{"id":12445,"date":"2025-07-14T19:42:18","date_gmt":"2025-07-14T19:42:18","guid":{"rendered":"https:\/\/www.ewmglobal.com\/site\/?p=12445"},"modified":"2025-10-07T06:57:36","modified_gmt":"2025-10-07T06:57:36","slug":"fairness-and-alignment-in-continuation-funds","status":"publish","type":"post","link":"https:\/\/www.ewmglobal.com\/site\/fairness-and-alignment-in-continuation-funds\/","title":{"rendered":"Fairness &amp; Alignment in Continuation Funds: Designing Sponsor Incentives That Work"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"12445\" class=\"elementor elementor-12445\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-62bbf98 elementor-section-full_width elementor-section-height-min-height elementor-section-stretched elementor-section-height-default elementor-section-items-middle\" data-id=\"62bbf98\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b7c8485\" data-id=\"b7c8485\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7289312 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7289312\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-0e356f8\" data-id=\"0e356f8\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b14fc39 elementor-widget elementor-widget-spacer\" data-id=\"b14fc39\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e40872 elementor-widget-tablet__width-initial elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"5e40872\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Fairness &amp; Alignment in Continuation Funds: Designing Sponsor Incentives That Work<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3f2571d elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"3f2571d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Navigating the complex economics of continuation funds to preserve alignment, motivate teams, and ensure fairness in carried interest and co-investment.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f1f7db2 elementor-widget elementor-widget-author-box\" data-id=\"f1f7db2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"author-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-author-box\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.linkedin.com\/in\/freya-russell-b97470176\/\" class=\"elementor-author-box__avatar\">\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2025\/07\/Freya-Russell-300x300.png\" alt=\"Picture of Freya Russell\" loading=\"lazy\">\n\t\t\t\t<\/a>\n\t\t\t\n\t\t\t<div class=\"elementor-author-box__text\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.linkedin.com\/in\/freya-russell-b97470176\/\">\n\t\t\t\t\t\t<h4 class=\"elementor-author-box__name\">\n\t\t\t\t\t\t\tFreya Russell\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-author-box__bio\">\n\t\t\t\t\t\t<p>Advisory Services Associate<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e6ee9aa elementor-widget elementor-widget-post-info\" data-id=\"e6ee9aa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-08ee73c elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-calendar\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>July 14, 2025<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4533ebf elementor-share-buttons--view-icon elementor-share-buttons--shape-rounded elementor-share-buttons--skin-gradient elementor-grid-0 elementor-share-buttons--color-official elementor-widget elementor-widget-share-buttons\" data-id=\"4533ebf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"share-buttons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-grid\" role=\"list\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_linkedin\" role=\"button\" tabindex=\"0\" aria-label=\"Share on linkedin\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<i class=\"fab fa-linkedin\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_email\" role=\"button\" tabindex=\"0\" aria-label=\"Share on email\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<i class=\"fas fa-envelope\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_print\" role=\"button\" tabindex=\"0\" aria-label=\"Share on print\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<i class=\"fas fa-print\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-30c44f5\" data-id=\"30c44f5\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d03e77d elementor-widget__width-initial elementor-widget elementor-widget-spacer\" data-id=\"d03e77d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5296b28 elementor-widget elementor-widget-heading\" data-id=\"5296b28\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Contact Us<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-745c672 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"745c672\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d7e0adb elementor-widget elementor-widget-author-box\" data-id=\"d7e0adb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"author-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-author-box\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.linkedin.com\/in\/dominic-elias-6805307\/\" class=\"elementor-author-box__avatar\">\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2023\/03\/DE-Headshot-e1721914107396-293x300.jpg\" alt=\"Picture of Dominic Elias\" loading=\"lazy\">\n\t\t\t\t<\/a>\n\t\t\t\n\t\t\t<div class=\"elementor-author-box__text\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.linkedin.com\/in\/dominic-elias-6805307\/\">\n\t\t\t\t\t\t<h4 class=\"elementor-author-box__name\">\n\t\t\t\t\t\t\tDominic Elias\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-author-box__bio\">\n\t\t\t\t\t\t<p>Chief Advisory Officer<\/p>\n<p>dominic.elias@ewmglobal.com<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0dc0a83 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0dc0a83\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a5005dc\" data-id=\"a5005dc\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e1f1601 elementor-widget elementor-widget-spacer\" data-id=\"e1f1601\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-01b494e elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"01b494e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>When a private equity firm establishes a continuation fund, the spotlight often lands on pricing, process, and investor dynamics. But lurking in the background is a technical &#8211; and often more contentious &#8211; issue on how to handle sponsor economics, particularly carried interest and employee co-investment.<\/p><p>These incentive mechanisms, essential to alignment in the legacy fund, don&#8217;t disappear when assets are rolled into a new vehicle. In fact, their complexity typically increases. How they are addressed can materially impact not just fairness and optics, but actual team motivation and retention.\u00a0<\/p><h5><strong>Maintaining Alignment<\/strong><\/h5><p><!-- [if gte mso 9]><xml><br \/> <w:WordDocument><br \/>  <w:View>Normal<\/w:View><br \/>  <w:Zoom>0<\/w:Zoom><br \/>  <w:TrackMoves\/><br \/>  <w:TrackFormatting\/><br \/>  <w:PunctuationKerning\/><br \/>  <w:ValidateAgainstSchemas\/><br \/>  <w:SaveIfXMLInvalid>false<\/w:SaveIfXMLInvalid><br \/>  <w:IgnoreMixedContent>false<\/w:IgnoreMixedContent><br \/>  <w:AlwaysShowPlaceholderText>false<\/w:AlwaysShowPlaceholderText><br \/>  <w:DoNotPromoteQF\/><br \/>  <w:LidThemeOther>EN-US<\/w:LidThemeOther><br \/>  <w:LidThemeAsian>X-NONE<\/w:LidThemeAsian><br \/>  <w:LidThemeComplexScript>X-NONE<\/w:LidThemeComplexScript><br \/>  <w:Compatibility><br \/>   <w:BreakWrappedTables\/><br \/>   <w:SnapToGridInCell\/><br \/>   <w:WrapTextWithPunct\/><br \/>   <w:UseAsianBreakRules\/><br \/>   <w:DontGrowAutofit\/><br \/>   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text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"table of authorities\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"macro\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toa heading\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"10\" QFormat=\"true\" Name=\"Title\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Closing\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Signature\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"1\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Default Paragraph Font\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text Indent\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Message Header\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"11\" QFormat=\"true\" Name=\"Subtitle\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Salutation\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Date\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text First Indent\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text First Indent 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Note Heading\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text Indent 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text Indent 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Block Text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Hyperlink\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"FollowedHyperlink\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"22\" QFormat=\"true\" Name=\"Strong\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"20\" QFormat=\"true\" Name=\"Emphasis\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Document Map\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Plain Text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"E-mail Signature\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Top of Form\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Bottom of Form\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Normal (Web)\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Acronym\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Address\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Cite\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Code\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Definition\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Keyboard\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Preformatted\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Sample\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Typewriter\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Variable\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Normal Table\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"annotation subject\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"No List\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Outline List 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Outline List 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Outline List 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Simple 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Simple 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Simple 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Classic 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Classic 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Classic 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Classic 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Colorful 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Colorful 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Colorful 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 6\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 7\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 8\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 6\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 7\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 8\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table 3D effects 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table 3D effects 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table 3D effects 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Contemporary\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Elegant\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Professional\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Subtle 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Subtle 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Web 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Web 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Web 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Balloon Text\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" Name=\"Table Grid\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Theme\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" Name=\"Placeholder Text\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"1\" QFormat=\"true\" Name=\"No Spacing\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" Name=\"Revision\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"34\" QFormat=\"true\" Name=\"List Paragraph\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"29\" QFormat=\"true\" Name=\"Quote\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"30\" QFormat=\"true\" Name=\"Intense Quote\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"19\" QFormat=\"true\" Name=\"Subtle Emphasis\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"21\" QFormat=\"true\" Name=\"Intense Emphasis\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"31\" QFormat=\"true\" Name=\"Subtle Reference\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"32\" QFormat=\"true\" Name=\"Intense Reference\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"33\" QFormat=\"true\" Name=\"Book Title\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"37\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Bibliography\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"TOC Heading\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"41\" Name=\"Plain Table 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"42\" Name=\"Plain Table 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"43\" Name=\"Plain Table 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"44\" Name=\"Plain Table 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"45\" Name=\"Plain Table 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"40\" Name=\"Grid Table Light\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 6\"\/><br \/> <\/w:LatentStyles><br \/><\/xml><![endif]--><!-- [if gte mso 10]><\/p>\n<style>\n \/* Style Definitions *\/<br \/> table.MsoNormalTable<br \/>\t{mso-style-name:\"Table Normal\";<br \/>\tmso-tstyle-rowband-size:0;<br \/>\tmso-tstyle-colband-size:0;<br \/>\tmso-style-noshow:yes;<br \/>\tmso-style-priority:99;<br \/>\tmso-style-parent:\"\";<br \/>\tmso-padding-alt:0in 5.4pt 0in 5.4pt;<br \/>\tmso-para-margin-top:0in;<br \/>\tmso-para-margin-right:0in;<br \/>\tmso-para-margin-bottom:10.0pt;<br \/>\tmso-para-margin-left:0in;<br \/>\tline-height:115%;<br \/>\tmso-pagination:widow-orphan;<br \/>\tfont-size:10.0pt;<br \/>\tmso-bidi-font-size:11.0pt;<br \/>\tfont-family:\"Arial\",sans-serif;}<br \/><\/style>\n<p><![endif]--><\/p><p><!-- [if gte mso 9]><xml><br \/> <o:OfficeDocumentSettings><br \/>  <o:AllowPNG\/><br \/> <\/o:OfficeDocumentSettings><br \/><\/xml><![endif]--><!-- [if gte mso 9]><xml><br \/> <w:WordDocument><br \/>  <w:View>Normal<\/w:View><br \/>  <w:Zoom>0<\/w:Zoom><br \/>  <w:TrackMoves\/><br \/>  <w:TrackFormatting\/><br \/>  <w:PunctuationKerning\/><br \/>  <w:ValidateAgainstSchemas\/><br \/>  <w:SaveIfXMLInvalid>false<\/w:SaveIfXMLInvalid><br \/>  <w:IgnoreMixedContent>false<\/w:IgnoreMixedContent><br \/>  <w:AlwaysShowPlaceholderText>false<\/w:AlwaysShowPlaceholderText><br \/>  <w:DoNotPromoteQF\/><br \/>  <w:LidThemeOther>EN-GB<\/w:LidThemeOther><br \/>  <w:LidThemeAsian>X-NONE<\/w:LidThemeAsian><br \/>  <w:LidThemeComplexScript>X-NONE<\/w:LidThemeComplexScript><br \/>  <w:Compatibility><br \/>   <w:BreakWrappedTables\/><br \/>   <w:SnapToGridInCell\/><br \/>   <w:WrapTextWithPunct\/><br \/>   <w:UseAsianBreakRules\/><br \/>   <w:DontGrowAutofit\/><br \/>   <w:SplitPgBreakAndParaMark\/><br \/>   <w:EnableOpenTypeKerning\/><br \/>   <w:DontFlipMirrorIndents\/><br \/>   <w:OverrideTableStyleHps\/><br \/>   <w:UseFELayout\/><br \/>  <\/w:Compatibility><br \/>  <m:mathPr><br \/>   <m:mathFont m:val=\"Cambria Math\"\/><br \/>   <m:brkBin m:val=\"before\"\/><br \/>   <m:brkBinSub m:val=\"&#45;-\"\/><br \/>   <m:smallFrac m:val=\"off\"\/><br \/>   <m:dispDef\/><br \/>   <m:lMargin m:val=\"0\"\/><br \/>   <m:rMargin m:val=\"0\"\/><br \/>   <m:defJc m:val=\"centerGroup\"\/><br \/>   <m:wrapIndent m:val=\"1440\"\/><br \/>   <m:intLim m:val=\"subSup\"\/><br \/>   <m:naryLim m:val=\"undOvr\"\/><br \/>  <\/m:mathPr><\/w:WordDocument><br \/><\/xml><![endif]--><!-- [if gte mso 9]><xml><br \/> <w:LatentStyles DefLockedState=\"false\" DefUnhideWhenUsed=\"false\" DefSemiHidden=\"false\" DefQFormat=\"false\" DefPriority=\"99\" LatentStyleCount=\"371\"><br \/>  <w:LsdException Locked=\"false\" Priority=\"0\" QFormat=\"true\" Name=\"Normal\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" QFormat=\"true\" Name=\"heading 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"heading 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"heading 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"heading 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"heading 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"heading 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"heading 7\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"heading 8\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"heading 9\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 6\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 7\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 8\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 9\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 7\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 8\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 9\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Normal Indent\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"footnote text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"annotation text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"header\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"footer\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index heading\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"35\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"caption\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"table of figures\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"envelope address\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"envelope return\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"footnote reference\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"annotation reference\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"line number\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"page number\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"endnote reference\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"endnote text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"table of authorities\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"macro\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toa heading\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"10\" QFormat=\"true\" Name=\"Title\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Closing\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Signature\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"1\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Default Paragraph Font\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text Indent\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Message Header\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"11\" QFormat=\"true\" Name=\"Subtitle\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Salutation\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Date\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text First Indent\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text First Indent 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Note Heading\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text Indent 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text Indent 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Block Text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Hyperlink\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"FollowedHyperlink\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"22\" QFormat=\"true\" Name=\"Strong\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"20\" QFormat=\"true\" Name=\"Emphasis\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Document Map\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Plain Text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"E-mail Signature\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Top of Form\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Bottom of Form\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Normal (Web)\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Acronym\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Address\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Cite\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Code\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Definition\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Keyboard\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Preformatted\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Sample\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Typewriter\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Variable\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Normal Table\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"annotation subject\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"No List\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Outline List 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Outline List 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Outline List 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Simple 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Simple 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Simple 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Classic 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Classic 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Classic 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Classic 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Colorful 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Colorful 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Colorful 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 6\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 7\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 8\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 6\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 7\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 8\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table 3D effects 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table 3D effects 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table 3D effects 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Contemporary\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Elegant\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Professional\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Subtle 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Subtle 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Web 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Web 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Web 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Balloon Text\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" Name=\"Table Grid\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Theme\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" Name=\"Placeholder Text\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"1\" QFormat=\"true\" Name=\"No Spacing\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" Name=\"Revision\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"34\" QFormat=\"true\" Name=\"List Paragraph\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"29\" QFormat=\"true\" Name=\"Quote\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"30\" QFormat=\"true\" Name=\"Intense Quote\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"19\" QFormat=\"true\" Name=\"Subtle Emphasis\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"21\" QFormat=\"true\" Name=\"Intense Emphasis\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"31\" QFormat=\"true\" Name=\"Subtle Reference\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"32\" QFormat=\"true\" Name=\"Intense Reference\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"33\" QFormat=\"true\" Name=\"Book Title\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"37\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Bibliography\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"TOC Heading\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"41\" Name=\"Plain Table 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"42\" Name=\"Plain Table 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"43\" Name=\"Plain Table 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"44\" Name=\"Plain Table 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"45\" Name=\"Plain Table 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"40\" Name=\"Grid Table Light\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 6\"\/><br \/> <\/w:LatentStyles><br \/><\/xml><![endif]--><!-- [if gte mso 10]><\/p>\n<style>\n \/* Style Definitions *\/<br \/> table.MsoNormalTable<br \/>\t{mso-style-name:\"Table Normal\";<br \/>\tmso-tstyle-rowband-size:0;<br \/>\tmso-tstyle-colband-size:0;<br \/>\tmso-style-noshow:yes;<br \/>\tmso-style-priority:99;<br \/>\tmso-style-parent:\"\";<br \/>\tmso-padding-alt:0in 5.4pt 0in 5.4pt;<br \/>\tmso-para-margin-top:0in;<br \/>\tmso-para-margin-right:0in;<br \/>\tmso-para-margin-bottom:8.0pt;<br \/>\tmso-para-margin-left:0in;<br \/>\tline-height:115%;<br \/>\tmso-pagination:widow-orphan;<br \/>\tfont-size:12.0pt;<br \/>\tfont-family:\"Aptos\",sans-serif;<br \/>\tmso-ascii-font-family:Aptos;<br \/>\tmso-ascii-theme-font:minor-latin;<br \/>\tmso-hansi-font-family:Aptos;<br \/>\tmso-hansi-theme-font:minor-latin;<br \/>\tmso-font-kerning:1.0pt;<br \/>\tmso-ligatures:standardcontextual;<br \/>\tmso-ansi-language:EN-GB;<br \/>\tmso-fareast-language:EN-GB;}<br \/><\/style>\n<p><![endif]--><\/p><p>The core principle is simple: alignment between sponsors and LPs must be preserved. But applying that principle isn&#8217;t always straightforward. In some cases, maintaining alignment may mean diverging from how things were done in the legacy fund.<\/p><h5><strong>Carried Interest: Fairness, Timing, &amp; Risk<\/strong><\/h5><div><p>Pay-out mechanics differ across waterfall structures. In an American-style waterfall, carry distributes on a deal-by-deal basis. If a legacy fund sells an asset to a continuation vehicle, carry can often be paid out without complication.<\/p><\/div><p>But under a European waterfall, carry is locked until the entire fund meets its hurdle. That creates friction. If an asset is sold into the continuation vehicle before that hurdle is met, no carry is paid, raising questions about fairness to the deal team.<\/p><p>Clawback is another key concern. In cases where interim carry is distributed before final outcomes are known, clawback risk emerges &#8211; and must be carefully modeled, negotiated, and managed.\u00a0<\/p><p>Then there&#8217;s the issue of vesting in the new vehicle. Carry earned in the continuation fund generally merits a fresh vesting schedule, reflecting its own horizon. However, legacy fund vesting status shouldn&#8217;t be ignored.<\/p><h5><strong>Employee Co-Investments: Balancing Buy-In with Burden<\/strong><\/h5><div>Team members are typically expected to invest capital into the continuation fund, preserving the alignment they had in the legacy vehicle. However, when carry from the legacy fund remains locked due to waterfall mechanics, team members may not have the liquidity needed to participate meaningfully. Ensuring that individuals have access to earned carry can be crucial to enabling co-investment and maintaining alignment. The goal is to maintain a meaningful incentive, structuring this thoughtfully ensures the team remains motivated to generate value, without risking disengagement.<\/div><div>\u00a0<\/div><div>\u00a0<\/div><div>Designing incentive structures for continuation funds is complex &#8211; involving legal, financial, and human considerations. For firms navigating these decisions, thoughtful planning is essential. If you&#8217;re considering your options or designing a structure,\u00a0<a href=\"https:\/\/www.ewmglobal.com\/site\/ewm-global-advisory-about-us\/\" target=\"_blank\" rel=\"noopener\">EWM Advisory<\/a>\u00a0can provide expert guidance.\u00a0<\/div><div>\u00a0<\/div><div>\u00a0<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-69c1376 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"69c1376\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5b78dc1\" data-id=\"5b78dc1\" data-element_type=\"column\" data-e-type=\"column\" 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class=\"hm hm-arrow-right\"><\/i>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Submit<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/button>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/form>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-62480d8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"62480d8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9b0a09f\" data-id=\"9b0a09f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f936700 elementor-widget elementor-widget-spacer\" data-id=\"f936700\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f923a03 elementor-widget elementor-widget-heading\" data-id=\"f923a03\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">YOU MIGHT ALSO LIKE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76aa321 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"76aa321\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9da2051 anwp-pg-widget-header-style--b anwp-pg-post-teaser__post-icon--size-16 elementor-pagination-position-outside elementor-widget elementor-widget-anwp-pg-classic-slider\" data-id=\"9da2051\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"anwp-pg-classic-slider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"anwp-pg-wrap\">\n\n\t\n\t<!-- Slider main container -->\n\t<div\n\t\tclass=\"anwp-pg-classic-slider anwp-pg-swiper-wrapper position-static swiper swiper-container anwp-pg-no-transform\"\n\t\tdata-pg-slides-per-view=\"3\"\n\t\tdata-pg-slides-per-view-mobile=\"1\"\n\t\tdata-pg-slides-per-view-tablet=\"2\"\n\t\tdata-pg-slides-per-group=\"1\"\n\t\tdata-pg-slides-per-group-mobile=\"1\"\n\t\tdata-pg-slides-per-group-tablet=\"1\"\n\t\tdata-pg-autoplay=\"no\"\n\t\tdata-pg-autoplay-delay=\"\"\n\t\tdata-pg-space-between=\"27\"\n\t\tdata-pg-effect=\"slide\"\n\t\tdata-pg-show-read-more=\"no\"\n\t\tdata-pg-enable-observer=\"no\"\n\t\tdata-pg-loop=\"no\"\n\t\tdir=\"ltr\"\n\t>\n\t\t<!-- Additional required wrapper -->\n\t\t<div class=\"swiper-wrapper\">\n\t\t\t<!-- Slides -->\n\t\t\t<div class=\"anwp-pg-post-teaser anwp-pg-post-teaser--inner-cover-link anwp-pg-post-teaser--layout-d d-flex flex-column swiper-slide\">\n\t<div class=\"anwp-pg-post-teaser__thumbnail position-relative\">\n\n\t\t\t\t\t<div class=\"anwp-pg-post-teaser__top-meta d-flex flex-column anwp-pg-post-teaser__category-column mr-auto\">\n\t\t\t\t<div class=\"anwp-pg-category__wrapper-filled px-2 d-flex align-items-center anwp-pg-post-teaser__category-wrapper align-self-start anwp-pg-category-parent-0\" style=\"background-color: #1565C0\"><span>Industry Insights<\/span><\/div>\t\t\t<\/div>\n\t\t\t\n\t\t\n\t\t\t\t\t<img loading=\"lazy\" class=\"anwp-pg-post-teaser__thumbnail-img d-block anwp-pg-height-210 anwp-object-cover m-0 w-100\"\n\t\t\t\talt=\"Broadening Carry Participation: A Growing Norm\"\n\t\t\t\tsrc=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2026\/02\/Picture2-1024x738.png\"\/>\n\t\t\n\t\t<div class=\"anwp-pg-post-teaser__thumbnail-bg anwp-position-cover\"><\/div>\n\n\t\t<a class=\"anwp-position-cover anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/broadening-carried-interest-participation\/\" aria-hidden=\"true\" ><\/a>\n\t<\/div>\n\n\t<div class=\"anwp-pg-post-teaser__content flex-grow-1 pt-1 d-flex flex-column\">\n\n\t\t<div class=\"anwp-pg-post-teaser__title anwp-font-heading mt-2\">\n\t\t\t<a class=\"anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/broadening-carried-interest-participation\/\" aria-hidden=\"true\" >\n\t\t\t\tBroadening Carry Participation: A Growing Norm\t\t\t<\/a>\n\t\t<\/div>\n\n\t\t<div class=\"anwp-pg-post-teaser__bottom-meta d-flex flex-wrap\">\n\n\t\t\t\t\t\t\t<div class=\"anwp-pg-post-teaser__bottom-meta-item d-flex align-items-center mr-3\">\n\t\t\t\t\t<svg class=\"anwp-pg-icon anwp-pg-icon--s16 mr-1\">\n\t\t\t\t\t\t<use xlink:href=\"#icon-anwp-pg-calendar\"><\/use>\n\t\t\t\t\t<\/svg>\n\t\t\t\t\t<span class=\"posted-on m-0\"><span class=\"screen-reader-text\">Posted on<\/span><time class=\"anwp-pg-published\" datetime=\"2026-02-26T17:38:07+00:00\">February 26, 2026<\/time><time class=\"anwp-pg-updated\" datetime=\"2026-04-02T20:34:40+00:00\">April 2, 2026<\/time><\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<\/div>\n\n\t\t\n\t\t\n\t<\/div>\n\n<\/div>\n<div class=\"anwp-pg-post-teaser anwp-pg-post-teaser--inner-cover-link anwp-pg-post-teaser--layout-d d-flex flex-column swiper-slide\">\n\t<div class=\"anwp-pg-post-teaser__thumbnail position-relative\">\n\n\t\t\t\t\t<div class=\"anwp-pg-post-teaser__top-meta d-flex flex-column anwp-pg-post-teaser__category-column mr-auto\">\n\t\t\t\t<div class=\"anwp-pg-category__wrapper-filled px-2 d-flex align-items-center anwp-pg-post-teaser__category-wrapper align-self-start anwp-pg-category-parent-0\" style=\"background-color: #1565C0\"><span>Company News<\/span><\/div><div class=\"anwp-pg-category__wrapper-filled px-2 d-flex align-items-center anwp-pg-post-teaser__category-wrapper align-self-start anwp-pg-category-parent-30\" style=\"background-color: #1565C0\"><span>Conferences &amp; Events<\/span><\/div>\t\t\t<\/div>\n\t\t\t\n\t\t\n\t\t\t\t\t<img loading=\"lazy\" class=\"anwp-pg-post-teaser__thumbnail-img d-block anwp-pg-height-210 anwp-object-cover m-0 w-100\"\n\t\t\t\talt=\"EWM Global Speaks During the World Economic Forum 2026 in Davos\"\n\t\t\t\tsrc=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2026\/01\/Davos-Thumbnail-1024x576.png\"\/>\n\t\t\n\t\t<div class=\"anwp-pg-post-teaser__thumbnail-bg anwp-position-cover\"><\/div>\n\n\t\t<a class=\"anwp-position-cover anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/2026-world-economic-forum-davos-interview-with-ewm-global\/\" aria-hidden=\"true\" ><\/a>\n\t<\/div>\n\n\t<div class=\"anwp-pg-post-teaser__content flex-grow-1 pt-1 d-flex flex-column\">\n\n\t\t<div class=\"anwp-pg-post-teaser__title anwp-font-heading mt-2\">\n\t\t\t<a class=\"anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/2026-world-economic-forum-davos-interview-with-ewm-global\/\" aria-hidden=\"true\" >\n\t\t\t\tEWM Global Speaks During the World Economic Forum 2026 in Davos\t\t\t<\/a>\n\t\t<\/div>\n\n\t\t<div class=\"anwp-pg-post-teaser__bottom-meta d-flex flex-wrap\">\n\n\t\t\t\t\t\t\t<div class=\"anwp-pg-post-teaser__bottom-meta-item d-flex align-items-center mr-3\">\n\t\t\t\t\t<svg class=\"anwp-pg-icon anwp-pg-icon--s16 mr-1\">\n\t\t\t\t\t\t<use xlink:href=\"#icon-anwp-pg-calendar\"><\/use>\n\t\t\t\t\t<\/svg>\n\t\t\t\t\t<span class=\"posted-on m-0\"><span class=\"screen-reader-text\">Posted on<\/span><time class=\"anwp-pg-published\" datetime=\"2026-01-27T17:06:52+00:00\">January 27, 2026<\/time><time class=\"anwp-pg-updated\" datetime=\"2026-02-26T15:38:50+00:00\">February 26, 2026<\/time><\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<\/div>\n\n\t\t\n\t\t\n\t<\/div>\n\n<\/div>\n<div class=\"anwp-pg-post-teaser anwp-pg-post-teaser--inner-cover-link anwp-pg-post-teaser--layout-d d-flex flex-column swiper-slide\">\n\t<div class=\"anwp-pg-post-teaser__thumbnail position-relative\">\n\n\t\t\t\t\t<div class=\"anwp-pg-post-teaser__top-meta d-flex flex-column anwp-pg-post-teaser__category-column mr-auto\">\n\t\t\t\t<div class=\"anwp-pg-category__wrapper-filled px-2 d-flex align-items-center anwp-pg-post-teaser__category-wrapper align-self-start anwp-pg-category-parent-0\" style=\"background-color: #1565C0\"><span>Industry Insights<\/span><\/div>\t\t\t<\/div>\n\t\t\t\n\t\t\n\t\t\t\t\t<img loading=\"lazy\" class=\"anwp-pg-post-teaser__thumbnail-img d-block anwp-pg-height-210 anwp-object-cover m-0 w-100\"\n\t\t\t\talt=\"The Hidden Influence Shaping Behavior in the Financial Markets: Incentive and Retention Framework\"\n\t\t\t\tsrc=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2026\/01\/EWM-Global-Thumbnail-1-1024x576.png\"\/>\n\t\t\n\t\t<div class=\"anwp-pg-post-teaser__thumbnail-bg anwp-position-cover\"><\/div>\n\n\t\t<a class=\"anwp-position-cover anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/the-hidden-influence-shaping-behavior-in-the-financial-markets-incentive-and-retention-framework\/\" aria-hidden=\"true\" ><\/a>\n\t<\/div>\n\n\t<div class=\"anwp-pg-post-teaser__content flex-grow-1 pt-1 d-flex flex-column\">\n\n\t\t<div class=\"anwp-pg-post-teaser__title anwp-font-heading mt-2\">\n\t\t\t<a class=\"anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/the-hidden-influence-shaping-behavior-in-the-financial-markets-incentive-and-retention-framework\/\" aria-hidden=\"true\" >\n\t\t\t\tThe Hidden Influence Shaping Behavior in the Financial Markets: Incentive and Retention Framework\t\t\t<\/a>\n\t\t<\/div>\n\n\t\t<div class=\"anwp-pg-post-teaser__bottom-meta d-flex flex-wrap\">\n\n\t\t\t\t\t\t\t<div class=\"anwp-pg-post-teaser__bottom-meta-item d-flex align-items-center mr-3\">\n\t\t\t\t\t<svg class=\"anwp-pg-icon anwp-pg-icon--s16 mr-1\">\n\t\t\t\t\t\t<use xlink:href=\"#icon-anwp-pg-calendar\"><\/use>\n\t\t\t\t\t<\/svg>\n\t\t\t\t\t<span class=\"posted-on m-0\"><span class=\"screen-reader-text\">Posted on<\/span><time class=\"anwp-pg-published\" datetime=\"2026-01-27T12:28:25+00:00\">January 27, 2026<\/time><time class=\"anwp-pg-updated\" datetime=\"2026-01-28T08:43:26+00:00\">January 28, 2026<\/time><\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<\/div>\n\n\t\t\n\t\t\n\t<\/div>\n\n<\/div>\n<div class=\"anwp-pg-post-teaser anwp-pg-post-teaser--inner-cover-link anwp-pg-post-teaser--layout-d d-flex flex-column swiper-slide\">\n\t<div class=\"anwp-pg-post-teaser__thumbnail position-relative\">\n\n\t\t\t\t\t<div class=\"anwp-pg-post-teaser__top-meta d-flex flex-column anwp-pg-post-teaser__category-column mr-auto\">\n\t\t\t\t<div class=\"anwp-pg-category__wrapper-filled px-2 d-flex align-items-center anwp-pg-post-teaser__category-wrapper align-self-start anwp-pg-category-parent-0\" style=\"background-color: #1565C0\"><span>Industry Insights<\/span><\/div>\t\t\t<\/div>\n\t\t\t\n\t\t\n\t\t\t\t\t<img loading=\"lazy\" class=\"anwp-pg-post-teaser__thumbnail-img d-block anwp-pg-height-210 anwp-object-cover m-0 w-100\"\n\t\t\t\talt=\"Junior Staff Carry Allocation: Benefits and Potential Challenges\"\n\t\t\t\tsrc=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2024\/09\/2024-09-11_11-26-40-1024x725.png\"\/>\n\t\t\n\t\t<div class=\"anwp-pg-post-teaser__thumbnail-bg anwp-position-cover\"><\/div>\n\n\t\t<a class=\"anwp-position-cover anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/junior-staff-carry-allocation-benefits-and-potential-challenges\/\" aria-hidden=\"true\" ><\/a>\n\t<\/div>\n\n\t<div class=\"anwp-pg-post-teaser__content flex-grow-1 pt-1 d-flex flex-column\">\n\n\t\t<div class=\"anwp-pg-post-teaser__title anwp-font-heading mt-2\">\n\t\t\t<a class=\"anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/junior-staff-carry-allocation-benefits-and-potential-challenges\/\" aria-hidden=\"true\" >\n\t\t\t\tJunior Staff Carry Allocation: Benefits and Potential Challenges\t\t\t<\/a>\n\t\t<\/div>\n\n\t\t<div class=\"anwp-pg-post-teaser__bottom-meta d-flex flex-wrap\">\n\n\t\t\t\t\t\t\t<div class=\"anwp-pg-post-teaser__bottom-meta-item d-flex align-items-center mr-3\">\n\t\t\t\t\t<svg class=\"anwp-pg-icon anwp-pg-icon--s16 mr-1\">\n\t\t\t\t\t\t<use xlink:href=\"#icon-anwp-pg-calendar\"><\/use>\n\t\t\t\t\t<\/svg>\n\t\t\t\t\t<span class=\"posted-on m-0\"><span class=\"screen-reader-text\">Posted on<\/span><time class=\"anwp-pg-published\" datetime=\"2024-09-12T11:54:02+00:00\">September 12, 2024<\/time><time class=\"anwp-pg-updated\" datetime=\"2025-10-07T07:03:19+00:00\">October 7, 2025<\/time><\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<\/div>\n\n\t\t\n\t\t\n\t<\/div>\n\n<\/div>\n<div class=\"anwp-pg-post-teaser anwp-pg-post-teaser--inner-cover-link anwp-pg-post-teaser--layout-d d-flex flex-column swiper-slide\">\n\t<div class=\"anwp-pg-post-teaser__thumbnail position-relative\">\n\n\t\t\t\t\t<div class=\"anwp-pg-post-teaser__top-meta d-flex flex-column anwp-pg-post-teaser__category-column mr-auto\">\n\t\t\t\t<div class=\"anwp-pg-category__wrapper-filled px-2 d-flex align-items-center anwp-pg-post-teaser__category-wrapper align-self-start anwp-pg-category-parent-0\" style=\"background-color: #1565C0\"><span>Industry Insights<\/span><\/div>\t\t\t<\/div>\n\t\t\t\n\t\t\n\t\t\t\t\t<img loading=\"lazy\" class=\"anwp-pg-post-teaser__thumbnail-img d-block anwp-pg-height-210 anwp-object-cover m-0 w-100\"\n\t\t\t\talt=\"The Modern Landscape of Carried Interest\"\n\t\t\t\tsrc=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2024\/08\/The-Modern-Landscape-of-Carried-Interest-1024x576.png\"\/>\n\t\t\n\t\t<div class=\"anwp-pg-post-teaser__thumbnail-bg anwp-position-cover\"><\/div>\n\n\t\t<a class=\"anwp-position-cover anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/the-modern-landscape-of-carried-interest\/\" aria-hidden=\"true\" ><\/a>\n\t<\/div>\n\n\t<div class=\"anwp-pg-post-teaser__content flex-grow-1 pt-1 d-flex flex-column\">\n\n\t\t<div class=\"anwp-pg-post-teaser__title anwp-font-heading mt-2\">\n\t\t\t<a class=\"anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/the-modern-landscape-of-carried-interest\/\" aria-hidden=\"true\" >\n\t\t\t\tThe Modern Landscape of Carried Interest\t\t\t<\/a>\n\t\t<\/div>\n\n\t\t<div class=\"anwp-pg-post-teaser__bottom-meta d-flex flex-wrap\">\n\n\t\t\t\t\t\t\t<div class=\"anwp-pg-post-teaser__bottom-meta-item d-flex align-items-center mr-3\">\n\t\t\t\t\t<svg class=\"anwp-pg-icon anwp-pg-icon--s16 mr-1\">\n\t\t\t\t\t\t<use xlink:href=\"#icon-anwp-pg-calendar\"><\/use>\n\t\t\t\t\t<\/svg>\n\t\t\t\t\t<span class=\"posted-on m-0\"><span class=\"screen-reader-text\">Posted on<\/span><time class=\"anwp-pg-published\" datetime=\"2024-08-20T09:50:19+00:00\">August 20, 2024<\/time><time class=\"anwp-pg-updated\" datetime=\"2024-08-20T15:32:45+00:00\">August 20, 2024<\/time><\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<\/div>\n\n\t\t\n\t\t\n\t<\/div>\n\n<\/div>\n<div class=\"anwp-pg-post-teaser anwp-pg-post-teaser--inner-cover-link anwp-pg-post-teaser--layout-d d-flex flex-column swiper-slide\">\n\t<div class=\"anwp-pg-post-teaser__thumbnail position-relative\">\n\n\t\t\t\t\t<div class=\"anwp-pg-post-teaser__top-meta d-flex flex-column anwp-pg-post-teaser__category-column mr-auto\">\n\t\t\t\t<div class=\"anwp-pg-category__wrapper-filled px-2 d-flex align-items-center anwp-pg-post-teaser__category-wrapper align-self-start anwp-pg-category-parent-0\" style=\"background-color: #1565C0\"><span>Industry Insights<\/span><\/div>\t\t\t<\/div>\n\t\t\t\n\t\t\n\t\t\t\t\t<img loading=\"lazy\" class=\"anwp-pg-post-teaser__thumbnail-img d-block anwp-pg-height-210 anwp-object-cover m-0 w-100\"\n\t\t\t\talt=\"UK Carried Interest Reform: A New Tax Era?\"\n\t\t\t\tsrc=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2024\/07\/Tax-Reforms-Thumbnail-1024x582.png\"\/>\n\t\t\n\t\t<div class=\"anwp-pg-post-teaser__thumbnail-bg anwp-position-cover\"><\/div>\n\n\t\t<a class=\"anwp-position-cover anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/uk-carried-interest-tax-reforms\/\" aria-hidden=\"true\" ><\/a>\n\t<\/div>\n\n\t<div class=\"anwp-pg-post-teaser__content flex-grow-1 pt-1 d-flex flex-column\">\n\n\t\t<div class=\"anwp-pg-post-teaser__title anwp-font-heading mt-2\">\n\t\t\t<a class=\"anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/uk-carried-interest-tax-reforms\/\" aria-hidden=\"true\" >\n\t\t\t\tUK Carried Interest Reform: A New Tax Era?\t\t\t<\/a>\n\t\t<\/div>\n\n\t\t<div class=\"anwp-pg-post-teaser__bottom-meta d-flex flex-wrap\">\n\n\t\t\t\t\t\t\t<div class=\"anwp-pg-post-teaser__bottom-meta-item d-flex align-items-center mr-3\">\n\t\t\t\t\t<svg class=\"anwp-pg-icon anwp-pg-icon--s16 mr-1\">\n\t\t\t\t\t\t<use xlink:href=\"#icon-anwp-pg-calendar\"><\/use>\n\t\t\t\t\t<\/svg>\n\t\t\t\t\t<span class=\"posted-on m-0\"><span class=\"screen-reader-text\">Posted on<\/span><time class=\"anwp-pg-published\" datetime=\"2024-07-26T08:49:30+00:00\">July 26, 2024<\/time><time class=\"anwp-pg-updated\" datetime=\"2024-07-26T09:03:07+00:00\">July 26, 2024<\/time><\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<\/div>\n\n\t\t\n\t\t\n\t<\/div>\n\n<\/div>\n\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<div class=\"swiper-pagination\"><\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Explore how to design fair, effective sponsor incentives in continuation funds to maintain alignment and motivate private equity 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