůŝƚLJ ƐƚĂŶĚĂƌĚƐ ĨŽƌ ŽƌĂů ĂŶĚ ǁƌŝƚƚĞŶ ĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ddz ĂŶĚ ƌĞůĂLJ ƐĞƌǀŝĐĞƐ͖ Đ͘ DĞĂŶƐ ďLJ ǁŚŝĐŚ ƉĞƌƐŽŶƐ ǁŝƚŚ ůŝŵŝƚĞĚ ŶŐůŝƐŚ ƉƌŽĨŝĐŝĞŶĐLJ ǁŝůů ďĞ ŝŶĨŽƌŵĞĚ ŽĨ ƚŚĞ ůĂŶŐƵĂŐĞ ƐĞƌǀŝĐĞƐ ĂǀĂŝůĂďůĞ ƚŽ ƚŚĞŵ ĂŶĚ ŚŽǁ ƚŽ ŽďƚĂŝŶ ƚŚĞŵ͖ ĂŶĚ Ě͘ dƌĂŶƐůĂƚŝŽŶ ŽĨ ŵĂƚĞƌŝĂůƐ ŝŶƚŽ ^ƉĂŶŝƐŚ ĂŶĚ ƵƉ ƚŽ ƚŚƌĞĞ ĂĚĚŝƚŝŽŶĂů ůĂŶŐƵĂŐĞƐ͕ ĂƐ ƌĞƋƵŝƌĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ϭϯ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŚĂǀĞ ŝŶƚĞƌƉƌĞƚĞƌ ƐĞƌǀŝĐĞƐ ĂǀĂŝůĂďůĞ ĨŽƌ ŽƌĂů ĐŽŶƚĂĐƚƐ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ǁŚŽƐĞ ƉƌŝŵĂƌLJ ůĂŶŐƵĂŐĞ ŝƐ ŶŽƚ ŶŐůŝƐŚ͘ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĐĂůůĞƌƐ ǁŚŽ ƉƌĞĨĞƌ ƚŽ ĐŽŶǀĞƌƐĞ ŝŶ ^ƉĂŶŝƐŚ ǁŝƚŚ ĐĂůů ĐĞŶƚĞƌ ƐĞƌǀŝĐĞƐ ƌĞƋƵŝƌĞĚ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚŝƐ Z&W͘ WĂŐĞ ϲϱ ŽĨ ϭϰϰ ď͘ ůů ŽƚŚĞƌ ůĂŶŐƵĂŐĞƐ ƐŚĂůů ďĞ ŚĂŶĚůĞĚ ƚŚƌŽƵŐŚ Ă ůĂŶŐƵĂŐĞ ůŝŶĞ ƐĞƌǀŝĐĞ Ăƚ ŶŽ ĐŽƐƚ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ Žƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ KƌĂů ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ ŵƵƐƚ ďĞ ĂǀĂŝůĂďůĞ ŝŶ Ăůů ůĂŶŐƵĂŐĞƐ ƌĞƋƵŝƌĞĚ ďLJ ƌĞŐƵůĂƚŝŽŶ Žƌ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƌĞƉŽƌƚ ďĂĐŬ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ Ăƚ Ă ŵŝŶŝŵƵŵ͗ ŝ͘ dŚĞ ŶƵŵďĞƌ ŽĨ ƚŝŵĞƐ ƚŚĞ ůĂŶŐƵĂŐĞ ůŝŶĞ ŝƐ ƌĞƋƵĞƐƚĞĚ ďLJ ůĂŶŐƵĂŐĞ͖ ŝŝ͘ ĞŶĞĨŝĐŝĂƌLJ / ŽĨ ŵĞŵďĞƌ ƌĞƋƵĞƐƚŝŶŐ ƚŚĞ ůĂŶŐƵĂŐĞ ůŝŶĞ͖ ĂŶĚ ŝŝŝ͘ >ĂŶŐƵĂŐĞ ƌĞƋƵĞƐƚĞĚ ĨŽƌ Žƌ ďLJ ĞĂĐŚ ďĞŶĞĨŝĐŝĂƌLJ͘ Đ͘ tŚĞŶ ĐŽŵƉůĞƚŝŶŐ W,W ĂŶĚ D,ͬW W ĞŶƌŽůůŵĞŶƚ Žƌ ĚŝƐĞŶƌŽůůŵĞŶƚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞƚĞƌŵŝŶĞ ŝĨ ƚŚĞ ŵĞŵďĞƌ Žƌ ƉŽƚĞŶƚŝĂů ŵĞŵďĞƌ ŚĂƐ ƐƉĞĐŝĨŝĐ ůĂŶŐƵĂŐĞ ƉƌĞĨĞƌĞŶĐĞƐ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶƐƵƌĞ ƚŚĂƚ ŵĞŵďĞƌ ĂƐƐŝŐŶŵĞŶƚƐ ƚŽ W,WƐ ŝŶĐůƵĚĞ ƚŚĞŝƌ ůĂŶŐƵĂŐĞͬĐƵůƚƵƌĂů ƉƌĞĨĞƌĞŶĐĞ͕ ŝĨ ƐƚĂƚĞĚ͘ Ě͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƌĞĐŽƌĚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ůĂŶŐƵĂŐĞ ƉƌĞĨĞƌĞŶĐĞ ŝŶ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ĂŶĚ ƚƌĂŶƐŵŝƚ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Ăƚ Ă ĨƌĞƋƵĞŶĐLJ ĂŶĚ ĨŽƌŵĂƚ ƚŽ ďĞ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂĨƚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ďĞĐŽŵĞƐ ĞĨĨĞĐƚŝǀĞ͘ ϭϰ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĞŶƌŽůůŵĞŶƚ ŵĂƚĞƌŝĂůƐ ƚŽ ďĞ ƚƌĂŶƐůĂƚĞĚ ŝŶƚŽ ^ƉĂŶŝƐŚ͕ ĐůŽƐĞĚ ĐĂƉƚŝŽŶĞĚ͕ ĂĐĐĞƐƐŝďůĞ ďLJ ƐĐƌĞĞŶ ƌĞĂĚĞƌƐ Žƌ ŽƚŚĞƌ ďĞŶĞĨŝĐŝĂƌLJ ŶĞĞĚƐ Ăƚ ƚŚĞ ƚŝŵĞ ƚŚĞLJ ĂƌĞ ŵĂĚĞ ĂǀĂŝůĂďůĞ ŝŶ ƚŚĞŝƌ ŽƌŝŐŝŶĂů ĨŽƌŵ͘ tŝƚŚŝŶ ĨŽƌƚLJͲĨŝǀĞ ;ϰϱͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ŽĨ ŶŽƚŝĐĞ ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƚƌĂŶƐůĂƚĞ ĂŶĚ ŵĂŬĞ ĂǀĂŝůĂďůĞ ŵĂƚĞƌŝĂůƐ ŝŶ ůĂŶŐƵĂŐĞƐ ŝĚĞŶƚŝĨŝĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂƐ Ă ƉƌĞǀĂůĞŶƚ ŶŽŶͲ ŶŐůŝƐŚ ůĂŶŐƵĂŐĞ ƐƉŽŬĞŶ ďLJ ŵĞŵďĞƌƐ Žƌ ƉŽƚĞŶƚŝĂů ŵĞŵďĞƌƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ^ƚĂƚĞ͕ Ăƚ ŶŽ ĂĚĚŝƚŝŽŶĂů ĐŽƐƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͘ ϭϱ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƚĂŐůŝŶĞƐ ŝŶĚŝĐĂƚŝŶŐ ƚŚĞ ĂǀĂŝůĂďŝůŝƚLJ ŽĨ ůĂŶŐƵĂŐĞ ƐĞƌǀŝĐĞƐ ĨŽƌ ŝŶĚŝǀŝĚƵĂůƐ ǁŝƚŚ ůŝŵŝƚĞĚ ŶŐůŝƐŚ ƉƌŽĨŝĐŝĞŶĐLJ ŽŶ ǁĞďƐŝƚĞ ĐŽŶƚĞŶƚ ĂŶĚ ǁƌŝƚƚĞŶ ĚŽĐƵŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ĐƌƵĐŝĂů ĨŽƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ĂŶĚͬŽƌ ƐĞůĞĐƚŝŶŐ Ă W,W͘ ϭϲ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶƐƵƌĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ϰϮ ͘&͘Z͘ Α WĂƌƚ ϵϮ ǁŚŝĐŚ ƉƌŽŚŝďŝƚƐ ĚŝƐĐƌŝŵŝŶĂƚŝŽŶ ďĂƐĞĚ ŽŶ ƌĂĐĞ͕ ĐŽůŽƌ͕ ŶĂƚŝŽŶĂů ŽƌŝŐŝŶĂů ;ŝŶĐůƵĚŝŶŐ ŝŵŵŝŐƌĂƚŝŽŶ ƐƚĂƚƵƐ ĂŶĚ ŶŐůŝƐŚ ůĂŶŐƵĂŐĞ ƉƌŽĨŝĐŝĞŶĐLJͿ͘ ϭϳ͘ dŚĞ KĨĨĞƌ ŵƵƐƚ ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ ŵĞƌŝĐĂŶƐ ǁŝƚŚ ŝƐĂďŝůŝƚŝĞƐ Đƚ͘ ϭϴ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĐŽŵƉůLJ ǁŝƚŚ ^ĞĐƚŝŽŶ ϭϱϱϳ ŽĨ ƚŚĞ WĂƚŝĞŶƚ WƌŽƚĞĐƚŝŽŶ ĂŶĚ ĨĨŽƌĚĂďůĞ ĂƌĞ Đƚ͘ ,͘ Ăůů ĞŶƚĞƌ ^ƵƉƉŽƌƚ ĞƉĂƌƚŵĞŶƚ ŐŽĂů ŝƐ ƚŽ ƌĞĚƵĐĞ ƚŚĞ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ďƵƌĚĞŶ ŽŶ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ďLJ ƉƌŽǀŝĚŝŶŐ ĞĂƐLJ ĂĐĐĞƐƐ ƚŽ ŵĂŶĂŐĞ ƚŚĞŝƌ DĞĚŝĐĂŝĚ ƉƌŽŐƌĂŵ ďĞŶĞĨŝƚƐ͕ Ăƚ Ă ůŽǁ ĐŽƐƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞƌĞĨŽƌĞ͕ ŝŶ ĂĚĚŝƚŝŽŶ ƚŽ ĂŶ /ŶƚĞƌŶĞƚ ŽƉƚŝŽŶ ƚŽ ĞŶŐĂŐĞ ǁŝƚŚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵŝƌĞƐ Ă ĐĂůů ĐĞŶƚĞƌ ƚŽ ƉƌŽǀŝĚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ WĂŐĞ ϲϲ ŽĨ ϭϰϰ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ĂŶ ŽƉƚŝŽŶ ĂŶĚ ƐƵƉƉŽƌƚ ĂŶ ŝŶƚĞŐƌĂƚĞĚ ďĞŶĞĨŝĐŝĂƌLJ ĞdžƉĞƌŝĞŶĐĞ ƚŽ ŵĂŶĂŐĞ ƚŚĞŝƌ ĞŶƌŽůůŵĞŶƚ ŶĞĞĚƐ ŝŶ Ă ƐĞĂŵůĞƐƐ ŵĂŶŶĞƌ͘ ϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŝŶƐƚĂůů͕ ŽƉĞƌĂƚĞ͕ ŵŽŶŝƚŽƌ͕ ĂŶĚ ƐƵƉƉŽƌƚ ĂŶ ƵƚŽŵĂƚĞĚ sŽŝĐĞ ZĞƐƉŽŶƐĞ ^LJƐƚĞŵ ; sZ^Ϳ ǁŝƚŚ ĂƵƚŽŵĂƚĞĚ ĐĂůů ĚŝƐƚƌŝďƵƚŝŽŶ ƚŽ ĐĂůů ĐĞŶƚĞƌ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ƚŽ ƉƌŽǀŝĚĞ ĞŶƌŽůůŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ ĂŶĚ ƉƌŽĐĞƐƐŝŶŐ ŽĨ ƉůĂŶ ƐĞůĞĐƚŝŽŶ ĨŽƌ ƉŽƚĞŶƚŝĂů ĂŶĚ ĞdžŝƐƚŝŶŐ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ŵĞŵďĞƌƐ͕ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͘ Ϯ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶ ƐLJƐƚĞŵ ĂŶĚ ĐĂůů ĐĞŶƚĞƌ ŵƵƐƚ ďĞ ůŽĐĂƚĞĚ ǁŝƚŚŝŶ ƚŚĞ ĐŽŶƚŝŐƵŽƵƐ hŶŝƚĞĚ ^ƚĂƚĞƐ͕ ƉƌĞĨĞƌĂďůLJ ǁŝƚŚŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ĂŶĚ ŚĂǀĞ ƚŚĞ ĐĂƉĂďŝůŝƚLJ ƚŽ ĂĐĐĞƉƚ ůŽĐĂů ĂŶĚ ƚŽůůͲĨƌĞĞ ĐĂůůƐ͕ ŵĂŬĞ ŽƵƚďŽƵŶĚ ĐĂůůƐ͕ ĂŶĚ ŵĞĞƚ Ăůů ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚŝƐ Z&W͘ ϯ͘ dŚĞƐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŵƵƐƚ ďĞ ĐůĞĂƌůLJ ƐƚĂƚĞĚ ŝŶ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ƉƌŽƉŽƐĞĚ Ăůů ĞŶƚĞƌ ^ĞƌǀŝĐĞ >ĞǀĞů ŐƌĞĞŵĞŶƚ ; ^> Ϳ͘ Ă͘ ĂƉĂĐŝƚLJ ƚŽ ŚĂŶĚůĞ Ăůů ƚĞůĞƉŚŽŶĞ ĐĂůůƐ ĚƵƌŝŶŐ ƚŚĞ ŚŽƵƌƐ ŽĨ ŽƉĞƌĂƚŝŽŶ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚŝƐ ^ĞĐƚŝŽŶ͖ ď͘ WƌŽǀŝĚĞƐ ĐĂƉĂďŝůŝƚLJ ĨŽƌ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ Ăůů ĞŶƚĞƌͬ,ĞůƉ ĞƐŬ ƚŽ ŝŶĐůƵĚĞ͕ ǁŝƚŚŽƵƚ ůŝŵŝƚĂƚŝŽŶ͕ ŚĂƌĚǁĂƌĞ͕ ƐŽĨƚǁĂƌĞ͕ ĂŶĚ ƚŽůůͲĨƌĞĞ ƚĞůĞƉŚŽŶĞ ĂĐĐĞƐƐ ƚŽ ŽƉĞƌĂƚĞ ƚŚĞ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ Ăůů ĞŶƚĞƌͬ,ĞůƉ ĞƐŬ ^LJƐƚĞŵ Đ͘ ĂƉĂďŝůŝƚLJ ƚŽ ƌĞĐĞŝǀĞ ĐĂůůƐ ĂĨƚĞƌͲŚŽƵƌƐ ǁŝƚŚ ƚŚĞ ŽƉƚŝŽŶ ĨŽƌ ĐĂůůĞƌƐ ƚŽ ůĞĂǀĞ Ă ƌĞƋƵĞƐƚ ĨŽƌ Ă ĐĂůů ďĂĐŬ͘ /Ĩ Ă ƌĞƋƵĞƐƚ ĨŽƌ Ă ĐĂůů ďĂĐŬ ŝƐ ŵĂĚĞ͕ ƚŚĞ ƌĞƚƵƌŶ ƉŚŽŶĞ ĐĂůů ŵƵƐƚ ďĞ ŵĂĚĞ ƚŚĞ ĨŽůůŽǁŝŶŐ ďƵƐŝŶĞƐƐ ĚĂLJ ĚƵƌŝŶŐ ŶŽƌŵĂů ŚŽƵƌƐ ŽĨ ŽƉĞƌĂƚŝŽŶƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŵƵƐƚ ĂƉƉƌŽǀĞ ƚŚĞ ĂĨƚĞƌͲŚŽƵƌƐ ŵĞƐƐĂŐĞ͖ Ě͘ ďŝůŝƚLJ ƚŽ ŚĂŶĚůĞ ŝŶĐƌĞĂƐĞĚ ĐĂůů ǀŽůƵŵĞ ĚƵƌŝŶŐ ƉĞĂŬ ŚŽƵƌƐ͕ ĐƵƌƌĞŶƚůLJ ŝĚĞŶƚŝĨŝĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂƐ DŽŶĚĂLJ ʹ &ƌŝĚĂLJ͕ ϭϭ͗ϬϬ D ^d ʹ Ϯ͗ϬϬ WD ^d͕ ĂŶĚ ϱ͗ϬϬ WD ^d ʹ ϳ͗ϬϬWD ^d͕ ĂŶĚ ƐƵďũĞĐƚ ƚŽ ĐŚĂŶŐĞ ďĂƐĞĚ ŽŶ ĐĂůů ǀŽůƵŵĞ ƌĞƉŽƌƚƐ ŽŶĐĞ ŝŵƉůĞŵĞŶƚĞĚ͖ Ğ͘ ^ƚĂĨĨŝŶŐ ůĞǀĞůƐ ĂŶĚ ƚŚĞ ƚĞĐŚŶŽůŽŐLJ ĐĂƉĂĐŝƚLJ ĚƵƌŝŶŐ ĞƉĂƌƚŵĞŶƚ ŝŶŝƚŝĂƚŝǀĞƐ ƚŚĂƚ ǁŝůů ƌĞƋƵŝƌĞ ŵŽƌĞ ŝŶƚĞƌĂĐƚŝŽŶ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ ƐƵĐŚ ĂƐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ͕ ŶĞǁ ƉƌŽŐƌĂŵ ŝŵƉůĞŵĞŶƚĂƚŝŽŶƐ͕ ĞdžƉĂŶƐŝŽŶƐ ƚŽ ŵĞĞƚ ĐŽŶƚƌĂĐƚ ƐƚĂŶĚĂƌĚƐ͖ Ĩ͘ ĂƉĂĐŝƚLJ ƚŽ ŚĂŶĚůĞ Ăƚ Ă ŵŝŶŝŵƵŵ ŽŶĞ ŚƵŶĚƌĞĚ ;ϭϬϬͿ ĐĂůůƐ ƐŝŵƵůƚĂŶĞŽƵƐůLJ ĂŶĚ ŚĂǀĞ ƚŚĞ ƵƉŐƌĂĚĞ ĐĂƉĂďŝůŝƚLJ ƚŽ ƐŝŵƵůƚĂŶĞŽƵƐůLJ ŚĂŶĚůĞ Ăƚ ůĞĂƐƚ ŽŶĞ ŚƵŶĚƌĞĚͲĨŝĨƚLJ ;ϭϱϬͿ ĐĂůůƐ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚƐ Žƌ ŝŶ ƚŚĞ ĞǀĞŶƚ ŽĨ Ă W,W ƚĞƌŵŝŶĂƚŝŽŶ Žƌ ƐŝŐŶŝĨŝĐĂŶƚ ĂĚǀĞƌƐĞ ĐŚĂŶŐĞ ŝŶ Ă W,W ƉƌŽǀŝĚĞƌ ŶĞƚǁŽƌŬ ;Ğ͘Ő͕͘ ůŽƐƐ ŽĨ Ă ůĂƌŐĞ ĐůŝŶŝĐĂů Žƌ ŚŽƐƉŝƚĂů ƐLJƐƚĞŵͿ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŵƵƐƚ ƉƌŽǀŝĚĞ ŶŽƚŝĐĞ ƚŽ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ŽĨ ƚŚĞ ĞdžƉĞĐƚĞĚ ŶƵŵďĞƌ ŽĨ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŵƉĂĐƚĞĚ ǁŚŽ ŵĂLJ ŶĞĞĚ ĂƐƐŝƐƚĂŶĐĞ ƚƌĂŶƐŝƚŝŽŶŝŶŐ ƚŽ Ă ŶĞǁ W,W Žƌ ŚĂǀĞ ƋƵĞƐƚŝŽŶƐ ĂďŽƵƚ ƚŚĞ ƚƌĂŶƐŝƚŝŽŶ ĂƐ ƐŽŽŶ ĂƐ ƚŚĞ ŶĞĞĚ ŝƐ ŝĚĞŶƚŝĨŝĞĚ Žƌ ŶŽ ůĂƚĞƌ ƚŚĂŶ ϯϬ ĚĂLJƐ͘ Ő͘ ĂƉĂďŝůŝƚLJ ƚŽ ƵƚŝůŝnjĞ ĂŶ ŽǀĞƌĨůŽǁ ĐĂůů ĐĞŶƚĞƌ ǁŝƚŚ ŶŽ ĐŚĂŶŐĞ ŝŶ ĐĂůů ŚĂŶĚůŝŶŐ ƋƵĂůŝƚLJ Žƌ ƐĞƌǀŝĐĞ ůĞǀĞůƐ ĚĞƐĐƌŝďĞĚ ŚĞƌĞŝŶ͕ ŝŶ ƚŚĞ ƌĂƌĞ ĞǀĞŶƚ ƚŚĂƚ ĐĂůů ŚĂŶĚůŝŶŐ ĐĂƉĂĐŝƚLJ ŝƐ ĞdžĐĞĞĚĞĚ Ăƚ ƚŚĞ ƉƌŝŵĂƌLJ ĐĂůů ĐĞŶƚĞƌ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵĂLJ ƵƐĞ ĂŶ ŽǀĞƌĨůŽǁ ĐĂůů ĐĞŶƚĞƌ ŝŶ ĐĂƐĞƐ ǁŚĞŶ ƚŚĞ ƉƌŝŵĂƌLJ ĐĂůů ĐĞŶƚĞƌ ŝƐ ŶŽƚ ĂďůĞ ƚŽ ĂŶƐǁĞƌ ĐĂůůƐ ƉƌŽŵƉƚůLJ WĂŐĞ ϲϳ ŽĨ ϭϰϰ Ś͘ ŝ͘ ũ͘ Ŭ͘ ů͘ ŵ͘ Ŷ͘ Ž͘ Ɖ͘ Ƌ͘ ƌ͘ ĂŶĚ ƚŽ ƉƌĞǀĞŶƚ ĐĂůůĞƌƐ ĨƌŽŵ ǁĂŝƚŝŶŐ ďĞLJŽŶĚ ϯ ŵŝŶƵƚĞƐ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ĞŶƐƵƌĞ ŽǀĞƌĨůŽǁ ĐĂůů ĐĞŶƚĞƌ ƐƚĂĨĨ ŬŶŽǁ ŚŽǁ ƚŽ ŚĂŶĚůĞ Ă E ĐĂůů͕ ĂŶƐǁĞƌ ƚŚĞ ĐĂůů ǁŝƚŚŝŶ ƚŚĞ ƚŝŵĞ ĨƌĂŵĞ ŶĞĞĚĞĚ ĂŶĚ ƌĞĐŽƌĚ ƚŚĞ ĐĂůů ŝŶ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƉůĂƚĨŽƌŵ ƚŽ ĐĂƉƚƵƌĞ ĐƵƐƚŽŵĞƌ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ĨŽƌ ƌĞƉŽƌƚŝŶŐ ƉƵƌƉŽƐĞƐ͘ ĨĨĞĐƚŝǀĞůLJ ŵĂŶĂŐĞ Ăůů ĐĂůůƐ ƌĞĐĞŝǀĞĚ ďLJ ƚŚĞ ĂƵƚŽŵĂƚĞĚ ĐĂůů ĚŝƐƚƌŝďƵƚŽƌ ; Ϳ ĂŶĚ ĂƐƐŝŐŶ ŝŶĐŽŵŝŶŐ ĐĂůůƐ ƚŽ ĂƉƉƌŽƉƌŝĂƚĞ ĂǀĂŝůĂďůĞ ƐƚĂĨĨ͕ ŝ͘Ğ͘ ďŝůŝŶŐƵĂů͕ ŝŶ ĂŶ ĞĨĨŝĐŝĞŶƚ ŵĂŶŶĞƌ ĨĨĞĐƚŝǀĞůLJ ŵĂŶĂŐĞ ŽƵƚďŽƵŶĚ ĐĂůů ǀŽůƵŵĞ͖ WƌŽǀŝĚĞ ĞĚƵĐĂƚŝŽŶĂů ŵĞƐƐĂŐĞƐ Žƌ ŽƚŚĞƌ ŵĞƐƐĂŐĞƐ ǁŚŝĐŚ ŝŵƉƌŽǀĞ ƚŚĞ ĐƵƐƚŽŵĞƌ ĞdžƉĞƌŝĞŶĐĞ ;ŝ͘Ğ͘ ĂŶŶŽƵŶĐĞŵĞŶƚ ŽĨ ŶĞǁ ƉƌŽŐƌĂŵ ĐŚĂŶŐĞƐ Žƌ ƌĞŵŝŶĚĞƌƐͿ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŚŝůĞ ĐĂůůĞƌƐ ĂƌĞ ŽŶ ŚŽůĚ͖ ŶƐƵƌĞ ĐĂůů ĐĞŶƚĞƌ ŚĂƐ ƐƵĨĨŝĐŝĞŶƚ ƚĞĐŚŶŽůŽŐLJ ĂŶĚ ƚƌĂŝŶŝŶŐ ƚŽ ŚĂŶĚůĞ ĞĂĨ͕ ŚĂƌĚ ŽĨ ŚĞĂƌŝŶŐ ĂŶĚ ĞĂĨͲ ůŝŶĚ ĐĂůůĞƌƐ ƚŽ ŝŶĐůƵĚĞ ddz͕ ĂƉƚŝŽŶƐ ƉŚŽŶĞƐ ĂŶĚ ĂŵƉůŝĨŝĞĚ ƉŚŽŶĞƐ͖ dƌĂŶƐĨĞƌ ĐĂůůƐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ;&&^Ϳ WƌŽǀŝĚĞƌ ĂŶĚ DĞĚŝĐĂŝĚ ĐĂůů ĐĞŶƚĞƌƐ͕ ĐŽƵŶƚLJ ^^ Žƌ / W,,^ ŽĨĨŝĐĞƐ͕ ĂŶĚ Ăůů ƉĂƌƚŝĐŝƉĂƚŝŶŐ W,WƐ Žƌ >D ͲD KƐ ǁŚĞŶ ĂƉƉƌŽƉƌŝĂƚĞ ĂŶĚ ǁŝƚŚŽƵƚ ŝŵƉĂĐƚŝŶŐ ƚŚĞ ĐĂƉĂĐŝƚLJ ƚŽ ŚĂŶĚůĞ ŝŶͲďŽƵŶĚ ĐĂůůƐ ƐŝŵƵůƚĂŶĞŽƵƐůLJ͖ ŝƌĞĐƚ ĐĂůůƐ ƚŽ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ŵĞŵďĞƌ ĞŶƌŽůůŵĞŶƚ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ Z&W͖ ŝŐŝƚĂůůLJ ƌĞĐŽƌĚ ĂŶĚ ƐƚŽƌĞ ϭϬϬй ŽĨ ŝŶĐŽŵŝŶŐ ĂŶĚ ŽƵƚŐŽŝŶŐ ĐĂůůƐ ĨŽƌ ƋƵĂůŝƚLJ ĂƐƐƵƌĂŶĐĞ ƉƵƌƉŽƐĞƐ ĨŽƌ Ă ƉĞƌŝŽĚ ŽĨ ŶŽ ůĞƐƐ ƚŚĂŶ ƚǁĞůǀĞ ;ϭϮͿ ŵŽŶƚŚƐ͖ ůůŽǁ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞĂůͲƚŝŵĞ ƌĞŵŽƚĞ ĂĐĐĞƐƐ ǀŝĂ ƐĞĐƵƌĞ ŝŶƚĞƌŶĞƚ ĐŽŶŶĞĐƚŝŽŶ ƚŽ Ăůů ĐĂůů ƌĞĐŽƌĚŝŶŐƐ͕ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŚĂǀŝŶŐ ŽǁŶĞƌƐŚŝƉ ĂŶĚ ĐŽŶƚƌŽů ŽĨ ƚŚĞƐĞ ƌĞĐŽƌĚŝŶŐƐ͖ ŶƐƵƌĞ ƚŚĂƚ ƚĞůĞƉŚŽŶĞ ƚƌĂŶƐůĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ĂƌĞ ĂĐĐĞƐƐŝďůĞ ǀŝĂ ƚŚĞ ƚŽůůͲĨƌĞĞ ŶƵŵďĞƌ ĂŶĚ ƚŚĂƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ǁŝůů ďĞ ŝŶǀŽůǀĞĚ ŝŶ ƚŚƌĞĞͲǁĂLJ ĐŽŶǀĞƌƐĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ůĂŶŐƵĂŐĞ ůŝŶĞ ǁŝƚŚŽƵƚ ŚĂǀŝŶŐ ƚŽ ŵĂŬĞ ĂŶ ĂĚĚŝƚŝŽŶĂů ĐĂůů͖ ĂŶĚ ŽŵƉůLJ ǁŝƚŚ ůĂŶŐƵĂŐĞ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ĂĐĐĞƐƐŝďŝůŝƚLJ ƐƚĂŶĚĂƌĚƐ ĚĞĨŝŶĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͖ ĂŶĚ WƌŽǀŝĚĞ ƉĞŽƉůĞ ǁŚŽ ĂƌĞ ŚĂƌĚ ŽĨ ŚĞĂƌŝŶŐ ĂŶ ŽƉƚŝŽŶ ƚŽ ĐŽƌƌĞƐƉŽŶĚ ƚŚƌŽƵŐŚ ĞŵĂŝů͘ ϰ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŽƉĞƌĂƚĞ ƚŚĞ Ăůů ĞŶƚĞƌ Ăƚ Ă ŵŝŶŝŵƵŵ ĚƵƌŝŶŐ ĨŽůůŽǁŝŶŐ ƚŝŵĞƐ͗ Ă͘ ƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ĨŽƌ ƚŚĞ ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ͕ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ŶĞǁ Žƌ ĞdžƉĂŶĚĞĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉŽƉƵůĂƚŝŽŶƐ͕ ĂŶĚ ĞŵĞƌŐĞŶĐLJ ƐŝƚƵĂƚŝŽŶƐ ;ŝŶĐůƵĚŝŶŐ ŶĂƚƵƌĂů ĚŝƐĂƐƚĞƌƐ ƐƵĐŚ ĂƐ ŚƵƌƌŝĐĂŶĞƐͿ ĂƐ ĚĞƐŝŐŶĂƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŽƉĞƌĂƚĞ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ Ă ŵŝŶŝŵƵŵ ŽĨ ƚŚŝƌƚĞĞŶ ;ϭϯͿ ŚŽƵƌƐ Ă ĚĂLJ͕ ϳ͗ϬϬ D ^d ƚŽ ϴ͗ϬϬ WD ^d͕ ƐĞǀĞŶ ;ϳͿ ĚĂLJƐ Ă ǁĞĞŬ͘ ď͘ ƚ ŽƚŚĞƌ ƚŝŵĞƐ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŽƉĞƌĂƚĞ ƚŚĞ Ăůů ĞŶƚĞƌ ϳ͗ϬϬ D ^d ƚŽ ϱ͗ϬϬ WD ^d͕ DŽŶĚĂLJ ƚŚƌŽƵŐŚ ^ĂƚƵƌĚĂLJ͕ ŝŶĐůƵĚŝŶŐ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ŚŽůŝĚĂLJƐ͘ Đ͘ hŶĚĞƌ ƐƉĞĐŝĂů ĐŝƌĐƵŵƐƚĂŶĐĞ Ăƚ ƚŚĞ ƌĞƋƵĞƐƚ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ǁŽƌŬ ĞdžƚĞŶĚĞĚ ǁĞĞŬĞŶĚ ŚŽƵƌƐ ǁŝƚŚ Ăƚ ůĞĂƐƚ ƚŚŝƌƚLJ ;ϯϬͿ ĚĂLJƐ͛ ŶŽƚŝĐĞ ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ WĂŐĞ ϲϴ ŽĨ ϭϰϰ ϱ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ĂŶ sZ^ ĨŽƌ ƚŚĞ Ăůů ĞŶƚĞƌ ƚŚĂƚ ǁŝůů ƉƌŽŵƉƚ ĐĂůůĞƌƐ ƚŽ ĞŶƚĞƌ ƚŚĞŝƌ DĞĚŝĐĂŝĚ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŶƵŵďĞƌ Žƌ ĂŶ ĂůƚĞƌŶĂƚŝǀĞ ŝĚĞŶƚŝĨŝĞƌ ĂƐ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ŝĚĞŶƚŝĨLJ ƚŚĞ ŵĞŵďĞƌ ƉƌŝŽƌ ƚŽ ƚŚĞ ĐĂůů ďĞŝŶŐ ĚŝƐƚƌŝďƵƚĞĚ ƚŽ Ă ĐĂůů ĐĞŶƚĞƌ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͘ Ă͘ dŚĞ ǀŽŝĐĞ ƉƌŽŵƉƚ ŵƵƐƚ ďĞ Ă ƌĞĐŽƌĚĞĚ ǀŽŝĐĞ ŽĨ Ă ƌĞĂů ƉĞƌƐŽŶ ĂŶĚ ŶŽƚ Ă ĐŽŵƉƵƚĞƌͲ ŐĞŶĞƌĂƚĞĚ ǀŽŝĐĞ ŝŶ ŶŐůŝƐŚ ĂŶĚ ŝŶ ^ƉĂŶŝƐŚ Žƌ ŽƚŚĞƌ ůĂŶŐƵĂŐĞƐ ĚĞĞŵĞĚ ĂƉƉƌŽƉƌŝĂƚĞ ďLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͘ dŚĞ Ăůů ĞŶƚĞƌ ZĞƉƌĞƐĞŶƚĂƚŝǀĞ͛Ɛ ĐĂůů ĚŽĐƵŵĞŶƚĂƚŝŽŶ ƐŽĨƚǁĂƌĞ ŵƵƐƚ ďĞ ĂƵƚŽͲƉŽƉƵůĂƚĞĚ ǁŝƚŚ ƌĞůĞǀĂŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ĨƌŽŵ ƉƌŝŽƌ ĐŽŶƚĂĐƚƐ Žƌ ĐĂůůƐ ĂƐ ǁĞůů ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌLJ ĚĞŵŽŐƌĂƉŚŝĐ͕ ŵĞŵďĞƌ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĞůŝŐŝďŝůŝƚLJ ŝŶĨŽƌŵĂƚŝŽŶ ĨƌŽŵ E dƌĂĐŬƐͬE & ^d͕ ĂƐ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ď͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ƚĞĐŚŶŝĐĂů ŝŶƚĞŐƌĂƚŝŽŶ ĂƉƉƌŽĂĐŚ ;ƌĞĂůͲƚŝŵĞ ǁĞď ƐĞƌǀŝĐĞƐ͕ ďĂƚĐŚ͕ ŵĞƐƐĂŐŝŶŐ͕ ĞƚĐ͘Ϳ͕ ŚŽǁĞǀĞƌ ƌĞĂůͲƚŝŵĞ ǁĞď ƐĞƌǀŝĐĞƐ ĐĂůůƐ ĂƌĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƉƌĞĨĞƌƌĞĚ ĂƉƉƌŽĂĐŚ͘ Đ͘ LJ :ĂŶƵĂƌLJ ϭ͕ ϮϬϮϬ͕ ƵŶůĞƐƐ Ă ůĂƚĞƌ ĚĂƚĞ ŝƐ ƐƉĞĐŝĨŝĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ƚŚĞ sZ^ ŵƵƐƚ ĂůƐŽ ŚĂǀĞ ƚŚĞ ĐĂƉĂďŝůŝƚLJ ƚŽ ĂůůŽǁ ĐĂůůĞƌƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ǁŚĂƚ ƉůĂŶ ƚŚĞLJ ĂƌĞ ĐƵƌƌĞŶƚůLJ ĞŶƌŽůůĞĚ ǁŝƚŚ ĂŶĚͬŽƌ ǁŚĂƚ ƉůĂŶ ƚŚĞLJ ǁŝůů ďĞ ĞŶƌŽůůĞĚ ;ĞdžĐĞƉƚ ĚƵƌŝŶŐ ƚŚĞ ĐƌŽƐƐŽǀĞƌ ƉĞƌŝŽĚͿ ǁŝƚŚŝŶ ƚŚĞ ŶĞdžƚ ƚŚŝƌƚLJ ;ϯϬͿ ƚŽ ƐŝdžƚLJ ;ϲϬͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ďLJ ŬĞLJŝŶŐ ŝŶ ƚŚĞŝƌ DĞĚŝĐĂŝĚ / η Žƌ ĂŶ ĂůƚĞƌŶĂƚŝǀĞ ŝĚĞŶƚŝĨŝĞƌ͕ ĂƐ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨŽƌ ŝĚĞŶƚŝĨLJŝŶŐ ƚŚĞ ŵĞŵďĞƌ͕ ŝĨ ĂƉƉůŝĐĂďůĞ͘ Ě͘ dŚĞ sZ^ ƐĐƌŝƉƚ ŵƵƐƚ ďĞ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƉƌŝŽƌ ƚŽ ŝŶŝƚŝĂů ŝŵƉůĞŵĞŶƚĂƚŝŽŶ Žƌ ŝĨ ĐŚĂŶŐĞƐ ƚŽ ƚŚĞ ƐĐƌŝƉƚ ĂƌĞ ŶĞĐĞƐƐĂƌLJ Žƌ ƌĞĐŽŵŵĞŶĚĞĚ͘ ϲ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŝŶƐƚĂůů͕ ŽƉĞƌĂƚĞ͕ ŵŽŶŝƚŽƌ͕ ĂŶĚ ƐƵƉƉŽƌƚ ĂŶ ƵƚŽŵĂƚĞĚ Ăůů ŝƐƚƌŝďƵƚŝŽŶ ; Ϳ ƐLJƐƚĞŵ͘ &ĞĂƚƵƌĞƐ ŽĨ ƚŚĞ ƐLJƐƚĞŵ ŵƵƐƚ ĨĂĐŝůŝƚĂƚĞ ƚŚĞ ŵŽƐƚ ĞĨĨŝĐŝĞŶƚ ƵƐĞ ŽĨ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƌĞƐŽƵƌĐĞƐ ǁŚŝůĞ ŵĞĞƚŝŶŐ͕ Žƌ ĞdžĐĞĞĚŝŶŐ͕ ďĞŶĞĨŝĐŝĂƌLJ ƐĞƌǀŝĐĞ ĞdžƉĞĐƚĂƚŝŽŶƐ͕ ĂŶĚ ŵƵƐƚ ŝŶĐůƵĚĞ ďƵƚ ŶŽƚ ďĞ ůŝŵŝƚĞĚ ƚŽ͗ Ă͘ ĨĨĞĐƚŝǀĞ ŵĂŶĂŐĞŵĞŶƚ ŽĨ Ăůů ĐĂůůƐ ŽĨĨĞƌĞĚ ĂŶĚ ĂƐƐŝŐŶŵĞŶƚ ŽĨ ŝŶĐŽŵŝŶŐ ĐĂůůƐ ƚŽ ĂǀĂŝůĂďůĞ ƐƚĂĨĨ ŝŶ ĂŶ ĞĨĨŝĐŝĞŶƚ ŵĂŶŶĞƌ͖ ď͘ DŽŶŝƚŽƌŝŶŐ ĐĂƉĂďŝůŝƚŝĞƐ ƚŚĂƚ ĂůůŽǁ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐƵƉĞƌǀŝƐŽƌƐ ƚŽ ĂƵĚŝƚ ƚŚĞ ǁĂLJ Ă ĐĂůů ŝƐ ƉƌŽĐĞƐƐĞĚ͕ ĂƐ ǁĞůů ĂƐ ƚŚĞ ĞĨĨŝĐŝĞŶĐLJ ŽĨ ƚŚĞ ŽƉĞƌĂƚŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ďLJ ŵŽŶŝƚŽƌŝŶŐ ĐĂůů ĐĞŶƚĞƌ ŵĞƚƌŝĐƐ ƐƵĐŚ ĂƐ ĐĂůůƐ ŽĨĨĞƌĞĚ͕ ƌĞƐƉŽŶƐĞ ƚŝŵĞ͕ ĂďĂŶĚŽŶŵĞŶƚ ƌĂƚĞƐ͕ ůĞŶŐƚŚ ŽĨ ĐĂůůƐ͕ ĨŝƌƐƚ ĐĂůů ƌĞƐŽůƵƚŝŽŶ͕ ĞƚĐ͘ ĂŐĂŝŶƐƚ ƉĞƌĨŽƌŵĂŶĐĞ Ăƚ ƚŚĞ ŽƉĞƌĂƚŽƌ ůĞǀĞů͖ Đ͘ ǀĞƌĂŐĞ ǁĂŝƚ ƚŝŵĞ ŵƵƐƚ ŶŽƚ ĞdžĐĞĞĚ ƚŚƌĞĞ ;ϯͿ ŵŝŶƵƚĞƐ͘ ƵƌŝŶŐ ƚŚĞ ŚŽůĚ ƉĞƌŝŽĚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŚĂǀĞ ŝŶĨŽƌŵĂƚŝŽŶĂů ŵĞƐƐĂŐĞƐ ǁŚŝĐŚ ƵƉĚĂƚĞ ƚŚĞ ĐĂůůĞƌ ƌĞŐĂƌĚŝŶŐ ĞdžƉĞĐƚĞĚ ŚŽůĚ ƚŝŵĞ ŽŶ ƚŚĞ ůŝŶĞ͖ Ě͘ sZ^ ŽƉƚŝŽŶƐ ƚŚĂƚ ĂƌĞ ƵƐĞƌͲĨƌŝĞŶĚůLJ ĂŶĚ ĞĂƐLJ ƚŽ ďĞ ƵŶĚĞƌƐƚŽŽĚ ďLJ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ ĂŶĚ ŝŶĐůƵĚĞ Ă ĚĞĐŝƐŝŽŶ ƚƌĞĞ ŝůůƵƐƚƌĂƚŝŶŐ sZ^ ƐLJƐƚĞŵ͖ Ğ͘ ďŝůŝƚLJ ƚŽ ƚƌĂŶƐĨĞƌ ĐĂůůƐ ƚŽ ŽƚŚĞƌ ƚĞůĞƉŚŽŶĞ ůŝŶĞƐ ǁŝƚŚŽƵƚ ĚŝŵŝŶŝƐŚŝŶŐ ŝŶͲďŽƵŶĚ Žƌ ŽƵƚͲďŽƵŶĚ ĐĂůů ĐĂƉĂĐŝƚLJ͖ Ĩ͘ ĂƉĂďŝůŝƚLJ ŽĨ ƌŽƵƚŝŶŐ ĐĂůůƐ ĨƌŽŵ ƐƉĞĐŝĨŝĐ ƐŽƵƌĐĞƐ ;Ğ͘Ő͕͘ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ W,WƐ͕ >D ͬD KƐͿ ƚŽ Ă ĚĞƐŝŐŶĂƚĞĚ ŐƌŽƵƉ ŽĨ ŽƉĞƌĂƚŽƌƐ ǁŝƚŚŽƵƚ ĚŝŵŝŶŝƐŚŝŶŐ ŝŶͲďŽƵŶĚ Žƌ ŽƵƚͲďŽƵŶĚ ĐĂůů ĐĂƉĂĐŝƚLJ͖ WĂŐĞ ϲϵ ŽĨ ϭϰϰ Ő͘ DŽŶŝƚŽƌŝŶŐ ĐĂƉĂďŝůŝƚLJ ƚŚĂƚ ĂůůŽǁƐ ƌĞĂůͲƚŝŵĞ ƵƉĚĂƚĞƐ ŽĨ ĂŶ ŽƉĞƌĂƚŽƌ͛Ɛ ĂǀĂŝůĂďŝůŝƚLJ ;ŝ͘Ğ͕͘ ĂǀĂŝůĂďůĞ͕ ŽŶ Ă ĐĂůů͕ ĐŽŵƉůĞƚŝŶŐ ĂĨƚĞƌͲǁŽƌŬ͕ ĞƚĐ͘Ϳ͖ Ś͘ WƌŽǀŝĚŝŶŐ ƉĞƌƐŽŶĂůŝnjĞĚ ĂŶĚ ƌĞůĞǀĂŶƚ ŵĞƐƐĂŐĞƐ Žƌ ŶŽƚŝĨŝĐĂƚŝŽŶƐ ĂƉƉƌŽƉƌŝĂƚĞ ĨŽƌ ƚŚĞ ĐĂůůĞƌ͖ ŝ͘ ƵƚŽŵĂƚŝĐ ƌŽƵƚŝŶŐ ŽĨ ĐĂůů ƚŽ ƚŚĞ ŶĞdžƚ ĂǀĂŝůĂďůĞ ŽƉĞƌĂƚŽƌ͖ ĂŶĚ ũ͘ dŚĞ ĐĂƉĂďŝůŝƚLJ ĨŽƌ Ăůů ĐĂůůƐ ƚŽ ďĞ ĂŶƐǁĞƌĞĚ ƉƌŽŵƉƚůLJ ĚƵƌŝŶŐ ŶŽƌŵĂů ďƵƐŝŶĞƐƐ ŚŽƵƌƐ͘ ϳ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ŝŶƐƚĂůůĂƚŝŽŶ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ƐLJƐƚĞŵ ĨƵŶĐƚŝŽŶƐ ŝŶ Ă ǁĂLJ ǁŚŝĐŚ ĂůůŽǁƐ ĐĂůůƐ ƚŽ ďĞ ƌĞŵŽƚĞůLJ ŵŽŶŝƚŽƌĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ŝƚƐ ĚĞƐŝŐŶĞĞ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞƐ ŽĨ ĞǀĂůƵĂƚŝŶŐ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƉĞƌĨŽƌŵĂŶĐĞ͘ Ă͘ ĂůůĞƌƐ ŵƵƐƚ ƌĞĐĞŝǀĞ ŶŽƚŝĨŝĐĂƚŝŽŶ͕ ǁŝƚŚ ůĂŶŐƵĂŐĞ ƚŽ ďĞ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ǁŚŝĐŚ ŝŶĨŽƌŵƐ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ Žƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ƚŚĂƚ ͞ĐĂůů ŵŽŶŝƚŽƌŝŶŐ ŵĂLJ ŽĐĐƵƌ͘͟ ď͘ Ăůů ŵŽŶŝƚŽƌŝŶŐ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ŝƚƐ ĚĞƐŝŐŶĞĞ ŵƵƐƚ ďĞ ĂǀĂŝůĂďůĞ Ăƚ ƚŚĞ ůŽĐĂƚŝŽŶ ŽĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĂŶĚ ƌĞŵŽƚĞůLJ ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ŝƚƐ ĚĞƐŝŐŶĞĞ͛Ɛ ůŽĐĂƚŝŽŶ͘ Đ͘ ZĞŵŽƚĞ ĂĐĐĞƐƐ ŵƵƐƚ ďĞ ŽďƚĂŝŶĞĚ ƚŚƌŽƵŐŚ Ă ƐĞĐƵƌĞ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĐŽŶŶĞĐƚŝŽŶ ĂƐ ĚĞĨŝŶĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͘ ϴ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ĐĂůů ĐĞŶƚĞƌ ƐĐƌŝƉƚƐ ĨŽƌ ƵƐĞ ďLJ Ăůů ĞŶƚĞƌ ƐƚĂĨĨ ǁŚĞŶ ƚĂůŬŝŶŐ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͘ ůů ƐĐƌŝƉƚƐ ŵƵƐƚ ďĞ ĐůĞĂƌ ĂŶĚ ĞĂƐŝůLJ ƵŶĚĞƌƐƚĂŶĚĂďůĞ ĂŶĚ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƉƌŝŽƌ ƚŽ ƵƐĞ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƐƵďŵŝƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨŽƌ ĂƉƉƌŽǀĂů Ă ůŝƐƚŝŶŐ ŽĨ ƚŽƉŝĐ ĨŽƌ ǁŚŝĐŚ ƐĐƌŝƉƚƐ ǁŝůů ĂĚĚƌĞƐƐ ĂŶĚ ǁŝůů ŵŽĚŝĨLJ ƚŚĞ ƐĐƌŝƉƚƐ ĂƐ ƌĞƋƵŝƌĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŽƉŝĐƐ ĨŽƌ ƐĐƌŝƉƚƐ ŵƵƐƚ ŝŶĐůƵĚĞ͕ ďƵƚ ŶŽƚ ďĞ ůŝŵŝƚĞĚ ƚŽ͗ Ă͘ DĂŶĂŐĞĚ ĐĂƌĞ ƌĞƐŽƵƌĐĞƐ͕ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĂƐƐŝƐƚĂŶĐĞ ĨŽƌ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ŶƌŽůůŵĞŶƚ͖ ď͘ dŚĞ ŵĞŵďĞƌ Žƌ ƉŽƚĞŶƚŝĂů ŵĞŵďĞƌ͛Ɛ ŽƉƚŝŽŶƐ ĨŽƌ W,W ƐĞůĞĐƚŝŽŶ͖ Đ͘ &ĂĐƚŽƌƐ ƚŽ ĐŽŶƐŝĚĞƌ ǁŚĞŶ ƐĞůĞĐƚŝŶŐ Ă W,W͖ Ě͘ ,Žǁ ƚŚĞ ƌĞŐŝŽŶĂů ƉŚĂƐĞĚ ŝŶ ƌŽůůŽƵƚ ŵĂLJ ĂĨĨĞĐƚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͖ Ğ͘ ŽůůĞĐƚŝŽŶ Žƌ ĐŽŶĨŝƌŵĂƚŝŽŶ ŽĨ ƚŚĞ ƉŽƚĞŶƚŝĂů Žƌ ĞdžŝƐƚŝŶŐ ŵĞŵďĞƌ͛Ɛ ĚĞŵŽŐƌĂƉŚŝĐ͕ ŵĂŝůŝŶŐ Žƌ ĐŽŶƚĂĐƚ ŝŶĨŽƌŵĂƚŝŽŶ ŶĞĐĞƐƐĂƌLJ ĨŽƌ ĞŶƌŽůůŝŶŐ͕ ŵĂŝŶƚĂŝŶŝŶŐ ĞŶƌŽůůŵĞŶƚ Žƌ ĚŝƐĞŶƌŽůůŝŶŐ Ă ŵĞŵďĞƌ͖ Ĩ͘ /ŶƐƚƌƵĐƚŝŽŶƐ ƚŽ ĂƐƐŝƐƚ ƉŽƚĞŶƚŝĂů Žƌ ĞdžŝƐƚŝŶŐ ŵĞŵďĞƌƐ ŝŶ ĚĞƚĞƌŵŝŶŝŶŐ ǁŚŝĐŚ W,W ŝŶĐůƵĚĞƐ ƚŚĞ D,ͬW W͕ ƐƉĞĐŝĂůŝƐƚƐ͕ Žƌ ŽƚŚĞƌ ƉƌŽǀŝĚĞƌƐ ǁŚŝĐŚ ƚŚĞ ƉŽƚĞŶƚŝĂů Žƌ ĞdžŝƐƚŝŶŐ ŵĞŵďĞƌ ŵĂLJ ŶĞĞĚ ƚŽ ƐĞƌǀĞ ƚŚĞŝƌ ŚĞĂůƚŚ ĐĂƌĞ ŶĞĞĚƐ͖ Ő͘ /ŶƐƚƌƵĐƚŝŽŶƐ ƚŽ ŝŶĨŽƌŵ ĂŶĚ ŵĂŬĞ W,W ƐĞůĞĐƚŝŽŶ Žƌ ĐŚĂŶŐĞ͖ Ś͘ /ŶƐƚƌƵĐƚŝŽŶƐ ŽŶ ŚŽǁ ƚŽ ƌĞƋƵĞƐƚ ĚŝƐĞŶƌŽůůŵĞŶƚ͖ ŝ͘ ĂůůĞƌƐ ǁŚŽ ďĞůŝĞǀĞ ƚŚĞƌĞ ŝƐ Ă ƉƌŽďůĞŵ Žƌ ŝŶĂĐĐƵƌĂĐLJ ŝŶ ƚŚĞ W,W ĞŶƌŽůůŵĞŶƚ͖ ĂŶĚ ũ͘ KƚŚĞƌ ƚŽƉŝĐƐ ĂƐ ŝĚĞŶƚŝĨŝĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ϵ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ƚĞůĞƉŚŽŶĞ ƐLJƐƚĞŵƐ ǁŝůů ŚĂǀĞ ƚŚĞ ĐĂƉĂďŝůŝƚLJ ƚŽ ƚƌĂŶƐĨĞƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ĨƌŽŵ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ƚŽ WĂŐĞ ϳϬ ŽĨ ϭϰϰ ĂƉƉƌŽƉƌŝĂƚĞ ƐƚĂƚĞ ƐƚĂĨĨ ǁŚĞŶ ĂƉƉůŝĐĂďůĞ ǁŝƚŚŽƵƚ ĚŝƐĐŽŶŶĞĐƚŝŶŐ ƚŚĞ ĐĂůů͕ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ;&&^Ϳ WƌŽǀŝĚĞƌ ĂŶĚ DĞĚŝĐĂŝĚ ĐĂůů ĐĞŶƚĞƌƐ͕ ƚŚĞ KŵďƵĚƐŵĂŶ ƉƌŽŐƌĂŵ͕ ĐŽƵŶƚLJ ^^ͬ / W,,^ ŽĨĨŝĐĞƐ ĂŶĚ Ăůů ƉĂƌƚŝĐŝƉĂƚŝŶŐ W,WƐͬ>D Ͳ D KƐ ǁŚĞŶ ĂƉƉƌŽƉƌŝĂƚĞ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƉƌŽǀŝĚĞ ĐŽŶƚĂĐƚ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĂĨƚĞƌ ĂǁĂƌĚ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ͘ ϭϬ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶƐƵƌĞ ƚŚĞ Ăůů ĞŶƚĞƌ ŝƐ ƐƚĂĨĨĞĚ ǁŝƚŚ ƉƌŽĨĞƐƐŝŽŶĂůƐ ǁŚŽ ŚĂǀĞ ƐƵĨĨŝĐŝĞŶƚ ƚƌĂŝŶŝŶŐ ĂŶĚ ŬŶŽǁůĞĚŐĞ ŽŶ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ďĞŶĞĨŝƚƐ ŝŶĐůƵĚŝŶŐ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ĂŶĚ ƐĞƌǀŝĐĞƐ͕ ĂŶĚ ƚŚĞ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ƐŬŝůůƐ ĚĞĨŝŶĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͘ ϭϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĂĐƋƵŝƌĞ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ƉŚŽŶĞ ŶƵŵďĞƌ;ƐͿ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ ǁŝƚŚŝŶ ƐŝdžƚLJ ;ϲϬͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ĂĨƚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ĨĨĞĐƚŝǀĞ ĂƚĞ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƌĞůŝŶƋƵŝƐŚ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ƚŽůůͲĨƌĞĞ ŶƵŵďĞƌ;ƐͿ ƵƉŽŶ ĐŽŶƚƌĂĐƚ ƚĞƌŵŝŶĂƚŝŽŶ Žƌ ĞdžƉŝƌĂƚŝŽŶ͕ Ăƚ ǁŚŝĐŚ ƚŝŵĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵƵƐƚ ƚĂŬĞ ƚŝƚůĞ ŽĨ ƚŚĞƐĞ ƚĞůĞƉŚŽŶĞ ŶƵŵďĞƌƐ͘ ůů ĐŽƐƚƐ ĂĐĐƌƵĞĚ͕ ĚƵĞ͕ ĂŶĚ ŽǁŝŶŐ ŽŶ ƚŚĞƐĞ ŶƵŵďĞƌƐ͕ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͕ ĂŶLJ ƚĂdžĞƐ͕ ƉĞŶĂůƚŝĞƐ Žƌ ĨŝŶĞƐ ŵƵƐƚ ďĞ ƚŚĞ ƐŽůĞ ŽďůŝŐĂƚŝŽŶ ŽĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͘ ϭϮ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĚĞƚĂŝůĞĚ ĂŶĂůLJƐŝƐ ŽĨ Ăůů ĞŶƚĞƌ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐ ŽƵƚůŝŶĞĚ ŝŶ dd ,D Ed >͗ EZK>>D Ed ZK< Z Z WKZd/E' Z Yh/Z D Ed^͘ ϭϯ͘ Ɛ ƉĂƌƚ ŽĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƚƌĂĐŬ Ăůů ĐĂůů ĐĞŶƚĞƌ ŝŶƚĞƌĂĐƚŝŽŶƐ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ŵĞŵďĞƌƐ͕ ƉŽƚĞŶƚŝĂů ŵĞŵďĞƌƐ͕ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͘ Ă͘ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌƐ ƚŚĂƚ ƉƌŽƉŽƐĞ ƚŽ ŝŶĐůƵĚĞ ĐŚĂƚ ĨƵŶĐƚŝŽŶĂůŝƚLJ ĂƐ ĂŶ ĂůƚĞƌŶĂƚŝǀĞ Žƌ ƐƵƉƉůĞŵĞŶƚ ƚŽ ǀŽŝĐĞ ŝŶƚĞƌĂĐƚŝŽŶƐ ŵƵƐƚ ŝŶĚŝĐĂƚĞ ƚŚŝƐ ŽĨĨĞƌŝŶŐ ŝŶ ƚŚĞŝƌ ƌĞƐƉŽŶƐĞ͘ dŚŝƐ ĨƵŶĐƚŝŽŶĂůŝƚLJ ŵƵƐƚ ŝŵƉƌŽǀĞ ƚŚĞ ĐƵƐƚŽŵĞƌ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ĐĂŶŶŽƚ ďĞ ƵƐĞĚ ƚŽ ƌĞƉůĂĐĞ ĂŶLJ ŽƚŚĞƌ ƌĞƋƵŝƌĞŵĞŶƚ͘ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵĂLJ ŝŶĐůƵĚĞ ͞ƌŽďŽƚŝĐ͟ ƚĞĐŚŶŽůŽŐŝĞƐ ƚŚĂƚ ƉƌŽǀŝĚĞ ƌĞƐŽůƵƚŝŽŶ ƚŽ ƐŝŵƉůĞƌ ƚĂƐŬƐ͕ ǁŝƚŚŽƵƚ ŶĞŐĂƚŝǀĞůLJ ŝŵƉĂĐƚŝŶŐ ƚŚĞ ŵĞŵďĞƌ Žƌ ĐƵƐƚŽŵĞƌ ĞdžƉĞƌŝĞŶĐĞ͘ dŚĞ ^ƚĂƚĞ ŵƵƐƚ ĂƉƉƌŽǀĞ ĂŶLJ ƚĞĐŚŶŽůŽŐŝĞƐ ƚŚĂƚ ƌĞƉůĂĐĞ Žƌ ƐƵƉƉůĞŵĞŶƚ ƚŚĞ Ăůů ĞŶƚĞƌ ZĞƉƌĞƐĞŶƚĂƚŝǀĞ ĂŶĚ ŚŽǁ ƚŚĞ ƚĞĐŚŶŽůŽŐŝĞƐ ĂƌĞ ƵƚŝůŝnjĞĚ͘ Đ͘ ůů ĐŚĂƚ ŝŶƚĞƌĂĐƚŝŽŶƐ͕ ǁŚĞƚŚĞƌ ƚŚƌŽƵŐŚ Ă ĐĂůů ĐĞŶƚĞƌ ĂŐĞŶƚ ;ůŝǀĞ ƉĞƌƐŽŶͿ Žƌ ƚŚƌŽƵŐŚ ƌŽďŽƚŝĐ ƚĞĐŚŶŽůŽŐŝĞƐ ŵƵƐƚ ďĞ ŝŶĐůƵĚĞĚ ŝŶ dd ,D Ed >͗ EZK>>D Ed ZK< Z Z WKZd/E' Z Yh/Z D Ed^͘ ϭϰ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ͕ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ĐĂůů ĐĞŶƚĞƌ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϭϱ͘ <ĞLJ ^ĞƌǀŝĐĞ DĞƚƌŝĐƐ͗ dĂďůĞ ϲ ʹ <ĞLJ ^ĞƌǀŝĐĞ DĞƚƌŝĐƐ ĚĞĨŝŶĞƐ ƚŚĞ ŵĞƚƌŝĐƐ ƚŽ ďĞ ŵŽŶŝƚŽƌĞĚ ĂŶĚ ŵĞĂƐƵƌĞĚ ĨŽƌ ƚŚĞ Ăůů ĞŶƚĞƌ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ƚŚĞ ĐĂůůƐ ĂďĂŶĚŽŶĞĚ͕ Ăůů ĞŶƚĞƌ ŽƵƚĂŐĞ͕ WĂŐĞ ϳϭ ŽĨ ϭϰϰ ǁĂŝƚͬŚŽůĚ ƚŝŵĞƐ ĨŽƌ ĐĂůůĞƌƐ͕ ĐĂůůͲĂŶƐǁĞƌ ƚŝŵĞ͕ ĂŶĚ ĨŝƌƐƚ ĐĂůů ƌĞƐŽůƵƚŝŽŶ͘ ZĞƉŽƌƚƐ ĨŽƌ ƚŚĞƐĞ ŵĞƚƌŝĐƐ ŵƵƐƚ ďĞ ƉƌŽǀŝĚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ Z&W͘ /͘ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ tĞďƐŝƚĞ ĞƉĂƌƚŵĞŶƚ ŐŽĂů ŝƐ ƚŽ ƌĞĚƵĐĞ ƚŚĞ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ďƵƌĚĞŶ ŽŶ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ďLJ ƉƌŽǀŝĚŝŶŐ ĞĂƐLJ ĂĐĐĞƐƐ ƚŽ ŵĂŶĂŐĞ ƚŚĞŝƌ DĞĚŝĐĂŝĚ ƉƌŽŐƌĂŵ ďĞŶĞĨŝƚƐ͕ Ăƚ Ă ůŽǁ ĐŽƐƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞƌĞĨŽƌĞ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵŝƌĞƐ ĂŶ ŝŶƚĞƌĂĐƚŝǀĞ ǁĞďƐŝƚĞ ƚŽ ƉƌŽǀŝĚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶ ŽƉƚŝŽŶ ĂŶĚ ƐƵƉƉŽƌƚ ĂŶ ŝŶƚĞŐƌĂƚĞĚ ďĞŶĞĨŝĐŝĂƌLJ ĞdžƉĞƌŝĞŶĐĞ ƚŽ ŵĂŶĂŐĞ ƚŚĞŝƌ ĞŶƌŽůůŵĞŶƚ ŶĞĞĚƐ ŝŶ Ă ƐĞĂŵůĞƐƐ ŵĂŶŶĞƌ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ĂůƐŽ ĚĞƐŝƌĞƐ ĨƵŶĐƚŝŽŶĂůŝƚLJ ƚŚĂƚ ƉƌŽǀŝĚĞƐ ĂĐĐĞƐƐ ǀŝĂ ŵŽďŝůĞ ĚĞǀŝĐĞƐ͕ ĂŶĚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŚŽƵůĚ ŝŶĐůƵĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ĞdžŝƐƚŝŶŐ Žƌ ƉŽƚĞŶƚŝĂů ĨƵŶĐƚŝŽŶĂůŝƚLJ ĨŽƌ ŵŽďŝůĞ ĚĞǀŝĐĞ ĂĐĐĞƐƐ͘ ϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ĂŶĚ ŵĂŝŶƚĂŝŶ Ă ƐĞĐƵƌĞ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ƚŚĂƚ ĂůůŽǁ ƉŽƚĞŶƚŝĂů Žƌ ĞdžŝƐƚŝŶŐ ŵĞŵďĞƌƐ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ƚŽ ĂĐĐĞƐƐ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ͕ ĂĐĐĞƐƐ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ƐĞƌǀŝĐĞƐ͕ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ͕ ĂŶĚ ƐĞůĞĐƚ Ă W,W ĂŶĚͬŽƌ D,ͬW W͘ Ϯ͘ dŚĞ tĞďƐŝƚĞ ŵƵƐƚ ƐƵƉƉŽƌƚ ĂƵƚŚĞŶƚŝĐĂƚŝŽŶ ǁŝƚŚŽƵƚ ƚŚĞ ŶĞĞĚ ĨŽƌ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƚŽ ƉƌŽǀŝĚĞ Ă ƵƐĞƌ / ͬ ƉĂƐƐǁŽƌĚ ƉĂŝƌ ďLJ ƚĂŬŝŶŐ ƚŚĞ ƐĞƐƐŝŽŶ ƐƚĂƚĞ ĨƌŽŵ E & ^d Žƌ ĞW ^^͘ dŚŝƐ ĐĂŶ ďĞ ĂĐĐŽŵƉůŝƐŚĞĚ ŝŶ ƐĞǀĞƌĂů ǁĂLJƐ ŝŶĐůƵĚŝŶŐ ůĞǀĞƌĂŐŝŶŐ ^^Kͬ^ D> ƚŽŬĞŶƐ ƚŚƌŽƵŐŚ ƚŚĞ E / ƐLJƐƚĞŵ͘ dŚŝƐ ŝƐ ĞdžƉĞĐƚĞĚ ĨƵŶĐƚŝŽŶĂůŝƚLJ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ ĞůŝŐŝďŝůŝƚLJ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽŶ ƚŚĞ ^ƚĂƚĞ͛Ɛ ƐLJƐƚĞŵƐ ĂŶĚ ƚŚĞ ƉůĂŶ ƐĞůĞĐƚŝŽŶ ŽŶ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ƐLJƐƚĞŵƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƚŽ ĨĂĐŝůŝƚĂƚĞ ĂƵƚŚĞŶƚŝĐĂƚŝŽŶ͘ ϯ͘ dŚĞ ǁĞďƐŝƚĞ ŵƵƐƚ ĐŽŵƉůLJ ǁŝƚŚ ĞƉĂƌƚŵĞŶƚ ƐƚĂŶĚĂƌĚƐ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ůŽŽŬ ĂŶĚ ĨĞĞů ŽĨ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ĞŶƌŽůůŵĞŶƚ ƐŝƚĞ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƚŽ ĚĞǀĞůŽƉ ĚĞƐŝŐŶ ĞůĞŵĞŶƚƐ ƚŚĂƚ ĂůŝŐŶ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƐƚĂŶĚĂƌĚƐ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĐƌĞĞŶ ƐŚŽƚƐ ŽĨ ŽƚŚĞƌ ǁĞďƐŝƚĞƐ ŝŵƉůĞŵĞŶƚĞĚ ĨŽƌ ƐŝŵŝůĂƌ ĐůŝĞŶƚƐ ŝŶ ŝƚƐ ƌĞƐƉŽŶƐĞ͘ ϰ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ĂŶĚ ŵĂŝŶƚĂŝŶ ƚŚĞ ǁĞďƐŝƚĞ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ tĞď ŽŶƚĞŶƚ ĐĐĞƐƐŝďŝůŝƚLJ 'ƵŝĚĞůŝŶĞƐ ;t 'Ϳ Ϯ͘Ϭ͕ ĂŶĚ ƚŚĞ ĐƵƌƌĞŶƚ ƌĞůĞĂƐĞ ŽĨ ǁĞď ĐŽŶƚĞŶƚ ĂĐĐĞƐƐŝďŝůŝƚLJ ŐƵŝĚĞůŝŶĞƐ ƉƵďůŝƐŚĞĚ ďLJ ƚŚĞ tĞď ĐĐĞƐƐŝďŝůŝƚLJ /ŶŝƚŝĂƚŝǀĞ͕ ĂŶĚ ĂƐ ŽƵƚůŝŶĞĚ ŝŶ ^ĞĐ͘ ϱϬϴ ŽĨ ƚŚĞ ZĞŚĂďŝůŝƚĂƚŝŽŶ Đƚ ŽĨ ϭϵϳϯ͕ ĂƐ ĂŵĞŶĚĞĚ :ĂŶƵĂƌLJ ϮϬϭϳ͘ ϱ͘ ĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ͗ Ă͘ dŚĞ tĞďƐŝƚĞ ŵƵƐƚ ŝŶĐůƵĚĞ͕ Ăƚ Ă ŵŝŶŝŵƵŵ͕ ƚŚĞ ĚĞĨŝŶĞĚ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ŝŶ Ă ǁĞďͲƌĞĂĚĂďůĞ ĨŽƌŵĂƚ͘ ď͘ ŶLJ ŵĂƚĞƌŝĂůƐ ƚŚĂƚ ƌĞĨĞƌĞŶĐĞƐ Ă ŵĞŵďĞƌ Žƌ ĐŽŶƚĂŝŶƐ ĂŶLJ ƉĞƌƐŽŶĂůůLJ ŝĚĞŶƚŝĨŝĂďůĞ ŝŶĨŽƌŵĂƚŝŽŶ ;W//Ϳ͕ ƉĞƌƐŽŶĂů ŚĞĂůƚŚ ŝŶĨŽƌŵĂƚŝŽŶ ;W,/Ϳ͕ Žƌ ŽƚŚĞƌ ĚĂƚĂ ĂƐ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵƵƐƚ ďĞ ƐĞĐƵƌĞĚ ďLJ Ă ůŽŐŝŶ ĂŶĚ ŵĞĞƚ ĂƉƉůŝĐĂďůĞ ƉƌŝǀĂĐLJ ĂŶĚ ƐĞĐƵƌŝƚLJ ƐƚĂŶĚĂƌĚƐ͘ WĂŐĞ ϳϮ ŽĨ ϭϰϰ ϲ͘ W,W ^ĞůĞĐƚŝŽŶ dŽŽů͗ Ă͘ /Ŷ ƐƵƉƉŽƌƚ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ǀŝƐŝŽŶ ĨŽƌ ƐƚƌĞĂŵůŝŶĞĚ ĞůŝŐŝďŝůŝƚLJ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă W,W ƐĞůĞĐƚŝŽŶ ƚŽŽů ƚŽ ďĞ ƵƐĞĚ ďLJ ƉŽƚĞŶƚŝĂů ĂŶĚ ĞdžŝƐƚŝŶŐ ŵĞŵďĞƌƐ͕ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ƚŽ ƐĞůĞĐƚ Ă W,W ǁŚĞŶ ĂƉƉůLJŝŶŐ ĨŽƌ DĞĚŝĐĂŝĚ͕ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ ;ĨŽƌ ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶͿ͕ ĚƵƌŝŶŐ ĞůŝŐŝďŝůŝƚLJ ƌĞĚĞƚĞƌŵŝŶĂƚŝŽŶ ƉƌŽĐĞƐƐ͕ ĂŶĚ ĚƵƌŝŶŐ W,W ͞ǁŝƚŚ͟ ĂŶĚ ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚƐ͘ ď͘ dŚĞ W,W ƐĞůĞĐƚŝŽŶ ƚŽŽů ŵƵƐƚ ƉƌŽǀŝĚĞ Ăƚ Ă ŵŝŶŝŵƵŵ͗ ŝ͘ /ŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ĞW ^^ ƉŽƌƚĂů ƚŽ ĞŶƐƵƌĞ ƐĞĂŵůĞƐƐ ďĞŶĞĨŝĐŝĂƌLJ ĞdžƉĞƌŝĞŶĐĞ ǁŚĞŶ ƚƌĂŶƐŝƚŝŽŶŝŶŐ ĨƌŽŵ ƚŚĞ ^ƚĂƚĞ ƐLJƐƚĞŵ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ƚĞĐŚŶŽůŽŐLJ ƉůĂƚĨŽƌŵ͖ ŝŝ͘ tĞŝŐŚƚĞĚ ǀŝĞǁ ŽĨ ƚŚĞ W,WƐ ĂǀĂŝůĂďůĞ ƚŽ ƚŚĞ ƉŽƚĞŶƚŝĂů Žƌ ĞdžŝƐƚŝŶŐ ŵĞŵďĞƌ͕ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ďĂƐĞĚ ŽŶ ĚĂƚĂ ƐŽƵƌĐĞĚ ĨƌŽŵ E & ^d ŝŶĐůƵĚŝŶŐ͕ ĞůŝŐŝďŝůŝƚLJ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ĂŶĚ ĐĂƚĞŐŽƌLJ͕ ƉƌŝŽƌ W,W ĞŶƌŽůůŵĞŶƚ͕ ƉƌŝŽƌ D,ͬW W͕ ƌĞŐŝŽŶ ŝŶ ǁŚŝĐŚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ůŝǀĞƐ ĂŶĚ ƚŚĞ W,WƐ ŽƉĞƌĂƚĞ͕ ĂŶĚ ŚŽƵƐĞŚŽůĚ͘ &Žƌ ƚŚĞ ƉƵƌƉŽƐĞƐ ŽĨ ƚŚŝƐ ƐĞĐƚŝŽŶ ͞tĞŝŐŚƚĞĚ͟ ŝƐ ĚĞĨŝŶĞĚ ĂƐ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ǀŝƐƵĂůůLJ ŚŝŐŚůŝŐŚƚ Ă ƐƉĞĐŝĨŝĐ ƉůĂŶ Žƌ ƉůĂŶƐ ďĂƐĞĚ ŽŶ ƚŚĞ ŽďũĞĐƚŝǀĞ ďĞƐƚ Ĩŝƚ ĨŽƌ ƚŚĞ ŵĞŵďĞƌ͘ dŚĞ ^ƚĂƚĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƚŽ ĚĞĨŝŶĞ ƚŚĞ ĐƌŝƚĞƌŝĂ ĨŽƌ ƚŚĞ ǁĞŝŐŚƚŝŶŐ͖ ŝŝŝ͘ ǀĂŝůĂďůĞ ŝŶͲŶĞƚǁŽƌŬ ƉƌŽǀŝĚĞƌƐ ďĂƐĞĚ ŽŶ W,W ƐĞůĞĐƚĞĚ ĂƐ ĚĞĨŝŶĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͘ dŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ ŵĂLJ ďĞ ŵĂĚĞ ĂǀĂŝůĂďůĞ ǀŝĂ ůŝŶŬƐ ƚŽ ĂŶ ĞdžƚĞƌŶĂů ƚŽŽů ĂŶĚ ŶĞĞĚ ŶŽƚ ĂƉƉĞĂƌ ŝŶ ƚŚĞ ƉůĂŶ ƐĞůĞĐƚŝŽŶ ŝŶƚĞƌĨĂĐĞ͖ ĂŶĚ ŝǀ͘ /ŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƐĞĐƵƌĞ ŝŶďŽdž ĨƵŶĐƚŝŽŶĂůŝƚLJ ǁŝƚŚŝŶ ƚŚĞ ĞW ^^ ƉůĂƚĨŽƌŵ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ůĞǀĞƌĂŐĞ ƚŚŝƐ ƉůĂƚĨŽƌŵ ĨŽƌ ĂŶLJ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƚŚĂƚ ŝŶĐůƵĚĞ ŵĞŵďĞƌ ƌĞůĂƚĞĚ ŝŶĨŽƌŵĂƚŝŽŶ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŽŶůLJ ƐĞŶĚ ƚŽ ŵĞŵďĞƌƐ ǀŝĂ ĞŵĂŝů Ă ŵĞƐƐĂŐĞ ŝŶĚŝĐĂƚŝŶŐ ƚŚĞ ŵĞŵďĞƌ ŚĂƐ Ă ŵĞƐƐĂŐĞ ŝŶ ƚŚĞŝƌ ĞW ^^ ^ĞĐƵƌĞ /ŶďŽdž͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƚŽ ĚĞǀĞůŽƉ ƚŚĞ ŝŶƚĞŐƌĂƚŝŽŶ ŶĞĞĚĞĚ ĨŽƌ ƚŚŝƐ ƌĞƋƵŝƌĞŵĞŶƚ͘ Đ͘ KŶĐĞ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŵĂŬĞƐ Ă W,W ĂŶĚͬŽƌ D,ͬW W ƐĞůĞĐƚŝŽŶ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉĂƐƐ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ E & ^d ŽŶ Ă ŶŽ ůĞƐƐ ƚŚĂŶ ĚĂŝůLJ ĨƌĞƋƵĞŶĐLJ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƉƌĞĨĞƌƐ ƌĞĂůͲƚŝŵĞ ǁĞď ƐĞƌǀŝĐĞ ĐĂůůƐ ĂŶĚ ŝŶƚĞŐƌĂƚŝŽŶ͘ Ě͘ dŚĞ W,W ^ĞůĞĐƚŝŽŶ ƚŽŽů ŵƵƐƚ ŚĂǀĞ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ŵĂŝŶƚĂŝŶ ĂŶ ŝŶǀĞŶƚŽƌLJ ŽĨ ĂǀĂŝůĂďůĞ ďĞŶĞĨŝƚ ƉůĂŶƐ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ W,WƐ ŵĂLJ ŽĨĨĞƌ ĂĚĚŝƚŝŽŶĂů ďĞŶĞĨŝƚƐ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĂů͘ 'ĞŶĞƌĂůůLJ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƉƌŽǀŝĚĞƐ Ă ĐŽŵŵŽŶ ďĞŶĞĨŝƚ ĂĐƌŽƐƐ Ăůů W,WƐ͕ ŚŽǁĞǀĞƌ ƚŚŝƐ ŵĂLJ ĐŚĂŶŐĞ ŝŶ ƚŚĞ ĨƵƚƵƌĞ͘ Ğ͘ dŚĞ WůĂŶ ^ĞůĞĐƚŝŽŶ ƚŽŽů ŵƵƐƚ ƵƚŝůŝnjĞ ƚŚĞ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ĂƐ ƐŽůĞ ƐŽƵƌĐĞ ƚŽ ĚĞƚĞƌŵŝŶĞ WƌŽǀŝĚĞƌʹW,W ƌĞůĂƚŝŽŶƐŚŝƉƐ͘ dŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ ǁŝůů ďĞ ƵƐĞĚ ƚŽ ŐƵŝĚĞ ƉůĂŶ ƐĞůĞĐƚŝŽŶ ďLJ ǁĞŝŐŚƚŝŶŐ W,WƐ ƚŚĂƚ ŚĂǀĞ ĐŽŶƚƌĂĐƚĞĚ ǁŝƚŚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ D,ͬW W͘ ϳ͘ ,ŽƵƌƐ ŽĨ ŽƉĞƌĂƚŝŽŶͬŵĂŝŶƚĞŶĂŶĐĞ͗ dŚĞ ǁĞďƐŝƚĞ ĂŶĚ ƚŚĞ W,W ƐĞůĞĐƚŝŽŶ ƚŽŽůƐ ĂƌĞ ƚŽ ďĞ ĂǀĂŝůĂďůĞ ƚǁĞŶƚLJͲĨŽƵƌ ;ϮϰͿ ŚŽƵƌƐ Ă ĚĂLJ͕ ƐĞǀĞŶ ;ϳͿ ĚĂLJƐ Ă ǁĞĞŬ͕ ƚŚƌĞĞ ŚƵŶĚƌĞĚ ƐŝdžƚLJͲĨŝǀĞ ;ϯϲϱͿ ĚĂLJƐ Ă LJĞĂƌ͕ ĞdžĐĞƉƚ ĨŽƌ ĂŐƌĞĞĚͲƵƉŽŶ͕ ƉƌĞͲĂŶŶŽƵŶĐĞĚ ƐĐŚĞĚƵůĞĚ ĚŽǁŶͲƚŝŵĞ ĨŽƌ ŵĂŝŶƚĞŶĂŶĐĞ Žƌ ĚŽǁŶƚŝŵĞ ŽĨ ƚŚĞ ^ƚĂƚĞ͛Ɛ ^LJƐƚĞŵƐ ƚŚĂƚ ŝŵƉĂĐƚ ƚŚĞ ĂďŝůŝƚLJ ĨŽƌ ƚŚĞ ǁĞďƐŝƚĞ WĂŐĞ ϳϯ ŽĨ ϭϰϰ ĂŶĚ W,W ƐĞůĞĐƚŝŽŶ ƚŽŽůƐ ƚŽ ŽƉĞƌĂƚĞ ĐŽƌƌĞĐƚůLJ͘ dŚĞ ^ĞƌǀŝĐĞ >ĞǀĞů ŐƌĞĞŵĞŶƚ ŵƵƐƚ ĂĚĚƌĞƐƐ ƚŚĞ ŚŽƵƌƐ ŽĨ ŽƉĞƌĂƚŝŽŶ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ͕ ĂŶĚ ŝŶĐůƵĚĞ ŵĞƚƌŝĐƐ ƚŽ ƐƵƉƉŽƌƚ Ă ƌĞƋƵŝƌĞĚ ϵϵй ƵƉƚŝŵĞ͕ ǁŝƚŚ ƚŚĞ ĞdžĐĞƉƚŝŽŶƐ ƐƚĂƚĞĚ ŝŶ ƚŚŝƐ ƉƌŽǀŝƐŝŽŶ͘ ϴ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ͕ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ϵ͘ <ĞLJ ^ĞƌǀŝĐĞ DĞƚƌŝĐƐ͗ dĂďůĞ ϲ ʹ <ĞLJ ^ĞƌǀŝĐĞ DĞƚƌŝĐƐ ĚĞĨŝŶĞƐ ƚŚĞ ŵĞƚƌŝĐƐ ƚŽ ďĞ ŵŽŶŝƚŽƌĞĚ ĂŶĚ ŵĞĂƐƵƌĞĚ ĨŽƌ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ tĞďƐŝƚĞ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ƚŚĞ ǁĞď ƉŽƌƚĂů ƌĞƐƉŽŶƐĞ ĂŶĚ ƚŝŵĞůLJ ƌĞƐƉŽŶƐĞ ƚŽ ĞůĞĐƚƌŽŶŝĐ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ͘ ZĞƉŽƌƚƐ ĨŽƌ ƚŚĞƐĞ ŵĞƚƌŝĐƐ ŵƵƐƚ ďĞ ƉƌŽǀŝĚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ Z&W͘ :͘ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ĂŶĚ ŵĂŝŶƚĂŝŶ Ă ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ; DWͿ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŵĂŝŶƚĂŝŶŝŶŐ ĂŶ ĞůĞĐƚƌŽŶŝĐ ƌĞĐŽƌĚ ŽĨ Ăůů ŝŶƚĞƌĂĐƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ĐĂƉƚƵƌŝŶŐ ƵƉĚĂƚĞĚ Žƌ ĐŚĂŶŐĞĚ ĚĞŵŽŐƌĂƉŚŝĐ ŝŶĨŽƌŵĂƚŝŽŶ ďĞƚǁĞĞŶ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĂŶĚ ŵĞŵďĞƌƐͬƉŽƚĞŶƚŝĂů ŵĞŵďĞƌƐ͕ ŝŶĐůƵĚŝŶŐ ƉŚŽŶĞ͕ ŝŶƚĞƌŶĞƚ͕ ŵĂŝů ĂŶĚ ŝŶͲƉĞƌƐŽŶ ŝŶƚĞƌĂĐƚŝŽŶƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƚŽ ĚĞĨŝŶĞ ǁŚĂƚ ĚĂƚĂ ĞůĞŵĞŶƚƐ ǁŝůů ďĞ ƵƉĚĂƚĞĚ ǁŝƚŚŽƵƚ ŝŵƉĂĐƚŝŶŐ Ă ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ĞůŝŐŝďŝůŝƚLJ͘ ĂƚĂ ƚŚĂƚ ŵĂLJ ŝŵƉĂĐƚ ĞůŝŐŝďŝůŝƚLJ ŵƵƐƚ ďĞ ƵƉĚĂƚĞĚ ďLJ ƚŚĞ ĐŽƵŶƚLJ ĐĂƐĞ ǁŽƌŬĞƌ Žƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ Ϯ͘ dŚĞ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ŵƵƐƚ ŝŶĐůƵĚĞ ƚŚĞ ĨŽůůŽǁŝŶŐ ĨŝĞůĚƐ͕ ǁŚŝĐŚ ŵĂLJ ďĞ ƉŽƉƵůĂƚĞĚ ďLJ ƌĞĂůͲƚŝŵĞ ĚĂƚĂ ĐĂůůƐ ƚŽ ŽƚŚĞƌ ĚĂƚĂ ƐŽƵƌĐĞƐ͗ Ă͘ DĞŵďĞƌͬƉŽƚĞŶƚŝĂů ŵĞŵďĞƌ͛Ɛ ŶĂŵĞ͖ ď͘ DĞĚŝĐĂŝĚ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŶƵŵďĞƌ ;ŝĨ ĂƐƐŝŐŶĞĚͬŬŶŽǁŶͿ͖ Đ͘ ŚĂŶŶĞů ŽĨ ŝŶƚĞƌĂĐƚŝŽŶ͖ Ě͘ DĞŵďĞƌͬƉŽƚĞŶƚŝĂů ŵĞŵďĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ĚĞŵŽŐƌĂƉŚŝĐƐ͕ ŝŶĐůƵĚŝŶŐ͕ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͗ ŝ͘ ĂƚĞ ŽĨ ďŝƌƚŚ͕ ŝŝ͘ ĚĚƌĞƐƐ͕ ŝŝŝ͘ WŚŽŶĞ ŶƵŵďĞƌ͕ ŝǀ͘ ƐƐŝŐŶĞĚ W,W͕ ǀ͘ D,ͬW W ĂŶĚ ŽƚŚĞƌ ƉƌĞĨĞƌƌĞĚ ƉƌŽǀŝĚĞƌƐ͕ ǀŝ͘ dŚŝƌĚͲƉĂƌƚLJ ůŝĂďŝůŝƚLJ͕ ĂŶĚ ǀŝŝ͘ ZĞĚĞƚĞƌŵŝŶĂƚŝŽŶ ĚĂƚĞ͖ Ğ͘ EŽƚĞƐ ƐƵŵŵĂƌLJ ŽĨ ŵĞŵďĞƌͬƉŽƚĞŶƚŝĂů ŵĞŵďĞƌ ŝŶƚĞƌĂĐƚŝŽŶ ;Ğ͘Ő͘ ƐƵŵŵĂƌLJ ŽĨ ŝƐƐƵĞ͕ ŝĨ ŝƐƐƵĞ ǁĂƐ ƌĞƐŽůǀĞĚ Žƌ ĂĚĚƌĞƐƐĞĚ͕ ǁŚĂƚ ŝŶĨŽƌŵĂƚŝŽŶ ǁĂƐ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞͿ͖ Ĩ͘ ZĞĐŽƌĚ ŽĨ ƚŚĞ ƚŝŵĞ ĂŶĚ ĚĂƚĞ ŽĨ ŝŶƚĞƌĂĐƚŝŽŶ͖ Ő͘ ŽŶƚĂĐƚ ĂŐĞŶƚ͖ Ś͘ ZĞƐŽůƵƚŝŽŶ ĂŶĚͬŽƌ ŝĨ ĂĚĚŝƚŝŽŶĂů ĨŽůůŽǁͲƵƉ ŝƐ Žƌ ǁĂƐ ƌĞƋƵŝƌĞĚ͖ ŝ͘ W,W ĂƐƐŝŐŶŵĞŶƚ ;ŝŶĐůƵĚŝŶŐ ŚŝƐƚŽƌŝĐĂů W,W ĂƐƐŝŐŶŵĞŶƚ ĨŽƌ ϭϮ ŵŽŶƚŚƐ ƉƌŝŽƌͿ͖ WĂŐĞ ϳϰ ŽĨ ϭϰϰ ũ͘ /ŶƚĞƌƉƌĞƚĞƌ ƌĞƋƵĞƐƚƐ ĂŶĚ ƚŚĞ ůĂŶŐƵĂŐĞ ƌĞƋƵĞƐƚĞĚ͖ Ŭ͘ ŶƌŽůůŵĞŶƚ͕ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚƐ ĂŶĚ ĚĞƚĞƌŵŝŶĂƚŝŽŶƐ͖ ĂŶĚ ů͘ ŶLJ ŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƐƉĞĐŝĨŝĞƐ͕ Žƌ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƌĞĐŽŵŵĞŶĚƐ͘ ϯ͘ dŚĞ DW ŵƵƐƚ ŚĂǀĞ ƚŚĞ ĐĂƉĂďŝůŝƚLJ ƚŽ ŵĂŬĞ ƌĞĂůͲƚŝŵĞ ĐĂůůƐ ƚŽ ƚŚĞ ^ƚĂƚĞ͛Ɛ ƐLJƐƚĞŵƐ ƚŽ ƉŽƉƵůĂƚĞ DW ƐĐƌĞĞŶƐ ĂŶĚ ĚĂƚĂ ǁŝƚŚ ƚŚĞ ĐƵƌƌĞŶƚ ŝŶĨŽƌŵĂƚŝŽŶ Ăƚ ƚŚĞ ƚŝŵĞ ŽĨ ĂŶ ŝŶƚĞƌĂĐƚŝŽŶ ǁŝƚŚ Ă ďĞŶĞĨŝĐŝĂƌLJ͘ ϰ͘ dŚĞ DW ŵƵƐƚ ŚĂǀĞ ƚŚĞ ĐĂƉĂďŝůŝƚLJ ƚŽ ƉĂƐƐ ĚĂƚĂ ǀŝĂ ŝŶƚĞƌĨĂĐĞƐ ƚŽ ^ƚĂƚĞ ƐLJƐƚĞŵƐ ǁŚĞŶ ĞƐĐĂůĂƚŝŽŶƐ Žƌ ŚĂŶĚŽĨĨƐ ĂƌĞ ƌĞƋƵŝƌĞĚ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ĚĞƐŝƌĞƐ ƌĞĂůͲ ƚŝŵĞ ŝŶƚĞƌĂĐƚŝŽŶƐ͘ ϱ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƌĞƉŽƌƚ ŝŶĚŝǀŝĚƵĂů ĂĐƚŝǀŝƚLJ ĂŶĚ ƵƉĚĂƚĞ ĚĂƚĂ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƵƉŽŶ ƌĞƋƵĞƐƚ͘ /ŶĨŽƌŵĂƚŝŽŶ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ĚĂƚĂďĂƐĞ ŵƵƐƚ ďĞ ƚŚĞ ƉƌŽƉĞƌƚLJ ŽĨ ƚŚĞ ^ƚĂƚĞ͘ ϲ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƌĞƉŽƌƚ ƐĞƉĂƌĂƚĞůLJ ŽŶ ďĞŶĞĨŝĐŝĂƌLJ ĐŽŵƉůĂŝŶƚƐ ĂƐ ĚĞĨŝŶĞĚ ŝŶ dd ,D Ed >͗ EZK>>D Ed ZK< Z Z WKZd/E' Z Yh/Z D Ed^ ďƵƚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵĂLJ ƉƌŽƉŽƐĞ ƵƐŝŶŐ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͘ ŽŵƉůĂŝŶƚƐ ƌĞƋƵŝƌŝŶŐ ƚŚĞ ŝŵŵĞĚŝĂƚĞ ĂƚƚĞŶƚŝŽŶ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵƵƐƚ ďĞ ƌĞƉŽƌƚĞĚ ĚĂŝůLJ͕ ĨŽůůŽǁŝŶŐ ƚŚĞ ŽĐĐƵƌƌĞŶĐĞ͕ ǀŝĂ ƉŚŽŶĞ Žƌ ƐĞĐƵƌĞ ĞŵĂŝů ŶŽƚŝĨŝĐĂƚŝŽŶ͘ ϳ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ͕ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŵĂŶĂŐĞŵĞŶƚ ƉůĂƚĨŽƌŵ͘ <͘ ŽŶƐŽůŝĚĂƚĞĚ͕ ĞŶĞĨŝĐŝĂƌLJ &ĂĐŝŶŐ͕ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ĂŶĚ ŵĂŝŶƚĂŝŶ Ă ĐŽŶƐŽůŝĚĂƚĞĚ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ĨŽƌ ƚŚĞ ^ƚĂƚĞ ŽŶ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ƉůĂƚĨŽƌŵ͘ Ă͘ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ŵƵƐƚ ďĞ ĂŶ ĞĂƐŝůLJ ƐĞĂƌĐŚĂďůĞ ƌĞƉŽƐŝƚŽƌLJ ŽĨ ƉƌŽǀŝĚĞƌͲƚŽͲW,W ƌĞůĂƚŝŽŶƐŚŝƉƐ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ŵŽƐƚ ƵƉ ƚŽ ĚĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ŝŶĨŽƌŵ ĂŶĚ ƐƵƉƉŽƌƚ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ W,W ƐĞůĞĐƚŝŽŶ͘ ď͘ dŽ ƐĂƚŝƐĨLJ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ŶŽƚ ĂĐĐĞƉƚ ůŝŶŬƐ͕ ĐŽŶŶĞĐƚŝŽŶƐ͕ ƌĞĚŝƌĞĐƚƐ ƚŽ ƚŽŽůƐ ŵĂŝŶƚĂŝŶĞĚ ďLJ ƚŚĞ W,W͘ Đ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ĞdžƉĞĐƚƐ Ă ƐĞĂƌĐŚĂďůĞ ƌĞƉŽƐŝƚŽƌLJ ŽĨ ƚŚĞ ŵŽƐƚ ƵƉ ƚŽ ĚĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƉƌŽǀŝĚĞƌ ƚŽ W,W ƌĞůĂƚŝŽŶƐŚŝƉƐ͕ ĂƐ ƉƌŽǀŝĚĞĚ ďLJ W,WƐ ŝŶ Ă ƐƚĂŶĚĂƌĚŝnjĞĚ ĨŽƌŵĂƚ͘ Ě͘ dŚĞ ĚŝƌĞĐƚŽƌLJ ŵƵƐƚ ĂůƐŽ ďĞ ƵƐĞĚ ƚŽ ƐƵƉƉŽƌƚ D,ͬW W ƐĞůĞĐƚŝŽŶ ĚƵƌŝŶŐ ƚŚĞ DĞĚŝĐĂŝĚ ĂƉƉůŝĐĂƚŝŽŶ ƉƌŽĐĞƐƐ ŝŶ E & ^dͬĞW ^^͕ ĂŶĚ ƚŽ ƉƌŽǀŝĚĞ ƐƵƉƉŽƌƚ ƚŚƌŽƵŐŚ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ͘ Ğ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ W,W ƉƌŽǀŝĚĞƌ ŶĞƚǁŽƌŬ ŝŶĨŽƌŵĂƚŝŽŶ͕ ƚŚĞ ĚŝƌĞĐƚŽƌLJ ŵƵƐƚ ĂůƐŽ ĐŽŶƚĂŝŶ ĂŶĚ ĚŝƐƉůĂLJ ƉƌŽǀŝĚĞƌƐ ǁŚŽ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ ĨĞĞ ĨŽƌ ƐĞƌǀŝĐĞ ƉƌŽŐƌĂŵ͘ &Žƌ ƚŚŝƐ ƐĞĐƚŝŽŶ͕ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĨĞĞ ĨŽƌ ƐĞƌǀŝĐĞ ƉƌŽŐƌĂŵ ŵƵƐƚ ďĞ ƚƌĞĂƚĞĚ ĂƐ Ă W,W͘ WĂŐĞ ϳϱ ŽĨ ϭϰϰ Ĩ͘ dŚĞ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ŵƵƐƚ ŝŶĐŽƌƉŽƌĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƉƌŽǀŝĚĞĚ ďLJ W,WƐ͕ ĂŶĚ W,WƐ ĂŶĚ ŶŽƚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ďĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ĂĐĐƵƌĂĐLJ ŽĨ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͘ Ϯ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŝŶƚĞŐƌĂƚĞ ǁŝƚŚ ĞĂĐŚ ŽĨ ƚŚĞ W,WƐ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞƐ ŽĨ ƉƵůůŝŶŐ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ŝŶĨŽƌŵĂƚŝŽŶ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ƉƵůů͕ ƚƌĂŶƐĨŽƌŵ ĂƐ ŶĞĞĚĞĚ͕ ĂŶĚ ƵƉĚĂƚĞ ƚŚĞ ĚĂƚĂ ƌĞƋƵŝƌĞĚ ĨŽƌ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ Ăƚ ůĞĂƐƚ ĚĂŝůLJ ŽŶ ďƵƐŝŶĞƐƐ ĚĂLJƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƐƚƌŽŶŐůLJ ĞŶĐŽƵƌĂŐĞƐ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ůĞǀĞƌĂŐĞ ƚŚĞ ŽƉĞŶ ƐŽƵƌĐĞ ƚŽŽůƐ ĚĞǀĞůŽƉĞĚ ďLJ ,ĞĂůƚŚĐĂƌĞ͘ŐŽǀ ŝŶ ĚĞǀĞůŽƉŝŶŐ ƚŚĞ ĚŝƌĞĐƚŽƌLJϲ͕ Ăƚ ŶŽ ĞdžƚƌĂ ĐŽƐƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ Ă͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ŝŶĐůƵĚĞ ŝŶ W,W ĐŽŶƚƌĂĐƚƐ ůĂŶŐƵĂŐĞ͕ ƚĞƌŵƐ͕ ĂŶĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŚĂƚ ǁŝůů ĂůůŽǁ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƚŽ ŵĞĞƚ ŝƚƐ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ŵĞĐŚĂŶŝƐŵ ĨŽƌ W,W ŝŶƚĞŐƌĂƚŝŽŶ ;ƌĞĂůͲƚŝŵĞ͕ ďĂƚĐŚ͕ ĞƚĐ͘Ϳ ŵƵƐƚ ďĞ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ Đ͘ ĂƚĂ ƚŽ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ƐŚŽƵůĚ ŝŶĐůƵĚĞ͕ ďƵƚ ŝƐ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ ƚŚĞ ĨŽůůŽǁŝŶŐ͗ ŝ͘ WƌŽǀŝĚĞƌ ƚŽ W,W ĂĨĨŝůŝĂƚŝŽŶƐ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ĐůĞĂƌůLJ ĚŝĨĨĞƌĞŶƚŝĂƚŝŶŐ ƉƌŽǀŝĚĞƌƐ ǁŚŽ ĂƌĞ ĐŽŶƚƌĂĐƚĞĚ ƚŽ ŵƵůƚŝƉůĞ ƉůĂŶƐ͖ ŝŝ͘ WƌŽǀŝĚĞƌ ŽĨĨŝĐĞ ůŽĐĂƚŝŽŶƐ ǁŚĞƌĞ ƐĞƌǀŝĐĞƐ ĂƌĞ ƉƌŽǀŝĚĞĚ͖ ŝŝŝ͘ WƌŽǀŝĚĞƌ ƐƉĞĐŝĂůƚŝĞƐ ďLJ ůŽĐĂƚŝŽŶ͕ ĂĐĐĞƐƐŝďŝůŝƚLJ͖ ŝǀ͘ WƌŽǀŝĚĞƌ ŽĨĨŝĐĞ ŚŽƵƌƐ͖ ĂŶĚ ǀ͘ DĂŶĂŐĞĚ ĂƌĞ /ŶĚŝĐĂƚŽƌ ŝĚĞŶƚŝĨLJŝŶŐ ǁŚŝĐŚ ƉƌŽǀŝĚĞƌƐ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂŶĚ ĂƌĞ ĞŶƌŽůůĞĚ ǁŝƚŚ Ă W,W͘ ϯ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ĚŝƌĞĐƚŽƌLJ ŵƵƐƚ ďĞ ƵƐĞĚ ĂƐ ƚŚĞ ƐŽůĞ ƐŽƵƌĐĞ ĨŽƌ D,ͬW W ƐĞůĞĐƚŝŽŶ ŝŶ E & ^d ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ŝŶƚĞƌŶĞƚ ƉŽƌƚĂůƐ ĚƵƌŝŶŐ ƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ ƉƌŽĐĞƐƐ͘ Ă͘ dŚĞ ĚŝƌĞĐƚŽƌLJ ŵƵƐƚ ŝŶƚĞƌĨĂĐĞ ǁŝƚŚ E & ^d ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ ƉƌŽĐĞƐƐ ǁŝƚŚ Ă ůŝƐƚ ŽĨ D,ͬW WƐ KƚŚĞƌ ĚĂƚĂ ĞůĞŵĞŶƚƐ ŵĂLJ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĨŝŶĂů ŝŶƚĞƌĨĂĐĞƐ ďĂƐĞĚ ŽŶ ƚŚĞ ŶĞĞĚƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ď͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚŝƐ ŝŶƚĞƌĨĂĐĞ͕ ĂŶĚ ǁŚĞƚŚĞƌ ŝƚ ŝƐ Ă ƌĞĂůͲƚŝŵĞ ǁĞď ƐĞƌǀŝĐĞ Žƌ Ă ďĂƚĐŚ ŝŶƚĞƌĨĂĐĞ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ĚĞƐŝƌĞƐ ƌĞĂůͲƚŝŵĞ ǁĞď ƐĞƌǀŝĐĞ ĐĂůůƐ͘ ^ĞĞ ^ĞĐƚŝŽŶ D ʹ ŶƌŽůůŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ /ŶƚĞŐƌĂƚŝŽŶ &ŝŐƵƌĞ Ϯ͗ ƵƌƌĞŶƚ ƌĐŚŝƚĞĐƚƵƌĞ ĨŽƌ ƚŚĞ ĐƵƌƌĞŶƚ ĂƌĐŚŝƚĞĐƚƵƌĞ ƚŚĂƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶƚŝĐŝƉĂƚĞƐ ďĞŝŶŐ ƌĞƋƵŝƌĞĚ ĨŽƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ Đ͘ W,WƐ͕ ŶŽƚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĂŶĚ ĞƉĂƌƚŵĞŶƚ͕ ŵƵƐƚ ŚĂǀĞ ƚŚĞ ĨŝŶĂů ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĨŽƌ ĂƐƐŝŐŶŝŶŐ Ă ďĞŶĞĨŝĐŝĂƌLJ ƚŽ Ă D,ͬW W͘ dŚĞ W,WƐ ŵƵƐƚ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ŵĂŬĞ Ăůů ĂƉƉƌŽƉƌŝĂƚĞ ĞĨĨŽƌƚƐ ƚŽ ĂƐƐŝŐŶ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƚŽ Ă D,ͬW W ƚŚĂƚ ƚŚĞLJ ƐĞůĞĐƚĞĚ ƚŚƌŽƵŐŚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ Žƌ ŽƚŚĞƌ ĞƉĂƌƚŵĞŶƚͲŵĂŝŶƚĂŝŶĞĚ ƚŽŽů͘ ϲ dŚĞ ƚŽŽůƐ ĂƌĞ ĂǀĂŝůĂďůĞ Ăƚ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŚĞĂůƚŚĐĂƌĞ͘ŐŽǀͬĚĞǀĞůŽƉĞƌƐͬ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ĐĂŶ ŚĞůƉ ĨĂĐŝůŝƚĂƚĞ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ǁŝƚŚ ƚŚĞ ĨĞĚĞƌĂů ƚĞĂŵƐ ŝĨ ŶĞĞĚĞĚ͕ ďƵƚ ƉƌĞǀŝŽƵƐ ĞdžƉĞƌŝĞŶĐĞ ǁŝƚŚ ƚŚĞ ƚŽŽůƐ ŝƐ ƉƌĞĨĞƌƌĞĚ͘ WĂŐĞ ϳϲ ŽĨ ϭϰϰ ϰ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ͕ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ >͘ DĂŝůŝŶŐ ZĞƋƵŝƌĞŵĞŶƚƐ ϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŵĂŬĞ ĂǀĂŝůĂďůĞ ďLJ ŵĂŝů Ăůů ŵĞŵďĞƌ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ŵĂƚĞƌŝĂůƐ ƌĞƋƵŝƌĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ƐƵƉƉŽƌƚ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞĚƵĐĂƚŝŽŶ͕ W,W ĂŶĚ D,ͬW W ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĚŝƐĞŶƌŽůůŵĞŶƚ͘ Ϯ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƉƌŽǀŝĚĞ ďĞŶĞĨŝĐŝĂƌLJ ŵĂŝůŝŶŐ ĂĚĚƌĞƐƐĞƐ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŝŶ ĂŶ ĞůĞĐƚƌŽŶŝĐ ĨŽƌŵĂƚ ĂŶĚ ĨƌĞƋƵĞŶĐLJ ƚŽ ďĞ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ WĂƌƚŝĞƐ ĂĨƚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ĨĨĞĐƚŝǀĞ ĂƚĞ͘ ϯ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉĞƌĨŽƌŵ ĂĚĚƌĞƐƐ ǀĞƌŝĨŝĐĂƚŝŽŶ ĐŚĞĐŬ ĂŐĂŝŶƐƚ Ă hŶŝƚĞĚ ^ƚĂƚĞƐ WŽƐƚĂů ^ĞƌǀŝĐĞ ;h^W^Ϳ ĂƉƉƌŽǀĞĚ ƉƌŽĚƵĐƚ Žƌ ƐĞƌǀŝĐĞ ŽŶ Ăůů ďĞŶĞĨŝĐŝĂƌŝĞƐ ƉƌŝŽƌ ƚŽ ŵĂŝůŝŶŐ ŵĂƚĞƌŝĂůƐ͕ Ăƚ ŶŽ ĂĚĚŝƚŝŽŶĂů ĐŽƐƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŵĂŬĞ Ăůů ƌĞĂƐŽŶĂďůĞ ĂƚƚĞŵƉƚƐ ƚŽ ŝĚĞŶƚŝĨLJ ƚŚĞ ĐŽƌƌĞĐƚ ŵĂŝůŝŶŐ ĂĚĚƌĞƐƐ ĂŶĚ ŵĂŝů ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͘ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŶŽƚŝĨLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ Ăůů ŶŽŶͲǀĞƌŝĨŝĂďůĞ ĂĚĚƌĞƐƐĞƐ ŝŶ ĂŶ ĞůĞĐƚƌŽŶŝĐ ĨŽƌŵĂƚ ĂŶĚ ĨƌĞƋƵĞŶĐLJ ƚŽ ďĞ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ WĂƌƚŝĞƐ ĂĨƚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ĨĨĞĐƚŝǀĞ ĂƚĞ͘ Đ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŶŽƚŝĨLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ Ăůů ĂĚĚƌĞƐƐĞƐ ǁŚŝĐŚ ĂƌĞ ŝŶĐŽƌƌĞĐƚ ĂŶĚ ƉƌŽǀŝĚĞ ƚŚĞ ĐŽƌƌĞĐƚĞĚ ĂĚĚƌĞƐƐ ŝŶ ĂŶ ĞůĞĐƚƌŽŶŝĐ ĨŽƌŵĂƚ ĂŶĚ ĨƌĞƋƵĞŶĐLJ ƚŽ ďĞ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ WĂƌƚŝĞƐ ĂĨƚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ĨĨĞĐƚŝǀĞ ĂƚĞ ͘ ϰ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŶŽƚŝĨLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ Ăůů ƌĞƚƵƌŶĞĚ ŵĂŝů ĚƵĞ ƚŽ ŝŶĐŽƌƌĞĐƚ ŵĂŝůŝŶŐ ĂĚĚƌĞƐƐ ŝŶ ĂŶ ĞůĞĐƚƌŽŶŝĐ ĨŽƌŵĂƚ ĂŶĚ ĨƌĞƋƵĞŶĐLJ ƚŽ ďĞ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ WĂƌƚŝĞƐ ĂĨƚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ĨĨĞĐƚŝǀĞ ĂƚĞ͘ Ă͘ /Ĩ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŝĚĞŶƚŝĨŝĞƐ Ă ŶĞǁ͕ ƵƉĚĂƚĞĚ ĂĚĚƌĞƐƐ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŵĂŬĞ Ăůů ƌĞĂƐŽŶĂďůĞ ĂƚƚĞŵƉƚƐ ƚŽ ŝĚĞŶƚŝĨLJ ƚŚĞ ĐŽƌƌĞĐƚ ŵĂŝůŝŶŐ ĂĚĚƌĞƐƐ ĂŶĚ ƌĞƐĞŶĚ ŽŶůLJ ďĞŶĞĨŝĐŝĂƌLJ ƐƉĞĐŝĨŝĐ ŝŶĨŽƌŵĂƚŝŽŶ ŶŽƚ ƚŽ ŝŶĐůƵĚĞ ŐĞŶĞƌĂů ŝŶĨŽƌŵĂƚŝŽŶ ƐƵĐŚ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ďƌŽĐŚƵƌĞƐ Ăƚ ŶŽ ĂĚĚŝƚŝŽŶĂů ĐŽƐƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ϱ͘ ůů ŵĂŝůĞĚ ŵĂƚĞƌŝĂůƐ ƚŽ ƉŽƚĞŶƚŝĂů ĂŶĚ ĞdžŝƐƚŝŶŐ ŵĞŵďĞƌƐ͕ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ŵƵƐƚ ďĞ ƐĞŶƚ ǀŝĂ ĨŝƌƐƚ ĐůĂƐƐ ŵĂŝů͘ ϲ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƚĂŬĞ ŝŶƚŽ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ĐŽƐƚͲĞĨĨĞĐƚŝǀĞ ŵĞƚŚŽĚƐ ĨŽƌ ĐŽŶƚƌŽůůŝŶŐ ƉŽƐƚĂŐĞ ĐŽƐƚƐ ǁŚĞŶ ƉƌŽĚƵĐŝŶŐ ŵĞŵďĞƌ ŵĂƚĞƌŝĂůƐ ƚŚĂƚ ǁŝůů ďĞ ŵĂŝůĞĚ͘ ϳ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ͕ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ŵĂŝůŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ WĂŐĞ ϳϳ ŽĨ ϭϰϰ M. Enrollment Information System Integration The vision of a streamlined bene?ciary experience includes integration of state systems with contractor systems without interruption or change in level of services. The Department and Enrollment Broker will partner to build seamless system integration to ensure bene?ciaries experience a streamlined experience through the transition into managed care. The Enrollment Broker will be required to work closely with the Department's System Integrator for all integration, testing and implementation actives. 1. The Enrollment Broker must demonstrate the ability to interface with the State of North Carolina and Department Systems including NC FAST, NCT racks, and other systems as prescribed by the Department. Figure 2: Architecture below presents sample components of the architecture that will need to be implemented. (Note: Figure 2 is based on the time this RFP was issued, and is subject to change prior to implementation.) The Enrollment Broker must have the ability to interface in both real- time and through standard x12 EDI transactions. Figure 2: Architecture 2. The State will continue to intake applications, determine the eligibility of a beneficiary, and auto assign PHPs in the NC FAST platform. Once eligibility is determined, NC FAST will pass the member to the Enrollment Broker?s PHP Selection tool for PHP choice. If no PHP is chosen, the bene?ciary will be assigned to a plan utilizing the auto-assignment algorithm ?as defined in APPENDIX K: MANAGED CARE AUTO-ASSIGNMENTALORITHM. If the member chooses to change plans with or without cause, the Enrollment Broker will manage the choice counseling and the new PHP selection and pass the updated information to NC FAST. NC FAST will interface with NCT racks to coordinate enrollment effectuation with the PHPs. The transmission of PHP selection data between NC FAST to the Enrollment Broker will be at a minimum daily, however the State prefers real- time transactions where possible. Page 78 of 144 ϯ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƵƐĞƐ ƚŚĞ EĂƚŝŽŶĂů /ŶĨŽƌŵĂƚŝŽŶ džĐŚĂŶŐĞ DŽĚĞů ;E/ D Ͳ ŶŝĞŵ͘ŐŽǀͿ ĂƐ ƚŚĞ ƐƚĂŶĚĂƌĚ ĐĂŶŽŶŝĐĂů ŵŽĚĞů ĨŽƌ ƚŚĞ ƌĞĂůͲƚŝŵĞ ŝŶƚĞƌĐŚĂŶŐĞ ŽĨ ĚĂƚĂ͘ ZĞĂůͲƚŝŵĞ ŝŶƚĞƌĨĂĐĞƐ ĐĂŶ ďĞ ŝŵƉůĞŵĞŶƚĞĚ ƵƐŝŶŐ ^K W Žƌ Z ^d W/Ɛ͕ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ^ ƚĞĂŵ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƚŽ ŝŵƉůĞŵĞŶƚ ƚŚĞ ĞdžĐŚĂŶŐĞƐ ĂƐ ŶĞĞĚĞĚ͘ /Ŷ ƚŚĞ ĞǀĞŶƚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŚŽƐƚƐ ƐŽĨƚǁĂƌĞ Ăƚ Ă ůŽĐĂƚŝŽŶ ŽƚŚĞƌ ƚŚĂŶ Ă EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ /ŶĨŽƌŵĂƚŝŽŶ dĞĐŚŶŽůŽŐLJ ĚĂƚĂ ĐĞŶƚĞƌ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĐŽŵƉůLJ ǁŝƚŚ Ăůů ƚŚĞ ^ƚĂƚĞ͛Ɛ ƐĞĐƵƌŝƚLJ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ϰ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŝŶƚĞŐƌĂƚĞ ƚŽ ŽƚŚĞƌ ĞƉĂƌƚŵĞŶƚ ƉĂƌƚŶĞƌƐ ƐƵĐŚ ĂƐ W,WƐ͕ WƌŽǀŝĚĞƌ DĞŵďĞƌ ƉŽƌƚĂůƐ ĂŶĚ ƌĞƉŽƐŝƚŽƌŝĞƐ͕ sK͕ ĂŶĚ ŽƚŚĞƌ ƉĂƌƚŶĞƌƐ ĂƐ ƉƌĞƐĐƌŝďĞĚ ďLJ ƚŚĞ ^ƚĂƚĞ ĂŶĚ ĂƐ ƌĞƋƵŝƌĞĚ ƚŽ ĨƵůĨŝůů ƚŚĞ ŽďůŝŐĂƚŝŽŶƐ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ͘ ůů ŝŶƚĞŐƌĂƚŝŽŶƐ ďĞƚǁĞĞŶ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƉĂƌƚŶĞƌƐ ǁŝůů ĐŽŵƉůLJ ǁŝƚŚ Ăůů ƚŚĞ ^ƚĂƚĞ͛Ɛ ƐĞĐƵƌŝƚLJ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ǁŝůů ďĞ ƌĞĂůͲƚŝŵĞ ƵŶůĞƐƐ ŽƚŚĞƌǁŝƐĞ ĂŐƌĞĞĚ ƚŽ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͘ ϱ͘ Ɛ ŶŽƚĞĚ ŝŶ ƚŚĞ 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ŚĂǀĞ ƐŝdžƚLJ ;ϲϬͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ĨƌŽŵ ƚŚĞ ĚĂƚĞ ŽĨ ŶŽƚŝĐĞ ƚŽ ĚĞǀĞůŽƉ͕ ƚĞƐƚ ĂŶĚ ŝŵƉůĞŵĞŶƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ďĞĨŽƌĞ ƚŚĞ ^ĞƌǀŝĐĞ >ĞǀĞů ŐƌĞĞŵĞŶƚ ĞdžƉĞĐƚĂƚŝŽŶƐ ĂƉƉůLJ ƵŶůĞƐƐ ĂŶ ĂůƚĞƌŶĂƚĞ ƚŝŵĞůŝŶĞ ŝƐ ƉƌŽƉŽƐĞĚ ĂŶĚ ĂŐƌĞĞĚ ƚŽ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ϴ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ͕ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ E͘ ^ƚĂĨĨŝŶŐ ĂŶĚ <ĞLJ WĞƌƐŽŶŶĞů ϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŝĚĞŶƚŝĨLJ <ĞLJ WĞƌƐŽŶŶĞů ƚŽ ďĞ ĂƐƐŝŐŶĞĚ ĨŽƌ ƚŚĞ ĚƵƌĂƚŝŽŶ ŽĨ ƚŚŝƐ ŽŶƚƌĂĐƚ͘ <ĞLJ WĞƌƐŽŶŶĞů ŵƵƐƚ ďĞ ŝĚĞŶƚŝĨŝĞĚ ĂŶĚ ŵĂƉƉĞĚ ƚŽ ƚŚĞ ^ƚĂĨĨŝŶŐ ZŽůĞƐ WĂŐĞ ϳϵ ŽĨ ϭϰϰ ƉƌŽǀŝĚĞĚ ŝŶ dd ,D Ed ͗ EZK>>D Ed ZK< Z͛^ < z W Z^KEE >͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŝŶĚŝĐĂƚĞ ƚŚĞ ŶĂŵĞ ŽĨ ƚŚĞ ƉƌŽƉŽƐĞĚ ŝŶĚŝǀŝĚƵĂů ƚŽ ƉĞƌĨŽƌŵ ĞĂĐŚ ƌŽůĞ͘ Ϯ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞŵŽŶƐƚƌĂƚĞ ƚŚĂƚ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐƚĂĨĨ ƉƌŽƉŽƐĞĚ ĂƐ <ĞLJ WĞƌƐŽŶŶĞů ŚĂǀĞ ƚŚĞ ƉƌŽƉĞƌ ĐƌĞĚĞŶƚŝĂůƐ ĂŶĚ ĞdžƉĞƌŝĞŶĐĞ ƚŽ ƉĞƌĨŽƌŵ Ăůů ĚƵƚŝĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŽĨ ƚŚĂƚ ƌŽůĞ͘ &Žƌ ĞĂĐŚ <ĞLJ WĞƌƐŽŶŶĞů ƉƌŽƉŽƐĂů͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŝŶĐůƵĚĞ͗ Ă͘ EĂŵĞ͖ ď͘ ZŽůĞ͖ Đ͘ džƉĞƌŝĞŶĐĞ ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ ƐĞƌǀŝĐĞƐ ƚŽ ďĞ ƉƌŽǀŝĚĞĚ ƵŶĚĞƌ ƚŚŝƐ ŽŶƚƌĂĐƚ͖ Ě͘ ZĞƐƵŵĞ͖ ĂŶĚ Ğ͘ ŶLJ ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ Žƌ ĐƌĞĚĞŶƚŝĂůƐ ĨŽƌ ƚŚĞ ZŽůĞ ǁŚĞƌĞ ƌĞƋƵĞƐƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ϯ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŶŽƚ ƐƵďƐƚŝƚƵƚĞ <ĞLJ WĞƌƐŽŶŶĞů ƚŽ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚŝƐ ŽŶƚƌĂĐƚ ǁŝƚŚŽƵƚ ƉƌŝŽƌ ǁƌŝƚƚĞŶ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŶŽƚŝĨLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ĂŶLJ ĚĞƐŝƌĞĚ ƐƵďƐƚŝƚƵƚŝŽŶ ŽĨ <ĞLJ WĞƌƐŽŶŶĞů͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ŶĂŵĞ͕ ƌŽůĞ͕ ƌĞƐƵŵĞ͕ ĂŶĚ ŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ǁŚĞƌĞ ƌĞƋƵĞƐƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨŽƌ ƚŚĞ ƌĞĐŽŵŵĞŶĚĞĚ ƐƵďƐƚŝƚƵƚĞ͘ ď͘ tŝƚŚŝŶ ƚĞŶ ;ϭϬͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ŽĨ ƚŚĞ ƌĞƋƵĞƐƚ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ŶŽƚŝĨLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŝĨ ƚŚĞ ƌĞĐŽŵŵĞŶĚĞĚ ƐƵďƐƚŝƚƵƚĞ ŝƐ ĂĐĐĞƉƚĂďůĞ͘ /Ĩ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĚŽĞƐ ŶŽƚ ĂĐĐĞƉƚ ƚŚĞ ƌĞĐŽŵŵĞŶĚĞĚ ƐƵďƐƚŝƚƵƚĞ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ŚĂǀĞ ƚĞŶ ;ϭϬͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ƚŽ ŵĂŬĞ ĂŶŽƚŚĞƌ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘ Đ͘ ƚ ŶŽ ƚŝŵĞ͕ ŚŽǁĞǀĞƌ͕ ŵĂLJ Ă <ĞLJ WĞƌƐŽŶŶĞů ZŽůĞ ďĞ ǀĂĐĂŶƚ͘ /ƚ ŝƐ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ƚŽ ŬĞĞƉ ƚŚĞ ƌŽůĞ ĨŝůůĞĚ ƵŶƚŝů ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĞƐ Ă ƐƵďƐƚŝƚƵƚŝŽŶ͘ Ě͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ͕ Ăƚ ŝƚƐ ƐŽůĞ ĚŝƐĐƌĞƚŝŽŶ͕ ƚĞƌŵŝŶĂƚĞ ƚŚĞ ƐĞƌǀŝĐĞƐ ŽĨ ĂŶLJ ƉĞƌƐŽŶ ƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐ ƵŶĚĞƌ ƚŚŝƐ ĐŽŶƚƌĂĐƚ͘ hƉŽŶ ƐƵĐŚ ƚĞƌŵŝŶĂƚŝŽŶ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ƌĞƋƵĞƐƚ ĂŶ ĂĐĐĞƉƚĂďůĞ ƉĞƌƐŽŶŶĞů ƐƵďƐƚŝƚƵƚŝŽŶ Žƌ ƚĞƌŵŝŶĂƚĞ ƚŚĞ ĐŽŶƚƌĂĐƚ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ ďLJ ƐƵĐŚ ƉĞƌƐŽŶŶĞů͘ ϰ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ƐƚĂĨĨŝŶŐ ĐŽŶƚŝŶŐĞŶĐLJ ƉůĂŶ ĨŽƌ ŚĂŶĚůŝŶŐ ƐƵĚĚĞŶ ĂŶĚ ƵŶĞdžƉĞĐƚĞĚ ŝŶĐƌĞĂƐĞƐ ŝŶ ĞŶƌŽůůŵĞŶƚ͕ W,W ƚƌĂŶƐĨĞƌƐ ĂŶĚ ĐĂůů ǀŽůƵŵĞƐ ǁŝƚŚ Ă ĚĞƐĐƌŝƉƚŝŽŶ ŽŶ ŚŽǁ ƚŚĞ ƉůĂŶ ǁŝůů ďĞ ŝŵƉůĞŵĞŶƚĞĚ ĂŶĚ ĐŽŽƌĚŝŶĂƚĞĚ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚŝƐ ŵƵƐƚ ďĞ ŝŶĐůƵĚĞĚ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ dĞĐŚŶŝĐĂů ZĞƐƉŽŶƐĞ ŝŶ dd ,D Ed ͗ d ,E/ > Z ^WKE^ ͘ K͘ ĐĐŽƵŶƚ DĂŶĂŐĞŵĞŶƚ ϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞ W,WƐ ƚŽ ďĞ ŐŽŽĚ ƐƚĞǁĂƌĚƐ ŽĨ ^ƚĂƚĞ ĨƵŶĚƐ ĂŶĚ ^ƚĂƚĞ ƉĞƌƐŽŶŶĞů ƚŝŵĞ ĂŶĚ ƚŽ ĞŶƐƵƌĞ ĞĨĨĞĐƚŝǀĞ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽĨ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ͗ Ă͘ WĂƌƚŝĐŝƉĂƚĞ ŝŶ ŵĞĞƚŝŶŐƐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ƚŚĞ W,WƐ͕ ĐŽƵŶƚLJ ^^ ŽĨĨŝĐĞƐ͕ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ /͕ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ĂŐĞŶĐŝĞƐ Žƌ ŐƌŽƵƉƐ ĚĞĞŵĞĚ ŶĞĐĞƐƐĂƌLJ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐƚĂĨĨ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŵƵƐƚ ŝŶĐůƵĚĞ ƚŚĞ WƌŽũĞĐƚ ŝƌĞĐƚŽƌ WĂŐĞ ϴϬ ŽĨ ϭϰϰ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ƐƚĂĨĨ ƌĞĐŽŵŵĞŶĚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ ŝƌĞĐƚŽƌ Žƌ ĚĞĞŵĞĚ ŶĞĐĞƐƐĂƌLJ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ^ƵĐŚ ŵĞĞƚŝŶŐƐ ŵĂLJ ŝŶĐůƵĚĞ͕ ďƵƚ ĂƌĞ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͗ ŝ͘ ^ƚĂƚƵƐ ĐĂůůƐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ W,WƐ ĚƵƌŝŶŐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƚŽ ĚŝƐĐƵƐƐ ŽƉĞƌĂƚŝŽŶĂů ĂŶĚ ƚĞĐŚŶŝĐĂů ŝƐƐƵĞƐ͖ ŝŝ͘ hƉĚĂƚĞƐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ W,WƐ ĂĨƚĞƌ ŐŽͲůŝǀĞ͖ ĂŶĚ ŝŝŝ͘ ŶŶƵĂů ĞŶƌŽůůŵĞŶƚ ƉůĂŶŶŝŶŐ ŵĞĞƚŝŶŐƐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ W,WƐ ƚŽ ƉůĂŶ ĨŽƌ ƌŽƵƚŝŶĞ ďƵƐŝŶĞƐƐ Žƌ ƉƌŽŐƌĂŵ ĐŚĂŶŐĞƐ͕ ĂƐ ŶĞĞĚĞĚ͘ ď͘ ^Ƶďŵŝƚ Ă ƐƚĂƚƵƐ ƌĞƉŽƌƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ŽŶ ƚŚĞ ĨƌĞƋƵĞŶĐLJ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ŽƵƚůŝŶŝŶŐ ƚŚĞ ĂĐƚŝǀŝƚŝĞƐ ĂŶĚ ƉƌŽŐƌĞƐƐ ĨŽƌ ƚŚĂƚ ƉĞƌŝŽĚ͘ dŚĞ ĨŽƌŵĂƚ ĂŶĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ^ƚĂƚƵƐ ZĞƉŽƌƚ ŵƵƐƚ ďĞ ĚĞǀĞůŽƉĞĚ ďLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĂŶĚ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͖ ĂŶĚ Đ͘ ^Ƶďŵŝƚ ĂŶ ŶŶƵĂů ZĞƉŽƌƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ďLJ ϭϮ͗ϬϬ WD ^d ǁŝƚŚŝŶ ƚǁĞŶƚLJ ;ϮϬͿ ƵƐŝŶĞƐƐ ĂLJƐ ĨŽůůŽǁŝŶŐ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ĐĂůĞŶĚĂƌ LJĞĂƌ͘ dŚĞ ĨŽƌŵĂƚ ĂŶĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ŶŶƵĂů ZĞƉŽƌƚ ŵƵƐƚ ďĞ ĚĞǀĞůŽƉĞĚ ďLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĂŶĚ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ W͘ dƌĂŝŶŝŶŐ ϭ͘ EŽ ůĂƚĞƌ ƚŚĂŶ ŶŝŶĞƚLJ ;ϵϬͿ ĚĂLJƐ ĂĨƚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ĨĨĞĐƚŝǀĞ ĂƚĞ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƐƵďŵŝƚ Ă ƚƌĂŝŶŝŶŐ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ŵŽĚƵůĞ ĨŽƌ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ƐƚĂĨĨ ƚŽ ĞŶƐƵƌĞ ĂĚĞƋƵĂƚĞ ŬŶŽǁůĞĚŐĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ƉƌŽŐƌĂŵƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ǀĂƌŝŽƵƐ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƐLJƐƚĞŵƐ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ĐŽǀĞƌĞĚ ƉƌŽŐƌĂŵ͘ dŚĞ ƚƌĂŝŶŝŶŐ ŵŽĚƵůĞ ŵƵƐƚ ƵƚŝůŝnjĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐŽƵƌĐĞƐ ǁŚĞƌĞ ĂǀĂŝůĂďůĞ ĂŶĚ ŵƵƐƚ ďĞ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ďĞĨŽƌĞ ƵƐĞ ǁŝƚŚ ĂŶLJ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ƐƚĂĨĨ͘ Ϯ͘ KŶĐĞ ĂƉƉƌŽǀĞĚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶƐƵƌĞ Ăůů ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐƚĂĨĨ͕ ŝŶĐůƵĚŝŶŐ ŶĞǁ ŚŝƌĞƐ͕ ƌĞĐĞŝǀĞ ƚƌĂŝŶŝŶŐ ŽŶ ƚŚĞ ƐƉĞĐŝĂů ŶĞĞĚƐ ŽĨ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ƉŽƉƵůĂƚŝŽŶ͕ Ăƚ ůĞĂƐƚ ĂŶŶƵĂůůLJ͕ ŝŶĐůƵĚŝŶŐ͗ Ă͘ ǁĂƌĞŶĞƐƐ ŽĨ ĂŶĚ ƐĞŶƐŝƚŝǀŝƚLJ ƚŽ ƚŚĞ ŶĞĞĚƐ ŽĨ ƉĞƌƐŽŶƐ ǁŚŽ ŵĂLJ ďĞ ĚŝƐĂĚǀĂŶƚĂŐĞĚ ďLJ ŝŶĐŽŵĞ͕ ĚŝƐĂďŝůŝƚLJ ĂŶĚͬŽƌ ŝůůŝƚĞƌĂĐLJ͕ Žƌ ǁŚŽ ŵĂLJ ďĞ ŶŽŶͲ ŶŐůŝƐŚ ƐƉĞĂŬŝŶŐ͖ ď͘ hŶŝƋƵĞ ŶĞĞĚƐ͕ ĞdžƉĞƌŝĞŶĐĞƐ ŽĨ ƚƌŝďĂů ŵĞŵďĞƌƐ ŝŶĐůƵĚŝŶŐ ŝ͘ dŚĞ ƐŝŐŶŝĨŝĐĂŶĐĞ ŽĨ ĞdžƚĞŶĚĞĚ ĨĂŵŝůŝĞƐ ŝŶĐůƵĚŝŶŐ ĂŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĂƚ ƚŚĞ ĚĞĨŝŶŝƚŝŽŶ ŽĨ ĞdžƚĞŶĚĞĚ ĨĂŵŝůŝĞƐ ŝƐ ĚŝĨĨĞƌĞŶƚ ƚŚĂŶ ŶŽŶͲŶĂƚŝǀĞ ĨĂŵŝůŝĞƐ ŝŝ͘ dŚĞ ĚŝĨĨĞƌĞŶƚ ƐĞƌǀŝĐĞ ĞůŝŐŝďŝůŝƚLJ ĨŽƌ ŶŽŶͲĞŶƌŽůůĞĚ ĨĂŵŝůLJ ŵĞŵďĞƌƐ ŽĨ / ĞŶƌŽůůĞĚ ŵĞŵďĞƌƐ ŝŝŝ͘ ^ŽŵĞ ďůĞŶĚĞĚ ĨĂŵŝůŝĞƐ ŵĂLJ ďĞ ƚƌŝůŝŶŐƵĂů ; ŶŐůŝƐŚ͕ ŚĞƌŽŬĞĞ Žƌ ŽƚŚĞƌ ŶĂƚŝǀĞ ůĂŶŐƵĂŐĞƐ͕ ĂŶĚ ^ƉĂŶŝƐŚͿ ŝǀ͘ ZĞƐƉĞĐƚ ĨŽƌ ƚƌĂĚŝƚŝŽŶƐ ǁŚĞƌĞ ŐĞŶĚĞƌ ĂŶĚ ĂŐĞ ŵĂLJ ƉůĂLJ ĂŶ ŝŵƉŽƌƚĂŶƚ ƌŽůĞ͗ ϭ͘ ůĚĞƌƐ ŚĂǀĞ Ă ŚŝŐŚůLJ ƌĞƐƉĞĐƚĞĚ ƐƚĂƚƵƐ ĚƵĞ ƚŽ ƚŚĞŝƌ ůŝĨĞ ĞdžƉĞƌŝĞŶĐĞƐ͖ ůĚĞƌƐ ƚĞŶĚ ƚŽ ďĞ ŶŽŶͲǀĞƌďĂů Ϯ͘ WƌĞŐŶĂŶƚ ŝŶĚŝǀŝĚƵĂůƐ ϯ͘ sĞƚĞƌĂŶƐ ǀ͘ dŚĞ ĚŝĨĨĞƌĞŶƚ ƐĞƌǀŝĐĞ ƚLJƉĞƐ ĂŶĚ ďĞŶĞĨŝƚ ƉůĂŶƐ ĂǀĂŝůĂďůĞ ƚŚƌŽƵŐŚ ƚŚĞ dƌŝďĂů KƉƚŝŽŶ͘ WĂŐĞ ϴϭ ŽĨ ϭϰϰ Đ͘ ^ĞŶƐŝƚŝǀŝƚLJ ƚŽ ĚŝĨĨĞƌĞŶƚ ĐƵůƚƵƌĞƐ ĂŶĚ ďĞůŝĞĨƐ͖ Ě͘ ^ĞŶƐŝƚŝǀŝƚLJ ƚŽ ƚŚĞ ŶĞĞĚƐ͕ ĞdžƉĞƌŝĞŶĐĞƐ͕ ŚŝƐƚŽƌLJ ĂŶĚ ĐƵůƚƵƌĂů ŽĨ ƚƌŝďĂů ŵĞŵďĞƌƐ͖ Ğ͘ hƐĞ ŽĨ ďŝůŝŶŐƵĂů ŝŶƚĞƌƉƌĞƚĞƌƐ͕ ZĞůĂLJ sŝĚĞŽ ŽŶĨĞƌĞŶĐĞ ĂƉƚŝŽŶŝŶŐ͕ ZĞůĂLJ E ͕ ddz ŵĂĐŚŝŶĞƐ͕ ĂŶĚ ŽƚŚĞƌ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĚĞǀŝĐĞƐ ĨŽƌ ƚŚĞ ĚŝƐĂďůĞĚ͖ Ĩ͘ ,/W ͖ Ő͘ KǀĞƌĐŽŵŝŶŐ ďĂƌƌŝĞƌƐ ƚŽ ĂĐĐĞƐƐŝŶŐ ŵĞĚŝĐĂů ĐĂƌĞ͖ ĂŶĚ Ś͘ hŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĞ ƌŽůĞ ŽĨ ĐĞƌƚĂŝŶ ƐŽĐŝĂů ĨĂĐƚŽƌƐ͕ ƐƵĐŚ ĂƐ ƐƵďƐƚĂŶĚĂƌĚ ŚŽƵƐŝŶŐ͕ ĨŽŽĚ ŝŶƐƚĂďŝůŝƚLJ͕ ĂŶĚ ůĂĐŬ ŽĨ ĂĐĐĞƐƐ ƚŽ ƚĞůĞƉŚŽŶĞ Žƌ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ͛ ŚĞĂůƚŚ ĂŶĚ ŚĞĂůƚŚ ĐĂƌĞ ŶĞĞĚƐ͘ ϯ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĐŽůůĂďŽƌĂƚĞ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽŶ ƉƌŽǀŝĚŝŶŐ ƚƌĂŝŶŝŶŐ ƚŽ ĞƉĂƌƚŵĞŶƚ͕ ĐŽƵŶƚLJ ^^ ƐƚĂĨĨ͕ ƚŚĞ /͕ ƚŚĞ KŵďƵĚƐŵĂŶ ƉƌŽŐƌĂŵ ĂŶĚ W,WƐ͘ Ă͘ dƌĂŝŶŝŶŐ ŵƵƐƚ͗ ŝ͘ Ğ ĐŽŵƉůĞƚĞ Ăƚ ůĞĂƐƚ ƐŝdžƚLJ ;ϲϬͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ƉƌŝŽƌ ƚŽ ƚŚĞ ĐƌŽƐƐͲŽǀĞƌ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ͖ ŝŝ͘ Ğ ŚŽƐƚĞĚ Ăƚ ƌĞŐŝŽŶĂů ůŽĐĂƚŝŽŶƐ ĨŽƌ ĐŽƵŶƚLJ ƐŽĐŝĂů ƐĞƌǀŝĐĞƐ ĂŶĚ W,,^ ƐƚĂĨĨ͖ ŝŝŝ͘ ŽŶƚĂŝŶ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƚŚĞ ƌŽůĞ ŽĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŝŶ ƉůĂŶ ƐĞůĞĐƚŝŽŶ͖ ŝǀ͘ ZĞůĂƚŝŽŶƐŚŝƉ ĂŶĚ ŝŶƚĞŐƌĂƚŝŽŶ ŽĨ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝƚŚ ĞƉĂƌƚŵĞŶƚ͕ ĐŽƵŶƚLJ ^^ ƐƚĂĨĨ ĂƐ ŽƵƚůŝŶĞĚ ŝŶ ƚŚĞ ^^ ĞŶŐĂŐĞŵĞŶƚ ƐƚƌĂƚĞŐLJ͕ ƚŚĞ / W,,^͕ ƚŚĞ KŵďƵĚƐŵĂŶ ƉƌŽŐƌĂŵ͕ ĂŶĚ W,WƐ͖ ǀ͘ /ŶĐůƵĚĞ ƐĂŵƉůĞ ďĞŶĞĨŝĐŝĂƌLJ ŵĂƚĞƌŝĂůƐ͖ ǀŝ͘ KƵƚůŝŶĞ ƚŚĞ ƉƌŽĐĞƐƐ ĨŽƌ ďĞŶĞĨŝĐŝĂƌLJ ĂƐƐŝŐŶŵĞŶƚ ƚŽ ƉůĂŶƐ͖ ǀŝŝ͘ ĞƐĐƌŝďĞ ŚŽǁ ƚŽ ŶĂǀŝŐĂƚĞ ƚŚĞ ƉƵďůŝĐ ĨĂĐŝŶŐ ǁĞďƐŝƚĞƐ͖ ǀŝŝŝ͘ ĞƐĐƌŝďĞ ŚŽǁ ƚŽ ƉƌŽƉĞƌůLJ ƵƐĞ ĂŶĚ ƵƉĚĂƚĞ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĚĂƚĂ ǁŝƚŚŝŶ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ ƉůĂƚĨŽƌŵ͖ ŝdž͘ ĞƐĐƌŝďĞ ƉůĂŶ ĨŽƌ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ͖ ĂŶĚ ď͘ DĂƚĞƌŝĂůƐ ĨŽƌ ƚŚĞ ƚƌĂŝŶŝŶŐ ŵƵƐƚ ďĞ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŶŽ ůĂƚĞƌ ƚŚĂŶ ƚŚŝƌƚLJ ;ϯϬͿ ĚĂLJƐ ƉƌŝŽƌ ƚŽ ƐĐŚĞĚƵůĞĚ ĞǀĞŶƚƐ ĨŽƌ ƌĞǀŝĞǁ͕ ŝĨ ŶĞĐĞƐƐĂƌLJ͘ Đ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ƐĞƉĂƌĂƚĞ ƚƌĂŝŶŝŶŐ ŝŶ ĐŽůůĂďŽƌĂƚŝŽŶ ǁŝƚŚ / ĨŽƌ W,,^ ƐƚĂĨĨ ĂŶĚ ŽƚŚĞƌ ƚƌŝďĂů ĞŶƚŝƚŝĞƐ ĂƐ ŝĚĞŶƚŝĨŝĞĚ ďLJ / ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ Ě͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƵƉĚĂƚĞ ƚŚĞ ƚƌĂŝŶŝŶŐ ŵĂƚĞƌŝĂůƐ ĂŶĚ ƚŚĞ ƚƌĂŝŶŝŶŐ ŽĨ ƉĞƌƐŽŶŶĞů ĂƐ ĐŚĂŶŐĞƐ ĂƌĞ ŵĂĚĞ ƚŽ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ Žƌ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ŝŵƉƌŽǀŝŶŐ ƚŚĞ ĐƵƐƚŽŵĞƌ ĞdžƉĞƌŝĞŶĐĞ͘ Y͘ &ƌĂƵĚ͕ tĂƐƚĞ͕ ĂŶĚ ďƵƐĞ ϭ͘ dŽ ƉƌŽŵŽƚĞ ŝŶƚĞŐƌŝƚLJ ŝŶ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĂĐƚŝǀŝƚŝĞƐ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ͗ Ă͘ ĞƐŝŐŶ Ă ƉƌŽĂĐƚŝǀĞ ĨƌĂƵĚ ƉƌĞǀĞŶƚŝŽŶ͕ ĚĞƚĞĐƚŝŽŶ͕ ĂŶĚ ƌĞĨĞƌƌĂů ƉƌŽĐĞƐƐ ǁŚŝĐŚ ŐƵĂƌĚƐ ĂŐĂŝŶƐƚ ŝŶƚĞƌŶĂů ;ƐƚĂĨĨͿ ĂŶĚ ĞdžƚĞƌŶĂů ;ƌĞĐŝƉŝĞŶƚƐ͕ ƉƌŽǀŝĚĞƌƐ͕ W,WƐ Žƌ ŽƚŚĞƌƐͿ ĨƌĂƵĚ͕ ĂďƵƐĞ͕ Žƌ ǁĂƐƚĞ ŽĨ ďĞŶĞĨŝƚƐ͕ ƉƌŽŐƌĂŵ ĨƵŶĚƐ ĂŶĚ ŵŝƐƵƐĞ ŽĨ ƚŚĞ ƐLJƐƚĞŵƐ ƚŚĂƚ ƐƵƉƉŽƌƚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƉƌŽŐƌĂŵƐ͖ ď͘ ƐƚĂďůŝƐŚ ĞĨĨĞĐƚŝǀĞ ƉŽůŝĐŝĞƐ͕ ƉƌŽĐĞƐƐĞƐ͕ ƐLJƐƚĞŵƐ͕ ĞĚŝƚƐ͕ ĂŶĚ ĐŽŶƚƌŽůƐ ƚŽ ƉƌĞǀĞŶƚ ĂŶĚ ĚĞƚĞĐƚ ŝŶƚĞƌŶĂů ĂŶĚ ĞdžƚĞƌŶĂů ĨƌĂƵĚ͕ ĂďƵƐĞ͕ Žƌ ǁĂƐƚĞ ƉƌŝŽƌ ƚŽ ĞŶƌŽůůŵĞŶƚ Žƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ŝƐƐƵĂŶĐĞ ŽĨ ďĞŶĞĨŝƚƐ͖ WĂŐĞ ϴϮ ŽĨ ϭϰϰ Đ͘ ĞƐĐƌŝďĞ ƉƌŽƉŽƐĞĚ ƐŽůƵƚŝŽŶƐ ĨŽƌ ĞƐƚĂďůŝƐŚŝŶŐ ĞĨĨĞĐƚŝǀĞ ƉƌŽĐĞƐƐĞƐ͕ ƐLJƐƚĞŵƐ͕ ĞĚŝƚƐ͕ ĂŶĚ ĐŽŶƚƌŽůƐ ƚŽ ƉƌĞǀĞŶƚ ĂŶĚ ĚĞƚĞĐƚ ŝŶƚĞƌŶĂů ĂŶĚ ĞdžƚĞƌŶĂů ĨƌĂƵĚ͕ ĂďƵƐĞ͕ ĂŶĚ ǁĂƐƚĞ͖ Ě͘ ĞǀĞůŽƉ Ă ĨƌĂƵĚ͕ ĂďƵƐĞ͕ ĂŶĚ ǁĂƐƚĞ ƉƌĞǀĞŶƚŝŽŶ ĐŽŵƉůŝĂŶĐĞ ƉůĂŶ ƚŚĂƚ ĞƐƚĂďůŝƐŚĞƐ ĐƌŝƚĞƌŝĂ ĨŽƌ ƉƌĞǀĞŶƚŝŶŐ͕ ĚĞƚĞĐƚŝŶŐ͕ ĂŶĚ ƌĞĨĞƌƌŝŶŐ ĐĂƐĞƐ ŽĨ ƐƵƐƉĞĐƚĞĚ ĨƌĂƵĚ͕ ĂďƵƐĞ͕ Žƌ ǁĂƐƚĞ͖ Ğ͘ ƌĞĂƚĞ ƉƌŽĐĞƐƐĞƐ ƚŽ ŝŶǀĞƐƚŝŐĂƚĞ ƐƵƐƉĞĐƚĞĚ ĨƌĂƵĚ͕ ĂďƵƐĞ͕ ĂŶĚ ǁĂƐƚĞ ƚŚĂƚ ĚŽ ŶŽƚ ŝŶĨƌŝŶŐĞ ŽŶ ƚŚĞ ƌŝŐŚƚƐ ŽĨ ŝŶĚŝǀŝĚƵĂůƐ ĂŶĚ ĂƌĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ĚƵĞ ƉƌŽĐĞƐƐ ŽĨ ůĂǁ͖ Ĩ͘ ĞƐŝŐŶĂƚĞ Ă ĐŽŵƉůŝĂŶĐĞ ŽĨĨŝĐĞƌ ǁŚŽ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŵĂŬŝŶŐ ƚŚĞ ĚĞĐŝƐŝŽŶƐ ŽŶ ĐĂƐĞƐ ƚŽ ƌĞĨĞƌ ƚŽ ƚŚĞ ^ƚĂƚĞ͖ Ő͘ ĞǀĞůŽƉ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞƐƐĞƐ ƚŽ ŝĚĞŶƚŝĨLJ͕ ƌĞƉŽƌƚ ĂŶĚ ŝŶǀĞƐƚŝŐĂƚĞ ƐƵƐƉĞĐƚĞĚ ĨƌĂƵĚ͕ ĂďƵƐĞ͕ Žƌ ǁĂƐƚĞ͖ Ś͘ ZĞĨĞƌ Ăůů ĐĂƐĞƐ ŽĨ ƐƵƐƉĞĐƚĞĚ ĨƌĂƵĚ͕ ĂďƵƐĞ͕ Žƌ ǁĂƐƚĞ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚŝŶ ƚŚĞ ƚŝŵĞĨƌĂŵĞƐ ĂŶĚ ŝŶ ƚŚĞ ĨŽƌŵĂƚƐ ƐƉĞĐŝĨŝĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͖ ĂŶĚ ŝ͘ DĂŝŶƚĂŝŶ ĂƉƉƌŽƉƌŝĂƚĞ ƌĞĐŽƌĚƐ ĨŽƌ Ă ƉĞƌŝŽĚ ŽĨ ƐĞǀĞŶ ;ϳͿ LJĞĂƌƐ Žƌ ƵŶƚŝů ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ ƚĞƌŵ͕ ǁŚŝĐŚĞǀĞƌ ŝƐ ůĂƚĞƌ͘ ĞůŝǀĞƌ ƚŚĞ ƌĞĐŽƌĚƐ ƚŽ ƚŚĞ ^ƚĂƚĞ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ ƚĞƌŵ ĂŶĚͬŽƌ ŵĂŬĞ ƚŚĞƐĞ ƌĞĐŽƌĚƐ ĂǀĂŝůĂďůĞ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƵƉŽŶ ƌĞƋƵĞƐƚ͘ Ϯ͘ &ĂŝůƵƌĞ ƚŽ ŶŽƚŝĨLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ƉŽƐƐŝďůĞ Žƌ ƉŽƚĞŶƚŝĂů ĨƌĂƵĚ͕ ǁĂƐƚĞ͕ ĂŶĚ ĂďƵƐĞ ǁŝƚŚŝŶ ĨŝǀĞ ;ϱͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ŵĂLJ ƌĞƐƵůƚ ŝŶ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĞdžĞƌĐŝƐŝŶŐ ŝƚƐ ƌŝŐŚƚ ƚŽ ĞŶĨŽƌĐĞ ƉĞƌĨŽƌŵĂŶĐĞ ƌĞůĂƚĞĚ ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ Žƌ ƐĂŶĐƚŝŽŶƐ ĚĞĨŝŶĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W Z͘ WĞƌĨŽƌŵĂŶĐĞ ZĞƉŽƌƚŝŶŐ ĂŶĚ ĞůŝǀĞƌLJ ZĞƋƵŝƌĞŵĞŶƚƐ ϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞĚ ƚŝŵĞůŝŶĞƐ ĨŽƌ ĚĞůŝǀĞƌLJ ŽĨ Ăůů ƌĞƉŽƌƚŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ dd ,D Ed >͗ EZK>>D Ed ZK< Z Z WKZd/E' Z Yh/Z D Ed^͘ ůƚŚŽƵŐŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŚĂƐ ŝŶĚŝĐĂƚĞĚ ƚŚĞ ƌĞƉŽƌƚƐ ƚŚĂƚ ĂƌĞ ƌĞƋƵŝƌĞĚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵĂLJ ƐƵŐŐĞƐƚ ĂĚĚŝƚŝŽŶĂů ƌĞƉŽƌƚƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵŝƌĞƐ ƌĞĐĞŝǀŝŶŐ ĚĂƚĂ ŝŶ yD> ĨŽƌŵĂƚ͕ ƵŶůĞƐƐ ŽƚŚĞƌǁŝƐĞ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƐƚĂŶĚĂƌĚ ŝƐ E/ D͘ DŝĐƌŽƐŽĨƚ tŽƌĚ ŝƐ ĂĐĐĞƉƚĂďůĞ ĨŽƌ ƚĞdžƚƵĂů ĚĞƐĐƌŝƉƚŝŽŶƐ Žƌ ŶĂƌƌĂƚŝǀĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƌĞƉŽƌƚƐ͘ Ϯ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ƌĞƋƵŝƌĞ ĂĚĚŝƚŝŽŶĂů ƌĞƉŽƌƚƐ ;Ğ͘Ő͕͘ ŵŽŶƚŚůLJ͕ ͞ĂĚ ŚŽĐ͟Ϳ ďĞLJŽŶĚ ǁŚĂƚ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ ƚŚŝƐ ĚŽĐƵŵĞŶƚ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƐƵďŵŝƚ Ăůů ƌĞƉŽƌƚ ĨŽƌŵĂƚƐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨŽƌ ĂƉƉƌŽǀĂů͘ ZĞƉŽƌƚƐ ƌĞƋƵŝƌĞ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ďĞĨŽƌĞ ďĞŝŶŐ ĐŽŶƐŝĚĞƌĞĚ ĨŝŶĂů͘ ^͘ ZĞĐŽŶĐŝůŝĂƚŝŽŶ dŚĞ DĞĚŝĐĂŝĚ ĞůŝŐŝďŝůŝƚLJ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ǁŝůů ďĞ ĚĞƚĞƌŵŝŶĞĚ ďLJ E & ^d ĂŶĚ ĐŽŵŵƵŶŝĐĂƚĞĚ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǀŝĂ Ă ƌĞĂůͲƚŝŵĞ ǁĞď ƐĞƌǀŝĐĞ ƚŚƌƵ ƚŚĞ ^ƚĂƚĞ͛Ɛ ^ ͘ ĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ĂƉƉůLJ Žƌ ŵĂŬĞƐ ĐŚĂŶŐĞƐ ŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƚŚƌŽƵŐŚ ƚŚĞ ĐŽƵŶƚLJ ^^ ŽĨĨŝĐĞƐ͕ ĞW ^^͕ Žƌ ,ĞĂůƚŚĐĂƌĞ͘ŐŽǀ͘ dŚĞƐĞ ĐŚĂŶŐĞƐ ĂƌĞ ĨĂĐŝůŝƚĂƚĞĚ ŝŶ E & ^d͕ ĂŶĚ ĂŶLJ ĐŚĂŶŐĞƐ ŝŶ ĞůŝŐŝďŝůŝƚLJ ĚƵĞ ƚŽ Ă ĐŚĂŶŐĞ ŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ WĂŐĞ ϴϯ ŽĨ ϭϰϰ ĚĞƚĞƌŵŝŶĞĚ ďLJ E & ^d͘ ůů ĐŚĂŶŐĞƐ ƚŚĂƚ ĂƌĞ ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƌŽůĞ ǁŝůů ďĞ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǀŝĂ ŝŶƚĞƌĨĂĐĞƐ͘ ϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ͕ ĚŽĐƵŵĞŶƚ͕ ĂŶĚ ŵĂŝŶƚĂŝŶ ĐŽŵƉƵƚĞƌ ƐLJƐƚĞŵƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ĐĂƌƌLJ ŽƵƚ Ăůů ĨƵŶĐƚŝŽŶƐ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚŝƐ ĐŽŶƚƌĂĐƚ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶƐƵƌĞ ƚŚĂƚ ƐLJƐƚĞŵƐ ĂŶĚ ĨŝůĞƐ ŵĞĞƚ Ăůů ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ŝŶĐůƵĚŝŶŐ ,/W ĂŶĚ ƚŚĂƚ Ăůů ĞŶƌŽůůŵĞŶƚ ĨŝůĞƐ ĞdžĐŚĂŶŐĞĚ ďĞƚǁĞĞŶ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ĂŶĚ ŚĞĂůƚŚ ƉůĂŶƐ͕ ĂŶĚ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ĂŶĚ ƚŚĞ ƐƚĂƚĞ ƐLJƐƚĞŵƐ͕ ŵƵƐƚ ďĞ ,/W ĐŽŵƉůŝĂŶƚ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ĐŽŶĚƵĐƚ Ă ďŝͲǁĞĞŬůLJ ƐƚĂƚƵƐ ƌĞƉŽƌƚ ƚŽ ƌĞǀŝĞǁ Ăůů ƚŚĞ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ĚĂƚĂ ǁŝƚŚ ĞƉĂƌƚŵĞŶƚ ƐƚĂĨĨ͘ Ϯ͘ dŚĞ ĨŽůůŽǁŝŶŐ ĂŝůLJ͕ tĞĞŬůLJ͕ ĂŶĚ DŽŶƚŚůLJ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ƉƌŽĐĞƐƐĞƐ ĚĞĨŝŶĞ ŚŽǁ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ƉƌŽǀŝĚĞ ĂŶ ĂƵĚŝƚĂďůĞ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ƚŚĂƚ Ăůů ďĞŶĞĨŝĐŝĂƌLJ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ƌĞƋƵĞƐƚƐ ǁĞƌĞ ƉƌŽĐĞƐƐĞĚ ƉĞƌ ƚŚĞ ĂŐƌĞĞŵĞŶƚ ĂŶĚ ƉĞƌ ,,^͕ ^ƚĂƚĞ͕ ĂŶĚ &ĞĚĞƌĂů ƌĞŐƵůĂƚŝŽŶ ĂŶĚ ůĂǁƐ͘ /Ĩ ƚĞĐŚŶŽůŽŐŝĞƐ ƐƵĐŚ ĂƐ ƌĞĂůͲƚŝŵĞ ǁĞď ƐĞƌǀŝĐĞƐ ĂƌĞ ŝŵƉůĞŵĞŶƚĞĚ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ĐŚĂŶŐĞ ƚŚĞƐĞ ƉƌŽĐĞƐƐĞƐ ďĂƐĞĚ ŽŶ ƚŚĞ ŶĂƚƵƌĞ ŽĨ ƚŚĞ ƚĞĐŚŶŽůŽŐLJ͕ ŚŽǁĞǀĞƌ ƚŚĞ ŝŶƚĞŶƚ ŽĨ ƚŚĞ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ƉƌŽĐĞƐƐĞƐ ǁŝůů ŶŽƚ ĐŚĂŶŐĞ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŝĚĞŶƚŝĨLJ ŝƚƐ ĂďŝůŝƚLJ ƚŽ ŵĞĞƚ Ăůů ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂƐ ŽƵƚůŝŶĞĚ ďĞůŽǁ͘ ϯ͘ ĂŝůLJ ZĞĐŽŶĐŝůŝĂƚŝŽŶ͗ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉĞƌĨŽƌŵ Ă ĂŝůLJ ŶƌŽůůŵĞŶƚ dƌĂŶƐĂĐƚŝŽŶ ZĞĐŽŶĐŝůŝĂƚŝŽŶ ŽĨ Ăůů ŶƌŽůůŵĞŶƚ͕ ŝƐĞŶƌŽůůŵĞŶƚ͕ ĂŶĚ ƌĞůĂƚĞĚ ƚƌĂŶƐĂĐƚŝŽŶƐ ƚŚĂƚ ŝƚ ƌĞĐĞŝǀĞƐ ĨƌŽŵ ĂŶĚ ƐĞŶĚƐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ĚĂŝůLJ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ǁŝůů ďĞ ƵƐĞĚ ƚŽ ĚĞƚĞƌŵŝŶĞ ŝĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƌĞĐĞŝǀĞĚ ĂŶĚ ĨƵůůLJ ƉƌŽĐĞƐƐĞĚ͕ Ăůů ĂƉƉƌŽƉƌŝĂƚĞ ƚƌĂŶƐĂĐƚŝŽŶƐ ĨŽƌǁĂƌĚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ sĂůŝĚĂƚŝŽŶ ŽĨ ƚŚĞ ĚĂŝůLJ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ƉƌŽĐĞƐƐ ǁŝůů ďĞ ďĂƐĞĚ ŽŶ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ EƵŵďĞƌ ŽĨ ZĞĐŽƌĚƐ dƌĂŶƐŵŝƚƚĞĚ ďLJ dƌĂŶƐĂĐƚŝŽŶ dLJƉĞ ZĞƉŽƌƚ͘ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĐŽŵƉůĞƚĞ ƚŚĞ ĂŝůLJ ŶƌŽůůŵĞŶƚ dƌĂŶƐĂĐƚŝŽŶ ZĞĐŽŶĐŝůŝĂƚŝŽŶ ďLJ ƚŚĞ ĐůŽƐĞ ŽĨ ƚŚĞ ŶĞdžƚ ďƵƐŝŶĞƐƐ ĚĂLJ͕ ƵŶůĞƐƐ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĞƐ ĂŶ ĞdžƚĞŶƐŝŽŶ ƚŽ ƚŚĂƚ ĚĂƚĞ͘ Đ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƌĞƉŽƌƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚĂů ŽŶƚƌĂĐƚ ĚŵŝŶŝƐƚƌĂƚŽƌ ĂŶĚ ĐŽƌƌĞĐƚ ĂŶLJ ŶƌŽůůŵĞŶƚ ĚĂƚĂ ƚƌĂŶƐŵŝƐƐŝŽŶ ĚŝƐĐƌĞƉĂŶĐŝĞƐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚĂů ŽŶƚƌĂĐƚ ĚŵŝŶŝƐƚƌĂƚŽƌ ǁŝƚŚŝŶ ƚǁŽ ;ϮͿ ďƵƐŝŶĞƐƐ ĚĂLJƐ ĨƌŽŵ ƚŚĞ ƚŝŵĞ ƚŚĞ ĚŝƐĐƌĞƉĂŶĐŝĞƐ ĂƌĞ ŬŶŽǁŶ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͘ Ě͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƐƵďŵŝƚ Ă ŽƌƌĞĐƚŝǀĞ ĐƚŝŽŶ WůĂŶ ; WͿ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚŝŶ ĨŝǀĞ ;ϱͿ ďƵƐŝŶĞƐƐ ĚĂLJƐ ĂĨƚĞƌ ƚŚĞ ĚŝƐĐƌĞƉĂŶĐŝĞƐ ĂƌĞ ŬŶŽǁŶ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽƵƚůŝŶŝŶŐ ƚŚĞ ƐƚĞƉƐ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ŝŵƉůĞŵĞŶƚ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ĚŝƐĐƌĞƉĂŶĐŝĞƐ ǁŝůů ŶŽƚ ĐŽŶƚŝŶƵĞ ƚŽ ŽĐĐƵƌ Žƌ ĂĚǀŝƐĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚͬŽƌ ƚŚĞ ƌĞƐƉĞĐƚŝǀĞ W,W ŽĨ ĂŶŽƚŚĞƌ ĂƉƉƌŽƉƌŝĂƚĞ ĐŽƌƌĞĐƚŝǀĞ ĂĐƚŝŽŶ͘ Ğ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚ Ă ǁĞĞŬůLJ ƐƵŵŵĂƌLJ ƌĞƉŽƌƚ ŽĨ ƚŚĞ ĂŝůLJ WĂƉĞƌ ŶƌŽůůŵĞŶƚ dƌĂŶƐĂĐƚŝŽŶ ZĞĐŽŶĐŝůŝĂƚŝŽŶ͕ ŶŽƚŝŶŐ Ăůů ĚŝƐĐƌĞƉĂŶĐŝĞƐ͕ ƚŚĞ ĐŽƌƌĞĐƚŝǀĞ ĂĐƚŝŽŶ ƚĂŬĞŶ ďLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƚŽ ƌĞƐŽůǀĞ ĂŶLJ ƉƌŽďůĞŵƐ͕ ĂŶĚ Ă ĐŚĂƌƚ ďLJ W,W ƌĞĨůĞĐƚŝŶŐ͗ ŝ͘ ůů ƚƌĂŶƐĂĐƚŝŽŶƐ ƐĞŶƚ ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͖ ĂŶĚ WĂŐĞ ϴϰ ŽĨ ϭϰϰ ŝŝ͘ ůů ƚƌĂŶƐĂĐƚŝŽŶƐ ƉƌŽĐĞƐƐĞĚ ŽŶ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ŶƌŽůůŵĞŶƚ ƐLJƐƚĞŵ͘ ϰ͘ tĞĞŬůLJ ZĞĐŽŶĐŝůŝĂƚŝŽŶ Ă͘ Ɛ Ă ĐŽŵƉŽŶĞŶƚ ŽĨ ŝƚƐ ĞŶƌŽůůŵĞŶƚ ƐLJƐƚĞŵƐ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞƐŝŐŶ͕ ĚĞǀĞůŽƉ͕ ĂŶĚ ŝŵƉůĞŵĞŶƚ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ǁĞĞŬůLJ ĞůĞĐƚƌŽŶŝĐ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ŽĨ Ăůů ŶƌŽůůŵĞŶƚ͕ ŝƐĞŶƌŽůůŵĞŶƚ͕ ĂŶĚ ƌĞůĂƚĞĚ ƚƌĂŶƐĂĐƚŝŽŶƐ ƚŚĂƚ ŝƚ ƌĞĐĞŝǀĞƐ ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ǁĞĞŬůLJ ĞůĞĐƚƌŽŶŝĐ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ǁŝůů ďĞ ƵƐĞĚ ƚŽ ĚĞƚĞƌŵŝŶĞ ŝĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƌĞĐĞŝǀĞĚ ĂŶĚ ĨƵůůLJ ƉƌŽĐĞƐƐĞĚ ŽŶ ƚŚĞŝƌ ĨŝůĞƐ Ăůů ĂƉƉƌŽƉƌŝĂƚĞ ƚƌĂŶƐĂĐƚŝŽŶƐ ĨŽƌǁĂƌĚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ď͘ ŶLJ ĚŝƐĐƌĞƉĂŶĐŝĞƐ ŝĚĞŶƚŝĨŝĞĚ ďLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŝŶ ƚŚĞ ǁĞĞŬůLJ ĞůĞĐƚƌŽŶŝĐ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ŵƵƐƚ ďĞ ƌĞƉŽƌƚĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞ ƌĞƐƉĞĐƚŝǀĞ W,W;ƐͿ ƵƉŽŶ ĚŝƐĐŽǀĞƌLJ ŽĨ ƚŚĞ ĚŝƐĐƌĞƉĂŶĐLJ͘ ŝƐĐƌĞƉĂŶĐŝĞƐ ĐĂƵƐĞĚ ďLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ďĞ ĐŽƌƌĞĐƚĞĚ ǁŝƚŚŝŶ ƚŚƌĞĞ ;ϯͿ ďƵƐŝŶĞƐƐ ĚĂLJƐ͕ ƵŶůĞƐƐ ŽƚŚĞƌǁŝƐĞ ĂŐƌĞĞĚ ƵƉŽŶ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƐƵďŵŝƚ Ă W ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ Ăůů ĂƉƉƌŽƉƌŝĂƚĞ ŶƌŽůůŵĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶƐ ĂƌĞ ĐŽŶƐŝƐƚĞŶƚ ŽŶ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ĂŶĚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ĨŝůĞƐ͘ Đ͘ dŚĞ ǁĞĞŬůLJ ĞůĞĐƚƌŽŶŝĐ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ŵƵƐƚ ďĞ ƐƵďŵŝƚƚĞĚ ƚŽ W,WƐ ďLJ ϭϮ͗ϬϬ WD ^d ĞĂĐŚ DŽŶĚĂLJ ĨŽƌ ƚŚĞ ƉƌŝŽƌ ǁĞĞŬ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĞĂĐŚ W,W ǁŝƚŚ Ă ƐƵŵŵĂƌLJ ĂŶĚ ĚĞƚĂŝůĞĚ ƌĞƉŽƌƚ ŽĨ ƚŚĞ ǁĞĞŬůLJ ĞůĞĐƚƌŽŶŝĐ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ͕ ĂƐ ǁĞůů ĂƐ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽŶĐĞƌŶŝŶŐ ƚŚĞ ĐŽƌƌĞĐƚŝŽŶ ŽĨ ĚŝƐĐƌĞƉĂŶĐŝĞƐ ĂŶĚͬŽƌ ĂŶLJ ŽƚŚĞƌ ĚĞƚĂŝůƐ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ͘ Ě͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĐŽŽƌĚŝŶĂƚĞ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ǁĞĞŬůLJ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ǁŝƚŚ Ăůů W,WƐ͘ dŚĞ ǁĞĞŬůLJ ĞůĞĐƚƌŽŶŝĐ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ǁŝůů ďĞ Ă ƐƚĂŶĚŝŶŐ ŝƚĞŵ ŝŶ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ďŝͲǁĞĞŬůLJ ƐƚĂƚƵƐ ŵĞĞƚŝŶŐƐ ǁŝƚŚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĂƐ ƐƚĂƚĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͘ ϱ͘ DŽŶƚŚůLJ ZĞĐŽŶĐŝůŝĂƚŝŽŶ Ă͘ Ɛ Ă ĐŽŵƉŽŶĞŶƚ ŽĨ ŝƚƐ ĞŶƌŽůůŵĞŶƚ ƐLJƐƚĞŵƐ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞƐŝŐŶ͕ ĚĞǀĞůŽƉ͕ ĂŶĚ ŝŵƉůĞŵĞŶƚ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŵŽŶƚŚůLJ ĞůĞĐƚƌŽŶŝĐ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ŽĨ Ăůů ŶƌŽůůŵĞŶƚ͕ ŝƐĞŶƌŽůůŵĞŶƚ͕ ĂŶĚ ƌĞůĂƚĞĚ ƚƌĂŶƐĂĐƚŝŽŶƐ ƚŚĂƚ ŝƚ ƌĞĐĞŝǀĞƐ ĂŶĚ ƉƌŽĐĞƐƐĞƐ ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ĂŶĚ ƚŚĂƚ ŝƚ ĨŽƌǁĂƌĚƐ ƚŽ ƚŚĞ ƌĞƐƉĞĐƚŝǀĞ W,WƐ͘ dŚĞ ŵŽŶƚŚůLJ ĞůĞĐƚƌŽŶŝĐ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ǁŝůů ďĞ ƵƐĞĚ ƚŽ ĚĞƚĞƌŵŝŶĞ ŝĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƌĞĐĞŝǀĞĚ ĂŶĚ ĨƵůůLJ ƉƌŽĐĞƐƐĞĚ ŽŶ ŝƚƐ ĨŝůĞƐ Ăůů ĂƉƉƌŽƉƌŝĂƚĞ ƚƌĂŶƐĂĐƚŝŽŶƐ ĨŽƌǁĂƌĚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ d͘ ^ĞĐƵƌŝƚLJ ĂŶĚ ƵĚŝƚ ZĞƋƵŝƌĞŵĞŶƚƐ ϭ͘ WŚLJƐŝĐĂů ^ĞĐƵƌŝƚLJ͗ Ă͘ ĂĐŚ ƉĞƌƐŽŶ ǁŚŽ ŝƐ ĂŶ ĞŵƉůŽLJĞĞ Žƌ ĂŐĞŶƚ ŽĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ Žƌ ƐƵďĐŽŶƚƌĂĐƚŽƌ ŵƵƐƚ ĚŝƐƉůĂLJ ŚŝƐ Žƌ ŚĞƌ ĐŽŵƉĂŶLJ / ďĂĚŐĞ ĂůǁĂLJƐ ǁŚŝůĞ ŽŶ ^ƚĂƚĞ ƉƌĞŵŝƐĞƐ͘ hƉŽŶ ƌĞƋƵĞƐƚ ŽĨ ^ƚĂƚĞ ƉĞƌƐŽŶŶĞů͕ ĞĂĐŚ ƐƵĐŚ ĞŵƉůŽLJĞĞ Žƌ ĂŐĞŶƚ ŵƵƐƚ ƉƌŽǀŝĚĞ ĂĚĚŝƚŝŽŶĂů ƉŚŽƚŽ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ͘ ď͘ ƚ Ăůů ƚŝŵĞƐ Ăƚ ĂŶLJ ^ƚĂƚĞ ĨĂĐŝůŝƚLJ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ƉĞƌƐŽŶŶĞů ŵƵƐƚ ĐŽŽƉĞƌĂƚĞ ǁŝƚŚ ^ƚĂƚĞ ƐŝƚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ƚŚĂƚ ŝŶĐůƵĚĞ ďƵƚ ĂƌĞ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͕ ďĞŝŶŐ ƉƌĞƉĂƌĞĚ ƚŽ WĂŐĞ ϴϱ ŽĨ ϭϰϰ ďĞ ĞƐĐŽƌƚĞĚ ĂůǁĂLJƐ͕ ƉƌŽǀŝĚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ĨŽƌ ďĂĚŐŝŶŐ͕ ĂŶĚ ǁĞĂƌŝŶŐ ƚŚĞ ďĂĚŐĞ ŝŶ Ă ǀŝƐŝďůĞ ůŽĐĂƚŝŽŶ ĂůǁĂLJƐ͘ Ϯ͘ /ŶĨŽƌŵĂƚŝŽŶ dĞĐŚŶŽůŽŐLJ͗ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĐŽŵƉůLJ ǁŝƚŚ ĂŶĚ ĂĚŚĞƌĞ ƚŽ ƚŚĞ &ĞĚĞƌĂů ƌƵůĞƐ ƐƵĐŚ ĂƐ ,/W ͕ D^ ĂŶĚ ^ƚĂƚĞ /d ^ĞĐƵƌŝƚLJ WŽůŝĐLJ ĂŶĚ ^ƚĂŶĚĂƌĚƐ͕ ĂŶĚ ĞƉĂƌƚŵĞŶƚ WƌŝǀĂĐLJ ĂŶĚ ^ĞĐƵƌŝƚLJ WŽůŝĐŝĞƐ͘ dŚĞƐĞ ƉŽůŝĐŝĞƐ ŵĂLJ ďĞ ƌĞǀŝƐĞĚ ĨƌŽŵ ƚŝŵĞ ƚŽ ƚŝŵĞ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ŶŽƚŝĨLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽĨ ƌĞǀŝƐŝŽŶƐ ĂŶĚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĐŽŵƉůLJ ǁŝƚŚ Ăůů ƌĞǀŝƐŝŽŶƐ͘ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŶŽƚ ĐŽŶŶĞĐƚ ĂŶLJ ŽĨ ŝƚƐ ŽǁŶ ĞƋƵŝƉŵĞŶƚ ƚŽ Ă ^ƚĂƚĞ > Eͬt E ǁŝƚŚŽƵƚ ƉƌŝŽƌ ǁƌŝƚƚĞŶ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ^ƚĂƚĞ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĨŝůůͲŽƵƚ ĂŶLJ ŶĞĐĞƐƐĂƌLJ ƉĂƉĞƌǁŽƌŬ ĂƐ ĚŝƌĞĐƚĞĚ ĂŶĚ ĐŽŽƌĚŝŶĂƚĞĚ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ŽŶƚƌĂĐƚ ĚŵŝŶŝƐƚƌĂƚŽƌ ƚŽ ŽďƚĂŝŶ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ^ƚĂƚĞ ƚŽ ĐŽŶŶĞĐƚ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌͲŽǁŶĞĚ ĞƋƵŝƉŵĞŶƚ ƚŽ Ă ^ƚĂƚĞ > Eͬt E͘ Đ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞŶƐƵƌĞ Ăůů ďĞŶĞĨŝĐŝĂƌLJ ŝŶƚĞƌĂĐƚŝŽŶƐ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ tĞď ŽŶƚĞŶƚ ĐĐĞƐƐŝďŝůŝƚLJ 'ƵŝĚĞůŝŶĞƐ ;t 'Ϳ Ϯ͘Ϭ ĂŶĚ ƚŚĞ ĐƵƌƌĞŶƚ ƌĞůĞĂƐĞ ŽĨ ǁĞď ĐŽŶƚĞŶƚ ĂĐĐĞƐƐŝďŝůŝƚLJ ŐƵŝĚĞůŝŶĞƐ ƉƵďůŝƐŚĞĚ ďLJ ƚŚĞ tĞď ĐĐĞƐƐŝďŝůŝƚLJ /ŶŝƚŝĂƚŝǀĞ ĂŶĚ ŽƵƚůŝŶĞĚ ŝŶ ^ĞĐ͘ ϱϬϴ ŽĨ ƚŚĞ ZĞŚĂďŝůŝƚĂƚŝŽŶ Đƚ ŽĨ ϭϵϳϯ ĂƐ ĂŵĞŶĚĞĚ :ĂŶƵĂƌLJ ϮϬϭϳ͘ ϯ͘ ƵƚLJ ƚŽ ZĞƉŽƌƚ͗ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƌĞƉŽƌƚ Ăůů ŝŶĐŝĚĞŶƚƐ͕ ƐƵƐƉĞĐƚĞĚ Žƌ ĐŽŶĨŝƌŵĞĚ ƐĞĐƵƌŝƚLJ ďƌĞĂĐŚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ WƌŝǀĂĐLJ ĂŶĚ ^ĞĐƵƌŝƚLJ KĨĨŝĐĞ /ŶĐŝĚĞŶƚ tĞďƐŝƚĞ Ăƚ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŶĐĚŚŚƐ͘ŐŽǀͬĂďŽƵƚͬĂĚŵŝŶŝƐƚƌĂƚŝǀĞͲĚŝǀŝƐŝŽŶƐͲŽĨĨŝĐĞƐͬŽĨĨŝĐĞͲƉƌŝǀĂĐLJͲ ƐĞĐƵƌŝƚLJ ǁŝƚŚŝŶ ƚǁĞŶƚLJͲĨŽƵƌ ;ϮϰͿ ŚŽƵƌƐ ĂĨƚĞƌ ƚŚĞ ŝŶĐŝĚĞŶƚ ŝƐ ĨŝƌƐƚ ĚŝƐĐŽǀĞƌĞĚ͕ ƉƌŽǀŝĚĞĚ ƚŚĂƚ ƚŚĞ ĐŽŶƚƌĂĐƚŽƌ ŵƵƐƚ ƌĞƉŽƌƚ Ă ďƌĞĂĐŚ ŝŶǀŽůǀŝŶŐ ^ŽĐŝĂů ^ĞĐƵƌŝƚLJ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĚĂƚĂ Žƌ /ŶƚĞƌŶĂů ZĞǀĞŶƵĞ ^ĞƌǀŝĐĞ ĚĂƚĂ ǁŝƚŚŝŶ ƚǁĞŶƚLJͲĨŽƵƌ ;ϮϰͿ ŚŽƵƌ ĂĨƚĞƌ ƚŚĞ ďƌĞĂĐŚ ŝƐ ĨŝƌƐƚ ĚŝƐĐŽǀĞƌĞĚ͘ ď͘ ƵƌŝŶŐ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚŝƐ ĐŽŶƚƌĂĐƚ͕ ƚŚĞ ĐŽŶƚƌĂĐƚŽƌ ŝƐ ƚŽ ŶŽƚŝĨLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ŽŶƚƌĂĐƚ ĚŵŝŶŝƐƚƌĂƚŽƌ ĂŶĚ ĞƉĂƌƚŵĞŶƚ WƌŝǀĂĐLJ ĂŶĚ ^ĞĐƵƌŝƚLJ KĨĨŝĐĞ ŽĨ ĂŶLJ ĐŽŶƚĂĐƚ ďLJ ƚŚĞ ĨĞĚĞƌĂů KĨĨŝĐĞ ĨŽƌ ŝǀŝů ZŝŐŚƚƐ ;K ZͿ ƌĞĐĞŝǀĞĚ ďLJ ƚŚĞ ĐŽŶƚƌĂĐƚŽƌ͘ ϰ͘ ŽƐƚ ŽƌŶĞ ďLJ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͗ /Ĩ ĂŶLJ ĂƉƉůŝĐĂďůĞ ĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ Žƌ ůŽĐĂů ůĂǁ͕ ƌĞŐƵůĂƚŝŽŶ͕ Žƌ ƌƵůĞ ƌĞƋƵŝƌĞƐ ƚŚĞ ĚŝǀŝƐŝŽŶ Žƌ ƚŚĞ ĐŽŶƚƌĂĐƚŽƌ ƚŽ ŐŝǀĞ ĂĨĨĞĐƚĞĚ ƉĞƌƐŽŶƐ ǁƌŝƚƚĞŶ ŶŽƚŝĐĞ ŽĨ Ă ƐĞĐƵƌŝƚLJ ďƌĞĂĐŚ ĂƌŝƐŝŶŐ ŽƵƚ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚŽƌ͛Ɛ ƉĞƌĨŽƌŵĂŶĐĞ ƵŶĚĞƌ ƚŚŝƐ ĐŽŶƚƌĂĐƚ͕ ƚŚĞ ĐŽŶƚƌĂĐƚŽƌ ŵƵƐƚ ďĞĂƌ ƚŚĞ ĐŽƐƚ ŽĨ ƚŚĞ ŶŽƚŝĐĞ͘ ϱ͘ ŽŶƚŝŶƵŽƵƐ DŽŶŝƚŽƌŝŶŐ͗ Ă͘ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĂůǁĂLJƐ ĂĚŚĞƌĞ ƚŚĞ ^ƚĂƚĞ /K͛Ɛ ŵĂŶĚĂƚĞ ĨŽƌ Ă ŽŶƚŝŶƵŽƵƐ DŽŶŝƚŽƌŝŶŐ WƌŽĐĞƐƐ͘ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ǁŽƌŬ ǁŝƚŚ ƚŚĞ ŽǁŶŝŶŐ ĚŝǀŝƐŝŽŶͬŽĨĨŝĐĞ ƚŽ ŝŵƉůĞŵĞŶƚ Ă ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ƉƌŽŐƌĂŵ ƚŚĂƚ ĐŽŶƚŝŶƵŽƵƐůLJ ŵŽŶŝƚŽƌƐ ƌŝƐŬ ƚŚƌŽƵŐŚ ĂƐƐĞƐƐŵĞŶƚƐ͕ ƌŝƐŬ ĂŶĂůLJƐŝƐ ĂŶĚ ĚĂƚĂ ŝŶǀĞŶƚŽƌLJ͘ dŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂƌĞ ďĂƐĞĚ ŽŶ E/^d ϴϬϬͲϯϳ͕ ŽŶƚŝŶƵŽƵƐ DŽŶŝƚŽƌŝŶŐ WƌŽĐĞƐƐ ĂŶĚ ŽƌŝŐŝŶĂƚĞƐ ĨƌŽŵ '͘Ɛ͘ Α ϭϰϯ Ͳϭϯϳϲ͕ ůŽĐĂƚĞĚ Ăƚ͗ŚƚƚƉ͗ͬͬǁǁǁ͘ŶĐůĞŐ͘ŶĞƚͬ ŶĂĐƚĞĚ>ĞŐŝƐůĂƚŝŽŶͬ^ƚĂƚƵƚĞƐͬ,dD>ͬ LJ ŚĂƉƚĞƌͬ ŚĂƉƚĞƌ WĂŐĞ ϴϲ ŽĨ ϭϰϰ ϭϰϯ ͘Śƚŵů͕ ǁŚŝĐŚ ƌĞƋƵŝƌĞƐ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ^ƚĂƚĞ /K ƚŽ ĂŶŶƵĂůůLJ ĂƐƐĞƐƐ ĞĂĐŚ ĂŐĞŶĐLJ ĂŶĚ ĞĂĐŚ ĂŐĞŶĐLJ͛Ɛ ĐŽŶƚƌĂĐƚŽƌƐ͛ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĞŶƚĞƌƉƌŝƐĞ ƐĞĐƵƌŝƚLJ ƐƚĂŶĚĂƌĚƐ͘ ď͘ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌƐ ŵƵƐƚ ĂƐƐŝƐƚ ƚŚĞ ŽǁŶŝŶŐ ĚŝǀŝƐŝŽŶͬŽĨĨŝĐĞ ǁŝƚŚ ƌŝƐŬ ĂƐƐĞƐƐŵĞŶƚ ĂŶĚ ƐĞĐƵƌŝƚLJ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞŝƌ ĐƌŝƚŝĐĂů ƐLJƐƚĞŵƐ ĂŶĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ ŝ͘ ƐƐĞƐƐŵĞŶƚƐ ĂƌĞ ƚŽ ďĞ ƉĞƌĨŽƌŵĞĚ ĞŝƚŚĞƌ ƚŚƌŽƵŐŚ ƚŚŝƌĚͲƉĂƌƚLJ Žƌ ƐĞůĨͲĂƐƐĞƐƐŵĞŶƚ ŽŶ Ă ƚŚƌĞĞͲLJĞĂƌ ĐLJĐůĞ ;ǁŝƚŚ Ă ƚŚŝƌĚͲƉĂƌƚLJ ĂƐƐĞƐƐŵĞŶƚ ŵĂŶĚĂƚĞĚ ĞǀĞƌLJ ƚŚŝƌĚ LJĞĂƌͿ͘ ŝŝ͘ ůů ĨŝŶĚŝŶŐƐ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ƚŚĞ ĂƐƐĞƐƐŵĞŶƚ ŵƵƐƚ ďĞ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ /ŶĨŽƌŵĂƚŝŽŶ dĞĐŚŶŽůŽŐLJ ǁŝƚŚŝŶ ƚŚŝƌƚLJ ;ϯϬͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ŽĨ ĂƐƐĞƐƐŵĞŶƚ ĐŽŵƉůĞƚŝŽŶ ĂŶĚ Ă ƉůĂŶ ƚŽ ƌĞŵĞĚŝĂƚĞ ĞĂĐŚ ĨŝŶĚŝŶŐ͘ Đ͘ ƐƐĞƐƐŵĞŶƚ ŽĨ ĂŐĞŶĐLJ ĐůŽƵĚͲŚŽƐƚĞĚ ƉƌŽǀŝĚĞƌƐ Žƌ ŽĨĨͲƐŝƚĞ ŚŽƐƚŝŶŐ ƐĞƌǀŝĐĞƐ͘ ŝ͘ ŽŶƚƌĂĐƚŽƌƐ ƉƌŽǀŝĚŝŶŐ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂƐ Ă ^ĞƌǀŝĐĞ͕ WůĂƚĨŽƌŵ ĂƐ Ă ^ĞƌǀŝĐĞ ĂŶĚͬŽƌ ^ŽĨƚǁĂƌĞ ĂƐ Ă ^ĞƌǀŝĐĞ ŵĂLJ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ŽďƚĂŝŶ ĂƉƉƌŽǀĂů ĨƌŽŵ ƚŚĞ ^ƚĂƚĞ /K ĂŶĚͬŽƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĞŶƐƵƌĞ ŽŶƚƌĂĐƚŽƌ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ^ƚĂƚĞǁŝĚĞ ƐĞĐƵƌŝƚLJ ƉŽůŝĐŝĞƐ͘ ŝŝ͘ dŚĞ ĐŽŶƚƌĂĐƚŽƌ ǁŝůů ƉƌŽǀŝĚĞ ĂƚƚĞƐƚĂƚŝŽŶ ƚŽ ƚŚĞŝƌ ĐŽŵƉůŝĂŶĐĞ ĂŶĚ ĂŶ ŝŶĚƵƐƚƌLJ ƌĞĐŽŐŶŝnjĞĚ͕ ƚŚŝƌĚ ƉĂƌƚLJ ĂƐƐĞƐƐŵĞŶƚ ƌĞƉŽƌƚ ƉĞƌĨŽƌŵĞĚ ĂŶŶƵĂůůLJ͘ dLJƉĞƐ ŽĨ ƚŚĞƐĞ ƌĞƉŽƌƚƐ ŝŶĐůƵĚĞ͗ &ĞĚĞƌĂů ZŝƐŬ ĂŶĚ ƵƚŚŽƌŝnjĂƚŝŽŶ DĂŶĂŐĞŵĞŶƚ WƌŽŐƌĂŵ ;&ĞĚZ DWͿ ĐĞƌƚŝĨŝĐĂƚŝŽŶ͕ ^K Ϯ dLJƉĞ Ϯ͕ ^^ ϭϲ ĂŶĚ /^K ϮϳϬϬϭ͘ ŝŝŝ͘ ĞƉĂƌƚŵĞŶƚƐ ĂŶĚ ƚŚĞŝƌ ĚŝǀŝƐŝŽŶƐͬŽĨĨŝĐĞƐ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ƌĞǀŝĞǁ ƚŚĞƐĞ ƌĞƉŽƌƚƐ͕ ĂƐƐĞƐƐ ƚŚĞ ƌŝƐŬ ŽĨ ĞĂĐŚ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͕ ĂŶĚ ƉƌŽǀŝĚĞ ĂŶŶƵĂů ĐĞƌƚŝĨŝĐĂƚŝŽŶ ƚŽ ƚŚĞŝƌ ĐŽŵƉůŝĂŶĐĞ ƚŽ ƚŚĞ ^ƚĂƚĞ /K͘ ŝǀ͘ ĚĂƚĂ ŝŶǀĞŶƚŽƌLJ ŽĨ Ăůů ĐůŽƵĚ ŚŽƐƚĞĚ ƐĞƌǀŝĐĞƐ ŝƐ ƌĞƋƵŝƌĞĚ ĂŶĚ ƉĞƌĨŽƌŵĞĚ ƚŚƌŽƵŐŚ ĐŽŵƉůĞƚŝŽŶ ŽĨ Ă WƌŝǀĂĐLJ dŚƌĞƐŚŽůĚ ŶĂůLJƐŝƐ ;Wd Ϳ ĚŽĐƵŵĞŶƚŝŶŐ ƚŚĞ ĚĂƚĂ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂŶĚ ĚĂƚĂ ĨŝĞůĚƐ ŚŽƐƚĞĚ ǁŝƚŚŝŶ ƚŚĞ ĐůŽƵĚ͕ ŽĨĨƐŝƚĞ Žƌ ĐŽŶƚƌĂĐƚŽƌ ŚŽƐƚĞĚ ĞŶǀŝƌŽŶŵĞŶƚ͘ dŚĞ Wd ŵƵƐƚ ďĞ ƌĞǀŝĞǁĞĚ ĂŶŶƵĂůůLJ ĂŶĚ ǁŚĞŶ ĐŚĂŶŐĞƐ ŚĂǀĞ ďĞĞŶ ŵĂĚĞ ƚŽ ƚŚĞ ĚĂƚĂ ďĞŝŶŐ ĐŽůůĞĐƚĞĚ͘ ϲ͘ ZĞĐŽƌĚ ZĞƚĞŶƚŝŽŶ͗ ZĞĐŽƌĚƐ ŵƵƐƚ ŶŽƚ ďĞ ĚĞƐƚƌŽLJĞĚ͕ ƉƵƌŐĞĚ͕ Žƌ ĚŝƐƉŽƐĞĚ ŽĨ ǁŝƚŚŽƵƚ ƚŚĞ ĞdžƉƌĞƐƐ ǁƌŝƚƚĞŶ ĐŽŶƐĞŶƚ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ^ƚĂƚĞ ďĂƐŝĐ ƌĞĐŽƌĚƐ ƌĞƚĞŶƚŝŽŶ ƉŽůŝĐLJ ƌĞƋƵŝƌĞƐ Ăůů ŐƌĂŶƚ ƌĞĐŽƌĚƐ ƚŽ ďĞ ƌĞƚĂŝŶĞĚ ĨŽƌ Ă ŵŝŶŝŵƵŵ ŽĨ ĨŝǀĞ ;ϱͿ LJĞĂƌƐ Žƌ ƵŶƚŝů Ăůů ĂƵĚŝƚ ĞdžĐĞƉƚŝŽŶƐ ŚĂǀĞ ďĞĞŶ ƌĞƐŽůǀĞĚ͕ ǁŚŝĐŚĞǀĞƌ ŝƐ ůŽŶŐĞƌ͘ /Ĩ ƚŚĞ ĐŽŶƚƌĂĐƚ ŝƐ ƐƵďũĞĐƚ ƚŽ ĨĞĚĞƌĂů ƉŽůŝĐLJ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͕ ƌĞĐŽƌĚ ƌĞƚĞŶƚŝŽŶ ŵĂLJ ďĞ ůŽŶŐĞƌ ƚŚĂŶ ĨŝǀĞ LJĞĂƌƐ͘ ZĞĐŽƌĚƐ ŵƵƐƚ ďĞ ƌĞƚĂŝŶĞĚ ĨŽƌ Ă ƉĞƌŝŽĚ ŽĨ ƚŚƌĞĞ LJĞĂƌƐ ĨŽůůŽǁŝŶŐ ƐƵďŵŝƐƐŝŽŶ ŽĨ ƚŚĞ ĨŝŶĂů &ĞĚĞƌĂů &ŝŶĂŶĐŝĂů ^ƚĂƚƵƐ ZĞƉŽƌƚ͕ ŝĨ ĂƉƉůŝĐĂďůĞ͕ Žƌ ƚŚƌĞĞ LJĞĂƌƐ ĨŽůůŽǁŝŶŐ ƚŚĞ ƐƵďŵŝƐƐŝŽŶ ŽĨ Ă ƌĞǀŝƐĞĚ ĨŝŶĂů &ĞĚĞƌĂů &ŝŶĂŶĐŝĂů ^ƚĂƚƵƐ ZĞƉŽƌƚ͘ ůƐŽ͕ ŝĨ ĂŶLJ ůŝƚŝŐĂƚŝŽŶ͕ ĐůĂŝŵ͕ ŶĞŐŽƚŝĂƚŝŽŶ͕ ĂƵĚŝƚ͕ ĚŝƐĂůůŽǁĂŶĐĞ ĂĐƚŝŽŶ͕ Žƌ ŽƚŚĞƌ ĂĐƚŝŽŶ ŝŶǀŽůǀŝŶŐ ƚŚŝƐ ŽŶƚƌĂĐƚ ŚĂƐ ďĞĞŶ ƐƚĂƌƚĞĚ ďĞĨŽƌĞ ĞdžƉŝƌĂƚŝŽŶ ŽĨ ƚŚĞ ĨŝǀĞͲLJĞĂƌ ƌĞƚĞŶƚŝŽŶ ƉĞƌŝŽĚ ĚĞƐĐƌŝďĞĚ ĂďŽǀĞ͕ ƚŚĞ ƌĞĐŽƌĚƐ ŵƵƐƚ ďĞ ƌĞƚĂŝŶĞĚ ƵŶƚŝů ĐŽŵƉůĞƚŝŽŶ ŽĨ ƚŚĞ ĂĐƚŝŽŶ ĂŶĚ ƌĞƐŽůƵƚŝŽŶ ŽĨ Ăůů ŝƐƐƵĞƐ ǁŚŝĐŚ ĂƌŝƐĞ ĨƌŽŵ ŝƚ͕ Žƌ ƵŶƚŝů ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ƌĞŐƵůĂƌ ĨŝǀĞ ;ϱͿ LJĞĂƌ ƉĞƌŝŽĚ ĚĞƐĐƌŝďĞĚ ĂďŽǀĞ͕ ǁŚŝĐŚĞǀĞƌ ŝƐ ůĂƚĞƌ͘ Ă͘ ŶLJ ƌĞĐŽƌĚƐ ĐƌĞĂƚĞĚ Žƌ ŵŽĚŝĨŝĞĚ ďLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĂŶĚ ŶŽƚ ĚƵƉůŝĐĂƚĞĚ ŝŶ ĞƉĂƌƚŵĞŶƚ ƐLJƐƚĞŵ ǀŝĂ ŝŶƚĞƌĨĂĐĞƐ ŵƵƐƚ ďĞ ƌĞƚĂŝŶĞĚ ƉĞƌ ^ƚĂƚĞ ƉŽůŝĐLJ͘ dŚĞ WĂŐĞ ϴϳ ŽĨ ϭϰϰ ^ƚĂƚĞ ƉŽůŝĐLJ ŝƐ ŵĂŶĚĂƚĞĚ ďLJ ƚŚĞ ^ƚĂƚĞ ƌĐŚŝǀĞƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ĂŶĚ ŝƐ ůŽĐĂƚĞĚ ŚĞƌĞ͗ ŚƚƚƉƐ͗ͬͬĂƌĐŚŝǀĞƐ͘ŶĐĚĐƌ͘ŐŽǀͬŐŽǀĞƌŶŵĞŶƚͬƌĞƚĞŶƚŝŽŶͲƐĐŚĞĚƵůĞƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƚŽ ǀĂůŝĚĂƚĞ ƚŚĂƚ Ăůů ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĨĞĚĞƌĂů ƌĞƚĞŶƚŝŽŶƐ ƐĐŚĞĚƵůĞƐ ĨŽůůŽǁ ^ƚĂƚĞ ƉŽůŝĐLJ͘ ĚĚŝƚŝŽŶĂůůLJ͕ Ăƚ ƚŚĞ ƉŽŝŶƚ ƚŚĞ ŽŶƚƌĂĐƚ ƚĞƌŵŝŶĂƚĞƐͬĞdžƉŝƌĞƐ͕ Ăůů ĚĂƚĂ ŵƵƐƚ ďĞ ƚƌĂŶƐŝƚŝŽŶĞĚ ƚŽ ƚŚĞ ^ƚĂƚĞ ŝŶ Ă ĨŽƌŵĂƚ ƉƌĞƐĐƌŝďĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƵŶůĞƐƐ ƚŚĂƚ ĚĂƚĂ ŚĂƐ ĞdžĐĞĞĚĞĚ ŝƚƐ ĂƌĐŚŝǀĞ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ƌĞƋƵĞƐƚ ǀĞƌŝĨŝĐĂƚŝŽŶ ĨƌŽŵ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƚŚĂƚ ĂƌĐŚŝǀĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂƌĞ ďĞŝŶŐ ŵĞƚ͘ ď͘ dŚĞ ƌĞĐŽƌĚ ƌĞƚĞŶƚŝŽŶ ƉĞƌŝŽĚ ĨŽƌ dĞŵƉŽƌĂƌLJ ƐƐŝƐƚĂŶĐĞ ĨŽƌ EĞĞĚLJ &ĂŵŝůŝĞƐ ;d E&Ϳ ĂŶĚ D / / ĂŶĚ DĞĚŝĐĂů ƐƐŝƐƚĂŶĐĞ ŐƌĂŶƚƐ ĂŶĚ ƉƌŽŐƌĂŵƐ ŝƐ Ă ŵŝŶŝŵƵŵ ŽĨ ƚĞŶ ;ϭϬͿ LJĞĂƌƐ͕ ƚŚĞ ƉĞƌŝŽĚ ĨŽƌ ,/W ŝƐ Ă ŵŝŶŝŵƵŵ ŽĨ Ɛŝdž ;ϲͿ LJĞĂƌƐ͕ ĂŶĚ ƚŚĞ ƉĞƌŝŽĚ ĨŽƌ ďŽƚŚ ƚŚĞ /Z^ ĂŶĚ ^^ ŝƐ Ă ŵŝŶŝŵƵŵ ŽĨ ƐĞǀĞŶ ;ϳͿ LJĞĂƌƐ͘ ϳ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŽďƚĂŝŶ ĨƌŽŵ ĞĂĐŚ ƉƌŽƐƉĞĐƚŝǀĞ ĞŵƉůŽLJĞĞ Ă ƐŝŐŶĞĚ ƐƚĂƚĞŵĞŶƚ ƉĞƌŵŝƚƚŝŶŐ Ă ĐƌŝŵŝŶĂů ďĂĐŬŐƌŽƵŶĚ ĐŚĞĐŬ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŽďƚĂŝŶ ;Ăƚ ƚŚĞŝƌ ŽǁŶ ĞdžƉĞŶƐĞͿ ĂŶĚ ƉƌŽǀŝĚĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚĂů ŽŶƚƌĂĐƚ ĚŵŝŶŝƐƚƌĂƚŽƌ ǁŝƚŚ Ă EŽƌƚŚ ĂƌŽůŝŶĂ ^ƚĂƚĞ ƵƌĞĂƵ ŽĨ /ŶǀĞƐƚŝŐĂƚŝŽŶ;^ /Ϳ ĂŶĚͬŽƌ & / ďĂĐŬŐƌŽƵŶĚ ĐŚĞĐŬ ŽŶ Ăůů ŶĞǁ ĞŵƉůŽLJĞĞƐ ƉƌŝŽƌ ƚŽ ĂƐƐŝŐŶŵĞŶƚ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵĂLJ ŶŽƚ ŚŝƌĞ ĂŶ ĞŵƉůŽLJĞĞ ǁŚŽ ŚĂƐ Ă ĐƌŝŵŝŶĂů ƌĞĐŽƌĚ ƚŚĂƚ ĐŽŶƐŝƐƚƐ ŽĨ Ă ĨĞůŽŶLJ Žƌ ŵŝƐĚĞŵĞĂŶŽƌ ƵŶůĞƐƐ ƉƌŝŽƌ ǁƌŝƚƚĞŶ ĂƉƉƌŽǀĂů ŝƐ ŽďƚĂŝŶĞĚ ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚĂů ŽŶƚƌĂĐƚ ĚŵŝŶŝƐƚƌĂƚŽƌ͘ ϴ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ͕ ^ƚĂƚĞ͕ D^͕ ƚŚĞ KĨĨŝĐĞ ŽĨ ƚŚĞ /ŶƐƉĞĐƚŽƌ 'ĞŶĞƌĂů͕ ĂŶĚ ƚŚĞŝƌ ĚĞƐŝŐŶĞĞƐ ŵĂLJ͕ Ăƚ ĂŶLJ ƚŝŵĞ͕ ŝŶƐƉĞĐƚ͕ ƉĞƌĨŽƌŵ ĐŽŵƉůŝĂŶĐĞ ƌĞǀŝĞǁƐ͕ ĂŶĚ ĂƵĚŝƚ ĂŶLJ ƌĞĐŽƌĚƐ Žƌ ĚŽĐƵŵĞŶƚƐ ŽĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͕ Žƌ ŝƚƐ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ ĂŶĚ ŵĂLJ͕ Ăƚ ĂŶLJ ƚŝŵĞ͕ ŝŶƐƉĞĐƚ ƚŚĞ ƉƌĞŵŝƐĞƐ͕ ƉŚLJƐŝĐĂů ĨĂĐŝůŝƚŝĞƐ͕ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ǁŚĞƌĞ DĞĚŝĐĂŝĚͲƌĞůĂƚĞĚ ĂĐƚŝǀŝƚŝĞƐ Žƌ ǁŽƌŬ ŝƐ ĐŽŶĚƵĐƚĞĚ͘ dŚĞ ƌŝŐŚƚ ƚŽ ĂƵĚŝƚ ƵŶĚĞƌ ϰϮ ͘&͘Z͘ Α ϰϴϯ͘ϯ ĞdžŝƐƚƐ ĨŽƌ ƚĞŶ ;ϭϬͿ LJĞĂƌƐ ĨƌŽŵ ƚŚĞ ĨŝŶĂů ĚĂƚĞ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ dĞƌŵŝŶĂƚŝŽŶͬ džƉŝƌĂƚŝŽŶ ĂƚĞ͕ Žƌ ĨƌŽŵ ƚŚĞ ĚĂƚĞ ŽĨ ĐŽŵƉůĞƚŝŽŶ ŽĨ ĂŶLJ ĂƵĚŝƚ͕ ǁŚŝĐŚĞǀĞƌ ŝƐ ůĂƚĞƌ͘ ϵ͘ /ŶƚĞŐƌĂƚŝŽŶ ^ĞƌǀŝĐĞƐ͗ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ǁŽƌŬ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ ƚŽ ŝŵƉůĞŵĞŶƚ ĚĂƚĂ ĞdžĐŚĂŶŐĞƐ ƚŚĂƚ ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ͛Ɛ ƐĞĐƵƌŝƚLJ ƉŽůŝĐŝĞƐ͕ ĂƐ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ /ŶĨŽƌŵĂƚŝŽŶ dĞĐŚŶŽůŽŐLJ͘ dŚĞ ^ƚĂƚĞ͛Ɛ ƉƌĞĨĞƌƌĞĚ ŵĞƚŚŽĚ ŽĨ ĞdžĐŚĂŶŐŝŶŐ ĚĂƚĂ ǁŝƚŚ ŽƚŚĞƌ ĂƉƉůŝĐĂƚŝŽŶƐ ŝŶ ƚŚĞ DĞĚŝĐĂŝĚ ŶƚĞƌƉƌŝƐĞ ^LJƐƚĞŵ ;D ^Ϳ ŝƐ ƚŚƌŽƵŐŚ ƐLJŶĐŚƌŽŶŽƵƐ ƌĞĂůͲƚŝŵĞ ǁĞď ƐĞƌǀŝĐĞƐ ĂŶĚͬŽƌ ĂƐLJŶĐŚƌŽŶŽƵƐ ƋƵĞƵĞͲďĂƐĞĚ ŵĞƐƐĂŐŝŶŐ͘ dŚĞ ĚĂƚĂ ĞdžĐŚĂŶŐĞƐ ĂƌĞ ƉƌŽǀŝĚĞĚ ŝŶ &ŝŐƵƌĞ Ϯ͗ ƵƌƌĞŶƚ ƌĐŚŝƚĞĐƚƵƌĞ͘ ď͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŚĂǀĞ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ƐĞĐƵƌĞůLJ ĞdžĐŚĂŶŐĞ ĨŝůĞƐ ƚŚƌŽƵŐŚ ƐĞĐƵƌĞ ĨŝůĞ ƚƌĂŶƐĨĞƌ ƉƌŽƚŽĐŽů ;^&dWͿ ǁŝƚŚ ŽƚŚĞƌ ƐLJƐƚĞŵƐ͘ ϭϬ͘ tŝƚŚŝŶ ƚŚŝƌƚLJ ;ϯϬͿ ĚĂLJƐ ĂĨƚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ĨĨĞĐƚŝǀĞ ĂƚĞ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚ Ăůů ŶƌŽůůŵĞŶƚ ƌĞůĂƚĞĚ ƐLJƐƚĞŵƐ ĚŽĐƵŵĞŶƚĂƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ͕ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͕ ĨůŽǁ ĐŚĂƌƚƐ͕ ĨŝůĞ ĨŽƌŵĂƚƐ͕ ƉƌŽĐĞƐƐŝŶŐ ůŽŐŝĐ͕ ĚĂƚĂ ĞůĞŵĞŶƚ ĚŝĐƚŝŽŶĂƌLJ͕ ǀĂůŝĚ ǀĂůƵĞƐ ĨŽƌ Ăůů ŶƌŽůůŵĞŶƚ ƌĞůĂƚĞĚ ŝŶĨŽƌŵĂƚŝŽŶ ƚƌĂŶƐĂĐƚŝŽŶ ƉƌŽĐĞƐƐŝŶŐ͕ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ĂŶĚ ŚĂƌĚͲĐŽƉLJ ƉƌŝŶƚ ĨŝůĞ ĚŝƌĞĐƚŽƌŝĞƐ͕ ĂŶĚ ƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƐLJƐƚĞŵƐ͘ dŚĞ WĂŐĞ ϴϴ ŽĨ ϭϰϰ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĂůƐŽ ƉƌŽǀŝĚĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĞĚ ƵƉĚĂƚĞƐͬĐŚĂŶŐĞƐ ƚŽ ƚŚŝƐ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ǁŝƚŚŝŶ ĨŝǀĞ ;ϱͿ ďƵƐŝŶĞƐƐ ĚĂLJƐ ĂĨƚĞƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ĂƉƉƌŽǀĂů͘ ϭϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƵŶĚĞƌƐƚĂŶĚ ĂŶĚ ĨŽůůŽǁ EŽƌƚŚ ĂƌŽůŝŶĂ ^ƚĂƚĞǁŝĚĞ /ŶĨŽƌŵĂƚŝŽŶ ^ĞĐƵƌŝƚLJ DĂŶƵĂů ;ůŽĐĂƚĞĚ Ăƚ ŚƚƚƉ͗ͬͬŝƚ͘ŶĐ͘ŐŽǀͬĚŽĐƵŵĞŶƚͬƐƚĂƚĞǁŝĚĞͲ ŝŶĨŽƌŵĂƚŝŽŶͲƐĞĐƵƌŝƚLJͲŵĂŶƵĂůͿ͕ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ^ƚĂƚĞǁŝĚĞ /ŶĨŽƌŵĂƚŝŽŶ ƌĐŚŝƚĞĐƚƵƌĞ &ƌĂŵĞǁŽƌŬ ;ůŽĐĂƚĞĚ Ăƚ ŚƚƚƉƐ͗ͬͬŝƚ͘ŶĐ͘ŐŽǀͬƐĞƌǀŝĐĞƐͬŝƚͲĂƌĐŚŝƚĞĐƚƵƌĞͬƐƚĂƚĞǁŝĚĞͲ ĂƌĐŚŝƚĞĐƚƵƌĞͲĨƌĂŵĞǁŽƌŬͿ͕ ĂŶĚ ĂŶLJ ĞƉĂƌƚŵĞŶƚ ĚĞƌŝǀĂƚŝǀĞƐ ŽĨ ƚŚĞƐĞ ĚŽĐƵŵĞŶƚƐ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ƉƌŽǀŝĚĞ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ĂƐ ŶĞĞĚĞĚ ĨŽƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĂƐƐĞƐƐ ƚŚĞ ƐĞĐƵƌŝƚLJ ŽĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĨĂĐŝůŝƚŝĞƐ ĂŶĚ ƐLJƐƚĞŵƐ͕ ŝŶĐůƵĚŝŶŐ ŽŶƚƌĂĐƚŽƌ ^ĞĐƵƌŝƚLJ WůĂŶƐ͘ dŚĞ ƐĞĐƵƌŝƚLJ ƌĞǀŝĞǁ ŝƐ ƉĂƌƚ ŽĨ ƚŚĞ ŽǀĞƌĂůů ƌĞĂĚŝŶĞƐƐ ĂŶĚ ŶŽŶĐŽŵƉůŝĂŶĐĞ ŵĂLJ ďĞ ƐƵďũĞĐƚ ƚŽ ŽŶƚƌĂĐƚ dĞƌŵŝŶĂƚŝŽŶ ĨŽƌ ĂƵƐĞ͘ ϭϮ͘ ^ĞƌǀŝĐĞ KƌŐĂŶŝnjĂƚŝŽŶ ŽŶƚƌŽů ;^K Ϳ ƌĞƉŽƌƚƐ͘ ůů ^K ϭ͕ Ϯ ĂŶĚ ϯ ŵƵƐƚ ďĞ ƐƵďŵŝƚƚĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ WƌŝǀĂĐLJ ĂŶĚ ^ĞĐƵƌŝƚLJ KĨĨŝĐĞ͘ ϭϯ͘ ĂƚĂ ^ĞĐƵƌŝƚLJ͗ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ƌĞǀŝĞǁ ĂŶĚ ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ ĚĂƚĂ ƐĞĐƵƌŝƚLJ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂŶĚ ŚĂŶĚůŝŶŐ ƉŽůŝĐŝĞƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ƚŚĞ ^ƚĂƚĞǁŝĚĞ ĂƚĂ ůĂƐƐŝĨŝĐĂƚŝŽŶ ĂŶĚ ,ĂŶĚůŝŶŐ WŽůŝĐLJ ůŽĐĂƚĞĚ Ăƚ ŚƚƚƉƐ͗ͬͬŝƚ͘ŶĐ͘ŐŽǀͬĚŽĐƵŵĞŶƚͬƐƚĂƚĞǁŝĚĞͲĚĂƚĂͲĐůĂƐƐŝĨŝĐĂƚŝŽŶͲ ĂŶĚͲŚĂŶĚůŝŶŐͲƉŽůŝĐLJ͘ ϭϰ͘ E / ͗ dŚĞ ƉƌŽƉŽƐĞĚ ƐŽůƵƚŝŽŶ ŵƵƐƚ ĞdžƚĞƌŶĂůŝnjĞ ŝĚĞŶƚŝƚLJ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ŵĂLJ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ƵƚŝůŝnjĞ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ /ĚĞŶƚŝƚLJ ^ĞƌǀŝĐĞ ;E / Ϳ ĨŽƌ ƚŚĞ ŝĚĞŶƚŝƚLJ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĂƵƚŚĞŶƚŝĐĂƚŝŽŶ ƌĞůĂƚĞĚ ĨƵŶĐƚŝŽŶƐ ƉĞƌĨŽƌŵĞĚ ďLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ĂƉƉůŝĐĂƚŝŽŶƐ͘ E / ŝƐ ƚŚĞ ^ƚĂƚĞΖƐ ĞŶƚĞƌƉƌŝƐĞ ŝĚĞŶƚŝƚLJ ŵĂŶĂŐĞŵĞŶƚ ;/ DͿ ƐĞƌǀŝĐĞ͘ dŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ /ŶĨŽƌŵĂƚŝŽŶ dĞĐŚŶŽůŽŐLJ ŽƉĞƌĂƚĞ ŝƚ͘ ĚĚŝƚŝŽŶĂů ŝŶĨŽƌŵĂƚŝŽŶ ƌĞŐĂƌĚŝŶŐ ƚŚŝƐ ƐĞƌǀŝĐĞ ĐĂŶ ďĞ ĨŽƵŶĚ ŝŶ ƚŚĞ /d ^ĞƌǀŝĐĞ ĂƚĂůŽŐ Ăƚ͗ ŚƚƚƉ͗ͬͬŝƚ͘ŶĐ͘ŐŽǀͬŝƚͲƐĞƌǀŝĐĞƐ ;ƐĞĞ /ĚĞŶƚŝƚLJ DĂŶĂŐĞŵĞŶƚ Ͳ E /ĚĞŶƚŝƚLJ DĂŶĂŐĞŵĞŶƚ ƵŶĚĞƌ ƚŚĞ ŵĂŝŶ ŵĞŶƵ ŝƚĞŵ ƉƉůŝĐĂƚŝŽŶ ^ĞƌǀŝĐĞƐͿ ĂŶĚ ƚŚĞ E / tĞďƐŝƚĞ Ăƚ͗ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŶĐŝĚ͘ŝƚƐ͘ƐƚĂƚĞ͘ŶĐ͘ƵƐͬ͘ dŚĞ ƵƐĞ ŽĨ ĂŶLJ ŽƚŚĞƌ / D ƐĞƌǀŝĐĞ ǁŝůů ƌĞƋƵŝƌĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ^ƚĂƚĞ ĂƉƉƌŽǀĂů͘ dŚĞ ƉƌŽƚŽĐŽů ;ǁĞď ƐĞƌǀŝĐĞƐ͕ > W͕ ^ D>͕ ĞƚĐ͘Ϳ ďĞ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ďĂƐĞĚ ŽŶ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ h͘ ƵƐŝŶĞƐƐ ŽŶƚŝŶƵŝƚLJ WůĂŶ ϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ĂŶĚ ŵĂŝŶƚĂŝŶ Ă ďƵƐŝŶĞƐƐ ĐŽŶƚŝŶƵŝƚLJ ƉůĂŶ ƚŚĂƚ ŝƐ ĂĐĐĞƉƚĂďůĞ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ĚĞŵŽŶƐƚƌĂƚĞ ĂŶĚ ƚĞƐƚ ƚŚĞ ƉůĂŶ Ăƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƌĞƋƵĞƐƚ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĂĚŚĞƌĞ ƚŽ Ăůů ĂƉƉůŝĐĂďůĞ ƉƵďůŝƐŚĞĚ ƐƚĂƚĞ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƉƌŝǀĂĐLJ ĂŶĚ ƐĞĐƵƌŝƚLJ ƉŽůŝĐŝĞƐ͕ ;ůŽĐĂƚĞĚ Ăƚ ŚƚƚƉ͗ͬͬŝƚ͘ŶĐ͘ŐŽǀͬĚŽĐƵŵĞŶƚͬƐƚĂƚĞǁŝĚĞͲŝŶĨŽƌŵĂƚŝŽŶͲƐĞĐƵƌŝƚLJͲŵĂŶƵĂů ĂŶĚ ŚƚƚƉƐ͗ͬͬǁǁǁϮ͘ŶĐĚŚŚƐ͘ŐŽǀͬŝŶĨŽͬŽůŵͬŵĂŶƵĂůƐͬĚŚƐͬƉŽůͲϴϬͬŵĂŶͬͿ ĂŶĚ Ăůů ŽƚŚĞƌ ƌĞƋƵŝƌĞŵĞŶƚƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ƚŚŝƐ Z&W͘ Ŷ ĞdžĂŵƉůĞ ŽĨ ƚŚĞ ƚĞŵƉůĂƚĞ ƚŽ ďĞ ƵƐĞĚ ĨŽƌ ƚŚĞ WĂŐĞ ϴϵ ŽĨ ϭϰϰ ƵƐŝŶĞƐƐ ŽŶƚŝŶƵŝƚLJ WůĂŶ ŝƐ ŝŶĐůƵĚĞĚ ĂƐ dd ,D Ed E͗ h^/E ^^ KEd/Eh/dz D E ' D Ed WZK'Z D͘ Ă͘ tŝƚŚŝŶ ƚŚŝƌƚLJ ;ϯϬͿ ĚĂLJƐ ĂĨƚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ĨĨĞĐƚŝǀĞ ĂƚĞ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƐƵďŵŝƚ Ă ƵƐŝŶĞƐƐ ŽŶƚŝŶƵŝƚLJ WůĂŶ͕ ƚŽ ŝŶĐůƵĚĞ ĚŝƐĂƐƚĞƌ ƌĞĐŽǀĞƌLJ ƉƌŽĐĞƐƐĞƐ͕ ǁŚŝĐŚ ƉƌŽǀŝĚĞƐ Ă ĚĞƚĂŝůĞĚ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ŝƚƐ ĚŝƐĂƐƚĞƌ ĐŽŶƚŝŶŐĞŶĐLJ ĂŶĚ ƌĞĐŽǀĞƌLJ ƉůĂŶ ĨŽƌ Ăůů ƌĞƋƵŝƌĞŵĞŶƚƐ ƐƉĞĐŝĨŝĞĚ ŝŶ ƚŚŝƐ Z&W͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ĚĞŵŽŶƐƚƌĂƚĞ ŚŽǁ ŝƚ ǁŝůů ƌĞƐƚŽƌĞ ĐĂůů ĐĞŶƚĞƌ ŽƉĞƌĂƚŝŽŶƐ ǁŝƚŚŝŶ ƚǁĞŶƚLJͲĨŽƵƌ ;ϮϰͿ ŚŽƵƌƐ ĂŶĚ ƌĞƐƵŵĞ Ăůů ƌĞŵĂŝŶŝŶŐ ŽƉĞƌĂƚŝŽŶƐ ǁŝƚŚŝŶ ƚŚƌĞĞ ;ϯͿ ǁŽƌŬŝŶŐ ĚĂLJƐ ĨŽůůŽǁŝŶŐ Ă ŶĂƚƵƌĂů Žƌ ŵĂŶŵĂĚĞ ĚŝƐĂƐƚĞƌ͘ dŚĞ ƉůĂŶ ŵƵƐƚ ŵĞĞƚ ƌĞĐŽŐŶŝnjĞĚ ŝŶĚƵƐƚƌLJ ƐƚĂŶĚĂƌĚƐ ĨŽƌ ƐĞĐƵƌŝƚLJ ĂŶĚ ĚŝƐĂƐƚĞƌ ƌĞĐŽǀĞƌLJ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ dŚĞ ƉůĂŶ ŵƵƐƚ ŝĚĞŶƚŝĨLJ ĚŝƐĂƐƚĞƌ ƐŝƚƵĂƚŝŽŶƐ ;Ğ͘Ő͕͘ ĨŝƌĞ͕ ĨůŽŽĚ͕ ƚĞƌƌŽƌŝƐƚ ĞǀĞŶƚ͕ ŚƵƌƌŝĐĂŶĞƐͬƚŽƌŶĂĚŽĞƐͿ͕ ǁŚŝĐŚ ĐŽƵůĚ ƌĞƐƵůƚ ŝŶ Ă ŵĂũŽƌ ĨĂŝůƵƌĞ͘ &Žƌ ĞĂĐŚ ŝĚĞŶƚŝĨŝĞĚ ƐŝƚƵĂƚŝŽŶ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĞdžƉůĂŝŶ ŝŶ ĚĞƚĂŝů ƚŚĞ͗ ŝ͘ WƌĞǀĞŶƚŝǀĞ ŵĞĂƐƵƌĞƐ ƚŚĂƚ ǁŽƵůĚ ďĞ ŝŶƐƚŝƚƵƚĞĚ ƚŽ ŵŝŶŝŵŝnjĞ ƚŚĞ ůŝŬĞůŝŚŽŽĚ ŽĨ ŝƚƐ ŽĐĐƵƌƌĞŶĐĞ͖ ŝŝ͘ ĂĐŬͲƵƉ͕ ŽĨĨͲƐŝƚĞ ƐƚŽƌĂŐĞ͕ ĂŶĚ ŽƚŚĞƌ ƉƌĞͲĚŝƐĂƐƚĞƌ ƐĂĨĞŐƵĂƌĚƐ ƚŚĂƚ ǁŽƵůĚ ďĞ ŝŵƉůĞŵĞŶƚĞĚ ƚŽ ŵŝŶŝŵŝnjĞ ĂŶLJ ĚŝƐƌƵƉƚŝŽŶ Žƌ ĚĂƚĂ ůŽƐƐ͖ ƚŚĞ ĚĂƚĂ ďĂĐŬͲƵƉ ƉŽůŝĐLJ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ŵƵƐƚ ŝŶĐůƵĚĞ͕ ďƵƚ ŝƐ ŶŽƚ ďĞ ůŝŵŝƚĞĚ ƚŽ͗ ϭ͘ ĞƐĐƌŝƉƚŝŽŶƐ ŽĨ ƚŚĞ ĐŽŶƚƌŽůƐ ĨŽƌ ďĂĐŬͲƵƉ ƉƌŽĐĞƐƐŝŶŐ͕ ŝŶĐůƵĚŝŶŐ ŚŽǁ ĨƌĞƋƵĞŶƚůLJ ďĂĐŬͲƵƉƐ ŽĐĐƵƌ͖ Ϯ͘ ŽĐƵŵĞŶƚĞĚ ďĂĐŬͲƵƉ ƉƌŽĐĞĚƵƌĞƐ͖ ϯ͘ dŚĞ ůŽĐĂƚŝŽŶ ŽĨ ĚĂƚĂ ƚŚĂƚ ŚĂƐ ďĞĞŶ ďĂĐŬĞĚ ƵƉ ;ŽĨĨͲƐŝƚĞ ĂŶĚ ŽŶͲƐŝƚĞ͕ ĂƐ ĂƉƉůŝĐĂďůĞͿ͖ ϰ͘ /ĚĞŶƚŝĨŝĐĂƚŝŽŶ ĂŶĚ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ǁŚĂƚ ŝƐ ďĞŝŶŐ ďĂĐŬĞĚ ƵƉ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ ďĂĐŬͲƵƉ ƉůĂŶ͖ ϱ͘ ŶLJ ĐŚĂŶŐĞ ŝŶ ďĂĐŬͲƵƉ ƉƌŽĐĞĚƵƌĞƐ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ƚĞĐŚŶŽůŽŐLJ ĐŚĂŶŐĞƐ͖ ĂŶĚ ϲ͘ ůŝƐƚ ŽĨ Ăůů ďĂĐŬͲƵƉ ĨŝůĞƐ ƚŽ ďĞ ƐƚŽƌĞĚ Ăƚ ƌĞŵŽƚĞ ůŽĐĂƚŝŽŶƐ ĂŶĚ ƚŚĞ ĨƌĞƋƵĞŶĐLJ ǁŝƚŚ ǁŚŝĐŚ ƚŚĞƐĞ ĨŝůĞƐ ĂƌĞ ƵƉĚĂƚĞĚ͘ ŝŝŝ͘ dĂƐŬƐ ƚŚĂƚ ǁŽƵůĚ ďĞ ŝŶǀŽůǀĞĚ͕ ĂŶĚ ŝĚĞŶƚŝĨLJ ďLJ ũŽď ĚĞƐĐƌŝƉƚŝŽŶ Žƌ ƚŝƚůĞ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ƐƚĂĨĨ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƐƚĂĨĨ ŝŶǀŽůǀĞŵĞŶƚ͖ ŝǀ͘ ZĞĐŽǀĞƌLJ ƉƌŽĐĞĚƵƌĞƐ ƚŚĂƚ ǁŽƵůĚ ďĞ ŝŶƐƚŝƚƵƚĞĚ ƚŽ ĂĐŚŝĞǀĞ ŶŽƌŵĂů ŽƉĞƌĂƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ĂŶLJ ƌĞŵŽƚĞ ĂĐĐĞƐƐ ƌĞůŽĐĂƚŝŽŶ ƉůĂŶƐ͖ ǀ͘ dŝŵĞͲĨƌĂŵĞ ƌĞƋƵŝƌĞĚ ƚŽ ĂĐĐŽŵƉůŝƐŚ ĨƵůů ƌĞĐŽǀĞƌLJ ĨƌŽŵ ƚŚĞ ƉŽŝŶƚ ŽĨ ŝŶƚĞƌƌƵƉƚŝŽŶ͖ ǀŝ͘ WƌŽĐĞƐƐĞƐ ĂŶĚ ƚƌŝŐŐĞƌƐ ĨŽƌ ŝŵƉůĞŵĞŶƚŝŶŐ ƚŚĞ ƉůĂŶ͕ ŝŶĐůƵĚŝŶŐ ĐŽŽƌĚŝŶĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͖ ǀŝŝ͘ WƌŽĐĞĚƵƌĞƐ ĨŽƌ ĐŽŽƌĚŝŶĂƚŝŶŐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ ƚŚĞ ĞǀĞŶƚ ŽĨ Ă ĚŝƐĂƐƚĞƌ͖ ĂŶĚ ǀŝŝŝ͘ WƌŽĐĞĚƵƌĞƐ ĨŽƌ ŶŽƚŝĨLJŝŶŐ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ W,W ƌĞĐŝƉŝĞŶƚƐ͕ ĂŶĚ ŽƚŚĞƌ ƌĞůĞǀĂŶƚ ƉĂƌƚŝĞƐ ĚĞƚĂŝůŝŶŐ ƚŚĞ ƐƚĂƚƵƐ ŽĨ ƚŚĞ ƐLJƐƚĞŵ ĂŶĚ ĂŶLJ ĂůƚĞƌŶĂƚŝǀĞ ƉŚŽŶĞ ŶƵŵďĞƌƐ ĂŶĚͬŽƌ ďƵƐŝŶĞƐƐ ƉůĂŶƐ͘ Ϯ͘ Ɛ ƉĂƌƚ ŽĨ ƚŚĞ ƵƐŝŶĞƐƐ ŽŶƚŝŶƵŝƚLJ WůĂŶ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŝŶĐůƵĚĞ Ă ƐĞĐƚŝŽŶ ƐƉĞĐŝĨŝĐ ƚŽ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ƚŚĂƚ ǁŝůů ďĞ ƐƵďŵŝƚƚĞĚ ĨŽƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨŽƌ ĂƉƉƌŽǀĂů ǁŝƚŚŝŶ WĂŐĞ ϵϬ ŽĨ ϭϰϰ ƚŚŝƌƚLJ ;ϯϬͿ ĚĂLJƐ ĂĨƚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ĨĨĞĐƚŝǀĞ ĂƚĞ ĂŶĚ ďĞ ƵƉĚĂƚĞĚ Ăƚ ůĞĂƐƚ ĞǀĞƌLJ Ɛŝdž ;ϲͿ ŵŽŶƚŚƐ͘ Ă͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŶŽƚŝĨLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĞĂĐŚ ƚŝŵĞ ƚŚĞ ďƵƐŝŶĞƐƐ ĐŽŶƚŝŶƵŝƚLJ ƉůĂŶ ŝƐ ĂĐƚŝǀĂƚĞĚ ǁŝƚŚŝŶ ƚǁŽ ;ϮͿ ŚŽƵƌƐ ŽĨ ƚŚĞ ĞǀĞŶƚ͘ ď͘ dŚĞ ƉůĂŶ ŵƵƐƚ Ăƚ Ă ŵŝŶŝŵƵŵ ŝŶĐůƵĚĞ ĂŶ ŽǀĞƌĨůŽǁ Žƌ ƌĞĚƵŶĚĂŶƚ ƚĞůĞƉŚŽŶĞ ƐLJƐƚĞŵ ƚŽ ŽƉĞƌĂƚĞ ŝŶ ƚŚĞ ĞǀĞŶƚ ŽĨ ůŝŶĞ ƚƌŽƵďůĞ Žƌ ŽƚŚĞƌ ƉƌŽďůĞŵƐ ƐŽ ƚŚĂƚ ĂĐĐĞƐƐ ƚŽ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ďLJ ƚĞůĞƉŚŽŶĞ ŝƐ ŶŽƚ ĚŝƐƌƵƉƚĞĚ͘ ŝ͘ dŚĞ ŽǀĞƌĨůŽǁ ƐLJƐƚĞŵ ŵƵƐƚ ŝŶƚĞƌĨĂĐĞ ǁŝƚŚ ƚŚĞ ĐĂůů ƚƌĂĐŬŝŶŐ ĂŶĚ ƌĞĐŽƌĚŝŶŐ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ƚĞĐŚŶŽůŽŐLJ ƌĞƋƵŝƌĞĚ ŝŶ ƚŚŝƐ Z&W͘ ŝŝ͘ ĚĚŝƚŝŽŶĂůůLJ͕ Ăůů ĐŽŶƚƌĂĐƚ ƋƵĂůŝƚLJ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ƐƚĂŶĚĂƌĚƐ ƌĞƋƵŝƌĞĚ ŝŶ ƚŚŝƐ ĐŽŶƚƌĂĐƚ ŵƵƐƚ ĂƉƉůLJ ƚŽ ƚŚĞ ŽǀĞƌĨůŽǁ ĐĂůů ĐĞŶƚĞƌ͘ s͘ DĞŵďĞƌ ŶƌŽůůŵĞŶƚ ^ĂƚŝƐĨĂĐƚŝŽŶ ^ƵƌǀĞLJ ĞƉĂƌƚŵĞŶƚ ƉƌŝŽƌŝƚLJ ŝƐ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ĂŶĚ ŝŵƉƌŽǀŝŶŐ ƚŚĞ ĐƵƐƚŽŵĞƌ ĞdžƉĞƌŝĞŶĐĞ͘ ĂƉƚƵƌŝŶŐ ĐƵƐƚŽŵĞƌ ĨĞĞĚďĂĐŬ ĂŶĚ ĂĐƚŝŶŐ ƚŽ ƌĞǀŝĞǁ ĂŶĚ ƉŽƚĞŶƚŝĂůůLJ ŵŽĚŝĨLJ ƉŽůŝĐLJ Žƌ ƉƌŽĐĞƐƐ ĨƌŽŵ ƚŚĂƚ ĨĞĞĚďĂĐŬ ŝƐ ĐƌŝƚŝĐĂů ƚŽ ŝŵƉƌŽǀŝŶŐ ƚŚĞ ĐƵƐƚŽŵĞƌ ĞdžƉĞƌŝĞŶĐĞ͘ ϭ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞǀĞůŽƉ ĂŶĚ ŝŵƉůĞŵĞŶƚ DĞŵďĞƌ ^ĂƚŝƐĨĂĐƚŝŽŶ ^ƵƌǀĞLJƐ ƚŽ ĞŶƐƵƌĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ŝƐ ŵĞĞƚŝŶŐ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ďĞŶĞĨŝĐŝĂƌLJ ŶĞĞĚƐ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƵƐĞ ƌĞƐƵůƚƐ ƚŽ ĐƌĞĂƚĞ Ă ďĂƐĞůŝŶĞ͕ ŝĚĞŶƚŝĨLJ ĂŶĚ ƌĞƐŽůǀĞ ƉŽƚĞŶƚŝĂů ĐŽŶĐĞƌŶƐ ĞĂƌůLJ͕ ĂĚĚƌĞƐƐ ƚĂƌŐĞƚĞĚ ŝƐƐƵĞƐ͕ ĂŶĚ ĚĞǀĞůŽƉ ƐƚƌĂƚĞŐLJ ĨŽƌ ŽŶŐŽŝŶŐ ŝŵƉƌŽǀĞŵĞŶƚƐ͘ dŚĞ ƐƵƌǀĞLJƐ ŵƵƐƚ ŝŶĐůƵĚĞ͕ ďƵƚ ŶŽƚ ďĞ ůŝŵŝƚĞĚ ƚŽ͗ Ă͘ Ăůů ĞŶƚĞƌ ^ƵƌǀĞLJ ƚŽ ŵĞĂƐƵƌĞ ƌĞƐƉŽŶƐŝǀĞŶĞƐƐ͕ ŬŶŽǁůĞĚŐĞ͕ ƚŝŵĞůŝŶĞƐƐ͕ ƉŽůŝƚĞŶĞƐƐ͕ ĂŶĚ ŽǀĞƌĂůů ƋƵĂůŝƚLJ ŽĨ ƐĞƌǀŝĐĞ͘ dŚŝƐ ƐƵƌǀĞLJ ŵƵƐƚ ďĞ ŽĨĨĞƌĞĚ ĂƐ ŽƉƚŝŽŶĂů ĨŽƌ Ăůů ĞŶƌŽůůĞĞƐ͘ ŝ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ŵŝŶŝŵĂůůLJ ƐĂŵƉůĞ Ă ƐƚĂƚŝƐƚŝĐĂůůLJ ƌĞůĞǀĂŶƚ ŶƵŵďĞƌ ŽĨ ĐĂůůƐ ƌĞĐĞŝǀĞĚ ŵŽŶƚŚůLJ ƚŽ ŽďƚĂŝŶ Ă ŵŝŶŝŵĂů ƌĞƐƉŽŶƐĞ ƌĂƚĞ ŽĨ ϭϬй ŽĨ ĐĂůůĞƌƐ͘ ď͘ ŶƌŽůůŵĞŶƚ WƌŽĐĞƐƐ /ŶƚĞƌŶĞƚ ^ƵƌǀĞLJ ƚŽ ŵĞĂƐƵƌĞ ǁĞďͲďĂƐĞĚ ĞŶƌŽůůŵĞŶƚ ĨŽƌ ĞĂƐĞ ŽĨ ƵƐĞ͕ ĐŽŶǀĞŶŝĞŶĐĞ͕ ĂǀĞƌĂŐĞ ůĞŶŐƚŚ ŽĨ ƚŝŵĞ ƚŽ ĞŶƌŽůů͕ ŚĞůƉ ĨƵŶĐƚŝŽŶ ĞĨĨĞĐƚŝǀĞŶĞƐƐ͖ ĐůĂƌŝƚLJ ĂŶĚ ĐŽŵƉƌĞŚĞŶƐŝǀĞŶĞƐƐ͖ ĂŶĚ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ŽǀĞƌĂůů ĂďŝůŝƚLJ ƚŽ ŵĂŬĞ ĞŶƌŽůůŵĞŶƚ ĚĞĐŝƐŝŽŶƐ͘ dŚŝƐ ƐƵƌǀĞLJ ŵƵƐƚ ďĞ ĂƵƚŽŵĂƚŝĐĂůůLJ ŽĨĨĞƌĞĚ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ǁĞďͲďĂƐĞĚ ĞŶƌŽůůŵĞŶƚ ĂƐ ŽƉƚŝŽŶĂů ĨŽƌ Ăůů ĞŶƌŽůůĞĞƐ͘ Đ͘ ĚƵĐĂƚŝŽŶ ĞǀĞŶƚ ƐƵƌǀĞLJ ƚŽ ŵĞĂƐƵƌĞ ŝĨ ƉƌĞƐĞŶƚĂƚŝŽŶͬŚĂŶĚŽƵƚƐ ǁĞƌĞ ƵŶĚĞƌƐƚĂŶĚĂďůĞ͕ ƉƌĞƐĞŶƚĞƌ ǁĂƐ ĞĨĨĞĐƚŝǀĞ͕ ŽƉƉŽƌƚƵŶŝƚŝĞƐ Žƌ ƚŽƉŝĐƐ ĨŽƌ ĨƵƚƵƌĞ ĞǀĞŶƚƐ ĂŶĚ ĐŽŶƚĞŶƚ ǁĂƐ ƵƐĞĨƵů͘ dŚŝƐ ƐƵƌǀĞLJ ŵƵƐƚ ďĞ ŽĨĨĞƌĞĚ ƚŽ ĂƚƚĞŶĚĞĞƐ ĂƐ ŽƉƚŝŽŶĂů Ăƚ ƚŚĞ ĞŶĚ ŽĨ ĞĂĐŚ ĞǀĞŶƚ͘ Ϯ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ƐƵďŵŝƚ ƐƵƌǀĞLJ ƋƵĞƐƚŝŽŶƐ ĂŶĚ ŵĞƚŚŽĚŽůŽŐLJ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨŽƌ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ƵƐĞ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ϯ͘ ZĞƉŽƌƚƐ͕ ŝŶĐůƵĚŝŶŐ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ĞǀĂůƵĂƚŝŽŶ ŽĨ ƐƵƌǀĞLJ ƌĞƐƵůƚƐ ĂŶĚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ĨŽƌ ĞŶƌŽůůŵĞŶƚͬĞĚƵĐĂƚŝŽŶ ĂƉƉƌŽĂĐŚ ĂĚũƵƐƚŵĞŶƚƐ͕ ŵƵƐƚ ďĞ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽŶ Ă ƌĞŐƵůĂƌ ďĂƐŝƐ ĂƐ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ĂŶĚ ĂĚ ŚŽĐ ĂƐ ƌĞƋƵĞƐƚĞĚ͘ WĂŐĞ ϵϭ ŽĨ ϭϰϰ ϰ͘ ĂƐĞĚ ŽŶ ƐƵƌǀĞLJ ƌĞƐƵůƚƐ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵĂLJ ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ƉƌŽǀŝĚĞ ĨƵƌƚŚĞƌ ƚĂƌŐĞƚĞĚ ƌĞƐĞĂƌĐŚ ƚŽ ďĞƚƚĞƌ ĚĞĨŝŶĞ ĂŶĚ ƌĞƐŽůǀĞ ŝƐƐƵĞƐ Žƌ ŝŵƉƌŽǀĞ ƉƌŽĐĞƐƐĞƐ͘ ϱ͘ <ĞLJ ^ĞƌǀŝĐĞ DĞƚƌŝĐƐ͗ dĂďůĞ ϲ ʹ <ĞLJ ^ĞƌǀŝĐĞ DĞƚƌŝĐƐ ĚĞĨŝŶĞƐ ƚŚĞ ŵĞƚƌŝĐƐ ƚŽ ďĞ ŵŽŶŝƚŽƌĞĚ ĂŶĚ ŵĞĂƐƵƌĞĚ ĨŽƌ ƚŚĞ ^ĂƚŝƐĨĂĐƚŝŽŶ ^ƵƌǀĞLJ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ƚŚĞ Ăůů ĞŶƚĞƌ ĞŶƌŽůůŵĞŶƚ ƐƵƌǀĞLJ ƌĞƐƉŽŶƐĞƐ ĂŶĚ ƚŚĞ ǁĞďͲďĂƐĞĚ ĞŶƌŽůůŵĞŶƚ ƐƵƌǀĞLJ ƌĞƐƉŽŶƐĞƐ͘ ZĞƉŽƌƚƐ ĨŽƌ ƚŚĞƐĞ ŵĞƚƌŝĐƐ ŵƵƐƚ ďĞ ƉƌŽǀŝĚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ Z&W͘ t͘ ZĞĂĚŝŶĞƐƐ ZĞǀŝĞǁ ϭ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ĐŽŶĚƵĐƚ ĂŶ ŽŶͲƐŝƚĞ ƌĞǀŝĞǁ ĂŶĚͬŽƌ ĚĞƐŬ ĂƵĚŝƚƐ ƚŽ ĂƐƐĞƐƐ ƚŚĞ ƌĞĂĚŝŶĞƐƐ ŽĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƚŽ ĞĨĨĞĐƚŝǀĞůLJ ĂĚŵŝŶŝƐƚĞƌ ĂŶĚ ƉƌŽǀŝĚĞ ƚŚĞ ƐĞƌǀŝĐĞƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚŝƐ Z&W ĂŶĚ ƐƵďƐĞƋƵĞŶƚ ĐŽŶƚƌĂĐƚ͘ Ϯ͘ WƌŝŽƌ ƚŽ ƚŚĞ ^ĞƌǀŝĐĞƐ ĨŽƌ DĂŶĂŐĞĚ ĂƌĞ 'ŽͲ>ŝǀĞ ĂƚĞ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵƵƐƚ ĚĞŵŽŶƐƚƌĂƚĞ͕ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƐĂƚŝƐĨĂĐƚŝŽŶ͕ ƚŚĂƚ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŝƐ ĨƵůůLJ ĐĂƉĂďůĞ ŽĨ ƉĞƌĨŽƌŵŝŶŐ Ăůů ĚƵƚŝĞƐ ƵŶĚĞƌ ƚŚŝƐ ĐŽŶƚƌĂĐƚ͕ ŝŶĐůƵĚŝŶŐ ĚĞŵŽŶƐƚƌĂƚŝŽŶ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ͗ Ă͘ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ Ăůů ĞŶƚĞƌ ŝƐ ĨƵůůLJ ŽƉĞƌĂƚŝŽŶĂů͖ ď͘ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ tĞďƐŝƚĞ ŝƐ ĨƵůůLJ ŽƉĞƌĂƚŝŽŶĂů͖ Đ͘ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ŝƐ ĨƵůůLJ ŽƉĞƌĂƚŝŽŶĂů͖ Ě͘ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ŽŶƐŽůŝĚĂƚĞĚ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ŝƐ ĨƵůůLJ ŽƉĞƌĂƚŝŽŶĂů͖ Ğ͘ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ŵĂŝůŝŶŐ ĐĂƉĂďŝůŝƚLJ ŝƐ ĨƵůůLJ ŽƉĞƌĂƚŝŽŶĂů͖ Ĩ͘ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ŝŶƚĞŐƌĂƚĞĚ ŝŶĨŽƌŵĂƚŝŽŶ ƚĞĐŚŶŽůŽŐLJ ƐLJƐƚĞŵƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ĂƌĞ ĂĚĞƋƵĂƚĞ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ĂŶLJ ĚŝƐƌƵƉƚŝŽŶƐ ƚŽ ƐĞƌǀŝĐĞ ǁŝůů ďĞ ŵŝŶŝŵĂů ĂŶĚ ŶŽƚ ŝŵƉĂĐƚ ƚŚĞ ĚĞůŝǀĞƌLJ ŽĨ ƐĞƌǀŝĐĞƐ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ͖ Ő͘ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŚĂƐ ŚŝƌĞĚ ĂŶĚ ƚƌĂŝŶĞĚ ŝƚƐ ƐƚĂĨĨ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽƵƚůŝŶĞĚ ŝŶ ƚŚŝƐ Z&W͖ Ś͘ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŚĂƐ ƐƵĐĐĞƐƐĨƵůůLJ ƚĞƐƚĞĚ ƵƐŝŶŐ ŵƵƚƵĂůůLJ ĂŐƌĞĞĚ ƵƉŽŶ ƚĞƐƚŝŶŐ ƐƚĂŶĚĂƌĚ Ăůů ƌĞĂůͲƚŝŵĞ͕ ďĂƚĐŚ͕ ĂŶĚ / ŝŶƚĞƌĨĂĐĞƐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ŽƚŚĞƌ ĞŶƚŝƚŝĞƐ ;W,WƐͿ ĂƐ ƐƉĞĐŝĨŝĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƉƌŝŽƌ ƚŽ ŽŶƚƌĂĐƚ ^ƚĂƌƚ ĂƚĞ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƉƌŽǀŝĚĞ Ă ĐŽŵƉůĞƚĞ ůŝƐƚ ŽĨ ƌĞƋƵŝƌĞĚ ŝŶƚĞƌĨĂĐĞƐ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĂĨƚĞƌ ƚŚĞ ĂǁĂƌĚ ĨŽƌ ƚŚĞ ĐŽŶƚƌĂĐƚ͖ ĂŶĚ ŝ͘ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŚĂƐ ƉƌŽǀŝĚĞĚ Ăůů ƌĞƋƵŝƌĞĚ ƉƌŝǀĂĐLJ ĂŶĚ ƐĞĐƵƌŝƚLJ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ĂŶĚ ŽŶƚŝŶƵŝƚLJ ŽĨ KƉĞƌĂƚŝŽŶƐ ĂŶĚ ŝƐĂƐƚĞƌ ZĞĐŽǀĞƌLJ ĚŽĐƵŵĞŶƚĂƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ĂŶLJ ƚĞƐƚ ƌĞƐƵůƚƐ͘ ũ͘ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŚĂƐ ĚĞǀĞůŽƉĞĚ͕ ŝŵƉůĞŵĞŶƚĞĚ ĂŶĚ ĞĂƌŶĞĚ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĂů ŽĨ Ăůů ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞƐƐ ƌĞƋƵŝƌĞĚ ĨŽƌ ƐƵĐĐĞƐƐĨƵů ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƉƌŽŐƌĂŵ ƌĞƋƵŝƌĞĚ ŚĞƌĞŝŶ͘ ϯ͘ ŶLJ ĐŚĂŶŐĞƐ ƌĞƋƵŝƌĞĚ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ƉƌŽĐĞƐƐĞƐ ĂƐ ŝĚĞŶƚŝĨŝĞĚ ƚŚƌŽƵŐŚ ƌĞĂĚŝŶĞƐƐ ƌĞǀŝĞǁ ĂĐƚŝǀŝƚŝĞƐ ŵƵƐƚ ďĞ ŵĂĚĞ ďLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ ŽƐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞƐĞ ĐŚĂŶŐĞƐ ŵƵƐƚ ďĞ ďŽƌŶĞ ďLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͘ WĂŐĞ ϵϮ ŽĨ ϭϰϰ ϰ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͛Ɛ ŝŶĂďŝůŝƚLJ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƐĂƚŝƐĨĂĐƚŝŽŶ ƚŚĂƚ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŝƐ ĨƵůůLJ ĐĂƉĂďůĞ ŽĨ ƉĞƌĨŽƌŵŝŶŐ Ăůů ĚƵƚŝĞƐ ƵŶĚĞƌ ƚŚŝƐ ĐŽŶƚƌĂĐƚ ŶŽ ůĂƚĞƌ ƚŚĂŶ ƚŚŝƌƚLJ ;ϯϬͿ ĚĂLJƐ ŵĂLJ ďĞ ŐƌŽƵŶĚƐ ĨŽƌ ƚŚĞ ŝŵŵĞĚŝĂƚĞ ƚĞƌŵŝŶĂƚŝŽŶ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƚĞƌŵŝŶĂƚŝŽŶ ƉƌŽǀŝƐŝŽŶƐ ĂŶĚ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ĂŶLJ ĐŽŶƚƌĂĐƚ ƉĞƌĨŽƌŵĂŶĐĞ ƉĞŶĂůƚŝĞƐ ƐƚĂƚĞĚ ǁŝƚŚŝŶ ƚŚŝƐ Z&W͘ ϱ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ĐŽŶĚƵĐƚ ĂĚĚŝƚŝŽŶĂů ƉƌĞͲ Žƌ ƉŽƐƚͲŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƌĞǀŝĞǁƐ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ĐŽŵƉůŝĂŶĐĞ ĂƵĚŝƚƐ ĂƐ ŶĞĞĚĞĚ ƚŽ ĚĞƚĞƌŵŝŶĞ ĐŽŵƉůŝĂŶĐĞ ƚŽ ĐŽŶƚƌĂĐƚ ƚĞƌŵƐ͘ dŚŝƐ ŝƐ ĞdžĐůƵƐŝǀĞ ŽĨ ^> ĂŶĚ ŝƋƵŝĚĂƚĞĚ ĂŵĂŐĞƐ Ă͘ /Ĩ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ƚŽ ďĞ ŝŶ ǀŝŽůĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ƚĞƌŵƐ͕ ĐŽŶĚŝƚŝŽŶƐ͕ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ĂŶĚͬŽƌ ƐĞƌǀŝĐĞ ůĞǀĞů ŵĞƚƌŝĐƐ ŽĨ ƚŚŝƐ ŽŶƚƌĂĐƚ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵƵƐƚ ďĞ ĞŶƚŝƚůĞĚ ƚŽ ŵŽŶĞƚĂƌLJ ĚĂŵĂŐĞƐ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ ĂĐƚƵĂů͕ ĐŽŶƐĞƋƵĞŶƚŝĂů͕ ĚŝƌĞĐƚ͕ ŝŶĚŝƌĞĐƚ͕ ƐƉĞĐŝĂů͕ ĂŶĚͬŽƌ ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ͘ /Ŷ ƐŽŵĞ ĐĂƐĞƐ͕ ƚŚĞ ĂĐƚƵĂů ĚĂŵĂŐĞ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĚƵĞ ƚŽ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ĨĂŝůƵƌĞ ƚŽ ŵĞĞƚ ĂŶLJ ĂƐƉĞĐƚ ŽĨ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ ĂŶĚͬŽƌ ƚŽ ŵĞĞƚ ƐƉĞĐŝĨŝĐ ƐĞƌǀŝĐĞ ůĞǀĞů ŵĞƚƌŝĐƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ƚŚĞ ŽŶƚƌĂĐƚ ǁŝůů ďĞ ĚŝĨĨŝĐƵůƚ Žƌ ŝŵƉŽƐƐŝďůĞ ƚŽ ĚĞƚĞƌŵŝŶĞ ǁŝƚŚ ƉƌĞĐŝƐĞ ĂĐĐƵƌĂĐLJ͘ dŚĞƌĞĨŽƌĞ͕ ŝŶ ƚŚĞ ĞǀĞŶƚ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ŶŽŶĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ ƚĞƌŵƐ͕ ĐŽŶĚŝƚŝŽŶƐ͕ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚͬŽƌ ƐĞƌǀŝĐĞ ůĞǀĞů ŵĞƚƌŝĐƐ ŽĨ ƚŚŝƐ ŽŶƚƌĂĐƚ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ĂƐƐĞƐƐ ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ ĂŐĂŝŶƐƚ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ ƉƌŽǀŝĚĞĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŚĂƐ ŶŽƚ ŵĂƚĞƌŝĂůůLJ ĐĂƵƐĞĚ Žƌ ĐŽŶƚƌŝďƵƚĞĚ ƚŽ ƚŚĞ ǀŝŽůĂƚŝŽŶ͘ ď͘ dŚĞ ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ ƉƌĞƐĐƌŝďĞĚ ŝŶ ƚŚŝƐ ƐĞĐƚŝŽŶ ĂƌĞ ŶŽƚ ŝŶƚĞŶĚĞĚ ƚŽ ďĞ Ă ƉĞŶĂůƚLJ ďƵƚ ĂƌĞ ŝŶƚĞŶĚĞĚ ƚŽ ďĞ ƌĞĂƐŽŶĂďůĞ ĞƐƚŝŵĂƚĞƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƉƌŽũĞĐƚĞĚ ĨŝŶĂŶĐŝĂů ůŽƐƐ ĂŶĚ ĚĂŵĂŐĞ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ŶŽŶƉĞƌĨŽƌŵĂŶĐĞ͘ ĐĐŽƌĚŝŶŐůLJ͕ ŝŶ ƚŚĞ ĞǀĞŶƚ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĨĂŝůƐ ƚŽ ƉĞƌĨŽƌŵ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŽŶƚƌĂĐƚ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ĂƐƐĞƐƐ ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ ĂƐ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ /Ĩ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĨĂŝůƐ ƚŽ ƉĞƌĨŽƌŵ ĂŶLJ ŽĨ ƚŚĞ ƐĞƌǀŝĐĞƐ Žƌ ƌĞƋƵŝƌĞŵĞŶƚƐ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ ŽŶƚƌĂĐƚ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ĂƐƐĞƐƐ ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ ĨŽƌ ĞĂĐŚ ŽĐĐƵƌƌĞŶĐĞ ĂƐ ƉƌŽǀŝĚĞĚ ŝŶ dĂďůĞ ϲ ʹ <ĞLJ ^ĞƌǀŝĐĞ >ĞǀĞů DĞƚƌŝĐƐ͘ Đ͘ EŽƚŝĐĞ ŝ͘ WƌŝŽƌ ƚŽ ƚŚĞ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵƵƐƚ ƉƌŽǀŝĚĞ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ǁŝƚŚ ǁƌŝƚƚĞŶ ŶŽƚŝĐĞ ĚĞƚĂŝůŝŶŐ ƚŚĞ ŶĂƚƵƌĞ ŽĨ ƚŚĞ ŶŽŶĐŽŵƉůŝĂŶĐĞ͕ ĂŶLJ ĂƉƉůŝĐĂďůĞ ĂƐƐĞƐƐĞĚ ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ͕ ĂŶĚ ƚŚĞ ŵĞƚŚŽĚ ĂŶĚ ƚŝŵĞĨƌĂŵĞƐ ďLJ ǁŚŝĐŚ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ŵĂLJ ĚŝƐƉƵƚĞ ƚŚĞ ĐůĂŝŵ ŽĨ ŶŽŶĐŽŵƉůŝĂŶĐĞ ĂŶĚ ƚŚĞ ŝŵƉŽƐĞĚ ƐĂŶĐƚŝŽŶƐ ĂŶĚͬŽƌ ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ ŶŽ ůĂƚĞƌ ƚŚĂŶ ϵϬ ĚĂLJƐ ĂĨƚĞƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĚŝƐĐŽǀĞƌƐ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ŝƐ ŝŶ ǀŝŽůĂƚŝŽŶ ŽĨ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚŝƐ ŽŶƚƌĂĐƚ͘ Ě͘ WĂLJŵĞŶƚ ŝ͘ /Ĩ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĞůĞĐƚƐ ŶŽƚ ƚŽ ĚŝƐƉƵƚĞ ƚŚĞ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ͕ ƚŚĞ ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ ŵƵƐƚ ďĞ ĚƵĞ ĂŶĚ ƉĂLJĂďůĞ ǁŝƚŚŝŶ ƚŚŝƌƚLJ ;ϯϬͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ŽĨ ƚŚĞ ĚĂƚĞ ŽŶ ƚŚĞ ǁƌŝƚƚĞŶ ŶŽƚŝĐĞ ĂƐƐĞƐƐŝŶŐ ƚŚĞ ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ͘ ŝŝ͘ /Ĩ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĞůĞĐƚƐ ƚŽ ĚŝƐƉƵƚĞ ƚŚĞ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ͕ ďƵƚ ĚŽĞƐ ŶŽƚ ƉƌĞǀĂŝů ŝŶ ƚŚĞ ĚŝƐƉƵƚĞ ƌĞƐŽůƵƚŝŽŶ͕ ƚŚĞ ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ ŵƵƐƚ ďĞ ĚƵĞ ĂŶĚ ƉĂLJĂďůĞ ǁŝƚŚŝŶ ƚŚŝƌƚLJ ;ϯϬͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ŽĨ ƚŚĞ ĚĂƚĞ ŽŶ ƚŚĞ ǁƌŝƚƚĞŶ ŶŽƚŝĐĞ WĂŐĞ ϵϲ ŽĨ ϭϰϰ of final decision issued by the Department following the dispute resolution upholding its original decision. If the Contractor fails to pay liquidated damages by the applicable due date, the Contractor must be subject to interest and a late payment penalty in accordance with 6.5. 147-8623 until the past due amount is paid. The Department reserves the right to recoup any monies owed to the Department from assessed liquidated damages or other monetary sanctions by withholding the amount from future payments owed to the Contractor. iv. Notwithstanding the Contractor?s request for a dispute resolution, the Department must have the right to retroactively impose liquidated damages on the Contractor for violations of the terms of this contract during the pendency of a dispute in accordance with this Section and Table 6 Key Service Level Metrics, if the Contractor does not prevail in the dispute and the violations continued during the dispute resolution process. 6. Key service level metrics: a. The Contractor must be required to meet key service level metrics and is subject to the assessment of liquidated damages as outlined in Table 6 - Key Service Level Metrics. If the Contractor fails to meet the metrics, liquidated damages may be assessed in the amounts indicated below for the period in which the de?ciency occurs. Liquidated damages may be retroactive to the date of required written notice assessing liquidated damages against the Contractor, and such damage assessments may continue until the Department determines the de?ciency has been cured. b. A general liquidated damage of ?ve hundred dollars ($500) per day/occurrence, as applicable, may be assessed at the sole discretion of the Department for any violation of a contract provision that is not speci?cally listed in Table 6 - Key Service Level Metrics. c. Accurate Data is where all data elements are in the ?le as defined by the Department with no errors. Table 6 Key Service Level Metrics Description Standard Liquidated Damage implementation 1) Initial upload of Initial file upload date as $5,000 per day for each day eligibility ?le: De?ned I de?ned in Department I beyond the ?rst two (2) as initial Medicaid and I approved implementation business days NC Health Choice plan eligibility ?le uploaded I Escalates to $10,000 per to EB platform in day for each day delayed advance of open beyond the ?rst five (5) - businee 9339331 - 2) Accurate upload of Final date for accurate I $10,000 per day for each eligibility ?le: De?ned eligibility data as de?ned in day beyond the ?rst two (2) as ?nal date in which I Department approved I business days ecstaraie Ms?eei?a?l -l Page 97 of 144 NC Health Choice eligibility data must be uploaded to E8 platform in advance of open enrollment period Escalates to $15,000 per day for each day delayed beyond the ?rst five (5) business days delay 3) EB integration of Consolidated Provider directog: De?ned as ?nal date, by region, in which accurate PHP provider data must be integrated into and publicly available through the provider directory in advance of ogengnrollment pe_riod Final date for accurate provider directory data as de?ned in Department approved implementation plan $10,000 per day for each day beyond the first two (2) business days Escalates to $15,000 per day for each day delayed beyond the first ?ve (5) business days delay I Call Center 4) Calls Abandoned: De?ned as the number of inbound calls offered but are disconnected by the caller after three (3) seconds and are neither a Call Handled nor a Self Service. Calls Abandoned rate will be calculated as: (Total Calls Offered - Total Calls Short Abandoned - (Total Calls Handled plus Total Self- Service Calls)) Total Calls Offered. Rate must not exceed five percent per month. 1% of invoice 5) Call Center outage: De?ned as the number of minutes the call center is unable to accept new inbound calls. Rate must not exceed ?ve (5) minutes of unscheduled time in which the call center is unable to accept new inbound calls. 1% of invoice 6) The waichold time for callers: Defined as the time between a call being initially answered including answered by an operating system and a response by a live No longer than three (3) minutes for 95% of all incoming calls. 1% of invoice Page 98 of 144 operator to a caller's inquiry. 7) Call Answer Time: De?ned as the number of seconds it takes for an inbound call to reach a live agent or reach a self-service option. Measured in seconds. Rate must not exceed one three (3) minutes for 95% of Calls Offered. 1% of invoice 8) First Call Resolution: De?ne as the percent of contacts that are resolved by the call center on the ?rst interaction with the customer 98% 0.5% of mo?rithly invoice Enrollment services website 9) Web portal response: De?ned as elapsed time from the command to view a response until the response appears or load-$2 ?99319". Rate must not exceed ?ve (5) seconds 99% of the time. 10) Timer response to electronic correspondence: De?ned as response time to all electronic correspondence including email, fax, web enrollments or other electronic responses. Response rate to all members and PHP of 100% within 3 business days A Up to 3% of invoice. 100% - 95%: 1% deduction Less than 95% - 85%: 2% deduction Less than 85%: 3% deduction Satisfaction survey 11) C_all center enrollment survey response: De?ned as member satisfaction as measured by Department approved call center member enrollment satisfaction 12) Web-based enrollment survey response Define as Defined as member satisfaction as Average rate must not fall below percent agreed upon in Department approved member enrollment satisfaction survey Average?rate must not fall below percent agreed upon in Department approved 0.5% of invoice 0.5% of invoic?e Page 99 of 144 measured by member enrollment Department approved satisfaction survey call center member enrollment satisfaction survey_ Enrollment and disenrollment processing 13) Without cause Average processing time 2% of invoice disenrollment must not exceed ?ve (5) processing time: calendar days De?ned as average time from receipt of complete member without cause disenrollment requests to noti?cation to Department of decision 17$ Non-clinical with cause Average processing time 1% of invoice processing time: must not exceed five (5) De?ned as average time calendar days from receipt of complete member non- clinical with cause disenrollment requests to noti?cation to Department of decision Page 100 of 144 ATTACHMENT A: MINIMUM REQUIREMENTS TABLE The Of?feror must demonstrate they meet Minimum Requirements to have their response evaluated by the Department. The Offeror MUST complete this table, and provide the appropriate details to support each requirement and the Reference for the related experience. The Offeror must attest to acceptance of the Terms and Conditions of this RFP by checking the box and signing this ATTACHMENT A. The MS Word template for ATTACHMENT A: MINIMUM REQUIREMENTS TABLE may be requested by contacting Ken Dahlin at MINIMUM REQUIREMENTS TABLE Requirement Minimum Years of experience Required Offeror's Statement of Demonstration and Capabilities. Include the section citation, exhibit name/number and page numbers where details can be found In Offeror?s response if not included in this table. A. Experience in Medicaid Managed Care providing Enrollment Broker Services for a program population with a total of at least 400,000 bene?ciaries Three (3) Years B. Experience providing Call Center capabilities to support Choice Counseling and Enrollment Broker services for an open enrollment population of at least 400,000 bene?ciaries Three (3) Years Page 101 of 144 ͘ džƉĞƌŝĞŶĐĞ ŝŶƚĞŐƌĂƚŝŶŐ ǁŝƚŚ ĞdžŝƐƚŝŶŐ DĞĚŝĐĂŝĚ ƉƌŽŐƌĂŵ ĞůŝŐŝďŝůŝƚLJ ĂŶĚ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ƐLJƐƚĞŵƐ dŚƌĞĞ ;ϯͿ zĞĂƌƐ ͘ KĨĨĞƌŽƌ ŵƵƐƚ ďĞ ĨŝŶĂŶĐŝĂůůLJ ƐƚĂďůĞ ĂŶĚ ĚŝƐĐůŽƐĞ ĂŶLJ ůĞŐĂů ĂĐƚŝŽŶƐ EŽƚ ƉƉůŝĐĂďůĞ ƚŚĂƚ ĐŽƵůĚ ĂĚǀĞƌƐĞůLJ ĂĨĨĞĐƚ ŝƚƐ ĨŝŶĂŶĐŝĂů ĐŽŶĚŝƚŝŽŶ Žƌ ĂďŝůŝƚLJ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ Z&W KĨĨĞƌŽƌ͛Ɛ ƌĞƐƉŽŶƐĞ ƚŽ ƚƚĂĐŚŵĞŶƚ '͗ ĞƌƚŝĨŝĐĂƚŝŽŶ ŽĨ &ŝŶĂŶĐŝĂů ŽŶĚŝƚŝŽŶ ĂŶĚ >ĞŐĂů ĐƚŝŽŶ ^ƵŵŵĂƌLJ ǁŝůů ďĞ ƌĞǀŝĞǁĞĚ͘ dŚĞ KĨĨĞƌŽƌ ĂĐĐĞƉƚƐ Ăůů ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ŽĨ ƚŚŝƐ Z&W ĂƐ ƌĞƋƵŝƌĞĚ ŝŶ ^ĞĐƚŝŽŶ //͘ ͘ϯ ZĞƋƵĞƐƚ ĨŽƌ WƌŽƉŽƐĂů͘ dŚĞ KĨĨĞƌŽƌ ŵĂLJ ƌĞƋƵĞƐƚ ŵŽĚŝĨŝĐĂƚŝŽŶƐ ƉĞƌ ƚŚĞ ŝŶƐƚƌƵĐƚŝŽŶƐ ŝŶ ^ĞĐƚŝŽŶ //͘ ͘ϯ͕ ĂŶĚ ĂĐŬŶŽǁůĞĚŐĞƐ ƚŚĞƐĞ ĂƌĞ ŶŽƚ ƉĂƌƚ ĂŶLJ ƐƵďƐĞƋƵĞŶƚ ŽŶƚƌĂĐƚ ƵŶůĞƐƐ ĞdžƉůŝĐŝƚůLJ ĂĐĐĞƉƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ^ĞĐƚŝŽŶ //͘ ͘ϯ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ^ŝŐŶĂƚƵƌĞ ĂƚĞ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ WƌŝŶƚĞĚ EĂŵĞ dŝƚůĞ dŚĞ ƌĞŵĂŝŶĚĞƌ ŽĨ ƚŚŝƐ ƉĂŐĞ ŝƐ ŝŶƚĞŶƚŝŽŶĂůůLJ ůĞĨƚ ďůĂŶŬ͘ WĂŐĞ ϭϬϮ ŽĨ ϭϰϰ ATTACHMENT B: TECHNICAL RESPONSE The Offeror must submit ATTACHMENT B: TECHNICAL RESPONSE. The Department encourages Offerors to suggest innovative ways to ful?ll the requirements of this RFP. The Offeror must con?rm adherence to the expectations of the Department and their ability to meet the requirements of this RFP. This includes providing a detailed narrative, diagrams, exhibits, examples, sketches, descriptive literature and/or detailed information specifically tailored for the North Carolina Medicaid program to demonstrate its ability to meet requirements. The Technical Response must be submitted using the following MS Word template and the directives therein. The MS Word template may be requested by contacting Ken Dahlin at RFP Section Response Qualifications, Experience and Federal Requirements Section A, 1- 6 The Department requests the response to this section be limited to twelve (12} pages. 1. The Offeror must describe: a. The company, its operations and ownership. b. Their experience in providing services similar to those included in the scope of this RFP, with an emphasis on clients of similar size to North Carolina?s Medicaid program and details on the number of years of providing services. c. Factors viewed as being critical to the success of the enrollment broker program in North Carolina. 2. The Offeror must provide: a. A list of other State Medicaid programs served, including the size of the population and contract term using the following table: Contract Term Number of Beneficiaries Month/Year Effective Month/Year b. A list of terminated contracts for enrollment broker services, including expired or non-renewed contracts, in the last seven (7) years and the reason/circumstances pertaining to the termination. c. A list of any litigations or sanctions that have been applied under any current or former enrollment broker services contract in the last seven (7) years. 3. The Offeror must confirm adherence to the expectations of the Department and describe their ability and approach to meet the requirements of Section Ill. A. Qualifications, Experience and Federal Requirements. North Carolina Medicaid and NC Health The Department requests the response to this section be limited to ten (10) pages, not including the samples/examples of process flows. Page 103 of 144 ŚŽŝĐĞ ŶƌŽůůŵĞŶƚ ^ĞĐƚŝŽŶ ///͘ ͕ ϭͲ ϴ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ ͘ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ŶƌŽůůŵĞŶƚ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ƉƌŽĐĞƐƐ ĨůŽǁƐ ĚĞƐĐƌŝďŝŶŐ ƚŚĞ W,W ƐĞůĞĐƚŝŽŶ ƉƌŽĐĞƐƐ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƉƌŽĐĞĚƵƌĞƐ ĨŽƌ W,W ĂŶĚ D,ͬW W ƐĞůĞĐƚŝŽŶ ĂŶĚ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐĞƐ ǁŚŝĐŚ ĂƌĞ ĞĨĨŝĐŝĞŶƚ ĂŶĚ ŶŽƚ ƵŶŶĞĐĞƐƐĂƌŝůLJ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞůLJ ďƵƌĚĞŶƐŽŵĞ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ƚŚĞ ƉƌŽĐĞƐƐ ĨŽƌ ƐĞůĞĐƚŝŶŐ ĂŶĚ ĐŚĂŶŐŝŶŐ Ă W,W͘ ϱ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ DĞŵďĞƌ ƉƉĞĂůƐ ŽĨ ŝƐĞŶƌŽůůŵĞŶƚ ^ĞĐƚŝŽŶ ///͘ ͕ ϭͲ ϲ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŽƵƌ ;ϰͿ ƉĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƐĂŵƉůĞͬĞdžĂŵƉůĞ ĞŶĞĨŝĐŝĂƌLJ ŝƐĞŶƌŽůůŵĞŶƚ &Žƌŵ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ ͘ DĞŵďĞƌ ƉƉĞĂůƐ ŽĨ ŝƐĞŶƌŽůůŵĞŶƚ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶĚ ƉƌŽǀŝĚĞ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ ĨŽƌ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĂƉƉĞĂů ƉƌŽĐĞƐƐ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ƐĂŵƉůĞ ŽĨ Ă ĞŶĞĨŝĐŝĂƌLJ ŝƐĞŶƌŽůůŵĞŶƚ &Žƌŵ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƉƌĞǀŝŽƵƐ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ŵĞĚŝĂƚŝŽŶ͕ ƉƌĞͲŚĞĂƌŝŶŐ ƉƌĞƉĂƌĂƚŝŽŶ Žƌ ^ƚĂƚĞ &Ăŝƌ ,ĞĂƌŝŶŐƐ͘ ϱ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ĞŶĞĨŝĐŝĂƌLJ ^ƵƉƉŽƌƚ hŶĚĞƌ DĂŶĂŐĞĚ ĂƌĞ ^ĞĐƚŝŽŶ ///͘ ͕ ϭͲ ϭϮ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚĞŶ ;ϭϬͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƐĂŵƉůĞ tĞůĐŽŵĞ WĂĐŬĞƚ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ ͘ ĞŶĞĨŝĐŝĂƌLJ ^ƵƉƉŽƌƚ hŶĚĞƌ DĂŶĂŐĞĚ ĂƌĞ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞĚƵĐĂƚŝŽŶ ƉƌŽǀŝĚĞĚ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ Žƌ ĨŽƌ ŽƚŚĞƌ ĐůŝĞŶƚƐ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ŝŶĐůƵĚĞ Ă ƐĂŵƉůĞ ǁĞůĐŽŵĞ ƉĂĐŬĞƚ͘ ŽŶƐŝĚĞƌĂƚŝŽŶƐ ĨŽƌ ŵĂŝůŝŶŐ ǁĞŝŐŚƚ ĂŶĚ ƉƌŝŶƚ ĐŽƐƚƐ ƐŚŽƵůĚ ďĞ ŵĂĚĞ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƉƌŽĂĐƚŝǀĞ ŽƵƚƌĞĂĐŚ ƉƌŽǀŝĚĞĚ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚƐ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ Žƌ ĨŽƌ ŽƚŚĞƌ ĐůŝĞŶƚƐ͘ ϱ͘ KĨĨĞƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů͕ ŝƚƐ ĨƵŶĐƚŝŽŶĂůŝƚLJ͕ ĂŶĚ ŝŶĐůƵĚĞ ƐĐƌĞĞŶ ƐŚŽƚƐ ĂŶĚ ǀŝƐƵĂů ĚŝƐƉůĂLJƐ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ǀŝĞǁĂďůĞ ďLJ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ϲ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ĞŶĞĨŝĐŝĂƌLJ 'ƌŝĞǀĂŶĐĞƐ ^ĞĐƚŝŽŶ ///͘ ͕ ϭ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚŚƌĞĞ ;ϯͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ŐƌŝĞǀĂŶĐĞ ƉŽůŝĐLJ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ŝŶĐůƵĚĞ Ăƚ ůĞĂƐƚ ƚǁŽ ;ϮͿ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ ŽĨ ĞĂĐŚ͕ ďƵƚ ŵĂLJ ŶŽƚ ƐƵďŵŝƚ ŵŽƌĞ ƚŚĂŶ ƚŚƌĞĞ ;ϯͿ ĨŽƌ ĞĂĐŚ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ ͘ ĞŶĞĨŝĐŝĂƌLJ 'ƌŝĞǀĂŶĐĞƐ͘ WĂŐĞ ϭϬϰ ŽĨ ϭϰϰ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ŐƌŝĞǀĂŶĐĞ ƉƌŽĐĞƐƐĞƐ ǁŝůů ďĞ ĞĨĨŝĐŝĞŶƚ ĂŶĚ ŶŽƚ ƵŶŶĞĐĞƐƐĂƌŝůLJ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞůLJ ďƵƌĚĞŶƐŽŵĞ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ĂǀĂŝůĂďůĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĞdžƉůĂŝŶŝŶŐ ĐƵƌƌĞŶƚ ŐƌŝĞǀĂŶĐĞ ƉŽůŝĐLJ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ůŝŶŬ ƚŽ ĞdžŝƐƚŝŶŐ ďĞŶĞĨŝĐŝĂƌLJ ŐƌŝĞǀĂŶĐĞ ƉŽůŝĐLJ ŽŶ Ă ƉƵďůŝĐůLJ ĂǀĂŝůĂďůĞ ǁĞďƐŝƚĞ͘ ϱ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂƐƐŝƐƚĂŶĐĞ ƉƌŽǀŝĚĞĚ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶ ĐŽŵƉůĞƚŝŶŐ ĨŽƌŵƐ ĂŶĚ ŽƚŚĞƌ ƉƌŽĐĞĚƵƌĂů ƐƚĞƉƐ ƌĞůĂƚĞĚ ƚŽ ŐƌŝĞǀĂŶĐĞƐ͘ ϲ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ DĞŵďĞƌ KƵƚƌĞĂĐŚ͕ ĚƵĐĂƚŝŽŶ ĂŶĚ ŶƌŽůůŵĞŶƚ DĂƚĞƌŝĂůƐ ^ĞĐƚŝŽŶ ///͘ &͕ ϭͲ ϲ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚĞŶ ;ϭϬͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ŝƚĞŵƐ ƐƚĂƚĞĚ ďĞůŽǁ͘ dŚĞ ƐĂŵƉůĞͬĞdžĂŵƉůĞ dƌŝďĂů ŶŐĂŐĞŵĞŶƚ ^ƚƌĂƚĞŐLJ ƐŚŽƵůĚ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝǀĞ ;ϱͿ ƉĂŐĞƐ͘ dŚĞ ƐĂŵƉůĞͬĞdžĂŵƉůĞ ^^ ŶŐĂŐĞŵĞŶƚ ^ƚƌĂƚĞŐLJ ƐŚŽƵůĚ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝǀĞ ;ϱͿ ƉĂŐĞƐ͘ dŚĞ ƉƌŽƉŽƐĞĚ ĂƉƉƌŽĂĐŚ ĨŽƌ ĞŶŚĂŶĐĞĚ ŽƵƚƌĞĂĐŚ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ůĞǀĞů ĞŶŐĂŐĞŵĞŶƚ ƐŚŽƵůĚ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝǀĞ ;ϱͿ ƉĂŐĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ &͘ DĞŵďĞƌ KƵƚƌĞĂĐŚ͕ ĚƵĐĂƚŝŽŶ ĂŶĚ ŶƌŽůůŵĞŶƚ DĂƚĞƌŝĂůƐ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĐĂŵƉĂŝŐŶ ƐƚƌĂƚĞŐLJ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ŵĞŵďĞƌƐ ŽĨ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐ͕ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ ĨĂŵŝůLJ ŵĞŵďĞƌƐ͕ ƉƌŽǀŝĚĞƌƐ͕ W,WƐ͕ ůŽĐĂů ^^ ŽĨĨŝĐĞƐ͕ W,,^ ŽĨĨŝĐĞƐ ĂŶĚ ĐŽŵŵƵŶŝƚLJͲďĂƐĞĚ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ǁŚŝĐŚ ŵĂLJ ƌŽƵƚŝŶĞůLJ ŝŶƚĞƌĂĐƚ ǁŝƚŚ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĞǀŝĚĞŶĐĞ ŽĨ ƉƌĞǀŝŽƵƐ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ ŚŽƐƚĞĚ ŵĂŬŝŶŐ ƐƵƌĞ ƚŽ ŝŶĐůƵĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ůŽĐĂƚŝŽŶ͕ ĂŐĞŶĚĂ ĂŶĚ ƐƵƌǀĞLJ ƌĞƐƵůƚƐ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚĞĐŚŶŽůŽŐŝĞƐ ǁŚŝĐŚ ǁŝůů ďĞ ĞŵƉůŽLJĞĚ ƚŽ ƐƵƉƉŽƌƚ ŵĞŵďĞƌ ŽƵƚƌĞĂĐŚ͘ Ă͘ /ŶĐůƵĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƐƵƉƉŽƌƚ ĂĚĚŝƚŝŽŶĂů ƚĞĐŚŶŽůŽŐŝĞƐ͘ ď͘ ĞƐĐƌŝďĞ ĞdžƉĞƌŝĞŶĐĞ ƵƐŝŶŐ ƚĞĐŚŶŽůŽŐLJ ŝŶ ƐƵƉƉŽƌƚ ŽĨ ŽƵƚƌĞĂĐŚ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ͘ ϱ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ƐĂŵƉůĞ dƌŝďĂů ŶŐĂŐĞŵĞŶƚ ^ƚƌĂƚĞŐLJ͘ ϲ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ƐĂŵƉůĞ ^^ ŶŐĂŐĞŵĞŶƚ ^ƚƌĂƚĞŐLJ͘ ϳ͘ KĨĨĞƌŽƌ ŵƵƐƚ ůŝƐƚ ĐƵƌƌĞŶƚ ĐŽŶƚƌĂĐƚƐ Žƌ ƐƚĂƚĞƐ ǁŚĞƌĞ ũŽŝŶƚ ŽƵƚƌĞĂĐŚ ŝƐ ƉĞƌĨŽƌŵĞĚ ǁŝƚŚ ŽŵďƵĚƐŵĂŶ ƉƌŽŐƌĂŵƐ͕ W,WƐ͕ ůŽĐĂů ƐŽĐŝĂů ƐĞƌǀŝĐĞ Žƌ ŽƚŚĞƌ ĐŽŵŵƵŶŝƚLJ ĂŐĞŶĐŝĞƐ͘ ϴ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶ ĂƉƉƌŽĂĐŚ ĨŽƌ ĞŶŚĂŶĐĞĚ ŽƵƚƌĞĂĐŚ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ůĞǀĞů ĞŶŐĂŐĞŵĞŶƚ ǁŝƚŚ ůŽĐĂů ^^ͬ / W,,^ ŽĨĨŝĐĞƐ ƚŽ ĂƐƐŝƐƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶ ƚŚĞ ƚƌĂŶƐŝƚŝŽŶ ĨƌŽŵ ĨĞĞ ĨŽƌ ƐĞƌǀŝĐĞ ƚŽ ŵĂŶĂŐĞ ĐĂƌĞ ŵĂŬŝŶŐ ƐƵƌĞ ƚŽ ƉƌŽƉŽƐĞ ŝŶ ŝƚƐ ƌĞƐƉŽŶƐĞ ƚŽ dd ,D Ed ͗ K^d WZKWK^ >͗͗ Ă͘ WůĂŶ ĂŶĚ ĐŽƐƚ ĨŽƌ ŽŶƐŝƚĞ ƐƵƉƉŽƌƚ͖ ĂŶĚ ď͘ WůĂŶ ĂŶĚ ĐŽƐƚ ĨŽƌ ƉƌŽǀŝĚŝŶŐ ĞŶŚĂŶĐĞĚ ƐƵƉƉŽƌƚ ƚŽ ůŽĐĂů ^^ͬ / W,,^ ŽĨĨŝĐĞƐ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ŽƚŚĞƌ ƉŽƚĞŶƚŝĂů ƉĞĂŬ ƉĞƌŝŽĚƐ͘ WĂŐĞ ϭϬϱ ŽĨ ϭϰϰ ϵ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ >ĂŶŐƵĂŐĞ͕ ĐĐĞƐƐŝďŝůŝƚLJ͕ ĂŶĚ ƵůƚƵƌĂů ŽŵƉĞƚĞŶĐLJ ^ĞĐƚŝŽŶ ///͘ '͕ ϭͲ ϭϴ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚŚƌĞĞ ;ϯͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĐƵůƚƵƌĂů ĐŽŵƉĞƚĞŶĐLJ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ͘ dŚĞ KĨĨĞƌŽƌ ƐŚŽƵůĚ ŝŶĐůƵĚĞ Ăƚ ůĞĂƐƚ ƚǁŽ ;ϮͿ ĐƵůƚƵƌĂů ĐŽŵƉĞƚĞŶĐLJ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ͕ ďƵƚ ƐŚŽƵůĚ ŶŽƚ ƐƵďŵŝƚ ŵŽƌĞ ƚŚĂŶ ƚŚƌĞĞ ;ϯͿ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ '͘ >ĂŶŐƵĂŐĞ͕ ĐĐĞƐƐŝďŝůŝƚLJ͕ ĂŶĚ ƵůƚƵƌĂů ŽŵƉĞƚĞŶĐLJ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ŵĂƚĞƌŝĂůƐ ĨŽƌ ĂŶĚ ĐŽŶƚĂĐƚƐ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂƌĞ ĐƵůƚƵƌĂůůLJ ĐŽŵƉĞƚĞŶƚ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĞdžĂŵƉůĞƐ͕ ƐĂŵƉůĞƐ ĂŶĚͬŽƌ ĚĞƚĂŝůĞĚ ĐƵůƚƵƌĂů ĐŽŵƉĞƚĞŶĐLJ ŝŶĨŽƌŵĂƚŝŽŶ ƐƉĞĐŝĨŝĐĂůůLJ ƚĂŝůŽƌĞĚ ĨŽƌ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ŽƌĂů͕ ǁƌŝƚƚĞŶ ĂŶĚ ƐŝŐŶ ůĂŶŐƵĂŐĞ ƚƌĂŶƐůĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ĂƌĞ ĐĞƌƚŝĨŝĞĚ͘ ϱ͘ KĨĨĞƌŽƌ ĚĞƐĐƌŝďĞ ŚŽǁ ƐĐƌĞĞŶ ƌĞĂĚĞƌƐ ĂƌĞ ĂĐĐŽŵŵŽĚĂƚĞĚ͘ ϲ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĞdžĂŵƉůĞƐ ŽĨ ĞdžŝƐƚŝŶŐ ŵĂƚĞƌŝĂůƐ ǁŝƚŚ ůĂŶŐƵĂŐĞ ƚĂŐůŝŶĞƐ͘ ϳ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ĂƐƐŝƐƚŝǀĞ ůŝƐƚĞŶŝŶŐ ĚĞǀŝĐĞƐ ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂů ƐŝŐŶ ůĂŶŐƵĂŐĞ ŝŶƚĞƌƉƌĞƚĞƌƐ ǁŝůů ďĞ ŵĂĚĞ ĂǀĂŝůĂďůĞ ĚƵƌŝŶŐ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ĂŶĚ ŽƚŚĞƌ ĞǀĞŶƚƐ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌLJ ĂƵĚŝĞŶĐĞƐ͘ ϴ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ Ăůů ĞŶƚĞƌ ^ƵƉƉŽƌƚ ^ĞĐƚŝŽŶ ///͘ ,͕ ϭͲ ϭϱ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĞŝŐŚƚ ;ϴͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƐĂŵƉůĞͬĞdžĂŵƉůĞ ĐĂůů ƐĐƌŝƉƚ ƐƚĂƚĞĚ ďĞůŽǁ͘ dŚĞ ƐĂŵƉůĞͬĞdžĂŵƉůĞ ĐĂůů ƐĐƌŝƉƚ ƚŽ ĂƐƐŝƐƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĞ ĨĂĐƚŽƌƐ ĨŽƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ǁŚĞŶ ƐĞůĞĐƚŝŶŐ Ă W,W ŵƵƐƚ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚŚƌĞĞ ;ϯͿ ƉĂŐĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ ,͘ Ăůů ĞŶƚĞƌ ^ƵƉƉŽƌƚ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ sZ^ ŝŶ ƵƐĞ ĨŽƌ ŽƚŚĞƌ ĐůŝĞŶƚƐ Žƌ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ĐĂƉĂĐŝƚLJ ŽĨ sZ^ ƚŽ ĂůůŽǁ ĐĂůůĞƌƐ ƚŽ ĞŶƚĞƌ ƚŚĞŝƌ D/ Žƌ ĂůƚĞƌŶĂƚŝǀĞ / ƚŽ ŝĚĞŶƚŝĨLJ ƚŚĞ ŵĞŵďĞƌ ƉƌŝŽƌ ƚŽ ƚŚĞ ĐĂůů ďĞŝŶŐ ĚŝƐƚƌŝďƵƚĞĚ ƚŽ Ă ĐĂůů ĐĞŶƚĞƌ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ƐŽĨƚǁĂƌĞ ǁŝůů ĂƵƚŽͲƉŽƉƵůĂƚĞ ǁŝƚŚ ƌĞůĞǀĂŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ĨƌŽŵ ƉƌŝŽƌ ĐŽŶƚĂĐƚƐ Žƌ ĐĂůůƐ ĂƐ ǁĞůů ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌLJ ĚĞŵŽŐƌĂƉŚŝĐ͕ ŵĞŵďĞƌ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĞůŝŐŝďŝůŝƚLJ ŝŶĨŽƌŵĂƚŝŽŶ ĨƌŽŵ E dƌĂĐŬƐͬE & ^d͘ ϱ͘ KĨĨĞƌŽƌ ŵƵƐƚ /ĚĞŶƚŝĨLJ ůŽĐĂƚŝŽŶ ŽĨ ƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶ ƐLJƐƚĞŵ ĂŶĚ ĐĂůů ĐĞŶƚĞƌ ǁŚŝĐŚ ǁŝůů ƐƵƉƉŽƌƚ ƚŚŝƐ ĐŽŶƚƌĂĐƚ͘ ϲ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ĐĂƉĂĐŝƚLJ ƚŽ ŚĂŶĚůĞ Ăůů ƚĞůĞƉŚŽŶĞ ĐĂůůƐ ĚƵƌŝŶŐ ŶŽƌŵĂů ďƵƐŝŶĞƐƐ ŚŽƵƌƐ͕ ĂĨƚĞƌ ŚŽƵƌƐ ĂŶĚ ƉĞĂŬ ŚŽƵƌƐ͘ ϳ͘ KĨĨĞƌŽƌ ŵƵƐƚ ůŝƐƚ ƚŚĞ ůŽĐĂƚŝŽŶ ŽĨ ĂŶĚ ƉĂƌĂŵĞƚĞƌƐ ĨŽƌ ƚŚĞ ƉůĂŶŶĞĚ ƵƐĂŐĞ ŽĨ ƚŚĞ ŽǀĞƌĨůŽǁ ĐĂůů ĐĞŶƚĞƌ͘ ϴ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ƉůĂŶ ĨŽƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ŚĂǀĞ ƌĞĂůͲƚŝŵĞ ƌĞŵŽƚĞ ĂĐĐĞƐƐ ǀŝĂ ƐĞĐƵƌĞ ŝŶƚĞƌŶĞƚ ĐŽŶŶĞĐƚŝŽŶ ƚŽ Ăůů ĐĂůůƐ ĂŶĚ ĐĂůů ƌĞĐŽƌĚŝŶŐƐ͘ WĂŐĞ ϭϬϲ ŽĨ ϭϰϰ ϵ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƐƵĐĐĞƐƐĨƵů ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ĐĂůů ĐĞŶƚĞƌ ĨŽƌ ŽƚŚĞƌ ĐůŝĞŶƚƐ Žƌ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ͕ ŵĂdžŝŵƵŵ ŶƵŵďĞƌ ŽĨ ůŝǀĞƐ ŵĂŶĂŐĞĚ͕ ŵĂdžŝŵƵŵ ĐĂůůƐ ŚĂŶĚůĞĚ͘ ϭϬ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ŽĨ ĐĂůů ƐĐƌŝƉƚ ƚŽ ďĞ ƵƐĞĚ ďLJ ďĞŶĞĨŝĐŝĂƌLJ ƚŚĂƚ ŝƐ ĐůĞĂƌ ĂŶĚ ĞĂƐŝůLJ ƵŶĚĞƌƐƚĂŶĚĂďůĞ ĚĞƐĐƌŝďŝŶŐ ĨĂĐƚŽƌƐ ƚŽ ĐŽŶƐŝĚĞƌ ǁŚĞŶ ƐĞůĞĐƚŝŶŐ Ă W,W͘ ϭϭ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƐƉĞĐŝĨLJ /Ĩ ǁĞď ĐŚĂƚ ĨƵŶĐƚŝŽŶĂůŝƚLJ ǁŝůů ďĞ ƉƌŽǀŝĚĞĚ ĂƐ ĂŶ ĂůƚĞƌŶĂƚŝǀĞ Žƌ ƐƵƉƉůĞŵĞŶƚ ƚŽ ǀŽŝĐĞ ŝŶƚĞƌĂĐƚŝŽŶƐ ŵĂŬŝŶŐ ƐƵƌĞ ƚŽ ĚĞƐĐƌŝďĞ ŚŽǁ ƚŚŝƐ ĨƵŶĐƚŝŽŶĂůŝƚLJ ǁŝůů ǁŽƌŬ͘ ϭϮ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĚĂƚĂ ŽŶ ƐƵĐĐĞƐƐĨƵů ƵƐĞ ŽĨ ǁĞďĐŚĂƚ ĨƵŶĐƚŝŽŶĂůŝƚLJ ŝĨ ƵƐĞĚ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ Žƌ ĨŽƌ ŽƚŚĞƌ ĐŽŶƚƌĂĐƚŽƌƐ͘ ϭϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ tĞďƐŝƚĞ ^ĞĐƚŝŽŶ ///͘ /͕ ϭͲ ϵ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝǀĞ ;ϱͿ ƉĂŐĞƐ͕ ŶŽƚ ƐĐƌĞĞŶ ƐŚŽƚ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ͘ dŚĞ ƐĐƌĞĞŶ ƐŚŽƚ ĞdžĂŵƉůĞƐ ŽĨ ǁĞďƐŝƚĞƐ ŝŵƉůĞŵĞŶƚĞĚ ĨŽƌ ƐŝŵŝůĂƌ ĐůŝĞŶƚƐ͕ ƉƌĞĨĞƌĂďůLJ ƐƚĂƚĞ ĂŐĞŶĐŝĞƐ͕ ŵƵƐƚ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚŚƌĞĞ ;ϯͿ ƉĂŐĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ /͘ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ tĞďƐŝƚĞ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ŝƐ ŝŶƚĞƌĂĐƚŝǀĞ ĂŶĚ ĂůůŽǁƐ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƚŽ ŵĂŶĂŐĞ ĞŶƌŽůůŵĞŶƚ ŝŶ Ă ƐĞĂŵůĞƐƐ ŵĂŶŶĞƌ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĞdžŝƐƚŝŶŐ Žƌ ƉŽƚĞŶƚŝĂů ĂĐĐĞƐƐ ƚŽ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ǀŝĂ ŵŽďŝůĞ ĚĞǀŝĐĞƐ͘ /Ĩ ƚŚĞ ĂĐĐĞƐƐ ŝƐ ĚĞƐŝŐŶĂƚĞĚ ĨŽƌ ĨƵƚƵƌĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŝĚĞŶƚŝĨLJ ƚŝŵĞůŝŶĞ ĨŽƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĐƌĞĞŶ ƐŚŽƚƐ ŽĨ ǁĞďƐŝƚĞƐ ŝŵƉůĞŵĞŶƚĞĚ ĨŽƌ ƐŝŵŝůĂƌ ĐůŝĞŶƚƐ͘ ϱ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ƚŚĞ ǁĞďƐŝƚĞ ǁŝůů ƐƵƉƉŽƌƚ ĂƵƚŚĞŶƚŝĐĂƚŝŽŶ ǁŝƚŚŽƵƚ ƚŚĞ ŶĞĞĚ ĨŽƌ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƚŽ ƉƌŽǀŝĚĞ Ă ƵƐĞƌ / ͬ ƉĂƐƐǁŽƌĚ ƉĂŝƌ ďLJ ƚĂŬŝŶŐ ƚŚĞ ƐĞƐƐŝŽŶ ƐƚĂƚĞ ĨƌŽŵ E & ^d Žƌ ĞW ^^͘ ϲ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ƚŚĞ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů ǁŝůů ƵƚŝůŝnjĞ ƚŚĞ W,W WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ƚŽ ĚŝƐƉůĂLJ ĂǀĂŝůĂďůĞ ŶĞƚǁŽƌŬ ƉƌŽǀŝĚĞƌƐ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ďĂƐĞĚ ŽŶ W,W ƐĞůĞĐƚŝŽŶ͘ ϳ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ^ĞĐƚŝŽŶ ///͘ :͕ ϭͲ ϳ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚǁĞůǀĞ ;ϭϮͿ ƉĂŐĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ :͘ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ĨĞĂƚƵƌĞƐ ŽĨ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ŝŶ ĞdžŝƐƚĞŶĐĞ ĚĞƚĂŝůŝŶŐ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽŶƚĂŝŶ Žƌ ǁŚŝĐŚ ŶĞĞĚ ƚŽ ďĞ ĚĞǀĞůŽƉĞĚ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͗ Ă͘ ĞŵŽŐƌĂƉŚŝĐ ŝŶĨŽƌŵĂƚŝŽŶ͖ ď͘ ZĞĐŽƌĚƐ ŽĨ ĞŶƌŽůůŵĞŶƚƐ͕ ĚŝƐĞŶƌŽůůŵĞŶƚƐ͕ ŐƌŝĞǀĂŶĐĞƐ͕ ůĂŶŐƵĂŐĞ ƉƌĞĨĞƌĞŶĐĞƐ͖ Đ͘ dƌĂĐŬŝŶŐ ĐĂůů ĐĞŶƚĞƌ ŝŶƚĞƌĂĐƚŝŽŶƐ͖ ĂŶĚ Ě͘ džĐŚĂŶŐŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ǁŝƚŚ ƐƚĂƚĞ ƐLJƐƚĞŵƐ ĂŶĚ ĚĂƚĂ ŝŶƚĞƌĨĂĐĞƐ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ŚĂƐ ĐĂƉĂĐŝƚLJ ƚŽ ŵĂŶĂŐĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĚĂƚĂ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ƉƌŽĐĞƐƐ ĨůŽǁ ĨŽƌ ƵƐĞ ŽĨ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͘ ϱ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ WĂŐĞ ϭϬϳ ŽĨ ϭϰϰ ŽŶƐŽůŝĚĂƚĞĚ ĞŶĞĨŝĐŝĂƌLJͲ &ĂĐŝŶŐ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ^ĞĐƚŝŽŶ ///͘ <͕ ϭͲ ϰ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝǀĞ ;ϱͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ĞŶĞĨŝĐŝĂƌLJͲĨĂĐŝŶŐ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ /ŶĨŽƌŵĂƚŝŽŶ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ŝŶĐůƵĚĞ Ăƚ ůĞĂƐƚ ƚǁŽ ;ϮͿ ĞŶĞĨŝĐŝĂƌLJͲĨĂĐŝŶŐ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ /ŶĨŽƌŵĂƚŝŽŶ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ͕ ďƵƚ ŵƵƐƚ ŶŽƚ ƐƵďŵŝƚ ŵŽƌĞ ƚŚĂŶ ƚŚƌĞĞ ;ϯͿ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ <͘ ŽŶƐŽůŝĚĂƚĞĚ͕ ĞŶĞĨŝĐŝĂƌLJ &ĂĐŝŶŐ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ &ĂĐŝŶŐ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ŝĚĞŶƚŝĨLJŝŶŐ Ă͘ ŝŶĨŽƌŵĂƚŝŽŶ ĂǀĂŝůĂďůĞ ŝŶ ƚŚĞ ĚŝƌĞĐƚŽƌLJ͕ ď͘ ŚŽǁ ƚŚĞ ĚŝƌĞĐƚŽƌLJ ǁŝůů ďĞ ĞĂƐŝůLJ ƐĞĂƌĐŚĂďůĞ͕ Đ͘ ŚŽǁ ƚŚĞ ĚŝƌĞĐƚŽƌLJ ǁŝůů ďĞ ŬĞƉƚ ƵƉ ƚŽ ĚĂƚĞ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƵƉ ƚŽ ϯ ĞdžĂŵƉůĞƐ ŽĨ ĞŶĞĨŝĐŝĂƌLJ &ĂĐŝŶŐ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ŝŶĨŽƌŵĂƚŝŽŶ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĞƐĐƌŝďĞ ŝŶŝƚŝĂů ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ͘ ϱ͘ KĨĨĞƌŽƌ ŵƵƐƚ ŝĚĞŶƚŝĨLJ ŚŽǁ ƚŚĞ ĚĂƚĂ ƚŚĞƌĞŝŶ ƐŚĂůů ďĞ ŐĂƚŚĞƌĞĚ ĂŶĚ ĚŝƐƉůĂLJĞĚ͘ ϲ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ƉƌŽǀŝĚĞƌƐ͛Ɛ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĨĞĞͲ ĨŽƌͲƐĞƌǀŝĐĞ ƉƌŽŐƌĂŵ ǁŝůů ďĞ ĚŝƐƉůĂLJĞĚ͘ ϳ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ DĂŝůŝŶŐ ZĞƋƵŝƌĞŵĞŶƚƐ ^ĞĐƚŝŽŶ ///͘ >͕ ϭͲ ϳ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚŚƌĞĞ ;ϯͿ ƉĂŐĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ >͘ DĂŝůŝŶŐ ZĞƋƵŝƌĞŵĞŶƚƐ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ĂĚĚƌĞƐƐ ǀĞƌŝĨŝĐĂƚŝŽŶ ƉƌŽĐĞĚƵƌĞƐ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƚŚĞ ƉƌŽƉŽƐĞĚ ĨŽƌŵĂƚ ĂŶĚ ĨƌĞƋƵĞŶĐLJ ĨŽƌ ŶŽƚŝĨŝĐĂƚŝŽŶ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ŝŶĐŽƌƌĞĐƚ Žƌ ŶŽŶͲǀĞƌŝĨŝĂďůĞ ĂĚĚƌĞƐƐĞƐ ĂŶĚ ƌĞƚƵƌŶĞĚ ŵĂŝůĞĚ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĐŽƐƚͲĞĨĨĞĐƚŝǀĞ ŵĞƚŚŽĚƐ ĨŽƌ ĐŽŶƚƌŽůůŝŶŐ ƉŽƐƚĂŐĞ ĐŽƐƚƐ ǁŚĞŶ ƉƌŽĚƵĐŝŶŐ ŵĞŵďĞƌ ŵĂƚĞƌŝĂůƐ ƚŚĂƚ ǁŝůů ďĞ ŵĂŝůĞĚ͘ ϱ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ŶƌŽůůŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ /ŶƚĞŐƌĂƚŝŽŶ ^ĞĐƚŝŽŶ ///͘ D͕ ϭͲϴ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝĨƚĞĞŶ ;ϭϱͿ ƉĂŐĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ D͘ ŶƌŽůůŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ /ŶƚĞŐƌĂƚŝŽŶ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ŶƌŽůůŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ ĂďŝůŝƚLJ ƚŽ ŝŶƚĞƌĨĂĐĞ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ĂŶĚ ĞƉĂƌƚŵĞŶƚ ^LJƐƚĞŵƐ ŝŶĐůƵĚŝŶŐ E & ^d͕ E dƌĂĐŬƐ Ăƚ Ă ŵŝŶŝŵƵŵ ŽŶ Ă ĚĂŝůLJ ďĂƐŝƐ͕ Žƌ ŝŶ ƌĞĂů ƚŝŵĞ ĂƐ ƉƌĞĨĞƌƌĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚƌŽƵŐŚ ƐƚĂŶĚĂƌĚ džϭϮ / ƚƌĂŶƐĂĐƚŝŽŶƐ͘ ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ WĂŐĞ ϭϬϴ ŽĨ ϭϰϰ ^ƚĂĨĨŝŶŐ ĂŶĚ <ĞLJ WĞƌƐŽŶŶĞů ^ĞĐƚŝŽŶ ///͘ E͕ ϭͲ ϰ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚĞŶ ;ϭϬͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ dd ,D Ed ͗ K&& ZKZ͛^ < z W Z^KEE > ǁŝƚŚ ƌĞƐƵŵĞƐ ĨŽƌ ƚŚĞ ƐƚĂĨĨ ƉƌŽƉŽƐĞĚ ƚŚĞƌĞŝŶ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ E͘ ^ƚĂĨĨŝŶŐ ĂŶĚ <ĞLJ WĞƌƐŽŶŶĞů͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƉƌŽƉŽƐĞĚ ƐƚĂĨĨŝŶŐ ĨŽƌ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ƚŽ ĞŶƐƵƌĞ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞƚƌŝĐƐ ĂƐ ĚĞĨŝŶĞĚ ŝŶ dĂďůĞ ϲϴ Ͳ <ĞLJ ^ĞƌǀŝĐĞ >ĞǀĞů DĞƚƌŝĐƐ ĂƌĞ ŵĞƚ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ƐƚĂĨĨŝŶŐ ĐŽŶƚŝŶŐĞŶĐLJ ƉůĂŶ ĨŽƌ ŚĂŶĚůŝŶŐ ƐƵĚĚĞŶ ĂŶĚ ƵŶĞdžƉĞĐƚĞĚ ŝŶĐƌĞĂƐĞƐ ŝŶ ĞŶƌŽůůŵĞŶƚ͕ W,W ƚƌĂŶƐĨĞƌƐ ĂŶĚ ĐĂůů ǀŽůƵŵĞƐ ǁŝƚŚ Ă ĚĞƐĐƌŝƉƚŝŽŶ ŽŶ ŚŽǁ ƚŚĞ ƉůĂŶ ǁŝůů ďĞ ŝŵƉůĞŵĞŶƚĞĚ ĂŶĚ ĐŽŽƌĚŝŶĂƚĞĚ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ϰ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ĐĐŽƵŶƚ DĂŶĂŐĞŵĞŶƚ ^ĞĐƚŝŽŶ ///͘ K͕ ϭ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚŚƌĞĞ ;ϯͿ ƉĂŐĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ K͘ ĐĐŽƵŶƚ DĂŶĂŐĞŵĞŶƚ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƉƌŽƉŽƐĞĚ ĨŽƌŵĂƚ͕ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ĨƌĞƋƵĞŶĐLJ ĨŽƌ Ă ƐƚĂƚƵƐ ƌĞƉŽƌƚ ƚŽ ŝŶĐůƵĚĞ ŬĞLJ ĂĐƚŝǀŝƚŝĞƐͬŵŝůĞƐƚŽŶĞƐ ĐŽŵƉůĞƚĞĚ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƉƌŽƉŽƐĞĚ ĨŽƌŵĂƚ ĂŶĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ŶŶƵĂů ZĞƉŽƌƚ͘ ϰ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ dƌĂŝŶŝŶŐ ^ĞĐƚŝŽŶ ///͘ W͕ ϭͲ ϯ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚĞŶ ;ϭϬͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ďĞŶĞĨŝĐŝĂƌLJ ŵĂƚĞƌŝĂůƐ ĨŽƌ ƚƌĂŝŶŝŶŐ ƐƚĂƚĞ DĞĚŝĐĂŝĚ ĂŶĚ ĐŽƵŶƚLJ ^^ ƐƚĂĨĨ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ŝŶĐůƵĚĞ ƚǁŽ ;ϮͿ ďĞŶĞĨŝĐŝĂƌLJ ŵĂƚĞƌŝĂůƐ ĨŽƌ ƚƌĂŝŶŝŶŐ ƐƚĂƚĞ DĞĚŝĐĂŝĚ ĂŶĚ ĐŽƵŶƚLJ ^^ ƐƚĂĨĨ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ͕ ǁŝƚŚ ĞĂĐŚ ƐĂŵƉůĞͬĞdžĂŵƉůĞ ůŝŵŝƚĞĚ ƚŽ ƚŚƌĞĞ ;ϯͿ ƉĂŐĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ W͘ dƌĂŝŶŝŶŐ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĂŶ ĞdžĂŵƉůĞ ŽĨ Ă ƚƌĂŝŶŝŶŐ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ŵŽĚƵůĞ ĨŽƌ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ƐƚĂĨĨ ƚŽ ĞŶƐƵƌĞ ĂĚĞƋƵĂƚĞ ŬŶŽǁůĞĚŐĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ƉƌŽŐƌĂŵƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ǀĂƌŝŽƵƐ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƐLJƐƚĞŵƐ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ĐŽǀĞƌĞĚ ƉƌŽŐƌĂŵ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ďĞŶĞĨŝĐŝĂƌLJ ŵĂƚĞƌŝĂůƐ ƵƐĞĚ ĨŽƌ ƚƌĂŝŶŝŶŐ ƐƚĂƚĞ DĞĚŝĐĂŝĚ Žƌ ůŽĐĂů ƐŽĐŝĂů ƐĞƌǀŝĐĞƐ ƐƚĂĨĨ͘ ϰ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ &ƌĂƵĚ͕ tĂƐƚĞ ĂŶĚ ďƵƐĞ ^ĞĐƚŝŽŶ ///͘ Y͕ ϭͲ Ϯ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĞŝŐŚƚ ;ϴͿ ƉĂŐĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ Y͘ &ƌĂƵĚ͕ tĂƐƚĞ͕ ĂŶĚ ďƵƐĞ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ Ă ƉƌŽǀŝĚĞ Ă ƐĂŵƉůĞ ĨƌĂƵĚ͕ ĂďƵƐĞ͕ ĂŶĚ ǁĂƐƚĞ ƉƌĞǀĞŶƚŝŽŶ ĐŽŵƉůŝĂŶĐĞ ƉůĂŶ ƚŚĂƚ ĞƐƚĂďůŝƐŚĞƐ ĐƌŝƚĞƌŝĂ ĨŽƌ ƉƌĞǀĞŶƚŝŶŐ͕ ĚĞƚĞĐƚŝŶŐ͕ ĐŽŶƚƌŽůůŝŶŐ ĂŶĚ ƌĞĨĞƌƌŝŶŐ ĐĂƐĞƐ ŽĨ ƐƵƐƉĞĐƚĞĚ ĨƌĂƵĚ͕ ĂďƵƐĞ͕ Žƌ ǁĂƐƚĞ ĂŶĚ ŝŶĐůƵĚĞ Ă ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ƉƌŽĐĞƐƐĞƐ ƚŽ ďĞ ƵƐĞĚ ƚŽ ƉƌĞǀĞŶƚ͕ ŝŶǀĞƐƚŝŐĂƚĞ ĂŶĚ ĐŽŶƚƌŽů ƐƵƐƉĞĐƚĞĚ ĨƌĂƵĚ͕ ĂďƵƐĞ͕ ĂŶĚ ǁĂƐƚĞ͘ ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ WĂŐĞ ϭϬϵ ŽĨ ϭϰϰ WĞƌĨŽƌŵĂŶĐĞ ZĞƉŽƌƚŝŶŐ ĂŶĚ ĞůŝǀĞƌLJ ZĞƋƵŝƌĞŵĞŶƚƐ ^ĞĐƚŝŽŶ ///͘ Z͕ ϭͲ Ϯ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚĞŶ ;ϭϬͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ ŽĨ ƚŚĞ ƐƉĞĐŝĨŝĞĚ ƌĞƉŽƌƚƐ ŚĞƌĞŝŶ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ Z͘ WĞƌĨŽƌŵĂŶĐĞ ZĞƉŽƌƚŝŶŐ ĂŶĚ ĞůŝǀĞƌLJ ZĞƋƵŝƌĞŵĞŶƚƐ͘ Ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ŝŶĐůƵĚĞ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ ŽĨ ƌĞƉŽƌƚƐ ĂƐ ŽƵƚůŝŶĞĚ ŝŶ dd ,D Ed >͗ K&& ZKZ Z WKZd/E' Z Yh/Z D Ed^ ĨŽƌ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐĂƚĞŐŽƌŝĞƐ͗ Ă͘ ŶƌŽůůŵĞŶƚ͖ ď͘ ŝƐĞŶƌŽůůŵĞŶƚ͖ Đ͘ Ăůů ĞŶƚĞƌ ƐƚĂƚƐ͖ Ě͘ tĞďƐŝƚĞ ƐƚĂƚƐ͖ ĂŶĚ Ğ͘ DĂŝůŝŶŐ ƐƚĂƚƐ͘ ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ZĞĐŽŶĐŝůŝĂƚŝŽŶ ^ĞĐƚŝŽŶ ///͘ ^͕ ϭͲ ϱ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ Ɛŝdž ;ϲͿ ƉĂŐĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ ^͘ ZĞĐŽŶĐŝůŝĂƚŝŽŶ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ŝƚ ǁŝůů ĞŶƐƵƌĞ ƐLJƐƚĞŵƐ ĂŶĚ ĨŝůĞƐ ŵĞĞƚ Ăůů ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ĂƌĞ ,/W ĐŽŵƉůŝĂŶƚ ĂŶĚ ĨŽĐƵƐ ŽŶ ŚŽǁ ĞůĞĐƚƌŽŶŝĐ ƌĞĐŽŶĐŝůŝĂƚŝŽŶƐ ŽĨ Ăůů ŶƌŽůůŵĞŶƚ͕ ŝƐĞŶƌŽůůŵĞŶƚ͕ ĂŶĚ ƌĞůĂƚĞĚ ƚƌĂŶƐĂĐƚŝŽŶƐ ǁŝůů ďĞ ƚƌĂŶƐŵŝƚƚĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽŶ Ă ĚĂŝůLJ͕ ǁĞĞŬůLJ ĂŶĚ ŵŽŶƚŚůLJ ďĂƐŝƐ͘ ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ^ĞĐƵƌŝƚLJ ĂŶĚ ƵĚŝƚ ZĞƋƵŝƌĞŵĞŶƚƐ ^ĞĐƚŝŽŶ ///͘ d͕ ϭͲ ϭϰ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĞŝŐŚƚ ;ϴͿ ƉĂŐĞƐ͘ ƵƐŝŶĞƐƐ ŽŶƚŝŶƵŝƚLJ WůĂŶ ^ĞĐƚŝŽŶ ///͘ h͕ ϭͲ Ϯ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ Ɛŝdž ;ϲͿ ƉĂŐĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ d͘ ^ĞĐƵƌŝƚLJ ĂŶĚ ƵĚŝƚ ZĞƋƵŝƌĞŵĞŶƚƐ͘ Ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ h͘ ƵƐŝŶĞƐƐ ŽŶƚŝŶƵŝƚLJ WůĂŶ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ŝŶĐůƵĚĞ Ă ƐĂŵƉůĞ ƵƐŝŶĞƐƐ ŽŶƚŝŶƵŝƚLJ WůĂŶ ĂĚĚƌĞƐƐŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŝŶĐůƵĚŝŶŐ ĚŝƐĂƐƚĞƌ ƌĞĐŽǀĞƌLJ ƉƌŽĐĞƐƐĞƐ͕ ĂŶĚ ŚŽǁ ĐĂůů ĐĞŶƚĞƌ ĨƵŶĐƚŝŽŶƐ ǁŽƵůĚ ďĞ ƌĞƐƚŽƌĞĚ ŝŶ ƚŚĞ ĞǀĞŶƚ ŽĨ Ă ŶĂƚƵƌĂů Žƌ ŵĂŶŵĂĚĞ ĚŝƐĂƐƚĞƌ͘ ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ DĞŵďĞƌ ŶƌŽůůŵĞŶƚ ^ĂƚŝƐĨĂĐƚŝŽŶ ^ƵƌǀĞLJ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝǀĞ ;ϱͿ ƉĂŐĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ s͘ DĞŵďĞƌ ŶƌŽůůŵĞŶƚ ^ĂƚŝƐĨĂĐƚŝŽŶ ^ƵƌǀĞLJ͘ WĂŐĞ ϭϭϬ ŽĨ ϭϰϰ ^ĞĐƚŝŽŶ ///͘ s͕ ϭͲ ϱ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƚŚĞ ƌĞƐƵůƚƐ ŽĨ ƚŚĞ ŵŽƐƚ ƌĞĐĞŶƚ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJƐ ďLJ ĐĂůů ĐĞŶƚĞƌ͕ ǁĞďͲďĂƐĞĚ ĂŶĚͬŽƌ ŝŶ ƉĞƌƐŽŶ ŽƵƚƌĞĂĐŚ ƌĞƐƉŽŶƐĞƐ͘ ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ZĞĂĚŝŶĞƐƐ ZĞǀŝĞǁ ^ĞĐƚŝŽŶ ///͘ t͕ ϭͲϲ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŽƵƌ ;ϰͿ ƉĂŐĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ t͘ ZĞĂĚŝŶĞƐƐ ZĞǀŝĞǁ͘ Ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ /ŵƉůĞŵĞŶƚĂƚŝŽŶ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝĨƚĞĞŶ ;ϭϱͿ ƉĂŐĞƐ͘ WůĂŶ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ^ĞĐƚŝŽŶ ///͘ y͕ ϭͲ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ y͘ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ͘ ϰ Ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ƐƵďŵŝƚ Ă ĚĞƚĂŝůĞĚ ƉƌŽƉŽƐĞĚ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ ĨŽƌ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ^ĞƌǀŝĐĞƐ͘ ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ^LJƐƚĞŵ /ŶƚĞƌĨĂĐĞ WůĂŶ ^ĞĐƚŝŽŶ ///͘ z͕ ϭͲ Ϯ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝĨƚĞĞŶ ;ϭϱͿ ƉĂŐĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ z͘ ^LJƐƚĞŵ /ŶƚĞƌĨĂĐĞ WůĂŶ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ŝŶǀĞŶƚŽƌLJ ŽĨ ŝŶƚĞƌĨĂĐĞƐ ĂŶĚ ĨŽƌŵĂƚƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ KĨĨĞƌŽƌ ƚŽ ĚĞĨŝŶĞ ƚŚĞ ŝŶƚĞƌĨĂĐĞƐ ƌĞƋƵŝƌĞĚ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŝƚƐ ĂďŝůŝƚLJ ƚŽ ƉƌŽǀŝĚĞ ƌĞĂůͲƚŝŵĞ ǁĞď ƐĞƌǀŝĐĞƐ ĂƐ Ă ƐƚĂŶĚĂƌĚ ĨŽƌ ĞdžĐŚĂŶŐŝŶŐ ĚĂƚĂ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ŝŶǀĞŶƚŽƌLJ ŝŶ DŝĐƌŽƐŽĨƚ džĐĞů ŽĨ Ăůů ŝŶƚĞƌĨĂĐĞƐ ĂŶĚ ĞdžĐŚĂŶŐĞƐ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ŝƚƐ ƉĂƌƚŶĞƌƐ͕ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ ĚĂƚĂ͕ ĨƌĞƋƵĞŶĐLJ͕ ƉƌŽƚŽĐŽůƐ͕ ĨŝůĞ ŶĂŵĞƐ͕ ƐŽƵƌĐĞƐ ĂŶĚ ƚĂƌŐĞƚ ƐLJƐƚĞŵ͘ ϱ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĚĞƚĂŝůĞĚ ĚŝĂŐƌĂŵ;ƐͿ ƐŚŽǁŝŶŐ ĚĂƚĂ ĨůŽǁƐ ďĞƚǁĞĞŶ ƐLJƐƚĞŵƐ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ ƐŽƵƌĐĞ ĂŶĚ ĚĞƐƚŝŶĂƚŝŽŶ͕ ĚĂƚĂ͕ ĨƌĞƋƵĞŶĐŝĞƐ͕ ĚŝƌĞĐƚŝŽŶ͘ ϲ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ĞƉĂƌƚŵĞŶƚ ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ^ĞĐƚŝŽŶ ///͘ ͕ ϭͲ Ϯ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ůŝƐƚ ĂŶĚ ƉƌŽǀŝĚĞ ĚĞƚĂŝůƐ ĨŽƌ ĂŶLJ ĞdžƉĞĐƚĞĚͬĂŶƚŝĐŝƉĂƚĞĚ ĞƉĂƌƚŵĞŶƚ ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ĂŶĚͬŽƌ ƌĞƐŽƵƌĐĞƐ ƚŚĂƚ ŚĂǀĞ ŶŽƚ ďĞĞŶ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ^ĞĐƚŝŽŶ ͘ ĞƉĂƌƚŵĞŶƚ ZĞƐƉŽŶƐŝďŝůƚŝĞƐ͕ ďƵƚ ǁŝůů ďĞ ŶĞĐĞƐƐĂƌLJ ƚŽ ŝŵƉůĞŵĞŶƚ ĂŶĚ ƐƵƉƉŽƌƚ ƚŚĞ ƐĞƌǀŝĐĞƐ ƌĞƋƵŝƌĞĚ ďLJ ƚŚŝƐ Z&W͘ Ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ŽŶƚƌĂĐƚ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞŐĂƌĚŝŶŐ ĐŽŶƚƌĂĐƚ ƉĞƌĨŽƌŵĂŶĐĞ͕ ƐĂŶĐƚŝŽŶƐ ĂŶĚ ĚĂŵĂŐĞƐ ĂƐ ƐƉĞĐŝĨŝĞĚ ŝŶ ^ĞĐƚŝŽŶ /s͘ ͘ ŽŶƚƌĂĐƚ WĞƌĨŽƌŵĂŶĐĞ ĂŶĚ WĞƌĨŽƌŵĂŶĐĞ ^ĂŶĐƚŝŽŶƐ͘ ĂŶĚ ^ĂŶĐƚŝŽŶƐ͕ ^ĞĐƚŝŽŶ /s͘ ϭͲϴ Ϯ͘ dŚĞ KĨĨĞƌ ŵƵƐƚ ĚĞŵŽŶƐƚƌĂƚĞ ŝƚƐ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ <ĞLJ ^ĞƌǀŝĐĞ >ĞǀĞů DĞƚƌŝĐƐ ŝŶĐůƵĚĞĚ ŝŶ dĂďůĞ ϴϲ ĂŶĚ ƉƌŽǀŝĚĞ Ă ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ŝƚƐ ĐĂƉĂďŝůŝƚLJ ƚŽ ĂĐĐƵƌĂƚĞůLJ ĐĂƉƚƵƌĞ͕ ƚƌĂĐŬ͕ ƌĞƉŽƌƚ ĂŶĚ ĂƵĚŝƚ ĞĂĐŚ ŵĞƚƌŝĐ͘ WĂŐĞ ϭϭϭ ŽĨ ϭϰϰ 3. The Offer must provide its methodology or mathematical formula for calculating each metric 4. The Offeror must describe any limitations and/or issues with meeting the requirements of this Section. 5. The Offeror must request any modifications to Section per the instructions in Section and acknowledge these are not part any subsequent Contract unless explicitly accepted by the Department in accordance with Section II.A.3 Use Case Scenarios Responses must focus how beneficiaries will be assisted in navigating North Carolina's complex primary and behavioral health systems, including collaboration with key stakeholders. The response for each Use Case Scenario must not exceed four (4) pages. Scenario Number Scenario The mother of a minor child contacts the Enrollment Broker regarding a PHP denial of her daughter Scenario #1 having an MRI for headaches. The mother reports that she previously contacted the PHP to file an appeal but has not heard back about the resolution. The mother, who is anxious and concerned about her daughter?s health and the lack of response to the denial, reports the complaint was filed one week ago. The mother has not spoken with anyone since the original call with the PHP. Provide a detailed narrative of the resolution of the contact detailing the specific information provided to the beneficiary and the supports offered to the beneficiary. If a referral is made to or contact with an external entity, identify which entities and the steps initiated for the referral. Detail what, how and in which system information is recorded. An individual who received a Medicaid Eligibility Determination Notice and new Medicaid card Scenario #2 shows up at a local DSS agency on April 2, 2019, to communicate his selection of a PHP. Provide a detailed narrative for the end to end supports available to a) the beneficiary and b) the case worker. Describe how the enrollment process is initiated and completed. Describe the materials, information and other resources that will be available to DSS to address future incidents. In July 2020, an individual diagnosed at a local emergency room with a serious mental illness Scenario #3 contacts the Enrollment Broker call center seeking a follow up appointment with a Provide a detailed narrative on the process the call center staff follows to ensure the efficient and timely enrollment of the beneficiary. Include how the special needs of the bene?ciary are addressed and the plan options available to the beneficiary. Provide a description of the proposed enrollment process from the call initiation to call resolution, including the entities engaged, methods and outcome of the contact. Page 112 of 144 dd ,D Ed ͗ K^d WZKWK^ > /ŶƐƚƌƵĐƚŝŽŶƐ ĨŽƌ ĐŽŵƉůĞƚŝŶŐ ƚƚĂĐŚŵĞŶƚ ͗ ŽƐƚ WƌŽƉŽƐĂů dŚĞ ŽƐƚ WƌŽƉŽƐĂů ŵƵƐƚ ŝŶĐůƵĚĞ ƚŚĞ ƚŽƚĂů Ăůů ŝŶĐůƵƐŝǀĞ͕ ƚƵƌŶ ŬĞLJ ĐŽƐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ƐĞƌǀŝĐĞƐ ƚŽ ďĞ ƉƌŽǀŝĚĞĚ ĂƐ ƉĂƌƚ ŽĨ ƚŚŝƐ Z&W ĂŶĚ ĂŶLJ ƐƵďƐĞƋƵĞŶƚ ĐŽŶƚƌĂĐƚ͘ dŚĞ ŽƐƚ WƌŽƉŽƐĂů ŵƵƐƚ ďĞ ƐƵďŵŝƚƚĞĚ ƵƐŝŶŐ ƚŚĞ ĨŽůůŽǁŝŶŐ D^ džĐĞů ^ƉƌĞĂĚƐŚĞĞƚ ĂŶĚ ŝŶƐƚƌƵĐƚŝŽŶƐ͘ dŚĞ D^ džĐĞů ^ƉƌĞĂĚƐŚĞĞƚ ŵĂLJ ďĞ ƌĞƋƵĞƐƚĞĚ ďLJ ĐŽŶƚĂĐƚŝŶŐ <ĞŶ ĂŚůŝŶ Ăƚ <ĞŶ͘ ĂŚůŝŶΛĚŚŚƐ͘ŶĐ͘ŐŽǀ͘ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽƐƚƐ͗ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵĂLJ ƉƌŽƉŽƐĞ ƌĞĂƐŽŶĂďůĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĨĞĞƐ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ ĐŽƐƚ ƉƌŽƉŽƐĂů ƚŽ ƐƵƉƉŽƌƚ ĂŶLJ ŽŶĞͲƚŝŵĞ Žƌ ƐƚĂƌƚͲƵƉ ĐŽƐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ĐŽŶƚƌĂĐƚ͘ Ϯ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ůŝŵŝƚ ƌĞŝŵďƵƌƐĞŵĞŶƚ ŽĨ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĐŽƐƚƐ ƚŽ ƚŚƌĞĞ ŵŝůůŝŽŶ ĚŽůůĂƌƐ ;Ψϯ͕ϬϬϬ͕ϬϬϬͿ͘ ϯ͘ WĂLJŵĞŶƚ ŽĨ ĂŶLJ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĐŽƐƚƐ ŝƐ ĐŽŶƚŝŶŐĞŶƚ ƵƉŽŶ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ĂďŝůŝƚLJ ƚŽ ŵĞĞƚ Ăůů ƌĞĂĚŝŶĞƐƐ ƌĞǀŝĞǁ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ĂƐ ƉƌŽǀŝĚĞĚ ŝŶ ^ĞĐƚŝŽŶ //͘ ͘ϮϮ͘Ĩ͘ ϰ͘ ŽŵƉůĞƚĞ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƚŚĞ ǁŽƌŬƐŚĞĞƚƐ ƚŝƚůĞĚ ͞t^͘ϭ͘ ŽƌĞ ^ĞƌǀŝĐĞƐ &ĞĞƐ͟ ĂŶĚ ͞t^͘Ϯ͘ &ĞĞƐ ůƚĞƌŶĂƚŝǀĞ ^> Ɛ͘͟ KŶͲŐŽŝŶŐ &ĞĞƐ ĨŽƌ ŽƌĞ ^ĞƌǀŝĐĞƐ͗ ϭ͘ ŽŵƉůĞƚĞ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƚŚĞ ǁŽƌŬƐŚĞĞƚƐ ƚŝƚůĞĚ ͞t^͘ϭ͘ ŽƌĞ ^ĞƌǀŝĐĞƐ &ĞĞƐ͟ ĂŶĚ ͞t^͘Ϯ͘ &ĞĞƐ ůƚĞƌŶĂƚŝǀĞ ^> Ɛ͟ ƚŽ ƉƌŽǀŝĚĞ ĨĞĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ĐŽƌĞ ƐĞƌǀŝĐĞƐ ƐƉĞĐŝĨŝĞĚ ŝŶ ƚŚĞ Z&W ĂƐ ǁĞůů ĂƐ ĨĞĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ KĨĨĞƌŽƌ͛Ɛ ƌĞĐŽŵŵĞŶĚĞĚ Ăůů ĞŶƚĞƌ ƐĞƌǀŝĐĞ ůĞǀĞů ŵĞƚƌŝĐƐ͘ ^ĞĞ ǁŽƌŬƐŚĞĞƚƐ ƚŝƚůĞĚ ͞t^͘Ϯ͘ &ĞĞƐ ůƚĞƌŶĂƚŝǀĞ ^> Ɛ͟ ĂŶĚ ͞t^͘Ϯ͘ϭ KĨĨĞƌŽƌ ^> Ɛ͟ ĨŽƌ ŵŽƌĞ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ŝŶƐƚƌƵĐƚŝŽŶƐ͘ Ϯ͘ ŽŵƉůĞƚĞ ƚŚĞ ďůƵĞ ŚŝŐŚůŝŐŚƚĞĚ Žƌ ĚĞƐŝŐŶĂƚĞĚ ĐĞůůƐ ŽŶůLJ͖ ĚŽ ŶŽƚ ĐŚĂŶŐĞ ŽƚŚĞƌ ĐĞůůƐ͘ KƉƚŝŽŶĂů /ŶͲWĞƌƐŽŶ ĂŶĚ ŶŚĂŶĐĞĚ ^ƵƉƉŽƌƚ ^ĞƌǀŝĐĞƐ͗ ϭ͘ ŽŵƉůĞƚĞ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƚŚĞ ǁŽƌŬƐŚĞĞƚ ƚŝƚůĞĚ ͞t^͘ϯ͘ KƉƚŝŽŶĂů ^ĞƌǀŝĐĞƐ͟ ƚŽ ƉƌŽǀŝĚĞ ŚŽƵƌůLJ ƌĂƚĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƉƌŽǀŝĚŝŶŐ ŽƉƚŝŽŶĂů ŝŶͲƉĞƌƐŽŶ ĂŶĚ ĞŶŚĂŶĐĞĚ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ ƐĞƌǀŝĐĞƐ ĂƐ ŽƵƚůŝŶĞĚ ŝŶ ^ĞĐƚŝŽŶ ///͘&͘ ϯ͘ ŽŵƉůĞƚĞ ƚŚĞ ďůƵĞ ŚŝŐŚůŝŐŚƚĞĚ Žƌ ĚĞƐŝŐŶĂƚĞĚ ĐĞůůƐ ŽŶůLJ͖ ĚŽ ŶŽƚ ĐŚĂŶŐĞ ŽƚŚĞƌ ĐĞůůƐ͘ KƚŚĞƌ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ZĞůĂƚĞĚ ^ĞƌǀŝĐĞƐ͗ ϭ͘ KĨĨĞƌŽƌƐ ĂƌĞ ĞŶĐŽƵƌĂŐĞĚ ƚŽ ƉƌŽǀŝĚĞ ĨĞĞƐ ĨŽƌ ƌĞůĂƚĞĚ͕ ƉŽƚĞŶƚŝĂůůLJ ǀĂůƵĞͲĂĚĚĞĚ͕ ƐĞƌǀŝĐĞƐ ŶŽƚ ŽƚŚĞƌǁŝƐĞ ƐƉĞĐŝĨŝĐĂůůLJ ƌĞƋƵĞƐƚĞĚ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ Z&W͘ Ϯ͘ ŽŵƉůĞƚĞ ƚŚĞ ǁŽƌŬƐŚĞĞƚ ƚŝƚůĞĚ ͞t^͘ϰ͘ KƚŚĞƌ ZĞůĂƚĞĚ ^ĞƌǀŝĐĞƐ͘͟ ϯ͘ WƌŽǀŝĚĞ Ă ŶĂƌƌĂƚŝǀĞ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ĂŶLJ ƐƵĐŚ ĨĞĞƐ͕ ŝŶĐůƵĚŝŶŐ ĂŶLJ ĂƐƐƵŵƉƚŝŽŶƐ͕ ƌĞƐƚƌŝĐƚŝŽŶƐ Žƌ ŽƚŚĞƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͘ ĚĚŝƚŝŽŶĂů ĞdžŚŝďŝƚƐ Žƌ ŝŶĨŽƌŵĂƚŝŽŶ ŵĂLJ ďĞ ĂƚƚĂĐŚĞĚ ƚŽ ĨƵůůLJ ĞdžƉůĂŝŶ ƚŚĞ KƚŚĞƌ ZĞůĂƚĞĚ ^ĞƌǀŝĐĞƐ͘ WĂŐĞ ϭϭϯ ŽĨ ϭϰϰ ƚƚĂĐŚŵĞŶƚ ͗ ŽƐƚ WƌŽƉŽƐĂů͕ tŽƌŬƐŚĞĞƚ ϭ͕ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽƌĞ ^ĞƌǀŝĐĞƐ &ĞĞƐ KĨĨĞƌŽƌ EĂŵĞ͗ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽƉŽƐĞ ĨĞĞƐ͕ ŝŶĐůƵĚŝŶŐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĐŽƐƚƐ͕ ŝĨ ĂŶLJ͕ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ĐŽƌĞ ƐĞƌǀŝĐĞƐ ;ŝ͘Ğ͘ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ͕ ĐĂůů ĐĞŶƚĞƌ ĐĂƉĂďŝůŝƚŝĞƐ͕ ŽƚŚĞƌ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚƐͿ ĂŶĚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƐƉĞĐŝĨŝĞĚ ŝŶ ƚŚĞ Z&W͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƐĞƌǀŝĐĞ ůĞǀĞů ŵĞƚƌŝĐƐ ƐƉĞĐŝĨŝĞĚ ŝŶ ^ĞĐƚŝŽŶ /s͘ ͘ /ŶƐƚƌƵĐƚŝŽŶƐ͗ ϭͿ ŽŵƉůĞƚĞ ďůƵĞ ŚŝŐŚůŝŐŚƚĞĚ ĐĞůůƐ ŽŶůLJ͖ ĚŽ ŶŽƚ ĐŚĂŶŐĞ ŽƚŚĞƌ ĐĞůůƐ͘ ϮͿ WƌŽǀŝĚĞ ŶĂƌƌĂƚŝǀĞ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ĨĞĞ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĂŶLJ ĂƐƐƵŵƉƚŝŽŶƐ͘ /ŶĐůƵĚĞ ďĞůŽǁ dĂďůĞ ϭ͘ϯ Žƌ ĂĚĚ ĂŶĚ ůĂďĞů ŶĞǁ ǁŽƌŬƐŚĞĞƚ͘ ϯͿ WƌŽƉŽƐĞĚ ĨĞĞƐ ŵƵƐƚ ďĞ ŝŶĐůƵƐŝǀĞ ŽĨ Ăůů ĐŽƐƚƐ͕ ŝŶĐůƵĚŝŶŐ ƚƌĂǀĞů ĞdžƉĞŶƐĞƐ͕ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ĚŝƌĞĐƚ ĂŶĚ ŝŶĚŝƌĞĐƚ ĐŽƐƚƐ͘ dĂďůĞ ϭ͘ϭ͗ KŶĞͲdŝŵĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ &ĞĞƐ /d ^LJƐƚĞŵƐ Ăůů ĐĞŶƚĞƌ tĞďƐŝƚĞ DĂŝů ĐĂƉĂďŝůŝƚŝĞƐ ĞŶĞĨŝĐŝĂƌLJ ŵĂŶĂŐĞŵĞŶƚ ƉůĂƚĨŽƌŵ ŽŶƐŽůŝĚĂƚĞĚ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ƋƵŝƉŵĞŶƚ KƚŚĞƌ ;ĚĞĨŝŶĞ ĂŶĚ ĚĞƐĐƌŝďĞͿ dŽƚĂů /d Ψ Ͳ EŽŶͲ/d WĞƌƐŽŶŶĞůͬƐĂůĂƌŝĞƐ KƚŚĞƌ ;ĚĞĨŝŶĞ ĂŶĚ ĚĞƐĐƌŝďĞͿ dŽƚĂů EŽŶͲ/d Ψ Ͳ dŽƚĂů ^ƚĂƌƚͲƵƉͬ/ŵƉůĞŵĞŶƚĂƚŝŽŶ &ĞĞ Ψ Ͳ ^ƚĂƌƚͲƵƉͬ/ŵƉůĞŵĞŶƚĂƚŝŽŶ &ĞĞƐ ĨŽƌ ĐƚŝǀŝƚŝĞƐ WƌŝŽƌ ƚŽ KƉĞŶ ŶƌŽůůŵĞŶƚ Ψ Ͳ dĂďůĞ ϭ͘Ϯ͗ WƌŽƉŽƐĞĚ WĞƌ DĞŵďĞƌ WĞƌ DŽŶƚŚ ;WDWDͿ &ĞĞƐ ĨŽƌ ŽƌĞ ^ĞƌǀŝĐĞƐ Ϯ zĞĂƌ ϭ /ƚĞŵ ŽƌĞ ^ĞƌǀŝĐĞƐ ƐƐƵŵĞĚ DĞŵďĞƌ DŽŶƚŚƐ ϭ WƌŽƉŽƐĞĚ WDWD Ăůů ĞŶƚĞƌ ^ĞƌǀŝĐĞƐ WƌŽƉŽƐĞĚ WDWD KƚŚĞƌ ŽƌĞ ^ĞƌǀŝĐĞƐ dŽƚĂů ƐƐƵŵĞĚ &ĞĞƐ ĨŽƌ ǀĂůƵĂƚŝŽŶ zĞĂƌ Ϯ zĞĂƌ ϯ zĞĂƌ ϰ zĞĂƌ ϱ ϭϯ͕ϱϳϮ͕ϱϬϬ ϭϴ͕ϯϬϬ͕ϬϬϬ ϭϵ͕ϵϮϬ͕ϬϬϬ ϭϵ͕ϵϮϬ͕ϬϬϬ dŽƚĂů ϮϮ͕ϱϮϰ͕ϬϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ dĂďůĞ ϭ͘ϯ͗ dŽƚĂů /ŵƉůĞŵĞŶƚĂƚŝŽŶ ĂŶĚ ŽƌĞ ^ĞƌǀŝĐĞƐ &ĞĞƐ Ϯ dŽƚĂů &ĞĞƐ zƌ ϭ ĂŶĚ WƌŝŽƌ ΨϬ͘ϬϬ zƌ Ϯ zƌ ϯ ΨϬ͘ϬϬ zƌ ϰ ΨϬ͘ϬϬ zƌ ϱ ΨϬ͘ϬϬ ΨϬ͘ϬϬ dŽƚĂů ΨϬ͘ϬϬ ϭ ƐƐƵŵĞĚ ŵĞŵďĞƌ ŵŽŶƚŚƐ ĂƌĞ ĨŽƌ ĐŽŵƉĂƌŝŶŐ ĐŽƐƚ ƉƌŽƉŽƐĂůƐ ĂĐƌŽƐƐ KĨĨĞƌŽƌƐ ŽŶůLJ͘ WĂLJŵĞŶƚ ǁŝůů ďĞ ŵĂĚĞ ďĂƐĞĚ ŽŶ ƚŚĞ ŶƵŵďĞƌ ŽĨ DĂŶĚĂƚŽƌLJ W,W ĞŶƌŽůůĞĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĨŽƌ Ă ŐŝǀĞŶ ŵŽŶƚŚ͘ ƐƐƵŵĞĚ ŵĞŵďĞƌ ŵŽŶƚŚƐ ĂƌĞ ďĂƐĞĚ ŽŶ ^&z ϮϬϭϲ ŚŝƐƚŽƌŝĐĂů ĚĂƚĂ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚΖƐ ƉƌŽƉŽƐĞĚ ƌŽůůͲŽƵƚ ƐĐŚĞĚƵůĞ ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ ƚƚĂĐŚŵĞŶƚ /͘ Ϯ dŚĞ ďĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ ϭ ĂůŝŐŶƐ ǁŝƚŚ ƚŚĞ ƐƚĂƌƚ ŽĨ ƚŚĞ ƐŽĨƚ ůĂƵŶĐŚ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ͘ WĂŐĞ ϭϭϰ ŽĨ ϭϰϰ ƚƚĂĐŚŵĞŶƚ ͗ ŽƐƚ WƌŽƉŽƐĂů͕ tŽƌŬƐŚĞĞƚ Ϯ͕ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽƌĞ ^ĞƌǀŝĐĞƐ &ĞĞƐ Ͳ ůƚĞƌŶĂƚŝǀĞ ^> Ɛ KĨĨĞƌŽƌ EĂŵĞ͗ dŚĞ ĞƉĂƌƚŵĞŶƚ ƐĞĞŬƐ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ĐŽƐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ KĨĨĞƌŽƌΖƐ ƐƚĂŶĚĂƌĚ͕ ƉƌĞĨĞƌƌĞĚ Žƌ ƌĞĐŽŵŵĞŶĚĞĚ Ăůů ĞŶƚĞƌ ƐĞƌǀŝĐĞ ůĞǀĞů ŵĞƚƌŝĐƐ͘ KĨĨĞƌŽƌƐ ƐŚŽƵůĚ ƉƌŽǀŝĚĞ ĂůƚĞƌŶĂƚŝǀĞ ƉƌŝĐŝŶŐ͕ ŝŶĐůƵĚŝŶŐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĐŽƐƚƐ͕ ŝĨ ĂŶLJ͕ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ĐŽƌĞ ƐĞƌǀŝĐĞƐ ;ŝ͘Ğ͘ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ͕ ĐĂůů ĐĞŶƚĞƌ ĐĂƉĂďŝůŝƚŝĞƐ͕ ŽƚŚĞƌ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚƐͿ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ĂůƚĞƌŶĂƚŝǀĞ Ăůů ĞŶƚĞƌ ƐĞƌǀŝĐĞ ůĞǀĞů ŵĞƚƌŝĐƐ ĂƐ ƐƉĞĐŝĨŝĞĚ ďLJ ƚŚĞ KĨĨĞƌŽƌ ŝŶ t^͘Ϯ͘ϭ KĨĨĞƌŽƌ ^> Ɛ͘ /ŶƐƚƌƵĐƚŝŽŶƐ͗ ϭͿ ŽŵƉůĞƚĞ ďůƵĞ ŚŝŐŚůŝŐŚƚĞĚ ĐĞůůƐ ŽŶůLJ͖ ĚŽ ŶŽƚ ĐŚĂŶŐĞ ŽƚŚĞƌ ĐĞůůƐ͘ ϮͿ WƌŽǀŝĚĞ ŶĂƌƌĂƚŝǀĞ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ĨĞĞ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĂŶLJ ĂƐƐƵŵƉƚŝŽŶƐ͘ /ŶĐůƵĚĞ ďĞůŽǁ dĂďůĞ Ϯ͘ϯ Žƌ ĂĚĚ ĂŶĚ ůĂďĞů ŶĞǁ ǁŽƌŬƐŚĞĞƚ͘ ϯͿ WƌŽƉŽƐĞĚ ĨĞĞƐ ŵƵƐƚ ďĞ ŝŶĐůƵƐŝǀĞ ŽĨ Ăůů ĐŽƐƚƐ͕ ŝŶĐůƵĚŝŶŐ ƚƌĂǀĞů ĞdžƉĞŶƐĞƐ͕ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ĚŝƌĞĐƚ ĂŶĚ ŝŶĚŝƌĞĐƚ ĐŽƐƚƐ͘ dĂďůĞ Ϯ͘ϭ͗ KŶĞͲdŝŵĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ &ĞĞƐ Ͳ ůƚĞƌŶĂƚŝǀĞ ^> Ɛ /d ^LJƐƚĞŵƐ Ăůů ĐĞŶƚĞƌ tĞďƐŝƚĞ DĂŝů ĐĂƉĂďŝůŝƚŝĞƐ ĞŶĞĨŝĐŝĂƌLJ ŵĂŶĂŐĞŵĞŶƚ ƉůĂƚĨŽƌŵ ŽŶƐŽůŝĚĂƚĞĚ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ƋƵŝƉŵĞŶƚ KƚŚĞƌ ;ĚĞĨŝŶĞ ĂŶĚ ĚĞƐĐƌŝďĞͿ dŽƚĂů /d Ψ Ͳ EŽŶͲ/d WĞƌƐŽŶŶĞůͬƐĂůĂƌŝĞƐ KƚŚĞƌ ;ĚĞĨŝŶĞ ĂŶĚ ĚĞƐĐƌŝďĞͿ dŽƚĂů EŽŶͲ/d Ψ Ͳ dŽƚĂů ^ƚĂƌƚͲƵƉͬ/ŵƉůĞŵĞŶƚĂƚŝŽŶ &ĞĞ Ψ Ͳ ^ƚĂƌƚͲƵƉͬ/ŵƉůĞŵĞŶƚĂƚŝŽŶ &ĞĞƐ ĨŽƌ ĐƚŝǀŝƚŝĞƐ WƌŝŽƌ ƚŽ KƉĞŶ ŶƌŽůůŵĞŶƚ Ψ Ͳ dĂďůĞ Ϯ͘Ϯ͗ WƌŽƉŽƐĞĚ WĞƌ DĞŵďĞƌ WĞƌ DŽŶƚŚ ;WDWDͿ &ĞĞƐ ĨŽƌ ŽƌĞ ^ĞƌǀŝĐĞƐ Ͳ ůƚĞƌŶĂƚŝǀĞ ^> Ɛ zĞĂƌ ϭϮ /ƚĞŵ zĞĂƌ Ϯ zĞĂƌ ϯ zĞĂƌ ϰ zĞĂƌ ϱ dŽƚĂů ƐƐƵŵĞĚ DĞŵďĞƌ ϭ ŽƌĞ ^ĞƌǀŝĐĞƐ DŽŶƚŚƐ WƌŽƉŽƐĞĚ WDWD Ăůů ĞŶƚĞƌ ^ĞƌǀŝĐĞƐ WƌŽƉŽƐĞĚ WDWD KƚŚĞƌ ŽƌĞ ^ĞƌǀŝĐĞƐ dŽƚĂů ƐƐƵŵĞĚ &ĞĞƐ ĨŽƌ ǀĂůƵĂƚŝŽŶ ϭϯ͕ϱϳϮ͕ϱϬϬ ϭϴ͕ϯϬϬ͕ϬϬϬ ϭϵ͕ϵϮϬ͕ϬϬϬ ϭϵ͕ϵϮϬ͕ϬϬϬ ϮϮ͕ϱϮϰ͕ϬϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ dĂďůĞ Ϯ͘ϯ͗ dŽƚĂů /ŵƉůĞŵĞŶƚĂƚŝŽŶ ĂŶĚ ŽƌĞ ^ĞƌǀŝĐĞƐ &ĞĞƐ Ͳ ůƚĞƌŶĂƚŝǀĞ ^> Ɛ Ϯ dŽƚĂů &ĞĞƐ zƌ ϭ ĂŶĚ WƌŝŽƌ ΨϬ͘ϬϬ zƌ Ϯ zƌ ϯ ΨϬ͘ϬϬ zƌ ϰ ΨϬ͘ϬϬ zƌ ϱ ΨϬ͘ϬϬ ΨϬ͘ϬϬ dŽƚĂů ΨϬ͘ϬϬ ϭ ƐƐƵŵĞĚ ŵĞŵďĞƌ ŵŽŶƚŚƐ ĂƌĞ ĨŽƌ ĐŽŵƉĂƌŝŶŐ ĐŽƐƚ ƉƌŽƉŽƐĂůƐ ĂĐƌŽƐƐ KĨĨĞƌŽƌƐ ŽŶůLJ͘ WĂLJŵĞŶƚ ǁŝůů ďĞ ŵĂĚĞ ďĂƐĞĚ ŽŶ ƚŚĞ ŶƵŵďĞƌ ŽĨ DĂŶĚĂƚŽƌLJ W,W ĞŶƌŽůůĞĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĨŽƌ Ă ŐŝǀĞŶ ŵŽŶƚŚ͘ ƐƐƵŵĞĚ ŵĞŵďĞƌ ŵŽŶƚŚƐ ĂƌĞ ďĂƐĞĚ ŽŶ ^&z ϮϬϭϲ ŚŝƐƚŽƌŝĐĂů ĚĂƚĂ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚΖƐ ƉƌŽƉŽƐĞĚ ƌŽůůͲŽƵƚ ƐĐŚĞĚƵůĞ ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ ƚƚĂĐŚŵĞŶƚ /͘ Ϯ dŚĞ ďĞŐŝŶŶŝŶŐ ŽĨ zĞĂƌ ϭ ĂůŝŐŶƐ ǁŝƚŚ ƚŚĞ ƐƚĂƌƚ ŽĨ ƚŚĞ ƐŽĨƚ ůĂƵŶĐŚ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ͘ WĂŐĞ ϭϭϱ ŽĨ ϭϰϰ ƚƚĂĐŚŵĞŶƚ ͗ ŽƐƚ WƌŽƉŽƐĂů͕ tŽƌŬƐŚĞĞƚ Ϯ͘ϭ͕ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽƌĞ ^ĞƌǀŝĐĞƐ &ĞĞƐ Ͳ KĨĨĞƌŽƌΖƐ ůƚĞƌŶĂƚŝǀĞ ^> Ɛ KĨĨĞƌŽƌ EĂŵĞ͗ dŚĞ KĨĨĞƌŽƌ ƐŚŽƵůĚ ůŝƐƚ KĨĨĞƌŽƌΖƐ ƐƚĂŶĚĂƌĚ͕ ƉƌĞĨĞƌƌĞĚ Žƌ ƌĞĐŽŵŵĞŶĚĞĚ Ăůů ĞŶƚĞƌ ƐĞƌǀŝĐĞ ůĞǀĞů ŵĞƚƌŝĐƐ ŝŶ dĂďůĞ Ϯ͘ϭϮ ďĞůŽǁ ĨŽƌ ĐŽŵƉĂƌŝƐŽŶ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚΖƐ ƌĞƋƵŝƌĞŵĞŶƚ ƐƉĞĐŝĨŝĞĚ ŝŶ ^ĞĐƚŝŽŶ /s͘ϰ ĂŶĚ dĂďůĞ Ϯ͘ϭϭ ďĞůŽǁ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŝƐ ƵŶĚĞƌ ŶŽ ŽďůŝŐĂƚŝŽŶ ƚŽ ĂĐĐĞƉƚ Žƌ ŶĞŐŽƚŝĂƚĞ KĨĨĞƌŽƌΖƐ ƉƌŽƉŽƐĞĚ Ăůů ĞŶƚĞƌ ^ĞƌǀŝĐĞ >ĞǀĞů DĞƚƌŝĐƐ͘ /ŶƐƚƌƵĐƚŝŽŶƐ͗ ϭͿ ŽŵƉůĞƚĞ dĂďůĞ Ϯ͘ϭϮ KĨĨĞƌŽƌΖƐ WƌŽƉŽƐĞĚ Ăůů ĞŶƚĞƌ ^> Ɛ͖ ĚŽ ŶŽƚ ĐŚĂŶŐĞ ŽƚŚĞƌ ĐĞůůƐ͘ ϮͿ KĨĨĞƌŽƌ ŵĂLJ ƉƌŽƉŽƐĞ ĂĚĚŝƚŝŽŶĂů͕ ĨĞǁĞƌ ĂŶĚͬŽƌ ƌĞǀŝƐĞĚ ^ĞƌǀŝĐĞ >ĞǀĞů DĞƚƌŝĐƐ͘ ϯͿ /ŶĐůƵĚĞ ĚĞĨŝŶŝƚŝŽŶƐ͕ ĞdžƉůĂŶĂƚŝŽŶƐ ĂŶĚ ĐĂůĐƵůĂƚŝŽŶ ŵĞƚŚŽĚŽůŽŐŝĞƐ ĨŽƌ Ăůů ŵĞƚƌŝĐƐ ĂŶĚ ƐƚĂŶĚĂƌĚƐ͕ ĂŶĚ ŝŶĚŝĐĂƚĞ ǁŚĞƚŚĞƌ ĂŶLJ ƉƌŽƉŽƐĞĚ ŵĞƚƌŝĐͬƐƚĂŶĚĂƌĚ ǁŽƵůĚ ƌĞƋƵŝƌĞ ŵŽĚŝĨŝĐĂƚŝŽŶ ŽĨ ĂŶLJ ŽƚŚĞƌ ƌĞƋƵŝƌĞŵĞŶƚ ƐƉĞĐŝĨŝĞĚ ŝŶ ƚŚĞ Z&W ĂŶĚ ŝŶĐůƵĚĞ ƚŚĞ ^ĞĐƚŝŽŶ ŶƵŵďĞƌ͘ ϰͿ KĨĨĞƌŽƌ ŵĂLJ ƉƌŽƉŽƐĞ ƌĞǀŝƐĞĚ ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ ĂŶĚ ĂůůŽĐĂƚŝŽŶ ĂĐƌŽƐƐ ƚŚĞ ŵĞƚƌŝĐƐ͕ ƉƌŽǀŝĚĞĚ ƚŚĞ ƚŽƚĂů ŵŽŶƚŚůLJ ĨĞĞƐ Ăƚ ƌŝƐŬ ;ϰ͘ϱйͿ ƌĞŵĂŝŶƐ ƵŶĐŚĂŶŐĞĚ͘ dĂďůĞ Ϯ͘ϭϭ ĞƉĂƌƚŵĞŶƚΖƐ ZĞƋƵŝƌĞƐ ^> Ɛ &ƌŽŵ ^ĞĐƚŝŽŶ /s͘ϰ dĂďůĞ Ϯ͘ϭϮ KĨĨĞƌŽƌΖƐ WƌŽƉŽƐĞĚ Ăůů ĞŶƚĞƌ ^> Ɛ ĞƐĐƌŝƉƚŝŽŶ Ăůů ĞŶƚĞƌ ϰͿ ĂůůƐ ďĂŶĚŽŶĞĚ͗ ĞĨŝŶĞĚ ĂƐ ƚŚĞ ŶƵŵďĞƌ ŽĨ ŝŶďŽƵŶĚ ĐĂůůƐ ŽĨĨĞƌĞĚ ďƵƚ ĂƌĞ ĚŝƐĐŽŶŶĞĐƚĞĚ ďLJ ƚŚĞ ĐĂůůĞƌ ĂĨƚĞƌ ƚŚƌĞĞ ;ϯͿ ƐĞĐŽŶĚƐ ĂŶĚ ĂƌĞ ŶĞŝƚŚĞƌ Ă Ăůů ,ĂŶĚůĞĚ ŶŽƌ Ă ^ĞůĨ ^ĞƌǀŝĐĞ͘ ĞƐĐƌŝƉƚŝŽŶ Ăůů ĞŶƚĞƌ ^ƚĂŶĚĂƌĚ ZĂƚĞ ŵƵƐƚ ŶŽƚ ĞdžĐĞĞĚ ĨŝǀĞ ƉĞƌĐĞŶƚ ;ϱйͿ ƉĞƌ ŵŽŶƚŚ͘ ĂůůƐ ďĂŶĚŽŶĞĚ ƌĂƚĞ ǁŝůů ďĞ ĐĂůĐƵůĂƚĞĚ ĂƐ͗ ;dŽƚĂů ĂůůƐ KĨĨĞƌĞĚ Ͳ dŽƚĂů ĂůůƐ ^ŚŽƌƚ ďĂŶĚŽŶĞĚ Ͳ ;dŽƚĂů ĂůůƐ ,ĂŶĚůĞĚ ƉůƵƐ dŽƚĂů ^ĞůĨ ^ĞƌǀŝĐĞ ĂůůƐͿͿ ͬ dŽƚĂů ĂůůƐ KĨĨĞƌĞĚ͘ ϱͿ Ăůů ĞŶƚĞƌ ŽƵƚĂŐĞ͗ ZĂƚĞ ŵƵƐƚ ŶŽƚ ĞdžĐĞĞĚ ĨŝǀĞ ;ϱͿ ĞĨŝŶĞĚ ĂƐ ƚŚĞ ŶƵŵďĞƌ ŵŝŶƵƚĞƐ ŽĨ ƵŶƐĐŚĞĚƵůĞĚ ƚŝŵĞ ŽĨ ŵŝŶƵƚĞƐ ƚŚĞ ĐĂůů ŝŶ ǁŚŝĐŚ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ŝƐ ĐĞŶƚĞƌ ŝƐ ƵŶĂďůĞ ƚŽ ƵŶĂďůĞ ƚŽ ĂĐĐĞƉƚ ŶĞǁ ĂĐĐĞƉƚ ŶĞǁ ŝŶďŽƵŶĚ ŝŶďŽƵŶĚ ĐĂůůƐ͘ ĐĂůůƐ͘ ϲͿ dŚĞ ǁĂŝƚͬŚŽůĚ ƚŝŵĞ ĨŽƌ ĐĂůůĞƌƐ͗ ĞĨŝŶĞĚ ĂƐ ƚŚĞ ƚŝŵĞ ďĞƚǁĞĞŶ Ă ĐĂůů ďĞŝŶŐ ŝŶŝƚŝĂůůLJ ĂŶƐǁĞƌĞĚ EŽ ůŽŶŐĞƌ ƚŚĂŶ ƚŚƌĞĞ ;ϯͿ ŝŶĐůƵĚŝŶŐ ĂŶƐǁĞƌĞĚ ďLJ ĂŶ ŵŝŶƵƚĞƐ ĨŽƌ ϵϱй ŽĨ Ăůů ŽƉĞƌĂƚŝŶŐ ƐLJƐƚĞŵ ĂŶĚ Ă ŝŶĐŽŵŝŶŐ ĐĂůůƐ͘ ƌĞƐƉŽŶƐĞ ďLJ Ă ůŝǀĞ ŽƉĞƌĂƚŽƌ ƚŽ Ă ĐĂůůĞƌΖƐ ŝŶƋƵŝƌLJ͘ ϳͿ Ăůů ŶƐǁĞƌ dŝŵĞ͗ ĞĨŝŶĞĚ ĂƐ ƚŚĞ ŶƵŵďĞƌ ŽĨ ƐĞĐŽŶĚƐ ŝƚ ƚĂŬĞƐ ĨŽƌ ZĂƚĞ ŵƵƐƚ ŶŽƚ ĞdžĐĞĞĚ ŽŶĞ ĂŶ ŝŶďŽƵŶĚ ĐĂůů ƚŽ ƌĞĂĐŚ ƚŚƌĞĞ ;ϯͿ ŵŝŶƵƚĞƐ ĨŽƌ ϵϱй ŽĨ Ă ůŝǀĞ ĂŐĞŶƚ Žƌ ƌĞĂĐŚ Ă ĂůůƐ KĨĨĞƌĞĚ͘ ƐĞůĨͲƐĞƌǀŝĐĞ ŽƉƚŝŽŶ͘ DĞĂƐƵƌĞĚ ŝŶ ƐĞĐŽŶĚƐ͘ ϴͿ &ŝƌƐƚ Ăůů ZĞƐŽůƵƚŝŽŶ͗ ĞĨŝŶĞ ĂƐ ƚŚĞ ƉĞƌĐĞŶƚ ŽĨ ĐŽŶƚĂĐƚƐ ƚŚĂƚ ĂƌĞ ƌĞƐŽůǀĞĚ ďLJ ƚŚĞ ĐĂůů ϵϴй ĐĞŶƚĞƌ ŽŶ ƚŚĞ ĨŝƌƐƚ ŝŶƚĞƌĂĐƚŝŽŶ ǁŝƚŚ ƚŚĞ ĐƵƐƚŽŵĞƌ >ŝƋƵŝĚĂƚĞĚ ĂŵĂŐĞ ^ƚĂŶĚĂƌĚ >ŝƋƵŝĚĂƚĞĚ ĂŵĂŐĞ ϰͿ ĂůůƐ ďĂŶĚŽŶĞĚ͗ ϭй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ĂůůƐ ďĂŶĚŽŶĞĚ ƌĂƚĞ ǁŝůů ďĞ ĐĂůĐƵůĂƚĞĚ ĂƐ͗ ϭй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ϱͿ Ăůů ĞŶƚĞƌ ŽƵƚĂŐĞ͗ ϭй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ϲͿ dŚĞ ǁĂŝƚͬŚŽůĚ ƚŝŵĞ ĨŽƌ ĐĂůůĞƌƐ͗ ϭй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ϳͿ Ăůů ŶƐǁĞƌ dŝŵĞ͗ Ϭ͘ϱй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ϴͿ &ŝƌƐƚ Ăůů ZĞƐŽůƵƚŝŽŶ͗ WĂŐĞ ϭϭϲ ŽĨ ϭϰϰ ƚƚĂĐŚŵĞŶƚ ͗ ŽƐƚ WƌŽƉŽƐĂů͕ tŽƌŬƐŚĞĞƚ ϯ͕ KƉƚŝŽŶĂů /ŶͲWĞƌƐŽŶ ĂŶĚ ŶŚĂŶĐĞĚ ^ƵƉƉŽƌƚ ^ĞƌǀŝĐĞƐ KĨĨĞƌŽƌ EĂŵĞ͗ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽƉŽƐĞ ĨĞĞƐ ƚŽ ƉƌŽǀŝĚĞ ŽŶͲƐŝƚĞ͕ ŝŶͲƉĞƌƐŽŶ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ ĂŶĚ ŽĨĨͲƐŝƚĞ ĞŶŚĂŶĐĞĚ ƐƵƉƉŽƌƚ ĨŽƌ ůŽĐĂů ŽĨĨŝĐĞƐ ĂƐ ƐƉĞĐŝĨŝĞĚ ŝŶ ^ĞĐƚŝŽŶ ///͘&͘ dŚĞƐĞ ƐĞƌǀŝĐĞƐ ĂƌĞ ŽƉƚŝŽŶĂů ƵŶĚĞƌ ƚŚĞ Z&W͕ ĂŶĚ ƚŚĞ ĞƉĂƌƚĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ĞŶŐĂŐĞ ƐŽŵĞ͕ Ăůů Žƌ ŶŽŶĞ ŽĨ ƚŚĞ ƐĞƌǀŝĐĞƐ ƐƵďŵŝƚƚĞĚ ďLJ KĨĨĞƌŽƌ͘ /ŶƐƚƌƵĐƚŝŽŶƐ͗ ϭͿ ŽŵƉůĞƚĞ ďůƵĞ ŚŝŐŚůŝŐŚƚĞĚ ĐĞůůƐ ŽŶůLJ͖ ĚŽ ŶŽƚ ĐŚĂŶŐĞ ŽƚŚĞƌ ĐĞůůƐ͘ ϮͿ WƌŽǀŝĚĞ ŶĂƌƌĂƚŝǀĞ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ĨĞĞ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĂŶLJ ĂƐƐƵŵƉƚŝŽŶƐ͘ /ŶĐůƵĚĞ ďĞůŽǁ dĂďůĞ ϯ͘ϭ Žƌ ĂĚĚ ĂŶĚ ůĂďĞů ŶĞǁ ǁŽƌŬƐŚĞĞƚ͘ ϯͿ WƌŽƉŽƐĞĚ ĨĞĞƐ ŵƵƐƚ ďĞ ŝŶĐůƵƐŝǀĞ ŽĨ Ăůů ĐŽƐƚƐ͕ ŝŶĐůƵĚŝŶŐ ƚƌĂǀĞů ĞdžƉĞŶƐĞƐ͕ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ĚŝƌĞĐƚ ĂŶĚ ŝŶĚŝƌĞĐƚ ĐŽƐƚƐ͘ dĂďůĞ ϯ͘ϭ KƉƚŝŽŶĂů /ŶͲWĞƌƐŽŶ ĞŶĞĨŝĐŝĂƌLJ ^ƵƉƉŽƌƚ ĂŶĚ ŶŚĂŶĐĞĚ ^ƵƉƉŽƌƚ ĨŽƌ ^^ ĂŶĚ / W,^^ KĨĨŝĐĞƐ /ƚĞŵ zĞĂƌ ϭ ƐƐƵŵĞĚ ŚŽƵƌƐ ĨŽƌ KŶͲƐŝƚĞ͕ ŝŶͲƉĞƌƐŽŶ ďĞŶĞĨŝĐŝĂƌLJ ĞǀĂůƵĂƚŝŽŶΎ ƐƵƉƉŽƌƚ Žƌ ^^ͬW,,^ ĞŶŚĂŶĐĞĚ ƐƵƉƉŽƌƚ Ăƚ ůŽĐĂů ^^ ĂŶĚ / W,,^ ,ŽƵƌůLJ ƌĂƚĞ ŽĨĨŝĐĞƐ Žƌ ŽƚŚĞƌ ůŽĐĂƚŝŽŶƐ ĂƐ ĚŝƌĞĐƚĞĚ ďLJ ,,^ ;ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ dŽƚĂů ƐƐƵŵĞĚ &ĞĞƐ ^ĞĐƚŝŽŶ ///͘&Ϳ ĨŽƌ ĞǀĂůƵĂƚŝŽŶ ƐƐƵŵĞĚ ŚŽƵƌƐ ĨŽƌ ĞǀĂůƵĂƚŝŽŶΎ KĨĨͲƐŝƚĞ ĞŶŚĂŶĐĞĚ ƐƵƉƉŽƌƚ ĨŽƌ ůŽĐĂů ^^ ĂŶĚ / W,,^ ŽĨĨŝĐĞ ƐƚĂĨĨ ĂƐ ,ŽƵƌůLJ ƌĂƚĞ ĚŝƌĞĐƚĞĚ ďLJ ,,^ ;ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ ^ĞĐƚŝŽŶ ///͘&Ϳ dŽƚĂů ƐƐƵŵĞĚ &ĞĞƐ ĨŽƌ ĞǀĂůƵĂƚŝŽŶ dŽƚĂů &ĞĞƐ ƐƐƵŵĞĚ ĨŽƌ ǀĂůƵĂƚŝŽŶ zƌ Ϯ zƌ ϯ zƌ ϰ zƌ ϱ ϴ͕ϬϬϬ ϰ͕ϬϬϬ ϰ͕ϬϬϬ Ϯ͕ϬϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ dŽƚĂů Ϯ͕ϬϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ϭ͕ϬϬϬ ϱϬϬ ϱϬϬ ϮϱϬ ϮϱϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ Ύ,ŽƵƌƐ ĂƐƐƵŵĞĚ ĂƌĞ ĨŽƌ ĞǀĂůƵĂƚŝŽŶ ƉƵƌƉŽƐĞƐ ŽŶůLJ͘ ĐƚƵĂů ŚŽƵƌƐ ǁŝůů ǀĂƌLJ ĂŶĚ ŵĂLJ ďĞ ĐĂƉƉĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ WĂŐĞ ϭϭϳ ŽĨ ϭϰϰ ƚƚĂĐŚŵĞŶƚ ͗ ŽƐƚ WƌŽƉŽƐĂů͕ tŽƌŬƐŚĞĞƚ ϰ͕ KƚŚĞƌ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ZĞůĂƚĞĚ ^ĞƌǀŝĐĞƐ KĨĨĞƌŽƌ EĂŵĞ͗ dŚĞ ĞƉĂƌƚŵĞŶƚ ƐĞĞŬƐ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ĐŽƐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ĂŶLJ ƌĞůĂƚĞĚ͕ ƉŽƚĞŶƚŝĂůůLJ ǀĂůƵĞͲĂĚĚĞĚ ƐĞƌǀŝĐĞƐ ŶŽƚ ŽƚŚĞƌǁŝƐĞ ƐƉĞĐŝĨŝĐĂůůLJ ƌĞƋƵĞƐƚĞĚ ŝŶ ƚŚĞ Z&W͘ KĨĨĞƌŽƌƐ ĂƌĞ ĞŶĐŽƵƌĂŐĞƐ ƚŽ ƉƌŽǀŝĚĞ ƉƌŝĐŝŶŐ ĨŽƌ ƚŚĞƐĞ ŽƉƚŝŽŶĂů ƐĞƌǀŝĐĞƐ͘ /ŶƐƚƌƵĐƚŝŽŶƐ͗ ϭͿ WƌŽǀŝĚĞ Ă ĨĞĞ ƐĐŚĞĚƵůĞ ĨŽƌ ĂŶLJ ƌĞůĂƚĞĚ͕ ƉŽƚĞŶƚŝĂůůLJ ǀĂůƵĞͲĂĚĚĞĚ ƐĞƌǀŝĐĞƐ ŶŽƚ ŽƚŚĞƌǁŝƐĞ ƐƉĞĐŝĨŝĐĂůůLJ ƌĞƋƵĞƐƚĞĚ ŝŶ ƚŚĞ Z&W͖ ŝŶĚŝĐĂƚĞ ƚŚĞ ďĂƐŝƐ ŽĨ ƚŚĞ ĨĞĞ͘ ϮͿ WƌŽǀŝĚĞ Ă ŶĂƌƌĂƚŝǀĞ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ĂŶLJ ƐƵĐŚ ĨĞĞƐ͕ ŝŶĐůƵĚŝŶŐ ĂŶLJ ĂƐƐƵŵƉƚŝŽŶƐ͕ ƌĞƐƚƌŝĐƚŝŽŶƐ Žƌ ŽƚŚĞƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͘ ϯͿ WƌŽƉŽƐĞĚ ĨĞĞƐ ŵƵƐƚ ďĞ ŝŶĐůƵƐŝǀĞ ŽĨ Ăůů ĐŽƐƚƐ͕ ŝŶĐůƵŝŶŐ ƚƌĂǀĞů ĞdžƉĞŶƐĞƐ͕ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ĚŝƌĞĐƚ ĂŶĚ ŝŶĚŝƌĞĐƚ ĐŽƐƚƐ ϰͿ ĚĚŝƚŝŽŶĂů ĞdžŚŝďŝƚƐ Žƌ ŝŶĨŽƌŵĂƚŝŽŶ ŵĂLJ ďĞ ĂƚƚĂĐŚĞĚ ƚŽ ĨƵůůLJ ĞdžƉůĂŝŶ ƚŚĞ KƚŚĞƌ ZĞůĂƚĞĚ ^ĞƌǀŝĐĞƐ͘ dĂďůĞ ϰ͘ϭ WƌŽƉŽƐĞĚ &ĞĞƐ ĨŽƌ KƚŚĞƌ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ^ĞƌǀŝĐĞƐ ĞƐĐƌŝƉƚŝŽŶͬ^ĞƌǀŝĐĞ &ĞĞ ĂƐŝƐ ;Ğ͘Ő͕͘ ƉĞƌ ŵĞŵďĞƌ͕ ŚŽƵƌůLJ ƌĂƚĞ͕ ƉĞƌ ŽĐĐƵƌĂŶĐĞ͕ ĞƚĐ͘Ϳ zĞĂƌ ϭ zĞĂƌ Ϯ zĞĂƌ ϯ zĞĂƌ ϰ zĞĂƌ ϱ WĂŐĞ ϭϭϴ ŽĨ ϭϰϰ ATTACHMENT D: ENROLLMENT KEY PERSONNEL The following must be completed by the Offeror as required by Section N. Staf?ng and Key Personnel. The MS Word template for ATTACHMENT D: ENROLLMENT KEY PERSONNEL may be requested by contacting Ken Dahlin at Ken.Dahlin@dhhs.nc.gov. Program lead technical point of contact for the State and other partners, including PHPs. for system integration, the provider directory and the Bene?ciary Management Platform. The lead must have the authority to make decisions necessary Role Duties and Responsibilities Minimum Enrollment broker?s Proposed Staff of the Role Certifications and/or Name. Must attach resume to Credentials Requested support. Include the section by the Department citation, exhibit name/number and page numbers where details can be found in Offeror?s response if not included in this table. Program This person will serve as the Six (6) years of Director key accountable lead and the experience in managing primary point of contact for all a similar program of program activities. The equal or greater scope. Program Director must have the authority to make decisions, be responsible for directing operations throughout the life of the Contract, and attend all meetings as requested by the Department. Deputy This person will serve as the Four (4) years of Program primary backup to the experience in managing Director Program Director for all a similar program of program activities. The Deputy equal or greater scope. Program Director must have the authority to make decisions, be responsible for directing operations throughout the life of the Contract, and attend all meetings as requested by the Department. Project This person will serve as the Three (3) years of Manager project manager, responsible experience managing a for on-time delivery of the similar project of equal business functionality and or greater scope. system integration described herein. Technical This person will serve as the Four (4) years of experience acting as technical lead in systems management and integration supporting a similar program of equal or greater scope. Page 119 of 144 KƵƚƌĞĂĐŚ DĂŶĂŐĞƌ Ăůů ĞŶƚĞƌ DĂŶĂŐĞƌ ^^ͬ ŽƵŶƚLJ >ŝĂŝƐŽŶ dƌŝďĂů >ŝĂŝƐŽŶ dƌĂŝŶŝŶŐ DĂŶĂŐĞƌ ƚŽ ƌĞƐŽůǀĞ ƉƌŽďůĞŵƐ ƌĞůĂƚĞĚ ƚŽ W,W ŝŶƚĞŐƌĂƚŝŽŶ ĂŶĚ ƚŚĞ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ͘ dŚŝƐ ƉĞƌƐŽŶ ǁŝůů ƐĞƌǀĞ ĂƐ ƚŚĞ ůĞĂĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƉƌŽĨĞƐƐŝŽŶĂů ŝŶ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĚŝƐƚƌŝďƵƚŝŽŶ ŽĨ ŵĞŵďĞƌ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ŵĂƚĞƌŝĂůƐ͘ dŚŝƐ ƉĞƌƐŽŶ ǁŝůů ďĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŵĂŶĂŐŝŶŐ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͛Ɛ ĐĂůů ĐĞŶƚĞƌ͕ ĂŶĚ ŵƵƐƚ ŚĂǀĞ ĚĞŵŽŶƐƚƌĂƚĞĚ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ŵĂŶĂŐŝŶŐ Ă ůĂƌŐĞ ǀŽůƵŵĞ Ăůů ĞŶƚĞƌ ƉƌĞĨĞƌĂďůLJ ĨŽƌ Ă ŚĞĂůƚŚ ĐĂƌĞ ƌĞůĂƚĞĚ Žƌ DĞĚŝĐĂŝĚ ƉƌŽŐƌĂŵ͘ dŚĞ ƉĞƌƐŽŶ ǁŝůů ƐĞƌǀĞ ĂƐ ƚŚĞ ƉƌŝŵĂƌLJ ůŝĂŝƐŽŶ ǁŝƚŚ ƚŚĞ ůŽĐĂů ^^ ŽĨĨŝĐĞƐ ƚŽ ƐƵƉƉŽƌƚ ŝŶƚĞŐƌĂƚŝŽŶ ŽĨ ŽŶƚƌĂĐƚŽƌ ǁŝƚŚ ůŽĐĂů ŽĨĨŝĐĞƐ ĂŶĚ ĐŽŽƌĚŝŶĂƚĞ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĞǀĞŶƚƐ͘ dŚĞ ƉĞƌƐŽŶ ǁŝůů ƐĞƌǀĞ ĂƐ ƚŚĞ ƉƌŝŵĂƌLJ ůŝĂŝƐŽŶ ǁŝƚŚ ƚŚĞ / W,,^ ƚŽ ƐƵƉƉŽƌƚ ŝŶƚĞŐƌĂƚŝŽŶ ŽĨ ŽŶƚƌĂĐƚŽƌ ǁŝƚŚ ƚŚĞ ƚƌŝďĞ͘ dŚŝƐ ƉĞƌƐŽŶ ǁŝůů ďĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĚĞǀĞůŽƉŝŶŐ ƚƌĂŝŶŝŶŐ ƉůĂŶƐ ĂŶĚ ŽǀĞƌƐĞĞŝŶŐ ƚƌĂŝŶŝŶŐ ŽĨ ŶĞǁ ŚŝƌĞƐ ƚŽ ĂƐƐƵƌĞ ƚŚĞLJ ĂƌĞ ǁĞůůͲǀĞƌƐĞĚ ŽŶ ƚŚĞ DĞĚŝĐĂŝĚ ƉƌŽŐƌĂŵ ĂŶĚ ŝŶ ĐƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ͘ dŚŝƐ ƉĞƌƐŽŶ ǁŝůů ĐŽůůĂďŽƌĂƚĞ ǁŝƚŚ DĞĚŝĐĂŝĚ ƚŽ ĚĞǀĞůŽƉ ƚĂƌŐĞƚĞĚ ƚƌĂŝŶŝŶŐ ƚŚĂƚ ǁŝůů ďĞƚƚĞƌ ƐĞƌǀĞ ƚŚĞ ƉƌŽŐƌĂŵ͘ dŚƌĞĞ ;ϯͿ LJĞĂƌƐ ŽĨ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ĚĞǀĞůŽƉŝŶŐ ĂŶĚ ŝŵƉůĞŵĞŶƚŝŶŐ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƉůĂŶƐ ĂŶĚ ŽƵƚƌĞĂĐŚ ŵĂƚĞƌŝĂůƐ ǁŝƚŚ DĞĚŝĐĂŝĚ ƉŽƉƵůĂƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƵƐĞ ŽĨ ǁĞďƐŝƚĞƐ ĂƐ ǁĞůů ĂƐ ĞůĞĐƚƌŽŶŝĐ ĂŶĚ ƐŽĐŝĂů ŵĞĚŝĂ͘ dŚƌĞĞ ;ϯͿ LJĞĂƌƐ ŽĨ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ŵĞŵďĞƌ ƌĞůĂƚŝŽŶƐ ƚŽ ƐƵƉĞƌǀŝƐĞ ƚŚĞ ƚŽůůͲĨƌĞĞ ƚĞůĞƉŚŽŶĞ ůŝŶĞ ŽƉĞƌĂƚŽƌƐ͘ dŚƌĞĞ ;ϯͿ LJĞĂƌƐ ŽĨ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ŵĂŶĂŐŝŶŐ Ă ƐŝŵŝůĂƌ ƉƌŽũĞĐƚ ŽĨ ĞƋƵĂů Žƌ ŐƌĞĂƚĞƌ ƐĐŽƉĞ͘ dŚƌĞĞ ;ϯͿ LJĞĂƌƐ ŽĨ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ǁŽƌŬŝŶŐ ǁŝƚŚ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐ ĂŶĚ ŵĂŶĂŐŝŶŐ Ă ƐŝŵŝůĂƌ ƉƌŽũĞĐƚ ŽĨ ĞƋƵĂů Žƌ ŐƌĞĂƚĞƌ ƐĐŽƉĞ͘ dŚƌĞĞ ;ϯͿ LJĞĂƌƐ ŽĨ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ŵĂŶĂŐŝŶŐ ƚƌĂŝŶŝŶŐƐ ŽĨ ŝŶƚĞƌŶĂů ƐƚĂĨĨ ƐƵƉƉŽƌƚŝŶŐ DĞĚŝĐĂŝĚ ĞŶƌŽůůŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ͘ dŚĞ ƌĞŵĂŝŶĚĞƌ ŽĨ ƚŚŝƐ ƉĂŐĞ ŝƐ ŝŶƚĞŶƚŝŽŶĂůůLJ ůĞĨƚ ďůĂŶŬ͘ WĂŐĞ ϭϮϬ ŽĨ ϭϰϰ dd ,D Ed ͗ >K d/KE K& tKZ< Z^ hd/>/ z KEdZ dKZ dŚĞ D^ tŽƌĚ ƚĞŵƉůĂƚĞ ĨŽƌ ƚŚĞ dd ,D Ed ͗ >K d/KE K& tKZ< Z^ hd/>/ z KEdZ dKZ ŵĂLJ ďĞ ƌĞƋƵĞƐƚĞĚ ďLJ ĐŽŶƚĂĐƚŝŶŐ <ĞŶ ĂŚůŝŶ Ăƚ <ĞŶ͘ ĂŚůŝŶΛĚŚŚƐ͘ŶĐ͘ŐŽǀ͘ hƉŽŶ ŽŶƚƌĂĐƚ ǁĂƌĚ͕ ƚŚĞ ƐƵĐĐĞƐƐĨƵů KĨĨĞƌŽƌ ďĞĐŽŵĞƐ Ă ŽŶƚƌĂĐƚŽƌ ƉƌŽǀŝĚŝŶŐ ŐŽŽĚƐ ĂŶĚ Žƌ ƐĞƌǀŝĐĞƐ ƚŽ ƚŚĞ ^ƚĂƚĞ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ĂŶLJ ŽƚŚĞƌ ĞǀĂůƵĂƚŝŽŶ ĐƌŝƚĞƌŝĂ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ƚŚŝƐ Z&W͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ͕ ĨŽƌ ƉƵƌƉŽƐĞƐ ŽĨ ĞǀĂůƵĂƚŝŶŐ ƉƌŽƉŽƐĞĚ Žƌ ĂĐƚƵĂů ĐŽŶƚƌĂĐƚ ƉĞƌĨŽƌŵĂŶĐĞ ŽƵƚƐŝĚĞ ŽĨ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ͕ ĂůƐŽ ĐŽŶƐŝĚĞƌ ŚŽǁ ƚŚĂƚ ƉĞƌĨŽƌŵĂŶĐĞ ŵĂLJ ĂĨĨĞĐƚ ƚŚĞ ĨŽůůŽǁŝŶŐ ĨĂĐƚŽƌƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ĂŶLJ ĂǁĂƌĚ ǁŝůů ďĞ ŝŶ ƚŚĞ ďĞƐƚ ŝŶƚĞƌĞƐƚ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͗ ϭ͘ Ϯ͘ ϯ͘ ϰ͘ ϱ͘ ϲ͘ dŽƚĂů ĐŽƐƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͖ >ĞǀĞů ŽĨ ƋƵĂůŝƚLJ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͖ WƌŽĐĞƐƐ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ĐĂƉĂďŝůŝƚLJ ĂĐƌŽƐƐ ŵƵůƚŝƉůĞ ũƵƌŝƐĚŝĐƚŝŽŶƐ͖ WƌŽƚĞĐƚŝŽŶ ŽĨ ƚŚĞ ^ƚĂƚĞ͛Ɛ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ŝŶƚĞůůĞĐƚƵĂů ƉƌŽƉĞƌƚLJ͖ ǀĂŝůĂďŝůŝƚLJ ŽĨ ƉĞƌƚŝŶĞŶƚ ƐŬŝůůƐ͖ ďŝůŝƚLJ ƚŽ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ďƵƐŝŶĞƐƐ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ŝŶƚĞƌŶĂů ŽƉĞƌĂƚŝŽŶĂů ĐƵůƚƵƌĞ͖ ϳ͘ /ĚĞŶƚŝĨŝĞĚ ƌŝƐŬ ĨĂĐƚŽƌƐ ƐƵĐŚ ĂƐ ƚŚĞ ƐĞĐƵƌŝƚLJ ŽĨ ƚŚĞ ^ƚĂƚĞ͛Ɛ ŝŶĨŽƌŵĂƚŝŽŶ ƚĞĐŚŶŽůŽŐLJ͖ ϴ͘ ZĞůĂƚŝŽŶƐ ǁŝƚŚ ĐŝƚŝnjĞŶƐ ĂŶĚ ĞŵƉůŽLJĞĞƐ͖ ĂŶĚ ϵ͘ ŽŶƚƌĂĐƚ ĞŶĨŽƌĐĞŵĞŶƚ ũƵƌŝƐĚŝĐƚŝŽŶĂů ŝƐƐƵĞƐ͘ /Ŷ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ '͘^͘ Α ϭϰϯͲϱϵ͘ϰ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ĚĞƚĂŝů ƚŚĞ ůŽĐĂƚŝŽŶ;ƐͿ Ăƚ ǁŚŝĐŚ ƉĞƌĨŽƌŵĂŶĐĞ ǁŝůů ŽĐĐƵƌ͕ ĂƐ ǁĞůů ĂƐ ƚŚĞ ǁĂLJ ŝƚ ŝŶƚĞŶĚƐ ƚŽ ƵƚŝůŝnjĞ ƌĞƐŽƵƌĐĞƐ Žƌ ǁŽƌŬĞƌƐ ŽƵƚƐŝĚĞ ŽĨ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ ŝŶ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚŝƐ ŽŶƚƌĂĐƚ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ĞǀĂůƵĂƚĞ ƚŚĞ ĂĚĚŝƚŝŽŶĂů ƌŝƐŬƐ͕ ĐŽƐƚƐ͕ ĂŶĚ ŽƚŚĞƌ ĨĂĐƚŽƌƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƐƵĐŚ ƵƚŝůŝnjĂƚŝŽŶ ƉƌŝŽƌ ƚŽ ŵĂŬŝŶŐ ĂŶ ĂǁĂƌĚ͘ /ƚĞŵƐ Ă͕ ď͕ ĂŶĚ Đ ďĞůŽǁ Dh^d KDW> d ͘ ĂͿ tŝůů ĂŶLJ ǁŽƌŬ ƵŶĚĞƌ ƚŚŝƐ ŽŶƚƌĂĐƚ ďĞ ƉĞƌĨŽƌŵĞĚ ŽƵƚƐŝĚĞ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ͍ z ^ EK /Ĩ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ĂŶƐǁĞƌĞĚ ͞z ^͟ ĂďŽǀĞ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ĐŽŵƉůĞƚĞ ŝƚĞŵƐ ϭ ĂŶĚ Ϯ ďĞůŽǁ͗ ϭ͘ >ŝƐƚ ƚŚĞ ůŽĐĂƚŝŽŶ;ƐͿ ŽƵƚƐŝĚĞ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ ǁŚĞƌĞ ǁŽƌŬ ƵŶĚĞƌ ƚŚŝƐ ŽŶƚƌĂĐƚ ǁŝůů ďĞ ƉĞƌĨŽƌŵĞĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ ĂŶLJ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ ĞŵƉůŽLJĞĞƐ͕ Žƌ ŽƚŚĞƌ ƉĞƌƐŽŶƐ ƉĞƌĨŽƌŵŝŶŐ ǁŽƌŬ ƵŶĚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ͗ Ϯ͘ ĞƐĐƌŝďĞ ƚŚĞ ĐŽƌƉŽƌĂƚĞ ƐƚƌƵĐƚƵƌĞ ĂŶĚ ůŽĐĂƚŝŽŶ ŽĨ ĐŽƌƉŽƌĂƚĞ ĞŵƉůŽLJĞĞƐ ĂŶĚ ĂĐƚŝǀŝƚŝĞƐ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ ŝƚƐ ĂĨĨŝůŝĂƚĞƐ͕ Žƌ ĂŶLJ ŽƚŚĞƌ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ ƚŚĂƚ ǁŝůů ƉĞƌĨŽƌŵ ǁŽƌŬ ŽƵƚƐŝĚĞ ƚŚĞ h͘^͗͘ WĂŐĞ ϭϮϭ ŽĨ ϭϰϰ ďͿ dŚĞ ŽŶƚƌĂĐƚŽƌ ĂŐƌĞĞƐ ƚŽ ƉƌŽǀŝĚĞ ŶŽƚŝĐĞ͕ ŝŶ ǁƌŝƚŝŶŐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ŽĨ ƚŚĞ ƌĞůŽĐĂƚŝŽŶ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ ĞŵƉůŽLJĞĞƐ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚŽƌ͕ Žƌ ŽƚŚĞƌ ƉĞƌƐŽŶƐ ƉĞƌĨŽƌŵŝŶŐ ƐĞƌǀŝĐĞƐ ƵŶĚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ŽƵƚƐŝĚĞ ŽĨ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ z ^ EK EKd ͗ ůů ŽŶƚƌĂĐƚŽƌ Žƌ ƐƵďĐŽŶƚƌĂĐƚŽƌ ƉĞƌƐŽŶŶĞů ƉƌŽǀŝĚŝŶŐ ĐĂůů Žƌ ĐŽŶƚĂĐƚ ĐĞŶƚĞƌ ƐĞƌǀŝĐĞƐ ƚŽ ƚŚĞ ^ƚĂƚĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ƵŶĚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ƐŚĂůů ĚŝƐĐůŽƐĞ ƚŽ ŝŶďŽƵŶĚ ĐĂůůĞƌƐ ƚŚĞ ůŽĐĂƚŝŽŶ ĨƌŽŵ ǁŚŝĐŚ ƚŚĞ ĐĂůů Žƌ ĐŽŶƚĂĐƚ ĐĞŶƚĞƌ ƐĞƌǀŝĐĞƐ ĂƌĞ ďĞŝŶŐ ƉƌŽǀŝĚĞĚ͘ ĐͿ /ĚĞŶƚŝĨLJ Ăůů h͘^͘ ůŽĐĂƚŝŽŶƐ Ăƚ ǁŚŝĐŚ ƉĞƌĨŽƌŵĂŶĐĞ ǁŝůů ŽĐĐƵƌ͗ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ^ŝŐŶĂƚƵƌĞ ŽĨ ƵƚŚŽƌŝnjĞĚ ZĞƉƌĞƐĞŶƚĂƚŝǀĞ EĂŵĞ ŽĨ ŶƚŝƚLJ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ EĂŵĞ ĂŶĚ dŝƚůĞ d dŚĞ ƌĞŵĂŝŶĚĞƌ ŽĨ ƚŚŝƐ ƉĂŐĞ ŝƐ ŝŶƚĞŶƚŝŽŶĂůůLJ ůĞĨƚ ďůĂŶŬ͘ WĂŐĞ ϭϮϮ ŽĨ ϭϰϰ dd ,D Ed &͗ h^/E ^^ ^^K / d 'Z D Ed dŚĞ D^ tŽƌĚ ƚĞŵƉůĂƚĞ ĨŽƌ ƚŚĞ dd ,D Ed &͗ h^/E ^^ ^^K / d 'Z D Ed ŵĂLJ ďĞ ƌĞƋƵĞƐƚĞĚ ďLJ ĐŽŶƚĂĐƚŝŶŐ <ĞŶ ĂŚůŝŶ Ăƚ <ĞŶ͘ ĂŚůŝŶΛĚŚŚƐ͘ŶĐ͘ŐŽǀ͘ EKZd, ZK>/E W ZdD Ed K& , >d, E ,hD E ^ Zs/ ^ h^/E ^^ ^^K / d 'Z D Ed dŚŝƐ ŐƌĞĞŵĞŶƚ ŝƐ ŵĂĚĞ ĞĨĨĞĐƚŝǀĞ ƚŚĞ ͺͺͺͺͺŽĨ ͺͺͺͺͺͺͺͺͺͺͺ͕ ϮϬͺͺͺ͕ ďLJ ĂŶĚ ďĞƚǁĞĞŶ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ;͞ ŽǀĞƌĞĚ ŶƚŝƚLJ͟Ϳ ĂŶĚ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ;͞ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ͟Ϳ ;ĐŽůůĞĐƚŝǀĞůLJ ƚŚĞ ͞WĂƌƚŝĞƐ͟Ϳ͘ ϭ͘ <'ZKhE Ă͘ ŽǀĞƌĞĚ ŶƚŝƚLJ ĂŶĚ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ĂƌĞ ƉĂƌƚŝĞƐ ƚŽ Ă ĐŽŶƚƌĂĐƚ ĞŶƚŝƚůĞĚ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ ǁŚĞƌĞďLJ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ĂŐƌĞĞƐ ƚŽ ƉĞƌĨŽƌŵ ĐĞƌƚĂŝŶ ƐĞƌǀŝĐĞƐ ĨŽƌ Žƌ ŽŶ ďĞŚĂůĨ ŽĨ ŽǀĞƌĞĚ ŶƚŝƚLJ͘ ď͘ ŽǀĞƌĞĚ ŶƚŝƚLJ ŝƐ ĂŶ ŽƌŐĂŶŝnjĂƚŝŽŶĂů ƵŶŝƚ ŽĨ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ;ƚŚĞ ͞ ĞƉĂƌƚŵĞŶƚ͟Ϳ ƚŚĂƚ ŚĂƐ ďĞĞŶ ĚĞƐŝŐŶĂƚĞĚ ŝŶ ǁŚŽůĞ Žƌ ŝŶ ƉĂƌƚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂƐ Ă ŚĞĂůƚŚ ĐĂƌĞ ĐŽŵƉŽŶĞŶƚ ĨŽƌ ƉƵƌƉŽƐĞƐ ŽĨ ƚŚĞ ,/W WƌŝǀĂĐLJ ZƵůĞ͘ Đ͘ dŚĞ ƌĞůĂƚŝŽŶƐŚŝƉ ďĞƚǁĞĞŶ ŽǀĞƌĞĚ ŶƚŝƚLJ ĂŶĚ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ŝƐ ƐƵĐŚ ƚŚĂƚ ƚŚĞ WĂƌƚŝĞƐ ďĞůŝĞǀĞ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ŝƐ Žƌ ŵĂLJ ďĞ Ă ͞ďƵƐŝŶĞƐƐ ĂƐƐŽĐŝĂƚĞ͟ ǁŝƚŚŝŶ ƚŚĞ ŵĞĂŶŝŶŐ ŽĨ ƚŚĞ ,/W WƌŝǀĂĐLJ ZƵůĞ͘ Ě͘ dŚĞ WĂƌƚŝĞƐ ĞŶƚĞƌ ŝŶƚŽ ƚŚŝƐ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ĚĚĞŶĚƵŵ ƚŽ ƚŚĞ ŽŶƚƌĂĐƚ ǁŝƚŚ ƚŚĞ ŝŶƚĞŶƚŝŽŶ ŽĨ ĐŽŵƉůLJŝŶŐ ǁŝƚŚ ƚŚĞ ,/W WƌŝǀĂĐLJ ZƵůĞ ƉƌŽǀŝƐŝŽŶ ƚŚĂƚ Ă ĐŽǀĞƌĞĚ ĞŶƚŝƚLJ ŵĂLJ ĚŝƐĐůŽƐĞ ƉƌŽƚĞĐƚĞĚ ŚĞĂůƚŚ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ Ă ďƵƐŝŶĞƐƐ ĂƐƐŽĐŝĂƚĞ͕ ĂŶĚ ŵĂLJ ĂůůŽǁ Ă ďƵƐŝŶĞƐƐ ĂƐƐŽĐŝĂƚĞ ƚŽ ĐƌĞĂƚĞ Žƌ ƌĞĐĞŝǀĞ ƉƌŽƚĞĐƚĞĚ ŚĞĂƚŚ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ŝƚƐ ďĞŚĂůĨ͕ ŝĨ ƚŚĞ ĐŽǀĞƌĞĚ ĞŶƚŝƚLJ ŽďƚĂŝŶƐ ƐĂƚŝƐĨĂĐƚŽƌLJ ĂƐƐƵƌĂŶĐĞƐ ƚŚĂƚ ƚŚĞ ďƵƐŝŶĞƐƐ ĂƐƐŽĐŝĂƚĞ ǁŝůů ĂƉƉƌŽƉƌŝĂƚĞůLJ ƐĂĨĞŐƵĂƌĚ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ͘ Ϯ͘ &/E/d/KE^ hŶůĞƐƐ ƐŽŵĞ ŽƚŚĞƌ ŵĞĂŶŝŶŐ ŝƐ ĐůĞĂƌůLJ ŝŶĚŝĐĂƚĞĚ ďLJ ƚŚĞ ĐŽŶƚĞdžƚ͕ ƚŚĞ ĨŽůůŽǁŝŶŐ ƚĞƌŵƐ ƐŚĂůů ŚĂǀĞ ƚŚĞ ĨŽůůŽǁŝŶŐ ŵĞĂŶŝŶŐ ŝŶ ƚŚŝƐ ŐƌĞĞŵĞŶƚ͗ Ă͘ ͞ ůĞĐƚƌŽŶŝĐ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ͟ ƐŚĂůů ŚĂǀĞ ƚŚĞ ƐĂŵĞ ŵĞĂŶŝŶŐ ĂƐ ƚŚĞ ƚĞƌŵ ͞ĞůĞĐƚƌŽŶŝĐ ƉƌŽƚĞĐƚĞĚ ŚĞĂůƚŚ ŝŶĨŽƌŵĂƚŝŽŶ͟ ŝŶ ϰϱ ͘&͘Z͘ Α ϭϲϬ͘ϭϬϯ͘ ď͘ ͞,/W ͟ ŵĞĂŶƐ ƚŚĞ ĚŵŝŶŝƐƚƌĂƚŝǀĞ ^ŝŵƉůŝĨŝĐĂƚŝŽŶ WƌŽǀŝƐŝŽŶƐ͕ ^ĞĐƚŝŽŶƐ Ϯϲϭ ƚŚƌŽƵŐŚ Ϯϲϰ͕ ŽĨ ƚŚĞ ĨĞĚĞƌĂů ,ĞĂůƚŚ /ŶƐƵƌĂŶĐĞ WŽƌƚĂďŝůŝƚLJ ĂŶĚ ĐĐŽƵŶƚĂďŝůŝƚLJ Đƚ ŽĨ ϭϵϵϲ͕ WƵďůŝĐ >Ăǁ ϭϬϰͲϭϵϭ͕ ĂƐ ŵŽĚŝĨŝĞĚ ĂŶĚ ĂŵĞŶĚĞĚ ďLJ ƚŚĞ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ dĞĐŚŶŽůŽŐLJ ĨŽƌ ĐŽŶŽŵŝĐ ĂŶĚ ůŝŶŝĐĂů ,ĞĂůƚŚ ;͞,/d ,͟Ϳ Đƚ͕ dŝƚůĞ y/// ŽĨ ŝǀŝƐŝŽŶ ĂŶĚ dŝƚůĞ /s ŽĨ ŝǀŝƐŝŽŶ ŽĨ ƚŚĞ ŵĞƌŝĐĂŶ ZĞĐŽǀĞƌLJ ĂŶĚ ZĞŝŶǀĞƐƚŵĞŶƚ Đƚ ŽĨ ϮϬϬϵ͕ WƵďůŝĐ >Ăǁ ϭϭϭͲϱ͘ Đ͘ ͞/ŶĚŝǀŝĚƵĂů͟ ƐŚĂůů ŚĂǀĞ ƚŚĞ ƐĂŵĞ ŵĞĂŶŝŶŐ ĂƐ ƚŚĞ ƚĞƌŵ ͞ŝŶĚŝǀŝĚƵĂů͟ ŝŶ ϰϱ ͘&͘Z͘ Α ϭϲϬ͘ϭϬϯ ĂŶĚ ƐŚĂůů ŝŶĐůƵĚĞ Ă ƉĞƌƐŽŶ ǁŚŽ ƋƵĂůŝĨŝĞƐ ĂƐ Ă ƉĞƌƐŽŶĂů ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ϰϱ ͘&͘Z͘ Α ϭϲϰ͘ϱϬϮ;ŐͿ͘ Ě͘ ͞WƌŝǀĂĐLJ ZƵůĞ͟ ƐŚĂůů ŵĞĂŶ ƚŚĞ ^ƚĂŶĚĂƌĚƐ ĨŽƌ WƌŝǀĂĐLJ ŽĨ /ŶĚŝǀŝĚƵĂůůLJ /ĚĞŶƚŝĨŝĂďůĞ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ Ăƚ ϰϱ ͘&͘Z͘ Α WĂƌƚ ϭϲϬ ĂŶĚ WĂƌƚ ϭϲϰ͘ Ğ͘ ͞WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ͟ ƐŚĂůů ŚĂǀĞ ƚŚĞ ƐĂŵĞ ŵĞĂŶŝŶŐ ĂƐ ƚŚĞ ƚĞƌŵ ͞ƉƌŽƚĞĐƚĞĚ ŚĞĂůƚŚ ŝŶĨŽƌŵĂƚŝŽŶ͟ ŝŶ ϰϱ ͘&͘Z͘ Α ϭϲϬ͘ϭϬϯ͕ ůŝŵŝƚĞĚ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĐƌĞĂƚĞĚ Žƌ ƌĞĐĞŝǀĞĚ ďLJ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ĨƌŽŵ Žƌ ŽŶ ďĞŚĂůĨ ŽĨ ŽǀĞƌĞĚ ŶƚŝƚLJ͘ WĂŐĞ ϭϮϯ ŽĨ ϭϰϰ Ĩ͘ ͞ZĞƋƵŝƌĞĚ ďLJ >Ăǁ͟ ƐŚĂůů ŚĂǀĞ ƚŚĞ ƐĂŵĞ ŵĞĂŶŝŶŐ ĂƐ ƚŚĞ ƚĞƌŵ ͞ƌĞƋƵŝƌĞĚ ďLJ ůĂǁ͟ ŝŶ ϰϱ ͘&͘Z͘ Α ϭϲϰ͘ϭϬϯ͘ Ő͘ ͞^ĞĐƌĞƚĂƌLJ͟ ƐŚĂůů ŵĞĂŶ ƚŚĞ ^ĞĐƌĞƚĂƌLJ ŽĨ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ ĞƉĂƌƚŵĞŶƚ ŽĨ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ Žƌ ƚŚĞ ƉĞƌƐŽŶ ƚŽ ǁŚŽŵ ƚŚĞ ĂƵƚŚŽƌŝƚLJ ŝŶǀŽůǀĞĚ ŚĂƐ ďĞĞŶ ĚĞůĞŐĂƚĞĚ͘ Ś͘ hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞ ĚĞĨŝŶĞĚ ŝŶ ƚŚŝƐ ŐƌĞĞŵĞŶƚ͕ ƚĞƌŵƐ ƵƐĞĚ ŚĞƌĞŝŶ ƐŚĂůů ŚĂǀĞ ƚŚĞ ƐĂŵĞ ŵĞĂŶŝŶŐ ĂƐ ƚŚŽƐĞ ƚĞƌŵƐ ŚĂǀĞ ŝŶ ƚŚĞ WƌŝǀĂĐLJ ZƵůĞ͘ ϯ͘ K >/' d/KE^ K& h^/E ^^ ^^K / d Ă͘ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ĂŐƌĞĞƐ ƚŽ ŶŽƚ ƵƐĞ Žƌ ĚŝƐĐůŽƐĞ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ŽƚŚĞƌ ƚŚĂŶ ĂƐ ƉĞƌŵŝƚƚĞĚ Žƌ ƌĞƋƵŝƌĞĚ ďLJ ƚŚŝƐ ŐƌĞĞŵĞŶƚ Žƌ ĂƐ ZĞƋƵŝƌĞĚ ďLJ >Ăǁ͘ ď͘ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ĂŐƌĞĞƐ ƚŽ ƵƐĞ ĂƉƉƌŽƉƌŝĂƚĞ ƐĂĨĞŐƵĂƌĚƐ ĂŶĚ ĐŽŵƉůLJ͕ ǁŚĞƌĞ ĂƉƉůŝĐĂďůĞ͕ ǁŝƚŚ ƐƵďƉĂƌƚ ŽĨ ϰϱ C.F.R. § ϭϲϰ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ĞůĞĐƚƌŽŶŝĐ ƉƌŽƚĞĐƚĞĚ ŚĞĂůƚŚ ŝŶĨŽƌŵĂƚŝŽŶ͕ ƚŽ ƉƌĞǀĞŶƚ ƵƐĞ Žƌ ĚŝƐĐůŽƐƵƌĞ ŽĨ ƚŚĞ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ŽƚŚĞƌ ƚŚĂŶ ĂƐ ƉƌŽǀŝĚĞĚ ĨŽƌ ďLJ ƚŚŝƐ ŐƌĞĞŵĞŶƚ͘ Đ͘ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ĂŐƌĞĞƐ ƚŽ ŵŝƚŝŐĂƚĞ͕ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƉƌĂĐƚŝĐĂďůĞ͕ ĂŶLJ ŚĂƌŵĨƵů ĞĨĨĞĐƚ ƚŚĂƚ ŝƐ ŬŶŽǁŶ ƚŽ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ŽĨ Ă ƵƐĞ Žƌ ĚŝƐĐůŽƐƵƌĞ ŽĨ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ďLJ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ŝŶ ǀŝŽůĂƚŝŽŶ ŽĨ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ŐƌĞĞŵĞŶƚ͘ Ě͘ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ĂŐƌĞĞƐ ƚŽ ƌĞƉŽƌƚ ƚŽ ŽǀĞƌĞĚ ŶƚŝƚLJ ĂŶLJ ƵƐĞ Žƌ ĚŝƐĐůŽƐƵƌĞ ŽĨ ƚŚĞ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ŶŽƚ ƉƌŽǀŝĚĞĚ ĨŽƌ ďLJ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ŽĨ ǁŚŝĐŚ ŝƚ ďĞĐŽŵĞƐ ĂǁĂƌĞ͕ ŝŶĐůƵĚŝŶŐ ďƌĞĂĐŚĞƐ ŽĨ ƵŶƐĞĐƵƌĞĚ ƉƌŽƚĞĐƚĞĚ ŚĞĂůƚŚ ŝŶĨŽƌŵĂƚŝŽŶ ĂƐ ƌĞƋƵŝƌĞĚ ďLJ ϰϱ C.F.R. § ϭϲϰ͘ϰϭϬ͘ Ğ͘ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ĂŐƌĞĞƐ͕ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ϰϱ C.F.R. § ϭϲϰ͘ϱϬϮ;ĞͿ;ϭͿ ĂŶĚ ϭϲϰ͘ϯϬϴ;ďͿ;ϮͿ͕ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ĂŶLJ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ ƚŚĂƚ ĐƌĞĂƚĞ͕ ƌĞĐĞŝǀĞ͕ ŵĂŝŶƚĂŝŶ͕ Žƌ ƚƌĂŶƐŵŝƚ ƉƌŽƚĞĐƚĞĚ ŚĞĂůƚŚ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ďĞŚĂůĨ ŽĨ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ĂŐƌĞĞ ƚŽ ƚŚĞ ƐĂŵĞ ƌĞƐƚƌŝĐƚŝŽŶƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ƚŚĂƚ ĂƉƉůLJ ƚŽ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƐƵĐŚ ŝŶĨŽƌŵĂƚŝŽŶ͘ Ĩ͘ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ĂŐƌĞĞƐ ƚŽ ŵĂŬĞ ĂǀĂŝůĂďůĞ ƉƌŽƚĞĐƚĞĚ ŚĞĂůƚŚ ŝŶĨŽƌŵĂƚŝŽŶ ĂƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ƐĂƚŝƐĨLJ ŽǀĞƌĞĚ ŶƚŝƚLJ͛Ɛ ŽďůŝŐĂƚŝŽŶƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ϰϱ C.F.R. § ϭϲϰ͘ϱϮϰ͘ Ő͘ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ĂŐƌĞĞƐ ƚŽ ŵĂŬĞ ĂǀĂŝůĂďůĞ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ĨŽƌ ĂŵĞŶĚŵĞŶƚ ĂŶĚ ŝŶĐŽƌƉŽƌĂƚĞ ĂŶLJ ĂŵĞŶĚŵĞŶƚ;ƐͿ ƚŽ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ϰϱ C.F.R. § ϭϲϰ͘ϱϮϲ͘ Ś͘ hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞ ƉƌŽŚŝďŝƚĞĚ ďLJ ůĂǁ͕ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ĂŐƌĞĞƐ ƚŽ ŵĂŬĞ ŝŶƚĞƌŶĂů ƉƌĂĐƚŝĐĞƐ͕ ŬƐ͕ ĂŶĚ ƌĞĐŽƌĚƐ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ƵƐĞ ĂŶĚ ĚŝƐĐůŽƐƵƌĞ ŽĨ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ƌĞĐĞŝǀĞĚ ĨƌŽŵ͕ Žƌ ĐƌĞĂƚĞĚ Žƌ ƌĞĐĞŝǀĞĚ ďLJ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ŽŶ ďĞŚĂůĨ ŽĨ͕ ŽǀĞƌĞĚ ŶƚŝƚLJ ĂǀĂŝůĂďůĞ ƚŽ ƚŚĞ ^ĞĐƌĞƚĂƌLJ ĨŽƌ ƉƵƌƉŽƐĞƐ ŽĨ ƚŚĞ ^ĞĐƌĞƚĂƌLJ ĚĞƚĞƌŵŝŶŝŶŐ ŽǀĞƌĞĚ ŶƚŝƚLJΖƐ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ WƌŝǀĂĐLJ ZƵůĞ͘ ŝ͘ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ĂŐƌĞĞƐ ƚŽ ŵĂŬĞ ĂǀĂŝůĂďůĞ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞƋƵŝƌĞĚ ƚŽ ƉƌŽǀŝĚĞ ĂŶ ĂĐĐŽƵŶƚŝŶŐ ŽĨ ĚŝƐĐůŽƐƵƌĞƐ ŽĨ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ϰϱ C.F.R. § ϭϲϰ͘ϱϮϴ͘ ϰ͘ W ZD/dd h^ ^ E /^ >K^hZ ^ Ă͘ džĐĞƉƚ ĂƐ ŽƚŚĞƌǁŝƐĞ ůŝŵŝƚĞĚ ŝŶ ƚŚŝƐ ŐƌĞĞŵĞŶƚ Žƌ ďLJ ŽƚŚĞƌ ĂƉƉůŝĐĂďůĞ ůĂǁ Žƌ ĂŐƌĞĞŵĞŶƚ͕ ŝĨ ƚŚĞ ŽŶƚƌĂĐƚ ƉĞƌŵŝƚƐ͕ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ŵĂLJ ƵƐĞ Žƌ ĚŝƐĐůŽƐĞ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ƚŽ ƉĞƌĨŽƌŵ ĨƵŶĐƚŝŽŶƐ͕ ĂĐƚŝǀŝƚŝĞƐ͕ Žƌ ƐĞƌǀŝĐĞƐ ĨŽƌ͕ Žƌ ŽŶ ďĞŚĂůĨ ŽĨ͕ ŽǀĞƌĞĚ ŶƚŝƚLJ ĂƐ ƐƉĞĐŝĨŝĞĚ ŝŶ ƚŚĞ ŽŶƚƌĂĐƚ͕ ƉƌŽǀŝĚĞĚ ƚŚĂƚ ƐƵĐŚ ƵƐĞ Žƌ ĚŝƐĐůŽƐƵƌĞ͗ ϭͿ ǁŽƵůĚ ŶŽƚ ǀŝŽůĂƚĞ ƚŚĞ WƌŝǀĂĐLJ ZƵůĞ ŝĨ ĚŽŶĞ ďLJ ŽǀĞƌĞĚ ŶƚŝƚLJ͖ Žƌ ϮͿ ǁŽƵůĚ ŶŽƚ ǀŝŽůĂƚĞ ƚŚĞ ŵŝŶŝŵƵŵ ŶĞĐĞƐƐĂƌLJ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ŽĨ ƚŚĞ ŽǀĞƌĞĚ ŶƚŝƚLJ͘ ď͘ džĐĞƉƚ ĂƐ ŽƚŚĞƌǁŝƐĞ ůŝŵŝƚĞĚ ŝŶ ƚŚŝƐ ŐƌĞĞŵĞŶƚ Žƌ ďLJ ŽƚŚĞƌ ĂƉƉůŝĐĂďůĞ ůĂǁ Žƌ ĂŐƌĞĞŵĞŶƚƐ͕ ŝĨ ƚŚĞ ŽŶƚƌĂĐƚ ƉĞƌŵŝƚƐ͕ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ŵĂLJ ĚŝƐĐůŽƐĞ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ĨŽƌ ƚŚĞ ƉƌŽƉĞƌ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽĨ ƚŚĞ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ Žƌ ƚŽ ĐĂƌƌLJ ŽƵƚ ƚŚĞ ůĞŐĂů ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŽĨ ƚŚĞ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ͕ ƉƌŽǀŝĚĞĚ ƚŚĂƚ͗ ϭͿ dŚĞ ĚŝƐĐůŽƐƵƌĞƐ ĂƌĞ ZĞƋƵŝƌĞĚ ďLJ >Ăǁ͖ Žƌ WĂŐĞ ϭϮϰ ŽĨ ϭϰϰ ϮͿ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ŽďƚĂŝŶƐ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞƐ ĨƌŽŵ ƚŚĞ ƉĞƌƐŽŶ ƚŽ ǁŚŽŵ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŝƐ ĚŝƐĐůŽƐĞĚ ƚŚĂƚ ŝƚ ǁŝůů ƌĞŵĂŝŶ ĐŽŶĨŝĚĞŶƚŝĂů ĂŶĚ ǁŝůů ďĞ ƵƐĞĚ Žƌ ĨƵƌƚŚĞƌ ĚŝƐĐůŽƐĞĚ ŽŶůLJ ĂƐ ZĞƋƵŝƌĞĚ ďLJ >Ăǁ Žƌ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ĨŽƌ ǁŚŝĐŚ ŝƚ ǁĂƐ ĚŝƐĐůŽƐĞĚ ƚŽ ƚŚĞ ƉĞƌƐŽŶ͕ ĂŶĚ ƚŚĞ ƉĞƌƐŽŶ ŶŽƚŝĨŝĞƐ ƚŚĞ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ŽĨ ĂŶLJ ŝŶƐƚĂŶĐĞƐ ŽĨ ǁŚŝĐŚ ŝƚ ŝƐ ĂǁĂƌĞ ŝŶ ǁŚŝĐŚ ƚŚĞ ĐŽŶĨŝĚĞŶƚŝĂůŝƚLJ ŽĨ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŚĂƐ ďĞĞŶ ďƌĞĂĐŚĞĚ͘ Đ͘ džĐĞƉƚ ĂƐ ŽƚŚĞƌǁŝƐĞ ůŝŵŝƚĞĚ ŝŶ ƚŚŝƐ ŐƌĞĞŵĞŶƚ Žƌ ďLJ ŽƚŚĞƌ ĂƉƉůŝĐĂďůĞ ůĂǁ Žƌ ĂŐƌĞĞŵĞŶƚƐ͕ ŝĨ ƚŚĞ ŽŶƚƌĂĐƚ ƉĞƌŵŝƚƐ͕ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ŵĂLJ ƵƐĞ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ƚŽ ƉƌŽǀŝĚĞ ĚĂƚĂ ĂŐŐƌĞŐĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ƚŽ ŽǀĞƌĞĚ ŶƚŝƚLJ ĂƐ ƉĞƌŵŝƚƚĞĚ ďLJ ϰϱ C.F.R. § ϭϲϰ͘ϱϬϰ;ĞͿ;ϮͿ;ŝͿ; Ϳ͘ Ě͘ EŽƚǁŝƚŚƐƚĂŶĚŝŶŐ ƚŚĞ ĨŽƌĞŐŽŝŶŐ ƉƌŽǀŝƐŝŽŶƐ͕ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ŵĂLJ ŶŽƚ ƵƐĞ Žƌ ĚŝƐĐůŽƐĞ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ŝĨ ƚŚĞ ƵƐĞ Žƌ ĚŝƐĐůŽƐƵƌĞ ǁŽƵůĚ ǀŝŽůĂƚĞ ĂŶLJ ƚĞƌŵ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ Žƌ ŽƚŚĞƌ ĂƉƉůŝĐĂďůĞ ůĂǁ Žƌ ĂŐƌĞĞŵĞŶƚƐ͘ ϱ͘ d ZD E d ZD/E d/KE Ă͘ dĞƌŵ͘ dŚŝƐ ŐƌĞĞŵĞŶƚ ƐŚĂůů ďĞ ĞĨĨĞĐƚŝǀĞ ĂƐ ŽĨ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ĚĂƚĞ ƐƚĂƚĞĚ ĂďŽǀĞ ĂŶĚ ƐŚĂůů ƚĞƌŵŝŶĂƚĞ ǁŚĞŶ ƚŚĞ ŽŶƚƌĂĐƚ ƚĞƌŵŝŶĂƚĞƐ͘ ď͘ dĞƌŵŝŶĂƚŝŽŶ ĨŽƌ ĂƵƐĞ͘ hƉŽŶ ŽǀĞƌĞĚ ŶƚŝƚLJΖƐ ŬŶŽǁůĞĚŐĞ ŽĨ Ă ŵĂƚĞƌŝĂů ďƌĞĂĐŚ ďLJ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ͕ ŽǀĞƌĞĚ ŶƚŝƚLJ ŵĂLJ͕ Ăƚ ŝƚƐ ŽƉƚŝŽŶ͗ ϭͿ WƌŽǀŝĚĞ ĂŶ ŽƉƉŽƌƚƵŶŝƚLJ ĨŽƌ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ƚŽ ĐƵƌĞ ƚŚĞ ďƌĞĂĐŚ Žƌ ĞŶĚ ƚŚĞ ǀŝŽůĂƚŝŽŶ͕ ĂŶĚ ƚĞƌŵŝŶĂƚĞ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ĂŶĚ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ ďLJ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ͕ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƉĞƌŵŝƐƐŝďůĞ ďLJ ůĂǁ͕ ŝĨ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ĚŽĞƐ ŶŽƚ ĐƵƌĞ ƚŚĞ ďƌĞĂĐŚ Žƌ ĞŶĚ ƚŚĞ ǀŝŽůĂƚŝŽŶ ǁŝƚŚŝŶ ƚŚĞ ƚŝŵĞ ƐƉĞĐŝĨŝĞĚ ďLJ ŽǀĞƌĞĚ ŶƚŝƚLJ͖ ϮͿ /ŵŵĞĚŝĂƚĞůLJ ƚĞƌŵŝŶĂƚĞ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ĂŶĚ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ ďLJ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ͕ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƉĞƌŵŝƐƐŝďůĞ ďLJ ůĂǁ͖ Žƌ ϯͿ /Ĩ ŶĞŝƚŚĞƌ ƚĞƌŵŝŶĂƚŝŽŶ ŶŽƌ ĐƵƌĞ ŝƐ ĨĞĂƐŝďůĞ͕ ƌĞƉŽƌƚ ƚŚĞ ǀŝŽůĂƚŝŽŶ ƚŽ ƚŚĞ ^ĞĐƌĞƚĂƌLJ ĂƐ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚĞ WƌŝǀĂĐLJ ZƵůĞ͘ Đ͘ ĨĨĞĐƚ ŽĨ dĞƌŵŝŶĂƚŝŽŶ͘ ϭͿ džĐĞƉƚ ĂƐ ƉƌŽǀŝĚĞĚ ŝŶ ƉĂƌĂŐƌĂƉŚ ;ϮͿ ŽĨ ƚŚŝƐ ƐĞĐƚŝŽŶ Žƌ ŝŶ ƚŚĞ ŽŶƚƌĂĐƚ Žƌ ďLJ ŽƚŚĞƌ ĂƉƉůŝĐĂďůĞ ůĂǁ Žƌ ĂŐƌĞĞŵĞŶƚƐ͕ ƵƉŽŶ ƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ĂŶĚ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ ďLJ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ͕ ĨŽƌ ĂŶLJ ƌĞĂƐŽŶ͕ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ƐŚĂůů ƌĞƚƵƌŶ Žƌ ĚĞƐƚƌŽLJ Ăůů WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ŽǀĞƌĞĚ ŶƚŝƚLJ͕ Žƌ ĐƌĞĂƚĞĚ Žƌ ƌĞĐĞŝǀĞĚ ďLJ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ŽŶ ďĞŚĂůĨ ŽĨ ŽǀĞƌĞĚ ŶƚŝƚLJ͘ dŚŝƐ ƉƌŽǀŝƐŝŽŶ ƐŚĂůů ĂƉƉůLJ ƚŽ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ŝƐ ŝŶ ƚŚĞ ƉŽƐƐĞƐƐŝŽŶ ŽĨ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ Žƌ ĂŐĞŶƚƐ ŽĨ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ͘ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ƐŚĂůů ƌĞƚĂŝŶ ŶŽ ĐŽƉŝĞƐ ŽĨ ƚŚĞ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ͘ ϮͿ /Ĩ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ĚĞƚĞƌŵŝŶĞƐ ƚŚĂƚ ƌĞƚƵƌŶŝŶŐ Žƌ ĚĞƐƚƌŽLJŝŶŐ ƚŚĞ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ŝƐ ŶŽƚ ĨĞĂƐŝďůĞ͕ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ƐŚĂůů ƉƌŽǀŝĚĞ ƚŽ ŽǀĞƌĞĚ ŶƚŝƚLJ ŶŽƚŝĨŝĐĂƚŝŽŶ ŽĨ ƚŚĞ ĐŽŶĚŝƚŝŽŶƐ ƚŚĂƚ ŵĂŬĞ ƌĞƚƵƌŶ Žƌ ĚĞƐƚƌƵĐƚŝŽŶ ŶŽƚ ĨĞĂƐŝďůĞ͘ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ƐŚĂůů ĞdžƚĞŶĚ ƚŚĞ ƉƌŽƚĞĐƚŝŽŶƐ ŽĨ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ƚŽ ƐƵĐŚ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ůŝŵŝƚ ĨƵƌƚŚĞƌ ƵƐĞƐ ĂŶĚ ĚŝƐĐůŽƐƵƌĞƐ ŽĨ ƐƵĐŚ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ƚŽ ƚŚŽƐĞ ƉƵƌƉŽƐĞƐ ƚŚĂƚ ŵĂŬĞ ƚŚĞ ƌĞƚƵƌŶ Žƌ ĚĞƐƚƌƵĐƚŝŽŶ ŝŶĨĞĂƐŝďůĞ͕ ĨŽƌ ƐŽ ůŽŶŐ ĂƐ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ŵĂŝŶƚĂŝŶƐ ƐƵĐŚ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ͘ ϲ͘ ' E Z > d ZD^ E KE /d/KE^ Ă͘ dŚŝƐ ŐƌĞĞŵĞŶƚ ĂŵĞŶĚƐ ĂŶĚ ŝƐ ƉĂƌƚ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ͘ ď͘ džĐĞƉƚ ĂƐ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚŝƐ ŐƌĞĞŵĞŶƚ͕ Ăůů ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ŽĨ ƚŚĞ ŽŶƚƌĂĐƚ ƐŚĂůů ƌĞŵĂŝŶ ŝŶ ĨŽƌĐĞ ĂŶĚ ƐŚĂůů ĂƉƉůLJ ƚŽ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ĂƐ ŝĨ ƐĞƚ ĨŽƌƚŚ ĨƵůůLJ ŚĞƌĞŝŶ͘ Đ͘ /Ŷ ƚŚĞ ĞǀĞŶƚ ŽĨ Ă ĐŽŶĨůŝĐƚ ŝŶ ƚĞƌŵƐ ďĞƚǁĞĞŶ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ĂŶĚ ƚŚĞ ŽŶƚƌĂĐƚ͕ ƚŚĞ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ƚŚĂƚ ŝƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ WƌŝǀĂĐLJ ZƵůĞ ƐŚĂůů ƉƌĞǀĂŝů͘ /Ĩ Ă ĐŽŶĨůŝĐƚ ƚŚĞŶ ƌĞŵĂŝŶƐ͕ ƚŚĞ ŽŶƚƌĂĐƚ ƚĞƌŵƐ ƐŚĂůů ƉƌĞǀĂŝů ƐŽ ůŽŶŐ ĂƐ ƚŚĞLJ ĂƌĞ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ WƌŝǀĂĐLJ ZƵůĞ͘ WĂŐĞ ϭϮϱ ŽĨ ϭϰϰ Ě͘ ďƌĞĂĐŚ ŽĨ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ďLJ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ ƐŚĂůů ďĞ ĐŽŶƐŝĚĞƌĞĚ ƐƵĨĨŝĐŝĞŶƚ ďĂƐŝƐ ĨŽƌ ŽǀĞƌĞĚ ŶƚŝƚLJ ƚŽ ƚĞƌŵŝŶĂƚĞ ƚŚĞ ŽŶƚƌĂĐƚ ĨŽƌ ĐĂƵƐĞ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ^ŝŐŶĂƚƵƌĞ ŽĨ ƵƚŚŽƌŝnjĞĚ ZĞƉƌĞƐĞŶƚĂƚŝǀĞ EĂŵĞ ŽĨ ŶƚŝƚLJ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ EĂŵĞ ĂŶĚ dŝƚůĞ d dŚĞ ƌĞŵĂŝŶĚĞƌ ŽĨ ƚŚŝƐ ƉĂŐĞ ŝƐ ŝŶƚĞŶƚŝŽŶĂůůLJ ůĞĨƚ ďůĂŶŬ͘ WĂŐĞ ϭϮϲ ŽĨ ϭϰϰ dd ,D Ed '͗ Zd/&/ d/KE K& &/E E / > KE /d/KE E > ' > d/KE ^hDD Zz dŚĞ D^ tŽƌĚ ƚĞŵƉůĂƚĞ ĨŽƌ dd ,D Ed '͗ Zd/&/ d/KE K& &/E E / > KE /d/KE E > ' > d/KE ^hDD Zz ŵĂLJ ďĞ ƌĞƋƵĞƐƚĞĚ ďLJ ĐŽŶƚĂĐƚŝŶŐ <ĞŶ ĂŚůŝŶ Ăƚ <ĞŶ͘ ĂŚůŝŶΛĚŚŚƐ͘ŶĐ͘ŐŽǀ͘ dŚĞ KĨĨĞƌ ŵƵƐƚ ĐŽŵƉůĞƚĞ ĂŶĚ ƐŝŐŶ ƚŚŝƐ ƚƚĂĐŚŵĞŶƚ͕ ĂŶĚ ŝŶĐůƵĚĞ ƚŚĞ ƌĞƋƵŝƌĞĚ ĚŽĐƵŵĞŶƚƐ ĂƐ ŝŶĚŝĐĂƚĞĚ ŚĞƌĞŝŶ͘ dŚĞ ƵŶĚĞƌƐŝŐŶĞĚ ŚĞƌĞďLJ ĐĞƌƚŝĨŝĞƐ ƚŚĂƚ͗ dŚĞ KĨĨĞƌŽƌ ŚĂƐ ŝŶĐůƵĚĞĚ ƚŚĞ ĨŽůůŽǁŝŶŐ ĚŽĐƵŵĞŶƚƐ ǁŝƚŚ ƚŚŝƐ ĐŽŵƉůĞƚĞĚ dd ,D Ed '͗ Zd/&/ d/KE K& &/E / > KE /d/KE E > ' > d/KE ^hDD Zz͘ Ă͘ ƵĚŝƚĞĚ Žƌ ƌĞǀŝĞǁĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ;ƉƌĞĨĞƌĂďůLJ ĂƵĚŝƚĞĚͿ ƉƌĞƉĂƌĞĚ ďLJ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ĞƌƚŝĨŝĞĚ WƵďůŝĐ ĐĐŽƵŶƚĂŶƚ ; W ĨŽƌ ƚŚĞ ƚǁŽ ŵŽƐƚ ƌĞĐĞŶƚ ĨŝƐĐĂů LJĞĂƌƐ͕ ŝŶĐůƵĚŝŶŐ Ăƚ Ă ŵŝŶŝŵƵŵ ďĂůĂŶĐĞ ƐŚĞĞƚ͕ ŝŶĐŽŵĞ ƐƚĂƚĞŵĞŶƚ͕ ĂŶĚ ĐĂƐŚ ĨůŽǁ ƐƚĂƚĞŵĞŶƚ ĨŽƌ ĞĂĐŚ LJĞĂƌ͘ DƵƐƚ ƉƌŽǀŝĚĞ ƚŚĞ ĐŽŶƚĂĐƚ ŝŶĨŽƌŵĂƚŝŽŶ ĨŽƌ ƚŚĞ W ͬĂƵĚŝƚ Ĩŝƌŵ͘ ď͘ dŚĞ ĐƵƌƌĞŶƚ DŽŶƚŚ ŶĚ ĂůĂŶĐĞ ^ŚĞĞƚ ĂŶĚ zĞĂƌͲƚŽͲ ĂƚĞ /ŶĐŽŵĞ ^ƚĂƚĞŵĞŶƚ Ăƚ ƚŚĞ ƚŝŵĞ ŽĨ ƉƌŽƉŽƐĂů ƐƵďŵŝƐƐŝŽŶ͘ Đ͘ dŚĞ ŵŽƐƚ ƌĞĐĞŶƚ ĐŽƌƉŽƌĂƚĞ ƚĂdž ĨŝůŝŶŐ KZ ŝŶĚĞƉĞŶĚĞŶƚ ĂƵĚŝƚ ƌĞƉŽƌƚ͘ /Ĩ ƐƵďŵŝƚƚŝŶŐ ƚŚĞ ŝŶĚĞƉĞŶĚĞŶƚ ĂƵĚŝƚ ƌĞƉŽƌƚ͕ ŵƵƐƚ ŝŶĐůƵĚĞ ĐŽŶƚĂĐƚ ŝŶĨŽƌŵĂƚŝŽŶ ĨŽƌ ƚŚĞ ĂƵĚŝƚ Ĩŝƌŵ͘ dŚĞ KĨĨĞƌŽƌ ŝƐ ŝŶ ƐŽƵŶĚ ĨŝŶĂŶĐŝĂů ĐŽŶĚŝƚŝŽŶ ĂŶĚ͕ ŝĨ ĂƉƉůŝĐĂďůĞ͕ ŚĂƐ ƌĞĐĞŝǀĞĚ ĂŶ ƵŶƋƵĂůŝĨŝĞĚ ĂƵĚŝƚ ŽƉŝŶŝŽŶ ĨŽƌ ƚŚĞ ůĂƚĞƐƚ ĂƵĚŝƚ ŽĨ ŝƚƐ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞ KĨĨĞƌŽƌ ŚĂƐ ŝŶĐůƵĚĞĚ Ă ďƌŝĞĨ ƐƚĂƚĞŵĞŶƚ ŽƵƚůŝŶŝŶŐ ĂŶĚ ĚĞƐĐƌŝďŝŶŐ ŝƚƐ ĨŝŶĂŶĐŝĂů ƐƚĂďŝůŝƚLJ͘ dŚĞ KĨĨĞƌŽƌ ŚĂƐ ŶŽ ŽƵƚƐƚĂŶĚŝŶŐ ůŝĂďŝůŝƚŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ƚĂdž ĂŶĚ ũƵĚŐŵĞŶƚ ůŝĞŶƐ͕ ƚŽ ƚŚĞ /ŶƚĞƌŶĂů ZĞǀĞŶƵĞ ^ĞƌǀŝĐĞ Žƌ ĂŶLJ ŽƚŚĞƌ ŐŽǀĞƌŶŵĞŶƚ ĞŶƚŝƚLJ͘ dŚĞ KĨĨĞƌŽƌ ŝƐ ĐƵƌƌĞŶƚ ŝŶ Ăůů ĂŵŽƵŶƚƐ ĚƵĞ ĨŽƌ ƉĂLJŵĞŶƚƐ ŽĨ ĨĞĚĞƌĂů ĂŶĚ ƐƚĂƚĞ ƚĂdžĞƐ ĂŶĚ ƌĞƋƵŝƌĞĚ ĞŵƉůŽLJŵĞŶƚͲ ƌĞůĂƚĞĚ ĐŽŶƚƌŝďƵƚŝŽŶƐ ĂŶĚ ǁŝƚŚŚŽůĚŝŶŐƐ͘ dŚĞ KĨĨĞƌŽƌ ŝƐ ŶŽƚ ƚŚĞ ƐƵďũĞĐƚ ŽĨ ĂŶLJ ĐƵƌƌĞŶƚ ůŝƚŝŐĂƚŝŽŶ Žƌ ĨŝŶĚŝŶŐƐ ŽĨ ŶŽŶĐŽŵƉůŝĂŶĐĞ ƵŶĚĞƌ ĨĞĚĞƌĂů Žƌ ƐƚĂƚĞ ůĂǁ͘ dŚĞ KĨĨĞƌŽƌ ŚĂƐ ŶŽƚ ďĞĞŶ ƚŚĞ ƐƵďũĞĐƚ ŽĨ ĂŶLJ ƉĂƐƚ Žƌ ĐƵƌƌĞŶƚ ůŝƚŝŐĂƚŝŽŶ͕ ĨŝŶĚŝŶŐƐ ŝŶ ĂŶLJ ƉĂƐƚ ůŝƚŝŐĂƚŝŽŶ͕ Žƌ ĨŝŶĚŝŶŐƐ ŽĨ ŶŽŶĐŽŵƉůŝĂŶĐĞ ƵŶĚĞƌ ĨĞĚĞƌĂů Žƌ ƐƚĂƚĞ ůĂǁ ƚŚĂƚ ŵĂLJ ŝŵƉĂĐƚ ŝŶ ĂŶLJ ǁĂLJ ŝƚƐ ĂďŝůŝƚLJ ƚŽ ĨƵůĨŝůů ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ŽŶƚƌĂĐƚ͘ dŚĞ KĨĨĞƌŽƌ ĂĐŬŶŽǁůĞĚŐĞƐ ƚŚĂƚ ƚŚŝƐ ŝƐ Ă ĐŽŶƚŝŶƵŝŶŐ ĐĞƌƚŝĨŝĐĂƚŝŽŶ͕ ĂŶĚ ƚŚĞ KĨĨĞƌŽƌ ƐŚĂůů ŶŽƚŝĨLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚŝŶ ĨŝĨƚĞĞŶ ;ϭϱͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ŽĨ ĂŶLJ ŵĂƚĞƌŝĂů ĐŚĂŶŐĞ ƚŽ ĂŶLJ ŽĨ ƚŚĞ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ ŵĂĚĞ ŚĞƌĞŝŶ͘ WĂŐĞ ϭϮϳ ŽĨ ϭϰϰ /Ĩ ĂŶLJ ŽŶĞ Žƌ ŵŽƌĞ ŽĨ ƚŚĞ ĨŽƌĞŐŽŝŶŐ ďŽdžĞƐ ŝƐ EKd ĐŚĞĐŬĞĚ͕ ƚŚĞ KĨĨĞƌŽƌ ƐŚĂůů ĞdžƉůĂŝŶ ƚŚĞ ƌĞĂƐŽŶ ŝŶ ƚŚĞ ƐƉĂĐĞ ďĞůŽǁ͗ KĨĨĞƌŽƌƐ ĂƌĞ ĞŶĐŽƵƌĂŐĞĚ ƚŽ ĞdžƉůĂŝŶ ĂŶLJ ŶĞŐĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ ŝƚƐ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚ ďĞůŽǁ ĂŶĚ ĂƌĞ ĞŶĐŽƵƌĂŐĞĚ ƚŽ ƉƌŽǀŝĚĞ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ƐƵƉƉŽƌƚŝŶŐ ƚŚŽƐĞ ĞdžƉůĂŶĂƚŝŽŶƐ͗ LJ ĐŽŵƉůĞƚŝŶŐ ƚŚŝƐ ĞƌƚŝĨŝĐĂƚŝŽŶ ŽĨ &ŝŶĂŶĐŝĂů ŽŶĚŝƚŝŽŶ ĂŶĚ >ĞŐĂů ĐƚŝŽŶ ^ƵŵŵĂƌLJ͕ ƚŚĞ KĨĨĞƌŽƌ ĂĨĨŝƌŵƐ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ĨŝŶĂŶĐŝĂůůLJ ƐƵƉƉŽƌƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂŶĚ ŽŶͲŐŽŝŶŐ ĐŽƐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚŝƐ ŽŶƚƌĂĐƚ͕ ĂŶĚ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ƐŝŐŶŝŶŐ ĐĞƌƚŝĨŝĞƐ ŚĞ Žƌ ƐŚĞ ŝƐ ĂƵƚŚŽƌŝnjĞĚ ƚŽ ŵĂŬĞ ƚŚĞ ĨŽƌĞŐŽŝŶŐ ƐƚĂƚĞŵĞŶƚƐ ŽŶ ďĞŚĂůĨ ŽĨ ƚŚĞ KĨĨĞƌŽƌ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ^ŝŐŶĂƚƵƌĞ ĂƚĞ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ WƌŝŶƚĞĚ EĂŵĞ dŝƚůĞ dŚĞ ƌĞŵĂŝŶĚĞƌ ŽĨ ƚŚŝƐ ƉĂŐĞ ŝƐ ŝŶƚĞŶƚŝŽŶĂůůLJ ůĞĨƚ ďůĂŶŬ͘ WĂŐĞ ϭϮϴ ŽĨ ϭϰϰ ATTACHMENT H: CLIENT REFERENCES The MS Word template for ATTACHMENT H: CLIENT REFERENCES may be requested by contacting Ken Dahlin at Offerors must provide four (4) client references for which it has provided services of similar size and scope to that requested herein. The Department prefers at least three (3) references for state Medicaid programs. If three (3) state Medicaid programs are not provided, Offeror must include a statement explaining why. The Offeror must complete the reference table below for each Reference Requirement, and sign the bottom of this attachment to include in your proposal. The Department may contact these clients to determine the services provided are substantially similar in scope to those proposed herein, and that the Offeror?s performance has been satisfactory. The Offeror must also state the state Medicaid agencies where the Offeror has provided Enrollment Broker services, including the number of bene?ciaries for the services of each agency. The information obtained in this attachment will be considered in the evaluation of the proposal. CO tact Company Name and ompany With Summary of services provided which are relevant to the scope and Add email address and nt of th' RFP res: phone number requ reme 1. 2. 3. 4. 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In future years. the State and la comma be able to streamllne process. Page 132 of 144 Process Flow: Enrollment into Medicaid PHP (2) Comm ens Medicaid MC: Managed Can Conversion? MC Exempt (Tribal) Enrollee submits plan selection form or contacts the E8 or choice counseling MC Exempt - (EH TP Default) Mandatory MC Enrollee does not a plan or opt for choice comma? Enrollees con disenroll and change PHP enrollment far90 days following coverage effective date so days to make mp and selection without cause MC Excl. PHPs to send welcome packet within 5 business X: days of receipt of enrollment ?le and no later than 10 business Nam days prior to MC launch ?inciuded dates asume statewide roll-out or region 1 Screen new applicants for SP exemption] 8H tailored plan eligibility based on claims history ?Trihal members will remain in FPS and receive a notice from the Sute tint they can opt-into mound care and should contact the ?8 for choice counseling ?State will need to develop process to ensure all members are assigned to managed care prior to go-llve ??Auto assignment ofthe PCP at the PHP will take into account historical medical home Enrollees can switch plans from auto-assigned PHP by conmctins the ea" Page 133 of 144 Enrol-e opts for choice counseling days prior Emlioo do? NOT opt for choice counseling PI-IP contacts wrolioc to inform him or her that coverage expires within 30 daysand to ?math. suto MCM- to rod-tannin. Medicaid eligibility on and whom podatno Enrol?: am elm. and sham HIP hm humus 00th so don ?lming cm My. wlrhout cause (by! of ?e '-lncludu on pom Mot. bond on available dm Ind rod-t. oomph-d vi- pn-popuhud form. now-d ox pom may hm morc timom sol-ct plan prior cow-nu mun! rim. rodent-mined Ineligible for Modlculd. intern-lion ?chm ulna no complete dinnroiimcm horn PHP DHHs um and a tribal onmlloo a notice on: Inkmn him or her aroma-many noel-m Pup/Dan or mum FF: "?if emotion 3 current drops from prelnm. Individual mt abet now pint or be nub-mun?! no new plan (pronoun foibw 1.4 through 1.8) Page 134 of 144 dd ,D Ed <͗ D E ' Z hdKͲ ^^/'ED Ed >'KZ/d,D dŚĞ ĞƉĂƌƚŵĞŶƚ ŵƵƐƚ ĚĞǀĞůŽƉ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĂůŐŽƌŝƚŚŵƐ ƚŽ ďĞ ƵƐĞĚ ĨŽƌ ĞǀĞƌLJ ďĞŶĞĨŝĐŝĂƌLJ ǁŚŽ ŝƐ ĚĞƚĞƌŵŝŶĞĚ DĞĚŝĐĂŝĚ ĞůŝŐŝďůĞ ĂŶĚ ĚŝĚ ŶŽƚ ƐĞůĞĐƚ Ă W,W ĚƵƌŝŶŐ ƚŚĞŝƌ ĐŚŽŝĐĞ ƉĞƌŝŽĚ Žƌ DĞĚŝĐĂŝĚ ĂƉƉůŝĐĂƚŝŽŶ ƉƌŽĐĞƐƐ͖ ƚŚĞ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĂůŐŽƌŝƚŚŵ ŵĂLJ ďĞ ƵƐĞĚ ŝŶ ŽƚŚĞƌ ŝŶƐƚĂŶĐĞƐ ĚĞĞŵĞĚ ĂƉƉƌŽƉƌŝĂƚĞ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ĂƐ ƌĞƋƵŝƌĞĚ ďLJ ƐƚĂƚĞ Žƌ ĨĞĚĞƌĂů ůĂǁ͖ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ Ăƚ ŝƚƐ ƐŽůĞ ĚŝƐĐƌĞƚŝŽŶ͕ ŵĂLJ ĐŚŽŽƐĞ ƚŽ ŶŽƚ ƵƐĞ ƚŚĞ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĂůŐŽƌŝƚŚŵ͘ ϭͿ dŚĞ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĂůŐŽƌŝƚŚŵ ĨŽƌ ƚŚĞ ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ ŝƐ ĚĞĨŝŶĞĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐŽŵƉŽŶĞŶƚƐ ŝŶ ƚŚŝƐ ŽƌĚĞƌ͗ ĂͿ tŚĞƚŚĞƌ ďĞŶĞĨŝĐŝĂƌLJ ŝƐ Ă ŵĞŵďĞƌ ŽĨ Ă ƐƉĞĐŝĂů ƉŽƉƵůĂƚŝŽŶ ;Ğ͘Ő͘ ĨŽƐƚĞƌ ĐĂƌĞ͕ , /ͬ dW ĞůŝŐŝďůĞ͕ Žƌ ƚƌŝďĂůͿ͕ ďͿ ĞŶĞĨŝĐŝĂƌLJ͛Ɛ ŐĞŽŐƌĂƉŚŝĐ ůŽĐĂƚŝŽŶ͕ ĐͿ ,ŝƐƚŽƌŝĐ ƉƌŽǀŝĚĞƌͲďĞŶĞĨŝĐŝĂƌLJ ƌĞůĂƚŝŽŶƐŚŝƉ͕ ĚͿ WůĂŶ ĂƐƐŝŐŶŵĞŶƚƐ ĨŽƌ ŽƚŚĞƌ ĨĂŵŝůLJ ŵĞŵďĞƌƐ͕ ĂŶĚ ĞͿ ƋƵŝƚĂďůĞ ƉůĂŶ ĚŝƐƚƌŝďƵƚŝŽŶ ǁŝƚŚ ĞŶƌŽůůŵĞŶƚ ƐƵďũĞĐƚ ƚŽ W,W ĞŶƌŽůůŵĞŶƚ ĐĞŝůŝŶŐƐ ĂŶĚ ĨůŽŽƌƐ ƉĞƌ W,W ƚŽ ďĞ ƵƐĞĚ ĂƐ ŐƵŝĚĞƐ͘ ϮͿ dŚĞ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĂůŐŽƌŝƚŚŵ ĨŽƌ ŶĞǁ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ĞŶƌŽůůĞĚ ĂĨƚĞƌ ĐƌŽƐƐͲŽǀĞƌ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ŝƐ ĚĞĨŝŶĞĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐŽŵƉŽŶĞŶƚƐ ŝŶ ƚŚŝƐ ŽƌĚĞƌ͗ ĂͿ tŚĞƚŚĞƌ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŝƐ Ă ŵĞŵďĞƌ ŽĨ Ă ƐƉĞĐŝĂů ƉŽƉƵůĂƚŝŽŶ ;Ğ͘Ő͘ ĨŽƐƚĞƌ ĐĂƌĞ͕ ŵĞŵďĞƌ ŽĨ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐ Žƌ ďĞŚĂǀŝŽƌĂů ŚĞĂůƚŚ ŝŶƚĞůůĞĐƚƵĂůͬĚĞǀĞůŽƉŵĞŶƚĂů ĚŝƐĂďŝůŝƚLJ ; , /ͬ Ϳ ƚĂŝůŽƌĞĚ ƉůĂŶ ;dWͿ ĞůŝŐŝďůĞͿ͕ ďͿ WůĂŶ ĂƐƐŝŐŶŵĞŶƚƐ ĨŽƌ ŽƚŚĞƌ ĨĂŵŝůLJ ŵĞŵďĞƌƐ͕ ĐͿ ĞŶĞĨŝĐŝĂƌLJ͛Ɛ ŐĞŽŐƌĂƉŚŝĐ ůŽĐĂƚŝŽŶ͕ ĚͿ WƌĞǀŝŽƵƐ W,W ĞŶƌŽůůŵĞŶƚ ĚƵƌŝŶŐ ƉƌĞǀŝŽƵƐ ϭϮ ŵŽŶƚŚƐ ;ĨŽƌ ƚŚŽƐĞ ǁŚŽ ŚĂǀĞ ͞ĐŚƵƌŶĞĚ͟ ŽŶͬŽĨĨ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞͿ͕ ĂŶĚ ĞͿ ƋƵŝƚĂďůĞ ƉůĂŶ ĚŝƐƚƌŝďƵƚŝŽŶ ǁŝƚŚ ĞŶƌŽůůŵĞŶƚ ƐƵďũĞĐƚ ƚŽ W,W ĞŶƌŽůůŵĞŶƚ ĐĞŝůŝŶŐƐ ĂŶĚ ĨůŽŽƌƐ ƉĞƌ W,W ƚŽ ďĞ ƵƐĞĚ ĂƐ ŐƵŝĚĞƐ͘ ϯͿ ƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ŵĂLJ ĂůƐŽ ďĞ ƵƐĞĚ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ŝŶƐƚĂŶĐĞƐ͗ ĂͿ ZĞĚĞƚĞƌŵŝŶĞĚ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ďͿ ZĞŶĞǁŝŶŐ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽƐĞ ƉůĂŶƐ ŚĂǀĞ ďĞĞŶ ĚŝƐĐŽŶƚŝŶƵĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ƐĂŵĞ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĂůŐŽƌŝƚŚŵ ƵƐĞĚ ĨŽƌ ŶĞǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ĐͿ ĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ůŽƐĞ ďƵƚ ƚŚĞŶ ƌĞŐĂŝŶ DĞĚŝĐĂŝĚ ĞůŝŐŝďŝůŝƚLJ ǁŝƚŚŝŶ Ă ƚŚƌĞĞͲŵŽŶƚŚ ƉĞƌŝŽĚ ƚŽ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ͛Ɛ ƉƌĞǀŝŽƵƐ W,W ƵŶůĞƐƐ ƚŚĞ W,W ŝƐ ŶŽƚ ŽĨĨĞƌĞĚ ŝŶ ƚŚĞ ƌĞŐŝŽŶ Žƌ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŝŶĚŝĐĂƚĞƐ ŝŶ ǁƌŝƚŝŶŐ ƚŚĂƚ ŚĞ Žƌ ƐŚĞ ǁŝƐŚĞƐ ƚŽ ĞŶƌŽůů ŝŶ ĂŶŽƚŚĞƌ W,W͘ /Ĩ ƚŚĞ W,W ŝƐ ŶŽƚ ŽĨĨĞƌĞĚ͕ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ǁŝůů ďĞ ĂƵƚŽͲĂƐƐŝŐŶĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ƐĂŵĞ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĂůŐŽƌŝƚŚŵ ƵƐĞĚ ĨŽƌ ŶĞǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ĚͿ ĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ŚĂǀĞ ďĞĞŶ ĚŝƐĞŶƌŽůůĞĚ ƵƉŽŶ W,W ƌĞƋƵĞƐƚ ǁŝůů ďĞ ĂƐƐŝŐŶĞĚ ƚŽ Ă ŶĞǁ W,W ďĂƐĞĚ ŽŶ ƚŚĞ ƐĂŵĞ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĂůŐŽƌŝƚŚŵ ƵƐĞĚ ĨŽƌ ŶĞǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ dŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĐĂŶŶŽƚ ďĞ ƌĞĂƐƐŝŐŶĞĚ ƚŽ ƚŚĞ W,W ƌĞƋƵĞƐƚŝŶŐ ĚŝƐĞŶƌŽůůŵĞŶƚ͘ WĂŐĞ ϭϯϱ ŽĨ ϭϰϰ ATTACHMENT L: ENROLLMENT BROKER REPORTING REQUIREMENTS processing plan selection requests Reporting recruitment Frequency Description 1. Implementation 3, Initial upload of eligibility Once The initial Medicaid and NC Health Choice ?le eligibility ?le uploaded to the EB Platform in advance of the open enrollment period. b. Accurate upload of Once The ?le upload of the eligibility ?le with no eligibility ?le errors or data rejections. c. EB Integration of Once The accurate Proxider Directory is Consolidated Provider implemented and available per the Directory Implementation Plan 2. Enrollment a. Number of active Weekly and i. By mail. call center. in-person enrollment enrollments initiated and and web-based em?ollment platform processed during open ii. By population type cross-over. new enrollment and plan bene?ciary. redetermination. special selection periods population) By PHP selected b. Number of Bene?ciaries ?/88le and i. By mail. call center. in-person enrollment actively selecting a AMI-I and web-based enrollment platfomi: or PCP during the open ii. By population type (eg. cross-over. new enrollment and plan bene?ciary. redetermination. special selection periods population) c. Average length of time for Weekly and i. By mail. call center. in-person enrollment and web-based enrollment platform ii. By population type cross-over. new bene?ciary. redetermination. special population) 2. Bene?ciary requested disenrollment disemollments: in process a. Number of Without cause Weekly and i. By disenrolling PHP disenrollments: requests ii. By new selection By without cause reason b. Number of without cause Weekly and i. By disenrolling disenrollments: denials ii. By without cause reason By reason for denial c. Number of without cause and i. By disenrolling disenrollments: approvals ii. By new PHP selection By without cause reason iv. Average length of time for to e?ecmate disenrollment (1. Number of without cause Weekly and i, By disenrolling ii. By new PHP selection Page 136 of 144 By without cause reason e. Number of with cause Weekly and iv. By disenrolling PHP in process v. By new PHP selection vi. By with cause reason vii BLurgent vs non-urgent medical need f. Number of with cause Weekly and By disenrolling PHP disenrollments: requests ix. By new PHP selection x. By with cause reason xi. By urgent vs non-urgent medical need g. Number of with cause Weekly and i. By diseurolling PHP diseurollments: denials ii. By with cause reason By reason for denial iv. By urgent VS non-urgent medical need h. Number of with cause Weekly and i. By disenrolling PHP disenrollments: approvals ii. By new PHP selection By with cause reason iv. By urgent vs non-urgent medical need v. Average length of time to effectuate disenrollmeut (in days) 3. PM Requested Disenrollmen! a. Number of PHP requested Weekly and i. By requesting PHP disenrollments: Requests ii. By reason for request b. Number of PHP requested Weekly and i. By requesting PI-IP dismrollments: Denials ii. By reason for request By reason for denial c. Number of PHP requested Weekly and i. By requesting PHP disenrollments: Approvals ii. By new PHP assignment Average length of time to effectuate disenrollment (in days) (1. Number of PHP requested Weekly and By requesting PHP disenrollments: in process iv. By reason for request 4. State Initiated Weekly and i. Number processed Disenrollmenl ii. Breakdown by reason g. system error or PHP program departure) 5. Disenrollmenl due (0 Weekly and i. Number processed Loss ofEtigibiIity or ii. Breakdown by reason g. death. loss of at eligibility due to incarceration or long-term NF stay) 6. Call Center a. Nimiber of calls received Weekly and i. By population type cross-over. new bene?ciary. redetermination, special population) ii. 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Number of and reason for referrals to county D88 and PHI-IS o?ices Number of and reason for referrals to PHPs iv. Number of and reason for referrals to Ombudsman p. Call Center Outage When a Caller Center The time of the outage. duration. and root-cause Outage occurs of the outage. 7. Customer Service Member satisfaction data based on the Satisfaction Surveys de?ned surveys. 8. Website i. Number of Visits and page views ii. Number of PHP searches processed Number of searches requested iv. Number of emails/secure messages received through the website v. Average response time for email/secure message responses vi. Average response time for email con?rmations following PHP selection 9. Mailings i. Number of requests for member education materials to be sent by mail ii. 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It provides a strategy for business recovery and work around procedures should the system and its infrastructure fail. Possible events taken into account in developing this plan are disasters, both natural and man-made, up to and including complete destruction of the facility 3/$1 2%-(&7,9(6 This business recovery plan: „ &DSWXUHV WKH HVVHQWLDO DVSHFWV RI WKH EXVLQHVV SURFHVV VXSSRUWHG E\ WKH V\VWHP „ 'RFXPHQWV D ZD\ WR FRQWLQXH EXVLQHVV VKRXOG WKH V\VWHP IDLO „ 'RFXPHQWV WKH EXVLQHVV UHFRYHU\ SURFHGXUHV IRU UHWXUQ WR RSHUDWLRQDO VWDWXV „ 'RFXPHQWV D ZD\ WR FRQYHUW EDFN WR EXVLQHVV DV XVXDO DIWHU WKH V\VWHP LV DYDLODEOH 6<67(0 29(59,(: +RZ GRHV WKLV DSSOLFDWLRQ V\VWHP RSHUDWH DQG ZKDW GRHV LW GR" &20081,&$7,21 3/$1 Notification :KHQ WKH DSSOLFDWLRQ LV XQDYDLODEOH ZKR LV QRWLILHG DQG KRZ"" 52/(6 5(63216,%,/,7,(6 $1' $87+25,7< WĂŐĞ ϭϰϭ ŽĨ ϭϰϰ List areas of support and roles of each. Example: Application Support: An Application analyst is responsible for the following: Hardware Support A MaPS Systems Engineer is responsible for the following: Database Support A DBA is responsible for the following: Business Recovery Services Vendor for Distributed Platforms: x 'HVFULEH VHUYLFHV RI EXVLQHVV UHFRYHU\ YHQGRU LI DSSOLFDEOH &URVV 5HIHUHQFHV None 3/$1 ,1,7,$7,21 Criteria for Restoration of the Business Process due to a Business Disruption The business recovery procedures described in this contingency plan will be invoked when one or more of the following takes place: %86,1(66 5(&29(5< 352&('85(6 ^ĞĐƚŝŽŶ /͗ ƉƉůŝĐĂƚŝŽŶ ^ƵƉƉŽƌƚ ^ƚĂĨĨŝŶŐ 7KH VWDII WKDW QHHGV WR EH LQYROYHG LQ WKH UHFRYHU\ SURFHVV ƋƵŝƉŵĞŶƚ ĂŶĚ ŽŵƉŽŶĞŶƚƐ 7KH HTXLSPHQW DQG FRPSRQHQWV VKRXOG EH OLVWHG LQ WKHLU HQWLUHW\ LQFOXGLQJ TXDQWLWLHV DQG DWWULEXWHV 7KLV LV DOO RI WKH KDUGZDUH WKDW WKH EXVLQHVV XQLW PXVW VXSSO\ 7KLV LQFOXGHV DOO QHFHVVDU\ HTXLSPHQW SDUWLFXODU WR WKLV DSSOLFDWLRQ WĂŐĞ ϭϰϮ ŽĨ ϭϰϰ WƌŽĐĞĚƵƌĞƐ ,QFOXGH SODQV IRU DFTXLULQJ UHSODFLQJ DQG DOWHUQDWH VLWLQJ RI DQ\ HTXLSPHQW QHHGHG ^ŽĨƚǁĂƌĞ ĂŶĚ ĂƚĂ ĂĐŬƵƉ WƌŽĐĞĚƵƌĞƐ 7KLV LV DOO RI WKH VRIWZDUH WKDW WKH EXVLQHVV XQLW PXVW VXSSO\ DQG KRZ LW LV EDFNHG XS ^ŽĨƚǁĂƌĞ ĂŶĚ ĂƚĂ ZĞĐŽǀĞƌLJ WƌŽĐĞĚƵƌĞƐ +RZ WKH VRIWZDUH LQ WKH DERYH SURFHGXUH LV UHVWRUHG ^ƵĐĐĞƐƐŝŽŶ WůĂŶ Application Support Order of Succession: 1DPH 7LWOH $UHD &RGH DQG 3KRQH 1XPEHU 9HQGRU 3URGXFW 6HUYLFH &RPPRGLWLHV $UHD &RGH DQG 3KRQH 1XPEHU sĞŶĚŽƌ >ŝƐƚ Suppliers: ^ĞĐƚŝŽŶ //͗ ,ĂƌĚǁĂƌĞ ^ƵƉƉŽƌƚ Staffing 7KH VWDII WKDW QHHGV WR EH LQYROYHG LQ WKH UHFRYHU\ SURFHVV ƋƵŝƉŵĞŶƚ dLJƉĞƐ (TXLSPHQW DQG W\SH ůŝĞŶƚ ƋƵŝƉŵĞŶƚ͗ 'RFXPHQW DQ\ VSHFLDOW\ HTXLSPHQW IRU WKH FOLHQW LI DQ\ &RQVLGHU LI ZRUNVWDWLRQ HTXLSPHQW UHTXLUHPHQWV VKRXOG EH OLVWHG KHUH RU DUH LQFOXGHG LQ D GLIIHUHQW VHFWLRQ RI WKH %XVLQHVV &RQWLQXLW\ 3ODQ ƉƉůŝĐĂƚŝŽŶ ƋƵŝƉŵĞŶƚ 'RFXPHQW LI DQ\ WĂŐĞ ϭϰϯ ŽĨ ϭϰϰ ƋƵŝƉŵĞŶƚ ZĞĐŽǀĞƌLJ WƌŽĐĞĚƵƌĞƐ +RZ LV HTXLSPHQW UHFRYHUHG" ^ŽĨƚǁĂƌĞ ĂŶĚ ĂƚĂ ĂĐŬƵƉ WƌŽĐĞĚƵƌĞƐ 7KH IROORZLQJ VWHSV ZLOO EH WDNHQ WR EHJLQ WKH EXVLQHVV EDFNXS SURFHVV 'RFXPHQW SURFHGXUHV ^ŽĨƚǁĂƌĞ ĂŶĚ ĂƚĂ ZĞĐŽǀĞƌLJ WƌŽĐĞĚƵƌĞƐ 7KH IROORZLQJ VWHSV ZLOO EH WDNHQ WR EHJLQ WKH EXVLQHVV UHFRYHU\ SURFHVV 'RFXPHQW SURFHGXUHV ^ƵĐĐĞƐƐŝŽŶ WůĂŶ Hardware Support Order of Succession: 1DPH 7LWOH $UHD &RGH DQG 3KRQH 1XPEHU 9HQGRU 3URGXFW 6HUYLFH &RPPRGLWLHV $UHD &RGH DQG 3KRQH 1XPEHU sĞŶĚŽƌ >ŝƐƚ Hardware Services Suppliers: WĂŐĞ ϭϰϰ ŽĨ ϭϰϰ State of North Carolina Department of Health and Human Services REQUEST FOR PROPOSAL (RFP) Addendum #1 Date: March 19. 2018 RFP Number: 30-180090 RFP Enrollment Broker Services Purpose of Addendum: Extension of Agency Response to Vendor Questions RFP Submission DateITlme: April 13. 2018 - ET COMMENTS: 1. The Department of Health and Human Services? answers to vendor questions for the above referenced RFP will be posted on the NC Interactive Purchasing System (IPS) on March 20. 2018. Execute Addendum RFP Number: ISO-180090: Vendor: I I Authorized Signature: Name and Title (Print); Charles K. Sweenev IL Vice President - Leqal Date. April 10l 2018 6WDWH RI 1RUWK &DUROLQD 'HSDUWPHQW RI +HDOWK DQG +XPDQ 6HUYLFHV 5(48(67 )25 352326$/ 5)3 $GGHQGXP $GGHQGXP ([KLELW ± 5HYLVHG $77$&+0(17 & &267 352326$/ $GGHQGXP ([KLELW ± 5HYLVHG $77$&+0(17 % 7(&+1,&$/ 5(63216( ,16758&7,216 5HYLHZ $OO 6HFWLRQV LQ WKLV $GGHQGXP &RPSOHWH 6HFWLRQ ± $GPLQLVWUDWRUV IRU WKH &RQWUDFW 5HWXUQ RQH SURSHUO\ H[HFXWHG FRS\ RI WKLV $GGHQGXP ZLWK \RXU 7HFKQLFDO 3URSRVDO )DLOXUH WR VLJQ DQG UHWXUQ WKLV $GGHQGXP PD\ UHVXOW LQ WKH UHMHFWLRQ RI \RXU SURSRVDO 6(&7,216 $JHQF\ 5HVSRQVH WR 9HQGRU 4XHVWLRQV $GPLQLVWUDWRUV IRU WKH &RQWUDFW 5HYLVLRQV WR 2ULJLQDO 5)3 ([KLELWV $GGHQGXP ([KLELW ± 6HFWLRQ ,9 $ Table 6 – Key Service Level Metrics 'DWH 0DUFK 5)3 1XPEHU 5)3 'HVFULSWLRQ (QUROOPHQW %URNHU 6HUYLFHV 3XUSRVH RI $GGHQGXP $JHQF\ 5HVSRQVH WR 9HQGRU 4XHVWLRQV 5HYLVLRQV WR 2ULJLQDO 5)3 5)3 6XEPLVVLRQ 'DWH 7LPH $SULO ± 30 (7 Addendum Exhibit 4 - Revised ATTACHMENT M: ANTICIPATED CONTRACT REQUIREMENTS AND IMPLEMENTATION SCHEDULE Execute Addendum RFP Number: 30-180090: Vendor. MAXIMUS Health Services. Inc. Authorized Signature: 19-45% Name and me (Print): Charles K. Sweeney ll. Vice President - Legal Date: Ann! 101 2018 'ugc 2 ul?57 Section 1 - Agency Response to Vendor Questions No. Category Reference Vendor Question Agency Response 1 . General Section I - Introduction, A. Vision for NC's Medicaid Transformation. pages 1-6. Is there an incumbent enrollment broker contract or is this a new requirement? If there is an incumbent, may I ask who is providing this service and when that contract expires? The requirement for an Enrollment Broker is new to North Carolina Medicaid to support Managed Care. General Electronic lntegration/Trmeline The project timeline is predicated upon the state securing contracts in 2018. and establishing connections to support plan enrollment. Can the state con?rm that all plan contracts managed care program for the Phase 1 Counties/Regions will be executed not later than 120 days prior to January 1. and if delayed, will the Enrollment Broker still have 120 days for testing ?le transfers and other communications to the prior to the start of enrollment? Offerors should specify lead times for testing and other activities to meet the implementation schedule and contract requirements in their technical proposal. See Addendum Exhibit 4 - Revised ATTACHMENT M: ANTICIPATED CONTRACT REQUIREMENTS AND IMPLEMENTATION SCHEDULE. General Technical Clinical each of the Managed Care Organizations be required to use standard paperwork and standard guidelines for service guidelines (guidelines for visits allowed for example) for all Medicaid populations so that providers (like us) will have standard forms to use and will have standard requirements for all children and families enrolled (similar to the current Medicaid Program which has one standard for forms. rates, and the authorization process) The Department?s expectations of PHPs regarding standardization and prior authorizations are outlined in the numerous policy and concept documents including the Managed Care Bene?ts and Clinical Coverage Policies concept paper and Proposed Medicaid Managed Care Program Design. For more information see. for example' transformation Submission Requirement P18. 9. Required Proposal Submission Item 9 indicates that all Attachments (A- N) are to be included with the proposal. Some of these Attachments are documents that do not require a response Attachments I-N). Would the State please confirm that Attachments I-N are to be included in the proposal. even though a response is not required. The entire RFP. including all attachments, must be included as part of the Offeror?s Response. Page 3 of 57 Submission Requirement p. 19. ll.A.10. Proposal Submission Is Attachment C. Cost Proposal (and all ?nancial information) to be included with the Technical Proposal? If not. would the State like the same number of copies? No. the Technical Proposal and Cost Proposal should be submitted separately and clearly marked as such. See Addendum Section 3 - Revisionm the Original RF P. Submission Requirement p.23. ll.A.14. Administrators for the Contract With which document(s) from section ll.A.9 should the Offeror include the tables found in section If they are to be part of the Technical Proposal. is there a specific section under which they should be included? The Offeror must complete Addeggum Sec ?with the Offeror?s Contract Administrators. Submission Requirement II. General Procurement Information Notice to Offerors. Section A.11.g. page 21 -22 The requirement in the RFP references 26 U.S.C 6103 and IRS Publication 1075. (Tax Information Security Guidelines for Federal. State. and Local Agencies). In addition to HIPAA. 42 U.S.C. 1320(d) (Health Insurance Portability and Accountability Act). Typically. we do not expect an enrollment broker to encounter federal tax return Information supplied by the IRS. Can the Department clarify how/under what circumstances compliance with 26 U.S.C. 6103 and IRS Publication 1075 may be required? The Enrollment Broker must comply with any instances and circumstances under these requirements may apply. Submission Requirement General Question Section ll.A.15. Page 25 To allow for participating vendors to put compile their best price/solution for the state of NC. can we request a 2-week extension on the proposal due date from 4/13/18 to 4/27/18. Given the timeframes outlined in the RFP. and that some questions regarding the RFP requirements may result in scope clari?cations that materially impact Offeror's solutions. will the Department consider a 2-week extension. so that Offerors have suf?cient time after answers to questions are provided March 19 to produce the best value proposal for the Department? Due to the schedule to implement Medicaid Transformation. the Department cannot modify the Response Submission Date of April 13. 2018. Page 4 of 57 10. Submission Requirement p. 1 03. Attachment ll.A.2.e.i. page 15 Attachment B. Page 103 In order to be able to utilize the maximum space provided by page limits. is it acceptable to not use the exact Word template provided but rather one's own template that follows the requirements in order from Attachment in pursuit of not sacri?cing the quality of our submitted document while maintaining sustainability. is it allowable to reformat the required MS Word Template for Attachment 8: Technical Response to better accommodate diagrams. exhibits. examples. or sketches? There are no font requirements speci?ed for the proposal submission. Attachment is setup using Cailbri. font size 9 and 10. Does the Offeror need to adhere to this font type and size for Attachment 8? See the instructions in ddendum #2 i it RESPO SE. While the Department did not indicate a font requirement it prefers the Offerors utilize the to the extent possible. 11. Submission Requirements and page limits for Technical Response Attachment Attachment B. Page 103 p. 103 Attachment B. North Carolina Medicaid and NC Health Choice Enrollment. p. 106. Language Accessibility and Cultural Competency #6 Section il .H, page 66 p.110, Business Continuity Plan #2 p. 111. Implementation Plan #2 Are diagrams. exhibits, examples. and sketches included in the listed page count requirements in Attachment 8? Would the State please exclude sample resources and education materials from the page limit? In addition to the cultural competency samples. would the State consider excluding the existing materials with taglines from page count? Given the role of the Call Center in serving bene?ciaries on behalf the Department, and how the Enrollment Broker needs to respond with the right detail to the numerous requirements in RFP Section ll .H, including a sample AVRS decision tree, would the Department consider allowing 15 pages Yes, see Addendum Exhibit 2 Revised ATTACHMENT B: TECHNICAL RESPONSE. Page 5 of57 for the response to this section plus the three additional pages for sample scripts? Would the State consider allowing the sample disaster recovery plan to be excluded from page count? Would the State consider allowing the detailed Implementation Plan to be excluded from page count? 12. Submission Requirement General Section H. 3 a. b. c. d-page 66 Section I. 6.b.iv. page 73 3. Page 68 9; Page 70 Will information be posted in a Procurement Library to provide projected volumes and metrics related to telephony (call volumes. call types. handle times. etc). images/documents (inbound/outbound volumes. types. etc)? if not. please provide volumes metrics to aid In the estimation process. What is the anticipated call volume? What is the anticipated average call length? What is the anticipated max concurrent call number? What is the anticipated number of minutes per month? How many Toll-Free numbers are required? in order to estimate email volumes. can the Department provide any metrics on: 0 volumes of disenrollment requests. both denied and approved? - volumes (or estimated volumes) on the number of secure messages that the Department posts to their portal? 0 volumes on the number of grievances per year? Please provide call volumes related to the number of calls expected to be As this is a new initiative. the Department does not have projected volumes or metrics. images or documents to provide. The Offeror should use their experience with similar requirements and clients to provide estimates within their response The Department has not stated a requirement as to transfers that are standard call center or unassisted call transfers to the Department?s (FFS) Provider and Medicaid call centers. county 088 or EBCI PHHS of?ces. and all participating PHPs or MCOs. The Offeror should use their experience with similar requirements and clients to provide estimates within their response. Page 6 01'57 transferred to the Department?s (FFS) Provider and Medicaid call centers, county 088 or PHHS of?ces, and all participating Pl-iPs or LME-MCOs. Please confirm that transfers are standard call center or unassisted call transfers to these entities. 13. Submission Requirement Section lil.N. pages 79-80 is the Offeror required to submit resumes for each key personnel named in the RFP. or may the Offeror propose combining some key roles. where there may be advantages to the Department and bene?ciaries. such as with Outreach? The Offeror must submit all required information as stated in Section Staffing and Key Personnel, 1-4. The Offeror is encouraged to propose additional or supplemental options that may be advantageous to the Department. 14. Contract Section HAS. 0.. Page 18 The RFP states the Department may "negotiate directly with one or more Offerors." Can the Department confirm that the SOW will be awarded to only one contractor? The intent of the Department is to award to a single Enrollment Broker. 15 Technical TP Introduction Page 3. 4. Tailored Plans Can you give more specific information about how the children for tailored plans will be identi?ed as having a need to be in the Tailored Plans? Please provide an example. Will they be identi?ed by a "New Process" or are they already identi?ed by an existing set of criteria? For example, I am aware that they may be identi?ed by the Early intervention Program or by speci?c medical. behavioral. intellectual criteria. We serve children with medical conditions and/or with developmental disabilities who have speech. occupational therapy and/or physical therapy needs. i am interested in knowing if these children will be set up under the "Tailored Plans" or the Standard Plans based on speci?c existing or new criteria. More information about Tailored Plans. as proposed by the Department, including criteria for populations eligible for and process for selecting Tailored Plans is available at: Concept?per 20181109.pd 209 ?/020201 7 The Tailored Plan model is subject to North Carolina General Assembly approval. 16. Technical 3.1; Page 6 5. a: Page 69 13: Page 71 Are the following terms synonymous? Are these terms interchangeable from an RF perspective? - Enrollment Broker's Plan Selection Tool. The terms are not synonymous or interchangeable. See: a. Section ill. H. Ca/l Center Support. 5; Page 7 of 57 - Call documentation software. - Enrollment Broker?s Bene?ciary Management Platform Section Enrollment Services Website. 6: and 0. Section J. Bene?ciary Management Platform. 1?7. 17 Electronic Communication Page 14 Has the State already de?ned the format for use of secure tokens SAML 2.0) or is the intention for the Offeror to provide recommendations? Yes. the Department has de?ned the format and will provide to the Enrollment Broker award ed the Contract. 18. Electronic Communication Page 13 What technology would the Enrollment Broker use to access these systems remotely? Will the state allow a network communication using an internet site secure VPN tunnel for accessing the state systems? Are these systems web accessible? Can the state provide additional information regarding the state systems? Are these a web interface system. thin client Citrix platform. or mainframe system? The requirement is a VPN tunnel for accessing Department and State systems. 19 Technical- Populations 2. l. A. Paget How will each of the population groups be identified? For example - - Will bene?ciaries be assigned an Aid Code and will the Aid Code be the sole criterla for identifying the population group? - Can a beneficiary belong to more than one group eg. and Foster care? If so will the EB be required to utilize a hierarchy to effectively limit the member to a single population group? The NC FAST eligibility and determination process will identify the aid program category classification. The Enrollment Broker will access this information via NCFAST. 20. Technical- IIA.1.-page7 H.4.?page 68 B. 7. b. lv. 5? page 49 me 7 b. iv. 7?page49 We recommend the Department provide a definition of what constitutes a ?Business day" especially given the Contact Center is required to operate on Saturday's (even if the Saturday falls on a holiday) however entities such as the State or the Postal Service may not operate on such days. Business days are defined as traditlonal workdays. Monday-Friday and include traditional work hours 8:00 AM -5:00 PM EST State holidays are excluded. A list of North Carolina State holidays is located at See Addendum #2 Section 3 - Revisions to the Ori ina RFP that adds a definition for Page 8 ol?57 We respectfully recommend. the Business Day and modifies speci?c business Department utilize a speci?c de?nition and calendar day distinctions of the original such as the one below: RFP. Business Days: means any day other than a Saturday. Sunday. or State holiday as speci?ed by There are numerous requirements mandating deliverables based on a calendar day schedule .within one 1) calendar day of receipt. calendar day. . .within twenty-four (24) hours day after Should these deliverable events not be based on a business day schedule since the calendar day even may fall on a weekend of holiday. For the purposes of compliance with contractual Service Level Agreements. the de?nition is further clarified as any event that takes place before 8:00 am. is considered as starting day-one of the business day clock. Events after 8:00 am. do not trigger day-one of the clock until the follow busrness day. For instance. if mail is delivered by the US. Postal services at 11 am. on Monday and the contractor has two business days to process the mail; then the contractor shall have until the Close of Business on VVednesday. Technical- Auto ll A. 1. f. - Page 8 This requirement appears to be in con?ict See Section Assignment 4 'll 46 with other sections of the RF (for a. 8. North Carolina Medicaid and NC c. page example B. 6.) in which it would appear Health Choice Enrolment, 6.b that states the Enrollment Broker (E8) is not "The Enrollment Broker shall accept responsible for performing Auto auto-assignment from the Department at Assignment. Please clarify as to who will a frequency no less than once per day. be responsible for performing Auto with the Department desiring a real-time Assignments. interaction._The Department shall be the source of truth for PHP enrollment, and Furthermore. we do not believe it is the the Enrollment Broker shall maintain this Department's intent to Auto Assign a Page 9 01?57 bene?ciary, in real time, that has called into the Contact Center but fails to make a choice while speaking to a CSR. information to support future choice counseling." b. 2. System Interface Plant. 9 which states the Department shall be responsible for auto-assignment. 22. Technicai~ De?nition B. 4. -page47 Portions of this requirement parents, guardians. appear to be in con?ict with the requirement stated in ii. A. 1. pp on page 11 that only the Head of Household, and presumably the authorized representative, are the only persons that may make enrollment decisions for the entire household. 23. Technical ill 8. 7. - page 47 Some requirements in this section appear to be contradictory to the Stated goal that Mandatory beneficiaries are not allowed to select fee-for-service (unless they have an exemption, managed is being phase in etc.). However. as written this section makes it appear Mandatory bene?ciaries can select FS. Please clarify Mandatory bene?ciaries cannot select fee- for-service. Individuals who are ?exempt? from Medicaid Managed Care may choose to enroll In either fee-for-service or Medicaid Managed Care. individuals who are ?excluded? are required to remain enrolled in fee-for-service and do not have the option to enroll in Medicaid Managed Care. Children in foster care, children In adoptive placement, former foster children Up to age twenty-six (26), members of federally recognized tribes and individuals receiving Long-term Services and Supports in institutional and community- based settings may switch plans without cause at any point 24. Technical- Call Center lii B. 7. c. v. 3 page 50 - Is the EB required to follow up by mail even if the beneficiary was reached by phone? 0 How many call attempts. and over what elapsed time period. is the EB required to make. Assuming the vendor is required to mail a notice only if the bene?ciary was not reached. this citation should be amended to state the mailing should be Initiated one day after the call attempts have been completed. We assume the call attempt is to be made within the closest one business day following the receipt of an incomplete from. the Original RFP that modi?es requirements. No. the Enrollment Broker is not required to follow up by mail if the bene?ciary was reached telephonicaliy. The Department does not have additional requirements about how the follow up is initiated. As stated in Section 8. North Carolina Medicaid and NC Health Choice Enrollment, 7 a.r'x and b.ir'i. the Department requires the Enrollment Broker to develop policies and Page of57 - May the EB utilize an automated system initiate the call? If a live contact is established, the system would connect the bene?ciary to a CSR else the system would leave a message for the beneficiary when an answering device is detected and furthermore will the message be considered as having satis?ed the requirement to contact the bene?ciary? internal process ?ows, subject to Department review and approval prior to implementation. which describe the ?with cause". ?without cause" and PHP requested disenrollment process. 25. Technical- Region p.52 Section Bene?ciary Suppon Part ill. Sedion 0.2. pg. 52 Are there preliminary thoughts on the regions and/or anticipated number of beneficiaries that will be included in phase 1? Could the Department please clarify the roll~out timeline for Phase and which regions would be applicable in order to predict all and other activity demands? Could assumptions be provided to bidders for Phase 2 for the remaining 4 regions for similar purposes? The Department does not have additional information related to which regions or the number of bene?ciaries who will be included in Phase l. The Department cannot provide assumptions for Phase 2 regions. 26. Technical- Mailing p.53 Section Bene?ciary Suppon Please con?rm that mailings will be to the household and not each individual bene?ciary household with a mother and two children will receive one welcome packet. not three). NC FAST currently collects information which identi?es a person who is the primary contact for each bene?ciary. The Department will provide this information to the Offeror and negotiate the number of packets to be mailed to a household. 27. Technical- Populations p.54 Section Bene?ciary Suppon How will new bene?ciaries that apply during the cross-over period be handled by the Enrollment Broker? See Section II. A. 1 De?nitions. Cross-over population: the cross-over population includes anyone identi?ed as eligible prior to June 30, 2019. including new members identi?ed after soft launch. during the open enrollment period and before managed care go live. Requirements for this population are stated throughout the RF P. 28. Technical- Cross-over p.55 Section Bene?Ciary Suppon Given the impact on scope and pricing. please clarify what is meant by "the enrollment broker should propose an open enrollment period for each new population transitioned to managed care?. How should the potential roll out for these See Section Bene?ciary Support under Managed Care, 5 for requirements on "Special populations to be phased into managed care after cross-over population enrollment.? Page II ot?57 populations be assumed by proposers to ensure comparable bids? 29. Electronic communication Section ill.D.5.c. page 55 Does the Department envision sending emails for proactive outreach during open enrollment? If so, how large is this population? If so. please con?rm the Department is gathering email address and the Enrollment Broker will have access for the Phase 1 and 2 transitions of fee-for-service enrollees. Yes. the Department envisions sending emails for proactive outreach as a potential op?on The Department cannot determine the population at this time. Yes. the Department is gathering the email address and will provide access to the Enrollment Broker. 30. Technical- Notices lIl.E.f(Page 59) The RFP talks about sending a notice of resolution of a grievance to the bene?ciary. Is this the only notice generation which is in scope for the Enrollment Broker? Please con?rm that all other notices/welcome packets are sent out by the Department or the Can DHHS provide a list of other notices (if any) that the Enrollment Broker is expected to send out to the bene?ciary during this process? See Section E. Beneficiary Grievances, 1. e-f. See Section T. Security and Audit Requirements. 3 requires "the contractor to give affected persons written notice of a security breach arising out of the contractor's performance under this contract. the contractor must bear the cost of the notice". See Section D. Bene?ciary Support Under Managed Care. 2. c. ii. and 5.c.i for Welcome Packet requirements. 31. Technical- Outreach General Can the state con?rm that ?in person" means activities supported at outreach events or at the County of?ces. and not at the Enrollment Broker's operational facility? There are no requirements which specify ?in person" activities must occur or be available at the Enrollment Broker's operational facility. 32. Data ill G. 13. - Page 66 - Could the department provide an estimated volume of beneficiaries by language spoken? The Department estimates languages spoken by beneficiaries are. 93% English; 6% Spanish; and 1% other. 33. Technical web Section page 64 In addition to meeting the requirements in Section G.6.e, is there a requirement for the entire website to be in a language other than English? The prominent foreign language in NC is Spanish, and many of our other clients have requested their See Section Language. Accessibility. and Cuttural Competency, 1-18 for requirements. Page I2 of57 website in Spanish in addition to English. so we'd like clari?cation on language requirements for the entire website. Communication /Language page 66 While we can provide the option for users to ?lter by language (plans don't usually have a language associated with them). is there any expectation for the enrollment website to collect a language preference as part of the enrollment process? Or is the Department collecting any information related to bene?ciary language preference during the eligibility application process? The Department collects language preference during the eligibility application process and stores this information in NCFAST. 35. Electronic submission Section G.6.e. page 64 Will bene?ciaries be expected to login to the secure portion of the Enrollment Services websites mobile app directly. or will they only come through the Department's NC FAST or ePass website? If logging in directly from the Enrollment Services website. will bene?ciaries be expected to use the same login credentials from the Department's NC FAST or ePass website? Bene?ciaries can log into the Enrollment Brokers website directly. however the Offeror will need to utilize the State's service for authentication. 36. Technical- web Section page 72 Can the Department please confirm the State's website and mobile standards are primarily concerned with the ?look and feel" standards for a seamless experience. such as matching a state's color palette. traditional web site standards, and for 508 compliances. and does not mandate speci?c design and navigational implications which would require extensive customization to meet the required website standards? For example. white listed website templates can be cost effectively con?gured to match the overall design of ePass, DHHS. and NC FAST (log in page), if these are representative examples of existing websites. The Department is not requiring the Enrollment Broker to modify and enhance their website. However. the Enrollment Broker must align their website with the look and feel to Department and State standards. Page l3 of57 37. Technical -web Section Ill. .5.a. page 72 Section states that the website must include the de?ned education materials. Can the Department con?rm the ?defined eduwtion materials" are those materials produced by the Enrollment Broker on the Department's beha?? ?Defined education materials" are those developed by the Enrollment Broker on the Department?s behalf. plus additional education materials as requested by the Department that may be developed or obtained from other sources determined to supplement or complement Enrollment Broker education materials. 38. Technical- web Section page 72 Section talks about educational materials that include must be secured by login. What materials does the Department expected to contain PH l/Pll information and to be on the website? See Section Enrollment Services Website. 1 and 5. 39. Technical 3m; Page 68 Please provide the satisfaction survey questions required to fulfill this requirement. The Department does not have satisfaction survey questions The Offeror should use their experience to propose and submit sample survey questions. 40. Technical Call Center 5. Page 69 Please confirm that this requirement is to assist the Enrollment Broker in a more effective call distribution to CSRs based on the 5 populations served by North Carolina Medicaid. The Call Center requirements are designed to reduce the administrative burden on and provide easy access for Medicaid bene?ciaries to manage their enrollment needs 41. Technical - Call Center 5.a; Page 69 7; Page 70 Please con?rm that the requirement is to ensure that the ?call documentation software" provides a history of previous member calls/contacts handled by the Enrollment Broker. Please con?rm that the requirement is for the ?call documentation software" contains current status of bene?ciary demographic. member enrollment and eligibility information using NCTracks/NC FAST as the system of record for these data points. Please con?rm that this requirement is to ensure that the state has the ability to monitor the Enrollment Broker performance for quality assurance purposes and the ability to monitor the CSR call recordings from a remote location (not physically within the Enrollment Broker's facility). The requirements are stated in Section ill. Call Center Support. Page l-l of57 42. Electronic Communication 6h; Page 70 Please provide the data criteria that the state will provide for the Enrollment Broker to determine how the messages will be personalized (or relevant) for the caller. Please provide examples of a ?personalized" message. "Personalized" refers to an identi?ed group of potential callers with a common interest or issue that has been proactively identi?ed or a high-volume of calls on a speci?c issue from a particular group. The data criteria will depend on the issue to be addressed. An example of a personalized message could be to inform a speci?c group of an extended deadline for an action. 43. Technical - web l. Enrollment Services Website for the Mobile app questions, page 72 in addition to meeting the requirements in Section G.6.e. is there a requirement for the entire mobile app to be in a language other than English? Section IN. Language. Accessibility, and Cultural Competency. 12 and 14 require materials to be available in Spanish. Therefore. this would include the mobile app. Technical - web I. Enrollment Services Website for the Mobile app questions. page 72 There are some functions that are not well suited to mobile apps. and are best performed in other channels. including via websites. so that bene?ciaries have the best experience. Will the state grant discretion for the Offeror to propose the appropriate channels for certain functions? The Offeror should include in their proposal their approach to meeting the requirements of Section Enrollment Services Website and any limitations and/or alternatives where needed. 45. Electronic Communication l2; Page 72 Has the State already defined a format and protocol for exchange of user lD/password pairs between the integrated systems. or is it the State's expectations that the Offeror shall provide recommendations? Yes. see Section Security and Audit Requirements. 14. 46. Technical-web Section ill. .6.a and Section lil.l.6.b. page 73 Section talks about providing a plan selection tool for "potential members" when "applying for Medicaid". If a member is applying for Medicaid, they haven?t been deemed eligible yet. Therefore. would having a plan comparison tool on the public website ful?ll this requirement? Section lli.l.6.b appears to require integration with Department's portal and logins. in lieu of a public portal. so an the Department please clarify the expectation for potential members applying for Medicaid for using the plan selection tool? The Offeror should include in their proposal their approach to meet the requirements stated in Section Hi. i Enrollment Servrces Website Page l5 01?57 47. Electronic communication Section I, 6.b.iv, page 73 In order to send an email notifying a user of a secure message in the Department?s ePass website. we will need to obtain email addresses. Does the Department currently collect email addresses? Will the Department con?rm it will manage the opt in/opt out of email and will transmit email addresses to the Enrollment Broker for meeting this requirement? Does the Department currently send email? If so. an the Department provide current volumes. with a breakdown of email type/subject. so that vendors can attempt to estimate future volumes? Beneficiaries that have elected to receive noti?cations electronically within NC FAST (opt in/opt out) will receive the notices within in a secure inbox functionality. NC FAST will transmit the email of the beneficiary to the Enrollment Broker. This is a new process within and current statistics are not available. 48. Electronic communication in order to estimate email volumes. can the Department provide any metrics on: 0 volumes of disenrollment requests, both denied and approved? . volumes (or estimated volumes) on the number of secure messages that the Department posts to their portal? . volumes on the number of The Department does not have estimates to provide at this time. 49. Electronic Communication 2; Page 76 grievances per year? Will the state allow a network communication using an internet site secure VPN tunnel for other vendors. entities. etc. systems? Yes. through a secure network in accordance with State Technology Architecture requirements. See Section Enrollment Information System Integration. 6. 50. Technical- Mailing p.77 Section L. Mailing Requirements ls postage a pass-through item that should be excluded from cost proposals or should postage be included in the bidder's price? Section [.05 and Addendum #2 Exhibit 3 - Revised ATTACHMENT C: COST PROPOSAL requires the Cost Proposal to be ?all inclusive." meaning postage should be included in the PMPM. Offerors should specify the PMPM related to printing and postage. and provide details regarding assumptions for postage costs in the in the Cost Proposal. 51. Technical- Mailing p.77 Section Malling Requirements Based on process flows it appears many project related mailings are handled by parties other than the enrollment broker. To ensure accurate resources are Mailing Requirements are specified in Section Ill.L Mailing Requirements. The Enrollment Broker must meet requirements speci?ed in other sections of the RFP which Page lo 01?57 proposed. please provide a concise list of all mailings required of the enrollment broker. specifying those that may be delivered electronically. reference mail correspondence with bene?ciaries, PHPs or the Department 52 Technical- Mailing Ill L. 3. Page 77 PCPs and PLEs available to a bene?ciary are based on the region in which the bene?ciary resides. A bene?ciary?s residence address may differ from their mailing address: - Will the EB maintain two sets of addresses for each bene?ciary (3 Residence Address and 3 Mailing address?). - Assuming two addresses are to be maintained? In the event the beneficiary mailing address has changed. how would the EB treat the Residence Address? Currently North Carolina collects and maintains demographic information including mailing and residential addresses in NC FAST. NC FAST is the source of truth for bene?ciary demographic information. For detailed requirements. see: Section Beneficrary Support Under Managed Care. 2.b Section J. Beneficiary Management Platform. 1 Section Mailing Requirements FP that modi?es requirements wlthin Section llI.L. Mailing. 53. Technical - Implementation Plan Page 78 Does the State expect to conduct joint design and integration planning exercises, or is the State open to Offeror suggesting an implementation schedule for these collaborative activities? The Department expects the Enrollment Broker to propose a plan and collaborate with the Department on the ?nal activities and schedule. Page 78 M2: Page 78 Has the State already de?ned the service descriptors (APl's). including the NIEM- based schema. that the Enrollment Broker is expected to consume. or is the State's expectations that the Offeror shall provide recommendations? Has the State already de?ned the service descriptors (APl's). including XML schema. for the Auto-Assignment service. or is the State expecting the Offeror to provide recommendations? Yes. the Department will de?ne the API. 55. Electronic Communication M.3: Page 79 Does the State expect to follow the CMS guidelines for NIEM-based XML schema and SOAP payload de?nitions as established by CMS or is the State The Department will establish guidelines in the context of Page l7 of57 expecting to the Offeror to provide recommendations? 56 Electronic Integration 79) is DHHS using ESB for integrating internal applications? Is the Enrollment Broker Offeror expected to use this existing architecture or Offeror shall provide recommendations and develop the ESB based on Yes. The Enrollment Broker is expected to use this existing architecture. 57. Technical FWA Section Cl. page 82 For the Enrollment Broker program lntegn'ty requirements, does the State envision any overlap with the NC Office of Compliance and Program Integrity? if so. what would the Enrollment Broker's responsibilities be in regards to coordination. reporting?r other activities? The Enrollment Broker should refer any suspicion of fraud. waste or abuse to the NC Of?ce of Program Integrity. 58. Technical FWA Section 0. page 82 in order to perform the program integrity functions for external fraud. abuse. or waste of bene?ts. program funds and misuse of the systems. the vendor would need access to state data sources to perform the work. ls it the Department's intention to have the vendor conduct these services? If yes. will we have access to claims or encounter data, eligibility data. provider data. or other State or Federal sources? it so. please list which systems we would requnre access to The Enrollment Broker's responsibility for external fraud. waste or abuse will be to refer any suspected cases to the NC Of?ce of Program integrity. The Enrollment Broker is expected to investigate any internal cases. but external cases should be referred based upon data and information within the Enrollment Broker?s systems. Access to State systems is not required. 59. Technical FWA Section 0. page 82 Will the Program Integrity functions for external fraud. waste. and abuse be speci?c to the information and data within the Enrollment Broker?s systems, prior to submission of enrollment data to the State system? Yes. 60. Technical FWA Section 0. page 82 Will the Enrollment Broker be expected to create processes. policies and procedures to investigate suspected fraud. abuse. and waste prior to enrollment during eligibility determination performed by County staff)? The Enrollment Broker?s responsibility for external fraud. waste or abuse will be to refer any suspected cases to the NC Of?ce of Program Integrity. The Enrollment Broker is expected to investigate any internal cases. but external cases should be referred based upon data and information within the Enrollment Broker?s systems. Access to State systems is not required. Page IS 01247 61. Technical- Enrollment Section 0. 1b, page 83 Can the state clarify ?enrollment" as it is used in this section? Does this refer to activities prior to the eligibility determination and enrollment into the Mediwid program. or does this refer to activities after eligibility determination and prior to enrollment into a Managed Care plan? See Section ILA. General Procurement Information. 1. jj for the de?nition of enrollment. 62. Electronic integration Page 83 Does the State already have a format for receiving the reporting attributes according to a NiEM-based schema definition, or is the State expecting the Contract to propose recommendations? The State has an existing implementation and will work with the Offeror to determine if specific reports should comply with the NIEM standard or be delivered in another format 63. Technical- Enrollment integration General Will beneficiaries be expected to login to the secure portion of the Enrollment Services websites directly. or will they only come through the Department?s NC FAST or ePass website? Yes. beneficiaries be expected to login to the secure portion of the Enrollment Services websites directly. Technical- Enrollment integration General if logging in directly from the Enrollment Services website. will bene?ciaries be expected to use the same login credentials from the Department's NC FAST or ePass website? Yes. 65. Technical- Reconciliation lil S.-Page 83 ill.S.5 (Page 85) ll .S.2 (Page 84) Please distinguish the differences between the Weekly. and reconciliation processes. Why is 3 reconciliation process required. if a full database reconciliation is performed weekly? is there a specific reason to reconcile on a basis? Since the reconciliation would happen on a weekly basis. it would catch any discrepancy between the systems. Can DHHS provide additional information on the method channel (Batch or Real- time?) that will be used to do this reconciliation? Will this reconciliation happen over a real-time interface or will DHHS send batch ?les on a basis? The difference between weekly and is. the weekly the reconciliation is performed at the end of the week and reconciliation is done at the end of the month The Department recognizes that after the implementation of Managed Care. the desire to have reconciliation may cease. and the Department will work with the Enrollment Broker to eliminate reconciliation at that time. he on i al RF that modi?es requirements within Section Reconcz/iation. The Department will work with the Enrollment Broker to ?nalize reconciliation methods and timing. Page I9 of57 66. Electronic Integration Sec S.3.e, page 84 of 144 Item requires that: The Enrollment Broker must provrde the Department with a weekly summary report of the Daily Paper Enrollment Transaction Reconciliation. . yet the RFP does not appear to include requirements for inbound mail processing or scanning of paper enrollment forms. Can the Department please identify these requirements and anticipated associated volumes, or delete this requirement? 67 T. Security and Audit Requirements. Section 5.c.ii.. page 87 The requirement in the RF states" The Offeror will provide attestation to their compliance and an industry recognized. third party assessment report performed annually. Types of these reports include: Federal Risk and Authorization Management Program certification, SOC 2 Type 2. SSAE 16 and ISO 27001 Can the State clarify that SSAE 18 would be suf?cient to meet requirements? Can the State con?rm that if using a party cloud hosting environment, certi?cation of the cloud hosting environment would be sufficient to attest to compliance? SSAE 16 does not meet the requirement. SSAE 18 Is suf?cient to meet requirements. may be used to meet this requirement. 68. Electronic Integration 9.a. page 88 For the lines of integration between the Systems shown in the context of Figure 2. has the State already established any of the service endpoint de?nitions Format 8. Protocol), or is the State expecting the Offeror to make recommendations? The Department is In the process of developing the services outlined in the diagram. 69. Electronic Integration T.9.b. page 88 1. May the Offeror utilize SFTP for exchange of the Daily, Weekly. and reconciliation files. or must those conform to web services protocol? 2. More speci?cally. for the exchange of ASC x12 EDI formatted tiles. does the The State has an existing NIEM implementation and will work with the Offeror to determine if specific reports should comply with the NIEM standard or be delivered in another format. Page 20 of57 State expect these to be using SFTP for data exchange or based web services? Currently the Department does not anticipate the Enrollment Broker exchanging file in ASC x1 2 format. 70. Electronic integration Page 89 1. Does the State have the NCID currently fully in operation for all State systems today? 2. Are usage guides available for implementing the necessary security protocols? if yes. can the Department please provide these? 3. Are est endpoints available for use during the implementation phase to confirm secure tokens? 4. Does the State have a designated third-party entity. such as to provide the two-way SSL security tokens. or is the State expecting the Offeror to make recommendations? 1 .Yes. 2. Yes. see Section Security and Audi! Requirements. 14. 3. Yes. our environments are Development. Pre-Production and Production. 4.Yes, we have a third-party entity that provides certi?cation and any website will fall under a State's domain. 71. T. Security and Audit page 89 Requirements. Section 12. Typically. in an Enrollment Broker environment. a SOC 2 Type 2 report confirms the controls relevant to operations. Can the Department con?rm this report would be suf?cient and other SOC reports would not be required in addition to it? SOC 2 Type 2 is required for application and hosting reports. and is sufficient for other reports. 72 Readiness Review Sec W, item 2; Page 92 Please provide a due date or timeline when the Readiness Review demonstration would be planned/scheduled. The Department will work with the Enrollment Broker Services Contractor on the schedule of activities. 73. Electronic integration W.h; Page 92 During the implementation phase. will the State be providing service endpoints in a non-production environment for testing the integration with identi?ed State systems? Yes. for NCID and Departmental environments. which are Development. Pre- Production and Production. 74. Electronic integration Page94 1. Does the State have an anticipated schedule for joint meetings to discuss and mutually agree on the file formats and transfer protocols. or is the expectation that the Offeror proposed a schedule for such meetings? 2. Does the State expect the Offeror to interactively submit drafts of the System interface Plan for review and approval of 1.The schedule will be established with the Enrollment Broker after award. 2. Yes PageZi 01?57 both a baseline of understanding and also for any changes during the contract penod? 75. Electronic Integration 2.0; Page 94 Does the State have a Help Desk already established for reporting of any perceived issues while attempting to access the required State services (either manually or automatically) during operations, or should the Offeror expect to also provide network level monitoring of the State services? The Department has a fully functional Help Desk that will perform this function. 76. Electronic Integration Z.d; Page 94 Will the State be providing schema validation rules for use by the Enrollment Broker. or does the Offeror need to provide this data validation using NIEM compliant tools (eg. Schematron)? The Department will be sending a NIEM compliant message to the Enrollment Broker?s systems. and expects a NIEM compliant message back. The Department will not provide any validation tools. 77. Electronic Integration Z.e: Page 94 Will the State provide Test Scenarios to validate the outcome of auto-assignment determination. or shall the Offeror be responsible for providing applicable test scenarios? The Department will manage all auto assignment functions and testing. 78. Electronic Integration Z.f; Page 94 Does the State already have the 834 EDI Companion Guide drafted for use by the Enrollment Broker. or does the State expect to have the Offeror provide any necessary Companion Guides? The 834 EDI is the Department's responsibility. 79. Electronic communication Section IV. page 99 Table 6.10 refers to ?Timely response to electronic correspondence." We are unable to locate requirements related to electronic correspondence that would appear to align with this metric. Can the Department please clarify which RFP requirements this applies to or remove this standard? See Addendum Section 3 - Revisions_tg i i 80. Technical- Mailing ATTACHMENT J. page 132 The process flows references ?Applicant submits application online. in-person, by telephone or by mail;" application includes PHP and PCP selection supplement" yet the RFP does not appear to include requirements for inbound mail processing or scanning of paper enrollment forms. Can the Department please identify these As referenced in Section NIB North Carolina Medicaid and NC Health Choice Enrol/ment4. and 5.b. ?The Enrollment Broker must provide. at a minimum. choice counseling and enrollment assistance over the phone. internet, by mail and in-person to assist with PHP selection enrollment assistance with selection." The Page 22 of57 requirements and anticipated associated volumes. or modify these process flows? Department cannot provide an anticipated volume. 13. the Original RFP. 81 Technical- Auto Assignment Attachment K: Managed Care Auto-Assignment Algorithm Please confirm that the Auto-Assignment Algorithm will be maintained in NC FAST by the Department. and is not required as part of the Enrollment Broker's system. The Department will manage all Auto- Assignment functions and testing. 82. Technical- Mailing ATTACHMENT L. item 2. Enrollment. a - c, page 136 Items a - reporting descriptions include references to reporting on enrollment applications "by mail" yet the RFP does not appear to include requirements for inbound mail processing or scanning of paper enrollment forms. Can the Department please identify these requirements and anticipated associated volumes. or modify these requirements? Section Bene?ciary Support Under Managed Care.2 specifies "If a beneficiary selects a PHP. the Enrollment Broker shall enter that PHP selection in their Bene?ciary Management Platform and transmit real-time via NC Fast." See Addendum Section 3 Revisions to on inal RFP. 83. Electronic communication Attachment L.8.iv-v. page 139 Attachment L.8.iv-v - of emaiVsecure messages received through the website average response time for email/secure message response. It is our understanding that secure email is to be managed through the Department's ePass secure inbox. Can the Department please clarify which RFP requirements this applies to or remove this standard? See Addendum #2 Section 3 Revisions to the Original RFP. 84. Electronic communication Attachment L.8.vi. page 139 Attachment L.8.vi refers to sending out email confirmation following PHP selection. Can the Department please clarify which RFP requirements this applies to or remove this standard? The RFP has various references and requirements related to email and electronic communications throughout. 85 Cost! Data Part I. Section A.6. Table 2. page 5 While we acknowledge that there are no current managed care operations. would the Department consider providing average handle times by activity type and by population type to enable a fair comparison between various bidders? PMPM rates? The Department does not have estimates of expected average handle times and will pay the selected vendor based on the PMPM rates (regardless of actual call volume). 86. Cost Part II, Section 8.3.c. page 26 Attachment When the Department evaluates bidders? costs through the formula of lowest cost divided by overall proposed cost, will the total Fee Price for the 5-year period on tab WS.1 (inclusive of implementation The Department declines to provide additional details regarding the scoring of costs and reserves the right to score some or all subtotals. totals. contract years or worksheets included in the cost proposal. Page 23 of 57 fees) be used as the numerical value to be evaluated? If not, please specify which price point will be evaluated. O?erors should propose competitive pricing for all components and worksheets and provide a reasonable allocation of fees across the contract term. 87 Cost Part II. Section B.3.c. page 26 /Attachment Can the Department please clarify the comment ?The proposal with the lowest cost for a particular section that is scored will receive the total number of points allocated for that section?" It did not appear that costs will be segregated beyond what is speci?ed as a single. evaluated numerical value. and that value will receive 25% of the points once run through_the scoring formula. The Department declines to provide additional details regarding the scoring of costs and reserves the right to score some or all subtotals. totals. contract years or worksheets included in the cost proposal. Offerors should propose competitive pricing for all components and worksheets and provide a reasonable allocation of fees across the contract term. 88. Cost Part II. Section B.3.c. pg. 26 Attachment Will the Department evaluate pricing on tabs W82. W33 and WS.4 as part of the evaluated price If yes. how will they be evaluated? If not. will these be evaluated separately. if at all? The Department declines to provide additional details regarding the scoring of costs and reserves the right to score some or all subtotals. totals. contract years or worksheets included in the cost proposal. Offerors should propose competitive pricing for all components and worksheets and provide a reasonable allocation of fees across the contract term. 89. Cost/Invoice Part II. Section E.22.e. pg. 36 Following the completion of a given month. when does the Department anticipate issuing the mandatory PHP enrollment bene?ciary report to the vendor for invoicing purposes? Will a mandatory PHP enrollment bene?ciary be counted in the report at the end of the month in which they were enrolled? The date the Department will provide an enrollment report for purposes of calculating fees will be determined during implementation. 90 Cost/Invoice Part II. Section 5.22}. pg. 37 Please con?rm that the Department considers the program fully implemented on January 1, 2019 (the soft launch). which signi?es payment eligibility of one- time implementation fees to the vendor. The Department will consider implementation completed when all Enrollment Broker services are operational based on contract requirements, including successful completion of readiness reviews and testing requirements. 91. Cost/lnvorce Part ll. Section E.22.g. pg. 37 Can the Department please con?rm that the process that will be used for determining ?deliverables accepted by the Please de?ne what constitutes acceptance. The Department?s process for determining whether deliverables are acceptable will vary in the same way the nature and complexity of the numerous deliverables under the contract vary. Services and deliverables must meet Page 24 01?57 the contractual requirements to be acceptable to the Department. 92. Cost/Invoice Part II. Section E.22.k. pg. 37 Could the Department please provide an example of a disputed invoice if the PMPM rate is pre-determined and the vendor adheres to the State-issued mandatory PHP enrollment beneficiary report. Disputed invoices may include. but are not limited to. an invoice paid by the Department that is subsequently determined to have reflected an error. such as incorrect enrollment. invoice period. and other issues as identified by the Department. 93 Cost/invoice Attachment C. Tab WS 1 . Core Services Fees. Table 1.2. page 114 Can the Department please provide enrollment activity expectations for the period from January 1 to March 2019? Does the Department have expectations for mandatory PHP enrollment bene?ciaries as signi?ed by the formula in cell C38 of tab WS. 1. Core Services Fees? 94 Cost Attachment C. Tabs WS.1 WS.2. Table 1.2. page 114 Does the Department seek a PMPM segregated by Call Center Services and Other Core Services for any other reason besides greater transparency into the pricing? When the vendor invoices the Department. will the two rates be summed together and multiplied by the mandatory PHP enrollment bene?ciary count issued by the Department. or would a different multiplier be used for either line item? These were segregated for greater transparency and to allow for comparison across WS 1 and WS 2. Offenors should explain in their pricing narrative how any variations in rates between WS 1 and WS 2 were developed. For invoicing purposes. the fees associated with call center services vs other core services must be displayed separately but the same enrollment number will apply to all PMPM rates. 95. Cost p. 114 Cost Proposal Please provide the assumed members by month for the ?rst year. To help us understand the payment structure. please indicate under the sample timeline on page 53 for what month the contractor would ?rst be paid the operational PMPM See Addendum Exhibit 3 - Revised CHM Cost p.117 Cost Proposal Are the hourly rates to be paid based on the number of hours that staff are actively engaged in support or based on the total number of hours a staff member is employed? Hourly Rates will be paid based on the number of hours of active support. Page 25 01'57 Section 2 Administrators for the Contract. The Offeror must complete this section. RFP Section II. A. 14 Administrators for the Contract The contract administrators are the persons to whom notices provided for in this contract shall be given. and to whom matters relating to the administration of this contract shall be addressed. Either party may change its administrator or his/her address and telephone number by written notice to the other party. The Offeror must complete the table below providing the Contractor's Contract Administrator's information. b. For the Offeror Contract Administrator for all contractual Issues listed herein Name Title Address 1 Physical Address Address 2 Mailing Address Telephone Number Fax Number Email Address Contract Administrator regarding day to day activities herein Name Title Address 1 Physical Address Address 2 Mailing Address Telephone Number Fax Number Email Address or Compliance Oli?icer' for all privacy matters herein' Name Title Address 1 Physical Address Address 2 MailingAddress Telephone Number Fax Number Email Address Page 26 of5'7 Section 3 Revisions to Original RFP Sec 'on I.A Vision for N05 Medicaid Transformation. ?rst paragraph is rewritten as follows: In September 2015. the North Carolina General Assembly (General Assembly) enacted North Carolina Session Law 2015-245. which was amended by Session Laws 2016-121 and 2017-57. directing the transition of North Carolina's Medicaid program from a predominately fee-for-service model? to a predominantly managed care model. The law requires the North Carolina Department of Health and Human Services (Department or DHHS). through the Divisron of Health Benefits (DHB), to implement a Medicaid managed care program that advances high-value care, improves population health, engages, and supports providers, and establishes a sustainable program with predictable costs. The Department?s goal is to improve the health of all North Carolinians through an innovative. whole-person centered. and well-coordinated system of care. which addresses both medical and non-medical drivers of hea?h. isio for 5 Medicaid Transfo ation ?rst paragraph footnote 1 is added as follows: The Department currently has a managed care delivery system for behavioral health and intellectual and developmental disabilities through local management entities/managed care organizations Fee for services as used throughout the document refers primarily to health services 3. Section General Procurement Information is rewritten to add a new de?nition as Section ll.A.1.j.i. as follows: Business Day: Monday through Friday 8:00am through 5:00pm. Eastern Time, except for North Carolina state holidays as de?ned by the Office of State Personnel 4. Section General Procurement Information. 1. no is rewritten as follows: pp Head of Household (HOH): The head of a household consisting of one or more PHP members. For purposes the pnmary contact for correspondence and notices. 10 is rewritten as follows: Sealed responses of the Offerors pr,oposal subject to the conditions made a part hereof and the receipt of requrrements described herein, must be received at the address indicated below. The Technical Proposal and Cost Proposal should be submitted separately and clearly marked as such. A MAILING ADDRESS FOR DELIVERY OFFICE ADDRESS FOR DELIVERY BY ANY OF PROPOSAL VIA U.S. POSTAL OTHER MEANS, SPECIAL DELIVERY, SERVICE OVERNIGHT DELIVERY. OR BY ANY OTHER CARRIER PROPOSAL NUMBER: 30-180090 PROPOSAL NUMBER: 30-180090 Attn: Ken Dahlin Attn? Ken DahIin Page 27 01?57 Department of Health and Human Department of Health and Human Services Services Office of Procurement and Contracts Of?ce of Procurement and Contracts 801 Ruggles Drive 2008 Mail Service Center Raleigh. NC 27603 Raleigh. NC 27699-2008 Offeror must deliver the followmg simultaneously to the address identified in the above by April 13, 2018 at 2:00 PM 8. One 1) signed. original executed response with the Technical Proposal and Cost Proposal submitted separately. Three (3) copies of the signed. original executed response with the Technical Proposal and Cost Proposal submitted separately: c. One 1) electronic copy of the signed, original executed response with the Technical Proposal and Cost Proposal submitted separately on CD. DVD. or ?ash drive marked RFP 30-180090: and d. One 1) electronic copy of the signed. original executed response with the Technical Proposal and Cost Proposal submitted separately redacted in accordance With 6.8. 132. the Public Records Act. on a separate CD, DVD, or ?ash drive marked RFP 30- 180090 - Redacted. For the purposes of this RFP. redaction means to edit a document by obscuring or removing information that is considered confidential and proprietary by the Offeror and meets the definition of Confidential lnforrnation set forth in 8 132-1 2. If the reSponse does not contain Confidential Infomiation. Offeror should submit a signed statement to that effect as RFP 30-180090 - Redacted. The electronic copies of the response must not be password protected. is the res on ibilit the ?eror oha a th have do uments an onic ies sicall in th regardless of the method of delivery. This is an absolute re uirement. The time of delivery will be marked on each proposal when received, and any proposal received after the submission deadline w_ill not be acce ted or evaluated. All risk of late arrival due to unanticipated delay. whether delivered by hand. US. Postal Service. courier or other delivery service or method. is entirely on the Offeror. Note that the US. Postal Service generally does not deliver mail to the street address above, but to the State '3 Mail Service Center stated above. The Offeror is cautioned that proposals sent via U. 8. Mail. including Express Mail. may not be delivered by the Mail Service Center to the Department's Purchasing Office on the Due Date and time to meet the proposal submission deadline. The Offeror is urged to take the possibility of delay into account when submitting a proposal. 6. Secti RF Evaluation Prooess.3.d is rewritten as follows: d.Scoring of proposals will re?ect the following weights/percentages: Minimum swims Meets/Does Not Agree to Terms Conditions Meet Page 28 of57 Financial Stability and Legal Action Disclosure Meets/Does Not Meet Experience: Enrollment broker services for Medicaid program with at least 400,000 bene?ciaries Meets/Does Not Meet Call Center support for choice counseling and enrollment broker services for open enrollment population of at least 400,000 Meets/Does Not Meet Integration with existing Medicaid program eligibility and customer service systems Meets/Does Not Meet Offerars receiving a ?Does Not Meet" score will be disquali?ed Scoring Weight/Percentage Technical Proposal Qualifications, Experience and Federal Requirements 4.0% NC Medicaid and Health Choice Enrollment 1.0% Member Appeals of Disenrollment 4.0% Beneficiary Support Under Managed Care 4.0% Beneficiary Grievances 4.0% Member Outreach, Education and Materials 4.0% Language Accessibility and Cultural Competency 2.0% Call Center Support 4.0% Enrollment Services Website and PHP Selection Tool 3.0% Bene?ciary Management Platform 2.0% Consolidated Beneficiary Facing Provider Directory 4.0% Mailing Requirements 1.0% Enrollment information System Integration 4.0% Staffing and Key Personnel 3.0% Account Management 1.0% Training 2.0% Fraud Waste and Abuse 3.0% Performance Reporting and Delivery Requirements 1.0% Reconciliation 3.0% Security and Audit Requirements 1.0% Business Continuity Plan 2.0% Page 29 of 57 Member Enrollment Satisfaction Survey 2.0% Readiness Review 2.0% Implementation Plan 3.0% System Interface Plan 3.0% Use Scenarios 3.0% References 2.0% Contract Performance and Sanctions 3.0% Total Technical Proposal 75.0% Cost Proposal 25.0% T0131 100.0% 7. Section Con act Terms and Condi ions is modi?follows: 38. This RFP/Contract is exempt from State contract review and approval requirements pursuant to 6.8. 39. This RF P/Contract is subject to approval by the Centers for Medicare and Medicald Servlces pursuant to 42 CPR. 8. Unless otherwise stated, all references to the number of days for an action or count of a period of time are calendar days. 9. Section North Carolina Medicaid and Health Choice Enrollment?. is rewritten as follows The Enrollment Broker shall accept auto-assignment from the Department at a frequency no less than once per business day, with the Department desiring a real-time interaction. 10. Section North Carolina Medicaid and Health Choice Enrollment.7.b.' .5 is rewritten as follows i. Follow up with member or authon'zed representative by phone and by mail if not reached telephonically on any incomplete "without cause" request form within one (1) business day of receipt of the request. 11. Section orth Carolina edicaid and Health oice roll ent.7.b.iv.7 is rewritten as follows 7. Notify the Department of denial or approval of the request within three (3) business days of receipt. 12. Section North Carolina Medicaid and Health Choice Enrollment]. c.v.3 is rewritten as follows 3. Follow up with members or authorized representatives by phone and by mail if not reached telephonically on any incomplete "without cause" request form within one (1) business day of receipt of the request: Page 30 of57 . .c.vi is rewritten as follows vi If the "With cause" request is non-clinical. as described in the section. the Olferor shall approve or deny all complete "with cause" requests based on if the requests meet the required ?with cause" policy reasons. and notify the Department of denial or approval of request within three business days of receipt of the request. The Department will notify the member or authorized representative of the denial or approval of non-clinical related ?with cause requests for disenrollment. 14. Section North Carolina Medicai?md Health Choice Enrollment.7.c.vii is rewritten as follows vii. if the "with cause" request is clinical. as described in the section. the Enrollment Broker shall transmit complete clinical-related ?with cause" request to the Department for processing within one 1) business of receipt. The Department shall receive. review. and approve or deny all complete clinical related "With cause requests for disenrollment on the same timeline required of the Enrollment Broker. The Department shall communicate the deci5ion of approval or denial of clinical related ?with cause" requests to the Enrollment Broker. and the member or the member?s authorized representative. 15. Section North Carolina Medica_Ld_and Health Choice Enrollment]. c. vlil is rewritten as follows The Enrollment Broker must allow for expedited review of ?with cause" disenrollment based on urgent medical need standard to include the Situation where continued enrollment in the PHP that could jeopardize the member?s life. physical or mental health. or ability to attain, maintain. or regain maximum function. Expedited disenrollment for urgent medical needs shall occur within three (3) calendar days after receipt. 16. Section Beneficiary Support Under MaLaqed Carez Ta_ble 3- Phase 1 Sample Cross-over Population Timeline is replaced with the following: Table 3 - Phase 1 Sample Cross-over Population Timeline Key activity Proposed date Enrollment Broker call center/website February 1. 2019 fully operational to support choice counseling and PHP selection Open enrollment period begins March 15. 2019 Open enrollment period ends May 15. 2019 PHP effective date July 1. 2019 Ninety (90)-day choice period begins July 1. 2019 Member may change PHPs without July 1. 2019 - September 29, 2019 cause Ninety (Sm-day choice period ends September 29. 2019 Member may change PHPs "with Ongomg cause" 17. Section Bene?ciary Support Under Manaqed Cares is rewritten as follows 9. The Enrollment Broker shall provide. at a minimum. the following to beneficranes with a serious mental illness, a serious emotional Page 3! ot'57 6HFWLRQ ,,, 0 (QUROOPHQW ,QIRUPDWLRQ 6\VWHP ,QWHJUDWLRQ LV UHZULWWHQ DV IROORZV 2.The State will continue to intake applications, determine the eligibility of a beneficiary, and auto assign PHPs in the NC FAST platform. Once eligibility is determined, NC FAST will pass the member to the Enrollment Broker. If no PHP is chosen during the application process in NC FAST, the beneficiary will be assigned to a plan utilizing the auto-assignment algorithm – as defined in APPENDIX K: MANAGED CARE AUTO-ASSIGNMENT ALORITHM. If the member chooses to change plans with or without cause, the Enrollment Broker will manage the choice counseling and the new PHP selection and pass the updated information to NC FAST. NC FAST will interface with NCTracks to coordinate enrollment effectuation with the PHPs. The transmission of PHP selection data 6HFWLRQ ,,, / 0DLOLQJ 5HTXLUHPHQWV LV UHZULWWHQ WR DGG DQG DV IROORZV 8. The Enrollment Broker must manage all inbound mail as required by State policy and Federal regulations. The Department will work with the Enrollment Broker to establish a centralized mailing address. All inbound mail should be scanned into electronic format and made available to the Department. The Department will work with the Enrollment Broker to determine appropriate file naming conventions. An example of inbound mail is the BH I/DD TP Assessment Form to be implemented after the launch of the BH I/DD TPs. 9. The Enrollment Broker must publish an address to which individuals may send correspondence. 3DJH RI 6HFWLRQ ,,, + &DOO &HQWHU 6XSSRUW V LV DGGHG DV IROORZV s. Electronic correspondence includes secure messaging and email with the Department and all entities, individuals and representatives included within this RFP. 6HFWLRQ ,,, , (QUROOPHQW 6HUYLFHV :HEVLWH D LV UHZULWWHQ DV IROORZV a. The Website must include, at a minimum, the defined educational materials in a web-readable format. Defined education materials” are those developed by the Enrollment Broker on the Department’s behalf, plus additional education materials as requested by the Department that may be developed or obtained from other sources determined to supplement or complement Enrollment Broker education materials. disturbance, a substance use disorder, or an intellectual / developmental disability, until implementation of BH/IDD Tailored Plans: a. The Enrollment Broker shall accept BH I/DD TP eligibility information, including whether the beneficiary defaults into a BH/IDD TP (or FFS and LME-MCO coverage prior to launch of BH/IDD TP) from the Department and use to support choice counseling and PHP selection; i. The Enrollment Broker shall accept from the Department updates on beneficiaries who the Department determines to be eligible to enroll in BH I/DD TP either through historical claims analysis or other means; b. The Enrollment Broker shall train their staff in providing consumer-specific supports to BH I/DD TP eligible population to support plan choice; c. The Enrollment Broker shall accept and act on requests for transfers from standard plans to BH I/DD TPs as allowable by the Department; d. The Enrollment Broker shall participate in the BH I/DD TP eligibility verification process by: i. Sending a blank BH I/DD TP Assessment Form to enrollees who self-identify; ii. Informing beneficiaries who can complete the assessment; and iii. Transmitting the completed BH I/DD TP Assessment Form to the Department for review. 6HFWLRQ ,,, 6 5HFRQFLOLDWLRQ G LV UHZULWWHQ DV IROORZV d. The Enrollment Broker must coordinate the requirements of the weekly reconciliation with the Department. The weekly electronic reconciliation will be a standing item in the Department’s bi-weekly status meetings with the Enrollment Broker as stated within this RFP. 6HFWLRQ ,,, 6 5HFRQFLOLDWLRQ D LV UHZULWWHQ DV IROORZV D As a component of its enrollment systems, the Enrollment Broker must design, develop, and implement a comprehensive monthly electronic reconciliation of all Enrollment, Disenrollment, and related transactions that it receives and processes from the Department. The monthly electronic reconciliation will be used to determine if the Enrollment Broker received and fully processed on its files all appropriate transactions forwarded by the Department 6HFWLRQ ,,, 8 %XVLQHVV &RQWLQXLW\ 3ODQ D LV UHZULWWHQ DV IROORZV a. Within thirty (30) days after the Contract Effective Date, the Offeror shall submit a Business Continuity Plan, to include disaster recovery processes, which provides a detailed description of its disaster contingency and recovery plan for all requirements specified in this RFP. The Offeror will demonstrate how it will restore call center operations within twenty-four (24) hours and resume all remaining operations within three (3) calendar days following a natural or manmade disaster. The plan shall meet recognized industry standards for security and disaster recovery requirements. The plan shall identify disaster situations (e.g., fire, flood, terrorist event, hurricanes/tornadoes), which could result in a major failure. For each identified situation, the Offeror shall explain in detail the: 6HFWLRQ ,,, 6 5HFRQFLOLDWLRQ E LV UHZULWWHQ DV IROORZV b. Any discrepancies identified by the Enrollment Broker in the weekly electronic reconciliation must be reported to the Department upon discovery of the discrepancy. Discrepancies caused by the Enrollment Broker must be corrected within three (3) business days, unless otherwise agreed upon by the Department. The Enrollment Broker must submit a CAP to the Department to ensure that all appropriate Enrollment transactions are consistent on the Department’s and the Enrollment Broker’s files. 6HFWLRQ ,,, 6 5HFRQFLOLDWLRQ F LV UHZULWWHQ DV IROORZV c. The weekly electronic reconciliation must be submitted to the Department by 12:00 PM EST each Monday for the prior week. The Enrollment Broker must provide the Department with a summary and detailed report of the weekly electronic reconciliation, as well as information concerning the correction of discrepancies and/or any other details relating to the reconciliation. 6HFWLRQ ,,, 1 6WDIILQJ DQG .H\ 3HUVRQHOO E LV UHZULWWHQ DV IROORZV b. Within five (5) business days of the request, the Department will notify the Offeror if the recommended substitute is acceptable. If the Department does not accept the recommended substitute, the Offeror will have five (5) business days to make another recommendation. between NC FAST to the Enrollment Broker will be at a minimum daily, however the State prefers Realtime transactions where possible. 3DJH RI 3DJH RI $77$&+0(17 0 $17,&,3$7(' &2175$&7 5(48,5(0(176 $1' ,03/(0(17$7,21 6&+('8/( LV UHSODFHG LWV HQWLUHW\ ZLWK $GGHQGXP ([KLELW ± 5HYLVH $77$&+0(17 0 $17,&,3$7(' &2175$&7 5(48,5(0(176 $1' ,03/(0(17$7,21 6&+('8/( $77$&+0(17 & &267 352326$/ LV UHSODFHG LQ LWV HQWLUHW\ ZLWK $GGHQGXP ([KLELW ± 5HYLVHG $77$&+0(17 & &267 352326$/ $77$&+0(17 % 7(&+1,&$/ 5(63216( LV UHSODFHG LQ LWV HQWLUHW\ ZLWK $GGHQGXP ([KLELW ± 5HYLVHG $77$&+0(17 % 7(&+1,&$/ 5(63216( 6HFWLRQ ,9 $ Table 6 – Key Service Level Metrics LV UHSODFHG LQ LWV HQWLUHW\ ZLWK $GGHQGXP ([KLELW ± 5HYLVHG 6HFWLRQ ,9 $ Table 6 – Key Service Level Metrics 4. Key Service Metrics: Table 6 – Key Service Metrics defines the metrics to be monitored and measured for Implementation. This includes the initial upload of the eligibility file, accurate upload of the eligibility file, and EB integration of the Consolidated Provider Directory. Reports for these metrics must be provided in accordance with the reporting requirements of this RFP. 3. The Enrollment Broker and Department will work together during implementation period to establish a schedule for key activities and define expectations for the content and format of contract deliverables through the implementation period and first contract year. 2. A comprehensive report on the status of each task, subtask, and deliverable in the work plans must be provided to the Department by the Enrollment Broker every week from the time of Contract execution through three (3) months after successful implementation, in MS Project 2016 or format agreed upon by the Department and Enrollment Broker. 1. The Enrollment Broker must submit, no later than thirty (30) days after the Contract Effective Date, a detailed Implementation Plan to implement Enrollment Broker Services no later than February 1, 2019, or a date determined by the Department. 6HFWLRQ ,,, ; ,PSOHPHQWDWLRQ 3ODQ G LV UHSODFHG LQ LWV HQWLUHW\ DV IROORZV The Department requires an experienced Enrollment Broker who can implement comprehensive Enrollment Broker Services quickly and efficiently. The Department has defined the Enrollment Brokers implementation period as the time between the Contract Effective Date and the Start Date of enrollment broker operations on February 1, 2019, or a date determined by the Department. Description Addendum Exhibit 1 Revised Section IV.A.6, Table 6 Key Service Level Metrics Standard Liquidated Damage implementation 1) as initial Medicaid and NC Health Choice eligibility ?le uploaded to E8 platform in advance of open enrollment period. Initial ?le upload date as de?ned in Department approved implementation plan $5.000 per day for each day beyond the ?rst two? (2) business days Escalates to $10,000 per day for each day delayed beyond the ?rst ?ve (5) business days delay De?ned as ?nal date in which accurate Medicaid and NC Health Choice eligibility data must be uploaded to E8 platform in advance of open enrollment period. Final date for accurate eligibility data as de?ned in Department approved implementation plan 3) EB integr_ation of Consolidat Provider directo . Defined as ?nal date. by region. in which accurate PHP provider data must be integrated into and publicly available through the provider directory in advance of open enrollment period. Final date for accurate provider directory data as de?ned in Department approved implementation plan $10,000 per day for each day beyond the ?rst two (2) business days Escalates to $15000 per day for each day delayed beyond the first five (5) business days delay $10000 per day for each day beyond the ?rst two (2) business days Escalates to $15,000 per day for each day delayed beyond the first ?ve (5) business days delay 4) FAST Systems: De?ned as the date by which the EB Bene?ciary Platform is able to communicate in real time to the NC FAST system. Final date for tested integration as de?ned in Department approved implementation plan. 310.000 per day for each day beyond the ?rst two? (2) business days Escalates to $15 000 per day for each day delayed beyond the first ?ve (5) business days i delay ?;Call Center 5) Calls Abandoned: De?ned as the number of inbound calls offered but are disconnected by the caller after three (3) seconds and are neither a Call Handled nor a Self Service. Calls Abandoned rate will be calculated as: (Total Calls Offered - Total Calls Short Abandoned - (Total Calls Rate must not exceed five percent per month. 1% of invoice Page 35 of 57 Handled plus Total Self-Service Calls)) Total Calls Offered. 6) Call Center outa e: Defined as the number of minutes the call center is unable to accept new Inbound calls. Rate must not exceed ?ve (5) minutes of unscheduled time in which the call center is unable to accept new inbound calls. 1% of invoice 7) The wait/hold time for callers: De?ned as the time between a call being initially answered including answered by an operating system and a response by a live operator to a caller's inquiry. No longer than three (3) minutes for 95% of all incoming calls. 1% of invoice 'me: Defined as the number of seconds it takes for an inbound call to reach a live agent or reach a self-service option. Measured in seconds. Rate must not exceed one three (3) minutes for 95% of Calls Offered. 1% of invoice 9) First Call Resolution: De?ne as the percent of contacts that are resolved by the call center on the ?rst interaction with the customer 98% 0.5% of monthWinvoice Enrollment services mbeite 10) Web portal response: De?ned as elapsed time from the command to view a response until the response appears or loads to completion. Rate must not exceed ?ve (5) seconds 99% of the time. 11) correspondence: De?ned as response time to all electronic correspondence including email, fax. web enrollments or other electronic responses. Response rate to all members and PHP of 100% within 3 business days Up to 3% of invoice 100% - 95%: 1% deduction Less than 95% - 85%: 2% deduction Less than 85%: 3% deduction I_8atisfaction survey 12) Call center enrollment surve mDe?ned as member satisfaction as measured by Department approved call center member enrollment satisfaction survey. Average rate must not fall below percent agreed upon in Department approved member enrollment satisfaction survey 0.5% of invoice Page 36 of 57 14) 13) Web-based enrollment survey response De?ne as Defined as member satisfaction as measured by Department approved call center member enrollment satisfaction survey. Enrollment and disenrollrnentprocos??g Witho cause disenrollment rocessi ti e: De?ned as average time from receipt of complete member without cause disenrollment requests to noti?cation to Department of decision. ?Average rate must not fall below percent agreed upon in Department approved member enrollment satisfaction survey 0.5% invoice! (5) calendar days Average processing time must not exceed ?ve ~56/?01? invoice 15) Non-cli i time: De?ned as average time from receipt of complete member non- clinical with cause disenrollment requests to noti?cation to Department of decision. Average processing time must not exceed ?ve (5) calendar days 1% of invoice 16) All inbound mail: De?ned as the average time form receipt of the mailing to the initiation of the processing the request, regardless of the request type. Average processing time must not exceed ?ve (5) calendar days 1% of invoice Page 37 of 57 Addendum Exhibit 2 - Revised ATTACHMENT 8: TECHNICAL RESPONSE The Offeror must submit ADDENDUM Exhibit 2 - Revised ATTACHMENT 8: TECHNICAL RESPONSE. The Department encourages Offerors to suggest innovative ways to ful?ll the requirements of this RFP. The Offeror must con?rm adherence to the expectations of the Department and their ability to meet the requirements of this RFP. This includes providing a detailed narrative. diagrams, exhibits. examples. sketches, descriptive literature and/or detailed information speci?cally tailored for the North Carolina Medicaid program to demonstrate its ability to meet requirements. The Technical Response must be submitted using the following MS Word template and the directives therein. The MS Word template may be requested by contacting Ken Dahlin at Ken RFP Section Response Qualifications, Experience and The Department requests the response to this section be limited to twelve (12) pages. Federal Requirements Section A, 1?6 1. The Offeror must describe: a. The company, its operations and ownership. b. Their experience in providing services similar to those included in the scope of this RFP, with an emphasis on clients of similar size to North Carolina's Medicaid program and details on the number of years of providing services. c. Factors viewed as being critical to the success of the enrollment broker program in North Carolina. 2. The Offeror must provide: a. A list of other State Medicaid programs served, including the size of the population and contract term using the following table: Numberof ra erm State . Month] Year Be neficianes Month/Year Effective Terminated/Expired b. A list of terminated contracts for enrollment broker services, including expired or non-renewed contracts, in the last seven (7) years and the reason/circumstances pertaining to the termination. c. A list of any litigations or sanctions that have been applied under any current or former enrollment broker services contract in the last seven (7) years. 3. The Offeror must confirm adherence to the expectations of the Department and describe their ability and approach to meet the requirements of Section A. Qualifications, Experience and Federal Requirements. Page 38 ol?57 ĞŶĞĨŝĐŝĂƌLJ ^ƵƉƉŽƌƚ hŶĚĞƌ DĂŶĂŐĞĚ ĂƌĞ ^ĞĐƚŝŽŶ ///͘ ͕ ϭͲϭϮ DĞŵďĞƌ ƉƉĞĂůƐ ŽĨ ŝƐĞŶƌŽůůŵĞŶƚ ^ĞĐƚŝŽŶ ///͘ ͕ ϭͲϲ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ŶƌŽůůŵĞŶƚ ^ĞĐƚŝŽŶ ///͘ ͕ ϭͲϴ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ŝŶĐůƵĚĞ Ă ƐĂŵƉůĞ ǁĞůĐŽŵĞ ƉĂĐŬĞƚ͘ ŽŶƐŝĚĞƌĂƚŝŽŶƐ ĨŽƌ ŵĂŝůŝŶŐ ǁĞŝŐŚƚ ĂŶĚ ƉƌŝŶƚ ĐŽƐƚƐ ƐŚŽƵůĚ ďĞ ŵĂĚĞ͘ 3DJH RI Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞĚƵĐĂƚŝŽŶ ƉƌŽǀŝĚĞĚ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ Žƌ ĨŽƌ ŽƚŚĞƌ ĐůŝĞŶƚƐ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ ͘ ĞŶĞĨŝĐŝĂƌLJ ^ƵƉƉŽƌƚ hŶĚĞƌ DĂŶĂŐĞĚ ĂƌĞ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚĞŶ ;ϭϬͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƐĂŵƉůĞ tĞůĐŽŵĞ WĂĐŬĞƚ͘ ϱ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƉƌĞǀŝŽƵƐ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ŵĞĚŝĂƚŝŽŶ͕ ƉƌĞͲŚĞĂƌŝŶŐ ƉƌĞƉĂƌĂƚŝŽŶ Žƌ ^ƚĂƚĞ &Ăŝƌ ,ĞĂƌŝŶŐƐ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ƐĂŵƉůĞ ŽĨ Ă ĞŶĞĨŝĐŝĂƌLJ ŝƐĞŶƌŽůůŵĞŶƚ &Žƌŵ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶĚ ƉƌŽǀŝĚĞ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ ĨŽƌ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĂƉƉĞĂů ƉƌŽĐĞƐƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ ͘ DĞŵďĞƌ ƉƉĞĂůƐ ŽĨ ŝƐĞŶƌŽůůŵĞŶƚ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŽƵƌ ;ϰͿ ƉĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƐĂŵƉůĞͬĞdžĂŵƉůĞ ĞŶĞĨŝĐŝĂƌLJ ŝƐĞŶƌŽůůŵĞŶƚ &Žƌŵ͘ ϱ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ƚŚĞ ƉƌŽĐĞƐƐ ĨŽƌ ƐĞůĞĐƚŝŶŐ ĂŶĚ ĐŚĂŶŐŝŶŐ Ă W,W͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƉƌŽĐĞĚƵƌĞƐ ĨŽƌ W,W ĂŶĚ D,ͬW W ƐĞůĞĐƚŝŽŶ ĂŶĚ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐĞƐ ǁŚŝĐŚ ĂƌĞ ĞĨĨŝĐŝĞŶƚ ĂŶĚ ŶŽƚ ƵŶŶĞĐĞƐƐĂƌŝůLJ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞůLJ ďƵƌĚĞŶƐŽŵĞ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ƉƌŽĐĞƐƐ ĨůŽǁƐ ĚĞƐĐƌŝďŝŶŐ ƚŚĞ W,W ƐĞůĞĐƚŝŽŶ ƉƌŽĐĞƐƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ ͘ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ŶƌŽůůŵĞŶƚ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚĞŶ ;ϭϬͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ ŽĨ ƉƌŽĐĞƐƐ ĨůŽǁƐ͕ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ͘ DĞŵďĞƌ KƵƚƌĞĂĐŚ͕ ĚƵĐĂƚŝŽŶ ĂŶĚ ŶƌŽůůŵĞŶƚ DĂƚĞƌŝĂůƐ ^ĞĐƚŝŽŶ ///͘ &͕ ϭͲϲ ĞŶĞĨŝĐŝĂƌLJ 'ƌŝĞǀĂŶĐĞƐ ^ĞĐƚŝŽŶ ///͘ ͕ ϭ 3DJH RI Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĐĂŵƉĂŝŐŶ ƐƚƌĂƚĞŐLJ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ŵĞŵďĞƌƐ ŽĨ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐ͕ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ ĨĂŵŝůLJ ŵĞŵďĞƌƐ͕ ƉƌŽǀŝĚĞƌƐ͕ W,WƐ͕ ůŽĐĂů ^^ ŽĨĨŝĐĞƐ͕ W,,^ ŽĨĨŝĐĞƐ ĂŶĚ ĐŽŵŵƵŶŝƚLJͲďĂƐĞĚ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ǁŚŝĐŚ ŵĂLJ ƌŽƵƚŝŶĞůLJ ŝŶƚĞƌĂĐƚ ǁŝƚŚ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ &͘ DĞŵďĞƌ KƵƚƌĞĂĐŚ͕ ĚƵĐĂƚŝŽŶ ĂŶĚ ŶƌŽůůŵĞŶƚ DĂƚĞƌŝĂůƐ͘ dŚĞ ƉƌŽƉŽƐĞĚ ĂƉƉƌŽĂĐŚ ĨŽƌ ĞŶŚĂŶĐĞĚ ŽƵƚƌĞĂĐŚ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ůĞǀĞů ĞŶŐĂŐĞŵĞŶƚ ƐŚŽƵůĚ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝǀĞ ;ϱͿ ƉĂŐĞƐ͘ dŚĞ ƐĂŵƉůĞͬĞdžĂŵƉůĞ ^^ ŶŐĂŐĞŵĞŶƚ ^ƚƌĂƚĞŐLJ ƐŚŽƵůĚ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝǀĞ ;ϱͿ ƉĂŐĞƐ͘ dŚĞ ƐĂŵƉůĞͬĞdžĂŵƉůĞ dƌŝďĂů ŶŐĂŐĞŵĞŶƚ ^ƚƌĂƚĞŐLJ ƐŚŽƵůĚ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝǀĞ ;ϱͿ ƉĂŐĞƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚĞŶ ;ϭϬͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ŝƚĞŵƐ ƐƚĂƚĞĚ ďĞůŽǁ͘ ϲ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϱ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂƐƐŝƐƚĂŶĐĞ ƉƌŽǀŝĚĞĚ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶ ĐŽŵƉůĞƚŝŶŐ ĨŽƌŵƐ ĂŶĚ ŽƚŚĞƌ ƉƌŽĐĞĚƵƌĂů ƐƚĞƉƐ ƌĞůĂƚĞĚ ƚŽ ŐƌŝĞǀĂŶĐĞƐ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ůŝŶŬ ƚŽ ĞdžŝƐƚŝŶŐ ďĞŶĞĨŝĐŝĂƌLJ ŐƌŝĞǀĂŶĐĞ ƉŽůŝĐLJ ŽŶ Ă ƉƵďůŝĐůLJ ĂǀĂŝůĂďůĞ ǁĞďƐŝƚĞ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ĂǀĂŝůĂďůĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĞdžƉůĂŝŶŝŶŐ ĐƵƌƌĞŶƚ ŐƌŝĞǀĂŶĐĞ ƉŽůŝĐLJ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ŐƌŝĞǀĂŶĐĞ ƉƌŽĐĞƐƐĞƐ ǁŝůů ďĞ ĞĨĨŝĐŝĞŶƚ ĂŶĚ ŶŽƚ ƵŶŶĞĐĞƐƐĂƌŝůLJ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞůLJ ďƵƌĚĞŶƐŽŵĞ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ ͘ ĞŶĞĨŝĐŝĂƌLJ 'ƌŝĞǀĂŶĐĞƐ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ŝŶĐůƵĚĞ Ăƚ ůĞĂƐƚ ƚǁŽ ;ϮͿ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ ŽĨ ĞĂĐŚ͕ ďƵƚ ŵĂLJ ŶŽƚ ƐƵďŵŝƚ ŵŽƌĞ ƚŚĂŶ ƚŚƌĞĞ ;ϯͿ ĨŽƌ ĞĂĐŚ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚŚƌĞĞ ;ϯͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ŐƌŝĞǀĂŶĐĞ ƉŽůŝĐLJ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ͘ ϲ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϱ͘ KĨĨĞƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů͕ ŝƚƐ ĨƵŶĐƚŝŽŶĂůŝƚLJ͕ ĂŶĚ ŝŶĐůƵĚĞ ƐĐƌĞĞŶ ƐŚŽƚƐ ĂŶĚ ǀŝƐƵĂů ĚŝƐƉůĂLJƐ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ǀŝĞǁĂďůĞ ďLJ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƉƌŽĂĐƚŝǀĞ ŽƵƚƌĞĂĐŚ ƉƌŽǀŝĚĞĚ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚƐ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ Žƌ ĨŽƌ ŽƚŚĞƌ ĐůŝĞŶƚƐ͘ >ĂŶŐƵĂŐĞ͕ ĐĐĞƐƐŝďŝůŝƚLJ͕ ĂŶĚ ƵůƚƵƌĂů ŽŵƉĞƚĞŶĐLJ ^ĞĐƚŝŽŶ ///͘ '͕ ϭͲϭϴ ϲ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĞdžĂŵƉůĞƐ ŽĨ ĞdžŝƐƚŝŶŐ ŵĂƚĞƌŝĂůƐ ǁŝƚŚ ůĂŶŐƵĂŐĞ ƚĂŐůŝŶĞƐ͘ ϱ͘ KĨĨĞƌŽƌ ĚĞƐĐƌŝďĞ ŚŽǁ ƐĐƌĞĞŶ ƌĞĂĚĞƌƐ ĂƌĞ ĂĐĐŽŵŵŽĚĂƚĞĚ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ŽƌĂů͕ ǁƌŝƚƚĞŶ ĂŶĚ ƐŝŐŶ ůĂŶŐƵĂŐĞ ƚƌĂŶƐůĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ĂƌĞ ĐĞƌƚŝĨŝĞĚ͘ 3DJH RI ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĞdžĂŵƉůĞƐ͕ ƐĂŵƉůĞƐ ĂŶĚͬŽƌ ĚĞƚĂŝůĞĚ ĐƵůƚƵƌĂů ĐŽŵƉĞƚĞŶĐLJ ŝŶĨŽƌŵĂƚŝŽŶ ƐƉĞĐŝĨŝĐĂůůLJ ƚĂŝůŽƌĞĚ ĨŽƌ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ŵĂƚĞƌŝĂůƐ ĨŽƌ ĂŶĚ ĐŽŶƚĂĐƚƐ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂƌĞ ĐƵůƚƵƌĂůůLJ ĐŽŵƉĞƚĞŶƚ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ '͘ >ĂŶŐƵĂŐĞ͕ ĐĐĞƐƐŝďŝůŝƚLJ͕ ĂŶĚ ƵůƚƵƌĂů ŽŵƉĞƚĞŶĐLJ͘ dŚĞ KĨĨĞƌŽƌ ƐŚŽƵůĚ ŝŶĐůƵĚĞ Ăƚ ůĞĂƐƚ ƚǁŽ ;ϮͿ ĐƵůƚƵƌĂů ĐŽŵƉĞƚĞŶĐLJ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ͕ ďƵƚ ƐŚŽƵůĚ ŶŽƚ ƐƵďŵŝƚ ŵŽƌĞ ƚŚĂŶ ƚŚƌĞĞ ;ϯͿ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚŚƌĞĞ ;ϯͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƐĂŵƉůĞͬĞdžĂŵƉůĞ ĐƵůƚƵƌĂů ĐŽŵƉĞƚĞŶĐLJ ŵĂƚĞƌŝĂůƐ ĂŶĚ ĞdžŝƐƚŝŶŐ ŵĂƚĞƌŝĂůƐ ǁŝƚŚ ƚĂŐůŝŶĞƐ͘ ϵ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϴ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶ ĂƉƉƌŽĂĐŚ ĨŽƌ ĞŶŚĂŶĐĞĚ ŽƵƚƌĞĂĐŚ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ůĞǀĞů ĞŶŐĂŐĞŵĞŶƚ ǁŝƚŚ ůŽĐĂů ^^ͬ / W,,^ ŽĨĨŝĐĞƐ ƚŽ ĂƐƐŝƐƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶ ƚŚĞ ƚƌĂŶƐŝƚŝŽŶ ĨƌŽŵ ĨĞĞ ĨŽƌ ƐĞƌǀŝĐĞ ƚŽ ŵĂŶĂŐĞ ĐĂƌĞ ŵĂŬŝŶŐ ƐƵƌĞ ƚŽ ƉƌŽƉŽƐĞ ŝŶ ŝƚƐ ƌĞƐƉŽŶƐĞ ƚŽ ĚĚĞŶĚƵŵ ηϮ͕ džŚŝďŝƚ ϯ ʹ ZĞǀŝƐĞĚ dd ,D Ed ͗ K^d WZKWK^ >͗ Ă͘ WůĂŶ ĂŶĚ ĐŽƐƚ ĨŽƌ ŽŶƐŝƚĞ ƐƵƉƉŽƌƚ͖ ĂŶĚ ď͘ WůĂŶ ĂŶĚ ĐŽƐƚ ĨŽƌ ƉƌŽǀŝĚŝŶŐ ĞŶŚĂŶĐĞĚ ƐƵƉƉŽƌƚ ƚŽ ůŽĐĂů ^^ͬ / W,,^ ŽĨĨŝĐĞƐ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ŽƚŚĞƌ ƉŽƚĞŶƚŝĂů ƉĞĂŬ ƉĞƌŝŽĚƐ͘ ϳ͘ KĨĨĞƌŽƌ ŵƵƐƚ ůŝƐƚ ĐƵƌƌĞŶƚ ĐŽŶƚƌĂĐƚƐ Žƌ ƐƚĂƚĞƐ ǁŚĞƌĞ ũŽŝŶƚ ŽƵƚƌĞĂĐŚ ŝƐ ƉĞƌĨŽƌŵĞĚ ǁŝƚŚ ŽŵďƵĚƐŵĂŶ ƉƌŽŐƌĂŵƐ͕ W,WƐ͕ ůŽĐĂů ƐŽĐŝĂů ƐĞƌǀŝĐĞ Žƌ ŽƚŚĞƌ ĐŽŵŵƵŶŝƚLJ ĂŐĞŶĐŝĞƐ͘ ϲ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ƐĂŵƉůĞ ^^ ŶŐĂŐĞŵĞŶƚ ^ƚƌĂƚĞŐLJ͘ ϱ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ƐĂŵƉůĞ dƌŝďĂů ŶŐĂŐĞŵĞŶƚ ^ƚƌĂƚĞŐLJ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚĞĐŚŶŽůŽŐŝĞƐ ǁŚŝĐŚ ǁŝůů ďĞ ĞŵƉůŽLJĞĚ ƚŽ ƐƵƉƉŽƌƚ ŵĞŵďĞƌ ŽƵƚƌĞĂĐŚ͘ Ă͘ /ŶĐůƵĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƐƵƉƉŽƌƚ ĂĚĚŝƚŝŽŶĂů ƚĞĐŚŶŽůŽŐŝĞƐ͘ ď͘ ĞƐĐƌŝďĞ ĞdžƉĞƌŝĞŶĐĞ ƵƐŝŶŐ ƚĞĐŚŶŽůŽŐLJ ŝŶ ƐƵƉƉŽƌƚ ŽĨ ŽƵƚƌĞĂĐŚ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĞǀŝĚĞŶĐĞ ŽĨ ƉƌĞǀŝŽƵƐ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ ŚŽƐƚĞĚ ŵĂŬŝŶŐ ƐƵƌĞ ƚŽ ŝŶĐůƵĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ůŽĐĂƚŝŽŶ͕ ĂŐĞŶĚĂ ĂŶĚ ƐƵƌǀĞLJ ƌĞƐƵůƚƐ͘ Ăůů ĞŶƚĞƌ ^ƵƉƉŽƌƚ ^ĞĐƚŝŽŶ ///͘ ,͕ ϭͲϭϱ 3DJH RI ϭϮ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĚĂƚĂ ŽŶ ƐƵĐĐĞƐƐĨƵů ƵƐĞ ŽĨ ǁĞďĐŚĂƚ ĨƵŶĐƚŝŽŶĂůŝƚLJ ŝĨ ƵƐĞĚ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ Žƌ ĨŽƌ ŽƚŚĞƌ ĐŽŶƚƌĂĐƚŽƌƐ͘ ϭϭ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƐƉĞĐŝĨLJ /Ĩ ǁĞď ĐŚĂƚ ĨƵŶĐƚŝŽŶĂůŝƚLJ ǁŝůů ďĞ ƉƌŽǀŝĚĞĚ ĂƐ ĂŶ ĂůƚĞƌŶĂƚŝǀĞ Žƌ ƐƵƉƉůĞŵĞŶƚ ƚŽ ǀŽŝĐĞ ŝŶƚĞƌĂĐƚŝŽŶƐ ŵĂŬŝŶŐ ƐƵƌĞ ƚŽ ĚĞƐĐƌŝďĞ ŚŽǁ ƚŚŝƐ ĨƵŶĐƚŝŽŶĂůŝƚLJ ǁŝůů ǁŽƌŬ͘ ϭϬ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ŽĨ ĐĂůů ƐĐƌŝƉƚ ƚŽ ďĞ ƵƐĞĚ ďLJ ďĞŶĞĨŝĐŝĂƌLJ ƚŚĂƚ ŝƐ ĐůĞĂƌ ĂŶĚ ĞĂƐŝůLJ ƵŶĚĞƌƐƚĂŶĚĂďůĞ ĚĞƐĐƌŝďŝŶŐ ĨĂĐƚŽƌƐ ƚŽ ĐŽŶƐŝĚĞƌ ǁŚĞŶ ƐĞůĞĐƚŝŶŐ Ă W,W͘ ϵ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƐƵĐĐĞƐƐĨƵů ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ĐĂůů ĐĞŶƚĞƌ ĨŽƌ ŽƚŚĞƌ ĐůŝĞŶƚƐ Žƌ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ͕ ŵĂdžŝŵƵŵ ŶƵŵďĞƌ ŽĨ ůŝǀĞƐ ŵĂŶĂŐĞĚ͕ ŵĂdžŝŵƵŵ ĐĂůůƐ ŚĂŶĚůĞĚ͘ ϴ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ƉůĂŶ ĨŽƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ŚĂǀĞ ƌĞĂůͲƚŝŵĞ ƌĞŵŽƚĞ ĂĐĐĞƐƐ ǀŝĂ ƐĞĐƵƌĞ ŝŶƚĞƌŶĞƚ ĐŽŶŶĞĐƚŝŽŶ ƚŽ Ăůů ĐĂůůƐ ĂŶĚ ĐĂůů ƌĞĐŽƌĚŝŶŐƐ͘ ϳ͘ KĨĨĞƌŽƌ ŵƵƐƚ ůŝƐƚ ƚŚĞ ůŽĐĂƚŝŽŶ ŽĨ ĂŶĚ ƉĂƌĂŵĞƚĞƌƐ ĨŽƌ ƚŚĞ ƉůĂŶŶĞĚ ƵƐĂŐĞ ŽĨ ƚŚĞ ŽǀĞƌĨůŽǁ ĐĂůů ĐĞŶƚĞƌ͘ ϲ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ĐĂƉĂĐŝƚLJ ƚŽ ŚĂŶĚůĞ Ăůů ƚĞůĞƉŚŽŶĞ ĐĂůůƐ ĚƵƌŝŶŐ ŶŽƌŵĂů ďƵƐŝŶĞƐƐ ŚŽƵƌƐ͕ ĂĨƚĞƌ ŚŽƵƌƐ ĂŶĚ ƉĞĂŬ ŚŽƵƌƐ͘ ϱ͘ KĨĨĞƌŽƌ ŵƵƐƚ /ĚĞŶƚŝĨLJ ůŽĐĂƚŝŽŶ ŽĨ ƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶ ƐLJƐƚĞŵ ĂŶĚ ĐĂůů ĐĞŶƚĞƌ ǁŚŝĐŚ ǁŝůů ƐƵƉƉŽƌƚ ƚŚŝƐ ĐŽŶƚƌĂĐƚ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ƐŽĨƚǁĂƌĞ ǁŝůů ĂƵƚŽͲƉŽƉƵůĂƚĞ ǁŝƚŚ ƌĞůĞǀĂŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ĨƌŽŵ ƉƌŝŽƌ ĐŽŶƚĂĐƚƐ Žƌ ĐĂůůƐ ĂƐ ǁĞůů ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌLJ ĚĞŵŽŐƌĂƉŚŝĐ͕ ŵĞŵďĞƌ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĞůŝŐŝďŝůŝƚLJ ŝŶĨŽƌŵĂƚŝŽŶ ĨƌŽŵ E dƌĂĐŬƐͬE & ^d͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ĐĂƉĂĐŝƚLJ ŽĨ sZ^ ƚŽ ĂůůŽǁ ĐĂůůĞƌƐ ƚŽ ĞŶƚĞƌ ƚŚĞŝƌ D/ Žƌ ĂůƚĞƌŶĂƚŝǀĞ / ƚŽ ŝĚĞŶƚŝĨLJ ƚŚĞ ŵĞŵďĞƌ ƉƌŝŽƌ ƚŽ ƚŚĞ ĐĂůů ďĞŝŶŐ ĚŝƐƚƌŝďƵƚĞĚ ƚŽ Ă ĐĂůů ĐĞŶƚĞƌ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ sZ^ ŝŶ ƵƐĞ ĨŽƌ ŽƚŚĞƌ ĐůŝĞŶƚƐ Žƌ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ ,͘ Ăůů ĞŶƚĞƌ ^ƵƉƉŽƌƚ͘ dŚĞ ƐĂŵƉůĞͬĞdžĂŵƉůĞ ĐĂůů ƐĐƌŝƉƚ ƚŽ ĂƐƐŝƐƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĞ ĨĂĐƚŽƌƐ ĨŽƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ǁŚĞŶ ƐĞůĞĐƚŝŶŐ Ă W,W ŵƵƐƚ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚŚƌĞĞ ;ϯͿ ƉĂŐĞƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝĨƚĞĞŶ ;ϭϱͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƐĂŵƉůĞͬĞdžĂŵƉůĞ ĐĂůů ƐĐƌŝƉƚ ƐƚĂƚĞĚ ďĞůŽǁ͘ ϴ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϳ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ĂƐƐŝƐƚŝǀĞ ůŝƐƚĞŶŝŶŐ ĚĞǀŝĐĞƐ ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂů ƐŝŐŶ ůĂŶŐƵĂŐĞ ŝŶƚĞƌƉƌĞƚĞƌƐ ǁŝůů ďĞ ŵĂĚĞ ĂǀĂŝůĂďůĞ ĚƵƌŝŶŐ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ĂŶĚ ŽƚŚĞƌ ĞǀĞŶƚƐ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌLJ ĂƵĚŝĞŶĐĞƐ͘ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ^ĞĐƚŝŽŶ ///͘ :͕ ϭͲϳ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ tĞďƐŝƚĞ ^ĞĐƚŝŽŶ ///͘ /͕ ϭͲϵ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ƉƌŽĐĞƐƐ ĨůŽǁ ĨŽƌ ƵƐĞ ŽĨ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ŚĂƐ ĐĂƉĂĐŝƚLJ ƚŽ ŵĂŶĂŐĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĚĂƚĂ͘ 3DJH RI Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ĨĞĂƚƵƌĞƐ ŽĨ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ŝŶ ĞdžŝƐƚĞŶĐĞ ĚĞƚĂŝůŝŶŐ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽŶƚĂŝŶ Žƌ ǁŚŝĐŚ ŶĞĞĚ ƚŽ ďĞ ĚĞǀĞůŽƉĞĚ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͗ Ă͘ ĞŵŽŐƌĂƉŚŝĐ ŝŶĨŽƌŵĂƚŝŽŶ͖ ď͘ ZĞĐŽƌĚƐ ŽĨ ĞŶƌŽůůŵĞŶƚƐ͕ ĚŝƐĞŶƌŽůůŵĞŶƚƐ͕ ŐƌŝĞǀĂŶĐĞƐ͕ ůĂŶŐƵĂŐĞ ƉƌĞĨĞƌĞŶĐĞƐ͖ Đ͘ dƌĂĐŬŝŶŐ ĐĂůů ĐĞŶƚĞƌ ŝŶƚĞƌĂĐƚŝŽŶƐ͖ ĂŶĚ Ě͘ džĐŚĂŶŐŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ǁŝƚŚ ƐƚĂƚĞ ƐLJƐƚĞŵƐ ĂŶĚ ĚĂƚĂ ŝŶƚĞƌĨĂĐĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ :͘ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚǁĞůǀĞ ;ϭϮͿ ƉĂŐĞƐ͘ ϳ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϲ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ƚŚĞ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů ǁŝůů ƵƚŝůŝnjĞ ƚŚĞ W,W WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ƚŽ ĚŝƐƉůĂLJ ĂǀĂŝůĂďůĞ ŶĞƚǁŽƌŬ ƉƌŽǀŝĚĞƌƐ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ďĂƐĞĚ ŽŶ W,W ƐĞůĞĐƚŝŽŶ͘ ϱ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ƚŚĞ ǁĞďƐŝƚĞ ǁŝůů ƐƵƉƉŽƌƚ ĂƵƚŚĞŶƚŝĐĂƚŝŽŶ ǁŝƚŚŽƵƚ ƚŚĞ ŶĞĞĚ ĨŽƌ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƚŽ ƉƌŽǀŝĚĞ Ă ƵƐĞƌ / ͬ ƉĂƐƐǁŽƌĚ ƉĂŝƌ ďLJ ƚĂŬŝŶŐ ƚŚĞ ƐĞƐƐŝŽŶ ƐƚĂƚĞ ĨƌŽŵ E & ^d Žƌ ĞW ^^͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĐƌĞĞŶ ƐŚŽƚƐ ŽĨ ǁĞďƐŝƚĞƐ ŝŵƉůĞŵĞŶƚĞĚ ĨŽƌ ƐŝŵŝůĂƌ ĐůŝĞŶƚƐ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĞdžŝƐƚŝŶŐ Žƌ ƉŽƚĞŶƚŝĂů ĂĐĐĞƐƐ ƚŽ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ǀŝĂ ŵŽďŝůĞ ĚĞǀŝĐĞƐ͘ /Ĩ ƚŚĞ ĂĐĐĞƐƐ ŝƐ ĚĞƐŝŐŶĂƚĞĚ ĨŽƌ ĨƵƚƵƌĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŝĚĞŶƚŝĨLJ ƚŝŵĞůŝŶĞ ĨŽƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ŝƐ ŝŶƚĞƌĂĐƚŝǀĞ ĂŶĚ ĂůůŽǁƐ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƚŽ ŵĂŶĂŐĞ ĞŶƌŽůůŵĞŶƚ ŝŶ Ă ƐĞĂŵůĞƐƐ ŵĂŶŶĞƌ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ /͘ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ tĞďƐŝƚĞ͘ dŚĞ ƐĐƌĞĞŶ ƐŚŽƚ ĞdžĂŵƉůĞƐ ŽĨ ǁĞďƐŝƚĞƐ ŝŵƉůĞŵĞŶƚĞĚ ĨŽƌ ƐŝŵŝůĂƌ ĐůŝĞŶƚƐ͕ ƉƌĞĨĞƌĂďůLJ ƐƚĂƚĞ ĂŐĞŶĐŝĞƐ͕ ŵƵƐƚ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚŚƌĞĞ ;ϯͿ ƉĂŐĞƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝǀĞ ;ϱͿ ƉĂŐĞƐ͕ ŶŽƚ ƐĐƌĞĞŶ ƐŚŽƚ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ͘ ϭϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ŶƌŽůůŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ /ŶƚĞŐƌĂƚŝŽŶ DĂŝůŝŶŐ ZĞƋƵŝƌĞŵĞŶƚƐ ^ĞĐƚŝŽŶ ///͘ >͕ ϭͲϳ ŽŶƐŽůŝĚĂƚĞĚ ĞŶĞĨŝĐŝĂƌLJͲ&ĂĐŝŶŐ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ^ĞĐƚŝŽŶ ///͘ <͕ ϭͲϰ 3DJH RI ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ D͘ ŶƌŽůůŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ /ŶƚĞŐƌĂƚŝŽŶ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝĨƚĞĞŶ ;ϭϱͿ ƉĂŐĞƐ͘ ϱ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĐŽƐƚͲĞĨĨĞĐƚŝǀĞ ŵĞƚŚŽĚƐ ĨŽƌ ĐŽŶƚƌŽůůŝŶŐ ƉŽƐƚĂŐĞ ĐŽƐƚƐ ǁŚĞŶ ƉƌŽĚƵĐŝŶŐ ŵĞŵďĞƌ ŵĂƚĞƌŝĂůƐ ƚŚĂƚ ǁŝůů ďĞ ŵĂŝůĞĚ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƚŚĞ ƉƌŽƉŽƐĞĚ ĨŽƌŵĂƚ ĂŶĚ ĨƌĞƋƵĞŶĐLJ ĨŽƌ ŶŽƚŝĨŝĐĂƚŝŽŶ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ŝŶĐŽƌƌĞĐƚ Žƌ ŶŽŶͲǀĞƌŝĨŝĂďůĞ ĂĚĚƌĞƐƐĞƐ ĂŶĚ ƌĞƚƵƌŶĞĚ ŵĂŝůĞĚ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ĂĚĚƌĞƐƐ ǀĞƌŝĨŝĐĂƚŝŽŶ ƉƌŽĐĞĚƵƌĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ >͘ DĂŝůŝŶŐ ZĞƋƵŝƌĞŵĞŶƚƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚŚƌĞĞ ;ϯͿ ƉĂŐĞƐ͘ ϳ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϲ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ƉƌŽǀŝĚĞƌƐ͛ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ƉƌŽŐƌĂŵ ǁŝůů ďĞ ĚŝƐƉůĂLJĞĚ͘ ϱ͘ KĨĨĞƌŽƌ ŵƵƐƚ ŝĚĞŶƚŝĨLJ ŚŽǁ ƚŚĞ ĚĂƚĂ ƚŚĞƌĞŝŶ ƐŚĂůů ďĞ ŐĂƚŚĞƌĞĚ ĂŶĚ ĚŝƐƉůĂLJĞĚ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĞƐĐƌŝďĞ ŝŶŝƚŝĂů ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƵƉ ƚŽ ϯ ĞdžĂŵƉůĞƐ ŽĨ ĞŶĞĨŝĐŝĂƌLJ &ĂĐŝŶŐ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ŝŶĨŽƌŵĂƚŝŽŶ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ <͘ ŽŶƐŽůŝĚĂƚĞĚ͕ ĞŶĞĨŝĐŝĂƌLJ &ĂĐŝŶŐ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ &ĂĐŝŶŐ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ŝĚĞŶƚŝĨLJŝŶŐ Ă͘ ŝŶĨŽƌŵĂƚŝŽŶ ĂǀĂŝůĂďůĞ ŝŶ ƚŚĞ ĚŝƌĞĐƚŽƌLJ͕ ď͘ ŚŽǁ ƚŚĞ ĚŝƌĞĐƚŽƌLJ ǁŝůů ďĞ ĞĂƐŝůLJ ƐĞĂƌĐŚĂďůĞ͕ Đ͘ ŚŽǁ ƚŚĞ ĚŝƌĞĐƚŽƌLJ ǁŝůů ďĞ ŬĞƉƚ ƵƉ ƚŽ ĚĂƚĞ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ŝŶĐůƵĚĞ Ăƚ ůĞĂƐƚ ƚǁŽ ;ϮͿ ĞŶĞĨŝĐŝĂƌLJͲĨĂĐŝŶŐ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ /ŶĨŽƌŵĂƚŝŽŶ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ͕ ďƵƚ ŵƵƐƚ ŶŽƚ ƐƵďŵŝƚ ŵŽƌĞ ƚŚĂŶ ƚŚƌĞĞ ;ϯͿ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝǀĞ ;ϱͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ĞŶĞĨŝĐŝĂƌLJͲĨĂĐŝŶŐ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ /ŶĨŽƌŵĂƚŝŽŶ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ͘ ϱ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ dƌĂŝŶŝŶŐ ^ĞĐƚŝŽŶ ///͘ W͕ ϭͲϯ ĐĐŽƵŶƚ DĂŶĂŐĞŵĞŶƚ ^ĞĐƚŝŽŶ ///͘ K͕ ϭ ^ƚĂĨĨŝŶŐ ĂŶĚ <ĞLJ WĞƌƐŽŶŶĞů ^ĞĐƚŝŽŶ ///͘ E͕ ϭͲϰ ^ĞĐƚŝŽŶ ///͘ D͕ ϭͲϴ 3DJH RI ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ W͘ dƌĂŝŶŝŶŐ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ŝŶĐůƵĚĞ ƚǁŽ ;ϮͿ ďĞŶĞĨŝĐŝĂƌLJ ŵĂƚĞƌŝĂůƐ ĨŽƌ ƚƌĂŝŶŝŶŐ ƐƚĂƚĞ DĞĚŝĐĂŝĚ ĂŶĚ ĐŽƵŶƚLJ ^^ ƐƚĂĨĨ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ͕ ǁŝƚŚ ĞĂĐŚ ƐĂŵƉůĞͬĞdžĂŵƉůĞ ůŝŵŝƚĞĚ ƚŽ ƚŚƌĞĞ ;ϯͿ ƉĂŐĞƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚĞŶ ;ϭϬͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ďĞŶĞĨŝĐŝĂƌLJ ŵĂƚĞƌŝĂůƐ ĨŽƌ ƚƌĂŝŶŝŶŐ ƐƚĂƚĞ DĞĚŝĐĂŝĚ ĂŶĚ ĐŽƵŶƚLJ ^^ ƐƚĂĨĨ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ͘ ϰ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƉƌŽƉŽƐĞĚ ĨŽƌŵĂƚ ĂŶĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ŶŶƵĂů ZĞƉŽƌƚ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƉƌŽƉŽƐĞĚ ĨŽƌŵĂƚ͕ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ĨƌĞƋƵĞŶĐLJ ĨŽƌ Ă ƐƚĂƚƵƐ ƌĞƉŽƌƚ ƚŽ ŝŶĐůƵĚĞ ŬĞLJ ĂĐƚŝǀŝƚŝĞƐͬŵŝůĞƐƚŽŶĞƐ ĐŽŵƉůĞƚĞĚ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ K͘ ĐĐŽƵŶƚ DĂŶĂŐĞŵĞŶƚ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚŚƌĞĞ ;ϯͿ ƉĂŐĞƐ͘ ϰ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ƐƚĂĨĨŝŶŐ ĐŽŶƚŝŶŐĞŶĐLJ ƉůĂŶ ĨŽƌ ŚĂŶĚůŝŶŐ ƐƵĚĚĞŶ ĂŶĚ ƵŶĞdžƉĞĐƚĞĚ ŝŶĐƌĞĂƐĞƐ ŝŶ ĞŶƌŽůůŵĞŶƚ͕ W,W ƚƌĂŶƐĨĞƌƐ ĂŶĚ ĐĂůů ǀŽůƵŵĞƐ ǁŝƚŚ Ă ĚĞƐĐƌŝƉƚŝŽŶ ŽŶ ŚŽǁ ƚŚĞ ƉůĂŶ ǁŝůů ďĞ ŝŵƉůĞŵĞŶƚĞĚ ĂŶĚ ĐŽŽƌĚŝŶĂƚĞĚ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƉƌŽƉŽƐĞĚ ƐƚĂĨĨŝŶŐ ĨŽƌ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ƚŽ ĞŶƐƵƌĞ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞƚƌŝĐƐ ĂƐ ĚĞĨŝŶĞĚ ŝŶ dĂďůĞ ϲ Ͳ <ĞLJ ^ĞƌǀŝĐĞ >ĞǀĞů DĞƚƌŝĐƐ ĂƌĞ ŵĞƚ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ E͘ ^ƚĂĨĨŝŶŐ ĂŶĚ <ĞLJ WĞƌƐŽŶŶĞů͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚĞŶ ;ϭϬͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ dd ,D Ed ͗ K&& ZKZ͛^ < z W Z^KEE > ǁŝƚŚ ƌĞƐƵŵĞƐ ĨŽƌ ƚŚĞ ƐƚĂĨĨ ƉƌŽƉŽƐĞĚ ƚŚĞƌĞŝŶ͘ ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ŶƌŽůůŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ ĂďŝůŝƚLJ ƚŽ ŝŶƚĞƌĨĂĐĞ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ĂŶĚ ĞƉĂƌƚŵĞŶƚ ^LJƐƚĞŵƐ ŝŶĐůƵĚŝŶŐ E & ^d͕ E dƌĂĐŬƐ Ăƚ Ă ŵŝŶŝŵƵŵ ŽŶ Ă ĚĂŝůLJ ďĂƐŝƐ͕ Žƌ ŝŶ ƌĞĂů ƚŝŵĞ ĂƐ ƉƌĞĨĞƌƌĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚƌŽƵŐŚ ƐƚĂŶĚĂƌĚ džϭϮ / ƚƌĂŶƐĂĐƚŝŽŶƐ͘ ZĞĐŽŶĐŝůŝĂƚŝŽŶ ^ĞĐƚŝŽŶ ///͘ ^͕ ϭͲϱ WĞƌĨŽƌŵĂŶĐĞ ZĞƉŽƌƚŝŶŐ ĂŶĚ ĞůŝǀĞƌLJ ZĞƋƵŝƌĞŵĞŶƚƐ ^ĞĐƚŝŽŶ ///͘ Z͕ ϭͲϮ &ƌĂƵĚ͕ tĂƐƚĞ ĂŶĚ ďƵƐĞ ^ĞĐƚŝŽŶ ///͘ Y͕ ϭͲϮ ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ 3DJH RI Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ŝƚ ǁŝůů ĞŶƐƵƌĞ ƐLJƐƚĞŵƐ ĂŶĚ ĨŝůĞƐ ŵĞĞƚ Ăůů ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ĂƌĞ ,/W ĐŽŵƉůŝĂŶƚ ĂŶĚ ĨŽĐƵƐ ŽŶ ŚŽǁ ĞůĞĐƚƌŽŶŝĐ ƌĞĐŽŶĐŝůŝĂƚŝŽŶƐ ŽĨ Ăůů ŶƌŽůůŵĞŶƚ͕ ŝƐĞŶƌŽůůŵĞŶƚ͕ ĂŶĚ ƌĞůĂƚĞĚ ƚƌĂŶƐĂĐƚŝŽŶƐ ǁŝůů ďĞ ƚƌĂŶƐŵŝƚƚĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽŶ Ă ĚĂŝůLJ͕ ǁĞĞŬůLJ ĂŶĚ ŵŽŶƚŚůLJ ďĂƐŝƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ ^͘ ZĞĐŽŶĐŝůŝĂƚŝŽŶ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ Ɛŝdž ;ϲͿ ƉĂŐĞƐ͘ ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ Ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ŝŶĐůƵĚĞ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ ŽĨ ƌĞƉŽƌƚƐ ĂƐ ŽƵƚůŝŶĞĚ ŝŶ dd ,D Ed >͗ K&& ZKZ Z WKZd/E' Z Yh/Z D Ed^ ĨŽƌ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐĂƚĞŐŽƌŝĞƐ͗ Ă͘ ŶƌŽůůŵĞŶƚ͖ ď͘ ŝƐĞŶƌŽůůŵĞŶƚ͖ Đ͘ Ăůů ĞŶƚĞƌ ƐƚĂƚƐ͖ Ě͘ tĞďƐŝƚĞ ƐƚĂƚƐ͖ ĂŶĚ Ğ͘ DĂŝůŝŶŐ ƐƚĂƚƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ Z͘ WĞƌĨŽƌŵĂŶĐĞ ZĞƉŽƌƚŝŶŐ ĂŶĚ ĞůŝǀĞƌLJ ZĞƋƵŝƌĞŵĞŶƚƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚĞŶ ;ϭϬͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ ŽĨ ƚŚĞ ƐƉĞĐŝĨŝĞĚ ƌĞƉŽƌƚƐ ŚĞƌĞŝŶ͘ ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ Ă ƉƌŽǀŝĚĞ Ă ƐĂŵƉůĞ ĨƌĂƵĚ͕ ĂďƵƐĞ͕ ĂŶĚ ǁĂƐƚĞ ƉƌĞǀĞŶƚŝŽŶ ĐŽŵƉůŝĂŶĐĞ ƉůĂŶ ƚŚĂƚ ĞƐƚĂďůŝƐŚĞƐ ĐƌŝƚĞƌŝĂ ĨŽƌ ƉƌĞǀĞŶƚŝŶŐ͕ ĚĞƚĞĐƚŝŶŐ͕ ĐŽŶƚƌŽůůŝŶŐ ĂŶĚ ƌĞĨĞƌƌŝŶŐ ĐĂƐĞƐ ŽĨ ƐƵƐƉĞĐƚĞĚ ĨƌĂƵĚ͕ ĂďƵƐĞ͕ Žƌ ǁĂƐƚĞ ĂŶĚ ŝŶĐůƵĚĞ Ă ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ƉƌŽĐĞƐƐĞƐ ƚŽ ďĞ ƵƐĞĚ ƚŽ ƉƌĞǀĞŶƚ͕ ŝŶǀĞƐƚŝŐĂƚĞ ĂŶĚ ĐŽŶƚƌŽů ƐƵƐƉĞĐƚĞĚ ĨƌĂƵĚ͕ ĂďƵƐĞ͕ ĂŶĚ ǁĂƐƚĞ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ Y͘ &ƌĂƵĚ͕ tĂƐƚĞ͕ ĂŶĚ ďƵƐĞ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĞŝŐŚƚ ;ϴͿ ƉĂŐĞƐ͘ ϰ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ďĞŶĞĨŝĐŝĂƌLJ ŵĂƚĞƌŝĂůƐ ƵƐĞĚ ĨŽƌ ƚƌĂŝŶŝŶŐ ƐƚĂƚĞ DĞĚŝĐĂŝĚ Žƌ ůŽĐĂů ƐŽĐŝĂů ƐĞƌǀŝĐĞƐ ƐƚĂĨĨ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĂŶ ĞdžĂŵƉůĞ ŽĨ Ă ƚƌĂŝŶŝŶŐ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ŵŽĚƵůĞ ĨŽƌ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ƐƚĂĨĨ ƚŽ ĞŶƐƵƌĞ ĂĚĞƋƵĂƚĞ ŬŶŽǁůĞĚŐĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ƉƌŽŐƌĂŵƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ǀĂƌŝŽƵƐ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƐLJƐƚĞŵƐ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ĐŽǀĞƌĞĚ ƉƌŽŐƌĂŵ͘ ^LJƐƚĞŵ /ŶƚĞƌĨĂĐĞ WůĂŶ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ ^ĞĐƚŝŽŶ ///͘ y͕ ϭͲϰ ZĞĂĚŝŶĞƐƐ ZĞǀŝĞǁ ^ĞĐƚŝŽŶ ///͘ t͕ ϭͲϲ DĞŵďĞƌ ŶƌŽůůŵĞŶƚ ^ĂƚŝƐĨĂĐƚŝŽŶ ^ƵƌǀĞLJ ^ĞĐƚŝŽŶ ///͘ s͕ ϭͲϱ ƵƐŝŶĞƐƐ ŽŶƚŝŶƵŝƚLJ WůĂŶ ^ĞĐƚŝŽŶ ///͘ h͕ ϭͲϮ ^ĞĐƵƌŝƚLJ ĂŶĚ ƵĚŝƚ ZĞƋƵŝƌĞŵĞŶƚƐ ^ĞĐƚŝŽŶ ///͘ d͕ ϭͲϭϰ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝĨƚĞĞŶ ;ϭϱͿ ƉĂŐĞƐ͘ ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ Ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ƐƵďŵŝƚ Ă ĚĞƚĂŝůĞĚ ƉƌŽƉŽƐĞĚ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ ĨŽƌ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ^ĞƌǀŝĐĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ y͘ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝĨƚĞĞŶ ;ϭϱͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĚĞƚĂŝůĞĚ ƉƌŽƉŽƐĞĚ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ͘ Ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ t͘ ZĞĂĚŝŶĞƐƐ ZĞǀŝĞǁ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŽƵƌ ;ϰͿ ƉĂŐĞƐ͘ ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ 3DJH RI Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƚŚĞ ƌĞƐƵůƚƐ ŽĨ ƚŚĞ ŵŽƐƚ ƌĞĐĞŶƚ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJƐ ďLJ ĐĂůů ĐĞŶƚĞƌ͕ ǁĞďͲďĂƐĞĚ ĂŶĚͬŽƌ ŝŶ ƉĞƌƐŽŶ ŽƵƚƌĞĂĐŚ ƌĞƐƉŽŶƐĞƐ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ s͘ DĞŵďĞƌ ŶƌŽůůŵĞŶƚ ^ĂƚŝƐĨĂĐƚŝŽŶ ^ƵƌǀĞLJ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŝǀĞ ;ϱͿ ƉĂŐĞƐ͘ ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ŝŶĐůƵĚĞ Ă ƐĂŵƉůĞ ƵƐŝŶĞƐƐ ŽŶƚŝŶƵŝƚLJ WůĂŶ ĂĚĚƌĞƐƐŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŝŶĐůƵĚŝŶŐ ĚŝƐĂƐƚĞƌ ƌĞĐŽǀĞƌLJ ƉƌŽĐĞƐƐĞƐ͕ ĂŶĚ ŚŽǁ ĐĂůů ĐĞŶƚĞƌ ĨƵŶĐƚŝŽŶƐ ǁŽƵůĚ ďĞ ƌĞƐƚŽƌĞĚ ŝŶ ƚŚĞ ĞǀĞŶƚ ŽĨ Ă ŶĂƚƵƌĂů Žƌ ŵĂŶŵĂĚĞ ĚŝƐĂƐƚĞƌ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ h͘ ƵƐŝŶĞƐƐ ŽŶƚŝŶƵŝƚLJ WůĂŶ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ Ɛŝdž ;ϲͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƐĂŵƉůĞͬĞdžĂŵƉůĞ ŝƐĂƐƚĞƌ ZĞĐŽǀĞƌLJ WůĂŶ͘ Ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ d͘ ^ĞĐƵƌŝƚLJ ĂŶĚ ƵĚŝƚ ZĞƋƵŝƌĞŵĞŶƚƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĞŝŐŚƚ ;ϴͿ ƉĂŐĞƐ͘ Ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ůŝƐƚ ĂŶĚ ƉƌŽǀŝĚĞ ĚĞƚĂŝůƐ ĨŽƌ ĂŶLJ ĞdžƉĞĐƚĞĚͬĂŶƚŝĐŝƉĂƚĞĚ ĞƉĂƌƚŵĞŶƚ ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ĂŶĚͬŽƌ ƌĞƐŽƵƌĐĞƐ ƚŚĂƚ ŚĂǀĞ ŶŽƚ ďĞĞŶ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ^ĞĐƚŝŽŶ ͘ ĞƉĂƌƚŵĞŶƚ ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ ďƵƚ ǁŝůů ďĞ ŶĞĐĞƐƐĂƌLJ ƚŽ ŝŵƉůĞŵĞŶƚ ĂŶĚ ƐƵƉƉŽƌƚ ƚŚĞ ƐĞƌǀŝĐĞƐ ƌĞƋƵŝƌĞĚ ďLJ ƚŚŝƐ Z&W͘ ϲ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϱ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĚĞƚĂŝůĞĚ ĚŝĂŐƌĂŵ;ƐͿ ƐŚŽǁŝŶŐ ĚĂƚĂ ĨůŽǁƐ ďĞƚǁĞĞŶ ƐLJƐƚĞŵƐ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ ƐŽƵƌĐĞ ĂŶĚ ĚĞƐƚŝŶĂƚŝŽŶ͕ ĚĂƚĂ͕ ĨƌĞƋƵĞŶĐŝĞƐ͕ ĚŝƌĞĐƚŝŽŶ͘ ϰ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ŝŶǀĞŶƚŽƌLJ ŝŶ DŝĐƌŽƐŽĨƚ džĐĞů ŽĨ Ăůů ŝŶƚĞƌĨĂĐĞƐ ĂŶĚ ĞdžĐŚĂŶŐĞƐ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ŝƚƐ ƉĂƌƚŶĞƌƐ͕ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ ĚĂƚĂ͕ ĨƌĞƋƵĞŶĐLJ͕ ƉƌŽƚŽĐŽůƐ͕ ĨŝůĞ ŶĂŵĞƐ͕ ƐŽƵƌĐĞƐ ĂŶĚ ƚĂƌŐĞƚ ƐLJƐƚĞŵ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŝƚƐ ĂďŝůŝƚLJ ƚŽ ƉƌŽǀŝĚĞ ƌĞĂůͲƚŝŵĞ ǁĞď ƐĞƌǀŝĐĞƐ ĂƐ Ă ƐƚĂŶĚĂƌĚ ĨŽƌ ĞdžĐŚĂŶŐŝŶŐ ĚĂƚĂ͘ Ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ŝŶǀĞŶƚŽƌLJ ŽĨ ŝŶƚĞƌĨĂĐĞƐ ĂŶĚ ĨŽƌŵĂƚƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ KĨĨĞƌŽƌ ƚŽ ĚĞĨŝŶĞ ƚŚĞ ŝŶƚĞƌĨĂĐĞƐ ƌĞƋƵŝƌĞĚ͘ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ z͘ ^LJƐƚĞŵ /ŶƚĞƌĨĂĐĞ WůĂŶ͘ 3DJH RI ϱ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ƌĞƋƵĞƐƚ ĂŶLJ ŵŽĚŝĨŝĐĂƚŝŽŶƐ ƚŽ ^ĞĐƚŝŽŶ /s͘ ͘ ƉĞƌ ƚŚĞ ŝŶƐƚƌƵĐƚŝŽŶƐ ŝŶ ^ĞĐƚŝŽŶ //͘ ͘ϯ͕ ĂŶĚ ĂĐŬŶŽǁůĞĚŐĞ ƚŚĞƐĞ ĂƌĞ ŶŽƚ ƉĂƌƚ ĂŶLJ ƐƵďƐĞƋƵĞŶƚ ŽŶƚƌĂĐƚ ƵŶůĞƐƐ ĞdžƉůŝĐŝƚůLJ ĂĐĐĞƉƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ^ĞĐƚŝŽŶ //͘ ͘ϯ ϰ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϯ͘ dŚĞ KĨĨĞƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ŝƚƐ ŵĞƚŚŽĚŽůŽŐLJ Žƌ ŵĂƚŚĞŵĂƚŝĐĂů ĨŽƌŵƵůĂ ĨŽƌ ĐĂůĐƵůĂƚŝŶŐ ĞĂĐŚ ŵĞƚƌŝĐ Ϯ͘ dŚĞ KĨĨĞƌ ŵƵƐƚ ĚĞŵŽŶƐƚƌĂƚĞ ŝƚƐ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ <ĞLJ ^ĞƌǀŝĐĞ >ĞǀĞů DĞƚƌŝĐƐ ŝŶĐůƵĚĞĚ ŝŶ dĂďůĞ ϲ ĂŶĚ ƉƌŽǀŝĚĞ Ă ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ŝƚƐ ĐĂƉĂďŝůŝƚLJ ƚŽ ĂĐĐƵƌĂƚĞůLJ ĐĂƉƚƵƌĞ͕ ƚƌĂĐŬ͕ ƌĞƉŽƌƚ ĂŶĚ ĂƵĚŝƚ ĞĂĐŚ ŵĞƚƌŝĐ͘ ŽŶƚƌĂĐƚ WĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ^ĂŶĐƚŝŽŶƐ͕ ϭ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞŐĂƌĚŝŶŐ ĐŽŶƚƌĂĐƚ ƉĞƌĨŽƌŵĂŶĐĞ͕ ƐĂŶĐƚŝŽŶƐ ĂŶĚ ĚĂŵĂŐĞƐ ĂƐ ƐƉĞĐŝĨŝĞĚ ŝŶ ^ĞĐƚŝŽŶ /s͘ ͘ ŽŶƚƌĂĐƚ WĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ^ĂŶĐƚŝŽŶƐ͘ ^ĞĐƚŝŽŶ /s͘ ϭͲϴ ĞƉĂƌƚŵĞŶƚ ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ^ĞĐƚŝŽŶ ///͘ ͕ ϭͲϮ ^ĞĐƚŝŽŶ ///͘ z͕ ϭͲϮ Use Case Scenarios Responses must focus how bene?ciaries will be assisted in navigating North Carolina's complex primary and behavioral health systems, including collaboration with key stakeholders. The response for each Use Case Scenario must not exceed four (4) pages. Scenario Number Scenario The mother of a minor child contacts the Enrollment Broker regarding a PHP denial of her daughter having an MRI for headaches. The mother Scenario #1 reports that she previously contacted the PHP to ?le an appeal but has not heard back about the resolution. The mother, who is anxious and concerned about her daughter's health and the lack of response to the denial. reports the complaint was ?led one week ago. The mother has not spoken with anyone since the original call with the PHP. Provide a detailed narrative of the resolution of the contact detailing the speci?c information provided to the bene?ciary and the supports offered to the bene?ciary. lt'a referral is made to or contact with an external entity, identify which entities and the steps initiated for the referral. Detail what. how and in which system information is recorded. An individual who received a Medicaid Eligibility Determination Notice and new Medicaid card shows up at a local DSS agency on April 2. 20] 9. Scenario #2 to communicate his selection of a PHP. Provide a detailed narrative for the end to end supports available to a) the bene?ciary and b) the case worker. Describe how the enrollment process is initiated and completed. Describe the materials, information and other resources that will be available to DSS to address future incidents. In July 2020, an individual diagnosed at a local emergency room with a serious mental illness contacts the Enrollment Broker call center seeking Scenario #3 a follow up appointment with a Provide a detailed narrative on the process the call center staff follows to ensure the e?'rcient and timely enrollment of the bene?ciary. include how the special needs of the bene?ciary are addressed and the plan options available to the bene?ciary. Provide a description of the proposed enrollment process from the call initiation to call resolution, including the entities engaged, methods and outcome of the contact. 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ĂŶĚ ŽƌĞ ^ĞƌǀŝĐĞƐ &ĞĞƐ dŽƚĂů &ĞĞƐ ^ƚĂƌƚͲƵƉ н z ϮϬϭϵ ΨϬ͘ϬϬ z ϮϬϮϬ z ϮϬϮϭ ΨϬ͘ϬϬ z ϮϬϮϮ ΨϬ͘ϬϬ ΨϬ͘ϬϬ z ϮϬϮϯ ΨϬ͘ϬϬ dŽƚĂů ΨϬ͘ϬϬ ϭ ƐƐƵŵĞĚ ŵĞŵďĞƌ ŵŽŶƚŚƐ ĂƌĞ ĨŽƌ ĐŽŵƉĂƌŝŶŐ ĐŽƐƚ ƉƌŽƉŽƐĂůƐ ĂĐƌŽƐƐ KĨĨĞƌŽƌƐ ŽŶůLJ͘ WĂLJŵĞŶƚ ǁŝůů ďĞ ŵĂĚĞ ďĂƐĞĚ ŽŶ ƚŚĞ ŶƵŵďĞƌ ŽĨ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĞůŝŐŝďůĞ ĨŽƌ W,W ĞŶƌŽůůŵĞŶƚ ĨŽƌ Ă ŐŝǀĞŶ ŵŽŶƚŚ ĂƐ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ƐƐƵŵĞĚ ŵĞŵďĞƌ ŵŽŶƚŚƐ ĂƌĞ ďĂƐĞĚ ŽŶ ^&z ϮϬϭϲ ŚŝƐƚŽƌŝĐĂů ĚĂƚĂ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚΖƐ ƉƌŽƉŽƐĞĚ ƌŽůůͲŽƵƚ ƐĐŚĞĚƵůĞ͘ &Žƌ ƉƵƌƉŽƐĞƐ ŽĨ ƚŚŝƐ ĐŽƐƚ ƉƌŽƉŽƐĂů͕ ϰϴϬ͕ϬϬϬ ďĞŶĞĨŝĐŝĂƌŝĞƐ ;WŚĂƐĞ ϭ ƌĞŐŝŽŶƐͿ ĂƌĞ ĂƐƐƵŵĞĚ ƚŽ ďĞ ŵĂŝůĞĚ ǁĞůĐŽŵĞ ƉĂĐŬĞƚƐ ŽŶ &ĞďƌƵĂƌLJ ϭ͕ ϮϬϭϵ ĂŶĚ ϭ͕ϭϮϬ͕ϬϬϬ ďĞŶĞĨŝĐŝĂƌŝĞƐ ;WŚĂƐĞ Ϯ ƌĞŐŝŽŶƐͿ ĂƌĞ ĂƐƐƵŵĞĚ ƚŽ ďĞ ŵĂŝůĞĚ ǁĞůĐŽŵĞ ƉĂĐŬĞƚƐ ŽŶ :ƵůLJ ϭ͕ ϮϬϭϵ͘ Ŷ ĂĚĚŝƚŝŽŶĂů ϮϬϬ͕ϬϬϬ ďĞŶĞĨŝĐŝĂƌŝĞƐ ;ĚƵĂůƐ ĂŶĚ ŶŽŶͲĚƵĂů >d^^Ϳ ǁŽƵůĚ ƌĞĐĞŝǀĞ ǁĞůĐŽŵĞ ƉĂĐŬĞƚƐ ŝŶ z ϮϬϮϯ͘ Ϯ &Žƌ ĂůĞŶĚĂƌ zĞĂƌ ϮϬϭϵ͕ WDWD ĨĞĞƐ ĂƉƉůLJ ďĞŐŝŶŶŝŶŐ ŽŶ ƚŚĞ ĚĂƚĞ ǁĞůĐŽŵĞ ƉĂĐŬĞƚƐ ĂƌĞ ŵĂŝůĞĚ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ;ĂƐƐƵŵĞĚ ƚŽ ďĞ &ĞďƌƵĂƌLJ ϭ͕ ϮϬϭϵͿ͘ ZĞǀŝƐĞĚ ƚƚĂĐŚŵĞŶƚ ͗ ŽƐƚ WƌŽƉŽƐĂů͕ tŽƌŬƐŚĞĞƚ Ϯ͕ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽƌĞ ^ĞƌǀŝĐĞƐ &ĞĞƐ Ͳ ůƚĞƌŶĂƚŝǀĞ ^> Ɛ KĨĨĞƌŽƌ EĂŵĞ͗ dŚĞ ĞƉĂƌƚŵĞŶƚ ƐĞĞŬƐ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ĐŽƐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ KĨĨĞƌŽƌΖƐ ƐƚĂŶĚĂƌĚ͕ ƉƌĞĨĞƌƌĞĚ Žƌ ƌĞĐŽŵŵĞŶĚĞĚ Ăůů ĞŶƚĞƌ ƐĞƌǀŝĐĞ ůĞǀĞů ŵĞƚƌŝĐƐ͘ KĨĨĞƌŽƌƐ ƐŚŽƵůĚ ƉƌŽǀŝĚĞ ĂůƚĞƌŶĂƚŝǀĞ ƉƌŝĐŝŶŐ͕ ŝŶĐůƵĚŝŶŐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĐŽƐƚƐ͕ ŝĨ ĂŶLJ͕ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ĐŽƌĞ ƐĞƌǀŝĐĞƐ ;ŝ͘Ğ͘ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ͕ ĐĂůů ĐĞŶƚĞƌ ĐĂƉĂďŝůŝƚŝĞƐ͕ ŽƚŚĞƌ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚƐͿ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ĂůƚĞƌŶĂƚŝǀĞ Ăůů ĞŶƚĞƌ ƐĞƌǀŝĐĞ ůĞǀĞů ŵĞƚƌŝĐƐ ĂƐ ƐƉĞĐŝĨŝĞĚ ďLJ ƚŚĞ KĨĨĞƌŽƌ ŝŶ t^͘Ϯ͘ϭ KĨĨĞƌŽƌ ^> Ɛ͘ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ĐŽƐƚƐ ƐŚŽƵůĚ ĐŽǀĞƌ ƚŚĞ ƉĞƌŝŽĚ ĨƌŽŵ ĞdžĞĐƵƚŝŽŶ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ ƚŽ ƚŚĞ ĚĂƚĞ ŝŵŵĞĚŝĂƚĞůLJ ƉƌŝŽƌ ƚŽ ƚŚĞ ŵĂŝůŝŶŐ ŽĨ ǁĞůĐŽŵĞ ƉĂĐŬĞƚƐ ĨŽƌ ƚŚĞ ĨŝƌƐƚ ƌĞŐŝŽŶĂů ƉŚĂƐĞ ŝŶ͘ /ŶƐƚƌƵĐƚŝŽŶƐ͗ ϭͿ ŽŵƉůĞƚĞ ďůƵĞ ŚŝŐŚůŝŐŚƚĞĚ ĐĞůůƐ ŽŶůLJ͖ ĚŽ ŶŽƚ ĐŚĂŶŐĞ ŽƚŚĞƌ ĐĞůůƐ͘ ϮͿ WƌŽǀŝĚĞ Ă ŶĂƌƌĂƚŝǀĞ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ĨĞĞ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĂŶLJ ĂƐƐƵŵƉƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ƉŽƐƚĂŐĞ ĐŽƐƚƐ͘ WƌŽǀŝĚĞ ĂŶ ĞdžƉůĂŶĂƚŝŽŶ ŽĨ ǀĂƌŝĂƚŝŽŶƐ ďĞƚǁĞĞŶ t^͘ϭ ĂŶĚ t^͘Ϯ͘ /ŶĐůƵĚĞ ďĞůŽǁ dĂďůĞ Ϯ͘ϯ Žƌ ĂĚĚ ĂŶĚ ůĂďĞů ŶĞǁ ǁŽƌŬƐŚĞĞƚ͘ ϯͿ WƌŽƉŽƐĞĚ ĨĞĞƐ ŵƵƐƚ ďĞ ŝŶĐůƵƐŝǀĞ ŽĨ Ăůů ĐŽƐƚƐ͕ ŝŶĐůƵĚŝŶŐ͕ ƉŽƐƚĂŐĞ͕ ƚƌĂǀĞů ĞdžƉĞŶƐĞƐ͕ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ĚŝƌĞĐƚ ĂŶĚ ŝŶĚŝƌĞĐƚ ĐŽƐƚƐ͘ dĂďůĞ Ϯ͘ϭ͗ KŶĞͲdŝŵĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ &ĞĞƐ Ͳ ůƚĞƌŶĂƚŝǀĞ ^> Ɛ /d ^LJƐƚĞŵƐ Ăůů ĐĞŶƚĞƌ tĞďƐŝƚĞ DĂŝů ĐĂƉĂďŝůŝƚŝĞƐ ĞŶĞĨŝĐŝĂƌLJ ŵĂŶĂŐĞŵĞŶƚ ƉůĂƚĨŽƌŵ ŽŶƐŽůŝĚĂƚĞĚ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ƋƵŝƉŵĞŶƚ KƚŚĞƌ ;ĚĞĨŝŶĞ ĂŶĚ ĚĞƐĐƌŝďĞͿ dŽƚĂů /d Ψ Ͳ EŽŶͲ/d WĞƌƐŽŶŶĞůͬƐĂůĂƌŝĞƐ KƚŚĞƌ ;ĚĞĨŝŶĞ ĂŶĚ ĚĞƐĐƌŝďĞͿ dŽƚĂů EŽŶͲ/d Ψ Ͳ dŽƚĂů ^ƚĂƌƚͲƵƉͬ/ŵƉůĞŵĞŶƚĂƚŝŽŶ &ĞĞ Ψ Ͳ dĂďůĞ Ϯ͘Ϯ͗ WƌŽƉŽƐĞĚ WĞƌ DĞŵďĞƌ WĞƌ DŽŶƚŚ ;WDWDͿ &ĞĞƐ ĨŽƌ ŽƌĞ ^ĞƌǀŝĐĞƐ Ͳ ůƚĞƌŶĂƚŝǀĞ ^> Ɛ z ϮϬϭϵϮ /ƚĞŵ z ϮϬϮϬ z ϮϬϮϭ z ϮϬϮϮ z ϮϬϮϯ ϭϵ͕ϮϬϬ͕ϬϬϬ ϭϵ͕ϮϬϬ͕ϬϬϬ ϭϵ͕ϮϬϬ͕ϬϬϬ dŽƚĂů ƐƐƵŵĞĚ DĞŵďĞƌ ϭ DŽŶƚŚƐ ϭϮ͕ϬϬϬ͕ϬϬϬ WƌŽƉŽƐĞĚ WDWD Ăůů ĞŶƚĞƌ ^ĞƌǀŝĐĞƐ ŽƌĞ ^ĞƌǀŝĐĞƐ Ϯϭ͕ϲϬϬ͕ϬϬϬ ΨϬ͘ϬϬ WƌŽƉŽƐĞĚ WDWD WŽƐƚĂŐĞ ͬ WƌŝŶƚŝŶŐ WƌŽƉŽƐĞĚ WDWD KƚŚĞƌ ŽƌĞ ^ĞƌǀŝĐĞƐ dŽƚĂů ƐƐƵŵĞĚ &ĞĞƐ ĨŽƌ ǀĂůƵĂƚŝŽŶ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ dĂďůĞ Ϯ͘ϯ͗ dŽƚĂů /ŵƉůĞŵĞŶƚĂƚŝŽŶ ĂŶĚ ŽƌĞ ^ĞƌǀŝĐĞƐ &ĞĞƐ Ͳ ůƚĞƌŶĂƚŝǀĞ ^> Ɛ dŽƚĂů &ĞĞƐ ^ƚĂƌƚͲƵƉ н z ϮϬϭϵϮ ΨϬ͘ϬϬ z ϮϬϮϬ z ϮϬϮϭ ΨϬ͘ϬϬ z ϮϬϮϮ ΨϬ͘ϬϬ ΨϬ͘ϬϬ z ϮϬϮϯ ΨϬ͘ϬϬ dŽƚĂů ΨϬ͘ϬϬ ϭ ƐƐƵŵĞĚ ŵĞŵďĞƌ ŵŽŶƚŚƐ ĂƌĞ ĨŽƌ ĐŽŵƉĂƌŝŶŐ ĐŽƐƚ ƉƌŽƉŽƐĂůƐ ĂĐƌŽƐƐ KĨĨĞƌŽƌƐ ŽŶůLJ͘ WĂLJŵĞŶƚ ǁŝůů ďĞ ŵĂĚĞ ďĂƐĞĚ ŽŶ ƚŚĞ ŶƵŵďĞƌ ŽĨ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĞůŝŐŝďůĞ ĨŽƌ W,W ĞŶƌŽůůŵĞŶƚ ĨŽƌ Ă ŐŝǀĞŶ ŵŽŶƚŚ ĂƐ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ƐƐƵŵĞĚ ŵĞŵďĞƌ ŵŽŶƚŚƐ ĂƌĞ ďĂƐĞĚ ŽŶ ^&z ϮϬϭϲ ŚŝƐƚŽƌŝĐĂů ĚĂƚĂ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚΖƐ ƉƌŽƉŽƐĞĚ ƌŽůůͲŽƵƚ ƐĐŚĞĚƵůĞ͘ &Žƌ ƉƵƌƉŽƐĞƐ ŽĨ ƚŚŝƐ ĐŽƐƚ ƉƌŽƉŽƐĂů͕ ϰϴϬ͕ϬϬϬ ďĞŶĞĨŝĐŝĂƌŝĞƐ ;WŚĂƐĞ ϭ ƌĞŐŝŽŶƐͿ ĂƌĞ ĂƐƐƵŵĞĚ ƚŽ ďĞ ŵĂŝůĞĚ ǁĞůĐŽŵĞ ƉĂĐŬĞƚƐ ŽŶ &ĞďƌƵĂƌLJ ϭ͕ ϮϬϭϵ ĂŶĚ ϭ͕ϭϮϬ͕ϬϬϬ ďĞŶĞĨŝĐŝĂƌŝĞƐ ;WŚĂƐĞ Ϯ ƌĞŐŝŽŶƐͿ ĂƌĞ ĂƐƐƵŵĞĚ ƚŽ ďĞ ŵĂŝůĞĚ ǁĞůĐŽŵĞ ƉĂĐŬĞƚƐ ŽŶ :ƵůLJ ϭ͕ ϮϬϭϵ͘ Ŷ ĂĚĚŝƚŝŽŶĂů ϮϬϬ͕ϬϬϬ ďĞŶĞĨŝĐŝĂƌŝĞƐ ;ĚƵĂůƐ ĂŶĚ ŶŽŶͲĚƵĂů >d^^Ϳ ǁŽƵůĚ ƌĞĐĞŝǀĞ ǁĞůĐŽŵĞ ƉĂĐŬĞƚƐ ŝŶ z ϮϬϮϯ͘ Ϯ &Žƌ ĂůĞŶĚĂƌ zĞĂƌ ϮϬϭϵ͕ WDWD ĨĞĞƐ ĂƉƉůLJ ďĞŐŝŶŶŝŶŐ ŽŶ ƚŚĞ ĚĂƚĞ ǁĞůĐŽŵĞ ƉĂĐŬĞƚƐ ĂƌĞ ŵĂŝůĞĚ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ;ĂƐƐƵŵĞĚ ƚŽ ďĞ &ĞďƌƵĂƌLJ ϭ͕ ϮϬϭϵͿ͘ 3DJH RI ZĞǀŝƐĞĚ ƚƚĂĐŚŵĞŶƚ ͗ ŽƐƚ WƌŽƉŽƐĂů͕ tŽƌŬƐŚĞĞƚ Ϯ͘ϭ͕ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽƌĞ ^ĞƌǀŝĐĞƐ &ĞĞƐ Ͳ KĨĨĞƌŽƌΖƐ ůƚĞƌŶĂƚŝǀĞ ^> Ɛ KĨĨĞƌŽƌ EĂŵĞ͗ dŚĞ KĨĨĞƌŽƌ ƐŚŽƵůĚ ůŝƐƚ KĨĨĞƌŽƌΖƐ ƐƚĂŶĚĂƌĚ͕ ƉƌĞĨĞƌƌĞĚ Žƌ ƌĞĐŽŵŵĞŶĚĞĚ Ăůů ĞŶƚĞƌ ƐĞƌǀŝĐĞ ůĞǀĞů ŵĞƚƌŝĐƐ ŝŶ dĂďůĞ Ϯ͘ϭϮ ďĞůŽǁ ĨŽƌ ĐŽŵƉĂƌŝƐŽŶ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚΖƐ ƌĞƋƵŝƌĞŵĞŶƚ ƐƉĞĐŝĨŝĞĚ ŝŶ ^ĞĐƚŝŽŶ /s͘ϰ ĂŶĚ dĂďůĞ Ϯ͘ϭϭ ďĞůŽǁ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŝƐ ƵŶĚĞƌ ŶŽ ŽďůŝŐĂƚŝŽŶ ƚŽ ĂĐĐĞƉƚ Žƌ ŶĞŐŽƚŝĂƚĞ KĨĨĞƌŽƌΖƐ ƉƌŽƉŽƐĞĚ Ăůů ĞŶƚĞƌ ^ĞƌǀŝĐĞ >ĞǀĞů DĞƚƌŝĐƐ͘ /ŶƐƚƌƵĐƚŝŽŶƐ͗ ϭͿ ŽŵƉůĞƚĞ dĂďůĞ Ϯ͘ϭϮ KĨĨĞƌŽƌΖƐ WƌŽƉŽƐĞĚ Ăůů ĞŶƚĞƌ ^> Ɛ͖ ĚŽ ŶŽƚ ĐŚĂŶŐĞ ŽƚŚĞƌ ĐĞůůƐ͘ ϮͿ KĨĨĞƌŽƌ ŵĂLJ ƉƌŽƉŽƐĞ ĂĚĚŝƚŝŽŶĂů͕ ĨĞǁĞƌ ĂŶĚͬŽƌ ƌĞǀŝƐĞĚ ^ĞƌǀŝĐĞ >ĞǀĞů DĞƚƌŝĐƐ͘ ϯͿ /ŶĐůƵĚĞ ĚĞĨŝŶŝƚŝŽŶƐ͕ ĞdžƉůĂŶĂƚŝŽŶƐ ĂŶĚ ĐĂůĐƵůĂƚŝŽŶ ŵĞƚŚŽĚŽůŽŐŝĞƐ ĨŽƌ Ăůů ŵĞƚƌŝĐƐ ĂŶĚ ƐƚĂŶĚĂƌĚƐ͕ ĂŶĚ ŝŶĚŝĐĂƚĞ ǁŚĞƚŚĞƌ ĂŶLJ ƉƌŽƉŽƐĞĚ ŵĞƚƌŝĐͬƐƚĂŶĚĂƌĚ ǁŽƵůĚ ƌĞƋƵŝƌĞ ŵŽĚŝĨŝĐĂƚŝŽŶ ŽĨ ĂŶLJ ŽƚŚĞƌ ƌĞƋƵŝƌĞŵĞŶƚ ƐƉĞĐŝĨŝĞĚ ŝŶ ƚŚĞ Z&W ĂŶĚ ŝŶĐůƵĚĞ ƚŚĞ ^ĞĐƚŝŽŶ ŶƵŵďĞƌ͘ ϰͿ &Žƌ WƌŽƉŽƐĞĚ Ăůů ĞŶƚĞƌ ^> Ɛ͕ KĨĨĞƌŽƌ ŵĂLJ ƉƌŽƉŽƐĞ ƌĞǀŝƐĞĚ ůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐ ĂŶĚ ĂůůŽĐĂƚŝŽŶ ĂĐƌŽƐƐ ƚŚĞ ŵĞƚƌŝĐƐ͕ ƉƌŽǀŝĚĞĚ ƚŚĞ ƚŽƚĂů ŵŽŶƚŚůLJ ĨĞĞƐ Ăƚ ƌŝƐŬ ;ϰ͘ϱйͿ ƌĞŵĂŝŶƐ ƵŶĐŚĂŶŐĞĚ͘ dĂďůĞ Ϯ͘ϭϭ ĞƉĂƌƚŵĞŶƚΖƐ ZĞƋƵŝƌĞƐ ^> Ɛ &ƌŽŵ ^ĞĐƚŝŽŶ /s͘ϰ dĂďůĞ Ϯ͘ϭϮ KĨĨĞƌŽƌΖƐ WƌŽƉŽƐĞĚ Ăůů ĞŶƚĞƌ ^> Ɛ ĞƐĐƌŝƉƚŝŽŶ ^ƚĂŶĚĂƌĚ Ăůů ĞŶƚĞƌ ϰͿ ĂůůƐ ďĂŶĚŽŶĞĚ͗ ĞĨŝŶĞĚ ĂƐ ƚŚĞ ŶƵŵďĞƌ ŽĨ ŝŶďŽƵŶĚ ĐĂůůƐ ŽĨĨĞƌĞĚ ďƵƚ ĂƌĞ ĚŝƐĐŽŶŶĞĐƚĞĚ ďLJ ƚŚĞ ĐĂůůĞƌ ĂĨƚĞƌ ƚŚƌĞĞ ;ϯͿ ƐĞĐŽŶĚƐ ĂŶĚ ĂƌĞ ŶĞŝƚŚĞƌ Ă Ăůů ,ĂŶĚůĞĚ ŶŽƌ Ă ^ĞůĨ ^ĞƌǀŝĐĞ͘ ZĂƚĞ ŵƵƐƚ ŶŽƚ ĞdžĐĞĞĚ ĨŝǀĞ ĂůůƐ ďĂŶĚŽŶĞĚ ƌĂƚĞ ƉĞƌĐĞŶƚ ;ϱйͿ ƉĞƌ ŵŽŶƚŚ͘ ǁŝůů ďĞ ĐĂůĐƵůĂƚĞĚ ĂƐ͗ ;dŽƚĂů ĂůůƐ KĨĨĞƌĞĚ Ͳ dŽƚĂů ĂůůƐ ^ŚŽƌƚ ďĂŶĚŽŶĞĚ Ͳ ;dŽƚĂů ĂůůƐ ,ĂŶĚůĞĚ ƉůƵƐ dŽƚĂů ^ĞůĨ ^ĞƌǀŝĐĞ ĂůůƐͿͿ ͬ dŽƚĂů ĂůůƐ KĨĨĞƌĞĚ͘ ĞƐĐƌŝƉƚŝŽŶ Ăůů ĞŶƚĞƌ ϱͿ Ăůů ĞŶƚĞƌ ŽƵƚĂŐĞ͗ ZĂƚĞ ŵƵƐƚ ŶŽƚ ĞdžĐĞĞĚ ĨŝǀĞ ĞĨŝŶĞĚ ĂƐ ƚŚĞ ŶƵŵďĞƌ ;ϱͿ ŵŝŶƵƚĞƐ ŽĨ ƵŶƐĐŚĞĚƵůĞĚ ŽĨ ŵŝŶƵƚĞƐ ƚŚĞ ĐĂůů ƚŝŵĞ ŝŶ ǁŚŝĐŚ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ŝƐ ƵŶĂďůĞ ƚŽ ĐĞŶƚĞƌ ŝƐ ƵŶĂďůĞ ƚŽ ĂĐĐĞƉƚ ĂĐĐĞƉƚ ŶĞǁ ŝŶďŽƵŶĚ ŶĞǁ ŝŶďŽƵŶĚ ĐĂůůƐ͘ ĐĂůůƐ͘ ϲͿ dŚĞ ǁĂŝƚͬŚŽůĚ ƚŝŵĞ ĨŽƌ ĐĂůůĞƌƐ͗ ĞĨŝŶĞĚ ĂƐ ƚŚĞ ƚŝŵĞ ďĞƚǁĞĞŶ Ă ĐĂůů ďĞŝŶŐ ŝŶŝƚŝĂůůLJ EŽ ůŽŶŐĞƌ ƚŚĂŶ ƚŚƌĞĞ ;ϯͿ ĂŶƐǁĞƌĞĚ ŝŶĐůƵĚŝŶŐ ŵŝŶƵƚĞƐ ĨŽƌ ϵϱй ŽĨ Ăůů ĂŶƐǁĞƌĞĚ ďLJ ĂŶ ŝŶĐŽŵŝŶŐ ĐĂůůƐ͘ ŽƉĞƌĂƚŝŶŐ ƐLJƐƚĞŵ ĂŶĚ Ă ƌĞƐƉŽŶƐĞ ďLJ Ă ůŝǀĞ ŽƉĞƌĂƚŽƌ ƚŽ Ă ĐĂůůĞƌΖƐ ŝŶƋƵŝƌLJ͘ ϳͿ Ăůů ŶƐǁĞƌ dŝŵĞ͗ ĞĨŝŶĞĚ ĂƐ ƚŚĞ ŶƵŵďĞƌ ŽĨ ƐĞĐŽŶĚƐ ŝƚ ƚĂŬĞƐ ĨŽƌ ZĂƚĞ ŵƵƐƚ ŶŽƚ ĞdžĐĞĞĚ ŽŶĞ ĂŶ ŝŶďŽƵŶĚ ĐĂůů ƚŽ ƚŚƌĞĞ ;ϯͿ ŵŝŶƵƚĞƐ ĨŽƌ ϵϱй ƌĞĂĐŚ Ă ůŝǀĞ ĂŐĞŶƚ Žƌ ŽĨ ĂůůƐ KĨĨĞƌĞĚ͘ ƌĞĂĐŚ Ă ƐĞůĨͲƐĞƌǀŝĐĞ ŽƉƚŝŽŶ͘ DĞĂƐƵƌĞĚ ŝŶ ƐĞĐŽŶĚƐ͘ ϴͿ &ŝƌƐƚ Ăůů ZĞƐŽůƵƚŝŽŶ͗ ĞĨŝŶĞ ĂƐ ƚŚĞ ƉĞƌĐĞŶƚ ŽĨ ĐŽŶƚĂĐƚƐ ƚŚĂƚ ĂƌĞ ƌĞƐŽůǀĞĚ ďLJ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ŽŶ ƚŚĞ ĨŝƌƐƚ ŝŶƚĞƌĂĐƚŝŽŶ ǁŝƚŚ ƚŚĞ ĐƵƐƚŽŵĞƌ ϵϴй >ŝƋƵŝĚĂƚĞĚ ĂŵĂŐĞ ^ƚĂŶĚĂƌĚ >ŝƋƵŝĚĂƚĞĚ ĂŵĂŐĞ ϰͿ ĂůůƐ ďĂŶĚŽŶĞĚ͗ ϭй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ĂůůƐ ďĂŶĚŽŶĞĚ ƌĂƚĞ ǁŝůů ďĞ ĐĂůĐƵůĂƚĞĚ ĂƐ͗ ϭй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ϱͿ Ăůů ĞŶƚĞƌ ŽƵƚĂŐĞ͗ ϭй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ϲͿ dŚĞ ǁĂŝƚͬŚŽůĚ ƚŝŵĞ ĨŽƌ ĐĂůůĞƌƐ͗ ϭй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ϳͿ Ăůů ŶƐǁĞƌ dŝŵĞ͗ Ϭ͘ϱй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ϴͿ &ŝƌƐƚ Ăůů ZĞƐŽůƵƚŝŽŶ͗ 3DJH RI ZĞǀŝƐĞĚ ƚƚĂĐŚŵĞŶƚ ͗ ŽƐƚ WƌŽƉŽƐĂů͕ tŽƌŬƐŚĞĞƚ ϯ͕ KƉƚŝŽŶĂů /ŶͲWĞƌƐŽŶ ĂŶĚ ŶŚĂŶĐĞĚ ^ƵƉƉŽƌƚ ^ĞƌǀŝĐĞƐ KĨĨĞƌŽƌ EĂŵĞ͗ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽƉŽƐĞ ĨĞĞƐ ƚŽ ƉƌŽǀŝĚĞ ƐƵƉƉŽƌƚ ĂƐ ƐƉĞĐŝĨŝĞĚ ŝŶ ^ĞĐƚŝŽŶ ///͘&͘ϲ͘ dŚĞƐĞ ƐĞƌǀŝĐĞƐ ĂƌĞ ŽƉƚŝŽŶĂů ƵŶĚĞƌ ƚŚĞ Z&W͕ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ĞŶŐĂŐĞ ƐŽŵĞ͕ Ăůů Žƌ ŶŽŶĞ ŽĨ ƚŚĞ ƐĞƌǀŝĐĞƐ ƐƵďŵŝƚƚĞĚ ďLJ KĨĨĞƌŽƌ͘ /ŶƐƚƌƵĐƚŝŽŶƐ͗ ϭͿ ŽŵƉůĞƚĞ ďůƵĞ ŚŝŐŚůŝŐŚƚĞĚ ĐĞůůƐ ŽŶůLJ͖ ĚŽ ŶŽƚ ĐŚĂŶŐĞ ŽƚŚĞƌ ĐĞůůƐ͘ ϮͿ WƌŽǀŝĚĞ Ă ŶĂƌƌĂƚŝǀĞ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ĨĞĞ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĂŶLJ ĂƐƐƵŵƉƚŝŽŶƐ͘ /ŶĐůƵĚĞ ďĞůŽǁ dĂďůĞ ϯ͘ϭ Žƌ ĂĚĚ ĂŶĚ ůĂďĞů ŶĞǁ ǁŽƌŬƐŚĞĞƚ͘ ϯͿ WƌŽƉŽƐĞĚ ĨĞĞƐ ŵƵƐƚ ďĞ ŝŶĐůƵƐŝǀĞ ŽĨ Ăůů ĐŽƐƚƐ͕ ŝŶĐůƵĚŝŶŐ ƚƌĂǀĞů ĞdžƉĞŶƐĞƐ͕ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ĚŝƌĞĐƚ ĂŶĚ ŝŶĚŝƌĞĐƚ ĐŽƐƚƐ͘ dĂďůĞ ϯ͘ϭ KƉƚŝŽŶĂů /ŶͲWĞƌƐŽŶ ĂŶĚ ŶŚĂŶĐĞĚ ^ƵƉƉŽƌƚ ĨŽƌ ^^ ĂŶĚ / W,^^ KĨĨŝĐĞƐ /ƚĞŵ z ϮϬϭϵ z ϮϬϮϬ z ϮϬϮϭ z ϮϬϮϮ z ϮϬϮϯ ƐƐƵŵĞĚ ŚŽƵƌƐ ĨŽƌ ϴ͕ϬϬϬ ϰ͕ϬϬϬ ϰ͕ϬϬϬ Ϯ͕ϬϬϬ KŶͲƐŝƚĞ͕ ŝŶͲƉĞƌƐŽŶ ďĞŶĞĨŝĐŝĂƌLJ ĞǀĂůƵĂƚŝŽŶΎ ƐƵƉƉŽƌƚ Žƌ ^^ͬW,,^ ĞŶŚĂŶĐĞĚ ƐƵƉƉŽƌƚ Ăƚ ůŽĐĂů ^^ ĂŶĚ / ,ŽƵƌůLJ ƌĂƚĞ W,,^ ŽĨĨŝĐĞƐ Žƌ ŽƚŚĞƌ ůŽĐĂƚŝŽŶƐ ĂƐ ĚŝƌĞĐƚĞĚ ďLJ ,,^ ;ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ dŽƚĂů ƐƐƵŵĞĚ &ĞĞƐ ^ĞĐƚŝŽŶ ///͘&͘ϲͿ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ĨŽƌ ĞǀĂůƵĂƚŝŽŶ KĨĨͲƐŝƚĞ ĞŶŚĂŶĐĞĚ ƐƵƉƉŽƌƚ ĨŽƌ ůŽĐĂů ^^ ĂŶĚ / W,,^ ŽĨĨŝĐĞ ƐƚĂĨĨ ĂƐ ĚŝƌĞĐƚĞĚ ďLJ ,,^ ;ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ ^ĞĐƚŝŽŶ ///͘&͘ϲͿ dŽƚĂů &ĞĞƐ ƐƐƵŵĞĚ ĨŽƌ ǀĂůƵĂƚŝŽŶ ƐƐƵŵĞĚ ŚŽƵƌƐ ĨŽƌ ĞǀĂůƵĂƚŝŽŶΎ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ϭ͕ϬϬϬ ϱϬϬ ϱϬϬ ϮϱϬ ϮϱϬ ,ŽƵƌůLJ ƌĂƚĞ dŽƚĂů ƐƐƵŵĞĚ &ĞĞƐ ĨŽƌ ĞǀĂůƵĂƚŝŽŶ ΨϬ͘ϬϬ ΨϬ͘ϬϬ 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Falsified Information The Department may initiate proceedings to debar an Offeror from participation in the bid process and from contract award as authorized by North Carolina law if it is determined that the Offeror has withheld relevant or provided false information. Administrators for the Contrag The contract administrators are the persons to whom notices provided for in this contract shall be given, and to whom matters relating to the administration of this contract shall be addressed. Either party may change its administrator or his/her address and telephone number by written notice to the other party. The Offeror must complete the table below providing the Contractor?s Contract Administrator?s information. a. For the Department Contract Administrator for all contractual issues listed herein: Name Title Kimberley Kilpatrick, Contract and Compliance Specialist, Division of Health Bene?ts Address 1 820 S. Boylan Avenue Physical Address Raleigh, NC 27603 Address 2 1950 Mail Service Center Mail Service Center Raleigh, NC 27699-1950 Address Telephone Number 919-527-7015 Fax Number 919-832?0225 Email Address Contract Administrator regarding day to day activities herein: Name Title Debra Farrington, Senior Program Manager, Division of Health Bene?ts Address 1 820 S. Boylan Avenue Physical Address Raleigh, NC 27603 Address 2 1950 Mail Service Center Mail Service Center Raleigh, NC 27699-1950 Address Telephone Number 919-527-7025 Fax Number 919-832-0225 Email Address Debra.Farrington@dhhs.nc.gov Page 23 of 144 Department?s Federal (HIPAA), NC State and'NC DHHS Compliance Coarc?natorfar all privacy and sew?ty matters herein: Mama 8r C150 1 Palmer b. For'?le (Ware! Page 24 of 144 CONFIDENTIAL ATTACHMENT A: REQUIREMENTS TABLE MINIMUM REQUIREMENTS TABLE Requirement Minimum ?i'ears of experience Required ??eror's Statement of Demonstration and Capabilities. Include the section citation. namefnurnher and page numbers where details can he found in Offeror's response if not included in this table. A. Experience in Medicaid Managed [are providing Enrollment Broker Servioes for a program population with a total of at least 4DD.GDD beneficiaries Three Years MAHIMUS Health Servlces. Inc- IMMIMUEJ shares North Carolina's Department of Health and Human Scrvices dedication to implemerrt a com prehensive Medicaid managed are program designed to optimize hene?cia ries' health and well-being. An undenaking ofthis proportion. however. requires a partner pro?cient in executing successful enrollment broker programs of similar site and scope. MAHIMUS o??ers DH H5 a partnership with a vendor fully versed In the intricacies of efficient and Cohesive enrollment broker services MAEIMUS is that vendor. operating a total of 19 Medicaid Enrollment Broker projeus For over two decades. A of our total Medicaid Enrollment Broke-r portfolio. Exhibit-v14; MAX-MUS Medicaid Managed [ore Enrollment Emicer Projects. illustrates MMIMUE record oi executing successful Medicaid Managed Care Enrollment Broker Projects with honeliciarv populations exceeding MAKIMLIE Medicaid Managed Care Enrollment Broker Projects [Served population exceeding 400.009 hon e?cia rles - does not include populations served under in? lanolin-fir Militiivius Project Population Menalernent EA 11.990345 1995-332? El] 1.355.251 19-93-2013" Elli 1353.1?! IUID 2012-2022 ll] 31112021 1.353.413 11011-2013" Leaders ENE-2012 Ml 1391-52023 EDIE-2019 :13: 2.331.353 2035-2021 St B?l?g? JUDLIDEA Til 1597-3113 UA 953.566 EDIE-2011 WV 51' LINE p-mcuremant "Cont-act enter-Hen awarded.- mcut-nn tin-1: MINUS Medicaid Managed Care Enrollment Broker Projects. hos experience nonslriom'oo consumer; to MEdl't?l?' Menaged tore environ menu B. Experience providing Call CentEr capabilities to support Choice Counseling and Enrollment Broker services for an open enrollment population of at least bene?claries Three Years wholeehea underStandE. that each and event enrollment broker system, pollcv. and keystroke Impacts the health and well?hem; of a North Carolina Individual or lamiltr. With respect and appreciatlon for the populetlons we serve. MMIMUE offers DH H5 our full sulte of call cemer services to gulde and support North Carolina bene?ciarles. th elr femllies and caregivers through education, FHP selection. AMHIFCP selection, and FHP disenrollment With our beneficiaries In d. we design streamlined call center solutions that promote self? serulce and aim to mlnimite potemiel confusion that may come with a large-?scale transition to a Medicaid managed care model. As rated in Exhibit A-E: MAMMUE Contact Center Services, each MAKIMUE cl'l once counseling and Enrollment broker serelce Is designed to offIEr hene?cla the slmpIE. timely. and and enrollment processes that DH H5 envisioned in their concept paper ?Beneficiaries ln Medlcald Managed Care.? I 1% Wire. a fair. 9 7 $1 a, MAXIMUS Contact Center Services moo-1a Enhlh? menus Contact Cenm SeMees. mamas a?ers chaise eeunseHeg. m-persen outreach. and newer-'1 untrue: w'e pnane. mail: internE-t. web that. and thmugh gunnery eidmAIsa a subset of our total Ca?. Center Ehuice Euunsering and En Emker part?l?nlluu. Exhibit A-i: En}! Centers Supporting Choice Enamel-?Hg and Enra?ment Brake-r Services, details hummus call offering Cnunsellng and Enrollment Beaker services With bane?ciaw pnpulatians exceeding menu. MMIMUS tall Eenteu Sunpur?ng Ehnice Cuunse?ng and Enrollment Broker lien-rite: {Served pnpulatlnn exceedlna manna bene?eieriesl 513?! Bene?ciary Papula?nn MARIMUS Pruieu Mm! EB uaaums 1996-2412? Ell] EB 1.355.151 195511313" EH 2305-21320 IA EB IL EB 3333.443 2012-2022 EB 1.4701119 EMF-2021 LA EB 1.365.423 Ell-2015' HA EH- 1393-3311 MD EEIHIE 2131641322 Ml EH IBM-1013 FB 5,355,594 11112?2019 :r-a NY Hm 2910-2919 PA EH 21832.35] 2009-2021 51: EB 931,455 TR EB 1993.203 EB 953.555 :ma-zuu WU EB 531:3 1015-2919 ?Pulualrng pracurEmenI "Ennlract Humhn awarded: pEl?l?H?ll execution Exhibit MARIMUS Call Suppnning Chum: 1nd Enrallmem Bralmr Ear-aims. undrmands culturally compact-n: mnwmer and dear communication sum as the {Wudu?nn afsucc?sfu! chaise cmnse?na and services. C. Experience Integrating with existing Medicaid program eligibilityr and customer service systems Three I31 ?I'ears MAXIMUS appreciates that the success at an enrollment hreter pregmrn and beneficiary experience is la determined by the reliability of the Integrated systems that support it. MAEIMUS will provide a seamless lzuene?cianiI eligibility and enrollment experience by designinga salutien ta Integrate with Hf. FAST and interact with North Carolina's county departrn mi: of suciel services. the Eastern Band of Cherokee Indians and DH H5 effices. MAIIMUS has Experience integrating existing systems and will partner with the State to future integrations. n5 Illustrated in. Exhibit Experience in tegrating with Existing Medicaid Pragmm and Customer Service Systems. MIMUS has substantial experience securely integrating with etisting systems for smooth operation and Ef?ciency. MMIMUS Experience Integrating with Existing Medicaid Pregmm Eligilzrlil'ttI and Service Systems WPE Bene?ciary Fillma?en HAIIMUS Prelim Mantegna-rent EB 1995-312? State CA EB 1.355.251 1993?2015" EH. teens IUD-3511 El 1012?1913 EB insane 201.32%! EH ltd'l'??l? 1 EB Lasagna It] 11-1013' EB tissatai's 13952022 emeemsiems-eaza Ml EH 2.23 199352023 NH EB 136.53? 1012-201! EB 5395,39! 2011-2019 3.5011,? 2010?3019 EH $30,732 It] 1.32013 EH 2.331353 EH EIBIJISEI ED EB lineman 199L213 19 "ii-5 VA Ea 968,666 2003-2021 vr Ea 134,204 1995-2020 1 VI mx 1 217,365 1995-2019 wv EB I 573,178 2052019 'Pending procurement 'Contract ?revision awarded.- pendmg emotion Exhibit A4: MMIMUS Experience Integrating with Medicaid Program Eligibility and Customer Service Systems. Having integrated with existing Medicaid eligibility and customer service systems at nearly two dam: projects, MAXIMUS will leverage this experience to design a solution to integrate with MC FAST and interact with North Carolina 's county departments 0] social services. the Eastern Band 0] Cherokee indinns and Dims offices D. Offeror must be ?nancially stable and Not Applicable MAXIMUS has attached Our response to Attachment 6: Certi?cation of Financial disclose any legal actions that could Condition and Legal Action Summary lor DHHS review and consideration. adversely affect its financial condition or MAXIMUS is ?nancially stable and does not have any legal actions that would ability to meet the requirements of this RFP negatively allect our financial condition or ability to meet the requirements. 0! signi?cance. as a publicly traded company. MAXIMUS is uniquely positioned to after DHHS the salety and security of a partnership with a vendor that consistently and transparently reaffirms the strength of our financial integrity in our quarterly and annual public reports. The Olleror accepts all terms and conditions of this RFP as required in Section ii.A.3 Request ior Proposal. The Olieror may request modilications per the instructions in Section and acknowledges these are not part any subsequent Contract unless explicitly accepted by the Department in accordance with Section ll.A.3. April ll).20l8 Signature Date Charles K. Sweeney Vice President. Legal Printed Name Title The remainder of this page is intentionally left bianlt. 7-6 Addendum Exhibit 2 Revised ATTACHMENT B: TECHNICAL RESPONSE The Offeror must submit ADDENDUM Exhibit 2 Revised ATTACHMENT B: TECHNICAL RESPONSE. The Department encourages Offerors to suggest innovative ways to fulfill the requirements of this RFP. The Offeror must con?rm adherence to the expectations of the Department and their ability to meet the requirements of this RFP. This includes providing a detailed narrative, diagrams. exhibits, examples, sketches, descriptive literature and/or detailed information speci?cally tailored for the North Carolina Medicaid program to demonstrate its ability to meet requirements. The Technical Response must be submitted using the following MS Word template and the directives therein. The MS Word template may be requested by contacting Ken Dahlin at Ken RFP Section Response 8.1 Qualifications, Experience and Federal Requirements Section Ill. A, 1?6 lln; MAXIMUS con?rms that we will adhere to Department expectations and meet all requirements set forth in RFP Section Qualifications, Experience, and Federal Requirements. 1. The Offeror must describe: a. The company, its operations and ownership. b. Their experience in providing services similar to those included in the scope of this RFP, with an emphasis on clients of similar size to North Carolina's Medicaid program and details on the number of years providing services. c. Factors viewed as being critical to the success of the enrollment broker program in North Carolina. The MAXIMUS Difference As the premiere enrollment broker vendor in the country, MAXIMUS Health Services, lnc. (MAXIMUS) is uniquely positioned to deliver the North Carolina Department of Health and Human Services (DHHS or the Department) comprehensive and streamlined enrollment broker services. MAXIMUS is an experienced and dedicated partner. MAXIMUS skillfully supports our state partners through momentous changes, including transitions to managed care and annual open enrollment periods. With paramount consideration of North Carolina?s beneficiaries, we offer DHHS our unrivaled experience overseeing the macro and micro needs inherent in implementing enrollment broker servrces. MAXIMUS delivers a seamless multichannel beneficiary experience. MAXIMUS recognizes the powerful connection between beneficiary convenience and engagement. In response, we provide high-quality, integrated solutions with the beneficiary in mind. Our tools simplify user interfaces and tailor content to enhance the beneficiary experience. We are the only vendor to develop and deliver a first-class mobile application to drive beneficiary enrollment. Paired with our integrated digital platform, MAXIM US increases the quality and quantity of self?service options to streamline North Carolinian?s access to plan information and assistance. Page 8.1-1 of 11 MAXIMUS expertise offers DHHS a low-risk solution. With expertise in numerous Medicaid managed a0 care implementations, MAXIMUS presents DHHS operational stability as a low-risk vendor capable of stabilizing and then scaling enrollment broker services to support the transformation of the State's Medicaid program from fee-for-service to a managed care model. MAXIMUS Operations and Ownership MAXIMUS Health Services, lnc., is a wholly-owned subsidiary of MAXIMUS, Inc. Based in Reston, Virginia, MAXIMUS, Inc., is a publicly-traded company on the New York Stock Exchange (NYSE symbol: MMS). MAXIMUS Health Services, Inc. produces 56.5 percent of the parent company's revenue and serves as the contractor for most of our state government health programs. The ownership information for each entity is illustrated in Exhibit 8.1-1: Ownership Information. Ownership Information legal Name: MAXIMUS Health Services, Inc. Legal Name: MAXIMUS. Inc. Headquarters Address: 1891 Metro Center Drive Headquarters Address: 1891 Metro Center Drive Reston, Virginia 20190 Reston, Virginia 20190 703.251.8500 703.251.8500 Ownership: Wholly-owned subsidiary of Ownership: Publicly traded company (NYSE: MMS) MAXIMUS, inc. Federal EIN: 26-0307-682 Federal EIN: 54?1000588 Date Established 2007 Date Established 1975 Exhibit 8.1?1: Ownership Information. MAXIMUS Health Services, Inc. and MAXIMUS, Inc. ownership. Founded in 1975, MAXIMUS partners with state, federal, and international government entities to provide critical health and human service programs. MAXIMUS serves approximately 1,300 US. state and local government clients in all 50 states, the District of Columbia, and several territories. Our clientele also includes multiple federal agencies and departments, in addition to the governments of Australia, Canada, New Zealand, Saudi Arabia, Singapore, and the United Kingdom. MAXIMUS employs over 20,000 individuals dedicated to delivering essential services to individuals and families worldwide. With our strong presence and longevity in the health services administration field, we offer DHHS our proven expertise and trusted best practices, honed through our support of similar projects in size, scope, and complexity across the United States. MAXIMUS Medicaid Experience The breadth and longevity of MAXIMUS Medicaid enrollment broker experience is unrivaled. We support and enroll six of every ten Medicaid members receiving services through managed care, totaling more than 25 million individuals 43 nationwide. As illustrated in Exhibit 8.1?2: Nationwide Span of MAXIMUS Health Services Administration Projects, since 1995, more than 30 states entrusted MAXIMUS to manage health service and enrollment broker projects. MAXIMUS leverages this experience and pledges its commitment to partner with DHHS "to advance high-value care, improve population health, engage and support providers, and establish a sustainable program with predictable costs," as noted in the DHHS Concept Paper addressing Provider Health Plan Quality Performance and Accountability. 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ƉĞƌĨŽƌŵĂŶĐĞ ŝŶĚŝĐĂƚŽƌƐ ƐƵĐŚ ĂƐ ĐĂůůĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ͕ ĨŝƌƐƚ ĐĂůů ƌĞƐŽůƵƚŝŽŶ͕ ĂŶĚ ƐƉĞĞĚ ƚŽ ĂŶƐǁĞƌ ďLJ ůŝǀĞ ǀŽŝĐĞ͘ džŚŝďŝƚ ϴ͘ϭͲϮ͗ EĂƚŝŽŶǁŝĚĞ ^ƉĂŶ ŽĨ D y/Dh^ ,ĞĂůƚŚ ^ĞƌǀŝĐĞƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ WƌŽũĞĐƚƐ͘ D y/Dh^ ŝƐ ƚŚĞ ŵŽƐƚ ƚƌƵƐƚĞĚ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ǀĞŶĚŽƌ ŝŶ ƚŚĞ ĐŽƵŶƚƌLJ͕ ĂŶĚ ŽƵƌ ĐĂůů ĐĞŶƚĞƌ ĞdžƉĞƌƚŝƐĞ ŚĂƐ ďĞĞŶ ĂĐŬŶŽǁůĞĚŐĞĚ ŝŶĚƵƐƚƌLJͲǁŝĚĞ͘ WĂŐĞ ϴ͘ϭͲϰ ŽĨ ϭϭ DŽďŝůĞ ŶƌŽůůŵĞŶƚ ƉƉůŝĐĂƚŝŽŶ͗ D y/Dh^ ŝƐ ƚŚĞ ŽŶůLJ ǀĞŶĚŽƌ ƚŽ ĚĞǀĞůŽƉ ĂŶĚ ĚĞůŝǀĞƌ Ă ĨŝƌƐƚͲĐůĂƐƐ ŵŽďŝůĞ ĂƉƉůŝĐĂƚŝŽŶ ƚŽ ĚƌŝǀĞ ďĞŶĞĨŝĐŝĂƌLJ ĞŶƌŽůůŵĞŶƚ͘ KƵƌ ŵŽďŝůĞ ĂƉƉ ŝƐ ƐƉĞĐŝĨŝĐĂůůLJ ĚĞƐŝŐŶĞĚ ĨŽƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ ĂŶĚ ǁŝůů ŽĨĨĞƌ EŽƌƚŚ ĂƌŽůŝŶĂ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ĞŶƌŽůů͕ ǀŝĞǁ ĂŶĚ ƵƉůŽĂĚ ĚŽĐƵŵĞŶƚƐ͕ ĂŶĚ ƵƉĚĂƚĞ ƉƌŽĨŝůĞƐ ĂŶĚ ĂĐĐŽƵŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ĨƌŽŵ ƚŚĞ ĐŽŶǀĞŶŝĞŶĐĞ ŽĨ ƚŚĞŝƌ ŵŽďŝůĞ ƉŚŽŶĞƐ͘ DŽƌĞŽǀĞƌ͕ ƚŚŝƐ ƐĞůĨͲƐĞƌǀŝĐĞ ĨĞĂƚƵƌĞ ŝŶĐƌĞĂƐĞƐ ĞĨĨŝĐŝĞŶĐLJ ŝŶ ĐŽŶƚĂĐƚ ĐĞŶƚĞƌ ŽƉĞƌĂƚŝŽŶƐ͕ ĚŽĐƵŵĞŶƚ ŵĂŶĂŐĞŵĞŶƚ͕ ĂŶĚ ŵĂŝůŝŶŐ͕ ĂŶĚ ƐĞĂŵůĞƐƐůLJ ŝŶƚĞŐƌĂƚĞƐ ǁŝƚŚ ŽƚŚĞƌ ĞŶƌŽůůŵĞŶƚ ƐLJƐƚĞŵ ĐŽŵƉŽŶĞŶƚƐ D y/Dh^ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ^ĞƌǀŝĐĞƐ tŝƚŚ ŵŝůůŝŽŶƐ ŽĨ ďĞŶĞĨŝĐŝĂƌLJ ŝŶƚĞƌĂĐƚŝŽŶƐ Ăƚ ƉƌŽũĞĐƚƐ ŽĨ ƐŝŵŝůĂƌ ƐŝnjĞ ĂŶĚ ƐĐŽƉĞ͕ D y/Dh^ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƐĞƌǀŝĐĞƐ ƐƚƌŝŬĞ Ă ƐƚƌĂƚĞŐŝĐ ďĂůĂŶĐĞ ďĞƚǁĞĞŶ ƐĞůĨͲƐĞƌǀŝĐĞ ƚĞĐŚŶŽůŽŐLJ ĂŶĚ ƉĞƌƐŽŶĂůŝnjĞĚ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ͘ KƵƌ ƐŽůƵƚŝŽŶ ŝŶƚĞŐƌĂƚĞƐ ĚŝŐŝƚĂů ŽƉƚŝŽŶƐ ĂůŽŶŐƐŝĚĞ ƚƌĂĚŝƚŝŽŶĂů ĐĂůů ĐĞŶƚĞƌ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ƚŽ ƉƌŽǀŝĚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ďĞŶĞĨŝĐŝĂƌŝĞƐ Ă ƐĞĂŵůĞƐƐ͕ ŵƵůƚŝĐŚĂŶŶĞů ďĞŶĞĨŝĐŝĂƌLJ ĞdžƉĞƌŝĞŶĐĞ ƚŚĂƚ ŚĂƐ ďĞĞŶ ƌĞĨŝŶĞĚ ƚŽ ŵĂdžŝŵŝnjĞ ĞĨĨŝĐŝĞŶĐLJ ĂŶĚ ŽƉƚŝŵŝnjĞ ĞŶƌŽůůĞĞ ĂƐƐŝƐƚĂŶĐĞ͘ KƵƌ ĞdžƉĞƌŝĞŶĐĞ ƉƌŽǀŝĚŝŶŐ ŵƵůƚŝĐŚĂŶŶĞů ƐŽůƵƚŝŽŶƐ ĨŽƌ ŵĞŵďĞƌ ĐŚŽŝĐĞ ƐƵƉƉŽƌƚ ŚĂƐ ĞǀŽůǀĞĚ ƚŽ ŝŶĐůƵĚĞ ƚŚĞ ĨŽůůŽǁŝŶŐ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƐĞƌǀŝĐĞ ŽƉƚŝŽŶƐ͗ džŚŝďŝƚ ϴ͘ϭͲϯ͗ D y/Dh^ džƉĞƌŝĞŶĐĞ ǁŝƚŚ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ^ĞƌǀŝĐĞƐ WƌŽũĞĐƚƐ͘ D y/Dh^ ŽĨĨĞƌƐ ,,^ ŽƵƌ ƵŶƌŝǀĂůĞĚ ĞdžƉĞƌŝĞŶĐĞ ŝŵƉůĞŵĞŶƚŝŶŐ Ă DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƚƌĂŶƐŝƚŝŽŶ ŽĨ ƚŚŝƐ ƐŝnjĞ ĂŶĚ ƐĐŽƉĞ͘ &21),'(17,$/ WĂŐĞ ϴ͘ϭͲϱ ŽĨ ϭϭ D y/Dh^ ďƌĂŶĚƐ ŽƵƌ ǁĞďƐŝƚĞƐ ƚŽ ƌĞƐŽŶĂƚĞ ǁŝƚŚ ƚĂƌŐĞƚĞĚ ďĞŶĞĨŝĐŝĂƌLJ ƉŽƉƵůĂƚŝŽŶƐ ĂŶĚ ĐƌĞĂƚĞ Ă ƵŶŝĨŽƌŵ ŝŶƚĞƌĨĂĐĞ ĂĐƌŽƐƐ ďĞŶĞĨŝĐŝĂƌLJ ƚŽƵĐŚƉŽŝŶƚƐ͘ džŚŝďŝƚ ϴ͘ϭͲϱ͗ tĞƐƚ sŝƌŐŝŶŝĂ DŽƵŶƚĂŝŶ ,ĞĂůƚŚ dƌƵƐƚ tĞďƐŝƚĞ ƉƌŽǀŝĚĞƐ ĂŶ ĞdžĂŵƉůĞ ŽĨ Ă D y/Dh^ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ǁĞďƐŝƚĞ ƚĂŝůŽƌĞĚ ĨŽƌ ŽƵƌ tĞƐƚ sŝƌŐŝŶŝĂ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ KƵƌ ƐĞĐƵƌĞ͕ ŝŶƚĞƌĂĐƚŝǀĞ͕ ĂŶĚ ƵƐĞƌͲĨƌŝĞŶĚůLJ ǁĞďƐŝƚĞ ĚĞƐŝŐŶ ŚĞůƉƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĨŝŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ĞĂƐŝůLJ ĂŶĚ ŝŶƚƵŝƚŝǀĞůLJ͕ ŝŶĐƌĞĂƐŝŶŐ ŽŶůŝŶĞ ĞŶƌŽůůŵĞŶƚƐ ďLJ ŵŽƌĞ ƚŚĂŶ Ϯϴ ƉĞƌĐĞŶƚ ŝŶ ƐŽŵĞ ƐƚĂƚĞƐ͘ D y/Dh^ ĞŶƌŽůůŵĞŶƚ ǁĞďƐŝƚĞƐ ĂƌĞ ĂůƐŽ ƐŵĂƌƚƉŚŽŶĞͬƚĂďůĞƚ ƌĞƐƉŽŶƐŝǀĞ͕ ŵĞĂŶŝŶŐ ƚŚĂƚ ƚŚĞ ǁĞďƐŝƚĞ ĐĂŶ ĂƵƚŽŵĂƚŝĐĂůůLJ ĚĞƚĞĐƚ ƚŚĞ ĐŽŶƐƵŵĞƌΖƐ ĚĞǀŝĐĞ ĂŶĚ ƌĞƐŝnjĞ ƚŚĞ ǁĞďƉĂŐĞ ĚŝƐƉůĂLJ ƚŽ Ĩŝƚ ƚŚĞ ƐĐƌĞĞŶ͕ ĞůŝŵŝŶĂƚŝŶŐ ƚŚĞ ďƵƌĚĞŶƐŽŵĞ ΗƉŝŶĐŚ ĂŶĚ ƉƵůůΗ ŶĂǀŝŐĂƚŝŽŶ ĂŶĚ ůŝŬĞůŝŚŽŽĚ ƚŚĂƚ ĚĂƚĂ ĨŝĞůĚƐ ǁŽŶ͛ƚ ƉŽƉƵůĂƚĞ Žƌ ďĞ ǀŝĞǁĂďůĞ ŝŶ ŶŽŶͲ ƌĞƐƉŽŶƐŝǀĞ ǁĞďƐŝƚĞ ĚĞƐŝŐŶƐ͘ ŶƌŽůůŵĞŶƚ tĞďƐŝƚĞ͗ KƉĞƌĂƚŝŶŐ ƐĞůĨͲƐĞƌǀŝĐĞ ǁĞďƐŝƚĞƐ ŝŶ 'ĞŽƌŐŝĂ͕ /ůůŝŶŽŝƐ͕ >ŽƵŝƐŝĂŶĂ͕ DŝĐŚŝŐĂŶ͕ EĞǁ zŽƌŬ͕ WĞŶŶƐLJůǀĂŶŝĂ͕ sŝƌŐŝŶŝĂ͕ tĞƐƚ sŝƌŐŝŶŝĂ ĂŶĚ ƚŚĞ ŝƐƚƌŝĐƚ ŽĨ ŽůƵŵďŝĂ͕ ǁĞ ŽĨĨĞƌ ,,^ ŽƵƌ ŶĂƚŝŽŶĂů ĞdžƉĞƌƚŝƐĞ ŝŶ ĚĞƐŝŐŶŝŶŐ ƐƚƌĂŝŐŚƚĨŽƌǁĂƌĚ͕ ŵŽĚĞƌŶ ĞŶƌŽůůŵĞŶƚ ǁĞďƐŝƚĞƐ ƚŽ ŽĨĨĞƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƐŝŵƉůĞ͕ ƐĞĐƵƌĞ͕ ĂŶĚ ƋƵŝĐŬ ĂĐĐĞƐƐ ƚŽ ŚĞůƉ ĞŶƐƵƌĞ ǁĞůůͲŝŶĨŽƌŵĞĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞŶƌŽůůŵĞŶƚ ĚĞĐŝƐŝŽŶƐ͘ ĨŽƌ Ă ĐŽŶƐŝƐƚĞŶƚ ďĞŶĞĨŝĐŝĂƌLJ ĞdžƉĞƌŝĞŶĐĞ͘ dŚĞ ĞŶƌŽůůŵĞŶƚ ĂƉƉůŝĐĂƚŝŽŶ ŝƐ ƐĞĐƵƌĞ ĂŶĚ ,/W ͲĐŽŵƉůŝĂŶƚ ƚŽ ƉƌŽƚĞĐƚ W,/ ĂŶĚ W//͕ ƵƚŝůŝnjŝŶŐ ƐƚƌŽŶŐ ĂƵƚŚĞŶƚŝĐĂƚŝŽŶ ĂŶĚ ĚĂƚĂ ĞŶĐƌLJƉƚŝŽŶ͘ /ůůƵƐƚƌĂƚĞĚ ŝŶ džŚŝďŝƚ ϴ͘ϭͲϰ͗ D y/Dh^ DŽďŝůĞ ŶƌŽůůŵĞŶƚ ƉƉůŝĐĂƚŝŽŶ͕ D y/Dh^ ŽĨĨĞƌƐ EŽƌƚŚ ĂƌŽůŝŶĂ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŚĞ ĨůĞdžŝďŝůŝƚLJ ĂŶĚ ĐŽŶǀĞŶŝĞŶĐĞ ŽĨ ƐŚŽƉƉŝŶŐ ĂŶĚ ĞŶƌŽůůŝŶŐ ĨŽƌ ĐŽǀĞƌĂŐĞ ĨƌŽŵ ƚŚĞŝƌ ŵŽďŝůĞ ĚĞǀŝĐĞƐ͘ WĂŐĞ ϴ͘ϭͲϲ ŽĨ ϭϭ ^ŽĐŝĂů DĞĚŝĂ͗ WŽƉƵůĂƌ ƐŽĐŝĂů ŵĞĚŝĂ ƉůĂƚĨŽƌŵƐ͕ ƐƵĐŚ ĂƐ &ĂĐĞŬ ĂŶĚ dǁŝƚƚĞƌ͕ ŚĂǀĞ ƉƌŽǀĞŶ ĞĨĨĞĐƚŝǀĞ ŽŶ ŽƚŚĞƌ D y/Dh^ ƉƌŽũĞĐƚƐ ŝŶ ƌĂƉŝĚůLJ ĚŝƐƐĞŵŝŶĂƚŝŶŐ ŬĞLJ ŵĞƐƐĂŐĞƐ͕ ƉƌŽŐƌĂŵ Žƌ ƉŽůŝĐLJ ĐŚĂŶŐĞƐ͕ Žƌ ŶĞǁ ŝŶŝƚŝĂƚŝǀĞƐ͘ &Žƌ ĞdžĂŵƉůĞ͕ ŝŶ EĞǁ zŽƌŬ͕ D y/Dh^ ƵƐĞƐ ƐŽĐŝĂů ŵĞĚŝĂ ƚŽ ƉƌŽǀŝĚĞ ƚĂŝůŽƌĞĚ ŵĞƐƐĂŐŝŶŐ͕ ĚƌŝǀĞ ƚƌĂĨĨŝĐ ƚŽ ƚŚĞ ƉƌŽŐƌĂŵ tĞď ŚĂƚ͗ tĞď ĐŚĂƚ ŝƐ Ă ǀĂůƵĂďůĞ ƚŽŽů ƚŽ ƐƵƉƉůĞŵĞŶƚ ĂŶĚ ĞŶŚĂŶĐĞ ƚŚĞ ĞdžƉĞƌŝĞŶĐĞ ďLJ ĂĚĚŝŶŐ ĂŶ ŽŶůŝŶĞ ĂůƚĞƌŶĂƚŝǀĞ ĨŽƌ ƌĞĂůͲƚŝŵĞ ĂƐƐŝƐƚĂŶĐĞ͘ ĞŶĞĨŝĐŝĂƌŝĞƐ ƵƐŝŶŐ ǁĞď ĐŚĂƚ ŐĞƚ ƚŚĞ ŝŵŵĞĚŝĂƚĞ ĂƐƐŝƐƚĂŶĐĞ ƚŚĞLJ ƐĞĞŬ ǁŝƚŚŽƵƚ ŶĞĞĚŝŶŐ ƚŽ ĐŽŶƚĂĐƚ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ͘ D y/Dh^ ŚĂƐ ƐƵĐĐĞƐƐĨƵůůLJ ŝŵƉůĞŵĞŶƚĞĚ ǁĞď ĐŚĂƚ ƐĞƌǀŝĐĞƐ Ăƚ Ă ŶƵŵďĞƌ ŽĨ ƉƌŽũĞĐƚƐ͕ ŝŶĐůƵĚŝŶŐ ŽƵƌ /ŶĚŝĂŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐĂůů ĐĞŶƚĞƌ ĨŽƌ ƚŚĞ ,ĞĂůƚŚLJ /ŶĚŝĂŶĂ WƌŽŐƌĂŵ ĂŶĚ ŽƵƌ EĞǁ zŽƌŬ ^ƚĂƚĞ ŽĨ ,ĞĂůƚŚ ;Ez^K,Ϳ ,ĞĂůƚŚ /ŶƐƵƌĂŶĐĞ džĐŚĂŶŐĞ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ĞŶƚĞƌ͘ ĚĚŝƚŝŽŶĂů ŝŶĨŽƌŵĂƚŝŽŶ ƌĞŐĂƌĚŝŶŐ ŽƵƌ ǁĞď ĐŚĂƚ ĨƵŶĐƚŝŽŶĂůŝƚLJ ĐĂŶ ďĞ ĨŽƵŶĚ ŝŶ ƚƚĂĐŚŵĞŶƚ >͘ ^ĞĐƵƌĞ ŵĂŝů͗ &Žƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ƉƌĞĨĞƌ ƚŽ ƌĞĐĞŝǀĞ ŵĞƐƐĂŐĞƐ ǀŝĂ ĞŵĂŝů͕ D y/Dh^ ŽĨĨĞƌƐ ŽƵƚďŽƵŶĚ ĞŵĂŝů ƐĞƌǀŝĐĞƐ ĨŽƌ EŽƌƚŚ ĂƌŽůŝŶŝĂŶƐ ƚŽ ƌĞĐĞŝǀĞ ŝŶĨŽƌŵĂƚŝŽŶ͕ ŶŽƚŝĨŝĐĂƚŝŽŶƐ͕ Žƌ ƌĞŵŝŶĚĞƌƐ ƌĞůĂƚĞĚ ƚŽ DĞĚŝĐĂŝĚ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ƐĞƌǀŝĐĞƐ͘ ŵĂŝů ŝƐ ĂǀĂŝůĂďůĞ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ǁŝƐŚ ƚŽ ĐŽŵŵƵŶŝĐĂƚĞ ǁŝƚŚ ƵƐ ƚŚƌŽƵŐŚ ƚŚĞ Η ŽŶƚĂĐƚ hƐΗ ƉĂŐĞ ŽŶ ŽƵƌ ǁĞďƐŝƚĞƐ͕ ĂŶĚ ŝƐ ĂŶ ĞĨĨŝĐŝĞŶƚ ĂŶĚ ĐŽƐƚͲĞĨĨĞĐƚŝǀĞ ƚŽŽů ƚŽ ƌĞĂĐŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ KƵƌ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ůŝŵŝƚ Ăůů ŽƵƚďŽƵŶĚ ĞŵĂŝů ƚŽ ŶŽŶͲW,/ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ ĂŶĚ ǁĞ ĞŵƉůŽLJ ƐĞĐƵƌĞ ĞŵĂŝů ƉƌŽĐĞĚƵƌĞƐ ĂŶĚ ĞŶĐƌLJƉƚŝŽŶ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ Ăůů ,/W ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ƵƚŽŵĂƚĞĚ sŽŝĐĞ ZĞƐƉŽŶƐĞ ^LJƐƚĞŵ ; sZ^Ϳ͗ D y/Dh^ ŚĂƐ ĂŵĂƐƐĞĚ ƐŝŐŶŝĨŝĐĂŶƚ ĞdžƉĞƌŝĞŶĐĞ ĚĞƐŝŐŶŝŶŐ sZ^ ƚŽ ĞŶŚĂŶĐĞ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ ǁŝƚŚŽƵƚ ƌĞƋƵŝƌŝŶŐ ƚŚĞŵ ƚŽ ƐƉĞĂŬ ƚŽ Ă ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͘ KƵƌ sZ^ ŝŶĐůƵĚĞ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ŝŶƚĞŐƌĂƚŝŽŶ ƉŽŝŶƚƐ ƚŽ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ƐLJƐƚĞŵ ƚŽ ƐƵƉƉŽƌƚ ƐĞĐƵƌĞ ƚƌĂŶƐĨĞƌ ŽĨ ĞŶƌŽůůŵĞŶƚ ĚĂƚĂ͘ &Žƌ ĞdžĂŵƉůĞ͕ ŽƵƌ ,ĞĂůƚŚLJ >ŽƵŝƐŝĂŶĂ WƌŽũĞĐƚ ŽĨĨĞƌƐ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ Ă Ϯϰdžϳ ƚĞůĞƉŚŽŶĞͲďĂƐĞĚ ƐĞůĨͲƐĞƌǀŝĐĞ sZ^ ĐŚĂŶŶĞů ƚŽ ĐŽŵƉůĞƚĞ ĞŶƌŽůůŵĞŶƚ͘ Ŷ ĂǀĞƌĂŐĞ ŽĨ ϯϬ ƉĞƌĐĞŶƚ ŽĨ ǀŽůƵŶƚĂƌLJ ĐŚŽŝĐĞ ĞŶƌŽůůŵĞŶƚƐ ŝŶ >ŽƵŝƐŝĂŶĂ ĂƌĞ ĐŽŵƉůĞƚĞĚ ƚŚƌŽƵŐŚ ŽƵƌ sZ^͘ tĞ ǁŝůů ŚĂƌŶĞƐƐ ŽƵƌ sZ^ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ƚŽ ĚĞůŝǀĞƌ ,,^ ĂŶ ĂĚĚŝƚŝŽŶĂů ďĞŶĞĨŝĐŝĂƌLJ ĂĐĐĞƐƐ ƉŽŝŶƚ ĨŽƌ ƐƚƌĞĂŵůŝŶĞĚ ĂĐĐĞƐƐ ƚŽ ĞŶƌŽůůŵĞŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ƉƌŽĐĞƐƐĞƐ͘ džŚŝďŝƚ ϴ͘ϭͲϱ͗ tĞƐƚ sŝƌŐŝŶŝĂ DŽƵŶƚĂŝŶ ,ĞĂůƚŚ dƌƵƐƚ tĞďƐŝƚĞ͘ tŝƚŚ Ă ĨŽĐƵƐ ŽŶ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ďĞŶĞĨŝĐŝĂƌLJ ĞdžƉĞƌŝĞŶĐĞ͕ D y/Dh^ ǁŝůů ĐƌĞĂƚĞ Ă ƵŶŝƋƵĞ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ƚŽ ĂůůŽǁ EŽƌƚŚ ĂƌŽůŝŶĂ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ĐŽŵƉĂƌĞ ƉůĂŶ ŽƉƚŝŽŶƐ͕ ƉƌŝŶƚ ĐŚĂƌƚƐ͕ ƌĞǀŝĞǁ ƉƌŽŐƌĂŵ ŵĂƚĞƌŝĂůƐ͕ ĨŽůůŽǁ ůŝŶŬƐ ƚŽ ŽƚŚĞƌ ǁĞďƐŝƚĞƐ͕ ŐĞƚ ĂŶƐǁĞƌƐ ƚŽ & YƐ͕ ŽďƚĂŝŶ ůĂƚĞƐƚ ŶĞǁƐ͕ ŶĂǀŝŐĂƚĞ ďĞƚǁĞĞŶ ƚŚĞ ƐƚĂƚŝĐ ĂŶĚ ƐĞĐƵƌĞ ƉŽƌƚĂů ƚŽ ƐĞĂƌĐŚ ĨŽƌ ŚĞĂůƚŚ ƉůĂŶƐ ĂŶĚ ƉƌŽǀŝĚĞƌƐ͕ Žƌ ĞŶƌŽůů ŽŶ ƚŚĞ ǁĞď͘ /Ŷ /ŶĚŝĂŶĂ͕ ǁĞ ŚĂŶĚůĞĚ ŶĞĂƌůLJ ϭϱ͕ϬϬϬ ĐŚĂƚ ƐĞƐƐŝŽŶƐ ƚŚĞ ĨŝƌƐƚ LJĞĂƌ͕ ĂŶĚ ďĂƐĞĚ ŽŶ ƚŚĞ ƉŽƐŝƚŝǀĞ ĨĞĞĚďĂĐŬ ǁĞ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ďŽƚŚ ĐŽŶƐƵŵĞƌƐ ĂŶĚ ŽƵƌ ƐƚĂƚĞ ĐůŝĞŶƚ͕ ǁĞ ĂƌĞ ǁŽƌŬŝŶŐ ǁŝƚŚ ƚŚĞ ƐƚĂƚĞ ƚŽ ĂƐƐĞƐƐ Ă ƉƌŽŐƌĂŵͲǁŝĚĞ ƌŽůůŽƵƚ͘ /Ŷ EĞǁ zŽƌŬ͕ ǁĞ ŚĂŶĚůĞĚ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϱϯ͕ϬϬϬ ĐŚĂƚ ƐĞƐƐŝŽŶƐ ǁŝƚŚŝŶ ƚŚĞ ĨŝƌƐƚ LJĞĂƌ ŽĨ ǁĞď ĐŚĂƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ĂŶĚ ǁĞď ĐŚĂƚ ĐŽŶƚŝŶƵĞƐ ƚŽ ďĞ Ă ƉŽƉƵůĂƌ ĂŶĚ ƉƌĞĨĞƌƌĞĚ ĐŽŶƐƵŵĞƌ ĐŚĂŶŶĞů͘ WĂŐĞ ϴ͘ϭͲϳ ŽĨ ϭϭ D y/Dh^ ĂůƐŽ ƚĂŬĞƐ ƉƌŽĂĐƚŝǀĞ ƐƚĞƉƐ ƚŽ ƌĞĚƵĐĞ ĂƚƚƌŝƚŝŽŶͲƌĞůĂƚĞĚ ƚƌĂŝŶŝŶŐ ĂŶĚ ƌĞĐƌƵŝƚŝŶŐ ĐŽƐƚƐ ǁŝƚŚ ΗZĞĂů :Žď WƌĞǀŝĞǁΗ ;Z:WͿ͕ ŽƵƌ ƌĞĐƌƵŝƚŝŶŐ ĂŶĚ ŚŝƌŝŶŐ ŵĞƚŚŽĚŽůŽŐLJ ƚŚĂƚ ŝŵƉƌŽǀĞƐ ũŽď ƌĞƚĞŶƚŝŽŶ͘ Z:W ǁŝůů ŝŶƚĞƌĂĐƚŝǀĞůLJ͕ ĂĐĐƵƌĂƚĞůLJ͕ ĂŶĚ ƚƌĂŶƐƉĂƌĞŶƚůLJ ĚĞƉŝĐƚ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŽƌŬ ĞŶǀŝƌŽŶŵĞŶƚ ƚŽ ĞůŝŵŝŶĂƚĞ ŶĞǁ ƐƚĂĨĨ ĐŽŶĨƵƐŝŽŶ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ĂďŽƵƚ ƚŚĞ ƉƌŽũĞĐƚ͘ Z:W ĞŶƐƵƌĞƐ ƉƌŽƐƉĞĐƚŝǀĞ ĞŵƉůŽLJĞĞƐ ĨƵůůLJ ĂƉƉƌĞĐŝĂƚĞ ƚŚĞ ŶĂƚƵƌĞ ŽĨ ǁŽƌŬ ƚŚĂƚ ĞŶƌŽůůŵĞŶƚ ƐƉĞĐŝĂůŝƐƚƐ ǁŝůů ƉĞƌĨŽƌŵ ŝŶ ƚŚĞŝƌ ƌŽůĞ ŽŶ Ă ƉƌŽƐƉĞĐƚŝǀĞ ƚĞĂŵ͘ /Ŷ ƉĂƌĂůůĞů͕ Z:W ƉĞƌŵŝƚƐ ŽƵƌ ƐƚĂĨĨŝŶŐ ƉĂƌƚŶĞƌƐ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ĞŶƐƵƌĞ ƉƌŽƐƉĞĐƚŝǀĞ ĞŵƉůŽLJĞĞƐ ĂƌĞ Ă ŐŽŽĚ Ĩŝƚ ĨŽƌ ŽƵƌ ƉƌŽũĞĐƚ ĂŶĚ ŽƌŐĂŶŝnjĂƚŝŽŶ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ ƐƚĂĨĨ ŵĞŵďĞƌƐ ũŽŝŶ ŽƵƌ ƚĞĂŵ ĂƌŵĞĚ ǁŝƚŚ Ă ƐŽůŝĚ ŐƌĂƐƉ ŽĨ ƚŚĞŝƌ ũŽď ĞdžƉĞĐƚĂƚŝŽŶƐ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚ͕ ŵĂŬŝŶŐ ƚŚĞŵ ůĞƐƐ ŝŶĐůŝŶĞĚ ƚŽ ůĞĂǀĞ͘ ŶƐǁĞƌKŶΡ ŝƐ Ă ƐŽĨƚǁĂƌĞ ƉƌŽĚƵĐƚ ƚŚĂƚ ĂĐĐƵƌĂƚĞůLJ ƉƌĞĚŝĐƚƐ Ă ǁŽƌŬĞƌΖƐ ƉƌŽƉĞŶƐŝƚLJ ƚŽ ůĞĂǀĞ͘ /ƚ ĂŶĂůLJnjĞƐ ĚĂƚĂ ĨƌŽŵ ŽƵƌ ǁŽƌŬĨŽƌĐĞ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ ĂŶĚ ŽƵƌ ƋƵĂůŝƚLJ ŵŽŶŝƚŽƌŝŶŐ ƉƌŽĐĞƐƐĞƐ ƚŽ ŝĚĞŶƚŝĨLJ ŝŶĚŝǀŝĚƵĂůƐ ǁŚŽƐĞ ŽƵƚƉƵƚ ĂŶĚ ƐĐŚĞĚƵůŝŶŐ ƌĞůŝĂďŝůŝƚLJ ƐƵŐŐĞƐƚ ĂŶ ĂƚƚƌŝƚŝŽŶ ƌŝƐŬ͘ KŶĐĞ ŶƐǁĞƌKŶΡ ƚĂƌŐĞƚƐ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ĂƐ Ă ŚŝŐŚ ƌŝƐŬ ĨŽƌ ůĞĂǀŝŶŐ͕ D y/Dh^ ƐƵƉĞƌǀŝƐŽƌƐ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ƉƌŽĂĐƚŝǀĞůLJ ŝŶƚĞƌǀĞŶĞ ƚŽ ĂĚĚƌĞƐƐ ĂŶĚ ŝŵƉƌŽǀĞ ĚĞƚƌŝŵĞŶƚĂů ďĞŚĂǀŝŽƌĂů ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ƚƌĞŶĚƐ ďĞĨŽƌĞ ƚŚĞLJ ĞƐĐĂůĂƚĞ͘ dŚĞ ƐLJƐƚĞŵ ĂůƐŽ ĂĐĐƵŵƵůĂƚĞƐ ĚĂƚĂ ŽǀĞƌ ƚŝŵĞ͕ ŵĂŬŝŶŐ ƚŚĞ ĂůŐŽƌŝƚŚŵ ŝŶĐƌĞĂƐŝŶŐůLJ ĂĐĐƵƌĂƚĞ͘ D y/Dh^ ƉƌŽũĞĐƚƐ ƵƐŝŶŐ ŶƐǁĞƌKŶΡ ŚĂǀĞ ĞdžƉĞƌŝĞŶĐĞĚ Ă ƐŝdžƚLJͲŽŶĞ ƉĞƌĐĞŶƚ ƌĞĚƵĐƚŝŽŶ ŝŶ ĂƚƚƌŝƚŝŽŶ ĂĐŚŝĞǀĞĚ ƚŚƌŽƵŐŚ ƚĂƌŐĞƚĞĚ ƐƵƉĞƌǀŝƐŽƌ ŝŶƚĞƌǀĞŶƚŝŽŶƐ ǁŝƚŚ ǁŽƌŬĞƌƐ ŝĚĞŶƚŝĨŝĞĚ ĂƐ ŚŝŐŚ ƌŝƐŬ͘ dŽ ŵĂdžŝŵŝnjĞ ŬŶŽǁůĞĚŐĞ ƌĞƚĞŶƚŝŽŶ͕ D y/Dh^ ĞƐƚĂďůŝƐŚĞĚ ĂŶ ĞdžĐůƵƐŝǀĞ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ,ŝĐŬŽƌLJ >ĞĂƌŶŝŶŐ͘ dŚŝƐ ǁĞďͲďĂƐĞĚ ůĞĂƌŶŝŶŐ ƚŽŽů ĞŶŚĂŶĐĞƐ ƉƌŽũĞĐƚ ƚƌĂŝŶŝŶŐ ďLJ ƐŝŵƉůŝĨLJŝŶŐ ĚŝĨĨŝĐƵůƚ ĐŽŶĐĞƉƚƐ ŝŶƚŽ ƐŵĂůůĞƌ͕ ĞĂƐŝůLJ ĚŝŐĞƐƚŝďůĞ ƉĂĐŬĂŐĞƐ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ͘ /Ŷ ĨĞǁĞƌ ƚŚĂŶ ƚĞŶ ŵŝŶƵƚĞƐ Ă ĚĂLJ͕ ĂŶ ĞŶƌŽůůŵĞŶƚ ƐƉĞĐŝĂůŝƐƚ ƵƐĞƐ ĚŝŐŝƚĂů ĨůĂƐŚ ĐĂƌĚƐ ĂŶĚ ƐŚŽƌƚ ƋƵŝnjnjĞƐ ƚŽ ŝŵŵĞĚŝĂƚĞůLJ ĂƐƐĞƐƐ ƚŚĞŝƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ŬĞLJ ĐŽŶĐĞƉƚƐ ĂŶĚ ŚŝŐŚͲƉƌŝŽƌŝƚLJ ƉŽůŝĐLJ ĐŚĂŶŐĞƐ͘ KŶ ŽƵƌ EĞǁ zŽƌŬ ^ƚĂƚĞ ŽĨ ,ĞĂůƚŚ ĐŽŶƚƌĂĐƚ͕ ŽƵƌ ƵƐĞ ŽĨ ,ŝĐŬŽƌLJ͛Ɛ ůĞĂƌŶŝŶŐ ƚŽŽů ƉƌŽĚƵĐĞĚ ŬŶŽǁůĞĚŐĞ ƌĞƚĞŶƚŝŽŶ ůĞǀĞůƐ ĂǀĞƌĂŐŝŶŐ ŶŝŶĞƚLJ ƉĞƌĐĞŶƚ͘ D y/Dh^ ^ƚĂĨĨŝŶŐ džƉĞƌŝĞŶĐĞ KƵƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ĞdžƉĞƌŝĞŶĐĞ ƚĂƵŐŚƚ ƵƐ ƚŚĂƚ ƚŽ ĞŶƐƵƌĞ ĐŽŶƐŝƐƚĞŶƚůLJ ŚŝŐŚ ƋƵĂůŝƚĂƚŝǀĞ ƐƚĂŶĚĂƌĚƐ͕ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ŵƵƐƚ ďĞ ĂďůĞ ƚŽ ƋƵŝĐŬůLJ ĂŶĚ ĂĐĐƵƌĂƚĞůLJ ƌĞƐƉŽŶĚ ƚŽ ƚŚĞ ƌĂŶŐĞ ŽĨ ƋƵĞƐƚŝŽŶƐ ĂŶĚ ŝŶƋƵŝƌŝĞƐ ƚŚĞLJ ƌĞĐĞŝǀĞ͘ ,ŽǁĞǀĞƌ͕ ĚĂƚĂ ƐƵŐŐĞƐƚƐ ŶĞĂƌůLJ ϳϬ ƉĞƌĐĞŶƚ ŽĨ ĐƌŝƚŝĐĂů ŬŶŽǁůĞĚŐĞ ŝƐ ŽĨƚĞŶ ůŽƐƚ ǁŝƚŚŝŶ ƚǁŽ ĚĂLJƐ ŽĨ ƚƌĂŝŶŝŶŐ͘ ĐĐŽƌĚŝŶŐůLJ͕ D y/Dh^ ůĞǀĞƌĂŐĞƐ Ă ƐƵŝƚĞ ŽĨ ƚŽŽůƐ ƚŽ ƉƌŝŽƌŝƚŝnjĞ ƐƚĂĨĨ ƌĞƚĞŶƚŝŽŶ ŽĨ ĐƌŝƚŝĐĂů ŬŶŽǁůĞĚŐĞ ĂŶĚ ŽƉƚŝŵŝnjĞ ƚƌĂŝŶŝŶŐ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ƚŽ ĚĞůŝǀĞƌ Ă ĐŽŶƐŝƐƚĞŶƚ͕ ŚŝŐŚͲĨƵŶĐƚŝŽŶŝŶŐ ƚĞĂŵ ŽĨ ƉƌŽũĞĐƚ ƌĞƐŽƵƌĐĞƐ ǁŚŽ ĂƌĞ ĂďůĞ ƚŽ ƉƌŽǀŝĚĞ ĐŽŶƐŝƐƚĞŶƚ ĂŶĚ ŚŝŐŚͲƋƵĂůŝƚLJ ƐĞƌǀŝĐĞƐ ƚŽ EŽƌƚŚ ĂƌŽůŝŶĂ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ WŚŽŶĞ͗ Ɛ ŽŶĞ ŽĨ ƚŚĞ ĐŽƵŶƚƌLJΖƐ ůĞĂĚŝŶŐ ĐĂůů ĐĞŶƚĞƌ ƉƌŽǀŝĚĞƌƐ͕ D y/Dh^ ƐƚĂLJƐ ĂďƌĞĂƐƚ ŽĨ ƚĞůĞƉŚŽŶLJ ƚĞĐŚŶŽůŽŐLJ ĞǀŽůƵƚŝŽŶ ĂŶĚ ĐŚĂŶŐĞƐ͕ ƉĂƌƚŝĐƵůĂƌůLJ ǁŝƚŚ ƚŚĞ ƚƌĞŶĚ ƚŽǁĂƌĚ ĐůŽƵĚͲďĂƐĞĚ ƐŽůƵƚŝŽŶƐ͘ tĞ ŽĨĨĞƌ ,,^ ŽƵƌ ŶƚĞƌƉƌŝƐĞ dĞůĞƉŚŽŶLJ WůĂƚĨŽƌŵ ƚŚĂƚ ŝƐ ďƵŝůƚ ŽŶ ƚŚĞ ŝƐĐŽ hŶŝĨŝĞĚ ŽŶƚĂĐƚ ĞŶƚĞƌ ŶƚĞƌƉƌŝƐĞ ƐŽůƵƚŝŽŶ͘ dŚŝƐ ƚĞůĞƉŚŽŶLJ ƉůĂƚĨŽƌŵ ĚĞůŝǀĞƌƐ ŝŶƚĞůůŝŐĞŶƚ ĐŽŶƚĂĐƚ ƌŽƵƚŝŶŐ͕ ĐĂůů ƚƌĞĂƚŵĞŶƚ͕ ĂŶĚ ĐŽŶƚĂĐƚ ŵĂŶĂŐĞŵĞŶƚ ŽǀĞƌ Ă ŵŽĚĞƌŶŝnjĞĚ ƚĞĐŚŶŽůŽŐLJ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ KƵƌ ƚĞůĞƉŚŽŶLJ ƐŽůƵƚŝŽŶ ŝŶĐŽƌƉŽƌĂƚĞƐ ƚŚĞ ĨůĞdžŝďŝůŝƚLJ ĂŶĚ ƌĞƐƉŽŶƐŝǀĞŶĞƐƐ ,,^ ƌĞƋƵŝƌĞƐ͕ ŝŶĐůƵĚŝŶŐ͗ ĂďŝůŝƚLJ ƚŽ ƐĐĂůĞ ĂƐ ĚĞŵĂŶĚ ĐŚĂŶŐĞƐ͕ ŬŶŽǁůĞĚŐĞ ƚŽ ŵĂŝŶƚĂŝŶ ďŽƚŚ ĐůŽƵĚͲďĂƐĞĚ ĂŶĚ ŽŶ ƉƌĞŵŝƐĞ ĐŽŵƉŽŶĞŶƚƐ͕ sZ^ ƉƌŽŐƌĂŵŵŝŶŐ ĂŶĚ ƌŽƵƚŝŶŐ͕ ƌŽďƵƐƚ ƌĞƉŽƌƚŝŶŐ ĨƵŶĐƚŝŽŶĂůŝƚLJ͕ ĂŶĚ ƌĞĚƵŶĚĂŶĐLJ ĨŽƌ ĚŝƐĂƐƚĞƌ ƌĞĐŽǀĞƌLJ͘ ǁĞďƐŝƚĞ͕ ĐůĂƌŝĨLJ ĐŽŶƐƵŵĞƌ ƋƵĞƐƚŝŽŶƐ͕ ĂŶĚ ƐƵƉƉŽƌƚ ŽŶůŝŶĞ ĐŽŵŵƵŶŝƚLJ ŽƵƚƌĞĂĐŚ͘ ^ŽĐŝĂů DĞĚŝĂ ǁŽƵůĚ ŽĨĨĞƌ ,,^ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ƚĂŝůŽƌ ŝƚƐ ŵĞƐƐĂŐŝŶŐ ĂŶĚ ďŽŽƐƚ ďĞŶĞĨŝĐŝĂƌLJ ĞŶŐĂŐĞŵĞŶƚ͕ ǁŚŝůĞ ŽĨĨĞƌŝŶŐ EŽƌƚŚ ĂƌŽůŝŶŝĂŶƐ LJĞƚ ĂŶŽƚŚĞƌ ƐƚƌĞĂŵůŝŶĞĚ ĂĐĐĞƐƐ ƉŽŝŶƚ ĨŽƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ĂƐƐŝƐƚĂŶĐĞ͘ Ŷ džƉĞƌŝĞŶĐĞĚ ĂŶĚ ĞĚŝĐĂƚĞĚ WĂƌƚŶĞƌ WĂŐĞ ϴ͘ϭͲϴ ŽĨ ϭϭ /Ŷ ƚŚĞ ĐŽŶĐĞƉƚ ƉĂƉĞƌ ĂĚĚƌĞƐƐŝŶŐ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ^ŽĐŝĂů ĞƚĞƌŵŝŶĂŶƚƐ ŽĨ ,ĞĂůƚŚ ^ĐƌĞĞŶŝŶŐ dŽŽů͕ ,,^ ƉƌŽũĞĐƚĞĚ ŵŽƌĞ ƚŚĂŶ ϭ͘Ϯ ŵŝůůŝŽŶ EŽƌƚŚ ĂƌŽůŝŶŝĂŶƐ ĐĂŶŶŽƚ ĨŝŶĚ ĂĨĨŽƌĚĂďůĞ ŚŽƵƐŝŶŐ͕ ŽŶĞ ŝŶ Ϯϴ ĐŚŝůĚƌĞŶ ƵŶĚĞƌ ƚŚĞ ĂŐĞ ŽĨ ϲ ŝƐ ŚŽŵĞůĞƐƐ͕ ϭϳ ƉĞƌĐĞŶƚ ŽĨ ŚŽƵƐĞŚŽůĚƐ ƐƚƌƵŐŐůĞ ƚŽ ŚĂǀĞ ĞŶŽƵŐŚ ĨŽŽĚ ƚŽ ĞĂƚ͕ Ϯϱ ƉĞƌĐĞŶƚ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ĐŚŝůĚƌĞŶ ĂƌĞ ĨŽŽĚ ŝŶƐĞĐƵƌĞ͕ ĂŶĚ ŶĞĂƌůLJ ŽŶĞ ƋƵĂƌƚĞƌ ŽĨ D y/Dh^ ƐŚĂƌĞƐ ,,^͛ ĐŽŵƉĂƐƐŝŽŶ ƚŽ ƚĂŝůŽƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƐĞƌǀŝĐĞƐ ƚŽ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ŶĞĞĚƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ĞƐƉĞĐŝĂůůLJ ƚŚŽƐĞ ƐƚƌƵŐŐůŝŶŐ ǁŝƚŚ ƚŚĞ ŝŵƉĂĐƚƐ ŽĨ ƐŽĐŝĂů ĚĞƚĞƌŵŝŶĂŶƚƐ ŽĨ ŚĞĂůƚŚ ŽŶ ƚŚĞŝƌ ŽǀĞƌĂůů ŚĞĂůƚŚ ĂŶĚ ǁĞůůďĞŝŶŐ͘ D y/Dh^ ŚĂƐ ďĞĞŶ ƐĞƌǀŝŶŐ ĚŝǀĞƌƐĞ ďĞŶĞĨŝĐŝĂƌLJ ƉŽƉƵůĂƚŝŽŶƐ ůŽŶŐĞƌ ƚŚĂŶ ĂŶLJ ŽƚŚĞƌ ƉƌŽǀŝĚĞƌ ŽĨ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƐĞƌǀŝĐĞƐ͕ ĞŶĂďůŝŶŐ ƵƐ ƚŽ ĞĨĨĞĐƚŝǀĞůLJ ĂƐƐŝƐƚ ŝŶĚŝǀŝĚƵĂůƐ ĂŶĚ ĨĂŵŝůŝĞƐ ŝŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ĂŶĚ ĂĐĐĞƐƐŝŶŐ ǀŝƚĂů ŚĞĂůƚŚ ĐĂƌĞ ƐĞƌǀŝĐĞƐ͘ ϮͿ ƵůƚƵƌĂůůLJ ŽŵƉĞƚĞŶƚ ŽŶƚƌĂĐƚŽƌ KƵƌ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ŽƵƌ ĐůŝĞŶƚƐ ŝƐ ŽŶůLJ ƌŝǀĂůĞĚ ďLJ ŽƵƌ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ŝŶĚƵƐƚƌLJ ĞdžƉĞƌƚŝƐĞ͘ D y/Dh^ ĐŽŶƚŝŶƵĞƐ ƚŽ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ƚŚĞ ĐŽŶǀĞƌƐĂƚŝŽŶƐ ǁŝƚŚ ƚŚĞ ĐƵƌƌĞŶƚ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽŶ ƚŚĞ ĨƵƚƵƌĞ ŽĨ DĞĚŝĐĂŝĚ ǁŝƚŚ ĂŶ ĞLJĞ ƚŽǁĂƌĚ ƚŚĞ ŝŵƉůŝĐĂƚŝŽŶƐ ĨŽƌ ŽƵƌ ƐƚĂƚĞ ƉĂƌƚŶĞƌƐ͘ EĂƚŝŽŶĂů ƉŽůŝĐLJ ĂĐƚŝŽŶƐ ŽĨĨĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ƉŽƚĞŶƚŝĂů ĚŝƌĞĐƚŝŽŶƐ ĨŽƌ ĨƵŶĚŝŶŐ ŽĨ DĞĚŝĐĂŝĚ͕ ďĞŶĞĨŝƚƐ ĂŶĚ ĐŽǀĞƌĂŐĞ ĚĞĐŝƐŝŽŶƐ͕ ƚŚĞ ƉƌŽƐƉĞĐƚ ŽĨ DĞĚŝĐĂŝĚ ĞdžƉĂŶƐŝŽŶ͕ ƚŚĞ ƐƚĂƚƵƐ ŽĨ DĞŐĂ ƌƵůĞ ƉƌŽǀŝƐŝŽŶƐ͕ ĂŶĚ ƚŚĞ ĨƵƚƵƌĞ ŽĨ ŝŶƐƵƌĂŶĐĞ ƌĞĨŽƌŵƐ ĂŶĚ ĂĐĐĞƐƐ ƚŽ ĂĨĨŽƌĚĂďůĞ ĐŽǀĞƌĂŐĞ͘ dŚĞƐĞ ĚŝƐĐƵƐƐŝŽŶƐ ĂůƐŽ ŵƵƐƚ ďĞ ďĂůĂŶĐĞĚ ĂŐĂŝŶƐƚ ďƵĚŐĞƚ ŝƐƐƵĞƐ ĨĂĐĞĚ ďLJ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ĂƐ ƚŚĞLJ ƌĞůĂƚĞ ƚŽ ƚƌĂŶƐŝƚŝŽŶƐ ŽĨ ŶĞǁ ǀƵůŶĞƌĂďůĞ ƉŽƉƵůĂƚŝŽŶƐ ĂŶĚ ŶĞǁ ŝŶƐƵƌĂŶĐĞ ƉƌŽĚƵĐƚƐ͘ ŽŶĨĞƌƌŝŶŐ ĞŶŚĂŶĐĞĚ ĨůĞdžŝďŝůŝƚLJ ƚŽ ƐƚĂƚĞƐ ŝƐ Ă ƌĞĐƵƌƌŝŶŐ ƚŚĞŵĞ ŽŶ Ă ŶĂƚŝŽŶĂů ƐĐĂůĞ͕ ŽŶĞ ƚŚĂƚ ǁŽƵůĚ ĐůĞĂƌůLJ ŚĂǀĞ ŝŵƉůŝĐĂƚŝŽŶƐ ĨŽƌ EŽƌƚŚ ĂƌŽůŝŶĂ ďŽƚŚ ĨŽƌ ƚŚĞ ĨŝŶĂŶĐŝĂů ĂŶĚ ƉƌŽŐƌĂŵŵĂƚŝĐ ƐƚĂďŝůŝƚLJ ŽĨ DĞĚŝĐĂŝĚ ĂŶĚ ƚŚĞ ĨƵƚƵƌĞ ŽĨ ŵĂŶĂŐĞĚ ĐĂƌĞ ŝŶŝƚŝĂƚŝǀĞƐ͘ D y/Dh^ ƐƚĂŶĚƐ ƌĞĂĚLJ ƚŽ ĂƐƐŝƐƚ ,,^ ƚŽ ŽƉĞƌĂƚŝŽŶĂůŝnjĞ ƚŚĞ ĐŽŶĐĞƉƚƐ ďĞŝŶŐ ĚŝƐĐƵƐƐĞĚ ŝŶ tĂƐŚŝŶŐƚŽŶ͕ ǁĞŝŐŚ ĂůƚĞƌŶĂƚŝǀĞƐ͕ ĂŶĚ ƉƌŽƉŽƐĞ ǁĂLJƐ ŽĨ ůĞǀĞƌĂŐŝŶŐ ĐƵƌƌĞŶƚ ŝŶǀĞƐƚŵĞŶƚƐ ǁŚŝůĞ ŵĂdžŝŵŝnjŝŶŐ ĐŽƐƚ ĞĨĨĞĐƚŝǀĞ ƐŽůƵƚŝŽŶƐ͘ D y/Dh^ ƐƵƉƉŽƌƚƐ ŽƵƌ ƐƚĂƚĞ ƉĂƌƚŶĞƌƐ ƚŚƌŽƵŐŚ ůĂƌŐĞͲƐĐĂůĞ ĐŚĂŶŐĞƐ͕ ŝŶĐůƵĚŝŶŐ ƚƌĂŶƐŝƚŝŽŶƐ ƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ͘ tŝƚŚ ƉĂƌĂŵŽƵŶƚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ǁĞ ŽĨĨĞƌ ,,^ ŽƵƌ ƵŶƌŝǀĂůĞĚ ĞdžƉĞƌŝĞŶĐĞ ŽǀĞƌƐĞĞŝŶŐ ƚŚĞ ŵĂĐƌŽ ĂŶĚ ŵŝĐƌŽ ŶĞĞĚƐ ŝŶŚĞƌĞŶƚ ŝŶ ŝŵƉůĞŵĞŶƚŝŶŐ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƐĞƌǀŝĐĞƐ ƐƚĂƚĞǁŝĚĞ Žƌ ĂĐƌŽƐƐ Ă ƐƚĂƚĞ͘ Ŷ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽŐƌĂŵ ĐĂŶŶŽƚ ƐƵĐĐĞĞĚ ǁŝƚŚŽƵƚ ĂŶ ĞdžƉĞƌŝĞŶĐĞĚ ĂŶĚ ĚĞĚŝĐĂƚĞĚ ƉĂƌƚŶĞƌ͘ ϭͿ džŚŝďŝƚ ϴ͘ϭͲϲ͗ &ŝǀĞ &ĂĐƚŽƌƐ ƌŝƚŝĐĂů ĨŽƌ ^ƵĐĐĞƐƐ͘ dŽ ƐƵƉƉŽƌƚ ,,^Ζ ǀŝƐŝŽŶ ĨŽƌ ƚŚĞ ŶĞǁ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚ͕ D y/Dh^ ĐŽŶƐŝĚĞƌƐ ƚŚĞƐĞ ĨŝǀĞ ĨĂĐƚŽƌƐ ĞƐƐĞŶƚŝĂů ƚŽ ƐƵĐĐĞƐƐĨƵů ƉƌŽũĞĐƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂŶĚ ŽƉĞƌĂƚŝŽŶ͘ ƌŝƚŝĐĂů &ĂĐƚŽƌƐ ĨŽƌ ^ƵĐĐĞƐƐ Ɛ ŝůůƵƐƚƌĂƚĞĚ ŝŶ džŚŝďŝƚ ϴ͘ϭͲϲ͗ &ŝǀĞ &ĂĐƚŽƌƐ ƌŝƚŝĐĂů ĨŽƌ ^ƵĐĐĞƐƐ͕ ƐƵĐĐĞƐƐĨƵů ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽŐƌĂŵƐ ŵƵƐƚ ĂƌƚĨƵůůLJ ďĂůĂŶĐĞ ĂŶ ŝŶĨŝŶŝƚĞ ŶƵŵďĞƌ ŽĨ ĚLJŶĂŵŝĐ ĂŶĚ ĐŽŵƉůĞdž ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ƌĞůĂƚŝŽŶƐŚŝƉƐ͕ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ǁŚŝůĞ ĞƐƚĂďůŝƐŚŝŶŐ ĂŶĚ ƐƵƐƚĂŝŶŝŶŐ ŚŝŐŚͲ ƋƵĂůŝƚLJ ƉĞƌƐŽŶͲĐĞŶƚĞƌĞĚ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ͘ /ŶƚĞŐƌŝƚLJ ĐĐŽƵŶƚĂďŝůŝƚLJ WĂŐĞ ϴ͘ϭͲϵ ŽĨ ϭϭ D y/Dh^ ƵŶĚĞƌƐƚĂŶĚƐ ƚŚĂƚ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ǀĞŶĚŽƌƐ ƚŚĂƚ ŵĂŶĂŐĞ ŝŶ Ă ƐŝůŽ ŵŝƐƐ ĐƌŝƚŝĐĂů ŽƉƉŽƌƚƵŶŝƚŝĞƐ ƚŽ ŐĂƌŶĞƌ ƐƚĂŬĞŚŽůĚĞƌ ĨĞĞĚďĂĐŬ ĂŶĚ ŝŶƐŝŐŚƚ͘ ŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ŽƵƌ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ĂĐĐŽƵŶƚĂďŝůŝƚLJ ĂŶĚ ƚƌĂŶƐƉĂƌĞŶƚ ŽƉĞƌĂƚŝŽŶƐ͕ D y/Dh^ ǁŝůů ƉƌŽǀŝĚĞ ,,^ ĂŶĚ ŬĞLJ ƐƚĂŬĞŚŽůĚĞƌƐ ƌĞŐƵůĂƌ ƌĞƉŽƌƚŝŶŐ͕ ƌĞĂů ƚŝŵĞ ĂĐĐĞƐƐ ƚŽ ŽƵƌ ƌĞƉŽƌƚŝŶŐ ĂŶĚ ĂŶĂůLJƚŝĐƐ ƉůĂƚĨŽƌŵ ĂŶĚ ŽƉĞŶ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĐŚĂŶŶĞůƐ ƚŽ ĨĂĐŝůŝƚĂƚĞ ŝŶĨŽƌŵĞĚ ĂŶĚ ƐƚƌĂƚĞŐŝĐ ĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ͘ tĞ ĨƵůůLJ ƐƚĂŶĚ ďĞŚŝŶĚ ŽƵƌ ƐĞƌǀŝĐĞƐ͕ ƐŽůƵƚŝŽŶƐ͕ ĂŶĚ ƐƚĂĨĨ ĂŶĚ ƉƌŽĂĐƚŝǀĞůLJ ƐĞĞŬ ϰͿ D y/Dh^ ŝƐ ƵŶŝƋƵĞůLJ ƉŽƐŝƚŝŽŶĞĚ ƚŽ ŽĨĨĞƌ ,,^ ƚŚĞ ƐĂĨĞƚLJ ĂŶĚ ƐĞĐƵƌŝƚLJ ŽĨ Ă ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ Ă ǀĞŶĚŽƌ ƚŚĂƚ ĐŽŶƐŝƐƚĞŶƚůLJ ĂŶĚ ƚƌĂŶƐƉĂƌĞŶƚůLJ ƌĞĂĨĨŝƌŵƐ ƚŚĞ ƐƚƌĞŶŐƚŚ ŽĨ ŽƵƌ ĨŝŶĂŶĐŝĂů ŝŶƚĞŐƌŝƚLJ ŝŶ ŽƵƌ ƋƵĂƌƚĞƌůLJ ĂŶĚ ĂŶŶƵĂů ƉƵďůŝĐ ƌĞƉŽƌƚƐ͘ tĞ ĂƌĞ ƚŚĞ ŽŶůLJ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ǀĞŶĚŽƌ ǁŚŽ ŝƐ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ƌƵůĞƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ ŽĨ ƚŚĞ h͘^͘ ^ĞĐƵƌŝƚŝĞƐ ĂŶĚ džĐŚĂŶŐĞ ŽŵŵŝƐƐŝŽŶ ;^ Ϳ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ^ĂƌďĂŶĞƐͲKdžůĞLJ Đƚ͕ ĂƐ ǁĞůů ĂƐ ƚŚĞ ƌƵůĞƐ ŽĨ ƚŚĞ Ez^ ŐŽǀĞƌŶŝŶŐ ĐŽƌƉŽƌĂƚĞ ŝŶƚĞŐƌŝƚLJ ĂŶĚ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ͘ KƵƌ ŚŝĞĨ džĞĐƵƚŝǀĞ KĨĨŝĐĞƌ͕ ƌƵĐĞ ĂƐǁĞůů͕ ĂŶĚ ŚŝĞĨ &ŝŶĂŶĐŝĂů KĨĨŝĐĞƌ͕ ZŝĐŚĂƌĚ EĂĚĞĂƵ͕ ƚĂŬĞ ƉĞƌƐŽŶĂů ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĨŽƌ ƚŚĞ ŝŶƚĞŐƌŝƚLJ ŽĨ ƚŚĞ ĐŽŵƉĂŶLJΖƐ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ĂŶĚ ĐĞƌƚŝĨLJ ƚŚĞ ĐŽŵƉĂŶLJΖƐ ƋƵĂƌƚĞƌůLJ ĂŶĚ ĂŶŶƵĂů ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƐ ĨŝůĞĚ ǁŝƚŚ ƚŚĞ ^ ͘ D y/Dh^ ƉƌŝŵĂƌLJ ƉƌŝŽƌŝƚLJ ŝƐ ŝŵƉůĞŵĞŶƚŝŶŐ ĂŶĚ ĞdžĞĐƵƚŝŶŐ ŚŝŐŚͲƋƵĂůŝƚLJ͕ ƉƵďůŝĐ ƉŽůŝĐLJͲĚƌŝǀĞŶ ŽƉĞƌĂƚŝŽŶƐ͕ ĞŶĂďůŝŶŐ ƵƐ ƚŽ ŽƉĞƌĂƚĞ ĐŽŵƉůĞƚĞůLJ ĨƌĞĞ ŽĨ ĂŶLJ ĐŽŶĨůŝĐƚƐ ŽĨ ŝŶƚĞƌĞƐƚ͘ tĞ ŵĂŝŶƚĂŝŶ ŽƵƌ ŝŶĚĞƉĞŶĚĞŶĐĞ ĨƌŽŵ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞŶƚŝƚŝĞƐ ĂŶĚ ŚĞĂůƚŚ ĐĂƌĞ ƉƌŽǀŝĚĞƌƐ ďLJ ůŝŵŝƚŝŶŐ ŽƵƌ ĐŽŶƚƌĂĐƚƐ ƚŽ ŐŽǀĞƌŶŵĞŶƚ ĐůŝĞŶƚƐ ĂŶĚ ĐĂƌĞĨƵůůLJ ĐŽŶĨŝŐƵƌŝŶŐ ŽƵƌ ƐƵďĐŽŶƚƌĂĐƚƐ ƚŽ ƉƌĞƐĞƌǀĞ ƚŚŝƐ ƐƚƌƵĐƚƵƌĞ͘ tĞ ĂƌĞ ŶŽƚ ƉĂƌƚ ŽĨ͕ ŶŽƌ ĂƌĞ ǁĞ ĂĨĨŝůŝĂƚĞĚ ǁŝƚŚ͕ ĂŶLJ ĞƉĂƌƚŵĞŶƚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ŽĨĨŝĐĞƐ͕ ŚĞĂůƚŚ ƉůĂŶƐ͕ Žƌ ƉƌŽǀŝĚĞƌƐ ŽĨ DĞĚŝĐĂŝĚ ƐĞƌǀŝĐĞƐ ŝŶ ƚŚĞ ^ƚĂƚĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͘ KƵƌ ĐŽŶĨůŝĐƚͲĨƌĞĞ ƐƚĂƚƵƐ ĐŽŶƚƌĂƐƚƐ ǁŝƚŚ ŽƚŚĞƌ ǀĞŶĚŽƌƐ ƚŚĂƚ ǁŽƌŬ ǁŝƚŚ ďŽƚŚ ŐŽǀĞƌŶŵĞŶƚ ĂŶĚ ĐŽŵŵĞƌĐŝĂů ŚĞĂůƚŚ ĐĂƌĞ ĐůŝĞŶƚƐ ƚŚƌŽƵŐŚ ďƵƐŝŶĞƐƐ ĂƌƌĂŶŐĞŵĞŶƚƐ ŝŶǀŽůǀŝŶŐ ƚŚĞ ƉƌŝŵĞ ĐŽŵƉĂŶLJ͕ ĂĨĨŝůŝĂƚĞƐ͕ Žƌ ƐƵďƐŝĚŝĂƌŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ ŚĞĂůƚŚ ƉůĂŶƐ Žƌ ƉƌŽǀŝĚĞƌƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ D y/Dh^ ŚĂƐ ŶĞǀĞƌ ďĞĞŶ ĞdžĐůƵĚĞĚ ĨƌŽŵ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ƵŶĚĞƌ dŝƚůĞ ys// Žƌ y/y ŽĨ ƚŚĞ ^ŽĐŝĂů ^ĞĐƵƌŝƚLJ Đƚ͕ ĚĞďĂƌƌĞĚ ďLJ ĂŶLJ ĨĞĚĞƌĂů ĂŐĞŶĐLJ͕ ƚĂƌŐĞƚĞĚ ŝŶ ĂŶLJ Đŝǀŝů Žƌ ĐƌŝŵŝŶĂů ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ͕ ŶŽƌ ƐƵďũĞĐƚ ƚŽ Đŝǀŝů ŵŽŶĞLJ ƉĞŶĂůƚŝĞƐ ƵŶĚĞƌ ƚŚĞ ^ŽĐŝĂů ^ĞĐƵƌŝƚLJ Đƚ͘ dŚŝƐ ƌŝŐŽƌŽƵƐ ĞŵƉŚĂƐŝƐ ŽŶ ŝŶƚĞŐƌŝƚLJ͕ ŝŶĚĞƉĞŶĚĞŶĐĞ ĂŶĚ ĐŽŶĨůŝĐƚͲĨƌĞĞ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ŵĞĂŶƐ ǁĞ ŚĂǀĞ ďĞĞŶ ŝŶ ĨƵůů ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌĞůĞǀĂŶƚ ůĂǁƐ ;ƐĞĐƚŝŽŶ ϭϵϬϯ;ďͿ;ϰͿ ŽĨ ƚŚĞ ^ŽĐŝĂů ^ĞĐƵƌŝƚLJ Đƚ ĂŶĚ ϰϮ &Z ϰϯϴ͘ϴϭϬ ƌĞƋƵŝƌĞŵĞŶƚƐͿ ƐŝŶĐĞ ƚŚĞLJ ǁĞƌĞ ĂĚŽƉƚĞĚ ŝŶ ϭϵϵϳ ĂŶĚ ϮϬϬϮ ƌĞƐƉĞĐƚŝǀĞůLJ͘ ϯͿ KƵƌ ƉĂƐƐŝŽŶ ĨŽƌ ƉƌŽǀŝĚŝŶŐ ŚŝŐŚͲƋƵĂůŝƚLJ ƐĞƌǀŝĐĞƐ ĂŶĚ ƐƵƉƉŽƌƚƐ ƚŽ ƚŚĞ ŵŽƐƚ ǀƵůŶĞƌĂďůĞ ƉŽƉƵůĂƚŝŽŶƐ ĂůƐŽ ƉƌŽŵƉƚĞĚ D y/Dh^ ƚŽ ĐƌĞĂƚĞ ƚŚĞ D y/Dh^ &ŽƵŶĚĂƚŝŽŶ ƚŽ ŐŝǀĞ ďĂĐŬ ƚŽ ƚŚĞ ĐŽŵŵƵŶŝƚŝĞƐ ǁĞ ƐĞƌǀĞ͘ dŚĞ D y/Dh^ &ŽƵŶĚĂƚŝŽŶ ŝƐ ĐŽŵŵŝƚƚĞĚ ƚŽ ƐƵƉƉŽƌƚŝŶŐ ůŽĐĂů ŽƌŐĂŶŝnjĂƚŝŽŶƐ ĂŶĚ ƉƌŽŐƌĂŵƐ ƚŚĂƚ ƉƌŽŵŽƚĞ ƉĞƌƐŽŶĂů ŐƌŽǁƚŚ ĂŶĚ ƐĞůĨͲƐƵĨĨŝĐŝĞŶĐLJ ƚŚƌŽƵŐŚ ŝŵƉƌŽǀĞĚ ŚĞĂůƚŚ͕ ĂƵŐŵĞŶƚĞĚ ĐŚŝůĚ ĂŶĚ ĨĂŵŝůLJ ĚĞǀĞůŽƉŵĞŶƚ͕ ĂŶĚ ƌŽďƵƐƚ ĐŽŵŵƵŶŝƚLJ ĚĞǀĞůŽƉŵĞŶƚ ďLJ ƉƌŽǀŝĚŝŶŐ ĨŝŶĂŶĐŝĂů ƐƵƉƉŽƌƚ ĨŽƌ ŶŽŶƉƌŽĨŝƚ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ĂŶĚ ĐŚĂƌŝƚŝĞƐ ƚŚĂƚ ƐŚĂƌĞ ŽƵƌ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ŚĞůƉŝŶŐ ƵŶĚĞƌƐĞƌǀĞĚ ĐŽŵŵƵŶŝƚŝĞƐ͘ KƵƌ ĐŽƌƉŽƌĂƚĞ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ƐƵƉƉŽƌƚŝŶŐ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ŝŶ ƚŚĞ ĐŽŵŵƵŶŝƚŝĞƐ ǁĞ ƐĞƌǀĞ ĞĐŚŽĞƐ ŽƵƌ ďĞůŝĞĨ ƚŚĂƚ ŽƵƌ ĞŵƉůŽLJĞĞƐ ĂƌĞ ŶŽƚ ũƵƐƚ ǁŽƌŬŝŶŐ ĨŽƌ Ă ĐŽŶƚƌĂĐƚͶƚŚĞLJ ĂƌĞ ŚĞůƉŝŶŐ ƚŚĞŝƌ ŶĞŝŐŚďŽƌƐ͘ ĞŵŽŶƐƚƌĂƚŝŶŐ ŽƵƌ ĐŽŵŵŝƚŵĞŶƚ ƚŽ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ǀƵůŶĞƌĂďůĞ ƉŽƉƵůĂƚŝŽŶƐ͕ ŝŶ ϮϬϭϳ͕ ƚŚĞ D y/Dh^ &ŽƵŶĚĂƚŝŽŶ ĂǁĂƌĚĞĚ ŐƌĂŶƚƐ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ ƚŽ ŚĂƚŚĂŵ KƵƚƌĞĂĐŚ ůůŝĂŶĐĞ͕ ^ĂĨĞ ůůŝĂŶĐĞ͕ dŚĞ ĂƌŶĂďĂƐ EĞƚǁŽƌŬ͕ WĂƐƚŽƌΖƐ WĂŶƚƌLJ ;ƚĂƌŐĞƚŝŶŐ ƐĞŶŝŽƌ ŚƵŶŐĞƌͿ͕ ĂŶĚ ZĞůŝŐŝŽƵƐ ŽŵŵƵŶŝƚLJ ^ĞƌǀŝĐĞƐ͘ D y/Dh^ ĚĞĞƉůLJ ƵŶĚĞƌƐƚĂŶĚƐ ƚŚĞ ƐŽĐŝĂů ĚĞƚĞƌŵŝŶĂŶƚƐ ŽĨ ŚĞĂůƚŚ͕ ƐƵĐŚ ĂƐ Ă ůĂĐŬ ŽĨ ƌĞůŝĂďůĞ ĂĐĐĞƐƐ ƚŽ ĨŽŽĚ͕ ŚŽƵƐŝŶŐ͕ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ ĂŶĚ ƐĂĨĞƚLJ͕ ƐŝŐŶŝĨŝĐĂŶƚůLJ ƵŶĚĞƌŵŝŶĞ ƚŚĞ ĂďŝůŝƚLJ ĨŽƌ ĂŶ ŝŶĚŝǀŝĚƵĂů Žƌ ĨĂŵŝůLJ ƚŽ ƐĞĐƵƌĞ ĂĐĐĞƐƐ ƚŽ ŚĞĂůƚŚ ĐĂƌĞ͘ ĐĐŽƌĚŝŶŐůLJ͕ ǁĞ ŚŝƌĞ ĂŶĚ ƚƌĂŝŶ ŽƵƌ ƐƚĂĨĨ ƚŽ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ƚŚĞƐĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŽŶ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƉŽƉƵůĂƚŝŽŶƐ ǁĞ ƐĞƌǀĞ͘ DŽƌĞŽǀĞƌ͕ ǁŝƚŚ ĂŶ ĞŵƉŚĂƐŝƐ ŽŶ ĐƵůƚƵƌĂů ĐŽŵƉĞƚĞŶĐLJ͕ ǁĞ ƚƌĂŝŶ ŽƵƌ ƐƚĂĨĨ ƚŽ ƐĞƌǀĞ ƉĞŽƉůĞ ŽĨ Ăůů ĂďŝůŝƚŝĞƐ͕ ůĂŶŐƵĂŐĞƐ͕ ĂŶĚ ďĂĐŬŐƌŽƵŶĚƐ͕ ƚŽ ŵĂdžŝŵŝnjĞ ĂƐƐŝƐƚĂŶĐĞ ĂŶĚ ĂĐĐĞƐƐ ĨŽƌ ĂƐ ŵĂŶLJ EŽƌƚŚ ĂƌŽůŝŶŝĂŶƐ ĂƐ ƉŽƐƐŝďůĞ͘ EŽƌƚŚ ĂƌŽůŝŶĂ ĐŚŝůĚƌĞŶ ŚĂǀĞ ĂĚǀĞƌƐĞ ĐŚŝůĚŚŽŽĚ ĞdžƉĞƌŝĞŶĐĞƐ͕ ŝŶĐůƵĚŝŶŐ ƉŚLJƐŝĐĂů͕ ƐĞdžƵĂů Žƌ ĞŵŽƚŝŽŶĂů ĂďƵƐĞ Žƌ ŚŽƵƐĞŚŽůĚ ĚLJƐĨƵŶĐƚŝŽŶ͕ ƐƵĐŚ ĂƐ ůŝǀŝŶŐ ǁŝƚŚ ƐŽŵĞŽŶĞ ƐƚƌƵŐŐůŝŶŐ ǁŝƚŚ Ă ƐƵďƐƚĂŶĐĞ ƵƐĞ ĚŝƐŽƌĚĞƌ͘ opportunities for open communications and transparent operations with our clients, technology partners, and staff. We thoroughly understand the components of enrollment broker work and we are dedicated to executing and continually improving and enhancing service for millions of North Carolinians. 5) Seamless Multichannel Beneficiary Experience MAXIMUS recognizes the powerful connection between beneficiary convenience and engagement. Based on our deep experience in customer service, MAXIM US knows bene?ciaries require different levels of support when choosing health plans. In response, we provide high-quality, integrated solutions with the beneficiary in mind. Our tools simplify user interfaces and tailor content to enhance the beneficiary experience. We are the only vendor to develop and deliver a first-class mobile application to drive beneficiary enrollment. Paired with our integrated platform to deliver a multichannel experience, MAXIMUS increases the quality and quantity of self?service options to streamline North Carolinian's access to plan information and assistance. 2. The Offeror must provide: a. A list of other State Medicaid programs sewed, including the size of the population and contract term using the following table: b. A list of terminated contracts for enrollment broker services, including expired or non-renewed contracts, in the last seven (7) years and the reason/ circumstances pertaining to the termination. c. A list of any litigations or sanctions that have been applied under any current or former enrollment broker services contract in the last seven (7) years. MAXIMUS State Medicaid Programs MAXIMUS is the leading provider of Medicaid enrollment broker services in the country, serving as the current contractor for some of the country's largest Medicaid populations to some of the nation's smallest and everything in between. We offer this valuable experience, as shown in Exhibit 8.1-7: MAXIMUS State Medicaid Program Experience, to assist DHHS with their new enrollment broker project. MAXIMUS State Medicaid Program Experience State Number of Bene?ciaries Contract Term Month/Year Effective Month/Year Terminated/Expired CA 11,990,045 10/1996 3/2028 co 1,356,251 2/1998 7/2013" DC 264,415 8/2011 3/2021 GA 1,753,172 7/2005 6/2020 IA 560,000 7/2005 6/2018? IL 3,088,448 11/2012 11/2022 IN 1,470,010 9/2007 12/2021 LA 1,303,428 11/2011 7/2018? MA 1,650,379 2/1998 6/2022 MD 1,220,022 8/2005 6/2022 Page 8.1-10 of 11 ϯͬϮϬϭϱ Ϯ͕ϴϯϮ͕ϯϱϯ ϵϴϭ͕ϰϱϲ ϰ͕ϳϬϰ͕ϰϰϭ ϭϴϰ͕ϮϬϰ ϵϲϴ͕ϲϲϲ ϱϳϯ͕ϭϳϴ W ^ dy sd s ts ΎWĞŶĚŝŶŐ ƉƌŽĐƵƌĞŵĞŶƚ ΎΎ ŽŶƚƌĂĐƚ ĞdžƚĞŶƐŝŽŶ ĂǁĂƌĚĞĚ͖ ƉĞŶĚŝŶŐ ĞdžĞĐƵƚŝŽŶ ϭϮͬϭϵϵϱ ϲͬϭϵϵϳ ϰͬϮϬϬϳ ϰͬϮϬϬϵ ϵͬϭϵϵϴ ϯͬϮϬϮϬ ϭϮͬϮϬϮϭ ϲͬϮϬϮϬ ϴͬϮϬϭϴΎ ϮͬϮϬϮϰ ϭϬͬϮϬϮϭ ϵͬϮϬϭϵ ϲͬϮϬϭϵ ϯͬϮϬϮϴ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ ͘ YƵĂůŝĨŝĐĂƚŝŽŶƐ͕ džƉĞƌŝĞŶĐĞ ĂŶĚ &ĞĚĞƌĂů ZĞƋƵŝƌĞŵĞŶƚƐ͘ WĂŐĞ ϴ͘ϭͲϭϭ ŽĨ ϭϭ D y/Dh^ ĐŽŶĨŝƌŵƐ ƚŚĂƚ ǁĞ ǁŝůů ĂĚŚĞƌĞ ƚŽ ĞƉĂƌƚŵĞŶƚ ĞdžƉĞĐƚĂƚŝŽŶƐ ĂŶĚ ŵĞĞƚ Ăůů ƌĞƋƵŝƌĞŵĞŶƚƐ ƐĞƚ ĨŽƌƚŚ ŝŶ Z&W ^ĞĐƚŝŽŶ ///͘ YƵĂůŝĨŝĐĂƚŝŽŶƐ͕ džƉĞƌŝĞŶĐĞ͕ ĂŶĚ &ĞĚĞƌĂů ZĞƋƵŝƌĞŵĞŶƚƐ͘ Ɛ ĚĞŵŽŶƐƚƌĂƚĞĚ ƚŚƌŽƵŐŚŽƵƚ ƚŚŝƐ ƐĞĐƚŝŽŶ ŽĨ ŽƵƌ ƉƌŽƉŽƐĂů͕ ǁĞ ŚĂǀĞ ƚŚĞ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ƋƵĂůŝĨŝĐĂƚŝŽŶƐ ƚŽ ŝŵƉůĞŵĞŶƚ ĂŶĚ ŽǀĞƌƐĞĞ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ ƐLJƐƚĞŵ ĂƐ ƌĞƋƵŝƌĞĚ ƵŶĚĞƌ ϰϮ ͘&͘Z͘ Α ϰϯϴ͘ϳϭ͘ tĞ ǁŝůů ƉĞƌĨŽƌŵ Ăůů ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ĨƵŶĐƚŝŽŶƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĞƉĂƌƚŵĞŶƚ ĞdžƉĞĐƚĂƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ƉƌŽǀŝĚŝŶŐ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ǁŚŽ ŶĞĞĚ ĂƐƐŝƐƚĂŶĐĞ ĞŶƌŽůůŝŶŐ͕ ĐŚĂŶŐŝŶŐ ƉůĂŶƐ͕ Žƌ ĚŝƐĞŶƌŽůůŝŶŐ͖ ƉƌŽǀŝĚŝŶŐ ĂƐƐŝƐƚĂŶĐĞ ǁŝƚŚ ŝŶƋƵŝƌŝĞƐ ƌĞůĂƚĞĚ ƚŽ ďĞŶĞĨŝĐŝĂƌLJ ƌŝŐŚƚƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŝŶ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͖ ĂŶƐǁĞƌŝŶŐ ƋƵĞƐƚŝŽŶƐ ĂďŽƵƚ ŚŽǁ ƚŽ ĂĐĐĞƐƐ ĐŽǀĞƌĞĚ ƐĞƌǀŝĐĞƐ͖ ƉƌŽǀŝĚŝŶŐ ŐĞŶĞƌĂů ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ DĞĚŝĐĂŝĚ ĞůŝŐŝďŝůŝƚLJ ĂŶĚ ƚƌĂŶƐĨĞƌƌŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ƚŚĞŝƌ ůŽĐĂů ^^ ŽĨĨŝĐĞ ĨŽƌ ƐƉĞĐŝĨŝĐ ĞůŝŐŝďŝůŝƚLJ ƋƵĞƐƚŝŽŶƐ͘ tĞ ǁŝůů ŝŶĨŽƌŵ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂďŽƵƚ ŚŽǁ ƚŽ ĂĐĐĞƐƐ ĐŽǀĞƌĞĚ ƐĞƌǀŝĐĞƐ ǁŝƚŚŝŶ Žƌ ĞdžƚĞƌŶĂů ƚŽ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ DĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͕ ĂŶĚ ĂƉƉƌŝƐĞ ƚŚĞŵ ŽĨ ƚŚĞŝƌ ƌŝŐŚƚƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘ tĞ ǁŝůů ĂůƐŽ ĐŽŶĚƵĐƚ ŽƵƚƌĞĂĐŚ ƚŚĂƚ ŝƐ ĂĐĐĞƐƐŝďůĞ ƚŚƌŽƵŐŚ ŵƵůƚŝƉůĞ ŝŶƚĞŐƌĂƚĞĚ ĐŚĂŶŶĞůƐ ĂŶĚ ĂƵdžŝůŝĂƌLJ ĂŝĚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ͘ tĞ ĂĐŬŶŽǁůĞĚŐĞ ƚŚĂƚ Ăůů ĚĂƚĂ ĐŽůůĞĐƚĞĚ͕ ƉƌŽĚƵĐĞĚ͕ Žƌ ŵĂŝŶƚĂŝŶĞĚ ƵŶĚĞƌ ƚŚŝƐ ĐŽŶƚƌĂĐƚ ŵƵƐƚ ďĞ ŵĂĚĞ ĂǀĂŝůĂďůĞ ĨŽƌ ĨĞĚĞƌĂů ĞǀĂůƵĂƚŝŽŶ ǁŚĞƌĞ ƌĞƋƵŝƌĞĚ ƵŶĚĞƌ ϰϮ ͘&͘Z͘ Α ϰϯϭ͘ϰϮϬ;ĨͿ͘ KƵƌ ĞdžƚĞŶƐŝǀĞ ĞdžƉĞƌŝĞŶĐĞ͕ ůŽŶŐƐƚĂŶĚŝŶŐ ƌŽůĞ ĂƐ ĂŶ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƚŽ Ă ŵĂũŽƌŝƚLJ ŽĨ ƐƚĂƚĞƐ͕ ĂŶĚ ĚĞƉƚŚ ŽĨ ĨŝŶĂŶĐŝĂů͕ ƚĞĐŚŶŝĐĂů͕ ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ĐĂƉĂďŝůŝƚŝĞƐ ĂƐƐƵƌĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŚĂƚ ǁĞ ĐĂŶ ŵĞĞƚ Ăůů ƌĞƋƵŝƌĞŵĞŶƚƐ͘ tĞ ŽĨĨĞƌ ĂĚĚŝƚŝŽŶĂů ǀĂůŝĚĂƚŝŽŶ ŽĨ ŽƵƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ŝŶ ƚŚĞ ĂĐĐŽŵƉĂŶLJŝŶŐ ƐĞĐƚŝŽŶƐ͘ ϯ͘ dŚĞƌĞ ĂƌĞ ŶŽ ůŝƚŝŐĂƚŝŽŶƐ Žƌ ƐĂŶĐƚŝŽŶƐ ƚŚĂƚ ŚĂǀĞ ďĞĞŶ ĂƉƉůŝĞĚ ƵŶĚĞƌ ĂŶLJ ĐƵƌƌĞŶƚ Žƌ ĨŽƌŵĞƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƐĞƌǀŝĐĞƐ ĐŽŶƚƌĂĐƚƐ ŝŶ ƚŚĞ ůĂƐƚ ƐĞǀĞŶ LJĞĂƌƐ͘ D y/Dh^ ŚĂƐ ŶŽ ĐŽŶƚƌĂĐƚƐ ĨŽƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƐĞƌǀŝĐĞƐ ǁŚŝĐŚ ǁĞƌĞ ƚĞƌŵŝŶĂƚĞĚ͕ ŝŶĐůƵĚŝŶŐ ĞdžƉŝƌĞĚ Žƌ ŶŽŶͲƌĞŶĞǁĞĚ ĐŽŶƚƌĂĐƚƐ͕ ŝŶ ƚŚĞ ůĂƐƚ ƐĞǀĞŶ LJĞĂƌƐ͘ džŚŝďŝƚ ϴ͘ϭͲϳ͗ D y/Dh^ ^ƚĂƚĞ DĞĚŝĐĂŝĚ WƌŽŐƌĂŵ džƉĞƌŝĞŶĐĞ͘ D y/Dh^ ŽĨĨĞƌƐ Ă ƉŽƌƚĨŽůŝŽ ŽĨ ŶĞĂƌůLJ ƚǁŽ ĚŽnjĞŶ ^ƚĂƚĞ DĞĚŝĐĂŝĚ ƉƌŽũĞĐƚƐ ƚŽ ĂƐƐŝƐƚ ,,^ ǁŝƚŚ ƚŚĞŝƌ DĞĚŝĐĂŝĚ DĂŶĂŐĞĚ ĂƌĞ ƚƌĂŶƐŝƚŝŽŶ͘ DŽƌĞŽǀĞƌ͕ ǀŝƌƚƵĂůůLJ Ăůů ŽĨ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ƐĐŽƉĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂƌĞ ƐŝŵŝůĂƌ ŝŶ ƐĐŽƉĞ ƚŽ ŽƵƌ ŽƚŚĞƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ĐŽŶƚƌĂĐƚƐ͘ ϮͬϮϬϮϯ ϲ͕ϯϵϱ͕ϴϵϰ Ez ϳͬϮϬϭϮ ϭϴϲ͕ϴϵϳ E, ϵͬϭϵϵϳ Ϯ͕Ϯϴϳ͕Ϭϴϳ D/ RFP Section Response 8.2 North Carolina Medicaid and NC Health Choice Enrollment Section B, 1-8 ll?ul [he l" ?llr; si-r ilr rl?iuruilnljiagr?i. sar'iijrlu ?Hi fillil wtlur ?limit The North Carolina Department of Health and Human Services will bene?t from our innovative enrollment solutions for the North Carolina Enrollment Broker Services Project. MAXIMUS brings over 20 years of experience successfully implementing and operating enrollment broker programs across the country, repeatedly demonstrating the required flexibility and scalability to respond to the State's requirements. 1. The Offeror must confirm adherence to the expectations ofthe Department and describe their ability and approach to meet the requirements of Section 8. North Carolina Medicaid and NC Health Choice Enrollment. MAXIM US has read the RFP and confirms that we will adhere to Department expectations and meet all requirements set forth in the RFP Section North Carolina Medicaid and NC Health Choice Enrollment. We describe our approach to meeting these requirements throughout this section of our proposal. MAXIMUS Health Services, Inc. (MAXIMUS) is the largest provider of enrollment services for Medicaid managed care beneficiaries. We help more individuals enroll in Medicaid managed care than any other vendor and will bring best practices from our experience to the North Carolina Enrollment Broker Services Project (NC Enrollment Broker Project). The extensive experience MAXIMUS has implementing Medicaid managed care programs began in 1995. Since that time, we have helped our state government clients manage momentous change due to new or modi?ed policies, growth in the enrollee population, or program expansions and modifications. Overall, we have assisted five states with transition to Medicaid managed care. This is what North Carolina faces now with the transition to a managed care program and implementation of the NC Enrollment Broker Project. The North Carolina Department of Health and Human Services (Department) can take comfort in MAXIMUS unmatched ability to support this transition. Our proven solution empowers beneficiaries to make educated and informed decisions regarding their health and the health of their families, by providing unbiased information and promoting self-service options and multichannel access. As a leader in delivering digital multichannel solutions, we offer a digital lineup that includes a ?rst-in?class mobile application for enrollment, email, a mobile-friendly website, web chat, and social media outreach?all of which we have implemented in other Medicaid projects. Our solution skillfully balances modernized "high tech" tools with superior, "high touch" service for beneficiaries who prefer to speak or chat online with an Enrollment Specialist. Regardless of how beneficiaries choose to enroll, their selection will be recorded in our proprietary enrollment system, which will serve as the Bene?ciary Management System for the NC Enrollment Broker Project. We have been a trusted partner to 30 state Medicaid agencies, with more than half of these partnerships lasting more than ten O0 years. Our long-lasting partnerships are a result of our success in implementing operational stability with an organizational structure that has the ?exibility to support future growth, introduce minimal risk, and maintain high quality service delivery. With more than three quarters of the Medicaid managed care market, we understand that helping beneficiaries through the enrollment process and assisting them in choosing the care they need reduces the likelihood of plan changes resulting from dissatisfaction. This practice promotes increased continuity of care, improved bene?ciary health outcomes, and assists in driving self-service for the Department. Every day, MAXIMUS representatives provide unbiased informative counseling, enrollment assistance, education, and outreach to tens of thousands of Medicaid-eligible individuals across the country. With the need to continually educate and assist newly eligible bene?ciaries, the Department will benefit from a partner with the experience and understanding of the Medicaid enrollment and disenrollment processes and the capability to educate and seamlessly transition beneficiaries from fee-for-service to Medicaid managed care. Page 8.2-1 of 13 KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ƉƌŽĐĞƐƐ ĨůŽǁƐ ĚĞƐĐƌŝďŝŶŐ ƚŚĞ W,W ƐĞůĞĐƚŝŽŶ ƉƌŽĐĞƐƐ͘ WĂŐĞ ϴ͘ϮͲϮ ŽĨ ϭϯ tĞ ƉƌŽǀŝĚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐŽŶƐƵŵĞƌͲŽƌŝĞŶƚĞĚ ĂŶĚ ĐƵůƚƵƌĂůůLJ ĂƉƉƌŽƉƌŝĂƚĞ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ Žƌ ŽƚŚĞƌ ƌĞůĂƚĞĚ ƐĞƌǀŝĐĞƐ ƚŚƌŽƵŐŚ ŽƵƌ ƉƌĞŵŝĞƌĞ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĐŚĂŶŶĞůƐ͘ Ɛ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϮͲϭ͗ ^ĂŵƉůĞ W,W ^ĞůĞĐƚŝŽŶ WƌŽĐĞƐƐ &ůŽǁ͕ ǁĞ ǁŝůů ĂƐƐŝƐƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶ ƐĞůĞĐƚŝŶŐ Ă W,W ĂŶĚ ĂŶ D,ͬW W ƚŚĂƚ ŵĞĞƚƐ ĞĂĐŚ ďĞŶĞĨŝĐŝĂƌLJΖƐ ƐƉĞĐŝĨŝĐ ŚĞĂůƚŚ ĐĂƌĞ ŶĞĞĚƐ͘ ĞĐĂƵƐĞ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ŝƐ ƚŚĞ ƉƌŝŵĂƌLJ ƉŽŝŶƚ ŽĨ ĐŽŶƚĂĐƚ ĨŽƌ ŵĂŶĂŐĞĚ ĐĂƌĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝƚ ŝƐ ŝŵƉŽƌƚĂŶƚ ƚŚĂƚ ƐĞƌǀŝĐĞƐ ďĞ ĐƵƐƚŽŵĞƌͲĨŽĐƵƐĞĚ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ŝŶ ƉƌŽŵŽƚŝŶŐ ŝŶĨŽƌŵĞĚ ŚĞĂůƚŚ ĐĂƌĞ ĐŚŽŝĐĞƐ͘ KƵƌ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ƉƌŽǀŝĚŝŶŐ ĐŚŽŝĐĞͲĐŽƵŶƐĞůŝŶŐ ƐĞƌǀŝĐĞƐ ŝŶ ϭϵ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ ƉŽƐŝƚŝŽŶƐ D y/Dh^ ƚŽ ĂƐƐŝƐƚ EŽƌƚŚ ĂƌŽůŝŶĂ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶ ĞŶƌŽůůŝŶŐ ŝŶ Ă W,W ĂŶĚ ƐĞůĞĐƚŝŶŐ ĂŶ ĚǀĂŶĐĞĚ DĞĚŝĐĂů ,ŽŵĞ ; D,ͿͬWƌŝŵĂƌLJ ĂƌĞ WƌŽǀŝĚĞƌ ;W WͿ͘ Ϯ͘ dŽ ĂƐƐŝƐƚ ƚŚĞ ^ƚĂƚĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ŝŶ ŵĞĞƚŝŶŐ ŝƚƐ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ŝƚƐ ĐŝƚŝnjĞŶƐ͕ D y/Dh^ ŝƐ ƉůĞĂƐĞĚ ƚŽ ŽĨĨĞƌ EŽƌƚŚ ĂƌŽůŝŶĂ Ă ƐŽůƵƚŝŽŶ ĚĞǀĞůŽƉĞĚ ƚŽ ĚĞůŝǀĞƌ ŚŝŐŚͲƋƵĂůŝƚLJ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ͕ ĂŶĚ Ă ƚƌƵĞ ůĞǀĞů ŽĨ ǀĞŶĚŽƌ ƌĞƐƉŽŶƐŝǀĞŶĞƐƐ ĂŶĚ ƚƌĂŶƐƉĂƌĞŶĐLJ ĨƌŽŵ ŽƵƌ ƉƌŽũĞĐƚ ůĞĂĚĞƌƐŚŝƉ ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ƚĞĐŚŶŽůŽŐŝĞƐ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƉƌŽĐĞĚƵƌĞƐ ĨŽƌ W,W ĂŶĚ D,ͬW W ƐĞůĞĐƚŝŽŶ ĂŶĚ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐĞƐ ǁŚŝĐŚ ĂƌĞ ĞĨĨŝĐŝĞŶƚ ĂŶĚ ŶŽƚ ƵŶŶĞĐĞƐƐĂƌŝůLJ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞůLJ ďƵƌĚĞŶƐŽŵĞ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ dĞůĞƉŚŽŶĞ͗ ĞŶĞĨŝĐŝĂƌŝĞƐ ŵĂLJ ĐĂůů ĂŶĚ ƌĞĐĞŝǀĞ ƵŶďŝĂƐĞĚ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĨƌŽŵ Ă ĨƵůůLJ ƚƌĂŝŶĞĚ ĂŶĚ ĞdžƉĞƌŝĞŶĐĞĚ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ „ WĂŐĞ ϴ͘ϮͲϯ ŽĨ ϭϯ /ŶͲƉĞƌƐŽŶ͗ ĞŶĞĨŝĐŝĂƌŝĞƐ ŵĂLJ ƌĞƋƵĞƐƚ ĂŶ ŝŶͲƉĞƌƐŽŶ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ƐĞƐƐŝŽŶ͘ KƵƌ ŽƵƚƌĞĂĐŚ ƚĞĂŵ ŵĞŵďĞƌƐ ǁŝůů ŵĞĞƚ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ƉƌŽǀŝĚĞ ƵŶďŝĂƐĞĚ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ ŚĞůƉ ƚŚĞŵ ĐŽŵƉůĞƚĞ ƚŚĞŝƌ ĞŶƌŽůůŵĞŶƚ „ ZĞŐĂƌĚůĞƐƐ ŽĨ ƚŚĞ ĐŚĂŶŶĞů Ă ďĞŶĞĨŝĐŝĂƌLJ ƵƐĞƐ ƚŽ ƐĞůĞĐƚ Ă W,W ĂŶĚ D,ͬW W͕ ƚŚĞLJ ǁŝůů ŚĂǀĞ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ĐŽŵƉĂƌĞ ƉůĂŶƐ ĂŶĚ ƐĞĂƌĐŚ ĨŽƌ Ă ƉƌŽǀŝĚĞƌ ƚŚĂƚ ŵĞĞƚƐ ƚŚĞŝƌ ƐƉĞĐŝĨŝĐ ŶĞĞĚƐ͘ &Žƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͕ ǁĞ ǁŝůů ƉƌŽǀŝĚĞ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐŚĂŶŶĞůƐ ĨŽƌ ĞŶƌŽůůŵĞŶƚ ƐĞůĞĐƚŝŽŶ͗ ϯ͘ džŚŝďŝƚ ϴ͘ϮͲϭ͗ ^ĂŵƉůĞ W,W ^ĞůĞĐƚŝŽŶ WƌŽĐĞƐƐ &ůŽǁ͘ tĞ ƉƌŽǀŝĚĞ ďŽƚŚ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚͲĚƌŝǀĞŶ ĂŶĚ ǀŝƌƚƵĂů ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ͘ tĞďƐŝƚĞ ĂŶĚ DŽďŝůĞ ƉƉ͗ ĞŶĞĨŝĐŝĂƌŝĞƐ ŵĂLJ ƵƐĞ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ Žƌ ŵŽďŝůĞ ĂƉƉ ƚŽ ĞŶƌŽůů͕ ĐŚĞĐŬ ƚŚĞŝƌ ĐƵƌƌĞŶƚ ƐƚĂƚƵƐ͕ ƐƵďŵŝƚ Ă ĐŚĂŶŐĞ ŽĨ ĂĚĚƌĞƐƐ Žƌ ƚĞůĞƉŚŽŶĞ ŶƵŵďĞƌ͕ Žƌ ǀŝĞǁ ŝŶĨŽƌŵĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ Žƌ ŶŽƚŝĐĞƐ ƚŚƌŽƵŐŚ ƚŚĞŝƌ ƐĞĐƵƌĞ ĚŽĐƵŵĞŶƚ ƌĞƉŽƐŝƚŽƌLJ͘ tĞ ĂƌĞ ƚŚĞ ŽŶůLJ ǀĞŶĚŽƌ ƚŽ ŽĨĨĞƌ Ă ƐƵĐĐĞƐƐĨƵůůLJ ĚĞƉůŽLJĞĚ ŵŽďŝůĞ ĂƉƉ ƚŚĂƚ ĚƌŝǀĞƐ ďĞŶĞĨŝĐŝĂƌLJ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ƉƌŽǀŝĚĞƐ ŶŽƚŝĨŝĐĂƚŝŽŶƐ ĂŶĚ ƌĞŵŝŶĚĞƌƐ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂďŽƵƚ ŝŵƉŽƌƚĂŶƚ ĚĞĂĚůŝŶĞƐ ƐƵĐŚ ĂƐ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ĐŚŽŝĐĞ ƉĞƌŝŽĚ Žƌ ƚŚĞ ĂŶŶƵĂů ĚŝƐĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ͘ KŶĐĞ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ŝƐ ƐƵďŵŝƚƚĞĚ͕ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ŝƐ ƐLJŶĐŚĞĚ ǁŝƚŚ D yĞď ƚŚƌŽƵŐŚ Ă ǁĞď ƐĞƌǀŝĐĞƐ ŝŶƚĞƌĨĂĐĞ ĂŶĚ ƚŚĞŶ D yĞď ŝŶŝƚŝĂƚĞƐ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐŝŶŐ ĂƵƚŽŵĂƚŝĐĂůůLJ͘ DĂŝůͬ&Ădž͗ ĞŶĞĨŝĐŝĂƌŝĞƐ ŵĂLJ ŵĂŝů Žƌ ĨĂdž ƚŚĞ ĞŶƌŽůůŵĞŶƚ ĨŽƌŵ͘ tĞ ƐĐĂŶ ƚŚĞ ĨŽƌŵ͕ ǁŚŝĐŚ ŝƐ ĂƵƚŽŵĂƚŝĐĂůůLJ ůŝŶŬĞĚ ƚŽ ƚŚĞ ĐŽƌƌĞĐƚ ŝŶĚŝǀŝĚƵĂů ŝŶ D yĞď ďĂƐĞĚ ŽŶ ƚŚĞ ďĂƌĐŽĚĞ ƉƌŝŶƚĞĚ ŽŶ ƚŚĞ ĨŽƌŵ͘ D yĞď ƚŚĞŶ ĐƌĞĂƚĞƐ Ă ƚĂƐŬ ĨŽƌ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ƚŽ ǀŝĞǁ ƚŚĞ ĨŽƌŵ ĂŶĚ ƉƌŽĐĞƐƐ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ŝŶ D yĞď͘ dŚŝƐ ƉƌŽǀŝĚĞƐ Ă ƋƵĂůŝƚLJ ĐŽŶƚƌŽů ĐŚĞĐŬ ĨŽƌ ĞǀĞƌLJ ĞŶƌŽůůŵĞŶƚ ĨŽƌŵ ĂŶĚ ǀĞƌŝĨŝĞƐ Ăůů ĨŽƌŵƐ ĂƌĞ ƉƌŽĐĞƐƐĞĚ͘ „ „ WĂŐĞ ϴ͘ϮͲϰ ŽĨ ϭϯ /Ĩ Ă ďĞŶĞĨŝĐŝĂƌLJ ĐŽŶƚĂĐƚƐ D y/Dh^ ƚŽ ĚŝƐĞŶƌŽůů ĨƌŽŵ Ă ƉƌĞǀŝŽƵƐůLJ ƐĞůĞĐƚĞĚ W,W ǁĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƚŽ ŐƵŝĚĞ ƚŚĞŵ ƚŚƌŽƵŐŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͘ &Žƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͕ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝůů ďĞ ĂďůĞ ƚŽ ĨŝůĞ ͚ǁŝƚŚ ĐĂƵƐĞ͟ ĂŶĚ ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚƐ͘ ƵƌŝŶŐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ǁĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĨŝŶĂůŝnjĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚ ƉƌŽĐĞƐƐĞƐ ƚŚĂƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ĞĂƐŝůLJ ĨŽůůŽǁ ǁŝƚŚ ŵŝŶŝŵĂů ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞĨĨŽƌƚ͘ tĞ ǁŝůů ƐƵďŵŝƚ ƚŚĞ ĨŝŶĂů ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞƐƐ ĨůŽǁƐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨŽƌ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ dŚĞƐĞ ƉƌŽĐĞƐƐĞƐ ǁŝůů ďĞ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶƚŽ ŽƵƌ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƉŽůŝĐŝĞƐ͕ ƉƌŽĐĞĚƵƌĞƐ͕ ǁŽƌŬ ŝŶƐƚƌƵĐƚŝŽŶƐ͕ ĂŶĚ ƐĐƌŝƉƚƐ͕ ĂŶĚ ƐƚŽƌĞ ƚŚĞŵ ŝŶ ŽƵƌ D y<ŶŽǁůĞĚŐĞ <ŶŽǁůĞĚŐĞ DĂŶĂŐĞŵĞŶƚ ^LJƐƚĞŵ ;d^^ ŝŶ ŝŶƐƚŝƚƵƚŝŽŶĂů ĂŶĚ ĐŽŵŵƵŶŝƚLJͲďĂƐĞĚ ƐĞƚƚŝŶŐƐ „ „ „ WĂŐĞ ϴ͘ϮͲϲ ŽĨ ϭϯ tĞ ǁŝůů ĂůƐŽ ĞƐƚĂďůŝƐŚ Ă ƉƌŽĐĞƐƐ ƚŽ ƉĞƌĨŽƌŵ ĞdžƉĞĚŝƚĞĚ ƌĞǀŝĞǁƐ ŽĨ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ĚŝƐĞŶƌŽůůŵĞŶƚƐ ďĂƐĞĚ ŽŶ ƵƌŐĞŶƚ ŵĞĚŝĐĂů ŶĞĞĚ ƚŽ ŚĞůƉ ĞŶƐƵƌĞ ƚŚĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ŽĐĐƵƌƐ ŽŶ Žƌ ǁŝƚŚŝŶ Ϯϰ ŚŽƵƌƐ ĂĨƚĞƌ ƌĞĐĞŝƉƚ͘ tŝƚŚ ĂƵƐĞ ŝƐĞŶƌŽůůŵĞŶƚ ZĞƋƵĞƐƚ WƌŽĐĞƐƐŝŶŐ ƵƌŝŶŐ ƚŚĞ ůŽĐŬͲŝŶ ƉĞƌŝŽĚ ĂŶĚ ĂĨƚĞƌ ƚŚĞ ǁŝƚŚŽƵƚ ĐĂƵƐĞ ϵϬͲĚĂLJ ĐŚŽŝĐĞ ƉĞƌŝŽĚ͕ D y/Dh^ ǁŝůů ĂůůŽǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ƐƵďŵŝƚ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚƐ ĨŽƌ ƚŚĞ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ƌĞĂƐŽŶƐ ŝĚĞŶƚŝĨŝĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ďĞŶĞĨŝĐŝĂƌLJ ƐŚŽƵůĚ ƐƵďŵŝƚ Ă ͞ǁŝƚŚ ĐĂƵƐĞ͟ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚ ǁŝƚŚŝŶ ϲϬ ĚĂLJƐ ŽĨ ŽŶĞ Žƌ ŵŽƌĞ ŽĨ ƚŚĞ ĂďŽǀĞ ƌĞĂƐŽŶƐ͘ ĨƚĞƌ ƌĞĐĞŝƉƚ͕ D y/Dh^ ǁŝůů ƌĞǀŝĞǁ ƚŚĞ ƌĞƋƵĞƐƚ ĂŶĚ ĚŽĐƵŵĞŶƚ ŝƚƐ ƌĞĐĞŝƉƚ ŝŶ D yĞď͘ tĞ ǁŝůů ĐŽŶĨŝƌŵ ƚŚĞ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚ ĨŽƌŵ ŝƐ ĐŽŵƉůĞƚĞ ĂŶĚ ŝĨ ŶŽƚ͕ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ƌĞĂĐŚ ŽƵƚ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ Žƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ƚŚĞ ĨŽůůŽǁŝŶŐ ďƵƐŝŶĞƐƐ ĚĂLJ ƚŽ ĐŽŵƉůĞƚĞ ƚŚĞ ĨŽƌŵ͘ ůů ĐŽŵƉůĞƚĞ ƌĞƋƵĞƐƚƐ ǁŝůů ďĞ ĚŽĐƵŵĞŶƚĞĚ ŝŶ D yĞď ĂƐ ĐůŝŶŝĐĂů Žƌ ŶŽŶͲĐůŝŶŝĐĂů͘ D y/Dh^ ǁŝůů ĨŽƌǁĂƌĚ ĐŽŵƉůĞƚĞĚ ĐůŝŶŝĐĂůͲƌĞůĂƚĞĚ ƌĞƋƵĞƐƚƐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚŝŶ ϭϮ ŚŽƵƌƐ ŽĨ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ƌĞƋƵĞƐƚ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ĂƉƉƌŽǀĞ Žƌ ĚĞŶLJ ƚŚĞ ƌĞƋƵĞƐƚ ĨŽƌ ĚŝƐĞŶƌŽůůŵĞŶƚ ĂŶĚ ǁŝůů ĐŽŵŵƵŶŝĐĂƚĞ ƚŚŝƐ ĚĞĐŝƐŝŽŶ ďĂĐŬ ƚŽ D y/Dh^ ĂŶĚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ Žƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͘ D y/Dh^ ǁŝůů ĂƉƉƌŽǀĞ Žƌ ĚĞŶLJ Ăůů ĐŽŵƉůĞƚĞĚ ŶŽŶͲĐůŝŶŝĐĂů ƌĞƋƵĞƐƚƐ ĂŶĚ ƐĞŶĚ ƚŚĞ ŽƵƚĐŽŵĞ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚŝŶ ƚŚƌĞĞ ďƵƐŝŶĞƐƐ ĚĂLJƐ ŽĨ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ƌĞƋƵĞƐƚ͘ tŝƚŚŝŶ ŽŶĞ ďƵƐŝŶĞƐƐ ĚĂLJ ŽĨ ƌĞĐĞŝǀŝŶŐ ĂŶ ŝŶĐŽŵƉůĞƚĞ ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚ ĨŽƌŵ͕ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ƌĞĂĐŚ ŽƵƚ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ Žƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ƚŽ ƌĞƚƌŝĞǀĞ ƚŚĞ ŵŝƐƐŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ͘ D y/Dh^ ǁŝůů ĚĞŶLJ ŽƵƚƐƚĂŶĚŝŶŐ ŝŶĐŽŵƉůĞƚĞ ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚƐ ĂŶĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ĂƌĞ ŽƵƚƐŝĚĞ ŽĨ ƚŚĞŝƌ ϵϬͲĚĂLJ ĐŚŽŝĐĞ ƉĞƌŝŽĚ͘ EŽƚŝĨŝĐĂƚŝŽŶƐ ŽĨ Ăůů ĂƉƉƌŽǀĂůƐ ĂŶĚ ĚĞŶŝĂůƐ ǁŝůů ďĞ ƐĞŶƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ďƵƐŝŶĞƐƐ ĚĂLJ͘ dŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŝƐ ǁŝƚŚŝŶ ƚŚĞŝƌ ϵϬͲĚĂLJ ĐŚŽŝĐĞ ƉĞƌŝŽĚ Žƌ ƌĞĚĞƚĞƌŵŝŶĂƚŝŽŶ ƉĞƌŝŽĚ „ tĞ ǁŝůů ƚŚĞŶ ĂƉƉƌŽǀĞ Ăůů ĐŽŵƉůĞƚĞ ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚƐ ĨŽƌ ĚŝƐĞŶƌŽůůŵĞŶƚ ŝĨ͗ tŝƚŚŽƵƚ ĂƵƐĞ ŝƐĞŶƌŽůůŵĞŶƚ ZĞƋƵĞƐƚ WƌŽĐĞƐƐŝŶŐ D y/Dh^ ĂĐŬŶŽǁůĞĚŐĞƐ ƚŚĂƚ ǁĞ ǁŝůů ƉƌŽĐĞƐƐ Ăůů ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚƐ ĨƌŽŵ ďĞŶĞĨŝĐŝĂƌŝĞƐ Žƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͘ tŝƚŚŽƵƚ ĐĂƵƐĞ ƌĞƋƵĞƐƚƐ ƌĞĐĞŝǀĞĚ ďLJ D y/Dh^ ǁŝůů ďĞ ĚŽĐƵŵĞŶƚĞĚ ŝŶ D yĞď͕ ĂŶĚ ǁĞ ǁŝůů ƌĞǀŝĞǁ ĞĂĐŚ ƌĞƋƵĞƐƚ ƚŽ ŵĂŬĞ ƐƵƌĞ ƚŚĞ ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ƌĞƋƵĞƐƚ ĨŽƌŵ ŝƐ ĐŽŵƉůĞƚĞ͘ tĞ ƌĞĐŽƌĚ ƌĞƋƵĞƐƚƐ ŝŶ D yĞď ĂŶĚ ĚŽĐƵŵĞŶƚ ƚŚĞ ƌĞƋƵĞƐƚŽƌ͕ ĚĂƚĞ ĂŶĚ ƚŝŵĞ ŽĨ ƌĞƋƵĞƐƚ͕ ĂŶĚ ƚŚĞ ƌĞĂƐŽŶ ƉƌŽǀŝĚĞĚ ĨŽƌ ƚŚĞ ĚŝƐĞŶƌŽůůŵĞŶƚ Žƌ ĐŚĂŶŐĞ ƌĞƋƵĞƐƚ͘ ůů ĐŽŵƉůĞƚĞ ƌĞƋƵĞƐƚƐ ǁŝůů ďĞ ĨƵƌƚŚĞƌ ĚŽĐƵŵĞŶƚĞĚ ŝŶ D yĞď ĂƐ ĐůŝŶŝĐĂů Žƌ ŶŽŶͲĐůŝŶŝĐĂů͕ ĂŶĚ D y/Dh^ ǁŝůů ĨŽƌǁĂƌĚ ĐŽŵƉůĞƚĞĚ ĐůŝŶŝĐĂůͲ ƌĞůĂƚĞĚ ƌĞƋƵĞƐƚƐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚŝŶ ϭϮ ŚŽƵƌƐ ŽĨ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ƌĞƋƵĞƐƚ͘ dŚĞ ƌĞƋƵĞƐƚ ŝƐ ƌŽƵƚĞĚ ƚŽ Ă ƋƵĞƵĞ ŝŶ D yĞď ƚŚĂƚ ĚĞƐŝŐŶĂƚĞĚ ĞƉĂƌƚŵĞŶƚ ŽĨĨŝĐŝĂůƐ ǁŝůů ďĞ ĂďůĞ ƚŽ ĂĐĐĞƐƐ ŝŶ ŽƌĚĞƌ ƚŽ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĞ Žƌ ĚĞŶLJ ƚŚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƌĞƋƵĞƐƚ͘ tĞ ĂĐŬŶŽǁůĞĚŐĞ ƚŚĂƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ĐŽŵŵƵŶŝĐĂƚĞ ƚŚŝƐ ĚĞĐŝƐŝŽŶ ďĂĐŬ ƚŽ D y/Dh^ ĂŶĚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ Žƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͘ D y/Dh^ ǁŝůů ĂƉƉƌŽǀĞ Žƌ ĚĞŶLJ Ăůů ĐŽŵƉůĞƚĞĚ ŶŽŶͲĐůŝŶŝĐĂů ƌĞƋƵĞƐƚƐ ĂŶĚ ƐĞŶĚ ƚŚĞ ŽƵƚĐŽŵĞ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚŝŶ ƚŚƌĞĞ ďƵƐŝŶĞƐƐ ĚĂLJƐ ŽĨ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ƌĞƋƵĞƐƚ͘ tĞ ǁŝůů ĂůƐŽ ĞƐƚĂďůŝƐŚ Ă ƉƌŽĐĞƐƐ ƚŽ ƉĞƌĨŽƌŵ ĞdžƉĞĚŝƚĞĚ ƌĞǀŝĞǁƐ ŽĨ ͞ǁŝƚŚ ĐĂƵƐĞ͟ ĚŝƐĞŶƌŽůůŵĞŶƚƐ ďĂƐĞĚ ŽŶ ƵƌŐĞŶƚ ŵĞĚŝĐĂů ŶĞĞĚ ƚŽ ŚĞůƉ ĞŶƐƵƌĞ ƚŚĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ŽĐĐƵƌƐ ŽŶ Žƌ ǁŝƚŚŝŶ ƚŚƌĞĞ ĐĂůĞŶĚĂƌ ĚĂLJƐ ĂĨƚĞƌ ƌĞĐĞŝƉƚ͘ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ŽĨĨĞƌ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ Žƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ŝĨ ƚŚĞŝƌ ƌĞƋƵĞƐƚ ƌĞƋƵŝƌĞƐ ĂŶ ĞŶƌŽůůŵĞŶƚ ŝŶƚŽ Ă ŶĞǁ ŚĞĂůƚŚ ƉůĂŶ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ƚŚĞ ƉƌŽĐĞƐƐ ĨŽƌ ƐĞůĞĐƚŝŶŐ ĂŶĚ ĐŚĂŶŐŝŶŐ Ă W,W͘ WĂŐĞ ϴ͘ϮͲϳ ŽĨ ϭϯ tĞ ĐƵƌƌĞŶƚůLJ ŽƉĞƌĂƚĞ ƐĞůĨͲƐĞƌǀŝĐĞ ƉŽƌƚĂůƐ ŝŶ 'ĞŽƌŐŝĂ͕ /ůůŝŶŽŝƐ͕ >ŽƵŝƐŝĂŶĂ͕ EĞǁ zŽƌŬ͕ WĞŶŶƐLJůǀĂŶŝĂ͕ sŝƌŐŝŶŝĂ͕ ĂŶĚ tĞƐƚ sŝƌŐŝŶŝĂ͘ ^ŽŵĞ ŽĨ ƚŚĞƐĞ ƉŽƌƚĂůƐ ŚĂǀĞ ŝŶĐƌĞĂƐĞĚ ŽŶůŝŶĞ ĞŶƌŽůůŵĞŶƚƐ ďLJ ŵŽƌĞ ƚŚĂŶ Ϯϴ ƉĞƌĐĞŶƚ͘ &Žƌ ŽƵƌ /ůůŝŶŽŝƐ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚ͕ ǁĞ ǁŽƌŬ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ ƚŽ ŐƵŝĚĞ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŚƌŽƵŐŚ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ĨŽƌ /ůůŝŶŽŝƐΖ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ͘ /Ŷ džŚŝďŝƚ ϴ͘ϮͲϯ͗ /ŶƚĞƌĂĐƚŝǀĞ tĞďƐŝƚĞ ŶƌŽůůŵĞŶƚ &ƵŶĐƚŝŽŶĂůŝƚLJ͕ ǁĞ ƐŚŽǁ ŚŽǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ǀŝĞǁ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ĐŚŽŽƐŝŶŐ ĂŶĚ ĞŶƌŽůůŝŶŐ ŝŶ DĂŶĂŐĞĚ ĂƌĞ KƌŐĂŶŝnjĂƚŝŽŶ ŝŶ ŶŐůŝƐŚ Žƌ ^ƉĂŶŝƐŚ͘ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ tĞďƐŝƚĞ Ɛ ĂŶ ĂĚĚĞĚ ŵĞĂƐƵƌĞ ŽĨ ĞŶĐŽƵƌĂŐŝŶŐ ďĞŶĞĨŝĐŝĂƌLJ ƐĞůĨͲƐĞƌǀŝĐĞƐ ĂŶĚ ĚƌŝǀŝŶŐ ĚŽǁŶ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĐŽƐƚƐ͕ ǁĞ ŽĨĨĞƌ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƐĞůĨͲƐĞƌǀŝĐĞ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ͘ hƐŝŶŐ Ă ƌĞƐƉŽŶƐŝǀĞ ǁĞďͲĚĞƐŝŐŶ ǁŚŝĐŚ ĂůůŽǁƐ ǀŝĞǁŝŶŐ ĂĐƌŽƐƐ Ăůů ŽŶůŝŶĞ ĂĐĐĞƐƐŝďůĞ ĚĞǀŝĐĞƐ͕ ŝŶĐůƵĚŝŶŐ ƐŵĂƌƚƉŚŽŶĞƐ͕ ƚĂďůĞƚƐ͕ ĂŶĚ ƉĞƌƐŽŶĂů ĐŽŵƉƵƚĞƌƐ͕ ŽƵƌ ǁĞď ƉŽƌƚĂů ĂůůŽǁƐ ƵƐĞƌƐ ƚŽ ĂĐĐĞƐƐ ĐƌŝƚŝĐĂů ŝŶĨŽƌŵĂƚŝŽŶ͕ ŝŶĐƌĞĂƐĞ ƚŚĞŝƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ ƉƌŽŐƌĂŵ͕ ĂŶĚ ŵĂŬĞ ďĞƚƚĞƌ ĚĞĐŝƐŝŽŶƐ ĂďŽƵƚ ĞŶƌŽůůŝŶŐ ŝŶƚŽ Ă ŵĂŶĂŐĞĚ ĐĂƌĞ ƉůĂŶ͘ dŚƌŽƵŐŚ ŽƵƌ ƐĞůĨͲƐĞƌǀŝĐĞ ǁĞďƐŝƚĞƐ͕ ǁĞ ƉƌŽǀŝĚĞ Ă ƐŝŶŐůĞ ůŽĐĂƚŝŽŶ ǁŝƚŚ Ăůů ŽĨ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŶĞĐĞƐƐĂƌLJ ĨŽƌ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƚŽ ŵĂŬĞ ĂŶ ŝŶĨŽƌŵĞĚ ĚĞĐŝƐŝŽŶ ĂďŽƵƚ ƚŚĞŝƌ ƉůĂŶ͘ ĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ĐŚŽŽƐĞ ƚŽ ƵƐĞ ƚŚĞŝƌ ƐŵĂƌƚƉŚŽŶĞƐ Žƌ ƚĂďůĞƚƐ ǁŝůů ŚĂǀĞ ĂĐĐĞƐƐ ƚŽ ƚŚĞ ƐĂŵĞ ĨƵŶĐƚŝŽŶĂůŝƚLJ ĂǀĂŝůĂďůĞ ƚŽ ƚŚŽƐĞ ǁŚŽ ůŽŐ ŝŶ ĨƌŽŵ ƚŚĞŝƌ ŚŽŵĞ ĐŽŵƉƵƚĞƌƐ͖ ƚŚĞLJ ǁŝůů ďĞ ĂďůĞ ƚŽ ůŽŽŬ ĨŽƌ ƚŚĞ ƉƌŽǀŝĚĞƌƐ ĐůŽƐĞƐƚ ƚŽ ƚŚĞŵ ĂŶĚ ĐŚŽŽƐĞ Ă W,W ĂŶĚ D,ͬW W Ϯϰ ŚŽƵƌƐ Ă ĚĂLJ͕ ϳ ĚĂLJƐ Ă ǁĞĞŬ͕ ƌĞŐĂƌĚůĞƐƐ ŽĨ ƚŚĞŝƌ ůŽĐĂƚŝŽŶ͘ WĞƌƐŽŶĂůŝnjĞĚ ŚŽŝĐĞ ŽƵŶƐĞůŝŶŐ ƐƐŝƐƚĂŶĐĞ dŚƌŽƵŐŚ ŽƵƌ ƚŽůůͲĨƌĞĞ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ůŝŶĞ ǁĞ ƉƌŽǀŝĚĞ ǀĞƌďĂů ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ ĚƵƌŝŶŐ ƚŚĞ ϵϬͲĚĂLJ ĐŚŽŝĐĞ ƉĞƌŝŽĚ͕ ŚĞůƉŝŶŐ E DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ŵĂŬĞ ŝŶĨŽƌŵĞĚ ĐŚŽŝĐĞƐ ƌĞŐĂƌĚŝŶŐ ƚŚĞŝƌ ŚĞĂůƚŚ ĐĂƌĞ͘ hƐŝŶŐ ƚŚŝƐ ŽŶĞͲŽŶͲŽŶĞ ŐƵŝĚĂŶĐĞ ŽƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ŚĞůƉ ĐĂůůĞƌƐ ƐĞůĞĐƚ Ă W,W ĂŶĚ D,ͬW W ďĂƐĞĚ ŽŶ ŝŶĚŝǀŝĚƵĂů ĂŶĚ ĨĂŵŝůLJ ŚĞĂůƚŚ ĐĂƌĞ ƉƌŝŽƌŝƚŝĞƐ ĂŶĚ ƉƌĞĨĞƌĞŶĐĞƐ͘ KƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ƵŶĚĞƌŐŽ ƌŝŐŽƌŽƵƐ ďĞŶĞĨŝĐŝĂƌLJͲĨŽĐƵƐĞĚ ƚƌĂŝŶŝŶŐ ƚŚĂƚ ĞŶĂďůĞƐ ƚŚĞŵ ƚŽ ĂƐŬ Ă ƐĞƌŝĞƐ ŽĨ ƋƵĞƐƚŝŽŶƐ ĂŶĚ ŐĂŝŶ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ĨĂĐƚŽƌƐ ƚŚĂƚ ĂƌĞ ŝŵƉŽƌƚĂŶƚ ƚŽ ĞĂĐŚ ŝŶĚŝǀŝĚƵĂů ŝŶ ƐĞůĞĐƚŝŶŐ Ă W,W ƐƵĐŚ ĂƐ ƉƌĞǀŝŽƵƐ ƌĞůĂƚŝŽŶƐŚŝƉ ǁŝƚŚ Ă ƉƌŽǀŝĚĞƌ͕ ŐĞŽŐƌĂƉŚŝĐ ůŽĐĂƚŝŽŶ͕ ĂŶĚ ƉůĂŶ ƐĞƌǀŝĐĞƐ͘ D y/Dh^ ŚĂƐ ĞdžƚĞŶƐŝǀĞ ĞdžƉĞƌŝĞŶĐĞ ƉƌŽǀŝĚŝŶŐ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ĞŶƌŽůůŵĞŶƚ ŵĂƚĞƌŝĂůƐ ĂŶĚ ĚĞĐŝƐŝŽŶ ƐƵƉƉŽƌƚ ƚŽŽůƐ ĨŽƌ ^ƚĂƚĞ ĐůŝĞŶƚƐ͕ ĂŶĚ ǁĞ ǁŝůů ĚĞǀĞůŽƉ EŽƌƚŚ ĂƌŽůŝŶĂ ƐƉĞĐŝĨŝĐ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ƚŽ ĂůůŽǁ EŽƌƚŚ ĂƌŽůŝŶĂ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ĐŽŵƉĂƌĞ ƚŚĞ ďĞŶĞĨŝƚƐ ŽĨ ǀĂƌŝŽƵƐ ƉůĂŶƐ ƐŽ ƚŚĂƚ ƚŚĞLJ ĐĂŶ ŵĂŬĞ ĂŶ ŝŶĨŽƌŵĞĚ ĚĞĐŝƐŝŽŶ͘ dŚĞ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ŵĂƚĞƌŝĂůƐ ǁĞ ŽĨĨĞƌ ĂƌĞ ŝŶĨŽƌŵĞĚ ďLJ ŽƵƌ ŶĂƚŝŽŶĂůůLJͲƌĞĐŽŐŶŝnjĞĚ ĞŶƚĞƌ ĨŽƌ ,ĞĂůƚŚ >ŝƚĞƌĂĐLJ ĂŶĚ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ďŽƚŚ ŽŶůŝŶĞ Ϯϰͬϳ ŝŶ ƚĂŶĚĞŵ ǁŝƚŚ ŵŽƌĞ ƚƌĂĚŝƚŝŽŶĂů ŵĞĚŝƵŵƐ ůŝŬĞ ƉƌŝŶƚ ĂŶĚ ŝŶͲƉĞƌƐŽŶ ƚŽ ŵĂŬĞ ƐƵƌĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŚĂǀĞ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĞLJ ŶĞĞĚ͕ ǁŚĞŶ ƚŚĞLJ ŶĞĞĚ ŝƚ͕ ĂŶĚ ŝŶ Ă ĨŽƌŵĂƚ ƚŚĂƚ ŝƐ ŵŽƐƚ ĐŽŶǀĞŶŝĞŶƚ ƚŽ ƚŚĞŵ͘ tĞ ǁŝůů ƉƌŽǀŝĚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŵĂŶĂŐĞĚ ĐĂƌĞ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ ƚŚĂƚ ĚĞƐĐƌŝďĞ ƚŚĞ ƉƌŽĐĞƐƐ ĨŽƌ ƐĞůĞĐƚŝŶŐ ĂŶĚ ĐŚĂŶŐŝŶŐ Ă W,W͘ KƵƌ ĞŶƌŽůůŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ ǁŝůů ŝŶĐůƵĚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞĚƵĐĂƚŝŽŶ͕ ƉƌĞͲĞŶƌŽůůŵĞŶƚ ĂŶŶŽƵŶĐĞŵĞŶƚƐ͕ ƌĞŵŝŶĚĞƌƐ͕ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ĞĚƵĐĂƚŝŽŶ͕ W,W ĂŶĚ D,ͬW W ƐĞůĞĐƚŝŽŶ͕ ĂŶĚ ĚŝƐĞŶƌŽůůŵĞŶƚ͘ tĞ ŚŝŐŚůŝŐŚƚ Ă ƐĂŵƉůĞ ŽĨ ƚŚĞ ŬĞLJ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ǁĞ ǁŝůů ƉƌŽǀŝĚĞ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ƐĞĐƚŝŽŶƐ͘ ϰ͘ WĂŐĞ ϴ͘ϮͲϴ ŽĨ ϭϯ džŚŝďŝƚ ϴ͘ϮͲϯ͗ /ŶƚĞƌĂĐƚŝǀĞ tĞďƐŝƚĞ ŶƌŽůůŵĞŶƚ &ƵŶĐƚŝŽŶĂůŝƚLJ͘ hƐĞƌƐ ǁŝůů ďĞ ĂďůĞ ƚŽ ǀŝĞǁ Ăůů ŵĂƚĞƌŝĂůƐ ƚŚĂƚ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ǁĞůĐŽŵĞ ƉĂĐŬĞƚ ŽŶͲůŝŶĞ ĂŶĚ ǁŝůů ďĞ ĂďůĞ ƚŽ ĚŽǁŶůŽĂĚ ƚŚĞŵ ŝĨ ĚĞƐŝƌĞĚ͘ &21),'(17,$/ WĂŐĞ ϴ͘ϮͲϵ ŽĨ ϭϯ KƵƌ ŵŽďŝůĞ ĂƉƉ ƐĞĂŵůĞƐƐůLJ ŝŶƚĞŐƌĂƚĞƐ ǁŝƚŚ ƚŚĞ D y/Dh^ ĞŶƌŽůůŵĞŶƚ ƐLJƐƚĞŵ ĐŽŵƉŽŶĞŶƚƐ ĨŽƌ Ă ĐŽŶƐŝƐƚĞŶƚ ďĞŶĞĨŝĐŝĂƌLJ ĞdžƉĞƌŝĞŶĐĞ͕ ĐŽŶŶĞĐƚŝŶŐ ƚŽ ƚŚĞ ƐĂŵĞ ĚĂƚĂ ĂƐ ƚŚĞ ƐĞůĨͲƐĞƌǀŝĐĞ ǁĞďƐŝƚĞ͕ ĐĂůů ĐĞŶƚĞƌ͕ ĂŶĚ ŵĂŝů ŚŽƵƐĞ ŽƉĞƌĂƚŝŽŶƐ͘ /Ŷ ƐŚŽƌƚ͕ ƚŚŝƐ ŵĞĂŶƐ Ăůů ŽĨ ŽƵƌ ƚĞĐŚŶŽůŽŐLJ ŝƐ ƐLJŶĐŚƌŽŶŝnjĞĚ͕ ƌĞŐĂƌĚůĞƐƐ ŽĨ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ĐŚĂŶŶĞů͘ dŚĞ ĞŶƌŽůůŵĞŶƚ ĂƉƉ ŝƐ ƐĞĐƵƌĞ ĂŶĚ ,/W ͲĐŽŵƉůŝĂŶƚ ƚŽ ƉƌŽƚĞĐƚ ƵƐĞƌƐΖ W,/ ĂŶĚ W//͕ ƵƚŝůŝnjŝŶŐ ƐƚƌŽŶŐ ĂƵƚŚĞŶƚŝĐĂƚŝŽŶ ĂŶĚ ĚĂƚĂ ĞŶĐƌLJƉƚŝŽŶ͘ dŚĞ ĂƉƉ ŝƐ ĚĂƚĂͲĚƌŝǀĞŶ ĂŶĚ ƉƌĞƐĞŶƚƐ ŝŶĚŝǀŝĚƵĂůͲƐƉĞĐŝĨŝĐ ĞŶƌŽůůŵĞŶƚ ƐƚĂƚƵƐ ŝŶĨŽƌŵĂƚŝŽŶ͘ &Žƌ ĞdžĂŵƉůĞ͕ ŝĨ ƚŚĞ ƵƐĞƌ ŝƐ ĞůŝŐŝďůĞ ďƵƚ ƉƌĞǀŝŽƵƐůLJ ĞŶƌŽůůĞĚ͕ ƚŚĞ ĂƉƉ ǁŝůů ŝŶĨŽƌŵ ƚŚĞŵ ƚŚĂƚ ƚŚĞLJ ŚĂǀĞ ĂůƌĞĂĚLJ ĞŶƌŽůůĞĚ ĂŶĚ ĚŝƐƉůĂLJ ƚŚĞŝƌ ĐŚŽƐĞŶ ƉůĂŶ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ĚĂƚĞ ŽĨ ĞŶƌŽůůŵĞŶƚ͘ ^ŝŵŝůĂƌůLJ͕ ŝĨ ƚŚĞ ƵƐĞƌ ŝƐ ĞůŝŐŝďůĞ ƚŽ ĞŶƌŽůů ĂŶĚ ŵƵƐƚ ĐŚŽŽƐĞ Ă ƉůĂŶ͕ ƚŚĞ ĂƉƉ ǁŝůů ƐĞŶĚ ŶŽƚŝĨŝĐĂƚŝŽŶ ĂůĞƌƚƐ ƚŽ ŵĂdžŝŵŝnjĞ Ă ǀŽůƵŶƚĂƌLJ ĐŚŽŝĐĞ ƐĞůĞĐƚŝŽŶ͘ Ɛ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϮͲϰ͗ dŚĞ D y/Dh^ ,ĞĂůƚŚLJ >ŽƵŝƐŝĂŶĂ DŽďŝůĞ ƉƉ͕ ŽƵƌ ŵŽďŝůĞ ĂƉƉ ĚĞƐŝŐŶĞĚ ĨŽƌ >ŽƵŝƐŝĂŶĂ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŽĨĨĞƌƐ Ă ƌĂŶŐĞ ŽĨ ĨĞĂƚƵƌĞƐ ƚŚĂƚ ĚĞůŝǀĞƌƐ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ƐĞƌǀŝĐĞƐ ĚŝƌĞĐƚůLJ ƚŽ ƵƐĞƌƐ͕ ĚƌŝǀĞƐ ĐŚŽŝĐĞ͕ ĂŶĚ ĐƌĞĂƚĞƐ ŶĞǁ ƐĞůĨͲƐĞƌǀŝĐĞ ŽƉƚŝŽŶƐ͘ DŽďŝůĞ ƉƉ KƵƌ ŵŽďŝůĞ ĂƉƉ ĞŶƌŽůůŵĞŶƚ ĐĂƉĂďŝůŝƚLJ ƉƌŽǀŝĚĞƐ ĂŶ ĂĚĚŝƚŝŽŶĂů ƐĞůĨͲƐĞƌǀŝĐĞ ĐŚĂŶŶĞů ƚŽ ĂůůŽǁ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ĞŶƌŽůů ŝŶ ŵĂŶĂŐĞĚ ĐĂƌĞ ƚŚƌŽƵŐŚ ƚŚĞŝƌ ƐŵĂƌƚƉŚŽŶĞ Žƌ ƚĂďůĞƚ͘ ǀĂŝůĂďůĞ ŝŶ ŶŐůŝƐŚ ĂŶĚ ^ƉĂŶŝƐŚ ĂŶĚ ĐŽŵƉĂƚŝďůĞ ǁŝƚŚ ďŽƚŚ ŝK^ ĂŶĚ ŶĚƌŽŝĚ ƉůĂƚĨŽƌŵƐ͕ ŽƵƌ ŵŽďŝůĞ ĂƉƉ͕ ŽŶůLJ ŽĨĨĞƌĞĚ ďLJ D y/Dh^͕ ĞŶĂďůĞƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ĞdžĞĐƵƚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞŶƌŽůůŵĞŶƚƐ ĚŝƌĞĐƚůLJ ĨƌŽŵ ƚŚĞŝƌ ĚĞǀŝĐĞ͘ WĂŐĞ ϴ͘ϮͲϭϬ ŽĨ ϭϯ hƐĞ ŽĨ ^ŽĐŝĂů DĞĚŝĂ dŽŽůƐ dŚĞ ƉĂƐƚ ĨŝǀĞ LJĞĂƌƐ ŚĂǀĞ ƐĞĞŶ Ă ƌĂƉŝĚ ŝŶĐƌĞĂƐĞ ŝŶ ƐŽĐŝĂů ŵĞĚŝĂ ƵƐĞ ĂƐ ĂŶ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶĂů ƚŽŽů ĨŽƌ ƐƚĂƚĞ ŐŽǀĞƌŶŵĞŶƚƐ ĂŶĚ ŚĞĂůƚŚͲƌĞůĂƚĞĚ ƉƌŽŐƌĂŵƐ ĂŶĚ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͘ tĞ ůĞǀĞƌĂŐĞ ƐŽĐŝĂů ŵĞĚŝĂΖƐ ƉŽƉƵůĂƌŝƚLJ ĂŶĚ ĂĐĐĞƐƐŝďŝůŝƚLJ ƚŽ ĞĚƵĐĂƚĞ ŶĞǁ ĂŶĚ ƌĞƚƵƌŶŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂďŽƵƚ ĂǀĂŝůĂďůĞ ŚĞĂůƚŚ ƉůĂŶƐ ĂŶĚ ƐĞƌǀŝĐĞƐ͕ ŬĞLJ ĞŶƌŽůůŵĞŶƚ ĚĞĂĚůŝŶĞƐ͕ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ŝŶͲƉĞƌƐŽŶ Žƌ ĐŽŵŵƵŶŝƚLJ ĞǀĞŶƚƐ͕ ĂŶĚ ƵůƚŝŵĂƚĞůLJ͕ ŵŽƚŝǀĂƚĞ ƚŚĞŵ ƚŽ ƚĂŬĞ ĂĐƚŝŽŶ ĂŶĚ ĂŶ ĂĐƚŝǀĞ ƌŽůĞ ŝŶ ƚŚĞŝƌ ŚĞĂůƚŚ ĐĂƌĞ͘ LJ ƵƐŝŶŐ &ĂĐĞŬ ĂŶĚ dǁŝƚƚĞƌ ĂƐ ĚŝŐŝƚĂů ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ĐŚĂŶŶĞůƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ƉŽƐƚ ƋƵĞƐƚŝŽŶƐ ĂŶĚ ĐŽŵŵĞŶƚƐ ƚŽ Ă ƚĞĂŵ ŽĨ ƐƉĞĐŝĂůŝnjĞĚ ƚƌĂŝŶĞĚ D y/Dh^ ƐƚĂĨĨ ǁŚŽ ƚƌŝĂŐĞ ŝŶƋƵŝƌŝĞƐ͕ ďLJ ĂŶƐǁĞƌŝŶŐ ƚŚĞ ŝŶƋƵŝƌLJ Žƌ ƌĞĚŝƌĞĐƚŝŶŐ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƚŽ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ďĂƐĞĚ ŽŶ ƚŚĞ ůĞǀĞů ŽĨ ĐŽŵƉůĞdžŝƚLJ Žƌ ƵƌŐĞŶĐLJ ŽĨ ƚŚĞ ƉŽƐƚ͘ ŽƚŚ ĐŚĂŶŶĞůƐ ŽĨĨĞƌ ĂŶ ŽƉƚŝŽŶ ĨŽƌ ƉƌŝǀĂƚĞ ĚŝƌĞĐƚ ŵĞƐƐĂŐĞ ĚŝĂůŽŐƵĞƐ͕ ǁŚŝĐŚ ĂůůŽǁƐ ƚŚĞ ƐŽĐŝĂů ŵĞĚŝĂ ƚĞĂŵ ƚŽ ŝŵŵĞĚŝĂƚĞůLJ ŚĂŶĚůĞ ƐĞŶƐŝƚŝǀĞ Žƌ ƵŶŝƋƵĞ ďĞŶĞĨŝĐŝĂƌLJ ƋƵĞƐƚŝŽŶƐ͘ tĞ ƵƐĞ ƚŚĞ ƉƵďůŝĐ ŵĞƐƐĂŐĞ ĨŽƌƵŵ ƚŽ ĞĨĨŝĐŝĞŶƚůLJ ĂĚĚƌĞƐƐ ŐĞŶĞƌĂů ŝŶƋƵŝƌŝĞƐ ĂŶĚ ŵĂŝŶƚĂŝŶ ďƌĂŶĚ ŵĞƐƐĂŐŝŶŐ ĂŶĚ ŽƵƚƌĞĂĐŚ͘ tŝƚŚ ƵŶŝƋƵĞ ĂŶĚ ƚƌĂĐŬĂďůĞ ůŝŶŬƐ͕ ŚĂƐŚƚĂŐƐ͕ ĂŶĚ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ĐŽͲŵĞƐƐĂŐĞ ǁŝƚŚ ĞƉĂƌƚŵĞŶƚͲĂƉƉƌŽǀĞĚ ĐŽŵŵƵŶŝƚLJ ƉĂƌƚŶĞƌƐ ŽŶ ĞǀĞŶƚƐ Žƌ ĂďŽƵƚ ŽƚŚĞƌ ĞůŝŐŝďŝůŝƚLJͲďĂƐĞĚ ƉƌŽŐƌĂŵƐ͕ ƐŽĐŝĂů ŵĞĚŝĂ ĂůůŽǁƐ ƵƐ ƚŽ ƐĞŶĚ ƚŚĞ ƌŝŐŚƚ ŵĞƐƐĂŐĞ Ăƚ ƚŚĞ ƌŝŐŚƚ ƚŝŵĞ͘ tĞ ŽĨĨĞƌ ĞdžĂŵƉůĞƐ ŽĨ ƉŽƚĞŶƚŝĂů EŽƌƚŚ ĂƌŽůŝŶĂͲďƌĂŶĚĞĚ ƐŽĐŝĂů ŵĞĚŝĂ ĐŽŶƚĞŶƚ ŝŶ džŚŝďŝƚ ϴ͘ϮͲϱ͗ ^ĂŵƉůĞ ^ŽĐŝĂů DĞĚŝĂ ŽŶƚĞŶƚ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ WĂŐĞ ϴ͘ϮͲϭϭ ŽĨ ϭϯ ŶƌŽůůŵĞŶƚ DĂƚĞƌŝĂůƐ /Ŷ ƉĞƌƐŽŶ ĐŽƵŶƐĞůŝŶŐ ŵĂLJ ďĞ ƚŚĞ ŵŽƐƚ ĂƉƉƌŽƉƌŝĂƚĞ ǁĂLJ ƚŽ ĂƐƐŝƐƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ ĞŶƌŽůůŵĞŶƚ͘ &Žƌ ĞdžĂŵƉůĞ͕ ŝŶ tĂƐŚŝŶŐƚŽŶ ͘ ͘ ǁĞ ĂƌĞ ǀŝƐŝďůĞ ŝŶ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ĂŶĚ ĂǀĂŝůĂďůĞ ƚŽ ƉƌŽǀŝĚĞ ĞŶƌŽůůŵĞŶƚ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚĞƌĞǀĞƌ ƚŚĞLJ ĂƌĞ ůŽĐĂƚĞĚ͕ ƐƵĐŚ ĂƐ ŚĞĂůƚŚ ĨĂŝƌƐ͕ ĐŚƵƌĐŚͲƐƉŽŶƐŽƌĞĚ ĞǀĞŶƚƐ͕ ĐŽŵŵƵŶŝƚLJ ĐĞŶƚĞƌ ĞǀĞŶƚƐ͕ ƐŚĞůƚĞƌƐ͕ ƚƌĂŶƐŝƚŝŽŶĂů ĂŶĚ ƌĞŚĂďŝůŝƚĂƚŝŽŶ ƉƌŽŐƌĂŵƐ͘ KƵƌ ŽƵƚƌĞĂĐŚ ƚĞĂŵ ŵĞŵďĞƌƐ ĂƌĞ ĞƋƵŝƉƉĞĚ ǁŝƚŚ Ă ůĂƉƚŽƉ ĂŶĚ Ă tŝͲ&ŝ ĚĞǀŝĐĞ ĞŶĂďůŝŶŐ ƚŚĞŵ ƚŽ ĂƐƐŝƐƚ ĂŶĚͬŽƌ ĞŶƌŽůů Ă ďĞŶĞĨŝĐŝĂƌLJ ŽŶ ƚŚĞ ƐƉŽƚ͘ tĞ ŽĨĨĞƌ ŝŶĚŝǀŝĚƵĂů ĂƉƉŽŝŶƚŵĞŶƚƐ ĂƐ ǁĞůů ĂƐ ĂƐƐŝƐƚĂŶĐĞ ŝŶ ůĂƌŐĞƌ ŐƌŽƵƉ ƐĞƚƚŝŶŐƐ͘ džŚŝďŝƚ ϴ͘ϮͲϱ͗ ^ĂŵƉůĞ ^ŽĐŝĂů DĞĚŝĂ ŽŶƚĞŶƚ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ D y/Dh^ ŚĂƐ ƚŚĞ ŬŶŽǁůĞĚŐĞ ĂŶĚ ĐĂƉĂďŝůŝƚLJ ƚŽ ĚĞůŝǀĞƌ ŵĞƐƐĂŐŝŶŐ ĂƉƉƌŽƉƌŝĂƚĞ ƚŽ ĞĂĐŚ ƐŽĐŝĂů ŵĞĚŝĂ ƉůĂƚĨŽƌŵ ĂŶĚ ƚŚĞŝƌ ƵŶŝƋƵĞ ĂƵĚŝĞŶĐĞƐ͘ WĂŐĞ ϴ͘ϮͲϭϮ ŽĨ ϭϯ džŚŝďŝƚ ϴ͘ϮͲϲ͗ tĞƐƚ sŝƌŐŝŶŝĂ DŽƵŶƚĂŝŶ ,ĞĂůƚŚ dƌƵƐƚ ƌŽĐŚƵƌĞ͘ WƌŽŐƌĂŵ ďƌŽĐŚƵƌĞƐ ƉƌŽǀŝĚĞ ĂŶ ĞĨĨĞĐƚŝǀĞ ǁĂLJ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ƋƵŝĐŬůLJ ŐĞƚ ĂŶƐǁĞƌƐ ƚŽ ƚŚĞŝƌ ƋƵĞƐƚŝŽŶƐ ĂďŽƵƚ ŚŽǁ ƚŽ ĐŚŽŽƐĞ ĂŶ D,ͬW W͕ ŝŶĐůƵĚŝŶŐ ƉŚŽŶĞ ĂŶĚ ǁĞďƐŝƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĚŝƌĞĐƚŝŶŐ ƚŚĞŵ ƚŽ ĂĚĚŝƚŝŽŶĂů ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĂƐƐŝƐƚĂŶĐĞ͘ ŶƌŽůůŵĞŶƚ DĂƚĞƌŝĂůƐ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ Ăůů ŵĂƚĞƌŝĂůƐ ǁĞ ĚĞƐŝŐŶ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ŵĞĞƚ ƚŚĞ ƵŶŝƋƵĞ ŶĞĞĚƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂΖƐ ƉƌŽŐƌĂŵƐ ĂŶĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ Ɛ ƐŚŽǁŶ ŝŶ džŚŝďŝƚƐ ϴ͘ϮͲϲ͗ tĞƐƚ sŝƌŐŝŶŝĂ DŽƵŶƚĂŝŶ ,ĞĂůƚŚ dƌƵƐƚ ƌŽĐŚƵƌĞ ĂŶĚ džŚŝďŝƚ ϴ͘ϮͲϳ͗ ,ĞĂůƚŚ ŚŽŝĐĞ /ůůŝŶŽŝƐ ƌŽĐŚƵƌĞ͕ ǁĞ ĐƌĞĂƚĞ ŵĂƚĞƌŝĂůƐ ƚŚĂƚ ĂƌĞ ĞĂƐLJ ƚŽ ĨŽůůŽǁ ĂŶĚ ŐƵŝĚĞ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƚŚƌŽƵŐŚ ƚŚĞ W,W ƐĞůĞĐƚŝŽŶ ƉƌŽĐĞƐƐ͘ D y/Dh^ ůŽŽŬƐ ĨŽƌǁĂƌĚ ƚŽ ƌĞĐŽŵŵĞŶĚŝŶŐ ŵĂƚĞƌŝĂů ŝĚĞĂƐ ďĂƐĞĚ ŽŶ ŽƵƌ LJĞĂƌƐ ŽĨ ĞdžƉĞƌŝĞŶĐĞ ĚĞƐŝŐŶŝŶŐ ĞĂƐLJ ƚŽ ƌĞĂĚ ŵĂƚĞƌŝĂůƐ ƚŚĂƚ ĞĚƵĐĂƚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ƉƌŽŵŽƚĞ ĐŚŽŝĐĞ ĞŶƌŽůůŵĞŶƚ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ WĂŐĞ ϴ͘ϮͲϭϯ ŽĨ ϭϯ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ŶƌŽůůŵĞŶƚ͘ ϱ͘ džŚŝďŝƚ ϴ͘ϮͲϳ͗ ,ĞĂůƚŚ ŚŽŝĐĞ /ůůŝŶŽŝƐ ƌŽĐŚƵƌĞ͘ tĞ ǁŝůů ĚĞƐŝŐŶ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ďƌŽĐŚƵƌĞƐ ƐŽ ƚŚĂƚ ƚŚĞLJ ĂƌĞ ĞĂƐLJ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ƵŶĚĞƌƐƚĂŶĚ͕ ǁŝƚŚ ĐůĞĂƌ ĚŝƌĞĐƚŝŽŶ ŽŶ ŚŽǁ ƚŽ ƐĞůĞĐƚ Ă W,W ĂŶĚ D,ͬW W͘ DĞŵďĞƌ ƉƉĞĂůƐ ŽĨ ŝƐĞŶƌŽůůŵĞŶƚ ^ĞĐƚŝŽŶ ///͘ ͕ ϭͲϲ ϴ͘ϯ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ ͘ DĞŵďĞƌ ƉƉĞĂůƐ ŽĨ ŝƐĞŶƌŽůůŵĞŶƚ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶĚ ƉƌŽǀŝĚĞ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ ĨŽƌ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĂƉƉĞĂů ƉƌŽĐĞƐƐ͘ WĂŐĞ ϴ͘ϯͲϭ ŽĨ ϰ D y/Dh^ ƵŶĚĞƌƐƚĂŶĚƐ ƚŚĂƚ ǁŚĞŶ Ă ďĞŶĞĨŝĐŝĂƌLJ Žƌ W,W ƌĞƋƵĞƐƚĞĚ ĚŝƐĞŶƌŽůůŵĞŶƚ ŝƐ ĚĞŶŝĞĚ ďLJ D y/Dh^ Žƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝůů ďĞ ŶŽƚŝĨŝĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ƚŚĞ ĚĞĐŝƐŝŽŶ ŽĨ ƚŚĞŝƌ ƌŝŐŚƚ ƚŽ ĂƉƉĞĂů ƚŚĞ ĚĞĐŝƐŝŽŶ͕ ĂŶĚ ŚŽǁ ƚŽ ŐŽ ĂďŽƵƚ ƌĞƋƵĞƐƚŝŶŐ Ă ĨĂŝƌ ŚĞĂƌŝŶŐ͘ džŚŝďŝƚ ϴ͘ϯͲϭ͗ D y/Dh^ /ŶƚĞƌŶĂů ƉƉĞĂůƐ WƌŽĐĞƐƐ &ůŽǁ ŝůůƵƐƚƌĂƚĞƐ ŽƵƌ ǁĞůůͲĞƐƚĂďůŝƐŚĞĚ ĂŶĚ ƌĞůŝĂďůĞ ŝŶƚĞƌŶĂů ĂƉƉĞĂůƐ ƉƌŽĐĞƐƐ͕ ǁŚŝĐŚ ŚĂƐ ďĞĞŶ ďƵŝůƚ ƵƉŽŶ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ ĨƌŽŵ ƐƵƉƉŽƌƚŝŶŐ ƐƚĂƚĞ ŐŽǀĞƌŶŵĞŶƚ ĐůŝĞŶƚƐ ǁŝƚŚ ŚĞĂƌŝŶŐƐ ĂŶĚ ĂƉƉĞĂůƐ ĂĐƌŽƐƐ ƚŚĞ ĐŽƵŶƚLJ͘ Ϯ͘ KƵƌ ƉƌŽĐĞƐƐ ĨŽƌ ŚĂŶĚůŝŶŐ ŚĞĂƌŝŶŐƐ ĂŶĚ ĂƉƉĞĂůƐ ǁŝůů ďĞ ƚŚŽƌŽƵŐŚ ĂŶĚ ĐŽŶĚƵĐƚĞĚ ŝŶ ĨƵůů ĐŽŽƉĞƌĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ D y/Dh^ ƉĂƌƚŝĐŝƉĂƚĞƐ /Ŷ EĞǁ zŽƌŬ͕ ŽƵƌ ĂƉƉĞĂůƐ ŵŝƚŝŐĂƚŝŽŶ ĞdžƉĞƌƚŝƐĞ ŚĂƐ ŝŶ ƚŚĞ ĂƉƉĞĂůƐ ƉƌŽĐĞƐƐĞƐ ĨŽƌ ƚŚĞ ŵĂũŽƌŝƚLJ ŽĨ ŽƵƌ DĞĚŝĐĂŝĚ ĞŶƌŽůůŵĞŶƚ ƌĞĚƵĐĞĚ ƚŚĞ ŶƵŵďĞƌ ŽĨ ĨŽƌŵĂů ĨĂŝƌ ŚĞĂƌŝŶŐƐ ďLJ ϴϭ ďƌŽŬĞƌ͕ ŚĞĂůƚŚ ďĞŶĞĨŝƚ ĞdžĐŚĂŶŐĞ͕ ĞůŝŐŝďŝůŝƚLJ ƐƵƉƉŽƌƚ ƐĞƌǀŝĐĞƐ͕ ĂŶĚ ůŽŶŐͲƚĞƌŵ ƉĞƌĐĞŶƚ͕ ƐĂǀŝŶŐ ƚŚĞ ^ƚĂƚĞ ƐŝŐŶŝĨŝĐĂŶƚ ƚŝŵĞ ĂŶĚ ĐĂƌĞ ĂĐĐĞƐƐ ĐŽŶƚƌĂĐƚƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƌĞĐĞŝǀĞ ƚŚĞ ŚŝŐŚĞƐƚ ůĞǀĞů ŽĨ ĞdžƉĞƌƚŝƐĞ ŝŶ ŚĞĂƌŝŶŐ ŵŽŶĞLJ͘ ĂŶĚ ĂƉƉĞĂů ƐƵƉƉŽƌƚ ĂƐ D y/Dh^ ďƌŝŶŐƐ ĞdžƚĞŶƐŝǀĞ ĞdžƉĞƌŝĞŶĐĞ ǁŝƚŚ ĨĂŝƌ ŚĞĂƌŝŶŐ ĂŶĚ ĂƉƉĞĂů ĂƐƐŝƐƚĂŶĐĞ ŝŶ Ă ǀĂƌŝĞƚLJ ŽĨ ƐƚĂƚĞ ĚĞƉĂƌƚŵĞŶƚƐ͘ KƵƌ ĂƉƉĞĂůƐ ĞdžƉĞƌƚŝƐĞ ĂŶĚ ŬŶŽǁůĞĚŐĞ ŝƐ ŶŽƚ ŽŶůLJ ǁŝƚŚŝŶ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ͕ ďƵƚ ĂůƐŽ ŝƐ ĂŶ ŝŶƚĞŐƌĂů ĐŽŵƉŽŶĞŶƚ ŽĨ ŽƵƌ ŚĞĂůƚŚ ŝŶƐƵƌĂŶĐĞ ĞdžĐŚĂŶŐĞ ĂŶĚ >ŽŶŐ dĞƌŵ ^ĞƌǀŝĐĞƐ ĂŶĚ ^ƵƉƉŽƌƚƐ ;>d^^Ϳ ƐƐĞƐƐŵĞŶƚ ĐŽŶƚƌĂĐƚƐ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ǁĞ ƉĞƌĨŽƌŵ ǀĂƌŝŽƵƐ ƚLJƉĞƐ ŽĨ ĂƉƉĞĂůƐ ŝŶĐůƵĚŝŶŐ ƚŚŽƐĞ ƌĞůĂƚĞĚ ƚŽ tŽƌŬĞƌƐ ŽŵƉĞŶƐĂƚŝŽŶ ĞŶĞĨŝƚ ƉƉĞĂůƐ͕ ŝƐĂďŝůŝƚLJ ĞŶĞĨŝƚ ƉƉĞĂůƐ͕ ĂŶĚ WƌŽǀŝĚĞƌ WĂLJŵĞŶƚ ƉƉĞĂůƐ͘ tŚŝůĞ ŽƵƌ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŵĂLJ ĚŝĨĨĞƌ ĨƌŽŵ ĐŽŶƚƌĂĐƚ ƚŽ ĐŽŶƚƌĂĐƚ͕ ŽƵƌ ŽǀĞƌĂůů ƵŶĚĞƌƐƚĂŶĚŝŶŐ ĂŶĚ ĂďŝůŝƚLJ ƚŽ ƐƵƉƉŽƌƚ ŽƵƌ ĐůŝĞŶƚƐ ƌĞŵĂŝŶƐ ƚŚĞ ƐĂŵĞ͘ tĞ ǁŝůů ƉƌŽǀŝĚĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ůĞǀĞů ŽĨ ƐƵƉƉŽƌƚ ĚƵƌŝŶŐ Ăůů ĂƉƉĞĂůƐ͕ ĂƐ ǁĞůů ĂƐ ďƌŝŶŐ ƚŚĞ ďĞŶĞĨŝƚ ŽĨ ŽƵƌ ůĞƐƐŽŶƐ ůĞĂƌŶĞĚ ĂŶĚ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ƚŽ ƌĞĚƵĐĞ ƚŚĞ ůĞǀĞů ŽĨ ƚŝŵĞ ĂŶĚ ĂƉƉĞĂů ĞĨĨŽƌƚ ƌĞƋƵŝƌĞĚ ĨŽƌ ĞĂĐŚ ƐĞƉĂƌĂƚĞ ĂƉƉĞĂů͘ tĞ ĚĞƐĐƌŝďĞ ŽƵƌ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚŝŶŐ ƚŚĞƐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚŝƐ ƐĞĐƚŝŽŶ ŽĨ ŽƵƌ ƉƌŽƉŽƐĂů͘ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ĐŽŶĨŝƌŵƐ ƚŚĂƚ ǁĞ ǁŝůů ĂĚŚĞƌĞ ƚŽ ĞƉĂƌƚŵĞŶƚ ĞdžƉĞĐƚĂƚŝŽŶƐ ĂŶĚ ŵĞĞƚ Ăůů ƌĞƋƵŝƌĞŵĞŶƚƐ ƐĞƚ ĨŽƌŵ ŝŶ ƚŚĞ Z&W ^ĞĐƚŝŽŶ ///͘ DĞŵďĞƌ ƉƉĞĂůƐ ŽĨ ŝƐĞŶƌŽůůŵĞŶƚ͘ ϭ͘ tŝƚŚ ŽƵƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ĂŶĚ ŝŶǀŽůǀĞŵĞŶƚ ŝŶ ŚĞĂƌŝŶŐ ĂŶĚ ĂƉƉĞĂůƐ ƉƌŽĐĞƐƐĞƐ ĂĐƌŽƐƐ ƚŚĞ ĐŽƵŶƚƌLJ͕ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ĐĂŶ ďĞ ĂƐƐƵƌĞĚ ƚŚĂƚ Ăůů ƐƚĞƉƐ ŽĨ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĂƉƉĞĂůƐ ŽĨ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ĂƌĞ ĐŽŵƉůĞƚĞĚ ǁŝƚŚ ĂĐĐƵƌĂƚĞ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ƉƌŽǀŝĚĞĚ͘ D y/Dh^ ǁŝůů ďƌŝŶŐ ŽƵƌ ůĞƐƐŽŶƐ ůĞĂƌŶĞĚ ĨƌŽŵ ƐƵƉƉŽƌƚŝŶŐ ĂƉƉĞĂůƐ ƉƌŽĐĞƐƐĞƐ ŝŶ ŶŝŶĞ ŽĨ ŽƵƌ ŚĞĂůƚŚ ĂŶĚ ŚƵŵĂŶ ƐĞƌǀŝĐĞƐ ƉƌŽũĞĐƚƐ ĂŶĚ ƉĞƌĨŽƌŵŝŶŐ /ŶĚĞƉĞŶĚĞŶƚ DĞĚŝĐĂŝĚ ZĞǀŝĞǁƐ ĨŽƌ ŵŽƌĞ ƚŚĂŶ ϱϬ ĐůŝĞŶƚƐ ĂŶĚ ƐƚĂƚĞ ĂŐĞŶĐŝĞƐ͕ ĂƐ ǁĞůů ĂƐ͕ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ďƵŝůƚ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌLJ ŵĞĚŝĂƚŝŽŶ͕ ƚŝŵĞůLJ ƉƌĞͲŚĞĂƌŝŶŐ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ĂƉƉĞĂů ƐƵŵŵĂƌŝĞƐ͕ ĂŶĚ ^ƚĂƚĞ &Ăŝƌ ,ĞĂƌŝŶŐƐ ƉƌĞƉĂƌĂƚŝŽŶ ǁŚĞŶ ƌĞƋƵŝƌĞĚ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ĨŽƵƌ ;ϰͿ ƉĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƐĂŵƉůĞͬĞdžĂŵƉůĞ ĞŶĞĨŝĐŝĂƌLJ ŝƐĞŶƌŽůůŵĞŶƚ &Žƌŵ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ƐĂŵƉůĞ ŽĨ Ă ĞŶĞĨŝĐŝĂƌLJ ŝƐĞŶƌŽůůŵĞŶƚ &Žƌŵ͘ WĂŐĞ ϴ͘ϯͲϮ ŽĨ ϰ tĞ ŚĂǀĞ ĐƌĞĂƚĞĚ ĞŶĞĨŝĐŝĂƌLJ ŝƐĞŶƌŽůůŵĞŶƚ &ŽƌŵƐ ĨŽƌ ŵĂŶLJ ŽĨ ŽƵƌ ƉƌŽũĞĐƚƐ͕ ĐƵƐƚŽŵŝnjŝŶŐ ƚŚĞ ĨŽƌŵ ƚŽ ŵĞĞƚ ĞĂĐŚ ŝŶĚŝǀŝĚƵĂů ĐůŝĞŶƚ͛Ɛ ŶĞĞĚƐ͘ tĞ ƉƌŽǀŝĚĞ Ă ƐĂŵƉůĞ ŽĨ ƚŚŝƐ ĨŽƌŵ ĨƌŽŵ ŽƵƌ ^ŽƵƚŚ ĂƌŽůŝŶĂ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚ ŝŶ džŚŝďŝƚ ϴ͘ϯͲϮ͗ ^ĂŵƉůĞ ĞŶĞĨŝĐŝĂƌLJ ŝƐĞŶƌŽůůŵĞŶƚ &Žƌŵ͘ ϯ͘ /Ĩ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ǁŽƵůĚ Ɛƚŝůů ůŝŬĞ ƚŽ ŵŽǀĞ ĨŽƌǁĂƌĚ ǁŝƚŚ ĂŶ ĂƉƉĞĂů͕ ŽƵƌ ƉƉĞĂůƐ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ŽƵƚůŝŶĞ ƚŚĞ ĂƉƉĞĂů ĂŶĚ ŚĞĂƌŝŶŐƐ ƉƌŽĐĞƐƐ͕ ŝŶĐůƵĚŝŶŐ ƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞĨƌĂŵĞƐ ĂŶĚ ǁŚĂƚ ŝƐ ŝŶĐůƵĚĞĚ ĨƌŽŵ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͘ dŚĞ ƉƉĞĂůƐ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ĞdžƉůĂŝŶ ƚŚĂƚ Ăůů ĂƉƉĞĂů ƌĞƋƵĞƐƚ ĨŽƌŵƐ ĨŽƌ Ă ^ƚĂƚĞ &Ăŝƌ ,ĞĂƌŝŶŐ ŵƵƐƚ ďĞ ƐƵďŵŝƚƚĞĚ ǁŝƚŚŝŶ ϯϬ ĐĂůĞŶĚĂƌ ĚĂLJƐ ŽĨ ƚŚĞ ĚĂƚĞ ŽĨ EŽƚŝĐĞ ŽĨ ĞŶŝĂů ŽĨ ŶƌŽůůĞĞ͛Ɛ ŝƐĞŶƌŽůůŵĞŶƚ ZĞƋƵĞƐƚ ƚŽ ƚŚĞ KĨĨŝĐĞ ŽĨ ĚŵŝŶŝƐƚƌĂƚŝǀĞ ,ĞĂƌŝŶŐƐ ;K ,Ϳ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ D y/Dh^ ĂĐŬŶŽǁůĞĚŐĞƐ ƚŚĂƚ K , ǁŝůů ĐŽŶĚƵĐƚ ĚŝƐĞŶƌŽůůŵĞŶƚͲƌĞůĂƚĞĚ ^ƚĂƚĞ &Ăŝƌ ,ĞĂƌŝŶŐƐ ĂŶĚ ŝƐƐƵĞ ĨŝŶĂů ĚĞĐŝƐŝŽŶ͘ tĞ ǁŝůů ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ĂŶĚ ĐŽŶƚƌŝďƵƚĞ ƚŽ ƚŚĞ ^ƚĂƚĞ &Ăŝƌ ,ĞĂƌŝŶŐ ƵƉŽŶ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚ͘ dŚƌŽƵŐŚ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ͕ ǁĞ ŚĂǀĞ ůĞĂƌŶĞĚ ƚŚĂƚ ŵŽƐƚ ĐůŝĞŶƚƐ ĐĂůůŝŶŐ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ŵĂŝůŝŶŐ ĚŽ ŶŽƚ ǁĂŶƚ ƚŽ ĂƉƉĞĂů͘ ZĂƚŚĞƌ͕ ƚŚĞLJ ƐŝŵƉůLJ ǁĂŶƚ ƚŽ ƌĞƐŽůǀĞ ƚŚĞŝƌ ŝƐƐƵĞ Žƌ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ƉŽůŝĐŝĞƐ ďĞŚŝŶĚ ƚŚĞ ĚĞĐŝƐŝŽŶ͘ tŚĞŶĞǀĞƌ ǁĞ ƌĞĐĞŝǀĞ ĂŶ ĂƉƉĞĂů ƌĞƋƵĞƐƚ͕ ĂŶ ƉƉĞĂůƐ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ĨŝƌƐƚ ƉĞƌĨŽƌŵ Ă ĐĂƐĞ ƌĞǀŝĞǁ ƚŽ ǀĞƌŝĨLJ ŝĨ ƚŚĞ ĞůŝŐŝďŝůŝƚLJ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ǁĂƐ ĐŽƌƌĞĐƚ ĂŶĚ ĐŽŵƉŝůĞ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ĚĞƚĞƌŵŝŶĂƚŝŽŶ͘ dŚĞ ƉƉĞĂůƐ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ƚŚĞŶ ĐŽŶƚĂĐƚ ƚŚĞ ĂƉƉĞůůĂŶƚ ƚŽ ĂƌƌĂŶŐĞ ĨŽƌ Ă ƉƌĞͲŚĞĂƌŝŶŐ ĐŽŶĨĞƌĞŶĐĞ ĚƵƌŝŶŐ ǁŚŝĐŚ ǁĞ ǁŝůů ĚŝƐĐƵƐƐ ƚŚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ͛ ŝƐƐƵĞƐ ĂŶĚ ĞdžƉůĂŝŶ ƚŚĞ ǀĂƌŝŽƵƐ ĨĂĐƚŽƌƐ ƚŚĂƚ ĚƌŽǀĞ ƚŚĞ ĞůŝŐŝďŝůŝƚLJ ĚĞĐŝƐŝŽŶ͕ ƐƵĐŚ ĂƐ ŚŽƵƐĞŚŽůĚ ĐŽŵƉŽƐŝƚŝŽŶ ĂŶĚ ďƵĚŐĞƚ ĐĂůĐƵůĂƚŝŽŶƐ͘ /Ŷ ŵĂŶLJ ĐĂƐĞƐ͕ ǁĞ ŵĂLJ ďĞ ĂďůĞ ƚŽ ƌĞƐŽůǀĞ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ĐŽŶĐĞƌŶƐ ƚŚƌŽƵŐŚ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĐůĞĂƌ ĂƌƚŝĐƵůĂƚŝŽŶ ŽĨ Ăůů ƌĞůĞǀĂŶƚ ĞůŝŐŝďŝůŝƚLJ ĨĂĐƚŽƌƐ ƚŚĂƚ ǁĞƌĞ ĂƉƉůŝĐĂďůĞ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ŝŶĚŝǀŝĚƵĂů ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ /Ĩ ǁĞ ĂƌĞ ĂďůĞ ƚŽ ƐƵĐĐĞƐƐĨƵůůLJ ŵŝƚŝŐĂƚĞ ƚŚĞ ĂƉƉĞĂů͕ ŽƵƌ ƉƉĞĂůƐ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ĚŽĐƵŵĞŶƚ ƚŚĞ ĚĞƚĂŝůƐ ĂŶĚ ŽƵƚĐŽŵĞ ŽĨ ƚŚĞ ƉƌĞͲŚĞĂƌŝŶŐ ĐŽŶĨĞƌĞŶĐĞ ŝŶ ŽƵƌ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͕ D yĞď͘ džŚŝďŝƚ ϴ͘ϯͲϭ͗ D y/Dh^ /ŶƚĞƌŶĂů ƉƉĞĂůƐ WƌŽĐĞƐƐ &ůŽǁ͘ ǀĞƌLJ ƐƚĞƉ ŽĨ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĂƉƉĞĂůƐ ŽĨ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ŝƐ ĨŽĐƵƐĞĚ ŽŶ ďĞŶĞĨŝĐŝĂƌLJ ƐĂƚŝƐĨĂĐƚŝŽŶ͕ ĐŽŵƉůŝĂŶĐĞ͕ ĂŶĚ ƚŝŵĞůŝŶĞƐƐ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƉƌĞǀŝŽƵƐ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ŵĞĚŝĂƚŝŽŶ͕ ƉƌĞͲŚĞĂƌŝŶŐ ƉƌĞƉĂƌĂƚŝŽŶ Žƌ ^ƚĂƚĞ &Ăŝƌ ,ĞĂƌŝŶŐƐ͘ WĂŐĞ ϴ͘ϯͲϯ ŽĨ ϰ &Žƌ ŵĂŶLJ ŽĨ ŽƵƌ ĐƵƌƌĞŶƚ ĐŽŶƚƌĂĐƚƐ͕ ǁĞ ƉƌŽǀŝĚĞ ĂƉƉĞĂůƐ ŵŝƚŝŐĂƚŝŽŶ ĨŽƌ DŽĚŝĨŝĞĚ ĚũƵƐƚĞĚ 'ƌŽƐƐ /ŶĐŽŵĞ ;D '/Ϳ DĞĚŝĐĂŝĚ͕ ŚŝůĚƌĞŶ͛Ɛ ,ĞĂůƚŚ /ŶƐƵƌĂŶĐĞ WƌŽŐƌĂŵ ; ,/WͿ͕ ĂŶĚ ŽƚŚĞƌ ƐƚĂƚĞͲƐƉŽŶƐŽƌĞĚ ŚĞĂůƚŚ ďĞŶĞĨŝƚ ƉƌŽŐƌĂŵ ĞůŝŐŝďŝůŝƚLJ ĚĞĐŝƐŝŽŶƐ ƚŽ ƌĞƐŽůǀĞ ĚŝƐƉƵƚĞĚ ĚĞĐŝƐŝŽŶƐ ƉƌŝŽƌ ƚŽ Ă ĨĂŝƌ ŚĞĂƌŝŶŐ͘ dŚŝƐ ƚLJƉŝĐĂůůLJ ŝŶǀŽůǀĞƐ ŚŽůĚŝŶŐ Ă ƉƌĞͲŚĞĂƌŝŶŐ ĐŽŶĨĞƌĞŶĐĞ ƚŽ ǁĂůŬ ƚŚĞ ĐůŝĞŶƚ ƚŚƌŽƵŐŚ ƚŚĞ ƌĞĂƐŽŶ ĨŽƌ ƚŚĞŝƌ ĞůŝŐŝďŝůŝƚLJ ĚĞĐŝƐŝŽŶ ĂŶĚ ĐůĞĂƌ ƵƉ ĂŶLJ ŵŝƐƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͘ &Žƌ ĞdžĂŵƉůĞ͕ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŵĂLJ ŶŽƚ ĨƵůůLJ ƵŶĚĞƌƐƚĂŶĚ ŚŽǁ ƚŚĞŝƌ ŝŶĐŽŵĞ ǁĂƐ ĐĂůĐƵůĂƚĞĚ Žƌ ŵĂLJ ŶŽƚ ďĞ ĂǁĂƌĞ ŽĨ Ă ĚĞĚƵĐƚŝŽŶ D y/Dh^ ƉĂƌƚŝĐŝƉĂƚĞƐ ŝŶ ƚŚĞ ĂƉƉĞĂůƐ ƉƌŽĐĞƐƐ ĨŽƌ ƚŚĞ ŵĂũŽƌŝƚLJ ŽĨ ŽƵƌ DĞĚŝĐĂŝĚ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ͕ ŚĞĂůƚŚ ŝŶƐƵƌĂŶĐĞ ĞdžĐŚĂŶŐĞ͕ ĞůŝŐŝďŝůŝƚLJ ƐƵƉƉŽƌƚ͕ ĂŶĚ ůŽŶŐͲƚĞƌŵ ĐĂƌĞ ĂĐĐĞƐƐ ĐŽŶƚƌĂĐƚƐ͘ /Ŷ ǀŝƌƚƵĂůůLJ Ăůů ŽĨ ŽƵƌ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ĐĞŶƚĞƌƐ ƐĞƌǀŝŶŐ ƉƵďůŝĐ ŚĞĂůƚŚ ŝŶƐƵƌĂŶĐĞ ƉƌŽŐƌĂŵƐ͕ ǁĞ ƌĞĐĞŝǀĞ͕ ĚŽĐƵŵĞŶƚ͕ ĂŶĚ ƌĞƐƉŽŶĚ ƚŽ ďĞŶĞĨŝĐŝĂƌLJ ŐƌŝĞǀĂŶĐĞƐ ĂŶĚ ĚŝƐƉƵƚĞƐ͕ ĂŶĚ ǁĞ ĨĂĐŝůŝƚĂƚĞ ĂŶĚ ĨŽƐƚĞƌ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĂŵŽŶŐ ĂĨĨĞĐƚĞĚ ƉĂƌƚŝĞƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ƉƌŽĐĞƐƐ ƚŽ ƌĞĂĐŚ ƚŚĞ ŵŽƐƚ ĞdžƉĞĚŝƚŝŽƵƐ ĂŶĚ ĞƋƵŝƚĂďůĞ ƌĞƐŽůƵƚŝŽŶ͘ ϰ͘ džŚŝďŝƚ ϴ͘ϯͲϮ͗ ^ĂŵƉůĞ ĞŶĞĨŝĐŝĂƌLJ ŝƐĞŶƌŽůůŵĞŶƚ &Žƌŵ͘ KƵƌ ĞdžƉĞƌŝĞŶĐĞ ĐƌĞĂƚŝŶŐ Ă ĚŝƐĞŶƌŽůůŵĞŶƚ ĨŽƌŵ ƚŽ ŚĂŶĚůĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚƐ ŚĞůƉƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƉƌŽǀŝĚĞ Ăůů ƌĞƋƵŝƌĞĚ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ƐƚĂŶĚĂƌĚŝnjĞƐ ƌĞƐƉŽŶƐĞƐ ĨŽƌ ƚŝŵĞůŝĞƌ ƉƌŽĐĞƐƐŝŶŐ͘ tĞ ŚĂǀĞ Ă ůŽŶŐ ŚŝƐƚŽƌLJ ŽĨ ƉƌŽǀŝĚŝŶŐ ĚŝƐƉƵƚĞ ƌĞƐŽůƵƚŝŽŶ ĂŶĚ ŚĞĂůƚŚ ĐĂƌĞ ĂƉƉĞĂůƐ ƉƌŽŐƌĂŵƐ ƚŚƌŽƵŐŚ D y/Dh^ &ĞĚĞƌĂů ^ĞƌǀŝĐĞƐ͕ /ŶĐ͘ ;D y/Dh^ &ĞĚĞƌĂůͿ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ D y/Dh^ &ĞĚĞƌĂů ŝƐ ƚŚĞ ůĂƌŐĞƐƚ ƉƌŽǀŝĚĞƌ ŽĨ ŐŽǀĞƌŶŵĞŶƚͲƐƉŽŶƐŽƌĞĚ ĚŝƐƉƵƚĞ ƌĞƐŽůƵƚŝŽŶ Žƌ ŚĞĂůƚŚ ĐĂƌĞ ĂƉƉĞĂů ƉƌŽŐƌĂŵƐ ŝŶ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ͘ Ɛ ƚŚĞ ůĞĂĚŝŶŐ ĨĞĚĞƌĂů ĂƉƉĞĂůƐ ĐŽŶƚƌĂĐƚŽƌ ĨŽƌ DĞĚŝĐĂƌĞ ĂŶĚ ƚŚĞ ĨĞĚĞƌĂůůLJ ĨĂĐŝůŝƚĂƚĞĚ ŵĂƌŬĞƚƉůĂĐĞ͕ D y/Dh^ &ĞĚĞƌĂů ŚĂƐ ƉĞƌĨŽƌŵĞĚ ŵŝůůŝŽŶƐ ŽĨ ďĞŶĞĨŝƚ ĂŶĚ ĞůŝŐŝďŝůŝƚLJ ĂƉƉĞĂůƐ͘ „ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ WĂŐĞ ϴ͘ϯͲϰ ŽĨ ϰ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ DĞŵďĞƌ ƉƉĞĂůƐ ŽĨ ŝƐĞŶƌŽůůŵĞŶƚ͘ ϱ͘ &Žƌ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ǁĞ ǁŝůů ůĞǀĞƌĂŐĞ ŽƵƌ ŬŶŽǁůĞĚŐĞ͕ ĞdžƉĞƌŝĞŶĐĞ͕ ĂŶĚ ůĞƐƐŽŶƐ ůĞĂƌŶĞĚ ĨƌŽŵ ďŽƚŚ ŽƵƌ ĨĞĚĞƌĂů ĂŶĚ ƐƚĂƚĞ ǁŽƌŬ͕ ĐƌĞĂƚŝŶŐ ĂŶ ŽƉƚŝŵĂůůLJ ĞĨĨĞĐƚŝǀĞ ĂƉƉĞĂůƐ ƌĞƐŽůƵƚŝŽŶ ƉƌŽĐĞƐƐ͕ ǁŝƚŚ ĐŽŶƐŝƐƚĞŶƚ ƐƵĐĐĞƐƐ ŝŶ ƉƌĞǀĞŶƚŝŶŐ ĨĂŝƌ ŚĞĂƌŝŶŐƐ ĂŶĚ ĂƉƉĞĂůƐ͘ D y/Dh^ &ĞĚĞƌĂů ĐƵƌƌĞŶƚůLJ ƉƌŽǀŝĚĞƐ /ŶĚĞƉĞŶĚĞŶƚ /ŶĨŽƌŵĂů ŝƐƉƵƚĞ ZĞƐŽůƵƚŝŽŶ ƐĞƌǀŝĐĞƐ ĨŽƌ ĨŽƵƌ ƐƚĂƚĞƐ͗ DĂƌLJůĂŶĚ͕ ƌŝnjŽŶĂ͕ tĞƐƚ sŝƌŐŝŶŝĂ͕ ĂŶĚ /ůůŝŶŽŝƐ͘ tĞ ĂůƐŽ ƉƌŽǀŝĚĞ ƐŝŵŝůĂƌ ĐůĂŝŵƐͲƌĞůĂƚĞĚ ĚŝƐƉƵƚĞ ƌĞƐŽůƵƚŝŽŶ ƐĞƌǀŝĐĞƐ ƚŽ ŵŽƌĞ ƚŚĂŶ ϱϬ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ĂŐĞŶĐŝĞƐ͘ D y/Dh^ &ĞĚĞƌĂů ŚĂƐ ďĞĞŶ ŐƌĂŶƚĞĚ ĨƵůů ĂĐĐƌĞĚŝƚĂƚŝŽŶ ďLJ ƚŚĞ hƚŝůŝnjĂƚŝŽŶ ZĞǀŝĞǁ ĐĐƌĞĚŝƚĂƚŝŽŶ ŽŵŵŝƐƐŝŽŶ ĂƐ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ƌĞǀŝĞǁ ŽƌŐĂŶŝnjĂƚŝŽŶ͕ ĂŶĚ ŚĂƐ ŽďƚĂŝŶĞĚ /ŶƚĞƌŶĂƚŝŽŶĂů KƌŐĂŶŝnjĂƚŝŽŶ ĨŽƌ ^ƚĂŶĚĂƌĚŝnjĂƚŝŽŶ ϵϬϬϭ͗ϮϬϬϴ ĐĞƌƚŝĨŝĐĂƚŝŽŶ ĨŽƌ ĞĂĐŚ ŽĨ ŽƵƌ ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ ƚŚĞ ĞŶƚĞƌƐ ĨŽƌ DĞĚŝĐĂƌĞ ĂŶĚ DĞĚŝĐĂŝĚ ^ĞƌǀŝĐĞƐ ; D^Ϳ͘ &Žƌ D^͕ ĂƐ Ă YƵĂůŝĨŝĞĚ /ŶĚĞƉĞŶĚĞŶƚ ŽŶƚƌĂĐƚŽƌ͕ D y/Dh^ &ĞĚĞƌĂů ĐŽŶĚƵĐƚƐ ŝŶĚĞƉĞŶĚĞŶƚ ƌĞǀŝĞǁƐ ĨŽƌ Ăůů ŽĨ ƚŚĞ DĞĚŝĐĂƌĞ WĂƌƚ ĂŶĚ WĂƌƚ ƉƌŽŐƌĂŵƐ͕ ĂŶĚ ŚĂůĨ ŽĨ ƚŚĞ DĞĚŝĐĂƌĞ WĂƌƚ ƉƌŽŐƌĂŵƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ŽƵƌ D^ ĐůŝĞŶƚ͕ ŽƵƌ ĨĞĚĞƌĂů ĐůŝĞŶƚ ďĂƐĞ ŝŶĐůƵĚĞƐ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ KĨĨŝĐĞ ŽĨ WĞƌƐŽŶŶĞů DĂŶĂŐĞŵĞŶƚ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ sĞƚĞƌĂŶƐ ĨĨĂŝƌƐ͘ /Ŷ ƚŚĞ EĞǁ zŽƌŬ ^ƚĂƚĞ ŽĨ ,ĞĂůƚŚ ;Ez^K,Ϳ ƉƌŽũĞĐƚ͕ ǁĞ ƉƌŽĐĞƐƐ ĂŶ ĂǀĞƌĂŐĞ ŽĨ ŶĞĂƌůLJ ϭ͕ϴϬϬ ĂƉƉĞĂůƐ ĞĂĐŚ ŵŽŶƚŚ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ǁĞ ĐŽŶĚƵĐƚ ƉŚŽŶĞ ĐŽŶĨĞƌĞŶĐĞƐ ǁŝƚŚ ĂƉƉůŝĐĂŶƚƐ ǁŚŽ ƋƵĞƐƚŝŽŶ ƚŚĞŝƌ DĞĚŝĐĂŝĚ ĞůŝŐŝďŝůŝƚLJ ƌĞŶĞǁĂů ĚĞĐŝƐŝŽŶƐ ƚŽ ĂƚƚĞŵƉƚ ƚŽ ƌĞƐŽůǀĞ ƚŚĞ ŝƐƐƵĞƐ ĂŶĚ ƉƌĞǀĞŶƚ ƚŚĞ ŶĞĞĚ ĨŽƌ Ă ĨĂŝƌ ŚĞĂƌŝŶŐ͘ KƵƌ ^ >ĞĂĚ ƉƌĞƉĂƌĞ ŵĂƚĞƌŝĂůƐ ďŽƚŚ ďĞĨŽƌĞ ƚŚĞ ĂƉƉĞĂůƐ ŚĞĂƌŝŶŐ ĂŶĚ ĂĨƚĞƌ ƚŚĞ ŚĞĂƌŝŶŐ ŝĨ ĂŶLJ ĐŚĂŶŐĞƐ Žƌ ĐĂƐĞ ƌĞͲĞǀĂůƵĂƚŝŽŶ ŝƐ ƌĞƋƵĞƐƚĞĚ͘ dŚĞ ŝŶŝƚŝĂů ĂƉƉĞĂůƐ ŝŶĨŽƌŵĂƚŝŽŶ ƉĂĐŬĞƚ ĐŽŶƚĂŝŶƐ Ăůů ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽůůĞĐƚĞĚ ĂŶĚ ƚƌĂŶƐŵŝƚƚĞĚ ƚŽ K>d> ĂŶĚ K ĂƐ ǁĞůů ĂƐ ŽƚŚĞƌ ƐƚĂŬĞŚŽůĚĞƌƐ͕ ƐƵĐŚ ĂƐ ƚŚĞ ƌĞĂ ŐĞŶĐLJ ŽŶ ŐŝŶŐ ; Ϳ ĂŶĚ ƚŚĞ ƉŚLJƐŝĐŝĂŶ͕ ĚƵƌŝŶŐ ƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ ƉƌŽĐĞƐƐ͘ &ŽůůŽǁŝŶŐ ƚŚĞ ŚĞĂƌŝŶŐ͕ ǁĞ ŵŽŶŝƚŽƌ ƚŚĞ ƐƚĂƚƵƐ ŽĨ K>d> Žƌ K ƌĞͲĚĞƚĞƌŵŝŶĂƚŝŽŶ͘ D y/Dh^ ƉĞƌĨŽƌŵƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϮϰϬ ĂƉƉĞĂůƐ ĂŶŶƵĂůůLJ ĨŽƌ ƚŚĞ WĞŶŶƐLJůǀĂŶŝĂ / WƌŽũĞĐƚ͘ /Ŷ ŽƵƌ WĞŶŶƐLJůǀĂŶŝĂ /ŶĚĞƉĞŶĚĞŶƚ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ;/ Ϳ WƌŽũĞĐƚ͕ ǁĞ ĂƌĞ ŶŽƚŝĨŝĞĚ ďLJ ŽƵŶƚLJ ƐƐŝƐƚĂŶĐĞ KĨĨŝĐĞƐ ; KƐͿ ŽŶĐĞ ĂŶ ĂƉƉĞĂů ŝƐ ĨŝůĞĚ ǁŝƚŚ ƚŚĞ K͘ tĞ ĐŽŵƉŝůĞ ƚŚĞ ĐĂƐĞ ĂŶĚ ƐƵďŵŝƚ ŝƚ ƚŽ ƚŚĞ K͕ ƚŚĞ KĨĨŝĐĞ ŽĨ >ŽŶŐ dĞƌŵ >ŝǀŝŶŐ ;K>d>Ϳ͕ ƵƌĞĂƵ ŽĨ ,ĞĂƌŝŶŐ ĂŶĚ ƉƉĞĂůƐ ; , Ϳ͕ ĂŶĚ ƚŚĞ ƉĂƌƚŝĐŝƉĂŶƚ͘ tŚĞŶ ƚŚĞ , ƐĐŚĞĚƵůĞƐ ƚŚĞ ŚĞĂƌŝŶŐ ƚŝŵĞ͕ ǁĞ ƐĐŚĞĚƵůĞ ĂŶ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ; Ϳ >ĞĂĚ ƚŽ ĂƚƚĞŶĚ ďLJ ĂĚĚŝŶŐ ƚŚĞ ŚĞĂƌŝŶŐ ƚŽ ƚŚĞŝƌ ĐĂůĞŶĚĂƌ͘ dŚĞ ^ >ĞĂĚ ĂƚƚĞŶĚƐ Ăůů ĂƉƉĞĂůƐ ďLJ ƚĞůĞƉŚŽŶĞ Žƌ ŝŶ ƉĞƌƐŽŶ͕ ĂƐ ƐƉĞĐŝĨŝĞĚ ďLJ , ͕ ƵŶůĞƐƐ ŝŶĨŽƌŵĞĚ ƚŚĂƚ ƚŚŝƐ ŝƐ ŶŽƚ ƌĞƋƵŝƌĞĚ͘ tĞ ƚƌĂĐŬ Ăůů ĂƉƉĞĂůƐ ƌĞƋƵĞƐƚƐ ĨƌŽŵ ƌĞĐĞŝƉƚ ƚŽ ĐŽŵƉůĞƚŝŽŶ͘ „ „ KƵƌ ĞdžƉĞƌŝĞŶĐĞ ƉƌŽǀŝĚŝŶŐ ĂƉƉĞĂůƐ ƐƵƉƉŽƌƚ ŝŶĐůƵĚĞƐ͗ ůŝŵŝƚ ƚŚĂƚ ǁĂƐ ĂƉƉůŝĐĂďůĞ ƚŽ ƚŚĞŝƌ ĐĂƐĞ͘ tĞ ŚĂǀĞ ĨŽƵŶĚ ƚŚĂƚ ŝŶ ŵĂŶLJ ĐĂƐĞƐ͕ ďLJ ƐŝŵƉůLJ ƉƌŽǀŝĚŝŶŐ ĂŶ ĂĚĚŝƚŝŽŶĂů ůĞǀĞů ŽĨ ďĞŶĞĨŝĐŝĂƌLJ ĞĚƵĐĂƚŝŽŶ ŽŶ ƚŚĞŝƌ ƐƉĞĐŝĨŝĐ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞĚ ĞůŝŐŝďŝůŝƚLJ ƌƵůĞƐ ĂŶĚ ĚĞĐŝƐŝŽŶƐ͕ ǁĞ ĂƌĞ ĂďůĞ ƚŽ ƐĂƚŝƐĨLJ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ŝƐƐƵĞ ǁŝƚŚŽƵƚ ƚŚĞ ŶĞĞĚ ƚŽ ƉƌŽĐĞĞĚ ƚŽ Ă ĨŽƌŵĂů ŚĞĂƌŝŶŐ͘ tĞ ĂůƐŽ ƉƌŽǀŝĚĞ ƐŝŐŶŝĨŝĐĂŶƚ ƐƵƉƉŽƌƚ ĨŽƌ ĨĂŝƌ ŚĞĂƌŝŶŐ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ĨŽƌ ƐĞǀĞƌĂů ŽĨ ŽƵƌ ƉƌŽũĞĐƚƐ͕ ŝŶĐůƵĚŝŶŐ ĐŽŵƉŝůŝŶŐ ĂŶĚ ƉƌĞƐĞŶƚŝŶŐ ĞǀŝĚĞŶĐĞ ĂŶĚ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŝŶ ĨŽƌŵĂů ŚĞĂƌŝŶŐƐ͕ ĂƐ ƌĞƋƵŝƌĞĚ ĨŽƌ ƚŚŝƐ ĐŽŶƚƌĂĐƚ͘ tĞ ǁŝůů ƵƐĞ ƚŚŝƐ ĞdžƉĞƌŝĞŶĐĞ ƚŽ ƉƌŽǀŝĚĞ ĨƵůů ĂŶĚ ƚŝŵĞůLJ ƐƵƉƉŽƌƚ ĨŽƌ ŚĞĂƌŝŶŐƐ ĂŶĚ ĂƉƉĞĂůƐ ǁŝƚŚ ĚĞĚŝĐĂƚĞĚ ƐƚĂĨĨ ƚŽ ŚĂŶĚůĞ Ăůů ĂƐƐŽĐŝĂƚĞĚ ƚĂƐŬƐ͘ RFP Section Response 8.4 Bene?ciary Support Under Managed Care Section D, 1?12 llre lliieni requests I'e?j?rorrse in matron lie limitetl ten I10) pages, In)! If? the ?,JI?npl? Wei-Urine Packet For the North Carolina Enrollment Broker Services Project to succeed, the North Carolina Department of Health and Human Services must partner with an enrollment broker that has the capability and experience to support a seamless transition of multiple bene?ciary populations into Medicaid managed care. MAXIMUS has experience in a broad range of enrollment broker environments and can provide the benefit of lessons learned and best practices cultivated from our 19 current enrollment broker projects. nine of which were transitions from fee-for-service to managed care. 1. The Offeror must con?rm adherence to the expectations of the Department and describe their ability and approach to meet the requirements of Section D. Beneficiary Support Under Managed Care. MAXIMUS con?rms that we will adhere to Department expectations and meet all requirements set forth in RFP Section llI.D Beneficiary Support Under Managed Care. We describe our approach to meeting these requirements throughout this section of our proposal. ?ee We have designed multiple channels of enrollment based on our years of experience. We know the needs and preferences of 5 5? {e 0 Medicaid beneficiaries can vary based on a person's sociodemographic and cultural characteristics, their health literacy levels, a comfort with technology, and ability to transact business during work hours. These differences have an impact on the ways that beneficiaries are likely to enroll into managed care. By offering a multi-channel approach, the beneficiary is empowered 0 to choose to enroll using the option that is the most convenient or most comfortable for them. Our processes for accepting enrollments through various channels are ones that we have rigorously tested and successfully used in many other states. Using our corporate capacity, we will continue to research and identify new technologies, software, and processes that can provide the cutting-edge solutions to meet our clients' greatest challenges. As shown in Exhibit 8.41: Multichannel Beneficiary Support System on the following page, we offer an integrated suite of tools to support beneficiaries and easily meet and exceed Department requirements. We will supplement our multichannel approach by leveraging the MAXIMUS Center for Health Literacy (the Center), which serves as a national resource to help develop communication solutions to improve public health and human service programs, empower beneficiaries, and foster healthier communities. The Center is a group of writers, graphic designers, researchers, and translators who understand the language and literacy needs of diverse populations and develop communication materials that effectively speak to these audiences. The Center has augmented almost every MAXIMUS project and provided assistance to states in revising applications to make them more readable and understandable to beneficiaries; developing text for letters, notices, forms, and comparison charts; developing websites for eligibility and enrollment; reviewing Automated Voice Response System (AVRS) scripts for comprehensibility; translating materials into multiple languages; conducting focus groups to gain beneficiary insights into project services; and performing beneficiary usability testing. For the North Carolina Enrollment Broker Project, the Center will play a significant role in the development of the enrollment services website, beneficiary notices, and enrollment materials. Our goal is to engage customers as active participants in managing their health care. We will provide beneficiaries with a variety of printed and online educational materials, as indicated and approved by the Department, to answer their questions and assist them through the enrollment process. Our Enrollment Specialists and Outreach Specialists know the full range of printed and online materials available, and proactively share relevant information with beneficiaries. Our combination of carefully crafted outreach materials, educational tools, and multiple enrollment channels will help promote voluntary PHP selection, which should lead to beneficiaries being more invested in their health care decisions. For example, our enrollment broker project in had an auto?assignment rate of 48 percent in 2009 when we took over the contract; as a result of our aggressive and active, hands-on approach, we managed to reduce the rate to just 18 percent by 2013. As we work side by side with the Department, we will support the beneficiaries' transition to managed care, striving to make it as painless a process as possible. We will continuously review our approach to Page 8.4-1 of 10 WĂŐĞ ϴ͘ϰͲϮ ŽĨ ϭϬ KƵƌ ŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ͕ ŽƵƚƌĞĂĐŚ͕ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ǁŝůů ďĞ ƚĂŝůŽƌĞĚ ƚŽ ƚŚĞ ĨŝǀĞ ƉŽƉƵůĂƚŝŽŶƐ ŝĚĞŶƚŝĨŝĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ ƚŚŝƐ ƐĞĐƚŝŽŶ ŽĨ ƚŚĞ Z&W͖ ǁĞ ǁŝůů ĂĚĚƌĞƐƐ ŽƵƚƌĞĂĐŚ ƚŽ ƚŚĞ ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ ĂƐ ĂƉƉƌŽƉƌŝĂƚĞ ŝŶ ŽƵƌ ƚǁŽͲƉŚĂƐĞ ƌŽůůͲŽƵƚ͘ tĞ ǁŝůů ĨŽůůŽǁ ƚŚĞ ƉƌŽƉŽƐĞĚ ƚŝŵĞůŝŶĞƐ ĨŽƌ ĂĐƚŝǀŝƚŝĞƐ ƌĞůĂƚĞĚ ƚŽ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚĞ Z&W ĨŽƌ ĞĂĐŚ ƉŽƉƵůĂƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĐƌŽƐƐŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ͕ ŶĞǁ ŵĞŵďĞƌƐ ĂĨƚĞƌ ƚŚĞ ĐƌŽƐƐŽǀĞƌ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ͕ ƌĞĚĞƚĞƌŵŝŶĂƚŝŽŶƐ͕ ƐƉĞĐŝĂů ƉŽƉƵůĂƚŝŽŶƐ ƉŚĂƐĞĚ ŝŶƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂĨƚĞƌ ĐƌŽƐƐŽǀĞƌ ĞŶƌŽůůŵĞŶƚ͕ ĂŶĚ ĞdžĞŵƉƚ ƉŽƉƵůĂƚŝŽŶƐ͘ tĞ ǁŝůů ƉƌŽǀŝĚĞ Ăůů ƌĞƋƵŝƌĞĚ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ ĂƐƐŝƐƚĂŶĐĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ ƐĞƌŝŽƵƐ ŵĞŶƚĂů ŝůůŶĞƐƐ͕ ƐĞƌŝŽƵƐ ĞŵŽƚŝŽŶĂů džŚŝďŝƚ ϴ͘ϰͲϭ͗ DƵůƚŝĐŚĂŶŶĞů ĞŶĞĨŝĐŝĂƌLJ ^ƵƉƉŽƌƚ ^LJƐƚĞŵ͘ ŵƵůƚŝĐŚĂŶŶĞů ĂƉƉƌŽĂĐŚ ƚŽ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƐĞƌǀŝĐĞƐ ĞŶŚĂŶĐĞƐ ƚŚĞ ĐƵƐƚŽŵĞƌ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ƉƌŽǀŝĚĞƐ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚĞŶ ĂŶĚ ǁŚĞƌĞ ƚŚĞLJ ŶĞĞĚ ŝƚ͕ ŝŶĐůƵĚŝŶŐ ĐƌŽƐƐͲĐŚĂŶŶĞů ďĞŶĞĨŝĐŝĂƌLJ ŽƵƚƌĞĂĐŚ ĂŶĚ ƐĞůĨͲƐĞƌǀŝĐĞ ŽƉƚŝŽŶƐ͘ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ ĂŶĚ ŵĂŬĞ ĂŶLJ ŶĞĞĚĞĚ ĂĚũƵƐƚŵĞŶƚƐ ƚŽ ĂƐƐƵƌĞ ƚŚĂƚ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ŝƐ ĞĨĨŝĐŝĞŶƚ ĂŶĚ ƐĞĂŵůĞƐƐ ĨŽƌ ĞĂĐŚ ƉŚĂƐĞĚͲŝŶ ƉŽƉƵůĂƚŝŽŶ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞĚƵĐĂƚŝŽŶ ƉƌŽǀŝĚĞĚ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ Žƌ ĨŽƌ ŽƚŚĞƌ ĐůŝĞŶƚƐ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ͘ KĨĨĞƌŽƌ ŵƵƐƚ ŝŶĐůƵĚĞ Ă ƐĂŵƉůĞ ǁĞůĐŽŵĞ ƉĂĐŬĞƚ͘ ŽŶƐŝĚĞƌĂƚŝŽŶƐ ĨŽƌ ŵĂŝůŝŶŐ ǁĞŝŐŚƚ ĂŶĚ ƉƌŝŶƚ ĐŽƐƚƐ ƐŚŽƵůĚ ďĞ ŵĂĚĞ͘ WĂŐĞ ϴ͘ϰͲϯ ŽĨ ϭϬ /Ŷ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ͕ ǁĞ ŚĂǀĞ ƐĞĞŶ Ă ƚĞŶĚĞŶĐLJ ĨŽƌ ŶĞǁ ĞŶƌŽůůŵĞŶƚ ƉĂĐŬĂŐĞƐ ƚŽ ŐƌŽǁ ŵŽƌĞ ĐŽŵƉůŝĐĂƚĞĚ ŽǀĞƌ ƚŝŵĞ͕ ĂŶĚ ƐŽŵĞƚŝŵĞƐ ĚƌŝĨƚ ĂǁĂLJ ĨƌŽŵ ƚŚĞŝƌ ƉƌŝŵĂƌLJ ƉƵƌƉŽƐĞͶƚŽ ŚĞůƉ ƉĞŽƉůĞ ĐŚŽŽƐĞ Ă ŚĞĂůƚŚ ƉůĂŶ ĂŶĚ ŐƵŝĚĞ ƚŚĞŵ ƚŽ ƌĞƐŽƵƌĐĞƐ ƚŚĂƚ ŚĞůƉ ƚŚĞŵ ŵĂŬĞ ƚŚĂƚ ĐŚŽŝĐĞ͘ EĞǁ ĞŶƌŽůůŵĞŶƚ dŚĞƐĞ ƉĂĐŬĞƚƐ ŝŶĐůƵĚĞ͕ ďƵƚ ĂƌĞ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ Ă ǁĞůĐŽŵĞ ůĞƚƚĞƌ͕ ĞŶƌŽůůŵĞŶƚ ĨŽƌŵ͕ W,W ĐŽŵƉĂƌŝƐŽŶ ĐŚĂƌƚ͕ ĂŶĚ ƉŽƐƚĂŐĞͲƉĂŝĚ ĞŶǀĞůŽƉĞ͕ ĂŶĚ ĂƌĞ ĂǀĂŝůĂďůĞ ŝŶ ŶŐůŝƐŚ͕ ^ƉĂŶŝƐŚ͕ ĂůƚĞƌŶĂƚŝǀĞ ĨŽƌŵĂƚƐ ĂŶĚ ůĂƌŐĞ ƉƌŝŶƚ͕ ĂŶĚ ƌĂŝůůĞ ǁŚĞŶ ŶĞĞĚĞĚ͘ dŚĞ ƉĂĐŬĞƚ ƐĞƌǀĞƐ ĂƐ Ă ƉƌŝŵĂƌLJ ŵĞĂŶƐ ŽĨ ƐƵƉƉŽƌƚŝŶŐ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĨŽƌ EŽƌƚŚ ĂƌŽůŝŶĂΖƐ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ dŚĞ ǁĞůĐŽŵĞ ůĞƚƚĞƌ ŝŶĨŽƌŵƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŚĂƚ ƚŚĞLJ ŵƵƐƚ ĐŚŽŽƐĞ Ă W,W Žƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ĐŚŽŽƐĞ ŽŶĞ ĨŽƌ ƚŚĞŵ͘ tĞ ǁŝůů ĞŶŐĂŐĞ ƚŚĞ ĞŶƚĞƌ ƚŽ ĐƌĞĂƚĞ Ă ǁĞůĐŽŵĞ ƉĂĐŬĞƚ ƚŚĂƚ ŝƐ ƚĂŝůŽƌĞĚ ƚŽ EŽƌƚŚ ĂƌŽůŝŶĂ ĂŶĚ ƚŚĞ ƵŶŝƋƵĞ ƉŽƉƵůĂƚŝŽŶƐ ƚŚĂƚ ǁŝůů ďĞ ĐŽǀĞƌĞĚ͘ tĞůůͲĚĞƐŝŐŶĞĚ ŵĂƚĞƌŝĂůƐ ĂƌĞ ĂƚƚĞŶƚŝŽŶ ŐƌĂďďŝŶŐ ĂŶĚ ŚĂǀĞ Ă ĐůĞĂƌ ĐĂůů ƚŽ ĂĐƚŝŽŶ͘ dŚĞƐĞ ƉŝĞĐĞƐ ŚĞůƉ ŝŶĚŝǀŝĚƵĂůƐ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ƉƌŽŐƌĂŵ ĂŶĚ ĐŚŽŽƐĞ ĂŶ ĂƉƉƌŽƉƌŝĂƚĞ W,W͘ tĞ ǁŝůů ƐƵďŵŝƚ ƚŚĞ tĞůĐŽŵĞ WĂĐŬĞƚ ǁĞ ĚĞǀĞůŽƉ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨŽƌ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ƵƐĞ ĂŶĚ ĚŝƐƚƌŝďƵƚŝŽŶ͘ tĞ ƉƌŽǀŝĚĞ Ă ƐĂŵƉůĞ ǁĞůĐŽŵĞ ƉĂĐŬĞƚ ŝŶ ƉƉĞŶĚŝdž ϴ͘ϰͲϭ͗ ^ĂŵƉůĞ tĞůĐŽŵĞ WĂĐŬĞƚ͘ dŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ĐŽŶƚĞŶƚƐ ŽĨ ƚŚĞ ǁĞůĐŽŵĞ ƉĂĐŬĞƚ ĂƌĞ ĐƌŝƚŝĐĂůůLJ ŝŵƉŽƌƚĂŶƚ͕ ĂƐ ŝƚ ŝƐ ŽĨƚĞŶ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ŝŶƚƌŽĚƵĐƚŝŽŶ ƚŽ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ĚĞůŝǀĞƌLJ ƐLJƐƚĞŵ͘ dŚƌŽƵŐŚ ǁĞůĐŽŵĞ ƉĂĐŬĞƚƐ͕ ǁĞ ŝŶĨŽƌŵ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂďŽƵƚ ƚŚĞŝƌ ĞŶƌŽůůŵĞŶƚ ŽƉƚŝŽŶƐ ĂŶĚ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ƉƌŽĂĐƚŝǀĞůLJ ƐĞůĞĐƚŝŶŐ Ă ƉůĂŶ ĂŶĚ ƉƌŽǀŝĚĞƌ͘ tĞ ĐŽŶƐŽůŝĚĂƚĞ ƉŝĞĐĞƐ ŝŶ ƚŚĞ ǁĞůĐŽŵĞ ƉĂĐŬĞƚ ĂƐ ŵƵĐŚ ĂƐ ƉŽƐƐŝďůĞ ƚŽ ƌĞĚƵĐĞ ƚŚĞ ŵĂŝůŝŶŐ ǁĞŝŐŚƚ͘ dŚŝƐ ĂůƐŽ ŚĞůƉƐ ƚŽ ŶŽƚ ŽǀĞƌǁŚĞůŵ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ ŵƵůƚŝƉůĞ ƉŝĞĐĞƐ ŽĨ ƉĂƉĞƌ ƚŽ ŚĂŶĚůĞ͘ &Žƌ ĞdžĂŵƉůĞ͕ ǁĞ ƉƌŝŶƚ ƚŚĞ ͞dŝƉƐ ƚŽ ,ĞůƉ zŽƵ ŚŽŽƐĞ Ă WůĂŶ͟ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƚŚĞ ŚĞĂůƚŚ ƉůĂŶ ͞ZĞƉŽƌƚ ĂƌĚ͕͟ ŚĞůƉŝŶŐ ƚŽ ŬĞĞƉ ŽƵƌ ǁĞůĐŽŵĞ ƉĂĐŬĞƚ ƵŶĚĞƌ ƚǁŽ ŽƵŶĐĞƐ͘ ϯ͘ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ƵŶĚĞƌŐŽ ƐƉĞĐŝĂůŝnjĞĚ ƚƌĂŝŶŝŶŐ ƚŚĂƚ ĨŽĐƵƐĞƐ ŽŶ ƚŚĞ ĚŝĨĨŝĐƵůƚ ĐŽŶĐĞƉƚƐ ŽĨ ŵĂŶĂŐĞĚ ĐĂƌĞ ƐŽ ƚŚĂƚ ƚŚĞLJ ĂƌĞ ƉƌĞƉĂƌĞĚ ƚŽ ŚĞůƉ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ƉƌŽŐƌĂŵ͘ &Žƌ ĞdžĂŵƉůĞ͕ ŝŶ ŽƵƌ EĞǁ zŽƌŬ DĞĚŝĐĂŝĚ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƉƌŽũĞĐƚ͕ ƚŚƌĞĞ ŽĨ ƚŚĞ Ϯϯ ƚƌĂŝŶŝŶŐ ŵŽĚƵůĞƐ ĂƌĞ ĨŽĐƵƐĞĚ ŽŶ ĐŽŶĐĞƉƚƐ ŽĨ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂŶĚ ƚŚĞ ƌŽůĞ ŽĨ ŚĞĂůƚŚ ƉůĂŶƐ ŝŶ ƐĞƌǀŝĐĞ ĚĞůŝǀĞƌLJ͘ tĞ ƵƐĞ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ ŝŶ EĞǁ zŽƌŬ ĂŶĚ ŽƚŚĞƌ ƐƚĂƚĞƐ ƚŽ ĐƌĞĂƚĞ ƐŝŵŝůĂƌ ŵŽĚƵůĞƐ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ dŚŝƐ ƚƌĂŝŶŝŶŐ ƉƌŽǀŝĚĞƐ ƚŚĞ ďĂƐŝƐ ĨŽƌ ŽƵƌ ƐƚĂĨĨ ŝŶ ŚĞůƉŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞƐ ďĞƚǁĞĞŶ DĞĚŝĐĂŝĚ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ĂŶĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ƵƐ ƚŚƌŽƵŐŚ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ͘ KƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ĚŝƐĐƵƐƐ ǀĞƌLJ ƉĞƌƐŽŶĂů ĂŶĚ ŝŵƉŽƌƚĂŶƚ ŝƐƐƵĞƐ ǁŝƚŚ ĐĂůůĞƌƐ ĂŶĚ ƉƌŽǀŝĚĞ ŚĞĂůƚŚ ĐĂƌĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ĚŝƌĞĐƚůLJ ĂĨĨĞĐƚƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ƚŚĞŝƌ ĨĂŵŝůŝĞƐ͘ D y/Dh^ ĐůĞĂƌůLJ ĐŽŵŵƵŶŝĐĂƚĞƐ ƉƌŽŐƌĂŵ ƌƵůĞƐ͕ ĚŝƐƚŝŶŐƵŝƐŚŝŶŐ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞƐ ĂŵŽŶŐ W,WƐ͕ ĞŵƉŚĂƐŝnjŝŶŐ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ƉƌĞǀĞŶƚĂƚŝǀĞ ŚĞĂůƚŚ ĐĂƌĞ͕ ĂŶĚ ĂĐĐƵƌĂƚĞůLJ ĐŽŶǀĞLJŝŶŐ ƚŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ Ă ǁĂLJ ƚŚĂƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ƵŶĚĞƌƐƚĂŶĚ͘ dŚĞ ĞĚƵĐĂƚŝŽŶ ǁĞ ƉƌŽǀŝĚĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ŝŶĐůƵĚĞƐ ĂǁĂƌĞŶĞƐƐ ĂŶĚ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂŶĚ ĨŽĐƵƐĞƐ ŽŶ ŚŽǁ ƚŚŝƐ ƉƌŽŐƌĂŵ ŝŵƉƌŽǀĞƐ ŚĞĂůƚŚ ĐĂƌĞ ĚĞůŝǀĞƌLJ͕ ĂĐĐĞƐƐ͕ ĂŶĚ ƋƵĂůŝƚLJ͘ tĞ ŚĞůƉ ďĞŶĞĨŝĐŝĂƌŝĞƐ ůĞĂƌŶ ƚŚĞ ĞƐƐĞŶƚŝĂů ďĞŶĞĨŝƚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ŽĨĨĞƌĞĚ ďLJ W,WƐ͕ ĂŶĚ ƚŚĂƚ ƚŚĞ W,W ƉƌŽǀŝĚĞƐ ƚŚĞŵ ǁŝƚŚ Ă ŵĞĚŝĐĂů ŚŽŵĞ͘ tĞ ĞdžƉůĂŝŶ ƚŚĂƚ ĚĞǀĞůŽƉŝŶŐ ĂŶĚ ŶƵƌƚƵƌŝŶŐ Ă ƉƌŽǀŝĚĞƌͬƉĂƚŝĞŶƚ ƌĞůĂƚŝŽŶƐŚŝƉ ƐƵƉƉŽƌƚƐ ĞĂĐŚ ďĞŶĞĨŝĐŝĂƌLJ ǁŝƚŚ ŽŶŐŽŝŶŐ ƉƌĞǀĞŶƚĂƚŝǀĞ ĐĂƌĞ͕ ĂŶĚ ĨƵƌŶŝƐŚĞƐ ĂŶ ĞƐƚĂďůŝƐŚĞĚ ůŽĐĂƚŝŽŶ ĨŽƌ ƚŚĞŝƌ ŵĞĚŝĐĂů ŚŝƐƚŽƌLJ͕ ƌĞĐŽƌĚƐ͕ ĂŶĚ ƐĞƌǀŝĐĞƐͶĚĞůŝǀĞƌŝŶŐ ƉĞĂĐĞ ŽĨ ŵŝŶĚ͕ Ă ƐĞŶƐĞ ŽĨ ĐŽŶƚŝŶƵŝƚLJ͕ ĂŶĚ ĐŽŽƌĚŝŶĂƚŝŽŶ ŽĨ ĐĂƌĞ ĨŽƌ ĞǀĞƌLJ ŝŶĚŝǀŝĚƵĂů͘ Ɛ ǁĞ ŚĂǀĞ ĞdžƉĞƌŝĞŶĐĞĚ ŝŶ ŽƚŚĞƌ ƉƌŽũĞĐƚƐ͕ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ĂƌĞ ŶĞǁ ƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂƌĞ ŽĨƚĞŶ ƵŶĨĂŵŝůŝĂƌ ǁŝƚŚ ƚŚĞ ƉƌŽŐƌĂŵ͕ ŝŶĐůƵĚŝŶŐ ŚŽǁ ƚŽ ĂĐĐĞƐƐ ƐĞƌǀŝĐĞƐ͕ ƚŚĞ ƌŽůĞ ŽĨ ƚŚĞŝƌ W,W͕ ĂŶĚ ƚŚĞ ďĞŶĞĨŝƚƐ ŽĨ ďĞŝŶŐ ĞŶƌŽůůĞĚ ǁŝƚŚ Ă ŚĞĂůƚŚ ƉůĂŶ͘ tĞ ǁŝůů ĞdžƉůĂŝŶ ƚŽ ŶĞǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŚĂƚ ƚŚĞLJ ǁŝůů ŵĂŝŶƚĂŝŶ ƚŚĞŝƌ ĐƵƌƌĞŶƚ ĐŽǀĞƌĂŐĞ ƵŶƚŝů ƚŚĞŝƌ ƉůĂŶ ĞŶƌŽůůŵĞŶƚ ƚĂŬĞƐ ĞĨĨĞĐƚ͘ D y/Dh^ ĐŽŶĚƵĐƚƐ ďĞŶĞĨŝĐŝĂƌLJ ĞĚƵĐĂƚŝŽŶ ƵƐŝŶŐ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ŝŶ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ͕ ŽƵƚďŽƵŶĚ ŵĂŝůŝŶŐƐ͕ ƐŽĐŝĂů ŵĞĚŝĂ ĐĂŵƉĂŝŐŶƐ͕ ŽƵƌ ƐĞůĨͲƐĞƌǀŝĐĞ ǁĞďƐŝƚĞ͕ ŝŶͲƉĞƌƐŽŶ Ăƚ ƚŚĞ ůŽĐĂů ^^ ŽĨĨŝĐĞƐ͕ ĂŶĚ ƚŚƌŽƵŐŚ ŽƚŚĞƌ ŽƵƚƌĞĂĐŚ ĂĐƚŝǀŝƚŝĞƐ ŝŶ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͘ tĞ ǁŝůů ĐƌĞĂƚĞ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ǀŝĚĞŽƐ ;ǁĞďŝŶĂƌƐͿ ƚŚĂƚ ĐĂŶ ďĞ ĂĐĐĞƐƐĞĚ ǀŝĂ ǁĞďƐŝƚĞ͕ ĂƐ ǁĞůů ĂƐ ƵƐĞĚ ĚƵƌŝŶŐ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ͘ dŚĞƐĞ ǀŝĚĞŽƐ ŚĂǀĞ ƉƌŽǀĞŶ ƚŽ ďĞ ŚĞůƉĨƵů ŝŶ ĚĞůŝǀĞƌŝŶŐ ƚŝŵĞůLJ ĂŶĚ ĞĨĨŝĐŝĞŶƚ ƉƌŽŐƌĂŵ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ ĨŽƌ ŽƵƌ ŽƚŚĞƌ ƐƚĂƚĞ ĐůŝĞŶƚƐ͘ Ϯ͘ ĚŝƐƚƵƌďĂŶĐĞ͕ ƐƵďƐƚĂŶĐĞ ƵƐĞ ĚŝƐŽƌĚĞƌ͕ Žƌ ŝŶƚĞůůĞĐƚƵĂůͬĚĞǀĞůŽƉŵĞŶƚĂů ĚŝƐĂďŝůŝƚLJ ĚƵƌŝŶŐ ƚŚĞ ƚƌĂŶƐŝƚŝŽŶ ƉĞƌŝŽĚ ďĞƚǁĞĞŶ ƚŚĞ ůĂƵŶĐŚ ŽĨ ŵĂŶĂŐĞĚ ĐĂƌĞ ^ƚĂŶĚĂƌĚ WůĂŶƐ ĂŶĚ ƚŚĞ ƐƵďƐĞƋƵĞŶƚ ůĂƵŶĐŚ ŽĨ ,/ͬ dĂŝůŽƌĞĚ WůĂŶƐ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƉƌŽĂĐƚŝǀĞ ŽƵƚƌĞĂĐŚ ƉƌŽǀŝĚĞĚ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚƐ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ Žƌ ĨŽƌ ŽƚŚĞƌ ĐůŝĞŶƚƐ͘ ŽŽƌĚŝŶĂƚŝŽŶ ǁŝƚŚ ĐŽŵŵƵŶŝƚLJͲďĂƐĞĚ ĂŶĚ ĂĚǀŽĐĂĐLJ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͘ tĞ ŶĞƚǁŽƌŬ ǁŝƚŚ ĂƌĞĂ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ĂŶĚ ĞƐƚĂďůŝƐŚ ƐƚƌĂƚĞŐŝĐ ƉĂƌƚŶĞƌƐŚŝƉƐ ǁŝƚŚ EŽƌƚŚ ĂƌŽůŝŶĂ ĐŽŵŵƵŶŝƚLJͲďĂƐĞĚ &ĂĐĞͲƚŽͲĨĂĐĞ͕ ƉĞƌƐŽŶĂů ŝŶƚĞƌĂĐƚŝŽŶƐ ŝŶ ůŽĐĂů ĐŽŵŵƵŶŝƚŝĞƐ͘ tĞ ĞƐƚĂďůŝƐŚ ŽŶͲƐŝƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƐƚĂƚŝŽŶƐ ĂŶĚ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ĨŽƌ ŐƌŽƵƉƐ ŝŶ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ǁŚŽ ŝŶƚĞƌĂĐƚ ĚŝƌĞĐƚůLJ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ KƵƌ ƉƌĞƐĞŶĐĞ ŝŶ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ĞŶĐŽƵƌĂŐĞƐ Ă ůĞǀĞů ŽĨ ŝŶǀŽůǀĞŵĞŶƚ ƚŚĂƚ ƐŝŐŶŝĨŝĐĂŶƚůLJ ƌĞĚƵĐĞƐ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ͕ ƉĂƌƚŝĐƵůĂƌůLJ ĂŵŽŶŐ ƚĂƌŐĞƚ ƉŽƉƵůĂƚŝŽŶƐ͘ tĞ ĂƌĞ ƉƌŽĂĐƚŝǀĞ ŝŶ ĞŶĐŽƵƌĂŐŝŶŐ ŝŶĚŝǀŝĚƵĂůƐ ƚŽ ĐŚŽŽƐĞ Ă W,W ŶŽƚ ŽŶůLJ ĂƐ Ă ǁĂLJ ŽĨ ŵĞĞƚŝŶŐ ĐŽŶƚƌĂĐƚ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ďƵƚ ĂƐ Ă ǁĂLJ ŽĨ ŚĞůƉŝŶŐ ŝŶĚŝǀŝĚƵĂůƐ ĂŶĚ ĨĂŵŝůŝĞƐ ĞƐƚĂďůŝƐŚ Ă ŵĞĚŝĐĂů ŚŽŵĞ ĂŶĚ ƌĞŵĂŝŶ ŚĞĂůƚŚLJ͘ tŚĞŶ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĞƐƚĂďůŝƐŚ Ă ƌĞůĂƚŝŽŶƐŚŝƉ ǁŝƚŚ Ă ƉůĂŶ ĂŶĚ ƉƌŽǀŝĚĞƌ͕ ƚŚĞLJ ŚĂǀĞ Ă ŐƌĞĂƚĞƌ ůŝŬĞůŝŚŽŽĚ ŽĨ ƌĞĐĞŝǀŝŶŐ ƉƌĞǀĞŶƚŝǀĞ ĂŶĚ ĐŽŽƌĚŝŶĂƚĞĚ ŚĞĂůƚŚ ĐĂƌĞ͕ ĂŶĚ ĂƌĞ ĞŵƉŽǁĞƌĞĚ ƚŽ ŬŶŽǁ ŚŽǁ͕ ǁŚĞŶ͕ ĂŶĚ ǁŚĞƌĞ ƚŽ ƌĞĐĞŝǀĞ ƐĞƌǀŝĐĞƐ͘ WĂŐĞ ϴ͘ϰͲϰ ŽĨ ϭϬ D y/Dh^ ŚĂƐ ƉƌŽǀĞŶ ĞdžƉĞƌŝĞŶĐĞ ĚĞǀĞůŽƉŝŶŐ ĞĚƵĐĂƚŝŽŶĂů ĐĂŵƉĂŝŐŶƐ ĨŽƌ ƉƌŝŶƚ͕ ƌĂĚŝŽ͕ ƚĞůĞǀŝƐŝŽŶ͕ ĂŶĚ ŽŶůŝŶĞ͘ &Žƌ ĞdžĂŵƉůĞ͕ ŝŶ 'ĞŽƌŐŝĂ͕ ǁĞ ĚĞǀĞůŽƉĞĚ Ă ϯϬͲƐĞĐŽŶĚ ƌĂĚŝŽ ƐƉŽƚ ĂŶĚ ƚĞůĞǀŝƐŝŽŶ ĐŽŵŵĞƌĐŝĂů ǁŝƚŚ Ă WZ Ĩŝƌŵ ƚŽ ŝŶƚƌŽĚƵĐĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ƚŚĞ 'ĞŽƌŐŝĂ &ĂŵŝůŝĞƐ ƉƌŽŐƌĂŵ͕ ŐŝǀŝŶŐ Ă ďƌŝĞĨ ŽǀĞƌǀŝĞǁ ĂďŽƵƚ ĞůŝŐŝďŝůŝƚLJ ĂŶĚ ƚŚĞ ƉƌŽŐƌĂŵ͛Ɛ ǁĞďƐŝƚĞ ĂŶĚ ŚŽƚůŝŶĞ ƚŽ ŽƵƌ ĐĂůů ĐĞŶƚĞƌ ƚŽ ĚƌŝǀĞ ĐŽŶƐƵŵĞƌ ĞŶŐĂŐĞŵĞŶƚ ƚŽ ůĞĂƌŶ ŵŽƌĞ ĂďŽƵƚ ƚŚĞŝƌ ŶĞǁ ŽƉƚŝŽŶƐ͘ ^ŽĐŝĂů ŵĞĚŝĂ͕ ŽƵƚďŽƵŶĚ ƚĞdžƚŝŶŐ͕ ĂŶĚ ŵŽďŝůĞ ĂƉƉůŝĐĂƚŝŽŶƐ͘ D y/Dh^ ŚĂƐ ƐƉĞĂƌŚĞĂĚĞĚ ƐŽĐŝĂů ŵĞĚŝĂ ŽƵƚƌĞĂĐŚ ĂĐƌŽƐƐ ŽƵƌ ƉƌŽŐƌĂŵƐ ƚŽ ŚĞůƉ ƐƚĂƚĞƐ ƉƌŽǀŝĚĞ ŽƵƚƌĞĂĐŚ ƚŚĂƚ ŝƐ ƚĂŝůŽƌĞĚ͕ ƚŚŽƵŐŚƚĨƵů͕ ĂŶĚ ƚŝŵĞůLJ ƚŽ ŵĞĞƚ ƚŚĞ ďƌĞĂĚƚŚ ŽĨ ŶĞĞĚƐ ŝŶŚĞƌĞŶƚ ŝŶ ĞĂĐŚ ƐƚĂƚĞ͛Ɛ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉŽƉƵůĂƚŝŽŶ͘ tĞ ĂƌĞ ƚŚĞ ŽŶůLJ ǀĞŶĚŽƌ ǁŚŽ ŚĂƐ ƐƵĐĐĞƐƐĨƵůůLJ ĚĞƐŝŐŶĞĚ Ă ƐŽĐŝĂů ŵĞĚŝĂ ƉůĂƚĨŽƌŵ ĨŽƌ ƚĂƌŐĞƚĞĚ ŽƵƚƌĞĂĐŚ͘ ^ŽĐŝĂů ŵĞĚŝĂ ŝƐ Ă ĐŽƐƚͲĞĨĨĞĐƚŝǀĞ ĂŶĚ ĚĂƚĂͲƌŝĐŚ ĂůƚĞƌŶĂƚŝǀĞ ƚŽ ĐŽŶĚƵĐƚŝŶŐ ƐŝŶŐůĞͲƚŚƌĞĂĚĞĚ ŵĂƐƐ ŽƵƚƌĞĂĐŚ͘ hŶůŝŬĞ ƚƌĂĚŝƚŝŽŶĂů ŽƵƚƌĞĂĐŚ ŵĞƚŚŽĚƐ͕ ƐŽĐŝĂů ŵĞĚŝĂ ĂůůŽǁƐ ƐƚĂƚĞƐ ƚŽ ŝŶƚĞƌĂĐƚ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ Ăƚ Ă ĨƌĞƋƵĞŶĐLJ ĂŶĚ ŝŶƚŝŵĂĐLJ ƚŚĂƚ ŝƐ ĐŽŶǀĞŶŝĞŶƚ ĂŶĚ ĐŽŵĨŽƌƚĂďůĞ ĨŽƌ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͘ tĞ ƵƐĞ ƚĞdžƚŝŶŐ ĂƉƉůŝĐĂƚŝŽŶƐ ĂŶĚ ƉŽƉƵůĂƌ ƐŽĐŝĂů ŵĞĚŝĂ ƐŝƚĞƐ ƚŚĂƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƵƐĞ ĞǀĞƌLJ ĚĂLJͶ&ĂĐĞŬ͕ /ŶƐƚĂŐƌĂŵ͕ dǁŝƚƚĞƌ͕ ĂŶĚ zŽƵdƵďĞͶƚŽ ĐŽŵŵƵŶŝĐĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ƉƵďůŝĐŝnjĞ ĞǀĞŶƚƐ ƚŚĂƚ ƉƌŽŵŽƚĞ ĞĚƵĐĂƚŝŽŶ͕ ĐŽŵŵƵŶŝƚLJ ŶĞƚǁŽƌŬŝŶŐ͕ ĂŶĚ ŚĞĂůƚŚLJ ůŝĨĞƐƚLJůĞƐ͘ KƵƌ ŽƌƉŽƌĂƚĞ ŝŐŝƚĂů ^ŽůƵƚŝŽŶƐ dĞĂŵ͕ ǁŚŝĐŚ ƐƵƉƉŽƌƚƐ Ăůů ŽĨ ŽƵƌ ŚĞĂůƚŚ ĂŶĚ ŚƵŵĂŶ ƐĞƌǀŝĐĞƐ ƉƌŽũĞĐƚƐ ĂĐƌŽƐƐ ƚŚĞ ŶĂƚŝŽŶ ĂŶĚ ŐůŽďĂůůLJ͕ ĨŽĐƵƐĞƐ ŽŶ ĚĞǀĞůŽƉŝŶŐ ŶĞǁ͕ ĐƵƚƚŝŶŐͲĞĚŐĞ ƐŽůƵƚŝŽŶƐ ĨŽƌ ŽƵƚƌĞĂĐŚ ƵƐŝŶŐ ƚŚĞ ůĂƚĞƐƚ ĚŝŐŝƚĂů ƚŽŽůƐ͘ KƵƚƌĞĂĐŚ ŵĂƚĞƌŝĂůƐ͘ D y/Dh^ ŚĂƐ ĚĞǀĞůŽƉĞĚ ĂŶĚ ĚĞƐŝŐŶĞĚ ǁƌŝƚƚĞŶ ŵĂƚĞƌŝĂůƐ ƐƵĐŚ ĂƐ ďƌŽĐŚƵƌĞƐ͕ ŶŽƚŝĐĞƐ͕ ĐŽŵƉĂƌŝƐŽŶ ĐŚĂƌƚƐ͕ ďĞŶĞĨŝĐŝĂƌLJ ŚĂŶĚŬƐ͕ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌŝĞƐ͕ ĂŶĚ ŽƚŚĞƌ ŵĂƚĞƌŝĂůƐ ƚŽ ĞĚƵĐĂƚĞ ĂŶĚ ŝŶĨŽƌŵ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂďŽƵƚ ĂƉƉůŝĐĂďůĞ ƉƌŽŐƌĂŵƐ͘ Ăůů ĐĞŶƚĞƌ ƐĞƌǀŝĐĞƐ ĂŶĚ ŽƵƚďŽƵŶĚ ĐĂůů ĐĂŵƉĂŝŐŶƐ͘ D y/Dh^ ŝŶĐŽƌƉŽƌĂƚĞƐ ŽƵƚďŽƵŶĚ ĐĂůůŝŶŐ ĂŶĚ ĂƵƚŽͲĚŝĂůĞƌ ƉŚŽŶĞ ƌĞŵŝŶĚĞƌƐ ƚŽ ĞŶĐŽƵƌĂŐĞ ǀŽůƵŶƚĂƌLJ ĐŚŽŝĐĞ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ͘ dŚŝƐ ƐƚƌĂƚĞŐLJ ŝƐ ĐŽƐƚͲĞĨĨĞĐƚŝǀĞ ĂŶĚ ƉƌŽǀŝĚĞƐ ŵŽƌĞ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ƚŽ ĞŶŐĂŐĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ Ăƚ ƚŝŵĞƐ ƚŚĂƚ ĂƌĞ ĐŽŶǀĞŶŝĞŶƚ ĨŽƌ ƚŚĞŵ͘ /ƚ ŝƐ ĂůƐŽ Ă ǁĂLJ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ƌĞĐĞŝǀĞ ƉĞƌƐŽŶĂůŝnjĞĚ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĂƐ ŽƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ǁŝůů ŚĂǀĞ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ŽĨĨĞƌ ĞĚƵĐĂƚŝŽŶĂů ŝŶĨŽƌŵĂƚŝŽŶ ƵŶŝƋƵĞ ƚŽ ĞĂĐŚ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ĐĂƐĞ͘ tŝƚŚ Ϯϯ LJĞĂƌƐ ŽĨ ĞdžƉĞƌŝĞŶĐĞ ƐĞƌǀŝŶŐ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉŽƉƵůĂƚŝŽŶƐ ĂĐƌŽƐƐ ƚŚĞ ĐŽƵŶƚƌLJ͕ ǁĞ ŚĂǀĞ ƉĞƌĨĞĐƚĞĚ Ă ŵƵůƚŝĨĂĐĞƚĞĚ ĐŽŵŵƵŶŝƚLJ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ƐƚƌĂƚĞŐLJ ƚŚĂƚ ĐŽŵďŝŶĞƐ ŚŝŐŚͲŝŵƉĂĐƚ ĂŶĚ ůŽǁͲĐŽƐƚ ĚŝŐŝƚĂů ƚŽŽůƐ ǁŝƚŚ ƉĞƌƐŽŶĂůŝnjĞĚ͕ ĨƌŝĞŶĚůLJ͕ ĂŶĚ ĐƵůƚƵƌĂůůLJ ĐŽŵƉĞƚĞŶƚ ŝŶͲƉĞƌƐŽŶ ĞĚƵĐĂƚŝŽŶ͘ dŚĞ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ŽƵƚƌĞĂĐŚ ƐƚƌĂƚĞŐŝĞƐ ƚŚĂƚ ǁĞ ĞŵƉůŽLJ ĂĐƌŽƐƐ ŽƵƌ DĞĚŝĐĂŝĚ ƉƌŽũĞĐƚƐ ƉƌŽǀŝĚĞ ĐůĞĂƌ͕ ĞĂƐLJͲƚŽͲƵŶĚĞƌƐƚĂŶĚ ƉƌŽŐƌĂŵ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŚƌŽƵŐŚ Ă ǀĂƌŝĞƚLJ ŽĨ ĐŚĂŶŶĞůƐ͘ KƵƌ ǁŝĚĞͲƌĂŶŐŝŶŐ ŽƵƚƌĞĂĐŚ ƐƚƌĂƚĞŐLJ ŚĞůƉƐ ƌĞŵŽǀĞ ďĂƌƌŝĞƌƐ ƚŽ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ĂŶĚ ƐƵƉƉŽƌƚ ƉƌŽĂĐƚŝǀĞ͕ ŝŶĨŽƌŵĞĚ ŚĞĂůƚŚ ƉůĂŶ ĂŶĚ ƉƌŽǀŝĚĞƌ ĐŚŽŝĐĞƐ ďLJ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ^ŽŵĞ ŽĨ ƚŚĞ ŽƵƚƌĞĂĐŚ ƐƚƌĂƚĞŐŝĞƐ ƚŚĂƚ ǁĞ ŝŵƉůĞŵĞŶƚĞĚ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚƐ ĨŽƌ ŽƚŚĞƌ ƐƚĂƚĞƐ ĂƌĞ ůŝƐƚĞĚ ďĞůŽǁ͘ ϰ͘ ƉĂĐŬĂŐĞƐ ŽĨƚĞŶ ĐŽŶƐŝƐƚ ŽĨ ŵĂŶLJ ŝƚĞŵƐ ƚŚĂƚ ƐƵƉƉŽƌƚ ƚŚĞ ĚĞĐŝƐŝŽŶ ŵĂŬŝŶŐ ƉƌŽĐĞƐƐ͕ ŝŶĐůƵĚŝŶŐ ĞŶƌŽůůŵĞŶƚ ŐƵŝĚĞƐ͕ ĐŽŵƉĂƌŝƐŽŶ ĐŚĂƌƚƐ͕ ƌĞƉŽƌƚ ĐĂƌĚƐ͕ ĂŶĚ ŽƚŚĞƌ ĂŝĚƐ͘ ƚƚĞŶƚŝŽŶ ƚŽ ŵĂƚĞƌŝĂůƐ ĚĞǀĞůŽƉŵĞŶƚ ŝƐ ŝŵƉŽƌƚĂŶƚ ĨƌŽŵ ƚŚĞ ƉĞƌƐƉĞĐƚŝǀĞ ŽĨ ƉƌŽǀŝĚŝŶŐ ƚŚĞ ƌŝŐŚƚ ĂŵŽƵŶƚ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ƐŽ ƚŚĂƚ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞ ǁĞůů ŝŶĨŽƌŵĞĚ ĂŶĚ ĂďůĞ ƚŽ ŵĂŬĞ Ă W,W ĂŶĚ ĚǀĂŶĐĞĚ DĞĚŝĐĂů ,ŽŵĞ ; D,ͿͬWƌŝŵĂƌLJ ĂƌĞ WƌŽǀŝĚĞƌ ;W WͿ ĚĞĐŝƐŝŽŶ ǁŝƚŚŽƵƚ ďĞŝŶŐ ŽǀĞƌǁŚĞůŵĞĚ ƚŽ ƚŚĞ ƉŽŝŶƚ ŽĨ ŝŶĚĞĐŝƐŝŽŶ͘ tĞ ŚĂǀĞ ǁŽƌŬĞĚ ǁŝƚŚ ƐƚĂƚĞƐ ƚŽ ŵĂŬĞ ƐƵƌĞ ǁĞ ĂƌĞ ƉƌŽǀŝĚŝŶŐ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ ƚŚĞ ŵŽƐƚ ĞĨĨŝĐŝĞŶƚ ŵĂŶŶĞƌ ƉŽƐƐŝďůĞ͘ &Žƌ ĞdžĂŵƉůĞ͕ ŝŶ /ŶĚŝĂŶĂ͕ ǁĞ ǁŽƌŬĞĚ ǁŝƚŚ ŽƵƌ ƐƚĂƚĞ ĐƵƐƚŽŵĞƌ ƚŽ ĚĞǀĞůŽƉ ĂŶ ŝŶŝƚŝĂů ǁĞůĐŽŵĞ ƉĂĐŬĂŐĞ ĐŽŶƐŝƐƚŝŶŐ ŽĨ Ă ƉĞƌƐŽŶĂůŝnjĞĚ ůĞƚƚĞƌ ĂŶĚ Ă ďƌŽĐŚƵƌĞ͘ dŚĞƌĞ͕ ƚŚĞ ŵĞƐƐĂŐĞ ŝƐ ĨŽĐƵƐĞĚ ĂůŵŽƐƚ ĞŶƚŝƌĞůLJ ŽŶ ŐĞƚƚŝŶŐ ƚŚĞ ĞůŝŐŝďůĞ ďĞŶĞĨŝĐŝĂƌLJ ƚŽ ĐĂůů͖ Ăůů ŽĨ ƚŚĞ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĂƐƐŝƐƚĂŶĐĞ ǁŝƚŚ ĐŚŽŝĐĞ ŚĂƉƉĞŶƐ ŽǀĞƌ ƚŚĞ ƚĞůĞƉŚŽŶĞ͘ tŝƚŚ Ă ƐŝŵƉůŝƐƚŝĐ ĂƉƉƌŽĂĐŚ ĂŶĚ ŽƵƚďŽƵŶĚ ĚŝĂůŝŶŐ ĚƵƌŝŶŐ ƚŚĞ ůĂƐƚ LJĞĂƌ͕ ǁĞ ŵĂŝŶƚĂŝŶĞĚ Ă ϵϮ ƉĞƌĐĞŶƚ ĐŚŽŝĐĞ ƌĂƚĞ͘ WĂŐĞ ϴ͘ϰͲϱ ŽĨ ϭϬ /Ŷ ĂůŝĨŽƌŶŝĂ͕ ǁĞ ĞŵƉůŽLJ ĂƌŐƵĂďůLJ ƚŚĞ ůĂƌŐĞƐƚ ŽƵƚƌĞĂĐŚ ĞĨĨŽƌƚƐ ŝŶ ƚŚĞ ĐŽƵŶƚƌLJ͘ ZĞĐŽŐŶŝnjŝŶŐ ƚŚĂƚ ŝŶĐƌĞĂƐĞĚ ƚŝŵĞ ďĞƚǁĞĞŶ ĂŶ ĞůŝŐŝďŝůŝƚLJ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĐĂŶ ůĞĂĚ ƚŽ ŚŝŐŚĞƌ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ƌĂƚĞƐ ĂŶĚ ŝŶĐŽŵƉůĞƚĞ ĞŶƌŽůůŵĞŶƚƐ͕ ǁĞ ǁŽƌŬĞĚ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ ƚŽ ĐƌĞĂƚĞ ĨŝĞůĚ ŽĨĨŝĐĞ ůŽĐĂƚŝŽŶƐ ƐƚĂĨĨĞĚ ďLJ D y/Dh^ ĨŝĞůĚ ŽƉĞƌĂƚŝŽŶƐ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͘ dŚĞ ƉƌŝŵĂƌLJ ĞŵƉŚĂƐŝƐ ĨŽƌ ƚŚĞ &ŝĞůĚ KƉĞƌĂƚŝŽŶƐ ƐƚĂĨĨ ŝƐ ƚŽ ŚĞůƉ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŵĂŬĞ ĂŶ ŝŶĨŽƌŵĞĚ ŚĞĂůƚŚ ƉůĂŶ ĐŚŽŝĐĞ͘ ĂůŝĨŽƌŶŝĂΖƐ ĂƉƉƌŽĂĐŚ ŝƐ ĂůƐŽ ĚŝƐƚŝŶŐƵŝƐŚĞĚ ďLJ ƚŚĞ ĐŽͲůŽĐĂƚŝŽŶ ŽĨ D y/Dh^ ĨŝĞůĚ ŽƉĞƌĂƚŝŽŶƐ ƐƚĂĨĨ Ăƚ ĐŽƵŶƚLJ ƐŽĐŝĂů ƐĞƌǀŝĐĞ ŽĨĨŝĐĞƐ͕ ƚŽ ĨĂĐŝůŝƚĂƚĞ Ă ƐŝŵƵůƚĂŶĞŽƵƐ ĞůŝŐŝďŝůŝƚLJ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͘ /Ĩ ƚŚĞ ĂƉƉůŝĐĂŶƚ ŵĂŬĞƐ Ă ƉůĂŶ KƵƌ ŝƐƚƌŝĐƚ ŽĨ ŽůƵŵďŝĂ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚ ŚĂƐ Ă ƵŶŝƋƵĞ ĨŽĐƵƐ ŽŶ ƚŚĞ ŚŽŵĞůĞƐƐ ƚŚƌŽƵŐŚ Ă ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ƚŚĞ ŝƐƚƌŝĐƚ ŽĂůŝƚŝŽŶ͕ ŝŶ ǁŚŝĐŚ D y/Dh^ ƚƌĂŝŶƐ ƚŚĞ ŽĂůŝƚŝŽŶ ƐƚĂĨĨ͘ ŶƌŽůůŵĞŶƚ ĞǀĞŶƚƐ ĂƌĞ ŚĞůĚ Ăƚ ŚŽŵĞůĞƐƐ ƐŚĞůƚĞƌƐ͕ ĂƐ ǁĞůů ĂƐ ŽƚŚĞƌ ĐŽŵŵƵŶŝƚLJ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ĂŶĚ ĐůŝŶŝĐƐ͕ ĂǀĞƌĂŐŝŶŐ ϯϰϬ ŵŽŶƚŚůLJ ŽƵƚƌĞĂĐŚ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͘ KƵƌ ŽƵƚƌĞĂĐŚ ƚĞĂŵ ŚĂƐ ĞƐƚĂďůŝƐŚĞĚ ƉĂƌƚŶĞƌƐŚŝƉƐ ǁŝƚŚ &ĞĚĞƌĂůůLJ YƵĂůŝĨŝĞĚ ,ĞĂůƚŚ ĞŶƚĞƌƐ ƚŽ ƉƌŽǀŝĚĞ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ƚŽ ŶĞǁůLJ ĞůŝŐŝďůĞ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ tĞ ǁŽƌŬ ǁŝƚŚ ƚŚĞ DĂƌLJ ĞŶƚĞƌ ĨŽƌ ŚŝůĚ ĂŶĚ DĂƚĞƌŶĂů ĂƌĞ͕ hŶŝƚLJ ,ĞĂůƚŚĐĂƌĞ͕ ĂŶĚ >Ă ůŝŶŝĐĂ ĚĞů WƵĞďůŽ͕ ĂŵŽŶŐ ŽƚŚĞƌƐ͘ tĞ ŚĂǀĞ Ă ƐƚĂŶĚŝŶŐ ŵŽŶƚŚůLJ ŽƌŝĞŶƚĂƚŝŽŶ ƐĐŚĞĚƵůĞĚ ǁŝƚŚ ƚŚĞ ůĂŝƌ ,ŽƵƐĞ ^ŚĞůƚĞƌ ĨŽƌ ƌĞƐŝĚĞŶƚƐ ǁŚŽ ŚĂǀĞ ƌĞĐĞŶƚůLJ ďĞĞŶ ĂƉƉƌŽǀĞĚ ĨŽƌ DĞĚŝĐĂŝĚ ďĞŶĞĨŝƚƐ͘ dŚĞ ůĂŝƌ ,ŽƵƐĞ ŝƐ Ă ƉƌŽŐƌĂŵ ƚŚĂƚ ƉƌŽǀŝĚĞƐ ŚŽƵƐŝŶŐ ĨŽƌ ĐŽŵŵƵŶŝƚLJ ŵĞŵďĞƌƐ ƚƌĂŶƐŝƚŝŽŶŝŶŐ ĨƌŽŵ ƚĞŵƉŽƌĂƌLJ ƚŽ ƉĞƌŵĂŶĞŶƚ ŚŽƵƐŝŶŐ͘ tĞ ĐŽǀĞƌ ŚĞĂůƚŚ ĨĂŝƌƐ ĂŶĚ ƐƉĞĐŝĂů ĞǀĞŶƚƐ͕ ǁŽƌŬŝŶŐ ǁŝƚŚ ůŽĐĂů ŚŽƐƉŝƚĂůƐ͕ ĐŽŵŵƵŶŝƚLJ ĐĞŶƚĞƌƐ ĂŶĚ ĐŚƵƌĐŚĞƐ͕ ŵŽƐƚ ŶŽƚĂďůLJ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŝŶ ƚŚĞ &ĞĂƐƚ ŽĨ ^ŚĂƌŝŶŐ ĐĞůĞďƌĂƚŝŽŶ ĨŽƌ dŚĂŶŬƐŐŝǀŝŶŐ͘ ^ƉŽŶƐŽƌĞĚ ďLJ ƚŚĞ ŚŝůĚƌĞŶΖƐ EĂƚŝŽŶĂů DĞĚŝĐĂů ĞŶƚĞƌ͕ ŽǀĞƌ ϱ͕ϬϬϬ ƌĞƐŝĚĞŶƚƐ ƉĂƌƚŝĐŝƉĂƚĞĚ͘ /Ŷ dĞdžĂƐ͕ ŽƵƌ ŽƵƚƌĞĂĐŚ ŝŶĐůƵĚĞƐ ŝŶͲƉĞƌƐŽŶ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ Ăƚ ǀĂƌŝŽƵƐ ŐŽǀĞƌŶŵĞŶƚ ůŽĐĂƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ŚĞĂůƚŚ ĂŶĚ ŚƵŵĂŶ ƐĞƌǀŝĐĞƐ ůŽĐĂů ĞůŝŐŝďŝůŝƚLJ ŽĨĨŝĐĞƐ͘ tĞ ŵĂŝŶƚĂŝŶ ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ ŽŵŵƵŶŝƚLJ ĂƐĞĚ KƌŐĂŶŝnjĂƚŝŽŶƐ ; KƐͿ ƚŽ ĂƐƐŝƐƚ ǁŝƚŚ ĐŽŶĚƵĐƚŝŶŐ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ Ăƚ ƚŚĞ ŐƌĂƐƐƌŽŽƚƐ ůĞǀĞů͘ KƵƌ ĨŝĞůĚ ŽĨĨŝĐĞ ƐƚĂĨĨ ĐŽŶĚƵĐƚ ŚŽŵĞ ǀŝƐŝƚƐ͕ ŽƌŐĂŶŝnjĞ ŚĞĂůƚŚ ĨĂŝƌƐ͕ ŵĂŬĞ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ĂŶĚ ƉĂƌƚŶĞƌ ǁŝƚŚ ĐŽŵŵƵŶŝƚLJ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ĂŶĚ ƐĐŚŽŽůͲďĂƐĞĚ ĐůŝŶŝĐƐ͕ ĂǀĞƌĂŐŝŶŐ Ϯ͕ϭϬϬ ŵŽŶƚŚůLJ ŽƵƚƌĞĂĐŚ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͘ dŚĞ ƉƌŽũĞĐƚ ƵƐĞƐ ƚŚĞ ŽƵƚƌĞĂĐŚ ŵŽĚƵůĞ ŝŶ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ƉůĂƚĨŽƌŵ ƚŽ ŝŵƉƌŽǀĞ ŽƵƌ ĞĨĨŽƌƚƐ ƚŽ ĞŶƌŽůů ŵŽƌĞ ĐŽŶƐƵŵĞƌƐ ŝŶƚŽ D KƐ͕ ĚƌŝǀĞ ĞĨĨŝĐŝĞŶĐŝĞƐ ŝŶ ŽƵƌ ŽƉĞƌĂƚŝŽŶƐ͕ ĂŶĚ ŚĞůƉ ĐŽŶƐƵŵĞƌƐ ďĞƚƚĞƌ ƵŶĚĞƌƐƚĂŶĚ ŵĂŶĂŐĞĚ ĐĂƌĞ͘ ,ĂǀŝŶŐ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ŽƵƚƌĞĂĐŚ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ Ă ƐŝŶŐůĞ ƐLJƐƚĞŵ ŚĞůƉƐ ĞŶƐƵƌĞ ƚŚĂƚ ŽƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ŝŶ dĞdžĂƐ ŚĂǀĞ ƌĞĂĚŝůLJ ĂǀĂŝůĂďůĞ ĚĂƚĂ ƚŽ ŚĞůƉ ĚĞƚĞƌŵŝŶĞ ǁŚĂƚ ŝŶĨŽƌŵĂƚŝŽŶ Žƌ ĂƐƐŝƐƚĂŶĐĞ ĐŽŶƐƵŵĞƌƐ ŵĂLJ ŶĞĞĚ͕ ƌĞŐĂƌĚůĞƐƐ ŽĨ ƚŚĞ ŝŶŝƚŝĂů ƌĞĂƐŽŶ ĨŽƌ ƚŚĞ ĐĂůů͘ tĞ ƵƐĞ ƚŚĞ ŽƵƚƌĞĂĐŚ ŵŽĚƵůĞ ƚŽ ĐĂƉƚƵƌĞ ƐƉĞĐŝĂů ŽƵƚƌĞĂĐŚ ĂĐƚŝǀŝƚLJ ĨŽƌ ƐƉĞĐŝĨŝĐ ƉŽƉƵůĂƚŝŽŶƐ ƚĂƌŐĞƚĞĚ ďLJ ƚŚĞ ^ƚĂƚĞ͕ ƐƵĐŚ ĂƐ ĐŚŝůĚƌĞŶ ŽǀĞƌĚƵĞ ĨŽƌ Ă ŚĞĂůƚŚ ĐŚĞĐŬƵƉ͕ ŵŝŐƌĂŶƚ ĨĂŵŝůŝĞƐ͕ ĂŶĚ ƉƌĞŐŶĂŶƚ ƚĞĞŶƐ͘ tĞ ƌĞĐĞŝǀĞ ƌĞĨĞƌƌĂůƐ ĨƌŽŵ ǀĂƌŝŽƵƐ ƐŽƵƌĐĞƐ ƐƵĐŚ ĂƐ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ͕ ŚĞĂůƚŚ ĐĂƌĞ ƉƌŽǀŝĚĞƌƐ͕ ĂŶĚ ŵĞĚŝĐĂů ĂŶĚ ĚĞŶƚĂů ƉůĂŶƐ͖ ŽƵƌ ƐLJƐƚĞŵ ĐĂŶ ƚƌĂĐŬ ŽƵƚƌĞĂĐŚ ƚĂƐŬƐ ĨƌŽŵ ƌĞĐĞŝƉƚ ƚŚƌŽƵŐŚ ĐŽŵƉůĞƚŝŽŶ͕ ŝĚĞŶƚŝĨLJ ƚĂƐŬƐ ǁŚĞƌĞ ĂĐƚŝǀŝƚLJ ŝƐ ŶŽƚ ĐŽŵƉůĞƚĞĚ ǁŝƚŚŝŶ ƚŚĞ ƌĞƋƵŝƌĞĚ ƚŝŵĞĨƌĂŵĞƐ͕ ĂŶĚ ŐĞŶĞƌĂƚĞ ĞŶŚĂŶĐĞĚ ŵŽŶŝƚŽƌŝŶŐ ĂŶĚ ĚĂƚĂ ƌĞƉŽƌƚƐ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ǁĞ ǁŽƌŬ ǁŝƚŚ ƚŚĞ hƌďĂŶ /ŶƚĞƌͲdƌŝďĂů ĞŶƚĞƌ ŽĨ dĞdžĂƐ ŝŶ ĂůůĂƐ ĂŶĚ ǁĞ ŚĂǀĞ ĚĞǀĞůŽƉĞĚ ƐƉĞĐŝĂůŝnjĞĚ ŽƵƚƌĞĂĐŚ ĞĨĨŽƌƚƐ ƚŽ ƚĂƌŐĞƚ ǀĂƌŝŽƵƐ ƚƌŝďĞƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ^ƚĂƚĞ͕ ƐƉĞĐŝĨŝĐĂůůLJ ƚŚĞ zƐůĞƚĂ Ğů ^Ƶƌ WƵĞďůŽ ŽĨ dĞdžĂƐ ƚƌŝďĞ͕ ůĂďĂŵĂͲ ŽƵƐŚĂƚƚĂ dƌŝďĞ ŽĨ dĞdžĂƐ͕ ĂŶĚ >ŝƉĂŶ ƉĂĐŚĞ dƌŝďĞ͘ tĞ ǁŝůů ůĞǀĞƌĂŐĞ ƚŚĞ ŽƵƚƌĞĂĐŚ ĞdžƉĞƌŝĞŶĐĞ ǁĞ ŐĂŝŶĞĚ ŝŶ dĞdžĂƐ ƚŽ ŝŶĨŽƌŵ ƚŚĞ ƚĂƌŐĞƚĞĚ ŽƵƚƌĞĂĐŚ ĂĐƚŝǀŝƚŝĞƐ ǁĞ ǁŝůů ŝŵƉůĞŵĞŶƚ ĨŽƌ ƚŚĞ ĂƐƚĞƌŶ ĂŶĚ ŽĨ ŚĞƌŽŬĞĞ /ŶĚŝĂŶƐ ; /Ϳ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ͘ tĞ ŚŝŐŚůŝŐŚƚ Ă ĨĞǁ ĞdžĂŵƉůĞƐ ŽĨ ŽƵƌ ŽƵƚƌĞĂĐŚ ĞĨĨŽƌƚƐ ĨŽƌ ďŽƚŚ ůĂƌŐĞ ĂŶĚ ƐŵĂůů DĞĚŝĐĂŝĚ ƉŽƉƵůĂƚŝŽŶƐ͗ tĞ ŚĂǀĞ ĐŽŵƉůĞƚĞĚ ƚŚŽƵƐĂŶĚƐ ŽĨ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĞǀĞŶƚƐ ĂĐƌŽƐƐ ŽƵƌ ƉƌŽũĞĐƚƐ͘ &ƌŽŵ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ͕ ǁĞ ŚĂǀĞ ůĞĂƌŶĞĚ ŚŽǁ ďĞƐƚ ƚŽ ƚĂŝůŽƌ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ŽƵƚƌĞĂĐŚ ƐƚƌĂƚĞŐŝĞƐ ƚŚĂƚ ƌĞĨůĞĐƚ ĞĂĐŚ ƐƚĂƚĞΖƐ ƵŶŝƋƵĞ ďĞŶĞĨŝĐŝĂƌLJ ƉŽƉƵůĂƚŝŽŶ͕ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĂƚ Ă ΗŽŶĞͲƐŝnjĞ ĨŝƚƐ ĂůůΗ ĂƉƉƌŽĂĐŚ ŐůŽƐƐĞƐ ŽǀĞƌ ƚŚĞ ĚŝǀĞƌƐĞ ŶĞĞĚƐ ŽĨ ĞĂĐŚ ŽĨ ŽƵƌ ƐƚĂƚĞ ƉĂƌƚŶĞƌƐ ĂŶĚ ƚŚĞƌĞĨŽƌĞ ŶŽƚ ĂĐĐĞƉƚĂďůĞ͘ dƌĂŝŶͲƚŚĞͲdƌĂŝŶĞƌ ĂƉƉƌŽĂĐŚ͘ hƐŝŶŐ Ă ƚƌĂŝŶͲƚŚĞͲƚƌĂŝŶĞƌ ŵĞƚŚŽĚ͕ ǁĞ ĐŽŶĚƵĐƚ ŽƵƚƌĞĂĐŚ ƚŽ ĐŽŵŵƵŶŝƚLJ ŐƌŽƵƉƐ ĂŶĚ ƐƚĂŬĞŚŽůĚĞƌƐ ǁŚŽ ŚĂǀĞ ĨƌĞƋƵĞŶƚ ĂŶĚ ŽŶŐŽŝŶŐ ĂĐĐĞƐƐ͕ ƐƵĐŚ ĂƐ ĐŽƵŶƚLJ ĞůŝŐŝďŝůŝƚLJ ǁŽƌŬĞƌƐ͕ ƚŽ ƚĂƌŐĞƚ ƉŽƉƵůĂƚŝŽŶƐ ĂŶĚ ĂƌĞ ƐĞĞŶ ĂƐ ƚƌƵƐƚĞĚ ƐŽƵƌĐĞƐ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ƐĞƌǀŝĐĞ͕ ĞĚƵĐĂƚŝŶŐ ƚŚĞŵ ĂďŽƵƚ ƐŚĂƌŝŶŐ ƉƌŽŐƌĂŵ ŝŶĨŽƌŵĂƚŝŽŶ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ĂŐĞŶĐŝĞƐ ĂŶĚ ƐƵƉƉŽƌƚ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͕ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ƚŚĞ ĐƵƌƌĞŶƚ ŶĞƚǁŽƌŬ ŽĨ ůŽĐĂů ĂŶĚ ĐŽƵŶƚLJ ŽĨĨŝĐĞƐ͕ ƚŽ ƌĞĂĐŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ Ă ƐĞĂŵůĞƐƐ ĞŶƌŽůůŵĞŶƚ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ŐĂŝŶ ĂĐĐĞƐƐ ƚŽ ŚĂƌĚͲƚŽͲƌĞĂĐŚ͕ ƐƉĞĐŝĂů ŶĞĞĚƐ͕ ĂŶĚ ŽƚŚĞƌ ƵŶƚĂƉƉĞĚ ƉŽƉƵůĂƚŝŽŶƐ ƐƚĂƚĞǁŝĚĞ͘ tĞ ǁŽƌŬ ǁŝƚŚ ƚŚĞƐĞ ĂŐĞŶĐŝĞƐ ƚŽ ĚŝƐƉůĂLJ ĂŶĚ ĚŝƐƐĞŵŝŶĂƚĞ ŽƵƚƌĞĂĐŚ ƌĞƐŽƵƌĐĞƐ͕ ĂŶĚ ƐĐŚĞĚƵůĞ ĚŝƐĐƵƐƐŝŽŶƐ͕ ƉĞƌƐŽŶĂů ŵĞĞƚŝŶŐƐ͕ ĂŶĚ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ƵƉŽŶ ƌĞƋƵĞƐƚ ƚŽ ĞŶĂďůĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ĞĂƐŝůLJ ĂĐĐĞƐƐ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĂƐƐŝƐƚĂŶĐĞ ŝŶ ĐŽŶǀĞŶŝĞŶƚ ĂŶĚ ĐŽŵĨŽƌƚĂďůĞ ůŽĐĂů ƐĞƚƚŝŶŐƐ͘ KĨĨĞƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů͕ ŝƚƐ ĨƵŶĐƚŝŽŶĂůŝƚLJ͕ ĂŶĚ ŝŶĐůƵĚĞ ƐĐƌĞĞŶ ƐŚŽƚƐ ĂŶĚ ǀŝƐƵĂů ĚŝƐƉůĂLJƐ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ǀŝĞǁĂďůĞ ďLJ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ DĞĚŝĐĂŝĚ W,WƐ ŝŶ Ă ƐĞĂƌĐŚĂďůĞ ĨŽƌŵĂƚ WƌŽǀŝĚĞƌ ƐĞĂƌĐŚ ĨƵŶĐƚŝŽŶƐ ďLJ ƚLJƉĞ͕ ŐĞŽŐƌĂƉŚŝĐ ůŽĐĂƚŝŽŶ͕ ŐĞŶĚĞƌ͕ ƐƉĞĐŝĂůƚLJ͕ ĂĨĨŝůŝĂƚĞĚ W,W͕ ĂŶĚ ŽƚŚĞƌ ǀĂƌŝĂďůĞƐ W,W ĐŽŵƉĂƌŝƐŽŶ ĐŚĂƌƚ „ „ „ WĂŐĞ ϴ͘ϰͲϲ ŽĨ ϭϬ dŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů ǁŝůů ŝŶĐůƵĚĞ ďŽƚŚ ƉƵďůŝĐ ĂŶĚ ďĞŶĞĨŝĐŝĂƌLJͲŽŶůLJ ĂĐĐĞƐƐ ĂƌĞĂƐ͘ dŚĞ ƉƵďůŝĐ ǁŝůů ŚĂǀĞ ƵŶƌĞƐƚƌŝĐƚĞĚ ĂĐĐĞƐƐ ƚŽ ƚŚĞ ĨŽůůŽǁŝŶŐ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů ĂƌĞĂƐ͗ KƵƌ ǁŽƌŬ ŝŶ ĚĞǀĞůŽƉŝŶŐ ĂŶĚ ŝŵƉůĞŵĞŶƚŝŶŐ ŽŶůŝŶĞ ďĞŶĞĨŝĐŝĂƌLJ ĞŶƌŽůůŵĞŶƚ ĂƉƉůŝĐĂƚŝŽŶƐ ĨŽƌ ŵĂŶĂŐĞĚ ĐĂƌĞ W,W ĂŶĚ D,ͬW W ĞŶƌŽůůŵĞŶƚƐ ŝŶ 'ĞŽƌŐŝĂ͕ /ůůŝŶŽŝƐ͕ >ŽƵŝƐŝĂŶĂ͕ EĞǁ zŽƌŬ͕ WĞŶŶƐLJůǀĂŶŝĂ͕ ^ŽƵƚŚ ĂƌŽůŝŶĂ͕ ĂŶĚ ŽƚŚĞƌ ƐƚĂƚĞƐ ŐŝǀĞƐ ƵƐ ƚŚĞ ĞdžƉĞƌŝĞŶĐĞ ƚŽ ƐƵĐĐĞƐƐĨƵůůLJ ƉƌŽǀŝĚĞ ƚŚŝƐ ƚŚŽƌŽƵŐŚůLJ ƚĞƐƚĞĚ ĂŶĚ ƌĞĨŝŶĞĚ ƐĞƌǀŝĐĞ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ͘ KƵƌ ĞdžƚĞŶƐŝǀĞ ĞdžƉĞƌŝĞŶĐĞ ǁŝƚŚ ŽŶůŝŶĞ ĞŶƌŽůůŵĞŶƚ ƉŽƐŝƚŝŽŶƐ ƵƐ ƚŽ ĂƐƐŝƐƚ EŽƌƚŚ ĂƌŽůŝŶĂ ŝŶ ĚĞǀĞůŽƉŝŶŐ Ă WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů ƚŚĂƚ ƐĞĂŵůĞƐƐůLJ ŐƵŝĚĞƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŚƌŽƵŐŚ ƚŚĞ ŽŶůŝŶĞ ĞŶƌŽůůŵĞŶƚ ĂŶĚ W,W ƐĞůĞĐƚŝŽŶ ƉƌŽĐĞƐƐ͘ dŚƌŽƵŐŚ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ǁŽƌŬ ĂĐƌŽƐƐ ƚŚĞ ŶĂƚŝŽŶ͕ D y/Dh^ ŚĂƐ ŐĂŝŶĞĚ ĞdžƚĞŶƐŝǀĞ ĞdžƉĞƌŝĞŶĐĞ ĐƌĞĂƚŝŶŐ ĂŶĚ ŵĂŝŶƚĂŝŶŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶĂů ĂŶĚ ƚƌĂŶƐĂĐƚŝŽŶĂů ǁĞďƐŝƚĞƐ ƚŚĂƚ ŝŶĐůƵĚĞ W,W ĂŶĚ D,ͬW,W ƐĞůĞĐƚŝŽŶ ĐĂƉĂďŝůŝƚŝĞƐ͕ ĂŝŵĞĚ Ăƚ ƐƵƉƉŽƌƚŝŶŐ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ D y/Dh^ ŚĂƐ ĚĞǀĞůŽƉĞĚ ŵŽƌĞ ƚŚĂŶ ϭϲϬ ǁĞďƐŝƚĞƐ ĨŽƌ ĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ ĂŶĚ ůŽĐĂů ŐŽǀĞƌŶŵĞŶƚ ĞŶƚŝƚŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ǁĞď ƉŽƌƚĂůƐ͕ ǁĞďͲďĂƐĞĚ ĞůĞĐƚƌŽŶŝĐ ĂƉƉůŝĐĂƚŝŽŶƐ͕ ĂŶĚ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽůƐ ĨŽƌ ƚŚĞ ůĂƌŐĞƐƚ ĂŶĚ ŵŽƐƚ ĚŝǀĞƌƐĞ ƉƌŽŐƌĂŵƐ ŝŶ ƚŚĞ ĐŽƵŶƚƌLJ͘ dŚŝƐ ĐŽŵƉĞƚĞŶĐLJ ŝƐ ĐŽŵƉůĞŵĞŶƚĞĚ ďLJ ƚŚĞ D y/Dh^ ĞŶƚĞƌ ĨŽƌ ,ĞĂůƚŚ >ŝƚĞƌĂĐLJ͘ dŚĞ ĞŶƚĞƌ ŝƐ ŬŶŽǁŶ ĂŶĚ ůĂƵĚĞĚ ŶĂƚŝŽŶĂůůLJ ĨŽƌ ĚĞƐŝŐŶŝŶŐ ĂŶĚ ƉƌŽĚƵĐŝŶŐ ĂƚƚƌĂĐƚŝǀĞ͕ ĐůĞĂƌůLJ ǁƌŝƚƚĞŶ͕ ĂŶĚ ĞĂƐLJͲƚŽͲƌĞĂĚ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ ƚĞŵƉůĂƚĞƐ͕ ƉƌŽŐƌĂŵͲƌĞůĂƚĞĚ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ͕ ĂŶĚ ǁĞďƐŝƚĞƐ͘ ^ŝŶĐĞ ϮϬϬϬ͕ ƚŚĞ ĞŶƚĞƌ ĨŽƌ ,ĞĂůƚŚ >ŝƚĞƌĂĐLJ ŚĂƐ ǁŽƌŬĞĚ ǁŝƚŚ ŽǀĞƌ ϮϬ ƐƚĂƚĞ DĞĚŝĐĂŝĚ ĂŐĞŶĐŝĞƐ ƚŽ ƉƌŽŵŽƚĞ ŚĞĂůƚŚ ůŝƚĞƌĂĐLJ ĂŵŽŶŐ ĚŝǀĞƌƐĞ ƉŽƉƵůĂƚŝŽŶƐ͘ dŚĞ ĞŶƚĞƌ ďƌŝŶŐƐ ŵƵůƚŝůŝŶŐƵĂů ĂŶĚ ůŽǁͲůŝƚĞƌĂĐLJ ůĞǀĞů ĐŽŶƚĞŶƚ ĂŶĚ ĚĞƐŝŐŶ ĞdžƉĞƌƚŝƐĞ ƚŽ ƉƌŽĚƵĐĞ Ă WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů ƚŚĂƚ ŝƐ ĞĂƐLJ ƚŽ ƌĞĂĚ͕ ǀŝƐƵĂůůLJ ĂƚƚƌĂĐƚŝǀĞ ĂŶĚ ŝŶǀŝƚŝŶŐ͕ ĂŶĚ ƐŝŵƉůĞ ƚŽ ŶĂǀŝŐĂƚĞ ĨŽƌ ŝŶĚŝǀŝĚƵĂůƐ ǁŝƚŚ ůŽǁͲůŝƚĞƌĂĐLJ ĂŶĚ ǁŚŽ ĂƌĞ ĐƵůƚƵƌĂůůLJ ĚŝǀĞƌƐĞ͘ dŚĞ ĞŶƚĞƌ ĂůƐŽ ƐƚĂLJƐ ĂďƌĞĂƐƚ ŽĨ ĨĞĚĞƌĂů ǁĞďƐŝƚĞ ĂĐĐĞƐƐŝďŝůŝƚLJ ƐƚĂŶĚĂƌĚƐ ƚŽ ŬĞĞƉ ŽƵƌ ǁĞďƐŝƚĞƐ ĐŽŵƉůŝĂŶƚ ĨŽƌ ƵƐĞƌƐ ǁŝƚŚ ĚŝƐĂďŝůŝƚŝĞƐ͘ ϱ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ŽĨĨĞƌŝŶŐ ŵƵůƚŝƉůĞ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĐŚĂŶŶĞůƐ͕ ŽƵƌ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ƐƚƌĂƚĞŐŝĞƐ ŝŶĐůƵĚĞ ĐůŽƐĞůLJ ŵŽŶŝƚŽƌŝŶŐ ǀŽůƵŶƚĂƌLJ ĞŶƌŽůůŵĞŶƚ ƌĂƚĞƐ ŽŶ Ă ŶƵŵďĞƌ ŽĨ ĚŝŵĞŶƐŝŽŶƐ͕ ƐƵĐŚ ĂƐ ŐĞŽŐƌĂƉŚŝĐ ůŽĐĂƚŝŽŶ ĂŶĚ ĚĞŵŽŐƌĂƉŚŝĐ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͕ ƐŽ ƚŚĂƚ ǁĞ ĐĂŶ ƚĂƌŐĞƚ ŽƵƌ ŽƵƚƌĞĂĐŚ ĞĨĨŽƌƚƐ ƚŽ ŝŵƉƌŽǀĞ ǀŽůƵŶƚĂƌLJ ĐŚŽŝĐĞ ƌĂƚĞƐ͘ KƵƌ ŬŶŽǁůĞĚŐĞ ĂŶĚ ĞdžƉĞƌŝĞŶĐĞ ĨƌŽŵ ƚŚĞƐĞ ƉƌŽũĞĐƚƐ ǁŝůů ŵĂdžŝŵŝnjĞ ƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ ƚŚĞ ĚĞƐŝƌĞĚ ƌĞƐƵůƚƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ŽƵƚƌĞĂĐŚ͘ /Ŷ tĞƐƚ sŝƌŐŝŶŝĂ͕ ǁĞ ƵƐĞĚ ƚŚĞ ĚĂƚĂ ĂŶĚ ĞdžƉĞƌŝĞŶĐĞƐ ǁĞ ĂŵĂƐƐĞĚ ĨƌŽŵ ŽƵƌ tĞƐƚ sŝƌŐŝŶŝĂ /ŶͲWĞƌƐŽŶ ƐƐŝƐƚĞƌ WƌŽũĞĐƚ ƚŽ ŚĞůƉ ƵƐ ďƵŝůĚ ŽƵƌ ŽƵƚƌĞĂĐŚ ƉůĂŶ͘ dŚĞ ŵĂŶLJ ĞŶĐŽƵŶƚĞƌƐ ǁĞ ŚĂĚ ǁŝƚŚ ĐŽŶƐƵŵĞƌƐ ĂŶĚ ƉƌŽǀŝĚĞƌ ŐƌŽƵƉƐ ĚƵƌŝŶŐ ƚŚŝƐ ĐĂŵƉĂŝŐŶ ŐĂǀĞ ŽƵƌ ƚĞĂŵ Ă ŵŽƌĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƐĞŶƐĞ ŽĨ ƚŚĞ ŐĞŽŐƌĂƉŚŝĐ ĐŚĂůůĞŶŐĞƐ ŽĨ ƚŚĞ ƐƚĂƚĞ ;ŵĂŶLJ ƚŽǁŶƐ ĂŶĚ ĐŽƵŶƚŝĞƐ ƐĞƉĂƌĂƚĞĚ ďLJ ǁŝŶĚŝŶŐ ƌŽĂĚƐ ĂŶĚ ĐŚĂůůĞŶŐŝŶŐ ĚƌŝǀŝŶŐ ĐŽŶĚŝƚŝŽŶƐ ƚŚƌŽƵŐŚ ƚŚĞ ƉƉĂůĂĐŚŝĂŶ ŵŽƵŶƚĂŝŶƐͿ ĂƐ ǁĞůů ĂƐ ĚĞŵŽŐƌĂƉŚŝĐ ĐŽŶĐĞƌŶƐ ;ǁŚĞƌĞ ǁĞ ĨŽƵŶĚ ƉŽĐŬĞƚƐ ŽĨ ĐŽŶƐƵŵĞƌƐ ǁŚŽ ƐĞůĨͲŝĚĞŶƚŝĨŝĞĚ ĂƐ ΗŚŝŐŚͲƌŝƐŬΗ͕ Žƌ ŶŽƚ ŚĂǀŝŶŐ ĞĂƐLJ ĂĐĐĞƐƐ ƚŽ Ă ĚŽĐƚŽƌ Žƌ ŚĞĂůƚŚĐĂƌĞ ƉƌŽǀŝĚĞƌͿ͘ hƐŝŶŐ ƚŚŝƐ ĚĂƚĂ͕ ƚŚĞ ƚĞĂŵ ĐƌĂĨƚĞĚ ĂŶ ŽƵƚƌĞĂĐŚ ƐƚƌĂƚĞŐLJ ƚŚĂƚ ǁŽƵůĚ ĐŽŶĐĞŶƚƌĂƚĞ ŽƵƌ ůŝŵŝƚĞĚ ƌĞƐŽƵƌĐĞƐ ŽŶ ĞŶƐƵƌŝŶŐ ƚŚĂƚ ĞǀĞƌLJ ĂƌĞĂ ŽĨ ƚŚĞ ƐƚĂƚĞ ǁŽƵůĚ ƌĞĐĞŝǀĞ ƚŚĞ ƉƌŽƉĞƌ ĂŵŽƵŶƚ ŽĨ ĂƚƚĞŶƚŝŽŶ ĨƌŽŵ ĂŶ ŽƵƚƌĞĂĐŚ ĐŽŽƌĚŝŶĂƚŽƌ͘ dŚĞƐĞ ĐŽŽƌĚŝŶĂƚŽƌƐ ǁŽƵůĚ ǁŽƌŬ ǁŝƚŚ ŝĚĞŶƚŝĨŝĞĚ ĐŽŵŵƵŶŝƚLJ ƉĂƌƚŶĞƌƐ ĂŶĚ ƉƌŽǀŝĚĞƌ ŐƌŽƵƉƐ ƚŽ ĞĨĨĞĐƚŝǀĞůLJ ΗŐĞƚ ƚŚĞ ǁŽƌĚ ŽƵƚΗ ĂďŽƵƚ ĐŚĂŶŐĞƐ ĂŶĚ ƵƉĚĂƚĞƐ ƚŽ ƚŚĞ ƐƚĂƚĞΖƐ DŽƵŶƚĂŝŶ ,ĞĂůƚŚ dƌƵƐƚ ;DĞĚŝĐĂŝĚͿ ƉƌŽŐƌĂŵ ĂŶĚ ,ĞĂůƚŚ ƌŝĚŐĞ ;DĞĚŝĐĂŝĚ ĞdžƉĂŶƐŝŽŶͿ ƉƌŽŐƌĂŵ͘ tĞ ǁŽƌŬĞĚ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ ƚŽ ǀĂůŝĚĂƚĞ ƚŚĞ ƉůĂŶ ĂŶĚ ŝĚĞŶƚŝĨLJ ĂĚĚŝƚŝŽŶĂů ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ ĂŶ ŽƵƚƌĞĂĐŚ ƉƌĞƐĞŶĐĞ͘ &ƌŽŵ ƚŚŝƐ ǁŽƌŬ͕ ƚŚĞ ŽƵƚƌĞĂĐŚ ƉůĂŶ ǁĞ ĞdžĞĐƵƚĞĚ ŝŶ tĞƐƚ sŝƌŐŝŶŝĂ ŚĂƐ ĞdžƉĞƌŝĞŶĐĞĚ ƐŝŐŶŝĨŝĐĂŶƚ ƉŽƐŝƚŝǀĞ ĨĞĞĚďĂĐŬ ĨƌŽŵ ďŽƚŚ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ĂŶĚ ŽƵƌ ĐůŝĞŶƚ͘ ĐŚŽŝĐĞ͕ ŝƚ ŝƐ ƉƵƚ ŝŶƚŽ ƚŚĞ ĞůŝŐŝďŝůŝƚLJ ƐLJƐƚĞŵ ĂƐ ƉĞŶĚŝŶŐ ƵŶƚŝů ĞůŝŐŝďŝůŝƚLJ ŝƐ ĚĞƚĞƌŵŝŶĞĚ͘ LJ ĞŵƉŚĂƐŝnjŝŶŐ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĞŶƌŽůůŵĞŶƚ Ăƚ ƚŚĞ ƐĂŵĞ ƚŝŵĞ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŝƐ ĂƉƉůLJŝŶŐ ĨŽƌ ƉƌŽŐƌĂŵ ĐŽǀĞƌĂŐĞ͕ ǁĞ ŚĂǀĞ ŚĞůƉĞĚ ĂƉƉƌŽdžŝŵĂƚĞůLJ ŽŶĞͲƚŚŝƌĚ ŽĨ ĂůŝĨŽƌŶŝĂ ĂƉƉůŝĐĂŶƚƐ ƐƵĐĐĞƐƐĨƵůůLJ ƐĞůĞĐƚ Ă ŚĞĂůƚŚ ƉůĂŶ Ăƚ ƚŚĞ ƉŽŝŶƚ ŽĨ ĞůŝŐŝďŝůŝƚLJ͘ WĂŐĞ ϴ͘ϰͲϳ ŽĨ ϭϬ Ɛ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϰͲϯ͗ W,W ŶƌŽůůŵĞŶƚ ^ĐƌĞĞŶ͕ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ŚĂǀĞ ƐĞĐƵƌĞůLJ ůŽŐŐĞĚ ŝŶƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ tĞďƐŝƚĞ ǁŝůů ďĞ ĂďůĞ ƚŽ ĞŶƌŽůů ŝŶ ƚŚĞŝƌ ƉƌĞĨĞƌƌĞĚ W,W ƵƐŝŶŐ ƚŚĞ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů͘ ƵƌŝŶŐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉĞƌŝŽĚ͕ ǁĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĐŽŶĨŝŐƵƌĞ ĞĂĐŚ ĞŶƌŽůůŵĞŶƚ ƐĐƌĞĞŶ ƚŽ ŵĞĞƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ŶĞĞĚƐ͘ džŚŝďŝƚ ϴ͘ϰͲϮ͗ W,W ŽŵƉĂƌŝƐŽŶ ŚĂƌƚ͘ WƌŝŽƌ ƚŽ ŵĂŬŝŶŐ Ă ƐĞůĞĐƚŝŽŶ͕ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ǀŝĞǁ W,W ĐŽŵƉĂƌŝƐŽŶ ĐŚĂƌƚƐ ƚŽ ƐĞůĞĐƚ ƚŚĞ ƉůĂŶ ƚŚĂƚ ďĞƐƚ ĨŝƚƐ ƚŚĞŝƌ ƐƉĞĐŝĨŝĐ ŶĞĞĚƐ͘ Ɛ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϰͲϮ͗ W,W ŽŵƉĂƌŝƐŽŶ ŚĂƌƚ͕ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝůů ďĞ ĂďůĞ ƚŽ ƵƐĞ ƚŚĞ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů ƚŽ ĐŽŵƉĂƌĞ W,W ƐĞƌǀŝĐĞƐ͘ ĞŶĞĨŝĐŝĂƌŝĞƐ ŽĨƚĞŶ ǀŝƐŝƚ ƚŚĞ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů ƚŽ ĞŶƌŽůů ĂĨƚĞƌ ƌĞĐĞŝǀŝŶŐ ƚŚĞŝƌ tĞůĐŽŵĞ WĂĐŬĞƚ Žƌ ƌĞĐĞŝǀŝŶŐ ĂŶ ĞŶƌŽůůŵĞŶƚ ƌĞŵŝŶĚĞƌ͕ ƚĞůĞƉŚŽŶĞ ĐĂůů͕ Žƌ ŽƚŚĞƌ ŽƵƚƌĞĂĐŚ ŝŶƚĞƌǀĞŶƚŝŽŶ͘ ĞĨŽƌĞ ĞŶƌŽůůŝŶŐ͕ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞ ƉƌŽŵƉƚĞĚ ƚŽ ƌĞĐĞŝǀĞ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ƵƐŝŶŐ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶĂů ǁĞďƐŝƚĞ ǁŚĞƌĞ ƚŚĞLJ ĐĂŶ ƌĞǀŝĞǁ ƉƌŽŐƌĂŵ ŵĂƚĞƌŝĂůƐ͕ ƌĞĐĞŝǀĞ ĂŶƐǁĞƌƐ ƚŽ ĨƌĞƋƵĞŶƚůLJ ĂƐŬĞĚ ƋƵĞƐƚŝŽŶƐ͕ ƌĞĂĚ ƉƌŽŐƌĂŵ ĚĞƐĐƌŝƉƚŝŽŶƐ͕ ĂŶĚ ĐŽŶĚƵĐƚ ƉƌŽǀŝĚĞƌ ƐĞĂƌĐŚĞƐ͘ dŚĞ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů ĂůƐŽ ƉƌŽǀŝĚĞƐ ĂĐĐĞƐƐ ƚŽ ŵƵůƚŝƉůĞ ƐĞůĨͲƐĞƌǀŝĐĞ ŽƉƚŝŽŶƐ ƚŚĂƚ ƌĞƋƵŝƌĞ ĂƵƚŚĞŶƚŝĐĂƚŝŽŶ ;ŝĚĞŶƚŝƚLJ ǀĞƌŝĨŝĐĂƚŝŽŶͿ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ĞŶƌŽůů ŝŶ Ă DĞĚŝĐĂŝĚ ŚĞĂůƚŚ ƉůĂŶ ĂŶĚ ĐŚŽŽƐĞ ĂŶ D,ͬW W͘ WĂŐĞ ϴ͘ϰͲϴ ŽĨ ϭϬ ƵƌŝŶŐ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͕ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂƌĞ ĂůƐŽ ĞŶĐŽƵƌĂŐĞĚ ƚŽ ĐŚŽŽƐĞ ĂŶ D,ͬW W͕ ĂƐ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϰͲϰ͗ WƌŽǀŝĚĞƌ ŶƌŽůůŵĞŶƚ ^ĐƌĞĞŶ͘ džŚŝďŝƚ ϴ͘ϰͲϯ͗ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů͘ dŚĞ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů ǁŝůů ůŝƐƚ ŽŶůLJ ƚŚŽƐĞ ƉůĂŶƐ ĂǀĂŝůĂďůĞ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͕ ĂƐ ǁĞůů ĂƐ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƚŚĞ ƉůĂŶ ŝŶ ǁŚŝĐŚ ƚŚĞLJ ĂƌĞ ĐƵƌƌĞŶƚůLJ ĞŶƌŽůůĞĚ͘ WĂŐĞ ϴ͘ϰͲϵ ŽĨ ϭϬ &Žƌ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ǁĞ ǁŝůů ĂůƐŽ ĚĞƉůŽLJ Ă ŵŽďŝůĞ ĂƉƉ ǀĞƌƐŝŽŶ ŽĨ ƚŚĞ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů ĨŽƌ ďŽƚŚ ŶĚƌŽŝĚ ĂŶĚ ŝWŚŽŶĞ ŽƉĞƌĂƚŝŶŐ ƐLJƐƚĞŵƐ͕ ǁŚŝĐŚ ǁŝůů ĂůůŽǁ ƵƐĞƌƐ ƚŽ ĂĐĐĞƐƐ ƚŚĞŝƌ ĐĂƐĞ ĂŶĚ ůŽŐ ĞŶƌŽůůŵĞŶƚ ĐŚŽŝĐĞƐ ĨƌŽŵ ƚŚĞŝƌ ƐŵĂƌƚƉŚŽŶĞƐ͘ tĞ ŚĂǀĞ ŝŵƉůĞŵĞŶƚĞĚ ŽƵƌ ŵŽďŝůĞ ĂƉƉ ŝŶ ŽƚŚĞƌ ƉƌŽũĞĐƚƐ ĂŶĚ ǁĞ ǁŝůů ĐŽŶĨŝŐƵƌĞ ƚŚĞ ĂƉƉ ƚŽ ŵĞĞƚ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ /Ŷ džŚŝďŝƚ ϴ͘ϰͲϱ͗ DŽďŝůĞ ƉƉ ŶƌŽůůŵĞŶƚ ^ĐƌĞĞŶƐ͕ ǁĞ ƐŚŽǁ ƐŽŵĞ ŽĨ ƚŚĞ ƐĐƌĞĞŶƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝůů ŶĂǀŝŐĂƚĞ ƚŚƌŽƵŐŚ ǁŚĞŶ ĞŶƌŽůůŝŶŐ͘ džŚŝďŝƚ ϴ͘ϰͲϰ͗ WƌŽǀŝĚĞƌ ŶƌŽůůŵĞŶƚ ^ĐƌĞĞŶ͘ KƵƌ ĚLJŶĂŵŝĐ ƉƌŽǀŝĚĞƌ ƐĞĂƌĐŚ ĨƵŶĐƚŝŽŶĂůŝƚLJ ĂůůŽǁƐ ƵƐĞƌƐ ƚŽ ƐĞĂƌĐŚ ďLJ Ă ǀĂƌŝĞƚLJ ŽĨ ĨĂĐƚŽƌƐ ƚŽ ĨŝŶĚ ƚŚĞ ƌŝŐŚƚ D,ͬW W͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ &21),'(17,$/ WĂŐĞ ϴ͘ϰͲϭϬ ŽĨ ϭϬ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ ĞŶĞĨŝĐŝĂƌLJ ^ƵƉƉŽƌƚ hŶĚĞƌ DĂŶĂŐĞĚ ĂƌĞ ^ĞĐƚŝŽŶ͘ ϲ͘ ĞŶĞĨŝĐŝĂƌLJ 'ƌŝĞǀĂŶĐĞƐ ^ĞĐƚŝŽŶ ///͘ ͕ ϭ ϴ͘ϱ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĐŽŶĨŝƌŵ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ ͘ ĞŶĞĨŝĐŝĂƌLJ 'ƌŝĞǀĂŶĐĞƐ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ŐƌŝĞǀĂŶĐĞ ƉƌŽĐĞƐƐĞƐ ǁŝůů ďĞ ĞĨĨŝĐŝĞŶƚ ĂŶĚ ŶŽƚ ƵŶŶĞĐĞƐƐĂƌŝůLJ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞůLJ ďƵƌĚĞŶƐŽŵĞ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ WĂŐĞ ϴ͘ϱͲϭ ŽĨ ϯ /Ĩ ǁĞ ĂƌĞ ƵŶĂďůĞ ƚŽ ŝŵŵĞĚŝĂƚĞůLJ ƌĞƐŽůǀĞ Ă ďĞŶĞĨŝĐŝĂƌLJΖƐ ĐŽŶĐĞƌŶ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ƌŽƵƚĞ ƚŚĞ ĐŽŵƉůĂŝŶƚ ƚŽ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ D yĞď ƋƵĞƵĞ ĨŽƌ ĨƵƌƚŚĞƌ ƉƌŽĐĞƐƐŝŶŐ ďLJ ƚŚĞ ƉƉĞĂůƐ ƚĞĂŵ͘ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ǁŝůů ƵƐĞ Ă ĐŽŵƉůĂŝŶƚ ƐĐƌĞĞŶ ƚŽ ƌĞĐŽƌĚ ĂŶĚ ĐůĂƐƐŝĨLJ ĞĂĐŚ ŐƌŝĞǀĂŶĐĞ ďLJ ƚLJƉĞ͕ ƉƌŝŽƌŝƚLJ ƐƚĂƚƵƐ͕ ĂŶĚ ƌĞĂƐŽŶ͘ džŚŝďŝƚ ϴ͘ϱͲϭ͗ ZĞŐŝƐƚĞƌŝŶŐ Ă 'ƌŝĞǀĂŶĐĞ ƐŚŽǁƐ ƚŚĞ ƌĞƋƵŝƌĞĚ ĚĂƚĂ ĞůĞŵĞŶƚƐ ĂŶĚ ĨƌĞĞ ƚĞdžƚ ĨŝĞůĚƐ ƚŚĂƚ ĐĂƉƚƵƌĞ ĂƐ ŵƵĐŚ ŝŶĨŽƌŵĂƚŝŽŶ ĂƐ ŶĞĞĚĞĚ ƚŽ ĂĚĞƋƵĂƚĞůLJ ĚŽĐƵŵĞŶƚ ƚŚĞ ŐƌŝĞǀĂŶĐĞ͕ ĂŶLJ ĂĐƚŝŽŶƐ ƚĂŬĞŶ ƚŽ ƌĞƐŽůǀĞ ƚŚĞ ĐŽŶĐĞƌŶ͕ ĂŶĚ ƐƚĂƚƵƐ͘ KŶĐĞ ĨŝůĞĚ͕ ŽƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ǁŝůů ƌĞĐŽƌĚ ŐƌŝĞǀĂŶĐĞ ƌĞƉŽƌƚƐ ŝŶ ŽƵƌ D yĞďΡ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͕ ŝŶ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ĐĂƐĞ ƌĞĐŽƌĚ ĨŽƌ ǁŚŽŵ ƚŚĞ ŐƌŝĞǀĂŶĐĞ ŝƐ ŵĂĚĞ͕ ĂŶĚ ǁŝůů ĂƚƚĞŵƉƚ ƚŽ ƌĞƐŽůǀĞ ƚŚĞ ĐĂůůĞƌΖƐ ŐƌŝĞǀĂŶĐĞ ĚƵƌŝŶŐ ƚŚĞ ŝŶŝƚŝĂů ĐĂůů͘ &ŝƌƐƚͲĐĂůů ƌĞƐŽůƵƚŝŽŶ ŝƐ ŽƵƌ ŐŽĂůͶƚŽ ŵĞĞƚ ĞĂĐŚ ĐĂůůĞƌΖƐ ŶĞĞĚƐ ƚŚĞ ĨŝƌƐƚ ƚŝŵĞ ƚŚĞLJ ĐŽŶƚĂĐƚ ƵƐ͕ ǁŝƚŚŽƵƚ ƌĞĨĞƌƌĂů ƚŽ ŽƚŚĞƌ ƌĞƐŽƵƌĐĞƐ Žƌ ƚŚĞ ŶĞĞĚ ƚŽ ĐĂůů ďĂĐŬ ƚŽ ŐĞƚ ƚŚĞŝƌ ƋƵĞƐƚŝŽŶƐ ĂŶƐǁĞƌĞĚ͘ tĞ ƵƐĞ ƚŚŝƐ ƐĂŵĞ ĂƉƉƌŽĂĐŚ ƚŽ ƌĞĐĞŝǀĞ͕ ŝĚĞŶƚŝĨLJ͕ ĂŶĚ ƌĞƐŽůǀĞ ŐƌŝĞǀĂŶĐĞƐ͕ ĞůŝŵŝŶĂƚŝŶŐ ƵŶŶĞĐĞƐƐĂƌLJ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ďƵƌĚĞŶƐ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ZĞƐŽůǀŝŶŐ Ă ĐŽŵƉůĂŝŶƚ ĚƵƌŝŶŐ ƚŚĞ ĨŝƌƐƚ ĐĂůů ŝŶǀŽůǀĞƐ ŬŶŽǁŝŶŐ ƚŚĞ ŬĞLJ ƉƌŽĐĞƐƐĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƉŽůŝĐŝĞƐ͘ tĞ ƉƌŽǀŝĚĞ ƉƌŽũĞĐƚͲƐƉĞĐŝĨŝĐ ƚƌĂŝŶŝŶŐ ƚŽ ŽƵƌ ƐƚĂĨĨ ƐŽ ƚŚĂƚ ƚŚĞLJ ĂƌĞ ĂďůĞ ƚŽ ƚƌŝĂŐĞ ĐŽŶƐƵŵĞƌ ĐŽŵƉůĂŝŶƚƐ ďLJ ƋƵŝĐŬůLJ ŝĚĞŶƚŝĨLJŝŶŐ ƚŚĞ ƉƌŽďůĞŵ͕ ĚĞĐŝĚŝŶŐ ŚŽǁ ŝƚ ŵŝŐŚƚ ďĞ ƌĞƐŽůǀĞĚ͕ ĂŶĚ ŝĚĞŶƚŝĨLJŝŶŐ ƚŚĞ ĂĐƚŝŽŶƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ĂĐĐŽŵƉůŝƐŚ ĐŽŵƉůĂŝŶƚ ƌĞƐŽůƵƚŝŽŶ͘ &Žƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͕ ŽƵƌ ƐƚĂĨĨ ǁŝůů ŚĂǀĞ ĂĐĐĞƐƐ ƚŽ Ă ƌŽďƵƐƚ ŬŶŽǁůĞĚŐĞ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ ;ŝŽŶďƌŝĚŐĞ ƚŽ ĂƐƐŝƐƚ ĐĂůůĞƌƐ ƐƉĞĂŬŝŶŐ ĂůƚĞƌŶĂƚĞ ůĂŶŐƵĂŐĞƐ͘ tĞ ĂůƐŽ ƵƐĞ ddzͬd ĂŶĚ ŽƚŚĞƌ ƌĞƋƵŝƌĞĚ ĂƐƐŝƐƚŝǀĞ ĚĞǀŝĐĞƐ͕ ĂƐ ǁĞůů ĂƐ ƚŚĞ KŵďƵĚƐŵĂŶ ƉƌŽŐƌĂŵ ĂƐ ŶĞĞĚĞĚ ƚŽ ƐƵƉƉŽƌƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ǁŝƐŚ ƚŽ ĨŝůĞ Ă ŐƌŝĞǀĂŶĐĞ͘ Ϯ͘ ƌĂǁŝŶŐ ĨƌŽŵ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ ŽƉĞƌĂƚŝŶŐ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĐŽƵŶƚƌLJ͕ ǁĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ďĞŝŶŐ ĂďůĞ ƚŽ ĚŽĐƵŵĞŶƚ͕ ĂŶĂůLJnjĞ͕ ƌĞĚŝƌĞĐƚ ǁŚĞŶ ŶĞĐĞƐƐĂƌLJ͕ ƌĞƉŽƌƚ͕ ĂŶĚ ƌĞƐŽůǀĞ ĐŽŵƉůĂŝŶƚƐ ĂŶĚ ŐƌŝĞǀĂŶĐĞƐ ĂƐ ƋƵŝĐŬůLJ ĂŶĚ ĞĨĨĞĐƚŝǀĞůLJ ĂƐ ƉŽƐƐŝďůĞ͘ KĨƚĞŶ ĂƐ ƚŚĞ ĨŝƌƐƚ ƉŽŝŶƚ ŽĨ ĐŽŶƚĂĐƚ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ D y/Dh^ ŝƐ ŝŶ ƚŚĞ ďĞƐƚ ƉŽƐŝƚŝŽŶ ƚŽ ŵŝƚŝŐĂƚĞ͕ ƌĞĐŽƌĚ͕ ĂŶĚ ƌĞƉŽƌƚ ŽŶ ĐŽŵƉůĂŝŶƚƐ ĂŶĚ ŐƌŝĞǀĂŶĐĞƐ ǁŝƚŚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ĨŽƌ Ăůů ĂƐƉĞĐƚƐ ŽĨ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ĞdžƉĞƌŝĞŶĐĞ ǁŝƚŚ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͘ tĞ ŚĂǀĞ ĚĞƐŝŐŶĞĚ ŽƵƌ ƉƌŽĐĞƐƐĞƐ ƚŽ ƌĞĨůĞĐƚ ƚŚĞ ĐĂƌĞ ǁĞ ǁĂŶƚ ƚŽ ĂĨĨŽƌĚ Ăůů ĐĂůůĞƌƐ ǁŝƚŚ ƐĞŶƐŝƚŝǀĞ ĐŽŶĐĞƌŶƐ Žƌ ŝƐƐƵĞƐ͘ KƵƌ ŐŽĂů ŝƐ ŶŽƚ ƚŽ ƐŝŵƉůLJ ĐŚĞĐŬ Ă ďŽdž ĂŶĚ ĚĞĐůĂƌĞ Ă ƉƌŽďůĞŵ ƐŽůǀĞĚ͕ ďƵƚ ƚŽ ŝĚĞŶƚŝĨLJ ƚŚĞ ƚƌƵĞ ƐŽƵƌĐĞ ŽĨ ƚŚĞ ŝƐƐƵĞͶĂŶĚ͕ ŝĨ ŝƚ ŝƐ ŽƵƌ ŝƐƐƵĞ͕ ƚŽ ƌĞƐŽůǀĞ ŝƚ ƉƌŽŵƉƚůLJ ĂŶĚ ƚŚŽƌŽƵŐŚůLJ͘ /Ĩ ƚŚĞ ŝƐƐƵĞ ŐŽĞƐ ŽƵƚƐŝĚĞ ŽĨ ŽƵƌ ŽƉĞƌĂƚŝŽŶ͕ ǁĞ ǁŝůů ĨŽƌǁĂƌĚ ƚŚĞ ĐŽŵƉůĂŝŶƚ Žƌ ŐƌŝĞǀĂŶĐĞ ƚŽ ƚŚĞ ŵŽƐƚ ĂƉƉƌŽƉƌŝĂƚĞ ĞŶƚŝƚLJ ƚŽ ŚĂŶĚůĞ ƚŚĞ ĐŽŵƉůĂŝŶƚ͘ /Ŷ ƚŚĞ ĨŽůůŽǁŝŶŐ ƐĞĐƚŝŽŶƐ͕ ǁĞ ĚĞŵŽŶƐƚƌĂƚĞ ŚŽǁ ŽƵƌ ĂƉƉƌŽĂĐŚ ƚŽ ŚĂŶĚůŝŶŐ ŐƌŝĞǀĂŶĐĞƐ ƉƌŽǀŝĚĞƐ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨƵůů ǀŝƐŝďŝůŝƚLJ ŝŶƚŽ ƚŚĞ ƌĞƐŽůƵƚŝŽŶ ƉƌŽĐĞƐƐ ĂŶĚ ĞůŝŵŝŶĂƚĞƐ ĂŶLJ ƵŶŶĞĐĞƐƐĂƌLJ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ďƵƌĚĞŶ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ D y/Dh^ ĐŽŶĨŝƌŵƐ ƚŚĂƚ ǁĞ ǁŝůů ĂĚŚĞƌĞ ƚŽ ĞƉĂƌƚŵĞŶƚ ĞdžƉĞĐƚĂƚŝŽŶƐ ĂŶĚ ŵĞĞƚ Ăůů ƌĞƋƵŝƌĞŵĞŶƚƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ƚŚĞ Z&W ^ĞĐƚŝŽŶ ///͘ ĞŶĞĨŝĐŝĂƌLJ 'ƌŝĞǀĂŶĐĞƐ͘ tĞ ĚĞƐĐƌŝďĞ ŽƵƌ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚŝŶŐ ƚŚĞƐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚŝƐ ƐĞĐƚŝŽŶ ŽĨ ŽƵƌ ƉƌŽƉŽƐĂů͘ ϭ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚŝƐ ƐĞĐƚŝŽŶ ďĞ ůŝŵŝƚĞĚ ƚŽ ƚŚƌĞĞ ;ϯͿ ƉĂŐĞƐ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ŐƌŝĞǀĂŶĐĞ ƉŽůŝĐLJ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ŝŶĐůƵĚĞ Ăƚ ůĞĂƐƚ ƚǁŽ ;ϮͿ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ ŽĨ ĞĂĐŚ͕ ďƵƚ ŵĂLJ ŶŽƚ ƐƵďŵŝƚ ŵŽƌĞ ƚŚĂŶ ƚŚƌĞĞ ;ϯͿ ĨŽƌ ĞĂĐŚ͘ dŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ǁŝůů ďĞŶĞĨŝƚ ĨƌŽŵ ŽƵƌ ĞŶŚĂŶĐĞĚ ĐŽŵƉůĂŝŶƚ ĂŶĚ ŐƌŝĞǀĂŶĐĞƐ ƉƌŽĐĞƐƐ͘ D y/Dh^ ǀŝĞǁƐ ĐŽŵƉůĂŝŶƚƐ ĂƐ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ƚŽ ƌĞĂƐƐĞƐƐ ŽƵƌ ƉĞƌĨŽƌŵĂŶĐĞ͕ ƚŽ ĞǀĂůƵĂƚĞ ďĞŶĞĨŝĐŝĂƌLJ ƉĞƌĐĞƉƚŝŽŶƐ ŽĨ ŽƵƌ ƐĞƌǀŝĐĞƐ͕ ĂŶĚ ƚŽ ĨƵƌƚŚĞƌ ŝŵƉƌŽǀĞ ƋƵĂůŝƚLJ͘ tĞ ŽĨĨĞƌ Ă ƉƌŽǀĞŶ ĂƉƉƌŽĂĐŚ ƚŽ ĂƐƐŝƐƚŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ ĐŽŵƉůĂŝŶƚƐ͕ ĞƐĐĂůĂƚŝŶŐ ĂŶĚ ƌĞĨĞƌƌŝŶŐ ĐŽŵƉůĂŝŶƚƐ ǁŚĞŶ ŶĞĐĞƐƐĂƌLJ͕ ĂŶĚ ĐƌĞĂƚŝŶŐ ĂŶĂůLJƚŝĐĂů ƌĞƉŽƌƚƐ ƚŽ ƉƌŽǀŝĚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ ƚŚĞ ďĞƐƚ ƉŽƐƐŝďůĞ ĞdžƉĞƌŝĞŶĐĞ ǁŝƚŚ EŽƌƚŚ ĂƌŽůŝŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ^ĞƌǀŝĐĞƐ͘ &21),'(17,$/ WĂŐĞ ϴ͘ϱͲϮ ŽĨ ϯ ŶĂůLJƚŝĐĂů ZĞƉŽƌƚŝŶŐ tĞ ǁŝůů ĞdžƉŽƌƚ ĚĂƚĂ ĂďŽƵƚ ŐƌŝĞǀĂŶĐĞƐ ĨƌŽŵ D yĞď ŝŶƚŽ ĞĐŝƐŝŽŶWŽŝŶƚΠ ĨŽƌ ƵƐŝŶĞƐƐ /ŶƚĞůůŝŐĞŶĐĞ ; ĞĐŝƐŝŽŶWŽŝŶƚ /Ϳ ƚŽ ŐĞŶĞƌĂƚĞ ƌĞƉŽƌƚƐ ĨŽƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƵƉŽŶ ƌĞƋƵĞƐƚ͘ ZƵŶŶŝŶŐ ƌĞƉŽƌƚƐ ĂŶĚ ĐŽŶĚƵĐƚŝŶŐ ƚƌĞŶĚ ĂŶĂůLJƐŝƐ ŽŶ ƚŚĞ ĚĂƚĂ ĚŽĐƵŵĞŶƚĞĚ ŝŶ D yĞď ƉƌŽǀŝĚĞƐ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ D y/Dh^ ǁŝƚŚ ĐƌŝƚŝĐĂů ŝŶƐŝŐŚƚ ŝŶƚŽ ƚŚĞ ƚLJƉĞƐ ŽĨ ŐƌŝĞǀĂŶĐĞƐ ƌĞĐĞŝǀĞĚ͕ ĂŶĚ ƚŚĞ ĂƌĞĂƐ ŽĨ ŚŝŐŚĞƐƚ ƉƌŝŽƌŝƚLJ ĨŽƌ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƉƌĞǀĞŶƚĂƚŝǀĞ ĂŶĚ ĐŽƌƌĞĐƚŝǀĞ ĂĐƚŝŽŶ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĚĞƐŝŐŶ ƌĞƉŽƌƚƐ ƚŚĂƚ ƉƌŽǀŝĚĞ ƚŚĞ dŽ ĨĂĐŝůŝƚĂƚĞ ƚŚĞ ĂĐĐƵƌĂƚĞ ƉƌŽĐĞƐƐŝŶŐ͕ ƌĞƉŽƌƚŝŶŐ͕ ĂŶĚ ĂŶĂůLJƐŝƐ ŽĨ ďĞŶĞĨŝĐŝĂƌLJ ĐŽŶĐĞƌŶƐ͕ ǁĞ ǁŝůů ĐůĞĂƌůLJ ĚĞĨŝŶĞ ĂŶĚ ĐůĂƐƐŝĨLJ ĐŽŵƉůĂŝŶƚƐ ĂŶĚ ŐƌŝĞǀĂŶĐĞƐ ďLJ ĐĂƚĞŐŽƌLJ ĂŶĚ ƚLJƉĞ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ƐƉĞĐŝĨŝĐ ĐŽŵƉůĂŝŶƚƐ Žƌ ŐƌŝĞǀĂŶĐĞƐ ƌĂŝƐĞĚ͘ dƌĞŶĚŝŶŐ ĂŶĂůLJƐŝƐ ŽĨ ƚŚĞ ƚLJƉĞƐ ŽĨ ĐŽŵƉůĂŝŶƚƐ ƌĞĐĞŝǀĞĚ ƉƌŽǀŝĚĞƐ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ D y/Dh^ ǁŝƚŚ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ƚŽ ƚĂŬĞ ƉƌĞǀĞŶƚĂƚŝǀĞ ĂŶĚ ĐŽƌƌĞĐƚŝǀĞ ĂĐƚŝŽŶƐ ĂŶĚ ŝŵƉƌŽǀĞ ƋƵĂůŝƚLJ ŽĨ ĐĂƌĞ ;ĂĐĐĞƐƐ͕ ƉĂƚŝĞŶƚ ĞdžƉĞƌŝĞŶĐĞ͕ ĂŶĚ ƐŽ ŽŶͿ͕ ǁŚŝĐŚ ŝƐ ƚŚĞ ƵůƚŝŵĂƚĞ ŐŽĂů ŽĨ ƚŚĞ ŐƌŝĞǀĂŶĐĞ ĂŶĚ ĐŽŵƉůĂŝŶƚ ƌĞƉŽƌƚŝŶŐ ƐLJƐƚĞŵ͘ ƉƉĞŶĚŝdž ϴ͘ϱͲϭ͗ /ŶĚŝĂŶĂ ŶƌŽůůŵĞŶƚ ŽŵƉůĂŝŶƚƐ ĂŶĚ 'ƌŝĞǀĂŶĐĞ WŽůŝĐLJ͕ ƉƉĞŶĚŝdž ϴ͘ϱͲϮ͗ ĂLJŽƵ ,ĞĂůƚŚ ŶƌŽůůŵĞŶƚ ĞŶƚĞƌ ŽŵƉůĂŝŶƚ ĂŶĚ 'ƌŝĞǀĂŶĐĞ ,ĂŶĚůŝŶŐ͕ ĂŶĚ ƉƉĞŶĚŝdž ϴ͘ϱͲϯ͗ ĂLJŽƵ ,ĞĂůƚŚ ŶƌŽůůŵĞŶƚ ĞŶƚĞƌ &Ăŝƌ ,ĞĂƌŝŶŐ ĂŶĚ ƉƉĞĂůƐ ƐŚŽǁ ĞdžĂŵƉůĞƐ ŽĨ ŽƵƌ ŝŶƚĞƌŶĂů ƉŽůŝĐŝĞƐ ĨŽƌ ŚĂŶĚůŝŶŐ ŐƌŝĞǀĂŶĐĞƐ͘ D yĞď ĂƵƚŽŵĂƚŝĐĂůůLJ ŐĞŶĞƌĂƚĞƐ ďŽƚŚ ƚŚĞ ĚĂƚĞ ĂŶĚ ƚŝŵĞ ƚŚĂƚ ƚŚĞ ŐƌŝĞǀĂŶĐĞͬĐŽŵƉůĂŝŶƚ ŝƐ ƌĞĐŽƌĚĞĚ͕ ĂƐ ǁĞůů ĂƐ Ă ƚƌĂĐŬŝŶŐ ŶƵŵďĞƌ ǁŚŝĐŚ ǁĞ ǁŝůů ƵƐĞ ĨŽƌ ŝŶƚĞƌŶĂů ĂŶĚ ĞdžƚĞƌŶĂů ƚƌĂĐŬŝŶŐ ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ ƉƵƌƉŽƐĞƐ͘ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ǁŝůů ĞŶƚĞƌ Ăůů ĂĐƚŝŽŶƐ ƚĂŬĞŶ͕ ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ƌĞƐŽůƵƚŝŽŶ Žƌ ĞƐĐĂůĂƚŝŽŶ ĐŽĚĞ͘ D yĞď ǁŝůů ƚƌŝŐŐĞƌ Ă ŶŽƚŝĐĞ ƚŽ ďĞ ƐĞŶƚ ĨƌŽŵ ŽƵƌ ŵĂŝů ŚŽƵƐĞ ǀĞŶĚŽƌ͕ ƵƐŝŶĞƐƐ /ŶŬ͕ ǁŝƚŚŝŶ ĨŝǀĞ ďƵƐŝŶĞƐƐ ĚĂLJƐ͕ ŶŽƚŝĨLJŝŶŐ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƚŚĂƚ ƚŚĞŝƌ ŐƌŝĞǀĂŶĐĞ ǁĂƐ ƌĞĐĞŝǀĞĚ͘ ƚ ƚŚĞ ƐĂŵĞ ƚŝŵĞ͕ D yĞď ƌŽƵƚĞƐ ĂŶĚ ƚƌĂĐŬƐ ƚŚĞ ƚĂƐŬ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĞƉĂƌƚŵĞŶƚͲ ĂƉƉƌŽǀĞĚ ĞƐĐĂůĂƚŝŽŶ ƉƌŽĐĞƐƐĞƐ ƚŽ ĂŶ ƉƉĞĂůƐ ^ƉĞĐŝĂůŝƐƚ͕ ǁŚŽ ǁŝůů ƌĞǀŝĞǁ Ăůů ŐƌŝĞǀĂŶĐĞƐ ƚŚĂƚ ĐĂŶŶŽƚ ďĞ ƌĞƐŽůǀĞĚ ďLJ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ͘ dŚĞ ƉƉĞĂůƐ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ƚĂŬĞ ƚŚĞ ŶĞdžƚ ƐƚĞƉƐ ƚŽ ƌĞƐŽůǀĞ ƚŚĞ ŐƌŝĞǀĂŶĐĞ Žƌ ĨŽƌǁĂƌĚ ƚŚĞ ĐŽŵƉůĂŝŶƚ ŽŶ ƚŽ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ĞŶƚŝƚLJ͘ tŝƚŚŝŶ ϯϬ ĚĂLJƐ ŽĨ ƌĞĐĞŝƉƚ͕ ƚŚĞ ƉƉĞĂůƐ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ƐĞŶĚ Ă ŶŽƚŝĐĞ ŽĨ ƌĞƐŽůƵƚŝŽŶ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ Žƌ ƚŚĞŝƌ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ĂǀĂŝůĂďůĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĞdžƉůĂŝŶŝŶŐ ĐƵƌƌĞŶƚ ŐƌŝĞǀĂŶĐĞ ƉŽůŝĐLJ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ůŝŶŬ ƚŽ ĞdžŝƐƚŝŶŐ ďĞŶĞĨŝĐŝĂƌLJ ŐƌŝĞǀĂŶĐĞ ƉŽůŝĐLJ ŽŶ Ă ƉƵďůŝĐůLJ ĂǀĂŝůĂďůĞ ǁĞďƐŝƚĞ͘ DĞĚŝͲ Ăů DĂŶĂŐĞ ĂƌĞ ,ĞĂůƚŚ KƉƚŝŽŶƐ WƌŽũĞĐƚ͗ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŚĞĂůƚŚĐĂƌĞŽƉƚŝŽŶƐ͘ĚŚĐƐ͘ĐĂ͘ŐŽǀͬƌŝŐŚƚƐ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂƐƐŝƐƚĂŶĐĞ ƉƌŽǀŝĚĞĚ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶ ĐŽŵƉůĞƚŝŶŐ ĨŽƌŵƐ ĂŶĚ ŽƚŚĞƌ ƉƌŽĐĞĚƵƌĂů ƐƚĞƉƐ ƌĞůĂƚĞĚ ƚŽ ŐƌŝĞǀĂŶĐĞƐ͘ „ ϱ͘ dŚĞ KĨĨĞƌ Žƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ WĂŐĞ ϴ͘ϱͲϯ ŽĨ ϯ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ ĞŶĞĨŝĐŝĂƌLJ 'ƌŝĞǀĂŶĐĞƐ͘ ϲ͘ D y/Dh^ ǁŝůů ƉƌŽǀŝĚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ ĂƐƐŝƐƚĂŶĐĞ ŝŶ ĐŽŵƉůĞƚŝŶŐ ŐƌŝĞǀĂŶĐĞ ĨŽƌŵƐ ĂŶĚ ŽƚŚĞƌ ƉƌŽĐĞĚƵƌĂů ƐƚĞƉƐ ƌĞůĂƚĞĚ ƚŽ Ă ŐƌŝĞǀĂŶĐĞ ƚŚƌŽƵŐŚ Ăůů ĐŚĂŶŶĞůƐ ƌĞƋƵŝƌĞĚ ŝŶ ƚŚĞ Z&W͘ /Ĩ ƚŚĞ ŝƐƐƵĞ ŝƐ ŶŽƚ ƌĞƐŽůǀĞĚ ĂŶĚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ǁŝƐŚĞƐ ƚŽ ĞdžĞƌĐŝƐĞ ƚŚĞ ŐƌŝĞǀĂŶĐĞ Žƌ ĂƉƉĞĂůƐ ƉƌŽĐĞƐƐ͕ ŽƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ŚĞůƉ ŝŶĨŽƌŵ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŽĨ ƚŚĞŝƌ ƌŝŐŚƚƐ ĂŶĚ ƉƌŽǀŝĚĞ ƚŚĞŵ ǁŝƚŚ ƌĞĨĞƌƌĂů ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ŽƵƚƐŝĚĞ ĂŐĞŶĐLJ ďĂƐĞĚ ŽŶ ƚŚĞ ŶĂƚƵƌĞ ŽĨ ƚŚĞŝƌ ĐŽŶĐĞƌŶ͘ tĞ ƐƚĂĨĨ ŽƵƌ ĐĂůů ĐĞŶƚĞƌ ǁŝƚŚ ďŝůŝŶŐƵĂů ^ƉĂŶŝƐŚͲƐƉĞĂŬŝŶŐ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ĂŶĚ ƵƐĞ >ŝŽŶďƌŝĚŐĞ ƚƌĂŶƐůĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ƚŽ ĂƐƐŝƐƚ ŶŽŶͲ ŶŐůŝƐŚ ĂŶĚ ŶŽŶͲ^ƉĂŶŝƐŚ ƐƉĞĂŬŝŶŐ ĐĂůůĞƌƐ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ǁĞ ŵĂŬĞ Ă ƐƉĞĐŝĂů ĞĨĨŽƌƚ ĂŶĚ ĞŵƉůŽLJ ĂůƚĞƌŶĂƚŝǀĞ ŵĞƚŚŽĚƐ ƚŽ ƌĞĂĐŚ ŝŶĚŝǀŝĚƵĂůƐ ǁŝƚŚ ŚĞĂƌŝŶŐ ĂŶĚ ǀŝƐŝŽŶ ŝŵƉĂŝƌŵĞŶƚƐ͕ ĂŶĚ ŽƚŚĞƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ ƐƉĞĐŝĂů ŶĞĞĚƐ͘ tĞ ĞŶƐƵƌĞ ƚŚĂƚ ǁĞ ǁƌŝƚĞ ŵĂƚĞƌŝĂůƐ Ăƚ ĂŶ ĂƉƉƌŽƉƌŝĂƚĞ ŐƌĂĚĞ ůĞǀĞů͕ ƵƐŝŶŐ ĨŽƌĞŝŐŶ ůĂŶŐƵĂŐĞ ŝŶƚĞƌƉƌĞƚĞƌƐ ǁŚĞŶ ŶĞĞĚĞĚ͕ ĂŶĚ ĚĞǀĞůŽƉŝŶŐ ŵĂƚĞƌŝĂůƐ ŝŶ ĂůƚĞƌŶĂƚŝǀĞ ĨŽƌŵĂƚƐ͕ ůŝŬĞ ůĂƌŐĞ ƉƌŝŶƚ͕ ƌĂŝůůĞ͕ ĂŶĚ ĂƵĚŝŽƚĂƉĞƐ Žƌ Ɛ͕ ŽŶ ĂŶ ĂƐͲŶĞĞĚĞĚ ďĂƐŝƐ͘ &Žƌ ĐĂůůĞƌƐ ǁŝƚŚ ŚĞĂƌŝŶŐ ŝŵƉĂŝƌŵĞŶƚƐ͕ ǁĞ ǁŝůů ƵƐĞ ddzͬd ĞƋƵŝƉŵĞŶƚ ƚŽ ƉƌŽǀŝĚĞ ĂƐƐŝƐƚĂŶĐĞ͘ dŽ ĨƵƌƚŚĞƌ ƐƵƉƉŽƌƚ ŝŶĚŝǀŝĚƵĂůƐ ǁŝƚŚ ĚŝƐĂďŝůŝƚŝĞƐ͕ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ǁŝůů ďĞ ^ĞĐƚŝŽŶ ϱϬϴͲĐŽŵƉůŝĂŶƚ͘ /ůůŝŶŽŝƐ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƉƌŽũĞĐƚ͗ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŝůůŝŶŽŝƐ͘ŐŽǀͬŚĨƐͬ^ŝƚĞ ŽůůĞĐƚŝŽŶ ŽĐƵŵĞŶƚƐͬD K'ƌŝĞǀĂŶĐĞ ŶĚ ƉƉĞĂůƐWƌŽĐĞƐƐ͘ƉĚĨ „ D y/Dh^ ƉƌŽǀŝĚĞƐ ƚŚĞ ĨŽůůŽǁŝŶŐ ůŝŶŬƐ ƚŽ ĞdžĂŵƉůĞƐ ŽĨ ĞdžŝƐƚŝŶŐ ŐƌŝĞǀĂŶĐĞ ƉŽůŝĐŝĞƐ͗ ϰ͘ D y/Dh^ ŝƐ Ă ƌĞĐŝƉŝĞŶƚ ŽĨ ƚŚĞ ϮϬϭϴ ůĞĂƌDĂƌŬ ǁĂƌĚ ŽĨ ŝƐƚŝŶĐƚŝŽŶ ĨƌŽŵ ƚŚĞ ĞŶƚĞƌ ĨŽƌ WůĂŝŶ >ĂŶŐƵĂŐĞ ĨŽƌ ŽƵƌ ŽůŽƌĂĚŽ ,ĞĂůƚŚ &ŝƌƐƚ DĞŵďĞƌ ,ĂŶĚŬ͖ ǁĞ ŚĂǀĞ ŝŶĐůƵĚĞĚ ƚŚĞ ŚĂŶĚŬ ŝŶ ƉƉĞŶĚŝdž ϴ͘ϱͲϰ͗ ŽůŽƌĂĚŽ ,ĞĂůƚŚ &ŝƌƐƚ ǁĂƌĚ tŝŶŶŝŶŐ DĞŵďĞƌ ,ĂŶĚŬ͕ ǁŚŝĐŚ ŽƵƚůŝŶĞƐ ďĞŶĞĨŝĐŝĂƌLJ ŐƌŝĞǀĂŶĐĞ ĂŶĚ ĐŽŵƉůĂŝŶƚƐ ƉƌŽĐĞĚƵƌĞƐ ŽŶ ƉĂŐĞƐ ϯϬͲϰϬ͘ dŚĞ ĞŶƚĞƌ ĨŽƌ WůĂŝŶ >ĂŶŐƵĂŐĞ ĞǀĂůƵĂƚĞƐ ŵĂƚĞƌŝĂů ŽŶ ŚŽǁ ǁĞůů ǁĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ĂƵĚŝĞŶĐĞ ĂŶĚ ŚŽǁ ƋƵŝĐŬůLJ ĂŶĚ ĞĂƐŝůLJ ƚŚĞ ŝŶƚĞŶĚĞĚ ĂƵĚŝĞŶĐĞ ĐĂŶ ĨŝŶĚ ǁŚĂƚ ƚŚĞLJ ŶĞĞĚ͕ ƵŶĚĞƌƐƚĂŶĚ ǁŚĂƚ ƚŚĞLJ ĨŝŶĚ͕ ĂŶĚ ĂĐƚ ŽŶ ƚŚĂƚ ƵŶĚĞƌƐƚĂŶĚŝŶŐ͘ tĞ ŝŶĐůƵĚĞ ƚŚĞ ŵĂƚĞƌŝĂůƐ ĂǀĂŝůĂďůĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶ ŽƵƌ /ůůŝŶŽŝƐ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƉƌŽũĞĐƚ ƚŚĂƚ ŝŶĐůƵĚĞ ŝŶƐƚƌƵĐƚŝŽŶƐ ŽŶ ŚŽǁ ƚŚĞLJ ĐĂŶ ĨŝůĞ Ă ĐŽŵƉůĂŝŶƚ Žƌ ŐƌŝĞǀĂŶĐĞ ŝŶ ƉƉĞŶĚŝdž ϴ͘ϱͲϱ͗ /ůůŝŶŽŝƐ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĚƵĐĂƚŝŽŶĂů DĂƚĞƌŝĂůƐ͘ ϯ͘ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚ ǀŽůƵŵĞ ƚƌĞŶĚŝŶŐ ĂŶĚ ĐĂƵƐĂƚŝǀĞ ĂŶĂůLJƐŝƐ ƚŽ ŝĚĞŶƚŝĨLJ ƌĞĐƵƌƌĞŶƚ ŝƐƐƵĞƐ ĂŶĚ ƐƵƉƉŽƌƚ ƉƌŽĐĞƐƐ ŝŵƉƌŽǀĞŵĞŶƚ͘ ůů ŽĨ ŽƵƌ ƌĞƉŽƌƚŝŶŐ ĚŽĐƵŵĞŶƚƐ ƉƌŽǀŝĚĞ ĚĞƚĂŝůĞĚ ĂŶĂůLJƚŝĐƐ ƌĞŐĂƌĚŝŶŐ ĞĂĐŚ ƐĞƌǀŝĐĞ ĚĞůŝǀĞƌLJ ƉƌŽŐƌĂŵ͕ ĂůůŽǁŝŶŐ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ D y/Dh^ ƚŽ ƉƌŽĂĐƚŝǀĞůLJ ŝĚĞŶƚŝĨLJ ŝƐƐƵĞƐ ĂŶĚ ŝŵƉůĞŵĞŶƚ ƚŚĞ ďĞƐƚ ŵĞƚŚŽĚƐ ƚŽ ĂĚĚƌĞƐƐ ƚŚĞ ĐŽŶĐĞƌŶƐ ŽĨ ŽƵƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ĞƉĂƌƚŵĞŶƚ ƐƚĂĨĨ ǁŝůů ďĞ ĂďůĞ ƚŽ ĂĐĐĞƐƐ ŐƌŝĞǀĂŶĐĞ ƌĞƉŽƌƚŝŶŐ ƚŚƌŽƵŐŚ ƚŚĞ ĞĐŝƐŝŽŶWŽŝŶƚ / ĚĂƐŚďŽĂƌĚƐ͕ ĂůŽŶŐ ǁŝƚŚ ŽƚŚĞƌ ƉƌŽũĞĐƚ ƌĞƉŽƌƚƐ͘ KƵƌ ƋƵĂůŝƚLJ ŵĂŶĂŐĞŵĞŶƚ ƚĞĂŵ ƌĞǀŝĞǁƐ ƚŚĞƐĞ ƌĞƉŽƌƚƐ ƚŽ ŚĞůƉ ĚĞǀĞůŽƉ ƐƚƌĂƚĞŐŝĞƐ ƚŽ ĐŽŶƚŝŶƵŽƵƐůLJ ŝŵƉƌŽǀĞ ŽƵƌ ƉƌŽĐĞƐƐĞƐ͘ hƐŝŶŐ ĚĂƚĂ ĂŶĂůLJƚŝĐƐ ŝŶ ŽƵƌ ĂůŝĨŽƌŶŝĂ ,ĞĂůƚŚ ĂƌĞ KƉƚŝŽŶƐ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚ͕ ǁĞ ǁĞƌĞ ĂďůĞ ƚŽ ƌĞĚƵĐĞ ŐƌŝĞǀĂŶĐĞƐ ĨƌŽŵ ϰϬ ŝŶ ϮϬϬϳ ƚŽ Ϭ ŝŶ ϮϬϭϳ͘ RFP Section Response 8.6 Member Outreach, Education and Enrollment Materials Section m. F, 1-6 the Department requests the response to this section be limited to ten (10) pages. not including the items stated below The sample/exanmle Tribal Engagement Strategy should be limited to live (5) pages The Tribal Engagement Strategy is located at the oi this section The sample/example DSS Engagement Strategy should be limited to five (5) pages. The Depanment of Surial Sen/ices Strategy is lorated after the conclusion of this section lite proposed approach for enhanced outreach and community level engagement should he limited in live (5) pages. With 22 years of experience sewing managed care populations across the country, we have perfected a customizable community outreach and education strategy that blends high-impact and low-cost digital tools with personalized, friendly, and culturally competent in-person education. The education and outreach strategies that we will employ for North Carolina provide clear, easy-to-understand program information and enrollment assistance tailored to the speci?c populations served, such as tribal, beneficiaries with disabilities. and those with limited English- ianguage proficiency. 1. The Offeror must confirm adherence to the expectations of the Department and describe their ability and approach to meet the requirements of Section F. Member Outreach, Education and Enrollment Materials. MAXIMUS confirms that we will adhere to Department expectations and meet all requirements set forth in RF Section Member Outreach, Education and Enrollment Materials. We describe our approach to meeting these requirements throughout this section of our proposal. prepares us to effectively develop, implement, and maintain an effective outreach and education strategy that meets all identified managed care enrollment needs at each stage of the process. Our expertise will also help the Department recognize additional enrollment needs and plan for those contingencies, such as plan change requests resulting from newly blended families. We will submit our Outreach and Education Campaign Strategy for Department approval within 30 calendar days of the Contract Effective Date. For the NC Enrollment Broker project, we will develop our member outreach strategies and education and enrollment materials jointly with our internal Center for Health Literacy. MAXIMUS Center for Health Literacy Our unparalleled experience with program changes and assisting states and their citizens through managed care implementations Our nationally recognized Center for Health Literacy (the Center) was created speci?cally with the goal of serving Medicaid and CHIP members with limited literacy skills and varying linguistic needs. We will rely on the Center to create North Carolina?s enrollment materials and new webpages and enrollment portal, which we outline throughout our proposal. The Center is known for designing and producing attractive, clearly written, and easy- to-read correspondence templates, program-related educational materials, and websites. Many of these member materials are focused on the needs of culturally diverse populations, and is built around understandable calls to action that are linguistically and culturally attuned to North Carolina groups. The Center studies how consumers understand and interact with written materials, and then develops, designs, and produces written and online materials in response to those findings. The Center has created health education and outreach materials for a variety of audiences and state benefit programs including Medicaid, Medicare, and CHIP. Further, the Center provides expert translation services, developing forms and materials in the predominant languages of the Medicaid populations we support. In addition to written materials and correspondence templates, the Center is adept at desimg content for websites that is user-friendly, attractive, and fully accessible, so consumers and other program stakeholders can find Page 8.6-1 of 22 the information they want easily and intuitively. The Center will work with the MAXIMUS Digital Solutions design team to confirm the North Carolina website is optimized for encouraging effective self-service. The quality of the Center's work and the breadth of their expertise have been validated numerous times; for example, the Centers for Medicare Medicaid Services (CMS) and several high-profile nonprofit organizations have turned to the Center for best practice studies to help guide the efforts of state Medicaid and CHIP programs. The Center has received three Awards of Distinction for its work from the national ClearMark Awards, sponsored by the Center for Plain Language. 2. Offeror must describe the outreach and education campaign strategy for beneficiaries, members of federally recognized tribes, authorized representatives, family members, providers, PHPs, local DSS offices, offices and community-based organiations which may routinely interact with North Carolina's Medicaid bene?ciaries. Our education and outreach program, presentations, and website will provide important Medicaid and plan information not only for beneficiaries, but also for their authorized representatives, family members, providers, and governmental and community-based organizations that serve beneficiaries. Any of these audiences may, at any time, access program and policy information, download forms, or ask general questions online or by telephone, but only bene?ciaries and authorized representatives may access mse speci?c information. We also provide specifically tailored support and materials for federally recognized tribes, Pi-lPs, county DSS of?ces, and PH HS of?ces. Our strategy is to listen, learn, and continuously improve our messaging, training curriculum, and materials every day we serve the people of North Carolina. We incorporate stakeholder feedback from meetings and communication channels, survey data, user data from the AVRS and website, and review by subject matter experts into this program of consistent revision and specialization. Our materials are designed with the needs of specific populations and groups with unique considerations. Exhibit 8.6-1: MAXIMUS Approach to Special Population Needs shows how we intend to provide specialized assistance to all individuals served in North Carolina. MAXIMUS Approach to Special Population Needs I Special Population Need MAXIMUS Approach Unique Features of the Solution i. Medicaid population size and geographic/regional needs or differences; Customize our outreach strategies and presentations for each region, including altering the number of presentations and sites based on population density, travel time, and proximately to frequently used services Alter materials for any rural versus urban differences and needs, such as access to medical specialists and transportation services Our wide experience with different geographic and demographic outreach areas has taught us how to best accommodate rural and urban settings by considering travel time, common locations beneficiarls already visit, and even times of day best suited for presentations based on location. ii. Primary language and first language; include primarily language indicators in to alert Enrollment Specialists to language needs and to provide automated mailing of materials in Spanish when Indicated Employ English/Spanish bilingual staff and use our Cisco intelligent routing software to route cells where Spanish is the primary language to Spanish speaking Enrollment Specialists Use Lionbridge translation services by telephone, and local translation services when necessary, for in-person outreach to provide first language choice counseling include language tag lines for all fifteen common North Carolina languages for written materials and the website Provide a Spanish language version of the mobile app and website automates language preferences to provide Spanish language first services to authenticated users when applicable, and ready translation assistance for other languages. Page 8.6-2 of 22 ŝdž͘ ƵůƚƵƌĂů ŶĞĞĚƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞ͖ ǀŝŝŝ͘ ŐĞ͖ ǀŝ͘ tĞď ĐŽŶƚĞŶƚ ĂĐĐĞƐƐŝďŝůŝƚLJ ŐƵŝĚĞůŝŶĞƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŵĞƌŝĐĂŶƐ ǁŝƚŚ ŝƐĂďŝůŝƚŝĞƐ Đƚ ; Ϳ͖ ǀŝŝ͘ >ŝƚĞƌĂĐLJ ƌĞĂĚŝŶŐ ĐĂƉĂďŝůŝƚLJ͖ ǀ͘ WĞŽƉůĞ ǁŚŽ ŵĂLJ ďĞ ďůŝŶĚ Žƌ ǀŝƐƵĂůůLJ ŝŵƉĂŝƌĞĚ͖ ŝǀ͘ WĞŽƉůĞ ǁŚŽ ŵĂLJ ďĞ ĚĞĂĨ͕ ŚĂƌĚ ŽĨ ŚĞĂƌŝŶŐ Žƌ ĚĞĂĨͲďůŝŶĚ͖ ŝŝŝ͘ WĞŽƉůĞ ǁŝƚŚ ĚŝƐĂďŝůŝƚŝĞƐ͖ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ tŽƌŬ ǁŝƚŚ ƚŚĞ ŚĞƌŽŬĞĞ W,,^ ƚŽ ŵĞĞƚ ƚŚĞ ƐƉĞĐŝĨŝĐ ŶĞĞĚƐ ŽĨ ƚŚĞ ƚƌŝďĞ ĂƐ ŝŶĨŽƌŵĞĚ ďLJ ƚŚĞ dƌŝďĂů ,ĞĂůƚŚ ƐƐĞƐƐŵĞŶƚ ;d, Ϳ ĂŶĚ ƚŚĞ ƐƉĞĐŝĨŝĐƐ ŽĨ ƚŚĞ ĨŝŶĂů dƌŝďĂů KƉƚŝŽŶ KĨĨĞƌ Ă ĚĞĚŝĐĂƚĞĚ dƌŝďĂů >ŝĂŝƐŽŶ ǁŝƚŚ ƐƉĞĐŝĨŝĐ ĞdžƉĞƌŝĞŶĐĞ ǁŽƌŬŝŶŐ ǁŝƚŚ EŽƌƚŚ ĂƌŽůŝŶĂ ƚƌŝďĞƐ ĨŽƌ ŵŽƌĞ ƚŚĂŶ ϭϱ LJĞĂƌƐ WƌŽǀŝĚĞ ĂŶ ŽƵƚƌĞĂĐŚ ƚĞĂŵ ǁŚŽ ǁŝůů ĞŵďĞĚ ŝŶ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ĨŽƌ ŝŶƐŝŐŚƚƐ ƚŚĂƚ ĐĂŶŶŽƚ ďĞ ŐĂŝŶĞĚ ĨƌŽŵ ĂŶ ŽĨĨŝĐĞ ƐĞĂƚ ŝŶ ZĂůĞŝŐŚ >ŝƐƚĞŶ ƚŽ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ůĞĂĚĞƌƐ ƚŽ ĐŽŶƚŝŶƵŽƵƐůLJ ĞǀŽůǀĞ ŽƵƌ ŽƵƚƌĞĂĐŚ ƐƚƌĂƚĞŐLJ ĨŽƌ ƚŚĞ ŐŽŽĚ ŽĨ Ăůů ƐƚĂŬĞŚŽůĚĞƌƐ WƌŽǀŝĚĞ ƐƉĞĐŝĨŝĐ ůŽŶŐͲƚĞƌŵ ĐĂƌĞ ŵĂƚĞƌŝĂůƐ ǁŚĞŶ ŶĞĐĞƐƐĂƌLJ ZĞĐƌƵŝƚ 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ͬddz ĐĂƉĂďŝůŝƚŝĞƐ WƌŽǀŝĚĞ ĐůŽƐĞĚͲĐĂƉƚŝŽŶƐ ĨŽƌ ĂŶLJ ǀŝĚĞŽ ǁĞď ĐŽŶƚĞŶƚ KĨĨĞƌ ƐŝŐŶ ůĂŶŐƵĂŐĞ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ Ăƚ ƐĞůĞĐƚ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ ŽŶĨŝƌŵ ĂŶĚ ƚĞƐƚ Ăůů ŽŶůŝŶĞ ĐŽŶƚĞŶƚ ĨŽƌ ƐĐƌĞĞŶ ƌĞĂĚĞƌ͕ ŝŶĐůƵĚŝŶŐ ďƌĂŝůůĞ ƌĞĂĚĞƌ ĂĐĐĞƐƐŝďŝůŝƚLJ KĨĨĞƌ ůŝǀĞ ǁĞď ĐŚĂƚ ĂƐƐŝƐƚĂŶĐĞ ĂƐ ĂŶ ĂůƚĞƌŶĂƚŝǀĞ ƚŽ ĂƐƐŝƐƚĂŶĐĞ ďLJ ƚĞůĞƉŚŽŶĞ hƐĞ ŽĨ Ă ĚĞĚŝĐĂƚĞĚ ƐĞĐƵƌĞ ĞŵĂŝů ŝŶďŽdž ĨŽƌ ĞŵĂŝů ĂƐƐŝƐƚĂŶĐĞ WƌŽǀŝĚĞ ƐƉĞĐŝĂů ƚƌĂŝŶŝŶŐ ĨŽƌ ŽƵƌ ƐƚĂĨĨ ǁŚŽ ĂƌĞ ǁŽƌŬŝŶŐ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ŵĂLJ ŚĂǀĞ ĐŽŐŶŝƚŝǀĞ ĐŚĂůůĞŶŐĞƐ ŽŶĨŝƌŵ Ăůů ŽƵƚƌĞĂĐŚ ƉƌĞƐĞŶƚĂƚŝŽŶ ĂŶĚ ĞǀĞŶƚƐ ĂƌĞ ůŽĐĂƚĞĚ Ăƚ ŵĞƌŝĐĂŶƐ ǁŝƚŚ ŝƐĂďŝůŝƚŝĞƐ Đƚ ; Ϳ ĐŽŵƉůŝĂŶƚ ĨĂĐŝůŝƚŝĞƐ KĨĨĞƌ ĂůƚĞƌŶĂƚŝǀĞ ŵĂƚĞƌŝĂůƐ ĂŶĚ ƚŽŽůƐ ĨŽƌ ƚŚŽƐĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ ǀŝƐƵĂů Žƌ ŚĞĂƌŝŶŐ ŝŵƉĂŝƌŵĞŶƚ WĂŐĞ ϴ͘ϲͲϯ ŽĨ ϮϮ KƵƌ ĚĞĚŝĐĂƚĞĚ dƌŝďĂů >ŝĂŝƐŽŶ ŚĂƐ ǁŽƌŬĞĚ ǁŝƚŚ / ŽƌŐĂŶŝnjĂƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ W,,^͕ ĂƐ ǁĞůů ĂƐ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ƐĞƌǀŝŶŐ Ăůů EŽƌƚŚ ĂƌŽůŝŶĂ EĂƚŝǀĞ ŵĞƌŝĐĂŶ ĐŽŵŵƵŶŝƚŝĞƐ ĨŽƌ ŵŽƌĞ ƚŚĂŶ ĨŝĨƚĞĞŶ LJĞĂƌƐ͕ ĂŶĚ ǁŝůů ďƌŝŶŐ ĞdžŝƐƚŝŶŐ ƌĞůĂƚŝŽŶƐŚŝƉƐ ƚŽ ƚŚŝƐ ŶĞǁ ŽƵƚƌĞĂĐŚ ĞŶĚĞĂǀŽƌ͘ D y/Dh^ ďƌŝŶŐƐ ĞdžƉĞƌŝĞŶĐĞ ǁŽƌŬŝŶŐ ǁŝƚŚ ůŽŶŐͲƚĞƌŵ ĐĂƌĞ ƉŽƉƵůĂƚŝŽŶƐ ŝŶ ƐĞǀĞƌĂů ƐƚĂƚĞƐ͕ ŝŶĐůƵĚŝŶŐ ŽƵƌ ƐƵĐĐĞƐƐĨƵů ƉƌŽŐƌĂŵ ŝŶ WĞŶŶƐLJůǀĂŶŝĂ͕ ĂƐ ǁĞůů ĂƐ ĚƵĂůƐ ĚĞŵŽŶƐƚƌĂƚŝŽŶƐ ŝŶ ŶŝŶĞ ƐƚĂƚĞƐ͘ dŚĞ ĞŶƚĞƌ ĨŽƌ ,ĞĂůƚŚ >ŝƚĞƌĂĐLJ ƉƌŽǀŝĚĞƐ ƉƌŽǀĞŶ ĞdžƉĞƌƚƐ ŝŶ ƚŚĞ ĨŝĞůĚ ŽĨ ŵĂƚĞƌŝĂůƐ ĂŶĚ ĐŽŶƚĞŶƚ ůŝƚĞƌĂĐLJ͘ dŚĞƐĞ ĞdžƉĞƌƚƐ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ĨŽƌ ƌĞǀŝĞǁ ŽĨ ĂŶLJ ĞƉĂƌƚŵĞŶƚ ĐŽŶƚĞŶƚ ŝŶƚĞŶĚĞĚ ĨŽƌ ŵĂŶĂŐĞĚ ĐĂƌĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ D yĞď ŵĂŝŶƚĂŝŶƐ ĐŽƉŝĞƐ ŽĨ Ăůů ŵĂƚĞƌŝĂůƐ͕ ŝŶĐůƵĚŝŶŐ ŝŶĚŝǀŝĚƵĂůŝnjĞĚ ŶŽƚŝĐĞƐ͕ ƚŚĂƚ ĂƌĞ ƐĞŶƚ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ĨŽƌ ƵƐĞ ďLJ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ǁŚŝůĞ ƚŚĞLJ ĂƌĞ ŽŶ ƚŚĞ ƚĞůĞƉŚŽŶĞ ǁŝƚŚ ĐĂůůĞƌƐ͘ tĞ ĂůƐŽ ƉƌŽǀŝĚĞ ĂŶ ĞĂƐLJ͕ ĂƵƚŽŵĂƚĞĚ ƉƌŽĐĞƐƐ ĨŽƌ ĐĂůůĞƌƐ ƚŽ ƌĞƋƵĞƐƚ ĚŝĨĨĞƌĞŶƚ ǀĞƌƐŝŽŶƐ ŽĨ ŵĂƚĞƌŝĂůƐ͘ tĞ ďƌŝŶŐ ƉƌŽǀĞŶ ǁĞď ĐŚĂƚ ĞdžƉĞƌŝĞŶĐĞ ŽŶ ĐŽŵƉůĞdž ŚĞĂůƚŚ ƉƌŽŐƌĂŵƐ ƐƵĐŚ ĂƐ ŽƵƌ EĞǁ zŽƌŬ ^ƚĂƚĞ ŽĨ ,ĞĂůƚŚ WƌŽũĞĐƚ͕ ǁŚŝĐŚ ŚĂƐ ďĞĞŶ ƐƵĐĐĞƐƐĨƵůůLJ ƵƐŝŶŐ ǁĞď ĐŚĂƚ ƚŽ ŚĞůƉ ƉĞŽƉůĞ ĞŶƌŽůů ŽŶůŝŶĞ ĨŽƌ ŵĂŶLJ LJĞĂƌƐ͘ KƵƌ ƚƌĂŝŶŝŶŐ ĨŽƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ŝŶĐůƵĚĞƐ ƵŶŝƋƵĞ ŵŽĚƵůĞƐ ĨŽƌ ǁŽƌŬŝŶŐ ǁŝƚŚ ƉĞŽƉůĞ ǁŝƚŚ ĚŝƐĂďŝůŝƚŝĞƐ͕ ǁŽƌŬŝŶŐ ǁŝƚŚ ƚŚĞ ůŽŶŐͲƚĞƌŵ ĐĂƌĞ ƉŽƉƵůĂƚŝŽŶ͕ ĂŶĚ ĐƵůƚƵƌĂů ĐŽŵƉĞƚĞŶĐLJ͘ dŚŝƐ ƚƌĂŝŶŝŶŐ ŚĂƐ ďĞĞŶ ƌĞĨŝŶĞĚ ƚŚƌŽƵŐŚ LJĞĂƌƐ ŽĨ ĞdžƉĞƌŝĞŶĐĞ ƐĞƌǀŝŶŐ ƚŚĞƐĞ ƉŽƉƵůĂƚŝŽŶƐ ĂŶĚ ŝƐ ĐƵƐƚŽŵŝnjĞĚ ĨŽƌ ĞĂĐŚ ƐƚĂƚĞ͛Ɛ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͘ „ „ „ „ „ „ „ „ „ „ „ &ŽůůŽǁ Ăůů ĨĞĚĞƌĂů ĂŶĚ ƐƚĂƚĞ ĂĐĐĞƐƐŝďŝůŝƚLJ ƌĞƋƵŝƌĞŵĞŶƚƐ KĨĨĞƌ ĂƵdžŝůŝĂƌLJ ĂŝĚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ͕ ƐƵĐŚ ĂƐ ddzͬd ƐĞƌǀŝĐĞ͕ ƐŝƚĞͲƐƉĞĐŝĨŝĐ ĂŵƉůŝĨŝĐĂƚŝŽŶ ƐLJƐƚĞŵƐ͕ ĂŶĚ ĐůŽƐĞ ĐĂƉƚŝŽŶŝŶŐ ĨŽƌ ƉƌĞƐĞŶƚĂƚŝŽŶƐ WƌŽǀŝĚĞ ƚƌĂŶƐůĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ǁŚĞƌĞǀĞƌ ŶĞĐĞƐƐĂƌLJ͕ ŝŶĐůƵĚŝŶŐ ƐŝŐŶ ůĂŶŐƵĂŐĞ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ĨŽƌ ƐĞůĞĐƚ ƉƌĞƐĞŶƚĂƚŝŽŶƐ KĨĨĞƌ ĂŶ ĞĂƐLJͲƚŽͲƵƐĞ ƵƚŽŵĂƚĞĚ sŽŝĐĞ ZĞƐƉŽŶƐĞ ^LJƐƚĞŵ ; sZ^Ϳ ĨŽƌ ϮϰͲ ŚŽƵƌ ƐĞůĨͲƐĞƌǀŝĐĞ WƌŽǀŝĚĞ ĨĂƐƚ͕ ƌĞƐƉŽŶƐŝǀĞ͕ ĂŶĚ ĐŽƵƌƚĞŽƵƐ ƚĞůĞƉŚŽŶĞ ĂƐƐŝƐƚĂŶĐĞ ĨŽƌ Ăůů ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ƉƌĞĨĞƌ ƐƉĞĂŬŝŶŐ ǁŝƚŚ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ƌĂƚŚĞƌ ƚŚĂŶ ǁŽƌŬŝŶŐ ƚŚƌŽƵŐŚ ĂŶ ŽŶůŝŶĞ ĞdžƉĞƌŝĞŶĐĞ KĨĨĞƌ ǁĞď ĐŚĂƚ ƚŽ ĂƐƐŝƐƚ ƵƐĞƌƐ ǁŚŽ ŚĂǀĞ ĚŝĨĨŝĐƵůƚLJ ŶĂǀŝŐĂƚŝŶŐ ƚŚĞ ǁĞďƐŝƚĞ Žƌ ĞŶƌŽůůŵĞŶƚ ƉŽƌƚĂů ĨƵŶĐƚŝŽŶƐ KƉƚŝŵŝnjĞ ƚŚĞ ǁĞďƐŝƚĞ ĨŽƌ ŵŽďŝůĞ ƵƐĞ ƚŽ ƉƌŽǀŝĚĞ ĂŶ ĞĂƐLJ ĂŶĚ ƐĞĂŵůĞƐƐ ĞdžƉĞƌŝĞŶĐĞ ĨŽƌ ƵƐĞƌƐ ǁŚŽ ĂĐĐĞƐƐ ƚŚĞ ǁĞď ŽŶůLJ ƚŚƌŽƵŐŚ Ă ƐŵĂƌƚ ĚĞǀŝĐĞ ƌŝŶŐ Ă ƉƌŽǀĞŶ͕ ƌĞĂůͲǁŽƌůĚ ƚĞƐƚĞĚ͕ ŵŽďŝůĞ ĞŶƌŽůůŵĞŶƚ ĂƉƉ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ƉƌĞĨĞƌ ƚŽ ĚŽǁŶůŽĂĚ ƚŚĞ ĂƉƉ ĨƌŽŵ ĂƉƉ ĚŝƐƚƌŝďƵƚŽƌƐ ƐƵĐŚ ĂƐ 'ŽŽŐůĞ WůĂLJ Žƌ ƉƉůĞ KĨĨĞƌ ŽŶůŝŶĞ ĂŶĚ ƚĞůĞƉŚŽŶLJͲďĂƐĞĚ ŵĂƚĞƌŝĂůƐ ĂŶĚ ůĞĂƌŶŝŶŐ ƚŽŽůƐ ƐƵĐŚ ĂƐ ǁĞďƐŝƚĞ ŐƌĂƉŚŝĐƐ͕ ƵƚŽŵĂƚĞĚ sŽŝĐĞ ZĞƐƉŽŶƐĞ ĂƵĚŝŽ͕ Žƌ ŐƵŝĚĞĚ ǁĞď ĐŚĂƚ ĨŽƌ ĚŝĨĨĞƌĞŶƚ ůĞĂƌŶŝŶŐ ƚLJƉĞƐ ZĞĐƌƵŝƚ ĂŶĚ ƚƌĂŝŶ ƐƚĂĨĨ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ƚŚĞ ƉĂƚŝĞŶĐĞ ĂŶĚ ƐĞŶƐŝƚŝǀŝƚLJ ŶĞĐĞƐƐĂƌLJ ĨŽƌ ĂƐƐŝƐƚŝŶŐ ĐĂůůĞƌƐ ǁŝƚŚ ĂŐĞͲƌĞůĂƚĞĚ ĐŽŐŶŝƚŝǀĞ ŝŵƉĂŝƌŵĞŶƚ WƌŽǀŝĚĞ ŽƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ǁŝƚŚ ƐƉĞĐŝĨŝĐ ƐĐƌŝƉƚŝŶŐ ĨŽƌ ĐĂůůĞƌƐ ǁŚŽ ĚĞŵŽŶƐƚƌĂƚĞ ĚŝĨĨŝĐƵůƚLJ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŬĞLJ ĐŽŶĐĞƉƚƐ D y/Dh^ ǁŝůů ĨŽĐƵƐ ŽŶ ĚĞǀĞůŽƉŝŶŐ ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ ůŽĐĂů ƚƌĂŶƐůĂƚŽƌƐ ĂŶĚ ŝŶƚĞƌƉƌĞƚĞƌƐ ĨŽƌ ŽŶͲƐŝƚĞ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ Ăƚ ůŽĐĂƚŝŽŶƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ^ƚĂƚĞ͘ KƵƌ ŵƵůƚŝĐŚĂŶŶĞů ĞdžƉĞƌŝĞŶĐĞ ůĞƚƐ ƵƐĞƌƐ ĐŽŶƚƌŽů ƚŚĞ ƉƌŽĐĞƐƐ͗ ƚŚĞLJ ĐĂŶ ƐƚĂƌƚ ǁŚĞƌĞ ƚŚĞLJ ĨĞĞů ŵŽƐƚ ĐŽŵĨŽƌƚĂďůĞ ĂŶĚ ĞĂƐŝůLJ ƐǁŝƚĐŚ ƚŽ ĂŶŽƚŚĞƌ ĐŚĂŶŶĞů Ăƚ ĂŶLJ ƚŝŵĞ͘ D y/Dh^ ďƌŝŶŐƐ ƐĐƌŝƉƚŝŶŐ͕ ƚĞŵƉůĂƚĞƐ͕ ĂŶĚ ƚƌĂŝŶŝŶŐ ŵĂƚĞƌŝĂůƐ ĚĞƐŝŐŶĞĚ ƚŽ ĂƐƐŝƐƚ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ǁŚŽ ĂƌĞ ǁŽƌŬŝŶŐ ĚŝƌĞĐƚůLJ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ ĚĞĐƌĞĂƐĞĚ ůĞĂƌŶŝŶŐ ƐŬŝůůƐ Žƌ ĐŽŐŶŝƚŝǀĞ ŝŵƉĂŝƌŵĞŶƚ͘ WĂŐĞ ϴ͘ϲͲϰ ŽĨ ϮϮ ŽŵŵƵŶŝƚLJͲďĂƐĞĚ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ĂŶĚ ĐŽƵŶƚLJ ŽĨĨŝĐĞƐ ĂƌĞ ĂůƐŽ ƚŚĞ ŝĚĞĂů ůŽĐĂƚŝŽŶƐ ĨŽƌ ŽƵƌ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ŽƵƚƌĞĂĐŚ ƐĞƐƐŝŽŶƐ ŝŶ ĞĂĐŚ ŽĨ ƚŚĞ Ɛŝdž W,W ƌĞŐŝŽŶƐ͘ /Ŷ ĞǀĞƌLJ ƉƌŽũĞĐƚ ǁŚĞƌĞ ŽƵƚƌĞĂĐŚ ŝƐ ƉĂƌƚ ŽĨ ŽƵƌ ǁŽƌŬ͕ D y/Dh^ ŚĂƐ ĨŽƌŵĞĚ ŝŵƉŽƌƚĂŶƚ ĂŶĚ ůĂƐƚŝŶŐ ƉŽƐŝƚŝǀĞ ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ ĐŽŵŵƵŶŝƚLJ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ƚŚĂƚ ǁŽƌŬ ǁŝƚŚ ůŽĐĂů ĐŝƚŝnjĞŶƐ ŝŶ ŵĂŶLJ ŽĨ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ĐŽŶƚƌĂĐƚƐ͕ ŝŶĐůƵĚŝŶŐ EĞǁ zŽƌŬ DĞĚŝĐĂŝĚ ŚŽŝĐĞ͕ ǁŚĞƌĞ ǁĞ ŽƌŐĂŶŝnjĞ ĐŽůůĂďŽƌĂƚŝǀĞ ŽƵƚƌĞĂĐŚ ǁŝƚŚ ĐŽŵŵƵŶŝƚLJ ŶŽŶͲƉƌŽĨŝƚƐ͘ KŶĞ ŽĨ ƚŚĞ ƉƌŝŵĂƌLJ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ĞǀĞƌLJ D y/Dh^ ŽƵƚƌĞĂĐŚ ƉůĂŶ ŝƐ ƚŽ ŵĞĞƚ ǁŝƚŚ ƚŚĞƐĞ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ĚƵƌŝŶŐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉŚĂƐĞ ĂŶĚ ŬŝĐŬ ŽĨĨ ƚŚĞƐĞ ƌĞůĂƚŝŽŶƐŚŝƉƐ ŝŶ ƉƌĞƉĂƌĂƚŝŽŶ ĨŽƌ ƚŚĞƐĞ ŬŝŶĚƐ ŽĨ ĐŽůůĂďŽƌĂƚŝŽŶƐ͘ tĞ ǁŝůů ǁŽƌŬ ĐůŽƐĞůLJ ǁŝƚŚ W,WƐ͕ ĐŽƵŶƚLJ ^^ ŽĨĨŝĐĞƐ͕ W,,^ ŽĨĨŝĐĞƐ͕ ĂĚǀŽĐĂĐLJ ŐƌŽƵƉƐ ĂŶĚ ŽƚŚĞƌ ƐƚĂŬĞŚŽůĚĞƌƐ ƚŽ ĐŽŶĨŝƌŵ ƚŚĂƚ ǁĞ ŚĂǀĞ ĐŽƌƌĞĐƚ ƌĞĨĞƌƌĂů ŝŶĨŽƌŵĂƚŝŽŶ͕ ĞĂƐŝůLJ ĂĐĐĞƐƐŝďůĞ ŵĂƚĞƌŝĂůƐ͕ ĂŶĚ ƉƌŽƉĞƌ ĐŽŶƚĂĐƚƐ ƚŽ ƉƌŽǀŝĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ƐĞƌǀŝĐĞƐ ĂƉƉƌŽǀĞĚ ďLJ ,,^͘ dŚĞƐĞ ƐƚĂŬĞŚŽůĚĞƌƐ ŚĞůƉ ƵƐ ƌĞĨŝŶĞ ĂŶĚ ĂĚũƵƐƚ ŽƵƌ ŵĂƚĞƌŝĂůƐ ĂŶĚ ŽƵƚƌĞĂĐŚ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ƚŽ ƚŚĞ ƉŽƉƵůĂƚŝŽŶƐ ǁŚŽ ŵŽƐƚ ŶĞĞĚ ƚŚĞƐĞ ĞĚƵĐĂƚŝŽŶĂů ĂŶĚ ŽƵƚƌĞĂĐŚ ĐŽŵƉŽŶĞŶƚƐ͘ dŚĞ ĐŽŵŵƵŶŝƚLJ ďĂƐĞĚ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ĂŶĚ ĐŽƵŶƚLJ ƐƚĂĨĨ ďƌŝŶŐ ƐƉĞĐŝĂů ŬŶŽǁůĞĚŐĞ ŽĨ ƚŚĞ ůŽĐĂů ĂŶĚ ƌĞŐŝŽŶĂů ŶĞĞĚƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ dŚĞŝƌ ĨĞĞĚďĂĐŬ ŝƐ ĂŶ ĞƐƐĞŶƚŝĂů ĐŽŵƉŽŶĞŶƚ ŽĨ ŽƵƌ ŽƵƚƌĞĂĐŚ ŵĂƚĞƌŝĂůƐ͕ ĐƵƌƌŝĐƵůƵŵ ĚĞǀĞůŽƉŵĞŶƚ͕ ĂŶĚ ƌĞǀŝƐŝŽŶ ƉůĂŶ͘ tŽƌŬŝŶŐ ǁŝƚŚ ŽŵŵƵŶŝƚLJ ĂŶĚ ŽƵŶƚLJ ^ƚĂŬĞŚŽůĚĞƌƐ džŚŝďŝƚ ϴ͘ϲͲϭ͗ D y/Dh^ ƉƉƌŽĂĐŚ ƚŽ ^ƉĞĐŝĂů WŽƉƵůĂƚŝŽŶ EĞĞĚƐ͘ tĞ ďƌŝŶŐ ƌĞĨŝŶĞĚ ĂŶĚ ƚĞƐƚĞĚ ƐƚƌĂƚĞŐŝĞƐ ƚŽ ƉƌŽǀŝĚĞ ĨƵůů ĂĐĐĞƐƐŝďŝůŝƚLJ ĨŽƌ ƐƉĞĐŝĂů ŶĞĞĚƐ ƉŽƉƵůĂƚŝŽŶƐ͘ džŝŝ͘ &ĞĚĞƌĂů ĂŶĚ ƐƚĂƚĞ ƐƚĂƚƵƚĞƐ ĂŶĚ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ ĂƵdžŝůŝĂƌLJ ĂŝĚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ͘ džŝ͘ ďŝůŝƚLJ ƚŽ ĂĐĐĞƐƐ ĂŶĚ ƵƐĞ ƚĞĐŚŶŽůŽŐLJ͖ ĂŶĚ dž͘ ŐĞͲƐƉĞĐŝĨŝĐ Žƌ ŽƚŚĞƌ ƚĂƌŐĞƚĞĚ ůĞĂƌŶŝŶŐ ƐŬŝůůƐ Žƌ ĐĂƉĂďŝůŝƚŝĞƐ͖ D y/Dh^ ƐĞƌǀĞƐ ĂƐ ƚŚĞ KŵďƵĚƐŵĂŶ ĨŽƌ ƚŚĞ ^ƚĂƚĞ ŽĨ ŽůŽƌĂĚŽ DĞĚŝĐĂŝĚ ĐůŝĞŶƚƐ͕ ǁŚĞƌĞ ǁĞ ĂƐƐŝƐƚ ĐůŝĞŶƚƐ ŝŶ ƚŚĞ ƌĞƐŽůƵƚŝŽŶ ŽĨ ĐůŝĞŶƚ ĐŽŵƉůĂŝŶƚƐ ĂďŽƵƚ ƋƵĂůŝƚLJ ŽĨ ĐĂƌĞ ŝƐƐƵĞƐ ĂŶĚ ĚĞŶŝĂů ŽĨ ŵĞĚŝĐĂůůLJ ŶĞĐĞƐƐĂƌLJ ƐĞƌǀŝĐĞƐ͘ tĞ ŚĂǀĞ ƐƵĐĐĞƐƐĨƵůůLJ ƌĞƐŽůǀĞĚ ϴϮϬ ĐĂƐĞƐ ŽǀĞƌ ƚŚĞ ƉĂƐƚ ƚŚƌĞĞ LJĞĂƌƐ͘ ƌŽƐƐͲƉŽƉƵůĂƚŝŽŶͲƐƉĞĐŝĨŝĐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ŽƵƚƌĞĂĐŚ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ;Ăƚ ůĞĂƐƚ ƚǁŽ ŝŶ ĞĂĐŚ ŽĨ ƚŚĞ Ɛŝdž W,W ƌĞŐŝŽŶƐ͕ ǁŝƚŚ ŵŽƌĞ ĂƐ ŶĞĞĚĞĚ ďĂƐĞĚ ŽŶ ĚĞŵĂŶĚ͕ ƉŽƉƵůĂƚŝŽŶ͕ ĂŶĚ ƌĞŐŝŽŶĂů ƌĞƋƵŝƌĞŵĞŶƚƐͿ YƵĂƌƚĞƌůLJ ƌĞŐŝŽŶĂů ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ ;ŽŶĞ ƉĞƌ ƌĞŐŝŽŶ ƉĞƌ ƋƵĂƌƚĞƌͿ WĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ĐŽŵŵƵŶŝƚLJ ŚĞĂůƚŚ ĨĂŝƌƐ ĂŶĚ ƐŝŵŝůĂƌ ĞǀĞŶƚƐ ŽƌŐĂŶŝnjĞĚ ďLJ ƉĂƌƚŶĞƌ ĐŽŵŵƵŶŝƚLJͲďĂƐĞĚ ŽƌŐĂŶŝnjĂƚŝŽŶƐ „ „ „ WĂŐĞ ϴ͘ϲͲϱ ŽĨ ϮϮ tĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ ƚŚĞ ŶƵŵďĞƌ ŽĨ ĞǀĞŶƚƐ ƌĞƋƵŝƌĞĚ ǁŝůů ďĞ ďĂƐĞĚ ŽŶ ƚŚĞ ŶƵŵďĞƌ ŽĨ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ŶĞĞĚ ŽƵƌ ĂƐƐŝƐƚĂŶĐĞ ŝŶ ĞĂĐŚ ƌĞŐŝŽŶ Žƌ ůŽĐĂů ĂƌĞĂ͘ /ĚĞĂů ůŽĐĂƚŝŽŶƐ ĂƌĞ ĚĞƉĞŶĚĞŶƚ ŽŶ ŐĞŽŐƌĂƉŚŝĐ ĚŝƐƉĞƌƐĂů͕ ƵƌďĂŶ ĐĞŶƚĞƌ ƉůĂĐĞŵĞŶƚ͕ ĞĂƐĞ ŽĨ ĂĐĐĞƐƐ͕ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĂŶĚ ĞǀĞŶ ƚŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐ KƉĞŶ ĞŶƌŽůůŵĞŶƚ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ ;Ăƚ ůĞĂƐƚ ƚǁŽ ƉĞƌ ƌĞŐŝŽŶ ƉĞƌ ŵŽŶƚŚ͕ ǁŝƚŚ ŵŽƌĞ ĂƐ ŶĞĞĚĞĚ ďĂƐĞĚ ŽŶ ĚĞŵĂŶĚ͕ ƉŽƉƵůĂƚŝŽŶ͕ ĂŶĚ ƌĞŐŝŽŶĂů ƌĞƋƵŝƌĞŵĞŶƚƐͿ „ KƵƌ EŽƌƚŚ ĂƌŽůŝŶĂ KƵƚƌĞĂĐŚ dĞĂŵ ŝƐ ƌĞĂĚLJ ƚŽ ƉƌŽǀŝĚĞ͗ tĞ ŚĂǀĞ ďĞĞŶ ƉĞƌĨŽƌŵŝŶŐ ŝŶͲƉĞƌƐŽŶ ŽƵƚƌĞĂĐŚ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ĂŶĚ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĨŽƌ ŵŽƌĞ ƚŚĂŶ ϮϮ LJĞĂƌƐ͕ ůĞĂƌŶŝŶŐ ĂƐ ǁĞ ŐŽ͕ ĂŶĚ ŝŶƚĞŐƌĂƚŝŶŐ ƚŚĞƐĞ ůĞƐƐŽŶƐ ůĞĂƌŶĞĚ ŝŶƚŽ ŽƵƌ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ͘ KƵƌ Ăŝŵ ŝƐ ƚŽ ĂƉƉůLJ ƚŚĞƐĞ ƌĞƉĞĂƚĂďůĞ͕ ƐĐĂůĂďůĞ ƉƌŽĐĞƐƐĞƐ ŝŶ Ă ŵĂŶŶĞƌ ƚŚĂƚ ĐĂŶ ŵĂŬĞ Ă ƌĞĂů ĚŝĨĨĞƌĞŶĐĞ ŝŶ ůŝǀĞƐ ŽĨ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ƚŚĞŝƌ ůŽǀĞĚ ŽŶĞƐ͘ tĞ ƐĞĞŬ ƚŽ ŵĂŬĞ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ĂƐ ƐŝŵƉůĞ ĂƐ ƉŽƐƐŝďůĞ ďLJ ŽĨĨĞƌŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ͕ ŐƵŝĚĂŶĐĞ͕ ĂŶĚ ĞŶĐŽƵƌĂŐĞŵĞŶƚ͕ ƌĞŐĂƌĚůĞƐƐ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĐŚĂŶŶĞů ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƵƐĞƐ͘ KƵƚƌĞĂĐŚ WƌĞƐĞŶƚĂƚŝŽŶƐ ĂŶĚ ŽŵŵƵŶŝƚLJ ǀĞŶƚ WĂƌƚŝĐŝƉĂƚŝŽŶ͘ D y/Dh^ ƵŶĚĞƌƐƚĂŶĚƐ ƚŚĂƚ ŽƵƌ ŽƵƚƌĞĂĐŚ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŝŶĐůƵĚĞƐ͕ ďƵƚ ŝƐ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͕ ĂƐƐŝƐƚŝŶŐ ĂƉƉůŝĐĂŶƚƐ ĂŶĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ͕ ƐĞůĞĐƚŝŶŐ͕ ĂŶĚ ƵƐŝŶŐ ŵĂŶĂŐĞĚ ĐĂƌĞ ŚĞĂůƚŚ ƉůĂŶƐ ƚŚƌŽƵŐŚ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ͕ ĂŶĚ ŽƚŚĞƌ ĂƐƐŝƐƚŝǀĞ ƐĞƌǀŝĐĞƐ͕ ŝŶĐůƵĚŝŶŐ ŝŶͲƉĞƌƐŽŶ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ͘ tĞ ĂůǁĂLJƐ ƉƌŽǀŝĚĞ ďĂƐŝĐ ŵĂŶĂŐĞĚ ĐĂƌĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ Ăůů ďĞŶĞĨŝĐŝĂƌŝĞƐ͖ ŚŽǁĞǀĞƌ͕ ǁĞ ǁŝůů ƚĂŝůŽƌ ŽƵƌ ƉƌĞƐĞŶƚĂƚŝŽŶ ĨŽƌ ĐƌŽƐƐͲƉŽƉƵůĂƚŝŽŶ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚĞŶ ƐĞƌǀŝŶŐ ƚŚŝƐ ƉŽƉƵůĂƚŝŽŶ͘ dŚŝƐ ĂĚĚŝƚŝŽŶĂů ƐƵƉƉŽƌƚ ǁŝůů ĂůůŽǁ ƚŚĞƐĞ ŬĞLJ ĂƵĚŝĞŶĐĞƐ ƚŽ ŵĂŬĞ ĂŶ ŝŶĨŽƌŵĞĚ ƐĞůĞĐƚŝŽŶ ŽĨ W,W ĂŶĚ D,ͬW W͕ ĂƐ ǁĞůů ĂƐ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ƵŶŝƋƵĞ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌƵůĞƐ ĂŶĚ ƉƌŽĐĞƐƐĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞŝƌ ƐƚĂƚƵƐ͘ KƵƌ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ƐƵƉĞƌǀŝƐŽƌLJ ƚĞĂŵƐ ǁŽƌŬ ŚĂƌĚ ƚŽ ďƵŝůĚ ƉĂƌƚŶĞƌƐŚŝƉƐ ďĞĐĂƵƐĞ ǁĞ ŬŶŽǁ ůŽĐĂů ĐŽůůĂďŽƌĂƚŝŽŶ ŝƐ ĞƐƐĞŶƚŝĂů ƚŽ ƌĞĂĐŚ ƚĂƌŐĞƚ ƉŽƉƵůĂƚŝŽŶƐ ĞĨĨĞĐƚŝǀĞůLJ͘ D y/Dh^ ƉĞƌĨŽƌŵƐ ŝŶͲƉĞƌƐŽŶ ŽƵƚƌĞĂĐŚ ŝŶ ŵĂŶLJ ŽĨ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ͕ ŝŶĐůƵĚŝŶŐ ŽƵƌ ůĂƌŐĞ ŽƵƚƌĞĂĐŚ ƉƌŽŐƌĂŵ ŝŶ ĂůŝĨŽƌŶŝĂ͘ tĞ ŚĂǀĞ ĨŽƌŐĞĚ ƉĂƌƚŶĞƌƐŚŝƉƐ ǁŝƚŚ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϭ͕ϲϬϬ ǁŝĚĞůLJ ĚŝǀĞƌƐĞ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ŝŶ ĞǀĞƌLJ DĞĚŝͲ Ăů ƉĂƌƚŝĐŝƉĂƚŝŶŐ ĐŽƵŶƚLJ͕ ĂŶĚ ŚĂǀĞ ŐŝǀĞŶ ŵŽƌĞ ƚŚĂŶ ϰ͕Ϭϱϰ͕ϳϬϱ ƉƌŽŐƌĂŵ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ĂĐƌŽƐƐ ĂůŝĨŽƌŶŝĂ ŽǀĞƌ ƚŚĞ ůĂƐƚ ĞŝŐŚƚ LJĞĂƌƐ͘ ^^ ŽůůĂďŽƌĂƚŝŽŶ͘ KƵƌ ĚĞĚŝĐĂƚĞĚ ^^ͬ ŽƵŶƚLJ >ŝĂŝƐŽŶ ǁŝůů ŽƌŐĂŶŝnjĞ ƌĞŐƵůĂƌ͕ ƉĞƌŝŽĚŝĐ ĐŽƵŶƚLJ ŵĞĞƚŝŶŐƐ ǁŝƚŚ Ăůů ϭϬϬ ^^ ŽĨĨŝĐĞƐ ŝŶ ŐƌŽƵƉƐ ĂƐ ŽĨƚĞŶ ĂƐ ĚĞƚĞƌŵŝŶĞĚ ďLJ ŽƵƌ ŵƵƚƵĂů ĐŽůůĂďŽƌĂƚŝŽŶ ƉůĂŶ͘ tĞ ŚĂǀĞ ĨŽƵŶĚ ƚŚĂƚ ĐůŽƐĞ ĐŽŽƌĚŝŶĂƚŝŽŶ ǁŝƚŚ ĐŽƵŶƚLJ ŽĨĨŝĐĞƐ ŝƐ ĞƐƐĞŶƚŝĂů ĨŽƌ ƌĞƐŽůǀŝŶŐ ĐŽŵƉůĞdž ĞŶƌŽůůŵĞŶƚ ŝƐƐƵĞƐ ĂŶĚ ƵƌŐĞŶƚ ĐĂƐĞ ŝƐƐƵĞƐ ǁŝƚŚ ƐƉĞĐŝĂů ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƚŚĂƚ ĚŽ ŶŽƚ ĨĂůů ŝŶƚŽ ƐƚĂŶĚĂƌĚ ƉŽůŝĐLJ ĐĂƚĞŐŽƌŝĞƐ͘ dŚĞƐĞ ĐŽůůĂďŽƌĂƚŝŽŶ ƐĞƐƐŝŽŶƐ ŵĂLJ ŝŶǀŽůǀĞ ƌĞǀŝĞǁŝŶŐ ďŽƚŚ ƐƉĞĐŝĨŝĐ ƐĐĞŶĂƌŝŽƐ ĂŶĚ ǁĂLJƐ ƚŽ ŚĞůƉ ĨĂĐŝůŝƚĂƚĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ͕ ƐƵĐŚ ĂƐ ǁĂƌŵ ŚĂŶĚͲŽĨĨƐ ďĞƚǁĞĞŶ D y/Dh^ ĂŶĚ ĐŽƵŶƚLJ ƐƚĂĨĨ͘ tĞ ŽĨƚĞŶ ĨŝŶĚ ŶĞǁ ǁĂLJƐ ƚŽ ƐƵƉƉŽƌƚ ĐŽƵŶƚLJ ƐƚĂĨĨ ĂŶĚ ƌĞůŝĞǀĞ ƚŚĞ ďƵƌĚĞŶ ŽŶ ĐĂƐĞǁŽƌŬĞƌƐ ĚƵƌŝŶŐ ƚŚĞƐĞ ĐŽůůĂďŽƌĂƚŝŽŶ ŵĞĞƚŝŶŐƐ͘ KŵďƵĚƐŵĂŶ ĂŶĚ W,W ŽůůĂďŽƌĂƚŝŽŶ͘ tĞ ŝŶƚĞŶĚ ƚŽ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ĐŽŵŵƵŶŝƚLJ ĞǀĞŶƚƐ ƐƉŽŶƐŽƌĞĚ ďLJ ƚŚĞ KŵďƵĚƐŵĂŶ ƉƌŽŐƌĂŵ ĂŶĚ W,WƐ ĂƐ ƌĞƋƵĞƐƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ D y/Dh^ ĐƵƌƌĞŶƚůLJ ĂƚƚĞŶĚƐ ŚĞĂůƚŚ ĨĂŝƌƐ ĂŶĚ ƐŝŵŝůĂƌ ĐŽŵŵƵŶŝƚLJ ĞǀĞŶƚƐ ĂĐƌŽƐƐ ƚŚĞ ĐŽƵŶƚƌLJ Ăƚ Ăůů ƉŽƚĞŶƚŝĂů ƉƵďůŝĐ ůŽĐĂƚŝŽŶƐ ƚLJƉĞƐ͕ ĂŶĚ ǁŝůů ƚƌĂǀĞů ƚŽ EŽƌƚŚ ĂƌŽůŝŶĂ ĐŽŵŵƵŶŝƚLJ ĐĞŶƚĞƌƐ͕ ůŝďƌĂƌŝĞƐ͕ ƐĐŚŽŽůƐ͕ ŵĂůůƐ͕ ŚŽƐƉŝƚĂůƐ͕ ĂŶĚ ŽƚŚĞƌ ĂƉƉƌŽƉƌŝĂƚĞ ůŽĐĂƚŝŽŶƐ ǁŚĞŶ ǁĞ ďĞŐŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽƵƚƌĞĂĐŚ ĂƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ďĞƐƚ ƌĞĂĐŚ ŽƵƌ ƚĂƌŐĞƚ ƉŽƉƵůĂƚŝŽŶ ŽĨ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ůůŽǁŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂƚƚĞŶĚŝŶŐ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ƚŽ ĞŶƌŽůů ĂůŽŶŐƐŝĚĞ KƵƚƌĞĂĐŚ ^ƉĞĐŝĂůŝƐƚƐ ;^ƉĞĐŝĂůŝƐƚƐͿ ĞƋƵŝƉƉĞĚ ǁŝƚŚ ŵŽďŝůĞ ĚĞǀŝĐĞƐ ĂŶĚ ƚŚƌŽƵŐŚ ƚŚĞŝƌ ŽǁŶ ŵŽďŝůĞ ĚĞǀŝĐĞƐ ^ƉĞĂŬŝŶŐ ƚŽ ĂƉƉůŝĐĂŶƚƐ ŝŶ ƌĞůĂƚĂďůĞ ǁĂLJƐ͕ ŝŶĐůƵĚŝŶŐ ƵƐŝŶŐ ĐŽůŽƌĨƵů ŝŶĨŽŐƌĂƉŚŝĐƐ ĂŶĚ ƉŽƉ ĐƵůƚƵƌĞ ƌĞĨĞƌĞŶĐĞƐ͕ ĂƐ ǁĞůů ĂƐ ƚŚƌŽƵŐŚ ŽƵƌ ŶĞǁ ƐŽĐŝĂů ŵĞĚŝĂ ĐŚĂŶŶĞůƐ ŝŶĐůƵĚŝŶŐ &ĂĐĞŬ ĂŶĚ dǁŝƚƚĞƌ /ĚĞŶƚŝĨLJŝŶŐ ŝŶĚŝǀŝĚƵĂůƐ ǁŝƚŚ ƐƉĞĐŝĂů ŶĞĞĚƐ ĂŶĚ ƉƌŽǀŝĚŝŶŐ ƉƌŽĂĐƚŝǀĞ ĂĐĐĞƐƐŝďŝůŝƚLJ ĂƐƐŝƐƚĂŶĐĞ „ „ „ tƌŝƚƚĞŶ ŝŶ ĂůŝŐŶŵĞŶƚ ǁŝƚŚ ƚŚĞ ƐƐŽĐŝĂƚĞĚ WƌĞƐƐ ; WͿ ^ƚLJůĞŬ ĂŶĚ ĞƉĂƌƚŵĞŶƚͲƐƉĞĐŝĨŝĐ ƐƚLJůĞ ŐƵŝĚĞƐ ĞƐŝŐŶĞĚ ĂŶĚ ƚĞƐƚĞĚ ƚŽ ĂĐĐŽŵŵŽĚĂƚĞ ƐĐƌĞĞŶ ƌĞĂĚĞƌƐ hƐĞ Ă ^ĂŶ ^ĞƌŝĨ ĨŽŶƚ ŝŶ Ă ƐŝnjĞ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϭϰͲϭϲ ƉŽŝŶƚƐ KĨĨĞƌĞĚ ĨŽƌ ƌĞƋƵĞƐƚ ŝŶ ŵƵůƚŝƉůĞ ĂůƚĞƌŶĂƚŝǀĞ ĨŽƌŵĂƚƐ Ăƚ ŶŽ ĐŽƐƚ /ŶĐůƵĚĞ ƚŚĞ ůĂŶŐƵĂŐĞ ƚĂŐůŝŶĞ ŝŶ ƚŚĞ ƚŽƉ ĨŝĨƚĞĞŶ ůĂŶŐƵĂŐĞƐ ƐƉŽŬĞŶ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ WĂŐĞ ϴ͘ϲͲϲ ŽĨ ϮϮ >ĂŶŐƵĂŐĞ ĂŶĚ /ŶĨŽƌŵĂƚŝŽŶ ĐĐĞƐƐŝďŝůŝƚLJ͘ >ĞǀĞƌĂŐŝŶŐ ƚŚĞ ĞŶƚĞƌΖƐ ĞdžƉĞƌƚŝƐĞ͕ D y/Dh^ ǁŝůů ŚĞůƉ ŵĂŬĞ ĐĞƌƚĂŝŶ ƚŚĂƚ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ǁĞ ĚĞǀĞůŽƉ ŵĞĞƚƐ Ăůů ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ĐŽŶƚĞŶƚ ĂŶĚ ĨŽƌŵĂƚ ƚŽ ƐƵƉƉŽƌƚ ƌĞĂĚĂďŝůŝƚLJ ĂŶĚ ĂĐĐĞƐƐŝďŝůŝƚLJ ĨŽƌ ƚŚĞ ^ƚĂƚĞΖƐ ĚŝǀĞƌƐĞ DĞĚŝĐĂŝĚ ƉŽƉƵůĂƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ DĞŵďĞƌƐ ǁŝůů ďĞ ĂďůĞ ƚŽ ĐŽŵƉůĞƚĞ ƚŚĞ ĞŶƚŝƌĞ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ƐĞůĞĐƚŝŽŶ ƉƌŽĐĞƐƐ ĨƌŽŵ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƉƌŽǀŝĚĞĚ ŝŶ ǁƌŝƚƚĞŶ ŵĂƚĞƌŝĂůƐ Žƌ ƉƌĞƐĞŶƚĞĚ ŝŶ ŽƵƌ ŽŶůŝŶĞ͕ ĐŽŵƉƵƚĞƌͲŐƵŝĚĞĚ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ƉƌŽĐĞƐƐ͘ ĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ǁŝůů ŚĂǀĞ Ăůů ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŶĞĐĞƐƐĂƌLJ ƚŽ ƐĞůĞĐƚ Ă W,W ĂŶĚͬŽƌ D,ͬW W͕ ƚƌĂŶƐĨĞƌ ďĞƚǁĞĞŶ W,WƐ͕ ƌĞƋƵĞƐƚ ĚŝƐĞŶƌŽůůŵĞŶƚ Žƌ ĚŝƐĞŶƌŽůůŵĞŶƚ ƚŽ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ǁŚĞƌĞ ĂƉƉůŝĐĂďůĞ͕ Žƌ ĨŝůĞ ĂŶ ĞŶƌŽůůŵĞŶƚͲƌĞůĂƚĞĚ ĂƉƉĞĂů͘ tĞ ǁŝůů ƐƵďŵŝƚ Ăůů ƌĞƋƵŝƌĞĚ ŵĂƚĞƌŝĂůƐ ŶŽ ůĂƚĞƌ ƚŚĂŶ ϵϬ ĚĂLJƐ ƉƌŝŽƌ ƚŽ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĐƌŽƐƐͲŽǀĞƌ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ͘ „ „ „ „ „ tĞ ǁŝůů ĚĞƐŝŐŶ ĂŶĚ ǀĞƌŝĨLJ ƚŚĂƚ Ăůů ŵĂƚĞƌŝĂůƐ ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ ĨŽůůŽǁŝŶŐ Z&W ŐƵŝĚĞůŝŶĞƐ͗ DĞŵďĞƌ ĚƵĐĂƚŝŽŶĂů DĂƚĞƌŝĂůƐ͘ WĂƌƚŶĞƌŝŶŐ ǁŝƚŚ D y/Dh^ ŵĞĂŶƐ EŽƌƚŚ ĂƌŽůŝŶĂ ŚĂƐ ĂĐĐĞƐƐ ƚŽ ůĞĂĚŝŶŐ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ͕ ƐƵďũĞĐƚ ŵĂƚƚĞƌ ĞdžƉĞƌƚƐ͕ ĂŶĚ ŽƵƌ ůŝďƌĂƌLJ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ƚĞŵƉůĂƚĞƐ͘ tŽƌŬŝŶŐ ǁŝƚŚ ŽƵƌ ƐƵďũĞĐƚ ŵĂƚƚĞƌ ĞdžƉĞƌƚƐ ĂŶĚ ŽƵƌ ŽǁŶ ĞŶƚĞƌ ĨŽƌ ,ĞĂůƚŚ >ŝƚĞƌĂĐLJ͕ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ dĞĂŵ ǁŝůů ĐƌĞĂƚĞ ĐƵƐƚŽŵŝnjĞĚ EŽƌƚŚ ĂƌŽůŝŶĂ ŵĞŵďĞƌ ĞĚƵĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ ĨŽƌ ƚŚĞ ĨƵůů ƌĂŶŐĞ ŽĨ ďĂƐŝĐ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞĚƵĐĂƚŝŽŶ͖ ƐĞůĨͲŐƵŝĚĞĚ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ͖ W,W ĂŶĚ D,ͬW W ƐĞůĞĐƚŝŽŶ ŐƵŝĚĞůŝŶĞƐ͕ ĐŽŵƉĂƌŝƐŽŶ ĐŚĂƌƚƐ͕ ĂŶĚ ĚŝƌĞĐƚŽƌŝĞƐ͖ ĨŽƌŵƐ ĚĞƐŝŐŶ͖ ĂŶĚ ĚŝŐŝƚĂů ĂƐƐĞƚƐ ĨŽƌ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĂů͘ &ĞĞĚďĂĐŬ ĂŶĚ WƌĞƐĞŶƚĂƚŝŽŶ /ŵƉƌŽǀĞŵĞŶƚ͘ tĞ ƌĞĐŽŐŶŝnjĞ ƚŚĞ ǀĂůƵĞ ŽĨ ĐŽŶƚŝŶƵŽƵƐ ŝŵƉƌŽǀĞŵĞŶƚ ĂŶĚ ƚŚĂƚ ƚŚĞ ŶĞĞĚƐ ĂŶĚ ĐŽŶĐĞƌŶƐ ŽĨ ĞĂĐŚ ƉŽƉƵůĂƚŝŽŶ͕ ƚŽǁŶ͕ Žƌ ŐƌŽƵƉ ŽĨ ŝŶĚŝǀŝĚƵĂůƐ ĂƌĞ ŶŽƚ ƚŚĞ ƐĂŵĞ͘ dŽ ĨĂĐŝůŝƚĂƚĞ ĐŽŶƚŝŶƵŽƵƐ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ŽƵƌ ŽƵƚƌĞĂĐŚ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ǁĞ ĂůǁĂLJƐ ĚŽĐƵŵĞŶƚ ĨĞĞĚďĂĐŬ ŝŶ ŽƵƌ ƉŽƐƚͲƉƌĞƐĞŶƚĂƚŝŽŶ ĐƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJƐ͕ ĂŶĚ ĂŶĂůLJnjĞ ƚŚŝƐ ĨĞĞĚďĂĐŬ ĨŽƌ ƉŽƚĞŶƚŝĂů ĂĐƚŝŽŶĂďůĞ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͘ tĞ ĂůƐŽ ůŽŽŬ ĨŽƌ ƚƌĞŶĚƐ ŝŶ ĨĞĞĚďĂĐŬ͕ ĂŶĚ ƵƐĞ ƚŚĞƐĞ ŝŶĚŝĐĂƚŽƌƐ ƚŽ ƐƵŐŐĞƐƚ ĐŚĂŶŐĞƐ ƚŽ ŽƵƚƌĞĂĐŚ ŵĂƚĞƌŝĂůƐ͕ ƐĐƌŝƉƚƐ͕ ƉƌŽĐĞĚƵƌĞƐ͕ ĐŽŶƚĞŶƚ͕ ĂŶĚ ĞǀĞŶ ŵĂŶĂŐĞŵĞŶƚ ƐƚƌĂƚĞŐŝĞƐͶĂůů ŐĞĂƌĞĚ ƚŽǁĂƌĚ ŝŵƉƌŽǀŝŶŐ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĞdžƉĞƌŝĞŶĐĞ͘ tĞ ǁŝůů ƐƵďŵŝƚ ƌĞƉŽƌƚƐ͕ ĨĞĞĚďĂĐŬ͕ ĂŶĚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƌĞƋƵĞƐƚ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĂů ĨŽƌ ĂŶLJ ƉƌŽƉŽƐĞĚ͕ ƉƌŽĂĐƚŝǀĞ ĐŚĂŶŐĞƐ ƚŽ ĂŶLJ ŽƵƚƌĞĂĐŚ ĐŽŵƉŽŶĞŶƚ͘ ŽŶĚƵĐƚŝŶŐ ĨƌĞƋƵĞŶƚ ŽƵƚƌĞĂĐŚ ƚŽ ůŽĐĂů ŽƌŐĂŶŝnjĂƚŝŽŶƐ ƚŚƌŽƵŐŚ ŽƌŐĂŶŝnjĞĚ ƐƚĂŬĞŚŽůĚĞƌ ŵĞĞƚŝŶŐƐ „ tĞ ƉƌŽƉŽƐĞ ďŽƚŚ ƉƌŽǀĞŶ ĂŶĚ ŶĞǁ ŵĞƚŚŽĚƐ ĨŽƌ ĞŶŐĂŐŝŶŐ ĂƵĚŝĞŶĐĞƐ ďĞĨŽƌĞ͕ ĚƵƌŝŶŐ͕ ĂŶĚ ĂĨƚĞƌ ƚŚĞƐĞ ŽƵƌ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ͗ &Žƌ ĂŶLJ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ ƚŚĂƚ ǁĞ ŚŽƐƚ͕ ŽƵƌ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽƵƚƌĞĂĐŚ ƚĞĂŵ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ǁĞďƐŝƚĞͬƐŽĐŝĂů ŵĞĚŝĂ ƚĞĂŵ ƚŽ ďƌŽĂĚĐĂƐƚ ,,^ͲĂƉƉƌŽǀĞĚ ĂŶŶŽƵŶĐĞŵĞŶƚƐ ƚŚƌŽƵŐŚ sZ^ ĂŶĚ ŽŶͲŚŽůĚ ŵĞƐƐĂŐŝŶŐ͕ ƐŽĐŝĂů ŵĞĚŝĂ ŽƵƚƌĞĂĐŚ͕ ĂŶĚ ǁĞďƐŝƚĞ ĐŽǀĞƌĂŐĞ͘ tĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵƵƐƚ ƌĞǀŝĞǁ ĂŶLJ ĐĂůů ĐĞŶƚĞƌ ƐĐƌŝƉƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƉƵďůŝĐŝnjŝŶŐ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ͘ tŝƚŚ ƉĞƌŵŝƐƐŝŽŶ͕ ǁĞ ŵĂLJ ĂůƐŽ ŝŶĐůƵĚĞ ƵƉĐŽŵŝŶŐ ŶĞĂƌďLJ ĞǀĞŶƚƐ ŝŶ ĐŚŽŝĐĞ ŽƵƚƌĞĂĐŚ ŵĂƚĞƌŝĂůƐ ĂŶĚ ƌĞŵŝŶĚĞƌƐ͘ tĞ ǁŝůů ĂůƐŽ ŝŶĐůƵĚĞ ĂŶŶŽƵŶĐĞŵĞŶƚƐ ŝŶ ƚŚĞ ůŽĐĂů ƉĂƉĞƌ Žƌ ^^ͬW,,^ ŽĨĨŝĐĞƐ ĂƐ ƌĞƋƵĞƐƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ W,W ŽƵƚƌĞĂĐŚ ĂĐƚŝǀŝƚŝĞƐ͘ KƵƌ ĞƉĂƌƚŵĞŶƚͲĂƉƉƌŽǀĞĚ KƵƚƌĞĂĐŚ WůĂŶ ǁŝůů ŝŶĐůƵĚĞ ŐƵŝĚĞůŝŶĞƐ ĨŽƌ ĂĐĐĞƉƚĂďůĞ ůŽĐĂƚŝŽŶƐ͕ ŵĂƚĞƌŝĂůƐ ĂŶĚ ůŽŐŝƐƚŝĐĂů ĐŽŵƉŽŶĞŶƚƐ ŽĨ ĞĂĐŚ ĞǀĞŶƚ͕ ĂƐ ǁĞůů ĂƐ Ă ƉƌŽĐĞƐƐ ĨŽƌ ƌĞƋƵĞƐƚŝŶŐ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ĨŝŶĂůŝnjŝŶŐ ĞĂĐŚ ŝŶĚŝǀŝĚƵĂů ĞǀĞŶƚ͘ members with limited English pro?ciency and individuals with disabilities. To meet the needs of visually impaired members, we will make plan and enrollment materials awilable in large print, and our online member portal will enable screen readers to support various display preferences. We will provide all required translations and formats. Large print materials will be in at least 18 point font. Further, we will comply with technical requirements regarding language accessibility as required by Title Vi of the Civil Rights Act of 1964. Exhibit 8.6-2: MAXIMUS Unique Contribution to North Carolina Educational Materials Standards shows how our approach will we not only meet all requirements, but exceed Department expectations. MAXIMUS Unique Contribution to North Carolina Educational Materials Standards We Will Comply with the Following North Carolina Standards MAXIMUS Unique Contribution i. Are consistent with federal regulations; All MAXIMUS outreach materials and technology are not only consistent with federal regulations, but our team works with the Center for Medicaid and Medicare Services (CMS) to anticipate, plan, and often launch improvements and changes before they are required. ii. Comply with privaw and security requirements related to We are not only HIPAA and North Carolina privacy regulation-compliant in all our technology protected health information defl ned by Federal or North and materials handling, but we bring a dedicated corporate Privacy Official to inspect and Carolina law; confirm compliance for all projects. All of our data transfer, printing, and mail operations are secure and HIPAA-compllant, and all staff are required to attend privacy training and sign privacy com pllance agreements. Are accurate and approved by the Department; We provide a multiple?step proofreading and translating process that includes several reviews prior to DHHS approval. iv. Do not use the Department?s or State?s logo without prior MAXIMUS employs a document management system with strict revision history and DHHS approval from the Department; approval documentation for every publication instance, including materials with logos. v. Do not specifically list or reference providers who are not Our Provider Directory, scripting, and notices pull from 3 DH HS-approved list of active PHPs. part of any North Carolina PHP network or are under contract Additional providers will only be added through the change management process, confirming no with a licensed North Carolina and other providers will be mentioned at any time. vi. Are distributed throughout North Carolina as determined We will follow our DHHS-approved outreach strategy and plans for distribution of materials. This necessary by the Department, such as regional or statewide includes lists provided by DH HS and electronic communication only to those bene?ciaries who distribution. have opted-in per Federal Trade Commission regulations. Exhibit 8.6-2: Unique Contribution to North Carolina Educational Materials Standards. Our approach to educational materials goes beyond simply following contract requirements. All materials will be available in both hard copy and electronic versions, downloadable from our website or mobile app, and distributed to county 055 of?ces, of?ces, and other Department of?ces for member availability. Tribal Engagement Strategy Our outreach team will immediately establish an ongoing partnership with the Eastern Band of Cherokee Indians (EBCI) PHHS to provide enhanced and specialized support for tribal members. Our dedicated Tribal Liaison will establish regular meetings, open communication channels, and preferred methods of support and communication with local PHHS staff. We are prepared to provide on-site presentations, materials, and dedicated support for tribal administrators and E80 PHHS staff assisting tribal members. in particular, MAXIMUS brings Christina S. Theodorou as our Dedicated Tribal Liaison. Ms. Theodorou has more than ?fteen years of experience serving the eight State-recognized tribes in North Carolina, including coordinating the American lndian Center Native Asset Coalition (NAC) and Native Leadership institute, developing and implementing PROJECT 67 financial literacy curriculum for tribal youth, and receiving community Page 8.6-7 of 22 KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĞǀŝĚĞŶĐĞ ŽĨ ƉƌĞǀŝŽƵƐ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ ŚŽƐƚĞĚ ŵĂŬŝŶŐ ƐƵƌĞ ƚŽ ŝŶĐůƵĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ůŽĐĂƚŝŽŶ͕ ĂŐĞŶĚĂ ĂŶĚ ƐƵƌǀĞLJ ƌĞƐƵůƚƐ͘ ^ĞĂŵůĞƐƐ DƵůƚŝĐŚĂŶŶĞů ŽŶƐƵŵĞƌ džƉĞƌŝĞŶĐĞ͘ KƵƌ ƚƌĂĚŝƚŝŽŶĂů ŵĞŵďĞƌ ĞĚƵĐĂƚŝŽŶĂů ĂŶĚ ŽƵƚƌĞĂĐŚ ƐƚƌĂƚĞŐŝĞƐ ƌĞƋƵŝƌĞĚ ŚĞƌĞ ĐŽŵƉůĞŵĞŶƚ ŽƵƌ ƉƌŽƉŽƐĞĚ ĚŝŐŝƚĂů͕ ŵƵůƚŝĐŚĂŶŶĞů ƐŽůƵƚŝŽŶ͘ dŽ ƐƵƉƉŽƌƚ ,,^ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ǁĞ ŽĨĨĞƌ ŽƵƌ ŝŶƚĞŐƌĂƚĞĚ ĚŝŐŝƚĂů ůŝŶĞƵƉ ƚŚĂƚ ŝŶĐůƵĚĞƐ ŽƵƌ ĨŝƌƐƚͲŝŶͲĐůĂƐƐ ŵŽďŝůĞ ĂƉƉ ĨŽƌ ĞŶƌŽůůŵĞŶƚ͕ Ă ƌĞƐƉŽŶƐŝǀĞ ǁĞďƐŝƚĞ͕ ƐŽĐŝĂů ŵĞĚŝĂ ŽƵƚƌĞĂĐŚ͕ ĂŶĚ Ă ŵŽĚĞƌŶ ƵƚŽŵĂƚĞĚ sŽŝĐĞ ZĞƐƉŽŶƐĞ ^LJƐƚĞŵ ; sZ^Ϳ ƚŚĂƚ ŝŶĐƌĞĂƐĞƐ ƚŚĞ ƋƵĂůŝƚLJ ĂŶĚ ƋƵĂŶƚŝƚLJ ŽĨ ƐĞůĨͲƐĞƌǀŝĐĞ ŽƉƚŝŽŶƐ ƚŽ ĨŝŶĚ ŝŶĨŽƌŵĂƚŝŽŶ͕ ƐĞůĞĐƚ ƉůĂŶƐ͕ ĂŶĚ ƌĞĐĞŝǀĞ ĞŶĚͲƚŽͲĞŶĚ ĂƐƐŝƐƚĂŶĐĞ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚĞĐŚŶŽůŽŐŝĞƐ ǁŚŝĐŚ ǁŝůů ďĞ ĞŵƉůŽLJĞĚ ƚŽ ƐƵƉƉŽƌƚ ŵĞŵďĞƌ ŽƵƚƌĞĂĐŚ͘ Ă͘ /ŶĐůƵĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƐƵƉƉŽƌƚ ĂĚĚŝƚŝŽŶĂů ƚĞĐŚŶŽůŽŐŝĞƐ͘ ď͘ ĞƐĐƌŝďĞ ĞdžƉĞƌŝĞŶĐĞ ƵƐŝŶŐ ƚĞĐŚŶŽůŽŐLJ ŝŶ ƐƵƉƉŽƌƚ ŽĨ ŽƵƚƌĞĂĐŚ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ͘ WĂŐĞ ϴ͘ϲͲϴ ŽĨ ϮϮ DŽďŝůĞ ƉƉ ĨŽƌ ŶƌŽůůŵĞŶƚ͘ ^ŵĂƌƚƉŚŽŶĞƐ ĂƌĞ ďĞĐŽŵŝŶŐ ĂŶ ŝŶĐƌĞĂƐŝŶŐůLJ ƉƌĞǀĂůĞŶƚ ŵĞĂŶƐ ŽĨ ƌĞĂĐŚŝŶŐ Ă ǁŝĚĞ ǀĂƌŝĞƚLJ ŽĨ ďĞŶĞĨŝĐŝĂƌŝĞƐ͖ ĨŽƌ ƐŽŵĞ͕ ŵŽďŝůĞ ĂĐĐĞƐƐ ŝƐ ƚŚĞ ƉƌŝŵĂƌLJ͕ ŝĨ ŶŽƚ ƚŚĞ ŽŶůLJ͕ ŵĞĂŶƐ ŽĨ ŝŶƚĞƌŶĞƚ ĂĐĐĞƐƐ͘ dǁĞŶƚLJ ƉĞƌĐĞŶƚ ŽĨ h͘^͘ ĂĚƵůƚƐ ĞĂƌŶŝŶŐ ůĞƐƐ ƚŚĂŶ ΨϯϬ͕ϬϬϬ ƉĞƌ LJĞĂƌ ŚĂǀĞ ϰ͘ ŐĞŶĚĂƐ͘ KƵƌ ŵŽƐƚ ĐŽŵŵŽŶ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ĂŐĞŶĚĂƐ ŝŶĐůƵĚĞ Ă DĞĚŝĐĂŝĚ ĂŶĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ŽǀĞƌǀŝĞǁ͕ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ŽǀĞƌǀŝĞǁ͕ ƐƉĞĐŝĂů ƉƌŽŐƌĂŵƐ ĂŶĚ ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͕ ĂŶĚ ĚŝƌĞĐƚ ƋƵĞƐƚŝŽŶͲĂŶĚͲĂŶƐǁĞƌ͕ ĂƐ ǁĞůů ĂƐ ĞŶƌŽůůŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ͘ tĞ ƚLJƉŝĐĂůůLJ ŚĂǀĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ŽŶ ƐŝƚĞ ƚŽ ŚĞůƉ ƉĂƌƚŝĐŝƉĂŶƚƐ ĞŶƌŽůů ǀŝĂ ǁĞďƐŝƚĞ Žƌ ŚĂƌĚĐŽƉLJ ĨŽƌŵ͘ tĞ ŵĂŝŶƚĂŝŶ ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ ĐŽŵŵƵŶŝƚLJͲďĂƐĞĚ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ƚŽ ĂƐƐŝƐƚ ǁŝƚŚ ĐŽŶĚƵĐƚŝŶŐ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ Ăƚ ƚŚĞ ŐƌĂƐƐƌŽŽƚƐ ůĞǀĞů͘ KƵƌ ĨŝĞůĚ ŽĨĨŝĐĞ ƐƚĂĨĨ ĐŽŶĚƵĐƚ ŚŽŵĞ ǀŝƐŝƚƐ͕ ŽƌŐĂŶŝnjĞ ŚĞĂůƚŚ ĨĂŝƌƐ͕ ŵĂŬĞ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ĂŶĚ ƉĂƌƚŶĞƌ ǁŝƚŚ ĐŽŵŵƵŶŝƚLJ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ĂŶĚ ƐĐŚŽŽůͲďĂƐĞĚ ĐůŝŶŝĐƐ͕ ĂǀĞƌĂŐŝŶŐ Ϯ͕ϭϬϬ ŵŽŶƚŚůLJ ŽƵƚƌĞĂĐŚ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͘ /Ŷ ĂůŝĨŽƌŶŝĂ͕ ǁĞ ŵĂŝŶƚĂŝŶ ϭϮϵ ƉƌĞƐĞŶƚĂƚŝŽŶ ƐŝƚĞƐ ǁŝƚŚ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϭϱϱ ŽƵƚƌĞĂĐŚ ǁŽƌŬĞƌƐ ƌĞĂĐŚŝŶŐ ĂŶ ĂǀĞƌĂŐĞ ŽĨ ϭ͕ϱϬϬ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƉĞƌ ĚĂLJ͘ džƉĞƌŝĞŶĐĞĚ ĂŶĚ ĞĚŝĐĂƚĞĚ WĂƌƚŶĞƌ͘ D y/Dh^ ŚĂƐ ĐŽŶĚƵĐƚĞĚ ŵŝůůŝŽŶƐ ŽĨ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ ŝŶ ĚŽnjĞŶƐ ŽĨ ƐƚĂƚĞƐ ŽǀĞƌ ƚǁŽ ĚĞĐĂĚĞƐ͘ dŚĞƐĞ ůŽĐĂƚŝŽŶƐ ŝŶĐůƵĚĞ ƌƵƌĂů͕ ƵƌďĂŶ͕ ƉƵďůŝĐ͕ ĂŶĚ ƉƌŝǀĂƚĞ ĨĂĐŝůŝƚŝĞƐ͘ /Ŷ ƚŚĞ ŝƐƚƌŝĐƚ ŽĨ ŽůƵŵďŝĂ͕ ǁĞ ƌĞŐƵůĂƌůLJ ŚŽůĚ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ Ăƚ &ĞĚĞƌĂůůLJ YƵĂůŝĨŝĞĚ ,ĞĂůƚŚ ĞŶƚĞƌƐ ĂŶĚ ŚŽŵĞůĞƐƐ ƐŚĞůƚĞƌƐ͘ /Ŷ dĞdžĂƐ͕ ŽƵƌ ŽƵƚƌĞĂĐŚ ŝŶĐůƵĚĞƐ ŝŶͲƉĞƌƐŽŶ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ Ăƚ ǀĂƌŝŽƵƐ ŐŽǀĞƌŶŵĞŶƚ ůŽĐĂƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ŚĞĂůƚŚ ĂŶĚ ŚƵŵĂŶ ƐĞƌǀŝĐĞƐ ůŽĐĂů ĞůŝŐŝďŝůŝƚLJ ŽĨĨŝĐĞƐ͘ ϯ͘ Ɛ ĚŽĐƵŵĞŶƚĞĚ ŝŶ ŽƵƌ ĂƚƚĂĐŚĞĚ dƌŝďĂů ŶŐĂŐĞŵĞŶƚ ^ƚƌĂƚĞŐLJ͕ ǁĞ ǁŝůů ĚĞƐŝŐŶ ƐƉĞĐŝĨŝĐ ƚƌŝďĂů ŵĂƚĞƌŝĂůƐ ĂŶĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ƐƚƌĂƚĞŐŝĞƐ ĂĨƚĞƌ Ă ƉĞƌŝŽĚ ŽĨ ŝŶƚĞŶƐĞ ĐŽŵŵƵŶŝƚLJͲĞŵďĞĚĚĞĚ ůĞĂƌŶŝŶŐ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ǁŽƌŬŝŶŐ ĐůŽƐĞůLJ ǁŝƚŚ W,,^͕ ŽƵƌ dƌŝďĂů >ŝĂŝƐŽŶ ǁŝůů ĂƚƚĞŶĚ ĐŽŵŵƵŶŝƚLJ ŵĞĞƚŝŶŐƐ ĂŶĚ ŝŶƚĞƌĂĐƚ ǁŝƚŚ ƚƌŝďĂů ĐŝƚŝnjĞŶƐ͘ tĞ ǁŝůů ĂůƐŽ ƉƌŝŽƌŝƚŝnjĞ ŚŝƌŝŶŐ ŽĨ / ĂŶĚ ŽƚŚĞƌ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĂů ŵĞŵďĞƌƐ ƚŽ ĂƵŐŵĞŶƚ ŽƵƌ ŽƵƚƌĞĂĐŚ ƐƚĂĨĨ͛Ɛ ĐƵůƚƵƌĂů ŬŶŽǁůĞĚŐĞ ďĂƐĞ͘ dƌŝďĂů KƉƚŝŽŶ ĂŶĚ sŽůƵŶƚĂƌLJ ŶƌŽůůŵĞŶƚ ŚŽŝĐĞƐ͘ D y/Dh^ ǁŝůů ĞĚƵĐĂƚĞ / ŵĞŵďĞƌƐ ŽŶ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞƐ ďĞƚǁĞĞŶ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ǀĞƌƐƵƐ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵƐ͕ ƚŚĞ dƌŝďĂů KƉƚŝŽŶ ĐŽǀĞƌĂŐĞ ĚĞƐĐƌŝƉƚŝŽŶƐ ǁŚĞŶ ƌĞůĞǀĂŶƚ ĂŶĚ ĂƐ ĨŝŶĂůŝnjĞĚ ďLJ ,,^͕ ĂŶĚ ƚŚĞŝƌ ƌŝŐŚƚƐ ƚŽ ĐŚĂŶŐĞ ƉƌŽŐƌĂŵƐ Žƌ ƉůĂŶƐ ĂƐ ŶĞĐĞƐƐĂƌLJ͘ tĞ ǁŝůů ƉƌŽǀŝĚĞ ĐŽŵƉůĞƚĞ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĚƵƌŝŶŐ ŝŶŝƚŝĂů ĞŶƌŽůůŵĞŶƚ͕ ďƵƚ ĂůƐŽ ĂŶLJ ƚŝŵĞ ƚŚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƌĞƋƵĞƐƚ ǁŚĞŶ ĐŽŶƐŝĚĞƌŝŶŐ ĐŚĂŶŐŝŶŐ ƉůĂŶƐ Žƌ ƉƌŽŐƌĂŵƐ͘ KƵƌ ďĞŶĞĨŝĐŝĂƌLJ ŵĂƚĞƌŝĂůƐ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ƌĞĨĞƌƌĂů ĚŽĐƵŵĞŶƚĂƚŝŽŶ ǁŝůů ŶĞĐĞƐƐĂƌŝůLJ ďĞ ƚĂŝůŽƌĞĚ ĨŽƌ Ăůů ƚƌŝďĂů ƉŽƉƵůĂƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ƐĞƌǀŝŶŐ ƚŚĞ ĞŝŐŚƚ ƚƌŝďĞƐ ĂŶĚ hƌďĂŶ /ŶĚŝĂŶ ƐƐŽĐŝĂƚŝŽŶƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ďƵƚ ǁĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ EŽƌƚŚ ĂƌŽůŝŶĂ ƌĞƋƵŝƌĞƐ ƐƉĞĐŝĨŝĐ ŵĂƚĞƌŝĂůƐ ĨŽƌ ƚŚĞ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ / ƚƌŝďĞ ĚƵĞ ƚŽ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞƐ ŝŶ ƉƌŽŐƌĂŵ ƌƵůĞƐ͘ ĂǁĂƌĚƐ ƐƵĐŚ ĂƐ ƚŚĞ DŝŶŽƌŝƚLJ ƵƐŝŶĞƐƐ ŶƚĞƌƉƌŝƐĞ ;D Ϳ ŽŽƌĚŝŶĂƚŽƌ͛Ɛ ǁĂƌĚ͘ ^ŚĞ ǁŝůů ůĞĂĚ ŽƵƌ ŽƵƚƌĞĂĐŚ ƚĞĂŵ ƚŽ ůĞǀĞƌĂŐĞ ŚĞƌ ĞdžŝƐƚŝŶŐ ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ƐĞƌǀŝŶŐ ƚŚĞ ƚƌŝďĂů ĐŽŵŵƵŶŝƚLJ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ƐĂŵƉůĞ dƌŝďĂů ŶŐĂŐĞŵĞŶƚ ^ƚƌĂƚĞŐLJ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ƐĂŵƉůĞ ^^ ŶŐĂŐĞŵĞŶƚ ^ƚƌĂƚĞŐLJ͘ ϭ ^ŽƵƌĐĞ͗ ŚƚƚƉ͗ͬͬǁǁǁ͘ƉĞǁƌĞƐĞĂƌĐŚ͘ŽƌŐͬĨĂĐƚͲƚĂŶŬͬϮϬϭϳͬϬϲͬϮϴͬϭϬͲĨĂĐƚƐͲĂďŽƵƚͲƐŵĂƌƚƉŚŽŶĞƐͬ WĂŐĞ ϴ͘ϲͲϵ ŽĨ ϮϮ KĨĨĞƌŽƌ ŵƵƐƚ ůŝƐƚ ĐƵƌƌĞŶƚ ĐŽŶƚƌĂĐƚƐ Žƌ ƐƚĂƚĞƐ ǁŚĞƌĞ ũŽŝŶƚ ŽƵƚƌĞĂĐŚ ŝƐ ƉĞƌĨŽƌŵĞĚ ǁŝƚŚ ŽŵďƵĚƐŵĂŶ ƉƌŽŐƌĂŵƐ͕ W,WƐ͕ ůŽĐĂů ƐŽĐŝĂů ƐĞƌǀŝĐĞ Žƌ ŽƚŚĞƌ ĐŽŵŵƵŶŝƚLJ ĂŐĞŶĐŝĞƐ͘ ϳ͘ KƵƌ ^ĂŵƉůĞ ^^ ŶŐĂŐĞŵĞŶƚ ^ƚƌĂƚĞŐLJ ŝƐ ŝŶĐůƵĚĞĚ ĂƐ ^ĞĐƚŝŽŶ ϴ͘ϲ͘Ϯ͘ ϲ͘ KƵƌ ^ĂŵƉůĞ dƌŝďĂů ŶŐĂŐĞŵĞŶƚ ^ƚƌĂƚĞŐLJ ŝƐ ŝŶĐůƵĚĞĚ ĂƐ ^ĞĐƚŝŽŶ ϴ͘ϲ͘ϭ͘ ϱ͘ KƵƌ ǁĞď ĐŚĂƚ ƐŽůƵƚŝŽŶ ĂůůŽǁƐ ƐƵƉĞƌǀŝƐŽƌƐ ĂŶĚ ŵĂŶĂŐĞƌƐ ƚŽ ŵŽŶŝƚŽƌ ĂŶĚ ŝŶƚĞƌǀĞŶĞ ƉƌŝǀĂƚĞůLJ ǁŝƚŚ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŚŝůĞ ŽŶ ĐŚĂƚ ƐĞƐƐŝŽŶƐ ĂƐ ŶĞĐĞƐƐĂƌLJ͘ dŚŝƐ ƐŽůƵƚŝŽŶ ĂůƐŽ ĂůůŽǁƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ƐĂǀĞ ĂŶĚ ƉƌŝŶƚ ĐŽƉŝĞƐ ŽĨ ƚŚĞŝƌ ĐŚĂƚ ƐĞƐƐŝŽŶƐ͘ tĞ ĚŽ ŶŽƚ ƉƌŽǀŝĚĞ ĐĂƐĞ ƐƉĞĐŝĨŝĐ ŝŶĨŽƌŵĂƚŝŽŶ ǀŝĂ ǁĞď ĐŚĂƚ ĚƵĞ ƚŽ ƉƌŝǀĂĐLJ ƌĞƐƚƌŝĐƚŝŽŶƐ͕ ďƵƚ ǁĞ ĚŽ ǁĂůŬ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŚƌŽƵŐŚ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ŽŶůŝŶĞ ĂŶĚ ƉƌŽǀŝĚĞ ĂŶƐǁĞƌƐ ƚŽ ďŽƚŚ ƉŽůŝĐLJ ĂŶĚ ƚĞĐŚŶŝĐĂů ƋƵĞƐƚŝŽŶƐ͘ ĞŶĞĨŝĐŝĂƌŝĞƐ ƵƐŝŶŐ ƐŵĂƌƚƉŚŽŶĞƐ ŵĂLJ ĐůŝĐŬ ƚŽ ĐŽŶŶĞĐƚ ǁŝƚŚ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ďLJ ƚĞůĞƉŚŽŶĞ ŝĨ ƚŚĞLJ ŶĞĞĚ ƐƉĞĐŝĨŝĐ ĐĂƐĞ ŝŶĨŽƌŵĂƚŝŽŶ͘ KƵƌ ǁĞď ĐŚĂƚ ƐŽůƵƚŝŽŶ ŝƐ ĐůŽƵĚ ŚŽƐƚĞĚ ĂŶĚ ŽĨĨĞƌƐ ĂŶ ŽŶůŝŶĞ ďĞŶĞĨŝĐŝĂƌLJ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJ ĚŝƌĞĐƚůLJ ĨŽůůŽǁŝŶŐ ĞĂĐŚ ĐŚĂƚ ƐĞƐƐŝŽŶ͘ tĞď ŚĂƚ͘ ůů D y/Dh^ͲĚĞƐŝŐŶĞĚ ŝŶĨŽƌŵĂƚŝŽŶĂů ĂŶĚ ƉŽƌƚĂů ƉĂŐĞƐ ǁŝůů ŝŶĐůƵĚĞ Ă ůŝŶŬ ƚŽ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ĚƵƌŝŶŐ ďƵƐŝŶĞƐƐ ŚŽƵƌƐ͘ dŚĞ ǁĞďƐŝƚĞ ǁŝůů ƉƌŽǀŝĚĞ ͞ĂǁĂLJ͟ ŵĞƐƐĂŐĞ ƌĞƐƉŽŶƐĞƐ͕ ĚŝƌĞĐƚŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ĨƌĞƋƵĞŶƚůLJ ĂƐŬĞĚ ƋƵĞƐƚŝŽŶƐ ĂŶĚ ƌĞƐƉŽŶƐĞƐ ĚƵƌŝŶŐ ŶŽŶͲďƵƐŝŶĞƐƐ ŚŽƵƌƐ͘ tĞ ĂůƐŽ ĐƵƌƌĞŶƚůLJ ƉƌŽǀŝĚĞ ƐŽĐŝĂů ŵĞĚŝĂ ĂƐ ƐĞƌǀŝĐĞ ĨŽƌ ƐĞůĞĐƚ ŚĞĂůƚŚ ƉƌŽũĞĐƚƐ ǁŚŽ ĐŚŽŽƐĞ ƚŚŝƐ ƐĞƌǀŝĐĞ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ EĞǁ zŽƌŬ ^ƚĂƚĞ ŽĨ ,ĞĂůƚŚ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ĚĞƐŝŐŶŝŶŐ ĂŶĚ ŵĂŝŶƚĂŝŶŝŶŐ ƐƚĂƚĞͲƐƉŽŶƐŽƌĞĚ &ĂĐĞŬ ĂŶĚ dǁŝƚƚĞƌ ƉĂŐĞƐ͕ ĂĐĐŽƵŶƚ ďƌĂŶĚŝŶŐ͕ ĂŶĚ ĂƉƉƌŽǀĞĚ ƐŽĐŝĂů ŵĞĚŝĂ ƉŽƐƚƐ͘ ^ŽĐŝĂů DĞĚŝĂ ŶŐĂŐĞŵĞŶƚ͘ tĞ ŽĨĨĞƌ ƚŽ ĂƐƐŝƐƚ EŽƌƚŚ ĂƌŽůŝŶĂ ŝŶ ĨƵůůLJ ƵƐŝŶŐ ƐŽĐŝĂů ŵĞĚŝĂ ĐŚĂŶŶĞůƐ ůŝŬĞ &ĂĐĞŬ ĂŶĚ dǁŝƚƚĞƌ ƚŽ ĐƵůƚŝǀĂƚĞ Ă ŵŽƌĞ ĞŶŐĂŐĞĚ ĂŶĚ ŝŶĨŽƌŵĞĚ ŽŶůŝŶĞ ĐŽŵŵƵŶŝƚLJ ďLJ ƉƌŽǀŝĚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ĚĞĂĚůŝŶĞƐ͕ ĂƉƉůŝĐĂƚŝŽŶ ŝŶƐƚƌƵĐƚŝŽŶƐ͕ ĂŶĚ ŽƚŚĞƌ ĨƌĞƋƵĞŶƚůLJ ĂƐŬĞĚ ƋƵĞƐƚŝŽŶƐ͘ ^ĞĐƵƌĞ ŵĂŝů͘ D y/Dh^ ƌĞĐŽŐŶŝnjĞƐ ƚŚĂƚ ƐŽŵĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŵĂLJ ƉƌĞĨĞƌ ĞŵĂŝů ĐŽŵŵƵŶŝĐĂƚŝŽŶ ƚŽ ŵĂŝů͘ KŶĐĞ Ă ďĞŶĞĨŝĐŝĂƌLJ ŽƉƚƐ ŝŶ ƚŽ ƌĞĐĞŝǀĞ ĞůĞĐƚƌŽŶŝĐ ŵĞƐƐĂŐŝŶŐ͕ ǁĞ ǁŝůů ƐĞŶĚ ŐĞŶĞƌŝĐ ƌĞŵŝŶĚĞƌƐ ĂŶĚ ƵƉĚĂƚĞƐ͕ ŝŶĐůƵĚŝŶŐ ĞǀĞŶƚ ŶŽƚŝĨŝĐĂƚŝŽŶƐ͕ ǀŝĂ ŽƵƌ ĞŵĂŝů ŽƵƚƌĞĂĐŚ ƚŽŽů͘ dŚŝƐ ĞŶǀŝƌŽŶŵĞŶƚĂůůLJ ĨƌŝĞŶĚůLJ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ŵĞƚŚŽĚ ŝƐ ůĞƐƐ ĞdžƉĞŶƐŝǀĞ ĂŶĚ ŵŽƌĞ ĞĨĨŝĐŝĞŶƚ ĨŽƌ ĞǀĞƌLJŽŶĞ ŝŶǀŽůǀĞĚ͕ ďƵƚ ĂůƐŽ ƉŽƐĞƐ ŝŵƉŽƌƚĂŶƚ ƉƌŝǀĂĐLJ ĂŶĚ ƐĞĐƵƌŝƚLJ ďĂƌƌŝĞƌƐ͘ tĞ ĐĂŶ ŽŶůLJ ƐĞŶĚ ƉĞƌƐŽŶĂů ĐĂƐĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚƌŽƵŐŚ ,,^ ƐĞĐƵƌĞ ĞŵĂŝů͕ ŝĨ ĂƉƉƌŽǀĞĚ͕ ĂŶĚ ďLJ ŵĂŝů͘ dŚĞ ƉƌŽƉŽƐĞĚ ǁĞďƐŝƚĞ ŝŶĐůƵĚĞƐ Ă ƐĞĐƵƌĞ ĞŶƌŽůůŵĞŶƚ ƉŽƌƚĂů ǁŝƚŚ Ă ŐƵŝĚĞ ƚŽ ƚŚĞ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ƉƌŽĐĞƐƐ ĂŶĚ Ă ƐĞĂƌĐŚĂďůĞ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ͘ tĞ ĐƵƌƌĞŶƚůLJ ŽƉĞƌĂƚĞ ƐĞůĨͲƐĞƌǀŝĐĞ ƉŽƌƚĂůƐ ŝŶ 'ĞŽƌŐŝĂ͕ /ůůŝŶŽŝƐ͕ >ŽƵŝƐŝĂŶĂ͕ EĞǁ zŽƌŬ͕ WĞŶŶƐLJůǀĂŶŝĂ͕ sŝƌŐŝŶŝĂ͕ ĂŶĚ tĞƐƚ sŝƌŐŝŶŝĂ͘ ^ŽŵĞ ŽĨ ƚŚĞƐĞ ƉŽƌƚĂůƐ ŚĂǀĞ ŝŶĐƌĞĂƐĞĚ ŽŶůŝŶĞ ĞŶƌŽůůŵĞŶƚƐ ďLJ ŵŽƌĞ ƚŚĂŶ Ϯϴ ƉĞƌĐĞŶƚ͘ dŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ǁĞďƐŝƚĞ ǁŝůů ĐŽŵƉůLJ ǁŝƚŚ ^ƚĂƚĞ ƌĞŐƵůĂƚŝŽŶƐ͕ ĨĞĚĞƌĂů ƵƐĂďŝůŝƚLJ ŐƵŝĚĞůŝŶĞƐ͕ ĂŶĚ ĂƉƉůŝĐĂďůĞ ƉƌŽǀŝƐŝŽŶƐ ǁŝƚŚŝŶ ƚŚĞ ͕ ^ĞĐƚŝŽŶ ϭϱϱϳ ŽĨ ƚŚĞ WĂƚŝĞŶƚ WƌŽƚĞĐƚŝŽŶ ĂŶĚ ĨĨŽƌĚĂďůĞ ĂƌĞ Đƚ͕ ĂŶĚ ϰϮ &Z ϰϯϴ͘ dŚĞ ƐŝƚĞ ǁŝůů ĂůƐŽ ŵĞĞƚ ĨĞĚĞƌĂů ^ĞĐƚŝŽŶ ϱϬϴ ĐŽŵƉůŝĂŶĐĞ ƐƚĂŶĚĂƌĚƐ͘ /ŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ŶƌŽůůŵĞŶƚ tĞďƐŝƚĞ͘ KƵƌ ǁĞď ĐŽŶƚĞŶƚ ŝƐ ďĂƐĞĚ ŽŶ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ĂŶĚ ƌĞǀŝĞǁĞĚ ďLJ ƚŚĞ ĞŶƚĞƌ ĨŽƌ ,ĞĂůƚŚ >ŝƚĞƌĂĐLJ͘ dŚĞ ĐŽŶƚĞŶƚ ǁŝůů ƵŶĚĞƌŐŽ ƚŚĞ ƐĂŵĞ ƋƵĂůŝƚLJ ĐŽŶƚƌŽů͕ ƵƐĞƌ ƚĞƐƚŝŶŐ͕ ƉůĂŝŶ ůĂŶŐƵĂŐĞ ŐƵŝĚĞůŝŶĞƐ͕ ĂŶĚ ƚƌĂŶƐůĂƚŝŽŶ ƉƌŽĐĞƐƐĞƐ ƵƐĞĚ ĨŽƌ ǁƌŝƚƚĞŶ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ͘ ůů ŐĞŶĞƌĂů ŝŶĨŽƌŵĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ ĂŶĚ ĨŽƌŵƐ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ĨŽƌ ǀŝĞǁŝŶŐ ŽŶůŝŶĞ Žƌ ĚŽǁŶůŽĂĚ͘ tĞ ŵĂLJ ĂůƐŽ ƉŽƐƚ ǀŝĚĞŽƐ Žƌ ŽƚŚĞƌ ĚLJŶĂŵŝĐ ĐŽŶƚĞŶƚ ƌĞůĂƚĞĚ ƚŽ ŽƵƌ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ĂŶĚ ŽƵƚƌĞĂĐŚ ĂĐƚŝǀŝƚŝĞƐ͘ LJ ŽĨĨĞƌŝŶŐ EŽƌƚŚ ĂƌŽůŝŶĂΖƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ Ă ǀĂƌŝĞƚLJ ŽĨ ǁĂLJƐ ƚŽ ĂĐĐĞƐƐ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ ƉƌĞĚŽŵŝŶĂŶƚ ůĂŶŐƵĂŐĞƐ͕ ǁĞ ĐĂŶ ďĞƚƚĞƌ ƐƵƉƉŽƌƚ ƚŚĞ ĚŝĨĨĞƌĞŶƚ ŶĞĞĚƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂΖƐ ĚŝǀĞƌƐĞ ƉŽƉƵůĂƚŝŽŶ ĂŶĚ ĂĚĚƌĞƐƐ ďĂƌƌŝĞƌƐ ƚŽ ĂĐĐĞƐƐŝŶŐ ŝŵƉŽƌƚĂŶƚ ŚĞĂůƚŚ ŝŶĨŽƌŵĂƚŝŽŶ ďĞĐŽŵĞ ΗƐŵĂƌƚƉŚŽŶĞ ĚĞƉĞŶĚĞŶƚΗ ĂŶĚ ĚŽ ŶŽƚ ŚĂǀĞ ŽƚŚĞƌ ŝŶƚĞƌŶĞƚ ĂĐĐĞƐƐ Ăƚ ŚŽŵĞ͘ ϭ tŚŝůĞ ŽƵƌ ǁĞďƐŝƚĞ ǁŝůů ďĞ ŵŽďŝůĞͲĨƌŝĞŶĚůLJ͕ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ĞŶƌŽůů ŽŶůŝŶĞ ĨƌŽŵ ƚŚĞŝƌ ƉŚŽŶĞƐ ǁŝƚŚŽƵƚ ĞǀĞƌ ĚŽǁŶůŽĂĚŝŶŐ ƚŚĞ ĂƉƉ͘ tĞ ĂůƐŽ ŽĨĨĞƌ Ă ĨŝĞůĚͲƉƌŽǀĞŶ ŵŽďŝůĞ ĂƉƉ ĨŽƌ ĞŶƌŽůůŵĞŶƚ͘ MAXIMUS engages local community organizations, social service agencies, and county and regional government offices in every one of our projects with an outreach component. Many of our state enrollment broker projects, such as Texas, West Virginia, New York, and California, communicate regularly with the ombudsman program and work together to improve managed care education. In New York, together with Local Departments of Social Services offices, MAXIMUS has implemented an outreach and education initiative sewing five million Medicaid consumers, providing informational programs in locations that are easily accessible and often frequented by consumers. Field Enrollment Counselors deliver comprehensive information presentations for groups and individuals at nursing homes, adult homes, shelters, and Local Department of Social Services offices, among other locations, enrolling approximately 98 percent of consumers with whom they meet. We work with a network of more than 60 community organizations in the greater New York City area, and our outreach staff work alongside community organizations statewide, averaging 2,400 outreach presentations. Exhibit 8.6-3: Current Contracs with Joint Outreach Components lists some of our contracts with outreach components and the nature of this collaboration. The majority of our 19 MAXIMUS Enrollment Broker contracts include outreach components. Current Contracts with Joint Outreach Components Contract Texas Enrollment Broker West Virginia in- Person Assister Example of Outreach Collaboration Our field office staff conduct home visits, organize health fairs, make presentations, and partner with community organizations and school-based clinics, aveg?ig 2,100 outreach presentations. We crafted a specialized outreach plan to accommodate the geographic challenges of the state (many towns and counties separated by winding roads and challenging driving conditions through the Appalachian mountains) as well as unique demographics (where we found pockets of consumers who self?identified as "high-risk", or not having easy access to a doctor or provider). California Health Care Options (HCO) We co-Iocate field operations staff at county social service of?ces to facilitate a simultaneous eligibility and enrollment process. We have helped approximately one~third of California applicants successfully select a health plan at the time of eligibility. New York Medicaid Choice We provide comprehensive Information presentations for groups and individuals at nursing homes, adult homes. shelters, and local Department of Social Services offices, among other locations, enrolling approximately 98 percent of consumers with whom we meet. District of Columbia Enrollment Broker We provide a unique focus on the homeless through a partnership with the District Coalition, where MAXIMUS trains the Coalition staff. We hold enrollment events at homeless shelters as well as other comm unity organizations and clinics, averaging 340 outreach presentations. Our outreach team has partnerships with several Federally Qualified Health Centers to provide education and enrollment to newly eligible members. Exhibit 8.6-3: Current Contracts with Joint Outreach Components. We will draw on our experience creating outreach collaborations in other enrollmentbroker projects to help inform our outreach in North Carolina. 8. Offeror must describe an approach for enhanced outreach and community level engagement with local PHHS offices to assist beneficiaries in the transition from fee for service to manage care making sure to propose in its response to Addendum Exhibit 3 Revised ATTACHMENT C: COST PROPOSAL: a. Plan and cost for onsite support; and b. Plan and cost for providing enhanced support to local PHHS offices during open enrollment and other potential peak periods. Our Proposed Approach for Enhanced Outreach and Community Level Engagement is included as Section 8.6.3. All costs associated with our proposed approach are included in Attachment (2 Cost Proposal Worksheet 3, Optional ln-Person and Enhanced Support Services. 9. The Offeror must describe any limitations and/or issues with meeting the requirements of this Section. MAXIMUS has reviewed the RFP and is not aware of any limitations or issue with meeting the requirements of Section Member Outreach, Education and Enrollment Materials. Page 8.640 of 22 ^ĂŵƉůĞ dƌŝďĂů ŶŐĂŐĞŵĞŶƚ ^ƚƌĂƚĞŐLJ ĨŽƌ EŽƌƚŚ ĂƌŽůŝŶĂ ϴ͘ϲ͘ϭ ŵďĞĚĚŝŶŐ ŽƵƚƌĞĂĐŚ ĞdžƉĞƌƚƐ ŝŶ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ĨŽƌ ŝŶƐŝŐŚƚƐ ƚŚĂƚ ĐĂŶŶŽƚ ďĞ ŐĂŝŶĞĚ ĨƌŽŵ ĂŶ ŽĨĨŝĐĞ ƐĞĂƚ ŝŶ ZĂůĞŝŐŚ KĨĨĞƌŝŶŐ ĂĚĚŝƚŝŽŶĂů ƐƵďũĞĐƚ ŵĂƚƚĞƌ ŐƵŝĚĂŶĐĞ ĨƌŽŵ ŽƵƌ ƐƉĞĐŝĂůŝnjĞĚ ƚƌŝďĂů ŽƵƚƌĞĂĐŚ ĞdžƉĞƌƚ ǁŝƚŚ Ă DĂƐƚĞƌ͛Ɛ ĚĞŐƌĞĞ ŝŶ ĐƵůƚƵƌĂů ĂŶƚŚƌŽƉŽůŽŐLJ ĂŶĚ ŵĞƌŝĐĂŶ /ŶĚŝĂŶ ĂŶĚ /ŶĚŝŐĞŶŽƵƐ ^ƚƵĚŝĞƐ͕ ĂŶĚ ĞdžƉĞƌŝĞŶĐĞ ǁŽƌŬŝŶŐ ŝŶ ďŽƚŚ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ƚƌŝďĂů ĂĨĨĂŝƌƐ >ŝƐƚĞŶŝŶŐ ƚŽ ƚŚĞ ^ƚĂƚĞ dƌŝďĞƐ ĂŶĚ ƚƌŝďĂů ůĞĂĚĞƌƐŚŝƉ ŝŶ /ŶĚŝĂŶ ŚĞĂůƚŚ ƉƌŽŐƌĂŵƐ ƚŽ ĐŽŶƚŝŶƵŽƵƐůLJ ĞǀŽůǀĞ ŽƵƌ ŽƵƚƌĞĂĐŚ ƐƚƌĂƚĞŐLJ ĨŽƌ ƚŚĞ ŐŽŽĚ ŽĨ Ăůů ƐƚĂŬĞŚŽůĚĞƌƐ „ „ „ WĂŐĞ ϴ͘ϲͲϭϭ ŽĨ ϮϮ /Ŷ ŽƌĚĞƌ ƚŽ ĞĚƵĐĂƚĞ / ŵĞŵďĞƌƐ ŽŶ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞƐ ďĞƚǁĞĞŶ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ǀĞƌƐƵƐ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵƐ͕ ƚŚĞ dƌŝďĂů KƉƚŝŽŶ ĐŽǀĞƌĂŐĞ ĚĞƐĐƌŝƉƚŝŽŶƐ ǁŚĞŶ ƌĞůĞǀĂŶƚ ĂŶĚ ĂƐ ĨŝŶĂůŝnjĞĚ ďLJ ,,^͕ ĂŶĚ ƚŚĞŝƌ ƌŝŐŚƚƐ ƚŽ ĐŚĂŶŐĞ ƉƌŽŐƌĂŵƐ Žƌ ƉůĂŶƐ͕ ǁĞ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐƉĞĐŝĨŝĐ ŵĂƚĞƌŝĂůƐ ďĂƐĞĚ ŽŶ ƚŚĞ ĐŚŽŝĐĞƐ ĂǀĂŝůĂďůĞ͘ tĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ͕ ďĂƐĞĚ ŽŶ ƚŚĞ ƌĞŐŝŽŶ͕ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŵĂLJ ďĞ ĂƵƚŽŵĂƚŝĐĂůůLJ ĞŶƌŽůůĞĚ ŝŶ Ă dƌŝďĂů KƉƚŝŽŶ Žƌ &ĞĞͲĨŽƌͲ^ĞƌǀŝĐĞ͘ KƵƌ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ƚŽ / ŐƌŽƵƉƐ ǁŝůů ďĞ ĐƵƐƚŽŵŝnjĞĚ ƚŽ ĐŽǀĞƌ ƐƉĞĐŝĨŝĐƐ ŽĨ ƚŚĞ ƌĞŐŝŽŶ Žƌ ĐŽŵŵƵŶŝƚLJ͘ tĞ ǁŝůů ƉƌŽǀŝĚĞ ĐŽŵƉůĞƚĞ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĚƵƌŝŶŐ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ƵƉŽŶ ƌĞƋƵĞƐƚ͕ ĂŶĚ ǁŚĞŶĞǀĞƌ Ă ŵĞŵďĞƌ ŽĨ ƚŚŝƐ ĐŽŵŵƵŶŝƚLJ ĐŽŶƚĂĐƚƐ ƵƐ ƌĞŐĂƌĚŝŶŐ ĐŚĂŶŐŝŶŐ ƉůĂŶƐ Žƌ ŝƐƐƵĞƐ ŽďƚĂŝŶŝŶŐ ĐŽǀĞƌĞĚ ƐĞƌǀŝĐĞƐ͘ /ƚ ŝƐ ŝŵƉŽƌƚĂŶƚ ƚŽ ƚŚĞ / ĐŽŵŵƵŶŝƚLJ ƚŽ ŚĂǀĞ ĐŚŽŝĐĞƐ ƌĞŐĂƌĚŝŶŐ ǁŚĞƌĞ ĂŶĚ ŚŽǁ ƚŚĞLJ ƌĞĐĞŝǀĞ ŚĞĂůƚŚ ĐĂƌĞ͘ dŚĞ ĐƌĞĂƚŝŽŶ ŽĨ Ă dƌŝďĂů KƉƚŝŽŶ ŝƐ ĂŶ ŝŵƉŽƌƚĂŶƚ ƐƚĞƉ ǁŚŝĐŚ ǁŝůů ƌĞƋƵŝƌĞ ƐƉĞĐŝĨŝĐ ŽƵƚƌĞĂĐŚ ƚŽ ŝŵƉĂĐƚĞĚ ĐŽŵŵƵŶŝƚŝĞƐ ƚŽ ďĞ ĐĞƌƚĂŝŶ ƚŚĞLJ ŚĂǀĞ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĞLJ ŶĞĞĚ ƚŽ ŵĂŬĞ ƚŚĞ ďĞƐƚ ĐŚŽŝĐĞ ĨŽƌ ƚŚĞŝƌ ĨĂŵŝůŝĞƐ͘ / dƌŝďĂů KƉƚŝŽŶ ĂŶĚ sŽůƵŶƚĂƌLJ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂů DĂƚĞƌŝĂůƐ ĂŶĚ WƌŽĐĞƐƐ ^ƚĂŐĞ dŚƌĞĞ ʹ KŶŐŽŝŶŐ ZĞǀŝƐŝŽŶƐ͗ ƵůƚƵƌĂůůLJ ĂƉƉƌŽƉƌŝĂƚĞ ŽƵƚƌĞĂĐŚ ŵĂƚĞƌŝĂůƐ ĂƌĞ ŶĞǀĞƌ ĐŽŵƉůĞƚĞůLJ ĨŝŶĂů͕ ďƵƚ ĂƌĞ ůŝǀŝŶŐ ĚŽĐƵŵĞŶƚƐ ƚŚĂƚ ĐŚĂŶŐĞ ďĂƐĞĚ ŽŶ ĐŽŵŵƵŶŝƚLJ ĨĞĞĚďĂĐŬ͘ tĞ ŽďƚĂŝŶ ĨĞĞĚďĂĐŬ ĨƌŽŵ Ăůů ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ŵĞĞƚŝŶŐƐ ǁŝƚŚ ƚƌŝďĂů ůĞĂĚĞƌƐ͕ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ƋƵĞƐƚŝŽŶƐ͕ ĂŶĚ ŝŶĐŽƌƉŽƌĂƚĞ ƚŚŝƐ ďĂĐŬ ŝŶƚŽ ŵĂŶĚĂƚŽƌLJ ŵĂƚĞƌŝĂůƐ ƌĞǀŝĞǁƐ Ăƚ ůĞĂƐƚ ĞǀĞƌLJ Ɛŝdž ŵŽŶƚŚƐ͘ ^ƚĂŐĞ dǁŽ ʹ dĞƐƚŝŶŐ͗ tĞ ǁŝůů ŽƌŐĂŶŝnjĞ ƚƌŝďĂů ďĂƐĞĚ ĨŽĐƵƐ ŐƌŽƵƉƐ ƚŽ ƌĞǀŝĞǁ ŵĂƚĞƌŝĂůƐ ĂŶĚ ĚŽĐƵŵĞŶƚ ƐƵŐŐĞƐƚŝŽŶƐ ĨƌŽŵ ƚƌŝďĂů ŵĞŵďĞƌƐ͘ dŚĞƐĞ ƐƵŐŐĞƐƚŝŽŶƐ ĨŽƌŵ ƚŚĞ ďĂƐŝƐ ĨŽƌ ƌĞǀŝƐŝŽŶƐ ĂŶĚ ĨŝŶĂů ĚƌĂĨƚŝŶŐ ŽĨ ŵĂƚĞƌŝĂůƐ ĨŽƌ ,,^ ĂƉƉƌŽǀĂů͘ ^ƚĂŐĞ KŶĞ ʹ ĞƐŝŐŶ͗ tĞ ǁŝůů ĚĞƐŝŐŶ ŽƵƌ ƐƉĞĐŝĨŝĐ ƚƌŝďĂů ŵĂƚĞƌŝĂůƐ ĂŶĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ƐƚƌĂƚĞŐŝĞƐ ĂĨƚĞƌ Ă ƉĞƌŝŽĚ ŽĨ ŝŶƚĞŶƐĞ ĐŽŵŵƵŶŝƚLJͲĞŵďĞĚĚĞĚ ůĞĂƌŶŝŶŐ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ǁŽƌŬŝŶŐ ĐůŽƐĞůLJ ǁŝƚŚ W,,^͕ ŽƵƌ dƌŝďĂů >ŝĂŝƐŽŶ ǁŝůů ĂƚƚĞŶĚ ĐŽŵŵƵŶŝƚLJ ŵĞĞƚŝŶŐƐ ĂŶĚ ŝŶƚĞƌĂĐƚ ǁŝƚŚ ƚƌŝďĂů ĐŝƚŝnjĞŶƐ͘ ĨƚĞƌ Ă ƉĞƌŝŽĚ ŽĨ ƐƚƵĚLJ͕ ŽƵƌ dƌŝďĂů >ŝĂŝƐŽŶ ǁŝůů ǁŽƌŬ ǁŝƚŚ ŽƵƌ ƐƵďũĞĐƚ ŵĂƚƚĞƌ ĞdžƉĞƌƚ͕ ĂŶŝĞůůĞ :ŝŵĞŶĞnj͕ ƚŽ ŝŶĐŽƌƉŽƌĂƚĞ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ůĞĂƌŶĞĚ ĚƵƌŝŶŐ ƚƌŝďĂů ĞŶŐĂŐĞŵĞŶƚ ŝŶ EĞǁ DĞdžŝĐŽ͕ ƌŝnjŽŶĂ͕ tLJŽŵŝŶŐ ĂŶĚ dĞdžĂƐ͘ KƵƌ ƐƉĞĐŝĨŝĐ ĚĞƐŝŐŶ ƉƌŽĐĞƐƐ ĨŽƌ ƚƌŝďĂů ŵĂƚĞƌŝĂůƐ ŝŶĐůƵĚĞƐ ƚŚƌĞĞ ďĂƐŝĐ ƐƚĂŐĞƐ͘ WůĞĂƐĞ ŶŽƚĞ ƚŚĂƚ ƚŚŝƐ ƉƌŽĐĞƐƐ ŽĐĐƵƌƐ ĨŽƌ ďŽƚŚ ƚŚĞ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĂů ; /Ϳ ŵĂƚĞƌŝĂůƐ ƐĞƚ ĂŶĚ ƚŚĞ ŐĞŶĞƌĂů ƚƌŝďĂů ƉŽƉƵůĂƚŝŽŶ ƐĞƚ ŽĨ ŵĂƚĞƌŝĂůƐ ĐŽŶĐƵƌƌĞŶƚůLJ͕ ďƵƚ ƚŚĞ ŵĂƚĞƌŝĂůƐ ĚŝĨĨĞƌ͘ &Žƌ / ŵĂƚĞƌŝĂůƐ͕ ǁĞ ǁŝůů ŝŶĐŽƌƉŽƌĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽďƚĂŝŶĞĚ ƚŚƌŽƵŐŚ ƚŚĞ ůĂƚĞƐƚ W,,^ dƌŝďĂů ,ĞĂůƚŚ ƐƐĞƐƐŵĞŶƚ ;d, Ϳ͕ ƐĞƚ ƚŽ ďĞ ƌĞůĞĂƐĞĚ ŝŶ :ƵŶĞ ϮϬϭϴ͘ DĂƚĞƌŝĂůƐ ĞƐŝŐŶ KƵƌ ŽƵƚƌĞĂĐŚ ƚĞĂŵ ǁŝůů ĂůƐŽ ŝŵŵĞĚŝĂƚĞůLJ ĞƐƚĂďůŝƐŚ ĂŶ ŽŶŐŽŝŶŐ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ƚŚĞ / W,,^ ƚŽ ƉƌŽǀŝĚĞ ĞŶŚĂŶĐĞĚ ĂŶĚ ƐƉĞĐŝĂůŝnjĞĚ ƐƵƉƉŽƌƚ ĨŽƌ ƚƌŝďĂů ŵĞŵďĞƌƐ͘ KƵƌ ĚĞĚŝĐĂƚĞĚ dƌŝďĂů >ŝĂŝƐŽŶ ǁŝůů ĞƐƚĂďůŝƐŚ ƌĞŐƵůĂƌ ŵĞĞƚŝŶŐƐ͕ ŽƉĞŶ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĐŚĂŶŶĞůƐ͕ ĂŶĚ ƉƌĞĨĞƌƌĞĚ ŵĞƚŚŽĚƐ ŽĨ ƐƵƉƉŽƌƚ ĂŶĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ǁŝƚŚ ůŽĐĂů W,,^ ƐƚĂĨĨ͘ tĞ ĂƌĞ ƉƌĞƉĂƌĞĚ ƚŽ ƉƌŽǀŝĚĞ ŽŶͲƐŝƚĞ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ŵĂƚĞƌŝĂůƐ͕ ĂŶĚ ĚĞĚŝĐĂƚĞĚ ƐƵƉƉŽƌƚ ĨŽƌ W,,^ ƐƚĂĨĨ ĂƐƐŝƐƚŝŶŐ ƚƌŝďĂů ŵĞŵďĞƌƐ͘ WƌŽǀŝĚŝŶŐ Ă ĞĚŝĐĂƚĞĚ dƌŝďĂů >ŝĂŝƐŽŶ ǁŝƚŚ ŵŽƌĞ ƚŚĂŶ ĨŝĨƚĞĞŶ LJĞĂƌƐ ŽĨ ĞdžƉĞƌŝĞŶĐĞ ƉƌŽĨĞƐƐŝŽŶĂůůLJ ƐĞƌǀŝŶŐ ƚŚĞ ĞŝŐŚƚ ƚƌŝďĞƐ ĂŶĚ hƌďĂŶ /ŶĚŝĂŶ ƐƐŽĐŝĂƚŝŽŶƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ „ D y/Dh^ ďƌŝŶŐƐ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ ƐƵĐĐĞƐƐĨƵůůLJ ǁŽƌŬŝŶŐ ǁŝƚŚ ƚƌŝďĞƐ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ͕ ƐƵĐŚ ĂƐ EĞǁ DĞdžŝĐŽ͕ dĞdžĂƐ͕ ĂŶĚ ƌŝnjŽŶĂ͕ ƚŽ ŝŶĨŽƌŵ ŽƵƌ ƵŶŝƋƵĞ ůŝƐƚĞŶŝŶŐͲĨŝƌƐƚ ĂƉƉƌŽĂĐŚ ƚŽ ƚƌŝďĂů ĐŽŵŵƵŶŝƚLJ ŽƵƚƌĞĂĐŚ͘ ,ŝŐŚůŝŐŚƚƐ ŽĨ ŽƵƌ ƐƚƌĂƚĞŐLJ ŝŶĐůƵĚĞ͗ Staffing and Training Approach A key part of our tribal engagement strategy is having the right staff with the right training ready and able to serve the state and federally recognized tribes of North Carolina. We offer our dedicated Tribal Uaison Christina S. Theodorou. Ms. Theodorou brings extensive experience working In North Carolina tribal affairs and building public sector community engagement efforts with North Carolina tribes. We also offer our MAXIMUS corporate tribal outreach expert, Da nielle Jimenez, to monitor and advise the local team?s efforts, and to review training, outreach materials, and tools. Ms. Jimenez holds a Master?s degree in Anthropology and has extensive experience working with tribal leadership to implement state programs. In addition to these leadership roles, we place a particular emphasis on recruiting and hiring individuals who have the appropriate levels of empathy, compassion, and knowledge of diverse cultures because they have bene?ted from Medicaid or other programs in the past. We will also prioritize hiring of E80 and other state and federally recognized tribal members to augment our outreach staff?s cultural knowledge base. We intend to offer tribal-specific cultural training to all Outreach Specialists, incorporating a curriculum that: Utilizes the presentation created by the NC Civic Education Consortium, approved by the NC Commission of Indian Affairs, to teach customer service staff the history and culture of all the tribes in North Carolina I Trains staff on culturally appropriate communication standards, and current or recent past events that may bear weight on the relationship between a tribe and the State I Creates an infographic review sheet for CSRs to keep on hand, noting the tribes in North Carolina and their population, and how individual tribal members can sign up for health care initiatives I Requires the training to be taken again periodically by each Enrollment Specialist and Outreach Specialist Specific Outreach Strategies Some of our recommended specific strategies include those shown in Exhibit 8.6.1-1: Outreach Strategies for Tribal Communities. Strategies Component Approach Cherokee Health Resources I Form a committee and hold regular meetings involving all organizations included on the latest PH HS Health Alliance Resource inventory (HRI) for Cherokee access, and enlist their involvement in connecting with tribal members to encourage presentation attendance and communication with the Project to provide appropriate choice counseling Consult with the State and Federally Recognized Tribes and Urban lndlan Associations of North Carolina Co-host presentations and question and answer sessions with the NC Commission of Indian Affairs within the NC Department of Administration Create culturally relevant instruments to gauge Native values and attitudes around public health outreach and bene?ts Document community concerns regarding managed care and gauge the implications of the changes in State healthcare policy for reporting and discussion with DHHS Set and maintain in-person meetings with designated tribal delegates and administrators Educate tribal members through outreach sessions utilizing statewide American Indian networks and public outreach sessions Provide Information on medical enrollment and benefits options available to tribal members in statewide outreach sessions that coincide with calendared tribal affairs events, tribal council meetings, and cultural events statewide Targeted Tribes and Indian initiatives would include, for example: NC American indian Health Board, Healthy Native North Carolinians, United Tribes of North Carolina, Health Science Professional Collaborative at UNC Pembroke, and Culturally-Based Native Health Program at Western Carolina University include culturally relevant language and culturally tailored programming goals In general outreach materials that state the options available to tribal members and how to obtain information to enroll Page 8.6-12 of 22 „ „ WƌŽǀŝĚĞ ƉƌŽĨĞƐƐŝŽŶĂůůLJ ĚĞǀĞůŽƉĞĚ͕ ĐƵůƚƵƌĂůůLJ ƌĞůĞǀĂŶƚ ďƌŽĐŚƵƌĞƐ ŝŶ ƉƵďůŝĐ ƐƉĂĐĞƐ ƐƵĐŚ ĂƐ ƚƌŝďĂů ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ďƵŝůĚŝŶŐƐ͕ ƚƌŝďĂů ĞŶƌŽůůŵĞŶƚ ŽĨĨŝĐĞƐ͕ ĂŶĚ hƌďĂŶ /ŶĚŝĂŶ ĐŽŵŵƵŶŝƚLJ ĐĞŶƚĞƌƐ͕ ĂƐ ǁĞůů ĂƐ ŚŽƐƉŝƚĂůƐ ĂŶĚ ŚĞĂůƚŚ ĐĂƌĞ ĐůŝŶŝĐƐ ůŽĐĂƚĞĚ ŶĞĂƌ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ŽĨ ƚƌŝďĂů ƉŽƉƵůĂƚŝŽŶƐ͕ ĂŶĚ ƉƵďůŝĐ ĞǀĞŶƚƐ ƐƵĐŚ ĂƐ ƉŽǁǁŽǁƐ͕ ĂŶĚ ĂŶŶƵĂů ĐŽŶĨĞƌĞŶĐĞƐ KĨĨĞƌ ƚƌŝďĂůͲƐƉĞĐŝĨŝĐ ǀĞƌƐŝŽŶƐ ŽĨ ŵĂƚĞƌŝĂůƐ ĨŽƌ ŽƵƚƌĞĂĐŚ ŵĂƚĞƌŝĂůƐ ŵĂŝůĞĚ ƚŽ ŝŶĚŝǀŝĚƵĂůƐ ŝŶ ƚŚĞƐĞ ĐŽŵŵƵŶŝƚŝĞƐ WĂŐĞ ϴ͘ϲͲϭϯ ŽĨ ϮϮ Ɛ ĂƉƉƌŽǀĞĚ ďLJ ,,^͕ ǁĞ ǁŝůů ĞdžƉĂŶĚ ŽƵƌ ƚƌŝďĂů ŽƵƚƌĞĂĐŚ ƚŽ ŝŶĐůƵĚĞ ƚŚĞ ƐĞǀĞŶ ŽƚŚĞƌ ^ƚĂƚĞͲƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞƐ ƚŚĂƚ ĨŽůůŽǁ ƚŚĞ ƐĂŵĞ DĞĚŝĐĂŝĚ ƉƌŽŐƌĂŵ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂƐ ŶŽŶͲŶĂƚŝǀĞƐ͕ ďƵƚ ƚŚĂƚ ǁŽƵůĚ ďĞŶĞĨŝƚ ĨƌŽŵ ĐƵůƚƵƌĂůůLJͲĂƚƚƵŶĞĚ ŽƵƚƌĞĂĐŚ͘ dŚĞƐĞ ĂƌĞ ƚŚĞ ŽŚĂƌŝĞ͕ ,ĂůŝǁĂ ^ĂƉŽŶŝ͕ >ƵŵďĞĞ͕ DĞŚĞƌƌŝŶ͕ KĐĐĂŶĞĞĐŚŝ ĂŶĚ ŽĨ ƚŚĞ ^ĂƉŽŶŝ EĂƚŝŽŶ͕ ^ĂƉƉŽŶLJ͕ ĂŶĚ tĂĐĐĂŵĂǁͲ^ŝŽƵĂŶ dƌŝďĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͘ tĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ / ŝƐ ĐƵƌƌĞŶƚůLJ ƚŚĞ ŽŶůLJ ĨĞĚĞƌĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƚƌŝďĞ ƋƵĂůŝĨLJŝŶŐ ĨŽƌ /ŶĚŝĂŶ ,ĞĂůƚŚ ^ĞƌǀŝĐĞƐ ĨƵŶĚŝŶŐ ĂŶĚ ďĞŶĞĨŝƚƐ ǀŝĂ ƚŚĞ ƵƌĞĂƵ ŽĨ /ŶĚŝĂŶ ĨĨĂŝƌƐ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ͘ dŚŝƐ ƚƌŝďĞ ďĞŶĞĨŝƚƐ ĨƌŽŵ ǀŽůƵŶƚĂƌLJ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞŶƌŽůůŵĞŶƚ͕ Ă ƉŽƚĞŶƚŝĂů ƚƌŝďĂů ŽƉƚŝŽŶ͕ ĂŶĚ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ĐŚĂŶŐĞ ƉůĂŶƐ ĂŶĚ ƉƌŽŐƌĂŵƐ ĂƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ƐƵŝƚ ďĞŶĞĨŝĐŝĂƌŝĞƐΖ ŶĞĞĚƐ͘ dŚŝƐ ƵŶŝƋƵĞ ĐŽŵƉŽŶĞŶƚ ƌĞƋƵŝƌĞƐ ƐƉĞĐŝĂů ŽƵƚƌĞĂĐŚ ƚŽ ĞĚƵĐĂƚĞ ƚŚĞ / ĐŽŵŵƵŶŝƚLJ ĂďŽƵƚ ŝƚƐ ďĞŶĞĨŝƚƐ͘ džŚŝďŝƚ ϴ͘ϲ͘ϭͲϭ͗ KƵƚƌĞĂĐŚ ^ƚƌĂƚĞŐŝĞƐ ĨŽƌ dƌŝďĂů ŽŵŵƵŶŝƚŝĞƐ͘ D y/Dh^ ŽĨĨĞƌƐ ƐƉĞĐŝĨŝĐ ŽƵƚƌĞĂĐŚ ƐƚƌĂƚĞŐŝĞƐ ĚĞƐŝŐŶĞĚ ƚŽ ĞŶŐĂŐĞ ƚƌŝďĂů ĐŽŵŵƵŶŝƚŝĞƐ͘ ĚƵĐĂƚĞ ƚŚĞ ƉƵďůŝĐ ŝŶ ƚĂƌŐĞƚĞĚ ĐŽƵŶƚŝĞƐ ^^ ŶŐĂŐĞŵĞŶƚ ^ƚƌĂƚĞŐLJ ĨŽƌ EŽƌƚŚ ĂƌŽůŝŶĂ ϴ͘ϲ͘Ϯ WĂŐĞ ϴ͘ϲͲϭϰ ŽĨ ϮϮ tĞ ĚĞƐŝŐŶĞĚ ŽƵƌ ĂƉƉƌŽĂĐŚ ƚŽ ŽƵƚƌĞĂĐŚ ŵĂƚĞƌŝĂůƐ ƚŽ ŵĂŬĞ ĐĞƌƚĂŝŶ ƚŚĂƚ ǁĞ ƉƌŽǀŝĚĞ ŵĂƚĞƌŝĂůƐ ƚŽ ^^ ƐƚĂĨĨ ŵĞŵďĞƌƐ ƚŚĂƚ ĂƌĞ ŽďũĞĐƚŝǀĞ͕ ƵŶďŝĂƐĞĚ͕ ĂŶĚ ŝŶĐůƵĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ Ăůů ĂǀĂŝůĂďůĞ WƌĞƉĂŝĚ ,ĞĂůƚŚ WůĂŶƐ ;W,WƐͿ ĂŶĚ WƌŝŵĂƌLJ ĂƌĞ WƌŽǀŝĚĞƌ ;W WͿͬ ĚǀĂŶĐĞĚ DĞĚŝĐĂů ,ŽŵĞ ; D,Ϳ ŽƉƚŝŽŶƐ͘ ĂƐĞĚ ŽŶ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ ŝŶĨŽƌŵŝŶŐ ŝŶĚŝǀŝĚƵĂůƐ ĂďŽƵƚ DĞĚŝĐĂŝĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵƐ͕ ŝƚ ŝƐ ŝŵƉŽƌƚĂŶƚ ƚŽ ƚĂŬĞ Ă ŵŝdž ŽĨ ƉŚLJƐŝĐĂů ĂŶĚ ĞůĞĐƚƌŽŶŝĐ ƌĞƐŽƵƌĐĞƐ ƚŽ ŝŶͲƉĞƌƐŽŶ ŵĞĞƚŝŶŐƐ ƐŽ ƚŚĂƚ ŽƵƌ KƵƚƌĞĂĐŚ ^ƉĞĐŝĂůŝƐƚƐ ĐĂŶ ƉƌŽŵŽƚĞ ƉƌŽŐƌĂŵ ĂǁĂƌĞŶĞƐƐ Ăƚ ^^ ŽĨĨŝĐĞƐ͕ ĂŶĚ ĞŶĐŽƵƌĂŐĞ ĞŶƌŽůůŵĞŶƚ ďLJ ŵĞŵďĞƌƐ ǁŝƚŚ ƐƉĞĐŝĂů ŶĞĞĚƐ͘ DĂŶLJ ŝƚĞŵƐ ǁŝůů ƐĞƌǀĞ ĂƐ ƉƌŽŐƌĂŵ ƚĂŬĞĂǁĂLJƐ͘ tĞ ůŝƐƚ ƚŚĞ ŵĂƚĞƌŝĂůƐ ǁĞ ŝŶĐůƵĚĞ ĂƐ ƉĂƌƚ ŽĨ ŽƵƌ ^^ ĞŶŐĂŐĞŵĞŶƚ ĞĨĨŽƌƚƐ ŝŶ džŚŝďŝƚ ϴ͘ϲ͘ϮͲϭ͗ ^^ ŶŐĂŐĞŵĞŶƚ DĂƚĞƌŝĂůƐ͘ DĂƚĞƌŝĂůƐ ĞƐŝŐŶ ƐƐƵŵƉƚŝŽŶƐ ϭ͘ D y/Dh^ ǁŝůů ĨŽĐƵƐ ŽŶ ĞĂĐŚ ŽĨ ƚŚĞ Ɛŝdž ŽƵƚƌĞĂĐŚ ƌĞŐŝŽŶƐ͕ ĐŽůůĞĐƚŝǀĞůLJ ĞŶĐŽŵƉĂƐƐŝŶŐ ĞĂĐŚ ŽĨ ƚŚĞ ϭϬϬ ^^ ŽĨĨŝĐĞƐ ĂĐƌŽƐƐ ƚŚĞ ^ƚĂƚĞ͘ Ϯ͘ KƵƌ ^^ͬ ŽƵŶƚLJ >ŝĂŝƐŽŶ ǁŝůů ƐĞƌǀĞ ĂƐ ƚŚĞ ƉƌŝŵĂƌLJ ůŝĂŝƐŽŶ ǁŝƚŚ ƚŚĞ ůŽĐĂů ^^ ŽĨĨŝĐĞƐ ƚŽ ƐƵƉƉŽƌƚ D y/Dh^ ŝŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ ƚŚĞƐĞ ŽĨĨŝĐĞƐ ĂŶĚ ĐŽŽƌĚŝŶĂƚĞ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĞǀĞŶƚƐ͘ ϯ͘ KƵƚƌĞĂĐŚ ^ƉĞĐŝĂůŝƐƚƐ ǁŝůů ƐĞƌǀĞ ĂƐ ƚŚĞ ůŝĂŝƐŽŶƐ ǁŝƚŚ ĞĂĐŚ ŽĨ ƚŚĞ ^^ ŽĨĨŝĐĞƐ ŝŶ ƚŚĞ ƌĞŐŝŽŶƐ ƚŽ ǁŚŝĐŚ ƚŚĞLJ ĂƌĞ ĂƐƐŝŐŶĞĚ͕ ƌĞƐƉŽŶĚŝŶŐ ƚŽ ĂŶLJ ŝŶƋƵŝƌŝĞƐ ĨƌŽŵ͕ ĂŶĚ ƉĞƌŝŽĚŝĐĂůůLJ ĐŽŵŵƵŶŝĐĂƚŝŶŐ ǁŝƚŚ͕ ĞĂĐŚ ^^ ŽĨĨŝĐĞ͘ ϰ͘ KƵƚƌĞĂĐŚ ^ƉĞĐŝĂůŝƐƚƐ ĐĂŶ ƚƌĂŝŶ ^^ ƐƚĂĨĨ ƚŽ ƉƌŽǀŝĚĞ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ ĐŽŶĚƵĐƚ ĨŝĞůĚ ĞŶƌŽůůŵĞŶƚƐ͘ ϱ͘ ^ƉĞĐŝĂůŝƐƚƐ ǁŝůů ǀŝƐŝƚ ^^ ŽĨĨŝĐĞƐ ŝŶ ƚŚĞŝƌ ƌĞŐŝŽŶ ŵŽŶƚŚůLJ ĂƐ ƉƌĂĐƚŝĐĂďůĞ ĂŶĚ ĂŶƐǁĞƌ ĂŶLJ ŽƵƚƐƚĂŶĚŝŶŐ ƋƵĞƐƚŝŽŶƐ͕ ĂƐ ǁĞůů ĂƐ ĚŝƐƚƌŝďƵƚĞ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ĂŶĚ ƌĞƐŽƵƌĐĞƐ͘ ϲ͘ ^ƉĞĐŝĂůŝƐƚƐ ǁŝůů ĨŽůůŽǁ Ă ƐƚĂŶĚĂƌĚŝnjĞĚ ƚĞŵƉůĂƚĞ ĨŽƌ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ƉĞŶĚŝŶŐ ĂƉƉƌŽǀĂů ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ϳ͘ ^ƉĞĐŝĂůŝƐƚƐ ǁŝůů ƉůĂŶ ĂŶĚ ƉƌĞƐĞŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ǀŝĂ ŐƌŽƵƉ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ŽŶĞͲŽŶͲŽŶĞ ƐĞƐƐŝŽŶƐ͕ Žƌ ĂƚƚĞŶĚĂŶĐĞ Ăƚ ŚĞĂůƚŚͲƌĞůĂƚĞĚ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ĞǀĞŶƚƐ ŝŶ ƚŚĞŝƌ ƌĞŐŝŽŶ ŵŽŶƚŚůLJ͕ ĂƐ ƉƌĂĐƚŝĐĂďůĞ͘ ƚ Ă ŚŝŐŚ ůĞǀĞů͕ ŽƵƌ ^^ ŶŐĂŐĞŵĞŶƚ ^ƚƌĂƚĞŐLJ ĞŶĐŽŵƉĂƐƐĞƐ ĨŽĐƵƐĞĚ ƌĞŐŝŽŶĂů ƉƌĞƐĞŶĐĞ͕ ŵĞĂŶŝŶŐĨƵů ĞǀĂůƵĂƚŝŽŶ ĂŶĚ ƌĞƉŽƌƚŝŶŐ ŽŶ ŽƵƚƌĞĂĐŚ ƚŽ ĚĞƚĞƌŵŝŶĞ ǁŚĞƌĞ ĂŶĚ ŚŽǁ ǁĞ ŵŽƐƚ ƐƵĐĐĞƐƐĨƵůůLJ ƌĞĂĐŚ ŵĞŵďĞƌƐ͕ ĞĨĨĞĐƚŝǀĞ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƵƐĞ ŽĨ ŽƵƚƌĞĂĐŚ ŵĂƚĞƌŝĂůƐ͕ ĂŶĚ Ă ƉůĂŶ ĨŽƌ ĞŶŐĂŐŝŶŐ ƐƚĂŬĞŚŽůĚĞƌƐ͘ /Ŷ EŽƌƚŚ ĂƌŽůŝŶĂ͕ D y/Dh^ ǁŝůů ĂƉƉůLJ ůĞƐƐŽŶƐ ůĞĂƌŶĞĚ ĂŶĚ ĂĚĂƉƚ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ĨƌŽŵ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ ŽƉĞƌĂƚŝŶŐ ϭϵ DĞĚŝĐĂŝĚ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ ŶĂƚŝŽŶǁŝĚĞ ƚŽ ŵĞĞƚ ƚŚĞ ƵŶŝƋƵĞ ŶĞĞĚƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶŝĂŶƐ͘ KƵƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ĞŶŐĂŐĞŵĞŶƚ ƐƚƌĂƚĞŐLJ͕ ǁŚŝĐŚ ǁĞ ĚĞƐŝŐŶ ƐƉĞĐŝĨŝĐĂůůLJ ĨŽƌ ƐƵƉƉŽƌƚŝŶŐ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚƐ ŽĨ ^ŽĐŝĂů ^ĞƌǀŝĐĞƐ ; ^^ƐͿ͕ ŝƐ ĂŶ ĞƐƐĞŶƚŝĂů ĐŽŵƉŽŶĞŶƚ ŝŶ ƉƌŽǀŝĚŝŶŐ ƚŚĞ ^ƚĂƚĞ ǁŝƚŚ ŵĞŵďĞƌ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ͕ ǁŚŝůĞ ĂĚĚƌĞƐƐŝŶŐ ƚŚĞ ƵŶŝƋƵĞ ŶĞĞĚƐ ĂŶĚ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ ŽĨ ƚŚĞ ŝŶĚŝǀŝĚƵĂů EŽƌƚŚ ĂƌŽůŝŶĂ ĐŽŵŵƵŶŝƚLJ ƚŚĂƚ ĞĂĐŚ ^^ ŽĨĨŝĐĞ ƌĞƉƌĞƐĞŶƚƐ͘ /Ŷ ƚŚŝƐ ĚŽĐƵŵĞŶƚ͕ D y/Dh^ ŽƵƚůŝŶĞƐ ŽƵƌ ƐƚĂƚĞǁŝĚĞ ŽƵƚƌĞĂĐŚ ƐƚƌĂƚĞŐLJ ĨŽƌ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ;ƚŚĞ ĞƉĂƌƚŵĞŶƚͿ͘ WƵƌƉŽƐĞ ŽĨ ƚŚĞ ^ƚƌĂƚĞŐLJ tŚŝůĞ ƚŚĞ ĐŽƵŶƚŝĞƐ ƚŚĂƚ ĐŽŵƉƌŝƐĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĂƌĞ ŚŝŐŚůLJ ĚŝǀĞƌƐĞ͕ Ăůů DĞĚŝĐĂŝĚͲĞůŝŐŝďůĞ ŵĞŵďĞƌƐ ƌĞƐŝĚŝŶŐ ŝŶ ƚŚĞƐĞ ĐŽƵŶƚŝĞƐ ƐŚĂƌĞ ƚŚĞ ďŽŶĚ ŽĨ ďĞŝŶŐ EŽƌƚŚ ĂƌŽůŝŶŝĂŶƐ ǁŚŽ ĂƌĞ Ăůů ĞŶƚŝƚůĞĚ ƚŽ ĂŶLJ ĐŽŵďŝŶĂƚŝŽŶ ŽĨ ƚŚĞ ƐĂŵĞ ƐĞƚ ŽĨ ďĞŶĞĨŝƚƐ͘ dŽ ƐƵƉƉŽƌƚ ƚŚĞƐĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚŝŶ ƚŚĞ ĐŽŶƚĞdžƚ ŽĨ ƚŚĞŝƌ ĐŽŵŵƵŶŝƚŝĞƐ͕ ĞĂĐŚ ŽĨ ƚŚĞ ϭϬϬ ŝŶĚŝǀŝĚƵĂů ĞƉĂƌƚŵĞŶƚƐ ŽĨ ^ŽĐŝĂů ^ĞƌǀŝĐĞƐ ; ^^Ϳ ŽĨĨŝĐĞƐ ŝƐ ĨĂĐĞĚ ǁŝƚŚ ƚŚĞ ƐĂŵĞ ĐŚĂůůĞŶŐĞ ŽĨ ĐŽŶǀĞLJŝŶŐ ǁŚĂƚ ŝƐ ŽĨƚĞŶ ŚŝŐŚůLJ ĐŽŵƉůĞdž ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ D y/Dh^ ƐƚĂŶĚƐ ƉŽŝƐĞĚ ƚŽ ĞĂƐĞ ƚŚŝƐ ĐŚĂůůĞŶŐĞ ĂŶĚ ĐŽŶƚƌŝďƵƚĞ ƚŽ ďĞŶĞĨŝĐŝĂƌLJ ƵŶĚĞƌƐƚĂŶĚŝŶŐ͕ ƉƌŽǀŝĚŝŶŐ ƚŚĞ ƐƵƉƉŽƌƚ ƚŚĞ ^^ ŽĨĨŝĐĞƐ ŶĞĞĚ ƚŽ ƐƚĂLJ ŝŶĨŽƌŵĞĚ ŽŶ ƚŚĞ ůĂƚĞƐƚ ƉƌŽĐĞĚƵƌĞƐ ĂŶĚ ĂŶLJ ĐŚĂŶŐĞƐ ƚŽ ƚŚĞ ƉƌĞǀĂŝůŝŶŐ ůĂǁƐ ĂŶĚ ƐƚĂƚƵƚĞƐ ǁŝƚŚ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ D y/Dh^ ŝƐ ĐŽŵŵŝƚƚĞĚ ƚŽ ƉƌŽǀŝĚŝŶŐ ĐŽŶƚŝŶƵĂů ĐŽŵŵƵŶŝĐĂƚŝŽŶ ǁŝƚŚ ĞĂĐŚ ^^ ŽĨĨŝĐĞ ĂŶĚ ƚŽ ĚĞǀĞůŽƉŝŶŐ ĂŶ ĞĨĨĞĐƚŝǀĞ ƐƚƌĂƚĞŐLJ ƚŽ ĂƐĐĞƌƚĂŝŶ ƚŚĂƚ ǁĞ ĐŽŶƐŝƐƚĞŶƚůLJ ĞŶŐĂŐĞ ^^ ŽĨĨŝĐĞƐ ĂŶĚ ŬĞĞƉ ƚŚĞŵ ĂƉƉƌŝƐĞĚ ŽĨ ĂŶLJ ƵƉĐŽŵŝŶŐ ƉŽůŝĐLJ ĐŚĂŶŐĞƐ ĂŶĚ ŽƚŚĞƌ ǀŝƚĂů ŝŶĨŽƌŵĂƚŝŽŶ ƌĞŐĂƌĚŝŶŐ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ DSS Engagement Materials Outreach Activity or Location Material Type Usage Group Presentations Enrollment Forms and Packets Verifies understanding of the enrollment form that bene?ciaries need to complete Pamphlets and Brochures Provides general information on how health plans work, how and who to contact to enroll, how to choose and apply for a plan, how to make changes, and other necessary information One-on-One Sessions Enrollment Forms and Packets Can be distributed to provide general information about the program and guide beneficiaries on how to enroll 055 Office Visits Pamphlets and Brochures Can be used as a reference for general information on health plans, how and who to contact to enroll, and other necessary information Directory Listings Provide information on other providers under speci?c health plans for referral purposes Information Displays Can be provided to county offices for informing visiting potential enrollees of plans or recent changes One-page Work Aid Tailored toward DSS caseworkers; has the Enrollment Broker phone number, operating hours, website address, key dates/timeframes, breakdown of "for cause" disenrollment reasons, how subsequent open enrollment works, and a short list of groups that can opt out of PCP at any time Exhibit 8.6.2-1: DSS Engagement Materials. MAXIMUS prowdes multiple printable informative materials to individual DSS o?ices to equlp them with the appropriate knowledge and tools to optimally support NC Enrollment Broker beneficiaries. 055 Office Visits Another component ofour DSS Engagement Strategy includes office visits. These visits will be scheduled in advance and the Specialist will coordinate logistical details with an on-site contact in advance of the session. If necessary, based an expected attendance numbers or strategic planning, our Outreach Specialists, Outreach Manager, or Project Manager will lead these presentations. During these visits, we will discuss any program or benefit changes, as well as help answer any outstanding questions concerning health plans, and generate conversation about concerns 055 staff members may be having regarding beneficiaries. We will also provide ample opportunity to talk through any potential ideas for improving our strategies to provide enrollment and education services to North Carolinians. Engagement Strategy When we ?rst begin supporting the Project, during Open Enrollment, we will include supplementary support from additional Outreach Specialists to cover all six regions. Ultimately, we anticipate downsizing to two~three Outreach Specialists. Not only will our outreach provide necessary coverage in major cities, but it will help us connect with towns and counties that are difficult to reach. In order to effectively support the 100 055 offices in North Carolina, MAXIMUS outreach staff will continuously engage with each other and the management team. The Outreach team will have de?ned tasks, in addition to building and maintaining a regional presence. We display these activities in Exhibit 8.6.2-2: Outreach Staff Tasks. Page 8.6-15 of 22 Outreach Staff Tasks Staff Tasks and Projected Schedules Outreach Specialists I Travels 4 days/week I 1?2 events/day I Conducts 15 trips/month I Works 1 day to handle additional local outreach or schedule meetings/trainings USS/County Liaison I Travels 3 days/week Conducts 12 trips/month I Oversees the 3 Outreach Specialists, manages I Schedules 2-3 events/day outreach data analysis, and alters overall strategy as needed Exhibit 8.6.2-2: Outreach Staff Tasks. MAXIMUS has assembled a team of Outreach Specialists, operating under the ty Liaison, who maintain constant communication with each of the 100 055 of?ces in North Carolina throughout the NC Enrollment Broker Project. MAXIMUS Outreach Specialists have two core activities that they undertake to carry out the overall engagement strategy with 055 offices. We describe these activities in Exhibit 8. 6.2-3: DSS Engagement Activities. 055 Engagement Activities Activity Type Details Group Presentations I Schedule in advance and host presentations at individual 055 offices, county offices, regional offices, or at events I Tailor presentations to a particular audience, depending on the DSS region I Cover areas such as the role that a 055 office can play In addressing the Medicaid concerns of the individual beneficiaries they serve, and how to best perform their own outreach to North Carolinians One-on?One Sessions I Schedule one-on-one sessions with individual DSS representatives in advance at 055 offices, community centers, or other designated locations I Tailor presentations to unique needs of the DSS office and/or neighboring counties I Cover areas such as specific tasks and activities that 055 representatives can perform to inform and engage beneficiaries in the Medicaid enrollment process I Coordinate with 0555 to develop a customized plan that describes procedures for routing calls to the DSS office to MAX Enrollment Specialists Exhibit 8.6.2-3: DSS Engagement Activities. MAXIMUS will use a combination of presentations and one-on-one sessions with individual DSS representatives to optimally engage each 055 of?ce in the process of optimally supporting NC Enrollment Broker bene?ciaries. Schedule We propose that the Outreach Specialists hold periodic meetings and collaboration sessions with each 055 of?ce in their region every two weeks. Outreach Specialists will also be available at other times, should any 055 representative have inquiries prior to the next meeting. To give more individualized attention to each 055 office, we propose staggering the meetings with the 055 offices so that each Outreach Specialist meets with multiple 0555 in individual sessions at various points over each two-week period (for example, meeting with representatives from 055 offices in Wake, Durham, Orange, and Chatham Counties on one day, and representatives from 055 of?ces in Robeson, Columbus, and Bladen Counties on another day, both in two-week increments). We display a hypothetical schedule illustrating this approach in Exhibit 055 Communications Summary, which uses a sample schedule from our iowa Medicaid Member Services Project. Page 85-16 of 22 WĂŐĞ ϴ͘ϲͲϭϳ ŽĨ ϮϮ džŚŝďŝƚ ϴ͘ϲ͘ϮͲϰ͗ ^ĂŵƉůĞ ^^ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ^ƵŵŵĂƌLJ͘ KƵƚƌĞĂĐŚ ^ƉĞĐŝĂůŝƐƚƐ ǁŝůů ĨŽůůŽǁ Ă ƐĐŚĞĚƵůĞ ŝŶ ŵĞĞƚŝŶŐ ǁŝƚŚ ƚŚĞ ^^ ŽĨĨŝĐĞƐ ŝŶ ƚŚĞŝƌ ŝŶĚŝǀŝĚƵĂů ƌĞŐŝŽŶƐ͕ ŐŝǀŝŶŐ ^^ ŽĨĨŝĐĞƐ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ŚĂǀĞ ŵŽƌĞ ƐŵĂůůͲŐƌŽƵƉ ƐĞƐƐŝŽŶƐ ǁŝƚŚ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ^^ ŽĨĨŝĐĞƐ͕ ĂǀŽŝĚŝŶŐ ƚŚĞ ƵŶǁŝĞůĚLJ ŐƌŽƵƉ ƐŝnjĞƐ ƚŚĂƚ ĐŽŵĞ ǁŝƚŚ ŚĂǀŝŶŐ ĞǀĞƌLJďŽĚLJ ŵĞĞƚ Ăƚ ƚŚĞ ƐĂŵĞ ƚŝŵĞ͘ WƌŽƉŽƐĞĚ ƉƉƌŽĂĐŚ ĨŽƌ ŶŚĂŶĐĞĚ KƵƚƌĞĂĐŚ ĂŶĚ ŽŵŵƵŶŝƚLJ >ĞǀĞů ŶŐĂŐĞŵĞŶƚ ϴ͘ϲ͘ϯ ƵůƚƵƌĂů ƐĞŶƐŝƚŝǀŝƚLJ͗ KŶĞ ĂƐƉĞĐƚ ŽĨ ƚŚĞ ĞŶƚĞƌ ĨŽƌ ,ĞĂůƚŚ >ŝƚĞƌĂĐLJ ƚŚĂƚ ƐĞƚƐ ƵƐ ĂƉĂƌƚ ĨƌŽŵ ŽƚŚĞƌ ǀĞŶĚŽƌƐ ŝƐ ŝƚƐ ŵĞƚŝĐƵůŽƵƐ ĂƚƚĞŶƚŝŽŶ ƚŽ ƉƌŽǀŝĚŝŶŐ ŵĂƚĞƌŝĂůƐ ƚŚĂƚ ĂƌĞ ĂƉƉƌŽƉƌŝĂƚĞ ŶŽƚ ũƵƐƚ ƚŽ ůŝŶŐƵŝƐƚŝĐ͕ ďƵƚ ƚŽ ďƌŽĂĚĞƌ ĐƵůƚƵƌĂů ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ͕ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͕ ƌĂĐĞ͕ ŶĂƚŝŽŶĂůŝƚLJ͕ ƌĞůŝŐŝŽŶ͕ ĂŶĚ ĂŐĞ ŽĨ ƌĞƐŝĚĞŶƚƐ͘ dŚĞ ĐŽŶƚĞŶƚ ǁĞ ǁŝůů ŝŶĐůƵĚĞ ŝŶ ŽƵƌ ŵĂƚĞƌŝĂůƐ ŝƐ ŚŝŐŚůLJ ĐƵƐƚŽŵŝnjĂďůĞ͖ ǁĞ ĐĂŶ ĐƵƐƚŽŵŝnjĞ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ĂŶĚ ŵĂƚĞƌŝĂůƐ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ĂƵĚŝĞŶĐĞ ŝŶ ĞĂĐŚ ^^ ƐƵƌƌŽƵŶĚŝŶŐ ĐŽŵŵƵŶŝƚLJ͘ &Žƌ ĞdžĂŵƉůĞ͕ ŝĨ ƚŚĞƌĞ ŝƐ Ă ŚĞĂǀLJ ĂƐƚĞƌŶ ĂŶĚ ŽĨ ŚĞƌŽŬĞĞ /ŶĚŝĂŶ ; /Ϳ ĐŽŶƚŝŶŐĞŶƚ ŝŶ ŽŶĞ ƉĂƌƚŝĐƵůĂƌ ĐŽŵŵƵŶŝƚLJ͕ ǁĞ ǁŽƵůĚ ƚĂŬĞ Ă ŚŝŐŚůLJ ĚŝĨĨĞƌĞŶƚ ĂƉƉƌŽĂĐŚ ƚŽ ŽƵƚƌĞĂĐŚ ƚŚĂŶ ǁĞ ǁŽƵůĚ ĨŽƌ Ă ĐŽƵŶƚLJ ǁŚĞƌĞ ƚŚĞ / ƉŽƉƵůĂƚŝŽŶ ŝƐ ŶŽƚ ĂƐ ƉƌĞǀĂůĞŶƚ͘ „ WĂŐĞ ϴ͘ϲͲϭϴ ŽĨ ϮϮ >ĂŶŐƵĂŐĞ ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐ͗ tĞ ĞŶĚĞĂǀŽƌ ƚŽ ƉƌĞƐĞŶƚ ŵĂƚĞƌŝĂůƐ ŝŶ Ă ŵĂŶŶĞƌ ƚŚĂƚ ŝƐ ŵŽƐƚ ĞĨĨĞĐƚŝǀĞůLJ ƵŶĚĞƌƐƚŽŽĚ ďLJ ŽƵƌ ĂƵĚŝĞŶĐĞ͘ tŚŝůĞ ŶŐůŝƐŚ ŝƐ ƚŚĞ ƉƌĞĚŽŵŝŶĂŶƚ ůĂŶŐƵĂŐĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ǁĞ ƌĞĐŽŐŶŝnjĞ ƚŚĂƚ ƚŚĞƌĞ ŵĂLJ ďĞ ĐŽŵŵƵŶŝƚŝĞƐ ŝŶ ǁŚŝĐŚ ^ƉĂŶŝƐŚ Žƌ ĂŶŽƚŚĞƌ ŶĂƚŝǀĞ ůĂŶŐƵĂŐĞ ŝƐ ƐƉŽŬĞŶ ďLJ ƚŚĞ ŵĂũŽƌŝƚLJ ŽĨ ƌĞƐŝĚĞŶƚƐ͕ ĂŶĚ ǁĞ ǁŝůů ĚĞǀĞůŽƉ ŵĂƚĞƌŝĂůƐ ƐƉĞĐŝĨŝĐĂůůLJ ŝŶ ƚŚĞƐĞ ůĂŶŐƵĂŐĞƐ͘ dLJƉŝĐĂůůLJ͕ ŵĂƚĞƌŝĂů ĨƌŽŵ ƚŚĞ ĞŶƚĞƌ ĨŽƌ ,ĞĂůƚŚ >ŝƚĞƌĂĐLJ ŝƐ ǁƌŝƚƚĞŶ Ăƚ ƚŚĞ ϲƚŚ 'ƌĂĚĞ ůĞǀĞů͕ ĂŶĚ ǁĞ ĚŝůŝŐĞŶƚůLJ ǀĞƌŝĨLJ ƚŚĂƚ ǁŚŝĐŚĞǀĞƌ ůĂŶŐƵĂŐĞ ǁĞ ƵƐĞ ŝŶ ƉƌŽĚƵĐŝŶŐ ŵĂƚĞƌŝĂůƐ͕ ǁĞ ĂƌĞ ĐŽŶƐŝƐƚĞŶƚ ŝŶ ŵĂŝŶƚĂŝŶŝŶŐ ƚŚŝƐ ƐĂŵĞ ůĂŶŐƵĂŐĞ ůĞǀĞů͘ „ KŶĐĞ ǁĞ ŚĂǀĞ ĂĐƋƵŝƌĞĚ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƚŚĞ ^^ ŽĨĨŝĐĞ͛Ɛ ƉƌŝŽƌŝƚŝĞƐ͕ ǁĞ ǁŝůů ďƵŝůĚ ƚŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶƚŽ ŽƵƚƌĞĂĐŚ ŵĂƚĞƌŝĂůƐ ĂŶĚ ĚĞǀĞůŽƉ Ă ĨŽƌŵĂůŝnjĞĚ ƐƚƌĂƚĞŐLJ͘ KƵƌ ƉƌŝŵĂƌLJ ŽďũĞĐƚŝǀĞ ĚƵƌŝŶŐ ƚŚŝƐ ƚŝŵĞ ŝƐ ƚŽ ƚĂŝůŽƌ ŵĂƚĞƌŝĂůƐ ƚŽ Ĩŝƚ ƚŚĞ ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ ƉĞŽƉůĞ ǁŝƚŚŝŶ ĞĂĐŚ ĐŽŵŵƵŶŝƚLJ͘ ^ƉĞĐŝĨŝĐĂůůLJ͕ ǁĞ ĚĞǀĞůŽƉ ƐŝŐŶĂŐĞ ƚŽ ŝŶĨŽƌŵ EŽƌƚŚ ĂƌŽůŝŶŝĂŶƐ ĂďŽƵƚ ŝŵƉŽƌƚĂŶƚ ƵƉĐŽŵŝŶŐ ĞǀĞŶƚƐ ĂŶĚ ŽƚŚĞƌ ĚĂƚĞƐ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞŶƚĞƌ ĨŽƌ ,ĞĂůƚŚ >ŝƚĞƌĂĐLJ͕ ĚĞƐĐƌŝďĞĚ ĞĂƌůŝĞƌ ŝŶ ƚŚŝƐ ƐĞĐƚŝŽŶ͕ ƚŽ ĂĐĐŽŵƉůŝƐŚ ƚŚŝƐ͕ ĞŵƉŚĂƐŝnjŝŶŐ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐŽŵƉŽŶĞŶƚƐ͗ ƵŝůĚŝŶŐ DĂƚĞƌŝĂůƐ KƵƌ ƐƚƌĂƚĞŐLJ ĨŽƌ ƉƌŽǀŝĚŝŶŐ ĞŶŚĂŶĐĞĚ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞŶŐĂŐŝŶŐ ƚŚĞ ŝŶĚŝǀŝĚƵĂů EŽƌƚŚ ĂƌŽůŝŶĂ ĐŽŵŵƵŶŝƚŝĞƐ ďĞŐŝŶƐ ǁŝƚŚ ŽƵƌ ^^ͬ ŽƵŶƚLJ >ŝĂŝƐŽŶ ƐĐŚĞĚƵůŝŶŐ ŵĞĞƚŝŶŐƐ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ƐĞƐƐŝŽŶƐ ǁŝƚŚ ĞĂĐŚ ŽĨ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ^^ ŽĨĨŝĐĞƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ƉƌŝŽƌŝƚŝĞƐ͕ ĚĞŵŽŐƌĂƉŚŝĐƐ͕ ĂŶĚ ŐĞŶĞƌĂů ůŽĐĂů ĐƵůƚƵƌĞ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝƚŝĞƐ ĞĂĐŚ ^^ ŽĨĨŝĐĞ ƐĞƌǀĞƐ͘ dŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ ĞŶĂďůĞƐ ƵƐ ƚŽ ĚĞǀĞůŽƉ ĂŶĚ ƉƌŽǀŝĚĞ ŵŽƌĞ ƚĂƌŐĞƚĞĚ ŽƵƚƌĞĂĐŚ͕ ŝŶĐůƵĚŝŶŐ ĐƵƐƚŽŵŝnjĞĚ ŵĂƚĞƌŝĂůƐ͕ ƉƌĞĨĞƌƌĞĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ŵĞĚŝĂ͕ ĂŶĚ ƚŝŵĞůŝŶĞƐ ĨŽƌ ƌĞůĞĂƐŝŶŐ ƚŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ͘ tĞ ĂƉƉƌŽĂĐŚ ƚŚĞƐĞ ŵĞĞƚŝŶŐƐ ĂƐ ďĞŝŶŐ ĐŽůůĂďŽƌĂƚŝǀĞ͕ ǁŚĞƌĞ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ĨƌŽŵ ĞĂĐŚ ^^ ŽĨĨŝĐĞ ĚĞƐĐƌŝďĞ ĂŶLJ ƐƉĞĐŝĨŝĐ ŐŽĂůƐ ƚŚĞLJ ŚĂǀĞ͕ ĂŶĚ ǁĞ ŵĂƉ ŽƵƚ Ă ƐƚĞƉͲďLJͲƐƚĞƉ ƐƚƌĂƚĞŐLJ ĨŽƌ ĂĐŚŝĞǀŝŶŐ ĞĂĐŚ ŽĨ ƚŚŽƐĞ ŐŽĂůƐ͘ /ŶĨŽƌŵĂƚŝŽŶ 'ĂƚŚĞƌŝŶŐ DĂŬŝŶŐ ƚŚĞ ƐŚŝĨƚ ĨƌŽŵ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ƚŽ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ŶĞǁ DĂŶĂŐĞĚ ĂƌĞ KƌŐĂŶŝnjĂƚŝŽŶ ŵŽĚĞů ĐĂŶ ďĞ Ă ĚĂƵŶƚŝŶŐ ƉƌŽĐĞƐƐ ĨŽƌ EŽƌƚŚ ĂƌŽůŝŶŝĂŶƐ͘ D y/Dh^ ƐƚĂŶĚƐ ĐŽŵŵŝƚƚĞĚ ƚŽ ŵĂŬŝŶŐ ƚŚŝƐ ĂƐ ƐŵŽŽƚŚ Ă ƉƌŽĐĞƐƐ ĂƐ ƉŽƐƐŝďůĞ͕ ŶŽƚ ŽŶůLJ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŵĂŬŝŶŐ ƚŚŝƐ ƚƌĂŶƐŝƚŝŽŶ ŝŶ ƚŚĞ ŶĞdžƚ ƚĞƌŵ ŽĨ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽŶƚƌĂĐƚ͕ ďƵƚ ĂůƐŽ ĨŽƌ ƚŚĞ ^^ ŽĨĨŝĐĞƐ ĂŶĚ ĂƐƚĞƌŶ ĂŶĚ ŽĨ ŚĞƌŽŬĞĞ /ŶĚŝĂŶƐ ; /Ϳ WƵďůŝĐ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ;W,,^Ϳ ŽĨĨŝĐĞƐ ƐƵƉƉŽƌƚŝŶŐ ƚŚĞƐĞ ĐƌŽƐƐͲŽǀĞƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ >ĞǀĞƌĂŐŝŶŐ ŽƵƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ ĐŚĂůůĞŶŐĞƐ ĨĂĐĞĚ ďLJ ƚŚŽƐĞ ƚƌĂŶƐŝƚŝŽŶŝŶŐ ŝŶƚŽ Ă DĞĚŝĐĂŝĚ ƉƌŽŐƌĂŵ͕ ŐĂŝŶĞĚ ĨƌŽŵ ϮϮ LJĞĂƌƐ ŽĨ ĞdžƉĞƌŝĞŶĐĞ͕ ǁĞ ĂƌĞ ƉŽŝƐĞĚ ƚŽ ƉƌŽǀŝĚĞ ƚŚŝƐ ŚŝŐŚůLJ ĐƌƵĐŝĂů ƐƵƉƉŽƌƚ͘ WƌĞĨĞƌƌĞĚ ŵĞĚŝƵŵ ŽĨ ĐŽŵŵƵŶŝĐĂƚŝŽŶ͗ ĞƉĞŶĚŝŶŐ ƚŽ Ă ůĂƌŐĞ ĞdžƚĞŶƚ ŽŶ ƚŚĞ ůĂŶŐƵĂŐĞ͕ ĚĞŵŽŐƌĂƉŚŝĐƐ͕ ĂŶĚ ĐƵƐƚŽŵƐ ŽĨ ƚŚĞ ƉŽƉƵůĂƚŝŽŶ ǁŝƚŚŝŶ ĞĂĐŚ ^^ ĐŽŵŵƵŶŝƚLJ͕ ǁĞ ǁŝůů ĚĞǀĞůŽƉ Ă ƉůĂŶ ĨŽƌ ĚŝƐƐĞŵŝŶĂƚŝŶŐ ŵĂƚĞƌŝĂů ƚŽ ƚŚĞ ƉƵďůŝĐ͘ /Ŷ ĐĞƌƚĂŝŶ ĐŽƵŶƚŝĞƐ͕ ŵĂŝů ŵĂLJ ďĞ ƚŚĞ ŵŽƐƚ ĞĨĨĞĐƚŝǀĞ ŵĞĂŶƐ ŽĨ ĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ ǁŚĞƌĞĂƐ ĨŽƌ ŽƚŚĞƌ ĐŽƵŶƚŝĞƐ͕ ƵƐŝŶŐ ĞŵĂŝů Žƌ ƚĞdžƚ ŵĞƐƐĂŐŝŶŐ ŵĂLJ ďĞ ŵŽƌĞ ĂƉƉƌŽƉƌŝĂƚĞ͘ /Ŷ Ɛƚŝůů ŽƚŚĞƌƐ͕ ĨĂĐĞͲƚŽͲĨĂĐĞ ĚŝƐĐƵƐƐŝŽŶƐ ĂƌĞ ƉƌĞĨĞƌƌĞĚ͘ tŝƚŚ ƚŚĞ ĂĚǀĞŶƚ ŽĨ ŶƵŵĞƌŽƵƐ ŵƵůƚŝŵĞĚŝĂ ŽƉƚŝŽŶƐ ŝŶ ƌĞĐĞŶƚ LJĞĂƌƐ͕ ǁĞ ďƌŝŶŐ ƚŽ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ Ă ŶƵŵďĞƌ ŽĨ ƐŽĐŝĂů ŵĞĚŝĂ ŽƉƚŝŽŶƐ͕ ĂƐ ǁĞ ĚŝƐƉůĂLJ ŝŶ džŚŝďŝƚ ϴ͘ϲ͘ϯͲϭ͗ DƵůƚŝĐŚĂŶŶĞů ĞŶĞĨŝĐŝĂƌLJ ^ƵƉƉŽƌƚ ^LJƐƚĞŵ͘ „ „ „ „ ĐĐĞƐƐŝďŝůŝƚLJ ďLJ ƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ 'ĞŶĞƌĂů ŶĞŝŐŚďŽƌŚŽŽĚ ĂƚŵŽƐƉŚĞƌĞ ;ƋƵŝĞƚ͕ ƐĂĨĞͿ ĞŶƐĞůLJ ƉŽƉƵůĂƚĞĚ͕ ŵĞĂŶŝŶŐ ůĞƐƐ ƚƌĂǀĞů ĨŽƌ ŵŽƐƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁĂƌĞŶĞƐƐ ŽĨ ƵƉĐŽŵŝŶŐ ŚŽůŝĚĂLJƐ ;ƌĞůŝŐŝŽƵƐ ĂŶĚ ŶŽŶͲƌĞůŝŐŝŽƵƐͿ WĂŐĞ ϴ͘ϲͲϭϵ ŽĨ ϮϮ KŶĞ ŽĨ ƚŚĞ ŵŽƐƚ ĞĨĨĞĐƚŝǀĞ ĂŶĚ ĞŶŐĂŐŝŶŐ ĨŽƌŵƐ ŽĨ ŽƵƚƌĞĂĐŚ ĐŽŵĞƐ ƚŚƌŽƵŐŚ ĐŽŵŵƵŶŝƚLJ ĞǀĞŶƚƐ͘ Ɛ ƚŚĞ ĚĂƚĞ ĨŽƌ KƉĞŶ ŶƌŽůůŵĞŶƚ ĨŽƌ ƚŚĞ ϮϬϭϵ ƐĞĂƐŽŶ ŶĞĂƌƐ͕ ŚŽůĚŝŶŐ ƚŚĞƐĞ ĐŽŵŵƵŶŝƚLJ ĞǀĞŶƚƐ ďĞĐŽŵĞƐ ĐƌƵĐŝĂů͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ŝŶĐƌĞĂƐŝŶŐ ŽƵƌ ƐƚĂĨĨŝŶŐ ĚƵƌŝŶŐ ƚŚŝƐ ƚŝŵĞ͕ ǁĞ ǁŝůů ŚŽƐƚ ŵƵůƚŝƉůĞ ĞǀĞŶƚƐ ĂƌŽƵŶĚ ƚŚĞ ^ƚĂƚĞ ƚŽ ĞŶĐŽƵƌĂŐĞ ĂĐƚŝǀĞ ďĞŶĞĨŝĐŝĂƌLJ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ƚŚĞŝƌ ŽǁŶ ĞŶƌŽůůŵĞŶƚ ĞdžƉĞƌŝĞŶĐĞ͘ ^ƉĞĐŝĨŝĐĂůůLJ͕ ǁĞ ĂŶƚŝĐŝƉĂƚĞ ŚŽůĚŝŶŐ ƚǁŽ ĞǀĞŶƚƐ ŝŶ ĞĂĐŚ ŽĨ ƚŚĞ Ɛŝdž ƌĞŐŝŽŶƐ ĚƵƌŝŶŐ KƉĞŶ ŶƌŽůůŵĞŶƚ͘ ,ŽǁĞǀĞƌ͕ ǁĞ ĂƌĞ ĂůƐŽ ĂďůĞ ƚŽ ŚŽƐƚ ĞǀĞŶƚƐ ŝŶ ŝŶĚŝǀŝĚƵĂů ĐŽƵŶƚŝĞƐ͕ ŝŶ ƚŚĞ ĞǀĞŶƚ ƚŚĂƚ ƚŚĞLJ ĂƌĞ ŶĞĐĞƐƐĂƌLJ͘ KŶĞ ŽĨ ƚŚĞ ĨŝƌƐƚ ƐƚĞƉƐ ǁĞ ƚĂŬĞ ŝŶ ƉůĂŶŶŝŶŐ ƚŚĞƐĞ ĞǀĞŶƚƐ ŝƐ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ůŽĐĂƚŝŽŶ͘ ^ƉĞĐŝĨŝĐ ĨĂĐƚŽƌƐ ƚŽ ĐŽŶƐŝĚĞƌ ŝŶĐůƵĚĞ͗ ǀĞŶƚ WůĂŶŶŝŶŐ tĞ ǁŝůů ĂůƐŽ ƐĐŚĞĚƵůĞ ĨŽůůŽǁͲƵƉ ŵĞĞƚŝŶŐƐ ǁŝƚŚ ǀĂƌŝŽƵƐ ^^ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ĂƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ĐůĂƌŝĨLJ ĂŶLJ ĐŽŶĐĞƌŶƐ ĂŶĚ ǀĞƌŝĨLJ ƚŚĂƚ ŽƵƚƌĞĂĐŚ ŝƐ ƉƌŽĐĞĞĚŝŶŐ ĂƉƉƌŽƉƌŝĂƚĞůLJ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ǁĞ ǁŝůů ƌĞŵĂŝŶ ŝŶ ƌĞŐƵůĂƌ ĐŽŶƚĂĐƚ ǁŝƚŚ ƚŚĞƐĞ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŽŶƚƌĂĐƚ͕ ƉĂƌƚŝĐƵůĂƌůLJ ǁŚĞŶ ĐŽŽƌĚŝŶĂƚŝŶŐ ĞǀĞŶƚƐ ŝŶ ƚŚĞ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͛ ĐŽŵŵƵŶŝƚŝĞƐ͘ dŽ ĚĞǀĞůŽƉ ƚŚĞƐĞ ŵĂƚĞƌŝĂůƐ͕ ŝŶ ĂĚĚŝƚŝŽŶ ƚŽ ƵƐŝŶŐ ƚŚĞ ĞŶƚĞƌ ĨŽƌ ,ĞĂůƚŚ >ŝƚĞƌĂĐLJ͕ ǁĞ ǁŝůů ůĞǀĞƌĂŐĞ ƚŚĞ ĐĂƉĂďŝůŝƚŝĞƐ ŽĨ ŽƵƌ ƉĂƌƚŶĞƌ ϭϬ͘ ŚŝŐŚůLJ ƌĞŐĂƌĚĞĚ EŽƌƚŚ ĂƌŽůŝŶĂͲďĂƐĞĚ ĐŽŵƉĂŶLJ͕ ϭϬ ďƌŝŶŐƐ ĐůŝŶŝĐĂů ĂŶĚ ƐŽĐŝĂů džŚŝďŝƚ ϴ͘ϲ͘ϯͲϭ͗ DƵůƚŝĐŚĂŶŶĞů ĞŶĞĨŝĐŝĂƌLJ ^ƵƉƉŽƌƚ ^LJƐƚĞŵ͘ D y/Dh^ ĚŝƐƚƌŝďƵƚĞƐ ĞŶƌŽůůŵĞŶƚ ŽƵƚƌĞĂĐŚ ĞdžƉĞƌƚŝƐĞ͕ ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ůŽĐĂů ĞdžƉĞƌŝĞŶĐĞ ƚŽ ŽƵƚƌĞĂĐŚ ŵĂƚĞƌŝĂůƐ ŝŶ Ă ǀĂƌŝĞƚLJ ŽĨ ƐŽĐŝĂů ŵĞĚŝĂ ŵŽĚĂůŝƚŝĞƐ͕ ƉƌĞƐĞŶƚŝŶŐ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐƌŽƐƐͲŽǀĞƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ ĂŶ ĂƐƐŽƌƚŵĞŶƚ ŽĨ ŽƉƚŝŽŶƐ ŝŶ ŚŽǁ ƚŚĞLJ ƌĞĐĞŝǀĞ ƵƉĚĂƚĞƐ͕ ĞŶŚĂŶĐĞ ŽƵƌ ŽƵƚƌĞĂĐŚ ĞĨĨŽƌƚƐ ƚŽ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ĂŶŶŽƵŶĐĞŵĞŶƚƐ͕ ĂŶĚ ŽƚŚĞƌ ŝŵƉŽƌƚĂŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ƉĞƌƚĂŝŶŝŶŐ ƚŽ E DĞĚŝĐĂŝĚ͘ ĐŽŵŵƵŶŝƚŝĞƐ ǁĞ ƐĞƌǀĞ ƵŶĚĞƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐŽŶƚƌĂĐƚ͘ &ŽƵŶĚĞĚ ŝŶ ϮϬϬϰ ĂŶĚ ƐƉĞĐŝĂůŝnjŝŶŐ ŝŶ ĐůŝŶŝĐĂů ƐŽůƵƚŝŽŶƐ͕ ƚŚĞ Ĩŝƌŵ͛Ɛ ďĂĐŬŐƌŽƵŶĚ ŝŶ ŚĞĂůƚŚ ĐĂƌĞ ƌĞƐĞĂƌĐŚ ĂŶĚ ƚŚĞŝƌ ŵŝƐƐŝŽŶ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ŚĞĂůƚŚ ĐĂƌĞ ĨŽƌ ƉĞŽƉůĞ ŝŶ ŶĞĞĚ͕ ƐĞƌǀĞ ĂƐ ŬĞLJ ĨĂĐƚŽƌƐ ŝŶ ƚŚĞŝƌ ĂďŝůŝƚLJ ƚŽ ĐŽŶŶĞĐƚ ǁŝƚŚ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĐƌŽƐƐͲŽǀĞƌ ďĞŶĞĨŝĐŝĂƌLJ ƉŽƉƵůĂƚŝŽŶ ĂŶĚ ƚŽ ƐŝŵƉůŝĨLJ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ĨŽƌ ƚŚĞŵ͘ &ŽƵŶĚĞƌ ĂŶĚ ŚŝĞĨ džĞĐƵƚŝǀĞ KĨĨŝĐĞƌ ; KͿ >ĞĂŚ ƌŽǁŶ ĂŶĚ ƚŚĞ ĐŽŵƉĂŶLJ ŚĂǀĞ ǁŽŶ ŶƵŵĞƌŽƵƐ ĂǁĂƌĚƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ LJĞĂƌƐ͕ ŝŶĐůƵĚŝŶŐ ďĞŝŶŐ ŽŶĞ ŽĨ ƚŚĞ ϮϬ DŽƐƚ ^ƵĐĐĞƐƐĨƵů ůĂĐŬ ŽŵƉĂŶŝĞƐ ƚŽ ǁĂƚĐŚ ŝŶ ϮϬϭϭ͘ „ ƵůƚƵƌĂů ĨŽƌŵĂƚ ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ ;dƌŝďĂů ǀĞƌƐƵƐ ŶŽŶͲdƌŝďĂů ĐŽŵŵƵŶŝƚŝĞƐͿ „ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƉƌŽŐƌĂŵ ĞǀĞŶƚƐ ĂŶĚͬŽƌ ŵĞĞƚŝŶŐƐ WĂŐĞ ϴ͘ϲͲϮϬ ŽĨ ϮϮ dŽ ďƵŝůĚ ƉƌŽŐƌĂŵ ĂǁĂƌĞŶĞƐƐ ĂŶĚ ůŽLJĂůƚLJ͕ ĂƐ ǁĞůů ĂƐ ĨŽƐƚĞƌ ďĞŶĞĨŝĐŝĂƌLJ ƌĞůĂƚŝŽŶƐŚŝƉƐ͕ ŽƵƌ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŽĐŝĂů ŵĞĚŝĂ ĐŽŶƚĞŶƚ ǁŝůů ŝŶĐůƵĚĞ͕ ďƵƚ ǁŝůů ŶŽƚ ďĞ ůŝŵŝƚĞĚ ƚŽ͕ ƚŚĞ ĨŽůůŽǁŝŶŐ͗ džŚŝďŝƚ ϴ͘ϲ͘ϯͲϮ͗ ^ŽĐŝĂů DĞĚŝĂ ŽŶƚĞŶƚ KďũĞĐƚŝǀĞƐ͘ D y/Dh^ ĚĞůŝǀĞƌƐ ĞĨĨĞĐƚŝǀĞ ƐŽĐŝĂů ŵĞĚŝĂ ĐŽŶƚĞŶƚ ƚŽ ƉƌŽŵŽƚĞ ƚŚĞ ƉƌŽŐƌĂŵ͕ ĞŶŐĂŐĞ ƵƐĞƌƐ͕ ĂŶĚ ĚƌŝǀĞ ĐŽŶǀĞƌƐŝŽŶƐ͘ D y/Dh^ͲĐƌĞĂƚĞĚ ĐŽŶƚĞŶƚ ĨŽƌ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ǁŝůů ƐĞƌǀĞ ƚŚƌĞĞ ƉƌŝŵĂƌLJ ŐŽĂůƐ͕ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϲ͘ϯͲϮ͗ ^ŽĐŝĂů DĞĚŝĂ ŽŶƚĞŶƚ KďũĞĐƚŝǀĞƐ͘ Ɛ ǁĞ ŚĂǀĞ ƉƌĞǀŝŽƵƐůLJ ĚĞƐĐƌŝďĞĚ͕ ƐŽĐŝĂů ŵĞĚŝĂ ŚĂƐ ďĞĐŽŵĞ Ă ŚŝŐŚůLJ ĞĨĨĞĐƚŝǀĞ ƚŽŽů ĨŽƌ ĐŽŵŵƵŶŝĐĂƚŝŶŐ ŽŶ ĞŶƌŽůůŵĞŶƚͲƌĞůĂƚĞĚ ƐƵďũĞĐƚƐ͘ &Žƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐŽŶƚƌĂĐƚ͕ D y/Dh^ ŝŶƚĞŶĚƐ ƚŽ ĐŽůůĂďŽƌĂƚĞ ǁŝƚŚ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ; ,,^Ϳ ƚŽ ƉƌŽǀŝĚĞ ƐŽĐŝĂů ŵĞĚŝĂ ŽƵƚƌĞĂĐŚ ƚŚƌŽƵŐŚ &ĂĐĞŬ͕ dǁŝƚƚĞƌ͕ ĂŶĚ ŽƚŚĞƌ ĐŚĂŶŶĞůƐ ĂƐ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ,,^͘ dŽ ƉƌŽǀŝĚĞ ƐƚĂĨĨ ĚƵƌŝŶŐ ƉĞĂŬ ƉĞƌŝŽĚƐ ŽĨ ĞŶƌŽůůŵĞŶƚ͕ D y/Dh^ ǁŝůů ůĞǀĞƌĂŐĞ ƚŚĞ ĞdžƉĞƌƚŝƐĞ ŽĨ ŽƵƌ ƐƵďĐŽŶƚƌĂĐƚŽƌ ϭϬ͘ ϭϬ ƉƌŽǀŝĚĞƐ ďŽƚŚ ŝŶĚƵƐƚƌLJ ĞdžƉĞƌƚŝƐĞ ĂŶĚ ĚĞĞƉͲƌŽŽƚĞĚ EŽƌƚŚ ĂƌŽůŝŶĂ ƐƉĞĐŝĨŝĐ ŬŶŽǁůĞĚŐĞ͘ tĞ ǁŝůů ƉƌŽǀŝĚĞ ĂĚĚŝƚŝŽŶĂů ƐƚĂĨĨ ŵĞŵďĞƌƐ Ăƚ ĞĂĐŚ ŽĨ ƚŚĞ ^^ ŽĨĨŝĐĞƐ ĂŶĚ ƚŚĞ ĂƐƚĞƌŶ ĂŶĚ ŽĨ ŚĞƌŽŬĞĞ /ŶĚŝĂŶƐ ; /Ϳ WƵďůŝĐ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ;W,,^Ϳ ĚƵƌŝŶŐ ƉĞƌŝŽĚƐ ŽĨ ƉĞĂŬ ĞŶƌŽůůŵĞŶƚ͘ tĞ ǁŝůů ĂůƐŽ ĞŶŚĂŶĐĞ ŽƵƌ ŽƵƚƌĞĂĐŚ ĐĂƉĂďŝůŝƚŝĞƐ ǁŝƚŚ Ă ĐŽŵďŝŶĂƚŝŽŶ ŽĨ ĂĚĚŝƚŝŽŶĂů ƉƌŝŶƚ ŵĂƚĞƌŝĂůƐ ĂŶĚ ƐŽĐŝĂů ŵĞĚŝĂ͘ /ŶĐƌĞĂƐĞĚ ^ƚĂĨĨŝŶŐ ĚƵƌŝŶŐ WĞĂŬ ŶƌŽůůŵĞŶƚ WĞƌŝŽĚƐ /Ĩ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁĂŶƚ ƚŽ ŵĞĞƚ ƉĞƌƐŽŶĂůůLJ ǁŝƚŚ Ă DĞĚŝĐĂŝĚ ƐƉĞĐŝĂůŝƐƚ ƚŽ ĨƵƌƚŚĞƌ ĚŝƐĐƵƐƐ ƚŚĞŝƌ ĞŶƌŽůůŵĞŶƚ͕ ƚŚĞLJ ŚĂǀĞ ƚǁŽ ŽƉƚŝŽŶƐ͗ ϭͿ ƐĐŚĞĚƵůŝŶŐ ĂŶ ĂƉƉŽŝŶƚŵĞŶƚ͕ ĂŶĚ ϮͿ ƚŚƌŽƵŐŚ Ă ͞ĚƌŽƉͲŝŶ͟ ǀŝƐŝƚ͘ ŶŽƚŚĞƌ ďĞŶĞĨŝƚ ŽĨ ĂƚƚĞŶĚŝŶŐ ƚŚĞƐĞ ĞǀĞŶƚƐ ŝƐ ƚŚĂƚ EŽƌƚŚ ĂƌŽůŝŶŝĂŶƐ ǁŝůů ŐĞƚ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ƐĐŚĞĚƵůĞ ĂƉƉŽŝŶƚŵĞŶƚƐ ǁŝƚŚ ŽŶĞ ŽĨ ŽƵƌ ůŽĐĂů KƵƚƌĞĂĐŚ ^ƉĞĐŝĂůŝƐƚƐ͘ ĂƐĞĚ ŽŶ ŚŽǁ ŵĂŶLJ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƐĐŚĞĚƵůĞ ŽŶĞ ŽĨ ƚŚĞƐĞ ĂƉƉŽŝŶƚŵĞŶƚƐ͕ ǁĞ ǁŝůů ƉƌŽǀŝĚĞ ƐƚĂĨĨ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ĚĞŵĂŶĚ ĨŽƌ ĂƉƉŽŝŶƚŵĞŶƚƐ͕ ǁŝƚŚ ŽŶĞ Žƌ ƚǁŽ ĂĚĚŝƚŝŽŶĂů ƌĞƐŽƵƌĐĞƐ ĂǀĂŝůĂďůĞ ƚŽ ŵĂŶĂŐĞ ĚƌŽƉͲŝŶƐ͘ tĞ ǁŝůů ŚĂǀĞ ŵƵůƚŝƉůĞ ŽƵƚƌĞĂĐŚ ƐƚĂĨĨ ŵĞŵďĞƌƐ Ăƚ ƚŚĞƐĞ ŝŶĚŝǀŝĚƵĂů ĞǀĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ ƐƚĂĨĨ ƚŽ ǁĞůĐŽŵĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ƐƚĂĨĨ ƚŽ ŚĞůƉ ĂŶƐǁĞƌ ĞŶƌŽůůŵĞŶƚͲƌĞůĂƚĞĚ ƋƵĞƐƚŝŽŶƐ ĂŶĚ ƐĐŚĞĚƵůĞ ĂƉƉŽŝŶƚŵĞŶƚƐ͘ tŚŝůĞ ǁĞ ǁŝůů ƉƌŽǀŝĚĞ ďƌŽĐŚƵƌĞƐ ĂŶĚ ŽƚŚĞƌ ĚŽĐƵŵĞŶƚƐ ĂďŽƵƚ ĞŶƌŽůůŵĞŶƚ Ăƚ ƚŚĞƐĞ ĞǀĞŶƚƐ͕ ƚŚĞ ƉƌĞƐĞŶĐĞ ŽĨ ŽƵƌ ƐƚĂĨĨ ƐƵƉƉŽƌƚƐ ďĞŶĞĨŝĐŝĂƌLJ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞƐĞ DĞĚŝĐĂŝĚ ŵĂƚĞƌŝĂůƐ͕ ĂŶĚ ƐƚĂĨĨ ĐĂŶ ƌĞƐƉŽŶĚ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂƐ ŶĞĞĚĞĚ͘ ůů ŽĨ ŽƵƌ ƐƚĂĨĨ ǁŝůů ďĞ ŚŝŐŚůLJ ŬŶŽǁůĞĚŐĞĂďůĞ ŽŶ ƚŚĞ ƐƉĞĐŝĨŝĐ ĐŽŵƉŽŶĞŶƚƐ ŽĨ DĞĚŝĐĂŝĚ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ĂƐ ƚŚĞLJ ĂƉƉůLJ ƚŽ EŽƌƚŚ ĂƌŽůŝŶĂ͘ KŶĞ ŵĂũŽƌ ĂĚǀĂŶƚĂŐĞ ŽĨ ĂƚƚĞŶĚŝŶŐ ƚŚĞƐĞ ĞǀĞŶƚƐ ŝƐ ƚŚĂƚ ŶŽƚ ŽŶůLJ ǁŝůů ďĞŶĞĨŝĐŝĂƌŝĞƐ ďĞ ĂďůĞ ƚŽ ĂƐŬ ƋƵĞƐƚŝŽŶƐ ŽĨ ĞdžƉĞƌƚƐ ŝŶ ƚŚĞ ĨŝĞůĚ͕ ďƵƚ ƚŚĞLJ ǁŝůů ŐĞƚ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ŝŶƚĞƌĂĐƚ ǁŝƚŚ ŽƚŚĞƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ŽƚŚĞƌ ĐƌŽƐƐͲŽǀĞƌƐ͕ ǁŚŽ ŵĂLJ ƋƵĂůŝĨLJ ĨŽƌ ƚŚĞ ƐĂŵĞ ďĞŶĞĨŝƚƐ ĂƐ ƚŚĞLJ ĚŽ͖ ŝĨ ŽŶĞ ďĞŶĞĨŝĐŝĂƌLJ ŝŶ ƚŚŝƐ ƐĐĞŶĂƌŝŽ ŝƐ ŵŽƌĞ ǁĞůůͲǀĞƌƐĞĚ ŝŶ DĞĚŝĐĂŝĚ ƉƌŽĐĞĚƵƌĞƐ͕ ƚŚĞLJ ĐŽƵůĚ ŚĞůƉ ŝŶĨŽƌŵ ĂŶĚ ĞĚƵĐĂƚĞ ƚŚĞ ŽƚŚĞƌ ďĞŶĞĨŝĐŝĂƌLJ ŽŶ ƚŚĞƐĞ ŵĂƚƚĞƌƐ͘ /Ŷ ƚŚĞ ĞǀĞŶƚ ƚŚĂƚ ƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ŝƐ ĂŶ ŝƐƐƵĞ͕ D y/Dh^ ǁŝůů ĐŽŽƌĚŝŶĂƚĞ ǁŝƚŚ ůŽĐĂů ŐƌĂƐƐƌŽŽƚƐ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ƚŽ ƉƌŽǀŝĚĞ ƐƵƉƉŽƌƚ ŝŶ ŚĞůƉŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƌĞĂĐŚ ĂŶ ĞǀĞŶƚ͘ tĞ ĂůƐŽ ĐŽŶƚĂĐƚ ƚŚĞƐĞ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ŚŽƐƚŝŶŐ ĂŶĚ ŝĚĞŶƚŝĨLJŝŶŐ ĂĚĚŝƚŝŽŶĂů ůŽĐĂů ƌĞƐŽƵƌĐĞƐ ƚŚĂƚ ĐĂŶ ƉƌŽǀŝĚĞ ƌĞĨƌĞƐŚŵĞŶƚƐ͕ ƚĞŶƚƐ͕ Žƌ ŽƚŚĞƌ ŝƚĞŵƐ͘ „ &ƌĞƋƵĞŶƚůLJ ƐŬĞĚ YƵĞƐƚŝŽŶƐ ;& YƐͿ ŶƌŽůůŵĞŶƚ Η,Žǁ dŽΖƐΗ Η&ĂƐƚ &ĂĐƚƐΗ ŚŝŐŚůŝŐŚƚŝŶŐ ŶĞǁ ƚĞƌŵƐ ĂŶĚ ĐŽŶĐĞƉƚƐ ŵƉůŝĨŝĐĂƚŝŽŶ ŽĨ ŵĞŵďĞƌ ƐƵĐĐĞƐƐ ƐƚŽƌŝĞƐ dƌĞŶĚƐ ůŽĐĂů ƚŽ ǀĂƌŝŽƵƐ EŽƌƚŚ ĂƌŽůŝŶĂ ^^ ƌĞŐŝŽŶƐ ZĞƐƉŽŶƐĞƐ ƚŽ ƌĞůĞǀĂŶƚ ĂƵĚŝĞŶĐĞ ĐŽŶǀĞƌƐĂƚŝŽŶƐ ǀŝĂ ƐŽĐŝĂů ŵĞĚŝĂ ůŝƐƚĞŶŝŶŐ WƵďůŝĐ ^ĞƌǀŝĐĞ ŶŶŽƵŶĐĞŵĞŶƚƐ ;W^ ƐͿ ĚƵƌŝŶŐ ůŽĐĂů Žƌ ƐƚĂƚĞǁŝĚĞ ĞŵĞƌŐĞŶĐŝĞƐ WĂŐĞ ϴ͘ϲͲϮϭ ŽĨ ϮϮ D y/Dh^ ĂĐŬŶŽǁůĞĚŐĞƐ ƚŚĂƚ Ăůů ĞŶŚĂŶĐĞĚ ŽƵƚƌĞĂĐŚ ĂŶĚͬŽƌ ƉŽƚĞŶƚŝĂů ŽŶƐŝƚĞ ƐĞƌǀŝĐĞƐ ĂƌĞ ŽƉƚŝŽŶĂů ƵŶĚĞƌ ƚŚŝƐ Z&W͕ ĂŶĚ ƚŚĂƚ ,,^ ƌĞƐĞƌǀĞƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ĞŶŐĂŐĞ ƐŽŵĞ͕ Ăůů͕ Žƌ ŶŽŶĞ ŽĨ ƚŚĞ ƐĞƌǀŝĐĞƐ ƚŚĂƚ ǁĞ ƌĞĐŽŵŵĞŶĚ͘ tĞ ǁŝůů ƉƌŽǀŝĚĞ ŽƵƚƌĞĂĐŚͲƌĞůĂƚĞĚ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ĚŝƌĞĐƚĞĚ ƚŽǁĂƌĚ ŶŽƚ ŽŶůLJ ƚŽ ^^ ĂŶĚ / W,,^ ƐƚĂĨĨ ŵĞŵďĞƌƐ͕ ďƵƚ ĂůƐŽ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŚĞŵƐĞůǀĞƐ͘ 'ƌŽƵƉ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ĐŽŶĚƵĐƚĞĚ ďLJ ŽŶĞ ŽĨ ŽƵƌ KƵƚƌĞĂĐŚ ^ƉĞĐŝĂůŝƐƚƐ͕ ǁŝůů ĂůǁĂLJƐ ďĞ ƐĐŚĞĚƵůĞĚ ŝŶ ĂĚǀĂŶĐĞ ƐŽ ǁĞ ĐĂŶ ƉƵďůŝĐŝnjĞ ƚŚĞŵ ƚŽ ŝŶĐƌĞĂƐĞ ĂƚƚĞŶĚĂŶĐĞ͘ dŚĞ KƵƚƌĞĂĐŚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ĐŽŽƌĚŝŶĂƚĞ ůŽŐŝƐƚŝĐĂů ĚĞƚĂŝůƐ ǁŝƚŚ ĂŶ ŽŶͲƐŝƚĞ ĐŽŶƚĂĐƚ ŝŶ ĂĚǀĂŶĐĞ ŽĨ ƚŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶ͘ WƌĞƐĞŶƚĂƚŝŽŶƐ tĞ ǁŝůů ĂĐƚŝǀĞůLJ ŵŽŶŝƚŽƌ ƚŚĞ ƐŽĐŝĂů ŵĞĚŝĂ ĐŽŶǀĞƌƐĂƚŝŽŶƐ ŽĨ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ƉĂLJŝŶŐ ƉĂƌƚŝĐƵůĂƌ ĂƚƚĞŶƚŝŽŶ ƚŽ ƚŚĞ ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ͕ ĂŶĚ ƵƐĞ ƚŚĞ ĨĞĞĚďĂĐŬ ǁĞ ĐŽůůĞĐƚ ƚŽ ŽƉƚŝŵŝnjĞ ŽƵƌ ĐŽŶƚĞŶƚ͘ Ɛ ǁĞ ĚŽ ĨŽƌ ŽƚŚĞƌ ƐŝŵŝůĂƌ ƉƌŽũĞĐƚƐ͕ ǁĞ ǁŝůů ƐĐĂŶ ŶƵŵĞƌŽƵƐ ĚĂƚĂ ƐŽƵƌĐĞƐ ĨŽƌ ŵĞŶƚŝŽŶƐ ĂŶĚ ĐŽŶǀĞƌƐĂƚŝŽŶƐ ƐƵƌƌŽƵŶĚŝŶŐ ĐŚŽƐĞŶ ŬĞLJǁŽƌĚƐ ƚŽ ƵŶĚĞƌƐƚĂŶĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ƚŚĞŝƌ ŶĞĞĚƐ͕ ĂŶĚ ƚŚĞŝƌ ŝŶƚĞƌĞƐƚƐ ŵŽƌĞ ĨƵůůLJ͕ ĂŶĚ ƐĞƌǀĞ ƚŚĞŵ ďĞƚƚĞƌ ƚŚƌŽƵŐŚ ŵŽƌĞ ƐƚƌĂƚĞŐŝĐ ĞŶŐĂŐĞŵĞŶƚ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ǁĞ ǁŝůů ŵŽŶŝƚŽƌ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐŽĐŝĂů ŵĞĚŝĂ ƉŽƐƚƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĚĂLJ͕ ƐŽ ƚŚĂƚ ǁĞ ĐĂŶ ŽďƐĞƌǀĞ ĂŶĚ ĞƐĐĂůĂƚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐΖ ĐŽŶĐĞƌŶƐ ĂƐ ŶĞĞĚĞĚ͕ ŚĞůƉŝŶŐ ƚŽ ĂĚĚƌĞƐƐ ƋƵĞƐƚŝŽŶƐ ĂŶĚ ĐŽŵŵĞŶƚƐ ǁŝƚŚ ŵŝŶŝŵĂů ĚĞůĂLJ ĚƵƌŝŶŐ ĐĂůů ĐĞŶƚĞƌ ŽƉĞƌĂƚŝŶŐ ŚŽƵƌƐ͘ tŝƚŚ ƵŶŝƋƵĞ ĂŶĚ ƚƌĂĐŬĂďůĞ ůŝŶŬƐ͕ ŚĂƐŚƚĂŐƐ͕ ĂŶĚ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ĐŽͲŵĞƐƐĂŐĞ ǁŝƚŚ ,,^ͲĂƉƉƌŽǀĞĚ ĐŽŵŵƵŶŝƚLJ ƉĂƌƚŶĞƌƐ ŽŶ ĞǀĞŶƚƐ Žƌ ĂďŽƵƚ ŽƚŚĞƌ ĞůŝŐŝďŝůŝƚLJͲďĂƐĞĚ ƉƌŽŐƌĂŵƐ͕ ƐŽĐŝĂů ŵĞĚŝĂ ĞŶĂďůĞƐ ƵƐ ƚŽ ƐĞŶĚ ƚŚĞ ƌŝŐŚƚ ŵĞƐƐĂŐĞ Ăƚ ƚŚĞ ƌŝŐŚƚ ƚŝŵĞ͘ KƵƌ ĂƉƉƌŽĂĐŚ ƚŽ ŽƵƚƌĞĂĐŚ ŵĂƚĞƌŝĂůƐ ǀĞƌŝĨŝĞƐ ƚŚĂƚ ǁĞ ƉƌŽǀŝĚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ ŵĂƚĞƌŝĂůƐ ƚŚĂƚ ĂƌĞ ŽďũĞĐƚŝǀĞ͕ ƵŶďŝĂƐĞĚ͕ ĂŶĚ ŝŶĐůƵĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ Ăůů ĂǀĂŝůĂďůĞ ŽƉƚŝŽŶƐ͘ tĞ ŽĨĨĞƌ ĂŶ ĞdžĂŵƉůĞ ŽĨ ƉŽƚĞŶƚŝĂů ďƌĂŶĚĞĚ ƐŽĐŝĂů ŵĞĚŝĂ ĐŽŶƚĞŶƚ͕ ǁŝƚŚ Ă ƐĐƌĞĞŶƐŚŽƚ ĨŽƌ Ă ƐŽĐŝĂů ŵĞĚŝĂ ĐĂŵƉĂŝŐŶ ǁĞ ĐŽŶĚƵĐƚĞĚ ŝŶ ƚŚĞ ^ƚĂƚĞ ŽĨ >ŽƵŝƐŝĂŶĂ ĐĂŵƉĂŝŐŶ͕ ŝŶ džŚŝďŝƚ ϴ͘ϲ͘ϯͲϯ͗ ^ĂŵƉůĞ ^ŽĐŝĂů DĞĚŝĂ ŽŶƚĞŶƚ͘ „ „ „ „ „ „ „ WĂŐĞ ϴ͘ϲͲϮϮ ŽĨ ϮϮ džŚŝďŝƚ ϴ͘ϲ͘ϯͲϯ͗ ^ĂŵƉůĞ ^ŽĐŝĂů DĞĚŝĂ ŽŶƚĞŶƚ͘ dŽ ƐƵƉƉŽƌƚ ƚŚĞ ĐƌŽƐƐͲŽǀĞƌ ďĞŶĞĨŝĐŝĂƌLJ ƉŽƉƵůĂƚŝŽŶ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ ŽŶ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐŽŶƚƌĂĐƚ͕ D y/Dh^ ǁŝůů ůĞǀĞƌĂŐĞ ƚŚĞ ĐĂƉĂďŝůŝƚŝĞƐ ŽĨ ŽƵƌ ĞŶƚĞƌ ĨŽƌ ,ĞĂůƚŚ >ŝƚĞƌĂĐLJ ƚŽ ĐƌĞĂƚĞ ĂŶĚ ŝŵƉůĞŵĞŶƚ Ă ŚŝŐŚůLJ ĐƵƐƚŽŵŝnjĞĚ ƐŽĐŝĂů ŵĞĚŝĂ ŵĞƐƐĂŐŝŶŐ ĂƉƉƌŽĂĐŚ ƚŽ ƉƵƚ ƚŚŝƐ ƉŽƉƵůĂƚŝŽŶ Ăƚ ĞĂƐĞ͕ ƐŝŵƉůŝĨLJŝŶŐ ĂŶĚ ĚĞŵLJƐƚŝĨLJŝŶŐ ƚŚĞ ĐŽŵƉůĞdžŝƚŝĞƐ ŽĨ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ͘ RFP Section Response 8 .7 Language, Accessibility, and Cultural Competency Section Ill. 6, 1-18 The Department request: the response to this section be limited to three l3) pages. not Including the cultural competency samples/example cultural anpelenw materials and exnsiing nlalenalx wrih The Otirgrm unrlude at least two ill Lullural cmnpetenry hut should not submit more ihnn three 1. The Offeror must confirm adherence to the expectations of the Department and describe their ability and approach to meet the requirements of Section ill. 6. Language, Accessibility, and Cultural Competency. MAXIMUS con?rms that we will adhere to Department expectations and meet all requirements set forth in RFP Section Language, Accessibility, and Cultural Competency. We describe our approach to meeting these requirements throughout this section of our proposal. We work with each of our state clients to develop a cultural competency strategy that is responsive to demographic needs in our delivery of all personalized enrollment services. The North Carolina Department of Health and Human Services can be con?dent in our commitment to provide high-quality customer service, beneficia ry-facing materials, and strategic technology designed with North Carolina's cultural, religious, linguistic, socioeconomic, and tribal demographics in mind. 2. Offeror must describe how materials for and contacts with beneficiaries are culturally competent. MAXIMUS will use our nationally recognized Center for Health Literacy (the Center) to ensure digital and printed member materials are focused on the linguistically and culturally diverse needs of North Carolina. The Center has extensive experience designing culturally sensitive materials for specific Medicaid populations, including website design and content, enrollment forms, welcome letters, and comparison charts. The Center will also review the content for email templates to ensure they meet standards for cultural competency, including being easy to read and understand. By having the Center involved in the development of content across all channels?including web, email, and print?we will create culturally competent messaging that will align to the speci?c demographics of North Carolina beneficiaries. We will consult with and comply with the practices of the Department?s Office of Communications, including Creative Services and the Medicaid Communications Team, as we develop materials to support the NC Enrollment Broker Project. Our ability to deliver culturally competent Enrollment Specialist interactions is directly linked to the diversity and culture of the people we hire. In screening potential employees, MAXIMUS looks for individuals who express an understanding and respect for social and cultural differences. We place a particular emphasis on recruiting and hiring individuals who have the appropriate levels of empathy, compassion, and knowledge of diverse cultures because they have bene?ted from Medicaid or other programs in the past. To reflect our ability to understand a population's diversity and culture, all of our Enrollment Specialists complete cultural competency training before interacting with beneficiaries. For North Carolina, our initial and refresher trainings includes a cultural competency module that emphasizes effective interactions with specific groups of people who bene?t from skilled communicators who understand their needs, including beneficiaries who: Have little to no experience with Medicaid Display uncertainty in their ability to make an informed selection Are hesitant about receiving health ca re through a government program Have a disability that impairs their speech or ability to communicate effectively Have severe health issues, including mental health impairments, that may lead to emotionally charged interactions Page 8.7-1 of 6 KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĞdžĂŵƉůĞƐ͕ ƐĂŵƉůĞƐ ĂŶĚͬŽƌ ĚĞƚĂŝůĞĚ ĐƵůƚƵƌĂů ĐŽŵƉĞƚĞŶĐLJ ŝŶĨŽƌŵĂƚŝŽŶ ƐƉĞĐŝĨŝĐĂůůLJ ƚĂŝůŽƌĞĚ ĨŽƌ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ŽƌĂů͕ ǁƌŝƚƚĞŶ ĂŶĚ ƐŝŐŶ ůĂŶŐƵĂŐĞ ƚƌĂŶƐůĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ĂƌĞ ĐĞƌƚŝĨŝĞĚ͘ Ăůů ĞŶƚĞƌ dƌĂŶƐůĂƚŝŽŶ͘ tĞ ŝŶƚĞŶĚ ƚŽ ƉƌŽǀŝĚĞ ŶŐůŝƐŚͬ^ƉĂŶŝƐŚ ďŝůŝŶŐƵĂů ĂŶĚ ĚŝǀĞƌƐĞ ƐƚĂĨĨ ǁŚŽ ĚĞůŝǀĞƌ ƐĞƌǀŝĐĞƐ ŝŶ Ă ŵĂŶŶĞƌ ƚŚĂƚ ŝƐ ƐĞŶƐŝƚŝǀĞ ƚŽ ƚŚĞ ĐŚĂůůĞŶŐĞƐ ƐƉĞĐŝĨŝĐ ƚŽ ĞĂĐŚ ďĞŶĞĨŝĐŝĂƌLJ͘ &Žƌ ĂĚĚŝƚŝŽŶĂů ůĂŶŐƵĂŐĞƐ͕ ǁĞ ǁŝůů ƵƐĞ ŝŶĚƵƐƚƌLJͲ ůĞĂĚŝŶŐ ĐĞƌƚŝĨŝĞĚ >ŝŽŶďƌŝĚŐĞ ƚƌĂŶƐůĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ĨŽƌ ƌĞĂůͲƚŝŵĞ ƚƌĂŶƐůĂƚŝŽŶ ŝŶ ŵŽƌĞ ƚŚĂŶ ϯϱϬ ůĂŶŐƵĂŐĞƐ͘ dŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ͕ ďĞŶĞĨŝĐŝĂƌLJ͕ ĂŶĚ ƚƌĂŶƐůĂƚŽƌ ƐƚĂLJ ƚŽŐĞƚŚĞƌ ŽŶ ƚŚĞ ƉŚŽŶĞ ƚŚŽƵŐŚ ƚŚĞ ĞŶƚŝƌĞ ŝŶƚĞƌĂĐƚŝŽŶ͕ ĂŶĚ ƚŚĞƌĞ ŝƐ ŶŽ ƚƌĂŶƐĨĞƌ ƌĞƋƵŝƌĞĚ͘ tĞ ǁŝůů ĂůƐŽ ƉƌŽǀŝĚĞ ddzͬd ĐĂƉĂďŝůŝƚLJ͘ WĂŐĞ ϴ͘ϳͲϮ ŽĨ ϲ /Ŷ ŽƵƌ EĞǁ zŽƌŬ ŝƚLJ ĂŶĚ ĂůŝĨŽƌŶŝĂ ĐŽŶƚƌĂĐƚƐ͕ ƚŚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁĞ ƐĞƌǀĞ ƐƉĞĂŬ Ăƚ ůĞĂƐƚ ϭϯ ůĂŶŐƵĂŐĞƐ͘ D y/Dh^ ŚĂƐ ƉƌŽǀĞŶ ŽƵƌ ĂďŝůŝƚLJ ƚŽ ďĞ ƌĞƐƉŽŶƐŝǀĞ ƚŽ ƚŚĞ ĞĐŽŶŽŵŝĐ͕ ƐŽĐŝĂů͕ ĂŶĚ ĞĚƵĐĂƚŝŽŶĂů ďĂƌƌŝĞƌƐ ŽƵƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĨĂĐĞ͘ tĞ ĂƌĞ ĐŽŵŵŝƚƚĞĚ ƚŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĞ ƉĞŽƉůĞ ǁĞ ƐĞƌǀĞ͕ ĂŶĚ ƚŚĞŝƌ ĐŽŵŵƵŶŝƚŝĞƐ͕ ƚŽ ŝŵƉƌŽǀĞ ĂĐĐĞƐƐŝďŝůŝƚLJ ƚŽ ŝŶĨŽƌŵĂƚŝŽŶ͕ ƚŽ ŝĚĞŶƚŝĨLJ ƚŚĞ ďĞƐƚ ŵŽĚĞƐ ŽĨ ĚĞůŝǀĞƌLJ͕ ĂŶĚ ƚŽ ƉƌŽǀŝĚĞ ǁŚŽůĞͲƉĞƌƐŽŶ ĐĞŶƚĞƌĞĚ ƐĞƌǀŝĐĞƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ŝƐ ƐĞŶƐŝƚŝǀĞ ƚŽ ƚŚĞ ŶĞĞĚƐ ŽĨ ƚŚŽƐĞ ǁŝƚŚ ůŽǁ ŶŐůŝƐŚ ůĂŶŐƵĂŐĞ ƉƌŽĨŝĐŝĞŶĐLJ ĂŶĚ ƌĞƋƵŝƌĞƐ Ă ƉĂƌƚŶĞƌ ǁŚŽ ŝƐ ƌĞĂĚLJ ƚŽ ĞĨĨŝĐŝĞŶƚůLJ ƐĞƌǀĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ƉƌĞĨĞƌ ƚŽ ĐŽŵŵƵŶŝĐĂƚĞ ŝŶ Ă ůĂŶŐƵĂŐĞ ŽƚŚĞƌ ƚŚĂŶ ŶŐůŝƐŚ͘ tĞ ŚĂǀĞ ƐĞƌǀĞĚ ŵŽƌĞ ƚŚĂŶ ϲϬ ƉĞƌĐĞŶƚ ŽĨ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŶĂƚŝŽŶǁŝĚĞ͕ ĂŶĚ ĂƐ ƉĂƌƚ ŽĨ ŽƵƌ ĚĞůŝǀĞƌLJ ŽĨ ƐĞƌǀŝĐĞƐ͕ ǁĞ ŚĂǀĞ ƉƌŽǀŝĚĞĚ ƐĞƌǀŝĐĞƐ ŝŶ ŶĞĂƌůLJ ĞǀĞƌLJ ůĂŶŐƵĂŐĞ͘ ^ŽŵĞ ŽĨ ŽƵƌ ůĂƌŐĞƌ ĐĂůů ĐĞŶƚĞƌƐ ĞŵƉůŽLJ ƐƚĂĨĨ ǁŚŽ ĂƌĞ ďŝůŝŶŐƵĂů Žƌ ŵƵůƚŝůŝŶŐƵĂů ŝŶ ĚŽnjĞŶƐ ŽĨ ůĂŶŐƵĂŐĞƐ͕ ĂŶĚ ǁĞ ďƌŝŶŐ ŽƵƌ ŝŶͲ ^WKd>/',d ŚŽƵƐĞ ĐĞƌƚŝĨŝĞĚ ƚƌĂŶƐůĂƚŝŶŐ ƚĞĂŵ͕ ƚŚĞ ĞŶƚĞƌ ĨŽƌ ,ĞĂůƚŚ >ŝƚĞƌĂĐLJ ƚŽ ƐƵƉƉŽƌƚ ƉƌŽǀŝƐŝŽŶ ŽĨ ŵĂƚĞƌŝĂůƐ ŝŶ ŵƵůƚŝƉůĞ ůĂŶŐƵĂŐĞƐ͘ h>dhZ >>z KDW d Ed h^dKD Z ^ Zs/ ϰ͘ &ŽůůŽǁŝŶŐ͕ ǁĞ ƉƌĞƐĞŶƚ ƚǁŽ ĐƵůƚƵƌĂů ĐŽŵƉĞƚĞŶĐLJ ĞdžĂŵƉůĞƐ͗ džŚŝďŝƚ ϴ͘ϳͲϭ͗ ĂůŝĨŽƌŶŝĂ sŝĞƚŶĂŵĞƐĞ >ĂŶŐƵĂŐĞ DĂŶĂŐĞĚ ĂƌĞ ƉƉůŝĐĂƚŝŽŶ͕ ƐŚŽǁƐ ĞdžĐĞƌƉƚƐ ĨƌŽŵ ŽƵƌ ĂůŝĨŽƌŶŝĂ DĂŶĂŐĞĚ ĂƌĞ ƉƉůŝĐĂƚŝŽŶ ŝŶ sŝĞƚŶĂŵĞƐĞ͕ ĂŶĚ džŚŝďŝƚ ϴ͘ϳͲϮ͗ /ůůŝŶŽŝƐ ^ƉĂŶŝƐŚ >ĂŶŐƵĂŐĞ ƌŽĐŚƵƌĞ͕ Ă ^ƉĂŶŝƐŚ ůĂŶŐƵĂŐĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ďƌŽĐŚƵƌĞ ƵƐĞĚ ŽŶ ŽƵƌ /ůůŝŶŽŝƐ WƌŽũĞĐƚ͘ tĞ ĂůƐŽ ƉƌĞƐĞŶƚ Ă ƐĂŵƉůĞ ŽĨ ŽƵƌ ƚĂŐůŝŶĞ ĨŽƌŵĂƚ ŝŶ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŽ ƋƵĞƐƚŝŽŶ ŶƵŵďĞƌ Ɛŝdž͘ ƵůƚƵƌĂů ŽŵƉĞƚĞŶĐLJ džĂŵƉůĞƐ tĞ ŬŶŽǁ ƚŚĂƚ ƚŚĞ ŵĂƚĞƌŝĂůƐ ǁĞ ĚĞǀĞůŽƉ ĂƌĞ ĐƌŝƚŝĐĂů ƚŽ ŵĞŵďĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ĂŶĚ ƚŚĞ ŽǀĞƌĂůů ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ tĞ ƵŶĚĞƌƐƚĂŶĚ͕ ĨƌŽŵ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ ƉƌŽǀŝĚŝŶŐ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ŽƵƚƌĞĂĐŚ ƉƌŽŐƌĂŵƐ ƚŽ DĞĚŝĐĂŝĚ ĂŶĚ ,/W ƉĂƌƚŝĐŝƉĂŶƚƐ ĂĐƌŽƐƐ ƚŚĞ ĐŽƵŶƚƌLJ͕ ƚŚĂƚ Ăůů ŽĨ ŽƵƌ ŵĂƚĞƌŝĂůƐ ŵƵƐƚ ďĞ ƐŝŵƉůĞ͕ ĐůĞĂƌ͕ ĂŶĚ ŚŽŶĞƐƚ͘ dŽ ƌĞĂĐŚ ĂƐ ŵĂŶLJ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂƐ ƉŽƐƐŝďůĞ͕ ŝŶĐůƵĚŝŶŐ ƚŚŽƐĞ ǁŚŽ ŚĂǀĞ ůŝŵŝƚĞĚ ůŝƚĞƌĂĐLJ ƉƌŽĨŝĐŝĞŶĐLJ͕ ǁĞ ǁƌŝƚĞ ŵĂƚĞƌŝĂůƐ Ăƚ ƚŚĞ ƌĞĂĚŝŶŐ ůĞǀĞů ĂƉƉƌŽƉƌŝĂƚĞ ĨŽƌ ƚŚĞ ŵĂũŽƌŝƚLJ ŽĨ ƌĞĂĚĞƌƐ͘ dŚŝƐ ŚĞůƉƐ Ăůů ƌĞĂĚĞƌƐ ƚŽ ĐŽŵƉƌĞŚĞŶĚ ƚŚĞ ŝŶƚĞŶĚĞĚ ŵĞƐƐĂŐĞƐ ƋƵŝĐŬůLJ ĂŶĚ ĞĂƐŝůLJ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ĂĚĂƉƚĞĚ ǁŽƌĚŝŶŐ͕ ǁĞ ƵƐĞ ŐƌĂƉŚŝĐƐ ƚŽ ŚĞůƉ ǀŝƐƵĂůŝnjĞ ŬĞLJ ĐŽŶĐĞƉƚƐ ǁŝƚŚŝŶ ƉƌŽŐƌĂŵ ŵĂƚĞƌŝĂůƐ͘ >ĂƐƚ͕ ǁĞ ƐĞĞŬ ƚŽ ĚĞǀĞůŽƉ ĐŽŶƚĞŶƚ ƚŚĂƚ ŵĞĂŶŝŶŐĨƵůůLJ ĂĚĚƌĞƐƐĞƐ ŵŽƐƚ ďĞŶĞĨŝĐŝĂƌŝĞƐΖ ĐŽŵŵŽŶ ƋƵĞƐƚŝŽŶƐ ĂŶĚ ĐŽŶĐĞƌŶƐ ĂďŽƵƚ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ŚĞĂůƚŚ ĐĂƌĞ͘ tĞ ǁŝůů ƐĞƌǀĞ EŽƌƚŚ ĂƌŽůŝŶĂ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ ǀŝƐƵĂů͕ ƉŚLJƐŝĐĂů͕ Žƌ ůĞĂƌŶŝŶŐ ĚŝƐĂďŝůŝƚŝĞƐ ĞĨĨŝĐŝĞŶƚůLJ ĂŶĚ ĞĨĨĞĐƚŝǀĞůLJ͘ D y/Dh^ ǁŝůů ƉƌŽǀŝĚĞ ŵĂƚĞƌŝĂůƐ ŝŶ ĞĂĐŚ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ƉƌĞĨĞƌƌĞĚ ĂůƚĞƌŶĂƚŝǀĞ ĨŽƌŵĂƚ ŝŶĐůƵĚŝŶŐ ĂƵĚŝŽ͕ ƌĂŝůůĞ͕ ĂŶĚ ƚĞdžƚͲŽŶůLJ tŽƌĚ ĚŽĐƵŵĞŶƚƐ ƵƉŽŶ ƌĞƋƵĞƐƚ͕ ĂŶĚ ǁŝůů ĚĞǀĞůŽƉ Ăůů ŵĂƚĞƌŝĂůƐ͕ ŝŶĐůƵĚŝŶŐ ůĂƌŐĞͲĨŽŶƚ ŵĂƚĞƌŝĂůƐ ŝŶ Ăůů ůĂŶŐƵĂŐĞƐ͕ ĂƐ ƌĞƋƵŝƌĞĚ ƚŽ ŵĞĞƚ ƚŚĞ D^ &ŝŶĂů ZƵůĞ &Z ϰϮ͕ Αϰϯϴ͘ϭϬ͕ ƵƉŽŶ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ D^ &ŝŶĂů ZƵůĞ͘ D y/Dh^ ǁŝůů ƉƌŽǀŝĚĞ ƚƌĂŶƐůĂƚŝŽŶƐ ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ ƐĞĐƚŝŽŶƐ ďĞůŽǁ ĂŶĚ͕ ǁŚĞŶ ŶĞĐĞƐƐĂƌLJ ďĂƐĞĚ ŽŶ ŽƵƌ ƚƌŝďĂů ĞŶŐĂŐĞŵĞŶƚ ƐƚƌĂƚĞŐLJ͕ ǁĞ ǁŝůů ĚĞǀĞůŽƉ ƐƉĞĐŝĨŝĐ ŵĂƚĞƌŝĂůƐ ƚĂŝůŽƌĞĚ ƚŽ ƚŚĞ ŶĞĞĚƐ ŽĨ ƚŚĞ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϰ͕ϬϬϬ ĂƐƚĞƌŶ ĂŶĚ ŽĨ ŚĞƌŽŬĞĞ /ŶĚŝĂŶƐ ; /Ϳ ŝŶ ƚŚĞ ^ƚĂƚĞ͘ ůƚŚŽƵŐŚ ƚŚĞ ƚƌŝďĂů ŽƉƚŝŽŶ ĂŶĚ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ĂůƚĞƌŶĂƚŝǀĞ ĚŽ ŶŽƚ ĂƉƉůLJ ƚŽ ƚƌŝďĞƐ ŶŽƚ ƌĞĐŽŐŶŝnjĞĚ ĨĞĚĞƌĂůůLJ͕ ǁĞ ĂůƐŽ ƉƌŽƉŽƐĞ ĚĞǀĞůŽƉŝŶŐ ŵĂƚĞƌŝĂů ĨŽƌ ŽƵƚƌĞĂĐŚ ƚŽ ƚŚĞƐĞ ĂĚĚŝƚŝŽŶĂů ƚƌŝďĞƐ ĂƐ ƉĂƌƚ ŽĨ ŽƵƌ ŐĞŶĞƌĂů ĂƉƉƌŽĂĐŚ ƚŽ ĚĞůŝǀĞƌŝŶŐ ĐƵůƚƵƌĂůůLJ ƐĞŶƐŝƚŝǀĞ ŵĂƚĞƌŝĂůƐ͘ ϯ͘ KƵƌ ĂďŝůŝƚLJ ƚŽ ĂĚĂƉƚ ƚŽ ĚŝǀĞƌƐŝƚLJ ĂŶĚ ĐƵůƚƵƌĞ ŝƐ ĞŶŚĂŶĐĞĚ ďLJ Ă ĚĞĚŝĐĂƚĞĚ ƚĞĂŵ ŽĨ ƚƌĂŝŶĞƌƐ ǁŚŽ ǁŝůů ĚĞƐŝŐŶ ĂŶĚ ĂĚŵŝŶŝƐƚĞƌ ƚƌĂŝŶŝŶŐ ƚŚĂƚ ƌĞĨůĞĐƚƐ ƚŚĞ ƐƉĞĐŝĨŝĐ ŶĞĞĚƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ WĂŐĞ ϴ͘ϳͲϯ ŽĨ ϲ džŚŝďŝƚ ϴ͘ϳͲϭ͗ ĂůŝĨŽƌŶŝĂ sŝĞƚŶĂŵĞƐĞ >ĂŶŐƵĂŐĞ DĂŶĂŐĞĚ ĂƌĞ ƉƉůŝĐĂƚŝŽŶ͘ KƵƌ ĞŶƚĞƌ ĨŽƌ ,ĞĂůƚŚ >ŝƚĞƌĂĐLJ ƐƚĂĨĨ ĂƌĞ ĞdžƉĞƌƚ Ăƚ ƚƌĂŶƐůĂƚŝŶŐ ŵĞŵďĞƌ ŵĂƚĞƌŝĂůƐ͕ ŝŶĐůƵĚŝŶŐ ĨŽƌŵƐ ĂŶĚ ĂƉƉůŝĐĂƚŝŽŶƐ͕ ŝŶƚŽ ĚŝĨĨĞƌĞŶƚ ůĂŶŐƵĂŐĞƐ͕ ĂƐ ĚĞŵŽŶƐƚƌĂƚĞĚ ďLJ ƚŚŝƐ ƐĂŵƉůĞ ĞdžĐĞƌƉƚ ĨƌŽŵ ĂůŝĨŽƌŶŝĂ DĂŶĂŐĞĚ ĂƌĞ ƉƉůŝĐĂƚŝŽŶ ŝŶ sŝĞƚŶĂŵĞƐĞ͕ Ă ϱϬͲƉĂŐĞ ĚŽĐƵŵĞŶƚ͘ WĂŐĞ ϴ͘ϳͲϰ ŽĨ ϲ džŚŝďŝƚ ϴ͘ϳͲϮ͗ /ůůŝŶŽŝƐ ^ƉĂŶŝƐŚ >ĂŶŐƵĂŐĞ ƌŽĐŚƵƌĞ͘ D y/Dh^ ĚĞǀĞůŽƉĞĚ Ă ^ƉĂŶŝƐŚ ůĂŶŐƵĂŐĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞŶƌŽůůŵĞŶƚ ďƌŽĐŚƵƌĞ ĨŽƌ ,ĞĂůƚŚ ŚŽŝĐĞ /ůůŝŶŽŝƐ͘ KĨĨĞƌŽƌ ĚĞƐĐƌŝďĞ ŚŽǁ ƐĐƌĞĞŶ ƌĞĂĚĞƌƐ ĂƌĞ ĂĐĐŽŵŵŽĚĂƚĞĚ͘ džŚŝďŝƚ ϴ͘ϳͲϯ͗ D y/Dh^ dƌĂŶƐůĂƚŝŽŶ ^ĞƌǀŝĐĞƐ ŽǀĞƌ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ dŽƉ &ŝĨƚĞĞŶ DŽƐƚ ŽŵŵŽŶ >ĂŶŐƵĂŐĞƐ͘ D y/Dh^ ŚĂƐ ƉƌŽǀŝĚĞĚ ƚƌĂŶƐůĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ŝŶ Ăůů ůĂŶŐƵĂŐĞƐ ƌĞƋƵŝƌĞĚ ďLJ ĨĞĚĞƌĂů ŵĂŶĂŐĞĚ ĐĂƌĞ ƌĞŐƵůĂƚŝŽŶƐ ϰϮ ͘&͘ZΑϰϯϴ͘ϭϬ ĨŽƌ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ͘ &Žƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƉƌŽũĞĐƚ͕ ǁĞ ǁŝůů ĨŽĐƵƐ ŽŶ ƚŚĞ ƚŽƉ ĨŝĨƚĞĞŶ ůĂŶŐƵĂŐĞƐ ĐŽŵŵŽŶ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ͘ ϲ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĞdžĂŵƉůĞƐ ŽĨ ĞdžŝƐƚŝŶŐ ŵĂƚĞƌŝĂůƐ ǁŝƚŚ ůĂŶŐƵĂŐĞ ƚĂŐůŝŶĞƐ͘ WĂŐĞ ϴ͘ϳͲϱ ŽĨ ϲ D y/Dh^͕ ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ĞŶƚĞƌ ĨŽƌ ,ĞĂůƚŚ >ŝƚĞƌĂĐLJ͕ ƉƌŽǀŝĚĞƐ ƚĂŐůŝŶĞ ŶŽƚŝĐĞƐ ĨŽƌ Ăůů ŽƵƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ĐŽŶƚƌĂĐƚƐ͘ džŚŝďŝƚ ϴ͘ϳͲϰ͘ džĂŵƉůĞ ŽĨ D y/Dh^ dĂŐůŝŶĞ EŽƚŝĐĞ &ŽƌŵĂƚ ƐŚŽǁƐ ƚŚĞ ĨŽƌŵĂƚ ĨŽƌ ĐƵƌƌĞŶƚůLJ ƵƐĞĚ ŶŽƚŝĐĞƐ͘ KƵƌ ƚĂŐůŝŶĞ ŶŽƚŝĐĞƐ ĨŽƌ EŽƌƚŚ ĂƌŽůŝŶĂ ǁŝůů ŝŶĐůƵĚĞ ƚĂŐƐ ŝŶ ƚŚĞ ĨŝĨƚĞĞŶ ŵŽƐƚ ĐŽŵŵŽŶ ůĂŶŐƵĂŐĞƐ͘ ůů D y/Dh^ ǁĞďƐŝƚĞƐ ĂŶĚ ŵĂƚĞƌŝĂůƐ ĂƌĞ ϱϬϴ ĐŽŵƉůŝĂŶƚ ĂŶĚ ŝŶĐůƵĚĞ Ăůů ƐƚĂŶĚĂƌĚ ƉƌŽǀŝƐŝŽŶƐ ƚŽ ĞŶĂďůĞ ƚŚĞ ƵƐĞ ŽĨ ƐĐƌĞĞŶ ƌĞĂĚŝŶŐ ƐŽĨƚǁĂƌĞ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ƵƐĞ ŽĨ ůƚ dĞdžƚ ĨŽƌ Ăůů ŝŵĂŐĞƐ ĂŶĚ ĐŽŵƉůĞƚĞ ƐĐƌĞĞŶ ƌĞĂĚĞƌ ĂĐĐĞƐƐŝďŝůŝƚLJ͘ &Žƌ ŵĂƚĞƌŝĂůƐ ĂůƌĞĂĚLJ ƵƐĞĚ ďLJ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ǁĞ ǁŝůů ƉƌŽǀŝĚĞ ĂŶLJ ŶĞĐĞƐƐĂƌLJ ƌĞŵĞĚŝĂƚŝŽŶ ƚŽ ĐŽŶĨŽƌŵ ƚŽ ϱϬϴ ĐŽŵƉůŝĂŶĐĞ͘ tĞ ǁŝůů ĂůƐŽ ƉĞƌĨŽƌŵ ƉĞƌŝŽĚŝĐ ŝŶƚĞƌŶĂů ĂĐĐĞƐƐŝďŝůŝƚLJ ĂƵĚŝƚƐ ƚŽ ĐŽŶĨŝƌŵ ŽŶŐŽŝŶŐ ĐŽŵƉůŝĂŶĐĞ͘ ϱ͘ KƵƌ ĞŶŐĂŐĞŵĞŶƚƐ ĂĐƌŽƐƐ ƚŚĞ ĐŽƵŶƚƌLJ ŚĂǀĞ ƉƌŽǀŝĚĞĚ ƵƐ ǁŝƚŚ ƐŝŐŶŝĨŝĐĂŶƚ ƌĞĂůͲǁŽƌůĚ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ĚĞǀĞůŽƉŝŶŐ ĂŶĚ ƚƌĂŶƐůĂƚŝŶŐ ǁƌŝƚƚĞŶ ŵĂƚĞƌŝĂůƐ ĨƌŽŵ ŶŐůŝƐŚ͕ ŶŽƚ ŽŶůLJ ƚŽ ^ƉĂŶŝƐŚ͕ ďƵƚ ƚŽ ŽǀĞƌ Ϯϱ ŽƚŚĞƌ ůĂŶŐƵĂŐĞƐ͘ tĞ ŚĂǀĞ ƚƌĂŶƐůĂƚŝŽŶ ĐĂƉĂďŝůŝƚŝĞƐ ŝŶ Ăůů ĨŝĨƚĞĞŶ ŵŽƐƚ ĐŽŵŵŽŶ EŽƌƚŚ ĂƌŽůŝŶĂ ůĂŶŐƵĂŐĞƐ͕ ĂƐ ĚĞƉŝĐƚĞĚ ŝŶ džŚŝďŝƚ ϴ͘ϳͲϯ͗ D y/Dh^ dƌĂŶƐůĂƚŝŽŶ ^ĞƌǀŝĐĞƐ ŽǀĞƌ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ dŽƉ &ŝĨƚĞĞŶ DŽƐƚ ŽŵŵŽŶ >ĂŶŐƵĂŐĞƐ͘ tĞ ďĞŐŝŶ ƚŚĞ ƚƌĂŶƐůĂƚŝŽŶ ƉƌŽĐĞƐƐ ďLJ ĞŵƉůŽLJŝŶŐ ďŽƚŚ Ă ƉƌŝŵĂƌLJ ĂŶĚ Ă ƐĞĐŽŶĚĂƌLJ ƚƌĂŶƐůĂƚŽƌ͕ ǁŚŽ ǁŽƌŬ ƚŽŐĞƚŚĞƌ ƚŽ ĚĞǀĞůŽƉ ƚŚĞ ƚƌĂŶƐůĂƚĞĚ ŵĂƚĞƌŝĂů ĂŶĚ ĂŐƌĞĞ ƵƉŽŶ ŝƚƐ ĂĐĐƵƌĂĐLJ ĂŶĚ ĐŽŵƉůĞƚĞŶĞƐƐ͘ hƉŽŶ ĐŽŵƉůĞƚŝŽŶ ŽĨ ƚŚĞŝƌ ǁŽƌŬ͕ ďŽƚŚ ƚƌĂŶƐůĂƚŽƌƐ ƐŝŐŶ Ă ĐĞƌƚŝĨŝĐĂƚĞ ŽĨ ĂĐĐƵƌĂĐLJ͘ tŚĞŶ ƌĞƋƵŝƌĞĚ͕ ǁĞ ƵƐĞ ƚƌĂŶƐůĂƚŽƌƐ ǁŚŽ ĂƌĞ ŵĞƌŝĐĂŶ dƌĂŶƐůĂƚŽƌƐ ƐƐŽĐŝĂƚŝŽŶͲĐĞƌƚŝĨŝĞĚ͘ d ĐĞƌƚŝĨŝĐĂƚŝŽŶ ƌĞƋƵŝƌĞƐ ĨŝǀĞ LJĞĂƌƐ ŽĨ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ƐƵĐĐĞƐƐĨƵů ƉĂƐƐŝŶŐ ŽĨ Ă ĐŚĂůůĞŶŐŝŶŐ ƚŚƌĞĞͲŚŽƵƌ ĞdžĂŵ ĚĞƐŝŐŶĞĚ ƚŽ ĂƐƐĞƐƐ ƉƌŽĨĞƐƐŝŽŶĂů ůĞǀĞů ƚƌĂŶƐůĂƚŝŽŶ ƐŬŝůůƐ ŝŶ Ă ƐƉĞĐŝĨŝĞĚ ƐŽƵƌĐĞͲ ƚĂƌŐĞƚ ůĂŶŐƵĂŐĞ ĐŽŵďŝŶĂƚŝŽŶ͘ tƌŝƚƚĞŶ DĂƚĞƌŝĂůƐ͘ tĞ ƚƌĂŶƐůĂƚĞ Ăůů ĞŶƌŽůůŵĞŶƚ ŵĂƚĞƌŝĂůƐ ƵƐŝŶŐ ŽŶůLJ ĐĞƌƚŝĨŝĞĚ ƚƌĂŶƐůĂƚŽƌƐ͕ ĞĚŝƚŽƌƐ͕ ƉƌŽŽĨƌĞĂĚĞƌƐ͕ ĂŶĚ ƌĞǀŝĞǁĞƌƐ͘ EŽ ƚƌĂŶƐůĂƚŝŽŶ ǁŽƌŬ ǁŝůů ĐŽŵŵĞŶĐĞ ďĞĨŽƌĞ ƌĞĐĞŝǀŝŶŐ ǁƌŝƚƚĞŶ ĂƉƉƌŽǀĂů ĨƌŽŵ ,,^͘ tĞ ƵƐĞ ŶŐůŝƐŚ ƐŽƵƌĐĞ ŵĂƚĞƌŝĂůƐ ĂƐ Ă ďĞŶĐŚŵĂƌŬ ƚŽ ĞŶƐƵƌĞ ĐŽŶƐŝƐƚĞŶĐLJ ŽĨ ŬĞLJ ĚĞƚĂŝůƐ͕ ƐƵĐŚ ĂƐ ƌĞĂĚŝŶŐ ůĞǀĞů Žƌ ƚŚĞ ĨŝdžĞĚ ůŽĐĂƚŝŽŶ ŽĨ ĐĞƌƚĂŝŶ ĚĂƚĂ ĞůĞŵĞŶƚƐ͘ WƌĞƐĞŶƚĂƚŝŽŶ dƌĂŶƐůĂƚŝŽŶ͘ ƵƌŝŶŐ ŽƵƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉĞƌŝŽĚ͕ ǁĞ ǁŝůů ƐĞĞŬ ŽƵƚ ĂŶĚ ĨŽƌŵ ƉĂƌƚŶĞƌƐŚŝƉƐ ǁŝƚŚ ĐĞƌƚŝĨŝĞĚ ŝŶƚĞƌƉƌĞƚĞƌƐ͕ ŝŶĐůƵĚŝŶŐ ƐŝŐŶ ůĂŶŐƵĂŐĞ ƉƌŽǀŝĚĞƌƐ͕ ŝŶ ĞĂĐŚ ƌĞŐŝŽŶ͘ dŚĞƐĞ ŝŶƚĞƌƉƌĞƚĞƌƐ ǁŝůů ĨŽƌŵ Ă ƌĞƐŽƵƌĐĞ ƉŽŽů͕ ĂŶĚ ǁĞ ǁŝůů ƌĞĂĐŚ ŽƵƚ ƚŽ ƚŚĞŵ ƚŽ ĂƐƐŝƐƚ ǁŚĞŶ ƐƉĞĐŝĨŝĐ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ĂƌĞ ƐĐŚĞĚƵůĞĚ͘ tĞ ŝŶƚĞŶĚ ĨŽƌ Ăůů ^ƉĂŶŝƐŚ ůĂŶŐƵĂŐĞ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ƚŽ ďĞ ĐŽŶĚƵĐƚĞĚ ƉƌŝŵĂƌŝůLJ ŝŶ ^ƉĂŶŝƐŚ ďLJ ŽƵƌ ^ƉĂŶŝƐŚͲƐƉĞĂŬŝŶŐ ŽƵƚƌĞĂĐŚ ƐƚĂĨĨ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ĂƐƐŝƐƚŝǀĞ ůŝƐƚĞŶŝŶŐ ĚĞǀŝĐĞƐ ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂů ƐŝŐŶ ůĂŶŐƵĂŐĞ ŝŶƚĞƌƉƌĞƚĞƌƐ ǁŝůů ďĞ ŵĂĚĞ ĂǀĂŝůĂďůĞ ĚƵƌŝŶŐ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ĂŶĚ ŽƚŚĞƌ ĞǀĞŶƚƐ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌLJ ĂƵĚŝĞŶĐĞƐ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚ ŽĨ ^ĞĐƚŝŽŶ ///͘'͘ >ĂŶŐƵĂŐĞ͕ ĐĐĞƐƐŝďŝůŝƚLJ͕ ĂŶĚ ƵůƚƵƌĂů ŽŵƉĞƚĞŶĐLJ͘ ϴ͘ KƵƌ D y/Dh^ ŽƵƚƌĞĂĐŚ ƚĞĂŵ ǁŝůů ǁŽƌŬ ǁŝƚŚ ůŽĐĂů ƐŝŐŶ ůĂŶŐƵĂŐĞ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ƚŽ ƉƌŽǀŝĚĞ ĂŶ ŝŶƚĞƌƉƌĞƚĞƌ ƵƉŽŶ ƌĞƋƵĞƐƚ Žƌ ǁŚĞŶĞǀĞƌ ǁĞ ŚĂǀĞ ƌĞĂƐŽŶ ƚŽ ďĞůŝĞǀĞ ƚŚŝƐ ƐĞƌǀŝĐĞ ǁŝůů ďĞ ŶĞĞĚĞĚ ĨŽƌ ĂŶ ĞǀĞŶƚ Žƌ ƉƌĞƐĞŶƚĂƚŝŽŶ͘ tĞ ǁŝůů ĞƐƚĂďůŝƐŚ ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ ƐŝŐŶ ůĂŶŐƵĂŐĞ ƚƌĂŶƐůĂƚŽƌƐ ŝŶ ĞĂĐŚ ƌĞŐŝŽŶ ƉƌŝŽƌ ƚŽ ƚŚĞ ůĂƵŶĐŚ ŽĨ ŽĨĨŝĐŝĂů ŽƵƚƌĞĂĐŚ ĐĂŵƉĂŝŐŶƐ ĂŶĚ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ͘ &Žƌ Ăůů ǀŝĚĞŽ Žƌ ǀŝƐƵĂů ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ǁĞ ƉƌŽǀŝĚĞ ĐůŽƐĞĚ ĐĂƉƚŝŽŶŝŶŐ͘ dŽ ĂƐƐŝƐƚ ƚŚŽƐĞ ǁŝƚŚ ŚĞĂƌŝŶŐ ĚŝĨĨŝĐƵůƚŝĞƐ͕ ǁĞ ǁŝůů ƉƌŽǀŝĚĞ ƚŚĞ ĨŽůůŽǁŝŶŐ ĂƐƐŝƐƚŝǀĞ ůŝƐƚĞŶŝŶŐ ĚĞǀŝĐĞƐ͗ ĂŶ ĂůĞƌƚ ƐLJƐƚĞŵ ƚŽ ŝŶĚŝĐĂƚĞ ƉƌĞƐĞŶƚĂƚŝŽŶ ŵŝůĞƐƚŽŶĞƐ͕ ĂƐ ǁĞůů ĂƐ ĂŶ ŝŶĚƵĐƚŝŽŶ ůŽŽƉ͕ ŝŶĨƌĂƌĞĚ͕ Žƌ &D ĂŵƉůŝĨŝĞƌ ĐŽŶŶĞĐƚĞĚ ƚŽ ŽƵƌ ƉƵďůŝĐ ĂĚĚƌĞƐƐ ƐLJƐƚĞŵ͘ ϳ͘ WĂŐĞ ϴ͘ϳͲϲ ŽĨ ϲ džŚŝďŝƚ ϴ͘ϳͲϰ͗ džĂŵƉůĞ ŽĨ D y/Dh^ dĂŐůŝŶĞ EŽƚŝĐĞ &ŽƌŵĂƚ͘ tĞ ǁŝůů ƚĂŝůŽƌ ŽƵƌ ƚĂŐůŝŶĞ ŶŽƚŝĐĞ ĨŽƌŵĂƚ ƚŽ ƚŚĞ ŶĞĞĚƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ RFP Section Response 8.8 Call Center Support Section H, 1?15 The Department requests the response to this section be limited to fifteen (15) pages. not including the sample/example call script stated below The sample/example call script to assist beneficiaries in understanding the factors for consxderation when selecting a PHP must be limited to three (3) pages. A fundamental goal of the North Carolina Enrollment Broker is to make a meaningful impact on the lives of Medicaid and NC Health Choice bene?ciaries by providing accurate, unbiased, personalized customer service. MAXIMUS offers a proven, multichannel solution that will promote active engagement, enhance bene?ciary access to program services, and help to achieve the Department's vision for whole-person centered care for all North Carolinians. 1. The Offeror must confirm adherence to the expectations of the Department and describe their ability and approach to meet the requirements of Section ill. H. Call Center Support. MAXIMUS has reviewed the RFP and con?rms that we will adhere to Department expectations and meet all requirements set forth in RFP Section Call Center Support. We describe our approach to meeting these requirements throughout this section of our proposal. The Department seeks an enrollment broker who can provide a broad range of access points to support North Carolinians in obtaining the information they need to enroll in the right health plan for their individual needs. As the nation?s leading provider of Medicaid managed ca re enrollment services, MAXIMUS operates 19 enrollment broker contact centers that provide bene?ciary access to information and services. We have continuously adapted and ?ne-tu ned our solutions to provide effective Medicaid enrollment customer service and meet evolving bene?ciary communication preferences. We will use this unparalleled experience to deliver an effective multichannel communication solution?for the NC Enrollment Broker call center-that supports person-centered, culturally competent bene?ciary support and enrollment services that are responsive to the needs of all bene?ciaries. I _0 Our call center solution will provide a balanced combination oftraditional and personalized service for individuals who prefer go speaking with an Enrollment Specialist, alongside multichannel, self-service options. With the flexibility of numerous channels, we offer a spectrum of access for a diverse population whose needs and communication preferences vary. We will provide consistent, .. accurate, timely, and professional service across all contact channels, and our well-trained Enrollment Specialists will always be . available during business hours to assist bene?ciaries who want personal interaction and guidance via telephone or web chat. We 9 will design all channels of bene?ciary support to promote active engagement and enhance bene?ciary understanding of program services, and help North Carolinians understand the changes that impact their decisions as the State transitions from a fee for service delivery system to a managed care model. We will use which we describe in detail in Section 8.10: Bene?ciary Management Platform, to document and track all beneficiary interactions, regardless of the channel through which the interaction occurred. We provide additional information on our digital bene?ciary support solutions, including our mobile app, in Section 8.4: Bene?ciary Support Under Managed Care, and we provide a detailed description of our enrollment services website in Section 8.9: Enrollment Services Website and PHP Selection Tool. Exhibit 8.8-1: Multichannel Bene?ciary Support System highlights the bene?ciary support channels we will use to help the Department modernize its Medicaid and NC Health Choice program services and support a seamless transition to managed care. Page 8.8-1 of 15 WĂŐĞ ϴ͘ϴͲϮ ŽĨ ϭϱ KƵƌ ŝƐĐŽ ƐŽůƵƚŝŽŶ ĞŶĐŽŵƉĂƐƐĞƐ ƚŚĞ ĐŽƌĞ ƐLJƐƚĞŵƐ ƌĞƋƵŝƌĞĚ ďLJ ƚŚĞ Z&WͶ ƵƚŽŵĂƚĞĚ sŽŝĐĞ ZĞƐƉŽŶƐĞ ^LJƐƚĞŵ ; sZ^Ϳ ĂŶĚ ƵƚŽŵĂƚĞĚ Ăůů ŝƐƚƌŝďƵƚŽƌ ; ͿͶĂŶĚ ƐĞĂŵůĞƐƐůLJ ŝŶƚĞŐƌĂƚĞƐ ǁŝƚŚ ŽƚŚĞƌ ĐĂůů ĐĞŶƚĞƌ ƐLJƐƚĞŵƐ͕ ŝŶĐůƵĚŝŶŐ ĐĂůů ƌĞĐŽƌĚŝŶŐ͕ ǁŽƌŬĨŽƌĐĞ ŵĂŶĂŐĞŵĞŶƚ͕ ĂŶĚ ŽƵƌ ĞĐŝƐŝŽŶWŽŝŶƚ ƵƐŝŶĞƐƐ /ŶƚĞůůŝŐĞŶĐĞ ; ĞĐŝƐŝŽŶWŽŝŶƚ /Ϳ ƌĞƉŽƌƚŝŶŐ ĂŶĚ ĂŶĂůLJƚŝĐƐ ƉůĂƚĨŽƌŵ͘ tĞ ƉƌŽǀŝĚĞ ĂŶ ŽǀĞƌǀŝĞǁ ŽĨ ƚŚĞ ƐLJƐƚĞŵƐ ƚŚĂƚ ĞŶĐŽŵƉĂƐƐ ŽƵƌ ĐĂůů ĐĞŶƚĞƌ ƐŽůƵƚŝŽŶ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ŝŶ džŚŝďŝƚ ϴ͘ϴͲϮ͗ EŽƌƚŚ ĂƌŽůŝŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ Ăůů ĞŶƚĞƌ ^LJƐƚĞŵƐ͘ KƵƌ ƉƌŽƉŽƐĞĚ ƐLJƐƚĞŵƐ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ǁŝůů ƐƵƉƉŽƌƚ Ăůů ƌĞƋƵŝƌĞĚ ĨƵŶĐƚŝŽŶĂůŝƚLJ͘ tĞ ǁŝůů ƵƐĞ ŽƵƌ ŝƐĐŽ hŶŝĨŝĞĚ ŽŶƚĂĐƚ ĞŶƚĞƌ ŶƚĞƌƉƌŝƐĞ ;h Ϳ ƚĞůĞƉŚŽŶLJ ƐŽůƵƚŝŽŶ ƚŽ ƉƌŽǀŝĚĞ ƌĞůŝĂďůĞ ĂĐĐĞƐƐ ƚŽ ďĞŶĞĨŝĐŝĂƌLJ ƐĞƌǀŝĐĞƐ ƚŚƌŽƵŐŚ ĐŽŶǀĞŶŝĞŶƚ͕ Ϯϰdžϳ ƐĞůĨͲƐĞƌǀŝĐĞ ĂƐ ǁĞůů ĂƐ ůŝǀĞ ƐƵƉƉŽƌƚ ĨƌŽŵ Ă ŬŶŽǁůĞĚŐĞĂďůĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ĚƵƌŝŶŐ ĐĂůů ĐĞŶƚĞƌ ŽƉĞƌĂƚŝŶŐ ŚŽƵƌƐ͘ ŝƐĐŽ h ŝƐ ĂŶ ŝŶĚƵƐƚƌLJͲůĞĂĚŝŶŐ ƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƐŽůƵƚŝŽŶ ƚŚĂƚ ƉƌŽǀŝĚĞƐ Ă ĨƵůůLJ ŝŶƚĞŐƌĂƚĞĚ͕ ĞŶĚͲƚŽͲĞŶĚ ƐŽůƵƚŝŽŶ ƚŽ ƐƵƉƉŽƌƚ ŝŶďŽƵŶĚ ĂŶĚ ŽƵƚďŽƵŶĚ ĐĂůů ĐĞŶƚĞƌ ƚĞůĞƉŚŽŶĞ ƐĞƌǀŝĐĞƐ͘ ŝƐĐŽ ƐƵƉƉŽƌƚƐ ĂƵƚŽŵĂƚĞĚ ƌŽƵƚŝŶŐ ƚŽ ƚŚĞ ŶĞdžƚ ĂǀĂŝůĂďůĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ͕ ĐĂůů ƚƌĂŶƐĨĞƌƐ ƚŽ ŝŶƚĞƌŶĂů ĂŶĚ ĞdžƚĞƌŶĂů ĞŶƚŝƚŝĞƐ ǁŝƚŚŽƵƚ ĚŝƐĐŽŶŶĞĐƚŝŶŐ ƚŚĞ ĐĂůů͕ ůŝǀĞ ĂŶĚ ƌĞĐŽƌĚĞĚ ĐĂůů ŵŽŶŝƚŽƌŝŶŐ͕ ĂŶĚ ĐƵƐƚŽŵŝnjĞĚ ŵĞƐƐĂŐĞƐ ƚŽ ĐĂůůĞƌƐ ŝŶ ƚŚĞ sZ^͕ ŝŶ ƋƵĞƵĞ͕ ŽŶ ŚŽůĚ͕ Žƌ ǀŝĂ ŽƵƚďŽƵŶĚ ĐĂůů ĐĂŵƉĂŝŐŶƐ͘ tĞ ǁŝůů ĂĐƋƵŝƌĞ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ƉŚŽŶĞ ŶƵŵďĞƌƐ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ ǁŝƚŚŝŶ ϲϬ ĐĂůĞŶĚĂƌ ĚĂLJƐ ŽĨ ŽŶƚƌĂĐƚ ĨĨĞĐƚŝǀĞ ĂƚĞ ĂŶĚ ǁŝůů ƚƌĂŶƐĨĞƌ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ƚŽůůͲĨƌĞĞ ŶƵŵďĞƌƐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ͘ tĞ ĂĐŬŶŽǁůĞĚŐĞ ƚŚĂƚ ĐŽƐƚƐ ŽĨ ƚŚĞƐĞ ŶƵŵďĞƌƐ ĂƌĞ ƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŽĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͘ tĞ ǁŝůů ŽƉĞƌĂƚĞ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ Ă ŵŝŶŝŵƵŵ ŽĨ ϭϯ ŚŽƵƌƐ ƉĞƌ ĚĂLJͶĨƌŽŵ ϳ͗ϬϬ Ă͘ŵ͘ ƚŽ ϴ͗ϬϬ Ɖ͘ŵ͘ ĂƐƚĞƌŶ ^ƚĂŶĚĂƌĚ dŝŵĞ͕ ƐĞǀĞŶ ĚĂLJƐ Ă ǁĞĞŬͶĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ĨŽƌ ƚŚĞ ĐƌŽƐƐ ŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ͕ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ŶĞǁ Žƌ džŚŝďŝƚ ϴ͘ϴͲϭ͗ DƵůƚŝĐŚĂŶŶĞů ĞŶĞĨŝĐŝĂƌLJ ^ƵƉƉŽƌƚ ^LJƐƚĞŵ͘ KƵƌ ŵƵůƚŝĐŚĂŶŶĞů ƐŽůƵƚŝŽŶ ǁŝůů ŽĨĨĞƌ EŽƌƚŚ ĂƌŽůŝŶŝĂŶƐ ŶĞǁ ĞdžƉĂŶĚĞĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉŽƉƵůĂƚŝŽŶƐ͕ ƐĞůĨͲƐĞƌǀŝĐĞ ŽƉƚŝŽŶƐ ĂŶĚ ƵƐĞƌͲĨƌŝĞŶĚůLJ ĂǀĞŶƵĞƐ ĨŽƌ ŽďƚĂŝŶŝŶŐ ƉƌŽŐƌĂŵ ŝŶĨŽƌŵĂƚŝŽŶ͕ ƐĞůĞĐƚŝŶŐ Ă W,W͕ ĐŽŵƉůĞƚŝŶŐ ƚŚĞŝƌ ĞŶƌŽůůŵĞŶƚ͕ ĂŶĚ ƌĞĐĞŝǀŝŶŐ ĂƐƐŝƐƚĂŶĐĞ͘ ĂŶĚ ĞŵĞƌŐĞŶĐLJ ƐŝƚƵĂƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ŶĂƚƵƌĂů ĚŝƐĂƐƚĞƌƐ͘ ƚ Ăůů ŽƚŚĞƌ ƚŝŵĞƐ͕ ǁĞ ǁŝůů ŽƉĞƌĂƚĞ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ďĞƚǁĞĞŶ ϳ͗ϬϬ Ă͘ŵ͘ ĂŶĚ ϱ͗ϬϬ Ɖ͘ŵ͘ ĂƐƚĞƌŶ ^ƚĂŶĚĂƌĚ dŝŵĞ͕ DŽŶĚĂLJ ƚŚƌŽƵŐŚ ^ĂƚƵƌĚĂLJ͕ ŝŶĐůƵĚŝŶŐ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ŚŽůŝĚĂLJƐ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĂĐĐŽŵŵŽĚĂƚĞ ĂŶLJ ƌĞƋƵĞƐƚƐ ĨŽƌ ĞdžƚĞŶĚĞĚ ŚŽƵƌƐ ƚŽ ƐƵƉƉŽƌƚ ƐƉĞĐŝĂů ĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ ƐƵĐŚ ĂƐ ĞŶƌŽůůŵĞŶƚ ĐĂŵƉĂŝŐŶƐ͕ Žƌ ƚŽ ŵĞĞƚ ŝŶĐƌĞĂƐĞƐ ŝŶ ĐĂůů ĂĐƚŝǀŝƚLJ͕ ĂŶĚ ǁŝůů ǁŽƌŬ ĞdžƚĞŶĚĞĚ ǁĞĞŬĞŶĚ ŚŽƵƌƐ ǁŝƚŚ Ăƚ ůĞĂƐƚ ϯϬ ĚĂLJƐΖ ŶŽƚŝĐĞ ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ tĞ ǁŝůů ŽƉĞƌĂƚĞ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐĂůů ĐĞŶƚĞƌ ŝŶ ƚŚĞ ZĂůĞŝŐŚ ĂƌĞĂ ǁŝƚŚŝŶ ĐůŽƐĞ ƉƌŽdžŝŵŝƚLJ ƚŽ ƚŚĞ ^ƚĂƚĞ ŽĨĨŝĐĞƐ ƚŽ ĨĂĐŝůŝƚĂƚĞ ŝŶͲƉĞƌƐŽŶ ĐŽůůĂďŽƌĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ KƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ŝŶ ZĂůĞŝŐŚ ǁŝůů Ăůů ďĞ EŽƌƚŚ ĂƌŽůŝŶŝĂŶƐ ǁŚŽ ƵŶĚĞƌƐƚĂŶĚ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ƵŶŝƋƵĞ ƉŽƉƵůĂƚŝŽŶ͕ ĐƵůƚƵƌĞ͕ ĂŶĚ ŐĞŽŐƌĂƉŚLJ ĂŶĚ ĐĂŶ ƉƌŽǀŝĚĞ ĞŶƌŽůůŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ ĂŶĚ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ǁŝƚŚ ƚŚŝƐ ƉĞƌƐƉĞĐƚŝǀĞ͘ ĞƚĂŝůƐ ŽŶ ŽƵƌ ƉƌŽƉŽƐĞĚ ĨĂĐŝůŝƚLJ ĂƌĞ ŚŝŐŚůŝŐŚƚĞĚ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ YƵĞƐƚŝŽŶ ϱ ŝŶ ƚŚŝƐ ƐĞĐƚŝŽŶ͘ North Carolina Enrollment Broker Call Center Systems Call Center System Functionality and Benefits Provided to Program Beneficiaries, Members, and DHHS Automated Voice Response System Offers beneficiaries the convenience of self-service access to general Medicaid and NC Health Choice program information and answers to Frequently Asked Questions (FAQs) in English, Spanish, and other languages, as needed Encourages bene?ciaries to access program information and services through onllne channels such as the enrollment services website, mobile app, and social media sites Provides Department-approved informative messages regarding program services, including reminders about the importance of selecting a PHP and an while maintaining an average three minute hold time Provides the option for after-hours callers to leave a request for a call back after hours, with the return call being made the following business day Provides a positive caller experience with quick access to relevant lnfonnatlon and the ability to easily connect to an Enrollment Specialist for assistance includes a post-call satisfaction survey that can be quickly completed in the AVRS by responding to questions with touch-tone phone numeric responses Uses recorded voice prompts of a real person in English, Spanish, and other Department-requested languages to improve the caller's experience Cisco Automated Call Distributor Efficiently manages and routes calls based on call type and mller language needs without diminishing inbound or outbound call capacity Provides skills~based routing, using Cisco precision queue functionality, to direct incoming inquiries to Enrollment Specialists with the most applicable skill sets and to route calls from specific sources to a designated group of staff Plays Department-approved informative and educational messages to callers in queue and on hold, including program announcements, reminders about upcoming open enrollments or related deadlines, expected wait time in queue, and notification that calls are recorded for quality assurance purposes Provides near-real-time monitoring of call center conditions, call metrics, and Enrollment Specialist disposition Cisco Automated Outbound Dialer Streamlines outbound call campaigns to provide reminders and notifications, including outbound calls to encourage bene?ciaries to select a PHP and Provides a cost-effective and efficient way to manage outbound call volume Telstrat Engage Call Recording System Digitally records 100 percent of inbound and outbound calls Supports quality assurance processes that promote accountability, customer satisfaction. and adherence to performance standards Retains all recordings for 12 months in accordance with contractual requirements Provides designated Department staff with remote access to a user-friendly, web-based interface to listen to and evaluate recordings, as well as the opportunity to monitor calls at the NC Enrollment Broker Call Center Workforce Management System Streamlines staff resource planning Facilitates staff scheduling and real-time schedule adherence so that we can help ensure that the call center is appropriately staffed at all times Automates intraday planning to identify staff down time that can be used for training, coaching, and team meetings, enabling us to optimize resource allocation MAXKnowledge Knowledge Management System Serves as a centralized, onllne repository of Department-approved call scripts on, at a minimum, topics specified in the RFP, work instructions, and operational procedures and program information Facilitates the delivery of current, correct, and complete information to bene?ciaries Features automatic versionlng, so only the most recent version of all materials is available to staff, eliminating the risk of staff using out-of-date Information Page 8.8-3 of 15 „ WĂŐĞ ϴ͘ϴͲϰ ŽĨ ϭϱ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƉƌŽǀŝĚŝŶŐ ĚĂƚĂ ŝŶ ƚŚĞ ƌĞƋƵŝƌĞĚ ƌĞŐƵůĂƌůLJ ƐĐŚĞĚƵůĞĚ ƐƚĂŶĚĂƌĚŝnjĞĚ ƌĞƉŽƌƚƐ͕ ďŽƚŚ D y/Dh^ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ĞƉĂƌƚŵĞŶƚ ƐƚĂĨĨ ǁŝůů ŚĂǀĞ ĚŝƌĞĐƚ ĂĐĐĞƐƐ ƚŽ ĞĐŝƐŝŽŶWŽŝŶƚ /͛Ɛ ĚĂƚĂ ĂŶĂůLJƚŝĐƐ ĂŶĚ ŽŶůŝŶĞ ŝŶƚĞƌĂĐƚŝǀĞ ĚĂƐŚďŽĂƌĚƐ͕ ǁŚŝĐŚ ƉƌŽǀŝĚĞ ƌŝĐŚ ǀŝƐƵĂůŝnjĂƚŝŽŶƐ ŽĨ ŬĞLJ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞƚƌŝĐƐ ĂŶĚ ƌĞƉŽƌƚŝŶŐ ĐƌŝƚĞƌŝĂ͘ dŚĞ ĚĂƐŚďŽĂƌĚƐ͕ ƵŶůŝŬĞ ƐƚĂƚŝĐ͕ ƉĂƉĞƌͲďĂƐĞĚ ƌĞƉŽƌƚƐ͕ ĂƌĞ ĐƵƐƚŽŵŝnjĂďůĞ ĂŶĚ ĂǀĂŝůĂďůĞ Ϯϰdžϳ ǀŝĂ ŝŶƚĞƌŶĞƚͲĐŽŶŶĞĐƚĞĚ ĐŽŵƉƵƚĞƌƐ͕ ƚĂďůĞƚƐ͕ ĂŶĚ ŵŽďŝůĞ ĚĞǀŝĐĞƐ͘ tĞ ǁŝůů ĐŽůůĂďŽƌĂƚĞ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĚĞǀĞůŽƉ ƚŚĞƐĞ ĚĂƐŚďŽĂƌĚƐ ƚŽ ďĞƐƚ ŵĞĞƚ ƚŚĞ ŶĞĞĚƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵƐ͘ tĞ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ĚĞƐĐƌŝƉƚŝŽŶ͕ ĂůŽŶŐ ǁŝƚŚ ƐĂŵƉůĞ ƌĞƉŽƌƚƐ͕ ŝŶ ^ĞĐƚŝŽŶ ϴ͘ϭϴ͗ WĞƌĨŽƌŵĂŶĐĞ ZĞƉŽƌƚŝŶŐ ĂŶĚ ĞůŝǀĞƌLJ ZĞƋƵŝƌĞŵĞŶƚƐ͘ Ăůů ĞŶƚĞƌ WĞƌĨŽƌŵĂŶĐĞ ZĞƉŽƌƚŝŶŐ tĞ ǁŝůů ƵƐĞ ŽƵƌ ƌĞƉŽƌƚŝŶŐ ĂŶĚ ĂŶĂůLJƚŝĐƐ ƉůĂƚĨŽƌŵ͕ ĞĐŝƐŝŽŶWŽŝŶƚ /͕ ƚŽ ƉƌŽǀŝĚĞ Ăůů ŽĨ ƚŚĞ ƌĞƋƵŝƌĞĚ ĞĐŝƐŝŽŶWŽŝŶƚ / ĞŶĂďůĞƐ ŽŶŐŽŝŶŐ ĂĚŚĞƌĞŶĐĞ ƚŽ ƌĞƉŽƌƚƐ ŝĚĞŶƚŝĨŝĞĚ ŝŶ Z&W ƚƚĂĐŚŵĞŶƚ >͗ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ZĞƉŽƌƚŝŶŐ ZĞƋƵŝƌĞŵĞŶƚƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ^> Ɛ ƚŚƌŽƵŐŚ ƉƌŽĂĐƚŝǀĞ ĂŶĂůLJƐŝƐ ŽĨ ĐĂůů ĐĞŶƚĞƌ ŐĞŶĞƌĂƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞĚ ǁĞĞŬůLJ ĂŶĚ ŵŽŶƚŚůLJ ƉĞƌĨŽƌŵĂŶĐĞ ƌĞƉŽƌƚƐ ǁŝƚŚ ĞĐŝƐŝŽŶWŽŝŶƚ /͕ ǁĞ ĂƌĞ ĂĐƚŝǀŝƚLJ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ƚƌĞŶĚƐ ƚŚĂƚ ĐŽƵůĚ ŝŵƉĂĐƚ ĂďůĞ ƚŽ ƐƚƌĞĂŵůŝŶĞ ƚŚĞ ĂŐŐƌĞŐĂƚŝŽŶ ĂŶĚ ĐŽŵƉŝůĂƚŝŽŶ ŽĨ ĚĂƚĂ ĨƌŽŵ ŽƵƌ ǀĂƌŝŽƵƐ ƉƌŽũĞĐƚ ƐLJƐƚĞŵƐͶ ƉĞƌĨŽƌŵĂŶĐĞ͘ ŝŶĐůƵĚŝŶŐ D yĞď ĂŶĚ ƚŚĞ sZ^͕ ͕ ǁŽƌŬĨŽƌĐĞ ŵĂŶĂŐĞŵĞŶƚ ;t&DͿ͕ ĂŶĚ ƋƵĂůŝƚLJ ƐLJƐƚĞŵƐͶƚŽ ƉƌŽǀŝĚĞ Ă ŚŽůŝƐƚŝĐ ǀŝĞǁ ŽĨ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐĂůů ĐĞŶƚĞƌ ŽƉĞƌĂƚŝŽŶƐ͘ dŚŝƐ ĞŶĂďůĞƐ ƵƐ ƚŽ ĂŶĂůLJnjĞ ƐŝŐŶŝĨŝĐĂŶƚ ĂŵŽƵŶƚƐ ŽĨ ĚĂƚĂ ƌĞůĂƚĞĚ ƚŽ ĐĂůů ĐĞŶƚĞƌ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ ƚŽ ŝŵŵĞĚŝĂƚĞůLJ ŝŶĨŽƌŵ ŽƉĞƌĂƚŝŽŶĂů ĚĞĐŝƐŝŽŶƐ͘ dŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ ŚĞůƉƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ D y/Dh^ ŵĂŝŶƚĂŝŶƐ ĂĚŚĞƌĞŶĐĞ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ĞdžƉĞĐƚĂƚŝŽŶƐ ĨŽƌ ŚŝŐŚ ƋƵĂůŝƚLJ ďĞŶĞĨŝĐŝĂƌLJ ƐĞƌǀŝĐĞ ŝŶ ĂůŝŐŶŵĞŶƚ ǁŝƚŚ ƐĞƌǀŝĐĞ ůĞǀĞů ĂŐƌĞĞŵĞŶƚƐ ;^> ƐͿ ĂŶĚ ƚŚĞ ƐĞƌǀŝĐĞ ŵĞƚƌŝĐƐ ĚĞĨŝŶĞĚ ŝŶ Z&W dĂďůĞ ϲ͗ <ĞLJ ^ĞƌǀŝĐĞ DĞƚƌŝĐƐ͘ tŝƚŚ ĞĐŝƐŝŽŶWŽŝŶƚ /͛Ɛ ĂĚǀĂŶĐĞĚ ĂŶĂůLJƚŝĐƐ͕ ǁĞ ĐĂŶ ƋƵŝĐŬůLJ ŝĚĞŶƚŝĨLJ ƉĞƌĨŽƌŵĂŶĐĞ ƚƌĞŶĚƐ ƐŽ ƚŚĂƚ ǁĞ ĐĂŶ ĂĚũƵƐƚ ƌĞƐŽƵƌĐĞƐ ĂƐ ŶĞĞĚĞĚ͕ ŝŶǀĞƐƚŝŐĂƚĞ ƚŚĞ ŶĞĞĚ ĨŽƌ ƌĞĨƌĞƐŚĞƌ ƚƌĂŝŶŝŶŐ͕ Žƌ ŵĂŬĞ ƉƌŽĐĞƐƐ ŝŵƉƌŽǀĞŵĞŶƚƐ͘ „ „ „ „ ^ĞĐƵƌĞ͕ ,/W ͲĐŽŵƉůŝĂŶƚ KƵƚďŽƵŶĚ ĞŵĂŝů ƵƐĞĚ ƚŽ ŝŶĨŽƌŵ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŚĂƚ ƚŚĞLJ ŚĂǀĞ Ă ŵĞƐƐĂŐĞ ŝŶ ĞW ^^ ƚŽ ǀŝĞǁ ĞŵĂŝů ĂŶĚ ŵĞƐƐĂŐŝŶŐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ Ăůů ĞŶƚŝƚŝĞƐ͕ ŝŶĚŝǀŝĚƵĂůƐ͕ ĂŶĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ĞĚŝĐĂƚĞĚ ŝŶďŽƵŶĚ ĞŵĂŝů ďŽdž ŽĨĨĞƌƐ ĂŶ ĂůƚĞƌŶĂƚŝǀĞ ŵĞƚŚŽĚ ŽĨ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĨŽƌ ĚĞĂĨ Žƌ ŚĂƌĚ ŽĨ ŚĞĂƌŝŶŐ ŝŶĚŝǀŝĚƵĂůƐ ǁŚŽ ƉƌĞĨĞƌ ĞŵĂŝů ŽǀĞƌ ddzͬd ͖ ĞŵĂŝů ĂĚĚƌĞƐƐ ǁŝůů ďĞ ƉƵďůŝƐŚĞĚ ŽŶ ƉƌŝŶƚĞĚ ĂŶĚ ŽŶůŝŶĞ ƉƌŽŐƌĂŵ ŵĂƚĞƌŝĂůƐ WƌŽǀŝĚĞƐ ĂŶ ĂƵƚŽͲƌĞƐƉŽŶƐĞ ĐŽŶĨŝƌŵŝŶŐ ƌĞĐĞŝƉƚ ĂŶĚ ŝŶĨŽƌŵŝŶŐ ƚŚĞ ƐĞŶĚĞƌ ǁŚĞŶ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ƌĞƐƉŽŶĚ ^ƵƉƉŽƌƚƐ ŵƵůƚŝĐŚĂŶŶĞů ďĞŶĞĨŝĐŝĂƌLJ ŝŶƚĞƌĂĐƚŝŽŶ ĂŶĚ ƌĞĂůͲƚŝŵĞ͕ ŽŶůŝŶĞ ĂƐƐŝƐƚĂŶĐĞ sŽ/W ƉŚŽŶĞƐ ƉƌŽǀŝĚĞ ĨƵůů ĨƵŶĐƚŝŽŶĂůŝƚLJ ĨŽƌ ŝŶďŽƵŶĚ ĂŶĚ ŽƵƚďŽƵŶĚ ĐĂůů ĨƵŶĐƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ĐĂůů ƚƌĂŶƐĨĞƌ ĂŶĚ ƐƉĞĂŬĞƌ ƉŚŽŶĞ ĐĂƉĂďŝůŝƚLJ dĞůĞƉŚŽŶĞƐ ǁŝƚŚ ĂŵƉůŝĨŝĐĂƚŝŽŶ ĂŶĚ ĐĂƉƚŝŽŶ ĨĞĂƚƵƌĞƐ ƉƌŽǀŝĚĞĚ ƚŽ ƐƚĂĨĨ ŵĞŵďĞƌƐ ǁŚŽ ƌĞƋƵŝƌĞ ĂĚĂƉƚŝǀĞ ƚĞĐŚŶŽůŽŐLJ ƚŽ ƉĞƌĨŽƌŵ ƚŚĞŝƌ ũŽď ĚƵƚŝĞƐ ŶĂďůĞƐ ĞĨĨĞĐƚŝǀĞ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ǁŝƚŚ ŝŶĚŝǀŝĚƵĂůƐ ǁŚŽ ĂƌĞ ĚĞĂĨ Žƌ ŚĂƌĚ ŽĨ ŚĞĂƌŝŶŐ ĂŶĚ ŝŶĐůƵĚĞƐ ĂĨƚĞƌͲŚŽƵƌƐ ŵĞƐƐĂŐŝŶŐ ŽƉƚŝŽŶ ƵŐŵĞŶƚƐ ŽƵƌ ďŝůŝŶŐƵĂů ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ǁŝƚŚ ƉƌŽĨĞƐƐŝŽŶĂů ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ĐĐĞƐƐŝďůĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ĂƵƚŚŽƌŝnjĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ǀŝĂ ƚŚĞ ƚŽůůͲĨƌĞĞ ŶƵŵďĞƌ Ăƚ ŶŽ ĐŚĂƌŐĞ ƚŽ ƚŚĞ ĐĂůůĞƌ ĂŶĚ ǁŝƚŚŽƵƚ ƚŚĞ ŶĞĞĚ ƚŽ ƉůĂĐĞ ĂŶ ĂĚĚŝƚŝŽŶĂů ĐĂůů ŽŵƉůŝĞƐ ǁŝƚŚ ůĂŶŐƵĂŐĞ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ĂĐĐĞƐƐŝďŝůŝƚLJ ƐƚĂŶĚĂƌĚƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ƚŚĞ Z&W WƌŽǀŝĚĞƐ Ă ŚŽůŝƐƚŝĐ ǀŝĞǁ ŽĨ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐĂůů ĐĞŶƚĞƌ ƉĞƌĨŽƌŵĂŶĐĞ ƚŚƌŽƵŐŚ ŝŶƐƚĂŶƚůLJ ĂĐĐĞƐƐŝďůĞ͕ ƵƉͲƚŽͲƚŚĞ ŵŝŶƵƚĞ ĚĂƐŚďŽĂƌĚƐ ^ƵƉƉŽƌƚƐ ƉƌŽĂĐƚŝǀĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨ ƚƌĞŶĚƐ ĂŶĚ ŝƐƐƵĞƐ ƚŚƌŽƵŐŚ ĚƌŝůůͲĚŽǁŶ ĂŶĂůLJƚŝĐƐ „ ĐĐĞƐƐŝďůĞ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŚƌŽƵŐŚ ĂŶLJ ĚĞǀŝĐĞ ;ƐŵĂƌƚƉŚŽŶĞ͕ ƚĂďůĞƚ͕ W Ϳ Ϯϰdžϳ džŚŝďŝƚ ϴ͘ϴͲϮ͗ EŽƌƚŚ ĂƌŽůŝŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ Ăůů ĞŶƚĞƌ ^LJƐƚĞŵƐ͘ KƵƌ ĐĂůů ĐĞŶƚĞƌ ƐLJƐƚĞŵƐ ƉƌŽǀŝĚĞ ƌĞůŝĂďůĞ ĂĐĐĞƐƐ ƚŽ ƉƌŽŐƌĂŵ ƐĞƌǀŝĐĞƐ ĨŽƌ Ă ĚŝǀĞƌƐĞ ƉŽƉƵůĂƚŝŽŶ ĂŶĚ ƐƵƉƉŽƌƚ Ăůů ƌĞƋƵŝƌĞĚ ŽƉĞƌĂƚŝŽŶĂů ĨƵŶĐƚŝŽŶƐ͘ ĞĐŝƐŝŽŶWŽŝŶƚ ĨŽƌ ƵƐŝŶĞƐƐ /ŶƚĞůůŝŐĞŶĐĞ „ KƵƚďŽƵŶĚ ŵĂŝů „ „ tĞď ŚĂƚ „ „ dĞůĞƉŚŽŶĞƐ „ „ „ ddzͬd ^LJƐƚĞŵ >ŝŽŶďƌŝĚŐĞ >ĂŶŐƵĂŐĞ /ŶƚĞƌƉƌĞƚĂƚŝŽŶ ^ĞƌǀŝĐĞƐ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ sZ^ ŝŶ ƵƐĞ ĨŽƌ ŽƚŚĞƌ ĐůŝĞŶƚƐ Žƌ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ͘ „ tĞ ŝŵƉůĞŵĞŶƚĞĚ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ sZ^ ĨŽƌ ŽƵƌ ,ĞĂůƚŚLJ >ŽƵŝƐŝĂŶĂ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚ͘ KƵƌ >ŽƵŝƐŝĂŶĂ sZ^ ŝƐ ƐŝŵŝůĂƌ ƚŽ ǁŚĂƚ ǁĞ ƉƌŽƉŽƐĞ ĨŽƌ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ǁŚĞƌĞ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ŽďƚĂŝŶ ƉƌŽŐƌĂŵ ŝŶĨŽƌŵĂƚŝŽŶ͕ ƌĞƋƵĞƐƚ ŵĂƚĞƌŝĂůƐ ĂŶĚ ĨŽƌŵƐ͕ ĐŚĞĐŬ ĞŶƌŽůůŵĞŶƚ ƐƚĂƚƵƐ͕ ĂŶĚ ƌĞƋƵĞƐƚ Ă ƉůĂŶ ĐŚĂŶŐĞ͘ KƵƌ ƵƐĞƌͲĨƌŝĞŶĚůLJ ƐĞůĨͲƐĞƌǀŝĐĞ ĚĞƐŝŐŶ ƌĞƐƵůƚĞĚ ŝŶ ĂŶ ĂǀĞƌĂŐĞ ŽĨ ϯϬ ƉĞƌĐĞŶƚ ŽĨ ǀŽůƵŶƚĂƌLJ ĐŚŽŝĐĞ ĞŶƌŽůůŵĞŶƚƐ ŝŶ >ŽƵŝƐŝĂŶĂ ďĞŝŶŐ ĐŽŵƉůĞƚĞĚ ƚŚƌŽƵŐŚ ƚŚĞ sZ^͘ WĂŐĞ ϴ͘ϴͲϱ ŽĨ ϭϱ KƵƌ ƵƐĞƌͲĨƌŝĞŶĚůLJ͕ ƐĞůĨͲƐĞƌǀŝĐĞ sZ^ ĚĞƐŝŐŶ ŝŶ >ŽƵŝƐŝĂŶĂ ƌĞƐƵůƚĞĚ ŝŶ ĂŶ ĂǀĞƌĂŐĞ ŽĨ ϯϬ ƉĞƌĐĞŶƚ ŽĨ ǀŽůƵŶƚĂƌLJ ĐŚŽŝĐĞ ĞŶƌŽůůŵĞŶƚƐ ďĞŝŶŐ ĐŽŵƉůĞƚĞĚ ŝŶ ƚŚĞ sZ^͘ D y/Dh^ ƵƐĞƐ sZ^ ƚĞĐŚŶŽůŽŐLJ ŝŶ Ăůů ŽĨ ŽƵƌ ůĂƌŐĞ ŚĞĂůƚŚ ƐĞƌǀŝĐĞƐ ĐĂůů ĐĞŶƚĞƌƐ ĂŶĚ ŚĂƐ ŝŶǀĞƐƚĞĚ ĐŽŶƐŝĚĞƌĂďůĞ ƚŝŵĞ ĂŶĚ ĞĨĨŽƌƚ ŝŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŚŽǁ ĂƵƚŽŵĂƚŝŽŶ ĐĂŶ ŝŵƉƌŽǀĞ ďŽƚŚ ƚŚĞ ĐĂůůĞƌ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ĞĨĨŝĐŝĞŶĐLJ͘ tĞ ĚĞƐŝŐŶ ŽƵƌ sZ^ ŵĞŶƵƐ ƚŽ ĨĂĐŝůŝƚĂƚĞ Ă ƉŽƐŝƚŝǀĞ ĐĂůůĞƌ ĞdžƉĞƌŝĞŶĐĞ ďLJ ƉƌŽǀŝĚŝŶŐ ĐŽŶǀĞŶŝĞŶƚ͕ ƋƵŝĐŬ ĂĐĐĞƐƐ ƚŽ ƌĞůĞǀĂŶƚ ŝŶĨŽƌŵĂƚŝŽŶ͕ ǁŚŝůĞ ŵĂŬŝŶŐ ŝƚ ĞĂƐLJ ĨŽƌ Ă ĐĂůůĞƌ ƚŽ ĐŽŶŶĞĐƚ ƚŽ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ĨŽƌ ƉĞƌƐŽŶĂů ĂƐƐŝƐƚĂŶĐĞ͘ tĞ ǁŽƌŬ ĐŽůůĂďŽƌĂƚŝǀĞůLJ ǁŝƚŚ ŽƵƌ ƐƚĂƚĞ ĐůŝĞŶƚƐ ƚŽ ĂƐƐĞƐƐ ƚŚĞ ǀĂůƵĞ ĂŶĚ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ ŽƵƌ sZ^͕ ŝĚĞŶƚŝĨLJ ƉŽƚĞŶƚŝĂů ŝŵƉƌŽǀĞŵĞŶƚƐ͕ ĂŶĚ ŝŵƉůĞŵĞŶƚ ƚŚŽƐĞ ĨĞĂƚƵƌĞƐ ƚŚĂƚ ǁŝůů ƵůƚŝŵĂƚĞůLJ ĞŶŚĂŶĐĞ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĞdžƉĞƌŝĞŶĐĞ͘ tĞ ƌŽƵƚŝŶĞůLJ ĂƐƐĞƐƐ sZ^ ƵƐĂŐĞ͕ ƚƌĂĐŬ ƐƚĂƚŝƐƚŝĐƐ ĂŶĚ ŵŽŶŝƚŽƌ ĐĂůůĞƌ ďĞŚĂǀŝŽƌ ǁŝƚŚŝŶ ŽƵƌ sZ^ ƚŽ ĂƐƐĞƐƐ ƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ ƚŚĞ ƐĞůĨͲƐĞƌǀŝĐĞ ŽƉƚŝŽŶƐ͕ ĂŶĚ ĐŽŶƚŝŶƵĂůůLJ ŵĂŬĞ ĞŶŚĂŶĐĞŵĞŶƚƐ͘ ^ŽŵĞ ĞdžĂŵƉůĞƐ ŽĨ ƐƵĐĐĞƐƐĨƵů ŽƵƚĐŽŵĞƐ ǁĞ ŚĂǀĞ ĂĐŚŝĞǀĞĚ ƚŚƌŽƵŐŚ ŽƵƌ sZ^ ĚĞƉůŽLJŵĞŶƚƐ ŝŶĐůƵĚĞ͗ Ϯ͘ ŬĞLJ ĨĞĂƚƵƌĞ ŽĨ ŽƵƌ ƉƌŽƉŽƐĞĚ ƚƌĂŝŶŝŶŐ ƐŽůƵƚŝŽŶ ŝƐ ƚŚĞ ŝŶŶŽǀĂƚŝǀĞ ,ŝĐŬŽƌLJ ĞͲůĞĂƌŶŝŶŐ ƐLJƐƚĞŵ ǁĞ ǁŝůů ƉƌŽǀŝĚĞ ƚŚƌŽƵŐŚ ŽƵƌ ĞdžĐůƵƐŝǀĞ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ,ŝĐŬŽƌLJ >ĞĂƌŶŝŶŐ ^LJƐƚĞŵƐ͘ ,ŝĐŬŽƌLJ ƐƵƉƉůĞŵĞŶƚƐ ĐůĂƐƐƌŽŽŵ ƚƌĂŝŶŝŶŐ ĂŶĚ ŝŶĚŝǀŝĚƵĂů ƐƚĂĨĨ ĐŽĂĐŚŝŶŐ͕ ƐĞƌǀŝŶŐ ĂƐ ĂŶ ĂĚĚŝƚŝŽŶĂů ǀĞŚŝĐůĞ ĨŽƌ ƌĞĨƌĞƐŚĞƌ ƚƌĂŝŶŝŶŐ ŽŶ ĐŽƌĞ ƉƌŽŐƌĂŵ ĐŽŶĐĞƉƚƐ ĂŶĚ ƌĞŵĞĚŝĂů ƚƌĂŝŶŝŶŐ ĨŽƌ ĂƌĞĂƐ ŝŶ ŶĞĞĚ ŽĨ ƉĞƌĨŽƌŵĂŶĐĞ ŝŵƉƌŽǀĞŵĞŶƚ͘ ,ŝĐŬŽƌLJ ƵƐĞƐ ŝŶĚŝǀŝĚƵĂůŝnjĞĚ ĨůĂƐŚĐĂƌĚ ůĞƐƐŽŶƐ ƚŽ ŚĞůƉ ŽƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ƌĞƚĂŝŶ ĂŶĚ ĂƉƉůLJ ƚŚĞŝƌ ŬŶŽǁůĞĚŐĞ ƐŽ ƚŚĞLJ ƉĞƌĨŽƌŵ ƚŚĞŝƌ ĚĂŝůLJ ƚĂƐŬƐ ƉƌŽƉĞƌůLJ͕ ǁŝƚŚ Ă ŚŝŐŚĞƌ ƌĂƚĞ ŽĨ ĂĐĐƵƌĂĐLJ ĂŶĚ ŐƌĞĂƚĞƌ ĐŽŶƐŝƐƚĞŶĐLJ͘ ,ŝĐŬŽƌLJ ĐŽŶƚƌŝďƵƚĞƐ ƚŽ ƌĞĚƵĐĞĚ ĂƚƚƌŝƚŝŽŶ͕ ĂŶĚ ƚŚĞƌĞďLJ ŐƌĞĂƚĞƌ ŽƉĞƌĂƚŝŽŶĂů ƐƚĂďŝůŝƚLJ͕ ďĞĐĂƵƐĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ĨĞĞů ďĞƚƚĞƌ ĞƋƵŝƉƉĞĚ ĂŶĚ ŵŽƌĞ ĐŽŶĨŝĚĞŶƚ ŝŶ ĚŽŝŶŐ ƚŚĞŝƌ ũŽďƐ ĂŶĚ ĂĐŚŝĞǀŝŶŐ ŚŝŐŚ ƉĞƌĨŽƌŵĂŶĐĞ͘ tĞ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ŽƵƌ ŽǀĞƌĂůů ĂƉƉƌŽĂĐŚ ƚŽ ƐƚĂĨĨ ƚƌĂŝŶŝŶŐ͕ ĂŶĚ ŚŽǁ ǁĞ ǁŝůů ƵƐĞ ,ŝĐŬŽƌLJ ƚŽ ƉƌŽǀŝĚĞ ǁƌĂƉĂƌŽƵŶĚ ƚƌĂŝŶŝŶŐ ƐƵƉƉŽƌƚ ĂŶĚ ĚĞůŝǀĞƌ ĞĨĨĞĐƚŝǀĞ ƌĞĨƌĞƐŚĞƌ ƚƌĂŝŶŝŶŐ ŝŶ ^ĞĐƚŝŽŶ ϴ͘ϭϲ͗ dƌĂŝŶŝŶŐ͘ tĞ ƵƐĞ Ă ĐŽŵďŝŶĂƚŝŽŶ ŽĨ ŝŶƐƚƌƵĐƚŽƌͲůĞĚ ƚƌĂŝŶŝŶŐ ĂŶĚ ĐŽŵƉƵƚĞƌͲďĂƐĞĚ ƚƌĂŝŶŝŶŐ ŵĞƚŚŽĚƐ ƚŽ ĚĞůŝǀĞƌ EĞǁ zŽƌŬ KĨĨŝĐĞ ĨŽƌ WĞŽƉůĞ tŝƚŚ ĞǀĞůŽƉŵĞŶƚĂů ŝƐĂďŝůŝƚŝĞƐ ƚƌĂŝŶŝŶŐ͘ ĨƚĞƌ ŝŶŝƚŝĂů ƚƌĂŝŶŝŶŐ͕ ǁĞ ŚĂǀĞ Ă ŶĞƐƚŝŶŐ ƉĞƌŝŽĚ ƚŚĂƚ ĂůůŽǁƐ ƚƌĂŝŶĞĞƐ ƚŽ ĂƉƉůLJ ƚŚĞ ůĞƐƐŽŶƐ ůĞĂƌŶĞĚ ŝŶ ƚŚĞ ĐůĂƐƐƌŽŽŵ ŽŶ ƚŚĞ ƉƌŽĚƵĐƚŝŽŶ ĨůŽŽƌ ǁŝƚŚ ƌĞƋƵŝƐŝƚĞ ƐƵƉƉŽƌƚ ĂŶĚ ŽǀĞƌƐŝŐŚƚ͘ dŚĞ ŶĞƐƚŝŶŐ ƉĞƌŝŽĚ ĞŵƉŚĂƐŝnjĞƐ ŬĞLJ ƉƌŽĐĞƐƐĞƐ ƐƵĐŚ ĂƐ ĐĂůů ƐĐƌŝƉƚƐ͕ ďĞŶĞĨŝĐŝĂƌLJ ĂƵƚŚĞŶƚŝĐĂƚŝŽŶ͕ ĂŶĚ ƐLJƐƚĞŵ ĨƵŶĐƚŝŽŶĂůŝƚLJ͕ ǁŝƚŚ ƐƵƉĞƌǀŝƐŽƌƐ ĂŶĚ ƚƌĂŝŶĞƌƐ ƉƌŽǀŝĚŝŶŐ ƐŝĚĞͲďLJͲƐŝĚĞ ĐŽĂĐŚŝŶŐ ĂŶĚ ŝŵŵĞĚŝĂƚĞ ĨĞĞĚďĂĐŬ ƚŽ ŚĞůƉ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ĨƵƌƚŚĞƌ ĚĞǀĞůŽƉ ƚŚĞŝƌ ƐŬŝůůƐ ĂŶĚ ĂƉƚŝƚƵĚĞ͘ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ dƌĂŝŶŝŶŐ D y/Dh^ ǁŝůů ŝŵƉůĞŵĞŶƚ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐĂůů ĐĞŶƚĞƌ ƚŚĂƚ ŝŶĐŽƌƉŽƌĂƚĞƐ Ăůů ĞƉĂƌƚŵĞŶƚͲƌĞƋƵŝƌĞĚ ƚƌĂŝŶŝŶŐ ĂƐ ǁĞůů ĂƐ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ƚŚĂƚ ǁĞ ŚĂǀĞ ƵƐĞĚ ƐƵĐĐĞƐƐĨƵůůLJ ŝŶ ŽƚŚĞƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ͘ KƵƌ ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵ ĐŽŶƐŝƐƚƐ ŽĨ ŵƵůƚŝƉůĞ ƉŚĂƐĞƐ͕ ŝŶĐůƵĚŝŶŐ ŝŶŝƚŝĂů ŶĞǁ ŚŝƌĞ ƚƌĂŝŶŝŶŐ͕ ĂƐ ǁĞůů ĂƐ ŽŶŐŽŝŶŐ͕ ƌĞŵĞĚŝĂů͕ ĂŶĚ ƌĞĨƌĞƐŚĞƌ ƚƌĂŝŶŝŶŐ͘ /ŶŝƚŝĂů ŶĞǁ ŚŝƌĞ ƚƌĂŝŶŝŶŐ ǁŝůů ƉƌŽǀŝĚĞ ĐĂůů ĐĞŶƚĞƌ ƐƚĂĨĨ D y/Dh^ WƌŽũĞĐƚ DĂŶĂŐĞŵĞŶƚ ĐŽŶƚŝŶƵĂůůLJ ǁŽƌŬƐ ǁŝƚŚ ƵƐ ƚŽ ĞŶƐƵƌĞ ƚŚĞŝƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ŽƵƌ ǁŝƚŚ ƚŚĞ ĞƐƐĞŶƚŝĂů ƉƌŽŐƌĂŵ ŽƌŝĞŶƚĂƚŝŽŶ ĂŶĚ ƉƌŽĐĞĚƵƌĂů ƐƵďũĞĐƚ ŵĂƚƚĞƌ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞŵ ŝŶ ƚŚĞ ƚƌĂŝŶŝŶŐ ŶĞĞĚƐ͘ ZĞĐĞŶƚůLJ͕ ƚŚƌŽƵŐŚ ,ŝĐŬŽƌLJ >ĞĂƌŶŝŶŐ͕ ĂƐƐƵŵƉƚŝŽŶ ŽĨ ƚŚĞŝƌ ĚƵƚŝĞƐ͘ dŽƉŝĐƐ ĐŽǀĞƌĞĚ ǁŝůů ŝŶĐůƵĚĞ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵ ƚŚĞLJ ďĞŐĂŶ ĐƌĞĂƚŝŶŐ ƚƌĂŝŶŝŶŐƐ ĨŽƌ ƐƚĂĨĨ ďĞLJŽŶĚ ƚŚĞ ƐĐŽƉĞ ƉŽůŝĐLJ͕ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ͕ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐĞƐ͕ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ƐŬŝůůƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ĚĞĨŝŶĞĚ ďLJ KWt ͘ dŚĞƐĞ ƚƌĂŝŶŝŶŐƐ ǁĞƌĞ ŚŝŐŚ ƋƵĂůŝƚLJ͕ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ƋƵĂůŝƚLJ ĂƐƐƵƌĂŶĐĞ ƉƌŽĐĞĚƵƌĞƐ͕ ƐLJƐƚĞŵ ƵƐĂŐĞ͕ ĂŶĚ ,/W ĐŽŵƉůŝĂŶƚ ƐĞĐƵƌŝƚLJ ĂŶĚ ĐŽŶĐŝƐĞ͕ ĂŶĚ ĚĞƐŝŐŶĞĚ ƚŽ ĐŽŶƚŝŶƵĞ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ ƉƌŝǀĂĐLJ ƉƌŽĐĞĚƵƌĞƐ͘ tĞ ǁŝůů ĨŽĐƵƐ ŽƵƌ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ƚƌĂŝŶŝŶŐ ŽŶ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ƉƌŽǀŝĚŝŶŐ ƋƵĂůŝƚLJ ŽĨ ĂƐƐĞƐƐŵĞŶƚƐ ƚŚĂƚ ƚŚĞ D y/Dh^ ƐƚĂĨĨ ƉĞƌƐŽŶͲĐĞŶƚĞƌĞĚ ĂƐƐŝƐƚĂŶĐĞ ďLJ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĞ ƵŶŝƋƵĞ ŶĞĞĚƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ĚŝǀĞƌƐĞ ĐŽŵƉůĞƚĞƐ͘ tĞ ǁĞƌĞ ƚƌƵůLJ ŝŵƉƌĞƐƐĞĚ ǁŝƚŚ ƚŚĞŝƌ ǁŽƌŬ ƉŽƉƵůĂƚŝŽŶ͘ ĂŶĚ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ŽƵƌ ƉƌŽũĞĐƚ͘ tŚĞŶ ŽƵƌ /ůůŝŶŽŝƐ ůŝĞŶƚ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ WƌŽũĞĐƚ ĞŶĐŽƵŶƚĞƌĞĚ ƵŶƵƐƵĂůůLJ ŚŝŐŚ ĐĂůů ǀŽůƵŵĞƐ ĚƵĞ ƚŽ ĞdžƚĞƌŶĂů ĨĂĐƚŽƌƐ͕ ǁĞ ƋƵŝĐŬůLJ ŵŽĚŝĨŝĞĚ ŽƵƌ sZ^ ƚŽ ĂůůŽǁ ƵƐ ƚŽ ƉůĂLJ Ă ŵĞƐƐĂŐĞ ĚƵƌŝŶŐ ƉĞĂŬ ĐĂůů ŚŽƵƌƐ͕ ĞŶĐŽƵƌĂŐŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ǀŝƐŝƚ ŽƵƌ ǁĞďƐŝƚĞ Žƌ ƵƚŝůŝnjĞ ŽƵƌ ĐĂůůͲďĂĐŬ ĨĞĂƚƵƌĞ͕ ǁŚŝůĞ Ɛƚŝůů ŚĂǀŝŶŐ ƚŚĞ ŽƉƚŝŽŶ ƚŽ ĐŽŶƚŝŶƵĞ ƚŽ ŚŽůĚ ĨŽƌ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ͘ tĞ ǁĞƌĞ ĂďůĞ ƚŽ ĐŽŶƚŝŶƵĞ ƚŽ ŵĞĞƚ ŽƵƌ ƉĞƌĨŽƌŵĂŶĐĞ ƐƚĂŶĚĂƌĚƐ ĚƵƌŝŶŐ ĂŶ ƵŶĞdžƉĞĐƚĞĚůLJ ŚŝŐŚ ǀŽůƵŵĞ ƉĞƌŝŽĚ ĂŶĚ ŝŵƉƌŽǀĞ ƚŚĞ ĐĂůůĞƌ ĞdžƉĞƌŝĞŶĐĞ ďLJ ŐŝǀŝŶŐ ƚŚĞŵ ŽƉƚŝŽŶƐ ĨŽƌ ŽďƚĂŝŶŝŶŐ ĞŶƌŽůůŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ͘ „ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ĐĂƉĂĐŝƚLJ ŽĨ sZ^ ƚŽ ĂůůŽǁ ĐĂůůĞƌƐ ƚŽ ĞŶƚĞƌ ƚŚĞŝƌ D/ Žƌ ĂůƚĞƌŶĂƚŝǀĞ / ƚŽ ŝĚĞŶƚŝĨLJ ƚŚĞ ŵĞŵďĞƌ ƉƌŝŽƌ ƚŽ ƚŚĞ ĐĂůů ďĞŝŶŐ ĚŝƐƚƌŝďƵƚĞĚ ƚŽ Ă ĐĂůů ĐĞŶƚĞƌ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͘ WĂŐĞ ϴ͘ϴͲϲ ŽĨ ϭϱ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƐĞĂŵůĞƐƐ ŝŶƚĞŐƌĂƚŝŽŶ ďĞƚǁĞĞŶ ŽƵƌ sZ^ ĂŶĚ D yĞď ĞŶĂďůĞƐ ƵƐ ƚŽ ƉƌŽĐĞƐƐ ĂŶĚ ƚƌĂĐŬ ďĞŶĞĨŝĐŝĂƌLJ ƌĞƋƵĞƐƚƐ ĨŽƌ ƉƌŽŐƌĂŵ ŵĂƚĞƌŝĂůƐ ƐƵĐŚ ĂƐ ĞŶƌŽůůŵĞŶƚ ƉĂĐŬĞƚƐ͕ ĨŽƌŵƐ͕ ĂŶĚ Ă ůŝƐƚ ŽĨ ŚĞĂůƚŚ ƉůĂŶƐ ĂǀĂŝůĂďůĞ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ďĂƐĞĚ ŽŶ ĐŽƵŶƚLJ ŽĨ ƌĞƐŝĚĞŶĐĞ͘ tŚĞŶ ǁĞ ƌĞĐĞŝǀĞ Ă ƌĞƋƵĞƐƚ ĨŽƌ ŵĂƚĞƌŝĂůƐ ǀŝĂ ƚŚĞ sZ^͕ ƚŚĞ ƌĞƋƵĞƐƚ ŝƐ ĂƵƚŽŵĂƚŝĐĂůůLJ ŶŽƚĞĚ ŝŶ D yĞď͕ ĂůŽŶŐ ǁŝƚŚ Ă ƚƌŝŐŐĞƌ ƚŽ ŝŶŝƚŝĂƚĞ ƚŚĞ ƌĞƋƵĞƐƚ͘ &Žƌ ĞdžĂŵƉůĞ͕ ƌĞƋƵĞƐƚƐ ƚŽ ŚĂǀĞ ŵĂƚĞƌŝĂůƐ ŵĂŝůĞĚ ƚŽ Ă ďĞŶĞĨŝĐŝĂƌLJ ǁŝůů ďĞ ƉƌŽĐĞƐƐĞĚ ǁŝƚŚŝŶ ŽŶĞ ďƵƐŝŶĞƐƐ ĚĂLJ͘ ůů ŵĂƚĞƌŝĂůƐ ƌĞƋƵĞƐƚƐ ǁŝůů ďĞ ƚƌĂĐŬĞĚ ŝŶ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJΖƐ ĐĂƐĞ ƌĞĐŽƌĚ ŝŶ D yĞď͕ ŝŶĐůƵĚŝŶŐ ŵĂŝůŝŶŐ ĂĚĚƌĞƐƐ͕ ƚŚĞ ĚĂƚĞ ŽĨ ƌĞƋƵĞƐƚ͕ ĂŶĚ ƚŚĞ ĚĂƚĞ ŽĨ ĨƵůĨŝůůŵĞŶƚ͘ tĞ ƉƌŽǀŝĚĞ ĂŶ ŝůůƵƐƚƌĂƚŝŽŶ ŽĨ Ă ŚŝŐŚͲůĞǀĞů sZ^ ĚĞĐŝƐŝŽŶ ƚƌĞĞ ŝŶ džŚŝďŝƚ ϴ͘ϴͲϯ͗ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ sZ^ dƌĞĞ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĨŝŶĂůŝnjĞ Ăůů sZ^ ŵĞŶƵƐ͕ ƐĐƌŝƉƚƐ͕ ƌŽƵƚŝŶŐ ŽƉƚŝŽŶƐ͕ ĂŶĚ ƐĞůĨͲƐĞƌǀŝĐĞ ĨĞĂƚƵƌĞƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĞŶĐŽƵŶƚĞƌ Ă ƐĞĂŵůĞƐƐ͕ ĐƵƐƚŽŵĞƌͲĨŽĐƵƐĞĚ ĞdžƉĞƌŝĞŶĐĞ͘ tĞ ǁŝůů ŝŵƉůĞŵĞŶƚ ĂĚĚŝƚŝŽŶĂů sZ^ ĐĂƉĂďŝůŝƚLJ ŶŽ ůĂƚĞƌ ƚŚĂŶ :ĂŶƵĂƌLJ ϭ͕ ϮϬϮϬ͕ ƚŽ ĂůůŽǁ ĐĂůůĞƌƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ǁŚŝĐŚ ƉůĂŶ ƚŚĞLJ ĂƌĞ ĐƵƌƌĞŶƚůLJ ĞŶƌŽůůĞĚ ŝŶ ĂŶĚ ǁŚŝĐŚ ƉůĂŶ ƚŚĞLJ ǁŝůů ďĞ ĞŶƌŽůůĞĚ ŝŶ ǁŝƚŚŝŶ ƚŚĞ ŶĞdžƚ ϯϬͲϲϬ ĐĂůĞŶĚĂƌ ĚĂLJƐ͘ ĐĐĞƐƐ ƚŽ ĐĂƐĞͲƐƉĞĐŝĨŝĐ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞƋƵŝƌĞƐ ƚŚĂƚ ƚŚĞ ĐĂůůĞƌ ĂƵƚŚĞŶƚŝĐĂƚĞ ŚŝƐ Žƌ ŚĞƌ ŝĚĞŶƚŝƚLJ͘ tĞ ǁŝůů ĐŽŶĨŝŐƵƌĞ ƚŚĞ sZ^ ƚŽ ƉƌŽŵƉƚ ĐĂůůĞƌƐ ĨŽƌ ŝĚĞŶƚŝĨLJŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ͕ ƐƵĐŚ ĂƐ DĞĚŝĐĂŝĚ / ŶƵŵďĞƌ ;D/ Ϳ Žƌ ĂůƚĞƌŶĂƚŝǀĞ / ͕ ĂŶĚ ƚŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ ǁŝůů ďĞ ƵƐĞĚ ƚŽ ƉƌĞƐĞŶƚ ƚŚĞ ĐĂůůĞƌ ǁŝƚŚ ƐƉĞĐŝĨŝĐ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞůĂƚĞĚ ƚŽ ƚŚĞŝƌ ĞŶƌŽůůŵĞŶƚ ƐƚĂƚƵƐ ĂŶĚ ĂƐƐŝŐŶĞĚ ƉůĂŶ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ŝŵƉůĞŵĞŶƚ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ŝŶƚĞŐƌĂƚŝŽŶ ďĞƚǁĞĞŶ ŽƵƌ sZ^ ĂŶĚ E dƌĂĐŬƐͬE & ^d͘ tĞ ŚĂǀĞ ƐƵĐĐĞƐƐĨƵůůLJ ŝŵƉůĞŵĞŶƚĞĚ ƌĞĂůͲƚŝŵĞ ǁĞď ƐĞƌǀŝĐĞƐ ŝŶƚĞŐƌĂƚŝŽŶ ďĞƚǁĞĞŶ ŽƵƌ sZ^ ĂŶĚ ^ƚĂƚĞ ƐLJƐƚĞŵƐ ĨŽƌ ŽƚŚĞƌ ƉƌŽũĞĐƚƐ ĂŶĚ ĚŽ ŶŽƚ ĂŶƚŝĐŝƉĂƚĞ ĂŶLJ ŝƐƐƵĞƐ ĚĞůŝǀĞƌŝŶŐ ƚŚŝƐ ŝŶƚĞŐƌĂƚŝŽŶ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐĂůů ĐĞŶƚĞƌ͘ D y/Dh^ ǁŝůů ŝŶƐƚĂůů͕ ŽƉĞƌĂƚĞ͕ ŵĂŝŶƚĂŝŶ͕ ĂŶĚ ƐƵƉƉŽƌƚ Ă ĨƵůůͲĨĞĂƚƵƌĞĚ sZ^ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐĂůů ĐĞŶƚĞƌ ƚŽ ĨĂĐŝůŝƚĂƚĞ ƐĞĂŵůĞƐƐ ĐĂůů ƌŽƵƚŝŶŐ ĂŶĚ ƚŽ ĞŶĂďůĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ŽďƚĂŝŶ ƉƌŽŐƌĂŵ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶLJ ƚŝŵĞ ŽĨ ƚŚĞ ĚĂLJ͘ dŚĞ sZ^ ǁŝůů ĂůůŽǁ ĐĂůůĞƌƐ ƚŽ ŐĞƚ ĂŶƐǁĞƌƐ ƚŽ ĨƌĞƋƵĞŶƚůLJ ĂƐŬĞĚ ƋƵĞƐƚŝŽŶƐ͕ ƐƵĐŚ ĂƐ ĐĂůů ĐĞŶƚĞƌ ŽƉĞƌĂƚŝŶŐ ŚŽƵƌƐ ĂŶĚ ŵĂŝůŝŶŐ ĂĚĚƌĞƐƐ͖ ǁĞďƐŝƚĞ ĂĚĚƌĞƐƐ͖ ĂŶĚ ŐĞŶĞƌĂů ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƚƌĂŶƐŝƚŝŽŶ͕ ƚŚĞ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵƐ͕ ĂŶĚ ŚŽǁ ƚŽ ŐĞƚ ŚĞůƉ ǁŝƚŚ ĞŶƌŽůůŵĞŶƚ ĂŶĚͬŽƌ ĚŝƐĞŶƌŽůůŵĞŶƚ͘ KƵƌ sZ^ ǁŝůů ƉƌŽǀŝĚĞ ĐŽŶƚĂĐƚ ŝŶĨŽƌŵĂƚŝŽŶ ĨŽƌ ŽƚŚĞƌ ƌĞůĂƚĞĚ ƉƌŽŐƌĂŵƐ ĂŶĚ ĐĂůů ĐĞŶƚĞƌƐ͕ ŝŶĐůƵĚŝŶŐ W,W ƚĞůĞƉŚŽŶĞ ŶƵŵďĞƌƐ͕ ^ƚĂƚĞ &Ăŝƌ ,ĞĂƌŝŶŐ ƚĞůĞƉŚŽŶĞ ĂŶĚ ĂĚĚƌĞƐƐ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĂŶĚ ŽƚŚĞƌ ŬĞLJ ƉŽŝŶƚƐ ŽĨ ĐŽŶƚĂĐƚ͘ dŚĞ sZ^ ǁŝůů ĚLJŶĂŵŝĐĂůůLJ ƌŽƵƚĞ ĐĂůůĞƌƐ ƚŽ ƐĞůĨͲƐĞƌǀŝĐĞ ŵĞŶƵƐ Žƌ ƚŽ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ůĂŶŐƵĂŐĞ ĂŶĚͬŽƌ ƐŬŝůůͲƐĞƚ ƋƵĞƵĞ ŝŶ ŽƵƌ ĨŽƌ ĂƐƐŝƐƚĂŶĐĞ ĨƌŽŵ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ͘ LJ ŵĂŬŝŶŐ ĂƵƚŽŵĂƚĞĚ͕ ƚĞůĞƉŚŽŶĞͲďĂƐĞĚ ƐĞůĨͲƐĞƌǀŝĐĞ ĞĂƐŝůLJ ĂĐĐĞƐƐŝďůĞ ƚŽ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ǁĞ ĐĂŶ ŽƉƚŝŵŝnjĞ ĨůĞdžŝďŝůŝƚLJ ĂŶĚ ĐŽŶǀĞŶŝĞŶĐĞ ǁŚŝůĞ ĞŶƐƵƌŝŶŐ ƚŚĂƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ŐĞƚ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ĂƐƐŝƐƚĂŶĐĞ ƚŚĞLJ ŶĞĞĚ͘ ŶĚ ǁŝƚŚ ĞĂƐLJͲƚŽͲƵƐĞ͕ ĞĨĨĞĐƚŝǀĞ ƐĞůĨͲƐĞƌǀŝĐĞ ŽƉƚŝŽŶƐ ĂǀĂŝůĂďůĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ǁĞ ĐĂŶ ŝŶĐƌĞĂƐĞ ƚŚĞ ŽǀĞƌĂůů ƵƐĞ ŽĨ ƐĞůĨͲƐĞƌǀŝĐĞ͕ ǁŚŝĐŚ ĐŽŶƚƌŝďƵƚĞƐ ƚŽ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĐŽƐƚ ĐŽŶƚĂŝŶŵĞŶƚ ĨŽƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ϯ͘ dŚĞƐĞ ĂƌĞ ũƵƐƚ Ă ĨĞǁ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ĞdžĂŵƉůĞƐ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ƚŚĂƚ ǁĞ ŚĂǀĞ ƚŚĞ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ĞdžƉĞƌƚŝƐĞ ƚŽ ǁŽƌŬ ĐŽůůĂďŽƌĂƚŝǀĞůLJ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ŝŵƉůĞŵĞŶƚ ĂŶ ĞĨĨĞĐƚŝǀĞ sZ^ ƐŽůƵƚŝŽŶ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ tĞ ƉƌŽǀŝĚĞ ĂĚĚŝƚŝŽŶĂů ĚĞƚĂŝůƐ ŽŶ ŽƵƌ ƉƌŽƉŽƐĞĚ sZ^ ĨŽƌ EŽƌƚŚ ĂƌŽůŝŶĂ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ƌĞƐƉŽŶƐĞ͘ ƚ ŽƵƌ DŝĐŚŝŐĂŶ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ^ĞƌǀŝĐĞƐ WƌŽũĞĐƚ͕ ǁĞ ǁĞƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ƚĂŬĞ ŽǀĞƌ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ƐƵƉƉŽƌƚ ŽĨ ƚŚĞ ƐƚĂƚĞΖƐ ƚĞůĞƉŚŽŶLJ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ tĞ ŝŵƉůĞŵĞŶƚĞĚ Ă ŶĞǁ͕ ĐŽŵƉƌĞŚĞŶƐŝǀĞ sZ^ ƚŽ ƐƚƌĞĂŵůŝŶĞ ĐĂůů ƚƌŝĂŐĞ ĂŶĚ ŽĨĨĞƌ ŶĞǁ ƐĞůĨͲƐĞƌǀŝĐĞ ŽƉƚŝŽŶƐ ĨŽƌ ƚŚĞ DĞĚŝĐĂŝĚ ĞŶĞĨŝĐŝĂƌLJ ,ĞůƉůŝŶĞ͕ ǁŚŝĐŚ ƌĞĐĞŝǀĞƐ ĂŶ ĂǀĞƌĂŐĞ ŽĨ ϭϭϭ͕ϯϵϴ ĐĂůůƐ ƉĞƌ ŵŽŶƚŚ͘ KƵƌ sZ^ ĂŶĚ ƚĞůĞƉŚŽŶLJ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŝŶĐƌĞĂƐĞĚ ĐĂůů ĐĞŶƚĞƌ ĞĨĨŝĐŝĞŶĐŝĞƐ ǁŚŝůĞ ŝŵƉƌŽǀŝŶŐ ƐĞƌǀŝĐĞ ƚŽ ƉƌŽŐƌĂŵ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ƉƌĞǀŝŽƵƐůLJ ŚĂĚ ĚŝĨĨŝĐƵůƚLJ ŐĞƚƚŝŶŐ ƚŚƌŽƵŐŚ ƚŽ ƚŚĞ ^ƚĂƚĞ͛Ɛ ƐLJƐƚĞŵ͘ „ WĂŐĞ ϴ͘ϴͲϳ ŽĨ ϭϱ džŚŝďŝƚ ϴ͘ϴͲϯ͗ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ sZ^ dƌĞĞ͘ ƵƚŽŵĂƚĞĚ ƐĞůĨͲƐĞƌǀŝĐĞ ŝŶ ƚŚĞ sZ^ ƉƌŽǀŝĚĞƐ ĨůĞdžŝďŝůŝƚLJ ĂŶĚ ĐŽŶǀĞŶŝĞŶĐĞ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ŽďƚĂŝŶ ƉƌŽŐƌĂŵ͕ ƉůĂŶ͕ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ƐƚĂƚƵƐ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶLJ ƚŝŵĞ ŽĨ ƚŚĞ ĚĂLJ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ƐŽĨƚǁĂƌĞ ǁŝůů ĂƵƚŽͲƉŽƉƵůĂƚĞ ǁŝƚŚ ƌĞůĞǀĂŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ĨƌŽŵ ƉƌŝŽƌ ĐŽŶƚĂĐƚƐ Žƌ ĐĂůůƐ ĂƐ ǁĞůů ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌLJ ĚĞŵŽŐƌĂƉŚŝĐ͕ ŵĞŵďĞƌ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĞůŝŐŝďŝůŝƚLJ ŝŶĨŽƌŵĂƚŝŽŶ ĨƌŽŵ E dƌĂĐŬƐͬE & ^d͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ĐĂƉĂĐŝƚLJ ƚŽ ŚĂŶĚůĞ Ăůů ƚĞůĞƉŚŽŶĞ ĐĂůůƐ ĚƵƌŝŶŐ ŶŽƌŵĂů ďƵƐŝŶĞƐƐ ŚŽƵƌƐ͕ ĂĨƚĞƌ ŚŽƵƌƐ ĂŶĚ ƉĞĂŬ ŚŽƵƌƐ͘ WĂŐĞ ϴ͘ϴͲϴ ŽĨ ϭϱ tĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ ǁĞ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ŵĂŝŶƚĂŝŶ ƚŚĞ ĐĂƉĂĐŝƚLJ ƚŽ ŚĂŶĚůĞ Ă ŵŝŶŝŵƵŵ ŽĨ ϭϬϬ ĐĂůůƐ ƐŝŵƵůƚĂŶĞŽƵƐůLJ͕ ǁŝƚŚ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ƐĐĂůĞ ƚŽ ϭϱϬ ĐĂůůƐ ƐŝŵƵůƚĂŶĞŽƵƐůLJ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚƐ Žƌ ŝŶ ƚŚĞ ĞǀĞŶƚ ŽĨ Ă W,W ƚĞƌŵŝŶĂƚŝŽŶ Žƌ ŽƚŚĞƌ ƐŝŐŶŝĨŝĐĂŶƚ ĐŚĂŶŐĞ ŝŶ ƉƌŽǀŝĚĞƌ ŶĞƚǁŽƌŬƐ ƚŚĂƚ ƌĞƐƵůƚ ŝŶ ǀŽůƵŵĞ ƐƉŝŬĞƐ͘ dŚƌŽƵŐŚ ƚŚĞ ŽƉĞƌĂƚŝŽŶ ŽĨ ŶƵŵĞƌŽƵƐ ůĂƌŐĞ ŚĞĂůƚŚ ƐĞƌǀŝĐĞƐ ĐŽŶƚĂĐƚ ĐĞŶƚĞƌ ƉƌŽũĞĐƚƐ͕ D y/Dh^ ŝƐ ĂĐĐƵƐƚŽŵĞĚ ƚŽ ƐĐĂůŝŶŐ ŽƵƌ ŽƉĞƌĂƚŝŽŶƐ ƵƉ ĂŶĚ ĚŽǁŶ ƚŽ ŵĞĞƚ ĐŚĂŶŐŝŶŐ ǀŽůƵŵĞƐ ĚƵĞ ƚŽ ƉƌŽŐƌĂŵ ĞdžƉĂŶƐŝŽŶ ĂŶĚͬŽƌ ƌĞĨŽƌŵ͕ ƉůĂŶŶĞĚ ĂŶĚ ƵŶĞdžƉĞĐƚĞĚ ŝŶĐƌĞĂƐĞƐ ŝŶ ĐĂƐĞůŽĂĚƐ͕ ĂŶĚ ŽƚŚĞƌ ĐŚĂŶŐĞƐ͘ Ɛ Ă ƌĞƐƵůƚ͕ ǁĞ ƵŶĚĞƌƐƚĂŶĚ ŚŽǁ ƚŽ ďƵŝůĚ ĂŶĚ ĂĚĂƉƚ ŽƵƌ ŽƉĞƌĂƚŝŽŶĂů ƐŽůƵƚŝŽŶƐ ĂŶĚ ĨĂĐŝůŝƚLJ ƉůĂŶƐ ƚŽ ϲ͘ KƵƌ ŝƐĐŽ h ƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƐLJƐƚĞŵ ŝƐ ŚŽƐƚĞĚ ŝŶ ŽƵƌ ĐŽƌƉŽƌĂƚĞ ĚĂƚĂ ĐĞŶƚĞƌ ŝŶ ŶŐůĞǁŽŽĚ͕ ŽůŽƌĂĚŽ͕ ǁŝƚŚ Ă ƌĞĚƵŶĚĂŶƚ ďĂĐŬƵƉ ƐLJƐƚĞŵ ŝŶ ŽƵƌ ƐĞĐŽŶĚĂƌLJ ĚĂƚĂ ĐĞŶƚĞƌ ŝŶ ƵůƉĞƉĞƌ͕ sŝƌŐŝŶŝĂ͘ dŚŝƐ ĨƵůůLJͲƌĞĚƵŶĚĂŶƚ ĐŽŶĨŝŐƵƌĂƚŝŽŶ ƉƌŽǀŝĚĞƐ ƉƌŽŵƉƚ ĨĂŝůŽǀĞƌ ŝŶ ƚŚĞ ĞǀĞŶƚ ŽĨ Ă ϯϭϵ ŚĂƉĂŶŽŬĞ ZŽĂĚ ŝŶ ZĂůĞŝŐŚ͕ EŽƌƚŚ ĂƌŽůŝŶĂ ƐLJƐƚĞŵ Žƌ ĐŽŵƉŽŶĞŶƚ ĨĂŝůƵƌĞ ŝŶ ƚŚĞ ƉƌŝŵĂƌLJ ĚĂƚĂ ĐĞŶƚĞƌ͘ ŝƐĐŽ h ƵƐĞƐ ƚŚĞ D y/Dh^ ŶĞƚǁŽƌŬ džŚŝďŝƚ ϴ͘ϴͲϰ͗ Ăůů ĞŶƚĞƌ &ĂĐŝůŝƚŝĞƐ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ĨŽƌ ƚŚĞ ƚĞůĞƉŚŽŶĞ ;ĚĂƚĂͿ ƚƌĂŶƐŵŝƐƐŝŽŶƐ͘ tŝƚŚ ƚŚŝƐ ŶĞƚǁŽƌŬ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂŶĚ ĐĞŶƚƌĂůŝnjĞĚ ƐĞƌǀŝĐĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĨŝŶĂůŝnjĞ ŽƵƌ ĨĂĐŝůŝƚLJ ƐĞůĞĐƚŝŽŶ ĨŽƌ ƚŚĞ ĐĞŶƚĞƌ͕ ŽƵƌ ƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƐLJƐƚĞŵ ŝƐ ĂǀĂŝůĂďůĞ Ϯϰdžϳ ǁŝƚŚ ůŝƚƚůĞ ƚŽ ŶŽ ŝŶƚĞƌƌƵƉƚŝŽŶ͘ /Ŷ EŽƌƚŚ ĂƌŽůŝŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐĂůů ĐĞŶƚĞƌ ďĂƐĞĚ ŽŶ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ŝƐĐŽ h ƐLJƐƚĞŵ ŝƐ ĐŽǀĞƌĞĚ ďLJ Ă ǀĞŶĚŽƌ ŵĂŝŶƚĞŶĂŶĐĞ ĂŐƌĞĞŵĞŶƚ ƉƌŽǀŝĚŝŶŐ ĂǀĂŝůĂďŝůŝƚLJ Ăƚ ĐŽŶƚƌĂĐƚ ĂǁĂƌĚ͘ ƐĞƌǀŝĐĞ ĂŶĚ ƐƵƉƉŽƌƚ ĨŽƌ ŚĂƌĚǁĂƌĞ ĂŶĚ ƐŽĨƚǁĂƌĞ ŝƐƐƵĞƐ͘ KƵƌ ĨƵůůLJͲƌĞĚƵŶĚĂŶƚ ĂƌĐŚŝƚĞĐƚƵƌĞ ĂŶĚ ƌĞĂĚLJ ĂĐĐĞƐƐ ƚŽ ǀĞŶĚŽƌ ƐƵƉƉŽƌƚ ŚĞůƉƐ ƚŽ ĞŶƐƵƌĞ ĐŽŶƚŝŶƵŝƚLJ ŽĨ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ƵŶŝŶƚĞƌƌƵƉƚĞĚ ƐĞƌǀŝĐĞ ƚŽ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ϰϬϮϰ ^ƚŝƌƌƵƉ ƌĞĞŬ ƌŝǀĞ ŝŶ ƵƌŚĂŵ͕ EŽƌƚŚ ĂƌŽůŝŶĂ KĨĨĞƌŽƌ ŵƵƐƚ /ĚĞŶƚŝĨLJ ůŽĐĂƚŝŽŶ ŽĨ ƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶ ƐLJƐƚĞŵ ĂŶĚ ĐĂůů ĐĞŶƚĞƌ ǁŚŝĐŚ ǁŝůů ƐƵƉƉŽƌƚ ƚŚŝƐ ĐŽŶƚƌĂĐƚ͘ tĞ ƉůĂŶ ƚŽ ŽƉĞƌĂƚĞ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐĂůů ĐĞŶƚĞƌ ŽƵƚ ŽĨ Ă ĨĂĐŝůŝƚLJ ŝŶ ƚŚĞ ZĂůĞŝŐŚͲ ƵƌŚĂŵ ĂƌĞĂ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ǁŚĞƌĞ ǁĞ ǁŝůů ŚĂǀĞ ƚŚĞ ĐĂƉĂďŝůŝƚLJ ĂŶĚ ĨůĞdžŝďŝůŝƚLJ ƚŽ ŵĞĞƚ ĂŶƚŝĐŝƉĂƚĞĚ ĚĂŝůLJ ĐĂůů ǀŽůƵŵĞƐ͘ tĞ ŚĂǀĞ ŝĚĞŶƚŝĨŝĞĚ ƚǁŽ ƉŽƚĞŶƚŝĂů ĨĂĐŝůŝƚŝĞƐ͕ ĂƐ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϴͲϰ͗ Ăůů ĞŶƚĞƌ &ĂĐŝůŝƚŝĞƐ͕ ďŽƚŚ ŽĨ ǁŚŝĐŚ ĂƌĞ ŝŶ ĐůŽƐĞ ƉƌŽdžŝŵŝƚLJ ƚŽ ƚŚĞ ^ƚĂƚĞ ŽĨĨŝĐĞƐ͘ dŚĞ ĨŝƌƐƚ ƐŝƚĞ ŝƐ ůŽĐĂƚĞĚ Ăƚ ϯϭϵ ŚĂƉĂŶŽŬĞ ZŽĂĚ ŝŶ ZĂůĞŝŐŚ ĂŶĚ ŝƐ ϯ͘Ϯ ŵŝůĞƐ ;ϴ ŵŝŶƵƚĞƐͿ ĨƌŽŵ ƚŚĞ ^ƚĂƚĞ ŽĨĨŝĐĞƐ͘ dŚĞ ƐĞĐŽŶĚ ƐŝƚĞ ŝƐ ůŽĐĂƚĞĚ Ăƚ ϰϬϮϰ ^ƚŝƌƌƵƉ ƌĞĞŬ ƌŝǀĞ ŝŶ ƵƌŚĂŵ ĂŶĚ ŝƐ ϭϳ͘ϵ ŵŝůĞƐ ;Ϯϭ ŵŝŶƵƚĞƐͿ ĨƌŽŵ ƚŚĞ ^ƚĂƚĞ ŽĨĨŝĐĞƐ͘ ŽƚŚ ƐŝƚĞƐ ŚĂǀĞ ŽŶͲƐŝƚĞ ƉĂƌŬŝŶŐ ĂŶĚ ĂƌĞ ĐůŽƐĞ ƚŽ ƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂĨƚĞƌ ĐŽŶƚƌĂĐƚ ĂǁĂƌĚ ƚŽ ĨŝŶĂůŝnjĞ ŽƵƌ ĨĂĐŝůŝƚLJ ƐĞůĞĐƚŝŽŶ ďĂƐĞĚ ŽŶ ĂǀĂŝůĂďŝůŝƚLJ Ăƚ ƚŚĞ ƚŝŵĞ͘ tĞ ǁŝůů ƵƐĞ ŽƵƌ ĞdžŝƐƚŝŶŐ͕ ƐŚĂƌĞĚ ĨĂĐŝůŝƚLJ ůŽĐĂƚĞĚ ŝŶ ,ĂŵƉƚŽŶ͕ sŝƌŐŝŶŝĂ͕ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ƉĞĂŬ ǀŽůƵŵĞ ƐƵƌŐĞƐ ƚŚĂƚ ǁŝůů ŽĐĐƵƌ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚƐ ĂŶĚ ƚŚĞ ƉŚĂƐĞƐ ŽĨ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƚƌĂŶƐŝƚŝŽŶ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƉƌŽǀŝĚŝŶŐ ĨůĞdžŝďŝůŝƚLJ ĨŽƌ ŽǀĞƌĨůŽǁ ĐĂƉĂĐŝƚLJ͕ ǁĞ ǁŝůů ƵƐĞ ŽƵƌ ,ĂŵƉƚŽŶ ƐŝƚĞ ĨŽƌ ďƵƐŝŶĞƐƐ ĐŽŶƚŝŶƵŝƚLJ͕ ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ ŽƵƌ ƌĞƐƉŽŶƐĞ ƚŽ YƵĞƐƚŝŽŶ ϳ ŝŶ ƚŚŝƐ ƐĞĐƚŝŽŶ ŽĨ ŽƵƌ ƉƌŽƉŽƐĂů͘ ϱ͘ /Ĩ Ă ďĞŶĞĨŝĐŝĂƌLJ ĐŚŽŽƐĞƐ ƚŽ Ğdžŝƚ ƚŚĞ sZ^ ĂŶĚ ďĞ ĐŽŶŶĞĐƚĞĚ ǁŝƚŚ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ͕ ǁĞ ǁŝůů ƵƐĞ ŽŵƉƵƚĞƌ dĞůĞƉŚŽŶLJ /ŶƚĞŐƌĂƚŝŽŶ ; d/Ϳ ƚĞĐŚŶŽůŽŐLJ ƚŽ ƚƌĂŶƐĨĞƌ ĐĂůůĞƌ ĚĂƚĂ ƚŚĂƚ ǁĂƐ ĐŽůůĞĐƚĞĚ ŝŶ ƚŚĞ sZ^ ĂŶĚ ƉƌĞƐĞŶƚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ D yĞď ƌĞĐŽƌĚ ŽŶ ƚŚĞ ƐĐƌĞĞŶ ŽĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŚŽ ǁŝůů ďĞ ŚĂŶĚůŝŶŐ ƚŚĞ ĐĂůů͘ dŚĞ D yĞď ƐĐƌĞĞŶ ǁŝůů ďĞ ĂƵƚŽͲƉŽƉƵůĂƚĞĚ ǁŝƚŚ ƚŚĞ ŵŽƐƚ ĐƵƌƌĞŶƚ ďĞŶĞĨŝĐŝĂƌLJ ĚĂƚĂ͕ ŝŶĐůƵĚŝŶŐ ĚĞŵŽŐƌĂƉŚŝĐ͕ ĞŶƌŽůůŵĞŶƚ͕ ĂŶĚ ĞůŝŐŝďŝůŝƚLJ ĚĂƚĂ͕ ǁŚŝĐŚ ǁĞ ǁŝůů ƌĞĐĞŝǀĞ ǀŝĂ ƌĞĂůͲƚŝŵĞ ǁĞď ƐĞƌǀŝĐĞ ĐĂůůƐ ƚŽ E & ^d ĂŶĚͬŽƌ E dƌĂĐŬƐ͘ dŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƌĞĐŽƌĚ ŝŶ D yĞď ǁŝůů ŝŶĐůƵĚĞ Ă ĨƵůů ŚŝƐƚŽƌLJ ŽĨ Ăůů ƉƌŝŽƌ ĐŽŶƚĂĐƚƐ ĂŶĚ ŝŶƚĞƌĂĐƚŝŽŶƐ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŚĂƐ ŚĂĚ ǁŝƚŚ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐĂůů ĐĞŶƚĞƌ͘ dŚŝƐ ƐĐƌĞĞŶ ƉŽƉ ĨƵŶĐƚŝŽŶĂůŝƚLJ ǁŝůů ĐŽŶƚƌŝďƵƚĞ ƚŽ Ă ƌŝĐŚĞƌ ďĞŶĞĨŝĐŝĂƌLJ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ƐŚŽƌƚĞƌ ĐĂůů ŚĂŶĚůĞ ƚŝŵĞ ďĞĐĂƵƐĞ ŽƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ǁŝůů ŚĂǀĞ Ăůů ƌĞůĞǀĂŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ Ăƚ ƚŚĞŝƌ ĨŝŶŐĞƌƚŝƉƐ ƚŽ ĨĂĐŝůŝƚĂƚĞ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ͘ tĞ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ŚŽǁ ǁĞ ƵƐĞ D yĞď ƚŽ ƚƌĂĐŬ ĂŶĚ ŵĂŝŶƚĂŝŶ ĐƵƌƌĞŶƚ ďĞŶĞĨŝĐŝĂƌLJ ĚĂƚĂ ĂŶĚ ĐŽŶƚĂĐƚ ŚŝƐƚŽƌLJ ŝŶ ^ĞĐƚŝŽŶ ϴ͘ϭϬ͗ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͘ ϰ͘ KƵƌ ƐŽƉŚŝƐƚŝĐĂƚĞĚ ďƵƐŝŶĞƐƐ ƉƌŽĐĞƐƐ ŵŽĚĞůŝŶŐ ƵƐĞƐ ĐƌŝƚĞƌŝĂ ƐƵĐŚ ĂƐ ǁŽƌŬ ǀŽůƵŵĞƐ͕ ƐĞƌǀŝĐĞ ůĞǀĞůƐ͕ ŚŽƵƌůLJ ǀĂƌŝĂďŝůŝƚLJ͕ ŶĞǁ ŚŝƌĞ ƌĂŵƉͲƵƉ ƚŝŵĞ͕ ĂŶĚ ƉĞĂŬ ǀŽůƵŵĞ ĞƐƚŝŵĂƚĞƐ ƚŽ ƉƌŽĚƵĐĞ ĂĐĐƵƌĂƚĞ ƐƚĂĨĨ ĨŽƌĞĐĂƐƚƐ ĂŶĚ ĂŶ ŽƉƚŝŵĂůůLJͲƐƚƌƵĐƚƵƌĞĚ ǁŽƌŬĨŽƌĐĞ͘ WĂŐĞ ϴ͘ϴͲϵ ŽĨ ϭϱ ^ĐĂůĂďůĞ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ KƵƌ ƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŝƐ ŚŝŐŚůLJ ƐĐĂůĂďůĞ ĂŶĚ ƉƌŽǀŝĚĞƐ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ĨůĞdžŝďŝůŝƚLJ ƚŽ ĂĐĐŽŵŵŽĚĂƚĞ ƐŚŽƌƚͲƚĞƌŵ ĐĂůů ƐƵƌŐĞƐ͕ ĂƐ ǁĞůů ĂƐ ůŽŶŐͲ ƚĞƌŵ ĐĂůů ǀŽůƵŵĞ ĐŚĂŶŐĞ ŽǀĞƌ ƚŝŵĞ͘ dŚĞ ŝƐĐŽ ƐLJƐƚĞŵ ƵƐĞƐ sŽŝĐĞ ŽǀĞƌ /ŶƚĞƌŶĞƚ WƌŽƚŽĐŽů ;sŽ/WͿ ƚĞĐŚŶŽůŽŐLJ ƚŽ ƚƌĂŶƐŵŝƚ ƚĞůĞƉŚŽŶĞ ĐĂůůƐ ŽǀĞƌ ŽƵƌ ĞƐƚĂďůŝƐŚĞĚ͕ ƐĞĐƵƌĞ͕ ĐŽƌƉŽƌĂƚĞ ŶĞƚǁŽƌŬ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ KƵƌ ďĂŶĚǁŝĚƚŚ ŝƐ ďƵƌƐƚĂďůĞ͕ ĂůůŽǁŝŶŐ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ƚŽ ƋƵŝĐŬůLJ ŝŶĐƌĞĂƐĞ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ĂǀĂŝůĂďůĞ ĐĂƉĂĐŝƚLJ ĚƵƌŝŶŐ ƉĞĂŬ ĐĂůů ǀŽůƵŵĞ ƉĞƌŝŽĚƐ͘ dŚŝƐ ƉƌŽǀŝĚĞƐ ƐŝŐŶŝĨŝĐĂŶƚ ĨůĞdžŝďŝůŝƚLJ ŝŶ ŵĂŶĂŐŝŶŐ ƉĞƌŝŽĚŝĐ ĐĂůů ƐƵƌŐĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƉƌŽŐƌĂŵ ŝŶŝƚŝĂƚŝǀĞƐ ƚŚĂƚ ĂĨĨĞĐƚ ĐĂůů ƉĂƚƚĞƌŶƐ͘ dŚŝƐ ǁŝůů ďĞ ƉĂƌƚŝĐƵůĂƌůLJ ďĞŶĞĨŝĐŝĂů ŝŶ ĂĚĂƉƚŝŶŐ ƚŽ ƚŚĞ ĚLJŶĂŵŝĐ ǀŽůƵŵĞ ƉĂƚƚĞƌŶƐ ƚŚĂƚ ǁŝůů ŽĐĐƵƌ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ǀĂƌŝŽƵƐ ŵĂŶĂŐĞĚ ĐĂƌĞ /Ŷ ĂĚĚŝƚŝŽŶ͕ ĞĐŝƐŝŽŶWŽŝŶƚ / ĂŶĂůLJƚŝĐƐ ĂůůŽǁ ƵƐ ƚŽ ƚƌĂĐŬ ĂŶĚ ǀŝĞǁ ƚŚĞ ƉƌŽŐƌĞƐƐ ŽĨ Ă ƉƌŽĐĞƐƐ ĨƌŽŵ ŵƵůƚŝƉůĞ ƐŽƵƌĐĞ ƐLJƐƚĞŵƐ ƚŚƌŽƵŐŚ ŽŶĞ ĐŽŶƐŽůŝĚĂƚĞĚ ǀŝĞǁ͘ &Žƌ ĞdžĂŵƉůĞ͕ ŽƵƌ Ăůů ĞŶƚĞƌ DĂŶĂŐĞƌ ĐĂŶ ǀŝĞǁ ƚŚĞ ƌĞůĂƚŝŽŶƐŚŝƉ ďĞƚǁĞĞŶ ƚŚĞ ĂǀĞƌĂŐĞ ƐƉĞĞĚ ƚŽ ĂŶƐǁĞƌ ĂŶĚ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ĂǀĂŝůĂďŝůŝƚLJ ĨƌŽŵ ŽƵƌ E/ / y ǁŽƌŬĨŽƌĐĞ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ͘ ĞĐŝƐŝŽŶWŽŝŶƚ / ƉƌŽǀŝĚĞƐ ƌĞĂůͲƚŝŵĞ ĂůĞƌƚƐ ŽĨ ƵŶĞdžƉĞĐƚĞĚ ŽƵƚĐŽŵĞƐ͕ ǁŚŝĐŚ ĐĂŶ ƌĞǀĞĂů ŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ ƚŚƌĞĂƚƐ͕ ĂŶĚ ŝŶĞĨĨŝĐŝĞŶĐŝĞƐ ǁŝƚŚŝŶ ĂŶ ŽƉĞƌĂƚŝŽŶĂů ƉƌŽĐĞƐƐ͘ &Žƌ ĞdžĂŵƉůĞ͕ ŝĨ ĐĂůů ǀŽůƵŵĞƐ ĂƌĞ ĞdžĐĞĞĚŝŶŐ ƚŚĞ ŚŽƵƌůLJ ĨŽƌĞĐĂƐƚ ďLJ Ă ŵĞĂƐƵƌĂďůĞ ĂŵŽƵŶƚ͕ ĞĐŝƐŝŽŶWŽŝŶƚ / ĚĞůŝǀĞƌƐ ĂůĞƌƚƐ ƚŽ ŵĂŬĞ ƐƚĂĨĨ ĂĚũƵƐƚŵĞŶƚƐ ŝŶ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ƚŽ ŚĂŶĚůĞ ƚŚĞ ŝŶĨůƵdž͘ tŽƌŬĨŽƌĐĞ DĂŶĂŐĞŵĞŶƚ KƵƌ ƉƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚ ƚĞĂŵ͕ ǁŝƚŚ ƚŚĞ ƐƵƉƉŽƌƚ ŽĨ ŽƵƌ ĐŽƌƉŽƌĂƚĞ W y ƚĞĂŵ͕ ǁŝůů ĐŽŶƚŝŶƵĂůůLJ ŵŽŶŝƚŽƌ ĂŶĚ ĂĚũƵƐƚ ŽƵƌ ƐƚĂĨĨ ƉůĂŶŶŝŶŐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ůŝĨĞ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ͘ KŶŐŽŝŶŐ ƐƚĂĨĨ ĨŽƌĞĐĂƐƚŝŶŐ ŝƐ ĞŶŚĂŶĐĞĚ ďLJ ŽƵƌ E/ / y t&D ƐLJƐƚĞŵ͕ ǁŚŝĐŚ ĞŶĂďůĞƐ ƵƐ ƚŽ ŵĂŶĂŐĞ ĨůƵĐƚƵĂƚŝŶŐ ƐƚĂĨĨŝŶŐ ŶĞĞĚƐ ďĂƐĞĚ ŽŶ ĂŶƚŝĐŝƉĂƚĞĚ ĐĂůů ǀŽůƵŵĞƐ ĂŶĚ ƐŬŝůů ƐĞƚƐ ŶĞĞĚĞĚ ŽŶ Ă ĚĂŝůLJ ĂŶĚ ŚŽƵƌůLJ ŝŶƚĞƌǀĂů ďĂƐŝƐ͘ tĞ ƵƐĞ ƚŚĞ E/ / y t&D ƚŽŽů ƚŽ ĂŶĂůLJnjĞ ŚŝƐƚŽƌŝĐĂů ĂŶĚ ƌĞĂůͲƚŝŵĞ ĐĂůů ĐĞŶƚĞƌ ǀŽůƵŵĞƚƌŝĐ ĚĂƚĂ ƚŽ ŵĂŶĂŐĞ ƐƚĂĨĨŝŶŐ ůĞǀĞůƐ ĂŶĚ ǁŽƌŬůŽĂĚƐ ƚŽ ŵĞĞƚ ĂŶƚŝĐŝƉĂƚĞĚ ĚĞŵĂŶĚƐ͘ ŵŽŶŐ ƚŚĞ ŵĞƚƌŝĐƐ E/ / y ĞǀĂůƵĂƚĞƐ ĂƌĞ ĐĂůů ǀŽůƵŵĞ ƉĂƚƚĞƌŶƐ͕ ŚŝƐƚŽƌŝĐĂů ƚƌĞŶĚƐ͕ ĂŶĚ ƐĞĂƐŽŶĂů ǀĂƌŝĂŶĐĞƐ͘ dŚŝƐ ƚŽŽů ĨĂĐŝůŝƚĂƚĞƐ ƚŚĞ ƐĐŚĞĚƵůŝŶŐ ŽĨ ĂŵƉůĞ ƐƚĂĨĨ ƚŽ ŵĞĞƚ ƚŚĞ ĚĂŝůLJ ǀŽůƵŵĞƐ͕ ǁŚŝůĞ ŵĞĞƚŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ƉƌŽǀŝĚŝŶŐ ƚƌĂŶƐƉĂƌĞŶĐLJ ŝŶƚŽ ƐƚĂĨĨ ƐĐŚĞĚƵůĞƐ ĂŶĚ ǁŽƌŬůŽĂĚ͕ ĂĚũƵƐƚŝŶŐ ĂĐĐŽƌĚŝŶŐůLJ ĨŽƌ ĂŶLJ ƉůĂŶŶĞĚ Žƌ ƵŶƉůĂŶŶĞĚ ƚŝŵĞ ŽĨĨ͘ E/ / y ŐŝǀĞƐ ŽƵƌ ƉƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚ ƚĞĂŵ ŝŶƐƚĂŶƚ ǀŝƐŝďŝůŝƚLJ ŝŶƚŽ ƉƌŽũĞĐƚ ŽƉĞƌĂƚŝŽŶƐ ǁŝƚŚ ƌĞĂůͲƚŝŵĞ ĚĂƚĂ ƚŽ ŝŶĨŽƌŵ ƌĂƉŝĚ ĂĚũƵƐƚŵĞŶƚƐ ǁŚĞŶ ŶĞĞĚĞĚ͕ ĨŽƌ ĞdžĂŵƉůĞ͕ ŝĚĞŶƚŝĨLJŝŶŐ ƚŚĞ ŶĞĞĚ ĨŽƌ ŽǀĞƌƚŝŵĞ ĚƵƌŝŶŐ ŚŝŐŚͲǀŽůƵŵĞ ƚŝŵĞƐ Žƌ ƌĞĚƵĐŝŶŐ ƐƚĂĨĨ ůĞǀĞůƐ ĚƵƌŝŶŐ ůŽǁĞƌ ǀŽůƵŵĞ ƚŝŵĞƐ͘ D y/Dh^ ƵŶĚĞƌƐƚĂŶĚƐ ƚŚĞ ĐƌŝƚŝĐĂů ďĂůĂŶĐĞ ďĞƚǁĞĞŶ ĞĨĨŝĐŝĞŶƚ͕ ŽƉƚŝŵŝnjĞĚ ƐƚĂĨĨ ƉůĂŶŶŝŶŐ ĂŶĚ ƚŚĞ ŶĞĞĚ ƚŽ ŵĞĞƚ Ăůů ŬĞLJ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞƚƌŝĐƐ͘ KƵƌ ƐŽƉŚŝƐƚŝĐĂƚĞĚ ŵŽĚĞůƐ ĂĐĐŽƵŶƚ ĨŽƌ ǁŽƌŬ ǀŽůƵŵĞƐ͕ ƐĞƌǀŝĐĞ ůĞǀĞůƐ ĂŶĚ ŬĞLJ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶĚŝĐĂƚŽƌƐ͕ ŚŽƵƌůLJ ǀĂƌŝĂďŝůŝƚLJ͕ ƌĂŵƉͲƵƉ ƚŝŵĞ ĨŽƌ ŶĞǁ ŚŝƌĞƐ͕ ƚƌĂŝŶŝŶŐ ĂŶĚ ƌĞͲƚƌĂŝŶŝŶŐ͕ ĂŶĚ ƐƚĂĨĨŝŶŐ ƉĂƚƚĞƌŶƐ ƚŽ ŵĞĞƚ ƉĞĂŬ ǀŽůƵŵĞ ĞƐƚŝŵĂƚĞƐ͘ KƵƌ WD ŵĞƚŚŽĚŽůŽŐLJ ĨĂĐƚŽƌƐ ƚŚĞƐĞ ĐƌŝƚĞƌŝĂ ĂŶĚ ŬĞLJ ĐĂůů ĐĞŶƚĞƌ ŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐ͕ ƐƵĐŚ ĂƐ sZ^ ƵƐĂŐĞ͕ ƐŽĐŝĂů ŵĞĚŝĂ ŝŶƚĞƌĂĐƚŝŽŶƐ͕ ĂŶĚ ĨŽůůŽǁͲƵƉ ŽƵƚďŽƵŶĚ ĐĂůůƐ͕ ŝŶƚŽ ŽƵƌ ƐƚĂĨĨ ŵŽĚĞůŝŶŐ͘ KƵƌ ŵŽĚĞůƐ ĂƌĞ ĚLJŶĂŵŝĐ ĂŶĚ ĂůůŽǁ ƵƐ ƚŽ ƐŝŵƵůĂƚĞ ĐŚĂŶŐĞƐ ƚŽ ŽƉĞƌĂƚŝŽŶĂů ƉƌŽĐĞƐƐĞƐ ĂŶĚ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ŝŵƉĂĐƚ ƚŚĞƐĞ ĐŚĂŶŐĞƐ ǁŝůů ŚĂǀĞ ŽŶ ƐƚĂĨĨŝŶŐ ŶĞĞĚƐ͘ dŚŝƐ ĞŶĂďůĞƐ ƵƐ ƚŽ ĂĐĐƵƌĂƚĞůLJ ĨŽƌĞĐĂƐƚ ƌĞƐŽƵƌĐĞ ŶĞĞĚƐ ĂŶĚ ƉƌŽǀŝĚĞ ĂŶ ŽƉƚŝŵĂůůLJͲƐƚƌƵĐƚƵƌĞĚ ǁŽƌŬĨŽƌĐĞ ƚŽ ƐƵƉƉŽƌƚ ĐĂůů ĂŶĚ ƚĂƐŬ ǀŽůƵŵĞƐ ŽŶ ĂŶ ŽŶŐŽŝŶŐ ďĂƐŝƐ͕ ǁŚŝůĞ ŵĞĞƚŝŶŐ Žƌ ĞdžĐĞĞĚŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ƐƚĂŶĚĂƌĚƐ͘ ƵƐŝŶĞƐƐ WƌŽĐĞƐƐ DŽĚĞůŝŶŐ KƵƌ ƉƌŽƉƌŝĞƚĂƌLJ͕ ďĞƐƚͲŝŶͲĐůĂƐƐ ďƵƐŝŶĞƐƐ ƉƌŽĐĞƐƐ ŵŽĚĞůŝŶŐ ŵĞƚŚŽĚŽůŽŐLJ ŚĂƐ ďĞĞŶ ƐƵĐĐĞƐƐĨƵůůLJ ƵƐĞĚ ŝŶ ŽƵƌ ƉƌŽũĞĐƚƐ ĂĐƌŽƐƐ ƚŚĞ ŶĂƚŝŽŶ ƚŽ ŽƉƚŝŵŝnjĞ ƐƚĂĨĨ ƉůĂŶŶŝŶŐ͘ KƵƌ ĐŽƌƉŽƌĂƚĞ WĞƌĨŽƌŵĂŶĐĞ ŶĂůLJƚŝĐƐ 'ƌŽƵƉ ;W yͿ ŝƐ Ă ƚĞĂŵ ŽĨ ŚŝŐŚůLJͲĐƌĞĚĞŶƚŝĂůĞĚ ĚĂƚĂ ĂŶĂůLJƚŝĐƐ ƉƌŽĨĞƐƐŝŽŶĂůƐ ǁŝƚŚ ĞdžƚĞŶƐŝǀĞ ĞdžƉĞƌŝĞŶĐĞ ƵƐŝŶŐ ŽƵƌ ƉƌŽƉƌŝĞƚĂƌLJ ƐŝŵƵůĂƚŝŽŶ ŵŽĚĞůƐ ƚŽ ƉƌŽǀŝĚĞ ƉƌŽŐƌĂŵ ĂŶĂůLJƚŝĐƐ ĂŶĚ ĞŶĚͲƚŽͲĞŶĚ ƉƌŽĐĞƐƐ ŵŽĚĞůŝŶŐ ƚŚĂƚ ƌĞƐƵůƚ ŝŶ ĂĐĐƵƌĂƚĞ ƐƚĂĨĨ ĨŽƌĞĐĂƐƚƐ ďĂƐĞĚ ŽŶ ĚLJŶĂŵŝĐ ƉƌŽŐƌĂŵ ŶĞĞĚƐ͘ dŚŝƐ ƚĞĂŵ͕ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ŽƵƌ EŽƌƚŚ ĂƌŽůŝŶĂͲďĂƐĞĚ ŽƉĞƌĂƚŝŽŶƐ ůĞĂĚĞƌƐ͕ ǁŝůů ƐƵƉƉŽƌƚ ƚŚĞ ƉƌŽũĞĐƚ ƚŚƌŽƵŐŚŽƵƚ Ăůů ƉŚĂƐĞƐ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ͘ dŚĞLJ ƉůĂLJĞĚ Ă ŬĞLJ ƌŽůĞ ŝŶ ƉƌĞƉĂƌŝŶŐ ŽƵƌ ŝŶŝƚŝĂů ƐƚĂĨĨ ĨŽƌĞĐĂƐƚƐ ĨŽƌ ƚŚŝƐ ƉƌŽƉŽƐĂů͕ ƉƌŽǀŝĚŝŶŐ ĚĞƚĂŝůĞĚ ĂŶĂůLJƐŝƐ ŽĨ ƉƌŽŐƌĂŵ ĂŶĚ ŚŝƐƚŽƌŝĐĂů ǀŽůƵŵĞ ĚĂƚĂ ƚŽ ĚĞǀĞůŽƉ Ă ƚĂŝůŽƌĞĚ ƐƚĂĨĨ ĚĞƉůŽLJŵĞŶƚ ŵŽĚĞů ŶŽƚ ŽŶůLJ ĨŽƌ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ͕ ďƵƚ ĨŽƌ Ăůů ĂƐƉĞĐƚƐ ŽĨ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ŽƉĞƌĂƚŝŽŶƐ͘ ĂĐĐŽƵŶƚ ĨŽƌ ƐĐĂůĂďŝůŝƚLJ ĂŶĚ ĞǀŽůǀŝŶŐ ŶĞĞĚƐ͘ KƵƌ ĂƉƉƌŽĂĐŚ ƚŽ ŵĂŝŶƚĂŝŶŝŶŐ ĂĚĞƋƵĂƚĞ ĐĂƉĂĐŝƚLJ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐĂůů ĐĞŶƚĞƌ Ăƚ Ăůů ƚŝŵĞƐ͕ ŝŶĐůƵĚŝŶŐ ŚŝŐŚͲǀŽůƵŵĞ ƉĞĂŬ ƉĞƌŝŽĚƐ͕ ƌĞǀŽůǀĞƐ ĂƌŽƵŶĚ ƚŚƌĞĞ ŬĞLJ ĂƌĞĂƐ͗ ďƵƐŝŶĞƐƐ ƉƌŽĐĞƐƐ ŵŽĚĞůŝŶŐ ; WDͿ͕ ǁŽƌŬĨŽƌĐĞ ŵĂŶĂŐĞŵĞŶƚ͕ ĂŶĚ ƐĐĂůĂďůĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ ŝŶĐůƵĚŝŶŐ ŽƵƌ ĨƵůůLJͲĞƋƵŝƉƉĞĚ ĐĂůů ĐĞŶƚĞƌ ŽǀĞƌĨůŽǁ ƐŝƚĞ͘ KĨĨĞƌŽƌ ŵƵƐƚ ůŝƐƚ ƚŚĞ ůŽĐĂƚŝŽŶ ŽĨ ĂŶĚ ƉĂƌĂŵĞƚĞƌƐ ĨŽƌ ƚŚĞ ƉůĂŶŶĞĚ ƵƐĂŐĞ ŽĨ ƚŚĞ ŽǀĞƌĨůŽǁ ĐĂůů ĐĞŶƚĞƌ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ƉůĂŶ ĨŽƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ŚĂǀĞ ƌĞĂůͲƚŝŵĞ ƌĞŵŽƚĞ ĂĐĐĞƐƐ ǀŝĂ ƐĞĐƵƌĞ ŝŶƚĞƌŶĞƚ ĐŽŶŶĞĐƚŝŽŶ ƚŽ Ăůů ĐĂůůƐ ĂŶĚ ĐĂůů ƌĞĐŽƌĚŝŶŐƐ͘ ϵ͘ WĂŐĞ ϴ͘ϴͲϭϬ ŽĨ ϭϱ dŚĞ ŽƉĞƌĂƚŝŽŶ ŽĨ ĐĂůů ĐĞŶƚĞƌƐ ĨŽƌ ŚĞĂůƚŚ ĂŶĚ ŚƵŵĂŶ ƐĞƌǀŝĐĞƐ ƉƌŽŐƌĂŵƐ ŝƐ Ă ĐŽƌĞ ĐĂƉĂďŝůŝƚLJ ŽĨ D y/Dh^͘ tĞ ĚĞƐŝŐŶ͕ ŝŵƉůĞŵĞŶƚ͕ ĂŶĚ ŵĂŶĂŐĞ ŚŝŐŚ ƉĞƌĨŽƌŵĂŶĐĞ ĐĂůů ĐĞŶƚĞƌƐ ƚŚĂƚ ŚĞůƉ ŽƵƌ ŐŽǀĞƌŶŵĞŶƚ ƉĂƌƚŶĞƌƐ ĞĨĨĞĐƚŝǀĞůLJ ĂŶĚ ĞĨĨŝĐŝĞŶƚůLJ ƐĞƌǀĞ ƚŚĞ ŐŽǀĞƌŶŵĞŶƚ ƉƌŽŐƌĂŵ ƐƚĂŬĞŚŽůĚĞƌƐ͘ ƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ŝƐ Ăƚ ƚŚĞ ŚĞĂƌƚ ŽĨ ǁŚĂƚ ǁĞ ĚŽ͕ ĂŶĚ ŽƵƌ ĐŽŵŵŝƚŵĞŶƚ ƚƌĂŶƐůĂƚĞƐ ŝŶƚŽ ůĂƐƚŝŶŐ ƉĂƌƚŶĞƌƐŚŝƉƐ ĂŶĚ ƉŽƐŝƚŝǀĞ ĞdžƉĞƌŝĞŶĐĞƐ ĨŽƌ ƉƌŽŐƌĂŵ ƐƚĂŬĞŚŽůĚĞƌƐ ĂŶĚ ĨŽƌ ƚŚĞ ĂŐĞŶĐŝĞƐ ǁŝƚŚ ǁŚŽŵ ǁĞ ĐŽŶƚƌĂĐƚ͘ tĞ ĐƵƌƌĞŶƚůLJ ŽƉĞƌĂƚĞ ŵŽƌĞ ƚŚĂŶ ϭϬϬ ŚĞĂůƚŚ ĂŶĚ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƐƵĐĐĞƐƐĨƵů ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ĐĂůů ĐĞŶƚĞƌ ĨŽƌ ŽƚŚĞƌ ĐůŝĞŶƚƐ Žƌ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ͕ ŵĂdžŝŵƵŵ ŶƵŵďĞƌ ŽĨ ůŝǀĞƐ ŵĂŶĂŐĞĚ͕ ŵĂdžŝŵƵŵ ĐĂůůƐ ŚĂŶĚůĞĚ͘ tĞ ǁŝůů ƵƐĞ ŽƵƌ dĞů^ƚƌĂƚ ŶŐĂŐĞ ĐĂůů ƌĞĐŽƌĚŝŶŐ ƐLJƐƚĞŵ ƚŽ ƌĞĐŽƌĚ Ăůů ŝŶďŽƵŶĚ ĂŶĚ ŽƵƚďŽƵŶĚ ĐĂůůƐ͘ ĞƐŝŐŶĂƚĞĚ ĞƉĂƌƚŵĞŶƚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ǁŝůů ŚĂǀĞ ĚŝƌĞĐƚ ĂĐĐĞƐƐ ƚŽ ŽƵƌ ĐĂůů ƌĞĐŽƌĚŝŶŐ ŝŶƚĞƌĨĂĐĞ ƐŽ ƚŚĞLJ ĐĂŶ ƐĞĂƌĐŚ ĨŽƌ ĂŶĚ ƉůĂLJďĂĐŬ ƌĞĐŽƌĚĞĚ ĐĂůůƐ ŽŶ ĚĞŵĂŶĚ͘ KƵƌ ĐĂůů ƌĞĐŽƌĚŝŶŐ ƐLJƐƚĞŵ ƉƌŽǀŝĚĞƐ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ƐĞĂƌĐŚ ĂŶĚ ƌĞƚƌŝĞǀĞ ƌĞĐŽƌĚŝŶŐƐ ďĂƐĞĚ ŽŶ Ă ǀĂƌŝĞƚLJ ŽĨ ƐĞůĞĐƚŝŽŶ ĐƌŝƚĞƌŝĂ͕ ŝŶĐůƵĚŝŶŐ ŝŶďŽƵŶĚ ŶƵŵďĞƌ ĚŝĂůĞĚ͕ ĚĂƚĞͬƚŝŵĞ ƌĂŶŐĞ͕ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ͕ ĂŶĚ ĐĂůů ĚƵƌĂƚŝŽŶ͘ ďƌŽǁƐĞƌͲďĂƐĞĚ ƐĞĂƌĐŚ ĂŶĚ ƌĞƉůĂLJ ĂƉƉůŝĐĂƚŝŽŶ ŝƐ ƵƐĞĚ ƚŽ ƌĞƚƌŝĞǀĞ ƌĞĐŽƌĚĞĚ ĐĂůůƐ ĨŽƌ ƉůĂLJďĂĐŬ͘ ĂůůĞƌƐ ǁŝůů ďĞ ŝŶĨŽƌŵĞĚ ƚŚĂƚ ĐĂůůƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ƌĞĐŽƌĚŝŶŐ ĨŽƌ ƋƵĂůŝƚLJ ĂƐƐƵƌĂŶĐĞ ƉƵƌƉŽƐĞƐ͘ KƵƌ ƚĞůĞƉŚŽŶLJ ƐLJƐƚĞŵ ĂůƐŽ ƉƌŽǀŝĚĞƐ ƚŚĞ ĂďŝůŝƚLJ ĨŽƌ ĚĞƐŝŐŶĂƚĞĚ ĞƉĂƌƚŵĞŶƚ ƐƚĂĨĨ ƚŽ ůŝƐƚĞŶ ŝŶ ƌĞĂůͲƚŝŵĞ ƚŽ ůŝǀĞ ĐĂůůƐ ŝŶ ƉƌŽŐƌĞƐƐ͖ ŚŽǁĞǀĞƌ͕ ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚŝŶŐ ƚŚŝƐ ĐĂƉĂďŝůŝƚLJ͕ D y/Dh^ ǁŽƵůĚ ůŝŬĞ ƚŽ ĚŝƐĐƵƐƐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŚĞ ĚŝƐĐůŽƐƵƌĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŚĂƚ ŵƵƐƚ ďĞ ĐŽŵŵƵŶŝĐĂƚĞĚ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ ϴ͘ ,ĂŵƉƚŽŶ ƉƌŽǀŝĚĞƐ ƚŚĞ ĂĚǀĂŶƚĂŐĞƐ ŽĨ ƌĞĂĚŝůLJ ĂǀĂŝůĂďůĞ ƐŬŝůůĞĚ ůĂďŽƌ͕ ŝŶĐůƵĚŝŶŐ ǀĞƚĞƌĂŶƐ ƌĞƚƵƌŶŝŶŐ ƚŽ ƚŚĞ ǁŽƌŬĨŽƌĐĞ ĂŶĚ Ă ůĂƌŐĞ ďŝůŝŶŐƵĂů ƉŽƉƵůĂƚŝŽŶ ĨƌŽŵ ǁŚŝĐŚ ǁĞ ƌĞĐƌƵŝƚ ŽƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ͘ KƵƌ ,ĂŵƉƚŽŶ ƐŝƚĞ ŵĞĞƚƐ ĨĂĐŝůŝƚLJ ĂŶĚ ƐĞĐƵƌŝƚLJ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ ĂƉƉƌŽƉƌŝĂƚĞ ĂŶĚ ĂĚĞƋƵĂƚĞ ŝŶƐƵƌĂŶĐĞ͕ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ,/W ͬ,/d , ĂŶĚ ŽƚŚĞƌ ĂƉƉůŝĐĂďůĞ ĨĞĚĞƌĂů ĂŶĚ ƐƚĂƚĞ ůĂǁƐ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ͕ ƉŚLJƐŝĐĂů͕ ĂŶĚ ƚĞĐŚŶŝĐĂů ƐĂĨĞŐƵĂƌĚƐ͘ tĞ ƉůĂŶ ƚŽ ƵƐĞ ŽƵƌ ,ĂŵƉƚŽŶ͕ sŝƌŐŝŶŝĂ͕ ĨĂĐŝůŝƚLJ ĂƐ ƚŚĞ ŽǀĞƌĨůŽǁ ĐĂůů ĐĞŶƚĞƌ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ dŚŝƐ ϰϬϬͲƐĞĂƚ ĐĂůů ĐĞŶƚĞƌ ĨĂĐŝůŝƚLJ ŝƐ ůŽĐĂƚĞĚ Ăƚ ϱϮϬϬ t͘ DĞƌĐƵƌLJ ůǀĚ͕͘ ,ĂŵƉƚŽŶ͕ sŝƌŐŝŶŝĂ͘ KƵƌ ,ĂŵƉƚŽŶ ĨĂĐŝůŝƚLJ ǁŝůů ƐƵƉƉŽƌƚ ƉĞĂŬ ǀŽůƵŵĞ ƉĞƌŝŽĚƐ ĂŶĚ ƉƌŽǀŝĚĞ ĐŽŶƚŝŶƵŝƚLJ ŽĨ ŽƉĞƌĂƚŝŽŶƐ ƐŚŽƵůĚ ƚŚĞ ƉƌŝŵĂƌLJ ĨĂĐŝůŝƚLJ ďĞĐŽŵĞ ƵŶĂǀĂŝůĂďůĞ ĚƵĞ ƚŽ ǁĞĂƚŚĞƌ͕ ŶĂƚƵƌĂů ĚŝƐĂƐƚĞƌ͕ Žƌ ŽƚŚĞƌ ĞŵĞƌŐĞŶĐLJ ƐŝƚƵĂƚŝŽŶƐ͘ /Ŷ ƚŚĞ ĞǀĞŶƚ ŽĨ Ă ŵŽƌĞ ǁŝĚĞƐƉƌĞĂĚ ƌĞŐŝŽŶĂů ĚŝƐĂƐƚĞƌ ƚŚĂƚ ŝŵƉĂĐƚƐ ďŽƚŚ ƚŚĞ ZĂůĞŝŐŚ ĂŶĚ ,ĂŵƉƚŽŶ ĂƌĞĂƐ͕ ǁĞ ǁŝůů ƵƐĞ ŽƵƌ 'ůĞŶĚĂůĞ͕ ŽůŽƌĂĚŽ͕ ƐŝƚĞ ĨŽƌ ďƵƐŝŶĞƐƐ ĐŽŶƚŝŶƵŝƚLJ͕ ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ KƵƌ ,ĂŵƉƚŽŶ͕ sŝƌŐŝŶŝĂ͕ ŽǀĞƌĨůŽǁ ĐĂůů ĐĞŶƚĞƌ ŚĂƐ ^ĞĐƚŝŽŶ ϴ͘Ϯϭ͗ ƵƐŝŶĞƐƐ ŽŶƚŝŶƵŝƚLJ WůĂŶ͘ tŚŝůĞ ŽƵƌ ,ĂŵƉƚŽŶ ŽǀĞƌĨůŽǁ ĨĂĐŝůŝƚLJ ƐĞƌǀĞƐ ŵƵůƚŝƉůĞ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ĐĂƉĂĐŝƚLJ͕ ĂŶĚ ǁŝůů ĂĚŚĞƌĞ ƚŽ ƚŚĞ ƐƚĂŬĞŚŽůĚĞƌƐ ĂŶĚ D y/Dh^ ƉƌŽũĞĐƚƐ͕ ĞĂĐŚ ƉƌŽũĞĐƚ ƚŚĂƚ ƵƐĞƐ ƚŚĞ ĨĂĐŝůŝƚLJ ŝƐ ƉƌŽǀŝĚĞĚ ǁŝƚŚ Ă ƵŶŝƋƵĞ ƐĂŵĞ ŽƉĞƌĂƚŝŽŶĂů ƉŽůŝĐŝĞƐ͕ ĂƐ ŽƵƌ EŽƌƚŚ ĂƌŽůŝŶĂ ĂŶĚ ĚĞĚŝĐĂƚĞĚ ƉƌŽũĞĐƚ ƚĞĂŵ͕ ĐŽŵŵŝƚƚĞĚ ƚŽ ƐŽůĞůLJ ƐĞƌǀĞ ƚŚĞ ƐƉĞĐŝĨŝĐ ƐƚĂƚĞ ĐůŝĞŶƚ Žƌ ƐƚĂŬĞŚŽůĚĞƌ͘ tĞ ĐĂůů ĐĞŶƚĞƌ͕ ƐŽ ƚŚĂƚ ǁĞ ƉƌŽǀŝĚĞ ĐŽŶƐŝƐƚĞŶƚ ĐĂůů ǁŝůů ƉƌŽǀŝĚĞ ƚŚĞ ƐĂŵĞ ůĞǀĞů ŽĨ ƉƌŽŐƌĂŵ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƐƵƉƉŽƌƚ ŝŶ ŽƵƌ ŽǀĞƌĨůŽǁ ŚĂŶĚůŝŶŐ ƋƵĂůŝƚLJ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĐĂůů ĐĞŶƚĞƌ ĐĂůů ĐĞŶƚĞƌ ĂƐ ǁĞ ĚŽ ŝŶ ƚŚĞ ƉƌŝŵĂƌLJ ĐĂůů ĐĞŶƚĞƌ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ͘ tĞ ǁŝůů ŝŵƉůĞŵĞŶƚ ƚŚĞ ƐĂŵĞ ƐĞƌǀŝĐĞ ůĞǀĞů ĂŐƌĞĞŵĞŶƚƐ͘ ŽƉĞƌĂƚŝŽŶĂů ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ƐŽ ƚŚĂƚ ǁĞ ĚĞůŝǀĞƌ ƐĞƌǀŝĐĞƐ ŽĨ ƵŶŝĨŽƌŵůLJ ŚŝŐŚ ƋƵĂůŝƚLJ ƚŽ EŽƌƚŚ ĂƌŽůŝŶŝĂŶƐ͕ ƌĞŐĂƌĚůĞƐƐ ŽĨ ǁŚŝĐŚ ĐĂůů ĐĞŶƚĞƌ ƚŚĞLJ ĂƌĞ ĐŽŶŶĞĐƚĞĚ ƚŽ͘ &Žƌ ĞdžĂŵƉůĞ͕ ŽƵƌ Y ƐƚĂĨĨ ǁŝůů ŵŽŶŝƚŽƌ ĐĂůůƐ ĂŶĚ ĐŽŶĚƵĐƚ Y ĞǀĂůƵĂƚŝŽŶƐ ŽĨ ,ĂŵƉƚŽŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ Ăƚ ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚŝĐŝƚLJ ĂŶĚ ƋƵĂŶƚŝƚLJ ĂƐ ƚŚĞLJ ĚŽ ĨŽƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ŝŶ ŽƵƌ ƉƌŝŵĂƌLJ ĐĂůů ĐĞŶƚĞƌ͘ ϳ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ǁĞ ǁŝůů ƵƐĞ ŽƵƌ ,ĂŵƉƚŽŶ͕ sŝƌŐŝŶŝĂ͕ ƐŚĂƌĞĚ ƐĞƌǀŝĐĞƐ ĨĂĐŝůŝƚLJ ĂƐ ƚŚĞ ŽǀĞƌĨůŽǁ ĐĂůů ĐĞŶƚĞƌ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ KƵƌ ,ĂŵƉƚŽŶ ĨĂĐŝůŝƚLJ ŝƐ ƚŚĞ ŽǀĞƌĨůŽǁ ĂŶĚ ďƵƐŝŶĞƐƐ ĐŽŶƚŝŶƵŝƚLJ ƐŝƚĞ ĨŽƌ ƐĞǀĞƌĂů D y/Dh^ ƉƌŽũĞĐƚƐ ĂŶĚ ŚĂƐ ďĞĞŶ ƐƉĞĐŝĨŝĐĂůůLJ ĚĞƐŝŐŶĞĚ ĂŶĚ ďƵŝůƚ ŽƵƚ ǁŝƚŚ ƐĐĂůĂďůĞ ŶĞƚǁŽƌŬ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƚŽ ƐƵƉƉŽƌƚ ŚŝŐŚ ĐĂůů ǀŽůƵŵĞƐ͘ ^ƚĂĨĨ Ăƚ ŽƵƌ ,ĂŵƉƚŽŶ ƐŝƚĞ ǁŝůů ďĞ ƌĞĂĚLJ ƚŽ ƚĂŬĞ ĐĂůůƐ ĂŶĚ ǁŝůů ŚĂǀĞ ĂĐĐĞƐƐ ƚŽ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽƉĞƌĂƚŝŽŶĂů ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ƚŽ ƉƌŽǀŝĚĞ ƐĞƌǀŝĐĞ ĐŽŶƚŝŶƵŝƚLJ ƚŽ EŽƌƚŚ ĂƌŽůŝŶĂ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ŵĞŵďĞƌƐ͘ D y/Dh^ ǁŝůů ƉƌŽǀŝĚĞ Ăůů ŶĞĐĞƐƐĂƌLJ ƚĞĐŚŶŽůŽŐLJ ƚŽ ĞŶƐƵƌĞ ŽƵƌ ĂďŝůŝƚLJ ƚŽ ƉĞƌĨŽƌŵ ĐŽƌĞ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ĨƵŶĐƚŝŽŶƐ ĨƌŽŵ ŽƵƌ ,ĂŵƉƚŽŶ ŽǀĞƌĨůŽǁ ƐŝƚĞ͘ ƚƌĂŶƐŝƚŝŽŶ ƉŚĂƐĞƐ ĂŶĚ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚƐ͘ tĞ ŵŽŶŝƚŽƌ ŶĞƚǁŽƌŬ ƚƌĂĨĨŝĐ ŽŶ Ă ƌŽƵƚŝŶĞ ďĂƐŝƐ͕ ĞŶĂďůŝŶŐ ƵƐ ƚŽ ƌĞƐƉŽŶĚ ƋƵŝĐŬůLJ ƚŽ ĐĂůů ǀŽůƵŵĞ ĐŚĂŶŐĞƐ ƚŚĂƚ ǁĂƌƌĂŶƚ ĂĚĚŝƚŝŽŶĂů ĐĂƉĂĐŝƚLJ͘ human services call centers in North America, many of which directly serve Medicaid members and providers. Through the operation of these call centers, we have developed best practices and effective operational approaches for staf?ng and managing call centers and deploying technology that streamlines our delivery of services. These best practices and proven processes form the framework of our solution for the successful delivery of customer service and enrollment assistance for North Carolina?s Medicaid and NC Health Choice bene?ciaries and members. In Exhibit 8.8-5: MAXIMUS Enrollment Broker Call Center Experience, we show each of our existing enrollment broker projects, the size of the State's Medicaid population, the size of the Medicaid managed care population served by the enrollment broker project, and the average and maximum volume of calls handled. From a size perspective, MAXIMUS has the advantage of serving as the current contractor for three of the country's largest Medicaid populations - California, New York and Texas. From a scope perspective, virtually all of North Carolina's scope requirements align with the scope of our other enrollment broker contracts. Of course, the manner in which the scope is implemented varies across states, based on state requirements, availability of funding, and size of the population served, but our approach to meeting the underlying operational and technical needs is the same. MAXIMUS Enrollment Broker Call Center Experience Our experience operating more than 100 health and human services call centers, 19 of which provide Medicaid enrollment broker services, will be foundational to our successful operation of the NC Enrollment Broker Project. State Beneficiary Population Average Calls Handled/Month Maximum Calls Handled/Month California 11,990,045 114.472 132.604 Colorado 1,356,251 9,416 1 1,942 District of Columbia 264,415 8. 694 12,829 Georgia 1,758, 172 14,992 29,7 28 Illinois 3,088,448 54,321 66,942 Indiana 1,470,010 24,514 3 1,968 lowa 560,000 8,622 10,054 Louisiana 1,3 08,4 28 10.833 16,058 Maryland 1,305,442 20,333 26,065 Massachusetts 1,650,379 168,966 198,312 Michigan 2,287,087 77,426 91,285 New Hampshire 186,897 1.087 1,415 New York 6,395,894 31,170 39,179 2,832,353 27,835 34,394 South Carolina 981,456 25,074 30,139 Texas 4,704,44 1 157,388 181,788 Vermont 184, 204 12,426 2 1,34 9 Virginia 968. 666 10.991 11,457 West Virginia 573,178 3,369 5,355 Exhibit 8.8-5: MAXIMUS Enrollment Broker Call Center Experience. MAXIMUS has unparalleled experience implementing and operating enrollment broker call centers of varying size, all with scope of work simllar to REP. Page 8.841 of 15 Fourteen of our call centers?including those in lndiana, Michigan, Colorado, California, Massachusetts, Georgia, New BenChmark York, and Texas-have achieved the prestigious Center of Excellence designation through Purdue University's Center for Pom Customer-Driven Quality. To earn the Center of Excellence designation, call centers must meet objective quantitative criteria, standards set by Benchmark Portal researchers. Key performance indicators for successful call center performance in customer service include operational efficiency, service-level standards, process management, customer satisfaction, leadership resources, and employee training. Our achievement of this designation demonstrates our sustained commitment to delivering services of the highest quality to meet the performance standards of our state clients, and we will incorporate best practices from our successful call centers into the operational procedures we develop for the NC Enrollment Broker call center. 10. Offeror must provide sample of call script to be used by bene?ciary that is clear and easily understandable describing factors to consider when selecting a PHP. As North Carolina transitions to managed care, it will be imperative to provide beneficiaries with clear and accurate information to help them make informed health care choices. We will draw on our extensive experience providing choice counseling and enrollment assistance to Medicaid and CHIP bene?ciaries to develop effective call scripts that promote consistent, accurate, unbiased, and complete beneficiary assistance. To ensure consistent impartiality, our Enrollment Specialists will use up?to-date, Department-approved scripts to help bene?cia ries make their PHP and selections and will not be allowed to recommend a PHP. Our standardized scripts will help prevent bias by walking Enrollment Specialists through the enrollment steps, helping to ensure consistency and uniformity as they present options to the caller. Our scripts will cover all required topics, including available managed care resources, education and assistance for Medicaid and NC Health Choice enrollment, PHP options, factors to consider when Scripts. along With our documented SOPS and choosing a PHP, and how the regional phased-in rollout affects the bene?ciary. Our scripts will other materials, 35 9'3" comparison charts, guide Enrollment Specialists through collecting all required beneficiary demographic, contact, and help our Enrollment proper enrollment-related data; assisting beneficiaries in determining which PHP has the protocol when handling enrollment (3"5 and specialists, or other provider-types to meet the individual's needs; instructing bene?ciaries how ?ting as an educator about the MEdicaid and NC to enroll, change PHPs, or disenroll; and resolving issues or inaccuracies with PHP enrollments. Health Scripts, along with our documented SOPs and other materials, such as plan comparison charts, program pamphlets, beneficiary rights and responsibilities documentation, and other policy resources, will be easily accessible to Enrollment Specialists through our Knowledge Management System. Exhibit 8.8-6: Sample Call Center Script - Louisiana Enrollment Broker provides a sample call script from a current MAXIMUS enrollment broker call center that provide similar services to Medicaid bene?ciaries as those required by this RFP. This script was developed using a combination of program expertise, enrollment broker experience, and our state clients' input and approval. We review our interactive scripts on a regular basis for accuracy, efficiency, and understanding of enrollees and providers. They include questions surrounding eligibility, plan choice, provider, caller demographic information, and answers to general program questions"hr 3-.- 1" . .nrl 0 Do you understand Healthy Louisiana and how it affects the way you and your family receive health care? Ir YES - Paocseo YO STEP 1. Multiple Enrollees Health Plan Comparison Chart 0 Healthy Louisiana offers eligible Medicaid and members the opportunity to enroll in a YOU can choose the same Health Plan and PCP f0' Health Plan. You now have the chance to pick a plan you would like to receive health care everyone in the family 0" YOU can PICK different PCPS 3N1 services from. I can help you with that now by enrolling you over the phone. Health Plans for 83Gb family member. Page 8.8-12 of 15 ,ĞĂůƚŚ WůĂŶ ŝƐ Ă ŐƌŽƵƉ ŽĨ ĚŽĐƚŽƌƐ ĂŶĚ ŚŽƐƉŝƚĂůƐ ƚŚĂƚ ǁŽƌŬ ƚŽŐĞƚŚĞƌ ƚŽ ƉƌŽǀŝĚĞ LJŽƵ ƚŚĞ ŚĞĂůƚŚ ĐĂƌĞ LJŽƵ ŶĞĞĚ͘ tŚĞŶ LJŽƵ ĐŚŽŽƐĞ Ă ,ĞĂůƚŚ WůĂŶ͕ LJŽƵ ĐĂŶ ĂůƐŽ ƉŝĐŬ Ă WƌŝŵĂƌLJ ĂƌĞ WŚLJƐŝĐŝĂŶ͕ ĂůƐŽ ŬŶŽǁŶ ĂƐ Ă W W͘ KƵƌ ůŝƐƚŝŶŐ ŝŶĐůƵĚĞƐ ŵĂŶLJ W WƐ ƚŚĂƚ ĚŝĚ ŶŽƚ ƚĂŬĞ DĞĚŝĐĂŝĚ ďĞĨŽƌĞ ǁŚŽ LJŽƵ ǁŝůů ŶŽǁ ďĞ ĂďůĞ ƚŽ ƐĞĞ ĂƐ Ă ,ĞĂůƚŚLJ >ŽƵŝƐŝĂŶĂ ƉĂƌƚŝĐŝƉĂŶƚ͘ zŽƵƌ WƌŝŵĂƌLJ ĂƌĞ WŚLJƐŝĐŝĂŶ ƚĂŬĞƐ ĐĂƌĞ ŽĨ ŵŽƐƚ ŽĨ LJŽƵƌ ŚĞĂůƚŚ ĐĂƌĞ ŶĞĞĚƐ ĂŶĚ ƌĞĨĞƌƐ LJŽƵ ƚŽ ƐƉĞĐŝĂůŝƐƚƐ ǁŚĞŶ ŶĞĞĚĞĚ͘ /Ɛ ƚŚĞƌĞ Ă WƌŝŵĂƌLJ ĂƌĞ WŚLJƐŝĐŝĂŶ LJŽƵ ĐƵƌƌĞŶƚůLJ ƐĞĞ Žƌ ǁŽƵůĚ ůŝŬĞ ƚŽ ĐŚŽŽƐĞ ƚŽĚĂLJ͍ ƌ͘ ;ŶĂŵĞͿ ǁŽƌŬƐ ǁŝƚŚ ;ƉůĂŶ;ƐͿͿ͘ ,ŽǁĞǀĞƌ͕ ĞĂĐŚ ƉůĂŶ ĚŽĞƐ ŽĨĨĞƌ ĞdžƚƌĂ ƐĞƌǀŝĐĞƐ͕ ƐƵĐŚ ĂƐ ƐƉĞĐŝĂů ƉƌŽŐƌĂŵƐ͘ ї WƌŽǀŝĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĨƌŽŵ ƚŚĞ ĐŽŵƉĂƌŝƐŽŶ ĐŚĂƌƚƐ ŝŶ ƚŚĞ <ŶŽǁůĞĚŐĞ ĞŶƚĞƌ͘ Ž LJŽƵ ǁĂŶƚ ŵĞ ƚŽ ĨŝŶĚ W WƐ ŶĞĂƌ LJŽƵ͍ ї^ĞĂƌĐŚ WƌŽǀŝĚĞƌƐ ƒ ƒ zŽƵ ĐŚŽƐĞ ;,ĞĂůƚŚ WůĂŶ ŶĂŵĞͿ ĂƐ LJŽƵƌ ,ĞĂůƚŚ WůĂŶ͘ zŽƵƌ ƌĞƋƵĞƐƚ ĨŽƌ ƌ͘ ;ŶĂŵĞͿ ĂƐ LJŽƵƌ W W ǁŝůů ďĞ ĨŽƌǁĂƌĚĞĚ ƚŽ ;ƉůĂŶ ŶĂŵĞͿ͘ zŽƵƌ W W ĐŚŽŝĐĞ ŝƐ ŶŽƚ ŐƵĂƌĂŶƚĞĞĚ Ăƚ ƚŚŝƐ ƚŝŵĞ͘ ;WůĂŶ ŶĂŵĞͿ ǁŝůů ĐŽŶĨŝƌŵ LJŽƵƌ W W ĐŚŽŝĐĞ͘ zŽƵƌ ŵĞŵďĞƌƐŚŝƉ ǁŝƚŚ ;,ĞĂůƚŚ WůĂŶ ŶĂŵĞͿ ǁŝůů ƐƚĂƌƚ ;ĞĨĨĞĐƚŝǀĞ ĚĂƚĞͿ͘ /Ĩ LJŽƵ ŚĂǀĞ ƋƵĞƐƚŝŽŶƐ ĂďŽƵƚ LJŽƵƌ ƉůĂŶ ďĞŶĞĨŝƚƐ Žƌ ǁĂŶƚ ƚŽ ĐŚĂŶŐĞ LJŽƵƌ ĚŽĐƚŽƌ͕ ƉůĞĂƐĞ ĐĂůů ;,ĞĂůƚŚ WůĂŶ ŶĂŵĞͿ DĞŵďĞƌ ^ĞƌǀŝĐĞƐ Ăƚ ;ƉŚŽŶĞ ŶƵŵďĞƌͿ ŽŶ Žƌ ĂĨƚĞƌ ;ĞĨĨĞĐƚŝǀĞ ĚĂƚĞͿ͘ /Ĩ LJŽƵ ŶĞĞĚ ĐĂƌĞ ďĞĨŽƌĞ LJŽƵƌ ,ĞĂůƚŚ WůĂŶ ƐƚĂƌƚƐ͕ ƵƐĞ LJŽƵƌ DĞĚŝĐĂŝĚ ĐĂƌĚ͘ zŽƵ ǁŝůů ŐĞƚ Ă ,ĞĂůƚŚ WůĂŶ ĐĂƌĚ ĂŶĚ ŵĞŵďĞƌ ŚĂŶĚŬ ĨƌŽŵ ;ƉůĂŶ ŶĂŵĞͿ͘ <ĞĞƉ LJŽƵƌ DĞĚŝĐĂŝĚ ĐĂƌĚ ǁŝƚŚ LJŽƵ Ăƚ Ăůů ƚŝŵĞƐ͕ ĞǀĞŶ ĂĨƚĞƌ LJŽƵ ƌĞĐĞŝǀĞ LJŽƵƌ ,ĞĂůƚŚ WůĂŶ ĐĂƌĚ͘ zŽƵ ǁŝůů ƌĞĐĞŝǀĞ Ă ůĞƚƚĞƌ ĨƌŽŵ ,ĞĂůƚŚLJ >ŽƵŝƐŝĂŶĂ ĐŽŶĨŝƌŵŝŶŐ ƚŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĂŶĚ LJŽƵ ǁŝůů ŚĂǀĞ ϵϬ ĚĂLJƐ ĨƌŽŵ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĂƚ ůĞƚƚĞƌ ƚŽ ĐŚĂŶŐĞ ŝĨ LJŽƵ ǁŝƐŚ͘ /Ĩ LJŽƵ ǁĂŶƚ ƚŽ ĐŚĂŶŐĞ LJŽƵƌ ƉůĂŶ͕ ĐĂůů ƵƐ Ăƚ ƚŚĞ ŶƵŵďĞƌ LJŽƵ ĐĂůůĞĚ ƚŽĚĂLJ͕ Žƌ ǀŝƐŝƚ ŽƵƌ ǁĞďƐŝƚĞ Ăƚ ǁǁǁ͘ŵLJƉůĂŶ͘ŚĞĂůƚŚLJ͘ůĂ͘ŐŽǀ͘ ƒ K EKd WZK ^^ /^ EZK>>D Ed ƒ tŚĞŶ LJŽƵ ĂƌĞ ƌĞĂĚLJ ƚŽ ĐŚŽŽƐĞ Ă ƉůĂŶ ĨŽƌ LJŽƵƌ ŶŽŶͲǁĂŝǀĞƌ ŚĞĂůƚŚ ƐĞƌǀŝĐĞƐ͕ LJŽƵ ĐĂŶ ĐĂůů ƵƐ ďĂĐŬ͕ Žƌ LJŽƵ ĐĂŶ ĞŶƌŽůů ŽŶůŝŶĞ Ăƚ ǁǁǁ͘ŵLJƉůĂŶ͘ŚĞĂůƚŚLJ͘ůĂ͘ŐŽǀ͘ ƒ ;DĞŵďĞƌ͛Ɛ ŶĂŵĞͿ ǁŝůů ďĞ ĂƐƐŝŐŶĞĚ ƚŽ Ă ƉůĂŶ ũƵƐƚ ĨŽƌ ďĞŚĂǀŝŽƌĂů ŚĞĂůƚŚ ƐĞƌǀŝĐĞƐ ; ƐƐŝŐŶŵĞŶƚ ĂƚĞͿ͘ /Ĩ LJŽƵ ĚĞĐŝĚĞ ƚŽ ĐŚĂŶŐĞ ƉůĂŶƐ͕ LJŽƵ ĐĂŶ ĐĂůů ƵƐ ďĂĐŬ͕ Žƌ LJŽƵ ĐĂŶ ƚƌĂŶƐĨĞƌ ŽŶůŝŶĞ Ăƚ ǁǁǁ͘ŵLJƉůĂŶ͘ŚĞĂůƚŚLJ͘ůĂ͘ŐŽǀ͘ ;EĂŵĞ ŽĨ ĂůůĞƌͿ͕ ŝƐ ƚŚĞƌĞ ĂŶLJƚŚŝŶŐ ĞůƐĞ / ĐĂŶ ĚŽ ƚŽ ŚĞůƉ LJŽƵ ĐŚŽŽƐĞ Ă ƉůĂŶ͍ /Ĩ ĐĂůůĞƌ Ɛƚŝůů ĚĞĐůŝŶĞƐ͗ /Ĩ ƚŚĞ ĐĂůůĞƌ ĚĞĐůŝŶĞƐ ƚŽ ĞŶƌŽůů͗ ŚŝƐŽůŵͬ, ^ DĞŵďĞƌƐ ƒ ;DĞŵďĞƌ͛Ɛ ŶĂŵĞͿ ǁŝůů ďĞ ĂƐƐŝŐŶĞĚ ƚŽ Ă ƉůĂŶ ŽŶ ; ƐƐŝŐŶŵĞŶƚ ĂƚĞͿ͘ /Ĩ LJŽƵ ĚĞĐŝĚĞ ƚŽ ĐŚĂŶŐĞ ƉůĂŶƐ͕ LJŽƵ ĐĂŶ ĐĂůů ƵƐ ďĂĐŬ͕ Žƌ LJŽƵ ĐĂŶ ƚƌĂŶƐĨĞƌ ŽŶůŝŶĞ Ăƚ ǁǁǁ͘ŵLJƉůĂŶ͘ŚĞĂůƚŚLJ͘ůĂ͘ŐŽǀ͘ /Ĩ ĐĂůůĞƌ Ɛƚŝůů ĚĞĐůŝŶĞƐ͗ ƒ /Ĩ LJŽƵ ĚŽ ŶŽƚ ŵĂŬĞ Ă ĐŚŽŝĐĞ ƚŽĚĂLJ͕ ;ŵĞŵďĞƌ͛Ɛ ŶĂŵĞͿ ǁŝůů ďĞ ĂƵƚŽŵĂƚŝĐĂůůLJ ĞŶƌŽůůĞĚ ŝŶƚŽ Ă ƉůĂŶ ƚŚĂƚ ŵĂLJ ŶŽƚ ŝŶĐůƵĚĞ LJŽƵƌ ĐƵƌƌĞŶƚ ĚŽĐƚŽƌƐ ĂŶĚ ŚŽƐƉŝƚĂůƐ͘ / ĐĂŶ ĞŶƌŽůů ;ŵĞŵďĞƌ͛Ɛ ŶĂŵĞͿ ŝŶƚŽ Ă ƉůĂŶ ƚŽĚĂLJ ĂŶĚ LJŽƵ ĐĂŶ ĂĚĚ Ă W W Ăƚ Ă ůĂƚĞƌ ƚŝŵĞ ŝĨ LJŽƵ ĂƌĞ Ɛƚŝůů ƵŶĚĞĐŝĚĞĚ͘ ƒ ;EĂŵĞ ŽĨ ĂůůĞƌͿ͕ ŝƐ ƚŚĞƌĞ ĂŶLJƚŚŝŶŐ ĞůƐĞ / ĐĂŶ ĚŽ ƚŽ ŚĞůƉ LJŽƵ ĐŚŽŽƐĞ Ă ƉůĂŶ͍ /Ĩ ƚŚĞ ĐĂůůĞƌ ĚĞĐůŝŶĞƐ ƚŽ ĞŶƌŽůů͗ WĂŐĞ ϴ͘ϴͲϭϯ ŽĨ ϭϱ džŚŝďŝƚ ϴ͘ϴͲϲ͗ ^ĂŵƉůĞ Ăůů ĞŶƚĞƌ ^ĐƌŝƉƚ͘ ĞŶĞĨŝĐŝĂƌŝĞƐ ƌĞĐĞŝǀĞ ĐŽŶƐŝƐƚĞŶƚ͕ ĂĐĐƵƌĂƚĞ ĂŶƐǁĞƌƐ ĚƵĞ ƚŽ ƚŚĞ ĐĂƌĞĨƵů ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƚĞƐƚŝŶŐ ŽĨ ĐĂůů ĐĞŶƚĞƌ ƐĐƌŝƉƚƐ͘ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ĞĨŽƌĞ ǁĞ ĐŽŵƉůĞƚĞ ƚŚŝƐ ĐĂůů͕ / ǁŽƵůĚ ůŝŬĞ ƚŽ ŐŝǀĞ LJŽƵ ƐŽŵĞ ŝŵƉŽƌƚĂŶƚ ŝŶĨŽƌŵĂƚŝŽŶ͗ ŶƌŽůůŵĞŶƚ ŽŶĨŝƌŵĂƚŝŽŶ͗ ůů ŽĨ ƚŚĞ ,ĞĂůƚŚ WůĂŶƐ ƉƌŽǀŝĚĞ ƚŚĞ ƐĂŵĞ ďĂƐŝĐ ŵĞĚŝĐĂů ďĞŶĞĨŝƚƐ͘ ƒ ƒ /Ɛ ƚŚŝƐ ƚŚĞ ƉůĂŶ ĂŶĚ W W LJŽƵ ǁŽƵůĚ ůŝŬĞ ƚŽ ĐŚŽŽƐĞ ƚŽĚĂLJ͍ ^d W Ϯ͘ /& d, >> Z K ^ EKd d, W> E d, z t Ed ͬ KZ d, z K EKd , s W W͗ ƒ ^d W ϭ͘ /& d, >> Z KZ >/E/ d, z hZZ Ed>z dd E ͗ ї ŚĞĐŬ D yĞď ƚŽ ůŽĐĂƚĞ ƚŚĞ WŚLJƐŝĐŝĂŶ Žƌ ĐůŝŶŝĐ ƒ ƒ ƒ ƒ tĞď ĐŚĂƚ ĂƐƐŝƐƚĂŶĐĞ ǁŝůů ďĞ ůŝŵŝƚĞĚ ƚŽ ŐĞŶĞƌĂů ŝŶƋƵŝƌŝĞƐ ƚŚĂƚ ĚŽ ŶŽƚ ƌĞƋƵŝƌĞ ĂƵƚŚĞŶƚŝĐĂƚŝŽŶ Žƌ ƐŚĂƌŝŶŐ ŽĨ W//ͬW,/͘ /Ĩ Ă ďĞŶĞĨŝĐŝĂƌLJ ƐƵďŵŝƚƐ ĂŶ ŝŶƋƵŝƌLJ ƚŚĂƚ ƌĞƋƵŝƌĞƐ ŵŽƌĞ ƉĞƌƐŽŶĂůŝnjĞĚ ĂƐƐŝƐƚĂŶĐĞ ǁŝƚŚ ĐĂƐĞͲƐƉĞĐŝĨŝĐ ĂŶĚͬŽƌ ĐŽŶĨŝĚĞŶƚŝĂů ĚĂƚĂ͕ ŽƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ĚŝƌĞĐƚ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ƚŽ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ĨŽƌ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ĂƐƐŝƐƚĂŶĐĞ͘ tŚĞŶ Ă ďĞŶĞĨŝĐŝĂƌLJ ŝŶŝƚŝĂƚĞƐ Ă ǁĞď ĐŚĂƚ ƐĞƐƐŝŽŶ͕ ŚĞ Žƌ ƐŚĞ ǁŝůů ďĞ ƉƌĞƐĞŶƚĞĚ ǁŝƚŚ Ă ƉƌĞͲĐŚĂƚ ƐƵƌǀĞLJ ƚŚĂƚ ƌĞƋƵĞƐƚƐ ďĂƐŝĐ ŝŶĨŽƌŵĂƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ŶĂŵĞ͕ ƉŚŽŶĞ ŶƵŵďĞƌ͕ ĂŶĚ ƌĞĂƐŽŶ ĨŽƌ ƚŚĞ ĐŚĂƚ ƌĞƋƵĞƐƚ͕ ǁŝƚŚ Ă ĚƌŽƉ ĚŽǁŶ ůŝƐƚ ŽĨ ƚŚĞ ŵĂũŽƌ ƚLJƉĞƐ ŽĨ ŝŶƋƵŝƌŝĞƐ ŚĂŶĚůĞĚ ďLJ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ͘ tĞ ƐŚŽǁ ĂŶ ĞdžĂŵƉůĞ ĨƌŽŵ ŽƵƌ EĞǁ zŽƌŬ ^ƚĂƚĞ ŽĨ ,ĞĂůƚŚ WƌŽũĞĐƚ ŝŶ džŚŝďŝƚ ϴ͘ϴͲϳ͗ WƌĞͲ ŚĂƚ ^ƵƌǀĞLJ͘ dŚĞ ƉƌĞͲĐŚĂƚ ƐƵƌǀĞLJ ŚĞůƉƐ ŽƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ƉĞƌƐŽŶĂůŝnjĞ ƚŚĞ ĐŚĂƚ ƐĞƐƐŝŽŶ ĂŶĚ ĂůůŽǁƐ ƵƐ ƚŽ ĐŽůůĞĐƚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ƉŚŽŶĞ ŶƵŵďĞƌ ŝŶ ƚŚĞ ĞǀĞŶƚ ƚŚĂƚ Ă ĨŽůůŽǁ ƵƉ ĐĂůů ŝƐ ŶĞĐĞƐƐĂƌLJ Žƌ ǁĞ ŶĞĞĚ ƚŽ ĐŽŶƚŝŶƵĞ ƚŚĞ ĐŽŶǀĞƌƐĂƚŝŽŶ ǀŝĂ ƉŚŽŶĞ ĐĂůůͶĨŽƌ ĞdžĂŵƉůĞ͕ ŝĨ ƚŚĞ ĐŚĂƚ ĚŝƐĐƵƐƐŝŽŶ ůĞĂĚƐ ƚŽ Ă ƉŽŝŶƚ ǁŚĞƌĞ W,/ͬW// ŵĂLJ ďĞ ŝŶǀŽůǀĞĚ͘ WĂŐĞ ϴ͘ϴͲϭϰ ŽĨ ϭϱ džŚŝďŝƚ ϴ͘ϴͲϳ͗ WƌĞͲ ŚĂƚ ^ƵƌǀĞLJ͘ tĞ ƵƐĞ Ă ƉƌĞͲĐŚĂƚ ƐƵƌǀĞLJ ƚŽ ĨĂĐŝůŝƚĂƚĞ Ă ŵŽƌĞ ƉĞƌƐŽŶĂů ďĞŶĞĨŝĐŝĂƌLJ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ƚŽ ŽďƚĂŝŶ Ă ƉŚŽŶĞ ŶƵŵďĞƌ ŝŶ ĐĂƐĞ ŝƚ ŝƐ ŶĞĞĚĞĚ ĨŽƌ ĨŽůůŽǁͲƵƉ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƚĞůĞƉŚŽŶĞͲďĂƐĞĚ ƐƵƉƉŽƌƚ͕ ǁĞ ŽĨĨĞƌ ŽƵƌ ǁĞď ĐŚĂƚ ƐŽůƵƚŝŽŶ ƚŽ ƉƌŽǀŝĚĞ ƌĞĂůͲƚŝŵĞ ĂƐƐŝƐƚĂŶĐĞ ƚŽ ŵĞŵďĞƌƐ ĂŶĚ ŚĞůƉ ƚŚĞŵ ƐƵĐĐĞƐƐĨƵůůLJ ĐŽŵƉůĞƚĞ ƚŚĞŝƌ ĞŶƌŽůůŵĞŶƚ ŽŶůŝŶĞ͘ tĞď ĐŚĂƚ ƉƌŽǀŝĚĞƐ ĂŶ ĞĂƐLJͲƚŽͲƵƐĞ ŵĞƚŚŽĚ ŽĨ ĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ ƉĂƌƚŝĐƵůĂƌůLJ ĨŽƌ ŝŶĚŝǀŝĚƵĂůƐ ǁŚŽ ĂƌĞ ůĞƐƐ ůŝŬĞůLJ ƚŽ ƉŝĐŬ ƵƉ ƚŚĞ ƉŚŽŶĞ ƚŽ ĂƐŬ ƋƵĞƐƚŝŽŶƐ Žƌ ĐŽŶĚƵĐƚ ŽƚŚĞƌ ďƵƐŝŶĞƐƐ͘ KƵƌ ǁĞď ĐŚĂƚ ƐŽůƵƚŝŽŶ ǁŝůů ĂƵƚŽŵĂƚŝĐĂůůLJ ƌŽƵƚĞ ĐŚĂƚ ƌĞƋƵĞƐƚƐ ƚŽ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ǁŚŽ ŚĂǀĞ ƌĞĐĞŝǀĞĚ ƐƉĞĐŝĂůŝnjĞĚ ƚƌĂŝŶŝŶŐ ŝŶ ĂƉƉƌŽƉƌŝĂƚĞ ĐŚĂƚ ĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƵƐĞ ŽĨ ƉƌĞͲĂƉƉƌŽǀĞĚ Žƌ ƉƌĞͲƉŽƉƵůĂƚĞĚ ƌĞƐƉŽŶƐĞƐ ĨŽƌ & YƐ ƚŽ ƉƌŽŵŽƚĞ ĐŽŶƐŝƐƚĞŶƚ ĂŶĚ ƐƵŝƚĂďůLJ ĐŽŶĐŝƐĞ ƌĞƐƉŽŶƐĞƐ͘ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ǁŚŽ ǁŝůů ƉƌŽǀŝĚĞ ĐŚĂƚ ĂƐƐŝƐƚĂŶĐĞ ŵƵƐƚ ĚĞŵŽŶƐƚƌĂƚĞ ƐƚƌŽŶŐ ǁƌŝƚŝŶŐ ĂďŝůŝƚŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ƉƌŽƉĞƌ ŐƌĂŵŵĂƌ ĂŶĚ ĂĐĐƵƌĂĐLJ ŝŶ ƐƉĞůůŝŶŐ͘ KƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ǁŝůů ďĞ ĐƌŽƐƐͲƚƌĂŝŶĞĚ ŝŶ ƉŚŽŶĞͲďĂƐĞĚ ĂŶĚ ǁĞď ĐŚĂƚ ĂƐƐŝƐƚĂŶĐĞ ƐŽ ƚŚĞLJ ĐĂŶ ƐĞĂŵůĞƐƐůLJ ĂŶĚ ƋƵŝĐŬůLJ ƐǁŝƚĐŚ ĨƌŽŵ ƉŚŽŶĞ ƚŽ ĐŚĂƚ͕ ŝĨ ŶĞĐĞƐƐĂƌLJ͘ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ǁŝůů ďĞ ĂďůĞ ƚŽ ŵĂŶĂŐĞ ŵƵůƚŝƉůĞ ĐŚĂƚ ĐŽŶǀĞƌƐĂƚŝŽŶƐ Ăƚ ŽŶĐĞ͕ ĂŶĚ ŝĨ ĐŚĂƚ ƚƌĂĨĨŝĐ ĚĞĐůŝŶĞƐ͕ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ĐĂŶ ŝŵŵĞĚŝĂƚĞůLJ ƌĞĐĞŝǀĞ ƉŚŽŶĞ ĐĂůůƐ ƵŶƚŝů ƚŚĞLJ ĂƌĞ ĂŐĂŝŶ ŶĞĞĚĞĚ ƚŽ ƉƌŽǀŝĚĞ ĐŚĂƚ ƐĞƌǀŝĐĞƐ͕ ŽƉƚŝŵŝnjŝŶŐ ŽǀĞƌĂůů ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ƉƌŽĚƵĐƚŝǀŝƚLJ ĂŶĚ ďĞŶĞĨŝĐŝĂƌLJ ĂĐĐĞƐƐŝďŝůŝƚLJ ƚŽ ĂƐƐŝƐƚĂŶĐĞ͘ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ǁŝůů ĚŽĐƵŵĞŶƚ Ăůů ďĞŶĞĨŝĐŝĂƌLJ ŝŶƚĞƌĂĐƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ǁĞď ĐŚĂƚƐ͕ ŝŶ D yĞď ĨŽƌ ĐŽŵƉůĞƚĞ ƚƌĂĐŬŝŶŐ ĂŶĚ ƌĞƉŽƌƚŝŶŐ ĂĐƌŽƐƐ Ăůů ĐŚĂŶŶĞůƐ ŽĨ ĐŽŵŵƵŶŝĐĂƚŝŽŶ͘ ϭϭ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƐƉĞĐŝĨLJ ŝĨ ǁĞď ĐŚĂƚ ĨƵŶĐƚŝŽŶĂůŝƚLJ ǁŝůů ďĞ ƉƌŽǀŝĚĞĚ ĂƐ ĂŶ ĂůƚĞƌŶĂƚŝǀĞ Žƌ ƐƵƉƉůĞŵĞŶƚ ƚŽ ǀŽŝĐĞ ŝŶƚĞƌĂĐƚŝŽŶƐ ŵĂŬŝŶŐ ƐƵƌĞ ƚŽ ĚĞƐĐƌŝďĞ ŚŽǁ ƚŚŝƐ ĨƵŶĐƚŝŽŶĂůŝƚLJ ǁŝůů ǁŽƌŬ͘ WĂŐĞ ϴ͘ϴͲϭϱ ŽĨ ϭϱ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ^ĞĐƚŝŽŶ ///͘, Ăůů ĞŶƚĞƌ ^ƵƉƉŽƌƚ͘ ϭϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ƵƌŝŶŐ ƚŚĞ ĨŝƌƐƚ LJĞĂƌ ŽĨ ƵƐĞ͕ ŽƵƌ EĞǁ zŽƌŬ ƉƌŽũĞĐƚ D y/Dh^ ŚĂƐ ƐƵĐĐĞƐƐĨƵůůLJ ĚĞůŝǀĞƌĞĚ ƚŚĞ ƚĞĐŚŶŝĐĂů ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ ĂƐ ǁĞůů ĂƐ ƉŽůŝĐŝĞƐ ĂŶĚ ŚĂŶĚůĞĚ ϱϯ͕ϬϬϬ ĐŚĂƚ ƐĞƐƐŝŽŶƐ ĂŶĚ ĐŽŶƚŝŶƵĞƐ ƚŽ ƉƌŽĐĞĚƵƌĞƐ ŶĞĞĚĞĚ͕ ƚŽ ƐƵƉƉŽƌƚ ǁĞď ĐŚĂƚ ŝŶ ŽƚŚĞƌ ůĂƌŐĞͲƐĐĂůĞ ƉƌŽũĞĐƚƐ ƚŚĂƚ ƐĞƌǀĞ ƐŝŵŝůĂƌ ƐƵƉƉŽƌƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŚƌŽƵŐŚ ǁĞď ĐŚĂƚ͘ /Ŷ ƉŽƉƵůĂƚŝŽŶƐ͘ tĞ ŝŵƉůĞŵĞŶƚĞĚ ǁĞď ĐŚĂƚ ŝŶ ŽƵƌ /ŶĚŝĂŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐĂůů ĐĞŶƚĞƌ ĨŽƌ ƚŚĞ /ŶĚŝĂŶĂ͕ ǁĞ ŚĂŶĚůĞ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϭ͕ϬϬϬ ǁĞď ,ĞĂůƚŚLJ /ŶĚŝĂŶĂ WƌŽŐƌĂŵ ĂŶĚ ŝŶ ŽƵƌ EĞǁ zŽƌŬ ^ƚĂƚĞ ŽĨ ,ĞĂůƚŚ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ ĞŶƚĞƌ͘ /Ŷ ƚŚĞƐĞ ĐŚĂƚƐ ƉĞƌ ŵŽŶƚŚ͘ ƐƚĂƚĞƐ͕ ǁĞ ĚĞǀĞůŽƉĞĚ ĐƵƐƚŽŵŝnjĞĚ ƐŽůƵƚŝŽŶƐ ĨŽƌ ƉƌŽǀŝĚŝŶŐ ŝŵŵĞĚŝĂƚĞ ĂŶĚ ĐŽŶƐŝƐƚĞŶƚ ŽŶůŝŶĞ ŝŶƋƵŝƌLJ ĂƐƐŝƐƚĂŶĐĞ Ăƚ ƚŚĞ ƉŽŝŶƚ ŽĨ ĐŽŶƚĂĐƚ͕ ǁŝƚŚ ƐĐƌŝƉƚŝŶŐ ƚŚĂƚ ĨĂĐŝůŝƚĂƚĞƐ Ă ƉŽƐŝƚŝǀĞ ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂů ĐƵƐƚŽŵĞƌ ĞŶĐŽƵŶƚĞƌ͘ tĞ ĂůƐŽ ĚĞǀĞůŽƉĞĚ ƐƚƌŝĐƚ ƐLJƐƚĞŵĂƚŝĐ ĂŶĚ ƉƌŽĐĞĚƵƌĂů ƉƌŽƚŽĐŽůƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ǁĞď ĐŚĂƚ ĐŚĂŶŶĞů ĚŽĞƐ ŶŽƚ ďƌŝŶŐ ĂĚĚŝƚŝŽŶĂů ,/W Žƌ W,/ͬW// ƌŝƐŬ ďLJ ŶŽƚ ĂůůŽǁŝŶŐ W,/ͬW// ƚŽ ďĞ ƚƌĂŶƐŵŝƚƚĞĚ ŝŶ ĂŶ ƵŶƐĞĐƵƌĞ ŵĂŶŶĞƌ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚƌŽƵŐŚ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ ƵƐŝŶŐ ǁĞď ĐŚĂƚ ŽŶ ĂŶ ŽŶŐŽŝŶŐ ďĂƐŝƐ ŝŶ ƚŚĞƐĞ ƉƌŽũĞĐƚƐ͕ ǁĞ ŚĂǀĞ Ă ƐŽůŝĚ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ ŽƉĞƌĂƚŝŽŶĂů ŝŵƉĂĐƚƐ ĂŶĚ ƐƚĂĨĨŝŶŐ ŶĞĞĚƐ ƚŽ ƐƵƉƉŽƌƚ ǁĞď ĐŚĂƚ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ƚĞůĞƉŚŽŶĞͲďĂƐĞĚ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ͘ ϭϮ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ĚĂƚĂ ŽŶ ƐƵĐĐĞƐƐĨƵů ƵƐĞ ŽĨ ǁĞď ĐŚĂƚ ĨƵŶĐƚŝŽŶĂůŝƚLJ ŝĨ ƵƐĞĚ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ Žƌ ĨŽƌ ŽƚŚĞƌ ĐŽŶƚƌĂĐƚŽƌƐ͘ RFP Section Response 8 .9 Enrollment Services Website Section ill. I, 1-9 The Department requests the response to this section be limited to live (5) pages, not including screen shot samples/examples. The screen shot examples. ul websites Implemented for similar clients. preferably state agencnes, must be limited In three (3) pages. MAXIMUS will provide a seamless and integrated beneficiary experience with flexible access points to help North Carolinians obtain information, make educated choices, manage program bene?ts, and enroll in a Prepaid Health Plan. Our interactive enrollment services website will give beneficiaries 24x7 access to essential tools and resources to help them understand the managed care transition, its impact on their health care choices, the importance of choosing a Primary Care Provider and/or Advanced Medical Home, and how to enroll in a plan that meets their speci?c needs. 1. The Offeror must confirm adherence to the expectations of the Department and describe their ability and approach to meet the requirements of Section I. Enrollment Services Website. MAXIMUS con?rms that we will adhere to Department expectations and meet all requirements set forth in RFP Section Ill.l Enrollment Services Website. We describe our approach to providing an interactive enrollment services website for the NC Enrollment Broker Project throughout this section of our proposal. MAXIMUS has extensive expertise providing secure web solutions, having developed more than 160 websites for various federal, state, and local government entities. We understand the unique factors involved in '0 developing and maintaining websites for health and human services programs and have speci?c expertise developing and managing self?service enrollment websites for our Medicaid enrollment broker projects. We have developed and currently manage enrollment websites in eight states: Georgia, Illinois, Louisiana, Michigan, New York, Virginia, and West Virginia. Through our extensive experience, we offer the Department a proven enrollment website solution that will allow North Carolina Medicaid and NC Health Choice bene?ciaries to access program information and forms, compare plans and providers, and enroll online with ease at the times most convenient to them. MAXIMUS currently manages self-service enrollment websites in eight states. Some of these portals have increased online enrollments by more than 28 percent. 2. Offeror must describe how the Enrollment Services website is interactive and allows the bene?ciary to manage enrollment in a seamless manner. The MAXIMUS Center for Health Literacy makes certain that our websites are easy to navigate, interactive, informative, and easily understood by the populations served by our projects. To assist the Department in providing beneficiaries and their authorized representatives an integrated experience to manage their enrollment needs, MAXIMUS offers a comprehensive, modern, interactive, and mobile-responsive website to enhance online access to program services and provide a seamless enrollment experience. We will use our existing enrollment website template, which we developed to create customized websites for our enrollment broker contracts. This means that the core functionality is already developed, and we can focus our efforts on customizing the site to meet the speci?c needs of North Carolina?s Medicaid and NC Health Choice programs. We will work with the Department to develop the visual look and feel of the enrollment services website for consistency with the State?s established standards, such as using the same DHHS branding, logo, color scheme, and other design elements. The enrollment services website will provide North Carolinians with a single location to access the information they need to make an informed plan selection, search for a provider, and better understand the Medicaid and NC Health Choice programs. Bene?ciaries will be able to use interactive tools to make educated choices and securely enroll in their chosen Prepaid Health Plan (PH P). When accessing the enrollment services website, visitors will be able to easily navigate from the home page to other sections within the site. We have mocked up how our enrollment services website would look for the NC Enrollment Broker in Exhibit 8.9-1: NC Enrollment Broker Website; as shown, it will have clearly marked links that direct bene?ciaries to where they can Learn, Choose, and Enroll. Under Learn, we explain North Carolina?s Medicaid and NC Health Choice programs and that there are plans and Page 8.9-1 of 7 W,W ĐŽŵƉĂƌŝƐŽŶ ĐŚĂƌƚƐ ĂŶĚ ƋƵĂůŝƚLJ ƌĂƚŝŶŐƐ WƌŽǀŝĚĞƌ ŶĞƚǁŽƌŬ ƐĞĂƌĐŚ ĐĂƉĂďŝůŝƚLJ dŚĞ ƌŽůĞ ŽĨ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌĞƐĐƌŝƉƚŝŽŶ ĚƌƵŐ ĨŽƌŵƵůĂƌŝĞƐ ŶƐǁĞƌƐ ƚŽ & YƐ >ŝŶŬƐ ƚŽ ŽƚŚĞƌ ƌĞůĞǀĂŶƚ ǁĞďƐŝƚĞƐ „ „ „ „ „ džŚŝďŝƚ ϴ͘ϵͲϭ͗ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ tĞďƐŝƚĞ͘ KƵƌ EŽƌƚŚ ĂƌŽůŝŶĂ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ǁŝůů ďĞ ƌĞƐƉŽŶƐŝǀĞ ĂŶĚ ĂĐĐĞƐƐŝďůĞ ĨƌŽŵ ŵŽďŝůĞ ĚĞǀŝĐĞƐ ƚŽ ŚĞůƉ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŶĂǀŝŐĂƚĞ ƚŽ ƚŚĞ ƚŽŽůƐ ĨŽƌ ƉůĂŶ ĂŶĚ ƉƌŽǀŝĚĞƌ ƐĞůĞĐƚŝŽŶ͘ ĞǀĞůŽƉŝŶŐ Ă ĐůĞĂƌ ĂŶĚ ĐŽŶƐŝƐƚĞŶƚ ĚĞƐŝŐŶ͕ ǁŝƚŚ ƉůĞŶƚLJ ŽĨ ǁŚŝƚĞ ƐƉĂĐĞ hƐŝŶŐ ƉƌŝŶƚ ƐŝnjĞ ůĂƌŐĞ ĞŶŽƵŐŚ ĨŽƌ ĞĂƐLJ ƌĞĂĚŝŶŐ͕ ĂŶĚ Ă ƐƚĂŶĚĂƌĚ ĨŽŶƚ ^ƚƌĞĂŵůŝŶŝŶŐ ĐŽŶƚĞŶƚ ƐŽ ƚŚĂƚ ƉĂŐĞƐ ĂƌĞ ŶŽƚ ĐůƵƚƚĞƌĞĚ hƐŝŶŐ ďƌŝĞĨ ŝŶƐƚƌƵĐƚŝŽŶƐ ƉůĂĐĞĚ ĚŝƌĞĐƚůLJ ĂďŽǀĞ Žƌ ŝŶ ƚŚĞ ĨŝůůͲŝŶ ĨŝĞůĚƐ ƚŚĞLJ ƌĞĨĞƌĞŶĐĞ „ „ „ „ KƵƌ ĂƉƉƌŽĂĐŚ ĨŽƌ ĚĞƐŝŐŶŝŶŐ Ă ƵƐĞƌͲĨƌŝĞŶĚůLJ ǁĞďƐŝƚĞ ŝŶĐůƵĚĞƐ ƚŚĞ ĨŽůůŽǁŝŶŐ͗ WĂŐĞ ϴ͘ϵͲϮ ŽĨ ϳ D y/Dh^ ŚĂƐ Ă ůŽŶŐ ŚŝƐƚŽƌLJ ŽĨ ǁŽƌŬŝŶŐ ǁŝƚŚ ŽƵƌ ŐŽǀĞƌŶŵĞŶƚ ĐůŝĞŶƚƐ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ĨĞĚĞƌĂů ĂŶĚ ƐƚĂƚĞ ŐƵŝĚĞůŝŶĞƐ ƉĞƌƚĂŝŶŝŶŐ ƚŽ ƌĞĂĚĂďŝůŝƚLJ ĂŶĚ ĂĐĐĞƐƐŝďŝůŝƚLJ ŽĨ ƉƌŽŐƌĂŵ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ǁĞ ŵĂŬĞ ĂǀĂŝůĂďůĞ ŽŶ ŽƵƌ ƉƵďůŝĐ ǁĞďƐŝƚĞƐ͘ KƵƌ ǁĞďƐŝƚĞ ĚĞǀĞůŽƉŵĞŶƚ ƚĞĂŵ͕ ǁŝƚŚ ŝŶƉƵƚ ĨƌŽŵ ŽƵƌ ĞŶƚĞƌ ĨŽƌ ,ĞĂůƚŚ >ŝƚĞƌĂĐLJ ;ƚŚĞ ĞŶƚĞƌͿ͕ ǁŝůů ĚĞǀĞůŽƉ ǁĞďƐŝƚĞ ŵĂƚĞƌŝĂůƐ ƚŚĂƚ ĂƌĞ ƐĞƚ Ăƚ ĂŶ ĂƉƉƌŽƉƌŝĂƚĞ ƌĞĂĚŝŶŐ ůĞǀĞů͕ ĂƌĞ ƚƌĂŶƐůĂƚĞĚ ŝŶƚŽ ^ƉĂŶŝƐŚ ĂƐ ƌĞƋƵŝƌĞĚ ďLJ ƚŚĞ Z&W͕ ĂŶĚ ĂƌĞ ĐƵůƚƵƌĂůůLJ ĂƉƉƌŽƉƌŝĂƚĞ ĨŽƌ ƚŚĞ ĚŝƐƚŝŶĐƚ ďĞŶĞĨŝĐŝĂƌLJ ƉŽƉƵůĂƚŝŽŶƐ ĞůŝŐŝďůĞ ĨŽƌ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵƐ͘ tĞ ŵĂŬĞ ĐĞƌƚĂŝŶ ƚŚĂƚ ƚŚĞ ĚĞƐŝŐŶ ŽĨ ŽƵƌ ǁĞďƐŝƚĞƐ ŝƐ ĞĂƐLJ ƚŽ ƵƐĞ ĨŽƌ ŝŶĚŝǀŝĚƵĂůƐ ǁŝƚŚ ůŽǁ ůŝƚĞƌĂĐLJ ůĞǀĞůƐ Žƌ ĐŽŐŶŝƚŝǀĞ ĚŝƐĂďŝůŝƚŝĞƐ͘ tĞďƐŝƚĞ ZĞĂĚĂďŝůŝƚLJ ĂŶĚ ĐĐĞƐƐŝďŝůŝƚLJ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ Ăůů ƌĞƋƵŝƌĞĚ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ĂƌĞ ĂǀĂŝůĂďůĞ ŽŶ ŽƵƌ ǁĞďƐŝƚĞ ĂƐ ǁĞůů ĂƐ ĂŶLJ ĂĚĚŝƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ĂƐ ƌĞƋƵĞƐƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŚĂƚ ŵĂLJ ďĞ ŽďƚĂŝŶĞĚ ĨƌŽŵ ŽƚŚĞƌ ƐŽƵƌĐĞƐ ƚŽ ƐƵƉƉůĞŵĞŶƚ Žƌ ĐŽŵƉůĞŵĞŶƚ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ĞĚƵĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ͘ 'ĞŶĞƌĂů ƉƌŽŐƌĂŵ ŝŶĨŽƌŵĂƚŝŽŶ͕ ďƌŽĐŚƵƌĞƐ͕ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĨŽƌŵƐ ŝŶ Ă ĚŽǁŶůŽĂĚĂďůĞ W & ĨŽƌŵĂƚ „ dŽ ŐƵŝĚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŚƌŽƵŐŚ ƌĞǀŝĞǁ͕ ĐŽŵƉĂƌŝƐŽŶ͕ ĂŶĚ ƐĞůĞĐƚŝŽŶ ŽĨ Ă W,W ĂŶĚ D,ͬW W͕ ƚŚĞ ǁĞďƐŝƚĞ ǁŝůů ŝŶĐůƵĚĞ ƚŚĞ ĨŽůůŽǁŝŶŐ ƚŽŽůƐ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ͗ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ǁĞďƐŝƚĞ ǁŝůů ĨĞĂƚƵƌĞ Ă ƐĞĐƵƌĞ ĂƌĞĂ ĂĐĐĞƐƐŝďůĞ ŽŶůLJ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ŚĂǀĞ ĐƌĞĂƚĞĚ ĂŶ ĂĐĐŽƵŶƚ ĂŶĚ ŽďƚĂŝŶĞĚ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ůŽŐͲŝŶ ĐƌĞĚĞŶƚŝĂůƐ͘ ,ĞƌĞ͕ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝůů ďĞ ĂďůĞ ƚŽ ĂĐĐĞƐƐ ĐĂƐĞͲƐƉĞĐŝĨŝĐ ŝŶĨŽƌŵĂƚŝŽŶ͕ ŵĂŶĂŐĞ ƚŚĞŝƌ ŽŶůŝŶĞ ĂĐĐŽƵŶƚ͕ ĐŽŵƉůĞƚĞ ƚŚĞŝƌ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ͕ ĞŶƌŽůů ŝŶ ƚŚĞŝƌ ƐĞůĞĐƚĞĚ W,W ĂŶĚ ĚǀĂŶĐĞĚ DĞĚŝĐĂů ,ŽŵĞͬWƌŝŵĂƌLJ ĂƌĞ WƌŽǀŝĚĞƌ ; D,ͬW WͿ͕ ĂŶĚ ŽďƚĂŝŶ ƌĞĂůͲƚŝŵĞ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ƚŚĞŝƌ ĐĂƐĞ͘ ƉƌŽǀŝĚĞƌƐ ĨƌŽŵ ǁŚŝĐŚ ƚŽ ĐŚŽŽƐĞ͕ ĂƐ ǁĞůů ĂƐ ĞƉĂƌƚŵĞŶƚͲĂƉƉƌŽǀĞĚ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ͘ hŶĚĞƌ ŚŽŽƐĞ͕ ƵƐĞƌƐ ĐĂŶ ĐŽŵƉĂƌĞ ƉůĂŶƐ ĂŶĚ ƐĞĂƌĐŚ ĨŽƌ ƉƌŽǀŝĚĞƌƐ͘ hŶĚĞƌ ŶƌŽůů͕ ƵƐĞƌƐ ǁŝůů ůŽŐŝŶ ĂŶĚ ďĞ ĂďůĞ ƚŽ ĞŶƌŽůů ŝŶ Ă ƉůĂŶ ĂŶĚ ƐĞůĞĐƚ Ă ƉƌŽǀŝĚĞƌ͘ /ŶĐůƵĚŝŶŐ ĐůĞĂƌ ŝŶƐƚƌƵĐƚŝŽŶƐ ĨŽƌ ŶĞdžƚ ƐƚĞƉƐ hƐŝŶŐ ŵŽďŝůĞ ŽƉƚŝŵŝnjĂƚŝŽŶ ƚŽ ŵĂŬĞ ƚŚĞ ǁĞďƐŝƚĞ ĂĐĐĞƐƐŝďůĞ ĨƌŽŵ ǁĞďͲĞŶĂďůĞĚ ĚĞǀŝĐĞƐ ŶĂďůŝŶŐ ƐĐƌĞĞŶ ƌĞĂĚĞƌƐ ĂŶĚ ĂůůŽǁŝŶŐ ĨŽƌ ǀĂƌŝŽƵƐ ĚŝƐƉůĂLJ ƉƌĞĨĞƌĞŶĐĞƐ „ „ „ WĂŐĞ ϴ͘ϵͲϯ ŽĨ ϳ KƵƌ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ǁŝůů ďĞ ŽƉƚŝŵŝnjĞĚ ĨŽƌ ŵŽďŝůĞ ĚĞǀŝĐĞƐ͕ ĂůůŽǁŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ůŽŽŬ Ăƚ ƚŚĞ ǁĞďƐŝƚĞ ŽŶ ƚŚĞŝƌ ƐŵĂƌƚƉŚŽŶĞ Žƌ ƚĂďůĞƚ ǁŝƚŚŽƵƚ ƚŚĞ ΗƉŝŶĐŚ ĂŶĚ ƉƵůůΗ ŶĂǀŝŐĂƚŝŽŶ ŽŶ ŶŽŶͲ ŵŽďŝůĞ ĨƌŝĞŶĚůLJ ƐŝƚĞƐ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĞdžŝƐƚŝŶŐ Žƌ ƉŽƚĞŶƚŝĂů ĂĐĐĞƐƐ ƚŽ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ǀŝĂ ŵŽďŝůĞ ĚĞǀŝĐĞƐ͘ /Ĩ ƚŚĞ ĂĐĐĞƐƐ ŝƐ ĚĞƐŝŐŶĂƚĞĚ ĨŽƌ ĨƵƚƵƌĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŝĚĞŶƚŝĨLJ ƚŝŵĞůŝŶĞ ĨŽƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ tŝƚŚ ƚŚĞ ƌĞĐĞŶƚ D^ ŐƵŝĚĂŶĐĞ ŽŶ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ͕ ĂƐ ǁĞůů ĂƐ ŝŶĐƌĞĂƐĞĚ ĞdžƉĞĐƚĂƚŝŽŶƐ ƚŽ ĂĐĐĞƐƐ ŝŶĨŽƌŵĂƚŝŽŶ ǀŝĂ ƐŵĂƌƚƉŚŽŶĞ ĂŶĚ ƚĂďůĞƚ͕ ŚĂǀŝŶŐ Ă ŵŽďŝůĞͲŽƉƚŝŵŝnjĞĚ ĂŶĚ ƌĞƐƉŽŶƐŝǀĞ ǁĞďƐŝƚĞ ŝƐ ƚŚĞ ďĞƐƚ ǁĂLJ ƚŽ ŚĞůƉ ĞŶƐƵƌĞ ƚŚĂƚ ƐƚĂƚĞƐ ĂƌĞ ƌĞĂĐŚŝŶŐ ƚŚĞŝƌ ŵŽďŝůĞ ĞŶƌŽůůĞĞƐ͘ tĞ ĚĞƐŝŐŶ ŽƵƌ ǁĞďƐŝƚĞƐ ƚŽ ĐŽŶŶĞĐƚ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ƵƐĞ ƚŚĞŝƌ ƉŚŽŶĞ ĂƐ ƚŚĞ ƉƌŝŵĂƌLJ ĚĞǀŝĐĞ ƚŽ ĂĐĐĞƐƐ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶůŝŶĞ͘ KƵƌ EŽƌƚŚ ĂƌŽůŝŶĂ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ǁŝůů ďĞ ŽƉƚŝŵŝnjĞĚ ĨŽƌ ŵŽďŝůĞ ĂŶĚ ƚĂďůĞƚ ϯ͘ tĞďƐŝƚĞ ǀĂŝůĂďŝůŝƚLJ KƵƌ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĨƌŽŵ ĂŶLJ ĐŽŵƉƵƚĞƌ Žƌ ŵŽďŝůĞ ĚĞǀŝĐĞ ǁŝƚŚ ĂŶ ŝŶƚĞƌŶĞƚ ĐŽŶŶĞĐƚŝŽŶ Ϯϰdžϳdžϯϲϱ͕ ĞdžĐĞƉƚ ĨŽƌ ĂŐƌĞĞĚͲƵƉŽŶ͕ ƉƌĞͲĂŶŶŽƵŶĐĞĚ͕ ƐĐŚĞĚƵůĞĚ ŵĂŝŶƚĞŶĂŶĐĞ ǁŝŶĚŽǁƐ͘ dŚĞ ǁĞďƐŝƚĞ ǁŝůů ŽĨĨĞƌ Ăůů ŽĨ ƚŚĞ ĨƵŶĐƚŝŽŶĂůŝƚLJ ƌĞƋƵŝƌĞĚ ŝŶ ^ĞĐƚŝŽŶ ///͘/ ŽĨ ƚŚĞ Z&W͕ ĂŶĚ ǁŝůů ĂĚŚĞƌĞ ƚŽ ƚŚĞ ^ƚĂƚĞΖƐ ƐĞƌǀŝĐĞ ůĞǀĞů ŵĞƚƌŝĐƐ ĨŽƌ ǁĞď ƉŽƌƚĂů ƵƉƚŝŵĞ͕ ƌĞƐƉŽŶƐĞ ƚŝŵĞ͕ ĂŶĚ ƚŝŵĞůLJ ƌĞƐƉŽŶƐĞ ƚŽ ĞůĞĐƚƌŽŶŝĐ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ͘ tĞ ǁŝůů ƐƵďŵŝƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨŽƌ ƉƌŝŽƌ ĂƉƉƌŽǀĂů Ăůů ŝŶĨŽƌŵĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ƚŚĂƚ ǁĞ ŝŶƚĞŶĚ ƚŽ ƉŽƐƚ ƚŽ ƚŚĞ ǁĞďƐŝƚĞ͘ tĞďƐŝƚĞ ^ĞĐƵƌŝƚLJ dŚĞ ǁĞďƐŝƚĞ ǁŝůů ĐŽŵƉůLJ ǁŝƚŚ Ăůů ĂƉƉůŝĐĂďůĞ ĨĞĚĞƌĂů ĂŶĚ ƐƚĂƚĞ ƌĞŐƵůĂƚŝŽŶƐ ĨŽƌ ƐĞĐƵƌŝƚLJ͕ ƉƌŝǀĂĐLJ͕ ĂŶĚ ƚŚĞ ƚƌĂŶƐŵŝƐƐŝŽŶ ŽĨ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ;W,/Ϳ͘ tĞ ĚĞǀĞůŽƉ ŽƵƌ ǁĞďƐŝƚĞƐ ƵƐŝŶŐ ƌƵƉĂů ĐŽŶƚĞŶƚ ŵĂŶĂŐĞŵĞŶƚ ƐŽĨƚǁĂƌĞ͘ ƌƵƉĂů ŝƐ Ă ƉƌŽǀĞŶ͕ ƐĞĐƵƌĞ ĐŽŶƚĞŶƚ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ ĂŶĚ ĂƉƉůŝĐĂƚŝŽŶ ĨƌĂŵĞǁŽƌŬ ƚŚĂƚ ƐƚĂŶĚƐ ƵƉ ƚŽ ƚŚĞ ŵŽƐƚ ĐƌŝƚŝĐĂů ŝŶƚĞƌŶĞƚ ǀƵůŶĞƌĂďŝůŝƚŝĞƐ ĂŶĚ ŵĞĞƚƐ KƉĞŶ tĞď ƉƉůŝĐĂƚŝŽŶ ^ĞĐƵƌŝƚLJ WƌŽũĞĐƚ ;Kt ^WͿ ƐƚĂŶĚĂƌĚƐ͘ dŚĞ ƉůĂƚĨŽƌŵ ĨĞĂƚƵƌĞƐ Ă ĚĞĚŝĐĂƚĞĚ ƐĞĐƵƌŝƚLJ ƚĞĂŵ͕ Ă ůĂƌŐĞ ƉƌŽĨĞƐƐŝŽŶĂů ƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞƌ ĞĐŽƐLJƐƚĞŵ͕ ĂŶĚ ŽŶĞ ŽĨ ƚŚĞ ůĂƌŐĞƐƚ ĚĞǀĞůŽƉĞƌ ĐŽŵŵƵŶŝƚŝĞƐ ŝŶ ƚŚĞ ǁŽƌůĚ ƚŽ ŚĞůƉ ĞŶƐƵƌĞ ƌĂƉŝĚ ƌĞƐƉŽŶƐĞ ƚŽ ŝƐƐƵĞƐ͘ KƵƌ ǁĞď ĚĞǀĞůŽƉĞƌƐ ĐŽŶĨŝƌŵ ƚŚĂƚ Ăůů ƌĞůĞĂƐĞĚ ƵƉĚĂƚĞƐ ƚŽ ƌƵƉĂů ĂƌĞ ĂƉƉůŝĞĚ ƚŽ ŽƵƌ ƐŝƚĞƐ͘ KƵƌ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ĨŽƌ EŽƌƚŚ ĂƌŽůŝŶĂ ǁŝůů ďĞ ĚĞƐŝŐŶĞĚ ƚŽ ƉƌŽǀŝĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĂƉƉƌŽƉƌŝĂƚĞ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƐĞƌǀĞĚ ďLJ ƚŚĞ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵƐ͘ /ƚ ǁŝůů ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ ŵĞƌŝĐĂŶƐ ǁŝƚŚ ŝƐĂďŝůŝƚŝĞƐ Đƚ ; Ϳ͕ ĂƐ ǁĞůů ĂƐ ǁĞď ĐŽŶƚĞŶƚ ĂĐĐĞƐƐŝďŝůŝƚLJ ŐƵŝĚĞůŝŶĞƐ ĞƐƚĂďůŝƐŚĞĚ ďLJ ƚŚĞ tĞď ĐĐĞƐƐŝďŝůŝƚLJ /ŶŝƚŝĂƚŝǀĞ ŽĨ ƚŚĞ tŽƌůĚ tŝĚĞ tĞď ŽŶƐŽƌƚŝƵŵ ;tϯ Ϳ ĂŶĚ ƚŚĞ tĞď ŽŶƚĞŶƚ ĐĐĞƐƐŝďŝůŝƚLJ 'ƵŝĚĞůŝŶĞƐ ;t 'Ϳ Ϯ͘Ϭ͘ tĞ ǁŝůů ĚĞƐŝŐŶ ƚŚĞ ƐŝƚĞ ƵƐŝŶŐ Ă ƚĞŵƉůĂƚĞͲďĂƐĞĚ ĐŽŶƚĞŶƚ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ ƚŽ ĞŶƐƵƌĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ^ĞĐƚŝŽŶ ϱϬϴ ŽĨ ƚŚĞ ZĞŚĂďŝůŝƚĂƚŝŽŶ Đƚ ŽĨ ϭϵϳϯ͕ ĂƐ ĂŵĞŶĚĞĚ :ĂŶƵĂƌLJ ϮϬϭϳ͘ ǀĞƌLJ ƉĂŐĞ͕ ƚĂďůĞ͕ ŝŵĂŐĞ͕ ĂŶĚ ůŝŶŬ ǁŝůů ďĞ ďƵŝůƚ ĨƌŽŵ ƚĞŵƉůĂƚĞƐ ƚŚĂƚ ĂƌĞ ĞŶŐŝŶĞĞƌĞĚ ƚŽ ĂƐƐƵƌĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĨĞĚĞƌĂů ĂĐĐĞƐƐŝďŝůŝƚLJ ƐƚĂŶĚĂƌĚƐ͘ tĞ ĂůƐŽ ĞŵƉůŽLJ Ă ǁĞď ĂĐĐĞƐƐŝďŝůŝƚLJ ĚĞƐŬƚŽƉ ƚĞƐƚŝŶŐ ƚŽŽů ĚĞƐŝŐŶĞĚ ƚŽ ŚĞůƉ ĞdžƉŽƐĞ ďĂƌƌŝĞƌƐ ƚŽ ĂĐĐĞƐƐŝďŝůŝƚLJ͘ ĞLJŽŶĚ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ŝŶĚƵƐƚƌLJͲĂĐĐĞƉƚĞĚ ǁĞď ĂĐĐĞƐƐŝďŝůŝƚLJ ƐƚĂŶĚĂƌĚƐ͕ ŚŽǁĞǀĞƌ͕ ǁĞ ĂƉƉƌŽĂĐŚ ĂĐĐĞƐƐŝďŝůŝƚLJ ŽŶ Ă ŵŽƌĞ ŝŶĚŝǀŝĚƵĂůŝnjĞĚ ďĂƐŝƐ ďLJ ƌĞĐŽŐŶŝnjŝŶŐ ƚŚĂƚ ƐŝŵƉůŝĐŝƚLJ͕ ŝŶƚƵŝƚŝǀĞ ŶĂǀŝŐĂƚŝŽŶ͕ ĂŶĚ ƐƚƌĂŝŐŚƚĨŽƌǁĂƌĚ ǁƌŝƚŝŶŐ ĂƌĞ ĂƐ ŵƵĐŚ Ă ƉĂƌƚ ŽĨ ĂĐĐĞƐƐŝďŝůŝƚLJ ĂƐ ĂƌĞ ΗĂůƚ ƚĂŐƐΗ ĂŶĚ ĂƐĐĂĚŝŶŐ ^ƚLJůĞ ^ŚĞĞƚƐ ; ^^Ϳ ƚŚĂƚ ĐĂŶ ďĞ ƌĞĂĚ ďLJ ĂƐƐŝƐƚŝǀĞ ĚĞǀŝĐĞƐ͘ dŚĞƐĞ ĚĞƐŝŐŶ ƐƚĞƉƐ ŚĞůƉ ĞŶƐƵƌĞ ĂĐĐĞƐƐ ĨŽƌ ƉĞŽƉůĞ ǁŝƚŚ ǀŝƐŝŽŶ ŝŵƉĂŝƌŵĞŶƚƐ ǁŚŽ ƌĞůLJ ŽŶ ǀĂƌŝŽƵƐ ĂƐƐŝƐƚŝǀĞ ĚĞǀŝĐĞƐ ƚŽ ĂĐĐĞƐƐ ĐŽŵƉƵƚĞƌͲďĂƐĞĚ ŝŶĨŽƌŵĂƚŝŽŶ͕ ƐƵĐŚ ĂƐ ƐĐƌĞĞŶ ƌĞĂĚĞƌƐ ƚŚĂƚ ƚƌĂŶƐůĂƚĞ ǁŚĂƚ ŝƐ ŽŶ Ă ĐŽŵƉƵƚĞƌ ƐĐƌĞĞŶ ŝŶƚŽ Ă ǀŽŝĐĞ ĨŝůĞ ĂŶĚ ƌĞĨƌĞƐŚĂďůĞ ƌĂŝůůĞ ĚŝƐƉůĂLJƐ͘ dŚĞ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ŝŶ ŶŐůŝƐŚ ĂŶĚ ^ƉĂŶŝƐŚ͘ dŚĞ ĞŶƚĞƌ ǁŝůů ĨĂĐŝůŝƚĂƚĞ ƚŚĞ ƚƌĂŶƐůĂƚŝŽŶ ŽĨ ǁĞďƐŝƚĞ ĐŽŶƚĞŶƚ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ƚƌĂŶƐůĂƚŝŽŶ ŝƐ ĂĐĐƵƌĂƚĞ ĂŶĚ ĐƵůƚƵƌĂůůLJ ĂƉƉƌŽƉƌŝĂƚĞ͘ dŚĞ ĞŶƚĞƌ ŚĂƐ Ă ƐƉĞĐŝĂůŝnjĞĚ dƌĂŶƐůĂƚŝŽŶ ^ĞƌǀŝĐĞƐ 'ƌŽƵƉ ƚŚĂƚ ƉƌŽĚƵĐĞƐ ĂĚĂƉƚĞĚ ƚƌĂŶƐůĂƚŝŽŶƐ ƚĂŝůŽƌĞĚ ƚŽ ƚŚĞ ŶĞĞĚƐ ŽĨ ƚŚĞ ƚĂƌŐĞƚ ĂƵĚŝĞŶĐĞ͘ ĚĂƉƚĞĚ ƚƌĂŶƐůĂƚŝŽŶƐ ƌĞĨůĞĐƚ ƚŚĞ ĐŽŶƚĞŶƚ ŽĨ ƚŚĞ ŽƌŝŐŝŶĂů͕ ďƵƚ ĂƌĞ ǁƌŝƚƚĞŶ ŝŶ Ă ĐŽŶǀĞƌƐĂƚŝŽŶĂů ƐƚLJůĞ͕ ƵƐŝŶŐ ĐŽŵŵŽŶ ǁŽƌĚƐ ƚŚĂƚ ƌĞĂĚĞƌƐ ĂƌĞ ĂƉƚ ƚŽ ŬŶŽǁ͕ ĂŶĚ Ăƚ Ă ƌĞĂĚŝŶŐ ůĞǀĞů ĂƉƉƌŽƉƌŝĂƚĞ ĨŽƌ ƌĞĂĐŚŝŶŐ ƚŚĞ ďƌŽĂĚĞƐƚ ƉŽƐƐŝďůĞ ĂƵĚŝĞŶĐĞ͘ ĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ƚŽŐŐůĞ ďĞƚǁĞĞŶ ŶŐůŝƐŚ ĂŶĚ ^ƉĂŶŝƐŚ ŽŶ ĂŶLJ ƉĂŐĞ ƵƐŝŶŐ ĐůĞĂƌůLJ ǀŝƐŝďůĞ ůŝŶŬƐ͘ dŚŝƐ ŝƐ ĞƐƉĞĐŝĂůůLJ ƵƐĞĨƵů ǁŚĞŶ ƉĞŽƉůĞ ŽĨ ĚŝĨĨĞƌŝŶŐ ůĂŶŐƵĂŐĞ ĂďŝůŝƚŝĞƐ ĂƌĞ ƵƐŝŶŐ ƚŚĞ ǁĞďƐŝƚĞ ƚŽŐĞƚŚĞƌ͕ Žƌ ǁŚĞŶ ĞŵĞƌŐŝŶŐ ŶŐůŝƐŚ ƌĞĂĚĞƌƐ ĂƌĞ ƵƐŝŶŐ ƚŚĞ ŶŐůŝƐŚ ǁĞďƐŝƚĞ ďƵƚ ǁĂŶƚ ƚŽ ĐŚĞĐŬ ƚŚĞŝƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ďLJ ƚŽŐŐůŝŶŐ ƉĞƌŝŽĚŝĐĂůůLJ ƚŽ ƚŚĞ ^ƉĂŶŝƐŚ ƉĂŐĞ͘ WĂƌŝŶŐ ĚŽǁŶ ƚŽ ƚŚĞ ŵŽƐƚ ĞƐƐĞŶƚŝĂů ŝŶĨŽƌŵĂƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ďƌŝĞĨ ĞdžƉůĂŶĂƚŝŽŶƐ ƚŽ ŚĞůƉ ƚŚĞ ƵƐĞƌ ĐŽŵƉůĞƚĞ ŚŝƐ Žƌ ŚĞƌ ƚĂƐŬ ĐŽƌƌĞĐƚůLJ ĂŶĚ ĞĨĨŝĐŝĞŶƚůLJ „ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĐƌĞĞŶ ƐŚŽƚƐ ŽĨ ǁĞďƐŝƚĞƐ ŝŵƉůĞŵĞŶƚĞĚ ĨŽƌ ƐŝŵŝůĂƌ ĐůŝĞŶƚƐ͘ WĂŐĞ ϴ͘ϵͲϰ ŽĨ ϳ džŚŝďŝƚ ϴ͘ϵͲϯ͗ ,ĞĂůƚŚLJ >ŽƵŝƐŝĂŶĂ WůĂŶ ĂŶĚ WƌŽǀŝĚĞƌ ^ĞůĞĐƚŝŽŶ ƐŚŽǁƐ ŚŽǁ >ŽƵŝƐŝĂŶĂ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ĞĂƐŝůLJ ŶĂǀŝŐĂƚĞ ƚŽ ƚŽŽůƐ ĂŶĚ ƌĞƐŽƵƌĐĞƐ ƚŚĂƚ ŚĞůƉ ƚŚĞŵ ǁŝƚŚ ƚŚĞŝƌ ĞŶƌŽůůŵĞŶƚ ĐŚŽŝĐĞƐ͘ ŽŶƚĂĐƚ ŝŶĨŽƌŵĂƚŝŽŶ ĨŽƌ ŽƵƌ ĐĂůů ĐĞŶƚĞƌ ŝƐ ĞĂƐLJ ƚŽ ĨŝŶĚ ŝĨ ƚŚĞLJ ŶĞĞĚ ĂƐƐŝƐƚĂŶĐĞ ĨƌŽŵ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ͘ džŚŝďŝƚ ϴ͘ϵͲϮ͗ ,ĞĂůƚŚLJ >ŽƵŝƐŝĂŶĂ tĞďƐŝƚĞ͘ KƵƌ ,ĞĂůƚŚLJ >ŽƵŝƐŝĂŶĂ ĞŶƌŽůůŵĞŶƚ ǁĞďƐŝƚĞ ŝƐ ĞĂƐLJͲƚŽͲƵƐĞ ĂŶĚ ƉƌŽŵŽƚĞƐ ďĞŶĞĨŝĐŝĂƌLJ ĞŶŐĂŐĞŵĞŶƚ͘ džŚŝďŝƚ ϴ͘ϵͲϮ͗ ,ĞĂůƚŚLJ >ŽƵŝƐŝĂŶĂ ^ĐƌĞĞŶƐŚŽƚ ƐŚŽǁƐ Ă ǀŝĞǁ ŽĨ ŽƵƌ ƵƐĞƌͲĨƌŝĞŶĚůLJ ǁĞďƐŝƚĞ ĨŽƌ ƚŚĞ ,ĞĂůƚŚLJ >ŽƵŝƐŝĂŶĂ ƉƌŽŐƌĂŵ ƚŚĂƚ ĨĞĂƚƵƌĞƐ Ăůů ŽĨ ƚŚĞ ĐŽƌĞ ĨƵŶĐƚŝŽŶĂůŝƚLJ ƌĞƋƵŝƌĞĚ ďLJ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ŝŶĐůƵĚŝŶŐ ĞŶƌŽůůŵĞŶƚ͕ ƐƚĂƚƵƐ͕ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ͕ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ƐĞĂƌĐŚ͘ dŚĞ ƐŝƚĞ ƉƌŽǀŝĚĞƐ ĐŽŵƉůĞƚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĚŽǁŶůŽĂĚĂďůĞ ƉƌŽŐƌĂŵ ŵĂƚĞƌŝĂůƐ ĂŶĚ ĨŽƌŵƐ͕ ĂŶĚ ůŝŶŬƐ ƚŽ ƌĞůĞǀĂŶƚ ^ƚĂƚĞ ĂŶĚ ŚĞĂůƚŚ ƉůĂŶ ǁĞďƐŝƚĞƐ͘ ϰ͘ ǀŝĞǁŝŶŐ͕ ƐŽ ƚŚĂƚ Ăůů ĨŝĞůĚƐ ĂŶĚ ŶĂǀŝŐĂƚŝŽŶ ŽƉƚŝŽŶƐ ĂƌĞ ǀŝƐŝďůĞ ĂŶĚ ĨƵŶĐƚŝŽŶĂů ĨƌŽŵ Ă ƐŵĂƌƚƉŚŽŶĞ͕ ƚĂďůĞƚ͕ Žƌ ƉĞƌƐŽŶĂů ĐŽŵƉƵƚĞƌ͘ WĂŐĞ ϴ͘ϵͲϱ ŽĨ ϳ ŶŽƚŚĞƌ ĞdžĂŵƉůĞ ŽĨ Ă ƐĞĐƵƌĞ ŝŶƚĞƌĂĐƚŝǀĞ ǁĞďƐŝƚĞ ǁĞ ĚĞǀĞůŽƉĞĚ ŝƐ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϵͲϰ͗ DĂƐƐĂĐŚƵƐĞƚƚƐ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ tĞďƐŝƚĞ͘ dŚŝƐ ǁĞďƐŝƚĞ ŽĨĨĞƌƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂĐĐĞƐƐ ƚŽ Ă ƌĂŶŐĞ ŽĨ ĨƵŶĐƚŝŽŶĂůŝƚLJ ĂŶĚ ĨĞĂƚƵƌĞƐ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ǀŝĞǁ ƚŚĞ ĐŽŶƚĞŶƚ ŝŶ ŶŐůŝƐŚ Žƌ ^ƉĂŶŝƐŚ͕ ǀŝĞǁ ĂŶĚ ƉƌŝŶƚ ŚĞĂůƚŚ ƉůĂŶ ĐŽŵƉĂƌŝƐŽŶ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĨŽůůŽǁ ůŝŶŬƐ ƚŽ ĂǀĂŝůĂďůĞ ŚĞĂůƚŚ ƉůĂŶƐ ĂŶĚ ƉƌŽŐƌĂŵͲƌĞůĂƚĞĚ ǁĞďƐŝƚĞƐ͕ ĐŚŽŽƐĞ Ă WƌŝŵĂƌLJ ĂƌĞ WƌŽǀŝĚĞƌ͕ ŽďƚĂŝŶ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ĚĂƚĞƐ ĨŽƌ ƚŚĞŝƌ ĂƌĞĂ͕ ďƌŽǁƐĞ ƚŚƌŽƵŐŚ ĂŶƐǁĞƌƐ ƚŽ & YƐ͕ ĂŶĚ ĐŚĞĐŬ ĨŽƌ ƵƉĐŽŵŝŶŐ ĞǀĞŶƚƐ ĂŶĚ ƐƉĞĐŝĂů ĂŶŶŽƵŶĐĞŵĞŶƚƐ͘ džŚŝďŝƚ ϴ͘ϵͲϯ͗ ,ĞĂůƚŚLJ >ŽƵŝƐŝĂŶĂ WůĂŶ ĂŶĚ WƌŽǀŝĚĞƌ ^ĞůĞĐƚŝŽŶ͘ >ŽƵŝƐŝĂŶĂ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ĞĂƐŝůLJ ŶĂǀŝŐĂƚĞ ƚŽ ŽƵƌ ƉůĂŶ ƐĞůĞĐƚŝŽŶ ƚŽŽů͕ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ͕ ĂŶĚ ŽƚŚĞƌ ŚĞůƉĨƵů ƌĞƐŽƵƌĐĞƐ ƚŽ ŐƵŝĚĞ ƚŚĞŵ ƚŚƌŽƵŐŚ ƚŚĞŝƌ ĞŶƌŽůůŵĞŶƚ ĐŚŽŝĐĞƐ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ƚŚĞ ǁĞďƐŝƚĞ ǁŝůů ƐƵƉƉŽƌƚ ĂƵƚŚĞŶƚŝĐĂƚŝŽŶ ǁŝƚŚŽƵƚ ƚŚĞ ŶĞĞĚ ĨŽƌ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƚŽ ƉƌŽǀŝĚĞ Ă ƵƐĞƌ / ͬ ƉĂƐƐǁŽƌĚ ƉĂŝƌ ďLJ ƚĂŬŝŶŐ ƚŚĞ ƐĞƐƐŝŽŶ ƐƚĂƚĞ ĨƌŽŵ E & ^d Žƌ ĞW ^^͘ WĂŐĞ ϴ͘ϵͲϲ ŽĨ ϳ D y/Dh^ ŚĂƐ ƚŚĞ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ĐĂƉĂďŝůŝƚLJ ƚŽ ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ŝŶƚĞŐƌĂƚĞ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ͛Ɛ ĞŶƚĞƌƉƌŝƐĞ ŝĚĞŶƚŝƚLJ ŵĂŶĂŐĞŵĞŶƚ ;/ DͿ ƐĞƌǀŝĐĞ͕ EŽƌƚŚ ĂƌŽůŝŶĂ /ĚĞŶƚŝƚLJ ^ĞƌǀŝĐĞ ;E / Ϳ͕ ƚŽ ƐƵƉƉŽƌƚ ĂƵƚŚĞŶƚŝĐĂƚŝŽŶ ƚŽ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ͕ ĂŶĚ ŽƵƌ ŵŽďŝůĞ ĂƉƉ͕ ǁŝƚŚŽƵƚ ƚŚĞ ŶĞĞĚ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ƐŝŐŶ ŝŶ ŝĨ ƚŚĞLJ ĂƌĞ ĂůƌĞĂĚLJ ĂƵƚŚĞŶƚŝĐĂƚĞĚ ƚŽ E & ^d Žƌ ĞW ^^͕ Žƌ ƵƐĞ ^K ͬ^ D> ƚŽŬĞŶƐ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĐƌĞĂƚĞ ůŝŶŬƐ ŝŶ ĞW ^^ ĂŶĚ E & ^d ƚŚĂƚ ǁŝůů ĚŝƌĞĐƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ŽƵƌ ǁĞďƐŝƚĞ ĂŶĚ ŵŽďŝůĞ ĂƉƉ͘ tŚĞŶ Ă ƵƐĞƌ ĐůŝĐŬƐ ŽŶ ƚŚĞ ůŝŶŬ͕ ĞW ^^ Žƌ E & ^d ǁŝůů ƉĂƐƐ Ă ƚŽŬĞŶ ĂůŽŶŐ ǁŝƚŚ ƚŚĞ hZ> ƚŽ ůĂƵŶĐŚ ƚŚĞ ǁĞďƐŝƚĞ ƉŽƌƚĂů Žƌ ŵŽďŝůĞ ĂƉƉ͘ ĞW ^^ Žƌ E & ^d ǁŝůů ƉƌŽǀŝĚĞ ĂŶ ƉƉůŝĐĂƚŝŽŶ WƌŽŐƌĂŵ /ŶƚĞƌĨĂĐĞ ; W/Ϳ͕ ǁŚŝĐŚ ŽƵƌ ƉŽƌƚĂůƐ ǁŝůů ƵƐĞ ƚŽ ĐŚĞĐŬ ƚŚĞ ǀĂůŝĚŝƚLJ ŽĨ ƚŚĞ ƚŽŬĞŶ ĂŶĚ ƌĞƚƵƌŶ ƚŚĞ ƵƐĞƌ ĚĞƚĂŝůƐ͘ KŶĐĞ ǀĞƌŝĨŝĞĚ͕ ƚŚĞ ƵƐĞƌ ǁŝůů ďĞ ůŽŐŐĞĚ ŝŶƚŽ ƚŚĞ ǁĞďƐŝƚĞ Žƌ ŵŽďŝůĞ ĂƉƉ͕ ǁŝƚŚ ƚŚĞ ĨĞƚĐŚĞĚ ƵƐĞƌ ĚĞƚĂŝůƐ͘ ĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝůů ĂůƐŽ ďĞ ĂďůĞ ƚŽ ůŽŐ ŝŶƚŽ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ Žƌ ŵŽďŝůĞ ĂƉƉ ĚŝƌĞĐƚůLJ ƵƐŝŶŐ ƚŚĞ ƐĂŵĞ ĐƌĞĚĞŶƚŝĂůƐ ƚŚĞLJ ƵƐĞ ƚŽ ĂƵƚŚĞŶƚŝĐĂƚĞ ƚŽ ĞW ^^ ĂŶĚ E & ^d͘ tĞ ǁŝůů ǁŽƌŬ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ŝŵƉůĞŵĞŶƚ ĂŶ W/ͲďĂƐĞĚ ƐŽůƵƚŝŽŶ ǁŚĞƌĞŝŶ ĞW ^^ Žƌ E & ^d ƉƌŽǀŝĚĞƐ W/Ɛ ǁŝƚŚ ŝŶĚƵƐƚƌLJͲƐƚĂŶĚĂƌĚ ƐĞĐƵƌŝƚLJ ĨĞĂƚƵƌĞƐ ĨŽƌ ĂƵƚŚĞŶƚŝĐĂƚŝŽŶ͕ ƐƵĐŚ ĂƐ :ĂǀĂ^ĐƌŝƉƚ KďũĞĐƚ EŽƚĂƚŝŽŶͲďĂƐĞĚ Z ^d W/Ɛ͘ tŝƚŚŝŶ ƚŚĞ ŵŽďŝůĞ ĂƉƉ Žƌ ƉŽƌƚĂů͕ ƚŚĞ ƵƐĞƌ ǁŝůů ďĞ ƉƌŽŵƉƚĞĚ ƚŽ ĞŶƚĞƌ ŚŝƐ Žƌ ŚĞƌ E / ĐƌĞĚĞŶƚŝĂůƐ͘ KƵƌ ǁĞďƐŝƚĞͬŵŽďŝůĞ ĂƉƉ ǁŝůů ǀĞƌŝĨLJ ƚŚĞ ĐƌĞĚĞŶƚŝĂůƐ ǀŝĂ W/ ĐĂůůƐ ĂŶĚ ĨĞƚĐŚ ƚŚĞ ƵƐĞƌ ĚĞƚĂŝůƐ͘ ϱ͘ džŚŝďŝƚ ϴ͘ϵͲϰ͗ DĂƐƐĂĐŚƵƐĞƚƚƐ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ tĞďƐŝƚĞ͘ DĂƐƐĂĐŚƵƐĞƚƚƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂĐĐĞƐƐ ŽƵƌ ƌĞƐƉŽŶƐŝǀĞ ǁĞďƐŝƚĞ͕ ŽďƚĂŝŶ ĞĂƐLJͲƚŽͲƌĞĂĚ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĂŶĚ ŶĂǀŝŐĂƚĞ ďĞƚǁĞĞŶ ƚŚĞ ƐƚĂƚŝĐ ĂŶĚ ƐĞĐƵƌĞ ƉŽƌƚĂů͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ƚŚĞ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů ǁŝůů ƵƚŝůŝnjĞ ƚŚĞ W,W WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ƚŽ ĚŝƐƉůĂLJ ĂǀĂŝůĂďůĞ ŶĞƚǁŽƌŬ ƉƌŽǀŝĚĞƌƐ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ďĂƐĞĚ ŽŶ W,W ƐĞůĞĐƚŝŽŶ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ WĂŐĞ ϴ͘ϵͲϳ ŽĨ ϳ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ^ĞĐƚŝŽŶ ///͘ /͘ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ tĞďƐŝƚĞ͘ ϳ͘ Ɛ ƉĂƌƚ ŽĨ ƚŚĞ ŽŶůŝŶĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͕ ǁĞ ǁŝůů ĂƐŬ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ŝŶĚŝĐĂƚĞ ƚŚĞŝƌ ƉƌĞĨĞƌƌĞĚ ŵĞƚŚŽĚ ŽĨ ĐŽŶƚĂĐƚ ĨŽƌ ƌĞĐĞŝǀŝŶŐ ĨƵƚƵƌĞ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ƉƌŽŐƌĂŵ͘ dŚĞƐĞ ĐŽŶƚĂĐƚ ŵĞƚŚŽĚƐ ŝŶĐůƵĚĞ ƉŚŽŶĞ͕ ĞͲŵĂŝů͕ ĂŶĚ ŵĂŝůĞĚ ƉĂƉĞƌ ĚŽĐƵŵĞŶƚƐ͘ tĞ ǁŝůů ƵƐĞ ƚŚĞŝƌ ƉƌĞĨĞƌƌĞĚ ĐŽŶƚĂĐƚ ŵĞƚŚŽĚ ƚŽ ƌĞĂĐŚ ŽƵƚ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ŽďƚĂŝŶ ŵŝƐƐŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĂƐ ǁĞůů ĂƐ ƚŽ ĐŽŶĨŝƌŵ ƐĞůĞĐƚŝŽŶ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ŝŶƚĞŐƌĂƚĞ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ W,W ƐĞůĞĐƚŝŽŶ ƚŽŽů͕ ǁŝƚŚ ĞW ^^ ƚŽ ĞŶƐƵƌĞ Ă ƐĞĂŵůĞƐƐ ŽŶůŝŶĞ ĞdžƉĞƌŝĞŶĐĞ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ dŚŝƐ ǁŝůů ŝŶĐůƵĚĞ ŝŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƐĞĐƵƌĞ ŝŶďŽdž ĨƵŶĐƚŝŽŶĂůŝƚLJ ǁŝƚŚŝŶ ĞW ^^ ĨŽƌ ĐŽŵŵƵŶŝĐĂƚŝŶŐ ƚŚĞ ĂǀĂŝůĂďŝůŝƚLJ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐͬŵĞŵďĞƌƐ͘ dŚĞ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ǁŝůů ŝŶƚĞƌĨĂĐĞ ǁŝƚŚ D yĞď ƐŽ ƚŚĂƚ ĞŶƌŽůůŵĞŶƚƐ ĐŽŵƉůĞƚĞĚ ǀŝĂ ƚŚĞ ǁĞďƐŝƚĞ ĂƌĞ ƉƌŽĐĞƐƐĞĚ ŝŶ ƌĞĂůͲƚŝŵĞ ĂŶĚ Ăůů ƵƉĚĂƚĞƐ ŵĂĚĞ ŽŶ ƚŚĞ ǁĞďƐŝƚĞ ĂƌĞ ƉĂƐƐĞĚ ƚŽ D yĞď ŝŶ ƌĞĂůͲƚŝŵĞ͕ ĞŶƐƵƌŝŶŐ Ă ƐLJŶĐŚƌŽŶŝnjĞĚ ƉƌŽĐĞƐƐ͘ /Ĩ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂůů ƚŽ ĐŚĞĐŬ ŽŶ ƚŚĞŝƌ ĞŶƌŽůůŵĞŶƚ ŝŵŵĞĚŝĂƚĞůLJ ĂĨƚĞƌ ĞŶƌŽůůŝŶŐ ŽŶůŝŶĞ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ƐĞĞ ƚŚĞ ƵƉĚĂƚĞĚ ĂŶĚ ĂĐĐƵƌĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ŚĂƐ ƉƌŽǀŝĚĞĚ͘ Ɛ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ ^ĞĐƚŝŽŶ ϴ͘ϭϬ͗ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ĂŶĚ ^ĞĐƚŝŽŶ ϴ͘ϭϯ͗ ŶƌŽůůŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ /ŶƚĞŐƌĂƚŝŽŶ͕ ǁĞ ǁŝůů ŚĂǀĞ Ă ƐĞĐƵƌĞ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ƉƌŽĐĞƐƐ ƚŽ ĨĂĐŝůŝƚĂƚĞ ƚŚĞ ĞdžĐŚĂŶŐĞ ŽĨ ĞŶƌŽůůŵĞŶƚ ĚĂƚĂ ĨƌŽŵ ŽƵƌ ƐLJƐƚĞŵ ƚŽ E & ^d͘ KƵƌ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ǁŝůů ŝŶĐůƵĚĞ Ă ƌŽďƵƐƚ W,W ƐĞůĞĐƚŝŽŶ ƚŽŽů ƚŽ ŚĞůƉ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĨŝŶĚ Ă W,W ĂǀĂŝůĂďůĞ ŝŶ ƚŚĞŝƌ ƌĞŐŝŽŶ͕ ǀŝĞǁ W,W ĐŽŵƉĂƌŝƐŽŶ ĐŚĂƌƚƐ͕ ĐŚĞĐŬ ĨŽƌ ĂŶƐǁĞƌƐ ƚŽ & YƐ͕ ĂŶĚ ĐŽŶĚƵĐƚ ƉƌŽǀŝĚĞƌ ƐĞĂƌĐŚĞƐ͘ dŚĞ W,W ƐĞůĞĐƚŝŽŶ ƚŽŽů ǁŝůů ƉƌŽǀŝĚĞ Ă ǀŝĞǁ ŽĨ ƚŚĞ W,WƐ ĂǀĂŝůĂďůĞ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ďĂƐĞĚ ŽŶ ĚĂƚĂ ĨƌŽŵ E & ^d͕ ŝŶĐůƵĚŝŶŐ ĞůŝŐŝďŝůŝƚLJ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ĂŶĚ ĐĂƚĞŐŽƌLJ͕ ƉƌŝŽƌ W,W ĞŶƌŽůůŵĞŶƚ͕ ƉƌŝŽƌ D,ͬW W͕ ĂŶĚ ĂƉƉůŝĐĂďůĞ ƌĞŐŝŽŶ͘ dŚĞ ǀŝĞǁ ǁŝůů ďĞ ƉƌŝŽƌŝƚŝnjĞĚ ĂŶĚ ǁĞŝŐŚƚĞĚ ďĂƐĞĚ ŽŶ ĐƌŝƚĞƌŝĂ ĚĞĨŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĞŶƚĞƌĞĚ ďLJ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͕ ƐŚŽǁŝŶŐ W,WƐ ƚŚĂƚ ŵŽƐƚ ĐůŽƐĞůLJ ŵĂƚĐŚ ƚŚĞ ƐĞĂƌĐŚ ĐƌŝƚĞƌŝĂ Ăƚ ƚŚĞ ƚŽƉ ŽĨ ƚŚĞ ůŝƐƚ͘ dŚĞ ďĞŶĞĨŝĐŝĂƌLJ ǁŝůů ďĞ ĂďůĞ ƚŽ Ěƌŝůů ĚŽǁŶ ŝŶƚŽ ĞĂĐŚ W,W ƚŽ ǀŝĞǁ ĂŶĚ ĐŽŵƉĂƌĞ ƉůĂŶ ďĞŶĞĨŝƚƐ͘ ĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝůů ĂůƐŽ ďĞ ĂďůĞ ƚŽ ƐĞĞ ĂǀĂŝůĂďůĞ ŝŶͲŶĞƚǁŽƌŬ ƉƌŽǀŝĚĞƌƐ͘ dŚŝƐ ǁŝůů ďĞ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ŽƵƌ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ͕ ǁŚŝĐŚ ǁŝůů ďĞ ĞĂƐLJ ƚŽ ůŽĐĂƚĞ ŽŶ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ͘ KƵƌ W,W ƐĞůĞĐƚŝŽŶ ƚŽŽů ǁŝůů ƵƐĞ ŽƵƌ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ĂƐ ƚŚĞ ƐŽůĞ ƐŽƵƌĐĞ ƚŽ ĚĞƚĞƌŵŝŶĞ ƉƌŽǀŝĚĞƌͲW,W ƌĞůĂƚŝŽŶƐŚŝƉƐ ƐŽ ƚŚĂƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƐĞĞ ƵƉͲƚŽͲ ĚĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƉƌŽǀŝĚĞƌ ĂǀĂŝůĂďŝůŝƚLJ ĂƐ ƚŚĞLJ ĐŽŵƉĂƌĞ W,WƐ ĂŶĚ ŵĂŬĞ ƚŚĞŝƌ ƉůĂŶ ƐĞůĞĐƚŝŽŶ͘ tĞ ĂĐŬŶŽǁůĞĚŐĞ ƚŚĂƚ W,WƐ ŵĂLJ ŽĨĨĞƌ ĂĚĚŝƚŝŽŶĂů ďĞŶĞĨŝƚƐ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĂů͘ tĞ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ŽƵƌ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ŝŶ ƚŚĞ ^ĞĐƚŝŽŶ ϴ͘ϭϭ͗ ŽŶƐŽůŝĚĂƚĞĚ ĞŶĞĨŝĐŝĂƌLJͲ&ĂĐŝŶŐ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ͘ &Žƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ĐĂŶŶŽƚ ůŽŐ ŝŶƚŽ ƚŚĞ ƐĞĐƵƌĞ ǁĞď ƉŽƌƚĂů͕ ǁĞ ǁŝůů ŽĨĨĞƌ ŝŶƐƚƌƵĐƚŝŽŶƐ ƚŽ ĐŽŶƚĂĐƚ ŽƵƌ EŽƌƚŚ ĂƌŽůŝŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐĂůů ĐĞŶƚĞƌ ĨŽƌ ĂƐƐŝƐƚĂŶĐĞ͘ ϲ͘ tĞ ŚĂǀĞ ǁŽƌŬĞĚ ǁŝƚŚ ŽƚŚĞƌ ƐƚĂƚĞƐ ƚŽ ŝŵƉůĞŵĞŶƚ ƐŝŶŐůĞ ƐŝŐŶͲŽŶ ŝŶƚĞŐƌĂƚŝŽŶƐ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ůŽǁĞƌ ŽƉĞƌĂƚŝŽŶĂů ĐŽƐƚƐ ďLJ ƐƚƌĞĂŵůŝŶŝŶŐ ƚŚĞ ĞŶĚͲƚŽͲĞŶĚ ƉƌŽĐĞƐƐ ĨƌŽŵ ĂƉƉůŝĐĂƚŝŽŶ ĐŽŵƉůĞƚŝŽŶ ƚŽ ĞůŝŐŝďŝůŝƚLJ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ƚŽ ĞŶƌŽůůŵĞŶƚ͘ &Žƌ ĞdžĂŵƉůĞ͕ ŝŶ ŽƵƌ dĞdžĂƐ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƉƌŽũĞĐƚ͕ ǁĞ ǁŽƌŬĞĚ ĐŽůůĂďŽƌĂƚŝǀĞůLJ ǁŝƚŚ ŽƵƌ ĐůŝĞŶƚ ƚŽ ŝŵƉůĞŵĞŶƚ ƐŝŶŐůĞ ƐŝŐŶͲŽŶ ďĞƚǁĞĞŶ ƚŚĞ ^ƚĂƚĞ͛Ɛ ĞůŝŐŝďŝůŝƚLJ ǁĞď ƉŽƌƚĂů ĂŶĚ ŽƵƌ ƚ ŽƵƌ dĞdžĂƐ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͕ ǁĞ ĞŶƌŽůůŵĞŶƚ ǁĞď ƉŽƌƚĂů ƐŽ ƚŚĂƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ŚĂǀĞ ĂůƌĞĂĚLJ ĂƵƚŚĞŶƚŝĐĂƚĞĚ ƚŽ ƚŚĞ ^ƚĂƚĞ͛Ɛ ƉŽƌƚĂů ǁŽƌŬĞĚ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ ƚŽ ŝŵƉůĞŵĞŶƚ Ă ƐŝŶŐůĞ ƐŝŐŶͲ ĐĂŶ ďĞ ĂƵƚŽŵĂƚŝĐĂůůLJ ůŝŶŬĞĚ ƚŽ ŽƵƌ ƉŽƌƚĂů ǁŝƚŚŽƵƚ ƚŚĞ ŶĞĞĚ ƚŽ ƌĞͲĂƵƚŚĞŶƚŝĐĂƚĞ͘ tŝƚŚŝŶ ŽƵƌ ŽŶ ƐŽůƵƚŝŽŶ ƚŽ ƐƚƌĞĂŵůŝŶĞ ƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ ĂŶĚ ǁĞďƐŝƚĞ͕ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ĂĐĐĞƐƐ ǀĂƌŝŽƵƐ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ƚŽŽůƐ͕ ŝŶĐůƵĚŝŶŐ ƉůĂŶ ĐŽŵƉĂƌŝƐŽŶ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ƚŽ ŐŝǀĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐŚŽŝĐĞ ĚŽĐƵŵĞŶƚƐ ĂŶĚ ƉƌŽǀŝĚĞƌ ƐĞĂƌĐŚ ĨƵŶĐƚŝŽŶĂůŝƚLJ͕ ƚŽ ŚĞůƉ ƚŚĞŵ ĐŚŽŽƐĞ Ă ƉůĂŶ ĂŶĚ ƉƌŝŵĂƌLJ ĐĂƌĞ ĐŽƵŶƐĞůŝŶŐ ƚŽŽůƐ Ăƚ ƚŚĞ ƚŝŵĞ ŽĨ ĂƉƉůŝĐĂƚŝŽŶ͕ ƉƌŽǀŝĚĞƌ ďĂƐĞĚ ŽŶ ĨĂĐƚŽƌƐ ƚŚĂƚ ĂƌĞ ŝŵƉŽƌƚĂŶƚ ƚŽ ƚŚĞŝƌ ŝŶĚŝǀŝĚƵĂů ŶĞĞĚƐ ĂŶĚ ƉƌĞĨĞƌĞŶĐĞƐ͕ ƐƵĐŚ ĂƐ ŚĞůƉŝŶŐ ƚŚĞŵ ƚŽ ŵĂŬĞ ŝŶĨŽƌŵĞĚ ĚĞĐŝƐŝŽŶƐ ǁŝƚŚŽƵƚ ƉƌŽǀŝĚĞƌ ĂĨĨŝůŝĂƚŝŽŶ ĂŶĚ ůŽĐĂƚŝŽŶ͘ LJ ŵĂŬŝŶŐ ĞŶƌŽůůŵĞŶƚ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂǀĂŝůĂďůĞ ĞĂƌůLJ ŝŶ ƚŚĞ ŚĂǀŝŶŐ ƚŽ ůŽŐ ŝŶ ƚŽ ŵƵůƚŝƉůĞ ǁĞďƐŝƚĞƐ͘ ĞůŝŐŝďŝůŝƚLJ ƉƌŽĐĞƐƐ ĨůŽǁ͕ ǁĞ ŝŶĐƌĞĂƐĞ ƚŚĞ ƉƌŽƉŽƌƚŝŽŶ ŽĨ ŝŶĨŽƌŵĞĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ĂƌĞ ĞŵƉŽǁĞƌĞĚ ƚŽ ŵĂŬĞ ŝŵƉŽƌƚĂŶƚ ŚĞĂůƚŚ ĐĂƌĞ ĐŚŽŝĐĞƐ ƚŚĂƚ ƚŚĞLJ ĂƌĞ ŵŽƌĞ ůŝŬĞůLJ ƚŽ ďĞ ƐĂƚŝƐĨŝĞĚ ǁŝƚŚ ŝŶ ƚŚĞ ůŽŶŐ ƌƵŶ͘ dŚŝƐ ƐƚƌĞĂŵůŝŶĞƐ ƚŚĞ ŽǀĞƌĂůů ĂƉƉůŝĐĂƚŝŽŶ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͕ ĂŶĚ ƉƌŽǀŝĚĞƐ Ă ĨƵůůͲƐĞƌǀŝĐĞ ďĞŶĞĨŝĐŝĂƌLJ ĞdžƉĞƌŝĞŶĐĞ ƚŚĂƚ ƵůƚŝŵĂƚĞůLJ ĐŽŶƚƌŝďƵƚĞƐ ƚŽ Ă ƌĞĚƵĐƚŝŽŶ ŝŶ ƚŚĞ ŶƵŵďĞƌ ŽĨ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚƐ͕ ĂƐ ǁĞůů ĂƐ ƉůĂŶ ƚƌĂŶƐĨĞƌƐ ƚŚĂƚ ŽĐĐƵƌ ůĂƚĞƌ ŽŶ͘ RFP Section Response 8. 10 Bene?ciary Management Platform Section J, 1-7 The Department 'i-quim' - re .jinnsw In rhv. tugm he lirmteri in twelve tutti":- The North Carolina Enrollment Broker operation requires a robust Beneficiary Management Platform that IS secure, configurable, and specufically designed to support enrollment services and benefitiary contact management MAXIMUS offers a comprehensive beneficiary management and enrollment system that is based on time-tested infrastructure, architecture. and functionality and customized to meet the unique requirements of the Department of Health and Human Servrces Division of Health Benefits. 1. The Offeror must confirm adherence to the expectations of the Department and describe their ability and approach to meet the requirements of Section Ill. 1. Bene?ciary Management Platform. MAXIMUS confirms that we will adhere to Department expectations and meet all requirements set forth in RFP Section lilJ Beneficiary Management Platform. We describe our approach to developing and maintaining a Bene?ciary Management Platform for the NC Enrollment Broker Project throughout this section of our proposal. We have extensive experience deploying and operating information systems for state Medicaid programs that facilitate multichannel bene?ciary enrollment, secure data exchange, comprehensive beneficiary data tracking, and transparent data analytics and reporting. Our proprietary enrollment system, will serve as the Beneficiary Management Platform for the North Carolina Enrollment Broker Project and has been successfully implemented in nine MAXIMUS enrollment broker projects. We will build on this proven foundation to deliver a secure, reliable platform to support North Carolina Medicaid and NC Health Choice enrollment operations. 2. Offeror must describe the features of Bene?ciary Management Platform in existence detailing the information contain or which need to be developed including but not limited to: a. Demographic information; b. Records of enrollments, disenrollments, grievances, language preferences; c. Tracking call center interactions; and d. Exchanging information with state systems and data interfaces. Since the passing of the Patient Protection and Affordable Care Act (ACA) in 2010 and the shift to modularity driven by the Medicaid Information Technology Architecture (MITA) initiative and the Centers for Medicare and Medicaid Services' (CMS) Seven Standards and Conditions for enhanced federal funding participation, MAXIMUS has been involved in the realization of the Medicaid policy through the implementation of effective enrollment management systems that support all aspects of bene?ciary services. We developed our core enrollment system, to serve the specific needs of our health services government clients. integrates all of the basic enrollment broker and customer relationship management functionality into a secure, comprehensive, and uni?ed platform that emphasizes efficiency, accountability, and ?exibility. It incorporates industry best practices, MITA alignment. service?oriented architecture (SOA), and open source software to allow rapid con?guration to state-specific requirements. it is built on a scalable, ?exible architecture that can be adapted in response to changes in state Medicaid programs, technical architecture, and populations served. The modularity of is aligned to MITA standards and allows innovations developed for one project to be shared across our project implementations so that each government client benefits from the collective knowledge and enhancements of every other project. '3 burlt on a scalable, flexible that can be adapted in response to changes in was designed and built speci?cally to support the full range of daily operational state Medicaid programs, technical architecture, requirements of our enrollment broker projects. is not a generic commercial?off?the?shelf and populations served. (COTS) system. it has modularity in its design to enable the capability to integrate various system components, including COTS packages, for additional features and functionality. Page 8.10?1 of 11 &21),'(17,$/ WĂŐĞ ϴ͘ϭϬͲϮ ŽĨ ϭϭ D yĞď ƐƚŽƌĞƐ Ăůů ƌĞƋƵŝƌĞĚ ĚĂƚĂ ƌĞŐĂƌĚŝŶŐ ďĞŶĞĨŝĐŝĂƌLJ ĞŶƌŽůůŵĞŶƚƐ ĂŶĚ ĚŝƐĞŶƌŽůůŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ ĞůŝŐŝďŝůŝƚLJ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ƐƉĂŶƐ͕ ŚĞĂůƚŚ ƉůĂŶ ĞŶƌŽůůŵĞŶƚ ŚŝƐƚŽƌLJ͕ ƉƌŽǀŝĚĞƌ ƐĞůĞĐƚŝŽŶƐ͕ ĂŶĚ ĨƵůů ĐŽŵŵƵŶŝĐĂƚŝŽŶ ŚŝƐƚŽƌLJ͕ ĂůŽŶŐ ǁŝƚŚ ŶŽƚĞƐ ƌĞůĂƚĞĚ ƚŽ ĞĂĐŚ ŝŶƚĞƌĂĐƚŝŽŶ͕ ĂƐ ĂƉƉƌŽƉƌŝĂƚĞ͘ D yĞď ĂůƐŽ ƐƚŽƌĞƐ Ă ƌĞĐŽƌĚ ŽĨ Ăůů ƉƌŽŐƌĂŵ ŵĂƚĞƌŝĂůƐ ŐĞŶĞƌĂƚĞĚ ĂŶĚ ĚŝƐƚƌŝďƵƚĞĚ ƚŽ ŵĞŵďĞƌƐ͘ D yĞď ƉƌŽǀŝĚĞƐ Ă ĐŽŵƉůĞƚĞ ƌĞĐŽƌĚ ŽĨ Ăůů ďĞŶĞĨŝĐŝĂƌLJ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ĂŶĚ ŝŶƚĞƌĂĐƚŝŽŶƐ ŝŶĐůƵĚŝŶŐ ĐĂůů ĐĞŶƚĞƌ͕ ĞŶƌŽůůŵĞŶƚ ƐƵƉƉŽƌƚ͕ ƐƵƌǀĞLJƐ͕ ĂŶĚ ŽƵƚƌĞĂĐŚ ĂĐƚŝǀŝƚŝĞƐ͘ ĂĐŚ ďĞŶĞĨŝĐŝĂƌLJ ŝŶ ƚŚĞ ƐLJƐƚĞŵ ǁŝůů ŚĂǀĞ Ă ďĞŶĞĨŝĐŝĂƌLJ ŝŶƚĞƌĂĐƚŝŽŶ ƌĞĐŽƌĚ ƚŚĂƚ ŝŶĐůƵĚĞƐ Ăůů ƉĞƌƚŝŶĞŶƚ ĚĞŵŽŐƌĂƉŚŝĐ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ Ă ƌĞĐŽƌĚ ŽĨ Ăůů ĐŽŶƚĂĐƚƐ ǀŝĂ ƚĞůĞƉŚŽŶĞ͕ ŵĂŝů͕ ĞŵĂŝů͕ ĨĂdž͕ DĞŵďĞƌ ^ĂƚŝƐĨĂĐƚŝŽŶ ^ƵƌǀĞLJƐ͕ ĂŶĚ ǁĞď ĐŚĂƚ ŝŶƚĞƌĂĐƚŝŽŶƐ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ŝŶďŽƵŶĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ǁŚĞŶ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐŽŶƚĂĐƚ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐĂůů ĐĞŶƚĞƌ͕ ĂƐ ǁĞůů ĂƐ ŽƵƚďŽƵŶĚͬŽƵƚƌĞĂĐŚ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ǀŝĂ ŽƵƌ ĚŝŐŝƚĂů ƚŽŽůƐĞƚ͘ tĞ ƚƌĂĐŬ ďĞŶĞĨŝĐŝĂƌLJ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ƉƌĞĨĞƌĞŶĐĞƐ ĂŶĚ ŶĞĞĚƐ͕ ƐƵĐŚ ĂƐ ƐƉĞĐŝĂů ŶĞĞĚƐ ƐƚĂƚƵƐ ĂŶĚ ůĂŶŐƵĂŐĞ ƉƌĞĨĞƌĞŶĐĞ͕ ƐŽ ǁĞ ĐĂŶ ĚĞůŝǀĞƌ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ ĂŶĚ ĚŝŐŝƚĂů ŶŽƚŝĨŝĐĂƚŝŽŶƐ ďĂƐĞĚ ŽŶ ƚŚĞŝƌ ƉƌĞĨĞƌĞŶĐĞƐ͘ D yĞď ǁŝůů ŝŶĐůƵĚĞ Ăůů ĚĂƚĂ ĨŝĞůĚ ĂƐ ƐƉĞĐŝĨŝĞĚ ŝŶ ƚŚĞ Z&W͘ Ɛ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͕ D yĞď ǁŝůů ĨƵŶĐƚŝŽŶ ĂƐ Ă ĐŽŵƉůĞƚĞ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĐƵƐƚŽŵĞƌ ƌĞůĂƚŝŽŶƐŚŝƉ ŵĂŶĂŐĞŵĞŶƚ ƚŽŽů ŝŶ ŽŶĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ĂƉƉůŝĐĂƚŝŽŶ͘ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ĐĂŶ ƚƌĂĐŬ Ăůů ŝŶƚĞƌĂĐƚŝŽŶƐ ǁŝƚŚ ĞĂĐŚ ďĞŶĞĨŝĐŝĂƌLJ ĂůŽŶŐƐŝĚĞ ƚŚĞ ĐŽŵƉůĞƚĞ ĞŶƌŽůůŵĞŶƚ ƌĞĐŽƌĚ͕ ĂƐ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϭϬͲϭ͗ D yĞď ĞŶĞĨŝĐŝĂƌLJ ŶƌŽůůŵĞŶƚ ĂƚĂ DĂŶĂŐĞŵĞŶƚ͘ D yĞď ƉƌŽǀŝĚĞƐ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ĞůĞĐƚƌŽŶŝĐ ƌĞĐŽƌĚ ŽĨ Ăůů ďĞŶĞĨŝĐŝĂƌLJ ĚĂƚĂ͕ ŝŶĐůƵĚŝŶŐ ĐƵƌƌĞŶƚ ĚĞŵŽŐƌĂƉŚŝĐ ŝŶĨŽƌŵĂƚŝŽŶ͕ ŝŶƚĞƌĂĐƚŝŽŶƐ ǁŝƚŚ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͕ ĞŶƌŽůůŵĞŶƚƐ͕ ƉůĂŶ ĐŚĂŶŐĞƐ ĚŝƐĞŶƌŽůůŵĞŶƚƐ͕ ĂŶĚ ĐŽŵƉůĂŝŶƚƐ͘ &21),'(17,$/ WĂŐĞ ϴ͘ϭϬͲϯ ŽĨ ϭϭ D yĞď ĂƵƚŽŵĂƚŝĐĂůůLJ ŐĞŶĞƌĂƚĞƐ ďŽƚŚ ƚŚĞ ĚĂƚĞ ĂŶĚ ƚŝŵĞ ƚŚĂƚ ƚŚĞ ĐŽŵƉůĂŝŶƚ ŝƐ ƌĞĐŽƌĚĞĚ ĂƐ ǁĞůů ĂƐ Ă ƚƌĂĐŬŝŶŐ ŶƵŵďĞƌ͕ ǁŚŝĐŚ ǁĞ ƵƐĞ ĨŽƌ ŝŶƚĞƌŶĂů ĂŶĚ ĞdžƚĞƌŶĂů ƚƌĂĐŬŝŶŐ ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ ƉƵƌƉŽƐĞƐ͘ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ĞŶƚĞƌ Ăůů ĂĐƚŝŽŶƐ ƚĂŬĞŶ ƚŽ ƌĞƐŽůǀĞ Ă ĐŽŵƉůĂŝŶƚ͕ ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ƌĞƐŽůƵƚŝŽŶ Žƌ ĞƐĐĂůĂƚŝŽŶ ĐŽĚĞ͘ D yĞď ƚŚĞŶ ƌŽƵƚĞƐ ĂŶĚ ƚƌĂĐŬƐ ƚŚĞ ĐŽŵƉůĂŝŶƚ ƚĂƐŬ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ŽƵƌ ĚĞĨŝŶĞĚ ĞƐĐĂůĂƚŝŽŶ ƉƌŽĐĞƐƐĞƐ͕ ŝŶĐůƵĚŝŶŐ ĞƐĐĂůĂƚŝŶŐ ƚŽ ƚŚĞ ^ƚĂƚĞ ŝĨ ŶĞĐĞƐƐĂƌLJ͕ Žƌ ŝĨ ĨŽůůŽǁͲƵƉ ĂĐƚŝŽŶ ŝƐ ƌĞƋƵŝƌĞĚ͘ D yĞď ŵĂŝŶƚĂŝŶƐ ĨƵůů ŚŝƐƚŽƌŝĞƐ ŽĨ Ăůů ďĞŶĞĨŝĐŝĂƌLJ ŝŶƚĞƌĂĐƚŝŽŶƐ͘ /Ĩ Ă ďĞŶĞĨŝĐŝĂƌLJ ĐĂůůƐ ǁŝƚŚ ĂŶ ŝƐƐƵĞ Žƌ ĐŽŵƉůĂŝŶƚ͕ ƚŚĞ ŚŝƐƚŽƌLJ ŵĂŝŶƚĂŝŶƐ Ăůů ƐƵďƐĞƋƵĞŶƚ ĐĂůůƐ ĂŶĚ ĂĐƚŝŽŶƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ƐƉĞĐŝĨŝĐ ĐŽŶĐĞƌŶ͘ D yĞď ǁŝůů ĚŝƐƉůĂLJ ĂŶ ĂůĞƌƚ ĂŶLJƚŝŵĞ ƚŚĞƌĞ ŝƐ ĂŶ ŽƉĞŶ ĐŽŵƉůĂŝŶƚ Žƌ ŝŶĐŝĚĞŶƚ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ĐĂƐĞ͘ dŚŝƐ ĂůĞƌƚ ǁŝůů ŚĞůƉ ŽƵƌ ƐƚĂĨĨ ŝŵŵĞĚŝĂƚĞůLJ ŝĚĞŶƚŝĨLJ ŝĨ ƚŚĞ ĐĂůůĞƌ ŚĂƐ ŚĂĚ ƉƌĞǀŝŽƵƐ ĐŽŶƚĂĐƚ D y/Dh^ ŵĂŝŶƚĂŝŶƐ Ă ƉƌŽĂĐƚŝǀĞ ĂƉƉƌŽĂĐŚ ƚŽ ĐŽŵƉůĂŝŶƚƐ ĂŶĚ ŐƌŝĞǀĂŶĐĞƐ͕ ĂŶĚ D yĞď ĨĂĐŝůŝƚĂƚĞƐ ƚŚŝƐ ĂƉƉƌŽĂĐŚ͘ dŚĞ ĞdžƉĞƌŝĞŶĐĞ ƚŚĂƚ Ă ďĞŶĞĨŝĐŝĂƌLJ ŚĂƐ ĐĂŶ ŐƌĞĂƚůLJ ŝŶĨůƵĞŶĐĞ ƚŚĞŝƌ ůŝŬĞůŝŚŽŽĚ ƚŽ ĐŽŶƚŝŶƵĞ ƚŽ ĞŶŐĂŐĞ ǁŝƚŚ ƚŚĞ ƉƌŽŐƌĂŵ͘ dŚĞ D yĞď ĐŽŵƉůĂŝŶƚ ƚƌĂĐŬŝŶŐ ŵŽĚƵůĞ ĂůůŽǁƐ ƵƐ ƚŽ ĚŽĐƵŵĞŶƚ͕ ƚƌĂĐŬ͕ ĂŶĚ ƌĞƐŽůǀĞ Žƌ ĞƐĐĂůĂƚĞ ĐŽŵƉůĂŝŶƚƐ ĂŶĚ ŐƌŝĞǀĂŶĐĞƐ ǁŚĞŶ ƚŚĞLJ ŽĐĐƵƌ͘ KƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ƵƐĞ ƚŚĞ ĐŽŵƉůĂŝŶƚ ƚƌĂĐŬŝŶŐ ŵŽĚƵůĞ ƚŽ ƌĞĐŽƌĚ ĂŶĚ ĐůĂƐƐŝĨLJ ĞĂĐŚ ĐŽŵƉůĂŝŶƚ Žƌ ŐƌŝĞǀĂŶĐĞ ďLJ ƉƌŽŐƌĂŵ ƚLJƉĞ͕ ĐŽŵƉůĂŝŶƚ ƚLJƉĞ͕ ƉƌŝŽƌŝƚLJ ƐƚĂƚƵƐ͕ ĂŶĚ ƌĞĂƐŽŶ ĨŽƌ ƚŚĞ ĐŽŵƉůĂŝŶƚ͕ ŝŶĐůƵĚŝŶŐ ƚŚŽƐĞ ŚĂǀŝŶŐ ƚŽ ĚŽ ǁŝƚŚ ŽƵƌ ƐƚĂĨĨ͘ D yĞď ĂĐĐĞƉƚƐ ŝŶĐŝĚĞŶƚ ĞǀĞŶƚƐ ďLJ ǀĂƌŝŽƵƐ ĐŚĂŶŶĞůƐ͕ ŝŶĐůƵĚŝŶŐ ƚĞůĞƉŚŽŶĞ͕ ŵĂŝů͕ ĨĂdž͕ ĂŶĚ ŝŶ ƉĞƌƐŽŶ͘ džŚŝďŝƚ ϴ͘ϭϬͲϮ͗ ZĞŐŝƐƚĞƌŝŶŐ Ă ŽŵƉůĂŝŶƚͬ'ƌŝĞǀĂŶĐĞ ƐŚŽǁƐ ĂŶ ĞdžĂŵƉůĞ ŽĨ Ă ĚĂƚĂ ĞŶƚƌLJ ƐĐƌĞĞŶ ĨŽƌ ƌĞĐŽƌĚŝŶŐ ĂŶĚ ƚƌĂĐŬŝŶŐ ĐŽŵƉůĂŝŶƚƐ ĂŶĚ ŐƌŝĞǀĂŶĐĞƐ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ŚĂƐ ĐĂƉĂĐŝƚLJ ƚŽ ŵĂŶĂŐĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĚĂƚĂ͘ WĂŐĞ ϴ͘ϭϬͲϰ ŽĨ ϭϭ D yĞď ŝŶƚĞŐƌĂƚĞƐ Ăůů ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ĨƵŶĐƚŝŽŶĂůŝƚLJ ŝŶƚŽ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ĂŶĚ ƵŶŝĨŝĞĚ ƉůĂƚĨŽƌŵ ǁŝƚŚ ĨůĞdžŝďůĞ ŵŽĚƵůĞƐ ƚŽ ƚƌĂĐŬ͕ ŵĂŶĂŐĞ͕ ĂŶĚ ŵĂŝŶƚĂŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ ďĞŶĞĨŝĐŝĂƌLJ͕ ƉůĂŶ͕ ĂŶĚ ƉƌŽǀŝĚĞƌ ĚĂƚĂ͘ džŚŝďŝƚ ϴ͘ϭϬͲϯ͗ D yĞď ^LJƐƚĞŵ ŽŵƉŽŶĞŶƚƐ ƐŚŽǁƐ Ăůů ŽĨ ƚŚĞ ĐŽŶĨŝŐƵƌĂďůĞ ĐŽŵƉŽŶĞŶƚƐ ƚŚĂƚ ĂƌĞ ďƵŝůƚ ŝŶƚŽ ŽƵƌ D yĞď ƐLJƐƚĞŵ͘ dŚŝƐ ĞdžŚŝďŝƚ ŝůůƵƐƚƌĂƚĞƐ ƚŚĞ ŵŽĚƵůĂƌ ĂƌĐŚŝƚĞĐƚƵƌĞ ƚŚĂƚ ĂůůŽǁƐ D yĞď ƚŽ ĂĐŚŝĞǀĞ ŽƉĞƌĂƚŝŽŶĂů ĞĨĨŝĐŝĞŶĐŝĞƐ ĂŶĚ ƌĞŵĂŝŶ ĨůĞdžŝďůĞ ĨŽƌ ĨƵƚƵƌĞ ƉƌŽŐƌĂŵ ĐŚĂŶŐĞƐ ĂŶĚ ĞdžƉĂŶƐŝŽŶ͘ ϯ͘ tĞ ƉƌŽǀŝĚĞ ĂĚĚŝƚŝŽŶĂů ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ŽƵƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ĂƉƉƌŽĂĐŚ ƚŽ ŚĂŶĚůŝŶŐ ďĞŶĞĨŝĐŝĂƌLJ ŐƌŝĞǀĂŶĐĞƐ ŝŶ ^ĞĐƚŝŽŶ ϴ͘ϱ͗ ĞŶĞĨŝĐŝĂƌLJ 'ƌŝĞǀĂŶĐĞƐ͘ ǁŝƚŚ ƵƐ͕ ƌĞǀŝĞǁ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ƚŚĞ ƉƌĞǀŝŽƵƐ ĂĐƚŝǀŝƚLJ ĂŶĚ ĂĐƚŝŽŶƐ ƚĂŬĞŶ͕ ĂŶĚ ĂƐĐĞƌƚĂŝŶ ǁŚĞƚŚĞƌ ƚŚĞ ĐŽŶƚĂĐƚ ǁĂƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ƐƉĞĐŝĨŝĐ ĐŽŵƉůĂŝŶƚ ĐƵƌƌĞŶƚůLJ ďĞŝŶŐ ŚĂŶĚůĞĚ͘ ŽŵƉůĂŝŶƚƐ ƚŚĂƚ ƌĞƋƵŝƌĞ ŝŵŵĞĚŝĂƚĞ ĞƉĂƌƚŵĞŶƚ ĂƚƚĞŶƚŝŽŶ ǁŝůů ďĞ ƌĞƉŽƌƚĞĚ ĚĂŝůLJ ǀŝĂ ƉŚŽŶĞ Žƌ ƐĞĐƵƌĞ ĞŵĂŝů͘ HH m-OH.m „ WĂŐĞ ϴ͘ϭϬͲϲ ŽĨ ϭϭ /ŵĂŐĞͬ ŽĐƵŵĞŶƚ DĂŶĂŐĞŵĞŶƚ͗ /ŶƚĞŐƌĂƚĞĚ ŝŵĂŐŝŶŐ͕ ŝŶĐůƵĚŝŶŐ ĚŽĐƵŵĞŶƚ ƐĐĂŶŶŝŶŐ ĂŶĚ ƌĞƚƌŝĞǀĂů͕ ŝƐ ƵƐĞĚ ĨŽƌ ƌĞĐĞŝƉƚ ĂŶĚ ƚƌĂĐŬŝŶŐ ŽĨ Ăůů ƉĂƉĞƌͲďĂƐĞĚ ĚŽĐƵŵĞŶƚƐ͘ tĞ ƵƐĞ ŽƵƌ KŶ ĂƐĞ ƐLJƐƚĞŵ ƚŽ ĨĂĐŝůŝƚĂƚĞ ĚŽĐƵŵĞŶƚ ŵĂŶĂŐĞŵĞŶƚ ĨƵŶĐƚŝŽŶƐ͘ ŽƌƌĞƐƉŽŶĚĞŶĐĞ ƐĞŶƚ ďLJ D y/Dh^ ŝƐ ďĂƌĐŽĚĞĚ ĂŶĚ ĂƵƚŽŵĂƚŝĐĂůůLJ ůŝŶŬĞĚ ƚŽ ĐĂƐĞƐ ǁŚĞŶ ƚŚĞ ĐŽŵƉůĞƚĞĚ͕ ƌĞƚƵƌŶĞĚ ǀĞƌƐŝŽŶ ŝƐ ƐĐĂŶŶĞĚ͘ dŚĞ ĂƵƚŽŵĂƚŝĐ ůŝŶŬŝŶŐ ŽĨ ŝŵĂŐĞƐ ǀŝĂ Ă ďĂƌĐŽĚĞ ŚĂƐ ƉƌŽǀĞŶ ƚŽ ƉƌŽǀŝĚĞ ƐŝŐŶŝĨŝĐĂŶƚ ƚŝŵĞ ƐĂǀŝŶŐƐ ĨŽƌ ŵĂŝůƌŽŽŵ ƐƚĂĨĨ ďLJ ĞůŝŵŝŶĂƚŝŶŐ ƚŚĞ ƐƚĞƉ ŽĨ ŝĚĞŶƚŝĨLJŝŶŐ ƚŚĞ ĐĂƐĞ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ŝŵĂŐĞĚ ĚŽĐƵŵĞŶƚ ĂŶĚ ůŝŶŬŝŶŐ ƚŚĞ ĚŽĐƵŵĞŶƚ ƚŽ ƚŚĞ ĐĂƐĞ͘ tĞ ůŝŶŬ ƚŚĞ ŝŵĂŐĞƐ ƚŽ ƚŚĞ ĞůĞĐƚƌŽŶŝĐ ĐĂƐĞ ƌĞĐŽƌĚƐ ĨŽƌ ĚŽĐƵŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ďĂƌĐŽĚĞĚ͘ /ŵĂŐĞƐ ŽĨ Ăůů ŝŶĐŽŵŝŶŐ ĐĂƐĞ ĚŽĐƵŵĞŶƚƐ͕ ĂƐ ǁĞůů ĂƐ Ăůů ŽƵƚŐŽŝŶŐ ůĞƚƚĞƌƐ ĂŶĚ ŶŽƚŝĐĞƐ͕ ĂƌĞ ŬĞƉƚ ŝŶ ƚŚĞ ĚĂƚĂďĂƐĞ ƐŽ ƚŚĂƚ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ĐĂŶ ǀŝĞǁ Ăůů ĐĂƐĞ ĚŽĐƵŵĞŶƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ĐĂƐĞ Ăƚ ĂŶLJ ƚŝŵĞ͕ ŵĂŬŝŶŐ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ŵŽƌĞ ĞĨĨĞĐƚŝǀĞ ĂŶĚ ůĞƐƐ ƚŝŵĞ ĐŽŶƐƵŵŝŶŐ͘ ŽŵŵŽŶ ^ƵƉƉŽƌƚ dŚĞ ŽŵŵŽŶ ^ƵƉƉŽƌƚ ŵŽĚƵůĞ ŝƐ ƚŚĞ ďĂĐŬďŽŶĞ ŽĨ D yĞď͘ dŚĞ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ƚŚŝƐ ŵŽĚƵůĞ ĚƌŝǀĞ ƚŚĞ ƉƌŽĐĞƐƐĞƐ ƵƐĞĚ ŝŶ ƚŚĞ ŽƚŚĞƌ ŵŽĚƵůĞƐ ŽĨ D yĞď ĂŶĚ ŝŶĐůƵĚĞ͗ ƵƐƚŽŵĞƌ /ŶƚĞƌĂĐƚŝŽŶ DĂŶĂŐĞŵĞŶƚ dŚĞ ƵƐƚŽŵĞƌ /ŶƚĞƌĂĐƚŝŽŶ DĂŶĂŐĞŵĞŶƚ ŵŽĚƵůĞ ŝƐ ĚĞƐŝŐŶĞĚ ĂƌŽƵŶĚ ƉƌŽǀŝĚŝŶŐ ƋƵĂůŝƚLJ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ƚŚƌŽƵŐŚ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐĂůů ĐĞŶƚĞƌ͘ dŚĞ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ƚŚŝƐ ŵŽĚƵůĞ ĨŽĐƵƐ ŽŶ ĐĂƉƚƵƌŝŶŐ ďĞŶĞĨŝĐŝĂƌLJ ĚĂƚĂ ĂŶĚ ƐƵƉƉůĞŵĞŶƚĂů ŝŶĨŽƌŵĂƚŝŽŶ ĂĐĐƵƌĂƚĞůLJ͘ ƵƐƚŽŵĞƌ /ŶƚĞƌĂĐƚŝŽŶ DĂŶĂŐĞŵĞŶƚ ŝŶĐůƵĚĞƐ ďĞŶĞĨŝĐŝĂƌLJ ŝŶƚĞƌĂĐƚŝŽŶ ƚƌĂĐŬŝŶŐ͕ ĐŽŵƉůĂŝŶƚ ƚƌĂĐŬŝŶŐ͕ ŽŶŐŽŝŶŐ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ĂŶĚ ŵĂƚĞƌŝĂůƐ ƌĞƋƵĞƐƚƐ͘ Ŷ ĞůĞĐƚƌŽŶŝĐ ƌĞĐŽƌĚ ŝƐ ŵĂĚĞ ŽĨ ĞĂĐŚ ĐŽŶƚĂĐƚ Ă ďĞŶĞĨŝĐŝĂƌLJ ŚĂƐ ǁŝƚŚ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ͕ ĂŶĚ ĨŽůůŽǁͲƵƉ ĂĐƚŝŽŶƐ ĐĂŶ ďĞ ƉůĂĐĞĚ ŝŶ ƚŚĞ ǁŽƌŬ ƋƵĞƵĞƐ͘ ĂƚĂͲĚƌŝǀĞŶ ďƵƐŝŶĞƐƐ ƌƵůĞƐ ĂƌĞ ƵƐĞĚ ƚŽ ƉƌŽǀŝĚĞ ĂůĞƌƚƐ ĨŽƌ ĨŽůůŽǁͲƵƉ ĂĐƚŝŽŶƐ ĂŶĚ ĞƐĐĂůĂƚŝŽŶƐ ƚŽ ŽƚŚĞƌ ƐƚĂĨĨ͕ ĂƐ ŶĞĐĞƐƐĂƌLJ͘ DĂŶĂŐĞĚ ĂƌĞ WůĂŶƐ DĂŶĂŐĞŵĞŶƚ dŚĞ DĂŶĂŐĞĚ ĂƌĞ WůĂŶƐ DĂŶĂŐĞŵĞŶƚ ŵŽĚƵůĞ ŝƐ ƵƐĞĚ ƚŽ ĐŽŶƚƌŽů W,W ĂŶĚ ƉƌŽǀŝĚĞƌ ƐĞƚƚŝŶŐƐ͘ dŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ ŝƐ ĐƌŝƚŝĐĂů ƚŽ ĂůůŽǁŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ƉƌŽƉĞƌůLJ ĞŶƌŽůů ŝŶƚŽ Ă W,W͘ hƐŝŶŐ ƚŚŝƐ ŵŽĚƵůĞ͕ D y/Dh^ ĐĂŶ ŚĞůƉ ĞŶƐƵƌĞ ƚŚĂƚ W,W ĐŽŶƚƌĂĐƚƐ ĂƌĞ ƉƌŽƉĞƌůLJ ƐĞƚ ƵƉ ƚŽ ƌĞĨůĞĐƚ ƚŚĞ ƌĞŐŝŽŶƐ ŝŶ ǁŚŝĐŚ ƚŚĞLJ ƉƌŽǀŝĚĞ ƐĞƌǀŝĐĞ ĂŶĚ ƚŚĞ ƉŽƉƵůĂƚŝŽŶƐ ƚŚĞLJ ƐĞƌǀĞ͕ ĂƐ ǁĞůů ĂƐ ƚŽ ŵĂŶĂŐĞ ĞŶƌŽůůŵĞŶƚ ĐĂƉƐ ĂŶĚ ƐĂŶĐƚŝŽŶƐ͘ dŚŝƐ ŵŽĚƵůĞ ĂůƐŽ ƐƵƉƉŽƌƚƐ ƚŚĞ ĐƌĞĂƚŝŽŶ ŽĨ ƚŚĞ WƌŽǀŝĚĞƌ EĞƚǁŽƌŬ ŝƌĞĐƚŽƌLJ͘ D yĞď ŚĂƐ ƚŚĞ ĐĂƉĂďŝůŝƚLJ ƚŽ ŵĂŬĞ ƌĞĂůͲƚŝŵĞ ĐĂůůƐ ƚŽ ^ƚĂƚĞ ƐLJƐƚĞŵƐ ƐŽ ƚŚĂƚ ƚŚĞ ĚĂƚĂ ŝŶ D yĞď ŝƐ ƐLJŶĐŚƌŽŶŝnjĞĚ ĂŶĚ ƵƉͲƚŽͲĚĂƚĞ͘ &Žƌ ĞdžĂŵƉůĞ͕ ǁĞ ǁŝůů ĞdžĐŚĂŶŐĞ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĚĂƚĂ ǁŝƚŚ E & ^d ƵƐŝŶŐ ƚŚĞ ^ƚĂƚĞͲƉƌŽǀŝĚĞĚ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĂůŐŽƌŝƚŚŵ ĞŶĐĂƉƐƵůĂƚĞĚ ďĞŚŝŶĚ Ă ǁĞď ƐĞƌǀŝĐĞ͘ tĞ ǁŝůů ƐĞŶĚ ĂŶ ĞŶĐƌLJƉƚĞĚ ^K W ƌĞƋƵĞƐƚ ĐŽŶƚĂŝŶŝŶŐ ĞŶƌŽůůĞĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ E & ^d͕ ĂŶĚ ƚŚĞ ^ƚĂƚĞ ǁŝůů ĚĞĐƌLJƉƚ ƚŚĞ ŵĞƐƐĂŐĞ͕ ƉĞƌĨŽƌŵ ƚŚĞ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĂůŐŽƌŝƚŚŵ͕ ĂŶĚ ƐĞŶĚ ĂŶ ĞŶĐƌLJƉƚĞĚ ^K W ƌĞƐƉŽŶƐĞ ƚŽ D y/Dh^ ǀŝĂ ƚŚĞ ^ƚĂƚĞ͛Ɛ ^ ͘ tĞ ǁŝůů ĚĞĐƌLJƉƚ ƚŚĞ ŵĞƐƐĂŐĞ ĂŶĚ ĂƐƐŝŐŶ ƚŚĞ ĞŶƌŽůůĞĞ ƚŽ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ƉůĂŶ ďĂƐĞĚ ŽŶ ƚŚĞ ƌĞƐƵůƚ ŽĨ ƚŚĂƚ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĐĂůů͘ ĂŝůLJ͕ ǁĞĞŬůLJ͕ ĂŶĚ ŵŽŶƚŚůLJ ƌĞĐŽŶĐŝůŝĂƚŝŽŶƐ ŽĨ ĞŶƌŽůůŵĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶƐ ǁŝůů ŽĐĐƵƌ ǀŝĂ Ă ƐĞĐƵƌĞ ďĂƚĐŚ ĨŝůĞ ƚƌĂŶƐĨĞƌ ƉƌŽĐĞƐƐ͘ ZĞũĞĐƚĞĚ ƚƌĂŶƐĂĐƚŝŽŶƐ ĂƵƚŽŵĂƚŝĐĂůůLJ ŐĞŶĞƌĂƚĞ ƚĂƐŬƐ ŝŶ D yĞď ĨŽƌ ƌĞƐŽůƵƚŝŽŶ ďLJ ŽƵƌ ƐLJƐƚĞŵƐ ƐƚĂĨĨ͘ ĂƐĞĚ ŽŶ ƌƵůĞƐ ƚĂďůĞƐ͕ ƚŚĞ ƐLJƐƚĞŵ ŝĚĞŶƚŝĨŝĞƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ƐŚŽƵůĚ ŶŽƚ ďĞ ĞŶƌŽůůĞĚ͘ tĞ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ŽƵƌ ĂƉƉƌŽĂĐŚ ƚŽ ƐĞĐƵƌĞ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ǁŝƚŚ ^ƚĂƚĞ ĂŶĚ ŽƚŚĞƌ ĞdžƚĞƌŶĂů ƐLJƐƚĞŵƐ͕ ĂŶĚ ƉƌŽǀŝĚĞ Ă ůŝƐƚ ŽĨ ƉƌŽƉŽƐĞĚ ŝŶƚĞƌĨĂĐĞƐ͕ ŝŶ ^ĞĐƚŝŽŶ ϴ͘ϭϯ͗ ŶƌŽůůŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ /ŶƚĞŐƌĂƚŝŽŶ ĂŶĚ ^ĞĐƚŝŽŶ ϴ͘Ϯϱ͗ ^LJƐƚĞŵ /ŶƚĞƌĨĂĐĞ WůĂŶ͘ tĞ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ŽƵƌ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ƉƌŽĐĞƐƐ ŝŶ ^ĞĐƚŝŽŶ ϴ͘ϭϵ͗ ZĞĐŽŶĐŝůŝĂƚŝŽŶ͘ ŶƌŽůůŵĞŶƚ DĂŶĂŐĞŵĞŶƚ dŚĞ D yĞď ŶƌŽůůŵĞŶƚ DĂŶĂŐĞŵĞŶƚ ŵŽĚƵůĞ ƉƌŽǀŝĚĞƐ Ă ƐƚƌĞĂŵůŝŶĞĚ ƉƌŽĐĞƐƐ ĨŽƌ ĞŶƌŽůůŝŶŐ͕ ĚŝƐĞŶƌŽůůŝŶŐ͕ Žƌ ƚƌĂŶƐĨĞƌƌŝŶŐ Ăůů ĞůŝŐŝďůĞ ĨĂŵŝůLJ ŵĞŵďĞƌƐ ŝŶƚŽ ƉůĂŶƐ͘ ŽŵƉƌĞŚĞŶƐŝǀĞ ďĞŶĞĨŝĐŝĂƌLJ ĚĂƚĂ ŝŶĐůƵĚŝŶŐ ĚĞŵŽŐƌĂƉŚŝĐ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĐƵƌƌĞŶƚ ĞůŝŐŝďŝůŝƚLJ͕ ĞŶƌŽůůŵĞŶƚ͕ D,ͬW W ƐĞůĞĐƚŝŽŶ͕ ĂŶĚ ŽƚŚĞƌ ŚĞĂůƚŚ ĐĂƌĞ ĐŽǀĞƌĂŐĞ͕ ŝƐ ƚƌĂĐŬĞĚ ǁŝƚŚŝŶ ƚŚŝƐ ŵŽĚƵůĞ͘ ^LJƐƚĞŵ ĞĚŝƚƐ ŚĞůƉ ĞŶƐƵƌĞ ƚŚĂƚ W,W ĂŶĚ D,ͬW W ĐŚŽŝĐĞƐ ĂƌĞ ĂƉƉƌŽƉƌŝĂƚĞ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ůŽĐĂƚŝŽŶ ĂŶĚ ƉƌŽŐƌĂŵ ƐƚĂƚƵƐ͘ D yĞď ŵĂŝŶƚĂŝŶƐ ďĞŶĞĨŝĐŝĂƌLJ ŚŝƐƚŽƌŝĞƐ ŽĨ ĞůŝŐŝďŝůŝƚLJ ĂŶĚ ĞŶƌŽůůŵĞŶƚ͘ EŽƚŝĐĞƐͬ ŽƌƌĞƐƉŽŶĚĞŶĐĞ DĂŶĂŐĞŵĞŶƚ͗ dŚŝƐ ŵŽĚƵůĞ ŐĞŶĞƌĂƚĞƐ ĚĂƚĂ ĨŽƌ Ăůů ŽĨ ƚŚĞ ĨŽƌŵƐ͕ ŶŽƚŝĐĞƐ͕ ĞŶƌŽůůŵĞŶƚ ƉĂĐŬĂŐĞƐ͕ ĂŶĚ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ ƚŚĂƚ ĂƌĞ ŵĂŝůĞĚ ƚŚƌŽƵŐŚ ŽƵƌ ŵĂŝů ŚŽƵƐĞ ƐƵďĐŽŶƚƌĂĐƚŽƌ͘ dŚĞ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ ŵŽĚƵůĞ ƐƵƉƉŽƌƚƐ ƐƚĂŶĚĂƌĚ ďĂƚĐŚ ƉƌŽĐĞƐƐ ůĞƚƚĞƌƐ ĂŶĚ ŝŶĚŝǀŝĚƵĂů ŐĞŶĞƌĂƚŝŽŶ ŽĨ ƐƚĂŶĚĂƌĚ ůĞƚƚĞƌƐ ǁŝƚŚ ǀĂƌŝĂďůĞ ĚĂƚĂ͕ ŝŶĐůƵĚŝŶŐ ůĞƚƚĞƌƐ ŝŶ ĚŝĨĨĞƌĞŶƚ ůĂŶŐƵĂŐĞƐ͘ ĂĐŚ ĐŽŵƉůĞƚĞĚ ůĞƚƚĞƌ ŝƐ ƐƚŽƌĞĚ ĂƐ ĂŶ ŝŵĂŐĞ ŽĨ ƚŚĞ ŵĂŝůĞĚ ĚŽĐƵŵĞŶƚ ŝŶ ƚŚĞ D yĞď ĚĂƚĂďĂƐĞ͕ ƉƌŽǀŝĚŝŶŐ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ĂĐĐĞƐƐ ƚŽ Ăůů ŽƵƚŐŽŝŶŐ ŵĂŝů͘ tŚŝůĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƉƌŽǀŝĚĞ ƵƐ ǁŝƚŚ ďĞŶĞĨŝĐŝĂƌLJ ĂĚĚƌĞƐƐĞƐ͕ ǁĞ ǁŝůů ŵĂŬĞ Ăůů ƌĞĂƐŽŶĂďůĞ ĂƚƚĞŵƉƚƐ ƚŽ ŝĚĞŶƚŝĨLJ ĐŽƌƌĞĐƚ ĂĚĚƌĞƐƐĞƐ͕ ĂŶĚ ŶŽƚŝĨLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ŶŽŶͲǀĞƌŝĨŝĂďůĞ ĂŶĚ ŝŶĐŽƌƌĞĐƚ ĂĚĚƌĞƐƐĞƐ͘ tĞ ǁŝůů ĂƚƚĞŵƉƚ ƚŽ ŝĚĞŶƚŝĨLJ ĐŽƌƌĞĐƚ ĂĚĚƌĞƐƐĞƐ ǁŚĞŶĞǀĞƌ ŶĞĞĚĞĚ͕ ĂŶĚ ƌĞƐĞŶĚ ďĞŶĞĨŝĐŝĂƌLJͲƐƉĞĐŝĨŝĐ ŝŶĨŽƌŵĂƚŝŽŶ Ăƚ ŶŽ ĐŽƐƚ ƚŽ ,,^͘ tĞ ǁŝůů ƐĞŶĚ Ăůů ŵĂƚĞƌŝĂůƐ ƚŽ ƉŽƚĞŶƚŝĂů ŵĞŵďĞƌƐ ĂŶĚ ŵĞŵďĞƌƐ ďLJ ĨŝƌƐƚ ĐůĂƐƐ ŵĂŝů͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ,,^ ƚŽ ĚĞǀĞůŽƉ ŵĂŝůŝŶŐ ƉƌŽĐĞƐƐ ĨůŽǁƐ ĂŶĚ ƌĞƉŽƌƚŝŶŐ͘ dŚĞ ǁĞďƐŝƚĞ ĂŶĚ ŵĂƚĞƌŝĂůƐ ǁŝůů ŝŶĐůƵĚĞ ŽƵƌ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ ĂĚĚƌĞƐƐ͕ ĂŶĚ ǁŝůů ŵĂŶĂŐĞ Ăůů ŝŶďŽƵŶĚ ŵĂŝů ĂĐĐŽƌĚŝŶŐ ƚŽ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ƌĞŐƵůĂƚŝŽŶƐ͘ tŽƌŬĞƌ EŽƚĞƐ͗ tŽƌŬĞƌ ŶŽƚĞƐ ĂƌĞ ĂǀĂŝůĂďůĞ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ D yĞď ƐLJƐƚĞŵ͘ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ĐĂŶ ĐƌĞĂƚĞ ŶŽƚĞƐ ĚŝƌĞĐƚůLJ ĨƌŽŵ ĂŶLJ ŽƉĞƌĂƚŝŽŶĂů D yĞď ĨŽƌŵ͕ ǁŝƚŚ ƚŚĞ ŶŽƚĞ ĐŽŶƚĞdžƚ ;ĐĂƐĞͬďĞŶĞĨŝĐŝĂƌLJͬƉůĂŶͬƉƌŽǀŝĚĞƌͬƚLJƉĞ ŽĨ ĂĐƚŝǀŝƚLJͿ ďĞŝŶŐ ĐĂƉƚƵƌĞĚ ĂƵƚŽŵĂƚŝĐĂůůLJ͘ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ĂƌĞ ĂďůĞ ƚŽ ĞŶƚĞƌ ĂƐ ŵƵĐŚ ŝŶĨŽƌŵĂƚŝŽŶ ĂƐ ŶĞĞĚĞĚ ƚŽ ƉƌŽǀŝĚĞ ƋƵĂůŝƚLJ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ƚŚĞ ŶĞdžƚ ƚŝŵĞ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĐĂůůƐ͘ ĂƐĞ ŝŶĨŽƌŵĂƚŝŽŶ ĐĂŶ ďĞ ƚƌĂĐŬĞĚ ďLJ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ƵƐŝŶŐ ƚŚĞ EŽƚĞƐ ĨƵŶĐƚŝŽŶĂůŝƚLJ ǁŝƚŚ D yĞď͘ ůů ŶŽƚĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ Ă ĐĂƐĞ͕ Žƌ ǁŝƚŚ ĐĂƐĞ ŵĞŵďĞƌƐ͕ ĐĂŶ ďĞ ĂĐĐĞƐƐĞĚ ƚŚƌŽƵŐŚ ƚŚĞ ĐĂƐĞ ŶŽƚĞƐ ƚĂď͕ ƌĞŐĂƌĚůĞƐƐ ŽĨ ƚŚĞ ĐŽŶƚĞdžƚ ŽĨ ƚŚĞ ŶŽƚĞ͘ ƵƐŝŶĞƐƐ /ŶƚĞůůŝŐĞŶĐĞ ZĞƉŽƌƚŝŶŐͬYƵĂůŝƚLJ ƐƐƵƌĂŶĐĞ͗ ŬĞLJ ĐŽŵƉŽŶĞŶƚ ŽĨ ƚŚĞ D yĞď ƚĞĐŚŶŝĐĂů ƐŽůƵƚŝŽŶ ŝƐ ŝƚƐ ĚLJŶĂŵŝĐ ƌĞƉŽƌƚŝŶŐ ĐĂƉĂďŝůŝƚLJ͕ ǁŝƚŚ ĨƵůů ŝŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ ŽƵƌ ĞĐŝƐŝŽŶWŽŝŶƚ / ƌĞƉŽƌƚŝŶŐ ĂŶĚ ĂŶĂůLJƚŝĐƐ ƉůĂƚĨŽƌŵ͕ ǁŚŝĐŚ ŝƐ ĚĞƐĐƌŝďĞĚ ŝŶ ĚĞƚĂŝů ŝŶ ^ĞĐƚŝŽŶ ϴ͘ϭϴ͗ WĞƌĨŽƌŵĂŶĐĞ ZĞƉŽƌƚŝŶŐ ĂŶĚ ĞůŝǀĞƌLJ ZĞƋƵŝƌĞŵĞŶƚƐ͘ „ „ „ „ WĂŐĞ ϴ͘ϭϬͲϳ ŽĨ ϭϭ KŶůŝŶĞ ƵƐŝŶĞƐƐ ZƵůĞ ĚŝƚƐ͗ dŚĞƐĞ ĞĚŝƚƐ ĞŶĨŽƌĐĞ ŽƉĞƌĂƚŝŽŶĂů ďƵƐŝŶĞƐƐ ƌƵůĞƐ͕ ĂŶĚ ĞŶƐƵƌĞ ƚŚĂƚ ƵƐĞƌƐ ĚŽ ŶŽƚ ĞŶƌŽůů ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶƚŽ ŝŶĐŽƌƌĞĐƚ ŚĞĂůƚŚ ƉůĂŶƐ͘ &Žƌ ĞdžĂŵƉůĞ͕ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂƌĞ ŽŶůLJ ĂďůĞ ƚŽ ĞŶƌŽůů ŝŶ Ă W,W ǁŝƚŚŝŶ ƚŚĞŝƌ ƌĞŐŝŽŶ͕ ĂŶĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ŵŽǀĞ ĨƌŽŵ ŽŶĞ ƌĞŐŝŽŶ ƚŽ ĂŶŽƚŚĞƌ ĂƌĞ ƐĞŶƚ Ă ŶŽƚŝĐĞ ĂůĞƌƚŝŶŐ ƚŚĞŵ ŽĨ ƚŚĞ ŶĞĞĚ ƚŽ ƐĞůĞĐƚ ĂŶŽƚŚĞƌ W,W͘ D yĞď ƵƐĞƐ Ă ƐƚĂŶĚĂƌĚƐͲďĂƐĞĚ͕ ŽƉĞŶ ƚĞĐŚŶŽůŽŐLJ ƉůĂƚĨŽƌŵ ŵĂŬŝŶŐ ŝƚ ĞĂƐLJ ƚŽ ĚĞǀĞůŽƉ ĞĚŝƚƐ ƚŽ ƚŚĞ ƐLJƐƚĞŵ ƚŽ ŵŽƐƚ ĞĨĨŝĐŝĞŶƚůLJ ĂĚĚƌĞƐƐ ƚŚĞ ƉƌŽŐƌĂŵΖƐ ŶĞĞĚƐ ƐƵĐŚ ĂƐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚƐ͘ dŚĞ ƚLJƉĞƐ ŽĨ ĞĚŝƚƐ ƐƵƉƉŽƌƚĞĚ ďLJ D yĞď ŝŶĐůƵĚĞ͗ /ŶƚĞƌŶĂů ŽŶƚƌŽůƐ ĨŽƌ ĂƚĂ hƉĚĂƚĞƐ D yĞď ŵĂŝŶƚĂŝŶƐ Ă ĨƵůů ŚŝƐƚŽƌLJ ŽĨ Ăůů ŝŶĨŽƌŵĂƚŝŽŶ ĐŚĂŶŐĞƐ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŚƌŽƵŐŚ ǀĂƌŝŽƵƐ ƚLJƉĞƐ ŽĨ ŝŶƚĞƌĂĐƚŝŽŶƐ͘ tĞ ĚŝƐƚŝŶŐƵŝƐŚ ďĞƚǁĞĞŶ ďĞŶĞĨŝĐŝĂƌLJͲƌĞƉŽƌƚĞĚ ĚĂƚĂ ƵƉĚĂƚĞƐ ĂŶĚ ƚŚŽƐĞ ĐŚĂŶŐĞƐ ƉƌŽǀŝĚĞĚ ƚŚƌŽƵŐŚ ŽƵƌ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ƉƌŽĐĞƐƐ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ͘ tŚĞŶ ǁĞ ƌĞĐĞŝǀĞ ĐŽƌƌĞĐƚŝŽŶƐ ƚŽ ĂĚĚƌĞƐƐ ĂŶĚ ĐŽŶƚĂĐƚ ŝŶĨŽƌŵĂƚŝŽŶ͕ D yĞď ƉƌŽǀŝĚĞƐ ƚŚĞ ĐĂƉĂďŝůŝƚLJ ƚŽ ƌĞĐŽƌĚ ŵƵůƚŝƉůĞ ĂĚĚƌĞƐƐĞƐ ŝŶ ƚŚĞ ĂĚĚƌĞƐƐ ŚŝƐƚŽƌLJ ƐĐƌĞĞŶ͕ ƐŚŽǁŝŶŐ ƚŚĞ ĚĂƚĞƐ ĨŽƌ ǁŚŝĐŚ ƚŚĞ ĂĚĚƌĞƐƐ ŝƐ ǀĂůŝĚ͘ dŚĞƐĞ ĂĚĚƌĞƐƐ ĐŚĂŶŐĞƐ ĂƌĞ ƐƚŽƌĞĚ ĂƐ ďĞŶĞĨŝĐŝĂƌLJͲƌĞƉŽƌƚĞĚ ƌĞƐŝĚĞŶĐĞ Žƌ ŵĂŝůŝŶŐ ĂĚĚƌĞƐƐĞƐ͖ ƚŚĞLJ ŶĞǀĞƌ ŽǀĞƌǁƌŝƚĞ ^ƚĂƚĞͲƌĞƉŽƌƚĞĚ ĂĚĚƌĞƐƐĞƐ ƚŚĂƚ ĐŽŵĞ ĨƌŽŵ E & ^d ĂŶĚ ŽƚŚĞƌ DĞĚŝĐĂŝĚ ĞůŝŐŝďŝůŝƚLJ ƐLJƐƚĞŵƐ ŽĨ ƌĞĐŽƌĚ͘ ZĂƚŚĞƌ͕ ǁĞ ƌĞƉŽƌƚ ďĞŶĞĨŝĐŝĂƌLJͲƌĞƉŽƌƚĞĚ ĚĞŵŽŐƌĂƉŚŝĐ ƵƉĚĂƚĞƐ ƚŽ ƚŚĞ ^ƚĂƚĞ ĂŶĚ ƌĞĐĞŝǀĞ ƚŚĞ ƵƉĚĂƚĞƐ ƚŚƌŽƵŐŚ ƚŚĞ ĞůŝŐŝďŝůŝƚLJ ĚĂƚĂ ƵƉĚĂƚĞƐ ĨƌŽŵ E & ^d͘ ĞƌƚĂŝŶ ^ƚĂƚĞͲƌĞƉŽƌƚĞĚ ĐŚĂŶŐĞƐ͕ ƐƵĐŚ ĂƐ ĂĚĚƌĞƐƐ ĐŚĂŶŐĞƐ Žƌ ĐŚĂŶŐĞ ŽĨ ŚŽƵƐĞŚŽůĚ ĐŽŶĨŝŐƵƌĂƚŝŽŶ͕ ƚƌŝŐŐĞƌ ĞĚŝƚ ƉƌŽĐĞĚƵƌĞƐ ƚŽ ǀĂůŝĚĂƚĞ ĞŶƌŽůůŵĞŶƚ ĐŚŽŝĐĞƐ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĚĞƚĞƌŵŝŶĞ ǁŚĂƚ ĚĂƚĂ ĞůĞŵĞŶƚƐ ĐĂŶ ďĞ ƵƉĚĂƚĞĚ ǁŝƚŚŽƵƚ ĂĨĨĞĐƚŝŶŐ Ă ďĞŶĞĨŝĐŝĂƌLJΖƐ ĞůŝŐŝďŝůŝƚLJ͘ ĂƚĂ ƚŚĂƚ ĂĨĨĞĐƚƐ ĞůŝŐŝďŝůŝƚLJ ŵƵƐƚ ďĞ ƵƉĚĂƚĞĚ ďLJ ƚŚĞ ĐŽƵŶƚLJ ĐĂƐĞ ǁŽƌŬĞƌ Žƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ tŽƌŬĨůŽǁ DĂŶĂŐĞŵĞŶƚ͗ D yĞď ŚĂƐ Ă ĚĂƚĂͲĚƌŝǀĞŶ ǁŽƌŬĨůŽǁ ŵĂŶĂŐĞƌ ƚŚĂƚ ĐƌĞĂƚĞƐ ƋƵĞƵĞƐ ĨŽƌ ŝŵĂŐĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ĂŶĚ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ ĚĂƚĂ ĞŶƚƌLJ ƚĂƐŬƐ͕ ĂŶĚ ĞŶƌŽůůŵĞŶƚ͘ ĂƐĞĚ ŽŶ ďƵƐŝŶĞƐƐ ƌƵůĞƐ͕ ƚĂƐŬƐ ĂƌĞ ĐƌĞĂƚĞĚ ŝŶ ƐƉĞĐŝĨŝĞĚ ǁŽƌŬ ƋƵĞƵĞƐ ǀŝĂ ĚĂƚĂ ĞŶƚƌLJ ƚƌŝŐŐĞƌƐ ĂŶĚ ďĂƚĐŚ ƉƌŽĐĞƐƐĞƐ͘ tŽƌŬĞƌƐ ĂĐĐĞƐƐ ƚŚĞŝƌ ŝŶĚŝǀŝĚƵĂů Žƌ ŐƌŽƵƉ ǁŽƌŬ ƋƵĞƵĞƐ ƚŽ ĨŝŶĚ ƚŚĞ ŶĞdžƚ ƚĂƐŬ ƚŽ ĐŽŵƉůĞƚĞ͘ dĂƐŬƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ĐŽŵƉůĞƚĞĚ ŝŶ Ă ƐƉĞĐŝĨŝĞĚ D yĞď͛Ɛ ƌŽďƵƐƚ ǁŽƌŬĨůŽǁ ŵĂŶĂŐĞŵĞŶƚ ƵƐĞƐ ƚŝŵĞĨƌĂŵĞ ĞŝƚŚĞƌ ƚŝŵĞŽƵƚ Žƌ ĞƐĐĂůĂƚĞ ƚŽ Ă ƐƵƉĞƌǀŝƐŽƌ͕ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ŶĂƚƵƌĞ ŽĨ ƚŚĞ ƚĂƐŬ͘ ĐƵƐƚŽŵŝnjĂďůĞ ďƵƐŝŶĞƐƐ ƌƵůĞƐ ƚŽ ĂƵƚŽŵĂƚĞ D yĞď ĐĂŶ ƚƌĂĐŬ ƚŽ ƚŚĞ ŵŝŶƵƚĞ ǁŚĞŶ ĨŽƌŵƐ ĐĂŵĞ ŝŶƚŽ ŽƵƌ ƐLJƐƚĞŵ ĂŶĚ ǁĞƌĞ ŝŵĂŐĞĚ͕ ĚĂƚĂ ǁŽƌŬĨůŽǁ ĂŶĚ ŝŵƉƌŽǀĞ ĞĨĨŝĐŝĞŶĐLJ ĂŶĚ ĞŶƚĞƌĞĚ͕ ĂŶĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĞŶƌŽůůĞĚ Žƌ ĚŝƐĞŶƌŽůůĞĚ͘ D yĞď ĐĂŶ ŵĞĂƐƵƌĞ ǁŽƌŬĞƌ ƉƌŽĚƵĐƚŝǀŝƚLJ ĂĐĐŽƵŶƚĂďŝůŝƚLJ͘ ĂŶĚ ƉůĂŶ ďĞƚƚĞƌ ǁŽƌŬůŽĂĚ ƐĐŚĞĚƵůĞƐ͘ LJ ŚĂǀŝŶŐ ƚŚĞ ƐLJƐƚĞŵ ŵĂŶĂŐĞ ƚŚĞ ŽƌĚĞƌ ĂŶĚ ƉƌŝŽƌŝƚLJ ŽĨ ƚĂƐŬ ĂƐƐŝŐŶŵĞŶƚƐ͕ ĂĚĚŝƚŝŽŶĂů ƉƌŽĐĞƐƐ ĞĨĨŝĐŝĞŶĐŝĞƐ ĂƌĞ ƌĞĂůŝnjĞĚ͘ D y/Dh^ ƵƚŝůŝnjĞƐ ƚŚĞƐĞ ƉƌŽĐĞƐƐ ƚĂƐŬ ĨůŽǁƐ ĚƵƌŝŶŐ ƚŚĞ ĚĂLJͲƚŽͲĚĂLJ ƉƌŽĐĞƐƐŝŶŐ ŽĨ ĞŶƌŽůůŵĞŶƚƐͬĚŝƐĞŶƌŽůůŵĞŶƚƐ͕ ĞdžĞŵƉƚŝŽŶͬĞdžĐůƵƐŝŽŶ ƌĞƋƵĞƐƚƐ͕ ĂŶĚ ĨĂŝƌ ŚĞĂƌŝŶŐ ƌĞƋƵĞƐƚƐ͘ „ Enrollment Edits: These edits prohibit beneficiaries from being enrolled in a new plan without disenrollment from their existing plan, and prevent health plan disenrollment without simultaneous enrollment into another health plan. They also prevent beneficiaries from enrolling in a plan that doesn't cover their area or aid category. I Claims Edits: In order to prevent fraud and abuse, this edit would validate and verify claim data and check for the reasonableness of data along with allowable values. Claims would be processed against these edits before the final claim is processed. Special Requirements or Services Edits: This edit would address special requirements or services of the PCP, such as hospital and specialist referrals, languages, populations sewed, and the like. a Consistency Edits: These edits enforce logical consistency across related data fields. For example, a consistency edit would ensure that if a beneficiary's gender is designated as male, the pregnancy indicator cannot be checked. 0 Data Type Edits: These edits ensure that data entered into specific data fields are allowable types of data. For example, an edit on a numeric field would prohibit text from being entered into the field. Format Edits: These edits ensure that data entered into our system conforms to pre?defined formats for the given data field. For example, a format edit ensures that a date is entered in the pre-defined format for that data element. Architecture and Capacity All data associated with the North Carolina Enrollment Broker Project will be stored in the database and its associated data warehouse, which is updated This includes data on all Medicaid eligible beneficiaries and all Medicaid providers and PHP provider networks. is built on a scalable, ?exible architecture that can be adapted as needed to respond to volume increases brought about by changes in programs or populations served. As a best practice, considers expanding capacity when a predefined threshold has been reached, as determined by the following activities: 0 Performing regularly scheduled system capacity planning and monitoring to ensure that system operations are not disrupted and that system performance is not degraded I Evaluating system performance for adequate load balancing, user response times, and distributed processing 1 Monitoring application and data servers for user response times and screen navigation performance will be hosted in the Amazon Web Services (AWS) cloud. This allows us to take advantage of Amazon's Elastic Computing (ECZ) environment, which can readily scale vertically to add necessary system resources, including data storage, CPU, and memory capacity to support load, as needed. The AWS cloud infrastructure is distributed across two regions of the country, the US?West Region in Oregon and the US-East Region in Virginia. This distribution of cloud sites optimizes our ability to securely store sensitive project data and expedites our process for data backup and recovery, as described in Section 8.21: Business Continuity Plan. Our solution provides the data storage/data warehouse needed with all of the required elements for reporting and analytics. MAXIMUS understands that while we maintain ownership of our information technology system, the Department maintains ownership of the data. Exhibit 8.10-4: Features and System Architecture highlights the technical and functional features of and its underlying architecture. Features and System Architecture Features and ?stem Components What This Mean: to North Carolina Web-Based, N-Tier Architecture a Access available 24/7 I Department access via Virtual Private Network Horizontally and vertically scalable I Less maintenance and support required because issues are more easily and quickly addressed via web connection by support staff Page 8.10-8 of 11 Open System Architecture I Services Oriented Architecture I Architected to support a high degree of con?gurability, and leverage best practices/design patterns, best-of-breed COTS, and open source products such as the Spring framework I Integrates with partners using Gateway and/or lava Business Integration (IBI) Service Bus, which conforms to the JSR 208 speci?cation I Use of Process Choreographer Engine, which routes 3 process through its component steps based on simple lava-style condition expressions I Web 2.0 Style User Interface Easier integration with other services and systems Leverages best-of?breed implementations which interoperate without any vendor lock-in User Interface signi?cantly improves worker efficiency through features such as local client side data validation, auto completion, and near instantaneous partial page redraws Conformance with Medicaid Information Technology Architecrure (MITA) offers ?exibility for future MMIS upgrades System is Architected for Convenient Tailoring I Use of rules engine I Work?ow engine?based I Data-driven decisions Quicker customization and implementation of changes to auto-assignment algorithms or populations handled Ease of modi?cation for changes to key components such as good cause reasons and processing rules Automated calculating and enforcement of enrollment limitations such as full provider panels, PHP capacity, and PHP suspension Enrollment Workfiow I Rules-based enrollment I Integrated case information from all channels I Integrated workflow processes, worker alerts, notes, and document generation capabilities I allows us to con?gure tasks and assign them to different business units; workflow can be modi?ed to forward tasks to co-workers or supervisors Reduced time to process enrollments Reduced errors Enrollment Specialists and the Department have a complete picture of each enrollee or potential enrollee's communication and enrollment activity through all channels Automated escalation to the Department and processing of disenrollment requests by policy deadlines Business Intelligence I system records all actions taken during a call, not just a single call reason, and all issues and parties involved in a complaint I Integrates with web-based Business Intelligence Tool?DecisionPoint to provide a comprehensive set of reports and customizable dashboards I Monitors transactions to ensure that they process completely Richer data capture provides actionable intelligence to support program and process improvement analysis Supports better program management and improved customer service Helps managers monitor performance metrics and workers adjust workload to meet demand to optimize operations HIPAA Compliant I Uses Pentaho Kettle Data Integration 2.5.0 for ET I Uses Gateway that enhances security and ?exibility of interfaces I Compliant with HIPAA security and privacy rules External systems can receive standard electronic transactions More secure and ?exible interfaces allow easier receipt and creation of enrollment and provider ?les Complies with HIPAA Least Privilege rule to restrict data access Website and Mobile App Integration I Integrated through web services with the enrollment website, mobile app, and provider search I Supports provider and plan searches, enrollment transactions, status checks 24/7 lnforrnation online and in is the same for accurate enrollment status Ability to update case data from the enrollment services website or mobile app Potential enrollees and enrollees are more likely to use the website and mobile app since they can access them on their own schedule, 24x7, which contributes to increased active choice rates Page 8.10-9 of 11 /ŶƚĞŐƌĂƚĞĚ ǁŝƚŚ D yĞď ĚĂƚĂďĂƐĞ ĂŶĚ ĞŶƌŽůůŵĞŶƚͬĚŝƐĞŶƌŽůůŵĞŶƚ ƌƵůĞƐ ĞŶŐŝŶĞ ƵůƚƵƌĂůůLJ ĂŶĚ ůŝŶŐƵŝƐƚŝĐĂůůLJ ĚĞƐŝŐŶĞĚ ǁĞď ŝŶƚĞƌĨĂĐĞ ƉƌŽǀŝĚĞƐ ĞĂƐŝĞƌ ǁĞďƐŝƚĞ ŶĂǀŝŐĂƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ^ƉĂŶŝƐŚ ůĂŶŐƵĂŐĞ ǀŝĞǁ tŝůů ĂůůŽǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ƵƉĚĂƚĞ ĐĂƐĞ ŝŶĨŽƌŵĂƚŝŽŶ ĞŶƚŝƌĞůLJ ƚŚƌŽƵŐŚ ƐĞůĨͲ ƐĞƌǀŝĐĞ ĨƵŶĐƚŝŽŶĂůŝƚLJ „ „ ^ƚĂŬĞŚŽůĚĞƌƐ ĂƌĞ ďĞƚƚĞƌ ĂďůĞ ƚŽ ŶĂǀŝŐĂƚĞ ǁĞďƐŝƚĞ ĂŶĚ ůŽĐĂƚĞ ŵĞĂŶŝŶŐĨƵů ŝŶĨŽƌŵĂƚŝŽŶ dŚĞ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ǁŝůů ďĞ ŽƉƚŝŵŝnjĞĚ ĨŽƌ ĚŝƐƉůĂLJ ŽŶ ŵŽďŝůĞ ĚĞǀŝĐĞƐ͕ ĞŶĐŽƵƌĂŐŝŶŐ ŵŽƌĞ ĨƌĞƋƵĞŶƚ ĞŶƌŽůůĞĞ ĞŶŐĂŐĞŵĞŶƚ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ƉƌŽĐĞƐƐ ĨůŽǁ ĨŽƌ ƵƐĞ ŽĨ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͘ WĂŐĞ ϴ͘ϭϬͲϭϬ ŽĨ ϭϭ ^ƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ǁĞ ǁŝůů ĐƵƐƚŽŵŝnjĞ D yĞď͛Ɛ ĂƵƚŽŵĂƚĞĚ ǁŽƌŬĨůŽǁ ƚŽ ĂĐĐŽŵŵŽĚĂƚĞ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ĨŽƌ ĞĂĐŚ ƉŽƉƵůĂƚŝŽŶ ĂŶĚ ƉŚĂƐĞ ŽĨ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƚƌĂŶƐŝƚŝŽŶ͘ &Žƌ ĞdžĂŵƉůĞ͕ ŶĞǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ĂƉƉůLJ ĨŽƌ DĞĚŝĐĂŝĚ Žƌ E ,ĞĂůƚŚ ŚŽŝĐĞ ĂĨƚĞƌ ƚŚĞ ĐƌŽƐƐͲŽǀĞƌ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ ǁŝůů ŚĂǀĞ ƚŚĞ ŽƉƚŝŽŶ ƚŽ ƐĞůĞĐƚ Ă W,W ĂŶĚ DWͬW W ǁŚĞŶ ƚŚĞLJ ĂƉƉůLJ͕ ĂŶĚ ŝĨ ƚŚĞLJ ĚŽ ŶŽƚ ŵĂŬĞ ĂŶ ĂĐƚŝǀĞ ƐĞůĞĐƚŝŽŶ͕ D yĞď ƉƌŽǀŝĚĞƐ ĂƵƚŽŵĂƚĞĚ ƉƌŽĐĞƐƐŝŶŐ ŽĨ Ăůů ĞŶƌŽůůŵĞŶƚƐ͕ ǁŚĞƚŚĞƌ ƚŚĞLJ ĂƌĞ ĐŽŵƉůĞƚĞĚ ŽŶůŝŶĞ͕ ǀŝĂ ƚĞůĞƉŚŽŶĞ ĂƐƐŝƐƚĂŶĐĞ ĨƌŽŵ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ͕ Žƌ ŵĂŝůĞĚ ƚŽ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ tĞ ƉƌĞƐĞŶƚ Ă ƐĂŵƉůĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ĨůŽǁ ĨŽƌ ƚŚĞ ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ ŝŶ džŚŝďŝƚ ϴ͘ϭϬͲϱ͗ D yĞď ƌŽƐƐͲ KǀĞƌ WŽƉƵůĂƚŝŽŶ ŶƌŽůůŵĞŶƚ WƌŽĐĞƐƐ &ůŽǁ͘ D yĞď ǁŝůů ƌĞĐĞŝǀĞ ďĞŶĞĨŝĐŝĂƌLJ ĞůŝŐŝďŝůŝƚLJ͕ ĚĞŵŽŐƌĂƉŚŝĐ͕ ĂŶĚ ĐŽŶƚĂĐƚ ĚĂƚĂ ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ŐĞŶĞƌĂƚĞ Ăůů ŶĞĐĞƐƐĂƌLJ ĞŶƌŽůůŵĞŶƚ ĨŝůĞƐ͕ ŝŶĐůƵĚŝŶŐ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ĨŝůĞƐ͕ ƐLJƐƚĞŵĂƚŝĐĂůůLJ͘ D yĞď͛Ɛ ǁŽƌŬĨůŽǁ ĞŶŐŝŶĞ ƚƌĂĐŬƐ ĂŶĚ ƉƌŽĐĞƐƐĞƐ Ăůů ŝŶĐŽŵŝŶŐ ĞŶƌŽůůŵĞŶƚƐ͕ ĂƐ ǁĞůů ĂƐ ƐƵďƐĞƋƵĞŶƚ ƉůĂŶ ĐŚĂŶŐĞƐ ĂŶĚ ŐŽŽĚ ĐĂƵƐĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚƐ͘ ϰ͘ dŽ ŚĞůƉ ĞŶƐƵƌĞ ƚŚĞ ƚŝŵĞůLJ ŝŶƚĞŐƌĂƚŝŽŶ ŽĨ W,WƐ ŝŶƚŽ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͕ ŝŶƚĞƌĨĂĐĞ ƉůĂŶŶŝŶŐ ƐŚŽƵůĚ ďĞ Ă ƉĂƌƚ ŽĨ ĞĂĐŚ ƉůĂŶΖƐ ƌĞĂĚŝŶĞƐƐ ƌĞǀŝĞǁ ƉƌŽĐĞƐƐ͘ Ɛ D y/Dh^ ŚĂƐ ĚŽŶĞ ǁŝƚŚ ŽƚŚĞƌ ƐƚĂƚĞ ĐůŝĞŶƚƐ͕ ǁĞ ǁŝůů ŶĞĞĚ ƚŽ ǁŽƌŬ ĂůŽŶŐƐŝĚĞ ƚŚĞ ƉůĂŶƐ ĂƐ ƚŚĞLJ ĂƌĞ ŽŶďŽĂƌĚĞĚ͘ dŚƌŽƵŐŚ ŽƵƌ ŵĂŶLJ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ĐŽŶƚƌĂĐƚƐ͕ ǁĞ ŚĂǀĞ ŝŶƚĞŐƌĂƚĞĚ ǁŝƚŚ ŶƵŵĞƌŽƵƐ ƉůĂŶƐ ĂŶĚ ƐLJƐƚĞŵƐ ƐŝŵŝůĂƌ ƚŽ ƚŚŽƐĞ ǁĞ ǁŝůů ŝŶƚĞƌĨĂĐĞ ǁŝƚŚ ĂƐ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ͘ dŚŝƐ ĞdžƉĞƌŝĞŶĐĞ ǁŝůů ĐŽŶƚƌŝďƵƚĞ ƚŽ ƐŵŽŽƚŚ ĂŶĚ ƚŝŵĞůLJ ŝŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ ĞĂĐŚ W,W ĂƐ ƚŚĞLJ ĂƌĞ ďƌŽƵŐŚƚ ŝŶƚŽ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ŵĂŶĂŐĞĚ ĐĂƌĞ ŵŽĚĞů͕ ĂŶĚ ŵŝŶŝŵĂů ĚŝƐƌƵƉƚŝŽŶ ƚŽ ďĞŶĞĨŝĐŝĂƌLJ ƐĞƌǀŝĐĞƐ͘ ůů ĂƐƉĞĐƚƐ ŽĨ D yĞď ĚĞǀĞůŽƉŵĞŶƚ͕ ƐƵƉƉŽƌƚ͕ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ĂƌĞ ĚŝĐƚĂƚĞĚ ďLJ Ă ƐĞƚ ŽĨ ĚŽĐƵŵĞŶƚĞĚ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ͘ tĞ ǁŝůů ŽďƚĂŝŶ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĂů ŽŶ ƚŚĞ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ŝŵƉůĞŵĞŶƚĞĚ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ dŽ ŝŵƉůĞŵĞŶƚ ŽƵƌ D yĞď ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͕ ǁĞ ĨŽůůŽǁ Ă ^LJƐƚĞŵ ĞǀĞůŽƉŵĞŶƚ >ŝĨĞ LJĐůĞ ;^ > Ϳ ƚŚĂƚ ŝƐ Ă ĨŽƌŵ ŽĨ ZĂƉŝĚ ƉƉůŝĐĂƚŝŽŶ ĞǀĞůŽƉŵĞŶƚ ;Z Ϳ͘ dŚĞ ^ > ƉƌŽĐĞƐƐ ĐŽŶƐŝƐƚƐ ŽĨ ƉŚĂƐĞƐ ƚŚĂƚ ŵĂLJ ŽǀĞƌůĂƉ Žƌ ŚĂǀĞ ŝƚĞƌĂƚŝŽŶƐ͘ dŚĞ ƉƌŽĐĞƐƐ ďĞŐŝŶƐ ǁŝƚŚ ƚŚĞ ZĞƋƵŝƌĞŵĞŶƚƐ ŶĂůLJƐŝƐ WŚĂƐĞ͕ ŵŽǀĞƐ ƚŚƌŽƵŐŚ ŽƵƌ ĞƐŝŐŶ͕ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ ŽŶĨŝŐƵƌĂƚŝŽŶ͕ ĂŶĚ dĞƐƚŝŶŐ ƉŚĂƐĞƐ͕ ĂŶĚ ĞŶĚƐ ǁŝƚŚ ƚŚĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ĂŶĚ DĂŝŶƚĞŶĂŶĐĞ ƉŚĂƐĞ͘ ŽŶƚƌŽů ƉŽŝŶƚƐ Ăƚ ĞĂĐŚ ^ > ƉŚĂƐĞ ƌĞƋƵŝƌĞ ŽƵƌ ĐůŝĞŶƚΖƐ ƐŝŐŶͲŽĨĨ ŽŶ ĐŽŵƉůĞƚŝŽŶ ŽĨ ƌĞƋƵŝƐŝƚĞ ĐŚĞĐŬůŝƐƚƐ ďĞĨŽƌĞ ĂƵƚŚŽƌŝnjŝŶŐ ǁŽƌŬ ŽŶ ƚŚĞ ŶĞdžƚ ƉŚĂƐĞ͕ ŚĞůƉŝŶŐ ƚŽ ĞŶƐƵƌĞ ŽƵƌ ĐůŝĞŶƚƐ ĂƌĞ ĐŽŶƐƚĂŶƚůLJ ĂǁĂƌĞ ŽĨ ŽƵƌ ƉƌŽŐƌĞƐƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ hƉĨƌŽŶƚ͕ ǁĞ ĚĞĨŝŶĞ Ă ƐĞƚ ŽĨ ƌĞƋƵŝƌĞĚ ĂĐƚŝǀŝƚŝĞƐ ƚŚĂƚ ǁĞ ĐĂŶ ŵŽŶŝƚŽƌ ĂŐĂŝŶƐƚ ƚŽ ĞŶƐƵƌĞ ƚŚĞ ƉƌŽũĞĐƚ ƚĞĂŵ ŝƐ ĨŽůůŽǁŝŶŐ ŝŶĚƵƐƚƌLJͲĂĐĐĞƉƚĞĚ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ƉƌŽĚƵĐŝŶŐ ƚŚĞ ĚĞƐŝƌĞĚ ƌĞƐƵůƚƐ͘ ůů ĂĐƚŝǀŝƚŝĞƐ͕ ƚĂƐŬƐ͕ ĂŶĚ ĨƵŶĐƚŝŽŶƐ ĂƌĞ ĚĞĨŝŶĞĚ ĂŶĚ ĚŽĐƵŵĞŶƚĞĚ ĂƐ ŚŝŐŚůLJ ƐƚƌƵĐƚƵƌĞĚ ĂŶĚ ƌĞƉĞĂƚĂďůĞ ƉƌŽĐĞƐƐĞƐ͕ ǁŚŝĐŚ ĂƌĞ ƚŚĞŶ ĞdžĞĐƵƚĞĚ ĂŶĚ ŵŽŶŝƚŽƌĞĚ ƵƐŝŶŐ ĚĞƚĂŝůĞĚ ĐŚĞĐŬůŝƐƚƐ Ăƚ ƐƉĞĐŝĨŝĐ ĐŽŶƚƌŽů ƉŽŝŶƚƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ƐLJƐƚĞŵ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƚĞƐƚŝŶŐ ĐLJĐůĞ͘ tŽƌŬŝŶŐ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ǁĞ ǁŝůů ĐŽŶĚƵĐƚ ŵƵůƚŝƉůĞ ƚĞƐƚŝŶŐ ĐLJĐůĞƐ ƉƌŝŽƌ ƚŽ 'Ž >ŝǀĞ ŽĨ Ăůů D yĞď ĨƵŶĐƚŝŽŶĂůŝƚLJ͕ ŝŶĐůƵĚŝŶŐ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ŝŶƚĞƌĨĂĐĞƐ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ ĂŶĚ W,WƐ͘ tĞ ƉƌŽǀŝĚĞ ŽƵƌ ƉƌŽƉŽƐĞĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƐĐŚĞĚƵůĞ͕ ǁŚŝĐŚ ŝůůƵƐƚƌĂƚĞƐ ƚŚĞ ĚĂƚĞƐ ĂŶĚ ůĞĂĚ ƚŝŵĞƐ ĨŽƌ ƐLJƐƚĞŵ ŝŶƚĞƌĨĂĐĞƐ͕ ŝŶ ƉƉĞŶĚŝdž ϴ͘ϮϰͲϭ͗ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ^ĐŚĞĚƵůĞ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ ƵƉŽŶ ĐŽŶƚƌĂĐƚ ĂǁĂƌĚ ƚŽ ĨŝŶĂůŝnjĞ Ăůů ƚŝŵĞůŝŶĞƐ ĂŶĚ ŵŝůĞƐƚŽŶĞƐ ĨŽƌ ƐLJƐƚĞŵ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂŶĚ ŝŶƚĞƌĨĂĐĞ ƚĞƐƚŝŶŐ͘ D yĞď ŝŶƚĞƌĨĂĐĞƐ ǁŝƚŚ ŽƵƌ ŽƚŚĞƌ ƚŽŽůƐ ƚŽ ƉƌŽǀŝĚĞ ĞŶĚͲƚŽͲĞŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ŵĂŶĂŐĞŵĞŶƚ͕ ďĞŶĞĨŝĐŝĂƌLJ ƐƵƉƉŽƌƚ͕ ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ŽǀĞƌƐŝŐŚƚ͘ D yĞď ƐƵƉƉŽƌƚƐ ĨƵůů ƉƌŽĐĞƐƐŝŶŐ ŽĨ Ăůů ĞŶƌŽůůŵĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶƐ ĂŶĚ ƐĞĐƵƌĞ ĚĂƚĂ ƚƌĂŶƐŵŝƐƐŝŽŶ ƚŽ ƚŚĞ ^ƚĂƚĞ ĂŶĚ W,WƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ Z&W ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ ĞŶƌŽůůŵĞŶƚƐͬĚŝƐĞŶƌŽůůŵĞŶƚƐ͕ ĞdžĞŵƉƚŝŽŶƐͬĞdžĐůƵƐŝŽŶƐ͕ ƉůĂŶ ĐŚĂŶŐĞƐ͕ ĂƵƚŽ ĂƐƐŝŐŶŵĞŶƚƐ͕ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĨŝůĞ ŵĂŝŶƚĞŶĂŶĐĞ ƚƌĂŶƐĂĐƚŝŽŶƐ͘ tĞ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ŽƵƌ ĂďŝůŝƚLJ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ŝŶƚĞƌĨĂĐĞ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ĂŶĚ ĞƉĂƌƚŵĞŶƚ ƐLJƐƚĞŵƐ͕ ŝŶĐůƵĚŝŶŐ E & ^d ĂŶĚ E dƌĂĐŬƐ͕ ŝŶ ^ĞĐƚŝŽŶ ϴ͘ϭϯ͗ ŶƌŽůůŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ /ŶƚĞŐƌĂƚŝŽŶ͘ džŚŝďŝƚ ϴ͘ϭϬͲϰ͗ D yĞď &ĞĂƚƵƌĞƐ ĂŶĚ ^LJƐƚĞŵ ƌĐŚŝƚĞĐƚƵƌĞ͘ D y/Dh^ ĂůŝŐŶƐ ƚŚĞ ƌŝŐŚƚ ƚĞĐŚŶŽůŽŐLJ ǁŝƚŚ ďĞƐƚ ďƵƐŝŶĞƐƐ ƉƌĂĐƚŝĐĞƐ ƚŽ ƉƌŽĚƵĐĞ ŚŝŐŚ ƋƵĂůŝƚLJ ĂŶĚ ĞĨĨŝĐŝĞŶƚ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐŝŶŐ͘ „ „ „ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ WĂŐĞ ϴ͘ϭϬͲϭϭ ŽĨ ϭϭ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ^ĞĐƚŝŽŶ ///͘: ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͘ ϱ͘ džŚŝďŝƚ ϴ͘ϭϬͲϱ͗ D yĞď ƌŽƐƐͲKǀĞƌ WŽƉƵůĂƚŝŽŶ ŶƌŽůůŵĞŶƚ WƌŽĐĞƐƐ &ůŽǁ͘ ƵƚŽŵĂƚĞĚ ǁŽƌŬĨůŽǁ ŝŶ D yĞď ĨĂĐŝůŝƚĂƚĞƐ ƚŝŵĞůLJ ƉƌŽĐĞƐƐŝŶŐ ŽĨ ĞŶƌŽůůŵĞŶƚƐ͕ ƐĞĐƵƌĞ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ W,WƐ͕ ĂŶĚ ĞŶĚͲƚŽͲĞŶĚ ƌĞƉŽƌƚŝŶŐ ŽŶ ĞŶƌŽůůŵĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶƐ͘ D y/Dh^ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ; ^Ϳ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ƚŽ ĂƐƐŝƐƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŶŽ ŵĂƚƚĞƌ ǁŚŝĐŚ ĐŚĂŶŶĞů ƚŚĞLJ ĞŶƌŽůů ƚŚƌŽƵŐŚ͘ ƚŚĞLJ ǁŝůů ďĞ ĂƵƚŽͲĂƐƐŝŐŶĞĚ͘ D y/Dh^ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ƚŽ ƉƌŽǀŝĚĞ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ǁŝƐŚ ƚŽ ĐŚĂŶŐĞ ƚŚĞŝƌ W,W ĚƵƌŝŶŐ ƚŚĞ ϵϬͲĚĂLJ ĐŚŽŝĐĞ ƉĞƌŝŽĚ͘ >ŝŬĞǁŝƐĞ͕ ĚƵƌŝŶŐ ĂŶŶƵĂů ƌĞĚĞƚĞƌŵŝŶĂƚŝŽŶ͕ ŽƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ; ^Ϳ ǁŝůů ƉƌŽǀŝĚĞ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ ĚŝƐĞŶƌŽůůŵĞŶƚ ƐƵƉƉŽƌƚ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ĂƌĞ ŶŽƚ ƐĂƚŝƐĨŝĞĚ ǁŝƚŚ ƚŚĞŝƌ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĂŶĚ ǁŝƐŚ ƚŽ ĐŚĂŶŐĞ ƚŚĞŝƌ W,W ĚƵƌŝŶŐ ƚŚĞ ϵϬͲĚĂLJ ĐŚŽŝĐĞ ƉĞƌŝŽĚ͘ RFP Section Response 8 . 1 1 Consolidated Beneficiary Facing Provider Directory Section K, 1-4 The Department requests the response to this be limited to five IS) pages, not including Beneficrary-facmg Provider Directory Information samples/examples. The Offeror must include all least two (2) Beneficiary lai mg Prowrlm Directory liliOianiliJi'I samples/examples, but must not submit more than three 13) Beneficiaries are best served In the enrollment process if they can maintain existing provlder relationships, which helps to preserve continuity of care for needed services. This also better serves health plans by reducing requests for out-of-network services. Our comprehensive Provider Directory, with up- to-date PHP/provider af?liations, will support all program stakeholders by streamlining plan selection through ?exible provider search capability. 1. The Offeror must confirm adherence to the expectations of the Department and describe their ability and approach to meet the requirements of Section K. Consolidated, Bene?ciary Facing Provider Directory. MAXIMUS con?rms that we will adhere to Department expectations and meet all requirements set forth in RFP Section Consolidated Bene?ciary- Facing Provider Directory. We describe our approach to providing a consolidated provider directory for the NC Enrollment Broker Project throughout this section of our proposal. To most bene?ciaries, identifying a provider that meets their needs is one of the most important drivers of plan choice. To support this need, MAXIM US has developed a sea rcha ble, Affordable Care Act (ACA)-complia nt Provider Directory solution, which we have successfully implemented for more than a dozen projects. We bring best practices from our experience interfacing with plans and providers to securely exchange and maintain up-to-date provlder network data for a streamlined, comprehensive beneficiary-facing provider directory, which also supports selection during the Medicaid application process in NC and provide support through the call center. Our provider directory will be fully integrated with our beneficiary management platform and accessible to the public through the NC Enrollment Broker enrollment services website. It will be used by our Enrollment Specialists as they provide choice counseling to program beneficiaries and by beneficiaries and their authorized representatives as they conduct online self-service research into available PH P5 and providers. Our provider directory will help beneficiaries answer common questions that help them make important choices, such as: How do I choose my primary doctor and specialty care service providers? Will I be able to receive medical care close to my home? Is my current PCP a participating provider in one of the available What will happen if I move? Will I be able to find a PCP or specialty services in my new location? What are the hospitals, health care facilities, and community support agencies available In my county? Ifl change PHPs, will I be able to have continued coverage near my home? Our provider directory services are compliant with the Medicaid and CHIP Managed Care Notice of Proposed Rulema king (NPRM) regulations published by the Centers for Medicare Medicaid Services (CMS) in June 2015. We understand that the Department will not accept links, corrections, or redirects to tools maintained by a PHP. 2. Offeror must describe the Beneficiary Facing Provider Directory identifying 3. information available in the directory, b. how the directory will be easily searchabie, c. how the directory will be kept up to date. Page 8.11-1 of 7 WĂŐĞ ϴ͘ϭϭͲϮ ŽĨ ϳ džŚŝďŝƚ ϴ͘ϭϭͲϭ͗ ĂůŝĨŽƌŶŝĂ DĞŵďĞƌ WŽƌƚĂů WƌŽǀŝĚĞƌ ^ĞĂƌĐŚ ĂƉĂďŝůŝƚLJ ƐŚŽǁƐ Ă ƐĐƌĞĞŶƐŚŽƚ ŽĨ ƚŚĞ ŽŶůŝŶĞ ƉƌŽǀŝĚĞƌ ƐĞĂƌĐŚ ƚŽŽů ǁĞ ĚĞǀĞůŽƉĞĚ ĨŽƌ ŽƵƌ ĂůŝĨŽƌŶŝĂ ,ĞĂůƚŚ ĂƌĞ KƉƚŝŽŶƐ WƌŽũĞĐƚ͘ ĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ƐĞĂƌĐŚ ďLJ ƉƌŽŐƌĂŵ͕ ƉƌŽǀŝĚĞƌ ƚLJƉĞ͕ ĂŶĚ ůŽĐĂƚŝŽŶ͘ tĞ ĚĞƐĐƌŝďĞ ŽƵƌ ĂƉƉƌŽĂĐŚ ƚŽ ĐŽůůĞĐƚŝŶŐ͕ ĐŽŵƉŝůŝŶŐ͕ ĂŶĚ ŵĂŝŶƚĂŝŶŝŶŐ ƵƉͲƚŽͲĚĂƚĞ ƉƌŽǀŝĚĞƌ ĚĂƚĂ ŝŶ ƚŚĞ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ŝŶ ŽƵƌ ƌĞƐƉŽŶƐĞƐ ƚŽ YƵĞƐƚŝŽŶƐ ϰ ĂŶĚ ϱ ǁŝƚŚŝŶ ƚŚŝƐ ƐĞĐƚŝŽŶ͘ tĞ ǁŝůů ĚĞǀĞůŽƉ ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ǁŽƌŬĨůŽǁƐ ĨŽƌ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ĨŽƌ ĞƉĂƌƚŵĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ ϯ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƵƉ ƚŽ ϯ ĞdžĂŵƉůĞƐ ŽĨ ĞŶĞĨŝĐŝĂƌLJ &ĂĐŝŶŐ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ŝŶĨŽƌŵĂƚŝŽŶ͘ ůƚĞƌŶĂƚŝǀĞůLJ͕ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ƐĞĂƌĐŚ ĨŽƌ ƉƌŽǀŝĚĞƌƐ ƚŚĂƚ ŵĂƚĐŚ Ăůů ƐƉĞĐŝĨŝĞĚ ĐƌŝƚĞƌŝĂ͘ EŽƌƚŚ ĂƌŽůŝŶĂ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝůů ďĞŶĞĨŝƚ ŐƌĞĂƚůLJ ĨƌŽŵ ƚŚĞ ƐĞĂƌĐŚ ĐĂƉĂďŝůŝƚŝĞƐ ŝŶŚĞƌĞŶƚ ŝŶ ŽƵƌ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ĚĞƐŝŐŶ͕ ĞƐƉĞĐŝĂůůLJ ůŽĐĂƚŝŽŶͲďĂƐĞĚ ƐĞĂƌĐŚŝŶŐ ďĂƐĞĚ ŽŶ ĂŶ ŝŶĚŝǀŝĚƵĂůΖƐ /W ĐŽĚĞ͕ ĐŝƚLJ͕ Žƌ ĐŽƵŶƚLJ͘ dŚŝƐ ĨĞĂƚƵƌĞ ǁŝůů ĂůůŽǁ Ă ďĞŶĞĨŝĐŝĂƌLJ ƚŽ ůŽĐĂƚĞ Ă ĚŽĐƚŽƌ ĐůŽƐĞ ƚŽ ŚŝƐ Žƌ ŚĞƌ ƌĞƐŝĚĞŶĐĞ͕ ǁŚŝĐŚ ƚŚĞŶ ŵĂŬĞƐ ĂĐĐĞƐƐ ƚŽ ŚĞĂůƚŚ ĐĂƌĞ ĞĂƐŝĞƌ͘ tŝƚŚ ŝŶĐƌĞĂƐĞĚ ƉƌĞƐƐƵƌĞ ĂƌŽƵŶĚ ƚŚĞ ĂĚĞƋƵĂĐLJ ŽĨ ƉƌŽǀŝĚĞƌ ŶĞƚǁŽƌŬƐ͕ ŽƵƌ ǁĞďƐŝƚĞ ƐŽůƵƚŝŽŶƐ ĨŽƌ ƉƌŽǀŝĚĞƌ ƐĞĂƌĐŚ ĐŽŵƉůLJ ǁŝƚŚ D^ ŐƵŝĚĞůŝŶĞƐ ĂŶĚ ƚŚĞ ͕ ĂŶĚ ĞŶƐƵƌĞ ĂŶ ĞĂƐLJ͕ ŵĞĂŶŝŶŐĨƵů ĞdžƉĞƌŝĞŶĐĞ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ sŝƐŝƚŽƌƐ ƚŽ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ǁŝůů ďĞ ĂďůĞ ƚŽ ĐƌĞĂƚĞ ĐƵƐƚŽŵŝnjĞĚ ƐĞĂƌĐŚĞƐ ďĂƐĞĚ ŽŶ ĂŶLJ ĐŽŵďŝŶĂƚŝŽŶ ŽĨ ĐƌŝƚĞƌŝĂ ĂǀĂŝůĂďůĞ ĨƌŽŵ ƚŚĞ ƵŶĚĞƌůLJŝŶŐ ƉƌŽǀŝĚĞƌ ŶĞƚǁŽƌŬ ĚĂƚĂ͕ ƐƵĐŚ ĂƐ ƉƌĂĐƚŝĐĞ ůŽĐĂƚŝŽŶ͕ ƉƌŽǀŝĚĞƌ ƚLJƉĞ͕ ƉƌŽǀŝĚĞƌ ƐƉĞĐŝĂůƚLJ͕ ŐĞŶĚĞƌ͕ ůĂŶŐƵĂŐĞ͕ ŚŽƐƉŝƚĂů ĂĨĨŝůŝĂƚŝŽŶ͕ ŐƌŽƵƉ ƉƌĂĐƚŝĐĞ Žƌ ĐŽŵŵƵŶŝƚLJ ĐĂƌĞ ƐŝƚĞ͕ Žƌ ŚĞĂůƚŚ ƉůĂŶ͘ ^ĞĂƌĐŚĞƐ ĐĂŶ ŝŶŝƚŝĂůůLJ ďĞ ďĂƐĞĚ ŽŶ ƉƌŽǀŝĚĞƌ͕ ǁŝƚŚ Ăůů W,WƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ Ă ƉĂƌƚŝĐƵůĂƌ ƉƌŽǀŝĚĞƌ ůŝƐƚĞĚ ŝŶ ƚŚĞ ĨŝŶĂů ƉŚĂƐĞ ŽĨ ƚŚĞ ƐĞĂƌĐŚ͕ Žƌ ƵƐĞƌƐ ĐĂŶ ůŝŵŝƚ ƚŚĞŝƌ ƐĞĂƌĐŚ ƚŽ ŽŶůLJ ƚŚŽƐĞ ƉƌŽǀŝĚĞƌƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ Ă ƉĂƌƚŝĐƵůĂƌ W,W͘ dŚŝƐ ƐĂŵĞ ŝƚĞƌĂƚŝǀĞ ĂŶĚ ƵƐĞƌͲƐƉĞĐŝĨŝĞĚ ƐĞĂƌĐŚ ĨƵŶĐƚŝŽŶĂůŝƚLJ ĐĂŶ ďĞ ĂĚĂƉƚĞĚ ĨŽƌ ƉƌŽǀŝĚĞƌ ŐƌŽƵƉƐ Žƌ ŚŽƐƉŝƚĂůƐ ĂƐ ƚŚĞ ĂŐŐƌĞŐĂƚŝŶŐ ĞŶƚŝƚLJ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ŝŶĚŝǀŝĚƵĂů ƉƌŽǀŝĚĞƌƐ͘ tĞ ŚĂǀĞ ĨŽƵŶĚ ƚŚĂƚ ƚŚĞ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ƐĞĂƌĐŚ ŝƐ ƚŚĞ ŵŽƐƚ ǁŝĚĞůLJͲƚƌĂĨĨŝĐŬĞĚ ǁĞď ƉĂŐĞ ŽŶ ŽƵƌ ƉŽƌƚĂůƐ͕ ƐŽ ďĞŶĞĨŝĐŝĂƌLJ ƵƐĂďŝůŝƚLJ ŝƐ ƵŶĚŽƵďƚĞĚůLJ ŝŵƉŽƌƚĂŶƚ͘ KƵƌ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ǁŝůů ďĞ ĂŶ ĞĂƐŝůLJ ƐĞĂƌĐŚĂďůĞ ƌĞƉŽƐŝƚŽƌLJ ŽĨ ƉƌŽǀŝĚĞƌ ƚŽ W,W ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ ƚŚĞ ŵŽƐƚ ƵƉͲƚŽͲĚĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ĨĂĐŝůŝƚĂƚĞ ďĞŶĞĨŝĐŝĂƌLJ ĐŚŽŝĐĞ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ W,W ƐĞůĞĐƚŝŽŶ͘ dŚĞ ƌĞĂůͲƚŝŵĞ ƐĞĂƌĐŚ ĨƵŶĐƚŝŽŶ ŵĂLJ ŝŶĐůƵĚĞ ĂŶLJ ŶƵŵďĞƌ ŽĨ ĨŝůƚĞƌƐ ŝŶĐůƵĚŝŶŐ ƉƌŽǀŝĚĞƌ ŶĂŵĞ͕ ŚĞĂůƚŚ ƉůĂŶ͕ /W ĐŽĚĞ͕ ŚŽƵƌƐ͕ ůĂŶŐƵĂŐĞƐ ƐƉŽŬĞŶ͕ ǁŚĞƚŚĞƌ ƚŚĞ ƉƌŽǀŝĚĞƌ ŝƐ ĂĐĐĞƉƚŝŶŐ ŶĞǁ ŵĞŵďĞƌƐ͕ ƉƌŽǀŝĚĞƌ ƐƉĞĐŝĂůƚLJ͕ ŚŽƐƉŝƚĂů ĂĨĨŝůŝĂƚŝŽŶ ĂŶĚ ƉƌŽǀŝĚĞƌ ŐĞŶĚĞƌ͘ /Ŷ ĨĂĐƚ͕ ŽƵƌ ĐƵƌƌĞŶƚ ƉƌŽǀŝĚĞƌ ƐĞĂƌĐŚ ƉŽƌƚĂůƐ ŝŶĐůƵĚĞ Ăůů ŽĨ ƚŚĞƐĞ ǀĂƌŝĂďůĞƐ͘ D y/Dh^ ǁŝůů ŝŵƉůĞŵĞŶƚ ĂŶĚ ŵĂŝŶƚĂŝŶ Ă ĐŽŶƐŽůŝĚĂƚĞĚ ďĞŶĞĨŝĐŝĂƌLJͲĨĂĐŝŶŐ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ĨŽƌ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵƐ ƵƐŝŶŐ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌŝĞƐ ƐƵƉƉůŝĞĚ ďLJ ƚŚĞ W,WƐ͘ dŚŝƐ ĚĂƚĂďĂƐĞ ǁŝůů ŝŶĐůƵĚĞ ƚŚĞ ůŽĐĂƚŝŽŶ ŽĨ ƉƌŽǀŝĚĞƌƐ͕ ŚŽƐƉŝƚĂůƐ͕ ĐůŝŶŝĐƐ͕ ĂŶĚ ŽƚŚĞƌ ƌĞƐŽƵƌĐĞƐ ǁŝƚŚŝŶ ĞĂĐŚ W,W ŶĞƚǁŽƌŬ͕ ŵĂŬŝŶŐ ŝƚ Ă ŬĞLJ ƚŽŽů ŝŶ ĂƐƐŝƐƚŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ĨŝŶĚ ƚŚĞ ďĞƐƚ ƉůĂŶ ƚŽ ŵĞĞƚ ƚŚĞŝƌ ŐĞŽŐƌĂƉŚŝĐ ĂŶĚ ŵĞĚŝĐĂů ŶĞĞĚƐ͘ hƐŝŶŐ ƚŚŝƐ ĚĂƚĂďĂƐĞ͕ ǁĞ ǁŝůů ďĞ ĂďůĞ ƚŽ ƉƌŽǀŝĚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂĐĐƵƌĂƚĞ ƉƌŽǀŝĚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ŶĂŵĞ͕ ůŽĐĂƚŝŽŶ͕ ƉŚŽŶĞ ŶƵŵďĞƌ͕ ĂŶĚ ƐƉĞĐŝĂůƚLJ͘ tĞ ǁŝůů ƐƚŽƌĞ ƚŚĞ ĚĂƚĂďĂƐĞ ǁŝƚŚŝŶ ŽƵƌ D yĞď ĞŶƌŽůůŵĞŶƚ ƐLJƐƚĞŵ ĨŽƌ ĞĂƐĞ ŽĨ ĂĐĐĞƐƐ ďLJ ŽƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ĚƵƌŝŶŐ ƚĞůĞƉŚŽŶĞ ĞŶƌŽůůŵĞŶƚƐ Žƌ ǁŚĞŶ ĐĂůůĞƌƐ ƐŝŵƉůLJ ŶĞĞĚ ĂŶƐǁĞƌƐ ƚŽ ƋƵĞƐƚŝŽŶƐ ƌĞůĂƚĞĚ ƚŽ W,WͲƉƌŽǀŝĚĞƌ ĂĨĨŝůŝĂƚŝŽŶ͘ WĂŐĞ ϴ͘ϭϭͲϯ ŽĨ ϳ ĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ĚŝƐƉůĂLJ ƉƌŽǀŝĚĞƌ ƐĞĂƌĐŚ ƌĞƐƵůƚƐ ďĂƐĞĚ ŽŶ ƉƌŽdžŝŵŝƚLJ ŝŶ Ă ůŝƐƚ ĨŽƌŵĂƚ͕ ĂƐ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϭϭͲϮ͗ WƌŽǀŝĚĞƌ ^ĞĂƌĐŚ ZĞƐƵůƚƐ >ŝƐƚ sŝĞǁ Žƌ ŝŶ ĂŶ ŝŶƚĞƌĂĐƚŝǀĞ ŵĂƉ͕ ĂƐ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϭϭͲϯ͗ WƌŽǀŝĚĞƌ ^ĞĂƌĐŚ ZĞƐƵůƚƐ /ŶƚĞƌĂĐƚŝǀĞ DĂƉ sŝĞǁ͘ tŚĞŶ ǀŝĞǁŝŶŐ ƌĞƐƵůƚƐ͕ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ĨŝůƚĞƌ ƚŚĞ ŝŶŝƚŝĂů ƌĞƐƵůƚ ůŝƐƚ ďLJ ƉƌŽǀŝĚĞƌ ƐƉĞĐŝĂůƚLJ͕ ƉƌŽǀŝĚĞƌ ŐĞŶĚĞƌ͕ ĂŶĚ ůĂŶŐƵĂŐĞƐ ƐƉŽŬĞŶ ďLJ ƉƌŽǀŝĚĞƌ͘ /Ŷ ƚŚĞƐĞ ĞdžĂŵƉůĞƐ͕ ƚŚĞ ŝŶŝƚŝĂů ƐĞĂƌĐŚ ƌĞƐƵůƚƐ ŚĂǀĞ ďĞĞŶ ĨŝůƚĞƌĞĚ ƚŽ ƐŚŽǁ /ŶƚĞƌŶĂů DĞĚŝĐŝŶĞ ƐƉĞĐŝĂůŝƐƚƐ ŽĨ ƚŚĞ ĨĞŵĂůĞ ŐĞŶĚĞƌ ǁŚŽ ƐƉĞĂŬ ^ƉĂŶŝƐŚ͘ džŚŝďŝƚ ϴ͘ϭϭͲϭ͗ ĂůŝĨŽƌŶŝĂ DĞŵďĞƌ WŽƌƚĂů WƌŽǀŝĚĞƌ ^ĞĂƌĐŚ ĂƉĂďŝůŝƚLJ͘ KƵƌ ĚLJŶĂŵŝĐ ƉƌŽǀŝĚĞƌ ƐĞĂƌĐŚ ĨƵŶĐƚŝŽŶĂůŝƚLJ ĂůůŽǁƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ĨŝŶĚ ƚŚĞ ƌŝŐŚƚ ƉƌŽǀŝĚĞƌ ďĂƐĞĚ ŽŶ ƚŚĞ ĨĂĐƚŽƌƐ ŵŽƐƚ ŝŵƉŽƌƚĂŶƚ ƚŽ ƚŚĞŵ͘ WĂŐĞ ϴ͘ϭϭͲϰ ŽĨ ϳ džŚŝďŝƚ ϴ͘ϭϭͲϮ͗ WƌŽǀŝĚĞƌ ^ĞĂƌĐŚ ZĞƐƵůƚƐ >ŝƐƚ sŝĞǁ͘ WƌŽǀŝĚĞƌ ƐĞĂƌĐŚ ƌĞƐƵůƚƐ ĐĂŶ ďĞ ǀŝĞǁĞĚ ŝŶ ůŝƐƚ ĨŽƌŵĂƚ ǁŝƚŚ Ăůů ƉĞƌƚŝŶĞŶƚ ĐŽŶƚĂĐƚ ŝŶĨŽƌŵĂƚŝŽŶ ĨŽƌ ĂǀĂŝůĂďůĞ ƉƌŽǀŝĚĞƌƐ ďĂƐĞĚ ŽŶ ƐĞĂƌĐŚ ĐƌŝƚĞƌŝĂ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŝŶŝƚŝĂů ƉŽůŝĐŝĞƐ ĂŶĚ ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐ ĨůŽǁƐ ǁŚŝĐŚ ĚĞƐĐƌŝďĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ͘ WĂŐĞ ϴ͘ϭϭͲϱ ŽĨ ϳ tĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ ĞĂĐŚ W,W ǁŝůů ƉƌŽǀŝĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞŐĂƌĚŝŶŐ ŝƚƐ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ƉƌŽǀŝĚĞƌƐ ƚŚƌŽƵŐŚ Ă ƉƌŽǀŝĚĞƌ ĨŝůĞ ƚŚĂƚ ŝƐ ŝŶ Ă ŵĂĐŚŝŶĞ ƌĞĂĚĂďůĞ ĨŝůĞ ĂŶĚ ĨŽƌŵĂƚ ĂƐ ƉƌĞƐĐƌŝďĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ƵƌŝŶŐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉĞƌŝŽĚ͕ ǁĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞ W,WƐ ƚŽ ĚĞǀĞůŽƉ ƚŚĞ ŽƉƚŝŵĂů ĨŽƌŵĂƚ ƚŽ ĂĐĐĞƉƚ ĐŽŶƐŝƐƚĞŶƚ ǀĂůƵĞƐ ĨŽƌ ƉƌŽǀŝĚĞƌ ƐƉĞĐŝĂůƚLJ ĚĞƐŝŐŶĂƚŝŽŶƐ ĨŽƌ ƚŚĞ ƉƌŽǀŝĚĞƌ ĨŝůĞƐ͘ ĂƐĞĚ ŽŶ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ŽƚŚĞƌ ƐƚĂƚĞƐ͕ ŶŽƚ Ăůů ƉůĂŶƐ ƐƵƉƉŽƌƚ ƌĞĂůͲƚŝŵĞ ŝŶƚĞƌĨĂĐĞƐ ĨŽƌ ĚĂƚĂ ĞdžĐŚĂŶŐĞ͕ ƐŽ ǁĞ ĂƌĞ ƉƌŽƉŽƐŝŶŐ Ă ďĂƚĐŚ ƉƌŽĐĞƐƐ ƚŽ ƌĞĐĞŝǀĞ ƉƌŽǀŝĚĞƌ ĚĂƚĂ ĨƌŽŵ ƚŚĞ W,WƐ͕ ǁŚŝĐŚ ǁĞ ƵŶĚĞƌƐƚĂŶĚ ŵƵƐƚ ďĞ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ D y/Dh^ ǁŝůů ƌĞĐĞŝǀĞ ĂŶĚ ůŽĂĚ Ă ĨƵůů ŵŽŶƚŚůLJ ƉƌŽǀŝĚĞƌ ĨŝůĞ ŝŶƚŽ D yĞď ƚŽ ŝŶĐůƵĚĞ ĂĐƚŝǀĞ ĂŶĚ ĚĞůĞƚĞĚ ƉƌŽǀŝĚĞƌƐ͕ ĂƐ ǁĞůů ĂƐ Ăůů ƉƌŽǀŝĚĞƌ ƚLJƉĞƐ ĂŶĚ ƐƉĞĐŝĂůƚŝĞƐ ĨƌŽŵ ĞĂĐŚ W,W ǀŝĂ ƐĞĐƵƌĞ ĨŝůĞ ƚƌĂŶƐĨĞƌ ƉƌŽƚŽĐŽů ;^&dWͿ͘ W,W ƉƌŽǀŝĚĞƌ ĨŝůĞƐ ǁŝůů ďĞ ůŽĂĚĞĚ ŝŶƚŽ D yĞď ĚĂŝůLJ ĨŽůůŽǁŝŶŐ dŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂŶĚ ŽŶŐŽŝŶŐ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ŽƵƌ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ǁŝůů ďĞ ĚŝĐƚĂƚĞĚ ďLJ Ă ƐĞƚ ŽĨ ĞƉĂƌƚŵĞŶƚͲĂƉƉƌŽǀĞĚ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞƐƐĞƐ ĨŽƌ ĚĂƚĂ ĐŽůůĞĐƚŝŽŶ ĨƌŽŵ W,WƐ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ŝŶĐůƵĚŝŶŐ ĚĂŝůLJ ďƵƐŝŶĞƐƐ ĚĂLJ ƵƉĚĂƚĞƐ ƚŽ ĚĂƚĂ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ŝŶĨŽƌŵĂƚŝŽŶ ŝƐ ĂůǁĂLJƐ ƵƉͲƚŽͲĚĂƚĞ͘ ϰ͘ džŚŝďŝƚ ϴ͘ϭϭͲϯ͗ WƌŽǀŝĚĞƌ ^ĞĂƌĐŚ ZĞƐƵůƚƐ /ŶƚĞƌĂĐƚŝǀĞ DĂƉ sŝĞǁ͘ WƌŽǀŝĚĞƌ ƐĞĂƌĐŚ ƌĞƐƵůƚƐ ĐĂŶ ďĞ ĂůƐŽ ǀŝĞǁĞĚ ŝŶ ĂŶ ŝŶƚĞƌĂĐƚŝǀĞ ŵĂƉ ĨŽƌŵĂƚ ĨŽƌ Ă ǀŝƐƵĂů ŽĨ ƉƌŽdžŝŵŝƚLJ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͛Ɛ ĂƌĞĂ ŽĨ ƌĞƐŝĚĞŶĐĞ͘ WƌŽǀŝĚĞƌ ŽĨĨŝĐĞ ůŽĐĂƚŝŽŶƐ ǁŚĞƌĞ ƐĞƌǀŝĐĞƐ ĂƌĞ ƉƌŽǀŝĚĞĚ WƌŽǀŝĚĞƌ ŽĨĨŝĐĞ ŚŽƵƌƐ WƌŽǀŝĚĞƌ ƐƉĞĐŝĂůƚŝĞƐ͕ ďLJ ůŽĐĂƚŝŽŶ ĂŶĚ ĂĐĐĞƐƐŝďŝůŝƚLJ WŚŽŶĞ ŶƵŵďĞƌƐ ŽĨ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŽĨĨŝĐĞƐ ĂŶĚ ƐƉĞĐŝĂů ƌĞƋƵŝƌĞŵĞŶƚƐ Žƌ ƐĞƌǀŝĐĞƐ ŽĨ ƚŚĞ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ƉŚLJƐŝĐŝĂŶƐ͕ ŚŽƐƉŝƚĂů ĂŶĚ ƐƉĞĐŝĂůŝƐƚ ƌĞĨĞƌƌĂůƐ >ĂŶŐƵĂŐĞƐ ƐƉŽŬĞŶ WŽƉƵůĂƚŝŽŶƐ ƐĞƌǀĞĚ /ŶĨŽƌŵĂƚŝŽŶ ŽŶ ŵĂdžŝŵƵŵ ŶƵŵďĞƌ ŽĨ ĂůůŽǁĞĚ ĞŶƌŽůůŵĞŶƚƐ ŝŶ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ƉŚLJƐŝĐŝĂŶƐΖ ƉĂŶĞůƐ tŚŝĐŚ ƉƌŽǀŝĚĞƌƐ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ǁŚŝĐŚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉůĂŶƐ ĂŶĚ ĞŶƌŽůůĞĚ ŝŶ Ă W,W „ „ „ „ „ „ „ „ KĨĨĞƌŽƌ ŵƵƐƚ ŝĚĞŶƚŝĨLJ ŚŽǁ ƚŚĞ ĚĂƚĂ ƚŚĞƌĞŝŶ ƐŚĂůů ďĞ ŐĂƚŚĞƌĞĚ ĂŶĚ ĚŝƐƉůĂLJĞĚ͘ WĂŐĞ ϴ͘ϭϭͲϲ ŽĨ ϳ Ɛ ƉƌĞǀŝŽƵƐůLJ ĚĞƐĐƌŝďĞĚ͕ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ǁŝůů ŝŶĐŽƌƉŽƌĂƚĞ ƉƌŽǀŝĚĞƌ ƐĞĂƌĐŚ ĨƵŶĐƚŝŽŶĂůŝƚLJ ƵƐŝŶŐ ƚŚĞ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌŝĞƐ ƐƵƉƉůŝĞĚ ďLJ ƚŚĞ W,WƐ͘ sŝƐŝƚŽƌƐ ƚŽ ƚŚĞ ǁĞďƐŝƚĞ ĐĂŶ ĐƌĞĂƚĞ ĐƵƐƚŽŵŝnjĞĚ ƐĞĂƌĐŚĞƐ ďĂƐĞĚ ŽŶ ĂŶLJ ĐŽŵďŝŶĂƚŝŽŶ ŽĨ ĐƌŝƚĞƌŝĂ ƚŚĂƚ ŝƐ ĂǀĂŝůĂďůĞ ĨƌŽŵ ƚŚĞ ƵŶĚĞƌůLJŝŶŐ ƉƌŽǀŝĚĞƌ ŶĞƚǁŽƌŬ ĚĂƚĂ ǁĞ ƌĞĐĞŝǀĞ ĨƌŽŵ ƚŚĞ ƉĂƌƚŝĐŝƉĂƚŝŶŐ W,WƐ͘ dŚĞƐĞ ŝŶĐůƵĚĞ ƉƌŽǀŝĚĞƌ ŶĂŵĞ͕ ƉƌŽǀŝĚĞƌ ƚLJƉĞ͕ ƉƌŽǀŝĚĞƌ ƉŚŽŶĞ͕ ƉƌŽǀŝĚĞƌ ŐƌŽƵƉ Žƌ ĐŽŵŵƵŶŝƚLJ ŚĞĂůƚŚ ƐŝƚĞ͕ ƉƌĂĐƚŝĐĞ ůŽĐĂƚŝŽŶ ;ĂĚĚƌĞƐƐ͕ /W ĐŽĚĞ͕ ĂŶĚ ĐŽƵŶƚLJͿ͕ ƉƌŽǀŝĚĞƌ ƐƉĞĐŝĂůƚLJ͕ ŐĞŶĚĞƌ͕ ůĂŶŐƵĂŐĞ͕ ŚŽƐƉŝƚĂů ĂĨĨŝůŝĂƚŝŽŶ͕ Žƌ ŚĞĂůƚŚ ƉůĂŶ͘ ^ĞĂƌĐŚĞƐ ĐĂŶ ŝŶŝƚŝĂůůLJ ďĞ ďĂƐĞĚ ŽŶ ƉƌŽǀŝĚĞƌ͕ ǁŝƚŚ Ăůů W,WƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ Ă ƉĂƌƚŝĐƵůĂƌ ƉƌŽǀŝĚĞƌ ůŝƐƚĞĚ ŝŶ ƚŚĞ ĨŝŶĂů ƉŚĂƐĞ ŽĨ ƚŚĞ ƐĞĂƌĐŚ͘ ĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ĂůƐŽ ůŝŵŝƚ ƚŚĞŝƌ ƐĞĂƌĐŚ ƚŽ ŽŶůLJ ,Žǁ ĂƚĂ ŝƐ ŝƐƉůĂLJĞĚ dŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ƚŚĞ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ŝƐ ŵŽƐƚ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶ ŝƚƐ ĂďŝůŝƚLJ ƚŽ ĞŶĐŽƵƌĂŐĞ ĂŶĚ ĨĂĐŝůŝƚĂƚĞ ĂĐƚŝǀĞ ĞŶƌŽůůŵĞŶƚ ĐŚŽŝĐĞ͘ &Žƌ ƚŚŝƐ ƌĞĂƐŽŶ͕ ǁĞ ǁŝůů ŝŵƉůĞŵĞŶƚ ƚŚĞ ĞŶƚŝƌĞ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ͕ ǁŝƚŚ Ă ŵŽĚĞƌŶ͕ ŝŶƚĞƌĂĐƚŝǀĞ ĂƉƉĞĂƌĂŶĐĞ ƚŚĂƚ ƉƌŽŵŽƚĞƐ Ă ƵƐĞƌͲĨƌŝĞŶĚůLJ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ĚŝƐƉůĂLJƐ ƐĞĂƌĐŚ ƌĞƐƵůƚƐ ŝŶ Ă ǁĂLJ ƚŚĂƚ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĨŝŶĚ ŵŽƐƚ ŚĞůƉĨƵů͘ Ŷ ĞŵĂŝů ĂůĞƌƚ ŽĐĐƵƌƐ ǁŚĞŶ Ă W,W Žƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĚŽĞƐ ŶŽƚ ƉŽƐƚ ƚŚĞ ƉƌŽǀŝĚĞƌ ĨŝůĞ ĂĐĐŽƌĚŝŶŐ ƚŽ ƐĐŚĞĚƵůĞ͕ Žƌ ǁŚĞŶ ĂŶLJ ŽƚŚĞƌ ƵŶĞdžƉĞĐƚĞĚ ĞƌƌŽƌ ŽĐĐƵƌƐ͘ dŚĞ ƐLJƐƚĞŵƐ ƚĞĂŵ ǁŽƌŬƐ ǁŝƚŚ ƚŚĞ DKs ŝƚ ƚĞĂŵ ƚŽ ŝĚĞŶƚŝĨLJ ƚŚĞ ĐĂƵƐĞ ĂŶĚ ŶŽƚŝĨŝĞƐ ƚŚĞ ƐĞŶĚĞƌ͕ ǁŚĞŶ ŶĞĐĞƐƐĂƌLJ͕ ƚŽ ƌĞƐŽůǀĞ ƉƌŽďůĞŵƐ͘ dŝŵĞůLJ ŶŽƚŝĨŝĐĂƚŝŽŶ ŽĨ ŝĚĞŶƚŝĨŝĞĚ ƉƌŽďůĞŵƐ ƉƌŽŵŽƚĞƐ ĂĐĐƵƌĂĐLJ ŝŶ ƚŚĞ ƉƌŽǀŝĚĞƌ ĨŝůĞ ƉƌŽĐĞƐƐŝŶŐ͘ tĞ ĂůƐŽ ƉƌŽǀŝĚĞ W,WƐ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚ Ă ƌĞƐƉŽŶƐĞ ĨŝůĞ ƚŽ ĐŽŶĨŝƌŵ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞŝƌ ĨŝůĞ͘ KŶĐĞ Ă W,W Žƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƉŽƐƚƐ ĨŝůĞƐ͕ ƚŚĞ ŐĂƚĞǁĂLJ ĂƵƚŚĞŶƚŝĐĂƚĞƐ͕ ĂƵƚŚŽƌŝnjĞƐ͕ ĂŶĚ ĐŚĞĐŬƐ ƚŚĞ ĨŝůĞ ŶĂŵĞ ĂŐĂŝŶƐƚ Ă ƉƌĞĚĞƚĞƌŵŝŶĞĚ ƉĂƚƚĞƌŶ͘ /Ĩ ƚŚĞƌĞ ŝƐ Ă ƉƌŽďůĞŵ ǁŝƚŚ ĂŶLJ ĨŝůĞ͕ ƚŚĞ D y/Dh^ WƌŽǀŝĚĞƌ >ŽĂĚ ũŽď ŝŶ D yĞď ŶŽƚŝĨŝĞƐ ƚŚĞ ƐLJƐƚĞŵƐ ƚĞĂŵ ǀŝĂ ĞŵĂŝů͘ tĞ ŚĂǀĞ ĂŶ ĞƐƚĂďůŝƐŚĞĚ ŵĞƚŚŽĚŽůŽŐLJ ĨŽƌ ĐŽŽƌĚŝŶĂƚŝŶŐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ W,WƐ ƚŽ ŐĂƚŚĞƌ ĂŶĚ ĐŽŶƐŽůŝĚĂƚĞ ƉƌŽǀŝĚĞƌ ĚĂƚĂ͕ ǁŚŝĐŚ ǁĞ ŚĂǀĞ ƵƐĞĚ ƐƵĐĐĞƐƐĨƵůůLJ ŝŶ ŽƚŚĞƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞ W,WƐ ǁŝůů ĞĂĐŚ ƵƐĞ ŽƵƌ ƐĞĐƵƌĞ DKs ŝƚ ŐĂƚĞǁĂLJ ƚŽ ƚƌĂŶƐŵŝƚ ĂŶĚ ƌĞĐĞŝǀĞ ƉƌŽǀŝĚĞƌ ĚĂƚĂ ĨŝůĞƐ͘ ĞŶĞĨŝĐŝĂƌŝĞƐ ŽĨƚĞŶ ĐŚŽŽƐĞ ƚŚĞŝƌ W,W ďLJ ĚĞƚĞƌŵŝŶŝŶŐ ŝĨ ƚŚĞŝƌ ƉƌŽǀŝĚĞƌ ƉĂƌƚŝĐŝƉĂƚĞƐ ŝŶ ƚŚĞ ƉůĂŶΖƐ ŶĞƚǁŽƌŬ͘ dŽ ŵĂŬĞ ƐƵƌĞ ǁĞ ĂůǁĂLJƐ ŚĂǀĞ ĐŽŵƉůĞƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĂǀĂŝůĂďůĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ǁĞ ƵƐĞ ĂŶ ĂƵƚŽŵĂƚŝĐ ƉƌŽĐĞĚƵƌĞ ƚŽ ƐĐĂŶ ƚŚĞ DKs ŝƚ ŐĂƚĞǁĂLJ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĚĂLJ ƚŽ ĐŚĞĐŬ ĨŽƌ ŶĞǁůLJ ƉŽƐƚĞĚ W,W ĨŝůĞƐ͘ tĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƉƌŽǀŝĚĞ ǁĞĞŬůLJ ƵƉĚĂƚĞƐ ƚŚĂƚ ǁĞ ƚŚĞŶ ƌĞĐŽŶĐŝůĞ ǁŝƚŚ ƚŚĞ W,WƐ ŵŽŶƚŚůLJ͘ tĞ ĐĂŶ ƌĞĐĞŝǀĞ ƉƌŽǀŝĚĞƌ ĨŝůĞƐ ĨƌŽŵ ďŽƚŚ W,WƐ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƵƐŝŶŐ ƚŚĞ ƐĂŵĞ ŵĞƚŚŽĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ƐĐŚĞĚƵůĞ ƉƌĞĨĞƌƌĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ W,W ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ĂĐĐƵƌĂĐLJ ŽĨ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĞLJ ƉƌŽǀŝĚĞ͘ ϱ͘ tĞ ƉƌŽǀŝĚĞ ĂĚĚŝƚŝŽŶĂů ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ŽƵƌ ƉƌŽǀŝĚĞƌ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ƉƌŽĐĞƐƐ ǁŝƚŚ W,WƐ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ƌĞƐƉŽŶƐĞ͘ WƌŽǀŝĚĞƌ ƚŽ W,W ĂĨĨŝůŝĂƚŝŽŶƐ͕ ĐůĞĂƌůLJ ĚŝĨĨĞƌĞŶƚŝĂƚŝŶŐ ƉƌŽǀŝĚĞƌƐ ǁŚŽ ĂƌĞ ĐŽŶƚƌĂĐƚĞĚ ƚŽ ŵƵůƚŝƉůĞ ƉůĂŶƐ „ dŚĞ W,W ƉƌŽǀŝĚĞƌ ĨŝůĞƐ ǁŝůů ŝŶĐůƵĚĞ͕ ďƵƚ ŶŽƚ ďĞ ůŝŵŝƚĞĚ ƚŽ͗ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ĨŝůĞƐ͘ KƵƌ D yĞď ƐLJƐƚĞŵ ŚĂƐ ŵŽĚƵůĞƐ ƚŽ ŵĂŝŶƚĂŝŶ W,W ĐŽŶƚĂĐƚ ŝŶĨŽƌŵĂƚŝŽŶ͕ ǁŚŝĐŚ ůŝƐƚƐ ƉƌŽǀŝĚĞƌƐ ĂŶĚ ƚŚĞ ƐƉĞĐŝĨŝĐ ƉůĂŶ;ƐͿ ǁŝƚŚ ǁŚŝĐŚ ƚŚĞLJ ĂƌĞ ĂƐƐŽĐŝĂƚĞĚ͘ D yĞď ĐĂŶ ĂůƐŽ ĂƐƐŽĐŝĂƚĞ Ă ŚĞĂůƚŚ ƉůĂŶ ƚŽ ƚŚĞ ƉƌŽŐƌĂŵ ĨŽƌ ǁŚŝĐŚ ŝƚ ƉƌŽǀŝĚĞƐ ƐĞƌǀŝĐĞƐ͘ tĞ ǁŝůů ƌĞƚƵƌŶ ƉƌŽǀŝĚĞƌ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ĨŝůĞƐ ƚŽ ƚŚĞ ƐĞŶĚŝŶŐ ĞŶƚŝƚLJ ĂŶĚ ĂŶ ƵƉĚĂƚĞĚ ĞůĞĐƚƌŽŶŝĐ ĨŝůĞ ŽĨ ƚŚĞ ĚŝƌĞĐƚŽƌLJ ǁŝůů ďĞ ƐƵďŵŝƚƚĞĚ ǁĞĞŬůLJ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ŝƚƐ ĚĞƐŝŐŶĞĞ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ^ĞĐƚŝŽŶ ///͘< ŽŶƐŽůŝĚĂƚĞĚ ĞŶĞĨŝĐŝĂƌLJͲ&ĂĐŝŶŐ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ͘ ϳ͘ WĂŐĞ ϴ͘ϭϭͲϳ ŽĨ ϳ džŚŝďŝƚ ϴ͘ϭϭͲϰ͗ WƌŽǀŝĚĞƌ ZĞƐƵůƚƐ͘ tĞ ǁŝůů ƉƌĞƐĞŶƚ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞƌƐ ŝŶ ƚŚĞ ƐĂŵĞ ĨŽƌŵĂƚ ĂƐ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽǀŝĚĞƌƐ ǁŝƚŚ ĐůĞĂƌ ŝŶĚŝĐĂƚŝŽŶ ƚŚĂƚ ƚŚĞ ƉƌŽǀŝĚĞƌ ŝƐ ĨĞĞͲĨŽƌͲ ƐĞƌǀŝĐĞ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŚŽǁ ƉƌŽǀŝĚĞƌƐ͛ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ƉƌŽŐƌĂŵ ǁŝůů ďĞ ĚŝƐƉůĂLJĞĚ͘ KƵƌ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ǁŝůů ĐŽŶƚĂŝŶ ĂŶĚ ĚŝƐƉůĂLJ Ăůů ƉĂƌƚŝĐŝƉĂƚŝŶŐ ƉƌŽǀŝĚĞƌƐ͕ ŝŶĐůƵĚŝŶŐ W,W ƉƌŽǀŝĚĞƌ ŶĞƚǁŽƌŬ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĂƐ ǁĞůů ĂƐ ƉƌŽǀŝĚĞƌƐ ǁŚŽ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĨĞĞ ĨŽƌ ƐĞƌǀŝĐĞ ƉƌŽŐƌĂŵ͘ tŚĞŶ ƉƌŽǀŝĚĞƌ ƐĞĂƌĐŚ ƌĞƐƵůƚƐ ĂƌĞ ĚŝƐƉůĂLJĞĚ͕ ƚŚĞƌĞ ŝƐ Ă ĨŝĞůĚ ĨŽƌ ͞WůĂŶƐ ĂĐĐĞƉƚĞĚ͟ ƉƌĞƐĞŶƚĞĚ ǁŝƚŚ ƚŚĞ ƉƌŽǀŝĚĞƌ ĚĂƚĂ͕ ĂƐ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϭϭͲϰ͗ WƌŽǀŝĚĞƌ ZĞƐƵůƚƐ͘ tĞ ǁŝůů ƵƐĞ ƚŚŝƐ ĂƌĞĂ ƚŽ ĚĞƐŝŐŶĂƚĞ ƚŚĞ ƉƌŽǀŝĚĞƌ ĂƐ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ͘ ůů ŽƚŚĞƌ ĚĂƚĂ ĚŝƐƉůĂLJĞĚ ŝŶ ƚŚĞ WƌŽǀŝĚĞƌ ZĞƐƵůƚƐ ǁŽƵůĚ ďĞ ƚŚĞ ƐĂŵĞ ƌĞŐĂƌĚůĞƐƐ ŽĨ ƚŚĞ ƉƌŽǀŝĚĞƌ ďĞŝŶŐ ŵĂŶĂŐĞĚ ĐĂƌĞ ǀĞƌƐƵƐ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ͘ ϲ͘ ĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ĚŝƐƉůĂLJ ƉƌŽǀŝĚĞƌ ƐĞĂƌĐŚ ƌĞƐƵůƚƐ ďĂƐĞĚ ŽŶ ƉƌŽdžŝŵŝƚLJ ŝŶ Ă ůŝƐƚ ĨŽƌŵĂƚ͕ ĂƐ ƉƌĞǀŝŽƵƐůLJ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϭϭͲϮ͗ WƌŽǀŝĚĞƌ ^ĞĂƌĐŚ ZĞƐƵůƚƐ >ŝƐƚ sŝĞǁ Žƌ ŝŶ ĂŶ ŝŶƚĞƌĂĐƚŝǀĞ ŵĂƉ͕ ĂƐ ƉƌĞǀŝŽƵƐůLJ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϭϭͲϯ͗ WƌŽǀŝĚĞƌ ^ĞĂƌĐŚ ZĞƐƵůƚƐ /ŶƚĞƌĂĐƚŝǀĞ DĂƉ sŝĞǁ͘ ^ĞĂƌĐŚ ƌĞƐƵůƚƐ ǁŝůů ŝŶĐůƵĚĞ ƉƌŽǀŝĚĞƌ ŶĂŵĞ͕ ĂĚĚƌĞƐƐ͕ ĂŶĚ ƉŚŽŶĞ ŶƵŵďĞƌ͕ ĂƐ ǁĞůů ĂƐ ƉůĂŶƐ ĂĐĐĞƉƚĞĚ ĂŶĚ ŚŽƐƉŝƚĂů ĂĨĨŝůŝĂƚŝŽŶƐ͕ ĂŶĚ Ă ůŝŶŬ ƚŽ ĚƌŝǀŝŶŐ ĚŝƌĞĐƚŝŽŶƐ ƚŽ ƚŚĞ ƉƌŽǀŝĚĞƌ ĨĂĐŝůŝƚLJ͘ 'ĞŽͲ ŵĂƉƉŝŶŐ ŵĂŬĞƐ ŝƚ ĞĂƐLJ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ǀŝƐƵĂůŝnjĞ ƚŚĞŝƌ ƉƌŽdžŝŵŝƚLJ ƚŽ Ă ƐƉĞĐŝĨŝĐ ƉƌŽǀŝĚĞƌ ĂŶĚ ŐŝǀĞƐ ƉŽŝŶƚƐ ŽĨ ƌĞĨĞƌĞŶĐĞ ŽŶ ĂŶ ŝŶƚĞƌĂĐƚŝǀĞ ŵĂƉ ƚŽ ŚĞůƉ ǁŝƚŚ ĚƌŝǀŝŶŐ ĚŝƌĞĐƚŝŽŶƐ͘ ƚŚŽƐĞ ƉƌŽǀŝĚĞƌƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ Ă ƉĂƌƚŝĐƵůĂƌ W,W͘ ůƚĞƌŶĂƚŝǀĞůLJ͕ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĐĂŶ ƐĞĂƌĐŚ ĨŽƌ ƉƌŽǀŝĚĞƌƐ ƚŚĂƚ ŵĂƚĐŚ Ăůů ƐƉĞĐŝĨŝĞĚ ĐƌŝƚĞƌŝĂ͘ >ŽĐĂƚŝŽŶͲďĂƐĞĚ ƐĞĂƌĐŚŝŶŐ ĞŶĂďůĞƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ĞĂƐŝůLJ ŝĚĞŶƚŝĨLJ ƉƌŽǀŝĚĞƌƐ ƚŚĂƚ ĂƌĞ ĐůŽƐĞ ƚŽ ǁŚĞƌĞ ƚŚĞLJ ůŝǀĞ͕ ŵĂŬŝŶŐ ĂĐĐĞƐƐ ƚŽ ŚĞĂůƚŚ ĐĂƌĞ ĞĂƐŝĞƌ͘ >ŽĐĂƚŝŽŶͲďĂƐĞĚ ƐĞĂƌĐŚŝŶŐ ŝƐ ƉĂƌƚŝĐƵůĂƌůLJ ƵƐĞĨƵů ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶ ŵŽƌĞ ƌƵƌĂů ĂƌĞĂƐ ďĞĐĂƵƐĞ ƚŚĞLJ ǁŝůů ďĞ ĂďůĞ ƚŽ ƉŝŶƉŽŝŶƚ ƚŚĞ ƉƌŽǀŝĚĞƌƐ ǁŚŽ ĂƌĞ ŵŽƐƚ ĂĐĐĞƐƐŝďůĞ ƚŽ ƚŚĞŝƌ ƌĞƐŝĚĞŶĐĞ͘ RFP Section Response 8 .12 Mailing Requirements Section L, 1-7 The Department requests the response to this section be limited to three (3) pages, The North Carolina Department of Health and Human Services will benefit from efficient mailing services that enable bene?ciaries to make the most informed health care choices possible, with the materials they need. MAXIMUS will provide consistent. accurate, and timely mailing services to Medicaid benefictarles through our proven mail fulfillment solution and trusted partner, Business Ink. 1. The Offeror must con?rm adherence to the expectations of the Department and describe their ability and approach to meet the requirements of Section Mailing Requirements. MAXIMUS confirms that we will adhere to Department expectations and meet all requirements set forth in the RFP Section Mailing Requirements. We describe our approach to meeting these requirements throughout this section of our proposal. MAXIMUS has a successful record throughout the country in implementing timely mail ful?llment services and beneficiary correspondence activities that our projects require. We accomplish this by using appropriately skilled and well-trained staff, proven mail house partners, documented and repeatable business processes, and selective use of technology to maximize efficiency and accuracy in rendered services. MAXIM US has established a proven quality assurance (0A) strategy to help ensure that all mailings required by the Department contain the appropriate materials according to fulfillment specifications. eligibility assistance and Children?s Health Insurance Program (CHIP) projects. We have the long-standing experience and ?exibility to ensure the mail ful?llment process for North Carolina makes a successful impact on enrollment. Our mail ful?llment subcontractor, Business Ink, ships approximately 120 million pieces annually for MAXIMUS. With more than 18 years of experience partnering with MAXIM US, Business Ink has repeatedly proven its leading ability to collaborate in implementing and managing complex proiects. Our experience and partnership with Business Ink will ensure that all beneficiary requests for mailings, Welcome Packets, and other bene?ciary educational materials will be mailed within established timeframes. MAXIMUS distributes millions of beneficiary materials each year through our 19 enrollment broker projects, as well as our additional 13 Mailing Process In addition to successfully handling large volumes of beneficiary materials for numerous projects, our Beneficiary Management Platform, generates mail files, on demand or by schedule, for all beneficiaries with specific attributes. Most of our enrollment broker projects use the same automated technology in to trigger mailings to beneficiaries by request, or based on a schedule or programmed mailing event, such as open enrollment and 90-day choice periods. When transmitted via secure File Transfer Protocol to Business Ink, this mail file can become thousands of customized notices, each with the bene?ciary's name, Important dates, and Prepaid Health Plan (PHP) selection. This MAXeb-to-Business process also provides the abillty to create requests for single mailings to beneficiaries who request materials by Automated Voice Response System (AVRS), email, on line, or through an Enrollment Specialist (ES). This includes reprints of important beneficiary-specific notices as well as standard educational materials. For North Carolina, MAXIMUS will mail the same types of materials we produce for our other similar projects: enrollment packets, forms, brochures encouraging choice, and other publications, as well as resolution of grievance notices. Our existing processes can be tailored to deliver the right materials and information to each individual at the right time. We establish an effective and streamlined solution for project mailing services, which includes continuous monitoring of performance and quickly adapting to changes in mailing practices. 2. Offeror must provide a description of address verification procedures. The mailing file contains a record for each household that includes the address, the type of mailing required, and any customizable fields. When the correspondence is printed, we include a unique data matrix code, to the left or above the address for tracking purposes. This is scanned and used by Page 8.12-1 of 3 WĂŐĞ ϴ͘ϭϮͲϮ ŽĨ ϯ WƌŽĐĞƐƐŝŶŐ ŵĂƚĞƌŝĂůƐ ďLJ ŵĂŝů ŝŶ Ă ƚŝŵĞůLJ ĂŶĚ ƌĞůŝĂďůĞ ŵĂŶŶĞƌ ŝƐ ĐƌŝƚŝĐĂů͕ ĞƐƉĞĐŝĂůůLJ ĨŽƌ ŵĂŶĚĂƚŽƌLJ DĞĚŝĐĂŝĚͲŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵƐ͘ D y/Dh^ ƵŶĚĞƌƐƚĂŶĚƐ ƚŚĂƚ ŵĂŝůŝŶŐƐ ƉƌŽǀŝĚĞ ǀŝƚĂů ĂƐƐŝƐƚĂŶĐĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĚƵƌŝŶŐ Ă ƚŝŵĞͲůŝŵŝƚĞĚ ƉƌŽĐĞƐƐ ƚŚĂƚ ůĞĂĚƐ ĞŝƚŚĞƌ ƚŽ Ă ƉƌŽĂĐƚŝǀĞ ĐŚŽŝĐĞ ŽĨ Ă W,W Žƌ Ă ƉĂƐƐŝǀĞ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ŵĂŝů Ăůů ƉƵďůŝĐĂƚŝŽŶƐ͕ ĂƉƉůŝĐĂƚŝŽŶƐ͕ ĞŶƌŽůůŵĞŶƚ ƉĂĐŬĞƚƐ͕ ĂŶĚ ĚŝƌĞĐƚ ƌĞŝŵďƵƌƐĞŵĞŶƚ ƉĂĐŬĞƚƐ ǁŝƚŚŝŶ Ϯϰ ŚŽƵƌƐ ŽĨ ƌĞƋƵĞƐƚ ǁŚŝůĞ ĂƐƐƵŵŝŶŐ Ăůů ŵĂŝůŝŶŐ ĐŽƐƚƐ͘ D yĞď ŵĂŝŶƚĂŝŶƐ Ă ĐŽŵƉůĞƚĞ ůŝƐƚ ŽĨ Ăůů ŵĂƚĞƌŝĂůƐ ŵĂŝůĞĚ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ Ă ĐĂƐĞ ŝŶ ƚŚĞ ƐLJƐƚĞŵ ĨŽƌ ƌĞƉŽƌƚŝŶŐ ĐŽŶƚĂĐƚ ŚŝƐƚŽƌLJ ĂŶĚ ƌĞƉƌŝŶƚŝŶŐ ƉƵƌƉŽƐĞƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ĂƵƚŽŵĂƚŝĐ ĂĚĚƌĞƐƐ ǀĞƌŝĨŝĐĂƚŝŽŶƐ͕ ǁĞ ƌĞƋƵĞƐƚ ǀĞƌŝĨŝĐĂƚŝŽŶ ŽĨ ĂĚĚƌĞƐƐ ĨŽƌ Ăůů ďĞŶĞĨŝĐŝĂƌLJ ƌĞƋƵĞƐƚƐ ƚŽ ŬĞĞƉ ŽƵƌ ŵĂŝů ĨŝůĞƐ ĂƐ ƵƉͲƚŽͲĚĂƚĞ ĂƐ ƉŽƐƐŝďůĞ͕ ďƵƚ ĂŶLJŽŶĞ ŵĂLJ ƌĞƋƵĞƐƚ ĐŽƉŝĞƐ ŽĨ ŐĞŶĞƌŝĐ ŵĂƚĞƌŝĂůƐ ďLJ ƚĞůĞƉŚŽŶĞ͕ ĞŵĂŝů͕ Žƌ ŽŶůŝŶĞ͘ dŚĞ ŵĂƚĞƌŝĂůƐ ǁŝůů ĂůƐŽ ďĞ ĂǀĂŝůĂďůĞ ĨŽƌ ĚŽǁŶůŽĂĚ ŽŶ ƚŚĞ ǁĞďƐŝƚĞ͘ džŚŝďŝƚ ϴ͘ϭϮͲϭ͗ DĂƚĞƌŝĂůƐ ZĞƋƵĞƐƚ WƌŽĐĞƐƐ ĚĞŵŽŶƐƚƌĂƚĞƐ ƚŚĞ ƉƌŽĐĞƐƐ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ƌĞƋƵĞƐƚ ŵĂƚĞƌŝĂůƐ ďLJ ƚĞůĞƉŚŽŶĞ͕ ŵĂŝů͕ ĞŵĂŝů͕ Žƌ ŽŶůŝŶĞ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƌĞƚƵƌŶ ŵĂŝů͕ ^^ ƐĞƌǀŝĐĞƐ ŝŵƉƌŽǀĞ ƚŚĞ ĂĐĐƵƌĂĐLJ ŽĨ ĚĞůŝǀĞƌLJ ƉŽŝŶƚ ĐŽĚĞƐ͕ /Wнϰ ĐŽĚĞƐ͕ ϱͲĚŝŐŝƚ /W ŽĚĞƐ͕ ĂŶĚ ĐĂƌƌŝĞƌ ƌŽƵƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ŵĂŝů ƉŝĞĐĞƐ͕ ǁŚŝůĞ ƚŚĞ ^ ƐƵƉƉůŝĞƐ ŶĞǁ ĂĚĚƌĞƐƐĞƐ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŚĂƚ ŚĂǀĞ ŵŽǀĞĚ͘ ^ ŝŶĨŽƌŵĂƚŝŽŶ ĐĂŶ ďĞ ƵƐĞĨƵů ĨŽƌ ŬĞĞƉŝŶŐ ĐƵƌƌĞŶƚ ĐŽŶƐƵŵĞƌ ĂĚĚƌĞƐƐĞƐ ŽŶ ĨŝůĞ͘ dŚĞ ƌĞƉŽƌƚŝŶŐ ŵĞƚŚŽĚ ǁŽƌŬƐ ƚŚĞ ƐĂŵĞ ǁĂLJ ĨŽƌ ĨŽƌǁĂƌĚĞĚ ŵĂŝů ĂƐ ŶŽŶͲĚĞůŝǀĞƌĂďůĞ ŵĂŝů͕ ďƵƚ ƚŚĞ h^W^ ĚĂƚĂ ĨŝůĞ ĐŽŶƚĂŝŶƐ ƚŚĞ ŶĞǁ ĂĚĚƌĞƐƐ ƚŚĂƚ h^W^ ƵƐĞĚ ƚŽ ĨŽƌǁĂƌĚ ƚŚĞ ŵĂŝů͘ ^ ŝƐ Ă ƐƵďƐĐƌŝƉƚŝŽŶ ƉƌŽŐƌĂŵ ƚŽ ŚĂŶĚůĞ ƌĞƚƵƌŶ ŵĂŝů͕ ĂŶĚ ƚŽ ĐŽůůĞĐƚ ŶĞǁ ĂĚĚƌĞƐƐĞƐ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŚĂƚ ŚĂǀĞ ŵŽǀĞĚ͘ ƵƐŝŶĞƐƐ /ŶŬ ƉůĂĐĞƐ Ă ƉŽƐƚĂů ďĂƌ ĐŽĚĞ ŽŶ ĞĂĐŚ ƉŝĞĐĞ ŽĨ ŽƵƚŐŽŝŶŐ ŵĂŝů͕ ĐŽŶƚĂŝŶŝŶŐ Ă ƵŶŝƋƵĞ ƐĞƌŝĂů ŶƵŵďĞƌ ƚŚĂƚ ƚŝĞƐ ďĂĐŬ ƚŽ ƚŚĞ ƌĞƋƵĞƐƚ / ŶƵŵďĞƌ ĂƐƐŝŐŶĞĚ ďLJ ƚŚĞ D yĞď ƐLJƐƚĞŵ͘ dŚŝƐ ďĂƌ ĐŽĚĞ ĐŽŶƚĂŝŶƐ ŶŽ WƌŽƚĞĐƚĞĚ ,ĞĂůƚŚ /ŶĨŽƌŵĂƚŝŽŶ ;W,/Ϳ͖ ŝƚ ŝƐ ŽŶůLJ Ă ƐĞƋƵĞŶƚŝĂů ŶƵŵďĞƌ ƚŚĂƚ ĐĂŶ ďĞ ƵƐĞĚ ƚŽ ůŝŶŬ ƚŚĞ ƌĞƋƵĞƐƚ / ͘ tŚĞŶ Ă ƉŝĞĐĞ ĐĂŶŶŽƚ ďĞ ĚĞůŝǀĞƌĞĚ͕ h^W^ ǁŝůů ƐĐĂŶ ƚŚĞ ďĂƌ ĐŽĚĞ ĂŶĚ ƌĞƉŽƌƚ ďĂĐŬ ĞůĞĐƚƌŽŶŝĐĂůůLJ ƚŚĞ ĨĂŝůĞĚ ĚĞůŝǀĞƌLJ ĂŶĚ ƚŚĞ ƌĞĂƐŽŶ ƚŚĂƚ ŝƚ ĐŽƵůĚ ŶŽƚ ďĞ ĚĞůŝǀĞƌĞĚ͘ ĂĐŚ ďƵƐŝŶĞƐƐ ĚĂLJ͕ ƵƐŝŶĞƐƐ /ŶŬ ƌĞĐĞŝǀĞƐ ƚŚĞ ĞůĞĐƚƌŽŶŝĐ ƵŶĚĞůŝǀĞƌĂďůĞ ŵĂŝů ĚĂƚĂ ĨƌŽŵ h^W^ ĂŶĚ ĐƌĞĂƚĞƐ ĨŝůĞƐ ĨŽƌ ƵƉůŽĂĚ ŝŶƚŽ D yĞď͘ h^W^ ǁŝůů ŚĂŶĚůĞ ϵϱ ƉĞƌĐĞŶƚ ŽĨ ƚŚĞ ƵŶĚĞůŝǀĞƌĞĚ ŵĂŝů ĞůĞĐƚƌŽŶŝĐĂůůLJ͕ ďƵƚ ƚŚĞ ďĂůĂŶĐĞ ŽĨ ƚŚĞ ŵĂŝů ƚŚĂƚ ĐŽƵůĚ ŶŽƚ ďĞ ĚĞůŝǀĞƌĞĚ ǁŝůů ďĞ ƌĞƚƵƌŶĞĚ ƉŚLJƐŝĐĂůůLJ ƚŽ ƵƐŝŶĞƐƐ /ŶŬ͘ ƵƐŝŶĞƐƐ /ŶŬ ǁŝůů ƚŚĞŶ ƌĞĂĚ ƚŚĞ h^W^ ďĂƌ ĐŽĚĞ ĨŽƌ ƚŚĂƚ ŵĂŝů ĂŶĚ ŝŶƐĞƌƚ ƚŚŽƐĞ ƌĞĐŽƌĚƐ ŝŶƚŽ Ă ĨŝůĞ ĨŽƌ D yĞď͘ ƵƐŝŶĞƐƐ /ŶŬΖƐ ƵƐĞ ŽĨ ƚŚĞ E K >ŝŶŬ ƐĞƌǀŝĐĞ ƌĞĚƵĐĞƐ ƚŚĞ ŝŶĐŝĚĞŶĐĞ ŽĨ ƌĞƚƵƌŶĞĚ ŵĂŝů ďLJ ĂƵƚŽŵĂƚŝĐĂůůLJ ĨŽƌǁĂƌĚŝŶŐ ŵĂŝů ƚŽ Ă ĐŽŶƐƵŵĞƌΖƐ ďĞƐƚͲŬŶŽǁŶ ĂĚĚƌĞƐƐ͘ h^W^ ĂƐƐŝŐŶƐ ĞĂĐŚ ƉŝĞĐĞ ŽĨ ŵĂŝů Ă ƵŶŝƋƵĞ ďĂƌͲĐŽĚĞĚ ƐĞƌŝĂů ŶƵŵďĞƌ͕ ƵƐĞĚ ƚŽ ƌĞƉŽƌƚ ǁŚŝĐŚ ƉŝĞĐĞƐ ǁĞƌĞ ŶŽƚ ĚĞůŝǀĞƌĞĚ͕ ƌĂƚŚĞƌ ƚŚĂŶ ƌĞƚƵƌŶŝŶŐ ƚŚĞ ĂĐƚƵĂů ŵĂƚĞƌŝĂůƐ͘ /Ŷ ŽƵƌ dĞdžĂƐ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͕ ƵƐĞ ŽĨ E K >ŝŶŬ ƐĂǀĞƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ΨϮ͘ϳ ŵŝůůŝŽŶ ƉĞƌ LJĞĂƌ ŝŶ ŵĂŝůŝŶŐ ĐŽƐƚƐ͘ /Ŷ /ŶĚŝĂŶĂ͕ ǁĞ ƵƐĞĚ ƚŚŝƐ ƐĂŵĞ ƐĞƌǀŝĐĞ ƚŽ ŽďƚĂŝŶ ƚŚĞ ďĞƐƚ ŬŶŽǁŶ ĂĚĚƌĞƐƐ ĨŽƌ Ă ŚĂƌĚͲƚŽͲƌĞĂĐŚ ƉŽƉƵůĂƚŝŽŶ ʹ ƚŚŽƐĞ ŝŶ ĨŽƐƚĞƌ ĐĂƌĞ ʹ ƚŽ ĐŽŶĚƵĐƚ ƚĂƌŐĞƚĞĚ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĂďŽƵƚ ĞŶƌŽůůŵĞŶƚ ŽƉƚŝŽŶƐ͘ dŚĞ ƵƐĞ ŽĨ E K >ŝŶŬ ŝŶ /ŶĚŝĂŶĂ ĨĂĐŝůŝƚĂƚĞĚ ŽƵƌ ĂďŝůŝƚLJ ƚŽ ĐŽŶƚĂĐƚ ƚŚŝƐ ƉŽƉƵůĂƚŝŽŶ͕ ĂŶĚ ĐŽŶƚƌŝďƵƚĞĚ ƚŽ ŵĞĞƚŝŶŐ ƚŚĞ ^ƚĂƚĞΖƐ ŐŽĂů ŽĨ ĂŶ ϴϬ ƉĞƌĐĞŶƚ ĐŚŽŝĐĞ ƌĂƚĞ ĨŽƌ ƚŚŽƐĞ ŝŶ ĨŽƐƚĞƌ ĐĂƌĞ͘ ƵƐŝŶĞƐƐ /ŶŬΖƐ ǀĞƌŝĨŝĐĂƚŝŽŶ ĚĂƚĂďĂƐĞ ƚŽ ǀĞƌŝĨLJ Ăůů ŵĂŝůŝŶŐƐ ĂƌĞ ĐŽŵƉůĞƚĞĚ ŽŶ ƚŝŵĞ͘ ƵƐŝŶĞƐƐ /ŶŬΖƐ ĂƵƚŽŵĂƚĞĚ ƉƌŽĐĞƐƐĞƐ ŝŶĐůƵĚĞ ƚŚĞ h^W^ EĂƚŝŽŶĂů ŚĂŶŐĞ ŽĨ ĚĚƌĞƐƐ ;E K >ŝŶŬͿ ĚĂƚĂďĂƐĞ͕ ĐŽŶƚĂŝŶŝŶŐ ϭϲϬ ŵŝůůŝŽŶ ŵŽǀĞƐ͕ ĂŶĚ h^W^ ŽĚŝŶŐ ĐĐƵƌĂĐLJ ^ƵƉƉŽƌƚ ^LJƐƚĞŵ ; ^^Ϳ ĂŶĚ ĚĚƌĞƐƐ ŚĂŶŐĞ ^ĞƌǀŝĐĞ ; ^Ϳ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƚŚĞ ƉƌŽƉŽƐĞĚ ĨŽƌŵĂƚ ĂŶĚ ĨƌĞƋƵĞŶĐLJ ĨŽƌ ŶŽƚŝĨŝĐĂƚŝŽŶ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ŝŶĐŽƌƌĞĐƚ Žƌ ŶŽŶͲǀĞƌŝĨŝĂďůĞ ĂĚĚƌĞƐƐĞƐ ĂŶĚ ƌĞƚƵƌŶĞĚ ŵĂŝůĞĚ͘ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĐŽƐƚͲĞĨĨĞĐƚŝǀĞ ŵĞƚŚŽĚƐ ĨŽƌ ĐŽŶƚƌŽůůŝŶŐ ƉŽƐƚĂŐĞ ĐŽƐƚƐ ǁŚĞŶ ƉƌŽĚƵĐŝŶŐ ŵĞŵďĞƌ ŵĂƚĞƌŝĂůƐ ƚŚĂƚ ǁŝůů ďĞ ŵĂŝůĞĚ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ WĂŐĞ ϴ͘ϭϮͲϯ ŽĨ ϯ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W͕ ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ E DĂŝůŝŶŐ ZĞƋƵŝƌĞŵĞŶƚƐ͘ ϱ͘ ĞƐŝĚĞƐ ƵƐŝŶŐ ƚŚĞ E K ĂĚĚƌĞƐƐ ĐŚĞĐŬ ƚŽ ƌĞĚƵĐĞ ĐŽƐƚƐ͕ ǁĞ ĐŽŶƐŽůŝĚĂƚĞ ĂŶĚ ƐƚƌĞĂŵůŝŶĞ ƚŚĞ ĐŽŶƚĞŶƚ ƚŚĂƚ ŐŽĞƐ ŝŶ ƚŚĞ ǁĞůĐŽŵĞ ƉĂĐŬĞƚ ƚŽ ƌĞĚƵĐĞ ǁĞŝŐŚƚ ĂŶĚ ƚŚĞƌĞĨŽƌĞ͕ ƉŽƐƚĂŐĞ ĐŽƐƚƐ͘ tĞ ĂůƐŽ ƉƌŽĚƵĐĞ ĂŶĚ ŵĂŝů ŶŽƚŝĐĞƐ ĨŽƌ ŚŽƵƐĞŚŽůĚƐ ŝŶƐƚĞĂĚ ŽĨ ŝŶĚŝǀŝĚƵĂů ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚĞŶ ƉŽƐƐŝďůĞ͘ /Ŷ ^ŽƵƚŚ ĂƌŽůŝŶĂ͕ ǁĞ ŵŝŶŝŵŝnjĞĚ ĐŽƐƚƐ ďLJ ƌĞĚƵĐŝŶŐ ƚŚĞ ƐŝnjĞ ŽĨ ƚŚĞ ĐŽŵƉĂƌŝƐŽŶ ĐŚĂƌƚ ĂŶĚ ƉƌŝŶƚŝŶŐ ĂŶLJ ͞ďƌŽĐŚƵƌĞ͟ ŵĂƚĞƌŝĂůƐ ŽŶ ƉůĂŝŶ ƉĂƉĞƌ ŝŶ ďůĂĐŬ ĂŶĚ ǁŚŝƚĞ ĂŶĚ ĚŽƵďůĞͲƐŝĚĞĚ͘ KƵƌ ĞŶƌŽůůŵĞŶƚ ƉĂĐŬĞƚ ƵƐĞĚ ƚŽ ďĞ ƐĞŶƚ ŝŶ Ă ϵdžϭϮ ĞŶǀĞůŽƉĞ͖ ŶŽǁ͕ ŵŽƐƚ Ĩŝƚ ŝŶ Ă ηϭϬ ĞŶǀĞůŽƉĞ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĐƌĞĂƚĞ Ă ǁĞůĐŽŵĞ ƉĂĐŬĞƚ ƚŚĂƚ ŵĞĞƚƐ ƚŚĞ WƌŽũĞĐƚ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ĨŝƐĐĂů ŶĞĞĚƐ͘ ϰ͘ D y/Dh^ ƉƌŽƉŽƐĞƐ ƚŽ ŶŽƚŝĨLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ŝŶĐŽƌƌĞĐƚ Žƌ ŶŽŶͲǀĞƌŝĨŝĂďůĞ ĂĚĚƌĞƐƐĞƐ ĂŶĚ ƌĞƚƵƌŶĞĚ ŵĂŝů ŵŽŶƚŚůLJ ŽŶ Ă ĨůĂƚ ĨŝůĞ ƐƵƉƉůŝĞĚ ďLJ ƵƐŝŶĞƐƐ /ŶŬ͘ ϯ͘ džŚŝďŝƚ ϴ͘ϭϮͲϭ͗ DĂƚĞƌŝĂůƐ ZĞƋƵĞƐƚ WƌŽĐĞƐƐ͘ ĞŶĞĨŝĐŝĂƌŝĞƐ ŵĂLJ ƌĞƋƵĞƐƚ ĐŽƉŝĞƐ ŽĨ ŵĂƚĞƌŝĂůƐ ƚŚƌŽƵŐŚ ŵƵůƚŝƉůĞ ĐŚĂŶŶĞůƐ ĨŽƌ ƚŝŵĞůLJ ŵĂŝůŝŶŐ Žƌ ĚŽǁŶůŽĂĚ ĨƌŽŵ ƚŚĞ ǁĞďƐŝƚĞ͘ RFP Section Response 8 . 1 3 Enrollment Information System Integration Section M, 1-8 ll'Iv: Departi'ncanl "virus-5'; me l?f? rim-s4 ti) ilil? Serving?: iri- In'mig-rl to?i iuii?eri As the nation's leading Medicaid enrollment broker. MAXIMUS has unmatched experience implementing system interfaces and maintaining secure data exchange processes to support beneficrary enrollment and associated transactions With a proven history of working collaboratively with our state clients to support the ever?evolving health care landscape. including helping states transition from fee. for service to managed care, we are the lowest risk contractor to 35er! the Department in achievrng a seamless transrtion to a new servrce delivery model. 1. The Offeror must confirm adherence to the expectations of the Department and describe their ability and approach to meet the requirements of Section Enrollment Information System Integration. MAXIMUS confirms that we will adhere to Department expectations and meet all requirements set forth in RFP Section Ill.M Enrollment System Integration. We describe our approach to system integration and data exchange throughout this section of our proposal. The State of North Carolina is facing signi?cant changes as it prepares for the transition of its Medicaid program from fee-for-service to a managed care model. These changes necessitate an enrollment broker who has worked through the technical challenges that 0. accompany a considerable shift in program service delivery. As the country's leading Medicaid enrollment and eligibility support vendor, MAXIMUS brings extensiVe experience integrating our operations with State systems and third-party technologies, and supporting transitional environments. Over the course of the past two decades, we have supported numerous states through a myriad of program and policy changes that impacted the way we exchange data with program stakeholders. Through the operation of 19 enrollment broker projects and our experience delivering eligibility services in 17 states, we have successfully interfaced with numerous State and third-party systems for secure, timely data exchange in support of program operations. We have processed millions of electronic transactions of eligibility/enrollment data using requirements similar to those outlined in RFP Section Ill.M. Our experience and pro?ciency exchanging data electronically with our state government clients, their fiscal agents, and participating managed care plans allows us to draw on best practices that we will apply to our processes for exchanging enrollment data to and from the Department, and receiving provider network database and directory data from each of the PHPs in North Carolina. We have collaborated with our state clients to work through challenges, resolve issues, and develop secure processes for data transmission that are compliant with Health Insurance Portability and Accountability Act (HIPAA) requirements, as well as state and federal Medicaid regulations. We have continuously adapted our methods to conform to advances in technology, meet state and federal requirements, and adhere to evolving CMS guidelines. MAXIMUS will leverage our experience with system integration and secure data exchange across 19 enrollment broker projects to implement secure interfaces with the Department, PHPs, and other stakeholders MAXIMUS is a contractor who understands the measures that are being taken?at both the federal and state levels?to standardize the exchange of data in an effort to streamline public health program eligibility determination and enrollment. We are knowledgeable of federal initiatives such as the National Information Exchange Model (NIEM), and we have the ability and experience to work with data using this model to support cross-domain interoperability. We have worked within the NIEM framework in both Florida and Georgia to support integration with State integrated eligibility systems (IE5) and will leverage this experience as we work with the Department to implement interfaces to support enrollment broker operations that conform to the NIEM. We will work in partnership with the Department to develop system interfaces that facilitate standardized, consistent, and repeatable processes and the efficient exchange of data between all program stakeholders. We will adhere to the Department's adopted standards for naming rules, data terms and definitions, relationships, and formats to promote consistency and harmonized data elements. We understand that the NIEM Health and Human Services domains are under development, and we are aware that flexibility is paramount to help ensure that our product remains in compliance with these domains as they continuously evolve. Page 8.13-1 of 7 KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ƚŚĞ ŶƌŽůůŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ ĂďŝůŝƚLJ ƚŽ ŝŶƚĞƌĨĂĐĞ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ĂŶĚ ĞƉĂƌƚŵĞŶƚ ^LJƐƚĞŵƐ ŝŶĐůƵĚŝŶŐ E & ^d͕ E dƌĂĐŬƐ Ăƚ Ă ŵŝŶŝŵƵŵ ŽŶ Ă ĚĂŝůLJ ďĂƐŝƐ͕ Žƌ ŝŶ ƌĞĂů ƚŝŵĞ ĂƐ ƉƌĞĨĞƌƌĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚƌŽƵŐŚ ƐƚĂŶĚĂƌĚ džϭϮ / ƚƌĂŶƐĂĐƚŝŽŶƐ͘ ƵƚŽ ƐƐŝŐŶŵĞŶƚ ĂƚĂ ĨƌŽŵ ƚŚĞ ^ƚĂƚĞ ƚŽ D y/Dh^ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ /ŶƚĞƌĨĂĐĞ ĨŽƌ ƵƉĚĂƚĞƐ ƚŽͬĨƌŽŵ ƚŚĞ ^ƚĂƚĞ /ŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ĞW ^^ ƐĞĐƵƌĞ ŝŶďŽdž ŶƌŽůůŵĞŶƚ dƌĂŶƐĂĐƚŝŽŶ ZĞĐŽŶĐŝůŝĂƚŝŽŶƐ ďĞƚǁĞĞŶ D y/Dh^ ĂŶĚ ƚŚĞ ^ƚĂƚĞ DĂŝů ŚŽƵƐĞ >ĞƚƚĞƌƐ &ŝůĞ ĨƌŽŵ D y/Dh^ ƚŽ ŵĂŝů ŚŽƵƐĞ ƐƵďĐŽŶƚƌĂĐƚŽƌ DĂŝů ŚŽƵƐĞ ZĞƐƉŽŶƐĞ &ŝůĞ ĨƌŽŵ ŵĂŝů ŚŽƵƐĞ ƐƵďĐŽŶƚƌĂĐƚŽƌ ƚŽ D y/Dh^ WƌŽǀŝĚĞƌͬW WͬEĞƚǁŽƌŬ >ŽĂĚ ĨƌŽŵ W,WƐ ƚŽ D y/Dh^ ĂŝůLJ ŶƌŽůůŵĞŶƚ dƌĂŶƐĂĐƚŝŽŶƐ ĨƌŽŵ D y/Dh^ ƚŽ W,WƐ KƵƚďŽƵŶĚ ĞŵĂŝů ĨƌŽŵ D y/Dh^ ƚŽ Ğ'ĂŝŶ ǀĞŶĚŽƌ ^ŝŶŐůĞ ^ŝŐŶ KŶ /ŶƚĞŐƌĂƚŝŽŶ ƵƐŝŶŐ ƚŚĞ ^ƚĂƚĞΖƐ ĞŶƚĞƌƉƌŝƐĞ ŝĚĞŶƚŝƚLJ ŵĂŶĂŐĞŵĞŶƚ ;/ DͿ ƐĞƌǀŝĐĞ͕ EŽƌƚŚ ĂƌŽůŝŶĂ /ĚĞŶƚŝƚLJ ^ĞƌǀŝĐĞ ;E / Ϳ „ „ „ „ „ „ „ „ „ „ WĂŐĞ ϴ͘ϭϯͲϮ ŽĨ ϳ džŚŝďŝƚ ϴ͘ϭϯͲϭ͗ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ dĞĐŚŶŝĐĂů /ŶƚĞƌĨĂĐĞƐ ŝůůƵƐƚƌĂƚĞƐ ŚŽǁ ŽƵƌ ƚĞĐŚŶŝĐĂů ƐŽůƵƚŝŽŶ ƐƵƉƉŽƌƚƐ ŝŶƚĞƌŽƉĞƌĂďŝůŝƚLJ ĂŶĚ ŝŶƚĞŐƌĂƚŝŽŶ ďĞƚǁĞĞŶ ǀĂƌŝŽƵƐ ĞdžƚĞƌŶĂů ĂŶĚ ŝŶƚĞƌŶĂů ƐLJƐƚĞŵƐ͕ ĂŶĚ ƉƌŽǀŝĚĞƐ ĞĨĨŝĐŝĞŶƚ͕ ƐĞĐƵƌĞ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ŽƚŚĞƌ ƐƚĂŬĞŚŽůĚĞƌƐ͘ tĞ ƉƌŽǀŝĚĞ Ă ŵŽƌĞ ĚĞƚĂŝůĞĚ ůŝƐƚ ŽĨ ƚŚĞƐĞ ŝŶƚĞƌĨĂĐĞƐ͕ ŝŶĐůƵĚŝŶŐ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ĨƌĞƋƵĞŶĐLJ͕ ƉƌŽƚŽĐŽů͕ ĂŶĚ ĨŽƌŵĂƚ ŝŶ ^ĞĐƚŝŽŶ ϴ͘Ϯϱ͗ ^LJƐƚĞŵ /ŶƚĞƌĨĂĐĞ WůĂŶ͘ ĂŝůLJ ŶƌŽůůŵĞŶƚ dƌĂŶƐĂĐƚŝŽŶƐ ĨƌŽŵ D y/Dh^ ƚŽ ^ƚĂƚĞ „ D y/Dh^ ǁŝůů ƵƐĞ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ ǁŽƌŬŝŶŐ ǁŝƚŚŝŶ ƚŚĞ E/ D ĨƌĂŵĞǁŽƌŬ ŝŶ ŽƵƌ ĞůŝŐŝďŝůŝƚLJ ƐĞƌǀŝĐĞƐ ƉƌŽũĞĐƚƐ ƚŽ ŝŵƉůĞŵĞŶƚ ŝŶƚĞƌĨĂĐĞƐ ƚŚĂƚ ƐƵƉƉŽƌƚ ƐĞĐƵƌĞ͕ ĞĨĨŝĐŝĞŶƚ͕ ĂŶĚ ƐƚĂŶĚĂƌĚŝnjĞĚ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ĨŽƌ EŽƌƚŚ ĂƌŽůŝŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽƉĞƌĂƚŝŽŶƐ͘ ůŝŐŝďůĞ ĞŶĞĨŝĐŝĂƌLJ ĂƚĂ ĨƌŽŵ ƚŚĞ ^ƚĂƚĞ ƚŽ D y/Dh^ „ tĞ ǁŝůů ǁŽƌŬ ŝŶ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĚĞǀĞůŽƉ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ŝŶƚĞƌĨĂĐĞƐ ƚŽ ŝŶƚĞŐƌĂƚĞ ǁŝƚŚ Ăůů ƌĞƋƵŝƌĞĚ ƐƚĂŬĞŚŽůĚĞƌƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ^ƚĂƚĞ͕ W,WƐ͕ WƌŽǀŝĚĞƌ DĞŵďĞƌ WŽƌƚĂůƐ͕ sK͕ ĂŶĚ ŽƚŚĞƌ ĞƉĂƌƚŵĞŶƚ ƉĂƌƚŶĞƌƐ͕ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ͛Ɛ ƉƌĞĨĞƌƌĞĚ ƐƚĂŶĚĂƌĚƐ ĂŶĚ Ăůů ĂƉƉůŝĐĂďůĞ ƐĞĐƵƌŝƚLJ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĨŝŶĂůŝnjĞ Ăůů ƐLJƐƚĞŵ ŝŶƚĞƌĨĂĐĞƐ ĚƵƌŝŶŐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ KƵƌ ŝŶŝƚŝĂů ƉƌŽƉŽƐĞĚ ůŝƐƚ ŽĨ ŝŶƚĞƌĨĂĐĞƐ ŝŶĐůƵĚĞƐ͗ D y/Dh^ ŚĂƐ ŝŵƉůĞŵĞŶƚĞĚ ŝŶƚĞƌĨĂĐĞƐ ǁŝƚŚ ^ƚĂƚĞ ĂŶĚ ƚŚŝƌĚͲƉĂƌƚLJ ƐLJƐƚĞŵƐͶŝŶĐůƵĚŝŶŐ DĞĚŝĐĂŝĚ DĂŶĂŐĞŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ ;DD/^Ϳ͕ ŝŶƚĞŐƌĂƚĞĚ ĞůŝŐŝďŝůŝƚLJ ƐLJƐƚĞŵƐ͕ ĂŶĚ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉůĂŶƐͶƵƐŝŶŐ ďŽƚŚ ǁĞď ƐĞƌǀŝĐĞƐ ĂŶĚ ďĂƚĐŚ ƉƌŽĐĞƐƐŝŶŐ ƚŽ ĂƵƚŽŵĂƚĞ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ŝŶ ƐƵƉƉŽƌƚ ŽĨ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ŽƉĞƌĂƚŝŽŶƐ͘ tĞ ŚĂǀĞ ĞdžƉĞƌŝĞŶĐĞ ǁŝƚŚ ďĂƚĐŚ ĨŝůĞ ƉƌŽĐĞƐƐŝŶŐ ĂŶĚ ǁĞď ƐĞƌǀŝĐĞƐ ĚĂƚĂ ĞdžĐŚĂŶŐĞƐ͕ ƵƐŝŶŐ ƐĞĐƵƌĞ ƚƌĂŶƐŵŝƐƐŝŽŶ ŵĞĐŚĂŶŝƐŵƐ͕ ƐƵĐŚ ĂƐ ƐĞĐƵƌĞ ĨŝůĞ ƚƌĂŶƐĨĞƌ ;^&dWͿ͕ ƐŝŵƉůĞ ŽďũĞĐƚ ĂĐĐĞƐƐ ƉƌŽƚŽĐŽů ;^K WͿ͕ ĂŶĚ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶĂů ƐƚĂƚĞ ƚƌĂŶƐĨĞƌ ;Z ^dͿ͕ ďĞƚǁĞĞŶ ŝŶƚĞƌŶĂů ĂŶĚ ĞdžƚĞƌŶĂů ƐLJƐƚĞŵƐ͕ ĂŶĚ ĐƌĞĂƚŝŶŐ ĂŶĚ ŵĂŝŶƚĂŝŶŝŶŐ ^ƚĂƚĞ ŽŵƉĂŶŝŽŶ 'ƵŝĚĞƐ ĨŽƌ ĚĂƚĂ ŵŽĚĞů ŵĂƉƉŝŶŐ͘ KƵƌ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƐƵƉƉŽƌƚƐ ŵƵůƚŝƉůĞ ŽƉĞŶ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ŝŶĚƵƐƚƌLJ ƐƚĂŶĚĂƌĚ ƉƌŽƚŽĐŽůƐ͕ ŝŶĐůƵĚŝŶŐ ǁĞď ƐĞƌǀŝĐĞƐ ;^K Wͬ,ddW^Ϳ ĂŶĚ ŵĞƐƐĂŐŝŶŐ ƋƵĞƵŝŶŐ ŵĞĐŚĂŶŝƐŵƐ ;:D^ͬDYͿ͘ tĞ ŚĂǀĞ ƐƚƌƵĐƚƵƌĞĚ ŽƵƌ ŝŶƚĞƌĨĂĐĞ ĐĂƉĂďŝůŝƚŝĞƐ ƐƉĞĐŝĨŝĐĂůůLJ ƚŽ ĂůůŽǁ ĨŽƌ Ă ǀĂƌŝĞƚLJ ŽĨ ĞdžƚĞƌŶĂů ƐLJƐƚĞŵƐ ƵƐŝŶŐ Ă ǀĂƌŝĞƚLJ ŽĨ ĨŽƌŵĂƚƐ ƐƵĐŚ ĂƐ yD>ͬy^>d͕ ^ // ^s͕ ƉƌŽŐƌĂŵŵĂƚŝĐ :^KE͕ ĂŶĚ ^ yϭϮ /͘ Ϯ͘ &21),'(17,$/ WĂŐĞ ϴ͘ϭϯͲϯ ŽĨ ϳ ZĞĂůͲdŝŵĞ tĞď ^ĞƌǀŝĐĞƐ /ŶƚĞŐƌĂƚŝŽŶ tĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƉƌĞĨĞƌĞŶĐĞ ƚŽ ƵƐĞ ĂŶ ŶƚĞƌƉƌŝƐĞ ^ĞƌǀŝĐĞ ƵƐ ; ^ Ϳ ƚŽ ĨĂĐŝůŝƚĂƚĞ ƌĞĂůͲƚŝŵĞ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ŝŶ ĐŽŶĨŽƌŵĂŶĐĞ ǁŝƚŚ ƚŚĞ E/ D͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ^ ƚĞĂŵ ƚŽ ĚĞǀĞůŽƉ ĂŶĚ ŝŵƉůĞŵĞŶƚ ƌĞĂůͲƚŝŵĞ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ŝŶƚĞƌĨĂĐĞƐ ƵƐŝŶŐ ƚŚĞ E/ D ĂƐ ƚŚĞ ƐƚĂŶĚĂƌĚ ĐĂŶŽŶŝĐĂů ŵŽĚĞů͘ /ƚ ŝƐ ŽƵƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĂƚ ƚŚĞ ^ƚĂƚĞ ǁŝůů ĞdžƉŽƐĞ ĞdžƚĞƌŶĂů ǁĞď ƐĞƌǀŝĐĞ ĞŶĚƉŽŝŶƚƐ͕ ƚŚƌŽƵŐŚ ƚŚĞŝƌ ^ Žƌ ŽƚŚĞƌ ĐŚŽƐĞŶ ŐĂƚĞǁĂLJ͕ ĨŽƌ D y/Dh^ ƚŽ ĐŽŶƐƵŵĞ͘ /Ŷ ĐŽŶĨŽƌŵĂŶĐĞ ǁŝƚŚ ƚŚĞ E/ D ĐĂŶŽŶŝĐĂů ŵŽĚĞů͕ D y/Dh^ ǁŝůů ƵƐĞ ^K W ƌĞƋƵĞƐƚƐ ƚŽ ĐĂůů ƚŚĞ ǁĞď ƐĞƌǀŝĐĞ ĞŶĚƉŽŝŶƚƐ͘ tĞ ǁŝůů ĞŶĐƌLJƉƚ ƚŚĞ ƌĞƋƵĞƐƚ ƵƐŝŶŐ Ă ƚǁŽͲǁĂLJ ^^> ĐŽŶŶĞĐƚŝŽŶ ĂŶĚ ĚŝŐŝƚĂů ĐƌĞĚĞŶƚŝĂůƐ ƉƌŽǀŝĚĞĚ ďLJ Ă ^ƚĂƚĞͲĚĞĨŝŶĞĚ ƚŚŝƌĚͲƉĂƌƚLJ ĞŶƚŝƚLJ ĂŶĚ ǁŝůů ƉĂƐƐ ƚŚĞ ĞŶǀĞůŽƉĞ ƚŽ ƚŚĞ ^ƚĂƚĞ͘ dŚĞ ƌĞƋƵĞƐƚ ǁŝůů ďĞ ƌĞĐĞŝǀĞĚ ďLJ ƚŚĞ ^ƚĂƚĞ ĂŶĚ ŐŽ ƚŽ E & ^d ƚŽ ƉĞƌĨŽƌŵ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ƋƵĞƌŝĞƐ ƚŽ ƉŽƉƵůĂƚĞ Ă ƌĞƐƉŽŶƐĞ ƉĂLJůŽĂĚ͘ dŚĞ ^ƚĂƚĞ ǁŝůů ƐƚƌƵĐƚƵƌĞ ƚŚĞ ƌĞƐƉŽŶƐĞ ƉĂLJůŽĂĚ ŝŶ ĐŽŶĨŽƌŵĂŶĐĞ ǁŝƚŚ ƚŚĞ E/ D͕ ĞŶĐƌLJƉƚ ƚŚĞ ƉĂLJůŽĂĚ ƵƐŝŶŐ ĚŝŐŝƚĂů ĐĞƌƚŝĨŝĐĂƚĞƐ͕ ĂŶĚ ƐĞŶĚ Ă ^K W ƌĞƐƉŽŶƐĞ ƚŽ D y/Dh^͘ D y/Dh^ ǁŝůů ĚĞĐƌLJƉƚ ƚŚĞ ŵĞƐƐĂŐĞ ĂŶĚ ƉĞƌĨŽƌŵ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ĂĐƚŝŽŶƐ͘ D y/Dh^ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĚĞĨŝŶĞ ĂŶĚ ĞdžƉŽƐĞ ǁĞď ƐĞƌǀŝĐĞ W/Ɛ ĂŶĚ ŝŵƉůĞŵĞŶƚ ƐĞĐƵƌĞ ŐĂƚĞǁĂLJ ƉƌŽƚŽĐŽůƐ͕ ƐƵĐŚ ĂƐ ƚǁŽͲǁĂLJ ^^> ĂŶĚ ĚŝŐŝƚĂů ƐŝŐŶĂƚƵƌĞƐ͕ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ D^ ŐƵŝĚĞůŝŶĞƐ ĨŽƌ ĚĂƚĂ ĞdžĐŚĂŶŐĞ͘ ƵƐŝŶĞƐƐ dŝĞƌ͕ ǁŚŝĐŚ ŵĂŶĂŐĞƐ ƚŚĞ ŽƉĞƌĂƚŝŽŶ ŽĨ ƐLJƐƚĞŵ ƚĂƐŬƐ͕ ŽĨĨĞƌŝŶŐ ƚŚĞ ǁŽƌŬĨůŽǁ ĞŶŐŝŶĞ͕ ĞǀĞŶƚƐ ĞŶŐŝŶĞ͕ ƋƵĞƵĞ ŵĂŶĂŐĞƌ͕ ĂŶĚ ŵĞƐƐĂŐŝŶŐ ĂƚĂ ĐĐĞƐƐ dŝĞƌ͕ ǁŚŝĐŚ ŵĂŶĂŐĞƐ ĂĐĐĞƐƐ ƚŽ ĚĂƚĂ ĂŶĚ ƌĞƉŽƐŝƚŽƌLJ ĐŽŶƚĞŶƚ ĂƚĂ dŝĞƌ͕ ǁŚŝĐŚ ƉƌŽǀŝĚĞƐ ƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ͕ ĂƵĚŝƚ͕ ƌƵůĞƐ͕ ĞǀĞŶƚ͕ ĂŶĚ ĐŽŶĨŝŐƵƌĂƚŝŽŶ ĚĂƚĂ ŽŵŵŽŶ ^ĞƌǀŝĐĞƐ͕ ǁŚŝĐŚ ƉƌŽǀŝĚĞƐ ĂĐĐĞƐƐ ƚŽ ƐĞĐƵƌŝƚLJ ĂŶĚ ŽƚŚĞƌ ƐŚĂƌĞĚ ƐĞƌǀŝĐĞƐ /ŶƚĞŐƌĂƚŝŽŶ dŝĞƌ͕ ǁŚŝĐŚ ŵĂŶĂŐĞƐ ŝŶƚĞƌĨĂĐĞƐ ǁŝƚŚ ƚŚĞ ƚĞůĞƉŚŽŶLJ ĐŽŵƉŽŶĞŶƚƐ͕ ĂƐ ǁĞůů ĂƐ ďŽƚŚ ďĂƚĐŚ ĂŶĚ ƌĞĂůͲƚŝŵĞ ŝŶƚĞƌĨĂĐĞƐ ǁŝƚŚ ůĞŐĂĐLJ ƐLJƐƚĞŵƐ „ „ „ „ „ WĂŐĞ ϴ͘ϭϯͲϰ ŽĨ ϳ tĞ ǁŝůů ƵƐĞ Ă ^&dW ƐŝƚĞ ƚŽ ůŽĂĚ ĂŶĚ ĞdžĐŚĂŶŐĞ ĚĂƚĂ ĨƌŽŵ ĐĞƌƚĂŝŶ ĞdžƚĞƌŶĂů ĞŶƚŝƚŝĞƐ͕ ŝŶĐůƵĚŝŶŐ W,WƐ ĂŶĚ ŽƵƌ ŵĂŝůŚŽƵƐĞ ƐƵďĐŽŶƚƌĂĐƚŽƌ͕ ĂŶĚ ƚŽ ƉƌŽĐĞƐƐ ĚĂŝůLJ͕ ǁĞĞŬůLJ͕ ĂŶĚ ŵŽŶƚŚůLJ ƌĞĐŽŶĐŝůŝĂƚŝŽŶƐ ŽĨ ĞŶƌŽůůŵĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶƐ͘ KƵƌ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ŵĂŶĂŐĞŵĞŶƚ ƚŽŽů͕ DKs ŝƚ͕ ƉƌŽǀŝĚĞƐ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ƐĞĐƵƌŝƚLJ ƐĞƌǀŝĐĞƐ ĨŽƌ ƚŚĞ ĞdžĐŚĂŶŐĞ ŽĨ ĚĂƚĂ ǀŝĂ ƚŚĞ ^&dW ƐŝƚĞ͘ DKs ŝƚ ůĞƚƐ ƵƐ ƵƐĞ ĚŝĨĨĞƌĞŶƚ ĨŝůĞ ĞdžĐŚĂŶŐĞ ƉƌŽƚŽĐŽůƐ ĂĐĐŽƌĚŝŶŐ ƚŽ ƉƌŽũĞĐƚ ŶĞĞĚƐ͕ ĂƵƚŽŵĂƚĞ ƚŚĞ ĚŽǁŶůŽĂĚ ŽĨ ĨŝůĞƐ ĨƌŽŵ ^&dW ƐŝƚĞƐ͕ ĂŶĚ ĞŶŚĂŶĐĞ ƚŚĞ ƐĞĐƵƌŝƚLJ ŽĨ ƚŚĞ ĨŝůĞ ĞdžĐŚĂŶŐĞ ƉƌŽĐĞƐƐ͘ tŚĞŶ ĂŶ ŝŶďŽƵŶĚ ĨŝůĞ ƚƌĂŶƐĨĞƌƐ ƐƵĐĐĞƐƐĨƵůůLJ͕ ƚŚĞ DKs ŝƚ ŶŽƚŝĨŝĞƐ ƚŚĞ D yĞď ďĂƚĐŚ ũŽď ŵĂŶĂŐĞƌ ƚŽ ďĞŐŝŶ ƚŚĞ ĚĂƚĂ ůŽĂĚ ƉƌŽĐĞƐƐ͘ dŚĞ ƐƚĂƚƵƐ ŽĨ ĞĂĐŚ ƐĐŚĞĚƵůĞĚ ďĂƚĐŚ ũŽď ŝƐ ǁƌŝƚƚĞŶ ƚŽ Ă ũŽď ƐƚĂƚƵƐ ůŽŐ ƚŚĂƚ ŵĂLJ ďĞ ĂĐĐĞƐƐĞĚ WƌĞƐĞŶƚĂƚŝŽŶ dŝĞƌ͕ ǁŚŝĐŚ ƉƌŽǀŝĚĞƐ ƚŚĞ ƵƐĞƌ ŝŶƚĞƌĨĂĐĞ ĂŶĚ ĐŽŶƚĂŝŶƐ ĐŽŶĨŝŐƵƌĂďůĞ ƚĂďůĞƐ ĨŽƌ ďƵƐŝŶĞƐƐ ƌƵůĞƐ ĂŶĚ ĞĚŝƚƐ „ dŚĞ ƐĞƌǀŝĐĞͲŽƌŝĞŶƚĞĚ ĂƌĐŚŝƚĞĐƚƵƌĞ ŽĨ D yĞď ƐƵƉƉŽƌƚƐ ƐĞĂŵůĞƐƐ ŝŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ ^ƚĂƚĞ ƐLJƐƚĞŵƐ ĂŶĚ ŝŶƚĞƌŶĂů ƐLJƐƚĞŵƐ͘ ůŝĞŶƚ dŝĞƌ͕ ǁŚŝĐŚ ƉƌŽǀŝĚĞƐ ƵƐĞƌ ĂĐĐĞƐƐ ƚŚƌŽƵŐŚ Ă ǁĞď ďƌŽǁƐĞƌ „ D yĞď ŝƐ ĐŽŵƉƌŝƐĞĚ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ ƚŝĞƌƐ ƚŚĂƚ ƐƵƉƉŽƌƚ ƐĞĂŵůĞƐƐ ŝŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ ŽƚŚĞƌ ƐLJƐƚĞŵƐ͗ KƵƌ D yĞď ƐLJƐƚĞŵ ĂƌĐŚŝƚĞĐƚƵƌĞ ƐƵƉƉŽƌƚƐ ƐĞĐƵƌĞ ĂŶĚ ĨůĞdžŝďůĞ ŝŶƚĞƌĨĂĐĞƐ ƚŽ ĞŶĂďůĞ ĞĂƐĞ ŽĨ ŝŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ ƚŚŝƌĚͲƉĂƌƚLJ ƐLJƐƚĞŵƐ͘ /ƚ ǁĂƐ ĚĞƐŝŐŶĞĚ ƚŽ ĞŶƐƵƌĞ ,/W ͲĐŽŵƉůŝĂŶƚ ĚĂƚĂ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĞdžĐŚĂŶŐĞ ĨŽƌ ŽƵƌ DĞĚŝĐĂŝĚ ĞŶƌŽůůŵĞŶƚ ĐŽŶƚƌĂĐƚƐ͘ D yĞď͛Ɛ ƐĞƌǀŝĐĞͲŽƌŝĞŶƚĞĚ ĂƌĐŚŝƚĞĐƚƵƌĞ ĨĂĐŝůŝƚĂƚĞƐ ƐLJƐƚĞŵ ĐŽŵƉŽŶĞŶƚ ŝŶƚĞŐƌĂƚŝŽŶƐ ĂŶĚ ĚĂƚĂ ĞdžĐŚĂŶŐĞƐ ǁŝƚŚ ^ƚĂƚĞͲďĂƐĞĚ ĞŶƚĞƌƉƌŝƐĞ ƐĞƌǀŝĐĞ ďƵƐ ĂƌĐŚŝƚĞĐƚƵƌĞƐ͘ tĞ ĨƵƌƚŚĞƌ ĞŶŚĂŶĐĞ ŝŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ ŽƵƌ ŝŶͲ ŚŽƵƐĞ ĚĞǀĞůŽƉĞĚ WƌŽĐĞƐƐ ŚŽƌĞŽŐƌĂƉŚĞƌ ŶŐŝŶĞ ƚŚĂƚ ĚĞĨŝŶĞƐ ǁŽƌŬĨůŽǁ ƉƌŽĐĞƐƐĞƐ ĂƐ Ă ƐĞƌŝĞƐ ŽĨ ƉƌŽĐĞƐƐ ƐƚĞƉƐ͘ dŚŝƐ ƚŽŽů ĂůůŽǁƐ ƵƐ ƚŽ ƉƌŽǀŝĚĞ ƐĞƌǀŝĐĞ ĐŚŽƌĞŽŐƌĂƉŚLJ ĨŽƌ ďƵƐŝŶĞƐƐ ƉƌŽĐĞƐƐĞƐ ƚŚĂƚ ƐƉĂŶ ďŽƚŚ ŽƵƌ ƉƌŽĚƵĐƚ ĂŶĚ ^ƚĂƚĞ ĂƉƉůŝĐĂƚŝŽŶƐ͘ ^ĞĐƵƌĞ &ŝůĞ dƌĂŶƐĨĞƌ tĞ ĂůƐŽ ŚĂǀĞ ƚŚĞ ĂďŝůŝƚLJ ĂŶĚ ĞdžƉĞƌŝĞŶĐĞ ƚŽ ĞdžĐŚĂŶŐĞ ĚĂƚĂ ƚŚƌŽƵŐŚ ƐƚĂŶĚĂƌĚ yϭϮ / ƚƌĂŶƐĂĐƚŝŽŶƐ͘ dŚƌŽƵŐŚ ƚŚĞ ǁŽƌŬ ǁĞ ĚŽ ĂĐƌŽƐƐ ŽƵƌ ŶƵŵĞƌŽƵƐ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ͕ ǁĞ ŚĂǀĞ ĞƐƚĂďůŝƐŚĞĚ ƉƌŽĐĞƐƐĞƐ ƚŽ ĨĂĐŝůŝƚĂƚĞ ƐĞĐƵƌĞ ĞdžĐŚĂŶŐĞ ŽĨ ĚĂŝůLJ E^/ ^ yϭϮ ϴϯϰ ĨŝůĞƐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƉĂƌƚŝĐŝƉĂƚŝŶŐ W,WƐ͕ ŝŶĐůƵĚŝŶŐ ĞŶƌŽůůŵĞŶƚ͕ ĚŝƐĞŶƌŽůůŵĞŶƚ͕ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ͕ ĂŶĚ ĂĚ ŚŽĐ ƉƌŽĐĞƐƐŝŶŐ ĨŝůĞƐ͘ tĞ ƚLJƉŝĐĂůůLJ ĞdžĐŚĂŶŐĞ E^/ ^ yϭϮ ϴϯϰ ĨŝůĞƐ ƵƐŝŶŐ ^&dW͘ tĞ ŚĂǀĞ ƐŝŐŶŝĨŝĐĂŶƚ ĞdžƉĞƌŝĞŶĐĞ ĨŽƌŵĂƚƚŝŶŐ ĨŝůĞƐ ĨŽƌ ŵĂŶĂŐĞĚ ĐĂƌĞ ŚĞĂůƚŚ ƉůĂŶ ĂĐĐĞƉƚĂŶĐĞ͕ ŝŶĐůƵĚŝŶŐ ϴϯϰ ĨŝůĞƐ ŝŶ yD> ĂŶĚ ŽƚŚĞƌ ƌĞƋƵŝƌĞĚ ĨŽƌŵĂƚƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ǁĞ ǁŝůů ŝŶƚĞŐƌĂƚĞ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ͛Ɛ E / ƚŽ ƐƵƉƉŽƌƚ ĂƵƚŚĞŶƚŝĐĂƚŝŽŶ ƚŽ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ĂŶĚ ŽƵƌ ŵŽďŝůĞ ĂƉƉ͕ ƵƐŝŶŐ ƚŚĞ ƐĞƐƐŝŽŶ ƐƚĂƚĞ ĨƌŽŵ E & ^d Žƌ ĞW ^^͘ tĞ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ŚŽǁ ǁĞ ǁŝůů ƐƵƉƉŽƌƚ ƐŝŶŐůĞ ƐŝŐŶ ŽŶ ƚŽ ĂůůŽǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ůŽŐͲŝŶ ƚŽ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ Žƌ ŵŽďŝůĞ ĂƉƉ ƵƐŝŶŐ ƚŚĞ ƐĂŵĞ ĐƌĞĚĞŶƚŝĂůƐ ƚŚĞLJ ƵƐĞ ƚŽ ĂƵƚŚĞŶƚŝĐĂƚĞ ƚŽ ĞW ^^ ĂŶĚ E & ^d ŝŶ ^ĞĐƚŝŽŶ ϴ͘ϵ͗ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ tĞďƐŝƚĞ͘ &Žƌ Ăůů ƌĞĂůͲƚŝŵĞ ĚĂƚĂ ĞdžĐŚĂŶŐĞ͕ D y/Dh^ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĚĞĨŝŶĞ ǁŚŝĐŚ ĚĂƚĂ ĞůĞŵĞŶƚƐ ĐĂŶ ďĞ ƵƉĚĂƚĞĚ ǁŝƚŚŽƵƚ ƉŽƚĞŶƚŝĂůůLJ ŝŵƉĂĐƚŝŶŐ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJΖƐ ĞůŝŐŝďŝůŝƚLJ͘ dŚĞ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ƉƌŽĐĞƐƐ ŝƐ Ă ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ĞdžĂŵƉůĞ ŽĨ ŚŽǁ ǁĞ ǁŝůů ƵƐĞ ƌĞĂůͲƚŝŵĞ ǁĞď ƐĞƌǀŝĐĞƐ ƚŽ ĞdžĐŚĂŶŐĞ ĚĂƚĂ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ^ƚĂƚĞ ǁŝůů ƉƌŽǀŝĚĞ ƚŚĞ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĂůŐŽƌŝƚŚŵ ĞŶĐĂƉƐƵůĂƚĞĚ ďĞŚŝŶĚ Ă ǁĞď ƐĞƌǀŝĐĞ͘ D y/Dh^ ǁŝůů ƐĞŶĚ ĂŶ ĞŶĐƌLJƉƚĞĚ ^K W ƌĞƋƵĞƐƚ ĐŽŶƚĂŝŶŝŶŐ ĞŶƌŽůůĞĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ E & ^d͕ ƵƐŝŶŐ ƚŚĞ E/ D ĐĂŶŽŶŝĐĂů ŵŽĚĞů ĚĞĨŝŶĞĚ ďLJ ƚŚĞ ^ƚĂƚĞ͘ dŚĞ ^ƚĂƚĞ ǁŝůů ĚĞĐƌLJƉƚ ƚŚĞ ŵĞƐƐĂŐĞ͕ ƉĞƌĨŽƌŵ ƚŚĞ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĂůŐŽƌŝƚŚŵ͕ ĂŶĚ ƐĞŶĚ ĂŶ ĞŶĐƌLJƉƚĞĚ ^K W ƌĞƐƉŽŶƐĞ ƚŽ D y/Dh^ ǀŝĂ ƚŚĞ ^ƚĂƚĞ͛Ɛ ^ ͘ D y/Dh^ ǁŝůů ĚĞĐƌLJƉƚ ƚŚĞ ŵĞƐƐĂŐĞ ĂŶĚ ĂƐƐŝŐŶ ƚŚĞ ĞŶƌŽůůĞĞ ƚŽ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ƉůĂŶ ďĂƐĞĚ ŽŶ ƚŚĞ ƌĞƐƵůƚ ŽĨ ƚŚĂƚ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĐĂůů͘ „ „ „ „ „ „ WĂŐĞ EŽƚŝĨŝĐĂƚŝŽŶ yD> sĂůŝĚĂƚŝŽŶ ^ƚƌŝŶŐͬ ŚĂƌĂĐƚĞƌ sĂůŝĚĂƚŝŽŶ ^ƚƌŝŶŐͬ ŚĂƌĂĐƚĞƌ ZĞƉůĂĐĞŵĞŶƚ &ŝůĞ ZĞŶĂŵŝŶŐ ^ĞƌǀŝĐĞ ƵƉůŝĐĂƚŝŽŶ ^ĞƌǀŝĐĞ DĂƉƉŝŶŐ „ „ „ „ „ „ „ ĞĐŽŵƉƌĞƐƐŝŽŶ ŽŵƉƌĞƐƐŝŽŶ ^ŝŐŶĂƚƵƌĞ sĞƌŝĨŝĐĂƚŝŽŶ ŽĐƵŵĞŶƚ ^ŝŐŶŝŶŐ ĞĐƌLJƉƚŝŽŶ ŶĐƌLJƉƚŝŽŶ ŽŶĐĂƚĞŶĂƚŝŽŶ ƚƌĂŶƐůĂƚŽƌ ƚŽ ĐŽŶǀĞƌƚ ĚĂƚĂ ĨŝůĞƐ ŝŶƚŽ Ă ,/W ͲĐŽŵƉůŝĂŶƚ ĨŽƌŵĂƚ ǁŚĞŶ ŶĞĐĞƐƐĂƌLJ Ŷ ^&dW ƐĞƌǀĞƌ ƚŽ ĞdžĐŚĂŶŐĞ ĨŝůĞƐ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ƚŽŽů ƚŽ ƐĞĐƵƌĞůLJ ŵĂŶĂŐĞ ƚƌĂŶƐĨĞƌƐ „ „ „ „ WĞƌŝŽĚŝĐ ĂƐƐĞƐƐŵĞŶƚƐ ŽĨ ƌŝƐŬ WĂŐĞ ϴ͘ϭϯͲϱ ŽĨ ϳ ^ĞĐƵƌŝƚLJ ŽŶƚƌŽůƐ KƵƌ ƉƌŽƉŽƐĞĚ ĂƌĐŚŝƚĞĐƚƵƌĞ ĨŽƌ ƐLJƐƚĞŵ ŝŶƚĞŐƌĂƚŝŽŶ ĂŶĚ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ĐŽŵƉůŝĞƐ ǁŝƚŚ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ^ƚĂƚĞǁŝĚĞ ĂƌĐŚŝƚĞĐƚƵƌĞ ĂŶĚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ƚŚĞ ^ƚĂƚĞǁŝĚĞ /ŶĨŽƌŵĂƚŝŽŶ ^ĞĐƵƌŝƚLJ DĂŶƵĂů ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ WƌŝǀĂĐLJ ĂŶĚ ^ĞĐƵƌŝƚLJ DĂŶƵĂů͘ tĞ ƵƐĞ ƚŚĞ EĂƚŝŽŶĂů /ŶƐƚŝƚƵƚĞ ŽĨ ^ƚĂŶĚĂƌĚƐ ĂŶĚ dĞĐŚŶŽůŽŐLJ ;E/^dͿ ^ƉĞĐŝĂů WƵďůŝĐĂƚŝŽŶ ϴϬϬͲϱϯ͕ ZĞǀŝƐŝŽŶ ϰ͕ ĂƐ ƚŚĞ ĨŽƵŶĚĂƚŝŽŶ ĂŶĚ ďĂƐŝƐ ĨŽƌ ƚŚĞ ƐĞĐƵƌŝƚLJ ĐŽŶƚƌŽůƐ ǁĞ ŝŵƉůĞŵĞŶƚ ĨŽƌ Ăůů ŽĨ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ͘ dŚĞ ƐĞĐƵƌŝƚLJ ĐŽŶƚƌŽůƐ ƐƚĂƚĞĚ ŝŶ ƚŚŝƐ ^ƉĞĐŝĂů WƵďůŝĐĂƚŝŽŶ ĚĞĨŝŶĞ ĂŶ ĞĨĨĞĐƚŝǀĞ ŝŶĨŽƌŵĂƚŝŽŶ ƐĞĐƵƌŝƚLJ ƉƌŽŐƌĂŵ͕ ŝŶĐůƵĚŝŶŐ͗ /ŶƚĞƌŶĂů ^LJƐƚĞŵ /ŶƚĞƌĨĂĐĞƐ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ŝŶƚĞƌĨĂĐŝŶŐ ǁŝƚŚ ĞdžƚĞƌŶĂů ƐLJƐƚĞŵƐ͕ ƚŚĞ ƐĞƌǀŝĐĞͲŽƌŝĞŶƚĞĚ ĂƌĐŚŝƚĞĐƚƵƌĞ ŽĨ D yĞď ƐƵƉƉŽƌƚƐ ƐĞĂŵůĞƐƐ ŝŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ Ăůů ŽĨ ŽƵƌ ĐŽƌĞ ŝŶƚĞƌŶĂů ƐLJƐƚĞŵƐ͕ ŝŶĐůƵĚŝŶŐ ŽƵƌ ŝƐĐŽ ĂƵƚŽŵĂƚĞĚ ĐĂůů ĚŝƐƚƌŝďƵƚŝŽŶ ; Ϳ ƐLJƐƚĞŵ͕ ĂƵƚŽŵĂƚĞĚ ǀŽŝĐĞ ƌĞƐƉŽŶƐĞ ƐLJƐƚĞŵ ; sZ^Ϳ͕ E/ / y ǁŽƌŬĨŽƌĐĞ ŵĂŶĂŐĞŵĞŶƚ ;t&DͿ ƐLJƐƚĞŵ͕ ĂŶĚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJͲĨĂĐŝŶŐ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ĂŶĚ ŵŽďŝůĞ ĂƉƉ͘ D yĞď ĂůƐŽ ŝŶƚĞŐƌĂƚĞƐ ǁŝƚŚ ŽƵƌ ĞĐŝƐŝŽŶWŽŝŶƚ / ƌĞƉŽƌƚŝŶŐ ĂŶĚ ĂŶĂůLJƚŝĐƐ ƉůĂƚĨŽƌŵ ƚŽ ƉƌŽǀŝĚĞ ĞŶĚͲƚŽͲĞŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ŵĂŶĂŐĞŵĞŶƚ͕ ƵƉͲƚŽͲƚŚĞͲŵŝŶƵƚĞ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĂůLJƐŝƐ͕ ǁĞďͲďĂƐĞĚ ĚĂƐŚďŽĂƌĚ ƌĞƉŽƌƚŝŶŐ͕ ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ŽǀĞƌƐŝŐŚƚ͘ ĂƚĂ ĞdžĐŚĂŶŐĞ ŝƐ ƐĞĐƵƌĞ͕ ƚŝŵĞůLJ͕ ĂŶĚ ǀĂůŝĚĂƚĞĚ ƚŚƌŽƵŐŚ ĞƐƚĂďůŝƐŚĞĚ ƐLJƐƚĞŵƐ ĂŶĚ ƉƌŽǀĞŶ ƋƵĂůŝƚLJ ĂƐƐƵƌĂŶĐĞ ƉƌŽĐĞƐƐĞƐ͘ KƵƌ ĞdžŝƐƚŝŶŐ d> ƵƚŝůŝƚŝĞƐ ĨĂĐŝůŝƚĂƚĞ ĐŽŶǀĞŶŝĞŶƚ ĚĂƚĂ ƚƌĂŶƐůĂƚŝŽŶ͕ ĂůůŽǁŝŶŐ D yĞď ƚŽ ĂĐĐĞƉƚ ŝŶĐŽŵŝŶŐ ĚĂƚĂ ĂŶĚ ƚƌĂŶƐŵŝƚ ŽƵƚďŽƵŶĚ ĚĂƚĂ ŝŶ ǀĂƌŝŽƵƐ ĨŽƌŵĂƚƐ͘ tĞ ƵƐĞ ƚŚĞ WĞŶƚĂŚŽ <ĞƚƚůĞ ĂƚĂ /ŶƚĞŐƌĂƚŝŽŶ ƵƚŝůŝƚLJ ĨŽƌ d> ĨƵŶĐƚŝŽŶĂůŝƚLJ͕ ǁŚŝĐŚ ŝƐ ƵƐĞĚ ƚŽ ŝŶĐŽƌƉŽƌĂƚĞ ĚĂƚĂ ĨƌŽŵ ^ƚĂƚĞ ƐLJƐƚĞŵƐ ŝŶƚŽ D yĞď͘ KƵƌ d> ƚŽŽů ƚĂŬĞƐ ĚĂƚĂ ƚŚĂƚ ŚĂƐ ďĞĞŶ ƉŽƐƚĞĚ ƚŽ ƚŚĞ ^&dW ƐŝƚĞ ĨƌŽŵ ĞdžŝƐƚŝŶŐ ƐLJƐƚĞŵƐ ĂŶĚ ůŽĂĚƐ ŝƚ ŝŶƚŽ ƐƚĂŐŝŶŐ ƚĂďůĞƐ͕ ǁŚĞƌĞ ŝƚ ĐĂŶ ďĞ ĐůĞĂŶƐĞĚ ĂŶĚ ƚƌĂŶƐůĂƚĞĚ ƚŽ ĂŶ ŝŶŐĞƐƚŝďůĞ ĨŽƌŵĂƚ͘ KŶĐĞ ƚŚĞ ĚĂƚĂ ŝƐ ůŽĂĚĞĚ ŝŶƚŽ ƚŚĞ ƐƚĂŐŝŶŐ ƚĂďůĞƐ͕ ǁĞ ƚĞƐƚ ƚŽ ĐŽŶĨŝƌŵ ƚŚĞ ĚĂƚĂ ŚĂƐ ďĞĞŶ ƚƌĂŶƐŵŝƚƚĞĚ ĂŶĚ ƚƌĂŶƐůĂƚĞĚ ĐŽƌƌĞĐƚůLJ͘ /Ĩ ǁĞ ĨŝŶĚ ĂŶLJ ĞƌƌŽƌƐ͕ ƚŚĞ ĞƌƌŽƌƐ ĂƌĞ ƌĞĐŽƌĚĞĚ ŝŶ Ă ƐLJƐƚĞŵ ůŽŐ ĂŶĚ ŽƵƌ ƐLJƐƚĞŵƐ ĞŶŐŝŶĞĞƌŝŶŐ ƐƚĂĨĨ ĐĂŶ ŐĞŶĞƌĂƚĞ ĞƌƌŽƌ ƌĞƉŽƌƚƐ ƚŽ ŝĚĞŶƚŝĨLJ ĂŶĚ ƌĞƐŽůǀĞ ĚĂƚĂ ĚŝƐĐƌĞƉĂŶĐŝĞƐ͘ Ŷ džƚƌĂĐƚ͕ dƌĂŶƐĨŽƌŵ͕ ĂŶĚ >ŽĂĚ ; d>Ϳ ƵƚŝůŝƚLJ ƚŽ ƉƵůů ĚĂƚĂ ĨŝůĞƐ͕ ƐƵĐŚ ĂƐ ĞŶƌŽůůŵĞŶƚ͕ ĞůŝŐŝďŝůŝƚLJ͕ ƚĞůĞƉŚŽŶLJ͕ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞƚƌŝĐƐ „ ĂƚĂ dƌĂŶƐůĂƚŝŽŶ D yĞď ŚĂƐ Ă ƐĞƚ ŽĨ ǁĞůůͲĚĞǀĞůŽƉĞĚ ƵƚŝůŝƚŝĞƐ ĨŽƌ ŝŵƉŽƌƚŝŶŐ ĂŶĚ ĞdžƉŽƌƚŝŶŐ ĚĂƚĂ ŝŶ ǀĂƌŝŽƵƐ ĨŝůĞ ůĂLJŽƵƚƐ͘ KƵƌ ĂƵƚŽŵĂƚĞĚ ĂŶĚ ƐĞĐƵƌĞ ŵĞƚŚŽĚ ŽĨ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ƵƐĞƐ ƚŚĞ ĨŽůůŽǁŝŶŐ ƚŽŽůƐ͗ „ ŵĂŝů EŽƚŝĨŝĐĂƚŝŽŶ „ DKs ŝƚ ƉƌŽǀŝĚĞƐ ƚŚĞ ĨŽůůŽǁŝŶŐ ƐĞƌǀŝĐĞƐ ĨŽƌ ƚŚĞ ƚƌĂŶƐƉŽƌƚ ĂŶĚ ƚƌĂŶƐĨŽƌŵĂƚŝŽŶ ŽĨ ĚĂƚĂ͗ ŽŶůŝŶĞ ŝŶ D yĞď͘ ŶLJ ĞƌƌŽƌ ƌĞĐŽƌĚƐ ĂƌĞ ƚƌĂƉƉĞĚ ƚŽ ĂŶ ĞƌƌŽƌ ůŽŐ ĨŽƌ ƌĞǀŝĞǁ ĂŶĚ ĐŽƌƌĞĐƚŝŽŶ͘ dŚĞ ƐĂŵĞ ĨŝůĞ ƚƌĂŶƐĨĞƌ ƐƚĂŶĚĂƌĚƐ͕ ĞƌƌŽƌ ƚƌĂƉƉŝŶŐ͕ ĂŶĚ ŶŽƚŝĨŝĐĂƚŝŽŶ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂƉƉůLJ ĨŽƌ ĂŶLJ ŽƵƚďŽƵŶĚ ŝŶƚĞƌĨĂĐĞ ĨŝůĞƐ͘ WůĂŶƐ ĨŽƌ ƉƌŽǀŝĚŝŶŐ ĂĚĞƋƵĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƐĞĐƵƌŝƚLJ ĨŽƌ ŶĞƚǁŽƌŬƐ͕ ĨĂĐŝůŝƚŝĞƐ͕ ŝŶĨŽƌŵĂƚŝŽŶ ƐLJƐƚĞŵƐ Žƌ ŐƌŽƵƉƐ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ƐLJƐƚĞŵƐ ^ĞĐƵƌŝƚLJ ĂǁĂƌĞŶĞƐƐ ƚƌĂŝŶŝŶŐ ƚŽ ŝŶĨŽƌŵ ƉĞƌƐŽŶŶĞů͕ ŝŶĐůƵĚŝŶŐ ĐŽŶƚƌĂĐƚŽƌƐ ĂŶĚ ŽƚŚĞƌ ƵƐĞƌƐ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ƐLJƐƚĞŵƐ ƚŚĂƚ ƐƵƉƉŽƌƚ ƚŚĞ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ĂƐƐĞƚƐ ŽĨ ƚŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶ͕ ŽĨ ƚŚĞ ƐĞĐƵƌŝƚLJ ƌŝƐŬƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞŝƌ ĂĐƚŝǀŝƚŝĞƐ ĂŶĚ ƚŚĞŝƌ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ WĞƌŝŽĚŝĐ ƚĞƐƚŝŶŐ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ŽĨ ƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ƐĞĐƵƌŝƚLJ ƉŽůŝĐŝĞƐ͕ ƉƌŽĐĞĚƵƌĞƐ͕ ƉƌĂĐƚŝĐĞƐ͕ ĂŶĚ ƐĞĐƵƌŝƚLJ ĐŽŶƚƌŽůƐ ƚŽ ďĞ ƉĞƌĨŽƌŵĞĚ ŶŽ ůĞƐƐ ĨƌĞƋƵĞŶƚůLJ ƚŚĂŶ ĂŶŶƵĂůůLJ ƉƌŽĐĞƐƐ ĨŽƌ ƉůĂŶŶŝŶŐ͕ ŝŵƉůĞŵĞŶƚŝŶŐ͕ ĞǀĂůƵĂƚŝŶŐ͕ ĂŶĚ ĚŽĐƵŵĞŶƚŝŶŐ ƌĞŵĞĚŝĂů ĂĐƚŝŽŶƐ ƚŽ ĂĚĚƌĞƐƐ ĂŶLJ ĚĞĨŝĐŝĞŶĐŝĞƐ ŝŶ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƐĞĐƵƌŝƚLJ ƉŽůŝĐŝĞƐ͕ ƉƌŽĐĞĚƵƌĞƐ͕ ĂŶĚ ƉƌĂĐƚŝĐĞƐ ŽĨ ƚŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶ WƌŽĐĞĚƵƌĞƐ ĨŽƌ ĚĞƚĞĐƚŝŶŐ͕ ƌĞƉŽƌƚŝŶŐ͕ ĂŶĚ ƌĞƐƉŽŶĚŝŶŐ ƚŽ ƐĞĐƵƌŝƚLJ ŝŶĐŝĚĞŶƚƐ WůĂŶƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ĨŽƌ ĐŽŶƚŝŶƵŝƚLJ ŽĨ ŽƉĞƌĂƚŝŽŶƐ ĨŽƌ ŝŶĨŽƌŵĂƚŝŽŶ ƐĞĐƵƌŝƚLJ ƐLJƐƚĞŵƐ ƚŚĂƚ ƐƵƉƉŽƌƚ ƚŚĞ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ĂƐƐĞƚƐ ŽĨ ƚŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶ 'ƵŝĚĞůŝŶĞƐ ƚŚĂƚ ĂƌĞ ďĂƐĞĚ ŽŶ ƚŚĞ &ĞĚĞƌĂů /ŶĨŽƌŵĂƚŝŽŶ ^ĞĐƵƌŝƚLJ DĂŶĂŐĞŵĞŶƚ Đƚ ŽĨ ϮϬϬϮ ;&/^D ͕ dŝƚůĞ ///͕ WƵďůŝĐ >Ăǁ ϭϬϳͲϯϰϳ͕ ĞĐĞŵďĞƌ ϭϳ͕ ϮϬϬϮͿ͕ ǁŚŝĐŚ ƉƌŽǀŝĚĞƐ ŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ŝŶĨŽƌŵĂƚŝŽŶ ƐĞĐƵƌŝƚLJ „ „ „ „ „ „ „ „ „ „ „ „ „ „ ǁĂƌĞŶĞƐƐ ĂŶĚ dƌĂŝŶŝŶŐ ƵĚŝƚ ĂŶĚ ĐĐŽƵŶƚĂďŝůŝƚLJ ĞƌƚŝĨŝĐĂƚŝŽŶ͕ ĐĐƌĞĚŝƚĂƚŝŽŶ͕ ĂŶĚ ^ĞĐƵƌŝƚLJ ƐƐĞƐƐŵĞŶƚƐ ŽŶĨŝŐƵƌĂƚŝŽŶ DĂŶĂŐĞŵĞŶƚ ŽŶƚŝŶŐĞŶĐLJ WůĂŶŶŝŶŐ /ĚĞŶƚŝĨŝĐĂƚŝŽŶ ĂŶĚ ƵƚŚĞŶƚŝĐĂƚŝŽŶ /ŶĐŝĚĞŶƚ ZĞƐƉŽŶƐĞ „ „ „ „ „ „ „ ^LJƐƚĞŵ ĂŶĚ /ŶĨŽƌŵĂƚŝŽŶ /ŶƚĞŐƌŝƚLJ ^LJƐƚĞŵ ĂŶĚ ŽŵŵƵŶŝĐĂƚŝŽŶƐ WƌŽƚĞĐƚŝŽŶ ZŝƐŬ ƐƐĞƐƐŵĞŶƚ WĞƌƐŽŶŶĞů ^ĞĐƵƌŝƚLJ WůĂŶŶŝŶŐ WŚLJƐŝĐĂů ĂŶĚ ŶǀŝƌŽŶŵĞŶƚĂů WƌŽƚĞĐƚŝŽŶ DĞĚŝĂ WƌŽƚĞĐƚŝŽŶ DĂŝŶƚĞŶĂŶĐĞ WĂŐĞ ϴ͘ϭϯͲϲ ŽĨ ϳ tĞ ĂĐŬŶŽǁůĞĚŐĞ ƚŚĂƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ŶŽƚŝĨLJ ƵƐ ŽĨ ĂŶLJ ĐŚĂŶŐĞƐ ƚŽ ƚĞĐŚŶŝĐĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ƚŚĂƚ ǁĞ ǁŝůů ŚĂǀĞ ϲϬ ĐĂůĞŶĚĂƌ ĚĂLJƐ ĨƌŽŵ ŶŽƚŝĨŝĐĂƚŝŽŶ ƚŽ ĚĞǀĞůŽƉ͕ ƚĞƐƚ͕ ĂŶĚ ŝŵƉůĞŵĞŶƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚ ďĞĨŽƌĞ ^ĞƌǀŝĐĞ >ĞǀĞů ŐƌĞĞŵĞŶƚ ĞdžƉĞĐƚĂƚŝŽŶƐ ďĞĐŽŵĞ ĂƉƉůŝĐĂďůĞ͕ ƵŶůĞƐƐ ĂŶ ĂůƚĞƌŶĂƚĞ ƚŝŵĞůŝŶĞ ŝƐ ƉƌŽƉŽƐĞĚ tĞ ǁŝůů ĐŽŽƉĞƌĂƚĞ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ^LJƐƚĞŵ /ŶƚĞŐƌĂƚŽƌ͕ W,WƐ͕ ĂŶĚ ŽƚŚĞƌ ĞŶƚŝƚŝĞƐ ĂƐ ƌĞƋƵŝƌĞĚ ďLJ ƚŚĞ ^ƚĂƚĞ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ Ăůů D y/Dh^ ƉƌŽŐƌĂŵƐ͕ ƐLJƐƚĞŵƐ͕ ƐŽůƵƚŝŽŶƐ͕ ĂŶĚ ŽƉĞƌĂƚŝŽŶƐ ƵƐĞ ĐŽŵƉĂƚŝďůĞ ĚĂƚĂ ŝŶƉƵƚƐ ĂŶĚ ŽƵƚƉƵƚƐ͕ ŝŶƚĞŐƌĂƚĞ ĂŶĚ ĂƌĞ ŝŶƚĞƌŽƉĞƌĂďůĞ ǁŝƚŚ͕ ĂŶĚ ĨƵŶĐƚŝŽŶ ĞĨĨĞĐƚŝǀĞůLJ ǁŝƚŚ ƚŚŽƐĞ ƐLJƐƚĞŵƐ͘ tĞ ǁŝůů ĐŽŵƉůĞƚĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶƚĞƌĨĂĐĞ ƚĞƐƚŝŶŐ ĚƵƌŝŶŐ ƉƌŽũĞĐƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂŶĚ ĂƐ ĨƵƚƵƌĞ ƐLJƐƚĞŵ ĐŚĂŶŐĞƐ ĂƌĞ ƉůĂŶŶĞĚ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ǁŽƌŬŝŶŐ ĂůŽŶŐƐŝĚĞ ĞĂĐŚ W,W ƚŽ ĐŽŶĚƵĐƚ ƌŝŐŽƌŽƵƐ ŝŶƚĞƌĨĂĐĞ ƚĞƐƚŝŶŐ ŝŶ ĂĚǀĂŶĐĞ ŽĨ ƚŚĞ W,W͛Ɛ ƌĞĂĚŝŶĞƐƐ ƌĞǀŝĞǁ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ ƚŽ ŚĞůƉ ĞŶƐƵƌĞ ƐĞĂŵůĞƐƐ ŝŶƚĞŐƌĂƚŝŽŶ ŽĨ ƚŚĞ W,W ŝŶƚŽ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ŵĂŶĂŐĞĚ ĐĂƌĞ ĞŶǀŝƌŽŶŵĞŶƚ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ŽƵƌ ƐĞĐƵƌŝƚLJ ĐŽŶƚƌŽůƐ ĨƵůůLJ ĂůŝŐŶ ǁŝƚŚ ^ƚĂƚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ĞdžƉĞĐƚĂƚŝŽŶƐ ĂŶĚ ĂĚŚĞƌĞ ƚŽ Ăůů ĂƉƉůŝĐĂďůĞ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ƌĞŐƵůĂƚŝŽŶƐ ĂŶĚ ůĂǁƐ͘ Ɛ ĚĞƐĐƌŝďĞĚ ŝŶ ^ĞĐƚŝŽŶ ϴ͘ϭϬ͗ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͕ D yĞď͕ ĂŶĚ Ăůů ĂƐƐŽĐŝĂƚĞĚ ĚĂƚĂ͕ ǁŝůů ďĞ ŚŽƐƚĞĚ ŝŶ ƚŚĞ ŵĂnjŽŶ tĞď ^ĞƌǀŝĐĞƐ ; t^Ϳ ĐůŽƵĚ͘ t^ ŝƐ Ă ŵƵůƚŝͲƚĞŶĂŶƚ ƉƵďůŝĐ ĐůŽƵĚ ĨŽƌ ĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ ĂŶĚ ůŽĐĂů ŐŽǀĞƌŶŵĞŶƚ ĐƵƐƚŽŵĞƌƐ͕ ĂŶĚ ŝƐ ĂƵƚŚŽƌŝnjĞĚ ĨŽƌ ƵƐĞ ďLJ D^͘ t^ ŝƐ ĚĞƐŝŐŶĞĚ ƚŽ ŵĞĞƚ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ŐŽǀĞƌŶŵĞŶƚ͕ ƐĞĐƵƌŝƚLJ͕ ĂŶĚ ƌĞŐƵůĂƚŽƌLJ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ &ĞĚZ DW͘ tĞ ƉƌŽǀŝĚĞ ĂĚĚŝƚŝŽŶĂů ĚĞƚĂŝůƐ ŽŶ ŽƵƌ ĂƉƉƌŽĂĐŚ ƚŽ ƐĞĐƵƌŝƚLJ ĂŶĚ ƉƌŝǀĂĐLJ ŝŶ ƚŚĞ ^ĞĐƚŝŽŶ ϴ͘ϮϬ͗ ^ĞĐƵƌŝƚLJ ĂŶĚ ƵĚŝƚ ZĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ŽƵƌ ƉƌŽƉŽƐĂů͘ „ ĐĐĞƐƐ ŽŶƚƌŽů „ D y/Dh^ ŚĂƐ Ă ĚĞƚĂŝůĞĚ ƐĞƚ ŽĨ ĚŽĐƵŵĞŶƚĞĚ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ŝŶ ƉůĂĐĞ ƚŽ ĂĚĚƌĞƐƐ ƚŚĞ ĨŽůůŽǁŝŶŐ ƐĞĐƵƌŝƚLJ ĐŽŶƚƌŽů ĂƌĞĂƐ͗ ĂƚĂ ƐĞĐƵƌŝƚLJ ĂŶĚ ƉƌŝǀĂĐLJ ƉƌŽƚĞĐƚŝŽŶ ŝƐ Ă ĨƵŶĚĂŵĞŶƚĂů ƐƚƌĞŶŐƚŚ ŽĨ D y/Dh^ ĂŶĚ ĂŶ ŝŶƚĞŐƌĂů ƉĂƌƚ ŽĨ ƚŚĞ ǁŽƌŬ ǁĞ ĚŽ ĞǀĞƌLJ ĚĂLJ ĂƐ ƚŚĞ ŶĂƚŝŽŶΖƐ ůĞĂĚŝŶŐ ƉƌŽǀŝĚĞƌ ŽĨ DĞĚŝĐĂŝĚ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƐĞƌǀŝĐĞƐ͘ WŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ƚŚĂƚ ĂƌĞ ďĂƐĞĚ ŽŶ ƌŝƐŬ ĂƐƐĞƐƐŵĞŶƚƐ͖ ĐŽƐƚͲĞĨĨĞĐƚŝǀĞůLJ ƌĞĚƵĐĞ ŝŶĨŽƌŵĂƚŝŽŶ ƐĞĐƵƌŝƚLJ ƌŝƐŬƐ ƚŽ ĂŶ ĂĐĐĞƉƚĂďůĞ ůĞǀĞů ĂŶĚ ĂĚĚƌĞƐƐ ŝŶĨŽƌŵĂƚŝŽŶ ƐĞĐƵƌŝƚLJ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ůŝĨĞ ĐLJĐůĞ ŽĨ ĞĂĐŚ ŽƌŐĂŶŝnjĂƚŝŽŶĂů ŝŶĨŽƌŵĂƚŝŽŶ ƐLJƐƚĞŵ „ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ WĂŐĞ ϴ͘ϭϯͲϳ ŽĨ ϳ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ^ĞĐƚŝŽŶ ///͘ D͘ ŶƌŽůůŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ /ŶƚĞŐƌĂƚŝŽŶ͘ ϯ͘ tĞ ƉƌŽǀŝĚĞ Ă ĐŽŵƉůĞƚĞ ůŝƐƚ ŽĨ ŽƵƌ ƉƌŽƉŽƐĞĚ ƐLJƐƚĞŵ ŝŶƚĞƌĨĂĐĞƐ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ŝŶ ^ĞĐƚŝŽŶ ϴ͘Ϯϱ͗ ^LJƐƚĞŵƐ /ŶƚĞƌĨĂĐĞ WůĂŶ ŽĨ ŽƵƌ ƉƌŽƉŽƐĂů͘ ĂŶĚ ĂŐƌĞĞĚ ƚŽ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ tĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ Ăůů ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞƐƐĞƐ ĨŽƌ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ RFP Section Response 8.14 Staf?ng and Key Personnel Section Ill. N, 14 llu- [lej'iriitment r?iuim? ix the t; tlu; Hill; "459-. mil nurlinlrrig A Tim: l?i lei 'l?ie start ping? :eil rhewm Our experienced, capable team of personnel brings proven enrollment broker expertise to the North Carolina Enrollment Broker Servnces Project. Our staffing approach combines a dedicated management team and scalable staff that will effectively address fluctuations in volumes resulting from the enrollment of nearly 1.5 million beneficraries into Managed Care programs. 1. The Offeror must confirm adherence to the expectations of the Department and describe their ability and approach to meet the requirements of Section N. Staf?ng and Key Personnel. MAXIMUS con?rms that we will adhere to DHHS expectations and meet or exceed all requirements set forth in RFP Section N. Our staffing approach will allow MAXIMUS to recruit, hire, train, and retain an optimal number of qualified staff to assist North Carolinians in the Medicaid Managed Care enrollment process. We also offer the North Carolina Department of Health and Human Services (DHHS) tested and proven staffing methods to respond to volume fluctuations and fulfill key Service Level Metrics. Based on our extensive experience in helping states transition from fee-for?service to managed care, we believe all 9 key staff outlined in the RFP are essential to a successful implementation. In the answers to question #13, the State provided the following response "the offeror is encouraged to propose additional or supplemental options that may be advantageous to the Department. In order to drive ongoing synergies and efficiencies that benefit the Department, we have combined some key staff roles in the out years. 2. Offeror must describe proposed staf?ng for the call center to ensure performance metrics as defined in Table 6- Key Service Level Metrics are met. and fulfill the Service Level Metrics outlined in RFP Table 6. Our ability to hire capable and experienced staff, distribute personnel throughout the project in an effective manner, and ramp up staff to respond to volume ?uctuations, will enable us to ful?ll call center service level metrics concerning rates for calls abandoned, call center outages, wait/hold time for callers, call answer time, and first?call resolution. I Our unparalleled experience with enrollment broker call center staffing enables us to staff the call center effectively, achieve Day One readiness, ?g We configured our staffing plan for the project to deliver timely and accurate execution of enrollment functions, provide the highest quality customer service, and fulfill performance requirements. We use industry-leading staff modeling tools, such as our NICE IEX workforce management tool, and we leverage our expertise in managing efficient, effective enrollment broker centers to reach the optimal staff model. We add to this model our knowledge of how to recruit, hire, train, develop, and retain call center personnel to arrive at the right number of staff to meet the needs of North Carolina bene?ciaries. Our staffing approach and sophisticated volumetric modeling enable us to fulfill key Service Level Metrics for North Carolina Enrollment Broker Services. We outline these elements below. Staffing Structure Our staffing approach brings an experienced team of frontline staff, supervisors, managers, key personnel, and corporate resources to meet the needs of DHHS and North Carolinians. Eric Rubin, President, Health South Division and Gina Padilla, Vice President, Health, will directly support Anne Clements, our Program Director, to make sure that DHHS and the project have the full support and reservoir of corporate resources. We designed our staffing plan to make certain that we have an optimal number of competent and qualified frontline staff in place, along with the appropriate supervisory and leadership resources to support them. This plan consists of the following components: I Key Personnel key staff members identified in the RFP I Featured Leadership Personnel management personnel dedicated to the Project that support key staff I Frontline staff personnel vital to the Project in supervisory and support roles Page 8.14-1 of 10 &21),'(17,$/ WĂŐĞ ϴ͘ϭϰͲϮ ŽĨ ϭϬ <ĞLJ WĞƌƐŽŶŶĞů tĞ ŚĂǀĞ Ă ŚŝŐŚůLJ ĞdžƉĞƌŝĞŶĐĞĚ ĂŶĚ ĚĞĚŝĐĂƚĞĚ ƚĞĂŵ ŽĨ ŬĞLJ ƉĞƌƐŽŶŶĞů ƚŽ ŐƵŝĚĞ ƚŚĞ ƉƌŽũĞĐƚ͘ tĞ ƉƌŽǀŝĚĞ Ă ďƌŝĞĨ ƐƵŵŵĂƌLJ ŽĨ ĚƵƚŝĞƐ ĂŶĚ ƋƵĂůŝĨŝĐĂƚŝŽŶƐ ďĞůŽǁ ŝŶ džŚŝďŝƚ ϴ͘ϭϰͲϮ͗ <ĞLJ WĞƌƐŽŶŶĞů͘ &Žƌ ŬĞLJ ƉĞƌƐŽŶŶĞů ƌĞƐƵŵĞƐ͕ ƉůĞĂƐĞ ĐŽŶƐƵůƚ ƚƚĂĐŚŵĞŶƚ ͗ KĨĨĞƌŽƌ͛Ɛ <ĞLJ WĞƌƐŽŶŶĞů͘ tĞ ƉƌŽǀŝĚĞ ĚĞƚĂŝůƐ ĨŽƌ ƚŚĞ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ŽƵƌ ƐƚĂĨĨŝŶŐ ƐƚƌƵĐƚƵƌĞ ďĞůŽǁ͘ tĞ ŝůůƵƐƚƌĂƚĞ ƚŚĞ ĚŝƐƚƌŝďƵƚŝŽŶ ŽĨ ƌŽůĞƐ ĂĐƌŽƐƐ ƚŚĞ ƉƌŽũĞĐƚ ŝŶ džŚŝďŝƚ ϴ͘ϭϰͲϭ͗ WƌŽũĞĐƚ KƌŐĂŶŝnjĂƚŝŽŶ ŚĂƌƚ͘ 3 33 &21),'(17,$/ WĂŐĞ ϴ͘ϭϰͲϰ ŽĨ ϭϬ D y/Dh^ ǁŝůů ŶŽƚ ƐƵďƐƚŝƚƵƚĞ <ĞLJ WĞƌƐŽŶŶĞů ĨŽƌ ƚŚŝƐ ƉƌŽũĞĐƚ ǁŝƚŚŽƵƚ ƉƌŝŽƌ ǁƌŝƚƚĞŶ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ tĞ ǁŝůů ŶŽƚŝĨLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ĂŶLJ ƉƌŽƉŽƐĞĚ ƐƚĂĨĨ 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ǁŝůů ƌĞĐĞŝǀĞ ĐƌŽƐƐ ƚƌĂŝŶŝŶŐ ƚŽ ŵĂŝŶƚĂŝŶ ƉƌŽĨŝĐŝĞŶĐLJ ŝŶ ĐĂůů ĐĞŶƚĞƌ ĂŶĚ ĚĂƚĂ ĞŶƚƌLJ ĨƵŶĐƚŝŽŶƐ͘ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ƌĞƐƉŽŶĚ ƚŽ ŵĞŵďĞƌ ŝŶƋƵŝƌŝĞƐ ƌĞĐĞŝǀĞĚ ďLJ ƚĞůĞƉŚŽŶĞ ĂŶĚ ĐŚĂƚ ƌĞŐĂƌĚŝŶŐ ĞŶƌŽůůŵĞŶƚ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĂŶĚ ƌĞĐŽƌĚ ŵĞŵďĞƌ ŝŶƚĞƌĂĐƚŝŽŶƐ ĂŶĚ ƚƌĂŶƐĂĐƚŝŽŶƐ ƚŽ ĚŽĐƵŵĞŶƚ ĚĞƚĂŝůƐ ŽĨ ŝŶƋƵŝƌŝĞƐ͕ ĐŽŵƉůĂŝŶƚƐ͕ ĐŽŵŵĞŶƚƐ͕ ĂŶĚ ĂĐƚŝŽŶƐ ƚĂŬĞŶ͘ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ĨŽůůŽǁ ƐƚĂŶĚĂƌĚŝnjĞĚ ŽƉĞƌĂƚŝŶŐ ƉƌŽĐĞĚƵƌĞƐ ƚŽ ƉƌŽŵŽƚĞ ĐŽŶƐŝƐƚĞŶĐLJ ĂŶĚ ĂĐĐƵƌĂĐLJ͕ ĂĚĚƌĞƐƐ ŵĞŵďĞƌ ŝŶƋƵŝƌŝĞƐ ĂŶĚ ƌĞƐŽůǀĞ ƉƌŽďůĞŵƐ ƚŽ ŚĞůƉ ĞŶƐƵƌĞ ƚŚĂƚ ĂƉƉƌŽƉƌŝĂƚĞ ĐŚĂŶŐĞƐ ĂƌĞ ŵĂĚĞ͕ ĂŶĚ ƌĞĨĞƌ ƵŶƌĞƐŽůǀĞĚ ŵĞŵďĞƌ ŐƌŝĞǀĂŶĐĞƐ ƚŽ ĚĞƐŝŐŶĂƚĞĚ ĚĞƉĂƌƚŵĞŶƚƐ ĨŽƌ ĨƵƌƚŚĞƌ ŝŶǀĞƐƚŝŐĂƚŝŽŶ͘ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ĂƌĞ ĂůƐŽ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĂƐƐŝƐƚŝŶŐ ŵĞŵďĞƌƐ ǁŝƚŚ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͕ ŝŶĐůƵĚŝŶŐ ƉĞƌĨŽƌŵŝŶŐ ĚĂƚĂ ĞŶƚƌLJ ĨŽƌ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĚŝƐĞŶƌŽůůŵĞŶƚƐ ĂƐ ŶĞĞĚĞĚ͕ ĂƐƐŝƐƚŝŶŐ ŵĞŵďĞƌƐ ǁŝƚŚ ŵĞĚŝĐĂů ĞdžĞŵƉƚŝŽŶƐ ĂŶĚ ǁĂŝǀĞƌ ŝŶƋƵŝƌŝĞƐ͕ ĂŶĚ ƉƌŽǀŝĚŝŶŐ ŵĞŵďĞƌƐ ǁŝƚŚ ƚŚĞ ƐƚĂƚƵƐ ŽĨ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĚŝƐĞŶƌŽůůŵĞŶƚ͕ ŵĞĚŝĐĂů ĞdžĞŵƉƚŝŽŶƐ͕ ĂŶĚ ǁĂŝǀĞƌƐ͘ ŶƌŽůůŵĞŶƚ >ĞĂĚƐ ĨŽůůŽǁ ĞƐƚĂďůŝƐŚĞĚ ŐƵŝĚĞůŝŶĞƐ͕ ĨŽĐƵƐŝŶŐ ŽŶ ƉƌŽďůĞŵ ĂƌĞĂƐ͕ ĐŽĂĐŚŝŶŐ͕ ĂŶĚ ĐŽŵƉůĞƚŝŶŐ ƌĞƋƵŝƌĞĚ ƌĞƉŽƌƚŝŶŐ͘ dŚĞLJ ĂůƐŽ ĐŽŽƌĚŝŶĂƚĞ ĐĂůů ĐĞŶƚĞƌ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ Ăůů ƌĞůĂƚĞĚ ĐĂůů ĐĞŶƚĞƌ ĂĐƚŝǀŝƚŝĞƐ ǁŝƚŚ ŝŶƉƵƚ ĨƌŽŵ ^ƵƉĞƌǀŝƐŽƌƐ͘ ŶƌŽůůŵĞŶƚ >ĞĂĚƐ ŵŽŶŝƚŽƌ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ĂŶĚ ĂƚĂ ŶƚƌLJ ƐƚĂĨĨ͕ ĂŶĚ ƉƌŽǀŝĚĞ ĨĞĞĚďĂĐŬ ƚŽ ƐƚĂĨĨ ƚŽ ŝŵƉƌŽǀĞ ƉĞƌĨŽƌŵĂŶĐĞ͘ dŚĞLJ ǁŽƌŬ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƐƚĂĨĨ ŵĞŵďĞƌƐ ĂƌĞ ĂƉƉƌŽƉƌŝĂƚĞůLJ ƚƌĂŝŶĞĚ ĂŶĚ ƉƌŽĐĞƐƐĞƐ ĂƌĞ ǁŽƌŬŝŶŐ ƚŽ ƐƵƉƉŽƌƚ ŵĞŵďĞƌ ŶĞĞĚƐ͘ ŶƌŽůůŵĞŶƚ >ĞĂĚƐ ǁŝůů ǁŽƌŬ ǁŝƚŚ ^ƵƉĞƌǀŝƐŽƌƐ ƚŽ ƐĐŚĞĚƵůĞ ĂŶĚ ŽƌŐĂŶŝnjĞ ƉĞƌƐŽŶŶĞů ƚŽ ĞĨĨĞĐƚŝǀĞůLJ ŵŽŶŝƚŽƌ ĐĂůů ĐĞŶƚĞƌ ƉĞĂŬ ƚŝŵĞƐ ĂŶĚ ĞŶƐƵƌĞ ƚŚĞ ŽǀĞƌĂůů ǀŽůƵŵĞ ŽĨ ǁŽƌŬ ƉƌŽĚƵĐĞĚ ŵĞĞƚƐ Žƌ ĞdžĐĞĞĚƐ ƋƵĂůŝƚLJ ƐƚĂŶĚĂƌĚƐ͘ dŚĞLJ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ͛Ɛ ŐŽĂůƐ͕ ĂƐ ǁĞůů ĂƐ ƐƚĂŶĚĂƌĚƐ ĂƐƐŝŐŶĞĚ ďLJ ŵĂŶĂŐĞŵĞŶƚ͕ ĂŶĚ ǁŝůů ŵĂŬĞ ƐƵƌĞ ƚŚĂƚ ůŝŶĞ ƐƚĂĨĨ ĂƌĞ ƉƌŽǀŝĚĞĚ ǁŝƚŚ ĂŶĚ ŵĂŝŶƚĂŝŶ ƵƉͲƚŽͲĚĂƚĞ ŬŶŽǁůĞĚŐĞ ŽĨ Ăůů ƉƌŽŐƌĂŵ ƵƉĚĂƚĞƐ ĂŶĚ ĐŚĂŶŐĞƐ͘ &ƌŽŶƚůŝŶĞ ^ƚĂĨĨ ŶƌŽůůŵĞŶƚ ^ƵƉĞƌǀŝƐŽƌƐ ŚĂŶĚůĞ ƐƵƉĞƌǀŝƐŝŽŶ ŽĨ ĐĂůů ĐĞŶƚĞƌ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ Ăůů ƌĞůĂƚĞĚ ĐĂůů ĐĞŶƚĞƌ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ͕ ŵŽŶŝƚŽƌ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ĂƐƐŝŐŶĞĚ ƐƚĂĨĨ͕ ŚĞůƉ ĞŶƐƵƌĞ ƚŚĂƚ ƚĞĂŵƐ ŵĞĞƚ Žƌ ĞdžĐĞĞĚ ƚŚĞ ^ƚĂƚĞ͛Ɛ ĐŽŶƚƌĂĐƚƵĂů ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ĂŶĚ ĞĨĨĞĐƚŝǀĞůLJ ƐĐŚĞĚƵůĞ ƚĞĂŵƐ ƚŽ ĨĂĐŝůŝƚĂƚĞ ĂƉƉƌŽƉƌŝĂƚĞ ĐŽǀĞƌĂŐĞ ƚŚĂƚ ŵĞĞƚƐ Žƌ ĞdžĐĞĞĚƐ ƋƵĂůŝƚLJ ƐƚĂŶĚĂƌĚƐ͕ ĞƐƉĞĐŝĂůůLJ ĚƵƌŝŶŐ ƉĞĂŬ ĐĂůů ǀŽůƵŵĞƐ͕ ďƌĞĂŬƐ͕ ĂŶĚ ůƵŶĐŚ ƉĞƌŝŽĚƐ͘ dŚĞƐĞ ŝŶĚŝǀŝĚƵĂůƐ ŵŽŶŝƚŽƌ͕ ĞǀĂůƵĂƚĞ͕ ĂŶĚ ĚŝƐƚƌŝďƵƚĞ ĚĂŝůLJ ǁŽƌŬůŽĂĚ ƚŽ ƐƚĂĨĨ͕ ĂŶĚ ƵƐĞ ƚŚĞ ƉƌŽǀŝĚĞĚ ĐĂůů ĐĞŶƚĞƌ ƚŽŽůƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƉĞƌĨŽƌŵĂŶĐĞ ůĞǀĞů ŵĞƚƌŝĐƐ ĂƌĞ ŵĞƚ ĨŽƌ ƉŚŽŶĞ ĐĂůůƐ ĂŶĚ Ăůů ŽƚŚĞƌ ĂƐƐŝŐŶĞĚ ĞŶƌŽůůŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ͘ ŶƌŽůůŵĞŶƚ ^ƵƉĞƌǀŝƐŽƌƐ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ͛Ɛ ŐŽĂůƐ͕ ĂƐ ǁĞůů ĂƐ ƚŚŽƐĞ ĂƐƐŝŐŶĞĚ ďLJ ŵĂŶĂŐĞŵĞŶƚ͘ ^ĞƌǀŝĐĞͲKƌŝĞŶƚĞĚ ,ŝƌŝŶŐ WƌĂĐƚŝĐĞƐ͗ ŝĚĞŶƚŝĨLJŝŶŐ ĐĂŶĚŝĚĂƚĞƐ ǁŚŽ ƉŽƐƐĞƐƐ ĂƉƉƌŽƉƌŝĂƚĞ ΗƐŽĨƚ ƐŬŝůůƐ͕Η ƐƵĐŚ ĂƐ ĞŵƉĂƚŚLJ͕ Žƌ ŽƚŚĞƌ ƚƌĂŝƚƐ ĂŶĚ ƋƵĂůŝƚŝĞƐ ƚŚĂƚ ĂůŝŐŶ ǁŝƚŚ ,,^ ĂŶĚ D y/Dh^ ƐƚĂŶĚĂƌĚƐ ZĞĂů :Žď WƌĞǀŝĞǁ dĞĐŚŶŝƋƵĞƐ͗ ŐŝǀĞƐ ƉƌŽƐƉĞĐƚŝǀĞ ĞŵƉůŽLJĞĞƐ ĂŶ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ŐĂŝŶ ĂŶ ŝŶͲĚĞƉƚŚ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ ƉŽƐŝƚŝŽŶ ĨŽƌ ǁŚŝĐŚ ƚŚĞLJ ĂƌĞ ĂƉƉůLJŝŶŐ ƚŚƌŽƵŐŚ Ă ǀĂƌŝĞƚLJ ŽĨ ĨŽƌŵĂƚƐ ƐƵĐŚ ĂƐ ǀŝĚĞŽƐ͕ WŽǁĞƌWŽŝŶƚ ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ĂŶĚ ŽŶĞͲŽŶͲŽŶĞ ĨĞĞĚďĂĐŬ͘ dŚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ŽďƚĂŝŶ Ă ƌĞĂůŝƐƚŝĐ ĐŽŶĐĞƉƚ ŽĨ ƚŚĞ ĂĐƚƵĂů ũŽď ŚĞůƉƐ ŝĚĞŶƚŝĨLJ ƐĞƌŝŽƵƐ ĐĂŶĚŝĚĂƚĞƐ ĂŶĚ ƌĞĚƵĐĞƐ ƚŚĞ ůŝŬĞůŝŚŽŽĚ ŽĨ ŶĞǁ ƐƚĂĨĨ ƌĞƐŝŐŶĂƚŝŽŶƐ͘ „ „ WĂŐĞ ϴ͘ϭϰͲϲ ŽĨ ϭϬ ĨĨĞĐƚŝǀĞ ^ƚĂĨĨ ^ĐƌĞĞŶŝŶŐ͗ ĂŶ ĂƐƐĞƐƐŵĞŶƚƐͲďĂƐĞĚ ƌĞĐƌƵŝƚŵĞŶƚ ŵŽĚĞů ŝŶ ǁŚŝĐŚ ĐĂŶĚŝĚĂƚĞƐ ŵƵƐƚ ƐƵĐĐĞƐƐĨƵůůLJ ƉĂƐƐ Ă ƐŬŝůůƐ ĂƐƐĞƐƐŵĞŶƚ ƐƉĞĐŝĨŝĐĂůůLJ ĚĞƐŝŐŶĞĚ ĨŽƌ ƚŚŝƐ ƉƌŽŐƌĂŵ ƚŽ ďĞ ĐŽŶƐŝĚĞƌĞĚ ĨŽƌ ƉŽƐŝƚŝŽŶƐ „ tĞ ŝůůƵƐƚƌĂƚĞ ƚŚĞƐĞ ĂƐƉĞĐƚƐ ŽĨ ŽƵƌ ĂƉƉƌŽĂĐŚ ŝŶ džŚŝďŝƚ ϴ͘ϭϰͲϯ͗ ZĞĐƌƵŝƚŵĞŶƚ DĞƚŚŽĚƐ͘ ŽŵŵƵŶŝƚLJͲ ĂƐĞĚ ^ƚĂĨĨŝŶŐ &ŝƌŵƐ͗ ƐƚĂĨĨŝŶŐ ƉĂƌƚŶĞƌƐ ƌĞĐƌƵŝƚ ĨƌŽŵ ƚŚĞ ůŽĐĂů ĐŽŵŵƵŶŝƚLJ ƚŽ ŝĚĞŶƚŝĨLJ ĐĂŶĚŝĚĂƚĞƐ ǁŝƚŚ Ă ƐƚƌŽŶŐ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ ŶĞĞĚƐ ŽĨ ďĞŶĞĨŝĐŝĂƌŝĞƐ „ ^ƚĂĨĨ ZĞĐƌƵŝƚŝŶŐ ƉƉƌŽĂĐŚ tĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ƌĞĐƌƵŝƚŝŶŐ͕ ŚŝƌŝŶŐ͕ ĂŶĚ ƚƌĂŝŶŝŶŐ ƐŬŝůůĞĚ ƐƚĂĨĨ͕ ĂŶĚ ŚĂǀŝŶŐ Ă ǁĞůůͲƋƵĂůŝĨŝĞĚ ĂŶĚ ĐŽŵŵŝƚƚĞĚ ůĞĂĚĞƌƐŚŝƉ ƚĞĂŵ ĨĂŵŝůŝĂƌ ǁŝƚŚ ĞŶƌŽůůŵĞŶƚ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ EŽƌƚŚ ĂƌŽůŝŶĂͲƐƉĞĐŝĨŝĐ ŝƐƐƵĞƐ͕ ƚŽ ŚĞůƉ ĨƵůĨŝůů ƐĞƌǀŝĐĞ ůĞǀĞů ŵĞƚƌŝĐƐ͘ KƵƌ ƌĞĐƌƵŝƚŵĞŶƚ ƐƚƌĂƚĞŐLJ ĐŽŶƐŝƐƚƐ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ ĞůĞŵĞŶƚƐ͗ YƵĂůŝƚLJ ƐƐƵƌĂŶĐĞ ŶĂůLJƐƚƐ ĂƌĞ ŝŶǀŽůǀĞĚ ǁŝƚŚ ƚŚĞ ƉůĂŶŶŝŶŐ͕ ŽƌŐĂŶŝnjĂƚŝŽŶ͕ ĂŶĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ ƋƵĂůŝƚLJ ĂƐƐƵƌĂŶĐĞ ƉůĂŶ͘ Y ŶĂůLJƐƚƐ ĞdžĞĐƵƚĞ ĂƵĚŝƚƐ ŽĨ ƐƚĂĨĨ ƉĞƌĨŽƌŵĂŶĐĞ ƵƐŝŶŐ ƚŽŽůƐ ĚĞǀĞůŽƉĞĚ ƐƉĞĐŝĨŝĐĂůůLJ ĨŽƌ ĞĂĐŚ ƌŽůĞ ŽŶ Ă ƐĐŚĞĚƵůĞ ĂŐƌĞĞĚ ƵƉŽŶ ďLJ ƚŚĞ ƉƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚ ƚĞĂŵ ĂŶĚ ƚŚĞ ^ƚĂƚĞ͘ dŚĞLJ ĂƐƐĞƐƐ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ͛ ƉĞƌĨŽƌŵĂŶĐĞ ;ŝŶĐůƵĚŝŶŐ ĐĂůů ŚĂŶĚůŝŶŐͿ͕ ĞŶƚĞƌ ƌĞƐƵůƚƐ ŽĨ ĂƵĚŝƚƐ ŝŶƚŽ ƋƵĂůŝƚLJͲŵŽŶŝƚŽƌŝŶŐ ƚŽŽů͕ ĂŶĚ ƉƌŽǀŝĚĞ ƌĞƐƵůƚƐ ŝŶ ŝŶĚŝǀŝĚƵĂů ĂŶĚ ĂŐŐƌĞŐĂƚĞ ĨŽƌŵ ƚŽ ƚŚĞ WƌŽũĞĐƚ ŝƌĞĐƚŽƌ ĂŶĚ Y ŵĂŶĂŐĞŵĞŶƚ ƚĞĂŵ͘ dŚĞLJ ĂůƐŽ ĐŽŽƌĚŝŶĂƚĞ ĂŶĚ ĚĞǀĞůŽƉ ƋƵĂůŝƚLJ ŵŽŶŝƚŽƌŝŶŐ ƚŽŽůƐ ĨŽƌ ĞĂĐŚ ƉƌŽĚƵĐƚŝŽŶ ĚĞƉĂƌƚŵĞŶƚ ŝŶ ƚŚĞ ƉƌŽũĞĐƚ͕ ĂŶĚ ĐŽůůĂďŽƌĂƚĞ ǁŝƚŚ ƚŚĞ ƚƌĂŝŶŝŶŐ ƚĞĂŵ ŽŶ ŽƉƉŽƌƚƵŶŝƚŝĞƐ Žƌ ĚĞĨĞĐƚƐ ŝĚĞŶƚŝĨŝĞĚ ƚŚƌŽƵŐŚ ĂƵĚŝƚƐ ƚŚĂƚ ƚŚĞ ƚƌĂŝŶŝŶŐ ƚĞĂŵ ƐŚŽƵůĚ ĂĚĚƌĞƐƐ͘ dƌĂŝŶĞƌƐ ƌĞƐĞĂƌĐŚ͕ ƉůĂŶ͕ ŽƌŐĂŶŝnjĞ͕ ĂŶĚ ĐŽŶĚƵĐƚ ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵƐ ĂŶĚ ƐĞŵŝŶĂƌƐ͘ dƌĂŝŶĞƌƐ ǁŝůů ĂƐƐŝƐƚ ŝŶ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ͕ ǁƌŝƚŝŶŐ͕ ĂŶĚ ĐŽŽƌĚŝŶĂƚŝŶŐ ŽĨ ƚƌĂŝŶŝŶŐ ŵĂŶƵĂůƐ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ƚŚĞ YƵĂůŝƚLJ ƐƐƵƌĂŶĐĞ ƚĞĂŵ͘ dŚĞ ƚƌĂŝŶŝŶŐ ŵĂŶƵĂůƐ ŝŶĐůƵĚĞ ĐŽƵƌƐĞ ĐŽŶƚĞŶƚ͕ ĐŚĂƌƚƐ͕ ǁĞďŝŶĂƌƐ͕ ƐůŝĚĞƐ ĂŶĚ ƐŽ ŽŶ͘ dƌĂŝŶĞƌƐ ǁƌŝƚĞ ŵĂƚĞƌŝĂů ĨŽƌ ŶĞǁ ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵƐ ĂŶĚ ƌĞǀŝĞǁ͕ ĞǀĂůƵĂƚĞ͕ ĂŶĚ ŵŽĚŝĨLJ ĞdžŝƐƚŝŶŐ ĂŶĚ ƉƌŽƉŽƐĞĚ ƉƌŽŐƌĂŵƐ͘ dŚĞLJ ƐĐŚĞĚƵůĞ ƚƌĂŝŶŝŶŐ ƐĞƐƐŝŽŶƐ ǁŝƚŚŝŶ ŝŶĚŝǀŝĚƵĂů ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵƐ ǀĞƌŝĨLJŝŶŐ ĨĂĐŝůŝƚLJ ƐĞƚƵƉ͕ ĂƵĚŝŽǀŝƐƵĂů ƐĞƚƵƉ͕ ĂŶĚ ĞŵƉůŽLJĞĞ ŶŽƚŝĨŝĐĂƚŝŽŶ͘ dƌĂŝŶĞƌƐ ŵŽŶŝƚŽƌ Ăůů ƚƌĂŝŶŝŶŐ ƚŽŽůƐ ĨŽƌ ĞĨĨĞĐƚŝǀĞŶĞƐƐ͕ ĚĞǀĞůŽƉ ĂŶĚ ŵĂŝŶƚĂŝŶ ƚƌĂŝŶŝŶŐ ƚĞƐƚŝŶŐ ĂŶĚ ƐƵƌǀĞLJ ƚŽŽůƐ͕ ĂŶĚ ĂƐƐĞƐƐ ƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵƐ ĚĞǀĞůŽƉĞĚ ĂŶĚͬŽƌ ĂĚŵŝŶŝƐƚĞƌĞĚ͘ dƌĂŝŶĞƌƐ ǁŝůů ŚĞůƉ ĞŶƐƵƌĞ ƚŚĂƚ Ăůů ƋƵĂůŝƚLJ ĂŶĚ ƚƌĂŝŶŝŶŐ ŐƵŝĚĞůŝŶĞƐ ŵĞĞƚ ƐƚĂŶĚĂƌĚƐ ƐĞƚ ďLJ ƚŚĞ ^ƚĂƚĞ͘ KƵƚƌĞĂĐŚ ^ƉĞĐŝĂůŝƐƚƐ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ĐŽŽƌĚŝŶĂƚŝŽŶ ŽĨ ŽƵƚƌĞĂĐŚ ĞǀĞŶƚƐ ĂŶĚ ŽŶŐŽŝŶŐ ƐƵƉƉŽƌƚ ĨŽƌ ƚŚĞ ůŽĐĂů ^^ ŽĨĨŝĐĞƐ͘ KƵƚƌĞĂĐŚ ^ƉĞĐŝĂůŝƐƚƐ ǁŝůů ƐĐŚĞĚƵůĞ ŽƵƚƌĞĂĐŚ ĂĐƚŝǀŝƚŝĞƐ͕ ĞŶƐƵƌĞ ĂĚĞƋƵĂƚĞ ƐƚĂĨĨŝŶŐ Ăƚ Ăůů ĐŽŵŵƵŶŝƚLJ ĞǀĞŶƚƐ͕ ĂŶĚ ƉƌŽǀŝĚĞ ŽŶŐŽŝŶŐ ƚƌĂŝŶŝŶŐ ĂŶĚ ƐƵƉƉŽƌƚ ƚŽ ůŽĐĂů ^^ ƐƚĂĨĨ ƐŽ ƚŚĂƚ ƚŚĞLJ ĐĂŶ ƉƌŽǀŝĚĞ ŝŶͲ ƉĞƌƐŽŶ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ͘ KƵƚƌĞĂĐŚ ^ƉĞĐŝĂůŝƐƚƐ ǁŝůů ŵĂŝŶƚĂŝŶ ƉŽƐŝƚŝǀĞ ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ ĐŽƵŶƚLJ ƐƚĂĨĨ͕ ĐŽŵŵƵŶŝƚLJ ŐƌŽƵƉƐ͕ ĂŶĚ DĞĚŝĐĂŝĚ ŵĞŵďĞƌƐ͕ ǁŽƌŬŝŶŐ ĐůŽƐĞůLJ ǁŝƚŚ ĐŽŵŵƵŶŝƚLJͲďĂƐĞĚ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ƚŽ ƐƵƉƉŽƌƚ ĞŶƌŽůůŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ͘ dŚĞLJ ǁŝůů ĐŽŽƌĚŝŶĂƚĞ ĂŶĚ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ĐŽŵŵƵŶŝƚLJ ŚĞĂůƚŚ ĨĂŝƌƐ ĂƐ ŶĞĞĚĞĚ͕ ĂŶĚ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĐŽŵƉůĞƚŝŶŐ ƌĞƉŽƌƚƐ ŽŶ ĞŶƌŽůůŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ͘ ƉƉĞĂůƐ ^ƉĞĐŝĂůŝƐƚƐ ĨĂĐŝůŝƚĂƚĞ ŵĞŵďĞƌ ĂƉƉĞĂůƐ ĂŶĚ ǁŽƌŬ ƚŽ ĞŶƐƵƌĞ ƚŚĞ ĞƐƚĂďůŝƐŚĞĚ ƉƌŽĐĞƐƐ ŝƐ ĨŽůůŽǁĞĚ͘ ƉƉĞĂůƐ ƐƚĂĨĨ ŵĞŵďĞƌƐ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƉƌĞůŝŵŝŶĂƌLJ ƌĞǀŝĞǁ ŽĨ ĐĂƐĞƐ ĂŶĚ ǀĂůŝĚĂƚŝŶŐ ĚĂƚĂ ĨƌŽŵ ĂƉƉůŝĐĂƚŝŽŶƐ ƚŽ ŝĚĞŶƚŝĨLJ ƉŽƚĞŶƚŝĂů ĞůŝŐŝďŝůŝƚLJ ŝƐƐƵĞƐ͘ ƉƉĞĂůƐ ƐƚĂĨĨ ĂƐƐĞƐƐ ƚŚĞ ĐŽŵƉůĞƚĞŶĞƐƐ ŽĨ ŵĞĚŝĐĂů ƌĞĐŽƌĚƐ ƌĞĐĞŝǀĞĚ ĂŶĚ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ŵĞĚŝĐĂů ƐƉĞĐŝĂůƚLJ ƌĞƋƵŝƌĞĚ ƚŽ ĐŽŶĚƵĐƚ Ă ŵĞĚŝĐĂů ƌĞǀŝĞǁ͘ dŚĞLJ ǁŝůů ƚƌĂŶƐĨĞƌ ĐŽŵƉůĞƚĞ ĐĂƐĞ ĨŝůĞƐ ƚŽ ƚŚĞ ŵĞĚŝĐĂů ƌĞǀŝĞǁĞƌ͕ ĂƐƐĞƐƐ ĨŝŶĂů ĚĞƚĞƌŵŝŶĂƚŝŽŶ ĨŽƌ ĐŽŵƉůĞƚĞŶĞƐƐ͕ ĂŶĚ ĂƐƐƵƌĞ ƚŚĂƚ ĂƵƚŚŽƌŝƚŝĞƐ ĐŝƚĞĚ ĂƌĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ĚŝƐƉƵƚĞĚ ƚƌĞĂƚŵĞŶƚƐ͘ DĂŬŝŶŐ ƐƵƉĞƌǀŝƐŽƌ ŽǀĞƌƐŝŐŚƚ ŵŽƌĞ ĨŽĐƵƐĞĚ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ďLJ ůŝŶŬŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ Žƌ ĂƚƚƌŝƚŝŽŶ ƌŝƐŬƐ ƚŽ ǁŽƌŬƉůĂĐĞ ĐŚĂůůĞŶŐĞƐ ůŝŬĞ ĐŚŝůĚ ĐĂƌĞ͕ ƐĐŚĞĚƵůŝŶŐ ĨůĞdžŝďŝůŝƚLJ ƚŽ ĚĞĂů ǁŝƚŚ ĨĂŵŝůLJ ƉƌŽďůĞŵƐ͕ ĂŶĚ ĐůŝĞŶƚ ƐƵƉƉŽƌƚ ƐŝƚƵĂƚŝŽŶƐ ƚŚĂƚ ĂƌĞ ƉĞƌĐĞŝǀĞĚ ĂƐ ǀĞƌLJ ĐŽŵƉůĞdž Žƌ ĚŝĨĨŝĐƵůƚ WƌĞǀĞŶƚŝŶŐ ĂǀŽŝĚĂďůĞ ƚĞƌŵŝŶĂƚŝŽŶƐ ƚŚĂƚ ĐĂŶ ĂĚǀĞƌƐĞůLJ ĂĨĨĞĐƚ ĂůŝŐŶŵĞŶƚ ďĞƚǁĞĞŶ ǁŽƌŬůŽĂĚ ĂŶĚ ƚĞĂŵ ĐĂƉĂĐŝƚLJ „ „ WĂŐĞ ϴ͘ϭϰͲϳ ŽĨ ϭϬ WƌŽǀŝĚŝŶŐ ƐƵƉĞƌǀŝƐŽƌƐ ǁŝƚŚ ŝŶƐŝŐŚƚƐ ƚŚĂƚ ĐŽŵƉůĞŵĞŶƚ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĞLJ ŐĂƚŚĞƌ ƚŚƌŽƵŐŚ ŽďƐĞƌǀĂƚŝŽŶƐ ĂŶĚ ĚĂŝůLJ ŝŶƚĞƌĂĐƚŝŽŶƐ ǁŝƚŚ ƚŚĞŝƌ ǁŽƌŬĞƌƐ ĂŶĚ ƚĞĂŵƐ „ dŚĞ ƚŽŽů ƉƌŽĚƵĐĞƐ ƉƌĂĐƚŝĐĂů ďĞŶĞĨŝƚƐ ƚŚĂƚ ƐƵƉƉŽƌƚ ,,^ ƋƵĂůŝƚLJ ŵĂdžŝŵŝnjĂƚŝŽŶ ĂŶĚ ĂƚƚƌŝƚŝŽŶ ŵŝŶŝŵŝnjĂƚŝŽŶ ďLJ͗ ŶƐǁĞƌKŶ ĂŶĚ ,ŝĐŬŽƌLJ dŚĞ ĨŝƌƐƚ ŽĨ ƚŚĞƐĞ ĚĂƚĂͲĚƌŝǀĞŶ ƚŽŽůƐ ŝƐ ŶƐǁĞƌKŶΡ͕ Ă ƐŽĨƚǁĂƌĞ ƉƌŽĚƵĐƚ ƚŚĂƚ ĂĐĐƵƌĂƚĞůLJ ƉƌĞĚŝĐƚƐ Ă ǁŽƌŬĞƌΖƐ ƉƌŽƉĞŶƐŝƚLJ ƚŽ ƋƵŝƚ͘ /ƚ ĂŶĂůLJnjĞƐ ĚĂƚĂ ĨƌŽŵ E/ / y ĂŶĚ ŽƵƌ ƋƵĂůŝƚLJ ŵŽŶŝƚŽƌŝŶŐ ƉƌŽĐĞƐƐĞƐ ƚŽ ŝĚĞŶƚŝĨLJ ŝŶĚŝǀŝĚƵĂůƐ ǁŚŽƐĞ ŽƵƚƉƵƚ ĂŶĚ ƐĐŚĞĚƵůŝŶŐ ƌĞůŝĂďůLJ ƐƵŐŐĞƐƚ ĂŶ ĂƚƚƌŝƚŝŽŶ ƌŝƐŬ͘ Ɛ ƚŚĞ ƐLJƐƚĞŵ ĐŽůůĞĐƚƐ ŵŽƌĞ ĚĂƚĂ ŽǀĞƌ ƚŝŵĞ͕ ƚŚĞ ĂůŐŽƌŝƚŚŵ ďĞĐŽŵĞƐ ŝŶĐƌĞĂƐŝŶŐůLJ ĂĐĐƵƌĂƚĞ͘ /Ŷ ƉƌŽũĞĐƚƐ ǁŚĞƌĞ ǁĞ ƵƐĞ ŶƐǁĞƌKŶ͕ ǁĞ ĞdžƉĞƌŝĞŶĐĞĚ Ă ϲϭ ƉĞƌĐĞŶƚ ƌĞĚƵĐƚŝŽŶ ŝŶ ĂƚƚƌŝƚŝŽŶ ƚŚƌŽƵŐŚ ƚĂƌŐĞƚĞĚ ƐƵƉĞƌǀŝƐŽƌ ŝŶƚĞƌǀĞŶƚŝŽŶƐ ǁŝƚŚ ǁŽƌŬĞƌƐ ƚŚĂƚ ǁĞƌĞ ŝĚĞŶƚŝĨŝĞĚ ĂƐ ŚŝŐŚ ƌŝƐŬ͘ D y/Dh^ ǁŝůů ĚĞƉůŽLJ ŶƐǁĞƌKŶ ƚŽ ŝĚĞŶƚŝĨLJ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ǁŚŽ ǁŝůů ďĞŶĞĨŝƚ ĨƌŽŵ ĞŶĐŽƵƌĂŐĞŵĞŶƚ ĂŶĚ ŵĞŶƚŽƌŝŶŐ͘ dŝŵĞůLJ ƐƵƉĞƌǀŝƐŽƌLJ ŝŶƚĞƌǀĞŶƚŝŽŶ ƉƌŽŵƉƚĞĚ ďLJ ŶƐǁĞƌKŶ ĚĂƚĂ ǁŝůů ŬĞĞƉ ŽƵƌ ƚĞĂŵƐ ŵŽƚŝǀĂƚĞĚ ĂŶĚ ďƵŝůĚ ůŽLJĂůƚLJ͘ ^ƚĂĨĨ ZĞƚĞŶƚŝŽŶ ƉƉƌŽĂĐŚ /Ŷ ŽƌĚĞƌ ƚŽ ƌĞĚƵĐĞ ŽŶŐŽŝŶŐ ƐƚĂĨĨ ĂƚƚƌŝƚŝŽŶ ĂŶĚ ĚƌŝǀĞ ŚŝŐŚ ƋƵĂůŝƚLJ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ͕ ǁĞ ŽĨĨĞƌ ƚǁŽ ƚĞĐŚŶŽůŽŐLJͲďĂƐĞĚ ŝŶŶŽǀĂƚŝŽŶƐ ƚŚĂƚ ĂĚĚƌĞƐƐ ĂƚƚƌŝƚŝŽŶ ďLJ ƵƐŝŶŐ ĚĂƚĂ ƚŽ ƚƌĂĐŬ ƐƚĂĨĨ ƉƌŽĚƵĐƚŝǀŝƚLJ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ĐŽŶĐĞƌŶƐ͘ tĞ ƐƚĂƌƚ ƚŚĞ ƌĞĐƌƵŝƚŝŶŐ ƉƌŽĐĞƐƐ ďLJ ƵƐŝŶŐ Ă ĐŽŶƚŝŶƵŽƵƐ ĂƉƉƌŽĂĐŚ͕ ĂĚǀĞƌƚŝƐŝŶŐ ŽƉĞŶ ƉŽƐŝƚŝŽŶƐ ďŽƚŚ ůŽĐĂůůLJ ĂŶĚ ŶĂƚŝŽŶĂůůLJ ƚŚƌŽƵŐŚ ũŽď ĨĂŝƌƐ͕ ũŽď ďůĂƐƚƐ͕ ĂŶĚ ũŽď ďŽĂƌĚƐ͕ ĂŶĚ ďLJ ǁŽƌŬŝŶŐ ǁŝƚŚ ůŽĐĂů ƐƚĂĨĨŝŶŐ ĂŐĞŶĐŝĞƐ͘ dŚĞ ƌĞƐƉŽŶĚŝŶŐ ĐĂŶĚŝĚĂƚĞƐ ĂƌĞ ƐĐƌĞĞŶĞĚ ƚŽ ƉƌĞͲƋƵĂůŝĨLJ ƚŚĞŵ͕ ŝĚĞŶƚŝĨLJŝŶŐ ƚŚŽƐĞ ǁŚŽ ĂƌĞ ƚŚĞ ƌŝŐŚƚ Ĩŝƚ ĨŽƌ ĞĂĐŚ ũŽď ƌŽůĞ ĂŶĚ ǁŚŽ ǁŝůů ŚĞůƉ ĚƌŝǀĞ ƚŚĞ D y/Dh^ ƋƵĂůŝƚLJ ĂƉƉƌŽĂĐŚ͘ tĞ ǁŝůů ǁŽƌŬ ƚŚƌŽƵŐŚ ĂƌƚĞĐŚ͕ ŽƵƌ ƐƚĂĨĨŝŶŐ ƉĂƌƚŶĞƌ͕ ƚŽ ĞŶŐĂŐĞ ƐƚĂĨĨŝŶŐ ĨŝƌŵƐ ǁŝƚŚ Ă ůŽĐĂů ƉƌĞƐĞŶĐĞ ƚŽ ŚĞůƉ ƵƐ ŽƉƚŝŵĂůůLJ ƌĞƉƌĞƐĞŶƚ ƚŚĞ ĚĞŵŽŐƌĂƉŚŝĐƐ ĂŶĚ ĐƵůƚƵƌĞ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͖ ƚŚŝƐ ŝŶĐůƵĚĞƐ ƐĞĞŬŝŶŐ ŵƵůƚŝůŝŶŐƵĂů ĐĂŶĚŝĚĂƚĞƐ ƐĞŶƐŝƚŝǀĞ ƚŽ ƚŚĞ ƚƌŝďĂů ŶĞĞĚƐ ŽƵƚůŝŶĞĚ ŝŶ ƚŚĞ Z&W͘ tĞ ĐĂŶ ƚŚĞŶ ŵĂŝŶƚĂŝŶ Ă ĚĂƚĂďĂƐĞ ŽĨ ƚŚĞƐĞ ƉƌĞͲƋƵĂůŝĨŝĞĚ ĐĂŶĚŝĚĂƚĞƐ ƚŽ ďƌŝŶŐ ŽŶ ƚŽ ƚŚĞ ƉƌŽũĞĐƚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƐƚĂĨĨŝŶŐ ŶĞĞĚƐ ĂŶĚ ĨŽƌĞĐĂƐƚƐ͘ &Žƌ Ă ŵĂũŽƌŝƚLJ ŽĨ ŽƵƌ ƐƚĂƚĞ ĐůŝĞŶƚƐ͕ ǁĞ ĐĂŶ ĐƌĞĂƚĞ Ă ůĂƌŐĞ ƉŝƉĞůŝŶĞ ŽĨ ůŽĐĂů ĐĂŶĚŝĚĂƚĞƐ ǁŝƚŚŝŶ ƚǁŽ ǁĞĞŬƐ͘ D y/Dh^ ƉŽƐƐĞƐƐĞƐ ƚŚĞ ĞdžƉĞƌŝĞŶĐĞ͕ ĐĂƉĂĐŝƚLJ͕ ƌĞƐŽƵƌĐĞƐ͕ ĂŶĚ ƐƉĞĐŝĨŝĐ ƌĞĐƌƵŝƚŝŶŐ ŬŶŽǁůĞĚŐĞ ŶĞĐĞƐƐĂƌLJ ƚŽ ĂƚƚƌĂĐƚ͕ ŚŝƌĞ͕ ĂŶĚ ƌĞƚĂŝŶ ƋƵĂůŝĨŝĞĚ ƉĞƌƐŽŶŶĞů ǁŝƚŚ ƚŚĞ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ƐŬŝůů ƐĞƚƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ƐƵƉƉŽƌƚ ,,^͕ ƉƌŽǀŝĚŝŶŐ ŽƉƚŝŵĂů ƐƚĂĨĨ ŶƵŵďĞƌƐ ĨŽƌ ƚŚĞ ƐƚĂƌƚ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ ĂŶĚ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ƐƚĂĨĨŝŶŐ ŶĞĞĚƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĐŽŶƚƌĂĐƚ ƚĞƌŵ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ůŽĐĂů ƐƚĂĨĨŝŶŐ ĨŝƌŵƐ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ ĂŶĚ ĞƐƚĂďůŝƐŚ Ă ƐƚƌŽŶŐ ƉƌĞƐĞŶĐĞ Ăƚ ůŽĐĂů ũŽď ĨĂŝƌƐ͖ ǁĞ ǁŝůů ĂůƐŽ ƐĞĂƌĐŚ ůŽĐĂů ƚĂůĞŶƚ ƉŽŽůƐ ƚŽ ŝĚĞŶƚŝĨLJ ƉĞƌƐŽŶŶĞů ĨĂŵŝůŝĂƌ ǁŝƚŚ ƐƚĂƚĞ ƉƌŽŐƌĂŵƐ͘ ůƚŚŽƵŐŚ ǁĞ ĐĂŶ ĚŝƐĐĞƌŶ ĐĂŶĚŝĚĂƚĞ ƋƵĂůŝĨŝĐĂƚŝŽŶƐ ĨƌŽŵ ĂƉƉůŝĐĂƚŝŽŶƐ͕ ƌĞƐƵŵĞƐ͕ ĂŶĚ ŝŶƚĞƌǀŝĞǁƐ͕ ǁĞ ƐƉĞŶĚ ĞdžƚĞŶƐŝǀĞ ƚŝŵĞ ĂŶĚ ĞĨĨŽƌƚ ƚŽ ĂƐƐĞƐƐ ƚŚĞ ƉĞƌƐŽŶĂů ƋƵĂůŝƚŝĞƐ ĞƐƐĞŶƚŝĂů ĨŽƌ ŚŝŐŚͲƋƵĂůŝƚLJ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ͕ ƐƵĐŚ ĂƐ ĞŵƉĂƚŚLJ͕ ŐŽŽĚ ůŝƐƚĞŶŝŶŐ ƐŬŝůůƐ͕ ĐŽŵƉƵƚĞƌ ƐŬŝůůƐ͕ ĂďŝůŝƚLJ ƚŽ ŵĂŝŶƚĂŝŶ ĐŽŶĨŝĚĞŶƚŝĂůŝƚLJ͕ ĐƵůƚƵƌĂů ƐĞŶƐŝƚŝǀŝƚLJ͕ ĂŶĚ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ǁŽƌŬ ŝŶ Ă ŚŝŐŚůLJ ƌĞŐƵůĂƚĞĚ ĞŶǀŝƌŽŶŵĞŶƚ͘ KƵƌ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ ƉƌŽǀŝĚĞƐ ƵƐ ǁŝƚŚ ĂŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ ŶĞĞĚƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ džŚŝďŝƚ ϴ͘ϭϰͲϯ͗ ZĞĐƌƵŝƚŵĞŶƚ ůĞŵĞŶƚƐ͘ tĞ ƵƐĞ Ă ŵƵůƚŝͲĨĂĐĞƚĞĚ ƌĞĐƌƵŝƚŵĞŶƚ ĂŶĚ ŚŝƌŝŶŐ ĂƉƉƌŽĂĐŚ ƚŽ ďƌŝŶŐ ƋƵĂůŝĨŝĞĚ͕ ŚŝŐŚͲƉĞƌĨŽƌŵŝŶŐ ĐĂŶĚŝĚĂƚĞƐ ƚŽ ƚŚĞ ƉƌŽũĞĐƚ͘ EĞĂƌͲƌĞĂůͲƚŝŵĞ ŝŶƉƵƚ ƚŚĂƚ ƚƌĂĐŬƐ ǁŽƌŬĞƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ŬĞLJ ĐŽŶĐĞƉƚƐ͕ ĞŶĂďůŝŶŐ ƐƵƉĞƌǀŝƐŽƌƐ ƚŽ ŵŝƚŝŐĂƚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŐĂƉƐ ƚŚƌŽƵŐŚ ƐƵƉƉůĞŵĞŶƚĂƌLJ ƚƌĂŝŶŝŶŐ ŵĂƚĞƌŝĂůƐ Žƌ ŽŶĞͲŽŶͲŽŶĞ ŝŶƚĞƌǀĞŶƚŝŽŶƐ ZĂƉŝĚ ĚŝƐƚƌŝďƵƚŝŽŶ ŽĨ ŚŝŐŚͲƉƌŝŽƌŝƚLJ ƉŽůŝĐLJ ĐŚĂŶŐĞƐ ŝŶ Ă ĨŽƌŵĂƚ ƚŚĂƚ ƉƌŽŵŽƚĞƐ ƋƵŝĐŬ ĂŶĚ ƚŚŽƌŽƵŐŚ ƵŶĚĞƌƐƚĂŶĚŝŶŐ dĂƌŐĞƚĞĚ ƚƌĂŝŶŝŶŐ Žƌ ƌĞͲƚƌĂŝŶŝŶŐ ŽŶ ĐŽŶĐĞƉƚƐ Žƌ ƚĂƐŬƐ ƚŚĂƚ ĂƌĞ ŝĚĞŶƚŝĨŝĞĚ ĚƵƌŝŶŐ ƚŚĞ ƋƵĂůŝƚLJ ĐŽŶƚƌŽůͬƋƵĂůŝƚLJ ĂƐƐƵƌĂŶĐĞ ƉƌŽĐĞƐƐ ĂƐ ŶĞĞĚŝŶŐ ŵŝƚŝŐĂƚŝŽŶ Ăƚ ƚŚĞ ƚĞĂŵ ůĞǀĞů „ „ „ „ WĂŐĞ ϴ͘ϭϰͲϴ ŽĨ ϭϬ ^ĐĂůĂďůĞ͕ &ůĞdžŝďůĞ tŽƌŬĨŽƌĐĞ͗ D y/Dh^ ƵƐĞƐ Ă ƐŽƉŚŝƐƚŝĐĂƚĞĚ ďƵƐŝŶĞƐƐ ƉƌŽĐĞƐƐ ŵĂƉƉŝŶŐ ; WDͿ ŵĞƚŚŽĚŽůŽŐLJ ƚŽ ƚƌĂŶƐůĂƚĞ ǁŽƌŬ ǀŽůƵŵĞ ĨŽƌĞĐĂƐƚƐ ŝŶƚŽ ƐƚĂĨĨŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ĞĚŝĐĂƚĞĚ ƵƐŝŶĞƐƐ ŶĂůLJƐƚƐ ƵƐĞ ŵŽĚĞůŝŶŐ ĂŶĚ ƐŝŵƵůĂƚŝŽŶ ƚŽŽůƐ ƚŽ ƚĂŬĞ ƉƌŽũĞĐƚͲƐƉĞĐŝĨŝĐ ŝŶƉƵƚƐ ĨƌŽŵ ŽƵƌ ĐůŝĞŶƚƐ ĂŶĚ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ ŐĂŝŶĞĚ ĨƌŽŵ ŽƉĞƌĂƚŝŶŐ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ ĂĐƌŽƐƐ ƚŚĞ ĐŽƵŶƚƌLJ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ŽƉƚŝŵĂů ŶƵŵďĞƌ ŽĨ ƐƚĂĨĨ͘ &ŽƌĞĐĂƐƚŝŶŐ ǀĂƌŝĂďůĞ ĐĂůů ůŽĂĚ ŝƐ Ă ĐƌŝƚŝĐĂů ƉůĂŶŶŝŶŐ ĨƵŶĐƚŝŽŶ͕ ĂŶĚ ƚĂŬĞƐ ŝŶƚŽ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ĐƌŝƚĞƌŝĂ ƐƵĐŚ ĂƐ ĐĂůů ĂƌƌŝǀĂů ƉĂƚƚĞƌŶƐ͕ ĂǀĞƌĂŐĞ ƚĂůŬ ƚŝŵĞ͕ ĂǀĞƌĂŐĞ ĂĨƚĞƌͲĐĂůů ǁŽƌŬ Žƌ ǁƌĂƉͲƵƉ͕ ĂŶĚ ĐĂůů ǀŽůƵŵĞ͘ ŐŽŽĚ ĨŽƌĞĐĂƐƚ ŝŶĐůƵĚĞƐ ƚŚĞ ĐĂƉĂďŝůŝƚLJ ƚŽ ĂĐĐƵƌĂƚĞůLJ ƉƌĞĚŝĐƚ ƚŚĞƐĞ ĐŽŵƉŽŶĞŶƚƐ ĨŽƌ ĨƵƚƵƌĞ ƉĞƌŝŽĚƐ͕ ƌĞĚƵĐŝŶŐ ƚŚĞ ƌŝƐŬ ŽĨ ĞdžƉĞƌŝĞŶĐŝŶŐ ĐĂůů ǀŽůƵŵĞƐ ƚŚĂƚ ĞdžĐĞĞĚ ƐƚĂĨĨŝŶŐ ůĞǀĞůƐ͕ ǁŚŝĐŚ ǁŽƵůĚ ŶĞŐĂƚŝǀĞůLJ ĂĨĨĞĐƚ ĐƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ͘ tĞ ĂůƐŽ ƵƐĞ Ă ǁŽƌŬĨŽƌĐĞ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ ƚŽ ĂůůŽĐĂƚĞ ƐƚĂĨĨ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĚĂLJ ďĂƐĞĚ ŽŶ ĂŶƚŝĐŝƉĂƚĞĚ ĐĂůů ǀŽůƵŵĞƐ ĂŶĚ ƚƌĞŶĚƐ͕ ĐĂůů ŚĂŶĚůĞ ƚŝŵĞ ĚŝƐƚƌŝďƵƚŝŽŶƐ͕ ƐŚƌŝŶŬĂŐĞ ĞůĞŵĞŶƚƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞƚƌŝĐƐ͕ ĂŶĚ ƚƌĂŝŶŝŶŐ ĐŽŶƐƚƌĂŝŶƚƐ͘ tŚĞŶ ĐŽŵďŝŶĞĚ ǁŝƚŚ ŶĞĂƌͲƌĞĂůͲƚŝŵĞ ŵŽŶŝƚŽƌŝŶŐ ŽĨ ĂĐƚƵĂů ĐŽŶĚŝƚŝŽŶƐ͕ ǁĞ ŚĂǀĞ ĚĞǀĞůŽƉĞĚ ĂŶ ŽƉĞƌĂƚŝŽŶĂů ĂƉƉƌŽĂĐŚ ƚŚĂƚ ŝƐ ďŽƚŚ ƐƚƌĂƚĞŐŝĐ ĂŶĚ ĨůĞdžŝďůĞ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ĂĐƚƵĂů ĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ ĂŶĚ ǁŚŝĐŚ ƉƌŽǀŝĚĞƐ Ă ƐƚƌŽŶŐ ŵĞƚŚŽĚ ƚŽ ƉƌĞǀĞŶƚ ĐĂůů ǀŽůƵŵĞƐ ĨƌŽŵ ĞdžĐĞĞĚŝŶŐ ƐƚĂĨĨ ĐĂƉĂĐŝƚLJ͘ džŚŝďŝƚ ϴ͘ϭϰͲϰ͗ D y/Dh^ &ůĞdžŝďůĞ ^ƚĂĨĨŝŶŐ DŽĚĞů ŝůůƵƐƚƌĂƚĞƐ ƚŚĞ ŵĂŝŶ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ŽƵƌ ĂƉƉƌŽĂĐŚ͘ dŚŝƐ ƐƚĂĨĨ ĨŽƌĞĐĂƐƚŝŶŐ ĂŶĚ ĐĂƉĂĐŝƚLJ ƉůĂŶŶŝŶŐ ŵŽĚĞů ǁŝůů ŝŶĨŽƌŵ ǁŽƌŬĨŽƌĐĞ ƉůĂŶŶŝŶŐ͕ ŵĂŶĂŐĞŵĞŶƚ͕ ŽƉĞƌĂƚŝŽŶƐ͕ ƚƌĂŝŶŝŶŐ͕ ĂŶĚ ƌĞĐƌƵŝƚŵĞŶƚ ĞĨĨŽƌƚƐ ĂĐƌŽƐƐ Ăůů ƉƌŽũĞĐƚ ŽƉĞƌĂƚŝŽŶĂů ĂƌĞĂƐ͘ dŚĞ ŵŽĚĞů ƉƌŽũĞĐƚƐ ĨƵƚƵƌĞ ƐƚĂĨĨŝŶŐ ŶĞĞĚƐ ďLJ ĚĞƉĂƌƚŵĞŶƚ ďĂƐĞĚ ŽŶ ĐƵƌƌĞŶƚ ĂŶĚ ŚŝƐƚŽƌŝĐĂů ǁŽƌŬůŽĂĚƐ ĂŶĚ ǀŽůƵŵĞƐ͕ ƐƵĐŚ ĂƐ ŝŶĐƌĞĂƐĞĚ ĐĂůů ǀŽůƵŵĞƐ ĚƵƌŝŶŐ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚƐ͕ ƚŚŽƐĞ ŝŵŵĞĚŝĂƚĞůLJ ĨŽůůŽǁŝŶŐ ǁĞĞŬĞŶĚƐ ĂŶĚ ŚŽůŝĚĂLJƐ͕ ĂŶĚ ƐƵƐƚĂŝŶĞĚ ƐƵƌŐĞƐ ƚŚĂƚ ůĂƐƚ ĨŽƌ ƚŚƌĞĞ Žƌ ŵŽƌĞ ĚĂLJƐ͕ ĂŶĚ ĐĂŶ ĨŽƌĞĐĂƐƚ ƐƚĂĨĨ ŶĞĞĚƐ ĨƌŽŵ ŶĞǁ ƵŶƉůĂŶŶĞĚ ĞǀĞŶƚƐ͘ /ŶƚĞŐƌĂƚĞĚ ^ƚĂĨĨŝŶŐ DŽĚĞů KƵƌ ĨůĞdžŝďůĞ ĂŶĚ ƌĞƐƉŽŶƐŝǀĞ ŝŶƚĞŐƌĂƚĞĚ ƐƚĂĨĨŝŶŐ ŵŽĚĞů ĞŶĂďůĞƐ ƵƐ ƚŽ ƐƚĂĨĨ ƚŚĞ ƉƌŽũĞĐƚ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ǀŽůƵŵĞ ĨůƵĐƚƵĂƚŝŽŶƐ ĂŶĚ ƚŽ ĨƵůĨŝůů ƚŚĞ ŬĞLJ ^ĞƌǀŝĐĞ >ĞǀĞů DĞƚƌŝĐƐ ƌĞŐĂƌĚŝŶŐ ĐĂůů ƌĞƐƉŽŶƐŝǀĞŶĞƐƐ͕ ĐĂůů ƌĞƐŽůƵƚŝŽŶƐ͕ ĂŶĚ ĂŶƐǁĞƌ ƚŝŵĞƐ͕ ĂƐ ŽƵƚůŝŶĞĚ ŝŶ ƚŚĞ Z&W͘ KƉƉŽƌƚƵŶŝƚLJ ĨŽƌ ŽƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ƚŽ ƉƌŽǀŝĚĞ ĨĞĞĚďĂĐŬ ŽŶ ĂŶLJ ƚƌĂŝŶŝŶŐ ŵĂƚĞƌŝĂů ƚŚĂƚ ŝƐ ĚŝĨĨŝĐƵůƚ ƚŽ ƵŶĚĞƌƐƚĂŶĚ͕ ƐŽ ƚŚĂƚ ŝƚ ĐĂŶ ďĞ ƌĞǀŝƐĞĚ ĂŶĚ ŝŵƉƌŽǀĞĚ „ /Ŷ ŽƵƌ Ez ,ĞĂůƚŚ ĞŶĞĨŝƚƐ džĐŚĂŶŐĞ ĐŽŶƚƌĂĐƚ͕ ŽƵƌ ƵƐĞ ŽĨ ,ŝĐŬŽƌLJ ŚĂƐ ƉƌŽĚƵĐĞĚ ŬŶŽǁůĞĚŐĞ ƌĞƚĞŶƚŝŽŶ ůĞǀĞůƐ ĂǀĞƌĂŐŝŶŐ ϵϬ ƉĞƌĐĞŶƚ͘ /ŵŵĞĚŝĂƚĞ ĨĞĞĚďĂĐŬ ŽŶ ƋƵŝnj ƌĞƐƵůƚƐ͕ ĞŶĂďůŝŶŐ ŽƵƌ ƐƚĂĨĨ ƚŽ ƐĞĞŬ ŚĞůƉ ĨŽƌ ĂŶLJ ĐŽŶĐĞƉƚƐ ǁŚĞƌĞ ƚŚĞLJ ƐĐŽƌĞĚ ďĞůŽǁ ĞdžƉĞĐƚĞĚ ƌĞƐƵůƚƐ „ ůů ,ŝĐŬŽƌLJ ƚƌĂŝŶŝŶŐ ǁŝůů ďĞ ĚŽŶĞ ŝŶ ĐůŽƐĞ ĐŽŽƌĚŝŶĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ͘ dŚĞ ƉůĂƚĨŽƌŵΖƐ ďĞŶĞĨŝƚƐ ŝŶĐůƵĚĞ͗ dŽ ŚĞůƉ ŽƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ŵĂdžŝŵŝnjĞ ƚŚĞŝƌ ŬŶŽǁůĞĚŐĞ ƌĞƚĞŶƚŝŽŶ͕ ǁĞ ǁŝůů ůĞǀĞƌĂŐĞ ŽƵƌ ĞdžĐůƵƐŝǀĞ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ,ŝĐŬŽƌLJ >ĞĂƌŶŝŶŐ ^LJƐƚĞŵƐ ;,ŝĐŬŽƌLJͿ͘ dŚŝƐ ǁĞďͲďĂƐĞĚ ůĞĂƌŶŝŶŐ ƚŽŽů ĞŶŚĂŶĐĞƐ ŽƵƌ ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵ ďLJ ďƌĞĂŬŝŶŐ ƚŚĞ ŵŽƐƚ ĚŝĨĨŝĐƵůƚ ĐŽŶĐĞƉƚƐ ŝŶƚŽ ƐŵĂůů͕ ĚŝƐĐƌĞƚĞ ƉĂĐŬĂŐĞƐ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ƉƌĞƐĞŶƚĞĚ ƚŚƌŽƵŐŚ ĚŝŐŝƚĂů ĨůĂƐŚ ĐĂƌĚƐ ĂŶĚ ƐŚŽƌƚ ƋƵŝnjnjĞƐ͘ ,ŝĐŬŽƌLJ ƚLJƉŝĐĂůůLJ ƚĂŬĞƐ ůĞƐƐ ƚŚĂŶ ϭϬ ŵŝŶƵƚĞƐ ƉĞƌ ĚĂLJ ŽĨ ŽƵƌ ǁŽƌŬĞƌƐΖ ƚŝŵĞ͘ <ŶŽǁůĞĚŐĞ ƌĞƚĞŶƚŝŽŶ ŝƐ ĞƐƉĞĐŝĂůůLJ ŝŵƉŽƌƚĂŶƚ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƉƌŽũĞĐƚ ĚƵĞ ƚŽ ƚŚĞ ĐŽŵƉůĞdžŝƚLJ ŽĨ ƚŚĞ ǁŽƌŬ͖ ƚŚĞ ^ƚĂƚĞΖƐ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ƚƌĂŝŶŝŶŐ͖ ƚŚĞ ŶĞĞĚ ĨŽƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ƚŽ ƵŶĚĞƌƐƚĂŶĚ ŵƵůƚŝƉůĞ ƉƌŽŐƌĂŵƐ͖ ĂŶĚ ƉĞƌŝŽĚŝĐ ĐŚĂŶŐĞƐ ƚŽ ƉŽůŝĐŝĞƐ͕ ƐLJƐƚĞŵ ƉƌŽĐĞĚƵƌĞƐ͕ Žƌ ƉƌŽĐĞƐƐĞƐ ƚŚĂƚ ĚŝƌĞĐƚůLJ ĂĨĨĞĐƚ ƐƚĂĨĨ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘ tĞ ŬŶŽǁ ƚŚĂƚ ĂŶLJ ŽĨ ŽƵƌ ǁŽƌŬĞƌƐ ǁŚŽ ĚŽ ŶŽƚ ƌĞƚĂŝŶ ĐƌŝƚŝĐĂů ŝŶĨŽƌŵĂƚŝŽŶ ƐƚƌƵŐŐůĞ ƚŽ ŵĞĞƚ ƋƵĂůŝƚLJ ĂŶĚ ƚŝŵĞůŝŶĞƐƐ ŐŽĂůƐ ĂŶĚ ĂƌĞ Ăƚ ŐƌĞĂƚĞƌ ƌŝƐŬ ĨŽƌ ĂƚƚƌŝƚŝŽŶ͘ tĞ ĐƵƌƌĞŶƚůLJ ƵƐĞ ŶƐǁĞƌKŶ ŝŶ ůĂƌŐĞͲƐĐĂůĞ ƉƌŽũĞĐƚƐ ƐƵĐŚ ĂƐ EĞǁ zŽƌŬ͕ dĞdžĂƐ͕ ĂůŝĨŽƌŶŝĂ͕ &ůŽƌŝĚĂ͕ ĂŶĚ DĂƌLJůĂŶĚ͕ Ăůů ŽĨ ǁŚŝĐŚ ŚĂǀĞ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ĂŶĚ ƐĐĂůĞ ƐŝŵŝůĂƌ ƚŽ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ dŚĞ ƐƵĐĐĞƐƐ ŽĨ ŶƐǁĞƌKŶ ŝŶ ƚŚĞƐĞ ƉƌŽũĞĐƚƐ ŐŝǀĞƐ ƵƐ ĐŽŶĨŝĚĞŶĐĞ ƚŚĂƚ ƚŚŝƐ ŝŶŶŽǀĂƚŝǀĞ ƚŽŽů ǁŝůů ĞĨĨĞĐƚŝǀĞůLJ ƐƵƉƉŽƌƚ ŽƵƌ ŽŶŐŽŝŶŐ ĞĨĨŽƌƚƐ ƚŽ ĂůŝŐŶ ŽƵƌ ƐƚĂĨĨŝŶŐ ǁŝƚŚ ƉƌŽũĞĐƚ ǀŽůƵŵĞƐ ĂŶĚ ƉƌŽŐƌĂŵ ŶĞĞĚƐ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ͘ ĂƉĂĐŝƚLJ WůĂŶŶŝŶŐͬ WD DĞƚŚŽĚŽůŽŐLJ͗ D y/Dh^ ƐĞƚƐ ŝƚƐĞůĨ ĂƉĂƌƚ ĨƌŽŵ ƚŚĞ ĐŽŵƉĞƚŝƚŝŽŶ ďLJ ĂƉƉůLJŝŶŐ ŽƵƌ ŝŶĚƵƐƚƌLJͲ ůĞĂĚŝŶŐ WD ŵŽĚĞůŝŶŐ ŵĞƚŚŽĚŽůŽŐLJ ƚŽ ŽƵƌ ƐƚĂĨĨ ƉůĂŶŶŝŶŐ͘ dŚŝƐ ŵĞƚŚŽĚŽůŽŐLJ ŝŶĐůƵĚĞƐ ŽƵƌ ƵƐĞ ŽĨ ƌĞŶĂΠ ^ŝŵƵůĂƚŝŽŶ ; ƌĞŶĂͿ ƐŽĨƚǁĂƌĞ ƚŽ ĐƵƐƚŽŵŝnjĞ ŽƵƌ ƐƚĂĨĨ ŵŽĚĞůŝŶŐ ĂƉƉƌŽĂĐŚ͘ ^ŝŵƵůĂƚŝŽŶ ŵŽĚĞůŝŶŐ ƌĞƉůŝĐĂƚĞƐ ƚŚĞ ďƵƐŝŶĞƐƐ ƉƌŽĐĞƐƐ ĂŶĚ ůĞǀĞƌĂŐĞƐ ĂĐƚƵĂů ƉĞƌĨŽƌŵĂŶĐĞ ŵĞƚƌŝĐƐ ĨƌŽŵ ŽƵƌ ĚĂƚĂ ĂŶĂůLJƚŝĐƐ ƐŽůƵƚŝŽŶ͖ ǁĞ ƵƐĞ ŝƚ ƚŽ ŵĞĂƐƵƌĞ džŚŝďŝƚ ϴ͘ϭϰͲϰ͗ D y/Dh^ &ůĞdžŝďůĞ ^ƚĂĨĨŝŶŐ DŽĚĞů͘ dŚĞ D y/Dh^ ƐƚĂĨĨŝŶŐ ŵŽĚĞů ĐŽŵďŝŶĞƐ ŽƵƌ ŶĂƚŝŽŶĂů ĞdžƉĞƌŝĞŶĐĞ ŝŶ ƚŚĞ ƌĞƋƵŝƌĞĚ ƐƚĂĨĨŝŶŐ ĐĂƉĂĐŝƚLJ ƵŶĚĞƌ ĂŶLJ ŚĞĂůƚŚ ĂŶĚ ŚƵŵĂŶ ƐĞƌǀŝĐĞƐ ƉƌŽŐƌĂŵƐ ǁŝƚŚ ŽƵƌ WD ŵĞƚŚŽĚŽůŽŐLJ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ŵŽƐƚ ĂĐĐƵƌĂƚĞ ĂŶĚ ĞĨĨŝĐŝĞŶƚ ƐƚĂĨĨŝŶŐ ĂƉƉƌŽĂĐŚ͘ ŐŝǀĞŶ ĨŽƌĞĐĂƐƚ ůŽĂĚ͘ ŬĞLJ ĂĚǀĂŶƚĂŐĞ ŽĨ ƐŝŵƵůĂƚŝŽŶ ŵŽĚĞůƐ ĨŽƌ ƐƚĂĨĨŝŶŐ ĞƐƚŝŵĂƚŝŽŶ ŝƐ ƚŚĂƚ ŽƵƌ ŵŽĚĞůƐ ƉƌŽǀŝĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ŵƵůƚŝƉůĞ ǀĂƌŝĂďůĞƐ ĂŶĚ ĞdžƚƌĞŵĞƐ͕ ƵŶůŝŬĞ ŽƚŚĞƌ ŵŽĚĞůƐ ƚŚĂƚ ŵŽƐƚůLJ ƉƌŽǀŝĚĞ ĂǀĞƌĂŐĞƐ ĨŽƌ ŬĞLJ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞĂƐƵƌĞƐ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ǁĞ ĐĂŶ ƵƐĞ ƚŚĞƐĞ ŵŽĚĞůƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ŝĚĞŶƚŝĨŝĞĚ ƉƌŽĐĞƐƐ ŝŵƉƌŽǀĞŵĞŶƚƐ ŽŶ ƐƚĂĨĨŝŶŐ ĐĂƉĂĐŝƚLJ͘ dŚŝƐ ŝƚĞƌĂƚŝǀĞ ƉƌŽĐĞƐƐ ĂůůŽǁƐ ƵƐ ƚŽ ŵŽĚŝĨLJ ĨĂĐƚŽƌƐ ƐƵĐŚ ĂƐ ĂƚƚƌŝƚŝŽŶ͕ ůĞĂƌŶŝŶŐ ĐƵƌǀĞƐ͕ ĂŶĚ ƚŚĞ ĚŝƐƚƌŝďƵƚŝŽŶ ŽĨ ĂĐƚŝǀŝƚLJ ůĞŶŐƚŚƐ ƚŽ ŵĞĞƚ ŽƉƚŝŵƵŵ ƐƚĂĨĨ ĐĂƉĂĐŝƚLJ ůĞǀĞůƐ͘ „ WĂŐĞ ϴ͘ϭϰͲϵ ŽĨ ϭϬ ƌĞŶĂ ĞŶĂďůĞƐ ƵƐ ƚŽ ĞŶƚĞƌ ĚĂƚĂ ƌĞŐĂƌĚŝŶŐ ^> Ɛ͕ ĐĂůů ǀŽůƵŵĞ͕ ŚĂŶĚůĞ ƚŝŵĞƐ͕ Ɛ͘ dŚĞƐĞ ƉƌŽĐĞƐƐĞƐ ǁŝůů ŝŶĐůƵĚĞ ƐƚĂĨĨ ŽƉƚŝŵŝnjĂƚŝŽŶ ƚŽ ŵĞĂƐƵƌĞ ĂŶĚ ŵĂƚĐŚ ƐƚĂĨĨ ƉƌŽĐĞƐƐŝŶŐ ĐĂƉĂĐŝƚLJ ƚŽ ƐĞƌǀŝĐĞ ĚĞŵĂŶĚ͕ ŬĞĞƉŝŶŐ ƐƚĂĨĨ ĐĂƉĂĐŝƚLJ ŝŶ ůŝŶĞ ǁŝƚŚ ĞǀŽůǀŝŶŐ ǀŽůƵŵĞƐ ĂŶĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽŶ Ă ĐŽŶƚŝŶƵĂů ďĂƐŝƐ͘ ĐĐĞƐƐ ƚŽ KǀĞƌĨůŽǁ ĞŶƚĞƌƐ͗ tĞ ǁŝůů ƵƐĞ ŽƵƌ ^ƚĂŶĚĂƌĚŝnjĞĚ KƉĞƌĂƚŝŽŶƐ ŶĂůLJƚŝĐƐ ;^K Ϳ ,ĂŵƉƚŽŶ KĨĨŝĐĞ ƚŽ ŚĂŶĚůĞ ŽǀĞƌĨůŽǁ ĚƵƌŝŶŐ ǀŽůƵŵĞ ƐƵƌŐĞƐ͘ dŚŝƐ ǁŝůů ƉƌŽǀŝĚĞ ĐŽŶƚŝŶƵŝƚLJ ŽĨ ŽƉĞƌĂƚŝŽŶƐ ǁŝƚŚ ŵŝŶŝŵĂů ŝŶƚĞƌƌƵƉƚŝŽŶ ƚŽ ƚŚĞ ƉƌŽũĞĐƚ͘ KƵƌ ,ĂŵƉƚŽŶ ƐŝƚĞ ŝƐ ƐƚĂĨĨĞĚ ǁŝƚŚ ĨƵůůLJ ƚƌĂŝŶĞĚ ĐĂůů ĐĞŶƚĞƌ ƐƚĂĨĨ ĂŶĚ ŵĂŶĂŐĞƌƐ ǁŚŽ ǁŝůů ŚĂǀĞ ĂĐĐĞƐƐ ƚŽ ƉƌŽũĞĐƚ ^ƚĂŶĚĂƌĚ KƉĞƌĂƚŝŶŐ WƌŽĐĞĚƵƌĞƐ͘ „ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ƐƚĂĨĨŝŶŐ ĐŽŶƚŝŶŐĞŶĐLJ ƉůĂŶ ĨŽƌ ŚĂŶĚůŝŶŐ ƐƵĚĚĞŶ ĂŶĚ ƵŶĞdžƉĞĐƚĞĚ ŝŶĐƌĞĂƐĞƐ ŝŶ ĞŶƌŽůůŵĞŶƚ͕ W,W ƚƌĂŶƐĨĞƌƐ ĂŶĚ ĐĂůů ǀŽůƵŵĞƐ ǁŝƚŚ Ă ĚĞƐĐƌŝƉƚŝŽŶ ŽŶ ŚŽǁ ƚŚĞ ƉůĂŶ ǁŝůů ďĞ ŝŵƉůĞŵĞŶƚĞĚ ĂŶĚ ĐŽŽƌĚŝŶĂƚĞĚ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ ^ĐĂůĂďůĞ dĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ^LJƐƚĞŵƐ ĂŶĚ EĞƚǁŽƌŬ͗ KƵƌ ƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŝƐ ŚŝŐŚůLJ ƐĐĂůĂďůĞ͕ ĂŶĚ ŝƚ ĐĂŶ ĞdžƉĂŶĚ ƚŽ ĂŶĚ ƉƌŽǀŝĚĞ ĨůĞdžŝďŝůŝƚLJ ŝŶ ĂĐĐŽŵŵŽĚĂƚŝŶŐ ƐŚŽƌƚͲƚĞƌŵ ĐĂůů ƐƵƌŐĞƐ ĂŶĚ ůŽŶŐͲƚĞƌŵ ĐĂůů ǀŽůƵŵĞ ĐŚĂŶŐĞ͘ /Ŷ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ŽƵƌ ŝƐĐŽ sŽ/W ƚĞůĞƉŚŽŶĞ ƐLJƐƚĞŵ͕ ǁĞ ǁŝůů ŝŶƐƚĂůů ƚŚĞ ŶĞĐĞƐƐĂƌLJ ^ĞƐƐŝŽŶ /ŶŝƚŝĂƚŝŽŶ WƌŽƚŽĐŽů ;^/WͿ ƚƌƵŶŬƐ ƚŽ ƐƵƉƉŽƌƚ ĐĂůů ǀŽůƵŵĞƐ͘ KƵƌ ƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ĐĂƌƌŝĞƌ ƉƌŽǀŝĚĞƐ ƵƌƐƚĂďůĞ ŶƚĞƌƉƌŝƐĞ ^ŚĂƌĞĚ dƌƵŶŬƐ͕ ǁŚŝĐŚ ĂůůŽǁ ƚŚĞ ^ĞƌǀŝĐĞ ĞŶƚĞƌ ƚŽ ůĞǀĞƌĂŐĞ ƚƌƵŶŬŝŶŐ ƌĞƐŽƵƌĐĞƐ Ăƚ ƚŚĞ ĞŶƚĞƌƉƌŝƐĞ ůĞǀĞů ďLJ ΗďƵƌƐƚŝŶŐΗ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ĂǀĂŝůĂďůĞ ĐĂƉĂĐŝƚLJ ĚƵƌŝŶŐ ƉĞĂŬ ĐĂůů ǀŽůƵŵĞ ƉĞƌŝŽĚƐ͘ dŚŝƐ ďƵƌƐƚĂďůĞ ĐĂƉĂĐŝƚLJ ŝŵƉƌŽǀĞƐ ŶĞƚǁŽƌŬ ƵƚŝůŝnjĂƚŝŽŶ ĂŶĚ ŚĞůƉƐ ĐŽŶƚƌŽů ĐŽƐƚƐ͘ /ƚ ƉƌŽǀŝĚĞƐ ƐŝŐŶŝĨŝĐĂŶƚ ĨůĞdžŝďŝůŝƚLJ ŝŶ ŵĂŶĂŐŝŶŐ ƉĞƌŝŽĚŝĐ ĐĂůů ƐƵƌŐĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ŽƚŚĞƌ ƉƌŽŐƌĂŵ ŝŶŝƚŝĂƚŝǀĞƐ ƚŚĂƚ ĂĨĨĞĐƚ ĐĂůů ƉĂƚƚĞƌŶƐ͘ ŶƌŽůůŝŶŐ Ϯ͘ϱ ŵŝůůŝŽŶ ĐŚŝůĚƌĞŶ ŝŶƚŽ ĚĞŶƚĂů ŵĂŶĂŐĞĚ ĐĂƌĞ ƐĞƌǀŝĐĞƐ KĨĨĞƌŝŶŐ ĚĞŶƚĂů ŵĂŶĂŐĞĚ ĐĂƌĞ ĐŚŽŝĐĞ ƚŽ ŵŽƌĞ ƚŚĂŶ ϱϬϬ͕ϬϬϬ ,/W ĐŚŝůĚƌĞŶ KĨĨĞƌŝŶŐ ĞdžŝƐƚŝŶŐ DĞĚŝĐĂŝĚ ĂŶĚ ,/W ŵĞĚŝĐĂů ŵĂŶĂŐĞĚ ĐĂƌĞ ŵĞŵďĞƌƐ ŶĞǁ ĐŚŽŝĐĞƐ ǁŚĞƌĞ ŚĞĂůƚŚ ƉůĂŶƐ ĐŚĂŶŐĞĚ ŝŶ ƚŚĞ ƐĞƌǀŝĐĞ ĂƌĞĂ „ „ „ dŽ ƌĞƐƉŽŶĚ ƚŽ Ă ĐĂůů ǀŽůƵŵĞ ŝŶĐƌĞĂƐĞ ŽĨ ϭϲϱ ƉĞƌĐĞŶƚ ĚƵƌŝŶŐ Ă ŵĂŶĂŐĞĚ ĐĂƌĞ ŝŶŝƚŝĂƚŝǀĞ ĨŽƌ ƚŚĞ dĞdžĂƐ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͕ ǁĞ ƌĞĐƌƵŝƚĞĚ͕ ƚƌĂŝŶĞĚ͕ ĂŶĚ ŚŝƌĞĚ ŵŽƌĞ ƚŚĂŶ ϲϬϬ ĐĂůů ĐĞŶƚĞƌ ĂŐĞŶƚƐ ĂŶĚ ĞdžƉĂŶĚĞĚ ĨŝĞůĚ ŽƵƚƌĞĂĐŚ ƐƚĂĨĨ ŝŶ ĂŶ ĞŝŐŚƚͲŵŽŶƚŚ ƉĞƌŝŽĚ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ǁĞ ƐƚŽŽĚ ƵƉ ĂŶĚ ďƌŽŬĞ ĚŽǁŶ Ă ƚĞŵƉŽƌĂƌLJ ĐĂůů ĐĞŶƚĞƌ ĂŶĚ ƐƵƉƉŽƌƚĞĚ Ă ŵĂũŽƌ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĞĨĨŽƌƚ ĚƵƌŝŶŐ ƚŚŝƐ ƉĞƌŝŽĚ͘ Ɛ Ă ƌĞƐƵůƚ͕ ,,^ ƌĞĂůŝnjĞĚ ŝƚƐ ŵĂŶĂŐĞĚ ĐĂƌĞ ŐŽĂů͕ ĞĨĨŝĐŝĞŶƚůLJ ĞŶƌŽůůŝŶŐ ŵŝůůŝŽŶƐ ŽĨ ŶĞǁ ŵĞŵďĞƌƐ ŝŶƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵƐ ǁŝƚŚŝŶ ƚŚĞ ƉƌĞƐĐƌŝďĞĚ ƚŝŵĞĨƌĂŵĞ͘ &> y/ > ^d &&/E' , >W^ EZK>> D/>>/KE^ K& d y E^ /E D E ' Z ^WKd>/',d dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ^ĞĐƚŝŽŶ ///͘ E͘ ϰ͘ WĂŐĞ ϴ͘ϭϰͲϭϬ ŽĨ ϭϬ D y/Dh^ ĂŶĚ ,,^ ĨŽĐƵƐĞĚ ŽŶ ĞŶƌŽůůŝŶŐ ĐůŝĞŶƚƐ ŝŶ ƚŚĞ ĞdžƉĂŶĚĞĚ ŵĞĚŝĐĂů ĂŶĚ ĚĞŶƚĂů ƉƌŽŐƌĂŵƐ ŝŶ ƚŚĞ ŵŽƐƚ ĞĨĨŝĐŝĞŶƚ ǁĂLJ ƉŽƐƐŝďůĞ͕ ǁŚŝůĞ ŬĞĞƉŝŶŐ ƚŚĞ ĂƐƐŽĐŝĂƚĞĚ ĐŽƐƚƐ ƵŶĚĞƌ ĐŽŶƚƌŽů͘ Ăůů ǀŽůƵŵĞƐ ŝŶ ĞĐĞŵďĞƌ ϮϬϭϭ ǁĞƌĞ ϭϲϱ ƉĞƌĐĞŶƚ ŚŝŐŚĞƌ ƚŚĂŶ ƚŚŽƐĞ ũƵƐƚ ƚŚƌĞĞ ŵŽŶƚŚƐ ƉƌŝŽƌ͘ KǀĞƌĂůů͕ ƚŚĞ ƉƌŽũĞĐƚ ĞĨĨŽƌƚ ƌĞƋƵŝƌĞĚ ƚŚĞ ŚŝƌŝŶŐ͕ ƚƌĂŝŶŝŶŐ͕ ĂŶĚ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ŵŽƌĞ ƚŚĂŶ ϲϬϬ ƚĞŵƉŽƌĂƌLJ ĐĂůů ĐĞŶƚĞƌ ĂŐĞŶƚƐ ĂŶĚ ŝŶĐůƵĚĞĚ ƐƚĂŶĚŝŶŐ ƵƉ ĂŶĚ ďƌĞĂŬŝŶŐ ĚŽǁŶ Ă ƚĞŵƉŽƌĂƌLJ ĐĂůů ĐĞŶƚĞƌ ĨĂĐŝůŝƚLJ ǁŝƚŚŝŶ ĂŶ ĞŝŐŚƚͲŵŽŶƚŚ ǁŝŶĚŽǁ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ĨŝĞůĚ ŽƵƚƌĞĂĐŚ ƐƚĂĨĨ ǁĂƐ ĞdžƉĂŶĚĞĚ ƚĞŵƉŽƌĂƌŝůLJ ŝŶ ƐƵƉƉŽƌƚ ŽĨ ƚŚĞ ĞdžƚĞŶƐŝǀĞ ŽƵƚƌĞĂĐŚ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĞĨĨŽƌƚ ĨŽƌ dĞdžĂƐ ĐůŝĞŶƚƐ ŝŵƉĂĐƚĞĚ ďLJ ƚŚĞ ĞdžƉĂŶƐŝŽŶ͘ ŶƌŽůůŝŶŐ ŶĞĂƌůLJ ŽŶĞ ŵŝůůŝŽŶ ŶĞǁ DĞĚŝĐĂŝĚ ŵĞŵďĞƌƐ ŝŶƚŽ ŵĞĚŝĐĂů ŵĂŶĂŐĞĚ ĐĂƌĞ „ tĞ ŚĂǀĞ ƐƵĐĐĞƐƐĨƵůůLJ ƵƐĞĚ ŽƵƌ ƐƚĂĨĨ ĨŽƌĞĐĂƐƚŝŶŐ ŵŽĚĞů ƚŽ ƌĞƐƉŽŶĚ ƚŽ ĨůƵĐƚƵĂƚŝŶŐ ĐĂůů ǀŽůƵŵĞƐ ŝŶ ŵĂŶLJ ŽĨ ŽƵƌ ƉƌŽũĞĐƚƐ͘ &Žƌ ŝŶƐƚĂŶĐĞ͕ ŝŶ ŽƵƌ dĞdžĂƐ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƉƌŽũĞĐƚ͕ ǁĞ ŚĞůƉĞĚ ĨƵůĨŝůů ƚŚĞ DĞĚŝĐĂŝĚ ,/W ĚŝǀŝƐŝŽŶ ŐŽĂů ŽĨ ĐŽƐƚ ĐŽŶƚĂŝŶŵĞŶƚ ƚŚƌŽƵŐŚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ŵĂŶĂŐĞĚ ĐĂƌĞ͘ ůŽŶŐ ǁŝƚŚ ƚŚĞ dĞdžĂƐ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ŽŵŵŝƐƐŝŽŶ ;,,^ Ϳ͕ ǁĞ ǁĞƌĞ ƚĂƐŬĞĚ ǁŝƚŚ͗ tĞ ďĂƐĞ ŽƵƌ ƐƚĂĨĨŝŶŐ ĐŽŶƚŝŶŐĞŶĐLJ ƉůĂŶ ŽŶ ƚƌĞŶĚƐ ŝĚĞŶƚŝĨŝĞĚ ƚŚƌŽƵŐŚ ŽƵƌ ĞdžƚĞŶƐŝǀĞ ĞdžƉĞƌŝĞŶĐĞ ĂĚŵŝŶŝƐƚĞƌŝŶŐ ƐƚĂƚĞ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ ĂĐƌŽƐƐ ƚŚĞ ĐŽƵŶƚƌLJ͘ tĞ ǁŝůů ĂůƐŽ ǁŽƌŬ ĐůŽƐĞůLJ ǁŝƚŚ ,,^ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĐŽŶƚƌĂĐƚ ƉĞƌŝŽĚ ƚŽ ĐŽůůĞĐƚ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƉĂƐƚ ǀŽůƵŵĞ ƐƵƌŐĞƐ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ĞŶƌŽůůŵĞŶƚ ƚƌĞŶĚƐ͕ ƌĞŐƵůĂƚŽƌLJ ĐŚĂŶŐĞƐ ƚŚĂƚ ŵŝŐŚƚ ĂĨĨĞĐƚ ĐĂůů Žƌ ĞŶƌŽůůŵĞŶƚ ǀŽůƵŵĞƐ͕ ĂŶĚ ƐŽ ŽŶ͘ ^ƚĂĨĨŝŶŐ ŽŶƚŝŶŐĞŶĐLJ WůĂŶ Ɛ ĚĞƐĐƌŝďĞĚ ĂďŽǀĞ͕ ǁĞ ǁŝůů ĞŵƉůŽLJ ŽƵƌ ŝŶƚĞŐƌĂƚĞĚ ƐƚĂĨĨŝŶŐ ƉůĂŶ͕ ƐĐĂůĂďůĞ ƚĞĐŚŶŽůŽŐLJ͕ ĂŶĚ WD ŵĞƚŚŽĚŽůŽŐLJ ƚŽ ŚĂŶĚůĞ ŝŶĐƌĞĂƐĞƐ ŝŶ ĞŶƌŽůůŵĞŶƚ͕ W,W ƚƌĂŶƐĨĞƌƐ͕ ĂŶĚ ĐĂůů ǀŽůƵŵĞƐ͘ tĞ ǁŝůů ƵƐĞ ŽƵƌ ^ƚĂŶĚĂƌĚ KƉĞƌĂƚŝŽŶƐ ŶĂůLJƚŝĐƐ ;^K ,ĂŵƉƚŽŶͿ ƐŝƚĞ ĂƐ ĂŶ ŽǀĞƌĨůŽǁ ƐŝƚĞ͕ ǁŚŝĐŚ ĨƵůĨŝůůƐ ƚŚĞ ŶĞĞĚƐ ŽĨ Ă ƐƚĂĨĨŝŶŐ ĐŽŶƚŝŶŐĞŶĐLJ ƉůĂŶ͘ dŚĞ ĐĂůů ĐĞŶƚĞƌ ĂŶĚ ƐƚĂĨĨŝŶŐ ƌĞĚƵŶĚĂŶĐLJ ĂǀĂŝůĂďůĞ ŝŵŵĞĚŝĂƚĞůLJ ƚŚƌŽƵŐŚ ŽƵƌ ^K ŚĞůƉƐ ƵƐ ŵĂŶĂŐĞ ƵŶĞdžƉĞĐƚĞĚ ŝŶĐƌĞĂƐĞƐ ŝŶ ǁŽƌŬůŽĂĚƐ Žƌ ĐĂůů ǀŽůƵŵĞƐ͘ ϯ͘ „ RFP Section Response 8 . 1 5 Account Management Section Ill. 0, 1 Tlu- ls I'l'n? ll'ni. in? be lu?inle'l Ellie?:- ll; The Department of Health and Human Services will benefit from MAXIMUS effective account management approach, which Includes interactive communication. regular updates on project performance, and comprehensrve status reporting. 1. The Offeror must confirm adherence to the expectations of the Department and describe their ability and approach to meet the requirements of Section Ill. 0, Account Management. MAXIMUS confirms that we will adhere to Department expectations and will meet or exceed all requirements set forth in Section Account Management. MAXIMUS will provide account management services in accordance with all RFP requirements to fulfill service expectations and performance standards across all areas of the NC Enrollment Broker Project. We understand that effective account management demands collaboration and frequent communication among DHHS staff, appropriate agencies, and MAXIMUS personnel. Our Program Director and other key staff will participate in regular meetings, status calls, and planning sessions, as appropriate. This will include status calls with DHHS and PHPs during implementation, ongoing status meetings with DHHS and PHPs after go-live, and annual enrollment planning meetings to address routine operations as well as upcoming program changes. 2. Offeror must describe proposed format, requirements and frequency for a status report to include key activities/milestones completed. MAXIMUS will provide a and weekly status report that will include key activities and milestones. The Program Director will work with key State stakeholders to determine a timeline for delivery and con?rm information contained on each report. In addition, we will offer DHHS access to all call center and project information via our proprietary reporting and analytics platform, DecisionPoint for Business lntelligence? (DecisionPoint Bl). We will provide State stakeholders with DecisionPoint Bl licenses so that they can monitor the NC Enrollment Broker call center in near-real-time from any mobile device and have ready access to current project performance. Regular reports will address the elements outlined in in RFP Attachment Enrollment Broker Reporting Requirements. Exhibit 8.15-1: Status Report Components and Frequency shows the components and frequency for planned status reports. These reports must be approved by the Department. Status Report Components and Frequency Frequency: Weekly and Frequency: I Enrollment I Customer Service Satisfaction Surveys I Bene?ciary Requested Disenrollment I Website Activity I PHP?Requested Disenrollment I Mailings I State-Initiated Disenrollment I Disenrollment Due to Loss of Eligibility or Death I Call Center Statistics Exhibit 8.15-1: Status Report Components and Frequency. MAXIMUS will provide frequent and comprehensive reports to fulfill Department needs. We provide an example of our enrollment trends report in Exhibit 8.15-2: Example Enrollment Dashboard Report. 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The Offeror must confirm adherence to the expectations of the Department and describe their ability and approach to meet the requirements of Section P. Training. MAXIMUS con?rms that we will adhere to DHHS expectations and meet or exceed all requirements set forth in Section P. 2. Offeror must provide an example of a training and evaluation module for customer service staff to ensure adequate knowledge of North Carolina Medicaid programs, including the various Medicaid managed care systems and any other covered program. We describe our training approach below, with examples of specific modules provided separately. Our training program emphasizes the importance of connecting North Carolinians with the right resources to help understand and make health care choices, and engrains in our staff the importance of objectivity, respect, and sensitivity toward each beneficiary who contacts us. Our training approach is interactive and based on performance learning, with an emphasis on hands-on activities, which is well-suited for adult learning and optimizes knowledge retention. Training consists of instructor-led segments, selfpaced online learning, role playing, simulations, job shadowing, interactive exercises, demonstrations, and periodic quizzes and assessments. We link policy training with its associated business practices and systems in interactive and dynamic ways that enhance learning and knowledge retention. Excellent customer service begins with hiring and retaining staff with a quality customer service attitude and an understanding of the unique populations we serve, and then providing them complete initial and ongoing training. Our Training Plan includes modules that apply to all staff, such as our corporate overview, customer service basics, diversity training, and software and equipment training, as well as program-speci?c training. Our training process will provide with clear visibility into all program content to cultivate consistency while providing us with the ability to develop and deploy training in the most expedient manner. Our training team coordinates with the business process and quality teams to help assess staff performance. Training assessments identify strong individual performance as well as gaps in an Enrollment Specialist's system-use proficiency, interpersonal communication skills, and other technical and soft skills. We use operational and quality data from our DecisionPoint for Business Intelligence (Decision Point BI) and TelStrat call recording system, as well as our quality reviews, to identify areas for additional training and provide refresher and supplemental training to staff members as needed and on a rotating basis. Our Hickory Learning System (Hickory) supports training development, learning comprehension, and retention of knowledge gained during initial training. We will incorporate Hickory training support into the everyday schedules of NC Enrollment Broker staff to reinforce major concepts and identify areas for reinforcement. We describe Hickory in detail within this section. Training Content and Materials New staff training takes approximately three weeks for classroom training, followed by with job shadowing (for those hired after initial Implementation Phase) and on-the-job training activities. We incorporate Department objectives to mindfully build training that supports NC Enrollment Broker operational goals. We will develop training materials to help our staff: I Understand DHHS procedures, policies, systems, and terminology Page 8.164 of 7 Learn their role in supporting NC Enrollment Broker functions Navigate the speci?c work?ows required to support each functional area Comprehend the special needs of tribal members Develop awareness and sensitivity regarding the needs of persons who may be disadvantaged by income, disability, and/or illiteracy, or who may not speak English Our new hire training approach provides comprehensive training for new project staff. Our curriculum follows a standard instructional design methodology combined with a NC Enrollment Broker-specific development process to implement curriculum targeted at producing job-ready personnel. We have proven experience developing and delivering effective training curricula for our other enrollment broker projects. As such, we have existing modules that cover key enrollment broker operations aspects, and we will tailor existing new hire training speci?c to the NC Enrollment Broker Project. in Exhibit 8.164: Training Modules, we provide a summary of the training modules we propose for the NC Enrollment Broker Project. Training Module Sample Content Summary introduction to MAXIMUS Company history and organizational philosophy corporate compliance training Human capital and corporate policies overview HIPAA compliance Information security awareness Code of conduct and ethics introduction to the NC Enrollment Broker Project introduction to federal and state health insurance programs, including key health care issues and health care systems introduction to the NC Enrollment Broker Project, including an overview of functions, policies and procedures, customer service scripts, contract requirements, and performance standards I Overview of North Carolina's Medicaid and NC Health Choice Programs, covering the mission, goals, evolution, and structure of Medicaid managed care in the State, and describing possible barriers for potential enrollees, members, and participants and associated mitigation strategies for those barriers I Relationships with program stakeholders, including DHHS, 055, health plans, providers, community-based partners, beneficiaries, and other stakeholders Populations served including people with special needs Broad eligibility guidelines for special needs populations Special services for referral The effects of social determinants on beneficiaries? health and wellness, to include issues related to housing, education, food, physical and sexual abuse, and violence Geography of the state and the culture and correct pronunciation of cities, towns and surnames; access to GPS or mapping search engines for appropriate staff to complete job responsibilities North Carolina Enrollment Broker Operations Providing unbiased enrollment counseling Educating callers about their health plan choices, health plan comparisons, and assisting them in selecting a health plan Enrollment and disenroliment rules and procedures Provider selection Coordinating with 055 offices as needed Responding to ful?llment requests Page 8.16-2 of 7 „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ „ KǀĞƌǀŝĞǁ ŽĨ KƵƚƌĞĂĐŚ WůĂŶ ZĞǀŝĞǁ ŽĨ ŽƵƚƌĞĂĐŚ ĂŶĚ ĨƵůĨŝůůŵĞŶƚ ŵĂƚĞƌŝĂůƐ /ŶƚƌŽĚƵĐŝŶŐ ƚŚĞ ƚƌŝďĂů ƉŽƉƵůĂƚŝŽŶƐ ƵůƚƵƌĂů ĚŝƐƚŝŶĐƚŝŽŶƐ ŽĨ ƚƌŝďĂů ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂƐƚĞƌŶ ĂŶĚ ŽĨ ŚĞƌŽŬĞĞ /ŶĚŝĂŶƐ ĂŶĚ ŽƚŚĞƌ ƚƌŝďĂů ŽƉƚŝŽŶƐ WƌŽƚŽĐŽůƐ ĨŽƌ ŐƌĞĞƚŝŶŐ ĐĂůůĞƌƐ ƉƌŽƉĞƌůLJ ŶƐǁĞƌƐ ĨŽƌ ŐĞŶĞƌĂů ƋƵĞƐƚŝŽŶƐ ĂďŽƵƚ ĐŽǀĞƌĞĚ ƉƌŽŐƌĂŵƐ WƌŽĐĞĚƵƌĞƐ ĨŽƌ ƉƌŽǀŝĚŝŶŐ ǁƌŝƚƚĞŶ ŵĂƚĞƌŝĂůƐ ĂŶĚ ĂĚĚŝƚŝŽŶĂů ƌĞƐŽƵƌĐĞƐ ĞǀĞůŽƉŵĞŶƚ ŽĨ ĂĐƚŝǀĞ ůŝƐƚĞŶŝŶŐ ƐŬŝůůƐ DĞƚŚŽĚƐ ĨŽƌ ƐĞƌǀŝŶŐ ĐĂůůĞƌƐ ǁŝƚŚ ƐƉĞĐŝĂů ŶĞĞĚƐ ^ƚƌĂƚĞŐŝĞƐ ĨŽƌ ƐĞƌǀŝŶŐ ĐĂůůĞƌƐ ǁŝƚŚ ĐƵůƚƵƌĂů ĚŝĨĨĞƌĞŶĐĞƐ DĂŝŶƚĂŝŶŝŶŐ ĐŽŶĨŝĚĞŶƚŝĂůŝƚLJ hƐŝŶŐ ĂƉƉƌŽƉƌŝĂƚĞ ƚĞĐŚŶŝƋƵĞƐ ƚŽ ĂƐƐŝƐƚ ĐĂůůĞƌƐ ŝŶ ĨĞĞůŝŶŐ ĐŽŵĨŽƌƚĂďůĞ ŝŶ ĂŶƐǁĞƌŝŶŐ ƋƵĞƐƚŝŽŶƐ ĂŶĚ ƉƌŽǀŝĚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ƚƌƵƚŚĨƵůůLJ ĂŶĚ ĂĐĐƵƌĂƚĞůLJ ĂƐ ƉĂƌƚ ŽĨ ĐŽŶĚƵĐƚŝŶŐ ĞŶƌŽůůŵĞŶƚ ĨƵŶĐƚŝŽŶƐ WĞƌĨŽƌŵĂŶĐĞ ŵĞƚƌŝĐƐ DĞĂƐƵƌŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJƐ ^ĞƚƚŝŶŐ ƋƵĂůŝƚLJ ŵŽŶŝƚŽƌŝŶŐ ĞdžƉĞĐƚĂƚŝŽŶƐ ,Žǁ ƚŽ ĂĐĐĞƐƐ ƚŚĞ ǁĞďƐŝƚĞ ǀŝĂ ƚŚĞ /ŶƚĞƌŶĞƚ ƚŽ ŚĞůƉ ƉƌŽǀŝĚĞ ĂĚĚŝƚŝŽŶĂů ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƉŽƚĞŶƚŝĂů ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂƐ ƚŚĞLJ ŵĂŬĞ ƚŚĞŝƌ ĐŚŽŝĐĞ hƐŝŶŐ ƚŚĞ D yĞď ƐLJƐƚĞŵ hƐŝŶŐ ƚŚĞ ŵŽďŝůĞ ĂƉƉ ,ĂŶĚůŝŶŐ ǁĞď ĐŚĂƚ ĐƵƐƚŽŵĞƌƐ ,Žǁ ƚŽ ƌĞƐƉŽŶĚ ƚŽ͕ ĚŽĐƵŵĞŶƚ͕ ĞƐĐĂůĂƚĞ͕ ĂŶĚ ƌĞƐŽůǀĞ ĐŽŵƉůĂŝŶƚƐ ĂŶĚ ŐƌŝĞǀĂŶĐĞƐ ƌĞŐĂƌĚŝŶŐ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐĞƌǀŝĐĞƐ ,Žǁ ƚŽ ƌĞƐƉŽŶĚ ƚŽ ĐĂůůĞƌƐ ǁŝƚŚ ĐŽŵƉůĂŝŶƚƐ ĂďŽƵƚ ƚŚĞŝƌ ŚĞĂůƚŚ ƉůĂŶ Žƌ ƉƌŽǀŝĚĞƌ WĂŐĞ ϴ͘ϭϲͲϯ ŽĨ ϳ dƌĂŝŶŝŶŐ WŚĂƐĞƐ ƚŽ ^ƵƉƉŽƌƚ ŽŶƚŝŶƵŽƵƐ͕ KŶŐŽŝŶŐ >ĞĂƌŶŝŶŐ tĞ ŽƌŐĂŶŝnjĞ ŽƵƌ ƚƌĂŝŶŝŶŐ ŝŶƚŽ ĚŝƐƚŝŶĐƚ ƉŚĂƐĞƐ ŽĨ EĞǁ ,ŝƌĞ͕ KŶŐŽŝŶŐ͕ ZĞĨƌĞƐŚĞƌ͕ ZĞŵĞĚŝĂů dƌĂŝŶŝŶŐ͕ ĂŶĚ KŶŐŽŝŶŐ ZĞƚĞŶƚŝŽŶ ^ƵƉƉŽƌƚ ƚŽ ŚĞůƉ ƐƚĂĨĨ ůĞĂƌŶ ĂŶĚ ƌĞƚĂŝŶ ŬŶŽǁůĞĚŐĞ ŽĨ ^ƚĂƚĞ ƉƌŽĐĞĚƵƌĞƐ͕ ƉŽůŝĐŝĞƐ͕ ĂŶĚ ƐLJƐƚĞŵƐ͘ dŚŝƐ ƚƌĂŝŶŝŶŐ ƐƵƉƉŽƌƚ ĨƌĂŵĞǁŽƌŬ ǁŝůů ƉƌŽǀŝĚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐƚĂĨĨ ǁŝƚŚ ĐŽŶƚŝŶƵŽƵƐ ůĞĂƌŶŝŶŐ ƚŚƌŽƵŐŚŽƵƚ ĞĂĐŚ ƉŚĂƐĞ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵ͘ KƵƌ ƚƌĂŝŶŝŶŐ ƉƌŽĐĞƐƐ ƉƌŽǀŝĚĞƐ Ă ĐůĞĂƌ ŽƵƚůŝŶĞ ĨŽƌ ƚŚĞ ĚĞůŝǀĞƌLJ ŽĨ ƚŝŵĞůLJ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ƚƌĂŝŶŝŶŐ Ăƚ Ăůů ůĞǀĞůƐ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ͘ tĞ ŝŵƉůĞŵĞŶƚ ŽƵƌ ĂƉƉƌŽĂĐŚ ĂŶĚ ĚĞůŝǀĞƌLJ ŵĞƚŚŽĚƐ ŝŶ Ă ǁĂLJ ƚŚĂƚ ĐĂƚĞƌƐ ƚŽ ĚŝĨĨĞƌĞŶƚ ůĞĂƌŶŝŶŐ ƐƚLJůĞƐ͕ ďƵŝůĚƐ ĞdžĐŝƚĞŵĞŶƚ͕ ĂŶĚ ŬĞĞƉƐ ƐƚĂĨĨ ĞŶŐĂŐĞĚ ƚŚƌŽƵŐŚŽƵƚ ƚƌĂŝŶŝŶŐ͘ dƌĂŝŶŝŶŐ ĚĞůŝǀĞƌLJ ŝƐ ƐĞƉĂƌĂƚĞĚ ŝŶƚŽ ĐůĂƐƐƌŽŽŵ͕ ǀŝƌƚƵĂů͕ ƐŵĂůů ŐƌŽƵƉ͕ ĂŶĚ ŽŶĞͲŽŶͲŽŶĞ ƐĞƚƚŝŶŐƐ ƚŽ ŚĞůƉ ĞŶƐƵƌĞ ƚŚĂƚ Ăůů ƐƚĂĨĨ ŵĞŵďĞƌƐ ĐĂŶ ůĞĂƌŶ ŝŶ Ă ǁĂLJ ƚŚĂƚ ďĞƐƚ ŵĞĞƚƐ ƚŚĞŝƌ ŶĞĞĚƐ͘ džŚŝďŝƚ ϴ͘ϭϲͲϮ͗ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ dƌĂŝŶŝŶŐ WŚĂƐĞƐ ƐƵŵŵĂƌŝnjĞƐ ĞĂĐŚ ĨŽƌŵ ŽĨ ƚƌĂŝŶŝŶŐ ƚŚĂƚ ǁĞ ǁŝůů ĚĞůŝǀĞƌ͘ džŚŝďŝƚ ϴ͘ϭϲͲϭ͗ ^ĂŵƉůĞ dƌĂŝŶŝŶŐ DŽĚƵůĞƐ͘ KƵƌ ŶĞǁ ŚŝƌĞ ƚƌĂŝŶŝŶŐ ĐƵƌƌŝĐƵůƵŵ ǁŝůů ŝŶĐůƵĚĞ ĐŽƵƌƐĞ ŵŽĚƵůĞƐ ĐƵƐƚŽŵŝnjĞĚ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ KƵƚƌĞĂĐŚ ƚŽ EŽƌƚŚ ĂƌŽůŝŶŝĂŶƐ ^ĞƌǀŝŶŐ dƌŝďĂů WŽƉƵůĂƚŝŽŶƐ ƵƐƚŽŵĞƌ ^ĞƌǀŝĐĞ dƌĂŝŶŝŶŐ YƵĂůŝƚLJ ƐƐƵƌĂŶĐĞ EŽƌƚŚ ĂƌŽůŝŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ^LJƐƚĞŵƐ „ „ Training Plan and Type Summary ummary of Training Delivery MethodIBene?ts New Hire/New Team Member Training (NT MT) Provides orientation to program-specific information, customer service training, and workplace conduct Covers various other topics that enable newly hired staff members to assu me their position in an efficient and productive manner Provides a "nesting" period a designated period of ?on the job training" post classroom training. Dedicated Enrollment Leads provide daily feedback on performance and are available for answering questions and providing 1:1 coaching. "Nesting" is designed to lower the stress and anxiety that Enrollment Specialists can experience when moving from the training room to the production floor. As an additional benefit, it helps reduce staff attrition rate first out of training training in a classroom setting Instructor-led training supports trainees through a more personalized, traditional leamlng method with which they are familiar Experienced instructors leverage best practices and lessons learned from other MAXIMUS enrollment broker projects Ongoing Training Addresses periodic and ad hoc program, system. process, and policy changes instructorsled training in a classroom setting Computer-based training/ delivery instructor-led training setting supports trainees through a more personalized, traditional learning method Com puter-based training (through our internal modules or the Hickory Learning System) offer staff the convenience of taking training modules during downtime at their desks, maximizing staff availability for beneficiaries Refresher Training Designed to regularly re-visit key topic to maintain competency levels Provides frequent opportunities for professional development and growth On-the-Job Training support staff In leamlng directly onsite while working Corn puter-Based Training/ e-Learning Delivery Trainees shadow a seasoned Enrollment Speci allst to directly learn about their work duties Hands-on learners directly experience how a task or procedure ls carried out Trainees learn faster in a ?live" call center environment Hickory provides targeted refresher training Remedial Training Used to provide immediate, on-the-job training to address gaps in individual or group performance Addresses training needs identified from call monitoring, quality assurance activities, and recommendations by GA staff Computer-based training] Delivery that will supplement Instructor-led training and on?the-job training Courses can be delivered quickly and cost ef?ciently Com outer-based training allows trainees to access and learn material anytime at a controllable speed Hickory supports NTMT as a wraparound tool to increase Enrollment Specialist leamlng retention Page 8.164 of 7 „ „ „ „ ,ŝĐŬŽƌLJ ƵƐĞĚ ƚŽ ŚĞůƉ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐƚĂĨĨ ƌĞƚĂŝŶ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ǁĂƐ ŝŶŝƚŝĂůůLJ ƉƌŽǀŝĚĞĚ ĚƵƌŝŶŐ ƚŚĞ EĞǁ ,ŝƌĞ WŚĂƐĞ ,ŝĐŬŽƌLJ ĂůƐŽ ƉƌŽǀŝĚĞƐ ƐŚŽƌƚ ůĞĂƌŶŝŶŐ ĂƐƐĞƐƐŵĞŶƚƐ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ĞĂĐŚ ŵŽĚƵůĞ ƚŽ ŚĞůƉ ůĞĂƌŶŝŶŐ ƌĞƚĞŶƚŝŽŶ ŐŐƌĞŐĂƚĞƐ ůĞĂƌŶŝŶŐ ĂƐƐĞƐƐŵĞŶƚ ƐĐŽƌĞƐ ŝŶƚŽ ůĞĂƌŶŝŶŐ ŵĞƚƌŝĐƐ ƚŚĂƚ ĐĂŶ ďĞ ǀŝĞǁĞĚ ďLJ ƐƵƉĞƌǀŝƐŽƌƐ :Žď ĐŽĂĐŚŝŶŐ ƉƌŽǀŝĚĞĚ ďLJ ůĞĂĚƐ ĂŶĚ ƐƵƉĞƌǀŝƐŽƌƐ ƚŽ ƌĞŝŶĨŽƌĐĞ ůĞƐƐŽŶƐ ůĞĂƌŶĞĚ „ ^ŝĚĞͲďLJͲƐŝĚĞ ƚƌĂŝŶŝŶŐ ĂŶĚ ũŽď ĐŽĂĐŚŝŶŐ ĂůůŽǁƐ ƚƌĂŝŶĞƌƐ ƚŽ ǁŽƌŬ ŽŶĞͲŽŶͲŽŶĞ ǁŝƚŚ ƐƚĂĨĨ ĂƌŽƵŶĚ ŝƐƐƵĞƐ ŝĚĞŶƚŝĨŝĞĚ ďLJ ŽƵƌ ƋƵĂůŝƚLJ ŵĂŶĂŐĞŵĞŶƚ ƉƌŽŐƌĂŵ ĂŶĚ ,ŝĐŬŽƌLJ ƐĐŽƌĞƐ „ „ „ DŽƌĞ ŝŶƚĞŶƐŝǀĞ ƚƌĂŝŶŝŶŐ ŚĞůƉƐ Ɛƚ ƋƵĂůŝƚLJ ĂŶĚ ƉƌŽĚƵĐƚŝǀŝƚLJ ůŽƐĞ ƐĞƚƚŝŶŐ ĂůůŽǁƐ ƚƌĂŝŶĞĞ ƚŽ ĂƐŬ ŵŽƌĞ ƋƵĞƐƚŝŽŶƐ ĂŶĚ ůĞĂƌŶ Ăƚ Ă ƉĂĐĞ ƚŚĂƚ ĨŝƚƐ ŚŝƐ Žƌ ŚĞƌ ŶĞĞĚƐ ĂŶĚ ďƵŝůĚƐ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ƚŚĂƚ ŝƐ ƵůƚŝŵĂƚĞůLJ ŵŽƌĞ ĐŽŵĨŽƌƚĂďůĞ ǁŝƚŚ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ĂŶĚ ŚŝƐͬŚĞƌ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ,ĞůƉƐ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ƉƌŽǀŝĚĞ ďĞƚƚĞƌ ƐĞƌǀŝĐĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĨŽƌ ŚŝŐŚĞƌ ŽǀĞƌĂůů ƐĂƚŝƐĨĂĐƚŝŽŶ WĂŐĞ ϴ͘ϭϲͲϱ ŽĨ ϳ tĞ ǁŝůů ƉƌŽǀŝĚĞ ǁƌĂƉĂƌŽƵŶĚ ƚƌĂŝŶŝŶŐ ƐƵƉƉŽƌƚ ƚŚƌŽƵŐŚ ŽƵƌ ,ŝĐŬŽƌLJ >ĞĂƌŶŝŶŐ ^LJƐƚĞŵ͘ Ɛ ĂŶ ŝŶŶŽǀĂƚŝǀĞ ĞͲůĞĂƌŶŝŶŐ ĐŽŵƉĂŶLJ͕ ,ŝĐŬŽƌLJ ŚĂƐ ĐŽŶĚƵĐƚĞĚ ŝŶƚĞŶƐŝǀĞ ƌĞƐĞĂƌĐŚ ŝŶ ƚŚĞ ĨŝĞůĚ ŽĨ ĂĚƵůƚ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ƉƐLJĐŚŽůŽŐLJ ƚŽ ƵŶĚĞƌƐƚĂŶĚ ŚŽǁ ǁĞ ůĞĂƌŶ͕ ŚŽǁ ǁĞ ĨŽƌŐĞƚ ǁŚĂƚ ǁĞ ŚĂǀĞ ůĞĂƌŶĞĚ͕ ĂŶĚ ŚŽǁ ǁĞ ĐĂŶ ďƌŝĚŐĞ ƚŚŝƐ ŐĂƉ͘ ,ŝĐŬŽƌLJΖƐ ƐƚƵĚŝĞƐ ŚĂǀĞ ƌĞǀĞĂůĞĚ ƚŚĂƚ ƚƌĂŝŶĞĞƐ ĨŽƌŐĞƚ ϳϬ ƉĞƌĐĞŶƚ ŽĨ ZĞƐĞĂƌĐŚ ƐŚŽǁƐ ƚŚĂƚ ƚƌĂŝŶĞĞƐ ĨŽƌŐĞƚ ϳϬ ƉĞƌĐĞŶƚ ŽĨ ƚƌĂŝŶŝŶŐ ǁŝƚŚŝŶ ƚǁŽ ĚĂLJƐ͕ ďƵƚ ƚŚĞLJ ĂƌĞ ƚŚƌĞĞ ƚŝŵĞƐ ŵŽƌĞ ůŝŬĞůLJ ƚŽ ƌĞĐĂůů ĐŽƌƌĞĐƚ ŝŶĨŽƌŵĂƚŝŽŶ ǁŚĞŶ ƚƌĂŝŶŝŶŐ ŝŶ ƚǁŽ ĚĂLJƐ ʹ ďƵƚ ƚŚĞLJ ĂƌĞ ƚŚƌĞĞ ƚŝŵĞƐ ƵƐŝŶŐ ĚŝŐŝƚĂů ĨůĂƐŚ ĐĂƌĚƐ ĂƐ Ă ƐƵƉƉůĞŵĞŶƚĂƌLJ ƚƌĂŝŶŝŶŐ ƌĞƐŽƵƌĐĞ͘ dŚĞ ,ŝĐŬŽƌLJ ƉůĂƚĨŽƌŵ ŝƐ ĚĞƐŝŐŶĞĚ ƚŽ ŵŽƌĞ ůŝŬĞůLJ ƚŽ ƌĞŵĞŵďĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ŝĨ ŝƚ ŝƐ ďĞŶĚ ƚŚĞ ΗĨŽƌŐĞƚƚŝŶŐ ĐƵƌǀĞΗ ĂŶĚ ĚƌŝǀĞ ƉŽǁĞƌĨƵů͕ ƉŽƐŝƚŝǀĞ ƌĞƚĞŶƚŝŽŶ ŽĨ ĐŽƌĞ ƚƌĂŝŶŝŶŐ ĐŽŶĐĞƉƚƐ ƌĞŝŶĨŽƌĐĞĚ ƋƵŝĐŬůLJ ĂĨƚĞƌ ŝŶŝƚŝĂů ƚƌĂŝŶŝŶŐ͘ ĞŶĐŽƵŶƚĞƌĞĚ͕ ǁŚŝĐŚ ŚĞůƉƐ ŝŵƉƌŽǀĞ ďŽƚŚ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ƚƌĂŝŶŝŶŐ ŝƚƐĞůĨ ĂƐ ǁĞůů ĂƐ ƐƚĂĨĨ ƉĞƌĨŽƌŵĂŶĐĞ͕ ĂƐ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϭϲͲϯ͗ ^ĂŵƉůĞ ,ŝĐŬŽƌLJ &ůĂƐŚĐĂƌĚƐ͘ ǀĂůƵĂƚŝŽŶ ĂŶĚ ZĞƚĞŶƚŝŽŶ tĞ ǁŝůů ƵƐĞ ĞǀĂůƵĂƚŝŽŶ ĂŶĚ ƌĞƚĞŶƚŝŽŶ ŵĞƚŚŽĚƐ ƚŽ ŚĞůƉ ĐŽŶƚŝŶƵŽƵƐůLJ ŝŵƉƌŽǀĞ ƚƌĂŝŶŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͘ dƌĂŝŶĞĞ ĞǀĂůƵĂƚŝŽŶƐ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ ƚĞƐƚƐ ĂŶĚ ƋƵŝnjnjĞƐ ǁŝůů ŚĞůƉ ĚĞƚĞƌŵŝŶĞ ƚŚĞŝƌ ŐƌĂƐƉ ŽĨ ƚƌĂŝŶŝŶŐ ŵĂƚĞƌŝĂů ĂŶĚ ĂƐƐĞƐƐ ƚŚĞŝƌ ƌĞĂĚŝŶĞƐƐ ƚŽ ƐƵƉƉŽƌƚ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ tĞ ǁŝůů ĞŵƉůŽLJ ŝŶŶŽǀĂƚŝŽŶƐ ƚŽ ŝŵƉƌŽǀĞ ƌĞƚĞŶƚŝŽŶ ŽĨ ƐŬŝůůĞĚ ƐƚĂĨĨ ĂŶĚ ƚŚĞƌĞďLJ ŵŝŶŝŵŝnjĞ ŽƵƌ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ƚƌĂŝŶŝŶŐ ĂŶĚ ƐƚĂĨĨ ĚĞǀĞůŽƉŵĞŶƚ͘ džŚŝďŝƚ ϴ͘ϭϲͲϮ͗ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ dƌĂŝŶŝŶŐ WŚĂƐĞƐ͘ ůů ĨŽƌŵƐ ŽĨ ƚƌĂŝŶŝŶŐ ǁŝůů ďĞ ĐĂƚĞŐŽƌŝnjĞĚ ŝŶƚŽ ĨŝǀĞ ĚŝĨĨĞƌĞŶƚ ƉŚĂƐĞƐ ƚŽ ĨŽƐƚĞƌ Ă ĐŽŶƚŝŶƵŽƵƐ ůĞĂƌŶŝŶŐ ĞŶǀŝƌŽŶŵĞŶƚ ĨŽƌ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐƚĂĨĨ͘ >ĞĂƌŶŝŶŐ ZĞƚĞŶƚŝŽŶ WĂŐĞ ϴ͘ϭϲͲϲ ŽĨ ϳ ,ŝĐŬŽƌLJ ƉƌŽǀŝĚĞƐ ĚĂƚĂ ƚŚĂƚ ŚĞůƉ ƵƐ ďĞƚƚĞƌ ƵŶĚĞƌƐƚĂŶĚ ŬŶŽǁůĞĚŐĞ Žƌ ƉĞƌĨŽƌŵĂŶĐĞ ŐĂƉƐ ƐŽ ƚŚĂƚ ǁĞ ĐĂŶ ĂĚĚƌĞƐƐ ƚŚŽƐĞ ŐĂƉƐ ƚŚƌŽƵŐŚ ƌĞǀŝƐĞĚ ƚƌĂŝŶŝŶŐ ŵĂƚĞƌŝĂůƐ ĂŶĚ ŝĚĞŶƚŝĨLJ ŝŶĚŝǀŝĚƵĂů ƐƚĂĨĨ ŵĞŵďĞƌƐ ŝŶ ŶĞĞĚ ŽĨ ĐŽĂĐŚŝŶŐ Žƌ ƌĞŵĞĚŝĂů ƚƌĂŝŶŝŶŐ͘ /ŶĚŝǀŝĚƵĂů ƵƐĞƌ ĚĂƐŚďŽĂƌĚƐ ƉƌŽǀŝĚĞ ƚƌĂŶƐƉĂƌĞŶĐLJ ŝŶƚŽ ĞĂĐŚ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚΖƐ ŽǀĞƌĂůů ƉƌŽŐƌĞƐƐ͘ dŚĞƐĞ ĚĂƐŚďŽĂƌĚƐ ƐŚŽǁ ŚŽǁ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ƉĞƌĨŽƌŵĞĚ ŽŶ ĞĂĐŚ ƋƵĞƐƚŝŽŶ ŝŶ Ă ůĞƐƐŽŶ͕ ǁŚŝĐŚ ŚĞůƉƐ ƵƐ ŝĚĞŶƚŝĨLJ ǁŚĞƌĞ Ă ƉĂƌƚŝĐƵůĂƌ ƐƚĂĨĨ ŵĞŵďĞƌ ƐƚƌƵŐŐůĞƐ͘ KƵƌ ƚƌĂŝŶŝŶŐ ƚĞĂŵ ĂŶĚ ƐƵƉĞƌǀŝƐŽƌƐ ǁŝůů ƵƐĞ ƚŚĞƐĞ ĚĂƐŚďŽĂƌĚƐ ƚŽ ŵŽŶŝƚŽƌ ĂŶĚ ƚƌĂĐŬ ĞĂĐŚ ƐƚĂĨĨ ŵĞŵďĞƌΖƐ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĐŽŵƉůĞƚŝŶŐ ĂƐƐŝŐŶĞĚ ,ŝĐŬŽƌLJ ůĞƐƐŽŶƐ ĂŶĚ ƚŽ ŝĚĞŶƚŝĨLJ ŝŶĚŝǀŝĚƵĂů ƚƌĂŝŶŝŶŐ ŶĞĞĚƐ ĂƐ ǁĞůů ĂƐ ƚƌĞŶĚƐ ĂĐƌŽƐƐ ƚŚĞ ƉƌŽũĞĐƚ ĂŶĚ ĂĐƚ ĂĐĐŽƌĚŝŶŐůLJ ƚŽ ŝŵƉƌŽǀĞ ,ŝĐŬŽƌLJ ƐƵƉƉŽƌƚƐ ƚƌĂŝŶŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ͕ ůĞĂƌŶŝŶŐ ĐŽŵƉƌĞŚĞŶƐŝŽŶ͕ ĂŶĚ ůĞĂƌŶŝŶŐ ƌĞƚĞŶƚŝŽŶ ƚŚƌŽƵŐŚ ƐŚŽƌƚ ƚƌĂŝŶŝŶŐ ŵŽĚƵůĞƐ͕ ĚĞůŝǀĞƌĞĚ ƚŚƌŽƵŐŚ ĨůĂƐŚĐĂƌĚƐ ĚĞƐŝŐŶĞĚ ƚŽ ŚĞůƉ ƐƚĂĨĨ ƌĞƚĂŝŶ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĂůƌĞĂĚLJ ƉƌŽǀŝĚĞĚ ĚƵƌŝŶŐ ƚŚĞŝƌ ŝŶŝƚŝĂů ƚƌĂŝŶŝŶŐ͘ ,ŝĐŬŽƌLJ ƌĞŝŶĨŽƌĐĞƐ ĨĂĐƚƐ ŽŶ ĂŶ ŝŶĚŝǀŝĚƵĂůŝnjĞĚ ƐĐŚĞĚƵůĞ͕ ŚĞůƉŝŶŐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞƐĞ ĨĂĐƚƐ ďĞĐŽŵĞ ƉĂƌƚ ŽĨ ůŽŶŐͲƚĞƌŵ ŵĞŵŽƌLJ͘ ,ŝĐŬŽƌLJΖƐ ĚĂƚĂ ĂŶĂůLJƚŝĐƐ ŝĚĞŶƚŝĨŝĞƐ ĂŶĚ ĚŝƐƉůĂLJƐ ŬŶŽǁůĞĚŐĞ ŐĂƉƐ͕ ĞŶĂďůŝŶŐ ƵƐ ƚŽ ƉŝŶƉŽŝŶƚ ƚŚĞƐĞ ŐĂƉƐ ĂŶĚ ďƌŝŶŐ ĞŵƉůŽLJĞĞƐ ǁŚŽ ŵŝŐŚƚ ŶĞĞĚ ĂĚĚŝƚŝŽŶĂů ƚƌĂŝŶŝŶŐ ƵƉ ƚŽ ƐƉĞĞĚ͘ tŚĞŶĞǀĞƌ ŬŶŽǁůĞĚŐĞ ƌĞƚĞŶƚŝŽŶ ŝƐ ƉƌĞĚŝĐƚĞĚ ƚŽ ĨĂůů ďĞůŽǁ Ă ĐĞƌƚĂŝŶ ůĞǀĞů͕ ,ŝĐŬŽƌLJ ŝŶŝƚŝĂƚĞƐ Ă ƐĞƌŝĞƐ ŽĨ ƚǁŽͲŵŝŶƵƚĞ ƌĞǀŝĞǁ ĞdžĞƌĐŝƐĞƐ ƚŚĂƚ ŽĐĐƵƌ Ă ŽĨ ĐŽƵƉůĞ ƚŝŵĞƐ ƉĞƌ ǁĞĞŬ ƚŚĂƚ ĨŽĐƵƐ ŽŶ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ĞŵƉůŽLJĞĞƐ ĨŽƌŐĞƚ͘ ,Žǁ ,ŝĐŬŽƌLJ tŽƌŬƐ džŚŝďŝƚ ϴ͘ϭϲͲϯ͗ ^ĂŵƉůĞ ,ŝĐŬŽƌLJ &ůĂƐŚĐĂƌĚƐ͘ WƌŽũĞĐƚ ƐƚĂĨĨ ƵƐĞ ĚŝŐŝƚĂů ĨůĂƐŚĐĂƌĚƐ ĂƐ Ă ƉŽŝŶƚ ŽĨ ƌĞĨĞƌĞŶĐĞ ĂŶĚ ƐƵƉƉůĞŵĞŶƚĂƌLJ ƚƌĂŝŶŝŶŐ ƚŽ ďĞƚƚĞƌ ƌĞĐĂůů ŝŶĨŽƌŵĂƚŝŽŶ ǁŚĞŶ ƐĞƌǀŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ džŚŝďŝƚ ϴ͘ϭϲͲϱ͗ ,ŝĐŬŽƌLJ >ĞƐƐŽŶ ^ƵŵŵĂƌLJ͘ /ŶĚŝǀŝĚƵĂů ƵƐĞƌƐ ŚĂǀĞ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ƌĞǀŝĞǁ ƚŚĞŝƌ ƉƌŽŐƌĞƐƐ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ďĞŶĞĨŝĐŝĂƌLJ ŵĂƚĞƌŝĂůƐ ƵƐĞĚ ĨŽƌ ƚƌĂŝŶŝŶŐ ƐƚĂƚĞ DĞĚŝĐĂŝĚ Žƌ ůŽĐĂů ƐŽĐŝĂů ƐĞƌǀŝĐĞƐ ƐƚĂĨĨ͘ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ^ĞĐƚŝŽŶ ///͘ W͘ WĂŐĞ ϴ͘ϭϲͲϳ ŽĨ ϳ &ŽůůŽǁŝŶŐ ƚŚŝƐ ƐĞĐƚŝŽŶ͕ ǁĞ ƉƌŽǀŝĚĞ ƐĂŵƉůĞƐ ŽĨ ƚǁŽ ƉĂƌƚŝĂů ƉƌĞƐĞŶƚĂƚŝŽŶƐ ƐŚŽǁŝŶŐ ďĞŶĞĨŝĐŝĂƌLJ ŵĂƚĞƌŝĂůƐ ƚŚĂƚ ǁĞ ĐĂŶ ĐƵƐƚŽŵŝnjĞ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ ϰ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϯ͘ tĞ ŝŶĐůƵĚĞ ƚǁŽ ĞdžĂŵƉůĞƐ ŽĨ ŵĂƚĞƌŝĂůƐ ĨŽƌ ƚƌĂŝŶŝŶŐ ^ƚĂƚĞ ƐƚĂĨĨ ŝŶ ƉƉĞŶĚŝdž ϭϴ͘ϭϲͲϭ͗ D yĞď ^LJƐƚĞŵƐ dƌĂŝŶŝŶŐ ĂŶĚ ƉƉĞŶĚŝdž ϴ͘ϭϲͲϮ͗ W W ^ĞĂƌĐŚ YƵŝĐŬ ZĞĨĞƌĞŶĐĞ 'ƵŝĚĞ͘ dŚĞƐĞ ƐĂŵƉůĞƐ ĂƌĞ ĨƌŽŵ ƚŚĞ D y/Dh^ WĞŶŶƐLJůǀĂŶŝĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƉƌŽũĞĐƚ͘ ƵĞ ƚŽ ƉĂŐĞ ůŝŵŝƚĂƚŝŽŶƐ͕ ƚŚĞƐĞ ƐĂŵƉůĞƐ ŝŶĐůƵĚĞ ŽŶůLJ ƚŚĞ ĨŝƌƐƚ ƐĞĐƚŝŽŶƐ ŽĨ ƚŚĞ ĨƵůů ƚƌĂŝŶŝŶŐ ŵĂƚĞƌŝĂůƐ͘ D y/Dh^ ŝƐ ĐŽŵŵŝƚƚĞĚ ƚŽ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͕ ĂŶĚ ǁĞ ŽĨĨĞƌ ŽƵƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƚƌĂŝŶŝŶŐ ĂƉƉƌŽĂĐŚ ǁŝƚŚ ĐŽŶĨŝĚĞŶĐĞ ƚŚĂƚ ŝƚ ǁŝůů ĂĚĚ ǀĂůƵĞ ƚŽ ĞŶƌŽůůŵĞŶƚ ŽƉĞƌĂƚŝŽŶƐ ĂƐ Ă ǁŚŽůĞ ĂŶĚ ǁŝůů ďĞŶĞĨŝƚ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŚƌŽƵŐŚ ŵŽƌĞ ĐŽŶƐŝƐƚĞŶƚ͕ ŚŝŐŚͲ ƋƵĂůŝƚLJ ƐĞƌǀŝĐĞƐ͘ džŚŝďŝƚ ϴ͘ϭϲͲϰ͗ ,ŝĐŬŽƌLJ /ŶĚŝǀŝĚƵĂů hƐĞƌ ^ĐƌĞĞŶ͘ tĞ ĐĂŶ Ěƌŝůů ĚŽǁŶ ŝŶƚŽ ŝŶĚŝǀŝĚƵĂů ƋƵĞƐƚŝŽŶ ĚĂƚĂ ĨŽƌ ĞĂĐŚ ƐƚĂĨĨ ŵĞŵďĞƌ ƚŽ ƐĞĞ ǁŚĞƌĞ ŚĞ Žƌ ƐŚĞ ŝƐ ŚĂǀŝŶŐ ƚƌŽƵďůĞ͕ ƐŽ ǁĞ ŬŶŽǁ ĞdžĂĐƚůLJ ǁŚĂƚ ƚŽ ĐŽǀĞƌ ĚƵƌŝŶŐ ƌĞŵĞĚŝĂů ĂŶĚ ƌĞĨƌĞƐŚĞƌ ƚƌĂŝŶŝŶŐ ƐĞƐƐŝŽŶƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ĞĂĐŚ ŝŶĚŝǀŝĚƵĂů ƐƚĂĨĨ ŵĞŵďĞƌ ĐĂŶ ǀŝĞǁ ŚŝƐ Žƌ ŚĞƌ ŽǁŶ ƉƌŽŐƌĞƐƐ ǁŝƚŚ ,ŝĐŬŽƌLJ ůĞƐƐŽŶƐ͕ ĂƐ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϭϲͲϱ͗ ,ŝĐŬŽƌLJ >ĞƐƐŽŶ ^ƵŵŵĂƌLJ͘ ƉĞƌĨŽƌŵĂŶĐĞ͘ /Ŷ džŚŝďŝƚ ϴ͘ϭϲͲϰ͗ ,ŝĐŬŽƌLJ /ŶĚŝǀŝĚƵĂů hƐĞƌ ^ĐƌĞĞŶ͕ ǁĞ ƐŚŽǁ ĂŶ ĞdžĂŵƉůĞ ŽĨ Ă ĚĂƐŚďŽĂƌĚ ƚŚĂƚ ƐŚŽǁƐ ƚŚĞ ŽǀĞƌĂůů ƉƌŽŐƌĞƐƐ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ĂŶ ŝŶĚŝǀŝĚƵĂů ƐƚĂĨĨ ŵĞŵďĞƌ͘ RFP Section Response 8.17 Fraud, Waste and Abuse Section Q, 1-2 The Department requests the response to this section be limited to eight (8) pages. The North Carolina Enrollment Broker Project must have rigorous and proactive fraud. waste, and abuse policies and processes to prevent, detect, and refer misuse of program resources and systems by internal staff and by external clients or other parties. MAXIMUS is committed to maintaining effective processes, systems, and internal controls to prevent and detect abusive or fraudulent behavior that compromises the integrity of the Medicaid program. 1. The Offeror must confirm adherence to the expectations of the Department and their ability and approach to meet the requirements of Section Q. Fraud, Waste, and Abuse. MAXIMUS con?rms that we will adhere to Department expectations and meet or exceed all requirements set forth in Section Ill. 0 Fraud, Waste, and Abuse. 2. Offeror must provide a sample fraud, abuse, and waste prevention compliance plan that establishes criteria for preventing, detecting, controlling and referring cases of suspected fraud, abuse, or waste and include a description of processes to be used to prevent, investigate and control suspected fraud, abuse, and waste. a Most Medicaid providers and clients, respectively, render and receive medical care in compliance with federal and state laws, rules and 00 regulations, and policies governing the program. However, a small minority of Medicaid parties, both providers and clients, inadvertently or A consciously engage in practices that constitute fraud and/or abuse of the program. Funds set aside to operate the program are lost and unavailable to those in need as a result. MAXIMUS is fully committed to the prevention and minimization of fraudulent and abusive practices, and to investigate these practices when they are identified and referred. We provide a sample fraud, waste, and abuse compliance plan from our Texas Enrollment Broker project in Appendix 8.17-1: Sample Fraud, Abuse, and Waste Prevention Compliance Plan. Design Proactive Fraud Prevention, Detection, and Referral Process Our compliance plan documents the policies and procedures, systems, and internal controls in place to prevent, detect, report, and correct, where applicable, cases of suspected or known fraud or abuse. NC Enrollment Broker Project employees will receive specialized training to help ensure that they are knowledgeable regarding the full spectrum of processes and controls described in our plan. To that end, we strenuously communicate the importance of program integrity to each of our employees and underscore the commitment MAXIMUS has to maintaining strict ethical standards. MAXIMUS is committed to implementing policies and procedures for the NC Enrollment Broker Project that support the State's efforts to prevent, detect, report, and prevent and correct known or suspected fraud and abuse by: I Keeping alert to allegations of Medicaid fraud and abuse I Educating clients, their families, and caregivers whenever possible I Reporting all allegations of fraud and abuse to DHHS within specified time frames a Maintaining a paperless operational environment to lower risk of fraud, waste, and abuse incidents The fraud, abuse, and waste prevention compliance plan that we have designed for the NC Enrollment Broker Project to prevent and detect fraud contains the following processes and controls: I Prevention: Preventing fraud and abuse begins with our approach to handling the cases themselves. Because fraud and abuse can potentially take place if an employee is somehow personally involved in a case, MAXIMUS requires the following guidelines to be observed when handling a case with which an employee has a personalconnection: Page 8.174 of 5 E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ĞŵƉůŽLJĞĞƐ ǁŝůů ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ƐŝŐŶ Ă &ƌĂƵĚ ǁĂƌĞŶĞƐƐ ĂŶĚ WƌĞǀĞŶƚŝŽŶ ĐŬŶŽǁůĞĚŐĞŵĞŶƚ ZĞĐĞŝƉƚ &Žƌŵ ĚƵƌŝŶŐ ŶĞǁ ŚŝƌĞ ŽƌŝĞŶƚĂƚŝŽŶ ĂŶĚ ŽŶ ĂŶ ĂŶŶƵĂů ďĂƐŝƐ͕ ŝŶĚŝĐĂƚŝŶŐ ƚŚĂƚ ƚŚĞLJ ŚĂǀĞ ĂŐƌĞĞĚ ƚŽ ƚŚĞ ƐƚĂƚĞĚ ĐŽŶĚŝƚŝŽŶƐ͘ ZĞĨĞƌƌĂů ƚŽ ,,^͗ tĞ ǁŝůů ƌĞĨĞƌ ƐŝƚƵĂƚŝŽŶƐ ŽĨ ƐƵƐƉĞĐƚĞĚ ĨƌĂƵĚ ƚŽ ,,^ ĨŽƌ ĨƵƌƚŚĞƌ ƌĞǀŝĞǁ͕ ŝŶǀĞƐƚŝŐĂƚŝŽŶ͕ ĂŶĚ ƉƌŽƐĞĐƵƚŝŽŶ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ƌĞƋƵŝƌĞŵĞŶƚƐ͘ /Ĩ Ă ƐŝƚƵĂƚŝŽŶ ŵĞĞƚƐ ,,^͛Ɛ ƐƚĂŶĚĂƌĚƐ ĨŽƌ ƌĞĨĞƌƌĂů͕ ǁĞ ǁŝůů ƐƵďŵŝƚ Ă ĐĂƐĞ ƌĞƉŽƌƚ ƚŚĂƚ ƉƌŽǀŝĚĞƐ Ă ƐƵŵŵĂƌLJ ŽĨ ĐĂƐĞ ĂĐƚŝŽŶƐ ĂŶĚ ŽƵƌ ŝŶǀĞƐƚŝŐĂƚŝǀĞ ĨŝŶĚŝŶŐƐ͘ KŶĐĞ Ă ƌĞĨĞƌƌĂů ŚĂƐ ďĞĞŶ ŵĂĚĞ͕ ǁĞ ŵĂŬĞ ƐƵƌĞ ƚŚĂƚ ĂƉƉƌŽƉƌŝĂƚĞ ƐƚĂĨĨ ĂŶĚ ŽƚŚĞƌ ƌĞƐŽƵƌĐĞƐ ĂƌĞ ĂǀĂŝůĂďůĞ ƚŽ ,,^ ƐƚĂĨĨ ƚŽ ƐƵƉƉŽƌƚ ĨƵƌƚŚĞƌ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ĂŶĚ ƉƌŽƐĞĐƵƚŝŽŶ ĂƐ ƌĞƋƵŝƌĞĚ͘ „ WĂŐĞ ϴ͘ϭϳͲϮ ŽĨ ϱ džƚĞƌŶĂů ĨƌĂƵĚ͕ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ ƐƵƐƉĞĐƚĞĚ ĨƌĂƵĚ ďLJ Ă DĞĚŝĐĂŝĚ ĐůŝĞŶƚ Žƌ ŽƚŚĞƌ ƉĂƌƚLJ ƚŚĂƚ ŝƐ ĚĞƚĞĐƚĞĚ ďLJ ĂŶ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƉƌŽũĞĐƚ ĞŵƉůŽLJĞĞ Žƌ ƌĞƉŽƌƚĞĚ ďLJ Ă ĐĂůůĞƌ ƚŽ ĂŶLJ ŽĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŚŽƚůŝŶĞƐ „ /ŶƚĞƌŶĂů ĨƌĂƵĚ͕ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ ƉŽƚĞŶƚŝĂůůLJ ĨƌĂƵĚƵůĞŶƚ ĂĐƚŝǀŝƚLJ ďLJ Ă E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ĞŵƉůŽLJĞĞ „ WƌŽĐĞƐƐ ƚŽ ŶŚĂŶĐĞ ƚŚĞ WƌĞǀĞŶƚŝŽŶ ĂŶĚ ĞƚĞĐƚŝŽŶ ŽĨ /ŶƚĞƌŶĂů ĂŶĚ džƚĞƌŶĂů &ƌĂƵĚ KƵƌ ĨƌĂƵĚ͕ ĂďƵƐĞ͕ ĂŶĚ ǁĂƐƚĞ ƉƌĞǀĞŶƚŝŽŶ ĐŽŵƉůŝĂŶĐĞ ƉůĂŶ ŽƵƚůŝŶĞƐ ƉƌŽĐĞƐƐĞƐ ƚŽ ĞŶŚĂŶĐĞ ƚŚĞ ƉƌĞǀĞŶƚŝŽŶ ĂŶĚ ĚĞƚĞĐƚŝŽŶ ŽĨ ƚŚĞ ƚǁŽ ŵŽƐƚ ƉƌĞǀĂůĞŶƚ ƚLJƉĞƐ ŽĨ ĨƌĂƵĚ ƚŚĂƚ ĐĂŶ ďĞ ŝĚĞŶƚŝĨŝĞĚ ďLJ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͗ tĞ ƌĞǀŝĞǁ ƚŚĞ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ĐŽŶƚƌŽůƐ ĂƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ŚĞůƉ ĞŶƐƵƌĞ ĐŽŶƐŝƐƚĞŶĐLJ ǁŝƚŚ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů Đŝǀŝů ĂŶĚ ĐƌŝŵŝŶĂů ĞŶĨŽƌĐĞŵĞŶƚ ƉƌŽĐĞƐƐĞƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƐĂŶĐƚŝŽŶŝŶŐ ƉƌŽĐĞƐƐ͘ ŽƌƌĞĐƚŝǀĞ ĐƚŝŽŶ͗ tĞ ƚĂŬĞ ĚŽĐƵŵĞŶƚĞĚ ƐƚĞƉƐ ƚŽ ĐŽƌƌĞĐƚ Ă ĨƌĂƵĚ ĂŶĚ ĂďƵƐĞ ƐŝƚƵĂƚŝŽŶ ŽŶĐĞ ŝƚ ŚĂƐ ŽĐĐƵƌƌĞĚ ƚŚĂƚ ŝŶĐůƵĚĞ ĚŝƐĐŝƉůŝŶĂƌLJ ĂĐƚŝŽŶ͕ ƵƉ ƚŽ ĂŶĚ ŝŶĐůƵĚŝŶŐ ƚĞƌŵŝŶĂƚŝŽŶ ĨŽƌ ĂŶ ĞŵƉůŽLJĞĞ͕ ĂƐ ǁĞůů ĂƐ ĐƌŝŵŝŶĂů ƉƌŽƐĞĐƵƚŝŽŶ ĨŽƌ ĞŵƉůŽLJĞĞƐ ĂŶĚ ƌĞĐŝƉŝĞŶƚƐ ĂůŝŬĞ͕ ƐŚŽƵůĚ ƚŚĞ ŽĨĨĞŶƐĞ ŝŶĐůƵĚĞ ƚŚĞ ďƌĞĂŬŝŶŐ ŽĨ ĂŶLJ ůĂǁƐ͘ tĞ ĐŽŶĚƵĐƚ ƌĞǀŝĞǁƐ ŽĨ ĞŶƌŽůůĞĞ ĐŚŽŝĐĞ ƐĞůĞĐƚŝŽŶƐ ƚŽ ŚĞůƉ ĞŶƐƵƌĞ ƚŚĂƚ ƐƉĞĐŝĨŝĐ ƉůĂŶƐ ĂƌĞ ŶŽƚ ďĞŝŶŐ ĨĂǀŽƌĞĚ͘ „ KƵƌ ƋƵĂůŝƚLJ ĂƐƐƵƌĂŶĐĞ ;Y Ϳ ƚĞĂŵ ŵŽŶŝƚŽƌƐ ůŝǀĞ ĐĂůůƐ ĂŶĚ ƵƐĞƐ ĂƵĚŝŽ ƌĞĐŽƌĚŝŶŐ ƚŽŽůƐ ƚŽ ƌĞǀŝĞǁ Ă ƐƚĂƚŝƐƚŝĐĂůůLJ ǀĂůŝĚ ƌĂŶĚŽŵ ƐĂŵƉůĞ ŽĨ ĞĂĐŚ ƐƚĂĨĨ ŵĞŵďĞƌΖƐ ƌĞĐŽƌĚĞĚ ĐĂůůƐ ĂŶĚ ŐƌĂĚĞ ƚŚĞ ĂĐĐƵƌĂĐLJ ŽĨ ƚŚĞŝƌ ĚĂƚĂ ĞŶƚƌLJ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ĂĐƚŝŽŶƐ͘ /ŶƚĞƌŶĂů ZĞƉŽƌƚŝŶŐ͗ tĞ ǁŝůů ƌĞƋƵŝƌĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ĞŵƉůŽLJĞĞƐ ƚŽ ƉƌŽŵƉƚůLJ ƌĞƉŽƌƚ ƐƵƐƉĞĐƚĞĚ ŝŶƐƚĂŶĐĞƐ ŽĨ ĨƌĂƵĚ ĂŶĚ ĂďƵƐĞ ƚŽ ƚŚĞŝƌ ĚŝƌĞĐƚ ƐƵƉĞƌǀŝƐŽƌ Žƌ ŽƚŚĞƌ ŵĂŶĂŐĞƌ ƐŽ ƚŚĂƚ Ăůů ƌĞƐƉŽŶƐŝďůĞ ƉĂƌƚŝĞƐ ĂƌĞ ĂďůĞ ƚŽ ƚĂŬĞ ƋƵŝĐŬ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ƐƚĞƉƐ ƚŽ ĐŽƌƌĞĐƚ ƚŚĞ ƐŝƚƵĂƚŝŽŶ͘ tĞ ŵŽŶŝƚŽƌ ƚŚĞ D yĞď ƐLJƐƚĞŵ ŽŶ Ă ƌĞŐƵůĂƌ ďĂƐŝƐ ƚŽ ƉƌĞǀĞŶƚ ĨƌĂƵĚƵůĞŶƚ ĂĐƚŝǀŝƚŝĞƐ ĨƌŽŵ ŽĐĐƵƌƌŝŶŐ͕ ĂŶĚ ƌƵŶ ƉĞƌŝŽĚŝĐ ƐLJƐƚĞŵ ƋƵĞƌŝĞƐ ĂŶĚ ĞĚŝƚƐ ŽĨ D yĞď ĚĂƚĂ ƚŽ ŝĚĞŶƚŝĨLJ ƉŽƚĞŶƚŝĂů ĨƌĂƵĚ ƐĐĞŶĂƌŝŽƐ ƐƵĐŚ ĂƐ ĐůŝĞŶƚƐ ĂƉƉĞĂƌŝŶŐ ŝŶ ŵƵůƚŝƉůĞ ĐĂƐĞƐ Žƌ ŚĂǀŝŶŐ ĚƵĂů ĞŶƌŽůůŵĞŶƚ͘ ĞƚĞĐƚŝŽŶ͗ tĞ ǁŝůů ƉƵƚ ŝŶ ƉůĂĐĞ ƐƚƌŝĐƚ ĨƌĂƵĚ ĂŶĚ ĂďƵƐĞ ƉŽůŝĐŝĞƐ ĂŶĚ ƌĞƋƵŝƌĞ Ăůů E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ĞŵƉůŽLJĞĞƐ ƚŽ ƚĂŬĞ ĨŽƌŵĂů ƚƌĂŝŶŝŶŐ Ăƚ ƚŚĞ ƚŝŵĞ ƚŚĞLJ ĂƌĞ ŚŝƌĞĚ ĂŶĚ ŽŶ ĂŶ ĂŶŶƵĂů ďĂƐŝƐ͘ dŚĞLJ ƌĞĐĞŝǀĞ ƚƌĂŝŶŝŶŐ ƚŚĂƚ ƚĞĂĐŚĞƐ ƚŚĞŵ ŚŽǁ ƚŽ ǁĂƚĐŚ ĨŽƌ ƐŝŐŶƐ ŽĨ ĨƌĂƵĚ Žƌ ĂďƵƐĞ ďLJ ĐůŝĞŶƚƐ͕ ƐƵĐŚ ĂƐ ĨĂůƐĞ ĐůĂŝŵƐ Žƌ ƐƚĂƚĞŵĞŶƚƐ͕ ŵŝƐƌĞƉƌĞƐĞŶƚĂƚŝŽŶ͕ ŵĂŶŝƉƵůĂƚŝŽŶ͕ Žƌ ĞǀĂƐŝŽŶ͘ dŚĞLJ ĂƌĞ ŽďůŝŐĂƚĞĚ ƚŽ ƌĞƉŽƌƚ ĂŶLJ ďƌĞĂĐŚĞƐ ŽĨ ŽƵƌ ƉŽůŝĐLJ͕ Žƌ ƐƵƐƉĞĐƚĞĚ ĨƌĂƵĚ ĂŶĚ ĂďƵƐĞ ŝŶ ŐĞŶĞƌĂů͕ ƚŽ ƚŚĞŝƌ ƐƵƉĞƌǀŝƐŽƌ Žƌ ŽƚŚĞƌ ŵĂŶĂŐĞƌ͘ ^ƵƉĞƌǀŝƐŽƌƐ͕ ŝŶ ƚƵƌŶ͕ ŶŽƚĞ ŝŶĐŝĚĞŶƚƐ ŽĨ ƐƵƐƉŝĐŝŽƵƐ ďĞŚĂǀŝŽƌ ĂŵŽŶŐ ƚŚĞŝƌ ĞŵƉůŽLJĞĞƐ͕ ƐƵĐŚ ĂƐ ĨĂǀŽƌŝŶŐ Ă ƉĂƌƚŝĐƵůĂƌ ŚĞĂůƚŚ ƉůĂŶ Žƌ ƉƌŽǀŝĚĞƌ͘ D y/Dh^ ŚĂƐ ƐƚƌŝĐƚ ĚŝƐĐŝƉůŝŶĂƌLJ ƉŽůŝĐŝĞƐ ĂŶĚ ƌĞƋƵŝƌĞƐ Ăůů ĞŵƉůŽLJĞĞƐ ƚŽ ĞŶƌŽůů ŝŶ ĂŶĚ ƉĂƐƐ ƚƌĂŝŶŝŶŐ ŽŶ ŽƵƌ ĐŽƌƉŽƌĂƚĞ ĐŽĚĞ ŽĨ ƉƌŽĨĞƐƐŝŽŶĂů ĐŽŶĚƵĐƚ ĂŶĚ ďƵƐŝŶĞƐƐ ĞƚŚŝĐƐ͘ tĞ ŵĂŝŶƚĂŝŶ Ă ĐŽƌƉŽƌĂƚĞ ƚŽůůͲĨƌĞĞ ĞƚŚŝĐƐ ŚŽƚůŝŶĞ ĨŽƌ ĞŵƉůŽLJĞĞƐ ƚŽ ĂŶŽŶLJŵŽƵƐůLJ ƌĞƉŽƌƚ ƐƵƐƉĞĐƚĞĚ ĨƌĂƵĚƵůĞŶƚ͕ ĂďƵƐŝǀĞ͕ Žƌ ǁĂƐƚĞĨƵů ĂĐƚŝŽŶƐ ďLJ Ă ĐŽͲǁŽƌŬĞƌ͘ &Žƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͕ ǁĞ ǁŝůů ĐŽŶĚƵĐƚ ƌŽƵƚŝŶĞ ĂĐƚŝǀŝƚŝĞƐ ƚŽ ĚĞƚĞĐƚ ƉŽƚĞŶƚŝĂůůLJ ĨƌĂƵĚƵůĞŶƚ Žƌ ĂďƵƐŝǀĞ ďĞŚĂǀŝŽƌ ĂŵŽŶŐ ŽƵƌ ĞŵƉůŽLJĞĞƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĨŽůůŽǁŝŶŐ͗ /Ŷ ƚŚĞ ĞǀĞŶƚ ƚŚĂƚ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ĞŵƉůŽLJĞĞƐ͕ ĚƵƌŝŶŐ ƚŚĞŝƌ ŶŽƌŵĂů ĐŽƵƌƐĞ ŽĨ ďƵƐŝŶĞƐƐ͕ ĐŽŵĞ ĂĐƌŽƐƐ Ă ĐĂƐĞ ŝŶǀŽůǀŝŶŐ ƚŚĞŵ Žƌ Ă ĨĂŵŝůLJ ŵĞŵďĞƌ͕ ƌĞůĂƚŝǀĞ͕ Žƌ ĨƌŝĞŶĚ͕ ƚŚĞLJ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ĨŽƌǁĂƌĚ ƚŚĞ ĐĂƐĞ ƚŽ ƚŚĞŝƌ ƐƵƉĞƌǀŝƐŽƌ͘ „ „ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ĞŵƉůŽLJĞĞƐ ĚŽ ŶŽƚ ŚĂǀĞ ƉĞƌŵŝƐƐŝŽŶ ƚŽ ǁŽƌŬ ŽŶ ĂŶLJ ĂƐƉĞĐƚ ŽĨ Ă ĐĂƐĞ ƚŚĂƚ ŝŶǀŽůǀĞƐ ƚŚĞŵƐĞůǀĞƐ Žƌ ĂŶLJ ŝŵŵĞĚŝĂƚĞ ĨĂŵŝůLJ ŵĞŵďĞƌƐ͕ ƌĞůĂƚŝǀĞƐ͕ Žƌ ĨƌŝĞŶĚƐ ǁŚŽ ĂƌĞ ĞŶƌŽůůĞĚ ŝŶ ĂŶLJ ƉƌŽŐƌĂŵ ƚŚĂƚ D y/Dh^ ĂĚŵŝŶŝƐƚĞƌƐ͘ /Ĩ ƚŚĞ ĨƌĂƵĚƵůĞŶƚ Žƌ ĂďƵƐŝǀĞ ĂĐƚŝǀŝƚLJ ŝŶǀŽůǀĞƐ Ă ƉƌŽũĞĐƚ ĞŵƉůŽLJĞĞ͕ ŽƵƌ ,ƵŵĂŶ ĂƉŝƚĂů ƐƚĂĨĨ ĂŶĚ ƚŚĞ ĞŵƉůŽLJĞĞΖƐ ŵĂŶĂŐĞƌ ŝŶǀĞƐƚŝŐĂƚĞƐ ƚŚĞ ƐŝƚƵĂƚŝŽŶ͘ KƵƌ WƌŽŐƌĂŵ ŝƌĞĐƚŽƌ ƌĞƉŽƌƚƐ ƚŚĞ ƐŝƚƵĂƚŝŽŶ ĂŶĚ ŽƵƚĐŽŵĞ ƚŽ ,,^ ĂƐ ĂƉƉƌŽƉƌŝĂƚĞ͘ &Žƌ ĂŶ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ŽĨ ŝŶƚĞƌŶĂů ĨƌĂƵĚ͕ ƚŚĞƌĞ ŵƵƐƚ ďĞ ĂƐƐƵƌĂŶĐĞ ŽĨ ŶŽŶͲƌĞƚĂůŝĂƚŝŽŶ͘ dŚĞ ŝŶǀĞƐƚŝŐĂƚŽƌ ŵƵƐƚ ĂƐƐƵƌĞ ƚŚĞ ĐŽŵƉůĂŝŶĂŶƚ ĂŶĚ ĂŶLJ ǁŝƚŶĞƐƐĞƐ ƚŽ ƚŚĞ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ƚŚĂƚ D y/Dh^ ǁŝůů ŶŽƚ ĞŶŐĂŐĞ ŝŶ Žƌ ƚŽůĞƌĂƚĞ ƌĞƚĂůŝĂƚŽƌLJ ďĞŚĂǀŝŽƌ ĂŐĂŝŶƐƚ ĂŶ ĞŵƉůŽLJĞĞ ĨŽƌ ŵĂŬŝŶŐ Ă ŐŽŽĚ ĨĂŝƚŚ ĐŽŵƉůĂŝŶƚ Žƌ ĂŐĂŝŶƐƚ ĂŶ ĞŵƉůŽLJĞĞ ǁŚŽ ĐŽŵĞƐ ĨŽƌƚŚ ĂƐ Ă ǁŝƚŶĞƐƐ ƚŽ ƉƌŽǀŝĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ĂŝĚ ƚŚĞ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ŽĨ ƚŚĞ ĐŽŵƉůĂŝŶƚ͘ &Žƌ ĂŶ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ŽĨ ĞdžƚĞƌŶĂů ĨƌĂƵĚ͕ ǁĞ ƌĞƐĞĂƌĐŚ ƚŚĞ ĐůŝĞŶƚΖƐ ĐĂƐĞ ŝĨ ƚŚĞ ŝŶĨŽƌŵĂŶƚ ƉƌŽǀŝĚĞƐ ĞŶŽƵŐŚ ŝŶĨŽƌŵĂƚŝŽŶ ďLJ ƵƐŝŶŐ D yĞď ĂŶĚ ŽƚŚĞƌ ĚĂƚĂ ƐŽƵƌĐĞƐ ƚŽ ǀĂůŝĚĂƚĞ ƚŚĞ ĂůůĞŐĂƚŝŽŶ͘ /Ĩ ƚŚĞƌĞ ĂƉƉĞĂƌƐ ƚŽ ďĞ ƐƵĨĨŝĐŝĞŶƚ ĚĂƚĂ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ĂůůĞŐĂƚŝŽŶ͕ ƚŚĞ ĐĂƐĞ ǁŝůů ďĞ ƌĞƉŽƌƚĞĚ ƚŽ ,,^ ĂƐ ĂƉƉƌŽƉƌŝĂƚĞ͘ „ „ „ WĂŐĞ ϴ͘ϭϳͲϯ ŽĨ ϱ &ŝƌƐƚ͕ ƚŚĞ ƐĐŽƉĞ ŽĨ ĂŶ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ŝƐ ĚĞĨŝŶĞĚ͘ Ŷ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ŵƵƐƚ ĂĚĚƌĞƐƐ ǁŚĂƚ ŝƐ ƌĞĂƐŽŶĂďůĞ ĂŶĚ ŶĞĐĞƐƐĂƌLJ ƚŽ ƉƌŽƚĞĐƚ ƚŚĞ ƉƌŽũĞĐƚΖƐ ŝŶƚĞƌĞƐƚƐ͕ ĂŶĚ ƚŽ ĚĞƚĞƌŵŝŶĞ ŝĨ ƚŚĞƌĞ ŝƐ ŐŽŽĚ ĐĂƵƐĞ ƚŽ ƐƵƐƉĞĐƚ ƚŚĂƚ ĨƌĂƵĚ Žƌ ĂďƵƐĞ ŚĂƐ ŽĐĐƵƌƌĞĚ͘ „ WƌŽĐĞƐƐĞƐ ƚŽ /ŶǀĞƐƚŝŐĂƚĞ ^ƵƐƉĞĐƚĞĚ &ƌĂƵĚ ĂŶĚ ďƵƐĞ /Ĩ Ă ƉƌŽũĞĐƚ ĞŵƉůŽLJĞĞ ǁĞƌĞ ƚŽ ƐƵƐƉĞĐƚ ĨƌĂƵĚƵůĞŶƚ Žƌ ĂďƵƐŝǀĞ ĂĐƚŝǀŝƚLJ͕ ƚŚĞ ĐĂƐĞ ǁŽƵůĚ ďĞ ĞƐĐĂůĂƚĞĚ ƚŽ ŽƵƌ ŵĂŶĂŐĞŵĞŶƚ ƐƚĂĨĨ ĂŶĚ ƚŚĞ ĨŽůůŽǁŝŶŐ ŐƵŝĚĞůŝŶĞƐ ǁŽƵůĚ ďĞ ŽďƐĞƌǀĞĚ͕ ǁŚĞƌĞ ĂƉƉůŝĐĂďůĞ͕ ƚŽ ŚĞůƉ ĞŶƐƵƌĞ Ă ƚŚŽƌŽƵŐŚ ŝŶǀĞƐƚŝŐĂƚŝŽŶ͘ WƌŽũĞĐƚ ĞŵƉůŽLJĞĞƐ ǁŝůů ďĞ ƚƌĂŝŶĞĚ ƚŽ ƌĞƉŽƌƚ ƐƵƐƉŝĐŝŽƵƐ ĐůŝĞŶƚ ĂĐƚŝǀŝƚLJ ƌĞůĂƚĞĚ ƚŽ ĨƌĂƵĚ͕ ĂďƵƐĞ͕ Žƌ ǁĂƐƚĞ ƚŚĂƚ ƚŚĞLJ ŵĂLJ ĐŽŵĞ ĂĐƌŽƐƐ ŝŶ ƚŚĞ ĐŽƵƌƐĞ ŽĨ ƉĞƌĨŽƌŵŝŶŐ ƚŚĞŝƌ ĚĂŝůLJ ĚƵƚŝĞƐ͘ dŚĞLJ ĂƌĞ ŽŶ ƚŚĞ ĨƌŽŶƚůŝŶĞ ŝŶƚĞƌĂĐƚŝŶŐ ĚŝƌĞĐƚůLJ ǁŝƚŚ ĐůŝĞŶƚƐ ŽŶ Ă ĚĂŝůLJ ďĂƐŝƐ͖ ĐůŝĞŶƚƐ ĨĞĞů ĐŽŵĨŽƌƚĂďůĞ ĐŽŶƚĂĐƚŝŶŐ ƚŚĞƐĞ ŝŶĚŝǀŝĚƵĂůƐ͕ ĂŶĚ ƚŚĞLJ ŵĂLJ ƌĞƉŽƌƚ ĐŽŶĐĞƌŶƐ ĂďŽƵƚ ƐĞƌǀŝĐĞƐ ĚĞůŝǀĞƌĞĚ ďLJ ƚŚĞŝƌ ƉƌŽǀŝĚĞƌƐ ƚŚĂƚ ĐŽƵůĚ ŝŶĚŝĐĂƚĞ ƚŚĞ ƉŽƚĞŶƚŝĂů ŽĨ ĨƌĂƵĚ͘ >ŝŬĞǁŝƐĞ͕ ĐůŝĞŶƚƐ ƌĞƉŽƌƚ ƐƵƐƉŝĐŝŽƵƐ ĂĐƚŝǀŝƚŝĞƐ ŽĨ ŽƚŚĞƌ ĐůŝĞŶƚƐ͘ tĞ ǁŝůů ƌĞĨĞƌ ƚŚĞƐĞ ĐĂƐĞƐ ƚŽ ŽƵƌ ŵĂŶĂŐĞŵĞŶƚ ƐƚĂĨĨ ĨŽƌ ĨƵƌƚŚĞƌ ƌĞƐĞĂƌĐŚ ĂŶĚ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ƵƐŝŶŐ d/ Z^͕ D yĞď͕ ĂŶĚ ŽƚŚĞƌ ĚĂƚĂ ƐŽƵƌĐĞƐ ƚŽ ǀĂůŝĚĂƚĞ ƚŚĞ ĂĐƚŝǀŝƚLJ͘ /Ĩ ƚŚĞ ĂĐƚŝǀŝƚLJ ŵĞĞƚƐ ,,^ ƐƚĂŶĚĂƌĚƐ ĨŽƌ ƌĞĨĞƌƌĂů͕ ǁĞ ǁŝůů ƐƵďŵŝƚ ƚŚĞ ĐĂƐĞ ƵƐŝŶŐ ƚŚĞ ƉƌŽĐĞƐƐ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ƐĞĐƚŝŽŶ͘ tĞ ŝŶƚĞŶĚ ƚŽ ƵƐĞ ĚĂƚĂ ƉƌŽĐĞƐƐŝŶŐ ƚĞĐŚŶŝƋƵĞƐ͕ ĂǀĂŝůĂďůĞ ǀŝĂ ƚŚĞ D yĞď ƐLJƐƚĞŵ͕ ƚŽ ĞŶŚĂŶĐĞ ƉŽƚĞŶƚŝĂů ĨƌĂƵĚ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ͘ tĞ ŚĂǀĞ Ă ƉƌŽĐĞƐƐ ŝŶ ƉůĂĐĞ ƚŽ ŶŽƚŝĨLJ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ƉĂƌƚLJ ĐŽŶƚĂŝŶŝŶŐ dWZ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ŚĂƐ ďĞĞŶ ƐĞůĨͲƌĞƉŽƌƚĞĚ ďLJ DĞĚŝĐĂŝĚ ĐůŝĞŶƚƐ ŽŶ Ă ǁĞĞŬůLJ ďĂƐŝƐ͘ WƌŽũĞĐƚ ĞŵƉůŽLJĞĞƐ ǁŝůů ĨŽůůŽǁ Ă ƐƚĂŶĚĂƌĚ ƉƌŽĐĞƐƐ ĨŽƌ ƋƵĞƌLJŝŶŐ DĞĚŝĐĂŝĚ ĐůŝĞŶƚƐ ŝĨ ƚŚĞLJ ŚĂǀĞ ĂŶLJ ŽƚŚĞƌ ŚĞĂůƚŚ ŝŶƐƵƌĂŶĐĞ ĂƐŝĚĞ ĨƌŽŵ DĞĚŝĐĂŝĚ ĚƵƌŝŶŐ ƌŽƵƚŝŶĞ ŝŶƚĞƌĂĐƚŝŽŶƐ͘ /Ĩ ƐŽ͕ ƚŚĞ dWZ ŝŶĨŽƌŵĂƚŝŽŶ ǁŝůů ďĞ ĚŽĐƵŵĞŶƚĞĚ ŝŶ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ D yĞď ĚĂƚĂ ĨŝĞůĚƐ ƐŽ ƚŚĂƚ ŝƚ ĐĂŶ ďĞ ƐĞŶƚ ďĂĐŬ ƚŽ ƚŚĞ ůĂŝŵƐ ĚŵŝŶŝƐƚƌĂƚŽƌ͕ ĂŶĚ ,,^ ǁŝůů ďĞ ŶŽƚŝĨŝĞĚ ƚŚĂƚ ƚŚĞ ĐůŝĞŶƚ ŚĂƐ dWZ͘ WƌŽĐĞƐƐĞƐ ƚŽ WƌĞǀĞŶƚ ĂŶĚ ĞƚĞĐƚ džƚĞƌŶĂů &ƌĂƵĚ DĞĚŝĐĂŝĚ ĐůŝĞŶƚ ĨƌĂƵĚ ĂĐƚŝǀŝƚŝĞƐ ŝŶĐůƵĚĞ ĨĂŝůƵƌĞ ƚŽ ƌĞƉŽƌƚ ƚŚŝƌĚ ƉĂƌƚLJ ƌĞƐŽƵƌĐĞƐ ;dWZͿ ƐƵĐŚ ĂƐ ƉƌŝǀĂƚĞ ŚĞĂůƚŚ ŝŶƐƵƌĂŶĐĞ ĐŽǀĞƌĂŐĞ͕ ǁŝƚŚŚŽůĚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ Žƌ ƉƌĞƐĞŶƚŝŶŐ ĨĂůƐĞ ĚŽĐƵŵĞŶƚƐ ƚŽ ŽďƚĂŝŶ ĞůŝŐŝďŝůŝƚLJ͕ ĨĂŝůƵƌĞ ƚŽ ƌĞƉŽƌƚ ĐŚĂŶŐĞƐ ŝŶ ŝŶĐŽŵĞ Žƌ ĨĂŵŝůLJ ƐƚĂƚƵƐ͕ ƐŚĂƌŝŶŐ / ĐĂƌĚƐ ƚŽ ƌĞĐĞŝǀĞ ƐĞƌǀŝĐĞƐ ĨŽƌ ǁŚŝĐŚ ƚŚĞLJ ĂƌĞ ŬŶŽǁŝŶŐůLJ ŝŶĞůŝŐŝďůĞ͕ ĂŶĚ ƐĞůůŝŶŐ ƉƌĞƐĐƌŝƉƚŝŽŶ ĚƌƵŐƐ Žƌ ĚƵƌĂďůĞ ŵĞĚŝĐĂů ĞƋƵŝƉŵĞŶƚ ƚŽ ŵĂŬĞ ŵŽŶĞLJ͘ WƌŽũĞĐƚ ĞŵƉůŽLJĞĞƐ ǁŝůů ďĞ ƉƌŽŚŝďŝƚĞĚ ĨƌŽŵ ǁŽƌŬŝŶŐ ŽŶ ĂŶLJ ĂƐƉĞĐƚ ŽĨ Ă ĐĂƐĞ ŝŶ ǁŚŝĐŚ ƚŚĞLJ͕ Ă ĨĂŵŝůLJ ŵĞŵďĞƌ͕ Žƌ ĨƌŝĞŶĚ ŝƐ Ă ĐĂƐĞ ŵĞŵďĞƌ͘ dŚŝƐ ƐŝƚƵĂƚŝŽŶ ƉƌĞƐĞŶƚƐ Ă ĐŽŶĨůŝĐƚ ŽĨ ŝŶƚĞƌĞƐƚ͕ ĂŶĚ ƚŚĞ ĐĂƐĞ ŝƐ ƌĞĂƐƐŝŐŶĞĚ ĂĐĐŽƌĚŝŶŐůLJ͘ ŵƉůŽLJĞĞƐ ǁŚŽ ĞŶĐŽƵŶƚĞƌ ƚŚĞŝƌ ŽǁŶ ĐĂƐĞ ŝŶĨŽƌŵĂƚŝŽŶ Žƌ Ă ĐĂƐĞ ŝŶǀŽůǀŝŶŐ Ă ĨĂŵŝůLJ ŵĞŵďĞƌ Žƌ ĨƌŝĞŶĚ ĚƵƌŝŶŐ ƚŚĞŝƌ ŶŽƌŵĂů ĐŽƵƌƐĞ ŽĨ ďƵƐŝŶĞƐƐ ǁŝůů ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĨŽƌǁĂƌĚ ƚŚĞ ƐƉĞĐŝĨŝĐ ĐĂůů Žƌ ƚĂƐŬ ďĂĐŬ ƚŽ ƚŚĞ ďƵƐŝŶĞƐƐ ƵŶŝƚ Žƌ ƚŽ ƚŚĞŝƌ ƐƵƉĞƌǀŝƐŽƌ ŝŵŵĞĚŝĂƚĞůLJ͘ ŵƉůŽLJĞĞƐ ƚŚĂƚ ǀŝŽůĂƚĞ ƚŚĞ ƉŽůŝĐLJ͕ ŝŶĐůƵĚŝŶŐ ĨĂŝůƵƌĞ ƚŽ ƌĞƉŽƌƚ Ă ǀŝŽůĂƚŝŽŶ͕ ŵĂLJ ďĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ĚŝƐĐŝƉůŝŶĂƌLJ ƉƌŽĐĞƐƐ͕ ƵƉ ƚŽ ĂŶĚ ŝŶĐůƵĚŝŶŐ ƚĞƌŵŝŶĂƚŝŽŶ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ĞŵƉůŽLJĞĞƐ ǁŝůů ďĞ ƉƌŽŚŝďŝƚĞĚ ĨƌŽŵ ƵƐŝŶŐ ĂŶLJ ŵĞŵďĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ĨŽƌ ĂŶLJ ƌĞĂƐŽŶ ŽƵƚƐŝĚĞ ŽĨ ƚŚĂƚ ƌĞƋƵŝƌĞĚ ĨŽƌ ĂƉƉƌŽǀĞĚ ŽƉĞƌĂƚŝŽŶĂů ƉƌŽĐĞƐƐĞƐ͘ WƌŽĐĞƐƐĞƐ ƚŽ WƌĞǀĞŶƚ ĂŶĚ ĞƚĞĐƚ /ŶƚĞƌŶĂů &ƌĂƵĚ KƵƌ ĨƌĂƵĚ ĂŶĚ ĂďƵƐĞ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ǁŝůů ĂƉƉůLJ ƚŽ D y/Dh^ ĞŵƉůŽLJĞĞƐ ĂƐ ǁĞůů ĂƐ ƚĞŵƉŽƌĂƌLJ ƐƚĂĨĨ ĞŵƉůŽLJĞĚ ďLJ ƚŚĞ ƉƌŽũĞĐƚ͘ ůů ƉƌŽũĞĐƚ ĞŵƉůŽLJĞĞƐ ǁŝůů ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ƐŝŐŶ ĂŶ ĂĐŬŶŽǁůĞĚŐĞŵĞŶƚ ĨŽƌŵ ŝŶĚŝĐĂƚŝŶŐ ƚŚĂƚ ƚŚĞLJ ŚĂǀĞ ƌĞĂĚ ƚŚĞ ĨƌĂƵĚ ĂǁĂƌĞŶĞƐƐ ĂŶĚ ƌĞƉŽƌƚŝŶŐ ƉŽůŝĐLJ ĂŶĚ ĂŐƌĞĞ ƚŽ ƚŚĞ ƐƚĂƚĞĚ ĐŽŶĚŝƚŝŽŶƐ͘ EĞǁ ƉƌŽũĞĐƚ ĞŵƉůŽLJĞĞƐ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ ĞƚŚŝĐƐ ƚƌĂŝŶŝŶŐ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞŝƌ ŶĞǁ ŚŝƌĞ ŽƌŝĞŶƚĂƚŝŽŶ͕ ĂŶĚ Ăůů ƉƌŽũĞĐƚ ĞŵƉůŽLJĞĞƐ ŵƵƐƚ ĂĐŬŶŽǁůĞĚŐĞ ĐŽŵƉůĞƚŝŽŶ ŽĨ ŽƵƌ ĐŽƌƉŽƌĂƚĞ ĞƚŚŝĐƐ ƚƌĂŝŶŝŶŐ ŽŶ ĂŶ ĂŶŶƵĂů ďĂƐŝƐ͘ dŚĞ ŝŶƚĞƌǀŝĞǁĞƌ ĐĂŶ ƌĞĂƐŽŶĂďůLJ ĞdžƉĞĐƚ ƚŚĞ ĐŽŽƉĞƌĂƚŝŽŶ ŽĨ ĞŵƉůŽLJĞĞƐ ŝŶ ĐŽŶĚƵĐƚŝŶŐ ƚŚĞ ŝŶǀĞƐƚŝŐĂƚŝŽŶ͘ ŶLJ ĐŽƌƌĞĐƚŝǀĞͬĚŝƐĐŝƉůŝŶĂƌLJ ĂĐƚŝŽŶƐ ĂƐ ǁĂƌƌĂŶƚĞĚ ďLJ ƚŚĞ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ŵƵƐƚ ďĞ ŝŵƉůĞŵĞŶƚĞĚ͘ ƐƵŵŵĂƌLJ ŽĨ ƚŚĞ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ĂƐ ǁĞůů ĂƐ Ă ƌĞƐƉŽŶƐĞ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ĐŽŶĐůƵƐŝŽŶ ŽĨ ƚŚĞ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ŵƵƐƚ ƉƌŽŵƉƚůLJ ďĞ ĞŶƚĞƌĞĚ ŝŶƚŽ ƚŚĞ ƉƌŽũĞĐƚΖƐ ĐĂƐĞ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ͘ EŽƚŝĨLJ ,,^ ǁŝƚŚŝŶ Ϯϰ ŚŽƵƌƐ ŽĨ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ƉŽƐƐŝďŝůŝƚLJ ŽĨ ƉŽƚĞŶƚŝĂů ĨƌĂƵĚ͕ ĂďƵƐĞ͕ Žƌ ǁĂƐƚĞ͘ tĞ ǁŝůů ŵĂŬĞ ƉƌŽũĞĐƚ ƐƚĂĨĨ ĂŶĚ ƌĞƐŽƵƌĐĞƐ ĂǀĂŝůĂďůĞ ƚŽ ĂƐƐŝƐƚ ŝŶ ĂŶLJ ŝŶǀĞƐƚŝŐĂƚŝŽŶ͘ „ „ „ „ ZĞŝŶĨŽƌĐŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚ ĨŽƌ Ăůů ƐƚĂĨĨ ƚŽ ƌĞĨƌĂŝŶ ĨƌŽŵ ĐŽƌƌƵƉƚ ĐŽŶĚƵĐƚ͕ ĨƌĂƵĚƵůĞŶƚ ĂĐƚŝǀŝƚŝĞƐ͕ ĂŶĚ ŵĂůĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞǀĞůŽƉŝŶŐ ĂƉƉƌŽƉƌŝĂƚĞ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ƚŽ ŵŽŶŝƚŽƌ ĨŽƌ ĨƌĂƵĚ ZĞƋƵŝƌŝŶŐ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ŽĨ ĂŶLJ ŝŶƐƚĂŶĐĞ ŽĨ ĨƌĂƵĚ͕ ĐŽƌƌƵƉƚ ĐŽŶĚƵĐƚ Žƌ ŵĂůĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŶƐƵƌŝŶŐ ƚŚĂƚ Ăůů ƐƚĂĨĨ ĂƌĞ ĂǁĂƌĞ ŽĨ ƚŚĞŝƌ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ƚŚĞ ĞƚŚŝĐĂů ĐŽŶĚƵĐƚ ŽĨ ƚŚĞŵƐĞůǀĞƐ ĂŶĚ ƐƚĂĨĨ ĨŽƌ ǁŚŽŵ ƚŚĞLJ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ŶƐƵƌĞ ƚŚĂƚ ĂŶLJ ŝĚĞŶƚŝĨŝĞĚ Žƌ ƐƵƐƉĞĐƚĞĚ ĨƌĂƵĚƵůĞŶƚ ĂĐƚŝǀŝƚLJ ŝƐ ĚĞĂůƚ ǁŝƚŚ ĂƉƉƌŽƉƌŝĂƚĞůLJ ƐƐŝƐƚŝŶŐ ǁŝƚŚ Žƌ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŝŶ ĂŶLJ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ „ „ „ „ „ „ WĂŐĞ ϴ͘ϭϳͲϰ ŽĨ ϱ D yĞď ĐĂƉƚƵƌĞƐ ĂƵĚŝƚ ƚƌĂŝů ĂŶĚ ĞƌƌŽƌ ůŽŐ ƚƌĂŶƐĂĐƚŝŽŶƐ ĨŽƌ ĂĐƚŝŽŶƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ĐƌĞĂƚŝŶŐ͕ ŵŽĚŝĨLJŝŶŐ͕ ĂŶĚ ĚĞůĞƚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ͘ /ƚ ƌĞĐŽƌĚƐ ƚŚĞ ƚŝŵĞƐƚĂŵƉ ĂƐ ǁĞůů ĂƐ ƚŚĞ ƵƐĞƌ ŶĂŵĞ ĂŶĚ / ŵĞŵďĞƌ ŽĨ ƚŚĞ ƐƚĂĨĨ ŵĞŵďĞƌ ǁŚŽ ƵƉĚĂƚĞĚ͕ ĐƌĞĂƚĞĚ͕ Žƌ ĚĞůĞƚĞĚ Ă ƌĞĐŽƌĚ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ƐLJƐƚĞŵ ƌĞĐŽƌĚƐ Ă ĨƵůů ŚŝƐƚŽƌLJ ŽĨ ĐĞƌƚĂŝŶ ƚƌĂŶƐĂĐƚŝŽŶƐ ƐƵĐŚ ĂƐ ĞŶƌŽůůŵĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶƐ͕ ƵƉĚĂƚĞƐ ƚŽ ĂĚĚƌĞƐƐĞƐ͕ ĂŶĚ ƚŚĞ ůŝŬĞ͘ dŚŝƐ ĚĂƚĂ ŝƐ ĂǀĂŝůĂďůĞ ƚŽ ĞĐŝƐŝŽŶWŽŝŶƚ /͕ ŽƵƌ ĚĂƚĂ ĂŶĂůLJƚŝĐƐ ĂŶĚ ƌĞƉŽƌƚŝŶŐ ƚŽŽů͕ ƚŽ ĐŽŵƉŝůĞ ĂŶĚ ĂŶĂůLJnjĞ ĨŽƌ ƐƵƐƉŝĐŝŽƵƐ ƉĂƚƚĞƌŶƐ͘ tĞ ĐĂŶ ƉƌŽǀŝĚĞ ƌĞƉŽƌƚƐ ŽŶ ƚŚŝƐ ĚĂƚĂ ƚŽ ,,^͕ Žƌ ƚŚĞLJ ŵĂLJ ďĞ ǀŝĞǁĞĚ ŝŶ ĞĐŝƐŝŽŶWŽŝŶƚ / ŽŶ ĚĞŵĂŶĚ͘ KƵƌ WƌŽŐƌĂŵ ŝƌĞĐƚŽƌ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĨĂĐŝůŝƚĂƚŝŶŐ ƚŚĞ ŵŽŶŝƚŽƌŝŶŐ ŽĨ ƚŚĞƐĞ ƌĞƉŽƌƚƐ ƚŽ ŝĚĞŶƚŝĨLJ ƉŽƚĞŶƚŝĂů ĨƌĂƵĚ͕ ǁĂƐƚĞ͕ ĂŶĚ ĂďƵƐĞ͘ dŚĞ D yĞď ƐLJƐƚĞŵΖƐ ƐĞĐƵƌŝƚLJ ĂĐĐĞƐƐ ĐŽŶƚƌŽůƐ ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ ŽĨ ƵƐĞƌ ĂĐƚŝŽŶƐ ŚĞůƉƐ ƵƐĞ ƉƌĞǀĞŶƚ ĂŶĚ ĚĞƚĞĐƚ ƉŽƚĞŶƚŝĂů ĨƌĂƵĚ ĂŶĚ ĂďƵƐĞ ĂŶĚ ƉƌŽǀŝĚĞƐ Ă ĐĂƐĞ ƚƌĂŶƐĂĐƚŝŽŶ ŚŝƐƚŽƌLJ ĨŽƌ ĂƵĚŝƚ ƉƵƌƉŽƐĞƐ ƐŚŽƵůĚ ^ƚĂƚĞ Žƌ ĨĞĚĞƌĂů ĂƵĚŝƚŽƌƐ ƌĞƋƵŝƌĞ ĂĐĐĞƐƐ ƚŽ ƚŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ͘ D yĞď ^LJƐƚĞŵ ŽŶƚƌŽůƐ dŚĞ D yĞď ƐLJƐƚĞŵ ŚĂƐ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ĂƉƉůŝĐĂƚŝŽŶ ƐĞĐƵƌŝƚLJ͕ ĂůůŽǁŝŶŐ ĚŝĨĨĞƌĞŶƚŝĂů ĂĐĐĞƐƐ ƚŽ ǀĂƌŝŽƵƐ ƉĂƌƚƐ ŽĨ ƚŚĞ ƐLJƐƚĞŵ͘ ZŽůĞͲďĂƐĞĚ ĂĐĐĞƐƐ ĐŽŶƚƌŽů ƉƌŽǀŝĚĞƐ Ă ĨůĞdžŝďůĞ ĂŶĚ ĐŽŶǀĞŶŝĞŶƚ ǁĂLJ ƚŽ ůŝŵŝƚ ĂĐĐĞƐƐ ƚŽ ǁŚĂƚ ƐƚĂĨĨ ĂĐƚƵĂůůLJ ŶĞĞĚƐ ƚŽ ĚŽ ƚŚĞŝƌ ũŽď͘ /ƚ ƉƌŽǀŝĚĞƐ ĚĂƚĂ ƐĞĐƵƌŝƚLJ Ăƚ ƚŚĞ ĨŽƌŵ͕ ĚĂƚĂ ďůŽĐŬ͕ ĂŶĚ ĚĂƚĂ ĞůĞŵĞŶƚ Žƌ ĨŝĞůĚ ůĞǀĞů͘ ĂƚĂ ĞŶƚƌLJ ĨŽƌŵƐ ŐƵŝĚĞ ƚŚĞ ƐĞĐƵƌŝƚLJ ŵĂŶĂŐĞƌ ŝŶ ĚĞĨŝŶŝŶŐ ƐĞĐƵƌŝƚLJ ƌŽůĞƐ͕ ĚĞĨŝŶŝŶŐ ĂƵƚŚŽƌŝnjĞĚ ƐLJƐƚĞŵ ƵƐĞƌƐ ĂŶĚ ĂƐƐŝŐŶŝŶŐ ƌŽůĞƐ͕ ĂƐƐŝŐŶŝŶŐ ĂĐĐĞƐƐ ĂŶĚ ƵƉĚĂƚĞ ƌŝŐŚƚƐ ĨŽƌ ĞĂĐŚ ƌŽůĞ͕ ĂŶĚ ƌĞƐƚƌŝĐƚŝŶŐ ŐůŽďĂů ĂĐĐĞƐƐ ƚŽ ƐƉĞĐŝĨŝĞĚ ƐƚĂĨĨ͘ ƐƚĂďůŝƐŚŝŶŐ ĐŽŶƚƌŽůƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ĨŽƌ ƉƌĞǀĞŶƚŝŽŶ ĂŶĚ ĚĞƚĞĐƚŝŽŶ ŽĨ ƐƵĐŚ ĂĐƚŝǀŝƚŝĞƐ „ ƐƚĂďůŝƐŚŝŶŐ ĨĨĞĐƚŝǀĞ WƌŽĐĞƐƐĞƐ͕ ^LJƐƚĞŵƐ͕ ĚŝƚƐ͕ ĂŶĚ ŽŶƚƌŽůƐ D y/Dh^ ĐŽŵƉůŝĞƐ ǁŝƚŚ Ăůů ůŽĐĂů͕ ƐƚĂƚĞ͕ ĂŶĚ ĨĞĚĞƌĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ƌĞŐĂƌĚŝŶŐ ƉƵďůŝĐ ŚĞĂůƚŚ ŝŶƐƵƌĂŶĐĞ ƉƌŽŐƌĂŵƐ ĂŶĚ ƌĞƉŽƌƚŝŶŐ ŽĨ ĨƌĂƵĚ͘ tĞ ĂƌĞ ĐŽŵŵŝƚƚĞĚ ƚŽ ŵĂŝŶƚĂŝŶŝŶŐ ĞĨĨĞĐƚŝǀĞ ƐƚĂĨĨ ĂŶĚ ƌĞƐŽƵƌĐĞƐ ƚŽ ƉƌĞǀĞŶƚ͕ ŵŽŶŝƚŽƌ͕ ĂŶĚ ŝŶǀĞƐƚŝŐĂƚĞ ĂŶLJ ƐƵƐƉĞĐƚĞĚ Žƌ ŬŶŽǁŶ ĐĂƐĞƐ ŽĨ ŝŶƚĞƌŶĂů ĂŶĚ ĞdžƚĞƌŶĂů ĨƌĂƵĚ ĂŶĚ ĂďƵƐĞ ĂƐ ƉƌĞƐĐƌŝďĞĚ ďLJ ,,^ ƉƌŝŽƌ ƚŽ ĞŶƌŽůůŵĞŶƚ Žƌ ƚŚĞ ^ƚĂƚĞΖƐ ŝƐƐƵĂŶĐĞ ŽĨ ďĞŶĞĨŝƚƐ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ĚĞǀĞůŽƉŝŶŐ ĂŶĚ ŝŵƉůĞŵĞŶƚŝŶŐ ĐŽƌƌĞĐƚŝǀĞ ĂĐƚŝŽŶ ƉůĂŶƐ ƚŽ ĂƐƐŝƐƚ ŽƵƌ ƐƚĂĨĨ ŝŶ ƉƌĞǀĞŶƚŝŶŐ ĂŶĚ ĚĞƚĞĐƚŝŶŐ ƉŽƚĞŶƚŝĂů ĨƌĂƵĚ ĂŶĚ ĂďƵƐĞ ĂĐƚŝǀŝƚŝĞƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ƉƌŽĐĞƐƐĞƐ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ƐĞĐƚŝŽŶ͕ ŽƵƌ ŽŵƉůŝĂŶĐĞ KĨĨŝĐĞƌ ĂŶĚ ƉƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚ ƐƚĂĨĨ ŚĂƐ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ƚŽ ƉƌĞǀĞŶƚ͕ ĚĞƚĞĐƚ͕ ĂŶĚ ƌĞƉŽƌƚ ĨƌĂƵĚ͕ ƚŚƌŽƵŐŚ ƵƐĞ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ ƐLJƐƚĞŵƐ͕ ĞĚŝƚƐ͕ ĂŶĚ ĐŽŶƚƌŽůƐ͗ dŚĞ ŝŶǀĞƐƚŝŐĂƚŽƌ ŵƵƐƚ ƌĞŵĂŝŶ ƵŶďŝĂƐĞĚ ĂŶĚ ŽďũĞĐƚŝǀĞ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŝŶǀĞƐƚŝŐĂƚŝŽŶ͘ dŚĞ ŝŶǀĞƐƚŝŐĂƚŽƌ ŵƵƐƚ ŶŽƚ ƌĞĂĐŚ Ă ĐŽŶĐůƵƐŝŽŶ ďĞĨŽƌĞ ĨŝŶĂůŝnjŝŶŐ ƚŚĞ ŝŶǀĞƐƚŝŐĂƚŝŽŶ͘ &ŽĐƵƐ ƐŚŽƵůĚ ƌĞŵĂŝŶ ŽŶ ƚŚĞ ŽďũĞĐƚŝǀĞ ĂŶĚ ǀĞƌŝĨŝĂďůĞ ĨĂĐƚƐ ƚŚĂƚ ĐŽŵĞ ĨŽƌƚŚ ĚƵƌŝŶŐ ƚŚĞ ŝŶǀĞƐƚŝŐĂƚŝŽŶ͘ „ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ^ĞĐƚŝŽŶ ///͘ Y͘ ϯ͘ WĂŐĞ ϴ͘ϭϳͲϱ ŽĨ ϱ /Ŷ ƐƵŵŵĂƌLJ͕ ĂƐ ƚŚĞ ĚĞŵĂŶĚ ĨŽƌ DĞĚŝĐĂŝĚ ƉƌŽŐƌĂŵ ĞůŝŐŝďŝůŝƚLJ ŝŶĐƌĞĂƐĞƐ͕ ƐŽ ĚŽĞƐ ƚŚĞ ƉŽƚĞŶƚŝĂů ĨŽƌ ĨƌĂƵĚ ĂŶĚ ĂďƵƐĞ͘ ,,^ ŚĂƐ Ă ŐƌĞĂƚĞƌ ďƵƌĚĞŶ ƚŽ ŵĂŬĞ ĐĞƌƚĂŝŶ ƚŚĂƚ ĐůŝĞŶƚƐ ĂĐƚƵĂůůLJ ƌĞĐĞŝǀĞ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ƐĞƌǀŝĐĞƐ ƚŽ ǁŚŝĐŚ ƚŚĞLJ ĂƌĞ ĞŶƚŝƚůĞĚ ĂŶĚ ĨŽƌ ǁŚŝĐŚ DĞĚŝĐĂŝĚ ĨƵŶĚƐ ĂƌĞ ƵƐĞĚ ŝŶ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ƚŚĞƐĞ ƐĞƌǀŝĐĞƐ͘ D y/Dh^ ŚĂƐ ƚŚĞ ĞdžƉĞƌŝĞŶĐĞ͕ ƚŚĞ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽůƐ͕ ĂŶĚ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ĂůƌĞĂĚLJ ŝŶ ƉůĂĐĞ ƚŽ ĂƐƐŝƐƚ ,,^ ƚŽ ĨŽĐƵƐ ŽŶ ƉƌĞǀĞŶƚŝŶŐ͕ ĚĞƚĞĐƚŝŶŐ͕ ƌĞƉŽƌƚŝŶŐ͕ ĂŶĚ ƉƌŽƐĞĐƵƚŝŶŐ ĐĂƐĞƐ ŽĨ ĨƌĂƵĚ͘ ůŐŽƌŝƚŚŵŝĐ ĞĚŝƚƐ ďƵŝůƚ ŝŶƚŽ ƚŚĞ D yĞď ƐLJƐƚĞŵ ŐƵĂƌĚ ĂŐĂŝŶƐƚ ŽƚŚĞƌ ĞůĞŵĞŶƚƐ ŽĨ ĨƌĂƵĚ ďLJ ĚŝƐƚƌŝďƵƚŝŶŐ ƚŚĞ ĞŶƌŽůůĞĚ ĐůŝĞŶƚ ďĂƐĞ ĨĂŝƌůLJ ĂŵŽŶŐ ƉƌŽǀŝĚĞƌƐ ĂŶĚ ďLJ ƵƐŝŶŐ ĞĚŝƚƐ ŝŶ ƚŚĞ ĐŽƐƚ ƐŚĂƌĞ ŵŽĚƵůĞƐ ƚŽ ƉƌĞǀĞŶƚ ŽǀĞƌƉĂLJŵĞŶƚƐ ĂŶĚ ƵŶĚĞƌƉĂLJŵĞŶƚƐ Žƌ ƚƌŝŐŐĞƌ ĚŝƐĞŶƌŽůůŵĞŶƚ ĂĐƚŝŽŶƐ͘ ůů ŽĨ ƚŚĞƐĞ ƚLJƉĞƐ ŽĨ ƐLJƐƚĞŵ ĞĚŝƚƐ ĂůůŽǁ ƵƐ ƚŽ ďƵŝůĚ ĐŚĞĐŬƐ ĨŽƌ ĨƌĂƵĚ͕ ǁĂƐƚĞ͕ ĂŶĚ ĂďƵƐĞ ŝŶƚŽ D yĞď ƚŚĂƚ ĂƌĞ ĨůĞdžŝďůĞ ĂŶĚ ƚŚĂƚ ĐĂŶ ďĞ ŵŽĚŝĨŝĞĚ ŽǀĞƌ ƚŝŵĞ ďLJ ĂƉƉƌŽƉƌŝĂƚĞ ƐLJƐƚĞŵƐ ƐƚĂĨĨ ǁŝƚŚŽƵƚ ĐŽĚŝŶŐ ĐŚĂŶŐĞƐ ĂƐ LJŽƵƌ ƉƌĞǀĞŶƚŝŽŶ ĂŶĚ ĚĞƚĞĐƚŝŽŶ ŶĞĞĚƐ ĞǀŽůǀĞ͘ D yĞď ^LJƐƚĞŵ ŶĂůLJƐŝƐ tĞ ƌƵŶ ƌŽƵƚŝŶĞ ĂŶĂůLJƐŝƐ ŽĨ ĐůŝĞŶƚ ĚĂƚĂ ŝŶ ŽƵƌ D yĞď ƐLJƐƚĞŵ ĂƐ ĂŶ ĂĚĚŝƚŝŽŶĂů ƚŽŽů ƚŽ ŚĞůƉ ĚĞƚĞĐƚ ƉĂƚƚĞƌŶƐ ŽĨ ƉŽƚĞŶƚŝĂů ĨƌĂƵĚ Žƌ ĂďƵƐĞ͘ dŚĞƐĞ ƐLJƐƚĞŵ ƌĞǀŝĞǁƐ ŝŶĐůƵĚĞ ĂŶĂůLJnjŝŶŐ ĐůŝĞŶƚ ĚĂƚĂ ƚŽ ĐŽŶĨŝƌŵ ƐƵĨĨŝĐŝĞŶƚ ĞůŝŐŝďŝůŝƚLJ͕ ŚĞůƉ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ĐůŝĞŶƚ ĞŶƌŽůůƐ ŝŶ Ă ƉůĂŶ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ĐŽƌƌĞĐƚ ƉƌŽŐƌĂŵ͕ ĂŶĚ ƉƌĞǀĞŶƚ ŽǀĞƌůĂƉ ďĞƚǁĞĞŶ Ă ĐƵƌƌĞŶƚ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ƚŚĞ ŶĞǁ ĞŶƌŽůůŵĞŶƚ͘ ^LJƐƚĞŵ ĂŶĂůLJƐŝƐ ŽĨ ƉƌŽǀŝĚĞƌ ĚĂƚĂ ŝŶĐůƵĚĞ ĐŚĞĐŬŝŶŐ ĨŽƌ ĂĐƚŝǀĞ ƉƌŽǀŝĚĞƌ ƐƚĂƚƵƐ͘ RFP Section Response 8.18 Performance Reporting and Delivery Requirements Section R, 1-2 The Deprirti'iuem lh'?lli?xix the ice-purist? In llil' vii tom: he luiriiIe-l In its? [14? page?. not leraniplei: ol the viien'llieil repair? MAXIMUS performance will exceed the North Carolina Department of Health and Human Services requirements, prowding accurate and timely reports that present near-real-time operational data in an intuitive, insightful, and actionable way The reporting and analytics solution integrates contact center, managed care enrollment. and other critical performance data, and provides both transparency into our operation of the North Carolina Enrollment Broker Project and valuable into trends affecting North Carolina's Medicaid program. 1. The Offeror must con?rm adherence to the expectations of the Department and their ability and approach to meet the requirements of Section R. Performance Reporting and Delivery Requirements. MAXIMUS con?rms that we will adhere to Department expectations and meet all requirements set forth in the RFP Section Performance Reporting and Delivery Requirements. We describe our approach to meeting these requirements throughout this section of our proposal. MAXIMUS exceeds the North Carolina Department of Health and Human Services' (Department?s) reporting requirements by offering our best-in- class data reporting and analytics platform, DecisionPoint? for Business Intelligence (DecisionPoint Bl). As our core, proprietary, Medicaid-focused solution, we are currently deploying the platform on 40+ projects sewing more than 1,200 users. We have constructed DecisionPoint Bl to not only aggregate and transparently present data, but also select and display meaningful information through interactive, easily understandable, web-based graphic presentations. With this platform, the Department can access near-real-time data to monitor and understand trends affecting North Carolina Enrollment Broker Services (NC Enrollment Broker) operations and the North Carolina Medicaid program overall, make faster and better. informed decisions, and model the potential impacts of future program changes. DECISION The Department?s vision to improve the health of all North Carolinians through a whole-person centered and by sustainable program with predictable costs requires a modern reporting platform such as DecisionPoint Bl, which provides near-real-time dashboards and actionable reporting on NC Enrollment Broker performance and managed care enrollment activities. Through our DecisionPoint Bl reporting package, we provide the Department with accurate near-real-time data that will be able to answer key questions such as: a Is the NC Enrollment Broker Project meeting its performance requirements? I How are beneficiaries engaging with the NC Enrollment Broker across channels? I How successfully are PHPs meeting the Department's provider network requirements? In addition to reporting on NC Enrollment Broker Project performance, enrollment outcomes, and PHP assignments, DecisionPoint 0?0 BI provides the raw inputs for data-driven forecasting to ensure that service levels are met and ef?ciencies are identified. With this platform, the Department and MAXIMUS can access near real-time data to monitor and understand trends affecting Project operations, make faster and better-informed decisions, and model the potential impacts of future program changes, including the phasing in new populations. We view the reporting of performance results and trend forecasting as a forum for productive discussions with the Department to establish and maintain stable operations through the continuous monitoring and streamlining of the beneficiary enrollment process. We summarize the benefits that our DecisionPoint Bl reporting and analytics solution provides to the Department in Exhibit 8.18-1: DecisionPoint Bl Supports Department Oversight and Data?Driven Forecasting. Page 8.18-1 of 19 &21),'(17,$/ WĂŐĞ ϴ͘ϭϴͲϮ ŽĨ ϭϵ ĞĐŝƐŝŽŶWŽŝŶƚ / ŚĂƐ Ă ǀĂƌŝĞƚLJ ŽĨ ĚĂƚĂ ǀŝƐƵĂůŝnjĂƚŝŽŶƐ͕ ĂŶĚ ĞĂĐŚ D y/Dh^ ƉƌŽũĞĐƚ ůĞĂĚĞƌƐŚŝƉ ƚĞĂŵ ĂŶĚ ĞĂĐŚ ĐůŝĞŶƚ ĂŐĞŶĐLJ ĚĞĐŝĚĞƐ ǁŚŝĐŚ ĐƵƐƚŽŵŝnjĞĚ ĞůĞŵĞŶƚƐ ƚŽ ŝŶƚĞŐƌĂƚĞ ŝŶƚŽ ĂŶ džĞĐƵƚŝǀĞ ĂƐŚďŽĂƌĚ͘ džŚŝďŝƚ ϴ͘ϭϴͲϮ͗ džĞĐƵƚŝǀĞ ĂƐŚďŽĂƌĚ ƉƌŽǀŝĚĞƐ ĂŶ ĞdžĂŵƉůĞ ŽĨ ƚŚĞ ΖĨŝƌƐƚ ƐƚŽƉΖ ĚĂƐŚďŽĂƌĚ ƚŚĂƚ ĐĂŶ ďĞ ĐƵƐƚŽŵŝnjĞĚ Ăƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƉƌŽũĞĐƚ ůĞǀĞů͘ &21),'(17,$/ WĂŐĞ ϴ͘ϭϴͲϯ ŽĨ ϭϵ ƌĞĂƚŝŶŐ ZĞƉŽƌƚƐ D y/Dh^ ǁŝůů ĐŽŵƉůLJ ǁŝƚŚ ƌĞƋƵŝƌĞĚ ƚŝŵĞůŝŶĞƐ ĨŽƌ ƌĞƉŽƌƚŝŶŐ ĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ ƚƚĂĐŚŵĞŶƚ >͗ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ZĞƉŽƌƚŝŶŐ ZĞƋƵŝƌĞŵĞŶƚƐ͘ tĞ ǁŝůů ĚĞůŝǀĞƌ ƚŚĞ ƌĞƋƵŝƌĞĚ ƌĞƉŽƌƚƐ͕ ĂŶĚ͕ ĂƐ ƐŚŽǁŶ ŝŶ ƚŚŝƐ ƐĞĐƚŝŽŶ͕ ƌĞĐŽŵŵĞŶĚ ĂĚĚŝƚŝŽŶĂů ƌĞƉŽƌƚƐ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚΖƐ ĂŶĂůLJƐŝƐ ŽĨ ƉƌŽŐƌĂŵ ƐƵĐĐĞƐƐ͘ dŚĞ ĞĐŝƐŝŽŶWŽŝŶƚ / ŝŶƚĞƌĨĂĐĞ ĞŶĂďůĞƐ ĞƉĂƌƚŵĞŶƚ ƐƚĂĨĨ ŵĞŵďĞƌƐ ƚŽ ĐƌĞĂƚĞ ƚŚĞŝƌ ŽǁŶ ǀŝĞǁƐ ŽĨ ĞdžŝƐƚŝŶŐ ƌĞƉŽƌƚƐ͕ ĂƐ ǁĞůů ĂƐ ŶĞǁ ĂĚ ŚŽĐ ĂŶĂůLJƐĞƐ͕ ďLJ LJ ĐůŝĐŬŝŶŐ ŽŶ ĂŶLJ ŽŶĞ ŽĨ ƚŚĞ ĐŚĂƌƚƐ ŝŶ ŽƵƌ ĚĂƐŚďŽĂƌĚ ƌĞƉŽƌƚƐ͕ ƚŚĞ ƵƐĞƌ ĐĂŶ Ěƌŝůů ĚŽǁŶ ŝŶƚŽ ƚŚĞ ƵŶĚĞƌůLJŝŶŐ ĚĂƚĂ͕ ŐĞŶĞƌĂƚĞ ĚŝĨĨĞƌĞŶƚ ǀŝĞǁƐ͕ ĂŶĚ ĐƌĞĂƚĞ ƉŝǀŽƚ ƚĂďůĞƐ͘ dŚŝƐ ƉƌŽǀŝĚĞƐ ƐƚĂŬĞŚŽůĚĞƌƐ Ă ĨƵůů ǀŝĞǁ ŽĨ ŽƉĞƌĂƚŝŽŶƐ ƚŚƌŽƵŐŚ Ă ƐŝŶŐůĞ ƌĞƉŽƌƚŝŶŐ ƚŽŽů͘ dŚĞ D y/Dh^ ƚĞĂŵ ĐĂŶ ƋƵŝĐŬůLJ ƵƐĞ ƚŚŝƐ ŚĞĂƚ ŵĂƉ ƚŽ ƌĞƐŬŝůů ĂŶĚ ƌĞƉƌŝŽƌŝƚŝnjĞ ƋƵĞƵĞ ĂƐƐŝŐŶŵĞŶƚƐ ĨŽƌ ƚŚĞ ŵŽƐƚ ĞĨĨŝĐŝĞŶƚ ĂůůŽĐĂƚŝŽŶ ŽĨ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ƐĞƌǀŝĐĞ ůĞǀĞů ĂŐƌĞĞŵĞŶƚ ĨƵůĨŝůůŵĞŶƚƐ͘ dŚĞ ĞĐŝƐŝŽŶWŽŝŶƚ / ƐŽůƵƚŝŽŶ ŝƐ ŶŽƚ ũƵƐƚ Ă ĚĂƚĂ ǀŝƐƵĂůŝnjĂƚŝŽŶ ƚŽŽů ƚŚĂƚ ƐƚƌĞĂŵůŝŶĞƐ ƌĂǁ ĚĂƚĂ ŝŶƚŽ ŵĞĂŶŝŶŐĨƵů ŝŶĨŽƌŵĂƚŝŽŶ͖ ŝƚ ŝƐ ĂůƐŽ ŝƐ Ă ƌĞƉŽƌƚŝŶŐ ĂŶĚ ĚĂƚĂ ĂŶĂůLJƚŝĐƐ ĨƌŽŶƚͲĞŶĚ ĨŽƌ D y/Dh^ ĂŶĚ ĞƉĂƌƚŵĞŶƚ ƐƚĂĨĨ͘ ĂĐŚ ŽĨ ƚŚĞ ƉĂŶĞůƐ ĚŝŐĞƐƚ ĐŽŵƉůŝĐĂƚĞĚ ĚĂƚĂ ŝŶƚŽ ĂŶ ĞĂƐLJͲƚŽͲƐĞĞ ƚƌĞŶĚ Žƌ ƐƚŽƌLJ ƚŚĂƚ ŚĞůƉƐ ƚŚĞ D y/Dh^ ůĞĂĚĞƌƐŚŝƉ ƚĞĂŵ ŵĂŶĂŐĞ ŽƉĞƌĂƚŝŽŶƐ ŵŽƌĞ ĞĨĨŝĐŝĞŶƚůLJ ƚŽ ƐƵƉƉŽƌƚ Ă ŚŝŐŚĞƌ ůĞǀĞů ŽĨ ƉĞƌĨŽƌŵĂŶĐĞ ĞĂĐŚ ĚĂLJ͘ /ƚ ĚĞůŝǀĞƌƐ ƚŚĞ ŝŶƐŝŐŚƚ ŶĞĞĚĞĚ ƚŽ ĨŽƌĞĐĂƐƚ ĐĂůůĞƌ ďĞŚĂǀŝŽƌ ĂŶĚ ĨƵƚƵƌĞ ĚĞŵĂŶĚ͘ dŚĞ ŚĞĂƚ ŵĂƉ ƉĂŶĞů ĂďŽǀĞ ;ƐĞĐŽŶĚ ƚŽ ƚŽƉ ŽŶ ƚŚĞ ůĞĨƚͿ ƉƌŽǀŝĚĞƐ ƚŚĞ D y/Dh^ ůĞĂĚĞƌƐŚŝƉ ƚĞĂŵ ǁŝƚŚ ĂŶ ĞĂƐLJ͕ ĐŽůŽƌͲĐŽĚĞĚ ƉŝĐƚƵƌĞ ŽĨ ƋƵĞƵĞ ƉĞƌĨŽƌŵĂŶĐĞ͘ dŚĞ ƐŝnjĞ ŽĨ ƚŚĞ ƋƵĞƵĞ ŝƐ ƉƌŽƉŽƌƚŝŽŶĂů ƚŽ ƚŚĞ ĚĞŵĂŶĚ ƚŽ ƚŚĞ ƋƵĞƵĞ͕ ĂŶĚ ƚŚĞ ĐŽůŽƌ ĐŽƌƌĞƐƉŽŶĚƐ ƚŽ ƚŚĞ ĂďĂŶĚŽŶŵĞŶƚ ƌĂƚĞ͘ ƌĞĂƚĞ ĂĚĚŝƚŝŽŶĂů ĚŽĐƵŵĞŶƚĂƚŝŽŶ ĂŶĚ ƚƌĂŝŶŝŶŐ ŵĂƚĞƌŝĂůƐ ƚŽ ĐŽǀĞƌ ŬĞLJ ĨĞĂƚƵƌĞƐ ĂŶĚ ĨƵŶĐƚŝŽŶĂůŝƚLJ ĞůŝǀĞƌ ƉƌŽŐƌĂŵͲƐƉĞĐŝĨŝĐ ŚĂŶĚƐͲŽŶ ƚƌĂŝŶŝŶŐ ƚŽ ƐƵƉƉŽƌƚ ĂĚͲŚŽĐ ĂŶĂůLJƐĞƐ ĂŶĚ ĐƌĞĂƚŝŽŶ ŽĨ ƌĞƉŽƌƚƐ ĂŶĚ ĚĂƚĂ ǀŝƐƵĂůŝnjĂƚŝŽŶƐ „ „ WĂŐĞ ϴ͘ϭϴͲϰ ŽĨ ϭϵ džŚŝďŝƚ ϴ͘ϭϴͲϯ͗ ĞĐŝƐŝŽŶWŽŝŶƚ / ƌĂŐ ĂŶĚ ƌŽƉ ĂƐŚďŽĂƌĚ ĞƐŝŐŶ ĚĞŵŽŶƐƚƌĂƚĞƐ ŚŽǁ Ă ƵƐĞƌ ĐĂŶ ƐĞůĞĐƚ ŶĞǁ ĚĂƚĂ ĞůĞŵĞŶƚƐ ĂŶĚ ǀŝƐƵĂůŝnjĂƚŝŽŶ ŽƉƚŝŽŶƐ ĂŶĚ ĚƌĂŐ ƚŚĞŵ ŽŶƚŽ Ă ĚĂƐŚďŽĂƌĚ ŝŶ ƉƌŽŐƌĞƐƐ͘ 'ƌĂŶƚ ĂĐĐĞƐƐ ƚŽ ƚŚĞ ƐƚĂŶĚĂƌĚ ĞĐŝƐŝŽŶWŽŝŶƚ / ƉƌŽĚƵĐƚ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ƐƵĐŚ ĂƐ ĐĂůů ĐĞŶƚĞƌ ĚĂƐŚďŽĂƌĚƐ ĂŶĚ ŵĂŬĞ ĞŶŚĂŶĐĞŵĞŶƚƐ ƚŽ ĐŽǀĞƌ ĂŶLJ ƵŶŝƋƵĞ ƐƚĂƚĞ ƵƐĂŐĞ ŵĞƚƌŝĐƐ ƐƵĐŚ ĂƐ ƵƐĂŐĞ ďLJ ƉƌŽŐƌĂŵ „ tĞ ǁŝůů ƉĞƌĨŽƌŵ ƚŚĞ ĨŽůůŽǁŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ƉĞƌƚĂŝŶŝŶŐ ƚŽ ƚƌĂŝŶŝŶŐ ĂŶĚ ƐƵƉƉŽƌƚ ƚŽ ,,^ ƵƐĞƌƐ ĨŽƌ ƐĞůĨͲƐĞƌǀŝŶŐ ĂŶĚ ĂĚ ŚŽĐ ĂŶĂůLJƐŝƐ͗ &Žƌ ŵŽĚŝĨŝĞĚ Žƌ ƉƌĞǀŝŽƵƐůLJ ĐƌĞĂƚĞĚ ƌĞƉŽƌƚƐ ƚŚĂƚ ŵĂLJ ďĞ ŶĞĞĚĞĚ ĂŐĂŝŶ͕ ƵƐĞƌƐ ĐĂŶ ƐĂǀĞ ƚŚĞ ƐĐŚĞŵĂƚŝĐƐ ĨŽƌ ĨƵƚƵƌĞ ĂĐĐĞƐƐ ďLJ ƵƐĞƌ ƌŽůĞ͕ Žƌ ƉƌŝǀĂƚĞůLJ ƚŚƌŽƵŐŚ ƚŚĞŝƌ ŽǁŶ ĂĐĐŽƵŶƚ͘ hƐĞƌƐ ĂƌĞ ĂďůĞ ƚŽ ƐĞƚ ĂůĞƌƚƐ ƚŽ ŝŶĨŽƌŵ ƚŚĞŵ ǁŚĞŶ ĐĞƌƚĂŝŶ ƚŚƌĞƐŚŽůĚƐ ĂƌĞ ŵĞƚ͘ dŚĞƌĞ ŝƐ ŝŶƚƌĂͲĚĂLJ ĚĂƚĂ ŵŽŶŝƚŽƌŝŶŐ ƚŚĂƚ ƉƵƐŚĞƐ ĂĐƚŝŽŶĂďůĞ ŝŶĨŽƌŵĂƚŝŽŶ ǁŚĞŶ ƐƉĞĐŝĨŝĐ ĐŽŶĚŝƚŝŽŶƐ ĂƌĞ ĚĞƚĞĐƚĞĚ͘ &Žƌ ĞdžĂŵƉůĞ͕ ŝĨ Ă ƵƐĞƌ ǁĂŶƚƐ ƚŽ ĨŝŶĚ ŽƵƚ ŝĨ ĐĂůůƐ ƌĞůĂƚĞĚ ƚŽ Ă ƐƉĞĐŝĨŝĐ ƉŽƉƵůĂƚŝŽŶ ƐƉŝŬĞ ĚƵĞ ƚŽ Ă ƚĂƌŐĞƚĞĚ ƐŽĐŝĂů ŵĞĚŝĂ ŵĞƐƐĂŐĞ ĐĂŵƉĂŝŐŶ͕ ƚŚĞ ƵƐĞƌ ĐĂŶ ƐĞƚ ƵƉ ĂŶ ĂůĞƌƚ ƐŚŽǁŝŶŐ ŝĨ ƚŚĞƐĞ ĐĂůů͕ ƚLJƉĞƐ ĞdžĐĞĞĚĞĚ ƚŚĞ ĂǀĞƌĂŐĞ ďLJ Ă ƐƉĞĐŝĨŝĐ͕ ƐĞƚ ĂŵŽƵŶƚ͘ KƵƌ ƉƌĞƐĞŶƚĂƚŝŽŶ ůĂLJĞƌ ĨŽƌ ĞĐŝƐŝŽŶWŽŝŶƚ / ǁŝůů ĂůůŽǁ ƵƐ ƚŽ ŚĞůƉ ĚĞůŝǀĞƌ͕ ŵĂŶĂŐĞ͕ ĂŶĚ ƐĐĂůĞ ŽƵƌ ŽƉĞƌĂƚŝŽŶƐ ĂƐ ƚŚĞ ĐŽŶƚƌĂĐƚ ĞǀŽůǀĞƐ͘ dŚŝƐ ƚŽŽů ŝŶĐůƵĚĞƐ ĂŶ ŝŶƚƵŝƚŝǀĞ ĚƌĂŐͲĂŶĚͲĚƌŽƉ ĨƵŶĐƚŝŽŶĂůŝƚLJ ĂŶĚ Ă ůĂƌŐĞ ƐĞůĞĐƚŝŽŶ ŽĨ ǀŝƐƵĂůŝnjĂƚŝŽŶ ĐĂƉĂďŝůŝƚŝĞƐ ƐƵĐŚ ĂƐ ŐƌĂƉŚƐ͕ ĐŚĂƌƚƐ͕ ŵĂƉƐ͕ ĂŶĚ ŐƌŝĚƐ͘ hƐĞƌƐ ĐĂŶ ĞǀĞŶ ƐĞůĞĐƚ ƚŚĞŝƌ ŽǁŶ ĐŽůŽƌƐ ĂŶĚ ĨŽŶƚƐ͘ /Ŷ ŵŽƐƚ ĐĂƐĞƐ͕ ĞĐŝƐŝŽŶWŽŝŶƚ / ƵƐĞƌƐ ĚŽ ŶŽƚ ŶĞĞĚ ƚŽ ĐƌĞĂƚĞ ŶĞǁ ƌĞƉŽƌƚƐ ĨƌŽŵ ƐĐƌĂƚĐŚ͕ ďƵƚ ĐĂŶ ŵŽĚŝĨLJ ƉƌĞĚĞĨŝŶĞĚ ƚĞŵƉůĂƚĞƐ ƚŽ ĐƌĞĂƚĞ ŶĞǁ ƌĞƉŽƌƚƐ ĂŶĚ ĂŶĂůLJƐĞƐ͘ hƐĞƌƐ ĐĂŶ ǀŝĞǁ ĚĂƚĂ ĨƌŽŵ ŵŽŶƚŚ ƚŽ ĚĂLJ ƚŽ ŝŶƚĞƌǀĂů ůĞǀĞů ŽŶ ƉĂƌƚŝĐƵůĂƌ ƌĞƉŽƌƚŝŶŐ ĞůĞŵĞŶƚƐ ƚŽ ƉƌĞƐĞŶƚ ŵŽƌĞ ĚĞƚĂŝůĞĚ ĚĂƚĂ͘ ŵŝdžŝŶŐ ĂŶĚ ŵĂƚĐŚŝŶŐ ĚĂƚĂ ĨŝĞůĚƐ ĂŶĚ ƉĂƌĂŵĞƚĞƌƐ ƐƵĐŚ ĂƐ ĚĂƚĞ͕ ƚLJƉĞ͕ Žƌ ĂĐƚŝŽŶ͘ ůů ďĂƐŝĐ ƋƵĂŶƚŝƚĂƚŝǀĞ ƉĂƌĂŵĞƚĞƌƐ ŝŶĐůƵĚĞĚ ŝŶ ƌĞƋƵŝƌĞĚ ƌĞƉŽƌƚƐ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ĨŽƌ ĂĚ ŚŽĐ ĂŶĂůLJƐŝƐ͘ m-mH.m &21),'(17,$/ WĂŐĞ ϴ͘ϭϴͲϲ ŽĨ ϭϵ &ůĞdžŝďůĞ džƉŽƌƚ D y/Dh^ ĂŶĚ ĞƉĂƌƚŵĞŶƚ ƵƐĞƌƐ ĐĂŶ ĞĂƐŝůLJ ĞdžƉŽƌƚ ƌĂǁ ŽƉĞƌĂƚŝŽŶĂů ĚĂƚĂ Ăƚ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶ͕ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞƚƌŝĐ͕ ĂŶĚ ^> ůĞǀĞůƐ ŝŶƚŽ Ă ǀĂƌŝĞƚLJ ŽĨ ĨŽƌŵĂƚƐ ƵƐŝŶŐ ƚŚĞ ĞĐŝƐŝŽŶWŽŝŶƚ / ŝŶƚĞƌĨĂĐĞ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ƌĞĐĞŝǀĞ ƌĞƉŽƌƚ ĞdžƉŽƌƚ ĐĂƉĂďŝůŝƚLJ ĨŽƌ Ăůů ĚĂƚĂ ĐĂƉƚƵƌĞĚ ŝŶ ĞĐŝƐŝŽŶWŽŝŶƚ /͘ D y/Dh^ ǁŝůů ƉƌŽǀŝĚĞ ĞƉĂƌƚŵĞŶƚ ƐƚĂĨĨ ǁŝƚŚ ƚƌĂŝŶŝŶŐ ƌĞŐĂƌĚŝŶŐ ƚŚŝƐ ĐĂƉĂďŝůŝƚLJ͘ džŚŝďŝƚ ϴ͘ϭϴͲϰ͗ ĞĐŝƐŝŽŶWŽŝŶƚ / džƉŽƌƚ dŽŽů ƐŚŽǁƐ ŚŽǁ ƵƐĞƌƐ ĐĂŶ ĞdžƉŽƌƚ ĚĂƚĂ ĨŽƌ ĨƵƌƚŚĞƌ ĂŶĂůLJƐŝƐ ƵƐŝŶŐ ĐŽŵŵŽŶůLJ ƐƵƉƉŽƌƚĞĚ ĨŝůĞ ĞdžƉŽƌƚ ĨŽƌŵĂƚƐ͘ KƵƌ ĞĐŝƐŝŽŶWŽŝŶƚ / ƐŽůƵƚŝŽŶ ůĂƌŐĞůLJ ĞůŝŵŝŶĂƚĞƐ ďŽƚŚ ůĂŐ ƚŝŵĞ ĂŶĚ ƚŚĞ ŶĞĞĚ ĨŽƌ ŚƵŵĂŶ ĞĨĨŽƌƚ ƚŽ ƉƌŽĚƵĐĞ ƌĞƉŽƌƚƐ͘ KƵƌ ƌĞƉŽƌƚŝŶŐ ƐƚĂĨĨ ĨŽĐƵƐ ŽŶ ŝŶƚĞƌƉƌĞƚŝŶŐ ƚŚĞ ĚĂƚĂ ĞĐŝƐŝŽŶWŽŝŶƚ / ƉƌŽǀŝĚĞƐ ƚŚƌŽƵŐŚ ŝƚƐ ƌĞƉŽƌƚƐ ƚŽ ŝŵƉƌŽǀĞ ŽƵƌ ŽƉĞƌĂƚŝŽŶĂů ƉĞƌĨŽƌŵĂŶĐĞ͘ KƵƌ ƵƐŝŶĞƐƐ ŶĂůLJƐƚ ůĞĂĚƐ ŽƵƌ ƌĞƉŽƌƚŝŶŐ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ĚĞǀĞůŽƉƐ ǁĞĞŬůLJ ĂŶĚ ŵŽŶƚŚůLJ ƌĞƉŽƌƚƐ ĂƐ ƌĞƋƵŝƌĞĚ ďLJ ƚŚĞ ƌĞƋƵĞƐƚ ĨŽƌ ƉƌŽƉŽƐĂů ;Z&WͿ͘ dŚĞƐĞ ƌĞƉŽƌƚƐ ŝŶĐůƵĚĞ ĚĂƚĂ ŽŶ ĐĂůů ĐĞŶƚĞƌ ƐƚĂƚŝƐƚŝĐƐ͕ ĞŶƌŽůůŵĞŶƚƐ͕ ĚŝƐĞŶƌŽůůŵĞŶƚƐ͕ ŵĂŝůŝŶŐƐ͕ ǁĞďƐŝƚĞ ĂĐƚŝǀŝƚŝĞƐ͕ ƐĞƌǀŝĐĞ ůĞǀĞů ĂŐƌĞĞŵĞŶƚƐ ;^> ƐͿ͕ ĂŶĚ ŽƚŚĞƌ ƌĞƋƵŝƌĞĚ ŵĞƚƌŝĐƐ͘ dŚĞ ƵƐŝŶĞƐƐ ŶĂůLJƐƚ ĚĞǀĞůŽƉƐ ĂŶĚ ĂŶĂůLJnjĞƐ ĂĚĚŝƚŝŽŶĂů ƌĞƉŽƌƚƐ ƚŽ ƐƵƉƉŽƌƚ ƋƵĂůŝƚLJ ĂŶĚ ƉƌŽĚƵĐƚŝǀŝƚLJ ŵĞĂƐƵƌĞƐ ƚŽ ŵĂŬĞ ƐƵƌĞ D y/Dh^ ĐŽŵƉůŝĞƐ ǁŝƚŚ Ăůů ĂƉƉůŝĐĂďůĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ͘ tŽƌŬŝŶŐ ǁŝƚŚ ƐƚĂƚĞ ƐƚĂŬĞŚŽůĚĞƌƐ͕ ƚŚĞ ƵƐŝŶĞƐƐ ŶĂůLJƐƚ ŚĞůƉƐ ĚĞĨŝŶĞ ƌĞƉŽƌƚŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ĂĚ ŚŽĐ Žƌ ŵŽŶƚŚůLJ ƌĞƉŽƌƚƐ ƚŚĂƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵĂLJ ƐƵŐŐĞƐƚ͘ WĂŐĞ ϴ͘ϭϴͲϳ ŽĨ ϭϵ Ɛ ĞǀŝĚĞŶĐĞ ŽĨ ŽƵƌ ĂĐĐŽŵƉůŝƐŚŵĞŶƚƐ ĂŶĚ ĞdžĐĞůůĞŶĐĞ ŝŶ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĂůLJƚŝĐƐ͕ D y/Dh^ ŚĂƐ ďĞĞŶ ĂǁĂƌĚĞĚ Ă h͘^͘ WĂƚĞŶƚ ĨŽƌ ΗZĞƋƵĞƐƚ WƌŽĐĞƐƐ KƉƚŝŵŝnjĂƚŝŽŶ ĂŶĚ DĂŶĂŐĞŵĞŶƚ͘Η dŚĞ ƉĂƚĞŶƚ ĂĚĚƌĞƐƐĞƐ ƚŚĞ ŵĞƚŚŽĚ ǁĞ ƵƐĞ ƚŽ ŵŽŶŝƚŽƌ ĂŶĚ ŽƉƚŝŵŝnjĞ ďƵƐŝŶĞƐƐ ƉƌŽĐĞƐƐĞƐ͕ ĞŵďĞĚĚĞĚ ŝŶ ŽƵƌ ĞĐŝƐŝŽŶWŽŝŶƚ / ƐŽĨƚǁĂƌĞ ŽĨĨĞƌŝŶŐ ĂŶĚ ƐƚĂĨĨŝŶŐ ŽƉƚŝŵŝnjĂƚŝŽŶ ƚŽŽůƐ͘ dŚĞ ŵĞƚŚŽĚ ĂŶĚ ƐƵƉƉŽƌƚŝŶŐ ƐLJƐƚĞŵ ŵŽŶŝƚŽƌ ĂŶĚ ŽƉƚŝŵŝnjĞ ďĂĐŬͲŽĨĨŝĐĞ ƉƌŽĐĞƐƐĞƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ǁĞ ŝĚĞŶƚŝĨLJ ĂŶŽŵĂůŝĞƐ ĂŶĚ ŽƉƚŝŵŝnjĞ ƌĞƐŽƵƌĐĞƐ ƚŽ ĞĨĨĞĐƚƵĂƚĞ Ă ƉƌŽĐĞƐƐ ʹ ǁŚĞƚŚĞƌ ƐƚĂĨĨŝŶŐ ŽƉƚŝŵŝnjĂƚŝŽŶ ŝŶ Ă ĐƵƐƚŽŵĞƌ ĐŽŶƚĂĐƚ ĐĞŶƚĞƌ Žƌ ƚŚĞ ůĞǀĞů ŽĨ ƌĞƐŽƵƌĐĞƐ ŶĞĞĚĞĚ ƚŽ ĂĚĚƌĞƐƐ ǁŽƌŬ ŝƚĞŵƐ ŝŶ Ă ƉĂƌƚŝĐƵůĂƌ ƋƵĞƵĞ͘ dŚĞƐĞ ĂƌĞ ŝŵƉŽƌƚĂŶƚ ŵĂŶĂŐĞŵĞŶƚ ƚŽŽůƐ ƚŚĂƚ ĞŶĂďůĞ ƵƐ ƚŽ ĂƐĐĞƌƚĂŝŶ ƚŚĞ ŚĞĂůƚŚ ŽĨ ƚŚĞ ďƵƐŝŶĞƐƐ ƉƌŽĐĞƐƐ Ăƚ ĂŶLJ ƚŝŵĞ͘ ĞĐŝƐŝŽŶWŽŝŶƚ /͕ ƐƵƉƉůĞŵĞŶƚĞĚ ďLJ ŽƵƌ WD ƚŽŽůƐ ĂŶĚ ŵĞƚŚŽĚƐ͕ ŚĞůƉƐ ƵƐ ŐŽ ďĞLJŽŶĚ ũƵƐƚ ĐŽƵŶƚŝŶŐ ƚƌĂŶƐĂĐƚŝŽŶƐ ƚŽ ĂĐŚŝĞǀŝŶŐ ĚLJŶĂŵŝĐ ƉƌŽĐĞƐƐ ŵŽŶŝƚŽƌŝŶŐ ĂŶĚ ĐŽŶƚƌŽů͘ ĞĐŝƐŝŽŶWŽŝŶƚ / ĐŽŵďŝŶĞĚ ǁŝƚŚ ŽƵƌ WD ŵĞƚŚŽĚƐ͕ ƉƌŽǀŝĚĞƐ Ă ƉŽǁĞƌĨƵů ĂŶĚ ĚLJŶĂŵŝĐ ŵŽĚĞůŝŶŐ ƚŽŽů ĨŽƌ ƚĞƐƚŝŶŐ ͞ǁŚĂƚͲŝĨ͟ ƐĐĞŶĂƌŝŽƐ ĂŐĂŝŶƐƚ ŚŝƐƚŽƌŝĐĂů ƚƌĂŶƐĂĐƚŝŽŶ ĚĂƚĂ ĂŶĚ ĂĐƚƵĂů ŽƵƚƉƵƚƐ͖ ƚŚŝƐ ŚĞůƉƐ ŽƵƌ ƐƚĂƚĞ ŐŽǀĞƌŶŵĞŶƚ ĐůŝĞŶƚƐ ĞdžƉůŽƌĞ ƚŚĞ ƌĞĂƐŽŶƐ ďĞŚŝŶĚ DĞĚŝĐĂŝĚ ĞŶƌŽůůŵĞŶƚ ƚƌĞŶĚƐ ĂŶĚ ĂƐƐĞƐƐ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ƉůĂŶ ĂŶĚ ƉƌŽŐƌĂŵ ĐŚĂŶŐĞƐ͘ /ƚ ĂůƐŽ ŚĞůƉƐ ŽƵƌ ůĞĂĚĞƌƐŚŝƉ ƚĞĂŵ ƵŶĚĞƌƐƚĂŶĚ ŚŽǁ ĐŚĂŶŐĞƐ ŝŶ ƐƚĂĨĨŝŶŐ͕ ƚƌĂŝŶŝŶŐ͕ ĂŶĚ ďƵƐŝŶĞƐƐ ƉƌŽĐĞƐƐ ǁŽƌŬĨůŽǁƐ ĂƌĞ ůŝŬĞůLJ ƚŽ ĂĨĨĞĐƚ ƉĞƌĨŽƌŵĂŶĐĞ͕ ĞĨĨŝĐŝĞŶĐLJ͕ ĂŶĚ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ƐĞƌǀŝĐĞ ǁĞ ƉƌŽǀŝĚĞ ƚŽ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ dŽŐĞƚŚĞƌ͕ ďLJ ƵƐŝŶŐ ƚŚŝƐ ŵŽĚĞůŝŶŐ ĐĂƉĂďŝůŝƚLJ͕ ĞƉĂƌƚŵĞŶƚ ŽĨĨŝĐŝĂůƐ ĂŶĚ ŽƵƌ ůĞĂĚĞƌƐŚŝƉ ƚĞĂŵ ǁŝůů ŚĂǀĞ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ĐŚĂŶŐŝŶŐ ŵĂŶĂŐĞĚ ĐĂƌĞ ĂŶĚ W,W ůĂŶĚƐĐĂƉĞ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ŵĂŬĞ ďĞŶĞĨŝĐŝĂƌLJͲĨŽĐƵƐĞĚ ďƵƐŝŶĞƐƐ ƉƌŽĐĞƐƐ ŝŵƉƌŽǀĞŵĞŶƚƐ͕ ĂŶĚ ĚĞǀĞůŽƉ ŝŶŶŽǀĂƚŝǀĞ ǁĂLJƐ ĨŽƌ ƵƐŝŶŐ ŽƵƌ ƚĞĐŚŶŽůŽŐLJ ƚŽ ĚƌŝǀĞ ĞĨĨŝĐŝĞŶĐŝĞƐ͘ LJŶĂŵŝĐ DŽĚĞůŝŶŐ ^ŽůƵƚŝŽŶ D y/Dh^ ƐĞƚƐ ŝƚƐĞůĨ ĂƉĂƌƚ ĨƌŽŵ ƚŚĞ ĐŽŵƉĞƚŝƚŝŽŶ ďLJ ĂƉƉůLJŝŶŐ ŽƵƌ ŝŶĚƵƐƚƌLJͲůĞĂĚŝŶŐ ƵƐŝŶĞƐƐ WƌŽĐĞƐƐ DĂŶĂŐĞŵĞŶƚ ; WDͿ ŵŽĚĞůŝŶŐ ŵĞƚŚŽĚŽůŽŐLJ ƚŽ ŝŵƉƌŽǀĞ ďƵƐŝŶĞƐƐ ƉƌŽĐĞƐƐ ǁŽƌŬĨůŽǁƐ ĂŶĚ ƚŚĞ ĞĨĨŝĐŝĞŶĐLJ ŽĨ ŽƉĞƌĂƚŝŽŶƐ͘ WD ŝƐ ĚƌŝǀĞŶ ďLJ Ă ĨƵŶĚĂŵĞŶƚĂů ƉƌŽũĞĐƚ ƌĞĂůŝƚLJ͗ ƉƌŽŐƌĂŵ ŶĞĞĚƐ ĂŶĚ ƐƚĂĨĨŝŶŐ ĂƌĞ ŝŶĞdžƚƌŝĐĂďůLJ ůŝŶŬĞĚ ŝŶ Ă ǁĂLJ ƚŚĂƚ ŝŶǀŝƚĞƐ ƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ƚĞĐŚŶŽůŽŐLJ ĂŶĚ ďƵƐŝŶĞƐƐ ĂŶĂůLJƚŝĐƐ ƚŽ ƚŚĞ ŬĞLJ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ĚĞůŝǀĞƌĂďůĞƐ͘ tĞ ůĞǀĞƌĂŐĞ ŽƵƌ ĐŽƌƉŽƌĂƚĞ WD ƚĞĂŵ ƚŽ ĚĞƚĞƌŵŝŶĞ ŽƉƚŝŵĂů ƐƚĂĨĨŝŶŐ ůĞǀĞůƐ ĂŶĚ ĚĞƐŝŐŶ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĂŶĚ ĂŶĂůLJƚŝĐƐ ƉĂĐŬĂŐĞƐ ƚŚĂƚ ǁĞ ƵƐĞ ĨŽƌ ĞĂĐŚ ƉƌŽũĞĐƚ͘ KƵƌ WD ŝŶĐůƵĚĞƐ ƐƚĂĨĨ ŽƉƚŝŵŝnjĂƚŝŽŶ ƚŽ ŵĞĂƐƵƌĞ ĂŶĚ ŵĂƚĐŚ ƐƚĂĨĨ ƉƌŽĐĞƐƐŝŶŐ ĐĂƉĂĐŝƚLJ ƚŽ ƐĞƌǀŝĐĞ ĚĞŵĂŶĚ͕ ŬĞĞƉŝŶŐ ƐƚĂĨĨ ĐĂƉĂĐŝƚLJ ŝŶ ůŝŶĞ ǁŝƚŚ ĐŚĂŶŐŝŶŐ ǀŽůƵŵĞƐ ŽŶ Ă ĐŽŶƚŝŶƵĂů ďĂƐŝƐ ƚŽ ŵĞĞƚ ĂŶĚ ĞdžĐĞĞĚ ƉĞƌĨŽƌŵĂŶĐĞ ĞdžƉĞĐƚĂƚŝŽŶƐ͘ tĞ ƵƐĞ Ă ƐƵŝƚĞ ŽĨ WD ƚŽŽůƐ ĂŶĚ ŵĞƚŚŽĚƐ ƚŽ ŚĞůƉ ĚĞĨŝŶĞ͕ ĚĞƐŝŐŶ͕ ŵŽĚĞů͕ ĂŶĂůLJnjĞ͕ ĐŽŶƚƌŽů͕ ĂŶĚ ŽƉƚŝŵŝnjĞ ŽƵƌ ŽƉĞƌĂƚŝŽŶ͘ tŚŝůĞ Ăůů E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ƐƚĂŬĞŚŽůĚĞƌƐ ĂƌĞ ǁĞůĐŽŵĞ ƚŽ ĞdžƉŽƌƚ ĚĂƚĂ ĨŽƌ ĂŶĂůLJƐŝƐ͕ ĞĐŝƐŝŽŶWŽŝŶƚ / ŝƐ ĐŽŶĨŝŐƵƌĞĚ ƐŽ ƚŚĂƚ ŶĞǁ ƌĞƉŽƌƚƐ ĂŶĚ ĚĂƚĂ ǀŝƐƵĂůŝnjĂƚŝŽŶƐ ĐĂŶ ďĞ ĚĞǀĞůŽƉĞĚ ĞĂƐŝůLJ ĂŶĚ ƋƵŝĐŬůLJ ƚŽ ƐĂƚŝƐĨLJ ĐŽŵŵŽŶ ƌĞƉŽƌƚŝŶŐ ŶĞĞĚƐ͘ džƉŽƌƚ ŝƐ ƋƵŝĐŬ ĂŶĚ ŝŶƚƵŝƚŝǀĞ͖ ŚŽǁĞǀĞƌ͕ ǁĞ ŚĂǀĞ ĨŽƵŶĚ ƚŚĂƚ ƚŚĞ ǁŝĚĞ ƌĂŶŐĞ ŽĨ ƐƚĂŶĚĂƌĚŝnjĞĚ ĚĂƐŚďŽĂƌĚƐ ĂŶĚ ŝŶƚƵŝƚŝǀĞ ĂŶĂůLJƚŝĐĂůͬĞdžƉůŽƌĂƚŽƌLJ ĨƵŶĐƚŝŽŶĂůŝƚLJ ǁŝƚŚŝŶ ŽƵƌ ĞĐŝƐŝŽŶWŽŝŶƚ / ƐŽůƵƚŝŽŶ ƌĞĚƵĐĞƐ ƚŚĞ ŶĞĞĚ ĨŽƌ ƵƐĞƌƐ ƚŽ ƌƵŶ ĂĚ ŚŽĐ ƌĞƉŽƌƚƐ Žƌ ĞdžƉŽƌƚ ĚĂƚĂ ĨŽƌ ĂŶĂůLJƐŝƐ͘ džŚŝďŝƚ ϴ͘ϭϴͲϰ͗ ĞĐŝƐŝŽŶWŽŝŶƚ / džƉŽƌƚ dŽŽů͘ ƵƚŚŽƌŝnjĞĚ ƵƐĞƌƐ ĐĂŶ ĞĂƐŝůLJ ĞdžƉŽƌƚ ƌĂǁ ĚĂƚĂ ĨŝůĞƐ ĨŽƌ ĨƵƌƚŚĞƌ ĂŶĂůLJƐŝƐ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ŝŶĐůƵĚĞ ƐĂŵƉůĞƐͬĞdžĂŵƉůĞƐ ŽĨ ƌĞƉŽƌƚƐ ĂƐ ŽƵƚůŝŶĞĚ ŝŶ dd ,D Ed >͗ K&& ZKZ Z WKZd/E' Z Yh/Z D Ed^ ĨŽƌ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐĂƚĞŐŽƌŝĞƐ͗ WĂŐĞ ϴ͘ϭϴͲϴ ŽĨ ϭϵ &ƵƌƚŚĞƌŵŽƌĞ͕ ďLJ ůĞǀĞƌĂŐŝŶŐ ĞĐŝƐŝŽŶWŽŝŶƚ /͛Ɛ WD ĐĂƉĂďŝůŝƚŝĞƐ͕ ŽƵƌ ƵƐŝŶĞƐƐ ŶĂůLJƐƚ ĐĂŶ ƐĐƌƵƚŝŶŝnjĞ ĐƌŽƐƐͲĨƵŶĐƚŝŽŶĂů ŽƉĞƌĂƚŝŽŶĂů ĚĂƚĂ ĂŶĚ ŝŵŵĞĚŝĂƚĞůLJ ŝŶĨŽƌŵ ŵĂŶĂŐĞƌƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞŝƌ ƌĞƐƉĞĐƚŝǀĞ ĂƌĞĂƐ͘ ĞƉĂƌƚŵĞŶƚ ŽĨĨŝĐŝĂůƐ ŚĂǀĞ ƚŚĞ ƐĂŵĞ ĚŝƌĞĐƚ ĂĐĐĞƐƐ ƚŽ ƚŚŝƐ ĚĂƚĂ ĂƐ ŽƵƌ ƐƚĂĨĨ ƚŚƌŽƵŐŚ ĞĐŝƐŝŽŶWŽŝŶƚ /͛Ɛ ŝŶƚƵŝƚŝǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ĚĂƐŚďŽĂƌĚƐ͕ ǁŚŝĐŚ ƚŚĞLJ ĐĂŶ ĂĐĐĞƐƐ ǀŝĂ ƚŚĞ ǁĞď Žƌ ƚŚĞŝƌ ŵŽďŝůĞ ĚĞǀŝĐĞƐ ƚŽ ŽďƚĂŝŶ ĐůĞĂƌ ǀŝƐŝďŝůŝƚLJ ŝŶƚŽ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽƉĞƌĂƚŝŽŶƐ͘ Ŷ ĞdžĂŵƉůĞ ŽĨ ŽŶĞ ŽĨ ƚŚĞ ƚLJƉĞƐ ŽĨ ŵŽŶƚŚůLJ ƐƵŵŵĂƌLJ ƌĞƉŽƌƚƐ ƚŚĂƚ ĞĐŝƐŝŽŶWŽŝŶƚ / ŐĞŶĞƌĂƚĞƐ͕ ƌĞůĂƚĞĚ ƚŽ ƚĂƐŬ ĐŽŵƉůĞƚŝŽŶ ƚŝŵĞůŝŶĞƐƐ͕ ŝƐ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϭϴͲϱ͗ dĂƐŬ dŝŵĞůŝŶĞƐƐ ^ƚĂƚƵƐ͘ KƵƌ ĞĐŝƐŝŽŶWŽŝŶƚ / ƐŽůƵƚŝŽŶ ƌĞƚƌŝĞǀĞƐ ĚĂƚĂ ĨƌŽŵ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͛Ɛ ĚŽŵĂŝŶͲƐƉĞĐŝĨŝĐ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ƐLJƐƚĞŵƐ ʹ ŝŶĐůƵĚŝŶŐ ƚŚĞ D yĞď ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͕ ƵƚŽŵĂƚĞĚ sŽŝĐĞ ƌĞƐƉŽŶƐĞ ^LJƐƚĞŵ ; sZ^Ϳ͕ ƵƚŽŵĂƚĞĚ Ăůů ŝƐƚƌŝďƵƚŽƌ ; Ϳ͕ ƐĞůĨͲƐĞƌǀŝĐĞ ĞŶƌŽůůŵĞŶƚ ǁĞďƐŝƚĞ͕ ĞŵĂŝů͕ ĐƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJƐ ĐŽŵƉůĞƚĞĚ ǀŝĂ sZ^ Žƌ ǁĞď͕ ĂŶĚ ŽƚŚĞƌ ƐLJƐƚĞŵƐ ʹ ĂŶĚ ƚŚĞŶ ƉƌŽǀŝĚĞƐ ŝŶͲĚĞƉƚŚ ĚĂƚĂ ĂŶĂůLJƚŝĐƐ ĂŶĚ ƌĞƉŽƌƚŝŶŐ ĨƵŶĐƚŝŽŶĂůŝƚLJ ƚŚĂƚ ĞdžĐĞĞĚƐ ĞƉĂƌƚŵĞŶƚ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ KƵƌ ƐŽůƵƚŝŽŶ ĂůƐŽ ƉƌŽĚƵĐĞƐ ĂĚ ŚŽĐ ƌĞƉŽƌƚƐ ĂŐĂŝŶƐƚ ĂĐƚŝŽŶĂďůĞ ĚĂƚĂ ĂŶĚ ŐĞŶĞƌĂƚĞƐ ŶĞĂƌͲƌĞĂůͲ ƚŝŵĞ ŝŶƚĞƌĂĐƚŝǀĞ ĚĂƐŚďŽĂƌĚƐ͕ ǁŚŝĐŚ ĞƉĂƌƚŵĞŶƚ ŽĨĨŝĐŝĂůƐ ĂŶĚ ŽƵƌ ůĞĂĚĞƌƐŚŝƉ ƚĞĂŵ ĐĂŶ ǀŝĞǁ ĂŶĚ ƵƐĞ ƚŽ ŵŝƚŝŐĂƚĞ ƉŽƚĞŶƚŝĂů ƉƌŽďůĞŵƐ Žƌ ŝƐƐƵĞƐ ďĞĨŽƌĞ ƚŚĞLJ ĂĚǀĞƌƐĞůLJ ĂĨĨĞĐƚ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ DĞĚŝĐĂŝĚ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ Ϯ͘ /Ŷ ^ĞĐƚŝŽŶ ϴ͘ϭϰ͗ ^ƚĂĨĨŝŶŐ ĂŶĚ <ĞLJ WĞƌƐŽŶŶĞů͕ ǁĞ ĚĞƐĐƌŝďĞ ŚŽǁ ǁĞ ǁŝůů ƵƐĞ ŽƵƌ WD ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ƚŽ ĞƐƚĂďůŝƐŚ ĂŶĚ ŵĂŝŶƚĂŝŶ Ă ĨůĞdžŝďůĞ ƐƚĂĨĨŝŶŐ ŵŽĚĞů ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ &21),'(17,$/ WĂŐĞ ϴ͘ϭϴͲϵ ŽĨ ϭϵ KƵƌ ĞĐŝƐŝŽŶWŽŝŶƚ / ƐŽůƵƚŝŽŶ ĂƵƚŽͲƉŽƉƵůĂƚĞƐ ĂŶĚ ŐĞŶĞƌĂƚĞƐ Ă ƌĂŶŐĞ ŽĨ ƐƚĂŶĚĂƌĚŝnjĞĚ ƌĞƉŽƌƚƐ ƚŚĂƚ ǁĞ ĐĂŶ ĞĂƐŝůLJ ƌĞĐŽŶĨŝŐƵƌĞ ƚŽ ŵĞĞƚ ƌĞƉŽƌƚŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƐƵƉƉŽƌƚ ŝƚƐ ĂďŝůŝƚLJ ƚŽ ŵŽŶŝƚŽƌ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽƉĞƌĂƚŝŽŶƐ͘ ĞĐŝƐŝŽŶWŽŝŶƚ / ĐĂŶ ƉƌŽǀŝĚĞ ĞƉĂƌƚŵĞŶƚͲ ƌĞƋƵŝƌĞĚ ǁĞĞŬůLJ ĂŶĚ ŵŽŶƚŚůLJ ƐƵŵŵĂƌLJ ůĞǀĞů ƌĞƉŽƌƚƐ ŽĨ ƚŚĞ ƉƌĞǀŝŽƵƐ ƉĞƌŝŽĚ͛Ɛ ĂĐƚŝǀŝƚŝĞƐ ŝŶ yD> ĨŽƌŵĂƚ͘ ,ŽǁĞǀĞƌ͕ ǁĞ ĐĂŶ ĂůƐŽ ŐŽ ďĞLJŽŶĚ ƐƚĂƚŝĐ͕ ŚĂƌĚͲ ĐŽƉLJ ƌĞƉŽƌƚƐ ƚŽ ŐĞŶĞƌĂƚĞ ŶĞĂƌ ƌĞĂůͲƚŝŵĞ ĚĂƐŚďŽĂƌĚƐ͕ ĚĂƚĂ ƚĂďůĞƐ͕ ĂŶĚ ŐƌĂƉŚƐ ʹ ĐŽŶĨŝŐƵƌĂďůĞ͕ ĂĐƚŝŽŶĂďůĞ ĚĂƚĂ ƚŚĂƚ ĞƉĂƌƚŵĞŶƚ ŽĨĨŝĐŝĂůƐ ĂŶĚ ŽƵƌ ůĞĂĚĞƌƐŚŝƉ ĐĂŶ ƵƐĞ ƚŽ ĂŶĂůLJnjĞ ƚƌĞŶĚƐ ĂŶĚ ŵŽŶŝƚŽƌ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĐƌŝƚŝĐĂů ƉĞƌĨŽƌŵĂŶĐĞ ŵĞƚƌŝĐƐ͘ KƵƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƚĞĂŵ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ŶƌŽůůŵĞŶƚ &21),'(17,$/ WĂŐĞ ϴ͘ϭϴͲϭϬ ŽĨ ϭϵ hƐŝŶŐ ĞĐŝƐŝŽŶWŽŝŶƚ /͕ ǁĞ ǁŝůů ƉƌŽǀŝĚĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚ Ă ǀĂƌŝĞƚLJ ŽĨ ƌĞƉŽƌƚƐ ĚĞƚĂŝůŝŶŐ ƚŚĞ ŵĞƚŚŽĚ ŽĨ ŚĞĂůƚŚ ƉůĂŶ ĞŶƌŽůůŵĞŶƚ͘ džŚŝďŝƚ ϴ͘ϭϴͲϲ͗ tĞĞŬůLJ ŶƌŽůůŵĞŶƚ ZĞƉŽƌƚ ŝůůƵƐƚƌĂƚĞƐ ŽƵƌ ĂďŝůŝƚLJ ƚŽ ƌĞƉŽƌƚ ĞŶƌŽůůŵĞŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽŶ Ă ǁĞĞŬůLJ ďĂƐŝƐ͘ Ă͘ /Ŷ ƚŚĞ ĨŽůůŽǁŝŶŐ ƐĞĐƚŝŽŶƐ͕ ǁĞ ƉƌŽǀŝĚĞ ĞdžĂŵƉůĞƐ ŽĨ ƚŚĞ ƌĞƋƵŝƌĞĚ ŽƉĞƌĂƚŝŽŶĂů ƌĞƉŽƌƚƐ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ ĞƉĂƌƚŵĞŶƚ ĚƵƌŝŶŐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉĞƌŝŽĚ ƚŽ ƐƵďŵŝƚ ĂŶĚ ƌĞĐĞŝǀĞ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĂů ŽŶ Ăůů ƌĞƉŽƌƚ ĨŽƌŵĂƚƐ ƉƌŝŽƌ ƚŽ ĨŝŶĂůŝnjŝŶŐ ĞĂĐŚ ƌĞƉŽƌƚ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ĞƐƚĂďůŝƐŚŝŶŐ ŽƉĞƌĂƚŝŽŶĂů ƌĞƉŽƌƚƐ͕ ǁĞ ǁŝůů ĂůƐŽ ƉƌŽǀŝĚĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚ ƐƚĂƚƵƐ ƌĞƉŽƌƚƐ ƚŚƌŽƵŐŚŽƵƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƚŚĂƚ ĚŽĐƵŵĞŶƚ ŽƵƌ ƉƌŽŐƌĞƐƐ ƚŽǁĂƌĚƐ ƚŚĞ ŽŶͲƚŝŵĞ ŝŶŝƚŝĂů ƵƉůŽĂĚ ŽĨ ƚŚĞ ĞůŝŐŝďŝůŝƚLJ ĨŝůĞ͕ ĂĐĐƵƌĂƚĞ ƵƉůŽĂĚ ŽĨ ƚŚĞ ĨŝůĞ͕ ĂŶĚ ƚŚĞ ŝŶƚĞŐƌĂƚŝŽŶ ŽĨ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ͘ WƌŽŐƌĞƐƐ ŽŶ ƚŚĞƐĞ ƚĂƐŬƐ ǁŝůů ĂůƐŽ ďĞ ƌĞĐŽƌĚĞĚ ŽŶ ŽƵƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ǁŽƌŬ ƉůĂŶ ĂŶĚ ƌĞŐƵůĂƌůLJ ƐŚĂƌĞĚ ǁŝƚŚ ĞƉĂƌƚŵĞŶƚ͘ &21),'(17,$/ WĂŐĞ ϴ͘ϭϴͲϭϭ ŽĨ ϭϵ tĞ ƚƌĂĐŬ ĚŝƐĞŶƌŽůůŵĞŶƚ ƐƚĂƚŝƐƚŝĐƐ ŝŶ ŽƵƌ ĐƵƌƌĞŶƚ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ ĂŶĚ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĐƌĞĂƚĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ĚĂƐŚďŽĂƌĚƐ ƚŚĂƚ ƚƌĂĐŬ ďĞŶĞĨŝĐŝĂƌLJ ƌĞƋƵĞƐƚĞĚ ĚŝƐĞŶƌŽůůŵĞŶƚƐ ĂŶĚ W,W ƌĞƋƵĞƐƚĞĚ ĚŝƐĞŶƌŽůůŵĞŶƚƐ͕ ĂƐ ǁĞůů ĂƐ͕ ĚŝƐĞŶƌŽůůŵĞŶƚƐ ŝŶŝƚŝĂƚĞĚ ďLJ ƚŚĞ ^ƚĂƚĞ ĂŶĚ ĚŝƐĞŶƌŽůůŵĞŶƚƐ ĚƵĞ ƚŽ ĚĞĂƚŚ Žƌ ůŽƐƐ ŽĨ ĞůŝŐŝďŝůŝƚLJ͘ /Ŷ džŚŝďŝƚ ϴ͘ϭϴͲϴ͗ tĞĞŬůLJ ŝƐĞŶƌŽůůŵĞŶƚ ZĞƉŽƌƚ͕ ǁĞ ƉƌŽǀŝĚĞ Ă ƐĂŵƉůĞ ƌĞƉŽƌƚ ƐŚŽǁŝŶŐ ǁĞĞŬůLJ ĚŝƐĞŶƌŽůůŵĞŶƚ ƐƚĂƚŝƐƚŝĐƐ͘ ď͘ ŝƐĞŶƌŽůůŵĞŶƚ džŚŝďŝƚ ϴ͘ϭϴͲϳ͗ DŽŶƚŚůLJ ŶƌŽůůŵĞŶƚ ZĞƉŽƌƚ ƉƌĞƐĞŶƚƐ Ă ƐĂŵƉůĞ ŽĨ Ă ƐƚĂŶĚĂƌĚ ŵŽŶƚŚůLJ ĚĂƐŚďŽĂƌĚ ƌĞƉŽƌƚ ƚŚĂƚ ĚŽĐƵŵĞŶƚƐ ĞŶƌŽůůŵĞŶƚ ƚƌĞŶĚƐ ĨŝůƚĞƌĞĚ ďLJ W,W͕ ƉƌŽŐƌĂŵ͕ ĂŶĚ ŵŽŶƚŚ͘ &21),'(17,$/ WĂŐĞ ϴ͘ϭϴͲϭϮ ŽĨ ϭϵ /Ŷ džŚŝďŝƚ ϴ͘ϭϴͲϵ͗ DŽŶƚŚůLJ ŝƐĞŶƌŽůůŵĞŶƚ ZĞƉŽƌƚ͕ ǁĞ ƉƌŽǀŝĚĞ ƐĂŵƉůĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƐƚĂƚŝƐƚŝĐƐ ǁĞ ƚƌĂĐŬ ĨŽƌ ŽƵƌ ŽƚŚĞƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ͘ Ăůů ĞŶƚĞƌ ^ƚĂƚŝƐƚŝĐƐ &21),'(17,$/ WĂŐĞ ϴ͘ϭϴͲϭϯ ŽĨ ϭϵ džŚŝďŝƚ ϴ͘ϭϴͲϭϬ͗ tĞĞŬůLJ ŽŶƚĂĐƚ ĐƚŝǀŝƚLJ ZĞƉŽƌƚ ƐŚŽǁƐ Ă ƌĞƉŽƌƚ ĨƌŽŵ ĞĐŝƐŝŽŶWŽŝŶƚ / ƵƐŝŶŐ ƚŚĞ ŝƐĐŽ ŶƚĞƌƉƌŝƐĞ ĐĂůů ĚĂƚĂ ĂŶĚ ĐŽŶƚĂĐƚ ŝŶĨŽƌŵĂƚŝŽŶ ĨƌŽŵ D yĞď ƚŽ ƉƌŽǀŝĚĞ Ă ĚĂŝůLJ ĂŶĚ ǁĞĞŬůLJ ƐƵŵŵĂƌLJ ƌĞƉŽƌƚ ŽĨ ŝŶďŽƵŶĚ ĐĂůůƐ ŚĂŶĚůĞĚ͘ Đ͘ &21),'(17,$/ WĂŐĞ ϴ͘ϭϴͲϭϰ ŽĨ ϭϵ džŚŝďŝƚ ϴ͘ϭϴͲϭϭ͗ DŽŶƚŚůLJ ŽŶƚĂĐƚ ĐƚŝǀŝƚLJ ZĞƉŽƌƚ ƉƌŽǀŝĚĞƐ Ă ƐĂŵƉůĞ ŵŽŶƚŚůLJ ĐŽŶƚĂĐƚ ĂĐƚŝǀŝƚLJ ƌĞƉŽƌƚ ƚŚĂƚ ŝŶĐůƵĚĞƐ ƉƌŝŽƌ ŵŽŶƚŚ ĚĂƚĂ ĨŽƌ ĐŽŵƉĂƌŝƐŽŶ͘ &21),'(17,$/ WĂŐĞ ϴ͘ϭϴͲϭϱ ŽĨ ϭϵ /Ŷ džŚŝďŝƚ ϴ͘ϭϴͲϭϮ͗ ŐĞŶƚ ĂŶĚ dĞĂŵ WĞƌĨŽƌŵĂŶĐĞ ^ƵŵŵĂƌLJ ĂƐŚďŽĂƌĚ͕ ŵĂŶĂŐĞŵĞŶƚ ŝƐ ĂďůĞ ƚŽ ƐĞĞ ŚŽǁ ŝŶĚŝǀŝĚƵĂů ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ƉĞƌĨŽƌŵĂŶĐĞ ĐŽŵƉĂƌĞƐ ƚŽ ŽǀĞƌĂůů ƚĞĂŵ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ŝĚĞŶƚŝĨLJ ŽƵƚůŝĞƌƐ͘ &21),'(17,$/ WĂŐĞ ϴ͘ϭϴͲϭϲ ŽĨ ϭϵ ƵƌŝŶŐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ǁĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĐƌĞĂƚĞ Ă EŽƌƚŚ ĂƌŽůŝŶĂͲƐƉĞĐŝĨŝĐ ƌĞƉŽƌƚ ƚŚĂƚ ƉƌŽǀŝĚĞƐ ƚŚĞ ŶƵŵďĞƌ ŽĨ W,W ƐĞĂƌĐŚĞƐ ƉƌŽĐĞƐƐĞĚ͕ ŶƵŵďĞƌ ŽĨ ĚǀĂŶĐĞĚ DĞĚŝĐĂů ,ŽŵĞ ; D,ͿͬWƌŝŵĂƌLJ ĂƌĞ WƌŽǀŝĚĞƌ ;W WͿ ƐĞĂƌĐŚĞƐ ƌĞƋƵĞƐƚĞĚ͕ ŶƵŵďĞƌ ŽĨ ĞŵĂŝůƐͬƐĞĐƵƌĞ ŵĞƐƐĂŐĞƐ ƌĞĐĞŝǀĞĚ ƚŚƌŽƵŐŚ ƚŚĞ ǁĞďƐŝƚĞ͕ ĂǀĞƌĂŐĞ ƌĞƐƉŽŶƐĞ ƚŝŵĞ ĨŽƌ ĞŵĂŝůͬƐĞĐƵƌĞ ŵĞƐƐĂŐĞ ƌĞƐƉŽŶƐĞƐ͕ ĂŶĚ ƚŚĞ ĂǀĞƌĂŐĞ ƌĞƐƉŽŶƐĞ ƚŝŵĞ ĨŽƌ ĞŵĂŝů ĐŽŶĨŝƌŵĂƚŝŽŶƐ ĨŽůůŽǁŝŶŐ W,W ƐĞůĞĐƚŝŽŶ͘ Ɛ ĚĞŵŽŶƐƚƌĂƚĞĚ ŝŶ džŚŝďŝƚ ϴ͘ϭϴͲϭϯ͗ tĞďƐŝƚĞ ^ƚĂƚŝƐƚŝĐƐ ZĞƉŽƌƚ͕ ĞĐŝƐŝŽŶWŽŝŶƚ / ǁŝůů ŝŶƚĞŐƌĂƚĞ ǁŝƚŚ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ ƚŽ ƉƌŽǀŝĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƚŚĞ ŶƵŵďĞƌ ŽĨ ǀŝƐŝƚƐ ĂŶĚ ƉĂŐĞ ǀŝĞǁƐ ŽǀĞƌ Ă ƐƉĞĐŝĨŝĞĚ ƉĞƌŝŽĚ ŽĨ ƚŝŵĞ͘ Ě͘ tĞďƐŝƚĞ ^ƚĂƚŝƐƚŝĐƐ DĂŝůŝŶŐ ^ƚĂƚŝƐƚŝĐƐ &21),'(17,$/ WĂŐĞ ϴ͘ϭϴͲϭϳ ŽĨ ϭϵ tĞ ǁŝůů ĚŽĐƵŵĞŶƚ ƌĞƋƵĞƐƚƐ ĨŽƌ ďĞŶĞĨŝĐŝĂƌLJ ĞĚƵĐĂƚŝŽŶ ŵĂƚĞƌŝĂůƐ ƚŽ ďĞ ƐĞŶƚ ďLJ ŵĂŝů ŝŶ D yĞď͕ ǁŚŝĐŚ ǁŝůů ďĞ ƌĞƉŽƌƚĞĚ ŝŶ ĞĐŝƐŝŽŶWŽŝŶƚ / ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ŶƵŵďĞƌ ŽĨ ŵĂŝů ƌĞƋƵĞƐƚƐ ĨƵůĨŝůůĞĚ ǁŝƚŚŝŶ ϯϬ ĐĂůĞŶĚĂƌ ĚĂLJƐ͘ džŚŝďŝƚ ϴ͘ϭϴͲϭϰ͗ DŽŶƚŚůLJ DĂŝů ZĞƋƵĞƐƚƐ ĂŶĚ &ƵůĨŝůůŵĞŶƚ ZĞƉŽƌƚ͕ ĚĞŵŽŶƐƚƌĂƚĞƐ ŽƵƌ ĐĂƉĂďŝůŝƚLJ ƚŽ ƌĞƉŽƌƚ ŽŶ ŵĂŝů ƉƌŽĐĞƐƐŝŶŐ ƐƚĂƚŝƐƚŝĐƐ͘ Ğ͘ mu u_o a?m?w wmmn. dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ WĂŐĞ ϴ͘ϭϴͲϭϵ ŽĨ ϭϵ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘ Z WĞƌĨŽƌŵĂŶĐĞ ZĞƉŽƌƚŝŶŐ ĂŶĚ ĞůŝǀĞƌLJ ZĞƋƵŝƌĞŵĞŶƚƐ͘ ϯ͘ RFP Section Response 8.19 Reconciliation Section S, 1-5 A critical component of any enrollment broker program is the assurance that all enrollment and eligibility changes are accounted for and transmitted appropriately MAXIMUS leverage our extensive experience and established processes to deliver an effective solution for ensuring the accuracy and completeness of enrollment transactions between our systems and the Department. 1. The Offeror must con?rm adherence to the expectations of the Department and their ability and approach to meet the requirements of Section S. Reconciliation. MAXIMUS confirms that we will adhere to Department expectations and meet all requirements set forth in RFP Section Reconciliation. We describe our approach to implementing and maintaining the necessary systems and functions to perform daily, weekly, and reconciliation of enrollment data exchanged with the Department as part of enrollment broker operations throughout this section of our proposal. 2. Offeror must describe how it will ensure systems and files meet all state and federal requirements and are HIPAA compliant and focus on how electronic reconciliations of all Enrollment, Disenrollment, and related transactions will be transmitted to the Department on a daily, weekly and basis. We have a proven process for reconciliation of enrollment data that we have used in numerous enrollment broker projects, customizing it to meet each state's specific requirements. Our reconciliation process is designed to verify that all data received from the State is processed and confirm that the data is processed correctly. incorporates automated routines and tools for reconciling data transmissions to help ensure the accuracy of enrollment? related transactions. We carefully monitor all data transmissions between MAXIMUS and the Department so that we meet our internal quality standards, the State's reconciliation process requirements, and all relevant state and federal requirements, including those related to Health Insurance Portability and Accountability Act (HIPAA) regulations. has a transmission reconciliation procedure and error routines that we use to balance the number of records transmitted in any exchange of data with the number of records uploaded. provides tools to monitor automated interfaces and other batch processes. Using these tools, we will transmit all enrollment, disenrollment, and related enrollment transactions at the close of each business day, and receive and process any rejected enrollments using the following reconciliation process. Daily, Weekly, and Enrollment Transaction Reconciliation Method MAXIMUS will conduct a Daily Enrollment Transaction Reconciliation of all enrollment, disenrollment, and related transactions we receive from and send to the Department. We will review rejected enrollments received from the Department and correct and resubmit them Our reconmliation 9'05"? ?595 590"? data through the daily enrollment transaction file process. We will include approved disenrollment ?Change and adheres '0 all applicable state and reason codes when transmitting disenrollment transactions to the State. We will provide the federal requirements, Department with a HlPAA-compliant ASC X12 x834 EDI exchange file of con?rmed enrollments by the close of business the same day that we process the file. As part of this data exchange process, we conduct a comprehensive reconciliation of daily and weekly electronic reconciliation of all enrollment, disenrollment, and related transactions. Our reconciliation process verifies that all data received on the daily enrollment and eligibility file is processed and that it is processed correctly. has a transmission reconciliation procedure and error routines that we use to balance the number of records transmitted in any exchange of data with the number of records uploaded. Exhibit 8.19?1: Search Jobs Display demonstrates how displays the details of each interface and other batch processes available online, providing the standard interface job summary statistics, as well as a job error list that details the records in the input file that failed to load and the reason for the failure. These reports cover both inbound and outbound files. Page 8.19-1 of 5 &21),'(17,$/ WĂŐĞ ϴ͘ϭϵͲϮ ŽĨ ϱ dŚĞ :Žď ^ĐŚĞĚƵůĞƌ͕ ƉĂƌƚ ŽĨ D yĞď͕ ƉƌŽǀŝĚĞƐ ƐƚĂŶĚĂƌĚ ŝŶƚĞƌĨĂĐĞ ũŽď ƐƵŵŵĂƌLJ ƐƚĂƚŝƐƚŝĐƐ ŝŶ Ă ůŽŐ ƚĂďůĞ ƚŚĂƚ ŽƵƌ ƐƚĂĨĨ ĐĂŶ ƋƵĞƌLJ ŽŶůŝŶĞ͘ dŚŝƐ ůŽŐ ĨŝůĞ ŝŶĐůƵĚĞƐ ƚŚĞ ũŽď / ŶƵŵďĞƌ͕ ƚŚĞ ũŽď ŶĂŵĞ͕ ƚŚĞ ƚLJƉĞ ŽĨ ũŽď͕ ƚŚĞ ũŽď ƐƚĂƚƵƐ͕ ƚŚĞ ĨŝůĞŶĂŵĞ ƉƌŽĐĞƐƐĞĚ͕ ƚŚĞ ŶƵŵďĞƌ ŽĨ ƌĞĐŽƌĚƐ ŝŶ ƚŚĞ ĨŝůĞ͕ ƚŚĞ ŶƵŵďĞƌ ƉƌŽĐĞƐƐĞĚ ƐƵĐĐĞƐƐĨƵůůLJ͕ ƚŚĞ ŶƵŵďĞƌ ǁŚŝĐŚ ǁĞƌĞ ŶŽƚ ůŽĂĚĞĚ ĚƵĞ ƚŽ ĞƌƌŽƌƐ͕ ƚŚĞ ĚĂƚĞ ĂŶĚ ƚŝŵĞƐ ǁŚĞŶ ũŽďƐ ƐƚĂƌƚ ĂŶĚ ĞŶĚ͕ ĂŶĚ ƚŚĞ ĐŽƵŶƚ ŽĨ ǁĂƌŶŝŶŐƐ͘ dŚŝƐ ŝƐ ĂǀĂŝůĂďůĞ ĨŽƌ Ăůů ŝŶƚĞƌĨĂĐĞƐ ĂŶĚ ŽƚŚĞƌ ďĂƚĐŚ ƉƌŽĐĞƐƐĞƐ͕ ĂƐ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϭϵͲϮ͗ :Žď ^ƵŵŵĂƌLJ ^ƚĂƚŝƐƚŝĐƐ͘ &21),'(17,$/ WĂŐĞ ϴ͘ϭϵͲϯ ŽĨ ϱ D yĞď ƉĞƌĨŽƌŵƐ ĨƵŶĐƚŝŽŶƐ ƚŽ ĞŶƐƵƌĞ ƚŚĞ ĂĐĐƵƌĂĐLJ ŽĨ ĚĂƚĂ ĞůĞŵĞŶƚ ƵƉĚĂƚĞƐ͘ džŚŝďŝƚ ϴ͘ϭϵͲϰ͗ ƌƌŽƌ ZĞƉŽƌƚ ƐŚŽǁƐ Ă ƐĂŵƉůĞ ƌĞƉŽƌƚ ƚŚĂƚ ƐƵŵŵĂƌŝnjĞƐ ƚŚĞ ŶƵŵďĞƌ ŝŶ ƚŚĞ ĨŝůĞ ƚŚĂƚ ŵĂƚĐŚĞĚ ƚŽ ĞdžŝƐƚŝŶŐ ĞŶƌŽůůĞĞƐ ĂŶĚ ƚŚŽƐĞ ƚŚĂƚ ǁĞƌĞ ŶŽƚ ŵĂƚĐŚĞĚ͘ dŚĞ ƌĞƉŽƌƚ ƐŚŽǁƐ ƚŚĞ ƌĞƐƵůƚĂŶƚ D yĞď ĞŶƌŽůůŵĞŶƚ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ƐƚĂƚƵƐ ĨŽƌ ƚŚĞ ŵĂƚĐŚĞĚ ŵĞŵďĞƌƐ͘ dŚĞ ũŽď ĞƌƌŽƌ ůŝƐƚ ƉƌŽǀŝĚĞƐ ƚŚĞ ũŽď / ŶƵŵďĞƌ͕ ƚŚĞ ƌŽǁ ŶƵŵďĞƌ ŽĨ ƚŚĞ ƌĞĐŽƌĚ ŝŶ ƚŚĞ ĨŝůĞ ƚŚĂƚ ĨĂŝůĞĚ͕ ĂŶĚ ƚŚĞ ĞƌƌŽƌ ŵĞƐƐĂŐĞ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ĨĂŝůƵƌĞƐ͘ tĞ ĚĞƐŝŐŶĂƚĞ ƐƚĂĨĨ ƚŽ ŝĚĞŶƚŝĨLJ ĂŶĚ ƚĂŬĞ ĂƉƉƌŽƉƌŝĂƚĞ ĂĐƚŝŽŶ ĨŽƌ ƚŚŽƐĞ ƌĞĐŽƌĚƐ ĨŽƵŶĚ ƚŽ ĐŽŶƚĂŝŶ ĞƌƌŽƌƐ͘ dŚĞ :Žď ^ĐŚĞĚƵůĞƌ ĂůƐŽ ůŽŐƐ ƚŚĞ ĞƌƌŽƌƐ ĨŽƌ ĞĂĐŚ ũŽď ŝŶ Ă ůŝƐƚ ƚŚĂƚ ĚĞƚĂŝůƐ ƚŚĞ ƌĞĐŽƌĚƐ ŝŶ ƚŚĞ ŝŶƉƵƚ ĨŝůĞ ƚŚĂƚ ĨĂŝůĞĚ ƚŽ ůŽĂĚ ĂŶĚ ƚŚĞ ƌĞĂƐŽŶ ĨŽƌ ƚŚĞ ĨĂŝůƵƌĞ͘ tĞ ĐĂŶ ǀŝĞǁ ƚŚĞƐĞ ƵƐŝŶŐ Ă ƐŝŵŝůĂƌ ^Y> ƋƵĞƌLJ ŽĨ ƚŚĞ ũŽď ĞƌƌŽƌ ůŝƐƚ ƚĂďůĞ͘ džŚŝďŝƚ ϴ͘ϭϵͲϯ͗ :Žď ƌƌŽƌ >ŽŐ ZĞƉŽƌƚ ƉƌĞƐĞŶƚƐ ĂŶ ĞdžĂŵƉůĞ ŽĨ ƚŚĞ ĞƌƌŽƌ ůŝƐƚ͘ &21),'(17,$/ WĂŐĞ ϴ͘ϭϵͲϰ ŽĨ ϱ &ŝŶĂůůLJ͕ ǁĞ ǁŝůů ŝŵƉůĞŵĞŶƚ Ă ŵŽŶƚŚůLJ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ƉƌŽĐĞƐƐ ƚŽ ǀĞƌŝĨLJ ƚŚĂƚ ǁĞ ŚĂǀĞ ƌĞĐĞŝǀĞĚ ĂŶĚ ĨƵůůLJ ƉƌŽĐĞƐƐĞĚ Ăůů ĞŶƌŽůůŵĞŶƚ͕ ĚŝƐĞŶƌŽůůŵĞŶƚ͕ ĂŶĚ ƌĞůĂƚĞĚ ƚƌĂŶƐĂĐƚŝŽŶƐ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞ ŵŽŶƚŚůLJ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ǁŝůů ƵƐĞ ƚŚĞ ƐĂŵĞ ƚŽŽůƐ ĂŶĚ ƉƌŽĐĞƐƐĞƐ ƉƌĞǀŝŽƵƐůLJ ĚĞƐĐƌŝďĞĚ ĂŶĚ ǁŝůů ŽĐĐƵƌ ŽŶ ƚŚĞ ĨŝŶĂů ďƵƐŝŶĞƐƐ ĚĂLJ ŽĨ ĞĂĐŚ ŵŽŶƚŚ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ǁĞ ǁŝůů ƵƐĞ D yĞďΖƐ ĞůĞĐƚƌŽŶŝĐ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ƉƌŽĐĞƐƐ ƚŽ ƉĞƌĨŽƌŵ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ǁĞĞŬůLJ ĞůĞĐƚƌŽŶŝĐ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ŽĨ Ăůů ĞŶƌŽůůŵĞŶƚ͕ ĚŝƐĞŶƌŽůůŵĞŶƚ͕ ĂŶĚ ƌĞůĂƚĞĚ ƚƌĂŶƐĂĐƚŝŽŶƐ͘ tĞ ǁŝůů ƌĞƉŽƌƚ ĂŶLJ ĚŝƐĐƌĞƉĂŶĐŝĞƐ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ƚŚŝƐ ǁĞĞŬůLJ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŵŵĞĚŝĂƚĞůLJ ƵƉŽŶ ĚŝƐĐŽǀĞƌLJ ŽĨ ƚŚĞ ĚŝƐĐƌĞƉĂŶĐLJ͕ ĂŶĚ ǁŝůů ƐƵďŵŝƚ Ă W ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ŚĞůƉ ĞŶƐƵƌĞ ƚŚĂƚ ĞŶƌŽůůŵĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶƐ ĂƌĞ ĐŽŶƐŝƐƚĞŶƚ͘ tĞ ǁŝůů ĐŽƌƌĞĐƚ ĂŶLJ ĚĞĨŝĐŝĞŶĐŝĞƐ ĐĂƵƐĞĚ ďLJ ŽƵƌ ƐLJƐƚĞŵƐ Žƌ ƉƌŽĐĞƐƐĞƐ ǁŝƚŚŝŶ ƚŚƌĞĞ ďƵƐŝŶĞƐƐ ĚĂLJƐ͕ ƵŶůĞƐƐ ŽƚŚĞƌǁŝƐĞ ĂŐƌĞĞĚ ƵƉŽŶ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ tĞ ǁŝůů ŐĞŶĞƌĂƚĞ Ă ǁĞĞŬůLJ ĞůĞĐƚƌŽŶŝĐ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ƌĞƉŽƌƚ ĨŽƌ ƐƵďŵŝƐƐŝŽŶ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ďLJ ϭϮ͗ϬϬ Ɖ͘ŵ͘ ĞĂĐŚ DŽŶĚĂLJ ĨŽƌ ƚŚĞ ƉƌŝŽƌ ǁĞĞŬ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ƌĞƐŽůǀĞ ĂŶLJ ŝƐƐƵĞƐ ŝĚĞŶƚŝĨŝĞĚ ƚŚƌŽƵŐŚ ƚŚŝƐ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ƉƌŽĐĞƐƐ͘ dŚĞ ǁĞĞŬůLJ ĞůĞĐƚƌŽŶŝĐ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ǁŝůů ďĞ Ă ƐƚĂŶĚŝŶŐ ŝƚĞŵ ŽŶ ƚŚĞ ĂŐĞŶĚĂ ĨŽƌ ŽƵƌ ďŝͲǁĞĞŬůLJ ƐƚĂƚƵƐ ŵĞĞƚŝŶŐƐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ tĞ ǁŝůů ĂůƐŽ ĚĞǀĞůŽƉ Ă ǁĞĞŬůLJ ƐƵŵŵĂƌLJ ƌĞƉŽƌƚ ŽĨ ƚŚĞ ĂŝůLJ WĂƉĞƌ ŶƌŽůůŵĞŶƚ dƌĂŶƐĂĐƚŝŽŶ ZĞĐŽŶĐŝůŝĂƚŝŽŶ ƚŚĂƚ ŝĚĞŶƚŝĨŝĞƐ ƚŚĞ ĚŝƐĐƌĞƉĂŶĐŝĞƐ ĂŶĚ ĐŽƌƌĞĐƚŝǀĞ ĂĐƚŝŽŶƐ ƚĂŬĞŶ ƚŽ ƌĞƐŽůǀĞ ƚŚĞ ĚŝƐĐƌĞƉĂŶĐŝĞƐ͕ ĂƐ ǁĞůů ĂƐ Ă ĐŚĂƌƚ ƚŚĂƚ ƉƌŽǀŝĚĞƐ ĚĞƚĂŝů ďLJ W,W ĨŽƌ Ăůů ƚƌĂŶƐĂĐƚŝŽŶƐ ƐĞŶƚ ďLJ ƚŚĞ ^ƚĂƚĞ͕ ƉƌŽĐĞƐƐĞĚ ďLJ D yĞď͕ ĂŶĚ ƐĞŶƚ ďĂĐŬ ƚŽ ƚŚĞ ^ƚĂƚĞ͘ tĞ ǁŝůů ĐŽŽƌĚŝŶĂƚĞ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ǁĞĞŬůLJ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ŽŶƚƌĂĐƚ ĚŵŝŶŝƐƚƌĂƚŽƌ Žƌ ŝƚƐ ĚĞƐŝŐŶĞĞ͘ tĞ ĂŐƌĞĞ ƚŽ ĐŽƌƌĞĐƚ ĚŝƐĐƌĞƉĂŶĐŝĞƐ ƚŚĂƚ ǁĞ ĐĂƵƐĞ ǁŝƚŚŝŶ Ă ŵƵƚƵĂůůLJ ĂŐƌĞĞĂďůĞ ƚŝŵĞĨƌĂŵĞ͘ hƐŝŶŐ ƚŚĞ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ƚŽŽůƐ ĚĞƐĐƌŝďĞĚ ŚĞƌĞ͕ ǁĞ ǁŝůů ĐŽŵƉůĞƚĞ ƚŚĞ ĚĂŝůLJ ĞŶƌŽůůŵĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ďLJ ƚŚĞ ĐůŽƐĞ ŽĨ ƚŚĞ ŶĞdžƚ ďƵƐŝŶĞƐƐ ĚĂLJ͕ ƵŶůĞƐƐ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĞƐ ĂŶ ĞdžƚĞŶƐŝŽŶ ƚŽ ƚŚĂƚ ĚĂƚĞ͘ tĞ ǁŝůů ƌĞƉŽƌƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽŶƚƌĂĐƚ ĚŵŝŶŝƐƚƌĂƚŽƌ ĂŶĚ ĐŽƌƌĞĐƚ ĂŶLJ ĞŶƌŽůůŵĞŶƚ ĚĂƚĂ ƚƌĂŶƐŵŝƐƐŝŽŶ ĚŝƐĐƌĞƉĂŶĐŝĞƐ ǁŝƚŚŝŶ ƚǁŽ ďƵƐŝŶĞƐƐ ĚĂLJƐ͕ ĂŶĚ ƉƌŽǀŝĚĞ Ă ŽƌƌĞĐƚŝǀĞ ĐƚŝŽŶ WůĂŶ ; WͿ ƚŽ ƚŚĞ ^ƚĂƚĞ ǁŝƚŚŝŶ ĨŝǀĞ ďƵƐŝŶĞƐƐ ĚĂLJƐ ĂĨƚĞƌ ǁĞ ŚĂǀĞ ŝĚĞŶƚŝĨŝĞĚ ƚŚĞ ĚŝƐĐƌĞƉĂŶĐŝĞƐ ƚŚƌŽƵŐŚ ŽƵƌ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ƉƌŽĐĞƐƐ͘ dŚĞ W ǁŝůů ŽƵƚůŝŶĞ ƚŚĞ ĂĐƚŝŽŶƐ ǁĞ ǁŝůů ƚĂŬĞ ƚŽ ŚĞůƉ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ĚŝƐĐƌĞƉĂŶĐŝĞƐ ǁŝůů ŶŽƚ ĐŽŶƚŝŶƵĞ ƚŽ ŽĐĐƵƌ ĂŶĚͬŽƌ ŝŶĨŽƌŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƚŚĞ ƌĞƐƉĞĐƚŝǀĞ W,W ŽĨ ĂŶŽƚŚĞƌ ĂƉƉƌŽƉƌŝĂƚĞ ĐŽƌƌĞĐƚŝǀĞ ĂĐƚŝŽŶ͘ tĞ ǁŝůů ƚĂŝůŽƌ ƚŚŝƐ ĞƌƌŽƌ ƌĞƉŽƌƚ ƚŽ ƚƌĂĐŬ Ăůů ƚƌĂŶƐĂĐƚŝŽŶ ƚLJƉĞƐ͕ ŝŶĐůƵĚŝŶŐ ^ƚĂƚĞͲŝŶŝƚŝĂƚĞĚ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚƐ͕ ĞůŝŐŝďŝůŝƚLJ ĐŚĂŶŐĞƐ͕ ĚĞŵŽŐƌĂƉŚŝĐ ĐŚĂŶŐĞƐ͕ ĂŶĚ ƌĞƐƉŽŶƐĞƐ ƚŽ ďĞŶĞĨŝĐŝĂƌLJͲƐƵďŵŝƚƚĞĚ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚƐ͕ ďƌŽŬĞŶ ĚŽǁŶ ďLJ ĞĂĐŚ W,W͘ D y/Dh^ ƐƚĂĨĨ ǁŝůů ĐŽŵƉĂƌĞ ƚŚĞ ĐŽŶƚĞŶƚƐ ŽĨ ƚŚŝƐ ƌĞƉŽƌƚ ǁŝƚŚ ƚŚĞ ƌĞƐƵůƚƐ ƌĞƉŽƌƚĞĚ ďLJ E & ^d ƚŽ ǀĞƌŝĨLJ ƚŚĂƚ ŽƵƌ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ƉƌŽĐĞƐƐŝŶŐ ŚĂƐ ďĞĞŶ ĐŽŵƉůĞƚĞĚ ƐƵĐĐĞƐƐĨƵůůLJ͘ /Ĩ D y/Dh^ ƐƚĂĨĨ ĨŝŶĚƐ ĂŶLJ ĚŝƐĐƌĞƉĂŶĐŝĞƐ ďĞƚǁĞĞŶ ƚŚĞ ƚŽƚĂůƐ ŝŶ ŽƵƌ ƌĞƉŽƌƚ ĂŶĚ ƚŚŽƐĞ ĨƌŽŵ ƚŚĞ E & ^d ƌĞƉŽƌƚ͕ ǁĞ ǁŝůů ƉĞƌĨŽƌŵ ƌĞƐĞĂƌĐŚ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ĐĂƵƐĞ ŽĨ ƚŚĞƐĞ ĞƌƌŽƌƐ ĂŶĚ ƚĂŬĞ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ĐŽƌƌĞĐƚŝǀĞ ĂĐƚŝŽŶ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ WĂŐĞ ϴ͘ϭϵͲϱ ŽĨ ϱ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ^ĞĐƚŝŽŶ ///͘ ^͘ ZĞĐŽŶĐŝůŝĂƚŝŽŶ͘ ϯ͘ D yĞď ĂůƐŽ ŝŶƚĞƌĨĂĐĞƐ ǁŝƚŚ ŽƵƌ ĞĐŝƐŝŽŶWŽŝŶƚ / ƌĞƉŽƌƚŝŶŐ ƐŽůƵƚŝŽŶ ĨŽƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƐƚĂŶĚĂƌĚ ĂŶĚ ĂĚ ŚŽĐ ƌĞƉŽƌƚŝŶŐ͘ ĞĐŝƐŝŽŶWŽŝŶƚ / ŝƐ ĚĞƐĐƌŝďĞĚ ŝŶ ĚĞƚĂŝů ŝŶ ^ĞĐƚŝŽŶ ϴ͘ϭϴ͗ WĞƌĨŽƌŵĂŶĐĞ ZĞƉŽƌƚŝŶŐ ĂŶĚ ĞůŝǀĞƌLJ ZĞƋƵŝƌĞŵĞŶƚƐ͘ hƐŝŶŐ ƚŚĞ D yĞď ĂƵĚŝƚ ůŽŐ ĨŝůĞƐ ĂƐ Ă ƐŽƵƌĐĞ ŽĨ ĚĂƚĂ͕ ǁĞ ĐĂŶ ŐĞŶĞƌĂƚĞ ĚĂƚĂ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ ƌĞƉŽƌƚƐ ƚŚĂƚ ĐŽŶƚĂŝŶ ƌĞĐŽƌĚƐ ŽĨ ĂĚĚŝƚŝŽŶƐ͕ ĚĞůĞƚŝŽŶƐ͕ ĂŶĚ ĐŚĂŶŐĞƐ ƚŽ ŝĚĞŶƚŝĨŝĞĚ ĚĂƚĂ ĞůĞŵĞŶƚƐ͘ dŚĞ ĂƵĚŝƚ ůŽŐ ŝŶĐůƵĚĞƐ ƚŚĞ ŵŽĚŝĨŝĞĚ ŝŶĨŽƌŵĂƚŝŽŶ͕ Ă ĚĂƚĞͬƚŝŵĞ ƐƚĂŵƉ ǁŚĞŶ ƚŚĞ ĐŚĂŶŐĞ ŽĐĐƵƌƌĞĚ͕ ƚŚĞ ŽƌŝŐŝŶ ŽĨ ƚŚĞ ĚĂƚĂ ĐŚĂŶŐĞ ƚƌĂŶƐĂĐƚŝŽŶ͕ ĂŶĚ ƚŚĞ ƐLJƐƚĞŵ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨ ƚŚĞ ƐƚĂĨĨ ŵĞŵďĞƌ ǁŚŽ ŵĂĚĞ ƚŚĞ ĐŚĂŶŐĞ͘ tĞ ŬĞĞƉ ƚŚĞƐĞ ĂƵĚŝƚ ůŽŐƐ ĨŽƌ ƚŚƌĞĞ LJĞĂƌƐ͘ ^LJƐƚĞŵ ƵĚŝƚ dƌĂŝů D yĞď ŵĂŝŶƚĂŝŶƐ ĂŶ ĂƵĚŝƚ ƚƌĂŝů ŽĨ Ăůů ƐLJƐƚĞŵ ĂĐƚŝǀŝƚLJ͕ ǁŚŝĐŚ ƌĞĐŽƌĚƐ ƚŚĞ ƐĞĐƵƌŝƚLJ / ŽĨ ƵƐĞƌƐ ƚŚĂƚ ŵŽĚŝĨLJ ĞŶƌŽůůĞĞ ĚĂƚĂ͘ dŚĞ ĂƵĚŝƚ ůŽŐ ŵĂŝŶƚĂŝŶƐ Ă ŚŝƐƚŽƌLJ ŽĨ ĂĚĚŝƚŝŽŶƐ͕ ĚĞůĞƚŝŽŶƐ͕ ĂŶĚ ĐŚĂŶŐĞƐ ƚŽ Ăůů ĚĂƚĂ ĞůĞŵĞŶƚƐ͘ KƵƌ ĚĂƚĂďĂƐĞ ŚĂƐ Ă ďƵŝůƚͲŝŶ ĂƵĚŝƚ ĨĞĂƚƵƌĞ Ăƚ ƚŚĞ ĨŝĞůĚ ůĞǀĞů͕ ǁŚŝĐŚ ƉƌŽǀŝĚĞƐ ƐĐĂůĂďŝůŝƚLJ ŝĨ ĂĚĚŝƚŝŽŶĂů ĂƵĚŝƚ ĨŝĞůĚƐ ĂƌĞ ƌĞƋƵŝƌĞĚ ŝŶ ƚŚĞ ĨƵƚƵƌĞ͘ dŚĞ ĂƵĚŝƚ ŚŝƐƚŽƌLJ ĚŝĨĨĞƌĞŶƚŝĂƚĞƐ ƐLJƐƚĞŵͲŐĞŶĞƌĂƚĞĚ ĐŚĂŶŐĞƐ ƚŚĂƚ ŽĐĐƵƌ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĨƌŽŵ ďĞŶĞĨŝĐŝĂƌLJͲŝŶŝƚŝĂƚĞĚ ĐŚĂŶŐĞƐ ƚŽ Ă ĐĂƐĞ ƌĞĐŽƌĚ͘ RFP Section Response 8 .20 Security and Audit Requirements Section T, 1-14 i'he Department requests the response to this section be limited to eight (8) pages To support North Carolina?s new Enrollment Broker efforts, the Department of Health and Human Services will bene?t from a dedicated partner who has comprehensive experience delivering on the multifaceted security requurements within a streamlined enrollment and eligibility environment. MAXIMUS has vast experience managing and Implementing the security controls and complying with audit requirements and will use this experience to safeguard the systems, beneficiary information, facilities and personnel for the North Carolina Enrollment Broker Services Project. 1. The Offeror must confirm adherence to the expectations of the Department and their ability and approach to meet the requirements of Section T. Security and Audit Requirements. MAXIMUS con?rms that we will adhere to the Department expectations and meet all requirements set forth in RFP Section ill. 72 Security and Audit Requirements. We describe our approach to meeting these requirements throughout this section of our proposal. MAXIMUS offers the Department our strong corporate information protection principles, robust security training, and vigilant security and privacy teams to maintain information con?dentiality for the Project. The Department requires a partner who has the experience, resources, and ability to implement and support the security '0 measures needed to secure the State's new Enrollment Broker Services Project. Any potential partner that cannot provide these three qualities?experience, resources, and ability to implement?puts the Department at risk. Only MAXIMUS offers the Department the depth of security experience and dedicated corporate resources to implement the required safeguards for a Project as complex and large in scope as North Carolina?s. To support this vision, we bring the Department our national experience implementing the strategies and measures needed to protect the breadth of systems, information technology, physical locations, personnel, and beneficiary personal health information (PHI) inherent in our eligibility and enrollment environments. As we detail below, the Department will benefit from a dedicated partner who has established best practices and corporate oversight to meet the high security and audit expectations associated with operating the North Carolina Enrollment Broker Services (NC Enrollment Broker) Project. Physical Security Physical security is comprised of several coordinating activities, providing an integrated and coherent effort for safeguarding the Project facilities. Our physical security approach encompasses three integrated components: controlled access to facilities, employees trained on security requirements, and limited access to our systems and data. Our security protocols comply with the State?s Physical and Environmental Protection Policy. in Exhibit 8.20-1: Physical Security Measures, we highlight the measures that form the foundation of our physical security protocols. A One of our important physical security protocols is controlled access to facilities to minimize the potential for physical incidents and unauthorized entry. Access is limited to employees, vendors, State personnel, or other individuals who are authorized to enter the Project facility. We control access by requiring all employees to be issued an ID badge that must be worn at all times while on site. To accommodate visitors, messengers, delivery personnel, contract staff, or other persons who may require access to our site, our project reception area will maintain a Page 8.20-1 of 8 džŚŝďŝƚ ϴ͘ϮϬͲϭ͗ WŚLJƐŝĐĂů ^ĞĐƵƌŝƚLJ DĞĂƐƵƌĞƐ͘ D y/Dh^ ǁŝůů ĐŽůůĂďŽƌĂƚĞ ĐůŽƐĞůLJ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ĂƉƉƌŽƉƌŝĂƚĞ ƉƌŽƚŽĐŽůƐ ĂƌĞ ŝŶ ƉůĂĐĞ ƚŽ ƐĂĨĞŐƵĂƌĚ ĂŐĂŝŶƐƚ ƵŶĂƵƚŚŽƌŝnjĞĚ ĂĐĐĞƐƐ͘ WĂŐĞ ϴ͘ϮϬͲϮ ŽĨ ϴ tĞ ĐŽŶĨŝƌŵ ƚŚĂƚ ǁĞ ǁŝůů ŝŶĨŽƌŵ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ŽŶƚƌĂĐƚ ĚŵŝŶŝƐƚƌĂƚŽƌ ĂŶĚ ĞƉĂƌƚŵĞŶƚ WƌŝǀĂĐLJ ĂŶĚ ^ĞĐƵƌŝƚLJ KĨĨŝĐĞ ŽĨ ĂŶLJ ĐŽŶƚĂĐƚ ǁŝƚŚ ƚŚĞ &ĞĚĞƌĂů KĨĨŝĐĞ ĨŽƌ ŝǀŝů ZŝŐŚƚƐ ;K ZͿ ƚŚĂƚ ǁĞ ŵŝŐŚƚ ƌĞĐĞŝǀĞ ĂĨƚĞƌ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽŶƚƌĂĐƚ ĨĨĞĐƚŝǀĞ ĂƚĞ͘ ƵƚLJ ƚŽ ZĞƉŽƌƚ Ɛ ƉĂƌƚ ŽĨ ŽƵƌ ƉƌŽĂĐƚŝǀĞ ƐƚƌĂƚĞŐLJ ƚŽ ƉƌĞǀĞŶƚ Žƌ ƋƵŝĐŬůLJ ŵŝƚŝŐĂƚĞ ƌŝƐŬƐ͕ ǁĞ ǁŝůů ƚĂŬĞ ƐƚĞƉƐ ƚŽ ƚƌĂŝŶ Ăůů ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ƐƚĂĨĨ ŽŶ ŚŽǁ ƚŽ ƌĞĐŽŐŶŝnjĞ͕ ŚĂŶĚůĞ͕ ĂŶĚ ƐĂĨĞŐƵĂƌĚ ĐŽŶĨŝĚĞŶƚŝĂů ďĞŶĞĨŝĐŝĂƌLJ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĂŶĚ ƚŽ ƌĞƉŽƌƚ ƐĞĐƵƌŝƚLJ ŝŶĐŝĚĞŶƚƐ ĂŶĚ ƐƵƐƉĞĐƚĞĚ Žƌ ĐŽŶĨŝƌŵĞĚ ďƌĞĂĐŚĞƐ͕ ƉƌŽǀŝĚŝŶŐ Ă ƚŽůůͲĨƌĞĞ ůŝŶĞ ĨŽƌ ƚŚĞŵ ƚŽ ĂŶŽŶLJŵŽƵƐůLJ ƌĞƉŽƌƚ ƐƵƐƉĞĐƚĞĚ ǀŝŽůĂƚŝŽŶƐ͘ D y/Dh^ ƵŶĚĞƌƐƚĂŶĚƐ ƚŚĂƚ ǁĞ ŵƵƐƚ ƌĞƉŽƌƚ ƐĞĐƵƌŝƚLJ ďƌĞĂĐŚĞƐ ĂŶĚ ŝŶĐŝĚĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚŽƐĞ ŝŶǀŽůǀŝŶŐ ^ŽĐŝĂů ^ĞĐƵƌŝƚLJ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĚĂƚĂ Žƌ /ŶƚĞƌŶĂů ZĞǀĞŶƵĞ ^ĞƌǀŝĐĞ ĚĂƚĂ͕ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ tĞ ǁŝůů ĨŽůůŽǁ ĞƉĂƌƚŵĞŶƚ ŐƵŝĚĞůŝŶĞƐ ĂŶĚ ƌĞƉŽƌƚ ŽŶ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ WƌŝǀĂĐLJ ĂŶĚ ^ĞĐƵƌŝƚLJ KĨĨŝĐĞ /ŶĐŝĚĞŶƚ tĞďƐŝƚĞ ǁŝƚŚŝŶ ƚǁĞŶƚLJͲĨŽƵƌ ;ϮϰͿ ŚŽƵƌƐ ĂĨƚĞƌ ƚŚĞ ŝŶĐŝĚĞŶƚ ŝƐ ĨŝƌƐƚ ĚŝƐĐŽǀĞƌĞĚ͘ tĞ ƵŶĚĞƌƐƚĂŶĚ ŚŽǁ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ^ĞĐƚŝŽŶ ϱϬϴ ŽĨ ƚŚĞ ZĞŚĂďŝůŝƚĂƚŝŽŶ Đƚ ŽĨ ϭϵϳϯ ;Ϯϵ h͘^͘ ͘ ϳϵϰĚͿ ĂƐ ĂŵĞŶĚĞĚ :ĂŶƵĂƌLJ ϮϬϭϳ ĂŶĚ ƚŚĞ tŽƌůĚ tŝĚĞ tĞď ŽŶƐŽƌƚŝƵŵ͛Ɛ ;tϯ Ϳ tĞď ŽŶƚĞŶƚ ĐĐĞƐƐŝďŝůŝƚLJ 'ƵŝĚĞůŝŶĞƐ ;t 'Ϳ Ϯ͘Ϭ͕ ĐŽŶĨŽƌŵĂŶĐĞ ůĞǀĞů Žƌ ŐƌĞĂƚĞƌ͘ /Ŷ ^ĞĐƚŝŽŶ ϴ͘ϵ͗ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ tĞďƐŝƚĞ ĂŶĚ W,W ^ĞůĞĐƚŝŽŶ dŽŽů͕ ǁĞ ĐŽǀĞƌ ŽƵƌ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ t ' Ϯ͘Ϭ ŐƵŝĚĞůŝŶĞƐ ŝŶ ŐƌĞĂƚĞƌ ĚĞƚĂŝů͘ /ŶĨŽƌŵĂƚŝŽŶ dĞĐŚŶŽůŽŐLJ KƵƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ĂƉƉƌŽĂĐŚ ƚŽ ƐĞĐƵƌŝƚLJ ŝƐ ďĂƐĞĚ ŽŶ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ŝŵƉůĞŵĞŶƚŝŶŐ ƐĞĐƵƌŝƚLJ ƉƌŽƚŽĐŽůƐ ƚŽ ůŝŵŝƚ ĂĐĐĞƐƐ ƚŽ ĐŽŶĨŝĚĞŶƚŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ŽƵƌ ƐLJƐƚĞŵƐ͘ dŚĞ D y/Dh^ /ŶĨŽƌŵĂƚŝŽŶ ^ĞĐƵƌŝƚLJ WŽůŝĐLJ ŝƐ ǁƌŝƚƚĞŶ ŝŶ ĂůŝŐŶŵĞŶƚ ǁŝƚŚ ĂĐĐĞƉƚĞĚ ŝŶĚƵƐƚƌLJ ĨƌĂŵĞǁŽƌŬƐ ĂŶĚ ƌĞŐƵůĂƚŽƌLJ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ /ŶƚĞƌŶĂƚŝŽŶĂů KƌŐĂŶŝnjĂƚŝŽŶ ĨŽƌ ^ƚĂŶĚĂƌĚŝnjĂƚŝŽŶ ĂŶĚ ƚŚĞ /ŶƚĞƌŶĂƚŝŽŶĂů ůĞĐƚƌŽƚĞĐŚŶŝĐĂů ŽŵŵŝƐƐŝŽŶ ;/^Kͬ/ Ϳ ϮϳϬϬϭ͗ϮϬϭϯ͕ EĂƚŝŽŶĂů /ŶƐƚŝƚƵƚĞ ŽĨ ^ƚĂŶĚĂƌĚƐ ĂŶĚ dĞĐŚŶŽůŽŐLJ ;E/^dͿ ϴϬϬͲϱϯ ƌϰ͕ ĞŶƚĞƌƐ ĨŽƌ DĞĚŝĐĂƌĞ Θ DĞĚŝĐĂŝĚ ^ĞƌǀŝĐĞƐ D Z^ͲĞ ĚŽĐƵŵĞŶƚ ƐƵŝƚĞ ǀĞƌƐŝŽŶ Ϯ͘Ϭ͕ ,ĞĂůƚŚ /ŶƐƵƌĂŶĐĞ WŽƌƚĂďŝůŝƚLJ ĂŶĚ ĐĐŽƵŶƚĂďŝůŝƚLJ Đƚ ;,/W Ϳ͕ ĂŶĚ /ŶƚĞƌŶĂů ZĞǀĞŶƵĞ ^ĞƌǀŝĐĞ ;/Z^Ϳ ϭϬϳϱ͘ KƵƌ ƐŽůƵƚŝŽŶ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ǁŝůů ďĞ ďĂƐĞĚ ŽŶ ĂŶĚ ǁŝůů ĂĚŚĞƌĞ ƚŽ ƌĞƋƵŝƐŝƚĞ &ĞĚĞƌĂů ĂŶĚ ŝŶĚƵƐƚƌLJ ƌƵůĞƐ ĂŶĚ ƐƚĂŶĚĂƌĚƐ ĨŽƌ ƐĞĐƵƌŝƚLJ͕ ĚĂƚĂ ĞdžĐŚĂŶŐĞ͕ ĂŶĚ ƉƌŝǀĂĐLJ͕ ŝŶĐůƵĚŝŶŐ͕ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ͕ ĞŶƚĞƌƐ ŽĨ DĞĚŝĐĂƌĞ ĂŶĚ DĞĚŝĐĂŝĚ ; D^Ϳ͕ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ /ŶĨŽƌŵĂƚŝŽŶ dĞĐŚŶŽůŽŐLJ ;E /dͿ ^ƚĂƚĞǁŝĚĞ /ŶĨŽƌŵĂƚŝŽŶ ^ĞĐƵƌŝƚLJ DĂŶƵĂů ĂŶĚ ƚŚĞ E /d ^ƚĂƚĞǁŝĚĞ ƌĐŚŝƚĞĐƚƵƌĞ &ƌĂŵĞǁŽƌŬ͘ tĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ ƚŚĞƐĞ ƉŽůŝĐŝĞƐ ŵĂLJ ďĞ ƌĞǀŝƐĞĚ Ăƚ ƚŝŵĞƐ ĂŶĚ ǁŝůů ďĞ ƐƵƌĞ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ Ăůů ƌĞǀŝƐŝŽŶƐ͘ D y/Dh^ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ ^ĞĐƵƌŝƚLJ KĨĨŝĐĞƌ ;/^^KͿ ǁŝůů ƉƌŽǀŝĚĞ ŽǀĞƌƐŝŐŚƚ ĂŶĚ ĚŝƌĞĐƚŝŽŶ ĨŽƌ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ͕ ƵƉĚĂƚŝŶŐ ĂƐ ƌĞƋƵŝƌĞĚ ĨŽƌ ĐŽŵƉůŝĂŶĐĞ͘ &ƵƌƚŚĞƌ͕ ǁĞ ǁŝůů ĂůǁĂLJƐ ƐĞĞŬ ƉƌŝŽƌ ǁƌŝƚƚĞŶ ƉĞƌŵŝƐƐŝŽŶ ĂŶĚ ƉƌŽǀŝĚĞ ĂŶLJ ŶĞĐĞƐƐĂƌLJ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ Ĩŝůů ƌĞƋƵĞƐƚƐ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĂĐĐĞƐƐ ĂŶLJ ^ƚĂƚĞ > Eͬt E͕ ǁŚĞŶ ƌĞƋƵŝƌĞĚ ŽǀĞƌ ƚŚĞ ůŝĨĞ ŽĨ ƚŚĞ WƌŽũĞĐƚ͘ tĞ ǁŝůů ŶŽƚ ĐŽŶŶĞĐƚ ĂŶLJ ŽĨ ŽƵƌ ŽǁŶ ĞƋƵŝƉŵĞŶƚ ƚŽ Ă ^ƚĂƚĞ > Eͬt E ǁŝƚŚŽƵƚ ƉƌŝŽƌ ǁƌŝƚƚĞŶ ĂƉƉƌŽǀĂů ĨƌŽŵ ƚŚĞ ^ƚĂƚĞ͕ ĂŶĚ ǁŝůů ŽďƚĂŝŶ ĂƉƉƌŽǀĂů ĨƌŽŵ ƚŚĞ ^ƚĂƚĞ /K ĂŶĚͬŽƌ ,,^ ĂƐ ŶĞĞĚĞĚ ƚŽ ĞŶƐƵƌĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ^ƚĂƚĞǁŝĚĞ ƐĞĐƵƌŝƚLJ ƉŽůŝĐŝĞƐ͘ ƐŝŐŶͲŝŶ ůŽŐ ǁŚĞƌĞ ĞĂĐŚ ŝŶĚŝǀŝĚƵĂů ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ƐŚŽǁ ƉŚŽƚŽ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ĂŶĚͬŽƌ ĐƌĞĚĞŶƚŝĂůƐ ƚŽ ǀĞƌŝĨLJ ƚŚĞŝƌ ŝĚĞŶƚŝƚLJ͕ ĂŶĚ ƚŚĞŶ ƐŝŐŶ ŝŶ ƚŽ ƚŚĞ ǀŝƐŝƚŽƌƐ ůŽŐ͕ ŶŽƚŝŶŐ ƚŚĞŝƌ ŶĂŵĞ͕ ĐŽŵƉĂŶLJ Žƌ ĂŐĞŶĐLJ ƌĞƉƌĞƐĞŶƚĞĚ͕ ƚĞůĞƉŚŽŶĞ ŶƵŵďĞƌ͕ ĚĂƚĞ ĂŶĚ ƚŝŵĞ ŽĨ ĂƌƌŝǀĂů ĂŶĚ ĞƐƚŝŵĂƚĞĚ ĚĞƉĂƌƚƵƌĞ͕ ĂŶĚ ŶĂŵĞ ŽĨ ŝŶĚŝǀŝĚƵĂů ƚŚĞLJ ĂƌĞ ǀŝƐŝƚŝŶŐ͘ ůů ǀĞƌŝĨŝĞĚ ĂŶĚ ĂƉƉƌŽǀĞĚ ǀŝƐŝƚŽƌƐ ĂƌĞ ƚŚĞŶ ŐŝǀĞŶ ǀŝƐŝƚŽƌ ďĂĚŐĞƐ ĂŶĚ ĞƐĐŽƌƚĞĚ ƚŽ ƚŚĞŝƌ ĚĞƐƚŝŶĂƚŝŽŶ ďLJ ĂƉƉƌŽƉƌŝĂƚĞ ƉĞƌƐŽŶŶĞů͘ ůů ǀŝƐŝƚŽƌ ďĂĚŐĞƐ ĂƌĞ ŵŽŶŝƚŽƌĞĚ͕ ƚƌĂĐŬĞĚ͕ ĂŶĚ ƌĞƚƌŝĞǀĞĚ ƵƉŽŶ ĚĞƉĂƌƚƵƌĞ͕ ĂŶĚ ƚŚĞ ĞŶƚƌLJ ůŽŐ ŝƐ ƵƉĚĂƚĞĚ ǁŝƚŚ ĞĂĐŚ ŝŶĚŝǀŝĚƵĂů͛Ɛ ĚĞƉĂƌƚƵƌĞ ƚŝŵĞ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ŽƵƌ ƉŚLJƐŝĐĂů ƐĞĐƵƌŝƚLJ͕ ŽƵƌ ĨĂĐŝůŝƚLJ ǁŝůů ďĞ ĞƋƵŝƉƉĞĚ ǁŝƚŚ Ϯϰdžϳ ƌĞĐŽƌĚĞĚ ǀŝĚĞŽ ƐƵƌǀĞŝůůĂŶĐĞ ĐĂŵĞƌĂƐ ĂŶĚ ĨŽƌĐĞĚ ĞŶƚƌLJ ĂůĂƌŵƐ͘ ^ĞĐƵƌĞ ƐƚŽƌĂŐĞ ;ĨŽƌ ĞdžĂŵƉůĞ͕ ůŽĐŬĂďůĞ ĨŝůĞ ĐĂďŝŶĞƚƐ ĂŶĚ ĚƌĂǁĞƌƐͿ ǁŝůů ďĞ ƉƌŽǀŝĚĞĚ ƚŽ ƉƌŽƚĞĐƚ ĂŶLJ W,/ Žƌ ŽƚŚĞƌ ƐĞŶƐŝƚŝǀĞ ƉĂƉĞƌͲďĂƐĞĚ ŝŶĨŽƌŵĂƚŝŽŶ ĂĐƌŽƐƐ ƚŚĞ WƌŽũĞĐƚ͘ Cost Borne by Enrollment Broker During the contract period, if we receive a notice of a security breach, then all costs associated with the notice will be borne by MAXIMUS. For more than four decades, we have worked closely with several State health and human services departments to fine tune security and audit processes and procedures that fulfill their needs, which are based on industry-standard protocols to meet State, Federal, and Project requirements. Continuous Monitoring MAXIMUS will implement a risk management program that continuously monitors risk through assessments, risk analysis, and data inventory, and that will comply with the requirements set forth by the Department. We understand that the Department's information Security Policy requires implementing security controls that always adhere to the State?s ClO's mandate for a Continuous Monitoring Process and that the North Carolina State CIO will annually assess our compliance with enterprise security standards. MAXIMUS incorporates the Risk Management Framework (800-37) into our processes to continually monitor the security of our systems. In addition, we offer the Department signi?cant support from MAXIMUS corporate resources with proven expertise in security and privacy. These resources will oversee the security plan and all associated operational processes and work to make sure they are current and compliant with State and Federal policies and regulations. These corporate resources and their expertise are detailed in Exhibit 8.20-2: MAXIMUS Corporate Resources to Support Continuous Monitoring Process. MAXIMUS Corporate Resources to Support Continuous Monitoring Process Corporate Resources Expertise to Support Continuous Monitoring Corporate Office of Quality I Monitors and addresses State beneficiary satisfaction, performance monitoring and operations support, implementation and Risk Management readiness, performance evaluation through Project reviews, and risk management through early identification of Project performance concerns I Convenes a quarterly Quality Forum to promote communication among Quality Management professionals throughout the company and foster discussion of quality-related best practices I Maintains a system where Project teams are responsible for sending quarterly Project Self-Assessments to QRM to provide a snapshot of Project health with respect to ?nances, client relationships, any risks. and any privacy issues I Houses the MAXIMUS security and privacy officer, and supports compliance with i-iiPAA and other State and federal requirements Corporate Privacy Official I Provides oversight to the implementation team to ensure privacy and HIPAA compliance is designed into the processes and of?ce procedures that will be utilized by the Project I investigates any unauthorized use of PHi/Pll, determines reportability under applicable State and/or Federal laws, and recommends individual sanctions as appropriate I implements mandatory training for all staff when changes are made to project procedures to ensure their understanding, and revises documented work instructions, which are stored on our knowledge management system Corporate Information I Responsible for project compliance with all applicable State and federal security guidelines, policies, and regulations that Security Organization govern the projects and/or systems such as HIPAA, CMS ARS, MS 1075, and I Provides professional resources to monitor and manage our compliance with State, Federal, and industry security governance requirements Exhibit 8.20-2: MAXIMUS Corporate Resources to Support Continuous Monitoring Process. The Department will bene?t from established MAXIMUS corporate resources that have proven approaches to monitor compliance, risk assessmens, risk analysis, and data inventory that we will leverage for the success of the NC Enrollment Broker Services Project. As per the Risk Management Framework, we identify risks, analyze their impact, mitigate their negative effects, and plan an appropriate response. Page 8.203 of 8 /Ĩ ůŝƚŝŐĂƚŝŽŶ͕ ĐůĂŝŵ͕ ŶĞŐŽƚŝĂƚŝŽŶ͕ ĂƵĚŝƚ͕ ĚŝƐĂůůŽǁĂŶĐĞ ĂĐƚŝŽŶƐ͕ Žƌ ŽƚŚĞƌ ĂĐƚŝŽŶƐ ŝŶǀŽůǀŝŶŐ ƚŚŝƐ ĐŽŶƚƌĂĐƚ ŚĂǀĞ ďĞĞŶ ƐƚĂƌƚĞĚ ďĞĨŽƌĞ ƚŚĞ ĞdžƉŝƌĂƚŝŽŶ ŽĨ ƚŚĞ ĨŝǀĞ ;ϱͿ LJĞĂƌ ƌĞƚĞŶƚŝŽŶ ƉĞƌŝŽĚ ĚĞƐĐƌŝďĞĚ ĂďŽǀĞ͕ ƚŚĞ ƌĞĐŽƌĚƐ ŵƵƐƚ ďĞ ƌĞƚĂŝŶĞĚ ƵŶƚŝů ĐŽŵƉůĞƚŝŽŶ ŽĨ ƚŚĞ ĂĐƚŝŽŶ ĂŶĚ ƌĞƐŽůƵƚŝŽŶ ŽĨ Ăůů ŝƐƐƵĞƐ ǁŚŝĐŚ ĂƌŝƐĞ ĨƌŽŵ ŝƚ͕ Žƌ ƵŶƚŝů ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ƌĞŐƵůĂƌ ĨŝǀĞ ;ϱͿ LJĞĂƌ ƉĞƌŝŽĚ ĚĞƐĐƌŝďĞĚ ĂďŽǀĞ͕ ǁŚŝĐŚĞǀĞƌ ŝƐ ůĂƚĞƌ ŶLJ ƌĞĐŽƌĚƐ ĐƌĞĂƚĞĚ Žƌ ŵŽĚŝĨŝĞĚ ďƵƚ ŶŽƚ ĚƵƉůŝĐĂƚĞĚ ŝŶ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƐLJƐƚĞŵ ǀŝĂ ŝŶƚĞƌĨĂĐĞƐ ŵƵƐƚ ďĞ ƌĞƚĂŝŶĞĚ ƉĞƌ ^ƚĂƚĞ ƉŽůŝĐLJ ZĞĐŽƌĚƐ ĂŶĚ ƚŚĞŝƌ ƌĞƚĞŶƚŝŽŶ ƉĞƌŝŽĚ ŝŶĐůƵĚĞ͗ „ „ „ WĂŐĞ ϴ͘ϮϬͲϰ ŽĨ ϴ dĞŵƉŽƌĂƌLJ ƐƐŝƐƚĂŶĐĞ ĨŽƌ EĞĞĚLJ &ĂŵŝůŝĞƐ ;d E&Ϳ͕ DĞĚŝĐĂŝĚ ĂŶĚ DĞĚŝĐĂů ƐƐŝƐƚĂŶĐĞ ŐƌĂŶƚƐ ĂŶĚ ƉƌŽŐƌĂŵƐ ʹ ŵŝŶŝŵƵŵ ƚĞŶ ;ϭϬͿ LJĞĂƌƐ ,/W ʹ ŵŝŶŝŵƵŵ Ɛŝdž ;ϲͿ LJĞĂƌƐ /Z^ ĂŶĚ ^^ ʹ ŵŝŶŝŵƵŵ ƐĞǀĞŶ ;ϳͿ LJĞĂƌƐ /Ĩ ƚŚĞ ĐŽŶƚƌĂĐƚ ŝƐ ƐƵďũĞĐƚ ƚŽ ĨĞĚĞƌĂů ƉŽůŝĐLJ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͕ ƌĞĐŽƌĚ ƌĞƚĞŶƚŝŽŶ ŵĂLJ ďĞ ůŽŶŐĞƌ ƚŚĂŶ ĨŝǀĞ LJĞĂƌƐ͘ ZĞĐŽƌĚƐ ĂƌĞ ƚŽ ďĞ ƌĞƚĂŝŶĞĚ ĨŽƌ Ă ƉĞƌŝŽĚ ŽĨ ƚŚƌĞĞ ;ϯͿ LJĞĂƌƐ ĨŽůůŽǁŝŶŐ ƐƵďŵŝƐƐŝŽŶ ŽĨ ƚŚĞ ĨŝŶĂů &ĞĚĞƌĂů &ŝŶĂŶĐŝĂů ^ƚĂƚƵƐ ZĞƉŽƌƚ͕ ŝĨ ĂƉƉůŝĐĂďůĞ͕ Žƌ ƚŚƌĞĞ ;ϯͿ LJĞĂƌƐ ĨŽůůŽǁŝŶŐ ƚŚĞ ƐƵďŵŝƐƐŝŽŶ ŽĨ Ă ƌĞǀŝƐĞĚ ĨŝŶĂů &ĞĚĞƌĂů &ŝŶĂŶĐŝĂů ^ƚĂƚƵƐ ZĞƉŽƌƚ „ ZĞĐŽƌĚƐ ŵƵƐƚ ŶŽƚ ďĞ ĚĞƐƚƌŽLJĞĚ͕ ƉƵƌŐĞĚ͕ Žƌ ĚŝƐƉŽƐĞĚ ŽĨ ǁŝƚŚŽƵƚ ƚŚĞ ĞdžƉƌĞƐƐ ǁƌŝƚƚĞŶ ĐŽŶƐĞŶƚ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ „ Ɛ ƉĞƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƌĞĐŽƌĚ ƌĞƚĞŶƚŝŽŶ ƉŽůŝĐLJ͕ D y/Dh^ ĂŐƌĞĞƐ ƚŽ ŵĂŝŶƚĂŝŶ ĂƉƉƌŽƉƌŝĂƚĞ ŐƌĂŶƚ ƌĞĐŽƌĚƐ ĨŽƌ Ă ŵŝŶŝŵƵŵ ŽĨ ĨŝǀĞ ;ϱͿ LJĞĂƌƐ͘ DŽƌĞŽǀĞƌ͕ ǁĞ ƵŶĚĞƌƐƚĂŶĚ ĂŶĚ ǁŝůů ĨŽůůŽǁ ƚŚĞ ƌĞĐŽƌĚƐ ƌĞƚĞŶƚŝŽŶ ĐƌŝƚĞƌŝĂ ůŝƐƚĞĚ ŝŶ ƚŚĞ Z&W͕ ǁŚŝĐŚ ŝŶĐůƵĚĞ͗ ZĞĐŽƌĚ ZĞƚĞŶƚŝŽŶ KƵƌ WƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚ ƚĞĂŵ ǁŝůů ĨŽƐƚĞƌ Ă ĐŽůůĂďŽƌĂƚŝǀĞ ĂŶĚ ĐŽŽƉĞƌĂƚŝǀĞ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ďLJ ƉƌŽǀŝĚŝŶŐ ƐĞĐƵƌĞ ĂŶĚ ƌĞĂĚLJ ĂĐĐĞƐƐ ƚŽ ƚŚĞ WƌŽũĞĐƚ ƌĞĐŽƌĚƐ͕ ĂŶĚ Ă ƐŚĂƌĞĚ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ĐŽŶƚƌĂĐƚƵĂů ĐŽŵƉůŝĂŶĐĞ͘ tĞ ǁŝůů ƐƵƉƉŽƌƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ ĂĐĐĞƐƐ͕ ƐƚŽƌĂŐĞ͕ ĂŶĚ ƌĞƚƌŝĞǀĂů ŽĨ Ăůů ƐĞŶƐŝƚŝǀĞ ŝŶĨŽƌŵĂƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ŵĂŝŶƚĂŝŶŝŶŐ ŐƌĂŶƚ ĂŶĚ ĨŝŶĂŶĐŝĂů ƌĞĐŽƌĚƐ ĂŶĚ ŵĂŬŝŶŐ ƚŚĞŵ ĂǀĂŝůĂďůĞ ĨŽƌ ǀĂůŝĚĂƚŝŽŶ ĂŶĚ ǀĞƌŝĨŝĐĂƚŝŽŶ ƉƵƌƉŽƐĞƐ͕ ĂŶĚ ĐŽŵƉůLJŝŶŐ ǁŝƚŚ ƌĞƋƵĞƐƚƐ͕ ĂƐ ŶĞĐĞƐƐĂƌLJ͘ tĞ ĂůƐŽ ĂĐŬŶŽǁůĞĚŐĞ ƚŚĂƚ ǁĞ ǁŝůů ĚĞǀĞůŽƉ Ă ĚĂƚĂ ŝŶǀĞŶƚŽƌLJ ŽĨ Ăůů ĐůŽƵĚ ƐĞƌǀŝĐĞƐ ƚŚƌŽƵŐŚ ĐŽŵƉůĞƚŝŽŶ ŽĨ Ă WƌŝǀĂĐLJ dŚƌĞƐŚŽůĚ ŶĂůLJƐŝƐ ;Wd Ϳ ĂĨƚĞƌ ĐŽŶƚƌĂĐƚ ƐƚĂƌƚ͕ ĂŶĚ ĂŶŶƵĂůůLJ ƚŚĞƌĞĂĨƚĞƌ͕ ĂŶĚ ǁŚĞŶ ĐŚĂŶŐĞƐ ŚĂǀĞ ďĞĞŶ ŵĂĚĞ ƚŽ ƚŚĞ ĚĂƚĂ ďĞŝŶŐ ĐŽůůĞĐƚĞĚ͘ D y/Dh^ ĂŐƌĞĞƐ ƚŽ ƉƌŽǀŝĚĞ ĂŶ ĂƚƚĞƐƚĂƚŝŽŶ ƚŽ ŽƵƌ ĐŽŵƉůŝĂŶĐĞ ĂŶĚ ĂŶ ŝŶĚƵƐƚƌLJ ƌĞĐŽŐŶŝnjĞĚ͕ ƚŚŝƌĚ ƉĂƌƚLJ ĂƐƐĞƐƐŵĞŶƚ ^K Ϯ dLJƉĞ // ƌĞƉŽƌƚ ƉĞƌĨŽƌŵĞĚ ĂŶŶƵĂůůLJ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ tĞ ŚĂǀĞ ƉƌŽǀŝĚĞĚ ŵŽƌĞ ĚĞƚĂŝůƐ ŽŶ ^K Ϯ dLJƉĞ // ƌĞƉŽƌƚ ďĞůŽǁ ŝŶ ^ĞƌǀŝĐĞ KƌŐĂŶŝnjĂƚŝŽŶ ŽŶƚƌŽů ;^K Ϳ ZĞƉŽƌƚ͘ ƵĚŝƚƐ ĂŶĚ ƚƚĞƐƚĂƚŝŽŶƐ͗ D y/Dh^ ŝŶĚŝǀŝĚƵĂů ƉƌŽũĞĐƚƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ĂƵĚŝƚƐ͕ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞŝƌ ƐĐŽƉĞ ŽĨ ǁŽƌŬ͘ tĞ ĂƌĞ Ă ƉƵďůŝĐůLJ ƚƌĂĚĞĚ ĐŽŵƉĂŶLJ ĂŶĚ ƐƵďũĞĐƚ ƚŽ ƐƚƌŝŶŐĞŶƚ ĨŝŶĂŶĐŝĂů ĂŶĚ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽůƐ ĂƵĚŝƚƐ͘ &Žƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͕ D y/Dh^ ǁŝůů ĞŶŐĂŐĞ ŵĂnjŽŶ tĞď ^ĞƌǀŝĐĞƐ ; t^Ϳ͕ Ă &ĞĚZ DWͲĐŽŵƉůŝĂŶƚ ĞŶǀŝƌŽŶŵĞŶƚ ĨŽƌ ŽƵƌ ƐLJƐƚĞŵƐ͕ ǁŚŝĐŚ ǁŝůů ƐĞƌǀĞ ĂƐ ƚŚĞ ďĂĐŬƵƉ ĚĂƚĂ ĐĞŶƚĞƌ ĨŽƌ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐƌŝƚŝĐĂů ĚĂƚĂ ĂƉƉůŝĐĂƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ D yĞď͘ DŽƌĞŽǀĞƌ͕ ǁĞ ŚĂǀĞ ƉĂƌƚŶĞƌĞĚ ǁŝƚŚ Ă ůĞĂĚŝŶŐ ĂĐĐŽƵŶƚŝŶŐ Ĩŝƌŵ ƚŽ ƉĞƌĨŽƌŵ ^K ĂƵĚŝƚƐ ŝŶ ϭϬ ĐŽŶƚƌĂĐƚƐ͕ ĞŶƐƵƌŝŶŐ ƚŚĂƚ ŽƵƌ ƐLJƐƚĞŵƐ ĂƌĞ ĚĞƐŝŐŶĞĚ ƚŽ ŬĞĞƉ ^ƚĂƚĞƐ͛ ƐĞŶƐŝƚŝǀĞ ĚĂƚĂ ƐĞĐƵƌĞ͘ tĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ ǁŚĞŶ ŝƚ ĐŽŵĞƐ ƚŽ ǁŽƌŬŝŶŐ ǁŝƚŚ ƚŚĞ ĐůŽƵĚ ĂŶĚ ƌĞůĂƚĞĚ /d ƐĞƌǀŝĐĞƐ͕ ƐƵĐŚ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ƌĞůŝĂďŝůŝƚLJ ŝƐ ĂďƐŽůƵƚĞůLJ ĞƐƐĞŶƚŝĂů ĂŶĚ ŝŶĐƌĞĂƐŝŶŐůLJ ƌĞƋƵŝƌĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ tĞ ƉůĂŶ ƚŽ ƉĞƌĨŽƌŵ ^^ ϭϴ ^K Ϯ dLJƉĞ // ĂƵĚŝƚƐ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐŽŶƚƌĂĐƚ͘ &ƵƌƚŚĞƌ͕ ǁĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ ƚŚŝƌĚ ƉĂƌƚLJ ĂƐƐĞƐƐŵĞŶƚƐ Žƌ ƐĞůĨͲĂƐƐĞƐƐŵĞŶƚƐ ŽĨ ĐƌŝƚŝĐĂů ƐLJƐƚĞŵƐ ĂŶĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŵƵƐƚ ŽĐĐƵƌ ŽŶ Ă ƚŚƌĞĞ ;ϯͿ LJĞĂƌ ĐLJĐůĞ͕ ĂŶĚ ƚŚĂƚ ǁĞ ŵƵƐƚ ƐŚĂƌĞ ƚŚĞ ĐŽŵƉůĞƚĞ ƌĞƉŽƌƚ͕ ĐŽŶƚĂŝŶŝŶŐ Ăůů ĨŝŶĚŝŶŐƐ ĂŶĚ Ă ĐŽƌƌĞĐƚŝǀĞ ĂĐƚŝŽŶ ƉůĂŶ ĨŽƌ ĞĂĐŚ ĨŝŶĚŝŶŐƐ͕ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚŝŶ ƚŚŝƌƚLJ ;ϯϬͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ŽĨ ĂƐƐĞƐƐŵĞŶƚ ĐŽŵƉůĞƚŝŽŶ͘ D y/Dh^ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ŝĚĞŶƚŝĨLJ Ă ŵƵƚƵĂůůLJ ĂĐĐĞƉƚĂďůĞ ƚŚŝƌĚ ƉĂƌƚLJ ƚŽ ƉĞƌĨŽƌŵ Ă ƚĞĐŚŶŝĐĂů ƌŝƐŬ ĂƐƐĞƐƐŵĞŶƚ ĂŶĚ ĐŽŶƚƌŽů ǀĂůŝĚĂƚŝŽŶ ŽĨ Ăůů ƚĞĐŚŶŝĐĂů ƉůĂƚĨŽƌŵƐ ĂŶĚ ƐLJƐƚĞŵƐ ƵŶĚĞƌ ŽƵƌ ĐŽŶƚƌŽů͘ tĞ ĐĂŶ ĂůƐŽ ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ŽďƚĂŝŶ ĂŶ ĂƉƉƌŽƉƌŝĂƚĞ ƌŝƐŬ ĂƐƐĞƐƐŵĞŶƚ ĨƌŽŵ ĂŶLJ ŽĨ ŽƵƌ ƚŚŝƌĚͲƉĂƌƚLJ ǀĞŶĚŽƌƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ƵŶĚĞƌ ŽƵƌ ĚŝƌĞĐƚ ĐŽŶƚƌŽů͘ „ „ „ „ „ „ „ ^ƚĂƚĞ ƵƌĞĂƵ ŽĨ /ŶǀĞƐƚŝŐĂƚŝŽŶ ;^ /Ϳ ĂŶĚͬŽƌ & / ĐƌŝŵŝŶĂů ƐĞĂƌĐŚ DĞĚ^ĐĂŶ ;K/^ͬ'^ Ϳ ^ŽĐŝĂů ^ĞĐƵƌŝƚLJ ƚƌĂĐĞ EĂƚŝŽŶĂů ƌŝŵŝŶĂů ZĞĐŽƌĚƐ ^ĞĂƌĐŚ EĂƚŝŽŶĂů ^Ğdž KĨĨĞŶĚĞƌ ZĞŐŝƐƚƌLJ ŵƉůŽLJŵĞŶƚ ĂŶĚ ĚƵĐĂƚŝŽŶ ǀĞƌŝĨŝĐĂƚŝŽŶ ƌŝǀŝŶŐ ƌĞĐŽƌĚ ĂŶĚ WƌŽĨĞƐƐŝŽŶĂů ůŝĐĞŶƐĞƐ ĂĐŬŐƌŽƵŶĚ ĐŚĞĐŬƐ ǁŝůů ŝŶĐůƵĚĞ͗ WĂŐĞ ϴ͘ϮϬͲϱ ŽĨ ϴ KƵƌ ƐLJƐƚĞŵ ĂƌĐŚŝƚĞĐƚƵƌĞ ƐƵƉƉŽƌƚƐ ƐĞĐƵƌĞ ĂŶĚ ĨůĞdžŝďůĞ ŝŶƚĞƌĨĂĐĞƐ ƚŽ ĞŶĂďůĞ ĞĂƐĞ ŽĨ ŝŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ ƚŚŝƌĚͲƉĂƌƚLJ ƐLJƐƚĞŵƐ͘ /ƚ ǁĂƐ ĚĞƐŝŐŶĞĚ ĨŽƌ ŽƵƌ DĞĚŝĐĂŝĚ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐŽŶƚƌĂĐƚƐ ƚŽ ĞŶƐƵƌĞ ,/W ͲĐŽŵƉůŝĂŶƚ ĚĂƚĂ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĞdžĐŚĂŶŐĞ͘ KƵƌ ƐŽůƵƚŝŽŶ ƐƵƉƉŽƌƚƐ ďŽƚŚ ďĂƚĐŚ ĂŶĚ ƌĞĂůͲƚŝŵĞ ŝŶƚĞƌŽƉĞƌĂďŝůŝƚLJ ĂŶĚ ǁĞ ǁŝůů ŵĂŝŶƚĂŝŶ ĚĂŝůLJ͕ ǁĞĞŬůLJ͕ ĂŶĚ ŵŽŶƚŚůLJ ŝŶƚĞƌĨĂĐĞƐ ƚŽ ƐƵƉƉŽƌƚ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ĂŶĚ ĚĂƚĂ ŝŶƚĞŐƌŝƚLJ͘ tŚĞŶ ƉŽƐƐŝďůĞ͕ ǁĞ ƉƌĞĨĞƌ ƚŽ ŝŵƉůĞŵĞŶƚ Ăůů ŝŶƚĞƌĨĂĐĞƐ ƵƐŝŶŐ ƐĞƌǀŝĐĞͲďĂƐĞĚ ĞdžĐŚĂŶŐĞƐ͘ KƵƌ ŝŶƚĞƌĨĂĐĞ ĚĞƐŝŐŶ ĞŶĂďůĞƐ ŽƵƌ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐLJƐƚĞŵ͕ D yĞď͕ ƚŽ ŝŶƚĞŐƌĂƚĞ ǁŝƚŚ ĞdžƚĞƌŶĂů ƐLJƐƚĞŵƐ͘ /ƚƐ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƐƵƉƉŽƌƚƐ ŵƵůƚŝƉůĞ ŽƉĞŶ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ŝŶĚƵƐƚƌLJ ƐƚĂŶĚĂƌĚ ƉƌŽƚŽĐŽůƐ ƐƵĐŚ ĂƐ ^ĞĐƵƌĞ &ŝůĞ dƌĂŶƐĨĞƌ WƌŽƚŽĐŽů ;^&dWͿ͕ ^ŝŵƉůĞ KďũĞĐƚ ĐĐĞƐƐ WƌŽƚŽĐŽů ;^K WͿ ŽǀĞƌ ,LJƉĞƌƚĞdžƚ dƌĂŶƐĨĞƌ WƌŽƚŽĐŽů ^ĞĐƵƌĞ ;,ddW^Ϳ͕ ĂŶĚ :ĂǀĂ DĞƐƐĂŐĞ ^ĞƌǀŝĐĞ ;:D^ͿͬDĞƐƐĂŐĞ /ŶƚĞŐƌĂƚŝŽŶ ^ĞƌǀŝĐĞƐ dŚĞ ƌĞĐĞŝƉƚ ĂŶĚ ƚƌĂŶƐĨĞƌ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ǁŝƚŚ ĚĂƚĂ ƉĂƌƚŶĞƌƐ ŝƐ ĂŶ ĞƐƐĞŶƚŝĂů ƌĞƋƵŝƌĞŵĞŶƚ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ dŚĞ ĂďŝůŝƚLJ ƚŽ ĐŽŶƚŝŶƵŽƵƐůLJ ŵŽǀĞ ĚĂƚĂ ĂŶĚ ƉĞƌĨŽƌŵ ĚĂƚĂ ƵƉĚĂƚĞƐ ĞŶƐƵƌĞ ǁĞ ĂƌĞ ĂďůĞ ƚŽ ƉƌŽĐĞƐƐ ĞŶƌŽůůŵĞŶƚƐ͕ ƐƵƉƉŽƌƚ ƚŚĞ ƐĞůĞĐƚŝŽŶ ŽĨ ƉƌŽǀŝĚĞƌƐ͕ ĂŶĚ ŬĞĞƉ ƚŚĞ ƉƌŽǀŝĚĞƌƐ ĂƉƉƌŝƐĞĚ ŽĨ ƚŚĞŝƌ ĐƵƌƌĞŶƚ ĐŽŶƐƵŵĞƌ ƌŽƐƚĞƌ͘ ƚĞĐŚŶŝĐĂů ƐŽůƵƚŝŽŶ ǁŝƚŚ ƉƌŽǀĞŶ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ĐĂƉĂďŝůŝƚŝĞƐ ĞŶĂďůĞƐ ŽƵƚƐŝĚĞ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ǀĂƌŝŽƵƐ ƐƚĂŬĞŚŽůĚĞƌƐ ĂŶĚ ĂůůŽǁƐ ĨŽƌ Ă ƚǁŽͲǁĂLJ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ ƐLJƐƚĞŵƐ͘ D y/Dh^ ŚĂƐ ŝŵƉůĞŵĞŶƚĞĚ Ă ǀĂƌŝĞƚLJ ŽĨ ŝŶƚĞƌĨĂĐĞƐ ƵƐŝŶŐ ďŽƚŚ ǁĞď ƐĞƌǀŝĐĞƐ ĂŶĚ ĨůĂƚ ĨŝůĞƐ͕ ĂŶĚ ŽƵƌ ƚĞĐŚŶŽůŽŐLJ ƐŽůƵƚŝŽŶ ƵƐĞƐ ĂƵƚŽŵĂƚĞĚ ŝŶƚĞƌĨĂĐĞƐ ƚŽ ĞdžƉĞĚŝƚĞ ƚŚĞ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ƉƌŽĐĞƐƐ͘ tĞ ǁŝůů ƵƐĞ ƚŚŝƐ ĞdžƉĞƌŝĞŶĐĞ ƚŽ ŝŶĨŽƌŵ ŽƵƌ ĚĞƐŝŐŶ ŽĨ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ŝŶƚĞƌĨĂĐĞƐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚƐ͛ ĐƵƌƌĞŶƚ ĂƌĐŚŝƚĞĐƚƵƌĞ ĂƐ ĚĞƚĂŝůĞĚ ŝŶ ƚŚĞ Z&W͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ ƚŽ ŝŵƉůĞŵĞŶƚ ĚĂƚĂ ĞdžĐŚĂŶŐĞƐ ƚŚĂƚ ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞΖƐ E/^dͲĚĞĨŝŶĞĚ EŽƌƚŚ ĂƌŽůŝŶĂ ƐĞĐƵƌŝƚLJ ƉŽůŝĐŝĞƐ͕ ĂŶĚ ǁĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ ƚŚĞ ^ƚĂƚĞΖƐ ƉƌĞĨĞƌƌĞĚ ŵĞƚŚŽĚ ŽĨ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ǁŝƚŚ ŽƚŚĞƌ ĂƉƉůŝĐĂƚŝŽŶƐ ŝŶ ƚŚĞ D ^ ŝƐ ƚŚƌŽƵŐŚ ƐLJŶĐŚƌŽŶŽƵƐ ƌĞĂůͲƚŝŵĞ ǁĞď ƐĞƌǀŝĐĞƐ Žƌ ĂƐLJŶĐŚƌŽŶŽƵƐ ƋƵĞƵĞͲďĂƐĞĚ ŵĞƐƐĂŐŝŶŐ͘ ŽŵƉůŝĂŶĐĞ ZĞǀŝĞǁ ĂŶĚ ƵĚŝƚ ďLJ ^ƚĂƚĞ /Ĩ Ăƚ ĂŶLJ ƚŝŵĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ^ƚĂƚĞ͕ D^͕ ƚŚĞ KĨĨŝĐĞ ŽĨ /ŶƐƉĞĐƚŽƌ 'ĞŶĞƌĂů͕ Žƌ ƚŚĞŝƌ ĚĞƐŝŐŶĞĞƐ ĐŚŽŽƐĞƐ ƚŽ ĐŽŶĚƵĐƚ Ă ĐŽŵƉůŝĂŶĐĞ ƌĞǀŝĞǁ ĂŶĚ ĂƵĚŝƚ ŽĨ ƌĞĐŽƌĚƐ͕ ĚŽĐƵŵĞŶƚƐ͕ ƉŚLJƐŝĐĂů ĨĂĐŝůŝƚŝĞƐ͕ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ǁŚĞƌĞ DĞĚŝĐĂŝĚͲƌĞůĂƚĞĚ ǁŽƌŬ ŝƐ ĐŽŶĚƵĐƚĞĚ͕ ŽƵƌ WƌŽŐƌĂŵ ŝƌĞĐƚŽƌ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ƉƌŽǀŝĚĞ ĐŽƉŝĞƐ ŽĨ Ăůů ƌĞĐŽƌĚƐ ĂŶĚ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ĂƌŝƐŝŶŐ ĨƌŽŵ ŽƵƌ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐŽŶƚƌĂĐƚ͘ D y/Dh^ ǁŝůů ĂůƐŽ ĂƐƐŝƐƚ ǁŝƚŚ ƉƌĞŵŝƐĞƐ͕ ƉŚLJƐŝĐĂů ĨĂĐŝůŝƚLJ͕ ĂŶĚ ƐLJƐƚĞŵͲƌĞůĂƚĞĚ ĐŽŵƉůŝĂŶĐĞ ƌĞǀŝĞǁ ĂŶĚ ĂƵĚŝƚ͘ tĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ ƵŶĚĞƌ ϰϮ ͘&͘Z͘ Α ϰϴϯ͘ϯ͕ ƌŝŐŚƚ ƚŽ ĂƵĚŝƚ ĞdžŝƐƚƐ ĨŽƌ ƚĞŶ ;ϭϬͿ LJĞĂƌƐ͕ ĂŶĚ D y/Dh^ ǁŝůů ƐƵƉƉŽƌƚ ƐƵĐŚ ƌĞǀŝĞǁ ĂŶĚ ĂƵĚŝƚ ĂƐ ƉĞƌ ƚŚĞ Z&W ƌĞƋƵŝƌĞŵĞŶƚ͘ dŚĞ ďĂĐŬŐƌŽƵŶĚ ƐĐƌĞĞŶŝŶŐ ƉƌŽĐĞƐƐ ŝƐ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ŽƵƌ ŚŝŐŚ ĞƚŚŝĐĂů ƐƚĂŶĚĂƌĚƐ ĂŶĚ ƐĞĐƵƌŝƚLJ ƌĞŐƵůĂƚŝŽŶƐ ƚŽ ŚĞůƉ ĞŶƐƵƌĞ ƚŚĞ ƐĂĨĞƚLJ ŽĨ ƐƚĂĨĨ͕ ĚĂƚĂ͕ ĂŶĚ ŽƉĞƌĂƚŝŽŶƐ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ ĂĐŬŐƌŽƵŶĚ ĐŚĞĐŬƐ ĨŽƌ ƚŚŝƐ ĐŽŶƚƌĂĐƚ ǁŝůů ŝŶĐůƵĚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ^ƚĂƚĞ ƵƌĞĂƵ ŽĨ /ŶǀĞƐƚŝŐĂƚŝŽŶ ;^ /Ϳ ĂŶĚͬŽƌ & / ďĂĐŬŐƌŽƵŶĚ ĐŚĞĐŬƐ͕ ƚŚĞ ƌĞƐƵůƚƐ ŽĨ ǁŚŝĐŚ ǁŝůů ďĞ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ D y/Dh^ ĂƐƐƵŵĞƐ ƚŚĞ ĐŽƐƚ ŽĨ ƚŚĞƐĞ ďĂĐŬŐƌŽƵŶĚ ĐŚĞĐŬƐ͘ /Ĩ ĂŶLJ ĐĂŶĚŝĚĂƚĞΖƐ ďĂĐŬŐƌŽƵŶĚ ĐŚĞĐŬ ŝƐ ƌĞƚƵƌŶĞĚ ǁŝƚŚ ƵŶƐĂƚŝƐĨĂĐƚŽƌLJ ƌĞƐƵůƚƐ͕ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ŝƐ ƉƌŽŚŝďŝƚĞĚ ĨƌŽŵ ǁŽƌŬŝŶŐ Ăƚ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ƵŶůĞƐƐ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƐŚĞƐ ƚŽ ƉƌŽǀŝĚĞ ǁƌŝƚƚĞŶ ĂƉƉƌŽǀĂů ƚŽ ŚŝƌĞ ƚŚĂƚ ŝŶĚŝǀŝĚƵĂů͘ ^ƚĂĨĨ ĂĐŬŐƌŽƵŶĚ ŚĞĐŬ ĂŶĚŝĚĂƚĞƐ ĨŽƌ ĞŵƉůŽLJŵĞŶƚ ƐŝŐŶ Ă ƐƚĂƚĞŵĞŶƚ ƚŚĂƚ ƉĞƌŵŝƚƐ ƵƐ ƚŽ ĐŽŶĚƵĐƚ Ă ĐƌŝŵŝŶĂů ďĂĐŬŐƌŽƵŶĚ ĐŚĞĐŬ ŽŶ ƚŚĞŵ ƉƌŝŽƌ ƚŽ ŵĂŬŝŶŐ ĂŶ ŽĨĨĞƌ ŽĨ ĞŵƉůŽLJŵĞŶƚ͘ /Ĩ Ă ĐĂŶĚŝĚĂƚĞ ŝƐ ƉƌŽǀŝĚĞĚ ďLJ ŽŶĞ ŽĨ ŽƵƌ ƐƚĂĨĨŝŶŐ ƉĂƌƚŶĞƌƐ͕ ƚŚĞ ďĂĐŬŐƌŽƵŶĚ ĐŚĞĐŬ ƌĞƋƵŝƌĞŵĞŶƚ ŝƐ ƚŚĞ ƐĂŵĞ͕ ĂŶĚ ƚŚĞLJ ŵƵƐƚ ĐŽŶĚƵĐƚ ƚŚĞ ďĂĐŬŐƌŽƵŶĚ ĐŚĞĐŬ ƉƌŝŽƌ ƚŽ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĂƚ ĐĂŶĚŝĚĂƚĞ ĨŽƌ ĞŵƉůŽLJŵĞŶƚ Ăƚ D y/Dh^͘ ĚĚŝƚŝŽŶĂůůLJ͕ Ăƚ ƚŚĞ ƉŽŝŶƚ ƚŚĞ ĐŽŶƚƌĂĐƚ ƚĞƌŵŝŶĂƚĞƐ Žƌ ĞdžƉŝƌĞƐ͕ ǁĞ ǁŝůů ƚƌĂŶƐŝƚŝŽŶ ĚĂƚĂ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ Ă ƉƌĞƐĐƌŝďĞĚ ĨŽƌŵĂƚ ƵŶůĞƐƐ ƚŚĂƚ ĚĂƚĂ ŚĂƐ ĞdžĐĞĞĚĞĚ ŝƚƐ ĂƌĐŚŝǀĞ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ dŽ ĞŶƐƵƌĞ ƚŚĂƚ ǁĞ ĨŽůůŽǁ ^ƚĂƚĞ ƉŽůŝĐLJ͕ ǁĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ǀĂůŝĚĂƚĞ ƚŚĂƚ Ăůů ƌĞƋƵŝƌĞĚ ƌĞƚĞŶƚŝŽŶ ƐĐŚĞĚƵůĞƐ ĂƌĞ ďĞŝŶŐ ŵĞƚ ĂŶĚ ǁŚĞŶ ƌĞƋƵĞƐƚĞĚ͘ tĞ ǁŝůů ĂůƐŽ ĐŽŶĚƵĐƚ ǀĞƌŝĨŝĐĂƚŝŽŶ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ^ƚĂƚĞ ƌĐŚŝǀĞƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ƚƌĂŶƐůĂƚŽƌ ƚŽ ĐŽŶǀĞƌƚ ĚĂƚĂ ĨŝůĞƐ ŝŶƚŽ Ă ,/W ͲĐŽŵƉůŝĂŶƚ ĨŽƌŵĂƚ ǁŚĞŶ ŶĞĐĞƐƐĂƌLJ Ŷ ^&dW ƐĞƌǀĞƌ ƚŽ ĞdžĐŚĂŶŐĞ ĨŝůĞƐ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ƚŽŽů ƚŽ ƐĞĐƵƌĞůLJ ŵĂŶĂŐĞ ƚƌĂŶƐĨĞƌƐ „ „ „ WĂŐĞ ϴ͘ϮϬͲϲ ŽĨ ϴ ^ĞƌǀŝĐĞ KƌŐĂŶŝnjĂƚŝŽŶ ŽŶƚƌŽů ;^K Ϳ ZĞƉŽƌƚ Ɛ ƚŚĞ ĐŽŶƚƌĂĐƚŽƌ ĨŽƌ ŵĂŶLJ ŚĞĂůƚŚ ĂŶĚ ŚƵŵĂŶ ƐĞƌǀŝĐĞƐ ƉƌŽũĞĐƚƐ ĂĐƌŽƐƐ ƚŚĞ ŶĂƚŝŽŶ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŚĂŶĚůŝŶŐ ůĂƌŐĞ ǀŽůƵŵĞƐ ŽĨ ƐĞŶƐŝƚŝǀĞ ĚĂƚĂ͕ D y/Dh^ ŝƐ ĐŽŵŵŝƚƚĞĚ Ăƚ ƚŚĞ ĐŽƌƉŽƌĂƚĞ ůĞǀĞů ƚŽ ŵĞĞƚŝŶŐ Ăůů ĂƵĚŝƚ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ KƵƌ WƌŝǀĂĐLJ KĨĨŝĐŝĂů͕ ƚŚĞ KĨĨŝĐĞ ŽĨ /ŶĨŽƌŵĂƚŝŽŶ ^ĞĐƵƌŝƚLJ͕ ĂŶĚ KĨĨŝĐĞ ŽĨ YƵĂůŝƚLJ ĂŶĚ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ǁŝůů ǁŽƌŬ ƚŽŐĞƚŚĞƌ ƚŽ ŚĞůƉ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ƉŚLJƐŝĐĂů ĂŶĚ ĚĂƚĂ ƐĞĐƵƌŝƚLJ ƐĂĨĞŐƵĂƌĚƐ ĐŽŶƚŝŶƵĞ ƚŽ ďĞ ŝŵƉůĞŵĞŶƚĞĚ ŝŶ ŽƵƌ ĨĂĐŝůŝƚLJ͕ ĐŽŵƉƵƚĞƌƐ͕ ƚĞůĞƉŚŽŶLJ͕ ĂŶĚ ŶĞƚǁŽƌŬ ĐŽŶŶĞĐƚŝǀŝƚLJ͘ tĞ ǁŝůů ƉƌŽǀŝĚĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚ ^K Ϯ dLJƉĞ // ƌĞƉŽƌƚ ĂŶĚ ŵĞĞƚ ƚŚĞ ^K Ϯ dLJƉĞ // ĂƵĚŝƚ ƌĞƉŽƌƚŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂƐ ƉĞƌ Z&W ƌĞƋƵŝƌĞŵĞŶƚ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ĂƵĚŝƚƐ ďLJ Ă ƚŚŝƌĚ ƉĂƌƚLJ Ĩŝƌŵ͕ ƉĞƌĨŽƌŵĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƉƵďůŝƐŚĞĚ ĂƵĚŝƚ ŐƵŝĚĂŶĐĞ͘ tĞ ĂĐŬŶŽǁůĞĚŐĞ ƚŚĂƚ ǁĞ ǁŝůů ƐƵďŵŝƚ ^K Ϯ dLJƉĞ // ĂƵĚŝƚ ƌĞƉŽƌƚƐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶŶƵĂůůLJ͘ D y/Dh^ ĂƉƉƌŽĂĐŚĞƐ ƚŚŝƐ ƌĞƋƵŝƌĞŵĞŶƚ ǁŝƚŚ ĐŽŵŵŝƚŵĞŶƚ ĨƌŽŵ ƚŚĞ D y/Dh^ ĐŽƌƉŽƌĂƚĞ ƌĞƐŽƵƌĐĞƐ ĂƐ ĚĞƚĂŝůĞĚ ĞĂƌůŝĞƌ ŝŶ džŚŝďŝƚ ϴ͘ϮϬͲϮ͗ D y/Dh^ ŽƌƉŽƌĂƚĞ ZĞƐŽƵƌĐĞƐ ĨŽƌ ^ƵƉƉŽƌƚŝŶŐ ŽŶƚŝŶƵŽƵƐ DŽŶŝƚŽƌŝŶŐ͘ ĨƚĞƌ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ĂƉƉƌŽǀĂů͕ D y/Dh^ ǁŝůů ŵĂŬĞ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĞĚ ƵƉĚĂƚĞƐ ƚŽ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƌĞůĂƚĞĚ ƐLJƐƚĞŵ ĚŽĐƵŵĞŶƚƐ ǁŝƚŚŝŶ ĨŝǀĞ ;ϱͿ ďƵƐŝŶĞƐƐ ĚĂLJƐ͘ ƵƌŝŶŐ ƚŚĞ ĐŽŶƚƌĂĐƚ ƉĞƌŝŽĚ͕ ĂůŽŶŐ ǁŝƚŚ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ƌĞůĂƚĞĚ ƐLJƐƚĞŵ ĚŽĐƵŵĞŶƚĂƚŝŽŶ͕ ǁĞ ǁŝůů ĂůƐŽ ƉƌŽǀŝĚĞ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ŽŶ ƐĞĐƵƌŝƚLJ ĂĐĐĞƐƐ ĨŽƌ ŽƵƌ ĨĂĐŝůŝƚŝĞƐ ĂŶĚ ƐLJƐƚĞŵƐ͕ ŝŶĐůƵĚŝŶŐ ƐĞĐƵƌŝƚLJ ƉůĂŶƐ ĂƐ ŶĞĞĚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ tĞ ǁŝůů ƵƐĞ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ^ƚĂƚĞǁŝĚĞ /ŶĨŽƌŵĂƚŝŽŶ ^ĞĐƵƌŝƚLJ DĂŶƵĂů ĂŶĚ /ŶĨŽƌŵĂƚŝŽŶ ƌĐŚŝƚĞĐƚƵƌĞ &ƌĂŵĞǁŽƌŬ ĂƐ Ă ŐƵŝĚĞůŝŶĞ ƚŽ ƉƌĞƉĂƌĞ ŽƵƌ ƐĞĐƵƌŝƚLJ ĚŽĐƵŵĞŶƚƐ ĨŽƌ ƚŚĞ WƌŽũĞĐƚ͘ ^ĞĐƵƌŝƚLJ ŝƐ ĐƌŝƚŝĐĂů ƚŽ Ăůů ĂƐƉĞĐƚƐ ŽĨ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ĂŶĚ D y/Dh^ ƵŶĚĞƌƐƚĂŶĚƐ ƚŚĂƚ ƐĞĐƵƌŝƚLJ ƌĞǀŝĞǁƐ ĂƌĞ ƉĂƌƚ ŽĨ ŽǀĞƌĂůů ƌĞĂĚŝŶĞƐƐ͖ ŶŽŶĐŽŵƉůŝĂŶĐĞ ŵĂLJ ďĞ ƐƵďũĞĐƚ ƚŽ ĐŽŶƚƌĂĐƚ ƚĞƌŵŝŶĂƚŝŽŶ ĨŽƌ ĐĂƵƐĞ͘ ŶƌŽůůŵĞŶƚ ^LJƐƚĞŵ ĂŶĚ ^ĞĐƵƌŝƚLJ ZĞůĂƚĞĚ ŽĐƵŵĞŶƚĂƚŝŽŶ tĞ ǁŝůů ƉƌĞƉĂƌĞ Ă ĐŚĞĐŬůŝƐƚ ŽĨ ĞŶƌŽůůŵĞŶƚ ƌĞůĂƚĞĚ ƐLJƐƚĞŵƐ ĚŽĐƵŵĞŶƚƐ ƚŽ ďĞ ƐƵďŵŝƚƚĞĚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚŝŶ ϯϬ ĚĂLJƐ ĂĨƚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ĨĨĞĐƚŝǀĞ ĂƚĞ͘ dŚĞƐĞ ĚŽĐƵŵĞŶƚƐ ǁŝůů ŝŶĐůƵĚĞ͕ ďƵƚ ǁŝůů ŶŽƚ ďĞ ůŝŵŝƚĞĚ ƚŽ͕ ĨůŽǁ ĐŚĂƌƚƐ͕ ĨŝůĞ ĨŽƌŵĂƚƐ͕ ƉƌŽĐĞƐƐŝŶŐ ůŽŐŝĐ͕ ĚĂƚĂ ĞůĞŵĞŶƚ ĚŝƌĞĐƚŽƌLJ͕ ǀĂůŝĚ ǀĂůƵĞƐ ĨŽƌ Ăůů ŶƌŽůůŵĞŶƚ ƌĞůĂƚĞĚ ŝŶĨŽƌŵĂƚŝŽŶ ƚƌĂŶƐĂĐƚŝŽŶ ƉƌŽĐĞƐƐŝŶŐ͕ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ͕ ŚĂƌĚͲĐŽƉLJ ƉƌŝŶƚ ĨŝůĞ ĚŝƌĞĐƚŽƌŝĞƐ͕ ĂŶĚ ƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶ ƐLJƐƚĞŵ ĚĞƚĂŝůƐ͘ KŶĐĞ ƐLJƐƚĞŵ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ďĞŐŝŶ͕ ǁĞ ǁŝůů ƐƚĂƌƚ ĚŽĐƵŵĞŶƚŝŶŐ ĞŶƌŽůůŵĞŶƚ ƌĞůĂƚĞĚ ƐLJƐƚĞŵ ĚŽĐƵŵĞŶƚƐ͘ tĞ ǁŝůů ĐŽŽƉĞƌĂƚĞ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ Ăůů D y/Dh^ ƉƌŽŐƌĂŵƐ͕ ƐLJƐƚĞŵƐ͕ ƐŽůƵƚŝŽŶƐ͕ ĂŶĚ ŽƉĞƌĂƚŝŽŶƐ ƵƐĞ ĐŽŵƉĂƚŝďůĞ ĚĂƚĂ ŝŶƉƵƚƐ ĂŶĚ ŽƵƚƉƵƚƐ͕ ŝŶƚĞŐƌĂƚĞ ĂŶĚ ĂƌĞ ŝŶƚĞƌŽƉĞƌĂďůĞ ǁŝƚŚ͕ ĂŶĚ ĨƵŶĐƚŝŽŶ ĞĨĨĞĐƚŝǀĞůLJ ǁŝƚŚ ƚŚŽƐĞ ƐLJƐƚĞŵƐ͘ DŽƌĞ ĚĞƚĂŝůƐ ŽŶ ŽƵƌ /ŶƚĞŐƌĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ĂƌĞ ƉƌŽǀŝĚĞĚ ŝŶ ^ĞĐƚŝŽŶ ϴ͘ϭϯ͗ ŶƌŽůůŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ /ŶƚĞŐƌĂƚŝŽŶ ĂŶĚ ^ĞĐƚŝŽŶ ϴ͘Ϯϱ͗ ^LJƐƚĞŵ /ŶƚĞƌĨĂĐĞ WůĂŶ͘ ĂƚĂ ĞdžĐŚĂŶŐĞ ŝƐ ƐĞĐƵƌĞ͕ ƚŝŵĞůLJ͕ ĂŶĚ ǀĂůŝĚĂƚĞĚ ƚŚƌŽƵŐŚ ĞƐƚĂďůŝƐŚĞĚ ƐLJƐƚĞŵƐ ĂŶĚ ƉƌŽǀĞŶ ƋƵĂůŝƚLJ ĂƐƐƵƌĂŶĐĞ ƉƌŽĐĞƐƐĞƐ͘ KƵƌ d> ƵƚŝůŝƚŝĞƐ ĨĂĐŝůŝƚĂƚĞ ĐŽŶǀĞŶŝĞŶƚ ĚĂƚĂ ĞdžĐŚĂŶŐĞƐ͕ ĂůůŽǁŝŶŐ D yĞď ƚŽ ĂĐĐĞƉƚ ŝŶĐŽŵŝŶŐ ĚĂƚĂ ĂŶĚ ƚƌĂŶƐŵŝƚ ŽƵƚďŽƵŶĚ ĚĂƚĂ ŝŶ ǀĂƌŝŽƵƐ ĨŽƌŵĂƚƐ͘ tĞ ĐŽŵďŝŶĞ ƚŚŝƐ ƚŽŽů ǁŝƚŚ ƚŚĞ ^&dW ƐŝƚĞ͕ ǁŚĞƌĞ ĚĂƚĂ ĨƌŽŵ ĞdžƚĞƌŶĂů ƐLJƐƚĞŵƐ ŝƐ ůŽĂĚĞĚ͘ KƵƌ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ŵĂŶĂŐĞŵĞŶƚ ƚŽŽů͕ DKs ŝƚ͕ ƉƌŽǀŝĚĞƐ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ƐĞĐƵƌŝƚLJ ƐĞƌǀŝĐĞƐ ĨŽƌ ƚŚĞ ĞdžĐŚĂŶŐĞ ŽĨ ƚŚŝƐ ĚĂƚĂ ǀŝĂ ƚŚĞ ^&dW ƐŝƚĞ͘ DKs ŝƚ ůĞƚƐ ƵƐ ƵƐĞ ĚŝĨĨĞƌĞŶƚ ĨŝůĞ ĞdžĐŚĂŶŐĞ ƉƌŽƚŽĐŽůƐ ĂĐĐŽƌĚŝŶŐ ƚŽ WƌŽũĞĐƚ ŶĞĞĚƐ͕ ĂƵƚŽŵĂƚĞ ƚŚĞ ĚŽǁŶůŽĂĚ ŽĨ ĨŝůĞƐ ĨƌŽŵ ^&dW ƐŝƚĞƐ͕ ĂŶĚ ĞŶŚĂŶĐĞ ƚŚĞ ƐĞĐƵƌŝƚLJ ŽĨ ƚŚĞ ĨŝůĞ ĞdžĐŚĂŶŐĞ ƉƌŽĐĞƐƐ͘ Ŷ džƚƌĂĐƚ͕ dƌĂŶƐĨŽƌŵ͕ ĂŶĚ >ŽĂĚ ; d>Ϳ ƵƚŝůŝƚLJ ƚŽ ƉƵůů ĚĂƚĂ ĨŝůĞƐ͕ ƐƵĐŚ ĂƐ ĞŶƌŽůůŵĞŶƚ͕ ĞůŝŐŝďŝůŝƚLJ͕ ƚĞůĞƉŚŽŶLJ͕ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞƚƌŝĐƐ „ D yĞď ŚĂƐ Ă ƐĞƚ ŽĨ ǁĞůůͲĚĞǀĞůŽƉĞĚ ƵƚŝůŝƚŝĞƐ ĨŽƌ ŝŵƉŽƌƚŝŶŐ ĂŶĚ ĞdžƉŽƌƚŝŶŐ ĚĂƚĂ ŝŶ ǀĂƌŝŽƵƐ ĨŝůĞ ůĂLJŽƵƚƐ͘ KƵƌ ĂƵƚŽŵĂƚĞĚ ĂŶĚ ƐĞĐƵƌĞ ŵĞƚŚŽĚ ŽĨ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ƵƐĞƐ ƚŚĞ ĨŽůůŽǁŝŶŐ ƚŽŽůƐ͗ YƵĞƵĞ ;DYͿ ŵĞƐƐĂŐĞƐ͘ tĞ ŚĂǀĞ ƐƚƌƵĐƚƵƌĞĚ ŝƚƐ ŝŶƚĞƌĨĂĐĞ ĐĂƉĂďŝůŝƚŝĞƐ ƐƉĞĐŝĨŝĐĂůůLJ ƚŽ ĂůůŽǁ ĨŽƌ Ă ǀĂƌŝĞƚLJ ŽĨ ĞdžƚĞƌŶĂů ƐLJƐƚĞŵƐ ƵƐŝŶŐ Ă ǀĂƌŝĞƚLJ ŽĨ ĨŽƌŵĂƚƐ ƐƵĐŚ ĂƐ ĞdžƚĞŶƐŝďůĞ ŵĂƌŬƵƉ ůĂŶŐƵĂŐĞ ;yD>Ϳ͕ ĐŽŵŵĂͲƐĞƉĂƌĂƚĞĚ ǀĂůƵĞƐ ;ĐƐǀͿ ĂŶĚ ĨŝdžĞĚ ůĞŶŐƚŚ͕ ŵĞƌŝĐĂŶ ^ƚĂŶĚĂƌĚ ŽĚĞ ĨŽƌ /ŶĨŽƌŵĂƚŝŽŶ /ŶƚĞƌĐŚĂŶŐĞ ; ^ //Ϳ͕ ƚĂďͲĚĞůŝŵŝƚĞĚ͕ ^Y> ^ĞƌǀĞƌ /ŶƚĞŐƌĂƚŝŽŶ ^ĞƌǀŝĐĞƐ ;^^/^Ϳ͕ ^&dW͕ yD> WĂƚŚ >ĂŶŐƵĂŐĞ ;yW d,Ϳ͕ ĂŶĚ ǁĞď ƐĞƌǀŝĐĞƐ͘ Data Security We understand data security requirements, the need for con?dentiality, the rights of the beneficiary, and associated privacy and confidentiality laws and regulations. MAXIM US will use this knowledge and experience to provide a secure operating environment for . all confidential information. As part of HIPAA compliance, we are clearly committed to safeguard and protect all data designated Protected Health Information (PHI) under HIPAA regulations. Our security policies for the NC Enrollment Broker Project will include all reasona bie industry?recognized methods to prevent the unauthorized use of and access to protected bene?ciary data. They cover environmental and physical site security, computer hardware and software security, data access and storage security, telecommunication security, network security, and personnel security as listed in the Exhibit 8. 20-3: Approach to Data Security. MAXIMUS Approach to Data Security Data Security Aspects Methods to Safeguard Confidential Information and Data Smoke detectors Fire suppression systems Monitored alarms Role~based security access to critical systems is limited to role/scope of responsibilities System changes tested on Isolated test site using de-identlfied data Complete audit trails Preservation of original/source data Provide access to only the least amount of data needed to perform a given activity or task Active user account maintenance Audit trails Remote user two-factor authentication Automatic account disabling after three unsuccessful login attempts Log of all user access attempts (both successful and unsuccessful) User security- unique user IDs and passwords, training, signed agreements Locked doors and cabinets Employee badges, key cards, and visitor escort Paperless Office Secure site with limited access and System redundancy Systems comply with HIPAA, NIST, and ISO standards. Security tools Include: Intrusion Prevention and Detection 24x7 Monitoring Firewalls and multiple layers of security Security Incident and Event Management and TLS of data In-transit Support for SSL/transport layer security Telecommunications- total call Personnel Security I Background checks and pre-screenlng Environmental Security Computer Software Security Data Access and Storage Physical Site security Computer Hardware Security Network Security Exhibit 8.20-3: MAXIMUS Approach to Data Security. The Department will bene?t from our industry-recognized methods for safeguarding confidential information. An important aspect of safeguarding our data is to protect our critical systems and infrastructure against any security incident and breach that might compromise data safety. Our critical voice applications, which include Cisco (telephony, Automated Voice Response System (AVRS), and Computer Telephony integration, TelStrat Call Recording, and NICE IEX Workforce Management system will be hosted on geographically separate Page 8.20-7 of 8 WĂŐĞ ϴ͘ϮϬͲϴ ŽĨ ϴ Ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W͕ ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ^ĞĐƚŝŽŶ ///͘d͘ ^ĞĐƵƌŝƚLJ ĂŶĚ ƵĚŝƚ ZĞƋƵŝƌĞŵĞŶƚƐ͘ EŽƌƚŚ ĂƌŽůŝŶĂ /ĚĞŶƚŝƚLJ ^ĞƌǀŝĐĞ ;E / Ϳ dŚĞ ĞŶĚͲƚŽͲĞŶĚ ƐĞĐƵƌŝƚLJ ƉƌŽƚŽĐŽůƐ ƚŚĂƚ ĞŶĂďůĞ D y/Dh^ ƚŽ ďĞ ƚŚĞ ƚŽƉ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞƌ ŝŶ ƚŚĞ ĐŽƵŶƚƌLJ ĂƌĞ ƚŚĞ ĨŽƵŶĚĂƚŝŽŶ ĨŽƌ ŵĂŬŝŶŐ ƐƵƌĞ ŽƵƌ ƉƌŽĐĞƐƐĞƐ͕ ƉƌŽĐĞĚƵƌĞƐ͕ ĂŶĚ ĚĂƚĂ ƌĞŵĂŝŶ ĐŽŶĨŝĚĞŶƚŝĂů ĂŶĚ ƐĞĐƵƌĞ ĨƌŽŵ ƚŚĞ ďƌĞĂĐŚ͘ ĐƌŽƐƐ ĞĂĐŚ ŽĨ ŽƵƌ ƉƌŽũĞĐƚƐ͕ ŽƵƌ ƐƚĂĨĨ ĂƌĞ ĞŶƚƌƵƐƚĞĚ ƚŽ ƐĞĐƵƌĞůLJ ĂŶĚ ƐĂĨĞůLJ ƉƌŽĐĞƐƐ͕ ƚƌĂŶƐŵŝƚ͕ ĂŶĚ ƐƚŽƌĞ ƐĞŶƐŝƚŝǀĞ ĚĂƚĂ ŽŶ Ă ĚĂŝůLJ ďĂƐŝƐ͘ tĞ ŚĂǀĞ ŚŽŶĞĚ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ƚŽ ŵĂŬĞ ƐƵƌĞ ƚŚĂƚ ŽŶůLJ ƚŚĞ ƐƚĂĨĨ ƌĞƋƵŝƌĞĚ ƚŽ ŝŶƚĞƌĂĐƚ ĂŶĚ ƉƌŽĐĞƐƐ ƚŚĞ ĚĂƚĂ ĂƌĞ ĂďůĞ ƚŽ ĂĐĐĞƐƐ ƚŚĂƚ ĚĂƚĂ ƚŚƌŽƵŐŚ ŝĚĞŶƚŝƚLJ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵƐ͕ ŚĞůƉŝŶŐ ĞŶƐƵƌĞ ƚŚĂƚ ǁĞ ůŝŵŝƚ ƚŚĞ ĞdžƉŽƐƵƌĞ ŽĨ ƚŚŝƐ ĚĂƚĂ ŝŶ ĂĚŚĞƌĞŶĐĞ ǁŝƚŚ ĐƵƌƌĞŶƚ &ĞĚĞƌĂů͕ ^ƚĂƚĞ͕ ĂŶĚ ůŽĐĂů ůĂǁƐ͕ ƌĞŐƵůĂƚŝŽŶƐ͕ ĂŶĚ ŐƵŝĚĞůŝŶĞƐ͘ tĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĐƵƌƌĞŶƚůLJ ƵƐĞƐ EŽƌƚŚ ĂƌŽůŝŶĂ /ĚĞŶƚŝƚLJ ^ĞƌǀŝĐĞ ;E / Ϳ ĨŽƌ ŝĚĞŶƚŝƚLJ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĂƵƚŚĞŶƚŝĐĂƚŝŽŶ ƌĞůĂƚĞĚ ĨƵŶĐƚŝŽŶƐ͕ ĂŶĚ ƵƐĞ ŽĨ ĂŶLJ ŽƚŚĞƌ ŝĚĞŶƚŝƚLJ ŵĂŶĂŐĞŵĞŶƚ ƐĞƌǀŝĐĞ ǁŝůů ƌĞƋƵŝƌĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ^ƚĂƚĞ ĂƉƉƌŽǀĂů͘ tĞ ĂůƐŽ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ ďĂƐĞĚ ŽŶ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ƚŚĞ ƉƌŽƚŽĐŽů ;ǁĞď ƐĞƌǀŝĐĞƐ͕ > W͕ ^ D>͕ ĞƚĐ͘Ϳ ǁŝůů ďĞ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ D y/Dh^ ƚŽŐĞƚŚĞƌ͘ ,ŽǁĞǀĞƌ͕ ǁĞ ƉůĂŶ ƚŽ ƵƚŝůŝnjĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ĨƵůůLJ ŽƉĞƌĂƚŝŽŶĂů E / ƐĞƌǀŝĐĞ͕ ĂŶĚ ǁŝůů ŝŶĐŽƌƉŽƌĂƚĞ E / ǁŚŝůĞ ĚĞǀĞůŽƉŝŶŐ ŽƵƌ ƐLJƐƚĞŵƐ ƚŽ ƉƌŽǀŝĚĞ ĂƵƚŚĞŶƚŝĐĂƚŝŽŶ ĂŶĚ ĂƵƚŚŽƌŝnjĂƚŝŽŶ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ĂŶĚ ƐƚĂĨĨ͕ ĂƐ ĂƉƉůŝĐĂďůĞ͘ KƵƌ t^ ĐůŽƵĚ ĞŶǀŝƌŽŶŵĞŶƚ ĐŽŶƚĂŝŶƐ ŵƵůƚŝƉůĞ ĨŝƌĞǁĂůůƐ͕ ĞŶĐƌLJƉƚƐ ĚĂƚĂ ďŽƚŚ Ăƚ ƌĞƐƚ ĂŶĚ ŝŶ ŵŽƚŝŽŶ͕ ƌĞůĞĂƐĞƐ ƌĞŐƵůĂƌ ƐŽĨƚǁĂƌĞ ƵƉĚĂƚĞƐ ĂŶĚ ƐĞĐƵƌŝƚLJ ƉĂƚĐŚĞƐ͕ ĂŶĚ ƐƵƉƉŽƌƚƐ ŽƵƌ ƵƐĞ ŽĨ ƐŽĨƚǁĂƌĞͲďĂƐĞĚ ƐĞĐƵƌŝƚLJ ƚŽŽůƐ ƚŽ ŵŽŶŝƚŽƌ ĂŶĚ ƉƌŽƚĞĐƚ ƚŚĞ ĨůŽǁ ŽĨ ĚĂƚĂ ŝŶƚŽ ĂŶĚ ŽƵƚ ŽĨ ĐůŽƵĚ ƌĞƐŽƵƌĐĞƐ͘ ĂƚĂ ŝƐ ĞŶĐƌLJƉƚĞĚ Ăƚ ƌĞƐƚ ŝŶ ƚŚĞ t^ ^ŝŵƉůĞ ^ƚŽƌĂŐĞ ĂŶĚ 'ůĂĐŝĞƌ ^ĞƌǀŝĐĞƐ͕ ĂƐ ǁĞůů ĂƐ ŝŶ ĐŽŵƉƵƚĞ ƐĞƌǀŝĐĞƐ͘ tĞ ƐĞĐƵƌĞ ĚĂƚĂ Ăƚ ƌĞƐƚ ƵƐŝŶŐ ǀĂůŝĚĂƚĞĚ ĞŶĐƌLJƉƚŝŽŶ ĂůŐŽƌŝƚŚŵƐ ĚĞĨŝŶĞĚ ŝŶ &ĞĚĞƌĂů /ŶĨŽƌŵĂƚŝŽŶ WƌŽĐĞƐƐŝŶŐ ^ƚĂŶĚĂƌĚ WƵďůŝĐĂƚŝŽŶ ϭϰϬͲϮ ;&/W^ ϭϰϬͲϮͿ͘ &Žƌ ĂŶLJ ƌĞƋƵŝƌĞĚ ĞůĞĐƚƌŽŶŝĐ ŵĞĚŝĂ ƚƌĂŶƐŵŝƐƐŝŽŶƐ ŽĨ ĚĂƚĂ ĨŝůĞƐ ďĞƚǁĞĞŶ D y/Dh^ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ĂŶLJ ŽƚŚĞƌ ĞŶƚŝƚLJ ĚĞƐŝŐŶĂƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ǁĞ ǁŝůů ĞŵƉůŽLJ ǀĂůŝĚĂƚĞĚ ƐLJƐƚĞŵƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ĨŽƌ ƉƌŽƚĞĐƚŝŶŐ ƚŚĞ ƐĞĐƵƌŝƚLJ ŽĨ ĚĂƚĂ ŝŶ ŵŽƚŝŽŶ͘ D y/Dh^ ĂŐƌĞĞƐ ƚŽ ƌĞǀŝĞǁ ĂŶĚ ĐŽŵƉůLJ ǁŝƚŚ ĚĂƚĂ ƐĞĐƵƌŝƚLJ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂŶĚ ŚĂŶĚůŝŶŐ ƉŽůŝĐŝĞƐ ƐĞƚ ĨŽƌƚŚ ŝŶ ƚŚĞ ^ƚĂƚĞǁŝĚĞ ĂƚĂ ůĂƐƐŝĨŝĐĂƚŝŽŶ ĂŶĚ ,ĂŶĚůŝŶŐ WŽůŝĐLJ͘ ůŽĐĂƚŝŽŶƐ Ăƚ ŽƵƌ ƉƌŝŵĂƌLJ ůŽĐĂƚŝŽŶ ǁŝƚŚŝŶ ƚŚĞ D y/Dh^ ĐŽƌƉŽƌĂƚĞ ĚĂƚĂ ĐĞŶƚĞƌ ŝŶ ŶŐůĞǁŽŽĚ͕ ŽůŽƌĂĚŽ ǁŝƚŚ ĨĂŝůŽǀĞƌ ƚŽ ŽƵƌ ƐĞĐŽŶĚĂƌLJ ƐŝƚĞ ŝŶ ƵůƉĞƉĞƌ͕ sŝƌŐŝŶŝĂ͘ DŽƌĞŽǀĞƌ͕ ŽƵƌ ĐƌŝƚŝĐĂů ĚĂƚĂ ĂƉƉůŝĐĂƚŝŽŶƐ ǁŝůů ďĞ ŚŽƐƚĞĚ ďLJ ŵĂnjŽŶ tĞď ^ĞƌǀŝĐĞƐ ; t^Ϳ ĐůŽƵĚ ŚŽƐƚŝŶŐ ƐĞƌǀŝĐĞƐ͘ KƵƌ ĐƌŝƚŝĐĂů ĚĂƚĂ ĂƉƉůŝĐĂƚŝŽŶƐ ǁŝůů ŝŶĐůƵĚĞ D yĞď͕ ĞĐŝƐŝŽŶWŽŝŶƚΠ ĨŽƌ ƵƐŝŶĞƐƐ /ŶƚĞůůŝŐĞŶĐĞ͕ ĂŶĚ ŽƵƌ <ŶŽǁůĞĚŐĞ DĂŶĂŐĞŵĞŶƚ ^LJƐƚĞŵ͕ D y<ŶŽǁůĞĚŐĞ͘ ĂƚĂ ĂƉƉůŝĐĂƚŝŽŶƐ ǁŝůů ďĞ ŚŽƐƚĞĚ Ăƚ ƚŚĞ ƉƌŝŵĂƌLJ t^ ĚĂƚĂ ĐĞŶƚĞƌ ŝŶ tĞƐƚ KƌĞŐŽŶ͕ ǁŝƚŚ ĨĂŝůŽǀĞƌ ƚŽ ƚŚĞ ƐĞĐŽŶĚĂƌLJ ĚĂƚĂ ĐĞŶƚĞƌ ŝŶ EŽƌƚŚĞƌŶ sŝƌŐŝŶŝĂ͘ RFP Section Response 8 .21 Business Continuity Plan Section U, 1-2 The Department requests the response to this section be limited [051x (6) pages not Including the sample/example Disaster Recovery Plan 1. The Offeror must confirm adherence to the expectations of the Department and their ability and approach to meet the requirements of Section ill. U. Business Continuity Plan. MAXIMUS con?rms that we will adhere to Department expectations and meet all requirements set forth in RFP Section Business Continuity Plan. We describe our approach to meeting these requirements throughout this section of our proposal. The Department expects its contractor to provide a comprehensive, proven Business Continuity Plan in order to maintain connectivity and availability of high quality services for North Carolina citizens in the event of a disaster, unanticipated incident, or potential disruption of services. As a provider of critical services to federal, state, and local government programs that impact bene?ciaries across the United States, MAXIMUS recognizes the importance of structured planning for managing disasters and ensuring recovery of assets so that operations can continue under unforeseen circumstances. Highlights of our proposed North Carolina business continuity and disaster recovery provisions include: a Protocols tested in real world scenarios I Redundant cloud-based data centers provide secure, proven fail-over for critical systems, providing business continuity and disaster recovery I Fully equipped Business Continuity site in Hampton, Virginia provides necessary infrastructure, staff, and technology to continue operations without impact to quality service In this section, we describe our efforts to plan for disasters and identify contingencies, secure facilities and data, and support continuity of operations. 2. Offeror must include a sample Business Continuity Plan addressing the requirements including disaster recovery processes, and how call center functions would be restored in the event of a natural or manmade disaster. Operational Stability and Low-Risk. MAXIMUS develops a tailored Business Continuity Plan with included disaster recovery protocols .. ?g for every engagement, but we also use best practices and protocols proven and refined through years of handling common disaster scenarios to reduce risk and provide increased operational stability. We will submit our North Carolina plan, which will include a A section speci?c to call center operations, within 30 days of the contract effective date and make any necessary adjustments upon the Department's request until fully accepted. We will then evaluate and update the plan every six months. As described in this section, our overflow call center capabilities will be ready during all business hours?confirming we have the structure in place to keep providing call center services in the event of disaster. This capability should be available at any time, but in all cases call center activity will resume within 24 hours and all activity within three calendar days. The plan will be aligned with the Department provided template and will adhere to all published State and Department privacy and security policies and the guidelines detailed in this RFP as well as industry standards. We regularly test our business continuity and disaster recovery procedures and are prepared to coordinate testing with the Department at the Department's request. Exhibit 8.214: Business Continuity Plan Creation, implementation, and Update Process demonstrate our process for creating and updating the Business Continuity Plan with further details included throughout in this section. Page 8.21-1 of 6 dĞůĞƉŚŽŶLJ ,ŽƐƚŝŶŐ͕ ĂĐŬͲhƉ ĂŶĚ &ĂŝůŽǀĞƌ͗ KƵƌ ĐƌŝƚŝĐĂů ǀŽŝĐĞ ĂƉƉůŝĐĂƚŝŽŶƐ ǁŝůů ďĞ ŚŽƐƚĞĚ ŝŶ ŐĞŽŐƌĂƉŚŝĐĂůůLJ ƐĞƉĂƌĂƚĞ ůŽĐĂƚŝŽŶƐ͗ Ăƚ ŽƵƌ ƉƌŝŵĂƌLJ ůŽĐĂƚŝŽŶ ǁŝƚŚŝŶ ƚŚĞ D y/Dh^ ĐŽƌƉŽƌĂƚĞ ĚĂƚĂ ĐĞŶƚĞƌ ŝŶ ŶŐůĞǁŽŽĚ͕ ŽůŽƌĂĚŽ ǁŝƚŚ ĨĂŝůŽǀĞƌ ƚŽ ŽƵƌ ƐĞĐŽŶĚĂƌLJ ƐŝƚĞ ŝŶ ƵůƉĞƉĞƌ͕ sŝƌŐŝŶŝĂ͘ KƵƌ ĐƌŝƚŝĐĂů ǀŽŝĐĞ ĂƉƉůŝĐĂƚŝŽŶƐ ǁŝůů ŝŶĐůƵĚĞ ŝƐĐŽ ƚĞůĞƉŚŽŶLJ͕ ƵƚŽŵĂƚĞĚ sŽŝĐĞ ZĞƐƉŽŶƐĞ ; sZ^Ϳ͕ ĂŶĚ ŽŵƉƵƚĞƌ dĞůĞƉŚŽŶLJ /ŶƚĞŐƌĂƚŝŽŶ ; d/Ϳ͕ dĞů^ƚƌĂƚ Ăůů ZĞĐŽƌĚŝŶŐ͕ ĂŶĚ E/ / y tŽƌŬĨŽƌĐĞ DĂŶĂŐĞŵĞŶƚ͘ ^LJƐƚĞŵƐ ,ŽƐƚŝŶŐ͕ ĂĐŬͲhƉ ĂŶĚ &ĂŝůŽǀĞƌ͗ ƌŝƚŝĐĂů ĚĂƚĂ ĂƉƉůŝĐĂƚŝŽŶƐ ǁŝůů ďĞ ŚŽƐƚĞĚ ďLJ ŵĂnjŽŶ tĞď ^ĞƌǀŝĐĞƐ ; t^Ϳ ĐůŽƵĚ ŚŽƐƚŝŶŐ ƐĞƌǀŝĐĞƐ͘ KƵƌ ĐƌŝƚŝĐĂů ĚĂƚĂ ĂƉƉůŝĐĂƚŝŽŶƐ ǁŝůů ŝŶĐůƵĚĞ D yĞď͕ ĞĐŝƐŝŽŶWŽŝŶƚΠ ĨŽƌ ƵƐŝŶĞƐƐ /ŶƚĞůůŝŐĞŶĐĞ͕ ĂŶĚ D y<ŶŽǁůĞĚŐĞ <ŶŽǁůĞĚŐĞ DĂŶĂŐĞŵĞŶƚ ^LJƐƚĞŵ͘ „ „ WĂŐĞ ϴ͘ϮϭͲϮ ŽĨ ϲ ŽŵŵƵŶŝĐĂƚŝŽŶ ĂŶĚ ŽŽƌĚŝŶĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͗ tĞ ǁŝůů ŶŽƚŝĨLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƵƐŝŶŐ ƚŚĞ ŵĞƚŚŽĚ ĂŶĚ ĐŽŶƚĂĐƚ ƉĞƌƐŽŶ ůŝƐƚĞĚ ŝŶ ƚŚĞ ƌŽůĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ƐĞĐƚŝŽŶ ŽĨ ƚŚĞ ƵƐŝŶĞƐƐ ŽŶƚŝŶƵŝƚLJ WůĂŶ ǁŝƚŚŝŶ ƚǁŽ ŚŽƵƌƐ ŽĨ ĂŶLJ ĞǀĞŶƚ ǁŚŝĐŚ ŵĂLJ ĐĂƵƐĞ ďƵƐŝŶĞƐƐ ĐŽŶƚŝŶƵŝƚLJ ƉƌŽĐĞĚƵƌĞƐ ƚŽ ŝŶŝƚŝĂƚĞ͘ tĞ ƚŚĞŶ ƐƚĂLJ ŝŶ ĐůŽƐĞ ĐŽŶƚĂĐƚ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ĐŽůůĂďŽƌĂƚĞ ĂƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ďĞƐƚ ƐĞƌǀĞ ƚŚĞ ĐŝƚŝnjĞŶƐ ŽĨ EŽƌƚŚ ĂƌŽůŝŶĂ͘ tŚĞŶ ŶĞĐĞƐƐĂƌLJ ĂŶĚ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ǁĞ ŵĂLJ ĂůƐŽ ĂĐƚŝǀĂƚĞ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ǁŝƚŚ W,W ƌĞĐŝƉŝĞŶƚƐ Žƌ ŝŵƉĂĐƚĞĚ ƚŚŝƌĚͲƉĂƌƚŝĞƐ ƚŽ ƐĞŶĚ ŶŽƚŝĨŝĐĂƚŝŽŶƐ ŽĨ ĂŶLJ ŶĞĐĞƐƐĂƌLJ ƐĞƌǀŝĐĞ ĐŚĂŶŐĞƐ Žƌ ƉƵďůŝĐ ƐĞƌǀŝĐĞ ŝŶĨŽƌŵĂƚŝŽŶ͘ tĞ ĚŽ ŶŽƚ ĂŶƚŝĐŝƉĂƚĞ ƚŚĞ ŶĞĞĚ ĨŽƌ ĂŶ ĂůƚĞƌŶĂƚĞ ƚĞůĞƉŚŽŶĞ ŶƵŵďĞƌ Žƌ ƐŝŵŝůĂƌ ŝŵƉĂĐƚƐ ĂƐ ǁĞ ǁŝůů ƵƐĞ ƚŚĞ ƐĂŵĞ ŶƵŵďĞƌ ĨŽƌ ĨĂŝů ŽǀĞƌ ƚŽ ŽƵƌ ďĂĐŬͲƵƉ ĐĂůů ĐĞŶƚĞƌ͘ „ KƵƌ WůĂŶ ǁŝůů ŝŶĐůƵĚĞ ĚĞƚĂŝůĞĚ ƉƌŽĐĞĚƵƌĞƐ ĨŽƌ ƌĞĐŽǀĞƌLJ ŽĨ ĐĂůů ĐĞŶƚĞƌ ŽƉĞƌĂƚŝŽŶƐ ǁŝƚŚŝŶ Ϯϰ ŚŽƵƌƐ ĂŶĚ ĨƵůů ŽƉĞƌĂƚŝŽŶƐ ǁŝƚŚŝŶ ƚŚƌĞĞ ǁŽƌŬŝŶŐ ĚĂLJƐ ŽĨ ĂŶLJ ĚŝƐĂƐƚĞƌ ƚLJƉĞ͕ ŝŶĐůƵĚŝŶŐ͗ džŚŝďŝƚ ϴ͘ϮϭͲϭ͗ ƵƐŝŶĞƐƐ ŽŶƚŝŶƵŝƚLJ WůĂŶ ƌĞĂƚŝŽŶ͕ /ŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ĂŶĚ hƉĚĂƚĞ WƌŽĐĞƐƐ͘ ŝƐĂƐƚĞƌ ZĞĐŽǀĞƌLJ ^ŝƚĞ ŽŶƚŝŶŐĞŶĐLJ WůĂŶ͗ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ,ĂŵƉƚŽŶ͕ sŝƌŐŝŶŝĂ͕ ǁĞ ŽĨĨĞƌ ŽƵƌ 'ůĞŶĚĂůĞ͕ ŽůŽƌĂĚŽ ĐĂůů ĐĞŶƚĞƌ ĂƐ Ă ďĂĐŬͲƵƉ ĚŝƐĂƐƚĞƌ ƌĞĐŽǀĞƌLJ ƐŝƚĞ͘ dŚŝƐ ƐŝƚĞ ǁŝůů ŚĂǀĞ ĨƵůůLJ ƚƌĂŝŶĞĚ ƐƚĂĨĨ ƉƌĞƉĂƌĞĚ ƚŽ ƚĂŬĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĐĂůůƐ ŝŶ ƚŚĞ ĞǀĞŶƚ ƚŚĂƚ ƚŚĞƌĞ ŝƐ Ă ƌĞŐŝŽŶĂů ĚŝƐĂƐƚĞƌ ƚŚĂƚ ƉƌĞǀĞŶƚƐ ĨƵůů ĨƵŶĐƚŝŽŶĂůŝƚLJ Ăƚ ďŽƚŚ ŽƵƌ ZĂůĞŝŐŚ ĂŶĚ ,ĂŵƉƚŽŶ ƐŝƚĞƐ ;^ĞĞ Ă ƐĂŵƉůĞ ƉůĂŶ ŝŶ ƉƉĞŶĚŝdž ϴ͘ϮϭͲϭͿ͘ ĂƚĂ ĂĐŬͲhƉ ĂŶĚ ŽŶƚŝŶŐĞŶĐŝĞƐ͗ tŝƚŚ ŽƵƌ ƌĞĚƵŶĚĂŶƚ͕ ĐůŽƵĚͲďĂƐĞĚ ƐLJƐƚĞŵ ƐƚŽƌĂŐĞ͕ ďĂĐŬͲƵƉƐ ĂƌĞ ŶŽ ůŽŶŐĞƌ ŶĞĐĞƐƐĂƌLJ ĂƐ ƚŚĞ ƐLJƐƚĞŵƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞĚ ĚĂƚĂ ĐŽŶƚŝŶƵŽƵƐůLJ ďĂĐŬƐ ƵƉ ĂĐƌŽƐƐ Ăůů ƉĂƌƚŝĐŝƉĂƚŝŶŐ t^ ĚĂƚĂ ĐĞŶƚĞƌƐ͘ /Ĩ ŽŶĞ ĚĂƚĂ ĐĞŶƚĞƌ ŝƐ ŝŶĂĐĐĞƐƐŝďůĞ ĨŽƌ ĂŶLJ ƌĞĂƐŽŶ͕ ƚŚĞ ĐůŽƵĚ ƐŽůƵƚŝŽŶ ƐŝŵƉůLJ ƉƵůůƐ ĨƌŽŵ ĂŶŽƚŚĞƌ ĚĂƚĂ ƐƚŽƌĂŐĞ ŶŽĚĞ͕ ǁŝƚŚŽƵƚ ĂŶLJ ŝŵƉĂĐƚ͕ Žƌ ĞǀĞŶ ĂǁĂƌĞŶĞƐƐ͕ ƚŽ ŵŽƐƚ ƵƐĞƌƐ͘ ,ĂƌĚǁĂƌĞͬƐŽĨƚǁĂƌĞ ĨĂŝůƵƌĞƐ͕ ƉŽǁĞƌ ŽƵƚĂŐĞƐ͕ ĂŶĚ ŽƚŚĞƌ ĚŝƐĂƐƚĞƌƐ ĚŽ ŶŽƚ ƌĞƐƵůƚ ŝŶ ĚĂƚĂ ůŽƐƐ ŝŶ ƚŚĞ ĐůŽƵĚ ĞŶǀŝƌŽŶŵĞŶƚ͘ tĞ ƐĐŚĞĚƵůĞ ĂĚĚŝƚŝŽŶĂů ĐůŽƵĚ ďĂĐŬͲƵƉƐ ƚŽ ƌƵŶ ĂƵƚŽŵĂƚŝĐĂůůLJ ĂƐ ŽĨƚĞŶ ĂƐ ŶĞĐĞƐƐĂƌLJ͕ ŝŶĐůƵĚŝŶŐ ŵƵůƚŝƉůĞ ƚŝŵĞƐ ĞĂĐŚ ĚĂLJ ŝĨ ƌĞƋƵŝƌĞĚ͘ „ „ WĂŐĞ ϴ͘ϮϭͲϯ ŽĨ ϲ WůĂŶŶŝŶŐ ĨŽƌ ŝƐĂƐƚĞƌ ^ĐĞŶĂƌŝŽƐ͘ KƵƌ WůĂŶ ŝŶĐůƵĚĞƐ ƚŚĞ ƐĞůĞĐƚ ĚŝƐĂƐƚĞƌ ƐĐĞŶĂƌŝŽƐ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϮϭͲϮ ^ĞůĞĐƚ /ŶĐŝĚĞŶƚ ZĞƐƉŽŶƐĞƐ ĂŶĚ DŝƚŝŐĂƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ĂŶLJ ƉŽƐƐŝďůĞ ƉƌĞǀĞŶƚŝǀĞ ŵĞĂƐƵƌĞƐ ƚŚĂƚ ĐŽƵůĚ ƉŽƚĞŶƚŝĂůůLJ ŵŝŶŝŵŝnjĞ ƚŚĞ ůŝŬĞůŝŚŽŽĚ ŽĨ ŝƚƐ ŽĐĐƵƌƌĞŶĐĞ͘ tĞ ŚĂǀĞ ĐŽŶĚĞŶƐĞĚ ƚŚŝƐ ůŝƐƚ ƚŽ ĂĐĐŽŵŵŽĚĂƚĞ ůŝŵŝƚĂƚŝŽŶƐ ŽŶ ƌĞƐƉŽŶƐĞ ƐŝnjĞ͕ ďƵƚ ǁŝůů ƉƌŽǀŝĚĞ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ůŝƐƚ ǁŝƚŚ ƚŚĞ ƐƵďŵŝƚƚĞĚ WůĂŶ͘ tĞ ǁŝůů ŝĚĞŶƚŝĨLJ ƌŝƐŬƐ ĂŶĚ ƉŽƚĞŶƚŝĂů ƚŚƌĞĂƚƐ ƚŽ ƚŚĞ ƉƌŽũĞĐƚ ďLJ ĐŽŶĚƵĐƚŝŶŐ Ă ƵƐŝŶĞƐƐ /ŵƉĂĐƚ ŶĂůLJƐŝƐ ƚŽ ĚĞĨŝŶĞ ĚŝĨĨĞƌĞŶƚ ůĞǀĞůƐ ŽĨ ƌŝƐŬ ƚŽ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽƉĞƌĂƚŝŽŶƐ͘ dŚĞ ĂŶĂůLJƐŝƐ ǁŝůů ďĞ Ă ƚŚŽƌŽƵŐŚ ĞdžĂŵŝŶĂƚŝŽŶ ŽĨ ĞǀĞŶƚƐ ƚŚĂƚ ƚŚĞ ƉƌŽũĞĐƚ ŵĂLJ ŶĞĞĚ ƚŽ ƌĞĐŽǀĞƌ ĨƌŽŵ ƐŚŽƵůĚ Ă ĚŝƐĂƐƚĞƌ ƐƚƌŝŬĞ͘ ZŝƐŬƐ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ƚŚĞ ƵƐŝŶĞƐƐ /ŵƉĂĐƚ ŶĂůLJƐŝƐ ǁŝůů ďĞ ĞdžĂŵŝŶĞĚ ďĂƐĞĚ ŽŶ ƚŚĞŝƌ ůŝŬĞůŝŚŽŽĚ͕ ŝŵƉĂĐƚ͕ ĂŶĚ ŵŝƚŝŐĂƚŝŽŶ ĐŽƐƚƐ͘ tĞ ǁŝůů ĂůƐŽ ƉƌŽĂĐƚŝǀĞůLJ ŝĚĞŶƚŝĨLJ ĂƌĞĂƐ ƚŚĂƚ ĂƌĞ ŵŽƌĞ ǀƵůŶĞƌĂďůĞ ĂŶĚ ŵĂLJ ƌĞƋƵŝƌĞ ƐƉĞĐŝĨŝĐ ƉƌĞǀĞŶƚŝŽŶ ŵĞĂƐƵƌĞƐ͘ tĞ ǁŝůů ŝŶĐůƵĚĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ďƵƐŝŶĞƐƐ ĐŽŶƚŝŶƵŝƚLJ ĚŝƐĂƐƚĞƌ ƉůĂŶŶŝŶŐ ĨŽƌ Ăůů ĐƌŝƚŝĐĂů ĨƵŶĐƚŝŽŶƐ ƚŽ ƉƌŽǀŝĚĞ ĞdžĐĞƐƐ ĐĂƉĂĐŝƚLJ ƚŽ ƉƌŽƚĞĐƚ ĂŐĂŝŶƐƚ ĨĂŝůƵƌĞƐ͕ ĚŝƐĂƐƚĞƌƐ͕ ŚĂnjĂƌĚƐ͕ Žƌ ŽƚŚĞƌ ĞǀĞŶƚƐ ƚŚĂƚ ŵĂLJ ŝŵƉĂĐƚ ƚŚĞ WƌŽũĞĐƚ͘ KŶĞ ŽĨ ƚŚĞ ŵŽƐƚ ŝŵƉŽƌƚĂŶƚ ĞůĞŵĞŶƚƐ ŽĨ ĚŝƐĂƐƚĞƌ ƉůĂŶŶŝŶŐ ŝƐ ƚŽ ŝĚĞŶƚŝĨLJ ƌŝƐŬƐ ĂŶĚ ƉŽƚĞŶƚŝĂů ƚŚƌĞĂƚƐ͕ ƉůĂŶ ĨŽƌ ĞĂĐŚ ŝŶĚŝǀŝĚƵĂůůLJ͕ ĂŶĚ ĞǀĞŶ ŵŝƚŝŐĂƚĞ ŽƉĞƌĂƚŝŽŶĂů ƌŝƐŬ ǁŚĞƌĞ ƉŽƐƐŝďůĞ͘ tŚŝůĞ ǁĞ ŚĂǀĞ ďƵŝůƚ ƉƌĞǀĞŶƚĂƚŝǀĞ ŵĞĂƐƵƌĞƐ ĂŶĚ ƌĞƐŝůŝĞŶĐLJ ŝŶƚŽ ŽƵƌ ƐŽůƵƚŝŽŶƐ ĂŶĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƚŽ ŵŝŶŝŵŝnjĞ ƉŽƚĞŶƚŝĂů ŝŵƉĂĐƚƐ ŽŶ ŽƵƌ ŽƉĞƌĂƚŝŽŶƐ͕ ǁĞ ƉůĂŶ ĨŽƌ Ăůů ƉŽƚĞŶƚŝĂů ƌŝƐŬƐ͘ Ăůů ĞŶƚĞƌ ĂĐŬͲhƉͬKǀĞƌĨůŽǁ ^ŝƚĞ ĂŶĚ ^ƚĂĨĨ ŽŶƚŝŶŐĞŶĐLJ WůĂŶ͗ KƵƌ ƉƌŝŵĂƌLJ ƐŝƚĞ ŝŶ ZĂůĞŝŐŚ ǁŝůů ďĞ ƐƵƉƉŽƌƚĞĚ ďLJ ŽƵƌ ĨƵůůLJ ŽƉĞƌĂƚŝŽŶĂů ƐĞĐŽŶĚĂƌLJ ƐŝƚĞ ŝŶ ,ĂŵƉƚŽŶ͕ sŝƌŐŝŶŝĂ͘ /Ŷ ĐĂƐĞ ŽĨ ĂŶ ŽƵƚĂŐĞ͕ ŽǀĞƌĨůŽǁ Žƌ ƐƵƌŐĞ ƐŝƚƵĂƚŝŽŶ͕ ǁĞ ǁŝůů ůĞǀĞƌĂŐĞ ƚŚĞ ,ĂŵƉƚŽŶ ƐŝƚĞ ƚŽ ƉƌŽǀŝĚĞ ĐŽŶƚŝŶƵŝƚLJ ŽĨ ŽƉĞƌĂƚŝŽŶƐ ǁŝƚŚ ŵŝŶŝŵĂů ŝŶƚĞƌƌƵƉƚŝŽŶ ƚŽ EŽƌƚŚ ĂƌŽůŝŶĂ ŽƉĞƌĂƚŝŽŶƐ͘ /Ŷ ĨĂĐƚ͕ ŽƵƌ ,ĂŵƉƚŽŶ ƐŝƚĞ ǁŝůů ďĞ ƐƚĂĨĨĞĚ ǁŝƚŚ ĐĂůů ĐĞŶƚĞƌ ŵĂŶĂŐĞƌƐ ĂŶĚ ĨƵůůLJ ƚƌĂŝŶĞĚ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ĂůƌĞĂĚLJ ƚĂŬŝŶŐ ĐĂůůƐ ŝŶ ƐƵƉƉŽƌƚ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ͕ ƉĂƌƚŝĐƵůĂƌůLJ ĚƵƌŝŶŐ ƚŚĞ ĨŝƌƐƚ LJĞĂƌ ŽĨ ŽƉĞƌĂƚŝŽŶ͘ tĞ ƵŶĚĞƌƐƚĂŶĚ Ăůů ŽĨ ƚŚĞ ƐĂŵĞ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞƚƌŝĐ ƌĞƋƵŝƌĞŵĞŶƚƐ ǁŝůů ĂƉƉůLJ ƚŽ ƚŚŝƐ ŽǀĞƌĨůŽǁ ĐĂůů ĐĞŶƚĞƌ͘ Ɛ Ăůů ŽĨ ŽƵƌ ƚƌĂĐŬŝŶŐ͕ ƌĞƉŽƌƚŝŶŐ͕ ĂŶĚ ĐĂůů ƌĞĐŽƌĚŝŶŐ ƐLJƐƚĞŵƐ ǁŝůů ďĞ ŚŽƐƚĞĚ ŝŶ ƚŚĞ ƌĞĚƵŶĚĂŶƚ ĐůŽƵĚͲďĂƐĞĚ ĞŶǀŝƌŽŶŵĞŶƚ͕ ƚŚĞ ŽǀĞƌĨůŽǁ ĐĂůů ĐĞŶƚĞƌ ǁŝůů ƵƐĞ ƚŚĞ ƐĂŵĞ ƐLJƐƚĞŵƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ĨŽƌ ƚŚĞƐĞ ĐŽŶƚŝŶƵŝŶŐ ŬĞLJ ĞůĞŵĞŶƚƐ ĂƐ ƵƐĞĚ Ăƚ ƚŚĞ ƉƌŝŵĂƌLJ ĐĂůů ĐĞŶƚĞƌ ůŽĐĂƚŝŽŶ͘ „ ĂƚĂ ĂƉƉůŝĐĂƚŝŽŶƐ ǁŝůů ďĞ ŚŽƐƚĞĚ Ăƚ ƚŚĞ ƉƌŝŵĂƌLJ t^ ĚĂƚĂ ĐĞŶƚĞƌ ŝŶ tĞƐƚ KƌĞŐŽŶ ǁŝƚŚ ĨĂŝůŽǀĞƌ ƚŽ ƚŚĞ ƐĞĐŽŶĚĂƌLJ ĚĂƚĂ ĐĞŶƚĞƌ ŝŶ EŽƌƚŚĞƌŶ sŝƌŐŝŶŝĂ͘ t^ ŽƉĞƌĂƚĞƐ Ă ƌĞŐŝŽŶĂů ĨŽŽƚƉƌŝŶƚ͕ ŵĞĂŶŝŶŐ ƚŚĂƚ ǁŚŝůĞ ƚŚĞ ƉƌŝŵĂƌLJ ĂƉƉůŝĐĂƚŝŽŶƐ ǁŝůů ďĞ ƐƵƉƉŽƌƚĞĚ ŝŶ ƚŚĞ WĂĐŝĨŝĐ EŽƌƚŚǁĞƐƚ ƵƚŝůŝnjŝŶŐ Ɛŝdž ĂǀĂŝůĂďŝůŝƚLJ njŽŶĞƐ ďĞƚǁĞĞŶ KƌĞŐŽŶ ĂŶĚ EŽƌƚŚĞƌŶ ĂůŝĨŽƌŶŝĂ͕ ƚŚĞ ƌĞŐŝŽŶ ŝƚƐĞůĨ ŝƐ ƌĞĚƵŶĚĂŶƚ ƚŽ EŽƌƚŚĞƌŶ sŝƌŐŝŶŝĂ ĂŶĚ ĂůƐŽ ŐĞŽŐƌĂƉŚŝĐĂůůLJ ĨĂƌ ƌĞŵŽǀĞĚ ŝŶ ĐĂƐĞ ĂŶ ŽƵƚĂŐĞ ŝŵƉĂĐƚƐ ŽƵƌ ƉƌŝŵĂƌLJ ůŽĐĂƚŝŽŶ͘ t^ ŝƐ Ă ŵƵůƚŝͲƚĞŶĂŶƚ ƉƵďůŝĐ ĐůŽƵĚ ĨŽƌ ĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ ĂŶĚ ůŽĐĂů ŐŽǀĞƌŶŵĞŶƚ ĐƵƐƚŽŵĞƌƐ͕ ĂŶĚ ŝƐ ĂƵƚŚŽƌŝnjĞĚ ĨŽƌ ƵƐĞ ďLJ ƚŚĞ ĞŶƚĞƌƐ ĨŽƌ DĞĚŝĐĂƌĞ ĂŶĚ DĞĚŝĐĂŝĚ ^ƚƵĚŝĞƐ ; D^Ϳ͘ t^ ŝƐ ĚĞƐŝŐŶĞĚ ƚŽ ŵĞĞƚ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ŐŽǀĞƌŶŵĞŶƚĂů ƐĞĐƵƌŝƚLJ͕ ĂŶĚ ƌĞŐƵůĂƚŽƌLJ ƌĞƋƵŝƌĞŵĞŶƚƐ ŝŶĐůƵĚŝŶŐ &ĞĚZ DW͘ &Žƌ ƚŚĞ ƐŝdžƚŚ ƐƚƌĂŝŐŚƚ LJĞĂƌ͕ 'ĂƌƚŶĞƌ ŚĂƐ ƌĞĐŽŐŶŝnjĞĚ t^ ĂƐ ƚŚĞ ŝŶĚƵƐƚƌLJ ůĞĂĚĞƌ ŝŶ ĐůŽƵĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ Select Incident Responses and Mitigation Incident Summary of Initial Response Preventive/Redundant Mitigation Strategies Fire Attempt to extinguish if small and safe to do so Notify others and evacuate the area or building Call 911 and/or pull fire alarm Account for all staff and visitors at pro-determined check-in sites In parking lot or nearby meeting place using staff list and visitor sign-in sheet Conduct fire prevention and safetytraining for all employees, including building evacuation steps and fire extinguisher location and usage Ensure that fire extinguishers are easily accessible and inspected at regular intervals to adhere to local fire regulations Use secondary site, if necessaryto accept redirected calls Flood Notify others and move to higher ground if flash flood Work from home and communicate with staff to stay home, if appropriate Protect mission-critical equipment onsite, if there is enough warningto do so I Obtain news and weather reports and emergency instructions through the use of an emergency radio or other battery-operated device in the event of a power outage Have email, call trees, text address lists,or other messaging systems in place to inform staff, depending upon the type of response needed Keep a weather/emergency radio on premises to monitor the situation Maintain replacement equipment at corporate office or otherloation Maintain strategic vendor agreements to accommodate timely replacements Depending on the extent of the damage, use DR site Inclement Weather 5 Move to safe area as apprOpriate to the situation I Basement or lower level or inside room for tornado, away from windows I inside and away from windows and electrical equipment for a storm with lightning I Heed major storm warnings and stay home or evacuate as advised by local authorities I Obtain news and weather reports and emergency Instructions through the use of an emergency radio or other battery-operated device In the event of a power outage Have email, call trees, text address lists, or other messaging systems in place to Inform staff, depending upon the type of response needed Keep a weather/emergency radio on premises to monitor the situation Earthquake st Move to safe area under doorways. inside, under heavy furniture to protect from falling ceilings or glass Exit the building when safe to do so Evacuate following the event until the building has been deemed safe to re-enter I Obtain news and weather reports and emergency instructions through the use of an emergency radio or other battery-operated device In the event of a power outage Post maps and train staff on response and evacuation procedures Have email, call trees, text address lists, or other messaging systems in place to inform staff, depending upon the type of response needed Keep a weather/emergency radio on premises to monitor the situation Depending on the extent of the damage, use alternate site Nuclear Power Plant incident Ensure the safety of employees first I Follow direction provided by local authorities for evacuation or other recommended response I Obtain news and weather reports and emergency instructions through the use of an emergency radio or other battery-operated device in the event of a power outage Have em ail, call trees, text address lists, or other messaging systems in place to inform staff, depending upon the type of response needed Keep a weather/emergency radio on premises to monitor the situation Page 8.21-4 of 6 Terrorist Attack Ensure the safety of employees first I Revert to secondary site, if necessary Follow direction provided by local authorities for evacuation or I Have email, call trees, text address lists, or other messaging systems other recommended response in place to Inform staff, depending upon the type of response needed I Obtain news reports and emergency instructions through the use I Keep a weather/emergency radio on premises to monitor the of an emergency radio or other battery-operated device in the situation event of a power outage Exhibit 8.21-2: Select Incident Responses and Mitigation. We will maintain a detailed plan for responding to afuil range of disaster scenarios. Examples of Previous MAXIMUS Business Continuity and Disaster Recovery Responses. We bring extensive real-world experience developing Business Continuity Plans and planning for and recovering from various levels of service disruptions and full-on disasters. As highlighted in Exhibit 8.21-3: Disaster Recovery Examples, we have handled several incidents, beginning with the events of 9/11 in which we have had to rely on our Business Continuity Plans, relocating offices and staff while continuing to serve the beneficiaries who need our assistance. In every event, we have been able to preserve operations and data, while minimizing interruption to program beneficiaries. Texas Extended Service or System Outage I I West Virginia Extended Service or System Outage Massachusetts Terrorist Attack New Jersey and Power Outage and New York inclement Weather :4 94> Vermont Power Outage and inclement Weather ?94> New York Earthquake 5 In August 2017, Hurricane Harvey devastated Texas. MAXIM US has a long-standing relationship with the State through our Texas Enrollment Broker and Eligibility Support Services contracts. When the Governor of Texas declared a disaster, we stepped up to support D-SNAP issuance. We offered extended call center hours, disaster relief, outreach, and other critical services. We also provided of?ce space for State employees whose of?ces were closed due to considerable damage caused by the storm. In January 2014, our child support offices located in Charleston, West Virginia were affected by a chemical spill that rendered the water unsafe to drink, bathe in, or otherwise use. Staff members were immediately notified and the next day staff brought bottled water, food, and other supplies needed by those without water at their homes. Absenteeism was minimized, and we continued to serve West Virginia customers the following day without issue. In 2013, our MassHealth Customer Services team put its DR plan into action during the Boston Marathon bombing. MAXIM US staff members were able to continue operations, despite street and building inaccessibility, allowing our contract to maintain all service levels and meet client requirements. In 2012, Hurricane Sandy threatened our New Jersey and New York shared project site. Our of?ces experienced extended power outages, service outages, street closures, and site closures. Staff quickly initiated their DR plans, rolling over data entry and systems capability to pre-identified back-up sites to ensure project continuity. In 2011, Hurricane Irene caused substantial damage to our Waterbury Site impacting our Vermont Green Mountain Care Member Services Project. We were forced to relocate both systems and staff. We worked to create interim call service processing, and led a special outreach plan to notify consumers about a renewals extension. On August 23, 2011 at 1:51pm, a 5.8 magnitude earthquake hit the East Coast. As de?ned in their Disaster Continuity and Recovery Plan, our New York Medicaid CHOICE project evacuated its office in lower Manhattan. During the two hours in which the integrity of the office was assessed. MAXIMUS was able to maintain seamless operations with inbound calls answered by home-based agents. Once the building was deemed safe. the MAXIMUS team was able to quickly resume normal operations. Page 8.21-5 of 6 Flood 0 In 2008, when Tropical Storm Fay slammed into Florida 5 coast, we put our DR Plan into action. Our Customer Outage and Service Contact Center in Fort Pierce has 150 employees and handles nearly 2.5 million calls per year. We evacuated Inclement Weather . . . . . staff, and as our burlding was being rebuilt, our customer servrce representative were on the phones in our back-up facility in Georgia, helping customers without interruption. The Fort Pierce office was back to business as usual in las than two weeks. 8w or Extended Service or On September 11, 2001, MAXIMUS employees were at work a few blocks from the World Trade Center at our New System Outage and . . . Terrorist Attack York Medicaid CHOICE prayect. Our Disaster Recovery Plan was immediately activated, and all 220 employees were evacuated from the area. The next day, senior project staff worked with corporate staff to transfer call center phone Ll, lines, move computers and equipment, and establish an alternate site in Brooklyn. By September 13, had relocated much of the project team to the new site, providing the same performance. high quality service delivery. Exhibit 8.21-3: Disaster Recovery Examples. has faced a wide range of disasters, proving our business continuity procedures time and again. Our experience handling these incidents demonstrates the importance of having an up-to-date and comprehensive Business Continuity Plan. We will review, revise, and resubmit our Plan each six months or as necessary based on any system or operational change. We provide a Sample Business Continuity Plan from our Healthy Louisiana Enrollment Broker Project in Appendix 821-1. The Business Continuity Plan we submit to the Department after the Contract Effective Date will adhere to the Department's preferred format based on the template shown in Attachment of the REF. 3. The Offeror must describe any limitations and/or issues with meeting the requirements of this Section. has reviewed the RFP and is not aware of any limitations or issue with meeting the requirement of Section U. Business Continuity Plan. Page 8.21-6 of 6 RFP Section Response 8.22 Member Enrollment Satisfaction Survey Section V, 1-5 The Department requests the response to this secuou be limited to true 5) pages 1. The Offeror must confirm adherence to the expectations of the Department and describe their ability and approach to meet the requirements of Section ill. V. Member Enrollment Satisfaction Survey. MAXIMUS con?rms that we will adhere to Department expectations and meet all requirements set forth in RFP Section V. Member Enrollment Satisfaction Survey. We describe our approach to meeting these requirements throughout this section of our proposal. MAXIMUS projects are expected to meet our corporate standards for superior service and performance. We continuously analyze our existing business processes for consistency, reliability, and ef?ciency, and we encourage project staff at all levels to identify best practices and areas where we can improve our operations to better serve beneficiaries. This is the primary reason we implement Member Satisfaction Surveys on the majority of our health service contracts. We will provide three versions of the Member Enrollment Satisfaction Survey for North Carolina?web, in-person, and Automated Voice Response (AVRS). Our customer satisfaction surveys provide an excellent source of data for continuous improvement initiatives and aid in identifying policy and process change needs. Feedback from surveys is one of our most important tools for improving the beneficiary experience. This data, combined with our quality sampling data and DecisionPoint BI reporting provides a solid foundation for analytical exploration of data driven improvement recommendations. As part of our seamless multichannel bene?ciary experience, MAXIMUS customer satisfaction surveys are conducted through 9 the AVRS, enrollment portal, and web chat channels for beneficiaries who receive services online or by telephone. We also i-ar? 0 offer surveys at the conclusion of all presentations as required. Our surveys are easy to complete, take a minimal amount of time, and provide feedback immediately after beneficiaries have received assistance from an Enrollment Specialist, webchat, 9 website, or presentation. Call Center Surveys. At the start of every call, our AVRS informs the member of the survey and con?rms if the beneficiary would like to complete a short survey after the call is complete. Beneficiaries who accept will be directed to the AVRS tool at the end of the call where they can complete the survey using any touch tone telephone. Enrollment Specialists will not have the ability to exclude any beneficiary from completing an automated, anonymous survey. 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ƐĞƌǀŝĐĞƐ ǁĞ ƉƌŽǀŝĚĞ͘ tĞ ƵƐĞ sZ^ ƐƵƌǀĞLJ ƌĞƐƵůƚƐ ƐŝĚĞ ďLJ ƐŝĚĞ ǁŝƚŚ ĐĂůů ĐĞŶƚĞƌ ĂĐƚŝǀŝƚLJ ĚĂƚĂ ƚŽ ĂƐƐŝƐƚ ŝŶ ƉƌŽĐĞƐƐ ĂŶĚ ǁŽƌŬĨŽƌĐĞ ŵĂŶĂŐĞŵĞŶƚ ĚĞƐŝŐŶ͘ tĞ ĂůƐŽ ŝŶĐŽƌƉŽƌĂƚĞ ĐƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐĐŽƌĞƐ ŝŶƚŽ ŽƵƌ ŝŶĚŝǀŝĚƵĂů ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ƐĐŽƌĞĐĂƌĚƐ ĨŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞĂƐƵƌĞŵĞŶƚ ĂŶĚ ĐŽĂĐŚŝŶŐ ǁŚĞŶ ĂƉƉůŝĐĂďůĞ͘ KƵƌ EŽƌƚŚ ĂƌŽůŝŶĂ ƐƵƌǀĞLJ ǁŝůů ŝŶĐŽƌƉŽƌĂƚĞ ƚŚŽƐĞ ĞůĞŵĞŶƚƐ ŵŽƐƚ ŝŵƉŽƌƚĂŶƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ĂŶĚ ǁĞ ǁŝůů ƌĞĐĞŝǀĞ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĂů ƉƌŝŽƌ ƚŽ ƵƐĞ͘ dŚĞƐĞ ĨĂĐƚŽƌƐ ǁŝůů ŝŶĐůƵĚĞ ĞĂƐĞ ŽĨ ƵƐĞ͕ ĐŽŶǀĞŶŝĞŶĐĞ͕ ƚŝŵĞ ƚŽ ĞŶƌŽůů͕ ĐůĂƌŝƚLJ ĂŶĚ ĐŽŵƉƌĞŚĞŶƐŝǀĞŶĞƐƐ͕ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ĂƐƐŝƐƚĂŶĐĞ ǁŝƚŚ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ƐƵƉƉŽƌƚŝŶŐ ďĞŶĞĨŝĐŝĂƌLJ ĚĞĐŝƐŝŽŶƐ͘ Ŷ ĞdžĂŵƉůĞ ŽĨ Ă ŵĞŵďĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJ ŝƐ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϮϮͲϭ͗ ^ĂŵƉůĞ DĞŵďĞƌ ^ĂƚŝƐĨĂĐƚŝŽŶ ^ƵƌǀĞLJ͘ dŚĞƐĞ ƋƵĞƐƚŝŽŶƐ ƌĞƉƌĞƐĞŶƚ ŽƵƌ ƌĞĐŽŵŵĞŶĚĞĚ ƋƵĞƐƚŝŽŶƐ ĨŽƌ ƚŚĞƐĞ ƐŚŽƌƚ ƐƵƌǀĞLJƐ͘ WůĞĂƐĞ ŶŽƚĞ ƚŚĂƚ ƚŚĞ ŝŶƐƚƌƵĐƚŝŽŶƐ ƉƌŽǀŝĚĞĚ ĂƌĞ ĨŽƌ ŝůůƵƐƚƌĂƚŝŽŶ ƉƵƌƉŽƐĞƐ ĂŶĚ ƌĞƉƌĞƐĞŶƚ ĚĞĐŝƐŝŽŶ ŐĂƚĞƐ ƉƌŽŐƌĂŵŵĞĚ ŝŶƚŽ ƚŚĞ sZ^ ŝŶƚĞƌĨĂĐĞ͘ tĞ ĚĞƐŝŐŶ ŽƵƌ ƐƵƌǀĞLJ ƚŽ ďĞ ďƌŝĞĨ͕ ĞĂƐLJ ƚŽ ĐŽŵƉůĞƚĞ͕ ĂŶĚ ĂůůŽǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚŽ ƉƌŽǀŝĚĞ ĨĞĞĚďĂĐŬ ŝŵŵĞĚŝĂƚĞůLJ ĂĨƚĞƌ ƚŚĞLJ ƌĞĐĞŝǀĞ ĂƐƐŝƐƚĂŶĐĞ͘ dŚĞ ƐƵƌǀĞLJ ǁŝůů ŐĂƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ďĞŶĞĨŝĐŝĂƌLJ ƉĞƌĐĞƉƚŝŽŶƐ ĂďŽƵƚ ƚŚĞ ŽǀĞƌĂůů ƋƵĂůŝƚLJ ŽĨ ƚŚĞ ƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞĚ͕ ŝŶĐůƵĚŝŶŐ ŚŽǁ ŚĞůƉĨƵů ŽƵƌ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚƐ ǁĞƌĞ͘ ůů ƐƵƌǀĞLJ ƌĞƐƵůƚƐ ǁŝůů ďĞ ƌĞĐŽƌĚĞĚ ŝŶ ƚŚĞ sZ^͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ ƚŚĞ ƌĞƐƵůƚƐ ŽĨ ƚŚĞ ŵŽƐƚ ƌĞĐĞŶƚ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJƐ ďLJ ĐĂůů ĐĞŶƚĞƌ͕ ǁĞďͲďĂƐĞĚ ĂŶĚͬŽƌ ŝŶ ƉĞƌƐŽŶ ŽƵƚƌĞĂĐŚ ƌĞƐƉŽŶƐĞƐ͘ WĂŐĞ ϴ͘ϮϮͲϯ ŽĨ ϰ D y/Dh^ ĐŽŶĚƵĐƚƐ ĐĂůů ĐĞŶƚĞƌ͕ ŝŶͲƉĞƌƐŽŶ͕ ǁĞďͲďĂƐĞĚ͕ ĂŶĚ ƐŽŵĞƚŝŵĞƐ ŵĂŝůĞĚ ĐƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJƐ ĨŽƌ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ĂŶĚ ŽƚŚĞƌ ŐŽǀĞƌŶŵĞŶƚ ƐĞƌǀŝĐĞƐ ƉƌŽũĞĐƚƐ͘ džŚŝďŝƚ ϴ͘ϮϮͲϯ͗ ϮϬϭϳ ƵƐƚŽŵĞƌ ^ĂƚŝƐĨĂĐƚŝŽŶ ^ƵƌǀĞLJƐ ĨƌŽŵ ƐĞǀĞŶ ŽĨ ŽƵƌ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽŶƚƌĂĐƚƐ ƐŚŽǁƐ ŽƵƌ ĂǀĞƌĂŐĞ ƌĞƐƉŽŶƐĞƐ ƚŽ ƚŚĞ ƋƵĞƐƚŝŽŶ ͞,Žǁ ŐŽŽĚ ǁĂƐ ŽƵƌ ŽǀĞƌĂůů ƐĞƌǀŝĐĞ ƚŽĚĂLJ͍͕͟ Ă ĐŽŵŵŽŶ ƋƵĞƐƚŝŽŶ ŝŶĐůƵĚĞĚ ŝŶ ŽƵƌ sZ^ ĨĂĐŝůŝƚĂƚĞĚ ĐƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJ͘ Ɛ ƚŚŝƐ ĞdžŚŝďŝƚ ĚĞŵŽŶƐƚƌĂƚĞƐ͕ ŵĞŵďĞƌƐ ŚĂǀĞ Ă ƉŽƐŝƚŝǀĞ ŽƉŝŶŝŽŶ ŽĨ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ŽƵƌ ƐĞƌǀŝĐĞƐ͕ ǁŝƚŚ Ăůů ƐĞǀĞŶ ŽĨ ƚŚĞƐĞ ĚĞŵŽŶƐƚƌĂƚŝŽŶ ƉƌŽũĞĐƚƐ ĞdžĐĞĞĚŝŶŐ ŽƵƌ ŝŶƚĞƌŶĂů ƐƚĂŶĚĂƌĚ ŽĨ ϵϱ ƉĞƌĐĞŶƚ͘ Ϯ͘ &Žƌ ĞdžĂŵƉůĞ͕ ƚŚĞƐĞ ƐƵƌǀĞLJƐ ŵƵƐƚ ĂƐŬ ŝĨ ƚŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶ ŚĂŶĚŽƵƚƐ ǁĞƌĞ ƵŶĚĞƌƐƚĂŶĚĂďůĞ͕ ŝĨ ƚŚĞ ƉƌĞƐĞŶƚĞƌ ǁĂƐ ĞĨĨĞĐƚŝǀĞ͕ ĂŶĚ ĂƐŬ ĨŽƌ ƐƵŐŐĞƐƚŝŽŶƐ ƌĞůĂƚĞĚ ƚŽ ƉŽƚĞŶƚŝĂů ĨƵƚƵƌĞ ƚŽƉŝĐƐ ĂŶĚ ĐŽŶƚĞŶƚ ƚŽ ďĞ ĐŽǀĞƌĞĚ͘ tĞ ŵĂLJ ĂůƐŽ ĂƐŬ ŝĨ ƚŚĞ ƉĂƌƚŝĐŝƉĂŶƚƐ ĐŽƵůĚ ĐůĞĂƌůLJ ŚĞĂƌ Ăůů ĐŽŵƉŽŶĞŶƚƐ ŽĨ ƚŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶ ĂŶĚ ŝĨ ƚŚĞ ǀŝƐƵĂů ƉƌĞƐĞŶƚĂƚŝŽŶ ǁĂƐ ĨƵůůLJ ǀŝƐŝďůĞ ĂŶĚ ƌĞĂĚĂďůĞ ĨƌŽŵ ƚŚĞŝƌ ůŽĐĂƚŝŽŶ ĚƵƌŝŶŐ ƚŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶ͘ ůů ƐƵƌǀĞLJ ƋƵĞƐƚŝŽŶƐ ǁŝůů ďĞ ĚĞƐŝŐŶĞĚ ƚŽ ƉƌŽǀŝĚĞ ƵƐĞĨƵů ŝŶĨŽƌŵĂƚŝŽŶ ĨŽƌ ŝŵƉƌŽǀŝŶŐ ĨƵƚƵƌĞ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ĂŶĚ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƉƌŝŽƌ ƚŽ ƵƐĞ͘ tĞ ǁŝůů ĂůƐŽ ƉƌŽǀŝĚĞ ƐƵƌǀĞLJ ƌĞƐƵůƚƐ ĂŶĚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ǁŝƚŚ ŽƵƌ ƌĞŐƵůĂƌ ŽƵƚƌĞĂĐŚ ƌĞƉŽƌƚƐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ Žƌ ƵƉŽŶ ƌĞƋƵĞƐƚ͕ ĂŶĚ ĚŝƐĐƵƐƐ ĂŶĚ ŝŵƉůĞŵĞŶƚ ĨƵƌƚŚĞƌ ƚĂƌŐĞƚĞĚ ŽƵƚƌĞĂĐŚ ǁŚĞŶ ŶĞĐĞƐƐĂƌLJ ƚŽ ŽďƚĂŝŶ ŵŽƌĞ ŝŶĨŽƌŵĂƚŝŽŶ͘ ĚƵĐĂƚŝŽŶĂů Žƌ KƵƚƌĞĂĐŚ ǀĞŶƚ ^ƵƌǀĞLJƐ͘ dŽ ƌĞĂĐŚ ƚŚĞ ŵŽƐƚ ƉŽƐƐŝďůĞ ĂƚƚĞŶĚĞĞƐ͕ ǁĞ ǁŝůů ƉƌŽǀŝĚĞ ƉĂƉĞƌ ĐŽƉŝĞƐ ŽĨ ƚŚĞ ĞĚƵĐĂƚŝŽŶĂů ĞǀĞŶƚ ƐƵƌǀĞLJ ƚŽ ĐŽŵƉůĞƚĞ ůŝǀĞ Ăƚ ƚŚĞ ĐŽŶĐůƵƐŝŽŶ ŽĨ ƚŚĞ ĞǀĞŶƚ͕ ďƵƚ ǁĞ ĂůƐŽ ŽĨĨĞƌ Ă ůŝŶŬ ƚŽ ŽƵƌ ǁĞďͲďĂƐĞĚ ƐƵƌǀĞLJ ĨŽƌ ƚŚŽƐĞ ƉĂƌƚŝĐŝƉĂŶƚƐ ǁŚŽ ĐŚŽŽƐĞ ƚŽ ĐŽŵƉůĞƚĞ ƚŚĞ ƐƵƌǀĞLJ Ăƚ ŚŽŵĞ Žƌ ŽŶ ƚŚĞŝƌ ŵŽďŝůĞ ƉŚŽŶĞƐ͘ Ɛ ƉŽƐƐŝďůĞ͕ ǁĞ ƚƌLJ ƚŽ ƐƚĂŶĚĂƌĚŝnjĞ ƋƵĞƐƚŝŽŶƐ ĂĐƌŽƐƐ ƐƵƌǀĞLJ ŝŶƐƚĂŶĐĞƐ͕ ďƵƚ ƐŽŵĞ ƋƵĞƐƚŝŽŶƐ ŵƵƐƚ ďĞ ƵŶŝƋƵĞ ƚŽ ĞĚƵĐĂƚŝŽŶĂů ĞǀĞŶƚƐ ƚŽ ĨƵůůLJ ĂƐƐĞƐƐ ƚŚŝƐ ƐƉĞĐŝĨŝĐ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ ĐŽŵƉŽŶĞŶƚ͘ KƵƌ ŝŶƚĞƌŶĞƚͲďĂƐĞĚ ƐƵƌǀĞLJ ǁŝůů ďĞ ŽĨĨĞƌĞĚ ĂƐ ŽƉƚŝŽŶĂů ƚŽ Ăůů ƵƐĞƌƐ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͕ ŽŶ ƚŚĞ ĐŽŶƚĂĐƚ ƉĂŐĞ͕ ĂŶĚ ƵƉŽŶ ǁĞďƐŝƚĞ Ğdžŝƚ͕ ŝĨ ĂƉƉƌŽǀĞĚ ďLJ ,,^͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ŽƵƌ ĞŶƚĞƌ ĨŽƌ ,ĞĂůƚŚ >ŝƚĞƌĂĐLJ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĚĞƐŝŐŶ ƋƵĞƐƚŝŽŶƐ ƐƉĞĐŝĨŝĐ ƚŽ ƚŚĞ ǁĞďƐŝƚĞ ĞdžƉĞƌŝĞŶĐĞ ŝŶĐůƵĚŝŶŐ ĞĂƐĞ ŽĨ ƵƐĞ͕ ĐŽŶǀĞŶŝĞŶĐĞ͕ ƚŝŵĞ ƚŽ ĞŶƌŽůů͕ ĐůĂƌŝƚLJ ĂŶĚ ĐŽŵƉƌĞŚĞŶƐŝǀĞŶĞƐƐ͕ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ĂƐƐŝƐƚĂŶĐĞ ǁŝƚŚ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ƐƵƉƉŽƌƚŝŶŐ ďĞŶĞĨŝĐŝĂƌLJ ĚĞĐŝƐŝŽŶƐ͘ D y/Dh^ ǁŝůů ƵƐĞ ƚŚŝƐ ĚĂƚĂ ƚŽ ƉƌŽǀŝĚĞ ƌĞƉŽƌƚƐ ĂŶĚ ƐƵŐŐĞƐƚŝŽŶƐ ĨŽƌ ŝŵƉƌŽǀĞŵĞŶƚ ĨŽƌ ,,^ ĂƉƉƌŽǀĂů͘ tĞďƐŝƚĞ ^ƵƌǀĞLJƐ͘ tŚĞŶ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŚĂǀĞ Ă ƉŽƐŝƚŝǀĞ ŽŶůŝŶĞ ĞdžƉĞƌŝĞŶĐĞ͕ ƚŚĞLJ ĂƌĞ ŵŽƌĞ ůŝŬĞůLJ ƚŽ ĐŽŶƚŝŶƵĞ ƚŽ ƵƐĞ ƐĞůĨͲƐĞƌǀŝĐĞ ĐŚĂŶŶĞůƐ ĨŽƌ ƉƌŽŐƌĂŵ ĂƐƐŝƐƚĂŶĐĞ ĂŶĚ ĞŶƌŽůůŵĞŶƚ͘ dŽ ƐƵƉƉŽƌƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ ŝƚƐ ŐŽĂůƐ ĨŽƌ ŝŶĐƌĞĂƐŝŶŐ ďĞŶĞĨŝĐŝĂƌLJ ƵƐĞ ŽĨ ƐĞůĨͲƐĞƌǀŝĐĞ ĂŶĚ ĂĐŚŝĞǀŝŶŐ ƚŚĞ ĂƐƐŽĐŝĂƚĞĚ ĐŽƐƚ ĐŽŶƚĂŝŶŵĞŶƚ ƚŚĂƚ ǁŝůů ƌĞƐƵůƚ ĨƌŽŵ ƚŚŝƐ͕ ǁĞ ǁŝůů ŽĨĨĞƌ Ă ǁĞďͲďĂƐĞĚ ŵĞŵďĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJ ƚŽ ŝŶĚŝǀŝĚƵĂůƐ ǁŚŽ ƵƐĞ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ ǁĞďƐŝƚĞ͘ KƵƌ ǁĞďƐŝƚĞ ĂůƐŽ ĨĞĂƚƵƌĞƐ ƌĞĂůͲƚŝŵĞ ǁĞď ĐŚĂƚ ĂƐƐŝƐƚĂŶĐĞ ĂŶĚ ǁĞďƐŝƚĞ ĂŶĂůLJƚŝĐƐ ƚŚĂƚ ŵĞĂƐƵƌĞ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƚŝŵĞ ŝŶĚŝǀŝĚƵĂůƐ ƐƉĞŶĚ ŽŶ ǁĞď ƉĂŐĞƐ ĂŶĚ ǁŚĞŶ ƚŚĞLJ Ğdžŝƚ ƚŚĞ ǁĞďƐŝƚĞ ƚŽ ĨƵƌƚŚĞƌ ƐƵƉƉŽƌƚ ƚŚŝƐ ŽďũĞĐƚŝǀĞ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ WĂŐĞ ϴ͘ϮϮͲϰ ŽĨ ϰ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚ ŽĨ ^ĞĐƚŝŽŶ ///͘s͘ DĞŵďĞƌ ŶƌŽůůŵĞŶƚ ^ĂƚŝƐĨĂĐƚŝŽŶ ^ƵƌǀĞLJ͘ ϯ͘ KƵƌ EĞǁ zŽƌŬ ^ƚĂƚĞ ŽĨ ,ĞĂůƚŚ WƌŽũĞĐƚ ŽĨĨĞƌƐ ǁĞď ĐŚĂƚ ƐĞƌǀŝĐĞƐ ƚŽ ĂƐƐŝƐƚ ƚŚĞ ƉƵďůŝĐ ĂƐ ƚŚĞLJ ŶĂǀŝŐĂƚĞ ƚŚĞ ƐƚĂƚĞ͛Ɛ ŚĞĂůƚŚ ĞdžĐŚĂŶŐĞ͘ ĨƚĞƌ ĞĂĐŚ ĐŚĂƚ͕ ǁĞ ŽĨĨĞƌ ĂŶ ŽƉƚŝŽŶĂů ƐƵƌǀĞLJ͘ /ƚ ŝŶĐůƵĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵĐŚ ĂƐ͕ ͞,Žǁ ǁŽƵůĚ LJŽƵ ƌĂƚĞ LJŽƵƌ ŽǀĞƌĂůů ĐŚĂƚ ĞdžƉĞƌŝĞŶĐĞ͍Η ĂŶĚ ͞,Žǁ ŚĞůƉĨƵů ǁĂƐ ŽƵƌ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͍͟ ǁŚŝĐŚ ǁĞ ƵƐĞ ƚŽ ĂƐƐĞƐƐ ĐƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ͘ Ŷ ŽƉƚŝŽŶĂů ŶƌŽůůŵĞŶƚ WƌŽĐĞƐƐ /ŶƚĞƌŶĞƚ ^ƵƌǀĞLJ ǁŝůů ĂƵƚŽŵĂƚŝĐĂůůLJ ďĞ ŽĨĨĞƌĞĚ Ăƚ ƚŚĞ ĞŶĚ ŽĨ Ăůů ǁĞďͲďĂƐĞĚ ĞŶƌŽůůŵĞŶƚ͘ D y/Dh^ ǁŝůů ĂĚŚĞƌĞ ƚŽ Ăůů ƐĞƌǀŝĐĞ ůĞǀĞůƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞĚ ƌĞƉŽƌƚŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ ƌĞůĂƚĞĚ ƚŽ ŵĞŵďĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJƐ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚĞ Z&W͘ džŚŝďŝƚ ϴ͘ϮϮͲϯ͗ ϮϬϭϳ ƵƐƚŽŵĞƌ ^ĂƚŝƐĨĂĐƚŝŽŶ ^ƵƌǀĞLJƐ ĨƌŽŵ ƐĞǀĞŶ ŽĨ ŽƵƌ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽŶƚƌĂĐƚƐ͘ D y/Dh^ ƉƌŽǀŝĚĞƐ Ă ĐŽŶƐŝƐƚĞŶƚ ŚŝŐŚ ƋƵĂůŝƚLJ ĐƵƐƚŽŵĞƌ ĞdžƉĞƌŝĞŶĐĞ ƌĞƐƵůƚŝŶŐ ŝŶ ĞdžĐĞƉƚŝŽŶĂů ůĞǀĞůƐ ŽĨ ĐƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ͘ RFP Section Response 8 .23 Readiness Review Section ill. W, 1-6 The Department requests the response to this settron be limited tr. tour r4; pages. 1. The Offeror must confirm adherence to the expectations of the Department and their ability and approach to meet the requirements of Section ill. W. Readiness Review. MAXIMUS con?rms that we will adhere to Department expectations and meet all requirements set forth in RFP Section W. Readiness Review. We describe our approach to meeting these requirements throughout this section of our proposal. The Department expects a quick and efficient implementation of enrollment broker services with an organized, effective, and successful readiness review. MAXIM US follows strict, proven protocols for implementation and readiness review speci?cally designed for these exact enrollment broker implementation milestones and risks. We offer DHHS a low?risk, simple readiness process that minimizes the burden on State staff by providing complete, easy to review materials and operationally-ready demonstrations on the ?rst day of readiness review. We will cooperate fully with any Department-administered readiness review. Our Implementation Team, including a PMP certi?ed project manager, will build all readiness review steps into the Implementation Plan during the initial plan creation and update any projected dates or responsibilities during our weekly implementation meetings and plan review process. We will meet with DHHS and other relevant stakeholders to define the expectations for readiness review and measurements for success. We incorporate these readiness review components into our work plan, providing the foundation for a systematic review of every aspect of the operation including all supporting infrastructure. Our plan verifies the preparedness for transition of staff, business processes, systems, data, integration points, facilities, systems infrastructure, technology networks, governance, reporting, and communications. As part of the readiness review process, MAXIMUS will submit any required documentation and validate, through walk-throughs and live demonstrations, that all required components are in place and ready to fulfill the responsibilities of this contract. Our call center, website with interactive provider directory, beneficiary platform, and mailing Operations will be completely equipped to perform operations at readiness review. Operational Stability and Low-Risk. Our system will already be tested and loaded with beneficiary data prior to day one of live 0'3 operations for a seamless, low-risk launch of services. We will need to work with Department staff to determine the AVRS needs, I map the menu requirements, obtain approved scripting, and have the scripts recorded and translated into required languages prior to the go-live. Once the AVRS set-up steps are complete, we will turn on the new number and provide live monitoring for the ?rst calls received. There will be no downtime or interruption of services during this initial launch and the beginning of services. As we will describe in the implementation Plan section which follows, our MAXIMUS Standardized Operations and Analytics Project Management Office (SOA PMO) will support this implementation. Together, they bring experience with more than 200 similar implementations and our collective best practices and proven tools. We will provide proof of the following: Our information technology team has completed all user and application testing and correction procedures The corporate Network Security Team has certified all required audits are complete and submitted required security documentation All interfaces with the Department and other entities are functioning properly and ready for real operational data We have an approved and tested Business Continuity Plan in place and provided any testing outcomes for Department review and approval Our staff has completed training, passed all training testing and certifications, and completed all required new hire processes and background checks 0 We have obtained and documented Department approval of all operational policies and processes Page 8.23-1 of 3 Post Readiness Review Changes. If through the course of the Department's readiness review it is discovered that there are corrections to be made prior to go-live, MAXIMUS will pay the costs for those required updates. We will not begin invoicing the Department until our operational readiness is approved and a start date is determined. Upon approval, we will begin invoicing the Department in accordance with the invoicing provisions set forth in the RFP. We understand that our inability to demonstrate to the Department's satisfaction that we are fully capable of performing all duties under the contract may be grounds for termination in accordance with the termination provisions and contract penalties stated in the RFP. Additional Review. The Department may conduct additional reviews and performance audits at any time in addition to the SLA and KPI report reviews. Once operations begin, our Decision Point for Business intelligence reporting platform allows the Department a transparent view into operations updated throughout each day. In addition to complying with Department reviews MAXIM US conducts its own internal project audits under the direction of our corporate Of?ce of Quality and Risk Management (QRM). The QRM Readiness Review team provides MAXIMUS leadership and the Implementation Team with an assessment report prior to go-iive and may also conduct a brief on-site assessment to verify completion and progress related to critical items. The purpose of our internal audit review process is to make certain that project implementation, execution, and management actions meet MAXIMUS and client expectations and fulfill all contractual requirements. After the Readiness Review, QRM also conducts quarterly project assessments to keep a pulse on the operation. The objectives of the QRM review process are as follows: Make certain that project contract requirements are being met and key issues and risks are being effectively managed Evaluate the extent to which the project is operating on schedule and within available resources identify any resource gaps or other management actions required to address identified opportunities for improvement Assess, encourage, and improve overall project management discipline and performance Make certain that an effective quality management system is in place and contributing to continuous performance improvement Obtain an accurate understanding of customer satisfaction and the project's management of the client relationship With the experienced MAXIMUS Implementation Team and established process described in Section 8.24: Implementation Plan, we will provide with a simple, successful, single evaluation readiness review. Exhibit 8.23-1: Read/ness Review Steps shows the internal readiness review components of our Implementation Plan. Readiness Review Steps Task Name Duration Start Finish Predecessors Resource Names Readiness Review 10 days Mon 12/3/18 Fri 12/14/18 Onslte assessment and fully operational of the following 10 days Mon 12/3/18 Fri 12/14/18 Enrollment Broker's Call Center 10 days Mon 12Project Manager, State Enrollment Broker?s Enrollment Services Website 10 days Mon 12/3/18 Fri 12/ 14/18 Project Manager, State Enrollment Broker's Beneficiary Managinent Platform 10 days Mon 12/3/ 18 Fri 12/ 14/ 18 Project Manage State Enrollment Broker?s Consolidated Provider Directory 10 days Mon 12/3/18 Fri 12/ 14/18 Project Manager, State Enrollment Broker?s mailing capability 10 days Mon 12/ 3/ 18 Fri 12/ 14/18 Project Manager, State Enrollment Broker?s integrated information technology systems 10 days Mon 12/3/18 Fri 12/ 14/18 Project Manager, State Enrollment Broker has hired and trained its staff 10 days Mon 12/3/ 18 Fri 12/14/ 18 Project Manager, State Enrollment Broker has successfully tested using mutually agreed upon testing standard all real-time, batch, and EDI interfaces with the Department and other entities (PHPs) 10 days Mon 12/3/ 18 Fri 12/ 14/ 18 Project Manager, State Page 8.23-2 of 3 DŽŶ ϭϮͬϯͬϭϴ DŽŶ ϭϮͬϯͬϭϴ &ƌŝ ϭϮͬϭϰͬϭϴ &ƌŝ Ϯͬϭͬϭϵ ϭϬ ĚĂLJƐ ϭϬ ĚĂLJƐ ϭ ĚĂLJ ϭ ĚĂLJ &ƌŝ ϭϮͬϭϰͬϭϴ &ƌŝ Ϯͬϭͬϭϵ &ƌŝ ϭϮͬϭϰͬϭϴ &ƌŝ ϭϮͬϭϰͬϭϴ WƌŽũĞĐƚ DĂŶĂŐĞƌ͕ ^ƚĂƚĞ WƌŽũĞĐƚ DĂŶĂŐĞƌ͕ ^ƚĂƚĞ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ WĂŐĞ ϴ͘ϮϯͲϯ ŽĨ ϯ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚ ŽĨ ^ĞĐƚŝŽŶ ///͘t͘ ZĞĂĚŝŶĞƐƐ ZĞǀŝĞǁ͘ Ϯ͘ ĨƚĞƌ ƚŚĞ ƌĞĂĚŝŶĞƐƐ ƌĞǀŝĞǁ ĂŶĚ ƐƵĐĐĞƐƐĨƵů ŐŽͲůŝǀĞ͕ ŽƵƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂƉƉƌŽĂĐŚ ƐĞĂŵůĞƐƐůLJ ƐŚŝĨƚƐ ƚŽ ŽƵƌ ƐƚĞĂĚLJͲƐƚĂƚĞ ŽƉĞƌĂƚŝŽŶƐ ĂƉƉƌŽĂĐŚ͘ dŚĞ ƉƌŽĐĞƐƐĞƐ ǁĞ ŚĂǀĞ ŝŵƉůĞŵĞŶƚĞĚ ďĞĐŽŵĞ ƉƌŽĐĞƐƐĞƐ ƚŚĂƚ ǁĞ ǁŽƌŬ ƚŽ ĐŽŶƚŝŶƵŽƵƐůLJ ŝŵƉƌŽǀĞ͕ ĂŶĚ ŽƵƌ ŵŽŶŝƚŽƌŝŶŐ͕ ƚƌĂŝŶŝŶŐ͕ ĂŶĚ ƋƵĂůŝƚLJ ĐŽŵƉŽŶĞŶƚƐ ƐŚŝĨƚ ĨƌŽŵ ďƵŝůĚŝŶŐ Ă ĨŽƵŶĚĂƚŝŽŶ ĨŽƌ ĞdžĐĞůůĞŶƚ ƐĞƌǀŝĐĞ ƚŽ ǀĞƌŝĨLJŝŶŐ ƚŚĂƚ ƚŚĞ ƐĞƌǀŝĐĞ ǁĞ ƉƌŽǀŝĚĞ ĐŽŶƚŝŶƵĞƐ ƚŽ ďĞ ĞdžĐĞůůĞŶƚ͘ KƵƌ ƐƵƉƉŽƌƚ ĂŶĚ ŽƉĞƌĂƚŝŽŶƐ ŵĂŶĂŐĞŵĞŶƚ ƐƚĂĨĨ ǁŽƌŬ ƐŝĚĞͲďLJͲƐŝĚĞ ǁŝƚŚ ŽƵƌ ĞdžƉĞƌƚ /ŵƉůĞŵĞŶƚĂƚŝŽŶ dĞĂŵ ĚƵƌŝŶŐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉĞƌŝŽĚ ďĞĨŽƌĞ ŐŽͲůŝǀĞ͕ ƐŽ ƚŚĞLJ ĂƌĞ ĂůƌĞĂĚLJ ŵŝĚͲƐƚƌŝĚĞ ĂƐ ƚŚĞ ďĂƚŽŶ ŝƐ ƉĂƐƐĞĚ ƚŽ ƚŚĞ WƌŽŐƌĂŵ ŝƌĞĐƚŽƌ ĨŽƌ ŽŶͲŐŽŝŶŐ ŽƉĞƌĂƚŝŽŶƐ͘ džŚŝďŝƚ ϴ͘ϮϯͲϭ͗ ZĞĂĚŝŶĞƐƐ ZĞǀŝĞǁ ^ƚĞƉƐ͘ KƵƌ WƌŽũĞĐƚ DĂŶĂŐĞƌ ǁŝůů ǁŽƌŬ ĐůŽƐĞůLJ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĐŽŶĨŝƌŵ Ăůů ƌĞĂĚŝŶĞƐƐ ƌĞǀŝĞǁ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂƌĞ ŵĞƚ͘ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŚĂƐ ƉƌŽǀŝĚĞĚ Ăůů ƌĞƋƵŝƌĞĚ ƉƌŝǀĂĐLJ ĂŶĚ ƐĞĐƵƌŝƚLJ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ĂŶĚ ŽŶƚŝŶƵŝƚLJ ŽĨ KƉĞƌĂƚŝŽŶƐ ĂŶĚ ŝƐĂƐƚĞƌ ZĞĐŽǀĞƌLJ ĚŽĐƵŵĞŶƚĂƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ĂŶLJ ƚĞƐƚ ƌĞƐƵůƚƐ͘ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŚĂƐ ĚĞǀĞůŽƉĞĚ͕ ŝŵƉůĞŵĞŶƚĞĚ ĂŶĚ ĞĂƌŶĞĚ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĂů ŽĨ Ăůů ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞƐƐ ZĞĂĚŝŶĞƐƐ ZĞǀŝĞǁ ŽŵƉůĞƚĞ 'Ž >ŝǀĞ Ͳ ^ĞƌǀŝĐĞƐ ĨŽƌ DĂŶĂŐĞĚ ĂƌĞ RFP Section Response 8'24 lire Department 79500059 to this section be limited to fifteen I18) pages, not the detailed proposed Implementation Implementation Plan pm? Section X, 1'4 1. The Offeror must confirm adherence to the expectations of the Department and describe their ability and approach to meet the requirements of Section X. Implementation Plan. MAXIMUS con?rms that we will adhere to Department expectations and meet all requirements set forth in RFP Section implementation Plan. We describe our approach to meeting these requirements throughout this section of our proposal. The North Carolina Department of Health and Human Services (DHHS) knows that change is never easy or simple. We understand that the implementation of the new North Carolina Enrollment Broker Project is not simply an issue of technology, staffing, or infrastructure, it is about helping the State and the State's citizens through a major program change. Our Medicaid managed care and enrollment broker implementation experts will work side-by?side with DH HS staff to provide support, expertise, and insight into the best practices we have honed from helping similar states through this process many times over. MAXIMUS offers the lowest risk implementation delivery of any partner. We have successfully implemented all of the technology and operational components offered for this scope of services many times and bring specific, long?term experience with transitions I to managed care. We know section 1115 waivers and all applicable Centers of Medicaid and Medicare (CMS) regulations, guidelines, and upcoming changes. Throughout the implementation process, we will provide DHHS with a collaborative partnership framed in transparency. We will identify, communication, mitigate, and resolve risks and issues together. projects nationwide, including some of the largest Medicaid operations in the United States. MAXIM US has signi?cant experience in managing all aspects of enrollment broker implementation by leveraging low risk technologies, innovative solutions, and an experienced team. In Exhibit 8.24-1: Long History of Successful Transitions, we demonstrate our experience in planning, executing, monitoring, and completing quick and ef?cient implementations of enrollment broker and similar health programs. We bring best practices and lessons learned and have proven experience managing the seamless transition of more than 100 similar ?g MAXIMUS Long History of Successful Transitions Project Location and Type New Project Implementation or Date Contract Date of Operations Implementation/Transition Duration Transition Signed Go-lee Kansas KanCare Transition September 2015 January 2016 3 months Clearinghouse West Virginia Health Transition March 2015 May 2015 3 months Benefits Manager and Enrollment Broker Project DC Health lnsura nce New Project July 2013 September 2013 2 months Exchange New York State of New Project July 2013 October 2013 3 months Health Customer Service Center Page 824-]. of 10 Ɖƌŝů ϮϬϭϯ &ĞďƌƵĂƌLJ ϮϬϭϯ sĞƌŵŽŶƚ ,ĞĂůƚŚ ŽŶŶĞĐƚ EĞǁ WƌŽũĞĐƚ ŽŶƚĂĐƚ ĞŶƚĞƌ EĞǁ WƌŽũĞĐƚ EĞǁ WƌŽũĞĐƚ dƌĂŶƐŝƚŝŽŶ dƌĂŶƐŝƚŝŽŶ dƌĂŶƐŝƚŝŽŶ dƌĂŶƐŝƚŝŽŶ EĞǁ WƌŽũĞĐƚ dƌĂŶƐŝƚŝŽŶ dƌĂŶƐŝƚŝŽŶ ŽŶŶĞĐƚŝĐƵƚ ,ĞĂůƚŚ /ŶƐƵƌĂŶĐĞ džĐŚĂŶŐĞ /ůůŝŶŽŝƐ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŽŶƚĂĐƚ ĞŶƚĞƌ >ŽƵŝƐŝĂŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ dĞdžĂƐ ůŝŐŝďŝůŝƚLJ ^ƵƉƉŽƌƚ ^ĞƌǀŝĐĞƐ WƌŽũĞĐƚ WĞŶŶƐLJůǀĂŶŝĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ EĞǁ zŽƌŬ ůŝŐŝďŝůŝƚLJ ^ƵƉƉŽƌƚ ŽůŽƌĂĚŽ ůŝŐŝďŝůŝƚLJ ĂŶĚ ŶƌŽůůŵĞŶƚ DŽĚĞƌŶŝnjĂƚŝŽŶ WĞŶŶƐLJůǀĂŶŝĂ ŶƌŽůůŵĞŶƚ ƐƐŝƐƚĂŶĐĞ WƌŽŐƌĂŵ /ŶĚŝĂŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ^ĞƉƚĞŵďĞƌ ϮϬϬϳ Ɖƌŝů ϮϬϬϵ KĐƚŽďĞƌ ϮϬϭϬ ĞĐĞŵďĞƌ ϮϬϭϬ Ɖƌŝů ϮϬϬϵ :ĂŶƵĂƌLJ ϮϬϭϭ ĞĐĞŵďĞƌ ϮϬϭϭ &ĞďƌƵĂƌLJ ϮϬϭϯ ^ĞƉƚĞŵďĞƌ ϮϬϭϯ ^ĞƉƚĞŵďĞƌ ϮϬϭϯ ^ĞƉƚĞŵďĞƌ ϮϬϭϯ ƵŐƵƐƚ ϮϬϭϯ Ϯ ŵŽŶƚŚƐ ϯ ŵŽŶƚŚƐ ϯ ŵŽŶƚŚƐ ϯ ŵŽŶƚŚƐ Ϯ͘ϱ ŵŽŶƚŚƐ Ϯ ŵŽŶƚŚƐ Ϯ ŵŽŶƚŚƐ ϯ ŵŽŶƚŚƐ ϳ ŵŽŶƚŚƐ ϱ ŵŽŶƚŚƐ ϯ ŵŽŶƚŚƐ Ϯ ŵŽŶƚŚƐ WĂŐĞ ϴ͘ϮϰͲϮ ŽĨ ϭϬ dŚĞ ƉƌŽũĞĐƚ ƚĞĂŵ ǁŝůů ǁŽƌŬ ĐůŽƐĞůLJ ǁŝƚŚ ƚŚĞ D y/Dh^ /ŵƉůĞŵĞŶƚĂƚŝŽŶ >ĞĂĚ ƚŽ ŵĞĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ ĂŶĚ ĞŶƐƵƌĞ Ă ƐŽůŝĚ ƚƌĂŶƐŝƚŝŽŶ ĂŶĚ ƚƌĂŶƐĨĞƌ ŽĨ ŬŶŽǁůĞĚŐĞ͘ KƵƌ /ŵƉůĞŵĞŶƚĂƚŝŽŶ >ĞĂĚ ŝƐ ƐƵƉƉŽƌƚĞĚ ďLJ ƚŚĞ D y/Dh^ ^ƚĂŶĚĂƌĚŝnjĞĚ KƉĞƌĂƚŝŽŶƐ ĂŶĚ ŶĂůLJƚŝĐƐ WƌŽũĞĐƚ DĂŶĂŐĞŵĞŶƚ KĨĨŝĐĞ ;^K WDKͿ ƚŚĂƚ ƉƌŽǀŝĚĞ ƚĞŵƉůĂƚĞƐ͕ ƉƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚ ĞdžƉĞƌƚŝƐĞ͕ ĂŶĚ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ƐƵƉƉŽƌƚ͘ ^K WDK ƐƚĂĨĨ ůĞĂĚ ƚŚĞ ĐŽůůĞĐƚŝŽŶ ĂŶĚ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ůĞƐƐŽŶƐ ůĞĂƌŶĞĚ ĨƌŽŵ ƚŚĞ ĞdžƚĞŶƐŝǀĞ ƉŽƌƚĨŽůŝŽ ŽĨ D y/Dh^ ƉƌŽũĞĐƚƐ͕ ĂŶĚ ĂƉƉůLJ ƚŚŝƐ ŬŶŽǁůĞĚŐĞ ƚŽ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ƚĞŵƉůĂƚĞƐ ƚŽ ďĞ ƵƐĞĚ ƚŽ ƌĞƉĞĂƚ ƐƵĐĐĞƐƐĨƵů ƉƌŽĐĞƐƐĞƐ ĚƵƌŝŶŐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ŶĞǁ ƉƌŽũĞĐƚƐ͘ tĞ ĐŽŵďŝŶĞ ƚŚĞ ŝŶƚĞƌŶĂů ĞdžƉĞƌƚŝƐĞ ŽĨ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ƉƌŽũĞĐƚ ƚĞĂŵ͕ dŚƌŽƵŐŚ ŽƵƌ ŵĂŶLJ ŝŵƉůĞŵĞŶƚĂƚŝŽŶƐ͕ D y/Dh^ ŚĂƐ ĚĞǀĞůŽƉĞĚ ĂŶ ĞĨĨĞĐƚŝǀĞ ŽƌŐĂŶŝnjĂƚŝŽŶĂů ƐƚƌƵĐƚƵƌĞ ƚŽ ƉƌŽǀŝĚĞ ƐĞĂŵůĞƐƐ ĂŶĚ ĞĨĨŝĐŝĞŶƚ ƚƌĂŶƐŝƚŝŽŶƐ͘ KƵƌ EŽƌƚŚ ĂƌŽůŝŶĂ WƌŽŐƌĂŵ ŝƌĞĐƚŽƌ ǁŝůů ǁŽƌŬ ĚŝƌĞĐƚůLJ ǁŝƚŚ ŽƵƌ EŽƌƚŚ ĂƌŽůŝŶĂ WƌŽũĞĐƚ DĂŶĂŐĞƌ ĂŶĚ ŽƵƌ /ŵƉůĞŵĞŶƚĂƚŝŽŶ >ĞĂĚ ƚŽ ĚĞůŝǀĞƌ Ă ƐĞĂŵůĞƐƐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĨŽƌ ƚŚĞ ^ƚĂƚĞ͘ dŚĞ D y/Dh^ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ƚĞĂŵ ďƌŝŶŐƐ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ŵŽƌĞ ƚŚĂŶ ϭϮϬ ŝŵƉůĞŵĞŶƚĂƚŝŽŶƐ ĂŶĚ ŚĂǀĞ ĐŽŵƉůĞƚĞĚ ƚƌĂŶƐŝƚŝŽŶƐ ǁŝƚŚ ǀĂůƵĞƐ ƌĂŶŐŝŶŐ ĨƌŽŵ ΨϱϬ͕ϬϬϬ ƚŽ Ψϭ ďŝůůŝŽŶ ĂĐƌŽƐƐ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ ĂŶĚ ŝŶƚĞƌŶĂƚŝŽŶĂůůLJ ŝŶ ŝŶĚƵƐƚƌŝĞƐ ƚŚĂƚ ŝŶĐůƵĚĞ ŚĞĂůƚŚ͕ ŚƵŵĂŶ ƐĞƌǀŝĐĞƐ͕ ŚŝŐŚĞƌ ĞĚƵĐĂƚŝŽŶ͕ ƌĞƐĞĂƌĐŚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ͕ ƐŽĨƚǁĂƌĞ͕ ĂŶĚ ƚŚĞ ƉƵďůŝĐ ƐĞĐƚŽƌ͘ /ŵƉůĞŵĞŶƚĂƚŝŽŶ dĞĂŵ džŚŝďŝƚ ϴ͘ϮϰͲϭ͗ D y/Dh^ >ŽŶŐ ,ŝƐƚŽƌLJ ŽĨ ^ƵĐĐĞƐƐĨƵů dƌĂŶƐŝƚŝŽŶƐ͘ tŽƌŬŝŶŐ ŝŶ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ŽƵƌ ƐƚĂƚĞ ĐůŝĞŶƚƐ͕ ǁĞ ƐƵĐĐĞƐƐĨƵůůLJ ŝŵƉůĞŵĞŶƚ ĂŶĚ ƚƌĂŶƐŝƚŝŽŶ ƉƌŽũĞĐƚƐ ƚŚĂƚ ƐĞƌǀĞ ƚŚŽƵƐĂŶĚƐ ŽĨ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ŽŶ ƚŝŵĞ͕ ǁŝƚŚ ůŝŵŝƚĞĚ Žƌ ŶŽ ĚŝƐƌƵƉƚŝŽŶ ŝŶ ƐĞƌǀŝĐĞ ĚĞůŝǀĞƌLJ͘ KĐƚŽďĞƌ ϮϬϬϳ :ĂŶƵĂƌLJ ϮϬϬϵ :ƵůLJ ϮϬϭϬ ƵŐƵƐƚ ϮϬϭϬ ^ĞƉƚĞŵďĞƌ ϮϬϭϬ KĐƚŽďĞƌ ϮϬϭϬ KĐƚŽďĞƌ ϮϬϭϭ EŽǀĞŵďĞƌ ϮϬϭϮ :ƵŶĞ ϮϬϭϯ EĞǁ WƌŽũĞĐƚ ,ĂǁĂŝŝ ,ĞĂůƚŚ /ŶƐƵƌĂŶĐĞ džĐŚĂŶŐĞ :ƵŶĞ ϮϬϭϯ EĞǁ WƌŽũĞĐƚ DĂƌLJůĂŶĚ ,ĞĂůƚŚ ĞŶĞĨŝƚ džĐŚĂŶŐĞ our corporate support expertise, and SOA PMO team to compile the best in class implementation team that has specific knowledge and expertise in helping clients with large enrollment broker and health operation transitions. We will structure our approach to provide a clear delineation of roles. Exhibit 8.24-2: MAXIMUS Implementation Roles shows our defined, proven implementation structure, customized for the North Carolina implementation. MAXIMUS implementation Roles Role Implementation Responsibilities Program Director 0-11 MAXIMUS overall project owner Oversight and management of all project resources Regular communication and collaboration with client stakeholders Project Manager 0-11 Day-to-day project manager Coordinates internal resources Collaborates with Implementation Lead to execute on project deliverables Technical Solution Lead 0'1 Technical solution owner Coordinates technical resources Coordinates testing and deploym ent Collaborates with implementation Lead to execute on project deliverables Implementation Lead Coordinates implementation team activities to ensure project is on track for a timely implementation Provides progress tracking and reporting Oversees risk and issue management Keeps corporate executives apprised of progress Maintains quality control of implementation plans and deliverables Management of subcontractors during implementation Privacy Verifies all systems, policies, and operational procedures align with federal, state, Department, and MAXIMUS privacy guidelines Finance Lead Manages implementation budget Trains the ongoing project finance staff Facilities Lead Leads all set-up and build out for our Raleigh location Designs offices, cubicles, walls, training space allocations Coordinates hardware and infrastructure onsite Human Capital Lead Leads recruiting, hiring, and onboarding of project staff across the State Trains the ongoing project human capital staff Project Management Office (PMO) Analyst Attends implementation status meetings, reviews deliverables, training, and work instructions, and participates in readiness review activitis Updates the implementation Plan each week and provides the weekly Summary Project Report for each week?s meeting with DHHS Coordinates the Risk and issue Management process during implementation, including the development and tracking of the RAID (Risk, Actions, issues, and Dependencies) document Business Works with the operations team, Systems Solutions Lead, and corporate systems teams to define requirements for the system components Page 8.24-3 of 10 ŽŶĨŝƌŵƐ ƚŚĂƚ ƚŚĞ ƐLJƐƚĞŵ ĐŽŶĨŝŐƵƌĂƚŝŽŶƐ ƐĂƚŝƐĨLJ ŽƉĞƌĂƚŝŽŶĂů ŶĞĞĚƐ ĂŶĚ ,,^ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽŽƌĚŝŶĂƚĞƐ ƚĞƐƚŝŶŐ ĂŶĚ ĚĞƉůŽLJŵĞŶƚ >ŝĂŝƐĞƐ ǁŝƚŚ Ăůů ƚĞĂŵƐ ƚŽ ƉƌŽǀŝĚĞ ĚĞƚĂŝůĞĚ ŝŶƚĞŐƌĂƚŝŽŶ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ĂŶĚ ĐŽŶĨŝƌŵƐ Ăůů ŶĞĐĞƐƐĂƌLJ ĂĐĐĞƐƐ ƚŽ ^ƚĂƚĞ ƐLJƐƚĞŵƐ Ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ƐƵďŵŝƚ Ă ĚĞƚĂŝůĞĚ ƉƌŽƉŽƐĞĚ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ ĨŽƌ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ^ĞƌǀŝĐĞƐ͘ „ „ „ „ „ WĂŐĞ ϴ͘ϮϰͲϰ ŽĨ ϭϬ WƌŽǀŝĚĞ ĂŶ ĞdžƉĞƌƚ /ŵƉůĞŵĞŶƚĂƚŝŽŶ dĞĂŵ ĞdžƉĞƌŝĞŶĐĞĚ ŝŶ ŝŵƉůĞŵĞŶƚŝŶŐ͕ ŽƉĞƌĂƚŝŶŐ͕ ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ ŽĨ ƐŝŵŝůĂƌ ƐŝnjĞ ĂŶĚ ƐĐŽƉĞ ^WKd>/',d >ŝŶŬ ƚŚĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ dĞĂŵ ƚŽ ĐŽƌƉŽƌĂƚĞ ƐƵƉƉŽƌƚ ƚŽ ŚĞůƉ ĞŶƐƵƌĞ ƚŚĂƚ ǁĞ >/D/E d WW>/ d/KE <>K' ŚĂǀĞ ƚŚĞ ƌŝŐŚƚ ŵŝdž ŽĨ ƐƚĂĨĨ ĂŶĚ ƌĞƐŽƵƌĐĞƐ ƚŽ ŵĞĞƚ Ăůů ƚŝŵĞůŝŶĞƐ͕ ŵŝůĞƐƚŽŶĞƐ͕ &Žƌ ŽƵƌ ƌŬĂŶƐĂƐ DĞĚŝĐĂŝĚ ƉƌŽũĞĐƚ͕ ŽƵƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĚĞůŝǀĞƌĂďůĞƐ͕ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĚƵƌŝŶŐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉƌĂĐƚŝĐĞƐ ĂŶĚ ƋƵĂůŝĨŝĞĚ ƐƚĂĨĨ ǁĞƌĞ ĂďůĞ ƚŽ ƋƵŝĐŬůLJ ŝŵƉůĞŵĞŶƚ Ă ƉŚĂƐĞ ŶĞǁ ƉƌŽũĞĐƚ ŽƉĞƌĂƚŝŽŶ ƚŽ ĞůŝŵŝŶĂƚĞ ƚŚĞ ϭϰϬ͕ϬϬϬ D '/ ĂŶĚ ^ŝnjĞ ƚŝŵĞůŝŶĞƐ ĂŶĚ ƚĂƐŬ ĚƵƌĂƚŝŽŶƐ ĂƉƉƌŽƉƌŝĂƚĞůLJ ƚŽ ĂůůŽǁ ĨŽƌ ĂĚĞƋƵĂƚĞ DĞĚŝĐĂŝĚ ĞůŝŐŝďŝůŝƚLJ ĐĂůů ďĂĐŬůŽŐ ĐĂƵƐĞĚ ďLJ ƚŚĞ ƐƚĂƚĞΖƐ ĚĞƉůŽLJŵĞŶƚ ŽĨ Ă ŶĞǁ ĞůŝŐŝďŝůŝƚLJ ƐLJƐƚĞŵ͘ tĞ ůĞǀĞƌĂŐĞĚ ĞdžŝƐƚŝŶŐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ͕ ƌĞĐƌƵŝƚŝŶŐ ĂŶĚ ŚŝƌŝŶŐ ŽĨ ƐƚĂĨĨ͕ ĂŶĚ ƚƌĂŝŶŝŶŐ D y/Dh^ ĨĂĐŝůŝƚŝĞƐ ĂŶĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂŶĚ ƉƌŽǀŝĚĞĚ Ă /ĚĞŶƚŝĨLJ ĂŶĚ ƉůĂŶ ĨŽƌ ƉŽƚĞŶƚŝĂů ƌŝƐŬƐ͕ ŝŵƉůĞŵĞŶƚŝŶŐ ŵŝƚŝŐĂƚŝŽŶ ƐƚƌĂƚĞŐŝĞƐ͕ ĂŶĚ ƐĞĂƐŽŶĞĚ ŽŶͲƐŝƚĞ ŵĂŶĂŐĞŵĞŶƚ ƚĞĂŵ͕ ǁŝƚŚ ĞdžƚĞŶƐŝǀĞ ƉůĂŶƐ ǁĞůů ĂŚĞĂĚ ŽĨ ƚŚĞ ƌŝƐŬƐ ŵĂƚĞƌŝĂůŝnjŝŶŐ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ďĂĐŬ ŽĨĨŝĐĞ ƉƌŽĐĞƐƐŝŶŐ ĨŽƌ ŐŽǀĞƌŶŵĞŶƚ ŚĞĂůƚŚ ĂŶĚ ŚƵŵĂŶ ƐĞƌǀŝĐĞƐ ƉƌŽŐƌĂŵƐ͘ tĞ ĞůŝŵŝŶĂƚĞĚ ƚŚĞ ^ƚĂƚĞΖƐ WƌĂĐƚŝĐĞ Ă ƉŚŝůŽƐŽƉŚLJ ŽĨ ƚƌĂŶƐƉĂƌĞŶĐLJ ǁŝƚŚ ,,^ ƚŚƌŽƵŐŚŽƵƚ ďĂĐŬůŽŐ ŝŶ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϲ ŵŽŶƚŚƐ͘ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂŶĚ ŽŶŐŽŝŶŐ ŽƉĞƌĂƚŝŽŶƐ ƐŽ ƚŚĂƚ ǁĞ ŽƉĞŶůLJ ĚŝƐĐƵƐƐ ĂŶĚ ũŽŝŶƚůLJ ƌĞƐŽůǀĞ ŝƐƐƵĞƐ WD K< ƉƌŝŶĐŝƉůĞƐ ƚŚĂƚ ĂƉƉůLJ ƚŽ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŝŶĐůƵĚĞ ƚŚĞ ĨŽůůŽǁŝŶŐ͗ dŚĞ D y/Dh^ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ ĚĞǀĞůŽƉŵĞŶƚ ĨŽůůŽǁƐ Ă ĚŝƐĐŝƉůŝŶĞĚ ĂƉƉƌŽĂĐŚ ďĂƐĞĚ ŽŶ WD K< ŵĞƚŚŽĚŽůŽŐŝĞƐ ĂŶĚ ƐƚĂŶĚĂƌĚƐ ĞƐƚĂďůŝƐŚĞĚ ďLJ ƚŚĞ WƌŽũĞĐƚ DĂŶĂŐĞŵĞŶƚ /ŶƐƚŝƚƵƚĞ ;WD/Ϳ ĨŽƌ ƉƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĐŽŶƚƌŽů͘ KƵƌ ƵƐĞ ŽĨ WD K<ͲďĂƐĞĚ ŵĞƚŚŽĚŽůŽŐŝĞƐ ĂŶĚ ƐƚĂŶĚĂƌĚƐ ĨŽƌ ƚŚŝƐ ƉƌŽũĞĐƚ ŚĞůƉƐ ĞŶƐƵƌĞ ƚŚĂƚ Ăůů ƚĂƐŬƐ ĂƌĞ ŝĚĞŶƚŝĨŝĞĚ͕ ƌĞƐŽƵƌĐĞƐ ĂƌĞ ƐĞĐƵƌĞĚ͕ ƉƌŽŐƌĞƐƐ ŽĐĐƵƌƐ ĂƐ ƐĐŚĞĚƵůĞĚ͕ ƌŝƐŬƐ ĂƌĞ ĂǀĞƌƚĞĚ Žƌ ŵĂŶĂŐĞĚ ƚŽ ƌĞĚƵĐĞ ƚŚĞŝƌ ŝŵƉĂĐƚ͕ ĂŶĚ ĂĐĐŽƵŶƚĂďŝůŝƚLJ ĂĐƌŽƐƐ ƚŚĞ ƉƌŽũĞĐƚ ŝƐ ĞŶĨŽƌĐĞĚ͘ LJ ĨŽůůŽǁŝŶŐ ƉƌŽǀĞŶ ƉƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚ ĐŽŶƚƌŽůƐ ƐƵĐŚ ĂƐ WD K<͕ ǁĞ ŚĂǀĞ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ĚĞƉůŽLJ ƚŚĞ ƌŝŐŚƚ ƐƚĂĨĨ ƌĞƐŽƵƌĐĞƐ͕ ƐLJƐƚĞŵƐ ƐƵƉƉŽƌƚ͕ ĂŶĚ ďƵƐŝŶĞƐƐ ƉƌŽĐĞƐƐĞƐ ƚŽ ŵĞĞƚ Ăůů ŽĨ ,,^͛Ɛ ƚŝŵĞĨƌĂŵĞƐ͕ ĚĞůŝǀĞƌĂďůĞƐ͕ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ƐƚĂŶĚĂƌĚƐ͘ tĞ ƐƵďŵŝƚ Ă ƐĂŵƉůĞ EŽƌƚŚ ĂƌŽůŝŶĂ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ ĐƌĞĂƚĞĚ ƵƐŝŶŐ DŝĐƌŽƐŽĨƚ WƌŽũĞĐƚ͕ ǁŝƚŚ ĚĞƚĂŝůĞĚ ǁŽƌŬ ďƌĞĂŬĚŽǁŶ ƐƚƌƵĐƚƵƌĞ ;t ^Ϳ͕ ĂƐ ƉƉĞŶĚŝdž ϴ͘ϮϰͲϭ͘ Ɛ ŶĞǁ ŝŶĨŽƌŵĂƚŝŽŶ ďĞĐŽŵĞƐ ĂǀĂŝůĂďůĞ͕ ǁĞ ǁŝůů ƵƉĚĂƚĞ ƚŚŝƐ ĚƌĂĨƚ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ͕ ƚŽ ďĞ ƌĞĂĚLJ ĨŽƌ ƌĞǀŝĞǁ ƉƌŝŽƌ ƚŽ ƚŚĞ ĐŽŶƚƌĂĐƚ ƐƚĂƌƚ ĚĂƚĞ͘ tĞ ǁŝůů ƉƌĞƐĞŶƚ ƚŚĞ ƵƉĚĂƚĞĚ ƉůĂŶ ĚƵƌŝŶŐ ƚŚĞ ŝŶŝƚŝĂů ŬŝĐŬͲŽĨĨ ŵĞĞƚŝŶŐ͘ dŚĞ ŝŶŝƚŝĂů ŬŝĐŬͲŽĨĨ ŵĞĞƚŝŶŐ ĂůůŽǁƐ D y/Dh^ ĂŶĚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ǁŽƌŬ ƚŽŐĞƚŚĞƌ ƚŽ ŝĚĞŶƚŝĨLJ ƐĐŚĞĚƵůĞƐ͕ ĚĞƉĞŶĚĞŶĐŝĞƐ͕ ĂŶĚ ĚĞĨŝŶĞ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘ tĞ ǁŝůů ĐŽůůĂďŽƌĂƚŝǀĞůLJ ĞƐƚĂďůŝƐŚ ĂĐĐĞƉƚĂŶĐĞ ĐƌŝƚĞƌŝĂ ĨŽƌ Ăůů ĚĞůŝǀĞƌĂďůĞƐ ĚƵƌŝŶŐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ ĂƐ ǁĞůů ĂƐ ƚŚƌŽƵŐŚ ƚŚĞ ĐŽŶƚƌĂĐƚ ƚĞƌŵ͘ D y/Dh^ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĚƵƌŝŶŐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƚŽ ĞƐƚĂďůŝƐŚ Ă ƐĐŚĞĚƵůĞ ĨŽƌ ŬĞLJ ĂĐƚŝǀŝƚŝĞƐ ĂŶĚ ĚĞĨŝŶĞ ĞdžƉĞĐƚĂƚŝŽŶƐ ĨŽƌ ƚŚĞ ĐŽŶƚĞŶƚ ĂŶĚ ĨŽƌŵĂƚ ŽĨ ĐŽŶƚƌĂĐƚ ĚĞůŝǀĞƌĂďůĞƐ ƚŚƌŽƵŐŚ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉĞƌŝŽĚ ĂŶĚ ĨŝƌƐƚ LJĞĂƌ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ͘ dŚĞ ĐŽŵďŝŶĞĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƚĞĂŵ ĨĂĐŝůŝƚĂƚĞƐ ŚĂŶĚƐͲŽŶ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ďLJ ƵƚŝůŝnjŝŶŐ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ĚƵƌŝŶŐ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉƌŽĐĞƐƐ͖ ƚŚĞLJ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ ĂŶ ŝŵƉŽƌƚĂŶƚ ƉĂƌƚ ŽĨ ƚŚĞŝƌ ƌŽůĞ ŝƐ ŵĂŶĂŐŝŶŐ ŬĞLJ ŵŝůĞƐƚŽŶĞƐ ĂŶĚ ĚĞůŝǀĞƌĂďůĞƐ͕ ĂŶĚ ƉĂƌƚŶĞƌŝŶŐ ǁŝƚŚ ƚŚĞ ƉƌŽũĞĐƚ ƚĞĂŵ ƚŽ ĐŽŵƉůĞƚĞ Ăůů ĂĐƚŝǀŝƚŝĞƐ ŽŶ ƚŝŵĞ ĂŶĚ ǁŝƚŚ ƋƵĂůŝƚLJ͘ džŚŝďŝƚ ϴ͘ϮϰͲϮ͗ D y/Dh^ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ZŽůĞƐ͘ D y/Dh^ ďƌŝŶŐƐ Ă ƐƉĞĐŝĂůŝnjĞĚ ^K ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƚĞĂŵ ƚŽ ĂƐƐŝƐƚ EŽƌƚŚ ĂƌŽůŝŶĂ ĚƵƌŝŶŐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉĞƌŝŽĚ͘ „ „ „ WƌŽǀŝĚĞ Ă ĐůĞĂƌůLJ ǁƌŝƚƚĞŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ ƐĐŽƉĞ͕ ƚŝŵĞůŝŶĞƐ͕ ĂŶĚ ĞdžƉĞĐƚĂƚŝŽŶƐ ƐŽ ƚŚĂƚ ďŽƚŚ ,,^ ĂŶĚ D y/Dh^ ŵĂŶĂŐĞ ƚŽ ƚŚĞ ƐĂŵĞ ĞdžƉĞĐƚĂƚŝŽŶƐ WĂŐĞ ϴ͘ϮϰͲϱ ŽĨ ϭϬ hƉŽŶ ŵƵƚƵĂů ĂŐƌĞĞŵĞŶƚ ĚĞƌŝǀĞĚ ƚŚƌŽƵŐŚ ĐŽůůĂďŽƌĂƚŝŽŶ͕ ǁĞ ǁŝůů ƐƵďŵŝƚ ŽƵƌ ŽĨĨŝĐŝĂů /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ ŶŽ ůĂƚĞƌ ƚŚĂŶ ϯϬ ĚĂLJƐ ĂĨƚĞƌ ƚŚĞ ŽŶƚƌĂĐƚ ĨĨĞĐƚŝǀĞ ĂƚĞ͘ tĞ ĂůƐŽ ŵĂŝŶƚĂŝŶ Ă Z / ;ZŝƐŬ͕ ĐƚŝŽŶƐ͕ /ƐƐƵĞƐ͕ ĂŶĚ ĞƉĞŶĚĞŶĐŝĞƐͿ ƚƌĂĐŬŝŶŐ ĚŽĐƵŵĞŶƚ ĚƵƌŝŶŐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂŶĚ ƉƌŽǀŝĚĞ ĂŶ ĂĚĚŝƚŝŽŶĂů ŝŶƚĞƌŶĂů ƌĞĂĚŝŶĞƐƐ ƌĞǀŝĞǁ ƉƌŽĐĞƐƐ͘ džŚŝďŝƚ ϴ͘ϮϰͲϯ͗ ůĞŵĞŶƚƐ ŽĨ Ă ^ƵĐĐĞƐƐĨƵů /ŵƉůĞŵĞŶƚĂƚŝŽŶ͘ KƵƌ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ ŝƐ ĚĞƐŝŐŶĞĚ ƚŽ ĞǀŽůǀĞ ĂƐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉƌŽĐĞĞĚƐ ƚŚƌŽƵŐŚ ƚŚĞ ŝŶŝƚŝĂů ƐƚĂŐĞƐ ƚŽ ƌĞĂĚŝŶĞƐƐ ƌĞǀŝĞǁ ĂŶĚ ŐŽͲůŝǀĞ͘ džŚŝďŝƚ ϴ͘ϮϰͲϯ͗ ůĞŵĞŶƚƐ ŽĨ Ă ^ƵĐĐĞƐƐĨƵů /ŵƉůĞŵĞŶƚĂƚŝŽŶ ƐŚŽǁƐ ƐŽŵĞ ŽĨ ƚŚĞ ĞůĞŵĞŶƚƐ ǁĞ ĐŽŶƐŝĚĞƌ ĂƐ ǁĞ ĚĞǀĞůŽƉ ŽƵƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂŶĚ ůĞĂĚ ŽƵƌ ƚĞĂŵƐ ƚŚƌŽƵŐŚ Ă ƐƵĐĐĞƐƐĨƵů ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ tĞ ǁŝůů ĚĞƐŝŐŶ ŽƵƌ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ͕ ĂƐ ǁĞůů ĂƐ ŽǀĞƌĂůů ƉƌŽũĞĐƚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ ƐƚĂĨĨŝŶŐ ĚĞƐŝŐŶ͕ ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ƉŽůŝĐŝĞƐ͕ ƚŽ ĞŶĂďůĞ ƐƵĐĐĞƐƐĨƵů ĚĞůŝǀĞƌLJ ŽĨ Ăůů ƚŚĞ ŵĞĂƐƵƌĞŵĞŶƚƐ ůŝƐƚĞĚ ŝŶ dĂďůĞ ϲ ʹ <ĞLJ ^ĞƌǀŝĐĞ DĞƚƌŝĐƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĐŽŶƚƌĂĐƚ ƚĞƌŵ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ŵĞƚƌŝĐƐ ĂŶĚ ƌĞƉŽƌƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ŝŶŝƚŝĂů ƵƉůŽĂĚ ŽĨ ƚŚĞ ĞůŝŐŝďŝůŝƚLJ ĨŝůĞ͕ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ŝŶƚĞŐƌĂƚŝŽŶ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ͘ tĞ ƚƌĂĐŬ Ăůů ŬĞLJ ĚĞůŝǀĞƌĂďůĞƐ͕ ĂĐƚŝǀŝƚŝĞƐ͕ ĂŶĚ ƚĂƐŬƐ͕ ŝŶĐůƵĚŝŶŐ ŬŶŽǁůĞĚŐĞ ĂŶĚ ĚĂƚĂ ƚƌĂŶƐĨĞƌ͕ ƚĞĐŚŶŽůŽŐLJ͕ ĨĂĐŝůŝƚŝĞƐ͕ ĞƋƵŝƉŵĞŶƚ͕ ƐƵƉƉůŝĞƐ͕ ƐƚĂĨĨ͕ ƚƌĂŝŶŝŶŐ͕ ĂŶĚ ǁŽƌŬ ŝŶƐƚƌƵĐƚŝŽŶ ĚĞǀĞůŽƉŵĞŶƚ͘ tĞ ƚƌĂĐŬ ƌĞƐŽƵƌĐĞƐ͕ ƚŝŵĞĨƌĂŵĞƐ͕ ĚĞƉĞŶĚĞŶĐŝĞƐ͕ ĂŶĚ ŵŝůĞƐƚŽŶĞƐ͘ KƵƌ tŽƌŬ WůĂŶ ŝŶĐůƵĚĞƐ ƚŚĞ ƐĞƋƵĞŶĐŝŶŐ ŽĨ ŵĂũŽƌ ƚĂƐŬƐ ĂŶĚ ƐƵďƚĂƐŬƐ͕ ĂŶĚ ƚŚĞ ƌĞƐŽƵƌĐĞƐ ĂƐƐŝŐŶĞĚ ƚŽ ĞĂĐŚ͘ tĞ ďƵŝůĚ ĐŚĞĐŬƉŽŝŶƚƐ ŝŶƚŽ ƚŚĞ WůĂŶ ĨŽƌ ĞǀĂůƵĂƚŝŶŐ ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ ƌŝƐŬ͕ ĂŶĚ ŝĚĞŶƚŝĨLJ ŶĞĐĞƐƐĂƌLJ ĐŽŶƚŝŶŐĞŶĐLJ ƉůĂŶƐ ƚŽ ƐƚĂLJ ŽŶ ĐŽƵƌƐĞ͘ dŚŝƐ WůĂŶ ŝƐ ĚLJŶĂŵŝĐ ĂŶĚ ƵƉĚĂƚĞĚ ƌĞŐƵůĂƌůLJ͘ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ ^ƵƉƉŽƌƚ „ /ŶƚƌŽĚƵĐĞ D y/Dh^ ĂŶĚ ŬĞLJ ŵĂŶĂŐĞŵĞŶƚ ƐƚĂĨĨ ƚŽ ,,^ ƉƌŽũĞĐƚ ƐƚĂĨĨ͕ ŝƐĐƵƐƐ ƚŚĞ ǁŽƌŬ ƉůĂŶ ĂŶĚ ƐĐŚĞĚƵůĞ͕ ĂĚĚƌĞƐƐŝŶŐ ƚŚĞ ƉƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ƚŚĂƚ ĂƌĞ ƉƌŽƉŽƐĞĚ ƚŽ ŵĂŶĂŐĞ ƚŚĞ ĞĨĨŽƌƚ džĐŚĂŶŐĞ ĞŵĂŝů ĂĚĚƌĞƐƐĞƐ ĂŶĚ ŽĨĨŝĐĞ ĂŶĚ ĐĞůů ƉŚŽŶĞ ŶƵŵďĞƌƐ ^ĐŚĞĚƵůĞ ŝŶŝƚŝĂů ƉƌŽũĞĐƚ ŐŽǀĞƌŶĂŶĐĞ ĂĐƚŝǀŝƚŝĞƐ ƚŽ ŝŶŝƚŝĂƚĞ ƚŚĞ ƉƌŽũĞĐƚ ĞƐĐƌŝďĞ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ŝŶĐůƵĚŝŶŐ ƐƉĞĐŝĨŝĐ ƌĞƋƵĞƐƚƐ͕ ƋƵĞƐƚŝŽŶƐ͕ ĂŶĚ Ă ƉƌĞůŝŵŝŶĂƌLJ ƐĐŚĞĚƵůĞ ĨŽƌ ĚŝƐĐƵƐƐŝŽŶ ĂƐƐĞƐƐĞĚ ƚŚĞ ŶĞƚǁŽƌŬ ĂĚĞƋƵĂĐLJ ŽĨ ƉƌŽǀŝĚĞƌƐ ŝŶ ĞĂĐŚ ŽĨ ƚŚĞ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŚĞĂůƚŚ ƉůĂŶƐ͘ tĞ ĐŽůůĞĐƚĞĚ ĚĂƚĂ ŽŶ ƉƌŽǀŝĚĞƌƐ ĨƌŽŵ ƚŚĞ ŚĞĂůƚŚ ƉůĂŶƐ͖ ĐŽŶĚƵĐƚĞĚ Ă ƐƵƌǀĞLJ ŽĨ ƉƌŽǀŝĚĞƌƐ͕ ŝŶĐůƵĚŝŶŐ ŵĂŝů͕ ƉŚŽŶĞ ĂŶĚ ŽŶůŝŶĞ ŽƉƚŝŽŶƐ͖ ŵĂƉƉĞĚ ƉƌŽǀŝĚĞƌ ĂŶĚ ŵĞŵďĞƌ njŝƉ ĐŽĚĞƐ ƚŽ ŵĞĂƐƵƌĞ ƚŚĞ ĐŽƵŶƚ ŽĨ ƉƌŽǀŝĚĞƌƐ ǁŝƚŚŝŶ ĐĞƌƚĂŝŶ ĚŝƐƚĂŶĐĞƐ ŽĨ ƉŽƚĞŶƚŝĂů ŵĞŵďĞƌƐ͖ ĐŽŵƉĂƌĞĚ ƉůĂŶƐ ǁŝƚŚŝŶ Ă ƐĞƌǀŝĐĞ ĂƌĞĂ͖ ĂŶĚ ĐƌĞĂƚĞĚ Ă ŵĞŵďĞƌͬƉƌŽǀŝĚĞƌ ƌĂƚŝŽ͘ KƵƌ ŶĞƚǁŽƌŬ ĂĚĞƋƵĂĐLJ ĂƐƐĞƐƐŵĞŶƚ ŝŶĐůƵĚĞĚ ŚŽƐƉŝƚĂůƐ͕ ƉƌŝŵĂƌLJ ĐĂƌĞ ƉƌŽǀŝĚĞƌƐ͕ ƐƉĞĐŝĂůƚLJ ƉƌŽǀŝĚĞƌƐ͕ ŽƵƚƉĂƚŝĞŶƚ ďĞŚĂǀŝŽƌĂů ŚĞĂůƚŚ͕ ŵĞŶƚĂů ŚĞĂůƚŚ ƌĞŚĂďŝůŝƚĂƚŝŽŶ ƐĞƌǀŝĐĞƐ͕ ƚĂƌŐĞƚĞĚ ĐĂƐĞ ŵĂŶĂŐĞŵĞŶƚ͕ ŚŽƐƉŝƚĂůƐ͕ ĂŶĚ ƉŚĂƌŵĂĐŝĞƐ͘ WĂŐĞ ϴ͘ϮϰͲϲ ŽĨ ϭϬ dŽŐĞƚŚĞƌ͕ ǁĞ ǁŝůů ŵŽŶŝƚŽƌ ŽƵƌ ƉůĂŶ ĂŶĚ ƐĐŚĞĚƵůĞ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ǁĞ ŝĚĞŶƚŝĨLJ ĂŶLJ ƉƌŽďůĞŵƐ ĞdžƉĞĚŝƚŝŽƵƐůLJ ĂŶĚ ĐŽŶƚŝŶƵŽƵƐůLJ ƚƌĂĐŬ ĂŶĚ ĐŽŶƚƌŽů ƉůĂŶƐ ĨŽƌ ƌŝƐŬ ŵŝƚŝŐĂƚŝŽŶ ƉƌŝŽƌ ƚŽ ĂŶĚ ĚƵƌŝŶŐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ tĞ ĂůƐŽ ŵĂŝŶƚĂŝŶ ĂŶ ŝƐƐƵĞ ƌĞƐŽůƵƚŝŽŶ ƉůĂŶ ƚŚĂƚ ŝŶĚŝĐĂƚĞƐ ǁŚĞŶ ĂŶ ŝƐƐƵĞ ŶĞĞĚƐ ƚŽ ďĞ ĞƐĐĂůĂƚĞĚ Žƌ D y/Dh^ ĂůǁĂLJƐ ƌĞĐŽŵŵĞŶĚƐ ǁĞĞŬůLJ /ŵƉůĞŵĞŶƚĂƚŝŽŶ dĞĂŵ ŵĞĞƚŝŶŐƐ͕ ŝŶĐůƵĚŝŶŐ ĞƉĂƌƚŵĞŶƚ ƐƚĂĨĨ͕ ƚŽ ƌĞǀŝĞǁ ŽƵƌ ǁĞĞŬůLJ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉƌŽŐƌĞƐƐ ƌĞƉŽƌƚƐ ĂŶĚ ŵĂŬĞ ƵƉĚĂƚĞƐ ƚŽ ƚŚĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ͘ ĂĐŚ ǁĞĞŬ͕ ǁĞ ƉƌŽǀŝĚĞ ĂŶ ƵƉĚĂƚĞĚ DŝĐƌŽƐŽĨƚ WƌŽũĞĐƚ ƐĐŚĞĚƵůĞ͕ ĂƐ ƌĞƋƵŝƌĞĚ͕ ĂŶĚ ĂŶ ĂĚĚŝƚŝŽŶĂů ƐƚĂƚƵƐ ƌĞƉŽƌƚ ƚŽ ŚŝŐŚůŝŐŚƚ ƚŚĞ ǁĞĞŬ͛Ɛ ƵƉĚĂƚĞƐ͕ ĐŚĂŶŐĞƐ͕ ĂŶĚ ƵƉĐŽŵŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͘ dŚŝƐ ŚĞůƉƐ ŵĂŝŶƚĂŝŶ Ă ĐŽůůĂďŽƌĂƚŝǀĞ ƉƌŽĐĞƐƐ ĂŶĚ ŬĞĞƉ ƚŚĞ ĐůŝĞŶƚ ŝŶĨŽƌŵĞĚ ŽĨ ĂŶLJ ŝƐƐƵĞƐ͕ ĐŽŶĐĞƌŶƐ Žƌ ĂƌĞĂƐ ŽĨ ƐƵĐĐĞƐƐ͘ KƵƌ ƐƚĂŶĚĂƌĚ ƉƌŽũĞĐƚ ƌĞƉŽƌƚ ĨŽƌŵĂƚ ;ǁŚŝĐŚ ǁĞ ǁŝůů ĂĚũƵƐƚ ƚŽ ƚŚĞ ^ƚĂƚĞ͛Ɛ ƐƉĞĐŝĨŝĐ ŶĞĞĚƐͿ ŝŶĐůƵĚĞƐ ƚŚĞ ƐƚĂƚƵƐ ŽĨ ĞĂĐŚ ƚĂƐŬ͕ ƐƵďƚĂƐŬ͕ ĂŶĚ ĚĞůŝǀĞƌĂďůĞ ŝŶ ƚŚĞ t ^ ĂƐ ƐŚŽǁŶ ŝŶ džŚŝďŝƚ ϴ͘ϮϰͲϰ͗ tĞĞŬůLJ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WƌŽŐƌĞƐƐ ZĞƉŽƌƚ͘ tĞ ǁŝůů ĐŽŶƚŝŶƵĞ ŵĞĞƚŝŶŐ ĂŶĚ ĚĞůŝǀĞƌŝŶŐ ƚŚŝƐ ƌĞƉŽƌƚ ĨŽƌ ƵƉ ƚŽ ƚŚƌĞĞ ŵŽŶƚŚƐ ĂĨƚĞƌ ƐƵĐĐĞƐƐĨƵů ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ tĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ ƚŚĞ ĨŝƌƐƚ ƚŚƌĞĞ ŵŽŶƚŚƐ ĂƌĞ ŽĨƚĞŶ Ă ƉĞƌŝŽĚ ŽĨ ĂĚũƵƐƚŵĞŶƚ ǁŚŝĐŚ ƌĞƋƵŝƌĞƐ ĐůŽƐĞ ĐŽůůĂďŽƌĂƚŝŽŶ ǁŝƚŚ ŽƵƌ ƐƚĂƚĞ ƉĂƌƚŶĞƌƐ ǁŝƚŚ Ă ŚĞŝŐŚƚĞŶĞĚ ĂǁĂƌĞŶĞƐƐ ŽĨ ƉŽƚĞŶƚŝĂů ƌŝƐŬƐ ĂŶĚ ŝƐƐƵĞƐ͘ KŶŐŽŝŶŐ DĞĞƚŝŶŐƐ ĂŶĚ WƌŽŐƌĞƐƐ ZĞƉŽƌƚŝŶŐ KƵƌ ƐƵďũĞĐƚ ŵĂƚƚĞƌ ĞdžƉĞƌƚƐ ĨƌĞƋƵĞŶƚůLJ ƉƌŽǀŝĚĞ ĨĞĞĚďĂĐŬ ƚŚĂƚ ŽƵƌ ƐƚĂƚĞ ĐůŝĞŶƚƐ ĐŚŽŽƐĞ ƚŽ ŝŶĐŽƌƉŽƌĂƚĞ͕ ŽĨƚĞŶ ŝŵƉƌŽǀŝŶŐ ĞdžŝƐƚŝŶŐ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞƐƐĞƐ ƚŽ ĐƌĞĂƚĞ ƐƵƌƉƌŝƐŝŶŐ ĞĨĨŝĐŝĞŶĐŝĞƐ͘ tĞ ďĞůŝĞǀĞ ŵƵĐŚ ŽĨ ŽƵƌ ƐƵĐĐĞƐƐ ŝƐ ƌŽŽƚĞĚ ŝŶ ƉĞƌĨŽƌŵĂŶĐĞ͕ ďƵƚ ƉĞƌĨŽƌŵĂŶĐĞ ƌĞƋƵŝƌĞƐ ĂůŝŐŶŵĞŶƚ ƚŽ ŽďũĞĐƚŝǀĞƐ ǁŚŝĐŚ ƌĞƋƵŝƌĞƐ ĐŽůůĂďŽƌĂƚŝŽŶ͘ tĞ ŚŽƉĞ ƚŽ ŚĂǀĞ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ǁŽƌŬ ĐůŽƐĞůLJ ǁŝƚŚ ĞƉĂƌƚŵĞŶƚ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ŚŽǁ ǁĞ ǁŝůů ĐŽŶƚŝŶƵŽƵƐůLJ ŝŵƉƌŽǀĞ ĞŶƌŽůůŵĞŶƚ ĂŶĚ ŽƵƚƌĞĂĐŚ ĨŽƌ EŽƌƚŚ ĂƌŽůŝŶĂ ĐŝƚŝnjĞŶƐ͘ D y/Dh^ ŬŶŽǁƐ ƚŚĂƚ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ Ă ĐŽŵƉůĞdž ŐŽǀĞƌŶŵĞŶƚ ƐĞƌǀŝĐĞƐ ƉƌŽũĞĐƚ ĚĞƉĞŶĚƐ ŽŶ ŚŽŶĞƐƚ͕ ƚƌĂŶƐƉĂƌĞŶƚ͕ ĂŶĚ ĨƌĞƋƵĞŶƚ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ǁŝƚŚ ŽƵƌ ĐůŝĞŶƚ ĂŶĚ ƌĞůĞǀĂŶƚ ƐƚĂŬĞŚŽůĚĞƌƐ͘ KƵƌ ďĞƐƚͲƌƵŶ ƉƌŽũĞĐƚƐ ĂƌĞ ƚŚĞ ŽŶĞƐ ǁŚĞƌĞ ǁĞ ŚĂǀĞ Ă ĐŽůůĂďŽƌĂƚŝǀĞ ƌĞůĂƚŝŽŶƐŚŝƉ ǁŝƚŚ ƚŚĞ ^ƚĂƚĞ ĂŶĚ ƐŚĂƌĞ ŝŶ ƉƌŽďůĞŵ ƐŽůǀŝŶŐ ĂŶĚ ƉƌŽŐƌĂŵ ĚĞǀĞůŽƉŵĞŶƚ ŝŶŝƚŝĂƚŝǀĞƐ͘ tĞ ĂůƐŽ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ ďƵŝůĚŝŶŐ ƚŚĞ ĐŽůůĂďŽƌĂƚŝǀĞ ƌĞůĂƚŝŽŶƐŚŝƉ ďĞŐŝŶƐ ǁŝƚŚ D y/Dh^͘ DĂŬŝŶŐ ƐƵƌĞ ƚŚĞ ƌĞůĂƚŝŽŶƐŚŝƉ ƐƚĂLJƐ ĐŽůůĂďŽƌĂƚŝǀĞ ŝƐ ĂůƐŽ ŽƵƌ ƌĞƐƉŽŶƐŝďŝůŝƚLJ͘ dŚĞ ŬŝĐŬͲŽĨĨ ŵĞĞƚŝŶŐ ƐĞƚƐ ƚŚĞ ƚŽŶĞ ĨŽƌ ƚŚĞ ĞŶƚŝƌĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ &Žƌ ƚŚŝƐ ĞĨĨŽƌƚ͕ ŽƵƌ ĨŽĐƵƐ ŝƐ ŽŶ ƚƌĂŶƐƉĂƌĞŶĐLJ ĂŶĚ ĐŽůůĂďŽƌĂƚŝŽŶ ĂƐ ǁĞ ŚĞůƉ EŽƌƚŚ ĂƌŽůŝŶĂ ƚŽ ŶĂǀŝŐĂƚĞ ƚŚĞ ĐŽŵƉůĞdžŝƚŝĞƐ ŽĨ ƚƌĂŶƐŝƚŝŽŶŝŶŐ ƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ͘ „ „ „ „ „ ƚ ƚŚŝƐ ŵĞĞƚŝŶŐ͕ ǁĞ ǁŝůů͗ <ŝĐŬͲŽĨĨ ŵĞĞƚŝŶŐƐ ĂƌĞ ĂŶ ĞƐƐĞŶƚŝĂů ƐƚĞƉ ŝŶ ĚĞǀĞůŽƉŝŶŐ Žƌ ĐŽŶƚŝŶƵŝŶŐ ƚŚĞ ƌĞůĂƚŝŽŶƐŚŝƉƐ ĂŶĚ ŵƵƚƵĂů ƐƵƉƉŽƌƚ ƚŚĂƚ ĂƌĞ ĐƌŝƚŝĐĂů ƚŽ Ă ƐƵĐĐĞƐƐĨƵů ƉƌŽũĞĐƚ͘ /ŵŵĞĚŝĂƚĞůLJ ƵƉŽŶ ĐŽŶƚƌĂĐƚ ĂǁĂƌĚ͕ D y/Dh^ ǁŝůů ƐĐŚĞĚƵůĞ Ă ŬŝĐŬͲŽĨĨ ŵĞĞƚŝŶŐ ^WKd>/',d ǁŝƚŚ ,,^ ƚŽ ƐŽůŝĚŝĨLJ ŽƵƌ ƉĂƌƚŶĞƌƐŚŝƉ ĨŽƌ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͕ ŐĂŝŶ tKZĞĂĚ͕ ĂůŽŶŐ tĞ ƌĞĐĞŶƚůLJ ĂƐƐŝƐƚĞĚ dĞdžĂƐ ŝŶ ƚƌĂŶƐŝƚŝŽŶŝŶŐ ƚŚĞ ^d Z <ŝĚƐ ǁŝƚŚ ŽƚŚĞƌ ŬĞLJ ƉĞƌƐŽŶŶĞů͕ ǁŝůů ďĞ ƉƌĞƐĞŶƚ ƚŽ ĞdžƉůĂŝŶ ŽƵƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉůĂŶƐ͕ ƉƌŽŐƌĂŵ ʹ ϭϳϬ͕ϬϬϬ ĐŚŝůĚƌĞŶ ǁŝƚŚ ĚŝƐĂďŝůŝƚŝĞƐ ʹ ŝŶƚŽ ŵĂŶĂŐĞĚ ĂŶƐǁĞƌ ƋƵĞƐƚŝŽŶƐ͕ ĂŶĚ ƐĞĞŬ ŝŶƉƵƚ ĨƌŽŵ ,,^͘ ĐĂƌĞ͘ Ɛ ĂŶ ĂĚũƵŶĐƚ ƚŽ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ƐĞƌǀŝĐĞƐ͕ ǁĞ ĂůƐŽ <ŝĐŬͲKĨĨ DĞĞƚŝŶŐ WĂŐĞ ϴ͘ϮϰͲϳ ŽĨ ϭϬ tŚŝůĞ ĨĂĐĞͲƚŽͲĨĂĐĞ ŵĞĞƚŝŶŐƐ ĂƌĞ ƚŚĞ ďĂƐŝƐ ĨŽƌ ŵƵĐŚ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĂŵŽŶŐ ƚŚĞ ĞŶƚŝƌĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƚĞĂŵ͕ Ă ĨŽƌŵĂů ǁƌŝƚƚĞŶ ƉƌŽŐƌĞƐƐ ƌĞƉŽƌƚ ŝƐ Ă ĐƌŝƚŝĐĂů ƚƌĂĐŬŝŶŐ ƚŽŽů͘ tĞ ǁŝůů ĚĞůŝǀĞƌ Ă ǁĞĞŬůLJ ƉƌŽŐƌĞƐƐ ƌĞƉŽƌƚ ƚŽ ,,^ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉŚĂƐĞ͘ WƌŽŐƌĞƐƐ ƌĞƉŽƌƚƐ ĂƌĞ ŶŽƚ ũƵƐƚ ƚĞŵƉůĂƚĞƐ ƚŽ ďĞ ĐŽŵƉůĞƚĞĚ ĞǀĞƌLJ ǁĞĞŬ͖ ƚŚĞLJ ĂƌĞ Ă ǁĂLJ ƚŽ ĐŽŵŵƵŶŝĐĂƚĞ ƚŽ ƚĞĂŵ ŵĞŵďĞƌƐ ǁŚŽ ŶĞĞĚ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ŵĂŬĞ ĚĞĐŝƐŝŽŶƐ ĂŶĚ ƚĂŬĞ ĂĐƚŝŽŶ͘ tĞ ǁŝůů ƌĞƉŽƌƚ ŽŶ ĂŶLJ ĂĐĐŽŵƉůŝƐŚŵĞŶƚƐ ĨŽƌ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ ŝŶ Ă ƚĂƐŬͲďLJͲƚĂƐŬ ĨŽƌŵĂƚ ƚŽ ŝŶĐůƵĚĞ ƚŚĞ ƉĞƌƐŽŶŶĞů ŚŽƵƌƐ ĞdžƉĞŶĚĞĚ ĂŶĚ ǁŚĞƚŚĞƌ ƚĂƐŬƐ ĂƌĞ ďĞŝŶŐ ĐŽŵƉůĞƚĞĚ ǁŝƚŚŝŶ ƚŚĞ ƚŝŵĞĨƌĂŵĞƐ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ŽƵƌ ǁŽƌŬ ƉůĂŶ͕ ĂŶĚ ĂŶLJ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƉƌŽďůĞŵƐ ĞŶĐŽƵŶƚĞƌĞĚ͘ &ƌŽŵ ŽƵƌ ǁŽƌŬ ƉůĂŶ ǁĞ ǁŝůů ĂůƐŽ ŝŶĐůƵĚĞ ƚĂƐŬƐ ƉůĂŶŶĞĚ ĨŽƌ ƚŚĞ ĨŽůůŽǁŝŶŐ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ͕ ƉŽƚĞŶƚŝĂů ƌŝƐŬƐ ĂŶĚ ŝƐƐƵĞƐ ƌĞƋƵŝƌŝŶŐ ĂƚƚĞŶƚŝŽŶ͕ ĂŶĚ ĂĐƚŝŽŶ ŝƚĞŵƐ͘ Ɛ ĂŶ ĂĚĚŝƚŝŽŶĂů ďĞŶĞĨŝƚ͕ ǁĞ ĐĂŶ ĂƉƉůLJ ΗƐƉŽƚůŝŐŚƚŝŶŐΗ ƚŽ ƉĂƌƚŝĐƵůĂƌ ŵĞƚƌŝĐƐ ƚŽ ƌĞĨůĞĐƚ ǁŚĞƚŚĞƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂƌĞĂƐ ĂƌĞ ĞdžĐĞĞĚŝŶŐ͕ ŵĞĞƚŝŶŐ͕ ƐůŝŐŚƚůLJ ƵŶĚĞƌƉĞƌĨŽƌŵŝŶŐ͕ Žƌ ƐŝŐŶŝĨŝĐĂŶƚůLJ ƵŶĚĞƌƉĞƌĨŽƌŵŝŶŐ ĂŐĂŝŶƐƚ ŐŽĂůƐ ĂŶĚ ƚŝŵĞĨƌĂŵĞƐ͘ džŚŝďŝƚ ϴ͘ϮϰͲϰ͗ ^ĂŵƉůĞ tĞĞŬůLJ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WƌŽŐƌĞƐƐ ZĞƉŽƌƚƐ͘ KƵƌ ƉƌŽŐƌĞƐƐ ƌĞƉŽƌƚƐ ŐŝǀĞ ,,^ Ă ĐůĞĂƌ ƉŝĐƚƵƌĞ ŽĨ ƚŚĞ ƉƌŽũĞĐƚΖƐ ŽǀĞƌĂůů ΗŚĞĂůƚŚ͕Η ƐŽ ƚŚĂƚ LJŽƵ ĐĂŶ ŵĂŬĞ ĞǀŝĚĞŶĐĞͲďĂƐĞĚ ĚĞĐŝƐŝŽŶƐ ĂŶĚ ƵŶĚĞƌƐƚĂŶĚ ŚŽǁ D y/Dh^ ŝƐ ƉĞƌĨŽƌŵŝŶŐ Ăƚ Ăůů ƚŝŵĞƐ͘ dŚŝƐ ƌĞƉŽƌƚ ŝƐ ŝŶ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ƵƉĚĂƚĞĚ D^ WƌŽũĞĐƚ ƐĐŚĞĚƵůĞ ƐƵďŵŝƚƚĞĚ ĞĂĐŚ ǁĞĞŬ͘ ĂůƚĞƌŶĂƚŝǀĞ ĂĐƚŝŽŶƐ ƉƵƚ ŝŶ ƉůĂĐĞ ƚŽ ƌĞƐŽůǀĞ ƚŚĞ ŝƐƐƵĞ͘ tĞ ŝĚĞŶƚŝĨLJ ĚĞůŝǀĞƌĂďůĞƐ ƚŚĂƚ ĂƌĞ ƉŽƚĞŶƚŝĂůůLJ Ăƚ ƌŝƐŬ ĂŶĚ ŶŽƚŝĨLJ ƉƌŽũĞĐƚ ƉĞƌƐŽŶŶĞů ĂŶĚ ĞdžĞĐƵƚŝǀĞ ŵĂŶĂŐĞŵĞŶƚ ĂďŽƵƚ ƚŚĞƐĞ ĐƌŝƚŝĐĂů ŝƐƐƵĞƐ ŝŶ Ă ƚŝŵĞůLJ ŵĂŶŶĞƌ͘ tĞ ĞƐĐĂůĂƚĞ ĂŶLJ ŚŝŐŚͲŝŵƉĂĐƚ ƌŝƐŬƐ ĂŶĚ ĂŶLJ ŵĞĚŝƵŵͲƚŽͲŚŝŐŚ ŝƐƐƵĞƐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŵŵĞĚŝĂƚĞůLJ͕ ǁŽƌŬŝŶŐ ǁŝƚŚ ĨƵůů ƚƌĂŶƐƉĂƌĞŶĐLJ ĂŶĚ ŐŝǀŝŶŐ ƚŚĞ ^ƚĂƚĞ ĞĂƌůLJ ĂŶĚ ĐŽŶƚŝŶƵŽƵƐ ĂǁĂƌĞŶĞƐƐ ŽĨ ƌŝƐŬ ĂƐƐĞƐƐŵĞŶƚƐ ĂŶĚ ƉƌŽƉŽƐĞĚ ŵŝƚŝŐĂƚŝŽŶƐ͘ ^ƵƉƉŽƌƚ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ƵƐĞ ŽĨ ƌĞƐŽƵƌĐĞƐ WƌŽŵŽƚĞ ĐŽŶƚŝŶƵŽƵƐ ŝŵƉƌŽǀĞŵĞŶƚ DŝƚŝŐĂƚĞ ƉŽƚĞŶƚŝĂů ƌŝƐŬƐ ďLJ ďĞĐŽŵŝŶŐ ĂŶ ŝŶƚĞŐƌĂů ƉĂƌƚ ŽĨ ŽƌŐĂŶŝnjĂƚŝŽŶĂů ƉƌŽĐĞƐƐĞƐ ŶĂďůĞ ƚƌĂŶƐƉĂƌĞŶƚ ĂŶĚ ŝŶĐůƵƐŝǀĞ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ďĞƚǁĞĞŶ ƐƚĂŬĞŚŽůĚĞƌƐ ĂŶĚ ƵůƚŝŵĂƚĞůLJ ŐŝǀĞ ďĞƚƚĞƌ ŽǀĞƌƐŝŐŚƚ ƚŽ ,,^ „ „ „ „ WĂŐĞ ϴ͘ϮϰͲϴ ŽĨ ϭϬ džŚŝďŝƚ ϴ͘ϮϰͲϱ͗ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ ^ƵŵŵĂƌLJ dŝŵĞůŝŶĞ ŚŝŐŚůŝŐŚƚƐ ƐŽŵĞ ŽĨ ƚŚĞ ŵŽƐƚ ŝŵƉŽƌƚĂŶƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĐŽŵƉŽŶĞŶƚƐ͘ ĂĐŚ ĞůĞŵĞŶƚ ŽĨ ŽƵƌ WůĂŶ ǁŝůů ŝŶĐůƵĚĞ Ă ĐŽŵƉůĞƚĞ ďƌĞĂŬĚŽǁŶ ƐƚƌƵĐƚƵƌĞ͕ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ ĚĞƉĞŶĚĞŶĐŝĞƐ͕ ĂŶĚ ĚĂƚĞƐ͘ tĞ ŚŝŐŚůŝŐŚƚ Ăůů ƌĞƋƵŝƌĞĚ ĚĞůŝǀĞƌĂďůĞƐ͕ ƐƵĐŚ ĂƐ ƚŚĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ͕ ƵƐŝŶĞƐƐ ŽŶƚŝŶƵŝƚLJ WůĂŶ͕ ĂŶĚ ^LJƐƚĞŵ /ŶƚĞƌĨĂĐĞ WůĂŶ͘ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ ^ƵŵŵĂƌLJ dŝŵĞůŝŶĞ /ŶĐƌĞĂƐĞ ƚŚĞ ƉƌŽďĂďŝůŝƚLJ ĂŶĚ ŝŵƉĂĐƚ ŽĨ ƉŽƐŝƚŝǀĞ ĞǀĞŶƚƐ ĂŶĚ ĚĞĐƌĞĂƐĞ ƚŚĞ ƉƌŽďĂďŝůŝƚLJ ĂŶĚ ŝŵƉĂĐƚ ŽĨ ĞǀĞŶƚƐ ƚŚĂƚ ĂƌĞ ŶĞŐĂƚŝǀĞ ƚŽ ƚŚĞ ƉƌŽũĞĐƚ „ WƌŽũĞĐƚ ƚƌĂŶƐŝƚŝŽŶƐ ĂƌĞ Ă ƉĂƌƚŝĐƵůĂƌůLJ ǀƵůŶĞƌĂďůĞ ƚŝŵĞ͕ ĂŶĚ ǁĞ ŚĂǀĞ ůĞĂƌŶĞĚ ƚŚƌŽƵŐŚ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ ǁŝƚŚ ƚƌĂŶƐŝƚŝŽŶƐ ƚŚĂƚ ŝĚĞŶƚŝĨLJŝŶŐ ƚŚĞ ƚĂƐŬ ĚĞƉĞŶĚĞŶĐŝĞƐ ĂŶĚ Ă ĐƌŝƚŝĐĂů ƉĂƚŚ ŝŶ ŽƵƌ ǁŽƌŬ ƉůĂŶ ĐŽƵƉůĞĚ ǁŝƚŚ ĂŶ ĂŐŐƌĞƐƐŝǀĞ ƌŝƐŬ ŵŝƚŝŐĂƚŝŽŶ ƐƚƌĂƚĞŐLJ͕ ŚĞůƉƐ ƵƐ ƐƚĂLJ ŽŶ ƐĐŚĞĚƵůĞ͕ ƚƌĂĐŬ ƌĞƐŽƵƌĐĞ ĂůůŽĐĂƚŝŽŶ͕ ĂŶĚ ŵĂŝŶƚĂŝŶ ƉƌŽŐƌĞƐƐ ƚŽǁĂƌĚ ĐŽŵƉůĞƚŝŽŶ͘ &Žƌ EŽƌƚŚ ĂƌŽůŝŶĂ͕ ǁĞ ďƵŝůĚ ƵƉŽŶ ŽƵƌ ƉƌŽǀĞŶ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ƉƌŽĐĞƐƐ ĨŽƌ ŝĚĞŶƚŝĨLJŝŶŐ ĂŶĚ ƚƌĂĐŬŝŶŐ ƌŝƐŬƐ͕ ĚĞǀĞůŽƉŝŶŐ ƌŝƐŬ ŵŝƚŝŐĂƚŝŽŶ ĂŶĚ ĐŽŶƚŝŶŐĞŶĐLJ ƉůĂŶƐ͕ ĂŶĚ ƉĞƌĨŽƌŵŝŶŐ ƌŝƐŬ ĂƐƐĞƐƐŵĞŶƚƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ŚŽǁ ƌŝƐŬƐ ĐŚĂŶŐĞ ĚƵƌŝŶŐ ƚŚĞ ĐŽƵƌƐĞ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ͘ KƵƌ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ƉƌŽĐĞƐƐ ǁŝůů ĚĞĨŝŶĞ ƚŚĞ ƉƌŽĐĞƐƐĞƐ ƚŚĂƚ ǁĞ ĨŽůůŽǁ ƚŽ ŵŝŶŝŵŝnjĞ ƚŚĞ ůŝŬĞůŝŚŽŽĚ ŽĨ ƉƌŽĐĞĚƵƌĂů ďƌĞĂŬĚŽǁŶƐ ĂŶĚ ƚŽ ƌĞƐƉŽŶĚ ƚŽ ƵŶĞdžƉĞĐƚĞĚ ĞǀĞŶƚƐ ƚŚĂƚ ŵĂLJ ƌĞƐƵůƚ ŝŶ ŝŶƚĞƌƌƵƉƚŝŽŶ ŽĨ ƐĞƌǀŝĐĞƐ͘ dŚĞ ƉƌŝŵĂƌLJ ďĞŶĞĨŝƚƐ ŽĨ ƚŚĞ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ƉƌŽĐĞƐƐĞƐ ĂƌĞ ƚŽ͗ ůů ƌŝƐŬ ĂŶĚ ŝƐƐƵĞ ŵĂŶĂŐĞŵĞŶƚ ĚƵƌŝŶŐ ƚŚĞ ƚƌĂŶƐŝƚŝŽŶ ƉĞƌŝŽĚ ǁŝůů ďĞ ŽǀĞƌƐĞĞŶ ďLJ ŽƵƌ /ŵƉůĞŵĞŶƚĂƚŝŽŶ >ĞĂĚ͘ Ɛ ƚŚĞ ƌĞƐŝĚĞŶƚ ĞdžƉĞƌƚ ŽŶ ŽƵƌ ůĞƐƐŽŶƐ ůĞĂƌŶĞĚ ĨƌŽŵ ŽƚŚĞƌ D y/Dh^ ƉƌŽũĞĐƚƐ͕ ƚŚĞLJ ĂƌĞ ďĞƐƚ ƉŽƐŝƚŝŽŶĞĚ ƚŽ ŝĚĞŶƚŝĨLJ ĂŶĚ ŵŝƚŝŐĂƚĞ ƌŝƐŬ ĚƵƌŝŶŐ ƚŚĞ ƚƌĂŶƐŝƚŝŽŶ ƉƌŽĐĞƐƐ͘ dŚĞ ƌŝƐŬ ĂŶĚ ŝƐƐƵĞ ůŽŐƐ͕ ƚŽŽůƐ͕ ĂŶĚ ƉƌŽĐĞƐƐĞƐ ĞƐƚĂďůŝƐŚĞĚ ĚƵƌŝŶŐ ƚŚĞ ƚƌĂŶƐŝƚŝŽŶ ǁŝůů ďĞ ĐŽŶƚŝŶƵĞĚ ĂŶĚ ĂƉƉůŝĞĚ ƚŽ ŽƉĞƌĂƚŝŽŶƐ͘ ZŝƐŬ ĂŶĚ /ƐƐƵĞ DĂŶĂŐĞŵĞŶƚ ĚƵƌŝŶŐ /ŵƉůĞŵĞŶƚĂƚŝŽŶ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ƉƌŽŐƌĞƐƐ ƌĞƉŽƌƚƐ͕ ǁĞ ĂůƐŽ ĚŝƐĐƵƐƐ ĂŶĚ ĚŽĐƵŵĞŶƚ ŝĚĞŶƚŝĨŝĞĚ ƐƚĂĨĨŝŶŐ ĐŚĂŶŐĞƐ͕ ƌŝƐŬƐ͕ ŝƐƐƵĞƐ͕ ĂŶĚ ŵŝƚŝŐĂƚŝŽŶ ƐƚƌĂƚĞŐŝĞƐ ĚƵƌŝŶŐ ĞĂĐŚ ǁĞĞŬůLJ ŵĞĞƚŝŶŐ͘ WĂŐĞ ϴ͘ϮϰͲϵ ŽĨ ϭϬ KƵƌ ƐƵďŵŝƚƚĞĚ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ ǁŝůů ĂůƐŽ ŝŶĐůƵĚĞ ƚĂƐŬƐ ďLJ WŚĂƐĞƐ ĨŽƌ ƚŚĞ ĐƌŽƐƐͲŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ ŵĂŶĂŐĞĚ ĐĂƌĞ ƌŽůůͲŽƵƚ ĂŶĚ ŝŶŝƚŝĂů ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚƐ ĨŽƌ ƚƌĂŶƐŝƚŝŽŶŝŶŐ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ dŚŝƐ WůĂŶ ǁŝůů ĂůŝŐŶ ǁŝƚŚ ŽƵƌ ŽƵƚƌĞĂĐŚ ƐƚƌĂƚĞŐLJ ĂŶĚ ƉůĂŶŶĞĚ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉƌĞƐĞŶƚĂƚŝŽŶƐ ƉĞƌ ƌĞŐŝŽŶ͘ Ɛ ŚŝŐŚůŝŐŚƚĞĚ ŝŶ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞƚƌŝĐƐ͕ ǁĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ĚĂƚĂ ƚƌĂŶƐĨĞƌ ƉƌŽĐĞƐƐ ƚŽ ďĞ ĂŶ ĞƐƐĞŶƚŝĂů ĐŽŵƉŽŶĞŶƚ ŽĨ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ dŚĞ ƉƌŽĐĞƐƐ ǁĞ ƉƌŽƉŽƐĞ ĨŽƌ EŽƌƚŚ ĂƌŽůŝŶĂ ŚĂƐ ďĞĞŶ ƚĞƐƚĞĚ ĂŶĚ ŝŵƉůĞŵĞŶƚĞĚ ŽŶ ƚŚĞ ŵĂũŽƌŝƚLJ ŽĨ ŽƵƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ͘ tĞ ƵƐĞ ƚŚĞ WĞŶƚĂŚŽ <ĞƚƚůĞ ƚŽŽů ĨŽƌ ƚŚĞ džƚƌĂĐƚ dƌĂŶƐĨŽƌŵ ĂŶĚ >ŽĂĚ ; d>Ϳ ƉƌŽĐĞƐƐ ĂŶĚ DKs ŝƚ ƐĞĐƵƌĞ ĨŝůĞ ƚƌĂŶƐĨĞƌ ƉƌŽƚŽĐŽů ;^&dWͿ ĚŝƐĐƵƐƐĞĚ ŝŶ ^ĞĐƚŝŽŶ ϴ͘ϯϱ͗ ^LJƐƚĞŵ /ŶƚĞƌĨĂĐĞ WůĂŶ ƚŽ ƉƌŽǀŝĚĞ ƐŝŐŶŝĨŝĐĂŶƚ ĨůĞdžŝďŝůŝƚLJ ƐŽ ƚŚĂƚ ǁĞ ĐĂŶ ƐĞĐƵƌĞůLJ ƌĞĐĞŝǀĞ ĚĂƚĂ ĨƌŽŵ ,,^ ŝŶ ƚŚĞ ƌĞƋƵŝƌĞĚ ĨŽƌŵĂƚƐ ĂŶĚ ǁŝƚŚŝŶ ƉƌĞƐĐƌŝďĞĚ ƚŝŵĞĨƌĂŵĞƐ͘ džŚŝďŝƚ ϴ͘ϮϰͲϱ͗ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ ^ƵŵŵĂƌLJ dŝŵĞůŝŶĞ͘ KƵƌ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ ǁŝůů ŝŶĐůƵĚĞ ƐƚĞƉƐ ĨŽƌ ƵƉůŽĂĚŝŶŐ ĂŶĚ ƚĞƐƚŝŶŐ ĚĂƚĂ ĨŝůĞƐ ŝŶ D yĞď ďĞĨŽƌĞ ŐŽͲůŝǀĞ ĂƐ ǁĞůů ĂƐ EŽƌƚŚ ĂƌŽůŝŶĂ ƐƉĞĐŝĨŝĐ ŽƵƚƌĞĂĐŚ ƚĂƐŬƐ ĂŶĚ ƚĞĐŚŶŽůŽŐLJ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ WĂŐĞ ϴ͘ϮϰͲϭϬ ŽĨ ϭϬ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚ ŽĨ ^ĞĐƚŝŽŶ ///͘y͘ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ͘ ϯ͘ KƵƌ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƚĞĂŵƐ ǁŝůů ǁŽƌŬ ǁŝƚŚ ,,^ ƚŽ ĚĞĨŝŶĞ ƚŚĞ ƐĐŽƉĞ ŽĨ ƚŚĞ ZĞĂĚŝŶĞƐƐ ZĞǀŝĞǁ ƉƌŽĐĞƐƐ͘ KƵƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƌĞƐŽƵƌĐĞƐ ǁŝůů ĨŽůůŽǁ Ăůů ƉƌŽĐĞƐƐĞƐ ƚŽ ǀĞƌŝĨLJ ƚŚĂƚ ǁĞ ĂƌĞ ƉƌĞƉĂƌĞĚ ĨŽƌ 'ŽͲ>ŝǀĞ ĂŶĚ ƚŚĂƚ ,,^ ĂŐƌĞĞƐ ǁŝƚŚ ŽƵƌ ĨŝŶĂů ZĞĂĚŝŶĞƐƐ ZĞǀŝĞǁ ĂƐƐĞƐƐŵĞŶƚ͘ ZĞĂĚŝŶĞƐƐ ZĞǀŝĞǁ RFP Section Response 8.25 System Interface Plan Section Y, 1-2 The [19:75? mam n-quear: pours;? [o ilu- :ertugnn limnez'l inn page; MAXIMUS will leverage our unmatched experience with secure data exchange in support of Medicaid and CHIP eligibility and enrollment to deliver a system interface plan for the North Carolina Enrollment Broker that enables effluent and standardized information exchange between all program stakeholders. 1. The Offeror must confirm adherence to the expectations of the Department and describe their ability and approach to meet the requirements of Section Y. System Interface Plan. MAXIMUS confirms that we will adhere to Department expectations and meet all requirements set forth in RFP Section System Interface Plan. We describe our ability to conform to the State?s preference for using real-time web services as a standard for exchanging data with the Department and other program stakeholders, and we provide an inventory and schematic of our proposed interfaces for the NC Enrollment Broker Project within this section of our proposal. We provide a detailed description of our approach to system integration and system interfaces in Section 8.13: Enrollment Information System Integration. We will leverage our broad base of experience as we work with the Department during the implementation phase of the contract to develop and ?nalize a System Interface Plan that adheres to State standards and preferences and meets all requirements for secure data exchange with all stakeholders. We use the System Interface Plan to identify, document, and verify that all required interfaces are fully de?ned, developed in accordance with contract requirements, tested, and implemented on schedule. Our System Interface Plan will be one component of a comprehensive set of systems documentation we will produce for the NC Enrollment Broker Project, which will also include the following: I Full inventory of information systems used to support NC Enrollment Broker operations a System architecture documentation and diagrams, which define the boundaries and interfaces between systems and identify the flow of information across these interfaces I System process and procedure manuals, which document all manual and automated processes and procedures a Requirements Traceability Matrix, which tracks all requirements as identified in the RFP and resulting contract alongside aspects of our technical solution that address each requirement, dependencies and risks associated with each requirement; the RTM also includes requirements identified during initial planning phases of implementation a System Requirements Specification (SRS) documentation, which identi?es speci?c programming and configuration actions that need to occur to meet each contract requirement System Design Documents (500), which further define our approach to meeting requirements set forth in the SRS Testing Logs to be used throughout all phases of system testing, integration testing, and interface testing Change Request Logs to track change requests made during implementation and ongoing operations System Training documentation We will obtain Department approval on all systems documentation during early stages of the implementation phase. Systems documentation will accompany and inform the overarching Business Design Document (BDD) and Technical Design Document (TDD) that we will develop and maintain for the Project. For example, we will use our RTM, along with information obtained during interface development sessions with the Department, its System integrator, and other key stakeholders, as the initial input for our 300, which will define the functional requirements for and other systems, including functional requirements for all required interfaces with internal and external systems and entities. The TDD will describe the architecture and technical specifications of MAXIMUS systems and associated interfaces, including, but not limited to, data dictionaries, XML schema, and integration considerations. The TDD is used in tandem with the RTM and will be continually refined, with Department approval, as requirements and specifications Page 8.25-1 of 4 evolve leading up to implementation. We track activities and deliverables associated with the BDD, TDD, RTM, System Interface Plan, and other key documents through our overall Implementation Plan- Once we develop interface specifications, the majority of coordination and support involves comprehensive Interface Test Plan development and execution. Our Interface Test Plan is used to guide interface test activities and validate end-toend business processes and workflow associated with each data exchange integration point. We will work with the Department to develop a mutually-agreed upon plan and timeline to test all interfaces with State systems and PHPs. Typically, during interface testing, we conduct the following activities: a Define interface testing scenarios and conditions, including test environment requirements and expected outcomes and success cn'teria Walk-through interface test plan with the Department Obtain approval from the Department on the interface test plan and schedule test activities with appropriate Department, PHP, and/or other stakeholder representatives Confirm test environment is operational and test data is available Conduct test cases and evaluate results to confirm successful execution, noting any exceptions in an Interface Testing Report Walk through Interface Test Results with the Department If necessary, address any exceptions and schedule re-test Obtain approval from the Department on interface test results We will follow this process to test all interfaces with external systems. Interface testing includes testing connectivity with external partners, testing that data and/or ?les are viable and use the expected protocol, format, naming conventions, and other specifications. Our Technical Program Lead, Rana Chakraborty, will be the primary point of contact for the Department and will liaise with Department technical representatives, the Department's System Integrator, technical resources from each PHP, and other appropriate stakeholders as we develop and finalize the System Interface Plan. He will have the full support of the MAXIMUS Health and Human Services Systems team throughout the implementation period, and will lead all MAXIMUS activities associated with interface development, testing, and implementation. Mr. Chakraborty will continue on as a key staff member of the NC Enrollment Broker Project and will provide ongoing support and maintenance of interfaces. 2. Offeror must provide a detailed inventory of interfaces and formats. The Department will work with the Offeror to define the interfaces required. MAXIMUS will provide a detailed inventory of system interfaces to the Department no less than 60 days prior to Go Live. We understand that the Department will work with us to fully define all required interfaces. We are prepared to work collaboratively with the Department, its System Integrator, and other key stakeholders to develop interfaces and data exchange protocols that meet the needs of the program and conform to the Department's standards and preferences. We acknowledge that the Department and MAXIMUS will mutually agree to the file formats and transfer protocols for all data exchanges, as indicted in the RFP. We can conform to any naming conventions the Department prefers. We provide an initial list of proposed interfaces and formats for data exchange in Exhibit 8.251: North Carolina Enrollment Broker System Interfaces. North Carolina Enrollment Broker System Interfaces - Data Frequency Protocol Format Source/target Eligible Bene?ciary Data Real time SOAP over web services NIEM over XML NC Daily Enrollment Transactions Real time SOAP over web services NIEM over XML NC FAST Auto Assignment Data Real time SOAP over web services NIEM over XML NC Provider Directory Interface Real time SOAP over web services NIEM over XML FAST Integration with secure inbox Real time SOAP over web services NIEM over XML MAXI Enrollment Transaction Reconciliations Batch Daily, Weekly, SFTP Flat ASCII text file NC Mailhouse Letters File Batch Daily SFT XML MAXIMUS/Mailhouse Page 8.25-2 of 4 ĂƚĐŚ ʹ ĂŝůLJ ĂƚĐŚ ʹ ĂŝůLJ ZĞĂů ƚŝŵĞ ZĞĂů ƚŝŵĞ WƌŽǀŝĚĞƌͬW WͬEĞƚǁŽƌŬ ůŽĂĚ ĂŝůLJ ŶƌŽůůŵĞŶƚ dƌĂŶƐĂĐƚŝŽŶƐ ŵĂŝů ;KƵƚďŽƵŶĚͿ ^^K /ŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ ^ƚĂƚĞ͛Ɛ / W ^ĞĐƵƌĞ ZĞƐƚĨƵů ǁĞď ƐĞƌǀŝĐĞƐ Z ^d ^&dW ^&dW ^&dW :^KE yD> Žƌ :^KE &ůĂƚ ^ // ƚĞdžƚ ĨŝůĞ &ůĂƚ ^ // ƚĞdžƚ ĨŝůĞ yD> D y/Dh^ͬE / D y/Dh^ͬĞ'ĂŝŶ D y/Dh^ͬW,WƐ W,WƐͬD y/Dh^ DĂŝůŚŽƵƐĞͬD y/Dh^ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ŝƚƐ ĂďŝůŝƚLJ ƚŽ ƉƌŽǀŝĚĞ ƌĞĂůͲƚŝŵĞ ǁĞď ƐĞƌǀŝĐĞƐ ĂƐ Ă ƐƚĂŶĚĂƌĚ ĨŽƌ ĞdžĐŚĂŶŐŝŶŐ ĚĂƚĂ͘ KĨĨĞƌŽƌ ŵƵƐƚ ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ŝŶǀĞŶƚŽƌLJ ŝŶ DŝĐƌŽƐŽĨƚ džĐĞů ŽĨ Ăůů ŝŶƚĞƌĨĂĐĞƐ ĂŶĚ ĞdžĐŚĂŶŐĞƐ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ Žƌ ŝƚƐ ƉĂƌƚŶĞƌƐ͕ ŝŶĐůƵĚŝŶŐ ďƵƚ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ ĚĂƚĂ͕ ĨƌĞƋƵĞŶĐLJ͕ ƉƌŽƚŽĐŽůƐ͕ ĨŝůĞ ŶĂŵĞƐ͕ ƐŽƵƌĐĞƐ ĂŶĚ ƚĂƌŐĞƚ ƐLJƐƚĞŵ͘ WĂŐĞ ϴ͘ϮϱͲϯ ŽĨ ϰ tĞ ƉƌŽǀŝĚĞ ŽƵƌ ŝŶŝƚŝĂů ůŝƐƚ ŽĨ ƉƌŽƉŽƐĞĚ ŝŶƚĞƌĨĂĐĞƐ ŝŶ ŽƵƌ ƌĞƐƉŽŶƐĞ ƚŽ YƵĞƐƚŝŽŶ Ϯ ŝŶ ƚŚŝƐ ƐĞĐƚŝŽŶ ĂƐ džŚŝďŝƚ ϴ͘ϮϱͲϭ͗ EŽƌƚŚ ĂƌŽůŝŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ^LJƐƚĞŵ /ŶƚĞƌĨĂĐĞƐ͘ tĞ ǁŝůů ǁŽƌŬ ŝŶ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ŝƚƐ ^LJƐƚĞŵƐ /ŶƚĞŐƌĂƚŽƌ ĂĨƚĞƌ ĐŽŶƚƌĂĐƚ ĂǁĂƌĚ ƚŽ ĚĞǀĞůŽƉ Ă ƐĞĂŵůĞƐƐ ƐŽůƵƚŝŽŶ ĨŽƌ ƐLJƐƚĞŵ ŝŶƚĞŐƌĂƚŝŽŶ ƚŚĂƚ ŚĞůƉƐ ƚŽ ƐƚƌĞĂŵůŝŶĞ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĞdžƉĞƌŝĞŶĐĞ ĂƐ ƚŚĞ ^ƚĂƚĞ ƚƌĂŶƐŝƚŝŽŶƐ ƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ͘ ƚ ƚŚĂƚ ƚŝŵĞ͕ ǁĞ ǁŝůů ƌĞǀŝĞǁ͕ ƌĞǀŝƐĞ͕ ĂŶĚ ĨŝŶĂůŝnjĞ ƚŚŝƐ ůŝƐƚ ĂŶĚ ŝŶĐŽƌƉŽƌĂƚĞ ŝƚ ŝŶƚŽ ŽƵƌ ^LJƐƚĞŵƐ /ŶƚĞƌĨĂĐĞ WůĂŶ͘ tĞ ǁŝůů ůĞǀĞƌĂŐĞ ŽƵƌ ĞdžƚĞŶƐŝǀĞ ĞdžƉĞƌŝĞŶĐĞ ŝŵƉůĞŵĞŶƚŝŶŐ ŝŶƚĞƌĨĂĐĞƐ ĨŽƌ ŽƚŚĞƌ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ĐŽŶƚƌĂĐƚƐ͘ tĞ ŚĂǀĞ ǁĞůůͲĚĞĨŝŶĞĚ ĨŝůĞ ĨŽƌŵĂƚƐ ĨŽƌ ƚŚĞ ďĂƚĐŚ ŝŶƚĞƌĨĂĐĞƐ ƚŚĂƚ ĂƌĞ ƐƵĐĐĞƐƐĨƵůůLJ ƵƐĞĚ ŝŶ ŵĂŶLJ ƐƚĂƚĞƐ ĂŶĚ ĐĂŶ ďĞ ŝŵƉůĞŵĞŶƚĞĚ ĨŽƌ EŽƌƚŚ ĂƌŽůŝŶĂ ŝĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƐŚĞƐ ƚŽ ĚŽ ƐŽ͘ D y/Dh^ ǁŝůů ƉƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ŝŶǀĞŶƚŽƌLJ ŽĨ Ăůů ƐLJƐƚĞŵ ŝŶƚĞƌĨĂĐĞƐ ĂŶĚ ĚĂƚĂ ĞdžĐŚĂŶŐĞƐ ĨŽƌ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŶŽ ůĞƐƐ ƚŚĂŶ ϲϬ ĚĂLJƐ ƉƌŝŽƌ ƚŽ ĐŽŶƚƌĂĐƚ 'Ž >ŝǀĞ͘ dŚĞ ŝŶǀĞŶƚŽƌLJ ǁŝůů ďĞ ŝŶ DŝĐƌŽƐŽĨƚ džĐĞů ĨŽƌŵĂƚ ĂŶĚ ǁŝůů ĐŽŶƚĂŝŶ Ăůů ƌĞƋƵŝƌĞĚ ĞůĞŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ ĚĂƚĂ ƚŽ ďĞ ĞdžĐŚĂŶŐĞĚ͕ ĨƌĞƋƵĞŶĐLJ͕ ƉƌŽƚŽĐŽůƐ͕ ĨŝůĞ ŶĂŵĞƐ͕ ƐŽƵƌĐĞ͕ ĂŶĚ ƚĂƌŐĞƚ ƐLJƐƚĞŵƐ͘ ϰ͘ tĞ ĂůƐŽ ŚĂǀĞ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ĞdžĐŚĂŶŐĞ ĚĂƚĂ ƚŚƌŽƵŐŚ ƐƚĂŶĚĂƌĚ yϭϮ / ƚƌĂŶƐĂĐƚŝŽŶƐ͘ dŚƌŽƵŐŚ ƚŚĞ ǁŽƌŬ ǁĞ ĚŽ ĂĐƌŽƐƐ ŽƵƌ ŶƵŵĞƌŽƵƐ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ͕ ǁĞ ŚĂǀĞ ĞƐƚĂďůŝƐŚĞĚ ƉƌŽĐĞƐƐĞƐ ƚŽ ĨĂĐŝůŝƚĂƚĞ ƐĞĐƵƌĞ ĞdžĐŚĂŶŐĞ ŽĨ ĚĂŝůLJ E^/ ^ yϭϮ ϴϯϰ ĨŝůĞƐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ĂŶĚ ƉĂƌƚŝĐŝƉĂƚŝŶŐ W,WƐ͕ ŝŶĐůƵĚŝŶŐ ĞŶƌŽůůŵĞŶƚ͕ ĚŝƐĞŶƌŽůůŵĞŶƚ͕ ƌĞĐŽŶĐŝůŝĂƚŝŽŶ͕ ĂŶĚ ĂĚ ŚŽĐ ƉƌŽĐĞƐƐŝŶŐ ĨŝůĞƐ͘ tĞ ƚLJƉŝĐĂůůLJ ĞdžĐŚĂŶŐĞ E^/ ^ yϭϮ ϴϯϰ ĨŝůĞƐ ƵƐŝŶŐ ^&dW͘ tĞ ŚĂǀĞ ƐŝŐŶŝĨŝĐĂŶƚ ĞdžƉĞƌŝĞŶĐĞ ĨŽƌŵĂƚƚŝŶŐ ĨŝůĞƐ ĨŽƌ ŵĂŶĂŐĞĚ ĐĂƌĞ ŚĞĂůƚŚ ƉůĂŶ ĂĐĐĞƉƚĂŶĐĞ͕ ŝŶĐůƵĚŝŶŐ ϴϯϰ ĨŝůĞƐ ŝŶ yD> ĂŶĚ ŽƚŚĞƌ ƌĞƋƵŝƌĞĚ ĨŽƌŵĂƚƐ͘ dŚƌŽƵŐŚ ŽƵƌ ǁŽƌŬ ŽŶ ŶƵŵĞƌŽƵƐ ŚĞĂůƚŚ ƐĞƌǀŝĐĞƐ ĐŽŶƚƌĂĐƚƐ͕ ŝŶĐůƵĚŝŶŐ ϭϵ ĞŶƌŽůůŵĞŶƚ ďƌŽŬĞƌ ƉƌŽũĞĐƚƐ͕ ǁĞ ŚĂǀĞ ŝŵƉůĞŵĞŶƚĞĚ Ă ǀĂƌŝĞƚLJ ŽĨ ŝŶƚĞƌĨĂĐĞƐ ǁŝƚŚ ^ƚĂƚĞ ĂŶĚ ŽƚŚĞƌ ĞdžƚĞƌŶĂů ƐLJƐƚĞŵƐ ƵƐŝŶŐ ďŽƚŚ ǁĞď ƐĞƌǀŝĐĞƐ ĂŶĚ ĨůĂƚ ĨŝůĞƐ͘ Ɛ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͕ ǁĞ ƉƌĞĨĞƌ ƚŽ ŝŵƉůĞŵĞŶƚ ŝŶƚĞƌĨĂĐĞƐ ƵƐŝŶŐ ƐĞƌǀŝĐĞͲďĂƐĞĚ ĞdžĐŚĂŶŐĞƐ͕ ǁŚĞŶ ƉŽƐƐŝďůĞ͘ KƵƌ ŝŶƚĞƌĨĂĐĞ ĚĞƐŝŐŶ ĂŶĚ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƐƵƉƉŽƌƚƐ ŵƵůƚŝƉůĞ ŽƉĞŶ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ŝŶĚƵƐƚƌLJ ƐƚĂŶĚĂƌĚ ƉƌŽƚŽĐŽůƐ ƐƵĐŚ ĂƐ ƐĞĐƵƌĞ ĨŝůĞ ƚƌĂŶƐĨĞƌ ;^&dWͿ͕ ǁĞď ƐĞƌǀŝĐĞƐ ;^K Wͬ,ddW^Ϳ͕ ĂŶĚ ŵĞƐƐĂŐŝŶŐ ƋƵĞƵŝŶŐ ŵĞĐŚĂŶŝƐŵƐ ;:D^ͬDYͿ͘ KƵƌ ŝŶƚĞƌĨĂĐĞ ĐĂƉĂďŝůŝƚŝĞƐ ĂůůŽǁ ĨŽƌ Ă ǀĂƌŝĞƚLJ ŽĨ ĞdžƚĞƌŶĂů ƐLJƐƚĞŵƐ ƵƐŝŶŐ Ă ǀĂƌŝĞƚLJ ŽĨ ĨŽƌŵĂƚƐ ƐƵĐŚ ĂƐ yD>ͬy^>d͕ ^ // ^s͕ ƉƌŽŐƌĂŵŵĂƚŝĐ :^KE͕ ĂŶĚ ^ yϭϮ /͘ Ɛ ĚĞƐĐƌŝďĞĚ ŝŶ ^ĞĐƚŝŽŶ ϴ͘ϭϯ͗ ŶƌŽůůŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ /ŶƚĞŐƌĂƚŝŽŶ͕ D y/Dh^ ƵŶĚĞƌƐƚĂŶĚƐ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͛Ɛ ƉƌĞĨĞƌĞŶĐĞ ĨŽƌ ƵƐŝŶŐ ƌĞĂůͲƚŝŵĞ ǁĞď ƐĞƌǀŝĐĞƐ ĂƐ ƚŚĞ ƐƚĂŶĚĂƌĚ ĨŽƌ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ďĞƚǁĞĞŶ DĞĚŝĐĂŝĚ ĂŶĚ E ,ĞĂůƚŚ ŚŽŝĐĞ ƉƌŽŐƌĂŵ ƐƚĂŬĞŚŽůĚĞƌƐ͕ ĂŶĚ ǁĞ ŚĂǀĞ ƚŚĞ ĂďŝůŝƚLJ ĂŶĚ ĞdžƉĞƌŝĞŶĐĞ ƚŽ ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĚĞǀĞůŽƉ ĂŶĚ ŝŵƉůĞŵĞŶƚ ƐLJƐƚĞŵ ŝŶƚĞƌĨĂĐĞƐ ƵƐŝŶŐ ƚŚŝƐ ŵĞƚŚŽĚ͘ tĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĚĞǀĞůŽƉ ĂŶĚ ŝŵƉůĞŵĞŶƚ ƌĞĂůͲƚŝŵĞ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ŝŶƚĞƌĨĂĐĞƐ ƵƐŝŶŐ ƚŚĞ E/ D ĂƐ ƚŚĞ ƐƚĂŶĚĂƌĚ ĐĂŶŽŶŝĐĂů ŵŽĚĞů͘ /ƚ ŝƐ ŽƵƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĂƚ ƚŚĞ ^ƚĂƚĞ ǁŝůů ĞdžƉŽƐĞ ĞdžƚĞƌŶĂů ǁĞď ƐĞƌǀŝĐĞ ĞŶĚƉŽŝŶƚƐ͕ ƚŚƌŽƵŐŚ ƚŚĞŝƌ ŶƚĞƌƉƌŝƐĞ ^ĞƌǀŝĐĞ ƵƐ ; ^ Ϳ Žƌ ŽƚŚĞƌ ĐŚŽƐĞŶ ŐĂƚĞǁĂLJ͕ ĨŽƌ D y/Dh^ ƚŽ ĐŽŶƐƵŵĞ͘ /Ŷ ĐŽŶĨŽƌŵĂŶĐĞ ǁŝƚŚ ƚŚĞ E/ D͕ D y/Dh^ ǁŝůů ƵƐĞ ^K W ƌĞƋƵĞƐƚƐ ƚŽ ĐĂůů ƚŚĞ ǁĞď ƐĞƌǀŝĐĞ ĞŶĚƉŽŝŶƚƐ͘ tĞ ǁŝůů ĞŶĐƌLJƉƚ ƚŚĞ ƌĞƋƵĞƐƚ ƵƐŝŶŐ Ă ƚǁŽͲǁĂLJ ^^> ĐŽŶŶĞĐƚŝŽŶ ĂŶĚ ĚŝŐŝƚĂů ĐƌĞĚĞŶƚŝĂůƐ ƉƌŽǀŝĚĞĚ ďLJ Ă ^ƚĂƚĞͲĚĞĨŝŶĞĚ ƚŚŝƌĚͲƉĂƌƚLJ ĞŶƚŝƚLJ ĂŶĚ ǁŝůů ƉĂƐƐ ƚŚĞ ĞŶǀĞůŽƉĞ ƚŽ ƚŚĞ ^ƚĂƚĞ͘ dŚĞ ƌĞƋƵĞƐƚ ǁŝůů ďĞ ƌĞĐĞŝǀĞĚ ďLJ ƚŚĞ ^ƚĂƚĞ ĂŶĚ ŐŽ ƚŽ E & ^d ƚŽ ƉĞƌĨŽƌŵ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ƋƵĞƌŝĞƐ ƚŽ ƉŽƉƵůĂƚĞ Ă ƌĞƐƉŽŶƐĞ ƉĂLJůŽĂĚ͘ dŚĞ ^ƚĂƚĞ ǁŝůů ƐƚƌƵĐƚƵƌĞ ƚŚĞ ƌĞƐƉŽŶƐĞ ƉĂLJůŽĂĚ ŝŶ ĐŽŶĨŽƌŵĂŶĐĞ ǁŝƚŚ ƚŚĞ E/ D͕ ĞŶĐƌLJƉƚ ƚŚĞ ƉĂLJůŽĂĚ ƵƐŝŶŐ ĚŝŐŝƚĂů ĐĞƌƚŝĨŝĐĂƚĞƐ͕ ĂŶĚ ƐĞŶĚ Ă ^K W ƌĞƐƉŽŶƐĞ ƚŽ D y/Dh^͘ tĞ ǁŝůů ĚĞĐƌLJƉƚ ƚŚĞ ŵĞƐƐĂŐĞ ĂŶĚ ƉĞƌĨŽƌŵ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ĂĐƚŝŽŶƐ ďĂƐĞĚ ŽŶ ǁŚŝĐŚ W/ ǁĂƐ ŝŶǀŽŬĞĚ͕ ƐƵĐŚ ĂƐ ĂĚĚŝŶŐ ŶĞǁ ďĞŶĞĨŝĐŝĂƌŝĞƐ Žƌ ƵƉĚĂƚŝŶŐ ĞdžŝƐƚŝŶŐ ďĞŶĞĨŝĐŝĂƌLJ ĞůŝŐŝďŝůŝƚLJ͕ ĚĞŵŽŐƌĂƉŚŝĐ͕ Žƌ ĂƵƚŽͲĂƐƐŝŐŶŵĞŶƚ ĚĂƚĂ͘ ϯ͘ džŚŝďŝƚ ϴ͘ϮϱͲϭ͗ EŽƌƚŚ ĂƌŽůŝŶĂ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ^LJƐƚĞŵ /ŶƚĞƌĨĂĐĞƐ͘ D y/Dh^ ǁŝůů ǁŽƌŬ ŝŶ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĚĞǀĞůŽƉ ĂŶĚ ŝŵƉůĞŵĞŶƚ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ŝŶƚĞƌĨĂĐĞƐ ĂŶĚ ƉƌŽƚŽĐŽůƐ ƚŽ ƐƵƉƉŽƌƚ ĞŶƌŽůůŵĞŶƚ ŽƉĞƌĂƚŝŽŶƐ͘ ĂƚĐŚ ʹ ĂŝůLJ DĂŝůŚŽƵƐĞ ZĞƐƉŽŶƐĞ &ŝůĞƐ 5. 05am: must pmvido detailed (thumb) showing data ?ow: Ween including but not to source and destination, data, frequencies. direction. MAXIMUS will provide a detailed diagram ofail system intakes and data ?ows forthe North Carolina Enrollment Broker Projectto the Depattment no less than 60 days prior to contact Go Live. The diagram will Illustrate-all requlmd elements, including source-and destination, data to be warmed, frequency of data ?change, and direction of data flow. We present our ptoposed system interfaces for data exchange with the Depamnent. PHPs, and other progmn stakehoiders in Exhibit 8.25?2: North Catalina-Enrollment Broker Data- Exchange Diagram. 6. The Offomr must describe m?mm and/or [smaswith meetingtha MAXIMUS has reviewed the RFP and is notawure-of any limitations or issues with meeting the requirements set forth In Section Intecfuce Plan. CONFIDENTIAL Page 8254 Of? RFP Section Response 8.26 Department Responsibilities, Section ill. 2, 1-2 1. The Offeror must list and provide details for any expected/ anticipated Department Responsibilities and/or resources that have not been identified in Section 2. Department Responsibilities, but will be necessary to implement and support the services required by this RFP. Having successfully implemented and operated Enrollment Broker projects in multiple states, MAXIMUS understands the level of support and resources that we may require from the Department. Collaboration with our clients is critical to creating a program that is effective and successful for all stakeholders. We will ask for input from Department staff on ?nalizing materials, processes, and reporting, helping to ensure that our systems and protocols meet the State?s requirements. Building a collaborative relationship with Department staff creates a program that best meets the needs of the State and of North Carolina's Medicaid and NC Health Choice beneficiaries. MAXIMUS assumes the Department will hold all parties to mutually agreed upon Implementation Plan milestones and deadlines. The responsibilities and resources that the Department has defined for itself in this RFP are fully sufficient to meet our needs: 1. The Department has the following responsibilities during the performance of the Enrolment Broker Contract. a. Meet with the Enrollment Broker?s representative as defined within this RFP and communicate as needed to discuss the Enrollment Broker's activities and manage the day-to?day activities. b. Determine a schedule for and conduct readiness reviews as determined necessary. c. Provide access to necessary systems and information for the Enrollment Broker to conduct required services. The Department will work with the Enrollment Broker to provide eligibility and auto-assignment information for both beneficiaries requiring coaching and keeping the Enrollment Broker's systems up to date. d. Provide data to the Enrollment Broker related to member eligibility via interfaces. include and enforce contractual requirements on other entities when those entities need to provide data to the Enrollment Broker for the Enrollment Broker to fulfill its contractual obligations leg. the PHP must provide data to the EB for the Consolidated Provider Directory). e. Auto assign members to Pl-iPs based on the State?s criteria and share this data with the Enrollment Broker. f. Effectuate coverage with the PHPs using 834 transactions and eligibility files as determined by the State. g. Conduct oversight and monitoring, reviewing the Enrollment Broker performance and regular reporting and provide feedback to the Enrollment Broker. h. Maintain websites with current managed care program information. i. Perform disenroliment determinations for clinically-related requests. j. Provide written notices to bene?ciaries of Medicaid eligibility determinations and redeterminations, PHP assignment and disenroliment decision. k. Notify the Enrollment Broker when corrective actions are required. l. Create templates and content requirements for reference, notices, and educational materials. m. Establish guidelines to be followed where necessary and as mentioned within this RFP. Guidelines will be drafted by the Department. The Department will provide the guidelines to the Enrollment Broker and indicate the date that guidelines are effective. Page 8.26-1 of 2 D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ĚŽĞƐ ŶŽƚ ŚĂǀĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ƐĞĐƚŝŽŶ͘ Ϯ͘ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ WĂŐĞ ϴ͘ϮϲͲϮ ŽĨ Ϯ RFP Section Response 8.27 Contract Performance and Sanctions, Section IV.A 1-8 1. The Offeror must confirm adherence to the expectations of the Department regarding contract performance, sanctions and damages as speci?ed in Section WA. Contract Performance and Sanctions. con?rms that we will adhere to the expectations of the Department regarding contract performance, sanctions, and damages as speci?ed in Section IV.A: Contract Performance and Sanctions. 2. The Offer must demonstrate its understanding of the Key Service Level Metrics included in Table 8 and provide a description of its capability to accurately capture, track, report and audit each metric. implementation Metrics: 1) initial upload of e_ igibility ?le: Defined as initial ?le upload date as de?ned $5,000 per day for each day beyond the first two initial Medicaid and NC Health Choice eligibility in Department approved business days ?le uploaded to E8 platform in advance of open implementation plan . Escalates to $10,000 per day for each day delayed I enrollment perIod beyond the first ?ve (5) business days delay Understanding: Having all eligible ?bene?ciaries loaded into the EB platform when we launch the Enrollment Broker project supports effective and ef?cient service to bene?ciaries, as well as their trust and satisfaction with Enrollment Broker services. Capturing: MAXIMUS will work with the State to develop the optimal ?le format to upload eligibility ?le data to the EB platform, con?rming that all data fields are included and aligned in both ?les and platforms. We will run initial tests of ?le uploads using sample ?les to verify that the transfer process works prior to conducting a full file upload. We will also verify the tracking, reporting, and auditing processes for data uploads using a test ?le upload. We will upload the full eligibility ?le by the date listed on our agreed-upon implementation Plan, and load any updates to the ?le as needed prior to the Go- Live Date. Tracking: Program Lead will monitor ?le uploads, verifying that each ?eld loaded accurate data in the appropriate format. Reporting: Our platform will con?rm the number and types of data ?elds sent and received in each data upload. Any discrepancies between record counts sent versus record counts Uploaded will be investigated and resolved by our technical team in conjunction with Department. Auditing: We will retain and analyze records regarding initial data uploads in the implementation period to con?rm that we are successfully meeting performance metrics. 2) Accurate load of all ibil? ?le: De?ned as ?nal date in Final date for accurate eligibility data $10,000 per day for each day which accurate Medicaid and NC Health Choice eligibility data as de?ned in Department approved beyond the ?rst two (2) business I must be uploaded to E8 platform in advance of open implementation plan days . enrollment perIod Escalates to $15,000 per day for I each day delayed beyond the ?rst 1 ?ve (5) business days delay Understanding: Tied closely to our procedures for data uploads, we will cont? rm the accuracy of the eligibility file upload by the ?nal date as d?efined in the Department approved implementation plan. Page 8.27-1 of 10 &ŝŶĂů ĚĂƚĞ ĨŽƌ ĂĐĐƵƌĂƚĞ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ĚĂƚĂ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĞĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉůĂŶ ƐĐĂůĂƚĞƐ ƚŽ Ψϭϱ͕ϬϬϬ ƉĞƌ ĚĂLJ ĨŽƌ ĞĂĐŚ ĚĂLJ ĚĞůĂLJĞĚ ďĞLJŽŶĚ ƚŚĞ ĨŝƌƐƚ ĨŝǀĞ ;ϱͿ ďƵƐŝŶĞƐƐ ĚĂLJƐ ĚĞůĂLJ ΨϭϬ͕ϬϬϬ ƉĞƌ ĚĂLJ ĨŽƌ ĞĂĐŚ ĚĂLJ ďĞLJŽŶĚ ƚŚĞ ĨŝƌƐƚ ƚǁŽ ;ϮͿ ďƵƐŝŶĞƐƐ ĚĂLJƐ ϰͿ ZĞĂů dŝŵĞ /ŶƚĞŐƌĂƚŝŽŶ ƚŽ ƚŚĞ E & ^d ^LJƐƚĞŵƐ͗ ĞĨŝŶĞĚ ĂƐ ƚŚĞ ĚĂƚĞ ďLJ ǁŚŝĐŚ ƚŚĞ ĞŶĞĨŝĐŝĂƌLJ WůĂƚĨŽƌŵ ŝƐ ĂďůĞ ƚŽ ĐŽŵŵƵŶŝĐĂƚĞ ŝŶ ƌĞĂů ƚŝŵĞ ƚŽ ƚŚĞ E & ^d ƐLJƐƚĞŵ͘ &ŝŶĂů ĚĂƚĞ ĨŽƌ ƚĞƐƚĞĚ ŝŶƚĞŐƌĂƚŝŽŶ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĞĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉůĂŶ͘ WĂŐĞ ϴ͘ϮϳͲϮ ŽĨ ϭϬ ƐĐĂůĂƚĞƐ ƚŽ Ψϭϱ͕ϬϬϬ ƉĞƌ ĚĂLJ ĨŽƌ ĞĂĐŚ ĚĂLJ ĚĞůĂLJĞĚ ďĞLJŽŶĚ ƚŚĞ ĨŝƌƐƚ ĨŝǀĞ ;ϱͿ ďƵƐŝŶĞƐƐ ĚĂLJƐ ĚĞůĂLJ ΨϭϬ͕ϬϬϬ ƉĞƌ ĚĂLJ ĨŽƌ ĞĂĐŚ ĚĂLJ ďĞLJŽŶĚ ƚŚĞ ĨŝƌƐƚ ƚǁŽ ;ϮͿ ďƵƐŝŶĞƐƐ ĚĂLJƐ ƵĚŝƚŝŶŐ͗ KƵƌ ƚĞĂŵ ǁŝůů ƐƚŽƌĞ Ăůů ƌĞƉŽƌƚƐ ƐŚŽǁŝŶŐ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƉƌŽǀŝĚĞƌ ĚĂƚĂ ĨŝůĞ ƵƉůŽĂĚƐ ƚŽ ƐƵƉƉŽƌƚ ĂŶLJ ĨƵƚƵƌĞ ĂƵĚŝƚƐ͘ ZĞƚĂŝŶŝŶŐ ƚŚŝƐ ĚĂƚĂ ŚĞůƉƐ ƵƐ ƚƌĂĐŬ ƚŚĞ ƐŽƵƌĐĞ ŽĨ ĂŶLJ ĚĂƚĂ ŝŶĂĐĐƵƌĂĐŝĞƐ͘ ZĞƉŽƌƚŝŶŐ͗ D y/Dh^ ǁŝůů ŵĂŝŶƚĂŝŶ ĚĂƚĂ ƌĞĐŽƌĚƐ ƚŚĂƚ ĐŽŶĨŝƌŵ ĂĐĐƵƌĂĐLJ ŽĨ ƵƉůŽĂĚĞĚ ƉƌŽǀŝĚĞƌ ĨŝůĞƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ŝĨ ĂŶLJ ƐƚĂĨĨ ŵĞŵďĞƌ Žƌ ďĞŶĞĨŝĐŝĂƌLJ ƌĞƉŽƌƚƐ Ă ƉƌŽďůĞŵ ǁŝƚŚ ƉƌŽǀŝĚĞƌ ĚĂƚĂ͕ ǁĞ ǁŝůů ŝŶǀĞƐƚŝŐĂƚĞ ĂŶĚ ƌĞƐŽůǀĞ ƚŚĂƚ ŝƐƐƵĞ͕ ŝŶĐůƵĚŝŶŐ ƚƌĂĐŬŝŶŐ ďĂĐŬ ƚŚĞ ƉƌŽǀŝĚĞƌ ƌĞĐŽƌĚ ƚŽ ŝƚƐ ŽƌŝŐŝŶĂů ĨŝůĞ ƵƉůŽĂĚ ĚĂƚĞ͘ tĞ ǁŝůů ƌĞƚĂŝŶ Ăůů ǀĞƌŝĨŝĐĂƚŝŽŶ ƌĞƉŽƌƚƐ ĂŶĚ ŝƐƐƵĞƐ ƌĞƉŽƌƚƐ ĨŽƌ ĂƵĚŝƚŝŶŐ ƉƵƌƉŽƐĞƐ͘ dƌĂĐŬŝŶŐ͗ tĞ ǁŝůů ĐŽŶĚƵĐƚ hƐĞƌ ĐĐĞƉƚĂŶĐĞ dĞƐƚŝŶŐ ŽĨ ƚŚĞ WƌŽǀŝĚĞƌ ŝƌĞĐƚŽƌLJ ƚŽ ǀĞƌŝĨLJ ƚŚĂƚ ƉƌŽǀŝĚĞƌ ĚĂƚĂ ŝŶ ĞĂĐŚ ƌĞŐŝŽŶ ŝƐ ĂĐĐƵƌĂƚĞ͕ ďLJ ďŽƚŚ ĐŽƵŶƚ ĂŶĚ ĐŽŶƚĞŶƚ͕ ĂŶĚ ƚŚĂƚ ƉƌŽǀŝĚĞƌ ĚĂƚĂ ŝƐ ĂǀĂŝůĂďůĞ ƚŽ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƉƌŝŽƌ ƚŽ ƚŚĞ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ͘ tĞ ǁŝůů ƌĞƚĂŝŶ ƌĞĐŽƌĚƐ ŽĨ ĂŶLJ ĞƌƌŽƌƐ Žƌ ŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐ ŝĚĞŶƚŝĨŝĞĚ ĚƵƌŝŶŐ ƚŚŝƐ ƚĞƐƚŝŶŐ ƉĞƌŝŽĚ͕ ĂŶĚ ǁŝůů ĐŽŶƚŝŶƵĞ ƚŽ ŵŽŶŝƚŽƌ ƚŚĞ ĂĐĐƵƌĂĐLJ ŽĨ ƉƌŽǀŝĚĞƌ ĚĂƚĂ ďLJ ĐŽŵƉĂƌŝŶŐ ƵƉůŽĂĚĞĚ ĨŝůĞ ĚĂƚĂ ĨŝĞůĚ ĐŽƵŶƚƐ ƚŽ ƵƉůŽĂĚĞĚ ƉƌŽǀŝĚĞƌ ĚĂƚĂ ŝŶ ƚŚĞ ƐLJƐƚĞŵ ǁŚĞŶĞǀĞƌ Ă ŶĞǁ ĨŝůĞ ŝƐ ƵƉůŽĂĚĞĚ͘ ĂƉƚƵƌŝŶŐ͗ Ɛ ǁŝƚŚ ƚŚĞ ĞůŝŐŝďŝůŝƚLJ ĨŝůĞ͕ D y/Dh^ ǁŝůů ĐŽŶĚƵĐƚ ƚĞƐƚ ƵƉůŽĂĚƐ ŽĨ ƉƌŽǀŝĚĞƌ ĚĂƚĂ ŝŶƚŽ ƚŚĞ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ƉƌŝŽƌ ƚŽ 'ŽͲ>ŝǀĞ͘ hƐŝŶŐ ƚŚĞƐĞ ƚĞƐƚ ƵƉůŽĂĚƐ͕ ǁĞ ǁŝůů ĐŽŶĨŝƌŵ ƚŚĂƚ ƉƌŽǀŝĚĞƌ ĚĂƚĂ ŝƐ ůŽĂĚŝŶŐ ŝŶƚŽ ƚŚĞ ĐŽƌƌĞĐƚ ĚĂƚĂ ĨŝĞůĚƐ͕ ƚŚĂƚ Ăůů ƉƌŽǀŝĚĞƌ ĚĂƚĂ ĨŝůĞƐ ĂƌĞ ƵƉůŽĂĚŝŶŐ͕ ĂŶĚ ƚŚĂƚ ƉƌŽǀŝĚĞƌ ĚĂƚĂ ŝƐ ƐĞĂƌĐŚĂďůĞ ĂƐ ŶĞĞĚĞĚ͘ hŶĚĞƌƐƚĂŶĚŝŶŐ͗ tĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ ƉƌŽǀŝĚĞƌ ƐĞůĞĐƚŝŽŶ ŝƐ ŽŶĞ ŽĨ ƚŚĞ ŵŽƐƚ ŝŵƉŽƌƚĂŶƚ ĞůĞŵĞŶƚƐ ŽĨ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐLJƐƚĞŵ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ dŽ ƐƵƉƉŽƌƚ ƐĂƚŝƐĨĂĐƚŝŽŶ ĂŶĚ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ ƚŚĞ ƉƌŽĐĞƐƐ ĨŽƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ĚĂƚĂ ŽŶ ĂǀĂŝůĂďůĞ ƉƌŽǀŝĚĞƌƐ ŵƵƐƚ ďĞ ƵƉͲƚŽͲĚĂƚĞ ĂŶĚ ĂĐĐƵƌĂƚĞ͕ ƐŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĐĂŶ ƐĞůĞĐƚ Ă ƉƌŽǀŝĚĞƌ ƚŚĂƚ ďĞƐƚ ŵĞĞƚƐ ƚŚĞŝƌ ŶĞĞĚƐ͘ ϯͿ ŝŶƚĞŐƌĂƚŝŽŶ ŽĨ ŽŶƐŽůŝĚĂƚĞĚ WƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ͗ ĞĨŝŶĞĚ ĂƐ ĨŝŶĂů ĚĂƚĞ͕ ďLJ ƌĞŐŝŽŶ͕ ŝŶ ǁŚŝĐŚ ĂĐĐƵƌĂƚĞ W,W ƉƌŽǀŝĚĞƌ ĚĂƚĂ ŵƵƐƚ ďĞ ŝŶƚĞŐƌĂƚĞĚ ŝŶƚŽ ĂŶĚ ƉƵďůŝĐůLJ ĂǀĂŝůĂďůĞ ƚŚƌŽƵŐŚ ƚŚĞ ƉƌŽǀŝĚĞƌ ĚŝƌĞĐƚŽƌLJ ŝŶ ĂĚǀĂŶĐĞ ŽĨ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ ƵĚŝƚŝŶŐ͗ tĞ ǁŝůů ĐŽŶƚŝŶƵĞ ƚŽ ƚƌĂĐŬ ĂŶĚ ĂŶĂůLJnjĞ ĚĂƚĂ ƵƉůŽĂĚ ĂĐĐƵƌĂĐLJ ĨŽůůŽǁŝŶŐ ƚŚĞ ŝŶŝƚŝĂů ĨŝůĞ ƵƉůŽĂĚ ƚŽ ĐŽŶĨŝƌŵ ƚŚĂƚ ǁĞ ĂƌĞ ĐŽŶƚŝŶƵŝŶŐ ƚŽ ƵƉůŽĂĚ ĚĂƚĂ ĂĐĐƵƌĂƚĞůLJ͘ ZĞƉŽƌƚŝŶŐ͗ tĞ ǁŝůů ƚƌĂĐŬ ƚŚĞ ŶƵŵďĞƌ ŽĨ ŝŶĂĐĐƵƌĂĐŝĞƐ ƚŚĂƚ ŽĐĐƵƌ ĚƵƌŝŶŐ ĚĂƚĂ ƵƉůŽĂĚƐ ŝŶ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉĞƌŝŽĚ͕ ƌĞƐŽůǀŝŶŐ ĂŶLJ ĚŝƐĐƌĞƉĂŶĐŝĞƐ ƉƌŝŽƌ ƚŽ ƚŚĞ ĨŝŶĂů ĚĂƚĞ ĨŽƌ ĂĐĐƵƌĂƚĞ ĞůŝŐŝďŝůŝƚLJ ĚĂƚĂ ĂƐ ůŝƐƚĞĚ ŝŶ ƚŚĞ ĞƉĂƌƚŵĞŶƚͲĂƉƉƌŽǀĞĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉůĂŶ͘ dƌĂĐŬŝŶŐ͗ tĞ ǁŝůů ǀĞƌŝĨLJ ƚŚĞ ĂĐĐƵƌĂĐLJ ŽĨ ƌĞĐŽƌĚƐ ĨƌŽŵ ƚŚĞ ĞůŝŐŝďŝůŝƚLJ ĨŝůĞ͕ ĂƐ ǁĞůů ĂƐ ƚŚĞ ƚŽƚĂů ŶƵŵďĞƌ ŽĨ ƐƵĐĐĞƐƐĨƵů ĚĂƚĂ ƌĞĐŽƌĚƐ ƵƉůŽĂĚĞĚ͕ ƚŽ ǀĞƌŝĨLJ ƚŚĞ ĂĐĐƵƌĂĐLJ ŽĨ ƚŚĞ ĚĂƚĂ ƵƉůŽĂĚĞĚ͘ ĂƉƚƵƌŝŶŐ͗ KƵƌ dĞĐŚŶŝĐĂů WƌŽŐƌĂŵ >ĞĂĚ ǁŝůů ĐŽŵƉĂƌĞ ĚĂƚĂ ĨƌŽŵ ƚŚĞ ŝŶŝƚŝĂů ĞůŝŐŝďŝůŝƚLJ ĨŝůĞ ǁŝƚŚ ĚĂƚĂ ƵƉůŽĂĚĞĚ ŝŶƚŽ ŵƵůƚŝƉůĞ ĨŝĞůĚƐ ŝŶ ƚŚĞ ƉůĂƚĨŽƌŵ͘ ZĂƚĞ ŵƵƐƚ ŶŽƚ ĞdžĐĞĞĚ ĨŝǀĞ ƉĞƌĐĞŶƚ ;ϱйͿ ƉĞƌ ŵŽŶƚŚ͘ ϭй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ZĂƚĞ ŵƵƐƚ ŶŽƚ ĞdžĐĞĞĚ ĨŝǀĞ ;ϱͿ ŵŝŶƵƚĞƐ ŽĨ ƵŶƐĐŚĞĚƵůĞĚ ƚŝŵĞ ŝŶ ǁŚŝĐŚ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ŝƐ ƵŶĂďůĞ ƚŽ ĂĐĐĞƉƚ ŶĞǁ ŝŶďŽƵŶĚ ĐĂůůƐ͘ ϭй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ WĂŐĞ ϴ͘ϮϳͲϯ ŽĨ ϭϬ ĂƉƚƵƌŝŶŐ͗ KƵƌ ŝƐĐŽ ƚĞůĞƉŚŽŶLJ ƐLJƐƚĞŵ ůŽŐƐ ƚŚĞ ŶƵŵďĞƌ ŽĨ ŵŝŶƵƚĞƐ ƚŚĞ ƚĞůĞƉŚŽŶĞ ůŝŶĞƐ ĂƌĞ ƵŶĂǀĂŝůĂďůĞ ƚŽ ƌĞĐĞŝǀĞ ŝŶĐŽŵŝŶŐ ĐĂůůƐ ŽŶ Ă ĚĂŝůLJ ďĂƐŝƐ͘ hŶĚĞƌƐƚĂŶĚŝŶŐ͗ /ƚ ŝƐ ĐƌŝƚŝĐĂů ƚŚĂƚ ƚŚĞ ƚĞůĞƉŚŽŶLJ ƐLJƐƚĞŵ ƌĞŵĂŝŶƐ ŽƉĞƌĂƚŝŽŶĂů Ăƚ Ăůů ƚŝŵĞƐ͕ ƉĂƌƚŝĐƵůĂƌůLJ ĚƵƌŝŶŐ ŽƉĞƌĂƚŝŽŶƐ ŚŽƵƌƐ͕ ƚŽ ƐĞƌǀĞ EŽƌƚŚ ĂƌŽůŝŶŝĂŶƐ͘ ϲͿ Ăůů ĞŶƚĞƌ ŽƵƚĂŐĞ͗ ĞĨŝŶĞĚ ĂƐ ƚŚĞ ŶƵŵďĞƌ ŽĨ ŵŝŶƵƚĞƐ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ŝƐ ƵŶĂďůĞ ƚŽ ĂĐĐĞƉƚ ŶĞǁ ŝŶďŽƵŶĚ ĐĂůůƐ͘ ƵĚŝƚŝŶŐ͗ tĞ ǁŝůů ƌĞƚĂŝŶ Ăůů ĚĂŝůLJ ĂďĂŶĚŽŶĞĚ ĐĂůů ĚĂƚĂ ƚŽ ƐƵƉƉŽƌƚ ,,^͛ ĂƵĚŝƚ ŶĞĞĚƐ͘ ZĞƉŽƌƚŝŶŐ͗ tĞ ǁŝůů ƉƌŽǀŝĚĞ ,,^ ǁŝƚŚ Ă ŵŽŶƚŚůLJ ĂďĂŶĚŽŶĞĚ ĐĂůů ƌĞƉŽƌƚ͕ ƐƵŵŵĂƌŝnjŝŶŐ ĂďĂŶĚŽŶĞĚ ĐĂůů ĂĐƚŝǀŝƚLJ ĨŽƌ ƚŚĞ ŵŽŶƚŚ͘ dƌĂĐŬŝŶŐ͗ KƵƌ Ăůů ĞŶƚĞƌ DĂŶĂŐĞƌ ŵŽŶŝƚŽƌƐ ŝŶďŽƵŶĚ ĐĂůůƐ ŽŶ Ă ƌĞĂůͲƚŝŵĞ ďĂƐŝƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ŝĨ ǁĞ ĂƌĞ ĞdžƉĞƌŝĞŶĐŝŶŐ ĂďĂŶĚŽŶĞĚ ĐĂůůƐ͘ tĞ ƌĞĐĞŝǀĞ ŚŽƵƌůLJ ĂŶĚ ĚĂŝůLJ ƚĞůĞƉŚŽŶLJ ƌĞƉŽƌƚƐ ƚŚĂƚ ƐŚŽǁ ƚŚĞ ĂďĂŶĚŽŶĞĚ ĐĂůů ƌĂƚĞ ĂŶĚ ĂŶĂůLJnjĞ ƚŚĞŵ ƚŽ ĚĞƚĞƌŵŝŶĞ ǁŚĂƚ ĂĚũƵƐƚŵĞŶƚƐ ǁĞ ŶĞĞĚ ƚŽ ŵĂŬĞ ŝŶ ƐƚĂĨĨŝŶŐ Žƌ ƐLJƐƚĞŵƐ ƚŽ ƌĞĚƵĐĞ ƚŚĞ ŶƵŵďĞƌ ŽĨ ĂďĂŶĚŽŶĞĚ ĐĂůůƐ͘ ĂƉƚƵƌŝŶŐ͗ KƵƌ ŝƐĐŽ h ƚĞůĞƉŚŽŶLJ ƐLJƐƚĞŵ ƚƌĂĐŬƐ ĞǀĞƌLJ ƚĞůĞƉŚŽŶĞ ĐŽŶƚĂĐƚ ǁŝƚŚ ƚŚĞ WƌŽũĞĐƚ͘ hŶĚĞƌƐƚĂŶĚŝŶŐ͗ dŚĞ ďĂŶĚŽŶĞĚ Ăůů ƌĂƚĞ ƌĞĨůĞĐƚƐ ŽƵƌ ƐĞƌǀŝĐĞ ƌĞƐƉŽŶƐĞ ůĞǀĞů͕ ĂŶĚ ƐƵďƐĞƋƵĞŶƚůLJ͕ ŵĞŵďĞƌƐ͛ ƐĂƚŝƐĨĂĐƚŝŽŶ ǁŝƚŚ ŽƵƌ ƌĞƐƉŽŶƐĞ ƚŝŵĞ͘ DĂŝŶƚĂŝŶŝŶŐ ŚŝŐŚ ƐĞƌǀŝĐĞ ƌĞƐƉŽŶƐĞ ůĞǀĞůƐ ŝŵƉƌŽǀĞƐ ĐƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ĂŶĚ ƵƚŝůŝnjĂƚŝŽŶ͘ ĂůůƐ ďĂŶĚŽŶĞĚ ƌĂƚĞ ǁŝůů ďĞ ĐĂůĐƵůĂƚĞĚ ĂƐ͗ ;dŽƚĂů ĂůůƐ KĨĨĞƌĞĚ Ͳ dŽƚĂů ĂůůƐ ^ŚŽƌƚ ďĂŶĚŽŶĞĚ Ͳ ;dŽƚĂů ĂůůƐ ,ĂŶĚůĞĚ ƉůƵƐ dŽƚĂů ^ĞůĨͲ ^ĞƌǀŝĐĞ ĂůůƐͿͿ ͬ dŽƚĂů ĂůůƐ KĨĨĞƌĞĚ͘ ϱͿ ĂůůƐ ďĂŶĚŽŶĞĚ͗ ĞĨŝŶĞĚ ĂƐ ƚŚĞ ŶƵŵďĞƌ ŽĨ ŝŶďŽƵŶĚ ĐĂůůƐ ŽĨĨĞƌĞĚ ďƵƚ ĂƌĞ ĚŝƐĐŽŶŶĞĐƚĞĚ ďLJ ƚŚĞ ĐĂůůĞƌ ĂĨƚĞƌ ƚŚƌĞĞ ;ϯͿ ƐĞĐŽŶĚƐ ĂŶĚ ĂƌĞ ŶĞŝƚŚĞƌ Ă Ăůů ,ĂŶĚůĞĚ ŶŽƌ Ă ^ĞůĨ ^ĞƌǀŝĐĞ͘ Ăůů ĞŶƚĞƌ WĞƌĨŽƌŵĂŶĐĞ DĞƚƌŝĐƐ͗ ƵĚŝƚŝŶŐ͗ tĞ ǁŝůů ǁŽƌŬ ŝŶ ĐůŽƐĞ ĐŽůůĂďŽƌĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ůŝĨĞ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ ƚŽ ŵĂŬĞ ƐƵƌĞ ƚŚĂƚ Ăůů ƌĞĂůͲƚŝŵĞ ŝŶƚĞƌĨĂĐĞƐ ĐŽŶƚŝŶƵĞ ƚŽ ĨƵŶĐƚŝŽŶ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ĞdžƉĞĐƚĂƚŝŽŶƐ͘ /Ĩ ŶĞǁ ŝŶƚĞƌĨĂĐĞƐ ĂƌĞ ŶĞĞĚĞĚ͕ ǁĞ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĚĞĨŝŶĞ ƚĞĐŚŶŝĐĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ƚŝŵĞůŝŶĞƐ ĨŽƌ ĐŽŵƉůĞƚŝŽŶ ĂŶĚ ĂƵĚŝƚ ŽƵƌ ĐŽŶĨŽƌŵĂŶĐĞ ǁŝƚŚ ĚĞůŝǀĞƌĂďůĞ ĞdžƉĞĐƚĂƚŝŽŶƐ͘ ZĞƉŽƌƚŝŶŐ͗ tĞ ǁŝůů ƉƌŽǀŝĚĞ ǁĞĞŬůLJ ƐƚĂƚƵƐ ƌĞƉŽƌƚƐ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ƉĞƌŝŽĚ ƚŚĂƚ ŝŶĚŝĐĂƚĞ ŽƵƌ ƉƌŽŐƌĞƐƐ ƚŽǁĂƌĚ ŵĞĞƚŝŶŐ ƚŚĞ ĨŝŶĂů ĚĂƚĞ ĨŽƌ ƌĞĂůͲƚŝŵĞ ŝŶƚĞŐƌĂƚŝŽŶ ƚĞƐƚŝŶŐ͘ dŚĞƐĞ ƌĞƉŽƌƚƐ ǁŝůů ŝŶĚŝĐĂƚĞ ŝĨ ǁĞ ŚĂǀĞ ŝĚĞŶƚŝĨŝĞĚ ĂŶLJ ƌŝƐŬƐ ƚŚĂƚ ŵĂLJ ŝŵƉĂĐƚ ŽƵƌ ĂďŝůŝƚLJ ƚŽ ŵĞĞƚ ƚŚĞ ĚƵĞ ĚĂƚĞ ĂŶĚ ĂŶLJ ĂĐƚŝŽŶƐ ďĞŝŶŐ ƚĂŬĞŶ ƚŽ ŵŝƚŝŐĂƚĞ ƐƵĐŚ ƌŝƐŬ͘ dƌĂĐŬŝŶŐ͗ KƵƌ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ ǁŝůů ĚĞĨŝŶĞ Ăůů ĂĐƚŝǀŝƚŝĞƐ͕ ĚĞůŝǀĞƌĂďůĞƐ͕ ƚŝŵĞůŝŶĞƐ͕ ĂŶĚ ĚĞƉĞŶĚĞŶĐŝĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ͕ ƚĞƐƚŝŶŐ͕ ĂŶĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƌĞĂůͲƚŝŵĞ ŝŶƚĞŐƌĂƚŝŽŶ ǁŝƚŚ E & ^d͘ KƵƌ /ŵƉůĞŵĞŶƚĂƚŝŽŶ dĞĂŵ ǁŝůů ƚƌĂĐŬ ƉƌŽŐƌĞƐƐ ƚŽǁĂƌĚ ĞĂĐŚ ƚĂƐŬ ŝŶ ĂůŝŐŶŵĞŶƚ ǁŝƚŚ ƚŝŵĞůŝŶĞƐ͕ ĂŶĚ ǁĞ ǁŝůů ĚŝƐĐƵƐƐ ƚŚĞ ƐƚĂƚƵƐ ŽĨ ĞĂĐŚ ƚĂƐŬ ĂŶĚ ĚĞůŝǀĞƌĂďůĞ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ ƌĞŐƵůĂƌůLJ ƐĐŚĞĚƵůĞĚ ŵĞĞƚŝŶŐƐ ƚŚƌŽƵŐŚŽƵƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ ĂƉƚƵƌŝŶŐ͗ ĨƚĞƌ ĐŽŶƚƌĂĐƚ ĂǁĂƌĚ͕ ǁĞ ǁŝůů ďĞŐŝŶ ǁŽƌŬŝŶŐ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ƚŽ ĚĞǀĞůŽƉ Ăůů ƌĞƋƵŝƌĞĚ ŝŶƚĞƌĨĂĐĞƐ ǁŝƚŚ E & ^d ĨŽƌ ƌĞĂůͲƚŝŵĞ ĚĂƚĂ ĞdžĐŚĂŶŐĞ͘ tĞ ǁŝůů ĚŽĐƵŵĞŶƚ Ăůů ĂƐƐŽĐŝĂƚĞĚ ĂĐƚŝǀŝƚŝĞƐ͕ ĚĞůŝǀĞƌĂďůĞƐ͕ ĂŶĚ ƚŝŵĞůŝŶĞƐ ŝŶ ŽƵƌ ĞƉĂƌƚŵĞŶƚͲĂƉƉƌŽǀĞĚ /ŵƉůĞŵĞŶƚĂƚŝŽŶ WůĂŶ͘ hŶĚĞƌƐƚĂŶĚŝŶŐ͗ ZĞůŝĂďůĞ ĂŶĚ ƐĞĐƵƌĞ ĚĂƚĂ ĞdžĐŚĂŶŐĞ ŝƐ ĞƐƐĞŶƚŝĂů ĨŽƌ ƐƚƌĞĂŵůŝŶĞĚ ĞŶƌŽůůŵĞŶƚ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ Ă ƐĞĂŵůĞƐƐ ƚƌĂŶƐŝƚŝŽŶ ƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ͘ dŚĞ ĂďŝůŝƚLJ ƚŽ ĐŽŶƚŝŶƵŽƵƐůLJ ŵŽǀĞ ĚĂƚĂ ĂŶĚ ƉĞƌĨŽƌŵ ĚĂƚĂ ƵƉĚĂƚĞƐ ŚĞůƉƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ǁĞ ĂƌĞ ĂďůĞ ƚŽ ƉƌŽĐĞƐƐ ĞŶƌŽůůŵĞŶƚƐ ĂŶĚ ƐƵƉƉŽƌƚ ƚŚĞ ƚŝŵĞůLJ ƐĞůĞĐƚŝŽŶ ŽĨ W,WƐ͘ EŽ ůŽŶŐĞƌ ƚŚĂŶ ƚŚƌĞĞ ;ϯͿ ŵŝŶƵƚĞƐ ĨŽƌ ϵϱй ŽĨ Ăůů ŝŶĐŽŵŝŶŐ ĐĂůůƐ͘ ϭй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ZĂƚĞ ŵƵƐƚ ŶŽƚ ĞdžĐĞĞĚ ŽŶĞ ƚŚƌĞĞ ;ϯͿ ŵŝŶƵƚĞƐ ĨŽƌ ϵϱй ŽĨ ĂůůƐ KĨĨĞƌĞĚ͘ ϭй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ϵͿ &ŝƌƐƚ Ăůů ZĞƐŽůƵƚŝŽŶ͗ ĞĨŝŶĞ ĂƐ ƚŚĞ ƉĞƌĐĞŶƚ ŽĨ ĐŽŶƚĂĐƚƐ ƚŚĂƚ ĂƌĞ ƌĞƐŽůǀĞĚ ďLJ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ŽŶ ƚŚĞ ĨŝƌƐƚ ŝŶƚĞƌĂĐƚŝŽŶ ǁŝƚŚ ƚŚĞ ĐƵƐƚŽŵĞƌ ƵĚŝƚŝŶŐ͗ tĞ ǁŝůů ƌĞƚĂŝŶ Ăůů ĐĂůů ĂŶƐǁĞƌ ƚŝŵĞ ĚĂƚĂ ƚŽ ƐƵƉƉŽƌƚ ,,^ ĂƵĚŝƚƐ͘ ϵϴй Ϭ͘ϱй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ZĞƉŽƌƚŝŶŐ͗ tĞ ǁŝůů ƉƌŽǀŝĚĞ ,,^ ǁŝƚŚ ŵŽŶƚŚůLJ ƐƵŵŵĂƌLJ ƌĞƉŽƌƚŝŶŐ ƚŚĂƚ ƌĞĨůĞĐƚƐ ĂǀĞƌĂŐĞ ĐĂůů ĂŶƐǁĞƌ ƚŝŵĞ ĨŽƌ ϭϬϬ ƉĞƌĐĞŶƚ ŽĨ ĐĂůůƐ͘ WĂŐĞ ϴ͘ϮϳͲϰ ŽĨ ϭϬ dƌĂĐŬŝŶŐ͗ tĞ ŵŽŶŝƚŽƌ ĐĂůů ĂŶƐǁĞƌ ƚŝŵĞ ŝŶ ƌĞĂůͲƚŝŵĞ ŝŶ ƚŚĞ ĐŽŶƚĂĐƚ ĐĞŶƚĞƌ ĂŶĚ ďLJ ĚĂŝůLJ ƌĞƉŽƌƚƐ͕ ǁŚŝĐŚ ǁĞ ĐĂŶ ĂŶĂůLJnjĞ ĨŽƌ ƚƌĞŶĚƐ ŝŶ ĂŶƐǁĞƌ ƚŝŵĞƐ͕ ĂŶĚ ĂĚĚƌĞƐƐ ƚŚƌŽƵŐŚ ŽƉĞƌĂƚŝŽŶƐ ŵŽĚŝĨŝĐĂƚŝŽŶƐ͘ ĂƉƚƵƌŝŶŐ͗ KƵƌ ŝƐĐŽ h ĐĂƉƚƵƌĞƐ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƚŝŵĞ ĨƌŽŵ ǁŚĞŶ Ă ĐĂůů ŚŝƚƐ ƚŚĞ ƚŽ ǁŚĞŶ ŝƚ ŝƐ ĂŶƐǁĞƌĞĚ ďLJ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ Žƌ ƚŚĞ ƐĞůĨͲ ƐĞƌǀŝĐĞ ŽƉƚŝŽŶ͘ hŶĚĞƌƐƚĂŶĚŝŶŐ͗ ŶƐǁĞƌŝŶŐ ĐĂůůƐ ƉƌŽŵƉƚůLJ͕ ǁŝƚŚ ĞŝƚŚĞƌ Ă ƐĞůĨͲƐĞƌǀŝĐĞ ŽƉƚŝŽŶ Žƌ Ă ůŝǀĞ ĂŐĞŶƚ͕ ŝŵƉƌŽǀĞƐ ďĞŶĞĨŝĐŝĂƌLJ ƐĂƚŝƐĨĂĐƚŝŽŶ ǁŝƚŚ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͘ tĞ ĚĞĨŝŶĞ ĐĂůů ĂŶƐǁĞƌ ƚŝŵĞ ĂƐ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƚŝŵĞ ŝƚ ƚĂŬĞƐ ĨŽƌ ƚŚĞ ƐLJƐƚĞŵ ƚŽ ƉŝĐŬ ƵƉ ƚŚĞ ĐĂůů͘ ϴͿ Ăůů ŶƐǁĞƌ dŝŵĞ͗ ĞĨŝŶĞĚ ĂƐ ƚŚĞ ŶƵŵďĞƌ ŽĨ ƐĞĐŽŶĚƐ ŝƚ ƚĂŬĞƐ ĨŽƌ ĂŶ ŝŶďŽƵŶĚ ĐĂůů ƚŽ ƌĞĂĐŚ Ă ůŝǀĞ ĂŐĞŶƚ Žƌ ƌĞĂĐŚ Ă ƐĞůĨͲƐĞƌǀŝĐĞ ŽƉƚŝŽŶ͘ DĞĂƐƵƌĞĚ ŝŶ ƐĞĐŽŶĚƐ͘ ƵĚŝƚŝŶŐ͗ tĞ ǁŝůů ŵĂŝŶƚĂŝŶ ƌĞĐŽƌĚƐ ŽĨ ŚŽƵƌůLJͬĚĂŝůLJ ŚŽůĚ ƚŝŵĞ ƌĞƉŽƌƚƐ ƚŽ ƐƵƉƉŽƌƚ ,,^ ĂƵĚŝƚƐ͘ ZĞƉŽƌƚŝŶŐ͗ tĞ ǁŝůů ƉƌŽǀŝĚĞ ,,^ ǁŝƚŚ Ă ƐƵŵŵĂƌLJ ƌĞƉŽƌƚ ŽĨ ĂǀĞƌĂŐĞ ŵŽŶƚŚůLJ ǁĂŝƚͬŚŽůĚ ƚŝŵĞƐ͘ tĞ ǁŝůů ƉƌŽǀŝĚĞ ƐĞůĞĐƚĞĚ ^ƚĂƚĞ ƵƐĞƌƐ ǁŝƚŚ Ă ĞĐŝƐŝŽŶWŽŝŶƚ / ůŝĐĞŶƐĞ ƐŽ ƚŚĞLJ ǁŝůů ďĞ ĂďůĞ ƚŽ ĂĐĐĞƐƐ ŶĞĂƌͲƌĞĂůͲƚŝŵĞ ĐĂůů ĐĞŶƚĞƌ ƌĞƉŽƌƚƐ Ăƚ ĂŶLJ ƚŝŵĞ ĨƌŽŵ ƚŚĞŝƌ ĐŽŵƉƵƚĞƌ Žƌ Ă ŵŽďŝůĞ ĚĞǀŝĐĞ͘ dƌĂĐŬŝŶŐ͗ DĂŶĂŐĞŵĞŶƚ ƌĞĐĞŝǀĞƐ ŚŽƵƌůLJ ĂŶĚ ĚĂŝůLJ ƌĞƉŽƌƚƐ ŽŶ ĐĂůů ŚŽůĚ ƚŝŵĞ͕ ǁŚŝĐŚ ƚŚĞLJ ĂŶĂůLJnjĞ ƚŽ ĚĞƚĞƌŵŝŶĞ ŝĨ ǁĞ ŶĞĞĚ ƚŽ ŵĂŬĞ ĂĚũƵƐƚŵĞŶƚƐ ƚŽ ƐƚĂĨĨŝŶŐ ƚŽ ĂĐĐŽŵŵŽĚĂƚĞ ƐƉĞĐŝĨŝĐ ƉĞĂŬ ĐĂůů ǀŽůƵŵĞ ƚŝŵĞƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ǁĞ ŵŽŶŝƚŽƌ ĐĂůů ŚŽůĚ ƚŝŵĞ ŽŶ Ă ŶĞĂƌͲƌĞĂůͲƚŝŵĞ ďĂƐŝƐ ŝŶ ĞĐŝƐŝŽŶWŽŝŶƚ /͕ ǁŚŝĐŚ ĂůůŽǁƐ ƚŚĞŵ ƚŽ ĂƐƐĞƐƐ Ă ƉƌŽďůĞŵ ĂƐ ŝƚ ŝƐ ŚĂƉƉĞŶŝŶŐ ĂŶĚ ďĞ ƉƌŽĂĐƚŝǀĞ͕ ƌĂƚŚĞƌ ƚŚĂŶ ƌĞĂĐƚŝǀĞ͕ ƚŽ ĂŶLJ ƉŽƚĞŶƚŝĂů ŝƐƐƵĞƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ŽƵƌ E/ / y ǁŽƌŬĨŽƌĐĞ ŵĂŶĂŐĞŵĞŶƚ ƉůĂƚĨŽƌŵ ŐŝǀĞƐ ƵƐ ďĞƚƚĞƌ ĂĐĐƵƌĂĐLJ ŝŶ ŽƵƌ ƐƚĂĨĨŝŶŐ͕ ŚĞůƉŝŶŐ ƵƐ ƐĞĞ ǁŚĞŶ ǁĞ ŶĞĞĚ ŵŽƌĞ Žƌ ůĞƐƐ ƐƚĂĨĨ͘ ĂƉƚƵƌŝŶŐ͗ KƵƌ ŝƐĐŽ h ƚĞůĞƉŚŽŶLJ ƐLJƐƚĞŵ ƚƌĂĐŬƐ ƚŚĞ ƚŝŵĞ ƚŚĂƚ ĞĂĐŚ ĐĂůů ƌĞĂĐŚĞƐ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ŽŶ ƚŚĞ ͕ ĂŶĚ ƚŚĞ ĞůĂƉƐĞĚ ƚŝŵĞ ŝŶ ǁŚŝĐŚ ƚŚĂƚ ĐĂůů ŝƐ ŚĂŶĚůĞĚ ďLJ Ă ůŝǀĞ ŽƉĞƌĂƚŽƌ Žƌ ƚŚĞ sZ^͘ hŶĚĞƌƐƚĂŶĚŝŶŐ͗ ƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ŝŵƉƌŽǀĞƐ ǁŚĞŶ ǁĂŝƚͬŚŽůĚ ƚŝŵĞƐ ĂƌĞ ůŽǁ͘ DĂŝŶƚĂŝŶŝŶŐ ŵŝŶŝŵĂů ŚŽůĚ ƚŝŵĞƐ ŝƐ Ă ĚŝƌĞĐƚ ƌĞĨůĞĐƚŝŽŶ ŽĨ ƚŚĞ ůĞǀĞů ŽĨ ƐĞƌǀŝĐĞ ǁĞ ƉƌŽǀŝĚĞ͕ ĂŶĚ ĂŶ ŝŵƉŽƌƚĂŶƚ ŵĞƚƌŝĐ ŝŶ ĂƐƐĞƐƐŝŶŐ ŽƉĞƌĂƚŝŽŶĂů ĞĨĨŝĐŝĞŶĐLJ͘ tĞ ŵĂŶĂŐĞ ŽƵƌ ƐƚĂĨĨŝŶŐ ůĞǀĞůƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ǁĞ ĂƌĞ ĂďůĞ ƚŽ ŵĞĞƚ ƚŚĞ ǁĂŝƚ ƚŝŵĞ ŽĨ ϵϱ ƉĞƌĐĞŶƚ ŽĨ ĐĂůůƐ ĂŶƐǁĞƌĞĚ ŝŶ ϯ ŵŝŶƵƚĞƐ ďLJ Ă ůŝǀĞ ĂŐĞŶƚ ĂŶĚ ĞŶƐƵƌĞ ƚŚĂƚ Ăůů ŽĨ ŽƵƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƌĞĐĞŝǀĞ Ă ŚŝŐŚ ůĞǀĞů ŽĨ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ͘ ϳͿ dŚĞ ǁĂŝƚͬŚŽůĚ ƚŝŵĞ ĨŽƌ ĐĂůůĞƌƐ͗ ĞĨŝŶĞĚ ĂƐ ƚŚĞ ƚŝŵĞ ďĞƚǁĞĞŶ Ă ĐĂůů ďĞŝŶŐ ŝŶŝƚŝĂůůLJ ĂŶƐǁĞƌĞĚ ŝŶĐůƵĚŝŶŐ ĂŶƐǁĞƌĞĚ ďLJ ĂŶ ŽƉĞƌĂƚŝŶŐ ƐLJƐƚĞŵ ĂŶĚ Ă ƌĞƐƉŽŶƐĞ ďLJ Ă ůŝǀĞ ŽƉĞƌĂƚŽƌ ƚŽ Ă ĐĂůůĞƌ͛Ɛ ŝŶƋƵŝƌLJ͘ ƵĚŝƚŝŶŐ͗ tĞ ǁŝůů ƌĞƚĂŝŶ ĚĂŝůLJ ŝƐĐŽ h ĚĂƚĂ ŽŶ ƐLJƐƚĞŵ ĚŽǁŶƚŝŵĞ ƚŽ ĨĂĐŝůŝƚĂƚĞ ĂŶLJ ,,^ ĂƵĚŝƚƐ͘ ZĞƉŽƌƚŝŶŐ͗ ŝƐĐŽ h ĐĂƉƚƵƌĞƐ ƐLJƐƚĞŵ ĚŽǁŶƚŝŵĞ ŝŶ ŝƚƐ ƐƚĂŶĚĂƌĚ ƌĞƉŽƌƚŝŶŐ͘ KƵƌ ƐƚĂĨĨ ǁŝůů ƐƵŵŵĂƌŝnjĞ ŵŽŶƚŚůLJ ƐLJƐƚĞŵ ĚŽǁŶƚŝŵĞ ĂŶĚ ƌĞƉŽƌƚ ƚŚŝƐ ŶƵŵďĞƌ ƚŽ ,^^ ŽŶ Ă ŵŽŶƚŚůLJ ďĂƐŝƐ͘ dƌĂĐŬŝŶŐ͗ D y/Dh^ dĞĐŚŶŝĐĂů WƌŽŐƌĂŵ >ĞĂĚ ǁŝůů ŵŽŶŝƚŽƌ ƚĞůĞƉŚŽŶLJ ƌĞƉŽƌƚƐ ŽŶ Ă ĚĂŝůLJ ďĂƐŝƐ͘ /Ŷ ƚŚĞ ĞǀĞŶƚ ƚŚĂƚ ƚĞůĞƉŚŽŶĞ ůŝŶĞƐ ĂƌĞ ƵŶĂǀĂŝůĂďůĞ Ăƚ ĂŶLJ ƚŝŵĞ͕ WƌŽũĞĐƚ ƐƚĂĨĨ ǁŝůů ŝŵŵĞĚŝĂƚĞůLJ ĐŽŶƚĂĐƚ ŽƵƌ ŝƐĐŽ ƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞƌ ƚŽ ƌĞƐŽůǀĞ ƚŚĞ ŝƐƐƵĞ ĂŶĚ ŶŽƚŝĨLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ >ĞƐƐ ƚŚĂŶ ϴϱй͗ ϯй ĚĞĚƵĐƚŝŽŶ ϭϬϬй Ͳ ϵϱй͗ ϭй ĚĞĚƵĐƚŝŽŶ >ĞƐƐ ƚŚĂŶ ϵϱй Ͳ ϴϱй͗ Ϯй ĚĞĚƵĐƚŝŽŶ hƉ ƚŽ ϯй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ZĞƉŽƌƚŝŶŐ͗ tĞ ǁŝůů ƉƌŽǀŝĚĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚ Ă ŵŽŶƚŚůLJ ƌĞƉŽƌƚ ĚŽĐƵŵĞŶƚŝŶŐ ƌĞƐƉŽŶƐĞ ƚŝŵĞ ƚŽ ĞůĞĐƚƌŽŶŝĐ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ͘ dƌĂĐŬŝŶŐ͗ dĞĂŵ >ĞĂĚƐ ǁŝůů ƌĞǀŝĞǁ ŽƉĞŶ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ ŽŶ Ă ĚĂŝůLJ ďĂƐŝƐ ƚŽ ĐŽŶĨŝƌŵ ƚŚĂƚ ŝƐƐƵĞƐ ĂƌĞ ďĞŝŶŐ ĂĚĚƌĞƐƐĞĚ ŝŶ Ă ƚŝŵĞůLJ ŵĂŶŶĞƌ͘ WĂŐĞ ϴ͘ϮϳͲϱ ŽĨ ϭϬ ĂƉƚƵƌŝŶŐ͗ tŝƚŚ ϭϬϬ ƉĞƌĐĞŶƚ ŽĨ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ ĞŶƚĞƌĞĚ ŝŶƚŽ ƚŚĞ ƐLJƐƚĞŵ ŽŶ ƚŚĞ ƐĂŵĞ ĚĂLJ͕ ŽƵƌ ƚĞĂŵ ǁŝůů ƚƌĂĐŬ ƌĞƐƉŽŶƐĞƐ ƵƐŝŶŐ ƌĞĐĞŝǀĞĚ ĚĂƚĞƐ ƚŽ ǀĞƌŝĨLJ ƚŚĂƚ Ăůů ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ ŚĂƐ ďĞĞŶ ĂĚĚƌĞƐƐĞĚ ǁŝƚŚŝŶ ƚŚƌĞĞ ďƵƐŝŶĞƐƐ ĚĂLJƐ͘ hŶĚĞƌƐƚĂŶĚŝŶŐ͗ dŽ ŵĂŝŶƚĂŝŶ Ă ƉŽƐŝƚŝǀĞ ĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚ Ăůů ŵĞŵďĞƌƐ͕ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ĂŶĚ ƉƌŽǀŝĚĞƌƐ͕ ǁĞ ǁŝůů ƌĞƐƉŽŶĚ ƚŽ ϭϬϬ ƉĞƌĐĞŶƚ ŽĨ ĞůĞĐƚƌŽŶŝĐ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ ǁŝƚŚŝŶ ƚŚƌĞĞ ďƵƐŝŶĞƐƐ ĚĂLJƐ͘ ϭϭͿ dŝŵĞůLJ ƌĞƐƉŽŶƐĞ ƚŽ ĞůĞĐƚƌŽŶŝĐ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ͗ ĞĨŝŶĞĚ ĂƐ ZĞƐƉŽŶƐĞ ƌĂƚĞ ƚŽ Ăůů ŵĞŵďĞƌƐ ƌĞƐƉŽŶƐĞ ƚŝŵĞ ƚŽ Ăůů ĞůĞĐƚƌŽŶŝĐ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ ŝŶĐůƵĚŝŶŐ ĞŵĂŝů͕ ĂŶĚ W,W ŽĨ ϭϬϬй ǁŝƚŚŝŶ ϯ ĨĂdž͕ ǁĞď ĞŶƌŽůůŵĞŶƚƐ Žƌ ŽƚŚĞƌ ĞůĞĐƚƌŽŶŝĐ ƌĞƐƉŽŶƐĞƐ͘ ďƵƐŝŶĞƐƐ ĚĂLJƐ ƵĚŝƚŝŶŐ͗ D y/Dh^ ǁŝůů ŵĂŝŶƚĂŝŶ Ăůů tĞď WŽƌƚĂů ZĞƐƉŽŶƐĞ ƚŝŵĞ ƌĞĐŽƌĚƐ ƚŽ ƐƵƉƉŽƌƚ ĂŶLJ ĂƵĚŝƚƐ ƚŚĂƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŵŝŐŚƚ ƌĞƋƵĞƐƚ͘ ZĞƉŽƌƚŝŶŐ͗ tĞď WŽƌƚĂů ZĞƐƉŽŶƐĞ ƚŝŵĞ ǁŝůů ďĞ ƚƌĂĐŬĞĚ ĞǀĞƌLJ ƚŝŵĞ Ă ƉĂŐĞ ŝƐ ƌĞƋƵĞƐƚĞĚ ďLJ Ă ǁĞď ƐŝƚĞ ƵƐĞƌ͘ tĞ ǁŝůů ƉƌŽǀŝĚĞ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝƚŚ Ă ƐƵŵŵĂƌLJ ƌĞƉŽƌƚ ŽĨ ƚŚĞ tĞď WŽƌƚĂů ZĞƐƉŽŶƐĞ ŽŶ Ă ŵŽŶƚŚůLJ ďĂƐŝƐ͘ dƌĂĐŬŝŶŐ͗ tĞ ǁŝůů ƌĞǀŝĞǁ ƉĂŐĞ ůŽĂĚ ƚŝŵĞ ƌĞƉŽƌƚƐ ŽŶ Ă ĚĂŝůLJ ďĂƐŝƐ ƚŽ ĞƐƚĂďůŝƐŚ Ă ďĂƐĞůŝŶĞ ƌĂƚĞ ĚƵƌŝŶŐ ƚŚĞ ĨŝƌƐƚ ƚǁŽ ǁĞĞŬƐ ŽĨ ŽƉĞƌĂƚŝŽŶ͘ KƵƌ ƚĞĐŚŶŝĐĂů ƚĞĂŵ ǁŝůů ŝĚĞŶƚŝĨLJ ƚŚĞ ĂĚũƵƐƚŵĞŶƚƐ ŶĞĞĚĞĚ ƚŽ ŝŵƉƌŽǀĞ ƉĂŐĞ ůŽĂĚ ƚŝŵĞ ŝĨ ŝƚ ĞdžĐĞĞĚƐ͕ ŽŶ ĂǀĞƌĂŐĞ͕ ϱ ƐĞĐŽŶĚƐ͕ ϵϵ ƉĞƌĐĞŶƚ ŽĨ ƚŚĞ ƚŝŵĞ͘ ĂƉƚƵƌŝŶŐ͗ tĞ ƚƌĂĐŬ ƉĂŐĞ ůŽĂĚ ƚŝŵĞ ƚŚƌŽƵŐŚ ĂƉƉůŝĐĂƚŝŽŶƐ ;^ŽůĂƌ tŝŶĚƐ ĂŶĚ ƉƉ LJŶĂŵŝĐƐͿ ƚŚĂƚ ŵŽŶŝƚŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ŽƵƌ ǁĞďƐŝƚĞ͘ dŚĞƐĞ ĂƉƉůŝĐĂƚŝŽŶƐ ƉƌŽǀŝĚĞ ĚĂƚĂ ŽŶ Ăůů ĨĂĐĞƚƐ ŽĨ ǁĞďƐŝƚĞ ŽƉĞƌĂƚŝŽŶ͘ hŶĚĞƌƐƚĂŶĚŝŶŐ͗ Ɛ ƉĂƌƚ ŽĨ ƉƌŽǀŝĚŝŶŐ ŚŝŐŚ ƋƵĂůŝƚLJ ƉĞƌĨŽƌŵĂŶĐĞ ƚŚĂƚ ƐĂƚŝƐĨŝĞƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ ǁŚĞŶ ƚŚĞLJ ĂĐĐĞƐƐ ƚŚĞ ǁĞď ƉŽƌƚĂů ĂŶĚ ƐĞůĞĐƚ Ă ƉĂŐĞ ƚŽ ǀŝĞǁ͕ ƚŚĂƚ ƉĂŐĞ ŵƵƐƚ ĨƵůůLJ ĂŶĚ ƋƵŝĐŬůLJ ůŽĂĚ ŽŶƚŽ ƚŚĞ ƵƐĞƌƐ͛ ƐĐƌĞĞŶ͘ ϭϬͿ tĞď ƉŽƌƚĂů ƌĞƐƉŽŶƐĞ͗ ĞĨŝŶĞĚ ĂƐ ĞůĂƉƐĞĚ ƚŝŵĞ ĨƌŽŵ ƚŚĞ ĐŽŵŵĂŶĚ ƚŽ ZĂƚĞ ŵƵƐƚ ŶŽƚ ĞdžĐĞĞĚ ĨŝǀĞ ;ϱͿ ƐĞĐŽŶĚƐ ǀŝĞǁ Ă ƌĞƐƉŽŶƐĞ ƵŶƚŝů ƚŚĞ ƌĞƐƉŽŶƐĞ ĂƉƉĞĂƌƐ Žƌ ůŽĂĚƐ ƚŽ ĐŽŵƉůĞƚŝŽŶ͘ ϵϵй ŽĨ ƚŚĞ ƚŝŵĞ͘ ŶƌŽůůŵĞŶƚ ^ĞƌǀŝĐĞƐ tĞďƐŝƚĞ WĞƌĨŽƌŵĂŶĐĞ DĞƚƌŝĐƐ͗ ƵĚŝƚŝŶŐ͗ KƵƌ ƐLJƐƚĞŵ ǁŝůů ƌĞƚĂŝŶ Ăůů ĐŽŶƚĂĐƚ ƌĞĐŽƌĚƐ ƚŽ ƐƵƉƉŽƌƚ ,,^ ĂƵĚŝƚ ŶĞĞĚƐ͘ ZĞƉŽƌƚŝŶŐ͗ tĞ ǁŝůů ŵŽŶŝƚŽƌ ƌĞƉŽƌƚŝŶŐ ƚŚĂƚ ƐŚŽǁƐ ƚŚĞ ŶƵŵďĞƌ ŽĨ ĐŽŶƚĂĐƚƐ ƚŚĂƚ ĂƌĞ ŝŶĚŝĐĂƚĞĚ ĂƐ ĨƵůůLJ ƌĞƐŽůǀĞĚ͕ ĂŶĚ ƉƌŽǀŝĚĞ ,,^ ǁŝƚŚ Ă ŵŽŶƚŚůLJ ƐƵŵŵĂƌLJ ƌĞƉŽƌƚ͘ dŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ ŝƐ ƚƌĂĐŬĞĚ ŝŶ D yĞď ĂŶĚ ǁŝůů ĨĞĞĚ ŝŶƚŽ ŽƵƌ ĞĐŝƐŝŽŶWŽŝŶƚ / ƌĞƉŽƌƚƐ͘ dƌĂĐŬŝŶŐ͗ Ɛ ƉĂƌƚ ŽĨ ŽƵƌ YƵĂůŝƚLJ ƐƐƵƌĂŶĐĞ ƉƌŽƚŽĐŽůƐ͕ ŽƵƌ ƚĞĂŵ ǁŝůů ŵŽŶŝƚŽƌ ƚŚĞ ƌĂƚĞ ŽĨ &ŝƌƐƚ Ăůů ZĞƐŽůƵƚŝŽŶ͕ ĂŶĚ ǁŝůů ǁŽƌŬ ǁŝƚŚ ƐƚĂĨĨ ǁŚŽ ŶĞĞĚ ĂƐƐŝƐƚĂŶĐĞ ǁŝƚŚ ƚŚŝƐ ŵĞƚƌŝĐ ƚŚƌŽƵŐŚ ŽŶĞͲŽŶͲŽŶĞ ƚƌĂŝŶŝŶŐ͘ ĂƉƚƵƌŝŶŐ͗ /Ŷ ŽƵƌ D yĞď ^LJƐƚĞŵ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ŝƐ ƉƌĞƐĞŶƚĞĚ ǁŝƚŚ Ă ĐŚĞĐŬ ďŽdž͘ dŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ĂƐŬ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ Ăƚ ƚŚĞ ĞŶĚ ŽĨ Ă ĐĂůů ŝĨ ƚŚĞŝƌ ŝŶƋƵŝƌLJ ŚĂƐ ďĞĞŶ ƌĞƐŽůǀĞĚ ĂŶĚ ǁŝůů ĐŚĞĐŬ ƚŚĂƚ ďŽdž ŝĨ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ƐĂLJƐ ƚŚĞŝƌ ŝƐƐƵĞƐ ŚĂǀĞ ďĞĞŶ ĨƵůůLJ ƌĞƐŽůǀĞĚ͘ hŶĚĞƌƐƚĂŶĚŝŶŐ͗ &ƵůůLJ ŵĞĞƚŝŶŐ ƚŚĞ ŶĞĞĚƐ ŽĨ Ă ďĞŶĞĨŝĐŝĂƌLJ ŽŶ ƚŚĞŝƌ ĨŝƌƐƚ ĐŽŶƚĂĐƚ ǁŝƚŚ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ŝŵƉƌŽǀĞƐ ďĞŶĞĨŝĐŝĂƌLJ ƐĂƚŝƐĨĂĐƚŝŽŶ ĂŶĚ ƚƌƵƐƚ ŝŶ ƚŚĞ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ WƌŽũĞĐƚ͕ ĂŶĚ ŚĞůƉƐ ďĞŶĞĨŝĐŝĂƌŝĞƐ ƚĂŬĞ ĨƵůů ĂĚǀĂŶƚĂŐĞ ŽĨ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƐĞƌǀŝĐĞƐ ĂƐ ƉƌŽŵƉƚůLJ ĂƐ ƉŽƐƐŝďůĞ͘ ZĞƐŽůǀŝŶŐ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJΖƐ ĐŽŶĐĞƌŶ ĂůƐŽ ƌĞĚƵĐĞƐ ƌĞƉĞĂƚ ĐĂůůƐ͕ ĞŶĂďůŝŶŐ ƵƐ ƚŽ ŵŽƌĞ ƌĞĂĚŝůLJ ĂĐŚŝĞǀĞ ŽƚŚĞƌ ĐĂůů ĐĞŶƚĞƌ ŵĞƚƌŝĐƐ͘ ǀĞƌĂŐĞ ƌĂƚĞ ŵƵƐƚ ŶŽƚ ĨĂůů ďĞůŽǁ ƉĞƌĐĞŶƚ Ϭ͘ϱй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ĂŐƌĞĞĚ ƵƉŽŶ ŝŶ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĞĚ ŵĞŵďĞƌ ĞŶƌŽůůŵĞŶƚ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJ ǀĞƌĂŐĞ ƌĂƚĞ ŵƵƐƚ ŶŽƚ ĨĂůů ďĞůŽǁ ƉĞƌĐĞŶƚ ĂŐƌĞĞĚ ƵƉŽŶ ŝŶ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĞĚ ŵĞŵďĞƌ ĞŶƌŽůůŵĞŶƚ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJ Ϭ͘ϱй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ǀĞƌĂŐĞ ƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞ ŵƵƐƚ ŶŽƚ ĞdžĐĞĞĚ ĨŝǀĞ ;ϱͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ Ϯй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ WĂŐĞ ϴ͘ϮϳͲϲ ŽĨ ϭϬ hŶĚĞƌƐƚĂŶĚŝŶŐ͗ dŽ ŬĞĞƉ ďĞŶĞĨŝĐŝĂƌLJ ƌĞĐŽƌĚƐ ĂŶĚ ĐŽƵŶƚ ĐƵƌƌĞŶƚ ĨŽƌ ^ƚĂƚĞ ŵĞƚƌŝĐƐ͕ D y/Dh^ ǁŝůů ƉƌŽŵƉƚůLJ ĐŽŵƉůĞƚĞ ǁŝƚŚŽƵƚ ĐĂƵƐĞ ĚŝƐĞŶƌŽůůŵĞŶƚƐ ǁŝƚŚŝŶ ĨŝǀĞ ĐĂůĞŶĚĂƌ ĚĂLJƐ ŽĨ ƌĞĐĞŝƉƚ͕ ǁŝƚŚ ĐŽŵƉůĞƚŝŽŶ ĚĞĨŝŶĞĚ ĂƐ ŶŽƚŝĨŝĐĂƚŝŽŶ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ƚŚĞ ĚŝƐĞŶƌŽůůŵĞŶƚ͘ dŚŝƐ ƉƌŽĐĞƐƐ ŝŶĐůƵĚĞƐ ǁŽƌŬŝŶŐ ǁŝƚŚ ƚŚĞ ŵĞŵďĞƌ ƚŽ ďĞ ƐƵƌĞ ƚŚĞ ƌĞƋƵĞƐƚ ŝƐ ĐŽŵƉůĞƚĞ͘ ϭϰͿ tŝƚŚŽƵƚ ĐĂƵƐĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞ͗ ĞĨŝŶĞĚ ĂƐ ĂǀĞƌĂŐĞ ƚŝŵĞ ĨƌŽŵ ƌĞĐĞŝƉƚ ŽĨ ĐŽŵƉůĞƚĞ ŵĞŵďĞƌ ǁŝƚŚŽƵƚ ĐĂƵƐĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŽ ŶŽƚŝĨŝĐĂƚŝŽŶ ƚŽ ĞƉĂƌƚŵĞŶƚ ŽĨ ĚĞĐŝƐŝŽŶ ŶƌŽůůŵĞŶƚ ĂŶĚ ŝƐĞŶƌŽůůŵĞŶƚ WƌŽĐĞƐƐŝŶŐ WĞƌĨŽƌŵĂŶĐĞ DĞƚƌŝĐƐ͗ ƵĚŝƚŝŶŐ͗ tĞ ǁŝůů ƌĞƚĂŝŶ Ăůů ŵĞŵďĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJ ĚĂƚĂ͕ ĂƐ ǁĞůů ĂƐ Ă ĐŽƵŶƚ ŽĨ Ăůů ŵĞŵďĞƌ ĞŶƌŽůůŵĞŶƚƐ͕ ƚŽ ƐƵƉƉŽƌƚ ,,^ ŝŶ ŝƚƐ ĂƵĚŝƚ ĞĨĨŽƌƚƐ͘ ZĞƉŽƌƚŝŶŐ͗ tĞ ǁŝůů ƉƌŽǀŝĚĞ ,,^ ǁŝƚŚ ŵŽŶƚŚůLJ ƌĞƉŽƌƚƐ ŽŶ ŵĞŵďĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ŵĞŵďĞƌƐ ǁŚŽ ĞŶƌŽůů ǁŚŽ ƌĞƐƉŽŶĚ ƚŽ ƚŚĞ ƐƵƌǀĞLJ͘ dƌĂĐŬŝŶŐ͗ KƵƌ ŵĂŶĂŐĞŵĞŶƚ ƚĞĂŵ ǁŝůů ŵŽŶŝƚŽƌ ƚŚĞ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ĐŽŵƉůĞƚĞ Ă ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJ͕ ƐĞŶĚ ĞŵĂŝůƐ ƚŽ ŝŵƉƌŽǀĞ ŶƵŵďĞƌƐ ƐŚŽƵůĚ ƚŚĞLJ ĨĂůů ďĞůŽǁ ŽƵƌ ƚĂƌŐĞƚ ƌĂƚĞ ŽĨ ƌĞƐƉŽŶƐĞ͘ ĂƉƚƵƌŝŶŐ͗ tĞ ǁŝůů ĐŽůůĞĐƚ ŵĞŵďĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ĚĂƚĂ ǀŝĂ Ă ǁĞďͲďĂƐĞĚ ƐƵƌǀĞLJ ĂŶĚ ǁŝůů ŵŽŶŝƚŽƌ ƚŚĞ ƉĞƌĐĞŶƚ ƌĞƐƉŽŶƐĞ ƌĂƚĞ ŽŶ Ă ǁĞĞŬůLJ ďĂƐŝƐ͘ hŶĚĞƌƐƚĂŶĚŝŶŐ͗ DĞŵďĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ŝƐ ĂŶ ŝŵƉŽƌƚĂŶƚ ŵĞĂƐƵƌĞ ŽĨ ŽƵƌ ƐĞƌǀŝĐĞ ƋƵĂůŝƚLJ ĂŶĚ ŝƐ Ă ƐƚĂŶĚĂƌĚ ƚŽŽů ƵƐĞĚ ŝŶ ŽƵƌ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƉƌŽũĞĐƚƐ͘ dŚŝƐ ŵĞƚƌŝĐ ŵĞĂƐƵƌĞƐ ƚŚĞ ƐĂƚŝƐĨĂĐƚŝŽŶ ŽĨ ŵĞŵďĞƌƐ ǁŚŽ ĞŶƌŽůů ǀŝĂ ƚŚĞ tĞď WŽƌƚĂů͘ ϭϯͿ tĞďͲďĂƐĞĚ ĞŶƌŽůůŵĞŶƚ ƐƵƌǀĞLJ ƌĞƐƉŽŶƐĞ ĞĨŝŶĞ ĂƐ ĞĨŝŶĞĚ ĂƐ ŵĞŵďĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĞĚ ĐĂůů ĐĞŶƚĞƌ ŵĞŵďĞƌ ĞŶƌŽůůŵĞŶƚ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJ ƵĚŝƚŝŶŐ͗ tĞ ǁŝůů ƌĞƚĂŝŶ Ăůů ŵĞŵďĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJ ĚĂƚĂ͕ ĂƐ ǁĞůů ĂƐ Ă ĐŽƵŶƚ ŽĨ Ăůů ŵĞŵďĞƌ ĞŶƌŽůůŵĞŶƚƐ͕ ƚŽ ƐƵƉƉŽƌƚ ,,^ ŝŶ ŝƚƐ ĂƵĚŝƚ ĞĨĨŽƌƚƐ͘ ZĞƉŽƌƚŝŶŐ͗ tĞ ǁŝůů ƉƌŽǀŝĚĞ ,,^ ǁŝƚŚ ŵŽŶƚŚůLJ ƌĞƉŽƌƚƐ ŽŶ ŵĞŵďĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ŵĞŵďĞƌƐ ǁŚŽ ĞŶƌŽůů ǁŚŽ ƌĞƐƉŽŶĚ ƚŽ ƚŚĞ ƐƵƌǀĞLJ͘ dƌĂĐŬŝŶŐ͗ KƵƌ ŵĂŶĂŐĞŵĞŶƚ ƚĞĂŵ ǁŝůů ŵŽŶŝƚŽƌ ƚŚĞ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŽ ĐŽŵƉůĞƚĞ Ă ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJ͕ ĂŶĚ ĐŽŶĚƵĐƚ ŽƵƚďŽƵŶĚ ĐŽŶƚĂĐƚƐ ƚŽ ŝŵƉƌŽǀĞ ŶƵŵďĞƌƐ ƐŚŽƵůĚ ƚŚĞLJ ĨĂůů ďĞůŽǁ ŽƵƌ ƚĂƌŐĞƚ ƌĂƚĞ ŽĨ ƌĞƐƉŽŶƐĞ͘ ĂƉƚƵƌŝŶŐ͗ tĞ ǁŝůů ĐŽůůĞĐƚ ŵĞŵďĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ĚĂƚĂ ǀŝĂ ƚŚĞ sZ^ ĂŶĚ ǁŝůů ŵŽŶŝƚŽƌ ƚŚĞ ƉĞƌĐĞŶƚ ƌĞƐƉŽŶƐĞ ƌĂƚĞ ŽŶ Ă ǁĞĞŬůLJ ďĂƐŝƐ͘ hŶĚĞƌƐƚĂŶĚŝŶŐ͗ DĞŵďĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ŝƐ ĂŶ ŝŵƉŽƌƚĂŶƚ ŵĞĂƐƵƌĞ ŽĨ ŽƵƌ ƐĞƌǀŝĐĞ ƋƵĂůŝƚLJ ĂŶĚ ŝƐ Ă ƐƚĂŶĚĂƌĚ ƚŽŽů ƵƐĞĚ ŝŶ ŽƵƌ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ƉƌŽũĞĐƚƐ͘ dŚŝƐ ŵĞƚƌŝĐ ŵĞĂƐƵƌĞƐ ƚŚĞ ƐĂƚŝƐĨĂĐƚŝŽŶ ŽĨ ŵĞŵďĞƌƐ ǁŚŽ ĞŶƌŽůů ďLJ ĐĂůůŝŶŐ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ͘ ϭϮͿ Ăůů ĐĞŶƚĞƌ ĞŶƌŽůůŵĞŶƚ ƐƵƌǀĞLJ ƌĞƐƉŽŶƐĞ͗ ĞĨŝŶĞĚ ĂƐ ŵĞŵďĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ĞƉĂƌƚŵĞŶƚ ĂƉƉƌŽǀĞĚ ĐĂůů ĐĞŶƚĞƌ ŵĞŵďĞƌ ĞŶƌŽůůŵĞŶƚ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJ ^ĂƚŝƐĨĂĐƚŝŽŶ ^ƵƌǀĞLJƐ WĞƌĨŽƌŵĂŶĐĞ DĞƚƌŝĐƐ͗ ƵĚŝƚŝŶŐ͗ tĞ ǁŝůů ƌĞƚĂŝŶ Ăůů ĞůĞĐƚƌŽŶŝĐ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ ůŽŐƐ ƚŽ ƐŚŽǁ ƌĞĐĞŝƉƚ ĂŶĚ ƌĞƐƉŽŶƐĞ ĚĂƚĞƐ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ ĂŶLJ ĂƵĚŝƚ ĞĨĨŽƌƚƐ͘ ǀĞƌĂŐĞ ƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞ ŵƵƐƚ ŶŽƚ ĞdžĐĞĞĚ ĨŝǀĞ ;ϱͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ϭй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ ǀĞƌĂŐĞ ƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞ ŵƵƐƚ ŶŽƚ ĞdžĐĞĞĚ ĨŝǀĞ ;ϱͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ϭй ŽĨ ŵŽŶƚŚůLJ ŝŶǀŽŝĐĞ WĂŐĞ ϴ͘ϮϳͲϳ ŽĨ ϭϬ ƵĚŝƚŝŶŐ͗ D y/Dh^ ǁŝůů ƉĞƌĨŽƌŵ ƌĂŶĚŽŵ Y ĐŚĞĐŬƐ ŽŶ Ăůů ŝŶďŽƵŶĚ ŵĂŝů ƉƌŽĐĞƐƐŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ĂŶĚ ŵĂŝŶƚĂŝŶ ƌĞĐŽƌĚƐ ŽĨ ƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞĨƌĂŵĞƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ďĞ ĂďůĞ ƚŽ ĂĐĐĞƐƐ ƚŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ ĂƐ ŶĞĞĚĞĚ͘ ZĞƉŽƌƚŝŶŐ͗ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ŚĂǀĞ ĂĐĐĞƐƐ ƚŽ ĞĐŝƐŝŽŶWŽŝŶƚ ĚĂƐŚďŽĂƌĚƐ ĂŶĚ ƌĞƉŽƌƚƐ ƚŚĂƚ ǁŝůů ƚƌĂĐŬ ŵĂŝůͲƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞůŝŶĞƐ͘ dŚĞ ĞƉĂƌƚŵĞŶƚ ǁŝůů ďĞ ĂďůĞ ƚŽ ƌĞǀŝĞǁ ŶĞĂƌͲƌĞĂů ƚŝŵĞ ƌĞƉŽƌƚŝŶŐ ĂƐ ǁĞůů ĂƐ ĐƵŵƵůĂƚŝǀĞ ƌĞƉŽƌƚŝŶŐ ƚŽ ǀŝĞǁ ƚŚĞ ĂǀĞƌĂŐĞ ƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞůŝŶĞƐ ŽǀĞƌ Ă ƐƉĞĐŝĨŝĞĚ ĂŵŽƵŶƚ ŽĨ ƚŝŵĞ͘ ĞĐŝƐŝŽŶWŽŝŶƚ ǁŝůů ĂůƚĞƌ E ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ŵĂŶĂŐĞŵĞŶƚ ƐƚĂĨĨ ŽĨ ĂŶLJ ^> ƚŚĂƚ ŝƐ ŝŶ ĚĂŶŐĞƌ ŽĨ ŶŽƚ ďĞŝŶŐ ŵĞƚ͘ dƌĂĐŬŝŶŐ͗ tĞ ǁŝůů ƵƐĞ ǁŽƌŬ ƋƵĞƵĞƐ ǁŝƚŚŝŶ D yĞď ƚŽ ƚƌĂĐŬ ŵĂŝů ƉƌŽĐĞƐƐŝŶŐ ƚĂƐŬƐ ĂŶĚ Ăůů ĂĐƚŝŽŶƐ ƚĂŬĞŶ͕ ĂƐ ǁĞůů ĂƐ͕ ƚŽ ƌŽƵƚĞ ƚĂƐŬƐ ƚŽ ƚŚĞ ĐŽƌƌĞĐƚ D y/Dh^ ƐƚĂĨĨ ŵĞŵďĞƌ ĨŽƌ ƉƌŽĐĞƐƐŝŶŐ͘ ĂƉƚƵƌŝŶŐ͗ /ŶĐŽŵŝŶŐ ŵĂŝů ǁŝůů ďĞ ƐĐĂŶŶĞĚ ĂŶĚ ŝŵĂŐĞƐ ǁŝůů ďĞ ĐĂƉƚƵƌĞĚ ŝŶ D yĞď ĂŶĚ ĂƚƚĂĐŚĞĚ ƚŽ ƚŚĞ ĐĂƐĞ ĨŽƌ ǁŚŝĐŚ ƚŚĞ ŵĂŝů ǁĂƐ ƌĞĐĞŝǀĞĚ͘ hŶĚĞƌƐƚĂŶĚŝŶŐ͗ tĞ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ĐŽŵƉůĞdžŝƚŝĞƐ ĂŶĚ ĐƌŝƚŝĐĂů ƌŽůĞ ƚŚĂƚ ŝŶďŽƵŶĚ ŵĂŝů ƉƌŽĐĞƐƐŝŶŐ ŚĂƐ ŝŶ ĞŶƐƵƌŝŶŐ ƚŚĂƚ ƚŚĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ŝŶ EŽƌƚŚ ĂƌŽůŝŶĂ ĐŽŵƉůĞƚĞ ĂĐĐƵƌĂƚĞ ĂŶĚ ƚŝŵĞůLJ W,W ĞŶƌŽůůŵĞŶƚƐ ĂŶĚ D,ͬW W ƐĞůĞĐƚŝŽŶƐ͘ &ŽůůŽǁŝŶŐ ĂƉƉůŝĐĂďůĞ ǁŽƌŬ ŝŶƐƚƌƵĐƚŝŽŶƐ͕ ǁĞ ƉƌŽĐĞƐƐ ƌĞƋƵĞƐƚƐ ĨŽƌ ŝŶĨŽƌŵĂƚŝŽŶ ďLJ ŵĂŝů͕ ŝŶĐůƵĚŝŶŐ ĞŶƌŽůůŵĞŶƚ ĂƉƉůŝĐĂƚŝŽŶƐ͕ ďĞŶĞĨŝĐŝĂƌLJ ƌĞƋƵĞƐƚƐ͕ ĂŶĚ ƌĞůĂƚĞĚ ĚŽĐƵŵĞŶƚƐ͕ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŝŵĞůŝŶĞƐƐ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ϭϲͿ ůů ŝŶďŽƵŶĚ ŵĂŝů͗ ĞĨŝŶĞĚ ĂƐ ƚŚĞ ĂǀĞƌĂŐĞ ƚŝŵĞ ĨƌŽŵ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ŵĂŝůŝŶŐ ƚŽ ƚŚĞ ŝŶŝƚŝĂƚŝŽŶ ŽĨ ƚŚĞ ƉƌŽĐĞƐƐŝŶŐ ƚŚĞ ƌĞƋƵĞƐƚ͕ ƌĞŐĂƌĚůĞƐƐ ŽĨ ƚŚĞ ƌĞƋƵĞƐƚ ƚLJƉĞ͘ ƵĚŝƚŝŶŐ͗ tĞ ǁŝůů ƌĞƚĂŝŶ Ăůů ĨŝůĞƐ ƚŚĂƚ ƐŚŽǁ ƚŚĞ ƐƚĞƉƐ ŝŶ ĞĂĐŚ ĚŝƐĞŶƌŽůůŵĞŶƚ ŝŶ ƚŚĞ D yĞď ƐLJƐƚĞŵ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ ĂŶLJ ĂƵĚŝƚŝŶŐ ĞĨĨŽƌƚƐ͘ ZĞƉŽƌƚŝŶŐ͗ hƐŝŶŐ D yĞď͕ ǁĞ ǁŝůů ĚĞƚĞƌŵŝŶĞ ƚŚĞ ĂǀĞƌĂŐĞ ƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞ ĨŽƌ ŶŽŶͲĐůŝŶŝĐĂů ǁŝƚŚ ĐĂƵƐĞ ĚŝƐĞŶƌŽůůŵĞŶƚƐ ŽŶ Ă ŵŽŶƚŚůLJ ďĂƐŝƐ͘ dƌĂĐŬŝŶŐ͗ dŚƌŽƵŐŚ D yĞď͕ ǁĞ ǁŝůů ƚƌĂĐŬ ƚŚĞ ƐƚĂƌƚ ĚĂƚĞ ĂŶĚ ĞŶĚ ĚĂƚĞ ŽĨ Ăůů ͞ŶŽŶͲĐůŝŶŝĐĂů ǁŝƚŚ ĐĂƵƐĞ͟ ĚŝƐĞŶƌŽůůŵĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞ ĨŽƌ ĞĂĐŚ ĞǀĞŶƚ͘ ĂƉƚƵƌŝŶŐ͗ hƐŝŶŐ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶ ĐŽĚĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ͞ŶŽŶͲĐůŝŶŝĐĂů ǁŝƚŚ ĐĂƵƐĞ͟ ĚŝƐĞŶƌŽůůŵĞŶƚ͕ D yĞď ƚƌĂĐŬƐ Ăůů ĐŽŶƚĂĐƚƐ ĂŶĚ ƐƚĞƉƐ ƚĂŬĞŶ ŝŶ ƚŚĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͕ ĨƌŽŵ ƚŚĞ ŝŶŝƚŝĂů ƌĞƋƵĞƐƚ ƚŽ ƚŚĞ ŶŽƚŝĨŝĐĂƚŝŽŶ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ hŶĚĞƌƐƚĂŶĚŝŶŐ͗ dŽ ŬĞĞƉ ďĞŶĞĨŝĐŝĂƌLJ ƌĞĐŽƌĚƐ ĂŶĚ ĐŽƵŶƚ ĐƵƌƌĞŶƚ ĨŽƌ ^ƚĂƚĞ ŵĞƚƌŝĐƐ͕ D y/Dh^ ǁŝůů ƉƌŽŵƉƚůLJ ĐŽŵƉůĞƚĞ ŶŽŶͲĐůŝŶŝĐĂů ǁŝƚŚ ĐĂƵƐĞ ĚŝƐĞŶƌŽůůŵĞŶƚƐ ǁŝƚŚŝŶ ĨŝǀĞ ĐĂůĞŶĚĂƌ ĚĂLJƐ ŽĨ ƌĞĐĞŝƉƚ͕ ǁŝƚŚ ĐŽŵƉůĞƚŝŽŶ ĚĞĨŝŶĞĚ ĂƐ ŶŽƚŝĨŝĐĂƚŝŽŶ ƚŽ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ ƚŚĞ ĚŝƐĞŶƌŽůůŵĞŶƚ͘ dŚŝƐ ƉƌŽĐĞƐƐ ŝŶĐůƵĚĞƐ ǁŽƌŬŝŶŐ ǁŝƚŚ ƚŚĞ ŵĞŵďĞƌ ƚŽ ďĞ ƐƵƌĞ ƚŚĞ ƌĞƋƵĞƐƚ ŝƐ ĐŽŵƉůĞƚĞ͘ ϭϱͿ EŽŶͲĐůŝŶŝĐĂů ǁŝƚŚ ĐĂƵƐĞ ƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞ͗ ĞĨŝŶĞĚ ĂƐ ĂǀĞƌĂŐĞ ƚŝŵĞ ĨƌŽŵ ƌĞĐĞŝƉƚ ŽĨ ĐŽŵƉůĞƚĞ ŵĞŵďĞƌ ŶŽŶͲ ĐůŝŶŝĐĂů ǁŝƚŚ ĐĂƵƐĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŽ ŶŽƚŝĨŝĐĂƚŝŽŶ ƚŽ ĞƉĂƌƚŵĞŶƚ ŽĨ ĚĞĐŝƐŝŽŶ ƵĚŝƚŝŶŐ͗ tĞ ǁŝůů ƌĞƚĂŝŶ Ăůů ĨŝůĞƐ ƚŚĂƚ ƐŚŽǁ ƚŚĞ ƐƚĞƉƐ ŝŶ ĞĂĐŚ ĚŝƐĞŶƌŽůůŵĞŶƚ ŝŶ ƚŚĞ D yĞď ƐLJƐƚĞŵ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ ĂŶLJ ĂƵĚŝƚŝŶŐ ĞĨĨŽƌƚƐ͘ ZĞƉŽƌƚŝŶŐ͗ hƐŝŶŐ D yĞď͕ ǁĞ ǁŝůů ĚĞƚĞƌŵŝŶĞ ƚŚĞ ĂǀĞƌĂŐĞ ƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞ ĨŽƌ ǁŝƚŚŽƵƚ ĐĂƵƐĞ ĚŝƐĞŶƌŽůůŵĞŶƚƐ ŽŶ Ă ŵŽŶƚŚůLJ ďĂƐŝƐ͘ dƌĂĐŬŝŶŐ͗ dŚƌŽƵŐŚ D yĞď͕ ǁĞ ǁŝůů ƚƌĂĐŬ ƚŚĞ ƐƚĂƌƚ ĚĂƚĞ ĂŶĚ ĞŶĚ ĚĂƚĞ ŽĨ Ăůů ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ĚŝƐĞŶƌŽůůŵĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞ ĨŽƌ ĞĂĐŚ ĞǀĞŶƚ͘ ĂƉƚƵƌŝŶŐ͗ hƐŝŶŐ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶ ĐŽĚĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ͞ǁŝƚŚŽƵƚ ĐĂƵƐĞ͟ ĚŝƐĞŶƌŽůůŵĞŶƚ͕ D yĞď ƚƌĂĐŬƐ Ăůů ĐŽŶƚĂĐƚƐ ĂŶĚ ƐƚĞƉƐ ƚĂŬĞŶ ŝŶ ƚŚĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ͕ ĨƌŽŵ ƚŚĞ ŝŶŝƚŝĂů ƌĞƋƵĞƐƚ ƚŽ ƚŚĞ ŶŽƚŝĨŝĐĂƚŝŽŶ ŽĨ ƚŚĞ ĞƉĂƌƚŵĞŶƚ͘ 3. The Offer must provide its methodology or mathematical formula for calculating each metric Description Implementation 1) Initial upload of eli ibili ?le: De?ned as initial Medicaid and NC Using a deadline of 30 days in advance of the open enrollment period, Health Choice eligibility file uploaded to EB platform in advance of MAXIMUS will confirm that the initial eligibility ?le has uploaded successfully, open enrollment period and that DHHS agrees with that assessment. 2) Accurate upload eli ibil' fie: Defined as final date in which accurate Medicaid and NC Health Choice eligibility data must be uploaded to ?8 platform in advance of open enrollment period Using a deadline of 30 days in advance of the open enrollment period, MAXIMUS will confirm that the eligibility file is accurate with zero errors and that DHHS agrees with that assessment. 3) EB inte ration of Consolidated Provider directog: De?ned as Using a deadline of 30 days in advance of the open enrollment period, final date, by region, in which accurate PHP provider data must be MAXIMUS will con?rm that PHP provider data is integrated and publicly integrated into and publicly available through the provider available through the finding of zero errors through User Acceptance Testing, directory in advance of open enrollment period and that the DHHS agrees with that assessment. 4) Real Time Integration to the NC FAST Systems: Defined as the date by which the E8 Beneficiary Platform is able to communicate in real time to the NC FAST system. Using the final date for integration testing, as defined in the Department- approved implementation plan, MAXIMUS will confirm, through joint test activities with the Department, that real-time integration points between our i Beneficiary Management Platform and NC FAST are working as I expected. i Call Center 5) Calls Abandoned: Defined as the number of inbound calls . (Total Calls Offered - Total Calls Short Abandoned - (Total Calls Handled plus offered but are disconnected by the caller after three (3) seconds Total Self- Service Calls)) Total Calls Offered. and are neither a Call Handled nor a Self Service. Calls Abandoned rate will be calculated as: (Total Calls Offered - Total Calls Short Abandoned - (Total Calls Handled plus Total Self- Service Calls)) Total Calls Offered. Page 8.27-8 of 10 6) Call Center outa e: De?ned as the number of minutes the call center is unable to accept new inbound calls. Total number of minutes of telephone line downtime as measured by the Cisco UCCE system 7) The wai hold time for callers: De?ned as the time between a call being initially answered including answered by an operating system and a response by a live operator to a caller's inquiry. Total number of minutes of wait/hold time per month /Total number of calls per month 8) Call Answer Time: De?ned as the number of seconds it takes for an inbound call to reach a live agent or reach a self-service option. Measured In seconds. i of calls per month I Total number of seconds to answer by the system per month Total number 9) First Call Resolution: De?ne as the percent of contacts that are resolved by the call center on the ?rst interaction with the customer contacts answered by a llve agent per month Total number of contacts marked as resolved on the ?rst call /Total number of Enrollment services website 10) web 9033! De?ned as elapsed time from the command to view a response until the response appears or loads to completion. Total number of seconds for each requested page load per month Total number of requested page loads per month 11) Timely response to electronic corresmmdence: Defined as response time to all electronic correspondence including email, fax, web enrollments or other electronic responses. I Total number of electronic correspondence pieces received Total elapsed days for processing each piece of electronic correspondence Satisfaction survey 12) C_all center enrollment survey response: Defined as member satisfaction as measured by Department approved call center member enrollment satisfaction survey of enrollment calls answered by a live agent Total number of call center survey responses received /Total number 13) Web-based enrol ent survey response De?ne as De?ned as member satisfaction as measured by Department approved call center member enrollment satisfaction survey I Total number of web service survey responses received /Total number of web enrollments Enrollment and disenrollment processing Page 8.27-9 of 10 dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ĚĞƐĐƌŝďĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ ĂŶĚͬŽƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ EƵŵďĞƌ ŽĨ ĚĂLJƐ ĞůĂƉƐĞĚ ĨƌŽŵ ƚŝŵĞ ĨƌŽŵ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ŵĂŝůŝŶŐ ƚŽ ƚŚĞ ŝŶŝƚŝĂƚŝŽŶ ŽĨ ƉƌŽĐĞƐƐŝŶŐ ƚŚĞ ƌĞƋƵĞƐƚ ͬ dŽƚĂů ŶƵŵďĞƌ ŽĨ ŝŶďŽƵŶĚ ŝƚĞŵƐ ƌĞĐĞŝǀĞĚ͘ EƵŵďĞƌ ŽĨ ĚĂLJƐ ĞůĂƉƐĞĚ ĨƌŽŵ ƌĞĐĞŝƉƚ ŽĨ ƌĞƋƵĞƐƚ ƚŽ ĐŽŵƉůĞƚŝŽŶ ŽĨ ƌĞƋƵĞƐƚ ͬ dŽƚĂů ŶƵŵďĞƌ ŽĨ ŶŽŶͲĐůŝŶŝĐĂů ǁŝƚŚ ĐĂƵƐĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚƐ EƵŵďĞƌ ŽĨ ĚĂLJƐ ĞůĂƉƐĞĚ ĨƌŽŵ ƌĞĐĞŝƉƚ ŽĨ ƌĞƋƵĞƐƚ ƚŽ ĐŽŵƉůĞƚŝŽŶ ŽĨ ƌĞƋƵĞƐƚ ͬ dŽƚĂů ŶƵŵďĞƌ ŽĨ ǁŝƚŚŽƵƚ ĐĂƵƐĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚƐ dŚĞ KĨĨĞƌŽƌ ŵƵƐƚ ƌĞƋƵĞƐƚ ĂŶLJ ŵŽĚŝĨŝĐĂƚŝŽŶƐ ƚŽ ^ĞĐƚŝŽŶ /s͘ ͘ ƉĞƌ ƚŚĞ ŝŶƐƚƌƵĐƚŝŽŶƐ ŝŶ ^ĞĐƚŝŽŶ //͘ ͘ϯ͕ ĂŶĚ ĂĐŬŶŽǁůĞĚŐĞ ƚŚĞƐĞ ĂƌĞ ŶŽƚ ƉĂƌƚ ĂŶLJ ƐƵďƐĞƋƵĞŶƚ ŽŶƚƌĂĐƚ ƵŶůĞƐƐ ĞdžƉůŝĐŝƚůLJ ĂĐĐĞƉƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ^ĞĐƚŝŽŶ //͘ ͘ϯ WĂŐĞ ϴ͘ϮϳͲϭϬ ŽĨ ϭϬ D y/Dh^ ŝƐ ŶŽƚ ƌĞƋƵĞƐƚŝŶŐ ĂŶLJ ŵŽĚŝĨŝĐĂƚŝŽŶƐ ƚŽ ^ĞĐƚŝŽŶ /s͘ ͕͘ ĂŶĚ ĂĐŬŶŽǁůĞĚŐĞƐ ƚŚĂƚ ƚŚĞƐĞ ĂƌĞ ŶŽƚ ƉĂƌƚ ŽĨ ĂŶLJ ƐƵďƐĞƋƵĞŶƚ ŽŶƚƌĂĐƚ ƵŶůĞƐƐ ĞdžƉůŝĐŝƚůLJ ĂĐĐĞƉƚĞĚ ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ^ĞĐƚŝŽŶ //͘ ͘ϯ͘ ϱ͘ &Žƌ /ŵƉůĞŵĞŶƚĂƚŝŽŶ DĞƚƌŝĐ ηϵ͗ tĞď WŽƌƚĂů ZĞƐƉŽŶƐĞ͕ ǁĞ ŶŽƚĞ ƚŚĂƚ ƚŚĞ ǁĞď ƉŽƌƚĂů ƌĞƐƉŽŶƐĞ ĂŶĚ ƉĂŐĞ ůŽĂĚ ƚŝŵĞ ǁŝůů ďĞ ĂĨĨĞĐƚĞĚ ďLJ ƚŚĞ ƵƐĞƌ͛Ɛ ǁŝͲĨŝ ĐŽŶŶĞĐƚŝŽŶ ƐƉĞĞĚ͘ KƚŚĞƌǁŝƐĞ͕ D y/Dh^ ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ Z&W ĂŶĚ ĚŽĞƐ ŶŽƚ ŚĂǀĞ ĂŶLJ ůŝŵŝƚĂƚŝŽŶƐ Žƌ ŝƐƐƵĞƐ ǁŝƚŚ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ĞĐƚŝŽŶ͘ ϰ͘ ϭϲͿ ůů ŝŶďŽƵŶĚ ŵĂŝů͗ ĞĨŝŶĞĚ ĂƐ ƚŚĞ ĂǀĞƌĂŐĞ ƚŝŵĞ ĨƌŽŵ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ŵĂŝůŝŶŐ ƚŽ ƚŚĞ ŝŶŝƚŝĂƚŝŽŶ ŽĨ ƚŚĞ ƉƌŽĐĞƐƐŝŶŐ ƚŚĞ ƌĞƋƵĞƐƚ͕ ƌĞŐĂƌĚůĞƐƐ ŽĨ ƚŚĞ ƌĞƋƵĞƐƚ ƚLJƉĞ͘ ĞĨŝŶĞĚ ĂƐ ĂǀĞƌĂŐĞ ƚŝŵĞ ĨƌŽŵ ƌĞĐĞŝƉƚ ŽĨ ĐŽŵƉůĞƚĞ ŵĞŵďĞƌ ŶŽŶͲ ĐůŝŶŝĐĂů ǁŝƚŚ ĐĂƵƐĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŽ ŶŽƚŝĨŝĐĂƚŝŽŶ ƚŽ ĞƉĂƌƚŵĞŶƚ ŽĨ ĚĞĐŝƐŝŽŶ ϭϱͿ EŽŶͲĐůŝŶŝĐĂů ǁŝƚŚ ĐĂƵƐĞ ƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞ͗ ĞĨŝŶĞĚ ĂƐ ĂǀĞƌĂŐĞ ƚŝŵĞ ĨƌŽŵ ƌĞĐĞŝƉƚ ŽĨ ĐŽŵƉůĞƚĞ ŵĞŵďĞƌ ǁŝƚŚŽƵƚ ĐĂƵƐĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƌĞƋƵĞƐƚƐ ƚŽ ŶŽƚŝĨŝĐĂƚŝŽŶ ƚŽ ĞƉĂƌƚŵĞŶƚ ŽĨ ĚĞĐŝƐŝŽŶ ϭϰͿ tŝƚŚŽƵƚ ĐĂƵƐĞ ĚŝƐĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐŝŶŐ ƚŝŵĞ͗ 8.28 Use Case Scenarios Responses must focus how bene?ciaries will be assisted in navigating North Carolina?s complex primary and behavioral health systems, including collaboration with key stakeholders. The response for each Use Case Scenario must not exceed four (4) pages. Scenario Number Scenario Tire mother of a mirror child contacts the Enrollment Broker regarding .3 PHP denial of her daughter having an MRI for headaches. The mother reports that she ted the PHP to hit- arr appeal but has not heard back about the resolution The mother. who is anxious and runner nerl about Scenario? her daughter?s health and the lack or response to the denial. reports the complaint was filed one weal. ago The mottie' nas not spoken anvone srme the original call With the PHP 8.28.1 Provide a detailed narrative at the resolution u? the mutant detailing the sper ilri information provided to the henelrtiary am! the supports uttered to the berielir rary if a rotor rat rs made to or rontartt With an external entity identity which entities and the rsteps vnitmterl for the 'eferz Detail what, how and in whit information rs Response: In this scenario, we assume that the family (mother and child) are successfully deemed eligible for Medicaid and/or NC Health Choice and have successfully enrolled and selected a Prepaid Health Plan (PHP). The mother has asked the PHP to approve an MRI for her daughter, but her request has been denied. The mother has filed an appeal of that decision with the PH P, but has not heard from anyone in the week since she filed the appeal. In this situation, MAXIMUS staff must clearly understand the PHP appeals process and guidelines established between the Department and the PHPs for adverse benefit determination. It is our understanding that PH P5 are required to send written acknowledgement of the appeal request to the member family within five calendar days for a standard appeal, and within 24 hours for an expedited appeal request. Bene?ciaries may also request that their benefits be continued or reinstated while an appeal is pending. If the PHP upholds the adverse benefit determination, the beneficiary may request a State Fair Hearing. When the mother calls the MAXIMUS Enrollment Center, the call will be routed to an Enrollment Specialist. The Enrollment Specialist verifies the caller's identity, brings up the caller? 5 case information in our Bene?ciary Management Platform (8MP), and begins a case contact record to document the call. As soon as an Enrollment Specialist enters the account, the system logs an access entry event in the case history. Once the Enrollment Specialist understands the issue with the PHP adverse bene?t determination and appeal, he or she will escalate the call to an Enrollment Lead and add a case note to the case account with the fact that the case was escalated. Each entry and note on the account will have a time and date stamp associated with the action. The Enrollment Lead determines whether this rises to the level of being captured as a Complaint/Grievance/Appeai within Assuming the case warrants being entered as a complaint, then the Enrollment Lead would enter the information gathered into the Complaints module in That module would allow the Enrollment Specialist the ability to select the type of complaint, reason for the complaint, the PHP that the compliant is about, capture whether or not a three way call has been initiated, who the PHP Representative is and what actions were taken within the three way call. While the mother is still on the line, the Enrollment Lead contacts the member services department. Each PHP is required to operate a member services department that is accessible via a toll free line and is staffed to assist beneficiaries; their responsibilities include addressing appeals and grievances. The Enrollment Lead creates a three-way call between the mother, the Enrollment Lead, and the PHP Representative. During this call, the Enrollment Lead gathers information on the status of the appeal and works with the PHP representative to resolve the issue while the mother is on the call. If the appeal cannot be resolved during the three-way call, the Enrollment Lead gets a timeline for resolution and recommended next steps for the mother from the PHP Representative. If the issue is resolved with the PHP Representative, then that resolution is recorded and the complaint is closed. If the complaint Page 8.28-1 of 4 ^ĐĞŶĂƌŝŽ ηϮ ϴ͘Ϯϴ͘Ϯ ĞŶĞĨŝĐŝĂƌLJ ŽƵƚƌĞĂĐŚ ŵĂƚĞƌŝĂůƐ͗ „ hƐĞƌ 'ƵŝĚĞ ĨŽƌ ŶƌŽůůŵĞŶƚ WƌŽĐĞƐƐ „ WůĂŶ ĂŶĚ WƌŽǀŝĚĞƌ ^ĞůĞĐƚŝŽŶ 'ƵŝĚĞ tĞďƐŝƚĞ 'ƵŝĚĞ ŶƌŽůůŵĞŶƚ WƌŽĐĞƐƐ dƌĂŝŶŝŶŐ ;ǁĞďŝŶĂƌ ůĞĚ ďLJ D y/Dh^ ƚĞĂŵ ŵĞŵďĞƌͿ „ /ŶŝƚŝĂů WƌŽŐƌĂŵ dƌĂŝŶŝŶŐ ;ǁĞďŝŶĂƌ ůĞĚ ďLJ D y/Dh^ ƚĞĂŵ ŵĞŵďĞƌͿ „ WĂŐĞ ϴ͘ϮϴͲϮ ŽĨ ϰ D y/Dh^ ǁŝůů ǁŽƌŬ ĚŝƌĞĐƚůLJ ǁŝƚŚ EŽƌƚŚ ĂƌŽůŝŶĂ͛Ɛ ^^ ŽĨĨŝĐĞƐ ƚŽ ƉƌŽǀŝĚĞ Ă ƐĞĂŵůĞƐƐ ĞůŝŐŝďŝůŝƚLJ ĂŶĚ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ĨŽƌ ĐƌŽƐƐŽǀĞƌ ďĞŶĞĨŝĐŝĂƌŝĞƐ͘ dŚŝƐ ǁŝůů ŝŶĐůƵĚĞ͕ ŝĨ ďƵĚŐĞƚ ĂůůŽǁƐ͕ ƚŚĞ ŽŶͲƐŝƚĞ ƉƌĞƐĞŶĐĞ ŽĨ Ă D y/Dh^ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ĨŽƌ Ăƚ ůĞĂƐƚ ĞŝŐŚƚ ŚŽƵƌƐ ƉĞƌ ǁĞĞŬ Ăƚ ĞĂĐŚ ŽĨ ƚŚĞ ^ƚĂƚĞ͛Ɛ ĐŽƵŶƚLJ ^^ ŽĨĨŝĐĞƐ ĚƵƌŝŶŐ ƚŚĞ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ ĨŽƌ ƚŚĞ ĐƌŽƐƐŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ͘ D y/Dh^ ǁŝůů ƉƌŽǀŝĚĞ ĐŽƵŶƚLJ ^^ ĐĂƐĞ ǁŽƌŬĞƌƐ ǁŝƚŚ ĞĚƵĐĂƚŝŽŶ͕ ƚƌĂŝŶŝŶŐ͕ ĂŶĚ ŽƵƚƌĞĂĐŚ ŵĂƚĞƌŝĂůƐ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞŝƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ ĐŚŽŝĐĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ĨŽƌ W,WƐ ĂŶĚ W Wͬ D,͘ dŚĞƐĞ ŵĂƚĞƌŝĂůƐ ŝŶĐůƵĚĞ͗ /Ŷ ƚŚŝƐ ƐĐĞŶĂƌŝŽ͕ ǁĞ ĂƐƐƵŵĞ ƚŚĂƚ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ŝƐ ƉĂƌƚ ŽĨ ƚŚĞ ĐƌŽƐƐŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ ŽĨ ŵĞŵďĞƌƐ ǁŚŽ ĂƌĞ ĐƵƌƌĞŶƚůLJ ĞŶƌŽůůĞĚ ŝŶ ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ƉƌŽŐƌĂŵƐ ƚŚĂƚ ǁŝůů ďĞ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ŵĂŶĂŐĞĚ ĐĂƌĞ͘ dŚĞ ŝŶĚŝǀŝĚƵĂů ŝƐ DĞĚŝĐĂŝĚ ĞůŝŐŝďůĞ ĂŶĚ ŐŽĞƐ ƚŽ Ă ůŽĐĂů ^^ ĂŐĞŶĐLJ ƚŽ ƐĞůĞĐƚ Ă W,W͘ dŚĞ ŝŶĚŝǀŝĚƵĂů ĂƌƌŝǀĞƐ Ăƚ ƚŚĞ ^^ ŽĨĨŝĐĞ ŽŶ Ɖƌŝů Ϯ͕ ϮϬϭϵ͕ ǁŚŝĐŚ ŝƐ ǁŝƚŚŝŶ ƚŚĞ ƉůĂŶŶĞĚ ŽƉĞŶ ĞŶƌŽůůŵĞŶƚ ƉĞƌŝŽĚ ĨŽƌ ƚŚĞ ĐƌŽƐƐŽǀĞƌ ƉŽƉƵůĂƚŝŽŶ ;ĐƵƌƌĞŶƚůLJ ƉůĂŶŶĞĚ ďĞƚǁĞĞŶ DĂƌĐŚ ϭϱ͕ ϮϬϭϵ ĂŶĚ DĂLJ ϭϱ͕ ϮϬϭϵͿ͘ ZĞƐƉŽŶƐĞ͗ ĞƐĐƌŝďĞ ƚŚĞ ŵĂƚĞƌŝĂůƐ͕ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ŽƚŚĞƌ ƌĞƐŽƵƌĐĞƐ ƚŚĂƚ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ƚŽ ^^ ƚŽ ĂĚĚƌĞƐƐ ĨƵƚƵƌĞ ŝŶĐŝĚĞŶƚƐ͘ WƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ŶĂƌƌĂƚŝǀĞ ĨŽƌ ƚŚĞ ĞŶĚ ƚŽ ĞŶĚ ƐƵƉƉŽƌƚƐ ĂǀĂŝůĂďůĞ ƚŽ ĂͿ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĂŶĚ ďͿ ƚŚĞ ĐĂƐĞ ǁŽƌŬĞƌ͘ ĞƐĐƌŝďĞ ŚŽǁ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ŝƐ ŝŶŝƚŝĂƚĞĚ ĂŶĚ ĐŽŵƉůĞƚĞĚ͘ Ŷ ŝŶĚŝǀŝĚƵĂů ǁŚŽ ƌĞĐĞŝǀĞĚ Ă DĞĚŝĐĂŝĚ ůŝŐŝďŝůŝƚLJ ĞƚĞƌŵŝŶĂƚŝŽŶ EŽƚŝĐĞ ĂŶĚ ŶĞǁ DĞĚŝĐĂŝĚ ĐĂƌĚ ƐŚŽǁƐ ƵƉ Ăƚ Ă ůŽĐĂů ^^ ĂŐĞŶĐLJ ŽŶ Ɖƌŝů Ϯ͕ ϮϬϭϵ͕ ƚŽ ĐŽŵŵƵŶŝĐĂƚĞ ŚŝƐ ƐĞůĞĐƚŝŽŶ ŽĨ Ă W,W͘ EŽƚĞ͗ &Žƌ ƚŚŝƐ ƐĐĞŶĂƌŝŽ͕ ĚĞƚĂŝůĞĚ ĐĂůů ŝŶĨŽƌŵĂƚŝŽŶ ŝƐ ĐĂƉƚƵƌĞĚ ŝŶ ƚŚĞ D yĞď ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ͘ dŚĞ ŶƌŽůůŵĞŶƚ >ĞĂĚ ƵƉĚĂƚĞƐ ƚŚĞ ŵŽƚŚĞƌ͛Ɛ ĐĂƐĞ͕ ĂĚĚŝŶŐ ĚĞƚĂŝůƐ ŽĨ ƚŚĞ ĐĂůů͕ ǁŚĂƚ ƚƌĂŶƐƉŝƌĞĚ ĚƵƌŝŶŐ ƚŚĞ ŽƵƚƌĞĂĐŚ ƚŽ ƚŚĞ W,W͕ ĂŶĚ ĂŶLJ ƌĞĐŽŵŵĞŶĚĞĚ ŶĞdžƚ ƐƚĞƉƐ͘ /Ĩ ŶĞĐĞƐƐĂƌLJ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ >ĞĂĚ ǁŝůů ĞƐĐĂůĂƚĞ ƚŚĞ ĐĂƐĞ ƚŽ Ă ^ƵƉĞƌǀŝƐŽƌ͕ ǁŚŽ ǁŝůů ĐƌĞĂƚĞ ĂŶ ĞƐĐĂůĂƚĞĚ ƋƵĞƵĞ ŝƚĞŵ ƚŽ ďĞ ĐƌĞĂƚĞĚ ŝŶ D yĞď ƚŚĂƚ ǁŽƵůĚ ŐŽ ƌŝŐŚƚ ƚŽ ƚŚĞ ^ƚĂƚĞ ƉůĂŶ ůŝĂŝƐŽŶ͘ KŶĐĞ ƚŚĞLJ ŚĂǀĞ ĚĞƚĞƌŵŝŶĞĚ Ă ƌĞƐŽůƵƚŝŽŶ ƚŚĞLJ ǁŽƵůĚ ƐĞŶĚ ƚŚĂƚ ďĂĐŬ ƚŽ ƚŚĞ ŶƌŽůůŵĞŶƚ >ĞĂĚ ŝŶ D yĞď͘ ƐƐƵŵŝŶŐ ƚŚĞ ^ƚĂƚĞ ƉůĂŶ ůŝĂŝƐŽŶ ǁĂƐ ĂďůĞ ƚŽ ŐĞƚ ƚŚĞ ĐůĂŝŵ ĂƉƉƌŽǀĞĚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ƵƉĞƌǀŝƐŽƌ ǁŝůů ĂĚǀŝƐĞ ƚŚĞ ^ƚĂƚĞ ƉůĂŶ ůŝĂŝƐŽŶ ƚŚĂƚ ƚŚĞLJ ǁŝůů ĐŽŶƚĂĐƚ ƚŚĞ ŵĞŵďĞƌ ƚŽ ůĞƚ ƚŚĞŵ ŬŶŽǁ ƚŚĂƚ ƚŚĞ ĐůĂŝŵ ǁŝůů ďĞ ĐŽǀĞƌĞĚ͘ dŚĞ D yĞď ĐĂƐĞ ŚŝƐƚŽƌLJ ǁŝůů ďĞ ŶŽƚĂƚĞĚ ƚŚĂƚ ƉĞƌ ƚŚĞ ^ƚĂƚĞ ƚŚĞ ĐůĂŝŵ ŝƐ ĐŽǀĞƌĞĚ ĂŶĚ ƚŚĂƚ ƚŚĞ ŵĞŵďĞƌ ǁĂƐ ŶŽƚŝĨŝĞĚ͘ /Ĩ ƚŚĞ ĂƉƉĞĂůƐ ŝƐƐƵĞ ŝƐ ŶŽƚ ƌĞƐŽůǀĂďůĞ ŝŵŵĞĚŝĂƚĞůLJ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ >ĞĂĚ ĂĚǀŝƐĞƐ ƚŚĞ ŵŽƚŚĞƌ ƚŚĂƚ ǁĞ ĐĂŶ ŚĞůƉ ƚŚĞŵ ƚŚƌŽƵŐŚ ƚŚŝƐ ƉƌŽĐĞƐƐ͕ ŐĂƚŚĞƌƐ ƚŚĞ ŵŽƚŚĞƌ͛Ɛ ĐŽŶƚĂĐƚ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĂŶĚ ƉƌŽǀŝĚĞƐ ƚŚĞ ŵŽƚŚĞƌ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ŶƵŵďĞƌ͕ ŝŶ ĐĂƐĞ ƚŚĞ ŵŽƚŚĞƌ ǁĂŶƚƐ ƚŽ ƌĞĂĐŚ ŽƵƚ ŝŶ ƚŚĞ ĨƵƚƵƌĞ ĨŽƌ ŚĞůƉ͘ dŚĞ ŶƌŽůůŵĞŶƚ >ĞĂĚ ĐĂŶ ƐĞƚ͕ ǁŝƚŚŝŶ D yĞď͕ Ă ƌĞŵŝŶĚĞƌ ƚŽ ƌĞĂĐŚ ďĂĐŬ ŽƵƚ ƚŽ ƚŚĞ ŵŽƚŚĞƌ ǁŝƚŚŝŶ ϰϴ ŚŽƵƌƐ ŝĨ ƐŝƚƵĂƚŝŽŶ ŶŽƚ ƌĞƐŽůǀĞĚ ǁŝƚŚŝŶ ƚŚĂƚ ƚŝŵĞ͘ ƌĞŵĂŝŶƐ ƵŶƌĞƐŽůǀĞĚ͕ ƚŚĞŶ ŝƚ ĐĂŶ ďĞ ĞƐĐĂůĂƚĞĚ ƚŽ Ă ^ƵƉĞƌǀŝƐŽƌ ǁŝƚŚŝŶ ƚŚĞ ĐŽŵƉůĂŝŶƚƐ ƉƌŽĐĞƐƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ďĞĐĂƵƐĞ ƚŚĞ ŽŵƉůĂŝŶƚ ǁĂƐ ĞŶƚĞƌĞĚ ǁŝƚŚŝŶ ƚŚĞ ĐŽŶƚĞdžƚ ŽĨ Ă ƉŚŽŶĞ ĐĂůů ĨƌŽŵ ƚŚĞ ŵŽƚŚĞƌ͕ ƚŚĞ ĐŽŵƉůĂŝŶƚ ŝƐ ůŝŶŬĞĚ ƚŽ ƚŚĞ ĐĂůů ƌĞĐŽƌĚŝŶŐ ĨŽƌ ĂƵĚŝƚ ƉƵƌƉŽƐĞƐ͘ ĐŽŵƉůĞƚĞ ŚŝƐƚŽƌLJ ŽĨ Ăůů ĂĐƚŝŽŶƐ ƚĂŬĞŶ ŝŶ ƌĞĨĞƌĞŶĐĞ ƚŽ ƚŚĞ ĐŽŵƉůĂŝŶƚ͕ ĨƌŽŵ ŝŶŝƚŝĂƚŝŽŶ ƚŽ ƌĞƐŽůƵƚŝŽŶ͕ ŝƐ ŵĂŝŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ŽŵƉůĂŝŶƚƐ ŵŽĚƵůĞ͕ ǁŝƚŚ ůŝŶŬƐ ƚŽ ƚŚĞ ĐĂůů ƌĞĐŽƌĚ ĂŶĚ ĐĂƐĞ ƌĞĐŽƌĚ ƚŽ ŵĂŬĞ ƚŚĂƚ ŝŶĨŽƌŵĂƚŝŽŶ ĞĂƐŝůLJ ĂĐĐĞƐƐŝďůĞ ƚŽ Ă ǁŽƌŬĞƌ͘ ^ĐĞŶĂƌŝŽ ηϯ ϴ͘Ϯϴ͘ϯ WĂŐĞ ϴ͘ϮϴͲϯ ŽĨ ϰ /Ŷ ƚŚŝƐ ƐĐĞŶĂƌŝŽ͕ ǁĞ ĂƐƐƵŵĞ ƚŚĂƚ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ŝƐ ĂůƌĞĂĚLJ ĚĞĞŵĞĚ DĞĚŝĐĂŝĚ ĞůŝŐŝďůĞ ĂŶĚ ŝƐ ĞůŝŐŝďůĞ ƚŽ ďĞ ĞŶƌŽůůĞĚ ǁŝƚŚ Ă ĐŽŶƚƌĂĐƚĞĚ W,W͘ ĞĐĂƵƐĞ ŝƚ ŝƐ ŽƵƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĂƚ ƚŚĞ EŽƌƚŚ ĂƌŽůŝŶĂ ĞƉĂƌƚŵĞŶƚ ŽĨ ,ĞĂůƚŚ ĂŶĚ ,ƵŵĂŶ ^ĞƌǀŝĐĞƐ ŝƐ ǁŽƌŬŝŶŐ ŽŶ Ă ƉůĂŶ ƚŽ ĞŶƐƵƌĞ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŝƚŚ Ă ƐĞƌŝŽƵƐ ŵĞŶƚĂů ZĞƐƉŽŶƐĞ͗ WƌŽǀŝĚĞ Ă ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ƚŚĞ ƉƌŽƉŽƐĞĚ ĞŶƌŽůůŵĞŶƚ ƉƌŽĐĞƐƐ ĨƌŽŵ ƚŚĞ ĐĂůů ŝŶŝƚŝĂƚŝŽŶ ƚŽ ĐĂůů ƌĞƐŽůƵƚŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĞŶƚŝƚŝĞƐ ĞŶŐĂŐĞĚ͕ ŵĞƚŚŽĚƐ ĂŶĚ ŽƵƚĐŽŵĞ ŽĨ ƚŚĞ ĐŽŶƚĂĐƚ͘ WƌŽǀŝĚĞ Ă ĚĞƚĂŝůĞĚ ŶĂƌƌĂƚŝǀĞ ŽŶ ƚŚĞ ƉƌŽĐĞƐƐ ƚŚĞ ĐĂůů ĐĞŶƚĞƌ ƐƚĂĨĨ ĨŽůůŽǁƐ ƚŽ ĞŶƐƵƌĞ ƚŚĞ ĞĨĨŝĐŝĞŶƚ ĂŶĚ ƚŝŵĞůLJ ĞŶƌŽůůŵĞŶƚ ŽĨ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͘ /ŶĐůƵĚĞ ŚŽǁ ƚŚĞ ƐƉĞĐŝĂů ŶĞĞĚƐ ŽĨ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĂƌĞ ĂĚĚƌĞƐƐĞĚ ĂŶĚ ƚŚĞ ƉůĂŶ ŽƉƚŝŽŶƐ ĂǀĂŝůĂďůĞ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ͘ /Ŷ :ƵůLJ ϮϬϮϬ͕ ĂŶ ŝŶĚŝǀŝĚƵĂů ĚŝĂŐŶŽƐĞĚ Ăƚ Ă ůŽĐĂů ĞŵĞƌŐĞŶĐLJ ƌŽŽŵ ǁŝƚŚ Ă ƐĞƌŝŽƵƐ ŵĞŶƚĂů ŝůůŶĞƐƐ ĐŽŶƚĂĐƚƐ ƚŚĞ ŶƌŽůůŵĞŶƚ ƌŽŬĞƌ ĐĂůů ĐĞŶƚĞƌ ƐĞĞŬŝŶŐ Ă ĨŽůůŽǁ ƵƉ ĂƉƉŽŝŶƚŵĞŶƚ ǁŝƚŚ Ă ƉƐLJĐŚŝĂƚƌŝƐƚ͘ tŚĞŶ ƚŚĞ ŵĞŵďĞƌ ĐĂůůƐ ƚŚĞ ƚŽůů ĨƌĞĞ ŶƵŵďĞƌ͕ ƚŚĞ D y/Dh^ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ǀĞƌŝĨLJ ƚŚĞ ĐĂůůĞƌ͛Ɛ ŝĚĞŶƚŝƚLJ ĂŶĚ ĂĐĐĞƐƐ ƚŚĞŝƌ ĐĂƐĞ ŝŶ D yĞď͘ KŶĐĞ ŝŶ D yĞď͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ƵƐĞ ƚŚĞ D yĞď ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ĂŶĚ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů ƚŽ ŚĞůƉ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ƚŚƌŽƵŐŚ ƚŚĞ W,W ƐĞůĞĐƚŝŽŶ ƉƌŽĐĞƐƐ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ĞdžƉůĂŝŶŝŶŐ ƚŚĞ ŵĂŶĂŐĞĚ ĐĂƌĞ ƉƌŽŐƌĂŵ ƚŽ ƚŚĞ ŝŶĚŝǀŝĚƵĂů͕ ƉƌŽǀŝĚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ĂǀĂŝůĂďůĞ W,WƐ ďĂƐĞĚ ŽŶ ĨĂĐƚŽƌƐ ƐƵĐŚ ĂƐ ƚŚĞ ŝŶĚŝǀŝĚƵĂů͛Ɛ ůŽĐĂƚŝŽŶ ĂŶĚ ƉƌŽǀŝĚĞƌ ŶĞƚǁŽƌŬ͕ ĂŶĚ ƉƌŽǀŝĚŝŶŐ ĐŽŵƉĂƌŝƐŽŶ ŝŶĨŽƌŵĂƚŝŽŶ ďĞƚǁĞĞŶ ĂǀĂŝůĂďůĞ W,WƐ͕ ƚŽ ŚĞůƉ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ǁŝƚŚ Ă W,W ƐĞůĞĐƚŝŽŶ͘ /Ĩ ƚŚĞ ŵĞŵďĞƌ ŚĂƐ Ă ƉƌĞĨĞƌƌĞĚ ƉƌŽǀŝĚĞƌ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ƵƐĞ ƚŚĞ ƐĞĂƌĐŚ ƐĐƌĞĞŶ ŝŶ D yĞď ƚŽ ĨŝŶĚ ĂĚǀŝƐĞ ǁŚĂƚ ƉůĂŶƐ ƚŚĞLJ ĂĐĐĞƉƚ͘ /Ĩ ƚŚĞ ŵĞŵďĞƌ ĚŽĞƐ ŶŽƚ ŚĂǀĞ Ă ƉƌĞĨĞƌƌĞĚ ƉƌŽǀŝĚĞƌ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ĂƐŬ ŝĨ ƚŚĞƌĞ ĂƌĞ ĂŶLJ ƐƉĞĐŝĂů ƐĞƌǀŝĐĞƐ ƚŚĞLJ ŵĂLJ ƌĞƋƵŝƌĞ ǁŚŝĐŚ ǁŝůů ŚĞůƉ ŝŶ ƚŚĞ ŚĞĂůƚŚ ƉůĂŶ ƐĞůĞĐƚŝŽŶ͘ dŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ƵƚŝůŝnjĞ ƚŚĞ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů ǁŝƚŚŝŶ ƚŚĞ D yĞď ƐLJƐƚĞŵ ƚŽ ŚĞůƉ ƚŚĞ ŵĞŵďĞƌ ŵĂŬĞ ĂŶ ĞĚƵĐĂƚĞĚ ĐŚŽŝĐĞ͘ EĞdžƚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ĐŽŵƉůĞƚĞ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ďLJ ƐĞůĞĐƚŝŶŐ ƚŚĞ ƉƌŽǀŝĚĞƌ͕ ƚŚĞŶ ƉůĂŶ ĂŶĚ ŚŝƚƚŝŶŐ ƚŚĞ ĞŶƌŽůů ďƵƚƚŽŶ͘ dŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ĂƐŬ ƚŚĞ ŵĞŵďĞƌ ƚŽ ŐĞƚ Ă ƉĞŶ ĂŶĚ ƉĂƉĞƌ ƚŽ ƌĞĐŽƌĚ ƚŚĞŝƌ ĐŚŽŝĐĞƐ ĂŶĚ ƚŚĞ ĐŽǀĞƌĂŐĞ ƐƚĂƌƚ ĚĂƚĞ͘ dŚĞ ŵĞŵďĞƌ ǁŝůů ďĞ ŝŶĨŽƌŵĞĚ ƚŚĞLJ ǁŝůů ƌĞĐĞŝǀĞ Ă ĐŽŶĨŝƌŵĂƚŝŽŶ ůĞƚƚĞƌ ŝŶ ƚŚĞ ŵĂŝů ǁŝƚŚŝŶ ϳ ĚĂLJƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ D y/Dh^ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ƉƌŽǀŝĚĞ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ǁŝƚŚ ƚŚĞ ŐƵŝĚĞůŝŶĞƐ ĨŽƌ ĐŚĂŶŐŝŶŐ ƉůĂŶƐ ŽŶĐĞ ƐĞůĞĐƚĞĚ͕ ŝŶĐůƵĚŝŶŐ ͞ĨŽƌ ĐĂƵƐĞ͟ ĂŶĚ ͞ŶŽƚ ĨŽƌ ĐĂƵƐĞ͟ ƐŝƚƵĂƚŝŽŶƐ͕ ĂŶĚ ĚŝƐĐƵƐƐĞƐ ƚŚĞ ŝŶĚŝǀŝĚƵĂů͛Ɛ ĂƉƉĞĂů ƌŝŐŚƚƐ͘ dŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ĂƐŬ ŝĨ ƚŚĞLJ ŶĞĞĚ ŚĞůƉ ǁŝƚŚ ĂŶLJƚŚŝŶŐ ĞůƐĞ ĂŶĚ ŝĨ ŶŽƚ͕ ĐůŽƐĞ ƚŚĞ ĐĂůů͘ dŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ŶŽƚĞ ƚŚĞ ĂĐĐŽƵŶƚ ŝŶ D yĞď ǁŝƚŚ ƚŚĞ ĐŚĂŶŐĞƐ ƚŚĂƚ ǁĞƌĞ ŵĂĚĞ ĂŶĚ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞ ŵĞŵďĞƌ͘ /Ĩ ƚŚĞ ŵĞŵďĞƌ ŝƐ ŶŽƚ ƌĞĂĚLJ ƚŽ ŵĂŬĞ ĂŶ ĞŶƌŽůůŵĞŶƚ͕ ƚŚĞ ^^ ǁŽƌŬĞƌ ǁŝůů ƉƌŽǀŝĚĞ ƚŚĞ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ǁŚŝĐŚ ĐŽŶƚĂŝŶ Ăůů ĐŽŶƚĂĐƚ ĂǀĞŶƵĞƐ ĨŽƌ ƚŚĞ ŵĞŵďĞƌ ƚŽ ĐŽŵƉůĞƚĞ ƚŚĞŝƌ ĞŶƌŽůůŵĞŶƚ͘ ηϯ dŚĞ ŵĞŵďĞƌ ŝƐ ŶŽƚ ƉƌĞƉĂƌĞĚ ƚŽ ĐŚŽŽƐĞ Ăƚ ƚŚĞ ^^ ƐŝƚĞ͗ dŚĞ ^^ ǁŽƌŬĞƌ ǁŝůů ĂĐĐĞƐƐ ƚŚĞ ĚĞƐŝŐŶĂƚĞĚ D yĞď ǁĞď ƉŽƌƚĂů͘ KŶĐĞ ƚŚĞ ǁŽƌŬĞƌ ǀĞƌŝĨŝĞƐ ƚŚĞ ŵĞŵďĞƌ ĂŶĚ ůŽĐĂƚĞƐ ƚŚĞ ŵĞŵďĞƌΖƐ ĂĐĐŽƵŶƚ͕ ƚŚĞLJ ǁŝůů ĂƐŬ ƚŚĞ ŵĞŵďĞƌ ŝĨ ƚŚĞLJ ŚĂǀĞ Ă ĐƵƌƌĞŶƚ ƉƌŽǀŝĚĞƌ ƚŚĞLJ ǁŽƵůĚ ůŝŬĞ ƚŽ ŬĞĞƉ͘ /Ĩ LJĞƐ͕ ƚŚĞŶ ƚŚĞ ǁŽƌŬĞƌ ǁŽƵůĚ ƵƐĞ ƚŚĞ ƉƌŽǀŝĚĞƌ ƐĞĂƌĐŚ ǁŝƚŚŝŶ D yĞď ƚŽ ůŽĐĂƚĞ ƚŚĞ ƉŚLJƐŝĐŝĂŶ ĂŶĚ ƐĞĞ ǁŚĂƚ ƉůĂŶƐ ƚŚĞLJ ƉĂƌƚŝĐŝƉĂƚĞ ǁŝƚŚ ŝŶ ƚŚĞ ŵĞŵďĞƌ͛Ɛ ĂƌĞĂ͘ dŚĞ ǁŽƌŬĞƌ ŶŽǁ ŚĂƐ ĞǀĞƌLJƚŚŝŶŐ ƚŚĞLJ ŶĞĞĚ ƚŽ ĐŽŵƉůĞƚĞ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ŝŶ ƚŚĞ D yĞď ƐLJƐƚĞŵ͘ dŚĞ ǁŽƌŬĞƌ ǁŝůů ŶŽƚĞ ƚŚĞ ĂĐĐŽƵŶƚ ŽĨ ƚŚĞ ĂĐƚŝŽŶƐ ƚĂŬĞŶ ĂŶĚ ĂĚǀŝƐĞ ƚŚĞ ŵĞŵďĞƌ ƚŚĂƚ ƚŚĞLJ ǁŝůů ƌĞĐĞŝǀĞ Ă ĐŽŶĨŝƌŵĂƚŝŽŶ ůĞƚƚĞƌ ǁŝƚŚŝŶ ƐĞǀĞŶ ĚĂLJƐ͘ dŚĞ ^^ ǁŽƌŬĞƌ ĐĂŶ ĂůƐŽ ƉƌŽǀŝĚĞ ƚŚĞ ĞĚƵĐĂƚŝŽŶĂů ŵĂƚĞƌŝĂůƐ ŽŶ ŚĂŶĚ ƐŽ ƚŚĞ ŵĞŵďĞƌ ĐĂŶ ƌĞǀŝĞǁ Ăƚ ƚŚĞŝƌ ĐŽŶǀĞŶŝĞŶĐĞ͘ ηϮ dŚĞ ^^ ǁŽƌŬĞƌ ĐŽŵƉůĞƚĞĚ ƚŚĞ ĞŶƌŽůůŵĞŶƚ͗ dŚĞ ^^ ǁŽƌŬĞƌ ǁŝůů ĐŽŶƚĂĐƚ ƚŚĞ ŽŶƐŝƚĞ D y/Dh^ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ƚŽ ĞĚƵĐĂƚĞ ĂŶĚ ĞŶƌŽůů ƚŚĞ ŵĞŵďĞƌ ŝŶ Ă ƉůĂŶ͘ dŚĞ ŽŶƐŝƚĞ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ǁŝůů ŚĂǀĞ ƚŚĞ ŵĂƚĞƌŝĂůƐ ďƵůůĞƚĞĚ ĂďŽǀĞ ŽŶ ŚĂŶĚ ĨŽƌ ƚŚĞ ŵĞŵďĞƌ͘ dŚĞLJ ǁŝůů ĂƐŬ ƉƌŽďŝŶŐ ƋƵĞƐƚŝŽŶƐ ƚŽ ŚĞůƉ ƚŚĞ ŵĞŵďĞƌ ĐŚŽŽƐĞ ƚŚĞ ƉůĂŶ ƚŚĂƚ ƐƵŝƚƐ ƚŚĞŵ ďĞƐƚ ĂŶĚ ĞŶƌŽůů͘ dŚĞ ŵĞŵďĞƌ ĂĚǀŝƐĞĚ ƚŚĂƚ ƚŚĞŝƌ ĚŽĐƚŽƌ ƚĂŬĞƐ ,ĞĂůƚŚ WůĂŶ ͞ ͘͟ dŚĞ D y/Dh^ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ǁŝůů ĂĐĐĞƐƐ ƚŚĞ D yĞď ƐLJƐƚĞŵ ǀŝĂ ƚŚĞŝƌ ůĂƉƚŽƉ͕ ĞŶƌŽůů ƚŚĞ ŵĞŵďĞƌ ĂŶĚ ŶŽƚĂƚĞ ƚŚĞ ĂĐĐŽƵŶƚ͘ dŚĞLJ ǁŝůů ĂĚǀŝƐĞ ƚŚĞ ŵĞŵďĞƌ ƚŚĂƚ Ă ĐŽŶĨŝƌŵĂƚŝŽŶ ůĞƚƚĞƌ ǁŝůů ďĞ ƐĞŶƚ ĂŶĚ ƐŚŽƵůĚ ďĞ ƌĞĐĞŝǀĞĚ ǁŝƚŚŝŶ Ă ǁĞĞŬ͘ ηϭ /Ĩ Ă D yD/Dh^ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ŝƐ ŽŶƐŝƚĞ͗ WĂŐĞ ϴ͘ϮϴͲϰ ŽĨ ϰ dŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ƚŚĞŶ ƵƐĞƐ ƚŚĞ D y/Dh^ WůĂŶ ^ĞůĞĐƚŝŽŶ dŽŽů ƚŽ ŝĚĞŶƚŝĨLJ ĂƉƉƌŽƉƌŝĂƚĞ ĂŶĚ ĂǀĂŝůĂďůĞ W,WƐ͘ dŚĞ ŝŶĚŝǀŝĚƵĂů͛Ɛ ƉĞƌƐŽŶĂů ŚĞĂůƚŚ ĐĂƌĞ ŶĞĞĚƐ ĂƌĞ Ă ŬĞLJ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŝŶ ĚĞƚĞƌŵŝŶŝŶŐ ĂǀĂŝůĂďůĞ W,WƐ͘ /Ĩ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ŚĂƐ Ă ƐƉĞĐŝĨŝĐ ƉƐLJĐŚŝĂƚƌŝƐƚ ŝŶ ŵŝŶĚ ĨŽƌ ƚƌĞĂƚŵĞŶƚ͕ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ƚĂŬĞƐ ƚŚĂƚ ƌĞƋƵĞƐƚ ŝŶƚŽ ĐŽŶƐŝĚĞƌĂƚŝŽŶ͘ dŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ĞŶƌŽůů ƚŚĞ ŝŶĚŝǀŝĚƵĂů ŝŶƚŽ ƚŚĞ ďĞƐƚ ƉůĂŶ ĂŶĚ ŝŶĐůƵĚĞ ƚŚĞ ƉƌŽǀŝĚĞƌ ŝŶ ƚŚĞ ĞŶƌŽůůŵĞŶƚ͘ ĚĚŝŶŐ ƚŚĞ ƉƌŽǀŝĚĞƌ ǁŝƚŚ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ĂůůŽǁƐ ƚŚĞ ŵĞŵďĞƌ ƚŽ ƐĞƚ ƚŚĞ ĂƉƉŽŝŶƚŵĞŶƚ ĨŽƌ ƚŚĞ ĞĂƌůŝĞƐƚ ƉŽƐƐŝďůĞ ĚĂƚĞ ǁŚŝĐŚ ŝƐ ƚŚĞŝƌ ĨŝƌƐƚ ĚĂLJ ŽĨ ĐŽǀĞƌĂŐĞ͘ tĞ ǁŝůů ƉƌŽǀŝĚĞ ƚŚĞŵ ǁŝƚŚ ƐƉĞĐŝĨŝĐ ĐŽŶƚĂĐƚ ŝŶĨŽƌŵĂƚŝŽŶ ŶĞĐĞƐƐĂƌLJ ƚŽ ƐĐŚĞĚƵůĞ ĂŶ ĂƉƉŽŝŶƚŵĞŶƚ ǁŝƚŚ ƚŚĞ ƉƐLJĐŚŝĂƚƌŝƐƚ ƚŚĞLJ ĐŚŽƐĞ͘ dŚĞ ŶƌŽůůŵĞŶƚ ƐƉĞĐŝĂůŝƐƚ ǁŝůů ĂƐŬ ŝĨ ƚŚĞLJ ŶĞĞĚ ĂŶLJ ĂĚĚŝƚŝŽŶĂů ŚĞůƉ ĂŶĚ ŝĨ ŶŽƚ͕ ĐůŽƐĞ ƚŚĞ ĐĂůů͘ dŚĞ ĞŶƌŽůůŵĞŶƚ ŝƐ ƉƌŽĐĞƐƐĞĚ ŝŶ D yĞď ĂŶĚ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ƌƵůĞƐ ǁŝůů ĐŽŶƚƌŽů ƚŚĞ ƐĞůĞĐƚŝŽŶƐ ƚŚĂƚ ĂƌĞ ĂǀĂŝůĂďůĞ ƚŽ ƚŚĞ ďĞŶĞĨŝĐŝĂƌLJ ĚƵƌŝŶŐ ƚŚĞ ƐĞůĞĐƚŝŽŶ͘ dŚŽƐĞ ĞŶƌŽůůŵĞŶƚ ƌƵůĞƐ ǁŝůů ĂůƐŽ ǀĂůŝĚĂƚĞ ƚŚĞ ƐĞůĞĐƚŝŽŶ ĂŶĚ ŚŽǁ ƚŚĂƚ ƐĞůĞĐƚŝŽŶ ŝƐ ƐƵďŵŝƚƚĞĚ ƚŽ ƚŚĞ ^ƚĂƚĞ͘ dŚĞƐĞ ĞŶƌŽůůŵĞŶƚ ƌƵůĞƐ ǁŝůů ďĞ ƌĞůŝĂŶƚ ƵƉŽŶ ƚŚĞ ŝŶƚĞŐƌĂƚŝŽŶƐ ĞƐƚĂďůŝƐŚĞĚ ďĞƚǁĞĞŶ D y/Dh^ ĂŶĚ ƚŚĞ ^ƚĂƚĞ͘ dŚĞ D yĞď ƐLJƐƚĞŵ ƌĞĐŽƌĚƐ ƚŚĞ ĞŶƌŽůůŵĞŶƚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƉƌŽǀŝĚĞƌ ĐŚŽŝĐĞ͘ dŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǁŝůů ŶŽƚĞ ƚŚĞ ĐĂƐĞ ĚĞƐĐƌŝďŝŶŐ ǁŚŽ ĐĂůůĞĚ͕ ƚŚĞ ĂĐƚŝŽŶƐ ƉĞƌĨŽƌŵĞĚ͕ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ƉĞƌƚŝŶĞŶƚ ŝŶĨŽƌŵĂƚŝŽŶ͘ dŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ƚŚĞŶ ƌĞĐŽŐŶŝnjĞƐ ƚŚĂƚ ƚŽ ŚĞůƉ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ͞ŵĂŬĞ ĂŶ ĂƉƉŽŝŶƚŵĞŶƚ͕͟ ƚŚĞLJ ŵƵƐƚ ŐĞƚ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ĂƐƐŝŐŶĞĚ ƚŽ Ă W,W͘ dŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ĞdžƉůĂŝŶƐ ƚŚĞ ŶĞĞĚ ƚŽ ƐĞůĞĐƚ Ă W,W ĨŝƌƐƚ͕ ĂŶĚ͕ ŝĨ ĂƉƉůŝĐĂďůĞ͕ ĚŝƐĐƵƐƐĞƐ ƚŚĞ ŽƉƚŝŽŶ ŽĨ ƐƚĂLJŝŶŐ ŝŶ Ă ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ƉƌŽŐƌĂŵ͕ ĂƐƐƵŵŝŶŐ ƚŚĂƚ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ŝƐ ŶŽƚ ĂƐƐŝŐŶĂďůĞ͘ Ăůů ĐĞŶƚĞƌ ƐĐƌŝƉƚŝŶŐ ŚĞůƉƐ ƚŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ĐŽŶǀĞLJ ƚŚŝƐ ŵĞƐƐĂŐĞ ŝŶ Ă ĐĂƌŝŶŐ͕ ĐŽŵƉĂƐƐŝŽŶĂƚĞ ǁĂLJ ƚŚĂƚ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ĐĂŶ ƵŶĚĞƌƐƚĂŶĚ͕ ƐŽ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ĨĞĞůƐ ƚŚĂƚ ƚŚĞŝƌ ƌĞƋƵĞƐƚ ŝƐ ďĞŝŶŐ ĨƵůůLJ ĂĚĚƌĞƐƐĞĚ ĂŶĚ ŝĨ ŶĞĞĚĞĚ͕ ƚŚĞLJ ĂƐŬ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ŝĨ ƚŚĞƌĞ ŝƐ Ă ĨĂŵŝůLJ ŵĞŵďĞƌ Žƌ ĨƌŝĞŶĚ ƚŚĂƚ ƚŚĞLJ ǁŽƵůĚ ůŝŬĞ ĂĚĚĞĚ ƚŽ ƚŚĞŝƌ ĐĂƐĞ ĂƐ ĂŶ ƵƚŚŽƌŝnjĞĚ ZĞƉƌĞƐĞŶƚĂƚŝǀĞ͘ tŚĞŶ ƚŚŝƐ ŝŶĚŝǀŝĚƵĂů ĐŽŶƚĂĐƚƐ ƚŚĞ D y/Dh^ ŶƌŽůůŵĞŶƚ ĞŶƚĞƌ͕ ƚŚĞ ĐĂůů ŝƐ ƌŽƵƚĞĚ ƚŽ ĂŶ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ͘ dŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ǀĞƌŝĨŝĞƐ ƚŚĞ ĐĂůůĞƌ͛Ɛ ŝĚĞŶƚŝƚLJ͕ ďƌŝŶŐƐ ƵƉ ƚŚĞ ĐĂůůĞƌΖƐ ĐĂƐĞ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ D yĞď͕ ƚŚĞ D y/Dh^ ĞŶĞĨŝĐŝĂƌLJ DĂŶĂŐĞŵĞŶƚ WůĂƚĨŽƌŵ ; DWͿ͕ ĂŶĚ ƌĞƐĞĂƌĐŚĞƐ ƚŚĞ ĂĐĐŽƵŶƚ͘ dŚĞ ĂĐƚŝŽŶ ŽĨ ĞŶƚĞƌŝŶŐ ƚŚĞ ĂĐĐŽƵŶƚ ŝƐ ůŽŐŐĞĚ ŝŶƚŽ ƚŚĞ ĐĂƐĞ ŚŝƐƚŽƌLJ͘ dŚĞ ŶƌŽůůŵĞŶƚ ^ƉĞĐŝĂůŝƐƚ ŐĂƚŚĞƌƐ ŝŶĨŽƌŵĂƚŝŽŶ ĨƌŽŵ ƚŚĞ ŝŶĚŝǀŝĚƵĂů͕ ŶŽƚŝŶŐ ƚŚĞŝƌ ƌĞƋƵĞƐƚ ƚŽ ͞ƐĞƚ ƵƉ Ă ĨŽůůŽǁ ƵƉ ĂƉƉŽŝŶƚŵĞŶƚ ǁŝƚŚ Ă ƉƐLJĐŚŝĂƚƌŝƐƚ͘͟ dŚĞ D y/Dh^ ŶƌŽůůŵĞŶƚ ĞŶƚĞƌ ǁŝůů ƚƌĂŝŶ Ăůů ƐƚĂĨĨ ƚŽ ĂĚĚƌĞƐƐ ĞĂĐŚ ĐĂůů ŝŶ Ă ĐĂƌŝŶŐ ĂŶĚ ĐŽŵƉĂƐƐŝŽŶĂƚĞ ǁĂLJ͘ ŝůůŶĞƐƐ ĂƌĞ ŶŽƚ ŶĞŐĂƚŝǀĞůLJ ŝŵƉĂĐƚĞĚ ďLJ ƚŚĞ ƚƌĂŶƐŝƚŝŽŶ ƚŽ Ă ŵĂŶĂŐĞĚ ĐĂƌĞ ŵŽĚĞů͕ ŝŶ ƚŚĞ :ĂŶƵĂƌLJ ϮϬϮϬ ƚŝŵĞĨƌĂŵĞ͕ ŝƚ ŵĂLJ ďĞ ĂŶ ŽƉƚŝŽŶ ĨŽƌ ƚŚŝƐ ŝŶĚŝǀŝĚƵĂů ƚŽ ƌĞŵĂŝŶ ŝŶ Ă ĨĞĞͲĨŽƌͲƐĞƌǀŝĐĞ ĚĞůŝǀĞƌLJ ŵŽĚĞů͘