The URL can be used to link to this page

Home My WebLink AboutFin Investment Report 2015.03crrroF Agenda Item No: 3. e NOW n. Meeting Date: May 4, 2015 SAN RAFAEL CITY COUNCIL AGENDA REPORT Department: FINANCE Prepared by: Van BachCity Manager Approval: Accounting Manager SUBJECT: QUARTERLY INVESTMENT REPORT RECOMMENDATION: ACCEPT INVESTMENT REPORT FOR THE QUARTER ENDING MARCH 31, 2015, AS PRESENTED BACKGROUND: Pursuant to the State of California Government Code Section 53601 and the City's investment policy, last reviewed and approved by Council on June 16, 2014, staff provides the governing body a report on the City's investment activities. The report outlines the investment activity for the preceding quarter. Included on the report are the cost of each investment, the interest rates (yield), maturity dates, and market value. Separate schedules are prepared for both the City and the Successor Agency to San Rafael Redevelopment Agency. Since December 2011, the City's pooled funds not used for current operations have been invested almost exclusively in the Local Agency Investment Fund (LAIF), a State-run investment pool. The one exception to this was a $1,750,000 investment in assessment district bonds. Beginning in March 2014, the City returned to an investment strategy that included purchases of securities outside of LAIF with the assistance of its investment advisor, Cutwater Asset Management. ANALYSIS: As of March 31, 2015, one of the LAIF accounts had a balance of $28,588,797. The other LAIF account containing housing funds for future administrative expenses contains $143,517. Portfolio returns on LAIF deposits were approximately .26% at quarter end. The remaining investment assets included the $1,641,500 balance of Pt. San Pedro Assessment District bonds, and $12,377,680 in government agency securities and corporate bonds (including T -Note, FHLB, GE, Pfizer Inc and IBM Corp). The overall portfolio return for March 31, 2015 was .43%. The City's Westamerica account had a balance of $14,129,598 at quarter end. Exhibit A is composed of the three monthly reports summarizing the City's investments for the quarter ending March 31, 2015. File No.: FOR CITY CLERK ONLY $� ► S y S) � `I Council Meeting: S/C4['101S Disposition: QC cwpbP o.k P_QPo eL SAN RAFAEL CITY COUNCIL AGENDA REPORT / Paee: 2 FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity and yield in respective order. The portfolio remains conservatively invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. OPTIONS/ACTION REQUIRED: The City Council should adopt the report as presented in order to satisfy current State Investment Code requirements and City policy. Attachment WAManagement Services- WorkFile\Finance- WorkFile\Council Material\Staff Repo rts\2013\City\cityinvrp33115.doc SAN RAFAEL CITY COUNCIL AGENDA REPORT / Pa2e: 3 TREASURER'S CERTIFICATION I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY'S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD. MARK MOSES FINANCE DIRECTOR Cutwater Asset Management 1331 17th Street, Suite 602 Denver, CO 80202 Tel: 303 8601100 Fax: 303 860 0016 SAN RAFAEL Report for the period March 1, 2015 - March 31, 2015 Please contact Accounting by calling the number above or email cam reoorts(a)cutwater.com with questions concerning this report. ( This report was prepared on April 10, 2015 ) A BNY MELLON COMPANY CUTWATER Chart i 16.0 17.0 16.0 15.0 14.0 13.0 12.0 W 11.0 10.0 9.0 6.0 7.0 6.0 5.0 4.0 Feb -10 Chart 2 2.50 2.00 1.50 1.00 0.50 Unemolovment and Underemolovment 02/2010 -02/2015 Fixed Income Market Review March 31, 2015 Economic Indicators & Monetary Policv - Gross Domestic Product (GDP) for the fourth quarter of 2014 increased 2.2 percent, according to the final estimate, released in March. Contributing to the growth in fourth quarter GDP was consumer spending, which experienced its largest gain in eight years. Corporate profits declined during the fourth quarter, adding downward pressure to the American economy. The Institute for Supply Management (ISM) indices wavered in February, with the ISM manufacturing index falling to 52.9 from 53.5 and the non -manufacturing index increasing from 56.7 to 56.9. The unemployment rate dropped to 5.5 percent in February as 295,000 new jobs were created. Job growth continues to be a source of strength for the American economy. Over the past twelve months the labor force has added roughly 3.1 million jobs and the unemployment rate has dropped from 6.6 percent to 5.5 percent. The underemployment rate has also improved, dropping from 12.6 percent to 11.0 percent since March, 2014 (See Chart 1). The Producer Price Index (PPI) including food and energy decreased 0.5 percent on a month -over -month basis. The PPI including food and energy has Feb -11 Feb -12 Feb -13 Feb -14 Feb -15 now declined in each of the past four months, and six of the past seven. The Unemployment -Underemployment core PPI, which excludes food and energy, dropped 0.5 percent on a month - over -month basis in February. On the consumer side, prices have begun to Treasury Yield Curves increase. The Consumer Price Indices including and excluding food and energy 02/28/2015 -03/31/2015 (CPI) increased 0.2 percent on a month -over -month basis in February. On a year -over -year basis, the CPI including food and energy remained unchanged, while the core CPI increased 1.7 percent. New and existing home sales rebounded in February, increasing by 7.8 percent _ and 1.2 percent respectively, as a drop in mortgage rates incentivized many - Americans to purchase homes. Mortgage applications also rose as a result of lower rates. Applications increased 9.5 percent for the week ending March 20 compared to a 3.9 percent decline during the previous week. The Federal Open Market Committee (FOMC) met on March 17 and 18 and �03/31J2015 voted to maintain the Fed funds target rate at zero to 0.25 percent. The FOMC 02/31/2015 also stated that a rate increase during the April meeting was unlikely. However, the FOMC did not indicate the importance of patience in regards to a rate increase as it had in the past, which led to speculation that rates may rise this year. 3 MO 6 MO 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR B YR 9 YR 10 YR Yield Curve & Sareads - At the end of March, the 3 -month Treasury bill yielded 0.02 percent, the 6 -month Treasury bill yielded 0.13 percent, the 2 -year Treasury note yielded 0.56 percent, the 5 -year Treasury note yielded 1.37 percent, and the 10 -year Treasury note yielded 1.92 percent (See Chart 2). Charts sourced from Bloomberg Finance LP Cutwater Asset Management Additional Information March 31, 2015 The opinions expressed above are those of Cutwater Asset Management and are subject to change without notice. All statistics represent month-end figures unless otherwise noted. A current version of the investment adviser brochure for Cutwater Investor Services Corp., in the form of the Firm's ADV Part 2A, is available for your review. Please contact our Client Service Desk at 1-800-395-5505 or mail your request to: Cutwater Investor Services Corp. Attention: Client Services 113 King Street Armonk, NY 10504 A copy of the brochure will be sent to you either by mail or electronically at your option. In addition, a copy of the most recent version of the Firm's complete Form ADV can be downloaded from the SEC website at v%w.ad\ isc: ;ado scc L, -k)\ . The information contained in this presentation comes from public sources which Cutwater Asset Management believes to be reliable. All opinions expressed in this document are solely those of Cutwater. A list of sources used for this document is available upon request. Cutwater Asset Management San Rafael Activity and Performance Summary for the period March 1, 2015 - March 31, 2015 Amortized Cost Basis Activitv Summary Detail of Amortized Cost Basis Return Beginning Amortized Cost Value 42,719,356.48 Interest Accretion Realized Total Additions Earned (Amortization) Gain (Loss) Income Contributions 526,229.03 Current Holdings Interest Received 72,964.38 Cash and Equivalents 6,486.68 0.00 0.00 6,486.68 U.S. Treasury 2,840.62 106.56 0.00 2,947.18 Accrued Interest Sold 937.50 U.S. Instrumentality 3,833.34 (633.40) 0.00 3,199.94 Gain on Sales 0.00 Corporate 5,295.84 (3,487.44) 0.00 1,808.40 Total Additions 600,130.91 Municipal 7,181.57 0.00 0.00 7,181.57 Deductions Sales and Maturities Withdrawals 0.00 U.S. Instrumentality 187.50 0.00 0.00 187.50 Fees Paid 1,167.58 Total 25,825.55 (4,014.28) 0.00 21,811.27 Accrued Interest Purchased 77.78 Loss on Sales 0.00 Total Deductions (1,245.36) Accretion (Amortization) for the Period (4,014.28) Ending Amortized Cost Value 43,314,227.75 Ending Fair Value 43,350,307.32 Unrealized Gain (Loss) 36,079.57 Annualized Comparative Rates of Return Summary of Amortized Cost Basis Return for the Period Total Portfolio Excl. Cash Eq. Twelve Six Month Trailing Month Trailing One Month Interest Earned 25,825.55 19,338.87 Fed Funds 0.10% 0.11 % 0.11 % Accretion (Amortization) (4,014.28) (4,014.28) Overnight Repo 0.11% 0.13% 0.18% Realized Gain (Loss) on Sales 0.00 0.00 3 Month T -Bill 0.02% 0.01 % 0.02% Total Income on Portfolio 21,811.27 15,324.59 6 Month T -Bill 0.05% 0.06% 0.08% Average Daily Historical Cost 43,335,753.74 14,017,286.79 1 Year T -Note 0.14% 0.18% 0.25% Annualized Return 0.59% 1.29% 2 Year T -Note 0.51 % 0.55% 0.64% Annualized Return Net of Fees 0.56% 1.19% 5 Year T=Note 1.58 % 1.48% 1.52% Annualized Return Year to Date Net of Fees 0.57% 1.29% Weighted Average Effective Maturity in Days 400 1,236 Amortized Cost Summary - Page I Cutwater Asset Management San Rafael Activity and Performance Summary for the period March 1, 2015 - March 31, 2015 Fair Value Basis Activity Summary Detail of Fair Value Basis Return Beginning Fair Value 42,736,753.27 Interest Change in Total Earned Fair Value Income Additions Contributions 526,229.03 Current Holdings Interest Received 72,964.38 Cash and Equivalents 6,486.68 0.00 6,486.68 Accrued Interest Sold 937.50 U.S. Treasury 2,840.62 8,671.50 11,512.12 U.S. Instrumentality 3,833.34 7,411.00 11,244.34 Corporate 5,295.84 (1,394.50) 3,901.34 Total Additions 600,130.91 Municipal 7,181.57 0.00 7,181.57 Deductions Sales and Maturities Withdrawals 0.00 U.S. Instrumentality 187.50 (19.50) 168.00 Fees Paid 1,167.58 Total 25,825.55 14,668.50 40,494.05 Accrued Interest Purchased 77.78 Total Deductions (1,245.36) Change in Fair Value for the Period 14,668.50 Ending Fair Value 43,350,307.32 Annualized Comparative Rates of Return Summary of Fair Value Basis Return for the Period Total Portfolio Excl. Cash Eq. Twelve Six Month Trailing Month Trailing One Month Interest Earned 25,825.55 19,338.87 Fed Funds 0.10'% 0.11 % 0.11 % Change in Fair Value 14.668.50 14.668.50 Overnight Repo 0.11% 0.13% 0.18% Total Income on Portfolio 40,494.05 34,007.37 3 Month T -Bill 0.04% 0.02% -0.01 % Average Daily Historical Cost 43,335,753.74 14,017,286.79 6 Month T -Bill 0.12% 0.13 % 0.08% Annualized Return 1.10% 2.86% 1 Year T -Note 0.19% 0.11% 0.15% AnnuallLed Return Net of Fees 1.07% 2.76% BAML 1-3 Yr Tsy Index 1.00% 1.40% 2.74% Annualized Return Year to Date Net of Fees 0.98% 2.63% BAML 1-5 Yr Tsy Index 1.90% 2.83% 4.94% Weighted Average Effective Maturity in Days 400 1,236 Fair Value Summary - Page I Cutwater Asset Management San Rafael Recap of Securities Held March 31, 2015 Holdings Recap - Page I Cutwater Asset Management Weighted Weighted Weighted Unrealized Average Average % Weighted Average Historical Amortized Gain Final Effective Portfolio/ Average Market Cost Cost Fair Value (Loss) Maturity (Days) Maturity (Days) Segment Yield * Duration (Yeurs) Cash and Equivalents 29,332,820.82 29,332,820.82 29,332,820.82 0.00 1 1 67.66 0.26 0.00 U.S. Treasury 4,746,660.17 4,746,115.33 4,763,066.00 16,950.67 688 688 10.95 0.73 1.86 U.S. Instrumentality 5,013,470.00 5,007,918.97 5,019,557.00 11,638.03 683 355 11.56 0.77 0.96 Corporate 2,617,550.00 2,585,872.63 2,593,363.50 7,490.87 701 701 6.04 0.98 1.86 Municipal 1,641,500.00 1,641,500.00 1,641,500.00 0.00 6,365 6,365 3.79 5.25 0.00 Total 43,352,000.99 43,314,227.75 43,350,307.32 369079.57 438 400 100.00 0.60 0.43 Weighted Average Yield is calculated on a "yield to worst" basis. Portfolio / Segment Diversification Cash and Equivalents 67.7% U.S. Treasury 10.9% == � U.S. Instrumentality 11.6% '= Corporate 6.0% Municipal 3.8% Total: 100.0% Holdings Recap - Page I Cutwater Asset Management Maturity Under 90 Days 90 To 180 Days 180 Days to 1 Year I To 2 Years 2 To 3 Years 3 To 4 Years 4 To 5 Years Over 5 Years 30.00 25.00 E 20.00 N O L) 15.00 co U N 10.00 5.00 11111111111011 -IN San Rafael Maturity Distribution of Securities Held March 31, 2015 Historical Cost Percent 29,832,820.82 69.82% 2,000.125.00 4.61 '% 0.00 0.00% 6,818,264.23 15.73 % 3,059,290.94 7.06% 0.00 0.00% 0.00 0.00 1,641,500.00 3.79 43,352,000.99 100.00% Maturity Distribution Ap bo Holdings Distribution - Page 1 Cutwater Asset Management CUSIP/ Purchase Rate Maturity Description Date Coupon Call Date Cash and Euuivalents Securities Held LAW 03.3115 0.266V LAIF 03:31-15 0.266V March 31, 2015 US Bank - First Amer 03/31 15 0.000V TOTAL (Cash and Equivalents) U.S. Treasury Fair Value/ Unrealized 912828VR8 06/24114 0.625 08/15:16 T Note Accrued Interest Accretion Change In Fair Gain 912828WF3 06110,, 14 0.625 11/15/16 T -Note Share% Purchased (Amortization) Value 912828WF3 06`24/14 0.625 11.15116 T -Note Yield 28,588,796.99 28,588,796.99 28,588,796.99 912828510 (16.==25/14 0.875 U2/28/17 T-Nute 65.95 0.27 912828032 07/:2/14 0.750 03/15/17 T -Note 912828WPI 12/23/14 0.875 06/15/17 T -Note 27.95 75.08 0.33 1)12828TM2 02/27 15 0.625 08/31/17 T -Note TOTAL (U.S. Treasury) 600,506.80 6(10,506.80 600,506.80 0.00 0.00 U.S. Instrumentality 0.(8) 0.00 0.00 3133EDDP4 03.1714 0.520 06/17/16 FFCB 29,332,820.82 0.00 0.00 3133EDT69 Call 08-28,14 0.530 08/19/16 FFCB 0.00 0.01) 0.00 08/19/15 3135GUCM3 0328,14 1.250 09/28/16 FNMA 1.(100,000.00 1,001,640.63 1,U01,051.85 1,002,969.00 3133EDYQ9 Call 10/20114 0.750 01/20/17 FFCB 0.55 04/20/15 Holdings - Page I Cutwater Asset Management San Rafael Securities Held March 31, 2015 Historical Cost/ Amortized Cost/ Fair Value/ Unrealized Total % Par Value, Accrued Interest Accretion Change In Fair Gain Interest Interest Accured Port Share% Purchased (Amortization) Value (Loss) Received Earned Interest Cost Yield 28,588,796.99 28,588,796.99 28,588,796.99 28,588,796.99 0.00 0.00 6,458.73 15,847.60 65.95 0.27 0.00 t1.t8) 0.00 143.517.03 143,517.03 143,517.03 143,517.03 0.00 0.00 27.95 75.08 0.33 0.27 0.00 0.110 0 00 600,506.80 6(10,506.80 600,506.80 0.00 0.00 600,506.80 0.00 0.(8) 0.00 0.00 0.00 1.39 0.00 29,332,820.82 29,332,820.82 29,332,820.82 29,332,820.82 0.00 0.00 6,486.68 15,922.68 67.66 0.00 0.01) 0.00 1.(100,000.00 1,001,640.63 1,U01,051.85 1,002,969.00 1,917.15 0.00 535.22 776.93 2.31 0.55 0.00 (64-95-1 547.00 500,000.00 500,234.38 500,156.60 501,289.00 1,132.40 0.00 267.61 1,182.67 1.15 0.61 0.00 (8.18) 547.00 500,000.00 499,531.25 499,681.79 501,289.00 1,607.21 0.00 267.61 1,182.67 1.15 0.66 0.00 16.61 547.00 750.000.00 751,464.84 751.045.89 754,746.00 3,700.11 0.00 552.82 570.65 1.73 0.80 0.00 (46.38= 1,171.50 500.000.00 499,453.13 499,596.21 501,953.00 2,356.79 1,875.00 318.26 173.23 1.15 0.79 0.(H) 17.53 820.(1(1 500,000.00 499,414.06 499,478.16 502,617.00 3,138.84 0.00 372.60 1,286.06 1.15 0.92 96.15 20.07 1,211.00 1,000,000.00 994,921.88 995,104.83 998,203.00 3,098.17 0.00 526.50 543.48 2.29 0.83 0.00 171.86 3,828.00 4,750,000.00 4,746,660.17 4,746,115.33 4,763,066.00 16,950.67 1,875.00 4840.62 5,715.69 10.95 I 96.15 606.56 8,671.50 500,000.00 500,670.00 500,360.64 500,593.00 232.36 0.00 216.67 751.11 1.15 0.46 0.00 (25.24 , 463.00 500,000.00 499,300.00 499,509.42 500,214.00 704.58 0.00 220.84 309.17 1.15 0.60 0.00 3006 727.50 1,000,000.00 1,014,450.00 1,008,622.62 1,011,156.00 2,533.38 6,250.00 1,041.67 104.17 2.34 0.67 0.00 ;489.57) 139.00 500,000.00 500,000.00 500,000.00 500,030.00 30.00 0.00 312.50 739.58 1.15 0.75 0.00 0.00 483.50 Holdings - Page I Cutwater Asset Management San Rafael Securities Held March 31, 2015 V -- variable rate, current rate shown, average rate for Cash & Equivalents Holdings - Page 2 Cutwater Asset Management Historical Cost/ Amortized Cost/ Fair Value' Unrealized Total % CUSIP/ Purchase Rate.' Maturity,` Par Value/ Accrued Interest Accretion Change In Fair Gain Interest Interest Accured Port Description Date Coupon Call Date Shares Purchased (Amortization) Value (Loss) Received Earned Interest Cost Yield 3137EADCO 0128'14 1000 03108'17 500,000.00 501,500.00 500,985.59 503,547.50 2,561.91 2,500.00 416.66 319.44 1.16 0.90 FHLMC 0.00 (43.22) 165.50 3135GBZ112 03/28.14 0.750 04,20"17 500,000.00 496,725.00 497,804.96 501,077.50 3,272.54 0.00 312.50 1,677.08 1.15 097 FNMA 0.00 90.73 1,211.00 311OA4BE1 Call (12/27;15 1.050 08,35'17 1,000,(1011.0(1 1,001,2(X).011 1,000,978.77 1,002,384.(X) 1,405 23 0.(9) 875.00 1,05(1.0() 2.31 0.81 FFILB 08,25.15 58.33 (207.82) 3,031.00 3130A3MQ4 Call 01'0615 1.050 09.29.'17 500,000.00 499,625.00 499.656.97 500,555.00 898.03 0.00 437.50 1,341.67 1.15 1.08 FHLB (16.29:15 102.08 11.66 1,190.50 (U.S. Instrumentality) 5,000.000,00 5,013,470.00 5,007,91897 5,019,557.00 11,638.03 8,750.00 3,833.34 6,292.22 11.56 (TOTAL 16041 (633.40) 7,411,130 Corporate 89233P5F.2 06/26? 14 2.000 0915:16 500.000.00 513,850.00 509,091.19 509,771.50 680.31 5,000.00 833.33 444.44 1.19 0.74 Toyota Wwr Credo 11.(XI (528.76) 1 13.1X) 36962G51i3 04.14.14 3.350 10/17,16 500,000.00 530,685.00 518,906.24 519,987.00 1,080.76 0.00 1,395.84 7,630.56 1.22 0.87 GF Capital (1.(X1 (1,037.34) (166.50) 24422ERNI 03,19 15 1.41X) 03,15 .17 500,000.00 504,785.00 504.699.44 505,051.0) 351.56 0.00 233.33 311.11 1.16 0.91 John Decre Capital C 77.78 (8556) 266.00 717081DJ9 12.-24-14 1.100 0515/17 500.000.00 499,595,00 499,640.46 503,149.00 3,508.54 0.00 458.34 2,077.78 1.15 1.13 Ptvxr Inc 595.83 14.38 854.50 4592(8)GJ4 07 22/14 5.700 09/14/17 500,000.00 568,635.00 553,535.30 555,405.00 1,869.70 14,250.00 2,375.00 1,345.83 1.31 1.24 IBM Carp 0M) (1,850.16) (2,461.50) r TOTAL (Corporate) - 2,500DGU.00 2,617,550.00 2,585,872.63 2,593,363.50 7,490.87 19,250.00 5,295.84 11,809.72 6.04 673.61 (3,487.44) (1,394.50) Municipal PI. San Pedro Assess 03/01 14 5.250 09/02/32 1,641,500.00 1,641,500.00 1,641,500.00 1,641,500.00 0.00 43,089.38 7,181.57 6,942.18 3.79 5.25 0.00 0.00 0.00 TOTAL(Municipal)1,641,500.00 1,641,500.00 1,641,500.00 1,641,500.00 0.00 43,089.38 7,181.57 6,942.18 3.79 1. 0.00 0.00 0.00 ---------------------------------------------------------------------------------------------------------------------------------------------------- GRAND TOTAL 43,224,320.82 43,352,000.99 43,314,227.75 43,350,307.32 36,079.57 72,964.38 25,638.05 46,682.49 100.00 930.17 (4,014.28) 14,688.00 V -- variable rate, current rate shown, average rate for Cash & Equivalents Holdings - Page 2 Cutwater Asset Management GASB 40 - Page I Cutwater Asset Management San Rafael GASB 40 - Deposit and Investment Risk Disclosure March 31, 2015 Maturity S&P Moody Par Value Historical % Portfolio Market % Portfolio Weighted Avg CUSIP Type Coupon Date Call Date Rating Rating Shares Cost Hist Cost Value Mkt Value Mkt Dur (Yrs) LAIF Cash and Equivalents 0.266 01 30/3100 NR NR 28,732,314.02 28,732,314.02 66.28 28,732,314.02 66.28 0.00 ISSUER TOTAL 28,732,314.02 28,732,314.02 66:28 28,732,314.02 66.28 0.00 T -No e 912828VR8 U.S. Treasury 0.625 08/15/2016 AA+ Aaa 1,000,000.00 1,001,640.63 2.31 1,002,969.00 2.31 1.37 912828WF3 U.S. Treasury 0.625 11/15/2016 AA+ Aaa 1,000,000.(1(1 999,765.63 2.31 1,002,578.00 2.31 1.61 912828SJO U.S. Treasury 0.875 02/28/2017 AA+ Aaa 750,000.00 751,464.84 1.73 754,746.00 1.74 1.90 91282SC32 U.S. Treasury (1.75(1 03/15/2017 AA+ Aaa 51111,(IIlll.11ll 499,453.13 1.15 501,953.00 1.16 1.94 912828WPI U.S. Treasury 0.875 06/15/2017 AA+ Aaa 51111,(10(1.OU 499,414.06 1.15 502,617.00 1.16 2.18 912828TM2 U.S. Treasury 0,625 08/31/2017 AA+ Aaa I,1H10,0(1(1.(70 994,921.88 2.29 998,203.00 2.30 2.39 (ISSUER TOTAL 4,750,000.00 4,746,660.17 1U.95 4,763,066.00 10.99 1.86 Pt. San Pedro Assess District Municipal 5.250 09/02/21132 NR NR 1,641,500.00 1,641,500.00 3.79 1,641,500.(H) 3.79 0.00 ISSUER TOTAL 1,641,500.00 1,641,500.00 3.79 1.641,500.00 3.79 O.11l)F FNMA 3135G(1CM3 U.S. Instrumentality 1.250 09'_82016 AA+ Aaa 1,(1(1(1,110(1.(1(1 1,014,450.00 2.34 1,011,156.00 2.33 1.48 3135GUZB2 U.S. Instrumentality 0.750 0420-201" AA+ Aaa %0,000.00 496,725.00 1.15 501,077-50 1.16 2.03 ISSUER TOTAL 1,5(10,(1110.(1(1 1,511,175.00 349 1,512,23350 349 1 b6 FHLB 313(IA3MQ4 U.S. Instrumentality 1.050 09/29/2111' 06/29/2015 AA+ Aaa 5110,000011 499,625.00 1.15 5110,555.00 1.15 0.24 3130A4BE1 U.S. Instrumentality 1-050 08/25/2017 08/25/2015 AA+ Aaa 1,000,000.00 1,001,200.00 2.31 1,002,384.00 2.31 0.40 ISSUER TOTAL I,Sllll,(1011.l)ll 1,500,825.00 3.46 1,502,939.00 347 0 35 FFCB 3133EDYQ9 U.S. Instrumentality 0 750 01/20/2017 0420/2015 AA+ Aaa 500,000.00 500,000.00 1.15 500,030 00 1.15 0.06 3133EDT69 U.S. Instrumentality 0.530 08 19/2016 08 19:2015 AA+ Aaa 500,000-00 499,300 00 1.15 500,214.00 1.15 0.38 3133EDDP4 U.S. Instrumentality 0 520 06/17/2016 AA+ Auu 500,0(X).00 500,670 00 1.15 5(H),593 (10 1-15 1.20 ISSUER TOTAL 1,500,000,00 1,499,97000 3.46 1,500,837.00 346 055 GASB 40 - Page I Cutwater Asset Management San Rafael ------------------------------------------------------------------------------------------------------------------------------------------------------ GRAND TOTAL 43,224,320.82 43,352,000.99 100.00 43,350,307.32 100.00 0.43 Highlighted totals are issuers representing 5.00% or more of the portfolio's market value GASB 40 - Page 2 Cutwater Asset Management GASB 40 - Deposit and Investment Risk Disclosure March 31, 2015 Maturity S&P Moody Par Value Historical % Portfolio Market a.o Portfolio Weighted Avg CUSIP Type Coupon Date Call Date Rating Rating Shares Cost Hist Cost Value Mkt Value Mkt Dur (Yrs) US Bank - First American Cash and Equivalents o 000 AAA Aja 61111,5116.811 61111,506.80 1.39 600,506 80 1.39 0 00 ISSUER TOTAL 600,5116.80 6(111,5116.81) 1.39 61111,506 80 1,39 it,001 IBM Coro 45920OG14 Corporate 5.700 09/14/2017 AA- Aa3 500,000.00 568,635.00 1.31 555405,00 1.28 2.31 ISSUER TOTAL 500,000.00 568,635.00 1.31 555,40500 1?8 2.31 GE Canital 369621351-13 Corporate 3.350 10/17/2016 AA+ At 500,000.00 530,685.00 1.22 519,98700 1.20 1.49 ISSUER TOTAL 500,000.00 530,685.00 1.22 519,987.00 1.20 1 49 Tovota Motor Credit 89233P5E2 Corporate 2.000 09/15/2016 AA- Aa3 500,000.00 513,850.00 1.19 509,771.50 1.18 144 ISSUER TOTAL 500,000.00 513,850.00 1.19 509,771.50 1.18 144 John Deere Canital Corn 24422EPNI Corporate 1401) 0115/2017 A A2 500,000.00 504,785.01) 1.16 5115,051.1111 1.17 193 ISSUER TOTAL 5(10,000.0(1 504,785.00 1.16 505,051.00 1.17 1.93 FHLMC 3137EADCO U.S. Instrumentality 1.000 03/08/2017 AA+ Aaa 5(X),000.01) 501,500.00 1.16 503,547.50 1.16 1.92 ISSUER TOTAL 500.0(H).00 501,500.00 1.16 503,547.50 1.16 1.921 Ptizer Inc 71708IDJ9 Corporate 1.100 05/15/2017 AA At 5(H),O(H).00 499,595.00 1.15 503,149.00 1.16 2.09 ISSUER TOTAL 5(x),000.00 499,595.00 1.15 503,149.00 1.16 2.09 ------------------------------------------------------------------------------------------------------------------------------------------------------ GRAND TOTAL 43,224,320.82 43,352,000.99 100.00 43,350,307.32 100.00 0.43 Highlighted totals are issuers representing 5.00% or more of the portfolio's market value GASB 40 - Page 2 Cutwater Asset Management San Rafael Securities Purchased March 1, 2015 - March 31, 2015 V e variable rate, current rate shown, average rate for Cash & Equivalents Purchases - Page 1 Cutwater Asset Management Purchase Maturity Par Value/ Principal Accrued CUSIP/ Description Date Rate/Coupon Call Date Shares Unit Cost Cost Interest Purchased Yield Cash and Eauivalents US Bank - First American 03/01/2015 0.000V 568 255.00 100D1)0 56H 255.00 0.00 0.01) US Bank - First American 03/02/2015 0 000V 6,406.25 1001100 6,406.25 0.00 0.110 US Bank - First American 03/09/2015 0 000V 2,500.01) 100 000 2,500,00 0.00 0 00 US Bank - First American 03/16/2015 0.000V 21,125.110 100.000 21,125.00 0.00 0.00 US Bank - First American 03/30/2015 0.000V 6,250.00 100.000 6,250.00 0.00 0.00 (TOTAL (Cash and Equivalents) I 604,536.25 604,536.25 0.00 Corporate 24422ERNI 03/19/2015 1.400 03/15/2017 500.01)0.00 100.957 504,785.00 77.78 0,91 John Deere Capi TOTAL (Corporate) 5(x),1)00 00 504,785.00 77.78 ...............................'------'---._.... GRAND TOTAL " ..................-------------------._..................................................----'------ 1,1114,536.25 1,109,321.25 77.78 V e variable rate, current rate shown, average rate for Cash & Equivalents Purchases - Page 1 Cutwater Asset Management San Rafael Securities Sold and Matured March 1, 2015 - March 31, 2015 V = variable rale, current rate shown, average rate for Cash & Equivalents Sales - Page 1 Cutwaler Asset Management Amortized Cost Fair Value Sale or 3t Sale or Maturity at Sale or Realized Accrued CUSIP: Maturity Rate/ Maturity/ Par Value= Sulc/ etaAar"y Maturity / Chg.ln Gain Interest Interest Interest Description Date Coupon Call Date Shares Historical Cost Accr (Amort) prncc Fair Value (Loss) Sold Received Earned Yield Cash and Equivalents US Bank First 03/19/2015 0.000V 3,925.28 3,925 28 3,925.28 100.00 3,925.28 0.00 0.00 0.00 0.00 0.00 American 0.00 0.00 US Bank - First 03/25/2015 0.000V 104.17 104.17 104.17 100.00 114.17 0.00 0.00 (MR) 0.00 0.00 American 0.00 0.00 TOTAL (Cash and Equivalents) 4,029.45 4,02945 4,029.45 4,029.45 0.00 000 0.00 0.00 E 0.00 0.00 i U.S. Instrumentality 313UA25Y8 Call 03/19/2015 0.75UV 12/19/2017 5()0,000.00 50U,000.00 5U().()U0.00 100.00 500,000.00 0.00 937.50 0.00 187.5U U.75 FHLB 06/19/2015 0.00 (19.50) TOTAL (U.S. Instrumentality) 500,0(nalt 500,000.00 5UQ000.U0 500,000.00 U.UU 937.50 0.00 187.50 0.00 (19.511) J _________________________________------------.________________._______._._______.____._________._____________----._______._______----__________.____ GRAND TOTAL 504,029.45 504,029.45 504,029.45 504,029.45 0.00 937.50 0.00 187.50 0.00 (19.50) V = variable rale, current rate shown, average rate for Cash & Equivalents Sales - Page 1 Cutwaler Asset Management San Rafael Transaction Report for the period March 1, 2015 - March 31, 2015 Date CUSIP Transaction Sec Type Description Maturity PAR Value/Shares Principal Interest Transaction Total Balance 03/01/2015 Bought CE US Bank - First Amer 568,255.00 568,255.00 0.00 (568,255.00) (568,255.00) 03/02/2015 Bought CE US Bank - First Amer 6,406.25 6,406.25 0.00 (6,406.25) (574,661.25) 03/02/2015 Maturity CE Int Receivable 03/02/2015 6,406.25 6,406.25 0.00 6,406.25 (568,255.00) 03/02/2015 Interest MUN P1. San Pedro Assess 09/02/2032 1,641,500.00 0.00 43,089.38 43,089.38 (525,165.62) 03/08/2015 3137EADCO Interest INS FHLMC 03/08/2017 500,000.00 0.00 2,500.00 2,500.00 (522,665.62) 03/09/2015 Bought CE US Bank - First Amer 2,500.00 2,500.00 0.00 (2,500.00) (525,165.62) 03/14/2015 459200GJ4 Interest COR IBM Corp 09/14/2017 5110,00().00 0.00 14,250.00 14,250.00 (510,915.62) 03/15 2015 89233P5E2 Interest COR Toyota Motor Credit 09/15/2016 500,000.00 0.00 5,000.00 5,000.00 (505,915.62) 031,15,2015 912828C32 Interest TSY T -Note 03/15/2017 500,000.00 0.00 1,875.00 1,875.00 (504,040.62) 03/16/2015 Bought CE US Bank - First Amer 21,125.00 21,125.00 0.00 (21,125.00) (525,165.62) 03/19/2015 Sold CE US Bank - First Amer 3,925.28 3,925.28 0.00 3,925.28 (521,240.34) 03/19/2015 24422ERNI Bought COR John Deere Capital C 03/15/2017 500,000.00 504,785.00 77.78 (504,862.78) (1,026,103.12) 03/19/2015 313OA25Y8 Call INS FHLB 12/19/2017 500,000.00 500,000.00 937.50 500,937.50 (525,165.62) 03,25/2015 Sold CE US Bank - First Amer 104.17 104.17 0.00 104.17 (525,061.45) 03:28 2015 3135GOCM3 Interest INS FNMA 09/28=2016 1,000,000.00 0.00 6,250.00 6,250.00 (518,811.45) 03;30 2015 Bought CE US Bank - First Amer 6,250.00 6,250.00 0.00 (6,250.00) (525,061.45) Portfolio Activity Total (525,061.45) Net Contributions: 526,229.031 1 Fees Charged: 1,167.581 Net Withdrawls: 0.001 1 Fees Paid: 1,167.581 Transactions - Page 1 Cutwater Asset Management San Rafael Securities Bid and Offer for the period 3/1/2015 - 3/31/2015 Trans Settle Description Call Date Broker Par Value Discount Price YTMiYTC Competitive Bids BUY 03/19/2015 DE 1.4 03/15/2017 WELLS 500,000 100.957 .91% RBC - PFE 5.45% 4/01/17 @ .87% MS - CSCO 1.10% 3/03/17 @ .789% Secuntes Bid and Offer - Page I Cutwater Asset Management San Rafael Upcoming Cash Activity for the next 45 days Upcoming Cash Activity - Page I Cutwater Asset Management Maturity Next Transaction Date Transaction CUSIP Description Coupon Date Call Date Par Shares Principal Interest Total 04/172015 Interest 36962G51-13 GE Capital 3.350 10/17/2016 500,000.00 0.00 8,375.00 8,375.00 04=20F2015 Interest 3135GOZB2 FNMA 0.750 04/20/2017 500,000.00 0.00 1,875.00 1,875.00 05'15r-2015 Interest 717081D.19 Pfizer Inc 1.100 05/15/2017 500,000.00 0.00 2,750.00 2,750.00 051115/2015 Interest 912828WF3 T -Note 0.625 11/15/2016 500,000.00 0.00 1,562.50 1.562.50 05F1512015 Interest 912828WF3 T -Note 0.625 1115,2016 500,000.00 0.00 1,562.50 1,562.50 Upcoming Cash Activity - Page I Cutwater Asset Management END OF REPORTS New York Office Colorado Office 113 King Street 1331 17th Street, Suite 602 Armonk, NY 10504 Denver, CO 80202 Tel: 866 766 3030 Tel: 303 8601100 Fax: 914 765 3030 Fax: 303 860 0016 For any questions concerning this report please contact accounting either by phone or email to cam reoortsOcutwater.com. A B Y MELLON CO PAW CUTWATER Position Changes through 3-31-15 with notes for Budget-mmnotes Fixed -Term City Manager/Council 1.00 Prior council Community Services 1.47 0.04 1.51 Economic Development actions with Council actions CM recommended 0.72 0.72 Total proposed effective dates in taken 7/1/14 - Total approved changes effective Library Departments 2014-2015 FY14-15 3/31/15 count at 4/1/15 7/1/15 Funding Community Development 17.80 2.00 (1.00) converting to regular 17.80 2.00 Building Fee Revenues Community Services 59.31 0.02 59.33 City Attorney 3.50 3.50 City Clerk 2.00 2.00 City Manager/Council 12.56 12.56 Economic Development 0.00 Finance 11.00 11.00 0.72 negligible impact Fire 79.00 79.00 Library 23.41 23.41 Management Services 26.33 1.00 27.33 0.50 general fund Police 87.00 1.00 88.00 1.00 reduce HI transfer Public Works 62.00 62.00 1.00 Measure E 383.91 2.00 385.93 5.22 Fixed -Term City Manager/Council 1.00 1.00 Community Services 1.47 0.04 1.51 Economic Development 0.00 Finance 0.72 0.72 (0.72) converting to regular Fire 1.75 1.00 2.75 Library 0.00 Management Services (HR) 0.00 0.50 WC and GL ISFs Police 2.00 2.00 (1.00) converting to regular 6.94 1.04 7.98 (1.22) Net Change in Headcount 4.00 1I/WILLDAN April 14, 2015 Mark Moses, Finance Director City of San Rafael 1400 Fifth Ave. Post Office Box 151560 San Rafael, CA 94915-1560 RE: ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENTS FOR FISCAL YEAR ENDING 2014 FOR: Central San Rafael Redevelopment Project Tax Allocation Bond, Series 1999 Central San Rafael Redevelopment Project Tax Allocation: Refunding Bonds Series, 2002 Central San Rafael Redevelopment Project Tax Allocation Refunding Bonds Series, 2009 2010 Taxable Pension Obligation Bonds Lease Revenue Refunding Bonds, Series 2012 Dear Mark: Enclosed please find the Annual Continuing Disclosure Information Statements for the fiscal year ending June 30, 2014 for the above referenced bond issues. Also enclosed are the Dissemination Certificates. The Annual Continuing Disclosure Information Statements have been disseminated to the Electronic Municipal Market Access website ("EMMA") and will be posted on our website at www.,willdan.com/financial. If you receive any inquiries with respect to the above referenced obligations, feel free to refer them to the reports on the website or to us directly. If you have any additional questions regarding these reports, please do not hesitate to contact me at (800) 755-6864. Sincerely, Willdan Financial Services Dave Davies, Project Manager Federal Compliance Group Enclosures .ngiine riiingt .and Planning I"-rnsngtn Etticliericy and Suustcauin:abilllty l Ffnwicia l and Economic mic Consu.ulting Natio naallPretp�,:nrrdnes> and interopertakailiity 951.587..3500 (I 800.755,.6864 n fax:. 951..5871510 1 27368 Via Mclu.ustri , o,.uute:200. Temecula, California 92590-4856 � www.willldam.com W"WILLDAN DISSEMINATION CERTIFICATE CENTRAL SAN RAFAEL REDEVELOPMENT PROJECT, TAX ALLOCATION BONDS SERIES 1999 SUCCESSOR AGENCY TO THE SAN RAFAEL REDEVELOPMENT AGENCY The Annual Continuing Disclosure Information Statement (the "Annual Report") for the period ending June 30, 2014 was disseminated for the above referenced obligations in compliance with SEC Rule 15c2-12 to EMMA on March 25, 2015. • Submission ID: EP679340 03/25/2015 23:12:20 The Audited Financial Statements for the period ending June 30, 2014 for the above referenced obligations were disseminated to EMMA on November 7, 2014. • Submission ID: ER653808 11/07/201411:24:51 WILLDAN FINANCIAL SERVICES The Annual Report has been posted to the Willdan Financial Services website at www.wilidan.com,'financial. Please feel free to refer any inquiries with respect to the above referenced obligations or the Annual Report on the website to us directly at (800) 755-6864. OTHER INTERESTED PARTIES Fiscal Agent: Francine Rockett U.S. Bank Trust, N.A. One California Street, Suite 1000 San Francisco, CA 94111 In conjunction with SEC Rule 15c2-12, the following table sets forth the historical compliance in connection with the above referenced obligations' Annual Report for the last five years: Period Ending, Annual Report Due Date Date Disseminated June 30, 2014 March 31, 2015 March 25, 2015 June 30, 2013 March 31, 2014 March 6, 2014 June 30, 2012 March 31, 2013 March 5, 2013 June 30, 2011 March 31, 2012 March 26, 2012 June 30, 2010 March 31, 2011 March 30, 2011 1I/ WI LLDAN DISSEMINATION CERTIFICATE CENTRAL SAN RAFAEL REDEVELOPMENT PROJECT, TAX ALLOCATION REFUNDING BONDS SERIES 2002 SUCCESSOR AGENCY TO THE SAN RAFAEL REDEVELOPMENT AGENCY The Annual Continuing Disclosure Information Statement (the "Annual Report") for the period ending June 30, 2014 was disseminated for the above referenced obligations in compliance with SEC Rule 15c2-12 to EMMA on March 25, 2015. • Submission ID: EP679342 03/25/2015 23:14:01 The Audited Financial Statements for the period ending June 30, 2014 for the above referenced obligations were disseminated to EMMA on November 7, 2014. • Submission ID: ER653808 11/07/2014 11:24:51 WILLDAN FINANCIAL SERVICES The Annual Report has been posted to the Willdan Financial Services website at www.willdan.com/financial. Please feel free to refer any inquiries with respect to the above referenced obligations or the Annual Report on the website to us directly at (800) 755-6864. OTHER INTERESTED PARTIES Fiscal Agent: Francine Rockett U.S. Bank Trust, N.A. One California Street, Suite 1000 San Francisco, CA 94111 In conjunction with SEC Rule 15c2-12, the following table sets forth the historical compliance in connection with the above referenced obligations' Annual Report for the last five years: Period Ending Annual Report Due Date Date Disseminated June 30, 2014 March 31, 2015 March 25, 2015 June 30, 2013 March 31, 2014 March 6, 2014 June 30, 2012 March 31, 2013 March 5, 2013 June 30, 2011 March 31, 2012 March 26, 2012 June 30, 2010 March 31, 2011 March 30, 2011 1I/WILLDAN DISSEMINATION CERTIFICATE CENTRAL SAN RAFAEL REDEVELOPMENT PROJECT, TAX ALLOCATION REFUNDING BONDS SERIES 2009 SUCCESSOR AGENCY TO THE SAN RAFAEL REDEVELOPMENT AGENCY The Annual Continuing Disclosure Information Statement (the "Annual Report") for the period ending June 30, 2014 was disseminated for the above referenced obligations in compliance with SEC Rule 15c2-12 to EMMA on March 25, 2015. • Submission ID: EP679343 03/25/2015 23:15:51 The Audited Financial Statements for the period ending June 30, 2014 for the above referenced obligations were disseminated to EMMA on November 7, 2014. • Submission ID: ER653808 11/07/2014 11:24:51 WILLDAN FINANCIAL SERVICES The Annual Report has been posted to the Willdan Financial Services website at www.wilidan.com/financial. Please feel free to refer any inquiries with respect to the above referenced obligations or the Annual Report on the website to us directly at (800) 755-6864. OTHER INTERESTED PARTIES Fiscal Agent: Francine Rockett U.S. Bank Trust, N.A. One California Street, Suite 1000 San Francisco, CA 94111 In conjunction with SEC Rule 15c2-12, the following table sets forth the historical compliance in connection with the above referenced obligations' Annual Report for the last five years: Period Ending Annual Report Due Date Date Disseminated June 30, 2014 March 31, 2015 March 25, 2015 June 30, 2013 March 31, 2014 March 6, 2014 June 30, 2012 March 31, 2013 March 5, 2013 June 30, 2011 March 31, 2012 March 26, 2012 June 30, 2010 March 31, 2011 March 30, 2011 M(WILLDAN DISSEMINATION CERTIFICATE 2010 TAXABLE PENSION OBLIGATION BONDS CITY OF SAN RAFAEL The Annual Continuing Disclosure Information Statement (the "Annual Report") for the period ending June 30, 2014 was disseminated for the above referenced obligations in compliance with SEC Rule 15c2-12 to EMMA on March 25, 2015. • Submission ID: EP679344 03/25/2015 23:17:29 The Audited Financial Statements for the period ending June 30, 2014 for the above referenced obligations were disseminated to EMMA on November 7, 2014. • Submission ID: ER653808 11/07/2014 11:24:51 WILLDAN FINANCIAL SERVICES The Annual Report has been posted to the Willdan Financial Services website at www.willdan.comifinancial. Please feel free to refer any inquiries with respect to the above referenced obligations or the Annual Report on the website to us directly at (800) 755-6864. OTHER INTERESTED PARTIES Trustee: Keith Sevigny MUFG Union Bank, N.A. 350 California Street, I I`1' Floor San Francisco, CA 94109 In conjunction with SEC Rule 15c2-12, the following table sets forth the historical compliance in connection with the above referenced obligations' Annual Report for the last five years: Period Ending Annual Report Due Date Date Disseminated June 30, 2014 March 31, 2015 March 25, 2015 June 30, 2013 March 31, 2014 February 12, 2014 June 30, 2012 March 31, 2013 March 5, 2013 June 30, 2011 March 31, 2012 March 26, 2012 June 30, 2010 March 31, 2011 March 30, 2011 1I/WILLDAN DISSEMINATION CERTIFICATE SAN RAFAEL JOINT POWERS AUTHORITY LEASE REVENUE REFUNDING BONDS, SERIES 2012 CITY OF SAN RAFAEL The Annual Continuing Disclosure Information Statement (the "Annual Report") for the period ending June 30, 2014 was disseminated for the above referenced obligations in compliance with SEC Rule 15c2-12 to EMMA on March 25, 2015. • Submission ID: EP679345 03/25/2015 23:19:13 The Audited Financial Statements for the period ending June 30, 2014 for the above referenced obligations were disseminated to EMMA on November 7, 2014. • Submission ID: ER653808 11/07/2014 11:24:51 WILLDAN FINANCIAL SERVICES The Annual Report has been posted to the Willdan Financial Services website at www.wilidan.com/financial. Please feel free to refer any inquiries with respect to the above referenced obligations or the Annual Report on the website to us directly at (800) 755-6864. OTHER INTERESTED PARTIES Trustee: Keith Sevigny MUFG Union Bank, N.A. 350 California Street, I ph Floor San Francisco, CA 94109 In conjunction with SEC Rule 15c2-12, the following table sets forth the historical compliance in connection with the above referenced obligations' Annual Report for the last three years: Period Ending, Annual Report Due Date Date Disseminated June 30, 2014 March 31, 2015 March 25, 2015 June 30, 2013 March 31, 2014 February 12, 2014 June 30, 2012 March 31, 2013 March 5, 2013 w z r -- r - O z 0 0 z 0 0 f w N w CD CL 0 w N O m i .E n 1 C W J r� 1 (P CD N X N G D .+ W W (p fD W W (^D d 00 00 (7 7 rnrn0c� O O CO r Cl) CD O O O-�No�3 -+ CD 000 00 N N,. In a L. in Monthly Index :r CL 0 0 cr ry c m OC OG C3 CL Oi C 00 o M fD 0 In N 11A T at w C) < G 0 En E. ty aq In a B 0 c CID - a 50 9 5 0 CID 0 = E, .0 C> 0 - 0 EL 0 F w CD CD m m — 17, c nay 0 1 :3 0 CIO �5 :, :� ftL. 0 0 UQ 21 �O 0 CL c CD Im . = '0 "g a CD 0 -,, m r- c- CL o W 'a rL 6 0 Z, C cl 5, CD — 0 0 W 0 C� --i I E; !a 0 0 nn 0 L= .< El 6. - , n '0 nw CL < ;:- = CS 0 Fr - 2 -00 a n r+ SD 0� = = W — R CD Ca. CD O Ca. d to 'A 2 R R a O. m fD S.- :9 > 90 (Y. 0 w 0 �4 CL 0"' 0 CD 0 CL :3 CD =rjq CID w 0 CID n- S 0 0 C, n -q c LA n CD 0 rn IN 0 0 L c —. r w -, i- n :3 < sm rL 0 CD rA CL 0 C) Cc, CD n Cc C Ep n 0 Jb In n C� w j3 =r < w P W= I W, CL CD 0 0 w tA CD CL n EJ CL IS CD< rr 0 EnA r, 0 CD 0 LA 0 CD 0 CD �! (= < < 00 0 = , X w tn. n 00 -,1 E; Fr I P 91 Mn ct B3. C", 0 =r 0 0 cr C"D R n amn c 0 zi 0 Ej, - m " 9 :4 ca. q a cr UP 00 n I t7,. 0 fD r- CD 0 CD n• 0 CL to n m 0 CD rL a- n w tz 0 CD En m 'a ::r CL cc, rX, Er In, Ca — R , = 1< w 0 CD n CD n 0 N) A In r - ;a% CL n a In = w 9 E- 8. R -Ox:� -c� — CD n '10 0 !2 O. A IN n CCD 0 :4 C:L 0 CD n w v n :r IN 0 - CD .0 C'L m 0 0 5. LA 2, 0❑ Z3 0 0 0 E; 0 CD "n nc, art., -0 CD cn CL w ca o. 0c7 Li LA sw n " Z* 1 -3 ;; w CD 61 . EJ, CL n =3 C) m 1,j a. Iwo In 6�, i"t m - n D p a �`• ��' � o "� � p G � O ry N v, fo N ✓ y 19 r' r n O N � '� N O ✓ n O C fi to o � o � o n• � ap O r G N � y LL f c� N `y c� �✓ N n y �G r VA d �9 n G• . 'J� d � va a6 0 O t �O n (9 v r. .y v. N r v 0 LA Ij c W g n = a o " o d o D CC v c 0 o ^ 7n co a , o � = y M Y 5 n a ° `D c Y= CL A ° o. o n r y a � a _ o0 0 0 0 W W0 > .00•. c o 0. In R N (D CD n H H � fD •r. O r 6 NCD a N o p c . a n S N C O 7 01 t9 ►1 a C7m ( m _ y o c o o c o o m CD •vt A N O O C O fD d a p � C O O C O O S Uj y p� 000 LA cc N 'IUJ A — O C .--. O "yl k O� O 91 A O C C O, IJ '"' C: O O �1 O C J IJ U O m W Cl C J U -] e e a o 0 0 0 � � A C �t �'J 41 N IJ O Q J J C J -- C O O C O O 77 W J W f.A IJ O� IJO C t') -- a Ic U U U J A LA O O, W O+ O 00 T OAO D a D D D y n C C n A to Ln v C t10 C S V C C C C � ; n N N \ 0 F � G iTi L R ^ G G <? X a a y o _ 3 = - a w e s ° = Q n 0 ° <' s R O M CD N OO °, 00 W T ft N �• N to N J N Q. ~ m IT O000 O, 10 O a J ry d w y i �. a od H W W N A n N ID? d 0 o v oo o P41 G A w w CD ol 0 o0 y qp 0 0 o 0 0 r9 C17 •� 0 0 0 0 0 0 x CD p w _ J d O IJ N r n 0 00 IJ to J y 'LA M O O 00 OtJ Ott 00 °� lJ N IJ iC T of Q• A O J J 81 "7 rr fD b � r• CLcr�. A CD fA 0 t� y� f, J M w c N 00 N O h+ fA M M — K c o o y S S IIQ 7 'yC ^ CD OC b7 rt c x x e y 1�1 C O O C C O •T � A000 O d IT o y C O V, c C DCD w rz R O\ IJ O O C O O A7 iT oo O— C — a 0t7 W N — O A W C m c n n ° a 6. c o7a v A w C �1 In �, A A 7 "1 W C m o O o i.n t/ oo oo C c v o' CD p' g a a arr a n n m• c c c rt � � rt — >• c c c_ � rr a CL R R R m o O y M c a -n S y qq n _ _ _ - b d fD n d a nL+ p t= = C 0 O - t<D o n � c Z, d CL y C7 rt v V y 'y A R � d In oc O c c L w c -n �C OAO N 'JO IIJJi O O � J n � c A x c IJ O � S °� a to nW •./t IJ J —IJ 7C c e W y 1O ,C W U W U _ C W 00 O T rt IJ lJ -1 �c rt _ Ui j W �c d IT o y C W V, c C DCD w rz R _ r �• d QQ CSD C A W _ m c n n ° a 6. c o7a v A w C �1 C• �, A A 7 "1 W C m o O o i.n t/ oo oo C c v o' CD p' f < C �. a ri Oil CD o S y d fD n d a C 0 o d CL y v R In 00 LA Qt 41 O O O� J A IJ O � °� a •A rn J —IJ J W U W U W 00 O IJ lJ -1 �c Ui j W �c IJ N d IT o y C W V, c C u� a o W►°h R _ r �• d a C A W _ d IT o y u� a o W►°h R _ r �• d C A W `t 7 N v A w �1 C A A 7 "1 W C m o O o i.n t/ oo oo C c o y f R O -• O) a a o 0 0 0 A IJ In � LA A W x V d A O C 6 � I-^ O VI O m :✓I d O a, O IJ O - O O O O d IJ d ry A IJ In � LA A W x V d A O d C O '9 I-^ O VI O m :✓I d O a, O IJ O A O A O O O O O d IJ d rlr A IJ IJ U .p N oD ol m y A O d w VI O O, _ O d U U IJ O m IJ O 91 CD O ® d J -jj d A IJ C W A 01 W �D IJtA U W Va O �d N g W O W U A O IJ O J O O O U O U O IJ d d U W fb 7 C Ci Po W W fT W v G C O\ O d W U. O d O ID W O ®' ti G C � C R ' A W d d d F co m W -91 �D ... v .e. 7 C: L ? O ` <O aIj C w Ij d w W O R d* A O O IJ 0 U — O O O *0<a F C P 7 moo FF o O' fl 0 C c — — — o >r A O - C3, U O Historical Cost (mm) N O CTl O p O O O O O O N W �n 0 O O .J Ln t.n A w w O c o i 1 ry r G n R O O F% vJi a = rn w o 0S1 r W T IJ O� e,. S� Bd 's O x C C J O C ''' •" u 71 .c -1 �o y w -1 .o .-7 �c --� .c ;-� �? C •� 2 r r f9 O �1 n 4 3 r n W O z a z a z Q z W z -J -M m a L] 1% r.l R Im -] r. .. ' laa CC WJ d n r a ?. 3 in r0 < S C G 0. a b _ m c S F 7 O O O C O C O O C v O O Z% C W 00 W IJ \ T T OI 01 IJ IJ IJ C IJ IJ IJ IJ IJ IJ W IJ IJ IJ W IJ (j N C •- O O C O O C O C Ctj O 0 J U iJ U U W U tT IJ m J �7 U x J O. IJ OI IJ U IJ X C O O O CD O U U O U U U U i� < 7 ....c � 9x W T OC 0 A oN0 y � US OU CUC 1NO O0O O 0 _OUO S S C 0 'JAAS x C C O O O O O O tJ C �JO OO C O O O O O O C C C O O O O p C O O O C C C 1•+ IJ O n = ro� v C C O IOJC oN0 Q n. L S A � O C ^0 J a IJ A W -Ji C O lAil C O O C O O O O� O O- OI VAi C w pA. O A W _ C A A C C 1 C C _^., T C J C O. eb ;L t 'moi' 6 a i ►✓}}y� O �D O A C N 0 00 S f A'r1 N 1J O �D A lA C O� •-- J U J W C C N IJ J �D IJ WU W N C J C O C OI u T n A IOJC 00 rf IQ "I IQ c � IJ .... ^ O A A IJ O O IJ U O O GG^^ A IA IJ p x A F. _ �C W JI W C A w :..• C in V '' V S J A J L In J >_ O CT N W x W U J O A A A N A A N IJ C1i R U •If In p ¢ V. m in lA (� C O — p iJ IJ O �C "'1 U O W U A V U U J J A IOJO a U toil C C O O ter -- �o w w w re O O U O w U O O x O C U C O O O •� C S O O S Nig O S O tNil S S C S C S i:^ m� W p N IJ W IJ N F IJ O Q+ W — W A W CT O p CD O U O� W OI O IJ U O W J J A �C IJ ph C V T O U A U C IJ IJ x J S �O x _ D 7 n � 4 � J IJ Do F O T W �D �l U — Cr CC J OC p, C pU D b V (G 0 O O O C O O O C C O O O R < ri O ? 3 .1 a = =1 .nn a c w -3 � � � Z ' � W _ •D n m' n - w -3 s> w s D 3 y v d m In o n 3 D n O c CA r cn. an' c E — O �% F .`C.. IJ IJ IJ tJ p IJ IJ IJ fD R G t9 ca L CC S U O C J pp C C C ER O � F S tOn C b 1\ a b x A n rya IJ IJ w N C O f9 A � N o O C L C O O i N vi in C C O O X C O O_ O [CD O X X C O O O O S C O Z fD] ,Jj, � O. tT — U A VI U yr U A C AVI L O. F• a N _ J In C R n J O C O U U O U U U O U 0 O C C O N N U U 00 N O Up O O (T p0 i, O C O C W C O G W C O C S O c O a`r O w C O C O O lr A Wr U U o U o A C c A VI N o rti N CSA I.�y, ^,., L.� rm— In fJ I i.n in t7 to tT iJ a u V^ F a in C .-• :..• J O w c o w O O n S '-f N w, a tT U U U U Vii U A A U G CD z V, � � V_i U C Y ` •, IJ p0 �` a ^ IJ Wr �G -- a N U U U '•J -- W:tan C J tJ i W A U iJ i a J W � O 00 Ti \ ti w v O O C O �C^ O tJ O S 00 p� O C �. A O J W OD 00 O C O O N O IJ � O C A O J CW _ a O � IpJ V_ O .Q.• O `U^. "^-• `^.. O p C J _ — 7 r IJ N W IJ IJ fD ,a O W K N N VUi — W LA v �! �D n' X ^ n n. Ch , C En n^ CCp pOp p pO p 0O C C C pO O N , N a in . v, in � w i i.w in in vl a in a� a v e a A x � i� ` e � w � IJ - z o � `•E z m _ nog 3 C I W W A r -+ r tJ N — ,• C � � c: c c o m. in A J W J O w .JF tJil ' O in z (/J n n"] t y y r n y C a a r ['!� [i] m r) In M [] G' rn x �+ IJ x IJ x x 1J N x N m N O - O Vt U .moi o ^•A 3 m c J IJ U U A o d a N X N 0 J 00 a U J IJ a ° � �� w f<" X ti p m A m 3 w c w 10 m O O O O O o 0 �e Z!o ..... GC C O ` a W N •t 0 V U N N N N C x N t� N IJ IJ w N W N w U C C G G G G G 3 y C C C C C C LJ V1 V1 fn fn fn fA C fn fn VJ Vl y In ' IT 2 E. 2 V 2 G 2 w G 2 2 C G R7 w n 0 - O Vt U o ^•A c J IJ U U �J U a N Ot: J J 00 a U J IJ P N N P O � O O O �e Z!o ..... GC C z ` a W N V U N N N N C x N t� N IJ IJ w N W N w U V/ IJ IJ f~.$ Ij y a s a a a a s z a a a a a a z ? N o a s + + a a + + a + a s + + a + a + a a a + + + a + ,o 0 g Tp r a' p a s c w a a c w w a G a s L C z S a w w a a a a z w w a w w z O ti py by �•C rt y ,o N o c� o c o c c c c F F U o cn o o w w o 0 0 p i. y 0 O N 0 N x W OO �l �l O y OV - � O �O O - O� F - - T A fit: �G ...• �O - N N m w 1�IJ O U o M.1 O O o J J U N U U C a C y A w F U O A F (fl C .'.. O C ... O ... .... C O •- J x ^J�� w A W N N O 0: W U - N tJ W - - - W l.n - N W x W 7t: - IJ W - •-• IJ J W N J IJ J IJ � O' •-' J F •--' J J J J- F A 't'- .•. J W tJ U Pw U A F �c OC In to W W A t- W t.i C V� ut C O 9' P P U W in P U C In U O O O C C a �o L J F J V J F J J F F IJ W J J P F U w f�D d S CL N N N - N IJ NN O O "C a W C �D J F O O -,< tF F P x J O V� iJ T U J J IJ J O P O O .... OQ L] a G9 w v w I� in = ° in = v °^ "� - n oy C In In W :W VJ J (A '+� Z fA !11 c rn '^ En c m m m c m a I'" C m x r m m t' c. m r N n r � 70 IJ Ix � ..a O � ` U a p n � � GSI m � n _ o m A � n c Iz•� V X f. ^ O IJ •i W C A "1 O C O O O O O r r r > n r r I °c ca L � n 0 IJ W V. D I� IJ 1 N IJ N t.l U G U J J J IT J IV�•�l1 L W � > W In y a a a a 5 v as A �• K � C3 p7 G W ':l W CC �' � 1••1 r rA IJ S < Vl IJ c a m c — o � O o C p C C p _ R �• y IJ W IJ ( n• x tD IJ IJ Cl C C . O no_ _ CO J J J J °•J J O Ic 1'- i'- < IJ J U In l.n In ✓a '.I� './� In In U In In G� U BJ IJ IJ Jh '.F O i.n to %r in 3' o � O fi O Z 7� R d S E, rt i IJ v x In a a x z O OWO in .'.. 170 G O m 3 R n VJ C c C C �v a d r 2 = 9' ry s n N iJ C o s � rc s o a n b O m x n� F N N N (7 R to J J V] b ~ 0 o o d = A cr o p7 CD ^ N 00 O F-+ th o� o F N iJ O Iv OH � O O a Uc 7 fD ry r C C n O ? d C� d F J J '� tJ m J J P w '.Wi1 w W o -C 0o x ry� — w C Oil rl 2. ff O O Pk a w w w IJ O w IJ Z8 -- V 00 IJ l`J1 �D N N IJ 1� IJ IJ IJ _O_ _O C O Ib J O V O � O C O O D� O C O ry C O O O C O O U O C O O VI = O C C r w o C, F O b O U 0C O C C E. IJ 00 LA N W VI _ O J 00 VA lA 19 C ILA O W w '1 O C � a o w w rn x — ... w •• IQ _. �- C U p V^ 00 - 'j C N IJ w C O D L U y v v C C E IJ `O ID %r. 'JD OO A- �AD a1D ? w 00 = 'D IJ = 00 y W J w IDJ` # w W w N C+ C w � N 0 �s e� ^Q^ 1� N GO IJ 0 IJ 0 IJ = UJ 0 IJ 0 IJ 0 IJ N IJ IJ W IQ x o0 m J J � In � IJ IJ IJ N IJ IJ IJ v. LA ZA rA LA I.A a x IOJo x O w t-3 IJ IJ IJ a rri IJ `o W m -] io cn c c c 0 Ln In En [�r1 In In n In Cn "1 Z � z o o o r o _ o o• O O Pk a w w w IJ O w IJ Z8 -- V 00 IJ l`J1 �D N N IJ 1� IJ IJ IJ _O_ _O C O Ib J O V O � O C O O D� O C O ry C O O O C O O U O C O O VI = O C C r w o C, F O b O U 0C O C C E. IJ 00 LA N W VI _ O J 00 VA lA 19 C ILA O W w '1 O C � a o w w rn x — ... w •• IQ _. �- C U p V^ 00 - 'j C N IJ w C O D L U y v v C C E IJ `O ID %r. 'JD OO A- �AD a1D ? w 00 = 'D IJ = 00 y W J w IDJ` # w W w N C+ C w � N 0 �s e� ^Q^ 1� N GO 0 ■i 1!'r CD r C a CD o eD Ul a -� O 00 A N O CII W W W W W W 00 LA U, A ,000 IS CD c 0 0 o c o o c c.n �n cn In to In _ _ _ _ _ - :� w 2 00 A w (] M o P O C o 0 CD l'1 w m ti v C c 3 N N A n w O oo x OZ � a C IJ J C J O w C Ln LA O O C O O C = O O C O O C 00 to to A m N c -Ci IJ IJ IJ IJ IJ IJ R O O C O O cC.i m _l rn J IJ n =z vx 0 0 o c o o c E A a to A N1-1 W _ LA J C LA O OCC = O lh C C OCD CD �C �• O O C O O _ A � a cn A N w v IJ 00 C IJ •JI C = C ^ i M o P O C o 0 CD 'OJ O C c 0 0 o c o o c E A a to A N1-1 W _ LA J C LA O OCC = O lh C C OCD CD �C �• O O C O O _ A � a cn A N w v IJ 00 C IJ •JI C = C ^ i -7 03 I C, I a 0 0 z ri I iF*l CD w rl) CD 0 0 C7) 0 cr Er CD n C 3 cr CD w cr 0 CD 0 CD 3 3 (D .0 0 cn m 0 3 ro 0 =3 cn 0 0 0 CD cn ro -0 0 P� I -r< as m4 Z m -- - .0 -tm cr o !c :03 o" Z w J 'o E3 > -0 > C) m 0 row '4 -0 oro zo, MO nwocL mom OR W=00� (D "TI 6 o -00 In M o F -V 0 CD r- 6. 0 - W- mm < A EM M t" cr < C:r Ln ri C, = = 0 — " n Cl F; o CL 0 8'. 0. ., :� 0 0 :3 , ::3 0 CD 0 0 C, :3 n C) 0 0 0 "', 0 00 V, :3 -Q 0 m morL-.r_ IoQ CL 0-0 (D CD w Ln Ln IM n n < = = 0 0 OQ 0. (D rL m a o- = n— n SD cr 60 Col. n 00 '< < 0 0 9 — 4 " 7 (m o -1 M cr = 8,.- 8, 9 F) a :r so k — a CL 1-4 r- 0 0 Cg 0 p " = - = ;:�- t3 0 Ch El --ft CD < CD 0 0 Er OF P w 'n, Re t -i 0 0 1 0 q = rD :,' 0 < o > < M, o "o (7, ID 0 0 CD IrD n CD 0 rg 0 r) < n" 0 7 ,, 5 =s = :r 0 0 CD =r — CD 0 0 4 O CD CD m ID a, < '"D CID o o (FQ 0 CD Z3 CD o C) �w :3 Q Er < oS� Ern p o -i a 41 C:)_ OQ 0 CD 0 I d C. cr 0 0, 00 CD 0 0 FD 0 I -e n CD 'o ", * o a = CD CD dam' I R' CXI I, En 0 , 5- n Cm 8 o -a to n CD a" CD M- 0 0 0 CD s," %5. o "(D , C) n n -0 r. n n n p. Cr CD 'e n o v^3 E: t:,. w CL 'W C"D M CQ M. CD tJ = m 0 M M' S. o cr 57� 'o E;. E!� :0 n CD 0 ': C� I q n n n s :3 C) d o n go r, a 00 :2 C) CD — 0 '"M Q On c:.i w P 0 fol = g, Ei. H * = z (D CD Cr 0 rD 0 tA CD- = n j 0 0 Ln = "a 0 a 'm r.) co up CD CD 0 o O ro n 0 E; n LA =r 0 tA C:) n CD m "n n CD 0 CD n 0 ca. zr Ef , — 5 n Er n w X p Er CD A) CD o E3 n cl. W. CD m Ili 0 �t �;- L'i 81 =r 5r w 00 Ef �A w =3 C, < k'D co nR. 0 Rate vi 0 11 I.A r ID El r 0 oc C) C J.A CL C U Z 0 CL m 0(D In R I -A 15 W F 0 -r< as m4 Z m -- - .0 -tm cr o !c :03 o" Z w J 'o E3 > -0 > C) m 0 row '4 -0 oro zo, MO nwocL mom OR W=00� (D "TI 6 o -00 In M o F -V 0 CD r- 6. 0 - W- mm < A EM M t" cr < C:r Ln ri C, = = 0 — " n Cl F; o CL 0 8'. 0. ., :� 0 0 :3 , ::3 0 CD 0 0 C, :3 n C) 0 0 0 "', 0 00 V, :3 -Q 0 m morL-.r_ IoQ CL 0-0 (D CD w Ln Ln IM n n < = = 0 0 OQ 0. (D rL m a o- = n— n SD cr 60 Col. n 00 '< < 0 0 9 — 4 " 7 (m o -1 M cr = 8,.- 8, 9 F) a :r so k — a CL 1-4 r- 0 0 Cg 0 p " = - = ;:�- t3 0 Ch El --ft CD < CD 0 0 Er OF P w 'n, Re t -i 0 0 1 0 q = rD :,' 0 < o > < M, o "o (7, ID 0 0 CD IrD n CD 0 rg 0 r) < n" 0 7 ,, 5 =s = :r 0 0 CD =r — CD 0 0 4 O CD CD m ID a, < '"D CID o o (FQ 0 CD Z3 CD o C) �w :3 Q Er < oS� Ern p o -i a 41 C:)_ OQ 0 CD 0 I d C. cr 0 0, 00 CD 0 0 FD 0 I -e n CD 'o ", * o a = CD CD dam' I R' CXI I, En 0 , 5- n Cm 8 o -a to n CD a" CD M- 0 0 0 CD s," %5. o "(D , C) n n -0 r. n n n p. Cr CD 'e n o v^3 E: t:,. w CL 'W C"D M CQ M. CD tJ = m 0 M M' S. o cr 57� 'o E;. E!� :0 n CD 0 ': C� I q n n n s :3 C) d o n go r, a 00 :2 C) CD — 0 '"M Q On c:.i w P 0 fol = g, Ei. H * = z (D CD Cr 0 rD 0 tA CD- = n j 0 0 Ln = "a 0 a 'm r.) co up CD CD 0 o O ro n 0 E; n LA =r 0 tA C:) n CD m "n n CD 0 CD n 0 ca. zr Ef , — 5 n Er n w X p Er CD A) CD o E3 n cl. W. CD m Ili 0 �t �;- L'i 81 =r 5r w 00 Ef �A w =3 C, < k'D co nR. 0 �a a � cu O �G , O Tn ("1 :* � • N .gyp `A '.r, •„'� �'. fJ O .� CD O n ✓ a Wcn G nQn Cin N N CD N CD or ct �`-� N � O K1 G '3a � ,�e� I r ` I flh N P%. Op n• N p d� `� "✓�S W O O � �; .* G . fi � ✓ O N c VO d IPA Cin N � d C Si 1- O�� VO yW N "�� N or (� G G `r' • v+ N �G N co n i �� fir. OG • .� t'i rt Cn N N a r � n N r jfU �r LA W <O a ❑ o= n o d o .� a G iNa fD O O a .� O Q. o n � G. In 0 D 0 �_ ❑ C �y A C CD o t; ° c 5 a p fl o o a r: c at; y C . C p G: ua 0 O 0 0o bo a nR' y v ri < R a o O 5 CD .�Cl N N <' C r A . . N' N rp 3 0. N O_ O, Y 0. ii v N eb S O D o p' n < f7 C nm o y o y n py E:p :- 0 0 0 0 .2 �O J W U1 IJ •7 IL C h ft e o c o o c o frA C � < n C O O C O OO O 00 0% W _ ^ U Vi �- O y O O W 00 IJ W COO C �-- --• O O N O J U OO O LAIJ J, LA .•. O .yj k pn'q .7 O OO W �O J J O O OCO C Q7 7 P o 0 A O W IJ O C O O C O O �- Ili Ut IJ O C -- O C w� w LA —I Ls,O T N N N O W J C J U O J Y D D D D o C y o C C f7 S F1 C C N 000 c CL O 2 c ny x < a a a �• R 7 3 R G B R G 3 OQ 3 > > s v ro r a d DNo R _ = ^ 0 = O R R 0 � ��•, ... R � v 0 O O W J U W IJ 0%go z_ CD �? N• OWO w N J J A d O fDLA o I) w � O y 00 ^ R n ISA _ W _ W N Vf y M ��.pp1 Vii Lz f• O O p p• CJ C O M N m O v A O Ool ^ o o v w oo T w' o ft C O to 0C o cA 0 m 0 J ? IJ N J '-' v W O O .+ J •" J O O O O O Cr N H d. �J � J J O O O O O `•-' x � n O A W J C J--• IJ IJ O, A .7 C O1 J IJ O Q w �••• O O N A A 0G IO 10 00 w J A W .0 N J J W W W AD 81 m w - - w O m to n -3 O pq a ro a s 2L O n a T7 �. R C O a n G It CO. n o n 'N =rit a r p _ - o '- cit O. P c'Ci ? C C c < y a' y tro ^ J1 C c �e -cc. o G c, r rn R IT CIT C 07 K X E 0 S y L r � R n o= W c o o c o o 3 C7 a 7 w -,b ao NIli CC � C3,W IJ W 'I O O V1 �D O �c �] � �" owo n• e e e e e c e � '� t.+ O oo �O '.n J Is O Ic N A W 10 IO47 a' �.• QQ i� a M A p � C � IJ � o o c o o y co C oo a u w = w in C3, D\ AN X b "h o a J owo o W -4 o W ' T O N m ^J' It LAO toIr 7C e e e < IM O tr O w OeD A b tc C17 ►1 o d O 10 O J C1 v v C7, O C VI 11i m J --w N __1 H•-• vt o c o o R .r 1p W N �p N O NLA A cOit IWJ W A A J •--• IJ N O_ O W IJ J x W � e o c e c e e .T' � j Ln O LA O c N O V. Cc •f L c c < y c w a yo `<` ^ J1 C �e -cc. o G rn R IT 0 2' � R o= W J L. W N '7 d C7 7 w -,b ao _ v = C C °�. ID K CL �. v owo � C t.+ O oo �O '.n J Is O Ic N A W 10 IO47 a' a A � S to C C3, D\ AN b "h J G A W -4 W ' T O N m ^J' tA LAO toIr 7C e e e v O, IM O tr O w OeD A b C17 ►1 d O 10 O J C1 v v C7, O C VI 11i m J --w N __1 H•-• 1p W N �p N O NLA A cOit IWJ W O N � O �; ft x O 10 _] O t W � O wt OEM 5 �. R in N to 0 0 _ � C1 C y O. c CD `2 c w w m N O C III 1 N CJI 0 o a o 0 0 7 c [17a� Drn C7 °ry° v 000 A T V LA w ii — ... y OO �D O O C — O N O O w oo J m JJ O J J IJ D. O O C, O J 0 c O O O L C A O ID o0 o v O O 10 IJ ID O `� y K n c c n 6 G C/J Ln S rD L R C c v rpC a < m o c e c c+ rm � = v 0. n c c c ry 6 O 7 U C O — IJ A w Oo O t�h A l.A -jW O — IJ N — IJ n is O W a J W W C O O O In O . A I, ., W O O O IJ 10 O IJ .— cr P+ O O O A O _ IJ A W N o0 �1 T O•.n J J a J OJ N C C r) c 0 O N J OJo IOJ n• O O N A w IOJo OC7, w A LA WOl O N i' ►j��..1I I..i � W O J o�D Ath A NCD O CD O O tA N R QQ �' ►'h p7 I.q J r 1.Ry O O V 01 O �D IOJ. J p O .�_'. Lr C w O w N O O' O �^ x a C. �. O 17 7 q U U rJ U _S 0 O U N G A R J J U A A IJ A Ol O� w cn 7 c [17a� Drn C7 °ry° v 000 A T V LA w ii — ... y OO �D O O C — O N O O w oo J m JJ O J J IJ D. O O C, O J 0 c O O O L C A O ID o0 o v O O 10 IJ ID O `� Historical Cost (mm) s N N W 0 cn O U1 O CJ7 O 0 O O O 0 0 O � ( I G� aP ^90 Od 'yS 90 T C) VI A W w d c C ryfD fi f: n O a� v R � ,760, Od -7& 00 0 Od ys fo dd, � 7 T 02 .�. !r OL? C �Od�S O i O "?T oA d� O w A Io Y T OS ,, O a _ O0 T rn _ � VJ c w o w n i o = w a7+ o° - I n w rn o c C)° 04� LID - 61 )- dd �s I o � A J J �D _ — -• ...• N b zi 3 n r,3 s m n a m m �n Q c 11 o 1,, z Q z 1., z W z 11 - j 3 m f1 D N 3 n p w n CL _ A c: v C: C O — CO O O C O O 'O W IJ W IJ C IJ W IJ OO IJ W - IJ IJ J IJ a IJ a IJ T - a IJ W W C f7 F p A A A A A A A A A A A A U U fD C r C O O O O n V J IJ U o oo C J O w C a C a O a a � C El U C O U O U C W O IJ O J to U O J U IJ to IJ In IJ U v J A W 1\ C 0 a OC`0 C a W C W L 1\ O OOC`0 m W l= to t\A a a J b to N O0 O C C CD O 0 O O O C O O C O N W W (C C OC O O O o O O O O O C O O O O O O O O O o O O O C O A J a C C C O C C C .,. G O O O O O O O C C C O C C C O C O Ba O w C �p n s b�v to to c o A In to C A to AA J A to C �.1 In C. n C 10 O O - �D O 10 IG � 'O C JO 0 A IJ IT tJ to �1 L Cy N O �/1 O O O C O O In a 0 a 0 C O ... p O C p O O O C C C ,O O O C C IJ O In 0 ^ C C O - IJ to �D - O to O - w C w IJ U `. W C T C C W C IO �" 1�y nI kb a O C A C C oc C w .®. IJ C C 10 iii p7 F o a 1"1 r. d Y 3 o m W to m A ul In C A vl v A A v A to S w A a ^' ti 17' rA 1"h 00 ^ L w i a S rn- w— rn i w— a n (� N W D O IJ W �7 C `0 A C IJ too U- N a A can a 0 1 IJ -4w ►�. .... W IJ ,^_, J N W J C be a T J x ONO Oa0 y OJO A "c J 00 a IJ v� n W N Oc IJ W � OG IJ W O - O O - O - a J O W w O N N to W U O - _ C_ po W A W IJ A W oa OCEL to " 1'- O W O J IJ iT W J in �D N A x A O� A �C a \:. a b W IJ x t.i in J C Tt A - J J •- x a IJ to a x O iJ �p - O OC to A a W J J U a a- N IJ cn cn -- W A O\ -� W A a x 'D C A C J C a �. O O O O C O S S O O O S O C O O S S _ S ._ _ `c ._ C S C �V^.� Ij C 7 W W W o0 w IJ A IJ WW C fD F J N - O 00 �] � �D 00 pay A IJ IJ tTC a C YJ a W IJ �1 in a X S S ,,�jj a' oo N N A a N A W A -. C J C O O O O O O O O Op O pO O O S S S S S S S S S S O O m� W ^ ^ A W C A_ IJ IJ IJW W J W IJ U IJ W a U IJ T W_ W IT in a in a W O� A In �D a iT in �C GO C r .�.,,. V IJ a A C N J IJ a IC W W J J U O GD - U Oc t>C W U O 00 w tD IJ tD IJ -1 00 W A A w W w I- CD O .. tJ tJ tJ ? IJ tJ IJ N to W IJ IJ A tN .^J IJ W W lD W W - W W A w W a L.I g o o o 0 0 o IT C, m A -ol w m a In tJ tJ C, J O U J O a IJ 0 a- U ,,,,,,,,,,,,,,,,,,,,, J J C s O ' ° O m n t C o¢> v U - � � n z `G w_ � IJ �^ A p O� .m. a .0.• C A A A A A A to Co v C% O ' � S N T tT U U U U Vi U U S X X O I O C C O O N az � n u G e o y n rt C W C O O O wee W J' i= A ^ U A U to l./I A •- N IYj ►(/�:1I ^ J = a A W o x ,1 a c c o "�" ' X ..., X C ^J IJ a J �: A N U? •J C O W W C ul 1� M =r rr�— J 1 J W In VI C 4J W to ,„1 �c .+ J W J tv U C S W a Ga — .... M1 �J N ^ ly W A O G G, C O •J �C U W� O C vl x J N in O U C In O p C W W r C fC u N m� G t oc N� A 1.I1 Vi to !A W W t`n OC tW.i lJ •�J N 1.I1 C • VI � V J C S W W A \: IJ O �D tAll ' � a W 00 N 6 J J u A fD p C d Oc GSC W x J II1�G Iz v En O w W #d W O J d iJ IJ C IJ Oo r O r m m m °tl [) [� C °n W w N W N M c m n n n o o m N Irl M O w— O A, O A 10 I O", O c O ro CD W oo O N Y.3 N N N IJ W W w Iv N Iv N W V y r r r r r y r r nr3 c'• v w � f. � n is n � Gd 2 2 v � 2 v 2 c 2 z cF;. c c c n ri E a v O w W #d O U U O J d iJ IJ OC J Oo T T IJ O N Y.3 N N N IJ W W w Iv N Iv N W V y VI � Gd IJ IJ y O v v a a a a a a s z a a a a a z E p a a a a s a a a a a R. + + + + + + + + + + + + + G O � a a a a a a s z a a a a a F p p -O. C O O O C o o C O C C C C O o O O .V. O O O O O C C pp C O O O O N N _ W W O• O� p �O p - �: - U �C U �p W w •C F A �O O � a s � W � O°. W O - J l- In l/Y �! A A? J G• W W C O O O O O C C iJ OD 'J. T O O 0 �• O (••i O W W F A O° IJ IJ IJ �••J IJ F N N IJ W F F U U •" O . O O O OND F i N IJ U O� O O — — F O• U � O W w C X IJ IJ O O _ O O _ A W _F �O W N U W F N N f9 O W W O• �D O� J- U U T N J in ut ® O - to ut C Va ut C i.n i.n O O O G C O �o y :... O O IJ IJ W O� IJ 1� IJ U IJ ` IJ w IJ A A A A R O C dS 6 N N O IJ N IJ N C� a ,Q -"i b 2 X 3 0 �n 2 A IO -� f] y O O r O o O O e r r > > > n r. c 'c - C C f R w w C _ IJ 'O IJ � W IC\n ^ �D ¢ to N N IJ N IJ F V y — J ,I V1 1 � V O ❑ � U U !7 CD a a > � � 0 C � � c w c W a• G F.- f9 � e E Ul T U U p UUp U_ U U U O O C ^ N d p VI r c O no e o .�• O C tt.. W II.Ji W W ty 1. W 11 1 a O t C W IJ IJ J U t t J J VI O n v to Xod 0 _ IJ N N N W W IJ IJ IJ IJ n O i Fi R CL J U U 1- A J '.1i IT OG p •"' � 3 o O s c D > y � d 2 7 e n � 'D. � V F IJ v Q pc pc w 1J G f? a a � J J O O i z bc t � � \ \ o\ \ y» 7 �a \ � \ $ k� \ / s s$ ®� k � \ ® « f M � ° ƒ \/ � f # # 7 ® y � IP 10 Ulk » 5 G # � & � ° «f �\ �\ . � � «K � §$ � } § LA § ] @ ( / g \ j \ \ \ \ \ \ � } cc — ? m G m m / / ( \ IQ z * ■ G§ [. g q q G Q } / ( � f cc / / ( IQ \ f § \ -W\ / / - § \ ( \ j \ ( ( ( ) 3 3 2 D\( 2\\ m CD k § \ \ § § 7 & ID / \ \ \ \ \ \ \ / w j \ \ \ FW � » IQ 0 � m t G � CD Cl CD rx Ln ■ pCD C= -I- I -A t.n qcn > O c w O c C O c A C0J x Z6 U IJ IJ IJ IJ IJ IJ IJ N R O C C O C O O C lA LA LA CA LA U CA U c C IJ VI — !I .p O c C Vii c O O to J W 11) 'C o c o o c in o v c o c o o c o o c W �O �O W �D IJ OO OC e J 01 J V IJ J O` T F,o C, c o o °o LA o c o c p o p o p P c o o c o o c e o c c o c c c c v 'n 0 o c o O c o o c 19 o cc c c c c c a i C lA O w CD c o o w w o o CD c o 0 w LA o c LA .F IJ W W -- W n c O c O c = in c c c o 0 E a ol w z m 0 z 0 0 z i I -n > x M 3 z to co 5 Z 0 -< ;- r, — U) 0 00 W C)UlCD CT =A w (A) 0 0 C) 0 P. C—D CD